La revista «Post-Guerra», la generació de 1930 i la recepció d
Anuncio
La revista «Post-Guerra», la generació de 1930
i la recepció d’autors alemanys en les editorials
d’avançada
Xavier Jové
ADVERTIMENT. La consulta d’aquesta tesi queda condicionada a l’acceptació de les següents condicions d'ús: La difusió
d’aquesta tesi per mitjà del servei TDX (www.tdx.cat) ha estat autoritzada pels titulars dels drets de propietat intel·lectual
únicament per a usos privats emmarcats en activitats d’investigació i docència. No s’autoritza la seva reproducció amb
finalitats de lucre ni la seva difusió i posada a disposició des d’un lloc aliè al servei TDX. No s’autoritza la presentació del
seu contingut en una finestra o marc aliè a TDX (framing). Aquesta reserva de drets afecta tant al resum de presentació
de la tesi com als seus continguts. En la utilització o cita de parts de la tesi és obligat indicar el nom de la persona autora.
ADVERTENCIA. La consulta de esta tesis queda condicionada a la aceptación de las siguientes condiciones de uso: La
difusión de esta tesis por medio del servicio TDR (www.tdx.cat) ha sido autorizada por los titulares de los derechos de
propiedad intelectual únicamente para usos privados enmarcados en actividades de investigación y docencia. No se
autoriza su reproducción con finalidades de lucro ni su difusión y puesta a disposición desde un sitio ajeno al servicio
TDR. No se autoriza la presentación de su contenido en una ventana o marco ajeno a TDR (framing). Esta reserva de
derechos afecta tanto al resumen de presentación de la tesis como a sus contenidos. En la utilización o cita de partes de
la tesis es obligado indicar el nombre de la persona autora.
WARNING. On having consulted this thesis you’re accepting the following use conditions: Spreading this thesis by the
TDX (www.tdx.cat) service has been authorized by the titular of the intellectual property rights only for private uses placed
in investigation and teaching activities. Reproduction with lucrative aims is not authorized neither its spreading and
availability from a site foreign to the TDX service. Introducing its content in a window or frame foreign to the TDX service is
not authorized (framing). This rights affect to the presentation summary of the thesis as well as to its contents. In the using
or citation of parts of the thesis it’s obliged to indicate the name of the author.
/DUHYLVWD©3RVW*XHUUDªODJHQHUDFLyGH
LODUHFHSFLyG¶DXWRUVDOHPDQ\VHQOHVHGLWRULDOVG¶DYDQoDGD
;DYLHU-RYp
/DUHYLVWD©3RVW*XHUUDªODJHQHUDFLyGH
LODUHFHSFLyG¶DXWRUVDOHPDQ\VHQOHVHGLWRULDOVG¶DYDQoDGD
7HVLGRFWRUDO
SUHVHQWDGDVRWDODGLUHFFLyGH
OD'UD0DULVD6LJXDQ8%
LHO'U0LFKDHO3IHLIIHU83)
3URJUDPDGH'RFWRUDW,QWHUUHODFLRQV/LWHUjULHV
%LHQQL
'HSDUWDPHQWGH)LORORJLD$QJOHVDL$OHPDQ\D
81,9(56,7$7'(%$5&(/21$
00;
680$5,
,QWURGXFFLyXQDJUDQUHFHSFLyGHOOLEUHVZHLPDULDQVFRPDLQWHUURJDQW
11
'HVFULSFLyLYLGDGH3RVW*XHUUD
31
3RVW*XHUUDL5HYLVWDGH2FFLGHQWH
49
&RQWUDO¶DUWGHVKXPDQLW]DW
69
'tD])HUQiQGH]LHOVHXDUWHQRYtVLPRFRQLQWHQFLyQVRFLDO
(OVSRVWJXHUULDQVFRQWUDHOPHVWUDWJHG¶2UWHJD
%DOERQWtQFRQWUDXQDFRQFHSFLyGLVWDQFLDGDGHO¶DUW
3RVW*XHUUDLHOFHQWHQDULGH*R\D
/DQRYHOÂODVHJRQV2UWHJDLVHJRQVHOVHGLWRUVSRVWJXHUULDQV
$OWUHVDSRUWDFLRQVDXQDHVWqWLFDUHKXPDQLW]DGRUD
69
74
77
86
92
97
3RVW*XHUUDL/D*DFHWD/LWHUDULD
101
/DOLWHUDWXUDLQWHUQDFLRQDOLO¶HQTXDGUDPHQWGHODUHYLVWD
149
8QSHULzGLFDYDQWJXDUGLVWDLDSROtWLFSURJUDPjWLFDPHQWLEqULFDPHULFjLLQWHUQDFLRQDO 101
105
/¶DPHULFDQLVPHGH/D*DFHWD/LWHUDULDXQDSROqPLFD
107
/¶LEHULVPHGH/D*DFHWD/LWHUDULDXQDH[SRVLFLy
/¶DSROLWLFLVPHGH/D*DFHWD/LWHUDULDXQDHQTXHVWD
117
121
/¶DYDQWJXDUGLVPHGH/D*DFHWD/LWHUDULDXQDYLVLWD
127
/¶LQWHUQDFLRQDOLVPHGH/D*DFHWD/LWHUDULDXQSUzOHJ
133
/¶DQWLJHUPDQLVPHGH*LPpQH]&DEDOOHUR
140
5HFHSFLyGHOLWHUDWXUDDOHPDQ\DD/D*DFHWD/LWHUDULD
(OPHVWUDWJHGH%DUEXVVH
3RVW*XHUUDHQWUHODILOLDFLyLODLQGHSHQGqQFLDSROtWLFD
&RQWUDHOSUHGRPLQLGHODOLWHUDWXUDIUDQFHVD
$ODUHFHUFDGHQRYHVOLWHUDWXUHV
149
152
157
159
/DEDWDOODGHOWHDWUH
3RVW*XHUUDLODFUtWLFDDO¶HVFHQDHVSDQ\RODFRHWjQLD
3LVFDWRUFRPDPRGHOLGHDO
6HQGHUL3LVFDWRU
%DOERQWtQLHOVHXWHDWURGHOSXHEOR
$OWUHVDSRUWDFLRQVGH3RVW*XHUUDDODOOXLWDSHUO¶HYROXFLyWHDWUDO
3RVW*XHUUDL1XHYD(VSDxD
1XHYD(VSDxDHQHOQRXPRPHQWSROtWLF
/DEDWDOODGHODSUHPVD
&RQWUDYHOOVLQRXVHQHPLFV
/DVXSHUYLYqQFLDHFRQzPLFDLODGHILQLFLySROtWLFD
/DUHYROXFLypVDUDLDTXt
,SHUILHVSURFODPDOD5HS~EOLFD
(VWjHQMRFXQDQRYDKHJHPRQLDSROtWLFDLFXOWXUDO
/DJHQHUDFLyGHFUtWLFDHVWqWLFDDFFLyFXOWXUDOYROXQWDWSROtWLFD
(OVLPSWRPjWLF3DWURQDWR1DFLRQDOGH7XULVPR
1XHYRURPDQWLFLVPRLQXHYRQDWXUDOLVPR
,QIOXqQFLHVOLWHUjULHVLHGLWRULDOVGHOD5HS~EOLFDGH:HLPDU
5HFHSFLyZHLPDULDQDD1XHYD(VSDxD
&DUWHVGHVGH%HUOtQFDSLWDOGHOPyQGHLHSLFHQWUHGHODVHYDFULVL
$GpXD%HUOtQLUHWRUQD0RVFRXODFXOWXUDGHDYDQ]DGDWDQFDHOVHXFLFOH
&RQFOXVLRQVXQDUHYROXFLyHGLWRULDOG¶LQVSLUDFLyZHLPDULDQD
$11(;,ËQGH[VGHOVQ~PHURVGHODUHYLVWD3RVW*XHUUD
$11(;,,/OLVWDGHWtWROVRIHUWVSHUOD³%LEOLRWHFD3RVW*XHUUD´LHOVHUYLFLRGHOLEUHUtD
171
171
175
178
186
189
197
197
210
223
234
251
259
271
279
279
290
314
337
351
370
379
399
413
$11(;,,,2EUHVHQOOHQJXDDOHPDQ\DWUDGXwGHVHQOHVHGLWRULDOVG¶DYDQoDGD
%LEOLRJUDILD
ËQGH[GHSODQHVJUjILTXHV
421
427
453
$TXHVWWUHEDOOHVWjHQGHXWH
DPEXQDOODUJDOOLVWDGHSHUVRQHV
±DOJXQDMDGHVDSDUHJXGDLHQ\RUDGD±
LHVWjGHGLFDWHQWHUDPHQW
DWRWVHOVDPLFVLDPLJXHVFRPSDQ\VLFRPSDQ\HV
SURIHVVRUHVLSURIHVVRUVOOLEUHWHUVELEOLRWHFjULHV
LIDPLOLDUVSURSHUVROOXQ\DQV
TXHKLKDQDMXGDWG¶XQDPDQHUDRG¶XQDDOWUD
,QWURGXFFLyXQDJUDQUHFHSFLyGHOOLEUHVZHLPDULDQVFRPDLQWHUURJDQW
(OQRVWUHWUHEDOOSDUWHL[GHO¶REVHUYDFLyG¶XQIHWFRQFUHWHPStULFLTXDQWLILFDEOH
O¶H[LVWqQFLD G¶XQ FRUSXV FRKHUHQW GH WUDGXFFLRQV TXH HV YDQ SXEOLFDU HQ XQ PHGL
HGLWRULDO GHILQLW L TXH V¶DJUXSHQ HQ XQ ODSVH WHPSRUDO GHWHUPLQDW (V WUDFWD G¶XQD
VHWDQWHQDGHYROXPVHGLWDWVD0DGULGHQWUHLSHUzFRQFHQWUDWVHVSHFLDOPHQWL
VLJQLILFDWLYD HQ HO SHUtRGH GRV DQ\V G¶HQRUPH LQWHQVLWDW SROtWLFD VRFLDO
LGHROzJLFD L FXOWXUDO TXH FRQWHPSODUDQ OD VXEVWLWXFLy GH O¶DQWLF UqJLP PRQjUTXLFR
GLFWDWRULDOSHOQRXRUGUHUHSXEOLFj6yQWUDGXFFLRQV±DOFDVWHOOj±JDLUHEpVHPSUHGLUHFWHV
GHO¶DOHPDQ\ODPDMRULDG¶DXWRUVLDXWRUHVGHOD5HS~EOLFDGH:HLPDUTXHDSDUHL[HQHQ
HOFRQWH[WGHOFRQHJXWFRQMXQWG¶HGLWRULDOVGHDYDQ]DGDXQDFRQVWHOÂODFLyHGLWRUDTXH
HQOHVVHYHVOtQLHVSULQFLSDOVSDUWHL[G¶2ULHQWHLG¶+LVWRULD1XHYDLDUULEDILQVD)pQL[
WUREDHQ&HQLWODVHYDHPSUHVDPpVVLJQLILFDWLYDLHVGHVHQYROXSDWDPEpDWUDYpVGHOHV
QRWDEOHVDSRUWDFLRQVG¶+R\8OLVHVL=HXV
'XUDQWDTXHVWVGRVDQ\VGHLPLWMDGRW]HQDGHOHVDQWHULRUVHGLWRULDOV
)pQL[ QR HQWUD HQ MRF ILQV D ILQDOV GH HGLWHQ XQD FLQTXDQWHQD OODUJD GH WtWROV
G¶DXWRUVFRHWDQLVHQOOHQJXDDOHPDQ\D/DGDGDpVVHQ]LOODPHQWHVSHFWDFXODU0DLDEDQV
HQO¶jPELWOHFWRUKLVSjQLFV¶KDYLDSURGXwWQLUHPRWDPHQWHQWDQSRFWHPSVXQDUHFHSFLy
VLPLODU G¶DXWRUV JHUPjQLFV ±QL FRQWHPSRUDQLV QL WDPSRF FOjVVLFV , SRVWHULRUPHQW
SDVVDUDQGqFDGHVDEDQVQRHVSXJXLSDUODUG¶XQQLYHOOGHUHFHSFLyFRPSDUDEOH(OJUDX
G¶LPPHGLDWHVDGHPROWHVG¶DTXHVWHVWUDGXFFLRQVUHVSHFWHDO¶HGLFLyRULJLQDODOHPDQ\DpV
WDPEp UHPDUFDEOH DEXQGHQ OHV TXH YDQ DSDUqL[HU HQ HO PHUFDW GH DYDQ]DGD MD O¶DQ\
(Q HO PDUF GHO SUHVHQW HVWXGL QRVDOWUHV GHIHQVHP OD GHQRPLQDFLy GH DYDQ]DGD DSOLFDGD D XQ
FRQMXQW GH SURSRVWHV WHzULTXHV G¶DFWLWXGV SROtWLTXHV L GH UHDOLW]DFLRQV FXOWXUDOV TXH FURQROzJLFDPHQW
V¶LQVFULXHQHQDTXHOOVDQ\VSURSHUVDODIURQWLVVDGH&RPYHXUHPODIRUPXODFLyWHzULFDG¶XQDUWL
G¶XQDOLWHUDWXUDG¶DYDQoDGDFRQVLVWLUjHVVHQFLDOPHQWDLQWHQWDUFRQMXJDUODUHQRYDFLyIRUPDOTXHVXSRVDYD
HOOOHJDWDYDQWJXDUGLVWDDPEXQPLVVDWJHFUtWLFRUHYROXFLRQDULG¶HVTXHUUHV0pVHQJHQHUDO±LFRPWDPEp
SRGUHPDQDUYHLHQW±HOFRPSOHPHQWGHOQRPGHDYDQ]DGDV¶HPSUDYDHQDTXHOODqSRFDDPEXQVHQWLWPROW
VLPLODU DO TXH SRVWHULRUPHQW DGRSWDUj O¶DGMHFWLX SURJUHVVLVWD /¶HWLTXHWD GH DYDQ]DGD Wp MD XQD WUDGLFLy
FUtWLFD9tFWRU)XHQWHV/ySH]GH$ELDGD&DXGHWHWFLFUHLHPTXHGHVLJQDXQDUHDOLWDWOLWHUjULRFXOWXUDO
LGHROzJLFDSUzSLDLQRPpVGLIXVDRHItPHUDTXHODG¶DOWUHVHWLTXHWHV4XHHOWHUPHQRV¶KDJLSRSXODULW]DW
PpVGHOTXHKRKDIHWUHVSRQVHQVGXEWHDTXqMDHQHOVHXPRPHQWYDWHQLUXQDH[SDQVLyUHODWLYDLXQD
YLJqQFLDOLPLWDGDVXSHUDGDPpVDYLDWTXHWDUGSHOVQRXVGHEDWVLOHVDVSUHVOOXLWHVHVWqWLFRLGHROzJLTXHV
GHOVDQ\VTXHDTXtTXHGHQIRUDGHOVREMHFWLXVGHODQRVWUDDQjOLVLWDPEpSHUzHVWHPFRQYHQoXWVTXH
KLWpDOJXQDFRVDDYHXUHHOSRVWHULRUEDQGHMDPHQWDFDGqPLFGHFHUWVDIDQ\VFXOWXUDOVSURWDJRQLW]DWVSHOV
SHUGHGRUV GH OD *XHUUD &LYLO /D FDWDODQLW]DFLy GHO WHUPH ±G¶DYDQoDGD± Wp SUHFHGHQWV QR VDEHP ILQV D
TXLQSXQWWDPEpHQDL[zOD QRVWUDUHFHUFD PRVWUDHOV VHXVOtPLWVGHYLDVHU IUHTHQWHQHOGHEDWHVWqWLF
FDWDOjGHOPRPHQWSHUzVLPpVQRO¶KHPWUREDWGRFXPHQWDW±FLWDWSHU&REE±HQXQWH[WGHGHOFUtWLF
WHDWUDO-RDQ9DOOHVSLQyVY&KULVWRSKHU&REE³7HDWUHGHOSUROHWDULDW±WHDWUHGHPDVVHV%DUFHORQD
´(OV0DUJHV5HYLVWDGH/OHQJXDL/LWHUDWXUD
3UHFLVHP TXH SHU jPELW OHFWRU KLVSjQLF DTXt FDO HQWHQGUH O¶HVSDL JHRJUjILF RQ HV OOHJHL[
FDVWHOOj DL[z pV (VSDQ\D L +LVSDQRDPqULFD 7RW L TXH HO QRVWUH FDPS G¶HVWXGL HV OLPLWD D O¶HGLFLy L OD
UHFHSFLySHQLQVXODUVFRQYpWHQLUSUHVHQWTXHHOOOLEUHGHDYDQ]DGDWDPEpHVYDGLVWULEXLUSHUO¶$PqULFD
KLVSDQD
VHJHQW GH OD VHYD SULPHUD HGLFLy DOHPDQ\D L XQ FHUW SHUFHQWDWJH ILQV L WRW YDQ VHU
LPSUHVHVGLQVGHOPDWHL[DQ\
/¶HVSHFWUH LGHROzJLF GHO FRQMXQW G¶DXWRUV HQ OOHQJXD DOHPDQ\D SUHVHQWV HQ HOV
FDWjOHJV G¶DYDQoDGD pV YDULDW L SROLFURP SHUz FODUDPHQW HVFRUDW FDS D OD JDPPD GHOV
WRQVURMRV(VFULSWRUVGHFODUDPLOLWjQFLDHVTXHUUDQDFRP$QGRU*iERUR$OIUHG.XUHOOD
PDUTXHQPROWPpVODSDXWDTXHODSUHVqQFLDGHOSXEOLFLVWDQD]L(ULFK&]HFK-RFKEHUJD
TXL GH IHW WRFD IHU HO SDSHU GH O¶H[FHSFLy TXH FRQILUPD OD UHJOD DXWRUV TXH QR YDQ
VREUHYLXUHDOQD]LVPHFRP2WWR+HOOHUPRUWD0DXWKDXVHQ$GROI5HLFKZHLQH[HFXWDW
SHU SHUWjQ\HU DO .UHLVDXHU .UHLV R HOV SURSLV FDVRV G¶(UQVW 7ROOHU L 6WHIDQ =ZHLJ
YtFWLPHV VL QR GLUHFWHV Vt PRUDOV GHO QDFLRQDOVRFLDOLVPH LPSRVHQ QHWDPHQW OD VHYD
PDMRULDHQHOPyQHGLWRULDOGHDYDQ]DGDSHUVREUHGHO¶H[LVWqQFLDWDPEpG¶DOJXQSXQWXDO
FROÂODERUDGRUDPEHOUqJLPQD]LFRP$UQROW%URQQHQ±SHUVRQDWJHSHUzG¶XQDFRPSOH[D
HYROXFLy LGHROzJLFD TXH HO GXUj GHO QD]LVPH DO FRPXQLVPH 3RGUtHP GLU TXH HO IDFWRU
HVVHQFLDO±VHPSUHHQWHUPHVGHVRFLRORJLDOLWHUjULDPpVTXHG¶HVWLOtVWLFD±TXHDJOXWLQDUj
OD JDLUHEp WRWDOLWDW GH ILUPHV DOHPDQ\HV TXH FRQIRUPHQ HO QRVWUH IHW UHFHSWRU HV IDUj
SUzSLDPHQW YLVLEOH DPE OD IL GH OD 5HS~EOLFD GH :HLPDU HO ±DL[z pV TXDQ HO
SURFpV GH UHFHSFLy SUjFWLFDPHQW V¶KDXUj DFDEDW (Q HIHFWH OD SUHVqQFLD G¶XQD LOÂOXVWUH
QzPLQD GHOV DXWRUV TXH DYXL FRQVLGHUHP UHSUHVHQWDWLXV GH O¶([LOOLWHUDWXU L PpV HQOOj
GHOV VHXV PDWLVRV LGHROzJLFV L GH OD WUDMHFWzULD GH FDGDVF~ UHSUHVHQWD HO SULQFLSDO
HOHPHQWKRPRJHQHwW]DGRUFDSDoG¶DWRUJDUFRKHUqQFLDDOIHQRPHQVLHOFRQWHPSOHPGHV
GHO¶zSWLFDGHODKLVWzULDOLWHUjULDDOHPDQ\D/LRQ)HXFKWZDQJHU*HRUJ)LQN/HRQKDUG
)UDQN2VNDU0DULD*UDI$UWKXU+ROLWVFKHU+HUPDQQ.HVVHU+HUPDQQ.HVWHQ(JRQ
(UZLQ .LVFK .XUW .OlEHU +HLQULFK 0DQQ (UZLQ 3LVFDWRU /XGZLJ 5HQQ $QQD
6HJKHUV$UQROG=ZHLJLG¶DOWUHV
$TXHVWpVVXPjULDPHQWGHVFULWHOIHWGHTXqSDUWLP8QIHQRPHQUHFHSWRUTXH
SHU OD VHYD LQWHQVLWDW SHU OD VHYD RSRUWXQLWDW KLVWzULFD SHU OD VLJQLILFDQoD GH OD VHYD
DSRUWDFLy HVWqWLFD L SHOV GLYHUVRV LQWHUURJDQWV TXH REUH UHFODPD XQD GRFXPHQWDFLy
H[KDXVWLYDTXHWDQPDWHL[DTXtQRGXUHPDWHUPH$EDQVGHGRFXPHQWDUORSUzSLDPHQW
HOQRVWUHSURSzVLWSUHVHQWpVVLWXDUORMXVWLILFDUORHQWHQGUH¶O&RPV¶H[SOLFDDTXHVWq[LW
LQGXEWDEOHLVRUSUHQHQWFDSDG¶DXWRUVGHOD5HS~EOLFDGH:HLPDUHQHOPHUFDW
HVSDQ\RO"(OSRGULDHQWHQGUHXQJHUPDQLVWDTXHFRQHJXpVODOLWHUDWXUDZHLPDULDQDLOD
GH O¶H[LOL DOHPDQ\ SHUz TXH QR FRQHJXpV O¶DPELHQW FXOWXUDO TXH EXOOLD D O¶(VSDQ\D GH
"'LItFLOPHQWWRWLTXHWDPSRFXQKLVSDQLVWDTXHQRVLWXpVHOVDXWRUVUHEXWVHQHO
VHX FRQWH[W G¶RULJHQ SRGULD WHQLU XQD YLVLy FRPSOHWD GHO FDPS G¶HVWXGL /D SRWHQW ±L
HQFDUDDYXLIDVFLQDQW±FXOWXUDG¶HVTXHUUHVZHLPDULDQDHVUHIOHFWHL[HQHOPyQFXOWXUDO
HVSDQ\RO G¶DYDQoDGD 3HUz RQ FDO EXVFDU OD OzJLFD G¶DTXHVWD UHFHSFLy HQ HO VLVWHPD
OLWHUDULG¶RULJHQRHQHOG¶DUULEDGD"
&RP D H[HPSOH DOJXQV FDVRV GH (UQVW *ODHVHU )ULHGHQ %HUOLQ *XVWDY .LHSHQKHXHU
7UDGFDVW3D]WUDGGHO¶DOSHU)HUPtQ6RWR0DGULG&HQLW7KHRGRU3OLYLHU'HV.DLVHUV
.XOLV 5RPDQ GHU GHXWVFKHQ .ULHJVIORWWH %HUOLQ 0DOLN9HUODJ 7UDG FDVW /RV FRROtHV GHO
.DLVHU1RYHODGHODPDULQDGHJXHUUDDOHPDQDWUDGGHO¶DOSHU92UREyQ)HUQiQGH]0DGULG=HXV
-RVHSK 5RWK +LRE 5RPDQ HLQHV HLQIDFKHQ 0DQQHV %HUOLQ *XVWDY .LHSHQKHXHU 7UDG
FDVW -RE 1RYHOD GH XQ KRPEUH VHQFLOOR WUDG GH O¶DO SHU & . .RHOOHQ L , &DWDOiQ 0DGULG +R\
$GDP 6FKDUUHU 9DWHUODQGVORVH *HVHOOHQ 'DV HUVWH .ULHJVEXFK HLQHV $UEHLWHUV :LHQ %HUOLQ
$JLV9HUODJ7UDGFDVW*HQWHVVLQSDWULD(OSULPHUOLEURGHJXHUUDGHXQREUHURWUDGGHO¶DO
SHU*XVWDY$GOHU0DGULG8OLVHV
(Q HO SUHVHQW HVWXGL QR DERUGDUHP VLVWHPjWLFDPHQW ±QR pV DUD HO QRVWUH REMHFWLX± DTXHVWD
GRFXPHQWDFLyFUtWLFDTXHQRUHQXQFLHPDSUHVHQWDUHQXQWUHEDOOSRVWHULRUSHUzG¶DOJXQDPDQHUDDFWXDUj
FRQVWDQWPHQWFRPDPDUFUHIHUHQFLDOLFRPDGLSzVLWGHGDGHVTXHKDXUHPG¶DQDUXWLOLW]DQW
$PEVLVWHPDOLWHUDULWHUPHTXHPDQOOHYHPGHODWHRULDGHOVSROLVLVWHPHVSHUzOLPLWDQWDUDXQD
PLFDHOFRQFHSWHDODVHYDYHVVDQWPpVVRFLROzJLFDHQVUHIHULPDTXtSULQFLSDOPHQWDO¶DPELWGHSURMHFFLy
6L OD FRQWHPSOpVVLP HVWULFWDPHQW GHV G¶XQD SHUVSHFWLYD TXH OLPLWpV OD VHYD
FRPSUHQVLyHIHFWLYDDOVLVWHPDG¶RULJHQODUHFHSFLyHQTHVWLyUHVXOWDULDIUDJPHQWjULD
GHVRUGHQDGDLHQGHILQLWLYDLQLQWHOÂOLJLEOH$L[zHQPDMRURPHQRUJUDXpVDSOLFDEOHD
WRWVHOVIHQzPHQVUHFHSWRUVTXHFRPSRUWHQXQWUDQVYDVDPHQWOLQJtVWLFRFXOWXUDOeVHQ
HOVLVWHPDG¶DUULEDGDRQHVWUREDHOVHQWLWG¶XQDUHFHSFLyLRQHVWUREHQHOVPHFDQLVPHV
TXHODFRQGLFLRQHQpVDOOtRQKHPG¶HQWHQGUHO¶KRULW]yG¶H[SHFWDWLYHVTXHODPRWLYDLD
SDUWLU GHO TXDO OHV REUHV UHEXGHV GHVHQYROXSHQ MD XQD GLQjPLFD SUzSLD L HQ UHDOLWDW
DXWzQRPD UHVSHFWH GH O¶HGLFLy RULJLQDO 3HU DL[z HO QRVWUH SODQWHMDPHQW DTXt pV
SUHJXQWDUQRV TXq VLJQLILFDYD L D TXq REHwD HQ HO FRQWH[W GH UHEXGD DTXHOOD PDVVLYD
H[SRUWDFLyWDUGRZHLPDULDQDGHOOLEUHVFDSDXQD(VSDQ\DSUHUHSXEOLFDQD/HVUHVSRVWHV
±FRP V¶HVGHYp HQ WRWD UHFHSFLy± QR UDXUDQ WDQW HQ O¶RIHUWD GH YDORUV OLWHUDULV R
LGHROzJLFV TXH GHWHUPLQDWV DXWRUV JHUPjQLFV SRGLHQ UHSUHVHQWDU FRP HQ OD GHPDQGD
G¶XQV YDORUV SURSLV SHU SDUW GH O¶DPELHQW SROLWLFRFXOWXUDO HVSDQ\RO GHO PRPHQW $L[t
FRP HQ FDGD DFWH GH OHFWXUD LQGLYLGXDO HO VHQWLW G¶XQD REUD ±QRYHOÂOD H[WHQVD R EUHX
SRHPD±HVWUREDPHQ\VHQO¶REUD HQVLRHQHOVHXDXWRUTXHHQHOSURSLOHFWRUHQHOV
SURFHVVRV FROÂOHFWLXV GH UHFHSFLy OLWHUjULD HO VHQWLW pV WDPEp SDWULPRQL G¶DTXHVW SOXUDO
OHFWRUUHFHSWRU
(Q FRQVHTqQFLD HOV QRVWUHV HVIRUoRV V¶DGUHoDUDQ SULPRUGLDOPHQW D LQWHQWDU
SHUILODU XQ FRQWH[W UHFHSWRU TXH HQV H[SOLTXL OHV UDRQV LQWUtQVHTXHV GH OD LQWHQVD
LPSRUWDFLy GH FHUWD OLWHUDWXUD IRUDQD TXH GXUj D WHUPH 7DPEp DUD HO SURSzVLW TXH HQV
DQLPDVHUjKXPLOPHQWGRFXPHQWDGRUPROWPpVTXHDXGDoPHQWHOXFXEUDGRULSHUDL[z
DTXHVW WUHEDOO HV EDVD HQ OD SUHVHQWDFLy GH GLIHUHQWV DVSHFWHV G¶XQ GHEDW HVWqWLFR
LGHROzJLF D SDUWLU VHPSUH G¶XQHV GHWHUPLQDGHV IRQWV FRHWjQLHV ,QYHVWLJDGRUV TXH HQV
KDQSUHFHGLWHQVPRVWUHQHQOOXUVHVWXGLVGHWHPHVSURSHUVRVLPpVQRUHODFLRQDWV HO
FDPt FDS D OHV IRQWV SULQFLSDOV TXH DTXt WUDFWDUHP (O QRVWUH GLVFXUV LQWHQWDUj HQ WRW
PRPHQWUHFRO]DUVREUH±RHQWUDUHQGLjOHJDPE±XQLPSUHVFLQGLEOHDSDUHOOELEOLRJUjILF
SHUzHQHVVqQFLDVRUJHL[GHOHVIRQWVSULPjULHVLHVYDHODERUDQWDSDUWLUG¶HOOHV$L[z
FRP YHXUHP HQV DQLUj FRQGXLQW D WUDYpV G¶XQD FHUWD YDULHWDW GH WHUULWRULV FUtWLFR
WHPjWLFV R G¶HVSHFLDOLW]DFLy L XQ HOHPHQWDO VHQWLW GH PRGqVWLD ±VL QR GH UDFLRQDOLWDW±
FLHQWtILFD HQV ID UHQXQFLDU G¶HQWUDGD D OD SUHWHQVLy G¶RIHULU GH FDGDVFXQ G¶HOOV XQD
ELEOLRJUDILDVHFXQGjULDDPEDPELFLRQVG¶H[KDXVWLYLWDW/¶HVWUXFWXUDGHOSUHVHQWWUHEDOO
OD VHYD HYROXFLy GLVFXUVLYD UHVSRQHQ PpV D XQD GLUHFFLy TXH OHV SUzSLHV IRQWV HQV
LQGLTXHQ ±HQ OD OHFWXUD QDWXUDOPHQW TXH QRVDOWUHV HQ IHP± TXH QR SDV D FDS
SODQWHMDPHQW DSULRUtVWLF QDVFXW GH GLVFXVVLRQV FUtWLTXHV FURQROzJLFDPHQW SRVWHULRUV D
DTXHVWHVIRQWV
0pV SURSHUD GRQFV D OD LGHD G¶XQ GHVFULSWLX WUHEDOO GH FDPS TXH D OD G¶XQD
WUDYDGD FRQVWUXFFLy WHzULFD OD QRVWUD UHFHUFD WDPSRF UHVSRQ D O¶DSOLFDFLy GH FDS UtJLG
PRWOOR FRQFHSWXDOPHWRGROzJLF (Q DTXHVW VHQWLW OD OtQLD G¶LQYHVWLJDFLy TXH VHJXLP
SDUWLFLSDDPEFHUWDOOLEHUWDWGHGLIHUHQWVSHUVSHFWLYHVFUtWLTXHVLHLQHVPHWRGROzJLTXHV
3DUWLP ±pV HYLGHQW GHV GHO SURSL WtWRO GHO WUHEDOO± GHV G¶XQ HQIRFDPHQW GHXWRU GH OHV
SRWHQFLDOTXHWpXQDREUDOLWHUjULDHQVHUHGLWDGDDTXHVWjPELWHVWjFRQGLFLRQDWIRQDPHQWDOPHQWSHOIDFWRU
LGLRPjWLF SHUz WDPEp SHU G¶DOWUHV TXH DIHFWHQ HO PHUFDW D TXq O¶REUD V¶DGUHoD IDFWRUV GRQFV
VRFLRLGHROzJLFV HVWqWLFV HGLWRULDOV LQVWLWXFLRQDOV JHRJUjILFV FRPHUFLDOV HWF 8QD FODULILFDGRUD
DSUR[LPDFLy D OD WHRULD GHOV SROLVLVWHPHV D 0RQWVHUUDW ,JOHVLDV 6DQWRV ³(O VLVWHPD OLWHUDULR 7HRUtD
HPStULFD \ WHRUtD GH ORV SROLVLVWHPDV´ GLQV 'DUtR 9LOODQXHYD FRPSLODGRU ,WDPDU (YHQ=RKDU +DQV
5REHUW-DXVV)HUQDQGR&DER$UWXUR&DVDV0RQWVHUUDW,JOHVLDV 6LOYLD0DQWHLJD'DUtR9LOODQXHYD
$YDQFHVHQWHRUtDGHODOLWHUDWXUD(VWpWLFDGHODUHFHSFLyQSUDJPiWLFDWHRUtDHPStULFD\WHRUtDGHORV
SROLVLVWHPDV8QLYHUVLGDGHGH6DQWLDJRGH&RPSRVWHOD
WHRULHVGHODUHFHSFLyOLWHUjULD0pVHQOOjGHFDSGLVFXVVLyVREUHO¶DEDVWRODYLUWXDOLWDW
GHO3DUDGLJPDZHFKVHOTXHYDQDQXQFLDU±VLWXDQWHOOHFWRULQRO¶REUDRO¶DXWRUFRPD
FHQWUHGHO¶DWHQFLy FUtWLFD±HO FHUW pVTXHO¶LQWHQVFDEDOG¶HVSHFXODFLyWHzULFDTXHYDQ
HQJHQGUDU V¶KD WUDGXwW WDPEp GXUDQW GqFDGHV HQ XQ H[WHQV SDQRUDPD G¶DSOLFDFLy GHOV
VHXVSULQFLSLV±DGDSWDWVDPHWRGRORJLHVTXHHQGHULYHQSHUzTXHDOKRUDSRGHQVHUSURX
GLYHUVHV± HQ HVWXGLV OLWHUDULV GH WRWD PHQD 1RVDOWUHV WDPEp IHP DTXt ~V GH SXQWV GH
YLVWD L GH FRQFHSWHV KHUHWDWV GH OD 5H]HSWLRQVlVWKHWLN SHUz QR KR IHP WDQW DPE FULWHUL
G¶DFzOLWG¶XQDGHWHUPLQDGDHVFRODFRPLQWHQWDQWDSURILWDUFHUWVYDORUVEjVLFVTXHDTXHVW
FRUUHQWVHQVGXEWHHQVKDOOHJDWDO¶KRUDGHFRQWHPSODUHOIHWOLWHUDUL
$FRVWDMDHQVDGYHUWLDTXHDOJXQVSULQFLSLVGHODWHRULDGHODUHFHSFLyQRHUHQHQ
DEVROXW DOLHQV D SUHFHGHQWV IRUPXODFLRQV WHzULTXHV YLQFXODGHV D OD VRFLRORJLD GH OD
OLWHUDWXUDLHQWUHG¶DOWUHVIHLDUHIHUqQFLDDODSLRQHUDODERUGH/HYLQ/XGZLJ6FKFNLQJ
XQ FRQWHPSRUDQL GHO QRVWUH IHQRPHQ UHFHSWRU TXH WDQPDWHL[ QR YD VHU
HGLWDWHQFDVWHOOjILQVDODGqFDGDGHOV7RWLTXHOHVSHUVSHFWLYHVSUHVRFLROzJLTXHV
HQO¶DQjOLVLGHODOLWHUDWXUDHVSRGHUIHUUHPXQWDUFRPDPtQLPILQVD+HUGHU6FKFNLQJ
pV WRW XQ SUHFXUVRU HQ OD FRQVLGHUDFLy GHO 3XEOLNXP FRP D IDFWRU GHWHUPLQDQW HQ
O¶HYROXFLy GHO JXVW OLWHUDUL L HQ DVVHQ\DODU OHV LPSOLFDFLRQV GH FDUjFWHU VRFLDO TXH OD
FRQVWUXFFLyG¶DTXHVWWp(QHOFDVGHOQRVWUHWUHEDOOODWUDQVLFLy±GHVG¶XQSODQWHMDPHQW
LQLFLDO HPSDUDW HQ SUHVVXSzVLWV G¶HVWqWLFD GH OD UHFHSFLy± D SHUVSHFWLYHV GH VRFLRORJLD
OLWHUjULDHVSURGXHL[G¶XQDPDQHUDSRGUtHPGLUGHOWRWQDWXUDO(QHIHFWHYROHPVDEHU
SHU TXq XQ GHWHUPLQDW S~EOLF KLVSjQLF GH GHYRUDYD GHWHUPLQDGD OLWHUDWXUD
ZHLPDULDQD YROHP VDEHU FRP V¶KDYLD FUHDW DTXHVW PHUFDW L TXL HO SURYHwD TXLQD
DUTXLWHFWXUD HVWqWLFD HO VRVWHQLD L TXLQD IXQFLy VRFLRSROtWLFD SRGLD WHQLU (VWHP HQ
GHILQLWLYDHQXQWHUUHQ\TXHEHQEpSRWDQRPHQDUVHVRFLRORJLDGHODUHFHSFLyHQWHQHQW
FRP D WDO O¶HVWXGL GH OHV FRQGLFLRQV VRFLDOV TXH JHQHUHQ L FRQVWUXHL[HQ HO VHQWLW G¶XQ
SURFpVUHFHSWRU
(QV DQLPD SHUPDQHQWPHQW OD YROXQWDW G¶HODERUDU XQ GLVFXUV FULWLFROLWHUDUL ±TXH
DVVXPHL[ SOHQDPHQW OD VHYD LPSOtFLWD L QHFHVVjULD VXEMHFWLYLWDW± EDVDW HQ GDGHV
REMHFWLYHVHQIHWVTXDQWLILFDEOHVLHQGRFXPHQWVFRPSURYDEOHVQRHVWUDFWDG¶XQLQJHQX
SRVLWLYLVPH TXH EXVTXL OD YHULWDW HQ OHV IRQWV RULJLQDOV SHUz Vt G¶XQ LQWHQW G¶HYLWDU
GHWHUPLQDWVPHWDOOHQJXDWJHVFUtWLFVTXHHVGHFRQVWUXHL[HQHOVXQVDVREUHGHOVDOWUHV
$VSLUHP D DOJXQD PHQD GH FODUHGDW L HQ JHQHUDO QR HQV LQVSLUHQ JDLUH FHUWHV
ORJRPjTXLHV FUtSWLTXHV (QV SUHJXQWHP TXLQV VyQ IDFWXDOPHQW HOV DJHQWV SULQFLSDOV
TXH LQWHUYHQHQ HQ HO QRVWUH IHQRPHQ UHFHSWRU L Q¶LGHQWLILTXHP FRP D PtQLP TXDWUH
DXWRUVWUDGXFWRUVHGLWRUVLOHFWRUV(OSUHVHQWWUHEDOO±VHQVHSHUGUH¶QFDSWRWDOPHQWGH
YLVWD±GLVFRUUHVREUHWRWDSDUWLUGHODLQGDJDFLyDOYROWDQWGHOVDJHQWVHGLWRUV$L[zHQV
VLWXD HQ XQD zUELWD G¶LQWHUHVVRV RQ OD QRVWUD HVPHQWDGD VRFLRORJLD GH OD UHFHSFLy KD
8QD VtQWHVL ±HQ FDWDOj± GHO VHX GHVHQYROXSDPHQW WHzULF HVSHFLDOPHQW SHO TXH ID DO WURQF
JHUPjQLF GH O¶HVWqWLFD GH OD UHFHSFLy D -RVHS5RGHULF *X]PDQ /HV WHRULHV GH OD UHFHSFLy OLWHUjULD
8QLYHUVLWDWG¶$ODFDQW8QLYHUVLWDW-DXPH,8QLYHUVLWDWGH9DOqQFLD
/XLV$$FRVWD*yPH](OOHFWRU\ODREUD7HRUtDGHODUHFHSFLyQOLWHUDULD0DGULG*UHGRV
$QWRQLR6iQFKH]7ULJXHURVGLU6RFLRORJtDGHODOLWHUDWXUD0DGULG6tQWHVLV
Y /HYLQ / 6FKFNLQJ 6R]LRORJLH GHU OLWHUDULVFKHQ *HVFKPDFNVELOGXQJ D HG %HUQ 0QFKHQ)UDQFNH9HUODJ/DSULPHUDHGLFLyG¶DTXHVWDREUDpVGHODVHJRQDGH
Y -RVHSK -XUW ³3RU XQD VRFLRORJtD GH OD UHFHSFLyQ´ WUDG GH O¶DO GH 0HUFHGHV )LJXHUDV
-RXUQDORI,QWHUGLVFLSOLQDU\/LWHUDU\6WXGLHV&XDGHUQRV,QWHUGLVFLSOLQDULRVGH(VWXGLRV/LWHUDULRV
G¶H[SORUDU WDPEp jPELWV SURSLV GH OD KLVWzULD VRFLRFXOWXUDO /D ELEOLRORJLD L OD
KLVWzULDGHOOOLEUHO¶HYROXFLyGHOPyQHGLWRULDOHOVIDFWRUVKLVWzULFVVRFLDOVLLGHROzJLFV
HQHOGHVHQYROXSDPHQWGHOIHWOHFWRUO¶HVWXGLGHOHVPHQWDOLWDWVHOUROGHOVLQWHOÂOHFWXDOV
HQ O¶qSRFD TXH WUDFWHP OD IXQFLy GH OHV SXEOLFDFLRQV SHULzGLTXHV R HQWUH G¶DOWUHV
O¶DQjOLVL GH OHV OOXLWHV SHU XQD KHJHPRQLD FXOWXUDOSROtWLFD HQ HO 0DGULG GH VyQ
DVSHFWHV FDPSV L HQIRFDPHQWV SUHVHQWV G¶DOJXQD PDQHUD HQ OD QRVWUD WDVFD Ep FRP D
OtQLDGHUHFHUFDREpFRPDPDUFGHUHIHUqQFLD
eVHYLGHQWTXHODLQWHUGLVFLSOLQDULHWDWQRpVFDSGHVFREULPHQWGHOVGDUUHUVWHPSV
'¶XQD IRUPD R G¶XQD DOWUD VHPSUH V¶KD FRQUHDW L QLQJ~ PDL V¶KD SRJXW FDSEXVVDU HQ
DOJXQD HVIHUD GHO VDEHU KXPDQtVWLF VHQVH HQWUDU HQ UHODFLy DPE WRWD XQD WUHQDGD [DU[D
PXOWLUHIHUHQFLDOTXHYLQFXODOHVGLIHUHQWVHVSHFLDOLWDWV7DPEpSHUzpVLQGXEWDEOHTXHD
PHVXUDTXHHOFRQHL[HPHQWFUHL[LHVUDPLILFDLHVPXOWLSOLFDHOQRPEUHG¶DSRUWDFLRQV
FLHQWtILTXHVLGHSURSRVWHVFUtWLTXHVOHVIURQWHUHVHQWUHOHVSDUFHOÂOHVHVWDEOHUWHVLjGKXF
OHV EDVHV HSLVWHPROzJLTXHV GH FDGD HVSHFLDOLWDW VHPEOHQ PRVWUDUVH PpV LQHVWDEOHV L
SUHFjULHV WRW L TXH VHPSUH QHFHVVjULDPHQW KDQ WLQJXW FDUjFWHU SURYLVLRQDO TXH HQ
G¶DOWUHVqSRTXHV/¶HVSHFLDOLW]DFLyFUHLHPTXHpVXQDEDVHIRUPDWLYDLQGLVSHQVDEOHSHUz
WDPEp SHQVHP TXH ±PpV HQOOj GH OD OtFLWD GHIHQVD GH GLVFXUVRV HVWDEOHUWV L GH YHGDWV
DFDGqPLFV±O¶KRQHVWDFXULRVLWDWLQWHOÂOHFWXDOFRQGXHL[VHPSUHD]RQHVG¶LQWHUFDQYL
$L[t GRQFV OHV QRVWUHV SHUVSHFWLYHV WHzULFRPHWRGROzJLTXHV SDUWHL[HQ GH
O¶HVWqWLFD GH OD UHFHSFLy WUDQVFRUUHQ SHU XQD SUD[L GH VRFLRORJLD OLWHUjULD L YLVLWHQ
HVFHQDULVG¶KLVWzULDVRFLRFXOWXUDO(QVIDOWDGHILQLUODTXDUWDSRWDGHODQRVWUDWDXODGH
WUHEDOO TXH G¶DOJXQD PDQHUD MD QR IyUD WDQW HO G¶RQ SDUWHL[ L SHU RQ WUDQVLWD OD QRVWUD
DSRUWDFLyFRPHOFDSRQHVSRGULDSURMHFWDU(QDTXHVWVHQWLWHOVHXUXPEFUHLHPTXHOD
SRW DFRVWDU WRW L TXH G¶XQD PDQHUD VXJJHULGD R DSXQWDGD PpV TXH SOHQDPHQW
GHVHQYROXSDGDDDOJXQVSODQWHMDPHQWV FUtWLFV GHULYDWV GH ODWHRULDGHOVSROLVLVWHPHV
(QV UHIHULP HVSHFLDOPHQW D DTXHOOV TXH HQ HVWXGLDU O¶HVWDWXV TXH WHQHQ OHV REUHV
WUDGXwGHVGLQVGHFDGDSROLVLVWHPDOLWHUDULSRGHQTHVWLRQDUGHWHUPLQDWVFRPSRQHQWV
LGHROzJLFV HQ OD FRQVWUXFFLy GHOV GLVFXUVRV KLVWzULFROLWHUDULV QDFLRQDOV (O QRVWUH SXQW
GH SDUWLGD HQ DTXHVW WUHEDOO pV ±L DL[z UHVXOWD GHILQLGRU± XQ JUXS GH WUDGXFFLRQV
3HUVSHFWLYHV G¶KLVWzULD OLWHUjULD EDVDGHV HQ HO FOjVVLF PRGHO OLQJtVWLFRQDFLRQDO ±L
WDPEp HQIRFDPHQWV FRPSDUDWLYLVWHV TXH VH¶Q SXJXLQ GHULYDU± WHQGLULHQ D LQWHUHVVDUVH
SHOSDSHUG¶DTXHOOHVWUDGXFFLRQVEjVLFDPHQWHQODPHVXUDTXHLQIOXwVVLQVREUHODSUzSLD
SURGXFFLy OLWHUjULD GHO VLVWHPD QDFLRQDOOLQJtVWLF TXH FRQWHPSOHQ FRP D FHQWUDO 8QD
SHUVSHFWLYD FUtWLFD±QRFDOGLUKR± IRQDPHQWDO HQRUPHPHQW SURGXFWLYD L VHQVH OD TXDO
HOVHVWXGLVOLWHUDULVKLVWzULFDPHQWQLWDQVROVVHULHQFRQFHELEOHV3HUzLPSOtFLWDPHQW±L
(UXGLWVHVIRUoRVSHUGHOLPLWDUHOFRQFHSWHG¶KLVWzULDFXOWXUDOGHVSOHJDUHOVHXEULOODQWOOLQDWJH
LQWHOÂOHFWXDO%XUFNKDUGW+XL]LQJD«GHVFULXUHOHVVHYHVUHDOLW]DFLRQVLO¶REUDGHOVVHXVSURWDJRQLVWHVL
PRVWUDUHOVFDPSVG¶HVWXGLTXHOLVyQSURSLVD3HWHU%XUNH 9DULHWLHVRI&XOWXUDO +LVWRU\&DPEULGJH
3ROLW\ 3UHVV 8WH 'DQLHO .RPSHQGLXP .XOWXUJHVFKLFKWH 7KHRULHQ 3UD[LV 6FKOVVHOZ|UWHU
)UDQNIXUWDP0DLQ6XKUNDPS3HWHU%XUNH:KDWLV&XOWXUDO+LVWRU\"&DPEULGJH3ROLW\3UHVV
-XVWR6HUQD$QDFOHW3RQV/DKLVWRULDFXOWXUDO$XWRUHVREUDV\OXJDUHV0DGULG$NDO
3DUODUG¶XQD³SUD[LGHVRFLRORJLDOLWHUjULD´LHVWXGLDUFRPDTXtIHPDVSHFWHVFXOWXUDOOLWHUDULV
GHOHVSULPHUHVGqFDGHVGHOVHJOH;;HVSDQ\ROHTXLYDODWHQLUXQGHXWHFRQWUHWDPEOHVREUHVLHOVHVFULWV
GH -RVp&DUORV 0DLQHU XQ GHXWH TXH HQ HO IRQV pV LPSDJDEOH SHUTXq FRPHQoD MD SHO SURSL SODHU GH OD
VHYDOHFWXUD
8QDLQWHUHVVDQWDQWRORJLDG¶DUWLFOHVD09'LPLF,(YHQ=RKDU-/DPEHUW&5RE\QV=
6KDYLW56KHII\*7RXU\6<DKDORP7HRUtDGHORVSROLVLVWHPDVHVWXGLLQWUFRPSLODFLyGHWH[WRVL
ELEOLRJUDILDGH0RQWVHUUDW,JOHVLDV6DQWRV0DGULG$UFR/LEURV
4XHGDIRUDGHOVQRVWUHVREMHFWLXVSUHVHQWVHVWXGLDUOHVUHODFLRQVHQWUHODOLWHUDWXUDG¶DYDQoDGD
WUDGXwGDLO¶HVFULWDHQFDVWHOOj'HPDQDULDSHUzXQDDQjOLVLGHWLQJXGDODSURGXFFLyHVSDQ\RODGHQRYHOÂOD
GHJXHUUDLGHUHSRUWDWJHOLWHUDULHVSHFLDOPHQWLQWHUHVVDQWHQO¶REUDGH-RVp'tD])HUQiQGH]LGH5DPyQ-
GHIRUPDPpVRPHQ\VPDQLIHVWDVHJRQVHOVFDVRV±DTXHVWSXQWGHYLVWDVROFRQVLGHUDU
SHULIqULFDODOLWHUDWXUDWUDGXwGD1RVDOWUHVHQVSUHJXQWHPDTXtVLHQO¶(VSDQ\DGHFDSD
ODOLWHUDWXUDWUDGXwGD±TXHHQOHVHGLWRULDOVG¶DYDQoDGDGRPLQDDPEFODUHGDW
VREUH OD QR WUDGXwGD± YD MXJDU XQ SDSHU SHULIqULF R YD SRGHU DVVROLU DOJXQD PHQD GH
FHQWUDOLWDW
7DPEp OD SUzSLD DPSOLDFLy GHO FRQFHSWH GH OLWHUDWXUD TXH HQ XQ VHQWLW
GRFXPHQWDOLGHROzJLF YDQ SURSLFLDU OHV WUDGXFFLRQV G¶DYDQoDGD HQ DTXHOO PRPHQW HV
SRWSUHVWDUDVHUHVWXGLDGD±HQWUHG¶DOWUHV±DPEHLQHVGHODWHRULDGHOVSROLVLVWHPHVXQ
SDUDGLJPD FUtWLF TXH SHU OD VHYD SUzSLD IOH[LELOLWDW FUHLHP TXH SRW DGPHWUH WDPEp
LQWHUIHUqQFLHV SURYLQHQWV G¶DOWUHV SHUVSHFWLYHV (Q UHDOLWDW SROLVLVWHPD UHFHSFLy L
VRFLRORJLDOLWHUjULDVyQPDUFVWHzULFRFUtWLFVTXHV¶HQWUHOODFHQLTXHGHYHJDGHVSRGHQ
DPEGLIHUHQWWHUPLQRORJLDDUULEDUDLGqQWLTXHVFRQFOXVLRQV(QHOGHVHQYROXSDPHQWGHO
SUHVHQW WUHEDOO HO TXH GH YHJDGHV DQRPHQDUHP OLWHUDWXUD LQWHUQDFLRQDO Wp XQ SDSHU
SURWDJRQLVWDLLQWHQWDUHPYHXUHGHTXLQDPDQHUDODVHYDVHOHFFLyWUDGXFFLyLHGLFLySRW
WHQLU WDQW PRWLYDFLRQV FRP FRQVHTqQFLHV SROtWLTXHV /HV FROÂOHFFLRQV GH OLWHUDWXUD
WUDGXwGD EULQGHQ VHPSUH PROWV LQWHUURJDQWV D O¶LQYHVWLJDGRU L SRGHQ RIHULU PROWHV
UHVSRVWHV VREUH HO FRQWH[W KLVWzULF HVWqWLF R LGHROzJLF TXH OHV YD RULJLQDU (Q DTXHVW
VHQWLWHQHOPyQHGLWRULDOKLVSjQLFFRQWHPSRUDQLKLKDXULDPROWDIHLQDDIHU
8QFRSSHUILODWVHOVLQJUHGLHQWVEjVLFVGHODQRVWUDUHFHSWDPHWRGROzJLFDYHJHP
TXLQHV VyQ OHV IRQWV TXH FRP VXDUD KHP GLW GRQHQ YHULWDEOHPHQW IRUPD DO SUHVHQW
WUHEDOO(QSULPHUOORFpVFODUODSURGXFFLyHGLWRULDOG¶DYDQoDGD(QODGHVFULSFLyTXH
GHYHP D 6DQWRQMD GH OHV VHW HGLWRULDOV PpV DPXQW HVPHQWDGHV HO YROXP JOREDO
G¶DTXHVWDSURGXFFLyVHVLWXDQRJDLUHOOXQ\GHOV WtWROVHGLWDWVHQWUHL
6HQGHU WRW FRPSDUDQWOD DPE OHV WUDGXFFLRQV DOHPDQ\HV GHOV PDWHL[RV JqQHUHV GH OHV TXDOV O¶HQWUDPDW
HGLWRULDOGHDYDQ]DGDDVVRUWLDJHQHURVDPHQW
6REUH HO SDSHU TXH MXJXHQ HOV HVWXGLV GH WUDGXFFLy GLQV GHOV SDUDGLJPHV FUtWLFV
SRVWHVWUXFWXUDOLVWHV L VREUH FRP OD WHRULD SROLVLVWqPLFD DSOLFDGD D O¶DQjOLVL GHO IHW WUDGXFWRU FRQYLGD D
UHSHQVDUODKLVWzULDOLWHUjULDLODOLWHUDWXUDFRPSDUDGDY0LJXHO*DOOHJR5RFD7UDGXFFLyQ\/LWHUDWXUD
/RV HVWXGLRV OLWHUDULRV DQWH ODV REUDV WUDGXFLGDV *LMyQ (GLFLRQHV -XFDU 6REUH SROLVLVWHPD L
FRPSDUDWLYLVPH Y W DOJXQV GHOV WUHEDOOV UHXQLWV D 6 %DVVQHWW < &KHYUHO - &XOOHU ' )RNNHPD *
*LOOHVSLH ( .XVKQHU $ 0DULQR 6 6 3UDZHU + + + 5HPDN 3 6ZLJJHUV 6 7|W|V\
2ULHQWDFLRQHV HQ OLWHUDWXUD FRPSDUDGD FRPSLODFLy GH WH[WRV L ELEOLRJUDILD GH 'RORUHV 5RPHUR /ySH]
0DGULG $UFR /LEURV 6REUH OD GHFRQVWUXFFLy GHOV GLVFXUVRV OLWHUDULV QDFLRQDOV Y W 'RORUHV
5RPHUR /ySH] HG *UXSRGH ,QYHVWLJDFLyQ /((7+, + %KDEKD 0 (VSDJQH ) )DQRQ 7 )UDQFR
&DUYDOKDO / +XWFKHRQ - -XUW - /DPEHUW -& 0DLQHU $ 0DULQR % 0F*XLUN 5 ' 3RSH 8
6FK|QLQJ1DFLRQHVOLWHUDULDV5XEt0DGULG$QWKURSRV(GLWRULDO&RPSOXWHQVH
(QSDUDXOHVGH*DOOHJR5RFDRSFLW³>«@1RWRGDVODVWUDGXFFLRQHVGHREUDVOLWHUDULDV
IXQFLRQDQ HQ HO VLVWHPD OLWHUDULR SXHGHQ KDFHUOR HQ RWURV VLVWHPDV FRPR HO UHOLJLRVR HO PRUDO R FRQ
PD\RU IUHFXHQFLD HO SHGDJyJLFR´ /HV WUDGXFFLRQV G¶DYDQoDGD DL[z HVWj FODU YDQ WHQLU VHPSUH XQD
PDQLIHVWDYRFDFLyG¶LQWHUIHULUHQHOVLVWHPDSROtWLF
3HUDO¶HVWXGLGHOVOOLEUHVG¶DYDQoDGDKHPFRQVXOWDWHOVIRQVH[LVWHQWVHQGLYHUVHVLQVWLWXFLRQV
VREUHWRWHOVGHOD8QLYHUVLWDW5RYLUDL9LUJLOLLHOVGHOD%LEOLRWHFD1DFLRQDOGH0DGULG
*RQ]DOR6DQWRQMD'HOOiSL]URMRDOOiSL]OLEUH/DFHQVXUDSUHYLDGHSXEOLFDFLRQHVSHULyGLFDV
\ VXV FRQVHFXHQFLDV HGLWRULDOHV GXUDQWH ORV ~OWLPRV DxRV GHO UHLQDGR GH $OIRQVR ;,,, %DUFHORQD
$QWKURSRV *RQ]DOR 6DQWRQMD /D UHS~EOLFD GH ORV OLEURV (O QXHYR OLEUR SRSXODU GH OD ,,
5HS~EOLFD%DUFHORQD$QWKURSRV(OVGRVHVWXGLVVyQLQVHSDUDEOHVGHPDQHUDTXHHOVHJRQYHD
VHUODFRQWLQXDFLyGHOSULPHU
$TXHVWD [LIUD GH VLVFHQWV WtWROV HQV VHUYHL[ DUD FRP D GDGD HVWLPDWLYD 8Q UHFRPSWH PpV
ULJRUyVGHODSURGXFFLyJOREDOGHOOOLEUHGHDYDQ]DGDKDXULDG¶LQFORXUHDOWUHVHGLWRULDOVFRP%LEORV-DVyQ
(VSDxDR'pGDORDOHVTXDOVHQVDQLUHPUHIHULQWPpVRPHQ\VFLUFXPVWDQFLDOPHQWLILQVLWRWSDUWGHOD
SURGXFFLy G¶HPSUHVHV SUHH[LVWHQWV TXH DOLHQHV D OD IDPtOLD HGLWRULDO G¶DYDQoDGD YDQ YROHU SHUz WDPEp
LQWURGXLUVH±DPEXQq[LWUHODWLX±HQDTXHOOPHUFDW
FRQFHQWUDWV SHUz VREUHWRW HQ HO ODSVH (Q OD VHYD IRUPD WtSLFD HO OOLEUH
G¶DYDQoDGD pV XQ YROXP HQ RFWDX VREUH HOV FHQWtPHWUHV HQTXDGHUQDW HQ U~VWLFD
LPSUqVHQSDSHUG¶HVFDVVDTXDOLWDWVHPSUHSHUVREUHGHOHVSODQHVPpVHQGDYDQWMD
HQYHXUHPHOPRWLXDPEXQDFREHUWDLOÂOXVWUDGDTXHVLQJXODULW]DFDGDWtWROLHVGHYpXQ
LPSRUWDQWYDORUHVWqWLFLXQDWLUDGDTXHKDXUtHPGHVLWXDUVREUHHOVH[HPSODUVGH
PLWMDQD$UDQRHQVSURSRVHPHYLGHQWPHQWO¶HVWXGLDFXUDWG¶DTXHVWERRPHGLWRULDOSHUz
FDOGUjWHQLUORVHPSUHSUHVHQWFRP D FRQWH[W HQ TXq V¶LQVHUHL[ HO IHW UHFHSWRU GHO TXDO
KHP SDUWLW 6L FRQVLGHUHP JOREDOPHQW DTXHVWD LPSRUWDQW UHDOLW]DFLy HGLWRUD PROW PpV
TXH QRWDEOH SHU D OD VHYD qSRFD G¶XQV WtWROV YHXUHP TXH OHV REUHV WUDGXwGHV
VXSHUHQ HQ QRPEUH D OHV HVFULWHV RULJLQDOPHQW HQ FDVWHOOj OHV WUDGXFFLRQV VXSRVHQ
DSUR[LPDGDPHQWXQ
6L GLYLGtVVLP HO FRQMXQW G¶DTXHVWD SURGXFFLy HGLWRULDO HQ GRV JUXSV
FRUUHVSRQHQWV DO TXH DYXL SRGUtHP HQWHQGUH SHU ILFFLy L QRILFFLy GRPLQDULD DTXHVWD
VHJRQDSHUEpTXHDPEXQPDUJHSRFDPSOLODQRILFFLyUHSUHVHQWDDOYROWDQWGHO
GHOV WtWROV $JDIHP SHUz DUD OD ILFFLy L OD QRILFFLy SHU VHSDUDW L GLYLGLPOHV WDPEp
FDGDVFXQDHQWUDGXFFLRQVLQRWUDGXFFLRQV(OVUHVXOWDWVVyQPROWLQWHUHVVDQWV(QHOFDV
GH OD QRILFFLy KL KD XQ HPSDW WqFQLF XQD JUDQ LJXDOWDW HQWUH REUHV WUDGXwGHV L REUHV
HVFULWHV SHU DXWRUV GH OOHQJXD FDVWHOODQD PpV GH WtWROV GH FDGD 3HUz TXq SDVVD
DPE OD ILFFLy DPE DOOz TXH SUzSLDPHQW ±L DOPHQ\V GHV GH OHV SULPHUHV DOERUV GHO
SUHURPDQWLFLVPH± HQWHQHP SHU OLWHUDWXUD" $TXt OD SURSRUFLy pV GH WUHV WUDGXFFLRQV L
HVFDLJSHUFDGDFUHDFLyRULJLQDO(QO¶XQLYHUVHGLWRULDOG¶DYDQoDGDHQWUHXQLXQ
SHU FHQW GH OD OLWHUDWXUD pV WUDGXwGD (Q OHV VHW HGLWRULDOV TXH IRUPHQ HO QXFOL GH OHV
YLQFXODGHV SHU IRUWV OOLJDPV GH SDUHQWLX SRGHP FRPSWDU XQHV REUHV OLWHUjULHV
WUDGXwGHV±HQJHQHUDOGHIRUPDGLUHFWD±GHOUXVGHO¶DOHPDQ\GHO¶DQJOqVLGHOIUDQFqV
SULQFLSDOPHQWDPEDOJXQDDSRUWDFLyWDPEpGHO¶LWDOLjGHOSRUWXJXqVLG¶DOWUHVOOHQJHV
(OPRYLPHQWHGLWRULDOG¶DYDQoDGDpVXQFDStWROSURSLHQODKLVWzULDGHO¶HGLFLyKLVSjQLFD
&RPMDYqLHPPpVDPXQWDPEUHODFLyDOFRPSRQHQWJHUPDQLW]DQWG¶DTXHVWDSURGXFFLyL
VyQHOVDQ\VFODXGHOPyQHGLWRULDOG¶DYDQoDGD(OOD[LIUDXOWUDSDVVDIROJDGDPHQWHOVWtWROV
SXEOLFDWVLHOHVWjDOYROWDQWGHOV
(QUHDOLWDWDTXHVWDGLVWLQFLyHQWUHILFFLyLQRILFFLyHQHOPyQHGLWRULDOG¶DYDQoDGDpVDOWDPHQW
SUREOHPjWLFD ±SHU QR GLU TXH HQ FHUWD PHVXUD WUDLFLRQD HO VHX HVSHULW HVVHQFLDO /D IURQWHUD HQWUH HO
UHSRUWDWJHOLWHUDULLO¶DVVDLJSROtWLFHQWUHODQRYHOÂODWHVWLPRQLDOLHOWHVWLPRQLQRYHOÂODWHQWUHODOLWHUDWXUD
GRFXPHQWDO L HO SURSL GRFXPHQW FRP D JqQHUH HQWUH OD ILFFLy DXWRELRJUjILFD L OD QR PHQ\V ILFFLRQDO
ELRJUDILDHQWUHODQDUUDFLyLGHRORJLW]DGDLHOSHULRGLVPHOLWHUDWXULW]DWHQWUHO¶HVFULSWXUDGHGHQ~QFLDDPE
YRFDFLy G¶DFWXDOLWDW L O¶HVWXGL DPE GHQXQFLDGRUD SHUVSHFWLYD KLVWzULFD HQWUH FUHDFLy FRPSURPHVD L
GLYXOJDFLy QDUUDGD HQWUH O¶DPHQD GHVFULSFLy YLDWJHUD L OD SROLWLW]DGD FUzQLFD GH YLDWJHV HQWUH SURVD GH
WHPD VRFLDOLGRFWULQDVRFLDOLVWDHQWUHHQGHILQLWLYD±LSHUGLUKRG¶XQD YHJDGD±OLWHUDWXUDL SROtWLFDpV
XQDIURQWHUDTXHHQHOVFDWjOHJVG¶DYDQoDGDVH¶QVPRVWUDSHUPDQHQWPHQWGLIXVDLSHUPHDEOH6LO¶HPSUHP
DTXtLVHPSUHSRVDQWODHQWUHSDUqQWHVLVpVSHUTXqHQVUHVXOWDGHFHUWDXWLOLWDWHVWDGtVWLFD
$JUDQVWUHWVSRGHPGLUTXHO¶HPSDWHVSURGXHL[JUjFLHVDDOJXQHVFROÂOHFFLRQVGHGLYXOJDFLy
PqGLFDLVH[XDOGRPLQDGHVSHUDXWRUVDXWzFWRQVDL[zYROGLUTXHHOOOLEUHSROtWLFWRWLTXHPROWFRQUHDW
WDPEpHQFDVWHOOjHVWjGRPLQDWSHUDXWRUVGHOOHQJXDIRUDQD
'H IHW pV XQ SHUFHQWDWJH TXH VHPEOD LQVFULXUH¶V HQ OD WHQGqQFLD TXH PRVWUDYD HQ JHQHUDO HO
YROXPGHWUDGXFFLRQVOLWHUjULHVGLQVGHODSURGXFFLyHGLWRULDOHVSDQ\RODGHOVDQ\VY/XLV)HUQiQGH]
&LIXHQWHV7HRUtD\PHUFDGRGHODQRYHODHQ(VSDxD'HODOD5HS~EOLFD0DGULG*UHGRV
'H WRWHV PDQHUHV HVWj HQFDUD SHU IHU ±ILQV RQ QRVDOWUHV VDEHP± XQ HVWXGL TXH HVWDEOHL[L XQD EDVH
HPStULFDILDEOHTXHSHUPHWpVYDORUDUO¶HYROXFLySHUFHQWXDOGHOVHJPHQWGHODWUDGXFWRJUDILDHQHOPHUFDW
OLWHUDULKLVSjQLFFRQWHPSRUDQL
FRQWHPSRUjQLDSHUzHQVSUHJXQWHPVLQRKDXULD GHVHUKRWDPEpHQODKLVWzULDGHOD
WUDGXFFLy
(O OOLEUH G¶DYDQoDGD O¶q[LW GHO TXDO GXUDQW XQV TXDQWV DQ\V YD VRUSUHQGUH HOV
VHXVSURSLVSURPRWRUVVRFLROzJLFDPHQWUHIOHFWHL[XQGHVLJFROÂOHFWLXGHPLUDUHQIRUDGH
WUHQFDU LQqUFLHV SROLWLFRFXOWXUDOV D WUDYpV GH OHV ILQHVWUHV GH OD OHFWXUD GH EXVFDU D
O¶H[WHULRU PRGHOV YjOLGV HQ WDQW TXH DOWHUQDWLYHV D O¶DWPRVIHUD LQWHULRU (Q XQ SDtV
HQFDUDPDMRULWjULDPHQWDQDOIDEHWPpVHQGDYDQWHQGRQDUHP[LIUHVODFXULRVLWDWOHFWRUD
G¶XQD FODVVH PLWMDQD SURWRUHSXEOLFDQD ±SROtWLFDPHQW L FXOWXUDO PpV YLQFXODGD D OHV
FODVVHVLQIHULRUVTXHDODEXUJHVLDFRQVHUYDGRUD±V¶RULHQWDFDSDOHVWUDGXFFLRQVG¶REUHV
FRHWjQLHV PpV TXH FDS D OD SURGXFFLy OLWHUjULD ORFDO /¶LQWHUHVVHQ VREUHWRW HOV DXWRUV
HVWUDQJHUVTXHOLVLJXLQ FRQWHPSRUDQLV PRVWUD HQ DL[z WDPEpXQD DPELFLy GH SUHVHQW
GHVWLQDGDD JXDQ\DU HOIXWXULSRF LQWHUqV SHU OHV REUHV G¶XQ SDVVDW TXH VHPSUH DFDED
VHQW XQ GHVWRUE /D SURGXFFLy HGLWRULDO G¶DYDQoDGD WUDGXwGD R QR HVWj DERFDGD D
O¶DFWXDOLWDWLJQRUDHOVFOjVVLFVTHVWLRQDLPSOtFLWDPHQWHOVFDQRQLW]DWVLV¶DUWLFXODILQVL
WRW FRP D FRQWUDFjQRQ (O PRPHQW KLVSjQLF GH HV YLX DSDVVLRQDGDPHQW L HOV
DJHQWV FXOWXUDOV PpV DFWLXV HQ O¶~OWLP TXH SHQVHQ pV HQ HOV YDORUV VHJXUV GH FDS
FODVVLFLWDW7UDGXFFLyLFRQWHPSRUDQHwWDWHQHOIHQRPHQFXOWXUDOGHDYDQ]DGDVyQGRV
HOHPHQWVFRQVWLWXHQWVTXHVH¶QVPRVWUHQHVWUHWDPHQWXQLWVHQXQDPDWHL[DLGHDJOREDOGH
UHQRYDFLyOLWHUjULDOHFWRUDHGLWRUDLGHROzJLFDFXOWXUDOLHQGHILQLWLYDVRFLRSROtWLFD
/DUHFHUFDGHOVRUtJHQVGH ODFRQVWHOÂODFLyHGLWRULDOG¶DYDQoDGDHQVSRUWD±FRP
pV EHQ VDEXW± FDS DO JUXS HGLWRU GH 3RVW*XHUUD XQD PRGHVWD UHYLVWD LQGHSHQGHQW
G¶HVTXHUUHVTXHKDYLDDFRQVHJXLWWUHXUHQ~PHURVHQWUHMXQ\GHLVHWHPEUHGH
HQO¶LPPRELOLVWD0DGULGGH3ULPRGH5LYHUD$OJXQVGHOVSULQFLSDOVSURPRWRUVL
FROÂODERUDGRUVGH3RVW*XHUUDHQHIHFWHVHUDQHOVIXQGDGRUVGHOPRYLPHQWHGLWRULDOL
WLQGUDQ XQ SDSHU SURWDJRQLVWD HQ HO VHX GHVHQYROXSDPHQW WRW DVVXPLQWKL IXQFLRQV
G¶HGLWRU GH GLUHFWRU OLWHUDUL GH JHUHQW G¶DJHQW OLWHUDUL LQWHUQDFLRQDO HWF /D PDMRULD
WDPEpKLSXEOLFDUjREUHVSUzSLHVDVVDLJQDUUDWLYDRWHDWUHLDOJXQDWUDGXFFLy3HUzQR
pV QRPpVDL[zHOTXHFRQYHUWHL[DTXHVWDUHYLVWDHQXQDSHoDFODXGHO QRVWUH HVWXGL 6L
KHPFRQYHUWLW3RVW*XHUUDHQXQDGHOHVIRQWVSULQFLSDOVGHOSUHVHQWWUHEDOOLHQODTXH
GH IHW HO YHUWHEUD L HO WLWXOD pV SHUTXq D OHV VHYHV SODQHV KL WUREDUHP OD IRQDPHQWDFLy
HVWqWLFD L LGHROzJLFD GHO IHQRPHQ UHFHSWRU TXH HQV LQWHUHVVD &RP YHXUHP OD LQWHQVD
UHFHSFLy VRYLqWLFRZHLPDULDQD R VLJXL G¶DXWRUV HVWUDQJHUV FRQVLGHUDWV G¶DYDQoDGD
DSDUHL[FODUDPHQWSUHILJXUDGDLMXVWLILFDGDHQHOVFRQWLQJXWVG¶DTXHOODJDVHWD
7RWLTXHWDPEpDPE FHUWVDERU REUHULVWD PDQLIHVW SHU H[HPSOH HQ HO IHW TXH
VHJXHL[LODWUDGLFLyGHFHOHEUDUHOUGHPDLJDPEXQQ~PHURH[WUD3RVW*XHUUDpVXQD
UHYLVWD IHWD GHV G¶XQD SHUVSHFWLYD LQWHOÂOHFWXDOUHYROXFLRQjULD GH FODVVH PLWMDQD
6HQWLPHQWDOPHQW ERO[HYLF SHUz DO PDWHL[ WHPSV DOLHQD D OD ,,, ,QWHUQDFLRQDO pV
Y -HV~V $ 0DUWtQH] 0DUWtQ GLU +LVWRULD GH OD HGLFLyQ HQ (VSDxD 0DGULG
0DUFLDO3RQV+LVWRULD
&UHLHP HQ DTXHVW VHQWLW TXH HV WHQGHL[ D QR DWRUJDU D O¶HQRUPH FDEDO WUDGXFWRJUjILF TXH
VXSRVHQ OHV WUDGXFFLRQV G¶DYDQoDGD ±FDEDO LGHROzJLFDPHQW GHWHUPLQDW L TXLQ QR KR HVWj" SHUz DOKRUD
SURX GLYHUV L HQ WRW FDV HQ DEVROXW PRQROtWLF± OD LPSRUWjQFLD L HO OORF SURSL TXH PHUHL[ SHU OD VHYD
VLJQLILFDQoD FXOWXUDO HQ GLYHUVRV VHQWLWV Y O¶DOWUDPHQW PROW LQWHUHVVDQW L GRFXPHQWDGD REUD FROÂOHFWLYD
)UDQFLVFR /DIDUJD /XLV 3HJHQDXWH HGV +LVWRULD GH OD 7UDGXFFLyQ HQ (VSDxD 6DODPDQFD $PERV
0XQGRV
(VWDQVHUYLGHVOHVDQDORJLHVSHUDTXLOHVYXOJXLH[SORUDUHQWUHODVRFLRORJLDOHFWRUDG¶DTXHOOHV
DJRQLHV GHO UqJLP ROLJjUTXLFRPRQjUTXLF L GqFDGHV PpV WDUG OD TXH HV PDQLIHVWDUj GXUDQW O¶HWDSD
WHUPLQDOGHOIUDQTXLVPHLHOVSULPHUVDQ\VGHODWUDQVLFLy
3HO TXH ID DOV H[HPSODUV GH 3RVW*XHUUD KHP SRJXW FRQVXOWDU HOV H[LVWHQWV D O¶$WHQHX
%DUFHORQqV OD 8QLYHUVLWDW GH %DUFHORQD %LEOLRWHFD GHO 3DYHOOy GH OD 5HS~EOLFD OD 8QLYHUVLGDG GH
2YLHGRLOD%LEOLRWHFD1DFLRQDOGH0DGULG
O¶H[SUHVVLy XWRSLVWD G¶XQ JUXS G¶LQWHOÂOHFWXDOV LPSXUV GLVSRVDWV D DVVXPLU XQ FHUW
GHVFODVVDPHQW/¶(VSDQ\DGHILQDOVGHOVDQ\VPRVWUDPDUFDGHVGLIHUqQFLHVHQWUHSHU
XQFRVWDWXQLQTXLHWPyQXUEjLSHUO¶DOWUHXQPyQUXUDOTXHVHPEODLQDPRYLEOHSHUz
TXHHVWjDSXQWGHGHL[DUGHVHUO¶HOHPHQWGHILQLGRUHQO¶DUWLFXODFLySROtWLFDGHO¶(VWDW(O
SDUODPHQWDULVPHILFWLFLGHOD5HVWDXUDFLyRUJDQLW]DWEjVLFDPHQWDSDUWLUGHOFDFLTXLVPH
UXUDOLVWDHQFRPHQoDUHOVHJOH;;KDYLDDQDWHQWUDQWPpVLPpVHQFULVLDPHVXUDTXHHO
GHVHQYROXSDPHQW LQGXVWULDO HFRQzPLF L GHPRJUjILF GHPDQDYD O¶DGRSFLy G¶DOJXQ WLSXV
GH SUjFWLFD GHPRFUjWLFD UHDO HQ O¶H[HUFLFL GHO SRGHU (O VLVWHPD UHEHQWD SHU WRWV HOV
VHXVGHVFRVLWVDPEOHVFULVLVGHLVLQRV¶HQVRUUDGHOWRWDTXHOOHQWUDPDWHQTXqMD
QLQJ~FUHLDpVSHUODPDQFDG¶XQDEXUJHVLDSURXIRUWDFRPSHUSURWDJRQLW]DUXQFDQYL
SROtWLF/DEXUJHVLDSRWHQFLDOPHQWPRGHUQLW]DGRUDHVFRQFHQWUDVREUHWRWD&DWDOXQ\DLHO
3DtV%DVFSHUzHQDTXHVWVOORFVMDIDWHPSVTXHWHQGHL[DYHXUHPpVSRVVLELOLWDWVG¶q[LW
HQODFRQVWUXFFLyG¶XQHVSDLGHSRGHUSURSLQDFLRQDOTXHHQLQWHQWDUUHIRUPDUXQSRGHU
HVSDQ\ROKLVWzULFDPHQWUHIUDFWDULDOHVPRGHUQLW]DFLRQV+RVWLOLW]DGDDO¶DOWUDEDQGDSHU
XQ PRYLPHQW REUHU UDGLFDOLW]DW OD EXUJHVLD FDWDODQD HO VHWHPEUH GH DSODXGLUj HO
FXDUWHOD]R GH 3ULPR GHV GH %DUFHORQD TXH SRVDYD IL D JDLUHEp PLJ VHJOH GH
IXQFLRQDPHQWSROtWLFFRQVWLWXFLRQDOVHQVHSURQXQFLDPHQWVPLOLWDUV(OGLFWDGRUGH-HUH]
VHPEODYD TXH YHQLD D GHVPDQWHOODU HO JXLQ\RO GH OD YLHMD SROtWLFD L D SUHSDUDU QRXV
FDPLQVSROLWLFRFRQVWLWXFLRQDOLVWHVHQSULQFLSLHOVHXPDQGDWKDYLDGHGXUDUQRPpV
GLHV SHUz HQ UHDOLWDW OD VHYD IXQFLy KLVWzULFD HUD OD GH UHWDUGDU XQD UHYROXFLy
GHPRFUjWLFDTXHQRDFDEDULDHVFODWDQWILQVHO$O¶KRUDGHVROXFLRQDUHOSUREOHPD
FDWDOj±SXQWSULQFLSDOGHOVHXSURJUDPD±ODSLQWRUHVFDFLUXUJLDIqUULDUHJHQHUDFLRQLVWD
GH3ULPRV¶DSOLFDUjVDORPzQLFDPHQWDSHUVHJXLUOHVRUJDQLW]DFLRQVGHOSUROHWDULDW&17
LDGHVPXQWDUOHVLQVWLWXFLRQVGHODEXUJHVLD0DQFRPXQLWDW
$OV XOOV GHOV IXQGDGRUV GH OD QRVWUD UHYLVWD HO 0DGULG TXH YHX QpL[HU 3RVW
*XHUUD HVWj HQ WHUPHV SROtWLFV FRPSOHWDPHQW HVWDQFDW $OIRQV ;,,, D TXL DSXQWDYHQ
GLUHFWDPHQW OHV UHVSRQVDELOLWDWV GHO GHVDVWUH G¶$QQXDO KDYLD YLVW PHQ\V SHULOO
SHU D OD &RURQD HQ XQD DYHQWXUD GLFWDWRULDO TXH HQ DOJXQD GH YHU GHPRFUDWLVPH /D
'LFWDGXUD GH 3ULPR QR pV XQ UqJLP VRVWLQJXW SHU OHV PDVVHV pV XQD YDULDQW QR
SDUODPHQWjULDGHO¶(VWDWPRQjUTXLFLOD0RQDUTXLDG¶$OIRQV;,,,pVHQFDUDO¶H[SUHVVLy
SROtWLFD G¶XQ SRGHU ROLJjUTXLF HQFDSoDODW SHU XQD DULVWRFUjFLD GH OOLQDWJH TXH KD DQDW
DVVLPLODQWWDPEpIRUFHVSURYLQHQWVGHO¶DOWDEXUJHVLD/DPDMRULDGHOVSRVWJXHUULDQVQR
VyQ SUzSLDPHQW GH 0DGULG SURYHQHQ GHO VXG GHO QRUG R GHO OOHYDQW GH OD 3HQtQVXOD
SHUzFRQIOXHL[HQHQODFDSLWDOGHO5HJQHHQDTXHOOWUDGLFLRQDOFHQWUHGHSRGHUSROtWLFRQ
OHV P~OWLSOHV WHUW~OLHV GH FDIq HUHQ ±G¶XQD PDQHUD DWRPLW]DGD± O¶~QLF SDUODPHQW
YHUGDGHUDPHQWDFWLXLLQVWLWXFLRQDOLW]DW
4XL VyQ JHQHUDFLRQDOPHQW HOV SRVWJXHUULDQV" (OOV PDWHL[RV TXDQ DUULEL HO
FDQYLGHGqFDGDHVWLWXODUDQ³JHQHUDFLyGH´PpVHQGDYDQWKRYHXUHP$JUDQV
WUHWV SRGHP GLU TXH VyQ QDVFXWV DO YROWDQW GH $PE OD IDPRVD JHQHUDFLy
8QD VtQWHVL PDJLVWUDO GH O¶HYROXFLy VRFLRSROtWLFD GH O¶(VWDW PRQjUTXLF HQ OHV WUHV SULPHUHV
GqFDGHV GHO VHJOH ;; D 6DQWRV -XOLi 8Q VLJOR GH (VSDxD 3ROtWLFD \ VRFLHGDG 0DGULG %DUFHORQD
0DUFLDO3RQV+LVWRULD
$OOODUJGHOSUHVHQWWUHEDOOLGHL[DQWGHEDQGDGLVFXVVLRQVFUtWLTXHVTXHSXJXLQTHVWLRQDUHO
FRQFHSWH GH JHQHUDFLy SROLWLFROLWHUjULD R OD VHYD DSURSLDGD DSOLFDFLy HQ XQ FDV GHWHUPLQDW QRVDOWUHV
O¶DFFHSWHP L O¶XWLOLW]HP SHUTXq ±D PpV GH WHQLU XQD HQRUPH L FDUDFWHUtVWLFD WUDGLFLy FUtWLFD HQ O¶jPELW
KLVSjQLF±VRFLROzJLFDPHQWHQVUHVXOWDXQDHLQD~WLOLFODULILFDGRUD
/D JHQHUDFLy SROLWLFROLWHUjULDGHpVFRPSOHPHQWjULD GHODJHQHUDFLy SRqWLFDGHOHOV
PHPEUHVGHODTXDOGHIHWHOVGHDYDQ]DGDVROGUDQDWDFDUHQGHPDQGDGHPpVFRPSURPtVSROtWLFLPHQ\V
SXUHVD 7RWHV GXHV FRQIRUPHQ HO TXH )HUQiQGH] &LIXHQWHV RS FLW DQRPHQD OD ³WHUFHUD JHQHUDFLyQ´
GHVSUpVGHOHVGHOLGHOGHOTXHHVFRQHL[FRPO¶(GDWGH3ODWDGHODFXOWXUDKLVSjQLFD
LQWHOÂOHFWXDO TXH GXX HO QRP GH O¶DQ\ HQ TXq (VSDQ\D SHUG HOV VHXV ~OWLPV YHVWLJLV
LPSHULDOVHOVSRVWJXHUULDQVQRVHVHQWHQHQJHQHUDOJDLUHYLQFXODWV1RHVGHGLTXHQD
DWDFDUODSHUzWDPSRFVH¶QGHFODUHQKHUHXV/DFRQVLGHUHQXQDJHQHUDFLyHORTHQWSHUz
SROtWLFDPHQWHVWqULOLHQDOJXQV FDVRVILQVLWRWUHDFFLRQjULDFDVG¶$]RUtQGXUDQWXQD
qSRFD L VREUHWRW GH 0DH]WX D TXL Vt DWDTXHQ GH IHUP 0pV FRQIOLFWLYD VHUj OD VHYD
UHODFLy DPE OD JHQHUDFLy GH FDSLWDQHMDGD SHU 2UWHJD \ *DVVHW L TXH SUHQ FRP D
HSzQLPO¶DQ\HQTXqDTXHVWDLQWHOÂOHFWXDOLWDWLQWHQWDPRGLILFDUDPEHOGqELOLQVWUXPHQW
GHOD/LJDGH(GXFDFLyQ3ROtWLFDLXQDSURSDPHQWDOUHIRUPLVPHGH0HOTXtDGHVÈOYDUH]
OD LQVRVWHQLEOH ±SHUz VRVWLQJXGD± LQHILFjFLD GH OD UHDOLWDW SROtWLFD HVSDQ\ROD /D
LQIOXqQFLD LQWHOÂOHFWXDO G¶2UWHJD VREUH HOV SRVWJXHUULDQV VHUj HQRUPH SHUz
LGHROzJLFDPHQW V¶KL JLUDUDQ HQ FRQWUD /L UHWUDXUDQ TXH GHVSUpV G¶DTXHOOD WHPSWDWLYD
G¶LPSOLFDFLy SROtWLFD SHU SDUW GHO PpV JHQXt SURYHwGRU GH SHQVDPHQW D OD PLQRULWjULD
EXUJHVLD LOÂOXVWUDGD L OLEHUDO HOV IHWV UHYROXFLRQDULV GH ±WDQW D 5~VVLD FRP D OD
SUzSLD(VSDQ\D±O¶KDJXHVVLQUHIUHGDWO¶KDJXHVVLQVLWXDWPpVLPpVHQODGLVWjQFLDG¶XQ
HVSHFWDGRU L DO FDSGDYDOO O¶KDJXHVVLQ IHW DFFHSWDU SDVVLYDPHQW OD UHJUHVVLYD 'LFWDGXUD
SULPRULYHULVWD
(QOHVSULPHUHVGqFDGHVGHOVHJOH;;ODLQWHOÂOHFWXDOLWDWKLVSjQLFDYDYLXUHXQD
qSRFD HQ TXq OD VHYD ODERU WHQLD jPSOLD UHSHUFXVVLy VRFLDO ,PSOtFLWDPHQW HOV SRVW
JXHUULDQV KHUHWHQ GH OHV GXHV JHQHUDFLRQV DQWHULRUV OD FRQVFLqQFLD G¶DTXHVWD SURMHFFLy
VRFLRSROtWLFD GH O¶LQWHOÂOHFWXDO L HOOV OD UDGLFDOLW]HQ DPE O¶H[LJqQFLD G¶XQ FRPSURPtV
WHUPHTXHDOHVKRUHVGHIHWQRV¶XVDYDSROLWLFRLGHROzJLF(OVGH3RVW*XHUUDVyQHQOD
VHJRQDPHLWDWGHOVDQ\VHOVDYDQoDWVG¶XQDSROLWLW]DFLyGHOVPHGLVLQWHOÂOHFWXDOV±VL
QRG¶XQDDXWqQWLFDLQWHOÂOHFWXDOLW]DFLyGHOVPHGLVSROtWLFV±TXHHVGHYLQGUjFDUDFWHUtVWLFD
D SDUWLU GH /D SULQFLSDO H[SHULqQFLD JHQHUDFLRQDO HQ OD IRUPDFLy GH OD VHYD
LGHRORJLD pV SUHFLVDPHQW 8QD GqFDGD PpV WDUG HOOV UHSUHVHQWHQ XQD HVTXHUUD
LQWHOÂOHFWXDOSRVWOHQLQLVWDVDEHQTXHODOOXLWDLGHROzJLFDQRpVQRPpVUHWzULFDLTXHSRW
VHUYLUSHURFXSDUHOSRGHUSHUzHQFDUDSUHHVWDOLQLVWDFRQVHUYHQXQDYLVLySURIXQGDPHQW
PRUDO GH OD UHYROXFLy GHO PyQ GH OD LQMXVWtFLD VRFLDO /D VHYD SRVWHULRU HYROXFLy
SROtWLFDSRGUjLQFORXUHSXQWXDOVHSLVRGLVGHPLOLWjQFLDFRPXQLVWDSHUzIRQDPHQWDOPHQW
HVWDUj GHILQLGD SHO UHSXEOLFDQLVPH UDGLFDO L SHU O¶KHWHURGz[LD WURWVNLVWD /¶DOWUD
H[SHULqQFLD JHQHUDFLRQDO GHFLVLYD ±DTXHVWD ILQV L WRW PpV YLWDO TXH LGHROzJLFD± pV OD
*XHUUD GHO 0DUURF HQ OD TXDO DOJXQV KDXUDQ GH SUHVWDU VHUYHL $QQXDO VHUj JDLUHEp HO
VHX SURSL QRUDQWDYXLW L HOV HIHFWHV GHO QHRLPSHULDOLVPH DIULFDQLVWD GH SRWqQFLD
VXEDOWHUQDHQTXqO¶(VWDWPRQjUTXLFV¶KDYLDHPEDUFDWHOVFRQYHQFHUjGHODQHFHVVLWDWGH
FRPEDWUH¶O /¶DUULEDGD GH 3ULPR DIHJHL[ ±VHPSUH D XOOV VHXV± QHJURU D OD IRVFRU L
HVSHUSHQW DO ULGtFXO L VLWXD DTXHOOV MRYHV TXH SHU HGXFDFLy L HQWRUQ VRFLDO SRGLHQ HQ
DOJXQVFDVRVKDYHUDVSLUDWDOORFVGHFHUWSULYLOHJLHQHOEjQGROGHOVLQDGDSWDWV
(OVSURWDJRQLVWHVSULQFLSDOVGH 3RVW*XHUUDVyQ ±SHUDQRVDOWUHV±VHWLWRWHOOV
DQLUDQDSDUHL[HQWSHUOHVSODQHVG¶DTXHVWWUHEDOO(VWUDFWDGH5DIDHO*LPpQH]6LOHVTXH
DUULEDUjDVHUXQLPSRUWDQWHGLWRUGHDYDQ]DGDGHOD5HS~EOLFDLGHO¶H[LOLPH[LFjGH
-RVp $QWRQLR %DOERQWtQ DGYRFDW OLWHUDW L SROtWLF H[HPSOH GH GHVFODVVDPHQW L
G¶LQWHOÂOHFWXDODQWLHOLWLVWDGHO¶HVFULSWRU-RDTXtQ$UGHUtXVHOPpVSURYHFWHGHODFROODWRW
LTXHVHPSUHGLVSRVDWDUDGLFDOLW]DUODVHYDHYROXFLyHVWqWLFRLGHROzJLFDGHOSHULRGLVWDL
HGLWRU -RVp 9HQHJDV SROtWLFDPHQW ILORVRFLDOLVWD L SHU WDQW HO PpV PRGHUDW GH WRWV GH
(Q HO VHX FOjVVLF HVWXGL L SHO TXH ID DO SDUDGLJPjWLF H[HPSOH G¶2UWHJD 7XxyQ GH /DUD KR
UHVXPLDGLHQWTXH³GXUDQWHPiVGHGLH]DxRV2UWHJDUHXQLyGHVGHODFiWHGUD\ODOLEUHGLVSRVLFLyQGHXQ
GLDULRGHODPHMRUUHYLVWDLQWHOHFWXDO\GHXQDFDVDGHHGLFLRQHVHOPiVIRUPLGDEOHSRGHUIiFWLFRTXHXQ
LQWHOHFWXDOKD\DMDPiVFRQFHQWUDGRHQ(VSDxD´0DQXHO7XxyQGH/DUD0HGLRVLJORGHFXOWXUDHVSDxROD
DHG0DGULG7HFQRV
-XDQ$QGUDGHDFWLYLVWDSROtWLFLWDPEpHGLWRUSRVWHULRUPHQWGHVWDFDWGLULJHQWWURWVNLVWD
GH -XOLiQ *yPH] *RUNLQ PRGHO G¶LQWHOÂOHFWXDO UHYROXFLRQDUL TXH FROÂODERUD D OD
UHYLVWD GHV GH OD VHYD FODQGHVWLQLWDW SDULVHQFD L GH -RVp 'tD] )HUQiQGH] HO PLOORU
DVVDJLVWDGHDYDQ]DGDLO¶HVFULSWRUPpVUHSUHVHQWDWLXGHODJHQHUDFLySROLWLFROLWHUjULDGH
'HWRWVHOOVH[LVWHL[SRFDRPROWDELEOLRJUDILDLODPDMRULDHQVYDQGHL[DUYDOXRVRV
WHVWLPRQLV DXWRELRJUjILFV (Q HO PDUF GHO QRVWUH WUHEDOO DTXHVWV WHVWLPRQLV WLQGUDQ
WDPEp UDQJ GH IRQW SULPjULD 1R HV WUDFWD ±XQ FRS PpV± TXH HOV YXOJXHP DWULEXLU
SULYLOHJLV G¶XQD LQH[LVWHQW YHULWDW KLVWzULFD REMHFWLYD VLQy TXH QRVDOWUHV DTXt HVWHP
GLVSRVDWVDFRQVWUXLUODQRVWUDQDUUDFLyDSDUWLUGHODYHULWDWVXEMHFWLYDSHUVRQDOPRUDO
OLWHUjULDTXHDTXHOOHVIRQWVHQVUHYHOHQLQVLVWLPHQODOHFWXUDTXHQRVDOWUHVHQIHP(Q
HOIRQVQRQLKDQRKLSRWKDYHU±DOPHQ\VHQHOFDPSGHOHVKXPDQLWDWV±DOWUDYHULWDW
TXHODSRqWLFD
$L[t GRQFV DPE OD UHYLVWD 3RVW*XHUUD FRP D IRQW EjVLFD DPE O¶H[WHQVD
SURGXFFLy HGLWRULDO G¶DYDQoDGD FRP D KRULW]y L DFRPSDQ\DWV GH OHV PHPzULHV GHOV
SURWDJRQLVWHV GH O¶XQD L GH O¶DOWUD HQV HQGLQVHP HQ O¶DWPRVIHUD GHO 0DGULG GH GLVSRVDWVDEXVFDUOHVFODXVTXHHQVH[SOLTXLQODLQVzOLWDLFRPSDFWD±LILQVDFHUWSXQW
REOLGDGD± UHFHSFLy G¶DXWRUV HQ OOHQJXD DOHPDQ\D TXH YROHP HQWHQGUH /D QRVWUD
JDVHWDTXHWRWLOHVVHYHVPLJUDGHVIRUFHVPDLYDHVWDUPDQFDGDG¶HVSHULWSROHPLW]DGRU
HQWUDUj HQ GLjOHJ FUtWLF DPE HOV SULQFLSDOV PLWMDQV FXOWXUDOV GHO VHX HQWRUQ $L[z HQV
FRQGXLUj D FRQWUDVWDUOD HQ SULPHU OORF DPE 5HYLVWD GH 2FFLGHQWH (Q DTXHOOD qSRFD
2UWHJD LQWHQWDYD YHUWHEUDU (VSDQ\D DPE O¶HVWUDWqJLD GH JHUPDQLW]DU WDQW FRP IRV
SRVVLEOH OHV VHYHV HOLWV FLHQWtILFRLQWHOÂOHFWXDOV -D DEDQV G¶2UWHJD HYLGHQWPHQW OD
JHUPDQRItOLDHGXFDWLYDKDYLDHVWDWXQGHOVFRPSRQHQWVSULQFLSDOVGHODIHLQVWLWXFLRQLVWD
HQ O¶HGXFDFLy GH PLQRULHV FRP D HLQD EjVLFD SHU WUHXUH O¶(VWDW HVSDQ\RO GH OD VHYD
SURVWUDFLyVHFXODU&RQMXJDGDDPEHOVHIHFWHVG¶XQDGHFLVLYDSROtWLFDGHEHFDULVSHUSDUW
GH OD -XQWD SDUD $PSOLDFLyQ GH (VWXGLRV HQ HOV PLWMDQV LQVSLUDWV SHU 2UWHJD YHLHP
FXOPLQDU XQD WHQGqQFLD ILORJHUPjQLFD PROW FDUDFWHUtVWLFD GH OD FXOWXUD DFDGqPLFD
7RWLTXHHOQRVWUHIHQRPHQUHFHSWRULQFORXOHVSULPHUHVHGLFLRQVHQFDVWHOOjHQSOXUDORVLJXL
PpV G¶XQ WtWRO GH FDGD DXWRU G¶HVFULSWRUV FRP /LRQ )HXFKWZDQJHU +HUPDQQ +HVVH +HUPDQQ .HVWHQ
-RVHSK5RWK(UQVW7ROOHUR6WHIDQ=ZHLJWRWLTXHYDUHOODQoDUHQHOPHUFDWKLVSjQLFLWDPEpDPEPpV
G¶XQ WtWRO DXWRUV FRP /HRQKDUG )UDQN R +HLQULFK 0DQQ WRW L TXH YD LQFORXUH REUHV ±HQWUH G¶DOWUHV±
G¶2WWR )ODNH 2VFDU 0DULD *UDI (ULFK .lVWQHU +HUPDQQ .HVVHU .ODEXQG (UZLQ 3LVFDWRU $QQD
6HJKHUV % 7UDYHQ R -DNRE :DVVHUPDQQ WRW L TXH YD FDSLWDOLW]DU OD ERQD DFROOLGD D (VSDQ\D GHO
.ULHJVURPDQZHLPDULjHQODVHYDYHVVDQWQRUHDFFLRQjULDDPEREUHVG¶(UQVW*ODHVHU(UQVW-RKDQQVHQ
7KHRGRU 3OLYLHU TXH QR VLJQDUj 3OLHYLHU ILQV GHVSUpV GHO (ULFK 0DULD 5HPDUTXH /XGZLJ 5HQQ R
$UQROG =ZHLJ WRW L TXH HQ IL ±L VHQVH YROHU DUD VHU H[KDXVWLXV± YD LQFORXUH PRVWUHV GH
5HSRUWDJHOLWHUDWXUPpVRPHQ\VILFFLRQDOVHJRQVHOFDVDFjUUHFGH0RKDPPHG(VVDG%H\*HRUJ)LQN
$UWKXU+ROLWVFKHU(JRQ(UZLQ.LVFK0DULD/HLWQHUR)UDQ]&DUO:HLVNRSIWRWLDL[z±TXHHQFRQMXQW
SRGULD VHPEODU XQ FDStWRO LQGHIXJLEOH GH OHV UHODFLRQV OLWHUjULHV KLVSDQRJHUPjQLTXHV± OD WHQGqQFLD KD
HVWDW VHPSUH D LJQRUDU DTXHVW HSLVRGL G¶KLVWzULD FXOWXUDO (Q HO VHX UHIHUHQFLDO HVWXGL GH FRQMXQW
+RIIPHLVWHU QR HQ YD IHU HVPHQW *HUKDUW +RIIPHLVWHU 6SDQLHQ XQG 'HXWVFKODQG *HVFKLFKWH XQG
'RNXPHQWDWLRQ GHU OLWHUDULVFKHQ %H]LHKXQJHQ %HUOLQ (ULFK 6FKPLGW 7UDG FDVW (VSDxD \
$OHPDQLD +LVWRULD \ GRFXPHQWDFLyQ GH VXV UHODFLRQHV OLWHUDULDV YHUVLy HVS G¶,VLGUR *yPH] 5RPHUR
0DGULG*UHGRV
1R KHP IHW DTXt XQD DQjOLVL H[KDXVWLYD ±TXH HVWDYD IRUD GH OORF HQ O¶HVWUXFWXUD GHO QRVWUH
WUHEDOO±GHODSULPHUDqSRFDGH5HYLVWDGH2FFLGHQWH&RQWUDVWDUHPHOVQ~PHURVLQDXJXUDOV
GH3RVW*XHUUDLGHODUHYLVWDG¶2UWHJDDO¶HIHFWHGHWUREDUOHVGLVFUHSjQFLHVEjVLTXHVTXHHQVLQWHUHVVHQ
7RWLTXHSXQWXDOPHQWWUHEDOODUHPWDPEpDPEDUWLFOHVGH5HYLVWDGH2FFLGHQWHRDPEOOLEUHVGHO¶HGLWRULDO
KRPzQLPDOHVGDGHVTXHQHFHVVLWHPSHUSRGHUFRPSDUDUWDQWOHVGXHVUHYLVWHVFRPOHVVHYHVSURMHFFLRQV
HGLWRULDOV SURYLQGUDQ HQ JHQHUDO GH SUHFHGHQWV HVWXGLV GHVFULSWLXV HVSHFLDOPHQW GHO FOjVVLF GH /ySH]
&DPSLOOR
HVSDQ\ROD GHOV D\V 7DQW 2UWHJD FRP OD ,QVWLWXFLyQ /LEUH GH (QVHxDQ]D KDYLHQ
OOXLWDW L OOXLWDYHQ FRQWUD O¶REW~V WUDGLFLRQDOLVPH DQWLHXURSHX HVSDQ\RO SHUz HUD XQD
EDWDOODTXHHVOOLXUDYDHQFHUFOHVUHVWULQJLWVGHSRGHUFLHQWtILFRFXOWXUDO2UWHJD±TXH
PDL YD HODERUDU XQ SHQVDPHQW SUzSLDPHQW DQWLGHPRFUjWLF VLQy PpV DYLDW
SUHGHPRFUjWLF± G¶DOJXQD PDQHUD WHQGLD D REOLGDU TXH SHU VRVWHQLU HO VHX SURMHFWH
SROLWLFRFXOWXUDO QR FRPSWDYD DPE XQD SRWHQW EXUJHVLD LOÂOXVWUDGD QL XQHV FODVVHV
PLWMDQHVLQVWUXwGHVTXHIRVVLQFRPSDUDEOHVDOHVTXHKDYLDYLVWD$OHPDQ\D,ODWRVVXGD
UHDOLWDWVRFLDOKLVSjQLFD VHPSUHDFDEDUjVXSHUDQWWDQWSHUODGUHWDFRPSHUO¶HVTXHUUD
OHVVHYHVFRQFHSFLRQVG¶XQDPHQDGHQDFLRQDOLVPHSDWULFLPRGHUQLW]DGRU(QO¶(VSDQ\D
GH OD VHJRQD PHLWDW GHOV DQ\V TXDQ OD JHQHUDFLy GHOV SRVWJXHUULDQV HV PDQLIHVWD
H[LVWHL[XQDXWqQWLFDELVPHHQWUHXQHVSURPRFLRQVXQLYHUVLWjULHVTXDOLWDWLYDPHQW±LILQV
LWRWTXDQWLWDWLYD±DSURSDQWVH DQLYHOOV HXURSHXV L XQHV PDVVHV DQDOIDEHWHV HQ DOJXQV
FDVRVVRWPHVHVDFRQGLFLRQVVRFLRFXOWXUDOVPHGLHYDOLW]DQWV$TXHVWpVHO.HUQSXQNWGH
ODIULFFLyHQWUHODJHQHUDFLyGHL2UWHJDPHQWUHHOSHQVDGRUFRQVLGHUDYDODPDVVD
XQIDFWRULQHUWHGHO¶HYROXFLyKLVWzULFDHOVGH3RVW*XHUUDODYRGUDQIHUSURWDJRQLVWD
$ OD UHFHUFD GH PRGHOV FXOWXUDOV H[WHQVLXV L VHPSUH DPE O¶REMHFWLX ILQDO GH
FRQWULEXLU D OD FUHDFLy HQ HO VRODU KLVSjQLF G¶DOJXQD GHPRFUjFLD SRSXODU DL[t YHLHQ
PROW PpV TXH FRP XQD GLFWDGXUD OD 5~VVLD FRHWjQLD OD JHQW GH DYDQ]DGD GHFODUD OD
JXHUUDDODOLWHUDWXUDIUDQFHVDLV¶HVIRUoDSHUGRQDUDFRQqL[HUDOWUHVKHPLVIHULVOLWHUDULV
/OXLWDUFRQWUDO¶DUUHODWSUHVWLJLGHOHVOOHWUHVJDOÂOHVHUDSHUDHOOVXQDIRUPDGHFRPEDWUH
ODVHOHFWDLQWHOÂOHFWXDOLWDWORFDOTXHHVFULYLDD5HYLVWDGH2FFLGHQWHHQODTXDOYHLHQOD
LQIOXqQFLD ±TXH FRQVLGHUDYHQ LGHROzJLFDPHQW L HVWqWLFD SHUQLFLRVD± GH /D 1RXYHOOH
5HYXH )UDQoDLVH /D OLWHUDWXUD VRYLqWLFD L GDUUHUH VHX OD ZHLPDULDQD VHUDQ OHV
SULQFLSDOV FRQWUDSURSRVWHV GH 3RVW*XHUUD L GHO PyQ HGLWRULDO G¶DYDQoDGD /D QRVWUD
JDVHWD LQWHQWD FDSJLUDU WRW XQ KRULW]y G¶H[SHFWDWLYHV SHU WDO GH SHUPHWUH O¶HQWUDGD D
WUDYpV GH OD WUDGXFFLy G¶XQ UHQRYDW SDQRUDPD G¶DXWRUV TXH DPE XQD HVWqWLFD OLWHUjULD
GHILQLGD WURELQ WDPEp OHFWRUV QRXV $L[t HQ HO WHUUHQ\ PpV SUzSLDPHQW GH OHV LGHHV
HVWqWLTXHV 3RVW*XHUUD HV YROGUj EDWUH FRQWUD /D GHVKXPDQL]DFLyQ GHO DUWH O¶DVVDLJ G¶2UWHJD TXH DOLPHQWDYD WRWD XQD MRYH JHQHUDFLy GH SURVLVWHV O¶DYDQWJXDUGD
GHVKXPDQLW]DGD L GH SRHWHV OODYRUV pV FODU HQFDUD QR DQRPHQDWV GHO TXH HOV
G¶DYDQoDGDYROGULHQWDPEpGHVEDQFDUGHODFHQWUDOLWDWGHOVLVWHPDOLWHUDUL3RVW*XHUUD
DSRVWD GHFLGLGDPHQW SHU OD VXSHUDFLy G¶XQD HVWqWLFD DYDQWJXDUGLVWD DSROtWLFD
HQJHQGUDGRUDGHOTXHFRQVLGHUDEjVLFDPHQWIULYROLWDWVPLQRULWDULVWHVGHQRLVTXHVyQGH
ERQDIDPtOLDRTXHKRLQWHQWHQVHU eV PpV OD LQWHOÂOHFWXDOLWDW G¶DYDQoDGD GHFODUDUj OD
JXHUUD D O¶DYDQWJXDUGLVPH ±HQ O¶jPELW LQWHUQDFLRQDO QR PHQ\V TXH HQ HO ORFDO± HQ OD
PHVXUDTXHKLGHWHFWLXQDGHULYDUHDFFLRQjULD$L[tDFXVDUDQODOLWHUDWXUDSXUDIUDQFHVD
GH[RYLQLVWDLQHRFDWzOLFDLHQODOLWHUDWXUDIHL[LVWDLWDOLDQDKLGHQXQFLDUDQHOGHVWtILQDO
GHOV LQWUDQVFHQGHQWV MRFV DYDQWJXDUGLVWHV /D FUtWLFD LGHROzJLFD SRVWJXHUULDQD D
O¶DYDQWJXDUGDV¶HPPDUFDFHUWDPHQWHQXQDPSOLFRQWH[WLQWHUQDFLRQDOTXHHVSRWVLWXDU
HQWUHODFUHDFLyHOGHOJUXS&ODUWpFRPDQGDWSHU%DUEXVVHIDVHOtULFRLGHDOLVWDL
6REUH DL[z Y DOJXQHV DSRUWDFLRQV D -DLPH GH 6DODV 'LHWULFK %ULHVHPHLVWHU HGV /DV
LQIOXHQFLDVGHODVFXOWXUDVDFDGpPLFDVDOHPDQD\HVSDxRODGHVGHKDVWD0DGULG)UDQNIXUW
DP0DLQ,EHURDPHULFDQD9HUYXHUW
8QD EDWDOOD TXH HQ HO WHUUHQ\ GH OD FLqQFLD JXDQ\DUj OzJLFDPHQW OD ,QVWLWXFLyQ /LEUH GH
(QVHxDQ]DHQO¶HVSHULWGHODTXDOGHVSUpVSDUWLFLSDUjWDPEpO¶DFFLyHGXFDWLYDGHOD5HS~EOLFDSHOTXHIDD
O¶HVIHUDXQLYHUVLWjULD1RPpVDPEXQDYLFWzULDHQHOWHUUHQ\PLOLWDUSRGUjSRVWHULRUPHQWO¶REVFXUDQWLVPH
WUDGLFLRQDOLVWDUHFXSHUDUSRVLFLRQV6REUHHOGHVPDQWHOODPHQWGHOVIUXLWVGHO¶LQVWLWXFLRQLVPHHQHOVDQ\V
GH OD *XHUUD &LYLO L OD SRVWJXHUUD Y /XLV (QULTXH 2WHUR &DUYDMDO GLU 0LUWD 1~xH] 'tD]%DODUW
*XWPDUR*yPH]%UDYR-RVp0DUtD/ySH]6iQFKH]5DIDHO6LPyQ$UFH/DGHVWUXFFLyQGHODFLHQFLD
HQ(VSDxD'HSXUDFLyQXQLYHUVLWDULDHQHOIUDQTXLVPR0DGULG(GLWRULDO&RPSOXWHQVH
MD HQ HOV DQ\V O¶([SUHVVLRQLVPXV'HEDWWH DOHPDQ\ DPE OHV VHYHV SRVWHULRUV
LPSOLFDFLRQV VREUH O¶DGRSFLy GHO UHDOLVPH VRFLDOLVWD IDVH SUjFWLFRULJRULVWD &RP
YHXUHP SHUz O¶RULJLQDOLWDW GH 3RVW*XHUUD L GH OD SURSRVWD HVWqWLFD GH DYDQ]DGD
HODERUDGD SULQFLSDOPHQW SHU 'tD] )HUQiQGH] FRQVLVWLUj D LQWHQWDU FRQFLOLDU DXGjFLD
IRUPDOLFRQYLFFLyLGHROzJLFD
3HU DOWUD EDQGD DFRQVHJXLU TXH XQ SURGXFWH FXOWXUDO SURYLQHQW G¶$OHPDQ\D
WLQJXpVDILQDOVGHOVDQ\VPROWERQDUHEXGDHQWUHXQDPSOLVHFWRULGHROzJLFRVRFLDO
G¶HVTXHUUHV QR HUD D SULRUL HPSUHVD GHO WRW IjFLO $TXHVW pV XQ PqULW GH OD JHQW GH
DYDQ]DGD TXH FRQYp VXEUDWOODU /D FRVD QR QRPpV HUD GLItFLO SHU OHV FRQQRWDFLRQV
VHOHFWLYHVHOLWLVWHVRUWHJXLDQHVGHVXSHULRUFXOWXUDDFDGqPLFDQRDSWDSHUDOHVPDVVHV
TXHWUDQVPHWLDHOPyQPHQWDOJHUPjQLFREVHUYDWGHVGHO¶(VSDQ\DSULPRULYHULVWD0pV
HQFDUDTXHDL[zSHVDYDHOTXHHQOHVGqFDGHVSUHFHGHQWVLHVSHFLDOPHQWGXUDQWHOVDQ\V
GH OD *UDQ *XHUUD OD JHPDQRItOLD SHQLQVXODU KDJXpV HVWDW PDMRULWjULDPHQW SDWULPRQL
GHOVVHFWRUVUHDFFLRQDULV3HUGHVJUjFLDQRWULJDULDJDLUHVDQ\VDWRUQDUKRDVHULDL[z
FRQYHUWHL[ HO SDUqQWHVL ±WDQ EUHX FRP LQWHQV± GH O¶LQWHUFDQYL ZHLPDULDQRG¶DYDQoDGD
SROtWLFDPHQW UHEXW GHV G¶XQ UHSXEOLFDQLVPH G¶HVTXHUUHV L HVWqWLFDPHQW GHVWLQDW D
UHKXPDQLW]DUHOVLVWHPDOLWHUDULG¶DUULEDGDHQXQHSLVRGLTXHDTXtSUHWHQHPGHVWDFDUSHO
FRPSRQHQWTXHHQGHILQLWLYDWDPEpWpGHVXEYHUVLyG¶XQGHWHUPLQDWLPDJLQDULFROÂOHFWLX
KLVSjQLF DPE UHODFLy D DOOz DOHPDQ\ $TXHVWD SHUVSHFWLYD OD GH TXLQD LPDWJH YD VHU
FDSDo GH SURMHFWDU OD FXOWXUD DOHPDQ\D VREUH OD KLVSjQLFD HQ HO FDPS L HO PRPHQW
KLVWzULF TXH DQDOLW]HP HVWj VHPSUH SUHVHQW GH IRUPD PpV R PHQ\V H[SOtFLWD HQ
O¶HQIRFDPHQWGHOQRVWUHWUHEDOO
0pV PXQLFLy HQFDUD TXH FRQWUD 5HYLVWD GH 2FFLGHQWH L 2UWHJD YD JDVWDU 3RVW
*XHUUD FRQWUD /D *DFHWD /LWHUDULD L (UQHVWR *LPpQH] &DEDOOHUR $L[z
FRQYHUWHL[DTXHVWzUJDQHQXQDDOWUDGHOHVIRQWVSULQFLSDOVGHODSUHVHQWUHFHUFD1RpV
HO QRVWUH HYLGHQWPHQW XQ WUHEDOO VREUH HO ULF L FRPSOH[ WHPD GH OHV DYDQWJXDUGHV
OLWHUjULHVLQRPpVHQVSURSRVHPGRFXPHQWDUDOUHVSHFWHGHWHUPLQDWVSXQWVGHYLVWDTXH
HUHQ GHIHQVDWV GHV G¶XQD zSWLFD ±TXH QDWXUDOPHQW PDL YD SUHWHQGUH VHU LPSDUFLDO± GH
DYDQ]DGD3HUzHQHVWXGLDU/D*DFHWD/LWHUDULDKHPYROJXWDTXtDSRUWDUHOHPHQWVGH
GLVFXVVLyTXHSRWVHUSRGULHQDMXGDUDTXLFRUUHVSRQJXpVDUHYLVDUODYDOLGHVDGHOOORF
FRP~TXHGXUDQWGqFDGHVKDFRQVLGHUDWDTXHVWDSXEOLFDFLyFRPODPpVUHSUHVHQWDWLYDGH
O¶DYDQWJXDUGLVPH OLWHUDUL HVSDQ\RO ,QVLVWLP QR SUHWHQHP THVWLRQDU OD GRVL GH
GHIHQVDEOH H[DFWLWXG TXH O¶DILUPDFLy SXJXL FRQWHQLU VLQy HQ WRW FDV XQD VHYD H[WHQVD
GLIXVLy TXH HQ IRUPD G¶DFUtWLF OORF FRP~ O¶KD HVFDPSDW SHU HVWXGLV HVSDQ\ROV L
HVWUDQJHUVFDWjOHJVG¶H[SRVLFLRQV RILQVLWRWOOLEUHVGHWH[W6LXQYLQFOHGLUHFWHHQWUH
DYDQWJXDUGD L IHL[LVPH HVWLJXpV FRPXQDPHQW DFFHSWDW XQLYHUVDOPHQW UHFRQHJXW L
jPSOLDPHQW YXOJDULW]DW SRWVHU O¶DILUPDFLy V¶DMXVWDULD PpV D OD UHDOLWDW 3HUz QL pV
DTXHVWDODSHUFHSFLyJHQHUDOTXHGHOPRWDYDQWJXDUGDHQVKDOOHJDWHOVHJOH;;QLpV
DTXHVWHOVHQWLWDPETXqGHYHJDGHVHVWUREDUHSURGXwWHOOORFFRP~HQTHVWLy/HVIRQWV
GHSULPHUDPjVyQOHVSDUWLWXUHVTXHSHUPHWHQDO¶LQYHVWLJDGRUG¶LQWHUSUHWDUGHYHJDGHV
QR KL KD PpV UHPHL TXH WRFDU GH RtGDV SHUz DL[z JDLUHEp VHPSUH pV XQ ULVF 3HU D
8QPDUFKLVWzULFJHQHUDODWUDYpVGHGLIHUHQWVWUHEDOOVVREUHHOWHPDGHODSHUFHSFLyP~WXD
KLVSDQRJHUPjQLFDLDOJXQHV SDXWHVPHWRGROzJLTXHVDOYROWDQWGHODSROLqGULFDTHVWLyGHODLPDWJHTXH
FDGD FXOWXUD SURMHFWD HQ O¶DOWUD D 0LJXHO ÈQJHO 9HJD &HUQXGD +HQQLQJ :HJHQHU HGV (VSDxD \
$OHPDQLD 3HUFHSFLRQHV PXWXDV GH FLQFR VLJORV GH KLVWRULD SUzO GH 5DIDHO 3X\RO $QWROtQ 0DGULG
(GLWRULDO&RPSOXWHQVH
7RWLTXHKHPSRJXWFRQVXOWDUWDPEpODFROÂOHFFLyRULJLQDOTXHFRQVHUYDO¶$WHQHX%DUFHORQqV
KHP WUHEDOODW VREUHWRW DPE OD ILGHO UHSURGXFFLy DQDVWjWLFD GH /D *DFHWD /LWHUDULD HGLWDGD HO Y
ELEOLRJUDILD (O VHX WDPDQ\ YROXPLQyV L OD UHFXUUqQFLD GH OHV QRVWUHV FRQVXOWHV IDQ TXH HVWLJXHP HQ
GHXWHDPEO¶DPDEOHVROÂOLFLWXGGHOHVELEOLRWHFjULHVGHO&HQWUHGH/HFWXUDGH5HXV
QRVDOWUHV ±L FRP LQWHQWDUHP DQDU GHPRVWUDQW± /D *DFHWD /LWHUDULD pV HVVHQFLDOPHQW
XQDSXEOLFDFLyTXHDPpVG¶HVWDUILQDQoDGDDPEFDSLWDOHQWUHFRQVHUYDGRULUHDFFLRQDUL
L D PpV GH UHVXOWDU WLSRJUjILFDPHQW SRF LQQRYDGRUD HVWDYD DPHUDGD G¶DTXHOO HVWDQWtV
QHRWUDGLFLRQDOLVPH SURWRIHL[LVWD PDO GLVIUHVVDW DPE UHWDOOV G¶XQ DYDQWJXDUGLVPH MD
WDUGjTXHFDUDFWHULW]DYDHOVHXVLQJXODUIXQGDGRU
/¶DQjOLVL GH OHV SHGUDGHV TXH OD PRGHVWD IRQD GH 3RVW*XHUUD OODQoD FRQWUD
O¶LQIOXHQWSHULzGLFTXLQ]HQDOGH*HFpHQVFRQILUPDUjTXHHVWHPHQXQWHPSVHQHOTXDO
OD VRFLRORJLD OLWHUjULD pV FRP D PtQLP WDQ LQWHUHVVDQW FRP OD PDWHL[D OLWHUDWXUD TXH
O¶qSRFD HQFHUWDYDDSURGXLU7UDFWDUHP DTXt DOJXQV WHPHV MD FRQHJXWV SHUz GHOV TXDOV
PLUDUHPGHGRQDUXQDYHUVLySUzSLDpVDTXHVWDXQDYHUVLyGHVGHOQRVWUHSUHVHQW±FRP
QRSRWVHUG¶DOWUDPDQHUD±SHUzpVWDPEpXQSURGXFWHVRUJLWGHODIDPLOLDULWDWDPEOHV
IRQWV G¶DTXHOO SDVVDW 'HVFREULUHP DL[t PDWHL[ XQD FXULRVD JHUPDQRIzELD HQ *LPpQH]
&DEDOOHUR UHIOH[ GHO VHX UHEXLJ D OHV WHQGqQFLHV FXOWXUDOV HXURSHLVWHV L G¶XQ FUHL[HQW
QDFLRQDOLVPHPHULGLRQDOLVWDIUXLWGHODVHYDIDVFLQDFLySHUOD,WjOLDGH0XVVROLQL8QHV
FRQVLGHUDFLRQVVREUHFHUWDUHFHSFLyTXHYDWHQLUOORFDGHVJUDWGHOSURSL*HFpGHOOHWUHV
DOHPDQ\HVD/D*DFHWD/LWHUDULDHQVIDUjFRPSUHQGUHTXHODFXOWXUDGHDYDQ]DGDLOD
YLVLyGHODOLWHUDWXUDDOHPDQ\DTXHDTXHVWDWUDQVPHWVyQUHDOPHQWWRWDXQDDOWUDFRVDHQ
FRPSDUDFLyDOTXHGHOD5HS~EOLFDGH:HLPDUSRGLDWUDQVPHWUHXQDSXEOLFDFLyLQVSLUDGD
SHUXQQDFLRQDOLVWDGHOD0HVHWDHQHPLFGHOSDUODPHQWDULVPH7DQW5HYLVWDGH2FFLGHQWH
SHOTXHIHLDDFXOWXUDHOLWLVWDFRP 3RVW*XHUUD LOHV VHYHV HGLWRULDOV GHULYDGHV SHO TXH
IHLDDFXOWXUDDQWLHOLWLVWDUHSUHVHQWHQXQLPSXOVG¶DSHUWXUDFDSHOTXHSURYpGHIRUD/D
*DFHWD/LWHUDULDHQFDQYLHQHOIRQVUHSUHVHQWDHOGHOLULGHYROHUWRUQDUDOVHJOH;9,
TXDQ ±VXSRVDGDPHQW± D (VSDQ\D OL FDOLD PHQ\V HVWDU SHQGHQW GHO TXH V¶HVFULYLD IRUD
TXH D (XURSD HVWDUQH GHO TXH GHLD HO FHQWUH GH O¶,PSHUL (O QDFLRQDOLVPH FXOWXUDO
SUHIDODQJLVWDGH*LPpQH]&DEDOOHURLPSUHJQDOHVSODQHVGHOVHXSHULzGLFG¶LQIRUPDFLy
OLWHUjULD RQ HQ HO IRQV FDS OLWHUDWXUD LQWHUHVVD GH GHEz WUHW GH OD GHO SURSL LPSHUL
*OREDOPHQWOHVFUHDFLRQVFXOWXUDOVGHO¶DFWLX*HFpQRVyQHQHVVqQFLDVLQyXQYHKLFOH
WUDGLFLRQDOLVWDWXQHMDWG¶DYDQWJXDUGLVPHLODEURPDSHUGHQHIHFWHERQDSDUWGHODVHYD
JUjFLDTXDQHVFRPSUqQTXHDOOtV¶HVWDQDVVHQWDQWDOJXQVGHOVIRQDPHQWVLGHROzJLFVGHO
SRVWHULRUIDODQJLVPHLGHOSDUDQRLFGLVFXUVRILFLDOGHOIUDQTXLVPH
/D LQVSLUDFLy LQWHUQDFLRQDOLVWD ±RPQLSUHVHQW D 3RVW*XHUUD± GHO PyQ
SROLWLFRFXOWXUDO G¶DYDQoDGD HO VHX DIDQ\ LPSRUWDGRU HO VHX LPSXOV WUDGXFWRU V¶KDQ
G¶HQWHQGUH GRQFV WDPEp FRP XQ HVIRUo SHU FRQWUDUHVWDU HO VHPSUH ODWHQW LQWHJULVPH
FXOWXUDO HVSDQ\ROLW]DGRU TXH D ILQDOV GHOV DQ\V LQFXEDYD MD XQ QHRREVFXUDQWLVPH
FRQWUDUHYROXFLRQDUL GHVWLQDW D WHQLU JUDQ SURWDJRQLVPH HQ OHV GqFDGHV VHJHQWV 3HUz
WDPSRF KHP G¶REOLGDU TXH D PHVXUD TXH OD GqFDGD V¶DSURSL D OD VHYD IL
O¶LQWHUQDFLRQDOLVPH G¶HVTXHUUHV HVGHYLQGUj FDGD FRS PpV XQD GLYLVD RSRVLFLRQLVWD R
WURWVNLVWDFRPV¶DFDEDUjJHQHUDOPHQWDQRPHQDQWGHUHVLVWqQFLDDODGHULYDHVWDOLQLVWD
GHOD5HYROXFLy6RYLqWLFD3HUWRWSOHJDWHQHOPRYLPHQWHGLWRULDOG¶DYDQoDGDLPDOJUDW
TXHDSDUWLUGHGHWHUPLQDWPRPHQWWDPEpKLWUREDUjHOVHXOORFO¶RUWRGz[LDFRPXQLVWDHQ
FRQMXQWKLGRPLQDUjHOIDFWRUG¶XQLQWHUQDFLRQDOLVPHLQGHSHQGHQWTXHFDOLQWHUSUHWDUHQ
HOVHXGREOHVLJQLILFDWHOG¶DQWLQDFLRQDOLVPHHVSDQ\ROIHL[LVWDLHOG¶DQWLVRFLDOLVPHHQ
³/DSULPHUDREOLJDFLyQGHOFUtWLFRFRQVLVWHHQHVSHFLILFDUVXSURSLDVLWXDFLyQHQYHUVHGHQWUR
GH XQ SURFHVR TXH HO PLVPR FUtWLFR LQWHQWD GHVHQWUDxDU SHUR GHO TXH QR HV DMHQR GH QLQJXQD PDQHUD
*ROGPDQQ VHxDODED \D OD QHFHVLGDG SDUD HO VRFLyORJR GH FRQVLGHUDUVH HQ VRFLHGDG DQWHV GH HPSH]DU HO
HVWXGLR GH OD PLVPD 1R H[LVWH SXHV QXQFD KD H[LVWLGR XQD VXSXHVWD REMHWLYLGDG IUtD \ FLHQWtILFD XQ
FRQWHPSODUFRQHQWHUDLQGHSHQGHQFLD\GHORTXHVHWUDWDHVGHUHFRQRFHUSDUDHPSH]DUODUHODFLyQTXH
XQHDOFUtWLFRFRQODREUDTXHTXLHUHFULWLFDU´-XDQ,JQDFLR)HUUHUDV)XQGDPHQWRVGH6RFLRORJtDGHOD
/LWHUDWXUD0DGULG&iWHGUD
XQVROSDtVHVWDOLQLVWD/DQHFHVVLWDWG¶LQFRUSRUDUPRGHOVH[WHULRUVYjOLGVSHUSDUWG¶XQD
FXOWXUDKLVSjQLFDG¶HVTXHUUHVTXH V¶HVWj DUWLFXODQW DPE OD YLVWD SRVDGD MDHQ OD GqFDGD
YHQLGRUDHVGHL[DVHQWLUSDUWLFXODUPHQWHQO¶jPELWGHODFUtWLFDLODUHIOH[LyWHDWUDO$TXt
FRP YHXUHP OD UHFHSFLy GH 3LVFDWRU UHVXOWD SDUDGLJPjWLFD (Q GHVFULXUHOD
LQFRUSRUDUHPDOPyQGHDYDQ]DGD5DPyQ-6HQGHUXQDXWRUTXHQRFROÂODERUDD3RVW
*XHUUDSHUzTXHVtHVWDUjYLQFXODWDG¶DOWUHVHPSUHVHVFXOWXUDOVGHOJUXSLDTXLWDPEp
SRGHP FRQVLGHUDU HQ DTXHOO PRPHQW XQ PHPEUH GH OD JHQHUDFLy SROLWLFROLWHUjULD GH
)LQDOPHQWO¶DOWUDIRQWEjVLFDTXHVHUYLUjSHUGHILQLUO¶HVWUXFWXUDGHOQRVWUHUHODW
LQYHVWLJDGRU VHUj OD UHYLVWD ±FRP OHV DOWUHV WDPEp GH 0DGULG± 1XHYD (VSDxD 3DWURFLQDGDSHU6LOHVDOPHQ\VGXUDQWHOVSULPHUVQ~PHURVGLULJLGDSHU'tD]
)HUQiQGH] jQLPD GHO SURMHFWH L SHU $UGHUtXV L DPE FROÂODERUDFLRQV YHUGDGHUDPHQW
FODXV GH *RUNLQ QR SRGHP FRQVLGHUDU 1XHYD (VSDxD FRP XQD FRQWLQXDFLy GH 3RVW
*XHUUD SHUz Vt FRP OD VHYD HYROXFLy $PE HOOD HQWUHP HQ XQ PRPHQW SROtWLF GHO WRW
GLIHUHQW/¶DSDULFLyGH1XHYD(VSDxDFRLQFLGHL[DPEODFDLJXGDGH3ULPRLO¶LQLFLGHOD
GLFWDEODQGDGH%HUHQJXHUXQDQ\LHVFDLJGHWUDQVLFLyFDSDOD,,5HS~EOLFDTXHODQRYD
UHYLVWD GH DYDQ]DGD YLXUj LQWHQVDPHQW L QR SDV VHQVH GLILFXOWDWV (O VRSRU SROtWLF GH
O¶qSRFD SULPRULYHULVWD FRPELQDW DPE HOV HIHFWHV GH O¶HVWULFWD FHQVXUD SUqYLD KDYLHQ
FRQGHPQDW 3RVW*XHUUD D XQ XWRSLVPH LGHDOLVWD L XQ UDGLFDOLVPH UHYROXFLRQDUL DPE
HVFDVVHV SRVVLELOLWDWV G¶LQFLGLU VREUH OD VHYD UHDOLWDW VRFLRKLVWzULFD 1XHYD (VSDxD HQ
FDQYL QHL[ PHQ\V H[WUHPLVWD PHQ\V DwOODGD LQWHOÂOHFWXDOPHQW L SROtWLFD L DPE XQHV
SHUVSHFWLYHV PpV GHILQLGHV L PpV UHDOLVWHV TXH GH IHW FXOPLQHQ HO G¶DEULO GH $PE 1XHYD (VSDxD SUHVHQWD SUzSLDPHQW OHV VHYHV FUHGHQFLDOV OD JHQHUDFLy
SROLWLFROLWHUjULDGHLHQOHVSODQHVG¶DTXHVWDUHYLVWDHVSRVDUjGHPDQLIHVWTXHOD
LQWHQVDYRFDFLy SROtWLFDG¶DTXHOOJUXSLQWHOÂOHFWXDOSUHYDOSHUVREUHGHODVHYDYRFDFLy
OLWHUjULD &RP D FRKHUHQW FRQVHTqQFLD HQ DTXHVW SXQW HO QRVWUH WUHEDOO WHQGLUj D
RFXSDUVHG¶DVVXPSWHVTXHVHUDQWDQWRPpVSURSHUVDODGLVSXWDSROtWLFDTXHDODGLVSXWD
HVWqWLFD
/D FRQMXQWXUD GH VLJQLILFDUj XQ FHUW SXQW GH WUREDGD HQWUH OD JHQW GH
DYDQ]DGDTXHQRHVGHVHQWpQGHODUHYROXFLyVRFLDOTXHKDXULDGHUHGLPLUHOSUROHWDULDW
XUEj R DJUtFROD SHUz TXH GH PRPHQW YHX HQ XQD UHS~EOLFD SRSXODUEXUJHVD XQD YLD
SRVVLELOLVWD SHU SRGHU VRUWLU GHO SRX GH OHV GLFWDGXUHV SULPREHUHQJXHULDQHV L OD
LQWHOÂOHFWXDOLWDWOLEHUDOLW]DQWDUDMDHQPDU[DFDSDODVHYDUHKXPDQLW]DFLyYLQFXODGDD
5HYLVWDGH2FFLGHQWH7RWLTXHD1XHYD(VSDxDV¶DWDFDUjHQFDUDHOVOLWHUDWVSXUVMD
QRVHUjWDQLPSRUWDQWHOIHWTXHVLJXLQRQRDYDQWJXDUGLVWHVFRPHOIHWTXHJDXGHL[LQR
QR G¶DOJXQD SUHEHQGD GLFWDWRULDO 1XHYD (VSDxD QR V¶REOLGD GH OD GLVFXVVLy HVWqWLFD
SHUzHOTXHUHDOPHQWFRPEDWVyQOHVVXEYHQFLRQVLHOVFjUUHFVLQWHOÂOHFWXDOVHOFRQWURO
VHFWDUL GH FHUWV RUJDQLVPHV RILFLDOV L WRWD OD [DU[D G¶LQIOXqQFLHV GH SRGHU SROtWLF
HFRQzPLFLVRFLDOWUHQDGDDPEHOPyQGHODFXOWXUD3RVW*XHUUDKDYLDDVSLUDWDSHQHVD
IHUVH VHQWLU 1XHYD (VSDxD OOXLWD MD SHU OD GHVDUWLFXODFLy G¶XQV PHFDQLVPHV
G¶KHJHPRQLD FXOWXUDO TXH SXJXL SHUPHWUH G¶HVWDEOLUQH XQD GH QRYD 6L 5HYLVWD GH
2FFLGHQWH MD QR VHUj WDQW O¶HQHPLF HVWqWLFRSROtWLF Vt TXH KR VHUj HQFDUD /D *DFHWD
2SRUWXQDPHQWLQGLFDUHPOHVLQVWLWXFLRQVRQKHPSRJXWFRQVXOWDUQHHOVH[HPSODUV
/¶H[HPSOH PpV SDUDGLJPjWLF pV HO G¶$QWRQLR (VSLQD XQ GHVKXPDQLW]DW TXH QR GHL[DUj GH
FROÂODERUDU D 5HYLVWD GH 2FFLHQWH SHUz TXH VHUj XQ GHOV FRGLUHFWRUV GH 1XHYD (VSDxD GHV GHO SULPHU
Q~PHUR L TXH GH IHW V¶LQFRUSRUDUj GHFLGLGDPHQW D OD JHQHUDFLy SROLWLFROLWHUjULD GH /¶HYROXFLy
G¶(VSLQDHQWUHLHQODSXOFUDPRQRJUDILD-RKDQQHV:HEHU$QWRQLR(VSLQDXQGGLHVSDQLVFKH
$YDQWJDUGH =ZLVFKHQ ÄHQWPHQVFKOLFKWHU³ .XQVW XQG JHVHOOVFKDIWVSROLWLVFKHP (QJDJHPHQW %HUOLQ
HGLWLRQWUDQYtD9HUODJ:DOWHU)UH\
/LWHUDULD 'RV SHUVRQDWJHV PRQjUTXLFV YLQFXODWV D OD SXEOLFDFLy MD GHV GHO VHX
FRPHQoDPHQW DQLUDQ SUHQHQW HO UHOOHX GH *LPpQH] &DEDOOHUR HQ WDQW TXH REMHFWHV
SULRULWDULV GHOV DWDFV GH 1XHYD (VSDxD HO SROtWLF L HUXGLW 3HGUR 6DLQ] 5RGUtJXH] L HO
GLSORPjWLF -RVp $QWRQLR GH 6DQJUyQL] $TXHVW FDQYL GH GLDQHV IDYRULWHV GH O¶jPELW
FXOWXUDOVREUHOHVTXDOVIHUEODQFPRVWUDWDPEpHOGHVSODoDPHQWGHVGHODFUtWLFDHVWqWLFD
D OD SROtWLFD OD UHYLVWD MD QR HVWDUj WDQ LQWHUHVVDGD HQ FULWLFDU OHV RFXUUqQFLHV
DYDQWJXDUGLVWHVFRPHOVSRGHUVUHDOVTXHOHVHPSDUHQ
'HV GH OHV SODQHV GH 1XHYD (VSDxD DVVLVWLUHP DO TXH ±SHU D QRVDOWUHV± VXSRVD
O¶HVSHFWDFOHSROtWLFPpVKRQUyVLHGLILFDQWGHO¶(VSDQ\DFRQWHPSRUjQLDODFRQTXHVWDGH
OD,,5HS~EOLFD8QD³KRUDKHUPRVtVLPDPHQWHFLYLO´FRPGLUjODUHYLVWDHQODTXDOKL
KHP GH YHXUH OD YHUGDGHUD FXOPLQDFLy GHO DIDQ\V GH OD JHQHUDFLy GH L GHO PyQ
FXOWXUDO GH DYDQ]DGD 5HYLVWHV OOLEUHV HGLWRULDOV WUDGXFFLRQV LGHHV HVWqWLTXHV
FRQVSLUDFLRQV LQIOXqQFLHV UXVVRJHUPjQLTXHV EDWDOOHV SHU O¶KHJHPRQLD FXOWXUDO WRW
FXOPLQDLDGTXLUHL[SUzSLDPHQWHOVHXVHQWLWHQODFRQVHFXFLyGHOFDQYLGHUqJLP(QHOV
TXDWUH DQ\V TXH WUDQVFRUUHQ GHV GHO MXQ\ GH HQ TXq DSDUHL[ 3RVW*XHUUD ILQV DO
MXQ\ GH HQ TXq GHVDSDUHL[ 1XHYD (VSDxD OD JHQW G¶DYDQoDGD KD SURPRJXW XQD
DXWqQWLFDUHYROXFLyFXOWXUDOTXHV¶KDYLVWFRURQDGDDPEXQDWUDQVIRUPDFLySROtWLFDTXH
KDWLQJXWWDPEpFDUjFWHUUHYROXFLRQDUL&RPPpVHQVVXEPHUJLPHQO¶HVWXGLGH1XHYD
(VSDxDPpVFRPSUHQHPTXHDTXHOODLQWHOÂOHFWXDOLWDWWHQLDXQVREMHFWLXVWUDQVIRUPDGRUV
L XQD YROXQWDW G¶LQWHUYHQFLy SROtWLFD TXH OOXQ\ GH VHU XQ FRPSOHPHQW UHWzULF VyQ
SUHFLVDPHQW OD IRUoD PRWULX GHOV VHXV SURMHFWHV FXOWXUDOV 1RPpV FRQWHPSODWV VRWD OD
OOXPGHODSULPDYHUDUHSXEOLFDQDGHDVVROHL[HQODVHYDGLPHQVLyYHULWDEOHODVHYD
IXQFLy KLVWzULFD , DL[z QDWXUDOPHQW pV DSOLFDEOH D OD UHFHSFLy GH FXOWXUD ZHLPDULDQD
G¶HVTXHUUHV SDUFHOÂOD GHO PyQ SROLWLFRFXOWXUDO GH DYDQ]DGD TXH HQ HO QRVWUH WUHEDOO
WLQGUHPVHPSUHHVSHFLDOPHQWHQFRPSWH
(O SURSzVLW GH OD SUHVHQW UHFHUFD FRP MD KHP GLW QR pV WDQW OD GHVFULSFLy
VLVWHPjWLFD GHO IHQRPHQ UHFHSWRU HQ THVWLy FRP O¶DQjOLVL GH OHV FLUFXPVWjQFLHV
FXOWXUDOSROtWLTXHV TXH HO YDQ SURSLFLDU $ HIHFWHV GH SURFHGLPHQW DUD HQV FRQYp
VXEUDWOODUHOVHXFDUjFWHUXQLWDULWRWLTXHSHUDOWUDEDQGDXQDFHUWDKHWHURJHQHwWDWGHOV
WtWROV±LGHOVDXWRUV±TXHO¶LQWHJUHQQRGHL[DGHVHUWDPEpHYLGHQW1RVDOWUHVFRQVLGHUHP
HO EDJDWJH WUDGXFWRJUjILF G¶DTXHOO FRQMXQW G¶HGLWRULDOV UHQRYDGRUHV FRP OD SULQFLSDO
H[SUHVVLy GHO PyQ SROLWLFROLWHUDUL G¶DYDQoDGD L HO FRPSRQHQW JHUPjQLF G¶DTXHVW
EDJDWJHHQVPRVWUDSHUIHFWDPHQWO¶HYROXFLyLHOVSURSLVOtPLWVGHODFXOWXUDGHDYDQ]DGD
'HVSUpVTXH3RVW*XHUUDGXUDQWFRPHQFLDGHIHQVDUODOLWHUDWXUDVRYLqWLFDLOD
ZHLPDULDQDFRPDDOWHUQDWLYHVDODIUDQFHVDHOVDXWRUVDOHPDQ\VGHVHPEDUTXHQHO
HQ OHV HGLWRULDOV G¶DYDQoDGD DVVLPLODWV SDUWLFXODUPHQW DO IHQRPHQ GH YHQGHV GH OD
QRYHOÂODGHJXHUUD$PpVGHO¶q[LWSDUDGLJPjWLFG¶(GLWRULDO(VSDxDDPE6LQQRYHGDGHQ
HOIUHQWHGH5HPDUTXHDTXHOODQ\FRQWHPSODWDPEpD&HQLWOHVWUHVHGLFLRQVGH/RV
TXHWHQtDPRVGRFHDxRVGH*ODHVHUOHVGXHVG¶(OVDUJHQWR*ULVFKDG¶$UQROG=ZHLJL
MDHQHOPHVGHGHVHPEUHODGH&XDWURGHLQIDQWHUtDGH-RKDQQVHQ(OLHO
(Q O¶DQQH[ ,,, SUHVHQWHP SHU RUGUH DOIDEqWLF G¶DXWRUV XQ OOLVWDW GHOV WtWROV WUDGXwWV GH
O¶DOHPDQ\ HQ OHV SULQFLSDOV HGLWRULDOV G¶DYDQoDGD DPE XQD GHVFULSFLy EjVLFD TXH LQFORX OD GDWD GH
SXEOLFDFLyLHOQRPGHOWUDGXFWRU
/D SULPHUD HGLFLy pV GH PDLJ GH L HO QRYHPEUH G¶DTXHOO DQ\ HO OOLEUH DQDYD MD SHU OD
VHWHQD/¶HGLFLyPpVWDUGDQDTXHQRVDOWUHVFRQHL[HPWDPEpVH¶QYDQIHUDOJXQDG¶HFRQyPLFDHQIRUPDW
GH TXDUW PHQRU pV O¶RQ]HQD GH QRYHPEUH GH TXH HQ WRWDO VXSRVDYD MD OD [LIUD ±HVSHFWDFXODU D
O¶(VSDQ\DGHO¶qSRFD±GHH[HPSODUVWLUDWV,±DPpVGHFRPSUDGD±YDVHUXQDREUDPROWOOHJLGD
KR GHPRVWUD HO IHW TXH PDOJUDW OD JUDQ TXDQWLWDW G¶H[HPSODUV TXH YDQ FLUFXODU DYXL UHVXOWL GLItFLO GH
WUREDUQHHQERQHVWDWGHFRQVHUYDFLyFRVDTXHHQFDQYLSRWUHVXOWDUUHODWLYDPHQWIjFLOHQDOWUHVWtWROVGH
DYDQ]DGDGHWLUDGDPROWPpVPRGHVWD
OOLEUHGHWHPDDQWLEqOÂOLFFRQWLQXDUjVHQWXQWUHWFDUDFWHUtVWLFGHODUHFHSFLyDOHPDQ\D
HQ OHVQRVWUHVHGLWRULDOV q[LWVGH)UDQN 3OLYLHU L 6FKDUUHU L WHQGLUj D DFFHQWXDUVH OD
VHYD LGHRORJLW]DFLy FDS D O¶HVTXHUUD 3HUz MD HQ OD SRUWD G¶XQD UHFHSFLy PpV
GLYHUVLILFDGDG¶DXWRUVZHLPDULDQVLHQJHQHUDOGHOOHQJXDDOHPDQ\DHVYDREULQWFDGD
FRS PpV L FRPHQoD D HQWUDU HQ IRUPD GH FUHL[HQW WRUUHQWDGD OD QDUUDWLYD GH OD QRYD
REMHFWLYLWDW .HVWHQ 5RWK HO UHSRUWDWJH UHYROXFLRQDUL 5HLVVQHU 6ODQJ OD OLWHUDWXUD
GRFXPHQWDO )LQN +ROLWVFKHU HO WHDWUH SROtWLF 3LVFDWRU L WDPEp ±D UHPROF GHO QRX
SUHVWLJL GH OD PDUFD OLWHUjULD DOHPDQ\D± OD QDUUDWLYD WUDGLFLRQDO :DVVHUPDQQ 6WHIDQ
=ZHLJ+HVVH
(Q SDUDOÂOHO DO TXH SDVVD HQ JHQHUDO HQ HO PyQ HGLWRULDO G¶DYDQoDGD O¶HXIzULD
UHSXEOLFDQDGHVXSRVDHOFOtPD[GHOIHQRPHQWDPEpSHOTXHIDDO¶HGLFLyG¶DXWRUV
SURYLQHQWVGHODOOHQJXDDOHPDQ\D3HUzpVPpVHQDTXHVWDQ\FODXHOVDXWRUVDOHPDQ\V
SUHQHQ HO SURWDJRQLVPH L VXSHUHQ HQ QRPEUH GH WUDGXFFLRQV ILQV L WRW DOV VRYLqWLFV
$OJXQVUHSHWHL[HQDPEQRXVWtWROVRHVUHHGLWHQSHUzO¶RIHUWDV¶DPSOLDILQVDDSURSDUVH
HQ FRQMXQWDODTXDUDQWHQDGHQRPV HQWUH HOVTXDOVDSDUHL[HQ)HXFKWZDQJHU.lVWQHU
.LVFK .OlEHU .XUHOOD /HLWQHU +HLQULFK 0DQQ R 7ROOHU (O IHW TXH OD OLWHUDWXUD
DOHPDQ\DTXHHQSULQFLSLKDYLDHQWUDWHQO¶LPDJLQDULGHDYDQ]DGDXQSDVSHUGDUUHUHGH
OD VRYLqWLFD DUD ILQV L WRW O¶XOWUDSDVVL V¶H[SOLFD SHU GLYHUVHV UDRQV (Q SULPHU OORF OD
FRPHUFLDOODPRGDGHODQRYHOÂOtVWLFDGHGHVDVWUHVEqOÂOLFVDPEOHVVHYHVFRUUHVSRQHQWV
VHTHOHV WHPjWLTXHV FUtWLFD GH O¶qSRFD GH O¶LPSHULDOLVPH LQDGDSWDFLy GHO YHWHUj GH
JXHUUD HQ WRUQDU D FDVD FRQVFLHQFLDFLy LGHROzJLFD HWF V¶KDYLD UHYHODW FRP XQ ERQ
QHJRFL L GXUDQW PROWV PHVRV HO ILOy YD VHPEODU LQH[WLQJLEOH (O S~EOLF OHFWRU GH
DYDQ]DGDKDYLDGHPRVWUDWXQDHQRUPHFXULRVLWDWSHUREUHVTXHQDUUDYHQRH[SOLFDYHQHOV
IHWV R HOV IDFWRUV TXH KDYLHQ SRJXW FRQYHUWLU HO WRWSRGHUyV 5HLFK JXLOOHPt HQ O¶DFWXDO
5HS~EOLFD GH :HLPDU $L[z HVWj GRQFV PROW YLQFXODW D XQD UDy WDPEp G¶RSRUWXQLWDW
SROtWLFD G¶DTXHOOD UHFHSFLy L GH OD PDWHL[D IRUPD TXH D 1XHYD (VSDxD V¶H[SUHVVDUj
GXUDQW XQD PHQD GH IURQW SROtWLF DQWLPRQjUTXLF TXH DEUDoD GHV GHO
UHSXEOLFDQLVPH FRQVHUYDGRU ILQV D O¶H[WUHPD HVTXHUUD D OHV HGLWRULDOV G¶DYDQoDGD KL
DFDEHQIHQWFDSWRWXQFRQMXQWG¶DXWRUVGHOOHQJXDDOHPDQ\DTXHUHSUHVHQWHQXQVLPLODUL
DPSOLHVSHFWUHLGHROzJLFUHSXEOLFj3HUzKLKDXQDWHUFHUDUDyHQFDUDTXHH[SOLFDTXHHQ
HO YqUWH[ GHO ERRP HGLWRULDO G¶DYDQoDGD OHV WUDGXFFLRQV GH O¶DOHPDQ\ VXSHULQ OHV GHO
UXV 'HV GHO HQ TXq QDL[LD 3RVW*XHUUD ILQV HO HQ TXq FDX OD 0RQDUTXLD
ERUEzQLFD D O¶8566 O¶HVWDOLQLVPH V¶KD DQDW LPSRVDQW GH IRUPD FDGD YHJDGD PpV
LQFRQWHVWDEOH 7URVWNL pV XQ H[LOLDW GHV GH IHEUHU GH SRFV PHVRV DEDQV TXH OD
UHFHSFLy G¶DXWRUV DOHPDQ\V HV GHVHQFDGHQL 'RV H[SRVWJXHUULDQV DUD MD GHFODUDWV
DQWLHVWDOLQLVWHV$QGUDGHL*RUNLQMXJDUDQXQSDSHUGHVWDFDWGHVGHOFRPHQoDPHQWHQ
HOIHQRPHQHGLWRULDO$QGUDGHFRPDUHVSRQVDEOHGHODOtQLDHGLWRUDGH&HQLWLGHVSUpV
G¶+R\L*RUNLQFRPDFUtWLFLDJHQWOLWHUDULGHVGH3DUtVSHUDDOJXQHVGHOHVQRVWUHV
HGLWRULDOVMDQRVHQWLHQHQDTXHOOPRPHQWODUHDOLWDWVRYLqWLFDFRPDFRVDSUzSLDLVHQVH
UHQXQFLDUDOVVHXVSULQFLSLVYDQWHQGLUDSURSLFLDUTXHHOFHSWUHOLWHUDULG¶DYDQoDGDIRV
SDWULPRQLGHYHXVDOHPDQ\HVLQGHSHQGHQWVDEDQVTXHGHYHXVVRYLqWLTXHVGLULJLGHVGHV
GHO.UHPOLQ
3HUDOWUDEDQGDSHUzXQDERQDFROODG¶DTXHVWHVYHXVDOHPDQ\HVWUDGXwGHVHQOHV
HGLWRULDOV G¶DYDQoDGD QR VHUDQ H[DFWDPHQW LQGHSHQGHQWV VLQy G¶REHGLqQFLD FRPXQLVWD
PpV R PHQ\V IODJUDQW 3RGHP YHXUH DL[t FRP GLDFUzQLFDPHQW FRQVLGHUDW HO QRVWUH
SURFpVUHFHSWRUpVXQUHIOH[GHOVHXWHPSV7pXQVRUtJHQVXWRSLVWHV3RVW*XHUUDXQD
7RW L TXH DTXHVW pV XQ DVSHFWH TXH DTXt QR HQV SURSRVHP HVWXGLDU HQ GHWDOO FUHLHP TXH HQ
JHQHUDO HOV EUHXV ±SHUz VRYLQW LQWHUHVVDQWV± SUzOHJV DQzQLPV TXH HQFDSoDOHQ PROWHV WUDGXFFLRQV
G¶DYDQoDGDVyQDWULEXwEOHVD-XDQ$QGUDGH
qSRFDGHSXUHVDUHYROXFLRQjULDFXOWXUDWURWVNLVWDXQPRPHQWGHSOHQLWXGUHSXEOLFDQD
SRVVLELOLVWDHTXLSDUDEOHDODIXQFLySHULRGtVWLFRFXOWXUDOGH1XHYD(VSDxDLILQDOPHQW
XQD GHULYD SURVHOLWLVWD TXH O¶LGHQWLILFD DPE OD 7HUFHUD ,QWHUQDFLRQDO 1R VyQ IDVHV
LPSHUPHDEOHV L DOJXQHV GH IHW SRGHQ FRQYLXUH FURQROzJLFDPHQW SHUz Vt TXH VyQ
LGHQWLILFDEOHV (Q HO VHX PRPHQW FXOPLQDQW GH HO SURFpV FRQWp DTXHVWD EDUUHMD
G¶HOHPHQWVTXHSHUXQFRVWDWSURYHQHQGHILQDOVGHOVDQ\VLGHDOLVPHUHYROXFLRQDUL
DQWLPRQDUTXLVPH DPE q[LW FRPHUFLDO L SHU O¶DOWUH DQXQFLHQ HOV DQ\V PLOLWjQFLD
DQWLIHL[LVWD SURSDJDQGD SURVRYLqWLFD /D GHUURWD GHO WURWVNLVPH HV UHIOHFWHL[ MD HQ HO
PLFURFRVPRV HGLWRULDO G¶DYDQoDGD D O¶DOWXUD GH TXDQ $QGUDGH DEDQGRQD &HQLW L
:HQFHVODR 5RFHV HVGHYp O¶KRPH GH FRQILDQoD GH 6LOHV $ SDUWLU G¶DTXHOO PRPHQW HOV
DXWRUV L OHV REUHV TXH &HQLW PDQOOHYD G¶HGLWRULDOV EHUOLQHVHV FRP 0DOLN MD QR VyQ
H[SOLFDEOHVVHQVHODEHQHGLFFLyGHO.3'(QHOVDQ\VSRVWHULRUVDTXDQODUHFHSFLy
G¶DXWRUVDOHPDQ\VFRHWDQLVGHFDXGHPDQHUDUjSLGD&HQLWV¶DQLUjFRQYHUWLQWMDVREUHWRW
HQ SURYHwGRUD GH GRFWULQD PDU[LVWD ±SXEOLFDGD DL[z Vt DPE HQFRPLDEOH ULJRU L DPE
H[SHULPHQWDGD GHVWUHVD HGLWRUD /D FXOWXUD HGLWRULDO SROtWLFD L OLWHUjULD GH DYDQ]DGD
FXOPLQDSHUWDQWHQDTXHOODIURQWLVVDGHLDSDUWLUGHOODYRUVXQFRSDVVROLGDOD
VHYDSULRULWjULDPLVVLyKLVWzULFDGHFRQWULEXLUDGHUURFDUOD'LFWDGXUD0RQDUTXLDHVYD
WUDQVPXWDQWHQIRUPHVDUWtVWLFRLGHROzJLTXHVHQVLQWRQLDDPEODFRPEDWLYDGqFDGDTXH
V¶HQFHWDYD /DFXOWXUDKLVSjQLFDG¶HVTXHUUHVFRQWLQXDUjGRQFVODVHYDHYROXFLyLWRWL
TXHDOJXQH[SRVWJXHUULjFRP$UGHUtXVV¶DSXQWDUjWDPEpDOFRQUHXGHIRUPHVOLWHUjULHV
SUROHWjULRUHYROXFLRQjULHV FRQVHTHQWV HOV OtPLWV GHO SUHVHQW WUHEDOO GHL[HQ MD WRW DL[z
IRUDGHOVHXHQIRFDPHQW
4XDQ FDS D OD SDUW ILQDO GHO QRVWUH HVWXGL DQDOLW]HP O¶HYROXFLy GH OD UHFHSFLy
ZHLPDULDQDD1XHYD(VSDxDYHXUHPTXHHOSURFpVHQO¶zUJDQGHODJHQHUDFLyGH
SUHVHQWDSDUDOÂOHOLVPHVUHVSHFWHDOTXHDFDEHPG¶HVERVVDUHQOHVHGLWRULDOVYLQFXODGHVD
DTXHOODJHQHUDFLy$ILQDOVGHOVDQ\VOD5HS~EOLFDGH:HLPDUHUDSHUFHEXGDSHUOD
JHQWGHDYDQ]DGDDPEFHUWDDPELJLWDW3HUXQDEDQGDHVFRQVLGHUDYDXQUqJLPQDVFXW
GHO¶DVVDVVLQDWGHOYHQHUDWWjQGHP/LHENQHFKW/X[HPEXUJLVRVWLQJXWSHUODSHUPDQHQW
WUDwFLy VRFLDOGHPzFUDWD D OD FODVVH REUHUD DOOt D PpV HO FDSLWDOLVPH HV PRVWUDYD
GHVFDUQDGDPHQW DJUHVVLX SHUTXq GH IHW KL OOLXUDYD ±WRW L TXH DUD VHQVH ERPEHV± OD
EDWDOOD GHFLVLYD SHU D OD VHYD VXSHUYLYqQFLD PXQGLDO 3HU O¶DOWUD O¶$OHPDQ\D GH OD
SRVWJXHUUDHUDYLVWDHQFODXSRVLWLYDFRPXQDPRQDUTXLDLPSHULDOLVWDHQGHUURFDGDFRP
XQD UHS~EOLFD FRQVWLWXFLRQDOPHQW SURJUHVVLVWD FRP XQD VRFLHWDW DYDQoDGD HQ PROWV
DVSHFWHVLFRPXQDFXOWXUDSURGXFWRUDG¶XQDFRQYLQFHQWPRGHUQLWDWDUWtVWLFDHQWRWVHOV
jPELWV$OVHXFRVWDWO¶(VSDQ\DRILFLDOGHOD'LFWDGXUD0RQDUTXLDHVWDYDHVPLUpVSHU
RQ HV PLUpV GHWHVWDEOHPHQW GHVIDVDGD 4XDQ 1XHYD (VSDxD VXUW DO FDUUHU D
FRPHQoDPHQWVGHOD5HS~EOLFDGH:HLPDUDFWXDFRPXQDXWqQWLFUHIHUHQWFRPHO
SULQFLSDO IRFXV G¶DWHQFLy D O¶H[WHULRU SHU SDUW GH OD UHYLVWD &RP YHXUHP FDS DOWUD
OLWHUDWXUDWpXQVHJXLPHQWVLPLODUQLFDSVLWXDFLyVRFLRSROtWLFDHVIDSUHVHQWDPEWDQWD
IUHTqQFLDDOHVVHYHVSODQHVFRPODZHLPDULDQD
3HUzYHWDTXtTXHPHQWUH(VSDQ\DDTXHOOHVWjIHQWXQDWUDQVLFLyFDSDXQ
VLVWHPD UHSXEOLFj OD GHPRFUjFLD DOHPDQ\D KD LQLFLDW MD XQ VHYHU GHWHULRUDPHQW TXH
GXUDQW HOV PHVRV GH YLGD GH OD UHYLVWD QR IDUj VLQy DFFHOHUDUVH (O FUDF ERUVDUL
LQWHUQDFLRQDO GH OD WDUGRU DQWHULRU KD SRVDW IL D XQV DQ\V GH UHODWLYD HVWDELOLW]DFLy
FRPSDUDGDVREUHWRWDPEO¶DQWHULRUqSRFDG¶KLSHULQIODFLyGHO¶HFRQRPLDDOHPDQ\DKD
REHUWXQDJUHXFULVLILQDQFHUDTXHDYLDWKRVHUjWDPEpVRFLDOSROtWLFDLFRQVWLWXFLRQDOL
HVSHUFHSMDTXHHQGHILQLWLYDKDWDQFDWGHPDODPDQHUDHOVJDLV*ROGHQH=ZDQ]LJHU(O
OHFWRUGH1XHYD(VSDxDKDXUjGHFUHXUHHQODFRQTXHVWDGHODVHYDUHS~EOLFDPHQWUHYD
YHLHQW TXH HO UHIHUHQW ZHLPDULj FDGD GLD TXH SDVVD HVWj PpV IHULW GH PRUW (Q OHV
HOHFFLRQVDO5HLFKVWDJGHVHWHPEUHGHHVSURGXHL[XQIHWPROWSUHRFXSDQWLDPpV
LQHVSHUDWHQOHVVHYHVSURSRUFLRQVXQSHULOOyVSDUWLWQDFLRQDOLVWDGHPDJRJLDQWLVHPLWD
HQFDSoDODWSHUXQSLQWRUHVFSHUVRQDWJHTXHHVGLX+LWOHUKDPXOWLSOLFDWJDLUHEpSHUGHX
HO VHX QRPEUH G¶HVFRQV /¶HVWqWLFD SROtWLFD GHO IHL[LVPH TXH HQ HOV ~OWLPV DQ\V HO
VHX SDODGt *LPpQH] &DEDOOHUR V¶LPDJLQDYD HQFDUD SUzSLD QRPpV GH O¶(XURSD
PHULGLRQDO KD IHW VRUROORVDPHQW DFWH GH SUHVqQFLD HQ XQD GHVILJXUDGD 5HS~EOLFD GH
:HLPDU$FRPHQoDPHQWVGH%HUOtQpVHQFDUDUHEXGDHQO¶LPDJLQDULGHDYDQ]DGD
FRP OD FDSLWDO GHO PyQ FRP O¶XUEV TXH UHVXPHL[ OD PRGHUQLWDW WDQ FDSLWDOLVWD FRP
1RYD <RUN HQ O¶HFRQzPLF L DOKRUD WDQ FRPXQLVWD FRP 0RVFRX HQ HO FXOWXUDO 3HUz DO
OODUJGHO¶DQ\HQXQSURFpVTXHFHUWDPHQWDYDQoDUjSLG%HUOtQDQLUjSHUGHQWOOXVWUHFRP
DUHIHUHQWLHQFDQYLODFDSLWDOVRYLqWLFDV¶DQLUjHULJLQWFRPO¶~QLFDDOWHUQDWLYDSRVLWLYD
GHIXWXULFRPHOFHQWUHG¶XQQRXLPDJLQDULTXHMDQRSRGUHPDQRPHQDUGHDYDQ]DGD
,JXDO GRQFV TXH HQ HO PyQ HGLWRULDO WDPEp HQ HO PyQ SHULRGtVWLF G¶DYDQoDGD
YHLHP FRP HV YD LQFXEDQW XQD VRYLHWLW]DFLy TXH QR GHL[D GH VHU XQD UHVSRVWD D OD
EDQFDUURWDPXQGLDOHQTXqHVWUREDHOFDSLWDOLVPHLDOHV LQWHQFLRQVTXHPRVWUDHOVHX
~OWLP GHIHQVRU HO IHL[LVPH /D GHJUDGDFLy JDORSDQW D $OHPDQ\D G¶XQD UHS~EOLFD
EXUJHVDSHUODTXDO1XHYD(VSDQ\DOOXLWDYDFRPXQDLPSUHVFLQGLEOHFRQTXHVWDSUqYLD
ID TXH HQ HOV GDUUHUV PHVRV GH OD UHYLVWD MD HQ HV SDUOL PHQ\V GH OD FXOWXUD
ZHLPDULDQDTXHDOSULQFLSL/¶HVWDOLQLVPHDOLPHQWDWSHUO¶DVFHQVLyGHOQD]LVPHV¶DQLUj
SUHVHQWDQW FRP OD IRUoD TXH YHUGDGHUDPHQW RIHUHL[ JDUDQWLHV GH SRGHU FRQWUDUHVWDU OD
UHDFFLyIHL[LVWDLGHGLULJLUODFRQVWUXFFLyG¶XQQRXPyQHQTXqHQDTXHOODqSRFDPROWV
HVSHULWVJHQHURVRVHQFDUDYDQYROHUFUHXUH
+HP IRUPXODW XQ LQWHUURJDQW FRP D SXQW GH SDUWLGD GHO SUHVHQW WUHEDOO KHP
H[SRVDWOHVSHUVSHFWLYHVWHzULFRPHWRGROzJLTXHVTXHHOFRQGXHL[HQKHPIL[DWOHVIRQWV
TXH YHUGDGHUDPHQW HO VXVWHQWHQ L O¶DUWLFXOHQ KHP SUHVHQWDW WDPEp HQ DTXHVWD
LQWURGXFFLyDOJXQVDUJXPHQWVEjVLFVTXHKLVHUDQGHVHQYROXSDWV(VSHUHPTXHWRWSOHJDW
SXJXLVHUFDSDoGHFRQYLGDUDODVHYDOHFWXUDLTXHG¶DTXHVWDHQUHVXOWLDOJXQDIRUPDGH
UHFRPSHQVDSHUDOOHFWRU4XDQ*LOGH%LHGPDGHLDDOOzWDQFqOHEUHLDIRUWXQDWGHTXqGH
WRWHVOHVKLVWzULHVGHOD+LVWzULDODPpVWULVWDpVVHQVGXEWHODG¶(VSDQ\DSRUTXHWHUPLQD
PDO HVWDYD SRHWLW]DQW D PpV G¶XQD LQVDWLVIDFFLy DPE HO VHX SUHVHQW KLVWzULF DTXHOOD
LQYHWHUDGD GLILFXOWDW GH O¶LQWHOÂOHFWXDO KLVSjQLF ±QR UHDFFLRQDUL QL WUDGLFLRQDOLVWD± SHU
DIURQWDU O¶HVWXGL G¶DOJXQ HSLVRGL SUHWqULW GH OD VHYD FROÂOHFWLYLWDW VHQVH KDYHU GH VHQWLU
XQDPHQDRDOWUDGHPDOHVWDU(QDTXHVWWUHEDOO±LVDEHGRUVGHTXqQRPpVSRGHPSDUODU
GHO SDVVDW GHV GHO QRVWUH DUD L DTXt± KHP YROJXW HVWXGLDU DOJXQV DVSHFWHV G¶XQ SURFpV
FXOWXUDOSROtWLFEjVLFDPHQWHPPDUFDWHQHOVTXDWUHDQ\VGHDYDQ]DGDTXHYDQGHMXQ\GH
DMXQ\GHDPEDL[zKHPLQWHQWDWDOKRUDH[SOLFDUDOJXQDPHQDG¶KLVWzULDTXH
VLPpVQRGHPDQHUDWUDQVLWzULDSRJXpVDFDEDUEp
3ODQDJUjILFD
/LWHUDWXUDZHLPDULDQDHQOHVHGLWRULDOVG·DYDQoDGD
3ODQDJUjILFD
0ROWVDXWRUVWUDGXwWVHQOHVHGLWRULDOVG·DYDQoDGDIRUPDUDQSDUW
DSDUWLUGHGHO·H[LOLOLWHUDULDOHPDQ\
3ODQDJUjILFD
&REHUWDGH0DXULFLR$PVWHUSHUDODWUDGXFFLyGH4XHUGXUFK5HLVHELOGHUXQG5HGHQGH7ROOHU
3ODQDJUjILFD
/·q[LWGHODQRYHOÃODGHJXHUUDZHLPDULDQDVHUjODSRUWDG·HQWUDGDG·DXWRUVHQOOHQJXDDOHPDQ\D
HQHOPyQHGLWRULDOG·DYDQoDGD
'HVFULSFLyLYLGDGH3RVW*XHUUD
3RVW*XHUUD IUXLW G¶HQWXVLDVWHV SURSzVLWV LGHDOLVWHV PROW PpV TXH G¶XQD VzOLGD
LQLFLDWLYD HPSUHVDULDO YD DFRQVHJXLU GH VRUWLU DO FDUUHU HQ RFDVLRQV $PE XQHV
PLGHVGH×LWH[WDGXHVFROXPQHVODUHYLVWDWHQLDSODQHVLFREHUWHVGHFDUWy
SULP (O GLVVHQ\ GH OD FREHUWD PROW QHW HV GHX D *DEULHO *DUFtD 0DURWR HQ HOV
SULPHUVTXDWUHQ~PHURVDSDUHL[XQJUDYDWG¶LQVSLUDFLyVRYLqWLFRIDEULOLHQODUHVWDXQ
GH UHVVRQjQFLHV PpV XUEDQHV L GH VRFLHWDW GH PDVVHV (Q WRWV GRV FDVRV KL SODQD OD
PDWHL[DLGHDGHPRGHUQLWDWLG¶HUDLQGXVWULDOSHUzPHQWUHHOSULPHUVHPEODDGUHoDUVHD
O¶REUHU DO SUROHWDULDW FRQVFLHQW HO VHJRQ VHPEOD IHUKR DO FLXWDGj D O¶LQWHOÂOHFWXDO D
O¶HVWXGLDQW ILQV L WRW $PE XQD DXVWHUD HFRQRPLD GH PLWMDQV SDSHU LQWHULRU L FDUWy
H[WHULRU U~VWHFV FREHUWHV D XQD VROD WLQWD TXH DQDYD YDULDQW GH FRORU HQTXDGHUQDFLy
DPE XQD VROD JUDSD DO PLJ GHO OORP 0DURWR DFRQVHJXHL[ TXH 3RVW*XHUUD WLQJXL XQ
DVSHFWH DWUDLHQWGLVWLQWLXLHQFRQFRUGDQoD DPEHOVHXFRQWLQJXW (OSUHX GHODUHYLVWD
HUD GH FqQWLPV L QRPpV YD SXMDU D HQ HO Q~PHUR H[WUDRUGLQDUL GH U GH 0DLJ
DTXHVWQ~PpVWDPEpO¶~QLFTXHWUHQFDXQDPLFDODFRKHUqQFLDHVWqWLFDGHO¶H[WHULRU
GH OD SXEOLFDFLy MD TXH SUHVHQWD XQ GLVVHQ\ GH FREHUWD GLIHUHQW DPE XQD LOÂOXVWUDFLy
VLJQDGDSHU6KXP
/DFREHUWDSRVWHULRUHUDWDPEpUHVSRQVDELOLWDWGH0DURWRLHOVHXGLVVHQ\YDULD
HQ WRWV HOV Q~PHURV H[FHSWH HQ HOV GRV ~OWLPV TXH HV UHSHWHL[ HVWj SHUz GHGLFDGD
LQYDULDEOHPHQW D SXEOLFLWDW HGLWRULDO 7UHW GHO Q~P V¶DQXQFLHQ VHPSUH REUHV
G¶(GLFLRQHV%LEORVHGLWRULDOGHODTXDOHOSURSL0DURWRHUDHOGLVVHQ\DGRUJUjILFLSHU
WDQW HO UHVSRQVDEOH GH O¶DFXVDGD SHUVRQDOLWDW WLSRJUjILFD GHOV VHXV OOLEUHV DTXHVWD
HGLWRULDOPDGULOHQ\DWDQWSHUODIDLoyGHOVVHXVYROXPVFRPSHOVDXWRUVL WtWROVTXHYD
HGLWDU FRQVWLWXHL[ XQ FODU SUHFHGHQW GHO PRYLPHQW HGLWRULDO G¶DYDQoDGD (Q OD FREHUWD
SRVWHULRU GHO Q~P HV ID SXEOLFLWDW G¶DOJXQV WtWROV GH OD ³%LEOLRWHFD 3RVW*XHUUD´
LQLFLDWLYD FXOWXUDOLGHROzJLFRFRPHUFLDO D TXq RSRUWXQDPHQW HQV WRUQDUHP D UHIHULU /D
OOLVWD G¶DXWRUV WtWROV L SUHXV RIHUWV HQ DTXHVWD ³%LEOLRWHFD 3RVW*XHUUD´ XQ VHUYHL GH
YHQGD GH GHWHUPLQDWV OOLEUHV SHU FRUUHX YD RFXSDU VHPSUH OD FRQWUDFREHUWD SRVWHULRU
H[FHSWHHQHOGDUUHUQ~PHURHQTXqODELEOLRWHFDGHVDSDUHL[GHODUHYLVWDHQHOVHXOORF
WUREHPOODYRUVSURSDJDQGDG¶+LVWRULD 1XHYD XQD GH OHV FDVHV HGLWRUHV TXH MXQWDPHQW
/HVGDWHVG¶DSDULFLyGHOVQ~PHURVLHQWUHSDUqQWHVLVHOVPHVRVDTXqFRUUHVSRQLHQVyQOHV
VHJHQWVQ~PMXQ\GH9,Q~PMXOLROGH9,,Q~PDJRVWGH
9,,, Q~P VHWHPEUH GH ,; Q~P RFWXEUH GH ; Q~P QRYHPEUHGHVHPEUHGH;,,Q~PJHQHUGH,Q~PIHEUHUGH
,,Q~PDEULOGH,9Q~PH[WUDRUGLQDULGHUGH0DLJGH9Q~P
MXQ\GH9,Q~PMXOLROGH9,,Q~PDJRVWVHWHPEUHGH,;
$TXHVW QRPEUH GH SODQHV YDULD HQ HO SULPHU Q~PHUR TXH HQ Wp VRODPHQW HQ HO Q~P O¶H[WUDRUGLQDUL GH U GH 0DLJ TXH DUULED D OHV L HQ OD GDUUHUD HQWUHJD TXH HQ Wp (O Q~P pV
O¶~QLFTXHLQFORXIRUDGHQXPHUDFLyXQIXOODPEIRWRJUDILHVSHUOHVGXHVFDUHV
YSODQHVJUjILTXHVL
YSODQHVJUjILTXHVL
DPE(GLFLRQHV2ULHQWHSRGHPFRQVLGHUDUFRPDLQLFLDGRUHVGHODFRQVWHOÂODFLyHGLWRULDO
SURJUHVVLVWDRGHDYDQ]DGD
3HO TXH ID D OD FRQWUDFREHUWD DQWHULRU VHPSUH YD HVWDU GHVWLQDGD WDPEp
EjVLFDPHQW D SURSDJDQGD GH OOLEUHV $PE XQ GLVVHQ\ HQ JHQHUDO PHQ\V FXLGDW L PpV
DWDSHwW G¶LQIRUPDFLy TXH HO GH OD FREHUWD SRVWHULRU V¶KL DQXQFLHQ REUHV GH GLYHUVD
SURFHGqQFLD HGLWRULDO TXH HQ OD PDMRULD GHOV FDVRV V¶LQFRUSRUDYHQ DEDQV R GHVSUpV DO
FDWjOHJ GH OD ³%LOLRWHFD 3RVW*XHUUD´ DL[z WDPEp SDVVDYD DPE HOV WtWROV GH %LEORV
DQXQFLDWVDODPDURWLDQDFREHUWDSRVWHULRU&DOGHVWDFDUTXHHQTXDWUHQ~PHURVGHODO
DTXHVWD FRQWUDFREHUWD YD HVWDU HQWHUDPHQW GHGLFDGD D DQXQFLDU OD SULPHUD REUD TXH
WUHLDDO FDUUHU(GLFLRQHV 2ULHQWHHGLWRULDO TXH FDO FRQVLGHUDU O¶DXWqQWLFD SHGUD DQJXODU
GHO¶HGLILFLHGLWRULDOG¶DYDQoDGD/¶REUDHQTHVWLypV&KLQDFRQWUDHOLPSHULDOLVPRLHO
VHX DXWRU -XDQ $QGUDGH XQ GHOV SURWDJRQLVWHV GH 3RVW*XHUUD &RP HV SRW YHXUH
O¶LQWHUqVFDSDOPyQGHOOOLEUHODLQFOLQDFLyDOQHJRFLHGLWRULDOODWHQGqQFLDDGLIRQGUH
LGHRORJLDLPSUHVDHQGLIHUHQWV IRUPDWV D OD ³%LEOLRWHFD´ D PpV GH OOLEUHV WDPEp V¶KL
DQXQFLDYHQRSXVFOHVpVSUHVHQWD3RVW*XHUUDGHOSULPHUDO¶~OWLPQ~PHUR
/DFDSoDOHUDGHODUHYLVWDDODSODQDYDURPDQGUHSUjFWLFDPHQWLQDOWHUDGDHQ
WRWVQ~PHURV6RWDHOQRPGHODSXEOLFDFLyUHSURGXHL[HOWtWROGHODFREHUWDDPEOHV
PDWHL[HV PDM~VFXOHV SHUz HQ XQD HVFDOD XQD PLFD PpV SHWLWD DSDUHL[ XQD YLQ\HWD
UHFWDQJXODU DOODUJDGD GH 0DURWR HO JUDYDW DPE OD FDUDFWHUtVWLFD EDUUHMD GH VHUq
FODVVLFLVPH L GH PRGHUQLWDW LQTXLHWD TXH WUDQVPHW O¶REUD GHO VHX DXWRU PRVWUD XQ
SDLVDWJH LQGXVWULyV VL Ep SOjFLG XQ OOLEUH REHUW L GXHV ILJXUHV KXPDQHV TXH HV SRGHQ
LQWHUSUHWDU FRP XQD SDUHOOD /¶DGUHoD GH O¶DGPLQLVWUDFLy PDL YD GHL[DU GH VHU
SURYLVLRQDO GH OD UHYLVWD HUD OD PDWHL[D TXH WDPEp V¶LQGLFDYD D OD SODQD GH OD
³%LEOLRWHFD3RVW*XHUUD´SHUSRGHUIHUOHVFRPDQGHV GH OOLEUHV 0DUTXpV GH &XEDV 3HOTXHIDDOVFUqGLWVGHODSXEOLFDFLyGLVSRVDWVHQXQDIUDQMDGHO¶DPSOjULDGHODSODQDL
WDQFDQWODFDSoDOHUDGHVLJQDYHQ(QFDUJDGRVGHOD'LUHFFLyQ-RVp$QWRQLR%DOERQWtQL
5DIDHO*LPpQH]6LOHV*LPpQH]6LOHVDSDUWLUGHOQ~P(OQ~PpVO¶~QLFTXHDPpV
DFUHGLWD$OIUHGR0DUTXHUtHFRPDHQFDUUHJDWGHOD6HFUHWDUtDGH5HGDFFLyQ(OQ~P
DSDUHL[HUj VHQVH FUqGLWV L HQ HO FRQVWD VRODPHQW 5DIDHO *LPpQH]6LOHV FRP D
'LUHFWRU*HUHQWH
0DURWRWDPEpYDGLVVHQ\DU DOWUHVHOHPHQWVJUjILFVHQJHQHUDOHOVPpVDWUDFWLXV
HQXQDUHYLVWDTXHJOREDOPHQWQRGHVWDFDSDVSHUODVHYDTXDOLWDWWLSRJUjILFDQLSHUXQD
DFXUDGD PDTXHWDFLy $ HOO HV GHXHQ OHV ERQLTXHV YLQ\HWHV TXH YDQ FRPHQoDU D
DSDUqL[HU HQ HO Q~P L TXH WLWXODYHQ GLIHUHQWV VHFFLRQV GH OD UHYLVWD DPE PRWLXV
YSODQDJUjILFD
(QHOVHJHQWQ~PHURV¶DQXQFLDHOVHXFHVVDPHQWGRQDWHOSHUILOLGHROzJLFGH0DUTXHUtHPpV
DYLDWVRUSUqQTXHDUULEpVDSUHQGUHSDUWQLTXHIRVHItPHUDPHQWHQO¶DYHQWXUDGH3RVW*XHUUD
6DQWRQMD'HOOiSL]URMRDOOiSL]OLEUHHGFLWUHIHUHL[HOWHVWLPRQLSHUVRQDOGH*LPpQH]
6LOHV VHJRQV HO TXDO %DOERQWtQ YD VHU REOLJDW SHOV VHXV SURSLV FRPSDQ\V D GLPLWLU GH OD GLUHFFLy GH OD
UHYLVWDSHOIHWG¶KDYHUVHFDVDWSHUO¶(VJOpVLD
3RVW*XHUUDPDLQRHVYDLPSULPLUHQOD,PSUHQWD0DURWR$OFiQWDUDHVWDEOHUWDHO
SHOSURSLSLQWRUOLWHUDWLGHOHVSUHPVHVGHODTXDOYDQVRUWLUHOVGRVSULPHUVQ~PHURVG¶ËQGLFHODFXURVD
UHYLVWDGHO¶H[LJHQW-XDQ5DPyQ-LPpQH]RWDPEpODSULPHUDHGLFLyGHOSULPHUSRHPDULGH/RUFDHO/LEUR
GHSRHPDV(OVSHXVG¶LPSUHPWDGHODQRVWUDUHYLVWDHQVLQGLTXHQTXH3RVW*XHUUDYDURGDUSHU
WUHVFDVHVLTXDWUHGRPLFLOLVGLIHUHQWVQ~PV$QJXLDQR,PSUHVRU%RODQ~PV,PSUHQWD/D
3HUIHFWD$PSDURQ~PV,PSUHQWD$UJLV*HQHUDO/DF\LHQHOQ~P7DUUDJRQD
/HVVHFFLRQVTXHYDQOOXLUJUDYDGHWPDURWLjYDQVHU³3ROpPLFD´³/LEURV´³(GLWRULDOHV´
³7HDWUR´ ³0~VLFD´ ³3DQRUDPD ,QWHUQDFLRQDO´ ³&LQH´ ³(VWXGLDQWHV´ ³$UWH´ L ³3HGDJRJtD´ Y SODQHV
JUjILTXHV L /HV SULPHUHV YDQ VHU OHV PpV UHFXUUHQWV PHQWUH TXH ³3DQRUDPD ,QWHUQDFLRQDO´ L
³&LQH´YDQDSDUqL[HUPLWMDGRW]HQDGHYHJDGHVFDGDVFXQD³$UWH´Q~PVYDVHUXQIUXLWWDUGjL
WDQW³(VWXGLDQWHV´Q~PFRP³3HGDJRJtD´Q~PYDQVHUIORUG¶XQGLD7DPEpKLYDKDYHUDOWUHV
DOÂOXVLXVDFDGDWHPDHQTHVWLyDTXHVWVJUDYDGHWVVROHQLQFORXUHILJXUHVKXPDQHVG¶XQ
SRqWLF KLHUDWLVPH ±OD FUtWLFD SDUOD GH TXLHWLVPH DPE UHODFLy D O¶REUD GH O¶DUWLVWD
PDQ[HF± PROW FDUDFWHUtVWLF 7DPEp YD IHU XQD YLQ\HWD SHU HQFDSoDODU OD SODQD GH OD
³%LEOLRWHFD3RVW*XHUUD´SHUzQRPpVYDGXUDUWUHVPHVRVQ~PVMDTXHDYLDWHV
YDVDFULILFDUO¶H[FHOÂOqQFLDHVWqWLFDSHUODXWLOLWDWQHFHVVLWDYHQHVSDLSHUSRGHUDPSOLDUOD
OOLVWDGHOOLEUHVHQYHQGD
6yQ DL[t PDWHL[ DWULEXwEOHV D 0DURWR PLWMD GRW]HQD GH GLIHUHQWV PRWLXV JUjILFV
DUEUHVSRQWVYDL[HOOVIjEULTXHVTXHHVYDQUHSHWLQWDPEPDMRURPHQRUIUHTqQFLD
WRW DO OODUJ GH OD YLGD GH OD UHYLVWD (Q SULQFLSL VyQ FRORIRQV G¶DUWLFOH UHFXUVRV GHO
WLSzJUDI SHU FRPSDJLQDU HTXLOLEUDGDPHQW OHV SODQHV 3HUz YHW DTXt TXH FHUWD
LQWHPSHVWLYLWDW DPE TXq DSDUHL[HQ XQLGD WDPEp D FHUWD PDWXVVHULD WLSRJUjILFD HQ
RFDVLRQVPDQLIHVWDHQVKDIHWYHXUHTXHHOVVRFRUUHGRUVFRORIRQVWHQLHQHQUHDOLWDWXQD
IXQFLyDIHJLGDSDOÂOLDUGHSUHVVDLFRUUHQWVHOVHVWUDOOVGHODFHQVXUDSUqYLD(QHIHFWHQR
SRWVHUFDVXDOTXHHOVQ~PHURVLTXHPpVDEXVHQGHOVFRORIRQVPDURWLDQVVLJXLQ
WDPEp HOV ~QLFV WUHW GHO Q~P TXH PRVWUHQ ILQV D WUHV YHJDGHV OD OOHJHQGD DPE
YDULDQWV(VWHQ~PHURKDVLGRYLVDGRSRUODFHQVXUD±SUHVHQWWDQPDWHL[DWRWDODUHVWD
GHQ~PHURVDOPHQ\VXQDYHJDGD6RWDDTXHVWDOOXPIRVFDOOXPGHOFRQGLFLRQDPHQWGH
ODFHQVXUDSUqYLDYLJHQWHQHOUqJLPGH3ULPRGH5LYHUDHQWHQHPWDPEpO¶DEXQGjQFLD
GHQRWHVUHTXDGUHVLHQWUHILOHWVTXHRPSOHQOHVSODQHVGH 3RVW*XHUUD L TXH VRYLQW HV
UHSHWLHQGHQ~PHURHQQ~PHURQRWLILTXHQVtTHVWLRQVEHQGLYHUVHVDOOHFWRUSHUzGH
VHJXU TXH HOV FDL[LVWHV GH OD LPSUHPWD WHQLHQ D Pj DTXHOOHV IUDVHV FRP HOV FRORIRQV
JUjILFVSUHSDUDGHVSHUTXDQOHVJDOHUDGHVUHWRUQDYHQDPEODPjFXODYHUPHOODGHOOODSLV
GHOFHQVRULFDOLDUHIHUHQSRFWHPSVODFRPSRVLFLyGHOVDUWLFOHV,pVTXHVHJRQVH[SOLFD
*LPpQH]6LOHVQRHVWDYDSHUPqVGHL[DUXQHVSDLHQEODQFIRVHOFRUUHVSRQHQWDXQD
IUDVHXQSDUjJUDIRXQDUWLFOHVHQFHUDOOtRQHOFHQVRUV¶KDYLDUDEHMDWDL[zKDXULDHYLWDW
DOV FRPSDJLQDGRUV OHV LPSURYLVDFLRQV GH GDUUHUD KRUD SHUz WDPEp KDXULD GHQXQFLDW
PXGDPHQWODUHDOLWDWGHODFHQVXUDLKDXULDHVWLPXODWODLPDJLQDFLyGHOOHFWRU
/D LQGLFDFLy G¶KDYHU SDVVDW HO ILOWUH GH OD FHQVXUD DSDUHL[ GRQFV HQ WRWV HOV
Q~PHURVVLJXLHQIRUPDGHGLVFUHWHQWUHILOHWRGHYLVLEOHUHTXDGUHVLJXLDODSULPHUDOD
VHJRQD O¶~OWLPD R D TXDOVHYRO SODQD (Q HOV WUHV SULPHUV Q~PHURV VXUW GLYHUVHV
YHJDGHVLSHUDL[zVXSRVHPTXHGHYLHQUHVXOWDU±VHJXUDPHQWDFXVDQWODQRYHWDWGHOD
UHYLVWDLODLQH[SHULqQFLDGHOVVHXVUHVSRQVDEOHV±SDUWLFXODUPHQWPXWLODWV3RVWHULRUPHQW
O¶DYtVQRPpVILJXUDXQDYHJDGDSHUQ~PHURHOVUHGDFWRUVGHYLHQMDFRQqL[HUPLOORUHOV
OtPLWVTXHQRSRGLHQWUDVSDVVDU/¶H[FHSFLyYDVHUHOQ~PRQWRUQDDVRUWLUYHJDGHV
XQDG¶HOOHVDPEODIyUPXODPpVGUDPjWLFDG¶(VWHQ~PHURKDVLGRFHQVXUDGRVHPEOD
VHFFLRQVPpVRPHQ\VLPSURYLVDGHVHItPHUHVRILQVLWRWHVS~ULHVVHQVHYLQ\HWDGH0DURWR³5HYLVWDGH
5HYLVWDV´Q~PV³'HO0XQGR/LWHUDULR´Q~PV³'H$UWH´Q~P³1RWLFLDVGH/LWHUDWXUD\
$UWH´Q~PV³9HUVR\3URVD´Q~P
YSODQDJUjILFD
/D'LFWDGXUDGHIHWQRYDGHURJDUO¶HQFDUDYLJHQW/H\GH3ROLFtDGH,PSUHQWDGHQRPpV
ODYDGHVILJXUDUDEDVHGHGHFUHWVUHVWULFWLXVLG¶XQDSUD[LDUELWUjULDLFDzWLFD$TXHVWDOOHL±WRWLTXHVRYLQW
VXVSHVDMDDOOODUJGHOD5HVWDXUDFLy±HUDSURXWROHUDQWHQODVHYDLQVSLUDFLyY--6iQFKH]$UDQGD
&DUORV %DUUHUD +LVWRULD GHO SHULRGLVPR HVSDxRO 'HVGH VXV RUtJHQHV KDVWD 8QLYHUVLGDG GH
1DYDUUD
$OJXQV HQWUHILOHWV WHQHQ WDPEp FDUjFWHU SURJUDPjWLF FRP DTXHVW HQ OD SODQD GHO Q~P ³3267*8(55$ HV XQD SXEOLFDFLyQ FRQVDJUDGD HQ JHQHUDO D GHIHQGHU ORV LQWHUHVHV HFRQyPLFRV GH
WRGRVORVWUDEDMDGRUHV\HQSDUWLFXODUDFRPEDWLUODVLQIOXHQFLDVEXUJXHVDV\UHDFFLRQDULDVHQODVDUWHV\
ODOLWHUDWXUD´
5DIDHO*LPpQH]6LOHV(GLWRUOLEUHURHLPSUHVRU*XLyQDXWRELRJUiILFRSURIHVLRQDO0p[LFR
/D,PSUHVRUD$]WHFD
4XDWUHYHJDGHVHQHOSULPHUQ~PHURLWUHVHQHOVHJRQLWHUFHU
TXH DTXt HO FHQVRU HV YD DFDUQLVVDU SDUWLFXODUPHQW DPE XQ DUWLFOH GH %DOERQWtQ (O
UHFRUGDWRUL GH OD YLJLOjQFLD FHQVRUD FUHD HQ TXDOVHYRO OHFWRU VHQVLEOH XQ PDOHVWDU
SDUWLFXODU pV FRP VL XQ HQV PDQLSXODGRU V¶KDJXpV LQWHUSRVDW HQWUH HOO L O¶DXWRU HQ HO
SUHFLyV L SULYDW DFWH GH OD OHFWXUD pV XQD YLRODFLy GHO IHFXQG LQWHUFDQYL D WUDYpV GH OD
SDUDXOD HVFULWD GH OD OOLEHUWDW G¶HQULTXLPHQW PRUDO HQ GHILQLWLYD 3HO TXH ID DOV
SURPRWRUV GH 3RVW*XHUUD GHYLHQ VHQWLU SRGHURVDPHQW OD IUXVWUDFLy L OD LPSRWqQFLD
G¶KDYHU G¶HVWDU VRWD O¶DUELWUjULD WXWHOD GHO FHQVRU 3HUz OD PDQHUD FRP HOOV YDQ VDEHU
UHDFFLRQDU GDYDQW O¶HVFXOO GH OD FHQVXUD SUqYLD WLQGUj HQRUPHV UHSHUFXVVLRQV SHU DO
REMHFWH G¶HVWXGL TXH HQV RFXSD $WqV TXH TXHGDYD OOLXUH G¶DTXHVWD FHQVXUD WRWD
SXEOLFDFLyTXHDVVROtVOD[LIUDGHSODQHVYDQGHFLGLUQROLPLWDUVHDHGLWDUUHYLVWHVL
DOJXQVHVYDQSDVVDUDPEIRUoDq[LWDO¶HGLFLyGHOOLEUHV(OVUHVSRQVDEOHVGHO¶HQV
FHQVRU SHQVDYHQ TXH D SDUWLU GH OHV SODQHV HOV OOLEUHV SHO VHX SUHX L SHU OD SRFD
IRUPDFLyGHOS~EOLFOHFWRUMDQRHUHQDVVHTXLEOHVDOHVPDVVHVLSHUWDQWGHL[DYHQGHVHU
SHULOORVRV (V YDQ HTXLYRFDU HOV DQ\V WUHQWD WUXFDYHQ D OD SRUWD L YHQLHQ FDUUHJDWV
G¶LGHRORJLHV HQIURQWDGHV GH UHSURGXFWLELOLWDW D JUDQ HVFDOD L GH FXULRVLWDW OHFWRUD
$TXHOOV VLQJXODUV SUzFHUV GH OD OHFWXUD OOLoRQV GH OD +LVWzULD LQGLUHFWDPHQW YDQ
FRQWULEXLUDTXqHQSRFVDQ\VHOPHUFDWHGLWRULDOHVSDQ\ROV¶LQXQGpVGHOOLEUHV±GHPpV
GHSODQHV±GHWHQGqQFLDUHYROXFLRQjULD
'HWRWHVPDQHUHVLFRPHVSRWFRPSURYDUVLPSOHPHQWOOHJLQWHOVH[HPSODUVGH
3RVW*XHUUDODULJLGHVDG¶DTXHVWDFHQVXUDGHOVDQ\VpVSURXUHODWLYDVLODFRPSDUHP
DPEODFHQVXUDIHL[LVWDGHOVDQ\V3ULPRYROLDGRWDU HOVHX UqJLPG¶XQFHUWWDUDQQj
IDOVDPHQW GLDORJDQW L HOO PDWHL[ SHULRGLVWD DPDWHXU HO FRQWURO TXH SUDFWLFDYD VREUH
O¶RSLQLy S~EOLFD WHPD GHO VHX Pj[LP LQWHUqV HV WHQ\LD VRYLQW G¶XQD PHQD GH
SDWHUQDOLVPH ±HQ HO IRQV LQWROHUDQW± DPE YROXQWDW GH FRQYqQFHU /D SHUPLVVLYLWDW
UHODWLYDWHQLDXQVYHGDWVTXHSRGHPFRQVWDWDU SHU OHV RPLVVLRQV D OHV SODQHV GH3RVW
*XHUUD XQD UHYLVWD GH SHQVDPHQW SROtWLF L PROW DWHQWD DO SUHVHQW QR KL OOHJLUHP FDS
1R VDEHP VL HO IHW G¶H[LPLU GH OD SUqYLD FHQVXUD OHV SXEOLFDFLRQV D SDUWLU GH SODQHV
UHVSRQLDDXQDUHJODPHQWDFLyHVFULWDRDXQVLPSOHXVDWJHWDPSRFVDEHPVLHUDYLJHQWQRPpVD0DGULGR
DWRWD(VSDQ\D+HPFRQVXOWDWDPEKLVWRULDGRUVHVSHFLDOLVWHVHQOD'LFWDGXUDGH3ULPRLHQVKDQGLWTXH
HQ JHQHUDO LPSHUDYD PpV O¶DUELWUDULHWDW TXH OD QRUPDWLYLWDW 3HU DOWUD EDQGD OD QRUPDWLYD FHQVRUD VHQV
GXEWH V¶LQVSLUDYD HQ OD SUzSLD OOHL GH TXH GHL[DYD HQ SDSHU PXOODW $TXHVWD OOHL HQ HO VHX DUWLFOH
WHUFHUHVWLSXODYDTXHV¶HQWHQLDSHUOOLEUHTXDOVHYROLPSUqVQRSHULzGLFGHRPpVSODQHVPHQWUHTXHVL
SDVVDYDGHSHUzQRDUULEDYDDOHVQRHUDOOLEUHVLQyIXOOHWO¶LPSUqV±VHPSUHVHQVHSHULRGLFLWDW±GH
RPHQ\VSODQHVHVFRQVLGHUDYDKRMDVXHOWDY(QULTXH*yPH]5HLQR\&DUQRWD$SUR[LPDFLyQKLVWyULFD
DO GHUHFKR GH OD LPSUHQWD \ GH OD SUHQVD HQ (VSDxD 0DGULG ,QVWLWXWR GH (VWXGLRV
$GPLQLVWUDWLYRV
(OVWHVWLPRQLVHQWUHHOVFRQWHPSRUDQLVLHOVSURSLVDIHFWDWVGHO¶H[LVWqQFLDGHODOOHL±HVFULWDR
QR± GH OHV SODQHV VyQ DEXQGRVRV 9HJHPQH XQ GH 5DPyQ - 6HQGHU ³+DEtD HQWRQFHV XQD OH\ GH
FHQVXUD PX\ FXULRVD /RV OLEURV HVWDEDQ OLEUHV GH SUHYLD FHQVXUD SHUR SDUD VHU FRQVLGHUDGR XQ OLEUR
PHUHFHGRU GH HVH SULYLOHJLR HO YROXPHQ GHEtD DOFDQ]DU SRU OR PHQRV ODV GRVFLHQWDV SiJLQDV >@ 3RU
GHEDMRGHHVDFLIUDHOOLEUR\DQRORHUDVLQRIROOHWR<ORVIROOHWRVHVWDEDQVRPHWLGRVDFHQVXUDORPLVPR
TXHODSUHQVD6XSRQJRTXHHOFULWHULRTXHLQVSLUDEDDTXHOODOH\HUDGHDOJXQDVXWLOH]D3HURFRQWUDODGH
ORV FHQVRUHV HVWDED OD GH ORV HGLWRUHV \ pVWRV VDEtDQ FRPSRQHU XQ IROOHWR GH DJLWDFLyQ FRQ WLSRV GH
LPSUHQWDPD\RUHVGHORKDELWXDO\OtQHDVHVSDFLDGDVGHPRGRTXHSRUODVEXHQDVRODVPDODVDOFDQ]DEDQ
ODVGRVFLHQWDVSiJLQDV$VtVHSXEOLFDEDQOHJDOPHQWHWRGDFODVHGHSDQIOHWRVHQSURRHQFRQWUDGHWRGD
FODVHGHGRFWULQDV´5DPyQ-6HQGHU³(OYDORUGHODQRYHODKLVWyULFD´+LVWRULDMXQ\
3ULPRRPSOLDHOVGLDULVGHQRWDVRILFLRVDVTXHUHGDFWDYDHOOSHUVRQDOPHQWRGRQDYDDODSUHPVD
HQWUHYLVWHVTXHHVIHLDDVLPDWHL[$EDQVGHVHUGLFWDGRUILQVLWRWKDYLDSDUWLFLSDWHQODIXQGDFLyG¶DOJXQ
SHULzGLF 1R VH OL SRW QHJDU FHUWD WUDoD FHUW HVWLO SURSL HQ O¶REVWLQDGD UHGDFFLy G¶DTXHVWHV QRWHV
DXWRMXVWLILFDGRUHV8QDDQWRORJLDGHWDOVH[SDQVLRQVSHULRGtVWLFROLWHUjULHVHVYDSXEOLFDUMDHOPROW
SRFGHVSUpVGHODVHYD LQHVSHUDGD PRUWVREUHYLQJXGD QRPpVDOFDSG¶XQV PHVRVGHGHL[DUHO SRGHUL
FRQVWLWXHL[GHIHWXQDFXULRVDKLVWzULDSROtWLFDGHOD'LFWDGXUD'LRQLVLR3pUH]/D'LFWDGXUDDWUDYpVGH
VXVQRWDVRILFLRVDV0DGULG&RPSDxtD,EHUR$PHULFDQDGH3XEOLFDFLRQHV
UHIHUqQFLD GLUHFWD DO *RYHUQ QL DO UqJLP QL FDS D O¶HQFDUD UHFHQW *XHUUD GHO 0DUURF
WDPSRF D YDJXHV L GLVWXUELV R D OD THVWLy GHOV QDFLRQDOLVPHV 1L $OIRQV ;,,, QL OD
0RQDUTXLDVyQHVPHQWDWVRDOÂOXGLWVHQOORFFRPVLQRH[LVWLVVLQ([WLUSDWVHOVWHPHVDOV
TXDOV HO UqJLP HUD VHQVLEOH OD QRVWUD UHYLVWD SRGLD ILQV L WRW VHUOL ~WLO 7ROHUDU XQD
SXEOLFDFLy G¶RULHQWDFLy ERO[HYLW]DQW SRGLD FRQWULEXLU D GRQDU XQD IDOVD LPDWJH GH
OOLEHUWDWLSOXUDOLVPH7DPEpSRGLDVHUYLU±VLGHL[HPGHEDQGDODPRGHVWDVLJQLILFDQoD
UHDOTXHYDSRGHUDVVROLU3RVW*XHUUD±SHUIHUYHXUHOHVRUHOOHVGHOOORSDFHUWVVHFWRUV
HO FDSLWDO QDFLRQDO L HVWUDQJHU OHV FODVVHV GLULJHQWV FDWDODQD L EDVFD TXH WHQGLHQ D
GHVYLQFXODUVHGHOVHXVXSRUWLQLFLDODOD'LFWDGXUD)LQDOPHQWLPDJLQHPTXHHOFHQVRU
SRGLD H[SHULPHQWDU FHUWD tQWLPD VDWLVIDFFLy HQ OD OHFWXUD GHOV DWDFV TXH 3RVW*XHUUD
SURGLJDYD DOV VHFWRUV SROLWLFRVRFLDOV DPE TXq SHU UDRQV GLDPHWUDOPHQW RSRVDGHV HO
*RYHUQ WDPSRF FRPEUHJDYD HO FDGXF OLEHUDOLVPH SROtWLF HO QRVWjOJLF UHSXEOLFDQLVPH
GHFLPRQzQLF HO VRFLDOLVPH UHIRUPLVWD L FROÂODERUDFLRQLVWD HO VLQGLFDOLVPH SDFWLVWD L
EXURFUDWLW]DWRO¶DQDUTXLVPHGHVFRQQHFWDWGHO¶DFFLySROtWLFD
3RVW*XHUUD pV XQD UHYLVWD G¶LGHHV DL[z pV GH WH[WRV /HV LOÂOXVWUDFLRQV HQ
FRQMXQWQRKLMXJXHQXQJUDQSDSHU/HVH[FHSFLRQVVyQHOQ~PTXHFRQWpXQIXOOGH
IRWRJUDILHVSHUOHVGXHVFDUHVLHOQ~P±O¶H[WUDRUGLQDULGHUGH0DLJGH±TXH
GXX XQ WRWDO GH LOÂOXVWUDFLRQV SUHVFLQGLEOHV HQ UHDOLWDW DOJXQD FDULFDWXUD DOJXQ
GLEXL[ GH 6KXP ±O¶LOÂOXVWUDGRU GH OD FREHUWD± L DOJXQ DOWUH VLJQDW SHU XQ LQFRQHJXW
3KDURV WDPEp HOV Q~PHURV L GXHQ LOÂOXVWUDFLRQV FDGDVFXQ UHWUDWV G¶,EVHQ
,VWUDWLL7ROVWRLRJUDYDWVGH7ROOHUL6WULQGEHUJ(OIXOOIRWRJUjILFGHOQ~PVtTXHpV
XQ HQFHUW DPE UHODFLy DO FDLUH TXH YROLD WHQLU OD SXEOLFDFLy /L GyQD XQ WR GH UHYLVWD
G¶DYDQWJXDUGD HQ HO VHQWLW HVTXHUUj PROW GLIHUHQW FRP YHXUHP G¶DOWUHV
DYDQWJXDUGLVPHV TXH 3RVW*XHUUD FRPEDWLD DPE LQVLVWqQFLD DWHQWD D WRWHV OHV
PDQLIHVWDFLRQV GHO ³QXHYR DUWH UXVR´ DXWqQWLF UHIHUHQW HVWqWLF FRQHJXW DPE PpV R
PHQ\VSURIXQGLWDWDL[zGHEDQGDGHOVSURPRWRUVGHODUHYLVWD$L[tDODSULPHUDSODQD
WUREHPIRWRJUDILHVUHODFLRQDGHVDPEVHQJOHVGLVFLSOLQHVDUWtVWLTXHVOLWHUDWXUDSLQWXUD
LFLQHPDUXVVRVGHOPRPHQW$ODVHJRQDSODQDKLKDIRWRVGHWHPjWLFDWHDWUDOO¶XQD
PRVWUD XQD HVFHQD G¶XQD REUD GH *ROGIDGHQ FRQVLGHUDW HO SDUH GHO WHDWUH
MLGGLVFKUHSUHVHQWDGDHQHOWHDWUHMXHXGH0RVFRXO¶DOWUDIRWRGXXDTXHVWSHX³(VFHQD
GH/DKLVWRULDGHXQVROGDGRGH6WUDZLQVNL>VLF@TXHVHUHSUHVHQWDHQHO5HQDLVVDQFH
7KHDWHU GH %HUOtQ´ (QV LQWHUHVVD HO GHWDOO SHUTXq H[HPSOLILFD GH TXLQD PDQHUD
GHWHUPLQDGHVPDQLIHVWDFLRQVFXOWXUDOVDOHPDQ\HVRSURYLQHQWVG¶$OHPDQ\DHQSULQFLSL
DVVLPLODGHV G¶DOJXQD PDQHUD D OD WHQGqQFLD UXVVzILOD HV YDQ DQDU REULQW FDPt D OHV
SODQHVGHODUHYLVWD
3HOTXHIDDODGLVWULEXFLyWRWIDSHQVDUTXH3RVW*XHUUDHUDXQIHQRPHQG¶DEDVW
EjVLFDPHQW PDGULOHQ\ 'H IHW OD SUzSLD UHYLVWD SHU OHV FDUDFWHUtVWLTXHV GHO VHX HVWLO
SROHPLVWDSHUOHVFRQFUHWHVFRQWURYqUVLHVSROtWLTXHVHQTXqHVUHPXOODSHUOHVKHUqQFLHV
LOHVUHDOLWDWVFXOWXUDOVGHOPRPHQWDTXqSODQWDFDUDQRGHL[DGHVHUXQSURGXFWHDPE
6KXPHUDHOSVHXGzQLPDUWtVWLFG¶$OIRQV9LODL)UDQTXHVDWDPEpFRQHJXWFRP-XDQ%DXWLVWD
$FKHUHQWUHDOWUHVQRPVGHFODQGHVWLQLWDWXQGLEXL[DQWLSLQWRUDQDUTXLVWDQDVFXWD6DQW0DUWtGH0DOGj
HO L PRUW D 0q[LF HO &RQGHPQDW D PRUW SHO VHX DFWLYLVPH UHYROXFLRQDUL L SRVWHULRUPHQW
LQGXOWDWHVYDSDVVDUODGqFDGDGHOVDODSUHVyGHVG¶RQYDIHUDUULEDUOHVVHYHVFROÂODERUDFLRQVDOQ~P
GH3RVW*XHUUDY/OXtV6ROjL'DFKV³©6KXPªGLEXL[DQWDQDUTXLVWD´/¶$YHQoIHEUHU
3RVWHULRUPHQW MD HQ 1XHYD (VSDxD SURPRXUj XQD FDPSDQ\D D IDYRU GHO VHX DOOLEHUDPHQW Y
³5LIL5DIH´1XHYD(VSDxDGHPDLJ³/D([SRVLFLyQGH©6KXPª´1XHYD(VSDxD
GH MXQ\ ³3DUD HO GLUHFWRU JHQHUDO GH 3ULVLRQHV´ 1XHYD (VSDxD G¶DJRVW $TXHVWD FDPSDQ\D QR GHL[DYD GH VHU XQD FRQWLQXDFLy GH OD TXH XQD GqFDGD DEDQV L DPE SURMHFFLy
LQWHUQDFLRQDO KL KDYLHQ SDUWLFLSDW %DUEXVVH 5ROODQG ,VWUDWL *RUNL 0DODWHVWD HWF KDYLD SURPRJXW OD
FRPPXWDFLyGHODVHYDSHQDGHPRUW
XQ LQQHJDEOH VDERU GH OD YLOOD \ FRUWH $ OD FRQWUDFREHUWD DQWHULRU GHOV WUHV SULPHUV
Q~PHURVDSDUHL[XQDOOLVWDDPEHOVSXQWVGHYHQGDGHODUHYLVWDD0DGULGHQWUHL
TXLRVFRV L FDQWRQDGHV ,JQRUHP VL OD GLVWULEXFLy GH 3RVW*XHUUD YD DUULEDU PDL D
WUDVSDVVDU HO WHUPH GH OD FDSLWDO SHU DOJXQ PLWMj VLVWHPjWLF TXH QR IRV HO GH OD
VXEVFULSFLy 3HU XQ ³$YLVR´ VDEHP TXH GHOV GRV SULPHUV Q~PHURV VH¶Q YD IHU
XQDFHUWDSURPRFLySUREDEOHPHQWHQWUHSRWHQFLDOVVXEVFULSWRUVGHODQRYDSXEOLFDFLy
$ WRGRV ORV OHFWRUHV TXH UHFLELHURQ HO SULPHU Q~PHUR GH HVWD 5HYLVWD \ QR QRV KDQ
HQYLDGRHOEROHWtQGHVXVFULSFLyQOHVDQXQFLDPRVTXHVHUiHVWHVHJXQGR Q~PHURHO ~OWLPRTXH
UHFLEDQVLQRFXPSOHQDTXpOUHTXLVLWRDQWHVGHODDSDULFLyQGHOWHUFHUQ~PHUR
1RVREOLJDDWRPDUHVWDGHWHUPLQDFLyQHOJUDQSHGLGRGHHMHPSODUHVTXHWHQHPRV\SRU
RWUD SDUWH OD SRVLELOLGDG GH TXH FDLJD QXHVWUD SXEOLFDFLyQ HQ PDQRV GH SHUVRQDV D TXLHQHV QR
LQWHUHVH
$TXHVWRSWLPLVPHDPEUHODFLyDXQFHUWq[LWLQLFLDOGHODUHYLVWDWRUQDDDSDUqL[HU
HQXQHQWUHILOHWDODSODQDGHOPDWHL[Q~P
5RJDPRVDQXHVWURVFRPXQLFDQWHVTXHQRVHLPSDFLHQWHQVLODFRQWHVWDFLyQDVXVFDUWDV
QR HV WDQ UiSLGD FRPR HOORV GHVHDUDQ 1RV UHIHULPRV FODUR HVWi D DTXHOODV FDUWDV GH XQ FLHUWR
LQWHUpV SDUD OD PDUFKD \ p[LWR GH OD SXEOLFDFLyQ /DV GH HORJLRV \ IHOLFLWDFLRQHV ODV DFRJHPRV
HIXVLYDPHQWHSHURODIDOWDGHWLHPSRSDUDHVWDODERUQRVLPSLGHVLQWLpQGRORHOFRQWHVWDUODV1RV
HQFRQWUDPRVHQHOPLVPRFDVRFRQODVGHDQXQFLRGHJLURV\VXVFULSFLRQHVSRUVHUEDVWDQWHVODV
TXHUHFLELPRV
1RWHQLP[LIUHVVREUHHOVWLUDWJHVDTXqYDSRGHUDUULEDU3RVW*XHUUD1RPpV
VDEHP TXH GH O¶H[WUDRUGLQDUL GH U GH 0DLJ VH¶Q YD IHU XQD WLUDGD PROW VXSHULRU D
O¶KDELWXDOSHUzHQVPDQFDXQDUHIHUqQFLDFRPSDUDWLYD(QVLQFOLQHPDSHQVDUTXHOHV
[LIUHV HUHQ PRGHVWHV +R FUHLHP DL[t SHO IHW TXH 3RVW*XHUUD WRW L VHU XQD JDVHWD GH
FODUD RULHQWDFLy FRPXQLVWD HUD DO FDSGDYDOO XQD SXEOLFDFLy LQGHSHQGHQW GHVSURYHwGD
GRQFVWDQWGHOILQDQoDPHQWFRPGHOVFDQDOVGHGLVWULEXFLyGHODSUHPVDGHSDUWLW1LWDQ
VROVHQHOFDVTXHHO3DUWLW&RPXQLVWD±SHUFRQVLJQDGLFWDGDRDWUDYpVGHOJHVWYROXQWDUL
G¶DOJXQPLOLWDQW±V¶KDJXpVDUULEDWDLPSOLFDUHQODVHYDGLVWULEXFLyQRHVWDYDHQDEVROXW
JDUDQWLGD XQD SUHVqQFLD PDVVLYD GH OD UHYLVWD HQ HOV PHGLV DILQV R SRWHQFLDOPHQW
UHFHSWRUV HO PRYLPHQW REUHU HVSDQ\RO HVWDYD DOHVKRUHV EjVLFDPHQW FRQWURODW D WUDYpV
GHOVVLQGLFDWVFRUUHVSRQHQWVSHOVVRFLDOLVWHV8*7LSHOVDQDUTXLVWHV&173HUDOWUD
9tFWRU)XHQWHVGHVFULXDTXHVWV SXQWVGH YHQGDFRP ³TXLRVFRVHVWUDWpJLFRVGHOFHQWUR EDUULR
HVWXGLDQWLO\&XDWUR&DPLQRV´9tFWRU)XHQWHV³©3RVW*XHUUDª8QDUHYLVWDGHYDQJXDUGLD
SROtWLFD\OLWHUDULD´ËQVXOD5HYLVWD%LEOLRJUiILFDGH&LHQFLDV\/HWUDVQRYHPEUH
$SDUWLUG¶DUD±SHUVLPSOLILFDULDJLOLW]DUOHVFLWDFLRQVLDOÂOXVLRQV±OHVUHIHUqQFLHVQXPqULTXHV
VREUHHOVFRQWLQJXWVGHODUHYLVWDUHPHWUDQDOVtQGH[VGHFDGDXQGHOVQ~PHURVTXHHVWUREHQHQO¶DQQH[
,GHOSUHVHQWWUHEDOO$L[tDTXHVWDUHIHUqQFLDHQVUHPHWDOSXQWGHO¶tQGH[GHOQ~PHURGH3RVW
*XHUUD (Q HOV tQGH[V HV SRGUj YHXUH HQ FDGD FDV HO WtWRO GH O¶DUWLFOH UHVVHQ\D R QRWD O¶DXWRU VL KL
FRQVWDODVHFFLyVLHQSHUWDQ\DFDSLHOQ~PHURGHODSODQDRSODQHVTXHRFXSD
/D QRVWUD UHYLVWD QL WDQ VROV DSDUHL[ HVPHQWDGD HQ OHV HVWDGtVWLTXHV RILFLDOV GH SUHPVD
SHULzGLFDY0LQLVWHULRGH7UDEDMR\3UHYLVLyQ6HUYLFLR*HQHUDOGH(VWDGtVWLFD(VWDGtVWLFDGHODSUHQVD
SHULyGLFD GH (VSDxD 5HIHULGD DO GH GLFLHPEUH GH 0DGULG ,PSUHQWD GH ORV +LMRV GH 0 *
+HUQiQGH]
$OD QRWDHGLWRULDO ³$ SURSyVLWRGHQXHVWURQ~PHURH[WUDRUGLQDULR´OOHJLP ³'HHVWH
Q~PHURKHPRVKHFKRXQDWLUDGDGHHMHPSODUHVPX\VXSHULRUDODGHWRGRVORVGHPiVQ~PHURVTXHKHPRV
SXEOLFDGR1XHVWURREMHWRHVTXHHVWHH[WUDRUGLQDULRGHGH0D\RVLUYDSDUDKDFHUXQDLQWHQVDFDPSDxD
DIDYRUGHQXHVWUD5HYLVWD´
/D GLIHUqQFLD pV FODU HUD TXH PHQWUH OD &17 DFWXDYD HQ OD FODQGHVWLQLWDW O¶8*7 PDQWHQLD
DPE OD 'LFWDGXUD XQD SROtWLFD GH FROÂODERUDFLRQLVPH Y -RVp $QGUpV*DOOHJR (O VRFLDOLVPR GXUDQWH OD
'LFWDGXUD0DGULG7HEDV
SDUWLPDOJUDWODVHYDSHUPDQHQWSURIHVVLyG¶DQWLHOLWLVPHpVREYLTXH3RVW*XHUUDHUD
XQSURGXFWHSROtWLFRFXOWXUDOOLWHUDULGHFRQVXPPLQRULWDUL
6HQVHUHFRO]DPHQWHPSUHVDULDOVHQVHILQDQoDPHQWSDUWLGLVWDLDPEXQD[DU[DGH
GLVWULEXFLySUHFjULDOHVHVSHUDQFHVGHVXSHUYLYqQFLDGHODUHYLVWDHQJUDQSDUWV¶KDYLHQ
G¶DFROOLUDODFRQVROLGDFLyG¶XQQRPEUHVXILFLHQWGHVXEVFULSFLRQV/HVFULGHVHQDTXHVW
VHQWLW VRUJHL[HQ MD D SDUWLU GHO Q~P /D EXWOOHWD GH VXEVFULSFLy HUD UHWDOODEOH L
DSDUHL[LDLQWHUFDODGDHQWUHODFREHUWDLODSODQD6¶H[KRUWDYDHOOHFWRUDRPSOLUODL
HQYLDUODRVLMDV¶KDYLDIHWDSDVVDUODDDOJXQDPLFHOPpVFXULyVpVTXHQRIL[DYHQ
UtJLGDPHQWFDSSUHX
3DUDHYLWDUODGLILFXOWDGHFRQyPLFDDORVOHFWRUHVTXHGHVHHQFRQWLQXDUUHFLELHQGRHVWD
5HYLVWDQRILMDPRVWLSR~QLFRGHVXVFULSFLyQ$FHSWDPRVVXVFULSFLRQHVGHVGHGLH]FpQWLPRV/D
SRVLELOLGDG HFRQyPLFD GH FDGD FXDO \ HO GHVHR TXH WHQJD GH D\XGDUQRV ±OD D\XGD QRV HV
LQGLVSHQVDEOH±ILMDUiHQFDGDFDVRODFXRWDFRUUHVSRQGLHQWH
$TXHVW EXVFDU OD FRPSOLFLWDW GHO OHFWRU YROHU IHUOR SDUWtFLS HQ XQD FDXVD
FRPXQDVHUjWDPEpXQDGHOHVFRQVWDQWVHQODVHPSUHDPHQDoDGDYLGDGHODUHYLVWD8Q
H[HPSOH HORTHQW HO WUREHP HQ DTXHVW HQWUHILOHW TXH VXUW SHU SULPHU FRS HQ HO Q~P SODQD
6L FDGD OHFWRU VH FRQYLHUWH HQ XQ SURSDJDQGLVWD DFWLYR GH QXHVWUD UHYLVWD SURQWR
SRGUHPRV GXSOLFDU HO Q~PHUR GH HMHPSODUHV GH 3267*8(55$ 3RFR HV HO HVIXHU]R TXH
SHGLPRVTXHFDGDOHFWRUQRVFRQVLJDXQVXVFULSWRU
, HQ HO PDWHL[ Q~P XQD DOWUD QRWD VHPEOD DQDU HQFDUD PpV OOXQ\ HQ
DTXHVWGHPDQDUODFROÂODERUDFLyLODLPSOLFDFLyGHOVOHFWRUV
3267*8(55$QRGHVHDQLDVSLUDDVHUXQDUHYLVWDLQVSLUDGDVRODPHQWHSRUXQQ~FOHR
HGLWRU 4XHUHPRV TXH VHD XQD REUD GH VROLGDULGDG \ HVIXHU]R FRP~Q GH WRGRV ORV MyYHQHV TXH
OXFKDQSRUHOPHMRUDPLHQWRGHODVFRQGLFLRQHVHFRQyPLFDV\SROtWLFDVGHODVRFLHGDG
3RUHVWRSRUTXHDQKHODPRVHOFRQFXUVRGHWRGRVQXHVWURVOHFWRUHVOHVLQYLWDPRVDTXH
QRVUHPLWDQVXVLQLFLDWLYDVVXVFUtWLFDVVXVSUR\HFWRVVREUHQXHVWUDUHYLVWD
'HHVWDIRUPDFRQODD\XGDGHWRGRV3267*8(55$SRGUiFXPSOLUPXFKRPHMRUOD
ILQDOLGDGTXHVHKDSURSXHVWR6LUYDQHVWDVOtQHDVGHLQYLWDFLyQDWRGRVORVOHFWRUHVSDUDTXHQRV
SUHVWHQHVWDFRODERUDFLyQTXHWDQWRGHVHDPRV
/HV GLILFXOWDWV HFRQzPLTXHV GH OD UHYLVWD TXH V¶LQWXHL[HQ GH VHJXLGD XQ FRS
SDVVDGDO¶HXIzULDLQLFLDOHVGHVWDSHQDO¶DOWXUDGHOQ~PTXHpVHOSULPHUTXHVXUWDPE
JDLUHEp XQ PHV GH UHWDUG L SHU DTXHVW PRWLX FRUUHVSRQ DOV PHVRV GH QRYHPEUH L
GHVHPEUHGH±QRSHUTXqIRVHQUHDOLWDWXQQ~PHURGREOHSHOTXHIDDODTXDQWLWDW
3RVW*XHUUDFUHLHPTXHQLUHPRWDPHQWSRGLDDVSLUDUDFRPSHWLUSHUH[HPSOHDPEHOVWLUDWJHV
GH OD FRQVROLGDGD SXEOLFDFLy DQDUTXLVWD /D 5HYLVWD %ODQFD GXHV qSRTXHV 0DGULG L
%DUFHORQD TXH HQ DTXHOO WHPSV SRGLHQ DUULEDU DOV H[HPSODUV Y 0DULVD 6LJXDQ
%RHKPHU/LWHUDWXUDSRSXODUOLEHUWDULD7UHFHDxRVGH©/D1RYHOD,GHDOªSUzOGH-RDTXtQ
0DUFR%DUFHORQD3HQtQVXOD
YSODQDJUjILFD
8QHQWUHILOHWTXHDSDUHL[HQHOVQ~PVLGLXWDPEp³$OOOHQDUHOEROHWtQGHVXVFULSFLyQTXH
SXEOLFDPRV QR GHEH ROYLGDUVH HO KDFHU FRQVWDU OD FDQWLGDG FRQ TXH VH VXVFULEH 1XHVWUD UHYLVWD DGPLWH
WRGDVODVFDQWLGDGHVSRUPyGLFDVTXHVHDQ´
+L KDXUj PpV H[HPSOHV DOJXQ ILQV L WRW DPE DUJXPHQWV GH FDUjFWHU PRUDO FRP DTXHVW DOWUH
HQWUHILOHWDODSODQDGHOQ~P³6LPSDWL]DUFRQQXHVWUDUHYLVWDVXSRQHWDPELpQODREOLJDFLyQPRUDOGH
GLYXOJDUOD\GHFRQVHJXLUQXHYRVOHFWRUHV\VXVFULSWRUHV´
GHSODQHV(QDTXHVWQ~PHURWUREHPXQDOODUJDSODQDLPLWMDQRWDHGLWRULDOTXHDPE
HOWtWRO³3RVW*XHUUDQHFHVLWDODFRODERUDFLyQGHVXVOHFWRUHV\DPLJRV´SODQWHMD
XQD FXULRVD LQLFLDWLYD (OV SULPHUV SDUjJUDIV HQV FRQILUPHQ OHV OLPLWDFLRQV L HOV
SUREOHPHVGHODJDVHWD
&RPRKHPRVGLFKR\DHQRWURQ~PHUR3267*8(55$HVXQDUHYLVWDFRPSOHWDPHQWH
LQGHSHQGLHQWH TXH YLYH VRODPHQWH GH ORV UHFXUVRV TXH HO JUXSR HGLWRU DSRUWD 8Q Q~PHUR GH
DPLJRV FRPSHQHWUDGRV HQ ORV PLVPRV ILQHV QRV KHPRV SXHVWR GH DFXHUGR SDUD SXEOLFDU HVWD
UHYLVWDGHYDQJXDUGLD\HVWDPRVGLVSXHVWRVDFRQWLQXDUFRQHVWDWDUHD
3HUR 3267*8(55$ WDPSRFR VLHQWH UXERU SRU H[SRQHU VXV SURSLRV SUREOHPDV
HFRQyPLFRV\DGPLQLVWUDWLYRVHQJHQHUDODVXVOHFWRUHVTXHSRUHOKHFKRGHVHUORHVGHVXSRQHU
TXH VRQ VXV DPLJRV \ WLHQHQ WDPELpQ XQ JUDQ LQWHUpV HQ TXH QXHVWUD UHYLVWD VH GHVDUUROOH \
FXPSODODILQDOLGDGTXHVHKDSURSXHVWR
3UHFLVDPHQWH SRUTXH SHQVDPRV DVt TXHUHPRV HQ HVWH Q~PHUR H[SRQHU D QXHVWURV
DPLJRV\OHFWRUHVDOJXQDVLGHDVHQFDPLQDGDVDFRQVROLGDUODYLGDHFRQyPLFDGHODUHYLVWD
1DGLHVHJXUDPHQWHLJQRUDORVJDVWRVTXHVXSRQHXQDUHYLVWDGHHVWHJpQHURTXHQXQFD
SXHGH WHQHU PLOODUHV GH OHFWRUHV SRUTXH KDVWD FLHUWR SXQWR HV XQD UHYLVWD GH S~EOLFR OLPLWDGR
+DELHQGR DSDUHFLGR QXHVWUD UHYLVWD VLQ FDSLWDO LQLFLDO DOJXQR DKRUD VH HQFXHQWUD HQ HO SHUtRGR
PiV FUtWLFR GH VX H[LVWHQFLD 1R H[DJHUDPRV DO GHFLU TXH 3267*8(55$ DWUDYLHVD XQRV
PRPHQWRV FUtWLFRV 7HQHPRV FUpGLWRV TXH VDWLVIDFHU HQ EUHYH \ QXHVWUD FDMD DFXVD \D XQ
LPSRUWDQWHGpILFLW1HFHVLWDPRVODD\XGDHFRQyPLFDGHQXHVWURVOHFWRUHV
7RW VHJXLW H[SRVHQ OD LGHD G¶LQWHQWDU REWHQLU ³ FXRWDV GH SURWHFWRUHV´ XQD
PHQD GH VXEVFULSWRUV G¶KRQRU TXH SDJXHVVLQ OD UHYLVWD PHQVXDOPHQW D SHVVHWD
UHFRUGHP TXH HV YHQ D FqQWLPV L TXH D PpV KR IHVVLQ VHQVH TXH O¶DGPLQLVWUDFLy
HVPHUFLWHPSVLUHFXUVRVKDYHQWORVKRGHUHFRUGDUFDGDPHV³6LTXLQLHQWRVGHQXHVWURV
OHFWRUHVVHVXVFULEHQFRQODFXRWDPHQVXDOGHXQDSHVHWDQXHVWUDVLWXDFLyQHFRQyPLFD
HVWDUtD VDOYDGD \ TXL]iV SRGUtDPRV OOHYDU D FDER HO FRQYHUWLU HQ TXLQFHQDO D 3267
*8(55$ XQR GH QXHVWURV SURSyVLWRV GHVGH HO SULPHU Q~PHUR´ 'LXHQ TXH OHV
³QXPHURVDV \ HQWXVLDVWDV FDUWDV´ G¶HQFRUDWMDPHQW TXH UHEHQ GHV GH GLIHUHQWV OORFV HOV
DQLPD D FUHXUH HQ O¶q[LW GH OD LQLFLDWLYD L TXH D SDUWLU GHO SURSHU Q~PHUR DQLUDQ
SXEOLFDQWODOOLVWDG¶DTXHVWVVXEVFULSWRUVSDWURFLQDGRUV7DPEpGHPDQHQODSDUWLFLSDFLy
DFWLYD HQ OD UHFHUFD GH QRXV OHFWRUV ³7HQHPRV OD VHJXULGDG GH TXH H[LVWHQ PXFKRV
LQGLYLGXRVHQWRGD(VSDxDTXHVH FRQYHUWLUtDQ HQ OHFWRUHV QXHVWURV FXDQGR FRQRFLHUDQ
3267*8(55$(OSUREOHPDHVWiHQGiUVHODDFRQRFHU´'HVSUpVDGPHWHQTXHILQVDUD
KDQUHEXWSRTXHVEXWOOHWHVGHVXEVFULSFLyWRWLODFLUFXODUTXHQRVDOWUHVGHVFRQHL[HP
TXHVHPEODVHUTXHV¶HQYLDYDDPEODUHYLVWDDQLPDQWDVXEVFULXUHV¶KL7RWDODQRWDHQ
IL HVWjHVFULWDDPE DTXHOODLQVLVWqQFLD TXH GyQD OD FRQYLFFLyTXDQHV FRPELQDDPEOD
QHFHVVLWDW $FDEHQ DQXQFLDQW OD FUHDFLy G¶XQD ³VHFFLyQ DGPLQLVWUDWLYD SHUPDQHQWH´
(OQ~PVXUWGDWDWDGHGHVHPEUHGHILQVDUD3RVW*XHUUDKDYLDVRUWLWHOGHFDGD
PHVLGXXXQGHVWDFDWHQWUHILOHWVRWDPDWHL[GHODFDSoDOHUDDPEHOWtWRO³1XHVWURQ~PHURGHQRYLHPEUH´
'LXDL[t ³&DXVDVWRWDOPHQWHDMHQDV DODYROXQWDGGHOJUXSRHGLWRUGH 3267*8(55$KDQLPSHGLGROD
DSDULFLyQGHOQ~PHURFRUUHVSRQGLHQWHDOSDVDGRPHVGHQRYLHPEUH3DUDTXHQXHVWURVOHFWRUHVQRVXIUDQ
WDQ ODUJD DXVHQFLD GH QXHVWUD SXEOLFDFLyQ KHPRV GHFLGLGR DGHODQWDU HO Q~PHUR FRUUHVSRQGLHQWH DO PHV
DFWXDODOGtDTXHGDQGRGHVGHDKRUDVHxDODGRHVWHGtDSDUDODDSDULFLyQGHWRGRVORVQ~PHURVHQORV
PHVHVVXFHVLYRV´$TXHVWSURSzVLWHVYDSRGHUPDQWHQLUHQHOQ~PHURVHJHQWTXHVXUWHOGHJHQHU
SHUzMDQRHQHOGHIHEUHUTXHDSDUHL[HUjGDWDWHOGLDYDVHUDQ\GHWUDVSjV
'¶DTXt SRGHP REWHQLU XQ WLUDWJH PtQLP GH 3RVW*XHUUD VDEHP VHJXU TXH VXSHUDYD HOV H[HPSODUV
/D*DFHWD/LWHUDULDGH*LPpQH]&DEDOOHURTXHKDYLDFRPHQoDWDSXEOLFDUVHDSULQFLSLVGHO
PDWHL[ HUD GH SHULRGLFLWDW TXLQ]HQDO +R FRPHQWHP SHUTXq FRP YHXUHP 3RVW*XHUUD OD
FRQVLGHUDYDODVHYDSXEOLFDFLyULYDOSHUDQWRQRPjVLDO¶zUJDQTXHPpVOLFDOLDFRPEDWUHO¶HVSLOOQHJDWLX
HQ TXq FRQWHPSODUVH SHU DL[t WUREDU XQD YHX SUzSLD $IHJLP DTXt TXH 0DURWR WDPEp KDYLD GLVVHQ\DW
DEDQVTXHOHVGH3RVW*XHUUDOHVYLQ\HWHVSHUHQFDSoDODUGLIHUHQWVVHFFLRQVGH/D*DFHWD/LWHUDULD
GHGLFDGDDLQWHUHVVDUHOOHFWRUHQDTXHVWVDVVXPSWHVFRPSWDQWTXHVHQVH HOVHXDMXWOD
UHYLVWDQRVHUjYLDEOH(OFDVpVTXHO¶HVPHQWDGDVHFFLyQRYDDSDUqL[HU SRVWHULRUPHQW
FRPDWDOGHIRUPDUHJXODULQLGHODLQLFLDWLYDGHSDWURFLQLQLGHODOOLVWDGHOVUHTXHULWV
PHFHQHVVH¶QYDVDEHUPDLUHVPpV4XqpVDOFDSGDYDOOO¶LGHDOLVPHVLQyODPpVQREOH
PDQLIHVWDFLyGHODLQJHQXwWDW"
/HVGLILFXOWDWVGHGLYHUVDtQGROHOOXQ\GHVROXFLRQDUVHYDQVHUXQDFRQVWDQWHQ
ODLQHVWDEOHYLGDGHODUHYLVWD(QHOQ~PFRUUHVSRQHQWDIHEUHUGHLTXHKDYLD
VRUWLWWDPEpDPEXQVGLHVGHUHWDUGVH¶QVLQIRUPDGHO¶LQJUpVDOD³&iUFHO0RGHOR
GH0DGULGSDUDFXPSOLUODVHQWHQFLDGHVHLVPHVHVGHSULVLyQTXHOHLPSXVRXQ&RQVHMR
GH*XHUUD´GHOFRGLUHFWRU*LPpQH]6LOHV
1R QHFHVLWDPRV H[SUHVDU WRGR HO VHQWLPLHQWR TXH HVWH KHFKR QRV SURGXFH $ 6LOHV VH
GHEHHQVXFDVLWRWDOLGDGODDSDULFLyQ\HOGHVDUUROORGHQXHVWUD5HYLVWD(OKDVLGRVXDOPD\VX
YLGDGHVGHHOSULPHUQ~PHUR$pOHVWiDVRFLDGRWRGRHOp[LWRTXHGHVGHHOSULPHUQ~PHURKHPRV
FRQVHJXLGR
/DWDUHDTXHLQLFLy6LOHVVHUiFRQWLQXDGD SRUVXFRPSDxHURGHGLUHFFLyQ-RVp$QWRQLR
%DOERQWtQ\SRUHOUHVWRGHORVUHGDFWRUHV\FRODERUDGRUHVKDVWDTXHOOHJXHHOPRPHQWRIHOL]HQ
TXH6LOHVVHUHLQWHJUHHQWUHQRVRWURV
(OVHXDOOLEHUDPHQWV¶DQXQFLDUjGHVSUpVHQXQDQRWDGHOQ~PHURGHMXOLRO
GHO9DODGLUTXHPHQWUH6LOHVHUDDODSUHVyHOVHXPHQVXDODUWLFOHVLJQDWYDVHUD
GLIHUqQFLD GH TXDQ WHQLD OOLEHUWDW SHUz VHJXUDPHQW PHQ\V WHPSV SHU D HVFULXUH XQD
FRQVWDQWDOHVSODQHVGHODUHYLVWD
$PE OD 'LFWDGXUD FHQVXUDQWORV L HPSUHVRQDQWORV DPE HOV SUREOHPHV GH
GLVWULEXFLy FUzQLFV L VHQVH SRGHU FRPSWDU DPE SURX UHFXUVRV SURYLQHQWV GH OD
VXEVFULSFLy R HO PHFHQDWJH HOV KRPHV GH 3RVW*XHUUD HV UHRULHQWHQ $UD EXVFDUDQ
QRYDPHQWO¶DMXWFzPSOLFHGHOOHFWRUSHUzSHUVHYHUDQWHQXQDGLUHFFLyTXHGHIHWHVWDYD
MDWUDoDGDGHVGHOQ~PHURLQDXJXUDOGHODUHYLVWDODYHQGDGHOOLEUHV(QHOPDWHL[Q~P
6LOHV DFDEDW G¶HQJDUMRODU DSDUHL[ OD QRWD ³1XHVWUR VHUYLFLR GH OLEUHUtD´ $OOt
GHFODUHQTXHODJDVHWD³QRFXHQWDFRQPHGLRVGHYLGDLQFRQIHVDEOHV´LGHPDQHQTXHHOV
OHFWRUVFROÂODERULQDFRQVROLGDUDTXHVWDIRQWGHILQDQoDPHQW/DQRWDVHQFHUD
'HVGHHOSULPHUQ~PHUR3267*8(55$KDHVWDEOHFLGRSDUDVXVOHFWRUHVXQVHUYLFLR
GH OLEUHUtD +HPRV RIUHFLGR DTXHOODV REUDV TXH HVWLPiEDPRV SRGtDQ LQWHUHVDUOHV PiV
$IRUWXQDGDPHQWH QXHVWURV OHFWRUHV KDQ UHVSRQGLGR \ PHQVXDOPHQWH VRQ EDVWDQWHV ORV SHGLGRV
TXHYHQLPRVVLUYLHQGR
6LQHPEDUJRWHQHPRVODVHJXULGDGGHTXHpVWRVVHUtDQPXFKRVPiVVLQXHVWURVOHFWRUHV
QRV D\XGDVHQ HQ HVWD ODERU 3DUD 3267*8(55$ TXH QR FXHQWD FRQ PHGLRV GH YLGD
LQFRQIHVDEOHVVXVHUYLFLRGHOLEUHUtDVLJQLILFDXQLQJUHVRPHQVXDOTXHOHD\XGDDOVRVWHQLPLHQWR
GHODUHYLVWD1XHVWURVOHFWRUHVGHEHQKDFHUGLUHFWDPHQWHDQRVRWURVWRGRVORVSHGLGRVGHREUDV
TXHGHVHHQ&RQHOORD\XGDUiQHFRQyPLFDPHQWHD3267*8(55$
+DVWD DKRUD QXHVWUR VHUYLFLR GH OLEUHUtD KD VLGR OLPLWDGR 1XHVWUD $GPLQLVWUDFLyQ QR
SRGtDSHUPLWLUVHGHVGHHOSULPHUPRPHQWRXQDRUJDQL]DFLyQXQSRFRFRPSOHMD3HURWHQHPRVHO
GHVHRGHSRGHUVHUYLUGHQWURGHSRFRWRGRJpQHURGHREUDV
(QWUHWDQWR3267*8(55$UXHJDDVXVOHFWRUHVTXHKDJDQSURSDJDQGDGHVXVHUYLFLR
GHOLEUHUtD
(IHFWLYDPHQWODOOLVWDGHOOLEUHVRIHUWVVHPSUHDPEGHVFRPSWHUHVSHFWHDOSUHX
GH OOLEUHULD D WUDYpV GH SXEOLFLWDW GLUHFWD R GH OD ³%LEOLRWHFD 3RVW*XHUUD´ DQDYD
FUHL[HQW$TXtDUDHOTXHPpVHQVLQWHUHVVDpVGHWHFWDUDTXHVWDIDQ\±PpVTXHLQFXEDWD
$EDQV G¶DL[z OD QRWD HGLWRULDO ³0XFKDV JUDFLDV D WRGRV´ KDYLD DJUDwW OHV PRVWUHV GH
VROLGDULWDWLVLPSDWLDFDSD6LOHVTXHHOVPHPEUHVGHODUHYLVWDKDYLHQUHFROOLW³SRUFDUWDRYHUEDOPHQWH´
SXQW MD GH WUHQFDU O¶RX± G¶RULHQWDUVH FDS D O¶HGLFLy L OD GLVWULEXFLy GH OOLEUHV
/¶HPSUHVRQDPHQWGH6LOHVFRLQFLGHL[DPEXQFHUWUHWDUGHQODVRUWLGDDOFDUUHUG¶DTXHVW
Q~P PRWLYDW SHU ³JUDQGHV REVWiFXORV GH LPSUHQWD´ VHJRQV LQIRUPD XQ GHVWDFDW
HQWUHILOHWDODSODQDLDPEO¶DQXQFLWDPEp±DWUDYpVGHODQRWD³8QDDGYHUWHQFLD´
± GH O¶HQGDUUHULPHQW ³SRU GLILFXOWDGHV GH OD LPSUHQWD´ HQ O¶DSDULFLy GHO OOLEUH
G¶$QGUDGHTXHLQDXJXUDYD(GLFLRQHV2ULHQWH,pVTXH&KLQDFRQWUDHOLPSHULDOLVPRYD
VHULPSUqVD$UJLVODPDWHL[DLPSUHPWDPXQWDGDSHU$UGHUtXVL*LPpQH]6LOHVG¶RQ
VXUWODUHYLVWDDSDUWLUGHOQ~P(QHOQ~PGH3RVW*XHUUDODSURSDJDQGDDQXQFLD
TXH HO OOLEUH HQ THVWLy ³KD DSDUHFLGR \D´ (O SRVWHULRU WHVWLPRQL GHV GH O¶H[LOL GH
-RVp 9HQHJDV PHPEUH GHO JUXS GH 3RVW*XHUUD L HQ XQ SULPHU PRPHQW JHUHQW WDQW
G¶2ULHQWH FRP G¶+LVWRULD 1XHYD HQV FRQILUPD DTXHVW RULJHQ FRP~ GHOV SUREOHPHV
G¶LPSUHPWDWDQWDODUHYLVWDFRPDO¶LQFLSLHQWPRYLPHQWHGLWRULDOWDPEpHQVDFODUDHOV
PRWLXVGHODGHWHQFLyGH6LOHV
&XDQGRLEDQDDSDUHFHUORVSULPHURVOLEURV*LPpQH]6LOHVLQJUHVyHQODFiUFHO(VWRQRV
FDXVyXQFRQWUDWLHPSRSRUTXHVHLPSULPtDQHQORVWDOOHUHVTXHpO\$UGHUtXVKDEtDQPRQWDGR\OD
DXVHQFLDGHpO SHUWXUEyHOWUDEDMRGHODLPSUHQWD TXHHVWDEDDPHGLRLQVWDODU /DGHWHQFLyQGH
*LPpQH]6LOHVVHSURGXMRDFDXVDGHXQDFRQGHQDTXHKDFtDWLHPSROHKDEtDLPSXHVWRXQFRQVHMR
GH JXHUUD SRUTXH OH HQFRQWUDURQ XQDV KRMDV LQFLWDQGR D VXEOHYDUVH D ORV VROGDGRV TXH LEDQ D
0DUUXHFRV 'RQ >È@OYDUR GH $OERUQR] WRPy D VX FDUJR GHIHQGHUOH \ VH HVIRU]y SDUD TXH OH
SXVLHUDQHQOLEHUWDGFRVDTXHRFXUULyDOJ~QWLHPSRGHVSXpV
/¶~OWLPDSODQDGHOQ~PGH3RVW*XHUUDHVWjHQWHUDPHQWGHGLFDGDDXQD
FDPSDQ\D GH PjUTXHWLQJ G¶XQD FRQFUHWD LQLFLDWLYD HGLWRULDO LGqQWLF UHFODP WRUQDUj D
RFXSDU OD GDUUHUD SODQD GHOV Q~PV L L OD FREHUWD SRVWHULRU GHOV Q~PV L 9HJHPHOSDUjJUDILQWURGXFWRUL
(OVHUYLFLRGHOLEUHUtDGH3267*8(55$KDHVWDEOHFLGRXQFRQWUDWRFRQODLPSRUWDQWH
(GLWRULDO %LEORV TXH HQ SRFR WLHPSR KD UHDOL]DGR XQD H[FHOHQWH ODERU GH GLYXOJDFLyQ GH ORV
PHMRUHV OLEURV GH OD OLWHUDWXUD PXQGLDO TXH QRV SHUPLWH RIUHFHU HGLFLRQHV SRSXODUHV GH
PDJQtILFDVREUDVDSUHFLRVHFRQyPLFRV'LUtMDQVHORVSHGLGRVDQXHVWURVHUYLFLRGHOLEUHUtD
(V WUDFWD GHOV ±EHQ VHJXU± WUHV ~QLFV WtWROV TXH HV YDQ DUULEDU D SXEOLFDU GHOV
³&XDGHUQRV 3RSXODUHV %LEORV´ XQHV DWUDFWLYHV HGLFLRQV GH SODQHV DPE IRUPDW GH
UHYLVWD × SDSHU GH EDL[D TXDOLWDW L FREHUWHV GH FDUWROLQD SULPD DPE XQHV
HVWUHWHVVRODSHVGHFP$TXHVWHVHGLFLRQVSRSXODUVSUHVHQWDYHQWtWROVGHOSRFH[WHQV
³(VWHQ~PHURGH3267*8(55$FRUUHVSRQGLHQWHDOPHVGHIHEUHURVHSRQHDODYHQWDFRQ
YDULRVGtDVGHUHWUDVR*UDQGHVREVWiFXORVGHLPSUHQWDQRVKDQREOLJDGRDHVWDGHPRUD1XHVWURSUy[LPR
Q~PHUR FRUUHVSRQGLHQWH D PDU]R DSDUHFHUi HO GtD GHO PLVPR 5RJDPRV D QXHVWURV OHFWRUHV QRV
GLVFXOSHQHVWHUHWUDVRTXHSURFXUDUHPRVHYLWDUHQORVXFHVLYR´$TXHVWQ~PHURGHPDUoSHUzQRDUULEDUj
DVRUWLULODVHJHQWHQWUHJDGH3RVW*XHUUDQ~PG¶DEULOGHFRUUHVSRQGUjDOPHVG¶DEULO
(O Q~PHUR FRP VXDUD KHP GLW WDPEp YD VRUWLU DPE UHWDUG FRUUHVSRQ VHJRQV O¶KDELWXDO
LQGLFDFLyGHODFREHUWDDOPHVG¶DEULOODGDWDFLyH[DFWDDSDUHL[FRPVHPSUHDODSULPHUDSODQDG¶DEULO
GH(QDTXHVWFDVGRQFVYDQUHQXQFLDUDWUHXUHXQIDOVQ~PHURGREOHLHOPDUoGHOVHUjO¶~QLF
ODSVHWHPSRUDOTXHTXHGDUjEXLWHQODYLGDGHODUHYLVWD$SDUWLUG¶DUD3RVW*XHUUDDSDUHL[HUjHOGLD'H
IHW HQ SRVDUVH DO GLD D EDVH GH VDOWDUVH XQ PHV GHYLHQ WDPEp HVWDU SHQVDQW HQ HO SURSHU Q~P H[WUDRUGLQDULGHUGH0DLJTXHMDV¶DQXQFLDHQDTXHVWQ~P
-RVp9HQHJDV$QGDQ]DV\UHFXHUGRVGH(VSDxD0RQWHYLGHR)HULDGHO/LEUR
1~P /RV GH DEDMR 1RYHOD GH OD UHYROXFLyQ PHMLFDQD GH 0DULDQR $]XHOD Q~P /D
FDEDOOHUtDURMDGH%jEHOQ~P%DUEDVGHHVWRSDGH'RVWRLHYVNLYSODQDJUjILFD
/DSURSDJDQGDH[DJHUDXQDPLFD³7RGDVHVWDVREUDVGHJUDQIRUPDWR\GHPiVGHSiJLQDV
OOHYDQQXPHURVRVJUDEDGRVGHOSLQWRU0DURWR´1RVyQVLQyWUHVREUHVQRSDVGHIRUPDWIROLLQRDUULEHQ
DOHVSODQHVHOTXHVtpVH[DFWHpVTXHGXHQQRPEURVHVLOÂOXVWUDFLRQVGH0DURWR
FDWjOHJ GH %LEORV DO SUHX G¶XQD SHVVHWD OHV PDWHL[HV REUHV HQ IRUPDW OOLEUH FRVWDYHQ
¶SHVHWHVL HO³VHUYLFLRGHOLEUHUtD´GH3RVW*XHUUD OHV RIHULD D FqQWLPV ,JXDO
TXH HQ HO FDV GHOV OOLEUHV GH %LEORV OD SHUVRQDOLWDW DUWtVWLFD L WLSRJUjILFD GH 0DURWR
DPDUD DTXHVWVTXDGHUQV OLWHUDULVOODQoDWV DPE OD LQWHQFLy G¶RIHULU OHFWXUD GLJQD D SUHX
DVVHTXLEOH/HFWXUDHVELDL[DGDDO¶HVTXHUUDFRPHOFDWjOHJGH%LEORVHQJHQHUDORTXH
VLPpVQRUHIOHFWLDHOTXHHVSHQVDYDTXHSRGLDLQWHUHVVDUHQDTXHOOPRPHQWDODJHQW
G¶XQ DPSOL YHQWDOO HVTXHUUj (GLFLRQV TXH VHQVH UHQXQFLDU D XQD YRFDFLy FRPHUFLDO
SUHWHQLHQ GLJQLILFDU OD FXOWXUD GH PDVVHV (O WH[W GH SUHVHQWDFLy GHOV ³&XDGHUQRV
3RSXODUHV %LEORV´ HQ HO SULPHU YROXP S GH OD EUHX FROÂOHFFLy FRQVWLWXHL[ XQ
PDJQtILFSUzOHJFUHLHPTXHLQqGLWILQVDUDHQHVWXGLVSRVWHULRUVGHOPRYLPHQWHGLWRULDO
GHDYDQ]DGD
,QGLYLGXRV GHVDSUHQVLYRV \ HPSUHVDV VLQ HVFU~SXORV DTXpOORV SRU XQD XWLOLGDG
PH]TXLQD pVWDV SRU PHUR QHJRFLR LQXQGDQ ORV SXHVWRV GH SHULyGLFRV \ ORV NLRVFRV GH WRGR
JpQHURGHSXEOLFDFLRQHVSHURWRGDVLJXDOHVHQFXDQWRDVXFDOLGDGGHSORUDEOHDEVXUGDV©QRYHODV
GH DYHQWXUDVª QHFLRV OLEULWRV SRUQRJUiILFRV HVW~SLGDV ©QRYHODV FLQHPDWRJUiILFDVª HWF (V XQD
REUD GH H[SORWDFLyQ \ GH HPEUXWHFLPLHQWR VLVWHPiWLFR GH ODV JHQWHV KXPLOGHV TXH QR SXHGHQ
SHUPLWLUVH HO OXMR GH FRPSUDU OLEURV EXHQRV VLHPSUH FDURV (VWD FDUHVWtD GH ORV EXHQRV OLEURV
SULYDGHFXOWXUD\GHSODFHUHVSLULWXDODODVPDVDVSRSXODUHV<KDVWDDKRUDORTXHVHSXEOLFDFRQ
HOQRPEUHGH©SRSXODUªHVJHQHUDOPHQWHHOGHVKHFKRGHODOLWHUDWXUD
/DV(',&,21(6%,%/26LQLFLDQFRQHVWDKHUPRVDQRYHOD/RVGHDEDMRXQDREUDPX\
GLVWLQWD VH SURSRQHQ SRQHU DO DOFDQFH GH WRGR HO PXQGR SRU PHGLR GH VXV &8$'(5126
3238/$5(6 %,%/26 OD PHMRU OLWHUDWXUD OD TXH KDVWD OD IHFKD VH UHVHUYD SDUD H[LJXDV
PLQRUtDV(QHVWRVFXDGHUQRVVHSXEOLFDUiQQRYHODVFRPSOHWDVLOXVWUDGDVFRQJUDEDGRVGHDOWR
YDORUDUWtVWLFR/RVFXDGHUQRVWHQGUiQXQD SUHVHQWDFLyQVHQFLOOD SHUR EHOODGHQWURGHVX SUHFLR
H[WUDRUGLQDULDPHQWHHFRQyPLFR
%LEORV FRPSOHPHQWDYD DL[t XQD RIHUWD HGLWRULDO LQVzOLWD '¶XQD EDQGD HGLWDYD
OOLEUHV±HQU~VWLFD±TXH JUjFLHVDOD FXUD GH 0DURWR SRGLHQ DWUHXUH OD FXULRVLWDW jGKXF
GHO ELEOLzILO PpV FRQVHUYDGRU L TXH DO PDWHL[ WHPSV WHQLHQ XQ FRQWLQJXW HQ DEVROXW
UHDFFLRQDUL GH O¶DOWUD WULDYHQ GHO VHX FDWjOHJ HO TXH SRGLD UHVXOWDU PpV OOHJtYRO L
V¶LQWHQWDYHQ LQILOWUDU HQ HO FLUFXLW GH OHV FROÂOHFFLRQV SRSXODUV GH TXLRVF DSRUWDQWKL
TXDOLWDW HQ WRWV VHQWLWV (O FDV pV SHUz TXH HOV TXDGHUQV QR YDQ WHQLU FRQWLQXwWDW
,PDJLQHPTXHOHVYHQGHVQRYDQVHUXQq[LW,QGLFLG¶DL[zpVTXHHOVWUREHPDQXQFLDWV
VDOGDWVFRPTXLGLXD3RVW*XHUUDSHUSULPHUFRSO¶DEULOGHOTXDQHOVQ~PHURV
KDYLHQ VRUWLW DPE SHULRGLFLWDW TXLQ]HQDO HQWUH DJRVW L VHWHPEUH GHO 6H¶QV DFXW
HQFDUDXQDOWUHPRWLXTXHSRGULDH[SOLFDUDTXHVWDIDOWDGHFRQWLQXwWDWSRWVHU0DURWRQR
YDWHQLUWHPSVGHSUHSDUDUPpVQ~PHURVGHODFROÂOHFFLy/¶DFWLYLWDWTXHYDVHUFDSDoGH
GHVSOHJDU O¶LQTXLHW DUWLVWD HQ DTXHOO UHVXOWD VHQ]LOODPHQW LQYHUVHPEODQW
H[SRVLFLRQV SXEOLFDFLy GH OOLEUHV SURSLV LOÂOXVWUDFLy GH OOLEUHV G¶DOWUL FROÂODERUDFLy
$L[zQRHVFRPSOHL[HQHOVFDVGH%DUEDVGHHVWRSDTXHHQUHDOLWDWpVXQDVHOHFFLyGHFDStWROV
G¶(OVJHUPDQV.DUDPj]RY(QWHQLPXQDUHFHQVLyDPEWRWDVHJXUHWDWGHO¶HGLFLyHQOOLEUHD3RVW*XHUUD
1RV¶KDIHWHQFDUDILQVRQQRVDOWUHVVDEHPXQDGHVFULSFLyGHWDOODGDGHOEUHXSHUzHVWLPXODQW
FDWjOHJGH%LEORVTXHLQFORXGHVGHGLYHUVHVQRYHOÂOHVUXVVHVDREUHVGHOSURSL0DURWRGHVGH7URWVNLD
0DUJDULWD1HONHQHQFRQFUHWXQHVWXGLELRJUjILFVREUH*RHWKHRGHVGHGLYHUVRVHVWXGLVDOYROWDQWGH
OHVUHOLJLRQVDXQDREUDVREUH&KDSOLQ
'tH]%RUTXHGHVGHODVRFLRORJLDOLWHUjULDYDHVWXGLDUODUHODFLyHQWUHFRQVXPGHVXEOLWHUDWXUD
L HVWDWXV VRFLRHFRQzPLF -RVp 0DUtD 'tH] %RUTXH /LWHUDWXUD \ FXOWXUD GH PDVDV (VWXGLR GH OD QRYHOD
VXEOLWHUDULD 0DGULG $O%RUDN 7RW L TXH HO VHX SODQWHMDPHQW ³HVWULFWDPHQWH VLQFUyQLFR´ HO ID
FHQWUDUVHHQHOVSURGXFWHVPpVUHSUHVHQWDWLXVGHOPRPHQWODQRYHOÂODURVDGH&RUtQ7HOODGRLODQRYHOÂOD
GHO¶RHVWHGH0DUFLDO/DIXHQWH(VWHIDQtDGHVFULXFHUWVFRPSRQHQWVG¶DOLHQDFLyLPDQLSXODFLyGHOOHFWRU
HQODFXOWXUDGHPDVVHVTXHVHQVGXEWHVHULHQWDPEpH[WUDSRODEOHVDO¶qSRFDTXHDTXtHQVRFXSD
JUjILFDLHVFULWDHQUHYLVWHVHGLFLyG¶REUDJUjILFDHQFDUSHWHVLQWHQVDDFWLYLWDWHGLWRULDOD
WRWV QLYHOOV L HO GHVHPEUH G¶DTXHOO DQ\ YD PDU[DU FDS D $PqULFD 3HO TXH ID DOV
FRQYHQLVTXH%LEORVL3RVW*XHUUDHVWDEOLHQ0DURWRSRGULDVHPEODUO¶LQWHUPHGLDULPpV
HYLGHQWSHUzWDPEpKLGHXULDLQWHUYHQLUÈQJHO3XPDUHJDXQGHOVGLUHFWRUHVJHUHQWHVGH
%LEORVMXQWDPHQWDPE7RPiV5%DFKLOOHUDTXLPpVHQGDYDQWSRGUHPWUREDUWDPEp
IHQW DOJXQHV WUDGXFFLRQV SHU D HGLWRULDOV GH DYDQ]DGD (OV QRPV GH %DFKLOOHU L
3XPDUHJD FRP D UHVSRQVDEOHV GH %LEORV DSDUHL[HQ D OD VREUHFREHUWD G¶XQ WtWRO GH
O¶HGLWRULDOTXHKHPSRJXWFRQVXOWDU
7RUQDQW D OD YLGD GH OD QRVWUD UHYLVWD HQV WUREHP MD D O¶DOWXUD GHO Q~P O¶H[WUDRUGLQDUL GHO U GH 0DLJ /D QRWD HGLWRULDO ±PpV DPXQW MD FRPHQWDGD± ³$
SURSyVLWR GH QXHVWUR Q~PHUR H[WUDRUGLQDULR´ LQWHQWD DSURILWDU O¶HVIRUo UHDOLW]DW
SHU SRGHU WUHXUH DTXHVW Q~PHUR ±DPE PpV SODQHV PpV FROÂODERUDGRUV L PpV
LOÂOXVWUDFLRQVTXHGHFRVWXP±SHUFULGDUO¶DWHQFLyQRYDPHQWVREUHHOGLItFLOILQDQoDPHQW
GH OD JDVHWD L OD LPSUHVFLQGLEOH LPSOLFDFLy GHOV VHXV OHFWRUV L DPLFV SHUTXq HV YDJL
DPSOLDQWODGLIXVLy(OGDUUHUSDUjJUDIGHODQRWDTXHWUDVSXDXQDFHUWDRUJXOORVDHXIzULD
SHUO¶DVVROLPHQWG¶DTXHVWH[WUDRUGLQDULGHSODQHVLQVLVWHL[HQODYROXQWDWTXH3RVW
*XHUUDHVGHYLQJXLTXLQ]HQDO
>@ 1XHVWUD 5HYLVWD KD YLVWR OD OX] FRQ HO SURSyVLWR GH FRQYHUWLUVH HQ SXEOLFDFLyQ
TXLQFHQDO FXDQGR FRQWDVH FRQ PHGLRV VXILFLHQWHV SDUD OOHYDU D FDER HVWD WUDQVIRUPDFLyQ 6L
QXHVWURVOHFWRUHVQRVD\XGDQHQODIRUPDTXHQHFHVLWDPRVSRGUHPRVORJUDUHQEUHYHSOD]RHVWD
WDUHD (VWD QHFHVLGDG GH QXHVWUD WUDQVIRUPDFLyQ HQ 5HYLVWD TXLQFHQDO HV UHFRQRFLGD SRU
QXPHURVRV GH QXHVWURV OHFWRUHV $TXHOORV TXH DVt OR HQWLHQGDQ GHEHQ VHU ORV PiV DFWLYRV HQ OD
ODERU GH FRQVHJXLUQRV PiV OHFWRUHV \ GH UHFDXGDU IRQGRV SDUD HO VRVWHQLPLHQWR HFRQyPLFR GH
3267*8(55$
&RP YHLHP 3RVW*XHUUD GH IHW VHPSUH YD VHU PpV XQD DVSLUDFLy XQD LGHD HQ
PDU[D XQ SURMHFWH TXH QR SDV XQD UHDOLWDW DFRPSOHUWD L VDWLVIDFWzULD (OV VHXV
UHVSRQVDEOHVQ¶HUHQFRQVFLHQWV$PEGDWDGHPDUoGHHQWUHHOVQ~PVLGH
Y*DEULHO*DUFtD0DURWR\ODUHQRYDFLyQGHODUWHHVSDxROFRQWHPSRUiQHRFDWjOHJH[SRVLFLy
7ROHGR-XQWDGH&RPXQLGDGHVGH&DVWLOOD/D0DQFKD
ÈQJHO 3XPDUHJD D PpV GH FRGLUHFWRUJHUHQW WDPEp HUD WUDGXFWRU GH %LEORV /D FRQVFLqQFLD
G¶LQWHQWDURIHULUWUDGXFFLRQHVFRUUHFWDVFRPUHVDODSXEOLFLWDWGH%LEORVDODFREHUWDSRVWHULRUGHOQ~P
GH3RVW*XHUUDpVXQIHWTXHQRGHL[DGHVHUGHVWDFDEOHLVLJQLILFDWLXHQHOSDQRUDPDHGLWRULDOGHODVHYD
qSRFD3XPDUHJDpVXQLQWHOÂOHFWXDOG¶HVTXHUUHVTXHHODSDUHL[YLQFXODWFRP$QGUDGHL*RUNLQDOD
SURFRPXQLVWD 8QLyQ &XOWXUDO 3UROHWDULD SHU DOWUD EDQGD WDPEp KDYLD IRUPDW SDUW FRP D FRUUHFWRU GH
O¶HTXLS TXH VRWD OD EDWXWD G¶2UWHJD KDYLD HQJHJDW HO 5HYLVWD GH 2FFLGHQWH 3HU OD VHYD SDUW HO
PDWHPjWLF 7RPiV 5RGUtJXH] %DFKLOOHU WDPEp KDYLD VLJQDW DOJXQD WUDGXFFLy SHU D OD
SURORQJDFLyHGLWRULDOGHODUHYLVWDG¶2UWHJD
5LFDUGR .UHJOLQJHU /D HYROXFLyQ UHOLJLRVD GH OD KXPDQLGDG WUDG G¶ÈQJHO 3XPDUHJD
0DGULG(GLFLRQHV%LEORV/DWUDJqGLDGHOVYROXPVGH%LEORVpVTXHOHVDFRORULGHVVREUHFREHUWHV
TXHFDUDFWHULW]DYHQHOVSULPHUVWtWROVHQJUDQSDUWV¶KDQSHUGXW0DURWROHVYDGLVVHQ\DUHQXQSDSHUQR
SURXUREXVWFRPSHUDIURQWDUDPEJDUDQWLHVHOVHPEDWVGHOWHPSVLGHODKXPDQDLQF~ULDLDYXLVyQPROW
GLItFLOVGHYHXUHWDQWHQELEOLRWHTXHVFRPHQHOPHUFDWGHOOOLEUHYHOO
(QHOQ~PHURDQWHULRUXQDQRWDHGLWRULDOMDO¶DQXQFLDYDGHLDTXHKLDSDUHL[HULHQDUWLFOHV
³GHFDUDFWHUL]DGRVPLOLWDQWHVGHOPRYLPLHQWRREUHURHVSDxROHVFULWRVH[SUHVDPHQWHSDUDQXHVWUDUHYLVWD´
LTXHWDPEpKLLQVHULULHQ³QXPHURVRVJUDEDGRV´/¶DGPLQLVWUDFLyGHODUHYLVWDHQFDUDQRKDYLDGHFLGLWVL
HQDTXHVWDRFDVLyDXJPHQWDULDHOSUHXKDELWXDOGHOVH[HPSODUVSHUzHQFDVTXHIRVDL[tFRPHIHFWLYDPHQW
YD VHU HV FRPXQLFDULD DPE DQWHODFLy DOV GLVWULEXwGRUV L YHQHGRUV (O SULPHU SDUjJUDI GH OD QRWD GLX
³6LJXLHQGR OD FRVWXPEUH HVWDEOHFLGD SRU OD 3UHQVD REUHUD GH SXEOLFDU Q~PHURV H[WUDRUGLQDULRV FRQ
RFDVLyQGHOD)LHVWDGHO7UDEDMRGH,GH0D\R3267*8(55$VHSURSRQHWDPELpQGLFKRGtDSXEOLFDU
XQ JUDQ Q~PHUR H[WUDRUGLQDULR GHGLFDGR D WDQ LPSRUWDQWH IHFKD´ 3RVW*XHUUD PDL YD VHU H[DFWDPHQW
SUHPVD REUHUD SHUz VHQV GXEWH XQD GHWHUPLQDGD YRFDFLy REUHULVWD OD UHFRUUH L UHSUHVHQWD XQ GHOV VHXV
HOHPHQWVFRQVWLWXWLXV
OD UHYLVWD $QGUDGH YD HVFULXUH XQD FDUWD D XQ FRPXQLVWD DPLF VHX O¶KLVSDQLVWD
KRODQGqV*HHUVDOOtTXHGDFODUDODVHYDYLVLyO~FLGDLDXWRFUtWLFDUHVSHFWHGHOHVSUHVHQWV
FRQVHFXFLRQVLHOVIXWXUVREMHFWLXVGH3RVW*XHUUD
8Q JUXSR GH PXFKDFKRV DQLPRVRV KHPRV HPSUHQGLGR OD SXEOLFDFLyQ GH 3RVW*XHUUD
/D UHYLVWD HV PDOD HQ JHQHUDO SRUTXH QR WHQHPRV JHQWH TXH HVWp HQWHUDGD GH ORV SUREOHPDV \
FRODERUH<RHVFULERSRFRSRUTXHWHQJRSRFRWLHPSR6R\HO-XDQ0pQGH]TXHKDFHODFUtWLFDGH
FLQH
(QUHDOLGDG3RVW*XHUUDQRHVWRGDYtDODUHYLVWDTXHQRVKHPRVSURSXHVWRTXHVHD3HUR
HVXQD SURPHVD SDUDXQDUHYLVWD PXFKR PHMRUTXHVH SXHGHKDFHUHQHOIXWXUR\D PHGLGDTXH
YD\DPRVFRQVLJXLHQGRDGHSWRVDQXHVWURJUXSR
(QWUHDYLVRVDSDTXHWHURVLVXEVFULSWRUVPRURVRVPHQWUHO¶DGPLQLVWUDFLy
GHODUHYLVWDIDSURSzVLWVGH³UHRUJDQL]DFLyQFRPSOHWD´H[KRUWDFLRQVDODOHFWXUDGHOV
SURGXFWHV FXOWXUDOV RIHUWV SHU OD UHYLVWD L HQWUHILOHWV WDQ FXULRVRV FRP XQ TXH HV
GHFLGHL[ D IHU FRPSHWqQFLD GLUHFWD DOV OOLEUHWHUV ³1R VH GLULMD SDUD OD DGTXLVLFLyQ GH
REUDV D XQ OLEUHUR FXDOTXLHUD +DJD GLUHFWDPHQWH VXV SHGLGRV D OD $GPLQLVWUDFLyQ GH
3267*8(55$´ HO Q~PHUR H[WUDRUGLQDUL VHPEOD FRQVROLGDU O¶H[LVWqQFLD GH 3RVW
*XHUUD L ID FUHXUH HQ OD VHYD YLDELOLWDW 7DPEp SHOV WHPHV TXH WUDFWD EDUUHMD GH
THVWLRQV SROLWLFRVRFLDOV L HVWqWLTXHV ±DUW L FXOWXUD DO VHUYHL GH OD WUDQVIRUPDFLy
HFRQzPLFDFRPDSODQWHMDPHQWGHIRQV±DTXHVWQ~PHURHVGHYLDDVVHPEODUDODUHYLVWD
TXH YROLHQ DFRQVHJXLU GH IHU 3HUz HQ PDWqULD G¶HQWUHILOHWV FXULRVRV FDS FRP HO TXH
DSDUHL[DODSODQDLTXHGHVSUpVHVUHSURGXLUjHQYHUVLyFRPSOHWDRUHGXwGDHQDOWUHV
Q~PHURV
%DMR HO SUHWH[WR GH PLOLWDU HQ HVFXHODV OLWHUDULDV GH YDQJXDUGLD R PRGHUQLVWDV
QXPHURVRVMyYHQHVHVWHWDVGHILHQGHQORVLGHDOHVSROtWLFRVGHODUHDFFLyQ(OGLOHWDQWLVPROLWHUDULR
HVXQDPRGDOLGDGGHOUHDFFLRQDULVPRSROtWLFR
3267*8(55$FRPEDWHODVIRUPDVDFDGHPLFLVWDVGHODUWH\HVHWLWXODGRYDQJXDUGLVPR
OLWHUDULRTXHDWtWXORGHLQGLIHUHQFLDKDFLDODSROtWLFDVHLQKLEHGHWRGDSUHRFXSDFLyQSROtWLFD
, pV TXH FRP YHXUHP O¶DWDF D OD OLWHUDWXUD DYDQWJXDUGLVWD TXH R Ep GHIXLJ HO
FRPSURPtV SROtWLF R Ep V¶HVFRUD FDS D OD GUHWD L FDS DO IHL[LVPH VHUj SUjFWLFDPHQW OD
SULQFLSDOUDyGHVHUGH3RVW*XHUUDSHOTXHIDDODEDWDOODHVWqWLFD
8QD UHFDSLWXODFLy GHOV REMHFWLXV SURJUDPjWLFV GH OD UHYLVWD pV HO TXH WUREHP D
O¶HGLWRULDOGHOQ~PGHMXQ\GHOTXHFHOHEUDHOSULPHUDQLYHUVDULGH3RVW*XHUUD
DPEXQWRVHJXULFRPEDWLX(OVGRVSULPHUVSDUjJUDIVHQVGRQHQSLVWHVVREUHO¶H[WUDFFLy
VRFLRODERUDO GHOV SDUHV GH OD FULDWXUD SURYHQHQ GH OD EXUJHVLD L GH OHV SURIHVVLRQV
OLEHUDOV SHUz OD FRPSUHQVLy GH OHV LQMXVWHV HVWUXFWXUHV YLJHQWV L GHO FRQFUHW PRPHQW
KLVWzULFHQTXqYLXHQHOVGHVFODVVHQ
-XDQ$QGUDGHKDYLDHVWDWXQGHOVIXQGDGRUVGHOSULPHU3DUWLW&RPXQLVWD(VSDQ\ROHOVL
Ep HQ DTXHVWHV DOWXUHV GH OD GqFDGD HUD MD XQD FRQVFLqQFLD FUtWLFD UHVSHFWH DO SURFpV GH EXURFUDWLW]DFLy
WRWDOLWjULDGHO¶HVWDOLQLVPH
-XDQ$QGUDGH5HFXHUGRVSHUVRQDOHV%DUFHORQD(GLFLRQHVGHO6HUEDO
8Q HQWUHILOHW DO ILQDO GH OD SODQD G¶DTXHVW Q~P FRQYLGD D FRPSUDU HOV ³&XDGHUQRV
3RSXODUHV %LEORV´ HQ HO VHJHQWV WHUPHV ³/HD XVWHG QXHVWUR DQXQFLR VREUH ORV FXDGHUQRV SRSXODUHV D
QRYHQWD FpQWLPRV 3RU HVWH PyGLFR SUHFLR WHQGUi RFDVLyQ GH OHHU YHUGDGHUDV MR\DV GH OD OLWHUDWXUD
PXQGLDO´
8Q DOWUH HQWUHILOHW D OD SODQD GHO Q~P LQVLVWLUj HQ OD PDWHL[D GLUHFFLy ³1RVRWURV OH
SRGHPRV VHUYLU D XVWHG FXDQWDV REUDV GHVHH PHMRU \ PiV EDUDWR TXH FXDOTXLHU OLEUHUR >«@´ $TXHVWV
WHPSWHLJV SHO TXH ID D OD GLVWULEXFLy GH OOLEUHV WDPEp HQV DQXQFLHQ FODUDPHQW OD LQWHQVD GHGLFDFLy ±MD
SURSHUD±G¶DOJXQVSRVWJXHUULDQVDOPyQGHO¶HGLFLy
8QRGHORVGtDVGHHVWHPHVKDUiXQDxRTXHWXYRUHDOLGDGFRQODDSDULFLyQGHOSULPHU
Q~PHURGH3267*8(55$HOGHVHRQXHVWUR±HOGHXQJUXSRGHMyYHQHVTXHKDEtDPRVVDOWDGR
\DSRUHQFLPDGHODVEDUUHUDVTXHODHGXFDFLyQEXUJXHVD\ODUXWLQDFRQVHUYDGRUDSURIHVLRQDOQRV
KDEtDQIRUPDGR±GHSRGHUFRPXQLFDUDORVREUHURVGHOLQWHOHFWRSRUPHGLRGHXQDSXEOLFDFLyQ
SHULyGLFD QXHVWUDV SUHRFXSDFLRQHV VRFLDOHV \ ORV UHVXOWDGRV TXH GH QXHVWUR HVWXGLR GH HVWRV
SUREOHPDVIXpVHPRVVDFDQGR
6RSRUWDQGR WDPELpQ QRVRWURV ORV LQWHOHFWXDOHV PiV R PHQRV GXUDPHQWH OD LQMXVWLFLD
VRFLDO DFWXDO \ VLQWLHQGR SRU QXHVWUD SDUWH WRGR HO KRQGR GRORU GHO SUROHWDULDGR TXLVLPRV
OHYDQWDU XQD WULEXQD GHVGH OD TXH SXGLpUDPRV GLIXQGLU QXHVWUD YLVLyQ GHO SUHVHQWH WDQ FODUD
SUR\HFWDGDHQWRGRVORVKRUL]RQWHVFRQWLQWDVFUXGDV\TXHVLQHPEDUJRQRYHQRQRTXLHUHQYHU
QXHVWURVFRPSDxHURVGHODFOtQLFDGHOODERUDWRULRGHOEXIHWHGHODHVFXHODGHOSHULyGLFRHWF
LPEXtGRVGHODILORVRItDEXUJXHVDVLQGDUVHFXHQWDTXHQRVRQPiVTXHLQVWUXPHQWRVXWLOL]DGRV
SRUHOSRGHUFDSLWDOLVWD
/DYDORUDFLyTXHIDQGHOSULPHUDQ\GHODUHYLVWDQRHOVIDVHQWLU³QLFRQWUDULDGRV
QL VDWLVIHFKRV VLQR ~QLFDPHQWH HQ PDUFKD´ $ FRQWLQXDFLy FHQWUHQ HOV GRV WHPHV
H[WUDOLWHUDULV TXH PpV HOV KDQ SUHRFXSDW O¶LPSHULDOLVPH ³HVWD ~OWLPD PRGDOLGDG GHO
FDSLWDOLVPR´LODXQLWDWVLQGLFDOSHUODTXDODGYRTXHQLQFDQVDEOHPHQW,SHOTXHIDD
OHVVHYHVSRVLFLRQVHVWqWLFROLWHUjULHVDTXHVWQ¶pVHOUHVXP
(Q HO WHUUHQR QDFLRQDO \ GHQWUR GH QXHVWUR WHUUHQR LQWHOHFWXDO YHQLPRV FRPEDWLHQGR
FRQ OD OLPLWDFLyQ GH ODV DUPDV UHFRUWDGDV HO UHDFFLRQDULVPR SROtWLFR \ VRFLDO GH HVD OLWHUDWXUD
~OWLPD OODPDGD HQ GREOH SDUDGRMD MRYHQ \ GH YDQJXDUGLD TXH FRQ XQD LQVHQVLELOLGDG
LQFRPSUHQVLEOHGHVGHxDODLQMXVWLFLD\GLFLHQGRTXHVHFRORFDVREUHHOODIDEULFDORTXHGHVSXpV
RIUHFHFRQODHWLTXHWDGH©DUWHSXURª1RVRWURVVDEHPRVSHUIHFWDPHQWHDSUHFLDUHOQLPLRYDORUGH
HVWDVSURGXFFLRQHV\VXFRQWHQLGDHPRFLyQUHDFFLRQDULD
$FDEHQ IHQW UHIHUqQFLD D DOJXQHV GHIHFFLRQV DL[t FRP WDPEp D DOJXQV
FDPDUDGDV TXH SHU FRQWUD V¶KDQ DQDW DIHJLQW D O¶DYHQWXUD ³$QWH DOJXQDV GH ODV
GHIHFFLRQHV KHPRV SHQVDGR TXH WDPELpQ QRV LQFXPEH HO GHVHQPDVFDUDU D HVRV
LQWHOHFWXDOHV -XGDV GHO REUHULVPR TXH FRQ WDQWD IDFLOLGDG SXOXODQ HQ ORV UHPDQVRV
WLELRVGHOSUROHWDULDGR´/¶q[LWGH O¶HVSHFLDO GH U GH 0DLJ HOV ID VHQWLU IRUWV L HQ XQD
QRWD HGLWRULDO DJUDHL[HQ OHV QRPEURVHV IHOLFLWDFLRQV UHEXGHV VHQVH GHL[DU GH
UHFRUGDU O¶DMXW HFRQzPLF TXH QHFHVVLWHQ L FRQVLGHUHQ MD OD SHULRGLFLWDW TXLQ]HQDO XQD
³DVSLUDFLyQLQPHGLDWD´
8QD DOWUD QRWD LQWHUHVVDQW pV ³1XHVWUR VHUYLFLR GH OLEUHUtD´ YHUVLy
DPSOLDGD GH OD TXH YqLHP D L GH OD TXDO HQ PDQOOHYD WDQW HO WtWRO FRP ILQV L WRW
DOJXQHVIUDVHV3HUzFRQWpVXFRVHVQRYHWDWVFRPODYDORUDFLySRVLWLYDGHO¶DFROOLGDTXH
KDWLQJXWO¶RIHUWDGHOHVHGLFLRQVSRSXODUVGH%LEORV
>@ 1XPHURVRV WUDEDMDGRUHV FRQWUDULDPHQWH D OR TXH VH GLFH GH TXH HQ (VSDxD QR VH
OHHQRVKDFHQSHGLGRVGHFXDQWDVREUDVDQXQFLDPRVGHYHQWDHQQXHVWURVHUYLFLRGHOLEUHUtD
(Q QXHVWUR ~OWLPR Q~PHUR RIUHFtDPRV D QXHVWURV OHFWRUHV H[FHOHQWHV REUDV DO PyGLFR
SUHFLRGHFpQWLPRV+DQVLGRQXPHURVRVORVSHGLGRVLPSRUWDQWHVTXHGHGLYHUVRVSXQWRVGH
(VSDxDKHPRVUHFLELGR
/DSUHRFXSDFLyTXHDTXtV¶HQWUHYHXSHUODVLWXDFLyGHODOHFWXUDLHOVHXIRPHQW
HQ OD VRFLHWDW HVSDQ\ROD G¶DOHVKRUHV QR pV PHUDPHQW FRPHUFLDO (OV KRPHV GH 3RVW
YSHUH[HPSOHHOVHGLWRULDOVTXHLQDXJXUHQUHVSHFWLYDPHQWHOVQ~PVL³(OFRQJUHVRGH
OD8*7\ODXQLGDGVLQGLFDO´³(OSUREOHPDGHODXQLGDGVLQGLFDO\ODVPDVDVREUHUDV´³(Q
WRUQRDODXQLGDGVLQGLFDOGHORVWUDEDMDGRUHV´
1RGRQHQQRPVQRVDOWUHVQRPpVFRQHL[HPODEDL[DGH0DUTXHUtHIXWXUH[HPSOHSDUDGLJPjWLF
GHODPHGLRFULWDWLQWHOÂOHFWXDOGHOIUDQTXLVPHHQHOQ~PLODGH%DOERQWtQ±TXHHQDTXHVWQ~PQR
VLJQDFDSFROÂODERUDFLyLHQHOGHL[DUjGHVHUFRGLUHFWRU±SHOVHXPDWULPRQLFDQzQLF
*XHUUDHVWDYHQ FULGDWV DSURWDJRQLW]DULPSRUWDQWVLYDOXRVHVWDVTXHV HQ HOFDPSGHOD
GLIXVLyGHODOHFWXUDLOHVVHYHVHPSUHVHVDQVTXHHFRQzPLFDYDQWHQLUXQDLQVSLUDFLy
LGHROzJLFRFXOWXUDO (Q XQ DOWUH SXQW GH OD QRWD TXH FRPHQWHP WRUQHP D WUREDU XQD
PRVWUDG¶DTXHOOLGHDOLVPHPROWPpVEHQLQWHQFLRQDWTXHPHUFDQWtYRO
(QWUH ORV SUR\HFWRV TXH SDUD HO SRUYHQLU WLHQH QXHVWUR VHUYLFLR GH OLEUHUtD ILJXUD HO
IDFLOLWDUWRGRJpQHURGHOLEURVHQ IUDQFpVGDGRTXHHVWHLGLRPDHVFRQRFLGR \D SRUQXPHURVRV
WUDEDMDGRUHV $GHPiV SHQVDPRV RUJDQL]DU XQD VHFFLyQ GH FRQVXOWDV ELEOLRJUiILFDV SDUD SRGHU
FRQWHVWDU D QXHVWURV OHFWRUHV VREUH DTXHOODV SXEOLFDFLRQHV TXH OHV LQWHUHVHQ 3DUD QXPHURVRV
WUDEDMDGRUHVTXHYLYHQHQSXHEORVGRQGHQRH[LVWHQOLEUHUtDVQLPHGLRVSDUDLQIRUPDUVHVREUHODV
SXEOLFDFLRQHV TXH OHV LQWHUHVHQ VREUH XQ GHWHUPLQDGR WHPD HVWH FRQVXOWRULR ELEOLRJUiILFR TXH
SHQVDPRVHVWDEOHFHUVHUiGHJUDQXWLOLGDG
7RWLTXHQRV¶KDGHGHVHVWLPDUHOQLYHOOGHSHQHWUDFLyGHODOOHQJXDIUDQFHVDHQ
HOV PHGLV REUHUV LOÂOXVWUDWV FRVD TXH HV SRW FRPSURYDU HQFDUD DYXL VLPSOHPHQW
H[DPLQDQWHOVYROXPVTXHUHSRVHQHQHOVSUHVWDWJHVGHOHVELEOLRWHTXHVDWHQHLVWHVHO
FHUWpVTXHSURSRVDUVHG¶DWHQGUHXQDGHPDQGDGHFRQVXOWHVELEOLRJUjILTXHVLGHOOLEUHV
HQ IUDQFqV SURYLQHQW GH O¶(VSDQ\D SREOHWDQD GH OODYRUV UHVXOWD G¶XQD ERQD IH
FRQVLGHUDEOH-XOLiQ*RUNLQTXHHQDTXHOOWHPSVHQYLDYDFROÂODERUDFLRQVDODUHYLVWDGHV
GHO VHX H[LOL GH3DUtV[LIUD HQ XQ O¶tQGH[ G¶DQDOIDEHWLVPH HQ PHGLV UXUDOV 'H
WRWHV PDQHUHV V¶DOELUHQ DTXt FODUDPHQW OHV LQTXLHWXGV G¶XQ *LPpQH] 6LOHV TXH DUD
VRQHQ XWzSLTXHV SHUz TXH DPE O¶DGYHQLPHQW GH OD 5HS~EOLFD FRQHL[HUDQ LQWHUHVVDQWV
FRQFUHFLRQV(QHIHFWH6LOHVIXWXUKRPHFODXHQHOPyQHGLWRULDOUHSXEOLFjLQVSLUDGRU
GH OD )HULD GHO /LEUR GH 0DGULG OD SULPHUD HGLFLy GH OD TXDO HV YD LQDXJXUDU HO G¶DEULOGHDPEXQ FDUjFWHUPDUFDGDPHQWSURJHVVLVWD L HQ XQ DPELHQW G¶H[DOWDFLy
UHSXEOLFDQD GH OD FXOWXUD L WDPEp GH O¶$JUXSDFLyQ GH (GLWRUHV (VSDxROHV DFDEDULD
GXHQWDWHUPHGLIHUHQWVLQLFLDWLYHVHQFDPLQDGHVDDSURSDUHOOOLEUHDOVVHFWRUVVRFLDOVTXH
VHFXODUPHQWQ¶HUHQDOLHQV6HQVGXEWHODPpVFXULRVDLHQWUDQ\DEOHYDVHUODSRVDGDHQ
PDU[D D SDUWLU GHO GHOV GRV FDPLRQHVVWDQG OOLEUHULHV PzELOV DO VHUYHL GH
O¶$JUXSDFLy G¶(GLWRUV TXH DPE XQ GLVVHQ\ SDWHQWDW HV WUDQVPXWDYHQ G¶DQGDUHJD
FDPLRQHWD HQ DWUDFWLX DSDUDGRU GH OOLEUHV L YLFHYHUVD HQ THVWLy GH PLQXWV &DUUHJDWV
DPEGRVPLONLORVGHOOLEUHVLHTXLSDWVDPEDSDUHOOGHSURMHFFLyLSHOÂOtFXOHVDOWDYHXV
6HJRQV3HGUR5LEDV³DODKRUDGHYDORUDUODLQWURGXFFLyQGHOLWHUDWXUDVRFLDOLVWDHQ(VSDxDQR
GHEHGHVSUHFLDUVHHOFRQRFLPLHQWRGHWH[WRVHQOHQJXDVH[WUDQMHUDVHVSHFLDOPHQWHHQIUDQFpVHLWDOLDQR
6RQ IUHFXHQWHV HQ OD SUHQVD REU>H@UD ORV DQXQFLRV GH GLVWULEXFLyQ GH HVFULWRV HQ GLFKDV OHQJXDV´ 3HGUR
5LEDV/DLQWURGXFFLyQGHOPDU[LVPRHQ(VSDxD(QVD\RELEOLRJUiILFR0DGULG(GLFLRQHV
GHOD7RUUH
-XOLiQ*RUNLQ(OUHYROXFLRQDULRSURIHVLRQDO7HVWLPRQLRGHXQKRPEUHGHDFFLyQ%DUFHORQD
$\Pi /D GDGD TXH GyQD *RUNLQ pV SHUIHFWDPHQW SODXVLEOH /¶DQDOIDEHWLVPH HQ jPSOLHV
]RQHV UXUDOV HVSHFLDOPHQW GHOV DU[LSqODJV L GH OD PHLWDW VXG GH OD SHQtQVXOD HUD HQGqPLF Y 0HUFHGHV
9LODQRYD5LEDV;DYLHU0RUHQR-XOLj$WODVGHODHYROXFLyQGHODQDOIDEHWLVPRHQ(VSDxDGHD
0DGULG &HQWUR GH 3XEOLFDFLRQHV GHO 0LQLVWHULR GH (GXFDFLyQ \ &LHQFLD 8Q FRQWHPSRUDQL HO
SHGDJRJ LQVWLWXFLRQLVWD IRUPDW D $OHPDQ\D /RUHQ]R /X]XULDJD VLWXD OD PLWMDQD HVSDQ\ROD
G¶DQDOIDEHWLVPHDPEGDGHVGHHQHO¶3HUSURYtQFLHVOHVGLIHUqQFLHVHUHQQRWzULHVLDQDYHQ
GHVGHO¶GH6DQWDQGHUILQVDOWHUULEOH¶GH-DpQY/RUHQ]R/X]XULDJD(ODQDOIDEHWLVPRHQ
(VSDxDDHG0DGULG-&RVDQR/¶DUURGRQLGD[LIUDGHOGHYLDVHUFRUUHQWPHQWDFFHSWDGD
HQDTXHOOVDQ\VODWRUQHPDWUREDUHOHQXQDUWLFOHGH0DUFHOÂOt'RPLQJRTXHDYLDWVHULDHOSULPHU
PLQLVWUHUHSXEOLFjG¶,QVWUXFFLy3~EOLFDHQHOTXDOGLXTXH³ODHQVHxDQ]DSULPDULDFRQVLHQWHD~QXQSRU
GHDQDOIDEHWRV´0DUFHOLQR'RPLQJR³/DUHDOL]DFLyQGHODQXHYD(VSDxD´1XHYD (VSDxDGH
PDUo
Y 5DIDHO *LPpQH] 6LOHV 5HWD]RV GH YLGD GH XQ REVWLQDGR DSUHQGL] GH HGLWRU OLEUHUR H
LPSUHVRU)HULDGHO/LEURGH0DGULG$JUXSDFLyQGH(GLWRUHV(VSDxROHV0p[LFR/D,PSUHVRUD$]WHFD
UHFHSWRUGHUjGLRLDOWUHVHOHPHQWVUHFRUULHQHOVSROVHJRVRVFDPLQVGHO¶(VWDWHVSDQ\RO
OODYRUV 5HS~EOLFD HVSDQ\ROD L HVSDUJLHQ OD IHVWD GH OD FXOWXUD SHU OHV SODFHV GH YLOHV
H[WUHPHQ\HVRDQGDOXVHVTXHHOVUHELHQDPEHQWXVLDVPH7RWDL[zpVFODUILQVTXHHV
YD DL[HFDU O¶H[qUFLW GHO 0DUURF L SHU WDO G¶DSURILWDU HO VHX VLVWHPD GH PHJDIRQLD HOV
FDPLRQV IRUHQ HQYLDWV DO IURQW GHO *XDGDUUDPD 3UHYLVLEOHPHQW DTXHOOV YXOQHUDEOHV
YHKLFOHV FUHDWV SHU D VHU DPEDL[DGRUV GH OHV OOHWUHV YDQ VHU GHVWUXLWV PHWjIRUD GHO
UHWRUQDO¶RUGUHGHODSHUSHWXDFLyGHODLJQRUjQFLDSHUOHVERPEHVIHL[LVWHV
3HUz WRUQHP D O¶HVWLX GHO TXDQ OHV LOÂOXVLRQV GHOV KRPHV GH 3RVW*XHUUD
HQFDUDQRKDYLHQHVWDWGHOWRWHVFRPEUDGHVSHOYHQWIHURWJHGHOVHJOH;;(OSHQ~OWLP
Q~PHURGHODQRVWUDUHYLVWDQ~PMXOLROGHDQXQFLDXQDSDXVDHVWLYDOL
XQDUHRUJDQLW]DFLyVHPEODLQWXLUVHTXHHOVFUzQLFVSUREOHPHVDGPLQLVWUDWLXVSRGLHQVHU
GHJXWV DO IHW TXH QR WRWV HOV PHPEUHV GH O¶HTXLS GH 3RVW*XHUUD V¶KL DSOLFDYHQ DPE
LJXDOLQWHQVLWDW
&RPRHQORVDFWXDOHVPHVHVGHYHUDQROD5HGDFFLyQGH3267*8(55$VHGLVSHUVDXQ
WDQWR\SRURWUDSDUWHGHELGRDTXHQHFHVLWDPRVSURFHGHUDXQDVHULDODERUGHUHRUJDQL]DFLyQGH
QXHVWURVVHUYLFLRVGH5HGDFFLyQ\$GPLQLVWUDFLyQKHPRVDFRUGDGRTXHHOSUy[LPRQ~PHURGHOD
5HYLVWDFRUUHVSRQGLHQWHDOPHVGHDJRVWRVHSXEOLTXHIXQGLGRFRQHOGHVHSWLHPEUH(VGHFLU
QXHVWUR SUy[LPR Q~PHUROOHYDUiODIHFKDGHDJRVWRVHSWLHPEUH \DSDUHFHUiHQHOGtDGHHVWH
~OWLPRPHV
1XHVWURVOHFWRUHVVHKDUiQFDUJRGHTXHODVFLUFXQVWDQFLDVQRVREOLJDQDSURFHGHUDVt\
HVSHUDPRV TXH GXUDQWH HVWH WLHPSR QXHVWURV HVIXHU]RV SDUD UHRUJDQL]DU ORV VHUYLFLRV VHUiQ
VHFXQGDGRVSRUWRGRV
(O Q~PHUR HV WDQFD DPE OD QRWD HGLWRULDO ³$ ORV FRUUHVSRQVDOHV \ SDTXHWHURV´
&RUUHVSRQVDOHV VLJQLILFD DTXt YHQHGRUV (V UHFODPD GH WRWV DTXHVWV DJHQWV
LPSOLFDWVHQODGLVWULEXFLyGHODUHYLVWDTXHHVSRVLQDOGLDGHOVSDJDPHQWVTXHGHXHQ
FDU VyQ ³EDVWDQWHV ORV TXH OLTXLGDQ FRQ UHWUDVR R ORV TXH QR OR KDFHQ´ PDOJUDW HOV
FRQVWDQWV UHTXHULPHQWV 1RWHP OD LQVLVWqQFLD DPE TXq UHSHWHL[HQ TXH 3RVW*XHUUD pV
XQDSXEOLFDFLyLQGHSHQGHQW
&RPRKHPRVPDQLIHVWDGRHQRWUDVRFDVLRQHV3267*8(55$QRYLYHPiVTXHGHODV
FXRWDVGHVXJUXSRHGLWRUGHORVGRQDWLYRVSDUWLFXODUHVGHORVLQJUHVRVGHVXVHUYLFLRGHOLEUHUtD
\GHODYHQWDGHHMHPSODUHV(VWRVLQJUHVRVVRODPHQWHHVWRVFRQVWLWX\HQVXVPHGLRVGHYLGD3RU
HVRWRGRVDTXHOORVTXHHVWiQDVRFLDGRVGHXQDXRWUDPDQHUDHQODREUDTXHUHDOL]DPRVWLHQHQ
ODREOLJDFLyQPRUDOGHFXPSOLUFRQVXVGHEHUHV
(QV TXHGD HO GXEWH GH VDEHU D TXq HV UHIHULHQ DPE ³GRQDWLYRV SDUWLFXODUHV´
SRWVHUDOJ~YDDWHQGUHDTXHOODSHWLFLyGHVXEVFULSWRUVG¶KRQRUTXHIHLHQD/DQRWD
$TXHVWD LQLFLDWLYD FRPHUFLDO SHUz DOKRUD FXOWXUDO SULYDGD SHUz DOKRUD DYDODGD SHU
O¶$GPLQLVWUDFLy UHSXEOLFDQD V¶HPPDUFD FHUWDPHQW HQ HO PDWHL[ HVSHULW HSRFDO TXH GRQDUj OORF D OHV
SDUDGLJPjWLTXHV 0LVLRQHV 3HGDJyJLFDV GH 0DQXHO %DUWRORPp &RVVtR R D O¶LWLQHUDQW JUXS GH WHDWUH
XQLYHUVLWDUL/D%DUUDFDGH*DUFtD/RUFD
6REUH HO GHYDVWDGRU FROÂODSVH FXOWXUDO L HGXFDWLX GXUDQW OD JXHUUD L HO SULPHU IUDQTXLVPH
9LODQRYDL0RUHQRRSFLWDSXQWHQXQDLQTXLHWDQWUHODFLyHQWUHQLYHOOG¶DOIDEHWLW]DFLyLREMHFWHGHOD
UHSUHVVLy IHL[LVWD HQ GHILQLWLYD HQ O¶(VSDQ\D GHOV $xRV 7ULXQIDOHV OD SREODFLy DQDOIDEHWD WLQGUj PpV
SRVVLELOLWDWVGHVDOYDUVHGHVREUHYLXUHDOPRUWtIHU]HODQWLLOÂOXVWUDWGHOVYHQFHGRUV
3HU FRQqL[HU HO SDUWLFXODU IXQFLRQDPHQW GH OD GLVWULEXFLy GH SXEOLFDFLRQV SHULzGLTXHV HQ HO
0DGULG GH YDO OD SHQD OOHJLU XQD FROÂODERUDFLy TXH 9HQHJDV SXEOLFj D /D *DFHWD /LWHUDULD -
9HQHJDV³5HYLVWDV\SHULyGLFRV/RTXHHOORVYHQGHQ\ORTXHODJHQWHFRPSUD´/D*DFHWD/LWHUDULD
G¶DJRVW/¶DUWLFOHFRQWpWDPEpLQWHUHVVDQWVGDGHVLUHIOH[LRQVDOYROWDQWG¶XQDVRFLRORJLDGH
ODSUHPVDGHOPRPHQW
DFDEDLQVLVWLQWHQODUHRUJDQLW]DFLyJHQHUDOTXHHVGXUjDWHUPHHQO¶DGPLQLVWUDFLyGHOD
UHYLVWD
,DL[tWDOFRPKDYLHQDQXQFLDWDHOQ~PGH3RVW*XHUUDDSDUHL[O¶GH
VHWHPEUH GH L FRUUHVSRQ DOV PHVRV G¶DJRVW L VHWHPEUH ±DPE XQ LQFUHPHQW GH SODQHV TXH ID DUULEDU HO QRPEUH WRWDO D /OHJLQW OD UHYLVWD UHV QR IHLD SHQVDU TXH
DTXHOO IRV O¶~OWLP Q~PHUR TXH VRUWLULD DO FDUUHU DO FRQWUDUL VHPEODYD FRP VL V¶LQLFLpV
XQD QRYD HWDSD HQ OD VHYD YLGD $OJXQV FDQYLV HUHQ YLVLEOHV 6LOHV V¶HVWUHQDYD FRP D
~QLFGLUHFWRUJHUHQWODWUDGLFLRQDOOOLVWDGHOD³%LEOLRWHFD3RVW*XHUUD´GHVDSDUHL[LD
VHQVH TXH DL[z VLJQLILTXpV HQ DEVROXW TXH UHQXQFLDYHQ D OD YHQGD GH OOLEUHV HQ
VHJXHL[HQ DQXQFLDQW GH QRXV OD SUzSLD HVWUXFWXUD GH OD UHYLVWD L GH OHV VHFFLRQV
SUHVHQWDYD DOJXQHV QRYHWDWV VHJXUDPHQW XQD PLFD LPSURYLVDGHV 3HU SULPHUD ±L
~OWLPD±YHJDGDKLKDXQWRWDOGHHGLWRULDOVEUHXVG¶XQVROSDUjJUDIVHQVHWtWROSURSL
HO SULPHU G¶DTXHVWV SDUjJUDIVHGLWRULDOV HQV SDUOD G¶DTXHVW FHUW ±L HItPHU±
UHQDL[HPHQWGHODUHYLVWDLUHDILUPDODVHYDLQGHSHQGqQFLDSROtWLFD
'HVSXpVGHGRV PHVHVGHVLOHQFLR3267*8(55$UHDQXGDODFRPXQLFDFLyQFRQVXV
OHFWRUHV +HPRV SXHVWR RUGHQ HQ QXHVWUD RUJDQL]DFLyQ LQWHULRU KHPRV SUR\HFWDGR HO
PHMRUDPLHQWR JHQHUDOGHHVWDWULEXQDGH SROtWLFD \ DUWH 1XHVWUDOtQHDGHFRQGXFWDHQHOIXWXUR
VHUi OD SHUVLVWHQFLD HQ HO SDVDGR /LEUHV GH FRPSURPLVRV GLVFLSOLQDULRV SROtWLFRV QDFLPRV H
LQGHSHQGLHQWHVGHWRGRJUXSRSROtWLFRSHUPDQHFHPRV1XHVWUDVVLPSDWtDV\QXHVWUDVKRVWLOLGDGHV
HVWiQ PHUDPHQWH GLIXPLQDGDV SRU HO FULWHULR GH ORV FRPSRQHQWHV GHO JUXSR HGLWRU GH 3267
*8(55$ 1XHVWUD UHYLVWD VHUi OD H[SRQHQWH GHO SHQVDPLHQWR GH XQ VHFWRU GHO PRYLPLHQWR
REUHUR\GHODUWHQXHYRGHXQFDUiFWHUVRFLDO1XHVWUDOtQHDGHFRQGXFWDQRKDYDULDGRQLYDULDUi
&RPR GHVGH XQ SULQFLSLR VROLFLWDPRV OD FRODERUDFLyQ GH QXHVWURV DPLJRV \ OHFWRUHV SDUD
SURVHJXLUFRQp[LWRQXHVWUDODERU
/¶~OWLPD YHJDGD HQ IL TXH 3RVW*XHUUD HV YD DGUHoDU GLUHFWDPHQW DOV VHXV
OHFWRUVYDVHUPLWMDQoDQWXQGHVWDFDWHQWUHILOHWDODSODQDWLWXODW³$YLVRLPSRUWDQWH´
$PEXQDPLGDGHOOHWUDFRQVLGHUDEOHHQQHJUHWDLVLJQDW³3267*8(55$´
HO VHX DVSHFWH WLSRJUjILF WUDQVPHW XQD FHUWD VHQVDFLy G¶HPHUJqQFLD L HV FRQMXJD
HVWUDQ\DPHQWDPEODIHUPDUHVROXFLyTXHPRVWUDHOFRQWLQJXW
/DV GLILFXOWDGHV TXH 3267*8(55$ WLHQH TXH YHQFHU SDUD VDOLU D OD OX] S~EOLFD
DXPHQWDGDVH[WUDRUGLQDULDPHQWHHQHVWRV~OWLPRVPHVHVVXSXVLHURQXQDHQRUPHGHVRUJDQL]DFLyQ
\XQJUDQUHWUDVRHQODVUHODFLRQHVGHOD$GPLQLVWUDFLyQ\GHOD%LEOLRWHFDFRQQXHVWURVOHFWRUHV
7DOUHWUDVRQRVKL]RVXVSHQGHUHOQ~PHURGHDJRVWRSDUDGHGLFDUWRGRHOWLHPSRGLVSRQLEOHDOD
WDUHD GH SRQHU DO GtD WRGR HO WUDEDMR UHWUDVDGR +R\ SRGHPRV DQXQFLDU \D OD QRUPDOL]DFLyQ GH
WRGRV QXHVWURV VHUYLFLRV 'HVGH KR\ OOHYDPRV DO GtD OD FRUUHVSRQGHQFLD 6L DOJ~Q OHFWRU TXH VH
QRVGLULMDQRUHFLEHFRQWHVWDFLyQHQXQSOD]ROyJLFRGHGtDVSXHGHWHQHUODVHJXULGDGGHTXHQR
KDOOHJDGRVXFDUWDDQXHVWURSRGHU
3RVW*XHUUD PRU VHQVH DFRPLDGDUVH SODQWDQW FDUD D OHV GLILFXOWDWV TXH
O¶DVVHWMDYHQ GHV GHO VHX QDL[HPHQW (OV VHXV HGLWRUV L UHGDFWRUV SHUz FRP HOV DQ\V
VHJHQWV GHPRVWUDUDQ WHQLHQ HQFDUD PROW TXH RIHULU DO S~EOLF OHFWRU HQ OOHQJXD
FDVWHOODQD
8QHQWUHILOHWHQXQFRQVLGHUDEOHFRVGHOOHWUDDOILQDOGHODSODQDGLX³(OH[FHVRGHRULJLQDO
QRV KD REOLJDGR D DXPHQWDU SiJLQDV D HVWH Q~PHUR´ 3RWVHU VL OD UHYLVWD QR V¶KDJXpV H[WLQJLW HQ HOV
Q~PHURVSRVWHULRUVDOV¶KDXULDFRQVROLGDWDTXHVWDXJPHQWILQVDOHVSODQHV(QVKRIDSHQVDUHOIHW
TXHDODSODQDGHOQ~PTXDQ3RVW*XHUUDYDDVVROLUOHVSODQHVLPPHGLDWDPHQWGHVSUpVGHOHV
GHOQ~PHURLQDXJXUDOXQHQWUHILOHWHPPDUFDWHQXQUHTXDGUHGHLDWDPEp³(OH[FHVRGHRULJLQDOQRVIRU]y
HQXQSULQFLSLRDDXPHQWDUFXDWURSiJLQDVDHVWHQ~PHURGH3267*8(55$´
5HFRUGHP TXH HO Q~P DPE 6LOHV D OD SUHVy L %DOERQWtQ DQDWHPDWLW]DW pV O¶~QLF TXH YD
DSDUqL[HUVHQVHFUqGLWV
3ODQDJUjILFD
&REHUWDGHOQ~PHURGH3RVW*XHUUDREUDGH0DURWR
3ODQDJUjILFD
&REHUWDSRVWHULRUGHOQ~PHURGH3RVW*XHUUD
DPESURSDJDQGDGH%LEORVGLVVHQ\DGDSHU0DURWR
3ODQDJUjILFD
%XWOOHWDGHVXEVFULSFLyHQHOQ~PHURGH3RVW*XHUUD
3ODQDJUjILFD
&REHUWHVGHOVWUHVYROXPVGH©&XDGHUQRV3RSXODUHV%LEORVª
TXH3RVW*XHUUDRIHULDHQSURPRFLy
3RVW*XHUUDL5HYLVWDGH2FFLGHQWH
(O SULPHU HGLWRULDO GH OD QRVWUD UHYLVWD WLWXODW WDPEp ³3RVW*XHUUD´ HVWj
UHGDFWDWDPEHOWRG¶XQPDQLIHVWIXQGDFLRQDO$TXHVWpVHOVHXWH[WVHQFHU
9HPRV OD YLGD D OD PDQHUD EHUJVRQLDQD FRPR XQD (YROXFLyQ &UHDGRUD \ GHQWUR GH
HVWH PDJQtILFR HVSHFWiFXOR GHO GHYHQLU XQLYHUVDO QRV LQWHUHVD \ QRV LQTXLHWD FRQ DJXGH]D
HVSHFLDOtVLPDODHYROXFLyQVRFLDOGHQXHVWURWLHPSR
1RVKDOODPRVHQXQPRPHQWRFUtWLFRGHODKLVWRULDKXPDQD/DYRUiJLQHKRUUHQGDGHOD
UHFLHQWHJXHUUDLPSHULDOLVWDWRGDYtDHQUHVFROGRVKDUHPRYLGRORVFLPLHQWRVGHOPXQGR\WRGR
FUHSLWDHQFRQYXOVLyQFRPRVREUHHOERUGHGHXQFUiWHU3RUXQODGRODOXFKDVDQJULHQWDGHORV
GLIHUHQWHV QDFLRQDOLVPRV HQ SXJQD TXH WLHQH DFWXDOPHQWH VX WHDWUR PiV YLYR HQ HO HVWDGLR
LQPHQVRGHOD&KLQD\SRURWURODVXEOHYDFLyQYLFWRULRVDHQ5XVLD\HQORVGHPiVVLWLRVODWHQWH
GHO SUROHWDULDGR RSULPLGR FRQWUD OD EXUJXHVtD GRPLQDQWH OD GHFDGHQFLD HQ ILQ GHO UpJLPHQ
FDSLWDOLVWD TXH KD VLGR SRU DOJXLHQ FRQIXQGLGD FRQ OD DJRQtD GH OD FXOWXUD RFFLGHQWDO WRGR HO
F~PXORGHFRQIOLFWRVYLWDOHVTXHLPSOLFDQVLHPSUHORVSHULRGRVGHWUDQVLFLyQKLVWyULFDFRPXQLFD
DOULWPRGHHVWHLQVWDQWHWDOHVDFHQWRVGHWUDJHGLDWUDVFHQGHQWDO\GHFLVLYDTXHODFULVLVVRFLDOHV
KR\ VLQ GXGD SDUD WRGDV ODV FRQFLHQFLDV QRUPDOHV HO PiV DSDVLRQDQWH GH ORV SUREOHPDV GHO
HVStULWX
$FODUDU HO VHQWLGR GH HVWD KRUD GUDPiWLFD TXH SRGULD VHU GHWHUPLQDGD FRQ HO DPSOLR
QRPEUH GH 3267*8(55$ SRQHU DOJ~Q RUGHQ UDFLRQDO HQ HO WRUEHOOLQR FDyWLFR GH ORV
IHQyPHQRV GHO GtD UH]XPDU OD HVHQFLD LGHDO HV GHFLU HO YDORU HWHUQR GHO LQVWDQWH TXH SDVD
UHIOH[LRQDU HQ XQD SDODEUD VREUH HO DOFDQFH GH ORV DFRQWHFLPLHQWRV DFWXDOHV \ HVWLPXODU FRQ
QXHVWUDUHIOH[LyQODGHWRGRVORVTXHVHDQFDSDFHVGHSHQVDUKHDTXtWRGDODKXPLOGDG\WRGDOD
JUDQGH]DGHQXHVWURSURSyVLWR
1LQJ~Q LQWHUpV SURPXHYH QXHVWUD WDUHD FXOWXUDO IXHUD GH OD VXSUHPD DPELFLyQ GH OD
9HUGDGSHURVHUiLQHYLWDEOHTXHQXHVWURSHQVDPLHQWRSDOSLWHDYHFHVFRQYLEUDFLRQHVGHSDVLyQ
SRUTXHQRVRPRVVLPSOHV©FDxDVSHQVDQWHVªHQHOSHRUVHQWLGRGHODIUDVHGH3DVFDOVLQRTXH
WHQHPRV HO RUJXOOR GH VHU DQWHV TXH SHQVDGRUHV KRPEUHV GH FDUQH \ KXHVR TXH VLHQWHQ \
SDGHFHQFRPRGRORUHVSURSLRVWRGDVODVDPDUJXUDVGHOD(VSHFLH
3RVVLEOHPHQWHOPpVFXULyVG¶DTXHVWPDQLIHVWVLJXLHOIHWUHYHODGRUTXHGHVGHOD
SULPHUDOtQHDLPSUHVDGHODQRYDUHYLVWDTXHGLFODUHOGHXWHLQWHOÂOHFWXDOTXHHOVSRVW
JXHUULDQVWHQLHQDPE2UWHJD\*DVVHW/HVUHIHUqQFLHVGLUHFWHVRLQGLUHFWHVD%HUJVRQLD
6SHQJOHUGRVDXWRUVLQHOXGLEOHVHQHOSHQVDPHQWLHQO¶HVIHUDG¶LQWHUHVVRVLQWHOÂOHFWXDOV
G¶2UWHJD KR GHPRVWUHQ 1R pV TXH HO IHW UHVXOWL FXULyV HQ VL PDWHL[ DO FRQWUDUL OD
LQIOXqQFLDGHOSHQVDGRUVREUHOHVFODVVHVFXOWHVGHO¶(VSDQ\DGHOPRPHQWPLWMDQoDQWOD
VHYD SUHVqQFLD HQ OD SUHPVD OLEHUDO L OD VHYD ODERU DO FDSGDYDQW GH OD UHYLVWDHGLWRULDO
5HYLVWDGH2FFLGHQWHHUDHQRUPH6LUHVXOWDFXULyVLVLPSWRPjWLFpVSHUTXqHOVPHPEUHV
GH3RVW*XHUUDFRPYHXUHPQRGHL[DUDQGHSURFODPDUVHDQWLRUWHJXLDQVDFqUULPV,KR
IDUDQ SHU PRWLXV WDQW HVWqWLFV FRP LGHROzJLFV /D FUtWLFD D OD IRUPXODFLy RUWHJXLDQD
G¶DUWH GHVKXPDQL]DGR VHUj HO VHX DXWqQWLF FDYDOO GH EDWDOOD L D OD FRQFHSFLy HOLWLVWD L
VHOHFWLYDGHODWDVFD FXOWXUDO GHOPHVWUH HOOV UHVSRQGUDQ DPE XQV SODQWHMDPHQWV GHO WRW
GLIHUHQWV /D FROOD GH 3RVW*XHUUD LUURPS HQ O¶DPELHQW SROLWLFRFXOWXUDO GHO 0DGULG GH
3ULPRDGDSWDQWHOYLWDOLVPHILORVzILFDOHVVHYHVLQTXLHWXGVDFWLYLVWHV3URFODPDUHQ
8QTXDUWGHVHJOHPpVWDUG MDGHVGHO¶H[LOL%DOERQWtQHVFULXUjTXH2UWHJDVHPSUHOLKDYLD
VHPEODWXQ³YLWDOLVWDPHWDItVLFRPX\SRFRDPLJRGHODYLGD´-RVp$QWRQLR%DOERQWtQ/D(VSDxDGHPL
OD VHYD SUHVHQWDFLy HQ VRFLHWDW TXH OD FULVLV VRFLDO HV KR\ VLQ GXGD SDUD WRGDV ODV
FRQFLHQFLDVQRUPDOHVHOPiVDSDVLRQDQWH GHORV SUREOHPDV GHO HVStULWXHTXLYDOLD HQ
DTXHOOFRQWH[WDHVFULXUHXQDSLQWDGDHQSOHQDIDoDQDGHODVHXGH5HYLVWDGH2FFLGHQWH
$TXHVWDPDJQDHPSUHVDFXOWXUDOKDYLDQDVFXWHOMXOLROGHGRVPHVRVDEDQVTXHOD
'LFWDGXUD L GHV GHOV SURSzVLWV TXH HQFDSoDODYHQ SURJUDPjWLFDPHQW HO SULPHU
Q~PHUR2UWHJDDQXQFLDYDODYROXQWDWG¶RIHULU³XQDJR]RVD\VHUHQDFRQWHPSODFLyQGH
ODVLGHDV\GHODUWH´VLWXDGDHQXQVDYLGLVWDQFLDPHQWTXHQRpVSDVGHVLQWHUqVVLQyHQ
WRWFDVH[SUHVVLyG¶LPSRWqQFLDSROtWLFDUHVSHFWH DOHVDSDVVLRQDGHV XUJqQFLHVGHOGLD
³'HHVSDOGDVDWRGDSROtWLFD\DTXHODSROtWLFDQRDVSLUDQXQFDDHQWHQGHUODVFRVDV´
(OQXFOLGH3RVW*XHUUDEHQDOFRQWUDULQRHOIRUPDYHQLQWHOÂOHFWXDOVSXUVVLQyKRPHV
SHU GDPXQW GH WRW DPE JDQHV GH FDQYLDU OHV HVWUXFWXUHV SROtWLTXHV HFRQzPLTXHV L
FXOWXUDOV
(OPDQLIHVWIXQGDFLRQDOGH3RVW*XHUUDWDPEpHQVDFODUDHOSHUTXqGHOQRPGH
ODSXEOLFDFLy$YXLpVFODUQRDVVRFLHPHOPyQGHDPEHOFRQFHSWHSRVWJXHUUD
VLQyDPEHOG¶HQWUHJXHUUHV(QSULQFLSLSRWVRUSUHQGUHTXHXQDGqFDGDGHVSUpVGHODIL
GHOD*UDQ*XHUUDSHUGXUpVHQFDUDWDQIRUWDPHQWDTXHVWDFRQVFLqQFLDGHSHUWjQ\HUDXQD
qSRFD LQFHUWD TXH VROV VDS GHILQLUVH FRP SRVWHULRU D OD FRQIODJUDFLy HQ OD GLVFXVVLy
LQWHOÂOHFWXDO L LGHROzJLFD GHO PRPHQW SHUz OD LGHD GH SRVWJXHUUD DSDUHL[ ILQV HQFHWDWV
HOV DQ\V (OV DUWtIH[V GH OD QRVWUD UHYLVWD VDELHQ PROW Ep TXH HO PyQ MD QR HUD HO
PDWHL[GHVSUpVG¶DTXHOODWHUULEOHH[SHULqQFLDEqOÂOLFDLGHOHVVHYHVFRQVHTqQFLHVSHU
PROWTXHD(VSDQ\DOD0RQDUTXLDV¶HQWHVWpVDSHUOORQJDUHOSDVVDWLDUHWDUGDUODVHYD
H[SXOVLy ±WHPSRUDO± GH OD +LVWzULD DEUDoDQWVH D XQD GLFWDGXUD GH VDUVXHOD /D
FRQVFLqQFLDGHYLXUHHQXQPyQHQFULVLTXHDPpVHQHOFDVHVSDQ\ROHVWDYDIDOVDPHQW
WDQFDGDSHUXQ'LUHFWRULQRGHPRFUjWLF HOVIDWULDUXQQRPTXHpV XQD GHQ~QFLD HQ VL
PDWHL[ XQ UHFRUGDWRUL TXH HOV YDORUV GH O¶qSRFD PRQjUTXLFROLEHUDOEXUJHVD MD QR
VHUYHL[HQHQHOVQRXVKRULW]RQVVRUJLWVGHODJXHUUD(QXQHGLWRULDOGHOQ~PDJRVWGH
WLWXODWVLJQLILFDWLYDPHQW³1XHVWURGHEHUGHOPRPHQWR´V¶DOÂOXGLUjHQXQWR
GHFRQWLQJXGDH[DOWDFLyDO¶REOLJDFLyTXHH[LJHL[HOPRPHQWKLVWzULFG¶LQIRUPDUVHLGH
FRQVFLHQFLDUVHWDPEpDXQFHUWFRPSRQHQWJHQHUDFLRQDOHQHOIHWGHSUHQGUHSDUWLWLD
XQDFRQYLFFLyTXHV¶DSURSHQFDQYLV
'HXQH[DPHQGHFRQFLHQFLDXQSRFRULJXURVRVDFDPRVODHYLGHQFLDGHODQHFHVLGDGGH
HVWXGLDU SURIXQGDPHQWH ORV FRPSOHMRV SUREOHPDV TXH KR\ H[LVWHQ SODQWHDGRV HQ HO PXQGR
3UREOHPDV TXH VLHPSUH ODWHQWHV D QRVRWURV D QXHVWUD JHQHUDFLyQ VH QRV SUHVHQWDQ HQ HO
DPELHQWHGHPDGXUH]GHODSRVWJXHUUDHQSHULRGRLQPLQHQWHGHUHVROXFLyQ
7DPEpHQHOVHUqPDQLIHVWIXQGDFLRQDOGH5HYLVWDGH2FFLGHQWHDQ\VDQWHULRU
DOGH3RVW*XHUUDRVLJXLDSDUHJXWHQFDUDPpVSUzSLDPHQWHQODSRVWJXHUUDDODTXDO
WDPEpDOÂOXGHL[HVPDQLIHVWDYDXQDVLPLODUFRQVFLqQFLDGHFULVLG¶qSRFDGHWUDVEDOVTXH
QR HV GHL[D GHV[LIUDU DPE IDFLOLWDW SHU OD SUzSLD DFFHOHUDFLy GHOV IHWV L O¶H[FpV
H[SHULHQFLD5HPLQLVFHQFLDV\HVSHUDQ]DVGHXQHVSDxROHQHOH[LOLR0p[LFR(GLFLRQHVGHOD&ROHFFLyQ
$TXHODUUH
³3URSyVLWRV´5HYLVWDGH2FFLGHQWHMXOLRO
(OGHVHQFDQWLO¶DSDUWDPHQWSROtWLFVG¶2UWHJDHQDTXHVWDqSRFDV¶KDG¶HPPDUFDUHQHOFRQWH[W
JHQHUDOGHGHVSUHVWLJLGHOUqJLPFDFLTXLVWRSDUODPHQWDULKHUHWDWGHOD5HVWDXUDFLyXQGHVSUHVWLJLDJzQLF
GHOD³YLHMDSROtWLFD´TXHDFDEDULDGHL[DQWHOSDVIUDQFDOSURQXQFLDPHQWGH3ULPR6REUHO¶HYROXFLyGHO
SHQVDPHQWSROtWLFG¶2UWHJDGHOVHXLQIOX[LGHODSUzSLDSUD[LSROtWLFDRUWHJXLDQDHQVUHPHWHPDO¶DVVDLJ
$QWRQLR (ORU]D /D UD]yQ \ OD VRPEUD 8QD OHFWXUD SROtWLFD GH 2UWHJD \ *DVVHW D HG %DUFHORQD
$QDJUDPD (ORU]D VLWXD HQ O¶qSRFD GH FRQYXOVLy VRFLDO GH OD IURQWLVVD HQWUH XQ OLEHUDOLVPH
UHIRUPLVWD L WUDQVIRUPDGRU GHO SULPHU 2UWHJD L HO VHX SRVWHULRU UHSOHJDPHQW WHzULF D WHUULWRULV PpV
FRQVHUYDGRUVLHVVHQFLDOLVWHVGHVGHOVTXDOVDQDOLW]DUHOVHWHUQVSUREOHPHVG¶(VSDQ\D
LQGLVFULPLQDW G¶LQIRUPDFLy TXH JHQHUHQ 'DYDQW G¶DL[z L DEDQV TXH 3RVW*XHUUD HV
SURSRVpV D OD VHYD PDQHUD ³SRQHU DOJ~Q RUGHQ UDFLRQDO HQ HO WRUEHOOLQR FDyWLFR GH ORV
IHQyPHQRV GHO GtD´ 2UWHJD KDYLD RIHUW ³XQ SRFR GH FODULGDG RWUR SRFR GH RUGHQ \
VXILFLHQWHMHUDUTXtDHQODLQIRUPDFLyQ´SHUTXqQR³EDVWDTXHXQKHFKRDFRQWH]FDRXQ
OLEURVHSXEOLTXHSDUDTXHGHEDKDEODUVHGHHOORV/DLQIRUPDFLyQH[WHQVLYDVyORVLUYH
SDUDFRQIXQGLUPiVDOHVStULWXIDYRUHFLHQGRORLQVLJQLILFDQWHHQGHWULPHQWRGHORVHOHFWR
\HILFD]´(QDTXHVWVHQWLWFRQYpFRQVLJQDUDTXtTXHDH[FHSFLyG¶DOJXQHVUHFHQVLRQV
VLJQDGHVSHU)UDQFLVFR $\DODR $QWRQLR (VSLQD L DOJXQ DOWUH FDV SXQWXDO 5HYLVWD GH
2FFLGHQWHVHPSUHYDWHQGLUDLJQRUDUODFRSLRVDSURXYDULDGDLQRGHOWRWSUHVFLQGLEOH
SURGXFFLyHGLWRULDOGHDYDQ]DGD
3RVW*XHUUD GHV GHO SULPHU Q~PHUR VH VLWXD D O¶HVTXHUUD GHOV GRV zUJDQV
FXOWXUDOV L OLWHUDULV TXH PDL GHL[DUj GH FRPEDWUH 5HYLVWD GH 2FFLGHQWH L /D *DFHWD
/LWHUDULD (V WUDFWD QR FDO GLUKR GH GXHV SXEOLFDFLRQV DPE PpV PLWMDQV PpV
UHVVRQjQFLD PpV FRQWLQXwWDW L PpV DPELFLy TXH DTXHOOD PRGHVWD JDVHWD ERO[HYLW]DQW
GXHVHPSUHVHV FXOWXUDOVTXHH[HPSOLILTXHQHOFRQVLGHUDEOHQLYHOOFRPSDUDWVLPpVQR
DPE qSRTXHV DQWHULRUV L SRVWHULRUV GH OD FXOWXUD KLVSjQLFD GHO PRPHQW QR HQ YD
GHILQLGD ±HVSHFLDOPHQW GHVSUpV GH 0DLQHU± FRP O¶(GDG GH 3ODWD /D UHYLVWD 3RVW
*XHUUDQLTXHV¶KLRSRVLpVILOODGHOULFDPELHQWLQWHOÂOHFWXDOGHOVHXWHPSV(OVSRVW
JXHUULDQVHGtSLFDPHQWYROGUDQPDWDUHOSDUH2UWHJDSHUzHOSURSL-RVp9HQHJDVHQVGLX
TXHWRWVHOOVHUHQ³RUWHJXLVWDVHQPD\RURPHQRUPHGLGD´6HUjPLWMDQoDQWO¶RSRVLFLy
DG¶DOWUHVLVLJQLILFDGDPHQWRSRVDQWVHDOJRHWKHjROLPSLVPHLQWHOÂOHFWXDOG¶2UWHJDTXH
HOOVEXVFDUDQHOVHXOORFLODVHYDSUzSLDGLUHFFLyHQHOWHUUHQ\HVWqWLF
(Q O¶DVSHFWH PpV HVWULFWDPHQW LGHROzJLF R SROtWLF pV WDPEp 3RVW*XHUUD
OzJLFDPHQW XQ IUXLW GHO VHX WHPSV 8Q IUXLW TXH SRW VHPEODU XQD PLFD WDUGj HQ HO VHX
HQFDUDYLXHQWXVLDVPH UHYROXFLRQDUL SURVRYLqWLF HQ XQV DQ\V HQ TXq PRUW MD /HQLQ HO
OD5HYROXFLy5XVVDDFFHOHUDYDHOVHXSURSLSURFpVGHPRPLILFDFLy1RFUHLHPTXH
DOV PHPEUHV GH 3RVW*XHUUD HOV IDOWpV HQ DTXHVW VHQWLW LQIRUPDFLy R VHQWLW FUtWLF
$QGUDGHL*RUNLQSRVWHULRUVGLULJHQWVGHOQRHVWDOLQLVWD3280HVWDYHQSHUIHFWDPHQWDO
FRUUHQW GH O¶LUUHYHUVLEOH FDPt GH OD 5HYROXFLy 6RYLqWLFD FDS DO GRJPDWLVPH PpV
LQWUDQVLJHQW/DUXVVRItOLDGHODUHGDFFLyGH3RVW*XHUUDQRHUDQLFHJDPHQWLQJqQXDQL
HQWHUFDGDPHQWSDUWLGLVWD9ROLHQDL[zVtLGHDOVYLJRURVRVPRGHOVG¶DFFLyH[HPSOHVGH
WUDQVIRUPDFLy(VWUDFWDYDHQGHILQLWLYDG¶XQDUHDFFLyDO¶HVWDQFDPHQWSROtWLFLVRFLDOGH
O¶(VSDQ\D GH 3ULPR G¶XQD QHFHVVLWDW G¶REULU ILQHVWUHV SHU YHQWLODU O¶DWPRVIHUD
G¶LPPRELOLVPH TXH KDYLD GXW HO 'LUHFWRUL $TXHOO UqJLP HUD FRP XQ LQWHUOXGL ±LJXDO
G¶DUWLILFLyVTXHO¶DUTXLWHFWXUDGH0RQWMXLFSHUDO¶([SRVLFLy8QLYHUVDOGHO±HQWUHHOV
LQWHQVRV DQ\V G¶DJLWDFLy VRFLRSROtWLFD TXH O¶KDYLHQ SUHFHGLW L HOV TXH SRVWHULRUPHQW
O¶KDYLHQ GH VHJXLU /¶DQ\ HQ IXQGDUVH 3RVW*XHUUD HOV PHPEUHV GHO QXFOL HGLWRU
WHQHQXQDPLWMDQDG¶HGDWDOYROWDQWGHOVDQ\V/D'LFWDGXUDpVXQDFDPLVDTXHHOVYH
SHWLWD HOOV VyQ OD JHQHUDFLy TXH V¶HVWj SUHSDUDQW SHU WRFDU SRGHU DPE OD 5HS~EOLFD
$OJXQVKDYLHQIHWHOVHUYHLPLOLWDUDO0DUURF3HUDDTXHOOVQRLVSURYLQHQWVEjVLFDPHQW
GHODSHWLWDLPLWMDQDEXUJHVLDOD*XHUUDGHO5LITXHYDWHQLUHOVHXSXQWPpVGUDPjWLF
HQ HO GHVDVWUH G¶$QQXDO YD UHSUHVHQWDU XQD H[SHULqQFLD JHQHUDFLRQDO GHFLVLYD
9HQHJDVKRH[SOLFDG¶DTXHVWDPDQHUD
/DSULPHUDHGLFLyGHODJUDQREUDGH0DLQHUpVGHO0pVUHFHQWPHQW'RPLQJR5yGHQDV
ILQVLWRWKDUHFODPDWSHUDO¶qSRFD³HOPDUEHWHVLQDWHQXDFLRQHVGH(GDGGH2UR´Y'RPLQJR5yGHQDVGH
0R\D HG 3URFHGHU D VDELHQGDV $QWRORJtD GH OD QDUUDWLYD GH YDQJXDUGLD HVSDxROD %DUFHORQD$OED
9HQHJDVRSFLW
/DFDWiVWURIHPDUURTXtGHOWXYRPXFKDVFRQVHFXHQFLDVLPSRUWDQWtVLPDVSDUD(VSDxD
>@3HURQRVHKDVHxDODGRODLQIOXHQFLDTXHWXYRHQHOHVStULWXGHORVHVSDxROHVTXHHQWRQFHV
WHQtDQ YHLQWH DxRV 3RU YH] SULPHUD GHVGH TXH H[LVWtD OD OH\ GH UHFOXWDPLHQWR GLFWDGD SRU
&DQDOHMDVORVOODPDGRVVROGDGRVGHFXRWDHVGHFLUORVPXFKDFKRVGHODVFODVHVDOWD\PHGLDVH
YLHURQ VRPHWLGRV D OD YLGD GH FXDUWHO \ DFWXDURQ HQ RSHUDFLRQHV JXHUUHUDV FXDQWRV IXHURQ D
0DUUXHFRVUHJUHVDURQFRQXQDLPSUHVLyQGHWHVWDEOHFRPSUREDURQODLQFDSDFLGDGODLQPRUDOLGDG
\ODLQVHQVDWH]TXHGRPLQDEDQHQHOHMpUFLWR$KtDGTXLULHURQWRGRVODFRQYLFFLyQGHTXHKDEtD
TXH WUDQVIRUPDU DO (VWDGR HVSDxRO OD LQPHQVD PD\RUtD GH HOORV VH DGKLULy DO UHSXEOLFDQLVPR
DOJXQRV HYROXFLRQDURQ GHVSXpV \ SDVDURQ DO H[WUHPR RSXHVWR FRPR *LPpQH] &DEDOOHUR >@
3HUR WRGRV SDVDURQ D VHU QRFRQIRUPLVWDV \ D FRQVWLWXLU HOHPHQWRV GH SHUWXUEDFLyQ SDUD OD
PRQDUTXtD\VXVSXQWRVGHDSR\R
$TXHVWVXEVWUDWG¶DQWLPLOLWDULVPHFUtWLFLDPEXQFRPSRQHQWJHQHUDFLRQDOFUHLHP
TXHpVXQGHOVIDFWRUVTXHH[SOLTXHQODSRVWHULRUERQDUHEXGDTXHWLQGUjODQRYHOÂOtVWLFD
HXURSHD G¶H[SHULqQFLHV EqOÂOLTXHV HQWUH HOV OHFWRUV HQ OOHQJXD HVSDQ\ROD WDPEp HQ
OOHQJXDFDWDODQDHQHOFDVGH5HPDUTXH/¶q[LWGH%DUEXVVH5HPDUTXH$UQROG=ZHLJ
*ODHVHU R 5HQQ q[LW HQ HO TXDO HOV PHPEUHV GH 3RVW*XHUUD KL WLQGUDQ PROW D YHXUH
DUUHQFD DOPHQ\V HQ SDUW G¶DTXt /D FDWjVWURIH PLOLWDU GH KDYLD IHW WRFDU IRQV DO
UqJLPPRQjUTXLF(OSURFpVGHGHVHQYROXSDPHQWLQGXVWULDOH[SHULPHQWDWSHU(VSDQ\DHQ
OD VHJRQD GqFDGD GHO VHJOH ;; HVSHFLDOPHQW LQWHQV GXUDQW HOV DQ\V GH OD 3ULPHUD
*XHUUD0XQGLDOKDYLDWRUQDWDQDFUzQLFLLQVRVWHQLEOHHOVLVWHPDGHSRGHUDUWLFXODWSHUOD
5HVWDXUDFLy (O SHUtRGH GH SURIXQGD LQHVWDELOLWDW SROtWLFD 9DOV GH ORV PLQLVWHULRV L
VRFLDO7ULHQLREROFKHYLTXHTXHV¶REUHHOLHVWDQFDHODPEHOFRSGH3ULPR
KDYLDPRGHODWODFRQVFLqQFLDMXYHQLOGHODJHQWGH3RVW*XHUUDDOLPHQWDGDWDPEpDPE
HOVOOLEUHVUHYROXFLRQDULVTXHOOHJLHQLFRPHQWDYHQDO¶$WHQHRGH0DGULG±RDO¶$WHQHR
2EUHURGH*LMyQHQHOFDVGH'tD])HUQiQGH](UHQHOVDQ\VHQTXqHOPRYLPHQWREUHU
HVSDQ\ROKDYLDFUHVFXWDSURSRUFLyGHO¶LQFUHPHQWGHOVtQGH[VGHSURGXFFLyDQ\VHQTXq
HOVSDUDOÂOHOLVPHVHQWUH5~VVLDL(VSDQ\DHVYDQHVWHQGUHjPSOLDPHQWLYDQIHUSHQVDUDO
SURSL /HQLQ TXH DTXHVWD SHQtQVXOD HQGDUUHULGD GHO VXG G¶(XURSD HUD HO OORF GHVLJQDW
SHUTXqKLVRUJtVODVHJRQDUHYROXFLy0LJVHJOHGHVSUpVHQHOVHXPDJQtILFOOLEUHGH
PHPzULHV*RUNLQKRGHVFULXULDDL[t
(VWD H[WUDRUGLQDULD PRYLOL]DFLyQ GH PDVDV FRQPRYLy KRQGDPHQWH D OD VRFLHGDG
HVSDxROD 6XV HVWUXFWXUDV SUHVHQWDEDQ PXFKDV VHPHMDQ]DV FRQ ODV GH OD 5XVLD ]DULVWD XQD
HFRQRPtD \ XQD SREODFLyQ PD\RULWDULDPHQWH DJUDULDV FRQ JUDQGHV ODWLIXQGLVWDV ±\ XQ IXHUWH
FDFLTXLVPRUXUDO±HQYDVWDVUHJLRQHVDOODGRGHLQPHQVDVPDVDVVLQWLHUUDTXHFXOWLYDU\GHPX\
EDMDV FRQGLFLRQHV GH H[LVWHQFLD XQ FDSLWDOLVPR FRQFHQWUDGR SULQFLSDOPHQWH HQ GRV R WUHV
UHJLRQHV iYLGR GH EHQHILFLRV \ IiFLOPHQWH DVXVWDGL]R \ IUHQWH D pO XQ SUROHWDULDGR
UHSHQWLQDPHQWHDJUHVLYR\DPHQD]DQGRDUUDVWUDUDODJUDQPDVDUXUDOXQDSHTXHxDEXUJXHVtD\
XQDV FODVHV PHGLDV VLQ SHVR HVSHFtILFR QL IXHU]D GH HTXLOLEULR WtPLGDV \ IOXFWXDQWHV
VHQWLPHQWDOPHQWH DO ODGR GHO SXHEOR VL ELHQ WHPHURVDV DQWH VXV DFFLRQHV H[SORVLYDV >@
7ULXQIDQWHODUHYROXFLyQEROFKHYLTXHHQ5XVLD¢QRODVHJXLUtD(VSDxD">@
,ELG7RWLVHUODOOHLYLJHQWPpVLJXDOLWjULDHQHIHFWHTXHGXUDQWO¶qSRFDGHOD*XHUUD
GH &XED HO VROGDGR GH FXRWD QRPpV IHLD GHX PHVRV GH PLOL SDJDQW SHVHWHV R FLQF PHVRV VL HQ
SDJDYDPHQWUHTXHOHVFODVVHVSRSXODUVHQIHLHQWUHVDQ\VLQRUPDOPHQWHQSLWMRUVGHVWLQDFLRQVY
(QULTXH 6HOYD (UQHVWR *LPpQH] &DEDOOHUR (QWUH OD YDQJXDUGLD \ HO IDVFLVPR SUzO GH -XDQ 0DQXHO
%RQHW9DOHQFLD3UH7H[WRV,QVWLWXFLy$OIRQVHO0DJQjQLP
Y 3LHUUH 9LODU +LVWRULD GH (VSDxD WUDG GH 0DQXHO 7XxyQ GH /DUD 3DULV /LEUDLULH
HVSDJQROH
*RUNLQ RS FLW $QWRQLR (ORU]D RS FLW VV H[SOLFD TXH O¶DPHQDoD
UHYROXFLRQjULD XQ FRS DFDEDGD OD ³EDUUHUD DLVODQWH´ TXH KDYLD VXSRVDW OD JXHUUD HXURSHD VHUj
VRUROORVDPHQWHVYHQWDGDLFRQYRFDGDSHOSURSLUqJLPPRQjUTXLFLODVHYDSUHPVDDHIHFWHVGHMXVWLILFDUOD
SROtWLFDGHUHSUHVVLyFRQWUDOHVRUJDQLW]DFLRQVREUHUHV
(OV IXQGDGRUV GH 3RVW*XHUUD D JUDQV WUHWV UHSUHVHQWDYHQ DTXHVWD FODVVH
PLWMDQD SURJUHVVLVWD TXH HVPHQWD *RUNLQ /D VHYD MRYHQWXW FRLQFLGHL[ DPE XQD
FRQVLGHUDEOH RQDGD GH OOLEUHV UHODFLRQDWV DPE OD 5HYROXFLy 5XVVD DSDUHJXGD HQ HO
PHUFDW HVSDQ\RO L TXH IRUPDUj XQ SXQW jOJLG DO YROWDQW GH O¶DQ\ $TXHVW pVHO
FRQWH[W GH OD VHYD IRUPDFLy 8QD GqFDGD PpV WDUG HOOV SURWDJRQLW]DULHQ DPE OHV
HGLWRULDOV TXH YDQ IXQGDU R D TXq HV YDQ G¶DOJXQD PDQHUD YLQFXODU XQD QRYD L
DPELFLRVDRQDGDGHOOLEUHUHYROXFLRQDULLSURJUHVVLVWDGHVWLQDGDDFRQWULEXLUDTXqHO
G¶DEULOGHD(VSDQ\DHVSURFODPpVVHQVHUHYROXFLyQLYHVVDPHQWGHVDQJXQD
5HS~EOLFDG¶DPSOLFRQVHQVLGHJHVWDFLyLQHTXtYRFDPHQWSRSXODU
3HUzDEDQVG¶DL[zHOTXHYDQIXQGDUYDVHUXQDUHYLVWDYDQIXQGDUXQDHLQDSHU
OOXLWDU FRQWUD OD 'LFWDGXUD L FRQWUD HOV FRUUHQWV HVWqWLFV TXH GHV GHO VHX SXQW GH YLVWD
Q¶HUHQ FzPSOLFHV&RPQRGHL[DYD GH VHU SURSL GH O¶(VSDQ\D GH O¶qSRFD OD UHYLVWD YD
VRUJLU G¶XQD WHUW~OLD GH FDIq DTXHOOD PHQD G¶LQVWLWXFLy VXEVWLWXWzULD GH OD YLGD
SDUODPHQWjULDWDQFDUDFWHUtVWLFDGHOVHVSDQ\ROVG¶DOHVKRUHV)LQVLWRWD3DUtVHQDTXHOOV
DQ\V GH YHVSUHV UHSXEOLFDQHV EUROODULHQ P~OWLSOHV WHUW~OLHV DPE HOV GLIHUHQWV JUXSV
G¶H[LOLDWV LEqULFV DQDUTXLVWHV PLOLWDUV UHSXEOLFDQV FDWDODQLVWHV LQWHOÂOHFWXDOV
LQFzPRGHVFRPXQLVWHV7DPEpHQDTXHVWVRUtJHQVWDQSRFDFDGqPLFVGH3RVW*XHUUD
KL SRGUtHP YHXUH XQ FRQWUDVW DPE HOV SODQWHMDPHQWV G¶2UWHJD TXH MD HO KDYLD
DGUHoDWODSULPHUDHQWUHJDG¶(OHVSHFWDGRUDOV³OHFWRUHVLQFDSDFHVGHRtUXQVHUPyQGH
DSDVLRQDUVHHQXQPHHWLQJ\MX]JDUGHSHUVRQDV\FRVDVHQXQDWHUWXOLDGHFDIp´3HO
WHVWLPRQL GH 9HQHJDV VDEHP TXH YD VHU -RVp 'tD] )HUQiQGH] TXL HO YD FRQYLGDU D
FRQFyUUHUDODSRVWJXHUULDQDWHUW~OLD GHO FDIq 6DYRLD FDIq TXH ³QR HUD VLQR XQ SDVLOOR
VXVWUDtGRDOYHVWtEXORGHOWHDWUR$SROR´
$TXHOOR KDEtD FRPHQ]DGR VLHQGR XQD UHXQLyQ OLWHUDULD \ SRFR D SRFR LED
WUDQVIRUPiQGRVHHQXQDWHUWXOLDSROtWLFD/RPLVPRVXFHGtDSRUHQWRQFHVHQWRGRVORVVHFWRUHVGH
OD VRFLHGDG HVSDxROD TXH LEDQ HQFRQWUDQGR LQVRSRUWDEOH OD HVWXSLGH] OD LQPRUDOLGDG OD
FKDEDFDQHUtD\ODFKXOHUtDGHOGLFWDGRU3ULPRGH5LYHUD\VXVFRODERUDGRUHV
&XDQGR PH LQFRUSRUp D HOOD D~Q FRQFXUUtDQ GH YH] HQ FXDQGR DOJXQRV OLWHUDWRV PiV R
PHQRVSXURVTXHWHUPLQDURQSRUGHVHUWDU>@
'H OD WHUWXOLD VDOtD OD UHYLVWD 3RVW*XHUUD >@ 6H RFXSDEDQ SULQFLSDOPHQWH GH HOOD
5DIDHO-LPpQH]>VLF@6LOHV\-RVp$QWRQLR%DOERQWtQ(VFULEtDQRWURVGHODWHUWXOLD\HQWUHWRGRV
VH UHFDXGDED PHQVXDOPHQWH SDUD VRSRUWDU HO GpILFLW )XL LQFRUSRUDGR DO FXDGUR GH ORV
FRODERUDGRUHV \ PH DQRWp SDUD FRQWULEXLU D ORV JDVWRV FRQ YHLQWLFLQFR SHVHWDV PHQVXDOHV (UD
%DOERQWtQTXLHQFRUUtDFRQODDGPLQLVWUDFLyQ\WRGRVORVPHVHVQRVFLWDEDXQDQRFKHDFHQDUSDUD
GDUQRVFXHQWDGHODVLWXDFLyQ,QYDULDEOHPHQWHIDOWDEDGLQHUR
-XDQ$YLOpV)DUUp/DIHTXHYLQRGH5XVLD/DUHYROXFLyQEROFKHYLTXH\ORVHVSDxROHV
0DGULG%LEOLRWHFD1XHYD8QLYHUVLGDG1DFLRQDOGH(GXFDFLyQD'LVWDQFLD
%DOERQWtQ RS FLW UHIHUHL[ TXH 9DOOH,QFOiQ HO YHOO FDUOt HQHPLF GHFODUDW GH OD
'LFWDGXUD DTXHOOD QLW H[XOWDQW QR GHL[DYD GH SURFODPDU OD FRQYHQLqQFLD D WDOO G¶HVFDUPHQW HGLILFDQW L
DEDQVQRIXJtVGHSHQMDUHOPRQDUFDG¶XQIDQDOGHOD3XHUWDGHO6ROSHUzQLQJ~QROLYDIHUFDSFDV
(QSDUDXOHVG¶$QWRQLR(VSLQD³VLODUHYLVWDSUHFHGHDOOLEUR\DODREUDODWHUWXOLDSUHFHGHD
ODUHYLVWD´$QWRQLR(VSLQD/DVWHUWXOLDVGH0DGULGHGG¶ÏVFDU$\DOD0DGULG$OLDQ]D
*RUNLQHQHOOOLEUHTXHYHQLPFLWDQWHQIDXQUHWUDWLPSDJDEOHGHOVDQDUTXLVWHVKLVSjQLFVTXH
V¶DFDPSDYHQ SHO 3DUtV GHOV DQ\V $TXHOOV HOHPHQWV Vt TXH HUHQ FRQVHTHQWPHQW DQWLVLVWHPD HOV
SURJUHVGHODODVHYDYRUDVHPEODUDQXQVSHUIHFWHVLQWHJUDWV
-RVp2UWHJD\*DVVHW(OHVSHFWDGRU,0DGULG,PSUHQWD5HQDFLPLHQWR1RREVWDQW
DL[zYDODGLUTXH 5HYLVWDGH2FFLGHQWHWHQLD±DPEOD SUHFHSWRUDODVVLVWqQFLDG¶2UWHJD±ODVHYD SUzSLD
WHUW~OLDKDELWXDOLLQVWLWXFLRQDOLW]DGD
(OJUXSRVHPH]FODEDDWRGDVODVFRQVSLUDFLRQHVFRQWUDODGLFWDGXUD>@
(QILHOVSRVWJXHUULDQVQRHUHQHQWHUPHVVRFLROzJLFVDTXHOODMRYHLEULOODQWHOLW
FXOWXUDOTXHV¶HVWUXFWXUjHQGLYHUVHVRQDGHVDOYROWDQWG¶2UWHJDHOOVQRHUHQWDPSRFHOV
SULYLOHJLDWV FXOWXUDOPHQW SDUODQW EHFDULV GH OD -XQWD SDUD $PSOLDFLyQ GH (VWXGLRV H
,QYHVWLJDFLRQHV &LHQWtILFDV FUHDGD HO TXH WRUQDYHQ DO WHUUzV KLVSjQLF DSRUWDQW
XQDIODLUDGDG¶DXODJHUPjQLFDLXQD±DTXtVHPSUHPpVTXHQHFHVVjULD±YROXQWDWGHULJRU
HQ HOV GLIHUHQWV jPELWV GH OD FXOWXUD (OV SRVWJXHUULDQV QR VDELHQ DOHPDQ\ WUHW
SRWVHUG¶$QGUDGHYROXQWDULyVDXWRGLGDFWHG¶DWHQHXSHUzHOFHUWpVTXHDUULEDULHQD
IHU WUDGXLU L D HGLWDU XQD JUDQ TXDQWLWDW GH OOLEUHV DOHPDQ\V TXH SHU GLUKR DL[t YD
FRPSOHPHQWDU OD VXEVWDQFLRVD LPSRUWDFLy GH FXOWXUD JHUPjQLFD PDMRULWjULDPHQW
DFDGqPLFDTXHGXLDDWHUPHODUHYLVWDHGLWRULDORUWHJXLDQD7RWLTXHDOJXQVKDYLHQIHW
FDUUHUDXQLYHUVLWjULD6LOHVIDUPjFLD%DOERQWtQGUHWHOVSRVWJXHUULDQVHUHQPROWPpV
XQVDWHQHLVWHVTXHXQVXQLYHUVLWDULVHQHOVHQWLWHXURSHwW]DQWSRVWQRXFHQWLVWDRUWHJXLj
5HYLVWDGH2FFLGHQWHUHSUHVHQWDXQHVIRUoGHPRGHUQLW]DFLyFXOWXUDOGHO¶(VSDQ\DGHOV
DQ\VLDFWXDQWGHVGHGDOWDSDUWLUGHODIRUPDFLyGHOHVPLQRULHVFXOWHVHOVSRVW
JXHUULDQV YROGUDQ DUULEDU D OHV PDVVHV EXVFDUDQ XQV PRGHOV FXOWXUDOV H[WHQVLEOHV
LQWHQWDUDQ IHU HQWUDU HQ HO VHJOH ;; QR VRODPHQW XQD UHGXwGD FDVWD SURIHVVRUDO VLQy
jPSOLHV FDSHV GH SREODFLy 3RGUtHP HVWDU WHPSWDWV GH SUHJXQWDUQRV DTXt TXq
QHFHVVLWDYDDPEPpVXUJqQFLDDTXHOOD(VSDQ\DVLXQDPLQRULDILORVzILFDG¶HVTXHQHVD
ODLQVDWLVIDFWzULDUHDOLWDWSROLWLFRVRFLDORVLXQVLQWHOÂOHFWXDOVDPEHOODFRPSURPHVRVVL
XQD HOLW DFDGHPLW]DQW DWHQWD D OD SURGXFFLy G¶DOWD FXOWXUD G¶XQ SDtV $OHPDQ\D TXH
KDYLD MD HUDGLFDW O¶DQDOIDEHWLVPH IHLD OXVWUHV R VL XQD LQWHOÂOHFWXDOLWDW SUHRFXSDGD HQ
SULPHUOORFSHUIHUHOPDWHL[DTXt3HUzVHJXUDPHQWVHULHQSUHJXQWHVXQDPLFDFDSFLRVHV
LDPpVLPSRVVLEOHVGHUHVSRQGUHVHQVHFDXUHHQO¶RSLQLyLQGHPRVWUDEOH
9HQHJDVRSFLW%DOERQWtQGHYLDGXUO¶DW]DURVDDGPLQLVWUDFLyHQHOWUDPFHQWUDOGH
ODYLGDGHODUHYLVWDHQHOQ~PDSDUHL[FRPDDGPLQLVWUDGRUXQWDO/XLV5RPHURLHQHOQ~P
%DOERQWtQYDVRUWLUMDGHOJUXS
/¶DELVPH HQWUH HOV PRQV FLHQWtILFRFXOWXUDOV G¶(VSDQ\D L $OHPDQ\D HUD SHUz WDQ JUDQ HQ
DTXHOODqSRFD±LHQHOVGHFHQQLVDQWHULRUV±TXHGH YHJDGHVQ¶KL KDYLD SURXDPEHVWXGLDUVH XQFRQHJXW
PDQXDO G¶DOOj SHU SRGHU DSURYDU XQHV FREHMDGHV RSRVLFLRQV DTXt 8Q QpW SUHFLVDPHQW G¶2UWHJD -RVp
9DUHOD2UWHJDH[SOLFDHOFDVG¶XQDOWUHSDUHQWVHX³GRQ0DQXHO9DUHOD5DGtRPpGLFRHPLQHQWH´HOTXDO
³SHQVLRQDGR HQ $OHPDQLD SUHSDUy ±\ JDQy± VXV SULPHUDV RSRVLFLRQHV GH JLQHFRORJtD HQ HO KRVSLWDO GH
6DQWLDJR HVWXGLDQGR FRQFLHQ]XGDPHQWH GXUDQWH XQ YHUDQR HQ HO SD]R IDPLOLDU GH 'DQHLUR HO PDQXDO GH
JLQHFRORJtD DGHFXDGR HVR Vt HQ DOHPiQ eVD HUD OD GLVWDQFLD HQWUH XQR \ RWUR PXQGR´ -RVp 9DUHOD
2UWHJD ³3UyORJR´ D 9LFHQWH &DFKR 9LX /RV LQWHOHFWXDOHV \ OD SROtWLFD 3HUILO S~EOLFR GH 2UWHJD \
*DVVHWSUzOGH-RVp9DUHOD2UWHJDLQWULHGDFXUDG¶2FWDYLR5XL]0DQMyQ0DGULG%LEOLRWHFD1XHYD
6DEHPTXH $QGUDGHQR SDUODYDDOHPDQ\SHUzQRGHVFDUWHPGHOWRWTXHHO SRJXpVOOHJLUHO
PDWHL[SRGHPGLUGH*RUNLQPpVHQGDYDQWWRUQDUHPVREUHWRWDL[z
0pV WDUG TXDQ YD FDOGUH GHIHQVDU OD 5HS~EOLFD WDQW GH O¶DJUHVVLy IHL[LVWD FRP GH OHV VHYHV
SUzSLHV FRQWUDGLFFLRQV HO FHUW pV TXH XQV LQWHOÂOHFWXDOV YDQ PRVWUDUVH DO UHVSHFWH PpV DFWLXV TXH DOWUHV
2UWHJDGHIHWGXUDQWOD*XHUUD&LYLOGHVLWMDUjODYLFWzULDQDFLRQDO3HUDL[zSRWVHU/ySH]&DPSLOORHQ
HO VHX MD FOjVVLF H[DPHQ GHVFULSWLX GH 5HYLVWD GH 2FFLGHQWH V¶KDYLD IHW DO FDSGDYDOO SUHJXQWHV QR PROW
DOOXQ\DGHVGHOHVVXDUDIRUPXODGHVLYDWDQFDUOHVFRQFOXVLRQVGHOVHXHVWXGLDPEDTXHVWHVSDUDXOHV³>@
OD5HYLVWDGH2FFLGHQWHHQGHILQLWLYDFRQWULEX\yDDFHQWXDUHQODIRUPDFLyQGHODVPLQRUtDVHVSDxRODV
OD WHQGHQFLD D OD UHIOH[LyQ OD FRQWHPSODFLyQ \ OD FRPSUHQVLyQ YROYLpQGRODV DVt FDGD YH] PHQRV DSWDV
FRPRORGHPRVWUyOD+LVWRULDDSDVDUGHODFDWHJRUtDGHPLQRUtDVGHOSHQVDPLHQWRDODGHPLQRUtDVGHOD
RUJDQL]DFLyQ R GH OD SROtWLFD´ (YHO\QH /ySH] &DPSLOOR /D ©5HYLVWD GH 2FFLGHQWHª \ OD IRUPDFLyQ GH
PLQRUtDV 0DGULG 7DXUXV /ySH] &DPSLOOR YD VHU WDPEp FRDXWRUD G¶XQD
FODULILFDGRUD DSUR[LPDFLy JHQHUDO DO WHPD GHO SDSHU GHOV LQWHOÂOHFWXDOV HQ O¶LQWHQV ODSVH GH -HDQ%pFDUXG(YHO\QH/ySH]&DPSLOOR/RVLQWHOHFWXDOHVHVSDxROHVGXUDQWHOD,,5HS~EOLFD0DGULG
6LJOR;;,
(OSULPHUQ~PHURGHTXDOVHYROSXEOLFDFLyVROUHVXOWDUDOWDPHQWLQGLFDWLXGHOTXH
DTXHVWD HV SURSRVD L GHO TXH SUHWpQ VHU 6RYLQW QR pV HO Q~PHUR PpV UHHL[LW SHUTXq D
O¶HPSUHVDHQFDUDOLIDOWDURGDWJHSHUzWDQPDWHL[O¶HVSHULWTXHO¶DQLPDHVSHUFHSPLOORU
TXHPDL(QHOQ~PGH3RVW*XHUUDWUREHPMDDOJXQHVGHOHVSULQFLSDOVGLUHFWULXVTXH
GHILQLUDQODWUDMHFWzULDGHODUHYLVWD&RPDOHLWPRWLYVHQVGXEWHODUHIOH[LyVREUHHOURO
GHO¶LQWHOÂOHFWXDOHQODVRFLHWDWLODGHIHQVDGHOVHXSDSHUDFWLXLSROtWLFDPHQWFRPSURPqV
&RP D PRWLXV SDUDOÂOHOV R HQ OD PDWHL[D zUELWD O¶DGYRFDFLy SHU O¶DOLDQoD HQWUH
LQWHOÂOHFWXDOV L REUHUV O¶LQWHUqV SHU OD OLWHUDWXUD UXVVD HQ GHWULPHQW FRQIpV GH OD
IUDQFHVD HO SODQWHLJ GH OD IXQFLy GH OD OLWHUDWXUD L OD IRUPXODFLy G¶XQ PRGHO OLWHUDUL
KXPDQLW]DW8QGHVLJG¶LQWHUQDFLRQDOLWDWHQO¶HOHFFLyGHOVWHPHVDWUDFWDUXQDLQGXEWDEOH
YROXQWDWSROHPLW]DGRUDLXQDWHQGqQFLDDFHUWDHQGRJjPLDDXWRUHIHUHQFLDOFRPSOHWDULHQ
HOV SULQFLSDOV VLJQHV GLDJQzVWLFV G¶DTXHVW SULPHU Q~PHUR L SHU H[WHQVLy GH OD SUzSLD
UHYLVWDHQFRQMXQW
(O Q~P GH 5HYLVWD GH 2FFLGHQWH pV QDWXUDOPHQW WRWD XQD DOWUD FRVD /D
GHOLFDGDWLSRJUDILDODTXDOLWDWLHOJUXL[GHOSDSHUHOIRUPDWPpVSURSHUDOOOLEUHTXHDOD
UHYLVWD O¶DFDGHPLFLVPH GH OD FREHUWD WRW DSXQWD D XQ DIDQ\ GH SHUGXUDELOLWDW GH
VROLGHVDGHULJRU7DPEpHOSUHX¶ SHVHWHV UHVXOWDYD ULJRUyV FRPSDUDW DPE HO UDO
TXH YDOGULD 3RVW*XHUUD /D MHUDUTXLD HQ OD LQIRUPDFLy TXH 2UWHJD HQV SURSRVDYD
WUREDHOVHXFRUUHODWHQODPLGDGHOVFDUjFWHUVG¶LPSUHPWD6¶HPSUHQWUHVPLGHVGLIHUHQWV
GHO PDWHL[ WLSXV GH OOHWUD HQ IRUPD GHFUHL[HQW HOV SULPHUV DUWLFOHV R FROÂODERUDFLRQV
JHQHURVLWDW WLSRJUjILFD HOV GHO PLJ DPSOLWXG L HOV GDUUHUV FRQWHQFLy 'HO FRQWLQJXW
QRPpV GHVWDFDUHP HO FDUjFWHU SOXULGLVFLSOLQDUL ±G¶jPSOLD DPELFLy LQWHOÂOHFWXDO± TXH
VHPSUHYDWHQLUODSXEOLFDFLyDL[tFRPODLPPDQFDEOHTXRWDGHFXOWXUDJHUPjQLFDHQ
DTXHVW Q~PHUR LQDXJXUDO FREHUWD DPE OD SUHVqQFLD GH 6LPPHO L GH O¶KLVSDQLVWD L
DUTXHzOHJ$GROI6FKXOWHQ
1RpVFDVXDOTXHHOSULPHUDUWLFOHLPSRUWDQWGH3RVW*XHUUDHVWLJXLGHGLFDWDOD
OLWHUDWXUDUXVVDGHOPRPHQW$OOjEXVFDODUHYLVWDHOVUHIHUHQWVHVWqWLFVLLGHROzJLFVTXHOL
SHUPHWUDQG¶DQDUDUWLFXODQWHOVHXSURSLGLVFXUVFUtWLF,YDODGLUTXHYHUGDGHUDPHQWHOV
WUREDHQDTXHVWDUWLFOHGH9LFWRU6HUJHGDWDWD/HQLQJUDGHOPHVG¶DEULOGHOPDWHL[
LTXHVHPEODHVFULWDSURSzVLWSHUHQFHWDU3RVW*XHUUDLPDUFDUOLHOFDPt³/RVMyYHQHV
HVFULWRUHVUXVRVGHOD5HYROXFLyQHQHOSDVDGR\HOSUHVHQWH´SUHVHQWDODOLWHUDWXUD
VRYLqWLFDFRPODPpVYLYDGHOPRPHQW
>@ 'HVGH ODV OHWUDV UXVDV KDQ UHFLELGR XQ PDUDYLOORVR UHVXUJLPLHQWR 3DUD
MX]JDUODV HV SUHFLVR TXH ODV VLWXHPRV GHQWUR GH OD DWPyVIHUD GH OD FXOWXUD HXURSHD GH OD SRVW
JXHUUDHQODFXDODSDUHFHQOOHQDVGHVDYLDGHSURIXQGLGDGGHYDULHGDGGHQRYHGDG(QQLQJ~Q
SDtVVHKDYLVWRVXUJLUHQHVWRVDxRVWDQWRVMyYHQHVWDOHQWRV\WDQWDVREUDVQXHYDV>@
1RWHPTXHMXVWDPHQWHVSDUOD G¶XQD DWPRVIHUDFXOWXUDOGHSRVWJXHUUDDOWDPHQW
SURStFLDSHUDXQDOLWHUDWXUDODUXVVDTXHpVIUXLWG¶XQPyQHQSURFpVGHWUDQVIRUPDFLy
/¶DXWRUGHVHJXLGDSDVVDUjDDWDFDUODOLWHUDWXUDIUDQFHVDFRHWjQLD$L[zpVLPSRUWDQW/D
UHYLVWD 3RVW*XHUUD VHPSUH GHIHQVDUj XQV PRGHOV OLWHUDULV L HQ FRPEDWUj G¶DOWUHV $
DTXHVWVHIHFWHVQRGLYLGLUjH[FOXVLYDPHQWODOLWHUDWXUDHQODOOHQJXDHQTXqHVWjHVFULWD
FLW
YSODQDJUjILFD
SHVVHWHVHUHQOODYRUVHOMRUQDODJUDULPLWMjTXHSXMjDHQDUULEDUOD5HS~EOLFDY9LODURS
/DSULPHUDqSRFD±TXHpVODTXHDTXtVHPSUHFRQVLGHUHP±GHODUHYLVWDFRPSUqQGHMXOLROGH
DMXOLROGHQ~PHURVG¶LPSHUWRUEDEOHUHJXODULWDWPHQVXDO
6LPPHO0D[6FKHOHUL-XQJVHUDQHOVWUHVDXWRUVGHOOHQJXDQRHVSDQ\RODPpVSUHVHQWVDOD
UHYLVWDWDPEpVHUDQHVSHFLDOPHQWHOVGRVSULPHUVIRUoDWUDGXLWVDO¶HGLWRULDO
SHUzGHODPDWHL[DPDQHUDTXHODUXVVDVHUjODSUHIHULGDHVWjFODUTXHODIUDQFHVDVHUjOD
TXHPpVDWDFVUHEUj(VWUDFWDYDGHUREDUHOFHSWUHDOHVOOHWUHVJDOÂOHVGHGHVEDQFDUOHV
GH SRVDU HQ THVWLy HO VHX YDORU UHIHUHQFLDO 6RODPHQW DL[t HV SRGULHQ REULU FDPLQV
SHUTXqSHQHWUHVVLQHQHOSDQRUDPDOHFWRUHVSDQ\ROOHVQRYHVSURGXFFLRQVOLWHUjULHVTXH
YHQLHQ GH 5~VVLD ±L VHJXLGDPHQW WDPEp G¶$OHPDQ\D 3HU GHVFRPSWDW TXH WDPEp KL
KDXUj DXWRUV IUDQFHVRV JUDWV D 3RVW*XHUUD %DUEXVVH )UDQFH 5ROODQG HQ WDQW TXH
LQFORwEOHVGLQVHOEORFG¶DXWRUVSURJUHVVLWHV±FRPQ¶KLKDXUjGHSDUWLFXODUPHQWQRJUDWV
/D 1RXYHOOH 5HYXH )UDQoDLVH SHO PRWLX FRQWUDUL± SHUz O¶DIDQ\ GH PLQDU HO SUHVWLJL
OLWHUDUL IUDQFqV V¶KD G¶HQWHQGUH HPPDUFDW HQ OD FUHDFLy G¶XQ (UZDUWXQJVKRUL]RQW
GHWHUPLQDW HQ O¶LQWHQW GH SURSLFLDU XQ FDQYL HQ OHV SUHIHUqQFLHV GHOV OHFWRUV R XQD
LQFRUSRUDFLyGHOHFWRUVQRXVGLVSRVDWVDFRQVXPLUXQSURGXFWHGLIHUHQW
6HUJHQRV¶HVWjG¶LURQLW]DUVREUHO¶HPEOHPjWLFFRVPRSROLWLVPHGH0RUDQGDXWRU
TXHDPEODVHYDPXQGDQLWDWDULVWRFUDWLW]DQWHQFDUQDYDERQDSDUWGHOHVDFWLWXGVOLWHUjULHV
LYLWDOVTXH3RVW*XHUUDDWDFDUj7DPEpVLWXDODYjOXDOLWHUjULDG¶XQ'ULHX/D5RFKHOOH
TXHDFDEDUjGLULJLQW/D15)GXUDQWO¶RFXSDFLyQD]LPROWSHUVRWDGHODTXHPRVWUDOD
OLWHUDWXUDUXVVDDFWXDO/DSUHVHQWDFLyTXHIDG¶DTXHVWDOLWHUDWXUDHQFDL[DDODSHUIHFFLy
DPEHOGLVFXUVFUtWLFTXHHODERUDUj3RVW*XHUUD
'HQWURGHVXYDULHGDG¢WLHQHODOLWHUDWXUDUXVDDFWXDOFDUDFWHUHVJHQHUDOHV"$VtORFUHR
VLHQGR HQ PL SDUHFHU ORV VLJXLHQWHV HO LQWHUpV SRU ORV JUDQGHV SUREOHPDV GHO GHVWLQR VRFLDO HO
VHQWLPLHQWRGHOFRQIOLFWRHQWUHODVIXHU]DVUHWUyJUDGDV\ODFRQFLHQFLDHOGHVGpQGHODSVLFRORJtD
SXUD HV GHFLU GHO SHQVDPLHQWR \ GHO VHQWLPLHQWR VHSDUDGRV GH OD DFFLyQ HO GHVGpQ KDFLD OD
HVWpWLFD SXUD HV GHFLU GHO DUWH VHSDUDGR GH OD YLGD HO VHQWLPLHQWR GH OD YLGD GH ODV PDVDV HO
VHQWLPLHQWRGHODDFFLyQFROHFWLYDHOVHQWLPLHQWRGHODGHUURWDGHXQPXQGR\GHOQDFLPLHQWRGH
RWUR
8QD OLWHUDWXUD YLWDO SURIXQGDPHQW KXPDQD TXH RSRVL D O¶HJRWLVPH IUDQFqV HOV
YDORUV XQLYHUVDOV GH OD VROLGDULWDW D OD SVLFRORJLD HQWRWVRODGD OD FRPXQLFDFLy GH
VHQWLPHQWVDOVROLSVLVPHSURXVWLjO¶DFFLyWUDQVIRUPDGRUDGHODUHDOLWDW$TXHVWVVyQHOV
WUHWVIRQDPHQWDOVGHO¶HVWqWLFDGH3RVW*XHUUDSUHVHQWVMDGHVGHOFRPHQoDPHQWGHOD
YLGD GH OD UHYLVWD , VHUDQ WDPEp OtQLHV UHFWRUHV HQ OD ODERU GH OHV HGLWRULDOV TXH HOV
PHPEUHV GH OD UHYLVWD GHVSUpV IXQGDUDQ HGLWRULDOV FODUDPHQW DERFDGHV D OD WUDGXFFLy
G¶REUHVIRUDQHVVHJXLQWWDPEpHQDL[zO¶LPSXOVLQWHUQDFLRQDOLVWDMDSUHVHQWDOHVSODQHV
GHODJDVHWD'HOVDXWRUVUXVVRVTXHHVPHQWD6HUJHPpVGHTXDWUHHVWDUDQSUHVHQWVDPE
XQD R PpV REUHV HQ HOV FDWjOHJV GH DYDQ]DGD 3LOQLDN %jEHO )HGLQ 6HUDILPyYLW[
*ODGNRY$OHNVHL7ROVWRL(KUHQEXUJLG¶DOWUHV(OSURSL6HUJHTXHFRPDWURWVNLVWD
QRPpV XQ OXVWUH PpV WDUG GH OD UHGDFFLy G¶DTXHVW DUWLFOH IDULD FDS D 6LEqULD VHUj
jPSOLDPHQWHGLWDW
(O SDQRUDPD FUtWLF GHOV DXWRUV VRYLqWLFV TXH 6HUJH RIHUHL[ WHQLD HQ DTXHOO
PRPHQW L SHU D OD SDUUzTXLD SRVWJXHUULDQD XQ LQWHUqV LQGXEWDEOH %jVLFDPHQW HOV
GLYLGHL[HQWUHVJUXSV3ULPHUV¶RFXSDG¶XQSDUHOOG¶DXWRUV$OHNVHL7ROVWRLL(KUHQEXUJ
TXH ³XQLGRV SRU VX SDVDGR D OD DQWLJXD VRFLHGDG UXVD R HXURSHD KDQ EXVFDGR XQD
RULHQWDFLyQ QXHYD´ FRQVLGHUD TXH V¶KDQ OOLXUDW D ³OD QRYHOD GH LPDJLQDFLyQ XWySLFD´
SHUTXqODVRFLHWDWUXVVDTXHHOOVYDQFRQqL[HUMDQRH[LVWHL[LODQRYDQRO¶HQWHQHQ3HO
(Q OD WUDQVFULSFLy GH QRPV SURSLV UXVVRV DO FDWDOj LQWHQWHP HQ HO SUHVHQW WUHEDOO VHJXLU OHV
LQGLFDFLRQV UHFROOLGHV D ³3URSRVWD VREUH HO VLVWHPD GH WUDQVFULSFLy L WUDQVOLWHUDFLy GHOV QRPV UXVVRV DO
FDWDOj $FRUG GHO G¶RFWXEUH GH ´ GLQV ,QVWLWXW G¶(VWXGLV &DWDODQV 'RFXPHQWV GH OD 6HFFLy
)LOROzJLFD,,,%DUFHORQD,QVWLWXWG¶(VWXGLV&DWDODQV
eVVLJQLILFDWLXDTXHVWSXQWGHYLVWDGHSRFVPHVRVDEDQVGHO¶H[SXOVLyGH7URWVNLGHO
3DUWLW &RPXQLVWD UHVSHFWH D GRV DXWRUV SDUDGLJPjWLFV HQ OD VHYD SRVWHULRU ±L MD SURSHUD± FRQYHUVLy D
O¶HVWDOLQLVPH
TXHIDDOVHVFULSWRUVPpVMRYHVGLVWLQJHL[HQWUHHOVFRPSDQ\VGHFDPtGHOD5HYROXFLyL
HOV SURVLVWHV SUROHWDULV G¶DTXHVWV TXH VHQV GXEWH VHULHQ HOV VHXV SUHIHULWV SURPHW
RFXSDUVH¶QHQXQSRVWHULRUDUWLFOHTXHWDQPDWHL[QRHVYDDUULEDUDSXEOLFDUDOHVSODQHV
GH3RVW*XHUUD/ODYRUVSDVVDDRFXSDUVHGHOVSULPHUVTXHVyQHOVHVFULSWRUVMRYHVQR
FRPXQLVWHVHOVTXHKDQYLVWOD5HYROXFLy³GHVGHIXHUD´&RPHQWDGLIHUHQWVFDVRVIHQW
QRWDU TXH HQ OHV VHYHV REUHV V¶KL UHWUDWD OD SHWLWD EXUJHVLD LQWHOÂOHFWXDO ±GH OD TXDO
SURYHQLHQ PDMRULWjULDPHQW DTXHVWV DXWRUV± SRF DGDSWDGD D OHV QRYHV FLUFXPVWjQFLHV
&UHXTXHDTXHVWVHVFULSWRUVLJXDOTXHHOVVHXVSHUVRQDWJHVVHVHQWHQLQDGDSWDWVLTXH
HQ GHILQLWLYD VDEHQ GHVFULXUH PLOORU OD IDXQD ERKqPLD DQWHULRU D OD 5HYROXFLy TXH
O¶DFWXDOSUROHWDULDWHQHOVQRXVWDOOHUVeVGHGHVWDFDUTXHHQOHVHGLWRULDOVG¶DYDQoDGDHO
OHFWRU HQ OOHQJXD HVSDQ\ROD WLQGUj DYLDW O¶RSRUWXQLWDW GH FRQqL[HU OHV REUHV GH OLWHUDWV
SHUWDQ\HQWVDOVWUHVJUXSVGHVFULWVSHU6HUJH
(OGDUUHUSDUjJUDIGHOVHXDUWLFOH DSXQWDXQDGLFRWRPLD2ULHQW2FFLGHQWTXHQR
GHL[DUj WDPEp GH SODQDU PpV R PHQ\V PDQLIHVWD SHU VREUH GH OD GLVFXVVLy HVWqWLFR
LGHROzJLFDHQTXq3RVW*XHUUDHVFRPSURPHW
(VWDOLWHUDWXUDFRPRWRGD5XVLDHVWiVROLFLWDGDSRUWHQGHQFLDVFRQWUDULDVODYXHOWDDOD
GHPRFUDFLDEXUJXHVDODWLHQWDHQHOIRQGRPiVTXHHOiVSHURFDPLQDUKDFLDHOFRPXQLVPR3RUVX
YLJRU\VXQRYHGDGWLHQHTXHGDUPXFKRDO2FFLGHQWHHYROXFLRQDUiFRQODVRFLHGDGVRYLpWLFD\
FRQWULEXLUi D IRUPDU OD LQWHOLJHQFLD SUROHWDULD GH PDxDQD SHUR >HV@ \D HQ OD DFWXDOLGDG SRU VX
H[SHULHQFLD SRU VXV WUDGLFLRQHV GH KXPDQLVPR SRU OD LQIOXHQFLD GHO SUROHWDULDGR TXH D SHVDU
VX\RVXIULySRUVXVOXFKDVLQWHULRUHVPXFKRPiVDGHODQWDGDTXHODLQWHOLJHQFLDRFFLGHQWDO
1R SHU FDVXDOLWDW OD SULPHUD HGLWRULDO TXH IXQGDUDQ HOV SRVWJXHUULDQV HV GLUj
(GLFLRQHV 2ULHQWH TXH HUD WDPEp HYLGHQWPHQW XQD IRUPD VLPEzOLFD G¶RSRVDUVH D OD
UHYLVWDLHGLWRULDOG¶2UWHJD
3HUz OD ODERU GH GHVSUHVWLJL GH OD OLWHUDWXUD IUDQFHVD D TXq HQV KHP UHIHULW HQ
UHDOLWDW MD O¶KDYLD LQLFLDW 5HYLVWD GH 2FFLGHQWH TXDWUH DQ\V DEDQV TXH 3RVW*XHUUD L
WDPEp GHV GHO SULPHU Q~PHUR /¶DQDORJLD HQV YH VHUYLGD SHUTXq pV MXVWDPHQW 3DXO
0RUDQGXQGHOVDXWRUVIUDQFHVRVTXHHQXQDUHVVHQ\DGH&RUSXV%DUJDUHSXQDFUtWLFD
PROWSRFFjOLGDHQDTXHVWQ~PGH5HYLVWDGH2FFLGHQWH(QHOPDWHL[DUWLFOHWDPEp
V¶DOÂOXGHL[ LUzQLFDPHQW D *LUDXGRX[ L 6HUJH KR IDUj LJXDOPHQW HQ HO VHX &RFWHDX
WDPSRF QR VXUW JDLUH EHQ SDUDW G¶XQD UHFHQVLy TXH OL GHGLFD 0DULFKDODU L O¶DVVDLJ
G¶2UWHJD VREUH OD SRHVLD G¶$QQD GH 1RDLOOHV TXH SUHVVXSRVD HO FRQHL[HPHQW GH OD
OOHQJXDIUDQFHVDSHUSDUWGHOOHFWRUpVPpVXQHVWXGLGHSVLFRORJLDIHPHQLQDPROWSRF
IHPLQLVWD YDO D GLU TXH SUzSLDPHQW GH FUtWLFD OLWHUjULD /ySH] &DPSLOOR SDUOD G¶XQD
DXWqQWLFD REVHVVLy GH 5HYLVWD GH 2FFLGHQWH SHU OD OLWHUDWXUD IUDQFHVD XQD QHFHVVLWDW
G¶DWDFDUOD HQFDUD TXH GHV G¶XQ FRQHL[HPHQW SURIXQG +R DWULEXHL[ DO IHW TXH OD
OLWHUDWXUD HVSDQ\ROD GHO PRPHQW VH VHQWLD IRUWD L HV YROLD IHU VHQWLU D (XURSD 1R HV
WUDFWDULDGRQFVGHOVPRWLXVPpVLGHROzJLFVTXHPRXUDQ3RVW*XHUUDSHUzHOWUHEDOOGH
VDSD FRQWUD OD SUHSRQGHUjQFLD GH OD OLWHUDWXUD IUDQFHVD HVWDYD MD LQLFLDW SHOV KRPHV
G¶2UWHJD0DULFKDODU-DUQpV&RUSXV%DUJD$QWRQLR(VSLQDR)HUQDQGR9HODHVWDYHQ
VHJRQV/ySH]&DPSLOOR³VDWXUDGRV´GHOLWHUDWXUDIUDQFHVD
8QVDQ\VDEDQVGHIXQGDU5HYLVWDGH2FFLGHQWH2UWHJDKDYLDMDFLUFXPVFULWHOIHQRPHQGHOD
5HYROXFLy 6RYLqWLFD ±L OD SUzSLD 5~VVLD± D XQ jPELW FXOWXUDO H[WUDHXURSHX DVLjWLF HVWUDQ\ DO PyQ
RFFLGHQWDOY$QWRQLR(ORU]DRSFLW
Y/ySH]&DPSLOORRSFLW/DSUHVqQFLDGHOLWHUDWXUDIUDQFHVDDODSULPHUDqSRFDGH
5HYLVWD GH 2FFLGHQWH HV SRW WUREDU LQGH[DGD D 5RVD &DOYHW ³/D OLWHUDWXUD IUDQFHVD HQ OD 5HYLVWD GH
2FFLGHQWHpSRFDMXOLR±MXOLR´(SRV5HYLVWDGH)LORORJtDL
(Q HO Q~P VHWHPEUH GH GH 5HYLVWD GH 2FFLGHQWH 0DULFKDODU ID XQD
FUtWLFD JOREDO D OD VLWXDFLy GH OHV OOHWUHV IUDQFHVHV +L GHWHFWD HQWUH DOWUHV FRVHV XQ
FHUW QHRFODVVLFLVPH GLVIUHVVDW G¶DYDQWJXDUGLVPH L VXJJHUHL[ TXH OD SUzSLD PDQFD GH
FDPLQV HVWqWLFV SURYRFD XQ UHIRUoDPHQW HQ HO SDUQjV JDO GH OD OtQLD FDWzOLFD &ODXGHO
0DXULDFLKHURLFRLQGLYLGXDOLVWD'ULHX/D5RFKHOOH0RQWKHUODQW3HUDOWUDEDQGD
GLX 0DULFKDODU ³/D YLGD HV XQD FRVD GHPDVLDGR VHULD SDUD FRQ HOOD KDFHU OLWHUDWXUD
3UHFLVD>ODSURPRFLyOLWHUjULDGHOPRPHQW@GLVWLQJXLUELHQORVHOHPHQWRVDUWtVWLFRV\ORV
YLWDOHV SDUD VDEHU GDU DO DUWH OR TXH HV GHO DUWH < KR\ PiV TXH QXQFD VH FXLGD \ VH
SURFXUD HVD GLVWLQFLyQ´ 3HUz YHW DTXt TXH XQV DQ\V PpV WDUG SHU FRQWUD HO SURSL
0DULFKDODUGHWHFWDUjDSDUWLUGHOGDUUHUSUHPL*RQFRXUWXQFHUWGHVLQWHUqVGHOOHFWRUSHU
ODILFFLySXUDLXQDGHPDQGDGHUHDOLWDWV8QDGHPDQGDHQGHILQLWLYDG¶XQDOLWHUDWXUD
PHQ\V HVFDSLVWD L PpV DWHQWD D OD LQWHQVD UHDOLWDW KLVWzULFD $TXHVW VHJRQ DUWLFOH GH
0DULFKDODU DSDUHL[ HQ XQ PRPHQW D SXQW MD O¶DGYHQLPHQW GH OD 5HS~EOLFD HQ TXq OD
ODERU HGLWRUD GHOV SRVWJXHUULDQV HVWDYD D O¶DSRJHX L HO S~EOLF OHFWRU HQ OOHQJXD
HVSDQ\ROD GHYRUDYD HOV DXWRUV VRYLqWLFV HOV HVFULSWRUV DOHPDQ\V G¶HVTXHUUD R OD
QRYHOÂOtVWLFDQRUGDPHULFDQDGHFRQWLQJXWFUtWLFpVDGLUHOVPRGHOVOLWHUDULVTXH3RVW
*XHUUDKDYLDGHIHQVDW
$5HYLVWDGH2FFLGHQWHJOREDOPHQWO¶LQWHUqVHQYHUVODOLWHUDWXUDUXVVDFRPSDUDW
DPEHOTXHHVPRVWUDSHUG¶DOWUHVOLWHUDWXUHVpVHVFjV2UWHJDLHOVRUWHJXLDQVGHL[DYHQ
DTXHVWFDPSOOLXUHSHUTXqHOOODXUHVVLQSXEOLFDFLRQVPpVSDUWLGLVWHVTXHODVHYD0DOJUDW
DL[z WDPSRF VHULD MXVW DILUPDU TXH 5HYLVWD GH 2FFLGHQWH YD LJQRUDU FRPSOHWDPHQW OD
OLWHUDWXUDUXVVDFRHWjQLD6HOLGHGLTXHQDUWLFOHVDODUHYLVWDLILQVLWRWXQDFROÂOHFFLyD
O¶HGLWRULDO³/D5XVLD$FWXDO´TXHWUHXUjWtWROVHQWUHLDOJXQVGHGHVWDFDWV
FRPSDQ\V GH FDPt GH OD 5HYROXFLy 6RYLqWLFD IDYRUDEOHPHQW HVPHQWDWV HQ O¶DUWLFOH GH
6HUJH FRP 9VHYRORG ,YDQRY R /LGLD 6HLIXOOLQD 3HUz HQ O¶KHPLVIHUL LQWHOÂOHFWXDO
RUWHJXLj OD OLWHUDWXUD UXVVD QR HUD O¶HOHJLGD SHU RFXSDU HO WURQ YDFDQW TXH GHL[DYD OD
IUDQFHVD'HIHW/ySH]&DPSLOORGHWHFWDXQDUHPLVVLyGHWRWHVGXHVHQODVHYDSUHVqQFLD
D OHV SODQHV GH OD UHYLVWD FDS D ILQDOV GHOV DQ\V OD IUDQFHVD MD KDYLD HVWDW SURX
FULWLFDGD L OD UXVVD HVWDYD PDVVD VRWPHVD D OD FRQWURYqUVLD SROtWLFD IRV SHU HVWDUQH D
IDYRU R HQ FRQWUD $L[t G¶DOWUHV OLWHUDWXUHV HQWUHQ HQ MRF L HQWUH HOOHV WDPEp
O¶DOHPDQ\D
3HUWDQW5HYLVWDGH2FFLGHQWHQLpVEDVWLyGHFDSOLWHUDWXUDHQXQDGHWHUPLQDGD
OOHQJXDRFFLGHQWDOQLHQQHJOLJHL[DEVROXWDPHQWFDSDOWUD3HUUDRQVHVWqWLTXHVPpVTXH
QR LGHROzJLTXHV YD VRVFDYDU OD VXSUHPDFLD GH OD OLWHUDWXUD IUDQFHVD SHUz WDPEp HV YD
DQDUDOOXQ\DQWGHODUXVVDDPHVXUDTXHV¶DSURSDYDODSRODULW]DFLySROtWLFDGHOVDQ\V
'¶DTXHVWD PDQHUD ±L GHL[DQW DTXt GH EDQGD HO VHX SDSHU LPSXOVRU GH OD OLWHUDWXUD HQ
OOHQJXD HVSDQ\ROD± REUt OD SRUWD D OD UHFHSFLy GH OLWHUDWXUD HQ DOWUHV OOHQJHV QR
URPjQLTXHVFRPGHVSUpVWDPEpIDUjHOJUXSGH3RVW*XHUUD/DGLIHUqQFLDODPDUTXHQ
HOV DXWRUV TXH XQD L DOWUD UHYLVWD L OOXUV SURORQJDFLRQV HGLWRULDOV GRQDUDQ D FRQqL[HU
/¶HPSUHVD FXOWXUDO G¶2UWHJD DSRVWDUj SHU O¶H[FHOÂOqQFLD OLWHUjULD OHV HPSUHVHV GH
DYDQ]DGD SHO TXH DYXL DQRPHQHP FRPSURPtV (OV XQV SUHVHQWDUDQ DO S~EOLF
$QWRQLR0DULFKDODU³6tQWRPDV´5HYLVWDGH2FFLGHQWHVHWHPEUH
$QWRQLR0DULFKDODU³ÒOWLPRJULWR´5HYLVWDGH2FFLGHQWHJHQHU
³>@'HQWURGHODHYROXFLyQGHOLQWHUpVGHODUHYLVWDSRUODVOLWHUDWXUDVH[WUDQMHUDVGHEHPRV
VHxDODUTXHODVIHFKDVPDUFDQXQJLURQHWRHOLQWHUpVSRUODOLWHUDWXUDIUDQFHVDKDVWDHQWRQFHV
SUHGRPLQDQWH FHGH HO SDVR D XQD DWUDFFLyQ FDGD YH] PiV IXHUWH SRU GH XQ ODGR ODV OLWHUDWXUDV GHO
FRQWLQHQWHDPHULFDQRODWLQRDPHULFDQDV\QRUWHDPHULFDQD\GHRWURODGRSRUFLHUWDVOLWHUDWXUDVHXURSHDV
HQSOHQDUHQRYDFLyQWDOHVFRPRODLQJOHVDRODDOHPDQD>@´/ySH]&DPSLOORRSFLW
KLVSDQRSDUODQW O¶REUD GH -R\FH )DXONQHU .DIND R 7KRPDV 0DQQ HOV DOWUHV IDUDQ HO
PDWHL[DPE'RV3DVVRV8SWRQ6LQFODLU7ROOHUR+HLQULFK0DQQ
7RUQHPDOQ~PGH3RVW*XHUUD /¶DOWUH HVFULW VLJQLILFDWLXG¶DTXHVWDSULPHUD
HQWUHJDGHODUHYLVWDHOVLJQD%DOERQWtQ³3HQVDPLHQWR\DFFLyQ´pVXQEUHXDUWLFOH
GHGLFDW D GHIHQVDU QL PpV QL PHQ\V TXH OD XWLOLWDW GH OD OLWHUDWXUD 3HUz %DOERQWtQ HQ
DTXHVWD GHIHQVD QR V¶DGUHoD DOV HVWHWHV SURFODPDGRUV GH O¶DUW SXU R LQ~WLO D OD PDQHUD
ZLOGHDQD QR DO FRQWUDUL HOO V¶DGUHoD DOV MRYHV LPSDFLHQWV TXH HQ DTXHOO PRPHQW
KLVWzULF UHFODPHQ PHQ\V SDUDXOHV L PpV DFFLy (O SULPHU TXH ID %DOERQWtQ pV HVWDEOLU
O¶HYLGqQFLD TXH KL KD KRPHV PpV GRWDWV SHU HPEDVWDU IUDVHV TXH SHU DFDEGLOODU XQ
HVFDPRW DUPDW ³< ¢FyPR GXGDU TXH OD DFFLyQ PLVPD QHFHVLWD SDUD WULXQIDU OD
RULHQWDFLyQ\HODFLFDWHGHOSHQVDPLHQWRGHVLQWHUHVDGR"7RGRVORVJUDQGHVPRYLPLHQWRV
KLVWyULFRV KDQ VLGR SUHFHGLGRV GH XQD HUD TXH SRGUtDPRV OODPDU GH ©VRFDYDFLyQ
OLWHUDULDª VLQ OD FXDO OD DFFLyQ ~OWLPD QR KXELHVH SRGLGR SURVSHUDU´ 3HU LOÂOXVWUDU
DTXHVWD LGHD SRVD HOV H[HPSOHV GH 5RXVVHDX UHVSHFWH D OD 5HYROXFLy )UDQFHVD L GH
7ROVWRLUHVSHFWHDOD5HYROXFLy5XVVD9HLHPGRQFVTXHHOTXHV¶HVWjGLVFXWLQWDTXtHQ
UHDOLWDW pV HO WHPD GH OD IXQFLy GH O¶LQWHOÂOHFWXDO 2UWHJD WDPEp KDYLD WUDFWDW DTXHVW
DVVXPSWHHQXQDUWLFOHSXEOLFDWHOGHVHPEUHGHD5HYLVWDGH2FFLGHQWH(VWUDFWD
G¶XQWH[WPROWLQWHUHVVDQWLQVXERUQDEOHPHQWHOLWLVWDTXHUHIOHFWHL[ODSURIXQGDFULVLGH
OD LQWHOÂOHFWXDOLWDW EXUJHVD HQ DTXHOOD SRVWJXHUUD DUUDPEODGRUD GH YDORUV L SULQFLSLV
VHJXUVLGDYDQWODTXDOHQ2UWHJDV¶DFFHQWXDODFRQVFLqQFLDRPpVDYLDWODQHFHVVLWDW
GHFRQIRUPDUXQDDULVWRFUjFLDGHO¶HVSHULW(OVGH3RVW*XHUUDQRYROGUDQWUHEDOODUSHO
FRVPRSROLWLVPHGHOHVHOLWVVLQySHUO¶LQWHUQDFLRQDOLVPHGHOHVPDVVHVLHVWjFODUTXHOD
VHYD YLVLy GH OD WDVFD FXOWXUDO HVWDYD D OHV DQWtSRGHV GH OD TXH 2UWHJD IRUPXODYD
%DOERQWtQ HQ HO VHX DUWLFOH SUHFLVDPHQW LQWHQWD OOXLWDU FRQWUD DTXHVWD GLVWjQFLD ±TXH
2UWHJD DPSOLD WDQW FRP SRW± HQWUH O¶LQWHOÂOHFWXDO L OD SREODFLy PDMRULWjULD TXH QR HV
JXDQ\D OD YLGD DPE OD SORPD %DOERQWtQ LQWHQWD DSUR[LPDU HQWUH VL O¶HVFULSWRU L HO
SXHEOR HOV SHQVDGRUV L HOV KRPHV G¶DFFLy 2UWHJD IHLD DQ\V TXH V¶KDYLD VLWXDW FRP D
HVSHFWDGRUGLVWDQFLDWLO¶HVWqWLFDGHVKXPDQLW]DGDTXHKDYLDVRUJLWGHODVHYDREVHUYDFLy
UHIOH[LYDHUDLQWHUSUHWDGDSHOVSRVWJXHUULDQVFRPXQDOOXQ\DPHQWLQDGPLVVLEOHHQWUHDUW
LYLGDHQWUHOLWHUDWXUDLFRQGLFLyKXPDQD3HUDL[zHQHOGDUUHUSDUjJUDIGHO¶DUWLFOHGH
%DOERQWtQ V¶HYLGHQFLD TXH HO TXH WDPEp HVWj HQ GLVFXVVLy pV TXLQD OLWHUDWXUD UHVXOWD
YjOLGDSHUDOVSURSzVLWVWUDQVIRUPDGRUVTXHDQLPHQ3RVW*XHUUD
$PLJRV VL DO UHSXGLDU HQ JHQHUDO OD ©OLWHUDWXUDª FRPR SHOLJUR PRUERVR SDUD OD
HILFDFLDGHODDFFLyQTXHUpLVDOXGLUFRQFUHWDPHQWHDOMXJXHWHRIUtYROR\EDQDOGHFLHUWRVOLWHUDWRV
GH OD GHFDGHQFLD EXUJXHVD GHVSUHRFXSDGRV HQ DEVROXWR GH WRGD DQJXVWLD KXPDQD VL TXHUpLV
GHFLUVLPSOHPHQWHTXHXQDOLWHUDWXUDVLQSDVLyQKXPDQtVWLFDVLQGRORUQLHVSHUDQ]DVLQDOHJUtDV
QL WRUWXUDV HV DOJR HVW~SLGR \ QHIDQGR HQ HVWD KRUD FUtWLFD GH WUDQVIRUPDFLyQ XQLYHUVDO \R
FRPSDUWR IHUYLHQWHPHQWH YXHVWUR JHQHURVR GHVSUHFLR SHUR PXFKR FXLGDGR FRQ HQYROYHU HQ OD
GLDWULEDDSDVLRQDGD±QRVRWURVKXPDQLVWDV±DHVHRWURJpQHURGHOLWHUDWXUDYHQHUDGDSDUDODTXH
QDGLHH[LVWHSRUHQFLPDGHOKRPEUHPXFKRFXLGDGRFRQPDOGHFLUWDPELpQDSUHVXUDGDPHQWHOD
OLWHUDWXUD GH XQ *RUNL R GH XQ %DUEXVVH SRUTXH HOOD HV SDUD HO SXHEOR QR VyOR HO WHVRUR PiV
SXURVLQRWDPELpQODPiVHILFD]\GXUDGHUDGHWRGDVVXVDUPDVFRPEDWLYDV
6LIHVVLQIDOWDHQILPpVH[HPSOHVGHODGHIHQVDGHOSDSHUSROtWLFDPHQWDFWLXGH
O¶LQWHOÂOHFWXDO HQ DTXHVW SULPHU Q~PHUR GH 3RVW*XHUUD HOV WUREDULHP D ³$OJXQDV
FRQVLGHUDFLRQHV GH 0DU[ VREUH *RHWKH´ R D ³3DODEUDV GH $QDWROH )UDQFH´ (QHOSULPHUFDV±LGRQDQWUHIHUqQFLDPROWH[DFWDGHODIRQWFRVDTXHQRVHPSUHID3RVW
-RVp2UWHJD\*DVVHW³3DUHUJD&RVPRSROLWLVPR´5HYLVWDGH2FFLGHQWHGHVHPEUH
*XHUUD±HVWUDFWDGHPRVWUDUTXHHOSUREOHPDWpXQDGLPHQVLyKLVWzULFDLXQDWUDGLFLyHQ
OD FUtWLFD PDU[LVWD $TXt 0DU[ FULWLFD OD FRQWUDGLFFLy ±SRVWHULRUPHQW FOjVVLFD HQ HOV
HVWXGLV PDU[LVWHV± HQWUH O¶HVSHULW XQLYHUVDOLVWD GH *RHWKH L OD YLGD SURYLQFLDQD L
SROtWLFDPHQWPHGLRFUHTXHPHQj HQWUH HO VHX JHQL FUtWLF L OD VHYD DGDSWDELOLWDW TXH HO
FRQGXLUDQ DO IUDFjV QR OLWHUDUL SHUz Vt YLWDO ³1R SXHGH VREUHSRQHUVH D OD PH]TXLQGDG
DOHPDQDGHVXWLHPSRSRUHOFRQWUDULRHVHVWDPLVHULDGHHVStULWXODTXHVHDSRGHUDGHO
SRHWDHQPXFKDVRFDVLRQHV*RHWKHHOPiVJHQLDOGHORVDOHPDQHVDVtDSULVLRQDGRHVOD
SUXHEDPiVFRQYLQFHQWHGHTXHQXQFDVHSXHGHWULXQIDUOXFKDQGR©GHVGHGHQWURª´(QHO
VHJRQ FDV HV WUDFWD GH PRVWUDU OD YLJHQW DFWXDOLWDW GHO FRPSURPtV LQWHOÂOHFWXDO L HO VHX
FDUjFWHU LQWHUQDFLRQDO (V XQ DUWLFOHW EUHX TXH UHFXOO XQHV SDUDXOHV G¶$QDWROH )UDQFH
H[KRUWDQWODSREODFLyGHOV(VWDWV8QLWVTXHLPSHGHL[LO¶H[HFXFLyGH6DFFRL9DQ]HWWL
*RHWKH L )UDQFH GRV LQWHOÂOHFWXDOV TXH 3RVW*XHUUD SUHVHQWD DOV VHXV OHFWRUV FRP D
UHSUHVHQWDQWV GH GXHV SRVWXUHV GLIHUHQWV GDYDQW HOV SUREOHPHV SROtWLFV GH OHV VHYHV
qSRTXHVUHVSHFWLYHV$*RHWKHOLGHGLFDUjPpVWDUG2UWHJDXQDVVDLJSUHFLVDPHQWGHVGH
GHQWUR D )UDQFH MD OL KDYLD GHGLFDW XQ DUWLFOH EDVWDQW FUtWLF ³/H\HQGR ©/H 3HWLW
3LHUUHªGH$QDWROH)UDQFH´LQFRUSRUDWDODWHUFHUDHQWUHJDG¶(OHVSHFWDGRU
8Q DOWUH DVSHFWH TXH HQV TXHGDULD SHU FRPSDUDU HQ HOV Q~PHURV LQDXJXUDOV
G¶DPEGXHVUHYLVWHVVHULDHOGHODFUHDFLyOLWHUjULD(QDTXHVWVHQWLW5HYLVWDGH2FFLGHQWH
V¶HVWUHQDDPEXQWH[WGH3tR%DURMDL3RVW*XHUUDKRIDDPEXQGH-RDTXtQ$UGHUtXV
/DUHYLVWDG¶2UWHJDOLWHUjULDPHQWHVWDUjVHPSUHPpVDWHQWDDOSUHVHQWTXHDOSDVVDWSHUz
YROFRPHQoDUDFDPLQDUKRPHQDWMDQWXQDILUPDG¶XQDJHQHUDFLyDQWHULRU'HIHWSHUOHV
VHYHVSODQHVSDVVDUjJHQWGHWRWHVOHVJHQHUDFLRQVGHODPEOHVFRQVStFXHVDEVqQFLHV
G¶8QDPXQRL9DOOH,QFOiQGHODPEODVLJQLILFDWLYDDEVqQFLDG¶$]DxDTXHPDLYD
FRPEUHJDUJDLUHDPE2UWHJDLGHO/DSODQDPDMRUGHODJHQHUDFLySRqWLFDGHOL
QRPEURVRVQDUUDGRUVPpVRPHQ\VGHVKXPDQLW]DWVFRQYHUWHL[HQOD5HYLVWDGH2FFLGHQWH
GH OD SULPHUD qSRFD HQ XQD SXEOLFDFLy ~QLFD DO SHQVDPHQW VRUSUHQHQWPHQW
SOXULGLVFLSOLQDUL HQ IRUPD G¶DVVDLJ R G¶DUWLFOH PpV DFDGqPLF V¶KL DIHJHL[ WDPEp XQD
DEXQGDQWLLQHOXGLEOHSUHVqQFLDGHFUHDFLyOLWHUjULD7DPEpOHVWUDGXFFLRQVGHOLWHUDWXUHV
GLIHUHQWV D O¶HVSDQ\ROD KL MXJXHQ XQ SDSHU 3HO TXH ID D O¶DOHPDQ\D KL SRGUHP WUREDU
DOJXQVQRPVLOÂOXVWUHV5LONHIUDJPHQWVGHO0DOWH/DXULGV%ULJJH.DINDHQWUHDOWUHV
FRVHVO¶DQzQLPDYHUVLyGH'LH9HUZDQGOXQJIDOVDPHQWDWULEXwGDGHVSUpVD %RUJHV
7KRPDV0DQQODVHYDOHFWXUDGHO4XLMRWHPHQWUHQDYHJDHQXQWUDQVDWOjQWLFR:HUIHO
GLYHUVRV UHODWV $TXt QR HQV SURSRVHP HVWXGLDU HQ GHWDOO OD UHFHSFLy GH OLWHUDWXUD
DOHPDQ\D D 5HYLVWD GH 2FFLGHQWH SHUz DTXHVWHV LQGLFDFLRQV TXH WDPSRF VyQ GHO WRW
H[KDXVWLYHV HQV PRVWUHQ MD TXH HV WUDFWD G¶XQD UHFHSFLy VHOHFWLYD PROW PpV TXH
PDVVLYD 8Q PqULW LQQHJDEOH GH OD UHYLVWD pV O¶KDYHU GRQDW D FRQqL[HU HQ OOHQJXD
/¶H[HFXFLyHVGXULDDWHUPHGRVPHVRVGHVSUpVGHO¶DSDULFLyGH3RVW*XHUUDHOG¶DJRVWGH
3HUWDQWHQDTXHOOPRPHQWHOSURFpVDOVDQDUTXLVWHVLWDOLDQVLODSROqPLFDDOYROWDQWVHXTXHV¶KDYLD
DOODUJDWGXUDQWXQVTXDQWVDQ\VHUHQ XQWHPDFDQGHQW $L[zH[SOLFDWDPEpTXHODUHYLVWDDUDUHFXSHUpV
XQHVSDUDXOHVGHO¶LQWHOÂOHFWXDOIUDQFqVTXHKDYLDPRUWHO
-RVp2UWHJD\*DVVHW*RHWKHGHVGHGHQWUR0DGULG5HYLVWDGH2FFLGHQWH9DODGLU
TXHDTXtO¶DVVDLJSULQFLSDOGHOYROXPHVWLWXOD3LGLHQGRXQ*RHWKHGHVGHGHQWURLKDYLDDSDUHJXWSULPHU
DODUHYLVWD2UWHJDHQFHUWDIRUPDHVWDYDG¶DFRUGDPE0DU[HQTXq*RHWKHQRV¶KDXULDG¶KDYHUTXHGDWHQ
ODOLPLWDGDDWPRVIHUDGH:HLPDU
5HVSHFWHDODUHFHSFLyG¶$QDWROH)UDQFHD(VSDQ\D)HUQiQGH]&LIXHQWHVRSFLW
SRVD GH PDQLIHVW OD PHQRU LQIOXqQFLD ±HQ FRPSDUDFLy DPE OD JHQHUDFLy DQWHULRU± TXH VREUH OD
LQWHOÂOHFWXDOLWDWKLVSjQLFDGHOVDQ\VWHQLDMD)UDQoRLV$QDWROH7KLEDXOW
6REUH DTXHVWD THVWLy Y )HUQDQGR 6RUUHQWLQR ³(O NDINLDQR FDVR GH OD 9HUZDQGOXQJ TXH
%RUJHV MDPiV WUDGXMR´ (VSpFXOR 5HYLVWD GH (VWXGLRV /LWHUDULRV QRYHPEUH ± IHEUHU L
&ULVWLQD 3HVWDxD &DVWUR ³¢4XLpQ WUDGXMR SRU SULPHUD YH] ©/D PHWDPRUIRVLVª GH )UDQ] .DIND DO
FDVWHOODQR"´(VSpFXOR5HYLVWDGH(VWXGLRV/LWHUDULRVPDUoMXQ\
HVSDQ\ROD DOJXQHV REUHV GHO WHDWUH H[SUHVVLRQLVWD L SRVWH[SUHVVLRQLVWD DOHPDQ\ DL[t D
OHVSODQHVGH5HYLVWDGH2FFLGHQWHHVYDQWUDGXLUHQWUHLWUHVREUHVGH*HRUJ
.DLVHUFDGDREUDQRDSDUHL[LDVHQFHUDHQXQVROQ~PHURVLQyGLYLGLGDDOOODUJGHR
Q~PHURVFRQVHFXWLXVLHO'LH9HUEUHFKHUGH)HUGLQDQG%UXFNQHU
-RDTXtQ$UGHUtXVSHUWDQ\LDDOQXFOLGH3RVW*XHUUD$TXtWDPSRFHQVSURSRVHP
GHVFULXUHQLYDORUDUODSUzSLDSURGXFFLyOLWHUjULDGHOVSRVWJXHUULDQVHQVLQWHUHVVHQOHV
VHYHVSURSRVWHVHVWqWLTXHVSHUOHVFRQVHTqQFLHVHGLWRULDOVTXHWLQGULHQLHVSHFLDOPHQW
SHUOHVSRUWHVTXHYDQREULUDODWUDGXFFLyG¶DXWRUVDOHPDQ\VHQ HOVGDUUHUVDQ\VGHOD
5HS~EOLFDGH:HLPDU3HUzHOFHUWpVTXH³8QFDStWXORGHQRYHOD´pVXQDPRVWUD
SRFSURPHWHGRUDHQWHUPHVHVWULFWDPHQWOLWHUDULVGHOHVUHDOLW]DFLRQVFUHDWLYHVTXHYDQ
SRGHU DUULEDU D VRUJLU GHOV SODQWHMDPHQWV HVWqWLFRLGHROzJLFV GH OD UHYLVWD 0DOJUDW WRW
HOOVKRSUHVHQWHQDL[t
-RDTXtQ $UGHULXV >VLF@ XQR GH QXHVWURV PiV GHVWDFDGRV QRYHOLVWDV MyYHQHV WLHQH HQ
SUHQVDXQDQXHYDREUD/D(VSXHODGHODFXDOGDPRVXQFDStWXOR$WUDYpVGHWRGDODREUDFRUUH
XQD GUDPiWLFD LQTXLHWXG VRFLDO TXH DXPHQWD VX LQWHUpV OLWHUDULR 3XHGH GHFLUVH TXH /D (VSXHOD
LQLFLDXQJpQHURQXHYRHQODQRYHODHVSDxRODFRQWHPSRUiQHD
(OFDStWROHQTHVWLyHQVRIHUHL[HOFULVSDWGLjOHJHQWUHXQSRHWDDQDUTXLVWDLOD
VHYDDPDQW&ULGDO¶DWHQFLyHOILQDOGHO¶HVFHQDHQTXqHOOVHODWUHXGHVREUHSHUTXqKD
G¶HVFULXUH XQ DUWLFOH VREUH HO OOLEUH GH 7URWVNL ¢$GyQGH YD ,QJODWHUUD" $ OD SODQD
VHJHQWGHODUHYLVWDDODVHFFLy³/LEURV´WUREDUHPSUHFLVDPHQWDTXHVWDUHVVHQ\D
IHWD SHU -RVp 'tD] )HUQiQGH] DPLF G¶$UGHUtXV PHPEUH GH 3RVW*XHUUD L GH IHW HO
SULQFLSDOWHzULFGHOJUXS/¶REUD±HGLWDGDSHU %LEORV±WDPEpDSDUHL[DFWHVHJXLWHQOD
OOLVWDGHOD³%LEOLRWHFD3RVW*XHUUD´HQODFRQWUDFREHUWDSRVWHULRULILQDOPHQWHQFDUD
DSDUHL[ HQ OD FREHUWD SRVWHULRU PDJQtILFDPHQW DQXQFLDGD SHU 0DURWR MXQWDPHQW DPE
GRV REUHV PpV GH %LEORV -D HQV KHP UHIHULW DEDQV D FHUWD WHQGqQFLD HQGRJjPLFD L
DXWRSURSDJDQGtVWLFD HQ DTXHVWD EDUUHMD G¶REMHFWLXV HVWqWLFROLWHUDULV L FRPHUFLDO
SURVHOLWLVWHVFDUDFWHUtVWLFDGHODQRVWUD UHYLVWD(QHOQ~PHURVHJHQWQ~PMXOLRO
GH%DOERQWtQHVFULXUjODUHVVHQ\DGHODQRYHOÂODG¶$UGHUtXVHQTHVWLy/D
SULPHUD IUDVH pV PROW VLJQLILFDWLYD ³+H DTXt XQ OLEUR SURIXQGDPHQWH KXPDQR´ 0pV
HQGDYDQW YHXUHP HQ GHWDOO ILQV D TXLQ SXQW O¶HVWqWLFD GH 3RVW*XHUUD HV GHILQHL[ SHU
RSRVLFLyDODGHVKXPDQLW]DFLyGHO¶DUWGLDJQRVWLFDGDSHU2UWHJD0DURWRYDIHUWDPEpOD
FREHUWDGHOOOLEUHTXH%DOERQWtQGHILQHL[FRP³VLQWpWLFDPHQWHH[SUHVLRQLVWD´
&RQVLGHUDGDHQFRQMXQWDOOODUJGHOVQ~PHURVODFUHDFLyOLWHUjULDQRpVHOSODW
IRUW GH 3RVW*XHUUD 'H IHW KL KD Q~PHURV TXH QR LQFORXHQ FDS FROÂODERUDFLy HQ
DTXHVW VHQWLW HQ WRWDO SRGUHP OOHJLU WH[WRV OLWHUDULV UHSDUWLWV HQWUH Q~PHURV
'¶DTXHVWVWH[WRVVyQG¶DXWRUVHQOOHQJXDHVSDQ\RODLFRUUHVSRQHQDWUDGXFFLRQV
, G¶DTXHVWHV WUDGXFFLRQV VyQ G¶DXWRUV DOHPDQ\V $TXHVWD VLPSOH GDGD MD UHVXOWD
VLJQLILFDWLYD 3RVW*XHUUD HQ OD VHYD UHFHUFD GH PRGHOV YjOLGV DQLUj GHVFREULQW XQD
SUR[LPLWDWHVWqWLFDLLGHROzJLFDDPEGHWHUPLQDGHVSURGXFFLRQVDOHPDQ\HVLDL[zWLQGUj
GHVSUpV DPSOL UHIOH[ HQ OHV HGLWRULDOV GH DYDQ]DGD (O TXH UHVXOWD LQGXEWDEOH pV TXH
8QD DOWUD PRVWUD G¶DL[z MD OD WUREDYHP HQ O¶DUWLFOH GH 6HUJH DEDQV FRPHQWDW HQ XQ
SDVVDWJH HQ TXq O¶DXWRU SRQGHUD OD QRYHOÂOD /DV FLXGDGHV \ ORV DxRV GH )HGLQ OD UHYLVWD DSURILWD SHU
LQVHUWDU XQD QRWD D SHX GH SODQD TXH GLX ³(VWD LQWHUHVDQWH REUD GH )HGtQ >VLF@ HVWi LQFOXtGD HQ OD
©%LEOLRWHFD3267*8(55$ª\ODHQYLDPRVDQXHVWURVOHFWRUHVDOSUHFLRGHLQFOXtGRHOIUDQTXHR´
3UHFLVDPHQWHQHOGHL[DQWHVWqWLFGHO¶H[SUHVVLRQLVPHHXURSHXpVRQODFUtWLFDKDVLWXDWODPROW
SHUVRQDOREUDQDUUDWLYDG¶$UGHUtXVTXHSRVWHULRUPHQWYDVHJXLU±WDPEpHQSDUDOÂOHODO¶HYROXFLyG¶DOJXQV
H[SUHVVLRQLVWHV DOHPDQ\V± XQ FDPt FDS D OD FRQVFLqQFLD UHYROXFLRQjULD G¶HVTXHUUHV Y 9tFWRU )XHQWHV
³'HODQRYHODH[SUHVLRQLVWDDODUHYROXFLRQDULDSUROHWDULD(QWRUQRDODQDUUDWLYDGH-RDTXtQ$UGHUtXV´
3DSHOHVGH6RQ$UPDGDQVIHEUHU
GHL[DQW GH EDQGD HO PDMRU R PHQRU IDYRU GH OD PXVD HOV WH[WRV FRP D FRQMXQW
SUHVHQWHQ XQD FRQVLGHUDEOH FRKHUqQFLD DPE UHODFLy DO WLSXV GH OLWHUDWXUD TXH 3RVW
*XHUUDSURSRVDYD$EDQVGHFRPHQWDUOHVWUDGXFFLRQVFRQVLGHUHPSULPHUVXFFLQWDPHQW
OHV PRVWUHV OLWHUjULHV HVFULWHV HQ FDVWHOOj $UGHUtXV UHSHWHL[ HQ HO Q~P DPE
³3DUiERODFDPSHVLQD´XQDSURVDEUHXTXHLQWHQWDFRQMXPLQDUDOJXQHVLPDWJHVTXH
WHQGHL[HQDO¶DJRVDUDPHQWDYDQWJXDUGLVWDDPEXQVFRQWLQJXWVGLDORJDWVTXHDSXQWHQFDS
DODTHVWLyGHODUHIRUPDDJUjULD'HVSUpVQRWRUQHPDWUREDUFROÂODERUDFLyOLWHUjULD
G¶XQDXWRUGHOOHQJXDHVSDQ\RODILQVDOQ~PO¶H[WUDRUGLQDULGHUGH0DLJGH
%DOERQWtQTXHHUDPpVERQDSHUVRQDTXHERQSRHWDHQVRIHUHL[DPEHO³5RPDQFHGHO
GH0D\R´XQDSHoDHQYHUVTXHFRQVWLWXHL[VHQVGXEWHXQDSUHFRoPRVWUDGH
OLWHUDWXUD SUROHWjULRUHYROXFLRQjULD (O URPDQo HQ THVWLy YRO VHU XQ FDQW DO IXWXU
HVSHUDQoDWDOHVQRYHVJHQHUDFLRQVREUHUHVTXHVyQSURPHVDG¶XQPyQPLOORU1RHQV
UHVLVWLP D WUDQVFULXUH¶Q XQHV OtQLHV VHUYLUDQ OHV GH OD SHQ~OWLPD HVWURID RQ SRGUtHP
HQWUHYHXUHKLXQDDOWUDUHIHUqQFLDDDTXHOODGLFRWRPLDHQWUH2ULHQWL2FFLGHQWTXHDEDQV
FRPHQWjYHP
£3DVRDORVQLxRV3XUH]D
GHFRUD]RQHVLQWDFWRV
$OPDVOLPSLDV%URWHVQXHYRV
HQHOMDUGtQSUROHWDULR
£$GHODQWHREUHURVQLxRV
£0LUDGTXpGtDWDQFODUR
£0LUDGTXpVROWDQKHUPRVR
EULOODHQ2ULHQWH9D\DPRV
DUHFRJHUODVHVSLJDV
GHOQXHYRGtDFDQWDQGR
(Q HO PDWHL[ Q~PHUR H[WUDRUGLQDUL GH U GH 0DLJ WUREHP -XDQ 5HMDQR DPE
³9HQWDQDODODDXURUD´XQWH[WHQSURVD±TXHYROVHUSRqWLFD±EHQVHJXUHVFULW
H[SUHVVDPHQW SHU D O¶RFDVLy MD TXH HVWj GDWDW D 0jODJD O¶DEULO GHO (V WUDFWD GH OD
OtULFDGHVFULSFLyGHO¶HQWRUQG¶XQYHOOODEULHJRTXHYHXPDU[DUHOVHXILOOGDUUHUHG¶XQD
PDQLIHVWDFLy URMD TXH DSDUHL[ FRP O¶DXURUD (Q HO Q~PHUR VHJHQW KL KD WDPEp GXHV
DSRUWDFLRQV GH OLWHUDWXUD HQ OOHQJXD HVSDQ\ROD '¶XQD SDUW ³7UHV SRHPDV GH (VWHEDQ
3DYOHWLFK´PRVWUHVFODUHVG¶DYDQWJXDUGLVPHDPEFRQWLQJXWSROtWLFGHO¶DOWUD
XQIUDJPHQWIRUoDFRQYLQFHQWGHODQRYHOÂODGH-RVp'tD])HUQiQGH](OEORFDRGH
ODTXDOQ¶DQXQFLHQODUHFHQWDSDULFLyD+LVWRULD1XHYD(QHOQ~PL~OWLPGH3RVW
*XHUUD DJRVWVHWHPEUH GH OOHJLUHP OHV GXHV FRQWULEXFLRQV OLWHUjULHV TXH HQV
IDOWHQO¶XQDG¶XQDXWRUDYXLLJQRWLO¶DOWUDG¶XQG¶DU[LFRQHJXW³(OWHQLV´GH7
0pV HQGDYDQW YHXUHP TXH HO QXFOL GHO FUHGR HVWqWLF GH OD UHYLVWD FRQVLVWHL[ SUHFLVDPHQW HQ
DL[zHQFRPELQDUO¶DXGjFLDIRUPDOG¶HVWLUSDYDQWJXDUGLVWDDPEHOPLVVDWJHFRPSURPqVLUHYROXFLRQDUL
%DOERQWtQPROWPpVDIHUUDWDIRUPHVOLWHUjULHVWUDGLFLRQDOVTXHDOWUHVFRPSDQ\VVHXVGH3RVW
*XHUUDpVSHUzXQSLRQHULDL[tHOFRQVLGHUDODFUtWLFDHQHOFRQUHXGHOQHRURPDQoLGHRORJLW]DWGHOVDQ\V
HVSHFLDOPHQWIqUWLOGXUDQWOD*XHUUD&LYLO
(VWHEDQ 3DYOHWLFK 7UXMLOOR (VFULSWRU L DFWLYLVWD SHUXj VHFUHWDUL GH 6DQGLQR D
ILQDOVGHOVDQ\V
-RVp (VWHEDQ XQ LQYHVWLJDGRU L HGLWRU TXH V¶KD GHVWDFDW HQ OD WDVFD GH UHFXSHUDFLy G¶DXWRUV
HVSDQ\ROVGHOLWHUDWXUDVRFLDOGLXHQXQDHQWUHYLVWDTXH³(OEORFDRHVXQRGHORVOLEURVPHMRUHVFULWRVGH
OD OLWHUDWXUD HVSDxROD GH WRGRV ORV WLHPSRV´ %ODQFD %UDYR &HOD ³/D JHQHUDFLyQ GH OD 5HS~EOLFD
(QWUHYLVWDFRQ-RVp(VWHEDQ´&XDGHUQRV+LVSDQRDPHULFDQRVPDLJ(QODFRQWUDFREHUWD
DQWHULRUG¶DTXHOOPDWHL[Q~PGH3RVW*XHUUDDL[tFRPWDPEpHQODSODQDGHOQ~P(OEORFDR
V¶DQXFLDUjHQWHUPHVHORJLRVRVLV¶RIHULUjDWUDYpVGHOVHUYLFLRGHOLEUHUtDGHODUHYLVWD³TXHKDFHHOSRU
GHGHVFXHQWRDWRGRVVXVOHFWRUHV´
0DULR5RQ]yQ5LYHUDpVFRPXQVHJXLWG¶DQRWDFLRQVTXHYDQFRQILJXUDQWXQDPHQD
G¶DUWLFOH HQ SDUjJUDIV EUHXV L TXH FRQVWLWXHL[HQ XQD VjWLUD FRQWUD HO WHQQLV L HOV TXH HO
SUDFWLTXHQ$TXHVWDFUtWLFDDO¶HVSRUWHOLWLVWDLDO¶HVWqWLFDGHPRGHUQLWDWHVQREGHOVDQ\V
V¶KDG¶HPPDUFDU±VLWXDQWQRVHQHOSXQWGHYLVWDGH3RVW*XHUUD±HQODOOXLWDFRQWUD
O¶DYDQWJXDUGLVPH IUtYRO L OD VHYD H[DOWDFLy GH OHV YLUWXWV HVSRUWLYHV PLQRULWjULHV
5HVFDWHPGHO¶REOLWXQVSDUjJUDIVFRPDPRVWUD
/RVQLxRVWHQLVWDVVRQDTXHOORVDTXLHQHVVXVSDGUHVOHVKDQSURKLELGRTXHMXHJXHQDODV
FDQLFDVDOEDOHURRDOWURPSR±MXHJRVGHODFDOOH&XDQGROHVKHYLVWRMXJDUDOWHQLVKHSHQVDGR
TXHGHVSXpVGHO©VHWªVHSRQHQDMXJDUDODVPXxHFDVRDODPDULVROD
/DFRQFXUUHQFLDDORVMXHJRVGHWHQLVHVWiLQWHJUDGDSRUSHUVRQDV©ELHQª\SRURWUDVTXH
DSDUHQWDQVHUOR/DVVRQULVDV\JHVWRVGHVDOXGRVRQLJXDOHV3DUHFHTXHWRGRVKDQDSUHQGLGRD
KDFHUORVHQDOJXQDDFDGHPLD
/DV VRPEULOODV TXH VH DEUHQ HQ ORV SDUTXHV GH WHQLV VRQ IORUHV PDUFKLWDV GH QRYHODV
IORUHV DUWLILFLDOHV VLQ VDOLGD &XDQGR EDMR HO VRO GHO WHQLV ±VRO FRQ ORPEULFHV± KD\ PXFKDV
VRPEULOODV DELHUWDV HQ ORV SDUTXHV GDQ OD LPSUHVLyQ GH TXH HV XQ VLWLR SDUD DUURMDU UHFXHUGRV
DSROLOODGRV
)LQDOPHQW OD GDUUHUD PRVWUD GH OLWHUDWXUD G¶XQ DXWRU HQ OOHQJXD HVSDQ\ROD
DSDUHL[ GH IHW FRP D QRWtFLD L QR FRP D FROÂODERUDFLy D OD UHYLVWD 'LQV OD VHFFLy
³1RWLFLDV GH OLWHUDWXUD \ DUWH´ 3RVW*XHUUD HV ID UHVVz GH O¶q[LW GH FUtWLFD
REWLQJXWSHU*DUFtD/RUFDDPEODSXEOLFDFLyDO¶HGLWRULDOGH5HYLVWDGH2FFLGHQWHGHO
VHXOOLEUH5RPDQFHVJLWDQRV³&XDOTXLHUDGMHWLYDFLyQVHUtDPHQRVHILFD]HQHVWHFDVR
TXH SXEOLFDU FRPR OR KDFHPRV D FRQWLQXDFLyQ XQ SRHPD HQWUHVDFDGR GHO OLEUR GHO
MRYHQ SRHWD JUDQDGLQR´ 7ULHQ HO IDPyV ³3UHQGLPLHQWR GH $QWRxLWR HO &DPERULR HQ HO
FDPLQRGH6HYLOOD´RQHOJLWDQRHQTHVWLypVDUUHVWDWHVFRUWDWLWDQFDWDOFDODEyVSHUOD
JXDUGLDFLYLOFDPLQHUDTXHHVIDXQDERQDOOLPRQDGDDPEHOVOLPRQHVUHGRQGRVTXHHO
&DPERULRKDYLDFROOLWLOÂOHJDOPHQW
eVFODUTXHDQRVDOWUHVHOTXHPpVHQVLQWHUHVVDVyQOHVWUDGXFFLRQV&RPMDKHP
H[SOLFDW HQ OD LQWURGXFFLy GHO SUHVHQW WUHEDOO DTXHVW SDUWHL[ GH OD FRQVWDWDFLy G¶XQ
IHQRPHQUHFHSWRUGHGHWHUPLQDWVDXWRUVJHUPDQRHVFULYLQWVHQXQFRQWH[WFRQFUHWDXWRUV
PDMRULWjULDPHQWGHOD5HS~EOLFDGH:HLPDUDPELGHRORJLDG¶HVSHFWUHHVTXHUUjWUDGXwWV
HQ HO 0DGULG TXH ID HO WUjQVLW GH OD 'LFWDGXUD D OD 5HS~EOLFD 8Q SULQFLSL EjVLF HQ
TXDOVHYRO HVWXGL GH UHFHSFLy GH OLWHUDWXUD WUDGXwGD HO FRQVWLWXHL[ HO IHW TXH FDOJXL
VHPSUHFHUFDUHOVHQWLWGHWDOUHFHSFLyQRWDQWHQHOVLVWHPDOLWHUDULG¶RULJHQFRPHQHO
$XWRU PH[LFj SUjFWLFDPHQW GHVFRQHJXW YLQFXODW DO PRYLPHQW HVWULGHQWLVWD 9DP FRQWDFWDU
DPE HOV UHVSRQVDEOHV G¶XQ GLFFLRQDUL G¶HVFULSWRUV PH[LFDQV GHO VHJOH ;; DPELFLRVD REUD HQ YROXPV
GLULJLGDSHU$XURUD02FDPSRLHQVYDQGLUTXHQRWHQLHQGDGHVG¶HOO(QHOPDWHL[Q~PHURGH3RVW
*XHUUDHQXQHVFULWVREUH'LHJR5LYHUDLODYLWDOLWDWFXOWXUDOGHOD5HYROXFLy0H[LFDQDHVSDUOD
EUHXPHQWGHOVHVWULGHQWLVWDV
$TXHVW pV HO WtWRO TXH QR XQD VLQy WUHV YHJDGHV GRQHQ DO 5RPDQFHUR JLWDQR ORUTXLj OD
SULPHUDHGLFLyGHOTXDOGHMXOLROGHYDDSDUqL[HUFRPD3ULPHUURPDQFHURJLWDQR
6REUH OD SUHVqQFLD GH /RUFD HQ DTXHVWD ~OWLPD VRUWLGD DO FDUUHU GH 3RVW*XHUUD FDO IHU GRV
FRPHQWDULV3ULPHUTXHHVWUDFWDG¶XQDUHFRQFLOLDFLyJDLUHEpG¶XQGHVJUHXJHPpVHQGDYDQWYHXUHPDPE
TXLQDPDOYROHQoDKDYLDUHVVHQ\DW0DUTXHUtHO¶HVWUHQDGH0DULDQD3LQHGD6HJRQTXHHQDTXHVWD
HWDSDILQDOGHODUHYLVWDHVSHUFHSTXHHOVSRVWJXHUULDQVVHVHQWLHQXQDPLFDPpVIRUWVTXHDO¶LQLFLHQ
PDU[D MD L FDPt GH O¶q[LW OHV VHYHV DYHQWXUHV HGLWRULDOV YHXHQ TXH HVWDQ FRQTXHULQW XQ HVSDL SURSL HQ
O¶DPELHQW LQWHOÂOHFWXDO 3HU DL[z DUD VH VHQWHQ OHJLWLPDWV SHU DSUR[LPDUVH D DOJXQHV ILJXUHV GH O¶DOD
HVTXHUUDQDGHO¶DYDQWJXDUGDYLQFXODGHVDOHVUHYLVWHVULYDOVeVHOFDVWRWVDGH/RUFDG¶$UFRQDGD
UHGDFWRUGH/D*DFHWD/LWHUDULDRGH0DUXMD0DOORSURWDJRQLVWDGHODSULPHUDL~QLFDH[SRVLFLyTXHYD
PXQWDU5HYLVWDGH2FFLGHQWH
G¶DUULEDGD /HV REUHV TXDQ HV SXEOLTXHQ HQ OD VHYD OOHQJXD RULJLQDO UHVSRQHQ D XQHV
QHFHVVLWDWVSHUWDQ\HQDXQFRQWH[WLV¶HQIURQWHQDXQGHWHUPLQDWPHUFDW/HVWUDGXFFLRQV
IDQ HO PDWHL[ SHUz OHV FRQGLFLRQV VyQ QDWXUDOPHQW XQHV DOWUHV 3HU DL[z HO QRVWUH
REMHFWLX DTXt pV SUHFLVDPHQW GHVFULXUH XQHV FRQGLFLRQV KLVWzULTXHV VRFLROzJLTXHV
HVWqWLTXHVLGHROzJLTXHVTXHGRQDUDQVHQWLWDXQJUXS FRKHUHQWGHWUDGXFFLRQV+HP
GLW PpV DPXQW TXH D OHV SODQHV GH 3RVW*XHUUD QRPpV KL KD H[HPSOHV GH FUHDFLy
OLWHUjULDWUDGXwGDSHUzHOVTXDWUHUHVSRQHQSOHQDPHQWDOHVQHFHVVLWDWVGHUHFHSFLyTXH
V¶DUWLFXODYHQHQODUHYLVWD/¶XQSURYpGHODOLWHUDWXUDUXVVD³1XHVWUDPDUFKD´
FRPSDUWHL[DPE³(OWHQLV´VXDUDFRPHQWDWO¶HVSDLGHO¶HItPHUDVHFFLy³9HUVR\SURVD´
QDGDLILQDGDHQHOPDWHL[Q~P(VWUDFWDG¶XQFRPEDWLXSRHPDGH0DLDNRYVNLSOH
GH IRUoD DPE XQD LQWHQFLRQDOLWDW UHYROXFLRQjULD TXH QR VHSXOWD OD SRWqQFLD GH OHV
LPDWJHVVLQyTXHOHVIDUHYHUEHUDU(OVDOWUHVWUHVFRPDEDQVMDKHPDGHODQWDWSURYHQHQ
G¶DXWRUVDOHPDQ\V
1RpVILQVDOQ~PRFWXEUHGHTXHO¶HVTXHUUDLQWHOÂOHFWXDODOHPDQ\DID
DFWHGHSUHVqQFLDD3RVW*XHUUD)LQVDUDDTXHVWD$OHPDQ\DHUDPDVVDGHVDWHVDDOHV
SODQHV GH OD UHYLVWD (Q O¶LPDJLQDUL FROÂOHFWLX KLVSjQLF GH O¶qSRFD O¶$OHPDQ\D RILFLDO
KHUHYDDOFDSGDYDOOG¶DTXHOODSUXVVLDQRLPSHULDOLVWDGHOD,*XHUUD0XQGLDOHUDHQFDUD
RPQLSUHVHQW1RHUDHPSUHVDGHOWRWIjFLOREULUHVFOHW[HVDXQDUHFHSFLyG¶DOOzDOHPDQ\
TXHSRJXpVFDSJLUDUOHVFRQQRWDFLRQVUHDFFLRQjULHVTXHDTXHVWDUHFHSFLyKDYLDWLQJXWHQ
HOVOXVWUHVSUHFHGHQWV'XUDQWHOVDQ\VGHODJXHUUDJHUPDQzILOKDYLDHVWDWVLQzQLPGH
UHWUzJUDG HQ HO PHUFDW HGLWRULDO HVSDQ\RO GHO PRPHQW HV YD REULU XQ FDPS TXH
UHVSRQLD D XQD GHPDQGD HQ DTXHVW VHQWLW L YDQ DSDUqL[HU SXEOLFDGHV FHUWD TXDQWLWDW
G¶DQjOLVLV L FUzQLTXHV GH PLOLWDUV DOHPDQ\V R GH JHUPDQzILOV DXWzFWRQV
3RVWHULRUPHQW HO UHIOH[ GH OD YLJRULD FXOWXUDO L FLHQWtILFD GH OD XQLYHUVLWDW JHUPjQLFD
TXHDUULEDYDDOOHFWRUDWUDYpVHQWUHDOWUHVPLWMDQVHGLWRULDOVGH5HYLVWDGH2FFLGHQWH
QRDMXGDYDJDLUHDFDQYLDUXQDSHUFHSFLyGHOHVFRVHVDOHPDQ\HVSRFDVVXPLEOHFRPD
PRGHO GHV G¶XQD HVTXHUUD UHYROXFLRQjULD LQWHOÂOHFWXDO $TXHVW VHUj XQ PqULW GHOV SRVW
JXHUULDQV D WUDYpV GH OHV HGLWRULDOV TXH SURPRXUDQ DFRQVHJXLU TXH GXUDQW XQV EUHXV
DQ\V L HQ PLJ GH GXHV UHFHSFLRQV RQ SUHGRPLQj WDQW HO FRORU QHJUH FRP HUHQ OD
PLOLWDULVWDH[SDQVLRQLVWD DEDQV L OD QD]LIHL[LVWD GHVSUpV HO S~EOLF OHFWRU HQ OOHQJXD
HVSDQ\ROD UHEpV XQD LPDWJH G¶$OHPDQ\D PDUFDGDPHQW URMD L DYDQoDGD -XVWLILFDU
6¶KL SRGULD WUREDU XQ FHUW VLPEROLVPH HQ OD GDWD &RLQFLGLQW DPE OD FHOHEUDFLy GHO GHVq
DQLYHUVDULGHOD5HYROXFLy5XVVDTXHVXSRVDUjHOILQDOG¶XQDHWDSDPpVGLQjPLFDLODLPSODQWDFLyGHOQRX
FXUVEXURFUjWLF3RVW*XHUUD SRGUtHPGLUTXHGHVFREUHL[HOVHFWRUUHYROXFLRQDULGHODFXOWXUDDOHPDQ\D
GHOPRPHQW$TXHVWDGHVFREHUWDWLQGUjUHSHUFXVVLRQVHGLWRULDOVLKRGHPRVWUDSHUH[HPSOHHOIHWTXHOD
1RYHPEHUUHYROXWLRQVHUjGHVSUpVjPSOLDPHQWWUDFWDGDHQHOVOOLEUHVGHDYDQ]DGD
%DOERQWtQRSFLWTXHGHILQHL[ODSRVWXUDGHO¶(VJOpVLDFDWzOLFDHVSDQ\RODFRPD
³UDELRVDPHQWHJHUPDQyILOD´H[SOLFDHOFDVG¶XQFRQHJXWFOHUJXHDQGDO~VTXHSUHGLFDYDTXHVL$OHPDQ\D
SHUGpV OD JXHUUD HOO SHUGULD OD IH HQ 'pX 3HU D XQD DEXQGRVD GRFXPHQWDFLy VREUH HO WHPD HQ IRQWV
SHULRGtVWLTXHVLELEOLRJUjILTXHVY)HUQDQGR'tD]3ODMD)UDQFyILORV\JHUPDQyILORV/RVHVSDxROHVHQOD
*XHUUD HXURSHD %DUFHORQD 'RSHVD )HUQiQGH] &LIXHQWHV RS FLW DVVHQ\DOD TXH
LQWHOÂOHFWXDOWHUPHTXHMXVWSHUDTXHOODqSRFDHVYDHVWHQGUHLDOLDGzILOYDQHVGHYHQLUJDLUHEpVLQzQLPV
(OYDDSDUqL[HUXQD/LJD$QWLJHUPDQyILODIRPHQWDGDSHULQWHOÂOHFWXDOVOHVH[FHSFLRQVJHUPDQzILOHV
PpV FRQHJXGHV YDQ VHU %DURMD %HQDYHQWH G¶2UV R 6DODYHUUtD 3HO TXH ID D O¶H[qUFLW HVSDQ\RO OD VHYD
GHYRFLy SUXVVLDQD HUD MD FOjVVLFD L HV UHPXQWDYD D OHV FDPSDQ\HV GH FRQWUD ¬XVWULD L GH FRQWUD )UDQoD Y 0DQXHO (VSDGDV %XUJRV ³$OHPDQLD \ (VSDxD 'H OD pSRFD ELVPDUFNLDQD D OD *UDQ
*XHUUD´GLQV:DOWKHU/%HUQHFNHUHG(VSDxD\$OHPDQLDHQOD(GDG&RQWHPSRUiQHD)UDQNIXUWDP
0DLQ9HUYXHUW
5HVWD HQFDUD SHU IHU XQD QHFHVVjULD VLVWHPDWLW]DFLy G¶DTXHVW PDWHULDO HGLWRULDO TXH IyUD ~WLO
SRGHU FRQWUDVWDU DPE OHV H[SHULqQFLHV EqOÂOLTXHV L OHV UHIOH[LRQV DO YROWDQW GH OD FRQIODJUDFLy TXH
SRVWHULRUPHQWWUREDUjHOOHFWRUHQHOVFDWjOHJVG¶DYDQoDGD
FUtWLFDPHQWDOJXQVDVSHFWHVG¶DTXHVWSURFpV±FRPDSDVSUHYLSHUDSRGHUORGRFXPHQWDU
DPESUHFLVLy±pVHQGHILQLWLYDHOSULQFLSDOREMHFWLXGHOSUHVHQWHVWXGL
(Q OHV SUHIHUqQFLHV OLWHUjULHV HVTXHUUDQHV G¶DTXHOOV DQ\V HOV DXWRUV GH OOHQJXD
DOHPDQ\D DFDEDULHQ G¶DOJXQD PDQHUD IRUPDQW XQ WjQGHP DPE HOV UXVVRV $TXHVW EUHX
SHUz LQWHQV IHQzPHQ GH UHFHSFLy HQ OHV SODQHV GH 3RVW*XHUUD V¶LQLFLD DPE ³0LV
SDULHQWHV UDFLRQDOL]DGRV´ GH .XUW .OlEHU (O WH[W TXH HQ HO PDUF GH OD QRVWUD
UHFHUFDWpGRQFVFHUWFDUjFWHUIXQGDFLRQDOGXXDTXHVWSHWLWSDUjJUDILQWURGXFWRULSHUSDUW
GHODUHYLVWD
.XUW .ORHEHUW >VLF SDVVLP@ HO SRHWD SUROHWDULR WDQ VHQVLEOH D ORV VXIULPLHQWRV \ D ODV
OXFKDV GH OD FODVH REUHUD UHFRJH HQ HVWH PRPHQWR GDWRV VREUH ODV FRQVHFXHQFLDV GH OD
UDFLRQDOL]DFLyQ FDSLWDOLVWD TXH WLHQH HO SUR\HFWR GH HVWXGLDU .ORHEHUW KD HQYLDGR DO ©.DPSIª
©/D /XFKDª yUJDQR GH OD RSRVLFLyQ UHYROXFLRQDULD GH ORV VLQGLFDWRV DOHPDQHV HO SDVDMH
VLJXLHQWHGHVXVWUDEDMRV
.OlEHUTXHSHUDTXHOOVDQ\VUHVLGLDPDMRUPHQWD%HUOtQLHGLWDYDDPE-RKDQQHV
5%HFKHUHO3UROHWDULVFKH)HXLOOHWRQ.RUUHVSRQGHQ]RIHUHL[DOVSRWHQFLDOV
FRQUHDGRUV GHO JqQHUH TXH SRJXHVVLQ OOHJLU 3RVW*XHUUD XQD LQWHUHVVDQW PRVWUD
G¶$UEHLWHUOLWHUDWXURQHVFRPELQDFUHDFLyLHVSHULWGRFXPHQWDO(OSURSLDXWRUVLWXDOHV
FRRUGHQDGHVGHOWH[WG¶DTXHVWDPDQHUD
8QD PDHVWUD GH HVFXHOD GH XQR GH ORV VXEXUELRV GHO HVWH GH %HUOtQ KD GDGR D VXV
DOXPQDV FRPR WHPD GH FRPSRVLFLyQ HO VLJXLHQWH ©/D UDFLRQDOL]DFLyQª /D PDHVWUD H[SOLFy
VXPDULDPHQWHTXHORVDOXPQRVFX\RSDGUHRFX\DPDGUHWUDEDMDVHHQXQDIiEULFDUDFLRQDOL]DGD
GHEtDQUHODWDUFyPRVHPDQLIHVWDEDODUDFLRQDOL]DFLyQHQVXVSDGUHVRPHMRUGLFKRTXpFDPELRV
KDEtDQ REVHUYDGR HQ VXV SDGUHV GHVGH TXH HVWRV HVWDEDQ VRPHWLGRV D ORV QXHYRV PpWRGRV GH
WUDEDMR 5HSURGXFLPRV DTXt FXDWUR GH ORV RQFH HMHUFLFLRV TXH VH QRV KDQ HQWUHJDGR \ TXH KDQ
VLGRKHFKRVSRUQLxRVGHGRFHDWUHFHDxRV
/ODYRUVVHJXHL[HQOHVTXDWUHUHGDFFLRQVVHQVGXEWHUHWRFDGHVHVWLOtVWLFDPHQW(V
WUDFWDGHTXDWUHH[HPSOHVG¶DOLHQDFLyLGHSqUGXDGHODLGHQWLWDWSURIHVVLRQDOGHODVDOXW
R GH OD SUzSLD IHLQD D FDXVD GH OD LPSODQWDFLy G¶XQD FDGHQD GH PXQWDWJH R GH OD
PHFDQLW]DFLy G¶XQ SURFpV SURGXFWLX DQWHULRUPHQW DUWHVDQDO (O WH[W PDL FDX HQ XQD
VHQVLEOHULDDIHFWDGDLMXVWDPHQWSHU DL[z FRPPRX DOKRUD ID UHIOH[LRQDU L VHQVH QL WDQ
VROVLQVLQXDUKRLQFLWDDODUHEHOÂOLy TXH pV DO FDSGDYDOO HO TXH SUHWpQ DFRQVHJXLU XQD
OLWHUDWXUDSUROHWjULRUHYROXFLRQjULD(OVGH3RVW*XHUUDKDYLHQWUREDWMDHOILOyDOHPDQ\
G¶DTXHVWD OLWHUDWXUD 3HU PROWV HVIRUoRV TXH WDPEp IHVVLQ SHU DSUR[LPDU OD OLWHUDWXUD
VRYLqWLFDDO¶(VSDQ\DG¶DOHVKRUHVLSHUPROWTXHO¶DQRPHQDGDjQLPDUXVVDSDVVpVSHU
WHQLU JUDQ HPSDWLD DPE HO JHQL KLVSjQLF OD EDUUHUD G¶XQD OOHQJXD DPE XQ DOIDEHW
GLIHUHQW L GH OD TXDO HUD GLItFLO DFRQVHJXLU WUDGXFFLRQV GLUHFWHV MXJDYD D IDYRU GH OD
UHFHSFLy DOHPDQ\D $ PpV OD 5HS~EOLFD GH :HLPDU HVWDYD SURGXLQW XQ HQRUPH FDEDO
G¶DTXHOOD OLWHUDWXUD TXH HVWqWLFDPHQW L LGHROzJLFD EXVFDYHQ HOV MRYHV LQWHOÂOHFWXDOV
HVSDQ\ROVG¶HVTXHUUHV
/D VHJHQW PRVWUD GH OLWHUDWXUD GH OD :HLPDUHU 5HSXEOLN DSDUHL[ HQ HO Q~P DEULOGH³(OQLGR´pVSRVVLEOHPHQWHOSULPHUWH[WGH7ROOHUTXHHVSXEOLFD
(O WHPD WUDFWDW MD HQ WHUPHV HVWULFWDPHQW VRFLROzJLFV WRUQDUj D VRUWLU D OHV SODQHV GH 3RVW
*XHUUDHQXQDUWLFOHGH&pVDU5*RQ]iOH]WLWXODW³(OWUDEDMRHQFDGHQDGR´GRFXPHQWDGDFUtWLFDDO
WUHEDOO HQ FDGHQD HQ HO TXDO HV GLX TXH $OHPDQ\D HQWUH HOV SDwVRV HXURSHXV PDU[D ³D OD FDEH]D GHO
PRYLPLHQWR UDFLRQDOL]DGRU´ &pVDU 5RGUtJXH] *RQ]iOH] ILOO GH O¶DFWLYLVWD 9LUJLQLD *RQ]iOH] L GLULJHQW
FRPXQLVWD GXUDQW OD SULPHUD PHLWDW GH OD GqFDGD GHOV VLJQDUj WDPEp DOJXQD FROÂODERUDFLy D 1XHYD
(VSDxD/DILJXUDGH9LUJLQLD*RQ]iOH]pVKRPHQDWMDGDHQXQGHOVHGLWRULDOVEUHXVGHOQ~PGH3RVW
*XHUUD
HQ HVSDQ\RO /D LQWURGXFFLy TXH HQ ID OD UHYLVWD UHVXOWD LQGLFDWLYD GHO SURFpV GH
UHFHSFLyTXHHQVLQWHUHVVD
/DSHUVRQDOLGDGGHOJUDQSRHWDUHYROXFLRQDULRDOHPiQ(UQHVWR7ROOHUHVSRFRFRQRFLGD
HQ(VSDxD6LQHPEDUJRHVXQDGHODVILJXUDVGHPiVYDORUGHODOLWHUDWXUDPXQGLDODFWXDO
(UQHVWR7ROOHUWRPyXQDSDUWHPX\DFWLYDHQODUHYROXFLyQGH%DYLHUDGHDOODGR
GH /DQGDXHU RWUD JUDQ LQWHOLJHQFLD 7ROOHU HVFDSy GH OD PXHUWH SRU YHUGDGHUR PLODJUR )Xp
GHWHQLGRGHVSXpVGHHQRUPHVSHVTXLVDV\VHOHVDOYyGHXQDPXHUWHVHJXUDJUDFLDVDODVSURWHVWDV
TXHVXUJLHURQHQWRGRVORVSDtVHV3HURGHVSXpVGHXQJUDQSURFHVRIXpFRQGHQDGRDYDULRVDxRV
GH SULVLyQ TXH KDVWD KDFH GRV DxRV HQ TXH VDOLy HQ OLEHUWDG KD FXPSOLGR HQ OD IRUWDOH]D GH
1LHGHUVFKDQHQIHOG>VLF@
$FRQWLQXDFLyQSXEOLFDPRVXQDGHVXVPiVEHOODVSiJLQDVHVFULWDVHQODSULVLyQ
(O WH[W TXH HQ OD VHYD YHUVLy FDVWHOODQD DFFHQWXD O¶~V GH OD IUDVH EUHX pV XQD
PRVWUDGHVHQWLPHQWDOLVPHFDUFHUDULTXHGHVFULXODWHQDoOOXLWDG¶XQHVRUHQHWHVSHUIHUVH
XQQLXHQDOJXQOORFGHODSUHVyFRQWUDHOVDUELWULVGHOGLUHFWRU³OXFKDKHURLFD\JORULRVD
GH ORV GHIHQVRUHV GHO GHUHFKR EiYDUR FRQWUD HO HVStULWX GH UHEHOLyQ DQLPDO´ (OV
IXQFLRQDULVGHOSHQDODGHVJUDWGHOVSUHVRQHUVGHVWUXHL[HQVLVWHPjWLFDPHQWHOQLXGHOD
SDUHOODG¶RUHQHWHVILQVTXHODIHPHOODPRU(OILQDOGLXDL[t³6LQGXGDORVKRPEUHVQR
KDEtDQ TXHULGR TXH SXVLHUD HQ OXJDU VHJXUR VXV KXHYRV SUHxDGRV GH YLGD IXWXUD´ 3HU
FRPSOHWDUDTXHVWDSUHVHQWDFLyGH7ROOHUDOOHFWRUGH3RVW*XHUUDV¶LQWHUFDODHQHOWH[WOD
LPDWJH G¶XQD H[FHOÂOHQW [LORJUDILD DPE HO VHX URVWUH 'H IHW 7ROOHU KDYLD HVWDW MD
HVPHQWDWHQXQQ~PHURDQWHULRUGHODUHYLVWD(OWHDWUHYDVHUXQDGHOHVSUHRFXSDFLRQV
FRQVWDQWV GH 3RVW*XHUUD L OD VHFFLy FRUUHVSRQHQW XQD GH OHV PpV UHFXUUHQWV eV
%DUEXVVH TXL O¶HVPHQWD D ³+H DTXt XQ WHDWUR SUROHWDULR´ WH[W TXH DQXQFLD DPE
HQWXVLDVPH HO SURSzVLW GH FUHDU XQD QRYD LQVWLWXFLy WHDWUDO D 3DUtV L TXH UHVXOWD
LQWHUHVVDQWPpVHQGDYDQWKLWRUQDUHPSHUOHVFRQFHSFLRQVGUDPDW~UJLTXHVTXHH[SRVD
4XDQ%DUEXVVHHVSODQWHMDHOUHSHUWRULTXHKDXUjGHWHQLUDTXHVWWHDWUHGLXTXHQRHVSRW
SUHYHXUH GHO WRW FRP VHUDQ OHV REUHV TXH V¶KL HVWUHQDUDQ SHUTXq HV WUDFWD G¶XQD
H[SHULqQFLD LQQRYDGRUD TXH HQFHWD FDPLQV SHUz HQWUH OHV SHFHV QR LQqGLWHV TXH HV
WRUQDUDQDPXQWDUOHVGH7ROOHUVyQDQRPHQDGHVHQSULPHUOORF
>@2EUDVGH7ROOHUGH7ROVWRL\GH+DXSWPDQQGH2¶1HLO\GHXQFLHUWRQ~PHURGH
HVFULWRUHV DPHULFDQRV QRWDEOHV SUROHWDULRV >@ *RJRO DOJXQDV SURGXFFLRQHV GH &RXUWHOLQH
GHVQXGDVKDVWDODiVSHUDFDULFDWXUDTXHHOODVHQFLHUUDQ\VREUHWRGRREUDVPRGHUQDVUXVDVVREUH
ODUHYROXFLyQ\VREUH&KLQDDVtVRQDOJXQDVGHODVSURGXFFLRQHVDODVTXHVHWUDWDUiGHGDUXQD
IRUPDWDMDQWH\XQDYLGDQXHYD
/D WHUFHUD L ~OWLPD PRVWUD GH OLWHUDWXUD DOHPDQ\D TXH VRUWLUj D 3RVW*XHUUD
SRGUtHP GLU TXH HQFDUD HVWj PpV SROLWLW]DGD TXH OHV DOWUHV GXHV MD TXH HV WUDFWD G¶XQ
SRHPDGHOSURSL.DUO/LHENQHFKW9DDSDUqL[HUHQO¶H[WUDRUGLQDULGHOUGH0DLJGHO
GXHVSODQHVGHVSUpVGHOGH%DOERQWtQDTXHVWVHJRQH[HPSOHGHSRHVLDUHYROXFLRQjULDID
GHO Q~P HO PpV OtULF GH WRWV HOV GH 3RVW*XHUUD 'H /LHENQHFKW FRQYHUWLW HQ
/DUHYLVWDOLPHQ\D$PDXWDQ~PHOWRUQDUjDSXEOLFDUHQODPDWHL[DWUDGXFFLyHOJHQHU
GH (V WUDFWD GH O¶HStOHJ HQ SURVD TXH 7ROOHU YD DIHJLU DO VHX SRHPD OODUJ 'DV 6FKZDOEHQEXFK
1RSRGHPGLVWLQJLUEpHOTXHVHPEODVHUODILUPDGHO¶DXWRUG¶DTXHVW+RO]VFKQLWW
/D SRHVLD VHUj GH IHW OD JUDQ DEVHQW ±WUHW G¶XQHV SRTXHV H[FHSFLRQV± HQ HOV FDWjOHJV GH OHV
HGLWRULDOV GH DYDQ]DGD /D JHQHUDFLy SROLWLFROLWHUjULD GH QRGULGD G¶H[SRVWJXHUULDQV VHUj PROW
PHQ\VSURFOLXDODOtULFDTXHODIDPRVDJHQHUDFLySRqWLFDGHWUHVDQ\VDEDQV
DTXHVWHVDOWXUHVGHODGqFDGDHQPLWHLPjUWLUUHYROXFLRQDULOOHJLPXQLQIODPDWSRHPD
TXH LGHQWLILFD OD IRUoD GHO YHQW L GH OD WHPSHVWD DPE O¶HVFODW GH OD UHYROXFLy ³'H OD
SULVLyQ GH /XFNDX´ /LHENQHFKW YD VHU DUUHVWDW SUHFLVDPHQW DPE PRWLX GH OD
PDQLIHVWDFLyD%HUOtQGHOUGH0DLJGHLHOVHXVRMRUQDODSUHVyGH/XFNDXHVYD
SHUOORQJDUILQVDO¶RFWXEUHGH
&DS GH OHV WUHV WUDGXFFLRQV GH SRHVLD L SURVD DOHPDQ\D DSDUHJXGHV D 3RVW
*XHUUD HVWj VLJQDGD 1R pV GHVFDUWDEOH TXH OD QRVWUD UHYLVWD OHV KDJXpV DFRQVHJXLW
G¶DOWUHVPLWMDQVDILQVODFRVDVHPEODFODUDHQHOFDVGH/LHENQHFKWFRPWDPSRFKRpV
TXH7ROOHUR.OlEHUKDJXHVVLQDUULEDWDOHVSODQHVGH3RVW*XHUUDDSDUWLUGHWUDGXFFLRQV
SUqYLHV HQ IUDQFqV 7DQW VL HV WUDFWD SHUz GH WUDGXFFLRQV GLUHFWHV GH O¶DOHPDQ\ GH
WUDGXFFLRQV D SDUWLU GHO IUDQFqV R GH O¶DQJOqV R GH WUDGXFFLRQV QR SUzSLHV OD VHYD
LQFOXVLy D OHV SODQHV GH 3RVW*XHUUD HV SRGULD DWULEXLU D $QGUDGH DPE EDVWDQWD
VHJXUHWDW6DEHPTXHGXUDQWO¶DQ\$QGUDGHWUHEDOODYDDO¶DU[LXG¶(O6RORQWHQLDOD
PLVVLyGHOOHJLUUHWDOODULFDWDORJDUDUWLFOHVGHODSUHPVDHVWUDQJHUD,DPpVGHVHUHO
PpVSROLJORWGHODFROODWHQLDWDPEpDFFpVDSXEOLFDFLRQVFRPXQLVWHVLQWHUQDFLRQDOVMD
TXHHQDTXHOOVPRPHQWVHUDO¶~QLFGHOQXFOLSURPRWRUGHODUHYLVWDTXHWHQLDHOFDUQHW
GHOSDUWLW
$TXHVWDUHFHSFLyGHOLWHUDWXUDDOHPDQ\DG¶HVTXHUUHVTXHDFDEHPGHGHVFULXUHHQ
ODVHYDIRUPDLQFLSLHQWWLQGUjXQDFODUDFRQWLQXwWDWHQOHVWDVTXHVHGLWRULDOVGHOVGLYHUVRV
PHPEUHV GH 3RVW*XHUUD 0pV TXH XQD FRQWLQXwWDW KDXUtHP GH GLU SRWVHU XQD
DPSOLILFDFLy SHUTXq XQ FRS REHUWHV OHV SRUWHV D OD UHFHSFLy GH GHXWVFKVSUDFKLJH
$XWRUHQ TXH DFRQVHJXLHQ HO IDYRU GHO S~EOLF OHFWRU HQ OOHQJXD FDVWHOODQD YDQ HQWUDU
QRPVFDVGH+HUPDQQ+HVVHSHUH[HPSOHTXHQRHVOLPLWDYHQDHQFDL[DUHQHOSDWUy
HVWqWLF SUHILJXUDW D OHV SODQHV GH OD UHYLVWD (UD OzJLF WDQPDWHL[ TXH D PHVXUD TXH HO
IHQRPHQ GH UHFHSFLy V¶DQDYD DPSOLDQW WDPEp HV GLYHUVLILTXpV SHUz OD FRKHUqQFLD
HVWqWLFRLGHROzJLFD GHO FRQMXQW L HO VHX RULJHQ HQ OHV SODQHV GH 3RVW*XHUUD VyQ FRP
LQWHQWHPGHPRVWUDUDTXtGHOWRWDVVXPLEOHV1RSHUFDVXDOLWDWHOVWUHVDXWRUVTXHKHP
YLVW .OlEHU 7ROOHU L /LHENQHFKW WLQGUDQ GHVSUpV YROXPV SXEOLFDWV HQ OHV HPSUHVHV
HGLWRULDOVGHULYDGHVGHODUHYLVWD
/¶HGLWRULDO GH 5HYLVWD GH 2FFLGHQWH TXH YD WUHXUH FRP D PLWMDQD XQV WtWROV
DQXDOVHQWUHLHQWRWDOPpVGHYDHVWDUVHPSUHFODUDPHQWHVFRUDGDFDS
DODILORVRILDLHOSHQVDPHQW7RWLDL[zODFUHDFLyOLWHUjULDWDPEpKLMXJDXQLQWHUHVVDQW
SDSHUHVSHFLDOPHQWSHO TXHIDDO¶HGLFLy GH SRHWHV L SURVLVWHV GHO (O OOLEUH TXH YD
'HPRVWUDWLYDGHOSUHVWLJLSRVWRELWXPGHODSDUHOOD/X[HPEXUJ/LHENQHFKWUHVXOWDODFXULRVD
KLVWzULDTXHUHODWD*RUNLQRSFLWVHJRQVODTXDOHOOHVPpVDOWHVLQVWjQFLHVGHO.UHPOLQYDQ
UXPLDU ±HQ VHFUHW± OD FRQYHQLqQFLD GH IDEULFDU D )UDQoD XQ ³.DUO /LHENQHFKW IUDQFpV´ XQ PjUWLU TXH
FRKHVLRQpVLUHYLIpVHO3DUWLW&RPXQLVWDJDO³+DEtDTXHVDFULILFDUDXQPLOLWDQWHMRYHQVLPSiWLFRVXUJLGR
GHO SURSLR SUROHWDULDGR SRSXODU 6H OH DFKDFDUtD HO FULPHQ D OD EXUJXHVtD \ XQD SURSDJDQGD ELHQ
RUJDQL]DGDKDUtDWRGRORGHPiV´3HUzHVYHXTXHHOMRYHGLULJHQWDTXLHVYDRIHULUO¶KRQRUG¶pVVHULQVFULW
HQHOPDUWLURORJLYDGHFOLQDULODLGHDHVGHYLDGHL[DUFyUUHU
&UHLHPTXH3RVW*XHUUDGHYLDPDQOOHYDUDTXHVWSRHPDGHODUHYLVWDDUJHQWLQD&ODULGDG
Q~PHURVMXOLRO±GHVHPEUHTXHO¶KDXULDSXEOLFDWXQVPHVRVDEDQVHQHOQ~PHURFRUUHVSRQHQW
DOGHGHVHPEUHGH7RWLTXHQRKHPDFFHGLWGLUHFWDPHQWDOHVSODQHVGH&ODULGDGDL[zpVHOTXH
HV GHVSUqQ GH OD FRQVXOWD GHO VHX tQGH[ Y )ORUHQFLD )HUUHLUD GH &DVVRQH ËQGLFH GH &ODULGDG 8QD
FRQWULEXFLyQ ELEOLRJUiILFD %XHQRV $LUHV 'XQNHQ 3RFV DQ\V GHVSUpV HO OHFWRU KLVSjQLF GH
DYDQ]DGDHVWRUQDUjDWUREDUXQDDOWUDYHUVLyGHOPDWHL[SRHPD±VHQVHWtWROHQXQDVRODHVWURIDD3RVW
*XHUUDHQWpGXHVLGDWDWDODSULPDYHUDGH±HQHOYROXP&DUORV/LHENQHFKW&DUWDVGHOIUHQWH\GH
ODSULVLyQYHUVLyHVSGH/XLV&XULHO0DGULG&HQLW
$QGUDGHRSFLW
$PEWRWWDPSRFSRGHPGHVFDUWDUTXHOHVWUDGXFLRQVKDJXHVVLQDUULEDUDWUDYpVGH*RUNLQTXH
QRHUDD0DGULGSHUzSUREDEOHPHQWHUDHQFDUDPpVSROLJORWTXH$QGUDGH
LQDXJXUDUO¶HGLWRULDOO¶DEULOGHYDVHUXQDWUDGXFFLyVLJQDGDSHOSURSL2UWHJDGH
/RUG'XQVDQ\±DXWRUTXHODYHUVLyHVSDQ\RODGH7KH3HQJXLQ&RPSDQLRQWR/LWHUDWXUH
GHILQHL[ FRP ³IHUR]PHQWH DULVWRFUiWLFR´ /D SUHVqQFLD GH OLWHUDWXUD DOHPDQ\D QR KL
UHVXOWDUj VLJQLILFDWLYD *RHWKH L +HLQH VHUDQ HOV GRV ~QLFV DXWRUV G¶XQD SRF IHFXQGD
FROÂOHFFLyWLWXODGD³/RV/LEURV5RPiQWLFRV´+HLQHWRUQDUjDVRUWLUHOHQ
XQD DOWUD FROÂOHFFLy WLWXODGD ³/LEURV GHO 6LJOR ;,;´ HQ OD TXDO VHJXU TXH HOO PDWHL[
V¶KDXULDVHQWLWPpVDJXVW3HOTXHIDDOVFRQWHPSRUDQLV~QLFDPHQWWHQLPHOXQD
REUD GH +DXSWPDQQ WUDGXwGD SHU 1HONHQ &RP HUD SUHYLVLEOH Vt TXH pV VLJQLILFDWLYD L
DEXQGDQW OD SUHVqQFLD GH SHQVDPHQW DOHPDQ\ HQ O¶HGLWRULDO GH 5HYLVWD GH 2FFLGHQWH
HGLWRULDO TXH QR GLULJLD GLUHFWDPHQW 2UWHJD VLQy JHQW GH OD VHYD FRQILDQoD *DUFtD
0RUHQWH ILQV DO L GHVSUpV )HUQDQGR 9HOD ILQV DO /D QzPLQD GH WUDGXFWRUV GH
O¶DOHPDQ\pVOODUJDLSURXLOÂOXVWUHLKHWHURJqQLDFRPSHUPHUqL[HUXQDDWHQFLyTXHDTXt
QR OL SRGHP GHGLFDU HOV SURSLV *DUFtD 0RUHQWH L )HUQDQGR 9HOD 0DUJDULWD 1HONHQ
$GROIR 6DOD]DU -RVp *DRV 5DPyQ &DUDQGH 5DPyQ *yPH] GH OD 6HUQD -RVp 5DPyQ
3pUH]%DQFHV/HGHVPD5DPRV(XJHQLR,PD]-RDTXLP;LUDX;DYLHU=XELULHWF
'LFFLRQDULR GH OLWHUDWXUD 3HQJXLQ$OLDQ]D , /LWHUDWXUDV DQJORVDMRQDV WUDG L DGDSW
G¶$OEHUWR$GHOO0DGULG$OLDQ]D
YSODQDJUjILFD
*DUFtD 0RUHQWH KDYLD GLULJLW WDPEp OD SRSXODU ³&ROHFFLyQ 8QLYHUVDO´ TXH WDQW UHFRUGD OD
³8QLYHUVDO%LEOLRWKHN´ GH 5HFODP GH &DOSH (VSDVD&DOSH D SDUWLU GH (Q OD PDWHL[D HGLWRULDO
2UWHJDSHUODVHYDSDUWYDGLULJLUOD³%LEOLRWHFDGH,GHDVGHO6LJOR;;´DTXHVWDFROÂOHFFLyKDYLDSXEOLFDW
MD DXWRUV GH O¶jPELW JHUPjQLF FRP 6SHQJOHU L OD OODYRUV IDPRVD /D GHFDGHQFLD GH 2FFLGHQWH HQ
WUDGXFFLy SHU FHUW GHO SURSL 0RUHQWH 3HU D WRW HO TXH WLQJXL D YHXUH DPE &DOSH FDO FRQVXOWDU -XDQ
0LJXHO6iQFKH]9LJLO&DOSH3DUDGLJPDHGLWRULDO*LMyQ7UHD
3ODQDJUjILFD
3ULPHUDSODQDGHOQ~PHURGH3RVW*XHUUD
3ODQDJUjILFD
&REHUWDGHOQ~PHURGH5HYLVWDGH2FFLGHQWH
3ODQDJUjILFD
/LWHUDWXUDDOHPDQ\DDO·HGLWRULDOGH5HYLVWDGH2FFLGHQWH
3ODQDJUjILFD
6REUHFREHUWDGH0DURWRSHUDO·HGLFLyGH%LEORVGH/DVFLXGDGHV\ORVDxRV
&RQWUDO¶DUWGHVKXPDQLW]DW
(OPRYLPHQWHGLWRULDOG¶DYDQoDGDHQHOTXDOO¶HVFULSWXUDGLUHFWDPHQWLPSRUWDGD
GHV GH OD 5HS~EOLFD GH :HLPDU WLQGUj XQ GHVWDFDW SDSHU SDUWHL[ G¶XQHV GHWHUPLQDGHV
FRQFHSFLRQV HVWqWLTXHV (Q OD FRQILJXUDFLy L SRVWHULRU GHVHQYROXSDPHQW G¶DTXHVW IHW
SHFXOLDUHQO¶HGLFLyKLVSjQLFDFRQWHPSRUjQLDLQWHUYLQGUDQDL[tPDWHL[GHIRUPDGHFLVLYD
IDFWRUV VRFLROzJLFV LGHROzJLFV R FRPHUFLDOV L SHU DOWUD EDQGD OD VHYD SUzSLD UjSLGD
H[SDQVLyFRPSRUWDUjWDPEpXQDGLYHUVLILFDFLyLQQHJDEOH3HUzHQHOIRQVWRWHOIHQRPHQ
REHHL[DXQVFRPXQVSUHVVXSzVLWVHVWqWLFVGHSDUWLGDLHQOHVSODQHVGH3RVW*XHUUDHOV
WUREDUHPIRUPXODWV
'tD])HUQiQGH]LHOVHXDUWHQRYtVLPRFRQLQWHQFLyQVRFLDO
-DKHPGLWDEDQVTXH-RVp'tD])HUQiQGH]pVHOSULQFLSDOWHRULW]DGRUGHOJUXSGH
3RVW*XHUUD HO VHX HVFULW ³$FHUFD GHO DUWH QXHYR´ VXSRVD GH IHW O¶DUWLFOH PpV
VLJQLILFDWLX GH WRWV HOV DSDUHJXWV HQ HOV Q~PHURV GH OD UHYLVWD &RQYLQGUj GRQFV
JORVVDUOR DPE DOJXQ GHWHQLPHQW L YHXUH ILQV D TXLQ SXQW OD WHRULD DUWtVWLFD GH 'tD]
)HUQiQGH]DL[zpVGHOPRYLPHQWSXEOLFLVWDGHDYDQ]DGDpVGHXWRUDQLTXHVLJXLSHU
RSRVLFLy GH OD G¶2UWHJD &RP LQGLFD HO SURSL WtWRO GH O¶DUWLFOH 'tD] )HUQiQGH] HV
SURSRVD DERUGDU HO WHPD GH O¶DUW FRQWHPSRUDQL L ID VHUYLU HO PDWHL[ VLQWDJPD DUWH
QXHYRXWLOLW]DWVRYLQWSHU2UWHJDD/DGHVKXPDQL]DFLyQGHODUWH/¶DUWLFOHWpGXHVSDUWV
(Q OD SULPHUD HV FRPHQoD SHU IHU XQD FODVVLILFDFLy GHO SDQRUDPD DUWtVWLFROLWHUDUL
HVSDQ\ROGHOPRPHQW
>@ (Q HO SDQRUDPD DUWtVWLFR FRQWHPSRUiQHR GLYLVDPRV WUHV ]RQDV GLIHUHQWHV \
HQHPLJDVHQWUHVtFRQQLQJXQDGHODVFXDOHVVHHQFXHQWUDLGHQWLILFDGRDTXHOTXHVLHQWDGHPRGR
LQH[RUDEOH OD SUHRFXSDFLyQ VRFLDO GH VX WLHPSR (VWDV WUHV WHQGHQFLDV VRQ SULPHUD DUWH
DFDGpPLFRUHDFFLRQDULRWUDGLFLRQDOVHJXQGDDUWHTXHSRGUtDPRVOODPDUOLEHUDOSRUTXHVHQXWUH
GH ORV UHVLGXRV GHO VLJOR ;,; GH URPDQWLFLVPR \ UHDOLVPR WHUFHUD DUWH GH YDQJXDUGLD
GHVKXPDQL]DGR LQWHOHFWXDO LQGHSHQGLHQWH DUWH SXUR HQ ILQ (Q QXHVWUR SDtV QRV VHUtD GLItFLO
'tD])HUQiQGH]SXEOLFDUjPpVWDUGHOOOLEUHTXHFDOFRQVLGHUDUODSULQFLSDODSRUWDFLyFUtWLFR
DVVDJtVWLFD GHO FRUUHQW GH DYDQ]DGD L DO TXDO RSRUWXQDPHQW HQV UHIHULUHP PpV HQ GHWDOO -RVp 'tD]
)HUQiQGH](OQXHYRURPDQWLFLVPR3ROpPLFDGHDUWHSROtWLFD\OLWHUDWXUD0DGULG=HXVYSODQD
JUjILFD&RQWUDHOTXHHQXQSULQFLSLHVSRGULDSUHYHXUHDTXHVWOOLEUHDSDUHL[GHGLFDWD)HUQDQGR9HOD
XQ GHOV PpV ILGHOV SUHWRULDQV G¶2UWHJD L HOO PDWHL[ WHzULF GH O¶DUWH QXHYR /D FRVD V¶H[SOLFD SHUTXq
DPEGyV HUHQ G¶RULJHQ DVWXULj L ERQV DPLFV 9HOD ILQV L WRW KDYLD LQWURGXwW 'tD] )HUQiQGH] HQ DUULEDU
DTXHVW D 0DGULG HO QL PpV QL PHQ\V TXH D OD WHUW~OLD G¶2UWHJD HO VDQFWD VDQFWRUXP GHOV OLWHUDWV
GHVKXPDQLW]DWVY-RVp0DQXHO/ySH]GH$ELDGD-RVp'tD])HUQiQGH]QDUUDGRUFUtWLFRSHULRGLVWD\
SROtWLFRWHVLGRFWRUDOPLFURILOPDGD%HOOLQ]RQD7RWLKDYHUQDVFXWHQXQSREOHGH6DODPDQFD
'tD])HUQiQGH]HVYDFULDUD&DVWURSROYLODVtWLDHQXQDULDDODYRUDPDWHL[GH*DOtFLDLVHVHQWLDDVWXULj
,ELG
/DGHVKXPDQL]DFLyQGHODUWHKDYLDDSDUHJXWHQIRUPDGHOOLEUHHODEDQVKRKDYLDIHWHQ
DUWLFOHVD(O6ROHQXQYROXPTXHWDPEpFRQWHQLD,GHDVVREUHODQRYHODLXQWHUFHUDVVDLJPpVEUHXWLWXODW
(ODUWHHQSUHVHQWH\HQSUHWpULWR
HQFRQWUDUORVHMHPSORVUHSUHVHQWDWLYRVGHORVWUHVVHFWRUHVHQXPHUDGRVSRUTXHODFDUDFWHUtVWLFD
GH ORV DUWLVWDV HVSDxROHV HQ ORV ~OWLPRV FLQFXHQWD DxRV HV XQD IDOWD DEVROXWD GH FRKHVLyQ GH
SHUVRQDOLGDG GH RULJLQDOLGDG 3HUR HQ HO DUWH DFDGpPLFR FRORFDUtDPRV D ' $UPDQGR 3DODFLR
9DOGpVDO6U&RXOODQW9DOHUDRDFXDOTXLHUSRHWDDQiORJRHQHODUWHOLEHUDODODJHQHUDFLyQ
GHO\HQHODUWHGHYDQJXDUGLDDORVSRHWLOODVDQGDOXFHVD*HUDUGR'LHJRD(VSLQDD'DOt
D-DUQpVD6DOLQDV7HQGUtDPRVTXHFLWDUFRPRH[FHSFLRQHVTXHFRQILUPDQODUHJODD0DFKDGR
8QDPXQR *yPH] GH OD 6HUQD *LPpQH] &DEDOOHUR R 9i]TXH] 'tD] DUWLVWDV SHUVRQDOHV
KHWHURJpQHRVFX\DREUDHVLQPXQHDODVFODVLILFDFLRQHV &ODURHVWiTXHDXQTXHODVQRYHODVGHO
6U3DODFLR9DOGpVRODVHVFXOWXUDVGHO6U&RXOODQW9DOHUDWHQJDQVXS~EOLFRQRRIUHFHQPDWHULD
GHGLVFXVLyQPiVELHQH[FLWDQDODHXWUDSHOLDDODVSHUVRQDVGHPHGLDQRJXVWRTXHUHPHGLDQOD
IDOWDGHDUWHKXPRUtVWLFROH\HQGRRFRQWHPSODQGRREUDVGHHVHJpQHUR
$FWHVHJXLW'tD])HUQiQGH]DFFHSWDHOIUDFjVTXH2UWHJDLPSXWDYDD*X\DXHQ
O¶LQWHQWG¶HODERUDUXQDFRQYLQFHQWVRFLRORJLDGHO¶DUWSHUzWLWOOD/DGHVKXPDQL]DFLyQGHO
DUWHGHVHU³XQRGHORVOLEURVPiVLQTXLHWDQWHVGHHVWRV~OWLPRVWLHPSRV´MDTXHSDUWLQW
GHO¶LQWHQWIDOOLWGHOSHQVDGRUIUDQFqVO¶REUDDJDIDODGLUHFFLyFRQWUjULDDWRWLQWHUqVSHU
XQD LQWHUSUHWDFLy VRFLDO GH O¶DUW &RPSURYHPKR YHLHQW HO SDUjJUDI LQLFLDO GH O¶DVVDLJ
RUWHJXLjTXHUHDOPHQWQRGHL[DJDLUHVGXEWHVDOUHVSHFWH
(QWUH ODV PXFKDV LGHDV JHQLDOHV DXQTXH PDO GHVDUUROODGDV GHO JHQLDO IUDQFpV *X\DX
KD\ TXH FRQWDU VX LQWHQWR GH HVWXGLDU HO DUWH GHVGH HO SXQWR GH YLVWD VRFLROyJLFR $O SURQWR OH
RFXUULUtD D XQR SHQVDU TXH SDUHMR WHPD HV HVWpULO 7RPDU HO DUWH SRU HO ODGR GH VXV HIHFWRV
VRFLDOHVVHSDUHFHPXFKRDWRPDUHOUiEDQRSRUODVKRMDVRDHVWXGLDUDOKRPEUHSRUVXVRPEUD
/RVHIHFWRVVRFLDOHVGHODUWHVRQD SULPHUDYLVWDFRVDWDQH[WUtQVHFDWDQUHPRWDGHODHVHQFLD
HVWpWLFD TXH QR VH YH ELHQ FyPR SDUWLHQGR GH HOORV VH SXHGH SHQHWUDU HQ OD LQWLPLGDG GH ORV
HVWLORV *X\DX FLHUWDPHQWH QR H[WUDMR GH VX JHQLDO LQWHQWR HO PHMRU MXJR /D EUHYHGDG GH VX
YLGD \ DTXHOOD VX WUiJLFD SULVD KDFLD OD PXHUWH LPSLGLHURQ TXH VHUHQDVH VXV LQVSLUDFLRQHV \
GHMDQGR D XQ ODGR WRGR OR TXH HV REYLR \ SULPHUL]R SXGLHVH LQVLVWLU HQ OR PiV VXVWDQFLDO \
UHFyQGLWR3XHGHGHFLUVHTXHGHVXOLEUR(ODUWHGHVGHHOSXQWRGHYLVWDVRFLROyJLFRVyORH[LVWHHO
WtWXORHOUHVWRHVWiD~QSRUHVFULELU
3HUz'tD])HUQiQGH]QRHVGHVDQLPDDOFRQWUDULpVMXVWDPHQWDTXHVWDPHQDGH
GHFODUDFLy DQWLVRFLROzJLFD G¶2UWHJD OD TXH O¶LPSXOVDUj D GHVHQYROXSDU XQD HVWqWLFD
DOWHUQDWLYD /D UHVWD G¶DTXHVWD SULPHUD SDUW GH O¶DUWLFOH OD GHGLFD D GHIHQVDU XQD
FRQFHSFLyGHODFUHDFLyDUWtVWLFDFRPDSURGXFWHGHFDGDPRPHQWKLVWzULFLUHIOH[GHOD
VRFLHWDW TXH O¶RULJLQD VHQVH TXH DL[z VLJQLILTXL G¶DOWUD EDQGD TXH O¶DUW QR FRQWLQJXL
HOHPHQWVLQWHPSRUDOVLXQLYHUVDOVGHO¶HVSHULWKXPj'¶DTXHVWDPDQHUDDEDQVGHSRGHU
SURSRVDU XQ PRGHO G¶DUW YjOLG SHU DO PRPHQW SUHVHQW GLDJQRVWLFD TXH OHV DFWXDOV
FLUFXPVWjQFLHV GHO PyQ VyQ GH IUDFWXUD GHO UqJLP EXUJqV QDVFXW GH OD 5HYROXFLy
)UDQFHVD L G¶HQYHOOLPHQW GH OHV LGHHV SROtWLTXHV FLHQWtILTXHV L DUWtVWLTXHV TXH O¶DQWLF
WjQGHP FRQVHUYDGXULVPHOLEHUDOLVPH SURGXwD $L[z HQV FRQGXHL[ GLUHFWDPHQW D OD
VHJRQDSDUWGHO¶DUWLFOHTXHpVODPpVVXEVWDQFLRVDLTXHDUUDQFDDL[t
/RUHQ]R&RXOODQW9DOHUD'HVWDFDWHVFXOWRUUHDOLVWDQHERWGH-XDQ9DOHUDDXWRU
GH GLYHUVHV HVWjWXHV L PRQXPHQWV D OLWHUDWV YHUEL JUDWLD HO 0HQpQGH] 3HOD\R VHGHQW D OD %LOEOLRWHFD
1DFLRQDOGH0DGULG
$PE $QWRQLR (VSLQD D TXL SRGUtHP FRQVLGHUDU SHU GLUKR DL[t PHPEUH GH O¶DOD PpV
HVTXHUUDQD GHOV GHVKXPDQLW]DWV GLULJLUj GHVSUpV 'tD] )HUQiQGH] FRP VDEHP OD UHYLVWD 1XHYD (VSDxD
0DGULG
/¶$UWDXSRLQWGHYXHVRFLRORJLTXHO¶HGLFLyHVSDQ\RODpVGH/DWUDGXFFLyGHOHV
REUHV GH -HDQ0DULH *X\DX D O¶HVSDQ\RO D FRPHQoDPHQWV GHO VHJOH ;; YD VHU SURX
VLVWHPjWLFD
-RVp2UWHJD\*DVVHW/DGHVKXPDQL]DFLyQGHODUWH,GHDVVREUHODQRYHOD0DGULG5HYLVWD
GH2FFLGHQWH
&RQVHUYDGXULVPR DUWH DFDGpPLFR OLEHUDOLVPR DUWH UHDOLVWD R URPiQWLFR &RQWUD HVWRV
GRV FRQFHSWRV ODV PLOLFLDV GH YDQJXDUGLD DUURMDQ VXV DULHWHV LFRQRFODVWDV (O ©YDQJXDUGLVPRª
WLHQH XQD PLVLyQ DGPLUDEOH GHVWUXLU (V XQD SODQWD GHO FDPSR EXUJXpV TXH VH DEUD]D DO YLHMR
iUERODUWtVWLFR SDUDVHFDUOR3HURYLYHD~QGH VXVDYLD(O DUWHQXHYR±TXH \DYDVLHQGRYLHMR±
UHIOHMDOD~OWLPDHWDSDGHXQUpJLPHQVRFLDOTXHEXVFDHVWpULOPHQWHQXHYRVPyGXORVGHYLGD'
-RVp2UWHJD\*DVVHWPi[LPRGHILQLGRUGHODUWHQXHYR>@KDVHxDODGRVXLQWUDQVFHQGHQFLDVX
FDOLGDGGHMXHJR\GHPDUDYLOORVRGHSRUWH+DLQVLQXDGRWDPELpQVXHVHQFLDOLURQtD$XQTXHHVWD
FRLQFLGHQFLD DODUPH XQ SRFR WHQHPRV TXH HVFULELU TXH HVWDV REVHUYDFLRQHV QRV SDUHFHQ PX\
H[DFWDV0iVD~QFUHHPRVTXH©/DGHVKXPDQL]DFLyQGHODUWHªHOOLEURTXHVHFUH\yyUJDQRGHOD
WHRUtDUDGLFDOPHQWHFRQWUDULDDODGHXQDUWHFRQLQWHQFLyQVRFLDOWLHQHSUHFLRVDVDSRUWDFLRQHVD
QXHVWUDWHVLV
&RPRHODUWHGHYDQJXDUGLDHVXQDUWHGHMXYHQWXG\DODYH]VHFXOWLYDHQHOODWLIXQGLR
EXUJXpVSDUWLFLSDGHORVYLFLRVGHODUWHYLHMRGHODYLHMDHVSHFLHFXOWXUDO\GHODVYLUWXGHVGHXQ
DUWH YHUGDGHUDPHQWH QXHYR 8Q DUWH SUROHWDULR TXH HV HO TXH YLVOXPEUDPRV FRQ MHUDUTXtD GH
SRUYHQLU QR SRGUi SUHVFLQGLU GH OD LURQtD \ GHO MXHJR GH OR TXH KD\ GH GHSRUWLYR HQ OD YLGD
PRGHUQD SDUD FDSWDU D XQD GHPRFUDFLD RUJDQL]DGD VHJXUD GH VX GHVWLQR YLWDO UHFWRUD GH ORV
QHJRFLRV GHO PXQGR (O SUROHWDULDGR QHFHVLWD RSWLPLVPR FRQILDQ]D HQ VX IXQFLyQ FODULGDG \
ILUPH]D(OWHDWURGH0H\HUMROG>VLF@HQ5XVLDWLHQGHDODVtQWHVLVDODH[SUHVLyQILQD\GLYHUWLGD
D SURGXFLU HQ HO HVSHFWDGRU XQ LQWHUpV LQpGLWR 3DUD FRPEDWLU HO KDVWtR GH XQ DUWH FDQVDGR
FRQVHFXHQFLDGHXQDVRFLHGDGIDWLJDGD\IUDFDVDGDQRHVSRVLEOHDSUHWDUORVPLVPRVUHVRUWHVGH
ODFXULRVLGDGKXPDQD+HDTXtFRPRODP~VLFDODSLQWXUD\ODOLWHUDWXUDSUROHWDULDVQRSXHGHQ
FRQIHFFLRQDUVH FRQ ORV PLVPRV LQJUHGLHQWHV TXH VLUYLHURQ SDUD KDODJDU FODVHV DQWDJyQLFDV FRQ
VHQVLELOLGDGGLVWLQWD
5HVXOWDGRQFVLQWHUHVVDQWODSURSRVWDGH'tD])HUQiQGH]G¶DSURILWDUHOVHOHPHQWV
TXH FRQVLGHUD PpV YjOLGV GH O¶DUW DYDQWJXDUGLVWD SHU WDO GH SRGHU FRQVWUXLU XQ DUW
SUROHWDULPRGHUQ3RFDYHXUHDOFDSGDYDOODPEHOGRJPDGHOUHDOLVPHVRFLDOLVWDTXH
V¶LPSODQWDULD GHV GHO .UHPOLQ HQ OD GqFDGD VHJHQW 7DPEp V¶KD GH GHVWDFDU TXH OD
SURSRVWDGH'tD] )HUQiQGH]pVWDQW DUWtVWLFD FRP SROtWLFD HO VHXDUWHQRYtVLPR QRPpV
V¶HQWpQ HQ HO VL G¶XQD VRFLHWDW WUDQVIRUPDGD HQ OD TXDO HO QRX S~EOLF FRVXPLGRU G¶DUW
VHULDPpVUHFHSWLXLG¶DOJXQDPDQHUDWDPEpPpVH[LJHQWTXHO¶DQWLFS~EOLFGHO¶qSRFD
EXUJHVD
3RUTXH±\HVWRHVGHJUDQLPSRUWDQFLD±ODPDVDOHFWRUDRHVSHFWDGRUDGHOYLHMRDUWHQR
HV OD PLVPD TXH GLVIUXWDUi GHO DUWH QRYtVLPR /D GHPRFUDFLD TXH LPSXVR XQ WLSR GH DUWH D OR
ODUJR GH VLJOR \ PHGLR QR WLHQH QDGD TXH YHU FRQ OD QXHYD GHPRFUDFLD VLQR TXH HV
DEVROXWDPHQWHRSXHVWDDTXHOODHVOD PDVD EXUJXHVDHVWDHVOD PDVD SUROHWDULD(O SUROHWDULDGR
WLHQHHOJXVWRYLUJHQPLHQWUDVODEXUJXHVtDORWLHQHHVWUDJDGRSRUODUJDVMRUQDGDVGHIDOVHGDG\
GHUXWLQD9HUyQLFDOD KHURtQDGH3pUH]GH$\DODHQ ©7URWHUDV \GDQ]DGHUDVª JR]DFRQ ORTXH
KD\GHWUiJLFDSHUGXUDFLyQHQ©2WHORª8QDVHxRULWDGHODSOXWRFUDFLDRGHODFODVHPHGLDVH
DEXUULUtD LQHYLWDEOHPHQWH \ VROLFLWDUtD ODV IDOVHGDGHV GH ' -DFLQWR %HQDYHQWH R GH ' 0DQXHO
/LQDUHV5LYDV(OSUROHWDULDGRKDVXIULGRSRUSDUWHGHODFODVHSULYLOHJLDGDXQDH[SORWDFLyQTXH
DOFDQ]DDODV]RQDVPiVVDJUDGDVGHOHVStULWX(OVRPHWLPLHQWRHFRQyPLFRTXHUtDGHFLUWDPELpQ
WXWHODHGXFDWLYD/LEHUWDGGHHQVHxDQ]DOLEHUWDGGHLPSUHQWDSHQVDPLHQWROLEUHQRIXHURQPiV
TXH DEVWUDFFLRQHV VLQ FRQWHQLGR SRVLWLYR 0LWRV KDODJHxRV OLQGRV SUHWH[WRV SDUD GLVLPXODU OD
WLUDQtDHFRQyPLFD3HURODPDVDLJQRUDQWHHVWiDKRUDHQHVWDGRGHJUDFLDFRQHOLQWHOHFWRSXUR
FRPRUHFLpQQDFLGRSDUDUHFLELUODPDWHULDSDOSLWDQWHGHQXHYDVGRFWULQDV
(Q DTXHVW VHQWLW OD UHIHUqQFLD D 0H\HUKROG UHVXOWD IUDQFDPHQW VLJQLILFDWLYD HO JUDQ
SURWDJRQLVWD GH O¶2FWXEUH 7HDWUDO TXH MD HUD GHV GHO Q~P XQ SHUVRQDWJH IDPLOLDU DO OHFWRU GH 3RVW
*XHUUD DFDEDUj PRULQW HQ FLUFXPVWjQFLHV GHVFRQHJXGHV GHVSUpV G¶KDYHU HVWDW HPSUHVRQDW D ILQDOV GHOV
DQ\VSHUGLVVHQWLUGHODOtQLDHVWqWLFDRILFLDOGHO¶HVWDOLQLVPH
5HIHUqQFLD D XQD OODUJD HVFHQD GH 7URWHUDV \ GDQ]DGHUDV HQ TXq 9HUyQLFD SHUVRQDWJH GH
EDL[D H[WUDFFLy VRFLRFXOWXUDO HV ID OOHJLU HO GUDPD GH 6KDNHVSHDUH OHFWXUD TXH HOOD YLX DPE JUDQ
LQWHQVLWDW
$TXt 'tD] )HUQiQGH] LQWXHL[ DPE HQFHUW HO JUDQ SRWHQFLDO GH UHFHSWLYLWDW
UHVSHFWH D OHFWXUHV QRYHV GH OD VRFLHWDW HVSDQ\ROD GHO PRPHQW SRWHQFLDO TXH DYLDW HV
FRQILUPDULDDPEO¶H[FHOÂOHQWUHEXGDTXHYDWHQLUODSURGXFFLyHGLWRULDOG¶DYDQoDGD&DO
IHUGRQFVXQDUWQRXSHUDXQDVRFLHWDW QRYD HQV GLX HO 'tD])HUQiQGH] SRVWJXHUULjL
XWRSLVWD GH /¶DUW EXUJqV TXHGDUj GHILQLWLYDPHQW HQWHUUDW SHUz GH O¶DUW
DYDQWJXDUGLVWD GHVKXPDQLW]DW VH¶Q SRGUj DSURILWDU HO TXH Wp ³GH HVWLOL]DFLyQ GH
VtQWHVLV´3HUD2UWHJDHVWLOLW]DUpVGHIRUPDUHOUHDOGHVUHDOLW]DUGHVKXPDQLW]DUPHQWUH
TXH O¶DUW UHDOLVWD HQ YROHU LPLWDU OD UHDOLWDW LQFLWD O¶DUWLVWD D QR WHQLU HVWLO 8QD
LPLWDFLyDQRGLQDGHODUHDOLWDWQRpVHOTXHYRO'tD])HUQiQGH]ODVHYDFRQFHSFLyGHO
QRXDUWSUROHWDULSDVVDSHUXQHVWLOSURSLSHUXQDHVWLOLW]DFLyIRUPDOPHQWGLVWDQFLDGDGH
ODUHDOLWDWSHUzDOKRUDpVFODUFRPSURPHVDDPEHOODTXHQRH[FORXODLURQLD
¢&yPRQRKDGHWHQGHUXQDUWHYHUGDGHUDPHQWHQXHYRDHQFRQWUDUXQHVWLOR\XQHVWLOR
GLVWLQWRDOGHpSRFDVGHPDQLILHVWDLPSHUIHFFLyQ"¢&yPRXQDVRFLHGDGQXHYDQRYDDGHFLGLUVHD
FDPELDU OD HVWpWLFD HO HVWLOR OD H[SUHVLyQ GH VX DUWH SDUD GLIHUHQFLDUOR \ HQULTXHFHUOR FRQ
UHODFLyQ DO SDVDGR" (VWLOL]DFLyQ HQ HO WHDWUR UXVR (VWLOL]DFLyQ GH OR GUDPiWLFR HQ OD QRYHOD GH
%DUEXVVH GH 'XKDPHO GH ,YDQRY >VLF@ GH )HGtQ >VLF@ (VWLOL]DFLyQ LURQtD HQ OD SLQWXUD OD
P~VLFD\ODSRHVtDUXVDGHKR\
'tD])HUQiQGH]HQUHDOLWDWQRFRPEDWWDQWO¶DQjOLVLHVWqWLFDG¶2UWHJDFRPHOVHX
GLVFXUV LGHROzJLF GH IRQV &RQVFLHQW G¶DTXHVW IHW ID RVFLOÂODU HO VHX DUWLFOH HQWUH
O¶H[SRVLFLyGHOHVFRLQFLGqQFLHVDPEHOILOzVRILHOUHFDOFDPHQWGHOHVGLVFUHSjQFLHV(O
SXQWFODXGHUXSWXUDHVWjHQTXq'tD])HUQiQGH]DVSLUDDXQDUWSHUDODJUDQPDMRULD
PHQWUH TXH 2UWHJD QRPpV SUHWpQ UHGLPLU XQD HVWULFWD PLQRULD 'HVSUpV GH FRPHQoDU
FRPKHPYLVWDWDFDQWO¶HVWXGLGHO¶DUWGHVG¶XQSXQWGHYLVWDVRFLROzJLF2UWHJDGHGLFD
HOVSULPHUVFDStWROVGHOVHXDVVDLJDHVERVVDUHOTXHDILGHFRPSWHVQRGHL[DGHVHUXQD
VRFLRORJLD GH O¶DUW FRQWHPSRUDQL 8QD VRFLRORJLD DL[z Vt IHURWJHPHQW DULVWRFUjWLFD
&RQYp YHXUH¶Q XQD PRVWUD SHU IHUQRV FjUUHF DGHTXDGDPHQW GHO UHEXLJ TXH SHU IRUoD
KDYLDGHSURYRFDUHQWUHHOVSRVWJXHUULDQV
$ PL MXLFLRORFDUDFWHUtVWLFRGHODUWHQXHYR ©GHVGHHO SXQWRGHYLVWDVRFLROyJLFRªHV
TXH GLYLGH DO S~EOLFR HQ HVWDV GRV FODVHV GH KRPEUHV ORV TXH OR HQWLHQGHQ \ ORV TXH QR OR
HQWLHQGHQ(VWRLPSOLFDTXHORVXQRVSRVHHQXQyUJDQRGHFRPSUHQVLyQQHJDGRSRUWDQWRDORV
RWURVTXHVRQGRVYDULHGDGHVGLVWLQWDVGHODHVSHFLHKXPDQD(ODUWHQXHYRSRUORYLVWRQRHV
SDUD WRGR HO PXQGR FRPR HO URPiQWLFR VLQR TXH YD GHVGH OXHJR GLULJLGR D XQD PLQRUtD
HVSHFLDOPHQWHGRWDGD'HDTXtODLUULWDFLyQTXHGHVSLHUWDHQODPDVD>@+DELWXDGDDSUHGRPLQDU
HQWRGRODPDVDVHVLHQWHRIHQGLGDHQVXV©GHUHFKRVGHOKRPEUHªSRUHODUWHQXHYRTXHHVXQ
DUWHGHSULYLOHJLRGHQREOH]DGHQHUYLRVGHDULVWRFUDFLDLQVWLQWLYD'RQGHTXLHUDTXHODVMyYHQHV
PXVDVVHSUHVHQWDQODPDVDODVFRFHD
'XUDQWH VLJOR \ PHGLR HO ©SXHEORª OD PDVD KD SUHWHQGLGR VHU WRGD OD VRFLHGDG /D
P~VLFD GH 6WUDYLQVN\ R HO GUDPD GH 3LUDQGHOOR WLHQHQ OD HILFDFLD VRFLROyJLFD GH REOLJDUOH D
UHFRQRFHUVHFRPRORTXHHVFRPR©VyORSXHEORªPHURLQJUHGLHQWHHQWUHRWURVGHODHVWUXFWXUD
VRFLDO LQHUWH PDWHULD GHO SURFHVR KLVWyULFR IDFWRU VHFXQGDULR GHO FRVPRV HVSLULWXDO 3RU RWUD
SDUWH HO DUWH MRYHQ FRQWULEX\H WDPELpQ D TXH ORV ©PHMRUHVª VH FRQR]FDQ \ UHFRQR]FDQ HQWUH HO
JULVGHODPXFKHGXPEUH\DSUHQGDQVXPLVLyQTXHFRQVLVWHHQVHUSRFRV\WHQHUTXHFRPEDWLU
FRQWUDORVPXFKRV
Y2UWHJD/DGHVKXPDQL]DFLyQGHODUWHHGFLW
3HO TXH ID D OD WUDQVFULSFLy HQ FDVWHOOj GHOV QRPV SURSLV UXVVRV TXH D OHV SODQHV GH 3RVW
*XHUUDVRYLQWSUHVHQWHQXQDDFXVDGDLQHVWDELOLWDWRUWRJUjILFDDOOODUJGHOSUHVHQWWUHEDOOVHJXLP±VHPSUH
TXH HQV pV SRVVLEOH± OHV SURSRVWHV TXH HV WUREHQ D -XOLR &DORQJH 7UDQVFULSFLyQ GHO UXVR DO HVSDxRO
0DGULG*UHGRVLWDPEpOHVVROXFLRQVDGRSWDGHVD)HUQDQGR3UHVD*RQ]iOH]FRRUG+LVWRULDGH
ODVOLWHUDWXUDVHVODYDV0DGULG&iWHGUD$L[tSHUH[HPSOHHVFULXUtHP,YiQRYSHU,YDQRYL)HGLQ
SHU)HGtQ/DWHQGqQFLDDFRQYHUWLUHQDJXWVHOVQRPVUXVVRVHUDGHJXGDWUDGLFLRQDOPHQWDODPDUFDGD
LQIOXqQFLDJDOÂODHQODUHFHSFLyKLVSjQLFDG¶DTXHVWVDXWRUV
6HDFHUFDHOWLHPSRHQTXHODVRFLHGDGGHVGHODSROtWLFDDODUWHYROYHUiDRUJDQL]DUVH
VHJ~Q HV GHELGR HQ GRV yUGHQHV R UDQJRV HO GH ORV KRPEUHV HJUHJLRV \ HO GH ORV KRPEUHV
YXOJDUHV7RGRHOPDOHVWDUGH(XURSDYHQGUiDGHVHPERFDU\FXUDUVHHQHVDQXHYD\VDOYDGRUD
HVFLVLyQ /D XQLGDG LQGLIHUHQFLDGD FDyWLFD LQIRUPH VLQ DUTXLWHFWXUD DQDWyPLFD VLQ GLVFLSOLQD
UHJHQWHHQTXHVHKDYLYLGR SRUHVSDFLRGHFLHQWRFLQFXHQWDDxRVQR SXHGHFRQWLQXDU %DMROD
YLGDFRQWHPSRUiQHDODWHXQDLQMXVWLFLDSURIXQGDHLUULWDQWHHOIDOVRVXSXHVWRGHODLJXDOGDGUHDO
HQWUHORVKRPEUHV>@
6LHOTXHSUHWHQLD2UWHJDHOGLDTXHYDHVFULXUHDTXHVWHVIUDVHVHUDHQWUHDOWUHV
FRVHV SURYRFDU HOV LQWHOÂOHFWXDOV G¶HVTXHUUD GHVDILDU XQD PLFD HOV TXH HOO FRQVLGHUDYD
³IDOVRV LQWHOHFWXDOHV´ HQ HO FDV GHOV SRVWJXHUULDQV KR YD DFRQVHJXLU L QR OL KR
SHUGRQDUDQ7RWLTXHHQHOVHXGLVFXUVDQWLGHPRFUjWLFHVSRGHQWUREDUHOVIRQDPHQWVD
SDUWLU GHOV TXDOV FRQVWUXLU XQ SHQVDPHQW IHL[LVWD L DOJXQ GHL[HEOH FRP 5DPLUR
/HGHVPD 5DPRV V¶KL SRVDUj 2UWHJD VHPEOD DTXt PLUDU PpV FDS DO SDVVDW TXH FDS D
O¶DYHQLU FRP VL HO GRPLQpV XQD FHUWD QRVWjOJLD G¶DQWLF 5qJLP PpV TXH QR SDV XQD
YROXQWDW GHFLGLGD GH MHUDUTXLW]DU HO IXWXU 5HSHWHL[ TXH YROGULD HVERUUDU HOV GDUUHUV
DQ\V GH FXOWXUD HXURSHD TXH LGHQWLILFD DPE O¶KHJHPRQLD GHO URPDQWLFLVPH HQ HO
SDODGDU DUWtVWLF GHO FRP~ +HP YLVW TXH 'tD] )HUQiQGH] PpV HQGDYDQW WLWXODUj HO VHX
DVVDLJHVWqWLF(OQXHYRURPDQWLFLVPRTXHQRGHL[DGHVHUWDPEpXQDIRUPDG¶RSRVDUVH
DO GHFODUDW DQWLURPDQWLFLVPH G¶2UWHJD L HOV RUWHJXLDQV 3HUz DL[z QR VLJQLILFD HQ
DEVROXW TXH 'tD] )HUQiQGH] SURSRVL XQ UHWRUQ D O¶HPRWLYLWDW FUHDWLYD R D OD
VHQWLPHQWDOLWDWHSLJRQDO'tD])HUQiQGH]KDOOHJLWHQ2UWHJDTXHO¶DUWpVVXSODQWDFLyGH
ODUHDOLWDW³HOREMHWRDUWtVWLFRVyORHVDUWtVWLFRHQODPHGLGDHQTXHQRHVUHDO´TXHOD
OLWHUDWXUDQRpVVXEPLVVLyDDOOzUHDOVLQyFUHDFLyG¶XQDUHDOLWDWSDUDOÂOHOD,WRWLTXH
QR YROGUj DFFHSWDU SOHQDPHQW OD TXLU~UJLFD GHOLPLWDFLy HQWUH YLGD L OLWHUDWXUD TXH
2UWHJD/DGHVKXPDQL]DFLyQGHODUWHHGFLW
(QXQDHQWUHYLVWDTXHOLID5DPyQ*yPH]GHOD6HUQDHOPDUoGHOD/D*DFHWD/LWHUDULD
DSDUHL[DSULPHUDSODQDXQDIRWRG¶2UWHJDWRWFRIRLDERUGGHOVHXGHVFDSRWDEOHHQIXQGDWHQXQERQDEULF
FDODWHOEDUUHWLDJDIDQWHOYRODQWDPEHOVVHXVJXDQWVGHSHOOHOILOzVRIHQWRQDOHVOORDQFHVGHO¶DXWRPzELOL
GHODYHORFLWDW³/RSULPHURTXHOHGLUpDXVWHGHVTXHWRGRHXURSHRWLHQHHOGHEHUGHWHQHUDXWRPyYLO\VL
QRMXVWLILFDUSRUTXpQRORWLHQH´6HQVGXEWHHVUHIHULDDWRWHXURSHXHJUHJLpVFODU3UHJXQWDWSHU5DPyQ
VREUH TXq pV HO TXH OL DJUDGD ³SLOODU FRQ VX DXWRPyYLO´ 2UWHJD UHVSRQ ³)DOVRV LQWHOHFWXDOHV´ 5DPyQ
*yPH]GHOD6HUQD³0DQtDVGHORVHVFULWRUHV/DGH-RVp2UWHJD\*DVVHW´/D*DFHWD/LWHUDULDGH
PDUo
2UWHJDSROtWLFDPHQWHVYDPDQWHQLUVHPSUHHQXQSDUWLFXODUOLEHUDOLVPHHOLWLVWDPpVRPHQ\V
IL[ L YD GHVFDUWDU G¶LPSOLFDUVH HQ OD LGHRORJLD IHL[LVWD ±D OD TXDO QR HO SUHGLVSRVDYD OD VHYD DYHUVLy D
TXDOVHYROIHQRPHQFRQWUDUHYROXFLRQDULRQOHVPDVVHVWLQJXHVVLQSURWDJRQLVPH(OOLEHUDOLVPHG¶2UWHJD
PpV SURSHU D XQ GHVSRWLVPH LOÂOXVWUDW R ILQV L WRW D XQ FHVDULVPH SURYLGHQFLDOLVWD ELVPDUFNLj ±HO
UHJHQHUDFLRQLVPHDUELWULVWDGH&RVWDLHOVHXFLUXMDQRGHKLHUURYDQLQIOXHQFLDUORGHMRYH±TXHQRSDVD
XQDXWqQWLFSDUODPHQWDULVPHSOXUDOLVWDSRWVHPEODUPpVRPHQ\VFRQVHUYDGRUHQIXQFLyGHFDGDFRQFUHW
PRPHQWSROLWLFRKLVWzULFGHODWUDMHFWzULDRUWHJXLDQD±DPpVpVFODUGHODSRVLFLyLGHROzJLFDGHVGHODTXDO
HVFRQWHPSOL/DLQFOXVLyG¶2UWHJDHQXQDKLVWzULDGHOSHQVDPHQWUHDFFLRQDULHVSDQ\ROFRQWHPSRUDQLSHU
EpTXHFRQVWLWXLQWQHXQFDStWROGHOVPHQ\VLQWHJULVWHVV¶KDMXVWLILFDWDL[t³>«@(QHOIRQGR2UWHJD\
*DVVHW IXH XQ KRPEUH GH GHUHFKDV HQ FX\RV HVFULWRV VH H[SUHVD OD PD\RUtD GH ORV PRWLYRV GHO
SHQVDPLHQWR HOLWLVWD \ FRQVHUYDGRU HO UHDOLVPR SROtWLFR H KLVWyULFR HO VHQWLPLHQWR GHO YDORU GH OD
FRQWLQXLGDGXQDWHRUtDGHODQDFLyQFRPRHPSUHVDLQWHJUDGRUD\ILQDOPHQWHXQVHQWLPLHQWRIXHUWHPHQWH
DULVWRFUiWLFRGHODVRFLHGDG\GHODYLGDHQODTXHORVSRFRVHVWiQOODPDGRVDGLULJLUDORVPXFKRV6LQ
GXGD KD\ TXH XELFDU D 2UWHJD HQ OD GHUHFKD ±¢GyQGH VL QR"± DGHPiV VLQ VX DSRUWDFLyQ LQWHOHFWXDO HV
LPSRVLEOH FRQRFHU H LQWHUSUHWDU OD DSDULFLyQ GH QXHYDV WHQGHQFLDV HQ HO VHQR GHO FRQVHUYDGXULVPR
HVSDxRO´3HGUR&DUORV*RQ]iOH]&XHYDV(OSHQVDPLHQWRSROtWLFRGHODGHUHFKDHVSDxRODHQHOVLJOR;;
'HODFULVLVGHOD5HVWDXUDFLyQDO(VWDGRGHSDUWLGRV0DGULG7HFQRV
³>@(OSRHWDDXPHQWDHOPXQGRDxDGLHQGRDORUHDOTXH\DHVWiDKtSRUVtPLVPRXQLUUHDO
FRQWLQHQWH$XWRUYLHQHGH©DXFWRUªHOTXHDXPHQWD/RVODWLQRVOODPDEDQDVtDOJHQHUDOTXHJDQDEDSDUD
ODSDWULDXQQXHYRWHUULWRULR´2UWHJD/DGHVKXPDQL]DFLyQGHODUWHHGFLW
HVWDEOHL[HOPHVWUHVDSPROWEpSHUTXqKR KDDSUqVG¶2UWHJDTXHO¶DUW FRQWHPSRUDQL
FRQFHUQHL[PpVOHVIDFXOWDWVLQWHOÂOHFWLYHVTXHOHVHPRFLRQDOV³HOSODFHU HVWpWLFRWLHQH
TXHVHUXQSODFHULQWHOLJHQWH´LTXHODVHYDUHDOLW]DFLyOLWHUjULDHVSODVPDPLOORUHQOD
PHWjIRUDTXHHQODLPLWDFLyGHOD UHDOLWDW³ODSRHVtDHVKR\ HOiOJHEUDVXSHULRUGHODV
PHWiIRUDV´'tD])HUQiQGH]QRQHJOLJHL[O¶HQVHQ\DQoDG¶2UWHJDHOTXHIDpVLQWHQWDU
DGDSWDUODDSURILWDUQHHOVHOHPHQWVG¶LQFRQWHVWDEOHOXFLGHVDLPLUDUGHFDSJLUDUHOVHX
FDUjFWHU FODVVLVWD L SRWHQFLDOPHQW UHDFFLRQDUL 9HJHPKR FODUDPHQW HQ HO SHQ~OWLP
SDUjJUDIGHOVHXDUWLFOH
(OWLHPSRDFWXDOHVHOWLHPSRGHODVLGHDVQRHOGHODHPRFLyQOLEpUULPD&RQLGHDVVH
KDGHPRYHUDOPXQGR\DODUWHSRUORWDQWR(ODUWHYLHMRUHSUHVHQWDXQDVXPLVLyQDODUHDOLGDG\
GHDKtVXWHUULEOHGHUURWD(ODUWHQXHYRHVSUHFLVDPHQWHXQDIXJDGHORUHDOXQDLQWHUSUHWDFLyQ
GH ODV SURSLDV LGHDV TXH VRQ OD SURSLD LUUHDOLGDG >@ (O LQVWUXPHQWR PiV HILFD] SDUD HVWD
RSHUDFLyQ HV OD PHWiIRUD WDQ ~WLO DO DUWH PRGHUQR /D PHWiIRUD HV OD ILJXUD UHDO SOiVWLFD
HVWLOL]DGDVLQWpWLFDGHODLGHD<HOSXHEORHVHOJUDQVHxRUGHODVPHWiIRUDVGHORVVtPLOHVGHODV
FRPSDUDFLRQHVKDVWDHOSXQWRGHTXHORHQWHQGHUiWRGRSRUPHGLRGHODPHWiIRUD(O©IRONORUHª
LGLRPDDUWtVWLFRGHOSXHEORHVXQDSXUDPHWiIRUDQRORVRQXQDQRYHODGH3HUHGDQLXQDSRHVtD
GH&DPSRDPRU
3HU WDQW QL URPDQWLFLVPH QL UHDOLVPH IRUPHV FDGXTXHV ±FRP HQV KDYLD GLW
DEDQV± G¶XQD qSRFD KLVWzULFD SDVVDGD 3HUz WDPSRF L DPE DL[z WDQFD O¶DUWLFOH
DYDQWJXDUGLVPH QDUFLVLVWD L DXWRUHIHUHQFLDO DUW SXU TXH QRPpV EHX GH VL PDWHL[ , QL
PROWPHQ\VFRPYROLD2UWHJD³DUWHSDUDDUWLVWDV\QRSDUDODPDVDGHORVKRPEUHV>@
DUWHGHFDVWD\QRGHPyWLFR´/DSURSRVWDGH'tD])HUQiQGH]FRQVLVWHL[HQGHILQLWLYD
DGRWDUGHFRQWLQJXWVRFLDOO¶DUWSURSLGHODFRQWHPSRUDQHwWDWTXHpVFRPV¶KDGLWXQ
DUWGLVWDQFLDWLUzQLFLIRUPDOPHQWIUXLWG¶XQDHVWLOLW]DFLy
$KRUDELHQODGLVFUHSDQFLDHQWUHHODUWHGHYDQJXDUGLD\HODUWHQRYtVLPRFRQLQWHQFLyQ
VRFLDOH[LVWHELHQSURIXQGD\GLODWDGD$TXHOSDUWHGHVtPLVPRSDUDYROYHUDVtPLVPRHQXQD
OtQHDFLUFXODUFHUUDGDHJyODWUDPRYLPLHQWREXUJXpVRPiVELHQDULVWRFUiWLFRPLQRULVWDHODUWH
VRFLDO DUUDQFD GH OD QXHYD GHPRFUDFLD SDUD UHJUHVDU D HOOD HQ XQD FXUYD FX\R UDGLR DEUD]D HO
XQLYHUVR VLQ IURQWHUDV PRYLPLHQWR PXOWLWXGLQDULR SUROHWDULR UHDOPHQWH FUHDGRU (O DUWH GH
YDQJXDUGLD DO GHVHQWHQGHUVH GH VX IXQFLyQ VRFLDO QDFH \ PXHUH HQ Vt PLVPR WLHQH XQ GHVWLQR
WULVWH \ XQD H[LVWHQFLD HItPHUD SRUTXH VH DJLWD HQ HO YDFtR GH XQD LQH[LVWHQWH DULVWRFUDFLD /H
IDOWDODVXVWDQFLDVRFLDO(ODUWHVHUiWDQWRPiVSXURFXDQWRPHMRUFRODERUHHQODFRQFLHQFLDGHOD
YLGD\HQODGLQiPLFDGHODKLVWRULDVLQSURSRQpUVHORVLTXLHUD
(OVSRVWJXHUULDQVFRQWUDHOPHVWUDWJHG¶2UWHJD
(Q HO PDWHL[ Q~P GH VHWHPEUH GH SRGHP FRPSURYDU HO JUDX
G¶DQLPDGYHUVLy TXH 2UWHJD KDYLD DFRQVHJXLW FRQYRFDU HQWUH HOV SRVWJXHUULDQV DPE HO
VHXHOLWLVPHG¶HVWLUSLQWHOÂOHFWXDOSHUzWDPEpG¶HYLGHQWVLPSOLFDFLRQVSROtWLTXHVeVDOD
VHFFLy³/LEURV´RQ%DOERQWtQV¶RFXSDGHUHVVHQ\DUjPSOLDPHQWODVLVHQDHQWUHJD
G¶(OHVSHFWDGRUTXHDFDEDYDG¶DSDUqL[HUDO¶HGLWRULDOGH5HYLVWDGH2FFLGHQWH6XSRVD
XQ DWDF D 2UWHJD VHQVH FRQFHVVLRQV PROW PpV DJUHVVLX TXH OD GLVFUHSjQFLD HVWqWLFR
LGHROzJLFD TXH 'tD] )HUQiQGH] SHUILODYD HQ HO VHX DUWLFOH -D HQ OD QRWD LQWURGXFWzULD
%DOERQWtQGHILQHL[O¶REUDFRPDWtSLFDGHODSUzSLDHVWqWLFDRUWHJXLDQDLGLXTXHVH¶QV
SUHVHQWD ³FRPR XQD REUD GHVKXPDQL]DGD HVWLOL]DGD GHVDOPDGD LQWUDQVFHQGHQWH
&RPR XQD ©EURPDª HQ ILQ QR GHO WRGR DO>t@JHUD´ 5HVSHFWH GHO SULPHU FDStWRO GHO
,ELG
OOLEUH ³'LRV D OD YLVWD´ %DOERQWtQ UHFRUGD TXH HQ HO WRP ,, G¶(O HVSHFWDGRU TXDQ HO
ILOzVRI HQFDUD ³FRQVHUYDED HQ HO IRQGR GH VX FRQFLHQFLD XQ WHPEORU OLEHUDO´ 2UWHJD
DWDFDYDXQDDILUPDFLySURYLGHQFLDOLVWDGH0D[6FKHOHUPHQWUHTXHDUD³ROYLGiQGRVHGH
VX DQWLJXD RSLQLyQ VHYHUtVLPD VREUH ORV SURYLGHQFLDOLVPRV LUUHIOH[LYRV H LPSUXGHQWHV
QRVGLFHKDEHUYLVOXPEUDGRHQHOKRUL]RQWHKLVWyULFRODVLOXHWDGH'LRV´8QSDVPpVHQ
DTXHVW FDPt L YHXUHP HO ILOzVRI FRQYHUWLW HQ XQ DSRORJHWD GHO FDWROLFLVPH MD TXH
%DOERQWtQQRFUHXTXH2UWHJD³WHQJDPiVIXHU]DTXH0DH]WXSDUDGHWHQHUVHHQODFXUYD
IDWDO´7RWDODUHVVHQ\DHVWjHVWUXFWXUDGDVHJXLQWHOVGLIHUHQWVDUWLFOHVGHOOOLEUHGHOV
TXDOV %DOERQWtQ HQ YD IHQW O¶HVFROL FUtWLF 9HJHP FRP D H[HPSOH HO FRPHQWDUL TXH ID
UHVSHFWHDODSRFPDU[LVWDFRQFHSFLyRUWHJXLDQDGHOD+LVWzULDFRPHQWDULTXHWDPEpWpD
YHXUHDPEHOWHPDGHOSDSHUGHO¶LQWHOÂOHFWXDOGLQVODVRFLHWDWEXUJHVD
2UWHJD QR DFHSWD ±FODUR HV± OD WHRUtD PDU[LVWD GHO GHWHUPLQLVPR HFRQyPLFR 6XSRQH
2UWHJDTXHSRUHQFLPDGHODGHWHUPLQDFLyQHFRQyPLFDHVWiHO%UDKPiQ\VREUHWRGROD(VSDGD
¢&yPRSHUVXDGLUOHD'-RVp2UWHJD\*DVVHW±DXQKRPEUHFRQYHQFLGRGHTXHSRUHO
KHFKRGHXWLOL]DUHOLQWHOHFWRFRQPHQRVWRUSH]DTXHODVPDQRVSHUWHQHFHDXQDFDVWDVXSHULRU±
FyPR LQFXOFDUOH TXH HO %UDKPiQ \ OD (VSDGD ±HQ OR TXH WLHQHQ GH LQVWLWXFLRQHV RILFLDOHV± KDQ
YLYLGR VLHPSUH VRPHWLGRV HVWULFWDPHQWH DO SRGHU HFRQyPLFR UHLQDQWH" ¢&yPR KDFHUOH YHU D '
-RVp2UWHJD \*DVVHWTXHpO PLVPRFRQWRGDVXLOXVRULDOLEHUWDGPHWDItVLFDQR SDVDGHVHUXQ
HVFODYRGHODHFRQRPtDEXUJXHVD"1RFUHRTXHKD\DPHGLRKiELO
0pVWDUG%DOERQWtQDFXVD2UWHJDGHFHVDULVWDGHQLHW]VFKHj³HQHOSHRUVHQWLGR
GHO HStWHWR´ GH WDVWDROOHWHV LQWHOÂOHFWXDO ³FRQ XQ SXHULO H[KLELFLRQLVPR GH ILOyVRIR
HQFLFORSHGLVWD´ L DPE UHODFLy DO GDUUHU DVVDLJ GHO OOLEUH ³0HGLWDFLyQ GHO (VFRULDO´
G¶KDYHU VXFXPELW D O¶³KDVWtR LQWHOHFWXDOLVWD´ D OD PDOHQFRQLD L O¶HVFHSWLFLVPH SHUTXq
O¶HVSHFWDGRU GyQD ³OD LPSUHVLyQ GH KDEHUVH DEXUULGR \D FRQ VX HVSHFWiFXOR \ GH QR
WHQHU HVSHUDQ]DV ±QL VLTXLHUD GHVHRV± GH TXH HO HVSHFWiFXOR YDUtH´ 3HUz %DOERQWtQ HV
UHVHUYDSHUDOHVSRVWUHVODGHVFjUUHJDGHILQLWLYD5HFXOOHOJXDQWTXHHOILOzVRILPHVWUH
GHILOzVRIVKDYLDOODQoDWLOLGHFODUDODJXHUUD/DFUtWLFDILQDOGH%DOERQWtQHQJOREDMD
G¶XQDIRUPDH[SOtFLWDQRVRODPHQWOHVIRUPXODFLRQVHVWqWLTXHVG¶2UWHJDVLQyWDPEpOD
VHYDILJXUDS~EOLFDODVHYDVLJQLILFDQoDSROtWLFDLPRUDOHOVHXPHVWUDWJH
' 0LJXHO GH 8QDPXQR FRQ VX JUDQ ©RMR FOtQLFRª FRPR DXVFXOWDGRU GH FRQFLHQFLDV
DGLYLQy HQ ' -RVp 2UWHJD \ *DVVHW FXDQGR HVWH HUD PR]R OD IXWXUD FULVWDOL]DFLyQ GH HVR TXH
OODPDQXQ©HVWHWDSXURª
/DSURIHFtDVHKDFXPSOLGR'-RVp2UWHJD\*DVVHW±SHVHDORVDQXQFLRVHVWUHSLWRVRV
GHVXVFRULIHRV±QRKDVDELGRGDUQRVXQDQXHYDILORVRItDQLPXFKRPHQRVXQDQXHYDPRUDO+D
TXHGDGRUHGXFLGRDVHUXQPRGHVWRWHRUL]DQWHGHOOODPDGR©DUWHQXHYRª
3HURQRHVHVWRORSHRU/RYHUGDGHUDPHQWHJUDYHHVTXH'-RVp2UWHJD\*DVVHWEDMR
VX FDSD ±LQRIHQVLYD HQ DSDULHQFLD± GH HVWHWLFLVWD SXUR HVFRQGH XQ LPSODFDEOH HQHPLJR GH OD
QXHYDGHPRFUDFLDHVGHFLUXQDIXHU]DUHWUyJUDGDWDQWRPiVWHUULEOHFXDQWRPiVUHILQDGD
¢5HFXHUGDQ XVWHGHV DTXHO IDPRVR HQVD\R GH ' -RVp 2UWHJD \ *DVVHW VREUH ©/D
GHVKXPDQL]DFLyQGHODUWHª"3DUHFtDTXHDOOtVHWUDWDEDVLPSOHPHQWHGHGHILQLUHODUWHQXHYRFRPR
XQ DUWH GHVKXPDQL]DGR LQWHOHFWXDOLVWD LUyQLFR FRPR XQ DUWH GH PLQRUtD LQDVHTXLEOH D OD
PXOWLWXG3HURELHQPLUDGRVHDGYLHUWHTXHORTXHKDFHHQUHDOLGDGHVHRS~VFXOR±OOHQRSRURWUD
SDUWH GH SDOPDULRV GHVDWLQRV HVWpWLFRV± HV DILUPDU VRODSDGDPHQWH PHWDIyULFDPHQWH
KLSyFULWDPHQWHTXHHOSULQFLSLRGHODLJXDOGDGIRUPDOHQWUHORVKRPEUHV©ORPLVPRHQDUWHTXH
HQSROtWLFDªQRSDVDGHVHUXQPLWRLQVRSRUWDEOH
+H DTXt OD SHOLJURVLGDG GH HVWRV MXHJRV SVHXGRHVWpWLFRV \ HO PRWLYR HVHQFLDO GH OD
RSRVLFLyQ DUGLHQWH DSDVLRQDGD LUUHGXFWLEOH TXH OD SDUWH PiV QREOH GH OD QXHYD MXYHQWXG
HVSDxRODYLHQHPRVWUDQGRIUHQWHDODILJXUDSROtWLFRDUWtVWLFDGH'-RVp2UWHJD\*DVVHW
%DOERQWtQ GH TXL FRQHL[HP SHU OHV VHYHV PHPzULHV O¶LQWHQV L GRORUyV SURFpV LQWHULRU GH
SqUGXDGHODVHYDIHUHOLJLRVDKDYLDSHUIRUoDGHWUREDUXQIUDXLQWHOÂOHFWXDOLPRUDOTXHDOJ~SUHWHQJXpV
IHUXQDPHQDGHFDPtFRQWUDUL
8QDOWUHSRVWJXHUULjTXHV¶DSXQWDUjDIHUPpVTXHFUtWLFDHVFDUQLG¶2UWHJDVHUj
-RVp 9HQHJDV HQ HO Q~PHUR VHJHQW Q~P RFWXEUH GH ³6REUH HVR GHO SRGHU
VRFLDO´ pV XQ DUWLFOH EULOODQWPHQW LUzQLF TXH LQWHQWD SRVDU HQ ULGtFXO HO SUHVWLJL
LQWHOÂOHFWXDO G¶2UWHJD L OD LPPHGLDWD UHSHUFXVVLy TXH HOV VHXV DUWLFOHV WUREDYHQ HQ OHV
WHUW~OLHV GHO 0DGULG GH OD 'LFWDGXUD 3RVW*XHUUD FRP HVWHP YHLHQW FRQFXOFD DTXHVW
SUHVWLJL SHUTXq UHSUHVHQWD XQ SRGHUyV HQHPLF SHU D OHV VHYHV DVSLUDFLRQV HVWqWLTXHV L
SROtWLTXHVpVMXVWDPHQWODPDQFDG¶XQDGLPHQVLySROtWLFDSUjFWLFDLUHDOHQHOSHQVDPHQW
GHO¶2UWHJDGHHOVHXGHVDIHFWHHQYHUVFDSLQWHQWILORVzILFGHUHGHPSFLyVRFLDOOD
VHYDDFWLWXGGHFRQWHPSODFLyDVqSWLFDDERFDGDDODLQFRPSUHQVLyHIHFWLYDGHOFUHSLWDQW
FRQWH[W SROtWLF PXQGLDO HO TXH 9HQHJDV OL UHWUHX DTXt H[SOtFLWDPHQW R LPSOtFLWD
'¶HQWUDGDOLGyQDUDQJGHILOzVRIVHQVDFLRQDOLVWDLRFLyVGLVWUHWHQTHVWLRQVVHFXQGjULHV
R ILQV L WRW DEVXUGHV GDYDQW HOV JUHXV SUREOHPHV L WUDQVIRUPDFLRQV TXH DIURQWD DYXL OD
KXPDQLWDW 1R VROV HO WUDFWDPHQW TXH 2UWHJD ID GHOV WHPHV TXH DERUGD VLQy OD SUzSLD
HOHFFLyGHOWHPHVDGLOXFLGDUPHUHL[ODLUULVLyGH9HQHJDV
>@ (VDV SUHRFXSDFLRQHV SULPDULDV FRQ ODV TXH YLHQH OXFKDQGR WUDEDMRVDPHQWH \ FRQ
GRORUODKXPDQLGDGVRQFRVDVTXHQRDWUDHQODFXULRVLGDGLQWHOHFWXDOGHO6U2UWHJD$VtXQGtDD
VXSDVRSRUODPHVHWDLEpULFDORVFDVWLOORVOHVXJLHUHQXQDVFXDQWDVUHIOH[LRQHVTXH
±QDWXUDOPHQWH±QRWLHQHQXQUHFXHUGRSDUDODDQWLJXDSHVDGXPEUHIHXGDOQLDFLHUWDQDILMDUVHHQ
ORVKRPEUHVTXH±WRGDYtDIHXGDOPHQWH±VHHQFRUYDQHQODVWLHUUDVTXHFLUFXQGDQDORVFDVWLOORV
2WUR GtD ORV RMRV GHO 6U 2UWHJD ±WDQ FDUJDGRV GH PHWDItVLFD± VH GHWLHQHQ HQ HO SHUILO GH XQD
PXMHUSDUDGHVWLODUXQDLPDJHQ±ODFRU]DHQHOSDLVDMH±TXHUXHGDFRQDVRPEURSRUODVWHUWXOLDV
OLWHUDULDV0iVWDUGHQXHVWURSURIHVRULQYHVWLJDVLHVWHWLHPSRGHDKRUDHVPDFXOLQRRIHPHQLQR
FRPRVLXQWLHPSRTXHKDSURGXFLGRODJXHUUDHXURSHDODUHYROXFLyQUXVDHOIDVFLVPRLWDOLDQR\
HO QDFLRQDOLVPR GH 0pMLFR WXYLHVH WRGDV VXV UHVSXHVWDV ±VXV PiV XUJHQWHV UHVSXHVWDV± HQ HVD
SUHJXQWDVH[XDO>@
/D THVWLy FRQFUHWD TXH KD PRWLYDW O¶DUWLFOH GH 9HQHJDV pV WDO FRP HOO OD
SODQWHMD OD VHJHQW 2UWHJD GDUUHUDPHQW V¶KD GHPDQDW SHU TXq D )UDQoD OD JHQW
V¶LQWHUHVVDPpVSHUODSROtWLFDTXH D(VSDQ\DLHQFDQYL DOOj HOVSROtWLFV WHQHQPHQ\V
SRGHUVRFLDOTXHDTXt3HUD9HQHJDVUHVXOWDWDQSDOPDULTXHHVWUDFWDVLPSOHPHQWGH
ODGLIHUqQFLDG¶HGXFDFLySROtWLFDLGHOQLYHOOGHSDUWLFLSDFLyGHPRFUjWLFDHQHOSRGHUTXH
KLKDHQWUHDPEGXHVVRFLHWDWVTXHLURQLW]DVREUHO¶DVVXPSWH
>@/DVSRGHURVDVIDFXOWDGHVTXHHO6U2UWHJDSRVHHSDUDHOILQRDQiOLVLVILORVyILFRGHO
TXHVXHOHH[WUDHUODVVtQWHVLVFRQTXHGHYH]HQFXDQGRQRVVRUSUHQGHYDQDDSOLFDUVHDLOXPLQDU
HVWDREVFXUDFRQWUDGLFFLyQ
4XHUHPRV DKRUUDUOH HVWH IXHUWH WUDEDMR /D UHVSXHVWD D VX SUHJXQWD HVWi DO DOFDQFH GH
WRGDVODVIRUWXQDVLQWHOHFWLYDVHQ(VSDxDORVSROtWLFRVWLHQHQPiVSRGHUVRFLDOTXHHQ)UDQFLDSRU
ODPLVPDUD]yQTXHHQ9HQH]XHOD-XDQ9LFHQWH*yPH]WLHQHPiVSRGHUVRFLDOTXHWXYRQXQFD
QLQJ~QSROtWLFRHVSDxRO\XQSDWULDUFDRMHIHGHWULEXVDOYDMHTXHSXHGDGLVSRQHUGHODYLGDGH
VXVV~EGLWRVFRQODVLPSOHFRQWUDFFLyQGHXQSiUSDGRWLHQHPiVSRGHUVRFLDOHQWUHORVVX\RVTXH
-XDQ9LFHQWH*yPH]HQ9HQH]XHOD
³(OSRGHUVRFLDO´pVHOWtWROG¶XQDVqULHGHFLQFDUWLFOHVTXH2UWHJDYDSXEOLFDUD(O6ROHQWUH
RFWXEUHLQRYHPEUHGHLO¶HVFULWGH9HQHJDVpVVRODPHQWXQDUHVSRVWDDOSULPHU(OFRQMXQWVXSRVD
XQD DSUR[LPDFLy G¶2UWHJD D XQ WHPD TXH HO SUHRFXSDYD OD ±VHJRQV HOO± HVFDVVD FRQVLGHUDFLy GH OD
VRFLHWDW HVSDQ\ROD HQYHUV O¶HVFULSWRU HO TXDO QRPpV SRW FRQTXHULU SRGHU VRFLDO WUDLQWVH FRP D
LQWHOÂOHFWXDO pV D GLU VXEPHUJLQWVH HQ OD OOXLWD GHO SDUWLGLVPH SROtWLF /D VqULH FRQWp LQWHUHVVDQWV
FRPSDUDQFHVGHOIHQRPHQDPEUHODFLyD)UDQoD$OHPDQ\DLDOWUHVSDwVRV
-XDQ9LFHQWH*yPH]PLOLWDUTXHYDWHQLUHOSRGHUD9HQHoXHODSUjFWLFDPHQWGHV
GHFRPHQoDPHQWVGHVHJOHILQVDODVHYDPRUW
9HQHJDV HV UHIHUHL[ GHVSUpV D O¶DOWHUQDQoD FDFLTXLVWD WtSLFD GH O¶qSRFD GH OD
5HVWDXUDFLy L H[SOLFD TXH OHV SRVVLELOLWDWV GHO SROtWLF G¶HVWDEOLU XQD FOLHQWHOD
GLVPLQXHL[HQ D PHVXUD TXH HO SDtV PDGXUD SROtWLFDPHQW ³/D HGXFDFLyQ SROtWLFD GHO
SXHEORYDFRQYLUWLHQGRDOUHSUHVHQWDQWHSROtWLFRHQXQPDQGDWDULRTXHHVH[DFWDPHQWH
ORFRQWUDULRGHORTXHRFXUUHHQSXHEORVVLQHGXFDFLyQSROtWLFDHOSROtWLFRHVHOGXHxR
GHO SDtV HQ YH] GH VHU HO VHUYLGRU´ 7RW L TXH 9HQHJDV GH ILOLDFLy VRFLDOLVWD
SROtWLFDPHQWUHSUHVHQWDHOVHFWRUPpVPRGHUDWGHODUHYLVWDOHVSUHRFXSDFLRQVVHULRVHV
TXHVRVWHQHQO¶DUPDGXUDLUzQLFDG¶DTXHVWDUWLFOHHQVHYLGHQFLHQODJUDQGLVWjQFLDTXHKL
KDYLDHQDTXHOOPRPHQWHQWUHHOVSRVWJXHUULDQVL2UWHJDHQODSUzSLDFRQFHSFLyGHOIHW
SROtWLFHQHOSDSHUTXHODSROtWLFDMXJDHQWDQWTXHLQVWLWXFLyLQHOXGLEOHHQODVRFLHWDW
KXPDQD(OGHVHQJDQ\DWUHEXLJRUWHJXLjGHO¶DFFLySROtWLFDGXUDQWHOVDQ\VHUDSHUDO
VHFWRUSROLWLFRLQWHOÂOHFWXDOTXH3RVW*XHUUDUHSUHVHQWDGHOWRWLQVDWLVIDFWRUL9HQHJDV
VHJXLQWDPEHOWRGHOXGLEULGHOVHXDUWLFOHO¶DFDEDDL[t
>@ 1R FUHHPRV TXH UHYHOH QLQJXQD DJXGH]D PHQWDO H[WUDRUGLQDULD HO GDUVH FXHQWD GH
TXH OD LQIOXHQFLD GH ORV SROtWLFRV HVWi HQ UD]yQ LQYHUVD GH OD HGXFDFLyQ SROtWLFD GHO SDtV 6LQ
HPEDUJRHO6U2UWHJDQHFHVLWDODQ]DUODVFODULGDGHVGHVXSHQVDPLHQWRVREUHHVWDFXHVWLyQTXHD
FXDOTXLHU KRPEUH VHQFLOOR VH OH DQWRMD GH XQD GLDIDQLGDG LQFXHVWLRQDEOH < GHO H[DPHQ TXH
LQLFLDQXHVWURVHOHFWRILOyVRIRVHJXUDPHQWHREWHQGUiXQDFRQFOXVLyQTXHQRVVRUSUHQGDDWRGRV
<QRVGLUiTXHHUDXUJHQWtVLPRDQXHVWURWLHPSRGLOXFLGDUHVHJUDYHSUREOHPDTXHPRVWUDUi±\D
ORYHUiQXVWHGHV±XQDRFXOWDIDFHWDGHODOPDKLVSDQD
£<HVWXGLHXVWHG0HWDItVLFDSDUDHVWR
%DOERQWtQFRQWUDXQDFRQFHSFLyGLVWDQFLDGDGHO¶DUW
3RVW*XHUUDWRWLTXHQRG¶XQDIRUPDVLVWHPjWLFDQLSHUIHFWDPHQWHVWUXFWXUDGD
VLQy HVSDUJLGD HQ OHV DSRUWDFLRQV ±PpV R PHQ\V DIRUWXQDGHV± GH GLIHUHQWV DUWLFOHV
Q~PHUR D Q~PHUR DQLUj FRQVWUXLQW OD VHYD SUzSLD HVWqWLFD %DOERQWtQ HQ HO Q~P IHEUHUGHWRUQDDGLUODVHYDD³3ROtWLFD\HVWpWLFD´1RPpVDPEHOWtWROGH
O¶HVFULW MD SRGHP SUHYHXUH TXH GHIHQVDUj OD YLQFXODFLy HQWUH DPEGXHV PDOJUDW ³OD
/DOXFLGHVDGH9HQHJDVHQDTXHVWHVTHVWLRQVQRHQVKDGHVHPEODULQVzOLWDPDOJUDWODVHYD
TXHL[DGHODSRFDFXOWXUDSROtWLFDGHOSDtVHOIHWpVTXHODGLFWDGXUDGH3ULPRPROWPpVEUHXLPROWPHQ\V
GHVWUXFWLYDHQDTXHVWVHQWLWTXHODGH)UDQFRQR YD IHUREOLGDUDJUDQVVHFWRUVGHO¶RSLQLy S~EOLFDHOV
SULQFLSLV FRQVWLWXFLRQDOV TXH OHJLWLPDYHQ XQ SRGHU HOHFWH ±QL TXH HQ OD SUjFWLFD HQ HO VLVWHPD GH OD
5HVWDXUDFLy OD SDUWLFLSDFLy GHPRFUjWLFD KDJXpV HVWDW PHUDPHQW IRUPDO 3HU DOWUD EDQGD pV FHUW TXH
9HQHJDVDOHVVHYHVPHPzULHVTXHVyQHQGHPpVXQWHVWLPRQLLPSUHVFLQGLEOHSHUFRQqL[HUHOPRYLPHQW
HGLWRULDO G¶DYDQoDGD GHPRVWUDUj VHPSUH VHU XQ KRPH DPE XQ JUDQ VHQWLW FRP~ SURYHwW G¶XQD
LQWHOÂOLJqQFLDGLVWDQFLDGDKRQHVWDLXQSXQWHVFqSWLFD$PHLWDWGHFDPtHQWUHO¶LQWHOÂOHFWXDOLO¶KRPHGH
QHJRFLVOHVVHYHVDQjOLVLVVROHQVHULQFLVLYHVLOHVVHYHVSUHGLFFLRQVVROHQFRPSOLUVHHOOQ¶pVFRQVFLHQW
SHUzODVHYDpVXQDYDQLWDWFRQWLQJXGDLUHIOH[LYD
&DOGLUTXHHOSURSL9HQHJDVDOFDSG¶XQVDQ\VPDWLVDUjIRUoDOHVVHYHVYDORUDFLRQVVREUHHO
SDSHUS~EOLFG¶2UWHJDHVSHFLDOPHQWGHVSUpVTXHHOSHQVDGRUFRQWULEXtVHORTHQWPHQWDODFDLJXGDGHOD
0RQDUTXLDDPEHOVHXIDPyVDUWLFOH³(OHUURU%HUHQJXHU´SXEOLFDWD(O6ROHOGHQRYHPEUHGHL
TXHOD5HS~EOLFDILQVLWRWO¶LQFRUSRUpVDODSROtWLFDDFWLYD±LQFRUSRUDFLyYDODGLUQRPpVWHPSRUDOLEHQ
DYLDWWDPEpGHVHQFDQWDGD
8Q DWDF VHYHUtVVLP FRQWUD 2UWHJD HQ IRUPD GH OOLEUH L GHO TXDO OHV DJXOORQDGHV GH 3RVW
*XHUUDQRGHL[HQGHVHUXQSUHFHGHQWHVSXEOLFDUjXQHVGqFDGHVPpVWDUGDOSDtVRQHO9HQHJDVYD
PRULUH[LOLDW5RGROIR%5RWPDQ2UWHJD\HOSHWDUGLVPR%XHQRV$LUHV(GLWRULDO$PHULFDQD3HU
DOWUDEDQGDYDODGLUTXHWDPEpGXUDQWHOVDQ\VSHUzGHVGHGLQVGHO¶(VWDWIUDQTXLVWDO¶REUDG¶2UWHJD
UHEUjDL[t PDWHL[ IRUWVFRUUHFWLXV±DUDGHVGHOFDQWyLGHROzJLFRSRVDWDOGH 3RVW*XHUUD± SHU SDUWGHOD
IDXQDSXEOLFLVWDQHRWUDGLFLRQDOLVWDLQHRHVFROjVWLFDG¶DTXHOOUqJLPGHWDQWDLQGLJqQFLDLQWHOÂOHFWXDO
LQTXLQD GH FLHUWRV PRGHUQRV HVWHWLFLVWDV´ DO UHVSHFWH ³3LHQVR TXH $UWH \ 3ROtWLFD VRQ
DFWLYLGDGHVGHOHVStULWXTXHVHUHILHUHQDODPLVPDUHDOLGDGVXVWDQFLDO\TXHQRSXHGHQ
VHUHQFRQVHFXHQFLDUDGLFDOPHQWHVHSDUDGDV´$UJXPHQWD%DOERQWtQTXHHOVJUDQVIHWV
GHODKLVWzULDSROtWLFDFRPDUDOD5HYROXFLy5XVVDKDQGHSRGHUWHQLUSHUIRUoDODVHYD
H[SUHVVLyDUWtVWLFDSHUTXqHOFRQWUDULIyUDQHJDUDO¶DUWDTXHOODVRELUDQLDTXHHOVHVWHWHV
SXUV SUHFLVDPHQW YROHQ H[DOWDU 8Q SDUjJUDI GH WUDQVLFLy VHPEOD EXVFDU XQ FHUW
FRPSURPtV DPE DOJXQHV FRQFHSFLRQV HVWHWLFLVWHV GH OHV GqFDGHV DQWHULRUV ³/RV
SDUWLGDULRVPiVFRPSUHQVLYRVGHODGRFWULQDGHO$UWHSRUHO$UWHQRVGLFHQ±DODPDQHUD
GH2VFDU:LOGH±TXHODSROtWLFDSXHGHVHUHQHIHFWRXQPRWLYRDUWtVWLFRDFRQGLFLyQGH
TXHVyORVHWRPHFRPRWDOPRWLYRSXUDPHQWHHVWpWLFR´3HUzQRWDUGDUHPDFRPSURYDU
TXHHQUHDOLWDWDTXtXQFRSPpVO¶HQHPLFpV2UWHJDLO¶DUWGHVKXPDQLW]DW
(Q XQ FDStWRO GH /D GHVKXPDQL]DFLyQ GHO DUWH WLWXODW ³8QDV JRWDV GH
IHQRPHQRORJtD´2UWHJDV¶HQJLQ\DXQDHVFHQDSHUH[HPSOLILFDUQRVODGLIHUqQFLDHQWUHOD
UHDOLWDWYLYLGDLODUHDOLWDWFRQWHPSODGDeVODVHJHQW8QLOÂOXVWUHSURKRPDJRQLW]DHQHO
VHX OOLW GH PRUW /D IXWXUD YtGXD pV D OD VHYD YRUD PROW DIHFWDGD (O PHWJH OL SUHQ HO
SROVJUHXPHQWSUHRFXSDW'RVSHUVRQDWJHVPpVSUHVHQFLHQGHVG¶XQVHJRQWHUPHHOIDWDO
GHVHQOODo XQ SHULRGLVWD TXH KDXUj GH IHU OD FUzQLFD GHO VXFFpV OXFWXyV L XQ SLQWRU
HQFDUUHJDW G¶LPPRUWDOLW]DU HO PRPHQW 4XDWUH SHUVRQHV GRQFV DVVLVWHL[HQ DO GDUUHU
FRPEDW GHO PRULEXQG SHUz DPE XQ JUDX G¶LPSOLFDFLy HPRFLRQDO GHVFHQGHQW 7RWHV
YHXHQ OD PDWHL[D UHDOLWDW PHV WRWHV YLXHQ UHDOLWDWV GLIHUHQWV /D GRQD QR FRQWHPSOD
O¶DJRQLDVLQyTXHODYLXGRORURVDPHQW³3DUDTXHSRGDPRVYHUDOJRSDUDTXHXQKHFKR
VHFRQYLHUWDHQREMHWRTXHFRQWHPSODPRVHVPHQHVWHUVHSDUDUORGHQRVRWURV\TXHGHMH
GHIRUPDUSDUWHYLYDGHQXHVWURVHU´(OPHWJHHVWjMDPHQ\VLPSOLFDWHPRFLRQDOPHQWHQ
HOIHWSHUzODUHVSRQVDELOLWDWTXHWpHQYHUVODVDOXWGHOPDODOWLODSUzSLDSUHVVLyGHOVHX
SUHVWLJLSURIHVVLRQDOO¶RPSOHQG¶XQDVHYHUDSUHRFXSDFLy(OUHSRUWHUVLWXDWMDDOIRQVGH
OD FDPEUD QR LQWHUYp VLQy TXH HV OLPLWD D REVHUYDU 1R VHQWLUj YLYDPHQW HO GRO SHUz
WDQPDWHL[YROGUjFRPPRXUHHOVVHXVOHFWRUV³HOSHULRGLVWDSURFXUDILQJLUHPRFLyQSDUD
DOLPHQWDU FRQ HOOD OXHJR VX OLWHUDWXUD < UHVXOWD TXH DXQTXH QR ©YLYHª OD HVFHQD
©ILQJHªYLYLUOD´)LQDOPHQWHOSLQWRUpVHOPpVGLVWDQFLDWGHWRWV'HOTXDGUHTXHHVWj
FRQWHPSODQWO¶LQWHUHVVDODFRPSRVLFLyODOOXPLHQGHILQLWLYDHOVHOHPHQWVSHUSLQWDUOD
WHOD TXH OL KDQ HQFRPDQDW ³/H WUDH VLQ FXLGDGR FXDQWR SDVD DOOt HVWi FRPR VXHOH
GHFLUVHDFLHQPLOOHJXDVGHOVXFHVR6XDFWLWXGHVSXUDPHQWHFRQWHPSODWLYD\DXQFDEH
GHFLUTXHQRORFRQWHPSODHQVXLQWHJULGDGHOGRORURVRVHQWLGRLQWHUQRGHOKHFKRTXHGD
IXHUDGHVXSHUFHSFLyQ6yORDWLHQGHDORH[WHULRUDODVOXFHV\ODVVRPEUDVDORVYDORUHV
FURPiWLFRV (Q HO SLQWRU KHPRV OOHJDGR DO Pi[LPXP GH GLVWDQFLD \ DO PtQLPXP GH
LQWHUYHQFLyQVHQWLPHQWDO´
%DOERQWtQHQVHVWDYDSDUODQWHQFRQWUDGHOVTXHH[WLUSHQWRWDSUHRFXSDFLySROtWLFD
GHO¶HVIHUDGHO¶DUW(QSULQFLSLSRGLDVHPEODUTXHSDUODYDPpVFRPDFUtWLFTXHFRPD
FUHDGRU3HUzHOFDLUH±XQDPLFDLQHVSHUDW±TXHSUHQO¶DUWLFOHHQVIDYHXUHTXH%DOERQWtQ
EjVLFDPHQWLQWHQWDMXVWLILFDUODVHYDSUzSLDHVWqWLFDFRPDSRHWD
(QWUDPRVFRQHVWRHQODWHRUtDGHODGHVKXPDQL]DFLyQGHODUWHGH2UWHJD\*DVVHW\QRV
YLHQHDODPHPRULDODVLOXHWDDEVXUGDGHDTXHOSLQWRUHVWUDIDODULRTXHHQHORS~VFXORGH2UWHJD
FRQWHPSODODDJRQtDGHXQKRPEUHHQHOUHJD]RGHVXGHVJDUUDGDFRPSDxHUDDWHQWRVyORDOMXHJR
GH OtQHDV \ FRORUHV VLQ OD PHQRU SUHRFXSDFLyQ QL HO PiV OHYH ODWLGR FRUGLDO SDUD HO GUDPD
KXPDQRTXHDOOtVHUHSUHVHQWD¢+DEpLVYLVWRDOJXQDYH]HQODYLGDXQSLQWRUGHHVWDtQGROH"£4Xp
WLSRWDQQHFLR\WDQPH]TXLQR
1DGDGHSUHRFXSDUQRV±VHQRVGLFH±SRUODVXHUWHGHO3UROHWDULDGRQLSRUHOSRUYHQLUGH
QXHVWUD (VSHFLH QL SRU WDQWDV RWUDV FRVDV KXPDQDV TXH ODWHQ HQ HO IRQGR GH OD 5HYROXFLyQ
SRUTXHDSHQDVFDLJDPRVHQHVWD©IODTXH]DªKXPDQLWDULDODLQVSLUDFLyQHVWpWLFDVHQRVHVFDSDUi
GHHQWUHODVPDQRV
(VDOJRDVtFRPRGHFLUTXHVHSXHGHFDQWDUOtULFDPHQWHDODPXMHUDPDGDDFRQGLFLyQGH
QRVHQWLUSRUHOODDPRUDOJXQR
%DOERQWtQ YLQFXOD GRQFV O¶DSDVVLRQDPHQW SROtWLF DPE TXDOVHYRO DOWUD
PDQLIHVWDFLy KXPDQD G¶DSDVVLRQDPHQW L GHIHQVD TXH pV DPE DTXHVW FDEDO GH
VHQWLPHQWV DPE DTXHVWD PDWqULD SULPHUD G¶HPRFLRQV KXPDQHV L KXPDQLWjULHV TXH FDO
FUHDU O¶DUW L OD OLWHUDWXUD %DOERQWtQ QR FRPSUqQ OD GLVWjQFLD GHO SLQWRU RUWHJXLj 1R
FRQFHSFDSGLVWjQFLDHQWUHODYLGDLODOLWHUDWXUD(QDTXHVWLPSRUWDQWSXQWYHLHPTXHpV
HQUHDOLWDWPROWPpVURPjQWLFTXH'tD])HUQiQGH]3HUDL[z%DOERQWtQpVDYXLXQSRHWD
VLQRGHOWRWVtIRUoDREOLGDWHVSHQVDYDTXHSHUIHUERQDSRHVLDQ¶KLKDYLDSURXDPE
WHQLUERQVVHQWLPHQWV%DOERQWtQQRHUDFRQVFLHQWTXHIHLDMDXQVHJOH%XFKGHU/LHGHU
TXH+HLQHKDYLD PRVWUDWHOVOtPLWVGHODOtULFDVHQWLPHQWDOSRVWURPjQWLFDDEDVH
G¶H[SULPLUDPEJUjFLDLWDOHQWOHVVHYHVSRVVLELOLWDWVLFRQGXLUODILQVDXQSXQWRQVROV
UHVWDYDODSDUzGLD+HLQHGRQDUjHOSDVL±VHQVHUHQXQFLDUPDLDXQFDUDFWHUtVWLFOLULVPH±
FRQYHUWLUjODVHYDSORPDHQODPpVHVPRODGDHLQDFRQWUDHOUHDFFLRQDULVPHGHO¶HVFROD
URPjQWLFD L HO VHX YHUV HQ XQ GHOV LQVWUXPHQWV GH VjWLUD SROtWLFD PpV EULOODQWV GH OD
KLVWzULD GH OD OLWHUDWXUD %DOERQWtQ QRPpV GRQDUj HO SDV HQ XQD RFDVLy SXQWXDO RFDVLy
TXHGHIHW±SHUzHQHOIRQVVHQVHSURSRVDUV¶KRDL[t±VXSRVDHOPRPHQWPpVDIRUWXQDW
GH OD VHYD FDUUHUD OLWHUjULD 9HQHJDV UHODWD G¶DTXHVWD PDQHUD O¶DQqFGRWD SROtWLFR
SRqWLFDDTXqHQVHVWHPUHIHULQW
>@ %DOERQWtQ KDEtD VLGR XQ QLxR SURGLJLR KLMR GH XQD IDPLOLD EXUJXHVD HVFULEtD
SRHPDV GH XQ PLVWLFLVPR DUUHEDWDGR D OD 9LUJHQ FXDQGR WHQtD TXLQFH DxRV \ OR VDOXGDED OD
SUHQVDFOHULFDOFRPRXQDUHHQFDUQDFLyQGH6DQ-XDQGHOD&UX]%UXVFDPHQWHFRQHVFiQGDORVH
SDVyDODWHtVPR>@)XpHODXWRUGHXQVRQHWRDFUyVWLFRGLWLUiPELFRSDUD3ULPRGH5LYHUDTXH
SXEOLFyHOyUJDQRGHODGLFWDGXUD/D1DFLyQHQODFUHHQFLDGHTXHORKDEtDHVFULWRXQDMRYHQFLWD
GH GLHFLVLHWH DxRV HQDPRUDGD GHO GLFWDGRU (O DFUyVWLFR GHFtD 35,02 (6 %255$&+2 \
DTXHOODQRFKHOOHJDURQDSDJDUVHDYHLQWLFLQFRSHVHWDVORVHMHPSODUHVGHOSHULyGLFR
(IHFWLYDPHQW %DOERQWtQ KDYLD HVWDW XQ LPS~EHU GH FDVD ERQD L FDQGRURVD
LQQRFqQFLDDXWRUSUHFRoG¶XQDOtULFDIDYRUDEOHPHQWVDOXGDGDSHOV³PiVDOWRVSHQVDGRUHV
GH OD (VSDxD FDWyOLFD GH DTXHO WLHPSR FRQ 0HQpQGH] \ 3HOD\R D OD FDEH]D´
7DQPDWHL[ O¶HYROXFLy TXH HO YD GXU GHV G¶DTXHVWV GHYRWV EDOEXFHLJV OLWHUDULV ILQV D OD
SXEOLFDFLy G¶8QD SHGUDGD D OD 9LUJHQ QR YD VHU WDQ EUXVFD FRP 9HQHJDV
VXSRVD 'H IHW %DOERQWtQ PDL YD SHUGUH HOV VHXV SUHJRQV VHQWLPHQWV G¶KXPDQLWDULVPH
FULVWLjSHUDL[zSUHFLVDPHQWYDUHQHJDUGHOFDWROLFLVPHYHUVLyHVSDQ\RODLYDDEUDoDUGH
MRYH DPE OD PDWHL[D ERQD IH DPE TXq GH SHWLW FDQWDYD OD ,PPDFXODGD &RQFHSFLy HO
PDU[LVPH +RPH GRQFV GH IHUPHV FRQYLFFLRQV L GLVSRVDW VHPSUH D SRVDU HO VHX HVWUH
7DPSRF YROGUtHP DTXt QHJDU D %DOERQWtQ DOJXQV PRPHQWV SODXVLEOHV HQ OD VHYD SURGXFFLy
SRqWLFDHVSHFLDOPHQWDOJXQV G¶LQVSLUDFLy SROtWLFDTXDQ ODYHQDFUtWLFDRILQVLWRWVDWtULFDV¶LPSRVDDOD
VHQWLPHQWDOHQHOOVHPSUHODWHQWY-RVp$QWRQLR%DOERQWtQ$QWRORJtDSRpWLFDHGLSUzOGH
-RVp0DQXHO/ySH]GH$ELDGD0DGULG-RVp(VWHEDQ
9HQHJDVRSFLW
%DOERQWtQ /D (VSDxD GH PL H[SHULHQFLD HG FLW $ OHV REUHV FRPSOHWHV GH 0HQpQGH]
3HOD\R HV SRW WUREDU XQD IDYRUDEOH DQRWDFLy GH O¶LOÂOXVWUH SROtJUDI VREUH HO ³WRPLWR GH SRHVtDV GHO QLxR
%DOERQWtQ´Y(GLFLyQQDFLRQDOGHODVREUDVFRPSOHWDVGH0HQpQGH] 3HOD\RGLU SHU5DIDHOGH%DOEtQ
/XFDV/;99DULD,,,HGSUHSDUDGDSHU(QULTXH6iQFKH]5H\HV6DQWDQGHU$OGXV
7H[WTXHYDDSDUqL[HUDODFROÂOHFFLyGHQRYHOÂOHWD EUHX ³/D 1RYHOD3UROHWDULD´G¶(GLFLRQHV
/LEHUWDG 0DGULG /D PDWHL[D HGLWRULDO SXEOLFDYD WDPEp HQWUH G¶DOWUHV XQD VqULH DPE
O¶LQHTXtYRFWtWROGH³%LEOLRWHFDGHORV6LQ'LRV´6DQWRQMDYDHGLWDUODFROÂOHFFLyVHQFHUDGH³/D1RYHOD
3UROHWDULD´WRWLTXHVHQVHLQFORXUHHOVSUzOHJVHStOHJVLQRWHVHGLWRULDOVY*RQ]DOR6DQWRQMDHG/D
1RYHOD3UROHWDULDYROV0DGULG$\XVR
SRqWLF DO VHUYHL G¶XQD ERQD FDXVD DTXHVWD pV OD GLYHUWLGD KLVWzULD FRQWDGD SHU HOO
PDWHL[GHOVHXPLOORULHItPHUHQFHUWOLWHUDUL
/DYHUGDGHVTXH3ULPRGH5LYHUDPLUDGRH[WHUQDPHQWHVHSUHVWDEDPiVTXHQDGDD
HVD IRUPD GH LURQtD VXSHUILFLDO TXH ORV PDGULOHxRV FDVWL]RV OODPDQ HO ³SLWRUUHR´ (UD GH XQD
LJQRUDQFLDVXSLQDPRQWDGDVREUHXQDYDQLGDGVLQOtPLWHV6HFUHtDVLQFHUDPHQWH³HOVDOYDGRUGH
(VSDxD´ DXQTXH QR FRQRFtD HO SDtV VLQR DO WUDYpV GH VXV YLQRV PiV DOHJUHV 7RGDV HVWDV
FXDOLGDGHV VX\DV PH IDFLOLWDURQ PXFKR OD SHGUDGD OLWHUDULD TXH GLVSDUp FRQWUD VX FDEH]RWD
HQYDQHFLGDFRQSOHQRp[LWRHOPiVURWXQGR\SRSXODUGHPLFDUUHUDSRpWLFD
(QHOQ~PHURGHOGtDGHDEULOGHGHOSHULyGLFRGH0DGULG³/D1DFLyQ´yUJDQR
RILFLDOGHODGLFWDGXUD>@ORJUpSXEOLFDUXQVRQHWRFRQDFUyVWLFRTXHGHFtDDVt
³$35,02'(5,9(5$´
³3DODGtQGHOD3DWULDUHGLPLGD
5HFLRVROGDGRTXHSHOHD\FDQWD
,UDGH'LRVTXHFXDQGRD]RWDHVVDQWD
0tVWLFRUD\RTXHDOPDWDUHVYLGD
2WUDHV(VSDxDDWXYLUWXGUHQGLGD
(OODHVIHOL]EDMRWXQREOHSODQWD
6yORHOKDPSyQTXHHQRGLRVHDPDPDQWD
%ODVIHPDDQWHWXIUHQWHHVFODUHFLGD
2WURHVHOPXQGRDQWHOD(VSDxDQXHYD
5HQFRUHVYLHMRVGHODHGDGPHGLHYD
5RPSLyWXODQ]DTXHDORVYLOHVWUXQFD
$KRUDHVWiHQSD]WXJUH\EDMRHODPDGR
&KRUURGHOX]GHWXLQPRUWDOFD\DGR
£2KSDVWRUVDQWR£1RQRVGHMHVQXQFD´
0LVRQHWRLEDILUPDGRSRU0DUtD/X]GH9DOGHFLOODVXSXHVWDPXFKDFKDGHDxRV\
HVWD VLPSOH HVWUDWDJHPD XQLGD DO HVWLOR SUHPHGLWDGDPHQWH GHVFXLGDGR \ FDQGRURVR GH OD
FRPSRVLFLyQ\DODLQILQLWDYDQLGDGGHODJUDGHFLGRKL]RSRVLEOHODSXEOLFDFLyQGHPLVRQHWRHQ
ODV UHIHULGDV FLUFXQVWDQFLDV \ VX SURSDJDFLyQ SRU WLHUUDV GH (VSDxD \ $PpULFD FRQ UDSLGH]
SDVPRVD (VRV DPLJRV TXH HV EXHQR WHQHU HQ WRGDV SDUWHV KDVWD HQ HO LQILHUQR VHJ~Q GLFH HO
UHIUiQPHFRQWDURQPiVWDUGHTXHDOOHHUPLVRQHWRDQWHVGHGHVFXEULUVXDFUyVWLFRHOJHQHUDO
3ULPR GH 5LYHUD VH VLQWLy SURIXQGDPHQWH KDODJDGR SRU OD LPDJLQDGD DGRUDFLyQ GH XQD OLQGD
PR]DGHSULPDYHUDVDODTXHpOVXSRQtDGHVFHQGLHQWHGHODQREOHIDPLOLDGHORV9DOGHFLOOD
&XDQGRDORVSRFRVPLQXWRVGHHVWDSUHPDWXUDVDWLVIDFFLyQDOJXLHQYLQRDFRPXQLFDUOHD3ULPR
TXHVHKDEtDPDQGDGRUHFRJHUODHGLFLyQGHSURYLQFLDVGHDTXHOQ~PHURGH³/D1DFLyQ´SRUTXH
ODV LQLFLDOHV GH ORV YHUVRV GHO PDOGLWR VRQHWR GHFtDQ HVFXHWDPHQWH ³35,02 (6
%255$&+2´HOJHQHUDOVHLQIODPyHQXQDWDTXHGHLUD\SLGLyDJULWRVODFDEH]DGHOFXOSDEOH
/D SROLFtD KL]R LQWHQVDV LQYHVWLJDFLRQHV HQ ORV FtUFXORV OLWHUDULRV GH 0DGULG 6H
VRVSHFKDEDGH9DOOH,QFOiQ\GH/XLVGH7DSLD>@\VHRIUHFLHURQSUHPLRVDOTXHDSXQWDVHXQD
SLVWDVHJXUD<RJXDUGpFDXWDPHQWHPLVHFUHWRSHURQRHVWDEDGLVSXHVWRDFRQVHQWLUTXHVXIULHVH
QDGLH SRU PL FXOSD $IRUWXQDGDPHQWH QR PH YL SUHFLVDGRD RVWHQWDU PL SDWHUQLGDG GHO VRQHWR
SRUTXH 3ULPR GH 5LYHUD WXYR HQ DTXHOOD UDUD RFDVLyQ >@ OD DWLQDGD SUXGHQFLD GH DKRJDU HVWH
LQFLGHQWHHQHOVLOHQFLR
9HJHPXQDVLQWqWLFDGHVFULSFLyGHODPHQWDOLWDWGHOGLFWDGRUTXHPpVUHFHQWLHQSULQFLSLPpV
REMHFWLYD TXH OD GH %DOERQWtQ Q¶pV GH IHW FRPSOHPHQWjULD ³&RPR VLVWHPD SROtWLFR SHUVRQDO QR
LQVWLWXFLRQDOL]DGR OD 'LFWDGXUD IXH LQVHSDUDEOH GH OD ILJXUD GH 0LJXHO 3ULPR GH 5LYHUD DULVWyFUDWD GH
QXHYRFXxR\DQWLJXRPLOLWDQWHGHO3DUWLGR&RQVHUYDGRU(OGLFWDGRUFDUHFLyGHSUHRFXSDFLRQHVFXOWXUDOHV
H LGHROyJLFDV >«@ 6X PHQWDOLGDG IXH XQD FXULRVD DPDOJDPD GH HVStULWX PLOLWDU DUELWULVPR
UHJHQHUDFLRQLVWD QDFLRQDOLVPR FRQVHUYDGRU \ WUDGLFLRQDOLVPR DULVWRFUDWL]DQWH (Q HVD PHQWDOLGDG
VXE\DFtDDGHPiVXQDSHUVSHFWLYDIXQGDPHQWDOPHQWHDQWLSROtWLFDTXHLQWHQWDEDVXSODQWDUORVFRQFHSWRV
SROtWLFRVSRUFDWHJRUtDVPRUDOHV>«@´*RQ]iOH]&XHYDVRSFLW
%DOERQWtQ/D(VSDxDGHPLH[SHULHQFLDHGFLW
6LFVHPSHUW\UDQQLV/DOLWHUDWXUDVHPSUHV¶DFDEDYHQMDQWGHOVWLUDQVQLTXHVLJXL
QRPpV DPE XQD YLFWzULD GH FDUjFWHU PRUDO 3HUz OD OLWHUDWXUD pV XQ DUW PpV GH OD
LQWHOÂOLJqQFLD TXH GHOV EXGHOOV %DOERQWtQ YD GHUURWDU 3ULPR DPE XQD HVWUDWDJHPD
OLWHUjULD TXH LPSOLFDYD FRP HQ HO SLQWRU G¶2UWHJD XQ GLVWDQFLDPHQW %DOERQWtQ
LQWHUSRVDXQSVHXGzQLPHQWUHHOOLHOVHXVRQHW0pVHQFDUDLQWHUSRVDXQDXWRUDSzFULI
XQD QRLHWD GH DEULOV $PE DTXHVW DUWLILFL MXJD D FRPSRQGUH YHUVRV DPE HO PDWHL[
HVSHULW QDwI DPE TXq HOO WDPEp KR IHLD TXDQ WHQLD DTXHVWD HGDW L HPSUD XQ HVWLOR
SUHPHGLWDGDPHQWH GHVFXLGDGR \ FDQGRURVR (VWj FRQVWUXLQW SUHPHGLWDGDPHQW XQ
DUWHIDFWHOLWHUDULeVDGLUHVWjIHQWOLWHUDWXUDFRVDTXHQRDFRQVHJXLDIHU±SUHFLVDPHQW
SHUODPDQFDGHGLVWjQFLDLUzQLFD±QLHQHOVVHXVLQIDQWLOVFjQWLFVPDULDQVQLHQOHVVHYHV
SRVWHULRUV YHUVLILFDFLRQV SROLWLW]DGHV (QWUH HO URPDQo UHYROXFLRQDUL TXH KDYtHP YLVW
PpVDPXQWLXQTXHOORpVSRVHPSHUFDVHOPLVWHULGHOD6DQWtVVLPD7ULQLWDWQRKLKD
SRHWROzJLFDPHQWFDSGLIHUqQFLDHVVHQFLDO(QWRWVGRVFDVRVKLPDQFDULDXQDFRQVFLqQFLD
DUWtVWLFD FDSDo GH VXSHUDU OD PHUD H[SUHVVLy G¶XQD GHYRFLy (O SLQWRU G¶2UWHJD SRGULD
SHUIHFWDPHQWIHUXQDREUDPHVWUDGHSLQWXUDKLVWRULFLVWDRFXELVWDDL[zGHEDQGDVHQVH
VHQWLUXQDHVSHFLDOFRPPLVHUDFLyHQYHUVDTXHOOPRULEXQGTXHSDQWHL[D%DOERQWtQHQOD
PDWHL[D FRQMXQWXUD KR FRPSURYDUHP WRW VHJXLW V¶KDXULD OOLXUDW DPE OD VHYD OLUD D
H[SUHVVDU DUGHQWPHQW WRWD DTXHVWD FRPPLVHUDFLy HO UHVXOWDW KDXULD HVWDW LUUHSURW[DEOH
SHUzSRWVHUPpVKXPDQDPHQWTXHDUWtVWLFD(QFDQYLDPEHOVHXUHHL[LWVRQHWHQHOIRQV
DXWRSDUzGLF FRQWUD 3ULPR %DOERQWtQ VHQVH SURSRVDUV¶KR FRPSOLD DPE O¶HVHQFLDO
LURQtD L DPE HO FRQVLGHUDU HO DUWH FRPR MXHJR TXH 2UWHJD LQFORwD HQWUH OHV SULQFLSDOV
WHQGqQFLHVGHOVQRXVHVWLOVDUWtVWLFV3HUz±LDPEDL[zWDQTXHPHOFRPHQWDULGHOVHX
DUWLFOH ³3ROtWLFD \ HVWpWLFD´± HO FHUW pV TXH %DOERQWtQ QL FRP D FUHDGRU QL FRP D
DUWLFXOLVWD DFFHSWDYD FDS GLVWjQFLD HQWUH YLYqQFLD SHUVRQDO L FUHDFLy DUWtVWLFD ³3RU PL
SDUWHFUHRTXHQRSXHGHKDEHU$UWHVLQDPRURVLQRGLR1RSXHGHKDEHU$UWHVLQSDVLyQ
7RGRLQWHQWRGHH[WLUSDUODSDVLyQHQHODOPDGHO$UWHHVWiFRQGHQDGRDOIUDFDVR´
,pVHOFHUWTXHHOQRVWUHFRGLUHFWRUGH3RVW*XHUUDQRHVWDYDGLVSRVDWDREOLGDU
VHIjFLOPHQWGHOSLQWRUG¶2UWHJD6LFRPDDUWLFXOLVWDHOYDFRPEDWUHFRPDFUHDGRUQROL
YDVHUPHQ\VKRVWLO6DELDTXHDTXHVWDILJXUDGLVWDQFLDGDLDQDOtWLFDTHVWLRQDYDWRWDOD
VHYDODERUFUHDWLYDODVHYDDSUR[LPDFLyWHzULFDDO¶DUWODVHYDSUzSLDFRPSUHQVLyJOREDO
GHOIHQRPHQDUWtVWLF8QDSHGUDGDDOD9LUJHQHVWjHVFULWO¶DEULOGHTXDWUHDQ\VL
HVFDLJPpVWDUGTXHO¶DUWLFOHTXHKHPFRPHQWDW%DOERQWtQpVDUDXQYLEUDQWGLSXWDWSHU
6HYLOODHQOHV&RUWV&RQVWLWXHQWVGH OD ,, 5HS~EOLFD O¶~QLF MDFREt ±VHJRQV HOO± HQ XQD
&DPEUD GH JLURQGLQV (Q DTXHVW UHODW HO QDUUDGRU HQ SULPHUD SHUVRQD V¶DVVHPEOD
VRVSLWRVDPHQWDODYHXQDUUDWLYDTXHFRQGXHL[HOOOLEUHGHPHPzULHVTXHFRQHL[HPGHO
PDWHL[DXWRU/DLGHQWLILFDFLyHQWUH %DOERQWtQ L HO QDUUDGRU GHOUHODWpVGHIHWWDQJUDQ
TXH SRGUtHP SDUODU G¶XQ JqQHUH KtEULG HQWUH OD ILFFLy L HO WHVWLPRQL 1R HQ YD OD
OLWHUDWXUD DPE XQ FRPSRQHQW GRFXPHQWDO R HO SURSL UHSRUWDWJH HOHYDW D FDWHJRULD
OLWHUjULD HVWDYHQ OODYRUV D O¶RUGUH GHO GLD HQWUH OHV QRYHWDWV TXH WUHLHQ DO FDUUHU OHV
HGLWRULDOVG¶DYDQoDGD±WHUUHQ\HQTXqHOVDXWRUVDOHPDQ\VMXJDYHQXQLPSRUWDQWSDSHU
%DOERQWtQVLWXDODKLVWzULDHQXQPDUFTXHFRQHL[LDEpOD6HWPDQD6DQWD VHYLOODQD(O
SDUjJUDIDPETXqDUUHQFDHOUHODWpVDTXHVW
8Q DPLJR DUWLVWD GHDPEXODQWH \ GLYDJDGRU OLJHUDPHQWH IUtYROR SDUD OD YLGD \ SDUD HO
DUWH PH KDEtD FRQGXFLGR GXOFHPHQWH FRPR 9LUJLOLR DO 'DQWH HQ DTXHOOD PDJQtILFD QRFKH GH
6HPDQD6DQWDDOWUDYpVGHOHPEUXMRGH6HYLOOD
Y2UWHJD/DGHVKXPDQL]DFLyQGHODUWHHGFLW
%DOERQWtQ/D(VSDxDGHPLH[SHULHQFLDHGFLW
-RVp $QWRQLR%DOERQWtQ 8QD SHGUDGDDOD9LUJHQGLQV *RQ]DOR6DQWRQMDHG /D 1RYHOD
3UROHWDULDHGFLWYRO,
(QWUHUHIOH[LRQVVREUHODUHOLJLRVLWDWDQGDOXVDLVREUHODLQH[LVWqQFLDGH'pXHO
QDUUDGRU L HO VHX FLFHURQH DUWLVWD VH VXEPHUJHL[HQ HQ OD GHYRWD VHQVXDOLWDW QRFWXUQDO
G¶DTXHOOPtVWLFHVSHFWDFOH,DL[tDOFDOLXGHODFRQYHUVD³VREUHORVHWHUQRVSUREOHPDVGH
OD )LORVRItD \ GHO $UWH´ YDQ SDVVDQW WRWD OD QLW -D GH GLD FRQWHPSOHQ OD PXOWLWXG
HQIHEUDGD UHWRUQDQW DO VHX WHPSOH OD ULFDPHQW JXDUQLGD 9LUJHQ GH OD (VWUHOOD D TXL HV
GHGLFDYHQ ³JULWRV FDQWDUHV \ SLURSRV HQFHQGLGRV TXH GH SXUR HQWXVLDVWDV UR]DEDQ OD
EODVIHPLD´ 8Q IHW LQHVSHUDW LQWHUURPS OHV GLVTXLVLFLRQV D TXq V¶KDYLHQ OOLXUDW HOV GRV
DPLFVVREUHODILJXUDKLVWzULFDGH0DULDODVHYDHQJDODQDGDUHSUHVHQWDFLyVHYLOODQDUHS
XQDSHGUDGDTXHOLGHVPRQWDODFRURQD(VFUHDXQDJUDQFRQIXVLyHQTXqSDUWLFLSHQHOV
QDW]DUHQV HOV ³JXDUGLDV GH DVDOWR´ L OD PDVVD HQIHUYRULGD LUDGD SHO VDFULOHJL (O
QDUUDGRU TXH JUDGXDOPHQW HV YD VLWXDQW HQ HO SDSHU GH ³FURQLVWD ILHO´ PpV TXH GH
SURWDJRQLVWDDFRQVHJXHL[REULUVHSDVHQWUHHOWXPXOWILQVDUULEDUDOVHXHSLFHQWUHHQHO
TXDO HOV ILGHOV LQWHQWHQ OLQ[DU O¶LGHQWLILFDW LFRQRFODVWD $L[z pV HO TXH HV WUREHQ HO
FURQLVWDLHOVHXDFRPSDQ\DQW
<HQWRQFHVFRQWHPSODPRVXQDHVFHQDHVSDQWRVD(OSUHVXQWRFXOSDEOHGHODSHGUDGDXQ
QLxRGHXQRVGRFHDxRVSDOLGXFKR\HQFOHQTXH\DFtDHQHOVXHORFRQODEOXVLOODGHVJDUUDGDFRQ
XQ SLH GHVFDO]DGR FRQ OD FDUD VDQJUDQWH SLVRWHDGR WXQGLGR \ D SXQWR GH VHU PXHUWR SRU XQD
WXUED GH FDIUHV FRQ LGHDV FDWyOLFDV (Q HO JUXSR LQIDQWLFLGD ILJXUDEDQ DOJXQDV VHxRUDV FRQ
VRPEUHUR\FUXFLILMRGHRURDOSHFKRTXHXWLOL]DEDQODVRPEULOODDPDQHUDGHODQ]DVDOYDMH
(O QDUUDGRU HV GLVSRVDYD D DX[LOLDU OD FULDWXUD SHUz GH VREWH XQD SRGHURVD
PDWURQDSUROHWjULDLPSRVDODVHYDSUHVqQFLDHQO¶HVFHQDLV¶HQG~HQEUDoRVHOQHQTXHKD
UHFODPDWFRPDILOOVHX(OQDUUDGRUEDOERQWLQLjFRPOLpVSURSLWRUQDDOHVGLJUHVVLRQV
ODFUHPDGHQHQVKHUHWJHVHQWHPSVGHOD,QTXLVLFLyHOUHFHQWDVVDVVLQDWSHUSDUWGHOD
*XjUGLD &LYLO G¶XQ QDGy L OD VHYD PDUH HQ XQD PDQLIHVWDFLy IHW TXH YD SURYRFDU XQD
FDPSDQ\D G¶DGKHVLy D OD %HQHPqULWD HQWUH HOV FDWzOLFV HO IHWLW[LVPH LPS~GLF GH OD
EXUJHVLDGHYRWDRHQILODGHIHQVDDXOWUDQoDGHODLQMXVWtFLDVRFLDOTXHFDUDFWHULW]DHO
FDWROLFLVPHHVSDQ\ROFRUUHVSRQVDEOHTXHD(VSDQ\DOD[LIUDGHPRUWDOLWDWLQIDQWLOVXSHUL
HOPLJPLOLyGHYtFWLPHVDQXDOV(QUHSUHQGUH¶VO¶DFFLyHOQDUUDGRUHQVFRQGXHL[ILQV
DO GRPLFLOL GHO [LTXHW XQD ³DPDEOH FDVD GH YHFLQGDG FRQ SDWLR OXPLQRVR FRQ VXV
YHQWDQDV\D]RWHDVIORUHFLGDVGHURMRFRPRHQXQDILHVWDFRPXQLVWDFRQVXSHUPDQHQWH
DVDPEOHD SRSXODU DO DLUH OLEUH´ (O QDUUDGRU WHP SHU OD VRUW GH O¶LQIDQW FDU OD SUHPVD
ORFDOFODPDFRQWUDO¶DQDUTXLW]DQWFRSGHSHGUDODVHYDDFWLWXGQRpVODG¶XQGLVWDQFLDW
HQWRPzOHJVRFLDOVLQyODG¶DOJ~DPEYROXQWDWG¶DMXGDUHQODUHDOLWDWSURIHVVLRQDOPHQW
%DOERQWtQ GHIHQVDYD REUHUV L PDUJLQDWV GHV GHO VHX EXIHW G¶DGYRFDW HUD DERJDGR GH
SREUHV SHU XQD THVWLy GH FRQVFLqQFLD QR SHUTXq QR SRJXpV WHQLU FOLHQWV VROYHQWV L
SRGHURVRV(QHOSDWLGHYHwQVQRWUREDTXLEXVFDSHUTXqpVDO¶KRVSLWDODFRQVHTqQFLD
GH OHV IHULGHV UHEXGHV SHUz V¶DVVDEHQWD GH OHV VHYHV FLUFXPVWjQFLHV YLWDOV L REWp XQD
³H[SOLFDFLyQSVLFROyJLFDGHOFDVR´/DPDUHVDOYDGRUDHQUHDOLWDWQRpVWDOpVXQDGRQD
VROWHUDTXHYDSHUGUHHOVHXQXYL³XQREUHURKXHOJXLVWDPXHUWRHQODEDWDOODVRFLDO´L
TXHPpVWDUGPDOJUDWHOVVHXVPRGHVWRVLQJUHVVRVFRPD³FLJDUUHUD´YDUHFROOLUHOQHQ
,ELG
%DOERQWtQVHPEODTXHH[DJHUDOD[LIUDG¶DTXHVWDWD[DTXHDPEWRWHUDPROWDOWD3HUWHQLUXQD
UHIHUqQFLD KHP FRQVXOWDW OHV GDGHV RILFLDOV GH O¶DQXDUL HVWDGtVWLF HVSDQ\RO GH O¶DQ\ 7UREHP TXH
GXUDQWODGqFDGDGHOVODPLWMDQDDQXDOG¶LQIDQWVPRUWVGHDDQ\VG¶HGDWYDVHUGHeVXQD
[LIUDGUDPjWLFDLPpVVLFRQVLGHUHPTXHDTXHVWDPLWMDQDGXUDQWHOPDWHL[SHUtRGHSHUzUHIHULGDDOVPRUWV
GHRPpVDQ\VG¶HGDWpVLQIHULRU$IHJLPKLTXHODWD[DGHQDFLGRVPXHUWRVVXSRVDGXUDQW
O¶DQ\ GH XQ ¶ GHOV QDWDOLFLV Y $QXDULR HVWDGtVWLFR GH (VSDxD $xR ;9,± 0DGULG
6XFHVRUHVGH5LYDGHQH\UD
HQTXHGDUVHDTXHVWRUIH(OSDUHGHODPDUHELROzJLFDQRHQVDEHPUHVKDYLDHVWDWXQ
VDEDWHUDTXLYDQDSOLFDUODOOHLGHIXJXHVHOGLDGHOVHXHQWHUUDPHQWHOQRLHWHVUHVLVWLDD
VHSDUDUVHGHOIqUHWUH3HUz
>@(QWRQFHVXQFXUDEiUEDUR\UROOL]ROHFRJLyEUXVFDPHQWHGHOFRJRWH\VHxDOiQGROH
XQDLPDJHQGHOD9LUJHQGHOD(VWUHOODTXHRFXSDEDHODOWDUGHODFDSLOODOHGLMRFRQDFHQWRGH
LQTXLVLGRU©0LUDVLQRHUHVEXHQRHVD6HxRUDWHYDDFDVWLJDUFRPRKDFDVWLJDGRDWXSDGUHª
(OFKLTXLOORSUHJXQWyFRQFDUDGHHVSDQWR ©3HUR¢KDVLGRpVDODTXH KD PDWDGRD PL
SDGUH"ª
<HOFXUDUHSOLFyVLQFDYLODU©6tpVDOD9LUJHQGHOD(VWUHOODTXHFDVWLJDDORVKRPEUHV
PDORVª
8Q FRS DFODULWV HOV PRWLXV GHO UHVVHQWLPHQW GHO MRYHQHW HO QDUUDGRU V¶DGUHoD D
O¶KRVSLWDO 'H FDPt HV WRSD DPE XQD HVJOpVLD FXUXOOD GH JHQW L DPE XQD GREOH ILOHUD
G¶DXWRPzELOVGHOX[HDSDUFDWVDIRUDHVWUDFWDG¶XQDIXQFLyUHOLJLRVDHQGHVJUHXJHGHOD
9HUJH DSUHGUHJDGD RQ HO SUHGLFDGRU FRPHW O¶HUURU GLDOqFWLF ±GHO TXDO DUD QR VDS FRP
VRUWLU± G¶HVPHQWDU HO FDV GH 'DYLG L *ROLDW $UULEHP ILQDOPHQW D O¶KRVSLWDO RQ HQV
HVSHUDHOGHVHQOODo$UULEHPGHIHWDOSXQWTXHDQRVDOWUHVHQVLQWHUHVVD9HJHPKR
/DSURIXQGDWULVWH]DVHDSRGHUyGHPtHQHOKRVSLWDO(QFRQWUpDODSXHUWDDPLDPLJRHO
DUWLVWDTXLHQPHGLMRKDEHUWRPDGRDSXQWHVLQWHUHVDQWtVLPRVDQWHODHVFHQDGHODFLJDUUHUDMXQWR
DOOHFKRGHOQLxRSDUDXQFXDGURTXHKDEtDFRQFHELGRFRQHOWtWXORGH/D9LUJHQ0DGUH
3HUR¢FyPRVLJXHHOFKLTXLOOR"±OHSUHJXQWpFRQLPSDFLHQFLD
<HODUWLVWDPHGLMRFDVLLQGLIHUHQWH©(OQLxRKDPXHUWRDFRQVHFXHQFLDGHODVKHULGDVª
0HLQGLJQyTXHHVWDQRWLFLDTXHHUDODHVHQFLDO\HQWUDxDEOHPHODGLHVHHODUWLVWDFRQ
IULDOGDGGHVSXpVGHKDEODUPHGHVXFXDGUR0HYLQRDODPHPRULDXQDSiJLQDGHOOLEURIUtR\
VHFRGH-RVp2UWHJD \*DVVHW /DGHVKXPDQL]DFLyQGHODUWHGRQGHVHKDEODGHXQ SLQWRUTXH
DQWH XQ VHPHMDQWH PRULEXQGR ±\ DO SDUHFHU FRQ OD FRPSODFHQFLD GHO DXWRU± HVWi DWHQWR
H[FOXVLYDPHQWHDODVOtQHDV\ORVFRORUHVVLQSUHRFXSDUVHORPiVPtQLPRGHOGRORUKXPDQRGHOD
HVFHQD6HQWtXQDYH]PiVODUHSXOVDGH7ROVWR\>VLF@ODDYHUVLyQGHWRGDFRQFLHQFLDKRQUDGD
IUHQWH DO DUWH GHVKXPDQL]DGR 6L HO DUWH QR VLUYH SDUD UHIOHMDU \ HPEHOOHFHU OD JUDQ SDVLyQ
KXPDQDVLHODUWHQRVLHQWHKXPDQDPHQWHORVGRORUHVGHOSXHEOR¢SDUDTXpVLUYHHODUWH"
/¶DUWSHUD%DOERQWtQQRHVWjHQGHILQLWLYDSHUVREUHGHODLQMXVWtFLDVRFLDOLGH
O¶HQRUPHGRORUKXPjTXHDTXHVWDJHQHUDDPEODFRPSOLFLWDWGHO¶(VJOpVLDHQO¶(VSDQ\D
GHOVHXWHPSV3HUDHOOO¶DUWQRpVXQDEVROXWVLQyXQPLWMjG¶H[SUHVVLyG¶DTXHVWGRORUL
GH OOXLWD FRQWUD DTXHOOD LQMXVWtFLD (O UHODW GDYDQW OD FRQWHPSODFLy G¶DTXHOOD QRYD
'RORURVD ODLFD L SUROHWjULD DFDED WUHQFDQW O¶~OWLPD EDUUHUD TXH SRGLD UHVWDU HQWUH HO
QDUUDGRU L O¶DXWRU TXDQ %DOERQWtQ HQWRQD ³FRQ HO PLVPR IHUYRU TXH SXVH HQ PLV
SOHJDULDVLQFRQVFLHQWHVGHQLxRPtVWLFR´XQD³QXHYDRUDFLyQKXPDQD´
©%HQGLWD VHDV HQWUH WRGDV ODV PXMHUHV W~ PXMHUFLWD REUHUD TXH IXLVWH DO WDOOHU GHVGH
QLxDTXHFRQRFLVWHODVHVSLQDVGHOWUDEDMRDQWHVTXHORVFODYHOHVGHODPRU
%HQGLWDVHDVQRYLD\FRPSDxHUDGHOREUHURUHEHOGHTXHPXULyHQODFDOOHSRUHODPRUGH
ORVKXPLOGHVFRPR&ULVWR
%HQGLWDVHDVPDGUHGHOQLxRREUHURPDGUHGHWRGRVORVKXpUIDQRVGHOWUDEDMRPDGUHGH
WRGRVORVQLxRVYDJDEXQGRVTXHVHPXHUHQGHKDPEUH\GHIUtRHQORVGLQWHOHVPHQRVIHOLFHVTXH
ORVSDMDULOORVGHO(YDQJHOLR
([DOWDGD VHDV SRU HO SXHEOR HQ ORV DOWDUHV GH OD UHYROXFLyQ W~ PDGUHFLWD REUHUD
WUDVSDVDGD GH WRGRV ORV SXxDOHV GH OD FUXHOGDG \ OD LQMXVWLFLD TXH QR OOHYDV FRURQD VREUH ODV
VLHQHVFRPRODVIDOVDVYtUJHQHVSHURVtWLHQHVXQFRUD]yQWDQJUDQGH\WDQKHUPRVRFRPRHOGH
-RVp $QWRQLR%DOERQWtQ 8QD SHGUDGDDOD9LUJHQGLQV *RQ]DOR6DQWRQMDHG /D 1RYHOD
3UROHWDULDHGFLWYRO,
,ELG
DTXHOOD RWUD PDGUH GRORURVDGHO EXHQ -HV~V 0DUtD OD HVSRVD GHO FDUSLQWHURTXH VL YROYLHVH DO
PXQGRHQHVWHLQVWDQWHVHQWLUtDPXFKRPiVFDULxRKDFLDWLPXMHUKXPDQD\JHQHURVDTXHKDFLD
HOtGRORGHRURVLQDOPD\VLQVHQWLGRTXHOODPDQOD9LUJHQGHOD(VWUHOODª
5HVXOWDFXULyVILQDOPHQWFRPSDUDUHOFRQWLQJXWGHODQRYHOÂOHWDSUROHWjULDDPE
OHV FLUFXPVWjQFLHVGHOD VHYD JqQHVLWDOFRPO¶DXWRUHQVOHVEULQGDHQ HOVVHXVUHFRUGV
G¶H[LOLDW $TXt D %DOERQWtQ OL IDOOD OD PHPzULD &UHX TXH OD YD HVFULXUH GHVSUpV GH OD
5HYROXFLyG¶$VW~ULHVG¶RFWXEUHGHOLGHODUHDFFLyLQWHJULVWDTXHHOVHXHVFODIDPHQW
HQSOHQDGHVILJXUDFLyGHOD5HS~EOLFDGXUDQWHO%LHQQL1HJUHYDGHVIHUPDUHQUHDOLWDW
SHUzODKLVWzULDKDYLDDSDUHJXWSXEOLFDGDHOPDLJGHO7DPEpKDREOLGDWHOQRPGH
O¶HGLWRULDOLFHUWVGHWDOOVGHO¶DUJXPHQW
6LJXLyDWRGRHVWRXQHQYDOHQWRQDPLHQWRVRH]GHOD'HUHFKDTXHVHODQ]yDGHVKDFHU\
WULWXUDU ODV SRFDV FRVDV EXHQDV TXH KDEtD OOHYDGR D FDER OD 5HS~EOLFD HQ HO FDPSR HQ OD
LQGXVWULD HQ OD HQVHxDQ]D HQ WRGRV ORV yUGHQHV GH OD YLGD QDFLRQDO /D EHVWLD FDYHUQtFROD
FRPHQ]yDGDUUHVRSOLGRVGHVDWLVIDFFLyQ\HPSRQ]RxyHODLUHGH(VSDxD
6H DSRGHUy GH PL HVStULWX SRU DTXHOOD pSRFD XQD WUHPHQGD GHSUHVLyQ TXH OOHJy D VX
FROPRHQODSULPDYHUDGHFXDQGRDFXGtD6HYLOODHQ6HPDQD6DQWDSRUGLVWUDHUHOiQLPR
0HHQFRQWUpDOOtFRQXQHVSHFWiFXORWRWDOPHQWHGLVWLQWRGHOTXHKDEtDSUHVHQFLDGRHQORVPHMRUHV
DxRVGHPLMXYHQWXG
$OVDOLUHO&ULVWRGHO*UDQ3RGHUGHVXLJOHVLDEDMRODSD]GHODOXQDHQYH]GHOVLOHQFLR
PtVWLFR GH OD PXOWLWXG >@ HVFXFKp HVWD YH] FRQ KRUURU \ UHSXGLR JULWRV GH HVWH MDH] ©£9LYD
&ULVWR 5H\ª ©£$EDMR OD $QWL(VSDxDª (VWRV DODULGRV VHPLVDOYDMHV HUDQ FRQWHVWDGRV HQ HO
PLVPRWRQRSRUORVFRIUDGHVGHVFDO]RVTXHHQpSRFDVPiVGHOLFDGDVKDFtDQWRGRHOUHFRUULGRHQ
VLOHQFLR
3HRUIXHWRGDYtDODHQWUDGDGHOD9LUJHQGHOD(VSHUDQ]DHQVXLJOHVLDGHOD0DFDUHQD
,EDURGHDGDGHODJXDUGLDFLYLOFRPRVLIXHVHVXPDGULQD\DPSDUDGRUD\QRVHVDEtDELHQVLOD
JHQWHDSODXGtDDOD9LUJHQRDDTXHOORVVLFDULRVVLQHVFU~SXORVTXHDFDEDEDQGHSHUSHWUDUWRGR
JpQHURGHIHFKRUtDVHQORVLQGHIHQVRVSXHEOHFLWRVGH$VWXULDV
)XHHQWRQFHVFXDQGRPHYLQRDODFDEH]DODLGHDGHXQDQRYHOLWDFRUWDTXHPHSXEOLFy
SRFRGHVSXpVXQDHGLWRULDOFDOOHMHUDFX\RQRPEUHQRUHFXHUGR6HUHIHUtDHQHOODODKLVWRULDGHXQ
QLxRGHEDUULRREUHURFX\RSDGUHKDEtDVLGRDVHVLQDGRSRUODJXDUGLDFLYLO\DTXLHQVHOHGLFH
TXHDTXHOODJUDQGDPDGHO©SDVRªSURFHVLRQDOFXELHUWDGHMR\DV\ULFDVWHODVHUDODSDWURQDGH
WRGRVORVJXDUGLDVFLYLOHVGH(VSDxDWDPELpQGHORVTXHPDWDURQDVXSDGUH(OQLxRDFDEDSRU
DUURMDUXQDSHGUDGDFRQWUDHOtGRORQHIDVWR
/HVUHSHUFXVVLRQVGH/DGHVKXPDQL]DFLyQGHODUWHYDQVHUFHUWDPHQWHQRUPHVL
YDQDFWXDUILQVLWRWHQVHQWLWVRSRVDWV/DGLDJQRVLGHOVXSUHPSUDHFHSWRU+LVSDQLDHYD
VHUUHEXGDSHUDOJXQVFRPXQDUHFHSWDSUHVFULSWLYDSHUDOWUHV±DTXtKRKHPYLVW±FRPOD
IRUPXODFLy GH WRW DOOz YLWDQG $TXHVWD GLVFXVVLyLQWHOÂOHFWXDO TXH FRPHQoD GH VHJXLGD
TXHDSDUHL[O¶DVVDLJD (O6ROHQOODoDUjGXUDQWOHVGqFDGHVVHJHQWVDPEXQDGLVFXVVLy
FUtWLFDHQODTXDODTXtQRHQVSRGHPDWXUDUDOYROWDQWGHOVHIHFWHV±SURILWRVRVRQRFLXV±
TXH DO FDSGDYDOO YD WHQLU HO PHVWUDWJH HVWqWLF RUWHJXLj VREUH HO SURVLVWHV TXH OODYRUV
FRQUHDYHQXQDOLWHUDWXUDDYDQWJXDUGLVWD-DUQpV$\DOD(VSLQD*HFp&RUSXV%DUJD
5RVD&KDFHOLXQOODUJHWFqWHUDVHQVHREOLGDUQDWXUDOPHQW5DPyQ*yPH]GHOD6HUQD
HO JUDQ SUHFXUVRU SURPRWRU L SURWDJRQLVWD GH O¶DYDQWJXDUGD OLWHUjULD HVSDQ\ROD /D
OLWHUDWXUD GHVKXPDQLW]DGD SDUWLFLSD D OD VHYD PDQHUD HQ OD LQWHQVD UHFHUFD GH FDPLQV
QRXVTXHYDQGXUDWHUPHOHVDYDQWJXDUGHVHXURSHHVHQDTXHOOHVGqFDGHVYLVWDGHVGHOD
SHUVSHFWLYD TXH OD VLWXD HQ HO PDUF GHO VHX WHPSV SDUWLFLSD WDPEp G¶XQD
,ELG
%DOERQWtQ/D(VSDxDGHPLH[SHULHQFLDHGFLW
1RPpV DSXQWDUHP TXH HQWUH HOV PpV FDUDFWHULW]DWV LPSXJQDGRUV D SRVWHULRUL GH OD OODYRU
RUWHJXLDQDKLKDXUj0D[$XER-XDQ*R\WLVROR
SUREOHPDWLW]DFLy GHO YLQFOH HQWUH OOHQJXDWJH L UHDOLWDW TXH HVWDYD WUDQVIRUPDQW HO
FRQFHSWH GH QDUUDWLYD KHUHWDW GH OD JUDQ qSRFD GHO UHDOLVPH OLWHUDUL HXURSHX 3HUz HOV
OtPLWVGHO¶HVWqWLFDOLWHUjULDGHVKXPDQLW]DGDHQHOVJqQHUHVHQSURVDHVYDQIHUSDOHVRV
PpVDYLDWTXHWDUG/¶HYROXFLyGHOVVHXVSURSLVSURWDJRQLVWHVIDTXHODFUtWLFDSDUOLDPE
HO FDQYL GH GqFDGD L OD FDLJXGD GH 3ULPR HO DFWXDQW FRP D IURQWLVVD G¶XQD
UHKXPDQLW]DFLy GH OD OLWHUDWXUD HVSDQ\ROD (O PRW UHIHULW D DTXHOO FRQWH[W KLVWzULFR
FXOWXUDOWpPDQLIHVWHVLPSOLFDFLRQVSROtWLTXHVLHQDTXHVWVHQWLWODWDVFDFUtWLFDFUHDWLYD
L HGLWRUD GHO JUXS GH 3RVW*XHUUD GXUDQW HOV DQ\V DQWHULRUV L SRVWHULRUV DO FDQYL GH
GqFDGDpVIRQDPHQWDO
(OQLYHOOG¶LPSOLFDFLyKXPDQDHQODFRQFHSFLyGHO¶DUWWDQWGHVGHODSHUVSHFWLYD
GHOFUHDGRUFRPGHOUHFHSWRUpVREMHFWHGHUHIOH[LyHQO¶DVVDLJG¶2UWHJDLSXQWFODXHQOD
UqSOLFDHVWqWLFDGH3RVW*XHUUD2UWHJDFULWLFDHOJDXGLHVWqWLFHQWqVSHU³ODPD\RUtDGH
ODJHQWH´FRPXQDH[WHQVLyRXQUHIOH[GHODSUzSLDH[LVWqQFLDKXPDQDFRPVLHQWUHXQD
PDQLIHVWDFLyDUWtVWLFDLXQHSLVRGLDXWqQWLFGHYLGDKXPDQDQRKLKDJXpVFDSGLIHUqQFLD
2UWHJD YRO FRUUHJLU DTXHVWD FRPSUHQVLy LQGLVWLQWD GH O¶DUW L GH OD UHDOLWDW YLYHQFLDO
³$OHJUDUVHRVXIULUFRQORVGHVWLQRVKXPDQRVTXHWDOYH]ODREUDGHDUWHQRVUHILHUHR
SUHVHQWD HV FRVD PX\ GLIHUHQWH GHO YHUGDGHUR JRFH DUWtVWLFR 0iV D~Q HVD RFXSDFLyQ
FRQ OR KXPDQR GH OD REUD HV HQ SULQFLSLR LQFRPSDWLEOH FRQ OD HVWULFWD IUXLFLyQ
HVWpWLFD´3HUH[HPSOLILFDUKRHQVH[SOLFDTXHQRpVHOPDWHL[PLUDUXQMDUGtDWUDYpV
GHO YLGUH G¶XQD ILQHVWUD TXH IL[DUQRV HQ HO SURSL YLGUH VyQ GH IHW GRV RSHUDFLRQV
LQFRPSDWLEOHV L H[FORHQWV '¶LJXDO PDQHUD TXL HQ O¶REUD G¶DUW QRPpV EXVTXL
FRPPRXUH¶VQRYHXUjO¶REUDG¶DUW/DUHDOLWDWpVXQDFRVDO¶DUWXQDDOWUD2UWHJDYROGULD
XQUHFHSWRUDUWtVWLFSURXUDFLRQDOFRPSHUVHUFDSDoG¶REVHUYDUDTXHVWDLUUHDOLWDWTXHpV
O¶REUDG¶DUWLGHVDEHUMXWMDUODFRPDWDOLUUHDOLWDWLQRSDVHQIXQFLyGHODSRFDRPROWD
UHDOLWDWKXPDQDTXHWUDQVPHWL
3XHV ELHQ OD PD\RUtD GH OD JHQWH HV LQFDSD] GH DFRPRGDU VX DWHQFLyQ DO YLGULR \
WUDQVSDUHQFLD TXH HV OD REUD GH DUWH HQ YH] GH HVWR SDVD DO WUDYpV GH HOOD VLQ ILMDUVH \ YD D
UHYROFDUVHDSDVLRQDGDPHQWHHQODUHDOLGDGKXPDQDTXHHQODREUDHVWiDOXGLGD6LVHOHLQYLWDD
VROWDUHVWDSUHVD\DGHWHQHUODDWHQFLyQVREUHODREUDPLVPDGHDUWHGLUiTXHQRYHHQHOODQDGD
SRUTXH HQ HIHFWR QR YH HQ HOOD FRVDV KXPDQDV VLQR VyOR WUDQVSDUHQFLDV DUWtVWLFDV SXUDV
YLUWXDOLGDGHV
2UWHJDDWDFDGRVIURQWVTXHHQHOIRQVYLQFXODHQWUHHOOVFRPVLIRVVLQXQGHVRO
O¶DUWGHFLPRQzQLFLO¶DUWGHFRQVXPSRSXODU3HUDL[zSUHFLVDPHQWLQVLVWHL[WDQWHQHOIHW
TXHO¶DUWPRGHUQpVHVVHQFLDOPHQWPLQRULWDUL3HUIUXLUGHO¶LPSXUDUWGHOVHJOH;,;QR
pV QHFHVVDUL WHQLU VHQVLELOLWDW DUWtVWLFD ³%DVWD FRQ SRVHHU VHQVLELOLGDG KXPDQD \ GHMDU
TXHHQXQRUHSHUFXWDQODVDQJXVWLDV\DOHJUtDVGHOSUyMLPR6HFRPSUHQGHSXHVTXHHO
DUWHGHOVLJOR;,;KD\DVLGRWDQSRSXODUHVWiKHFKRSDUDODPDVDLQGLIHUHQFLDGDHQOD
SURSRUFLyQHQTXHQRHVDUWHVLQRH[WUDFWRGHYLGD´ /¶DUWQRXDVSLUDDVHUXQDUWSXU
OOLXUH GHO OODVW G¶HOHPHQWV KXPDQV TXH DUURVVHJDYD O¶DUW DQWLTXDW , WRW DFFHSWDQW TXH
SRWVHUVLJXLLPSRVVLEOHSURGXLUXQDUWDEVROXWDPHQWSXUHOFHUWpVTXHODWHQGqQFLDDOD
VHYDSXULILFDFLyHVWjWUDoDGD
8QD YLVLy JHQHUDO GH OD THVWLy RQ V¶DERUGHQ DVSHFWHV HQ TXq QRVDOWUHV WDPEp LQFLGLUHP DO
OODUJGHOSUHVHQWWUHEDOOHVWUREDD-RVp0DQXHO/ySH]GH$ELDGD³'HODOLWHUDWXUDGHYDQJXDUGLDDODGH
DYDQ]DGD /RV HVFULWRUHV GHO HQWUH OD ©GHVKXPDQL]DFLyQª \ HO FRPSURPLVR´ -RXUQDO RI
,QWHUGLVFLSOLQDU\/LWHUDU\6WXGLHV&XDGHUQRV,QWHUGLVFLSOLQDULRVGH(VWXGLRV/LWHUDULRV
2UWHJD/DGHVKXPDQL]DFLyQGHODUWHHGFLW
,ELG
>@ (VWD WHQGHQFLD OOHYDUi D XQD HOLPLQDFLyQ SURJUHVLYD GH ORV HOHPHQWRV KXPDQRV
GHPDVLDGRKXPDQRVTXHGRPLQDEDQHQODSURGXFFLyQURPiQWLFD\QDWXUDOLVWD<HQHVWHSURFHVR
VHOOHJDUiDXQSXQWRHQTXHHOFRQWHQLGRKXPDQRGHODREUDVHDWDQHVFDVRTXHFDVLQRVHOHYHD
(QWRQFHVWHQGUHPRVXQREMHWRTXHVyORSXHGHVHUSHUFLELGRSRUTXLHQSRVHDHVHGRQSHFXOLDUGH
ODVHQVLELOLGDGDUWtVWLFD>@
3RVW*XHUUDLHOFHQWHQDULGH*R\D
7RUQHP D 'tD] )HUQiQGH] -D KHP YLVW PpV DPXQW TXH HOO GHIHQVD FRQMXJDU
O¶H[SHULPHQWDFLyIRUPDOGHO¶DYDQWJXDUGDDPEXQVWHPHVPHQ\VLQWUDQVFHQGHQWVTXHHOV
DFRVWXPDWVSHOVSURVLVWHVQXHYRV$EDQVGHIRUPXODUKRHQO¶DUWLFOHTXHMDFRQHL[HP
KDYLD SXEOLFDW DOJXQ DOWUH HVFULW D 3RVW*XHUUD (Q HO Q~P MXOLRO GH DSDUHL[
³5HYLVLyQ GH XQ FHQWHQDULR *R\D HVSDxRO GHPyFUDWD´ eV XQD GHIHQVD GH OD
ILJXUD GH *R\D HQ WDQW TXH SRUWDGRUD GH YDORUV DUWtVWLFV SRSXODUV L LQVWLQWLYDPHQW
DQWLDULVWRFUjWLFV/¶DUWLFOHSDUWHL[G¶XQDFUtWLFDDODIUHTHQWFHOHEUDFLyGHFHQWHQDULVLDO
IHW TXH HQ OD VHYD RUJDQLW]DFLy V¶DVVXPHL[HQ XQV FRPSURPLVRV DPE HO SDVVDW TXH QR
GHL[HQ GH VHU KLSRWHTXHV VREUH HO SUHVHQW ³8QR SLHQVD TXH VL SXGLHUDQ H[LVWLU WDQWRV
JUDQGHV KRPEUHV FRPR GLFHQ ODV $FDGHPLDV \ ORV SHULyGLFRV RWUR GHVWLQR PiV
KDODJHxRFRUUHVSRQGHUtDDOKRPEUHFRQWHPSRUiQHR´'HOVFHQWHQDULV~OWLPDPHQWHQ
GDQVD 'tD] )HUQiQGH] YRO UHVFDWDU HO GH *R\D YRO UHVFDWDUOR GH OHV PDQV GH ³ODV
PLQRUtDVVHOHFWDVDULVWRFUiWLFDV´TXH³UHFRJHQD *R\DH[SUHVLyQGHORSRSXODUGHOR
GHPRFUiWLFRKDVWDLQVFULELUORHQWUHVXVYHQHUDFLRQHV´FRVDTXHHQUHDOLWDWGHPRVWUD³OD
IDOVHGDGGHDOJXQDVIyUPXODVGHODUWHQXHYR´3HUD'tD])HUQiQGH]³*R\DYXHOFDHQ
VXVFXDGURVWRGDVXDOPDLQVXUUHFWDHOHPHQWDODJLWDGD\HQpUJLFDDOPDTXHUHSUHVHQWD
FRPR QLQJXQD HO FDUiFWHU GH VX SXHEOR´ $ PpV GH UHLYLQGLFDU *R\D SHU D OHV VHYHV
SRVLFLRQV HVWqWLFRLGHROzJLTXHV 'tD] )HUQiQGH] DSURILWD SHU DWDFDU ³XQ SHQVDGRU
©DULVWRFUiWLFRª DFWXDO´ HO FRPWH .H\VHUOLQJ $TXHVW KDYLD SXEOLFDW DPE DQWHULRULWDW
XQDUWLFOHD5HYLVWDGH2FFLGHQWHVREUHHOFDUjFWHUHVVHQFLDOPHQWQRHXURSHXG¶(VSDQ\D
L OHV DSRUWDFLRQV TXH HO VHQ\RUtYRO JHQL KLVSjQLF SRGULD IHU D O¶³(XURSD OLTXLGDGD GH
KR\´.H\VHUOLQJWDPEpKLHVPHQWD*R\DWRWLTXHVHPSUHGHSDVVDGDFRPTXDQGLX
TXH8QDPXQRpV³HOHVSDxROSDUD(XURSDPiVLPSRUWDQWHTXHYLYH\VHJXUDPHQWHHO
,ELG
7DPEpFRPDFUHDGRUIDUjHOPDWHL[LOHVVHYHVGXHV~QLTXHVQRYHOÂOHV(OEORFDRL/D
9HQXVPHFiQLFDVyQFRQVLGHUDGHVSHUODFUtWLFDFRPXQDHYROXFLyGHODSURVDDYDQWJXDUGLVWDHQOD
GLUHFFLy G¶XQD OLWHUDWXUD GH FRQWLQJXW FUtWLF Y /DXUHQW %RHWVFK -RVp 'tD] )HUQiQGH] \ OD RWUD
JHQHUDFLyQGHO0DGULG3OLHJRV
1R pV FDVXDO TXH DTXHVWD FUtWLFD D WDOV FRPPHPRUDFLRQV DSDUHJXL HO PHV VHJHQW TXH /D
*DFHWD/LWHUDULDKDJXpVGHVWDFDWHQSULPHUDSODQDODSXEOLFDFLyGH*LPpQH]&DEDOOHURWHQLDIRUPDWGH
GLDULVHQVHFREHUWHVHOIDPyVFHQWHQDULGH*yQJRUDGHVWLQDWDFRQYHUWLUVHHQHSzQLPJHQHUDFLRQDOGHO
FqOHEUHJUXSGH SRHWHV³±0D\R±&HQWHQDULRGH*yQJRUD´/D*DFHWD /LWHUDULDGH
MXQ\3HUzO¶KRPHQDWJHTXHGLUHFWDPHQWKDPRWLYDWO¶DUWLFOHGH'tD])HUQiQGH]pVVHQVGXEWH
HO TXH OL GHGLFD D *R\D OD PDWHL[D UHYLVWD GLHV GHVSUpV GHO GH *yQJRUD DL[t PDWHL[ DPE DUWLFOHV L
FROÂODERUDFLRQVTXHRPSOHQOHVGXHVSULPHUHVSODQHV³$QWHXQFHQWHQDULR&RQPHPRUDFLyQGH*R\D´/D
*DFHWD/LWHUDULDGHMXOLRO
+HUPDQQ *UDI .H\VHUOLQJ RULQG GH OD UHJLy EjOWLFD GH /LYODQG L IXQGDGRU D
FRPHQoDPHQWVGHOVG¶XQD6FKXOHGHU:HLVKHLWD'DUPVWDGWHUDHQDTXHOOVDQ\VD(VSDQ\DXQDILJXUD
SURX FRQHJXGD (O VHX QRP DSDUHL[HUj GLYHUVHV YHJDGHV WDQW D OD UHYLVWD FRP D O¶HGLWRULDO 5HYLVWD GH
2FFLGHQWH*LPpQH]&DEDOOHURSHUODVHYDSDUWHOFRQYLGDUjDYLVLWDU0DGULGDILQDOVGH$(VSDVD
&DOSHVH¶OUHHGLWDUjFRQVLGHUDEOHPHQW
&RQGH+HUPDQQ.H\VHUOLQJ³(VSDxD \(XURSD´ 5HYLVWD GH2FFLGHQWHPDLJGH
HVSDxROPiVVLJQLILFDWLYRHQJHQHUDOGHVGH*R\D´3HUzHOTXHUHDOPHQWYROGHVDFWLYDU
'tD] )HUQiQGH] GH O¶DUWLFOH GH .H\VHUOLQJ VyQ OHV LPSOLFDFLRQV SRWHQFLDOPHQW
DQWLUHYROXFLRQjULHV GH OD FRPSDUDQoD TXH HQWUH HOV GRV H[WUHPV HXURSHXV R
H[WUDHXURSHXV FDOGULD GLU 5~VVLD L (VSDQ\D HO SHQVDGRU DOHPDQ\ HVWDEOHL[ 0pV
DPXQWKHPIHWMDDOJXQDUHIHUqQFLDDODGLIRVDWHQGqQFLDDODFRPSDUDFLyHQWUHDPEGXHV
TXH KL YD KDYHU HQ HOV DQ\V SRVWHULRUV D OD 5HYROXFLy %RO[HYLF (O TXH YH D GLU
.H\VHUOLQJ HQDTXHVWDUWLFOHPpV R PHQ\V PDQLIHVWDPHQW pV TXH D (VSDQ\D QR KL KD
SHULOOG¶XQDUHYROXFLyLJXDOLWjULDSHUTXqHOVHVSDQ\ROVDPEHOVHXRUJXOODIULFjEHGXt
TXL[RWHVFGHIHWMDVHVHQWHQWRWVLJXDOVWRWVQREOHVWRWVVHQ\RUV9HJHPKRUHSURGXwP
OHVFXUVLYHVWDOFRPDSDUHL[HQ
>@ 7RGR HO HVSDxROLVPR HV DSRVWXUD 7RGR HVSDxRO HV VHxRU \D TXH HO VHU VHxRU
LPSOLFD XQ VHQWLPLHQWR QDWXUDO GH GLJQLGDG \ UHFRQRFHU HO ©QREOHVVH REOLJHª 3RU HVR OD
FRQGLFLyQGHOHVSDxROUHSUHVHQWDVHJ~QHOHVStULWXODGHPRFUDFLDLGHDOTXHVyORSXHGHGDUVHHQ
HOHVStULWXGHOTXHJR]DLJXDOGDGGHGHUHFKRVSHURQRLJXDOiQGRVH©SRUDEDMRªVLQR©SRUDUULEDª
-DPiVROYLGDUpODLPSUHVLyQTXHPHSURGXMRXQDMRYHQDOGHDQDTXHKDEtDWUDtGRDOPXQGRVHLV
KLMRVHQFLQFRDxRVDOFRELMDUPHHQVXSREUHFDEDxDFRQGRVGXTXHVHVSDxROHVGHVSXpVGHXQ
DFFLGHQWHGHDXWRPyYLOQRVRODPHQWHWUDWDEDFRQHVWRVFRPRLJXDOVLQRTXHORHUDSRUTXHWHQtD
WDQH[DFWDFRQFLHQFLDGHODGLJQLGDGGHVXHVWDGRFRPRHO'XTXHGH$OEDGHODVX\D>@
9HUGDGHUDPHQWDQWROzJLF0DLVDEUHPTXDQWVILOOVYDQVREUHYLXUHGHOVTXHGHYLD
DUULEDU D SDULU DTXHOOD QRLD SHUz TXq LPSRUWDYD OD PLVqULD GDYDQW DTXHVWD PHQD GH
GHPRFUjFLDGHO¶HVSHULW"/DGHPRFUjFLDSROtWLFDODUHIRUPDDJUjULDODUHYROXFLyQR
HUHQ FDS XUJqQFLD HQ O¶(VSDQ\D HWHUQD TXH SHUFHS HO QRVWUH *UDI ³3HUPDQH]FD
HWHUQDPHQWHHQHVHQFLDORTXHVLHPSUHIXp´UHVDODIUDVHDPETXqWDQFDO¶DUWLFOH3HU
DOWUDEDQGDEHQVHJXUTXHDTXHOODULVWzFUDWDGHO%jOWLFHVWDYDDFRVWXPDWDYHXUHXQJUDX
GHVXEPLVVLyPpVDFFHQWXDWHQWUHHOVVHUIV(OOHFWRUHVSDQ\ROKRHQWHQGUjTXDQOOHJHL[L
HQDOJXQHVGHOHVREUHVDOHPDQ\HVWUDGXwGHVHQOHVHGLWRULDOVG¶DYDQoDGDGHVFULSFLRQV
GHFRPH[HUFLHQHOVHXSRGHUHVFODYLW]DQWHQDTXHOOHVQzUGLTXHVWHUUHVHOV-XQNHUGHOD
FDVWD GH .H\VHUOLQJ 'tD] )HUQiQGH] LQWHQWD DSURILWDU OD LGHD GH GHPRFUjFLD D
0pV WDUG D O¶qSRFD GH WUDQVLFLy FDS D OD 5HS~EOLFD $UGHUtXV WDPEp HVFULXUj XQ SHUVRQDO
DUWLFOHDJHUPDQDQWHOVGHVWLQVGH5~VVLDLOD3HQtQVXOD-RDTXtQ$UGHUtXV³(VSDxD´1XHYD(VSDxD
G¶DJRVW
&HUWpVTXHHOFOjVVLFUHIUDQ\FDVWHOOj³1DGLHHVPiVTXHQDGLH´DPpVGHVHULQLPDJLQDEOHHQ
VHJRQVTXLQHVODWLWXGVHXURSHHVVRFLRKLVWzULFDPHQWLDQWURSROzJLFDQRGHXVHUSDVJUDWXwWSHUzODYLVLyGH
.H\VHUOLQJHVWjHQFDUDFRQGLFLRQDGDSHUODG¶DTXHOOSREOHRUJXOOyVLVHQ\RUtYROHVVHQFLDOPHQWLQWDFWHGHV
GHODVHYDKHURLFD(GDW0LWMDQDTXHHOVJHUPDQV+XPEROGWYDQGHVFREULUSHUDOVURPjQWLFVDOHPDQ\VL
TXH YD UHVXOWDU SHUIHFWH SHU H[HPSOLILFDU OHV FRQFHSFLRQV GH +HUGHU 8QD FUtWLFD G¶DTXHVW WH[W GH
.H\VHUOLQJ HQ HO FRQWH[W DFDGqPLFRLGHROzJLF GH OD KLVSDQtVWLFD DOHPDQ\D FRHWjQLD D 'LHWULFK
%ULHVHPHLVWHU ³(O DXJH GHO KLVSDQLVPR DOHPiQ ´ GLQV -DLPH GH 6DODV 'LHWULFK
%ULHVHPHLVWHUHGVRSFLW
'LUHPSHUzWDPEpHQFHUWGHVFjUUHFGH.H\VHUOLQJTXHODYLVLyIRUDQDGHO¶RUJXOOHVSDQ\RO
FRPDPDQLIHVWDFLyG¶XQDQREOH]DJHQHUDOLW]DGDQRHUDLQVzOLWDHQDTXHOODqSRFD(QWUREHPXQH[HPSOH
HQ.DUHOýDSHNTXHHOYDSXEOLFDUXQOOLEUHGHYLDWJHVGHWHPjWLFDHVSDQ\ROD/DWUDGXFFLyDQJOHVD
G¶DTXHVWD REUD /HWWHUV IURP 6SDLQ HV YD IHU ±VHQV GXEWH DYDODGD SHU O¶q[LW DQWHULRU GH /HWWHUV IURP
(QJODQG GHO PDWHL[ DXWRU± MD D O¶DQ\ VHJHQW GH O¶HGLFLy W[HFD 3HU FHUW TXH OD WUDGXFFLy HVSDQ\ROD
VLJQDGDSHU-DQD6WDQFHOL&ODUD-DQpVQRDUULEDUjILQVDO9LDMHD(VSDxD(QODGHVFULSFLy
TXH HO YLDWJHU W[HF HQV ID GH O¶DQLPDW DPELHQW GH OD 3XHUWD GHO 6RO GLVWLQJHL[ XQ 6SDQLVK KLGDOJR
GLVIUHVVDW GH JXjUGLD XQ PDUTXqV TXH V¶HVJDUJDPHOOD SHU YHQGUH DOJXQ H[HPSODU G¶(O 6RO R XQ
FRQTXLVWDGRUTXHDPDQFDG¶DODEDUGDHVUHFRO]DHQXQDHVFRPEUD,FRQWLQXD³<RXNQRZFDEDOOHURV
WKLV KDV TXLWH WDNHQ P\ IDQF\ DOO WKLV FURZG WKLV QRLVH ZKLFK LV QRW DQ XSURDU WKH JD\ FRXUWHV\ WKH
FKDUPDOORIXVDUHFDYDOLHUVWUDPSDQGFXVWRGLDQRIWKHODZ,DQGWKHFURVVLQJVZHHSHUZHDUHDOORI
QREOHELUWKZKHUHIRUHORQJOLYHVRXWKHUQHTXDOLW\´.DUHOýDSHN/HWWHUVIURP6SDLQWUDGGH3DXO6HOYHU
O¶HVSDQ\RODTXHIRUPXODHOFRPWHLFRQYHUWLUODSRUWDQWO¶DLJXDDOVHXPROtHQXQDLGHD
GHGHPRFUjFLDSRSXODUSHUzHOFHUWpVTXHQRVH¶QVXUWJDLUHEpLUHVXOWDSRFFRQYLQFHQW
>@ 3RU HVR ±DJUHJD .HLVHUOLQJ >VLF@± OD FRQGLFLyQ GHO HVSDxRO UHSUHVHQWD VHJ~Q HO
HVStULWX OD GHPRFUDFLD LGHDO &RQIRUPHV 3HUR HVH ©VHxRUtRª GHO SXHEOR ¢QR HV HO PLVPR TXH
SUHFRQL]DED/HQLQ"'HHVWHPRGRFRQFOXLUHPRVDVHJXUDQGRTXHHOHVSDxROHVWDPELpQHOSXHEOR
PHMRU GLVSXHVWR SRU VXV IDFXOWDGHV HVSHFtILFDV SDUD HO HMHUFLFLR Pi[LPR GH OD GHPRFUDFLD 1R
SDUDHODEVROXWLVPRGHXQDPLQRUtDDULVWRFUiWLFDQLVLTXLHUDSDUDXQIDVFLVPR>@
(QODVHJRQDSDUWGHO¶DUWLFOHDTXHVWDVtPpVFRQYLQFHQWLUHHL[LGDGLEXL[DOD
WUDMHFWzULDDUWtVWLFDLYLWDOGH*R\DVLWXDQWORHQOHVFRRUGHQDGHVSRSXODUGHPRFUjWLTXHV
TXH DEDQV KDYLD WUDoDW DPE O¶DMXW ±QR GHO WRW YROXQWDUL± GH .H\VHUOLQJ (O ILQDO HQV
PRVWUDFRP'tD])HUQiQGH]HQHOVVHXVGLYHUVRVHVFULWVD3RVW*XHUUDDQDYDHODERUDQW
XQDSURSRVWDHVWqWLFDGHDYDQ]DGDSURXFRKHUHQWHQODVHYDIRUPXODFLyJOREDO
7RGRORTXHDQWHFHGHQRTXLHUHGHFLU±HVFULELPRVSDUDORVFRPSUHQVLYRV±TXHODREUD
GH *R\D WHQJD SUHPHGLWDGDPHQWH XQD LQWHQFLyQ SROtWLFD R VRFLDO 3HUR HO DUWH HV JUDQGLRVR
SUHFLVDPHQWH SRU HVR SRUTXH DGHPiV GH VXV FXDOLGDGHV SURSLDV GH VXV JHQHURVDV \ QREOHV
H[SUHVLRQHV FRQVLJXH XQD UHSHUFXVLyQ LQPRUWDO HQ WRGRV ORV SUREOHPDV KXPDQRV +H DKt XQD
YLUWXGVRFLDOVXYLYHQFLDHQODVDOPDVPiVGLIHUHQWHV\GLVWDQWHV
/D REUD GH *R\D HV XQD REUD HJUHJLD SRUTXH HV XQD REUD GH GHPRFUDFLD 3DUD ODV
GHPRFUDFLDV/DREUDTXHDQXQFLDHO©VHxRUtRªGHOSXHEORHVSDxROGHQWURGHVXIXQFLyQVRFLDO
/D*DFHWD/LWHUDULDL±FRPDUHVSRVWD±3RVW*XHUUDV¶KDYLHQDGHODQWDWXQDQ\
HQODGLVSXWDSHUO¶DSURSLDFLyGHOFHQWHQDULGHODPRUWGH*R\DTXHGHIHWHVYDFHOHEUDU
FRPWRFDYDHO'tD])HUQiQGH]LQVLVWHL[OODYRUVDPE³(OFHQWHQDULRGH*R\D(O
*UHFR \*R\D´ DSDUHJXWHOPDLJG¶DTXHOODQ\ /D YLQFXODFLy HQWUH DPEGyV
JHQLV GH OD SLQWXUD SDUWHL[ GH TXq D WRWV GRV VH¶OV SRW FRQVLGHUDU ³RULJLQDOHV \
UHYROXFLRQDULRV´ D PpV GH ³LQFRPSUHQGLGRV HQ VX WLHPSR \ DXQ SRU ORV VLJORV
VLJXLHQWHV´ $ SDUWLU G¶DTXt O¶DXWRU ID XQD DQjOLVL DOKRUD HVWqWLFD L VRFLROzJLFD DPE OD
LQWHQFLyFRQIHVVDGH³VLWXDUODSRVLFLyQGHODUWHPRGHUQR´pVHOSUHVHQWHOTXHVHPSUH
LQWHUHVVDD'tD])HUQiQGH]3HUDL[zPDWHL[FUHLHPTXHDTXHVWDUWLFOHHVWjLQIOXwWSHUOD
OHFWXUD SUqYLD GHO OOLEUH GH )UDQ] 5RK VREUH OD SLQWXUD SRVWH[SUHVVLRQLVWD TXH HQ
WUDGXFFLyGH)HUQDQGR9HODKDYLDSXEOLFDW5HYLVWDGH2FFLGHQWHHO(QHOVHX
/RQGRQ *HRIIUH\ %OHV $EDQV TXH QRVDOWUHV 0DLQHU KD FLWDW WDPEp HQ YHUVLy FDVWHOODQD
DTXHVWGLYHUWLWLVLJQLILFDWLXSDVVDWJH
(OFHQWHQDULGH*R\DHQFRQWUDVWDPEHOGH*yQJRUDV¶KDDQDOLW]DW±VHQVHVRUWLUGHOWjQGHP/D
*DFHWD/LWHUDULD5HYLVWDGH2FFLGHQWH±HQWDQWTXHLQGLFDWLXG¶XQDSOXUDOLWDWGHFRUUHQWVGLQVODPDWHL[D
JHQHUDFLy GHO Y -RVp /XLV &DOYR &DULOOD 4XHYHGR \ OD *HQHUDFLyQ GHO >@ 9DOHQFLD
3UH7H[WRV 7DPEp KD HVWDW HVPHQWDW FRP D VtPSWRPD HQ HO FRQWH[W G¶XQD ³SpUGLGD GH
SXUH]D´HQOD SRHVLDHVSDQ\RODFDSDILQDOVGHODGqFDGDGHOVY$QGUHZ3'HELFNL +LVWRULDGHOD
SRHVtDHVSDxRODGHOVLJOR;;'HVGHODPRGHUQLGDGKDVWDHOSUHVHQWH0DGULG*UHGRV
$TXHVWDUWLFOHDPEPROWOOHXVUHWRFVFRQVWLWXLUjGHVSUpVDPEHOWtWRO³(O*UHFR\*R\D´XQ
FDStWROG¶(OQXHYRURPDQWLFLVPR
)UDQ] 5RK 5HDOLVPR PiJLFR 3RVW H[SUHVLRQLVPR 3UREOHPDV GH OD SLQWXUD HXURSHD PiV
UHFLHQWHWUDGGHO¶DO SHU)HUQDQGR9HOD0DGULG5HYLVWDGH2FFLGHQWH/¶HGLFLyDOHPDQ\DHUD
QRPpV DQ\V DQWHULRU 1DFK([SUHVVLRQLVPXV 0DJLVFKHU 5HDOLVPXV 3UREOHPH GHU QHXHVWHQ
HXURSlLVFKHQ 0DOHUHL /HLS]LJ .OLQNKDUGW %LHUPDQQ -XDQ 0DQXHO %RQHW DPE HO VHX
FDUDFWHUtVWLFHQWXVLDVPHSHUWRWHOIHQRPHQDYDQWJXDUGLVWDSDUODGHODUHSHUFXVVLyGHO¶HGLFLyHVSDQ\ROD
G¶DTXHVWOOLEUHHQWHUPHVG¶XQD³UHIHUHQFLDFODYHSDUDODYDQJXDUGLDGHQXHVWURSDtV´-XDQ0DQXHO%RQHW
'LFFLRQDULRGHODVYDQJXDUGLDVHQ(VSDxDSRMHFWHHGLWRULDOGH*XLOOHUPRGH2VPDDHG
0DGULG$OLDQ]D/¶,9$0GXUDQWODEULOODQWHWDSDHQTXq%RQHWQ¶HUDHOGLUHFWRUYDPXQWDU
XQDH[SRVLFLyDOYROWDQWGHOOOLEUHGH5RKDPEPRWLXGHODTXDOVH¶QYDIHUXQDHGLFLyIDFVtPLOGHODGH
5HYLVWDGH2FFLGHQWHHO7DPEpHVYDHGLWDUXQLQWHUHVVDQWFDWjOHJ5HDOLVPRPiJLFR)UDQ]5RK\
H[FHOÂOHQW DVVDLJ GREOHPHQW PHULWRUL SHU O¶HVFDVVD SHUVSHFWLYD WHPSRUDO GH TXq
GLVSRVDYDHQFDUD)UDQ]5RKDQDOLW]DGHVFULXLHWLTXHWDFRPD0DJLVFKHU5HDOLVPXVHO
FRUUHQWSLFWzULFTXHHVSHFLDOPHQWHQUHIHUqQFLDDOVSLQWRUVDOHPDQ\VSRVWHULRUPHQWV¶KD
FRQHJXWPpVFRPD1HXH6DFKOLFKNHLW7RWLDL[zXQDQRWDDOILQDOGHO¶DVVDLJDEDQV
GH OHVSODQHVDPEQRPEURVHVUHSURGXFFLRQVGH TXDGUHV WDPEp LQIRUPDYD HO OHFWRU GH
SDUODHVSDQ\RODGHO¶H[SRVLFLyTXHDFDEDULDGRQDQWDTXHVWQRPDODWHQGqQFLDDUWtVWLFD
³/DSULPHUDJUDQH[SRVLFLyQGHHVWDSLQWXUD>«@IXHRUJDQL]DGDSRUHOGRFWRU+DUWODXE
HQHOYHUDQRGHHQHO3DODFLRGH$UWHGH0DQQKHLPEDMRHOQRPEUHGH ©1XHYD
REMHWLYLGDGª´ 8Q FRPHQWDUL TXH ID 'tD] )HUQiQGH] VREUH HO SLQWRU GH 7ROHGR HQV
GHPRVWUDTXHDPEWRWDSUREDELOLWDWKDYLDOOHJLWMDHOOOLEUHGH5RK
(Q HIHFWR HO *UHFR WUDEDMD VX REUD FRPR PRGHUQR &RQRFH WRGDV ODV IRUPDV SRU
OHFFLRQHVGHO7LQWRUHWWRSHURODVVXSHUDSRUFiOFXORVTXHWLHQHQPXFKRGHLQWHOHFWXDOODVVXSHUD
VLVHQRVSHUPLWHQODVSDODEUDVSRUIULDOGDG\VHUHQLGDG6LHQGRXQKRPEUHGHYLGDLQWHULRUHV
REMHWLYLVWDHQHORUGHQGHODH[SUHVLyQ<DYHUHPRVRWURGtDFyPRHVWHDWULEXWRHVWDPELpQHOGHO
DUWLVWDDFWXDO
$TXHVWDOWUHDUWLFOHTXHDTXtVHPEODDQXQFLDUQRDUULEDUjDDSDUqL[HUDOHVSODQHV
GH 3RVW*XHUUD SHUz OD FRQILUPDFLy TXH 'tD] )HUQiQGH] FRQHL[LD O¶DVVDLJ GH 5RK OD
WLQGUHP PpV HQGDYDQW HQ HO FDStWRO ³7UHV WHQGHQFLDV´ G¶(O QXHYR URPDQWLFLVPR RQ
HVPHQWDLFLWDHOFUtWLFDOHPDQ\3ROtWLFDPHQWHOOOLEUHGH5RKpVEDVWDQW QHXWUDOIRUoD
HTXLGLVWDQWHQWUHHOVGRV³DELVPRVDODGHUHFKD\DODL]TXLHUGD´3HUzMDVDEHPTXH
'tD])HUQiQGH]QRHUDFDSGRJPjWLFLEHQVHJXUTXHDTXHOODUDGLRJUDILDUHFHQWGHO¶DUW
HXURSHXHOYDLQWHUHVVDUPROW/DVHYDYLVLyGHO*UHFRFRPXQDUWtIH[REMHFWLYLVWDHVWj
SHUFHUWPpVDSURSGHODILJXUDGHOSLQWRURUWHJXLjTXHEODVPDYD%DOERQWtQTXHQRSDV
GH FDS QHRURPDQWLFLVPH (O FDStWRO PpV OODUJ GH 5HDOLVPR PiJLFR pV HO TXH HV WLWXOD
³'LUHFFLRQHVGHOSRVWH[SUHVLRQLVPR´5RKHQGHVWULDILQVDVHWGHVGHODTXHHQFDUQD
%HFNPDQQ HQ WDQW TXH ³FRQFLOLDFLyQ HQWUH HO H[SUHVLRQLVPR \ HO QXHYR HVWLOR´ ILQV OD
TXHLQFORXHOJUXSIRUPDWD0XQLFGH6FKULPSI0HQVHL'DYULQJKDXVHQSDVVDQWSHU
OD TXH PRVWUD O¶HYROXFLy GHOV FRQVWUXFWLYLVWHV R OD TXH UHSUHVHQWD HO JUXS LWDOLj GHOV
9DORUL3ODVWLFL6HQVGXEWHSHUzODTXHPpVKDYLDGHFULGDUO¶DWHQFLyGH'tD])HUQiQGH]
HUDODTXH5RKDQRPHQD³YHULVPR´HQODTXDOLQFORXHOVSULQFLSDOVUHSUHVHQWDQWVGHOD
EUDQFDFUtWLFDVRYLQWLQFOHPHQWGHODQRYDREMHFWLYLWDW*URV]'L[6FKRO]+XEEXFKR
ODSLQWXUDHXURSHDFDWjOHJH[SRVLFLy,9$0)XQGDFLyQ&DMDGH0DGULG&HQWUR$WOiQWLFR
GH$UWH0RGHUQR)UDQ]5RKYDVHUKLVWRULDGRUGHL[HEOHGH:|OIIOLQLFUtWLFG¶DUW
FRP D FUHDGRU HQ OD GqFDGD GHOV L ILQV O¶DUULEDGD GHO QD]LVPH HO YD WHPSWDU HQFRUDWMDW SHU
0RKRO\1DJ\ODIRWRJUDILDH[SHULPHQWDO
6REUHO¶~VGHOFRQFHSWHUHDOLVPHPjJLFDEDQVLGHVSUpVGH5RKLODVHYDUHODFLyDPEODQRYD
REMHFWLYLWDW Y -HDQ &ODLU ³6REUH HO UHDOLVPR PiJLFR´ GLQV 5HDOLVPR PiJLFR )UDQ] 5RK \ OD SLQWXUD
HXURSHDRSFLW
5RKRSFLW*XVWDY)ULHGULFK+DUWODXEHUDHOGLUHFWRUKRYDVHUGHODO
GHOD6WlGWLVFKH.XQVWKDOOH0DQQKHLPRUJDQLW]DGRUGHO¶H[SRVLFLyTXHHQODSRUWDGDGHOFDWjOHJHV
YDWLWXODUÄ1HXH6DFKOLFKNHLW³'HXWVFKH0DOHUHLVHLWGHP([SUHVVLRQLVPXVY*HUG3UHVOHU*ODQ]XQG
(OHQG GHU HU -DKUH 'LH 0DOHUHL GHU 1HXHQ 6DFKOLFKNHLW .|OQ 'X0RQW 6REUH OD
SDUWLFLSDFLy GH 5RK HQ DTXHVWD H[SRVLFLy L VREUH OHV VHYHV UHODFLRQV DPE +DUWODXE Y 0DQIUHG )DWK
³)UDQ]5RK\*XVWDY)ULHGULFK+DUWODXE´GLQV5HDOLVPRPiJLFR)UDQ]5RK\ODSLQWXUDHXURSHD
RSFLW
5RKRSFLW
+HLQULFK 0DULD 'DYULQJKDXVHQ GHO DO HV YD H[LOLDU D 0DOORUFD GHV
G¶RQ OODYRUV YD SDVVDU D 3DUtV HQ DTXHVWD VHJRQD SHUz QR GDUUHUD IXJLGD SUHFLSLWDGD GHO IHL[LVPH YD
KDYHU GH GHL[DU D O¶LOOD SURS G¶XQD FLQTXDQWHQD G¶REUHV DYXL SHUGXGHV 1R VDEHP VL QLQJ~ PDL V¶KD
RFXSDWG¶HVWXGLDUDTXHVWDKLVWzULDHQSURIXQGLWDW
6FKOLFKWHU ³(VWD WHQGHQFLD HV SRU HO PRPHQWR SURGXFWR H[FOXVLYR GH $OHPDQLD TXH
FRPRVXHOH HVWLUDWRGDV ODVSRVLELOLGDGHV KDVWD HO ILQ KDVWD XQ H[WUHPR WHPHUDULR (Q
5XVLD GRQGH WDPELpQ VH HQFXHQWUD HVWD DVSLUDFLyQ FXOWLYD HO YHULVPR PiV ELHQ OD
HVWDWXDULD FRQ ILQHV GH SURSDJDQGD \ OD HVFHQRJUDItD´ (VWHP FRQYHQoXWV TXH VL
'tD])HUQiQGH]KDJXpVSRJXWDUULEDU D FRQqL[HU VXILFLHQWPHQW O¶REUD G¶DTXHVWV DXWRUV
LPSODFDEOHPHQWGHQXQFLDGRUDHQHOVVHXVPRWLXVDOKRUDTXHIRUPDOPHQWDO¶DYDQWJXDUGD
GHO¶HYROXFLySLFWzULFDV¶KDXULDHQWXVLDVPDWHQERQDPHVXUDH[HPSOLILFDYHQO¶HVWqWLFD
TXHHOOLQWHQWDYDIRUPXODU3HUzDOPHQ\VDO¶qSRFDGH3RVW*XHUUDQRFUHLHPTXHHOV
FRQHJXpVSURX
'H WRWHV PDQHUHV HQ O¶DVVDLJ GH 5RK TXH VXSRVD XQD LPSRUWDQW SUHVD GH
FRQWDFWH ±YLD 5HYLVWD GH 2FFLGHQWH± GHO OHFWRU HQ HVSDQ\RO DPE O¶DUW ZHLPDULj HO
FDStWROTXHWUDFWDGHOYHULVPHSHQVHPTXHYDVHUHOTXHYDVXJJHULUD'tD])HUQiQGH]OD
LGHD G¶HVFULXUH O¶DUWLFOH VREUH HO *UHFR L *R\D 5RK FRQFHS HO YHULVPH FRP XQD
WHQGqQFLDGHODKLVWzULDGHO¶DUWTXHDUDLDGpVUHDSDUHL[RSRVDQWVHDXQFRUUHQWDQWHULRU
PpV HQODLUDW EDUURF IDQWDVLyV LGHDOLVWD R VXEMHFWLYLVWD 7DO DUD HO UHDOLVPH PjJLF HQ
JHQHUDO HQIURQW GH O¶H[SUHVVLRQLVPH GHO TXDO WDQPDWHL[ Q¶pV KHUHX 3HUz HQ DTXHVW
PDWHL[WRUQDUDODUHDOLWDWKLKDVXEFRUUHQWVPpVLGtOÂOLFVLFRQIRUPLVWHVLQ¶KLKDTXHHQ
FDQYL³PXHVWUDQODDEVROXWDLQVXILFLHQFLDGHODYLGD´FRPHOYHULVPHFUtWLF$L[zSRUWD
5RKDUHIOH[LRQDUVREUHODSROLWLW]DFLyGHO¶DUWTXHDTXHVWFRUUHQWUHSUHVHQWD7ROVWRLHQ
UHVSRVWDDO¶q[WDVLGHPRQtDFILQLVHFXODUMDYDGLUTXHO¶DUWKDYLDGHWHQLUXQDLQWHQFLy
PRUDOUHJHQHUDGRUDLVRWDODVHYDLQIOXqQFLD³XQDSDUWHGHOH[SUHVLRQLVPRDILUPyDXGD]
H KLSRWpWLFDPHQWHTXH HOKRPEUHHVEXHQR´ /¶H[SUHVVLRQLVPH HV YD UHEHOÂODU FRQWUD
³OD FRSLD VHPSLWHUQD GHO PXQGR UHDO´ SHUz DO PDWHL[ WHPSV DFWXDYD OD WHQGqQFLD D
EDL[DUO¶DUWGHOVHXSHGHVWDODFRQVLGHUDUTXHO¶DUWQRHUDXQEpDEVROXWSHUGDPXQWGHOD
YLGD
>@ $xDGLyVH D HVWR OD DFWLWXG SROtWLFD GH OD MRYHQ JHQHUDFLyQ TXH GHVDFUHGLWy DO
KRPEUH SXUDPHQWH FRQWHPSODWLYR 'RQGH HVWD LGHD FRLQFLGLy FRQ OD FRQYLFFLyQ GH TXH QXHVWUD
YLGD H[WHUQD SROtWLFD \ HFRQyPLFD HV LQIDPH \ DWUR] R FRQ OD FRQFHSFLyQ PDWHULDOLVWD GH OD
KLVWRULD>@VXUJLyHODFWLYLVPRGHL]TXLHUGD>@
6L GXUDQWH HO VLJOR ;,; ULJLy LQGLVFXWLEOH OD LGHD GH TXH HO YHUGDGHUR DUWH HV OLEUH HV
GHFLU H[HQWR GH WRGD UHIHUHQFLD D OD UHOLJLyQ D OD PRUDO D OD SROtWLFD VXUJH DKRUD OD RSLQLyQ
FRQWUDULDTXHWRGRDUWHYHUGDGHUDPHQWHKXPDQRHVH[SUHVLyQGHXQVLVWHPDGHDFFLyQFROHFWLYD
'HDTXtVHKDSDVDGRDXGD]PHQWHDRWUDDILUPDFLyQPiVJHQHUDOTXHWRGRYHUGDGHURDUWHHVDUWH
GHWHQGHQFLDHVGHFLUDUWHTXHFRPEDWHHQSURGHXQDEXHQDFDXVD>@
$TXHVWHV OtQLHV FHUWDPHQW V¶DSURSHQ DO SHQVDPHQW HVWqWLF GH 'tD] )HUQiQGH]
0DOJUDWWRW5RKIRUPXODREMHFFLRQVDODXWLOLWDWSROtWLFDGHO¶DUW³YHPRVTXHHODUWHQR
SXHGHFRQGXFLUQRVDODDFFLyQWDQGLUHFWDPHQWHFRPRORVXSRQHQORVYHULVWDV\TXHVLOR
FRQVLJXH HV PiV ELHQ LQGLUHFWDPHQWH SRU XQ URGHR DSDUHQWDQGR WHQHU VX ILQ SURSLR H
LQGHSHQGLHQWH HQ VXPD VLQ VDOLUVH QXQFD GHO FDPLQR SURSLDPHQWH DUWtVWLFR´ 3HU DOWUD
EDQGDSHUz5RKWDPSRFFUHXTXH±FRPV¶DILUPDYDHQqSRTXHVPpVHVWHWLFLVWHV±WRWDUW
WHQGHQFLyV KDJL GH VHU QHFHVVjULDPHQW PHGLRFUH L OD +LVWzULD HQ GyQD P~OWLSOHV
H[HPSOHV
(QODIHURWJHGHVFULSFLyGHODVRFLHWDWFRQWHPSRUjQLDTXHIDQHOVYHULVWHVV¶KLKD
GH YHXUH VHJRQV 5RK O¶H[SUHVVLy G¶XQ LQVWLQW FUtWLF TXH LJXDOPHQW HV PDQLIHVWDULD HQ
TXDOVHYRODOWUDIRUPDIXWXUDG¶(VWDW,QGLFLG¶DL[zpVTXHWDQWHQ*URV]FRPHQ'L[³HO
5RKRSFLW
0ROWSRFVDQ\VPpVWDUGHQFDQYL1XHYD(VSDxDFRGLULJLGDUHFRUGHPSHU'tD])HUQiQGH]
SXEOLFDUjMD±RSRUWXQDPHQWHQGRQDUHPGHWDOOV±DOJXQVFUtWLFVGLEXL[RVGH*URV]YSODQDJUjILFD
5RKRSFLW
SUROHWDULDGRHVWpUHSUHVHQWDGRFDVLVLHPSUHWDQHVW~SLGRFRPRODVFDSDVVXSHULRUHVGHOD
VRFLHGDG±FRVDELHQQDWXUDOSXHVWRTXHORVSLQWRUHV\GLEXMDQWHVVHUHILHUHQVLHPSUHDO
KRPEUH HQ JHQHUDO \ D OD YLGD FRPR XQ WRGR´ *URV] FRQWUDGLX O¶RSWLPLVPH
H[SUHVVLRQLVWD L DILUPD TXH O¶pVVHU KXPj QR QRPpV QR pV ER VLQy TXH pV XQD PDOD
EqVWLD ³3HUR VREUH HVWD EDVH HV VREUH OD TXH GH V~ELWR VH DO]D FRQWUDGLFWRULD OD
HVSHUDQ]D HQ HO SUROHWDULR TXH WDPELpQ HV XQ KRPEUH´ $TXHVWD PDWHL[D FRQWUDGLFFLy
DIHJLPQRVDOWUHVpVODTXHDPDUDWRWDO¶REUDGH%UHFKWTXHWDQPDWHL[QRYDDUULEDUD
VHU SURX FRQHJXGD QL D 3RVW*XHUUD QL HQ HO PRYLPHQW HGLWRULDO G¶DYDQoDGD $L[z KD
SURYRFDWFRQWLQXD5RKTXHV¶KDJLDFXVDWGHFLQLVPHODWHQGqQFLDYHULVWDLHOOSURSRVD
O¶DWHQXDQWIyUPXODIUDQFDPHQWJHUPjQLFDHQHOVHXSUXULWGHSUHFLVLy³DFWLYLVPRFtQLFR
GHPHMRUDFLyQ´
(OGHVSLDGDGRPXQGRGHOYHULVPRHVDQWHWRGRXQDUHDFFLyQFRQWUDORVWHPDV\JHVWRV
H[FHVLYDPHQWH ©UHOLJLRVRVª FRQWUD OD PHWDItVLFD GHPDVLDGR DUULVFDGD LQFOXVR PD]RUUDO GH
FLHUWRVH[SUHVLRQLVWDVDODFXDOVHKDTXHULGRRSRQHUXQDYROXQWDGPiVYLULO\PHQRVRSWLPLVWD
GHODUHDOLGDG3HURDTXHO ©FLQLVPRªHVWDPELpQ OD SURORQJDFLyQGHXQDFRUULHQWHVHFXODUHQOD
KLVWRULDGHOHVStULWXUHSUHVHQWDGDSRUODOtQHD±GHPRQtDFDKDVWDHOVDWDQLVPR±GHORVKRUURUHVGH
*R\D +RJDUWK 'DXPLHU 7RXORXVH/DXWUHF LQFOX\HQGR WDO YH] HO GDGDtVPR (VD WHQGHQFLD
JXVWDEDWDPELpQPiVRPHQRVGHFLHUWDLQWURPLVLyQUHYROXFLRQDULDHQORSROtWLFR(VPiVSXHGH
FRQVLGHUDUVHFRPRXQDDFWLWXGHWHUQDGHOHVStULWX>@9pDVHODH[SUHVLyQGHKRUURUSHWULILFDGD
HQFLHUWDVPLQLDWXUDVGHODxRYpDQVHODVJiUJRODVGHODVFDWHGUDOHVJyWLFDVYpDVH>@*UHFR
\*R\D
'HL[HPDTXtODJORVVDGHOOOLEUHGH5RKHQHOSXQWTXHSRGULDKDYHUVXVFLWDWHO
JUHFRJR\HVF DUWLFOH GH 'tD] )HUQiQGH] $PE DL[z QR YROHP SDV GLU TXH DTXHVW QR
HODERULDOOtXQGLVFXUVFUtWLFHQWHUDPHQWSURSLVROVDVVHQ\DOHPXQSRVVLEOHLYHUVHPEODQW
SXQW GH SDUWLGD (O QRVWUH WHzULF GH DYDQ]DGD SDUWHL[ GH OD VLJQLILFDQoD XQLYHUVDO TXH
5RKOLFRQILUPDGHOVGRVSLQWRUVLOODYRUVHQYDDUWLFXODQWXQSURXFRQYLQFHQWFRQWUDVW
TXHOLSHUPHWDFDEDUIL[DQWODSRVLFLyGHO¶DUWLVWDHQHOPyQFRQWHPSRUDQL0HQWUHTXHHO
*UHFR SHU D 'tD] )HUQiQGH] UHSUHVHQWD OD SHUVRQDOLWDW GH O¶DUWLVWD HQ HO PDUF G¶XQD
VRFLHWDWHOVYDORUVGHODTXDOQRTHVWLRQD*R\DVLJQLILFDMDODLQGLYLGXDOLWDWFDSDoGH
VRVWUHXUH¶VDOVHXWHPSV9HJHPO¶HORTHQWSDUWILQDOGHO¶DUWLFOHHQODTXDOVH¶QVEULQGD
XQFRSPpVODFODXGHOHVSURSRVWHVHVWqWLTXHVGHOVHXDXWRU
>@ *R\D IRUMy OD JUDQ OLEHUWDG GH OD SLQWXUD HQpUJLFR LQGLYLGXDOLVPR GHO DUWLVWD
UHVSHFWRDVXWLHPSR/D©SHUVRQDOLGDGªGHO*UHFRHVWiFRQHOSLQWRUDUDJRQpVWUDQVIRUPDGDHQ
LQGLYLGXDOLGDG LQGHSHQGLHQWH HQ VHQWLGR FUtWLFR *R\D GHVJORVD OD SLQWXUD GH OD EXURFUDFLD
SROtWLFD \ OD YDORUL]D GH QXHYR SXHVWR TXH OH FRQFHGH DXWRQRPtD VRFLDO 6L OD 5HYROXFLyQ
IUDQFHVD FRQTXLVWy ORV ©GHUHFKRV GHO KRPEUHª *R\D DOFDQ]y ORV ©GHUHFKRV GHO DUWLVWDª 6X
PRGHUQLGDG UDGLFD HQ HVH JHVWR JHQHURVR VLQ HO FXDO QR KXELHUDQ H[LVWLGR ORV FRQFHSWRV
IXQGDPHQWDOHVGHODUWHQXHYR1RQRVLPSRUWDSDUDHVWHUD]RQDPLHQWRORTXHKD\GHpWLFDHQVX
SLQWXUD VLQR OR TXH KD\ GH UHEHOGtD FRQWUD ORV PpWRGRV DFRPRGDWLFLRV GHO DUWH OR TXH KD\ GH
DILUPDFLyQKXPDQDHQVXREUD1RHVORPLVPRSLQWDUSDUDXQDVRFLHGDGTXHSLQWDUXQDVRFLHGDG
+DVWD*R\DWRGRVORVSLQWRUHVLQFOXVRHO*UHFRKDEtDQHMHFXWDGRVXREUDFRQFLHUWDVXPLVLyQDO
DPELHQWH*R\DHVHVSHFWDGRU\SURWDJRQLVWDGHVXWLHPSRORPLVPRTXHHODUWLVWDPRGHUQRTXH
SRVHHXQDYROXQWDGFUHDGRUDGHVSOD]DGDGHODYROXQWDGJHQHUDO>@
(VWHKXPDQLVPRGH*R\DFRURODULRGHVXLQGLYLGXDOLVPRQRVSHUPLWHWUDEDUORHQHVWH
WUDEDMR FRQ HO HVSLULWXDOLVPR H[DFWR GHO *UHFR /D PH]FOD GH HVWDV GRV WHQGHQFLDV QRV GDUi XQ
SUHFLSLWDGRPRGHUQRHODUWLVWDSXURDYHFLQGDGRHQVXWLHPSR(QWLpQGDVHELHQHQVXWLHPSRQR
,ELG
1RPpVDIHJLUHPTXHHQHOVHXGDUUHUFDStWRO³2MHDGDDRWURVWHUULWRULRV´5RKIDDL[zPDWHL[
XQDXOODGDDO¶DUTXLWHFWXUDEUHXUHIHUqQFLDDOD%DXKDXVP~VLFDHVFXOWXUDRFLqQFLDFRHWjQLHV3HOTXHID
DODOLWHUDWXUDHVPHQWD ILQVDWUHVDXWRUVHQOOHQJXDDOHPDQ\DTXH PpVWDUGWUREDUHPHQHOVFDWjOHJV GH
DYDQ]DGD2WWR)ODNH+HLQULFK0DQQL$UQROW%URQQHQ
HQ OD VRFLHGDG GH VX WLHPSR TXH D~Q HVWi IRUPiQGRVH DFRSOiQGRVH HVWUXFWXUiQGRVH HQWUH
DWURFHVWLWXEHRV
'tD] )HUQiQGH] UHFODPD SHU D O¶qSRFD TXH OL KD WRFDW YLXUH XQ DUWLVWD SXUR
DYHFLQGDGRHQVXWLHPSRDL[zpVXQDUWLVWDGREOHPHQWFRPSURPqVDPEO¶DUWLDPEHO
VHXWHPSV8QDUWLVWDTXHFRQMXJXLHVSLULWXDOLVPRH[DFWRDL[zKRKDYLVWHQHOOOLEUHGH
5RK DPE KXPDQLVPR QRYDPHQW HV WUDFWD GH FRQMXJDU O¶DYDQWJXDUGD IRUPDO DPE OD
LQWHQFLyUHYROXFLRQjULDO¶HVWqWLFDDPEODSROtWLFD
/DQRYHOÂODVHJRQV2UWHJDLVHJRQVHOVHGLWRUVSRVWJXHUULDQV
(QVUHVWDHQFDUDSHUFRPHQWDUXQDGDUUHUDDSRUWDFLyFUtWLFDGH'tD])HUQiQGH]D
OHVSODQHVGH3RVW*XHUUDEUHXSHUzPROWVLJQLILFDWLYD(QVUHIHULPDOD UHVVHQ\DTXH
GHGLFD HQ HO Q~PHUR G¶DJRVW GH D /RV GH DEDMR GH 0DULDQR $]XHOD
$TXHVWQ¶pVHOSULPHUSDUjJUDI
(GLWDGDFRQSHUIHFFLyQHMHPSODUOD(GLWRULDO%LEORVDFDEDGHODQ]DUDOS~EOLFRHVSDxRO
XQDQRYHODGHODUHYROXFLyQPHMLFDQD©/RVGH$EDMRªHVXQDQRYHODGHODUHYROXFLyQSRUORTXH
FRQWLHQH \ORTXHLQLFLD>@/D IXHU]D \HOFRORULGRUHSUHVHQWDQ ODDILUPDFLyQGHXQ QRYHOLVWD
DXWpQWLFR*UDFLDVDODVHQFLOOH]DODVtQWHVLV/DQRYHODGHHVWHPpGLFRUXUDOTXHDQGXYRDOODGR
GH=DSDWD>@GHPXHVWUDODSRVLELOLGDGGHUHGXFLUDOPtQLPXPODFULVLVGHODQRYHOD&ULVLVGH
QRYHOD FRPR FULVLV HFRQyPLFD DJRQtD GH XQ VLVWHPD 3DUD HQFRQWUDU OD YHQD QRYHOHVFD KDEUi
TXHOHYDQWDU PXFKDVFDSDV EDUUHQDUHOVXHORGHOD VHQVLELOLGDGDVtDOXPEUDUiHOFDXGDO FLHUWR
RULJLQDOSURIXQGR/RTXHVHFUHHH[WLQJXLGRHQHVWDVXSHUILFLHJULVVHFD\FDQVDGD
7RWLTXHSRFGHVHQYROXSDGDDTXtKLKDLPSOtFLWDXQDUHIHUqQFLDFUtWLFDD,GHDV
VREUH OD QRYHOD O¶DVVDLJ G¶2UWHJD TXH HO KDYLD DSDUHJXW SXEOLFDW HQ HO PDWHL[
YROXP TXH /D GHVKXPDQL]DFLyQ GHO DUWH (QV KL KDXUHP WDPEp G¶DWXUDU XQD PLFD
SHUTXq VL Ep DTXHVW RSXVFOH QR YD WUREDU D 3RVW*XHUUD WDQWD RSRVLFLy WHzULFRFUtWLFD
FRP O¶DOWUHTXHHOSUHFHGLDSRGUtHPGLU TXH DFDEDUj WUREDQW XQD RSRVLFLy SUjFWLFD MD
TXH WRWD OD QRYHOÂOtVWLFD GH DYDQ]DGD HQV SRGULD VHPEODU HGLWDGD DPE YROXQWDW GH
FRQWUDGLUOR 3HU WDQW DTXt HQV LQWHUHVVD FRPHQWDUQH DTXHOOV DVSHFWHV TXH PpV
FRQWUDVWHQ DPE HOV SULQFLSLV WDQW GH O¶HVWqWLFD SRVWJXHUULDQD FRP GH OD ODERU HGLWRULDO
G¶DYDQoDGD
2UWHJDSDUWHL[G¶XQDSROqPLFDSUqYLDDPE3tR%DURMDTXHDTXHVWWRWVHJXLWQR
V¶HVWDUjGHFRQWLQXDU3HUFHUWTXHODUqSOLFDGH%DURMDTXHDTXtQRFRQVLGHUDUHPHQ
GHWDOOWpSXQWVGHFRQWDFWHDPEODUHKXPDQLW]DFLyTXHSURSXJQDYDODQRVWUDUHYLVWD
6REUHDL[zY'RQDOG/6KDZ³5pSOLFDDOD©GHVKXPDQL]DFLyQª%DURMDVREUHHODUWHGHOD
QRYHOD´ GLQV 'DUtR 9LOODQXHYD HG /D QRYHOD OtULFD ,, 5DPyQ 3pUH] GH $\DOD %HQMDPtQ -DUQpV
0DGULG7DXUXV
3RVW*XHUUDWHQGLDDIHUSRTXHVFRQFHVVLRQVDOHVJHQHUDFLRQVDQWHULRUVLHOVLQWHOÂOHFWXDOVGHO
PpVRPHQ\VUHVSHFWDWVHUHQYLVWRVPpVDYLDWFRPXQDFRVDGHOSDVVDW$PE%DURMDSHUzHVSURGXHL[
XQLQWHQWG¶DSUR[LPDFLyWRWLDFFHSWDUTXHHOJUDQQDUUDGRUEDVFHUD³IXQGDPHQWDOPHQWHLQVRFLDEOH´HQ
O¶~OWLPQ~PHURGHODUHYLVWDDWUDYpVG¶XQDUHVVHQ\DTXHVLJQD-XDQ$QGUDGH$TXHVWDUHVVHQ\D
QRpVG¶XQDREUDGH%DURMDVLQyG¶XQHVWXGLGH)UDQFLVFR3LQDWLWXODWDL[t3tR%DURMDHGLWDWHOPDWHL[
SHU 6HPSHUH ±O¶HGLWRULDO TXH MXQWDPHQW DPE OD SRVWHULRU 3URPHWHR KDYLD IHW GH 9DOqQFLD XQ
LPSRUWDQW FHQWUH HGLWRU GH FDUjFWHU SURJUHVVLVWD HQ OHV SULPHUHV GqFDGHV GH VHJOH (Q DTXHVW HVWXGL
G¶DOJXQD PDQHUD V¶LQWHQWD JXDQ\DU O¶REUD L OD ILJXUD GH %DURMD SHU D OD FDXVD REUHULVWD L ILQV L WRW
FRQYHUWLUORHQXQDPHQDGH*RUNLKLVSjQLF$QGUDGHVHPEODUHFRUGDUODVHYDqSRFDGHOHFWXUHVLQWHQVLYHV
DO¶$WHQHRGH0DGULG³6HJXUDPHQWHQRKD\OLWHUDWRHVSDxROFRQWHPSRUiQHRTXHKD\DVLGRPiVOHtGRHQ
ORV PHGLRV REUHURV FXOWRV TXH %DURMD´ $L[t WRW L VDEHU TXH GRQ 3tR JHUPDQzILO ±FRP %HQDYHQWH L QR
3HUDOWUDEDQGDODGHWHFFLySHUSDUWG¶2UWHJDG¶XQDFULVLHQODQRYHOÂODFRQWHPSRUjQLD
V¶LQVHUHL[ HQ XQD GLVFXVVLy FUtWLFD VREUH DTXHVW WHPD TXH HQ DTXHOO PRPHQW
HVSHFLDOPHQWD3DUtVHVWDYDYLJHQW/DSULPHUDFRQVWDWDFLyRTXHL[DTXHHQVEULQGD
2UWHJDDOEHOOFRPHQoDPHQWLQGLFDXQDWHQGqQFLDTXHGHIHWQRIDULDVLQyDFFHQWXDUVH
HQHOVDQ\VSRVWHULRUV³/RVHGLWRUHVVHTXHMDQGHTXHPHQJXDHOPHUFDGRGHODQRYHOD
$FDHFHHQHIHFWRTXHVHYHQGHQPHQRVQRYHODVTXHDQWHV\TXHUHODWLYDPHQWHDXPHQWD
ODGHPDQGDGHOLEURVFRQFRQWHQLGRLGHROyJLFR´(OTXHQRLPDJLQDYD2UWHJDHUDTXH
OD VRFLHWDW HVSDQ\ROD HVWDYD D SXQW G¶DEVRUELU GXUDQW HOV DQ\V VHJHQWV XQD DXWqQWLFD
DOODX GH WtWROV GH QRYHOÂOD DPE FRQWLQJXW LGHROzJLF 3HU D 2UWHJD OD GHFDGqQFLD DFWXDO
GHOJqQHUH±TXHHOOFRQFHSFRPXQDSHGUHUDJDLUHEpHVJRWDGD±SDUWHL[GHODPDQFDGH
WHPHV QRXV GH OD YLUWXDO LPSRVVLELOLWDW MD GH WUREDUQH $L[z QRPpV HV SRGUj SDOÂOLDU
DPEXQDDFFHQWXDFLyGHODFRQVFLqQFLDDUWtVWLFRIRUPDOGHOQRYHOÂOLVWD
(Q VXPD FUHR TXH HO JpQHUR QRYHOD VL QR HVWi LUUHPHGLDEOHPHQWH DJRWDGR VH KDOOD GH
FLHUWRHQVX SHULRGR~OWLPR \ SDGHFHXQDWDO SHQXULDGHWHPDV SRVLEOHVTXHHOHVFULWRUQHFHVLWD
FRPSHQVDUOD FRQ OD H[TXLVLWD FDOLGDG GH ORV GHPiV LQJUHGLHQWHV QHFHVDULRV SDUD LQWHJUDU XQ
FXHUSRGHQRYHOD
$TXHVWV SODQWHMDPHQWV IRUoRVDPHQW KDYLHQ GH PRXUH D GLVFUHSjQFLD HOV SRVW
JXHUULDQV0DQFDGHWHPHVQRXV"±SUHJXQWDULHQHOOVDOPHVWUH,OD5HYROXFLy5XVVD",OD
±IUXVWUDGD± UHYROXFLy DOHPDQ\D" , OD 5HYROXFLy 0H[LFDQD" , OD *UDQ *XHUUD" , OD
*XHUUD GHO 0DUURF" , WRWHV OHV OOXLWHV DQWLLPSHULDOLVWHV" , WDQWV L WDQWV DOWUHV WHPHV
VXVFHSWLEOHVG¶pVVHUQRYHOÂODWVHQXQPyQOOLXUDWDXQDYHORoHYROXFLy±VLQRFRQYXOVLy±
VRFLDO",QQRYDFLRQVWqFQLTXHVLIRUPDOVHQODQRYHOÂOD"%HQYLQJXGHV±GLULHQHOVQRVWUHV
DPLFV±SHUzQRSHUFRQVWUXLUDUWHIDFWHVQDUUDWLXVDYDQWJXDUGLVWHVTXHQRWUDFWHQGHUHV
TXHVyQSXUDIRUPDVHQVHVXEVWjQFLDKXPDQD/DQRYHOÂOtVWLFDGHVKXPDQLW]DGDLQWHQWDUj
UHVROGUH OD SUHVXPSWD PDQFD GH WHPHV UHQXQFLDQW GLUHFWDPHQW D WHQLU WHPD OD
QRYHOÂOtVWLFDGHDYDQ]DGDTXH±GHVGHOQRVWUHSXQWGHYLVWD±HVPDQLIHVWDUjWDQWHQOHV
WUDGXFFLRQV FRP HQ OD SURGXFFLy SUzSLD HQ DTXHVW VHJRQ FDV OD FUtWLFD KD SDUODW GH
QRYHOLVWDVGHOQXHYRURPDQWLFLVPRHQJHQHUDOWUREDUjDPEPpVIDFLOLWDWHOWHPDTXH
ODIRUPDzSWLPDGHQRYHOÂODUOR
2UWHJDYHXXQDHYROXFLyGHOJqQHUHQRYHOÂOtVWLFTXHO¶KDSRUWDWGHODQDUUDFLyDOD
GHVFULSFLy GH OD LPSRUWjQFLD GHOV IHWV QDUUDWV O¶DYHQWXUD L OD WUDPD QRYHOÂOHVFD D OD
LPSRUWjQFLDGHO¶DWPRVIHUDGHVFULWDLGHOSURSLPyQSDUDOÂOHOTXHODQRYHOÂODUHFUHD-D
SRGHPLQWXLUFDSDRQHQVYROGXU2UWHJDHVWUDFWDUjQRVRODPHQWGHUHVWDULPSRUWjQFLD
DOV DUJXPHQWV OD SHGUHUD HVWj VREUHH[SORWDGD VLQy WDPEp GH GHVYLQFXODU OD UHDOLWDW
QRYHOÂOHVFDGHODUHDOLWDWUHDOTXHHOOHFWRUYLXIRUDGHO¶REUDGHIHUTXHODQRYHOÂODHQ
WDQWTXHILFFLyWLQJXLSOHQD DXWRQRPLD L OD FDSDFLWDW GH IHU REOLGDU DO OHFWRU OD UHDOLWDW
KLVWzULFD TXH O¶HQYROWD TXDQ DL[HFD HOV XOOV GH OHV SODQHV GHO OOLEUH 3HUz QR HQV
DGHODQWHP2UWHJDHQFDUDHQVGHPRVWUDTXHO¶DUJXPHQWQRpVHOTXHFRPSWD
JDLUHVLQWHOÂOHFWXDOVPpV±GXUDQWOD,*XHUUD0XQGLDOSHUWDQ\DXQDDOWUDqSRFDLTXHLGHROzJLFDPHQWPDL
HVFRPSURPHWUjHQODOtQLDGH3RVW*XHUUD$QGUDGHLDPEHOOODUHYLVWDOLYDORUDSUHFLVDPHQWDTXHVWD
LQVXERUQDEOHLQGHSHQGqQFLDTXHHOFDUDFWHULW]D
Y(&RUGHO0F'RQDOG³/DQRYHODPRGHUQDYLVWDSRU2UWHJD´GLQV9LOODQXHYDHGRSFLW
2UWHJD,GHDVVREUHODQRYHODHGFLW
,ELG
Y3DEOR*LO&DVDGR/DQRYHODVRFLDOHVSDxRODDHG%DUFHORQD6HL[%DUUDO
1RQRHVHODUJXPHQWRORTXHQRVFRPSODFHQRHVODFXULRVLGDGSRUVDEHUORTXHYDD
SDVDUD)XODQRORTXHQRVGHOHLWD/DSUXHEDGHHOORHVWiHQTXHHODUJXPHQWRGHWRGDQRYHODVH
FXHQWDHQ PX\ SRFDV SDODEUDV \ HQWRQFHVQR QRVLQWHUHVD8QD QDUUDFLyQ VRPHUD QR QRVVDEH
QHFHVLWDPRVTXHHODXWRUVHGHWHQJD\QRVKDJDGDUYXHOWDVHQWRUQRDORVSHUVRQDMHV(QWRQFHV
QRV FRPSODFHPRV DO VHQWLUQRV LPSUHJQDGRV \ FRPR VDWXUDGRV GH HOORV \ GH VX DPELHQWH DO
SHUFLELUORV FRPR YLHMRV DPLJRV KDELWXDOHV GH TXLHQHV OR VDEHPRV WRGR \ DO SUHVHQWDUVH QRV
UHYHODQWRGDODULTXH]DGHVXVYLGDV>@
/¶DUJXPHQW QRPpV pV HO IDQJ DPE HO TXDO O¶DUWLVWD PRGHOD O¶REUD 3HU PROW
LQWHUHVVDQW TXH VLJXL O¶DVVXPSWH GH OD QRYHOÂOD DTXHVWD VHUj ERQD R GROHQWD HQ IXQFLy
GHOV GRWV L O¶RILFL GH OD FDSDFLWDW DUWtVWLFD GHO QRYHOÂOLVWD 3HU DOWUD EDQGD HO ERQ
QDUUDGRUQRHQVGHILQHL[HOVVHXVSHUVRQDWJHVVLQyTXHHQVHOVSUHVHQWDPLWMDQoDQWOHV
VHYHVDFFLRQVGHPDQHUDTXHVLJXHPQRVDOWUHVOHFWRUVHOVTXHIHPODIHLQDGHFRQqL[HU
ORVLGHILQLUORV3HUD2UWHJD%DO]DFSHFDYDGHGHILQLUPDVVD'RVWRLHYVNLHQFDQYLpV
HO JUDQ PHVWUH HQ OD SUHVHQWDFLy GH SHUVRQDWJHV L 3URXVW KD DQDW MD PDVVD OOXQ\ HQ OD
GHVWUXFFLyGHO¶DUJXPHQWTXHWRWLQRVHUO¶HVVHQFLDOQRGHL[DGHVHUQHFHVVDULFRPD
HVTXHOHWGHWRWDQRYHOÂODFRP³ORVDODPEUHVHQHOSDUDJXDV´'HWRWHVPDQHUHVO¶REUD
GH3URXVWGHPRVWUDTXHHQODQRYHOÂOD³GHDOWRHVWLOR´O¶LQWHUqVGUDPjWLFO¶DFFLypVFRVD
VHFXQGjULD2UWHJDDUDQRGHVDSURILWDUjTXHKDSRUWDWDFROÂODFLyODSDUDXODLHOFRQFHSWH
DFFLyQSHUGHGLFDUXQFDStWRODODGLFRWRPLDTXHIRUPDDPEFRQWHPSODFLyQ
>@ 'RV WLSRV GH KRPEUH VH RSRQHQ HO XQR DVSLUD D OD SXUD FRQWHPSODFLyQ HO RWUR
SUHILHUHDFWXDULQWHUYHQLUDSDVLRQDUVH6yORVHHQWHUDXQRGHORTXHVRQODVFRVDVHQODPHGLGD
TXH ODV FRQWHPSOD (O LQWHUpV QXEOD OD FRQWHPSODFLyQ KDFLpQGRQRV WRPDU SDUWLGR FHJiQGRQRV
SDUD OR XQR PLHQWUDV GHUUDPD XQ H[FHVR GH OX] VREUH OR RWUR >@ (O DUWH HV DVLPLVPR XQ
GHOHLWDUVHHQODFRQWHPSODFLyQ
$SDUHFHQ GH HVWD VXHUWH HO FRQWHPSODU \ HO LQWHUHVDUVH FRPR GRV IRUPDV SRODUHV GH OD
FRQFLHQFLDTXHHQSULQFLSLRPXWXDPHQWHVHH[FOX\HQ3RUHVRHOKRPEUHGHDFFLyQVXHOHVHUXQ
SHQVDGRUSpVLPRRQXOR\HOLGHDOGHOVDELR>@KDFHGHpVWHXQVHUGHVHQJDQFKDGRGHWRGDVODV
FRVDVLQDFWLYRFRQDOPDGHODJXQDLQPyYLOTXHUHIOHMDLPSDVLEOHORVFLHORVWUDQVH~QWHV
7RW L TXH DFWH VHJXLW 2UWHJD DSRVWD SHU XQD FRQFLOLDFLy HQWUH OHV GXHV DFWLWXGV
XQD YHJDGD PpV GHL[DYD FRQVWjQFLD GH OD VHYD YLVLy GH O¶LQWHOÂOHFWXDO FRP XQ VDYL
GHVHQJDQ[DWGHO¶DFFLySROtWLFDRO¶LQWHUqVSDUWLGLVWD(QSOHQD'LFWDGXUDSULPRULYHULVWD
DTXHVWDHUDODSRVLFLyWHzULFDG¶2UWHJDHYLGHQWPHQWSHUFRPSOHWGLVVHPEODQWGHODTXH
HVGHIHQVDYDDOHVSODQHVGH3RVW*XHUUD
/D QRYHOÂOD HQ OD FRQFHSFLy RUWHJXLDQD pV XQ IUDJPHQW GH YLGD SOHQDPHQW
DXWzQRPXQKRULW]ySURSLLUHVWULQJLWRQO¶DXWRUKDGHVDEHUHQFHUFODUHOOHFWRU3HUDL[z
PDWHL[pV³XQHUURUTXHHOQRYHOLVWDVHDIDQHPD\RUPHQWHSRUKDOODUXQD©DFFLyQª´MD
TXH O¶LPSRUWDQW pV TXH HO QRYHOÂOLVWD VjSLJD GHVSOHJDU GDYDQW QRVWUH XQD TXRWLGLDQLWDW
PLQXFLRVD L DEVRUEHQW /D YLGD UHDO pV WDPEp VHPSUH EjVLFDPHQW TXRWLGLDQD HQ
TXDOVHYROHVIHUDUXUDORXUEDQDKXPLORDULVWRFUjWLFDSHUDOWUDEDQGDWRWKRULW]yYLWDO
PHGLRFUHRVXEOLPOLPLWDWRSURPHWHGRUQRpV³LQWHUHVDQWHSRUVXPDWHULD´VLQyTXHKR
pV³SRUVXIRUPDSRUVXIRUPDGHKRUL]RQWHHVWRHVGHFRVPRVRPXQGRFRPSOHWR´/D
GXTXHVVD L O¶HPSOHDGD HQV GLX 2UWHJD V¶DYRUUHL[HQ LJXDOPHQW FDGDVFXQD HQ HO VHX
jPELWHQHOVHXPLFURFRVPRVHQHOVHXFRKHUHQWKRULW]yYLWDO1RVXUDDTXtWDPEpXQ
PLVVDWJH VRFLDOPHQW FRQIRUPLVWD VLPLODU DO TXH GHWHFWDYHP HQ .H\VHUOLQJ" ³1R KD\
QLQJ~Q KRUL]RQWH TXH SRU Vt PLVPR SRU VX FRQWHQLGR SHFXOLDU VHD HVSHFLDOPHQWH
LQWHUHVDQWH VLQR TXH WRGR KRUL]RQWH VHD HO TXH IXHUH DQFKR R HVWUHFKR LOXPLQDGR R
2UWHJD,GHDVVREUHODQRYHODHGFLW
,ELG
WHQHEURVR YDULR R XQLIRUPH SXHGH VXVFLWDU VX LQWHUpV %DVWDUi SDUD HOOR FRQ TXH QRV
DGDSWHPRV YLWDOPHQWH D pO´ (O FHUW pV TXH D O¶(VSDQ\D GH KL KDYLD PLOLRQV GH
SHUVRQHV TXH V¶DGDSWDYHQ DPE IRUoD GLILFXOWDW DO VHX SRF SULYLOHJLDW KRULW]y YLWDO L
WDPEpQ¶KLKDYLDPROWHVTXHSHQVDYHQTXHSRWVHUDUDWRFDYDTXHIRVVLQHOVSULYLOHJLDWV
GHVHPSUHHOVTXHV¶DGDSWHVVLQDOVQRXVWHPSV(OVLQDGDSWDWVGH3RVW*XHUUDEXVFDUDQ
SHU DOV OHFWRUV FRP HOOV QRYHOÂOHV G¶DFFLy UHYROXFLRQjULD GH FUtWLFD WUDQVIRUPDGRUD GH
FRQWLQJXWVLQWHUQDFLRQDOLVWHV9ROGUDQTXHHOOHFWRUKLVSjQLFGHVFREUHL[LQRXVKRULW]RQV
L TXH PRJXW SHU OD OHFWXUD GHO OOLEUH WUDVOODGL OD VHYD PLUDGD ±XQD PLUDGD UHQRYDGD
LQIRUPDGDHVFUXWDGRUD±DODUHDOLWDWTXHO¶HQYROWDSHUTXqQRFRQFHEUDQODQRYHOÂODFRP
OD FUHDFLy G¶XQ XQLYHUV HYDVLX VLQy DO FRQWUDUL FRP OD IRUMD G¶XQD HLQD GH
FRQVFLHQFLDFLy8QDFRQFHSFLyEHQGLIHUHQWDODG¶2UWHJDTXHFRQYHUWHL[ODOHFWXUDGH
QRYHOÂOHVQRHQXQDFWHG¶LQVXEPLVVLyFUtWLFDDODUHDOLWDWVLQyPpVDYLDWHQXQHVFDSLVWD
HQVLQLVWUDPHQWGHODVHYDDFFHSWDFLy/¶DXWRUKDG¶DFRQVHJXLUGHVFRQQHFWDUSHUFRPSOHW
HOOHFWRUGHODVHYDUHDOLWDWKLVWzULFD4XDQDTXHVWDVVXPHL[HOOLPLWDWKRULW]yGHODILFFLy
LV¶KLVXEPHUJHL[G¶DOJXQDPDQHUDV¶HVWjWDPEpDGDSWDQWFRPGHPDQD2UWHJDDOVHX
KRULW]y YLWDO /D QRYHOÂOtVWLFD GH DYDQ]DGD UHFODPD XQ OHFWRU REHUW DO PyQ DPE FUtWLFD
FXULRVLWDW2UWHJDYROXQOHFWRUDwOODWHQODVHYDSURYtQFLDILFFLRQDO
>@ /D WiFWLFD GHO DXWRU KD GH FRQVLVWLU HQ DLVODU DO OHFWRU GH VX KRUL]RQWH UHDO \
DSULVLRQDUOR HQ XQ SHTXHxR KRUL]RQWH KHUPpWLFR H LPDJLQDULR TXH HV HO iPELWR LQWHULRU GH OD
QRYHOD>@+DFHUGHFDGDOHFWRUXQ©SURYLQFLDQRªWUDQVLWRULRHVHQPLHQWHQGHUHOJUDQVHFUHWR
GHOQRYHOLVWD>@
-D HQ HOV GDUUHUV FDStWROV GH O¶DVVDLJ 2UWHJD FRP D FRUROÂODUL GHOV VHXV
UDRQDPHQWVDQWHULRUVOODQoDODVHYD±VHPSUHO~FLGD±FDYDOOHULDHQXQDWDFIURQWDOFRQWUD
OD QRYHOÂOD G¶LQWHQFLRQDOLWDW SROtWLFD /D FUHDFLy QRYHOÂOtVWLFD G¶HQYHUJDGXUD pV XQD
UHDOLWDWHQVLPDWHL[DXQPyQDXWRVXILFLHQWTXHHOOHFWRUUHFUHDG¶HVTXHQHVDOPyQUHDO
(O QRYHOÂOLVWD GH WDOHQW 6WHQGKDO pV HVPHQWDW R DOÂOXGLW PpV G¶XQD YHJDGD pV FRP XQ
GHPLUJFDSDoGHFUHDUDTXHVWXQLYHUVSDUDOÂOHOLDXWzQRPQHFHVVjULDPHQWGHVYLQFXODWGH
TXDOVHYROHIHFWHVREUHODUHDOLWDWH[WUDOLWHUjULD
(QHVWHVHQWLGRPHDWUHYHUtDDGHFLUTXHVyORHVQRYHOLVWDTXLHQSRVHHHOGRQGHROYLGDU
pO\GHUHFKD]RKDFHUQRVROYLGDUDQRVRWURVODUHDOLGDGTXHGHMDIXHUDGHVXQRYHOD6HDpOWRGR
OR©UHDOLVWDªTXHTXLHUDHVGHFLUTXHVXPLFURFRVPRVQRYHOHVFRHVWpIDEULFDGRFRQODVPDWHULDV
PiV UHDOHV SHUR TXH FXDQGR HVWHPRV GHQWUR GH pO QR HFKHPRV GH PHQRV QDGD GH OR UHDO TXH
TXHGyH[WUDPXURV
(VWD HV OD UD]yQ SRU OD FXDO QDFH PXHUWD WRGD QRYHOD ODVWUDGD FRQ LQWHQFLRQHV
WUDQVFHQGHQWDOHV VHDQ pVWDV SROtWLFDV LGHROyJLFDV VLPEyOLFDV R VDWtULFDV 3RUTXH HVWDV
DFWLYLGDGHV VRQ GH QDWXUDOH]D WDO TXH QR SXHGHQ HMHUFLWDUVH ILFWLFLDPHQWH VLQR TXH VyOR
IXQFLRQDQ UHIHULGDV DO KRUL]RQWH HIHFWLYR GH FDGD LQGLYLGXR $O H[FLWDUODV HV FRPR VL VH QRV
HPSXMDVH IXHUD GHO LQWUDPXUR YLUWXDO GH OD QRYHOD \ VH QRV REOLJDVH D PDQWHQHU YLYD] \ DOHUWD
QXHVWUDFRPXQLFDFLyQFRQHORUEHDEVROXWRGHTXHQXHVWUDH[LVWHQFLDUHDOGHSHQGH£&yPRYR\D
LQWHUHVDUPH SRU ORV GHVWLQRV LPDJLQDULRV GH ORV SHUVRQDMHV VL HO DXWRU PH REOLJD D HQIURQWDUPH
FRQHOFUXGRSUREOHPDGHPLSURSLRGHVWLQRSROtWLFRRPHWDItVLFR(OQRYHOLVWDKDGHLQWHQWDUSRU
HO FRQWUDULR DQHVWHVLDUQRV SDUD OD UHDOLGDG GHMDQGR DO OHFWRU UHFOXVR HQ OD KLSQRVLV GH XQD
H[LVWHQFLDYLUWXDO
-DV¶KDSRVDWGHPDQLIHVWY5yGHQDVRSFLWUHVSHFWHD,GHDVVREUHODQRYHODTXH
DTXHVWOHFWRUQRGLVWDQFLDWDFUtWLFHQWUHJDGDPHQWLPPHUVHQODUHDOLWDWQRYHOÂOHVFDHVFRQWUDGLXHQJUDQ
PHVXUDDPEO¶DFWLWXGHVWqWLFDGHIHQVDGDD/DGHVKXPDQL]DFLyQGHODUWH
2UWHJD,GHDVVREUHODQRYHODHGFLW
,ELG
/DOLWHUDWXUDFRPDDQHVWqVLDGHOUHDORFRPDHVWLPXODQWFRQWUDHOUHDODTXHVWD
SRGULDVHUXQDIRUPXODFLyTXHFRQIURQWpVODFRQFHSFLyQRYHOÂOtVWLFDG¶2UWHJDDPEODGHO
JUXSHGLWRUGH3RVW*XHUUD
6HJXLQWDPEHOVHXDIDQ\GHOLPLWDWLXGHOVWHUULWRULVOLWHUDULVLUHDOV2UWHJDWURED
SDUWLFXODUPHQWLPSURSLLLQVDWLVIDFWRULHOJqQHUHGHODQRYHOÂODKLVWzULFDFDUDOOtV¶HVGHYp
XQDSHUPDQHQWFRQWUDGLFFLyHQWUHHOVGRVKRULW]RQVO¶LPDJLQjULRQRYHOÂOHVFLO¶KLVWzULFR
UHDO³(OLQWHQWRGHKDFHUFRPSHQHWUDUVHDPERVPXQGRVSURGXFHVyORODPXWXDQHJDFLyQ
GH XQR \ RWUR HO DXWRU ±QRV SDUHFH± IDOVLILFD OD KLVWRULD DSUR[LPiQGROD GHPDVLDGR \
GHVYLUW~D OD QRYHOD DOHMiQGROD FRQ H[FHVR GH QRVRWURV KDFLD HO SODQR DEVWUDFWR GH OD
YHUGDG KLVWyULFD´ &DO GLU TXH OD QRYHOÂOD KLVWzULFD SRVWHULRUPHQW VHUj SUHVHQW HQ HO
PRYLPHQW HGLWRULDO G¶DYDQoDGD HO VHX Pj[LP H[SRQHQW O¶(GLWRULDO &HQLW IXQGDGD L
FRPDQGDGD SHU 6LOHV WLQGUj XQD FROÂOHFFLy ±SHU Ep TXH EUHX± GHGLFDGD DO JqQHUH
$TXHVWDFROÂOHFFLyUHVSRQDXQDLQIOXqQFLD TXH SURYHQLD GLUHFWDPHQW GH OHV WHQGqQFLHV
OLWHUjULHVDOD5HS~EOLFDGH:HLPDULYDLQFORXUHWtWROVGH)HXFKWZDQJHUL.ODEXQG
2UWHJD DQRPHQD KHUPHWLVPR D DTXHVWD TXDOLWDW TXH Wp OD ERQD QRYHOÂOD GH
FRQVWLWXLUXQXQLYHUVSURSLFRKHUHQWKHUPqWLFLPSHUPHDEOHDO¶HQXWMRVDLQJHUqQFLDGHO
UHDO$L[zIDTXHODQRYHOÂODVLpVWDOQRSXJXLVHUFDSDOWUDFRVDQLGRFXPHQWSROtWLFQL
DVVDLJ KLVWzULF QL UHV ³8QD QHFHVLGDG SXUDPHQWH HVWpWLFD LPSRQH D OD QRYHOD HO
KHUPHWLVPRODIXHU]DDVHUXQRUEHREWXUDGRDWRGDUHDOLGDGHILFLHQWH<HVWDFRQGLFLyQ
HQJHQGUDHQWUHRWUDVPXFKDVODFRQVHFXHQFLDGHTXHQRSXHGHDVSLUDUGLUHFWDPHQWHD
VHUILORVRItDSDPIOHWRSROtWLFRHVWXGLRVRFLROyJLFRRSUpGLFDPRUDO´/DQRYHOÂODKDGH
VHULDL[zVtTXHFRQFRUGDDEVROXWDPHQWDPEHOVSRVWXODWVGH/DGHVKXPDQL]DFLyQGHO
DUWH HVVHQFLDOPHQW LQWUDQVFHQGHQW , DUD 2UWHJD ±GHVSUpV GH FDVWLJDU DPE O¶DUWLOOHULD L
G¶DUUDVDU DPE OD FDYDOOHULD HO WHUULWRUL QDUUDWLX RQ SROtWLFD L OLWHUDWXUD V¶DJHUPDQHQ±
GHVIHUPDO¶DYDQWJXDUGDGHODVHYDLQIDQWHULDSHUTXqGRQLHOWLUGHJUjFLDDDOJXQSRHWD
SROtWLFRSROtWLFSRHWDTXHKDJXpVSRJXWVREUHYLXUHPDOIHULW
(O KHUPHWLVPR QR HV VLQR OD IRUPD HVSHFLDO TXH DGRSWD HQ OD QRYHOD HO LPSHUDWLYR
JHQpULFRGHODUWHODLQWUDQVFHQGHQFLD(VWRLUULWDDWRGDVODVFDEH]DVFRQIXVDV\DWRGDVODVDOPDV
WXUELDV3HUR£TXpOHYDPRVDKDFHUVLHVOH\LQH[RUDEOHTXHFDGDFRVDHVWpREOLJDGDDVHUORTXH
HV\DUHQXQFLDUDVHURWUD+D\JHQWHVTXHTXLHUHQVHUORWRGR£1RFRQWHQWRVFRQSUHWHQGHUVHU
DUWLVWDV TXLHUHQ VHU SROtWLFRV PDQGDU \ GLULJLU PXFKHGXPEUHV R TXLHUHQ VHU SURIHWDV
DGPLQLVWUDU OD GLYLQLGDG H LPSHUDU VREUH ODV FRQFLHQFLDV 4XH HOORV WHQJDQ WDQ XEpUULPD
SUHWHQVLyQSDUDVXVSHUVRQDVQRVHUtDLOtFLWRPDVWDODPELFLyQOHVPXHYHDTXHUHUTXHODVFRVDV
FRQWHQJDQ WDPELpQ HVH PXOWLIRUPH GHVWLQR < HVWR HV OR TXH SDUHFH LPSRVLEOH /DV DUWHV VH
YHQJDQ GH WRGR HO TXH TXLHUH VHU FRQ HOODV PiV TXH DUWLVWD KDFLHQGR TXH VX REUD QR OOHJXH
VLTXLHUDDVHUDUWtVWLFD,JXDOPHQWHODSROtWLFDGHOSRHWDVHTXHGDVLHPSUHHQXQLQJHQXRDGHPiQ
LQYiOLGR
$O QRYHOÂOLVWD GH GHEz QRPpV O¶LQWHUHVVD OD VHYD REUD HQV H[SOLFD 2UWHJD
DQjORJDPHQW D FRP DEDQV YqLHP HQ HO OHFWRU O¶HVFULSWRU WDPEp VH VXEPHUJHL[
FRPSOHWDPHQWHQODVHYDFUHDFLyLV¶REOLGDGHOPyQUHDOTXHGHIHWHYLWDWDQWFRPSRW
³VyOR VHUi QRYHOLVWD TXLHQ SRU HQFLPD GH WRGDV VXV UHVWDQWHV DVSLUDFLRQHV VLHQWD HO
GHOLFLRVRIUHQHVtGHFRQWDUGHLPDJLQDUKRPEUHV\PXMHUHV\FKDUODV\SDVLRQHVTXLHQ
VHYLHUWDHQWHURHQODIRUMDGHOFXHUSRFyQFDYRTXHHVODQRYHOD\VLQQRVWDOJLDDOJXQD
GHODYLGDHIHFWLYDTXHDEDQGRQDIXHUDVHHQFLHUUDHQVXRTXHGDGJXVDQRGHOFDSXOOR
PiJLFR\JR]DHQSXOLUHOLQWHULRUGHODEyYHGDSDUDQRGHMDUQLQJ~QSRURIUDQFRDODLUH
\ODOX]GHORUHDO´/DSHUVSHFWLYDGHOVSRVWJXHUULDQVpVPROWGLIHUHQW(QHOIRQVDHOOV
HOV SUHRFXSD PpV OD UHDOLWDW VRFLRSROtWLFD TXH YLXHQ D GLDUL TXH FDS UHDOLWDW SXUDPHQW
,ELG
QRYHOÂOHVFD(QHPLFVGHODLQWUDQVFHQGqQFLDGHODOLWHUDWXUD FRQYHQoXWV GHO URO SROtWLF
TXHO¶DUWMXJDHQWRWDVRFLHWDWDOFDSGDYDOOSHUDHOOVODQRYHOÂODpVPpVXQPLWMjTXHXQ
ILHQVLPDWHL[/HVQRYHOÂOHVTXHHVFULXUDQ$UGHUtXV%DOERQWtQ'tD])HUQiQGH]ROHV
TXHHGLWDUDQVRYLQWVHUDQILFFLRQVSHUGLUKRDL[tSRFILFWtFLHVILFFLRQVTXHGHPDQHQ
VHU OHJLWLPDGHV FRP D WDOV VHQVH YROHU GHL[DU G¶HPSDUDUVH DPE OD UHDOLWDW MXVWDPHQW
SHUTXq pV HQ OD UHDOLWDW QR OLWHUjULD RQ YROHQ LQFLGLU 3HU WRW DL[z 2UWHJD
VHQWHQFLRVDPHQWFRQGHPQDHOVKRPHVGHDYDQ]DGDDH[LOLDUVHGHOSDUQjV³QRYHOLVWDHV
HOKRPEUHDTXLHQPLHQWUDVHVFULEHOHLQWHUHVD VX PXQGR LPDJLQDULR PiV TXH QLQJ~Q
RWUR SRVLEOH´ 3RWVHU GHJXW D XQD LQTXLHWDQW FRUUHODFLy HOV QRVWUHV DPLFV QR WDUGDULHQ
PROWVDQ\VDFRQqL[HUWDPEpO¶H[LOLSROtWLFHQHOPyQUHDO
$OWUHVDSRUWDFLRQVDXQDHVWqWLFDUHKXPDQLW]DGRUD
+HP YLVW MD OHV OtQLHV PHVWUHV GH O¶HVWqWLFD DUWtVWLFD L OLWHUjULD TXH HV GHIHQVD D
3RVW*XHUUDLTXHGHVSUpVLQIRUPDUjOHVHGLWRULDOVGHDYDQ]DGD1HFHVVjULDPHQWO¶KHP
KDJXWGHFRQWUDVWDUDPEODVHYDDQWDJRQLVWDO¶HVWqWLFDRUWHJXLDQD/DSURSRVWDGH3RVW
*XHUUDQRVH¶QVSUHVHQWDWDQWUDYDGDPHQWDUWLFXODGDFRPODVHYDULYDOSHUzHOUHVXOWDW
ILQDO HQ WDQW TXH VXPD G¶DSRUWDFLRQV RIHUHL[ DO FDSGDYDOO XQ QRWDEOH JUDX GH
FRKHUqQFLD &RPHQWDUHP ILQDOPHQW WUHV PRVWUHV PpV G¶DTXHVWHV DSRUWDFLRQV DOÂOXYLDOV
TXHVLSRWVHUQRDIHJHL[HQUHVGHVXEVWDQFLDO DO TXHMDV¶KDGLW DMXGHQ DFRPSOHWDUHO
TXDGUH GHOV DIDQ\V HVWqWLFV GH OD UHYLVWD (Q SULPHU OORF HQV KHP GH UHIHULU D
³6XJHVWLRQHV´XQDUWLFOHGHUHIOH[LyDUWtVWLFDGH3DEOR)0DUWtQ(VWjGLYLGLW
HQEUHXVDSDUWDWVDPEHOVWtWROV³$UWH\SXHEOR´³5HDFFLyQ´³1DWXUDOH]D´L³1XHYRV
KRUL]RQWHV´(OSULPHUDSDUWDWIDTXHO¶DUWLFOHGHVGHODVHYDDUUHQFDGDVLJXLXQDOÂOHJDW
FRQWUDO¶HOLWLVPHDUWtVWLFLGHVWFRQWUD2UWHJDLDIDYRUGHODILOLDFLySRSXODUGHO¶DUW
3UHWHQGHQTXHHODUWHVHDVHOHFFLyQDGPLQLVWUDGRSRUSRFRVSDUDSRFRV([FOX\HQGRORV
GHPiV>@/RFRQWUDULRHVKHUHMtD$ILUPDUTXHHODUWHHVDOJRSRSXODUTXHVDOHGHOSXHEORSDUD
YROYHUDpO3DUHFHSHUHJULQDLGHD3HURH[DFWD
(VWDPRVHQpSRFDGHUHYROXFLyQ/RVSHQVDPLHQWRVVHHQFXHQWUDQIUHQWHDQXHYDVLGHDV
QXHYDVFRVDVRSXHVWDVDVXFOiVLFRSHQVDU/DLGHDGHVHOHFFLyQHQSROtWLFDIXHGHUURWDGDSRUOD
GHPRFUDFLD/RVSXHEORVJREHUQiQGRVHDVtPLVPRV(QDUWHHOSXHEORTXHFUHDDORVDUWLVWDVHV
TXLHQWLHQHGHUHFKRDGLVIUXWDUVXVREUDV<DVHSHQVyDVtFXDQGRIXHURQDEULpQGRVH0XVHRVGHOR
TXHDQWHVHUDQJDOHUtDVSDUWLFXODUHV>@
(O VHJRQ DSDUWDW YH D VHU XQ DWDF FRQWUD O¶DFDGHPLFLVPH L XQD GHIHQVD GHO
³VHQWLPLHQWR DUWtVWLFR´ SHU VREUH GH OD UHJODPHQWDFLy IRUPDO QR KR DFODUHL[ SHUz
VHPEODUHIHULUVHDO¶qSRFDGHOURPDQWLFLVPH(QHOWHUFHUDSDUWDWVXUWHOQDWXUDOLVPHL
GLXTXHYDWUHXUHO¶DUWGHOVVDORQVSDODWLQVL HOYDGXU DODQDWXUDDODYLGDDOSXHEOR
/¶~OWLPDSDUWDWWRUQDDFDUUHJDUFRQWUDO¶DFDGqPLDLDGHIHQVDUO¶HPRFLy1RV¶H[SOLFLWD
SHUz HV GyQD D HQWHQGUH TXH HQWUH HO QDWXUDOLVPH GH ILQDOV GHO ;,; L HO QRX DUW GH
YRFDFLy SRSXODU KL KD KDJXW XQ FULWLFDEOH SHUtRGH GH FXOWH D OD IRUPD TXH SRGHP
LGHQWLILFDUFRPHOG¶DXJHGHOHVDYDQWJXDUGHVGHVKXPDQLW]DGHV(OILQDOGHO¶DUWLFOH
>@$VtDKRUDKD\XQDQXHYDFRUULHQWHTXHYXHOYHSRUODQDWXUDOLGDGSHUGLGD4XHDPD
RWUD YH] DO FDPSR \ OD YLGD SRSXODU TXH YXHOYH D OOHYDU HO SXHEOR DO DUWH \ HO DUWH DO SXHEOR
1R KHP SRJXW LGHQWLILFDU DTXHVW SHUVRQDWJH TXH WRUQDUj D DSDUqL[HU D OD UHYLVWD VLJQDQW
GLYHUVHVUHFHQVLRQVGHOOLEUHVLFUtWLTXHVG¶H[SRVLFLRQV
3RUTXHQDFHGHOFKRTXHHQWUHODVHQVLELOLGDG\ODYLGD<ODYLGDQRHVODLQWHOLJHQFLDVRODHVOD
DFFLyQWDPELpQ
(V QHFHVDULR QR VRVOD\DU HVWH DVSHFWR \ YHU FyPR PDUFKDQ ODV VHQVDFLRQHV DUWtVWLFDV
MXQWR FRQ ODV YLWDOHV XQLpQGRVH D WRGDV LPSUHVLRQiQGRVH \ YLEUDQGR FRQ WRGDV (VWH PLVPR
PRPHQWR~OWLPRGHDJLWDFLyQ(VWHQXHYRKRUL]RQWHFRQVWUXFWLYR(VWHDFDGHPLVPRGHFDGHQWHGH
ODVQDFLRQHVTXHWDPELpQGHFDHQ
(ODUWHHVGHOSXHEOR\pOORKDUi\ORUHQRYDUi
/DVHJHQWDSRUWDFLyGHFDUjFWHUHVWqWLFTXHHQVTXHGDSHUFRPHQWDUpVGHPROW
PRGHVWD UHOOHYjQFLD (Q HO VHX IXJDo WUjQVLW SHU OD UHYLVWD XQ $OIUHGR 0DUTXHUtH TXH
OODYRUVWHQLD DQ\VHUDGRQFVDOYROWDQWG¶XQDGqFDGDPpVMRYHTXHODPLWMDQDGHO
JUXSSXEOLFDO¶RFWXEUHGHO³$FHUFDGHODUWHQXHYR´XQVDSXQWVTXHQRVROV
UHSHWHL[HQ HO WtWRO GHO IRQDPHQWDO DUWLFOH GH 'tD] )HUQiQGH] DSDUHJXW HO PHV DQWHULRU
VLQy TXH WDPEp V¶KL DFXOOHQ ³FRQ VLPSOH LQWHQFLyQ DGLFLRQDO´ (O FHUW pV TXH DTXHVWHV
FRQIXVHV DQRWDFLRQV HQ IRUPD GH SDUjJUDIV GHVOOLJDWV WRW L YROHU IHUVH UHVVz GH OD
GLVFXVVLyHQWUHDUWGHVKXPDQLW]DWLDUWSUROHWDULQRHVWDQSURXGHVHQYROXSDGHVFRPSHU
WHQLUXQDFHUWDHQWLWDWFUtWLFD6yQDL[zVtXQFXULyVWHVWLPRQLGHOVSHFDWVGHMRYHQWXWGHO
IXWXUFUtWLFWHDWUDOIUDQTXLVWDTXHDTXtWUDFWD'tD])HUQiQGH]GH³QXHVWURFDPDUDGD´
6tTXHUHVXOWDIRUoDVLJQLILFDWLYDODGDUUHUDFRQWULEXFLyTXHHQVFDOJORVVDUGHOHV
TXH 3RVW*XHUUD DSRUWD D OD GLVFXVVLy HVWqWLFD (V WUDFWD GH ³9ROYDPRV D OR KXPDQR´
XQ FODULILFDGRU DUWLFOH HVFULW SHU 0LJXHO *RQ]iOH] )HUQiQGH] $O SURSL WtWRO
GHO¶HVFULWTXHpVMDXQDGHFODUDFLyG¶LQWHQFLRQVHVUHIHUHL[HOVHXSULPHUSDUjJUDI
(VWH LPSHUDWLYR DOXGH SDUWLFXODUPHQWH D ORV DUWLVWDV TXH KDQ FUHtGR LQFRPSDWLEOH OD
PRGHUQL]DFLyQGH VXWpFQLFD HQULTXHFLPLHQWR \ VXWLOL]DFLyQGHORV PHGLRVH[SUHVLYRV FRQORV
WHPDVTXHSXGLpUDPRVOODPDU©KXPDQRVª
*RQ]iOH] )HUQiQGH] DPE GHFODUDGD YROXQWDW DFODULGRUD FRPHQoD GLVWLQJLQW
HQWUHIRQVLIRUPDHQWUHHOWHPDLODVHYDUHDOLW]DFLy/DIRUPDV¶KDUHQRYDWJUjFLHVDOD
UHYROXFLRQjULDIHLQDHQWDOVHQWLWG¶XQDJHQHUDFLyODGHO¶DYDQWJXDUGDGHVKXPDQLW]DGD
TXHHQFRQWUDSDUWLGDKDGHVGHQ\DWHOIRQV/¶DEVROXWLVPHGHODIRUPDHQOLWHUDWXUDFRP
HQ SLQWXUD KD IHW TXH HOV WHPHV IRVVLQ WUDFWDWV ³VyOR FRPR SUHWH[WR GH H[SUHVLyQ HQ
IXQFLyQH[SHULPHQWDO´$TXHVWpVO¶RULJHQGHODIyUPXODTXH³HPLWLGDSRUHO6U2UWHJD
*DVVHWGHWDQWRSUHGLFDPHQWRHQWUHORVMyYHQHVKDDGTXLULGRHOYDORUGHXQDGHILQLFLyQ
JHQHUDO\WLHQHTXHWRPDUVHFRPRSXQWRGHUHIHUHQFLDODGHVKXPDQL]DFLyQGHODUWH´(O
QRVWUH DUWLFXOLVWD SURSRVD FDQYLDU HO PRW RUWHJXLj SHO GH WHFQLILFDFLyQ WRW L TXH QR pV
DTXHVWHOVHXSURSzVLWSULQFLSDO/DVHYDSURSRVWDHOPLVVDWJHFODXTXHYROWUDQVPHWUH
FRLQFLGHL[DPEHOVSODQWHMDPHQWVTXH'tD])HUQiQGH]H[SUHVVDYDHQDTXHOODUWLFOH
GHILQLGRU GH O¶HVWqWLFD SRVWJXHUULDQD DGYRFDU SHU XQD FRQMXPLQDFLy HQWUH OD IRUPD
DJRVDUDGDLQQRYDGRUDH[SHULPHQWDOLHOFRQWLQJXWFRPSURPqVKXPjSROLWLW]DW
1L JHQHUDFLRQDOPHQW QL LGHROzJLFD SRGLD HQFDL[DU 0DUTXHUtH HQWUH HOV SRVWJXHUULDQV
$TXHVWV FRP VDEHP VHQWLHQ HO GHVDVWUH G¶$QQXDO FRP HO VHX SURSL L HQ FXOSDYHQ OHV YHOÂOHwWDWV
FRORQLDOLVWHVGHOD0RQDUTXLDLO¶H[qUFLW0DUTXHUtHKDYLDGHWHQLUSHUIRUoDXQDYLVLyGLIHUHQWMDTXHHUD
ILOO G¶XQ PLOLWDU PRUW KHURLFDPHQW HQ DTXHOOD FDWjVWURIH /D EDL[D GHO PDRQqV GHO JUXS GH 3RVW*XHUUD
V¶DQXQFLDUjHQODEUHXQRWD³&HVH´³3RUDFXHUGRGHOJUXSRHGLWRUGH3267*8(55$KDFHVDGR
HQODVHFUHWDUtDGHUHGDFFLyQGHHVWDUHYLVWD\GDGRGHEDMDHQHOJUXSR$OIUHGR0DUTXHUtH´
6HJRQV 6DQWRQMD 'HO OiSL] URMR DO OiSL] OLEUH HG FLW DTXHVW FROÂODERUDGRU KDYLD
DSDUHJXWMDD3RVW*XHUUDDLDPEXQDUWLFOHDVVDJtVWLFHQGXHVSDUWVTXHSRGUtHPGHILQLUFRPXQD
FDUWD D XQ HYROXFLRQLVWD HVFqSWLF HQ PDWqULD GH UHYROXFLRQV DQWHULRUPHQW KDYLD HVWDW HO UHSUHVHQWDQW D
0jODJD GH OD UHYLVWD (O (VWXGLDQWH $TXHVWD SXEOLFDFLy TXH YD WHQLU GXHV qSRTXHV 6DODPDQFD L
0DGULGYHDVHUXQFHUW SUHFHGHQWGH 3RVW*XHUUD MDTXHKLYDQ SDUWLFLSDUWDQW6LOHVFRP
%DOERQWtQ
&RQVLGHUHPRV WRGRV TXH VH LPSRQtD OD WHFQLILFDFLyQ OD DILQDFLyQ GH OD WpFQLFD OD
IOH[LELOL]DFLyQDPSOLDFLyQ\HQULTXHFLPLHQWRGHODVIRUPDVH[SUHVLYDV&RQVLGHUHPRVWDPELpQ
FRQVLGpUHQOR ORV MyYHQHV SRHWDV \ QRYHOLVWDV ORV MyYHQHV SLQWRUHV TXH HV KRUD \D GH YROYHU OD
DWHQFLyQDORVWHPDVKXPDQRV\VRFLDOHVVLQSHUMXLFLRGHWUDWDUORVFRQODWpFQLFDUHMXYHQHFLGD
1RVRQLQFRPSDWLEOHV3RGHPRVYHU\DHMHPSORVPX\YDOLRVRVHQODOLWHUDWXUDUXVDSRVW
UHYROXFLRQDULDSDOSLWDQWHGHHPRFLyQKXPDQDSHURDXGDFtVLPD>@
$TXHVWD pV HQ GHILQLWLYD O¶DSRVWD HVWqWLFD GH 3RVW*XHUUD TXH SDUWLD GH
O¶DGPLUDFLy SHU OHV UHDOLW]DFLRQV DUWtVWLTXHV GH O¶DYDQWJXDUGD UXVVD GXUDQW OD SULPHUD
GqFDGDSRVWUHYROXFLRQjULD/¶DQWLDYDQWJXDUGLVPHGH3RVW*XHUUDQRHUDGHFDSPDQHUD
LQGLVFULPLQDW 6¶RULHQWDYD VREUHWRW FRQWUD HOV FRQUHDGRUV G¶DTXHOOD QDUUDWLYD
GHVSHUVRQDOLW]DGDDQWLVHQWLPHQWDOXQSXQWHWIUtYRODLVRYLQWKXPRUtVWLFDTXHV¶DFROOLHQ
DO¶HPSDUDWHzULFDLHGLWRULDOG¶2UWHJDWDQWDWUDYpVGHOVGLFWjPHQVGHOPHVWUH±TXHSHUD
HOOVSRGLHQVHUSURJUDPjWLFV±FRPGHOHVVHYHVHPSUHVHVFXOWXUDOVRQVH¶OVGRQDYDYHX
7DPEp V¶RULHQWDYD FRQWUD HOV DUWtIH[V GH OD SRHVLD SXUD L G¶XQHV SRqWLTXHV
DYDQWJXDUGLVWHV TXH 3RVW*XHUUD FRQVLGHUDYD SRWHQFLDOPHQW R H[SOtFLWD UHDFFLRQjULHV
7RWSRHWDVXVFHSWLEOHGHWXIHMDUDHOLWLVPHFXOWXUDOUHVXOWDYDVRVSLWyVGHVGHOVXOWUDLVWHV
G¶XQVDQ\VDEDQVTXH3RVW*XHUUDMDQRDWDFDSHUzTXHVDEHPTXHKDYLHQGHVDJUDGDWD
%DOERQWtQILQVDOVTXHV¶KDYLHQDJOXWLQDWDOYROWDQWGHOJRQJRULVPH3HUDOWUDEDQGD
DTXHOO H[SOtFLW YLQFOH HQWUH DYDQWJXDUGLVPH L IHL[LVPH TXH HQ HO FRQWH[W HXURSHX
H[HPSOLILFDYD0DULQHWWLFULGDYDHOVSRVWJXHUULDQVDFRPEDW(QDTXHVWVHQWLWO¶HQHPLF
LQWHULRU HV GHLD *LPpQH] &DEDOOHUR HO VHX DQWLF FRPSDQ\ GH O¶$WHQHR L GHO *UXSR GH
(VWXGLDQWHV 6RFLDOLVWDV DUD LQIOXHQW GLUHFWRU GH /D *DFHWD /LWHUDULD L EHQ DYLDW
SURWRLGHzOHJ GHO IDODQJLVPH 3RVW*XHUUD HQ UHDOLWDW VHPSUH DWDFDUj HO IRQV GH FHUWHV
PDQLIHVWDFLRQVDYDQWJXDUGLVWHVPpVTXHQRSDVOOXUIRUPD&RPLQGLFDDOILQDOGHOVHX
DUWLFOH *RQ]iOH] )HUQiQGH] HO QRX DUW KDXULD GH UHFLFODU HOV HVWLOLVWHV FRVD TXH WURED
GLItFLO GRWDQWORV GH WHPHV YLJRURVRV L HQ UHFtSURFD UHODFLy SURSRUFLRQDU XQ HVWLO
DYDQoDW DOV TXH VHQWLHQ MD GLQV VHX OD FULGD GH OD PXVD VRFLDOPHQW VROLGjULD L
SROtWLFDPHQWUHYROXFLRQjULD/¶DUWTXHYRO3RVW*XHUUDHVWjHQGHILQLWLYDLJXDOPHQW
DOOXQ\DWG¶XQHVWHWLFLVPHGHVSUHRFXSDWTXHG¶XQHQFDUFDUDPHQWGRJPjWLF
>@7DPSRFRHVSHUR\RJUDQFRVDGHORVDUWLVWDVKDVWDDTXtOLPLWDGRVDSUHRFXSDFLRQHV
HVWpWLFDV GHOHLWDGRV HQ OD HODERUDFLyQ GHO HVWLOR TXH GLItFLOPHQWH SRGUtDQ LQWHUHVDUQRV
UHYHOiQGRQRV SRU HMHPSOR WRGD OD HPRFLyQ WRGD OD OLPLWDFLyQ WRGD OD IDWDOLGDG \ OD
FRPSOLFDFLyQHQVXVHQFLOOH]GHODYLGDGHODDOGHDRHOFRUWLMRGHOWDOOHURODIiEULFDGHODFLXGDG
GH SURYLQFLD R GH OD JUDQ FDSLWDO /D YLGD HV XQ SURGXFWR GH IDFWRUHV HFRQyPLFRV VRFLDOHV
%DOERQWtQ HV ODPHQWDUj HQ OHV VHYHV PHPzULHV GH O¶DSDULFLy GH ³OD VHFWD GHO XOWUDtVPR TXH
XVDEDHQ VXV SRHPDVVLJQRV MHURJOtILFRV SRQLHQGRHQULGtFXORDORVTXHGHVHDPRVHPSOHDUXQOHQJXDMH
FODUR\VHQFLOOR´/ODYRUVpVHOOTXLLQWHQWDEXUODUVH³GHHVRVHVWLOLVWDVVXSHUVLQWpWLFRVTXHVHSDVDQODYLGD
DILQDQGR VXV PHGLRV GH H[SUHVLyQ SDUD QR GHFLU QDGD HQ DEVROXWR FRPR ORV VHJDGRUHV KDUDJDQHV TXH
PDOJDVWDQ HO YHUDQR DILODQGR HO GDOOH KDVWD TXH VH OHV SXGUH OD FRVHFKD´ %DOERQWtQ /D (VSDxD GH PL
H[SHULHQFLDHGFLW
,ELG
'RPLQJR5yGHQDVKDDVVHQ\DODWTXHVLEpHOSURJUDPDHVWqWLFGH3RVW*XHUUD±SHOTXHIDD
SURGXFFLyOLWHUjULDHQOOHQJXDHVSDQ\ROD±YDIUDFDVVDUHQODVHYDGLPHQVLyPpVXWRSLVWDLYDFRGHPQDUDO
VLOHQFL HO SURSL 'tD] )HUQiQGH] TXH YD DFDEDU GHL[DQW OD OLWHUDWXUD SHU OD SROtWLFD SHU DOWUD EDQGD OD
LPEULFDFLyGHOVGRVFRUUHQWVHOGHVKXPDQLW]DWLHOG¶DYDQoDGDpVXQIHWTXHFDOFRQWHPSODUSHUVREUHGH
FDSPDQLTXHLVPHVLPSOLILFDGRU³(QODIpUWLOHQFUXFLMDGDGHODVGRVYDQJXDUGLDVODHVWpWLFD\
OD SROtWLFD WRGDYtD VLQ HVFLQGLUVH SRU FRPSOHWR SURGXMHURQ XQ FRQMXQWR GH REUDV QDUUDWLYDV GH
H[WUDRUGLQDULR LQWHUpV \ HQ WRGDV HOODV UHVXOWD IDFWLEOH HO UDVWUHR GH ORV UDVJRV FRQYHQFLRQDOPHQWH
DVRFLDGRVDODIDFFLyQFRQWUDULD´'RPLQJR5yGHQDV GH0R\D ³(QWUHHOKRPEUH \OD PXFKHGXPEUHOD
QDUUDWLYDGHORVDxRVWUHLQWD´&XDGHUQRV+LVSDQRDPHULFDQRVPDLJ
SVLFROyJLFRVUDFLDOHV\QRKDQIDOWDGRHQ(VSDxDTXLHQHVWUDWHQGHHVRVWHPDVSHURGHXQPRGR
WRUSH 6LQ HPEDUJR \R FUHR SRVLEOH WUDWDUORV FRQ HO LQVWUXPHQWR SRpWLFR TXH KD HODERUDGR XQD
JHQHUDFLyQGH1DUFLVRVIDFWRULQFRQVFLHQWHGHXQDUHYROXFLyQOLWHUDULD
7pFQLFDQRYtVLPD+XPDQLGDGHWHUQD7DOHVVRQORVHOHPHQWRVTXHKD\TXHHVSHUDUYHU
IXQGLGRVHQHOQXHYRDUWH
7HQLUHQFRPSWHWRWDDTXHVWDGLVFXVVLyHVWqWLFRLGHROzJLFDTXHKHPDQDOLW]DWHQ
HO SUHVHQW FDStWRO UHVXOWD LPSUHVFLQGLEOH SHU HQWHQGUH DSURSLDGDPHQW OD UHFHSFLy
G¶DXWRUV DOHPDQ\V HQ OHV HGLWRULDOV G¶DYDQoDGD 3HU DOLHQHV R QR TXH DTXHOOHV REUHV
SRJXHVVLQ VHU HQ HO VHX RULJHQ D WDO GLVFXVVLy HO FHUW pV TXH WUDVOODGDGHV D O¶KRULW]y
G¶H[SHFWDWLYHVTXHDTXHVWDKDYLDFRQILJXUDWHUHQUHEXGHVDPEODIXQFLyG¶DMXGDUHQOD
UHKXPDQLW]DFLy GHO SDQRUDPD OHFWRU KLVSjQLF GHO PRPHQW /D QRYHOÂOD GH JXHUUD GH
5HPDUTXH 5HQQ *ODHVHU R $UQROG =ZHLJ HO UHSRUWDWJH OLWHUDUL G¶(JRQ (UZLQ .LVFK
2WWR +HOOHU $OIUHG .XUHOOD R $UWKXU +ROLWVFKHU OD OLWHUDWXUD SDFLILVWD GH /HRQKDUG
)UDQNODQRYHOÂODKLVWzULFDGH)HXFKWZDQJHUODOLWHUDWXUDGRFXPHQWDOGH.XUW.OlEHUR
0DULD/HLWQHUODQRYHOÂODGHODQRYDREMHFWLYLWDWGH+HUPDQQ.HVWHQR-RVHSK5RWKHO
WHDWUH SUROHWDUL GH 3LVFDWRU OD QRYHOÂOD FUtWLFRHSRFDO GH +HLQULFK 0DQQ OD OLWHUDWXUD
SUROHWjULRUHYROXFLRQjULD G¶$QQD 6HJKHUV $GDP 6FKDUUHU R *HRUJ )LQN HO GUDPD
SROtWLFWDUGDQRH[SUHVVLRQLVWDGH7ROOHUILQVLWRWODQRYHOÂODGHIRUPDFLyLQWURVSHFWLYR
LQGLYLGXDOLVWDGH+HUPDQQ+HVVHHVYDQWUDGXLUDOFDVWHOOjDPEXQSDSHUDVVLJQDWGLQV
G¶DTXHVWFRQWH[WUHKXPDQLW]DGRUSURPRJXWLDQXQFLDWGHVGHOHVSODQHVGH3RVW*XHUUD
/¶DQWHULRU HQXPHUDFLy HQ DEVROXW H[KDXVWLYD UHVXOWD LQGLFDWLYD GH OD LQWHQVLWDW
GHOIHQRPHQUHFHSWRUDTXqHQVHQIURQWHPVREUHWRWFRQVLGHUDQWODVHYDUHODWLYDEUHYHWDW
WHPSRUDO (OV DQ\V VXSRVHQ HO FOtPD[ G¶DTXHVW SURFpV UHFHSWRU G¶DXWRUV
DOHPDQ\VFRHWDQLV6yQWDPEpHOVDQ\VSUHOXGLLDOEDGDGHOD,,5HS~EOLFDHQTXqOD
VRFLHWDW HVSDQ\ROD V¶RPSOH G¶HVSHUDQFHV L PDQLIHVWD XQD HQRUPH FXULRVLWDW OHFWRUD
RULHQWDGD HQ P~OWLSOHV GLUHFFLRQV UHIOH[ G¶XQD LOÂOXVLRQDGD YROXQWDW FROÂOHFWLYD GH
WUDQVIRUPDFLy FRP SUREDEOHPHQW QR HV UHVSLUDYD HQ HO VRODU KLVSjQLF GHV G¶DTXHOOD
DOWUDJUDQRFDVLyKLVWzULFDSHUGXGDGHOHV&RUWVGH&DGLV
+DXUHP GH GHL[DU IRUD GHOV QRVWUHV REMHFWLXV HQ HO SUHVHQW WUHEDOO XQD FRPSDUDFLy HQ
SURIXQGLWDW HQWUH HOV UHVSHFWLXV GHEDWV LGHROzJLFROLWHUDULV D OD 5HS~EOLFD GH :HLPDU L D O¶(VSDQ\D
SULPRULYHULVWDDSUR[LPDFLyTXHREULULDVHQVGXEWHSHUVSHFWLYHVFRPSOHPHQWjULHVHQHOQRVWUHHVWXGL'H
OD SRWqQFLD L ULTXHVD GHO GHEDW D O¶$OHPDQ\D ZHLPDULDQD HQV HQ GyQD HQFDUD IH XQ FOjVVLF DVVDLJ
UHSUHVHQWDWLX GH OD JHUPDQtVWLFD GH OD 5'$ 0DQIUHG 1|VVLJ GLU /LWHUDWXUGHEDWWHQ LQ GHU :HLPDUHU
5HSXEOLN =XU (QWZLFNOXQJ GHV PDU[LVWLVFKHQ OLWHUDWXUWKHRUHWLVFKHQ 'HQNHQV %HUOLQ :HLPDU$XIEDX9HUODJ
8Q UHVXP GH GDGHV SHUFHQWXDOV DSUR[LPDWLYHV SHO TXH ID D OD GLVWULEXFLy WHPSRUDO GH OHV
WUDGXFFLRQVGHDYDQ]DGDG¶REUHVJHUPjQLTXHVLDOOXUJUDXG¶LPPHGLDWHVDDPEUHODFLyDODSULPHUDHGLFLy
DOHPDQ\D HV WURED D ;DYLHU -RYp ³$XWRUV DOHPDQ\V HQ OHV HGLWRULDOV G¶HVTXHUUHV GH OD ,, 5HS~EOLFD´
GLQV0LFKDHO3IHLIIHUHG(XVWDTXLR%DUMDX0/X]%ODQFR&DPEORU $QD5RVD &DOHUR9DOHUD5RVD
0DUtD&DQR9DOOHV3DWULFLD&LIUH:LEURZ+HOHQD&RUWpV3LODU(VWHOULFKL$UFH(QFDUQDFLyQ*yPH]0
,VDEHO +HUQiQGH] *RQ]iOH] %DUEDUD +HLQVFK -RUGL -DQp $OIRQVLQD -DQpV >%ULJLWWH ( -LUNX@ ;DYLHU
-RYp ,VDEHO *XWLpUUH] .RHVWHU 0DQXHO 0DOGRQDGR $OHPiQ $QQD 0RQWDQp )RUDVWp )HOLFLDQR 3pUH]
9DUDV/RWKDU3LNXOLN,UHQH3UIHU/HVNH0DUJLW5DGHUV$QWRQLR5HJDOHV0DFLj5LXWRUWL5LXWRUW+DQV
6FKDIJDQV .ODXV3HWHU 6FKPlOLQJ 0 /RUHWR 9LODU 3DQHOOD 7HUHVD 9LQDUGHOO 3XLJ .DUO :DJQHU 0DULD:LUI1DUR.RUUHVSRQGHQ]HQ0RWLYHXQG$XWRUHQLQGHUHXURSlLVFKHQ0RGHUQHVO$VVRFLDFLy
GH*HUPDQLVWHVGH&DWDOXQ\D(GLWRULDO,GLRPDV
/DFRPSDUDFLyHQWUHDTXHVWVGRVLQWHQWVSROtWLFVIUXVWUDWVGHVLWXDU(VSDQ\DHQHOVHXWHPSV
UHVSHFWLXO¶DSXQWDO¶KLVSDQLVWDQRUGDPHULFj /DXUHQW%RHWVFKHQHO VHXHVWXGL VREUH'tD])HUQiQGH]Y
%RHWVFKRSFLW
3ODQDJUjILFD
&REHUWHVGHOVQ~PHURVLGH3RVW*XHUUD
3ODQDJUjILFD
&REHUWHVSRVWHULRUVGHOVQ~PHURVLGH3RVW*XHUUD
3ODQDJUjILFD
&REHUWDLSRUWDGDGHOOOLEUHTXHVLJQLILFDUj
ODFULVWDOÃOLW]DFLyWHzULFDG·XQDHVWqWLFDGHDYDQ]DGD
3ODQDJUjILFD
'LEXL[GH*URV]DOHVSODQHVFHQWUDOV
GHOQ~PHUR;,GH1XHYD(VSDxD
3RVW*XHUUDL/D*DFHWD/LWHUDULD
$ PpV GH 5HYLVWD GH 2FFLGHQWH O¶DOWUD SXEOLFDFLy FXOWXUDO LQHOXGLEOH HQ HO
0DGULGGH HQTXqYDIORULU 3RVW*XHUUD HUD VHQV GXEWH /D *DFHWD /LWHUDULD
&RQWUDHOODGLULJLUDQHOVSRVWJXHUULDQVHOVVHXVDULHWVPpVREHUWDPHQWHQFDUDTXHFRQWUD
O¶HPSUHVD G¶2UWHJD SHUTXq HQ OD GH *LPpQH] &DEDOOHUR MD QR FRPEDWLHQ OD ILJXUD GHO
PHVWUHVLQyODG¶XQHVJDUULDWGHODVHYDSUzSLDTXLQWD(QVLQWHUHVVDHQDTXHVWFDStWRO
YHXUHTXqUHSUHVHQWDYHQ*LPpQH]&DEDOOHURLHOVHXzUJDQSHUDOVLQWHJUDQWVGHOJUXSGH
3RVW*XHUUD L HO SHUTXq GH O¶RSRVLFLy LGHROzJLFRLQWHOÂOHFWXDO TXH KL YDQ PDQWHQLU $
SDUWLUGHOVSXQWVGHIULFFLyTXHGHWHFWDUHPHQVHQGLQVDUHPWDPEpHQDOJXQVDVSHFWHVGH
ODYLGDLQWHOÂOHFWXDOLSROtWLFDGHOPRPHQWFRQWH[WTXHHQVFRQYpHVERVVDUHQHOPDUFGHO
QRVWUH HVWXGL /D SHUVRQDOLWDW OLWHUjULRLGHROzJLFD GH *LPpQH] &DEDOOHUR L OD VHYD
SDUWLFXODU UHODFLy DPE OD FXOWXUD DOHPDQ\D PHUHL[HUDQ DL[t PDWHL[ FHUWD DWHQFLy GH OD
QRVWUD SDUW )LQDOPHQW DOJXQHV REVHUYDFLRQV TXH IDUHP TXDQW D OD UHFHSFLy GH OOHWUHV
DOHPDQ\HV D /D *DFHWD /LWHUDULD G¶DTXHVWD SULPHUD qSRFD HQV SRGUDQ EULQGDU XQD
SHUVSHFWLYD FRPSOHPHQWjULD SHU HQWHQGUH PLOORU OD PDWHL[D UHFHSFLy HQ OHV HGLWRULDOV
G¶DYDQoDGD±TXHVHPSUHpVO¶REMHFWHSULPRUGLDOGHODQRVWUDDWHQFLy
8QSHULzGLFDYDQWJXDUGLVWDLDSROtWLFSURJUDPjWLFDPHQWLEqULFDPHULFjLLQWHUQDFLRQDO
'HV TXH YHXV DOWDPHQW DXWRULW]DGHV YDQ GHILQLU /D *DFHWD /LWHUDULD FRP HO
YHUWDGHU zUJDQ G¶H[SUHVVLy GH OD JHQHUDFLy GHO *XLOOHUPR GH 7RUUH L PROW
SDUWLFXODUPHQWFRPODUHYLVWDPpVLPSRUWDQWGHO¶DYDQWJXDUGLVPHHVSDQ\RO0DLQHU
DTXHVWVMXGLFLVYDQVHUjPSOLDPHQWDFFHSWDWVLUHSHWLWVSHUODFUtWLFD1RJRVDUtHPSDV
QRVDOWUHVTHVWLRQDUODYDOLGHVDGH WDOV DVVHUFLRQV SHUz Vt FRQVWDWDU OD FHUWD VRUSUHVD D
TXqV¶H[SRVDHOQHzILWTXHDPEOHVH[SHFWDWLYHVFUHDGHVSHUFRPHQWDULVWHVMDSRVWHULRUV
DOVHVPHQWDWVV¶DWDQVLD /D*DFHWD/LWHUDULDHVSHUDQWWUREDUVHHOTXHKRPFUHXSURSL
G¶XQD SXEOLFDFLy DYDQWJXDUGLVWD DL[z pV EjVLFDPHQW DXGjFLD WLSRJUjILFD L FRQWLQJXWV
UXSWXULVWHV (O TXH KRP WUREDUj pV XQD SXEOLFDFLy HQ SULQFLSL PpV LQIRUPDWLYD TXH
FUHDWLYDXQ HQRUPH ×SHULyGLFRGHODVOHWUDVTXHYLVXDOPHQWPRVWUDDTXHOO
Y *XLOOHUPR GH 7RUUH ³0LV UHFXHUGRV GH ©/D *DFHWD /LWHUDULDª´ ËQVXOD 5HYLVWD
%LEOLRJUiILFDGH&LHQFLDV\/HWUDVPDLJ
Y)DODQJH\OLWHUDWXUDHGVHOHFFLySUzOLQRWHVGH-RVp&DUORV0DLQHU%DUFHORQD/DERU
Y 0LJXHO ÈQJHO +HUQDQGR /D *DFHWD /LWHUDULD %LRJUDItD \ YDORUDFLyQ
8QLYHUVLGDG GH 9DOODGROLG (O SURSL 0DLQHU PpV UHFHQWPHQW KD GHPDQDW XQD UHYLVLy L
DFWXDOLW]DFLy FUtWLFD D OD TXDO DTXt LQWHQWDUHP PRGHVWDPHQW FRQWULEXLU GH /D *DFHWD /LWHUDULD -RVp
&DUORV0DLQHU/DFRURQDKHFKDWUL]DV8QDOLWHUDWXUDHQFULVLV%DUFHORQD&UtWLFD
9D PDQWHQLU DTXHVW IRUPDW HOV SULPHUV WUHV DQ\V Q~PV GH JHQHU ± GH
GHVHPEUHTXHVyQGHIHWHOVPpVLQWHQVRVLVLJQLILFDWLXVHQODYLGDGHODSXEOLFDFLy$PEHOFDQYL
FHUW DWDSHwPHQW WLSRJUjILF WUDGLFLRQDO FRP GH YROHU DSURILWDU Ep HO SDSHU GLVSRQLEOH
SURSLGHOVGLDULVGHO¶qSRFDRDQWHULRUV(YLGqQFLDTXHPpVG¶XQDYHJDGDV¶KDHVFULW
VREUH /D *DFHWD /LWHUDULD VHQVH KDYHUOD YLVW PDL O¶DSRUWD HO IHW TXH HV SXJXL WUREDU
UHSURGXwW FRQIRQHQWOR DPE XQD LQH[LVWHQW FREHUWD GH OD VXSRVDGD UHYLVWD HO FRQHJXW
FDUWHOO TXH 0DURWR YD GLVVHQ\DU SHU DO SURVSHFWH SXEOLFLWDUL TXH HQ GREOH TXDUWLOOD GH
SDSHUYHUPHOOHVYDGLVWULEXLUSHUDQXQFLDUHOOODQoDPHQWGHO¶DPELFLyVSHULzGLFOLWHUDUL
TXLQ]HQDO
/D*DFHWD/LWHUDULDpVXQDSXEOLFDFLyLQWHUHVVDQWtVVLPDTXHHQODVHYDqSRFDYD
WHQLU XQD JUDQ UHEXGD L TXH DYXL pV XQ GRFXPHQW LQGLVSHQVDEOH SHU D O¶HVWXGL GH
O¶DPELHQWFXOWXUDOKLVSjQLFGHILQDOVGHOVDQ\VLGHOFDQYLGHGqFDGD3HUzWDPSRFHQV
UHVXOWDUj ±SHU GLUKR DL[t± WtSLFDPHQW DYDQWJXDUGLVWD HO IHW TXH GHV GH O¶HGLWRULDO GHO
SULPHU Q~PHUR HO QRX SHULzGLF HV GHFODUL KHUHX GH OHV GXHV JHQHUDFLRQV OLWHUjULHV
LPPHGLDWDPHQWDQWHULRUVLFRQWLQXDGRUGHOHVHPSUHVHVFXOWXUDOVSUHFHGHQWV9HJHPKR
/$*$&(7$/,7(5$5,$VHSUHVHQWDDODYLGDGLVSXHVWDDWUHVDILUPDFLRQHVXQDKDFLD
HOSDVDGR2WUDKDFLDHOSUHVHQWH<KDFLDHOSRUYHQLUODRWUD
/D DILUPDFLyQ KDFLD HO SUHWpULWR HV GH FRORU VHQWLPHQWDO HVSDxRO \ UHVSHWXRVR 4XLHUH
UHFRJHUHOHVIXHU]REHOOR\PDJQRTXHXQDJHQHUDFLyQSDWHUQDOWHQGLyDODLUHGHOD3HQtQVXODHQ
DOIXQGDUODLQROYLGDEOHUHYLVWD(VSDxD$TXHOODJHQHUDFLyQWLPRQHDGDSRU'-RVp2UWHJD
\*DVVHWTXHUHFRJtDDVX YH]HOHVIXHU]RGHOD RWUDFLFOySHRGHO)UHQWHDDTXHO )tJDUR
URPiQWLFRHQFX\RSURJUDPDVHSUHVHQWDED(VSDxD±XQFDPSDQDULRHQHO\HUPR±OOHQDGHHQRMR
\ HVSHUDQ]D TXLHUH RSRQHU /$ *$&(7$ /,7(5$5,$ VX IH \ VX JR]R HQ XQD JHRJUDItD LGHDO
FUX]DGD SRU XQ LGHDO YLDMH 8QD JHRJUDItD GRQGH QR VH WHPD DO 'LFFLRQDULR \ GRQGH ORV
OtPLWHVDOFDQFHQGH$PpULFDDO3LULQHRSDVDQGRKDVWDSRUHVHULQFyQKLVWyULFRGHORVVHIDUGtHV
/DDILUPDFLyQGH/$*$&(7$/,7(5$5,$±±KDFLDHOSDVDGRHVODGHHQOD]DU\
<ERJDUDYDQWH
$TXHVWDH[SUHVVDGDYROXQWDWGHFRQVWUXLUXQHVSDLFXOWXUDO³GRQGHQRVHWHPDDO
'LFFLRQDULR´ DOÂOXGHL[ DO TXH SRWVHU VLJXL O¶HL[ IRQDPHQWDO HO SULQFLSL UHFWRU GH /D
*DFHWD/LWHUDULDHOVHXLEHULVPH'HVG¶DTXHVWSODQWHMDPHQWLQWHJUDGRUV¶H[SOLFDOD
SUHVqQFLD SURX UHFXUUHQW GH FROÂODERUDFLRQV VRYLQW jGKXF VHQVH WUDGXLU SURYLQHQWV
GHGqFDGDHOIRUPDWHVYDUHGXLUD×LDL[tYDFRQWLQXDUILQVDOILQDOQ~PVGHJHQHU
±GHPDLJ
/D*DFHWD/LWHUDULDVRUWLDG¶XQDLPSUHPWDSURSLHWDWGHOSDUH(UQHVWR*LPpQH]0RUHQRGH
*HFpHOOPDWHL[HOILOOV¶DUURPDQJDYDDIHUGHWLSzJUDISHULPSULPLUODSXEOLFDFLyTXHGLULJLDLODVHYD
GRQDDMXGDYDHQO¶DGPLQLVWUDFLy
YSODQDJUjILFD
/¶HPEOHPD TXH KDYLD LGHQWLILFDW OD UHYLVWD (VSDxD 0DGULG HUD GLQV G¶XQ
TXDGUDWODILJXUDURPjQWLFDG¶XQYDUyGUHWTXHPLUDFDSDOOHFWRUHPEROFDWHQjPSOLDFDSDLDPEEDUUHWGH
FRSDDOWDOIRQVODVLOXHWDG¶XQSREOHDPEHOVHXFDPSDQDU$TXHVWHPEOHPDTXHKDYLDHVWDWWDPEpHO
FDUWHOO DQXQFLDGRU GH OD UHYLVWD HO HV UHSURGXHL[ HQFDSoDODQW HO SULPHU HGLWRULDO GH /D *DFHWD
/LWHUDULD DO FRVWDW GH OD UHSURGXFFLy D SHWLWD HVFDOD GHO FDUWHOO SURPRFLRQDO GH 0DURWR SHU D OD QRYD
SXEOLFDFLy HQ HO TXDO HO SHUILO VHUq G¶XQD WHVWD OORUHMDGD HV SURMHFWD VREUH OD 3HQtQVXOD ,EqULFD L
6XGDPqULFDDPEXQYDL[HOOTXHVROFDO¶$WOjQWLF2UWHJDHQXQDqSRFDHQTXqQRGHIXJLDO¶DUHQDSROtWLFD
WDQW FRP GXUDQW OD 'LFWDGXUD KDYLD UHGDFWDW HO SULPHU HGLWRULDO G¶(VSDxD XQD SHWLWD REUD PHVWUD
G¶HORTqQFLD TXH FRPHQoDYD DPE OD IUDVH ³1DFLGR GHO HQRMR \ OD HVSHUDQ]D SDUHMD HVSDxROD VDOH DO
PXQGRHVWHVHPDQDULR(63$f$´Y³©(VSDxDªVDOXGDDOOHFWRU\GLFH´(VSDxD6HPDQDULRGHOD9LGD
1DFLRQDOGHJHQHU
³6DOXWDFLyQ´/D*DFHWD/LWHUDULDGHJHQHU
(OVXEWtWROGH /D *DFHWD /LWHUDULDDODFDSoDOHUDGHOD SXEOLFDFLyVHPSUHYDVHU ³LEpULFD
DPHULFDQD LQWHUQDFLRQDO´ /D PDWHL[D WUtDGD WDPEp DSDUHL[ HQ O¶HGLWRULDO LQDXJXUDO ³>«@ (Q HIHFWR OD
WHUFHUD DILUPDFLyQ GH /$ *$&(7$ /,7(5$5,$ HV OD GH TXHUHU VHU LEpULFD DPHULFDQD H LQWHUQDFLRQDO´
,ELG
G¶DOWUHV OOHQJHV LEqULTXHV FRP HO FDWDOj R HO SRUWXJXqV (O SURMHFWH LGHROzJLFR
FXOWXUDOGH*LPpQH]&DEDOOHURUHVSRQLDHQHOIRQVDXQH[DOWDWQDFLRQDOLVPHKLVSjQLFGH
FDUjFWHULQWHJUDFLRQLVWDTXHJUDGXDOPHQWLXQFRSHPSHOWDWGHPXVVROLQLVPHYDGHULYDU
FDSDXQDPHQDGHIHEULOGHOLULQHRLPSHULDOLVWDTXHDOFDSGDYDOOUHVXOWDULDPROW~WLOFRP
DIHPSHUDGREDUHOVFDPSVRQJHUPLQDULDODIORUGHOIDODQJLVPH7RWLDL[z/D*DFHWD
/LWHUDULD QR YD GHL[DU PDL GH SURFODPDU HO VHX DSROLWLFLVPH ±L GH YHJDGHV KR IHLD
SUHFLVDPHQWGHVSUpVGHOHVFUtWLTXHVTXHKDYLDDL[HFDWDOJXQDUWLFOHGH*HFpHQTXqVHOL
KDYLD YLVW XQD PLFD PDVVD HO VHX DSROtWLF OODXWy 8QD SRVLFLy LQWHOÂOHFWXDO
SUHVXPSWLYDPHQWDSROtWLFDSRGLDVRVWHQLUVHGXUDQWHOVDQ\VGHOD'LFWDGXUDGH3ULPRD
ODTXDOHQHOIRQV/D*DFHWD/LWHUDULDFRP5HYLVWDGH2FFLGHQWHQRGHL[DYDGHGRQDU
XQD FHUWD OHJLWLPLWDW FXOWXUDO SHUz XQ FRS ILQLGD OD GqFDGD GHOV DPE OD FUHL[HQW
SROLWLW]DFLyGHODYLGDLQWHOÂOHFWXDOHVSDQ\RODYDUHVXOWDULQYLDEOH/D5HS~EOLFDTXHYD
LQFRUSRUDU HQ OD FRQVWUXFFLy GHO QRX (VWDW XQ FRQVLGHUDEOH YHQWDOO G¶LQWHOÂOHFWXDOV
DFDEDULDGHL[DQWFRPSOHWDPHQWVRO*LPpQH]&DEDOOHURHQHOVHXLOORWURELQVRQLj7ULVW
QDXIUDJLG¶XQDQDXTXHKDYLDVDOSDWFRPDQXQFLDYDIHUYHQWHOGDUUHUSDUjJUDIG¶DTXHOOD
VDOXWDFLyLQLFLDODPEXQUXPEQRH[FORHQWLXQDDPELFLyVXPDWzULD³£&RPSDxHURVGH
OHWUDV HVFULWRUHV HGLWRUHV OHFWRUHV £6DOXG < D\XGD £)H < HVIXHU]R £1R
DEDQGRQDUQRVGLFLpQGRQRVDGLyVGHVGHHOSXHUWR£(PEDUFDG&DEHPRVWRGRV´
$TXHVWD YROXQWDW SURJUDPjWLFD GH IHU QR XQD UHYLVWD OLWHUjULD PpV VLQy XQ
SHULzGLF OLWHUjULRFXOWXUDO TXH DJOXWLQpV OHV HQHUJLHV LQWHOÂOHFWXDOV LEqULTXHV L
LEHURDPHULFDQHV HVWDYD SHUIHFWDPHQW H[SUHVVDGD HQ O¶DUWLFOH G¶2UWHJD TXH DSDGULQDYD
DO FRVWDW GH OD ³6DOXWDFLyQ´ HGLWRULDO DTXHOO SULPHU Q~PHUR /¶LQWHUQDFLRQDOLVPH
FRVPRSROLWD TXH SURIHVVDYD OD QRYD SXEOLFDFLy QR HVWDYD GHVYLQFXODW GH O¶DPELFLy
FRPSDUWLGDDPEPDWLVRVLHVWLOVSURSLV SHU 2UWHJD L *HFp GH GHVSHUWDU OD 3HQtQVXOD
GHOV VHXV WUHV VHJOHV GH OHWDUJLD FXOWXUDO L DwOODPHQW SURYLQFLj L GH SRVDUOD D FRPSHWLU
VHQVHFRPSOH[RVDPEOHVSULQFLSDOVFXOWXUHVRFFLGHQWDOV
/RVMyYHQHVHVFULWRUHVTXHIOHWDQHVWDQRYtVLPDFDUDEHODGH/$*$&(7$/,7(5$5,$
SXHGHQKDFHUIDHQDPX\GHDOWDPDU
(V\DQHFHVDULRLQHOXGLEOHTXHH[LVWDXQSHULyGLFRGHODOLWHUDWXUDHVSDxROD±OLWHUDWXUD
HQHOVHQWLGRPiVDPSOLRHVSDxRODHQXQVHQWLGRHQRUPH>@
$SDUWLUGHOQ~PGHJHQHUHQFHWDQWHOWHUFHUDQ\GHYLGDGHOSHULzGLFHVFUHHQ
VHFFLRQVGHWRWDXQDSODQDFRP³*DFHWD&DWDODQD´³*DFHWD3RUWXJXHVD´³*DFHWD$PHULFDQD´LG¶DOWUHV
(QUHODFLyDPEDTXHVWSOXULOLQJLVPHXQDDSUR[LPDFLyDODSROqPLFDGHOHVGLYHUVHVTXHYDSURSLFLDUOD
JDVHWD GH *HFp FRQHJXGD FRP ³(O GLiORJR GH ODV OHQJXDV´ HV WURED UHFROOLGD D &DUPHQ %DVVRODV /D
LGHRORJtD GH ORV HVFULWRUHV /LWHUDWXUD \ SROtWLFD HQ /D *DFHWD /LWHUDULD %DUFHORQD
)RQWDPDUD
(OFDUjFWHUSROtWLFGHODSXEOLFDFLyGH*LPpQH]&DEDOOHURpVXQIHWTXHODFUtWLFDMDKDSRVDW
WDPEpGH PDQLIHVW ³>«@DSDUWHGHTXHVXV SUHRFXSDFLRQHV SROtWLFDVVHH[SUHVHQRQRDELHUWDPHQWH /D
*DFHWDIXHXQDUHYLVWDGHSROtWLFDVXEWHUUiQHDGHVGHHOSULQFLSLR´5DIDHO2VXQD6HPEODQ]DVGHUHYLVWDV
GXUDQWHOD5HS~EOLFD0iODJD&HQWUR&XOWXUDOGHOD*HQHUDFLyQGHO
(QO¶HWDSDWHUPLQDOGHODSXEOLFDFLyYDQDSDUqL[HUXQWRWDOGHQ~PHURVHVSHFLDOVLQWHJUDWV
HQODQXPHUDFLyJOREDOGH/D*DFHWD/LWHUDULDSHUzDOKRUDDPEQXPHUDFLySUzSLD$TXHVWVHVSHFLDOVQR
FRQVHFXWLXV VXUWHQ HQWUH HO Q~P G¶DJRVW L HO Q~P GH IHEUHU 6RWD OD
FDSoDOHUD KDELWXDO GH OD JDVHWD GXHQ WDPEp OOXU WtWRO SURSL (O 5RELQVyQ OLWHUDULR GH (VSDxD R OD
5HS~EOLFD GH ODV /HWUDV (VWDYHQ UHGDFWDWV tQWHJUDPHQW SODQHV SHU *LPpQH] &DEDOOHUR 1R VDEHP
ILQV D TXLQ SXQW DTXHVW FRQHL[LD OD ODERU GH .DUO .UDXV DO FDSGDYDQW GH 'LH )DFNHO HO QRP GH OD
SXEOLFDFLypVHVPHQWDWHQXQDGHOHVFUzQLTXHVGH*HFpVREUHODVHYDJLUDSHU$OHPDQ\DHOSHUz
PpV HQOOj GHO GLVVHPEODQW DVSHFWH LGHROzJLF XQD FRPSDUWLGD LQFOLQDFLy D OD VjWLUD GHVHQJDQ\DGD
PLWMDQoDQW O¶HQJLQ\ YHUEDO FRQYLGDULD D FHUFDU HQ DPEGXHV SXEOLFDFLRQV XQLSHUVRQDOV DOJXQV HOHPHQWV
FRPXQVRVLPpVQRSURSHUV
)XHUDXQHUURUGH/$*$&(7$/,7(5$5,$FRQWHQWDUVHFRQVHUXQVHPDQDULRPiVGH
MXYHQWXG HQ TXH XQ QXHYR HTXLSR OtULFR HPSXMD KDFLD XQD PHWD DOXFLQDGD HO EDOyQ GH VX
SURJUDPD SDUWLFXODU(VWDWiFWLFDKD SXHVWRHQ JUDYH SHOLJURODVDOXGGHODV OHWUDV IUDQFHVDV(O
SURSyVLWRGHEHVHUHVWULFWDPHQWHLQYHUVRH[FOXLUWRGDH[FOXVLyQFRQWDUFRQODLQWHJULGDGGHORUEH
OLWHUDULRHVSDxRO\VXVHVSDFLRVDILQHV>@
'HHVWDVXHUWHSRGUiHVWDKRMD>@FRQWULEXLUDODPD\RU\PiVXUJHQWHHPSUHVDTXHHV
FXUDU GHILQLWLYDPHQWH D ODV OHWUDV HVSDxRODV GH VX SHUWLQD] SURYLQFLDOLVPR 3URYLQFLDOLVPR HV
DQJRVWXUD IULYROLGDG \ SHTXHxH] GH UDGLR PRUDO 0DGULG %DUFHORQD /LVERD %XHQRV $LUHV VH
UHSDUWHQGLYHUVRVDWULEXWRVGHODPHQWHSURYLQFLDO>@
/DV RWUDV JUDQGHV XQLGDGHV GH FXOWXUD FRPLHQ]DQ D IDWLJDUVH WUHV VLJORV GH HVIXHU]R
FRQWLQXDGR SRU IXHU]D HPERWDQ ODV UHWLQDV TXH KDQ SHUPDQHFLGR GH KLWR HQ KLWR ILMDV HQ ORV
PLVPRVWHPDV>@(OUHODWLYRGHVFDQVRGH(VSDxDODPRFHGDGGHQXHVWUD$PpULFDWLHQHQTXH
VHUOD IXHU]DGHUHVHUYDTXHDFXGHDOD EUHFKD7HQHPRVTXH SHQVDU \HVFULELUQR VyOR SDUDOD
FLXGDGVLQRSDUDHORUEH>@
3RUHVWHPRWLYRPHSDUHFHWDQDFHUWDGRHODIiQTXHHVWD*$&(7$GHFODUDGHGLODWDUVH
KDVWDORVFRQILQHVGHOD*UDPiWLFD \DXQGHSUHVWDUVXUHVRQDQFLDDODVOHQJXDV PiVSUy[LPDV
>@ 6L 0DGULG %DUFHORQD /LVERD %XHQRV $LUHV OOHJDQ HQ HIHFWR D VHQWLUVH EDUULRV GH XQD
JLJDQWH XUEH GH ODV OHWUDV QHXWUDOL]DUiQ PXWXDPHQWH VXV SURYLQFLDOLGDGHV tQWLPDV \ YLYLUiQ \
WUDEDMDUiQFRQUDGLRHFXPpQLFR(VWRHVOR~QLFRTXHPHUHFHODSHQD
/OjVWLPD TXH O¶DOPLUDOO G¶DTXHOOD FDUDYHOÂOD WUDQVRFHjQLFD G¶DTXHOOD DUFD
DFROOLGRUDGHODLQWHOÂOHFWXDOLWDWKLVSjQLFDHQHOVHXFRP~GHVWtXQLYHUVDODYLDWFRPHQFpV
DWRUSHGLQDUODVHYDSUzSLDHPEDUFDFLyHFXPqQLFDDPEDQGDQDGHVILORIHL[LVWHVTXHQRVH
VDELD DJXDQWDU '¶DTXHVWD PDQHUD L D PHVXUD TXH HV GHILQLHQ DPE PpV QLWLGHVD HOV
SHUILOV SROtWLFV GH FDGDVF~ OD QRPEURVD L VLJQLILFDWLYD WULSXODFLy GHOV SULPHUV DQ\V YD
DQDUGHVHPEDUFDQWILQVDIHUTXHHOWLPRQHUDFDEpVSHUVHQWLUVHVROLHQFRPSWHVG¶XQD
WUDYHVVLD FRPSDUWLGD V¶KDJXpV G¶LQYHQWDU XQD VROLWjULD VXSHUYLYqQFLD GH QjXIUDJ 'HOV
SULPHUV TXH YDQ UHEXWMDU XQ SDVVDWJH HQ HO YDL[HOO GH *HFp YDQ VHU FRP SRGHP
LPDJLQDU HOV LQWHOÂOHFWXDOV YLQFXODWV D 3RVW*XHUUD $OJXQV HUHQ DPLFV GH *LPpQH]
&DEDOOHURGHVGHODSULPHUDMRYHQWXWLSHUDL[zPDWHL[QRHOVGHYLDFDOGUHHVSHUDUTXH
DUULEpVOD5HS~EOLFDSHUVDEHUGHTXLQSHXFDOoDYDHOSHUVRQDWJH3HUFRQqL[HUO¶RSLQLy
TXH HQ SULYDW WHQLHQ GH /D *DFHWD /LWHUDULD SRGHP UHFyUUHU QRYDPHQW D OD
FRUUHVSRQGqQFLD GH -XDQ $QGUDGH DPE * - *HHUV (Q XQD FDUWD GDWDGD HO GH
GHVHPEUHGH$QGUDGHHVFULX
/HtXQDUWtFXORWX\RHQ/D*DFHWD/LWHUDULDVREUHOLWHUDWXUDKRODQGHVD\SULQFLSDOPHQWH
VREUH*RUWHU<RWDPELpQILJXURFRPRFRODERUDGRUGH/D*DFHWDSHURQRKHHVFULWRQDGDQL
HVFULELUp QXQFD $ SHVDU GH VXV DLUHV YDQJXDUGLVWDV HV HQ HO IRQGR DFDGpPLFD \ UHDFFLRQDULD
1RVRWURV SXEOLFDPRV RWUD TXH VH WLWXOD 3RVW*XHUUD \ TXH HV GH PDWL] FRPXQLVWD 7H HQYLDUp
DOJ~QHMHPSODU
,DOFDSGHWUHVPHVRVHQXQDDOWUDFDUWDGHOGHPDUoGH
/Ht HIHFWLYDPHQWH WX QRPEUH HQWUH ORV FRODERUDGRUHV GH OD *DFHWD /LWHUDULD 6XSRQJR
TXHWDPELpQKDEUiVYLVWRHOPtR3HUR\RQRKHHVFULWRQLXQVRORDUWtFXORQLDXWRULFpD*LPpQH]
-RVp2UWHJD\*DVVHW³6REUHXQSHULyGLFRGHODVOHWUDV´/D*DFHWD/LWHUDULDGHJHQHU
$QGUDGH L O¶KLVSDQLVWD KRODQGqV *HUDUGXV -RKDQQHV *HHUV KDYLHQ IHW XQD JUDQ
DPLVWDWD0DGULGHQHOSHUtRGHTXDQYDQFROÂODERUDUHQODIXQGDFLyGHO3&(LHQODUHGDFFLyGHO
QRX zUJDQ (O &RPXQLVWD TXH $QGUDGH GLULJLD (O PDWHL[ *HHUV YD VHU H[SXOVDW G¶(VSDQ\D SHU
VXEYHUVLX
*-*HHUV³/DVOLWHUDWXUDVH[WUDQMHUDVFRQWHPSRUiQHDV+RODQGD´/D*DFHWD/LWHUDULD
GHQRYHPEUH(OSRHWDLDFWLYLVWDSROtWLFKRODQGqV+HUPDQ*RUWHUKDYLDPRUWD
SHQHVPHVRVDEDQVGHODSXEOLFDFLyGHO¶DUWLFOH
$QGUDGHRSFLW
&DEDOOHURSDUDTXHPHSXVLHVHHQODOLVWDeVWHORKL]RSRUTXHWHQJRXQDJUDQDPLVWDGFRQpO
GHVGH KDFH PXFKR WLHPSR /D *DFHWD /LWHUDULD D SHVDU GH VX DVSHFWR H[WHUQR HV XQD
SXEOLFDFLyQ VHQFLOODPHQWH DFDGpPLFD \ GH ODV PiV UHDFFLRQDULDV TXH VH SXHGH GDU WDQWR HQ
SROtWLFD FRPR HQ DUWH $O ODGR GH JHQWH TXH VH WLHQH SRU YDQJXDUGLVWD KDEOR DUWtVWLFDPHQWH
FRODERUDQ6DODYHUUtD6DQJURQL]>VLF@%ODQFR)RPERQD\RWURV&UHRTXHGDGDWXSRVLFLyQGH
KRODQGpV KLVSDQLVWD D WL WH FRQYLHQH FRODERUDU HQ OD *DFHWD /LWHUDULD SRUTXH pVWD WLHQH JUDQ
GLIXVLyQSHURKD\TXHUHFRQRFHUTXHODUHYLVWDDGROHFHGHORVSHRUHVGHIHFWRV(VWRFODURHVWi
VLQKDEODUGHVGHXQSXQWRGHYLVWDSROtWLFRTXHHQWRQFHVVtKDEUtDTXHKDFHUOHPXFKtVLPRVPiV
©SHURVª
/¶DPHULFDQLVPHGH/D*DFHWD/LWHUDULDXQDSROqPLFD
$ WUDYpV GHO FUtWLF UHVVz TXH WUREDYHQ D OHV SODQHV GH 3RVW*XHUUD SRGHP
UHVVHJXLU DOJXQHV GH OHV PpV FRQHJXGHV SROqPLTXHV HQTXHVWHV R H[SRVLFLRQV TXH YDQ
DQLPDUODYLGDGH/D*DFHWD/LWHUDULDHQHOVVHXVSULPHUVDQ\V(QXQGHOVHGLWRULDOVGHO
Q~PVHWHPEUHGHGH3RVW*XHUUDHOWLWXODW³+LVSDQRDPHULFDQLVPR´HV
SRVHQ HQ HYLGqQFLD OHV GLIHUHQWV FRQFHSFLRQV GH O¶LQWHUQDFLRQDOLVPH HQ OD VHYD PROW
HVSHFtILFD EUDQFD DPHULFDQLVWD TXH DPEGXHV SXEOLFDFLRQV WHQHQ 8QV PHVRV DEDQV
HQ XQ OODUJ L DEUDQGDW HGLWRULDO /D *DFHWD /LWHUDULD SURSRVDYD UHFRQTXHULU
FXOWXUDOPHQWVHQVHFDSFRPSOH[HLFRPHQoDQWSHOSURSLQRPHOVWHUULWRULVG¶$PqULFD
OLQJtVWLFDPHQW DILQV /HV UqSOLTXHV HV YDQ GHL[DU VHQWLU GHV GH GLIHUHQWV OORFV L PROW
$QGUDGH VHQV GXEWH HV UHIHUHL[ D OD OOLVWD GH FROÂODERUDGRUV TXH /D *DFHWD /LWHUDULD KDYLD
SXEOLFDWXQSDUHOOGHPHVRVDEDQVHQRFDVLyGHOSULPHUDQLYHUVDULGHOSHULzGLF(OFXULyVpVTXHHOOQRKL
VXUW Vt TXH KL VXUW *HHUV 8Q ODSVXV TXH SRGULD H[SOLFDUVH SHO IHW TXH HQ XQD OHFWXUD SUHFLSLWDGD HO
QRVWUHWURWVNLVWDKDJXpVFRQIyVHOVHXQRPDPEHOGH3D]$QGUDGHTXHVXUWDO¶DSDUWDWGH³&RODERUDFLRQHV
REWHQLGDV´ HQ OOHQJXD JDOOHJD Y ³8Q DxR GH YLGD 3ULPHU FXPSOHDxRV GH /D *DFHWD /LWHUDULD´ /D
*DFHWD/LWHUDULDGHJHQHU
/¶DULVWzFUDWD L GLSORPjWLF -RVp $QWRQLR GH 6DQJUyQL] \ &DVWUR YD VHU XQ GHOV
DFFLRQLVWHVEHQHIDFWRUVTXHYDQFREULUHOFDSLWDOLQLFLDOGHSHVHWHVDPETXqYDDUUHQFDU/D*DFHWD
/LWHUDULD 8QD TXDQWLWDW HYLGHQWPHQW DPE OD TXDO 3RVW*XHUUD QR SRGLD QL VRPLDU WRW L TXH DOKRUD
PRGHVWD DO FRVWDW GH OHV GH TXq YD GLVSRVDU 5HYLVWD GH 2FFLGHQWH $OWUHV DFFLRQLVWHV TXH YDQ
ILQDQoDU O¶DYHQWXUD GH *HFp WHQLHQ WDPEp XQ SHUILO GLVFXWLEOHPHQW DYDQWJXDUGLVWD -RVp )pOL[ GH
/HTXHULFD*DEULHO0DXUD8UJRLWL0DUDxyQHWFY+HUQDQGRRSFLW6DQJUyQL]TXH±FRPYHXUHP
PpVHQGDYDQW±WHQLDXQDGHILQLGDWHQGqQFLDDVHUJHQHUyVDPEHOSDWULPRQLLHOVFDEDOVS~EOLFVYDFHGLU
FRP D VHX GH OD UHGDFFLy GH /D *DFHWD /LWHUDULD XQV HVSDLV HQ O¶HGLILFL GH OD 8QLyQ ,EHUR$PHULFDQD
LQVWLWXFLy HQ TXq DFWXDYD FRP D VHFUHWDUL JHQHUDO VRWD OD SUHVLGqQFLD GHO GXF G¶$OED Y 0LJXHO 3pUH]
)HUUHUR7HUWXOLDV\JUXSRVOLWHUDULRVLOÂOGH*RxLDHG0DGULG(GLFLRQHV&XOWXUD+LVSiQLFD
$QGUDGHRSFLW
3RVW*XHUUD V¶RFXSD GHOV WHPHV OODWLQRDPHULFDQV HQ HO PDUF JHQHUDO GH OD GHIHQVD GH OHV
OOXLWHV DQWLLPSHULDOLVWHV TXH FDUDFWHULW]D OD UHYLVWD 'H YHJDGHV WDPEp WUREHP UHIHUqQFLHV D UHYLVWHV
SURJUHVVLVWHVGHO¶DOWUHFDQWyGHO¶$WOjQWLFFRPDUD$PDXWD/LPDQ~PHURVO¶LPSRUWDQW
IRFXVG¶DYDQWJXDUGLVPHLDPHULFDQLVPHG¶HVTXHUUHVGLULJLWSHU-RVp&DUORV0DULiWHJXLUHFRUGHPTXH³(O
QLGR´GH7ROOHUYDVHUFRPSDUWLWSHUDPEGXHVSXEOLFDFLRQV7DPEpDPE&ODULGDG%XHQRV$LUHV
HVGHWHFWDFHUWLQWHUFDQYLGH PDWHULDOFRPHO SRHPDGH/LHENQHFKW PpVDPXQWFRPHQWDWRDOJXQ
DUWLFOH G¶$QGUDGH TXH DSDUHL[ SULPHU D 3RVW*XHUUD L DFWH VHJXLW D O¶HVTXHUUDQD UHYLVWD ±L HGLWRULDO±
DUJHQWLQD
³0DGULGPHULGLDQRLQWHOHFWXDOGH+LVSDQRDPpULFD´/D*DFHWD/LWHUDULDG¶DEULO
/¶HGLWRULDOSURSRVDHOLPLQDU³GHXQDYH]\SDUDVLHPSUHHQQXHVWURYRFDEXODULRORVHVS~UHRV
WpUPLQRV GH ©$PpULFD /DWLQDª \ GH ©ODWLQRDPHULFDQLVPRª´ ±TXH FRQVLGHUD IUXLW EjVLFDPHQW GHOV
LQWHUHVVRVJDOVG¶KHJHPRQLDFXOWXUDO±LXVDUHOV ~QLFV ³OtFLWRV \ MXVWLILFDGRV´TXH VHULHQ ³,EHURDPpULFD
+LVSDQRDPpULFDR$PpULFDHVSDxROD´
PDUFDGDPHQW GHV GH OD UHYLVWD DUJHQWLQD 0DUWtQ )LHUUR %XHQRV $LUHV 2FXSDQW OHV GXHV GHQVHV SODQHV FHQWUDOV G¶XQ Q~PHUR GHO VHX SHULzGLF ±SODQHV WDPEp
FRP OHV GH /D *DFHWD /LWHUDULD GH JUDQ IRUPDW± HOV GH O¶$UJHQWLQD YDQ FRQWUDDWDFDU
DPEGHXDUWLFOHVODPDMRULDGXUtVVLPVGHGHXILUPHVGLIHUHQWVHQWUHHOOHVODGH%RUJHV
G¶DILUPDFLy DPHULFDQLVWD G¶HVFDUQL GH O¶HVSDQ\ROLWDW L G¶DWDF D O¶zUJDQ G¶XQV MRYHV
DWUHYLWVTXHGHVG¶$PqULFDHVYHLHQHQERQDPHVXUDFRPDQGDWVSHU2UWHJD$TXHOO
HFXPHQLVPHWUDQVRFHjQLFGHOSULPHUQ~PHURGH/D*DFHWD/LWHUDULDTXHGDYDGHVPHQWLW
HQ THVWLy GH SRFV PHVRV 'RV Q~PHURV PpV WDUG L HQ OD TXH GH IHW VHULD O¶~OWLPD
HQWUHJDGH0DUWtQ)LHUURWRUQHQDODFjUUHJDDPEXQFRQWXQGHQWHGLWRULDOLWUHVSODQHV
PpV GHGLFDGHV DO WHPD /D *DFHWD /LWHUDULD SHU OD VHYD SDUW KDYLD UHSOLFDW WDPEp
DPEXQDHQTXHVWDVREUHO¶DVVXPSWHLODFRVDDILQDOVG¶HVWLXMDV¶KDYLDFRQYHUWLWHQ/D
YHUEHQDGHOPHULGLDQReVOODYRUVTXDQLQWHUYp3RVW*XHUUDLIDODVHYDDQjOLVLG¶XQD
FHUWDRUWRGz[LDPDU[LVWDYDODGLUGHWRWSOHJDW3RVW*XHUUDFRQVLGHUDLJXDOPHQWSURSL
GHOHVUHVSHFWLYHVLGHFDGHQWVEXUJHVLHVORFDOVWDQWO¶LPSHULDOLVPHRIHQVLXGHODMRYHQWXW
LQWHOÂOHFWXDOTXHUHSUHVHQWD/D*DFHWD/LWHUDULDFRPHOQDFLRQDOLVPHRIqVGHOVTXHV¶KDQ
VHQWLW DJUHXMDWV /¶~QLF DPHULFDQLVPH FRUGLDO SRVVLEOH YH D GLU 3RVW*XHUUD VHUj HO
UHVXOWDQW G¶XQ LQWHUQDFLRQDOLVPH GH FODVVH G¶XQD PHQD GH IXWXUD HPSDWLD SUROHWjULD
WUDQVDWOjQWLFD
'HV G¶XQD DOWUD SHUVSHFWLYD DERUGD HO PDWHL[ WHPD WDPEp HQ HO Q~P )UDQFLVFR $JXVWtQ D ³(VSDxROLVPR \ $PHULFDQLVPR (SLVRGLR DOGHDQR´ &UHX
O¶DXWRUHQUHODFLyDPEODGLVSXWDFUHDGDHQWUH0DUWtQ)LHUURL/D*DFHWD/LWHUDULD
TXHWRWHVGXHVWHQHQPpVJDQHVGHIHUVHQRWDUTXHDXWqQWLFDOHJLWLPLWDWSHUHULJLUVHHQ
HSLFHQWUH FXOWXUDO /¶DUWLFOH GHULYD FDS D XQD FUtWLFD D OD ILJXUD GH O¶LQWHOÂOHFWXDO
DYDQWJXDUGLVWD SHUz QR GHV GH OHV SRVLFLRQV LGHROzJLTXHV D TXq 3RVW*XHUUD HQV Wp
DFRVWXPDWVVLQyGHVG¶XQFHUWHVVHQFLDOLVPH³3RUTXHORTXHDTXtIDOWDHVHVStULWXTXH
QRLQWHOHFWR(VWiFLHJRTXLHQQRORYHD1RVIDOWDSRWHQFLDVXHxREXFHRHQORQXHVWUR
PLVWHULRVR1RVIDOWDJHQLR\QRVVREUDLQJHQLRIORUIiFLOGHOLQWHOHFWRGLVFLSOLQDGRGHO
SURIHVLRQDO´ $ FRQWLQXDFLy TXDQ O¶DUWLFXOLVWD HQWUD D FULWLFDU OD LQIOXqQFLD FXOWXUDO
IUDQFHVD QR HQV RIHUHL[ FRP D DOWHUQDWLYD WDO FRP KDXULD IHW XQ 'tD] )HUQiQGH] OD
UXVVDVLQyTXHDWDFDGHVG¶XQHVSDQ\ROLVPHPROWPpVSURSLGH*LPpQH]&DEDOOHURTXH
GHOV SRVWJXHUULDQV 9HJHPKR XQD FRKHUqQFLD JOREDO ±OD GH OD QRVWUD UHYLVWD± WDPEp
QHFHVVLWDSHUQRHVGHYHQLUGRJPjWLFDSXQWXDOVLQFRQJUXqQFLHV
3RUTXHYHDPRV¢TXpHVORTXHLEDQDLPSRQHUORVMyYHQHVGH©/D*DFHWD/LWHUDULDª"
(VStULWXHVSDxROQRVHUtD¢1RVRQWRGRVHOORVHQHPLJRVSHUVRQDOHVGHODHWHUQLGDG"/DDXVHQFLD
HQHOORVGHORJHQXLQR\YLWDOHVSDxRO¢QROHVLQFDSDFLWD SDUDODLPSRVLFLyQGHXQ ©PHULGLDQR
LQWHOHFWXDOª"¢6LHQWHQ \ YLYHQHOORVDFDVROROHJtWLPR SDWULyWLFRDTXHOORGHTXHWRGR SUHVHQWH
KLVWyULFR\IHFXQGRVHQXWUHFRQVWDQWHPHQWH"(QWRQFHV¢TXpUHSUHVHQWDFLyQHVODVX\D"¢&yPR
OHVHVSHUPLWLGRKDEODUHQQRPEUHGH(VSDxD\GHORHVSDxRO"
¢$PRU D ORV FOiVLFRV" 1R OR WLHQHQ ¢$ ORV PRGHUQRV" 7DPSRFR 6H MDFWDQ HQ GDU GH
ODGRWRGRORTXHQRVHDQODVSUHPLRVtVLPDV\UHWRUFLGDVHOXFXEUDFLRQHVGHHOORVPLVPRV9pDVH
SRURWUDSDUWHHOSURFHVRIRUPDWLYRGHHVWRVMyYHQHVKiJDVHXQDUHYLVLyQGHODFUtWLFDPHQXGD\
EDODGt UHDOL]DGD SRU HOORV HQ OD ©5HYLVWD GH 2FFLGHQWHª 7RGRV ORV DXWRUHV FRPHQWDGRV VRQ
³8Q OODPDGR D OD UHDOLGDG ¢0DGULG PHULGLDQR LQWHOHFWXDO GH +LVSDQR$PpULFD"´ 0DUWtQ
)LHUUR3HULyGLFRTXLQFHQDOGHDUWH\FUtWLFDOLEUHGHMXQ\
/D UHIHUqQFLD GH O¶HGLWRULDO ³$VXQWR IXQGDPHQWDO´ 0DUWtQ )LHUUR 3HULyGLFR TXLQFHQDO GH
DUWH\FUtWLFDOLEUHG¶DJRVW
³1XHYRHGLWRULDO/DYHUEHQDGHOPHULGLDQR´/D*DFHWD/LWHUDULDGHVHWHPEUH
(OOHFWRUGH3RVW*XHUUDFRQHL[LDMDDTXHVWFROÂODERUDGRUTXHQRWHQLPLGHQWLILFDWJUjFLHVD
XQDOWUHVHXDUWLFOHDQWHULRUTXHQRHVWDYDFHUWDPHQWHQWUHHOVPpVO~FLGVLPHQ\VSHGDQWVGHOVTXH
KDYLDSXEOLFDWODUHYLVWD
IUDQFHVHVVLFRPRHVSDxROHVVHOHVH[FHSW~DDHOORV¢1RKHPRVTXHGDGRHQTXH3HGUR6DOLQDVVH
SDUHFH D 3URXVW -DUQpV D *LUDXGRX[ \ TXH -XDQ &KDEiV RVWHQWD XQD SURVD LWDOLDQD" ¢3XHGH
HVSHUDUVHGH$QWRQLR(VSLQDRGH*XLOOHUPRGH7RUUHXQUHPR]DPLHQWRGHOOHQJXDMHOLWHUDULRHQ
ORSRSXODUTXHHVHYLGHQWHPHQWHHOPiVFRUWRFDPLQRSDUDSHQHWUDUHQHODOPDVXUDPHULFDQD"6L
HQORVQXHVWURVKD\HOGHVGpQDORHVSDxRO¢TXpGHH[WUDxRWLHQHTXHORVMyYHQHVDUJHQWLQRVYHDQ
HQ3DUtV\QRHQ0DGULGVXPHULGLDQRHXURSHR"
0ROWPpVHQFRQVRQjQFLDDPEO¶LGHDULDPHULFDQLVWDSURJUHVVLVWDGH3RVW*XHUUD
±TXHVRYLQWHVPDQLIHVWDWDPEpHQOHVVHYHVVLPSDWLHVYHUVOD5HYROXFLy0H[LFDQDLOHV
VHYHVIRUPHVFXOWXUDOV±DOKRUDTXHDPEHOSURSLLGHDULHVWqWLFGHODQRVWUDUHYLVWDVHUj
OD VDOXWDFLy TXH D HQ OD TXH GH IHW VHUj OD GDUUHUD SjJLQD GH 3RVW*XHUUD HV
GLVSHQVDDXQDQRYDSXEOLFDFLyGH9HUDFUX](OVGRVSULPHUVSDUjJUDIVGHOWH[W
+HPRVUHFLELGRORVGRVSULPHURVQ~PHURVGHODQXHYDSXEOLFDFLyQPHMLFDQD1RUWHTXH
GLULJHQHQ9HUDFUX],JQDFLR 0LOOiQ \ *HUPiQ /LVW $]XUELGH>VLF@1RUWHHVODFRQWLQXDFLyQGH
DTXHOJUDQyUJDQRUHSUHVHQWDWLYRGHODDFWLYLGDGVRFLDOUHYROXFLRQDULDHLQWHOHFWXDOGH0pMLFRTXH
VHOODPDED+RUL]RQWH\TXHVHHGLWDEDWDPELpQHQ9HUDFUX]
1RUWHHVSRUWRGRVFRQFHSWRVVXJHVWLYRHLQWHUHVDQWH$OPLVPRWLHPSRTXHGHILHQGHORV
LGHDOHVPiVDYDQ]DGRVGHOPRYLPLHQWRSROtWLFRPHMLFDQRGLYXOJDIRUPDVPiVPRGHUQDVGHODUWH
ORVGHIHQVRUHVGHODVFXDOHVQRVXHOHQVHUWDQHPLQHQWHPHQWHUHDFFLRQDULRVFRPRODPD\RUtDGH
ORVMyYHQHVYDQJXDUGLVWDVHVSDxROHV
/¶LEHULVPHGH/D*DFHWD/LWHUDULDXQDH[SRVLFLy
8QDDOWUDRFDVLyHQTXq3RVW*XHUUDDOÂOXGLUjD/D*DFHWD/LWHUDULDDPEjQLP
GH FULWLFDU OHV VHYHV DFWLYLWDWV FXOWXUDOV VHUj HQ O¶HGLWRULDO GHO Q~P JHQHU GH WLWXODW³/DUHFLHQWHH[SRVLFLyQGHOOLEURFDWDOiQ´$TXHVWDH[SRVLFLyYDVHUXQDGH
OHV DSRVWHV PpV IRUWHV GH /D *DFHWD /LWHUDULD TXDQW D HVGHYHQLPHQWV SDUDOLWHUDULV L
SRGHPVHJXLUHOVHXUDVWUHGHVGHOQ~PGHQRYHPEUHGHILQVDOQ~P
GHJHQHUGH(OSODWIRUWHOFRQVWLWXHL[HOQ~PGHGHVHPEUHGHXQ
HVSHFLDOGHSODQHVHOQRPEUHKDELWXDOHUDGHGHGLFDWDODSRWHQWFXOWXUDFDWDODQDGHO
PRPHQWTXHHQDTXHOOVWHPSVPRVWUDYDOHVJUDQDGHVHVSLJXHVPDGXUDGHVHQHOVFRQUHXV
TXHKDYLDOODXUDWHOQRXFHQWLVPHLUHJDWOD0DQFRPXQLWDW/D'LFWDGXUDGH3ULPRKDYLD
RSWDWSHUO¶HQIURQWDPHQWDPEWRWDDTXHVWDREUDSROLWLFRFXOWXUDOSHUz*LPpQH]&DEDOOHUR
HUDPDVVDOOHVWFRPSHUQRYHXUHTXHXQQDFLRQDOLVPHKLVSjQLFSUHVHQWDEOHQRHQSRGLD
±HQDTXHOOVPRPHQWV±SUHVFLQGLU-DDILQDOVGHOTXDQSUHSDUDYDHOOODQoDPHQWGH/D
*DFHWD /LWHUDULD KDYLD YLDWMDW D %DUFHORQD SHU SRGHU HQWUHYLVWDUVH DPE DOJXQV
SURKRPVGHOHVOOHWUHVFDWDODQHV)DEUD-RDQ(VWHOULFK1LFRODXG¶2OZHU5LED5RYLUDL
9LUJLOL HWF L GHPDQDUORV FROÂODERUDFLy HQ HO VHX SURMHFWH /¶HGLWRULDO GHO Q~P GHPRVWUDODLPSRUWjQFLDTXHWHQLDSHUDOSURJUDPDFXOWXUDOLQWHJUDFLRQLVWDGH*LPpQH]
&DEDOOHURHOIHWGHFRPSWDUDPEODFXOWXUDLQVWLWXFLRQDOHQOOHQJXDFDWDODQD
$SHQDV FXPSOLGR HO SULPHU DxR GH VX IXQGDFLyQ /$ *$&(7$ /,7(5$5,$ YH
LQLFLDUVHHOFXPSOLPLHQWRGHXQRGHVXVPiVWHQDFHVLGHDOHVSRUHOTXHFDPSHyGHVGHVXQ~PHUR
LQDXJXUDOODFRPSUHQVLyQLQWHOHFWXDOFRQ&DWDOXxD
/D([SRVLFLyQGHO/LEUR&DWDOiQ±FRQVXFLFORGHFRQIHUHQFLDV±HQODVVDODVGHQXHVWUD
%LEOLRWHFD 1DFLRQDO GH 0DGULG QRV SDUHFH XQ DFRQWHFLPLHQWR GH WDO PDJQLWXG TXH UHKXVDPRV
FDVLHOVXEUD\DUQXHVWUDGLUHFWDLQWHUYHQFLyQSDUDSURYRFDUOR
Y+HUQDQGRRSFLW
$OQDFHU/$*$&(7$/,7(5$5,$±HO,GH(QHURGHODxRTXHYDDILQDU±HVWDEDQ
ODVOHWUDVFDWDODQDVHQHOPLVPRDXJH\HVSOHQGRUTXHKR\GtDSHURHQFDPELRODLQWHOHFWXDOLGDG
FDVWHOODQDDSHQDVVLVHGDEDFXHQWDRVHTXHUtDGDUGHWDOIHQyPHQROLWHUDULRGHOD3HQtQVXOD
3RU VX SDUWH ±\ OOHQDV GH UD]yQ± ODV OHWUDV FDWDODQDV UHVHQWLGDV GH WDO LJQRUDQFLD \
ROYLGRPLUDEDQGHVSHFKDGDVSRUHQFLPDGHOKRPEURGHODPHVHWDVLQWLHQGRGHYH]HQFXDQGRHO
KDODJR GH RWUDV PLUDGDV ±PLUDGDV H[WUDQMHUDV IUDQFHVDV H LWDOLDQDV± TXH YHQtDQ D FRQVRODUODV
IDOD]PHQWHGHHVHDSDUWDPLHQWRDWUR]GH0DGULG
+R\ XQDV PLQRUtDV ±ODV GH OD LQWHOLJHQFLD± UHDOL]DQ OD SULPHUD FDXWHUL]DFLyQ GH ODV
LQFRPSUHQVLRQHVPLUiQGRVHFDUDDFDUDVDOXGiQGRVHFRQOLEHUWDG\UHVSHWR
2EVHUYHP TXH *LPpQH] &DEDOOHUR DXWRU EHQ VHJXU GH O¶HGLWRULDO SDUOD GH OD
FRPSUHQVLyLQWHOÂOHFWXDOGH&DWDOXQ\DODTXDOFRVDHQHOFRQWH[WUHSUHVVLXGHO'LUHFWRUL
YLJHQWHTXLYDOLDHQHOIRQVDQRDIURQWDUODVHYDLQFRPSUHQVLySROtWLFD2EVHUYHPWDPEp
TXHDQjORJDPHQWDOVVHXVSODQWHMDPHQWVDPHULFDQLVWHVWDPEpYROUHVFDWDU&DWDOXQ\DGH
OHVLQIOXqQFLHVHVWUDQJHULW]DQWVJXDQ\DUODHQGHILQLWLYD±DFFHSWDQWLUHVSHFWDQWODVHYD
LQHYLWDEOH LGLRVLQFUjVLD± SHU D OD FDXVD GH OD KLVSDQLWDW 2EVHUYHP ILQDOPHQW TXH
O¶HGLWRULDOLVWD OLPLWD HOV FRQWDFWHV D OHV PLQRULHV GH OD LQWHOÂOLJqQFLD FRVD TXH
DXWRPjWLFDPHQWIHLDTXHODJRMRVDRFDVLyGHL[pVGHFRPPRXUHHOVSRVWJXHUULDQV
(OSRGHUGH FRQYRFDWzULDGH*LPpQH]&DEDOOHUR HQ SOHQD 'LFWDGXUD HUD QRWRUL
1R pV HVWUDQ\ TXH GHVSUpV OL FRVWpV GH SDLU HO EDQGHMDPHQW TXH OL YD VXSRVDU OD
UHSXEOLFDQLW]DFLy GHOV PHGLV LQWHOÂOHFWXDOV /¶([SRVLFLy GHO /OLEUH &DWDOj HVWDYD
PXQWDGDDOPpVDOWQLYHOO(O³FRPLWpFDWDOiQ´HVWDYDLQWHJUDWHQWUHG¶DOWUHVSHU-RUGL
5XELyL%DODJXHUFRPDGLUHFWRUGHOD %LEOLRWHFDGH&DWDOXQ\DL-RDQ(VWHOULFKFRPD
GLUHFWRUGHOD)XQGDFLy %HUQDW0HWJH (O ³SDWURQDWR LQWHOHFWXDO FDVWHOODQR´ SUHVHQWDYD
XQDLQVLJQHOOLVWDGHSHUVRQDWJHVGHODSROtWLFDODFXOWXUDLDOWUHVHVIHUHVGHODVRFLHWDW
HVSDQ\ROD 7RW SOHJDW FRP XQD PHQD GH IHOLo FRQMXQFLy HQWUH DOJXQHV UHVWHV GH OD MD
³6DOXGRD&DWDOXxD´/D*DFHWD/LWHUDULDGHGHVHPEUH
*LPpQH]&DEDOOHURYDWHQLUO¶KDELOLWDWGHVDEHUFDSLWDOLW]DUHQDTXHOOSUHFtVPRPHQWKLVWzULF
XQ FHUW FRUUHQW GH P~WXD FRPSUHQVLy TXH GDYDQW OD FRHUFLy L OD FHQVXUD GLFWDWRULDOV YLQFXODYD OD
LQWHOÂOHFWXDOLWDW FDWDODQRHVFULYLQW L OD GH OD UHVWD GHO 5HJQH $L[z V¶KDYLD HYLGHQFLDW MD HO PDUo GH DPE HO 0DQLILHVWR GH ORV HVFULWRUHV FDVWHOODQRV HQ GHIHQVD GH OD OHQJXD FDWDODQD VLJQDW SHU PpV G¶XQ
FHQWHQDU GH QRPV SURSLV GH OD LQWHOÂOLJXqQWVLD KLVSDQRSDUODQW HQWUH HOOV 0DUDxyQ 0HQpQGH] 3LGDO
2UWHJD $]RUtQ *yPH] GH OD 6HUQD *DUFtD /RUFD $UDTXLVWiLQ *XLOOHUPR GH 7RUUH $]DxD 3pUH] GH
$\DOD R HO QRVWUH %DOERQWtQ $TXHVW PDQLIHVW L OHV VHYHV UqSOLTXHV MXQWDPHQW DPE O¶H[SRVLFLy GH TXHHQVRFXSDLODXOWHULRUYLVLWDGHOV³LQWHOÂOHFWXDOVFDVWHOODQV´D%DUFHORQDHOHVWUREDGRFXPHQWDW
HQ HO UHFXOO -RDTXLP 9HQWDOOy /RV LQWHOHFWXDOHV FDVWHOODQRV \ &DWDOXxD 7UHV IHFKDV KLVWyULFDV \ SUzO GH -RVp /XLV / $UDQJXUHQ %DUFHORQD *DOED +LQD WDPEp V¶KL UHIHUHL[
FRQWH[WXDOLW]DQWO¶DVVXPSWHHQHOPDUFGHOVHXDPSOLHVWXGLTXHpVXQDWUDGXFFLyDPSOLDGDGHO¶HGLFLyHQ
DOHPDQ\+RUVW+LQD&DVWLOOD\&DWDOXxDHQHOGHEDWHFXOWXUDO+LVWRULDGHODVUHODFLRQHV
LGHROyJLFDVFDWDODQRFDVWHOODQDVYHUVLyFDVWGH5LFDUG:LOVKXVHQ%DUFHORQD3HQtQVXOD'HIHW
HOSURSL*LPpQH]&DEDOOHURMDV¶KDYLDHQFDUUHJDWHOGHFRQIHJLU±WRWLTXHQRFRQVWLHOVHXQRPQL
FDSDOWUHFRPDHGLWRUGHOUHFXOOGRFXPHQWDO±XQOOLEUHPLVFHOÂODQLTXH9HQWDOOyUHVXPHL[SHOTXHIDDOV
DFWHVGHOLHODOVWDOOHUVGHOVHXSDUHLGLQVODFROÂOHFFLy³/RV&XDGHUQRVGH©/D*DFHWD/LWHUDULDª´
&DWDOXxDDQWH (VSDxD0DGULG/D*DFHWD/LWHUDULD$OOtUHSURGXHL[SSXQDUWLFOHGH
-RVHS 3OD TXH GLX FODUDPHQW TXH OD LQLFLDWLYD G¶H[SRVDU OOLEUHV HQ FDWDOj D 0DGULG KDXULD SDUWLW GH
%DUFHORQDDPEODGLUHFWDLPSOLFDFLyGH-RDQ(VWHOULFKLGHOD&DPEUD2ILFLDOGHO/OLEUHGH%DUFHORQD3HU
DOWUDEDQGDWDPEpFLWDSXQHVGHFODUDFLRQVSRVWHULRUVGH6DQJUyQL]HQTXqDTXHVWV¶DWULEXHL[WDQW
O¶RUJDQLW]DFLy GH O¶H[SRVLFLy FRP HQ SDUW O¶DSDULFLy GH OD VHFFLy ³*DFHWD &DWDODQD´ GLQV /D *DFHWD
/LWHUDULD7RWDL[zQRUHVWDHVVHQFLDOPHQWSURWDJRQLVPHD*LPpQH]&DEDOOHURPpVDYLWDWUHIRUoDODLGHD
TXHO¶KRPHYDVDEHURIHULUODSODWDIRUPDGHODVHYDSXEOLFDFLySHUFDQDOLW]DULPLUDUG¶DSURILWDUDODVHYD
PDQHUDXQHVHQHUJLHVLQWHOÂOHFWXDOVLFXOWXUDOVTXHVRUJLGHVGHVGHSODQWHMDPHQWVGLYHUVRVOD'LFWDGXUD
HQDTXHOOV PRPHQWVWHQLDODLQqSFLDG¶DQDUFRQJUHJDQWVL QR EHQ EpHQFRQWUDVHYDVt DOPHQ\VHQIURQW
FRPDPtQLPHQDSDUHQoD
GHFOLQDQW/OLJD5HJLRQDOLVWDLHOVDQWLFVPHPEUHVGHOD/LJDGH(GXFDFLyQ3ROtWLFDVRWD
HOV DXVSLFLV GH FHUWHV IRUFHV GH OD VRFLHWDW FLYLO TXH FRQYLYLHQ DPE HO 'LUHFWRUL
/¶H[SRVLFLyFRQVWDYDGHSURSGHYROXPVWRWVHGLWDWVDPESRVWHULRULWDWDOD
%LEOLRWHFD 1DFLRQDO FRP D DPILWULRQD KL YD DIHJLU XQD YLWULQD DPE HGLFLRQV GHO VHX
IRQVFDWDOjDQWLF'LVFXUVRVG¶LQDXJXUDFLyLFODXVXUDXQVROHPQHEDQTXHWLXQFLFOHGH
FRQIHUqQFLHV 9DOOV L 7DEHUQHU *DUFpV 0LTXHO )HUUj 5LED &DUOHV 6ROGHYLOD )HOLX
(OLDV HWF YDQ GRQDU OOXVWUH D XQ VXFFpV FXOWXUDO TXH HV YD VDOGDU DPE XQ
FRQVLGHUDEOHq[LWGHS~EOLFHOSURSL$OIRQV;,,,YDSDVVDUSHUO¶H[SRVLFLyGHYHQGHVL
GHSUHPVDWDQWGH0DGULGDPEO¶H[FHSFLyKRVWLOGHO¶$%&FRPGH%DUFHORQD4Xq
KLGLXDWRWDL[z3RVW*XHUUD"$TXHVWpVO¶HGLWRULDOTXHGHGLFDDOWHPD
+DFH DOJXQRV GtDV KD VLGR FODXVXUDGD OD ([SRVLFLyQ GHO OLEUR FDWDOiQ RUJDQL]DGD SRU
XQD5HYLVWDPDGULOHxDHLQVWDODGDHQHOHGLILFLRGHOD%LEOLRWHFD1DFLRQDO
/DH[SRVLFLyQKDWHQLGR ©EXHQD SUHQVDª \ VHKDYLVWRDVLVWLGDGHODFRRSHUDFLyQGHOR
PiVGLOHFWRGHQXHVWUDVRFLHGDGLQWHOHFWXDO(OHJDQWHVYDURQHV\GLVWLQJXLGDVGDPDV\GDPLVHODV
KDQ UHSDVDGR GXUDQWH YDULRV GtDV ORV WDEOHURV \ YLWULQDV GH OD ([SRVLFLyQ UHSOHWRV GH FXULRVRV
YRO~PHQHVGHODOHQJXDFDWDODQD1RKD\TXHROYLGDUTXHGHVGHKDFHDOJ~QWLHPSRHVWHS~EOLFR
HOHJDQWHHVIUHFXHQWHHQODVH[KLELFLRQHVDUWtVWLFDV(OORLQGLFDHOSURSyVLWRGHDOJXQRV Q~FOHRV
OLWHUDULRVRILORVyILFRVGHUHQRYDUODFRVWXPEUHGHORVVDORQHVOLWHUDULRV
3HURDSDUWHGHpVWROD([SRVLFLyQKDGDGRDFRQRFHUDXQGHWHUPLQDGRJUXSRLQWHOHFWXDO
GH0DGULGODFXOWXUDFDWDODQD
1RVRWURVFUHHPRVTXHHODFHUFDPLHQWRGH&DWDOXxDD&DVWLOODQRSXHGHFRQVHJXLUVHFRQ
XQVLPSOHDODUGHGHELEOLRILOLDGHOTXHQRHVWiH[HQWRHOSURSyVLWRGHEXVFDUSXEOLFLGDGGHORV
HGLWRUHVFDWDODQHV(OPHMRUPHGLRGHFRQVHJXLUHVWHDFHUFDPLHQWRHVHVWXGLDU\SUHRFXSDUVHGH
ORVSUREOHPDVSROtWLFRV\HFRQyPLFRVTXHDPEDVUHJLRQHVWLHQHQSODQWHDGRV
&RP YHLHP 3RVW*XHUUD LQWHUSUHWD O¶HVGHYHQLPHQW FRP XQD PRVWUD G¶HOLWLVPH
FXOWXUDO GH EXUJqV DODUGH GH ELEOLRILOLD (Q DTXHVW HGLWRULDO HV SRW SHUFHEUH XQ FHUW
JUDXGHFRQWHQFLyXQDFHUWDPHVXUDHQHOWUDFWDPHQWGHO¶DVVXPSWHLPSRVDGDVHQVGXEWH
SHU OD FHQVXUD ±R O¶DXWRFHQVXUD TXH DO FDSGDYDOO Wp HO PDWHL[ HIHFWH 7DPEp HO WHPD
UHVXOWDYDGHOLFDWHQVLPDWHL[FRPVHPSUHTXHV¶DERUGDYDLV¶DERUGDODLGHQWLWDWSOXUDO
G¶(VSDQ\D HUD L pV GLItFLO IHUKR GHV GHO FHQWUH L VHQVH IHULU VXVFHSWLELOLWDWV
SHULIqULTXHV3HUzHOTXHpVVHJXUpVTXHHOFHQVRUPROWSRFSURSLFLDGLVFXVVLRQVDO
YROWDQWGHO¶XQLWDULVPHGHO¶(VWDWPRQjUTXLFRGLFWDWRULDOQRKDXULDWROHUDWTXHODUHYLVWD
DSURIXQGtVHQXQDOtQLDTXHWRWMXVWV¶DSXQWDHQHOGDUUHUSDUjJUDIODTXHSRUWDULDDIHU
XQDOHFWXUDSROtWLFDLQRPHUDPHQWELEOLzILORFXOWXUDOGHOHVUHODFLRQVHQWUHHOVJUXSVGH
SRGHUGH%DUFHORQDL0DGULG3RVW*XHUUDHUDFRQVFLHQWTXHODTHVWLyFDWDODQDHUDXQD
(OOOLEUHVXDUDHVPHQWDWGH&DWDOXxDDQWH(VSDxDUHFXOOIRUoDLQIRUPDFLyTXHDEDQVMDKDYLD
GRQDW /D *DFHWD /LWHUDULD L UHSURGXHL[ WDPEp HOV WH[WRV GH OHV FRQIHUqQFLHV PpV GLYHUVRV DUWLFOHV
DSDUHJXWVDODSUHPVD
Y-DXPH0HGLQD/¶DQWLFDWDODQLVPHGHOGLDUL$%&%DUFHORQD3XEOLFDFLRQVGHO¶$EDGLDGH
0RQWVHUUDW
(O IRPHQW GH OD ELEOLRItOLD VHOHFWD DFWLYLWDW HYLGHQWPHQW D OHV DQWtSRGHV GH OHV LQTXLHWXGV
HGLWRUHV GHOV SRVWJXHUULDQV KDYLD HVWDW WDPEp XQD GH OHV OtQLHV G¶LQWHUYHQFLy FXOWXUDO GH /D *DFHWD
/LWHUDULDGXUDQWHOSULPHUDQ\GHODVHYDYLGD$L[zHVPDQLIHVWDHQODFUHDFLyGHODVHFFLy³/D*DFHWDGHO
%LEOLyILOR´ L PROW HVSHFLDOPHQW HQ HO PXQWDWJH G¶XQD H[SRVLFLy L VXEKDVWD GH PDQXVFULWV OLWHUDULV
HVSDQ\ROVO¶RFWXEUHGHO6HJRQVOOHJLPHQHOQ~PGHQRYHPEUHGHDTXHVWDH[SRVLFLyQRYD
VHUFDSq[LWODERQDVRFLHWDWPDGULOHQ\DDODTXDODVSLUDYDDDWUHXUHQRYDPRVWUDUJUDQHQWXVLDVPHSHO
WHPDLHOSHULzGLFODPHQWDPpVRPHQ\VYHODGDPHQWTXHD(VSDQ\DDULVWRFUjFLDGHFRJQRPLDULVWRFUjFLD
G¶HVSHULWQRVLJXLQPpVFRLQFLGHQWV
'RFXPHQWDWV WUHEDOOV DO YROWDQW GHO VHPSUH GLItFLO HQFDL[ HQ O¶qSRFD TXH WUDFWHP L HQ
DQWHULRUV GH &DWDOXQ\D HQ HO FRQMXQW G¶(VSDQ\D L HOHPHQWV SHU D OD UHIOH[Ly VREUH OD PDL EHQ UHVROWD
KDUPRQLW]DFLyFXOWXUDOVLPEzOLFDG¶DPEGXHVHQWLWDWVKLVWzULFRQDFLRQDOVD3HUH$QJXHUD&DWDOXxDHQOD
(VSDxDFRQWHPSRUiQHD/OHLGD0LOHQLR
THVWLy SROtWLFD 8QD THVWLy SROtWLFD TXH FRP OD UHVWD GH THVWLRQV SHQGHQWV OD
'LFWDGXUD KDYLD VROXFLRQDW HQ IDOV SHU OD YLD DXWRULWjULD $PE DTXHOOD PRVWUD GH
O¶HPLQHQWWUHEDOOGHOVHUXGLWVELEOLzILOVHGLWRUVLOOHWUDIHULWVFDWDODQV*LPpQH]&DEDOOHUR
HVWDYD HQ UHDOLWDW FROÂODERUDQW DPE HO 'LUHFWRUL D GHVDFWLYDU HO SRWHQFLDO FUtWLF
GHVHVWDELOLW]DGRUWUDQVIRUPDGRUGHOIHWFDWDOjDPEUHODFLyD(VSDQ\D8QIHWTXHHQWUH
PROWHVDOWUHVFRVHVFRQVLVWLDHQODMDOODUJDOOXLWDG¶XQDEXUJHVLDLQGXVWULDOLGHQHJRFLV
SHU REWHQLU FHUWHV TXRWHV GH SRGHU L G¶DXWRJRYHUQ G¶XQ EORF ROLJjUTXLF 0RQDUTXLD
ODWLIXQGLVPH FDFLTXLVPH VHFWRUV GH O¶H[qUFLW (VJOpVLD DOWD EXUJHVLD DVVLPLODGD D
O¶DULVWRFUjFLDREVWLQDWHQFDUDDFRQWURODU HOVUHVVRUWVG¶XQ(VWDWHQREHUWDFULVLGHVGH
IHLD OXVWUHV 8QD EXUJHVLD TXH SHU DOWUD EDQGD HV YHLD WDPEp DPHQDoDGD SHU XQ DOWUH
UHYROWyVVXEMHFWHKLVWzULFHOSUROHWDULDW&RQWUDDTXHVWHQHPLF TXH D PpV HV UHVLVWLD D
LQFRUSRUDUVH DO FDWDODQLVPH OD EXUJHVLD QRVWUDGD KDYLD DFFHSWDW PpV R PHQ\V
UHVLJQDGDPHQWODPRGHUQLW]DFLyDXWRULWjULDTXHOD'LFWDGXUDRIHULD
7DQWHQDTXHVWHGLWRULDOFRPHQDOJXQDOWUHSDVVDWJHGHODUHYLVWDV¶HQWUHYHXTXH
OD EXUJHVLD FDWDODQD QR UHVXOWDYD SDUWLFXODUPHQW VLPSjWLFD D 3RVW*XHUUD +HP GH
VXSRVDUTXHDL[zHUDQRWDQWSHUFDWDODQDFRPSHUEXUJHVLD3RGHPIjFLOPHQWLPDJLQDU
QRV TXH HQ O¶HGXFDFLy VHQWLPHQWDO GHOV SRVWJXHUULDQV HO VLQWDJPD EXUJHVLD FDWDODQD
DQDYD DVVRFLDW D SLVWROHULVPH GH OD SDWURQDO DOLDW DPE HO WHUURU SROLFLDO GH 0DUWtQH]
$QLGR3RVW*XHUUDGLItFLOPHQWSRGLD GRQFV H[SUHVVDU VLPSDWLDSHUOHV PDQLIHVWDFLRQV
ELEOLRJUjILTXHVSUzSLHVG¶DTXHOODEXUJHVLDGHOD/OLJD5HJLRQDOLVWDTXHKDYLDDFRPERLDW
HO&DSLWj*HQHUDOGH&DWDOXQ\D0LJXHO3ULPRGH5LYHUDHQHOVHXFRSG¶HVWDWGHVGH
%DUFHORQDTXHO¶KDYLDDFRPSDQ\DWYLFWRULyVHOSURQXQFLDPHQWILQVDOPDWHL[HVWUHSGHO
YDJy GH WUHQ TXH O¶KDYLD GH GXU D 0DGULG D SUHQGUH OHV UHJQHV GHO SRGHU 4XLQD SHQD
TXHFRPYDQSRGHUQRWDUDTXHOOVVHQ\RUVPROWDYLDWDPEJUDQGHFHSFLyHOGLFWDGRUHOV
VRUWtVLQIOH[LEOHPHQWFHQWUDOLVWDLOODYRUVHOVYROJXpVSULYDUGHIHUHOVVHXVWUDGLFLRQDOV
YHUVHWVSDWULzWLFVHQOOHQJXDPDWHUQD1R/HVVLPSDWLHVGH3RVW*XHUUDQRPpVSRGLHQ
HVWDUVLGHFDVDPEHOVVHFWRUVREUHULVWHVFDWDODQVFDUDFWHULW]DWVSHOVHXLQTXLHWDFWLYLVPH
FXOWXUDOSHUzGHOVTXDOVDO¶H[SRVLFLyPDGULOHQ\DQRHQGHYLDKDYHUQLUDVWUH
7DPEp HQ HO GDUUHU SDUjJUDI GH O¶HGLWRULDO 3RVW*XHUUD DSURILWD SHU HQYLDU XQ
PLVVDWJHDOVHGLWRUVFDWDODQV(VWHP UHFRUGHPKRDJHQHUGHHOVSRVWJXHUULDQV
KDQLQLFLDWMDOHVVHYHVDYHQWXUHVHGLWRUHVTXHDYLDWWLQGULHQXQq[LW±HQOHVSURSRUFLRQV
TXH DVVROLULD± GHO WRW LQHVSHUDW /D UHYROXFLy HGLWRULDO TXH HVWDYHQ D SXQW GH
SURWDJRQLW]DU FRPSRUWDYD XQD FRQFHSFLy GHO OOLEUH PROW DOOXQ\DGD GH OD PDJQtILFD
WUDGLFLy±G¶HVWLUSQHRURPjQWLFDPRGHUQLVWD L HVWHWLFLVWD± GH O¶HQTXDGHUQDFLyLQGXVWULDO
FDWDODQD 'RPqQHFK /OLEUHULD 9HUGDJXHU +HQULFK L &RPSDQ\LD 0RQWDQHU \ 6LPyQ
HWFTXHHOOVVHQVGXEWHFRQHL[LHQ7DQWHQHOOOLEUHHQFDWDOjFRPHQFDVWHOOjO¶HGLFLy
6REUH HO QR IjFLO SURFpV G¶DUWLFXODFLy G¶XQ FDWDODQLVPH G¶HVTXHUUHV HVFDQ\DW HQWUH
O¶KHJHPzQLF FDWDODQLVPH GUHWj GH OD /OLJD SHU XQ FDQWy L HO UDGLFDOUHSXEOLFDQLVPH HVSDQ\ROLVWD GH
/HUURX[SHUO¶DOWUHGXUDQWOHVWUHVSULPHUHVGqFDGHVGHOVHJOHY6DQWLDJR,]TXLHUGR%DOOHVWHU5HS~EOLFDL
DXWRQRPLD(OGLItFLODUUHODPHQWGHOFDWDODQLVPHG¶HVTXHUUHV&DWDUURMD%DUFHORQD$IHUV
(GXDUGR *RQ]iOH] &DOOHMD /D (VSDxD GH 3ULPR GH 5LYHUD /D PRGHUQL]DFLyQ DXWRULWDULD
0DGULG$OLDQ]D
/¶DFWLYLWDWDWHQHtVWLFDpVXQPDJQtILFLQGLFDGRUG¶DTXHVWDFWLYLVPHFXOWXUDO3HUH6ROjRIHUHL[
XQDUHODFLyG¶DWHQHXVREUHUVIXQGDWVD&DWDOXQ\DHQWUHL/DGqFDGDGHOVpVSHUzODPHQ\V
IHFXQGD HQ DTXHVW VHQWLW VHQV GXEWH SHUTXq HV FRPELQHQ HOV HIHFWHV GH OD UHSUHVVLy GLFWDWRULDO DPE OD
SUzSLD HYROXFLy PLQYDQW DPE UHODFLy D qSRTXHV DQWHULRUV GHO VLQJXODU IHQRPHQ DVVRFLDWLX
6LJQLILFDWLYDPHQWDPEO¶DUULEDGDGHOD5HS~EOLFDOD[LIUDHVWRUQDDGLVSDUDULHOVDQ\VVXSRVDUDQXQD
QRYDHWDSDjOJLGDGHO¶DWHQHLVPHREUHUFDWDOj±HQXQDYHUVLyHQJHQHUDOPpVLGHRORJLW]DGDTXHODGHOVHJOH
;,; Y 3HUH 6ROj (OV DWHQHXV REUHUV L OD FXOWXUD SRSXODU D &DWDOXQ\D /¶$WHQHX
(QFLFORSqGLF3RSXODU%DUFHORQD/D0DJUDQD
FDWDODQD GHOV DQWHULRUV GHFHQQLV KDYLD PDUFDW OD SDXWD L HQ JHQHUDO VXSHUDW HQ TXDOLWDW
O¶HGLFLy GH OD 0HVHWD (O OOLEUH GH DYDQ]DGD SHU FRQWUD GRQDUj GXUDQW XQV DQ\V HO
SURWDJRQLVPHHGLWRULDOQRHQVUHIHULPWDQWDOSXQWGHYLVWDHFRQzPLFFRPDOG¶DSRUWDFLy
FXOWXUDOD0DGULG,DL[zQRHVWULFWDPHQWSHUODVHYDTXDOLWDWIRUPDOVLQySHUODVHYD
RSRUWXQD DSDULFLy HQ OD FRQMXFWXUD KLVWzULFD HQ TXq KR YD IHU L SHU OD FRQFHSFLy
UHQRYDGRUDTXHYDVXSRVDUUHQRYDFLyGHWHPHVGHOHFWRUVG¶DXWRUV7DPEpUHQRYDFLy
IRUPDOSHUzRULHQWDGDDFULGDUO¶DWHQFLyG¶XQQRXGHVWLQDWDULLDUHGXLUFRVWRVSHUSRGHU
DPSOLDUHOS~EOLFUHFHSWRU(OOOLEUHMDQRHQWqVFRPXQOX[HFXOWXUDOFRPIRUPXODULDHO
YHUVGH&HOD\DPROWPpVWDUGVLQyFRPXQDHLQDGHFRQVFLHQFLDFLyGHPDVVHV8QOOLEUH
GHFODUDGDPHQW LGHRORJLW]DW SHU DOV QRXV WHPSV GH UDGLFDOLW]DFLy L SRODULW]DFLy TXH
V¶DQXQFLDYHQ /D *DFHWD /LWHUDULD HQ DTXHOO Q~PHUR HVSHFLDO GHGLFDW D &DWDOXQ\D
GRQDYDXQDH[WHQVDOOLVWDGHWtWROVSUHVHQWVHQODFqOHEUHH[SRVLFLy4XqKLYHXULHQDOOt
HOV SRVWJXHUULDQV" 4XqGHVSHUWDULD HO VHX LQWHUqV FRP D HGLWRUV FRP D WHzULFV FRP D
HVFULSWRUV FRP D DFWLYLVWHV FRP D SROtWLFV G¶HVTXHUUD" $OOt SUHGRPLQDYD O¶HUXGLFLy
SROtWLFDPHQW LQRIHQVLYD VL QR IUDQFDPHQW FRQVHUYDGRUD OD OLWHUDWXUD HQFDUD DPE FHUW
DURPDUDQFLGH-RFV)ORUDOVOHVPHULWzULHV±WRWLTXHWDPEpSXGLEXQGHV±WUDGXFFLRQVGH
FOjVVLFVLGHVHOHFWHVFRQWHPSRUDQLV6HQVGXEWHUHVSHFWDYHQWRWDOOzLPpVHQSURYHQLU
G¶XQ jPELW OLQJtVWLF TXH QR HUD HO VHX SHUz HOOV HVWDYHQ GHILQLWLYDPHQW HQ XQD DOWUD
VLQWRQLD
/¶q[LWGHOVDFWHVDOYROWDQWGHOOOLEUHFDWDOjYDWHQLUFRPDVHTHODLPPHGLDWDXQ
YLDWJHHQDHURSOjHOGHJHQHUGHDQXQFLDWHQHOQ~PGHOSHULzGLFOLWHUDULGH
*HFp L QDUUDW HQ HO Q~P TXH YD GXU D %DUFHORQD XQ JUXS UHGXwW GHOV SULQFLSDOV
UHGDFWRUVLFROÂODERUDGRUVGH/D*DFHWD/LWHUDULD (VSLQD -DUQpV &KDEiV $UFRQDGD L
$\DODFDSLWDQHMDWVSHU*LPpQH]&DEDOOHURTXLDQDYDDLQDXJXUDUDODJDOHULD'DOPDX
OODYRUV DO 3DVVHLJ GH *UjFLD XQD H[SRVLFLy GHOV VHXV FDUWHOHV OLWHUDULRV $ OD &LXWDW
&RPWDO SHUz HOV MRYHV DYDQWJXDUGLVWHV GH OD FDSLWDO HVSDQ\ROD YDQ SRGHU FRPSURYDU
LQHVSHUDGDPHQWTXHOD'LFWDGXUDD%DUFHORQDWHQLDTXDQWDSRVVLEOHVPDQLIHVWDFLRQVGH
FRUGLDOLWDW HQYHUV OD FXOWXUD FDWDODQD XQV OtPLWV GH WROHUjQFLD PHQ\V JHQHURVRV TXH D
8QDUWLFOHHQGXHVSDUWVGH-XDQGHOD(QFLQDWLWXODW³(QWRUQRDO/LEUR&DWDOiQ´SXEOLFDWD
/D9R]GH0DGULGLUHSURGXwWD&DWDOXxDDQWH(VSDxDSSHVODPHQWDG¶DTXHVWDVLWXDFLy
(QDTXHVWVHQWLWGHUHOOHXHQHOSURWDJRQLVPHHGLWRULDOYLQFXODWDXQFDQYLVRFLROzJLFG¶DPSOL
DEDVWHQODFRQFHSFLyLODIXQFLyGHOOOLEUHSRGUtHPHVWDEOLUPpVRPHQ\VSHUOHVPDWHL[HVFDOHQGHVXQ
SDUDOÂOHOLVPHHQWUHHOVFDVRVGH%DUFHORQD0DGULGLGH/HLS]LJ%HUOtQ1RSHUFDVXDOLWDWHOVFRQWDFWHVTXH
HVWDEOLUDQHOVHGLWRUVG¶DYDQoDGDSHUWUDGXLUDXWRUVDOHPDQ\VVHUDQTXDVLVHPSUHDPEHGLWRULDOVGH%HUOtQ
(O YLQFOH PpV SURGXFWLX L UHSUHVHQWDWLX VHUj HO TXH HVWDEOLUDQ ±DPE O¶DQXqQFLD GH OD ,,, ,QWHUQDFLRQDO±
0DOLN9HUODJ :LHODQG +HU]IHOGH L &HQLW *LPpQH] 6LOHV $TXHVWD UHODFLy HGLWRULDO ±TXH DUD QR HQV
SURSRVHPGRFXPHQWDUHQWRWDODVHYDDPSOLWXG±HQFDUQDHQERQDPHVXUDODLQIOXqQFLDZHLPDULDQDVREUH
OD FXOWXUD GH DYDQ]DGD HVSHFLDOPHQW HQ OD VHYD IDVH WDUGDQD /HV FRLQFLGqQFLHV HQ HOV FDWjOHJV
G¶DPEGXHVHGLWRULDOVVyQP~OWLSOHVLQRHVOLPLWHQDDXWRUVGHOOHQJXDDOHPDQ\DY)UDQN+HUPDQQ'HU
0DOLN9HUODJ (LQH %LEOLRJUDSKLH .LHO 1HXHU 0DOLN9HODJ 6REUH 0DOLN Y W
*HUPDLQH6WXFNL9RO]'HU0DOLN9HODJXQGGHU%XFKPDUNWGHU:HLPDUHU5HSXEOLN%HUQ3HWHU/DQJ
³*XtD GH OD H[SRVLFLyQ &DWiORJR GH DOJXQDV HGLFLRQHV´ /D *DFHWD /LWHUDULD GH
GHVHPEUH
&DOGLUTXHPDOJUDWO¶RILFLDOKRVWLOLWDWGHO'LUHFWRULHQYHUVODFXOWXUDG¶H[SUHVVLyFDWDODQDOD
SURGXFFLyGHOOLEUHVHQFDWDOjGXUDQWHOODSVHQRKDYLDGHL[DWGHFUpL[HU3HUSDUWG¶DOJXQVVHFWRUV
SROLWLFRFXOWXUDOV LQWHUHVVDWV DL[z pV EjVLFDPHQW OD /OLJD 5HJLRQDOLVWD L OHV VHYHV ]RQHV G¶LQIOXqQFLD
VRFLDO O¶([SRVLFLy GHO /OLEUH &DWDOj ILQV L WRW HV YD YLXUH GHV GH %DUFHORQD FRP XQ FHUW PRPHQW
FXOPLQDQWLRSWLPLVWDY)UDQFHVF9DOOYHUG~³/¶HGLFLyFDWDODQDGHD´(OV0DUJHV5HYLVWDGH
/OHQJXDL/LWHUDWXUDJHQHU
³&DVWLOODD&DWDOXxD´/D*DFHWD/LWHUDULDGHJHQHU³&DVWLOODD&DWDOXxD8Q
UDLGGH©/D*DFHWD/LWHUDULDª´/D*DFHWD/LWHUDULDGHJHQHU
0DGULG L OD SROLFLD SROtWLFD QR YD GHL[DU G¶HQWRUSLU L GH YLJLODU HVWUHWDPHQW HOV VHXV
PRYLPHQWV 'H WRWHV PDQHUHV *HFp GHYLD TXHGDU PROW VDWLVIHW GH OD MRUQDGD MD TXH
O¶HGLWRULELEOLzILO*XVWDX*LOLYDDGTXLULUHQWHUDPHQWO¶H[SRVLFLyGHFDUWHOOV
3HUz O¶HVGHYHQLPHQW TXH HQ YHULWDW FRURQD DTXHVWD HQWHVD FRUGLDO HQWUH HOV
LQWHOÂOHFWXDOVHQOOHQJXDFDWDODQDLFDVWHOODQDGXUDQWOD'LFWDGXUDQRYDSRGHUWHQLUOORF
ILQVPpVWDUGHOPDUoGH)HLDHQFDUDQRGRVPHVRVTXHKDYLDFDLJXW3ULPRLDPE
OD WUDQVLWzULD GLFWDEODQGD GHO JHQHUDO %HUHQJXHU V¶KDYLHQ UHOD[DW XQD PLFD HOV
PHFDQLVPHVUHSUHVVLXVG¶XQ(VWDWMDSHUSRFWHPSVPRQjUTXLF'HVGH%DUFHORQDXQD
SURX KHWHURJqQLD TXDUDQWHQD G¶LQWHOÂOHFWXDOV L FLHQWtILFV G¶$ORPDU D *D]LHO GH %RVFK
*LPSHUDD/ySH]3LFyRGH3HUH&RURPLQHVD0DQXHOGH0RQWROLXSDVVDQWSHU)DEUD
5LEDR5RYLUDL9LUJLOLYDQFRQYLGDUHQDJUDwPHQWSHOPDQLIHVWGHXQDQRPHQ\V
KHWHURJqQLD FLQTXDQWHQD GH SOXPHV FDVWHOODQHV GH %DOERQWtQ D /HGHVPD 5DPRV
G¶$UDTXLVWiLQ D *LPpQH] &DEDOOHUR R G¶ÈOYDUH] GHO 9D\R D (XJHQLR 0RQWHV SDVVDQW
SHU$]DxD2UWHJDR0HQpQGH]3LGDODYLVLWDUWHUUHVFDWDODQHV/HVMRUQDGHVLGH
PDUoYDQVHUDSRWHzVLTXHV1L&DWDOXQ\DQL(VSDQ\DHUHQOHVPDWHL[HVGHDQ\VDEDQV
8Q FRQVWDQW VHJXLPHQW PXOWLWXGLQDUL GHOV DFWHV SHU SDUW G¶XQD HQWXVLDVWD FLXWDGDQLD
LQGLFDYDTXHODOODUJDPLJGLDGDGHOD 'LFWDGXUD KDYLDGHVYHWOODWLHQYLJRULWODVRFLHWDW
FDWDODQD TXH DUD WHQLD JDQHV GH EDOO ILQV D OD PDWLQDGD &DS DTXHVW DQ\ GH HV
SHUFHSDPEFODUHGDWXQFDQYLGHVLJQHSROtWLFHQHOFDWDODQLVPHPDMRULWDULHOPRYLPHQW
REUHU GHL[D GH VHU WDQ DOLq FRP HQ DOWUHV PRPHQWV DO PRYLPHQW FDWDODQLVWD L OD MD
SURSHUD IXQGDFLy G¶(VTXHUUD 5HSXEOLFDQD GH &DWDOXQ\D HQ FRQVROLGDUj XQD H[SUHVVLy
SROtWLFD G¶jPSOLD EDVH VRFLDO $ %DUFHORQD FRP WDPEp D 0DGULG HV UHVSLUDYD MD OD
SUR[LPLWDW G¶XQD 5HS~EOLFD TXH ±HVSHFLDOPHQW SHUz QR H[FOXVLYDPHQW D OD FDSLWDO
FDWDODQD±QRHVGHVFDUWDYDHQDEVROXWTXHSRJXpVVHUIHGHUDO
(OPDUoGH3RVW*XHUUDIHLDWHPSVTXHMDQRH[LVWLD3HUzHOVIUXLWVGHOD
VHYD OODYRU HV WUREDYHQ HQ OD VDy PpV zSWLPD /HV HGLWRULDOV G¶DYDQoDGD HVWDYHQ
UHYROXFLRQDQWQRVRODPHQWHOPHUFDWHGLWRULDOVLQyHOSURSLFRQFHSWHGHOLWHUDWXUDTXH
V¶DPSOLDYDHQXQDGLUHFFLyGRFXPHQWDOLWHVWLPRQLDO/¶DOWUHIUXLWLPSRUWDQWQDVFXWGH
ODOODYRUSRVWJXHUULDQDHUDVHQVGXEWHODUHYLVWD1XHYD(VSDxDTXHKDYLDWLQJXWODPROW
VLJQLILFDGRUDRSRUWXQLWDWGHVRUWLWDOFDUUHUHOGHJHQHUG¶DTXHOODQ\HOPDWHL[
GLDTXHV¶DQXQFLDYDHO*DELQHW'iPDVR%HUHQJXHU3ULPRKDYLDGLPLWLWHOGHJHQHU
1R QRPpV SHU DL[z 1XHYD (VSDxD pV OD UHYLVWD SROLWLFRFXOWXUDO G¶HVTXHUUHV PpV
VLJQLILFDWLYDG¶DTXHOODqSRFDGHWUDQVLFLyHQWUHOD'LFWDGXUDLOD5HS~EOLFD'LULJLGDSHU
*XVWDX *LOL L 5RLJ IXQGDGRU HO GH O¶HGLWRULDO TXH GHVSUpV FRQWLQXDUDQ HO
VHXILOO*XVWDX*LOLL(VWHYHLHOVHXQHW*XVWDX*LOLL7RUUD /DFUHDFLyG¶(5&VHUjVDOXGDGDD1XHYD(VSDxDXQDQ\PpVWDUGHOPDUoGHFRPXQ
³WULXQIR GHO HVStULWX GHPRFUiWLFR GH &DWDOXxD´ VREUH HO ³FDWDODQLVPR HJRtVWD \ HVWUHFKR´ GH OD /OLJD
5HJLRQDOLVWD L &DPEy ³DTXHO OOLJXLVPR GH SDWURQRV \ QHJRFLDQWHV´ ³DTXHO FRUUR UHJLRQDOLVWD ELHQ
DYHQLGRFRQOD'LFWDGXUD´³(OSDUWLGRFDWDODQLVWDUHSXEOLFDQR´1XHYD(VSDxDGHPDUo
&RP D H[HPSOLILFDFLy ±DQHFGzWLFD SHUz VLJQLILFDWLYD± G¶DL[z TXH GLHP SRGHP FRQVXOWDU HO
VHJHQWQ~PHURG¶XQDSXEOLFDFLyGHFDUjFWHURILFLDOLVWDG¶DJUDGDEOHSUHVHQWDFLyLFRQWLQJXWPLVFHOÂODQL
TXH FRQWp LQWHUHVVDQWV IRWRJUDILHV GH OD YLVLWD GHOV LQWHOÂOHFWXDOV GH OOHQJXD FDVWHOODQD D %DUFHORQD
([SRVLFLyQ GH %DUFHORQD 'LDULR 2ILFLDO GH PDUo Y SODQD JUjILFD $ OD VHFFLy
³/LEURV´ KL KD XQD UHVVHQ\D VLJQDGD SHU ( GH / GH O¶REUD GH )UDQFHVF 0DGULG (OV H[LOLDWV GH OD
'LFWDGXUD Y ELEOLRJUDILD +L OOHJLP ³<R TXLHUR VHQWDU DTXt OD DILUPDFLyQ GH TXH SDUD HVWD FODVH GH
OLEURVQRFDEHODFUtWLFDVHOHVDGPLWHRUHFKD]DVHJ~QODLGHRORJtDGHOFUtWLFRROHFWRU3HURHQFDPELR
SXHGHQWHQHUXQDOWRYDORULQIRUPDWLYR\SRUORWDQWROLWHUDULR\DTXHHQORVGtDVTXHFRUUHQODOLWHUDWXUD
YD WRPDQGR XQ FXULRVR DVSHFWR LQIRUPDWLYR 'tJDQOR VL QR ODV QRYHODV UXVDV \ ODV GH JXHUUDV WDQ HQ
ERJD´
'tD] )HUQiQGH] L $QWRQLR (VSLQD 1XHYD (VSDxD UHFROOLUj HO WHVWLPRQL GH O¶H[WLQWD
3RVW*XHUUDHQODWDVFDGHIXVWLJDU/D*DFHWD/LWHUDULD3HUzMDQRKRIDUjDPEDTXHOOD
SUHFDULHWDW GH PLWMDQV DPE DTXHOOD ³OLPLWDFLyQ GH ODV DUPDV UHFRUWDGDV´ TXH XQ GLD
H[SUHVVDYD3RVW*XHUUDDUDKRIDUjGHVG¶XQDSRVLFLyDIHUPDGDLSUzSLDHQHOVPHGLV
LQWHOÂOHFWXDOV G¶HVTXHUUHV L DPE PpV VROLGHVD GH UHFXUVRV KXPDQV L WqFQLFV (Q XQ
PRPHQWHQTXq/D*DFHWD/LWHUDULDKDSHUGXWMDODVHYDLQGHSHQGqQFLDHFRQzPLFDLD
*HFp FDGD FRS OL FRVWD PpV HQURODU WULSXODFLy HQ OD VHYD QDX O¶DSDULFLy GH 1XHYD
(VSDxD UHSUHVHQWD OD GHUURWD G¶DTXHOOD RSFLy GH SUHVXPSWH DSROLWLFLVPH FXOWXUDO TXH
O¶LQTXLHWR H LQTXLHWDQWH FRP O¶KD GHILQLW OD FUtWLFD *LPpQH] &DEDOOHUR SUHWHQLD
DJOXWLQDULWLPRQHMDU
,EpTXLQDpVO¶DFWLWXGGH1XHYD(VSDxDGDYDQWO¶HFXPqQLFDWUREDGDLQWHOÂOHFWXDO
GH %DUFHORQD DPE H[FXUVLy D 6LWJHV LQFORVD HO GLD " 'RQFV OD PDWHL[D TXH OD GH
3RVW*XHUUD XQ SDUHOO G¶DQ\V DEDQV GDYDQW O¶H[SRVLFLy GH OOLEUHV FDWDODQV D 0DGULG
SHUz H[SUHVVDGD DPE O¶DPSOLWXG L OD UHODWLYD OOLEHUWDW TXH GRQDYD HO UHOD[DPHQW
EHUHQJXHULj GH OD FHQVXUD SUqYLD $L[z pV LQVLVWLU HQ HO IHW TXH OHV UHODFLRQV HQWUH
&DWDOXQ\DL(VSDQ\DVyQXQSUREOHPDSROtWLFLODUHVWDpVIHUYRODUFRORPV
1R TXHUHPRV DFWXDU GH DJXDILHVWDV >«@ (Q SULPHU WpUPLQR QHFHVLWDPRV H[SUHVDU
QXHVWUD DGKHVLyQ VLQ UHVHUYDV D &DWDOXxD FX\D SHUVRQDOLGDG LQFRQIXQGLEOH GHQWUR GHO (VWDGR
HVSDxROUHSUHVHQWDXQDGHODVIXHU]DVPiVSRVLWLYDVGHODYLGDQDFLRQDO>«@
>«@/DGLFWDGXUDTXHUHVXFLWyWRGRORFDVWL]RTXHJDOYDQL]yHOFRQFHSWRFDYHUQDULRGHO
SDWULRWLVPRSHQVyTXHJREHUQDUD&DWDOXxDHUDVXSULPLUWRGDVODVH[SUHVLRQHVGHVXFDUiFWHU\GH
VXKLVWRULDDKRJDUVXLGLRPDTXHHVXQRGHORVPiVLOXVWUHVGHOD3HQtQVXODHLPSRQHUDODYLGD
FDWDODQDODVQRUPDVGHODVHUYLGXPEUHFLYLOFRPRVHODVLPSXVRGHXQPRGRXRWURD(VSDxD
HQWHUD>«@
(VSLQDFRPVDEHPSURYHQLDGHO¶DYDQWJXDUGDGHVKXPDQLW]DGD(OOFRP$UFRQDGDLG¶DOWUHV
H[HPSOLILFD PROW Ep HO FDPt HYROXWLX HQ XQD GLUHFFLy GH SROLWLW]DFLy TXH VHJXLHQ ±FDGDVF~ D OD VHYD
PDQHUDLDPEODVHYDSUzSLDGHVWLQDFLyILQDO±PROWVGHOVHVFULSWRUVHVSDQ\ROVGHOPRPHQWHYROXFLyTXH
HQFHUWDIRUPDSRWYHXUH¶VFRPXQDYLFWzULDUHWDUGDGDGHOHVWHVLVGH3RVW*XHUUDVREUHOHVGHOHVVHYHV
DSROtWLTXHVSXEOLFDFLRQVULYDOV$O¶DOWXUDGHOQ~PGHMXQ\GHGH1XHYD(VSDxDV¶DIHJHL[DO
FRPLWqGLUHFWLXGHODUHYLVWDXQDOWUHH[SRVWJXHUULj-RDTXtQ$UGHUtXV
'DYDQW OD VHYD LQYLDELOLWDW HFRQzPLFD *LPpQH] &DEDOOHUR YD KDYHU GH YHQGUH /D *DFHWD
/LWHUDULDDOD&RPSDxtD,EHUR$PHULFDQDGH3XEOLFDFLRQHVTXHHQDTXHOOVDQ\VLQWHQWDYDFRQVWLWXLUDPE
OD LPSOLFDFLy ILQDQFHUD GHOV EDQTXHUV %DXHU XQ ROLJRSROL HGLWRULDO +HUQDQGR RS FLW VLWXD O¶LQLFL
G¶DTXHVWDVHJRQDHWDSDHFRQzPLFDGHOSHULzGLFHQHOQ~PGHVHWHPEUHGHHQODFDSoDOHUDGHO
TXDOV¶REVHUYDXQFDQYLHQO¶DGUHoDGHO¶DGPLQLVWUDFLyLODGHVDSDULFLyGH&pVDU0XxR]$UFRQDGDFRPD
5HGDFWRU-HIHKLFRQVWDYDGHVGHOSULPHUQ~PHURGH(OVFDQYLVHQODFDSoDOHUDVHUDQPpVYLVLEOHV
DSDUWLUGHOQ~PGHJHQHUGHTXDQFRLQFLGLQWDPEO¶LQLFLGHOVHXTXDUWDQ\GHYLGDLDPE
O¶HVWUHQD GHO QRX IRUPDW UHGXwW *LPpQH] &DEDOOHUR GHL[D GH FRQVWDU FRP HO 'LUHFWRU)XQGDGRU ~QLF L
SDVVDDFRPSDUWLUOD'LUHFFLyQDPE3HGUR6DLQ]5RGUtJXH]TXHOODYRUVHUDGLUHFWRUOLWHUDULGHOD&,$3
(OVRULJLQDULVDFFLRQLVWHVGH/D*DFHWD/LWHUDULDYDQUHFXSHUDUOOXUVFDSLWDOVLQYHUWLWV$PEHOQRXIRUPDW
PpVIXQFLRQDODPEXQDPLGDGHOOHWUDPpVJUDQLXQDFRPSRVLFLyWLSRJUjILFDPHQ\VKRUURUYDFXLHOFHUW
pVTXH/D*DFHWD/LWHUDULDGHOVDQ\VWUDQVPHWPROWPHQ\VHQWXVLDVPHLG¶DOJXQDPDQHUDUHVXOWDPpV
DFDGqPLFDHQFDUDTXHODGHODGqFDGDDQWHULRU
1LJHO 'HQQLV ³3UyORJR (O LQTXLHWR H LQTXLHWDQWH (UQHVWR *LPpQH] &DEDOOHUR´ D (UQHVWR
*LPpQH]&DEDOOHUR9LVLWDVOLWHUDULDVGH(VSDxDHGLSUzOGH1LJHO'HQQLV9DOHQFLD3UH
7H[WRV
/¶DEROLFLyGHODFHQVXUDSUqYLDQRHVSRGUjFHOHEUDUDOHVSODQHVGH1XHYD(VSDxDILQVDUULEDU
DOQ~PG¶RFWXEUHGH8QDFHOHEUDFLyTXHMDHQHOQ~PHURVHJHQWQ~PG¶RFWXEUHGH
VH VHQW HVWDIDGD $TXt HQ XQ HORTHQW HGLWRULDO WLWXODW ³/D OLEHUWDG GH SUHQVD´ S OD UHYLVWD
GHQXQFLD TXH HO TXH HQ UHDOLWDW KD IHW HO PRULEXQG UqJLP PRQjUTXLF GH %HUHQJXHU KD HVWDW VXEVWLWXLU OD
SUqYLDFHQVXUDSHOVHJUHVWSRVWHULRUGHSXEOLFDFLRQV+DHVWDWFRPDL[HFDUODYHGDSHUzQRSHUTXq±FRP
HOVSHULRGLVWHVSHQVDYHQ±OHVLGHHVSRJXHVVLQYRODUOOLXUHPHQWVLQySHUSRGHUFDoDUOHVG¶XQDPDQHUDPpV
OHWDO 0pV HQFDUD HV WUDFWDYD VHJRQV OD UHYLVWD G¶XQD YHUGDGHUD OH\ GH IXJD GH ORV SHULyGLFRV
2SRUWXQDPHQWWRUQDUHPVREUHDTXHVWVDVVXPSWHV
>@ 3RUTXH OD GLFWDGXUD DO SHUVHJXLU DTXHO LGLRPD OR SHUVHJXtD FRPR HOHPHQWR GH
H[SDQVLyQ SROtWLFD \ SRU OR WDQWR QR KDFtD PiV TXH FXPSOLU XQD SDUWH GH VX SURJUDPD
HVSHFtILFDPHQWHGHUHFKLVWD1RVHWUDWDSXHVGHXQDSXUDFXHVWLyQOLQJtVWLFROLWHUDULD>@6H
WUDWDGHOSUREOHPDFDWDOiQGHOSUREOHPDSROtWLFRFDWDOiQVREUHHOFXDOQRSXHGHQSHQVDULJXDO
SUHFLVDPHQWH SRU LQWHOHFWXDOHV HO PRQiUTXLFR FRQVWLWXFLRQDO VHxRU 2VVRULR \ *DOODUGR HO
UHSXEOLFDQR UDGLFDO 6U $OERUQR] HO UHSXEOLFDQR IHGHUDO ' /XLV GH 7DSLD HO H[WUHPLVWD VHxRU
%DOERQWtQRORVH[FRODERUDGRUHVGHODGLFWDGXUD6UHV6DQJUyQL]R%RUUiV
>@/RVLQWHOHFWXDOHV©FDVWHOODQRVªOHKDQLGRDGDUSRUXQPRPHQWRODUD]yQD&DPEy
HOWDXPDWXUJRGHORVFRQVHUYDGRUHVFXDQGRQRKDFH PXFKRKDEODEDGHODQHFHVLGDGGH TXHVH
ERUUDVHQODVGLYLVLRQHVGHL]TXLHUGDV\GHUHFKDV1RVRWURVFUHHPRVTXHHOSUREOHPDFDWDOiQHVXQ
SUREOHPD GH L]TXLHUGDV \ GHUHFKDV SUHFLVDPHQWH 3RUTXH ODV L]TXLHUGDV UHFRQRFLHQGR OD
SHUVRQDOLGDGGH&DWDOXxDHQXQ(VWDGRDXWpQWLFDPHQWHGHPRFUiWLFR\IHGHUDWLYRVRQODV~QLFDV
TXHSXHGHQUHVROYHUORIUHQWHDODVDVSLUDFLRQHVGHOD/OLJD\GHORVPRQiUTXLFRVDXWRULWDULRV
7DPSRFRROYLGDPRVTXHHQ&DWDOXxDH[LVWHQGRVIXHU]DVHQSXJQDGHFX\DUHDOLGDGQR
VHSXHGHSUHVFLQGLUHQPRPHQWRDOJXQRODIXHU]DSOXWRFUiWLFD\ODREUHULVWD&RQORVSOXWyFUDWDV
TXH KDQ FRODERUDGR FRQ OD GLFWDGXUD DXQTXH KDEOHQ FDWDOiQ QR SXHGHQ HVWDU ODV QXHYDV
L]TXLHUGDVHVSDxRODV(QFDPELRVtGHEHQHVWDUORFRQODSHUVHJXLGDPDVDFDWDODQDSRUPDOTXH
OHSDUH]FDDODSOXWRFUDFLDUHJLRQDOLVWD
1XHYD (VSDxD Wp GRQFV HO FRUDWJH FHUWDPHQW XQD PLFD DJXDILHVWDV HQ DTXHOO
FRQWH[WGHFHUWRSWLPLVPHGLDORJDQWGHVLWXDUODFRPSUHQVLyLQWHOÂOHFWXDOGH&DWDOXQ\D
HQ OD VHYD DXWqQWLFD GLPHQVLy SROtWLFD L DVVXPHL[ TXH HQ DTXHOOV PRPHQWV XQD WDO
FRPSUHQVLySROtWLFDGHODTHVWLyFDWDODQDQRPpVSRWYHQLUGHO¶HVTXHUUD7DPEpWpOD
OXFLGHVD GH SRVDU GH PDQLIHVW TXH D &DWDOXQ\D D PpV G¶XQ SUREOHPD OLQJtVWLFR
QDFLRQDOKLKDXQDDIHUULVVDGDOOXLWDGHFODVVHVWRWVGRVYHFWRUVVyQQHFHVVDULVSHUDOD
FRPSUHQVLy DGHTXDGD GH &DWDOXQ\D SHUz VL PDL V¶KDJXpV GH WULDU XQD UHYLVWD
G¶HVTXHUUHVQRGXEWDULDDPRVWUDUPpVVLPSDWLHVSHOVGUHWVODERUDOVGHOVWUHEDOODGRUVTXH
SHOVGUHWVOLQJtVWLFVGHOVSDWURQV1L&DWDOXQ\DpVSROLWLFRLGHROzJLFDPHQWKRPRJqQLD
QL KR pV WDPSRF HO JUXS G¶LQWHOÂOHFWXDOV TXH O¶KD YLVLWDW DTXHVW pV HO SXQW FODX GH
O¶DQjOLVLTXHID1XHYD(VSDxD
&XULRVDPHQW GHOV GLVFXUVRV TXH HV YDQ VHQWLU DTXHOO YHVSUH GHO GH PDUo
GXUDQW HO VRSDU GH JDOD D O¶+RWHO 5LW] HO TXH LPSOtFLWDPHQW V¶DWDQVDYD PpV D DTXHVWD
LGHD TXH H[SUHVVD 1XHYD (VSDxD HUD HO G¶2UWHJD (O SHQVDGRU TXH WRUQDYD D PRVWUDU
PpV LPSOLFDFLy HQ OD UHDOLWDW SROtWLFD GHVSUpV GHO VHX DSDUWDPHQW GXUDQW OD 'LFWDGXUD
SULPRULYHULVWD GHPDQDYD OD FRQVWUXFFLy GHO PDUF G¶XQD FRLQFLGqQFLD LQWHOÂOHFWXDO TXH
SRJXpVLQFORXUHODLQHYLWDEOHGLVFUHSjQFLDSROtWLFD±DODTXDOHQDTXHOOVPRPHQWVQLQJ~
VHPEODYDYROHUDOÂOXGLU 3HUzYHWDTXtTXHOHVWHQVLRQVSROLWLFRVRFLDOVLLGHROzJLTXHVL
OHV SURIXQGHV FRQWUDGLFFLRQV QDFLRQDOV L HFRQzPLTXHV DFXPXODGHV GXUDQW VHJOHV
HVWDYHQDSXQWG¶HVFODWDUHQP~OWLSOHVGLUHFFLRQVLGHFRQYHUWLUODGqFDGDHVSDQ\RODGHOV
HQXQDEDWDOODQRPHUDPHQWGLDOqFWLFD$TXHOOVFRPHQVDOVDPEFRUEDWDGHOODFHWTXH
SDUODYHQ HQ HO FRQFRUUHJXW EDQTXHW GHOV VHXV OOLEUHV L OHV VHYHV FjWHGUHV GHOV
³/DUHXQLyQGH%DUFHORQD,QWHOHFWXDOHVFDWDODQHV\FDVWHOODQRV´1XHYD(VSDxDG¶DEULO
(Q HO PyQ HGLWRULDO G¶DYDQoDGD YDO D GLU HV SRGUj WUREDU DOJXQ WUDFWDPHQW GH OD THVWLy
FDWDODQD IHW GHV G¶XQ UDGLFDOLVPH DOKRUD HPDQFLSDGRU L G¶HVTXHUUHV Y -DLPH $LJXDGHU &DWDOXxD \ OD
5HYROXFLyQ7HPDVSROtWLFRV0DGULG=HXV
'HIHWODUHDOLWDWSROtWLFDMDYDGRQDUODUDyD1XHYD(VSDxDHQODVHYDDQjOLVL(QHIHFWHHOV
LQWHOÂOHFWXDOVGHWHQGqQFLDUHSXEOLFDQDYDQFHOHEUDUSHOVHXFRPSWHXQVRSDUDOUHVWDXUDQW3DWULDGXUDQWHO
TXDOHVYDUHYHODUODSHUVRQDOWDW±ILQVOODYRUVSRFFRQHJXGDD%DUFHORQD±GH0DQXHO$]DxDY(GXDUGRGH
*X]PiQ+LVWRULDSROtWLFDGHXQDxRGHFLVLYR0DGULG7HEDV
SUREOHPHV HVSLULWXDOV GH OD 3HQtQVXOD L GH VXEWLOV THVWLRQV HUXGLWHV QR GHYLHQ SDV
LPDJLQDU TXH DO FDS GH PROW SRFV DQ\V HVWDULHQ IHQW OD JXHUUD ±L QR H[FOXVLYDPHQW HQ
YLUWXW GH TXLQD IRV OD VHYD OOHQJXD GH FXOWXUD± HQ EjQGROV RSRVDWV , HQFDUD PpV TXL
SRGLDVRVSLWDUTXHDTXHOOIURQGyVYHUJHULQWHOÂOHFWXDOXQDGqFDGDPpVWDUGVHULDXQHUPRW
LQKzVSLW$OJXQVGHOVSUHVHQWVKDXULHQPRUWWUjJLFDPHQWXQDERQDSDUWVHULHQDO¶H[LOL
ODUHVWDFRQGHPQDWVDODPHGLRFULWDWDURVHJDUGHJUDWRSHUIRUoDO¶LPSHULDOSDQHJUH
UDFLRQDWGHO¶DUUDVDGDFXOWXUDKLVSjQLFDGHODSRVWJXHUUD
eVHQWRUQDUGHOVDFWHVGHODSULPDYHUDFDWDODQDGHTXH*LPpQH]&DEDOOHUR
HGLWD&DWDOXxDDQWH(VSDxD$OOtGRFXPHQWDDTXHVWVIHWVLPROWHVSHFLDOPHQWHOVGH
O¶H[SRVLFLyGH(QXQPRPHQWHQTXqHOSUHVWLJLOODPSDQWGH/D*DFHWD/LWHUDULD
pVMDFODUDPHQWFRVDGHOSDVVDW*LPpQH]&DEDOOHURPLUDGHGRQDUVHSURWDJRQLVPHLGH
FDQDOLW]DUSURGRPRVXDXQHVLQTXLHWXGVFXOWXUDOLGHROzJLTXHVTXHHOOG¶DOJXQDPDQHUD
KDYLD FRQWULEXwW D SRVDU HQ MRF -D KHP GLW PpV DPXQW TXH HQ DTXHVW YROXP HV
UHSURGXHL[HQ HOV WH[WRV GH OHV FRQIHUqQFLHV GHO FLFOH SDUDOÂOHO D O¶([SRVLFLy GHO /OLEUH
&DWDOj &RP D SzUWLF GH FDGD FRQIHUqQFLD *LPpQH] &DEDOOHUR UHGDFWD XQ EUHX SHUILO
DFRPSDQ\DQW HO UHWUDW JUjILF GHO FRQIHUHQFLDQW &DVXDOPHQW HOV GRV SHUVRQDWJHV TXH
*HFpPpVDIDODJDVyQ9DOOVL7DEHUQHUL-RDQ(VWHOULFKGRVLQWHOÂOHFWXDOVSDUDGLJPjWLFV
G¶DTXHOODFXULRVDHYROXFLyTXHGXXGHOFDWDODQLVPHEDUUHWLQDLUHGHOD/OLJD5HJLRQDOLVWD
DO¶HVSDQ\ROLVPHKRPRJHQHwW]DGRUGHOD&UX]DGD'H9DOOVL7DEHUQHUGLXTXHpV³DQWH
WRGRXQDEHOOtVLPDSHUVRQD´XQVDQWYDUyXQ³QLxRFtYLFR´TXH³KDQDFLGRSDUDLUHQ
SURFHVLyQ´ (O UHWUDW YHUGDGHUDPHQW VLJQLILFDWLX SHUz pV HO TXH ID GH -RDQ (VWHOULFK
&RPDQWHULRUPHQWKDYLDIHWDPE5DPLURGH0DH]WXR*HUDUGR'LHJRDOVTXDOVHQOHV
VHYHVSHUVRQDOtVVLPHVHQWUHYLVWHVLQFRUSRUDYDDOPRYLPHQWIHL[LVWDVHQVHGHPDQDUJDLUH
SHUPtV D O¶HQWUHYLVWDW WDPEp DO PDOORUTXt V¶DIDQ\D D VLWXDUOR HQ O¶zUELWD GHO VHXV
FDPDUDGHVHVSLULWXDOVGHOVKRPHVDPETXLFDOGUjFRPSWDUTXDQO¶KRUDDUULELGHSDVVDUD
O¶DFFLy9HJHPKR
-XDQ (VWHOULFK HV HO IDVFLVWD GH XQ SDtV GRQGH QR H[LVWH HO IDVFLVPR QL VH TXLHUH RLU
KDEODUGHpO(VWHOULFKPLVPRVHKRUURUL]DUiDOYHUVHDSOLFDGRHVWHFDOLILFDWLYRKRUURURVR>@
&RPHQWDULDSDUWPHUHL[HOFDVGH3HGUR6DLQ]5RGUtJXH]±DTXLDEDQVKHPWUREDWDTXHOO
FRP D GLUHFWRU OLWHUDUL GH OD &,$3 L FRGLUHFWRU GH /D *DFHWD /LWHUDULD $TXHVW GHVWDFDW ELEOLzJUDI
GHL[HEOHGHOWUDGLFLRQDOLVPHILOROzJLFGH0HQpQGH] 3HOD\RKDYLDHVWDWHOQL PpV QL PHQ\VTXHHO
UHGDFWRULHOSULPHUVLJQDQWGHOIDPyVPDQLIHVWHQGHIHQVDGHODOOHQJXDFDWDODQD8QDEULOODQWPRVWUDGH
SRQGHUDGDHORTqQFLDHQHOJqQHUHGHOPDQLIHVWWDQSURSHQVDODUDX[DLODFDWLOLQjULDTXHQRGHVFXLGD
O¶KRPHQDWJH D 0LOj L )RQWDQDOV HO PHVWUH GHO VHX PHVWUH $PE HOV DQ\V O¶DPRU D &DWDOXQ\D GH 6DLQ]
5RGUtJXH]HQVUHFRUGDDTXHOOTXHYDSRHWLW]DU,WDOR&DOYLQRTXDQSDUODYDGHO¶DPRUTXHVHQWHOFDoDGRU
SHU WRW HO TXH HV PRX L TXH QRPpV VDS H[SUHVVDU SUHPHQW HO JDOOHW +R GLHP QR VRODPHQW SHUTXq 6DLQ]
5RGUtJXH]HOV¶HQFDUUHJDUjGHJHVWLRQDUGHVGH 5RPDDMXW PLOLWDU PXVVROLQLj SHUDO¶$O]DPLHQWR
VLQyWDPEpSHUTXqHOILHUXGLWQRSDVItVLFDPHQWpVFODUODVHYDJUDVVRUHUDWDQFDUDFWHUtVWLFDFRPODVHYD
VROWHULD YD VHU HO PLQLVWUH G¶(GXFDFLyQ 1DFLRQDO HQ HO SULPHU *RYHUQ GH )UDQFR IRUPDW D %XUJRV HO
$IHTXHDTXHOOYDVHUHOFjUUHFLGRQLSHUSRGHUGHPRVWUDUHOVHXDPRUSHUODFXOWXUDFDWDODQDLSHU
OD FXOWXUD HQ JHQHUDO VLJQDQW GHFUHWV LQTXLVLWRULDOV FUHDQW OD &RPLVLyQ 6XSHULRU 'LFWDPLQDGRUD GHOV
H[SHGLHQWV GH GHSXUDFLy XQLYHUVLWjULD L HQ JHQHUDO GHVPDQWHOODQW O¶HQRUPH HVIRUo HGXFDWLX GH OD
5HS~EOLFD/¶KRPHYDGHL[DUXQHVPHPzULHVLGHROzJLFDPHQWSRFFRQYLQFHQWVLHVWLOtVWLFDPHQWDL[zpV
PRUDOPHQW EDVWDQW PHGLRFUHV 3HGUR 6DLQ] 5RGUtJXH] 7HVWLPRQLR \ UHFXHUGRV %DUFHORQD 3ODQHWD
$EDQVWDPEpWUHXXQHVSHFLDOGH/D*DFHWD/LWHUDULDQ~PG¶DEULOGHDPE
SODQHVtQWHJUHVGHVSUpVSDVVDGHVDOOOLEUHGHGLFDGHVDOWHPD
1R HQ YD HQ DTXHOO PRPHQW HO VHX PpV GLOHFWH SURWHJLW pV VHQV GXEWH 5DPLUR /HGHVPD
5DPRV XQ MRYH HPSOHDW GH FRUUHXV DPE XQ FRQVLGHUDEOH EDJDWJH ILORVzILFRLQWHOÂOHFWXDO LQWHJUDW
HVVHQFLDOPHQWSHUXQSHULOOyVSHUDHOOPDWHL[DODOODUJDOHWDOFzFWHOGH1LHW]VFKH2UWHJD+HLGHJJHUL
*LPpQH]&DEDOOHUR
)DVFLVWD YLHQH GH IDVFLR )DVFLR VLJQLILFD KD] (VWHOULFK HV HO KRPEUH GHO KD]
PHGLWHUUiQHR'HOTXHFRQFLEHVXWLHUUDGHXQPRGRQRSURYLQFLDOQRSOXULSDUWLWRHLQHUWHVLQR
RUJiQLFRWUDEDGRHQWXVLDVWDMXVWDPHQWHHQKD]<HVHOTXHVLHQWH±FRPRORVLQWLy)HUQDQGRGH
$UDJyQ HO 5H\ HFXPpQLFR± XQLYHUVDOLVWD XQLYHUVLVWD XQLYHUVLWDULVWD WDPELpQ HQ KDFHV
GLYHUVRV SDUD OD FRQMXQFLyQ HO UHVWR GH OD SHQtQVXOD LEpULFD >@ 3HUR OR TXH FDUDFWHUL]D DO
KRPEUH GH OD QXHYD SROtWLFD PHGLWHUUiQHD TXH DKRUD GD VX QRWD HQ ,WDOLD HV HO HQWXVLDVPR
(VWHOULFK HV XQ HQWXVLDVWD 3RU WDQWR XQ GLVROYHQWH GH ©IULDOGDGHV VDMRQDV GH VHUHQLGDGHV
JHUPiQLFDV GH XUEDQLGDGHV QyUGLFDVª >@ (V HO MRYHQ GLRV 0HUFXULR ±HO QXHYR +HUPHV± TXH
QRVOOHJDYRODQGRGHVGH]RQDVEDOHDUHVDWUDHUQRVDFWLYLGDGSROtWLFD\JROSHVGHFDGXFHRDHVWD
GHVGLFKDGDSHQtQVXODLEpULFDSXWUHIDFWDGH $XVWULDV \%RUERQHVGHJHUPDQLVPRVJDOLFLVPRV \
DQJOLFLVPRV GH JHQHUDFLRQHV GHVFDVWDGDV SHGDQWHV HVWpULOHV KtEULGDV >@ PHGLWDEXQGDV
EXUJXHVDVPHGLRFUHVPLHGRVDVSDFLILTXLVWDV>@
£%LHQ(VWHOULFK0ROWEp(VWHOULFK8QDFRSDGHYLQRGHODWLHUUDSRUWRGRVORVJUDQGHV
KDFHVIXWXURVGHHVWDGHVKDFLQDGDWLHUUDGRQGHPDOYLYLPRVVLQSHQDVLQJR]R\VLQJORULD6REUH
WRGR£VLQJORULD3DODEUDTXHKR\VyORXVDQORVFRURVGHO6DJUDGR&RUD]yQHQ(VSDxD
8Q WH[W HVWj FODU DPE DOJXQV LQJUHGLHQWV WtSLFV GH OD FXLQD GHO VHX DXWRU HO
FULSWRIHL[LVPH O¶KDFLVPR HO QDFLRQDOLVPH KLVSjQLF HQ IRUPD G¶H[SDQVLRQLVPH
XQLYHUVDOLVWD O¶LQWHUqV HQ FDSWDU OD YROXQWDW GH OD MRYHQWXW XQLYHUVLWjULD O¶HQWXVLDVPH
FRPDFRQFHSWHLGHROzJLFODLWDOLDQRItOLDPXVVROLQLDQDHOPHGLWHUUDQLVPHDQWLQzUGLFOD
FUtWLFD D OHV DQWHULRUV JHQHUDFLRQV OLEHUDOEXUJHVHV L OD QRVWjOJLD ±ILOOD ERUGD GHO
UHJHQHUDFLRQLVPHLHOQRUDQWDYXLW±G¶DQWLJXHVJOzULHVLPSHULDOV
5HFDSLWXOHP HO PDQLIHVW GH L O¶H[SRVLFLy GH IRUHQ HVGHYHQLPHQWV
ILORFDWDODQV GLUHFWDPHQW LQVSLUDWV LQVWLJDWV L RUJDQLW]DWV SHU TXDWUH SHUVRQDWJHV
SULQFLSDOV $ VDEHU 6DLQ] 5RGUtJXH] 6DQJUyQL] *LPpQH] &DEDOOHUR L -RDQ (VWHOULFK
DTXHVW GH IHW DJHQW GH &DPEy 4XDWUH jQJHOV GH OD JXDUGD GH OD FDWDODQLWDW TXH QR
WULJDUDQ PROWV DQ\V D UHYHODUVH TXDWUH JHQHWV GH O¶DSRFDOLSVL QDFLRQDOFDWROLFLVWD (Q
DTXHOOVSUHVXPSWHVDFWHVGHGHVJUHXJHDODFXOWXUDFDWDODQDHQHOIRQVHVWUDFWDYDHQHO
PDJtGHOVVHXVLGHDGRUVFDVWHOODQVGHGXHVFRVHV(QSULPHUOORFPLUDUGHGHVDFWLYDUHO
SUREOHPDFDWDOiQpVDGLUO¶LPSUHYLVLEOHSRWHQFLDOUHYROXFLRQDULGHOHVIRUFHVDFWXDQWV
HQODVRFLHWDWFDWDODQDSHUODYLDLQWHOÂOHFWXDO±RSFLyTXHDPEHOWHPSVDEDQGRQDUDQSHU
OD YLD PLOLWDU (Q VHJRQ OORF WHPSWHMDU XQD DSUR[LPDFLy LGHROzJLFD D OHV HOLWV
FDWDODQRHVFULYLQWV SHU LQWHQWDU LQFRUSRUDUOHV DO GHVWt FRP~ D O¶KD] JORULyV GH OD
KLVSDQLWDW/DYLVLWDGHpVXQDFRQVHTqQFLDGHOVGRVHVGHYHQLPHQWVDQWHULRUVSHU
Ep TXH HO PRPHQW KLVWzULF HUD MD XQ DOWUH L OHV SRVLFLRQV SROtWLTXHV GHOV SDUWLFLSDQWV
WHQGLHQ D XQD GLYHUVLILFDFLy FDGD YHJDGD PpV GLItFLO GH OOLJDU HQ XQ PDWHL[ IHL[ R GH
MXQ\LUHQXQPDWHL[MRX(OVTXDWUHYDOHGRUVGHOHVERQHVOOHWUHVFDWDODQHVMDWLQGUDQ
RFDVLy GH WRUQDU D FRLQFLGLU SRVWHULRUPHQW HQ OD VHYD ODERU VHGLFLRVD FRQWUD XQD
5HS~EOLFD TXH HO WRW MXVW HV YHLD YHQLU 'H 6DLQ]5RGUtJXH] MD Q¶KHP SDUODW XQD
PLFDGH*LPpQH]&DEDOOHURHQFDUDHQSDUODUHPPpV6DQJUyQL]RULJLQDULPHFHQHVGH
/D*DFHWD/LWHUDULDDYLDWILQDQoDUjWDPEp/D&RQTXLVWDGHO(VWDGR-RDQ(VWHOULFK
&DWDOXxDDQWH(VSDxDHGFLW
(Q DTXHOO PRPHQW GH GHVSUpV HYLGHQWPHQW OHV FRVHV FDQYLDUDQ PROW DOJXQV
SURWRIHL[LVWHVHVSDQ\ROVTXH SDUWLFLSDYHQHQOD YLVLWDFDWDODQDHQFDUDGHVLWMDYHQTXHIRV SUHFLVDPHQW GH
&DWDOXQ\D SHO VHX VXSHULRU GLQDPLVPH VRFLDO L HFRQzPLF G¶RQ SDUWtV XQ PRYLPHQW WUDQVIRUPDGRU GH
VLJQH PDUFDGDPHQWGUHWj/¶HGLWRULDOSG¶DTXHOOQ~PHURHVSHFLDOGH/D*DFHWD /LWHUDULD Q~P
DFDEDYD GHPDQDQW ³XQD QXHYD &DWDOXxD LQWHUYHQWRUD H[SDQVLYD \ EUDYD GH SRUYHQLU HFXPpQLFR
KLVSiQLFR´(QHOPDWHL[Q~PHURSXQHVGHFODUDFLRQVG¶(XJHQLR0RQWHVUHFODPDYHQGLUHFWDPHQWTXH
&DWDOXQ\DGXJXpVDWHUPHXQDPDUFKDVREUHHO0DGULG2ILFLDO
(O VHWPDQDUL GH /HGHVPD 5DPRV /D &RQTXLVWD GHO (VWDGR G¶LQVSLUDFLy KLWOHULDQD YD
DSDUqL[HUHOPDUoGH3HUILQDQoDUOR6DQJUyQL]YDGHVYLDUIRQVGHO3DWURQDWR1DFLRQDOGH7XULVPR
TXH GLULJLD 6HOYD RS FLW )RUoD PHVRV DEDQV G¶DTXHVWD DSDULFLy GHO ³SULPHU VHPDQDULR
HVWULFWDPHQWHIDVFLVWDGHOSDQRUDPDHVSDxRO´LELG1XHYD(VSDxDKDYLDHQGHJDWMDXQDSHUVLVWHQW
VHUj GHVSUpV XQ DFWLX SURSDJDQGLVWD DO VHUYHL GH OD FDXVD GH O¶$O]DPLHQWR 1L 3RVW
*XHUUD HO GHVHPEUH GH QL 1XHYD (VSDxD HO PDUo GH SRGLHQ VDEHU HQFDUD
JDLUHEpUHVGHWRWDL[z3HUzpVLQGXEWDEOHTXHSHUVREUHGHWDQWDHIXVLyGHFRUGLDOLWDW
LQWHUOLQJtVWLFDHOVHXILROIDFWHDQWLIHL[LVWDQROHVYDSDVHQJDQ\DU
/¶DSROLWLFLVPHGH/D*DFHWD/LWHUDULDXQDHQTXHVWD
/D SURJUHVVLYD SROLWLW]DFLy GH OD YLGD LQWHOÂOHFWXDO KLVSjQLFD HUD MD VHQV GXEWH
SHUFHEXGD SHU *LPpQH] &DEDOOHUR GHV GHO SULPHU DQ\ GH /D *DFHWD /LWHUDULD 3RWVHU
SHUTXqYROLDGLVSRVDUG¶XQLQGLFDGRUILDEOHGHO¶HYROXFLyLGHROzJLFDGHOVPHPEUHVGHOD
VHYDJHQHUDFLyHQHOQ~PGHQRYHPEUHGHV¶DQXQFLDODFRQHJXGDHQTXHVWD
TXHVREUHHOWHPDYDIHUHOSHULzGLF
/$ *$&(7$ /,7(5$5,$ GLULJLUi SRU YtD HSLVWRODU D XQ JUXSR DQFKR VHOHFWR \
KHWHURJpQHR GH MyYHQHV DFWXDOHV ODV WUHV VLJXLHQWHV SUHJXQWDV FX\DV UHVSXHVWDV LUHPRV GDQGR
DSHQDVODVUHFLEDPRV
¢'(%(,17(59(1,5/$32/Ë7,&$(1/$/,7(5$785$"
¢6,(17(867('/$32/Ë7,&$"
¢48e,'($6&216,'(5$867(')81'$0(17$/(63$5$(/3259(1,5
'(/(67$'2(63$f2/"
/HVUHVSRVWHVXQDWUHQWHQDHVYDQFRPHQoDUDSXEOLFDUMDHQHOQ~PHURVHJHQW
HO L HV YDQ HVWHQGUH ILQV DO Q~PHUR GH PDUo GH /D SULPHUD HQWUHJD
5DPyQ(VSLQD-DUQpVLHOFDWHGUjWLFGHGUHW-RDTXtQ*DUULJXHVDQDYDHQFDSoDODGDSHU
DTXHVWDQRWD
$OLQLFLDUODSUHVHQWHHQFXHVWD/$*$&(7$/,7(5$5,$VHDVRPDDXQRGHORVWHPDV
HVSDxROHV±\PXQGLDOHV±TXHPiVFDOGHDQHVWHPRPHQWRGHQXHVWUDpSRFDGLOXFLGDUORTXHODV
QXHYDV JHQHUDFLRQHV SLHQVDQ GH OD SROtWLFD HQ VX UHODFLyQ FRQ OD OLWHUDWXUD 6H KD KDEODGR GH
FULVLV GHO VHQWLGR SROtWLFR GH OD MXYHQWXG ¢(V FLHUWR" ¢1R OR HV" /DV UHVSXHVWDV VXFHVLYDV TXH
LUHPRVRIUHFLHQGRGHXQDPLQRUtDDQFKDGHQXHVWUDMXYHQWXGRULHQWDUiQDOOHFWRUVREUHFXHVWLyQ
GHWDQDUGXDVHQWHQFLDSDUDVHUGHDQWHPDQRSUHILMDGD
(O GHVLQWHUqV GHOV MRYHV SHU OD SROtWLFD D TXq DOÂOXGHL[ OD QRWD ID UHIHUqQFLD
SULQFLSDOPHQW DO TXH HQ JHQHUDO PDQLIHVWDYD OD JHQHUDFLy GH O¶DYDQWJXDUGLVPH
GHVKXPDQLW]DWGXUDQWOD'LFWDGXUD1RSRGHPDWXUDUQRVDTXtDFRQVLGHUDUHQGHWDOOOD
WULD GHOV HQTXHVWDWV QL OOXUV UHVSRVWHV SHUz Vt TXH FRQYp FRQVWDWDU XQD LQGXEWDEOH
WHQGqQFLD D OD LQKLELFLy O¶DXWRFHQVXUD L OD LQGHILQLFLy /D LPSUHVVLy JHQHUDO pV TXH OD
SROtWLFDSHUGLUKRDL[tQRHVWDYDJDLUHGHPRGDHQWUHDTXHOOVMRYHVMDVLWXDWVHQDOJXQD
zUELWD GHO SRGHU HVWDEOHUW R SRF SUHGLVSRVDWV D SRVDU REVWDFOHV D VLWXDUV¶KL $O
GHVSUHVWLJLHQGqPLFGHODUHVSXEOLFDGXUDQWOD5HVWDXUDFLyV¶KLKDYLDDIHJLWODSUHVHQW
FDPSDQ\DFRQWUDO¶HVFDQGDORVDPDOYHUVDFLyGHFDEDOVS~EOLFVLHOQHSRWLVPHLPSHUDQWVHQHO317GLULJLW
SHU 6DQJUyQL] PpV HQGDYDQW WRUQDUHP VREUH DL[z *LPpQH] &DEDOOHUR YD HVWDU WDPEp LPSOLFDW HQ
O¶DSDULFLy GH O¶zUJDQ IHL[LVWD L KL YD FROÂODERUDU HQ HOV SULPHUV Q~PHURV SRVVLEOHPHQW HOO PDWHL[ GHYLD
VXJJHULU HO WtWRO TXH FRSLDYD HO GH /D &RQTXLVWD GHOOR 6WDWR SHULzGLF IXQGDW SHU &XU]LR 0DODSDUWH HO
³3ROtWLFD \ OLWHUDWXUD 8QD HQFXHVWD D OD MXYHQWXG HVSDxROD´ /D *DFHWD /LWHUDULD GH
QRYHPEUH
³3ROtWLFD\OLWHUDWXUD8QDHQFXHVWDDODMXYHQWXGHVSDxROD´/D*DFHWD/LWHUDULDGH
QRYHPEUH
YHUVLyGLFWDWRULDOGHOD0RQDUTXLDLHQDTXHOOPRPHQWPROWVSODQoRQVGHODEXUJHVLDLOD
FODVVH PLWMDQD KLVSjQLFD HQFDUD QR KDYLHQ RSWDW LGHROzJLFDPHQW QL SHU XQ
UHSXEOLFDQLVPHPpVRPHQ\VWUDQVIRUPDGRUQLSHUXQIHL[LVPHFRPDIRUPDG¶(VWDWTXH
SRJXpVJDUDQWLUHOVVHXVSULYLOHJLVGDYDQWO¶DPHQDoDUHYROXFLRQjULD7DQPDWHL[HQWUHOD
FRQWHQFLy L O¶HOXVLy GRPLQDQWV DO OODUJ GH O¶HQTXHVWD HV WUREHQ WDPEp UHVSRVWHV
VLJQLILFDWLYHVGHGLIHUHQWVLJQH3RVW*XHUUDHVIDUHVVzGHOWHPDHQGXHVRFDVLRQV(Q
ODSULPHUDD³8QDRSLQLyQDFHUWDGD/RVMyYHQHVDQWHODSROtWLFD´UHFXOOHQSDUW
GHODFRQWHVWDTXHKDYLDGRQDW'tD])HUQiQGH]/DLQWURGXFFLypVDTXHVWD
(Q OD HQFXHVWD TXH YLHQH SXEOLFDQGR ©/D *DFHWD /LWHUDULDª VREUH OD SROtWLFD \ OD
OLWHUDWXUDGRQGHWDQWDH[WUDYDJDQFLDUHDFFLRQDULDKDDSDUHFLGR\DKDVXUJLGR£DOILQXQDYR]
GLVFRUGHODGH-RVp'tD])HUQiQGH]
+HDTXtORTXHQXHVWUREXHQDPLJRGLFHHQHOKHWHURJpQHRyUJDQRGH©*HFpª\VXWURSD
/HV UHVSRVWHV GH 'tD] )HUQiQGH] TXH 3RVW*XHUUD UHFXOO QRPpV PROW
SDUFLDOPHQW KDYLHQ DSDUHJXW HQ HO Q~P GH IHEUHU GH GH /D *DFHWD
/LWHUDULDLUHVXOWHQIRUoDLQWHUHVVDQWV(QSULPHUOORF'tD])HUQiQGH]HVGHVPDUFDGHO
WLSXVGHUHODFLyHQWUHSROtWLFDLOLWHUDWXUDTXHKLKDJXpVSRJXWKDYHUHQWUHHOFDFLTXLVPH
GHOD5HVWDXUDFLyLHOVLQWHOÂOHFWXDOVGHOJHQHUDFLyTXH±RSLQD±HVYDODPHQWDUPROW
SHUz QR YD DSRUWDU VROXFLRQV HIHFWLYHV 'H OD JHQHUDFLy LQWHUPqGLD ±HQ UHODFLy DPE OD
VHYD±UHLYLQGLFDFRPDHVFULSWRUVSROtWLFV2UWHJDUHFRUGHPTXH'tD])HUQiQGH]QRHUD
WDQ YLVFHUDOPHQW DQWLRUWHJXLj FRP DOWUHV GH 3RVW*XHUUD TXH HQ UHDOLWDW EXVFDYD XQD
VtQWHVL HQWUH QRPEURVRV HOHPHQWV GHO SHQVDPHQW G¶2UWHJD L OHV SUHRFXSDFLRQV
SROLWLFRVRFLDOV TXH HOO VHQWLD L 3pUH] GH $\DOD $ SDUWLU G¶DTXHVWV SUHFHGHQWV YjOLGV
'tD])HUQiQGH]FRPEDWO¶DSROLWLFLVPHURtGHPROWVHVFULSWRUVGHOPRPHQW³eFKHVHXQD
RMHDGDDORVHVFULWRUHVDSROtWLFRVHQILODLQGLDDODVSXHUWDVGHODV$FDGHPLDV\GHODV
5HGDFFLRQHV GH ORV SHULyGLFRV \ YpDVH TXp SREUH SDSHO HO VX\R´ $PE WRW 'tD]
)HUQiQGH]SRWFRPSUHQGUHXQDDFWLWXGDSROtWLFDHQHOFDVG¶DOJXQSRHWDSXUTXHYLXHQ
HOVHXPyQLPSHUPHDEOH³DOJ~QSRHWDOtULFRTXHVXHOWDODVHGDGHVXVYHUVRVLQGLIHUHQWH
\ JORULRVR´ $SDUWLUG¶DTXtFDOUHGHILQLUOD LPSOLFDFLyGHO¶LQWHOÂOHFWXDO HQ OD SROtWLFD
TXHDPEOHV³LGHDVHQpUJLFDVDFHUFDGHODGLUHFFLyQGHORVSXHEORV´TXHFRUUHQMDQR
SRWOLPLWDUVHDO¶jPELWG¶DFFLyG¶XQDWDXODGHWHUW~OLD$EDQVHOVHVFULSWRUVHQWUDYHQHQ
SROtWLFDPpVTXHUHVSHUVHUGLSXWDWVRHQ[DPSDUDOJXQFjUUHFLSUHFLVDPHQWSHUDL[zD
(VSDQ\DQRKDQWLQJXWSURXSUHVWLJLQLDVFHQGHQWVREUHODFLXWDGDQLD6L EpHQDTXHVWD
GLDJQRVLV¶DSUR[LPDWDPEpXQDPLFDDO¶2UWHJDG¶³(OSRGHUVRFLDO´VqULHG¶DUWLFOHVPpV
DPXQWHVPHQWDGDOHVSURSRVWHVTXHQ¶H[WUDXQRVyQJHQVRUWHJXLDQHV(OTXHHQUHDOLWDW
GHPDQDSULQFLSDOPHQW'tD])HUQiQGH]pVTXHDUDODOLWHUDWXUDHVWRUQLPLOLWDQWTXHHV
SRODULW]L LJXDO TXH OD SROtWLFD FRQWHPSRUjQLD TXH DEUDFL R Ep HO FRPXQLVPH R Ep HO
IHL[LVPH TXDOVHYRO FRVD PHQ\V O¶DEVWHQFLRQLVPH LPSRWHQW L GHVIDVDW ³4XH FDGD FXDO
PLOLWH DOOt GRQGH OH OOHYH VX HVStWLWX´ 3ROLWLW]DU OD OLWHUDWXUD QR YRO GLU VLPSOHPHQW
IRUoDUODDWUDFWDUGHWHUPLQDWVWHPHVGHFDLUHSROtWLFYROGLUVREUHWRWGLQDPLW]DUODYLGD
LQWHOÂOHFWXDOFRQWULEXLUDFUHDUXQ HVWDWGHFRQVFLqQFLDFROÂOHFWLYDG¶DFRUGDPEO¶qSRFD
DFWXDOTXHQRpVJHQVHVWjWLFD/DSROtWLFDKDFDQYLDWHOUHWRULFLVPHEXUJqVDUUHODWHQHO
VHJOH;,;HVWjVXSHUDWO¶HVWqWLFDSROtWLFDpVXQDDOWUDLHOVWHPSVGHPDQHQWDPEpXQD
QRYDHVWqWLFDOLWHUjULD/DSROLWLW]DFLyGHODOLWHUDWXUDpVDL[tXQIHQRPHQFRPSOHPHQWDUL
DO¶HVWLOLW]DFLyGHODSROtWLFD
>@ /D SROtWLFD KD HOLPLQDGR KR\ WRGD VX UHWyULFD \ TXHGD UHGXFLGD D SXUD VtQWHVLV D
VLPSOH HVTXHPD VRFLDO /D OLWHUDWXUD WDPELpQ 1XHVWUD pSRFD VH VLQJXODUL]D SRUTXH WLHQH HVWLOR
FRPRODOLWHUDWXUD'HHVWHPRGRREVHUYDPRVFyPRHOHVFULWRU\HOSROtWLFRFRLQFLGHQHQHOSXQWR
FRQFUHWRGHORV SUREOHPDVFRQWHPSRUiQHRV%DUEXVVH R0DXUUDV QRLPSRUWD$PERVH[SUHVDQ
ORV PRYLPLHQWRV HQ SXJQD DFDVR GRV PRUDOHV RSXHVWDV 3HUR D OD YH] GRV IXHU]DV DFWLYDV HQ
FKRTXH
/RTXHQRWLHQHUD]yQGHVHUHVHO1DUFLVROLWHUDULR(OTXHFUHDHOHVWDQTXHGHVXSURVD
SDUDFRQWHPSODUVHHQpOPLHQWUDVDVXDOUHGHGRUFUHSLWDQORVSUREOHPDVYLWDOHV>@
'HV GH O¶DOWUH FDQWy LGHROzJLF pV VHJXU TXH *LPpQH] &DEDOOHUR KDXULD WDPEp
VXEVFULWDTXHVWDYLVLyHVWqWLFRSROtWLFDDERFDGDDODSRODULW]DFLyLTXH±SHUDQRVDOWUHV
TXHSRGHPMXWMDULGHHVLIHWVGHOSDVVDWFRQHL[HQWQHHOVUHVXOWDWV±DQXQFLDHOVWHUULEOHV
HQIURQWDPHQWV HQ OHV GqFDGHV YHQLGRUHV %DUEXVVH R 0DXUUDV /¶+XPDQLWp R /¶$FWLRQ
IUDQoDLVH HO FRPSURPtV TXH V¶RULHQWDUj D O¶HVWDOLQLVPH R OD UHDFFLy TXH V¶RULHQWDUj DO
QD]LVPH &DO WULDU HQV GLX 'tD] )HUQiQGH] /D EDWDOOD LGHROzJLFD TXH HV OOLXUD D
(XURSD pV WDPEp OD EDWDOOD GHOV OLWHUDWV 5HWURVSHFWLYDPHQW OD PLUDGD TXH OODQoDUj
*LPpQH]&DEDOOHURVREUHDTXHOOVDQ\VHQIDUjXQDOHFWXUDVLPLODU
3DUD HQWRQFHV FRPHQFp D GHVFXEULU TXH 5XVLD H ,WDOLD HUDQ ORV GRV SXHEORV
UHYROXFLRQDULRVIUHQWHDOD(XURSDGHOSDVDGRDOD(XURSDGHPLVPD\RUHV3HURDGLIHUHQFLDGH
RWURVFDPDUDGDVTXH MXJDURQ ODFDUWDUXVDWRWDOPHQWHHQWUHHOORV $OEHUWL \ $UFRQDGD \RKDEtD
GHVFXELHUWRODGH5RPD>@
/¶DOWUDRFDVLyHQODTXDO3RVW*XHUUDGyQDQRWtFLDGHO¶HQTXHVWDVREUHSROtWLFDL
OLWHUDWXUDGHODSXEOLFDFLyULYDOODWUREHPHQO¶HGLWRULDO³/RVMyYHQHV\ODSROtWLFD´
/D YDORUDFLy JOREDO TXH OD QRVWUD JDVHWD ID GH O¶HQTXHVWD TXH MD KDYLD UHQGLW OD VHYD
GDUUHUDHQWUHJDpVODVHJHQW
6L QR H[LVWLHUD HQ (VSDxD PiV MXYHQWXG TXH OD TXH KD H[SXHVWR VXV RSLQLRQHV HQ ODV
FROXPQDVGHOD*DFHWDKDEUtDPRWLYRVPiVTXHVXILFLHQWHVSDUDGXGDUGHODYLWDOLGDG\VHQWLGR
SROtWLFRGHORVMyYHQHVHVSDxROHV3HURDIRUWXQDGDPHQWHKD\QXPHURVRVMyYHQHVHQ(VSDxDDORV
TXHQRVHKDSHGLGRVXRSLQLyQRODGHORVFXDOHVDOPHQRVQRVHKDSXEOLFDGR
$TXHVWD YHJDGD WUDQVFULXHQ SDUW GH OHV UHVSRVWHV TXH KDYLD GRQDW ³QXHVWUR
WDPELpQ DPLJR HO UHGDFWRU MHIH GHO +HUDOGR GH 0DGULG 0DQXHO &KDYHV 1RJDOHV TXH
DXQTXHQRH[SUHVDSOHQDPHQWHQXHVWUDPDQHUDGHVHQWLUUHYHODXQDVHULDSUHRFXSDFLyQ
SROtWLFD´(OVSXQWVGHYLVWDGH&KDYHV1RJDOHVKDYLHQDSDUHJXWHQHOQ~PHOGDUUHU
HQ TXq VXUW O¶HQTXHVWD GH /D *DFHWD /LWHUDULD \ PRVWUHQ XQD VDQD EDUUHMD G¶LURQLD
FUtWLFD L VHQWLW FRP~ $ OD SULPHUD SUHJXQWD GH VL OD SROtWLFD KD G¶LQWHUYHQLU HQ OD
OLWHUDWXUDUHVSRQ
£1DWXUDOPHQWHKRPEUH(VGHFLUGHXQDPDQHUDQDWXUDOSRUQDWXUDOH]DGHODSROtWLFD\
ODOLWHUDWXUD(OVRORKHFKRGHTXHKD\DVLGRQHFHVDULRIRUPXODUHVWDSUHJXQWD\DPHPROHVWD\
SRU HVR FRQWHVWR <R FUHtD TXH HVWH SUREOHPD OR WHQtD UHVXHOWR OD JHQWH GH YDQJXDUGLD 3RU OR
YLVWR QR >@ 1R PH SDUHFH TXH KD\D QHFHVLGDG GH UHVXFLWDU DKRUD DTXHOORV DUGXRV SUREOHPDV
]DQMDGRVHOGLH]\QXHYHGHVGHHOGHODGLVFRUGLDWULPHPEUHGHOREXHQROREHOOR\ORYHUGDGHUR
KDVWDODGRFWULQDGHODUWHSRUHODUWHHWFHWF/RGHOD©GHVKXPDQL]DFLyQGHODUWHªVLQRHVXQD
JUDFLRVDIULYROLGDGQRHVQDGD
/DREUDGHOOLWHUDWRHVVXEVWDQFLDOPHQWHSROtWLFD(OOLWHUDWR©SXURªHVXQWLSRDEVXUGRDO
TXHKD\TXHDKRUFDU
(OWRUDGLFDO±TXHQRVHPSUHHOFDUDFWHULW]DUjHQ ODPDWHL[D PHVXUD±GH'tD])HUQiQGH]HQ
DTXHVWD RFDVLy V¶KD GH FRQWH[WXDOLW]DU WHQLQW HQ FRPSWH HO IHW TXH DTXt VH OL HVWj GRQDQW YHX HQ OD
SXEOLFDFLyULYDOHQHOEjQGROFRQWUDULFRPTXLGLX
(UQHVWR *LPpQH] &DEDOOHUR ³3UyORJR´ D /D *DFHWD /LWHUDULD LEpULFD ± DPHULFDQD ±
LQWHUQDFLRQDO OHWUDV ± DUWH ± FLHQFLD UHSURGXFFLy DQDVWjWLFD SUzO G¶(UQHVWR *LPpQH] &DEDOOHUR ,
1~PHURV0DGULGHQHUR±GLFLHPEUH9DGX]0DGULG7RSRV9HUODJ7XUQHU
$ODSUHJXQWDGHVL³VLHQWHXVWHGODSROtWLFD´FRQWHVWD
(O~QLFRPRPHQWRHQTXHGXGRGHPLYRFDFLyQGHHVFULWRUHVDTXHOHQTXHPHVRUSUHQGR
HQIODJUDQWHGHOLWRGHLQGLIHUHQFLDDQWHORVJUDQGHVSUREOHPDVGHOPXQGRTXHHQQXHVWUDHGDGQR
VRQ\DPiVTXHSUREOHPDVSROtWLFRV>@
, HQ OD GDUUHUD LQWHUURJDFLy TXH QR WRWV HOV HQTXHVWDWV UHVSRQHQ VREUH TXLQHV
VHULHQOHVVHYHVLGHHVSROtWLTXHVIRQDPHQWDOVGLX
$VtFRPRQRSURIHVRQLQJXQDUHOLJLyQSRVLWLYDQRSHUWHQH]FRDQLQJ~QSDUWLGRSROtWLFR
6L WXYLHVH XQ WHPSHUDPHQWR KHURLFR FUHR TXH VHUtD FRPXQLVWD QR OR VR\ SRUTXH PH IDOWD HVH
tPSHWXQD]DUHQRLGHTXHKR\VHQHFHVLWDSDUDVHUFRPXQLVWDPLOLWDQWH&XPSORVLQHPEDUJRFRQ
PLGpELWRHVSDUFLHQGRHQFXDQWRHVFULERHVHGLIXVRVHQWLPLHQWRFRPXQLVWDTXHPHDQLPD
)LQDOPHQWSHUWDQFDUHOWHPDGHO¶HQTXHVWDTXHHQVRFXSDWRUQDUHPEUHXPHQWD
ODVHYDSULPHUDHQWUHJDHQHOQ~PGH/D*DFHWD/LWHUDULD/DG¶$QWRQLR(VSLQDYD
VHUXQDGHOHVYHXVTXHIRUPjSDUWGHODWDQGDLQDXJXUDOGHUHVSRVWHV3RVW*XHUUDQROD
UHFXOOSHUzFUHLHPTXHpVLQWHUHVVDQWIHUKRDTXt(OIXWXUFRGLUHFWRUGH1XHYD(VSDxD
UHSUHVHQWDUj ±HQ FRPSDQ\LD GH 'tD] )HUQiQGH] O¶DOWUH FRGLUHFWRU GHV GHO SULPHU
Q~PHUR± HO SXQW GH FRQWDFWH HQWUH FHUWD DYDQWJXDUGD MD UHKXPDQLW]DGD L OD OLWHUDWXUD
G¶DYDQoDGD(QDTXHVWDqSRFDGHUHGDFWRUHQFDUDDO¶KHWHURJpQHRyUJDQRGH*HFp\VX
WURSD (VSLQD GHPRVWUD MD XQD FODUD PHQWDOLWDW SURJUHVVLVWD PDUFDGD DL[z Vt SHU FHUW
GHVSRWLVPH LOÂOXVWUDW R PLQRULWDULVPH SROLWLFRLQWHOÂOHFWXDO G¶DUUHO QHWDPHQW RUWHJXLDQD
9HJHPKR
$ODSULPHUDSUHJXQWD£3VFKp
$ODVHJXQGDtGHP6tVt/DVLHQWRPXFKR
$ OD WHUFHUD tGHP (O ODLFLVPR HO DUFKLSLHODJXLVPR HO UHSXEOLFDQLVPR D VHU SRVLEOH
JDUEDQFHUR\XQWRTXHGH7HUFHUD,QWHUQDFLRQDO
0HH[SOLFDUp
(O©£3VFKpªTXLHUHGHFLUHQUHDOLGDGVt4XHFUHRTXHODSROtWLFDGHEHVDWXUDUFRQXQD
LGHRORJtDGHILQLGDODPHQWHGHOOLWHUDWRFRPRODGHFXDOTXLHURWURLQWHOHFWXDO3RUTXHHOOLWHUDWR
KDGHVXVWHQWDUXQDRSLQLyQXQDDFFLyQDQWHXQDUHDOLGDGWDQHQRUPHFRPRORHVODSROtWLFD2
QRHVOLWHUDWRHQQDGDHVXQPHPR&ODURTXHKD\]RQDVGHODOLWHUDWXUDDMHQDVSRUQDWXUDOH]DDOD
SROtWLFDFRPRVRQODSRHVtDOtULFDODQDUUDFLyQSXUDJUDQSDUWHGHOWHDWURVHQWLPHQWDO\GHLGHDV
HWF
3HURHVWRQRHPSHFH
3HUVRQDOPHQWHPHLQWHUHVDPXFKRODSROtWLFD\WHQJRHQWXVLDVPR\YRFDFLyQSRUHOOD
5HVSHFWR D ODV LGHDV IXQGDPHQWDOHV SDUD HO SRUYHQLU GHO (VWDGR HVSDxRO DILUPR HQ
SULPHUWpUPLQRHOODLFLVPR+D\TXHERUUDU±EDUUHU±GHODVPHQWDOLGDGHVYHQLGHUDVORVPROGHV
VHFXODUHVGHOSHQVDUHVFROiVWLFR\ODWHQGHQFLDDGRJPDWL]DUWRGDVODVVLWXDFLRQHV
3RU DUFKLSLHODJXLVPR HQWLHQGR HVWR (VSDxD QR HV XQD SHQtQVXOD HQ UHDOLGDG VLQR XQ
DUFKLSLpODJR/DVLVODVTXHORFRPSRQHQVRQODVUHJLRQHV&DGDUHJLyQGHEHYLYLUVXYLGDHQOD
PD\RUDXWRQRPtD\IHGHUDUVHXQLUVHFRQODVRWUDVHQWRGRDTXHOORTXHVLJQLILTXHLQWHUpVFRP~Q
(QO¶~OWLPQ~PHURGH3RVW*XHUUD&KDYHV1RJDOHVSXEOLFDUjXQLUzQLFLLQFLVLXDUWLFOH³(O
SDUDtVRGHORVVRFLyORJRV\HOPLQHURGHO5XKU´RQFRPSDUDHOOX[H³PLOLXQDQRFKHVFR´GHO¶2ILFLQD
,QWHUQDFLRQDOGHO7UHEDOOD*LQHEUDDPEOHVFRQGLFLRQVODERUDOVLQIUDKXPDQHVG¶XQPLQDLUHDOHPDQ\/D
YLVLWD D OD VHX GH O¶RUJDQLW]DFLy TXH YHWOOD SHOV WUHEDOODGRUV GHO PyQ FDSLWDOLVWD HO ID UHIOH[LRQDU
SUHFLVDPHQW VREUH HOV TXH DOOt WUHEDOOHQ ³&UHR TXH FRQ PX\ EXHQ VHQWLGR KDQ HPSH]DGR SRU KDFHU
KXPDQR\UD]RQDEOHHOWUDEDMRGHHOORVPLVPRV3RUORYLVWRKDQTXHULGRSUHGLFDUFRQHOHMHPSORFRVD
PX\GHHVWLPDUSUHFLVDPHQWHSRUTXHQRHVQDGDIUHFXHQWHHQFDVLQLQJ~QDSRVWRODGR´$3RVW*XHUUD
O¶2,7LHOVVHXVIXQFLRQDULVKDYLHQHVWDWWDPEpFUtWLFDPHQWDOÂOXGLWVHQDOWUHVRFDVLRQV
/D XQLGDGGHOFRPSOHMRKLVWyULFRJHRJUiILFR(VSDxDQR VHDQLTXLODUi SRUHVR $OFRQWUDULRVH
UREXVWHFHUiFRQVLGHUDEOHPHQWH
>@&RQWUDHOSHQVDPLHQWRGHPXFKRVHVStULWXVUHILQDGRV\RFUHRTXH(VSDxDDVLPLODUtD
ELHQ \ HQ FRUWR SOD]R XQD 5HS~EOLFD GHO WLSR GH OD IUDQFHVD &RQ HVWD YDULDQWH DO IXHUWH
SRSXODULVPR JDUEDQFHUR TXH H[LVWH HQ (VSDxD QR KDEUtD TXH RSRQHUOH GLTXHV VLQR YiOYXODV GH
HVFDSH<DSURYHFKDUHVDIXHU]DHQHOVHQWLGRRUJDQL]DGRU\HYROXWLYRTXHODVPLQRUtDVVHOHFWDV
ORV HVSHFLDOLVWDV SROtWLFRV GH ORV FXDOHV QR HV SRVLEOH QL VDOXGDEOH SUHVFLQGLU LQGLFDVHQ /D
HVIHUDDGHFXDGDGHIRUPDFLyQ\DFFLyQGHHVDVPLQRUtDVQRHVRWUDTXHHO3DUODPHQWR>@
/R GHO WRTXH GH 7HUFHUD ,QWHUQDFLRQDO GLUp SDUD QR VROLYLDQWDU D OD FHQVXUD TXH OR
FLUFXQVFULERDOUpJLPHQHFRQyPLFR\DORVVLVWHPDVTXH\DVHKDQLPSODQWDGRFRQp[LWRHQDOJ~Q
SDtVGHFDSWDFLyQ\GLVWULEXFLyQGHODULTXH]DDJUtFRODHLQGXVWULDOSRUHO(VWDGR
3RVWHULRUPHQW D O¶DOWXUD G¶DEULO GH ±DEDQV GRQFV TXH (VSLQD HQWUL HQ
O¶DYHQWXUD GH 1XHYD (VSDxD± /D *DFHWD /LWHUDULD V¶DFRPLDGDUj GH O¶DXWRU PDGULOHQ\
DPEDTXHVWDQRWD
1XHVWURFRPSDxHUR$QWRQLR(VSLQDGHMDGHFRODERUDUHQQXHVWURSHULyGLFRSRUTXHGHVHD
VHUSROtWLFR\DOHMDUVH±QRVDEHPRVVLWHPSRUDOPHQWH±GHODOLWHUDWXUD\GHODUWH
/HGHVHDPRVXQSURYHQLUD~QPiVEULOODQWHTXHHOSDVDGRREWHQLGRHQODVOHWUDV
(YLGHQWPHQWDOOXQ\DUVHGH*LPpQH]&DEDOOHURLGHOVHXzUJDQQRHUDIHUKRGH
OHVVXSUDPXQGDQHVHVIHUHVGHODOLWHUDWXUDLGHO¶DUWVLQySUHFLVDPHQWG¶XQDGHWHUPLQDGD
LGHDSROtWLFDTXH±FRPHQFDUDSRGUHPFRPSUREDU±HOIXQGDGRUGH/D*DFHWD/LWHUDULD
UHSUHVHQWDYDFDGDGLDGHIRUPDPpVGHILQLGD
/¶DYDQWJXDUGLVPHGH/D*DFHWD/LWHUDULDXQDYLVLWD
(O SXQW GH IULFFLy PpV VLJQLILFDWLX HQWUH 3RVW*XHUUD L /D *DFHWD /LWHUDULD HO
WUREDUHP DUUDQ GH OD YLVLWD GH 0DULQHWWL D (VSDQ\D HO IHEUHU GH (O IXWXULVWD
IHL[LVWD Pj[LP DSzVWRO SHU D *HFp GH WRW DFWLYLVPH SROLWLFROLWHUDUL VHUj UHEXW D OD
QRVWUD JDVHWD DPE HO GHVGHQ\ TXH SRGHP SUHYHXUH (O FDV 0DULQHWWL L OD VHYD GLIHUHQW
UHFHSFLy UHVXOWD FODX HQ DTXHVW VHQWLW SHUTXq H[HPSOLILFD FRP FDS DOWUH OD GLYHUJHQW
VHOHFFLy L YDORUDFLy GHO OOHJDW DYDQWJXDUGLVWD TXH DPEGXHV SXEOLFDFLRQV GXHQ D WHUPH
0HQWUHTXHSHUD3RVW*XHUUDHOIXWXULVPHLWDOLjpVXQPRYLPHQWPRUWIDWHPSVFRPD
DYDQWJXDUGD DUWtVWLFD L TXH QRPpV KD TXHGDW FRP D YLYHU GH FDPLVHV QHJUHV SHU D
*LPpQH]&DEDOOHUR³HOIXWXULVPRGH0DULQHWWLHVWiWRGDYtDHQ HOIXWXUR´ 3RVW*XHUUD
WUDFWDHOWHPDHQPHQ\VGHPLWMDSODQDD³0DULQHWWL\ODTXLHEUDGHOIXWXULVPR´/D
*DFHWD /LWHUDULD HV ID DPSOL UHVVz GH OD YLVLWD L OD LQVHUHL[ HQ XQ SDUHOO GH SODQHV
UHFRUGHPTXHDOHVSODQHVVHYHVKLFDSPROWDPpVLQIRUPDFLyTXHDOHVGH3RVW*XHUUD
GHGLFDGHVDOHV³OHWUDVLWDOLDQDV´$TXHVWpVO¶LQLFLGHODQRWDSRVWJXHUULDQD
+DFHXQRVGtDVKDYLVLWDGR(VSDxDHOTXHXQGtDIXpMHIHDXGD]GHOPRYLPLHQWRIXWXULVWD
0DULQHWWL 6X YLDMH D SHVDU GH OD DFRJLGD TXH KD HQFRQWUDGR HQ FLHUWRV PHGLRV QR KD VLGR GH
FDUiFWHUHVHQFLDOPHQWHDUWtVWLFR+DYHQLGRFRPRYLDMDQWHGHFRPHUFLRGHSURGXFWRVLGHROyJLFRV
0DULQHWWL HV XQ DYHQWXUHUR GH JUDQ HVWLOR GLVSXHVWR D\HU FRPR KR\ D FRPHWHU
H[WUDYDJDQFLDV (O H[ LQWUpSLGR DOERURWDGRU LWDOLDQR \D QR UHSUHVHQWD KR\ OR TXH XQ GLD IXp
SUHFLVDPHQWHSRUTXHHOIXWXULVPRHVXQFDGiYHU
³$QWRQLR(VSLQD´/D*DFHWD/LWHUDULDG¶DEULO
³0DULQHWWLHQ(VSDxD/HWUDVLWDOLDQDV´/D*DFHWD/LWHUDULDGHIHEUHU
'HVSUpV GH OD JXHUUD ±HQV H[SOLFD OD QRWD± HO IXWXULVPH V¶KD GHVYLUWXDW SHU
FRPSOHWLHOVVHXVUHSUHVHQWDQWVKDQDEUDoDWHOIHL[LVPH'XUDQWODFRQIODJUDFLyPXQGLDO
HUHQDPEO¶H[FHSFLyG¶$OGR3DOD]]HVFKLH[DOWDWVFDQWRUVGHODJXHUUDLO¶LPSHULDOLVPH
0DULQHWWLIHLDSRHPHVDOVYHKLFOHVEOLQGDWVLFRQFHELDODJXHUUDFRPXQDLQGLVSHQVDEOH
PHVXUD KLJLqQLFD SHU D OD KXPDQLWDW 3RVW*XHUUD QR DWDFD SHUz WRW HO PRYLPHQW
IXWXULVWD HQ FRQMXQW VLQy O¶HYROXFLy TXH O¶KD PHQDW DO VHX HQTXDGUDPHQW DFWXDO HQ HO
FHVDULVPHPXVVROLQLj$TXHVWDFXUDTXHSRVDODUHYLVWDDQRGHVTXDOLILFDUORJOREDOPHQW
VHQVGXEWHHVGHXQRVROVDTXqHQHOVVHXVRUtJHQVHOIXWXULVPHLWDOLjKDJXpVPRVWUDWXQ
JUDQ SRWHQFLDO FUtWLFRUHYXOVLX TXH KDYLD DWUHW D OHV VHYHV ILOHV HOHPHQWV SURYLQHQWV GH
O¶DQDUTXLVPHVLQyPROWHVSHFLDOPHQWDTXq3RVW*XHUUDGHYLDVHUFRQVFLHQWTXHODYLD
UXVVDGHOIXWXULVPHHQFDUQDGDHQ0DLDNRYVNLO¶KDYLDGXWWDPEpDOFRPSURPtVDPEOD
5HYROXFLy6RYLqWLFD/¶DYDQWJXDUGLVPHQRpVGRQFVLQWUtQVHFDPHQWFRQGHPQDEOHDO
FRQWUDUL OD SUzSLD 3RVW*XHUUD V¶DXWRGHILQHL[ HQ DOJXQD RFDVLy FRP XQD
UHYLVWDGHYDQJXDUGLDSROtWLFD\OLWHUDULD3HUzHOIXWXULVPHLWDOLj0DULQHWWL*LPpQH]
&DEDOOHUROHVDYDQWJXDUGHVGHVKXPDQLW]DGHVODSRHVLDSXUDHOVSRHWLOODVDQGDOXFHVGHO
VyQ SHU D OD QRVWUD JDVHWD GLIHUHQWV PDQLIHVWDFLRQV G¶XQ FDPt HTXLYRFDW G¶XQ
GHVHQFDPLQDPHQWHVWqWLFRLGHROzJLFTXHFDOFRPEDWUH(OILQDOGHODQRWD
(OH[MHIHGHOIXWXULVPRKDGHMDGRGHVHUHOGLYXOJDGRUGHODVLQTXLHWXGHVDUWtVWLFDVGHO
DIiQLFRQRFODVWDGHXQDJHQHUDFLyQSDUDFRQYHUWLUVHHQHOSD\DVRSLUXHWLVWD1DGDWHQHPRVTXH
YHUFRQpO<DOHKDQWULEXWDGRHOKRPHQDMHTXHGHVHDEDQORVUHILQDGRVGHQXHVWURSDtV
/D *DFHWD /LWHUDULD HQ HIHFWH KDYLD UHEXW 0DULQHWWL DPE WRWV HOV KRQRUV
*LPpQH] &DEDOOHUR HVWDYD H[XOWDQW (O VHX FDUDFWHUtVWLF HQWXVLDVPH UHDFFLRQDUL DTXHOO
WUDGLFLRQDOLVPH MRYLDO L MXJDQHU TXH GHILQHL[ OD VHYD SHUVRQDOLWDW OLWHUjULD DTXHOO
DYDQWJXDUGLVPHLQQRYDGRUHQO¶H[SUHVVLyIRUPDOLSURIXQGDPHQWUHWUzJUDGHQHOTXHHQ
UHDOLWDWH[SUHVVDEULOOHQHQHOVHXHVSOHQGRUHQO¶HQWUHYLVWDFUzQLFDTXHGHGLFDDOVHX
JXUX9HJHPQHDOJXQSDVVDWJH
0HHQFRQWUpFRQ0DULQHWWLHQSDLVDMHGH+RWHO3DODFH
6X ERFD HUD XQ ILFKHUR < XQD FLQWD GH WHOHJUDPDV /H URGHDED OD IDXQD GHO KRPEUH
LQGXVWULDO&LJDUURVWXUFRVDJHQWHVGHSHULRGLVPRHPSOHDGRVFRQVXODUHV\XQDGDPDWDQEHOOD
/DGLVWLQFLyHQWUHHOIXWXULVPHLWDOLjLHOUXVDSDUHL[HUjFODUDPHQWIRUPXODGDD1XHYD(VSDxD
TXHV¶RFXSDUjGLYHUVHVYHJDGHVGHODILJXUDGH0DLDNRYVNL0pVHQGDYDQWKRYHXUHP
(QFDSoDOHQOHVSODQHVVXDUDFLWDGHVXQD³&RQYHUVDFLyQFRQ0DULQHWWL´VLJQDGDSHU*LPpQH]
&DEDOOHUR LQFORX XQ GLEXL[ GHO SHUILO GH O¶tQFOLW L SHU XQD DOWUD EDQGD OD UHSURGXFFLy G¶XQD VHYD
GHGLFDWzULDDXWzJUDIDD*HFpHQHOFHQWUHGHODSODQDXQ³3RHPDGH0DULQHWWL´HQLWDOLjVHQVHWUDGXFFLy
³0DFFKLQDOLULFD´DOVHXFRVWDWFRPSOHWDQWODPDUFLDOWUtDGDXQD³(ILJLHGH0DULQHWWL´SHU*XLOOHUPR
GH7RUUH0pVDYDOOWUREDUHPXQDQRWDWDPEpHQYHUVLyRULJLQDOLWDOLDQDVLJQDGDQLPpVQLPHQ\VTXHSHU
%HQLWR0XVVROLQL³0DULQHWWL\0XVVROLQL7HOHJUDPDGHXQGXFHDRWUR´(VWUDFWDG¶XQDIHUYLGDDGHVLRQH
DOEDQTXHWHQKRQRUGH0DULQHWWLHQVSRGUtHPSUHJXQWDUVL*LPpQH]&DEDOOHURGXWSHUO¶HXIzULDILQVLWRW
KDXULDDUULEDWDFRQYLGDUKLHO'XFHSHUTXqODQRWDFRPHQoDDL[t³6RQRGROHQWHGLQRQSRWHULQWHUYHQLUH
DOEDQFKHWWRRIIHUWRD)70DULQHWWL´/DUHVSRVWDpVTXHQRHVWUDFWDG¶XQWtSLFPXQWDWJHSURSDJDQGtVWLF
GH*HFpTXHYDXVDUPDWHULDOVSUHH[LVWHQWV$TXHOOWHOHJUDPDHUDG¶XQEDQTXHWLWDOLjWULEXWDWD0DULQHWWL
HO Y 9LFWRULDQR 3HxD 6iQFKH] ,QWHOHFWXDOHV \ IDVFLVPR /D FXOWXUD LWDOLDQD GHO ©9HQWHQQLR
IDVFLVWDª\VXUHSHUFXVLyQHQ(VSDxDSUHOLPLQDUG¶$QGUpV6RULD2UWHJD8QLYHUVLGDGGH*UDQDGD
$TXHVWWUHEDOOHVWXGLDGHVGHODLWDOLDQtVWLFDODSROtWLFDFXOWXUDOPXVVROLQLDQDD(VSDQ\DLGHGLFDXQ
FDStWROD/D*DFHWD/LWHUDULD
6HOYD HQ HO VHX LPSUHVFLQGLEOH HVWXGL VREUH *LPpQH] &DEDOOHUR KR GLX DPE DTXHVWHV
SDUDXOHV³6XSRVLFLyQGHHVFULWRUDQWHORPRGHUQRQXQFDOOHJDUiDVXSHUDUXQDUDGLFDODPELJHGDGDOD
SURJUHVLYD H[SUHVLyQ GHQWUR GH ORV FDXFHV IRUPDOHV GH OD YDQJXDUGLD XQLUi GHVGH VXV LQLFLRV DFHQWRV
LGHROyJLFRV GH FODUD UHDFFLyQ IUHQWH D ODV IRUPDV GH OD YLGD PRGHUQD H[DOWDGDV SRU RWUD SDUWH HQ XQ
HMHUFLFLRGHIXQDPEXOLVPRSHUPDQHQWH´6HOYDRSFLW
TXHVyORHUDGLJQDGHHVRGHXQKRPEUHTXHXVDEDKRQJRJDEDUGLQDSXxHWD]R\VHFRGHDEDFRQ
)RUG\FRQ&KDUORW
£&XiQWDLQVLGLDVHKDDUURMDGRHQHVWRV~OWLPRVWLHPSRVVREUHHVWHKRPEUHPRQXPHQWR
£&XiQWDVDJXDVPHQRUHVVREUHHOPRQXPHQWRGHHVWHKRPEUH
3HURVXDSRVWXUD\ELJRWHVGH³WHQLHQWHGH2UGHQS~EOLFR´VXWDODQWHGHFRUDFHURKDQ
LPSHGLGRDOYXOJRPDUFLUHORTXHVLHPSUHPDUFLDHQpOVXLQLQWHUUXPSLGDMXYHQWXG
0DULQHWWLHVXQFDVRGHMXYHQWXGLQPDUFHVLEOH(VPHQWLUDTXHWLHQHFLQFXHQWDDxRV<
TXH KD SDVDGR 6H KD GHVYLDGR VRODPHQWH SDUD HQKHEUDUVH D XQ IXWXUR (O IXWXULVPR GH
0DULQHWWLHVWiWRGDYtDHQHOIXWXUR
&RQYHUVDFLyQVREUHQHXPiWLFRV0DULQHWWLVHLQWHUHVDSRUODPXMHUHVSDxRODTXHOHKDQ
FRQWDGRVHUODPHQRVHVSLULWXDOGHODVPXMHUHVHXURSHDV0DULQHWWLKDEOD\HVJULPHJHVWRV1RVH
IDWLJD(VpOLQIDWLJDEOH(QVXSXxROHYDQWDWHRUtDV/HYDQWDSURWHVWDV/HYDQWDXQSDtV
+R\VHGHVSUHFLDD0DULQHWWLHQWUHORVHQWHUDGRV¢(QWHUDGRVGHTXp"0DxDQDHOIDVFLR
GHORVYHLQWHDxRVOHYDQWDUiXQSXxRFRPRPRQXPHQWRDHVWHKRPEUH
(QHODJXDFKLUOHGH(XURSDQRQDJHQLVWDIXpVXUHPRYHGRU'HHVDDJXDSXULILFDGDVDOLy
HQ,WDOLDXQ3LUDQGHOORXQ%RQWHPSHOOL6DOLyXQSDtVODWLQRFRQPiVIXHU]DTXHXQRJHUPiQLFR
6DOLyXQDSROtWLFDRULJLQDO\VLQSUpVWDPRVQyUGLFRV
$OOqQGHO¶HYLGHQWILORIHL[LVPHRGHO¶LPS~GLFPDVFOLVPHGH*HFpREVHUYHPDUD
DTXHVWDFRQWUDSRVLFLyTXHHVWDEOHL[DOILQDOGHODFLWDHQWUHHOPyQFXOWXUDOJHUPjQLFLHO
OODWtGHVSUpVKLWRUQDUHP3HOTXHIDDO¶DUWLFOHGH*XLOOHUPRGH7RUUHRIHUHL[±FRP
HUDHVSHUDEOHHQHOO±XQDPDJQtILFDVtQWHVLGHOTXHKDQVXSRVDWLVXSRVHQ0DULQHWWLLHO
IXWXULVPH VHQVH GHL[DU GH IHU HVPHQW GHO FDUjFWHU HVVHQFLDOPHQW KLVWULzQLF GHO
SHUVRQDWJHLGHOHVLPSOLFDFLRQVSROtWLTXHVGHOPRYLPHQW
>@ &UHy >HO IXWXULVPH@ D VX DOUHGHGRU XQD YLEUDQWH DWPyVIHUD SROpPLFD HUL]DGD GH
JHVWRV YHUEDOHV \ PXHFDV FRPEDWLYDV 7UDWy GH HMHUFHU QR VRODPHQWH XQD LQIOXHQFLD OLWHUDULD \
HVWpWLFD ±FRPR ORV GHPiV PRYLPLHQWRV VLPLODUHV± VLQR WDPELpQ XQ LQIOXMR PRUDO \ SROtWLFR
PHGLDQWHXQDH[DOWDFLyQGHORVYDORUHVQDFLRQDOHVHORUJXOORHOSDWULRWLVPRHODQWLFOHULFDOLVPR
HOPLOLWDULVPRHODIiQEpOLFRHWF
/DUHVWDGHOHVSODQHVGHGLFDGHVD0DULQHWWLLDODOLWHUDWXUDLWDOLDQDGHOPRPHQW
LQFORXHQ XQD SHWLWD VHOHFFLy LQWHUQDFLRQDO GH MXGLFLV VREUH HO IXWXULVPH LQIRUPDFLy
H[WUDFWDGD VREUH DXWRUV L UHYLVWHV QRWtFLHV EUHXV XQ SDUHOO GH UHVVHQ\HV L WUHV
FROÂODERUDFLRQV GH R VREUH WUHV DXWRUV YLQFXODWV DO IHL[LVPH 0DVVLPR %RQWHPSHOOL
&RUUDGR$OYDURL&XU]LR0DODSDUWHDTXHVW~OWLPXQDDOWUDGHOHVSUHGLOHFFLRQVLWDOLDQHV
&KDSOLQ HQ DTXHOOV DQ\V HUD XQD ILJXUD LQWHUQDFLRQDO LQHTXtYRFDPHQW SURJUHVVLVWD
FRQVWDQWPHQW UHLYLQGLFDGD SHU $QGUDGH GHV GH OD VHFFLy ³&LQH´ GH 3RVW*XHUUD /D VHYD L OD GH +HQU\
)RUG EHQ DYLDW DGPLUDGRU GH +LWOHU VHUDQ GRQFV SHUVRQDOLWDWV DQWDJzQLTXHV QR QRPpV HQ OD ILFFLy
FLQHPDWRJUjILFD0RGHUQ7LPHV
0DUFLDUHQRQPDUFLUHHUDHOOHPDPpVFDUDFWHUtVWLFGH0DULQHWWL
(*LPpQH]&DEDOOHUR³&RQYHUVDFLyQFRQ0DULQHWWL´/D*DFHWD/LWHUDULDGHIHEUHU
/D OHFWXUD GH /LWHUDWXUDV HXURSHDV GH YDQJXDUGLD KDYLD LPSUHVVLRQDW *LPpQH]
&DEDOOHUR TXH LQFRUSRUj *XLOOHUPR GH7RUUH DO SURMHFWH GH /D *DFHWD /LWHUDULD GHV GH OD VHYD IDVH GH
JHVWDFLy 7RW L TXH D O¶HVWLX GHO V¶KDYLD WUDVOODGDW MD D O¶$UJHQWLQD HO VHWHPEUH GHO HV FDVDUj D
%XHQRV $LUHV DPE 1RUDK %RUJHV GXUDQW HOV GRV SULPHUV DQ\V GHO SHULzGLF HO QRP GH
O¶H[XOWUDLVWD DSDUHL[ HQ HOV FUqGLWV HQ TXDOLWDW GH VHFUHWDUL FRPSDUWLQW HO SURWDJRQLVPH VRWD PDWHL[ GHO
QRPGHOGLUHFWRUIXQGDGRU$PEHOILW[DWJHGH*XLOOHUPRGH7RUUHVXPDWDOFRQFXUV±HQHOILQDQoDPHQWL
OD IDFLOLWDFLy GH FRQWDFWHV± GH 6DLQ] 5RGUtJXH] LPSOLFDW WDPEp HQ OD SXEOLFDFLy GHV TXH HUD XQD LGHD
HPEULRQjULD*LPpQH]&DEDOOHURKDYLDDFRQVHJXLWSODQLILFDULFRQVWUXLUO¶HGLILFLGH/D*DFHWD/LWHUDULDD
LPDWJHVHYDVzOLGVIRQDPHQWVUHDFFLRQDULVLIDoDQDDPEFHUWVWUHWVDYDQWJXDUGLVWHV
*XLOOHUPRGH7RUUH³(ILJLHGH0DULQHWWL´/D*DFHWD/LWHUDULDGHIHEUHU
GH *HFp 3HU WRW SOHJDW VRUSUqQ L HVWUDQ\D TXH *LPpQH] &DEDOOHUR HQ XQ DOWUH
PRPHQW GH OD VHYD FRQYHUVDFLyQ DPE 0DULQHWWL SRVL HQ ERFD GHO IXWXULVWD DTXHVWHV
SDUDXOHV³6tODSROtWLFDQDGDWLHQHTXHYHUFRQHODUWHFRQHVRVTXHTXLHUHQKDFHUGHO
DUWH XQD SROtWLFD´ &XULyV 7DPSRF HQ HO FRQWH[W GH O¶HQWUHYLVWD DFDEHP G¶HQWHQGUH OD
UHVSRVWD'HTXqHQVHVWjSDUODQWGRQFVWRWDO¶HVWRQDHOWjQGHP*HFp0DULQHWWLVLQyGH
SROtWLFD" eV SRVVLEOH TXH *HFp SXJXL SHQVDU R SUHWHQGUH IHU SHQVDU DO OHFWRU TXH OD
SROLWLW]DFLyGHO¶DUWHVGHXVRODPHQWDHVRVGHO¶HVTXHUUD"(QDTXHVWHVDOoDGHVGHODVHYD
HYROXFLy R LQYROXFLy SHUVRQDO D FRPHQoDPHQWV GH *LPpQH] &DEDOOHUR HQFDUD
QRpVXQGHFODUDWLGHzOHJGHOIHL[LVPHHVSDQ\ROeVQRPpVXQIHL[LVWDODWHQWILQVLWRW
GLUtHPXQDPLFDYHUJRQ\DQWL±jGKXFPpVHQGDYDQWHQHOWHPSV±QRGHL[DUjG¶LQVLVWLU
TXH HO VHX zUJDQ HO VHX SHULzGLF G¶LQIRUPDFLy OLWHUjULD pV XQD SXEOLFDFLy DSROtWLFD L
H[FOXVLYDPHQWFXOWXUDO(OSDUWLFXODUDSROLWLFLVPHGH/D*DFHWD/LWHUDULDGH*LPpQH]
&DEDOOHURDWUDYpVGHODYHXGH0DULQHWWL GHO IHL[LVPH KLVSjQLF HQ IDVH G¶LQFXEDFLy
O¶HQWHQGUHPGLjIDQDPHQWDOFDSG¶XQPHVHQHOQ~PHUR$OOtHVSXEOLFDXQDPHQDGH
FDUWD GH GHVJUHXJH D *HFp SHUz VREUHWRW GH URWXQGD DILUPDFLy LQWHOÂOHFWXDO GH O¶LGHDUL
IHL[LVWD VLJQDGD SHU (WWRUH GH =XDQL 9HJHP DOJXQV SDVVDWJHV G¶DTXHVW HORTHQW
GRFXPHQW
$PLJR*LPpQH]&DEDOOHUR
$OJXQRVHVFULWRUHVGH0DGULG\%DUFHORQDKDQTXHULGRYHUHQHOUHFLHQWHYLDMHD(VSDxD
GH0DULQHWWLILQDOLGDGHVSROtWLFDVPiVTXHOLWHUDULDVXVWHGPLVPRFUHRTXHKDGLFKRTXHDOJXQRV
KDEUtDQFHOHEUDGRPiVFRUGLDOPHQWHDOIXWXULVWDVLQRVHOHVKXELHUDDSDUHFLGRDQWHVHOIDVFLVWD
>@ 'HMDQGR D XQ ODGR SRU HO PRPHQWR HO FDVR 0DULQHWWL GLJR DQWH WRGR TXH QR PH KDJR
LOXVLRQHVSRUTXHVpSHUIHFWDPHQWHTXHHOIDVFLVPRHVSHFLDOPHQWHHQORVDPELHQWHVLQWHOHFWXDOHV
QRJR]DGHPXFKDVLPSDWtD>@3XHGHGDUVHTXHODFXOSDHVWpGHQXHVWUDSDUWHSRUTXHQRVRWURV
QXQFDQRVKHPRVSUHRFXSDGRJUDQFRVDGHPRVWUDUD(VSDxDHOVLJQLILFDGRYHUGDGHUR\SURIXQGR
GHQXHVWURPRYLPLHQWR>@
'pMHPH SXHV TXH KDEOH FODUR DPLJR *LPpQH] &DEDOOHUR HO IDVFLVPR SDUD QRVRWURV
LQWHOHFWXDOHVLWDOLDQRVQRHVWDQWRSROtWLFDFRPRVREUHWRGRIHHQWXVLDVPRSDVLyQ\HVRQROR
SRGHPRVROYLGDUQLVLTXLHUDFXDQGRKDFHPRVOLWHUDWXUD/RVOLWHUDWRVSXURVORVOLWHUDWRVTXHQR
TXLHUHQLQWHUHVDUVHGHSROtWLFD\YLYHQLQFOXVRVHQHOPXQGRGHVXVEHDWDVFRQWHPSODFLRQHVQR
VRQ\DGHQXHVWURWLHPSR\WDQWRPiVHQ,WDOLDGRQGHDKRUDQRVHKDFHFXHVWLyQGHODSROtWLFD
FRPRGHOVHQWLPLHQWR>@3HQVDUDQXHVWUDJHQHUDFLyQOLWHUDULDQHXWUDLQGLIHUHQWHDSROtWLFDHV
LPSRVLEOH IDVFLVPR H ,WDOLD VRQ SDUD QRVRWURV XQD PLVPD FRVD \ VHU OLWHUDWRV LWDOLDQRV TXLHUH
GHFLU VHUOR IDVFLVWDV 4XLHQ QR HVWp GH DFXHUGR FRQ QRVRWURV DOOi VH ODV DUUHJOH SHUR ODV FRVDV
HVWiQDVt>@(VLQ~WLOTXHQRVYHQJDQDGHFLUTXHHODUWH\ODOLWHUDWXUDYLYHQHQVXFOLPDVDFUR\
UHPRWRQRVRWURVYLYLPRV\KDFHPRVODOLWHUDWXUDGHQXHVWURWLHPSRGHQXHVWUDFLYLOL]DFLyQGH
QXHVWUDUHYROXFLyQ\QRSRGHPRVUHPHGDUDORVFOiVLFRV\DORVDXVHQWHV1RKD\DUWLVWDLWDOLDQR
KR\TXHQRVLHQWDHOIDVFLVPRFRPRUHOLJLyQGHODSDWULD\FXDOTXLHUDTXHOOHJDVHGH(VSDxDVH
GDUtD FXHQWD 3RU RWUD SDUWH 0XVVROLQL QR HV VyOR XQ -HIH GH *RELHUQR XQ 3UHVLGHQWH GHO
&RQVHMR HV HO SULPHU FRQVWUXFWRU GH OD QDFLyQ LWDOLDQD HO KRPEUH TXH KD GDGR D ,WDOLD XQLGDG
YHUWHEUDGDGHVGHORV$OSHVDOD6LFLOLD \ QRVyORHVR SDUDQRVRWURVHVWDPELpQHO'X[GHORV
*LPpQH] &DEDOOHUR ILQV L WRW KDYLD HPSDUHQWDW DPE HO IHL[LVPH LWDOLj /D VHYD GRQD HUD
WRVFDQDLO¶KDYLDFRQHJXWGXUDQWOµqSRFDGHOHFWRUDOD8QLYHUVLWDWG¶(VWUDVEXUJODQRLDHUDJHUPDQDGHO
FzQVROLWDOLjDODFDSLWDODOVDFLDQD$PpVVHPEODVHUTXHGHVGHODLQIjQFLDKDYLDHVWDWDPLFDOYHwQHWDGH
&XU]LR0DODSDUWHY6HOYDRSFLW
1RKHPFUHJXWDTXtQHFHVVDULGHGLFDUPDVVDWHPSVDHVEULQDUHO SHUILOG¶DTXHVW SHUVRQDWJH
SHOSRFTXHVDEHPHUDKLVSDQLVWDLDFWXDYDFRPXQDPHQDG¶DJUHJDWFXOWXUDOLWDOLjHQO¶(VSDQ\DGHOVDQ\V
(OIHL[LVPHLHOUDFLVPHVyQDWULEXWVTXHO¶DGRUQHQFRPDDUWLFXOLVWDLHVFULSWRU
/DWDUGDQDYLVLWDKLVSjQLFDDTXHOOG¶XQ0DULQHWWLMDQRQLPROWPHQ\VHQHOVHXPLOORU
PRPHQWG¶DJLWDGRUDYDQWJXDUGLVWDYDVHUPpVXQIUDFjVTXHXQq[LW$0DGULGQRVHOLYDIHUJDLUHFDV
TXHpVHOSLWMRUTXHOLSRGLDSDVVDUD%DUFHORQDS~EOLFLSUHPVDYDQSURWHVWDUSHOFDUjFWHUREHUWDPHQW
PXVVROLQLj G¶DOJXQV DFWHV L GHFODUDFLRQV TXH YD GXU D WHUPH Y /XFtD *DUFtD GH &DUSL ³0DULQHWWL HQ
(VSDxD´GLQV+RPHQDMHDOSURIHVRU+HUQiQGH]3HUHUD0DGULG8QLYHUVLGDG&RPSOXWHQVH
LQWHOHFWXDOHVOOHJDGRGHOHVWXGLRIRUPDGRHQHOSHULRGLVPRJXtDGHWRGDQXHVWUDJHQHUDFLyQVLQ
SHUWHQHFHU D YLHMDV DULVWRFUDFLDV GH JDELQHWHV SROtWLFRV VLQR D ODV MyYHQHV GH OD LQWHOLJHQFLD
IRUPDGDV\WHPSODGDVHQHOGRORUODIDWLJD\HOVDFULILFLR,Q~WLOJDVWDUSDODEUDVDPLJR*LPpQH]
&DEDOOHURSXHVpVWDVVRQORVXILFLHQWHPHQWHFODUDVSDUDVHUHQWHQGLGDV>@
+HDKtSRUTXpOHKHGLULJLGRHVWDVSDODEUDVDPLJR*LPpQH]&DEDOOHURSDUDGHFLUFRQ
IUDQTXH]D D XVWHG D ORV FDPDUDGDV GH /$ *$&(7$ /,7(5$5,$ \ D WRGRV ORV TXH VLHQWHQ
VLPSDWtD SRU,WDOLDTXHORVOLWHUDWRVLWDOLDQRVQR KDFHQ SROtWLFDFXDQGRDILUPDQVHU IDVFLVWDV VL
HVFRQGLHUDQVXFRUD]yQPHQWLUtDQ\DYRVRWURVHVSDxROHVQRGHEHHVFRQGHUVHQDGD
¢/HSDUHFHUHVXHOWRHOFDVRGH0DULQHWWL"
5HFXHUGR D HVWH SURSyVLWR TXH D XQ HVFULWRU EDUFHORQpV TXH PH GHFtD QR FRPSUHQGHU
FyPR0DULQHWWLFRQWRGRVXDPRUSRUODOLEHUWDGIXHVHIDVFLVWDOHUHVSRQGtDVt
3RUTXHVyORGRQGHKD\GLVFLSOLQDSROtWLFDSXHGHGDUVHODOLEHUWDGDUWtVWLFD
(QWHVRV 6¶DJUDHL[ OD FODUHGDW FHUWDPHQW $UD FRPSUHQHP SHU TXq *HFp GHX
FUHXUHTXHQRIDSROtWLFDTXDQOORDWDQWHOGXFH0DULQHWWLFRPO¶DOWUHHOIXWXUSUHVLGHQW
GH OD 5HS~EOLFD GH 6DOz HO IHL[LVPH QR pV PHUDPHQW XQD SROtWLFD pV VREUHWRW XQD
PtVWLFD 3HU DOV LQWHOÂOHFWXDOV ILORIHL[LVWHV OD SDUDXOD SROtWLFD HQ HO VHQWLW TXH WHQLD HQ
O¶(VWDW OLEHUDOEXUJqV HVWj HQFDUD PpV GHVSUHVWLJLDGD TXH SHU DOV ILORFRPXQLVWHV (V
WUDFWD G¶XQD SDUDXOD TXH HQ WHPSV GH UHYROXFLRQV MD QR pV FDS JDUDQWLD SHU REWHQLU R
PDQWHQLUHOSRGHULTXHSHUWDQWKDGHL[DWGHVHU~WLO$UDHOVIHL[LVWHVFRPKHPOOHJLW
OD VXSODQWHQ DPE FRQFHSWHV FRP IH HQWXVLDVPH R GLVFLSOLQD 5HVXOWD WDPEp FHUWDPHQW
UHPDUFDEOHODFRLQFLGqQFLDGHOVLQWHOÂOHFWXDOVGHOVGRVSROVLGHROzJLFV±URLJLQHJUH±HQ
O¶DWDFDODOLWHUDWXUDTXHQRHVGHFODUDSDUWLGLVWDLTXHSUHWpQKDELWDUHQHOVOOLPEVGHOD
SXUHVD
*LPpQH]&DEDOOHURWRWLHVWDUFDGDFRSPpVHVFRUDWYHUVO¶HQWXVLDVPHIHL[LVWD
QRUHQXQFLDDOIHWTXHODQDXGH/D*DFHWD/LWHUDULDPDQWLQJXLO¶DSDUHQoDG¶XQQHXWUDO
HTXLOLEULHQHOVHXUXPE3HUDL[zSXEOLFDDTXHVWDH[DOWDGDFDUWD DPEHOWtWROGH³/RV
HVFULWRUHVLWDOLDQRV\HOIDVFLVPR´FRQWLJXDPHQW±LHQFDOFXODGDVLPHWULDWLSRJUjILFD±D
³/RV HVFULWRUHV UXVRV \ HO FRPXQLVPR´ XQ WH[W GH :DOWHU %HQMDPLQ PLOORUDEOHPHQW
WUDGXwWSHU0*DUFtD%ODQFR5HVXOWD VLJQLILFDWLX HQ HOPDUFGHOQRVWUHHVWXGLTXH
VLJXL XQD YHX GH O¶HVTXHUUD LQWHOÂOHFWXDO DOHPDQ\D YHX SHUz SROtWLFDPHQW
LQGHSHQGHQW OD TXH DSDUHJXL FRQIURQWDGD DPE XQD GH OD GUHWD LWDOLDQD $L[z WDPEp
HVWj UHODFLRQDW DPE OD GLVWLQFLy FXOWXUDOLGHROzJLFD TXH *HFp V¶HQFDUUHJDUj G¶HVWDEOLU
HQWUH HOV IDFWRUV GH FLYLOLW]DFLy OODWLQRKLVSjQLFV L HOV QzUGLFRJHUPjQLFV 1DWXUDOPHQW
O¶DUWLFOH GH %HQMDPLQ QR pV QL GH PROW WDQ DEUDQGDW FRP HO TXH O¶DFRPSDQ\D HQ
LQYROXQWDULGXHWGLUtHPILQVLWRWTXHODVHYD LQIRUPDGD VHYHULWDW DQDOtWLFD DFFHQWXD HO
FRQWUDVWTXHV¶KDEXVFDWDPEUHODFLyDOWHPDTXHFDGDVFXQDERUGDLG¶DTXHVWDPDQHUD
VHPEODFHUWDPHQWTXHHVWUDFWLGHGRVXQLYHUVRVSROLWLFRFXOWXUDOVGHOWRWGLVVHPEODQWV(O
WH[W EHQMDPLQLj VXSRVD OD PpV VHULRVD DSUR[LPDFLy VRFLROzJLFROLWHUjULD D OHV OOHWUHV
UXVVHV FRHWjQLHV TXH HV SRGUj WUREDU D OHV SODQHV GH /D *DFHWD /LWHUDULD 8Q LQWHQW
(WWRUHGH=XDQL³/RVHVFULWRUHVLWDOLDQRV\HOIDVFLVPR´/D*DFHWD/LWHUDULDGHPDUo
/¶KLVSDQLVWD0DQXHO*DUFtD%ODQFRHQYLDGHVG¶$OHPDQ\DDOJXQDFROÂODERUDFLy
GXUDQW OD SULPHUD qSRFD GH /D *DFHWD /LWHUDULD (V GHFODUD GHL[HEOH GH 9RVVOHU GH TXL HQ ID XQD
SUHVHQWDFLySHUDOOHFWRUHQOOHQJXDHVSDQ\RODHQHOQ~PG¶RFWXEUH3RVWHULRUPHQWVHUjGH
D 6HFUHWDUL *HQHUDO GH OD 8QLYHUVLGDG GH 6DODPDQFD SHUz LPDJLQHP TXH HQ DTXHOOV DQ\V
O¶HVSHFLDOLVWDHQ8QDPXQRQRGHYLDIHUFRQVWDUHQHOVHXFXUUtFXOXPODWUDGXFFLyG¶DTXHVWDUWLFOH
%HQMDPLQ WRW L FRQVLGHUDUKR GXUDQW XQ WHPSV PDL YD LQJUHVVDU HQ HO .3' Y VREUH DL[z
DOJXQVGHOVDUWLFOHVUHXQLWVD6RFLHWDWG¶(VWXGLV/LWHUDULV-RUGL/ORYHWHG:DOWHU%HQMDPLQLO¶HVSHULW
GHODPRGHUQLWDW%DUFHORQD,QVWLWXWG¶+XPDQLWDWV%DUFDQRYD
DQWHULRU HQ DTXHVWD GLUHFFLy KDYLD UHVXOWDW SHUIHFWDPHQW LQVDWLVIDFWRUL PDOJUDW DQDU
HQFDSoDODWSHUDTXHVWDQRWDSUHYHQWLYD
&RPR HQWUH QRVRWURV QR H[LVWH XQ VHUYLFLR GLUHFWR GH QRWLFLDV UXVDV /$ *$&(7$
/,7(5$5,$ KD HQFDUJDGR D XQD GLVWLQJXLGD HVFULWRUD HVODYD OD VHxRUD7DWLDQD GH 9DOHUR HO
LQIRUPHGHQRYHGDGHVOLWHUDULDVGH5XVLDFRQVXOWDQGRODVUHYLVWDV~OWLPDV \ PiVVHOHFWDVGHOD
8566
&HOHEUDUHPRVTXHQXHVWURVOHFWRUHVHVWLPHQHVWHHVIXHU]R
3RVVLEOHPHQW OD GLVWLQJLGD VHQ\RUD QR HUD O¶LQWHUPHGLDUL PpV DGHTXDW HQWUH OD
QRYD OLWHUDWXUD UXVVD L HO OHFWRU HQ FDVWHOOj QR HVWHP YDORUDQW HO VHX WUHEDOO FRP D
WUDGXFWRUD VLQy FRP D DUWLFXOLVWD L HQ XQ WHUUHQ\ FRQFUHW 6HJXU TXH *HFp HQ HO IRQV
KDXULD YROJXW GRPHVWLFDU OD UHFHSFLy GH OLWHUDWXUD VRYLqWLFD GHVWHQ\LU HO FRORU URLJ ±VL
VH¶QV SHUPHW HO MRF GH SDUDXOHV± GH OD QRYHOD UXVD L FRQYHUWLUOD HQ QRYHOD URVD (Q
TXDOVHYRO FDV TXHGD FODU TXH D *HFp OL UHVXOWDYD PROW PpV IjFLO REWHQLU LQIRUPDFLy
DFWXDOGHOHVOOHWUHVLWDOLDQHVTXHGHOHVUXVVHVGHOHVTXDOVHQFDQYL3RVW*XHUUDFRP
KHPYLVWPpVDPXQWLQIRUPDYDFRPSOLGDPHQWGHVGHOVHXSULPHUQ~PHUR0DOJUDWOD
SRFDWUDoDHQODWUDGXFFLyGHO¶DOHPDQ\L HQODWUDQVFULSFLyGHQRPVUXVVRVHOVLQWqWLF
DUWLFOH GH %HQMDPLQ TXH SXEOLFD /D *DFHWD /LWHUDULD V¶LQVHUHL[ SOHQDPHQW HQ HOV
LQWHUHVVRVFXOWXUDOVGHOOODYRUVLPPLQHQWPRYLPHQWHGLWRULDOG¶DYDQoDGD9HJHPQHOHV
SDUDXOHV ILQDOV TXH VHQV GXEWH 3RVW*XHUUD KDXULD HVWDW HQFDQWDGD WDPEp GH SRGHU
SXEOLFDUVHQVHQHFHVVLWDWpVFODUGHFDSFRQWUDSqV
+D\ PRPHQWRV HQ ORV FXDOHV ODV FRVDV \ ORV SHQVDPLHQWRV VH SHVDQ \ QR VH FXHQWDQ
3HURQRHVPHQRVFLHUWR±DXQTXHPHQRVREVHUYDGR±TXHKD\RWUDVRFDVLRQHVHQTXHVHFXHQWDQ\
QRVHSHVDQ/DOLWHUDWXUDGH5XVLDHVDFWXDOPHQWH±\HVWRSRUGHUHFKRSURSLR±PHMRUWHPDSDUD
XQHVWDGtVWLFRTXHSDUDXQHVWHWD
0LOHVGHQXHYRVDXWRUHV\FLHQWRVGHPLOHVGHQXHYRVOHFWRUHVTXLHUHQDQWHWRGRVHU
FRQWDGRVXQDYH]\OXHJRFODVLILFDGRVHQILODVGHQXHYRVQHyILWRVTXHDFW~DQDODYR]GHPDQGR
\ FX\D PXQLFLyQ HV HO DOIDEHWR /HHU HV KR\ HQ 5XVLD PiV LPSRUWDQWH TXH HVFULELU OHHU
SHULyGLFRVPiVLPSRUWDQWHTXHOHHUOLEURV \GHOHWUHDU PiVLPSRUWDQWHTXHOHHU SHULyGLFRV/D
PHMRUOLWHUDWXUDUXVDSXHGHVHUVLHVFRPRGHEHVHUVyORHOFXDGURFRORULVWDHQHODEHFHGDULRHQ
HOTXHORVDOGHDQRVDSUHQGHQDOHHUDODVRPEUDGH/HQLQ
3HUWDQFDUHOWHPDGHODYLVLWDPDULQHWWLDQDLTXHHQVTXHGLXQERQJXVWGHERFD
HQVKHPUHVHUYDWHOPLOORUPRVSHUDOILQDO$WDQWDHILJLHLH[DOWDFLyGH0DULQHWWLFRP
GRQDYD /D *DFHWD /LWHUDULD 3RVW*XHUUD UHVSRQ HQ HO PDWHL[ Q~PHUR GH IHEUHU GH
DPEXQDFRQFLVDSHUzHVPRODGD³6LOXHWDGH0DULQHWWL´eVDSHQHVXQEUHX
DSXQWTXHDSDUHL[HQODVHFFLy³3ROpPLFD´XQDVHFFLyTXHVROLDDUWLFXODUVHHQIRUPDGH
7DWLDQD(QFRGH9DOHURTXHYDIHUFDSD(VSDQ\DFRPDH[LOLDGDGHOD5~VVLDVRYLqWLFDKDYLD
SXEOLFDWDOJXQHVWUDGXFFLRQVGHOLWHUDWXUDUXVVDSHUD&DOSHLSHUDO¶HGLWRULDOGH5HYLVWDGH2FFLGHQWH
7DWLDQD(QFRGH9DOHUR³3RVWDOHVUXVDV´/D*DFHWD/LWHUDULDGHIHEUHU
$OWUHV PRVWUHV GH O¶LQWHUqV GH 3RVW*XHUUD SHU DSURSDU HOV VHXV OHFWRUV D XQ PLOORU
FRQHL[HPHQWGHODOLWHUDWXUDFRHWjQLDUXVVDVHUDQODSUHVHQWDFLyDXWRELRJUjILFDGH9VHYRORG,YDQRY
HQHOPDWHL[Q~PHURTXHLQFORXXQDIRWRVHYDDPEXQSHXTXHHOFRQVLGHUD³XQRGHORVYDORUHVOLWHUDULRV
GH OD DFWXDO JHQHUDFLyQ UXVD´ HOV LQWHUHVVDQWV SXQWV GH YLVWD GH %XNKDULQ VREUH OD VLWXDFLy GH OD
OLWHUDWXUD VRYLqWLFD L HO SDSHU TXH KL KD GH MXJDU *RUNL R ±HQ XQ UHJLVWUH MD PpV G¶KRPHQDWJH
FDQRQLW]DGRU±ODSUHVHQWDFLyGHOSRHWD1LNRODL1HNUjVRY
:DOWHU %HQMDPLQ ³/RV HVFULWRUHV UXVRV \ HO FRPXQLVPR´ WUDG G¶0 *DUFtD %ODQFR /D
*DFHWD /LWHUDULD GH PDUo (V WUDFWD GH OD WUDGXFFLy GH O¶DUWLFOH GH %HQMDPLQ ³'LH
SROLWLVFKH*UXSSLHUXQJGHUUXVVLVFKHQ6FKULIWVWHOOHU´SXEOLFDWXQDQ\DEDQVGHPDUoGHD'LH
/LWHUDULVFKH:HOWFRPDIUXLWGHO¶HVWDGDGH%HQMDPLQD0RVFRXGXUDQWHOVPHVRVGHGHVHPEUHGHOL
JHQHUGHO
VDJHWHVLQH[WHQVHVSHUzQRLQRIHQVLYHV(QODVHYDVLQWqWLFDHFRQRPLDGHVFULSWLYDHQ
OD VHYD SOjVWLFD SUHFLVLy FUtWLFD DTXHVW VDUFjVWLF UHWUDW GH O¶LWDOLj GHVPXQWDYD G¶XQD
PDQRWDGD WRWD OD SURSDJDQGtVWLFD JDLUHEp PLWLILFDGRUD SUHVHQWDFLy KHURLFD GHO
SHUVRQDWJHTXHKDYLDGXWDWHUPHO¶zUJDQGH*HFp
6,/8(7$'(0$5,1(77,²8QVHxRUGHFLQFXHQWDDxRVFDOYRUHJRUGHWHGHSRFD
HVWDWXUD TXH VXGD \ EUDFHD JULWDQGR ©£9LYD OD MXYHQWXG OD DJLOLGDG OD IXHU]D OD OLJHUH]D HO
SXxHWD]Rª<OXHJRFDHGHUUXPEDGRHQXQDVLOOD+HDKtXQIDVFLVWD
/¶LQWHUQDFLRQDOLVPHGH/D*DFHWD/LWHUDULDXQSUzOHJ
(Q OD VHYD GDUUHUD VRUWLGD DO FDUUHU Q~P GH VHWHPEUH GH 3RVW
*XHUUD DEDQV G¶HPPXGLU HV GHVSHGHL[ GH *LPpQH] &DEDOOHUR +R ID HQ XQ DUWLFOH
VHQVHVLJQDU³©9DQJXDUGLVWDVªWUHSDGRUHV\DUWHQXHYR´0DOJUDWPRVWUDUDOJXQV
GHIHFWHVIUXLWSUREDEOHPHQWGHFHUWDSUHFLSLWDFLyDTXHVWWH[WLQWHQWDUHFDSLWXODUTXLQDKD
HVWDWO¶DFWLWXGGHODUHYLVWDGDYDQWHOIHQRPHQGHOHVDYDQWJXDUGHVDUWtVWLTXHV&RPHQoD
DL[t ³$ WUDYpV GH ORV Q~PHURV GH 3267*8(55$ SXEOLFDGRV KDVWD DKRUD KHPRV
UHIOHMDGRTXL]iQRPX\VLVWHPiWLFDPHQWHSHURVtGHXQDPDQHUDVXILFLHQWHPHQWHFODUD
QXHVWUR SXQWR GH YLVWD HQ UHODFLyQ FRQ ODV QXHYDV FRUULHQWHV XQLYHUVDOHV GHO $UWH \ OD
/LWHUDWXUD´ $ SDUWLU GH O¶DFFHSWDFLy GH OD ODERU UHQRYDGRUD FRQWUD OHV IRUPHV
WUDGLFLRQDOV EXUJHVHV L DFDGqPLTXHV TXH KDQ GXW D WHUPH OHV MRYHV JHQHUDFLRQV
DUWtVWLTXHV GHVSUpV GH OD JXHUUD 3RVW*XHUUD PDUFD WDPEp GLVWjQFLHV UHVSHFWH D FHUWHV
GHULYDFLRQV UHDFFLRQjULHV GH O¶DYDQWJXDUGD L DSRVWD SHU XQD WHUFHUD YLD GH YHUGDGHUD
UHQRYDFLy SURJUHVVLVWD ³/D LQFRPSUHQVLyQ GH OD GHPRFUDFLD EXUJXHVD DQWH HO QXHYR
$UWH HV HYLGHQWH 3HUR HO DYHQWXUHULVPR OLWHUDULR HO VQRELVPR UHDFFLRQDULR GH FLHUWRV
©YDQJXDUGLVWDVª QR HV PHQRV FLHUWR )UHQWH D XQRV \ RWURV OD RSRVLFLyQ GH ORV
YHUGDGHURV VHUYLGRUHV GH ODV QXHYDV FRUULHQWHV HVWpWLFDV´ $ SDUWLU G¶DTXt L DEDQV GH
FRQVDJUDUVH D LPPRODU OD ILJXUD GH *LPpQH] &DEDOOHUR O¶DUWLFOH HVWDEOHL[ XQD
GLIHUHQFLDFLy HQWUH (XURSD ³FRQWLQHQWH DYLHMDGR \ GHFDGHQWH´ TXH ³KD LQLFLDGR HO
LPSXOVR GHO QXHYR $UWH´ L $PqULFD ³FRQWLQHQWH QXHYR \ YLWDO´ TXH ³KD VHJXLGR HO
LPSXOVR GDGR SRU (XURSD DO $UWH QXHYR´ 3RVW*XHUUD GLSRVLWD OHV VHYHV HVSHUDQFHV
PROW PpV HQ OD MRYHQWXW DPHULFDQD TXH HQ O¶HXURSHD L HQ DL[z WDPEp V¶DOOXQ\D GHO
SDWHUQDOLVPH QHRLPSHULDOLVWD TXH FRP KHP YLVW WHQ\LD HO SURFODPDW DPHULFDQLVPH GH
/D*DFHWD/LWHUDULD3HUDODQRVWUDJDVHWDOHVQRYHVJHQHUDFLRQVDPHULFDQHV³HGXFDGDV
HQ ODV 5HYROXFLRQHV OLEHUWDGRUDV KDQ PDWL]DGR OD UHQRYDFLyQ DUWtVWLFD FRQ HFRV
KXPDQRV\HYROXFLRQDULRV´'HOVUHEURWVHXURSHXVHQFDQYLHQJHQHUDOQRHVSRWGLU
HOPDWHL[³/DVMXYHQWXGHVDUWtVWLFDVHGXFDGDVHQHOWUDGLFLRQDOLVPRSROtWLFRHQHOFXOWR
D OD ,JOHVLD \ DO (VWDGR KDQ LPSUHVR DO DUWH GH YDQJXDUGLD XQ PDWL] GH UHDFFLyQ GH
1XHYD (VSDxD WLQGUj WDPEp XQD VHFFLy PROW VLPLODU SHUz DPE PpV HVSDL GHGLFDW L PpV
DJUHVVLYLWDWSROHPLW]DGRUDHQFDUDWLWXODGD³5LIL5DIH´/D*DFHWD/LWHUDULDSHUODVHYD SDUWWHQLDDPE
³(O7RUSHGRHQOD3LVWD´XQDVHFFLyHQXQDOtQLDVHPEODQW
/D SRVWHULRU SUHVqQFLD G¶HVFULSWRUV KLVSDQRDPHULFDQV ±OD JUDQ PDMRULD SURJUHVVLVWHV± DPE
WtWROV HGLWDWV D OHV HGLWRULDOV G¶DYDQoDGD VHUj SURX VLJQLILFDWLYD $ 2ULHQWH SXEOLFDUj HO JXDWHPDOHQF
0LJXHO ÈQJHO $VWXULDV D +LVWRULD 1XHYD O¶DUJHQWt $OEHUWR *KLUDOGR R HO SURSL &pVDU )DOFyQ
O¶KLVSDQRSHUXj IXQGDGRU GH O¶HGLWRULDO &HQLW ILQV L WRW HOV GHGLFDUj XQD FROÂOHFFLy ³3DQRUDPD /LWHUDULR
(VSDxROH+LVSDQRDPHULFDQR´DPEWtWROVGHODSHUXDQD5RVD$UFLQLHJDGHOQLFDUDJHQF+HUQiQ5REOHWR
RG¶HFXDWRULDQVGHO*UXSGH*XD\DTXLO7DPEpD&HQLWODFROÂOHFFLy³(O7HDWUR3ROtWLFR´LQFORXUjREUHV
GHOV PH[LFDQV -XDQ %XVWLOOR 2UR L 0DXULFLR 0DJGDOHQR 8OLVHV HQ IL HGLWDUj REUD GHOV SHUXDQV ;DYLHU
$EULOL&pVDU9DOOHMR
IDVFLVPR /D OtULFD HQ WRUQR DO GHSRUWH >@ KD HQVDO]DGR OD KHJHPRQtD GH ODV FDPLVDV
QHJUDV FRPR VtPEROR GH XQD QXHYD FLYLOL]DFLyQ (O YDQJXDUGLVPR HQ (XURSD VH KD
KHFKRHQSROtWLFDJHQHUDOPHQWHUHDFFLRQDULR6LUYHORVLQWHUHVHVGHODFODVHGRPLQDQWH
YHUGDGHUDEHRFLDDQWLDUWtVWLFD´(QGHILQLWLYDXQVDUJXPHQWVPROWHQODOtQLDGHOVTXHMD
FRQHL[HPFRPDFDUDFWHUtVWLFVGH3RVW*XHUUDeVHQODSDUWILQDOGHO¶DUWLFOHRQDSDUHL[
OD IURQWDO GHFODUDFLy GH JXHUUD D *LPpQH] &DEDOOHUR 1R GHL[D GH UHVXOWDU UHPDUFDEOH
FRPDTXHOOHVWLXGHOTXDQ*HFpLHOVHXzUJDQHVWDQHQFDUDJDLUHEpHQODF~VSLGHGHO
VHX SUHVWLJL OD QRVWUD JDVHWD MD GHQXQFLD VHQVH HPEXWV HO TXH SHU D PROWV QR VHUj WDQ
HYLGHQWILQVDOFDSG¶XQVDQ\VODLQWUtQVHFDDQWLPRGHUQLWDWHOPHGXOÂODUUHDFFLRQDULVPH
O¶HVVHQFLDO WUDGLFLRQDOLVPH GH IRQV HO IDOV HVSHULW DYDQWJXDUGLVWD D IL GH FRPSWHV GHO
IXQGDGRUGH/D*DFHWD/LWHUDULD9HJHPHOVGDUUHUVSDUjJUDIV
7RGR PRYLPLHQWR KXPDQR SROtWLFR DUWtVWLFR R VRFLDO WLHQH VXV IDOVRV DSyVWROHV 1R
FRQYLHQH QXQFD FRQIXQGLU HO PRYLPLHQWR HQ Vt HQ OR TXH WLHQH GH UHQRYDGRU FRQ VXV
PL[WLILFDGRUHV\SHVFDGRUHVDUtRUHYXHOWR3RUHVR3267*8(55$VLPSDWL]DHQJHQHUDO
±QXHVWURFULWHULRQRHVQXHYR±FRQHODUWHGHYDQJXDUGLDGHSXUDGRKRQUDGRVLQLQWURPLVLRQHV
UHDFFLRQDULDV
,PSHWXRVDPHQWHHVFDQGDORVDPHQWHVXUJLyHQHOILUPDPHQWRYDQJXDUGLVWDHVSDxROXQD
QXHYD HVWUHOOD *LPpQH] &DEDOOHUR )XHUWHV FRGD]RV UHGREOHV GH WDPERUHV VRQLGRV GH FODULQHV
IXHURQ VX SUHVHQWDFLyQ -yYHQHV DIDQRVRV GH KDFHU ©VX DUWHª OH VLJXLHURQ \ RIUHFLHURQ VXV
KRPEURV SDUD HPSLQDUOH ©*HFpª VH KD PDQLIHVWDGR ~OWLPDPHQWH FRPR HO PiV JHQXLQR
UHSUHVHQWDQWHGHORVWUHSDGRUHVYDQJXDUGLVWDV>@
6LOHQFLRVDPHQWH KHPRV SUHVHQFLDGR WRGD VX PDQLREUD 6R SUHWH[WR GH XQD DILUPDFLyQ
UHQRYDGRUDGHODUWHVHKDSUHRFXSDGR~QLFDPHQWHGHVHUYLUVXVDPELFLRQHVGHWRGDFODVH6HQRV
KDSUHVHQWDGRGHVQXGRDQWHVXVDPLJRVSDUDORVTXHQRVDEHPRVVLKDEUiVLGRXQDVRUSUHVD\
SDUDVXVHQHPLJRVTXHQRQRVKDEtDPRVHQJDxDGR
/¶DXWqQWLF GHVSXOODPHQW GH *LPpQH] &DEDOOHUR HO VHX GHILQLWLX VWULSWHDVH
LQWHOÂOHFWXDO QR DUULEDUj SHUz ILQV DO FDS G¶XQV PHVRV D FRPHQoDPHQWV GH eV
OODYRUVTXDQHGLWDXQDVHOHFFLyGHWH[WRVGH&XU]LR0DODSDUWHWUDGXwWVSHUHOOPDWHL[
(O SUzOHJ TXH YD HVFULXUH SHU HQFDSoDODU HO OOLEUH ³&DUWD D XQ FRPSDxHUR GH OD MRYHQ
(VSDxD´ YD VHU WDPEp SXEOLFDW HQ HO Q~P GH IHEUHU GH GH /D *DFHWD
/LWHUDULD $TXHVW WH[W VRYLQW pV HVPHQWDW FRP HO SULPHU GRFXPHQW R PDQLIHVW GHO
IHL[LVPHHVSDQ\RO$TXtQRHQVLQWHUHVVDSDVIHUQHXQHVFROLGHWDOODWSHUzVtTXHFRQYp
YHXUH¶Q DOJXQ SDVVDWJH SHU XQ SDUHOO GH PRWLXV O¶XQ pV GHWHUPLQDU OD PHQD
G¶LQWHUQDFLRQDOLVPHTXHSRGLDLQVXIODU*HFpDODVHYDSXEOLFDFLyYLVWRVMDWDPEpHQTXq
FRQVLVWLHQ HQ HO IRQV HOV DOWUHV GRV SLODUV GHO VHX SURJUDPD HO VHX LEHULVPH L HO VHX
DPHULFDQLVPH O¶DOWUH pV YHXUH OHV FRQQRWDFLRQV LGHROzJLTXHV GHO VHX UHEXLJ DO
QRUGLVPRHQODIRUPDFRPHOOSODQWHMDODTHVWLy(QDTXHVWSUzOHJHVIDHYLGHQWODJUDQ
LQIOXqQFLD TXH YD WHQLU &XU]LR 0DODSDUWH HQ OD IRUPDFLy L IRUPXODFLy GHO SHQVDPHQW
UHDFFLRQDULGH*LPpQH]&DEDOOHUR6LGH0DULQHWWLKDYLDDVVLPLODWHOJHVWDXGDoHOSRVDW
DYDQWJXDUGLVWD OD SDUDXOD WUDQVJUHVVRUD OD SLUXHWD FLUFHQVH GH 0DODSDUWH SUHQGUj HO
GHVDFRPSOH[DW QHRWUDGLFLRQDOLVPH OD IHUPD UHDFFLy HO QDFLRQDOLVPH DJUHVVLX $OJ~
KDYLDGLWMDDO¶qSRFDTXHODGLIHUqQFLD HQWUH 0DULQHWWL L 0DODSDUWH FRQVLVWLD HQ TXq HO
SULPHUHUDXQHVFULSWRUIHL[LVWDPHQWUHTXHHOVHJRQHUDXQIHL[LVWDHVFULSWRU$TXLQD
FDWHJRULD SHUWDQ\LD *LPpQH] &DEDOOHUR QR HV THVWLy TXH HQV SHUWRTXL GLOXFLGDU DTXt
FRPWDPSRFVL/D*DFHWD/LWHUDULDHQFRQMXQWpVPpVDYDQWJXDUGLVWDTXHUHDFFLRQjULD
&XU]LR 0DODSDUWH (Q WRUQR DO FDVWLFLVPR GH ,WDOLD SUzO L WUDG G¶( *LPpQH] &DEDOOHUR
0DGULG5DIDHO&DUR5DJJLR(OWtWROTXHSRVDDOYROXPQRpVJHQVLQQRFHQWIRUPDSDUWGHODVHYD
HVWUDWqJLDVLLQIUXFWXRVDRQRDTXtDUDQRKRSRGHPHVFDWLUG¶LQWHQWDUIHL[LVWLW]DUHOOOHJDWLQWHOÂOHFWXDO
G¶8QDPXQR
Y6HOYDRSFLW
RQR±SDUWLQWGHODSUHPLVVDTXHHOVGRVDGMHFWLXVDYXLQRVROHQFRQVLGHUDUVHVLQzQLPV
1RVDOWUHVDWRWHVWLUDUWDQVROVSUHWHQHPDSRUWDUDOJXQLQGLFL±DOJXQD $QGHXWXQJTXH
GHLD%HUQKDUG±DDTXHVWDSRVVLEOHGLVFXVVLy
(QHOSULPHUSDUjJUDIGHOSUzOHJ*HFpMDDSXQWDFDSDXQGHVHQFDQWDPHQWDPE
UHODFLyDO¶RULHQWDFLyIRUPDWLYDLLQWHOÂOHFWXDOTXHKDYLDPRGHODWWDQWODVHYDJHQHUDFLy
FRPO¶DQWHULRUODG¶2UWHJDFDUDFWHULW]DGHVSHUXQHVDVSLUDFLRQVFXOWXUDOVHXURSHLVWHVL
JHUPDQLW]DQWV 5HFRUGHP TXH *LPpQH] &DEDOOHUR KDYLD HVWDW OHFWRU D OD XQLYHUVLWDW HQ
TXqO¶HVWXGLDQW*RHWKHUHEpODLQIOXqQFLDGH+HUGHU
&RUULJLHQGR ODV ~OWLPDV SUXHEDV GH HVWH OLEUR DUFKLWDOLDQR GH &XU]LR 0DODSDUWH PH
OOHJD XQD FDUWD GHVGH *RWHERUJ GHVGH DUFKLHVFDQGLQDYLD /D FDUWD HV GH XQ PXFKDFKR HVSDxRO
FRPR \R TXH KD VLGR HVWXGLDQWH GH OHWUDV FRPR \R HPEHELGR GH WUDGLFLyQ JHUPDQL]DQWH \
RFFLGHQWDO FRPR \R VROGDGR FRPR \R OHFWRU XQLYHUVLWDULR HQ XQD UHJLyQ QyUGLFD GH (XURSD
FRPR \R \TXH VHKDHQFRQWUDGRGH SURQWR±HQODYXHOWDIDWDOGHQXHVWUDJHQHUDFLyQ±D,WDOLD
FRPR\R
$SDUWLUGHOTXHDQRPHQDFULVLVGHOOHFWRUHVSDxROTXHQRpVVLQyODFRQVWDWDFLy
PDO GLJHULGD GHO SURYLQFLDQLVPH FXOWXUDO G¶(VSDQ\D L GHO VHX HQGDUUHULPHQW SHUWLQDo
*LPpQH]&DEDOOHURQDUUDHOVHXSURFpVLQWHULRUGHGHVJHUPDQLW]DFLyLODVHYDOOXLWDSHU
HOHYDUODFXOWXUDSjWULDIXQGDQWXQSHULzGLF³3RUPDWULPRQLRSRUOD]RGHVDQJUHFRUWp
DPDUUDV FRQ HO 1RUWH 3RU OLWHUDWXUD QR FHVp GH ERJDU \ EUDFHDU ±QDGDGRU HQ
FDPSHRQDWR~QLFR±KDVWDTXHORJUpXQSHULyGLFRFRPRFXDOTXLHUDGHHVRTXHVHYHQtD
OODPDQGR(XURSDKDVWDTXHORJUpTXHHVRTXHVHYHQtDOODPDQGR(XURSDPHOODPDVH
DPtQRDUHFLELUVLQRDRIUHFHU&RPRDXQFXDOTXLHUFRQIHUHQFLDQWHGHXQDFXDOTXLHU
DOWD FXOWXUD HXURSHD´ 'HVSUpV G¶DTXHVW UHFREUDPHQW GH O¶DXWRHVWLPD FXOWXUDO D EDVH
GHSDWULRWLVPHFDVWtVLGHYROXQWDWGHSHUWLQHQoDDXQDFXOWXUDRUJXOORVDPHQWGLVWLQWLYDL
HOHYDGD HO GLVFXUV GH *LPpQH] &DEDOOHUR HV GLVSDUD MD FDS D O¶KLVWRULFLVPH SDUDQRLF L
FDS D OD UHFHUFD GH VLPLOLWXGV DPE O¶DQWLHXURSHLVPH GH OD ,WjOLD FRQFHEXGD SHU
0DODSDUWH
1XGR \KD] )DVFLRKD] 2VHDQXHVWURVLJOR ;9HOHPEOHPDGH QXHVWURVFDWyOLFRV \
HVSDxROHV UH\HV OD UHXQLyQ GH WRGRV QXHVWURV KDFHV KLVSiQLFRV VLQ PH]FODV GH DXVWULDV QL
6REUHODLGHQWLWDWG¶DTXHVWMRYHY6HOYDRSFLW
'XUDQWODVHYDPLOLDO0DUURF*LPpQH]&DEDOOHURQRYDSDUWLFLSDUHQFDSEDWDOODLDPESURX
IHLQHV YD HVWDU GHVWLQDW EUHXPHQW D DOJXQD SRVLFLy PpV DUULVFDGD TXH OD GH IHU GH PDOHWHUR GHO JHQHUDO
%HUHQJXHUY6HOYDRSFLW
&LWHPHOWH[WGHOD³&DUWD´WDOFRPDSDUHL[HQHOOOLEUHGH0DODSDUWHMDTXHHQODYHUVLyGH/D
*DFHWD/LWHUDULDSUHVHQWDDOJXQDOOHXVXSUHVVLyGHJXGDVHQVGXEWHDODFHQVXUD
(Q HO SURVSHFWH TXH D ILQDOV GH KDYLD DQXQFLDW HO OODQoDPHQW GH /D *DFHWD /LWHUDULD
V¶HVPHQWDYHQHOVPRGHOVHXURSHXVDPETXqODQRYDSXEOLFDFLyDFFHSWDULDVHUFRPSDUDGD/HV1RXYHOOHV
/LWWpUDLUHV/D)LHUD/HWWHUDULD'LH/LWHUDULVFKH:HOWL7KH7LPHV/LWWHUDU\6XSSOHPHQW
1R SRGHP DTXt SODQWHMDUQRV G¶HVWXGLDU OD UHFHSFLy GH *LPpQH] &DEDOOHUR HQ HO QRUG
G¶(XURSDHQODTXDOSHUzV¶LQWXHL[TXHQRKLGHYLDIDOWDUFRPDIDFWRUSURSLFLDGRUQLTXHHOOQRHQVHPEOL
FRQVFLHQWXQFHUWFRPSRQHQWQHRSLQWRUHVTXLVWD0pVHQJHQHUDOpVHYLGHQWTXHHQHOSUHVHQWWUHEDOOQR
SUHWHQHPWUDFWDUQLWDQVROVGHIRUPDDSUR[LPDWLYDHOWHPDGHODUHFHSFLyHVSDQ\RODDOD5HS~EOLFDGH
:HLPDU3HUzQRHQVYROHPUHVLVWLUDUDDFLWDUXQDUWLFOHFHUWDPHQWEULOODQWTXHH[HPSOLILFD±DWUDYpVGHOD
OHFWXUDGH'RQRVR&RUWpVSHUSDUWGH&DUO6FKPLWW±GHTXLQDPDQHUDO¶(VSDQ\DTXHPLOORUDUULEDYDDOPyQ
FXOWXUDOXQLYHUVLWDUL WHXWy HUD FRP HQ O¶qSRFD GHOV JHUPDQV 6FKOHJHO OD TXH WUDQVSRUWDYD HOHPHQWV
G¶DQWLPRGHUQLWDW )UDQFLVFR 6iQFKH]%ODQFR ³(VSDxD LQVSLUDFLyQ SDUD FRQVHUYDGRUHV DOHPDQHV
$OHPDQLDDGPLUDFLyQGHSURJUHVLVWDVHVSDxROHV&DUO6FKPLWWXQHMHPSORGHPDOHQWHQGLGRVGHIRQGR´
GLQV-DLPHGH6DODV'LHWULFK%ULHVHPHLVWHUHGVRSFLW$O¶HQWXVLDVPHGH&DUO6FKPLWWSHU
'RQRVR &RUWpV V¶DOÂOXGHL[ HQ XQ DUWLFOH D 3RVW*XHUUD TXH VLJQD -XOLR $OFDUD] DXWRU TXH QR WHQLP
LGHQWLILFDW³/DFULVLVGHOUpJLPHQSDUODPHQWDULR´
ERUERQHV GH $OHPDQLDV ,QJODWHUUDV QL )UDQFLDV FRQ &RUWHV SHUR VLQ SDUODPHQWDULVPRV FRQ
OLEHUWDGHVSHURVLQOLEHUDOLVPRV>@
£4XpJUDQDVRPEURHOPtRDOOOHJDUD5RPD±HVD5RPDWDQDEVROXWDPHQWHLJQRUDGDSRU
PtSRUQRVRWURVSRUWRGDXQD(VSDxDGHWUHVVLJORV±\HQFRQWUDUPHHQDTXHOODHVWDQFLDGHODYtD
6LVWLQD GHVSDFKLWR GH /D 9RFH XQ ILHUR IDVFLVWD ±URGHDGR GH VHxDOHV GH OXFKDV \ DJUHVLRQHV
HVSDGDV GH HVJULPD UHYyOYHUHV SLROHWV GH PRQWDxD \ DOSH± TXH PH SUHJXQWD FRPR SULPHUD
~QLFD H LQWHUHVDQWH FRVD ¢( LO YRVWUR 8QDPXQR" ¢< VXV JUDQGHV HQVD\RV VREUH YXHVWUR
FDVWLFLVPR"
$TXHOILHURIDVFLVWDMRYHQHUD&XU]LR0DODSDUWHTXHVDEtDDQWHVGHHVFULELUVXVSLH]DV
GHSROtWLFDEpOLFDQDFLRQDO\UHOLJLRVDH[LVWHQWHHQ(VSDxDXQHVStULWXXQDOWRHVStULWXTXHVH
KDEtDSURSXHVWRODVPLVPDVUDGLFDOHVFXHVWLRQHVVX\DV©1RHXURSHL]DUD(VSDxDHVSDxROL]DUD
(XURSDª©QR1RUWHFRQWUD6XUVLQR6XUFRQWUD1RUWHª>@
5HFRO]DQWVHVREUHWRWHQ8QDPXQRSHUzHYLWDQWWDPEpGHPDUJLQDUODJHQHUDFLy
LQWHOÂOHFWXDO FRPDQGDGD SHU 2UWHJD *HFp LQWHQWD FRQVWUXLU XQ LPSRVVLEOH GLVFXUV
LQWHJUDGRU GHOV FRUUHQWV KLVSjQLFV OLEHUDOFRVPRSROLWD L WUDGLFLRQDOWHUUXxHUR HQ VDQWD
DOLDQoDQDFLRQDOLVWDFRQWUDOHVIRUPHVFXOWXUDOVLSROtWLTXHVTXHHQYDHL[HQ(VSDQ\DSHO
QRUG
3RUFRQVLJXLHQWH±KR\±HQ(VSDxDQLQJ~QPLHGRDODFRUULHQWHFRVPRSROLWDGH0RVF~
QXQJ~Q PLHGR WDPSRFR D OD FRUULHQWH FDVWLFLVWD GH 5RPD 1LQJXQD GH ODV GRV QRV DUUDQFDUiQ
QXHVWUR \R 6LQR TXH OR IRUWLILFDUiQ OR UHYHODUiQ (Q HO VLJOR ;9 QXHVWUR KDFLVPR VH IRUMy DO
FRPSiVGHHVDVGRVPLVPDVFRUULHQWHVSRUXQODGRHOIUDQFLVFDQLVPRFRPXQLVWD\XQLYHUVDOSRU
RWURODGRODH[SXOVLyQGHOLQILHOGHOPRUR>@
(OUHVXOWDGRIXHURQQXHVWURVIDVFLVWDVTXHVHOODPDURQH[DFWDPHQWHFRPXQHURV
£/RVFRPXQHURVVtORVVHJXLGRUHVGHUH\HVHVSDxROHVDXWpQWLFRVGHUH\HVQDWXUDOHVORV
TXHGLHURQVXFXHOORSRUGHIHQGHUODHQWUDGDGHDOHPDQHVIUDQFHVHV\KRODQGHVHV3RUGHIHQGHUD
(VSDxD GH HVR TXH EDMR HO QRPEUH GH OXWHUDQLVPR UHIRUPD HQFLFORSHGLVPR OLEHUDOLVPR
GHPRFUDFLD VRFLDOLVPR ±HQ VXPD± QRUGLVPR LED D VHSXOWDU SDUD VLJORV HQ OD GHFDGHQFLD \ OD
DE\HFFLyQ D OD FRPXQtVLPD \ XQLYHUVDOtVLPD \ FDWROLFtVLPD (VSDxD KDFHGRUD GH OD SULPHUD
QDFLyQGH(XURSDLQDXJXUDGRUDGH(XURSDFRQTXLVWDGRUD±HQQRPEUHGHOD(XURSDGHHQWRQFHV
TXH HUD (VSDxD± GH WRGR HVR TXH VH OODPD KR\ 1XHYR 0XQGR SDtV GHO SURJUHVR \ GH OD
FLYLOL]DFLyQ
6L SRJXpVVLP SUHVFLQGLU GHO IHW TXH *LPpQH] &DEDOOHUR HVWj FRQWULEXLQW D
DVVHQWDU HOV IRQDPHQWV GH WRWD OD XOWHULRU [HUUDPHFD LGHROzJLFRRILFLDOLVWD GHO
IUDQTXLVPHWLQGULHQFHUWDJUjFLDHOVVHXVSODQWHMDPHQWVeVFODUTXHDOJXQDFRVDVLPLODU
SRGULD WDPEp GLUVH GHO 0DQLIHVW FRPXQLVWD DPE UHODFLy DO GLVFXUV RILFLDO GH
O¶HVWDOLQLVPH(OVHJOH;;YDGHPRVWUDUTXHTXDOVHYROWRWDOLWDULVPHUHDOpVXQDLPLWDFLy
DEMHFWDXQSODJLYLOXQDFzSLDLQIDPHGHODOLWHUDWXUDTXHO¶KDJXpVSRJXWLQVSLUDU3HUz
EpLQWHQWHPJDXGLUDPEERQKXPRUGHOHVDWUDELOLjULHVSURSRVWHVQHRFRQWUDUHIRUPLVWHV
GHOSHFXOLDUWjQGHP0DODSDUWH*HFp
'RQGH 0DODSDUWH GLFH ©HVStULWX GH OD 5HIRUPDª KD\ TXH WUDGXFLU WUHV QDFLRQHV
)UDQFLD,QJODWHUUD$OHPDQLD2VHDWUHVYHQFHGRUHVSRUWUHVVLJORVGH(VSDxDH,WDOLD
¢&yPR HV ±VH SUHJXQWD 0DODSDUWH FULVSDGR± TXH (VSDxD H ,WDOLD HVWRV GRV SDtVHV
FLYLOL]DGRVKDVWDOD5HIRUPDVRQDSDUWLUGHOD5HIRUPDORVSDtVHVEiUEDURVORVWURJORGLWDV\
ORVRWURVORVDXWpQWLFDPHQWHEiUEDURVSDVDQDVHUORVFLYLOL]DGtVLPRV"¢1RKDEUiHQHOIRQGRGH
6HPEOD HYLGHQW TXH *LPpQH] &DEDOOHUR QR FRQHL[LD OHV WKRPDVPDQQLDQHV %HWUDFKWXQJHQ
HLQHV8QSROLWLVFKHQOOLEUHTXHEHQVHJXUO¶KDJXpVLQWHUHVVDWDOOtKDXULDYLVWXQDGHOLPLWDFLyHQWUH
OD FXOWXUD JHUPjQLFD L OD FLYLOLW]DFLy IUDQFREULWjQLFD L WDPEp KDXULD SRJXW SRXDU VXFRVRV DUJXPHQWV
QDFLRQDOLVWHVLDQWLGHPRFUjWLFV6LVRPLQGXOJHQWVDPE*HFpSRGUHPGLUG¶HOOHOPDWHL[TXH/LQpV+HOOHU
GHLD UHIHULQWVH DO 7KRPDV 0DQQ G¶DTXHVWD REUD TXH ³HQ UHDOLGDG VX GLVFXUVR HVWi DO VHUYLFLR GH XQ
PXQGRHPRWLYRSHUVRQDO´/XLV0/LQpV+HOOHU7KRPDV0DQQ0DGULG6tQWHVLV
HVDVXEYHUVLyQXQDVLPSOHIDOWDGHYHUGDGXQDWUHWDSROtWLFDODQ]DGDLQWHQFLRQDGDPHQWHSRUORV
YHQFHGRUHV"
1DGDGHDVLPLODFLRQHV±UHDILUPD EUDYDPHQWH 0DODSDUWH± 1DGDGHHXURSHL]DFLRQHVGH
,WDOLD\GH(VSDxD,WDOLDFRPR(VSDxD\FRPR5XVLDVRQLQDSWDVSRUQDWXUDOH]DSDUDDVLPLODU
HO HVStULWX QyUGLFR \ RFFLGHQWDO VH WUDLFLRQDUtDQ VH SHUGHUtDQ LUUHPLVLEOHPHQWH 1DGD GH SDVDU
SRU OD YHUJHQ]D GH XQD 5HIRUPD GH XQ /LEHUDOLVPR GH XQD 'HPRFUDFLD IRUPDV QyUGLFDV L
RFFLGHQWDOHVTXHUHSXJQDQDQXHVWUDtQWLPDFRQVWLWXFLyQ
,WDOLDFRQWUD(XURSD(VSDxDFRQWUD(XURSD5XVLDFRQWUD(XURSD<HQHVRHVWDUiQVXV
IXQFLRQHVHVHQFLDOPHQWHHXURSHDV
3RGHPWDPEpUHFRQqL[HUODLQIOXqQFLDGH.H\VHUOLQJHQDTXHVWDYLQFXODFLyGHOV
H[WUHPV G¶(XURSD SUHFLVDPHQW SHO VHX FDUjFWHU QR HXURSHX $ SDUWLU GH OD GHFLGLGD
SURIHVVLy GH IH DQWLHXURSHLVWD TXH HQWRQD *LPpQH] &DEDOOHUR pV SOHQDPHQW FRQVFLHQW
TXHHVWjWUHQFDQWDPEWRWXQPRGHOFXOWXUDOLHGXFDWLXTXHKDYLDVHUYLWGHPRWOORGHOHV
HOLWV LQWHOÂOHFWXDOV GH OD VHYD TXLQWD L OHV LPPHGLDWDPHQW SUHFHGHQWV 3HUz HO VHX
YLUDWJHFDSDOVXGODVHYDSDUWLFXODUDILUPDFLyGHOVYDORUVPHULGLRQDOVpVLUUHYHUVLEOH6L
LQFORX WDPEp 5~VVLD HQ HO VHX LGHDUL VRODPHQW pV D WDOO GH IDFWRU SRODULW]DGRU L
DQWLRFFLGHQWDOLVWD
<R Vp TXH KD GH FDXVDU HVFiQGDOR HQ QXHVWURV LQPHGLDWRV DQWHSDVDGRV ±TXHULGR
FDPDUDGDGH*RWHERUJ±HOTXHQRVRWURVFRPRVDOLHQGRGHXQVXHxRGHWUHVVLJORVWRUQHPRVODV
PLUDGDVGHO1RUWH\GHO2FFLGHQWH±tGRORVGHRWUDVJHQHUDFLRQHV±WHQGLpQGRODVGHFLGLGRVDO6XU
\DO2ULHQWH>@
&DXVDUiHVFiQGDORTXH QRVRWURVGHVFXEUDPRVD,WDOLD±TXHULGRFRPSDxHUR±(VD,WDOLD
PHGLWHUUiQHD ULGtFXOD IUDFDVDGD \ VXSHUILFLDO GH QXHVWURV PD\RUHV (VD ,WDOLD TXH VyOR
FRQRFtDPRV SRU HO EHO FDQWR \ OD ILORORJtD URPiQLFD &RPR OD KXELHUD SRGLGR FRQRFHU XQ
HVFDQGLQDYR>@
£1RVRPRVHXURSHRVQRVRPRVHXURSHRV±KHPRVSODxLGRODFULPRVDPHQWHGXUDQWHWUHV
VLJORV HVSDxROHV H LWDOLDQRV £3REUHV LWDOLDQRV ±GHFtDQ ORV HVSDxROHV ULpQGRVH± £3REUHV
HVSDxROHV±H[FODPDEDQULpQGRVHORVLWDOLDQRV±<VHGHVSUHFLDEDQIHUR]PHQWH
,pVQRPpVDSDUWLUG¶DTXHVWUHVVRUJLPHQWSROtWLFLFXOWXUDOKLVSDQROODWtSHOTXDO
DGYRFD *HFp TXH HV SRGUj HVFRPHWUH DPE OHJLWLPLWDW L DPE SURX JDUDQWLHV OD
UHFRQTXHVWD PRUDO HVSLULWXDO L SHU TXq QR WHUULWRULDO GH O¶$PqULFD KLVSDQD L GH OD
SUzSLD3HQtQVXOD,EqULFD
0LHQWUDV QRVRWURV HVWHPRV SHQGLHQWHV GHO ©HVStULWX GH OD 5HIRUPDª FRPR GLUtD
0DODSDUWHGH)UDQFLD,QJODWHUUD$OHPDQLD¢FyPRYDPRVDSUHWHQGHUTXHORVVXUDPHULFDQRV
GHVFHQGLHQWHV QXHVWURV HVWpQ SHQGLHQWHV GH QRVRWURV \ QR GH 1RUWHDPpULFD GRQGH DOLHQWD FRQ
PXOWLSOLFDGDIXHU]DHO©HVStULWXGHOD5HIRUPDªHOHVStULWXGH)UDQFLD,QJODWHUUD\$OHPDQLD"$
XQD(VSDxDTXHVyORFUHHHQODFXOWXUDQyUGLFD¢FyPRYDDUHVSRQGHUVLQFHUDPHQWHXQD$PpULFD
TXHFUHDHQXQDFXOWXUDGHO6XUHQXQDFXOWXUDHVSDxROD"
2FLyVpVDVVHQ\DODUDTXtTXHODJHUPDQRItOLDHGXFDWLYDHQHOFRQWH[WJHQHUDOGHWHQGqQFLHV
HXURSHLVWHV TXH FXOPLQD DPE OHV JHQHUDFLRQV LQWHOÂOHFWXDOV SRVWRUWHJXLDQHV SDUWLULD GH -XOLiQ 6DQ] GHO
5tRLHOVHXGHL[HEOH)UDQFLVFR*LQHUGHORV5tRV4XDQODLPSRUWDQWOtQLDGH
UHQRYDFLy SHGDJzJLFD PLQRULWDULVWD TXH VXSRVDULHQ HO NUDXVLVPR L OD ,QVWLWXFLyQ /LEUH GH (QVHxDQ]D
FUHDGDHODUULEL±GHVSUpVGHSDVVDUWDPEpSHOUHJHQHUDFLRQLVPHGH&RVWD±D2UWHJDV¶DFFHWXDUjHO
VHXFDUjFWHUXQLYHUVLWDULpVDGLUVHOHFWLX PpVTXHH[WHQVLX3RVW*XHUUD SHUFHUWQRPpVHQXQDRFDVLy
HV UHIHUHL[ DOV SURKRPV LQVWLWXFLRQLVWHV L KR ID SHU SRVDU HQ GXEWH TXH OD VHYD OODYRU KDJXpV
IUXFWLILFDW$L[tYHXHQ$]FiUDWHHOURWXQGIUDFjVSROtWLFGHO¶LGHDOLVWDTXHLQWHQWDUHIRUPDUGHVGHGLQVXQ
VLVWHPDSHUYHUVLGH*LQHUFUHXTXHWRWLVHU³VLQGXGDQLQJXQDHOKRPEUHPiVJUDQGHGHVXWLHPSR´QR
KD WLQJXW GHL[HEOHV TXH VH OL SXJXLQ FRPSDUDU L HQ GHILQLWLYD OD VHYD LGHD GH FDQYLDU HO SDtV SHU OD YLD
HGXFDWLYDWDPEpKDIUDFDVVDW
0LHQWUDV QRVRWURV HVWHPRV SHQGLHQWHV GHO ~OWLPR OLEUR IUDQFpV R LQJOpV R DOHPiQ
¢FyPR YDPRV D SUHWHQGHU TXH 3RUWXJDO QRV PLUH FRQ UHVSHWR \ TXH *LEUDOWDU GHMH GH VHU XQ
TXLVWH"
&DO GHL[DU GRQFV G¶HVWDU VXEVLGLjULDPHQW SHQGHQWV GH OD SURGXFFLy FXOWXUDO HQ
IUDQFqV DQJOqV R DOHPDQ\ OHV WUHV OOHQJHV GH FXOWXUD GRPLQDQWV D 2FFLGHQW HQ HOV
GDUUHUV VHJOHV L FHQWUDU HOV HVIRUoRV D FRQYHUWLU (VSDQ\D HQ XQD SRWqQFLD LQWHOÂOHFWXDO
H[SRUWDGRUD 'RV DQ\V GHVSUpV GH IXQGDU HO VHX SHULzGLF G¶LQIRUPDFLy OLWHUjULD
LQWHUQDFLRQDOHOGLUHFWRUHQVUHYHODXQtQWLPGHVLJGHJLUDUVHG¶HVTXHQDDODOLWHUDWXUD
HXURSHD 3RW UHVXOWDU VRUSUHQHQW SHUz HQ HO IRQV HO GHVLJ QR HUD QRX /D *DFHWD
/LWHUDULDHVSHFLDOPHQWHQODVHYDIDVHPpVFDUDFWHUtVWLFDODGHPDLYDUHVSLUDU
DXWqQWLFDFXULRVLWDWSHUOHVOOHWUHVIRUDQHVPDLYDWUDQVPHWUHXQDYLYDREHUWDLJHQHURVD
PLUDGDDO¶H[WHULRU5HVXOWDGLItFLOGHPRVWUDUDL[zLWDPSRFWHQLPHVSDLSHUDIHUKR
SHUzpVXQDFRVDTXHHVSHUFHSOOHJLQWOHVVHYHV SODQHV1RpVTXHHOSHULzGLFQRGRQL
LQIRUPDFLyTXHHQGyQDRQRIDFLUHVVHQ\HVTXHHQIDGHOLWHUDWXUDLQWHUQDFLRQDOeV
XQD THVWLy GH PHQWDOLWDW G¶HQIRFDPHQW /D *DFHWD /LWHUDULD HVWj PpV LQWHUHVVDGD HQ
O¶H[SRUWDFLyTXH HQODLPSRUWDFLy OD SUHVqQFLD GH OD OLWHUDWXUD HVSDQ\ROD HQ HO PyQ OD
SUHRFXSDPpVTXHODSUHVqQFLDGHODOLWHUDWXUDPXQGLDOD(VSDQ\DeVXQDSXEOLFDFLy
DERFDGDDODKLVSDQtVWLFDLILQVLWRWVROHQVHUKLVSDQLVWHVHOVFROÂODERUDGRUVHVWUDQJHUV
TXHHVFULXHQVREUHOOLEUHVRDXWRUVGHOOXUVSDwVRV$ODVHYDDQWDJzQLFDLHQFHUWDIRUPD
FRPSOHPHQWjULD PDQHUD WDQW 5HYLVWD GH 2FFLGHQWH FRP 3RVW*XHUUD MXQWDPHQW DPE
OHVVHYHVUHVSHFWLYHVSURMHFFLRQVHGLWRULDOVYDQGHPRVWUDUXQDYRFDFLyG¶REHUWXUDLGH
SHUPHDELOLWDWFXOWXUDOPROWVXSHULRUDODTXHSRGLDWHQLUO¶zUJDQGH*HFp
3HUDOWUDEDQGDHQDTXHVWGHVGHQ\yVQRYROHUHVWDUSHQGLHQWHVGHO~OWLPROLEUR
IUDQFpVRLQJOpVRDOHPiQKLKHPGHOOHJLUXQDVHULRVDHVTXHUGDHVWUXFWXUDOQRQRPpV
GH O¶DUUHERVVDW HQ OHV UHODFLRQV HQWUH *HFp L 2UWHJD 8QHV UHODFLRQV TXH PDOJUDW TXH
2UWHJD HQ HO VHX PRPHQW KDJXpV DFFHGLW D DSDGULQDU /D *DFHWD /LWHUDULD PDL KDYLHQ
HVWDW HQ UHDOLWDW WDQ IOXwGHV FRP *HFp KDXULD GHVLWMDW (UD OzJLF TXH HO PHVWUH
WHPSHUDPHQWDOPHQWUHIOH[LXLSROtWLFDPHQWOLEHUDOKDJXpVVHPSUHGHVFRQILDWSHULQVWLQW
G¶DTXHOOMRYHDFWLXLHL[HOHEUDWTXHUHFODPDYDODVHYDRULHQWDFLy/DIUHXGLDQDQHFHVVLWDW
GHFDXGLOORTXHDGLIHUHQWVQLYHOOVVHPEODTXHVHQWLD*HFpHQHOFDVG¶2UWHJDLGDYDQW
ODSRFDUHFHSWLYLWDWS~EOLFDLSULYDGDTXHDTXHVWOLGHPRVWUDYDHVYDWRUQDUDPEHOVDQ\V
KRVWLO GHVSLW L ILQV L WRW DJUD PDOYROHQoD $TXHVW WUDXPjWLF WUHQFDPHQW SHUVRQDO L
JHQHUDFLRQDODPEODILJXUDRUWHJXLDQDV¶HQWUHYHXMDFODUDPHQWHQHOVSDUjJUDIVILQDOVGH
OD³&DUWD´
1XHVWUDJHQHUDFLyQWLHQHXQDHQRUPHPLVLyQTXHULGRFDPDUDGD4XL]iXQDLQJUDWtVLPD
PLVLyQ 9ROYHU SURDV \ WDMDU PDUHV $WUDYHVDU WRUPHQWDV RGLRV LQFRPSUHQVLRQHV \ EDMH]DV
5HFWLILFDUEU~MXODV<GREODUFDERVGHEXHQDVHVSHUDQ]DV
1XHVWUDKRUDQRHVGHKR\QLGHPDxDQD
+R\ QR VHUtDPRV FRPSUHQGLGRV \ DWHQGLGRV HQ HVWD XQLGDG D~Q QR QDWXUDO HQ QXHVWUR
SDtV)RU]DGD
0DxDQD OD UHDFFLyQ OLEHUDOL]DQWH WDPSRFR QRV FRPSUHQGHUi QL QRV DWHQGHUi 3HUR ODV
YtDVHVWiQDELHUWDV/DVUXWDVVHxDODGDV9HQJDQVXEYHUVLRQHVGHVPHPEUDPLHQWRVLQTXLHWXGHV
FRQPRFLRQHVOXFKDV
-DV¶KDSRVDWGHPDQLIHVWHQUHODFLyDPEDL[zHOJDLUHEpQXOSDSHUTXHMXJXHQOHVWUDGXFFLRQV
GHOLWHUDWXUDDOHVSODQHVGH/D*DFHWD/LWHUDULDY0LJXHO*DOOHJR5RFD3RHVtDLPSRUWDGD7UDGXFFLyQ
SRpWLFD\UHQRYDFLyQOLWHUDULDHQ(VSDxD8QLYHUVLGDGGH$OPHUtD
6REUHOHVUHODFLRQVHQWUH*LPpQH]&DEDOOHURL2UWHJDY6HOYDRSFLW
&RP TXH *LPpQH] &DEDOOHUR GHVSUpV G¶XQ HVFULW G¶DTXHVWD QDWXUDOHVD HV YHLD
YHQLU LQHOXFWDEOHPHQW XQD DOODX GH FUtWLTXHV L GH GHVHUFLRQV HQWUH OHV ILOHV GH
FROÂODERUDGRUV WDPEp GH FRPSUDGRUV GH OD VHYD SXEOLFDFLy LQWHQWD FXUDUVH HQ VDOXW
DPEXQDJHQVFRQYLQFHQWLPpVDYLDWSDWqWLFDMXVWLILFDFLyTXHUHIOH[GHOVHXSURSLDXWRU
EXOOHQFRQWUDGLFFLRQVLUUHVROWHVLPDOHQFDPLQDGHVFDSDOUHVVHQWLPHQWIHL[LVWD
<RGLUHFWRU\IXQGDGRUGH/D*DFHWD/LWHUDULDQRKHTXHULGRLQILOWUDUGHQLQJXQDRWUD
SROtWLFDTXHODSXUtVLPDGHODFXOWXUDHVWDSXEOLFDFLyQKRQHVWDJHQHURVDHVWULFWDPHQWHOLWHUDULD
TXH VLHQGR XQLYHUVDOLVWD HV WDPELpQ SHQLQVXODU < SRU HVR HVWH OLEUR VDOH IXHUD GH VXV
HGLFLRQHVDXQDHGLWRULDOOLEUH
>@<RHVFULWRUTXHDPDODOLWHUDWXUDSXUDSRUPLVWLFLVPRSURIHVLRQDO3HURTXHDQWHV
FRPR &XU]LR 0DODSDUWH ±FDPDUDGD VLQFUyQLFR LWDOLDQR± LQWHUYLQH HQ JXHUUD PH LQWHUYLQR OD
MXVWLFLD\HOULJRUGHDTXHOORVTXHVHOODPDEDQOLEHUDOHVSRUFUHHUPHGHUURWLVWDFXDQGRQRKDFtD
HQPLV1RWDVPDUUXHFDVVLQRORTXH&XU]LR0DODSDUWHHQVX5LYROWDGHLVDQWLPDOHGHWWLFDQWDUOD
LQIDQWHUtD SUROHWDULD FDQWDU HO SULPHU IDVFLVPR HO TXH DERPLQDED GH XQD HUD KLVWyULFD
OLEHUDOL]DQWHFRUURtGDLUUHVROXWDEHOODFDGHYHUGDGHURDQWLJXRUpJLPHQHXURSHR
/¶DQWLJHUPDQLVPHGH*LPpQH]&DEDOOHUR
(OSRVDWDQWLJHUPjQLFTXH*LPpQH]&DEDOOHURDGRSWDHQ DTXHVWVDQ\VWpGRQFV
XQ SDUHOO GH FRPSRQHQWV EjVLFV TXH GH IHW SHUz V¶HQWUHOODFHQ XQ GH PpV LGHROzJLF
LQVSLUDWHQ0DODSDUWHTXHDWDFDHOQRUGG¶(XURSDGHVGHOVXGLXQGHPpVJHQHUDFLRQDO
TXHDWDFD2UWHJDGHVGHOGHVDUUHODPHQWLQWHOÂOHFWXDOGHTXLKDEXVFDWPHVWUHVLQRQ¶KD
WUREDW(QDPEGyVFDVRVHVWUDFWDG¶XQPDWHL[LQWHQWG¶DXWRDILUPDFLyGHVXSHUDFLyG¶XQ
PRGHO LGHDO R G¶XQD ILJXUD WXWHODU (O SULQFLSDO PHFDQLVPH LGHROzJLFRSVLFROzJLF SHU
DIURQWDUDTXHVWFRPEDWUHDILUPDGRU QR UHVXOWD LPSURSL G¶XQ UHVVHQWLW HO QDFLRQDOLVPH
*HFp VH VHQW DQWLDOHPDQ\ SHUTXq VH VHQW DUFKLHVSDxRO /D FXOWXUD DOHPDQ\D HVSLOO
G¶LQVWLWXFLRQVDVSLUDFLyGHSURIHVVRUVL0HFDGHEHFDULVpVSHUDHOOXQDDPHQDoD(Q
YLUWXW G¶DTXHVWD GREOH RSRVLFLy JHQHUDFLRQDO L LGHROzJLFD D TXq HQV UHIHULP *HFp VH
VLWXD OOXQ\ GH OD JHUPDQLW]DQW ODERU HGLWRUD WDQWGH 5HYLVWD GH 2FFLGHQWH FRP ±QR FDO
GLUKR±GHODFRQVWHOÂODFLyGHDYDQ]DGD$TXHVWGHVPDUFDUVHGHODIRUPDRUWHJXLDQDGH
FRQFHEUH OD WDVFD FXOWXUDO V¶DSUHFLD MD O¶DEULO GHO HQ XQ LQWHUHVVDQW WH[W GH IDFWXUD
DYDQWJXDUGLVWD RQ *LPpQH] &DEDOOHUR WUDoD OHV FRRUGHQDGHV GH OD QXHYD OLWHUDWXUD
7UHVQ~PHURVDEDQVGH SXEOLFDUOD³&DUWD´O¶HGLWRULDOGH /D*DFHWD /LWHUDULDTXHHQFHWDYD
RIHULD XQ UHVXPLW EDODQo GH OD IHLQD IHWD L LQVLVWLD WDPEp HQ HO SUHVXPSWH DSROLWLFLVPH GH OD
SXEOLFDFLy³/$*$&(7$/,7(5$5,$QDFLyHQPRPHQWRVTXHWRGRVDXJXUDEDQIDWDOHVSDUDOD
YLGD OLWHUDULD HVSDxROD 6LQ HPEDUJR YD SDUD WUHV DxRV TXH QRV GHVHQYROYHPRV HQpUJLFDPHQWH
DVFHQGHQWHPHQWH VLQ GHMDU RWUD SROtWLFD TXH OD FXOWXUDO GHVOL]DUVH SRU QXHVWUDV ILUPHV FROXPQDV >«@´
³(Q QXHVWUR WHUFHU FXPSOHDxRV´ /D *DFHWD /LWHUDULD GH JHQHU -D HO SURSL WtWRO GH
O¶HGLWRULDOpVPHQWLGDHVWUDFWDGHOVHJRQDQLYHUVDUL±TXHLQDXJXUDHOWHUFHUDQ\GHO¶zUJDQGH*HFp7UHV
Q~PHURVGHVSUpVGHSXEOLFDUOD³&DUWD´XQDOWUHHGLWRULDOLQWHQWDGHVYLQFXODUODGDYDQWOHVFUtWLTXHVTXH
YDUHEUHGHODOtQLDDSROtWLFDGHOSHULzGLF³6HKDFHQVXUDGRYLROHQWDPHQWHKDVWDOOHJDUDGLVFUHSDQFLDV
GH KHFKR \ GH DOERURWR OD DFRJLGD GH DOJXQRV WH[WRV OLWHUDULRV TXH UR]DEDQ LQGLUHFWDPHQWH OD SROtWLFD
7DOOD©&DUWDDXQPXFKDFKRGHODMRYHQ(VSDxDª>«@´³3UHFLVLRQHV([FOXVLYLGDGOLWHUDULD´/D*DFHWD
/LWHUDULD G¶DEULO $ O¶DOWXUD GH SHU WDQW HO FDUjFWHU UHDFFLRQDUL GH *LPpQH]
&DEDOOHURLHOVHXzUJDQUHVXOWHQLQGLVVLPXODEOHVOODYRUV3RVW*XHUUDMDQRH[LVWLDSHUzODQRVWUDJDVHWD
FRPVDEHPQRKDYLDQHFHVVLWDWTXHSDVVpVWDQWGHWHPSVSHUSRGHUFDODUORV
(OSULPHUOOLEUHGHOMRYH*LPpQH]&DEDOOHUR1RWDVPDUUXHFDVGHXQVROGDGROLYDGXU
SUREOHPHVDPEODMXVWtFLDPLOLWDU$YLDWTXHGjDEVROWSHUzO¶DIHUOLYDUHSRUWDUXQDFHUWDQRWRULHWDWHQHOV
PHGLVOLWHUDULVTXHHOOYDDVVXPLUHQFDQWDW
HVSDQ\ROD L ID FRPHQWDULV VREUH OHV SULQFLSDOV UHYLVWHV OLWHUjULHV GH OD JHRJUDILD
LEqULFD 1DWXUDOPHQW LJQRUD SHU FRPSOHW 3RVW*XHUUD D 0DGULG QRPpV KL VLWXD OD
VHYDSXEOLFDFLyLODG¶2UWHJD7RWHVGXHVWHQHQHQFRP~HOVHX³GHVGpQSRUODSROtWLFD´
9HJHPSHUzHOVLJQLILFDWLXFRQWUDVWTXHHVWDEOHL[HQWUHHOOHVSHUUDyGHODVHYDYRFDFLy
UHVSHFWLYDJHUPjQLFDRLEHULVWD
$Vt ©5HYLVWD GH 2FFLGHQWHª VXEUD\D HO JHUPDQLVPR SXUR FRPR H[FHOHQWH IXHQWH GH
LQJUHVRV PHQWDOHV /XFKD FRQWUD HO DQWLJXR JDOLFLVPR LEpULFR GHO SDVDGR VLJOR < FUHH HQ
$OHPDQLDWDQWRFRPRHVHVFpSWLFDGHOYHUGDGHUR2FFLGHQWH(VSDxD
-XQWRDHOOD/$*$&(7$/,7(5$5,$HQVD\DFRUUHJLUHVWHPHQRVSUHFLRGHSDtV6LQ
FDHUHQORTXHLWDOLDQRVGH~OWLPDKRUDOODPDQ6WUDSDHVH*$&(7$/,7(5$5,$FRPEDWHSRU
XQ FRQWRUQR LQGtJHQD D EDVH GH FDVWHOODQRV FDWDODQHV \ SRUWXJXHVHV ±FRQ VX SURORQJDFLyQ
DPHULFDQD>@
(Q HO PDWHL[ WH[W SHUz D O¶KRUD GH YDORUDU OD MRYH OLWHUDWXUD HVSDQ\ROD ±GH OD
TXDO*HFpVHVHQWEDQGHUHU±HVGHL[DVHQWLUO¶HPSUHPWDRUWHJXLDQD³/DQXHYDOLWHUDWXUD
HVLPSRSXODUHVWiYHMDPLQDGD \HO YXOJR VH EXUOD GH HOOD´ 7RW L DL[zHO TXH PpV YRO
GHVWDFDU pV OD VHYD UHSHUFXVVLy LQWHUQDFLRQDO &UHX TXH OHV OOHWUHV HVSDQ\ROHV GHO
PRPHQWKDQWUREDWXQSDSHUSURSLHQHOFRQWH[WOLWHUDULHXURSHXFRPQRWHQLHQGHVGHO
VHJOH;9,,³+R\WRGDVODVUHYLVWDVH[WUDQMHUDVSRVHHQHQVXVFRODERUDFLRQHVXQQRPEUH
MRYHQHVSDxRO<VHWUDGXFHQPiVFRVDVQXHYDVTXHQXQFD´(QODVHYDIRUPDGHYHXUH
OHV FRVHV O¶DQKHO HXURSHLVWD GH OHV JHQHUDFLRQV DQWHULRUV KD GHL[DW SDV D XQ RUJXOO
HVSDQ\ROLVWDTXHMDSRWSDVVHMDUVHSHU(XURSDVHQVHODKXPLOLWDWGHTXLDFXWEXVFDQWXQ
SUHFHSWRU%HQDOFRQWUDULDUDpVODXQLYHUVLWDWHXURSHDODTXHFRQYLGDLODTXHUHFODPD
O¶DSRUWDFLy KLVSjQLFD ³6LQ LU PiV OHMRV HO DXWRU GH HVWDV OtQHDV YD HQ JLUR D (XURSD
SDJDGR SRU SDtVHV HXURSHRV ±\D OLEUH GH $PSOLDFLRQHV GH (VWXGLRV± D H[SRQHU ORV
YDORUHVMyYHQHVGH(VSDxDDQWHODFXULRVLGDGQRYtVLPDH[WUDQMHUDSRUQXHVWURSDtV´
(QHIHFWHHOPHVVHJHQWPDLJGH*LPpQH]&DEDOOHURSDUWHL[GHJLUDSHU
(XURSD FRP D FRQIHUHQFLDQW (O VHX &LUFXLWR LPSHULDO QRP GHO OOLEUH TXH UHFROOLUj
SRVWHULRUPHQW HOV DUWLFOHV IUXLW GHO YLDWJH OD PDMRULD MD SXEOLFDWV DEDQV D /D *DFHWD
/LWHUDULD GXUDUj XQ SDUHOO GH PHVRV $EDQV G¶DSDUqL[HU HOV WH[WRV VREUH O¶HWDSD
DOHPDQ\DGHOSHULSOHHOSHULzGLFSXEOLFDMDXQDHXIzULFDFUzQLFDGHOVWULRPIVEHUOLQHVRV
GHOVHXGLUHFWRUVLJQDGDSHU&HViUHR)HUQiQGH]LGDWDGDD%HUOtQHOMXQ\GHeV
XQ DUWLFOHW GLWLUjPELF HQFDUUHJDW GH OORDU OD SUHVqQFLD GH FRQIHUHQFLDQWV HVSDQ\ROV
*LPpQH] &DEDOOHUR $PpULFR &DVWUR L DOWUHV D OD XQLYHUVLWDW EHUOLQHVD L G¶LQVLVWLU HQ
DTXHOOUHWUREDPHQWGHO¶DXWRHVWLPDFXOWXUDOKLVSjQLFDTXH/D*DFHWD/LWHUDULDHQFDUQDL
UHSUHVHQWD 7RUQD D VRUWLU OD THVWLy JHQHUDFLRQDO O¶DFWXDO VHQWLPHQW GH YLFWzULD G¶XQV
MRYHV TXH KDYLHQ HVWDW HGXFDWV SHU DGPLUDU XQD (XURSD PXGDGD DPE IUDF GHV G¶XQD
(VSDQ\DDSHGDoDGDDPEFDVVLJDOOV
(VWH HV HO p[LWR PD\RU HQWUH ORV REWHQLGRV SRU /$ *$&(7$ /,7(5$5,$ OD
LQFRUSRUDFLyQ D (XURSD /R TXH KDEtD VLGR DVSLUDFLyQ R LGHDO FDVL LQDFFHVLEOH GH RWUDV
JHQHUDFLRQHV \ UHYLVWDV OR KD FRQVHJXLGR /$ *$&(7$ /,7(5$5,$ < OR KD FRQVHJXLGR VLQ
KXPLOODFLRQHV VHUYLOHV VLQ UHQXQFLDU D QDGD GH OR HVSRQWiQHR TXH SXGLHUD WHQHU OD MXYHQWXG
HVSDxROD\VLQHQWRQDUHO©PHDFXOSDªGHODVJHQHUDFLRQHVDQWHULRUHV
( *LPpQH] &DEDOOHUR ³&DUWHO GH OD QXHYD OLWHUDWXUD´ /D *DFHWD /LWHUDULD G¶DEULO
3RVWHULRUPHQWHQOD³&DUWDDXQFRPSDxHURGHODMRYHQ(VSDxD´*LPpQH]&DEDOOHURWDPEp
DSOLFDUjDOFDVHVSDQ\ROHOVFRQWUDSRVDWVSHUzVHJRQVHOOFRPSOHPHQWDULVFRUUHQWVGH6WUDSDHVHUXUDOLVWDL
WUDGLFLRQDOLVWDL6WUDFLWWjFRVPRSROLWDLOLEHUDO
&HViUHR)HUQiQGH]³/DOLWHUDWXUDHVSDxRODHQHOH[WUDQMHUR*LPpQH] &DEDOOHURHQ%HUOtQ´
/D*DFHWD/LWHUDULDGHMXOLRO
/¶q[LWGH*LPpQH]&DEDOOHURFRPDILJXUDUHSUHVHQWDWLYDGHOQRXDPELHQWOLWHUDUL
HVSDQ\RO L HO UHVVz TXH YD REWHQLU HQ DOJXQV PLWMDQV LQFORHQW XQD SULPHUD SODQD DPE
HQWUHYLVWDLIRWRD'LH/LWHUDULVFKH:HOWIRX±VLHQVKDJXpVVLPGHFUHXUHODFUzQLFD±
FRQVLGHUDEOH /¶DXWRU GH O¶DUWLFOH HUD OHFWRU D OD KXPEROGWLDQD XQLYHUVLWDW RQ KDYLD
UHOOHYDW'iPDVR$ORQVRVHPEODKDYHUVHHQFRPDQDWO¶HQWXVLDVWDQDFLRQDOLVPHFXOWXUDO
GH *HFp L QR SDUD GH IHUVH FUHXV GHO PHULWRUL VXFFpV HQ OHV H[LJHQWV HVIHUHV
JHUPjQLTXHV
6XSRQHPRVTXHHOp[LWROHKDEUiDFRPSDxDGRHQWRGRVORVDOWRVGHHVWH©UDtGªOLWHUDULR
FXDQGR KDFRQVHJXLGRWULXQIDU SOHQDPHQWHHQ XQ SDtVFRPR$OHPDQLDWDQUHDFLRDDFHSWDUORV
YDORUHVH[WUDQMHURVFRPRQRVHDQGHSULPHUDFDOLGDG
6RWDHOWtWROGH³NPVOLWHUDWXUD/DHWDSDDOHPDQD´YDQDSDUqL[HUDOFDS
G¶XQV PHVRV D /D *DFHWD /LWHUDULD OHV FUzQLTXHV DOHPDQ\HV GHO SURSL *LPpQH]
&DEDOOHUR6XSRVHQXQLQWHUHVVDQWWHVWLPRQLGHOHVUHODFLRQVGH*HFpDPEODFXOWXUD
JHUPjQLFD L HQV FRQILUPHQ DTXHOO FRPSRQHQW FRQIOLFWLX GH ILJXUDFLy HGtSLFD TXH
DSXQWDYHP VXDUD 9DOGUj OD SHQD TXH HQV DWXUHP EUHXPHQW HQ DTXHVWV WH[WRV L HQ
FRPHQWHPDOJXQVDVSHFWHV
*LPpQH] &DEDOOHUR HQWUD D $OHPDQ\D HQ WUHQ SURFHGHQW G¶+RODQGD $YLDW ID
XQHVREVHUYDFLRQVTXHQRV¶DOOXQ\HQPDVVDGHOWzSLFPDLXQWzSLFpVGHOWRWJUDWXwWTXH
FRQWUDSRVDHOPDTXLQDOHILFLHQWLGLVFLSOLQDWFDSWHQLPHQWJHUPjQLFDPEODFRQWLQJHQW
FDzWLFDLLPSURYLVDGDPDQHUDGHIHUPHULGLRQDO
(Q $OHPDQLD ±VREUH WRGR± HO WUHQ HV DOJR WDQ IHOL] FRPR XQ PHFDQLVPR HQ SOHQR
UHQGLPLHQWR(OYLDMHURVHDGHF~DDpOFRQVHQWLGRGH©XQDSLH]DPiVª/HMRVGHWUDQVIRUPDUORHQ
DOJR KXPDQR DUELWUDULR \ FRQWLQJHQWH OR SHUIHFFLRQD GHQWUR GH VX VLJQLILFDGR SULPDULR
PDTXLQDO (V GLItFLO HQFRQWUDU HQ ODV IHUURYtDV FHQWURHXURSHDV HVDV HVFHQDV WULEDOHV GH SRU
1iSROHV 3URYHQ]D &DVWLOOD HVDV FRRSHUDWLYDV HVSRQWiQHDV GH YLDMHURV TXH SDUD PDWDU KRUDV
RUJDQL]DQWRGDXQDYLGDGRPpVWLFDHQXQYDJyQGHMDQGRGHUUDPDUVHORKXPDQRFRPRHOYLQRGH
XQDERWD
(OYLDWJHUDUULEDGLUHFWDPHQWDOFRUGHOD5HS~EOLFDGH:HLPDUDODPHWUzSROL
TXH EDWHJD D WRWHV KRUHV ³/D HQWUDGD HQ %HUOtQ PH VRUSUHQGH GRUPLGR \ VROR HQ HO
FRPSDUWLPHQWR &DVL PHGLD QRFKH´ 1R pV QL PROW PHQ\V OD VHYD SULPHUD YLVLWD D OD
FDSLWDODOHPDQ\DSHUzQRSRWHYLWDUDTXHOOQHJXLWGHO¶KRPHTXHSUHVVHQWODJUDQXUEV
QR IHWD D OD VHYD PLGD ³(V OD VH[WD YH] TXH HQWUR HQ %HUOtQ \ VLHPSUH OD PLVPD
DQJXVWLD´1RYHD%HUOtQFRPXQEHFDULDGHPDQDUTXHO¶HQVHQ\LQQLFRPXQHPLJUDQW
HQ FHUFD G¶XQ IXWXU LQFHUW SHUz OD LQVHJXUHWDW O¶RSULPHL[ LJXDOPHQW ³1L KDPEUH QL
SRUYHQLU LQFLHUWR QL V~SOLFDV GH WUDEDMR QL FRQWDFWRV PtVHURV \ VXEXUELDOHV PH
HVSHUDEDQ8QDILQDOLGDGFRQFUHWDXQJUDWRUHFLELPLHQWRFRPLGDVDPLVWRVDVKRQRUHV\
KDVWD IDPD >@ < VLQ HPEDUJR HVD DQJXVWLD´ 7RWD JUDQ FLXWDW WUDVWRUQD O¶LQGLYLGX
³VROHGDGHQODPXFKHGXPEUHFRQH[LyQFRQHOLQILQLWRGHORKXPDQRGHVJDUUDPLHQWR
GH WRGR OR IDPLOLDU GH WRGR XVXDO UHIXJLR´ SHUz %HUOtQ pV SHU D *HFp HVSHFLDOPHQW
$QD 3pUH] SDUOD FRQFUHWDPHQW G¶D SHQHV ³XQD EUHYH HQWUHYLVWD´ Y $QD 3pUH] ³/LWHUDWXUD
HVSDxRODHQODVUHYLVWDVOLWHUDULDVGHOH[LOLRDOHPiQ´5HYLVWDGH)LORORJtD$OHPDQD
9DQDSDUqL[HUHWDSHVGHOVGLIHUHQWVSDwVRVTXH*HFpYDYLVLWDUO¶DOHPDQ\DVXUWSXEOLFDGDDO
OODUJGHQ~PHURVGHODOGHVHWHPEUHDG¶RFWXEUHGH(QHOVWUHVFDVRVRFXSDVHQFHUD
XQDGHOHVHQRUPHVSODQHVGH/D*DFHWD/LWHUDULDLLQFORXXQDFHUWDTXDQWLWDWG¶LPDWJHVLQWHUFDODGHVHQHO
WH[WYLVWHVUHSUHVHQWDWLYHVGHO¶$OHPDQ\DGHOPRPHQWUHWUDWVGHURPDQLVWHVDOHPDQ\VUHSURGXFFLRQVGH
PRGHUQHVREUHVG¶DUWJHUPjQLFHWF
DFODSDUDGRUD , DL[z TXH pV XQD FLXWDW DOHJUH FzPSOLFH JDLUHEp SURWHFWRUD DPE HO
YLDWJHU
>@ < QR REVWDQWH £HVD VHQVDFLyQ GH HPSHTXHxHFLPLHQWR GH SpUGLGD GHO HTXLOLEULR
LQGLYLGXDO -XVWDPHQWH OR FRQWUDULR TXH HQ )ORUHQFLD TXH HQ 5RPD $ 5RPD FUHH XQR OOHJDU D
SHUGHUVHHQWRGDXQDLQILQLGDGKLVWyULFD\DOUHYpV5RPDOHFRJHDXQR\FRQVXVSREUHVFDOOHV
\VXVSDODFLRVYLHMRV\VXGHVRUGHQ\VXHYLGHQWHH[WUDWHPSRUDOLGDGOHSRWHQFLDOHDFHQW~DOH
YLUW~D3UHFLSLWDODVLQGLYLGXDFLRQHV<HQFDPELR%HUOtQSRUPX\DUPDGRGHSHUVRQDOLGDGTXH
VHOOHJXHODFLXGDGOHSXOYHUL]DFRPRHQKRUQRFUHPDWRULR
8QVtPLOTXHHQVFULGDO¶DWHQFLyDTXHVWGHOIRUQFUHPDWRULSUHFLVDPHQWSHUTXq
FRPSUHQHPTXHHOHQFDUDQRKDYLDSHUGXWODVHYDLQQRFqQFLDPHWDIzULFD3HUDOWUD
EDQGDKHPYLVWTXH*LPpQH]&DEDOOHURFRQIURQWDXQVXGLQWHJUDWLXLDEDVWDGRUDPEXQ
QRUGDQLKLODGRULLQDVVXPLEOH$SDUWLUG¶DTXtGHVHQYROXSDXQDGLFRWRPLDTXHGHL[DSHU
D ,WjOLD OHV TXDOLWDWV KHURLFRLQGLYLGXDOV L SHU D $OHPDQ\D OHV PHFjQLFREXURFUjWLTXHV
3HUDL[z5RPDWpXQGLFWDGRUKXPjXQ³MHIHDFFHVLEOH´L%HUOtQHQFDQYLWHQLDXQNjLVHU
TXH ³QR HUD DOJR KXPDQR VLQR XQ DUWHIDFWR 8Q 'LRV H[WUDPiTXLQD 4XH VH KD
VXEVWLWXtGR FRQ RWUD SLH]D FRQ SHTXHxDV YDULDFLRQHV FRQVWUXFWLYDV HQ OD URSD´ (Q
DTXHVW PRPHQW *LPpQH] &DEDOOHUR QR FRQWHPSOD HQ DEVROXW OD SRVVLELOLWDW G¶XQ
IHL[LVPHDOHPDQ\XQOLGHUDWJHIHUYHQWOLVHPEODXQIHQRPHQHVWULFWDPHQWPHULGLRQDO(O
OLGHUDWJH NDLVHULj QR WHQLD FDUjFWHU KHURLF VLQy ³GH KRPEUH PHGLR GH GHPyFUDWD GH
EXUJXpVGHVHUDUWLFXODGRGHPDVDVREULDPHQWHLQGLYLGXDOL]DGD´1RSRGHPHQHOPDUF
GHOSUHVHQWWUHEDOOGHWXUDUQRVDHVWXGLDU O¶HYROXFLy IXWXUD GHO SHQVDPHQW GH *LPpQH]
&DEDOOHURDPEUHODFLyDO¶$OHPDQ\DQD]LSHUzHVWjFODUTXHDILQDOVGHOVDQ\VHO
VHXILORIHL[LVPHpVQHWDPHQWLWDOLDQLW]DQW(QDTXHOOD$OHPDQ\DSRVWJXLOOHPLQD*HFpQR
HVPHQWD QR DOELUD FDS SRVVLEOH PRYLPHQW GH PDVVHV GHV GH O¶H[WUHPD GUHWD 1R KL
SHUFHS SURX HQWXVLDVPH HQ OD LGLRVLQFUjFLD QzUGLFD 3HU DOWUD EDQGD L SHO TXH ID DOV
LQWHQWVUHYROXFLRQDULVGHVGHO¶HVTXHUUDGLUHFWDPHQWVH¶QULX
£/DUHYROXFLyQDOHPDQDVXEROFKHYLVPR/DVUHYROXFLRQHVVRQSRVLEOHVHQSDtVHVFRPR
5XVLD,WDOLD(VSDxDORV%DONDQHV9HQH]XHODOD)UDQFLDGHO;9,,,&KLQD£3HURHQ%HUOtQHQ
1XHYD<RUN'DJDQDVGHJULWDUGHHVSDQWRRGHULVD
$TXHVWDHTXLSDUDFLyHQWUH1RYD<RUNL%HUOtQDSXQWDFDSHOTXHPpVWDUGV¶KD
GHILQLWFRPHOJHJDQWLVPHGHODFDSLWDOGHOD5HS~EOLFDGH:HLPDU(QOHVGXHVJUDQV
PHWUzSROLV G¶2FFLGHQW HQ HOV GRV SULQFLSDOV SDUDGLJPHV XUEDQV UHSUHVHQWDWLXV GH OHV
IRUWHV FRQWUDGLFFLRQV TXH PRVWUDYD HO FDSLWDOLVPH HQ DTXHOOV DQ\V HQ HOV GRV Pj[LPV
H[HPSOHV GH FRQFHQWUDFLy KXPDQD FRP D UHIOH[ GH OD FDUDFWHUtVWLFD WHQGqQFLD D OD
FRQFHQWUDFLy HFRQzPLFD GHO PRGHO GH GHVHQYROXSDPHQW FDSLWDOLVWD WDQW QRUGDPHULFj
FRPDOHPDQ\*HFpQRKLYHXHQDEVROXWODVHPHQWUHYROXFLRQjULD8QDSHUFHSFLyPROW
GLIHUHQW pV FODU GH OD TXH WLQGUDQ L WUDQVPHWUDQ HOV LQWHOÂOHFWXDOV G¶DYDQoDGD 1XHYD
(VSDxD SHU H[HPSOH VROGUj LQFORXUH L VHQVH TXH QHFHVVjULDPHQW WLQJXLQ UHODFLy DPE
O¶DUWLFOHHVFULWDPETXqFRPSDUWHL[HQSODQDIRWRJUDILHVGHPDQLIHVWDFLRQVRG¶HSLVRGLV
&RQHJXGD pV OD SLQWRUHVFD LQLFLDWLYD TXH HO GXUj QRYDPHQW D $OHPDQ\D D ILQDOV GH G¶LQWHQWDUSURSLFLDUDWUDYpVGHODGRQDGH*RHEEHOVXQPDWULPRQLG¶(VWDWHQWUH+LWOHUL3LODU3ULPRGH
5LYHUD &HUWDPHQW HO VXUUHDOLVPH HQ OD FXOWXUD HVSDQ\ROD V¶KD PDQLIHVWDW D WUDYpV GH FDQDOV GLYHUVRV L
KHWHUzFOLWV
/LRQHO 5LFKDUG GLU %HUOtQ *LJDQWLVPH FULVH VRFLDOH HW DYDQWJDUGH
O¶LQFDUQDWLRQ H[WUrPH GH OD PRGHUQLWp 3DULV $XWUHPHQW 7UDG FDVW %HUOtQ *LJDQWLVPR FULVLV VRFLDO \ YDQJXDUGLD OD Pi[LPD HQFDUQDFLyQ GH OD PRGHUQLGDG YHUVLy HVS GH -RVp
/XLV*LO$ULVWX0DGULG$OLDQ]D
UHODFLRQDWVDPEHOPRYLPHQWREUHUWDQWD1RYD<RUNFRPD%HUOtQ/DFXOWXUDDOHPDQ\D
G¶HVTXHUUHVTXH*HFpFRPYHLHPPHQ\VSUHDVHUjHQFDQYLWRWXQUHIHUHQWLQRVDOWUHV
KRLQWHQWHPGRFXPHQWDUSHUDODJHQWGHDYDQ]DGD
3HO TXH ID DO SDQRUDPD OLWHUDUL DOHPDQ\ GHO PRPHQW *LPpQH] &DEDOOHUR PLUD
G¶LQWHUSUHWDUODVXSHUDFLyGHO¶H[SUHVVLRQLVPHWDPEpFRPXQSRVWUHYROXFLRQDULUHWRUQD
O¶RUGUH ³/D QXHYD REMHWLYLGDG \ HO RUGHQ IUtR´ pV HO WtWRO GH O¶DSDUWDW TXH GHGLFD D
GLDJQRVWLFDUOD³UHYHUVLyQGHODVXEYHUVLyQ´LOD³WUDQTXLOL]DFLyQGHiQLPRV´&RQVFLHQW
TXH FDO MD SDUODU GH O¶H[SUHVVLRQLVPH HQ SDVVDW ID ±D OD VHYD PDQHUD± XQ UHSjV GHO
PRYLPHQW SUHFHGHQWV RUtJHQV SULQFLSDOV UHYLVWHV L HGLWRUV WHPHV L FDUDFWHUtVWLTXHV
HYROXFLy L Q¶HVWDEOHL[ SXQWV GH FRQWDFWH L GHGLYHUJqQFLD DPE G¶DOWUHV DYDQWJXDUGHV
HXURSHHV8QGHOVPRWLXVFDUDFWHUtVWLFVGHO¶H[SUHVVLRQLVPHDOHPDQ\TXHGHVWDFD*HFp
L QR SHU FDVXDOLWDW XQD SUzSLD YDULDFLy GHO WHPD WDPEp VRQDYD GLQV VHX pV HO GHO
FRQIOLFWHJHQHUDFLRQDOHOGHOSDUULFLGL
3HUR HQ $OHPDQLD OD UHYROXFLyQ H[SUHVLRQLVWD DFHQWXy XQ FDUiFWHU PRUDO SDWpWLFR
IUHXGLDQR TXH LED D FXOPLQDU FRQ HO ILQ GH OD JXHUUD (VD QRWD DOHPDQD IXH OD GHQRPLQDGD
©UHEHOGtD ILOLDOª /D YLFWRULD GHO KLMR FRQWUD HO SDGUH GHO MRYHQ FRQWUD HO YLHMR 'H OD KRUGD
PRFHULOTXHGLUtD)UHXG
'HV GHO SXQW GH YLVWD SROtWLF LQWHUSUHWD HO PRYLPHQW H[SUHVVLRQLVWD FRP XQD
UHDFFLy³FRQWUDOD$OHPDQLDJXLOOHUPLQDHVWULFWD \ ILQLWD´0pVHQGDYDQW WDPEp³SXGR
DSXQWDUVH HO H[SUHVLRQLVPR OD QRWD FRVPRSROLWD H LQWHUQDFLRQDO HO DPRU D (XURSD OD
OLEHUDFLyQ GH OR UDFLRQDO SRU HO DPRU \ OD ERQGDG D ORV KXPDQRV < HO SHVLPLVPR
LQWHUHVDGR GHO ILQDO GH OD JXHUUD´ 3HUz DUD WRW DL[z MD V¶KD DFDEDW (O VHQWLPHQW
DSRFDOtSWLF GH FUHSXVFOH GH OD KXPDQLWDW DL[t FRP O¶HQWXVLDVPH ³SRU 5XVLD \ ODV
FXOWXUDVOHMDQDV´SURSLGHO¶$OHPDQ\DGHODLPPHGLDWDSRVWJXHUUDKDQGHL[DWSDVDXQ
DUWLXQSHQVDPHQWTXHHVGLVWDQFLDGHOSDWHWLVPHDQWHULRU
(QOLWHUDWXUDVXFHGHLJXDO/LEURVFRPRORVGH-RVp5RWKXQ-DUQpVDOHPiQRORVGHXQ
8OLW]YDQPDUFDQGRFRQFODULGDGODQXHYDWHQGHQFLDDOHPiQLFDKDFLDHVRTXH(XJHQLRG¶2UV
KDOODPDGR©ODVIRUPDVTXHSHVDQª)RUPDVTXHFRQPiVSUHFLVLyQOODPDQORVDOHPDQHVQXHYD
OLWHUDWXUD QXHYD SROtWLFD OD QHXH 6DFKOLFKNHLW OD QXHYD REMHWLYLGDG 8Q RUGHQ VLQ ILHEUH 8Q
RUGHQVHUHQR&OiVLFR)UtR
$-DUQpVFRPVDEHPODFUtWLFDHVSDQ\RODMDO¶KDYLDFRPSDUDWDPE*LUDXGRX[
$TXHVWD DOWUD FRPSDUDQoD DPE -RVHSK 5RWK L D PDQFD GH PpV H[SOLFDFLy TXH OD
MXVWLILTXLLPDJLQHPTXHEjVLFDPHQWDSXQWDYDDODWHQGqQFLDHQDPEGyVDXWRUVDODIUDVH
FXUWD L D O¶HVWLO SRF KLSRWjFWLF &DO UHFRUGDU TXH OHV SULPHUHV WUDGXFFLRQV FDVWHOODQHV
G¶REUHVGH5RWKHVGXUDQDWHUPHHQOHVHGLWRULDOVGHDYDQ]DGD'HWRWHVPDQHUHV*HFp
QRHQWUDDGHVFULXUHLDQDOLW]DUODQRYDREMHFWLYLWDWDPEWDQWDH[WHQVLyFRPKDGHGLFDWDO
UHVSRQVSHUO¶H[SUHVVLRQLVPH/LIDOWDSHUVSHFWLYDpVFODUSHUzMDKHPYLVWTXHVLPpV
QRLQWHQWDVLWXDUDTXHVWDQRYDVHQVLELOLWDWHQ XQDzUELWDGHGUHWHV G¶(XJHQLG¶2UVGH
QRXFHQWLVPH JHUPjQLF SRGUtHP GLU 0ROW GLIHUHQW VHUj OD UHFHSFLy TXH HV SURGXLUj HQ
OHVHGLWRULDOVG¶DYDQoDGDG¶DOJXQV FRUUHQWV OLWHUDULV GH FRQWLQJXWFUtWLF YLQFXODEOHV D OD
QRYD REMHFWLYLWDW FRP DUD HO UHSRUWDWJH R GHWHUPLQDGHV PDQLIHVWDFLRQV WDQW GH
*HVFKLFKWVURPDQFRPGH*HJHQZDUWVURPDQ
5HVSHFWH D OD SLQWXUD GH OD QRYD REMHFWLYLWDW L VHJXUDPHQW GHJXW D OD FjUUHJD
FUtWLFDTXHFRQWpVHPEODFODUTXHQROLDJUDGD$'VVHOGRUIWpRFDVLyGHYHXUH¶QXQD
jPSOLDPRVWUD
6HQVGXEWHHVUHIHUHL[DO¶DYXLIRUoDREOLGDWHVFULSWRUL6WXGLHQUDW$UQROG8OLW]
(QFXDQWRDODSLQWXUDFRQWHPSRUiQHDGH$OHPDQLDPHMRUHVTXHDEUHYLHPRVGLFLHQGR
FRQIXVLyQSREUH]DGHPHGLRV'HDTXHOORVFHQWHQDUHVGHFXDGURVH[SXHVWRVVyORKDEtDVDOYDEOHV
XQD GRFHQD 1R REVWDQWH HUD OD RFDVLyQ SDUD YHU UHXQLGDV WHODV GH %HFNPDQQ GH *URV] GH
.DQROGWGH'L[GH0DFNHGH6FKULPSIGH)HLQLQJHUGH'DYULQKDXVHQ>VLF@
'RQFV'pXQ¶KLGR6LKLDIHJLPREUDTXHWDPEpHVPRVWUDYDGH0RKRO\1DJ\R
.DQGLQVN\ QR GLUtHP SDV SUHFLVDPHQW TXH DTXHOOD H[SRVLFLy IRV WDQ ODPHQWDEOH FRP
*HFpSUHWHQLD9HJHPHQFDUDXQSDUHOOGHOVVHXVMXGLFLV
0D[%HFNPDQQWHQLGRKR\HQ%HUOtQSRUORPHMRUHVXQYDOLHQWHGHODSLQFHODGD3HUR
GHVPHVXUDGR3RUWDQWRLPSHUWLQHQWHJURVHUR>@2WWR'L[UHVXOWDGHPDVLDGRILHUDGHPDVLDGR
IDXYH5XJHHQFDYHUQDV+XHOHDFDUQHFUXGD>@
8QD PLFD GHJHQHUDWV HQ GHILQLWLYD OL GHYLHQ VHPEODU DTXHVWV SLQWRUV $L[zVt
DEDQV G¶H[SOLFDUQRV UHV GH OD .XQVWKDOOH L OD .XQVWDNDGHPLH GH 'VVHOGRUI MD HQV
KDYLDIHWYHXUHXQVSDUjJUDIVPpVDPXQWHOPROWPRGHUQLSRVWDYDQWJXDUGLVWDTXHpVHOO
WUDFWDQWVH G¶LJXDO D LJXDO DPE ORV DEVWUDFWRV GH +DQQRYHU LQWHUHVVDWV FRP HVWDYHQ
DTXHVWV HQWUH HOV TXDOV GHVFULX .XUW 6FKZLWWHUV HQ HOV VHXV FDUWHOHV OLWHUDULRV ³0LV
WHRUtDV ±TXH SUy[LPDPHQWH SXEOLFDUi HO %DXKDXV GH 'HVVDX± OHV KLFLHURQ FRQVWDWDU
FyPRXQDYH]PiVLQTXLHWXGHVSDUDOHODVVRQDSUHKHQGLGDVSRUGLIHUHQWHVPHULGLDQRV\
FyPRSXHGHQOOHJDUVHDUHVXOWDGRVFRQJUXHQWHVVLQODPHQRULQWHUFRPXQLFDFLyQ´7DPEp
LQWHUQDFLRQDOPHQW GRQFV VHPEOD TXH *HFp YD VDEHU H[SRUWDU OD VHYD SUHVXPSWD
PRGHUQLWDW $L[z VHQV GXEWH OL GRQDYD GUHW D UHEUH OHV YLVLWHV HQ HO VHX GHVSDW[ GH
0DGULGDVVHJXWHQXQDFDGLUDPHWjOÂOLFDGHGLVVHQ\%DXKDXV
*LPpQH] &DEDOOHUR QR WUDQVPHW DOV VHXV OHFWRUV XQ DXWqQWLF XQ YLX LQWHUqV SHU
O¶LQWHQVPyQDUWtVWLFRFXOWXUDOGHOD5HS~EOLFDGH:HLPDU'¶DTXHOOD$OHPDQ\DILQVL
WRWODYLGDVRFLDOHOIDVWLJXHMD+RPGHYHJDGHVWpODLPSUHVVLyTXHSHUSRGHUWUREDUXQD
$OHPDQ\D DO VHX JXVW *HFp YD IHU DTXHOO SHULSOH DEDQV G¶KRUD GLUtHP TXH HQ DTXHVW
VHQWLWYDDQWLFLSDUODVHYDYLVLWDFRVDG¶XQOXVWUH
6DOLGDODFDOOHDODYLGDVRFLDOHQ$OHPDQLD\HQFRQWUDUpLVODDQWLDULVWRFUDFLDODYLGD
PiV EXUJXHVD JUXHVD \ JURVHUD LPDJLQDEOH &XDQGR HO LQJHQXR PHULGLRQDO TXH OOHJD SRU YH]
SULPHUDD$OHPDQLDFRQODFDEH]DOOHQDGHIHXGDOLVPRPLWRORJtDHVFDQGLQDYD\VHQWLGRKHURLFR
GH OD KLVWRULD EXVFD HQ VX WRUQR FDVRV FRQFUHWRV GH SHUGXUDFLyQ GH HVRV VXEOLPHV YDORUHV
WUDGLFLRQDOHV VH TXHGD DWyQLWR DO REVHUYDU WRGR OR FRQWUDULR GHPRFUDWLVPR FROHFWLYLVPR
YXOJDULGDG
(Q HO VHX SDV SHU 0QVWHU ³ULQFyQSDUDtVR GH PHGLWDGRUHV GH WHyORJRV GH
LQWHOHFWXDOHV´ *HFp FRPHQoD SHU PRVWUDUVH DSDUHQWPHQW UHFHSWLX D O¶HVSOHQGRU
XQLYHUVLWDULDOHPDQ\$OSULQFLSLGHO¶DSDUWDWTXHGHGLFDDOD8QLYHUVLWlWVVWDGWVHPEOD
ILQVLWRWSRQGHUDUHOVEHQHILFLVFXOWXUDOVGHOD5HIRUPDSURWHVWDQW³(Q0QVWHUPHMRU
TXH HQ QLQJ~Q RWUR VLWLR DOHPiQ HV GRQGH VH YH TXH OD 8QLYHUVLGDG KD KHUHGDGR HO
SHUIXPHFXOWXUDOGHOD,JOHVLDWUDVOD5HIRUPDWUDVHO5HQDFLPLHQWR>@&LXGDGTXHGD
XQDKRQGDLPSUHVLyQGHUHOLJLRVLGDGSURIXQGDGHEHDWHULRGHFRQWHPSODFLyQ\TXHVLQ
HPEDUJR PDQGD VXV PRQMDV \ VXV IUDLOHV D ODV DXODV XQLYHUVLWDULDV SRU VL GHVHDQ
HMHUFLWDU IXQFLRQHV VHFXODUHV SHGDJyJLFDV LQYHVWLJDGRUDV´ 3HUz O¶LGLOÂOL DPE WRWD
DTXHOOD UHOLJLRVLWDW FXOWD WDQ SUzSLD GHO QRUGLVPR L WDQ LPSUzSLD GHO GRJPDWLVPH
UHOLJLyVHVSDQ\ROYDODGLUHVWUHQFDTXDQ*HFpYLVLWDHQHO5DWKDXVODVDODRQHVYD
VLJQDU HO OD SDX GH :HVWIjOLD ³£$GLyV LOXVLRQHV HVSDxRODV D XQD KHJHPRQtD
Y6HOYDRSFLW
£$GLyV VXHxR FDWyOLFR´ (O SDWULRWLVPH KLVSDQRURPj GHO GLUHFWRU GH /D *DFHWD
/LWHUDULDHVYHLDKXPLOLDWHQDTXHOOD)ULHGHQVDDOTXHFRPPHPRUDYDODGDWDHQTXqDOV
VHXV XOOV HOV HVSDQ\ROV SHUGLHQ OHV ~OWLPHV UHVWHV GH GLJQLWDW HXURSHD $L[z H[FLWD
QRYDPHQW HO VHX DQWLHXURSHLVPH ±GHO TXDO Q¶pV EUDQFD WURQFDO HO VHX DQWLJHUPDQLVPH
9HJHPFRPOOLJDODLQIDXVWDYLVLWDDO¶DMXQWDPHQWDPEODSUHVqQFLDD0QVWHUSHUUDRQV
G¶HVWXGLGHOSDGUH7HRGRURXQMHVXwWDEDVF³HVSOpQGLGRGHVDOXG\RORUDFDPSR´
1R Vp VL UHVXOWy PiV GHSULPHQWH SDUD XQR FRQWHPSODU OD VDOD GHO 7UDWDGR DTXHO GH
QXHVWUDUXLQDRDHVWHSDGUHFDVWL]RHVWXGLDQGRDOHPiQ\PLVLRQRORJtD8QSXHEORGHPLVLRQHURV
FRPRHOQXHVWURKHFKRFRQEDODVPDUWLULRVVXEOLPHSDFLHQFLD\FRUDMHYLQLHQGRKR\DHVFXFKDU
WHRUtDV WXGHVFDV VREUH HO DUWH GH KDFHU PLVLRQHV 1R REVWDQWH SRFR SRGUtD DSUHQGHU WRGDYtD
QXHVWURKHUPDQR6HOHKDEtDRFXUULGRDOD2UGHQPDQGDUOHVLQVDEHUHOLGLRPD<OXHJRFULWLFDQ
IUDLOHV \ FXUDV D OD -XQWD GH $PSOLDFLyQ GH (VWXGLRV 6H YH TXH ODV LQVWLWXFLRQHV WUDGLFLRQDOHV
QXHVWUDV QR WLHQHQ TXH HFKDU HQ FDUD PXFKR D ODV OLEHUDOHV 0H SDUHFH TXH XQDV \ RWUDV KDQ
SHUGLGRODDJXMDGHPDUHDU+DVWDHOSDGUH7HRGRURTXLHUHKR\VHUHXURSHRHQWUHQRVRWURV
/¶DXWqQWLFD SURMHFFLy LQWHUQDFLRQDO G¶(VSDQ\D O¶H[SUHVVLy GHOV YHUWDGHUV
HXURSHLVPHLDPHULFDQLVPHKLVSjQLFVHUDHQqSRTXHVKHURLTXHVO¶HQYLDPHQWDUUHXGH
WHUoRV L GH PLVVLRQHUV (OV WHUoRV KDYLHQ HVWDW GHILQLWLYDPHQW H[SXOVDWV GH WHUUHV
JHUPjQLTXHV HQ DTXHOOD LJQRPLQLRVD FORHQGD GH OD *XHUUD GHOV 7UHQWD $Q\V 8QD
KXPLOLDFLy VHFXODU TXH HO SRVWHULRU SDWHUQDOLVPH FXOWXUDOHGXFDWLX G¶$OHPDQ\D VREUH
(VSDQ\DQRIHLDVLQyDJUHXMDUFXOPLQDYDDPEDTXHOODLPDWJHG¶XQHQVRWDQDWILOOGH6DQW
,JQDVL DSUHQHQW DOHPDQ\ SHU VDEHU GH PLVVLRQV 3DWqWLF )LQV L WRW OHV PpV FDVWLVVHV
LQVWLWXFLRQV HVSDQ\ROHV VHJXLQW O¶H[HPSOH QRFLX GH OD ILORIRUDQD -XQWD DUD V¶HVWDYHQ
HXURSHwW]DQW(VSDQ\DKDYLDSHUGXWHOQRUG±GHWDQWRULHQWDUVHFDSDOQRUG6RUWTXHHOO
(UQHVWR*LPpQH]&DEDOOHURDMXGDULDDIHUUHSUHQGUHHOERQUXPEDODSjWULDDPEREUHV
FRP*HQLRGH(VSDxDGHWDQIRQGDLQIOXqQFLDHQWUHHOVVHXVVDOYDGRUVGHFDPLVD
EODYD
$EDQV GH FORXUH HO WUDoDW DOHPDQ\ GH OD VHYD JLUD HXURSHD UHIHULQW OHV VHYHV
WUREDGHV DPE KLVSDQLVWHV GH )UDQNIXUW L OD VHYD YLVLWD D &ROzQLD *LPpQH] &DEDOOHUR
VLWXDD%RQQHOSXQWjOJLGGHWRWHOVHXUHFRUUHJXW³%RQQIXpODHVFDODVXSUHPDGHPL
FLUFXQYDODFLyQ HXURSHD 'H %RQQ KDEtD SDUWLGR OD SULPHUD GH ODV LQYLWDFLRQHV
XQLYHUVLWDULDV DOHPDQDV SDUD PL JLUR FRQIHUHQFLDO´ /HV FRQQRWDFLRQV SVLFRDQDOtWLTXHV
GHO WtWRO TXH GyQD D DTXHVW DSDUWDW ³%RQQ < PL FRPSOHMR UHQDQR´ HQV VXJJHUHL[HQ
QRYDPHQW XQ FRQIOLFWLX DQKHO G¶DILUPDFLy HVSLULWXDO TXH QRPpV VDS UHVROGUH WUHQFDQW
DPEODILJXUDSDWHUQDOTXHUHSUHVHQWDODFXOWXUDDOHPDQ\D(QXQDHPRFLRQDGDHYRFDFLy
TXH EDUUHMD YLYqQFLHV GHO YLDWJH DPE UHFRUGV GH MRYHQWXW GRV PRWLXV GXHV
VLPEROLW]DFLRQV GH OD ILJXUD GHO SDUH V¶DFDEHQ HQWUHOODoDQW 0H\HU/ENH L HO 5LQ
³¢3RU TXp QR 0H\HU/ENH 9DWHU 5KHLQ"´ /¶KRPHQDWJH TXH GHGLFD D O¶LQVLJQH
URPDQLVWD³PDHVWURSDGUHGHWRGRV´pVXQDPRVWUDG¶DPRUDOSDUHPHVWUHTXHKDXULD
YROJXW L QR KDYLD SRJXW WHQLU /D YHQHUDEOH EDUED EODQFD GHO VDYL HO FRQYHUWHL[ HQ XQ
=HXVJHUPjQLFHQXQDHQFDUQDFLyG¶DTXHOOPLWRDULRTXHDPDUDYDHOVDIDQ\VFXOWXUDOV
GHOVLQWHOÂOHFWXDOVKLVSjQLFVLFRQWUD HOTXDOHOO V¶KDYLD UHYROWDW ±HQ WDQW TXH UHIHUHQW D
VHJXLU±DSDUWLUGHODVHYDMXYHQLOFULVLVGHOOHFWRUD(VWUDVEXUJ
0DLQHUHQHOVHYDFOjVVLFDDQWRORJLDGHOLWHUDWXUDIDODQJLVWDUHFXOOXQGLYHUWLWWH[WG¶(XJHQLR
0RQWHVWLWXODW³0QVWHUGH:HVWIDOLDWXPEDHVSDxROD´FRUUHVSRQHQWD(OYLDMHUR\VXVRPEUDHQ
TXqHVFRPSDUDWUjJLFDPHQWODVLJQDWXUDGHOD3DXGH:HVWIjOLD³FLQFRKLGDOJRVHVSDxROHVWXYLHURQTXH
ILUPDU FRQ VDQJUH OD SULPHU DXWRQRPtD´ DPE OD SURFODPDFLy GH OD ,, 5HS~EOLFD L DPE O¶(VWDWXW GH
&DWDOXQ\D³$OOtTXHGDGHVJDUUDGDOD3DWULDD~QKR\HQDOPDDJyQLFD\FDUQHYLYD(VWDWXWRGH)ODQGHV
*HQHUDOLGDGGHORV3DtVHV%DMRV´Y0DLQHU)DODQJH\OLWHUDWXUDHGFLW
>@ 9LHQGR 0H\HU/ENH VH FRPSUHQGtD PX\ ELHQ D HVRV TXH DILUPDQ HVWDU KR\ OD
VXEVWDQFLDJULHJDWUDVYDVDGDD*HUPDQLD6HFRPSUHQGtDPX\ELHQSHURKDVWDFLHUWRSXQWRHVH
¢&XiO"(VHTXHORVRMRVGHOOLQJLVWDHUDQD]XOHV \QRPRUHQRV>@<TXHHQVXSHFKREXOOtD
XQDULVDWDQLQIDQWLOWDQOtULFD\WDQFODUDTXHQRSRGtDVHUPHGLWHUUiQHD>@
eV HQ HO FDEDOyV 5LQ HQ O¶DQWLF OLPHV URPj TXH VHSDUDYD OD FLYLOLW]DFLy
PHGLWHUUjQLD GH OD EDUEjULH QzUGLFD RQ *LPpQH] &DEDOOHUR KDYLD WUREDW HO JXLD TXH
UHPRURVDPHQW OL PXVVLWDYD OD VHYD DGVFULSFLy D OD FXOWXUD PHULGLRQDO 'H PpV MRYH
KDYLDVHJXLWHOVHXOODUJ UHFRUUHJXWDODUHFHUFDG¶XQDGLUHFFLy HQHOVHX SURSLWUDMHFWH
YLWDO
(V SRVLEOHTXHH[LVWDQRWURV HVSDxROHV±D PiVGH PLFDVR±TXHKD\DQ SXHVWRVREUHHO
5LQWRGDXQDFLIUDPRUDOHLPDJLQDWLYD4XHVHORKD\DQUHFRUULGRGHVGHVXVPDQDQWLDOHVVXL]RV
KDVWD VXV GHVYHUWHEUDPLHQWRV EiWDYRV ±HQ VXUQRUWH± ILGHGLJQD OHDOPHQWH SDUD SHUVHJXLU XQ
SUREOHPDGHJUDYLWDFLyQSDWULyWLFD(VSRVLEOH3HURORGXGR
(OULXOLGLUjTXHQRIDFLFDVGHOVVHXVPHQWRUVHXURSHwW]DQWVLTXHVH¶QWRUQLFDS
DOVXG8QDYHJDGDPpV*LPpQH] &DEDOOHUR DFXVD OD LQWHOÂOHFWXDOLWDWHVSDQ\RODGHOHV
JHQHUDFLRQVLPPHGLDWDPHQWDQWHULRUVG¶KDYHUFUHDWXQDPELHQWFXOWXUDOTXHQHJOLJLDOHV
HVVqQFLHV KLVSjQLTXHV L FHUFDYD OOXP HQ HO QRUG G¶(XURSD (O VHX UHEXLJ YHUV DTXHVWD
WUDGLFLyIRUPDWLYDGHODTXDOHOOKDYLDSDUWLFLSDWGLUHFWDPHQWFRPDOHFWRUD(VWUDVEXUJ
pV WDPEp XQ VtPSWRPD IDWDO GHO QDFLRQDOLVPH WUDGLFLRQDOLVWD L GHO FDVWLFLVPR
HVVHQFLDOLVWDTXHHQODVHYDUHQRYDGDYHUVLyIHL[LVWDV¶HVWDYDLQFXEDQWFRPDUHDFFLyD
OHVWHQGqQFLHVFXOWXUDOVFRVPRSROLWHVLG¶HVTXHUUHV'HVSHGLPDTXtHOFLUFXLWRDOHPDQ\
GH*HFpDPEODVHYDUHPHPEUDQoDGHOYLDWJHLQLFLjWLFGHMRYHQWXWDODULEDUHQDQDUHODW
TXHYHUGDGHUDPHQWSRVDDSURYDODYDOLGHVDXQLYHUVDOG¶DOOzTXHVROGLUVHTXHHOYHXUH
PyQFXUDHOSDWULRWHULVPH
>@ /D JHQHUDFLyQ GH ©(VSDxDª \ ©(O 6ROª FDQWDED HQ WRGRV ORV WRQRV VXV VDOPRV
SXULWDQRVDODOLEHUDO,QJODWHUUD\DODFLHQWtILFD*HUPDQLD>@£6HUJRGRVVHUUXELRVWHQHUXQ
SRFRGHRMRVD]XOHVXQSRFRGHFUiQHRUHGRQGRXQSRFRGHEDUEDULH%DUEDULH YLWDOLGDG£$K
OD YLWDOLGDG JyWLFD (O ODWLQLVPR HQ IUDQFR YHMDPHQ ¢4Xp SRGtD VLJQLILFDU \D XQ -RUGiQ XQ
7tEHUXQ6HQDRXQ*XDGDOTXLYLUDOODGRGHO5LQ"1RHVSXHVGHH[WUDxDUTXHDXQFDWHF~PHQR
GH DTXHO FXOWR OH SDUHFLHVH HO 5LQ FRPR HO DJXD OXVWUDO GH WRGR FUHGR 5HFXHUGR KDEHU \R
]DKRQGDGRPLPDQRVREUHHO5LQGH(VWUDVEXUJRFRQVXEFRQVFLHQWHDGHPiQGHSHUVLJQDFLyQ1R
HV HVWH HO PRPHQWR GH UHFRUGDU PLV DYHQWXUDV PRUDOHV UHQDQDV 5LQ IXp PL 0HFD \ PL &HFD
)XpSDUDPtODFR\XQWXUDUHOLJLRVD0L6LQDt6REUHpOPHDUURGLOOpSDUDSHGLUXQGtDDVX*HQLR
ODVWDEODVGHXQD/H\<HQHIHFWRFRQXQDLURQtD±GHODTXH\RKXELHUDFUHtGRLQFDSD]DOEORQGR
UtR±HO5LQPHVHxDOyXQDVRODFRQGXFWDOHDOWDGGHRUtJHQHV>@
5HFHSFLyGHOLWHUDWXUDDOHPDQ\DD/D*DFHWD/LWHUDULD
1R SRGHP DTXt GHWHQLUQRV D FRQVLGHUDU HQ GHWDOO OD UHFHSFLy GH OOHWUHV
DOHPDQ\HVTXHHVGXXDWHUPHDOHVSODQHVGH/D*DFHWD/LWHUDULD3HUzVtTXHYROGUtHP
FRQWHPSODU EUHXPHQW FRP DTXHVWD UHFHSFLy PRVWUD WDPEp G¶DOJXQD PDQHUD OHV
FRQWUDGLFFLRQVTXHVROLHQFDUDFWHULW]DUHOIXQGDGRUGHODSXEOLFDFLy+HPYLVWMDTXHHO
QDFLRQDOLVPH HVSDQ\ROLVWD GH *HFp HO SRVD HQ JXjUGLD FRQWUD OHV LQJHUqQFLHV FXOWXUDOV
IRUDQHVVREUHWRWVLDTXHVWHVSURYHQHQGHOQRUGG¶(XURSD)LQVDTXLQSXQWHOPROHVWDYD
OD LQIOXqQFLD FXOWXUDO R OD WXWHOD HGXFDWLYD JHUPjQLFD HV SRVDUj GH PDQLIHVW ±MD HQ OD
VHJRQDqSRFDGH/D*DFHWD/LWHUDULD±HQXQDUWLFOHUHFHQVLyGHMXOLROGHRQHO
EODQF GH OHV VHYHV LUHV PpV TXH HO OOLEUH TXH UHVVHQ\D L DWDFD pV HQ HO IRQV OD SUzSLD
SROtWLFDFXOWXUDODOHPDQ\DD(VSDQ\D/¶REUDTXHDUDKDHQFqVODVHYDIODPDSDWULzWLFD
pV (VSDxD \ $OHPDQLD GHO SURIHVVRU GH WHRORJLD D 0QVWHU L GLSXWDW SHO =HQWUXP
*HRUJ 6FKUHLEHU $O FRPHQoDPHQW GH O¶DUWLFOH *LPpQH] &DEDOOHUR HV
UHIHUHL[SRVLWLYDPHQWDO¶LQWHUqVGHOVURPjQWLFVDOHPDQ\VSHUODFXOWXUDHVSDQ\RODTXDQ
DTXHVWDQRPDQWHQLDDPEDTXHOOVXQDUHODFLyGHVXERUGLQDFLyVLQyTXHHVWUDFWDYDG¶XQ
³DFWRGHVLQFURQLFLGDGVHQWLPHQWDO´3HUH[HPSOLILFDUKRHOPRPHQWHQTXq³6FKOHJHO
VH TXHGy DUUREDGR IUHQWH D QXHVWUR 5RPDQFHUR´ 3HUz HQ HO VHJOH ;; OD PLUDGD TXH
$OHPDQ\D OODQoD VREUH (VSDQ\D MD QR pV WDQ URPjQWLFD VHJRQV *HFp VLQy TXH IRUPD
SDUWG¶XQDHVWUDWqJLDGHGRPLQDFLyFXOWXUDO
(Q FDPELR OD LQVLVWHQFLD VLVWHPiWLFD HUXGLWD \ RUJDQL]DGD GH ORV HVWXGLRV DOHPDQHV
VREUH(VSDxDDQWHV \ SRVWJXHUUDVLHPSUHGLyQRVOD VHQVDFLyQGHHVDFRVD EpOLFD \ IUtDTXH VH
OODPDODWiFWLFD
(VGHFLUGHOPDWULPRQLRSRULQWHUpV
6L DOJXLHQ GXGDVH GH HOOR EDVWDUtDOH OHHU HO OLEUR UHFLpQ WUDGXFLGR DO HVSDxRO SRU ORV
SURSLRVDOHPDQHVVLQFRQWDUFRQ©ORHVSDxROªVLQRFRPRREMHWRGHH[SHULHQFLD\PDQLREUD
$FWHVHJXLWGHGLFDXQSDUjJUDISRFDIDODJDGRUDO.XOWXUSROLWLNHUDXWRUGHOOOLEUH
HQHOIRQVDL[zQRGHL[DGHVHUWDPEpXQDDWDFDODSUzSLDXQLYHUVLWDWDOHPDQ\DSROLW
PLUDOOG¶RUWHJXLDQVLGHUHIRUPDGRUVHGXFDWLXVKLVSjQLFV
0H UHILHUR DO RS~VFXOR (63$f$ < $/(0$1,$ GHO SUHODGR 3URI *HRUJ 6FKUHLEHU
FDWHGUiWLFRGHOD8QLYHUVLGDGGH0QVWHUGLSXWDGRDO5HLFKVWDJGRFWRUJUDGXDGRHQ)LORVRItD\
7HRORJtDGRFWRUKRQRULVFDXVDHQ0HGLFLQD-XULVSUXGHQFLD,QJHQLHUtD\&LHQFLDV3ROtWLFDV<
±VREUHWRGR±SROtWLFRGHODFXOWXUDDOHPDQDGHWUDVJXHUUD(VRTXHDTXtGHQRPLQDUtDPRVFRQHO
QRPEUHGH&DFLTXHXQLYHUVLWDULR(VWRHVXQKRPEUHPiVDWHQWRDODDFFLyQDODPDQLREUD\DO
UHVXOWDGR SUiFWLFR TXH DO KHFKR H[DFWR TXH D OD GHOLFDGH]D PRUDO 4XHULHQGR VHU XQ OLEUR
SROtWLFRUHVXOWDXQOLEURPX\SRFRGLSORPiWLFRpVWHGHOSUHODGRGH0QVWHU
/¶DUWLFOH HV FRQVDJUD D EODVPDU WRWD XQD VqULH G¶HUURUV GLYHUVRV TXH HO OOLEUH
VHPEOD FRQWHQLU SHUz OD TXHL[D GH IRQV GH *HFp VHPSUH JLUD DO YROWDQW GHO IHW TXH
6FKUHLEHUSXJXLKDYHUHVFULWTXH$OHPDQ\DKDGDGRPiVTXHKDUHFLELGRG¶(VSDQ\D
( *LPpQH] &DEDOOHUR ³8Q OLEUR \ DOJXQRV HUURUHV (VSDxD \ $OHPDQLD´ /D *DFHWD
/LWHUDULDGHMXOLRO
7HQLP OD VRUW GH FRPSWDU DPE XQ GRFXPHQWDW HVWXGL TXH GHVFULX O¶DEDVW G¶DTXHVWD SROtWLFD
FXOWXUDOH[WHULRUDO¶qSRFDTXHHQVRFXSD-HV~VGHOD+HUD0DUWtQH]/DSROtWLFDFXOWXUDOGH$OHPDQLDHQ
(VSDxD HQ HO SHUtRGR GH HQWUHJXHUUDV SUzO GH 0DQXHO (VSDGDV %XUJRV 0DGULG &RQVHMR 6XSHULRU GH
,QYHVWLJDFLRQHV&LHQWtILFDV
*HRUJ 6FKUHLEHU (VSDxD \ $OHPDQLD 6XV UHODFLRQHV SROtWLFRFXOWXUDOHV WUDG 5REHUW
(FNPDQQ 0QFKHQ (GLWRUD ,QWHUQDFLRQDO (Q OD VHYD YHUVLy DOHPDQ\D RULJLQDO HO WH[W GH
6FKUHLEHUKDYLDDSDUHJXWHODODSXEOLFDFLy6SDQLVFKH)RUVFKXQJHQGHU*|UUHVJHVHOOVFKDIW4XLQ]H
GLHVDEDQVTXH/D*DFHWD/LWHUDULD1XHYD(VSDxDMDV¶KDYLDIHWEUHXPHQWUHVVzGHO¶DSDULFLyGHODYHUVLy
FDVWHOODQDHQXQDQRWDVHQVHVLJQDUSHUzVHQVGXEWHHQYLDGDGHVGH%HUOtQSHU)HOLSH)HUQiQGH]$UPHVWR
OOHJLP³(O3UHODGR6FKUHEHU>VLF@±XQSUHODGRDOHPiQTXHQRWLHQHQDGDTXHYHUFRQHVRVFDYHUQDULRVGHO
FDWROLFLVPRHVSDxRO±KDHVFULWRXQEHOOROLEURVREUHODVUHODFLRQHVFXOWXUDOHVHQWUH(VSDxD\$OHPDQLD´
³3LUDQGHOOR\XQSUHODGR´1XHYD(VSDxDGHMXQ\
(Q O¶RSXVFOH GH 6FKUHLEHU DPE UHIHUqQFLD D O¶LQWHUFDQYL GH FLHQWtILFV L D OHV YLVLWHV SHU
LQYHVWLJDFLyOOHJLPH[DFWDPHQW³9HUGDGHVTXHHQHVWDUHFLSURFLGDG$OHPDQLDKDGDGRPiVGHORTXHKD
UHFLELGR´S(QOHVSODQHVVHJHQWVWUREHPXQDDFODSDUDGRUDOOLVWDGHVDYLVJHUPjQLFVTXHGXUDQWHOV
DQ\VLILQDQoDWVGHVG¶$OHPDQ\DKDYLHQYLVLWDWOD3HQtQVXODR,EHURDPqULFDSHUGXUDWHUPHVREUHHO
WHUUHQ\OOXUVHUXGLWHVLQYHVWLJDFLRQVHQOHVPpVGLYHUVHVPDWqULHVFLHQWtILTXHVLKXPDQtVWLTXHV/DUDELROD
GH*LPpQH]&DEDOOHURQRPpVSRWHVWDUMXVWLILFDGDLGHROzJLFDPHQW3HUDOWUDEDQGDODSXEOLFDFLyVLJQDGD
(OILQDOGHODUHFHQVLyHQVFRQILUPDTXHHOVHXREMHFWLXQRpVWDQWO¶HVFDWLPHQWGHGDGHV
HUUzQLHV ±SRF LPSRUWDQWV HQ UHDOLWDW± TXH SXJXL FRQWHQLU OD SXEOLFDFLy FRP PLUDU
G¶DSRUWDUXQDPLFDGHGHVSUHVWLJLDODSROtWLFDFXOWXUDODOHPDQ\DD(VSDQ\DWDPEpXQ
FRSPpVPLUDUGHFRUUHJLUODJHUPDQRItOLDFXOWXUDOKLVSjQLFD
1RKHPRVGHVHJXLUHQHVWHHVFDUFHRVLHPSUHGHVDJUDGDEOH\HQRMRVR
(QRMRVR SRUTXHGDOiVWLPDGHTXHXQRS~VFXORFRPRHOGHO6U6FKUHLEHUWDQULFRHQ
SRVLELOLGDGHVGHGDWRVHVWpOOHQRGHHVDVPiFXODVIUtYRODVUiSLGDVLQVRVSHFKDEOHV
6L KHPRV VHxDODGR DOJXQDV QR KD VLGR SRU XQ SUXULWR FUtWLFR VLQR SDUD DGYHUWLU D ORV
HVSDxROHV VXSHUVWLFLRVRV GH OD FLHQFLD JHUPDQD GH TXH HQ *HUPDQLD KD\ WDPELpQ FLHQWtILFRV
OLJHURV DSURYHFKDGRV \ FDFLFDOHV < GH TXH OD ©WiFWLFDª \ ©OD HVWUDWHJLDª VyOR VRQ YtDV
FLUFXQVWDQFLDOHVGHDPLVWDG\GHUHODFLyQVyORVRQ©SROtWLFDª$XVODQGGHXWVFKWXP<HQYH]GH
SURYRFDU VHQWLPLHQWRV GH JUDWLWXG \ UHFRQRFLPLHQWR SURPXHYHQ D UHDFFLRQHV UHFHORVDV GH
GHIHQVLYD
7HQLQWHQFRPSWHDTXHVWDJHUPDQRIzELDFXOWXUDOGH*LPpQH]&DEDOOHURTXHKHP
YLVW FRP DO OODUJ GHOV GDUUHUV DQ\V YLQW QR ID VLQy FUpL[HU HQV SRGUj VHPEODU
FRQWUDGLFWRULTXHGHVSUpVGHO¶([SRVLFLyGHO /OLEUH&DWDOjLG¶XQDLQLFLDWLYDVLPLODUDO
YROWDQW GHO OOLEUH SRUWXJXqV /D *DFHWD /LWHUDULD SDWURFLQL QL PpV QL PHQ\V TXH XQD
H[SRVLFLyVREUHHOOOLEUHDOHPDQ\/DGHOOOLEUHSRUWXJXqVDQXQFLDGDHQXQHGLWRULDOHQ
SULPHUD SODQD MXVW GRV PHVRV DEDQV TXH OD GH O¶DOHPDQ\ HQFDL[D SHUIHFWDPHQW HQ HO
SURJUDPDLEHULVWDL±PpVRPHQ\VYHODGDPHQW±SURWRIHL[LVWDGHODSXEOLFDFLy
$QJORVDMRQLVPR JHUPDQLVPR ODWLQLVPR HVODYLVPR ,EHULVPR $ PX\ SRFRV RtGRV
VXHQDELHQHQ3RUWXJDOHOLEHULVPR$FDVRRtGRVMXYHQLOHVGHUD]DGHPDxDQDHQWLHQGHQ\DHVH
YRFDEOR
$ HVRV QRV GLULJLPRV QRVRWURV $ ORV PXFKDFKRV TXH WHQJDQ OD YLULOLGDG GH VRxDU FRQ
XQDPXVFXORVD&XOWXUD.RLQpLEpULFDGHQWURGHXQIXWXURPXQGLDO
4XDWUHQ~PHURVPpVWDUGO¶([SRVLFLyGHO/OLEUH$OHPDQ\UHSFHUWDPHQWWRWVHOV
KRQRUV WLSRJUjILFV SURSLV GHOV JUDQV HVGHYHQLPHQWV HQ OD YLGD GHO SHULzGLF VRWD
O¶HQFDSoDODPHQW G¶XQ JUDQ WtWRO JHQqULF VLV SODQHV HQWHUDPHQW GHGLFDGHV D GLYHUVRV
DVSHFWHV GH OD FXOWXUD DOHPDQ\D L D OHV VHYHV UHODFLRQV DPE O¶HVSDQ\ROD 0DOJUDW WRW
SHUzHOEUHXHGLWRULDOGHSUHVHQWDFLyQRWUDQVPHWQLGHOOXQ\DTXHOODGRVLG¶HQWXVLDVPR
TXH HQ DOWUHV RFDVLRQV HV PDQLIHVWD FODUDPHQW eV XQ HGLWRULDO FRUUHFWtVVLP GHIHUHQW L
FRQVLGHUDW YHUV OD FXOWXUD DOHPDQ\D SHUz HV TXHGD DTXt HQ XQD ³PXHVWUD GH FRUWHVtD
DQWHQXHVWUDGLVWLQJXLGD DPLJD$OHPDQLD´(VQRWDPROWTXH*LPpQH]&DEDOOHURPpV
SHU6FKUHLEHUHVFULWDHQXQWRQHXWUHGHPHPRULDOLVWDTXHWDPSRFGLVVLPXODXQSDWULRWLVPHDVVXPLWSHUz
DL[zVtPROWPHQ\VH[DOWDWTXHHOGH*HFpDSRUWDJUDQTXDQWLWDWGHGDGHVLGHELEOLRJUDILDVREUHGLYHUVRV
DVSHFWHVGHOWHPDTXHWUDFWD'HOD+HUDRSFLWDQRPHQDHOFDWzOLF6FKUHLEHUO¶HPLQqQFLDJULVDGH
ODSROtWLFDFXOWXUDOH[WHULRUZHLPDULDQDD(VSDQ\D
(QDTXHOOPRPHQWODSROtWLFDFXOWXUDOH[WHULRUG¶$OHPDQ\DD(VSDQ\DHVWUREDYDFHUWDPHQWHQ
XQSXQWFXOPLQDQW$TXHVWDSROtWLFDV¶KDYLDDFFHQWXDWGHVSUpVGHODQHXWUDOLWDWHVSDQ\RODGXUDQWOD*UDQ
*XHUUD L GH OHV VLPSDWLHV JHUPDQzILOHV G¶XQ DPSOL VHFWRU GH OD VRFLHWDW KLVSjQLFD $SURILWDYD WDPEp HO
SURSL LPSXOV JHUPDQLW]DQW GH OD XQLYHUVLWDW HVSDQ\ROD YLVLEOH GHV GH IHLD GqFDGHV L O¶KLVWzULF LQWHUqV
HQYHUVOD3HQtQVXODG¶HQojGHOD6SDQLHQVHKQVXFKWGHOVURPjQWLFVSHUSDUWGHOVHVWXGLRVRVJHUPjQLFV(Q
HO WHUUHQ\ GH O¶LPDJLQDUL FXOWXUDO (VSDQ\D EXVFDYD HQ $OHPDQ\D XQ IDFWRU PRGHUQLW]DGRU TXH *HFp
EODVPD PHQWUH TXH $OHPDQ\D KDYLD EXVFDW HQ (VSDQ\D XQ IDFWRU DUFDwW]DQW TXH *HFp OORD
6LJQLILFDWLYDPHQW TXDQ DUULEL OD ,, 5HS~EOLFD DL[z pV TXDQ O¶HWHUQD (VSDQ\D VHPEOL LQJUHVVDU HQ XQD
LQTXLHWDPRGHUQLWDWODSROtWLFDFXOWXUDODOHPDQ\DUHVSHFWHG¶HOODWHQGLUjDUHIUHGDUVH
³(GLWRULDO $QWH OD ([SRVLFLyQ GHO OLEUR SRUWXJXpV´ /D *DFHWD /LWHUDULD GH PDUo
³$QWHXQDH[SRVLFLyQ(OOLEURDOHPiQHQ(VSDxD´/D*DFHWD/LWHUDULDGHPDLJ
YSODQDJUjILFD
TXHDQXQFLDUXQDLQLFLDWLYDSUzSLDRHQODTXDOKLSRVLWRWDODIHHOTXHIDpVSUHVWDUOD
SODWDIRUPD GH /D *DFHWD /LWHUDULD SHU GRQDU UHVVz D XQD H[SRVLFLy TXH KD SDUWLW GH
O¶DPEDL[DGDDOHPDQ\D D0DGULGL SDUWLFXODUPHQWGHOURPDQLVWD*HUKDUG 0ROGHQKDXHU
SUHVLGHQWOODYRUVGHO&HQWURGH,QWHUFDPELR,QWHOHFWXDO*HUPDQR(VSDxRO*HFpDPE
DTXHVW JHUPDQLW]DQW Q~PHUR HVSHFLDO TXH VXUW HQ SOHQD qSRFD G¶HVSOHQGRU GH OD VHYD
SXEOLFDFLy QR HVWj HQ UHDOLWDW PRVWUDQW DOV OHFWRUV XQ FDPt QRX HQ TXq FUHJXL VLQy
SDJDQWXQDPHQDGHWULEXWDO¶DPELHQWFXOWXUDOTXHO¶KD DOOHWDW6LJXL FRPVLJXLSHUD
QRVDOWUHVDYXLpVXQGRFXPHQWPROWLQWHUHVVDQWDO¶KRUDGHYDORUDUODSHUFHSFLyTXHGH
OHVOOHWUHVDOHPDQ\HVSRGLDWHQLUHOOHFWRUKLVSjQLFDTXHOODSULPDYHUDGHMXVWTXDQ
HOPRYLPHQWHGLWRULDOG¶DYDQoDGDV¶HVWDYDLQLFLDQW
/HV SODQHV TXH /D *DFHWD /LWHUDULD GHGLFD D DTXHVWHV OOHWUHV WHQHQ FRP OD
SUzSLD H[SRVLFLy XQ DLUH VHYHU L LQVWLWXFLRQDO (V WUDFWD GH OD FXOWXUD DOHPDQ\D TXH
O¶HGLWRULDO GHILQHL[ FRP HVWLPDWLYD L VHULD /¶H[SRVLFLy ELEOLRJUjILFD LQVWDOÂODGD DO
5HWLUR WLQGUj EjVLFDPHQW GXHV VHFFLRQV XQD GH OOLEUHV DOHPDQ\V VREUH (VSDQ\D L XQD
DOWUD GH OOLEUHV G¶DUW HQ JHQHUDO /¶HUXGLFLy JHUPjQLFD TXH WRW KR DEDVWD DPE ULJRU
LPSHFDEOHDOLDGDDPEXQDSRWHQWLQG~VWULDHGLWRULDOLG¶DUWVJUjILTXHV/OLEUHVFDUVLPpV
HQFDUD SHU D TXL HOV KDYLD GH SDJDU HQ SHVVHWHV 6HJRQV LQGLFD O¶DSDUWDW ³*XtD GH OD
([SRVLFLyQ´KLKDXUjWDPEpXQDWHUFHUDVHFFLy³TXHQRVHPHQFLRQDHQHOFDWiORJROD
OLWHUDWXUDDOHPDQDPRGHUQDQRYHODV\SRHVtDVGHODQXHYDJHQHUDFLyQTXHTXL]iDVXVWHQ
D ORV DPLJRV GHO DUWH YLHMR \ GLJQR SHUR TXH VHJXUDPHQWH HQFRQWUDUiQ TXLHQ ORV PLUD
FRQVLPSDWtD´/OjVWLPDTXHQRWHQLPPpVGHWDOOVG¶DTXHVWDWHUFHUDL±SHUDQRVDOWUHV±
PpVLQWHUHVVDQWVHFFLy
6tTXHWHQLPSHUzHQDTXHVWQ~PHURHVSHFLDOGH /D*DFHWD/LWHUDULDGLYHUVHV
YLVWHV SDQRUjPLTXHV GH OD OLWHUDWXUD DOHPDQ\D GHO PRPHQW 8QD HQV OD EULQGD 0 -
.DKQ FROÂODERUDGRU QR LQIUHTHQW GH OD SXEOLFDFLy UDGLFDW D 7ROHGR /¶DXWRU YD
EDVWLQW HO VHX HVFULW DPE GLYHUVRV HOHPHQWV OD UHFHSFLy GHO SHQVDPHQW DOHPDQ\ D
(VSDQ\D O¶DUWLFOH FRPHQoD ³7RGR HO S~EOLFR FXOWR HVSDxRO YH OD YLGD LQWHOHFWXDO
DOHPDQD FRQVWUXtGD VREUH OD EDVH GH VX IXHU]D ILORVyILFD´ OD WUDGXFFLy G¶DOJXQV
'H OD +HUD RS FLW FRQVLGHUD 0ROGHQKDXHU DPE OD VHYD JUDQ ODERU DO FDSGDYDQW GHO
&HQWURO¶LQLFLDGRUG¶XQDDXWqQWLFDSROtWLFDFXOWXUDOH[WHULRUDOHPDQ\DD(VSDQ\D
0i[LPR-RVp.DKQ ³(OOLEURDOHPiQFRQWHPSRUiQHR´ /D*DFHWD /LWHUDULDGH PDLJ
.DKQ KDYLD SXEOLFDW MD D O¶zUJDQ GH *HFp DOJXQV DUWLFOHV EUHXV L UHFHQVLRQV VREUH OLWHUDWXUD
DOHPDQ\D FRQWHPSRUjQLD '|EOLQ Q~P +HVVH Q~P .DIND Q~P L +HLQULFK 0DQQ Q~P
'XHV SODQHV PpV HQGDYDQW HQ DTXHVW ILORJHUPjQLF Q~PHUR PRQRJUjILF OD UHYLVWD OL GHGLFD DPE
VLPSDWLDXQDVHPEODQoDELRJUjILFDTXHLQFORXXQDIRWRVHYD³7ROHGR*HUPDQLD0i[LPR-RVp.DKQ´/D
*DFHWD/LWHUDULDGHPDLJ/DILJXUDG¶DTXHVWDXWRUMXHXQDVFXWD)UDQNIXUWHOLPRUW
DO¶$UJHQWLQDHOFUHLHPTXHQRKDUHEXWILQVDUDQLSHUSDUWGHODJHUPDQtVWLFDQLHQWUHHOVHVWXGLRVRV
GHO¶H[LOLHVSDQ\ROO¶DWHQFLyTXH±MDQRPpVSHUODVHYDVLQJXODULWDW±VHQVGXEWHPHUHL['HVSUpVGHVHUYLU
FRP D DYLDGRU HQ OD , *XHUUD 0XQGLDO L GH SXEOLFDU QDUUDWLYD EUHX HQ HO %HUOLQHU 7DJHEODWW .DKQ YD
DUULEDUD(VSDQ\DDFRPHQoDPHQWVGHODGqFDGDGHOVHVYDQDFLRQDOLW]DULYDDGRSWDUO¶HVSDQ\ROTXH
DUULEDUj D GRPLQDU GH IRUPD VRUSUHQHQW FRP D OOHQJXD G¶HVFULSWXUD (QDPRUDW GH 7ROHGR DL[z pV GH
6HIDUDGHQHOV SULPHUVDQ\V SXEOLFDD /D*DFHWD /LWHUDULDLD 5HYLVWDGH2FFLGHQWHDOJXQVHVWXGLV
KHEUDLFV VRWD HO SVHXGzQLP GH 0HGLQD $VDUD R $]DUD /D 5HS~EOLFD O¶HQYLDUj GH FzQVRO D 6DOzQLFD L
G¶DPEDL[DGRUD$WHQHV3HUGXGDOD*XHUUD&LYLOGXUDQWODTXDOYDHQYLDUFROÂODERUDFLRQVDODPtWLFD+RUD
GH(VSDxDHOVHXSHUVRQDOFDPtHQODGLjVSRUDHOGXUjD3DUtVD'DNDULDGLYHUVRVSDwVRVGHOFRQWLQHQW
DPHULFj $ 0q[LF L D O¶$UJHQWLQD SXEOLFDUj DVVDLJV L WDPEp REUD QRYHOÂOtVWLFD DL[t FRP LPSRUWDQWV
WUDGXFFLRQVGHO¶KHEUHX<ČKXGjKD/HYtLGHO¶DOHPDQ\Y/HRQDUGR6HQNPDQ³0i[LPR-RVp.DKQGH
HVFULWRUHVSDxROGHOH[LOLRDHVFULWRUGHOGHVDVWUHMXGtR´5DtFHV5HYLVWD-XGtDGHFXOWXUDHVWLX
YW$QJHOLQD0XxL]+XEHUPDQ³([LOLRVROYLGDGRVORVKLVSDQRPH[LFDQRV\ORVKLVSDQRMXGtRV´
GLQV0DQXHO$]QDU6ROHUHG(VFULWRUHVHGLWRULDOHV\UHYLVWDVGHOH[LOLRUHSXEOLFDQRGH6HYLOOD
5HQDFLPLHQWR *UXSR GH (VWXGLRV GHO ([LOLR /LWHUDULR *(;(/ GH OD 8QLYHUVLWDW $XWzQRPD GH
%DUFHORQD
HVFULSWRUV+DXSWPDQQ/HRQKDUG)UDQNHOVJHUPDQV0DQQR.DINDDXWRUVDPEDOJXQD
REUD WUDGXwGD R Ep D 5HYLVWD GH 2FFLGHQWH ±D OD UHYLVWD R D O¶HGLWRULDO± R Ep D &DOSH
HPSUHVD IXQGDGD SHU 8UJRLWL FRPSWDQW DPE OD GLUHFFLy HGLWRULDO G¶2UWHJD HOV
FRQWDFWHV GHOV LQWHOÂOHFWXDOV L FLHQWtILFV HVSDQ\ROV DPE HOV DOHPDQ\V OHV QRPEURVHV
REUHV DOHPDQ\HV VREUH (VSDQ\D L OD VHYD FXOWXUD OD SUHXDGD ELEOLRJUDILD HQ DOHPDQ\
VREUHWHPHVGHODKLVWzULDGHO¶DUWLILQDOPHQWXQUHSjVDO¶DFWXDOLWDWOLWHUjULDDOHPDQ\D
DPEODUHSHUFXVVLyTXHDTXHVWDSXJXLWHQLUHQDOJXQFDVD(VSDQ\D5HVXOWDLQWHUHVVDQW
HO VHX FRQWXQGHQW MXGLFL VREUH HO WHDWUH HVSDQ\RO GHO PRPHQW L HO SDSHU TXH OHV
WUDGXFFLRQVGH.DLVHUD5HYLVWDGH2FFLGHQWHUHFRUGHPSRGLHQMXJDUYHJHPWDPEpHO
TXHGLXGH7ROOHU
(VSDxDQRWLHQHWHDWURPRGHUQR1RHVH[WUDxRTXHVHREVHUYHFRQFXULRVLGDG\DWHQFLyQ
HVH PXQGR GHVFRQRFLGR $ *HRUJ .DLVHU OH FXOWLYDQ JUDQ VLPSDWtD /RV MyYHQHV GUDPDWXUJRV
HVSDxROHVFX\DVFUHDFLRQHVWLHQHQTXHSRQHUHQHVFHQDIXHUDGH(VSDxDDSUHQGHQGHVX©*DVª
©'LH .RUDOOHª ©(O FRUDOª ©9RQ 0RUJHQV ELV 0LWWHUQDFKWª >VLF@ ©'HVGH OD PDxDQD D PHGLD
QRFKHª >@ 7DPELpQ HO HVStULWX LQTXLHWR GH 7ROOHU KD DWUDYHVDGR ORV >3@LULQHRV 1R
FRPSUHQGLGRD~Q SRU PXFKRV SRGUtDVHUHOSULPHUDXWRUUHSUHVHQWDGRHOGtDTXH(VSDxDWHQJD
WHDWUR (V UHFRPHQGDEOH FRPR OHFWXUD VX FRPHGLD ©'LH :DQGOXQJª ©/D WUDQVIRUPDFLyQª
0H]FODH[WUDxDGHLURQtD\GHVSUHFLR
3HOTXHIDDOVQDUUDGRUV.DKQYDIHQWXQDHQXPHUDFLyFRPHQWDGDGHOVTXHFUHX
PpV UHSUHVHQWDWLXV WHQLQW SUHVHQW VL VyQ R QR FRQHJXWV SHO S~EOLF OHFWRU HVSDQ\RO
&RPHQoD DPE 7KRPDV 0DQQ L XQ FXULyV FRPHQWDUL VREUH HOV FRQGLFLRQDPHQWV GH OD
VHYDUHFHSFLyD(VSDQ\D
(QWUH ORV ©URPDQFLHUVª DOHPDQHV VH HVWLPD D 7KRPDV 0DQQ FRPR HO PDHVWUR 6H
SUR\HFWDED XQD WUDGXFFLyQ DO FDVWHOODQR GHO ©=DXEHUEHUJª SHUR QR DJUDGDQ HQ HVWH SDtV ORV
WRPRVJUXHVRV>@
$XWRUVTXHWDPEpHVPHQWDLTXHGHVSUpVV¶LQFRUSRUDUDQDOVFDWjOHJVG¶DYDQoDGD
VyQ+HLQULFK0DQQ-DNRE:DVVHUPDQQ+HUPDQQ+HVVH³JHQLDOHVFULWRU´+HUPDQQ
.HVVHUL(JRQ(UZLQ.LVFK³GRWDGRFRQDOPDIUDWHUQDO´,ILQDOPHQWGHODUHFHSFLyGH
SRHVLDHQOOHQJXDDOHPDQ\DWDPEpHQGLXDOJXQDFRVD
/D WUDMHFWzULD HPSUHVDULDO L SHUVRQDO G¶8UJRLWL KRPH FODX HQ HO GHVHQYROXSDPHQW GH OD
LQG~VWULD SDSHUHUD HVSDQ\ROD GXUDQW HO SULPHU TXDUW GHO VHJOH ;; IXQGDGRU WDPEp G¶(O 6RO HO
SDUDGLJPjWLFGLDULGHOHVFODVVHVPLWMDQHVOLEHUDOVHVSRWUHVVHJXLUD0HUFHGHV&DEUHUD/DLQGXVWULDOD
SUHQVD\ODSROtWLFD1LFROiV0GH8UJRLWL0DGULG$OLDQ]D
/DSULPHUDWUDGXFFLyFDVWHOODQDG¶REUHVGUDPjWLTXHVGH7ROOHUDSDUHL[HUjD&HQLWHOHQ
XQ YROXPTXHFRQWp +LQNHPDQQL'LH 0DVFKLQHQVWUPHU &DOGLUTXH 3RVW*XHUUDG¶XQD PDQHUD PROW
PpV PDQLIHVWD TXH /D *DFHWD /LWHUDULD MD FRPSDUWLD SOHQDPHQW FRP YHXUHP DTXHVWD FUtWLFD YLVLy GH
O¶HVFHQD HVSDQ\ROD TXH H[SUHVVD .DKQ L G¶DTXt HOV VHXV HVIRUoRV SHU GRQDU D FRQqL[HU PRGHUQHV
GUDPDW~UJLHVGH5~VVLD0H\HUKROGLG¶$OHPDQ\D3LVFDWRU(OPDWHL[.DKQWDPEpDO¶DOWXUDGH
SXEOLFDUj D 5HYLVWD GH 2FFLGHQWH XQD SHUVRQDO FUzQLFD EHUOLQHVD HQ TXq OORD SDUWLFXODUPHQW O¶DFWLYLWDW
WHDWUDO GH OD FDSLWDO DOHPDQ\D TXH VHQV GXEWH D OD 0HVHWD WUREDYD D IDOWDU L SDUOD GH 5HLQKDUGW L GH
3LVFDWRU0i[LPR-RVp.DKQ³%HUOtQ´5HYLVWDGH2FFLGHQWHPDUo
/D SULPHUDHGLFLyGHODWUDGXFFLyGH0DULR9HUGDJXHUDSDUHL[HUjHOL SHUFHUWHQGRV
YROXPV-RVHS0DULDGH6DJDUUDYDGHGLFDUOODYRUVXQDUWLFOHWDODSXEOLFDFLyGH/DPRQWDxDPiJLFDTXH
SHOTXHHVYHXV¶KDYLDYHQXWEpGXUDQWOD'LDGDGHO/OLEUHG¶DTXHOODQ\DOOtGHLDTXH³VyQEDVWDQWHVOHV
SHUVRQHVTXHP¶KDQSDUODWG¶DTXHVWDREUDLP¶KDQGLW©eVPDVVDOODUJKLKDPDVVDSDSHULPDVVDOOHWUD
(PVHPEODTXHQRP¶DUULEDUjPDLHOPRPHQWGHSRGHUOROOHJLUª´Y-RVHS0GH6DJDUUD(OSHUIXPGHOV
GLHV$UWLFOHVD0LUDGRUHGLSUHVHQWDFLyGH1DUFtV*DUROHUD%DUFHORQD4XDGHUQV&UHPD
/D REUD SRpWLFD GH 6WHIDQ *HRUJH \ 5DLQHU 0DULD 5LONH VH FRQRFH \ DGPLUD HQ
SDUWLFXODUODVHJXQGDTXHVHOHHPXFKRHQIUDQFpV(OFUHFLHQWHFRQRFLPLHQWRGHOLGLRPDDOHPiQ
HQ(VSDxDKDUiSRVLEOHHOVDERUHDUHQODOHQJXDRULJLQDOODVFUHDFLRQHVGHHVWRVGRVJHQLRVGHOD
OtULFDDOHPDQD
(OVGRV~QLFVDXWRUVDOHPDQ\VTXHPHUHL[HQ DUWLFOH SURSL HQ DTXHVW Q~PHUR GH
/D *DFHWD /LWHUDULD TXH FRPHQWHP VyQ /HRQKDUG )UDQN L *HUKDUW +DXSWPDQQ $EDQV
GHO ERRP GH DYDQ]DGD HUHQ SRFV HOV HVFULSWRUV DOHPDQ\V FRQWHPSRUDQLV GHOV TXDOV
V¶KDJXpV WUDGXwW D (VSDQ\D DOJXQ OOLEUH 'H WRWHV PDQHUHV QR GHL[D GH UHVXOWDU
VLJQLILFDWLXTXHHOVGRVDXWRUVTXHVyQGHVWDFDWVDTXtIRUPHVVLQSDUWGHOFDWjOHJOLWHUDUL
G¶HPSUHVHVHGLWRULDOVYLQFXODGHVD2UWHJD+DXSWPDQQMDKHPGLWPpVDPXQWTXHKDYLD
HVWDWWUDGXwWSHU5HYLVWDGH2FFLGHQWH'H)UDQNV¶KDYLDSXEOLFDWHO/DSDUWLGD
GHEDQGROHURV'LH5lXEHUEDQGHDOD³&ROHFFLyQ&RQWHPSRUiQHD´GH&DOSH
HQDTXHVWDFROÂOHFFLyV¶KDYLDWDPEpWUDGXwWHO+HLQULFK0DQQHQFDUDGHFDGHQWLVWDGH'LH
*|WLQQHQ QRPpV 'LDQD OD SULPHUD SDUW GH OD WULORJLD QRYHOÂOHVFD GRV WtWROV GHO VHX
JHUPj SHWLW 'HU 7RG LQ 9HQHGLJ L 7ULVWDQ HQ XQ PDWHL[ YROXP L GRV GH 6FKQLW]OHU
O¶$QDWROL'HUJUQH.DNDGXWDPEpHQXQPDWHL[YROXP
$PpVG¶DOJXQDUWLFOHVREUHHOQRXDUWDOHPDQ\RVREUHOHVGDUUHUHVWHQGqQFLHVGH
ODILORVRILDD$OHPDQ\DHOQ~PHUR QR YROHPWUREDUHQHOQ~PHURFDSVLPEROLVPH
SUHPRQLWRUL GH FDS GDWD GHO SHULzGLF GH *LPpQH] &DEDOOHUR HQ HO WHUUHQ\ PpV
HVWULFWDPHQWOLWHUDULLQFORXHQFDUDXQSDUHOOGHFROÂODERUDFLRQVHQFDPLQDGHVDSRVDUDO
FRUUHQW HO OHFWRU HQ OOHQJXD HVSDQ\ROD GH OHV QRYHWDWV L GH OD VLWXDFLy JHQHUDO GH OD
OLWHUDUXUDFRHWjQLDHQOOHQJXDDOHPDQ\D6yQYLVLRQVSDQRUjPLTXHVTXHQRYDQPROWPpV
HQOOjGHODUjSLGDOOLVWDG¶DXWRUVRG¶REUHVDYXLSRWVHUHOVHXPj[LPLQWHUqVHVWLJXLHQ
FRPSURYDU TXLQV QRPV GHOV TXH DOOt HV SRQGHUHQ KDQ SDVVDW D IRUPDU SDUW GHO FjQRQ
FRQWHPSRUDQLLTXLQVQ¶KDQTXHGDWIRUD $PEUHODFLyDO¶REMHFWHSULPRUGLDOGHOQRVWUH
HVWXGL TXHGHPQRV VL GH FDV DPE DTXHVW MXGLFL VREUH 7ROOHU GH +HOOPXWK 3HWULFRQL
SULPHU RFXSDQW /XGZLJ 3IDQGO KDYLD GHFOLQDW O¶RIHULPHQW GH OD OODYRUV UHFHQWPHQW
FUHDGDFjWHGUDGHJHUPDQtVWLFDGHOD8QLYHUVLGDG&HQWUDOGH0DGULG
(UQVW7UROOHU>VLF@FX\DFHOHEULGDGVHGHEHDODLQWHUYHQFLyQTXHWXYRHQODUHYROXFLyQ
FRPXQLVWDGH%DYLHUD\~OWLPDPHQWHDODHVSOpQGLGD©PLVHHQVFHQHª>VLF@GHVXQRYtVLPRGUDPD
SRU3LVFDWRUQRWLHQHHQUHDOLGDGXQDJUDQGHRULJLQDOLGDG
7UREHPLQWHUHVVDQWSHUWDQFDUDTXHVWUHSjVDOQ~PHURTXH/D*DFHWD/LWHUDULD
GHGLFDDODFXOWXUDDOHPDQ\DLOHVVHYHVUHODFLRQVDPEO¶HVSDQ\RODLQFORXUHXQIUDJPHQW
G¶XQ DUWLFOH VLJQDW SHU O¶HVSHFLDOLVWD HQ KLVWzULD GH O¶DUW HVSDQ\RO (QULTXH /DIXHQWH
)HUUDUL 5HVXPHL[ DPE HORTqQFLD DOJXQHV FODXV G¶DTXHOO HVWqV LGHDUL
LQWHOÂOHFWXDO ILORJHUPjQLF HVWUHWDPHQW YLQFXODW D OHV WHQGqQFLHV UHJHQHUDFLRQLVWHV TXH
DPDUDYD OD UHFHSFLy KLVSjQLFD G¶DOOz DOHPDQ\ L TXH FRP VDEHP *LPpQH] &DEDOOHUR
SUHWHQGUjVXSHUDU
(VWjFODUSHUzTXHODUHFHSFLyGH+DXSWPDQQDOD3HQtQVXOD,EqULFDSRUWDYDMDXQOODUJFDPt
UHFRUUHJXWTXDQ5HYLVWDGH2FFLGHQWHHOWUDGXHL[Y0DULVD6LJXDQ/DUHFHSFLyQGH,EVHQ\+DXSWPDQQ
HQHOPRGHUQLVPRFDWDOiQ%DUFHORQD338
6iQFKH]9LJLORSFLWSUHFLVDTXHO¶HGLFLyGHH[HPSODUVV¶KDYLDSUHVVXSRVWDWHQ
SHVVHWHV/DFREHUWDSRVWHULRUGHOYROXPLQGLFDXQSUHXGHYHQGDGH¶
6FKUHLEHURSFLW
+ 3HWULFRQL ³$SXQWHV /D QXHYD OLWHUDWXUD DOHPDQD´ /D *DFHWD /LWHUDULD GH PDLJ
(QULTXH/DIXHQWH³'RVH[WUHPRVGH(XURSD(VSDxD\$OHPDQLD´/D*DFHWD/LWHUDULD
GHPDLJ
>@(VSXHVHOVLJOR;,;DTXHOHQTXHODFRUULHQWHFXOWXUDOKLVSDQRJHUPiQLFDVHKDFH
QRVyORIXHUWHVLQRSURSLDPHQWHFRQVFLHQWH$SULPHURVGHOVLJOR$OHPDQLDEXVFDEDHQ(VSDxD
ORVHOHPHQWRVFRQTXHKDFHUXQQXHYRDUWHXQDQXHYDOLWHUDWXUDEXVFDEDHQ(VSDxDXQIHUPHQWR
URPiQWLFRTXHQXHVWURSDtVKDEtDFRQVHUYDGRLQWDFWR1RVRWURVHQFDPELRGHVSHUWDQGRDOILQDO
GHO VLJOR GH XQ VHFXODU OHWDUJR SHGtDPRV D $OHPDQLD XQD QRUPD ILORVyILFD \ XQD WpFQLFD
FLHQWtILFDGHODVTXHKDEtDPRVFDUHFLGRVLHPSUH
/DYLFWRULDTXH$OHPDQLDFRQVLJXHFRQWUD)UDQFLDHQODOODPDGDJXHUUDGHOKDFHGHO
,PSHULRODSULPHUDQDFLyQGH(XURSDVHVDQFLRQDQORVSUHVWLJLRVGHVXFLHQFLDFRQODYLFWRULDGH
VX HMpUFLWR (Q YLROHQWR FRQWUDVWH (VSDxD GHVFLHQGH ORV ~OWLPRV SHOGDxRV GHO LQIRUWXQLR HQ OD
JXHUUDTXHGHVJDMDGHHOODORVUHVWRVGHQXHVWURLPSHULRFRORQLDO /DUHDFFLyQTXH VLJXLyHQHO
HVStULWX GH ORV HVSDxROHV PiV VHOHFWRV DILUPy FDGD YH] PiV OD QHFHVLGDG GH XQD UHQRYDFLyQ
FXOWXUDO HQ QXHVWUR SDtV FLHQFLD \ WpFQLFD HUDQ SUHFLVDV SDUD UHKDFHU XQD QDFLyQ \ FRPR
$OHPDQLD UHSUHVHQWDED HO PiV DOWR JUDGR HQ DPEDV $OHPDQLD IXp OD 0HFD GH QXHVWURV
LQWHOHFWXDOHVIXHQWH\HMHPSORDODYH]SDUDXQDJHQHUDFLyQTXHTXHUtDFRQVWUXLU\GLVFLSOLQDUVH
DXVWHUDPHQWHHQKRUDVGHDPDUJXUDTXHFRQHVWHLGHDOSRGtDQWHxLUVHGHXQPDWL]GHHVSHUDQ]D
,QLQWHUUXPSLGDPHQWH KDVWD KR\ $OHPDQLD HV SDUD PXFKRV HVSDxROHV HO SDtV GH OD
FLHQFLD\GHODWpFQLFDGHOWUDEDMR\GHODRUJDQL]DFLyQHOSXHEORHQVXPDFX\DVYLUWXGHVVRQ
PiV GHVHDEOHV SDUD RWUR FRPR HO QXHVWUR TXH KDELHQGR VLGR DEUXPDGRUDPHQWH JUDQGH HQ HO
SDVDGRTXLVLHUDVHUD~QJUDQGHHQHOIXWXUR
8Q GDUUHU GHWDOO HQV FULGD O¶DWHQFLy HQ DTXHVWD HQWUHJD GH /D *DFHWD /LWHUDULD
TXHFRPHQWHP$OILQDOGHODSODQDO¶~OWLPDGHGLFDGDD$OHPDQ\DG¶DTXHVWQ~PHUR
HVSHFLDO KL WUREHP XQD SHWLWD QRWD TXH VRWD HO WtWRO ³'HUHFKRV GH WUDGXFFLyQ´ GLX
UHSURGXwPOHVQHJUHWHV
3DUDORVGHUHFKRVGHWUDGXFFLyQGHWRGRVORVOLEURVDQXQFLDGRVHQHOSUHVHQWHQ~PHUR
GLULJLUVHD/D*DFHWD/LWHUDULD6HUYLFLRGHOD$JHQFH/LWWpUDLUH,QWHUQDWLRQDOH
$ODSODQDVHJHQWDSDUHL[ILQVLWRWXQDOOLVWDGHWtWROVXQSDUHOOGHIUDQFHVRV
SHUzVREUHWRWDOHPDQ\VDPEODLQGLFDFLyGHOQRPEUHG¶HGLFLRQVTXHGXXLGHOOHQJHVD
TXq V¶KD WUDGXwW FDGDVFXQ JDLUHEp WRWV SRUWHQ OD FRGD ³(VSHUDPRV RIHUWD´ 1R VDEHP
H[DFWDPHQWODSRFDRPROWDIRUWXQDTXHYDDUULEDUDIHU/D*DFHWD/LWHUDULDHQDTXHVWD
IXQFLyFRPDUHSUHVHQWDQWD(VSDQ\DG¶XQD DJqQFLDOLWHUjULDLQWHUQDFLRQDOPHVFUHLHP
TXHODFRVDQRYDWHQLUq[LWQLFRQWLQXwWDW/DLGHDGHIHWKDYLDDSDUHJXWMDGRVPHVRV
DEDQV HQ XQ DQXQFL D OD SULPHUD SODQD SHUz SRVWHULRUPHQW QR HQ WHQLP PpV
UHIHUqQFLHV DOOt HV GHLD TXH /D *DFHWD /LWHUDULD KDYLD HVWDW QRPHQDGD UHSUHVHQWDQW
JHQHUDOSHUD(VSDQ\DGHO¶DJqQFLDHQTHVWLy³TXHFRPRHVVDELGRFHQWUDOL]DWRGRHO
PRYLPLHQWR GH WUDGXFFLRQHV PXQGLDOHV GH OLWHUDWXUD´ 'H PDQHUD TXH *LPpQH]
8Q DOWUH HORTHQW WHVWLPRQL GH O¶LGHDO HGXFDWLX TXH OD GRFWD *HUPjQLD VLJQLILFDYD SHU D
DTXHOODJHQHUDFLyHOWHQLPHQOHVPHPzULHVGH)UDQFLVFR$\DODHQUHPHPRUDUHOYLDWJHLQLFLjWLFTXHHOYD
GXUD%HUOtQODWDUGRUGHHVFULX³<RQRLEDD$OHPDQLDFRQSURSyVLWRGHVHJXLUHVWXGLRVUHJXODUHV
,ED DQWH WRGR HQ EXVFD GH XQ PXQGR DMHQR \ SUHVWLJLRVR OD (XURSD D TXH WDQWR KDEtD GHVHDGR
LQFRUSRUDUVH(VSDxD>@¢4XpHUDSDUDPt$OHPDQLD"PHSUHJXQWRDKRUD(UDSRUVXSXHVWRHOFHQWURGH
OD FXOWXUD YLJHQWH UHYHUHQFLDGD SRU PLV PDHVWURV HUD HO KRJDU IHFXQGR GH WDQWDV REUDV DGPLUDEOHV \
UHVSHWDGDV GH WDQWRV VDELRV ILOyVRIRV \ FLHQWtILFRV ORV DXWRUHV GH ORV OLEURV TXH VH WUDGXFtDQ HQ ODV
FROHFFLRQHVSDWURFLQDGDVDQLPDGDVRULHQWDGDVRGLULJLGDV SRU2UWHJDHOFHQWURGHDWUDFFLyQLQWHOHFWXDO
GRQGH WRGDV QXHVWUDV PLUDGDV FRQYHUJtDQ >«@´ )UDQFLVFR $\DOD 5HFXHUGRV \ ROYLGRV 0DGULG$OLDQ]D
$TXHVWDDJqQFLDDPEVHXD3DUtVYDIXQFLRQDUGHVG¶DTXHOOILQVDO
&DSGHOHVREUHVDOHPDQ\HVDQXQFLDGHVYDVHULPPHGLDWDPHQW±QLWDQVROVDYLDW±WUDGXwGD/D
SULPHUD HQ DSDUqL[HU HQ FDVWHOOj VHUj HO 'HPLDQ GH +HVVH HO SHUz QR VHPEOD SUREDEOH TXH &HQLW
QHFHVVLWpVMD±QLTXHKDJXpVDFFHSWDW±ODPHGLDFLyGH/D*DFHWD/LWHUDULD
³,QWHUHVDQWtVLPR SDUDORVHGLWRUHVHVSDxROHV ©/D *DFHWD/LWHUDULDªUHSUHVHQWDQWHHQ(VSDxD
GH$JHQFH/LWWpUDLUH,QWHUQDWLRQDOH´/D*DFHWD/LWHUDULDGHPDUo
&DEDOOHUR D TXL HQ UHDOLWDW KR KHP YLVW PpV DPXQW PROHVWDYD OD SUHVqQFLD GH WRWD
OLWHUDWXUD HVWUDQJHUD SDUDGR[DOPHQW KDXULD YROJXW FRQWURODU HO PHUFDW GH WUDGXFFLRQV
³7RGRHGLWRUDXWRUWUDGXFWRUSURSLHWDULRGHSHULyGLFRTXHGHVHHWUDGXFLUDOJ~QOLEUR
H[WUDQMHUR DO HVSDxRO R DOJ~Q OLEUR HVSDxRO HQ OHQJXD H[WUDQMHUD GHEHUi GLULJLUVH D
QXHVWUR GRPLFLOLR´ $TXHVWD SULPHUD ³OLVWD GH OLEURV HQ RIHUWD GH WUDGXFFLyQ´ TXH HV
GRQDYD HUD HVFRUDGDPHQW IUDQFzILOD /D PDMRULD DXWRUV DYXL REOLGDWV $OJXQ WtWRO
SRUWDYD FXULRVHV LQGLFDFLRQV FRP DUD ³&RQYLHQH VREUH WRGR D HGLWRU FDWyOLFR´ R
WDPEp ³1RYHOD DQWLEROFKHYLTXH 1RYHOD HVSHFLDO SDUD IROOHWyQ GH SHULyGLFRV´ &RP
YHLHPODLQLFLDWLYDGHYLDIUDFDVVDUDOPHQ\VSHUXQFODUPRWLXHQDTXHOODHWDSDILQDOGH
OD'LFWDGXUDGH3ULPRHOS~EOLFOHFWRUHQOOHQJXDHVSDQ\RODWHQLDXQHVH[SHFWDWLYHV±WRW
LTXHHQFDUDQRSOHQDPHQWPDQLIHVWHV±GHOWRWGLIHUHQWV0HQWUH3RVW*XHUUDFRPKHP
YLVWLHQFDUDYHXUHPFRPEDWLDODWUDGLFLRQDOVXSUHPDFLDGHOHVOOHWUHVJDOÂOHVLDSRVWDYD
SHU OD OLWHUDWXUD SURJUHVVLVWD LQWHUQDFLRQDO /D *DFHWD /LWHUDULD RIHULD OD WUDGXFFLy
G¶DXWRUV IUDQFHVRV UHDFFLRQDULV (Q DTXHVW FDPS DPE O¶q[LW LPPLQHQW L URWXQG GH OHV
HGLWRULDOV G¶DYDQoDGD OD GHUURWD GH O¶zUJDQ GH *HFp SHU SDUW GH OD VHYD PRGHVWD ULYDO
ERO[HYLW]DQWVHULDEHQDYLDWLQFRQWHVWDEOH
-DKHPGLWPpVDPXQWTXHQRSRGtHPDTXtSURSRVDUQRVXQHVWXGLGHWDOODWGHOD
UHFHSFLyJOREDOGHOLWHUDWXUDDOHPDQ\DD/D*DFHWD/LWHUDULD+HPLQWHQWDWFRQqL[HUOD
SHUVRQDOLWDW LQWHOÂOHFWXDO GHO VHX IXQGDGRU L FRPSDUDU FRQWUDVWLYDPHQW HOV VHXV
SODQWHMDPHQWV DPE HOV TXH SUHVHQWDYD 3RVW*XHUUD L TXH GHVSUpV HQFDUQDUDQ OHV
HGLWRULDOVGHDYDQ]DGD(QVKHPFHQWUDWVREUHWRWHQHOVSULPHUVDQ\VGHOSHULzGLFGHIHW
HOV PpV FDUDFWHUtVWLFV GLQjPLFV L UHSUHVHQWDWLXV L DL[z QR QRPpV SHUTXq FRLQFLGHL[HQ
DPEHOVPHVRVTXH3RVW*XHUUDYDVHUFDSDoGHVRUWLUDOFDUUHUVLQyWDPEpSHUTXqHUD
OODYRUVTXDQIHQWXQMRFGHSDUDXOHVOD*DFHWDHUDPpV*HFHWD3HUzGLWDL[zQRVHULD
MXVWGHL[DUG¶HVPHQWDUDTXtTXHODSRVWHULRUODERUHGLWRUDGHDYDQ]DGDWDQWSHOTXHIDD
WUDGXFFLRQV GH O¶DOHPDQ\ FRP D OD VHYD SURGXFFLy HQ JHQHUDO YD FRPSWDU DPE XQ
FRQVLGHUDEOHVHJXLPHQWDOHVSODQHVGH/D*DFHWD/LWHUDULD$TXHVWSURFpVV¶LQWHQVLILFD
FDS D TXDQ GH IHW HUD LPSRVVLEOH TXH XQD SXEOLFDFLy G¶LQIRUPDFLy OLWHUjULD L
HGLWRULDO LJQRUpV HO ERRP G¶DYDQoDGD 7DPEp pV OODYRUV UHFRUGHP TXDQ /D *DFHWD
/LWHUDULD SDVVD D SHUWjQ\HU D OD &,$3 L D VHU FRGLULJLGD SHU 6DLQ] 5RGUtJXH] GLUHFWRU
OLWHUDULGHOFRQVRUFLHGLWRU$TXHVWDHPSUHVDDPEFDSLWDOGHGUHWHVSHUzILGHODOQRQROHW
GH 9HVSDVLj QR HVWDYD GLVSRVDGD D TXHGDU IRUD GHO QHJRFL GH OHV SXEOLFDFLRQV
SURJUHVVLVWHV TXH LQXQGDYHQ HO PHUFDW L D WDO HIHFWH YD FUHDU (GLFLRQHV +R\ FRP D
PDUFDDSDUHQWPHQWLQGHSHQGHQW$OFDSGDYDQWLDPESOHQDOOLEHUWDWGHWULDLGHFLVLyKL
YDSRVDUQLPpVQLPHQ\VTXHD-XDQ$QGUDGHTXHKDYLDGHL[DW&HQLW7RWDL[zH[SOLFD
SHUIHFWDPHQW TXH OHV REUHV G¶(GLFLRQHV +R\ IRVVLQ DQXQFLDGHV L UHVVHQ\DGHV D /D
*DFHWD /LWHUDULD SHUz WDPEp H[HPSOLILFD HQ FHUWD IRUPD OD YLFWzULD UHWDUGDGD GHOV
SUHVVXSzVLWV HVWqWLFRLGHROzJLFV TXH 3RVW*XHUUD KDYLD IRUPXODW MD HO TXDQ HO
SDQRUDPD SROtWLF L HGLWRULDO HVSDQ\RO QR IHLD SUHYHXUH IjFLOPHQW O¶HFORVLy GH OLWHUDWXUD
FRPSURPHVD TXH HOV DQ\V SRVWHULRUV KDYLD G¶RFXSDU OHV OOLEUHULHV $ O¶(VSDQ\D TXH
HQFHWD OD GqFDGD GHOV WUHQWD OHV WHQGqQFLHV SURJUHVVLVWHV L G¶HVTXHUUHV HVWDQ JXDQ\DQW
FODUDPHQWODEDWDOODFXOWXUDOHQWRWDL[zHOVSRVWJXHUULDQVKLMXJDUDQQRVRODPHQWXQ
SDSHUSUHFXUVRUVLQyWDPEpXQGHFRQVROLGDFLy
3HU D XQD YDORUDFLy GH OD FXOWXUD HVSDQ\ROD G¶HVTXHUUHV HQ HOV SULPHUV FRPSDVVRV HOV TXH
FRQWHPSOHP SUzSLDPHQW HQ HO SUHVHQW WUHEDOO GHOV DQ\V WUHQWD FRQYp HQFDUD SDUWLU GH OD LQWHUHVVDQW L
FRPEDWLYD REUD 9tFWRU )XHQWHV /D PDUFKD DO SXHEOR HQ ODV OHWUDV HVSDxRODV SUzO G¶0
7XxyQGH/DUD0DGULG(GLFLRQHVGHOD7RUUHGHO¶LPSRUWDQWHVWXGLLDQWRORJLD&KULVWRSKHU+
&REE /D FXOWXUD \ HO SXHEOR (VSDxD %DUFHORQD /DLD L GHO UHLYLQGLFDWRUL UHFXOO
3ODQDJUjILFD
3RUWDGDGLVVHQ\DGDSHU0DURWRGHOSURVSHFWHSXEOLFLWDUL
TXHDQXQFLDYDDILQDOVGHODVRUWLGDGH/D*DFHWD/LWHUDULD
LPDWJHREWLQJXGDGHODUHSURGXFFLyDQDVWjWLFDGHOSHULzGLFHGLWDGDHO
3ODQDJUjILFD
3XEOLFDFLyQ~P,,,TXHHQODVHYDFREHUWDPRVWUDXQDLPDWJH
GHOD3ODoDGH6DQW-DXPHHOGHPDUoGHGXUDQWOD©YLVLWDGHOVLQWHOÃOHFWXDOVFDVWHOODQVª
3ODQDJUjILFD
3ULPHUDSODQDGHOQ~PHURGH/D*DFHWD/LWHUDULD
LPDWJHREWLQJXGDGHODUHSURGXFFLyDQDVWjWLFDGHOSHULzGLFHGLWDGDHO
3ODQDJUjILFD
'RVGHWDOOVSXEOLFLWDULVDODSODQDGHOQ~PHURGH/D*DFHWD/LWHUDULD
LPDWJHVREWLQJXGHVGHODUHSURGXFFLyDQDVWjWLFDGHOSHULzGLFHGLWDGDHO
/DOLWHUDWXUDLQWHUQDFLRQDOLO¶HQTXDGUDPHQWGHODUHYLVWD
&RQWUD OD WHQGqQFLD HOLWLVWD TXH UHSUHVHQWD 5HYLVWD GH 2FFLGHQWH L FRQWUD OD
WHQGqQFLD G¶DYDQWJXDUGLVPH QHRFDVWtV TXH UHSUHVHQWD *HFp 3RVW*XHUUD EXVFDUj XQD
GLUHFFLy HQ OD OLWHUDWXUD TXH VLJXL DOKRUD FRVPRSROLWD L SRSXODU 3RVW*XHUUD pV XQD
UHYLVWDDPEYRFDFLyG¶REULUVHDODOLWHUDWXUDLQWHUQDFLRQDODPEYRFDFLyG¶REULUODFURVWD
GHO 0DGULG GH 3ULPR D FHUWHV LQIOXqQFLHV FXOWXUDOV L LGHROzJLTXHV SURYLQHQWV GH
O¶H[WHULRU$TXHVWDYROXQWDWUHFHSWRUDDUULEDUjDODVHYDSOHQLWXGDPEODSRVWHULRUODERU
HGLWRULDO G¶DOJXQV SRVWJXHUULDQV HQ OD TXDO OD WDVFD GH WUDGXFFLy WLQGUj XQ SDSHU
IRQDPHQWDO$EDQVSHUzDOHVSODQHVGHODUHYLVWDHVYDIRUMDQWXQDGHWHUPLQDGDYLVLy
GHO SDQRUDPD OLWHUDUL FRQWHPSRUDQL ±WDQW HVSDQ\RO FRP LQWHUQDFLRQDO± HQ YLUWXW GH OD
TXDOODSRVWXUDFtYLFRLGHROzJLFDGHFDGDDXWRUFRQGLFLRQDUjHQRUPHPHQWHOWUDFWDPHQW
FUtWLFTXHVHOLGLVSHQVL
(OPHVWUDWJHGH%DUEXVVH
$L[tFRPGHOHVSODQHVGH/D*DFHWD/LWHUDULDVRUJLDFRPDUHIHUHQWLQWHOÂOHFWXDO
SUHGLOHFWHODILJXUDGH0DULQHWWL³JUDQKLVWULyQIDVFLVWD´HOGHILQLUj3RVW*XHUUDD
D OHV SODQHV GH OD QRVWUD JDVHWD DTXHVW OORF SUHHPLQHQW O¶RFXSDUj VHQV GXEWH +HQUL
%DUEXVVH 1DVFXW HO JHQHUDFLRQDOPHQW GRQFV PpV SURYHFWH TXH HOV SRVW
JXHUULDQV HO IDPyV SDFLILVWD IUDQFqV UHSUHVHQWD SHU D 3RVW*XHUUD O¶HQFDUQDFLy G¶XQ
JUDQ PHVWUH GH OD LQWHOÂOHFWXDOLWDW LQWHUQDFLRQDO G¶HVTXHUUHV )LQV L WRW TXDQ HV SRVD
PDODOW³+HQUL%DUEXVVHHQIHUPR´HOOHFWRUGHODUHYLVWDQ¶HVWjDOFRUUHQW
(O WHOpJUDIR QRV KD FRPXQLFDGR HVFXHWDPHQWH OD QRWLFLD GH TXH +HQUL %DUEXVVH HO
JHQLDODXWRUGH /H )HX \GLUHFWRUGH 0RQGHVHHQFXHQWUD HQIHUPRGHDOJXQDFRQVLGHUDFLyQHQ
5XVLD
$XQTXH VDEHPRV TXH QXHVWUR TXHULGR DPLJR QR JR]D HQ JHQHUDO GH EXHQD VDOXG
HVSHUDPRV TXH YHQ]D OD HQIHUPHGDG TXH OH DTXHMD \ SURQWR VH UHLQWHJUH GH QXHYR D VX WUDEDMR
OLWHUDULR\DVXDFWLYLGDGSROtWLFD
+HQUL %DUEXVVH HV HO PDHVWUR GH WRGD OD MRYHQ JHQHUDFLyQ HXURSHD TXH KD YLVWR ORV
KRUURUHV GH OD JUDQ JXHUUD 5HSUHVHQWD PiV DFHUWDGDPHQWH TXH QDGLH OD SURWHVWD FRQWUD OD
UHDFFLyQHQWRGDVVXVIRUPDV(VHOPDHVWURLQGLVFXWLEOHGHWRGRVDTXHOORVTXHOXFKDQ\GHVHDQ
XQD +XPDQLGDG EDVDGD HQ OD IUDWHUQLGDG OR FXDO VRODPHQWH HV SRVLEOH FRQ OD LJXDOGDG
HFRQyPLFD>@
4XHOOXQ\TXHGDUjHOSUHVHQWSDQHJtULFGHOSRVWHULRUUHWUDWGH%DUEXVVHTXHHQV
GHL[DUj *RUNLQ HQ OHV VHYHV PHPzULHV (O UHYROXFLRQDUL YDOHQFLj TXH DVVHJXUD
$TXHVWIHWMDKDHVWDWDVVHQ\DODWDQWHULRUPHQWSHUODFUtWLFDTXHV¶KDRFXSDWGH3RVW*XHUUDY
-RVp 0DQXHO /ySH] GH $ELDGD ³$FHUFDPLHQWR DO JUXSR HGLWRULDO GH 3RVW*XHUUD ´
,EHURURPDQLDSULPDYHUD
Y*RUNLQRSFLW
KDYHU FRQHJXW SRFV HVFULSWRUV HVWUDQJHUV ³WDQ GH FHUFD \ D IRQGR FRPR D +HQUL
%DUEXVVH´±LFHUWpVTXHHQYDWUDFWDUXQDFROOD±HOSLQWDDPEHOGRORUGHTXLV¶KDVHQWLW
HVWDIDWSHUzVHQVHUDQF~QLDFRPXQLGHDOLVWDGHFDUjFWHUGqELOSUHVDGHODYDQLWDWLG¶XQ
IRF KRPRHUzWLF TXH HV YD DQDU FRQYHUWLQW PpV L PpV HQ HO VLPSOH WLWHOOD G¶XQ DSDUHOO
HVWDOLQLVWD TXH HO PDQLSXODYD GHVFDUDGDPHQW D FDQYL GH SURFXUDUOL PDVFOHV HVODXV
1RVDOWUHVQRHVPHQWHPDL[zDTXtFRPXQDVLPSOHDQqFGRWDGHVDIDUHLJOLWHUDULVLQyFRP
D PRVWUD SDUDGLJPjWLFD GH OHV HQRUPHV ±L VRYLQW WUjJLTXHV± GHFHSFLRQV TXH FDS D
O¶DOWXUD GH HVSHUDYHQ HQFDUD DOV SRVWJXHUULDQV L D WDQWV L WDQWV LQWHOÂOHFWXDOV
HXURSHXV G¶HVTXHUUD $TXHVW pV XQ IHW TXH FRQVWDQWPHQW HQV VXUW D O¶HQFRQWUH TXDQ
HVWXGLHP DTXHVWD qSRFD LQFOHPHQW DO YROWDQW GHOV DQ\V L OHV ELRJUDILHV GHOV VHXV
SURWDJRQLVWHV OD EUXWDO GLVWjQFLD HQWUH HOV LGHDOV JHQHURVRV TXH O¶LQVSLUDYHQ L
O¶HVFODIDGRUDUHDOLWDWTXHV¶DFDEDYDLPSRVDQW
%DUEXVVHHUDXQDXWRUIDPLOLDUDOOHFWRUHVSDQ\ROMDGHVGHODVHJRQDGqFDGDGHO
VHJOH SULQFLSDOPHQW D WUDYpV GH OHV WUDGXFFLRQV HGLWDGHV SHU &DUR 5DJJLR &HQLW
SRVWHULRUPHQWHQUHHGLWDUjDOJXQVWtWROVDPEQRYHVWUDGXFFLRQVLQ¶HGLWDUjG¶DOWUHVGH
QRXV±LQFORVDODVHYDKDJLRJUDILDGH6WDOLQ/¶q[LWHQFDVWHOOjGH/H)HXDQWLFLSDO¶q[LW
SRVWHULRUGHODQRYHOÂOtVWLFDDOHPDQ\DGHFDODPLWDWVEqOÂOLTXHV$OHVSODQHVGH3RVW
*XHUUDHOPHVWUDWJHGH%DUEXVVHHVIDQRWRULMDHQHOQ~PHQXQLQWHUHVVDQWWH[WOD
UHYLVWD HO SUHVHQWD H[WUDFWDW TXH O¶HVFULSWRU KDYLD GLULJLW ³D ORV LQWHOHFWXDOHV GH OD
$PpULFD+LVSDQD´³(OSUHVHQWH\HOSRUYHQLU´HVFULWHQXQHVWLOTXHWHQGHL[DXQ
FHUW OLULVPH SHUz DOKRUD DPE YROXQWDW FODULILFDGRUD DERUGD DOJXQV GHOV WHPHV FODX HQ
O¶HVIHUDGHSUHRFXSDFLRQVGHOVSRVWJXHUULDQVLHQHVSHFLDOHOGHOSDSHUGHO¶LQWHOÂOHFWXDO
HQ OD VRFLHWDW $O FRPHQoDPHQW WUREHP XQD VtQWHVL GLDJQzVWLFD GHOV WUHWV TXH
FDUDFWHULW]HQO¶qSRFD
$QWH WRGR ¢GyQGH HVWDPRV" (VWDPRV HQ XQD pSRFD GH HQRUPH SURJUHVR PDWHULDO \ DO
PLVPR WLHPSR GH TXLHEUD XQD pSRFD GH GHVFRPSRVLFLyQ GH WpUPLQR GH XQ SHUtRGR GH
FLYLOL]DFLyQ
(ODUWH\ODOLWHUDWXUDVRQYtFWLPDVGHHVDGHFDGHQFLDFRPRWRGDVODVPDQLIHVWDFLRQHVGH
OD YLGD DEXQGDQFLD FDyWLFD FXOWR GHO GHWDOOH DUJXFLDV DQiOLVLV TXLQWDHVHQFLDGRV VtQWHVLV
LQFRPSOHWDV FRQWUDGLFFLRQHV UHQDFLPLHQWRV GH YLHMDV VXSHUVWLFLRQHV LJQRUDQFLD FRQIXVLyQ
GHVRUGHQ \ WDPELpQ REMHWLYDPHQWH H[SORWDFLyQ D OD DPHULFDQD XVDGD SRU HPSUHVDULRV
*RUNLQQRSHUWDQ\LDDOJUXSHGLWRUGH3RVW*XHUUDSHUzHOIHWTXHVLJXLGHVGHOVHXH[LOLD
)UDQoD XQ GHOV SULQFLSDOV FROÂODERUDGRUV GH OD UHYLVWD L DL[z XQLW DO GHVWDFDW SDSHU G¶DJHQW OLWHUDUL TXH
WLQGUjHQHOPyQHGLWRULDOGHDYDQ]DGDIDTXHQRVDOWUHVDTXtHOFRQVLGHUHPWDPEpXQSRVWJXHUULj
5DIDHO &DUR 5DJJLR KDYLD IXQGDW OD VHYD HGLWRULDO D 0DGULG HO ,GHQWLILFDGD DPE HO
ORJRWLSG¶XQDYLQ\HWDTXHUHSURGXwDO¶(UDVPXVGH+ROEHLQO¶HPSUHVDGHOSDUHGH-XOLR&DUR%DURMDWUREj
HQ%DUEXVVHXQGHOVSLODUVGHOVHXq[LWIRQDPHQWDWWDPEpHQO¶HGLFLyGHOHVREUHVGH3tR%DURMDFXQ\DWGH
O¶HGLWRU
6HJRQV*RUNLQRSFLW%DUEXVVHYDWHQLUXQDXWqQWLFDWDFGHJHORVLDGDYDQWO¶q[LWGH
5HPDUTXH ³>«@ < FRQWULEXt D HYLWDUOH DOJ~Q TXH RWUR PDO SDVR 3RU HMHPSOR HO IXOPLQDQWH p[LWR GH
5HPDUTXHFRQ6LQQRYHGDGHQHOIUHQWHOHKL]RSHUGHUORVHVWULERV©/DEXUJXHVtDPXQGLDO\VXFRKRUWHGH
SOXPtIHURVTXLHUHQTXHVHDpVDODJUDQQRYHODGHODJXHUUDFRQHOILQGHRSRQHUODD(OIXHJR±PHGLMRHQ
WRQRSDWpWLFR±'HEHPRVGHIHQGHUPLREUDFRQWUDHVDFRQVSLUDFLyQ+D\TXHFRQVWLWXLUJUXSRVGH$PLJRV
GH(OIXHJRHQORVGLYHUVRVSDtVHV¢1RFUHHTXHKD\TXHUHODQ]DUPLQRYHODIUHQWHDODGH5HPDUTXH"ª
>@ /H KDEOp FRQ FUXGD IUDQTXH]D \ OR GLVXDGt GH OOHYDU DGHODQWH HO GHVFDEHOODGR SURSyVLWR´ /D QRYD
HGLFLyTXHWUHXUj&HQLWDFRPHQoDPHQWVGHG¶(OIXHJR'LDULRGHXQDHVFXDGUDFRPSWDUjDPEXQ
³3UyORJRHVSHFLDOGHODXWRUSDUDHVWDHGLFLyQ´HQHOTXDO%DUEXVVHPpVRPHQ\VVXEWLOPHQWYHDGLUTXH
HOOHVYDDYDQoDUPpVG¶XQDGqFDGDD5HPDUTXHDOTXDOIDREHUWDPHQWUHWUHWVGHFDUjFWHULGHROzJLF³PH
SHUPLWLUp FRPR OHFWRU GH 5HPDUTXH GHSORUDU TXH GHVSXpV GH GRFH DxRV VX LQIRUPH UHDOLVWD VHD WDQ
WtPLGR HQ OR TXH VH UH>IL@HUH D ODV SURORQJDFLRQHV GH OD WRUPHQWD GH \ DO VHQWLGR GH OD OXFKD TXH
WRGRV ORV KRPEUHV KRQUDGRV TXH WRGRV ORV TXH YHQ FODUR \ SLHQVDQ MXVWR GHEHQ VRVWHQHU FRQWUD OD
UHSHWLFLyQGHOGHVDVWUH´
FRPHUFLDOHVQRVRODPHQWHSDUDHOOLEURVLQRWDPELpQSDUDRWURVPHGLRVS~EOLFRVGHUHDOL]DFLyQ
DUWtVWLFDHOWHDWURHODQXQFLRHO©PXVLFKDOOªODUDGLR
(O GHVHQYROXSDPHQW GHO TXH DYXL DQRPHQHP FXOWXUD GH PDVVHV VXSRVDYD HQ
HIHFWHXQDJUDQLGHILQLGRUDQRYHWDWHQHOSDQRUDPDFXOWXUDOGHOHVSULPHUHVGqFDGHVGHO
VHJOH ;; 8Q IHW LQFRQWURODEOH LPSUHYLVLEOH GHVHVWDELOLW]DGRU TXH DIHJLD FRQIXVLy D
XQDqSRFDLQHVWDEOH/HVJUDQVLGHRORJLHVHQIURQWDGHVLHOVGLYHUVRVWRWDOLWDULVPHVTXH
JHQHUDUDQ YROGUDQ FDQDOLW]DU DTXHVWHV HQHUJLHV SRVDQW DO VHX SURSL VHUYHL HOV QRXV
PLWMDQV L GRWDQWORV G¶XQ PLVVDWJH SRGHUyV FDSDo GH VXSHUDU OD FRQIXVLy L OD FULVL GH
YDORUV 3HU D %DUEXVVH OHV PHQWV PpV LQTXLHWHV GHO GLD EXVTXHQ HQ HOV SULQFLSLV
PDU[LVWHVODOOXPTXHSRWDFODULUQRVHQTXLQSXQWHQVWUREHPLFDSDRQKHPG¶DQDU(O
PDU[LVPHpVWHRULDLSUD[LLGHRORJLDLDFFLy/¶H[SUHVVLyDUWtVWLFDLOLWHUjULDQRKDG¶HVWDU
GRQFV GLYRUFLDGD GH OD UHDOLWDW QL WDQFDGD HQ XQ PyQ DEVWUDFWH L RQtULF /¶HVSHULW
SDUWLFLSD WDPEp HQ OD WUDQVIRUPDFLy GHO PyQ UHDO 'LW DPE XQHV SDUDXOHV TXH HQV
UHFRUGHQ OHV GH %DOERQWtQ ³(O HVStULWX WRPD OD GHODQWHUD WUD]D ODV SHUVSHFWLYDV
SUHSDUD ORV FDPLQRV UHQXHYD ORV VHQWLPLHQWRV \ GHELOLWD R DILUPD ODV FRQYLFFLRQHV
$SRUWD XQD FODULGDG \ XQD FHUWLGXPEUH 7DO HV HO VHQWLGR GH QXHVWUR PDWHULDOLVPR
OLWHUDULR\DUWtVWLFR´
8QWHPDTXH%DUEXVVHWDPEpWUDFWDDTXtDPEFHUWDH[WHQVLypVHOGHODGLFRWRPLD
LQGLYLGXVRFLHWDW 7RW L TXH pV FRQVFLHQW GHO GRJPDWLVPH TXH VXSRVD ±FRP IDQ DOJXQV
TXH DEXVHQ GH 0DU[± SUHWHQGUH QHJDU O¶LQGLYLGX ³FpOXOD UHDO GH OD KXPDQLGDG´
%DUEXVVHGHL[DFODUTXHHQHOPRPHQWSUHVHQWO¶HVFULSWRUKDGHIHUHOSDVTXHYDGHOMRDO
QRVDOWUHV ³HQ OD KRUD DFWXDO HO LQGLYLGXDOLVPR QRV LQWHUHVD PHQRV TXH HO FRQMXQWR \
GHMDPRV OR SDUWLFXODU SDUD FRQVDJUDUQRV D OR FROHFWLYR´ $TXHVW pV XQ SXQW HQV SRW
UHFRUGDUOHVREVHUYDFLRQVGH%HQMDPLQHQO¶DUWLFOHPpVDPXQWFRPHQWDWTXHVHQVGXEWH
UHVXOWDLPSRUWDQWHQODFRQILJXUDFLyGHOVPRGHOVOLWHUDULVSUHGRPLQDQWVD3RVW*XHUUDL
D OHV HGLWRULDOV GHULYDGHV &RQVWDWHP WDPEp TXH HO IRQV OtULF L PRUDO GHO GLVFXUV
LGHROzJLF EDUEXVVLj HQFDL[D IRUoD DPE HO WR G¶DOJXQV HVFULWV GH SURGXFFLy SRVW
JXHUULDQD
(OLQGLYLGXRODDYHQWXUDSHUVRQDOKDQUHLQDGRKDVWDDKRUDHQODOLWHUDWXUD\HQHODUWH(V
KRUD SXHVGH PLUDUDRWUD SDUWH(VQHFHVDULRFHVDUGHGDUYXHOWDVDOUHGHGRUGHOHVStULWX \GHO
FRUD]yQ LQGLYLGXDOHV HVWR HV KD\ TXH GHMDU D XQ ODGR ORV VROLORTXLRV \ ORV DQiOLVLV
LQWURVSHFWLYRVHODVXQWRHVSHFLDOGHOVHxRU;\GHODVHxRUD<GHO\R\GHOW~>@
7DOHV VRQ ODV UD]RQHV SRU ODV FXDOHV HO KRPEUH KRQHVWR TXH TXLHUH SHQVDU GHEH
DUUDQFDUVHHOFXOWRVLQIRQGR\VLQVHQWLGRGHFDGDXQR\RULHQWDUVHKDFLDODFDXVDGHWRGRV
<DQRHVKRUDGHSHUGHUVHHQGLVFXVLRQHVVXWLOHVQLGHGHVFXEULURFROHFFLRQDUPDWLFHV
(VQHFHVDULRDSDUWDUVHGHWRGDPLWRORJtD1XHVWURGHEHUHOGHWRGRVORVLQWHOHFWXDOHVHVFULWRUHV\
DUWLVWDV WUDEDMDGRUHV GH SURIHVLRQHV OLEHUDOHV HV HO GH ERUUDU WRGRV HVRV VRILVPDV \ WRGDV HVDV
ORFXUDVHQODVFXDOHVODPLVHULDKXPDQDKDHVWDGRVXPLGD1HFHVLWDPRVDFODUDUODFRQFLHQFLDGH
ORV GHVKHUHGDGRV SDUD TXH FRQIRUPHQ VXV DFWRV D OD UD]yQ \ D VXV LQWHUHVHV YLWDOHV 'HEHPRV
H[SUHVDU FODUDPHQWH HO DFXHUGR OXPLQRVR GH OD YROXQWDG GH ODV PXFKHGXPEUHV FRQ HO RUGHQ
QDWXUDOGHODVFRVDV\FRQHOGHUHFKRDODYLGD
/¶DUWLFOH DFDED FRP XQD LQWHUQDFLRQDOLVWD FULGD D O¶DSURSDPHQW HQWUH
LQWHOÂOHFWXDOVLWUHEDOODGRUVDODOOXLWDFRQWUDODLGHRORJLDUHDFFLRQjULDLDOIRPHQWGH³OD
HFORVLyQ GH XQ DUWH FROHFWLYR´ SXQWV EjVLFV GRQFV GHO SURJUDPD GH 3RVW*XHUUD /D
QRVWUD UHYLVWD SRGUtHP GLU TXH WDPEp YD IHU VHX G¶DOJXQD PDQHUD HO SURJUDPD GH
0RQGH (O YLYtVVLP LQWHUqV DPE TXq DQXQFLD OD LPPLQHQW DSDULFLy GHO
VHWPDQDULD3DUtVGHQRWDTXHILQVLWRWDEDQVGHVRUWLUHOFRQVLGHUDMDXQUHIHUHQWFRPVL
0RQGHIRVODSXEOLFDFLyLGHDOTXH HOVSRVWJXHUULDQVGHVLWMDULHQIHU$OJXQVGHOVQRPV
TXHV¶DQXQFLHQHQODOOLVWDGHFROÂODERUDGRUVVHUDQDYLDWDXWRUVWUDGXwWVHQOHVHGLWRUDOV
G¶DYDQoDGD 5RPDLQ 5ROODQG 3DQDLW ,VWUDWL 0DNVLP *RUNL 8SWRQ 6LQFODLU -RKQ 'RV
3DVVRV R /HRQKDUG )UDQN /D OODUJD QRWD LQIRUPDWLYD TXH 3RVW*XHUUD OL GHGLFD
DVVHJXUDTXH0RQGHVHUjXQDSXEOLFDFLyFXOWXUDO³DEVROXWDPHQWHLQGHSHQGLHQWH´SHUEp
TXH QR SDV QHXWUDO HQ OD EDWDOOD TXH HV OOLXUD HQWUH ³ODV IXHU]DV GHO SDVDGR \ ODV GHO
SRUYHQLU´ (OV SXQWV SULQFLSDOV GHO VHX SURJUDPD HV FRUUHVSRQHQ H[DFWDPHQW DPE OHV
SULRULWDWVTXHGHILQLD%DUEXVVHDOILQDOGHO¶DUWLFOHVXDUDFRPHQWDW,QFORXHQXQVGHVLJQLV
HVWqWLFV TXH HQ OD SURSHUD GqFDGD FHUWDPHQW HOV JUDQV WRWDOLWDULVPHV HQIURQWDWV
FRLQFLGLUDQ G¶DOJXQD PDQHUD D IHU VHXV 0RQGH ³FRPEDWLUi HO LQGLYLGXDOLVPR
LQWUDQVLJHQWH HQ OD SURGXFFLyQ DUWtVWLFD \ OLWHUDULD \ OH RSRQGUi ORV HOHPHQWRV WRGDYtD
GLVSHUVRV \ YDFLODQWHV GH XQ DUWH UREXVWR \ VDQR TXH UHFRJH VX IXHU]D GH ODV
SURIXQGLGDGHV SRSXODUHV´ 3RVW*XHUUD WDQFD OD QRWD FRQYLGDQW HOV VHXV OHFWRUV D
VXEVFULXUH¶V³DHVWHJUDQyUJDQR´
(QHOQ~PHURVHJHQWGHODQRVWUDJDVHWDHOFRUUHVSRQHQWDMXOLROGHXQD
DOWUDQRWDHQVLQIRUPDDPELGqQWLFHQWXVLDVPHGHODVRUWLGDDOFDUUHUGHOSULPHU
Q~PHURGH0RQGH(OQRXzUJDQFXOWXUDOGHOD7HUFHUD,QWHUQDFLRQDODL[zQRHVGLXHQ
FDSPRPHQWSHOTXHHVYHXWpDOJXQHVVHFFLRQV³/LEURV´³3DQRUDPD´TXHHVGLULHQ
LQVSLUDGHV HQ OHV GH OD PRGHVWD 3RVW*XHUUD 3HU DOWUD EDQGD GHO FRQWLQJXW G¶DTXHVW
Q~PHUR LQDXJXUDO HQV FULGD O¶DWHQFLy OD SUHVqQFLD G¶XQ WH[W GH 3LVFDWRU WLWXODW ³7HDWUR
SROtWLFR´ WH[W ±R VL PpV QR XQ G¶LGqQWLF WtWRO± TXH SRGUHP OOHJLU GXHV SODQHV PpV
HQGDYDQW HQ DTXHVW Q~PHUR GH 3RVW*XHUUD (O ILQDO GH OD QRWD UHIRUoD HQFDUD
DTXHVWDGHFODUDGDHPSDWLDHQWUHDPEGXHVSXEOLFDFLRQV
6DOXGDPRV FRUGLDOPHQWH D 0RQGH HQWUH FX\RV FRODERUDGRUHV ILJXUDQ DOJXQRV
FRPSDxHURV QXHVWURV GH 5HGDFFLyQ \ OH GHVHDPRV XQD SUyVSHUD \ ODUJD YLGD SDUD ELHQ GHO
PRYLPLHQWRDYDQ]DGRLQWHUQDFLRQDO
3RVW*XHUUDHQWUHODILOLDFLyLODLQGHSHQGqQFLDSROtWLFD
(QGHIHFWHG¶XQDLQYHVWLJDFLyPpVH[KDXVWLYDO¶~QLFSRVWJXHUULjTXHHQVFRQVWD
TXH YD FROÂODERUDU D 0RQGH YD VHU -XOLiQ *RUNLQ &UHLHP LQWHUHVVDQW DSRUWDU DTXt
QRYDPHQW HO VHX WHVWLPRQL SRVWHULRU G¶LQWHOÂOHFWXDO G¶HVTXHUUHV FUtWLF DPE O¶HYROXFLy
EXURFUjWLFRWRWDOLWjULDGHOD5HYROXFLy6RYLqWLFDXQDHYROXFLyTXHHO±WRWLTXHQR
HQFDUDDPEWRWDODVHYDFUXHVD±HUDMDYLVLEOH
%DUEXVVHYDGLULJLU0RQGHGHVGHODVHYDVRUWLGDDOFDUUHUHOMXQ\GHILQVDODPRUWGH
O¶HVFULSWRUO¶DJRVWGHGXUDQWXQDYLVLWDDO¶8566HOVHWPDQDULFRPXQLVWDHOYDVREUHYLXUHDSHQHVXQ
SDUHOOGHPHVRV
$OWUHVDXWRUVHQOOHQJXDDOHPDQ\DTXHFROÂODERUDUDQD0RQGHLTXHDSDUHL[HUDQWDPEpHQHOV
FDWjOHJVGHDYDQ]DGDVHUDQ.XUHOOD.LVFK6HJKHUVR+HLQULFK0DQQ
1RKHPFRPSURYDWTXHFRPVHPEODSUREDEOHHOVDUWLFOHVDSDUHJXWVD0RQGHLD3RVW*XHUUD
VLJXLQOHVYHUVLRQVIUDQFHVDLHVSDQ\RODGHOPDWHL[WH[WSLVFDWRULjTXHPpVHQGDYDQWHVWXGLDUHP
8QHQWUHILOHWTXHHQHO PDWHL[Q~PWDQFDOD SODQDWDPEpDQLPDHOVOHFWRUVGH 3RVW
*XHUUD D VXEVFULXUH¶V D 0RQGH HQYLDQW HO SDJDPHQW D O¶DGPLQLVWUDFLy GH OD UHYLVWD HQ HO GH OD UXH
0RQWPDUWUH$L[zVtHOSUHXGHVXEVFULSFLyHVIL[DHQODGLYLVDFDSLWDOLVWD³GRVGyODUHV\PHGLRDODxR´
+DEtD HPSH]DGR D SXEOLFDUVH SRU HQWRQFHV HQ 3DUtV XQ JUDQ VHPDQDULR GH DXWpQWLFD
LUUDGLDFLyQ LQWHUQDFLRQDO ©0RQGHª 6L OH FRQFHGR FLHUWD LPSRUWDQFLD DTXt QR HV SRU PL
FRODERUDFLyQHQpO>@VLQRSRUTXHFRQVWLWX\yHOLQLFLRGHWRGRXQSURFHVRGHDSRGHUDPLHQWRGH
RWUDV SXEOLFDFLRQHV LQGHSHQGLHQWHV \ FRHWiQHDPHQWH GH HQFXDGUDPLHQWR GH OD SDUWH VLQ GXGD
PiV VLQFHUD \ JHQHURVD GH OD LQWHOHFWXDOLGDG GH DTXHO WLHPSR (Q H[WUDxD PH]FOD FRPR VXHOH
RFXUULUVLHPSUHFRQQRSRFRVDGYHQHGL]RV)LJXUDEDQHQHO&RQVHMRGH'LUHFFLyQGH©0RQGHª
VHLV QRPEUHVGH XQLYHUVDO SUHVWLJLR+HQUL%DUEXVVH 5RPDLQ 5ROODQG0i[LPR *RUNL $OEHUWR
(LQVWHLQ0LJXHOGH8QDPXQR\HODUJHQWLQR0DQXHO8JDUWH&RQVWLWXtDQHQUHDOLGDGODIDFKDGD
GH OD UHYLVWD DVt FRPR WRGD XQD VHULH GH RSHUDFLRQHV D VX VRFDLUH 6X SXEOLFDFLyQ KDEtD VLGR
GHFLGLGD HQ 0RVF~ FRQ RFDVLyQ GHO GpFLPR DQLYHUVDULR GH OD 5HYROXFLyQ GH 2FWXEUH
DSDUHQWHPHQWH SRU LQLFLDWLYD GH %DUEXVVH >@ UHDOPHQWH UHVSRQGtD D XQD GHFLVLyQ GHO %XUy
3ROtWLFRUXVR\DODGREOHSROtWLFDVWDOLQLDQDGHDTXHOSHUtRGRDOPLVPRWLHPSRTXHVHREOLJDEDD
ORVSDUWLGRVFRPXQLVWDVDDSOLFDUODVHFWDULDSROtWLFDGH©FODVHFRQWUDFODVHªGLULJLGDPiVFRQWUD
ORV SDUWLGRV VRFLDOLVWDV TXH FRQWUD ORV SDUWLGRV EXUJXHVHV HO .UHPOLQ EXVFDED DIDQRVDPHQWH HO
FRQWDFWRFRQODLQWHOHFWXDOLGDGOLEHUDOGHPRFUiWLFD \VRFLDOLVWDDFXELHUWRGHODOXFKDFRQWUDHO
IDVFLVPR \ OD JXHUUD &RQVWLWXtD XQ VHFUHWR OD VXPD GH GLQHUR TXH 0RVF~ KDEtD SXHVWR D OD
GLVSRVLFLyQ GH %DUEXVVH SDUD HVWD HPSUHVD VH DVHJXUDED HQWUH ORV SURSLRV PLHPEURV GH OD
UHGDFFLyQ TXH QR EDMDED OD VXPD LQLFLDO GH ORV WUHV PLOORQHV GH IUDQFRV GH HQWRQFHV DSDUWH GH
RWUDV VXEYHQFLRQHV LQGLUHFWDV OD DGTXLVLFLyQ GH SDTXHWHV SRU HO DSDUDWR GH ORV HVFULWRUHV
VRYLpWLFRV\SRURWURVDSDUDWRVGHFDVLWRGRHOPXQGR
&RQ OD FRQVLJXLHQWH H[WUDxH]D SRU PL SDUWH %DUEXVVH PH LQYLWy D FRODERUDU GH XQD
PDQHUD SHUPDQHQWHHQ ©0RQGHª&UHtDOFRPLHQ]RTXH VHWUDWDEDGHXQHUURU 1RREVWDQWHVHU
XQR GH ORV SULQFLSDOHV LQVWUXPHQWRV LQWHOHFWXDOHV GHO .UHPOLQ JR]DQGR GH ORV EHQHILFLRV \ ORV
DJDVDMRV TXH HVWR FRPSRUWDED ±IUHFXHQWHV YLDMHV WUDGXFFLyQ \ GLIXVLyQ GH VXV OLEURV FDUJRV
GLYHUVRV± QR SDUHFtD PX\ DO FRUULHQWH GH ODV OXFKDV TXH VH GHVDUUROODEDQ HQ OD 8566 \ HQ OD
,QWHUQDFLRQDO1RWHQtDTXHWDUGDUPXFKRHQFRPSUHQGHUTXHODLQYLWDFLyQDFRODERUDUUHVSRQGtD
DXQDWiFWLFDHOKDVWDHQWRQFHVGLUHFWRUOLWHUDULRGH©/¶+XPDQLWpªFDUJRTXHKDEtDGHMDGRSDUD
SDVDUDGLULJLU©0RQGHªGHEtDWUDWDUGHDWUDHUVHDORVLQWHOHFWXDOHVVHSDUDGRVGHOD,QWHUQDFLRQDO
VLELHQVHJXtDQWRGDYtD±\HQXQDXRWUDIRUPD±EDMRODLQIOXHQFLDGRFWULQDOGHOFRPXQLVPR(UD
XQD PDQHUD GH YROYHUORV DO EXHQ FDPLQR \ HQ ~OWLPR H[WUHPR GH QHXWUDOL]DUORV 0DQWHQtD ODV
PHMRUHV UHODFLRQHV FRQ HO HTXLSR UHGDFFLRQDO GH ©0RQGHª FRPSXHVWR SRU GLVLGHQWHV FRPR \R
PLVPR\SRUFRQVHMRVX\RDFHSWpODLQYLWDFLyQGH%DUEXVVHGHEtDRFXSDUPHHVSHFLDOPHQWHGH
ODVHFFLyQHVSDxRODHKLVSDQRDPHULFDQD
+LKDqSRTXHVHQOHVTXDOVODVRFLRORJLDGHODOLWHUDWXUDUHVXOWDPpVQRYHOÂOHVFD
TXHODSUzSLDFUHDFLyOLWHUjULD1RpVFDSWHPHULWDWDILUPDUTXHOHVELRJUDILHVGHOVDXWRUV
LDXWRUHVTXHIRUPHQSDUWGHOVFDWjOHJVGHDYDQ]DGDVRYLQWVXSHUHQHQLQWHUqVGUDPjWLF
HO GH OHV ILFFLRQV TXH YDQ VDEHU HVFULXUH ,PSRVVLEOH HQWHQGUH HQ TXDOVHYRO FDV WRWD
DTXHVWDSURGXFFLyOLWHUjULDVHQVHFRQVLGHUDUGHSURSHOVVHXVGHFLVLXVFRQGLFLRQDPHQWV
SROtWLFV /D QRVWUD 3RVW*XHUUD QR YD WHQLU WHPSV G¶HVWDOLQLW]DUVH YD PRULU MRYH L
YLUWXRVDPHQW LGHDOLVWD 7RW L DL[z HQ HOV GRV GDUUHUV Q~PHURV L HV GHL[D
SHUFHEUH XQ FHUW FDQYL HQ GLUHFFLy D O¶RUWRGz[LD WHUFHULVWD 6yQ HOV Q~PHURV
UHFRUGHPTXH%DOERQWtQMDQRFRGLULJHL[LHOVHXOLULVPHKXPDQLWDULYDGHL[DQWOORFDO
SUDJPDWLVPHGH6LOHVXQKRPHPpVGRQDWDO¶DFFLyLO¶RUJDQLW]DFLyTXHDODOtULFDLHQ
JHQHUDO D O¶HVFULSWXUD 'H IHW O¶(GLWRULDO &HQLW TXH SRVWHULRUPHQW 6LOHV GLULJLUj DPE
JUDQ q[LW GXUDQW XQV DQ\V ILQV DO VHUj QR VRODPHQW OD PpV LPSRUWDQW GH OHV
HGLWRULDOV G¶DYDQoDGD VLQy WDPEp OD TXH JOREDOPHQW PRVWUDUj ±WRW L TXH DO SULQFLSL
WDPEp KL WUREDUj OORF O¶KHWHURGz[LD± XQD WHQGqQFLD PpV GRFWULQjULD DL[z V¶DQLUj IHQW
PpVSHUFHSWLEOHDPHVXUDTXHDYDQFLQHOVDQ\V
*RUNLQRSFLW
(V SRW FRPSURYDU SHU H[HPSOH D O¶DUWLFOH GH 6LOHV D HQ HO TXDO V¶LQWHQWD HVWDEOLU XQD
ILOLDFLyGLUHFWDHQWUHHO0DQLIHVW&RPXQLVWDGHLHOGDUUHUSURJUDPDGHOD,,,,QWHUQDFLRQDOTXHDTXHOO
V¶HVWj UHGDFWDQW 6LOHV DFDED SDUODQW GH ³OD SXULILFDFLyQ GH OD ,& GH HOHPHQWRV VRFLDOGHPyFUDWDV
WURWVNLVWDV\XOWUDL]TXLHUGLVWDV´DPEODTXDOFRVDQRGHL[DG¶DQXQFLDUHOVHXWUHQFDPHQWDPE$QGUDGHHQ
HOVLGH&HQLWXQSDUHOOG¶DQ\VPpVWDUG
1R pV GRQFV HVWUDQ\ DPE UHODFLy DO TXH VXDUD H[SOLFDYD *RUNLQ TXH 3RVW
*XHUUDHQVSXJXLGRQDUODLPSUHVVLyTXHFRPPpVYDPpVDQWLVRFLDOGHPzFUDWDHVWRUQD
$L[tDTXDQSDUOHQGHOD,,,QWHUQDFLRQDOUHXQLGDD%UXVVHOÂOHVGLXHQTXHDOOtHV
FRQJUHJD ³OD IORU \ QDWD GH OD EXURFUDFLD UHIRUPLVWD´ ±WRWV HOOV GLVSRVDWV VHPSUH ³D
YHQGHU VXV RSLQLRQHV L]TXLHUGLVWDV SRU XQ SODWR GH OHQWHMDV´± R TXH 2WWR %DXHU pV
³UHSUHVHQWDQWH GHO SXWUHIDFWR DXVWURPDU[LVPR´ /¶HGLWRULDO GHO Q~PHUR DQWHULRU GHGLFDWDXQFRQJUpVGHOVVRFLDOLVWHVHVSDQ\ROVWUDFWDHOVVHXVGLULJHQWVGH³FXDGULOODGH
PDQJRQHDGRUHV´ L DFDED GHPDQDQW TXH DOPHQ\V HO SDUWLW HV FDQYLw HO QRP L GHL[L
G¶DQRPHQDUVH VRFLDOLVWD L REUHU 8QD PLFD PpV HQGDYDQW HO FRPXQLVWD
:LOKHOP .RHQHQ DQDOLW]D OD VLWXDFLy GH OD SROtWLFD DOHPDQ\D O¶HVWLX GH
HQFODXDQWLVRFLDOLVWDGHQXQFLDQWOD*URH.RDOLWLRQGHO¶63'DPEOHVIRUFHVGHO
FDSLWDO 8Q SDUHOO GH SODQHV PpV L SRGHP OOHJLU ³/D FULVLV GHO VRFLDOLVPR HVSDxRO´
XQHORTHQWDUWLFOHGH-RVp/RUHGR$SDULFLRRQHVSDUODGHOVEXUzFUDWHVG¶RULJHQ
REUHUTXHGLULJHL[HQHOSDUWLWVRFLDOLVWD³FRQHORUJXOORGHODVFULDGDVTXHSRUFDVDUVHFRQ
HODPROOHJDQDVHxRUDV´8QIUDJPHQW
>«@$OVRFLDOLVPRHVSDxRODSHQDVVLOHTXHGDQSHUVRQDOLGDGHVGHSUHVWLJLRTXHFRQOD
HQHUJtDSUHFLVDFRPEDWDQHOLPSXGRUFRQTXHHOHPHQWRVDXGDFHV\DUULELVWDVVHLPSRQHQHQVX
VHQR/DSDXWDGHOSDUWLGRODGDHVHWLSRGHREUHULWRFXULRVR\DSURYHFKDGRTXHVHGHVWDFDHQODV
-XYHQWXGHVFRQVLJXHXQFDUJRGDXQSXQWDSLpDOWUDEDMR\WUDQVIRUPDGRHQEXUyFUDWDSHUIHFWR
UHVXOWDPiVFRQVHUYDGRU\UHDFFLRQDULRTXHXQDULVWyFUDWDGHQDFLPLHQWR>«@
(Q HO PDWHL[ Q~PHUR OD VHFFLy ³3ROpPLFD´ GHGLFD OHV GXHV QRWHV TXH
O¶LQWHJUHQ D IODJHOÂODU HOV VRFLDOLVWHV /D QRWD ³'HVFXEULPLHQWR GHO PHV XQ yUJDQR
GHVFRQFHUWDQWH´ HV EXUOD GH OD IULYROLWDW FULSWRHUzWLFD TXH H[KLEHL[ HO FRQWLQJXW G¶XQ
³SHULRGLTXLWR´ HGLWDW SHU OHV -XYHQWXGHV 6RFLDOLVWDV ³VL QXHVWURV OHFWRUHV IXHUDQ
FRPSDWLEOHVFRQSXEOLFDFLRQHVIHVWLYDVOHVDFRQVHMDUtDPRVHVWHSHULyGLFRGHORVMyYHQHV
VRFLDOLVWDV TXH WLHQH OD YHQWDMD VREUH ORV GHPiV GH VX JpQHUR GH GHVSLVWDU ORV RMRV
YLJLODQWHV GH ORV PD\RUHV SUHRFXSDGRV GH OD SXUH]D GH ODV OHFWXUDV´ /¶DOWUD QRWD
WLWXODGD³8QDFLHUWRPiV´HVULXREHUWDPHQWGHO¶$JUXSDFLyVRFLDOLVWDPDGULOHQ\DL³VX
REVWLQDGDSUHRFXSDFLyQGHPDUFKDUVLHPSUHDODYDQJXDUGLDGHOULGtFXORLQWHUQDFLRQDO´
HQKDYHUUHEXW³FRQERPERVLSODWLOORV´HOVRFLDOGHPzFUDWD$OEHUW7KRPDVGLUHFWRUGH
O¶2UJDQLW]DFLy,QWHUQDFLRQDOGHO7UHEDOOSUHFLVDPHQWTXDQODVHYD FDLJXGDSROtWLFDHUD
DQXQFLDGDSHOVSURSLVVRFLDOLVWHVHXURSHXV
$OJXQV HGLWRULDOV HQ IL GH O¶~OWLP Q~PHUR GH 3RVW*XHUUD SDUOHQ GH OD
VRFLDOGHPRFUjFLDFRPDVLPSOHVXEPLQLVWUDGRUDGHGRFWULQDDFHUWVHFWRUGHOOLEHUDOLVPH
SROtWLF ±DUD TXH HO VHFWRU OLEHUDO PpV FDSLWDOLVWD V¶KD GHVSODoDW MD FDS DO IHL[LVPH
³FRQWUDUUHYROXFLyQSUHYHQWLYD´,XQDOWUHGHOVHGLWRULDOVFRPHQWDHOSURSHUFRQJUpVGH
O¶8*7 HQ XQV WHUPHV TXH HQ UHDOLWDW IDQ SHQVDU PpV HQ O¶HVWDOLQLVPH TXH HQ FDS
GHVYLDFLyVRFLDOUHIRUPLVWD
8Q SDUjJUDI GH O¶HGLWRULDO ³3DUD WRGR HO PXQGR HV HYLGHQWH OD HQRUPH HYROXFLyQ KDFLD OD
GHUHFKD GH HVWH SDUWLGR TXH KR\ VH HQFXHQWUD WRWDOPHQWH IXHUD GHO UHFLQWR LGHROyJLFR TXH VXSRQH OD
UHDOLGDGGHH[LVWHQFLDGHODVDJUXSDFLRQHVSUROHWDULDVUHYROXFLRQDULDV´
$TXHVWDUWLFOHVXSRVDXQSUHFHGHQWGHODOHFWXUDTXHGHODVLWXDFLySROtWLFDDOD5HS~EOLFDGH
:HLPDUGXUjDWHUPH1XHYD(VSDxDHQPpVHQGDYDQWHQVRFXSDUHPG¶DL[zHQGHWDOO
-RVp /RUHGR $SDULFLR YD VHU XQ DGYRFDW SHULRGLVWD L SROtWLF DVWXULj G¶RULJHQ
IDPLOLDU EHQHVWDQW PRUW D O¶H[LOL D 0q[LF D FRPHQoDPHQWV GHOV PLOLWDUj D ,]TXLHUGD &RPXQLVWD HO
SDUWLW G¶RSRVLFLy WURWVNLVWD GH 1LQ L $QGUDGH (Q HO Q~PHUR DQWHULRU GH 3RVW*XHUUD KDYLD SXEOLFDW XQ
LQWHUHVVDQW L KRQHVW DUWLFOH VREUH OD GLItFLO ³SRVLFLyQ GHO LQWHOHFWXDO HQ HO VHQR GH ORV SDUWLGRV
REUHURV´
>«@ 3RU DGHODQWDGR SXHGH GHFLUVH TXH HO UHVXOWDGR VHUi IDYRUDEOH DO FULWHULR GH OD
EXURFUDFLDTXHXVXUSDHOPRQRSROLRGHODGLUHFFLyQ(VWDVDSDUHQWHVGHPRFUDFLDVYLYHQ EDMRHO
LPSHULRGLFWDWRULDOGHXQDROLJDUTXtD/DPDTXLQDFLyQEXURFUiWLFDDWUDYpVGHSURFHGLPLHQWRVGH
YLROHQFLD FRQWUD ORV HOHPHQWRV PiV FRQVFLHQWHV KD ORJUDGR REWHQHU XQD KHJHPRQtD LOLPLWDGD
>«@
$O PDUJH G¶DTXHVWD FRQVWDWDEOH LQWHQVLILFDFLy GH O¶DJUHVVLYLWDW DQWLVRFLDOLVWD HQ
HOVGRVGDUUHUVQ~PHURVGH3RVW*XHUUDHOFHUWpVTXHXQDWDOKRVWLOLWDWQRGHL[DG¶HVWDU
PpVRPHQ\VSUHVHQWWRWDOOODUJGHODYLGDGHODUHYLVWD(QHOQ~PMXOLROGH
SHUH[HPSOHO¶HGLWRULDO³/RVVXFHVRVGH9LHQD´HVIDUHVVzGHOIHWTXH³ODVPDVDV
REUHUDVVRFLDOLVWDVGH9LHQDKDQSUHQGLGRIXHJRDO3DODFLRGH-XVWLFLD\VHKDQGHFODUDGR
HQ KXHOJD´ &RQIHVVHQ QR FRQqL[HU SURX Ep HOV PRWLXV L OHV FLUFXPVWjQFLHV GHOV
HVGHYHQLPHQWVSHUzHOTXHHOVLQWHUHVVDpVFRQVWDWDUODVHYDVRUSUHVDGDYDQWHOIHWTXH
G¶XQ SDUWLW VRFLDOLVWD HXURSHX KDJL SRJXW VRUJLU XQD DFFLy UHYROXFLRQjULD L YROHQ
DSODXGLU TXH OHV PDVVHV SUROHWjULHV DSUHQJXLQ D DFWXDU SUHVFLQGLQW GHOV VHXV SDFWLVWHV
GLULJHQWV
(OSDUWLGRVRFLDOLVWDDXVWULDFRFXHQWDFRQXQDPDVDGHSREODFLyQDGLFWDPX\JUDQGH\VL
ELHQQRWLHQHXQFDUiFWHUWDQJXEHUQDPHQWDOFRPRHODOHPiQQRGHMDGHVRUSUHQGHUQRVVXDFWLWXG
TXH FDVL SRGHPRV OODPDU UHYROXFLRQDULD 'HVGH TXH GHVSXpV GH OD JXHUUD ORV SDUWLGRV SROtWLFRV
EXUJXHVHV FRQVLQWLHURQ HQ IRUPDU FRDOLFLRQHV FRQ ORV SDUWLGRV VRFLDOLVWDV >@ HVWRV SHUGLHURQ
DOJXQRVGHORVUDVJRV\FDUDFWHUHVPiVSHFXOLDUHVXQRGHHOORVHVHVDDFWLWXGGHUHEHOGtDTXHFRQ
WDQWD IUHFXHQFLD DGRSWDEDQ \ FX\D PiV FRUULHQWH H[SUHVLyQ HUD OD KXHOJD SROtWLFD 'H DTXt
QXHVWUD FXULRVLGDG \ QXHVWUD H[WUDxH]D DQWH ORV VXFHVRV GH 9LHQD £XQ SDUWLGR VRFLDOLVWD
UHYROXFLRQDULR
/D VHFFLy ³3ROpPLFD´ GHO Q~P VHWHPEUH GH GHGLFD OD QRWD ³6LOXHWD
FRQRFLGD´ D IXVWLJDU OD LQWHOÂOHFWXDOLWDW VRFLDOLVWD FRVD TXH GH IHW QR GHL[DYD
G¶HQOODoDU DPE HOV SXQWV GH YLVWD GH O¶HGLWRULDO GHO PDWHL[ Q~PHUR WLWXODW ³/RV
LQWHOHFWXDOHVODFODVHREUHUD\ODFULVLVGHODEXUJXHVtD´/DVHPSUHSXQ\HQWVHFFLy
SROHPLVWD GLYLGHL[ OD ³YDULDGD IDXQD GHO VRFLDOLVPR HVSDxRO´ HQ GXHV HVSqFLHV
G¶LQWHOÂOHFWXDOVODGHOV³SXURVDEVWUDFWRVFDVLHWpUHRVWLSR)HUQDQGRGHORV5tRV´L
/DLPSRVVLELOLWDWDFDXVDGHODFHQVXUDGHSRGHUSDUODUGHSROtWLFDHVSDQ\RODG¶XQDPDQHUD
FODUD L HIHFWLYD H[SOLFD TXH 3RVW*XHUUD QR HV UHIHUHL[L REHUWDPHQW D O¶HVWUDWqJLD GH SRVVLELOLVPH
FROÂODERUDFLRQLVWDTXHOHVIRUFHVVRFLDOLVWHVPDQWHQLHQDPEHO'LUHFWRULSHUzHYLGHQWPHQWDL[zGHYLDVHU
XQGHOVSULQFLSDOVPRWRUVGHO¶KRVWLOLWDWTXHFRPHQWHP
(O GH JHQHU GH HOHPHQWV G¶XQ SDUWLW DXVWUtDF G¶H[WUHPD GUHWD YDQ PDWDU D
6FKDWWHQGRUIGRVUHSXEOLFDQV/¶DQRPHQDW6FKDWWHQGRUIHU3UR]HFRQWUDWUHVH[WUHPLVWHVDFXVDWVGHOFULP
YDFRPHQoDUHOGHMXOLROLHOSRFH[HPSODUYHUHGLFWHHVYDIHUS~EOLFHOGHOPDWHL[PHV(OGLD
PDVVHV REUHUHV VREUHWRW VRFLDOLVWHV HV FRQFHQWUHQ L DWDTXHQ HO SDODX GH MXVWtFLD PDOJUDW HOV LQWHQWV
DSDLYDJDGRUVGHOVSURSLVOtGHUVVRFLDOGHPzFUDWHV /D MRUQDGDGHOGH MXOLROYDDFDEDUDPE PRUWV L
PXOWLWXGGHIHULWV/DYDJDJHQHUDOFRQYRFDGDSHUDOGLDYDWHQLUXQq[LWSDUFLDO0pVHQGDYDQW3RVW
*XHUUD HQ OD QRWD HGLWRULDO ³1XHVWURV FRODERUDGRUHV HQ HO H[WUDQMHUR´ DQXQFLDUj HO QRPHQDPHQW
G¶XQWDO&DUORV5RGUtJXH]FRPDFRUUHVSRQVDOD9LHQDSHUzHOFHUWpVTXHDTXHVWDQXQFLSRVWHULRUPHQWQR
HV WUDGXLUj HQ FDS FROÂODERUDFLy VLJQDGD DPE DTXHVW QRP 7DQPDWHL[ DTXHVWD QRWD pV LPSRUWDQW SHUTXq
UHFRQHL[HQW OD PRGqVWLD GHOV PLWMDQV HFRQzPLFV GH TXq GLVSRVD OD UHYLVWD KL FRQILUPD OD VHYD YRFDFLy
LQWHUQDFLRQDOLVWD$TXtV¶DQXQFLDWDPEpODLQFRUSRUDFLyFRPD³FRUU>HV@SRQVDOOLWHUDULRQXHVWURHQ3DUtV´
GH *RUNLQ TXH HIHFWLYDPHQW LQLFLD HQ DTXHOO PDWHL[ Q~P OHV VHYHV ±D SDUWLU GH OODYRUV KDELWXDOV±
FROÂODERUDFLRQVD3RVW*XHUUD
3HUDODUHFHSFLyHQODSUHPVDHVSDQ\RODG¶DTXHVWVLDOWUHVIHWVGHODSROtWLFDDXVWUtDFDHQWUH
LY*HPD0DUWtQH]GH(VSURQFHGD6D]DWRUQLO(OFDQFLOOHUGHEROVLOOR'ROOIXVVHQODSUHQVD
GHOD,,5HS~EOLFDSUzOGH--&DUUHUDV$UHV8QLYHUVLGDGGH=DUDJR]D
)HUQDQGR GH ORV 5tRV VHUj QRYDPHQW KRVWLOLW]DW SHU %DOERQWtQ D ³/LEHUDOLVPR \ VRFLDOLVPR´
RQGLXTXHODVHYDREUD(OVHQWLGRKXPDQLVWDGHOVRFLDOLVPR0DGULG-DYLHU0RUDWD³QRSDVD
OD GHOV ³WUDVKXPDQWHV´ H[HPSOLILFDGD HQ HO UHXVHQF $QWRQL )DEUD 5LEDV /OHJLP XQ
ERFt
>«@/RVLQWHOHFWXDOHVSXURVVHGHGLFDQDODHVSHFXODFLyQKLVWyULFRVRFLDORILORVyILFR
VRFLDO SDUD FRKRQHVWDU OD GHPRFUDFLD SDUODPHQWDULD \ OD OXFKD GH FODVHV /RV LQWHOHFWXDOHV
WUDVKXPDQWHVHVSHFXODQWDPELpQSHURHQRWURVHQWLGR(O6U)DEUD5>L@EDVHVHQHOJpQHUROD
VXPD UHSUHVHQWDFLyQ /D IyUPXOD GHO 6U )DEUD 5LEDV SDUDHVFULELU XQ DUWtFXOR HV ELHQ VHQFLOOD
WUDGXFHGRVRWUHVSiJLQDVGHOLQJOpVHVFRJHGLH]RGRFHQRPEUHVGHOtGHUHVODERULVWDVUHSDUWH
ELHQ ODV FRPLOODV \ ORV DVWHULVFRV DJLWD WRGR HVR« \ FREUD (O PLVPR DUWtFXOR DSDUHFH
VXFHVLYDPHQWH FRQ SURGLJLRVRV GLVIUDFHV HQ HO %ROHWtQ GHO 0LQLVWHULR HQ ©,QIRUPDFLRQHV
VRFLDOHVªHQ©(O6ROª\HQODVLQQXPHUDEOHVSRQHQFLDVGHORVLQILQLWRV&RQJUHVRVREUHURVDTXH
DVLVWH8QDPDUDYLOOD
$UUDQG¶XQDFDUWDTXHSRGULDSHUIHFWDPHQWVHUILFWtFLDSUHVXPSWDPHQWHQYLDGD
DODUHYLVWDHVSDUODWDPEpGHO³VHFWDULVPRIUDWULFLGDTXHORVPDQJRQHDGRUHV±\QR
ODPDVD±GHOD8*7VHHPSHxDQHQPDQWHQHU´(OFRPXQLVPHHVSDQ\ROTXHV¶KDYLD
HVFLQGLW GHO VRFLDOLVPH D SULQFLSLV GH OD GqFDGD GHOV QR WHQLD OODYRUV FDS IRUoD
VLQGLFDO ±QL WDPSRF SROtWLFD± L HO FHUW pV TXH GDUUHUH GH OD SHUPDQHQW FULGD GH 3RVW
*XHUUD D OD XQLWDW GHOV WUHEDOODGRUV KL UHVVRQD WDQW OD XWRSLD PDQFRPXQDGRUD FRP OD
WjFWLFDGHTXLGHIHWQRWpUHVDSHUGUH(QHOPDWHL[Q~PHURHQODOtULFDH[SRVLFLyTXHID
%DOERQWtQ GH OD ILJXUD GH 0DU[ L GHOV IRQDPHQWV GHO PDU[LVPH D SDUWLU GH OD UHVVHQ\D
G¶XQOOLEUHGH0D[%HHUGLXTXH³ORV~QLFRVGLVFtSXORVILHOHVGHOPDU[LVPR´
VyQ DYXL HOV FRPXQLVWHV ³IUHQWH D ODV GRV GHVYLDFLRQHV GHO PRYLPLHQWR REUHUR TXH
GHJHQHUDQHQODFODXGLFDFLyQUHIRUPLVWD\HQODXWRS>t@DOLEHUWDULD´
³(OLQWHQWRGH$JUXSDFLyQOLEHUDOVRFLDOLVWD´HQILpVODUHVSRVWDGH6LOHVD
³XQPDQLILHVWRSROtWLFRVHJXLGRGHXQHVER]RGHSURJUDPD´TXHSHOTXHHVYHXSUHWHQLD
DUWLFXODU XQD RSFLy SROtWLFD D SDUWLU GH OD XQLy G¶HOHPHQWV SURYLQHQWV GHO OLEHUDOLVPH
PRQjUTXLF L GHO VRFLDOLVPH PRGHUDW /¶DFWLWXG SRVWJXHUULDQD GDYDQW OD LQLFLDWLYD pV
REHUWDPHQWFRPEDWLYD9HJHPDOJXQSDVVDWJHGHO¶DUWLFOH
(VWDJHQWHTXHVHGLFHQXHYDVLJXHPLUDQGRDWUiV6LQDSUHFLDUODGLIHUHQFLDGHWLHPSR
VH VLUYHQ GH ORV PLVPRV SURFHGLPLHQWRV TXH VXV DEXHORV 3RUTXH QR KD\ GXGD TXH HUDLJXDO DO
TXHFRPHQWDPRVHOPRYLPLHQWRLQLFLDOGHQXHVWURVDQWLJXRVSROtWLFRVSDUDODQ]DUVHDODWUDFRGH
FDUJRVS~EOLFRV>«@
1R VH SXHGH RIUHFHU KR\ PHUFDQFtD SROtWLFD FRQ XQ SUHJyQ TXH GHODWD OD IDOVHGDG GHO
SURGXFWR(ODQXQFLRGHHVWRVLQWHOHFWXDOHVHVEXUGtVLPR(QJHQHUDO\DKHPRVDSUHQGLGRWRGRVD
GLVWLQJXLU HO GLIHUHQWH FRQWHQLGR TXH WLHQHQ ODV SDODEUDV OLEHUDO \ VRFLDOLVWD SDUD ORV GLIHUHQWHV
GH VHU XQD XWRStD GH SHTXHxR EXUJXpV WRWDOPHQWH DMHQD D OD FRUULHQWH YLWDO GHO YHUGDGHUR VRFLDOLVPR´
6HPEODVHUTXH(O6RFLDOLVWDYDUHSOLFDUDTXHVWDUWLFOHDPEXQ³VXHOWRDQyQLPR´TXHGHIHQVDYD)HUQDQGR
GH ORV 5tRV SHUz VREUHWRW DWDFDYD %DOERQWtQ $TXHVW OODYRUV FRQWUDDWDFD ±QR VHQVH SUHVWjQFLD L
HORTqQFLD±D³3DUDDOXVLRQHV´GLULJLQWVHMDPROWPHQ\VFRQWUD)HUQDQGRGHORV5tRV³FRQHOTXH
PH XQH FLHUWD FRUWpV DPLVWDG SHUVRQDO \ D TXLHQ HVWLPR FRPR HO PiV HTXLYRFDGR SHURWDPELpQ HO PiV
LQJHQXRGHWRGRVORVOtGHUHVVRFLDOLVWDV´TXHFRQWUD³HODXWRUHPERVFDGR´GHODUqSOLFDODTXDO%DOERQWtQ
QRGXEWDG¶DWULEXLUDOSHULRGLVWDLSROtWLFVRFLDOLVWD)HUPtQ%Oi]TXH]1LHWR
-RVp/RUHGR$SDULFLRHQO¶DUWLFOHTXHVXDUDKHPFLWDWWDPEpFULWLFDUj)HUQDQGRGHORV
5tRVHQWDQWTXHDXWRUG¶XQ³OLEURDQWLPDU[LVWD´³QDUFyWLFRSDUDHOVRFLDOLVPRDFWLYR´L)DEUD5LEDVHQ
WDQWTXH³URMRGHDQWDxRKR\DOWRIXQFLRQDULRGHOD2ILFLQD,QWHUQDFLRQDOGHO7UDEDMRSURSDJDQGLVWDHQOD
3UHQVDEXUJXHVDGHODDUPRQtDVRFLDO´
0D[ %HHU &DUORV 0DU[ 6X YLGD \ VX REUD 7UDG L SUzO GH *DEULHO /HyQ 7ULOOD 0DGULG
$QWRUFKD (G RULJ DO .DUO 0DU[ (LQH 0RQRJUDSKLH %HUOLQ 9HUODJ IU 6R]LDOZLVVHQVFKDIW
$TXHVWDWUDGXFFLyGH 0D[%HHUDQXQFLDO¶q[LW SRVWHULRUGHOD SURXYROXPLQRVD +LVWRULDJHQHUDO
GHOVRFLDOLVPR\GHODVOXFKDVVRFLDOHVGHODTXDO=HXVHQIDUjGXHVHGLFLRQVHQL
VHFWRUHV \ SHUVRQDV &XDQGR DOJXLHQ FRPR DKRUD ODV SUHVHQWD XQLGDV FRPR HVWDQGDUWH GH
SDUWLGRPXHYHDUHJRFLMR
>«@ < VDEHPRV WDPELpQ TXH VX VRFLDOLVPR TXLHUH GHFLU ±£FODUR HVWi± VRFLDOLVPR
HVSDxRO GH OD ~OWLPD KRUQDGD HV GHFLU VRFLDOLVPR UHIRUPLVWD HV GHFLU VRFLDOLVPR EXUJXpV HV
GHFLUVRFLDOLVPRDVXHOGRGHODEXUJXHVtDSDUDFORURIRUPL]DUDOSXHEOR>«@
3RVW*XHUUD HQ GHILQLWLYD SROtWLFDPHQW VH VLWXD HQ XQ ILORFRPXQLVPH
LQGHSHQGHQWSHUzDPEYROXQWDWUHYROXFLRQjULDLGLVSRVDWDGHIHQVDUOD5~VVLDERO[HYLF
4XHODUHYLVWDQRGRQLFDSQRWtFLDG¶XQIHWWDQUHOOHYDQWFRPHUDO¶H[SXOVLyDILQDOVGH
GH 7URWVNL L =LQyYLHY GHO 3DUWLW &RPXQLVWD SRW WHQLU GLYHUVHV LQWHUSUHWDFLRQV
'HVFDUWHPQDWXUDOPHQWHOGHVFRQHL[HPHQWO¶LQWHUqVSHUO¶DFWXDOLWDWLQWHUQDFLRQDOpVXQ
GHOV VHQ\DOV GLVWLQWLXV GH 3RVW*XHUUD L $QGUDGH GLVSRVDYD GHOV FDQDOV G¶LQIRUPDFLy
QHFHVVDULV 'HVFDUWDUtHP WDPEp O¶DFDWDPHQW SURSXJQDW VL GH FDV SHU 6LOHV G¶XQD
SUHVXPWD FRQVLJQD DO UHVSHFWH GH OD ,,, ,QWHUQDFLRQDO (V WUDFWD VHJXUDPHQW G¶XQD
RFXOWDFLy±VLPpVQRG¶XQFDOODPHQWFDOFXODW±TXHWHQLDSHUILQDOLWDWHYLWDUXQDLPDWJHGH
GHVXQLyLGHFRQIOLFWHTXHHOVSHUMXGLFDYDGDYDQWGHWRWO¶HVSHFWUHGHOVVHXVDGYHUVDULV
SROLWLFRLGHROzJLFVORFDOV 3RVW*XHUUDWUHEDOODVHQVGXEWHSHUDO¶DPSOLDFLyG¶XQHVSDL
SROtWLFFRPXQLVWDTXHDO¶(VSDQ\DGHOPRPHQWpVHVWULFWDPHQWPLQRULWDUL3HUzWDPSRF
YDVHUPDLXQzUJDQDOVHUYHLG¶XQSDUWLWFRQFUHWVLQyHQWRWFDVDOVHUYHLG¶XQVLGHDOV
PpVRPHQ\VLQFRQFUHWVHQDTXHOOWHPSVHQFDUDSRVVLEOHV
&RQWUDHOSUHGRPLQLGHODOLWHUDWXUDIUDQFHVD
0pVDPXQWKDYtHPYLVWDUUDQGHOHVUHVSRVWHVGH'tD])HUQiQGH]DO¶HQTXHVWDGH
/D *DFHWD /LWHUDULD GH TXLQD PDQHUD O¶LQWHOÂOHFWXDO DVWXULj LPSHOÂOLD HOV OHFWRUV D
SUHQGUHSDUWLWDHVFROOLUHQWUHOHVGUHWHVROHVHVTXHUUHVOLWHUjULHVLQWHUQDFLRQDOVLHYLWDU
OD LQGHILQLFLy 7DPEp KDYtHP YLVW TXH 3RVW*XHUUD HVWDYD FRPSURPHVD HQ OD OOXLWD
FRQWUD OD WUDGLFLRQDO KHJHPRQLD OLWHUjULD IUDQFHVD L EXVFDYD REULU FDPLQV D OD UHFHSFLy
G¶DOWUHVOLWHUDWXUHV7RWHVGXHVLGHHVDSDUHL[HQXQLGHVLFRQWXQGHQWPHQWH[SUHVVDGHVHQ
OD UHVVHQ\D TXH HO PDWHL[ 'tD] )HUQiQGH] GHGLFD D O¶HGLFLy D %LEORV GH /D
FDEDOOHUtDURMDGH%jEHOLQFORXXQDUHIHUqQFLDDODSROqPLFDGHOPHULGLDQRLQWHOHFWXDO
TXHWDPEpKDYtHPHVPHQWDWPpVDPXQW
/RV HVFULWRUHV UXVRV VRQ ORV TXH HVWiQ GHVFXEULHQGR PHGLWHUUiQHRV OLWHUDULRV 1R ORV
IUDQFHVHVORVIDVFLVWDVGH©/D$FWLyQ)UDQFDLVHª>VLF@FRQVXEODQGX]FR0D[-DFREVXHQJRODGR
&RFWHDX VX HQIiWLFR 0DXUUiV >VLF@ <D TXH HVWi GH PRGD HVR GH ORV PHULGLDQRV ELHQ SXHGH
GHFLUVHTXHQRKD\PiVPHULGLDQRVOLWHUDULRVTXHHOIDVFLVWDGH3DUtV\HOEROFKHYLTXHGH0RVF~
7RGR OR TXH QR VHD HVR QR HV OLWHUDWXUD PRGHUQD +DEUi TXH HVWDU DILOLDGR D XQR X RWUR
IDWDOPHQWHSRUTXHHOWLHPSRDFWXDOQRHVHOGHORVWpUPLQRVPHGLRV<QRYDOHGLVLPXODUOR(VDV
GRVYDQJXDUGLDVVRQODV~QLFDVTXHVHGLVSXWDQHOSRUYHQLU>@
3XHVELHQODOLWHUDWXUDUXVDKDFHOOHJDUVXDOLHQWRDWRGRVORVSXHEORVGHORUEH0LHQWUDV
OD IUDQFHVD DOLVWD VXV PLOLFLDV PLQRULWDULDV OD UXVD GHVSOLHJD VXV HMpUFLWRV GHPRFUiWLFRV /D
LQWHOLJHQFLDIUHQWHDODSDVLyQ/DIRUPDHQFKRTXHFRQORHVHQFLDO/RVIUDQFHVHVWUDEDMDQFRQ
VHGDV/RVUXVRVFRQPHWDOHV>@
(QHOQ~PHURVHJHQWO¶H[WUDRUGLQDULGHUGH0DLJ,VLGRUR$FHYHGRDWDFDUjWDPEpHOV
VHXVDQWLFVFRUUHOLJLRQDULVHOVDUD³VRFLDOLVWDVUHIRUPLVWDV´(OILQDOGHOVHXDUWLFOH³>«@'HORVQLGRVGH
DQWDxRKX\yHOFDORUTXHLQFXEDEDLGHDOHVSXUtVLPRV\VDFULILFLRVJHQHURVRV+R\QRKD\HQHOORVPiVTXH
KLHORHQODVDOPDV\FiOFXORHQODVPHQWHV´
(OPDWHL[$QGUDGHGHIHWYDVHUWDPEpH[SXOVDWGHO3DUWLW&RPXQLVWDSHUDTXHOOHVGDWHV
'¶XQFRVWDWGRQFVHOPLQRULWDULVPHLODLQWHOÂOLJqQFLDTXHEXVFDXQDIRUPDLGH
O¶DOWUHHOGHPRFUDWLVPHLODSDVVLyTXHEXVFDXQDHVVqQFLD3RVW*XHUUDSURSRVDPRGHOV
OLWHUDULVTXHV¶DYLQJXLQDDTXHVWVHJRQSDWUyLDWDFDHOVUHSUHVHQWDQWVGHOSULPHU&RQYp
LQVLVWLU TXH OD GHPROLFLy GHO SUHVWLJL OLWHUDUL IUDQFqV JOREDOPHQW FRQVLGHUDW HUD SHU DOV
SRVWJXHUULDQVHOSDVSUHYLTXHSRJXpVSHUPHWUHO¶HQWUDGDDG¶DOWUHVPDQLIHVWDFLRQVGH
OD OLWHUDWXUD LQWHUQDFLRQDO TXH HOV LQWHUHVVDYHQ eV GHV G¶DTXHVWD SHUVSHFWLYD TXH FDO
FRQWHPSODU SHU H[HPSOH OHV FUtWLTXHV TXH UHS OD QRYHOÂOD JXDQ\DGRUD GHO SUHPL
*RQFRXUW GH -pU{PH ODWLWXGH QRUG REUD GH O¶DYXL IRUoD REOLGDW 0DXULFH
%HGHO eV VLJQLILFDWLX TXH 3RVW*XHUUD O¶DWDTXL HQ GXHV RFDVLRQV /¶REUD
SRWVHUQRPHUHL[HULDWDQWDDWHQFLyVLQRIRVTXHDPEHOODV¶DWDFDWDPEpHOPyQOLWHUDUL
JDOHOVSUHPLV*RQFRXUWO¶H[TXLVLWDWUHSHOÂOHQWGHODFXOWXUDEXUJHVDIUDQFzIRQDLHQHO
IRQV OD SUzSLD VRFLHWDW IUDQFHVD FRHWjQLD TXH HQ DTXHOO PRPHQW KLVWzULF QR MXJDYD
FHUWDPHQWXQSDSHUWDQUHYROXFLRQDULFRPHQG¶DOWUHV/DSULPHUDQRWDTXHV¶RFXSD
GHODQRYHOÂODDFDEDG¶DTXHVWDPDQHUD
©-HURPH>VLF@ODWLWXGHQRUGªHVXQDYXOJDUQRYHOD©JHRJUiILFDªTXHQRVGDXQDIDOVD
YLVLyQ GH 1RUXHJD FRPR VL HO DXWRU QR KXELHUD VDOLGR GH 0RQWPDUWUH SDUD HVWXGLDU HO SDtV GH
,EVHQ
3HURHOVHxRU%HGHOHVXQEXHQSDWULRWD\HQVXQRYHODH[DOWD©HOEXHQJXVWRªIUDQFpV
©ODDOHJUtDªIUDQFHVD©HOHVStULWXªIUDQFpVHWF
3RUDOJR)UDQFLDHVKR\XQRGHORVSDtVHVPiV©FKDXYLQLVWDªGHOPXQGR
'RVQ~PHURVPpVWDUGLHQIRUPDWGHUHVVHQ\DVREUHO¶HGLFLyIUDQFHVDGHO¶REUD
VLJQDGDSHUODUHGDFFLyGH3RVW*XHUUDO¶DWDFFRQWLQXD
1RHV SRU SXURD]DUSRUORTXHVHPHMDQWH SURGXFFLyQKDREWHQLGRORVVXIUDJLRVGHORV
*RQFRXUW &RPR WUDEDMR GHO SHTXHxR EXUJXpV GH OHWUDV IUDQFpV ±FRPSOHWDPHQWH IUDQFpV± HO
-HURPH>VLFSDVVLP@GH0%HGHOHVEDVWDQWHDFHUWDGR
(OWHPDHVXQDDYHQWXUDGHDPRUHQ1RUXHJDHQWUHXQMRYHQFUHWLQRVDOLGRGHFXDOTXLHU
MHVXtWLFDGHODVOHWUDVIUDQFHVDVSRQJDPRVOD15)RPHMRUWRGDYtD1RXYHOOHV/LWWpUDLUHV\XQD
HVWXGLDQWHHQ1RUXHJDGHH[FHOHQWHIDPLOLDFODURHVWi
(O IUDQFpV HV EDQDO LQVLJQLILFDQWH HVW~SLGR KRPEUH GH OHWUDV VH YD DO H[WUDQMHUR D
H[SORWDUVXPHUFDQFtD/DQRUXHJDHVUHDOLVWDGHSRUWLYDVLQSUHMXLFLRV>@/DFRQFOXVLyQHVTXH
VyOR ODV IUDQFHVDV VDEHQ ©DPDUª HV GHFLU ©YROYHUVH ORFDVª ©VHQWLUVH KHULGDV HQ HO FRUD]yQª
©DGRUDUª±SHURVREUHWRGRFDVDUVH±FRQXQEXHQFRQWUDWRDQWHQRWDULRIXQGDUXQKRJDUUHJLUXQD
IDPLOLDWRGRVHJ~QORVULWRV\ODVWUDGLFLRQHVGHODEXUJXHVtDIUDQFHVD
&XDQGR-HURPHH[WDVLDGRDORVSLHVGH©VXELHQDPDGDªEDOEXFHDVXVHQWLPHQWDOLVPR\
VX OLWHUDWXUD >@ OD QRUXHJD SRVLWLYD OH SURSRQH TXH VH HQWUHJXHQ DO DPRU -HURPH QR SXHGH
SRUTXHHVSRVLWLYDPHQWHLQFDSD]1HFHVLWDEDODDWPyVIHUDGHO©%DUULR/DWLQRª>@
£3DUDOOHJDUDHVWR-HURPHQHFHVLWDSiJLQDV
(Q GHILQLWLYD 3RVW*XHUUD WUDFWD DTXt OD OLWHUDWXUD IUDQFHVD GHO PRPHQW QR
QRPpVG¶DIHFWDGDVLQyWDPEpG¶LPSRWHQW/DLQIOXHQWUHYLVWDLHGLWRULDO/D1RXYHOOH
5HYXH)UDQoDLVHKDYLDMDUHEXWDOJXQDOWUHFjVWLJDOHVSODQHVGHODQRVWUDJDVHWD$L[tD
HQHOSDUjJUDILQWURGXFWRULDOD WUDGXFFLy G¶XQV IUDJPHQWV GH O¶REUD G¶$QGUp *LGH
0DOJUDWHOVLQWHQWVGH3RVW*XHUUDSHULPSHGLUKRODWUDGXFFLyFDVWHOODQDG¶DTXHVWDQRYHOÂOD
YDVHUXQFHUWq[LWGHILQDOVGHOVDQ\VWDPEpHVYDWUDGXLUDOFDWDOjLHQOHVGqFDGHVSRVWHULRUVDOD
*XHUUD&LYLOHQFDUDVHODUHHGLWDUjSURIXVDPHQW(QHOVHXFRQHJXWOOLEUHGHPHPzULHVO¶HGLWRU-RVp5XL]
&DVWLOOR %DVDOD ILOO GH -RVp 5XL]&DVWLOOR HO IXQGDGRU GH %LEOLRWHFD 1XHYD V¶KL UHIHUHL[ TXDQ HQV
FRPHQWDHOVHXSDVSHU%HUOtQFDPtGH5~VVLDHQXQYLDWJHTXHGHMRYHLDPEXQJUXSG¶DPLFVYDIHUOD
WDUGRU GH (QOODoDQW HO WHPD GH OD OOLEHUWDW VH[XDO HQ HOV SDwVRV VHSWHQWULRQDOV DPE HO UHFRUG
G¶DTXHVWDREUDGLX³>«@ /DOHFWXUDGHHVWHOLEURGHVWUX\y SDUDQRVRWURVODOH\HQGDHUyWLFDGH)UDQFLD
GRQGHFUHtDPRVTXHWDQWRORVFKLFRVFRPRODFKLFDV ©HVWDEDQFXUDGRVGHHVSDQWRªHQHVHWHUUHQR´-RVp
5XL]&DVWLOOR%DVDOD0HPRULDVGHXQHGLWRU0DGULG5HYLVWDGH2FFLGHQWH
9R\DJHDX&RQJRSXEOLFDGDIHLDSRFD3DUtV(OSURSL*LGHL-XOHV5RPDLQVVyQDTXt
SDUFLDOPHQWLQGXOWDWVQRVHQVHUHVHUYHVHQFDQYL3DXO0RUDQGHOFDQWRUGHO¶H[RWLVPH
LIXWXUFROÂODERUDFLRQLVWDGXUDQWHOUqJLPGH9LFK\pVQRYDPHQWSRVDWDODSLFRWD
(O DXWRU GHO ©9R\DJH DX &RQJRª QR SHUWHQHFH D OD FDWHJRUtD GH HVFULWRUHV TXH KDQ
WUDVODGDGRDVXVSiJLQDVODVLQTXLHWXGHVVRFLDOHVGHODpSRFD)RUPDHQHOJUXSRGHOD©1RXYHOOH
5HYXH)UDQoDLVHªTXHVHGLVWLQJXHSRUFLHUWRDULVWRFUDWLVPRHVSLULWXDOTXHHQHOIRQGRQRHVPiV
TXH HVFHSWLFLVPR 3HUR *LGH \ 5RPDLQV VRQ ORV HVFULWRUHV GH HVH Q~FOHR TXH GH YH] HQ YH]
WUDVODGDQDVXVSiJLQDVDOJ~QDVSHFWRVRFLDO
'RV HVFULWRUHV KDQ DSRUWDGR UHFLHQWHPHQWH FRPR SURGXFWRV GH VXV YLDMHV GRV REUDV
©%RXGKDYLYDQWª>VLF@GH3DXO0RUDQG\©9R\DJHDX&RQJRªGH$QGUpV*LGH'HODSULPHUDGH
OD TXH VH KDQ KHFKR JUDQGHV HORJLRV SRU FLHUWRV HVFULWRUHV HVSDxROHV SXHGH GHFLUVH TXH HV XQ
LQWHQWR GH SUHVHQWDU 2ULHQWH LQIHFWDGR SRU OD GHJHQHUDGD FLYLOL]DFLyQ RFFLGHQWDO /D REUD GH
*LGHSUHVHQWDDOJXQRVDVSHFWRVLQWHUHVDQWHVGHODLQKXPDQLGDGGHODDGPLQLVWUDFLyQFRORQLDO(O
SUtQFLSH LQGLR GH 0RUDQG TXH YLDMD HQ %XJDWWL \ IUHFXHQWD ORV FDEDUHWV QR QRV LQWHUHVD /RV
REUHURVGH*LGHVRPHWLGRVDEiUEDUDH[SORWDFLyQVtPHUHFHQQXHVWUDFRPSOHWDVLPSDWtD
%DOERQWtQD³0LVWLFLVPREXUJXpV\PLVWLFLVPRSUROHWDULR´FDUUHJDWDPEp
FRQWUD FHUWD LQWHOÂOHFWXDOLWDW IUDQFHVD L LWDOLDQD /¶DUWLFOH YRO FRPEDWUH GHWHUPLQDGHV
PDQLIHVWDFLRQV G¶XQ QHRHVSLULWXDOLVPH FRQVHUYDGRU TXH VHJRQV HOO V¶KD HVWqV SHU
(XURSDHQODSRVWJXHUUD³'LRVHVDQWHWRGRSDUDODFRQFLHQFLDEXUJXHVDHO6XSUHPR
&RQVHUYDGRUGHORUGHQXQLYHUVDO´(QDTXHVWDKRUDG¶LQFHUWHVDLGHFULVLVRFLDOOD³YLHMD
FRVWXPEUHGHLPDJLQDUD'LRVFRPRXQHVWDGLVWDPHWDItVLFRVHKDUHFUXGHFLGR´3HUDL[z
DOJXQVHVFULSWRUVGHGUHWHVWRUQHQDODUHOLJLyFHUFDQWKLXQHIHFWLXLQVWUXPHQWGHFRQWURO
SROtWLF
>@6HIXHURQWULVWHPHQWHORVGXOFHVFRVTXLOOHRVGHOHVFHSWLFLVPRDQDWROLDQR$KRUDVH
OOHYD 3DXO 9DOHU\ >VLF@ £&XLGDGR FRQ ORV MXHJRV 1DGD GH DWDFDU D ODV LQVWLWXFLRQHV
IXQGDPHQWDOHV GHO RUGHQ EXUJXpV £3HOLJUR GH PXHUWH /DV LQVWLWXFLRQHV HVWDEOHFLGDV VRQ DOJR
VDJUDGR
< HQ OD FXOPLQDFLyQ GH HVWD WHQGHQFLD UHDFFLRQDULD ±JURWHVFDPHQWH FREDUGHPHQWH
UHDFFLRQDULD±VHOOHJDDODSRVWXUDPRQVWUXRVDGHORV'DXGHW\ORV0DXUUDV\ORV3DSLQLVHxRUHV
TXHQRFUHHQHQOD,JOHVLDQLHQ&ULVWRTXHODIXQGDUDSHURORVGHILHQGHQDFDSD\HVSDGDFRPR
©HOHPHQWRVGHRUGHQª
$ODUHFHUFDGHQRYHVOLWHUDWXUHV
(QDTXHOODHWDSDILQDOGHOVDQ\VODEDWDOODLGHROzJLFDHVOOLXUDMDWDPEpHQHO
FDPS GH OD OLWHUDWXUD LQWHUQDFLRQDO 3RVW*XHUUD V¶DOOLVWD YROXQWjULD HQ DTXHVWD OOXLWD
DPEPpVIHTXHPLWMDQV/DQRVWUDUHYLVWDFUHXHQODQHFHVVLWDWGHEXVFDUDOWHUQDWLYHVD
6REUHOD SUHVqQFLDGH9DOpU\DOD SULPHUDqSRFDGH 5HYLVWDGH2FFLGHQWH5RVD&DOYHW RS
FLW GLX ³1RV DWUHYHUtDPRV D GHFLU TXH XQD GH ODV ILJXUDV VL QR OD ILJXUD PHMRU WUDWDGD SRU HVWD
SXEOLFDFLyQHV3DXO9DOpU\GHVSHUWDQGRXQDDGPLUDFLyQHQWUHORVFRODERUDGRUHVVXSHULRUDODGHPRVWUDGD
DQLQJ~QRWURDXWRUIUDQFpV´/DPDWHL[DDXWRUDLELGWDPEpFRQVLGHUD³HYLGHQWHODUHODFLyQHLQIOXHQFLD
GHOD1RXYHOOH5HYXH)UDQoDLVHVREUHODUHYLVWDHVSDxROD´
%DOERQWtQDTXtHVUHIHUHL[D/pRQ'DXGHW±ILOOG¶$OSKRQVH'DXGHW±
IXQGDGRU HO DPE 0DXUUDV GHO SHULzGLF PRQjUTXLF FDWzOLF L [RYLQLVWD /¶$FWLRQ IUDQoDLVH $TXHVW
SHUVRQDWJH ³KpURH WDUWDULQHVFR \ PRIOHWXGR´ ³LOXVWUH UHWUyJUDGR´ HUD SDUWLFXODUPHQW GHWHVWDW D 3RVW
*XHUUD$HVFRPHQWDTXHODVHYDIXJLGDGHODSUHVyFRPSOLDFRQGHPQDSHUGLIDPDFLyKDVDWLVIHW
PROWDODGUHWDHVSDQ\ROD³QXHVWURVMRFXQGRVWURJORGLWDVHVWiQTXHUHOLQFKDQGHM~ELOR´$DSURSzVLW
G¶XQKRPHQDWJHD=RODPRUWIHLDXQTXDUWGHVHJOHHVSDUODGHOD³SDVPRVD\VLQLHVWUDPHQWHFDWH]´GH
/pRQ'DXGHWTXHDYXLHVFULX³LJQRPLQLRVDVFROXPQDVPDQFKDQGRD=ROD´PHQWUHTXHGHMRYHO¶DGXODYD
O¶HJRWLVPHOLWHUDULIUDQFqV/HVKDWUREDWHQSULPHUOORFHQODUHFHQWSURGXFFLyOLWHUjULD
UXVVD 7DPEp HQ DOJXQV DXWRUV JHUPjQLFV TXH DQXQFLHQ XQD LPPLQHQW LPSODQWDFLy GH
FHUWDOLWHUDWXUDDOHPDQ\DHQHOPHUFDWOHFWRUHQOOHQJXDHVSDQ\ROD,OHVWUREDDL[tPDWHL[
HQGHWHUPLQDGHVPDQLIHVWDFLRQVOLWHUjULHVHQOOHQJXDDQJOHVDWRWLTXHHYLGHQWPHQWQR
SRWVHUDTXHVWHOQRVWUHREMHFWLXHQHOSUHVHQWWUHEDOOVHQVGXEWHODSRVWHULRUSUHVqQFLD
G¶DXWRUVDQJORSDUODQWVHQHOVFDWjOHJVG¶DYDQoDGDPHUHL[HULDWDPEpXQHVWXGLGHVFULSWLX
GH UHFHSFLy &XULRVDPHQW 3RVW*XHUUD DQXQFLDUj XQ GHVWURQDPHQW GH OD OLWHUDWXUD
IUDQFzIRQDDIDYRUGHO¶DQJOzIRQDDWUDYpVGHODYHXG¶XQDXWRUDOHPDQ\(OIHWWpOORFHQ
XQD QRWLFLD GH OLWHUDWXUD \ DUWH TXH WLWXOHQ ³(O OLEUR DQJORVDMyQ GHVWURQD DO OLEUR
IUDQFpV´LTXHFRPHQoDDL[t
(QXQLQWHUHVDQWHDUWtFXORGHO%HUOLQHU7DJHEODWW/LRQ)HXFKWYDQSHU>VLF@KDFHYHUTXH
VL DQWHV GH OD JXHUUD OD SUHSRQGHUDQFLD GH OD OLWHUDWXUD IUDQFHVD HQ HO PXQGR HUD LQGLVFXWLEOH
DFWXDOPHQWHODOLWHUDWXUDDQJORVDMRQDOHFRQTXLVWDXQDGHVSXpVGHRWUDWRGDVVXVSRVLFLRQHV
(OHVFULWRUDOHPiQEXVFDODH[SOLFDFLyQGHHVWHIHQyPHQR<ODHQFXHQWUDHQHOKHFKRGH
TXHODOLWHUDWXUDIUDQFHVDGHKR\REMHWRGHOXMRSURGXFWRGHUHILQDPLHQWRH[WUHPRHVH[WUDxDD
ODUHDOLGDG>@
)HXFKWZDQJHUQRHQYDIXWXUDXWRUGH&HQLWSURSRUFLRQDDOVSRVWJXHUULDQVXQV
DUJXPHQWVHVWqWLFV HQVLQWRQLDDPEHOVTXHGHIHQVDODUHYLVWD(QOORFG¶XQVROLSVLVPH
OLWHUDULTXHV¶LGHQWLILFDDPEXQFRUUHQWSUHSRQGHUDQWHQOHVOOHWUHVIUDQFHVHVHVSURPRX
XQD QRYHOÂOtVWLFD TXH WUDGXHL[L OD UHDOLWDW TXH HQYROWD O¶LQGLYLGX LQFORVD OD UHDOLWDW
VRFLDO $TXHVWD QRYHOÂOD TXH GHVFULX GHV[LIUD L UHFUHD OD UHDOLWDW pV DYXL PpV IjFLO GH
WUREDU VHJRQV OHV SDUDXOHV GH )HXFKWZDQJHU WUDQVFULWHV SHU 3RVW*XHUUD HQWUH OD
SURGXFFLyHQOOHQJXDDQJOHVD
>@(QWDQWRTXHODQRYHODKDWUDGXFLGRODUHDOLGDGKDGRPLQDGRHOPXQGR/HHGXQD
QRYHOD IUDQFHVD GH KR\ GtD YXHVWUR FRQRFLPLHQWR GHO PXQGR QDGD VH HQULTXHFHUi D OR PiV
DSUHQGHUpLV HQ GHWDOOHV OR TXH ORV KpURHV KDQ VHQWLGR WDO GtD R HQ WDO PRPHQWR SUHFLVR 3RU HO
FRQWUDULROHHGXQDREUDLPSRUWDQWHGHODOLWHUDWXUDDQJORVDMRQDHODXWRUGHVFULEHWRGDXQDJUDQ
FDSDVRFLDOVXQDWXUDOH]DVXLQIOXHQFLDVXVIRUPDVGHYLGD>@
'H IHW HQ DTXHVW PDWHL[ Q~PHUR GH 3RVW*XHUUD DSDUHL[ XQ DUWLFOH G¶XQD
SODQD VHQFHUD GLUHFWDPHQW UHODFLRQDW DPE O¶DQWHULRU LQYLWDFLy D OD OHFWXUD 8Q WDO 3
9i]TXH] FROÂODERUDGRU TXH MD V¶KDYLD RFXSDW GH WHPHV QRUGDPHULFDQV HQ DOWUHV
Q~PHURV VLJQD ³/D QRYHOD VRFLDO \DQTXL´ eV XQ WH[W SUREDEOHPHQW HVFULW SHU
HQFjUUHF L VHQVH SUHWHQVLRQV G¶HUXGLFLy O¶DXWRU QR VHPEOD TXH VLJXL ILOzOHJ QL
HVSHFLDOLVWDHQOLWHUDWXUD3HUzO¶LQWHUqVGHO¶HVFULWHVWjHQTXqFRQVWLWXHL[XQDLQYLWDFLyD
GHVFREULU OD QRYHOÂOtVWLFD QRUGDPHULFDQD G¶DFFHQW FUtWLF L XQD H[KRUWDFLy D TXq VLJXL
WUDGXwGD DO FDVWHOOj &RVD TXH HIHFWLYDPHQW IDUj GHVSUpV &HQLW DPE DOJXQHV REUHV GHOV
GRV DXWRUV HQ HOV TXDOV VH FHQWUD O¶DUWLFOH 6LQFODLU /HZLV L 8SWRQ 6LQFODLU 'HV GHO
FRPHQoDPHQW O¶DXWRU HVWj LQWHUHVVDW HQ WUDQVPHWUH TXH GLQV GH OD FXOWXUD GHOV (VWDWV
8QLWV HYLGHQWPHQW DTXHVW QR HUD HQ JHQHUDO HO SDtV SUHIHULW GH 3RVW*XHUUD KL KD
WDPEpFRUUHQWVFUtWLFVTXHFRQYpFRQqL[HU
([LVWHHQ1RUWHDPpULFDXQWLSRGHQRYHODTXHSRGUtDPRVOODPDUVRFLDOFX\DGLIXVLyQHQ
(VSDxDFRQWULEXLUtDDURPSHUORVHVSHMLVPRV\GHVFXEULUODVVXSHUILFLDOLGDGHVTXHVXHOHQGRPLQDU
HQFDVLWRGRVORVHVFULWRVTXHDXWRUHV\SHULRGLVWDVFDSLWDOLVWDVGHGLFDQDORV(VWDGRV8QLGRV
8QWDOHVWXGLFRPSOHPHQWDULDOHVSHUVSHFWLYHVGHUHFHSFLyG¶DXWRUVDQJOHVRVTXHDPEUHODFLy
DO¶(VSDQ\DGHODGqFDGDGHOVREUHHOGRFXPHQWDWWUHEDOO-DFTXHOLQH+XUWOH\-RVHS-DQpV(OFRPEDW
SHUODFXOWXUDSUHVHQWDFLyGH-RUGL&DVWHOODQRV%DUFHORQD&XULDO
9R\DFLWDUYDULRVHMHPSORVGHQRYHODVGHHVWHWLSRFRQHOGHVHRGHTXHDOJ~QOHFWRUVH
DQLPHVLQRDWUDGXFLUODVDOPHQRVDRMHDUODV
(O SULPHU DXWRU TXH WUDFWD pV -DFN /RQGRQ D TXL FRQVLGHUD XQD PHQD GH
SUHFHGHQWGHOVDXWRUVVRFLDOVDFWXDOVVREUH7KH,URQ+HHOGLX³(VXQDREUDFX\D
WUDGXFFLyQ HVSDxROD VH YHQGHUtD PX\ ELHQ´ , GHVSUpV FRPHQWD (OPHU *DQWU\ GH
/HZLVL2LOGH6LQFODLUDPEGXHVGHLVREUHOHVTXDOVDVVHJXUDTXHHOPLOORUHORJL
TXHKDQUHEXWpVTXHODVHYDYHQGDIRXSURKLELGDD%RVWRQ³FXQDGHORVJUDQGHVWUXVWV\
~OWLPRUHIXJLRGHOSXULWDQLVPRLQJOpV´(OGDUUHUSDUjJUDIDFFHQWXDOHVLGHHVTXHWUDoDYD
HOSULPHU
/DH[LVWHQFLDGHHVWHWLSRGHQRYHODHQORV(VWDGRV8QLGRVUHYHODQRVyORXQHVWDGRGH
LQTXLHWXG VRFLDO VLQR WDPELpQ HO TXH HVWD LQTXLHWXG HV FRQVFLHQWH HQ XQ Q~FOHR H[WHQVR (Q
(VWDGRV8QLGRVKD\SUREOHPDVRFLDO\\DQTXLVTXHORVLHQWHQVXYR]TXHWLHQHTXHOXFKDUFRQWUD
HOUpJLPHQHQTXHYLYHQVXHOHTXHGDUDSDJDGDSRUODGHORVEDQTXHURVGH:DOO6WUHHWSHURFRQ
XQSHTXHxRHVIXHU]RSXHGHWRGDYtDRtUVH(VFXFKiQGRODDSUHQGHUHPRVPXFKDVFRVDVLQWHUHVDQWHV
\QRVIRUWDOHFHUHPRVHQQXHVWUDVLGHDV
/D LPSRUWjQFLD GRQFV G¶DTXHVW DUWLFOH pV TXH LQWHQWD REULU XQD QRYD SRUWD
GHVFREULU XQ QRX ILOy HQ DTXHVWD UHFHUFD G¶DOWHUQDWLYHV DO SUHVWLJL OLWHUDUL IUDQFqV
SURPRJXGD SHOV SRVWJXHUULDQV 9DO D GLU TXH OD UHYLVWD KDYLD MD GRQDW DQWHULRUPHQW
QRWtFLDRILQVLWRWDOJXQWDVWG¶HVFULSWXUDQRUGDPHULFDQDGHFDUjFWHUSURJUHVVLVWD8SWRQ
6LQFODLUHUDSURXFRQHJXWSHOOHFWRUGH3RVW*XHUUDGHVGHRQVHOLGHGLFDXQERQ
HVSDL VHQVH VLJQDU VRWD O¶HStJUDI GH ³/RV JUDQGHV HVFULWRUHV´ 'RQDGD OD SRFD
HVWLPDFLy TXH HQ JHQHUDO GHVSHUWHQ HOV (VWDWV 8QLWV HQ OD QRVWUD JDVHWD VH¶O SUHVHQWD
FRPXQQRUGDPHULFjDWtSLF
8SWRQ 6LQFODLU HV XQ HVFULWRU H[yWLFR HQ 1RUWHDPpULFD QR SRUTXH HVFULED HQ GLVWLQWD
OHQJXDVLQRSRUTXHHVFULEHFRQGLVWLQWRVHQWLPLHQWR>@(VXQSDtVTXHSURJUHVDSHURTXHQR
HYROXFLRQD 6XV FRVWXPEUHV VX VHQWLGR GH MXVWLFLD UHWURJUDGDQ HQ XQ SXULWDQLVPR GH UHOLJLRVD
EDUEDULH
6HJXHL[XQUHSjVDO¶REUDGH6LQFODLULDOVHXSURSLFRPSURPtVFtYLFGHVWDFDQW
GHO¶XQLGHO¶DOWUDODGHQ~QFLDTXHO¶DXWRUIDGHOHV[DFUHVGHOPRGHOFDSLWDOLVWDLDQTXL
7RWLTXH3RVW*XHUUDGLVFUHSDXQDPLFDGHOQRYHOÂOLVWDSHUTXqFUHXTXHLGHROzJLFDPHQW
QR HV FRPSURPHW SURX DPE HO SHQVDPHQW PDU[LVWD HO UHVSHFWHQ HQ WDQW TXH KRQUDW
GHIHQVRUGHODQHFHVVLWDWGHPpVMXVWtFLDVRFLDO8QDOWUHQRUGDPHULFjTXHMDFRQHL[LDHO
OHFWRU GH OD UHYLVWD HUD -RKQ 5HHG GHO TXDO V¶KDYLD SRJXW OOHJLU XQ IUDJPHQW QR
PDVVD FXURVDPHQW WUDGXwW GH 7HQ 'D\V 7KDW 6KRRN WKH :RUOG (O IDPyV
UHSRUWDWJH VHUj GHVSUpV HGLWDW R VL PpV QR DQXQFLDW ILQV D WUHV YHJDGHV SHU VHQJOHV
HGLWRULDOV GH O¶zUELWD GH DYDQ]DGD %LEORV -DVyQ L )pQL[ 3HU OD VHYD SDUW $QGUDGH
LQFORXUjHQHO FDWjOHJG¶(GLFLRQHV +R\ HO UHFXOO SzVWXP +LMD GH OD UHYROXFLyQ \ RWUDV
QDUUDFLRQHV'DXJKWHURIWKH5HYROXWLRQDQG2WKHU6WRULHV
(OFHUWpVTXHODSULPHUDWUDGXFFLyHVSDQ\ROD(OWDOyQGHKLHUURQRYDDUULEDUILQVDO
1RVDOWUHVFRQHL[HPGHYLVXQRPpVO¶HGLFLyGH)pQL[-RKQ5HHG&yPRDVDOWDURQHOSRGHUORV
EROFKHYLTXHV 'LH] GtDV TXH FRQPRYLHURQ DO PXQGR 0DGULG )pQL[ DTXHVWD WUDGXFFLy G¶ÈQJHO
3XPDUHJD pV EHQ VHJXU OD PDWHL[D SXEOLFDGD DPE DQWHULRULWDW SHU -DVyQ TXH FRQHL[HP SHU FDWjOHJ
/¶DSDULFLyLPPLQHQWGHO¶HGLFLyGH%LEORVODSULPHUDGHOHVWUHVHUDFjOLGDPHQWDQXQFLDGDHQHOQ~P
PDLJGHSGH3RVW*XHUUD³HOWHVWLPRQLRTXHVHKDUiFOiVLFRHQODOLWHUDWXUDGHODKLVWRULDGH
OD5HYROXFLyQGH2FWXEUH/DWUDGXFFLyQODOOHYDDFDERFRQHVSHFLDOFXLGDGR\FDULxRQXHVWURSDUWLFXODU
DPLJR>È@QJHO3XPDUHJDGLUHFWRUGHODV©(GLFLRQHV%LEORVª´
3HUDOWUDEDQGDLSHUWDQFDU DTXHVWD VLQzSWLFD XOODGD D OD FUtWLFD SRVWJXHUULDQD
VREUHOLWHUDWXUDHQOOHQJXDDQJOHVDGLUHPTXH*%6KDZLHVSHFLDOPHQW+*:HOOV
UHEHQPpVG¶XQFRSO¶DWDFGHODUHYLVWDLDL[zQRWDQWSHUODVHYDREUDGHFUHDFLyOLWHUjULD
FRPSHOVVHXVDUWLFOHVG¶RSLQLyLODVHYDPRGHUDGDSRVWXUDSROtWLFDYLQFXODGDHQPDMRUR
PHQRUJUDXDOVRFLDOLVPHIDELj$L[tSHUH[HPSOHDO¶HGLWRULDOGHOQ~P³/RV]LJV
]DJVSROtWLFRVGH0tVWHU:HOOV´RQHVFULWLFD±QRHUDODSULPHUDYHJDGD±ODVqULH
G¶DUWLFOHVWLWXODGD³&yPRPDUFKDHOPXQGR´ODTXDOHVSXEOLFDYD HQLQIOXHQWVURWDWLXV
G¶DPEGyVFRVWDWVGHO¶$WOjQWLF(OILQDOGHO¶HGLWRULDO
/RVDUWtFXORVGH©&yPRPDUFKDHOPXQGRªVHFDUDFWHUL]DQSRUVXVFRQVWDQWHV]LJV]DJV
:HOOV QR PDQWLHQH XQ FULWHULR KRPRJpQHR D WUDYpV GH QLQJXQR GH HOORV &DGD WUR]R HV XQD
FRQFHVLyQ D XQ JUXSR GH OHFWRUHV < ORV DWDTXHV DO FDSLWDOLVPR HVWiQ VLHPSUH HTXLOLEUDGRV SRU
GXUDVIUDVHVFRQWUDORVFRPXQLVWDV(VOD~QLFDIRUPDTXHHOHVFULWRULQJOpVHQFXHQWUDGHDJUHJDU
FDStWXORV\FDStWXORVD©&yPRPDUFKDHOPXQGRª(O6XQGD\([SUHVV\HO1HZ<RUN7LPHVSDJDQ
HVSOpQGLGDPHQWH
£'HORVIDELDQRVOtEUDQRV6HxRU
8QDYLQFXODFLyHQWUHSHUXQDEDQGDHOGHVLJGHPRVWUDUQRXVWHUULWRULVOLWHUDULV
L SHU O¶DOWUD HOV SHULOOV GHO GRJPDWLVPH L GH VXFXPELU D OD PHUD FRQVLJQD HVWqWLFR
SROtWLFD HV SRW WUREDU D ³8QD HQFXHVWD LQWHUHVDQWtVLPD´ (V WUDFWD GHOV UHVXOWDWV
G¶XQD HQTXHVWD IHWD SHU OD LPSRUWDQW UHYLVWD QRUGDPHULFDQD G¶HVTXHUUHV 1HZ 0DVVHV
SHULRGLFLWDW PHQVXDO HQWUH HOV PHPEUHV GHO ³&RPLWp PRVFRYLWD GH
HVFULWRUHV´ (O THVWLRQDUL FRQVWD GH SUHJXQWHV EjVLFDPHQW DO YROWDQW GHO WHPD GHO
SDSHU GH O¶HVFULSWRU HQ OD VRFLHWDW L GH OD IXQFLy VRFLDO GH O¶DUW 3RVW*XHUUD GyQD OHV
UHVSRVWHVGHDXWRUVFDSG¶HOOVVHUjWUDGXwW±FRPDFUHDGRU±D(VSDQ\DLWRWHVVyQ
G¶XQD RUWRGz[LD VHQVH ILVVXUHV $L[t D OD SUHJXQWD GH ³¢&XiO HV OD SRVLFLyQ TXH ORV
HVFULWRUHV GHEHQ DGRSWDU HQ HO PRYLPLHQWR REUHUR UHYROXFLRQDULR"´ O¶XQ UHVSRQ
³3RVWXUDPLOLWDQWHSOXPD\WLQWDHQOXJDUGHIXVLO\VDQJUH´LXQDOWUH³(OHVFULWRUGHEH
VHUHOJXtD\HOWULEXQRGHOSUROHWDULDGRUHYROXFLRQDULR´3UHJXQWDWVREUHODGHFDGqQFLD
GHODFLYLOLW]DFLyDPHULFDQDLTXLQDIyUDO¶DOWHUQDWLYDHOSULPHUGLX³/DFLYLOL]DFLyQGH
$PpULFDQRDYDQ]DSRUTXHKDPDWDGRDOKRPEUHHQHOKRPEUH3DUDVDEHUODTXHGHEH
UHHPSOD]DUODHVSUHFLVRGLULJLUVHDQXHVWUR&RPLWpORFDO´(OVHJRQHQUHVSRVWDD³¢3DUD
TXpFODVHGHOHFWRUHVWUDEDMD"´FRQWHVWD³<RWUDEDMRSDUDORVREUHURV\ORVFDPSHVLQRV
DVtFRPRSDUDORVLQWHOHFWXDOHVSUROHWDULDGRV´,HOWHUFHUHQILSDUODGHODVHYDHVWqWLFD
HQ DTXHVWV WHUPHV ³0LUR HO DUWH FRPR XQ DUPD GH OD OXFKD GH FODVH 1L H[LVWH QL KD
H[LVWLGRHODUWHSRUHODUWHHVRHVXQD~OWLPDIRUPDFRQODFXDOVHHQPDVFDUDQORVDUWLVWDV
DVXHOGRGHODEXUJXHVtD´,PpVHQGDYDQW³/RVKRPEUHVGHDYDQ]DGDGHEHQH[LJLUGHO
HVFULWRU HO WDOHQWR OD PDHVWUtD OLWHUDULD \ OD SLQWXUD GH OD UHDOLGDG GH DFXHUGR FRQ ORV
FRQFHSWRVGHOSUROHWDULDGRUHRUJDQL]DGRUGHOPXQGR´
%p PpV HQOOj GH OD ULJLGHVD LOÂOXPLQDGD HQ HOV SODQWHMDPHQWV TXH H[SUHVVHQ
DTXHVWVQRLQGLVSHQVDEOHVDXWRUVHOFHUWpVTXHODUXVVDpVODSULQFLSDOEDQGHUDOLWHUjULD
GH3RVW*XHUUDLTXHODWUDGXFFLyG¶HVFULSWRUVVRYLqWLFVVHUjXQGHOVWUHWVGLVWLQWLXVGHOD
WDVFDHGLWRULDOGHDYDQ]DGD(OQ~PHURGH3RVW*XHUUDO¶H[WUDRUGLQDULGHSODQHV
VLWXD*RUNLFRPXQDXWRUFHQWUDOGHUHIHUqQFLD/DUHYLVWDV¶DSXQWDDKRPHQDWMDUORDPE
3RVWHULRUPHQW$JXLODUYDHGLWDUWDPEpHOYROXPTXHUHFROOLDFURQROzJLFDPHQWHOVDUWLFOHVGHOD
VqULHSXEOLFDWVGXUDQWHO+*:HOOV&yPRPDUFKDHOPXQGR&RQMHWXUDV\SURQyVWLFRVVREUHORV
DxRVYHQLGHURV9HLQWLVpLVDUWtFXORV\XQDFRQIHUHQFLD0DGULG$JXLODUVD>@
3HUDWUDGXFFLRQVGHOUXVSXEOLFDGHVILQVDFRQYpFRQVXOWDUHOPHULWRULYDGHPqFXPTXH
D PpV FRQWp HQ OD VHYD LQWURGXFFLy YDOXRVtVVLPHV GDGHV L SDXWHV GH UHFHSFLy GH OHV OOHWUHV UXVVHV GLQV
O¶jPELWOLQJtVWLFGHO¶³+LVSDQLF ZRUOGIURPWKH3\UHQHHVWR3DWDJRQLD´*HRUJH26FKDQ]HU 5XVVLDQ
/LWHUDWXUHLQWKH+LVSDQLF:RUOGDELEOLRJUDSK\8QLYHUVLW\RI7RURQWR3UHVV
PRWLXGHOVHXqDQLYHUVDULTXHDO¶8566V¶HVWjFHOHEUDQWDVRGHERPERLSODWHUHWV/L
GHGLFD WUHV SODQHV L PLWMD O¶DUWLFOH PpV OODUJ DSDUHJXW ILQV DOHVKRUHV LQFORX
LOÂOXVWUDFLRQVLQRHVWjVLJQDW(OWH[WWpWUHVSDUWVODSULPHUDLQIRUPDH[KDXVWLYDPHQW
GH OD JUDQ TXDQWLWDW G¶KRPHQDWJHV TXH V¶HVWDQ WULEXWDQW D XQ DXWRU TXH VHUj HGLWDW SHU
2ULHQWH+LVWRULD1XHYDLHVSHFLDOPHQW&HQLWTXHDUULEDUjDHQJHJDUXQDFROÂOHFFLyGH
³2EUDV &RPSOHWDV GH 0i[LPR *RUNL´ /D SDUW FHQWUDO GH O¶DUWLFOH ³6X ELRJUDItD´
GHVFULXODVHYDSHULSqFLDYLWDOWDQWHQODYHVVDQWDUWtVWLFDFRPHQODSROtWLFD,ODWHUFHUD
SDUW ³6X DFWLYLGDG OLWHUDULD´ HQV UHYHOD *RUNL FRP XQ DXWqQWLF SLRQHU GH OD OLWHUDWXUD
SUROHWjULRUHYROXFLRQjULD
3DUDOD8QLyQ6RYLpWLFDHOKRPHQDMHD*RUNLQRHVVRODPHQWHHOGHXQHVFULWRUGHJHQLR
GHOFXDOHOSDtVQDWDOWLHQHGHUHFKRDHVWDURUJXOORVRHVDOJRPiVWRGDYtD(OSUROHWDULDGRTXHKD
WUDtGR OD YLFWRULD HQ RFWXEUH KD HQFRQWUDGR HQ OD SHUVRQD GH *RUNL VX LQWpUSUHWH VRFLDO XQ
HVFULWRUUHYROXFLRQDULRHVWUHFKDPHQWHXQLGRSRUVXYLGD\VXDFWLYLGDGDOPRYLPLHQWRREUHUR>@
3RQLHQGRDXQODGRHODOWRYDORUGHVXVREUDV*RUNLQRVRIUHFHHOPRGHORGHXQRGHORV
SULPHURVFRPEDWLHQWHVGHODOLWHUDWXUDSUROHWDULD>@6LQRVRWURVH[DPLQDPRVODOLWHUDWXUDSRVW
UHYROXFLRQDULDQRSRGHPRVROYLGDUTXHWRGDXQDSOp\DGHGHHVFULWRUHVFRQWHPSRUiQHRVKDQVLGR
UHYHODGRV SRU *RUNL PXFKRV GH HQWUH HOORV VRQ VXV GLVFtSXORV R KDQ UHFLELGR OD LQIOXHQFLD
ELHQKHFKRUD GH VX PDHVWUR JHQLDO (Q XQD SDODEUD *RUNL HVWi XQLGR D OD OLWHUDWXUD VRYLpWLFD
FRQWHPSRUiQHDSRUPLOODUHVGHQXGRV
0pV HVSDL HQFDUD UHEUj HQ HO Q~PHUR HO FHQWHQDUL GH 7ROVWRL SODQHV HO
UqFRUG HQ OD QRVWUD UHYLVWD (Q HO FjQRQ OLWHUDUL SRVWJXHUULj OHV ILJXUHV GH 7ROVWRL L
*RUNL HQ OD OLWHUDWXUD UXVVD MXJXHQ XQ SDSHU HTXLSDUDEOH DO GH =ROD L %DUEXVVH HQ OD
OLWHUDWXUDIUDQFHVDUHSUHVHQWHQHOVJUDQVPHVWUHVXQTXHHQFDUDYLXHVFULXLWUDQVPHWL
XQ DOWUH G¶DQWHULRU HO OOHJDW GHO TXDO FRQYp UHLYLQGLFDU /D PHLWDW GH O¶HVSDL OHV GXHV
SULPHUHVSODQHVO¶RFXSD-RVp/RUHGR $SDULFLR DPE XQ WH[W VREUH 7ROVWRL TXH
PpVTXHOLWHUDULWpFDUjFWHUG¶DVVDLJFXOWXUDO1RHQVKLHQWUHWLQGUHPSHUzYHJHPQRPpV
DOJXQGHWDOOGHOSDUjJUDILQLFLDOHQXQPRPHQWHQTXq(GLFLRQHV2ULHQWHKDHPSUqVMDOD
VHYDVLQJODGXUDOHVUHIHUqQFLHVDODGLFRWRPLD2ULHQW2FFLGHQWHVSUHVWHQXQFRSPpVD
XQDOHFWXUDHQFODXDQWLRUWHJXLDQD
6HJXUDPHQWH YROYHUi D VXUJLU HQ HVWRV GtDV HO WySLFR GH 2ULHQWH \ 2FFLGHQWH $TXt OR
SUHFLVRORPDWHPiWLFRODFLYLOL]DFLyQDOOiORYDJRORIDQWiVWLFRHOPLVWLFLVPRUHGHQWRU3HUR
2ULHQWH\2FFLGHQWHQLVLTXLHUDWLHQHQFRQVLVWHQFLDJHRJUiILFDSRUTXHVRQHVSDFLRVLPDJLQDULRV
TXHGHSHQGHQGHODSRVLFLyQUHODWLYDTXHRFXSHHOREVHUYDGRU>@\&KLQDVXSRGHFLHQFLDV\GH
UHILQDPLHQWRVLQWHOHFWXDOHVPXFKtVLPRDQWHVTXHOD*HUPDQLDVXSHUFLYLOL]DGD
/DVHJRQDPHLWDWGHO¶HVSDLGHGLFDWDOPHVWUHGH,jVQDLD3ROLDQDODFRQVWLWXHL[XQ
DUWLFOHTXHPDOJUDWODIUHTHQWSUHVqQFLDGHO¶DXWRU³HQRSLQLyQPtD´³VLHQWR
QRSRGHUKDEODU´HWFDSDUHL[VHQVHVLJQDU(OWH[WGHFODUDYROHUVHUWDQVROVXQHVEyV
G¶LQWURGXFFLyDODILJXUDGH7ROVWRLLDERUGDDVSHFWHVGHODVHYDSURGXFFLyOLWHUjULDLGH
OHV VHYHV SUHRFXSDFLRQV UHOLJLRVHV VRFLDOV R SHGDJzJLTXHV &DStWRO DSDUW PHUHL[HQ OHV
LGHHVHVWqWLTXHVGHO¶DXWRUHOFHQWHQDULGHOTXDO³VHGLVSRQHQDFHOHEUDUORV6RYLHWV´(Q
FRQWUDGHTXDOVHYROHVWHWLFLVPHV¶DFFHQWXDTXHSHUD7ROVWRLHOFRQFHSWHGHEHOOHVDLHO
GRPLQLGHODWqFQLFDDUWtVWLFDQRVyQVXILFLHQWVSHUHQJHQGUDUHOYHUGDGHUDUWTXHFDOTXH
&RQVLJQHPFRPDFRQWUDVWTXH/D*DFHWD/LWHUDULDGRVPHVRVGHVSUpVTXH3RVW*XHUUDD
SHQHV YD GHGLFDU DO VRQDW DQLYHUVDUL GH *RUNL XQD FROXPQHWD HVFULWD DPE FHUWD LURQLD ³1LQJ~Q HVFULWRU
FRQWHPSRUiQHRKDWHQLGRQXQFDODDFRJLGDGHOSDWULDUFDGHOEROFKHYLVPRHQ5XVLD(OSXHEORHQPDVDVH
FRQJUHJyDDFODPDUOH(QWUyFRPRXQUH\TXHWRUQDVHGHOGHVWLHUUR´$PpVHOWH[WWHPjWLFDPHQWGHULYD
FDS D %DURMD ³QXHVWUR PHMRU JRUNLDQR´ ³/D QXHYD 5XVLD *RUNL OD &LHQFLD \ %DURMD´ /D *DFHWD
/LWHUDULDGHMXOLRO
WLQJXL SHU GDPXQW GH WRW XQD GLPHQVLy qWLFD L KXPDQD $ SDUWLU G¶DTXt O¶DXWRU GH
O¶DUWLFOHWDPEpPLUDGHSRUWDUXQDPLFDG¶DLJXDDOPROtGHO¶HVWqWLFDPDU[LVWD
>@6HJ~Q7ROVWR\>VLF@ODVREUDVGHDUWHGHEHQVHUGLYLGLGDVSRUVXFRQWHQLGRHQGRV
FODVHVEXHQDV\PDODV(OEXHQDUWHHVHOTXHSURGXFHORVVHQWLPLHQWRVGHWRGRVORVKRPEUHV\HO
TXHH[SUHVDODLGHDGHODIHOLFLGDGVXSHULRU\ILQDOGHOD+XPDQLGDG±HVXQDFRQFHSFLyQLGHDOGHO
DUWH±PLHQWUDVTXHHODUWHPDORHVHOTXHVLUYHGHH[SUHVLyQDXQDVRODFODVHGHODVRFLHGDGDOD
FXDO VLUYH GH GLVWUDFFLyQ H LQFOXVR GH FRUUXSFLyQ < VL KH GLFKR DQWHV TXH HVWD FRQFHSFLyQ VH
DSUR[LPD D QXHVWUD FRQFHSFLyQ PDU[LVWD VREUH HO DUWH HV SRUTXH SDUD QRVRWURV OD LQPHQVD
PD\RUtDGHODVREUDVGHDUWHDFWXDOHVQRVyORFRQVWLWX\HQODH[SUHVLyQGHOUpJLPHQEXUJXpVVLQR
TXH VLUYHQ GH GHIHQVD \ PDQWHQLPLHQWR GH pVWH ±HV VHQFLOODPHQWH HO DUWH GH XQD FODVH OD
EXUJXHVD± PLHQWUDV TXH QRVRWURV DVSLUDPRV D UHDOL]DU XQ DUWH VLQ FODVH XQ DUWH TXH VHD OD
H[SUHVLyQGHOD+XPDQLGDG\TXHVLUYDDOD+XPDQLGDG>@
1R SRGHP GHL[DU G¶HVPHQWDU DTXt TXH TXLQ]H GLHV GHVSUpV TXH 3RVW*XHUUD
WDPEp/D*DFHWD/LWHUDULDYDYROHUFHOHEUDUHOFHQWHQDULGH7ROVWRL&RQVFLHQWDPpVGHO
VLJQLILFDWQRVROVOLWHUDULVLQyWDPEpqWLFRVRFLDOGHODYHQHUDEOHILJXUDEDUEDEODQFDHO
SHULzGLFGH*HFpYDDSURILWDUSHUPXQWDUXQHVSHFLDOVREUHORVREUHURV\ODOLWHUDWXUD
/¶HQFDSoDOD XQ OODUJ HGLWRULDO MXVWLILFDWLX XQD PLFD FRQI~V TXH WUDQVPHW OD PDOD
FRQVFLqQFLD GH TXL VDEHQW TXH MXJD HQ FDPS FRQWUDUL SUHWpQ VHU HTXjQLPH SHUz HQ
UHDOLWDW HVWj GRPLQDW SHU XQ SDUWLGLVPH DEUXVDGRU 9DO OD SHQD TXH HQ OOHJLP O¶LQLFL
DOJXQSDVVDWJHFHQWUDOLO¶DFDEDPHQW&RPTXHMDFRQHL[HP*LPpQH]&DEDOOHURLHOVHX
zUJDQQRFDOGUDQJDLUHVPpVFRPHQWDULV
%DMRHOVLJQRDPSDUDGRUGHO&HQWHQDULRGH7ROVWRL>VLF@KHPRVFRPSXHVWRHOSUHVHQWH
Q~PHURPRQRJUiILFRGHGLFDGRDHVWDEOHFHUXQQH[RPiVHQODVHULHGHLQYHVWLJDFLRQHVOLWHUDULDV
GHTXHHVyUJDQRQXHVWURSHULyGLFRODUHODFLyQTXHSXHGDH[LVWLUHQWUHORVREUHURV\ODOLWHUDWXUD
0LHQWUDV JHQWHV IUtYRODV \ UHQFRURVDV TXH QL DPDQ OD OLWHUDWXUD QL DPDQ QDGD QRV
LQFUHSDQGLDULDPHQWHGHGHVFXLGDUVDFURVRILFLRVGHODYLGDQDFLRQDO\XQLYHUVDOQRVRWURVHQHO
PD\RUGHORVVLOHQFLRVYDPRVFRQVWUX\HQGRQXHVWUDDUTXLWHFWXUDGHSHUIHFWDOHDOWDG\KRQUDGH]
FRQODWDUHDLPSXHVWDVHUYLUDOYROXPHQFXOWXUDOGHQXHVWURSDtV\DTXHpVWHHVHO~QLFRPRGR
HILFD] VHULR ±\ KR\ MXYHQLO± GH VHUYLU D PXFKDV DOWDV FDXVDV HQWUH HOODV OD GH OLEHUWDG OD GH
DXWRQRPtDLQGLYLGXDO1RTXHUHPRVGHFLUFRQHVWRTXHOH\HQGR/$*$&(7$/,7(5$5,$HQ
(VSDxDVHFRQYLHUWDHOOHFWRUDXWRPiWLFDPHQWHHQXQVDELRILOyVRIRTXHSXHGDPLUDUSRUHQFLPD
GHODVSHTXHxDVDWDGXUDVYLWDOHV
3HURVtFUHHPRVTXHHOKHFKRGHOHHUXQDVKRMDVGHVLQWHUHVDGDVGHLQWHUpVLQPHGLDWRD
EDVHGHOLWHUDWXUDOHWUDVHVStULWXSXHGHVHUXQFDPLQRPHMRUTXHRWURSDUDFLHUWDVDJLOLGDGHV
DXWRQyPLFDV1RVUHIHULPRVDODSXQWDUHVWR±FODURHVWi±QRWDQWRDOOHFWRUFXOWREXUJXpVFRPR
DOSRSXODUDOTXHSXGLHUDOODPDUVHSUROHWDULR
1RVRWURV SHUWHQHFHPRV D HVD MXYHQWXG TXH OH UHSXJQD \D OD FRPSDVLyQ SUROHWDULD OD
FDQFLyQODFULPRVDGHOWUDEDMR4XHFUHHFDGDYH]FRQPiVIH\PiVHYLGHQWHVGDWRVHQODDXURUD
GHXQDQXHYDDULVWRFUDFLDKXPDQD±VXSHULRUDODVH[LVWLGDVHQRWUDVHWDSDVKLVWyULFDV±\GHODTXH
IRUPDUiQ SDUWH HVRV MyYHQHV REUHURV DSDUHQWHPHQWH DSROtWLFRV \ HVRV MyYHQHV EXUJXHVHV
DSDUHQWHPHQWH IUtYRORV 1RV UHSXJQD WDPELpQ HVD GLVWLQFLyQ GH EXUJXpV \ REUHUR HQ OD QXHYD
MXYHQWXG 3HUR OD GHMDPRV DKt SURYLVLRQDOPHQWH VLQ GDUOD PD\RU LPSRUWDQFLD VLQWLHQGR TXH OD
QXHYDHFRQRPtD\HVSLULWXDOLGDGGHOPXQGRWUDHHVWUXFWXUDV\QRPLQDFLRQHVLQpGLWDV>@
³(Q HO FHQWHQDULR GH 7ROVWRL /RV REUHURV \ OD OLWHUDWXUD´ /D *DFHWD /LWHUDULD GH
VHWHPEUH
1LWDQVROVHQODJUDILDGHOQRPGHO¶KRPHQDWMDWHVSRVHQG¶DFRUGPHWjIRUDGHTXqFDGDVFXQD
KRQRUD HO VHX SURSL 7ROVWRL 3RVW*XHUUD L /D *DFHWD /LWHUDULD $TXHVWD HVFULX 7ROVWRL PHQWUH TXH
DTXHOODHQQRWDDSHXGHSODQDSUHFLVD³7ROVWR\\QR7ROVWRLFRPRKDGHFODUDGRUHFLHQWHPHQWHODKLMD
PD\RU ±7DWLDQD± GHO JUDQ QRYHOLVWD´ /D FRUUHFWD WUDQVFULSFLy FDVWHOODQD VHJRQV OHV IRQV TXH QRVDOWUHV
VHJXLPLTXHMDKHPHVPHQWDWPpVDPXQWpV7ROVWyL
1RVDEHPFRQFUHWDPHQWDTXLHVUHIHUHL[O¶HGLWRULDOLVWDTXHpVDPEWRWDVHJXUHWDWHO SURSL
*HFpSHUzpVEHQSRVVLEOHTXHHVWLJXpVSHQVDQWHQHOVSRVWJXHUULDQV
(VHMRYHQTXHSXULILFDXQSRHPDFRPRVXLQVWUXPHQWDOXQWpFQLFRHQODIiEULFDRHVH
PXFKDFKRTXHVHDOXFLQDHQHO&LQHPDEXVFDQGRSUREOHPDVGHDXGDFHVGLPHQVLRQHVHVWiPXFKR
PiVFHUFDGHXQLQPHGLDWR\HQRUPHSRUYHQLUTXHWRGRVHVRVSREUHVGHVPHOHQDGRVDOERURWDGRUHV
TXH TXLHUHQ KDFHU GH OD SROtWLFD OLWHUDWXUD VLQ GDUVH FXHQWD TXH HV GH OD OLWHUDWXUD ±SXUD± GH
GRQGHYDVXUJLHQGRODPDGUXJDGDFODUDGHODQXHYDSROtWLFD
(QILQRGHL[DGHVRUSUHQGUHTXH*HFpSUHWHQJXLGHVPRELOLW]DUO¶REUHUSHUODYLD
GHODFXOWXUDTXDQO¶HVTXHUUDWUDGLFLRQDOPHQWLQWHQWDYDMXVWHOFRQWUDUL(OVHXSUHJRQDWL
IDOVDULDSROLWLFLVPHQRHQVYHSDVGHQRXSHUzWDPSRFGHL[DGHVRUSUHQGUHHOFDUjFWHU
JDLUHEpFtQLFTXHDTXtVHPEODDJDIDU8QDXOODGDUjSLGDDODUHVWDGHOQ~PHURHVSHFLDO
HQVGHVFREULUjFROÂODERUDFLRQVGH.H\VHUOLQJL6SHQJOHUFDVXDOPHQWGRVDXWRUVDOÂOXGLWV
H[SOtFLWDPHQWRLPSOtFLWDHQO¶DUWLFOHGH/RUHGR$SDULFLRD3RVW*XHUUDGXHVVHWPDQHV
DEDQV7DPEpKLKDXQDFROÂODERUDFLyGHOVRFLDOLVWD-XOLiQ=XJD]DJRLWLDTXLGHIHWVROLD
VLJQDUXQDVHFFLyGH/D*DFHWD/LWHUDULDTXHHVWLWXODYDSUHFLVDPHQW³/RVREUHURV\OD
OLWHUDWXUD´(OMRYHSHUzSROtWLFDPHQWSRFH[WUHPLVWDELzJUDIGH3DEOR,JOHVLDVHVFULX
DO YROWDQW GH ³OD SROpPLFD HXURSHD GH VL H[LVWH R QR XQ DUWH SUROHWDULR´ $FFHSWDQW OD
GHFDGqQFLD GH OD OLWHUDWXUD EXUJHVD SHUz ILGHO ±HQ HVWqWLFD FRP HQ SROtWLFD± D OD
PRGHUDFLy UHIRUPLVWD SURSRVD XQD WHUFHUD YLD TXH HYLWL WDQW O¶DULVWRFUDWLVPH GH
O¶DYDQWJXDUGD GHVKXPDQLW]DGD FRP HO SURVHOLWLVPH G¶XQD OLWHUDWXUD UHYROXFLRQjULD DO
VHUYHL G¶XQHV LGHHV SHUz VHQVH FDS YDORU HVWqWLF (O ILQDO GHO VHX DUWLFOH KR GHL[D EHQ
FODU
(OWRTXHHVWiHQDOHMDUVHGHHVD©GHVKXPDQL]DFLyQªTXHVHEXVFD±LGHDOSDUDVHxRUHV±\
GH HVD OLWHUDWXUD DO VHUYLFLR GH XQD SURSDJDQGD SROtWLFD ±QHFHVLGDG SDUD FDWHTXLVWDV± 3XHGH
KDEHU DXQ QR H[LVWLHQGR XQD FRQFHSFLyQ PDU[LVWD GH OD EHOOH]D XQ DUWH SDUD SUROHWDULRV < VL
FUHHPRVHQODVSDODEUDVGH*RUNLHQODVSDODEUDVGH%DUEXVVHHVHDUWHH[LVWH\D8QDUWHTXHVLQ
VHUPDU[LVWDQLIDOWDTXHOHKDFHSDUDVHUDUWHWLHQHHQFXHQWDDOSXHEOR\KDURWRFRQODVPDQHUDV
EXUJXHVDVFRQHOUHSHUWRULRGHORVYLHMRVPRGDOHV
)LQDOPHQW SHO TXH ID D DTXHVW ³Q~PHUR PRQRJUiILFR´ GH /D *DFHWD /LWHUDULD
FRPHQWDUHP XQD FROXPQD TXH SXEOLFD HQ OD SULPHUD SODQD 3HGUR 0RXUODQH
0LFKHOHQD /¶DXWRU SDUWHL[ G¶XQ GHEDW HVWqWLF TXH KD DQXQFLDW 0RQGH VREUH O¶DUW
SUROHWDUL L VREUH O¶H[LVWqQFLD R QR G¶XQD ³FRQFHSFLyQ SUROHWDULD GH OD EHOOH]D´
=XJD]DJRLWLD TXH WDPEp GHYLD HVWDU DO FRUUHQW GH O¶DVVXPSWH DFDEHP GH YHXUH TXH
V¶LQFOLQDYDPpVDYLDWFDSDOQR&RQYpUHFRUGDUTXHVHJRQVHOUHODWGHSULPHUDPjGH
-XOLiQ*RUNLQHOVHWPDQDUL0RQGHWRWLHVWDUILQDQoDWSHU0RVFRXQRDFWXDYD±VLPpV
QRHQDTXHVWDSULPHUDqSRFD±FRPXQVLPSOHWUDQVPLVVRURILFLyVGHOVGLFWDWVHVWqWLFVGHO
.UHPOLQLTXHSHUWDQWHOGHEDWHQTHVWLySRGLDRIHULUJDUDQWLHVGHSOXUDOLVPH4XDQ
³(GLWRULDO´/D*DFHWD/LWHUDULDGHVHWHPEUH
$OJXQVDUWLFOHVGH=XJD]DJRLWLD3RVW*XHUUDSHUFHUWO¶LQFUHSDDHQODPRGHUDGD±LQR
IL[D±VHFFLyREUHULVWDGH/D*DFHWD/LWHUDULDFRQWHQHQGDGHVG¶LQWHUqVGHFDUjFWHUVRFLROzJLFDPEUHODFLy
DOIHWOHFWRUHQHOVVHFWRUVREUHUV-XOLiQ=XJD]DJRLWLDGLULJLUjSRVWHULRUPHQW(O6RFLDOLVWDL
DUULEDUjDPLQLVWUHGXUDQWOD*XHUUD&LYLOGHWLQJXWGHVSUpVD3DUtVGXUDQWO¶RFXSDFLyDOHPDQ\DVHUjOOLXUDW
DOHVDXWRULWDWVGHO¶DOWUDEDQGDGHOV3LULQHXVLDIXVHOODW
-XOLiQ=XJD]DJRLWLD³$ULVWRFUDFLDEXUJXHVtD\SUROHWDULDGR´/D*DFHWD/LWHUDULDGH
VHWHPEUH(QDTXHVWDUWLFOHHOVSODQWHMDPHQWVGHOELOEDtTXHSHUFHUWWDPEpYDWHPSWDUODFUHDFLy
OLWHUjULDWDPSRFHVWDQGRQFVHQUHDOLWDWPROWDOOXQ\DWVGHO¶HVWqWLFDGHDYDQ]DGDSRVWJXHUULDQD
3HGUR 0RXUODQH 0LFKHOHQD ³$UWH SUROHWDULR´ /D *DFHWD /LWHUDULD GH VHWHPEUH
'LX *RUNLQ RS FLW VREUH O¶HTXLS GH UHGDFFLy GH 0RQGH ³&RQVWLWXtDPRV XQ HTXLSR
XQLGR8QLGRSRUXQSDVDGRFRP~QGHLGHDOHV\GHOXFKDVSRUODVPLVPDVGXGDV\XQDFRQGXFWDVLPLODU
IUHQWHDOFXUVRGHJHQHUDWLYRGHOFRPXQLVPR>@3RUHVRIUDFDVyODWiFWLFDRUGHQDGDSRU0RVF~DQXHVWUR
3RVW*XHUUDSDUODYDHQO¶H[WUDRUGLQDULGHUGH0DLJGHOFHOHEUDWDXWRUUXVTXHLQVSLUj
D-XOLiQ*yPH]HOQRPGHEDWDOODGH-XOLiQ*RUNLQLSHUFHUWTXH*RUNLDOVHXWRUQHUD
WDPEp XQ SVHXGzQLP O¶LQFRUSRUDYD D O¶HVWqWLFD SUROHWjULRUHYROXFLRQjULD D WDOO GH
SUHFXUVRUFRPVXDUDKHPYLVWSHUzUHVSHFWDQWOLXQFHUWJUDXG¶LQGHSHQGqQFLDSROtWLFD
9HJHPDUDODGLIHUHQWYLVLyTXHHQVDSRUWD0RXUODQH0LFKHOHQDVREUHHOWHPDGHOV
DQ\VGH*RUNLLODVHYDILOLDFLyHVWqWLFRLGHROzJLFD
>@&XDQGROD8QLyQ6RYLpWLFDIHVWHMyORVVHVHQWDDxRVGH*RUNLKXERHQOD$FDGHPLD
FRPXQLVWDDOWHUFDGR¢(UDHODXWRU>@XQQRYHOLVWDGHOSUROHWDULDGR"¢0HUHFHVHSUHJXQWyHVH
WtWXOR"/RVLQFRUUXSWLEOHVGHOD,,,,QWHUQDFLRQDOUHSOLFDEDQTXHQR
&DUHFH *RUNL GH HVH DUGRU SXULWDQR TXH WXHVWD \ VRFDUUD HO SHFKR 1R HV XQ PDU[LVWD
SXURQLOHSRQHDOD&UHDFLyQIHGHHUUDWDV1RHVHOVHPLWDGHOSDUDtVRSHUGLGRQLHOGHODWLHUUD
GHSURPLVLyQ>@(UDQDWXUDOTXHHOPDU[LVWDGHXQVROROLEUROHWHQJDDGLVWDQFLD
/RV PDU[LVWDV SXURV >@ WLHQHQ VXV HVFULWRUHV \ VXV DUWLVWDV SUROHWDULRV TXH OR VRQ
RILFLDOPHQWH\FRQVXEVLGLRVGHOSXULWiQHRVRYLpWLFR
'HVSUpVG¶DTXHVWDGHPRVWUDFLyG¶HVFDVVDVLPSDWLDSHOPDU[LVPHWHzULFL±PHQ\V
HQFDUD± SHO UHDO O¶DUWLFXOLVWD GHPRVWUD WDPEp EDVWDQW SRFD IH HQ XQ SUHVXPSWH DUW
SUROHWDUL
©0RQGHª FUHH TXH HVWD OLWHUDWXUD ©RILFLDOª GH OD 8QLyQ GH ORV 6RYLHWV QR HV OD VROD
OLWHUDWXUD SUROHWDULD TXH H[LVWH HQ HO PXQGR 3DUD IRUWDOHFHU VX FUHHQFLD R SDUD FRQWUDVWDUOD
VLPSOHPHQWH DQXQFLD GHEDWH \ DOOHJDUi RSLQLRQHV HQ ODV FLQFR SDUWHV GHO PXQGR £/HWUDV
SUROHWDULDV DUWH SUROHWDULR 6HD SHUR KR\ SRU KR\ QR ORJUDPRV DSUHVDU HO VHQWLGR GH HVWRV
HQODFHV1RHVPHQRVSHOLJURVROLVRQMHDUDOSXHEORTXHOLVRQMHDUDOSUtQFLSH
*RHWKHUHSHWtDTXHODVREUDVPDHVWUDVVRQHOILUPDPHQWRGHODVDOPDV(VWDLPDJHQGH
DPELHQWHHVWHODULQWHUSRQHHQWUHODYLGD\ODEHOOH]DXQD³GLVWDQFLDQREOH´
(O SHQVDPLHQWR HV HYDVLyQ GH ORV OtPLWHV /DV OHWUDV \ ODV DUWHV HQ HO SUROHWDULDGR
VHUYLUiQSDUDHYDGLUVHGHpORVHUYLUiQELHQSRFR>@
3RGHPLPDJLQDUQRVODLQGLJQDFLyGHOVSRVWJXHUULDQVHQOOHJLUDTXHVWQ~PHURGH
/D*DFHWD/LWHUDULD*LPpQH]&DEDOOHURWUHLDXQHVSHFLDOVREUHHOVREUHUVLODOLWHUDWXUD
DPEODYLVLEOHLQWHQFLyGHIRQVGHGHVSUHVWLJLDUXQDFXOWXUDG¶HVTXHUUHVTXHDO¶(VSDQ\D
GHOPRPHQWHVWDYDDSXQWGHPDQLIHVWDUVHDPEJUDQSXL[DQoD3RVW*XHUUDTXHKDYLD
UHQGLW OD GDUUHUD HQWUHJD HO GLD G¶DTXHOO VHWHPEUH GH MD QR UHSOLFDUj SHUz HOV
KRPHVGHODUHYLVWDVtTXHKRIDUDQDPEREUHVGHSURGXFFLySUzSLDDPEODVHYDODERU
UHSHFWR >@ 6XFHGLy TXH HQ FRQWUD GH OD RSLQLyQ \ GH ORV HVIXHU]RV GH %DUEXVVH ORJUDPRV KDFHU GH
©0RQGHª XQD WULEXQD OLEUH H LQGHSHQGLHQWH HQ OD PHGLGD HQ TXH HVWR HV SRVLEOH >@ ¢1R HUD pVWH HO
SURSyVLWR TXH VH OH KDEtD DVLJQDGR GH FDUD DO S~EOLFR OHFWRU" /D UHYLVWD HUD OHtGD HQ QXPHURVRV SDtVHV
D\XGDEDLQWHOHFWXDO\VRFLDOPHQWHDODVMyYHQHVJHQHUDFLRQHVDYDQ]DGDVGHIHQGtDODVFDXVDVJHQHURVDV
<JR]DEDGHXQDDXWRULGDGPRUDO\XQSUHVWLJLRTXHSRUQDGDGHOPXQGRTXHUtDPRVFRPSURPHWHU>@(O
(MHFXWLYR GH OD ,QWHUQDFLRQDO OD 8QLyQ GH (VFULWRUHV 6RYLpWLFRV \ WRGRV ORV yUJDQRV \ RUJDQL]DFLRQHV
GHSHQGLHQWHV GHO .UHPOLQ VH VHQWtDQ IUXVWUDGRV ¢(VWH ~OWLPR KDEtD JDVWDGR LPSRUWDQWHV VXPDV HQ OD
SXEOLFDFLyQSDUDTXHpVWDVHHPDQFLSDUDGHVXWXWHOD"%DUEXVVHDOTXHQDGLHOHLPSHGtDODH[SUHVLyQGHVX
SURSLRSHQVDPLHQWRLQVWDEDDORVPLHPEURVGHOHTXLSRDTXHUHIOHMDUDQ©XQSRFRPiVªODVPLUDVSROtWLFDV
\ OLWHUDULDV VRYLpWLFDV 6X VLWXDFLyQ HUD KDUWR GHOLFDGD QR SRGtD DEDQGRQDU VX FDUJR GH GLUHFWRU ±HQ
UHDOLGDGVyOR SRQtDORV SLHV HQODUHGDFFLyQFDGD YLHUQHV SRUODWDUGH±QL SUHVHQWDUVHFRPRXQ KRPEUH
FRPSOHWDPHQWHVRPHWLGRD0RVF~´
6REUH O¶DXWRU G¶DTXHVWHV OtQLHV HO SHULRGLVWD L HVFULSWRU 3HGUR 0RXUODQH 0LFKHOHQD SRGHP GLU TXH DO FDS G¶XQV DQ\V HO GHVHPEUH GH VHUj XQ GHOV UHGDFWRUV GH OD OOHWUD GH
O¶KLPQH GH OD )DODQJH HO ³&DUD DO VRO´ (Q FRQFUHW VH OL DWULEXHL[ HO VHJRQ YHUV GH OD TXDUWD L ~OWLPD
HVWURIDDTXHOOTXHGLX³TXHSRUFLHORWLHUUDLPDUVHHVSHUD´HVUHIHUHL[DXQDULDOOHUDSULPDYHUD6HQV
GXEWHXQDLPDWJHGHFHUWDPELHQWHHVWHODUGHVWLQDGDDODSRqWLFDHYDVLy±DPEO¶DMXWSHUVXDVLXDL[zVtGHO
PDVWHJRW±GHOHVPDVVHVHVSDQ\ROHV
HGLWRULDORDPEODSXEOLFDFLyGH1XHYD(VSDxD'HIHQVDUWRWFLWDQW*RHWKHXQDLGHDOLWDW
OLWHUjULD TXH V¶HQODLUpV SHU VREUH GH OD UHDOLWDW VRFLDO L DL[z IHUKR HQ HO PDUF G¶XQ
DUWLFOHW GHGLFDW D O¶DUW SUROHWDUL HUD ±GHV G¶XQD zSWLFD SRVWJXHUULDQD± WRWD XQD
SURYRFDFLy (OV HOHYDWV LGHDOV GHO FODVVLFLVPH DOHPDQ\ SHU DOWUD EDQGD QR HUHQ
H[DFWDPHQW XQD SULRULWDW SHU D 3RVW*XHUUD /¶ROtPSLF ZHLPDULj ±FRP PpV DPXQW MD
KDYtHPSRJXWYHXUH±HVWjFODUTXHQR HUDO¶DXWRUIDYRULWGHOVQRVWUHV DFWLYLVWHV(QHOO
YHLHQ HO PDWHL[ DULVWRFUDWLVPH LQVROLGDUL HO PDWHL[ HJRFHQWULVPH FRQVHUYDGRU TXH
EODVPDYHQHQOOXUVHQHPLFVOLWHUDULVFRQWHPSRUDQLVGHVG¶2UWHJDL HOVGHVKXPDQLW]DWV
ILQVDOVIUDQFHVRVGH/D15)$L[zKRWUREHPFUXDPHQWH[SUHVVDWHQXQDGXUDUHVVHQ\D
VHQVH VLJQDU TXH FULWLFD OD ELRJUDILD GH *RHWKH TXH 0DUJDULWD 1HONHQ KDYLD
SXEOLFDWD%LEORVODSDUWILQDOGLXDL[t
+D\RWURUDVJRPX\GHILQLGRHQODYLGDGH*RHWKHTXHHVVXGHVSUHFLRSRUORVGHPiV
HVSHFLDOPHQWH SRU HO SXHEOR (Q VXV &RQYHUVDFLRQHV GLFH ©/D UD]yQ QR SXHGH VHU QXQFD GHO
GRPLQLR GHO SXHEOR OD UD]yQ VyOR HVWDUi HQ SRGHU GH DOJXQRV SULYLOHJLDGRVª (VWH GHVSUHFLR
XQLGR DO TXH WXYR SRU OD 5HYROXFLyQ IUDQFHVD D OD TXH FRQVLGHUDED XQ WXPXOWR GH OD SOHEH
GHPXHVWUDQ FODUDPHQWH HO HQGLRVDPLHQWR GH DTXHO KRPEUH DPDQWH GH VHOHFFLRQHV TXH LUtD
KDFLpQGRODVFDGDYH]PiVHVWUHFKDVKDVWDHQFRQWUDUVHFRQVLJRPLVPR
&RPRHVWHDXWRUKDKDELGRPXFKRV\KD\TXHVHGDQODPDQRHQHVWRGHGHVSUHFLDUOR
SRSXODUVLQWHQHUHQFXHQWDTXHFXDOTXLHUPRYLPLHQWRGLJQRGHVHUVHJXLGR±QRSUHFHGLGR±SRU
ODVPHQWHVVHOHFWDVKDJHUPLQDGRKDODWLGRKDYLYLGRHQWUHHOSXHEOR\HVSRUODHIHUYHVFHQFLD
GHpVWHSRUORTXHVHKDQGDGRFXHQWDORVLQWHOHFWXDOHV*RHWKHQRSRGtDHQVXHJRODWUtDDGYHUWLU
TXHORTXHOHVHSDUDEDGHODVPDVDVHUDTXHGHVGHVXLQIDQFLDHVWXYRHQXQPHGLRSURSLFLRSDUD
OOHJDU DGRQGH OOHJy \ QDWXUDOPHQWH TXLHQHV QR HVWDEDQ HQ VX PLVPD VLWXDFLyQ WHQtDQ
IRU]RVDPHQWHTXHPDQLIHVWDUVHHQODIRUPDUXGLPHQWDULDHQTXHpOORKXELHUDKHFKRGHYHUVHHQ
LJXDOHVWDGR
3DUDDFDEDUGLJDPRVTXHHOSHUVRQDMHQRQRVHVJUDWR\ODPDQHUDGHYHUORHQHOOLEUR
TXHFRPHQWDPRVWDPSRFR(VXQFDVRHQTXHQRFRUUHVSRQGHHOFRQWHQLGRDOFRQWLQHQWH
6HPEODFODUTXHDTXtPpVTXHGH*RHWKHLOD5HYROXFLy)UDQFHVDV¶HVWjSDUODQW
G¶2UWHJDLOD5HYROXFLy5XVVD±LSHUFHUWTXHHOSDUDOÂOHOLVPHQRpVHQDEVROXWJUDWXwW(O
EHOO³FRQWLQHQWH´GHTXqSDUODODGDUUHUDIUDVHHUHQpVFODUOHVDFXUDGHVFROÂOHFFLRQVGH
%LEORVTXHGLVVHQ\DYD0DURWR3RVW*XHUUDQRHUDHYLGHQWPHQWJHQVSURFOLXDKRQRUDU
XQ FOjVVLF SHO VRO IHW TXH FRP D WDO IRV FRQVLGHUDW 'H IHW HOV FOjVVLFV HQ JHQHUDO QR
O¶LQWHUHVVHQ JDLUH $L[z HV WUDGXLUj WDPEp HQ HOV FDWjOHJV GH DYDQ]DGD DEVROXWDPHQW
DERFDWV D OD WUDGXFFLy L SXEOLFDFLy G¶REUHV FRQWHPSRUjQLHV 3RVW*XHUUD FRQVWUXHL[
EjVLFDPHQW XQ FjQRQ OLWHUDUL LGHRORJLW]DW DPE UHODFLy DOV HVFULSWRUV GHO VHX SURSL
PRPHQWKLVWzULF6LRFDVLRQDOPHQWWUDFWDDOJXQDXWRUDQWHULRUFDVGH7ROVWRLQRKR
ID DPE HO TXH SRGUtHP GLUQH HVSHULW DFDGqPLF VLQy SHUTXq YRO LQFRUSRUDUOR D OHV
OOXLWHV GHO SUHVHQW 3RVW*XHUUD LQWHQWD HVWDU DO FRUUHQW GH WRWD XQD HVFHQD OLWHUjULD
LQWHUQDFLRQDOHQODTXDO ODLGHRORJLDGHFDGDVF~ UHVXOWDLQHOXGLEOH(QDTXHVWVHQWLWOD
VHYDYLVLyVROVHUDOKRUDRULJLQDOLPDQOOHYDGD/DYLVLyTXHWpGHODOLWHUDWXUDTXHHVID
HQHOPyQUHVSRQFRPKHPYLVWDQHFHVVLWDWVSUzSLHVSHUzWDPEpHVWjFRQGLFLRQDGDSHU
XQFRQWH[WJHQHUDOH[WHULRUTXHQRODID LPPXQH D XQD GRVL GH SURSDJDQGD SDUWLGLVWD
SHU DOWUD EDQGD SOHQDPHQW DVVXPLGD 1R FUHLHP QHFHVVDUL DSRUWDU DTXt PpV H[HPSOHV
TXH Q¶KL KD GH UHFHSFLy FRQGLFLRQDGD GH OLWHUDWXUD UXVVD GLQV OHV SODQHV GH 3RVW
*XHUUD 7DPEp HQ O¶DFWLYLWDW HGLWRUD GH DYDQ]DGD HOV FRQGLFLRQDPHQWV LGHROzJLFV
8QDELRJUDILDLELEOLRJUDILDGH0DUJDULWD1HONHQD-DFRER,VUDHO*DU]yQ-DYLHU0RUGHMDL
GH OD 3XHUWD ³0DUJDULWD 1HONHQ XQD PXMHU HQ OD HQFUXFLMDGD HVSDxROD GHO VLJOR ;;´ 5DtFHV 5HYLVWD
-XGtDGH&XOWXUDWDUGRU
6HJRQV6FKDQ]HURSFLW;,9OD³ZDYHRI7ROVWRL¶VSRSXODULW\´ V¶LQLFLDSHOTXH ID DOHV
VHYHVWUDGXFFLRQVDO¶HVSDQ\RODILQDOVGHODGqFDGDGHOVGHOVHJOH;,;
WLQGUDQOzJLFDPHQWXQSDSHUDMXJDU3HUzGHFDSPDQHUDSRGUHPWLWOODUGHSURSDJDQGLVWD
R GRJPjWLF HO EDODQo ILQDO G¶DTXHVWD SURGXFFLy HGLWRULDO HQ OD TXDO KL FDEUDQ REUHV L
DXWRUV GH EHQ GLYHUVD XELFDFLy SROtWLFD 7DPEp KL WLQGUDQ FDEXGD L DL[z pV HO PpV
VLJQLILFDWLXHVFULSWRUVTXHGHVGHO¶HVTXHUUDQRFRPEUHJDUDQDPEO¶RUWRGz[LDVRYLqWLFD
R ILQV L WRW OD FRPEDWUDQ 8Q H[HPSOH IDPyV VHULD HO GH 3DQDLW ,VWUDWL O¶HVFULSWRU
URPDQqVHQOOHQJXDIUDQFHVDTXHYDDUULEDUDO¶8566O¶RFWXEUHGHFRQYLGDWDPE
PRWLXGHODFHOHEUDFLyGHOGHVqDQLYHUVDULGHOD5HYROXFLy(UDOODYRUVXQDXWRUHXURSHX
G¶q[LW D 3RVW*XHUUD HV UHVVHQ\HQ REUHV VHYHV L SRVWHULRUPHQW WUHV HGLWRULDOV
G¶DYDQoDGD &HQLW =HXV L )pQL[ WDPEp HQ SXEOLFDUDQ 3RVW*XHUUD GyQD DL[t PDWHL[
QRWtFLD GH OHV VHYHV SULPHUHV LPSUHVVLRQV D OD 8QLy 6RYLqWLFD ,VWUDWL SHUFHS XQD
UHYROXFLy MRYH L YLYD L HV GHFODUD GLVSRVDW D TXHGDUVH DOOt L D FROÂODERUDU HQ HO TXH
FRQYLQJXL (V QRWD TXH QR KR GLX GHV GHO IDQDWLVPH R HO SDUWLGLVPH VLQy GHV GH OD
VLQFHUDFRQYLFFLyG¶XQLQWHOÂOHFWXDOTXHFUHXTXHD2FFLGHQWODVHYDREUDVROVWpXQYDORU
PHUFDQWLOLVWD L HQ FDQYL D 5~VVLD VHQW TXH SRW SDUWLFLSDU HQ XQD JUDQ WDVFD FROÂOHFWLYD
$TXHVWHVVyQWDOFRPOHVWUDQVFULXDOJXQHVGHOHVGHFODUDFLRQVTXHODQRVWUDUHYLVWDOL
DWULEXHL[
&RPR WDQWRV RWURV TXH KDELWDQ HQ 2FFLGHQWH \R HUD GH ORV TXH GXGDED 0H KD VLGR
QHFHVDULR YHQLU D YLYLU DTXt \ VHQWLU D HVWH SXHEOR TXH VH OHYDQWD GH ODV UXLQDV >@ $TXt VH
HQFXHQWUDODI>H@ODFRQILDQ]DHOLPSXOVRMRYHQGHWRGRXQSXHEOR>@0HHQFXHQWURHQPLFDVD
HQHOIRQGRGHHVWH2ULHQWHTXHDSR\DVXHVSDOGDHQ5XVLD>@
)tVLFDPHQWHPX\GpELOGHVGHTXHHVWR\DTXtPHVLHQWRELHQ+HUHVXFLWDGRDTXt
9HQJRDFRODERUDUFRQODUHYROXFLyQUXVD
+DUpWRGRORTXHVHDQHFHVDULRSDUDVHU~WLO7UDEDMRPDQXDOVLHVQHFHVDULR>@
(VWR\GLVSXHVWRDGHMDUODSOXPD\DYROYHUDPLVDQWLJXRVRILFLRV
(Q2FFLGHQWH\RPHSUHJXQWDEDFRQIUHFXHQFLDSRUTXpHVFULEtD
6HODQ]DQ PLVOLEURVFRPRXQ MDEyQXQDFUHPDRXQ HVSHFtILFRFXDOTXLHUD $OOt QRVH
QRVSUHJXQWDORTXHWHQHPRVTXHGHFLUVLQRVHWUDWDGHVDEHUFXDQWRGLQHURVHSXHGHSRQHUHQOD
SXEOLFLGDG
*RUNLQ HQV YD GHL[DU WDPEp HO VHX SURSL WHVWLPRQL GHO FDV ,VWUDWL +DYLD IHW
ERQDDPLVWDWDPEDTXHOODQWLFURGDPyQJXDQ\DWSHUDODOLWHUDWXUDDPEO¶DMXWGH5RPDLQ
5ROODQGGHVHJXLGDTXHDTXHVWHOVYDSUHVHQWDU³&RQ3DQDLWHUDQDWXUDO\REOLJDGRVH
OH VDOtD HO FRUD]yQ SRU ORV RMRV \ OOHYDED OD DPLVWDG HQ ODV PDQRV \ HQ WRGR HO
VHPEODQWH´(OUHWUDWTXHHQIDpVFHUWDPHQWG¶XQDJUDQFDOLGHVD
>@(UDWDOVXERQGDG\WDOVXSDVLyQSRUODYHUGDGTXHFDVLFRQVWLWXtDQXQDGHELOLGDGVL
QRXQGHIHFWR,QJHQXRFRPRXQQLxRJUDQGH\JHQHURVRFRPRXQYDJDEXQGRTXHQXQFDKDEtD
SRVHtGRQLQJ~QELHQ PDWHULDO \TXH SDUHFtDREVWLQDUVHHQ QR SRVHHUOR'LVWULEXtDHQ XQRVGtDV
FRPR DJUDGHFLGR GH TXH UHFXUULHUDQ D pO \ IHOL] GH GDU ODV VXPDV TXH VX HGLWRU 5LHGHU OH
OLTXLGDED FDGD PHV &DGD PHV SXHV VL OH KXELHUD KHFKR ODV OLTXLGDFLRQHV DQXDO R
VHPHVWUDOPHQWHVHKXELHUDPXHUWRGHKDPEUHORVRWURVPHVHV>@
9DVHUMXVWDPHQWDO¶HGLWRULDO 5LHGHU GH 3DUtV RQ VHPSUHVHJRQV *RUNLQ HV YD
WUREDUXQGLDDPE,VWUDWLWRWLOÂOXVLRQDWGDYDQWODSHUVSHFWLYDGHOYLDWJHDO¶8566(OWR
GH OHV SDUDXOHV TXH SRVD HQ ERFD VHYD UHFRUGHQ FHUWDPHQW OHV SRVWHULRUV GHFODUDFLRQV
TXHKHPOOHJLWD3RVW*XHUUD³&UHRTXHQRYROYHUpD)UDQFLD9R\DUHXQLUPH\DYLYLU
FRQORVPtRV/D8566HVODYHUGDGHUDSDWULDGHORVVLQSDWULDFRPR\R(VFULELUpSDUD
PLV KHUPDQRV ORV SUROHWDULRV UXVRV 1DGD PiV OHV SHGLUp D FDPELR XQ SHTXHxR MDUGtQ
GRQGH PHGLWDU \ XQD FDPD HVWUHFKD 1R QHFHVLWR QL TXLHUR QDGD PiV´ ,VWUDWL YD
URPDQGUHDQ\LPLJDO¶8566
Y*RUNLQRSFLW
>@ < XQ EXHQ GtD UHDSDUHFLy HQ 3DUtV HQ HO 3DUtV FDSLWDOLVWD \ GHFDGHQWH TXH FUHtD
KDEHU DEDQGRQDGR SDUD VLHPSUH ODQ]DQGR JULWRV LQGLJQDGRV FRPR VL VDQJUDUD SRU WRGDV ODV
KHULGDV GH VX FRQFLHQFLD GH KRPEUH OLEUH \ EXHQR £/RV EXUyFUDWDV WUDWDQGR GH DVHJXUDU VXV
SULYLOHJLRV\GHQXQFLDQGRDORVRWURVKDEtDQLQWHQWDGRFRPSUDUORFRQGiGLYDVFRQKDODJRVFRQ
KLSRFUHVtDV£&RPRVLXQ,VWUDWLSXGLHUDYHQGHUVH
(O PDWHL[ *RUNLQ YD WUDGXLU GHO IUDQFqV DPE SVHXGzQLP HO JUXL[XW YROXP
SXEOLFDWSHU&HQLWTXHFRQWHQLDWUHVREUHVQRPpVXQDHUDSUzSLDPHQWG¶,VWUDWLSHUzHOO
Q¶DVVXPLD HO FRQMXQW VRWD HO WtWRO GH 5XVLD DO GHVQXGR RQ HV UHFXVDYD L V¶DFXVDYD
GXUDPHQWHOUqJLPVRYLqWLFFRQHJXWGHVGHGLQV
/DLQFOXVLyG¶DTXHVWDREUDHQHOFDWjOHJGH&HQLWPDUFDXQDILWDHQODSOXUDOLWDW
LGHROzJLFD ±GLQV GHO YHQWDOO HVTXHUUj± GH O¶HPSUHVD HGLWRULDO SHUz DOKRUD PRVWUD HOV
OtPLWVGHODVHYDFDSDFLWDWSHUDO¶KHWHURGz[LD6HPEODVHUPpVHQGDYDQWWRUQDUHPVREUH
DL[z TXH HO IHW QR HVWDUj GHVYLQFXODW GH OD VRUWLGD GH &HQLW G¶$QGUDGH O¶DPLF L
FDPDUDGD RSRVLFLRQLVWD GH *RUNLQ TXH EHQ VHJXU GHYLD KDYHU SURPRJXW L GHIHQVDW
O¶HGLFLy (O VHX OORF G¶LQIOXqQFLD D OD YRUD GH 6LOHV O¶RFXSDULD D SDUWLU GH OODYRUV
:HQFHVODR 5RFHV XQ WUDGXFWRU GH O¶DOHPDQ\ PpV DSWH TXH $QGUDGH SROtWLFDPHQW QR
PHQ\V TXH OLQJtVWLFD SHU DQDU D %HUOtQ D FRQWUDFWDU HOV GUHWV G¶REUHV L DXWRUV
SHUWDQ\HQWVDHGLWRULDOVSURSHUHVDO.3'
YSODQDJUjILFD/DSXEOLFDFLyGH5XVLDDOGHVQXGRYDVHUWRWDXQDDSRVWDHGLWRULDOSHUSDUW
GH&HQLW+RGHPRVWUDHOIHWTXHHQHOQ~PG¶DEULOGHGH1XHYD(VSDxDHVGHGLTXLXQDSODQD
VHQFHUDDDQXQFLDUHOTXHHVGHILQHL[FRP³£££8QOLEURVHQVDFLRQDO´/DSXEOLFLWDWLQGLFDTXHHOYROXP
WpSjJLQHVLFRVWDSHVHWHVLGHPRVWUDTXHO¶HGLWRULDO&HQLW±VLPpVQRHQDTXHOOPRPHQW±QRHUDXQ
PHU LQVWUXPHQW GH SURSDJDQGD VRYLqWLFD DO VHUYHL GHO 3DUWLW &RPXQLVWD ³(O FpOHEUH HVFULWRU FRPXQLVWD
UXPDQRIUDQFpV3DQDLW,VWUDWLGHVSXpVGHYLYLUGRVDxRVHQ5XVLDKDHVFULWRHVWHOLEURWHUULEOHVREUHHO
UpJLPHQTXHDOOtLPSHUDEDMRODGLFWDGXUDGH6WDOLQ´/DPDWHL[DSXEOLFLWDWWRUQDDDSDUqL[HUHQXQDHVFDOD
PpVUHGXwGDRFXSDQWPLWMDSODQDHQHOQ~PHURVHJHQWGH1XHYD(VSDxDQ~PG¶DEULOGH
HQQ~PHURVVHJHQWVHVVHJXHL[DQXQFLDQWHOGHILQLWFRP³(OOLEURPiVVHQVDFLRQDOGHODxR´
3ODQDJUjILFD
7DQWODGXUDUHFXVDFLyGHO·HVWDOLQLVPHFRPO·KDJLRJUDILDGHOVjWUDSDJHRUJLj
YDQWUREDUHQDOJXQPRPHQWHOVHXOORFHQHOVFDWjOHJVG·DYDQoDGD
3ODQDJUjILFD
$XWRUVQRUGDPHULFDQVHQOHVHGLWRULDOVG¶DYDQoDGD
3ODQDJUjILFD
8QH[HPSOHGHODUHFHSFLyGH*RUNLGLQVO·HVWqWLFDHGLWRULDOG·DYDQoDGD
0DGULG3XEOLFDFLRQHV('$VD
3ODQDJUjILFD
4XDWUHPRVWUHVHQVHQJOHVHGLWRULDOVG·DYDQoDGDGHODLQWHQVDUHFHSFLyG·DXWRUVVRYLqWLFV
TXHHVSURGXLUjFDSDLTXH3RVW*XHUUD KDYLDSURPRJXW
/DEDWDOODGHOWHDWUH
0HUHL[FDStWRODSDUWO¶DFWLWXGGHODQRVWUDUHYLVWDSHOTXHIDDODVHYDYROXQWDWGH
GRQDUDFRQqL[HUPRGHOVIRUDQVGHGUDPDW~UJLD/DVHFFLy³7HDWUR´MDKHPHVPHQWDWTXH
pVXQDGHOHVPpVFRQVWDQWVLDL[zpVLQGLFLGHODLQWHQVDSUHRFXSDFLyGH3RVW*XHUUD
SHOIHWWHDWUDO8QDSUHRFXSDFLyTXHQDWXUDOPHQWQRpVVROVHVWqWLFDODFRQVLGHUDFLyGHO
WHDWUHFRPXQDLQVWLWXFLyVRFLDOFRPXQDPHQDGHWHUPzPHWUHGHOQLYHOOG¶KLJLHQHPRUDO
G¶XQDVRFLHWDWHVWjH[SUHVVDGD±LPSOtFLWDPHQWRH[SOtFLWD±HQODSHUPDQHQWFUtWLFDGHOV
SRVWJXHUULDQV D O¶HVFHQD HVSDQ\ROD GHO PRPHQW$ OHV SODQHV GH 3RVW*XHUUD HQ FDS
DOWUHJqQHUHSHUFHEHPWDQFODUDPHQWFRPHQHOWHDWUDOTXHODUHFHSFLyGHPDQLIHVWDFLRQV
OLWHUjULHV IRUDQHV REHHL[ IRQDPHQWDOPHQW D QHFHVVLWDWV SUzSLHV 3HU DOWUD EDQGD O¶DWDF
SRVWJXHUULj DO SUHGRPLQDQW JXVW WHDWUDO HQ WDQW TXH UHIOH[ G¶XQD SDWRORJLD VRFLDO
V¶LQVHUHL[ HQ XQD OtQLD FUtWLFD L GH UHQRYDFLy GUDPDW~UJLFD L GRQFV SROtWLFD TXH
GHILQLGD HQ HOV VHXV WUHWV SULQFLSDOV SDUWHL[ D FRPHQoDPHQWV GHOV DQ\V GH OD
LPSRUWDQWODERUGH5LYDV&KHULIUHFXOOOD JHQLDODSRUWDFLyGH9DOOH,QFOiQHVIRUPXOD
MDHQFHWDWVHOVHQOHVREUHVWHzULTXHVG¶$UDTXLVWiLQL6HQGHULFXOPLQDDPEOHV
SDUDGLJPjWLTXHVH[SHULqQFLHVWHDWUDOSRSXODUVGH&DVRQDL*DUFtD /RUFDVHQVHREOLGDU
O¶REUDFUtWLFDLFUHDWLYDGH0D[$XERODG¶$OEHUWL(OVJXVWRVGUDPjWLFVRHOVGUDPjWLFV
JXVWRVGHOIUDQTXLVPHWUXQFDUDQLUUHSDUDEOHPHQWWRWDDTXHVWDLQWHUHVVDQWHYROXFLyHQOD
TXDO3RVW*XHUUDSDUWLFLSDHQODPHVXUDTXHSRWFRQFXOFDQW HOV YDORUV YLJHQWV HQ HOV
HVFHQDULV GH O¶(VSDQ\D SULPRULYHULVWD L PRVWUDQW HO TXH HV ID HQ HOV GH 5~VVLD R
$OHPDQ\D
3RVW*XHUUDLODFUtWLFDDO¶HVFHQDHVSDQ\RODFRHWjQLD
3HO TXH ID D OD FUtWLFD GH O¶HVWDEOLPHQW WHDWUDO LPSHUDQW HOV JHUPDQV ÈOYDUH]
4XLQWHUR HVWDYHQ HQFDUD HQ HO SXQW GH PLUD 7RW L TXH HOV VHXV q[LWV SHUWDQ\LHQ
EjVLFDPHQW DO ERFt GH VHJOH DQWHULRU D OD *UDQ *XHUUD HOV G¶8WUHUD HUHQ WRWD XQD
LQVWLWXFLyTXHFRQYHQLDIHUREOLGDUDOS~EOLFHVSDQ\RO3RWVHUSHUDL[zQRHVSDUODG¶HOOV
D OD VHFFLy ³7HDWUR´ VLQy QRPpV D OD VHFFLy ³3ROpPLFD´ DPE PRWLX G¶XQ
KRPHQDWJH TXH VH¶OV KD GHGLFDW 3RVW*XHUUD DSURILWD SHU FDUUHJDU WDPEp FRQWUD HO
OLEHUDOLVPH EXUJqV L FRQWUD OHV PDQLIHVWDFLRQV DUWtVWLTXHV DSROtWLFDPHQW UHDFFLRQjULHV
9HJHPKR
/,%(5$/,602 (63$f2/² 1XHVWURV OLEHUDOHV VRQ LQFRUUHJLEOHV $KRUD KDQ
RUJDQL]DGRHOKRPHQDMHDORV4XLQWHURDORVDXWRUHVPiVFRQVHUYDGRUHVGH(VSDxDORVDXWRUHV
GHO ©MLStRª QDFLRQDOLVWD GH ©/D 3DWULD &KLFDª ORV TXH UHSUHVHQWDQ D ODV VHxRULWDV HVSDxRODV
ERUGDQGR HVWDQGDUWHV PLHQWUDV SDVD OD SURFHVLyQ (O DUJXPHQWR GH HVWRV SREUHV OLEHUDOHV HV
FRQRFLGR ©HO DUWH DSROtWLFR (O DUWH QR WLHQH QDGD TXH YHU FRQ OD SROtWLFDª < GHVSXpV JLPHQ
KLSyFULWDPHQWHSRUTXHODMXYHQWXGOLWHUDULDQRVHSUHRFXSDGHODFRVDS~EOLFD3HURHVTXHORGH
/XLV$UDTXLVWiLQ/DEDWDOODWHDWUDO0DGULG0XQGR/DWLQR5DPyQ-6HQGHU7HDWUR
GHPDVDV9DOHQFLD(GLFLRQHV2UWRVD>@
ORV4XLQWHURQRHVDUWH VLTXLHUDHQODYHUGDGHUDH[SUHVLyQ GHOYRFDEOR/RV4XLQWHURVRQ XQRV
KHUPDQRVVLDPHVHVGHODYXOJDULGDGHVSDxRODGHO©$FXDUHODVªKDOODPDGRDVXVREUDVXQ
JDFHWLOOHUR < VRQ HVR DFXDUHOLWDV GH HVDV TXH SLQWDQ ODV DOXPQDV GHO 6DJUDGR &RUD]yQ UHFLpQ
VDOLGDVGHO&ROHJLR
3HUR¢HQTXpTXHGDPRVVHxRUHV"¢+D\TXHKDFHUDUWHTXH SUHSDUHDOSXHEOR SDUDTXH
HQWLHQGDHVRGHOD&RQVWLWXFLyQRVHWUDWDGHSDVDUHOUDWRSLQWDQGRVHxRULWRVDILFLRQDGRVDORV
WRURVFXUDVJHQHURVRV\PRQMLWDVTXHUHFLEHQORVUHJDORVGH©0DOYDORFDª"
&RQVFLHQWVGHODGLPHQVLyVRFLDOGHOWHDWUHHOVSXQWVGHYLVWDGHOVSRVWJXHUULDQV
UHFRUGHQ HOV TXH 9DOOH,QFOiQ H[SUHVVDYD HQ XQD FDUWD GH TXH MD HUD FLWDGD SHU
9tFWRU)XHQWHVD5LYDV&KHULI
>@<RVR\VLHPSUHXQMRYHQUHYROXFLRQDULR\SRQLpQGRPHDGHFLUODYHUGDGTXLVLHUD
TXHWRGDUHIRUPDHQHO WHDWURFRPHQ]DUD SRUHOIXVLODPLHQWRGHORV4XLQWHUR6HULDPHQWHFUHR
TXHODYHUJHQ]DGHOWHDWURHVXQDFRQVHFXHQFLDGHOGHVDVWUHWRWDOGHXQSXHEORKLVWyULFDPHQWH
>@6LQXQJUDQSXHEORLPEXLGRGHFRPXQHVLGHDOHVQRSXHGHKDEHUWHDWUR>@
>@ ¢4XLpQHV VRQ HVSHFWDGRUHV HQ ODV FRPHGLDV" 3DGUHV KRQUDGRV \ WHQGHURV QLxDV
LGLRWDV YLHMDV FRQ SRVWL]RV DOJ~Q SROOR PDMDGHUR \ XQ IRUDVWHUR /RV PLVPRV TXH MXHJDQ OD
ORWHUtDHQODVWHUWXOLDVGHODFODVHPHGLD3RUHVRORVDXWRUHVGHFRPHGLDV±GHVGH0RUDWtQKDVWD
%HQDYHQWH±SDUHFHQQDFLGRVEDMRXQDPHVDFDPLOOD6RQIHWRVDERUWDGRVHQXQDWHUWXOLDFDVHUD
>@
/OjVWLPD TXH FRP QR SRGLD SUHYHXUH 9DOOH,QFOiQ D O¶(VSDQ\D GH OD VHJHQW
GqFDGDO¶H[HFXFLyGHOLWHUDWVGHL[pVGHVHUWDQVROVPHWDIzULFDRILJXUDGDeVHOFDVGH
0XxR]6HFDDTXL3RVW*XHUUDDWDFDWDPEpGLQVODVHFFLy³3ROpPLFD´DPEPRWLX
GHO¶HVWUHQDG¶XQDGHOHVVHYHVREUHVPpVSRSXODUV£8VWHGHV2UWL]1RYDPHQW
HVFULWLFDDTXtODSURGXFFLyWHDWUDOHQWDQWTXHUHIOH[GHOVJXVWRVLGHODPHQWDOLWDWG¶XQD
GHWHUPLQDGD FODVVH VRFLDO TXH HQ DTXHVWD FRPqGLD UHSUHVHQWDGD DO WHDWUH KRPzQLP
SHUPHWILQVLWRWHVWDEOLUXQDWRWDOLGHQWLILFDFLyHQWUHSHUVRQDWJHVLHVSHFWDGRUV
£&yPRGLVIUXWDQGDPDV\FDEDOOHURVHQOD&RPHGLD'HVSXpVGHODFHQDVLQRVHOHFWD
FXDQWLRVD 2UWL] DFXGH FRQ VX VHxRUD KRQHVWD VL ODV KD\ D OD UHSUHVHQWDFLyQ GH 0XxR] 6HFD
©£8VWHGHV2UWL]ª<HOEXHQEXUJXpVHQFDQWDGRVH©WURQFKDªGHULVD/DGDPDFRQILHVDTXHOH
GXHOHQODVWULSDVGHWDQWDFDUFDMDGD2UWL]LQVLVWH ©£DPtTXHQRPHYHQJDQFRQGUDPDVQLFRQ
FDPHORVª\DJLWDODWHVWDGRQGHTXHGySUHQGLGRHOSDOLWURTXHGHXQFKLVWH
7DPSRF V¶HVFDSDUj GH OHV SXQ[XGHV EDQGHULOOHV GH OD VHPSUH DQzQLPD VHFFLy
³3ROpPLFD´ DOJXQ DOWUH HVGHYHQLPHQW WHDWUDO VXVFHSWLEOH GH VHU YLQFXODW DPE HOV
(O'LUHFWRULPLOLWDUDOSULQFLSLLVHPLFLYLOGHVGHILQDOVGHKDYLDGHVLJQDWHOXQD
SRFRJHQVUHSUHVHQWDWLYD$VVHPEOHD1DFLRQDOFRQVXOWLYDTXHSUHSDUDYDXQDLPSRVVLEOH&RQVWLWXFLyDYLDW
DYRUWDGD6HPEODVHU±DL[tKRGLXO¶HGLWRULDOWLWXODW³&RQVWLWXFLRQDOLVPR´±TXHVREUHDTXHVWWHPDHO
UqJLPSHUPHWLDFHUWDOOLEHUWDWG¶H[SUHVVLy
0DOYDORFDpVXQDGHOHVREUHVHPEOHPjWLTXHVGH6HUDItQL-RDTXtQÈOYDUH]4XLQWHUR
)XHQWHV/DPDUFKDDOSXHEORHQODVOHWUDVHVSDxRODVHGFLW
-XDQ $QWRQLR +RUPLJyQ 9DOOH,QFOiQ %LRJUDItD FURQROyJLFD \ HSLVWRODULR 0DGULG
$VRFLDFLyQGH'LUHFWRUHVGH(VFHQDGH(VSDxDYRO,,,
(O WHDWUH GH 0XxR] 6HFD FRP D SDUDGLJPD GH OD GHFDGqQFLD GHO JqQHUH GUDPjWLF (VSDQ\D
HQGLQV L WDPEp HQ WDQW TXH VtPSWRPD VRFLROzJLF VHUj DL[t PDWHL[ HO SXQW GH SDUWLGD GH OHV UHIOH[LRQV
G¶$UDTXLVWiLQHQHOOOLEUHVXDUDHVPHQWDW/¶HVSHFWDGRULQGRFWHDFODPDHOUHLGHO¶DVWUDFDQDGDPHQWUHTXH
ODFUtWLFDHOYLWXSHUD$UDTXLVWiLQFUHXTXH0XxR]6HFDQRHVGHGLFDFDOFXODGDPHQWDDIDODJDUHOJXVWGHO
VHXS~EOLFVLQyTXHHOOHQUHDOLWDWHVOLPLWDDPRVWUDUVHWDOFRPpVFRPDFRQVHTXqQFLDUHWUDWDILGHOPHQW
HOVTXHO¶DSODXGHL[HQ³eOGDGHVtWRGRORTXHSXHGH\VLHQGRFRPRHVUHSUHVHQWDFRPRQLQJ~QRWURDXWRU
OD FRQFLHQFLD VRFLDO GH OD (VSDxD GH QXHVWURV GtDV 5DUD YH] XQ WHDWUR KD HVSHMDGR WDQ KRQGDPHQWH HO
HVWDGRPRUDOGHXQDVRFLHGDG´$UDTXLVWiLQRSFLW
LQWHOÂOHFWXDOV VHxRULWRV $L[z pV HO TXH HQV WUREHP D ³)ODPHQTXHUtD´ XQD
VDUFjVWLFD QRWD WHDWUDOWDXULQD DO YROWDQW GHOV WHPSWHLJV OLWHUDULV GHO WRUHUR L GUDPDWXUJ
,JQDFLR 6iQFKH] 0HMtDV WDQ SUz[LP D DOJXQV DXWRUV TXH DYXL FRQHL[HP
FRPDPHPEUHVGHODJHQHUDFLyGHO3HUVRWDGHOVHXHVSOqQGLGVHQWLWGHO¶KXPRUOD
QRWDWUDVSXDXQFHUWSHVVLPLVPHSHOTXHIDDOHVSRVVLELOLWDWVGHUHJHQHUDFLyHIHFWLYDGH
O¶HVFHQD±LpVFODUODVRFLHWDW±HVSDQ\RODGHOPRPHQW
/D IODPHQTXHUtD VH KD KHFKR VXSHUUHDOLVWD <D VDEHQ XVWHGHV TXH 6iQFKH] 0HMtDV HO
WRUHURHOFXxDGRGHO*DOORKDWHQLGRXQp[LWRWHDWUDO£4XHOH©HFKHQªDpOSVLFRDQiOLVLV\)UHXG
\/HQRUPDQG7HQtDTXHVHUXQWRUHURHOTXHLQLFLDVHDJXVWRGHORVFUtWLFRVODUHQRYDFLyQGHO
WHDWURHVSDxRO3RUDOJRVHKDQKHFKRWRUHURVORVLQWHOHFWXDOHVHLQWHOHFWXDOHVORVWRUHURV>@
/R ~QLFR TXH KD KHFKR 6iQFKH] 0HMtDV KD VLGR VXVWLWXLU OD FXDGULOOD $QWHV WHQtD DO
=XULWR DO &KDWR DO /DJDUWR ±QR UHVSRQGHPRV GH HVWD HUXGLFLyQ WDXUyILOD± \ DKRUD WLHQH D ORV
SRHWDVGHYDQJXDUGLD>@'HODFXDGULOODDQWLJXDTXHGDVRODPHQWHHOPR]RGHHVWRTXHVXQPR]R
ELHQ SHLQDGR FRQ WXIRV TXH UHSDUWtD ODV ORFDOLGDGHV GHO WHDWUR FRPR DQWHV UHSDUWLHUD ODV GH OD
SOD]D>@
$ODJHQWHOHJXVWDHVWR
²£+D\TXHYHUTXp©WtRª0DWDORVWRURVFRPRQDGLH\HVFULEHPHMRUTXH8QDPXQR
£4XHDSUHQGDQDKRUDORV©LQWHOHFWXDOHVª
(O VLQFHUR HVSDxRO TXH LED GH 0XxR] 6HFD D 6iQFKH] 0HMtDV GHVSXpV GH HVWR LUi GH
6iQFKH] 0HMtDV D 6iQFKH] 0HMtDV 1DFH HO ©DVWUDNiQª GHO VXSHUUHDOLVPR 6H YD D ©KLQFKDUª
6iQFKH]0HMtDVGH©ELOOHWHVJUDQGHVªHQODVWDTXLOODVGHORVWHDWURV+DUiELHQ(OHVSDxROSDJD
DOHJUHPHQWHODVWDEODVORVWRURV\ODORWHUtD
-D DPE DQWHULRULWDW 3RVW*XHUUD KDYLD GHVOHJLWLPDW DOJXQ LQWHQW GH
UHQRYDFLy WHDWUDO SURYLQHQW G¶DTXHVW VHQ\RULWLVPH LQWHOÂOHFWXDO TXH OD QRVWUD JDVHWD
FRPEDWLD (QV HVWHP UHIHULQW D O¶DWDF FRQWUD O¶HVWUHQD GH OD0DULDQD 3LQHGD ORUTXLDQD
SHUSHWUDWSHU0DUTXHUtHGXUDQWHOVHXEUHXWUjQVLWSHUOHVSODQHVGH3RVW*XHUUD&RPMD
KHP HVPHQWDW PpV DPXQW HO GH 0Dy QR SRW UHSUHVHQWDU HQ DEVROXW HO SHUILO HVWqWLFR
LGHROzJLF GH OD UHYLVWD OD TXDO HQ FDQYL DO FDS G¶XQ WHPSV WDPEp V¶KD FRPHQWDW PpV
DPXQW HV FRQJUDFLDUj DPE HO JUDQDGt 3HUz HO FDV pV TXH DTXHVWD UHEHQWDGD HV YD
SXEOLFDU D OD VHFFLy ³7HDWUR´ L TXH SHU WDQW IRUPD SDUW GHO SDWULPRQL FUtWLF GH 3RVW
*XHUUD7DPEpFDOGLUTXHHQDTXHOOPRPHQW0DUTXHUtHHVFULXFRPVLIRVJDLUHEpXQ
GHL[HEOH GH 'tD] )HUQiQGH] SOHQDPHQW LQWHJUDW HQ HO GLVFXUV FUtWLF UHKXPDQLW]DGRU
$L[zpVHVSHFLDOPHQWYLVLEOHHQHOVSULPHUVSDUjJUDIV
&XDQWRVWHQHPRVGHOWHDWURXQFRQFHSWRHOHYDGR\SHQVDPRVTXHODHVFHQDHVGLQiPLFR
HVFDSDUDWHGHFDOLGDGHVKXPDQDV KHPRVVLQFHUDPHQWHGHODPHQWDUHVWHHVWUHQRGH)*/RUFD
PiVTXHSRUpOHQVtSRUORTXHSXGLHUDWHQHUGHVtQWRPDGHDXJXULRPDORGHSURQyVWLFRSDUD
XQDLQXQGDFLyQWHDWUDOTXH±VHQWLPRVGHFLUOR±SDUHFHDYHFLQDUVH
+DVWDHOSUHVHQWHKDQLPSHUDGRVREUHQXHVWURVS~EOLFRVODLQVXOVD\HVW~SLGDFRPHGLDGH
FRVWXPEUHV±DEDVHGHFRQIOLFWRVEXUJXHVHV±\HOEXUGR\JURVHURJpQHURFyPLFRTXHVHKDGDGR
HQOODPDU©DVWUDNDQHVFRª
'HVGHHVWRVPRPHQWRVSXGLHUDYROFDUVHHQHOWHDWURWRGDHVDOLWHUDWXUDLQWHOHFWXDOL]DGD
DWRUPHQWDGDPRUERVDPHQWHTXHVHHQURVFDDFLHUWRJUXSRWLOGDGRGH©GHVKXPDQRªLQKXPDQR
IXHUDPHMRU
6LDQXHVWURUHSXJQDQWHWHDWURFRQWHPSRUiQHRVXVWLWX\HHVDDIHFWDGDMXYHQWXG
±VLPXODFURGHDOERUR]RV±TXHKDFHVRILVPDVVREUHODPRGD\ODHOHJDQFLD\MXHJDDOIXWEROFRQ
ORVPiVJUDYHVKRQGRV\WUDVFHQGHQWHVSUREOHPDVKXPDQRVGHILMRTXHVDOGUHPRVSHUGLHQGRFRQ
HOFDPELR
(VWUDFWDGHO¶HVWUHQDGH6LQUD]yQREUDGHUHVVRQjQFLHVIUHXGLDQHVLHQODTXDOHVSRW
GHWHFWDUODLQIOXqQFLDGH/HQRUPDQGL3LUDQGHOOR
YSODQDJUjILFD
$SDUWLUG¶DTXt HOMRYH DSUHQHQW G¶DULVWDUF HV GHGLFD EjVLFDPHQW DH[SUHVVDUHO
VHXGLVJXVWSHUODSRqWLFDGH/RUFDHOTXDO³KDOOHYDGRDODVWDEODVGHXQHVFHQDULRVX
OtULFDDQJXVWLRVD\HQIHUPDGHXQDDPELJXDYLVFRVD\EODQGDWHUQXUD´7UREDODWqFQLFD
WHDWUDOGHO¶REUDDQWLTXDGDHIHFWLVWD\³VDWXUDGDGHOD]~FDUTXHPiVSULYD´HQHOWLSXVGH
PRGHUQLWDWTXHSURSRVD*DUFtD/RUFD$TXHVWPDOJUDWTXHVDSWUDQVPHWUHODVHYDDUGHQW
VHQVLELOLWDW ³HQ FDQWLGDG GHVOXPEUDGRUD GH LPiJHQHV HQ FDOLGDG TXLQWDHVHQFLDGD GH
IUDVH HQ VHQVDFLRQLVPR GH FRORUHV \ OXPLQRVLGDG \ HQ DSDVLRQDGRV WHPEORUHV
PHULGLRQDOHV´QRSHUWDQ\HQGHILQLWLYDPpVTXHDODFDWHJRULDGHOVERQVVLPXODGRUV(O
ILQDOGHO¶DUWLFOHWHVGHFDQWDMDFDSDO¶LQVXOWLFDSDXQPHQ\VSUHXFODUDPHQWKRPRIzELF
>@)DOVLILFDUORSRSXODU±VHQWLPLHQWR\FDQFLyQ±SULPRURVDPHQWHSHURVLQRWURREMHWR
TXHGHVJDVWDUODPpGXODGHORVHVSHFWDGRUHVQRPHUHFHXQDORDVLQRHOYLWXSHULR\HOGHVSUHFLR
PiVSURIXQGR
©0DULDQD 3LQHGDª KLVWpULFD DSDVLRQDGD KHURtQD SRU DPRU TXH VH GHMD DMXVWLFLDU SDUD
TXHe/QRODROYLGHQXQFDHVHOSDUWROyJLFRGHHVHMRYHQ\PRUHQRJLWDQRFRQWDFRQFLWRVTXH
VLHPSUHQRVKDSDUHFLGR)HGHULFR*DUFtD/RUFD
/DGDUUHUDDSRUWDFLySRVWJXHUULDQDTXHFRPHQWDUHPSHOTXHIDDFUtWLTXHVDOD
VLWXDFLy GHO WHDWUH HVSDQ\RO GHO PRPHQW VHUj OD TXH DPE HO WtWRO GH ³¢'HFDGHQFLD"´
VLJQD$UWXUR3HUXFKR/¶DUWLFOHpVEUHXLFRQWXQGHQW/¶DXWRUSURWHVWDSHUTXq
GLX TXH SDUODU GH OD GHFDGqQFLD GHO WHDWUH HVSDQ\RO V¶KD FRQYHUWLW MD HQ XQ WzSLF SHUz
UDUHV YHJDGHV VH¶Q ID XQD DQjOLVL GRFXPHQWDGD L FRQYLQFHQW (O PHUFDQWLOLVPH OD
VXEPLVVLyGHODLQVWLWXFLyWHDWUDODOVYDORUVGHODFODVVHVRFLDOTXHSDJDO¶HQWUDGDpVHO
SULQFLSDO JHUPHQ SDWRJHQ TXH 3HUXFKR GLDJQRVWLFD $L[t HQ HO VHJOH ;,; HV WUDFWDYD
G¶DFRQWHQWDU HO SDODGDU GH OD SHWLWD EXUJHVLD L DL[z H[SOLFD TXH ³XQ GUDPDWXUJR WDQ
PHGLRFUH\DUWtVWLFDPHQWHWDQUHSXJQDQWHFRPR(FKHJDUD\DOFDQ]DUDJUDQGHVp[LWRVFRQ
VXVGUDPDVWUXFXOHQWRVFRQVXVFRPHGLDVGHOHYLWD\FKLVWHUDDOTXLODGDV´4XDQODVHYD
DQjOLVLDUULEDDOVHJOH;;O¶DXWRUIDDOJXQHVFRQVLGHUDFLRQVVRFLROzJLTXHVQRPDQFDGHV
GHFHUWLQWHUqV
/OHJD QXHVWUR VLJOR \ ODV FODVHV SRSXODUHV JDQDQ OD GHODQWHUD \ OD FODVH PHGLD VH
HPSOHEH\HFH1RVXUJHDTXtXQWHDWURQREOHTXHWLHQGDDUHFRJHUHODOPDSRSXODU\DGLJQLILFDUOD
VXUJH HO WHDWUR SOHEH\R HO TXH KDODJD HO PDO JXVWR GH OD PXOWLWXG GHVRULHQWDGD \ KDFH GH HVH
KDODJRXQSLQJHQHJRFLR
3HURODPXOWLWXGYDHYROXFLRQDQGRHVSLULWXDOPHQWHVHSHUIHFFLRQDSURJUHVD<VHDSDUWD
GHXQWHDWURLQFDSD]GHUHFUHDUOHHOHVStULWX\SUHILHUHORVVDQRVHVSHFWiFXORVGHSRUWLYRVGRQGH
SRU OR PHQRV SXHGH UHVSLUDU DLUH OLEUH \ VHQWLU OD EHOOH]D GH OD IXHU]D ItVLFD FRQ WRGD SOHQLWXG
&XDQGR GHFLGH HQFHUUDUVH HQ XQ ORFDO YD DO FLQH 1RUWHDPpULFD OH RIUHFH XQD PH]FOD GH VDQR
GHSRUWH\PHGLDQRWHDWUR$OHPDQLDXQDVHQVDFLyQGHDUWHRULJLQDO\UHILQDGR>@
&DSDOILQDOGHO¶DUWLFOHHQILO¶DXWRUUHVXPHL[ODVHYDGLDJQRVLDPEXQDFUXHVD
VHQVHFRQWHPSODFLRQVTXHGHL[DSRFHVSDLSHUDO¶RSWLPLVPH
(O SHULRGLVWD L HVFULSWRU $UWXU 3HUXFKR YD QpL[HU D %RUULDQD HO L YD PRULU D 0q[LF HO
GXUDQWOD'LFWDGXUDGH3ULPRYDYLXUHD3DUtVLGHVSUpVYDIHUGHSURIHVVRUDVVLVWHQWG¶HVSDQ\ROL
FDWDOj D 0DUEXUJ 9D SXEOLFDU DUWLFOHV HQ XQD OtQLD HVWqWLFD G¶DYDQoDGD D OD UHYLVWD 7DXOD GH /OHWUHV
9DOHQFLDQHVY(QULF%DODJXHU³$YDQWJXDUGDSRSXOLVPHLOLWHUDWXUDNLWVFK/DJHQHUDFLyGH
LHOUHGUHoDPHQWOLWHUDUL´&DSOOHWUD5HYLVWD,QWHUQDFLRQDOGH)LORORJLD3ULPDYHUD
&RPXQLVWDRUWRGR[GXUDQWOD*XHUUD&LYLOYDHVWDULPSOLFDWHQODFDPSDQ\DGHGLIDPDFLyHVWDOLQLVWD
FRQWUDHO3280±FDPSDQ\D FRQGXHQWDOVHXGHVPDQWHOODPHQWLDODGHWHQFLy*RUNLQHPSUHVRQDPHQW
$QGUDGHLDVVDVVLQDW1LQGHOVVHXVGLULJHQWVY9LFHQW6DQFKLV³1RWtFLDG¶$UWXU3HUXFKR´/D5HOOD
$QXDULGHO¶,QVWLWXWG¶(VWXGLV&RPDUFDOVGHO%DL[9LQDORSy
+DEUiTXHGHFLUORFUXGDPHQWHQXHVWURWHDWURHVWiHQGHFDGHQFLDSRUTXHORVDXWRUHVVRQ
PDORV SRUTXH ORV LQWpUSUHWHV VRQ FREDUGHV H LJQRUDQWHV \ SRUTXH ODV (PSUHVDV QR WLHQHQ RWUR
REMHWLYRTXHDQRWDUYHQWDMRVRVEDODQFHVHQVXVOLEURVGHFRQWDELOLGDG
3LVFDWRUFRPDPRGHOLGHDO
%p 4XHGD FODUD O¶DFWLWXG GH 3RVW*XHUUD DPE UHODFLy DO WHDWUH HVSDQ\RO IyUD
PpVH[DFWHGLUHQOOHQJXDHVSDQ\RODTXHOLHUDFRQWHPSRUDQL3RGUtHPSHQVDUTXHOD
QRVWUDUHYLVWDLJQRUDH[FHVVLYDPHQWHOVLQWHQWVDYDQWJXDUGLVWHVLGHUHQRYDFLyWHDWUDOTXH
SHU DTXHOOV DQ\V GXLHQ D WHUPH HQWUH G¶DOWUHV 5LYDV &KHULI 0D[ $XE R *yPH] GH OD
6HUQDSHUzMDVDEHPTXLQDHUDODVHYDSRVLFLyGDYDQWTXDOVHYROPDQLIHVWDFLyDUWtVWLFDGH
FDUjFWHU PLQRULWDUL 3RVW*XHUUD FRP SRGHP VXSRVDU HVWDYD PROW PpV LQWHUHVVDGD HQ
XQD KLSRWqWLFD WUDQVIRUPDFLy GHO WHDWUH GH PDVVHV HVSDQ\RO TXH HQ WH[WRV WHDWUDOV
G¶DYDQWJXDUGD (VSLQD %HUJDPtQ HWF TXH HQ PROWV FDVRV PDL SDVVDYHQ GHO SDSHU D
O¶HVFHQDUL3HUzODSUHJXQWDTXHDUDVRUJHL[pVODGHTXLQHVHUHQOHVDOWHUQDWLYHVTXHOD
UHYLVWDSURSRVDYD1RSHUFDVXDOLWDWLPPHGLDWDPHQWGHVSUpVGHODFUtWLFDLPSODFDEOHGH
3HUXFKR HO OHFWRU HV WUREDYD GLQV OD PDWHL[D VHFFLy ³7HDWUR´ VRP DO Q~PHUR
H[WUDRUGLQDULGHUGH0DLJGHXQDFROÂODERUDFLyWLWXODGD³5DVSXWtQHQHOWHDWUR
3LVFDWRU GH %HUOtQ´ /D QRWD LQWURGXFWzULD HQV LQIRUPD TXH HO VHX DXWRU -XOHV
&KDFHO pV FURQLVWD GHO VHWPDQDUL SDULVHQF &DQGLGH 4XDQ 3RVW*XHUUD HQ GyQD
QRWtFLDIHLDMDJDLUHEpPLJDQ\QRYHPEUHGHTXHHQODUHFHQWPHQWLQDXJXUDGD
3LVFDWRU%KQHV¶KDYLDHVWUHQDWHOIDPyVLSROqPLFPXQWDWJH5DVSXWLQGLH5RPDQRZV
GHU .ULHJ XQG GDV 9RON GDV JHJHQ VLH DXIVWDQG /D QRVWUD JDVHWD QR IRX SLRQHUD HQ
LQIRUPDUQH &REE UHSURGXHL[ XQD GHVFULSWLYD UHVVHQ\D GH O¶HVFHQLILFDFLy SLVFDWRULDQD
DSDUHJXGD D (O 6RO MD HO GLD GH GHVHPEUH GH 8Q FLXWDGj GH 0DGULG TXH
HVWLJXpV DFRVWXPDW DO WHDWUH FRQYHUVDFLRQDO FDSLWDOLQR L TXH KDJXpV OOHJLW DPEGXHV
UHVVHQ\HV SHQVDULD SHU IRUoD TXH DOOj OL SDUODYHQ G¶XQ DOWUH SODQHWD GUDPDW~UJLF XQ
PXQWDWJHHQHOTXDOHOWH[WHVFULWSHUO¶DXWRUHUDVROVXQSXQWGHSDUWLGDXQDFRQFHSFLy
WHDWUDO TXH WUDQVIRUPDYD HO YHWXVW HVFHQDUL DPE FRYHURO HQ XQD HVFHQD PXOWLIRUPH L
WHFQLILFDGD TXH LQFRUSRUDYD HQ OD PDWHL[D IXQFLy DOWUHV PLWMDQV FRP OHV SURMHFFLRQV
ItOPLTXHVRO¶HGLFLyG¶XQSHULzGLFTXHIHLDGHSURJUDPDGHPjLXQWHDWUHVREUHWRWDPE
XQD FjUUHJD FUtWLFRLGHROzJLFD D OHV DQWtSRGHV GH OHV LQRIHQVLYHV FDUWHOOHUHV
SULPRULYHULVWHV
(OVRFLDOLVWD$UDTXLVWiLQSROtWLFDPHQWPpVPRGHUDWODVHYDUDGLFDOLW]DFLyLGHROzJLFD±FRPHQ
JHQHUDO OD GHO VRFLDOLVPH HVSDQ\RO± QR DUULEDUj ILQV PpV WDUG FDS D TXDQ GLULJLUj /HYLDWiQ GRV
DQ\VGHVSUpVHQFDUDHVIDUjSUHJXQWHV³&XDQGRVHFRPSDUDHOUHSHUWRULRGHQXHVWURWHDWURFOiVLFRWDQULFR
HQSRHVtD\HQSHQVDPLHQWRFRQHOGHQXHVWURWHDWURFRQWHPSRUiQHRWDQGHVPHGUDGRGHDPEDVFDOLGDGHV
HVIRU]RVRSUHJXQWDUVH¢4XLpQKDGHFDtGRDTXt"¢(OS~EOLFR"¢/RVDXWRUHV"¢/RVFyPLFRV"¢2WRGRVDOD
YH]"´$UDTXLVWiLQRSFLW/¶HYROXFLyLGHROzJLFDG¶$UDTXLVWiLQHQO¶H[FHOÂOHQWHVWXGLFOjVVLF0DUWD
%L]FDUURQGR$UDTXLVWiLQ\ODFULVLVVRFLDOLVWDHQOD,,5HS~EOLFD/HYLDWiQ0DGULG6LJOR
;;,
/DWUDMHFWzULDG¶XQ$GULj*XDO±SHUQRPpVGRQDUXQQRP±QRVHPEODTXHIRVFRQHJXGDSHOV
SRVWJXHUULDQV
6¶KD SDUODW GH FHUWD LQYLVLELOLWDW GHO WHDWUH H[SHULPHQWDO GH O¶qSRFD $JXVWtQ 0XxR]$ORQVR
/ySH]HG7HDWURHVSDxROGHYDQJXDUGLD0DGULG&DVWDOLD
eV FXULyV TXH 3RVW*XHUUD DIXVHOOL QL TXH VLJXL SHU SRGHU SDUODU GH 3LVFDWRU XQD FUzQLFD
H[WUHWD GH &DQGLGH O¶LQIOXHQW KHEGRPDGDUL SROLWLFROLWHUDUL G¶HQWUHJXHUUHV YLQFXODW LGHROzJLFDPHQW D
0DXUUDVL/¶$FWLRQIUDQoDLVH$QWLGHPzFUDWDDQWLVHPLWDLUDELRVDPHQWDQWLFRPXQLVWDHQDTXHVWDODVHYD
VHJRQDqSRFD&DQGLGHYDIXQFLRQDUGHVGHILQVDODILGHOUqJLPGH9LFK\
&REE/DFXOWXUD\HOSXHEORHGFLW
'RVPHVRVPpVWDUGHOMXOLROGH3RVW*XHUUDGHGLFDXQSDUHOOGHSODQHVD
ODSXEOLFDFLyG¶XQLPSRUWDQWWH[WGHOSURSL3LVFDWRU³7HDWURSROtWLFR´FRPV¶KD
LQGLFDW PpV DPXQW WRW ID VXSRVDU TXH DTXHVW DUWLFOH DUULED D 3RVW*XHUUD D WUDYpV GH
0RQGH 'LHP TXH pV LPSRUWDQW DOPHQ\V SHU GRV PRWLXV SHU XQD EDQGD IL[D O¶LGHDUL
WHDWUDOGHODQRVWUDUHYLVWDLKRIDDPELQIRUPDGDHILFjFLDLFHUWDGHQVLWDWFRQFHSWXDODOD
PDQHUD DOHPDQ\D VHQVH DTXHOO OLULVPH EDUEXVVLj TXH VROLD SHUIXPDU OHV SODQHV GHO
SULPHU DQ\ GH 3RVW*XHUUD SHU DOWUD EDQGD L HQ HO FRQWH[W GHO FUHL[HQW SUHVWLJL GH
3LVFDWRU D (VSDQ\D DTXHVW DUWLFOH DQWLFLSD FODUDPHQW OD SRVWHULRU MXOLRO GH SXEOLFDFLy D &HQLW GHO YROXP TXH FDO FRQVLGHUDU ±D QLYHOO WLSRJUjILF QR PHQ\V TXH D
O¶HVWqWLFRLGHROzJLF± OD UHDOLW]DFLy FXOPLQDQW GHO PRYLPHQW HGLWRULDO G¶DYDQoDGD (O
WHDWURSROtWLFRG¶(UZLQ3LVFDWRU'HL[DQWGHEDQGDODPROWDRSRFDUHSHUFXVVLyHIHFWLYD
GHOPHVWUDWJHSLVFDWRULjHQODSRVWHULRUHVFHQDKLVSjQLFDUHSXEOLFDQDDTXtHQVLQWHUHVVD
GHVWDFDU HO SDSHU TXH MXJD 3RVW*XHUUD HQ O¶HQFLPEHOODPHQW GH 3LVFDWRU HQ DOOz TXH
-DYLHU 2UGXxD GHVFULX FRP ³OD VHYD FRQYHUVLy HQ FODX PLWLILFDGD GH OD UHJHQHUDFLy
WHDWUDO TXH VXSHUDULD O¶DVVROLGD SHU %UHFKW DOV DQ\V VHL[DQWD´ $L[t FRP HQ OD
QDUUDWLYD 3RVW*XHUUD L OHV HGLWRULDOV GHULYDGHV DUULEDUDQ D XQV PRGHOV DOHPDQ\V D
SDUWLU G¶XQV GH UXVVRV HQ HO WHDWUH WUREHP WDPEp XQD OtQLD TXH YD GH 0H\HUKROG D
3LVFDWRU/HVSURSRVWHVWHDWUDOVG¶DTXHVW~OWLPHQO¶KRULW]yG¶H[SHFWDWLYHVTXHODSUzSLD
UHYLVWDHQVGLEXL[DHUDOzJLFTXHIRVVLQUHEXGHVDPEWDQWGHOLWFRPKRIRXHOPDQQjHQ
HOGHVHUWLVUDHOLWD
,DL[tGHVG¶XQHVFRQFHSFLRQVGHPDWHULDOLVPHKLVWzULFTXHQRYHQLHQGHQRXDO
OHFWRU GH 3RVW*XHUUD 3LVFDWRU HQ O¶DUWLFOH HQ THVWLy GHVHPPDVFDUD O¶LPSRVVLEOH
DSROLWLFLVPHGHFDSWHDWUH
>@(OWHDWURFRUWHVDQRGHODpSRFDIHXGDOHOWHDWUREXUJXpVGHOLQGLYLGXDOLVPROLEHUDO
¢HV SRVLEOH GHFLU GH HOORV TXH QR KDQ VLGR SROtWLFRV" ¢3RGUtDPRV FRQVLGHUDU WDPELpQ FRPR
DSROtWLFRHOWHDWURGHORVJULHJRV"/XJDUGRQGHODVPDVDVVHUHXQtDQHQODDGRUDFLyQGHORVGLRVHV
\GHORVKpURHVQRVHSXHGHFRQVLGHUDUPHQRVDSROtWLFRTXHORVPLVWHULRVHQKRQRUGHORVVDQWRV
FDWyOLFRVRGHORV PRQDUFDV SRUODJUDFLDGH'LRV (OWHDWURVLHPSUH KD VLGRWHQGHQFLRVRSHUR
KD\ pSRFDV HQ TXH ORV LQWHUHVHV GH ODV FODVHV GLULJHQWHV H[LJHQ TXH VXV WHQGHQFLDV VHDQ PiV R
PHQRV GLVLPXODGDV SRU RWUD SDUWH GRQGH OD FODVH GRPLQDQWH HVWp LQWHULRUPHQWH GLYLGLGD SRFR
VHJXUD VH HYDGH HQ VX LQFRQVLVWHQFLD GH LPSRQHU VX WHDWUR WHQGHQFLRVR GHMiQGROR RFXSDU SRU
GLYHUWLPLHQWRVDEVXUGRV>@
&RPYHLHP3RVW*XHUUDQRSRGULDKDYHUWUREDWPLOORUVDUJXPHQWVTXHDTXHVWV
SHU WDO GH UDGLRJUDILDU DPE O¶DXWRULW]DGD YHX GHO 7KHDWHUUHJLVVHXU DOHPDQ\ O¶HVFHQD
FzPLFD ORFDO 3LVFDWRU QR FRQFHS HO IHW WHDWUDO FRP XQD GLVWUDFFLy HYDVLYD QL WDPSRF
FRPXQDLQVWLWXFLyGLGjFWLFDVLQyFRPXQDIRUoDLQFDUGLQDGDHQHOVHXWHPSVLSDUWtFLS
GHOHVOOXLWHVTXHHOGHILQHL[HQ³6HUHOHVSHMRFRQVFLHQWHGHVXWLHPSR\GHODVIXHU]DV
TXH OH UHSUHVHQWDQ KH DTXt OD WHQGHQFLD GHO WHDWUR SROtWLFR´ (Q HO VHJOH ;; HQ XQ
SUHVHQWPDUFDWSHUOHVUHYROXFLRQVLODOOXLWDVRFLDODTXHVWWHDWUH³QRSRGUiVHUPiVTXH
SUROHWDULR´$L[tXQDXWqQWLFWHDWUHSRSXODUQRWpUHVDYHXUHDPEXQWHDWUHSRSXODW[HU
³(O YHUGDGHUR WHDWUR GHO SXHEOR QR WLHQH GHUHFKR D H[LVWLU PiV TXH FRPR WHDWUR GH OD
SDUWH FRQVFLHQWH GHO SUROHWDULDGR´ /D FRQFHSFLy DJRQtVWLFD L DEDVWDGRUD TXH GHIHQVD
3LVFDWRUDOOXQ\DHOWHDWUHGHODOtULFDVHQWLPHQWDOLSHUGHVFRPSWDWGHFDSSRVVLEOHQRFLy
HVWHWLFLVWDHQODJDOj[LDGHO¶DUWSXU
>@/DIUDVH©HODUWHSRUHODUWHªGHVKRQUDHOGUDPD\ORUHGXFHDODVGLPHQVLRQHVGHXQ
MXHJRDUWtVWLFRSXUDPHQWHIRUPDO/DDXVHQFLDGHXQJUDQSRHPDH[SUHVDQGRODpSRFDDFWXDOFRQ
-DYLHU 2UGXxD (O WHDWUH DOHPDQ\ FRQWHPSRUDQL D O¶(VWDW HVSDQ\RO ILQV HO %DUFHORQD
,QVWLWXWGHO7HDWUH
VXVIXHU]DV\VXVSUREOHPDVQRHVGHELGDDOD]DUHVODFRQWLQXDFLyQOyJLFDGHODFRPSOLFDFLyQGH
ODUXSWXUD\GHOLQDFDEDPLHQWRGHORDFWXDO6LUYLHQGRGHWURPSHWDDF~VWLFD\GHWULEXQDQRVRWURV
D\XGDPRV D ORV WRUUHQWHV TXH DSRUWDQ DO RUJDQLVPR GH OD VRFLHGDG XQD PDWHULD YLYLILFDQWH \
QXHYDTXHODIHFXQGDGHHVHQFLDVQXHYDVTXHFRQVWLWX\HQWDPELpQODPHMRUSUHSDUDFLyQSDUDXQD
SRHVtDGHOSRUYHQLU
/D WDVFD G¶XQ GLUHFWRU G¶HVFHQD ILJXUD TXH HQ DTXHOOV DQ\V DPE SURX IHLQHV
FRPHQoDYDDHVWHQGUH¶VHQHOPyQWHDWUDOHVSDQ\ROUHVSRQDXQGHWHUPLQDWFRQWH[WSHU
DL[z3LVFDWRUDFFHSWDQWTXHHQWUHODVHYDIHLQDLODGH0H\HUKROGHVSXJXLQWUREDUSXQWV
GHFRQWDFWHGLXSHUzTXHHOVUHVXOWDWVVHUDQQHFHVVjULDPHQWGLIHUHQWVSHUTXqUHVSRQHQD
GLIHUHQWVH[SHULqQFLHVFROÂOHFWLYHV³GHODPLVPDPDQHUDTXHXQDUHYROXFLyQDOHPDQDQR
SRGUi FRPSDUDUVH D OD 5HYROXFLyQ UXVD´ 0pV HQGDYDQW 3LVFDWRU HV GHVPDUFD WDPEp
G¶(LVHQVWHLQ SHUTXq DTXHVW KD GHFODUDW TXH DPE OD VHYD REUD SUHWHQLD ³HOHFWUL]DU D ODV
PDVDV´
>@ (VWR VHUtD OD PXHUWH GHO WHDWUR SROtWLFRSUROHWDULR VL pVWH KLFLHVH ~QLFDPHQWH
OODPDPLHQWRV D LQVWLQWRV SULPLWLYRV \ D OD HPRWLYLGDG (VWH WHDWUR PiV TXH WRGR RWUR WLHQH OD
PLVLyQGHFRQYHQFHUGHDFODUDU\PRGLILFDUODVHQHUJtDVHVSLULWXDOHVGHODVPDVDV
1RVRWURV QR TXHUHPRV VRODPHQWH HQWXVLDVPDU>@ TXHUHPRV SUHFLVDPHQWH DFODUDU \
UHYHODU /D XQLyQ GH OD HVFHQD \ GHO FLQH GHO DUWH pSLFR GHO EODQFR \ HO QHJUR DO FDUiFWHU
GUDPiWLFRGHODSDODEUD\GHOKRPEUHHQVXVWUHVGLPHQVLRQHVPHSDUHFHVHUHOPHGLRHVHQFLDO
SDUDOOHJDUDHVWHILQ
(QDTXHVWHVOtQLHVV¶HYLGHQFLDFHUWDPHQWHOGHXWHGHOWHDWUHqSLFEUHFKWLjDPEHO
OOHJDWGH3LVFDWRU/¶DUWLFOHDFDEDILQDOPHQWSDUODQWGHOS~EOLFDOTXDOFDOFRQVLGHUDUXQD
FROÂOHFWLYLWDWPROWPpVTXHXQDVXPDG¶HQVLQGLYLGXDOV³/RVPLOODUHVGH SHUVRQDVTXH
OOHQDQXQDVDODGHWHDWURQRVRQXQDVLPSOHVXPDGHLQGLYLGXRVVRQXQVHUQXHYRGRWDGR
GHQHUYLRVGHVHQWLPLHQWR\GHUHIOHMRVSDUWLFXODUHV´(QDEROLUODWUDGLFLRQDOGLVWjQFLD
TXH VHSDUD HO SURVFHQL GH OD SODWHD FLUFXOD XQD QRYD HQHUJLD TXH ID VXSHUDU HQ HOV
HVSHFWDGRUV³XQDFRQFHSFLyQSUHFRQFHELGDGHOWHDWUR´LHOVSRUWDDEXVFDUHQO¶HVFHQDOD
YHULWDWGHOHVVHYHVYLGHVLQRSDVXQHVFDSLVPHDOLHQDQW9HLHPTXHODLPSOtFLWDDFWLWXG
GH GLVWDQFLDPHQW FUtWLF HQ O¶HVSHFWDGRU DTXt IRUPXODGD HQFDL[D SOHQDPHQW DPE HOV
SODQWHMDPHQWV G¶XQ 'tD] )HUQiQGH] TXH UHVXOWHQ ±FRP VDEHP± G¶DUUHERVVDU OD WHRULD
DUWtVWLFDRUWHJXLDQDHQO¶DUHQDGHODOOXLWDLGHROzJLFD
3RVW*XHUUDKDYLDSXEOLFDWXQVPHVRVDEDQVXQDUWLFOHG¶(LVHQVWHLQ³&LQHGHPDVDV´
DIXVHOODWGH7KH1DWLRQ³JUDQUHYLVWDOLEHUDOGHORV(VWDGRV8QLGRV´$TXtHOOHFWRUGHODQRVWUDUHYLVWD
KDYLDSRJXWOOHJLUOHVGHFODUDFLRQVG¶(LVHQVWHLQTXHPRWLYDUDQODUqSOLFDGH3LVFDWRU³©3RWHPNLQªQRHV
PiVTXHXQHSLVRGLRGHOKHURtVPRUHYROXFLRQDULRFRQHOFXDOVHGHVHDHOHFWUL]DUDODVPDVDV´/¶DUWLFOHpV
XQDLQWHUHVVDQWDXWRSUHVHQWDFLyGHODODERUGHOFLQHDVWDVRYLqWLFHVWjHVFULWDVHQVHFDSPHQDGHUHWzULFDQL
FDSWDWLREHQHYROHQWLDHFRPGHPRVWUDHOSDUjJUDILQLFLDO³6R\GHSURIHVLyQLQJHQLHUR\PDWHPiWLFR$O
WUDWDUGHKDFHUXQDSHOtFXODSURFHGRGHOPLVPRPRGRTXHVLLQWHQWDVHSUHSDUDUHOSODQRSDUDXQDJUDQMDR
XQD LQVWDODFLyQ SDUD OD FRQGXFFLyQ GH DJXD 0L SXQWR GH YLVWD HV SURIXQGDPHQWH XWLOLWDULR UDFLRQDO \
PDWHULDOLVWD´0pVHQGDYDQWWUDoDXQVSURSzVLWVHVWqWLFVWDQSRFDOOXQ\DWVGHOVGH3LVFDWRUTXHHQVSRGULHQ
IHUSHQVDUTXHDTXHVWDEDQVGHFRQWUDGLUORQRV¶KDYLDOOHJLWEpO¶DUWLFOH³1XHVWURGHVHRHVGHVHQYROYHU
ODPDVDQRHODFWRU7DPSRFRSUHWHQGHPRVH[FLWDUODVYLGDVGHORVSHUVRQDMHVGHOGUDPDSRUTXHHVWRQR
HVPiVTXHXQOODPDPLHQWRDOVHQWLPHQWDOLVPR(OFLQHSXHGHDVSLUDUDDOJRPiVSXHGHLQWHQVLILFDUODV
LPSUHVLRQHVSUR\HFWDQGRPDWHULD\FXHUSRVHQOXJDUGHVHQWLPLHQWRV3UHWHQGHPRVIRWRJUDILDUXQHFR\
HO WLFWDF GH XQD DPHWUDOODGRUD /D LPSUHVLyQ HV ILVLROyJLFD´ 3HUz SUREDEOHPHQW 3LVFDWRU Vt TXH V¶KDYLD
OOHJLW Ep O¶HVFULW G¶(LVHQVWHLQ 4Xq O¶KDYLD GRQFV PROHVWDW WDQW FRP SHU VHQWLU OD QHFHVVLWDW G¶RIHULU
FRQWHVWDGHVGHODWULEXQDGH0RQGH"$L[z³(VWRVPpWRGRVQRSRGUiQQXQFDVHUDGDSWDGRVDOWHDWUR<R
HPSHFpWUDEDMDQGRHQHOWHDWUR©3UROHFXOWª>VLF@SHURSURQWRORDEDQGRQpSRUHOFLQH&UHRTXHHOWHDWUR
HVXQDLQVWLWXFLyQPRULEXQGD(VHOWUDEDMRGHOSHTXHxRDUWHVDQR(OFLQHUHIOHMDODLQGXVWULDHQVXJUDGR
PiVFRPSOHWRGHGHVHQYROYLPLHQWR´
6HQGHUL3LVFDWRU /D UHFHSFLy LGHDOLW]DQW GH 3LVFDWRU D TXq DOÂOXGtHP VXDUD V¶H[SUHVVD SOHQDPHQW
HQHOVDUWLFOHVWHDWUDOVGH6HQGHUUHFROOLWVD7HDWURGHPDVDVXQYROXPTXHDSDUHL[HUjD
9DOqQFLDHO6HQGHUWRWLTXHHUDXQDFWLXLFRQHJXWSHULRGLVWDUHYROXFLRQDULHQ
HO0DGULGFRHWDQLQRYDFROÂODERUDUD3RVW*XHUUDSHUzVtTXHKRIDUjGHVSUpVD1XHYD
(VSDxD (O VHX SULPHU OOLEUH SXEOLFDW (O SUREOHPD UHOLJLRVR HQ 0pMLFR &DWyOLFRV \
FULVWLDQRV VHUj WDPEp QL PpV QL PHQ\V TXH HO YROXP LQDXJXUDO G¶(GLWRULDO &HQLW G¶RFWXEUH GH $OWUHV OOLEUHV G¶DTXHVWD SULPHUD qSRFD GHO SUROtILF DXWRU
DSDUHL[HUDQDL[tPDWHL[D&HQLWLD =HXV7RWDL[zMXQWDPHQWDPE HOIHW TXHOD FUtWLFD
O¶KDJL WLWOODW GH PHPEUH GHVWDFDW GH OD ³JHQHUDFLyQ GHO 1XHYR 5RPDQWLFLVPR´
JHQHUDFLyQRFDOGLUKRFDSLWDQHMDGDSHU'tD])HUQiQGH]IDTXHSXJXHPFRQVLGHUDU
6HQGHUXQSDUHQWVLQRFRQVDQJXLQLVtDOPHQ\VSROtWLFGHODIDPtOLDSRVWJXHUULDQDL
TXHSHUWDQWQRUHVXOWLGHOWRWLPSHUWLQHQWTXHDTXtHQSDUOHPDPEFHUWDH[WHQVLy
7HDWUR GH PDVDV DUUHQFD DPE O¶KDELWXDO GLDJQzVWLF QHJDWLX GH OD VLWXDFLy
HVFqQLFDHVSDQ\ROD/DQRYHWDWSHUzpVTXH6HQGHUDSXQWDGHVHJXLGDFDSDXQIDFWRUOD
LPSRUWjQFLDGHOTXDOVHOLKDUHYHODWHQHOWHDWUHVRYLqWLFLDOHPDQ\ODPDVDODPXOWLWXG
HQWHVDFRPXQHOHPHQWFRQVWLWXWLXGHOIHWWHDWUDO
(O WHDWUR HV HO JpQHUR TXH PHMRU UHSUHVHQWD HO HVWDGR GH VHQVLELOLGDG PHGLD GH XQD
pSRFD 3HUR HVWD REVHUYDFLyQ TXH VH SXHGH KDFHU HQ FDVL WRGRV ORV SDtVHV QR SRGHPRV
FRPSUREDUOD HQ (VSDxD D FDXVD GHO GLYRUFLR GH WUHV PLQRUtDV TXH VH FRQVLGHUDQ FDSDFHV GH
GLULJLU HPSUHVDULRV ±LQGXVWULDOHV± YLHMRV DXWRUHV TXH WRGDYtD VH YLVWHQ FRQ ORV KDUDSRV GHO
UHDOLVPRGHOWHDWURSVLFROyJLFRRGHOFRVWXPEULVPR\MyYHQHVSDUWLGDULRVGHXQ©WHDWURSRpWLFRª
(O HPSUHVDULR GLFH TXH HO WHDWUR HV QHJRFLR (O LQWHOHFWXDO YLHMR TXH HV ©HVSHMR GH OD YLGDª
VLPSOLILFDQGRODIUDVHGH6WHQGDO>VLF@(OMRYHQGHFODUDTXHHVOLULVPR\HVFHQRJUDItD(QORVWUHV
FDVRV HVWi DXVHQWH HO SULQFLSDO HOHPHQWR GHO WHDWUR HO S~EOLFR OD PDVD OD PXOWLWXG QHFHVDULRV
SDUDIRUPDUXQMXLFLRDPSOLR\DSUR[LPDGR
&RP HOV SRVWJXHUULDQV 6HQGHU DVSLUD TXH D (VSDQ\D HV SXJXL DUWLFXODU XQ
WHDWUHDYDQoDWSHUzQRPLQRULWDULPDVVLXSHUzQRPHGLRFUH&HUWpVTXHHQHOVGDUUHUV
DQ\VO¶DVWUDFDQDGDRPSOHOHVVDOHV³3HURHOJUDQS~EOLFRODVPDVDV©HOSXHEORªVLJXHQ
DXVHQWHV 9D DO WHDWUR HVD PLQRUtD QHXWUD TXH QDGD VLJQLILFD HQ HO WRQR JHQHUDO GH
VHQVLELOLGDGQLVLTXLHUDHQODVFRVWXPEUHVTXHDFW~DSRUUHIOHMRVH[WUDxRV\SRULQHUFLD´
1RpVGRQFVO¶HVQRELVPHSHWLWEXUJqVHOTXHYROGULDFRQFLWDUDTXHVWWHDWUHTXH6HQGHUWp
DO FDS HOO SHQVD HQ XQD FUHDFLy TXH IRV DOKRUD LQGLYLGXDO L FROÂOHFWLYD TXH [LIUpV XQD
FRPXQLy HQWUH HO GUDPDWXUJ L HO S~EOLF SHUTXq HQ UHDOLWDW ³SRGHPRV GHFLU TXH HO
S~EOLFRHOJUDQS~EOLFRHOTXHQRYDDOWHDWURWLHQHUD]yQ´/DYLQFXODFLyTXH6HQGHU
7RWLTXHHOYROXPHVSXEOLFDGRQFVSURFODPDGDMDOD,,5HS~EOLFDXQDPLFDIRUDGHOVOtPLWV
TXH QRVDOWUHV GHILQLP FRP HOV PpV SURSLV GH OD FXOWXUD GH DYDQ]DGD DTXt HO FRPHQWDUHP HQ WDQW TXH
SURGXFWH G¶XQD UHFHSFLy XWRSLVWD GH 3LVFDWRU TXH V¶RULJLQD L HV GHVHQYROXSD GXUDQW HOV DQ\V REMHFWH GHO
QRVWUHHVWXGL
YSODQDJUjILFD
0 )UDQFLVFD 9LOFKHV GH )UXWRV ³/DV LGHDV WHDWUDOHV GH 5DPyQ - 6HQGHU HQ VXV
FRODERUDFLRQHVSHULRGtVWLFDVSULPHUDHWDSD´6HJLVPXQGR5HYLVWD+LVSiQLFDGH7HDWUR
6¶HQGHYLQD TXH OD VHYD QRSUHVqQFLD D O¶qSRFD GH 3RVW*XHUUD SRW UHVSRQGUH D OD ILOLDFLy
SROtWLFD DQDUTXLW]DQW GHO MRYH 6HQGHU L TXH HO SRVWHULRU DFRVWDPHQW D OHV HPSUHVHV SROLWLFRFXOWXUDOV GH
6LOHVWLQGULDUHODFLyDPEODVHYD±WHPSRUDO±HWDSDILORFRPXQLVWD
6HQGHU7HDWURGHPDVDVHGFLW
FRQFHS HQWUH O¶DXWRU L HOV HVSHFWDGRUV QR pV LQWHOÂOHFWXDOLVWD VLQy ±GLJXHPKR DL[t±
HVVHQFLDOLVWD 3HU DL[z TXDQ HOV DXWRUV HVFULYLHQ ³VLQ LQIOXHQFLDV LQWHOHFWXDOL]DQWHV HQ
FRQWDFWRGLUHFWRFRQODVPDVDV\FRQODVLQTXLHWXGHVGHXQWLHPSRHOWHDWURDSDVLRQDED
HQ(VSDxDDWRGDVODVFODVHVVRFLDOHV´8QWHDWUHDXWqQWLFGHGHEz FUHX 6HQGHUWDPEp
DYXLDWUDXULDOHVSRFLQVWUXwGHVPDVVHVKLVSjQLTXHVILQVLWRWHOVDQDOIDEHWV
>@6HGLUi>@TXHQXHVWURS~EOLFRHVLQFXOWRLOHWUDGRLQHGXFDGR5HFRQRFHUHPRVTXH
HVYHUGDGSHURHVHKHFKRQRGLFHQDGDHQFRQWUD3RUDOJRHOWHDWURHVHO~QLFRDUWHOLWHUDULRTXH
QRQHFHVLWDODLPSUHQWD1RVyORQRLPSRUWDODLQFXOWXUDGHOS~EOLFRVLQRTXHSDUDXQDXWRUGH
YHUGDGHURWDOHQWRHOS~EOLFRLGHDO±GHVGHHOSXQWRGHYLVWDGHODFDSDFLGDGGHHPRFLyQ±VHUtDXQ
S~EOLFR GH DQDOIDEHWRV >@ 0iV LQFXOWR HUD HO S~EOLFR JULHJR \ PXFKtVLPR PiV HO LQJOpV \ HO
HVSDxRO GHO VLJOR ;9, \ VLQ HPEDUJR (GLSR +DPOHW \ 3HULEixH] HUDQ p[LWRV IRUPLGDEOHV GH
FXOWXUD>@
$PpV6HQGHUDILUPDTXHHOS~EOLFHVSDQ\ROWpXQDSDUWLFXODUGLVSRVLFLySHUDO
WHDWUH/¶HVFDVVDWHQGqQFLDDO¶DEVWUDFFLy³TXHOHDOHMDGHOOLEUR´LHQFDQYL³ODSDVLyQ
GH PDWHULDOL]DU GH KDFHU GH OD LGHD XQD UHDOLGDG YLYD \ SOiVWLFD´ VyQ SHU D HOO
LQQHJDEOHV³/DLGHDOHHQWUDDOHVSDxROSRUORVRMRV\VLVHOHSURGXFHVRODVHDSUHVXUD
DFRQVWUXLUVtPERORVGRQGHDSR\DUOD3OiVWLFD \ DFFLyQDQWHWRGRXQS~EOLFRDVtWLHQH
TXHVHUXQS~EOLFRGHWHDWURYHUGDGHUDPHQWHH[FHSFLRQDO´$TXHVWDSURIHVVLyGHIHHQHO
SRWHQFLDOGHUHFHSFLyFXOWXUDOSHUSDUWGHOVXEVWUDWSRSXODUGHODVRFLHWDWHVSDQ\RODQRpV
JHQVDWtSLFDHQWUHHOVLQWHOÂOHFWXDOVGHODJHQHUDFLyGH6HQGHU$L[zDYXLHQGLDHQVSRW
VHPEODUPROWXWzSLFSHUTXqDPEODWHOHYLVLyFRPDVtPSWRPDLWHUPzPHWUHGHOQLYHOO
GH GHYDVWDFLy YHLHP XQD IUDQMD QR PHQRU GH OD VRFLHWDW HVSDQ\ROD RVFLOÂODU HQWUH OD
LQFXOWXUD GHO GHVDUUHODPHQW SRVWGHVDUUROOLVWD L OD LJQRUjQFLD GHVDFRPSOH[DGD GHO
QRXYLQJXWDODSURVSHULWDWHXURSHD3HUzHQDTXHOOD(VSDQ\DSREUDLHQFDUDjPSOLDPHQW
SUHLQGXVWULDO OHV FRVHV HUHQ PROW GLIHUHQWV '¶XQD EDQGD HOV LQWHOÂOHFWXDOV G¶HVTXHUUD
KDYLHQ KHUHWDW OD WUDGLFLy LOÂOXVWUDGD L OLEHUDO GH OD ±FDUDFWHUtVWLFDPHQW HVSDQ\ROD±
FRQFHSFLy UHGHPSWRULVWD GH OD FXOWXUD L OD SHGDJRJLD TXH GH IHW YD SRGHU SHUGXUDU HQ
O¶LGHDULSURJUHVVLVWDILQVDODFDWDVWUzILFDLPSODQWDFLyGHOD/2*6('HO¶DOWUD±LDL[z
pVHOPpVVLJQLILFDWLX±HQXQSDtVRQO¶DOWDFXOWXUDVHPEODYDTXHV¶KDYLDSUjFWLFDPHQW
HVWURQFDW IHLD VHJOHV DPE XQD LQVWLWXFLy XQLYHUVLWjULD VHFXODUPHQW SRF PpV TXH
SLQWRUHVFD DPE XQHV FODVVHV GLULJHQWV ±SHU EHQ DVVXPLGD WUDGLFLy± LQHSWHV
,ELG
(QXQDUWLFOHFHUWDPHQWVXJJHULGRUÈOYDUH]-XQFR YDGHILQLUHOVWUHVFRPSRQHQWVSULQFLSDOV
GHO ³PLWRORJHPD UHGHQWRULVWD´ TXH HODERUD OD LQWHOÂOHFWXDOLWDW ODLFD HVSDQ\ROD HQ HOV VHJOHV ;,;;; HO
SRSXOLVPH OD IH HQ HO FRQFHSWH SXHEOR pV RPQLSUHVHQW HO FLHQWLILVPH OD FXOWXUD HV FRQVLGHUD O¶HLQD
EjVLFDSHUUHGLPLUODQDFLyLO¶DQWLFOHULFDOLVPHO¶LQWHOÂOHFWXDOFRPSHWHL[DPEHOFOHUJXHSHUO¶KHJHPRQLD
HVSLULWXDOY-RVpÈOYDUH]-XQFR³/RVLQWHOHFWXDOHVDQWLFOHULFDOLVPR\UHSXEOLFDQLVPR´GLQV-RVp/XLV
*DUFtD 'HOJDGR HG - ÈOYDUH] -XQFR 3 $XEHUW ) &DXGHW 6 -XOLi 0 3pUH] /HGHVPD , 3pUH]
9LOODQXHYD07XxyQGH/DUD(8FHOD\'D&DO-9DUHOD-9HODUGH/RVRUtJHQHVFXOWXUDOHVGHOD,,
5HS~EOLFD ,; &RORTXLR GH +LVWRULD &RQWHPSRUiQHD GH (VSDxD GLULJLGR SRU 0DQXHO 7XxyQ GH /DUD
0DGULG6LJOR;;,
0DOJUDW WRW FDO GLU TXH HQ HOV DQ\V L HOV HVIRUoRV LQVWLWXFLRQLVWHV GH OHV JHQHUDFLRQV
SUqYLHV GRQDYHQ MD PDJQtILFV IUXLWV 0DLQHU ILQV L WRW DVVHJXUD TXH HQWUH L HO VHX EULOODQW
SDQRUDPD FLHQWtILF ³KL]R GH OD XQLYHUVLGDG GH 0DGULG XQD GH ODV SULPHUDV GHO PXQGR´ -RVp&DUORV
0DLQHU /D (GDG GH 3ODWD (QVD\R GH LQWHUSUHWDFLyQ GH XQ SURFHVR FXOWXUDO D HG
0DGULG&iWHGUD8QHGLWRULDOGH1XHYD(VSDxDHQHQFHWDUVHODGqFDGDHUDWDQPDWHL[HQFDUD
SRFLQGXOJHQWDPEODVLWXDFLyGHODXQLYHUVLWDWHVSDQ\ROD³(VLQGXGDEOHTXHOD8QLYHUVLGDGHVSDxRODYLYH
XQDYLGDLQIHULRU/DSREUH]D\DWUDVRGHQXHVWUR(VWDGRUHSHUFXWHQHQHOODFRPRHQORPiVVHQVLEOHGHO
SDtV +D\ XQD JUDQ PD\RUtD GHO SURIHVRUDGR FRPSOHWDPHQWH LJQRUDQWH HVW~SLGR \ UHDFFLRQDULR XQ
DFDGHPLFLVPRUHxLGRFRQODLQWHOLJHQFLDXQPRQRSROLRGHHGXFDFLyQTXHVHUHSDUWHQHOFDSLWDOLVPR\OD
,JOHVLD>«@´³/RVHVWXGLDQWHV´1XHYD(VSDxDGHPDLJ
FXOWXUDOPHQW QR PHQ\V TXH HFRQzPLFD OD FXOWXUD DXWqQWLFD HV FRQVLGHUDYD G¶DOJXQD
PDQHUD UHIXJLDGD HQ O¶HOHPHQW SRSXODU GH OD SREODFLy 7DPEp OD SHUFHSFLy G¶DL[z
DYXL KD FDQYLDW PROW pV FODU TXDQ GHOV WHPSV GH OD ,, 5HS~EOLFD HQoj HO FRQFHSWH
FXOWXUD SRSXODU KD HVWDW L HVWj WDQ LQWHUHVVDGDPHQW PDQLSXODW SHU WRWD PHQD GH
QDFLRQDOLVPHV ±WRWDOLWDULV R QRPpV FDUULQFORQV 3HUz FRQYp QR SHUGUH GH YLVWD OHV
FRQVLGHUDFLRQV DQWHULRUV D O¶KRUD G¶HQWHQGUH HO FXULyV UXPE TXH SUHQ HO GLVFXUV GH
6HQGHUHQYLQFXODUODGUDPDW~UJLDDPEODWDXURPjTXLD
>@ 1XHVWUR S~EOLFR WLHQH XQD SHUFHSFLyQ VLQJXODUPHQWH DJXGD /D YDORUDFLyQ GH OD
SOiVWLFD HQ VXV PiV OHYHV PDWLFHV HO GUDPDWLVPR \ OD FRPLFLGDG GHO JHVWR OD HPRFLyQ GHO
PRYLPLHQWR\GHVXVDFFLGHQWHVORVKDDSUHQGLGRGHXQHVSHFWiFXORGHUDt]WHDWUDO±PiVWHDWUDO
FDGDGtD±TXHGXUDQWHGRVVLJORVKDFRQVWLWXtGRHQ(VSDxDHO~QLFR\YHUGDGHURWHDWURQDFLRQDO
ORVWRURV
6HQGHU FUHX TXH OD ILHVWD LQGHSHQGHQWPHQW GH OD VHYD PRUDOLWDW R LPPRUDOLWDW
TXH HQ HO SOD DUWtVWLF QR LPSRUWHQ pV XQD JUDQ HVFROD GH WHDWUH DQWLOLWHUDUL GH WHDWUH
WHDWUDO ³(VH WHDWUR ©WHDWUDOª VH GLVWLQJXH HQWUH RWUDV FRVDV HQ TXH GHVGHxD HO WUXFR
VHQWLPHQWDOHOUHVRUWHOtULFRVHOLPLWDDDUWLFXODUKHFKRVUHDOHVRDUELWUDULRVDOVHUYLFLR
GH XQD REVHVLyQ OD YHUGDG /D YHUGDG QDWXUDO TXH HO DUWH KD YHQLGR HQFXEULHQGR \
HVFDPRWHDQGR D IDYRU GH OD YHUGDG FRQYHQLHQWH GH OD YHUGDG PRUDO R GH OD YHUGDG
'H IHW pV FRP VL OD LQWHOÂOHFWXDOLWDW G¶HVTXHUUHV QR V¶KDJXpV SRJXW VRVWUHXUH GH OD IRUWD
LQIOXqQFLDGHOVHVVHQFLDOLVPHVILOROzJLFV±TXHHQDTXHOODqSRFD SHUDOWUD EDQGD0HQpQGH]3LGDOHVWDYD
SRVDQW DO GLD DPE UHQRYDGD PHWRGRORJLD FLHQWtILFD 6HUj QRPpV D SDUWLU GH O¶DFFHSWDFLy GH TXq OHV
PDQLIHVWDFLRQV OLWHUjULHV HUHQ H[SUHVVLy G¶DOJXQD HVVqQFLD SRSXODU QDFLRQDO TXH Q¶LQWHQWDUDQ REWHQLU
FRQVHTqQFLHV SROtWLTXHV SURJUHVVLVWHV $L[z HVWDUj WDPEp PROW UHODFLRQDW DPE XQ IHW VRFLROzJLF TXH
SUHRFXSDUj LQWHQVDPHQW HOV LQWHOÂOHFWXDOV UHSXEOLFDQV FRP HUD O¶DELVPH PDWHULDO FXOWXUDO HWF TXH
H[LVWLD HQWUH HOV QXFOLV XUEDQV L jPSOLHV ]RQHV UXUDOV FRPSOHWDPHQW GHVFRQQHFWDGHV GHO VHJOH ;;
,QFRUSRUDUDOD5HS~EOLFDDTXHOOVQRXVFLXWDGDQVDWjYLFDPHQWLQFRPXQLFDWVYtFWLPHVIjFLOVGHO¶LQYHWHUDW
FDFLTXLVPHSDVVDYDHQSULPHUOORFSHUUHYDORUDULSRWHQFLDUHOVVHXVSURSLVWUHWVFXOWXUDOVIRVVLQDTXHVWV
DFWXDOVRKLVWzULFVDFWLXVRODWHQWV3HUDL[zHOVPLVVLRQHUVGH&RVVtRYLDWMDYHQDO¶(VSDQ\DIRUDGHOWHPSV
DPE jQLP G¶HQVHQ\DU SHUz WDPEp G¶DSUHQGUH DPE LGHDOLVWD YROXQWDW G¶HVWDEOLU XQ HQFRQWUH FXOWXUDO
HQULTXLGRU SHU D OHV GXHV SDUWV eV PpV TXDQ 5DPyQ *D\D 0XVHR GHO 3XHEOR R $OHMDQGUR &DVRQD
7HDWURGHO3XHEORRIHULHQDOD PLUDGDYHUJHG¶DTXHOOVDQDOIDEHWV XQDUHSURGXFFLyGH9HOi]TXH]RXQD
UHSUHVHQWDFLyGH/RSHQRQRPpVHVWDYHQSRUWDQWODFXOWXUDDOSREOHO¶tQWLPDFRPXQLyTXHHOOVFRQFHELHQ
HQWUHHOVGRVFRQFHSWHVFXOWXUDLSXHEORHOVIHLDSODQWHMDUVHHOIHWFRPXQDUHVWLWXFLyRPLOORUHQFDUD
FRPHOUHVWDEOLPHQWG¶XQDIXVLyTXHHQHVVqQFLDMDH[LVWLD8QYLQFOHFXOWXUDOSRSXODUDTXHVWTXHVHPSUH
GRQFVKDXULDH[LVWLWLTXHGHIHWHUDHOYHUWDGHUHQJHQGUDGRUGHOHVJUDQVPDQLIHVWDFLRQVDUWtVWLTXHVGHOD
QDFLy HQ HO SDVVDW (Q DTXHVWD FRQFHSFLy SURIXQGDPHQW SRSXODU L QDFLRQDO GH ODFXOWXUD HVSDQ\ROD V¶KL
GHL[DYHXUHGLWVLJXLGHSDVVDGDODLQIOXqQFLDTXHODXQLYHUVLWDWDOHPDQ\DLPSRUWDQWHQDTXHVWFRQWH[W
ODILJXUDGH9RVVOHUKDYLDLQVXIODWDOHVLGHHVLOHVLQLFLDWLYHVLQVWLWXFLRQLVWHV±&RVVtRKDYLDVXEVWLWXwWDO
FDSGDYDQWGHOD,QVWLWXFLyQ/LEUHGH(QVHxDQ]DHOVHXPHVWUH*LQHUGHORV5tRVDODPRUWG¶DTXHVWHO
'LItFLODYXLHQTXDOVHYROFDVFRQqL[HUOHVUHDOLW]DFLRQVG¶DTXHOODSODQDLQHVERUUDEOHGHOVDQKHOVFXOWXUDOV
UHSXEOLFDQV L QR FRPPRXUH¶V Y /DV 0LVLRQHV 3HGDJyJLFDV FDWjOHJ H[SRVLFLy 0DGULG
6RFLHGDG(VWDWDOGH&RQPHPRUDFLRQHV&XOWXUDOHV5HVLGHQFLDGH(VWXGLDQWHV7DPEpDPEUHODFLy
DWRWDL[z6DQGLH+ROJXtQXVDQWVROYHQWVHLQHVPHWRGROzJLFRELEOLRJUjILTXHVSUzSLHVGHOVFXOWXUDOVWXGLHV
±LFHUWDGRVLG¶LQJHQXwWDWWDPEpPROWQRUGDPHULFDQDVREUHWRWTXDQSDUODGHOD*XHUUD&LYLO±H[SOLFDGH
TXLQD PDQHUD HOV UHIRUPDGRUV HGXFDWLXV UHSXEOLFDQV DVSLUDYHQ D UHFRQVWUXLU XQD PHQD GH FRPXQLWDW
FXOWXUDO XQLWjULD TXH VXSHUpV OHV FRQWUDGLFFLRQV FLXWDWFDPS R (VWDW FHQWUDOQDFLRQV SHULIqULTXHV (V
WUDFWDYDGHIRUPDUFLXWDGDQVDPEDXWRFRQVFLqQFLDFXOWXUDOSHUDODQRYDQDFLyUHSXEOLFDQDLHVUHFRUULDD
XQDFRQFHSFLyG¶HVWLUSLQVWLWXFLRQLVWDSHUILODGDPHQWFDVWHOODQRFqQWULFDLUHYLWDOLW]DGRUDGHOVWUDGLFLRQDOV
YDORUV OLWHUDULV L DUWtVWLFV GHO 6HJOH G¶2U Y 6DQGLH +ROJXtQ &UHDWLQJ 6SDQLDUGV &XOWXUH DQG 1DWLRQDO
,GHQWLW\ LQ 5HSXEOLFDQ 6SDLQ 7KH 8QLYHUVLW\ RI :LVFRQVLQ 3UHVV 7UDG FDVW 5HS~EOLFD GH
FLXGDGDQRV &XOWXUD H LGHQWLGDG QDFLRQDO HQ OD (VSDxD UHSXEOLFDQD WUDG FDVW GH 7HyILOR GH /R]R\D
%DUFHORQD&UtWLFD
6HQGHU7HDWURGHPDVDVHGFLW
SRpWLFD´(OWRUHURpVDOKRUDDXWRULDFWRUWUjJLFHQXQDHYROXFLRQDGDOLW~UJLDGH JUDQL
H[SUHVVLYD JHVWXDOLWDW RQ WRWD UHWzULFD YHUEDO KL VREUD 4Xq V¶KDQ GHGLFDW D IHU
PHQWUHVWDQWHOVDFWRUVGHWHDWUHHVSDQ\ROV"
>@ /RV DFWRUHV HQ XQD pSRFD GLVFXUVHDURQ VREUH HO SDWULRWLVPR HQ RWUD VDFDURQ D
HVFHQDSHGD]RVGHKLVWRULDUXWLODQWHV\~OWLPDPHQWHOORUDEDQ\GDEDQYRFHVRURPStDQFDFKDUURV
\WLUDEDQVLOODV+R\ORVDFWRUHVGLVWLQJXLGRVVHGHGLFDQDFRQWDUDOS~EOLFRODUDt]\HOPyYLOGH
VXV DFWRV OR TXH VXFHGH GHQWUR GH VXV FRUD]RQHV \ ORV SURWDJRQLVWDV D YHVWLU ELHQ \ D GDUVH
LPSRUWDQFLDKDEODQGRVLHPSUHHQSULPHUDSHUVRQDFRVDTXHDQDGLHVHOHWROHUDHQODYLGDUHDO\
TXHVyORVHDFHSWDHQHOWHDWURSRUHVHGHVQLYHOHQWUHODVDOD\HOHVFHQDULR±GHVQLYHOGHOX]GH
HPSOD]DPLHQWRGHOp[LFR±TXHFRORFDDOS~EOLFRHQXQDSRVLFLyQGHLQIHULRULGDG(VWRQRVXFHGH
HQORVWRURVQLHQHOWHDWURGHPDVDVGH0RVF~RGH%HUOtQ>@
&RPXQDERQDIDHQDHOERQWHDWUHKDXULDGHVHU³PiVUHDOTXHODUHDOLGDG\PiV
YHUGDGHURTXHODYHUGDG´,DL[zSRGULDWUDQVYDVDUDOWHDWUHO¶DFWLWXGGHOS~EOLFWDXUtTXH
QR pV SDVVLYD VLQy SURIXQGDPHQW LPSOLFDGD DFWLYD LQGLVSHQVDEOH SHUTXq IXQFLRQL
DTXHOOHVSHFWDFOHWRWDO6HQGHUYROSURSRVDUXQ³WHDWURGHPXOWLWXGHV´PROWGLIHUHQWGHOV
³MXHJRV LQWHOHFWXDOLVWDV´ GH 6KDZ /HQRUPDQG R 3LUDQGHOOR $EDQV GH SDVVDU D
H[DPLQDUHOPpVLQWHUHVVDQWTXHV¶HVWjIHQWD5~VVLDLD$OHPDQ\D6HQGHUHVGHVPDUFD
GHOPLQRULWDULVWDGLVWDQFLDPHQWRUWHJXLj±FRPHUDG¶HVSHUDU±WRWUHVXPLQWFRPpVDTXHVW
WHDWUHGHPDVVHV³(VJHQHURVRVHQFLOOR\GLUHFWR3HUVLJXHDOJRPiVTXHODFXULRVLGDG
LQWHOHFWXDO GH XQ S~EOLFR HQWHQGLGR \ HVFpSWLFR 1R WLHQH XQ VHQWLGR GHFDGHQWH GH ODV
PXFKHGXPEUHV´'HWRWHVPDQHUHVHQHOSDVTXH6HQGHUGyQD³GHODSOD]DGHWRURVDO
WHDWURVLQWpWLFRUXVR´ HQSDUODUGHODLQIOXHQW DSRUWDFLyGHO 7HDWUHG¶$UW PRVFRYLWDHO
GLVFXUVVHQGHULjSDFWDSDUFLDOPHQWDPE2UWHJDTXDQ±UHIHULQWVHDODODERUGHOVDFWRUVHQ
HOV PXQWDWJHV GH 6WDQLVODYVNL L &UDLJ± GLX TXH ³HO ~QLFR DUWH TXH DGPLWH OD
GHVKXPDQL]DFLyQ HV HO WHDWUR´ 1R VHPEOD FDVXDO TXH O¶DUDJRQqV WRW VHJXLW HPSUL
SOHJDGHVOHVPDWHL[HVSDUDXOHVHVWLOL]DFLyQLVtQWHVLVTXHHPSUDYD'tD])HUQiQGH]HQ
DTXHOO LPSRUWDQW DUWLFOH GH 3RVW*XHUUD ³$FHUFD GHO DUWH QXHYR´ HQ HO TXDO
V¶DSRVWDYDSHUFRQMXJDUO¶HVWqWLFDRUWHJXLDQDLODUHYROXFLyVRFLDO
(OQXFOLGHOYROXP7HDWURGHPDVDVpVODILJXUDGH3LVFDWRU$EDQVG¶DUULEDUKL
GHSOH6HQGHUDERUGDWDPEpHOWHPDGHO¶DUWDSROtWLFHQXQVWHUPHVTXHHOSURSLGLUHFWRU
DOHPDQ\KDXULDVXEVFULW
>@6yORQRVRQSROtWLFRVODSLHGUDHOiUEROODOX]ORTXHYLYHVLQFRQFLHQFLDGHVtQL
GH OR TXH OH URGHD 'HVGH HVWH SXQWR GH YLVWD OD OODPDGD OLWHUDWXUD SXUD SUHWHQGH XQD DFWLWXG
SDVLYDHLQHUWH\DOFRQVHJXLUORUHDOL]DXQDPLVLyQFRQVHUYDGRUDREVWUXFWRUDDOVHUYLFLRGHWRGR
ORYLHMR\FRQVDJUDGR>@
'RQGHPHMRUVHKDPDQLIHVWDGRHVDLPSRVLELOLGDGGHGHVOLQGDUODHPRFLyQOLWHUDULDGHVX
WUDVFHQGHQFLDVRFLDO\SROtWLFDHVHQHOWHDWUR>@
,ELG
3HO TXH ID D /HQRUPDQG DSXQWHP DTXt TXH D 1XHYD (VSDxD TXH FRP YHXUHP WHQLD XQD
VHFFLy IL[D GH QRWtFLHV OLWHUjULHV DOHPDQ\HV V¶DSURILWDUj OD VHYD HVWDGD D %HUOtQ SHU FDUUHJDU FRQWUD HO
WHDWUHIUDQFqVHQ EHQHILFLGHO ZHLPDULj ³/HQRUPDQGHVH MXJODUGHOWHDWURIUDQFpV KDYHQLGRDHVWUHQDU
XQDREUDD%HUOtQ\FODURHVWiDOVHJXQGRGtDVHKXQGLyHQWUHORVERVWH]RVGHOS~EOLFR/HQRUPDQGVHKD
LGR D )UDQFLD GLFLHQGR SHVWHV GHO WHDWUR DOHPiQ \ TXH HO ©WHDWUR IUDQFpV QR SXHGH VHU FRPSUHQGLGR HQ
$OHPDQLDª(O©PDOWHDWURªRHO©WHDWURGHSDFRWLOODªVHOHROYLGyGHFLU>«@SRUTXH0ROLHU>VLF@DSHQDVVL
VDOHWRGDYtDKR\GHORVHVFHQDULRVDOHPDQHV´³1RWLFLDVOLWHUDULDV$OHPDQLD´1XHYD(VSDxDGH
QRYHPEUH
6HQGHU7HDWURGHPDVDVHGFLW
3HUz pV LQGXEWDEOH TXH D OD YLWDOLVWD FRQFHSFLy GH WHDWUH SROtWLF TXH 6HQGHU WRW
VHJXLW IRUPXOD FRQWUDVWDQWOR DPE HO WHDWUH OLWHUDUL EXUJqV QR VH OL SRW HVFDWLPDU
O¶RULJLQDOLWDWODIRUoDQLO¶LGHDOLVPH
>@(OWHDWURDOXVRHVWHUULEOHPHQWHFRQVHUYDGRU\EXUJXpV(O©WHDWURSXURª±SRpWLFR±
HVHPEULDJDGRU\VHDJDUUDDORVUHVRUWHVPiVEODQGRVGHODYLHMDWUDGLFLyQHVWpWLFDDOFRQFHSWR
LQHUWH \ PRUWHFLQR GH OR ©DUWtVWLFRª $ HVSDOGDV GH WRGR HVWR TXHGD OD YHUGDG GUDPiWLFD \
GUDPDW~UJLFDHOWHDWURWHDWUDODFWLYRGLQiPLFRTXHH[DOWD\HVWLPXODODUHDOLGDGGHQXHVWUDYLGD
VLHPSUH HQ PDUFKD VLHPSUH DYDQ]DQGR TXH UHFRJH VXV PHMRUHV YLEUDFLRQHV \ ODV SUR\HFWD
YDOLHQWHPHQWHKDFLDODVVRPEUDVGHPDxDQDSDUDGHVHQWUDxDUODVVLSXHGH\VLQRSDUDGDUOHVXQD
IRUPDHPRFLRQDO(VWHWHDWUR±WHDWURSRUDQWRQRPDVLD±HVHOWHDWURSROtWLFR
6L HV HO WHDWUR XQ DUWH SDUD PXFKHGXPEUHV FRPR OR KD VLGR HQ VXV PHMRUHV WLHPSRV
KDEUi TXH FRQYHQLU HQ TXH HO WHDWUR PiV WHDWUDO HO TXH UHVSRQGH PiV ILHOPHQWH D VX SURSLD
FRQVLJQDGHRULJHQHVHOTXHOOHJDDQWHV\FRQPD\RUIXHU]DDODFRQFLHQFLDGHXQQ~PHURPiV
FUHFLGRGHHVSHFWDGRUHV(OTXHDIURQWDORVSUREOHPDV\ODVLQTXLHWXGHVFROHFWLYDVHQVXRVFXUD
UDt]\QRHQVXDSDULHQFLDFRQYHQLHQWHHOTXHIXQGLHQGRHQXQDVRODHPRFLyQODVFUHHQFLDVODV
GXGDV ORV WHPRUHV ODV HVSHUDQ]DV OR EHOOR OR GXOFH \ OR WHUULEOH SURGXFH D ODV PDVDV XQD
VHQVDFLyQ GH VXSHUYLWDOLGDG GH HVWtPXOR HQ HVD FRQWLHQGD HWHUQD \ XQLYHUVDO HQWUH HO GHVHR OD
LPSRVLELOLGDGHOWLHPSR\HOFDOHQGDULRHOLQGLYLGXROLPLWDGR\ODLQPHQVLGDG(VRHVHOWHDWUR
SROtWLFR>@
,DTXHVW±WHzULF±WHDWUHSROtWLFHVSDQ\ROHQXQSDtVLXQPRPHQWKLVWzULFHQHOV
TXDOVODSROtWLFDHVYLXDPESDVVLyWpODPLVVLyGH³UHQRYDUQXHVWUDGUDPiWLFDOiQJXLGD
\IDOVD´LpVFODUFRQWULEXLUDUHQRYDUWDPEpODSUzSLDSROtWLFD/¶HVWqWLFDWDXULQDSOHQD
G¶DXWHQWLFLWDWpVYLVWDFRPXQDDOLDGDGHWDOVSURSzVLWVUHQRYDGRUV
>@(ODFWRUGHOWHDWUREXUJXpVHVXQFRPHGLDQWH(OSROtWLFREXUJXpV>@HVWDPELpQXQ
FRPHGLDQWH (O SXHEOR OODPD ©FRPHGLDQWHVª D ORV XQRV \ D ORV RWURV $ ORV DFWRUHV FRQ
LQGLIHUHQFLD\DORVSROtWLFRVFRQGHVGpQ9DDORVWRURVSRUTXHORVWRUHURVORVWRURVORVFDEDOORV
HOS~EOLFRQRVRQFRPHGLDQWHVVLQRHQWRGRFDVR©WUDJHGLDQWHVª/DHVWpWLFDGHOWHDWURSROtWLFR
PRGHUQR OR HV GH WUDJHGLDQWHV WDPELpQ \ KDVWD FXDQGR UtH QXHVWUR SXHEOR TXLHUH UHtU DQWH OR
WUiJLFRVDUFiVWLFDPHQWH(VDHVODULVDGHOWHDWURSROtWLFR>@
$PEHOWtWROGH³7HDWURVRFLDOGHPyFUDWD´6HQGHUGHGLFDWRWXQFDStWRORWRWXQ
DUWLFOHVLHVSUHIHUHL[HOVDUWLFOHVLQFORVRVHQHOYROXPKDYLHQDSDUHJXWSHUVHSDUDWHQWUH
L D SDUODU GH OD 9RONVEKQH EHUOLQHVD 1DWXUDOPHQW 6HQGHU HVWj PpV D
O¶HVTXHUUDTXHODVRFLDOGHPRFUjFLDLHQVGLEXL[DXQDLQVWLWXFLyYHQHUDEOH±LHQYHMDEOH±
SHUz MD QR HQ OD VHYD PLOORU qSRFD (O FDPt TXH KD VHJXLW HVWj OOLJDW DO GHOV SURSLV
VRFLDOGHPzFUDWHV DTXHOOV TXH DGpV YDQ FUHDU XQ 7HDWUH GHO 3REOH L TXH DUD ³HVWiQ
LQFRUSRUDGRV DO FXDGUR JXEHUQDPHQWDO VLUYHQ DO OLEHUDOLVPR FDSLWDOLVWD WLHQHQ
DXWRPyYLO\FDQWDQKLPQRVSDWULyWLFRV´$PEWRW6HQGHUYDORUDO¶LPSRUWDQWSDSHUTXH
YD MXJDU DTXHOOD LQVWLWXFLy WHDWUDO ILWD FODX HQ HO GHVHQYROXSDPHQW GH O¶HVFHQD
SURJUHVVLVWDDOHPDQ\DTXHIDSRVVLEOHDYXLO¶H[LVWqQFLDGHOWHDWUHSLVFDWRULjHPDQFLSDW
MDGHOD9RONVEKQHLPpVHYROXFLRQDWHQWRWVVHQWLWV
(Q OR H[FOXVLYDPHQWH GUDPiWLFR HO 9RONVEKQH KL]R XQD ODERU PX\ LPSRUWDQWH 'RV
GLUHFWRUHVVHxDODQORVSXQWRVPiVDOWRVGHVXKLVWRULD5HLQKDUGWL3LVFDWRU&RQVDJUyODOLEHUWDG
LGHROyJLFD GH OD HVFHQD $FRVWXPEUy D OD PDVD D IDOWDU DO UHVSHWR D ODV LQVWLWXFLRQHV +DVWD VX
DGYHQLPLHQWRHOWHDWURDOHPiQHUDXQ PHQHVWHU VRFLDOGHOD EXUJXHVtDVRPHWLGRFRPR KR\HQ
(VSDxD D ORV DERQRV HOHJDQWHV D ODV IXQFLRQHV GH PRGD >@ (O 9RONVEKQH KL]R FDPELDU ODV
FRVDVGXUDQWHDOJXQRVDxRV$QWHVGHTXHOOHJDUDHVDLQGLIHUHQFLD\HVDIORMHGDGTXHGHWHUPLQy
VX GHFDGHQFLD SXVR DO GHVFXELHUWR FRQ =ROD H ,EVHQ ODV ODFUDV GH XQD VRFLHGDG FDGXFD VDFy
,ELG
,ELG
WDPELpQDHVFHQDODLQMXVWLFLDGHOFDSLWDOLVPRDXQTXHHQXQSODQRSULPDULR\VHQWLPHQWDO3XVR
HQHVFHQDDORVREUHURV\DXQTXHVLQHQWHQGHUORV±SHGtDSDUDHOORVODFRPSDVLyQPHQGLFDQWH±
FRQWULEX\yDSRQHUHQSULPHUWpUPLQRODFXHVWLyQVRFLDO\ODOXFKDGHFODVHV(VDFRQGXFWDGHOD
FRQPLVHUDFLyQWDQJHQHUDOHQWRQFHVDSHQDVIXpDOWHUDGDSRUDOJXQDREUDGH+DXSWPDQQGRQGHVH
HQWUHYpHOQXHYRYDORUDFWLYR\FRQVWUXFWLYRGHOSUROHWDULDGR
(QHOFDStWROTXHLQWLWXOD³(OGUDPDGRFXPHQWDO´O¶DXWRUG¶2VFDQRUHSULPHL[OD
VHYD DGPLUDFLy SHU OD ODERU GH 3LVFDWRU TXH SRGULD VHPEODU TXH FRQHL[ GH SULPHUD
Pj (Q HO UXJHQW FDEDO SLVFDWRULj GHVHPERTXHQ HOV WRUUHQWV GH OD 9RONVEKQH L GHO
7HDWUH G¶$UW GH 0RVFRX L DTXHVW QRX L SRGHUyV IOX[ YLYLILFD L WUDQVIRUPD O¶HVFHQD
FRQWHPSRUjQLD (QV WUREHP DTXt FHUWDPHQW GDYDQW G¶XQD UHFHSFLy HVWqWLFRLGHROzJLFD
TXH WHQGHL[ D PLWLILFDU O¶REMHFWH UHEXW ±HQ OtQLD DO FDSGDYDOO DPE HO WR LGHDOLVWD GHO
GLVFXUVVHQGHULjHQDTXHVWDVVDLJWHDWUDO
>@&RPHQFHPRVSRUGHFODUDUTXHHOWHDWURGH3LVFDWRUVHSURSRQHGHOLEHUDGDPHQWHXQ
ILQUHYROXFLRQDULRHQWRGRVORVDVSHFWRVVRFLDODUWtVWLFRHVFpQLFR&RQHVWRQRKDFHVLQRGHMDUVH
OOHYDUGHXQDFRUULHQWHKLVWyULFDLPSUHJQDGRGHODVXVWDQFLDGHVXWLHPSR5HIOHMDUHOLQVWDQWHHQ
TXHYLYHHOSUHGRPLQLRGHODVPDVDVHOSDVRGHORFROHFWLYRDSULPHUWpUPLQRHQDUWHHQODYLGD
VRFLDO>@
(Q3LVFDWRUHOWHDWURVHVRPHWHDHVDDILUPDFLyQVHUHFRQFLOLDFRQODPXOWLWXGTXHVyOR
PDQFKD \ GHVGRUD D ORV PHGLRFUHV \ GHVWLHUUD SDUD VLHPSUH HVD YROXSWXRVLGDG HQIHUPL]D GH
VHQWLUVHVROR\GLVFUHSDQWH(OKRPEUHGHKR\WLHQHIUHQWHDODUWHXQVHJXURLPSXOVRGHPD\RUtDV
XQDYLVLyQGHFROHFWLYLGDGHV(OWHDWUR3LVFDWRUGH%HUOtQQRHVVyORXQHOHPHQWRGHSURSDJDQGD
VRFLDO\SROtWLFD/DWHRUtDYLHQHVLHPSUHGHWUiVGHODDFFLyQHOGHUHFKRGHVSXpVGHOKHFKR>@
(QHVWHFDVRHOWHDWUR3LVFDWRUQRYLQRDKDFHUSURSDJDQGDVLQRDUHFRJHUXQHVWDGRJHQHUDOGH
FRQFLHQFLD\DGDUOHXQDYDORUDFLyQHVWpWLFD>@
/DUHFHSFLyVHQGHULDQDGH3LVFDWRUV¶HPPDUFDGRQFVHQODGLVFXVVLyHVWqWLFDTXH
FRP VDEHP GXUDQW OD VHJRQD PHLWDW GHOV DQ\V KDYLD SRODULW]DW OHV GLVVHPEODQWV
FRQFHSFLRQV G¶XQ DUW SHU D PLQRULHV L G¶XQ SHU D OHV PDVVHV 3HU DOWUD EDQGD 6HQGHU
LQVLVWHL[ WDPEp HQ HO FDUjFWHU DOLWHUDUL GHO WHDWUH SLVFDWRULj HQ HO TXDO O¶REUD HVFULWD
LQGLYLGXDOPHQWpVQRPpVXQJXLySHUDODFUHDFLyFROÂOHFWLYDSRVWHULRU³/DREUDHVWDUi
WHUPLQDGDVyORHQHOHVFHQDULR\VXVDXWRUHVVHUiQORVGLUHFWRUHVGHHVFHQDORVDFWRUHV
ORVHVFHQyJUDIRV\HOS~EOLFRHQSURSRUFLyQPD\RUDYHFHVTXHHOSRHWD'HDTXtVDOHHO
FRQFHSWR GH ©HVSHFWiFXORª JHQpULFR \ JHQHUDO FRQWUD HO GH ©WHDWURª SDUWLFXODU \
OLPLWDGR VXMHWR D WRGDV ODV DOWHUQDWLYDV GH OD OLWHUDWXUD PDOD GH OD UHWyULFD´ (O PLOORU
H[HPSOHG¶DL[zDOTXDO6HQGHUGHGLFDSODQHVHQWXVLjVWLTXHVpVSUHFLVDPHQWHOPXQWDWJH
GH5DVSXWtQ³(OHQVD\RODERULRVtVLPRGHGUDPDGRFXPHQWDOQRSXGRUHVXOWDUPHMRU´
(O FRPSRQHQW GRFXPHQWDO HQ OD SURSRVWD GUDPDW~UJLFD TXH LQWHQWD IRUPXODU 6HQGHU
GHVEDQFDFRPSOHWDPHQWHOFRPSRQHQWOLWHUDULTXHPpVDYLDWDFDEDSHUFRQYHUWLUVHHQ
XQGHVWRUE³/DFXOWXUDOLWHUDULDPiVTXHIRUPDUGHIRUPDHOJXVWRGHOS~EOLFRWHDWUDO´
6HQGHUDFFHQWXDHOWRYLWDOLVWDSRSXODULFUHDWLYDPHQWHVSRQWDQLGHOWHDWUHGHPDVVHVL
HOFRQWUDSRVDDXQFXOWXUDOLVPHLQWHOÂOHFWXDOLVWDGHVFULWFRP³DQWLYLWDO´
,ELG
/D PpV H[KDXVWLYD L VROYHQW ELRJUDILD GH 6HQGHU DPE TXq DYXL FRPSWHP QR HVPHQWD FDS
YLDWJHGHO¶DXWRUD%HUOtQSHUDTXHOOHVGDWHVQLWDPSRFTXHFRQHJXpVODOOHQJXDDOHPDQ\DY-HV~V9LYHG
0DLUDO5DPyQ-6HQGHU%LRJUDItDSUHVHQWDFLyG¶ÈQJHO$OFDOi0DGULG3iJLQDVGH(VSXPD7RW
FRQYLGDDSHQVDUTXHODSULQFLSDOIRQWG¶LQIRUPDFLyGH6HQGHUHUDODSDUDGLJPjWLFDHGLFLyGH&HQLWG¶(O
WHDWURSROtWLFRSLVFDWRULjVRUWLGDGHODLPSUHPWD$UJLVHOGHMXOLROGHILQVDFHUWSXQW6HQGHUHQ
HOVVHXVDUWLFOHVGH7HDWURGHPDVDVVHJXHL[XQJXLy±HQO¶RUGUHGHOVWHPHVDERUGDWV±MDIL[DWHQO¶REUDGH
3LVFDWRU
6HQGHU7HDWURGHPDVDVHGFLW
/¶DOWUH PXQWDWJH SLVFDWRULj DO TXDO 6HQGHU GHGLFD XQ FDStWRO GHO YROXP ³/DV
PXVDV GH KR\´ pV HO GH .RQMXQNWXU OD :LUWVFKDIWVNRP|GLH HVFULWD SHU /HR /DQLD L
HVWUHQDGDO¶DEULOGHHQFDUDSHOFROÂOHFWLXGHODSULPHUD3LVFDWRU%KQH&RPMD
VXJJHUHL[ HO QRP GHO FDStWRO DTXt HV WUDFWD GH OD UHFHUFD GH WHPHV QRXV SHU DO WHDWUH
YHQLGRU VL DEDQV 6HQGHU DEDL[DYD HOV IXPV GH O¶HVFULSWRU WHDWUDO D EDVH GH UHVWDUOL
LPSRUWjQFLDDUDOLGLXTXHDSUHQJXLDSDUODUG¶HFRQRPLDLDOWUHVFRVHV~WLOV
/RVPHMRUHVFUtWLFRVGH&R\XQWXUDGUDPDGH/HR/DQLDSXHVWRHQHVFHQDSRU3LVFDWRU
IXHURQ ORV HFRQRPLVWDV &R\XQWXUD HV HO GUDPD GH ODV OXFKDV HFRQyPLFDV GH KR\ \ OR
H[WUDRUGLQDULRKXELHUDVLGRTXHORMX]JDUDQORVSRHWDV&RQHVHGUDPDFRPRFRQORVGH7ROOHU\
DOJXQRVUXVRVGHGHVSXpVGHODUHYROXFLyQKDQVLGRGHVFXELHUWDVODVQXHYDVPXVDVGHOWHDWUR>@
'HVGH OD HFRQRPtD KD FDPELDGR GH DVSHFWR >@ /D HFRQRPtD HV XQD PXVD PiV
WUDVFHQGHQWDO GH OR TXH ORV SRHWDV FUHHQ /D HFRQRPtD SURGXMR GLH] PLOORQHV GH PXHUWRV HQ
FXDWUR DxRV \ VLJXH HQFDX]DQGR DO PXQGR KDFLD XQD QXHYD FDWiVWURIH (V XQD PXVD PiV
WUDVFHQGHQWDOTXH(OHQDGH7UR\D>@
'HIXJLQW FDS WURQDW VHQWLPHQWDOLVPH /DQLD L 3LVFDWRU SUHVHQWHQ HOV PRWLXV
YHUWDGHUV GH OD PLVqULD GHOV SURWDJRQLVWHV L QR HOV FDO XQ ³FRQIOLFWR DPRURVR´ SHU
FRQVWUXLU DGHTXDGDPHQW OD SHoD /D MXVWtFLD pV XQD DOWUD GH OHV PXVHV D TXq UHFRUUHQ
/¶DGPLUDFLyGH6HQGHUSHUDTXHVWPXQWDWJHTXHPDOJUDWWRWQRYDWHQLUPDVVDq[LWYDO
DGLUpVQRWzULD³&R\XQWXUDIXpHOSULPHULQWHQWRWUDVFHQGHQWDOGHWHDWURVRFLDOSXUR´
)L[HPQRVWHDWURVRFLDOSXUReVDGLUDUWSXULDOKRUDDUWVRFLDO1RpVDL[zXQFRS
PpVHOTXHEXVFDYHQ'tD])HUQiQGH]L3RVW*XHUUD"6HQGHUSDUODDTXtG¶XQ³OLULVPRGH
OD FROHFWLYLGDG ±QR GHO LQGLYLGXR± HQ HO TXH OR HFRQyPLFR VXVWLWX\H YHQWDMRVDPHQWH
FRPR WHPD DO DPRU´ /¶DUW QR V¶HPSHWLWHL[ SHO IHW GH VXEVWLWXLU FRP D WHPD OHV FXLWHV
SHUVRQDOV SHU OHV UHDOLWDWV FROÂOHFWLYHV DO FRQWUDUL ³HO DUWH DGTXLHUH VX PiV DPSOLR
VHQWLGR URPSLHQGR OD HVWUHFKD MDXOD GH HVRV YLHMRV HVWtPXORV QHJDWLYRV DQWLVRFLDOHV´
$TXHVWQRXWHDWUHVRFLDOSXUHL[DPSODHOVOtPLWVG¶DOOzDUWtVWLFLWUHQFDHOVSUHMXGLFLVGHO
TXH V¶HQWHQLD SHU GUDPjWLF L VXSRVD DL[t XQ DXWqQWLF DOOLEHUDPHQW GH O¶HVFHQD ³(O
HVWUHQRGH&R\XQWXUDIXpXQKRPHQDMHVLQSUHFHGHQWHVDODOLEHUWDGGHODUWHGUDPiWLFR´
,HOIXWXUG¶DTXHVWWHDWUHSHOTXHIDDSRVVLEOHVWHPHVDWUDFWDUHVWjJDUDQWLW
/HR/DQLDDEUHDOILQDOXQDUXWDSRUGRQGHODSROtWLFDHFRQyPLFDYDDDQGDUHQORVGtDV
TXH VH DFHUFDQ HO SHWUyOHR \ HO FDXFKR (Q WRUQR D HOODV HO LPSHULDOLVPR SUHSDUD VXV QXHYDV
FDWiVWURIHV3LVFDWRU \ORVVX\RV SUHSDUDQDOPLVPRWLHPSRVXVFDWDOHMRV\ORV YDQHPSOD]DQGR
FDGD GtD PiV DGHODQWH &ULVLV 6REUHSURGXFFLyQ &RPSHWHQFLD &RQVRUFLR 0RQRSROLR QXHYDV
PXVDV TXH FRPLHQ]DQ D UHJLU ORV VHQWLPLHQWRV \ D FRQWURODU HO HQWHQGLPLHQWR GH ODV PDVDV D
LQVSLUDUDORVSRHWDV\DWUD]DUXQDYDQJXDUGLDGHODQWHGHWRGDVODVYDQJXDUGLDV>@
6HQGHUGHGLFDWDPEpXQFDStWRODOWHDWUHMLGGLVFKLDODVHYDSRVLWLYDLQIOXqQFLD
VREUHODQRYDGUDPDW~UJLDUXVVDLDOHPDQ\D,DTXtHOQRVWUHDXWRU±HQODPLOORUWUDGLFLy
SRVWJXHUULDQD±DSURILWDSHUVXPDUVHDODODERUGHFRQFXOFDUHOSUHVWLJLOLWHUDULIUDQFqV
HQEHQHILFLGHOJHUPDQRVRYLqWLF³(VWDVWHQGHQFLDV\HVWDVFRUULHQWHVTXHHQ$OHPDQLD
\5XVLDVHSURGXFHQVHQFLOODPHQWHDOOOHJDUD3DUtVVXVFLWDQXQDDOJDUDEtDQRYHGRVD \
VLUYHQGHVXVWHQWiFXORD GRVRWUHV HVFXHODV TXH GXUDQWH GRV R WUHV DxRV GHVOXPEUDQ D
QXHVWURVSDOHWRV\QXWUHQGHJHQLRVDODVUHYLVWDVGHODVHOHJDQWHV\MyYHQHVOLWHUDWXUDV´
(OV GDUUHUV FDStWROV GHO YROXP HVWDQ GHGLFDWV UHFROOLQW LGHHV L WHPHV WUDFWDWV
YSODQDJUjILFD
6HQGHU7HDWURGHPDVDVHGFLW
,ELG
DQWHULRUPHQWDO¶HORTHQWLIRUoDXWzSLF IRPHQW G¶XQ WHDWUH SUROHWDUL HVSDQ\RO DTXHVW
KDGHVHUXQWHDWUHUHYROXFLRQDUL
>@ (O WHDWUR UHYROXFLRQDULR QR HV VyOR XQD FRQVHFXHQFLD GHO HVWDGR GH FRQFLHQFLD GH
QXHVWURWLHPSRVLQROD~QLFDUD]yQGHVXSHUYLYHQFLDGHOWHDWURGHVSXpVGHODWULXQIDOLQYDVLyQGH
GRV HVSHFWiFXORV GH HVWH VLJOR HO FLQH \ ORV GHSRUWHV /D VXSUHPDFtD GHO WHDWUR UHYROXFLRQDULR
UHFLEH FXPSOLGD VDWLVIDFFLyQ HVFODYL]DQGR DO FLQH \ D ORV GHSRUWHV \ KDFLHQGR GH HOORV VLPSOHV
HOHPHQWRV DX[LOLDUHV 6DELGR HV TXH OD 9RONVEKQH \ GH RWUR ODGR HO WHDWUR 3LVFDWRU UHDOL]DQ
HMHUFLFLRV GHSRUWLYRV GH FRQMXQWR SDUD SRVHHU HO GRPLQLR GHO JHVWR \ GHO PRYLPLHQWR \ TXH HO
FLQHPDWyJUDIR KD YHQLGR D FRPSOHWDU OD HVFHQRJUDItD KDFLHQGR SRVLEOHV WRGRV ORV VXHxRV GHO
SLQWRU
(QDTXHOODSROqPLFDTXHPpVDPXQWHVPHQWjYHPHQWUH(LVHQVWHLQL3LVFDWRUHVWj
FODUTXH6HQGHUSUHQSDUWLWDIDYRUG¶DTXHVW~OWLP(OQRXWHDWUHSUROHWDULHVSDQ\ROKDGH
VHUWDPEpSROtWLFDPHQWUDGLFDO
>@ 6L QR KD\ \D HQ (VSDxD VLQR SUROHWDULDGR \ FDSLWDOLVPR FRQ HVD ]RQD EXUJXHVD
PHGLREXUJXHVDTXHHVORDE\HFWR\ORYHUJRQ]DQWHGHODLQWHOLJHQFLDHVSDxRODGHKR\HOHVStULWX
FUHDGRUTXHQXQFDHVWXYRGHDFXHUGRHQDUWHFRQHOGLQHURQLFRQODEXUJXHVtDHVWDUiHQQXHVWUR
FDPSR>@
4XDQ6HQGHUSXEOLFDDL[zHQIRUPDWGHOOLEUHMDIDXQVPHVRVTXHV¶KDLPSODQWDW
OD 5HS~EOLFD &RP %DOERQWtQ L G¶DOWUHV SRVWJXHUULDQV HOO SHUWDQ\ DUD DO JUXS
G¶LQWHOÂOHFWXDOVUDGLFDOVG¶HVTXHUUDLQVDWLVIHWVLFUtWLFVDPEHOFDUjFWHUSRFUHYROXFLRQDUL
GHO QRX UqJLP $VVXPLU DOJXQV WUHWV GHO WHDWUH WUDGLFLRQDO MXHX L OD SUzSLD WUDGLFLy
FXOWXUDOKLVSDQRMXHYDIRUPDWDPEpSDUWGHOSURJUDPDGUDPDW~UJLFVHQGHULj
/RVTXHHQXQVHQWLGRSH\RUDWLYRKDQKDEODGRGHODLQWHUYHQFLyQGHOMXGDtVPRHQHODUWH
UHYROXFLRQDULR QR KDQ KHFKR PiV TXH GHVYLDU EDMR OD PiVFDUD GHO DSDVLRQDPLHQWR XQ KHFKR
VHQFLOOR \ UHDO 5XVLD \ $OHPDQLD RIUHFHQ XQD IDODQJH GH DXWRUHV GUDPiWLFRV UHYROXFLRQDULRV
HQWUH FX\RV DVFHQGLHQWHV ILJXUD VLHPSUH DOJ~Q MXGtR (O DQWLVHPLWLVPR HV \D XQ VLQyQLPR GH
UHDFFLyQ>@
,VREUHWRWHOQRXWHDWUHSUROHWDULKDGHVHUXQDUWTXHFRQQHFWLHVSRQWjQLDPHQW
DPEO¶HOHPHQWSRSXODUGHODFXOWXUDHVSDQ\ROD
>@8QWHDWURGHHVHFDUiFWHUVXVFLWDUtDWRGDODSDVLyQWRGDODHPRFLyQGHODVFRUULGDV
GH WRURV WHDWUR QDFLRQDO GH XQ SDtV DQDOIDEHWR 3HUR HO WHDWUR SROtWLFR \ VRFLDO HVSDxRO
DSURYHFKDQGRODVPHMRUDVPHFiQLFDV\WpFQLFDVODVPRGDOLGDGHVHVFpQLFDVPiVPRGHUQDVWLHQH
PiV UD]yQ GH VHU SRU HMHPSOR TXH HO DOHPiQ &LUFXQVWDQFLDV GH DPELHQWH GH FXOWXUD GH
WUDGLFLyQKDFHQGH(VSDxDODWLHUUDLGHDOSDUDHODUWHHVFpQLFRDOXFLQDGRVLQWpWLFRSROpPLFRGHO
SUROHWDULDGR>@
>@(QHOSXHEORGHODVSURFHVLRQHVGHODVGDQ]DVHQUXHGDGHODVILHVWDVFROHFWLYDVGH
ODVFHQFHUUDGDV\GHORVDOERURWRVFDOOHMHURVFRQFXDOTXLHUPRWLYRSDUHFHLQFUHtEOHTXHHOWHDWUR
QRVHDXQSURGXFWRGHODLPDJLQDFLyQGHOSXHEORHODERUDGRSDUDHOSXHEORPLVPR>@
3RUTXHDOEXVFDUHQHOSXHEORHQORSRSXODUQHWDPHQWHHVSDxROVHGDHQVHJXLGDFRQOD
YHWDGHODVPDUDYLOODVFRPRRFXUUHWDPELpQKDVWDFLHUWRSXQWRHQRWURVSDtVHVEDOFiQLFRV\HQOD
5XVLD PHULGLRQDO (VFULWRUHV IUDQFHVHV GH PLQRUtD DWRUPHQWDGRV HVWHWLFLVWDV VH KDQ TXHGDGR
VRUSUHQGLGRVDOYHUDTXtDODOFDQFHGHFXDOTXLHULQJHQLRHOGLFKRHOUDVJRHOFXHQWRHOHVJXLQFH
FRQ OD FKLVSD GH OD EHOOH]D SXUD GH OD MXVWD PHGLGD PHWDItVLFD \ VHQVLWLYD FRQ HO UDVJR TXH HO
SDVRGHORVVLJORV\GHODVUD]DVKDLGRGHSXUDQGR(VRHVFDVLVLHPSUHVROHUDPRUDRMXGtD
,ELG
,ELG
,ELG
,ELG
,QVLVWLP TXH DTXHVWD SUHJRQD IH VHQGHULDQD HQ OD FXOWXUD SRSXODU HVSDQ\ROD QR
UHVXOWDYD HQ DTXHOOD qSRFD H[WUDYDJDQW KRP SHQVDYD TXH DL[t FRP D OD UHILQDGD
)UDQoDODFXOWXUDHUDEjVLFDPHQWSDWULPRQLGHOHVFODVVHVDOWHVD(VSDQ\DHUHQOHVFDSHV
SRSXODUV OHV TXH OD VHUYDYHQ (Q DOJXQ OORF KDYLD G¶HVWDU GLSRVLWDGD HQ GHILQLWLYD OD
SRWHQWFXOWXUDHVSDQ\RODDQWLJDPHQWPDQLIHVWDDWqVTXHSHUH[HPSOHHQHOVHVFHQDULV
WHDWUDOV IHLD VHJOHV TXH QR VH OD YHLD DSDUqL[HU 0pV GLVFXWLEOH UHVXOWD DTXHVWD
FRPSDUDFLy DPE $OHPDQ\D TXH 6HQGHU DTXt HQV KD HVERVVDW L TXH QR HVWj FHUWDPHQW
SURXGHVHQYROXSDGDSUREDEOHPHQWHOVHXHQWXVLDVPHSHUDOOzSRSXODUHOIDQHJOLJLUHO
IHW TXH WDQW HO WHDWUH G¶DYDQWJXDUGD UXV FRP QR FDO GLU HO SLVFDWRULj HUHQ SURGXFWHV
FXOWXUDOV VRILVWLFDWV L GHVHQYROXSDWV SHU PLQRULHV 4XH (VSDQ\D IRV L HQFDUD VLJXL OD
SjWULDGHOHVSURFHVVRQVOHVUHYHWOOHVLOHVIHVWHVDPE ERXVQRVHPEODTXHOLDWRUJXpV
PpVGUHWQLPpVSRVVLELOLWDWVGHSRGHUDUULEDUDSUHVHQWDUGDYDQWHOPyQXQJUDQWHDWUHGH
PDVVHVLQQRYDGRULUHYROXFLRQDUL3HUz6HQGHUHVPRXHQHOWHUULWRULGHODXWRSLDGHOD
OOXLWDLGHDOLVWDFRQWUDXQDUHDOLWDWLQIDPHLDL[tYHLHPFRPHOILQDOGH7HDWURGHPDVDV
pVDEVROXWDPHQWOtULFDOKRUDTXHEULOODQWPHQWSDPIOHWDUL
1RKD\TXHEDUUHUORVFDPLQRVDQGDGRV\HPSRUFDGRVVLQRGHVWUXLUORV\HFKDUDFDPSR
WUDYLHVD DEULHQGR EDMR ORV SLHV ODV QXHYDV UXWDV (O DPRU OD MXVWLFLD HO ELHQ HO VHQWLGR
KXPDQLWDULRODEHOOH]D\ODLQWHOLJHQFLDQDGLHVDEHGyQGHHVWiQ\D>@/DVSDODEUDVPHMRUHVKDQ
SHUGLGRVXVXVWDQFLDVXQDWXUDOH]D+D\TXHUHLYLQGLFDUODVRDYHQWDUODVGHXQDYH]SDUDHPSOHDU
RWUDVQXHYDVVLQPiFXOD&RPHQFHPRVSRUHOWHDWUR>@
£1RTXHUHPRVORVVXFHVRVFRPSXHVWRVSRULQWHOLJHQFLDVHQIHUPDVGHPHQWLUDEXUJXHVD
VLQRORVVXHxRVRULJLQDOHV±GHRULJHQ±GHODVPHQWHVQXHYDVDWUDYpVGHXQVHQWLGRPXOWLWXGLQDULR
GHODHPRFLyQ$OOtGRQGHODVPXOWLWXGHVFRLQFLGHQHVWiORLQPXWDEOH\ORHWHUQR$OOtGRQGHORV
VXHxRVGHORVKRPEUHVMXQWRVFRLQFLGHQHVWiODUHDOLGDGUHDO/DVPXOWLWXGHVVyORVRQFDSDFHVGH
FRLQFLGLU HQ HVR HQ ORV VXHxRV \ HO WHDWUR UHYROXFLRQDULR HVSDxRO HO WHDWUR QXHVWUR WLHQH TXH
DIURQWDU\ORJUDUHVDUHDOLGDGGHOHQVXHxRFRP~Q9D\DPRVDpOGHHVSDOGDVDODWRUSHPHQWDOLGDG
EXUJXHVDFDSD]VyORGHVHUYLUDXQDUHDOLGDGLQIHULRUDORFRQVXHWXGLQDULRIDOVRFX\DIDOVHGDGQR
KDVDELGRYHUD~Q6XVWLWX\DPRVHOFRPHGLDQWHSRUHOWUDJHGLDQWHHODFWRUSRUHOWtWHUHOD9LUJHQ
0DUtDSRUODPR]DGHOFiQWDUR'LRVSRUHOGLDEORORDUWtVWLFRUHDOSRUODYHUGDGVRxDGDTXHQRV
HQOD]DFRQHORULJHQ\HOILQODYLVLyQPHQGD]SRUODDOXFLQDFLyQYHUGDGHUDODDQpFGRWDSRUOD
LOXVLyQODUHWyULFDSRUODPHFiQLFDOD©GLVWLQJXLGDFRQFXUUHQFLDªSRUODDVDPEOHDHO©S~EOLFRª
SRUODPDVDHOSXHEORSRUHOSUROHWDULDGR
%DOERQWtQLHOVHXWHDWURGHOSXHEOR
4XLQD SODVPDFLy UHDO YD SRGHU DUULEDU D WHQLU DTXHVW SURMHFWH GUDPDW~UJLF GH
6HQGHUTXHFRQFLOLDYDLGHDOPHQWHO7RWDOWKHDWHUGLVVHQ\DWSHU*URSLXVDPEODKLVSjQLFD
SODoDGHWRURV"%HQSRFDHQVWHPHP6DEXWpVTXHHQHOWHDWUHHVSDQ\ROQRPLQRULWDUL
OHVLQqUFLHVQRHVYDQDOWHUDUSHUOD5HS~EOLFDLTXHILQVLWRWGXUDQWODJXHUUDHQOD]RQD
OOHLDO ³SHUVHYHUy OD FDUWHOHUD FRPHUFLDO GH VLHPSUH´ (O SURSL 3LVFDWRU YD ODPHQWDU
DTXHVWD VLWXDFLy GXUDQW OD VHYD YLVLWD D %DUFHORQD D ILQDOV GH ,QLFLDWLYHV GH
,ELG
Y &pVDU GH 9LFHQWH +HUQDQGR ³3LVFDWRU \ HO WHDWUR UHYROXFLRQDULR HQ OD SULPHUD PLWDG GHO
VLJOR;;HQ(VSDxD´7HDWUR5HYLVWDGH(VWXGLRV7HDWUDOHVMXQ\
-RVp&DUORV0DLQHU$xRVGHYtVSHUDV/DYLGDGHODFXOWXUDHQ(VSDxD0DGULG
(VSDVD&DOSH 6REUH DTXHVWD THVWLy Y W 0LJXHO %LOEDW~D ³(O WHDWUR GXUDQWH OD 6HJXQGD
5HS~EOLFD \ OD *XHUUD &LYLO´ GLQV /LWHUDWXUD \ *XHUUD &LYLO 9,,, 'HEDWHV GH FUtWLFD MRYHQ $OPHUtD
,QVWLWXWRGH(VWXGLRV$OPHULHQVHV
Y2UGXxDRSFLW
WHDWUH UHYROXFLRQDUL SURX TXH Q¶KL YD KDYHU SHUz PDL YDQ DVVROLU DTXHOO FDUjFWHU GH
PDVVLYDSDUWLFLSDFLyTXH6HQGHULHOVSRVWJXHUULDQVKDXULHQYROJXW3HUOLPLWDUQRVDOV
LQWHQWVGHJHQWYLQFXODGDD3RVW*XHUUDRDOHVHGLWRULDOVGHDYDQ]DGDSRGHPHVPHQWDU
HO JUXS 1RVRWURV GH OD SDUHOOD &pVDU L ,UHQH GH )DOFyQ &pVDU )DOFyQ KDYLD HVWDW
O¶LQVSLUDGRU L IXQGDGRU G¶+LVWRULD 1XHYD OHV REUHV GH *RUNLQ D WUDYpV GH TXL SHU
FHUWHVIDUDQOHVJHVWLRQVSHUFRQYLGDU3LVFDWRUD%DUFHORQDRODEUHXFDUUHUDWHDWUDO
GH%DOERQWtQLPSXOVDGDLDOKRUDWUXQFDGDSHUOD*XHUUD(VSDQ\ROD$QWLIHL[LVWDFRPHOO
PDWHL[O¶DQRPHQDYD
(QHOFDStWROGHOHVVHYHVPHPzULHVTXHWLWXOD³7HDWURGHOSXHEOR´%DOERQWtQHQV
YD HVERVVDU WDPEp XQD GUDPDW~UJLD TXH YH D FRPSOHPHQWDU OHV DOWUHV FRQFHSFLRQV
HVWqWLTXHVTXHMDOLFRQHL[HP/¶DUUHQFDGDGHOFDStWROHQTHVWLyQRGHL[DJDLUHVGXEWHV
VREUHTXLQDPHQDGHWHDWUHSURSRVDYD%DOERQWtQLDTXLQDPHQDGHS~EOLFYROLDDUULEDU
(OWHDWURHVHODUWHSRSXODUSRUH[FHOHQFLD6XDXGLWRULRHVHOSXHEOR\FXDQGRpVWHQRVH
LQWHUHVDSRUHOHVSHFWiFXORTXHVHOHRIUHFHRSRUODVSDODEUDVTXHHQpOVHOHGLFHQDEDQGRQDOD
VDODRHOFRUUDOGHOWLQJODGR\HOWHDWURVHFLHUUD
/R SULPHUR TXH KDFH IDOWD SDUD LQWHUHVDU DO SXHEOR HV KDEODUOH XQ OHQJXDMH
FRPSUHQVLEOH>@
3RUTXHHVFODURTXHDOSXHEORQROHEDVWDFRQTXHVHOHKDEOHFODUDPHQWHH[LJHDGHPiV
TXHVHOHFXHQWHQFRVDVLQWHUHVDQWHV/RTXHPiVOHLQWHUHVDDOSXHEORGHWRGRVORVHVSHFWiFXORV
LPDJLQDEOHVHVHOUHIOHMRGHODYLGDPLVPDHQWHQGLGDHVWDSDODEUDHQXQVHQWLGRFDGDYH]PiV
KXPDQR
3HU FDSWDU O¶LQWHUqV G¶DTXHVW S~EOLF SRSXODU L DOKRUD DGRFWULQDUOR HO JqQHUH
GUDPjWLFTXHHQVGHIHQVD%DOERQWtQYLQGULDDVHUXQDPHQDGH PHORGUDPD SROtWLF+R
H[HPSOLILFDDPEODVHYDSULPHUDSHoDUHSUHVHQWDGD£$TXtPDQGD1DUYiH]HVWUHQDGDHO
MXQ\GHDFFHSWDTXHDOOtUHDOPHQWYDIHUXQPHORGUDPD³TXHHVODIRUPDPiV
SRSXODUGHOWHDWURPRGHUQR´LpVTXHHOJqQHUHPHORGUDPjWLF³FRPRWRGRVORVUHFXUVRV
GHODUWHSXHGHVHUXWLOL]DGRFRQDOWRVILQHV´(QDTXHVWFDVO¶DOWDILQDOLWDWHUDGLVSDUDU
³FRQWUD HVD DUPDGXUD FOHULFDO PLOLWDULVWD \ SOXWRFUiWLFD TXH WLHQH DKHUURMDGR D QXHVWUR
SXHEOR GHVGH KDFH YDULRV VLJORV´ (O FRQFHSWH GH SXHEOR pV FHUWDPHQW RPQLSUHVHQW HQ
O¶HVWqWLFD EDOERQWLQLDQD 0pV SURSHU WRW L TXH VHQVH VHUQH SOHQDPHQW FRQVFLHQW D XQ
$ 3RVW*XHUUDDQXQFLD MDHO³FODPRURVRp[LWR´GHO¶HVWUHQDD3DUtVGHO³GUDPDHQWUHV
DFWRV´8QDIDPLOLDGH³QXHVWURH[FHOHQWHDPLJR\FRUUHVSRQVDOGH3267*8(55$´DODFDSLWDOJDOÂOD
*RUNLQ KD HVFULW ³OR TXH SXHGH OODPDUVH XQ GUDPD VRFLDO´ VL Ep KD HYLWDW GH IHU XQD REUD GH WR
³GHPDJyJLFR\SRSXODFKHUR´$TXHVWDSHoDDSDUHL[HUjSRVWHULRUPHQWSXEOLFDGDD=HXVHQXQYROXPTXH
WDPEpLQFORX/DFRUULHQWHLTXHSRUWDFRPDVXEWtWRO7HDWURSROtWLFR(QXQVWHUPHVPROWVLPLODUVDOVGH
3RVW*XHUUDWDPEp1XHYD(VSDxDHVIDUjGHVSUpVUHVVzGHO¶HVWUHQDD3DUtVGH/RERV\FRUGHURVODQRWD
TXH HQ SDUOD QR GHVDSURILWD O¶RFDVLy GH VHJXLU PHQ\VSUHDQW O¶HVFHQD ORFDO ³'HVHDPRV WHQHU RFDVLyQ GH
YHUHQ(VSDxDODSURGXFFLyQGHQXHVWURDPLJR/RFXDOVXSRQGUtDODUXSWXUDFRQHODSHVWRVRWHDWURGHORV
4XLQWHUR ORV /LQDUHV ORV %HQDYHQWH JORULDV GH OD QDFLyQ TXH WLHQH WRGD FODVH GH IODPHQFRV \ GH
SURFHVLRQHV´³(Q3DUtV8QHVWUHQRGH*RUNLQ´1XHYD(VSDxDGHPDLJ8QVPHVRVPpV
WDUG1XHYD (VSDxDWRUQDDQRWLFLDUODUHSUHVHQWDFLyG¶DTXHVWDREUDLJXDOPHQWD3DUtVDUD SHUzWLWXODGD
/RERV\RYHMDVDFjUUHFGHODFRPSDQ\LD1XHYD$UPRQtD,DIHJHL[TXHGHVSUpVGHODIXQFLy³*RUNLQGLR
XQD FRQIHUHQFLD VREUH HO WHPD ©3Uy[LPD FUHDFLyQ GH 18(6752 7($752 HQ 3DUtVª´ ³©/RERV \
RYHMDVª´1XHYD(VSDxDGHJHQHU
Y (UZLQ 3LVFDWRU (O WHDWUR SROtWLFR \ RWURV PDWHULDOHV HG L DSqQGL[V GH &pVDU GH 9LFHQWH
+HUQDQGR+RQGDUULELD+LUX9DODGLUTXHDTXHVWDHGLFLyHVSDQ\RODFRPODG¶$\XVRGH
HVEDVDHQFDUDHQODWUDGXFFLyTXHVLJQj6DOYDGRU9LODSHUD&HQLWHO
%DOERQWtQ/D(VSDxDGHPLH[SHULHQFLDHGFLW
Y-RVp$QWRQLR%DOERQWtQ£$TXtPDQGD1DUYiH]'UDPDHQWUHVDFWRV\HQSURVDLQVSLUDGR
HQ OD FDXVD FULPLQDO VHJXLGD HQ 0DGULG FRQWUD ORV KHUPDQRV &ODUD \ $QWRQLR 0DULQD HO DxR 0DGULG,PSUHQWDGH-XDQ3XH\R
KXPDQLWDULVPH FRPSDVVLX D XQ FULVWLDQLVPH LOÂOXVWUDW D XQ UHGHPSWRULVPH SRSXOLVWD
TXHQRDXQSODQWHLJUHYROXFLRQDULSRVWOHQLQLVWD%DOERQWtQDPpVG¶DERJDGRGHSREUHV
VHJXUTXHKDXULDWDPEpYROJXWVHULQWHOÂOHFWXDOGHSREUHV3HUDL[zPDWHL[VHPEODVHQWLU
VHPpVEHQDFROOLWSHUODSOHEVTXHSHOSURSLJUHPLGHO¶LQWHOÂOHFWH
>@/LQFROQKDEtDGHILQLGRODGHPRFUDFLDFRPRHO©JRELHUQRGHOSXHEORSRUHOSXHEOR\
SDUD HO SXHEORª <R GHILQt SRU HQWRQFHV SDURGLDQGR DO JUDQ GHPyFUDWD QRUWHDPHULFDQR PL
FRQFHSWRGHOWHDWURSRSXODUFRPRHOGH©XQWHDWURGHOSXHEORSRUHOSXHEOR\SDUDHOSXHEORª
VXEUD\DQGRGHXQPRGRHVSHFLDOHO~OWLPRWpUPLQRGHOWUtR
$OJXQRV LQWHOHFWXDOHV GHO JUHPLR ±FUtWLFRV GH WHDWUR DXWRUHV GH FRPHGLDV HWF±
HQFRQWUDURQ PL REUD GHPDVLDGR SRSXODU >@ (VWDED HQWRQFHV PX\ HQ ERJD HQWUH ORV
LQWHOHFWXDOHVGHL]TXLHUGDHOWHDWURGHOHVFULWRUDOHPiQUHYROXFLRQDULR(UQHVW>VLF@7ROOHUTXHD
PtPHSDUHFLyVLHPSUHXQEXHQWHDWUR©GHOSXHEORªSHURQRFLHUWDPHQWH©SDUDHOSXHEORª8QD
FRVD HV KDEODUOHV D ORV LQWHOHFWXDOHV GH ODV FRVDV GHO SXHEOR \ RWUD PX\ GLVWLQWD KDEODUOH D OD
PDVDSRSXODUGHODVFRVDVGHOLQWHOHFWRTXHHUDORTXH\RSUHWHQGtDKDFHU
,JXDO GRQFV TXH HQ SRHVLD HQ WHDWUH %DOERQWtQ WDPEp LQWHQWD DGRSWDU IRUPHV
WUDGLFLRQDOV SRSXODUV PLWMDQoDQW OHV TXDOV LQRFXODU HO PLVVDWJH VRFLDO GH OD VHYD
OLWHUDWXUD$TXHVWDPDQFDG¶LQQRYDFLyIRUPDOFHUWDPHQWO¶DOOXQ\DGHOVSRVWXODWVGH'tD]
)HUQiQGH]LFRPSDQ\LDGHIHWGHVSUpVGHODVHYDH[SXOVLyGH3RVW*XHUUD%DOERQWtQ
WDPSRF WLQGUj FDS SDSHU GHVWDFDEOH HQ HO PRYLPHQW HGLWRULDO G¶DYDQoDGD &ULWLFDQW
SRVWHULRUPHQWODUHFHSFLyGH7ROOHUDXWRUHGLWDWD&HQLWLD(GLFLRQHV+R\%DOERQWtQ
HV GHVPDUFD HQFDUD PpV GHO FRVPRSROLWLVPH HVTXHUUj GHOV VHXV DQWLFV FRPSDQ\V GH
UHYLVWD4XDQDTXHOOSREOHHQTXqFUHLDLDOTXDOH[DOWDYDKDJXpGHOOLXUDUSUjFWLFDPHQW
HQ VROLWDUL HOV SUROHJzPHQV G¶XQD EDWDOOD DQWLIHL[LVWD LQWHUQDFLRQDO HO QRVWUH DXWRU YD
DJDIDUGHFLGLWODVHYDOLUDGUDPjWLFDGHFRPEDWSHUzHOFHUWpVTXHDTXHVWEHQDYLDWHV
UHYHOjPROWGHVLJXDOGDYDQWHOVFRQWXQGHQWVDUJXPHQWVGHOD/HJLRQ.RQGRU
>@\DOHVWDOODUODVXEOHYDFLyQGH6DQMXUMR\)UDQFRHVWUHQpHQHO7HDWUR(VSDxROGH
0DGULGHOGHVHSWLHPEUHGHXQSHTXHxRGUDPDHQXQDFWRWLWXODGR ©(O&XDUWHOGHOD
0RQWDxDªLQVSLUDGRHQODWRPDGHDTXHOIRUWtQIDVFLVWDSRUHOSXHEORPDGULOHxR7XYRXQp[LWR
URWXQGRGHS~EOLFR\GHFUtWLFDORTXHPHDQLPyDSHUVLVWLUHQPLSURSyVLWRORJUDQGRRWURVGRV
VHxDODGRV WULXQIRV FRQ PLV QXHYDV REUDV VREUH WHPDV GH JXHUUD >@ HVWUHQDGDV HQ HO 7HDWUR
0DUDYLOODV GH 0DGULG HQ RFWXEUH GH FXDQGR HPSH]DURQ D FDHU VREUH QXHVWUD JORULRVD
FDSLWDOODVSULPHUDVERPEDVDOHPDQDV
(QUHDOLGDGIXHURQORVERPEDUGHURVQD]LVORVTXHFRUWDURQ>@PLPRGHVWDFDUUHUDGH
DXWRU GUDPiWLFR +DEtD \R ORJUDGR DO ILQ FRPR IUXWR GH XQ FRQWLQXDGR HVIXHU]R XQD SHUIHFWD
FRPSHQHWUDFLyQ FRQ PL S~EOLFR (VWH PH PDQLIHVWy GH PDQHUD LQHTXtYRFD VX DSUREDFLyQ DO
HVWUHQDUVHPLREUD©(O)UHQWHGH([WUHPDGXUDª>@TXHVHPDQWXYRHQHOFDUWHOFRQGRVOOHQRV
GLDULRVKDVWDTXHHOWHDWURIXHPDWHULDOPHQWHFHUUDGRSRUORVERPEDUGHRV
(VWjEHQFODUTXHOHVLQWHUUHODFLRQVOLWHUjULHVKLVSDQRJHUPjQLTXHVKDQFRQHJXW
HSLVRGLV GH WRWD PHQD 3HU OD VHYD SDUW %DOERQWtQ HQV GHL[DUj HVFULW DPE OD
PDOHQFRQLD L O¶DwOODPHQW GH O¶H[LOLDW TXH GH WRWHV OHV VHYHV ³LOXVLRQHV SHUVRQDOHV
IUXVWUDGDV´ FDS GH WDQ WULVWD FRP HO UHFRUG G¶DTXHOOD LQFLSLHQW FDUUHUD GUDPjWLFD
VHSXOWDGD VRWD OHV UXQHV GHO 7HDWUR 0DUDYLOODV $PE OD ERQKRPLD TXH VHPSUH HO
FDUDFWHULW]DLDFFHSWDQWODVHYDGHUURWDSUHVHQWLQWHQWDUjSHUzHQFDUDGHL[DUQRVDOJXQ
OOHJDWHVWqWLFDOJXQDOODYRUTXHSXJXLIUXFWLILFDU HQXQLPSUREDEOHIXWXUTXHDSUHFLwHO
,ELG
,ELG
YXQDLQWHUHVDQWLKHWHURJqQLDJDUEDG¶DSRUWDFLRQVDOWHPDD(EHUKDUG*HLVOHUHG(VSDxD\
$OHPDQLD,QWHUUHODFLRQHVOLWHUDULDV0DGULG)UDQNIXUWDP0DLQ,EHURDPHULFDQD9HUYXHUW
VHX EHQLQWHQFLRQDW SDWHUQDOLVPH VRFLDO L OD VHYD SRF SRVWPRGHUQD VHQWLPHQWDOLWDW
SRqWLFD
3RUPLSDUWHKDEUpGHFRQWHQWDUPHFRQHVFULELUHQODVKRUDVGHRFLR±VLPHORSHUPLWHHO
'HVWLQR± DOJXQRV OLEURV GH FDUiFWHU tQWLPR FRPR pVWH TXH HVWR\ HVFULELHQGR DKRUD TXH
UHVXOWDUiQ SUREDEOHPHQWH LOHJLEOHV R SRFR LQWHUHVDQWHV SDUD HO JUDQ S~EOLFR 0H GDUtD SRU
VDWLVIHFKR VLQ HPEDUJR FRQ TXH ORV OH\HUDQ DOJXQD YH] ORV MyYHQHV HVSDxROHV HVWXGLRVRV TXH
GHVHDQFRQRFHUELHQODVUXLQDVGHOSDVDGRSDUDPHMRUHQGHUH]DUODVUXWDVGHOIXWXUR
$ORVMyYHQHVFUHDGRUHVGHXQSRUYHQLUPiVSXUR\ROHVDFRQVHMDUtDTXHQRROYLGDVHQDO
SXHEOR HQ VX REUD DUWtVWLFD \ OLWHUDULD 1R KH GH QHJDU \R HO GHUHFKR D OD H[LVWHQFLD GHO DUWH
H[TXLVLWR>@3HURHQFXHQWURDEVXUGRTXHHQHORWURSRORGHOH[WUHPLVPRVHSUHWHQGDQHJDUOHDO
SXHEORHOGHUHFKRDSDUWLFLSDUHQODYLGDHVSLULWXDO
$ Pt PH SDUHFH TXH OD EHOOH]D GHO FLHOR HVWUHOODGR GHO PDU HPEUDYHFLGR GHO MDUGtQ
DSDFLEOH GHO QLxR HQ MXHJR GH OD PXMHU HQDPRUDGD GH OD URVD HQ FDSXOOR GHO SiMDUR TXH
FRQVWUX\HVXQLGRGHODDEHMDTXHOLEDVXPLHOGHODKRUPLJDTXHDFDUUHDVXJUDQRGHOWURQFRGHO
KRJDU TXH UHWXHUFH VXV OODPDV TXH WRGRV HVWRV KHFKL]RV HVWpWLFRV GH QXHVWUD YLGD FRWLGLDQD
SXHGHQ \ GHEHQ VHU GHVSOHJDGRV DO WUDYpV GH SRHPDV \ SLQFHODGDV \ PHORGtDV FRPSUHQVLEOHV
DQWHHODOPDLQJHQXDGHOSXHEOR>@
+D\XQDEHOOH]DLQHIDEOHDQWHODTXHHOSXHEORVHPXHVWUDSDUWLFXODUPHQWHVHQVLEOH0H
UHILHURDODEHOOH]DPRUDOGHODERQGDGDEQHJDGDGHOKHURtVPRUHGHQWRUGHOPLVWLFLVPRSUiFWLFR
GHODLGHDOLGDGKXPDQLWDULDWHPDVHWHUQRVGHHVHJUDQSRHWDTXHOODPDPRVHOSXHEOR>@¢&yPR
SRGUtDPRVQHJDUOHDOSXHEORHOJRFHGHHVWDEHOOH]DKXPDQD\YLYDIUXWRVXSUHPRGHVXSURSLD
HQWUDxD"
$OWUHVDSRUWDFLRQVGH3RVW*XHUUDDODOOXLWDSHUO¶HYROXFLyWHDWUDO
7RUQHP SUzSLDPHQW ±L SHU DFDEDU MD HO SUHVHQW FDStWRO± D O¶qSRFD GH 3RVW
*XHUUD+HPGLWPpVDPXQWTXHDEDQVG¶DUULEDUD3LVFDWRUODJUDQILJXUDWHDWUDOTXHOD
UHYLVWDSUHVHQWDpVODGH0H\HUKROG$TXHVWDSUHVHQWDFLyWpOORFMDHQHOQ~PHURHQXQ
DUWLFOHVHQVHVLJQDUSUREDEOHPHQWDIXVHOODWG¶DOJXQDSXEOLFDFLyHVWUDQJHUD³(OPLODJUR
GH0>H\@HUKROG´&RPHOSURSLWtWRODQXQFLDO¶DUWLFOHpVHQWUHJDGDPHQWGLWLUjPELF
LSLQWDHOFUHDGRUGHODELRPHFjQLFDFRPXQDDXWqQWLFDOOHJHQGDYLYDHQHOVHXSDtV±RQ
PDODXUDGDPHQWQRWULJDULDDFDXUHHQGHVJUjFLD 'HODVHYDYLVLWDDOWHDWUHGH0RVFRX
TXH GLULJHL[ 0H\HUKROG O¶DUWLFXOLVWD HQ GHVWDFD OD QXHVD IRUPDO GH O¶HVFHQDUL O¶REHUWD
YLVLELOLWDW GH OD WUDPRLD O¶DEVqQFLD GH OORWJHV TXH VHSDULQ HOV HVSHFWDGRUV HQ FODVVHV
VRFLDOV O¶DFWLYD FXULRVLWDW GHO S~EOLF HO GLQDPLVPH PRGHUQ GHO PXQWDWJH OD SUHFLVLy
WqFQLFD HQ OD ODERU GHOV DFWRUV R OD LPSRUWjQFLD GHOV HIHFWHV G¶LOÂOXPLQDFLy PLWMDQoDQW
UHIOHFWRUV1LWDQVROVGXUDQWO¶HQWUHDFWHGHFDXODLQWHQVLWDWSRqWLFD
&XDQGRHODFWRWHUPLQDODOX]GHORVUHIOHFWRUHVVHH[WLQJXHHQDOJXQDVRFDVLRQHVXQR
GH ORV DFWRUHV DGHODQWiQGRVH DO SURVFHQLR GLVSDUD D OR DOWR XQ UHYyOYHU FX\R VRQLGR KDFH
UHDFFLRQDU DO S~EOLFR VXE\XJDGR (VWD HV OD VHxDO SDUD HO HQWUHDFWR TXH GXUDUi OR TXH WDUGH HQ
H[WLQJXLUVHXQDYHOD
'XUDQWH HO LQWHUPHGLR VH SUHVHQFLD HO FDPELR GH OD WUDPR\D OR TXH VH UHDOL]D FRQ HO
PLVPR ©WHPSRª GH OD REUD (O PDUWLOOHR HO UXLGR SURGXFLGR DO DUUDVWUDU GLYHUVRV REMHWRV OD
FXHUGDTXHFUXMHQRSHUWXUEDQODLOXVLyQ(OLQWHUpVSRUORTXHRFXUUHHQHOHVFHQDULRVLJXHVLHQGR
YLYRHLQWHQVR/RVREUHURVHQFDUJDGRVGHHVWDSDUWHYHVWLGRVFRQODEOXVDD]XOFDUDFWHUtVWLFDGH
ORV UXVRV VH PXHYHQ FRQ UDSLGH] \ VLQ UXLGR QR KDEODQ HQWUH Vt QL SDUHFH LQWHUHVDUOHV OR TXH
RFXUUHDVXDOUHGHGRU(QGRVRWUHVPLQXWRVORTXHWDUGHHQFRQVXPLUVHODYHODFRORFDGDHQHO
SURVFHQLRWRGRHVWiGLVSXHVWRSDUDHOSUy[LPRDFWR/RVDFWRUHVVXEHQDOHVFHQDULRHODSXQWDGRU
%DOERQWtQ/D(VSDxDGHPLH[SHULHQFLDHGFLW
VH VLHQWD D VX ODGR FRQ HO OLEUHWR HQ ODV PDQRV VH R\H XQ VLOELGR FRPR HO GH OD VLUHQDGH XQD
IiEULFD\HODFWRHPSLH]D
'H0H\HUKROGDL[tFRPGH6HUJXHL7UHWLDNRYSRVWHULRUPHQWWDPEpGHVDSDUHJXW
HQOHVSXUJXHVGH6WDOLQHOOHFWRUGH3RVW*XHUUDHQWRUQDDWHQLUQRWtFLDHQHOQ~PHUR
VHJHQWDeVGRQFVGHVWDFDEOHO¶HVIRUoGHODUHYLVWDSHUDPEODVHYDSUHFDULHWDWGH
PLWMDQVVDEHUPDQWHQLUHOFDSIRUDSHUVREUHGHO¶DWPRVIHUDWHDWUDOSULPRULYHULVWDLDPE
ODPLUDGDSRVDGDHQHOVOOXQ\DQVUHIHUHQWVFXOWXUDOVGHOVHXLQWHUqV
0HQ\V OOXQ\j UHVXOWDYD %DUEXVVH O¶DUWLFOH GHO TXDO ³+H DTXt XQ WHDWUR
SUROHWDULR´ MD V¶KD FRPHQWDW PpV DPXQW DPE UHODFLy D O¶HVPHQW TXH DOOt HV ID GH
7ROOHU (O QRX WHDWUH TXH SUHWpQ LPSXOVDU %DUEXVVH D 3DUtV FRPSWDUj VH¶QV GLX DPE
O¶DSRUWDFLy GH O¶HVFHQzJUDI EHOJD 5HQp 0RXODHUW OD ODERU GHO TXDO HQ HO
7HDWUH3RSXODU)ODPHQFDOVHXSDVSHUODFDSLWDOIUDQFHVDKDGHL[DWHQOOXHUQDGDODYLGD
WHDWUDOSDULVHQFD³2UJDQL]DUHPRVSXHVDTXtXQWHDWURPiVDPSOLR \VLJQLILFDWLYRTXH
HO TXH UHFRUUH %pOJLFD \ +RODQGD HO VHQWLGR UHYROXFLRQDULR GHO PRYLPLHQWR IODPHQFR
QRVHVHSDUDGHXQFLHUWRHQFDUQL]DPLHQWRVHSDUDWLVWD\TXHVHLQFOXLUiHQHOFDPSRGH
EDWDOOD GHVPHVXUDGR GH OD OXFKD GH FODVHV XQLYHUVDO´ (O WHDWUH SUROHWDUL TXH FRQFHS
%DUEXVVHHVSURSRVDXQDVqULHGHFRVHVTXHFHUWDPHQWFRQFRUGHQDPEHOVSODQWHMDPHQWV
HVWqWLFV L GUDPDW~UJLFV ±TXH MD DQHP FRQHL[HQW IRUoD Ep± GH 3RVW*XHUUD L HOV SRVW
JXHUULDQV,ODIRUPXODFLyEDUEXVVLDQDPpVOtULFDLPpVXWRSLVWDTXHODSLVFDWRULDQDHQV
WUDQVPHWO¶HVSHULWGHOVFRPSDVVRVLQLFLDOVGHODFXOWXUDGHDYDQ]DGD
>@(QWUDUiHQODYLGDGHSOHQR5HSXOVDUiODDEVWUDFFLyQODVXWLOLGDG\ORVFRQGLPHQWRV
DUWtVWLFRVGHOWHDWUREXUJXpV6XSULPLUiODVSDUUDIDGDVODVFKDUODWDQHUtDV\WDPELpQHOHQXQFLDGR
GRJPiWLFR3RQGUiHQSLHKDUiHVWUHPHFHUVHFKRFDUFRQFHUWDUVHRGDQ]DUDVLPSOHVKRPEUHVGH
FDUQH \ KXHVR LJXDO TXH VRQ HQ OD YLGD 7HQGUi WDPELpQ SRU FDUiFWHU RFXSDUVH GH ORV
PRYLPLHQWRV GH FRQMXQWR GH OD FRQVWUXFFLyQ DUTXLWHFWyQLFD SROtWLFD \ VRFLDO GH PH]FODU
SURIXQGDPHQWHSRUHOSDVRGHXQPLVPRKiOLWRORFROHFWLYRFRQORSDUWLFXODUHOS~EOLFRFRQOD
DFFLyQODVDODFRQODHVFHQD
6HUiUHYROXFLRQDULR1R>VH@SXHGHVHUGHRWUDPDQHUDFXDQGRXQRVHDYHQWXUDXQSRFR
OHMRV HQWUH ODV FRVDV \ ODV JHQWHV GH KR\ FXDQGR VH KD SHUGLGR HO JXVWR GH GDU YXHOWDV
H[FOXVLYDPHQWH DOUHGHGRU GH OD SDUHMD R GHO WUtR TXH GHVFXEUH HO GHVHR VH[XDO \ VX DFFLGHQWH
DFRVWXPEUDGR HO DGXOWHULR FRPR TXLHQ GHVFXEUH $PpULFD FXDQGR QR VH WLHQH OD PDQtD GH
GHVFHQGHU DO LQWHULRU GH ODV SVLFRORJtDV LQGLYLGXDOHV SDUD DTXt GHWHUPLQDU ODV UHDFFLRQHV
VRUSUHQGHQWHV\ODVFRPELQDFLRQHVUHILQDGDV\QRVHWLHQHODFDUJDGHOiOJHEUDVHQWLPHQWDORGHO
DQiOLVLV PLFURVFySLFR >VH@ HV VHQVLEOH D ODV JUDQGHV OH\HV HFRQyPLFDV TXH PDQLSXODQ ORV
RSULPLGRVHQPDVDVHHVWiDWHQWRDOYpUWLJRGHRULHQWDFLyQVRFLDOTXHDEUHSHUVSHFWLYDVWUiJLFDVD
ODVXVWDQFLDYLWDOGHOPXQGRHQWUHORVEDUDWLOOHURVGHODFLYLOL]DFLyQFRQWHPSRUiQHD<SRUSRFR
TXHWHQJDXQRGHOXFLGH]\GHIHODOXFLGH]SULPHURODIHGHVSXpVVHHVUHYROXFLRQDULR6HKDFH
FDXVD FRP~Q FRQ OD PLVHULD \ HO VXIULPLHQWR VH WLHQH RGLR \ FyOHUD \ HVWR GD DO DUWH HO SRGHU
DUGLHQWHTXHIDOWDKDFHWLHPSRDODUWHEXUJXpV
6H DWDFDUi D ORV YLFLRV GH ODV FRVWXPEUHV D ORV GHIHFWRV GH ODV LQVWLWXFLRQHV D ORV
ULGtFXORV\ODVSRGUHGXPEUHVQRSDUDGLYHUWLUVHVLQRSDUDGHVWUXLU&RPRODUHYROXFLyQPLVPDHO
DUWH UHYROXFLRQDULR VHUi GHPROHGRU \ FRQVWUXFWRU \ FRQVWUXLUi VREUH ODV UXLQDV TXH WLHQH OD
REOLJDFLyQGHKDFHUHQVHJXLGD
< REWHQGUi XQD Pi[LPD LQWHQVLGDG ©GH HIHFWRª SRU XQD DOEDxLOHUtD HVFpQLFD PDWHULDO
H[WUHPDGDPHQWHVHQFLOODGHVQXGDHVTXHPiWLFD\DGHPiV SRUHOHPSOHRVLQIyQLFRGHWRGRVORV
PHGLRV GH DFFLyQ TXH LPSUHVLRQDQ DO HVSHFWDGRU FRUULHQWH GUDPiWLFD JHVWLFXODFLyQ JULWRV
P~VLFDSUR\HFFLRQHVGHOX]\GHVRPEUDHWF
6REUHODUHFHSFLyJHQHUDOGHOWHDWUHUXVWHDWUHTXHFRPHOGH3LVFDWRUYDVHUPROWDGPLUDW
SHUzYDWHQLUSRFDRFDSLQIOXqQFLDUHDOHQHOVHVFHQDULVFRPHUFLDOVSHUDTXHOOVDQ\VLGXUDQWOD5HS~EOLFD
Y*ORULD5H\)DUDOGRV³1RWDVVREUHWHDWURUXVRHQ(VSDxD´6HJLVPXQGR5HYLVWD+LVSiQLFDGH7HDWUR
'HVGH3DUtVDUULEDYHQWDPEpDODQRVWUDUHYLVWDFRPVDEHPOHVFROÂODERUDFLRQV
GH*RUNLQTXHDERUGDYHQWHPHVGHOLWHUDWXUDFLQHPDRWHDWUH³(OWHDWURHQ3DUtV´
pVXQDFUzQLFDTXHDSDUHL[HQHOQ~PHURGH3RVW*XHUUDFRUUHVSRQHQWD JHQHUGHO
5HVXOWDLQWHUHVVDQWSHUDOHVSHUVSHFWLYHVTXHLQWHQWHPH[SRVDUHQHOSUHVHQWWUHEDOOHO
IHWGHFRQVWDWDUTXHILQVLWRWHVFULELQWGHVGHOFRUGHODFXOWXUDJDOÂOD±RQYLYLDH[LOLDWL
PLJ FODQGHVWLQDPHQW± -XOLiQ *yPH] WRW H[KLELQW XQ FRQHL[HPHQW H[KDXVWLX L GH
SULPHUD Pj GH OD FDUWHOOHUD SDULVHQFD VH VXPL WDPEp D OD ODERU GH FRQFXOFDFLy GHO
SUHVWLJL FXOWXUDO OLWHUDUL L WHDWUDO IUDQFqV HQ EHQHILFL GHO UXVVRJHUPjQLF +R ID MD DO
FRPHQoDPHQW GH O¶DUWLFOH L D SDUWLU G¶XQD FRQWURYqUVLD TXH VHPEOD YROHU LQLFLDU DPE
$]RUtQ
©$]RUtQª DILUPDED KDFH DOJ~Q WLHPSR HQ XQD LQWHUYL~ TXH FRQRFH EDVWDQWH ELHQ HO
WHDWURPRGHUQRUXVRDOHPiQ\IUDQFpV\TXHDVXHQWHQGHUHOPHMRUHVHO~OWLPR
<RQRSUHWHQGRQDWXUDOPHQWHPHWHUPHDFRQWUDGHFLUDXQKRPEUHGHODVOXFHVOLWHUDULDV
GHODXWRUGH©/RV3XHEORVªSHURVtTXLHURGHFLUTXHFXDOTXLHUDTXHKD\DVHJXLGRFRQXQSRFR
GHDWHQFLyQHO PRYLPLHQWRWHDWUDO PRGHUQRGHORVWUHV PHQFLRQDGRV SDtVHVQRVHH[SOLFDUiVX
SUHIHUHQFLD WRGR \ WHQLHQGR SUHVHQWH TXH HO HVStULWX TXH DQLPD DO WHDWUR IUDQFpV PRGHUQR HVWi
PiV FHUFD GH ORV JXVWRV \ GH OD WUDGLFLyQ TXH HQYHQHQDQ D ORV LQWHOHFWXDOHV \ D ORV S~EOLFRV
ODWLQRV TXH HO DOHPiQ \ VREUH WRGR HO UXVR < XQD VLPSOH RMHDGD VREUH HO PRYLPLHQWR WHDWUDO
IUDQFpVGHODDQWHULRU\GHODDFWXDOWHPSRUDGDEDVWDUiFUHR\RDSUREDUQXHVWURDVHUWR
*RUNLQ ID WRW VHJXLW XQ UHSjV D OHV HVWUHQHV GH 3DUtV WDQW SHO TXH ID D DXWRUV
IUDQFHVRV FRP D PXQWDWJHV GH FOjVVLFV R FRQWHPSRUDQLV G¶DOWUHV ODWLWXGV 'LVWLQJHL[
HQWUH HO WHDWUH ERXOHYDUGLHU TXH GHILQHL[ FRP ³DE\HFWR´ L HOV WHDWUHV G¶DUW
DQWLERXOHYDUGLHUV (OV DXWRUV IUDQFHVRV G¶q[LW FRP O¶³HQGLRVDGR DXWRU %HUQVWHLQ´ L
G¶DOWUHV ³QR VRQ GLJQRV GH PHQFLyQ´ ,QGXOWD HQ FDQYL XQD HVWUHQD GH -HDQ5LFKDUG
%ORFK³XQDREUDGHWHQGHQFLDQXHYDGHSRVWJXHUUDVREULDPHQWHSHQVDGD\FRQVWUXtGD
TXH VHxDOD FHUWHURV DWLVERV GH OD DFWXDO VRFLHGDG HQ GHVFRPSRVLFLyQ HQ
WUDQVIRUPDFLyQ´'¶DXWRUVQRIUDQFHVRVGHVWDFDXQDREUDG¶(OPHU/5LFH³TXHURPSH
FRQHOWHDWURWUDGLFLRQDOSVLFROyJLFRGHFRVWXPEUHV\FDUDFWHUHV\FRQODYLHMDWpFQLFD
\QRVRIUHFHXQDYLVLyQXQSRFRFLQHPDWRJUiILFDGHODDFWXDOVRFLHGDGQRUWHDPHULFDQD
EUXWDO UDFLRQDOL]DGD ©VWDQGDUL]DGDª´ /D FUzQLFD GH *RUNLQ ±TXH ID XQD DWDSHwGD
UHODFLy GH GUDPDWXUJV REUHV PXQWDGHV GLUHFWRUV G¶HVFHQD L WHDWUHV VXEYHQFLRQDWV R
LQGHSHQGHQWV± DFDED DPE XQD FRQFOXVLy L XQD FRGD ILQDO /D FRQFOXVLy pV DTXHVWD
³/XHJRWDQWRHQODSDVDGDWHPSRUDGDFRPRHQODDFWXDOVyORPHGLDGRFHQDGHREUDVGH
DXWRUHV IUDQFHVHV KDQ SRGLGR VREUHVDOLU VLHQGR D~Q FRQ WRGR LQIHULRUHV D ODV REUDV
H[WUDQMHUDV TXH KHPRV WHQLGR RFDVLyQ GH YHU´ , OD FRGD ±TXH HQOODoD DPE O¶H[RUGL GH
O¶DUWLFOH±pVDTXHVWDDOWUD
$FDEDGHUHJUHVDUGH5XVLD DFRPSDxDGDGHVX PDULGRODDUWLVWD VHxRUD /DUDDQWLJXD
VRFLHWDULD GH OD &RPHGLD )UDQFHVD \ DFWXDO GLUHFWRUD GHO (VWXGLR 7HDWUDO $UWH \ $FFLyQ +D
HVWXGLDGR SURIXQGD \ GHWHQLGDPHQWH HO QXHYR PRYLPLHQWR WHDWUDO UXVR \ HQ FRQIHUHQFLDV H
LQWHUYL~V OR KD HQVDO]DGR FRQ YHUGDGHUR HQWXVLDVPR DO PLVPR WLHPSR TXH KD WDFKDGR GH
GHFDGHQWH\UXWLQDULRHOWHDWURIUDQFpVDFWXDO
/DVSDODEUDVGHODVHxRUD/DUDTXHFRQRFHPX\ELHQHOWHDWURIUDQFpV\TXHKDWHQLGR
RFDVLyQGHHVWXGLDUHOUXVRSXHGH>Q@VHUYLUGHUHVSXHVWDDODVSDODEUDVGH©$]RUtQª
$]RUtQGH IHW MDHUD SHUVRQDQRQ JUDWDDOHVSODQHVGH 3RVW*XHUUD(Q XQFRPHQWDULGHOD
VHFFLy ³3ROpPLFD´ WLWXODW ³%DQTXHWH D $]RUtQ´ VH O¶DFXVDYD DPE FHUWD FUXHO LURQLD GH OD VHYD
LQYROXFLy SROLWLFROLWHUjULD 3RVWHULRUPHQW RSRUWXQDPHQW KR FRPHQWDUHP 1XHYD (VSDxD HQ YLUWXW G¶XQ
QRXJLULGHROzJLFGHO¶DXWRUDOHVSRUWHVGHOD,,5HS~EOLFDO¶LQGXOWDUj
+HQU\%HUQVWHLQ3RSXODUFRPHGLzJUDIIUDQFqVGXUDQWOD%HOOHeSRTXHDXWRUGH
IHEULOVFRPqGLHVG¶DOWDVRFLHWDW
8OWHULRUV FROÂODERUDFLRQV JRUNLQLDQHV GH WHPjWLFD WHDWUDO D 3RVW*XHUUD VyQ OHV
TXH FHOHEUHQ HO FHQWHQDUL G¶,EVHQ R SUHVHQWHQ 6WULQGEHUJ DO OHFWRU GH OD UHYLVWD
$PEGyVDXWRUVHVFDQGLQDXVVyQHVFROLDWVDPEGHIHUqQFLD±LVREUHWRW,EVHQ³HO
JUDQIXQGDGRUGHOWHDWURGH,GHDVHOJUDQJLJDQWHQRUWHxR´3HUzWDPEpHQDPEGyVFDVRV
*RUNLQ DSURILWD SHU GHPDQDU OD VXSHUDFLy GH O¶LQGLYLGXDOLVPH EXUJqV HQ SUR G¶XQ DOW
VHQWLWG¶DOOzFROÂOHFWLXTHVWLyDTXHVWD±FRPHQVFRQVWD±UHSHWLGDPHQWGHIHQVDGDGHVGH
3RVW*XHUUD D O¶KRUD GH WUDFWDU OHV UHODFLRQV HQWUH LQWHOÂOHFWXDO L VRFLHWDW (Q O¶DUWLFOH
VREUH,EVHQHOWHPDWRWMXVWV¶DSXQWD
/D ILORVRItD TXH VH GHVSUHQGH GH ORV SHUVRQDMHV LEVHQLDQRV HV OD ILORVRItD GHO
LQGLYLGXDOLVPR /RV SHUVRQDMHV PiV IXHUWHV GH ,EVHQ VRQ ORV TXH VLPEROL]DQ OD OXFKD GHO
LQGLYLGXRFRQWUDODVRFLHGDGFRQWUDORV©FyGLJRVDUWLILFLDOHVª\FRQWUDODV©WLUDQtDVGRFWULQDULDVª
1R REVWDQWH HQ VX JUDQ SRHPD GUDPiWLFR 3HHU *\QW ,EVHQ VH OHYDQWD FRQWUD HO HJRtVPR
LQGLYLGXDOFRQWUDODGLYLVDGH©OLPtWDWHDWLPLVPRª\ODORFXUDGHSURFODPDUVH©HPSHUDGRUGHVt
PLVPRª
3HUz pV HQ O¶DUWLFOH VREUH 6WULQGEHUJ HQ DERUGDU UHVXPLGDPHQW OD FRPSOH[D
SHUVRQDOLWDWLWRUWXRVDHYROXFLyGHO¶DXWRUVXHFRQ*RUNLQDWDFDDPEFHUWDFRQWXQGqQFLD
ODILJXUD±WDQIUHTHQWYDODGLUHQODOLWHUDWXUDHXURSHDGHOHVGqFDGHVSUHFHGHQWV±GH
O¶LQWHOÂOHFWXDO TXH YLX L WUDQVPHW OD VHYD LQDGDSWDFLy HQ OD VRFLHWDW EXUJHVD FRP XQ
SUREOHPDSHUVRQDOLQRFRPXQDTHVWLySROtWLFD
>@ 6RxDGRU GHPRFUiWLFR KR\ PDWHULDOLVWD PDxDQD DFDEy HQ HO PiV GHVDVWURVR
SHVLPLVPR KDVWD PRULU DEUD]DQGR OD %LEOLD )XH OD VX\D OD LQTXLHWXG GHO KRPEUH ±GHO
LQWHOHFWXDO±TXHVHSDVDODYLGDEXVFiQGRVHVLQHQFRQWUDUVHQXQFDGHOLQWHOHFWXDOTXHLQWR[LFDGR
SRUODFXOWXUDEXUJXHVDWUDWDGHOXFKDUFRQWUDHOOD±SXHVWRTXHDQWHVKDWUDWDGRGHDGDSWDUVHVLQ
FRQVHJXLUOR± GH OLEUDUVH GH VXV WHQWiFXORV GH FUHDUVH XQ ©\R LQGHSHQGLHQWHª KDVWD FDHU
GHUURWDGRYHQFLGREXVFDQGRHQODUHOLJLyQXQHQJDxRVRFRQVXHOR£7UiJLFRVGHVWLQRVORVGHHVRV
LQWHOHFWXDOHV TXH SUHWHQGHQ FUHDUVH GHQWUR GH OD VRFLHGDG EXUJXHVD XQD SHUVRQDOLGDG
LQGHSHQGLHQWHVLQURPSHUHQWHUDPHQWHFRQHOODVLQGHFLGLUVHDOXFKDUDELHUWDPHQWHFRQWUDHOOD
(OGHVWLQRGH6WULQGEHUJHVHQHVWHVHQWLGRWtSLFR©,QIOXHQFLDQyUGLFDªH[FODPDQPXFKRV1R
±GHFtDPRVQRVRWURV±LQIOXHQFLDEXUJXHVDLQWR[LFDFLyQEXUJXHVD
7RUQHPILQDOPHQWDOWHPDGHOSUHVWLJLWHDWUDODOHPDQ\8QDQRWtFLDEUHXLVHQVH
VLJQDU GH OD VHFFLy ³7HDWUR´ HQV VHUYHL[ G¶LQGLFL GH ILQV D TXLQ SXQW OD QRVWUD UHYLVWD
HVWDYDFRPSURPHVDDPEDTXHVWDODERUGHSUHVWLJLDUOHVWDXOHVWHXWzQLTXHV(VWUDFWDGH
³0LO VHLVFLHQWDV RFKHQWD \ WUHV UHSUHVHQWDFLRQHV GH 6KDNHVSHDUH HQ XQ DxR HQ
$OHPDQLD´ /D QRWD SUHWpQ PpV TXH UHV GRQDU DO OHFWRU XQD LGHD QXPqULFD R
HVWDGtVWLFD GH O¶DELVPH WHDWUDO L GRQFV FXOWXUDO L VRFLDO TXH VHSDUD $OHPDQ\D
G¶(VSDQ\D1RHVWUDFWDDTXtMDQRPpVGHOWHDWUHSLVFDWRULjRGHOPpVSURSHUDO¶HVWqWLFDL
OD LGHRORJLD SRVWJXHUULDQHV VLQy GH OD LQVWLWXFLy WHDWUDO HQ FRQMXQW LQFORVRV HOV
HVFHQDULV PpV EXUJHVRV (O SULPHU SDUjJUDI GHL[D FODU TXH $OHPDQ\D HQFDSoDOD HO
GHVHQYROXSDPHQWGHOHVDUWVGH7DOLDL0HOSzPHQH
(Q$OHPDQLDTXHHVVLQGXGDGHWRGRVORVSDtVHVEXUJXHVHVGHOPXQGRHOHQTXH>VLF@
HO DUWH WHDWUDO KD HQFRQWUDGR XQ PD\RU GHVDUUROOR H[LVWH XQD 6RFLHGDG GH 6KDNHVSHDUH XQD
6RFLHGDGGH,EVHQHWFpWHUDHWF
,VHJRQVXQLQIRUPHGHOD'HXWVFKH6KDNHVSHDUH*HVHOOVFKDIWGXUDQWO¶DQ\GH
OHV REUHV GHO JHQL HOL]DEHWKLj HV YDQ UHSUHVHQWDU YHJDGHV HQ HOV WHDWUHV
DOHPDQ\VG¶+DPEXUJD0XQLFLGH)UDQNIXUWD'UHVGHQeVPpVOD[LIUDGHTXH
QR HV SUHFLVD HQFDUD KD HVWDW VXSHULRU 6L D VREUH KL DIHJLP TXH O¶DFWLYLWDW WHDWUDO
DOHPDQ\DLQFORXGHFRQWLQXOHVREUHVGHOVJUDQVDXWRUVHVFDQGLQDXVLUXVVRV±³REUDVTXH
QR FRQRFHQ FDVL QXQFD HO KRQRU GH ORV HVFHQDULRV IUDQFHVHV \ TXH VRQ WRWDOPHQWH
GHVFRQRFLGDVHQ(VSDxD´±HOVDUJXPHQWVGH3RVW*XHUUDGHIHQVDQWODFODUDVXSHULRULWDW
GHO¶(XURSDVHSWHQWULRQDOHQDTXHVWjPELWGHODFXOWXUDUHVXOWHQSURXFRQYLQFHQWV
8QGDUUHULQGLFLGHOVHVIRUoRVGHODUHYLVWDSHUPDQWHQLUYLYDODUHFHSFLyGHOPyQ
WHDWUDOJHUPjQLFHOFRQVWLWXHL[³$OIUHG.HUUHQHVFHQD\VX/;DQLYHUVDULR´XQD
FUzQLFD GH SODQD L PLWMD VLJQDGD SHU XQ WDO -HDQ 7DUYHO VREUH O¶HVWUHQD D %HUOtQ
G¶+RNXVSRNXVXQDFRPqGLD³PX\©DODPDQHUDªGH3LUDQGHOOR´GH&XUW*RHW]/¶REUD
Wp OD PHWDOLWHUjULD SDUWLFXODULWDW TXH FDS DO ILQDO ID DSDUqL[HU HQ HVFHQD HO SHUVRQDWJH
G¶$OIUHG.HUUSHUTXqMXWJLODSUzSLDSHoDTXHV¶HVWjUHSUHVHQWDQW/¶DFWRUTXHIDHOSDSHU
GHO JUDQ FUtWLF ³VH KD FDUDFWHUL]DGR FRQ WRGD SURSLHGDG H LPLWD FRQ IRUWXQD KDVWD ORV
PHQRUHV GHWDOOHV GH VX UHSUHVHQWDGR´ (O SHUVRQDWJH HQWRQD XQD FUtWLFD WHDWUDO LPLWDQW
.HUU³FRQVXV IUDVHVIDYRULWDV´L ³HQVXHVWLOR FRQFLVR \YROXQWDULDPHQWHWDMDGR´7RW
DL[zGyQDSHXDOFURQLVWDDGHGLFDUXQSDUjJUDIILQDODVLJQLILFDUHOVHL[DQWqDQLYHUVDUL
G¶$OIUHG.HUULDUHVXPLUDOJXQGHOVDFWHVLKRPHQDWJHVTXHDPEWDOPRWLX³OD$OHPDQLD
OLWHUDULD\WHDWUDOSURGLJDDOPiVJUDQGHGHVXVFUtWLFRV´
$SRUWDUHP ILQDOPHQW SHU FORXUH DTXHVW FDStWRO XQ GRFXPHQW LQGLFDWLX GHO
SUHVWLJLGHTXqJDXGLDODLQVWLWXFLyWHDWUDODOHPDQ\DHQDTXHVWDqSRFDGHOVGDUUHUVDQ\V
LHOVSULPHUVXQSUHVWLJLTXHFRPKHPYLVWHUDUHLYLQGLFDWSHUODLQWHOÂOHFWXDOLWDW
KLVSjQLFD G¶HVTXHUUHV SHUz TXH QDWXUDOPHQW QR HUD QRPpV SDWULPRQL VHX +R
FRPSUREHPDOSUzOHJTXHHOOODYRUVMRYHKHOÂOHQLVWD-DXPH2OLYHVL&DQDOV
YDSRVDUDOGDYDQWGHODVHYDWUDGXFFLyGHO¶RSXVFOH/¶HVWXGLGHODFLqQFLDGHOWHDWUHD
$OHPDQ\DHGLWDGDHOQRYHPEUHGHSHUOD,QVWLWXFLyGHO7HDWUHGHOD*HQHUDOLWDWGH
&DWDOXQ\D (O SURORJXLVWD IXWXU WUDGXFWRU GH 3ODWy D OD %HUQDW 0HWJH VHQV GXEWH
KDYLD HVWXGLDW ±VL QR HVWXGLDYD HQFDUD± HQ DOJXQD XQLYHUVLWDW DOHPDQ\D $O ILQDO GHO
SUzOHJ DJUDHL[ TXH OD 'HXWVFKH $NDGHPLVFKH $XVODQGVVWHOOH GHV 9HUEDQGHV GHU
'HXWVFKHQ +RFKVFKXOHQ KDJL FHGLW HOV GUHWV GH WUDGXFFLy FRVD TXH H[SOLFD TXH OD
FRQWUDFREHUWDDQWHULRUGHOYROXPHWHVWLJXLSXOFUDPHQWGHGLFDGDDIHUSXEOLFLWDWG¶DTXHVWD
LQVWLWXFLyDPEVHXD'UHVGHQ9DOODSHQDFRQVLJQDUDTXtDTXHVWDQRWDLQIRUPDWLYD
G¶(XURSD
)XQGDGD HO VHPEOD VHU TXH HQFDUD DYXL pV O¶DVVRFLDFLy OLWHUjULD HQ DFWLX PpV DQWLJD
1R KHP WUREDW FDS UHIHUqQFLD G¶DTXHVW SHUVRQDWJH 7RW ID SHQVDU TXH HV WUDFWDULD GHO
FRUUHVSRQVDOD%HUOtQG¶DOJXQDSXEOLFDFLyIUDQFHVDGHODTXDO3RVW*XHUUDKDXULDREWLQJXWODFUzQLFD
.HUUQRHUD XQGHVFRQHJXWDOD3HQtQVXOD $UDTXLVWiLQHQXQDUWLFOH WLWXODW ³$OIUHG.HUUHQ
(VSDxD´Q¶KDYLDIHWXQSHQHWUDQWUHWUDWGHSULPHUDPj$OOtDEDQVGHFRPHQWDUHOVHXOOLEUH26SDQLHQ
(LQH5HLVH%HUOLQ6)LVFKHUIUXLWG¶XQYLDWJHGXUDQWODSULPDYHUDGHO$UDTXLVWiLQSUHVHQWDOD
SHUVRQDOLWDWFUtWLFROLWHUjULDGH.HUUGHL[DQWFODUHO YDORUDUWtVWLFLHOFDUjFWHUGHJqQHUH OLWHUDULDXWzQRP
TXHSRWWHQLUODFUtWLFDWHDWUDOGHTXDOLWDW/XLV$UDTXLVWiLQ(O$UFDGH1Rp(QVD\RV9DOHQFLD6HPSHUH
,QH[SOLFDEOHPHQW(UQVW-RKDQQHQODVHYD~WLOGHVFULSFLyGHOFDWjOHJKLVWzULFGH)LVFKHU
YELEOLRJUDILDQRIDHVPHQWGHO¶KLVSjQLF5HLVHEXFKGH.HUU
+DQV.QXGVHQ/¶HVWXGLGHODFLqQFLDGHOWHDWUHD$OHPDQ\DSUzOLWUDGGH-2OLYHVL&DQDOV
%DUFHORQD ,QVWLWXFLy GHO 7HDWUH 6RWD HO QRP GH O¶DXWRU V¶LQGLFD HO VHX FjUUHF ³6HFUHWDUL GH OD
*HVHOOVFKDIWIU7KHDWHUJHVFKLFKWHGH%HUOtQ´
$TXHOO PDWHL[ PHVQRYHPEUHGH /D*DFHWD /LWHUDULDQ~P SDQXQFLDYDOD
FUHDFLyGHO'$$'DSDUWLUGHODIXVLyGHWUHVRUJDQLVPHVSUHFHGHQWVODUHIHULGD'HXWVFKH$NDGHPLVFKH
$XVODQGVVWHOOHO¶$NDGHPLVFKHU$XVWDXVFKGLHQVWLO¶$OH[DQGHUYRQ+XPEROGW6WLIWXQJ
$TXHVWDRILFLQDGyQDWRWD PHQDG¶LQIRUPDFLRQVVREUHHOVHVWXGLVD $OHPDQ\D)DFLOLWD
SODQVG¶HVWXGLLDFRQVHOODVREUHHOVYLDWJHVG¶HVWXGLRO¶HOHFFLyGHFXUVRVGHYDFDQFHV
$PE SODHU FRQWHVWDUj TXDOVHYXOOD FRQVXOWD TXH VH OL GLULJHL[L DMXGDUj D O¶HODERUDFLy L
SUHSDUDFLyGHSODQVG¶HVWXGLVLRULHQWDUjO¶HVWXGLDQWHVWUDQJHUGXUDQWODVHYDHVWDGDD$OHPDQ\D
/¶RILFLQDKDSXEOLFDWXQDJXLD'LH'HXWVFKHQ+RFKVFKXOHQTXHLQIRUPDVREUHO¶HVWXGL
LHOUqJLPGHYLGDHQHOVFHQWUHVVXSHULRUVG¶HQVHQ\DQoDDOHPDQ\V3RWREWHQLUVH¶QJUDWXwWDPHQW
XQH[HPSODUHQDOHPDQ\DQJOqVRHVSDQ\RODGUHoDQWVHDO¶HQWLWDW
$OHPDQ\DHGXFDGRUDWDPEpGHOHVHOLWVLQWHOÂOHFWXDOVLFLHQWtILTXHVFDWDODQHVXQ
LQWHUHVVDQWWHPDHQTXqDTXtDUDQRSRGHPDWXUDUQRV-DXPH2OLYHVL&DQDOVHQHOVHX
SUzOHJ DERUGD GH IRUPD EUHX ±SHUz SURX O~FLGD L YDOHQWD± HOV SUREOHPHV TXH SRW
FRPSRUWDU OD PHUD LPSRUWDFLy GH PRGHOV WHDWUDOV XQLYHUVLWDULV R FLHQWtILFV SURYLQHQWV
G¶$OHPDQ\DVLSUqYLDPHQWQRHVFRPSWDDPEXQDEDVHSUzSLDSURXGHVHQYROXSDGDFRP
SHUSRGHUDEVRUELUDPESURILWO¶DSRUWDFLyIRUDQD9HJHPKR
>@+LKDSUREOHPHVTXHVyQXQLYHUVDOVFDGDSDtVSHUzHOVWpSODQWHMDWVG¶XQDPDQHUD
GLVWLQWD $L[t OD UHQRYDFLy GHO WHDWUH D &DWDOXQ\D FRP OD GH OD XQLYHUVLWDW HVWj HQ XQ HVWDGL
GLIHUHQW QR JRVHP D GLU LQIHULRU R VXSHULRU DO G¶$OHPDQ\D 3URSXJQDU HOV PDWHL[RV FDPLQV
VHJXLWVSHOYHtVHULDFDXUHHQDTXHOOLOÂOXVLRQLVPHIjFLOGHOSHQVLRQDWDO¶HVWUDQJHUTXHUHWRUQDDOD
VHYDSjWULDDPEXQDSDQDFHDLQIDOÂOLEOHODFzSLDLLPLWDFLyGHOHVLQVWLWXFLRQVIRUDQHV,QIOXwWVGHO
VHXHQWXVLDVPHSURYLQFLjHOVRUJDQLVPHVGHJRYHUQ±FRPUHPDUFDYD-2UWHJDL>VLF@*DVVHWHQ
XQDUWLFOHUHFHQW±FUHHQFHQWUHVG¶HVWXGLVDOOjRQPDQFDO¶HVSHFLDOLVWDLVRYLQWjGKXFHOFRQFHSWH
G¶HVSHFLDOLWDWUHYHVWHL[HQXQDFLqQFLDDPEODSDUHQFHULDG¶XQSURJUDPDQRXLPLWDFLyVHUYLOGH
O¶HVWUDQJHU SHQVDQW UHGLPLU O¶DWUzILD G¶XQ FDWHGUjWLF LQHSWH EDVWHL[HQ PDJQtILFV ODERUDWRULV
G¶LQYHVWLJDFLyTXDQHOVLQYHVWLJDGRUVPDQTXHQLFUHXHQDUULEDUDL[tDUHVXOWDWVSRVLWLXV
8Q FRS HO MRYH ILOzOHJ KD SDVVDW FHUWV FRPSWHV DPE OD LQVWLWXFLy FLHQWtILFR
XQLYHUVLWjULD HVSDQ\ROD SDVVD D ODPHQWDUVH GH OD SHQRVD VLWXDFLy DFWXDO GHO WHDWUH
SHQLQVXODU HO TXDO GHVPHUHL[HGRU GH OD VHYD WUDGLFLy JORULRVD DYXL ³YHJHWD HQ PLJ
G¶XQDPHGLRFULWDWODPHQWDEOHLQRpVRPEUDGHOTXHKDXULDG¶pVVHU´(OWHDWUHHQOOHQJXD
DOHPDQ\D±FUHXHOSURORJXLVWD±QRWpXQDWUDGLFLyWDQULFDFRPHO³QRVWUH´zEYLDPHQW
QRHVUHIHUHL[QRPpVDOWHDWUHHQOOHQJXDFDWDODQDSHUz$OHPDQ\DKD³WLQJXWHQFDQYL
XQDYROXQWDWWHQDoSRVDGDDOVHUYHLG¶XQDYLVLyFODULYLGHQWGHOSDSHUTXHHOWHDWUHMXJD
HQODYLGDGHOVSREOHV´7RUQDGRQFVDIHUVHSUHVHQWODSUHRFXSDFLyVRFLDOTXHDTXtHV
FRQMXJDDPEXQDGHQDFLRQDODO¶KRUDGHYDORUDUO¶HVWDWGHVDOXWGHODLQVWLWXFLyWHDWUDO
$$OHPDQ\DOHVFRVHVHVIDQDL[tGHEp
1R pV UDU WUREDU D $OHPDQ\D HQ FLXWDWV QR MD GH SULPHUD VLQy GH VHJRQD R WHUFHUD
FDWHJRULD HVSOqQGLGV WHDWUHV PXQLFLSDOV TXH IXQFLRQHQ UHJXODUPHQW L FRPSWHQ DPE WRW HO
QHFHVVDULDODVHYDPLVVLyFXOWXUDO+RPH[LJHL[GHO¶DXWRUXQPtQLPG¶HGXFDFLyDUWtVWLFDLGHO
GLUHFWRUODFRPSHWqQFLDWqFQLFDLQGLVSHQVDEOH/HVLQVWLWXFLRQVS~EOLTXHVYHWOOHQSHOFRPSOLPHQW
G¶DTXHVWV SUHFHSWHV IRQDPHQWDOV L FXUHQ GH IRUQLU HOV HOHPHQWV QHFHVVDULV GRWHQ DPE OODUJXHVD
HOVWHDWUHVLFUHHQDOVHXFRVWDWHOVFHQWUHVGHFXOWXUDTXHDVVHJXULQXQDVDQDWUDGLFLyGUDPjWLFD
$L[t SDV D SDV HO WHDWUH KD FRQTXLVWDW OD FRQVLGHUDFLy L O¶HVWLPD GH WRWKRP L SHQHWUD MD ±FRVD
H[WUDRUGLQjULDLLQDXGLWDSHUDQRVDOWUHV±DOHVHVIHUHVPpVDOWHVGHODXQLYHUVLWDW>@
(QODVHYDPRGHUDFLy2OLYHVL&DQDOVDQWHULRUPHQWQRKDJRVDWMXWMDUVLO¶HVWDW
GHGHVHQYROXSDPHQWGHOHVGXHVJUDQVLQVWLWXFLRQVFXOWXUDOVODWHDWUDOLODXQLYHUVLWjULD
HVWUREDYDD(VSDQ\DHQXQJUDXVXSHULRURLQIHULRUDOG¶$OHPDQ\D(OFDVpVTXHWRWHO
TXH SRVWHULRUPHQW GHVFULX ID SHQVDU TXH OD FRPSDUDFLy SRGULD UHVXOWDU VLPSOHPHQW
LQVXOWDQWSHUDPEGXHVSDUWV0pVDPXQWV¶KDYLDPRVWUDWFRQWUDULDOHVLPLWDFLRQVRDOD
-2OLYHVL&DQDOV³3UzOHJ´D+DQV.QXGVHQRSFLW
,ELG
UtJLGD LPSODQWDFLy GH PRGHOV FXOWXUDOV H[WHULRUV SHUz DL[z QR YRO GLU TXH DTXHVWV
PRGHOVQRV¶KDJLQGHFRQVLGHUDURILQVLWRWDGPLUDUVREUHWRWVLHQVSRGHQHQVHQ\DUGH
TXLQDPDQHUDV¶DUWLFXODXQYLQFOHIHUPHQWUHHVFHQDQDFLRQDOLYLGDQDFLRQDO
(Q HPSUHQGUH O¶HVWUXFWXUDFLy GH OD QRVWUD YLGD QDFLRQDO VHULD LPSHUGRQDEOH TXH
REOLGpVVLPHOWHDWUH(OVSDwVRVPpVDYDQoDWVG¶(XURSDHQVGRQHQXQH[HPSOHPDVVDDOOLoRQDGRU
SHUTXq HO GHVDSURILWHP /D FRUED GH FUHL[HQoD GH O¶HVFHQD QDFLRQDO FDWDODQD VHUj XQ H[SRQHQW
VHJXUGHODSOHQLWXGGHOQRVWUHSREOH>@
'HPDQHUDTXHVLHOVSRVWJXHUULDQVGHVGHSRVLFLRQVG¶HVTXHUUDUHYROXFLRQjULD
GHVLWJHQ XQD UHQRYDFLy GHO WHDWUH HVSDQ\RO FRP D HLQD G¶XQD WUDQVIRUPDFLy VRFLDO HO
QRVWUH WUDGXFWRU GHV GHO VHX KXPDQLVPH PRGHUDW DOÂOXGHL[ D XQD UHQRYDFLy GHO WHDWUH
FDWDOj FRP D HLQD G¶XQD WUDQVIRUPDFLy QDFLRQDO (Q DPEGXHV SURSRVWHV IRUoD
GLVVHPEODQWV HO UHIHUHQW pV SHUz HO PDWHL[ $OHPDQ\D L HO VHX WHDWUH &DGDVF~
FDQDOLW]D OHV VHPSUH FDEDORVHV DLJHV FXOWXUDOV JHUPjQLTXHV FDS DO PROt GHOV VHXV
DIHFWHV FUHHQFHV R SURSzVLWV 7RWD UHFHSFLy FDOGUj LQVLVWLU QR pV PDL FDVXDO QL
GHVLQWHUHVVDGD
,ELG
8Q DOWUD SURSRVWD HQ FHUWD IRUPD VtQWHVL GH WRWHV GXHV DL[z pV DOKRUD QDFLRQDOLVWD ±R
JDOOHJXLVWD±LG¶HVTXHUUHVLTXHWDPEpHQVVHUYHL[FRPDH[HPSOHGHJHUPDQRItOLDWHDWUDOSURJUHVVLVWDOD
WUREHPHQODUHYLVWDGH/XJR<XQTXH3HULyGLFRGHYDQJXDUGLDSROtWLFDQ~PHURVPDLJ±WDUGRU
$TXHVWDSXEOLFDFLyVRUJLGDVHQVGXEWHHQHOGHL[DQW±RVLPpVQRHQO¶HVSHULWHSRFDOLGHROzJLF±
GHOWjQGHP3RVW*XHUUD1XHYD(VSDxDSXEOLFDHQHOQ~P9,,³7HDWURJDOOHJR´XQDUWLFOH
G¶(PLOLR3LWDHQHOTXDOO¶DXWRULQWHQWD SURSRVDU PRGHOV IRUQDQVLDOHPDQ\VHQ SULPHUOORF5HLQKDUGW
3LVFDWRU7ROOHU .DLVHU HWFSHU WDOGH UHQRYDU HO WHDWUH JDOOHF HOV DUJXPHQWV HVWqWLFRVRFLDOV DPE TXq
FULWLFD OD LQVWLWXFLy WHDWUDO JDOOHJD L DGYRFD SHU OD VHYD UHIXQGDFLy VyQ HOV PDWHL[RV TXH D 3RVW*XHUUD
V¶HVJULPLHQDPEUHODFLyDO¶HVSDQ\RODY<XQTXH3HULyGLFRGHYDQJXDUGLDSROtWLFD/XJR
(GLFLyQ IDFVLPLODU (VWXGL L HG GH /XtV $ORQVR *LUJDGR 0DULVD 0RUHGD /HLUDGR L 0DUtD 9LODULxR
6XiUH] VO ;XQWD GH *DOLFLD 6HFUHWDUtD ;HUDO GH 3ROtWLFD /LQJtVWLFD &HQWUR 5DPyQ 3LxHLUR SDUD D
,QYHVWLJDFLyQHQ+XPDQLGDGHV<XQTXHIRXXQDUHYLVWDG¶DYDQoDGDWDUGDQDTXHYDHYROXFLRQDUGH
ODSROtWLFDDODOLWHUDWXUD±LQRDO¶LQUHYpVFRPKDYLDPRVWUDWODWUDMHFWzULDGHOQRVWUHWjQGHP3RVW*XHUUD
1XHYD(VSDxD$IHJLPWDPEpTXHHQHOQ~PWDUGRU0HUFHGHV9)HUQiQGH]3LPHQWHOKLVLJQj
ODWUDGXFFLyFDVWHOODQDG¶XQVTXDQWVYHUVRVGH'DV6FKZDOEHQEXFKGH7ROOHU
3ODQDJUjILFD
3ODQDGHOQ~PHURRFWXEUHGHGH3RVW*XHUUD
3ODQDJUjILFD
8QDGHOHVQRPEURVHVSODQHVJUjILTXHV
HQODPDJQtILFDHGLFLyGH&HQLWMXOLROGHG·(OWHDWURSROtWLFRGH3LVFDWRU
3ODQDJUjILFD
'RVWtWROVGHODFROÂOHFFLyGH&HQLW©(O7HDWUR3ROtWLFRªRQWDPEpKLVHUDQ7ROOHUL±pVFODU±3LVFDWRU
3ODQDJUjILFD
&DUORV0DVLGHGHVGH1XHYD(VSDxDQ~P,9S
VHJXLUjGHPDQDQWQRXVDXWRUVTXHSXJXLQUHQRYDUO·HVFHQDKLVSjQLFD
3RVW*XHUUDL1XHYD(VSDxD
-D KHP DSXQWDW PpV DPXQW TXH G¶DOJXQD PDQHUD SRGHP FRQVLGHUDU 1XHYD
(VSDxD FRP OD UHYLVWD FRQWLQXDGRUD GH 3RVW*XHUUD R VL PpV QR FRP XQD SODVPDFLy
IXWXUDG¶DOJXQVDQKHOVTXHODSUHFXUVRUDYDVHUFDSDoGHSURMHFWDU±HQHOGREOHVHQWLWGH
OD SDUDXOD IHU XQ SURMHFWH R OODQoDUOR HQGDYDQW HQ HO WHPSV $PE UHODFLy DO QRVWUH
SULQFLSDO REMHFWH G¶HVWXGL ±FRQILJXUDFLy L FULVWDOÂOLW]DFLy G¶XQD HVWqWLFD G¶DYDQoDGD L
G¶XQHV FRQGLFLRQV FXOWXUDOLGHROzJLTXHV SURSLFLDGRUHV G¶XQD LQWHQVD UHFHSFLy GH
GHWHUPLQDWV DXWRUV DOHPDQ\V FRHWDQLV± O¶LQWHUqV VRFLROzJLF L SROLWLFRFXOWXUDO GH 1XHYD
(VSDxDGHPDQDTXHHQVQ¶RFXSHPDPEFHUWDH[WHQVLyLSHUDL[zHVGHYLQGUjO¶DOWUDIRQW
EjVLFD GHO SUHVHQW WUHEDOO DPE HOOD FRPSOHWDUHP O¶DQjOLVL GH O¶HYROXFLy GHO PyQ GH
DYDQ]DGDLREWLQGUHPPROWHVGDGHVVREUHHOSDSHUTXHOD5HS~EOLFDGH:HLPDUMXJDYD
HQHOVHXLPDJLQDUL1XHYD(VSDxDDSDUHL[PHVRVPpVWDUGTXHODSRVWUHPDHQWUHJD
GH3RVW*XHUUD(OGDUUHUWULPHVWUHGHWRWO¶DQ\O¶~OWLPVHQFHUGH3ULPRHQ
HO SRGHU L HO SULPHU PHV GH VHSDUHQ DPEGXHV SXEOLFDFLRQV 'HVSUpV GH
O¶H[SHULqQFLD GH 3RVW*XHUUD O¶DFWLYLWDW GHO JUXS LPSOLFDW 6LOHV %DOERQWtQ 9HQHJDV
$QGUDGH'tD])HUQiQGH]$UGHUtXVL*RUNLQFRPDSURWDJRQLVWHVSULQFLSDOVHQHOVDQ\V
LPPHGLDWDPHQWSRVWHULRUVV¶DUWLFXOD±VHQVHFRPSWDUODSUzSLDFDUUHUDOLWHUjULDG¶DOJXQV
G¶HOOV± HQ WUHV OtQLHV R UHDOLW]DFLRQV SULQFLSDOV OD WDVFD HGLWRUD OD SUD[L SROtWLFD L OD
SXEOLFDFLyGH1XHYD(VSDxD
1XHYD(VSDxDHQHOQRXPRPHQWSROtWLF
&RP MD V¶KD HVPHQWDW WDPEp PpV DPXQW 1XHYD (VSDxD VXUW DO FDUUHU HO GH
JHQHUGHGRVGLHVGHVSUpVGHODGLPLVVLyGH3ULPRLHOPDWHL[GLDHQTXqSUHQHO
SRGHU HO JHQHUDO %HUHQJXHU $UULEDUDQ D VRUWLU XQ WRWDO GH Q~PHURV O¶~OWLP DPE
GDWDGHMXQ\GH(OODSVHGHODVHYDH[LVWqQFLDpVGRQFVWDPEpGHPHVRV
(QUHDOLWDW1XHYD(VSDxDYDDVVROLUODURGRQD[LIUDGHQ~PHURVSHUTXqFDOFRPSWDUWDPEp
XQQ~PHURH[WUDRUGLQDULIRUDGHQXPHUDFLyDSDUHJXWDPEGDWDGHVHWHPEUHGHHQWUHHOVQ~PV
LTXHYDVRUWLUDPESODQHVLDOSUHXGHFqQWLPV
/HV GDWHV G¶DSDULFLy GHOV Q~PHURV VyQ OHV VHJHQWV Q~P , Q~P ,,
Q~P,,,Q~P,,,Q~P,9Q~P,9Q~P9Q~P
9Q~P9,YDVRUWLUDPEUHWDUGSHUODGHIHFFLyGH6LOHVQ~P9,Q~P
9,,Q~P9,,,SHOUHWDUGDFXPXODWHVYDVXSULPLUHOQ~PHURFRUUHVSRQHQWDGHMXOLRO
Q~P>9,,,@DODFDSoDOHUDFRQVWDSHUHUURU9,,,Q~P,;Q~P,;
SULPHUQ~PHURFRPDVHWPDQDULQ~PH[WUD,;Q~P;Q~P;Q~P
;Q~P;Q~P;,Q~P;,Q~P;,Q~P>;,
@ Q~PHUR VHJUHVWDW HQWHUDPHQW SHU OD SROLFLD DEDQV GH VRUWLU G¶LPSUHPWD DYXL SRVVLEOHPHQW SHUGXW
Q~P;,Q~P;,,Q~P;,,Q~P;,,YDVRUWLUDPEUHWDUGD
FDXVDGHODIUXVWUDGD6XEOHYDFLyQGH-DFDQ~P,SULPHUQ~PHURGHO¶$Q\,,Q~P,
Q~P,Q~P,,YDVRUWLUDPEWUHVVHWPDQHVGHUHWDUGQ~P,,Q~P
,,Q~P,,,Q~P,,,Q~P,,,QXP,,,Q~P
,9 Q~P ,9 Q~P ,9 SULPHU Q~PHUR VRWD OD 5HS~EOLFD Q~P ,9
WRWHOSHUtRGHGHWUDQVLFLyEHUHQJXHULjLHOVGRVSULPHUVPHVRVGHOD,,5HS~EOLFD1XHYD
(VSDxDpVODUHYLVWDTXHPpVTXH DQXQFLDUUHSUHVHQWDL H[HPSOLILFDMDXQWHPSVQRX
XQD QRYD GqFDGD XQD QRYD (VSDQ\D HQ SOHQD WUDQVIRUPDFLy SROLWLFRVRFLDO TXH HVWj
GHL[DQW UjSLGDPHQW REVROHWD OD PDTXLQjULD GH O¶(VWDW PRQjUTXLFRGLFWDWRULDO /D QRYD
SXEOLFDFLyUHFXOOFODUDPHQWO¶HVSHULWGH3RVW*XHUUDHQODVHYDFRPELQDFLyG¶LQWHUHVVRV
SROtWLFVLOLWHUDULVHQODUHSHWLFLyGHFHUWHVVHFFLRQVIL[HVHQODVHYDYRFDFLySROHPLVWD
HQ HO VHX LQWHUQDFLRQDOLVPH DO PDWHL[ WHPSV SHUz GHL[D DTXHOOD FHUWD DURPD GH
JDVHWD LGHDOLVWD SHU XQ DLUH GHFLGLGDPHQW PpV SUDJPjWLF L PpV VHJXU GH OHV SUzSLHV
SRVVLELOLWDWV/HVPLGHVGH1XHYD(VSDxD×VyQXQDPLFDPpVJUDQVTXHOHVGH
3RVW*XHUUD SHUz HQFDUD GHO WRW PDQHMDEOHV eV XQD UHYLVWD TXH YRO WUDQVPHWUH
PRGHUQLWDW ±FRVD TXH QR DFRQVHJXHL[ /D *DFHWD /LWHUDULD WRW L HO VLQFUzQLF FDQYL GH
IRUPDWDPEO¶HVWUHQDGHGqFDGD±SHUzXQDPRGHUQLWDWFRPSURPHVDGHDYDQ]DGD1RKL
EXVTXHPWDPSRFXQPHUzUJDQGHSURSDJDQGDVRYLqWLFD1XHYD(VSDxDpVXQDUHYLVWD
IHWDSHULQWHOÂOHFWXDOVHVSDQ\ROVG¶HVTXHUUDDPESHUVSHFWLYHVLFULWHULVSURSLV
1XHYD(VSDxDDUUHQFDDPEODSHULRGLFLWDWTXLQ]HQDODTXqKDYLHQDVSLUDWHQYD
HOV SRVWJXHUULDQV $UUHQFD WDPEp DPE SODQHV FRP O¶~OWLP Q~PHUR GH 3RVW
*XHUUDTXHSDVVDUDQUjSLGDPHQWDVHUMDHQHOQ~PLDL[tHVPDQWLQGUDQILQVDO
Q~PDSDUWLUGHOQ~PTXDQODSHULRGLFLWDWSDVVDDVHUKHEGRPDGjULDODUHYLVWD
V¶HVWDELOLW]DMDILQVDOILQDOHQOHVSODQHV&DOGLUTXHDTXHVWQRPEUHWRWDOGHSODQHV
VHPSUHGHVGHOSULPHUQ~PHURYDLQFORXUHOHVFREHUWHVGHIHWOHVFREHUWHVGH1XHYD
(VSDxDVyQGHOPDWHL[SDSHUTXHOHVSODQHVLQWHULRUVXQSDSHUILQHWTXHODGLIHUHQFLDGH
ODUXVWLFLWDWSRVWJXHUULDQD7RWSOHJDWIDTXHSRWVHUPLOORUTXHFRPDFREHUWDDQWHULRU
L SRVWHULRU FRQYLQJXL GHVFULXUHOHV ±PpV SHULRGtVWLFDPHQW± FRP D SRUWDGD L ~OWLPD
SODQD (Q HOV SULPHUV Q~PHURV DTXHVWD ~OWLPD SODQD ±TXH DSDUHL[ QXPHUDGD± VRO
GHGLFDUVH DXQDUWLFOHG¶RSLQLyVRYLQW VLJQDW SHU DOJXQ GHOV GLUHFWRUV (Q GHILQLWLYD L
FRUUHODFLRQDWDPEHOVHXFRQWLQJXWWDPEpKtEULGXQFHUWIRUPDWSHULRGtVWLFHVFRPELQD
Q~P ,9 Q~P 9 Q~P >9@ QR KHP SRJXW FRQVXOWDU DTXHVW Q~PHUR
Q~P 9 Q~P 9 Q~P >9,@ QR KHP SRJXW FRQVXOWDU DTXHVW Q~PHUR
Q~P9,Q~P9,
(Q XQ DUWLFOH D 1XHYD (VSDxD 0DQXHO *DUFtD 3HOD\R OODYRUV D SHQHV XQ MRYH HVWXGLDQW
SDUODUjDL[tGHODYRFDFLyLQWHUQDFLRQDOLVWDGHO¶HVTXHUUDGHVSUpVGHOD,*XHUUD0XQGLDO³>«@6LHOGLFKR
GHTXH©ORVWUDEDMDGRUHVQRWLHQHQSDWULDªVXIULyXQDQHJDFLyQDOYRWDUORVGLSXWDGRVREUHURVORVFUpGLWRV
GHJXHUUDHQFDPELRDODWHUPLQDFLyQGHpVWDODVPDVDVTXHYROYtDQGHODVWULQFKHUDVWHQtDQHOFULWHULR
GHTXHODSDWULDQRHUDRWUDFRVDTXHXQDLQYHQFLyQDOVHUYLFLRGHODEXUJXHVtDSDUDH[SORWDUPHMRUDOD
FODVHWUDEDMDGRUD>«@´0*DUFtD3HOD\R³1RWDVVREUHHOIDVFLVPR´1XHYD(VSDxDGHMXQ\
7DQW3RVW*XHUUDFRP1XHYD(VSDxDVyQUHYLVWHVTXHGHIHQVDUDQFXOWXUDOPHQWSHUzWDPEpSROtWLFD
XQD LGHD LQWHUQDFLRQDOLVWD G¶HVTXHUUHV $L[z HQ XQV DQ\V HQ TXq OD ,,, ,QWHUQDFLRQDO HVWj LPSRVDQW OD
GRFWULQD GHO ³VRFLDOLVPH HQ XQ VRO SDtV´ UHIOHFWHL[ HO FRPSRQHQW RSRVLFLRQLVWDWURWVNLVWD TXH DPEGXHV
SXEOLFDFLRQVHQPDMRURPHQRUPHVXUDPDLYDQGHL[DUGHWHQLU
4XDQW D OD VHYD SHULRGLFLWDW 1XHYD (VSDxD WLQGUj GXHV HWDSHV XQD SULPHUD GH TXLQ]HQDO
Q~PV GH JHQHU ± GH VHWHPEUH L XQD VHJRQD GH VHWPDQDO Q~PV GH
VHWHPEUH±GHMXQ\&RPHVSRWGHGXLUQRPpVFRQVXOWDQWXQFDOHQGDULODUHJXODULWDWHQOD
VHYD DSDULFLy WDPSRF YD VHU HO IRUW GH 1XHYD (VSDxD VRWPHVD HQ GLIHUHQWV PRPHQWV ±FRP YHXUHP GH
VHJXLGD±DGLYHUVHVSHULSqFLHVWLSRJUjILTXHVLSHUVHFXFLRQVSROtWLTXHV
$L[zYDWHQLUWDPEpDOJXQHVH[FHSFLRQV(OQ~PYDVRUWLUQRPpVDPESODQHVLHOVQ~PV
LDPESODQHVDSDUHJXWVWRWVWUHVGXUDQWHOIHEUHUGHDTXHVWVQ~PHURVYDQSDWLUODFRQMXQFLy
HQDTXHOOPDWHL[PHVG¶XQDYDJDG¶LPSUHVVRUVLGH±PpVHQGDYDQWHVYHXUj±O¶HQqVLPUHVWDEOLPHQWGHOD
FHQVXUDSUqYLD
(O SDSHU GH 1XHYD (VSDxDIUjJLO L FRP XQD PLFD VDWLQDW ID SHQVDU HQ XQD SXEOLFDFLy PpV
SHULRGtVWLFDLPpVXUEDQDTXH3RVW*XHUUDDTXHVWDDPEXQWLSXVGHSDSHUTXHDYXLHQGLUtHPUHFLFODWL
DPE OHV VHYHV FREHUWHV GH FDUWUy VHPEODYD PpV SHQVDGD ±LGHDOPHQW± SHU SRGHU FLUFXODU SHU WDOOHUV L
IjEULTXHVRSHUSRGHUUHVLVWLUEpHOSDVSHUP~OWLSOHVPDQVHQXQjPELWDWHQHtVWLF
HQ 1XHYD (VSDxD DPE O¶DVSHFWH SURSL G¶XQD SXEOLFDFLy FXOWXUDO $ SDUWLU GH
O¶HQFHWDPHQWHQHOQ~PGHODVHJRQDLVHWPDQDOHWDSDGHODSXEOLFDFLyO¶~OWLPDSODQD
TXHHQHOQ~PGHL[DUjG¶DSDUqL[HUQXPHUDGDHVGHGLFDDIHUSXEOLFLWDWGHOOLEUHVGH
O¶HGLWRULDO0RUDWDRDILFDUKLODEXWOOHWDGHVXEVFULSFLyDODUHYLVWD
/D FREHUWD R SRUWDGD GH 1XHYD (VSDxD DPE FHUWHV PRGLILFDFLRQV TXH YD DQDU
LQFRUSRUDQWPDQWLQJXpXQDFODUDOtQLDTXHODLGHQWLILFDYD'XUDQWO¶$xR,HOGLVVHQ\GHO
WtWRO RFXSDYD PLWMD SODQD DPE OOHWUHV HQRUPHV L D PpV LQFORwD OD [LIUD GH HVELDL[DGDHQWUHOHVSDUDXOHV1XHYDL(VSDxD)LQVDOQ~PO¶DOWUDPLWMDSODQDHUD
RFXSDGDSHUXQDLOÂOXVWUDFLyDO¶HVTXHUUD L HO VXPDUL D OD GUHWD DPE O¶DVVROLPHQW GH OD
SHULRGLFLWDW VHWPDQDO DSDUHL[ HO VXEWtWRO 6HPDQDULR 3ROtWLFR \ 6RFLDO L HO VXPDUL pV
VXEVWLWXwW SHU XQ EUHX HGLWRULDO $TXHVW HVTXHPD HV UHSURGXHL[ HQ HO GLVVHQ\ GXUDQW
O¶$xR ,, SHUz DUD HO WtWRO SHUG OzJLFDPHQW O¶HVELDL[DW L UHGXHL[ OD VHYD
JUDQGjULDILQVDRFXSDUQRPpVXQWHUoGHODSRUWDGD(OSUHXYDVHUGHFqQWLPVGXUDQW
HOVSULPHUVQ~PHURVLDSDUWLUGHOODYRUVHOQRXVHWPDQDULHVYDGHSUHFLDUILQVD
FqQWLPV ±HO SUHX UHFRUGHP GH 3RVW*XHUUD (Q HOV GRV SULPHUV Q~PHURV HO &RPLWp
GLUHFWLYRV¶DQXQFLDLQWHJUDWSHU$QWRQLR(VSLQD$GROIR6DOD]DUL-RVp'tD])HUQiQGH]
$OJUDQPXVLFzOHJQROLYDDFDEDUGHVRQDUEpHOWRUDGLFDOGHODUHYLVWDLGHOQ~PHUR
DOILJXUHQFRPD'LUHFWRUHVVRODPHQW(VSLQDL'tD])HUQiQGH])LQDOPHQWDSDUWLUGHO
Q~PHUR V¶DIHJHL[ D OD UHQRYDGD WUtDGD GHO &RPLWp GLUHFWLYR HO QRP GH -RDTXtQ
$UGHUtXV$TXHVWVFUqGLWVVREUHODGLUHFFLyGHODUHYLVWDGHVDSDUHL[HQGHODSRUWDGDHQ
HOQ~PTXDQVyQVXEVWLWXwWVSHOVXEWtWROVXDUDHVPHQWDWDSDUWLUG¶DUDLILQVDOGDUUHU
Q~PHUR HO QRP GHOV WUHV GLUHFWRUV DSDUHL[ D OD FDSoDOHUD GH OD UHYLVWD KDELWXDOPHQW
VLWXDGDHQODSODQD
-DDODSODQDRVLHVYROFRQWUDFREHUWDGHOSULPHUQ~PHURWUREHPHQHIHFWHOD
GLVFUHWDFDSoDOHUDGHODSXEOLFDFLyTXHDTXtSRUWDFRPDVXEWtWRO5HYLVWD4XLQFHQDO
(QDTXHVWDSULPHUDFDSoDOHUDKLWUREHPWDPEpODGDWDGHSXEOLFDFLy&ULGDO¶DWHQFLy
O¶DGUHoDGHOD³5HGDFFLyQ$GPLQLVWUDFLyQ \7DOOHUHV´$OWDPLUDQReVO¶DGUHoDRQ
OODYRUV HVWDYD LQVWDOÂODGD $UJLV OD LPSUHPWD TXH KDYLHQ PXQWDW 6LOHV L $UGHUtXV TXH
KDYLD LPSUqV 3RVW*XHUUD D SDUWLU GHO Q~P TXH KDYLD OODQoDW (GLFLRQHV 2ULHQWH DO
PHUFDWLTXHDUDLPSULPLDHOVYROXPVGH&HQLWODQDXFDSLWDQDGHO¶HVTXDGUDHGLWRULDO
G¶DYDQoDGD$L[zHQVSRVDVREUHODSLVWDGHODLPSOLFDFLyGH6LOHVHQHOSURMHFWHGH
1XHYD (VSDxD (O VHX QRP QR DSDUHL[ HQOORF SHUz 6DQWRQMD TXH HV YD DUULEDU D
HQWUHYLVWDU DPE HOO D 0q[LF HO FRQVLGHUD HO YHULWDEOH SURPRWRU GH OD UHYLVWD (O
PDWHL[ 6LOHV KR GHL[D PpV TXH FODU HQ XQ WH[W TXH ±HVFULW HQ WHUFHUD SHUVRQD WRW L VHU
DXWRELRJUjILF±SDUODGHOHVUHYLVWHVTXHYDHQGHJDU
'HVDSDUHFLGR(O(VWXGLDQWHHGLWy\GLULJLyDORVSRFRVPHVHVODUHYLVWD3RVW*XHUUD
SRU FRQVLGHUDU QHFHVDULD XQD SXEOLFDFLyQ GH WHQGHQFLD SURJUHVLVWD TXH LQIRUPDVH D OD MRYHQ
YSODQDJUjILFD
YSODQDJUjILFD
YSODQDJUjILFD
/zJLFDPHQW DTXHVW VXEWtWRO GH OD FDSoDOHUD QRPpV ILJXUD HQ HOV Q~PV L GHVSUpV HO
VXEVWLWXHL[HOPDWHL[TXHWUREHPDODSRUWDGD6HPDQDULR3ROtWLFR\6RFLDO
/D LQGLFDFLy GH OD GDWD GH SXEOLFDFLy ILJXUD D OD FDSoDOHUD HQ HOV Q~PV L D SDUWLU GHO
Q~P SDVVDDOD SDUWLQIHULRUGHOD SRUWDGDOORFRQGHIHW MDV¶KDYLD XELFDWDQWHULRUPHQW XQFRS SHU
LQGLFDUODGDWDGHOQ~PHURH[WUDRUGLQDULIRUDGHQXPHUDFLy
/HV LPSUHPWHV SHU OHV TXH SDVVDUj 1XHYD (VSDxD VyQ Q~PV $UJLV $OWDPLUDQR Q~PV7LSRJUDItD9HODVFR0HOpQGH]9DOGpVQ~P,PSUHQWD6DQ0DUWtQ\&6DQ3HGUR
Q~PV*UiILFD/LWHUDULD+HUQDQLQ~PV6XFHVRUHVGH)3HxD&UX]3L]DUUR
6DQWRQMD'HOOiSL]URMRDOOiSL]OLEUHHGFLW
JHQHUDFLyQ GH DTXHO SHULRGR VREUH ORV WUDVFHQGHQWDOHV FDPELRV KLVWyULFRV RULJLQDGRV SRU OD
SULPHUDJXHUUDPXQGLDO
3RVWHULRUPHQWH ODQ]y RWUD UHYLVWD >p@VWD GH PD\RUHV SUHWHQVLRQHV WLWXODGD 1XHYD
(VSDxD GHVLJQDQGR GLUHFWRUHV D $GROIR 6DOD]DU D $QWRQLR (VSLQD \ D -RDTXtQ $UGHULXV >VLF@
>@ *LPpQH] 6LOHV FUH\y QHFHVDULR FUHDU XQ yUJDQR GH H[SUHVLyQ TXH KLFLHVH S~EOLFDV ODV
LQTXLHWXGHV GHO PRPHQWR \ SURFXUDQGR VHJXLU OD WUDGLFLyQ GH OD UHYLVWD (VSDxD GHVDSDUHFLGD
KDFtD DxRV GLR YLGD FRQ MyYHQHV HVFULWRUHV GH DTXHOOD JHQHUDFLyQ D OD FLWDGD UHYLVWD 1XHYD
(VSDxD
6LOHV pV FODUDPHQW HO SRVWJXHUULj PHQ\V GHVWUH D O¶KRUD G¶HVJULPLU HO FjODP
&RQVFLHQWGHOVVHXVPqULWVHGLWRULDOVLGHVLWMyVTXHODSRVWHULWDWHOVFRQHJXLQROLDJUDGD
SHUz SDUODU GH VL PDWHL[ SHU XQD PHQD GH SXGRU DO TXDO QR GHX VHU GHO WRW DOLHQD OD
FHUWHVDGHTXqODFRQVWUXFFLyGHWH[WRVQRpVHOVHXIRUW(OOIRXXQKRPHHPSUHQHGRUXQ
JUDQ SURPRWRU G¶HPSUHVHV FXOWXUDOV TXH QR YD GHIDOOLU QL HQ OHV FLUFXPVWjQFLHV PpV
DGYHUVHV OD VHYD SULPHUD QLW D O¶H[LOL OD YD SDVVDU GRUPLQW DO UDV HQ XQ SDUF GH
0RQWHUUH\ L DO FDS GH SRFV DQ\V KDYLD FUHDW XQD [DU[D GH OOLEUHULHV OD GHO 'LVWULFWH
)HGHUDO HUD DGPLUDGD D WRW HO PyQ L XQ YHUWDGHU LPSHUL HGLWRULDO 6LOHV HQV KD GHL[DW
GRFXPHQWDGDWRWDODVHYDLQWHQVDDFWLYLWDWSURIHVVLRQDOLFXOWXUDOSHUzHOVHXSHUILOKXPj
QRHQVKDDUULEDWWDQQtWLGFRPHQHOFDVG¶DOWUHVSRVWJXHUULDQVTXHYDQVDEHUXVDUPLOORU
O¶HVFULSWXUD SHU D GLEXL[DUQRV XQ GLVFXUV GH VL PDWHL[RV (Q DL[z FRQVLVWHL[ WRWD
HVFULSWXUDVLJXLDXWRELRJUjILFDRVLJXLQRWDULDOHQHOIRQVQLQJ~QRSRWSDUODUGHUHVTXH
QRVLJXLGHVLPDWHL[6LOHVHVFULXSRFSHUTXqVHJXUDPHQWV¶DGRQDYDTXHQRHUDFDSDoGH
WUREDU HO WR GH OD VHYD YHX G¶DXWRU DTXHOOD FRQGLFLy LQGLVSHQVDEOH GHO ERQ HVFULSWRU D
TXqHOOPDWHL[HQVUHPHWHQHOPDUFG¶XQDVHOHFFLyGHWH[WRVSHUDO¶DFLHQoDPHQWGHOV
MRYHVHGLWRUVPH[LFDQVTXDQHQVWUDQVFULXXQHVSDUDXOHVSURQXQFLDGHVSHU%RUJHV³<R
GLUtDTXHORPiVLPSRUWDQWHGHXQDXWRUHVVXHQWRQDFLyQORPiVLPSRUWDQWHGHXQOLEUR
HVODYR]GHODXWRUHVDYR]TXHOOHJDDQRVRWURV´
'¶DTXHVWHVGDGHVVREUH1XHYD(VSDxDTXH6LOHVHQVKDGHL[DWFHUWDPHQWHOTXH
PpV VRUSUqQ pV TXH V¶REOLGL GH OD WDVFD GLUHFWLYD GH 'tD] )HUQiQGH] GHVSUpV KL
WRUQDUHPVREUHDL[z'¶DOWUDSDUWUHVXOWDLQWHUHVVDQWTXHHQVDFODUHL[LHOVHQWLWTXHHV
YROJXpGRQDUDOQRPGHODQRYDSXEOLFDFLy5HFRUGHPTXHWUHVDQ\VDEDQVGHO¶HL[LGD
GH 1XHYD (VSDxD /D *DFHWD /LWHUDULD MD V¶KDYLD GHFODUDW KHUHYD GHO SUHVWLJL
LQWHOÂOHFWXDOLPRUDOGHODUHYLVWD(VSDxD'RQFVEpDUDHOVH[SRVWJXHUULDQVVHVHQWHQ
SURXIRUWVFRPSHUGLVSXWDUDTXHVWDKHUqQFLDDOGHFOLQDQWzUJDQGH*HFpTXHHQDTXHOO
PRPHQW FRQMXJDYD HQ OD GLUHFFLy HO UHDFFLRQDULVPH SURWRIHL[LVWD GHO IXQGDGRU DPE HO
WUDGLFLRQDOLVPHPRQjUTXLFGH6DLQ]5RGUtJXH]3HUzHQFDUDXQDOWUDGLVSXWDFUHLHPTXH
SRGLD HVWDU DTXt HQ MRF &HQLW FRP V¶KD GLW HUD O¶HVWUHOOD GH OD QRYD PRGD HGLWRULDO
G¶DYDQoDGD)LQVLWRWHGLWRULDOVSUHH[LVWHQWVLFRQVROLGDGHVWUHLHQDUDWDPEpWtWROVHQOD
PDWHL[DOtQLDWDQWSHOTXHIHLDDOFRQWLQJXWGHOVOOLEUHVFRPDODVHYDSUzSLDSUHVHQWDFLy
PDWHULDO3HUzO¶HPSUHVDGH6LOHVQRVHPEODTXHHVYHLpVVHULRVDPHQWDPHQDoDGDSHU
ODFRPSHWqQFLD$L[zVtXQDHGLWRULDOIXQGDGDIHLDXQVPHVRVDPLWMDQVHOLKDYLD
DGHODQWDWHQODSXEOLFDFLyFDVWHOODQDGHOJUDQq[LWLQWHUQDFLRQDOGHODQRYHOÂODGHJXHUUD
6LOHV(GLWRUOLEUHURHLPSUHVRUHGFLW
5DIDHO*LPpQH]6LOHV 7HVWDPHQWR SURIHVLRQDO&RPHQWDULRVLOXVWUDFLRQHV \ VXJHUHQFLDVDO
ILQDOL]DUODWDUHDHGLWRULDOOLEUHUDHLPSUHVRUD0p[LFR/D,PSUHVRUD$]WHFD
8QH[HPSOHFXULyVSRFFRQHJXWLVHPEODTXHGHOWRWHSLVzGLFpVHOWtWROGH*RUNLHGLWDWSHU
3XEOLFDFLRQHV ('$ TXH PpV DPXQW KHP GRFXPHQWDW JUjILFDPHQW Y SODQD JUjILFD $TXHVWD PDUFD
HGLWRUD HUD HQ UHDOLWDW XQD PHQD GH ILOLDO GH O¶(GLWRULDO$PpULFD PLWMDQoDQW OD TXDO 5XILQR %ODQFR
)RPERQD GHYLD YROHU SRVDU OD VHYD FDVD HGLWRUD DO GLD &UHLHP SHUz TXH O¶LQWHQW QR YD WHQLU FDS
FRQWLQXwWDW /¶LQWHUHVVDQW FDWjOHJ G¶(GLWRULDO$PpULFD D <RODQGD 6HJQLQL /D (GLWRULDO$PpULFD GH
5XILQR%ODQFR)RPERQD0DGULG0DGULG/LEULV
DOHPDQ\D ,P :HVWHQ QLFKWV 1HXHV $TXHVWD HGLWRULDO HV GHLD (VSDxD XVDYD FRP D
ORJRWLSDTXHOOPDWHL[GHODUHYLVWDPpVDPXQWO¶KHPGHVFULWLQ¶HUDXQGHOVIXQGDGRUV
/XLV $UDTXLVWiLQ O¶DQWLF GLUHFWRU G¶(VSDxD 3HU WDQW 6LOHV DPE OD VHYD 1XHYD
(VSDxD XOWUD UHFODPDU O¶KHUqQFLD FtYLFRSROtWLFD GH OD YHOOD G¶DOJXQD PDQHUD
FRQWUDUHVWDYD WDPEp OD OHJLWLPLWDW G¶DTXHOO UHEURW DUD UHVVXVFLWDW HQ IRUPD GH GLUHFWH
FRPSHWLGRUHGLWRULDO
(O WH[W TXH HV FRQVLGHUD HO PDQLIHVW IXQGDFLRQDO GH 1XHYD (VSDxD QR YD
DSDUqL[HU HQ HO SULPHU Q~PHUR GH OD UHYLVWD VLQy XQV GLHV DEDQV HQ HO GLDUL (O 6RO
4XHHOQRXJUXSLQWHOÂOHFWXDOHVGRQLDFRQqL[HUHQXQPLWMjWDQHVWUHWDPHQWYLQFXODWD
2UWHJD L D OHV FODVVHV FXOWHV OLEHUDOV pV MD WRW XQLQGLFL GH OD QRYD XELFDFLy TXH HOV GH
DYDQ]DGD V¶HVWDQ IHQW HQ HOV PHGLV FXOWXUDOV PDGULOHQ\V WDPEp pV FODU GH O¶HYROXFLy
G¶DTXHVWVPHGLVFDSDSRVLFLRQVPpVSURSHUHVDOVSODQWHMDPHQWVG¶DYDQoDGD7RWLTXH
SUHVHQWDQW HO PDQLIHVW DPE XQD LQWURGXFFLy GLVWDQFLDGRUD HO GLDUL G¶8UJRLWL DSDGULQD
GRQFVHOOODQoDPHQWGHO¶HVTXHUUHUDSXEOLFDFLy/OHJLPO¶DUWLFOHVHQFHU
+HPRV UHFLELGR XQD FLUFXODU TXH ILUPDQ ORV 6UHV (VSLQD 6DOD]DU \ 'tD] )HUQiQGH]
GRQGH VH H[SRQH HO SURJUDPD GH XQD UHYLVWD TXH DSDUHFHUi HO SUy[LPR GtD &RPR DOJXQRV
SiUUDIRV GH HVD FLUFXODU FRQVLJQDQ XQ UHSHUWRULR PRGHUQR HQ SROtWLFD OLWHUDWXUD \ DUWH TXH
GLEXMDQ HQ OD YLGD HVSDxROD FLHUWR SHUILO SURPHWHGRU GH IXHU]DV MyYHQHV ORV WUDQVFULELPRV FRQ
PXFKRJXVWRHQQXHVWURGHVHRGHDOHQWDUFXDOTXLHULQLFLDWLYDGHWLSRQXHYR
+HDTXtORVDSDUWDGRVSULQFLSDOHVGHOGRFXPHQWR
©$O QXHYR DxR D HVD FLWD HQLJPiWLFD GHO \ GHO DFXGLPRV QRVRWURV FRQ
HQWXVLDVPR1RHVSRVLEOHROYLGDUTXHHOULWPRVHFXODUGHODVLGHDVPRGHUQDVFXOPLQDDOUHGHGRU
GH ORV DxRV +DFLD HO DOPD UHOLJLRVD GH (XURSD VXUWH HQ FROLVLyQ LPSODFDEOH HQWUH HO
&DWROLFLVPR \OD 5HIRUPD(QWUH\DGYLHQHHOQHRFODVLFLVPR IUDQFpV \HO ©'LVFXUVR
GHO0pWRGRª(QVHLQVWDODQHQORVFHUHEURVPiVGLVWLQJXLGRVORVSULQFLSLRVUDFLRQDOLVWDV\
WUHSLGD\DODUHYROXFLyQHQHOVXEVXHORGH)UDQFLDHQODVHQWUDxDVHXURSHDVGHOPXQGR(Q
WULXQIDQORVURPiQWLFRV\GHOSDUODPHQWDULVPRFRQVWLWXFLRQDOUHFLpQQDFLGRHPSLH]DQDVXUJLU
ORV(VWDGRVGHPRFUiWLFRVHQSULPDULDIORUDFLyQ
$ QXHVWUR SDUHFHU QR KD\ PiV UHPHGLR HQ HVWH YpUWLFH KLVWyULFR GH TXH
H[WHULRUL]DUHOYHUGDGHURVHQWLUGHOKRPEUHGH'HILQLUVLQFRQIXVLRQHVGHQLQJXQDFODVHVX
ILUPHHVStULWXSURIXQGR3RUHOORSDUDHOOR\DOVHUYLFLRGHHVWDFDXVDQRVSURSRQHPRVKDFHUGH
©1XHYD(VSDxDªOtPSLGRHVSHMRUHIOHFWRUOXPLQRVR
(VWDPRV VHJXURV GH TXH OD JHQHUDFLyQ D TXH SHUWHQHFHPRV HV HQ VX SRUFLyQ PiV
LPSRUWDQWH\H[WHQVDOLEHUDOGHPRFUiWLFDVRFLDOLVWD0DVFRPRWDPSRFRIDOWDQDXQTXHHQSDUFD
PLQRUtDQ~FOHRVUHWDUGDWDULRVYLUXOHQWRVVLHPSUHGLVSXHVWRVDH[WHQGHUVXDFWLYLGDGIRUPDPRV
$UDTXLVWiLQKDYLDGLULJLWODUHYLVWD(VSDxDHQHOVHXWUDPFHQWUDOHQWUHL2UWHJDHO
SULPHUGLUHFWRUQRPpVKDYLDGXUDWXQDQ\HQHOFjUUHFGHVSUpVG¶$UDTXLVWiLQODGLULJLUj$]DxDILQVTXH
HOVHWPDQDULGHL[LGHVRUWLUHOPDUoGH
0DLQHUFRQVLGHUDHOVHWPDQDUL(VSDxD³HOSHULyGLFRSROtWLFRPiVLPSRUWDQWHGHQXHVWUD(GDG
GH3ODWD´0DLQHU/D(GDGGH3ODWDHGFLW
³/DVIXHU]DVMyYHQHV©1XHYD(VSDxDª´(O6ROGLXPHQJHGHJHQHU
(Q OD ILJXUD GH 'tD] )HUQiQGH] GH IHW HO QH[H HQWUH LQWHOÂOHFWXDOLWDW OLEHUDO L GH DYDQ]DGD
SRGHPGLUTXHMDHVGRQDYDGHVGHIHLDDQ\V/¶DVWXULjSHUWDQ\LDDO¶HTXLSGHUHGDFWRUVG¶(O6ROGHVGH
Y1LJHO'HQQLV³7UDVODVKXHOODVGH-RVp'tD])HUQiQGH]´D-RVp'tD])HUQiQGH]3URVDVLQWUL
VHOHFFLy GH 1LJHO 'HQQLV 0DGULG )XQGDFLyQ 6DQWDQGHU &HQWUDO +LVSDQR ;, 5HFRUGHP DL[t
PDWHL[TXHWDPEpFDSDPHLWDWVGHODGqFDGDGHOV'tD])HUQiQGH]WHQLDDFFpVDODUHVWULQJLGDWHUW~OLD
G¶2UWHJD
1R HV SRW GLU TXH HOV VLJQDQWV GH O¶HVFULW IRVVLQ WDPSRF XQV MRYHQHWV HUHQ KRPHV MD HQ OD
TXDUWDGqFDGDYLWDO6DOD]DUDQ\V(VSLQD 'tD])HUQiQGH]LWRWVWUHVDPEXQDWUDMHFWzULDDO
GDUUHUH /¶DFWLWXG SROtWLFD GH FDGDVF~ HVWDYD FRUUHODFLRQDGD DPE OD VHYD HGDW 6DOD]DU HUD HO PpV
FRQVHUYDGRUL'tD])HUQiQGH]HOPpVUHYROXFLRQDUL(OUHGDFWRUGHOPDQLIHVWYDVHUHOTXHUHSUHVHQWDYDGLH
JROGHQH0LWWH(VSLQD+RVDEHPSHUXQDUHIHUqQFLDTXHID'tD])HUQiQGH]HQXQDUWLFOHSXEOLFDWDOFDSGH
PLJDQ\HQHOPDWHL[GLDUL-'tD])HUQiQGH]³/DQXHYDJHQHUDFLyQ´(O6ROGLPHFUHVGHMXOLRO
GHVLJQLR HVSHFLDO GH QXHVWUD FRQGXFWD FRPEDWLU \ UHFKD]DU HVRV JUXSRV UHGXFLUORV D OD
LPSRWHQFLD
$OSURFHGHUGHHVWHPRGRDOLQWHQWDUGHVWUXLUWRGDHVSHFLHGHUHWUyJUDGRVHQJDYLOOD\GH
VDEDQGLMDVHQFyQFODYHQRFRQWUDGHFLPRVHOEHOORSULQFLSLRVLHPSUHUHVSHWDEOH\SRUQRVRWURV
UHVSHWDGR GH OD OLEHUWDG GH RSLQLyQ \ GH LGHDV /R TXH KDFHPRV VHQFLOODPHQWH HV DFXGLU DO
WHUUHQRIUDJRVRGHODVUHVROXFLRQHV
(Q ODV SODQDV GH ©1XHYD (VSDxDª GHVWDFDUiQ ORV PiV LQWHQVRV PRWLYRV GH OD YLGD
SROtWLFDGHL]TXLHUGDVHVSDxROD\H[WUDQMHUD
$O PLVPRWLHPSR \HQUHODFLyQFRQ VXWRQRGLVWLQWLYR PDQLIHVWDUiHOUHSHUWRULRGHOD
FXOWXUDFRQWHPSRUiQHDHQVXVPiVDFXVDGRVSHUILOHVOLWHUDWXUDDUWHFLHQFLDVHFRQRPtDHWF
(QOLWHUDWXUD\DUWHODQXHYDUHYLVWDWUDVSDVD\VXSHUDHO\DFDGXFRQRPHQFOiWRUGHORV
©LVPRVª±IXWXULVPRVXSHUUHDOLVPRYDQJXDUGLVPRHWF±(OSHULRGRGHORV©LVPRVªVHKDOODHQ
VX WUDQFH ILQDO HQ HVWRV DOERUHV GHO DxR 'LFKDV WHQGHQFLDV WXYLHURQ VX UD]yQ GH VHU HQ ORV
PRPHQWRVGHOLTXLGDFLyQ\FULVLVGHFRPLHQ]RVGHVLJOR\HQODSRVWJXHUUD3HURKR\ORTXHVH
LPSRQH DQWH WRGDV ODV FRVDV VREUH WRGD RWUD ODERU HV OD WDUHD FRQVWUXFWLYD ODV FUHDFLRQHV
LQVWDXUDGRUDVODREUDRULJLQDORUJiQLFD
(Q ILQ ©1XHYD (VSDxDª WUDWD GH VHU OD ]RQD GH XQLyQ GH WRGRV ORV JUXSRV SDUWLGRV \
FUHGRV UDGLFDOHV OD DQWHQD TXH UHFRMD ODV RQGDV GH VLPLODU YLEUDFLyQ HQ HO ([WUDQMHUR HO
FRQGHQVDGRUGHODHPRFLyQFLYLOPiVYLYDGH(VSDxDHVSHFLDOPHQWHODTXHSDOSLWDGLVSHUVDHQ
HO HVStULWX MRYHQ 1RVRWURV QR SDFWDUHPRV FRQ ORV DGYHUVDULRV 1R FRQWHPSRUL]DUHPRV (Q
FDPELR SURFXUDUHPRV HQ DFWLWXGHV \ FULWHULRV OD PD\RU IOH[LELOLGDG SDUD OOHJDU DO DFXHUGR \
HQODFH FRQ ORV HOHPHQWRV DILQHV SXHV HVWDPRV FRQYHQFLGRV GH TXH HO LGHDO FRP~Q VyOR SXHGH
WULXQIDUPHGLDQWHODFRRUGLQDFLyQGHWRGRVORVHVIXHU]RVª
/DQRYDUHYLVWDV¶HPSDUDGRQFVDPEXQDLGHDPRWULXODOOXLWDFRQWUDOHVIRUFHV
UHWUzJUDGHV D SDUWLU GH O¶DJOXWLQDFLy GH OHV IRUFHV SURJUHVVLVWHV /¶H[SUHVVDGD YROXQWDW
G¶XQLy FRQWUD O¶HQHPLF FRP~ VXSRVD XQ SODQWHMDPHQW PROW PpV PRGHUDW TXH HO TXH
GHILQLD3RVW*XHUUDDTXHVWDDGYRFDYDSHUODXQLWDWVLQGLFDOLVLGHFDVSHUXQDHQWHVD
DPEHOVVHFWRUVDQDUTXLVWHVSHUzIXVWLJDYDWRWO¶HVSHFWUHSROtWLFGHFHQWUHHVTXHUUDTXH
1XHYD (VSDxD DUD YRO PDQFRPXQDU (Q HO WHUUHQ\ FXOWXUDO O¶jQLP G¶XQD OLTXLGDFLy
GHILQLWLYD GH OHV UHVWHV DYDQWJXDUGLVWHV ±HQ FRQVRQjQFLD DPE XQ QRX HVSHULW HSRFDO
LQVWDXUDGRULFRQVWUXFWLX±HQOODoDVHQVGXEWHMXQWDPHQWDPEHOG¶XQLQWHUqVGHFODUDWSHO
TXHSDVVDDO¶HVWUDQJHUDPEDOJXQVWUHWVEjVLFVGHO¶KHUqQFLDSRVWJXHUULDQD
6L IHP XQD XOODGD DO Q~PHUR LQDXJXUDO GH 1XHYD (VSDxD YHXUHP FRP HQ
FRPSDUDFLy GH 3RVW*XHUUD HVWHP UHDOPHQW GDYDQW G¶XQD SXEOLFDFLy PpV PRGHUDGD L
PpVDVVHQWDGDHQODUHDOLWDWSROLWLFRFXOWXUDOGHOPRPHQW1RSRGLDVHUG¶DOWUDPDQHUDVL
HQ HIHFWH DVSLUDYD D RPSOLU DTXHOO HVSDL LQWHOÂOHFWXDO UDGLFDOEXUJqV TXH DOPHQ\V HQ
SDUWHOOOHJDWGHODYHOOD(VSDxDSRGULDUHSUHVHQWDU7RWDXQDGHFODUDFLyGHSULQFLSLVHQ
DTXHVW VHQWLW pV TXH HO SULPHU DUWLFOH GH OD QRYD UHYLVWD HV FHGHL[L D /XLV -LPpQH] GH
$V~D TXH DOOt PDQLIHVWD OD VHYD RVFLOÂODFLy HQWUH XQ UHSXEOLFDQLVPH UDGLFDO L XQ
VRFLDOLVPH PRGHUDW $OJXQHV FROÂODERUDFLRQV OLWHUjULHV $]RUtQ -RUJH *XLOOpQ R
FUtWLTXHV-DUQpVG¶DTXHVWSULPHUQ~PHURQRKDXULHQHQFDL[DWWDQIjFLOPHQWDOHVSODQHV
GH 3RVW*XHUUD )LQV L WRW OD SXEOLFLWDW HGLWRULDO V¶KD GLYHUVLILFDW L KD DPSOLDW HO VHX
HVSHFWUH LGHROzJLF HQ WUREHP G¶2ULHQWH L GH &HQLW Vt SHUz WDPEp G¶(VSDVD&DOSH GH
5HYLVWDGH2FFLGHQWHRGHOD&,$31XHYD(VSDxDVH¶QVDSDUHL[HQODVHYDHVWUHQDFRP
XQDUHYLVWDSROLWLFRLQWHOÂOHFWXDOG¶HVTXHUUHVSHUzHQDEVROXWFRPXQEXWOOHWtERO[HYLFQL
$PEODQRYDGqFDGD±TXHWDPEpDVVHQ\DODHOWDQFDPHQWGHOSHUtRGH±ODSDUDXODSRVWJXHUUD
HQFDVWHOOjWHQGHL[DSHUGUHDTXHOOJXLRQHWFDUDFWHUtVWLFGHO¶qSRFDGH3RVW*XHUUD
/XLV-LPpQH]GH$V~D³0HGLWDFLyQSROtWLFD´1XHYD(VSDxDGHJHQHU(QHOV
GRVDQ\VDQWHULRUV-LPpQH]GH$V~DKDYLDSXEOLFDWDOJXQHVREUHVD+LVWRULD1XHYD
FUHPDFRQYHQWV /D FHUWD RUWRGz[LD LGHROzJLFD TXH DO FDSGDYDOO WDPSRF VRUWLD GH
WHUULWRULV XWRSLVWHV TXH VHPEODYD GHVSXQWDU HQ OHV GXHV ~OWLPHV HQWUHJXHV GH 3RVW
*XHUUD V¶KD FRQYHUWLW DTXt HQ XQD UHDOLVWD DFFHSWDFLy GH OHV FRQGLFLRQV ±DUD SURX
SURPHWHGRUHV±GHOSUHVHQWKLVWzULFHVSDQ\RO
7DQPDWHL[ 1XHYD (VSDxD pV WDPEp XQD HYROXFLy GH 3RVW*XHUUD L O¶HVSHULW
G¶DTXHVWD HVWj SUHVHQW HQ GLYHUVRV DVSHFWHV FRPXQV $OJXQHV OtQLHV FUtWLFRWHPjWLTXHV
WtSLFDPHQW SRVWJXHUULDQHV HV UHSUHQHQ MD HQ DTXHVW PDWHL[ Q~PHUR LQLFLDO TXH
FRPHQWHP 3HU H[HPSOH HO TXH SRGUtHP GLUQH OD OtQLD G¶XQ KLVSDQRDPHULFDQLVPH
SURJUHVVLVWD 6HQGHU HVFULX XQHV QRWHV EUHXV HQ DTXHVWD GLUHFFLy R WDPEp O¶DQjOLVL
FUtWLFDGHOFDSLWDOLVPHQRUGDPHULFjLGHO¶HYROXFLyG¶DTXHOODVRFLHWDW1RKLIDOWDUjXQ
HVFDUQLIHURWJHGHO¶HVFHQDWHDWUDOPDGULOHQ\DGHOPRPHQWFRPWDPSRFO¶KDELWXDODWDFD
OHVDYDQWJXDUGHVDUWtVWLTXHVHOLWLVWHV3HUzSRWVHUHOTXHPpVHQVLQWHUHVVDHQHOPDUFGHO
QRVWUH WUHEDOO pV FRPSURYDU FRP O¶LQWHUqV D EXVFDU UHFDQYLV DO MD LQRSHUDQW SUHVWLJL
OLWHUDULIUDQFqVQRGHFDXDQVDOFRQWUDUL)L[HPQRVHQDTXHVWDEUHXLVDUFjVWLFDQRWD
'LH /LWHUDULVFKH :HOW KD SUHJXQWDGR D ORV SURPLQHQWHV GH OD OLWHUDWXUD IUDQFHVD \
DOHPDQDVLFUHHQHQXQDGLIHUHQFLDHVHQFLDOHQWUH$OHPDQLD\)UDQFLD/RVDOHPDQHVFUHHQTXH
QRHOOHFWRUQRORJUDGHVFLIUDUORTXHFUHHQORVIUDQFHVHV
$TXHVWD pV OD SULPHUD GH FLQF QRWHV EUHXV TXH HQV LQIRUPHQ GH O¶DFWXDOLWDW
OLWHUjULDLWHDWUDODOHPDQ\DLTXHWUREHPDJUXSDGHVVRWDHOWtWROGH³/LWHUDWXUDDOHPDQD´
/D FROÂODERUDFLyQRHVWj VLJQDGDSHUzHVGHXVHQVGXEWHD)HOLSH)HUQiQGH]$UPHVWR
TXHHQXQDDOWUDSODQDVLJQDXQD³&DUWDGH%HUOtQ´$L[tFRPHQHOQ~PHURGH3RVW
*XHUUDKDYtHPYLVWTXHODOLWHUDWXUDUXVVDV¶HULJLDHQUHIHUHQWDUDHOFHQWUHSULPRUGLDO
G¶DWHQFLy V¶KD GHVSODoDW MD FDS D OD OLWHUDWXUD ZHLPDULDQD (V WUDFWD G¶XQ SURFpV TXH
0pV HQGDYDQW DL[z Vt ±L HQ UHVSRVWD D FDGD PRPHQW FRQFUHW GH O¶HYROXFLy VRFLRSROtWLFD
HVSDQ\ROD± OD UHYLVWD WHQGLUj D UDGLFDOLW]DUVH L DUULEDUj D GRQDU QRPEURVHV PRVWUHV G¶XQ GHFLGLW
DQWLFOHULFDOLVPH
7XxyQGH/DUDMDYDSRVDUGHPDQLIHVWXQDFODUDSUR[LPLWDWGH1XHYD(VSDxDDO¶HVSDLSROtWLF
TXHRFXSDYDHO3DUWLGR5HSXEOLFDQR5DGLFDO6RFLDOLVWDÈOYDURGH$OERUQR]0DUFHOÂOt'RPLQJR9LFWRULD
.HQW HWF Y 0DQXHO 7XxyQ GH /DUD ³/D UHYLVWD 1XHYD (VSDxD XQD SURSXHVWD GH LQWHOHFWXDOHV GH
L]TXLHUGDHQYtVSHUDVGHOD5HS~EOLFD´GLQV-RVp/XLV*DUFtD'HOJDGRHG$(ORU]D/$UUDQ])GHO
5H\ 0 6XiUH] &RUWLQD - $UyVWHJXL 7 *RQ]iOH] &DOEHW - $ 0DUWtQH] 0DUWtQ 0 & 0LQD $
%DOFHOOV - 3DODIR[ - 0 6HUUDQR $ 0HOJXL]R - , -LPpQH] %ODQFR - , 3DODFLR 0 2WDHJXL 6
&DUUDVFR-0DXULFH-0'HVYRLV&*DULWDRQDQGtD07XxyQ03pUH]/HGHVPD/DFULVLVGHOD
5HVWDXUDFLyQ(VSDxDHQWUHOD3ULPHUD*XHUUD0XQGLDO\OD6HJXQGD5HS~EOLFD,,&RORTXLRGH6HJRYLD
VREUH+LVWRULD&RQWHPSRUiQHDGH(VSDxDGLULJLGRSRU0DQHO7XxyQGH/DUD0DGULG6LJOR;;,
(O QRP GH -RDTXtQ $UGHUtXV DSDUHL[ HQ XQ DUWLFOH R QRWD LQIRUPDWLYD DPE GDWD GH MXQ\ GH IRUPDQW SDUW GH OD &RPLVLyQ RUJDQL]DGRUD GHO SDUWLW HQ THVWLy ³(O 3DUWLGR 5HSXEOLFDQR 5DGLFDO
6RFLDOLVWD \ OD RUJDQL]DFLyQ REUHUD´ 1XHYD (VSDxD GH MXOLRO $YLOpV )DUUp FRQVLGHUD
1XHYD(VSDxDO¶H[SUHVVLyGHO¶DODPpVUHYROXFLRQjULDG¶DTXHOOQRXSDUWLWHO3556TXHKDYLDIHWODVHYD
DSDULFLyHOGHVHPEUHGHDPEXQ PDQLIHVW(QWUHHOVVLJQDGRUVHVWDYHQ $UGHUtXV'tD])HUQiQGH]L
(VSLQD %DOERQWtQ WDPEp YD SHUWjQ\HU GXUDQW XQ WHPSV DO 3556 SHUz MD HO PDLJ GH HQ YD
SURWDJRQLW]DUXQDHVFLVVLyGHODVHYDH[WUHPDHVTXHUUDY-XDQ$YLOpV)DUUp/DL]TXLHUGDEXUJXHVD\OD
WUDJHGLDGHOD,,5HS~EOLFD&RPXQLGDGGH0DGULG&RQVHMHUtDGH(GXFDFLyQ6HFUHWDUtD*HQHUDO7pFQLFD
1XHYD (VSDxD HQ JHQHUDO DSURIXQGLUj UHPDUFDEOHPHQW HQ DTXHVWD GLUHFFLy L OD SUHVqQFLD
G¶DXWRUV L GH WHPHV OODWLQRDPHULFDQV VHUj XQD FRQVWDQW DO OODUJ GH OD VHYD YLGD $L[t VHQVH IHUQH FDS
SUHJyQHRSDWHUQDOLVWDHOVHXDPHULFDQLVPHUHVXOWDDOFDSGDYDOOPROWPpVFRQYLQFHQWTXHHOGH/D*DFHWD
/LWHUDULD
³/LWHUDWXUDDOHPDQD´1XHYD(VSDxDGHJHQHU
$TXHVWDVHFFLyGHFRUUHVSRQGqQFLDLQIRUPDWLYDDPE%HUOtQVHUjODPpVIUHTHQWLFRQVWDQWWRW
DOOODUJGHODYLGDGHODUHYLVWDPROWSHUVREUHGHOD³&DUWDGH3DUtV´OD³&DUWDGH(VWRFROPR´LDOJXQHV
DOWUHVPpVHSLVzGLTXHV
SRGHP YHXUH FRP FULVWDOÂOLW]D D 1XHYD (VSDxD SHUz TXH GH IHW V¶KDYLD DQDW WDPEp
JHVWDQW D OHV SODQHV GH OD VHYD SUHGHFHVVRUD 'XUDQW HOV PHVRV TXH VHSDUHQ OHV GXHV
UHYLVWHV EjVLFDPHQW O¶DQ\ DOJXQV DXWRUV GH OD 5HS~EOLFD GH :HLPDU KDYLHQ MD
DWHUUDWDPEq[LWDOVFDWjOHJVG¶DYDQoDGDFDVGH*ODHVHU$UQROG=ZHLJR.HVWHQSHUz
HOIHQzPHQMXVWOODYRUVV¶HVWDYDDFFHOHUDQWLVHUDQFRPVDEHPHOVDQ\VGH
Pj[LPDLQWHQVLWDWUHFHSWRUD$1XHYD(VSDxDHVGHWHFWDXQYLXLQWHUqVSHUODSROtWLFDOD
VRFLHWDWLODFXOWXUDDOHPDQ\HV1RKLGHVFDUWHPFRPXQIDFWRUGHODVHYDHWLRORJLDHOV
LQWHUHVVRVHGLWLRULDOVGH6LOHVTXHKDYLDGHVFREHUWXQSURPHWHGRUILOyWHXWzQLFLHOYROLD
H[SORWDU L SURSDODU 3HUz KHP GH WHQLU SUHVHQW TXH HQ OHV HPSUHVHV GH DYDQ]DGD
LQWHUHVVRVHGLWRULDOFRPHUFLDOVLFXOWXUDOLGHROzJLFVVyQGLItFLOPHQWGHVWULDEOHV)HPQRV
DTXHVWD SUHJXQWD TXq KL GHYLHQ YHXUH HQ $OHPDQ\D DTXHOOV LQWHOÂOHFWXDOV HVTXHUUDQV
GHO HQ SOHQD FULVL DJzQLFD GHO UqJLP PRQjUTXLFRGLFWDWRULDO" 'RQFV KL GHYLHQ
YHXUHXQD5HS~EOLFD8QD5HS~EOLFDEXUJHVDLIRUoDLQHVWDEOHSHUzFRQVWLWXFLRQDOPHQW
G¶DOOz PpV SURJUHVVLVWD 8QD 5HS~EOLFD VRUJLGD SHU OD SUHVVLy GH OHV PDVVHV GH OD
GHUURWD G¶XQ UqJLP GLQjVWLF DPE tQIXOHV FRORQLDOLVWHV ±FRP VRUJLUj PXWDWLV PXWDQGLV
O¶HVSDQ\ROD 8QD 5HS~EOLFD DPE XQD VRFLHWDW DYDQoDGD HQ WRWV HOV VHQWLWV DPE XQ
JUDQ GLQDPLVPH DUWtVWLF L FXOWXUDO 2 VLJXL KL GHYLHQ YHXUH HO TXH GHVLWMDYHQ SHU D
(VSDQ\DLTXHGHIHWVHQWLHQTXHMDHVWDYDDSXQWGHYHQLU
$PE OHV H[SHFWDWLYHV GH FDQYL TXH OD QRYD GqFDGD SRUWDYD UHQRYDGHV L
DXJPHQWDGHVLXQFRSLPSODQWDWO¶HVWDOLQLVPHDOD8QLy6RYLqWLFD7URWVNLQ¶KDYLDHVWDW
H[SXOVDWHOIHEUHUGHOD5HS~EOLFDGH:HLPDUDFRPHQoDPHQWVGHFULGDYD
SRGHURVDPHQW O¶DWHQFLy G¶DOJXQV LQWHOÂOHFWXDOV GH DYDQ]DGD &HUW TXH D $OHPDQ\D D
GLIHUqQFLD GH 5~VVLD ODUHYROXFLy VRUJLGD GHO EUDVTXHU GH OD JXHUUD MD KDYLD IUDFDVVDW
3HUz ±SRWVHU SHU DL[z PDWHL[± OD FXOWXUD G¶HVTXHUUHV HQOORF HV PDQLIHVWDYD OODYRUV WDQ
SRGHURVDFRPD%HUOtQ'HIHW GXUDQW HOV DQ\V $OHPDQ\D MD KDYLD DFWXDW WDPEp
DOPHQ\V HQ SDUW GH SRQW LQIRUPDWLX HQWUH O¶8566 L (VSDQ\D GHV GH %HUOtQ UHELD GH
YHJDGHV QRWtFLD HO OHFWRU KLVSjQLF GH OD UHDOLWDW SROtWLFD L FXOWXUDO VRYLqWLFD , FDS D
6HQVHGHL[DUHOQ~PGH1XHYD(VSDxDWUREDUHPSHUH[HPSOHTXHDODS-XDQ5HMDQRD
TXLWDPEpUHFRUGHPGH3RVW*XHUUDIDXQDUHVVHQ\DGH&XDWURGHLQIDQWHUtDO¶REUDG¶(UQVW-RKDQQVHQ
DPETXq6LOHVYROLDDOODUJDUODUHQGLEOHPRGDOLWHUjULDGHODQRYHOÂODGHJXHUUD8QDPLFDPpVHQGDYDQW
WUREHP OD PHLWDW GH OD S RFXSDGD SHU OD SXEOLFLWDW G¶DTXHVWD PDWHL[D REUD OD SURSDJDQGD OD VLWXD
FODUDPHQWHQHOGHL[DQWGH5HPDUTXHVHQVHHVPHQWDUORLUHSURGXHL[ODFRQWXQGHQWLH[SUHVVLYDFREHUWD
GH O¶HGLFLy GH &HQLW Y SODQD JUjILFD 8QV PHVRV PHV WDUG WDPEp OD YHUVLy ItOPLFD G¶DTXHVWD REUD
GLULJLGDSHU3DEVW9LHUYRQGHU,QIDQWHULHWLQGUjXQDHQWXVLDVWDUHEXGDDOHVSODQHVGHODUHYLVWD-
GHOD)XHQWH³&XDWURGHLQIDQWHUtD´1XHYD(VSDxDG¶RFWXEUH
6HJRQV 3LHUUH 9LODU RS FLW OD &RQVWLWXFLy UHSXEOLFDQD HVSDQ\ROD HV IDUj ³VREUH HO
PRGHORGHODGH:HLPDUODPiVGHPRFUiWLFDHQ(XURSD´
/DGLIHUqQFLDIRQDPHQWDOpVFODUHUDTXHOD5HS~EOLFDGH:HLPDUSHUDOVVHFWRUVDOHPDQ\V
G¶HVTXHUUHVVXSRVDYDSHUGLUKRDL[tXQDPHQDGHPDOPHQRUGHVSUpVG¶XQDUHYROXFLyIDOOLGDPHQWUHTXH
OD ,, 5HS~EOLFD HVSDQ\ROD DTXt VHUj SHUFHEXGD SHOV VHFWRUV HTXLYDOHQWV FRP XQD YLFWRULRVD UHYROXFLy
SROtWLFDTXHKDYLDGHVHUXQSULPHUSDVFDPtGHODUHYROXFLyVRFLDO
YXQDLQWHUHVVDQWGRFXPHQWDFLyGHODYLGDFXOWXUDOGHO%HUOtQGHOD5HS~EOLFDGH:HLPDUD
%lUEHO 6FKUDGHU -UJHQ 6FKHEHUD .XQVWPHWURSROH %HUOLQ 'LH .XQVWVWDGW LQ GHU
1RYHPEHUUHYROXWLRQ'LH©JROGHQHQª=ZDQ]LJHU'LH.XQVWVWDGWLQGHU.ULVH%HUOLQ:HLPDU$XIEDX
9HUODJ 'HOV PDWHL[RV DXWRUV Y W 'LH ©JROGHQHQª ]ZDQ]LJHU -DKUH .XQVW XQG .XOWXU GHU
:HLPDUHU5HSXEOLN/HLS]LJ(GLWLRQ/HLS]LJ
8QVLJQLILFDWLXH[HPSOHG¶DL[zHOWUREHPHQXQDHQWUHYLVWDDÈOYDUH]GHO9D\RSXEOLFDGDHQ
SULPHUDSODQDD/D*DFHWD/LWHUDULDHOQRYHPEUHGH(O³JUDQSHULRGLVWDYLDMHURLQIRUPDGRUGHOD
YLGDUXVD´SRVDYDHQHIHFWHHOOHFWRUDOFRUUHQWGHOHVOOXLWHVHQWUH7URWVNLL6WDOLQFRVDTXHUHFRUGHPQR
YD IHU 3RVW*XHUUD R GHOV JUDQV SURMHFWHV VRYLqWLFV HQ LQIUDHVWUXFWXUHV SHUz KR IHLD FLWDQW DXWRULW]DWV
LQWHUORFXWRUVDOHPDQ\VTXHKDYLDFRQHJXWD%HUOtQ/HVGXHVREUHVTXHPpVO¶KDYLHQLQWHUHVVDWGHODQRYD
OLWHUDWXUDUXVVDOHVKDYLDOOHJLWHQWUDGXFFLyDOHPDQ\D6WlGWHXQG-DKUHGH)HGLQ0DOLN9HUODJL
=HPHQWGH*ODGNRY9HUODJIU/LWHUDWXUXQG3ROLWLN5HFRUGHPTXH/DVFLXGDGHV\ORVDxRVODYD
%HUOtQ GLULJLUDQ DUD OD PLUDGD HOV QRVWUHV H[SRVWJXHUULDQV D OD UHFHUFD G¶LQIOXqQFLHV
WHzULTXHVDODUHFHUFDGHOOLEUHVSHUWUDGXLULHGLWDULHQGHILQLWLYDDODUHFHUFDGHWRWXQ
LPDJLQDULFXOWXUDOFRQWHPSRUDQLLG¶HVTXHUUHVVXVFHSWLEOHGHVHUUHEXWHQHO0DGULGGH
1XHYD (VSDxD VXUW DO FDUUHU L D O¶HQFRQWUH GH OD QRYD GqFDGD DPE XQ HVSHULW
REHUWDPHQWFRQVWUXFWLXDPEXQDHVWUHQDGDYROXQWDWGHSDUWLFLSDUHQO¶qSRFDTXHV¶REULD
(OGLEXL[G¶$OPDGD1HJUHLURVHQODSRUWDGDGHOQ~PHURLQDXJXUDOYSODQDJUjILFD
SUHVHQWDXQDSDUHOODGHMRYHVJLPQDVWHVH[SRVDQWOOXUVFRVVRVHVYHOWVDO¶HL[LQWVROG¶XQ
GLD QRX WUDQVPHW XQD DFWLYD VHUHQLWDW L XQ GLQDPLVPH FRQILDW TXH UHPHWHQ PpV D OD
LQFRUSRUDFLy SOjFLGD HQ XQD WDVFD FROÂOHFWLYD TXH QR SDV D FDS PDUFLDO FRPEDWLYLWDW
LGHRORJLW]DGDeVYHULWDWTXHDOOODUJGHODVHYDYLGDODUHYLVWDPRVWUDUjVRYLQWXQDVSHFWH
PHQ\V GHVFULVSDW L PpV UDGLFDO IUXLW DO FDSGDYDOO GHO WHQV PRPHQW KLVWzULF L GH OHV
HQIURQWDGHVIRUFHVTXHV¶KLGLVSXWDYHQO¶DYHQLU3HUzHOVHXPLVVDWJHG¶HQWUDGDVHPEOD
GHFRQVWUXFFLyFUtWLFDG¶HODERUDFLyG¶XQGLVFXUVTXHYROGHPROLUSHUzTXHVREUHWRWYRO
IHUSURSRVWHV8QGHOVHGLWRULDOVG¶DTXHVWSULPHUQ~PHURHVWLWXOD³/DOLTXLGDFLyQGHOD
JXHUUD´LSDUODG¶XQDFRQIHUqQFLDLQWHUQDFLRQDOGHSDXD/D+DLDTXHKDUHYLVDWDOJXQHV
FRQGLFLRQV GHO 7UDFWDW GH 9HUVDOOHV L TXH V¶KD YROJXW LQWHUSUHWDU FRP HO GHILQLWLX SXQW
ILQDODO¶qSRFDPDUFDGDSHUOD*UDQ*XHUUD/DUHYLVWD1XHYD(VSDxDMDQRKDXULDSRJXW
GLUVH3RVW*XHUUDSHUTXqODSRVWJXHUUDV¶KDDFDEDW6¶KDWDQFDWXQDGqFDGDLXQDHUDL
DPpVHQHOFDVGHODSROtWLFDHVSDQ\RODEXIHQYHQWVGHFDQYLeVKRUDGHSUHQGUHSDUWHQ
HOSUHVHQWLGHOOXLWDUSHUXQIXWXUQRX
/DFRQVFLqQFLDTXHODSRVWJXHUUDpVMDXQDHWDSDSDVVDGDHVSRWYHXUHHQODQRWD
TXH LQDXJXUD HQ DTXHVW Q~P GH 1XHYD (VSDxD OD EUHJRVD VHFFLy ³5LIL5DIH´ /D
YLVLWD D 0DGULG GHO GUDPDWXUJ DYDQWJXDUGLVWD $QWRQ *LXOLR %UDJDJOLD pV
DTXtLQWHUSUHWDGDFRPXQDPHQDGHWDUGDQDVHTHODPDULQHWWLDQDLG¶DTXHVWDPDQHUDHOV
FRQFHSWHVG¶DYDQWJXDUGLVPHLGHSRVWJXHUUD DSDUHL[HQYLQFXODWVLSRVDWVFRQMXQWDPHQW
HQHOUDFyGHOHVFRVHVVXSHUDGHV(OWH[WGHODQRWD
(OSDSDQDWLVPRPDGULOHxRKDHVWDGRXQRVGtDVGHHQKRUDEXHQD
/OHJy%UDJDJOLDTXHDGHPiVGH©LVWDªFRVPRSROLWyILOR\PDTXLQDULRHVLWDOLDQR&RVDV
WRGDV ±VDOYR OR GH LWDOLDQR± SDVDGDV GH PRGD SXHVWR TXH REHGHFHQ DO ILJXUtQ GHO YHQHUDEOH
0DULQHWL>VLF@\DODJHVWLFXODFLyQGHODSRVWJXHUUD
HGLWDU%LEORVHO PDWHL[YSODQD JUjILFD (OFHPHQWRO¶HGLWDUj&HQLWHODPE SUzOHJ SHU
FHUW GHO PDWHL[ ÈOYDUH] GHO 9D\R Y ³/D KRUD GH 5XVLD´ /D *DFHWD /LWHUDULD GH QRYHPEUH
8QDOWUHH[HPSOHWDPEpDO¶zUJDQGH*HFpGHUHFHSFLyGHOLWHUDWXUDUXVVDDWUDYpVG¶$OHPDQ\D
D0*DUFtD%ODQFR³(OQRYHOLVWDUXVR)HGLQHQ%HUOtQ´/D*DFHWD/LWHUDULDGHVHWHPEUH
/DULFDLREHUWDDWPRVIHUDLQWHOÂOHFWXDOGHO 0DGULGGHHVWj PROW EHQGHVFULWDD6DQWRV
-XOLi³6HULQWHOHFWXDO\VHUMRYHQHQ0DGULGKDFLD´+LVWRULD&RQWHPSRUiQHD
(OQ~PHURGH/D*DFHWD/LWHUDULDTXHVRUWLUjGRVGLHVGHVSUpVGHO¶HVWUHQDGH1XHYD(VSDxD
GHGLFD XQ DUWLFOH D OD YLVLWD GH %UDJDJOLD ³%UDJDJOLD HQ 0DGULG´ /D *DFHWD /LWHUDULD GH IHEUHU
(QFDUD TXH OOXQ\ MD G¶DTXHOO HQWXVLDVPH SHU OD YLVLWD GH 0DULQHWWL pV XQ DUWLFOH SURX
HQFRPLjVWLF /¶DQzQLP UHGDFWRU *HFp EHQ VHJXU WRW L TXH DPE FHUW HVIRUo G¶DXWRFRQWHQFLy ID WRW HO
SRVVLEOHSHUYLQFXODUOHVSURSRVWHVGUDPDW~UJLTXHVGH%UDJDJOLDDODUHYROXFLyQLWDOLDQDeVFRPXQLQWHQW
GH FRQYHUWLU O¶LWDOLj HQ XQ FRQWUDSqV HQFDPLVDGR D OD ODERU GH 0H\HUKROG R 3LVFDWRU 'H IHW *LPpQH]
&DEDOOHURXWLOLW]DPpVRPHQ\VFRQIXVDPHQWDODVHYDPDQHUDLHVFRPEUDQWFDSDFDVDDUJXPHQWVTXH
KDDSUqVGHO¶HQHPLF(OGDUUHUSDUjJUDI³(OQXHYRWHDWURGHDUWHLWDOLDQREXVFDSRUGLVWLQWRVFDPLQRVOD
FUHDFLyQ GH XQD JUDQ SVLFRORJtD FROHFWLYD 7UDQVIRUPDU HO HVSHFWiFXOR HQ XQD UHOLJLyQ 'HMDQGR D OD
UHSUHVHQWDFLyQVXYDORUSOiVWLFRUHIRU]DGR0HWLHQGRHQORVFHUHEURVGHOS~EOLFRXQDIHPiJLFD'HMDQGRD
XQODGRODOLWHUDWXUDSRUWRGRORTXHWLHQHGHLQGLYLGXDO\SDUWLFXODU>«@$FDEDQGRDVtFRQORV©HVWDGRVGH
iQLPRªGHOWHDWUREXUJXpV\©HXURSHRªHVGHFLUQRURPDQR´*LPpQH]&DEDOOHURVRYLQWVHPEODFRPVL
VDEpVTXHODYHUGDGHUDPRGHUQLWDWHVWqWLFRSROtWLFDGHOVHXWHPSVHUDG¶HVTXHUUHVSHUDL[zHOOUHWUzJUDG
(OV LQWHOÂOHFWXDOV G¶DYDQoDGD GLVSRVDWV D O¶DFFLy PROW PpV TXH D O¶RUWHJXLDQD
FRQWHPSODFLy HQFHWHQ L HQFDUHQ HOV DQ\V DPE JDQHV (OV LQWHOÂOHFWXDOV GH
O¶DYDQWJXDUGD GHVKXPDQLW]DGD HQ FDQYL HV YHXHQ VRUSUHVRV SHU O¶DUULEDGD GHOV QRXV
WHPSVLHOVHQWULVWHL[KDYHUGHVRUWLUGHOVVHXVIHOLoRVDQ\V(OFRSGHEDOGDGHOD
SURFODPDFLy GH OD 5HS~EOLFD HOV GHVSHUWDUj GHO VHX VRQ MXJDQHU L QRPpV OODYRUV
DVVLPLODUDQTXHGHILQLWLYDPHQWV¶KDDFDEDWODSRVWJXHUUDLTXHHOPRPHQWKLVWzULFSHUILOD
MDQRYHVOOXLWHVHQO¶KRULW]y)UDQFLVFR$\DODXQGHVKXPDQLW]DWO~FLGKRQHVWLDWHQWDOV
FDQYLV H[SUHVVDUj WRW DL[z HQ XQ DUWLFOH DSDUHJXW D /D *DFHWD /LWHUDULD GHO GLD GH
PDLJ GH D SHQHV XQD TXLQ]HQD GHVSUpV G¶LQVWDXUDGD OD 5HS~EOLFD eV XQ WH[W
PROW LQWHUHVVDQW HQ HO TXDO HO JUDQDGt GLDJQRVWLFD DPE FHUW UHWDUG DL[y Vt HQ
FRPSDUDFLyGHODJHQWG¶DYDQoDGDO¶DFDEDPHQWG¶DTXHOODDFWLWXGGHIULYROLWDWTXHFRP
VDEHP HOV SRVWJXHUULDQV WDQW EODVPDYHQ HQ HOV DYDQWJXDUGLVWHV (Q HO VHX FRPHQo
O¶DUWLFOH pVWDPEpLQGLFL GHOJUDXGHSHQHWUDFLyTXHMDKDYLHQDVVROLWFHUWVDXWRUVGHOD
5HS~EOLFDGH:HLPDUHQWUHHOOHFWRUKLVSj
©¢1RVHSRGUtDGHFLU±DVtFRPLHQ]D\WHUPLQD$UQROG=ZHLJXQDGHVXVQRYHODV±QRVH
SRGUtDGHFLU TXH OD LPSRQHQFLD GH ODV JUDQGHV PXWDFLRQHV VH DFHUFD FRQ SDVRV GH SDORPD"ª
3XHVGHHVHPRGRWiFLWR\WDPELpQFRQODVXDYHPDQHUDHQTXHHOSDLVDMHVHSRQHVHULRFXDQGR
XQDQXEHSDVD±\WRGRKDVLGRFXHVWLyQGHXQLQVWDQWHLQFLHUWR±VHKDVHJUHJDGR\VHSHUILODDQWH
QXHVWURV RMRV XQ UDFLPR GH LQGLFLRV \ REMHWRV FX\R FRQMXQWR GD SHFXOLDULGDG \ VDERU D XQD
pSRFD\VHOODPD3RVWJXHUUD
6HUtDH[FHVLYRSRUPLSDUWH>@LQWHQWDUXQDLQWHUSUHWDFLyQKLVWyULFDRGHFXDOTXLHURWUD
FODVH GH HVH EORTXH QR GH KHFKRV VLQR GH HVWLORV GH OD VHQVLELOLGDG WHPSRUDOPHQWH
FRPSUHQGLGRSRQJDPRVHQWUHODVIHFKDVRVLVHTXLHUH6RORWUDWDUpGHFRORUHDU
SRUODVXJHVWLyQGHDFDVRXQDVLPSOHQRWDRSDODEUDDOJXQRGHVXVUDVJRV\DGYHUWLU\UHFDOFDU
HVWHVHQFLOORKHFKRTXHWRGRHVRKDVLGRWUDPRQWDGR±QRGLJRVXSHUDGRHQYDORU±\\DSHUWHQHFH
DO SUHWpULWR /R TXH D\HU WRGDYtD HUD DFWXDOtVLPD LOXVLyQ JRFH SXUR GH XQ DUWH SXUR \ DKRUD
LQIDQWLOGHOPXQGRKDVLGRVXVWLWXtGRGHVGHTXLpQVDEHTXpPRPHQWRSRUXQJHVWRGHRWUDFRVD
TXHDXQQRVHVDEHWDPSRFRVLYDDDJUDGDU±SRUORSURQWRDOJRGHDPDUJRWLHQH±\TXHHVFRPR
DODUPDGRSUHVHQWLPLHQWRHQXQILORGHQRFKH\DOED
,QDGYHUWLGDPHQWGRQFVXQVQ~YROVERUUDVFRVRVKDQHQWHQHEUDWDTXHOODPHQDGH
SHUPDQHQWLGHVSUHRFXSDWEHUHQDUFDPSHVWUHGHOVMRFVDYDQWJXDUGLVWHV7RWLTXHDPEXQ
OOHQJXDWJH L XQ SRVDW GHXWRUV HQFDUD G¶XQ HQMRJDVVDPHQW GHVKXPDQLW]DW $\DOD Wp HO
YDORUG¶DQXQFLDUFODUDPHQWTXHO¶KRUDGHOSDWLV¶KDDFDEDWLTXHODFODVVHHQHOQRXFXUV
TXH FRPHQoD SRWVHU VHUj GXUD 5HVXOWD LQWHUHVVDQW G¶REVHUYDU FRP HO FRQFHSWH GH
SRVWJXHUUDTXH$\DODHQVGLEXL[DpVPROWGLIHUHQWGHOTXH3RVW*XHUUDHQVWUDQVPHWLD
PHQWUH SHOV G¶DYDQoDGD HUD XQD qSRFD GH FRQVFLHQFLDFLy GH OOXLWD L GH GHQ~QFLD SHOV
GHVKXPDQLW]DWVQ¶HUDXQDG¶DOHJUHIDVFLQDFLyLGHVFRPSURPHVDFXULRVLWDW3HUDXQVOD
SRVWJXHUUDHXURSHDLODGLFWDGXUDORFDOIRUHQXQVRUGDSUHQHQWDWJHSHUDODVHYDGHFLGLGD
DFWLWXGSUHVHQWGDYDQWHOPRPHQWKLVWzULFSHUDOVDOWUHVHUDXQDIHVWDDTXqKRPV¶KDYLD
TXH YROLD DQDU D O¶DYDQWJXDUGD VHPSUH LQWHQWD LQFRUSRUDU HOHPHQWV UHYROXFLRQDULV DO VHX FUHGR
SURIXQGDPHQWFRQWUDUHYROXFLRQDUL
8Q ERQ SDQRUDPD GH OD VRFLHWDW L OD FXOWXUD HVSDQ\ROHV GHOV DQ\V D &DUORV 6HUUDQR 6HUJH 6DODQ HGV 7HPSV GH FULVH HW ©DQQpHV IROOHVª /HV $QQpHV HQ (VSDJQH (VVDL
G¶KLVWRLUH FXOWXUHOOH 3UHVVHV GH O¶8QLYHUVLWp GH 3DULV6RUERQQH 7UDG FDVW /RV IHOLFHV DxRV
YHLQWH(VSDxDFULVLV\PRGHUQLGDG0DGULG0DUFLDO3RQV
)UDQFLVFR $\DOD ³$QRWDFLyQ HQ HO PDUJHQ GHO FDOHQGDULR´ /D *DFHWD /LWHUDULD GH
PDLJ
(QUHDOLWDWHVWUDFWDJDLUHEpG¶XQDDXWRFLWDFLySHUTXqHVUHIHUHL[DODQRYHOÂODG¶$UQROG=ZHLJ
3RQWXQG$QQDTXHHOSURSL$\DODYDWUDGXLUSHUD(GLFLRQHV+R\/RUHQ]R\$QD
DFRVWXPDWLTXH HQDFDEDUGHL[DYDDTXHOODFHUWD SHUSOH[LWDWFRPGHQRVDEHUEHQEp D
TXLQDUHDOLWDWHVUHWRUQDYD
(OSHUtRGRGH3RVWJXHUUDKDSDVDGR6LYROYHPRVWUDVpOODFDUDKDEUHPRVGHUHFRQRFHU
VXGHOLFLDVXYLYH]DVXFODULGDGVXPRYLOLGDGVXLOXVLyQWRGDVHQILQVXVFXDOLGDGHVSXHULOHV
\FRQIHVDUFRQHOORTXHKDVLGRXQPX\LQWHUHVDQWHSHUtRGRDOTXHDGHPiVFRUUHVSRQGHHODXJH
GHHVWDPLVPDSDODEUDLQWHUHVDQWH\ODHVSHFLDODXWRULGDGGHORQXHYR\GHORMRYHQ
/R UDELRVDPHQWH QXHYR HUD LQWHUHVDQWH FRPXQLVPR LQIODFLRQHV TXLHEUDV GH %DQFRV
UDLGVDpUHRV\WRGDFODVHGHUHFRUGVORSULPLWLYLVWDHODOHOX\DQHJURHOGHVSHUWDUGHOFRQVDELGR
GUDJyQFKLQR YDQJXDUGLVPR DUWtVWLFR SRUQRJUDItDLQWHUQDFLRQDOGH3DXO0RUDQGFLQHUXVRODV
GLFWDGXUDV 3HUR VREUH WRGR HO PLODJUR GH ORV WLHPSRV HO VLJQR GH OD 3RVWJXHUUD OD
UHVXUUHFFLyQ VXSHUUHDOLVWD GH 7XWDQNDPHQ GLRV DGROHVFHQWH \ WXEHUFXORVR TXH KL]R WHxLUVH DO
PXQGR >@ GH XQD VXSHUILFLDOLGDG \ VROHPQLGDG WXWDQNDPHQ EURQFHDQGR D ODV PXMHUHV
LPSRQLHQGRVXVWHODVHVWDPSDGDV\GDQGRFLHUWRSRUWHIDUDyQLFRDODVPLVPDVGLFWDGXUDV
3HU D $\DOD O¶qSRFD TXH KD TXHGDW HQUHUH YHVVDYD FXULRVLWDW DJXGHVD KXPRU
HQJLQ\ LOÂOXVLy HQWXVLDVPH L SHU GDPXQW GH WRW ³VLQFHULGDG \ SXUH]D´ 3HUz YHW DTXt
TXH³WUDVHVWHSDQRUDPD DUFiGLFR GHULVDVGHYHVWLGRVFODURVGH OtQHDFRQVHUYDGDGH
SHUILOHVGHVSUHQGLGRVGHSRUWHDLUHOLEUH\KRQHVWRKHURtVPR´DUDHOPyQGHVREWH³VH
KDTXHGDGRVHULR´VHQVHTXHVHVjSLJDPROWEpSHUTXq,WRWG¶XQDODMRYHOLWHUDWXUDV¶KD
TXHGDWPXGD$OJXQVOLWHUDWVKDQFDQYLDWG¶DFWLYLWDWRILQVLWRWGHYLGDG¶DOWUHVPHGLWHQ
HQ VLOHQFL WDPEp Q¶KL KD TXH VHJXHL[HQ HVFULYLQW SHUz SHU LQqUFLD R SHU GLQHUV 8QD
WULVWHVDLPSUHFLVDGRPLQDO¶DPELHQWDGpVMRLyVGHOVOOHWUDIHULWVGHVKXPDQLW]DWV(OILQDO
GHO¶DUWLFOHG¶$\DODHQVGyQDOHVFODXVG¶XQFDQYLTXHMDQRWpFDPtGHUHWRUQ
¢4XpHVORTXHKDSDVDGR"+DSDVDGROD3RVWJXHUUD'XUDQWHHOODSHQViEDPRVODDXURUD
GHXQWLHPSRQXHYR$KRUDTXL]iFRQPiVKRQGRVPRWLYRVSDUDFUHHUORGXGDPRV
7RGD XQD SURPRFLyQ OLWHUDULD KD HQFRQWUDGR GH SURQWR VX DGXOWH] +D WLUDGR ORV
MXJXHWHV \ DKRUD VH VLHQWH GHVFRQFHUWDGD SRUTXH HQ FLHUWR PRGR KDEtD KHFKR SURIHVLyQ GH OD
HGDGLQIDQWLO
(QHQFHWDUVHODGqFDGDGHOVHVSHUFHSGRQFVTXHV¶KDDFDEDWODSRVWJXHUUDL
TXH V¶LQLFLD XQD QRYD qSRFD /zJLFDPHQW HQWUDU HQ HO QRX SHUtRGH ID TXH WRW HO TXH
WLQJXLDYHXUHDPEXQDEDQVGHODSRVWJXHUUDSDVVLDVHPEODUHQFDUDPpVFDGXFIRUDMD
GHO VHJOH DFWXDO SUHWqULW $L[z HV SRW SHUFHEUH SHU H[HPSOH HQ XQ DUWLFOH VREUH
DUTXLWHFWXUDGH)HUQDQGR*DUFtD0HUFDGDOHQHOQ~PHURGH1XHYD(VSDxDRQOOHJLP
³/DQXHYD$UTXLWHFWXUDODGHODSRVWJXHUUDODGHOYHUGDGHURVLJOR;; TXHFRPLHQ]D
GHVSXpVGHODJUDQFRQWLHQGDQRKDOOHJDGRWRGDYtDD(VSDxDDXQTXHVXIORUDFLyQHQORV
SDtVHVGHOFHQWURGH(XURSDVHD \DHVSOpQGLGD \ FRPSOHWD´$TXHVWDVHJRQDHQWUHJD
GH OD UHYLVWD VXSHUD OD SULPHUD QR QRPpV HQ HO QRPEUH GH SODQHV VLQy WDPEp HQ OD
GLYHUVLWDW L HO FDODW GHOV FRQWLQJXWV 6HPEOD FRP VL HOV VHXV UHVSRQVDEOHV DPE
DEDVWDGRUD DPELFLy KDJXHVVLQ YROJXW SDVVDU OD VHYD QRYD PLUDGD SHU VREUH GH OHV
GLIHUHQWV PDQLIHVWDFLRQV SROLWLFRFXOWXUDOV TXH HOV LQWHUHVVDYHQ L D WDO IL KDJXHVVLQ
HQFRPDQDW DOV VLJQDGRUV WRW XQ VHJXLW G¶DUWLFOHV VREUH SROtWLFD HVSDQ\ROD ÈOYDUR GH
$OERUQR] (VSLQD SROtWLFD LQWHUQDFLRQDO &RUSXV %DUJD VRFLRORJLD OLWHUjULD
=XJD]DJRLWLD O¶$WHQHR GH 0DGULG $ODUGR 3UDWV \ %HOWUiQ HGXFDFLy 5RGROIR
/ORSLV WHDWUH DOHPDQ\ )HUQiQGH] $UPHVWR P~VLFD 6DOD]DU OLWHUDWXUD HXURSHD
)*DUFtD0HUFDGDO³(VSDxD\ODQXHYDDUTXLWHFWXUD´1XHYD(VSDxDGHIHEUHU
6REUHO¶LPSRUWDQWSDSHUFXOWXUDOLSROtWLFMXJDWSHUDTXHVWDLQVWLWXFLyGXUDQWHOVDQ\VLY
XQDGRFXPHQWDFLyD$QWRQLR5XL]6DOYDGRU$WHQHR'LFWDGXUD5HS~EOLFD9DOHQFLD)HUQDQGR7RUUHV
FRHWjQLD*RUNLQ6HQGHUHFRQRPLDFLQHPDXQLYHUVLWDWHWFqWHUD(OYHQWDOOLGHROzJLF
GHOV FROÂODERUDGRUV QR SRGHP GLU VLQy TXH V¶HL[DPSOD GH IRUPD GLUtHP VRUSUHQHQW
WUREHPILQVLWRWXQDOODUJDUHVVHQ\D G¶XQDREUDGH3OHNKjQRYVLJQDGDSHU$QWRQLRGH
2EUHJyQHQODTXDOO¶DYDQWJXDUGLVWDLIXWXUIDODQJLVWDGLXFRVHVFRPDUD³(ODUWH \OD
YLGD ±OR VRVWHQGUHPRV VLHPSUH± VRQ WpUPLQRV HQHPLJRV (O DUWH FRPSUHQGH D OD YLGD
SHURpVWDQRFRPSUHQGHDODUWH>@¢3XHGHVDOLUXQDUHIRUPDHVWpWLFDGHXQDUHYROXFLyQ
SRSXODU"1R(O$UWHKDGHUHYROXFLRQDUVHSRUVtPLVPR´8QHVSDUDXOHVHQHIHFWHDOV
DQWtSRGHVGHOVSODQWHMDPHQWVHVWqWLFVSRVWJXHUULDQVODQRYDUHYLVWDVHVHQWSURXVHJXUD
FRPSHUDGPHWUHILQVLWRWDOJXQDYHXGLVVHPEODQW
$ GLIHUqQFLD GH OD VHPSUH UDQTXHMDQW L PRGHVWD 3RVW*XHUUD 1XHYD (VSDxD
WUHSLWMD RUJXOORVDPHQW IRUW MD HQ OD VHYD VHJRQD VRUWLGD DO FDUUHU (Q DTXHVWD RFDVLy OD
LOÂOXVWUDFLy GH SRUWDGD V¶HQFDUUHJD D 3X\RO HO SULQFLSDO GLVVHQ\DGRU GH FREHUWHV GHOV
OOLEUHVG¶DYDQoDGDHQXQDSULPHUDqSRFD±ILQVTXHDUULELQGHO¶(XURSDFHQWUDO5DZLF]L
$PVWHU 5DPyQ 3X\RO DPE XQD HVWqWLFD SOHQDPHQW GH DYDQ]DGD LGHRORJLD PpV
/D SUHVqQFLD D 1XHYD (VSDxD G¶XQ MRYH $QWRQLR GH 2EUHJyQ L D GLIHUqQFLD
G¶DOJXQ DOWUH FROÂODERUDGRU SXQWXDO TXH WDPEp HQV SRW VREWDU GH WUREDUKL FDV GHO GHVSUpV DEUDQGDW
SXEOLFLVWD IDODQJLVWD 0D[LPLDQR *DUFtD 9HQHUR R GHO QR PHQ\V tQFOLW L SLQWRUHVF -RDTXtQ 3pUH]
0DGULJDO QR VHUj HSLVzGLFD VLQy SHUPDQHQW WRW DO OODUJ GH OD YLGD GH OD UHYLVWD (Q OHV VHYHV
FROÂODERUDFLRQVHOQRLHQJHQHUDOLQWHQWDUjDSURSDUXQDPLFDHOVHXGLVFXUVDOGHODUHKXPDQLW]DFLySHUz
HQ HO IRQV PDL UHVXOWDUj SURX FRQYLQFHQW PDL SHUGUj DTXHOOD LQFRQVLVWqQFLD MXJDQHUD DTXHOOD IULYROLWDW
FRQFHSWXDOLH[SUHVVLYDGHVKXPDQLW]DGD1LWDQVROVTXDQGHFODUDODVHYD³UHSXJQDQFLD ELROyJLFDSRUHO
IDVFLVPR´LSDUODGHOLWHUDWXUDUXVVD$QWRQLRGH2EUHJyQ³$SURSyVLWRGH5XVLD/DUHYROXFLyQOLWHUDULD´
1XHYD(VSDxDG¶DEULO$PEWRWDUULEDUjDWHRULW]DUVREUHODVLWXDFLyGHOWHDWUHHVSDQ\RO
HQXQVWHUPHV³QXHVWUDFULVLVWHDWUDOVHVROXFLRQDYDULDQGRGHS~EOLFR´TXHHVSRGHQLQVFULXUHHQODOtQLD
GH3RVW*XHUUDRGH6HQGHU$QWRQLRGH2EUHJyQ³+DFLDXQWHDWURGHPDVDV´1XHYD(VSDxDGH
GHVHPEUH3HUHQWHQGUHODVHYD SRVWHULRULQYROXFLyLGHROzJLFDFRQYLQGULDTXHDOJ~HVWXGLpVHQ
GHWDOOHOVGLIHUHQWVWH[WRVGHFDGDqSRFDLOHVFLUFXPVWjQFLHVYLWDOVGHOSHUVRQDWJH0HFKWKLOG$OEHUWTXH
GyQDFRPDGDWDGHOVHXQDL[HPHQWPHQWUHTXHG¶DOWUHVIRQWVGRQHQV¶RFXSDG¶HOOHQHOPDUF
GHOVHXVROYHQWWUHEDOOVREUHOHVUHODFLRQVHQWUHDYDQWJXDGLVPHLIHL[LVPHSHUzFRPHOODPDWHL[DHQVYHD
GLUQRWpSURXGDGHVSHUSRGHURIHULUQRVXQSHUILODFDEDWGHO¶DXWRUY0HFKWKLOG$OEHUW9DQJXDUGLVWDV
GHFDPLVDD]XO/DWUD\HFWRULDGHORVHVFULWRUHV7RPiV%RUUiV)HOLSH;LPpQH]GH6DQGRYDO6DPXHO5RV
\$QWRQLRGH2EUHJyQHQWUH \WUDGGH&ULVWLQD'tH]3DPSOLHJDL-XDQ 5DPyQ *DUFtD2EHU
0DGULG9LVRU/LEURV$TXHVWDHGLFLyHVSDQ\RODpVXQDWUDGXFFLyDFWXDOLW]DGDGH$YDQWJDUGHXQG
)DVFKLVPXV 6SDQLVFKH (U]lKOSURVD 7ELQJHQ 1LHPH\HU $L[t FRP QRVDOWUHV XVHP
VHPSUHHOFRPSOHPHQWGHOQRPGHDYDQ]DGD$OEHUW±HQO¶HGLFLyHQFDVWHOOj±HVUHIHUHL[DODDYDQ]DGD
FRQWUDSRVDGDpVFODUDODYDQJXDUGLD(VWUDFWDG¶XQDUHVXEVWDQWLYLW]DFLyFRQFHSWXDOLW]DGRUDTXHQR
VHPEODGHOWRWDOLHQDDXQKjELWOLQJtVWLFGHILOLDFLyJHUPjQLFDSHUzHQO¶DVSHFWHFUtWLFODFRVDJXDQ\DHQ
FRPSOH[LWDWTXDQO¶DXWRUDSDUODGHODDYDQ]DGDFRQVHUYDGRUDpVDGLUODOLWHUDWXUDGHGUHWHVSRVWHULRUD
XQFRSKDVRIHUWWDPEpODLQIOXqQFLDGHOSURFpVGHUHKXPDQLW]DFLySRVWDYDQWJXDUGLVWD/¶R[tPRURQ
DYDQ]DGD FRQVHUYDGRUD VHQV GXEWH HVWj PROW HPSDUHQWDW FRQFHSWXDOPHQW QR PHQ\V TXH UHWzULFD DPE
DTXHOO TXH DSOLFDW D GHWHUPLQDW VHFWRU LQWHOÂOHFWXDO GH OD 5HS~EOLFD GH :HLPDU L HO QD]LVPH HQ YHUVLy
FDVWHOODQD V¶KD FRQHJXW FRP D PRGHUQLVPR UHDFFLRQDULRY -HIIUH\ +HUI (O PRGHUQLVPR UHDFFLRQDULR
7HFQRORJtDFXOWXUD\SROtWLFDHQ:HLPDU\HO7HUFHU5HLFKWUDGG¶(GXDUGR/6XiUH]0p[LFR)RQGRGH
&XOWXUD(FRQyPLFD(GRULJDQJO5HDFWLRQDU\0RGHUQLVP7HFKQRORJ\&XOWXUHDQG3ROLWLFVLQ
:HLPDUDQGWKH7KLUG5HLFK&DPEULGJH8QLYHUVLW\3UHVV1RFDOGLUTXHQRVDOWUHVDTXtSUHIHULP
UHVHUYDUO¶HWLTXHWDFUtWLFDGHDYDQ]DGDSHUDODFXOWXUDG¶HVTXHUUHVLFUHLHPTXHHQIHUKRVRPILGHOVDO
VHXRULJHQLDOVHX~V±SHQVHPTXHDOPHQ\VPDMRULWDUL±GXUDQWO¶qSRFDTXHWUDFWHP/DGHOD,,5HS~EOLFD
TXHGDMDEjVLFDPHQWIRUDGHOQRVWUHPDUFWHPSRUDOSHUzPpVDPXQWKHPSRJXWYHXUHTXHVLPpVQRHQ
HOVVHXVLQLFLVHO IHL[LVPHLQWHOÂOHFWXDOHVSDQ\RO QRpVQLDYDQoDW QL PRGHUQpVHVVHQFLDOPHQW XQUDQFL
WUDGLFLRQDOLVPHHQYHUQLVVDWG¶HVQRELVPHWDUGRDYDQWJXDUGLVWD
0DXULFLR$PVWHUL0DULDQR5DZLF]DPEGyVQDVFXWVD/HPEHUJHQ
IDPtOLHVG¶RULJHQMXHXLIRUPDWVD$OHPDQ\DVHUDQHOVHQFDUUHJDWVDSDUWLUGHODVHYDDUULEDGDD0DGULGHO
GHUHYROXFLRQDUHOGLVVHQ\JUjILFGHDYDQ]DGD(QODVHYDIRQDPHQWDODSRUWDFLyHVSRWFRPSURYDU
JUjILFDPHQWODLQIOXqQFLDGHODFXOWXUDZHLPDULDQDVREUHHOOOLEUHHVSDQ\ROG¶DYDQoDGD5DZLF]YDGHL[DU
XQHVDSDVVLRQDQWVPHPzULHVTXHDYXLSHUIRUWXQDWHQLPPROWEHQHGLWDGHVHQXQDFROÂOHFFLyGLULJLGDSHU
HVWLOL]DFLyQ IRUPDO HQV GLEXL[D XQ FHSDW IHUUHU TXH DL[HFD HO VHX SRGHUyV PDUWHOO
SUROHWDULDEDQVG¶DEDWUH¶OYLJRURVDPHQWVREUHO¶HQFOXVDRQHVWjIRUMDQWXQPHWDOODPEOD
LQVFULSFLyGH³1XHYD(VSDxD´YSODQDJUjILFD/DLGHDTXHVH¶QVWUDQVPHWpVTXH
QRYHVLHQUREXVWLGHVIRUFHVIRUJHQDUDXQQRXIXWXUeVMDLPSRVVLEOHSUHWHQGUHQRVHQWLU
HO VRUROOyV UHSLF PHWjOÂOLF TXH YH GH O¶REUDGRU L TXH HQ O¶(VSDQ\D GHOV UHFHQWPHQW
HQFHWDWV DQ\VHVWjVXEVWLWXLQWHOTXHVROLHQIHUOHVGHYRWHV FDPSDQHV $ODSODQD
O¶HGLWRULDO³'HVSXpVGHOSULPHUQ~PHUR´HQVLQIRUPDTXHODWLUDGDGHH[HPSODUV
GHOQ~PHURLQDXJXUDOGHODUHYLVWDHVYDHVJRWDUHQPROWSRFVGLHV(VWHPGRQFVGDYDQW
G¶XQD SXEOLFDFLy TXH MD KD QDVFXW FRQVROLGDGD TXH MD QR UHSUHVHQWD FRP OD VHYD
SUHGHFHVVRUDSRFDFRVDPpVTXHXQDPRVWUDGHERQHVLQWHQFLRQV(VWHPGDYDQWG¶XQD
SXEOLFDFLyTXHQRYROVHUPLQRULWjULDWDPSRFQRKRYROLDVHU3RVW*XHUUDSHUzKRHUD
LTXHDWDOHIHFWHSUHWpQDJOXWLQDUWRWXQYHQWDOOG¶DFWLWXGVSROtWLTXHVSURJUHVVLVWHVDPE
O¶REMHFWLXFRP~GHWRPEDUHOUqJLPLUHQRYDUHOSDtV1XHYD(VSDxDHQDTXHVWHGLWRULDO
ILQV L WRW ID O¶XOOHW DO OLEHUDOLVPH EXUJqV FRVD LQDXGLWD HQ OD PpV XWzSLFD L PHQ\V
SRVVLELOLVWD3RVW*XHUUD9HJHPKR
>«@ /D 3UHQVD OLEHUDO GH 0DGULG \ SDUWH GH OD GH SURYLQFLDV QRV KD VDOXGDGR FRQ ODV
PHMRUHVSDODEUDV<KDVWDKHPRVWHQLGRHOKRQRUGHVHUPDOUHFLELGRVSRU/D1DFLyQTXHHUDXQR
GH QXHVWURV REMHWLYRV 'H WRGDV SDUWHV QRV HVFULEHQ ORV HOHPHQWRV OLEHUDOHV DQLPiQGRQRV D
FRQWLQXDUFRQORVSURSyVLWRVGHQXHVWURSURJUDPDHVGHFLUOLEHUDOLVPRGHPRFUDFLDVRFLDOLVPR
ODLFLVPR UHSXEOLFDQLVPR ÒQLFRV LVPRV TXH LQWHQWDPRV SRUTXH ORV GHPiV GH OD YDQJXDUGLD
DQDFUyQLFDHQDUWH\OLWHUDWXUDQRQRVLQWHUHVDQSDUDQDGD
$ HVWH SURSyVLWR WHQHPRV TXH LQVLVWLU HQ TXH QXHVWUD UHYLVWD QR HV SDUD PLQRUtDV (V
SDUD PD\RUtDV \ PLQRUtDV 1RVHWUDWDGH XQDUHYLVWLWDDWDFDGDGHVDUDPSLyQOLWHUDULRFRPRODV
TXH KHPRV YLVWR QDFHU \ PRULU HQ HVWRV ~OWLPRV DxRV DO DPSDUR GH OD &HQVXUD 5HYLVWDV TXH
GLVLPXODEDQ EDMR OD VXSHUIOXLGDG WLSRJUiILFD HO YDFtR PHQWDO GH VXV UHGDFWRUHV 18(9$
(63$f$ TXLHUH OOHJDU D PXFKDV ]RQDV GH S~EOLFR VREUH WRGR D DTXHOODV GRQGH SUHGRPLQD OD
SUHRFXSDFLyQSROtWLFDTXHKDOOHJDGRDDOFDQ]DUHQWUHQRVRWURVFDUDFWHUHVGUDPiWLFRV3RUHVR
VXSUHVHQWDFLyQHVVHQFLOOD\VXDFHQWRDFWXDO>«@
/LEHUDOVVRFLDOLVWHVLUHSXEOLFDQV±UHFRUGHPKR±HUHQEODVPDWVD3RVW*XHUUDL
WUDFWDWVHQHOPLOORUGHOVFDVRVGHSXVLOÂOjQLPHV3HUzDUDHOPRPHQWSROtWLFpVEHQEp
XQ DOWUH OD 0RQDUTXLD'LFWDGXUD WURQWROOD L (VSDQ\D V¶HVWj IHQW SHU PRPHQWV
UHSXEOLFDQD/DERQDVLQWRQLDHQWUHODSUHPVDOLEHUDOTXHFDSLWDQHMD(O6ROLODSUHPVD
UDGLFDO TXH H[HPSOLILFD 1XHYD (VSDxD pV XQ FODU LQGLFDGRU GH OD PDMRULD SROtWLFD L
VRFLROzJLFD TXH V¶HVWj IRUPDQW HQ GLUHFFLy DO FDQYL 3HU DOWUD EDQGD HQ HO FRQWH[W
$QGUpV7UDSLHOORLDPEXQDLQWHUHVVDQWLQWURGXFFLy0DULDQR5DZLF]&RQIHVLRQDULRGHSDSHO0HPRULDV
GH XQ LQFRQIRUPLVWD SUzO GH 9LUJLQLD 5DZLF] 3HOOLFHU LQWU G¶+RUDFLR )HUQiQGH] *UDQDGD 9DOHQFLD
(GLWRULDO&RPDUHV,9$06REUH$PVWHUWDPEpO¶,9$0GLULJLWOODYRUVSHU-XDQ0DQXHO%RQHW
YDPXQWDUXQDH[SRVLFLyODSULPDYHUDGHLHQYDHGLWDUXQFDWjOHJLQGLVSHQVDEOH0DXULFLR$PVWHU
7LSyJUDIRFDWjOHJH[SRVLFLy9DOHQFLD,9$0
6REUH 3X\RO Y 5DPyQ 3X\RO ([SRVLFLyQ DQWROyJLFD $OJHFLUDV FDWjOHJ H[SRVLFLy
([FPR$\XQWDPLHQWRGH$OJHFLUDV7DOOHU(VWXGLR&DPSRGH*LEUDOWDU
&RP D FRQWUDVW L SHU HQWHQGUH PLOORU HO FRQWH[W G¶DTXHVWD FUtWLFD jFLGD YHJHP FRP KDYLD
VDOXGDW/D*DFHWD/LWHUDULDO¶HVWLXGHO¶DSDULFLyD+XHOYDGHODUHYLVWD3DSHOGH$OHOX\DVTXHVH
VXPDYDDO¶HFORVLyGHSXEOLFDFLRQVSRqWLTXHVTXHDYXLFRQVLGHUHPFDUDFWHUtVWLTXHVGHODJHQHUDFLyGHO
³$KtHVWiQHVH©/LWRUDOªHVH©9HUVR\3URVDªHVH©/HVDPLFV>VLF@GHOHV$UWVªHVH©0HGLRGtDªSUXHEDV
GHLPSUHQWDH[TXLVLWDV©3DSHOGHDOHOX\DVªWLHQHODHOHJDQFLDGHSUHVHQWDFLyQFRQVXEVWDQFLDODWRGDVHVWDV
SiJLQDVSHQLQVXODUHVWLHQHDGHPiVODVXSUHPDGHQRPDUFDUSUHFLR(VWRHQFXDQWRDIRUPDWR7LQWD
HWLySLFD VREUH SDSHO HE~UQHR´ , FRQWLQXD HQ HO VHJHQW SDUjJUDI ³6X FRQWHQLGR VH FDUDFWHUL]D HQ VX
SULPHU Q~PHUR SRU OD JUDFLD FRQWHQLGD *UDFLD HOHJDQWH WDPELpQ <D HO PLVPR WtWXOR HV XQ DFLHUWR GH
SRSXODULVPR\GLVWLQFLyQ/XHJRODVYLxHWDV±LPSUHVDVHVPHUDGDPHQWH±GHHVWDPSDVDxRVDV\GHOLFLRVDV
OHGDQPiVHVHWRQRGHSXHEORDULVWRFUDFLD´³,WLQHUDULRGH5HYLVWDVHVSDxRODV´/D*DFHWD/LWHUDULD
GHMXOLRO
G¶DTXHVWLQWHQVPRPHQWTXHYLXODYLGDS~EOLFDSHQLQVXODUOHVDYDQWJXDUGHVDSROtWLTXHV
VyQYLVWHVMDFRPXQPHUDQDFURQLVPH1XHYD(VSDxDWUDoDDPEXQDOtQLDIHUPDLQtWLGD
HO FDPt TXH YD GHV GH OHV LQTXLHWXGV DUWtVWLFROLWHUjULHV D OHV LQTXLHWXGV SROtWLTXHV
DTXHVWDpVXQDHYROXFLyTXHV¶DFFHQWXDUjHQODUHYLVWDDPHVXUDTXHSDVVLQHOVPHVRVeV
O¶HYROXFLy TXH OD FUtWLFD KD YLVW HQFDUQDGD HQ XQ HVFULSWRU FRP -RVp 'tD] )HUQiQGH]
SHUzpVWDPEpGHIHWHOFDPtHYROXWLXTXHHVWDQVHJXLQWOODYRUVFDGDVF~DODVHYDPDQHUD
L HQ OD VHYD GLUHFFLy LGHROzJLFD OD JUDQ PDMRULD GHOV LQWHOÂOHFWXDOV HVSDQ\ROV GHO
PRPHQW/¶DFWLWXGGHSRVVLELOLVPHSROtWLFGHOVKRPHVGH1XHYD(VSDxDTXDQHQGHJXHQ
DTXHVWSURMHFWHTXHGDFODUDHQXQDOWUHHGLWRULDOGHOPDWHL[Q~PHURTXHFRPHQoDDL[t
/RV SHULyGLFRV \ ORV KRPEUHV GH PiV GLVWLQWDV WHQGHQFLDV FODPDQ HVWRV GtDV SRU XQDV
HOHFFLRQHV6LHOSDQRUDPDGHODYLGDS~EOLFDHVSDxRODIXHUDHOTXHGHELHUDVHUGHVSXpVGHXQD
'LFWDGXUD GH PiV GH VHLV DxRV QRVRWURV QR SHGLUtDPRV XQDV HOHFFLRQHV SHGLUtDPRV DOJR PiV
UDGLFDO\HMHFXWLYR3HURHQSROtWLFDQRVHGHEHFRQWDUVLQRFRQUHDOLGDGHV<ODUHDOLGDGGHDKRUD
QRV DFRQVHMD D ORV KRPEUHV GH PiV H[WUHPD L]TXLHUGD LQWHQWDU XQD DFWXDFLyQ FLXGDGDQD SRU
PHGLRGHODVXUQDV'HPRPHQWRODVHQHUJtDVQDFLRQDOHVQRGDQSDUDPiV
$TXHVWDPHQDGHSODQWHLJGH5HDOSROLWLNHQOODoDDPEO¶DOÂOXGLWWDUDQQjLQWHJUDGRU
GH OD QRYD UHYLVWD $L[t WHQLP TXH =XJD]DJRLWLD HVFDUQLW DGpV D 3RVW*XHUUD SHO VHX
VRFLDOLVPHPRGHUDWLHOVHXFROÂODERUDFLRQLVPHDPEO¶zUJDQGH*HFpGLVSRVDDTXtG¶XQ
PDJQtILFHVSDLGHSODQDLPLWMDEHQVLWXDGHVHOOSHUODVHYDSDUWVHPEODTXHWDPEpID
XQFHUWHVIRUoDSUR[LPDGRUSHUTXqHVFULXFRVHVTXHFRUUHVSRQHQSHUIHFWDPHQWDODOtQLD
HVWqWLFDGHOWjQGHP3RVW*XHUUD1XHYD(VSDxD9HJHPVLQR
>«@(QOROLWHUDULRODPDVDQRFXHQWDQDGD6LDWHQGHPRVDOVHQWLGRGHODOLWHUDWXUDGH
YDQJXDUGLD ±DFHSWHPRV OD GHQRPLQDFLyQ DXQ FXDQGR UHVXOWH H[WUDRUGLQDULDPHQWH IDOWD GH
MXVWH]D± WDO VXFHVR VH QRV DSDUHFH FODUtVLPR 3DUD HOOD OD PDVD HV DOJR GHVSUHFLDEOH 5XLQ
0LVHUDEOH¢4XpWLHQHHOODTXHYHUFRQODVPDQLIHVWDFLRQHVGHODLQWHOLJHQFLD"(QDEVROXWRQDGD
/D OLWHUDWXUD SUHWHQGH FRQILQDUVH HQ XQ FtUFXOR GH VHQVLELOLGDGHV SDUWLFXODUPHQWH GHVSLHUWDV \
DYLVDGDV/LWHUDWXUDGHDOXVLRQHV\GHVHFUHWRVGHODTXHDSDUHFHQSURVFULSWDVWRGDVODVHIXVLRQHV
KXPDQDVUDtGDODHPRFLyQ%LHQHVWi(VXQDPDQHUDSOHEH\DGHVHUDULVWyFUDWDV/DDULVWRFUDFLD
GHTXLHQQRHVWDQGRPX\VHJXURGHSRVHHUODDXWpQWLFDPHQWHQHFHVLWDGREODUVXVGHVGHQHVDFDGD
LQVWDQWHSDUDGHHVDPDQHUDDQWLSiWLFDSUREDULQGLUHFWDPHQWHODSXUH]DGHVXDVFHQGHQFLD>«@
¢4XLpQQRUHFRQRFHHQHOOLWHUDWRYDQJXDUGLVWDDOXOWUDPRGHUQRTXHQLHJDDODPDVDHOGHUHFKRD
HMHUFHUGHWHUPLQDGDVSUHUURJDWLYDVSROtWLFDV\FLYLOHV">«@'HVSXpVGHWRGRQXHVWUDOLWHUDWXUDGH
YDQJXDUGLD GHGXFLGD OD REUD GH GRV R WUHV HVFULWRUHV DXWpQWLFRV FDUHFH GH LPSRUWDQFLD (V XQ
HQWUHWHQLPLHQWRGHVHxRULWRVTXHHQVD\DURQDQWHVFRQPDODIRUWXQDDHVFULELUYHUVRVGHODYLHMD
HVFXHODURPiQWLFD
/DEDWDOODGHODSUHPVD
/DSDUWLQIHULRUGHODSODQDG¶DTXHVWQ~PHURTXHFRPHQWHPHVWjRFXSDGD
SHU XQD QRWD GHVWDFDGD HQ QHJUHWHV TXH D PpV GH GRQDUQRV XQD LQIRUPDFLy SUHFLVD
VREUH HO WLUDWJH GH OD UHYLVWD QR GHL[D WDPEp GH UHFRUGDUQRV DTXHOO SDUWLFXODU HVWLO
GLUHFWHTXHXVDYD3RVW*XHUUDDO¶KRUDG¶DGUHoDUVHDOOHFWRU$TXHVWpVHOVHXWH[W
7RGRVORVHOHPHQWRVSROtWLFRVVLQFHUDPHQWHMyYHQHVGHOSDtVVHDSUHVWDURQDWUDEDMDUSRU
18(9$(63$f$GHVGHHOPRPHQWRTXHDSDUHFLyQXHVWURPDQLILHVWR$HOORVVHGHEHODFLIUD
GH WLUDGD GHO SULPHU Q~PHUR TXH DOFDQ]y ORV HMHPSODUHV OD VXELGD HQ HVWH VHJXQGR D
³/RTXHKD\TXHFRQVWLWXLU´1XHYD(VSDxDGHIHEUHU
-XOLiQ=XJD]DJRLWLD³/DPDVDHQODOLWHUDWXUD´1XHYD(VSDxDGHIHEUHU
\ HO DXPHQWR GH RFKR SiJLQDV TXH KR\ RIUHFHPRV +D\ TXH FRQTXLVWDU ORV FLHQ PLO
OHFWRUHV \ HQ FXDQWR HO OHYDQWDPLHQWR GH OD SUHYLD &HQVXUD VHD XQ KHFKR 18(9$ (63$f$
DSDUHFHUiVHPDQDOPHQWH
$TXHVW q[LW LQLFLDO GH OD SXEOLFDFLy V¶H[SOLFD SHU DOPHQ\V GRV IDFWRUV OD SOHQD
RSRUWXQLWDWGHOPRPHQWHQTXqDSDUHL[LODSOXUDOLWDWGHYHXVTXHHQFHUWDDFRQJUHJDU
3HOTXHIDDODFHQVXUDSUqYLDHQXQSULPHUPRPHQWHVWDUjHQYLJRULODUHYLVWDDL[tKR
YDLQGLFDQWDPEHO5HYLVDGRSRUODFHQVXUDRVLPLODUVGHVGHOQ~PGHJHQHUGH
ILQV DO Q~P GH VHWHPEUH GH TXH pV HQ HIHFWH ±L G¶DFRUG DPE HOV
SURSzVLWVDQXQFLDWV±HOSULPHUTXHVXUWIRUPDOPHQWFRPDVHWPDQDUL(QHOQ~P
G¶RFWXEUH GH -RDTXtQ $UGHUtXV GHGLFD XQ DUWLFOH D O¶DL[HFDPHQW GHO UHVVRUW
GLFWDWRULDO HO *RYHUQ %HUHQJXHU HQ HIHFWH ±L GHVSUpV GH DQ\V GH YLJqQFLD± O¶KDYLD
DL[HFDWHOGHVHWHPEUH/OHJLPOHVSULPHUHVIUDVHVGHOWH[WG¶$UGHUtXV
/DMDXODGHDODPEUHVURMRVTXHQRVWHMtDHOFHQVRUVREUHODFDEH]DKDGHVDSDUHFLGR
<D VH SXHGH HVFULELU OLEUHPHQWH <D SXHGH HO OLQRWLSLVWD IXQGLU HQ SORPR QXHVWURV
SHQVDPLHQWRVHOPDTXLQLVWDLPSULPLUORV\HOOHFWRUDOPDFHQDUORVHQVXIUHQWH
/RVSHULyGLFRVHVSDxROHV\DSXHGHQVHUVLTXLHUHQWULJDOHVGHLGHDV
3DUHFHPHQWLUDTXHVHKD\DERUUDGRGHQXHVWURVRMRVDTXHOIDQWDVPDGHODVSDURMDTXH
VLHPSUHWHQtDPRVVREUHODVFXDUWLOODVFXDQGRHVFULEtDPRV
3HUz HQ UHDOLWDW FRP MD V¶KD FRPHQWDW PpV DPXQW HO TXH IDULD HO UqJLP VHULD
HPSUDUXQDGDOODHQFDUDPpVHVPRODGDSHUVHJDUHILFDoPHQWDTXHOOVLQFzPRGHVWULJDOHV
GH LGHDV VXEVWLWXLU OD FHQVXUD SUqYLD SHO VHJUHVW D SRVWHULRUL $ SHQHV XQD VHWPDQD
GHVSUpVGHO¶LOÂOXVLRQDWHVFULW G¶$UGHUtXVWUREHP MDTXHXQGHOV HGLWRULDOVGH OD UHYLVWD
HVWjGHGLFDWDOWHPD(QWUDQVFULYLPODVHYDSULPHUDPHLWDW
3HRUTXHODSUHYLDFHQVXUDHVOD©OLEHUWDGªGH3UHQVDTXHQRVKDUHJDODGR%HUHQJXHU
$QWHVODOLPLWDFLyQTXHLPSRQtDHOFHQVRUHUDXQDHVSHFLHGHFiUFHOSDUDORVSHULyGLFRV
TXHGHMDEDPXFKDVLGHDV±ODVPiVVDOXGDEOHV±HQFHUUDGDVHQHOSHQVDPLHQWRGHORVHVFULWRUHV\
PXFKDVJDOHUDGDVVLQLPSULPLU
1R KHPRV GH KDFHU FRQVLGHUDFLRQHV VREUH HVD PHGLGD WLUiQLFD HPSOHDGD SRU ORV
*RELHUQRV YDOLpQGRVH GH OD IXHU]D GH ODV DUPDV SDUD DQLTXLODU OD HQHUJtD LQWHOHFWXDO ~QLFD
HQHUJtDTXHSRQHHQFDPLQRDORVSXHEORVKDFLDVXPD\RUGLJQLGDG\ELHQHVWDU
7UHVTXLQ]HQHVPpVWDUGHOQ~PG¶DEULOGHHVWDQFDSDPEXQDOWUHGHVWDFDW
HQWUHILOHW GH VLPLODU WR L FRQWLQJXW ³1XHVWURV DPLJRV FRQWLQ~DQ OD FUX]DGD GH L]TXLHUGD WUDEDMDQGR SRU
18(9$ (63$f$ FRQVLJXLpQGROH QXHYRV OHFWRUHV 'LDULDPHQWH OOHJDQ D QXHVWUD UHGDFFLyQ OLVWDV GH
VXVFULSWRUHVTXHQRVHQYtDQGHVGHWRGRVORVSXQWRVGHODSHQtQVXODDPLJRVGHHVWD5HYLVWDTXHHVVHUOR
WDPELpQGHODOLEHUWDG\GHODMXVWLFLD£+D\TXHFRQTXLVWDUORVOHFWRUHV\ODOLEHUWDGSUHFLVDSDUD
TXH18(9$(63$f$VHDVHPDQDO´0HQWUHTXH3RVW*XHUUDGRQFVKDYLDPDQLIHVWDWGLYHUVHVYHJDGHV
O¶DVSLUDFLyG¶HVGHYHQLUTXLQ]HQDODUD1XHYD(VSDxDMDQRHQWpSURXDPEDTXHVWDSHULRGLFLWDW
$ODYROXQWDWG¶DJOXWLQDUIRUFHVG¶XQDPSOLYHQWDOOUHSXEOLFjLG¶HVTXHUUHVQRKLHUDVHQVGXEWH
DOLq HO FRGLUHFWRU $QWRQLR (VSLQD XQ KRPH DO FDSGDYDOO PHQ\V H[WUHPLVWD TXH 'tD] )HUQiQGH] R 6LOHV
8QHV VHWPDQHV PpV HQGDYDQW SXEOLFDUj XQ DUWLFOH GHFLGLGDPHQW HQ DTXHVWD OtQLD $QWRQLR (VSLQD
³'RFWULQD\WiFWLFD/DXQLyQGHODVL]TXLHUGDV´1XHYD(VSDxDG¶DEULO
$OJXQV HVFULWV GXUDQW DTXHVWD SULPHUD qSRFD TXLQ]HQDO DERUGHQ MD WRW L TXH G¶XQD PDQHUD
PHQ\VWHQVDTXHHQHOVPHVRVSRVWHULRUVHOSUREOHPDGHODPDQFDGHOOLEHUWDWGHSUHPVD³/DREUDGHORV
SHULRGLVWDV´ 1XHYD (VSDxDG¶DEULO/XLV-LPpQH]GH $V~D ³3UHQVD \ /LEHUWDG´1XHYD
(VSDxDGHMXQ\³(OUpJLPHQGHSUHQVD´1XHYD(VSDxDGHMXOLRO$ODUGR
3UDWV\%HOWUDQ³&RQWUDHO(VWDWXWRGH3UHQVD´1XHYD(VSDxDGHMXOLRO/¶DQRPHQDW
(VWDWXWR GH 3UHQVD HUD XQ UHJODPHQW TXH OD 'LFWDGXUD KDYLD HQOOHVWLW MXVW DEDQV GH OD FDLJXGD GH 3ULPR
SHUzTXHQRYDDUULEDUDHQWUDUHQYLJRU±WRWLTXHMDHQO¶HWDSD%HUHQJXHUODSUHPVDUHDFFLRQjULDKDYLD
GHPDQDWODVHYDDSOLFDFLy
-RDTXtQ$UGHUtXV³6LQQRPEUH1ROHKHHQFRQWUDGRWtWXORDHVWHDUWtFXOR´1XHYD(VSDxD
G¶RFWXEUH
+DVWD DTXt KHPRV HVWDGR FUH\HQGR QR FRQRFtDPRV RWUR HQHPLJR WDQ IXHUWH FRQWUD OD
LQWHOLJHQFLD TXH ORV *RELHUQRV KDEtDQ OOHJDGR FRQ OD LPSODQWDFLyQ GH OD SUHYLD FHQVXUD DO
Pi[LPRGHHVFODYLWXGHQOD3UHQVD
3HURGHFODUDPRVFRQLQGLJQDFLyQTXHHO*RELHUQRDFWXDOKDLQYHQWDGRFRQODD\XGDGHO
FyGLJR3ULPRGH5LYHUDXQQXHYR\UHILQDGRVLVWHPDSDUHFLGRDODFD]DHQDJXDUGRFRQWUDOD
3UHQVD OD GHMDQ VDOLU VLQ REVWiFXORV GH QLQJXQD FODVH OLEUH OLEUH \ FXDQGR HVWi FLUFXODQGR
KDFLHQGRVXUHGHQWRUDPLVLyQODDWUDSDQGHFRODDSLFR\HQWHUDFRQSDSHOWLQWDYHQGHGRUHV\
HVFULWRUHVODDSUHVDQ
$TXHVW HGLWRULDO FRLQFLGHL[ HQ HO PDWHL[ Q~PHUR DPE XQ DOWUH TXH FULWLFD HO
UHWRUQ GHO UqJLP DOV PqWRGHV HVWULFWDPHQW GLFWDWRULDOV HQ FRQFUHW D OD SUjFWLFD GH
GHWHQFLRQVSHUSURFHGLPHQWJRYHUQDWLXLVHQVHFDSPHQDGHJDUDQWLDFRQVWLWXFLRQDOSHU
DOFLXWDGjGHWLQJXW/DGLFWDEODQGDGH%HUHQJXHUQRHUDWDQWRYDFRPSRGLDVHPEODUDO
SULQFLSL 1DVFXWV OD UHYLVWD L HO QRX *RYHUQ H[DFWDPHQW HO PDWHL[ GLD 1XHYD (VSDxD
WHQLDFODUGHVGHOFRPHQoDPHQWTXLQ HUD HO SDSHU KLVWzULF TXH DO *DELQHW %HUHQJXHU OL
WRFDYD MXJDU DL[t GH QtWLG KR H[SUHVVDYD HQ XQ HGLWRULDO GHO Q~P ³HO *RELHUQR
%HUHQJXHUQRKDYHQLGRPiVTXHDUHVWDEOHFHUODQRUPDOLGDGFRQVWLWXFLRQDO\DFRQYRFDU
\ OOHYDU D FDER XQDV HOHFFLRQHV JHQHUDOHV´ $PEGyV %HUHQJXHU L 1XHYD (VSDxD
TXHGDUDQDOFDSGDYDOOLQVFULWVHQHOPDUFG¶DTXHOOSHUtRGHGHWUDQVLFLyHQWUHOD'LFWDGXUD
L OD 5HS~EOLFD SHUz OODYRUV O¶XQ IHLD G¶HOHPHQW UHWDUGDGRU L O¶DOWUH G¶DQWLFLSDQW $
O¶DOWXUD GRQFV GHO Q~P RFWXEUH GH HO UqJLP VHPEOD QR VDEHU R QR YROHU
HYROXFLRQDUQLIHUGHSRQWFDSDXQDQRYDOHJDOLWDWSROtWLFDLSHUDL[zODUHYLVWDSDUODMD
G¶XQD VHJRQD GLFWDGXUD ³/D VHJXQGD GLFWDGXUD GHO UpJLPHQ >«@ HV VL FDEH PiV
DIUHQWRVDTXHODSULPHUDSRUTXHFRQDSDULHQFLDVGHOHJDOLVPRHQFXEUHSHUVHFXFLRQHV\
ULJRUHV DQiORJRV D ORV TXH KDEtDQ SXHVWR HQ SUiFWLFD 3ULPR GH 5LYHUD \ 0DUWtQH]
$QLGR´,GHIHWDTXHVWPDWHL[Q~PVHUjUHFROOLWSHUODSROLFLDVHJRQVOOHJLPHQ
XQDQRWDGHOQ~PHURVHJHQW
³/DOLEHUWDGGHSUHQVD´1XHYD(VSDxDG¶RFWXEUH)LQVLWRWMDHQXQHGLWRULDO
GH O¶DQWHULRU Q~PHUR L XQHV SODQHV DEDQV GHO FHOHEUDWLX WH[W G¶$UGHUtXV OD UHYLVWD ±D SHQHV GtHV
GHVSUpV GH OOHYDGD OD FHQVXUD SUqYLD± GHQXQFLDYD OD GREOH FDUD GHO UqJLP GH %HUHQJXHU ³/D 'LFWDGXUD
HVSDxROD WXYR GRV FDUDV FRPR -DQR $KRUD OH HVWDPRV YLHQGR OD PiV SHOLJURVD &RQ XQD DSDULHQFLD GH
OLEHUWDG VH HVWi UHDOL]DQGR OD FDPSDxD GH SHUVHFXFLRQHV MXGLFLDOHV \ JXEHUQDWLYDV TXH QDGD WLHQH TXH
HQYLGLDU D OD HWDSD 3ULPR GH 5LYHUD 6H OH FRQFHGH OLEHUWDG D OD 3UHQVD SHUR ORV JREHUQDGRUHV \ ORV
ILVFDOHV VH DUURMDQ VREUH ORV SHULyGLFRV \ VREUH ORV DGYHUVDULRV LGHROyJLFRV GHO UpJLPHQ FRQ WUHPHQGD
IHURFLGDG1RKD\GtDHQTXHQRVHGLVSRQJDODUHFRJLGDGHSHULyGLFRVTXHSRUXQRXRWURFRQFHSWRVRQ
FRQVLGHUDGRVSXQLEOHV>«@´³2WUDFDUDGHOD'LFWDGXUD´1XHYD(VSDxDG¶RFWXEUH
³/DYHUGDGHUDQRUPDOLGDG´1XHYD(VSDxDGHIHEUHU/DFRQVLJQDGHOUqJLP
GH%HUHQJXHUYDVHUGHVGHOFRPHQoDPHQWXQDYXHOWDDODQRUPDOLGDGTXHHQSULQFLSLVLJQLILFDYDWDQFDUHO
SHUtRGHG¶H[FHSFLyGLFWDWRULDO3HUzHOFRQFHSWHQRUPDOLWDWQRYDWDUGDUDUHYHODUVHPpVFRPSOH[TXHXQ
VLPSOH UHWRUQ DOV XVRV SROtWLFV GH OD 5HVWDXUDFLy L DO FDSGDYDOO HOV PHVRV EHUHQJXHULDQV VXSRVDUDQ OD
GHVFRPSRVLFLyG¶XQDDQRUPDOLWDWSROtWLFDGHILQLGDSHUODSUzSLDSHUYLYqQFLDGHOD0RQDUTXLD
³/DV GHWHQFLRQHV JXEHUQDWLYDV´ 1XHYD (VSDxD G¶RFWXEUH (Q HO VHJHQW
Q~PHUR GH OD UHYLVWD DSDUHL[HUj XQ GRFXPHQW VLJQDW GHV GH OD SUHVy GH 0DGULG SHU XQ JUXS G¶LQWHUQV
FRPXQLVWHV TXH UHVXOWD GHPROLGRU HQ OD VHYD GHQ~QFLD GH OD UHSUHVVLy GHO PRYLPHQW REUHU SHU SDUW GHO
*RYHUQEHUHQJXHULjTXHQRKDGHL[DWQLXQGLDGHPDQWHQLUOHVSUHVRQVSOHQHVDPESUHVRVJXEHUQDWLYRV
³/D OXFKD VRFLDO HQ (VSDxD´ 1XHYD (VSDxD G¶RFWXEUH 3HU DOJXQHV FDUWHV TXH DQLUj
SXEOLFDQWRDOHVTXDOVHVUHIHULUjKRPGHGXHL[TXH1XHYD(VSDxDGHYLDDGTXLULUFHUWSUHGLFDPHQWFRPD
UHYLVWDGHQXQFLDGRUDG¶DUELWUDULHWDWV8QHGLWRULDOGLX³6RQWDQWDVODVFDUWDVGHSUHVRVJXEHUQDWLYRVTXH
OOHJDQ D QXHVWUD 5HGDFFLyQ \ HVWiQ FRQFHELGDV HQ WpUPLQRV WDOHV TXH VHUtD XQD YLOH]D QR UHYHODU HQ
S~EOLFR ODV FRQGLFLRQHV YHUGDGHUDPHQWH H[FHSFLRQDOHV HQ TXH DFW~D OD YLROHQFLD JXEHUQDWLYD´ ³/RV
SUHVRVVRFLDOHV´1XHYD(VSDxDGHQRYHPEUH/DUHYLVWDGHIHWQRGHL[DUjPDLGHPDQWHQLU
DTXHVW HVSHULW GHQXQFLDGRU L H[SOtFLWDPHQW RIHULUj OHV VHYHV SODQHV DOV TXH VRIUHL[LQ L YXOJXLQ IHU
S~EOLTXHV TXDOVHYRO PHQD GH SHUVHFXFLy R GH FDFLFDGD 7DPEp HQ DTXHVWD OtQLD V¶LQVFULX OD VHFFLy
UHSDUDGRUD GH OD UHFHQW PHPzULD KLVWzULFD GHOV DQ\V GH 3ULPR ³9LFWLPDULR GH OD 'LFWDGXUD´ TXH
(OOXQHVSDVDGROD3ROLFtDVHSUHVHQWyHQQXHVWUD5HGDFFLyQ\HQODLPSUHQWDGRQGHVH
WLUD 18(9$ (63$f$ SDUD UHFRJHU SRU RUGHQ MXGLFLDO ORV HMHPSODUHV GH QXHVWUR Q~PHUR GHO
ViEDGR $IRUWXQDGDPHQWH QXHVWUD 5HYLVWD ORJUD XQ p[LWR WDQ URWXQGR TXH HO S~EOLFR DJRWD OD
WLUDGDWDQSURQWRDSDUHFH3RUHVWDUD]yQIXHURQPX\SRFRVORVHMHPSODUHVDSUHVDGRV
$ SDUWLU G¶DTXt L DO OODUJ GHOV Q~PHURV SRVWHULRUV HO OHFWRU GH 1XHYD (VSDxD
HVWDUjDOFRUUHQWGHO¶RIHQVLYDSDUDOHJDOTXHKDHQGHJDWHOUqJLPFRQWUDODSUHPVDPpVR
PHQ\V LQFzPRGD 5HWHQFLy MXGLFLDO GHO VRX GH SHULRGLVWD GHOV QRVWUHV GLUHFWRUV
DUELWUjULD SURKLELFLy GH GLVWULEXLU HO VHWPDQDUL SHU SDUW G¶DOJXQHV DXWRULWDWV ORFDOV
GHQ~QFLDGHOILVFDODOMXWMDWGHJXjUGLDLFRQVHJHQWUHFROOLGDSROLFLDODTXHVWDPHQDGH
VLWXDFLRQV IRUPHQ SDUW KDELWXDO GH OD YLGD GH 1XHYD (VSDxD GXUDQW DTXHOOHV VHWPDQHV
WDUGRUHQTXHV GH O¶DQ\ GHFLVLX /OHJLP HO FRPHQoDPHQW G¶XQ HGLWRULDO HQ HO
Q~PHURGHODUHYLVWDGDWDWHOGLDGH7RWV6DQWV
6LJXHHO*REHUQR%HUHQJXHU\ODVDXWRULGDGHVTXHUHFLEHQVXVLQGLFDFLRQHVODFDPSDxD
GHSHUVHFXFLyQFRQWUDOD3UHQVD(OOHYDQWDPLHQWRGHODFHQVXUDQRKDVLGRVLQRHOSUHWH[WRSDUD
SHUVHJXLUDORVSHULyGLFRVGHXQDPDQHUDPiVYLROHQWDD~QTXHHQODHWDSD3ULPRGH5LYHUD\DO
PLVPRWLHPSRGDUHQHOH[WUDQMHURODIDOVDVHQVDFLyQGHTXHORVyUJDQRVILVFDOL]DGRUHVGLVIUXWDQ
GHODVOLEHUWDGHVTXHVHFRQVLGHUDQHOHPHQWDOHVHQORVSDtVHVFLYLOL]DGRV1RWUDQVFXUUHXQGtDVLQ
TXHDOJXQDSXEOLFDFLyQVXIUDORVULJRUHVGHOILVFDO£<HQTXpPHGLGD(O&yGLJRJXEHUQDWLYRHV
FXPSOLGR D UDMDWDEOD VLHQGR FRPR HV XQD GLVSRVLFLyQ LOHJDO HODERUDGD IXHUD GH OD OH\
)LDQ]DV LQYHVWLJDFLRQV SROLFtDFDV FRPSDUHFHQFLDV SURIXVDV WRGD VXHUWH GH SHUMXLFLRV \
PROHVWLDVSUHSDUDGDVFRQDYLHVDLQWHQFLyQFRQWUDOD3UHQVDVHSRQHQHQSUiFWLFDSDUDDJUDYDUODV
UHVSRQVDELOLGDGHV\FRPSOLFDUORVSURFHVRV>«@
(QHOQ~PHURVHJHQWXQDOWUHHGLWRULDOGyQDPpVGHWDOOVGHOVDUGLWVOHJDOVTXH
XVDYDHOUqJLPSHUSHUMXGLFDUOHVSXEOLFDFLRQVQRRILFLDOLVWHV
>«@ $KRUD VH KD SXHVWR GH PRGD KDFHU FRPSDUHFHU HQ OD ORFDOLGDG GRQGH VH WUDPLWD
FXDOTXLHU VXPDULR DO DXWRU GHO DUWtFXOR R OD LQIRUPDFLyQ GHQXQFLDGD DXQTXH OD UHVLGHQFLD GHO
SUHVHQWDYD FDVRV GH FLXWDGDQV DQzQLPV YtFWLPHV GH ³ORV DWURSHOORV SHUSHWUDGRV SRU OD 'LFWDGXUD \ VXV
VHFXDFHV´ ±FRP GHLD OD QRWD TXH DQXQFLDYD OD VHFFLy L TXH RIHULD SXEOLFDU OHV KLVWzULHV XQ FRS
FRQWUDVWDGHVTXHHVIHVVLQDUULEDUD1XHYD(VSDxD
³(OWHUFHUSURFHVR1XHYD(VSDxDGHQXQFLDGD\UHFRJLGD´1XHYD(VSDxDG¶RFWXEUH
6HJRQV LQIRUPD WDPEp OD QRWD OD GHQ~QFLD HV GHYLD D GHWHUPLQDWV FRQWLQJXWV GHO Q~PHUR HQWUHHOOVO¶HGLWRULDOGHSULPHUDSODQD³1RROYLGHPRV$QQXDO´TXHUHFRUGDYDTXHOHVLQYHVWLJDFLRQVGHO
IDPyV([SHGLHQW3LFDVVRVXVSHVHVSHOFXDUWHOD]RGH3ULPRFRQGXwHQDFRQVLGHUDU%HUHQJXHU³HOSULPHU
UHVSRQVDEOHGHODFDWiVWURIHGH0HOLOOD´/DQRWDWDPEpGLXTXHDTXHVWVHUjHOWHUFHUSURFpVMXGLFLDODTXq
V¶KDXUjG¶HQIURQWDUODUHYLVWD(OSULPHUHUDHQUHVSRVWDDODVHYDFDPSDQ\DFRQWUDHO3DWURQDWR1DFLRQDO
GH 7XULVPR HO VHJRQ HV WUDPLWDYD D %DUFHORQD SURPRJXW VHPEOD VHU TXH SHU PHPEUHV GHOV
FRQWUDUHYROXFLRQDULV6LQGLFDWV/OLXUHV
$OJXQHVPRVWUHV³/D©QRUPDOLGDGªGH%HUHQJXHU1LOLEHUWDGGH3UHQVDQLGHSURSDJDQGD´
1XHYD(VSDxDG¶RFWXEUH³/DOODPDGDOLEHUWDGGHSURSDJDQGD´1XHYD(VSDxDGH
QRYHPEUH³/DVXVSHQVLyQGH©6ROLGDULGDG2EUHUDª´1XHYD(VSDxDGHQRYHPEUH
³/D SHUVHFXFLyQ FRQWUD XQ SHULRGLVWD H[WUDQMHUR´ 1XHYD (VSDxD GH QRYHPEUH ³/DV UHFRJLGDV GH ©0XQGR 2EUHURª´ 1XHYD (VSDxD GH QRYHPEUH ³/RV SHULRGLVWDV
FDQDULRV\HOJREHUQDGRU´1XHYD(VSDxDGHQRYHPEUH³(O&yGLJRJXEHUQDWLYR´1XHYD
(VSDxDGHQRYHPEUH³¢3RUTXp"1XHYD(VSDxDQRSXHGHYHQGHUVHHQ7HWXiQ´1XHYD
(VSDxDGHPDUo
$TXHVWFRGLSHQDOTXHV¶KDYLDLPSODQWDWHOHQVXEVWLWXFLyGHOYLJHQWGHVGHWRWL
TXH PRGLILFDW HO pV VRYLQW HVPHQWDW &yGLJR GH OD 'LFWDGXUD &yGLJR GH *DOR 3RQWH FyGLJR
IDFFLRVR L DWDFDW D OHV SODQHV GH 1XHYD (VSDxD RQ VH¶O FRQVLGHUDYD XQ PHU LQVWUXPHQW UHSUHVVLX QR
PHQ\V TXH XQ GLVEDUDW MXUtGLF (O *RYHUQ SURYLVLRQDO UHSXEOLFj HO YD GHURJDU LPPHGLDWDPHQW GHVSUpV
G¶REWHQLUHOSRGHU
³/DVSHUVHFXFLRQHVFRQWUDODSUHQVD´1XHYD(VSDxDGHQRYHPEUH
VXSXHVWRUHRHVWpDPXFKRVNLOyPHWURVGHGLVWDQFLD$QWHVVHKDFtDHVWRSRUH[KRUWR3HURDKRUD
GHORTXHVHWUDWDHVGHRULJLQDUJDVWRV\PROHVWLDVDOSHULRGLVWDDYHUVLVHGHFLGHDFDPELDUGH
DFWLWXG\GHMDUGHHMHUFHUODILVFDOL]DFLyQSROtWLFDTXHVXFRQFLHQFLDOHLPSRQH
>«@ $KRUD VH H[LJH D ORV SHULRGLVWDV SURFHVDGRV XQD ILDQ]D GH GRV PLO SHVHWDV SDUD
JDUDQWtD GH ODV UHVSRQVDELOLGDGHV FLYLOHV GHO SURFHVR £ < KDVWD VH OOHJD D GLVSRQHU SRU ORV
VHxRUHVMXHFHVH[VXEDOWHUQRVGH*DOR3RQWHHOHPEDUJRSUHYHQWLYR>«@
,HQDTXHVWPDWHL[Q~PHUR GHQRYHPEUHGHXQDQRWDGHVWDFDGD HQ
QHJUHWHVHQVLQIRUPDVHQVHSHUGUHHOVHQWLWGHO¶KXPRUTXHHOQ~PHURDQWHULRUKDHVWDW
WDPEpUHFROOLWSHUODSROLFLDSUHFLVDPHQWSHUGHQXQFLDUFRPDFDEHPGHOOHJLUODPDQFD
GHOOLEHUWDWGHSUHPVD9HJHPKR
(O VHxRU ILVFDO VLJXH VLHQGR DVLGXR OHFWRU GH 18(9$ (63$f$ \ DFXPXODQGR VREUH
QRVRWURVPRQWDxDVGHSDSHOVHOODGR(O~OWLPRQ~PHURGHQXHVWUD5HYLVWDKDVLGRGHQXQFLDGRDO
MXH]GHJXDUGLD\UHFRJLGRSRUOD3ROLFtDDSHQDVSXHVWRDODYHQWDHQ0DGULG
6HJ~Q HO PDQGDPLHQWR MXGLFLDO ORV DUWtFXORV TXH VH FRQVLGHUDQ GHOLFWLYRV VRQ ORV
WLWXODGRV ©/D UHYLVLyQ GH ORV ³KRQRULV FDXVD´ª ©/D SHUVHFXFLyQ FRQWUD OD 3UHQVDª \ ©0DVD \
SURJUDPDª(QYDQRKHPRVSUHWHQGLGRHQFRQWUDUHQHVRVWUDEDMRVGHFUtWLFDGHSURFHGLPLHQWRV
SROtWLFRVSiUUDIRDOJXQRFRQGHQDEOH(OVHxRUILVFDOORKDHQFRQWUDGR&RQHVWRQDWXUDOPHQWHQR
SUHWHQGHPRV GLVFXWLU HO FULWHULR GH LQWHUSUHWDFLyQ GH ODV OH\HV TXH VRVWLHQH HO GLVWLQJXLGR
IXQFLRQDULR YHUGDGHUR VHUYLGRU GHO RUGHQ HVFULWR \ GH OD VDELD MXULVSUXGHQFLD GH *DOR 3RQWH
>«@
<D OR VDEHQ QXHVWURV OHFWRUHV ODV LUUHJXODULGDGHV TXH VXIUDQ HQ OD UHFHSFLyQ GH OD
5HYLVWDVRQFRVDGHOLOXVWUtVLPRVHxRUILVFDOPRGHORGHGLOLJHQFLD\GHDGKHVLyQDO*RELHUQRGH
6X0DMHVWDG
6HJRQV VH¶QV DQLUj LQIRUPDQW JUDGXDOPHQW SDWLUDQ WDPEp OD SHUVHFXFLy
EHUHQJXHULDQD SXEOLFDFLRQV FRP 6ROLGDULGDG 2EUHUD KLVWzULF zUJDQ GH
O¶DQDUFRVLQGLFDOLVPH IXQGDW D %DUFHORQD HO 0XQGR 2EUHUR IODPDQW zUJDQ GHO
3&( QDVFXW HO G¶DJRVW G¶DTXHOO R HQWUH G¶DOWUHV HO VHWPDQDUL GH &pVDU
)DOFyQ1RVRWURV8QHGLWRULDOGHODSULPDYHUDDQWHULRUKDYLDFHOHEUDWODIqUWLOHFORVLy
*DOR 3RQWH \ (VFDUWtQ MXULVWD DUDJRQqV L PLQLVWUR GH *UDFLD \ -XVWLFLD DPE
3ULPRGH5LYHUDGHVGHILQVDODFDLJXGDGHOGLFWDGRUGH-HUH]HOJHQHUGH
³(O*RELHUQRFRQWUDODSUHQVD´1XHYD(VSDxDGHQRYHPEUH
(VWUDFWDGHWUHVGHOVHGLWRULDOVGHOQ~PHUR8Q³/DVSHUVHFXFLRQHVFRQWUDODSUHQVD´MDHO
FRQHL[HP SHO IUDJPHQW WUDQVFULW VXDUD HOV DOWUHV GRV FRQVWLWXHL[HQ SHWLWHV REUHV PHVWUHV GHO JqQHUH
HGLWRULDOLVWD±HQODVHYDYHUVLyPHQ\VDGXODGRUDGHFDSSRGHUHVWDEOHUW'XUDQWDTXHOOHVVHWPDQHVVHQVH
SUqYLD FHQVXUD HOV HGLWRULDOV GH 1XHYD (VSDxD ±VHPSUH DQzQLPV± VyQ VRYLQW EULOODQWV 7RW L TXH QR pV
DTXHVW HO OORF SHU LQWHQWDU GHPRVWUDUKR HV SRGHQ UHFRQqL[HU HQ HOOV QR QRPpV OHV SUHRFXSDFLRQV
LQWHOÂOHFWXDOVLLGHROzJLTXHVGH'tD])HUQiQGH]VLQyWDPEpODVHYDHVPRODGDLQWHOÂOLJqQFLDFUtWLFDLODVHYD
FRQWXQGHQWSHUzPDLJUDWXwWDHORTqQFLD
³2WUDGHQXQFLDFRQWUD©1XHYD(VSDxDª´1XHYD(VSDxDGHQRYHPEUH
(O Q~P GH VHWHPEUH GH GH 1XHYD (VSDxD KDYLD VDOXGDW O¶DSDULFLy GHO QRX
SRUWDYHXGHOFRPXQLVPHRUWRGR[DPEXQDFRUGLDOLWDWQRH[HPSWDGHFHUWDLURQLD³0XQGR2EUHURVDOHD
OX] FXDQGR VH KDFtD GHVHDU VX IDOWD FXDQGR VH FUHtD HQ OD LQH[LVWHQFLD GH OD 6HFFLyQ HVSDxROD GH OD ,,,
,QWHUQDFLRQDO´
&RVt JHUPj GH 1XHYD (VSDxD HO VHWPDQDUL GH )DOFyQ TXH YD WHQLU WDPEp XQD SURMHFFLy
HGLWRULDOHQIRUPDG¶XQDEUHXLUXVVzILODFROÂOHFFLyGHOOLEUHVDSUHXVHFRQzPLFVYDYLXUHGHO¶GHPDLJ
GH DO G¶DJRVW GH Q~PHURV &RQYp QR FRQIRQGUH¶O DPE OD OODYRUV MD YHWHUDQD UHYLVWD
PHQVXDO GH %XHQRV $LUHV 1RVRWURV GXHV qSRTXHV L HQ ODTXDO 9HQHJDV HQ HOV
SULPHUVDQ\V SXEOLFDUjGLYHUVRVDUWLFOHV±DOJXQ GH JUDQLQWHUqV SHUDO¶HVWXGLGHO PRYLPHQWHGLWRULDO
G¶DYDQoDGD/¶DSDULFLyGHO1RVRWURVPDGULOHQ\KDYLDHVWDWVDOXGDGDD1XHYD(VSDxDHQDTXHVWVWHUPHV
³/RV GRV Q~PHURV SXEOLFDGRV KDVWD DKRUD PXHVWUDQ XQD ILUPH LGHRORJtD L]TXLHUGLVWD GHIHQGLGD FRQ
LQJHQLRFXOWXUD\JUDQHVStULWXFRPEDWLYR5HGDFWDQODVSiJLQDVGH1RVRWURVHVFULWRUHVGHWDOHQWR\SRU
OR WDQWR DQWLPRQiUTXLFRV (O QXHYR \ IUDWHUQDO FROHJD UHSXEOLFDQR PHUHFH HO p[LWR URWXQGR FRQ TXH KD
VLGRDFRJLGR´³©1RVRWURVª´1XHYD(VSDxDGHPDLJ
GH QRYHV SXEOLFDFLRQV G¶HVTXHUUD TXH YLYLD (VSDQ\D HQ DTXHOO DQ\ GH UHQRYDGD
LQWHQVLWDW SROtWLFD L HO VHX WR DILUPDWLX QR VHPEODYD SUHYHXUH O¶HQGXULPHQW GH OHV
PHVXUHVUHSUHVVLYHVTXHDUULEDULHQDPEODWDUGRU$L[tGHLDHOVHXSULPHUSDUjJUDI
&RQIUHFXHQFLDUHFLELPRVPDQLILHVWRVFDUWDV\SHULyGLFRVTXHGDQFXHQWDGHODDFWLYLGDG
SROtWLFDGHODVL]TXLHUGDVHVSDxRODVHQODVGLVWLQWDVSURYLQFLDV6REUHWRGRHQORTXHVHUHILHUHD
SXEOLFDFLRQHVSHULyGLFDVDSHVDUGHTXHWRGDYtDVXEVLVWHODFHQVXUDHVPX\KDODJHxRREVHUYDU
FyPR WRGDV ODV VHPDQDV EURWD DOJ~Q QXHYR VHPDQDULR L]TXLHUGLVWD TXH SRU KXPLOGH TXH VHD
FXPSOHVXREUDGHSURSDJDQGD\GLYXOJDFLyQ
'HVSUpV GH OD UHFROOLGD SROLFLDO GHOV Q~PHURV L ±UHFROOLGHV SDUFLDOPHQW
LQIUXFWXRVHVSHOTXHIHLDDOYROXPG¶H[HPSODUVFDSWXUDWV±O¶q[LWPpVFODUTXHFRQWUDOD
UHYLVWD V¶DQRWD HO SRGHU MXGLFLDO GHO UqJLP pV OD FRQILVFDFLy GHO Q~PHUR WRW VHQFHU
DEDQV GH SRGHU VRUWLU G¶LPSUHPWD (Q HO Q~PHUR VHJHQW O¶HGLWRULDO GH OD SRUWDGD
LQIRUPDGHOIHWDTXHVWWH[WHOWUDQVFULYLPVHQFHUOOXQ\GHVRQDUUDELRVDPHQWUDGLFDO
WUDQVPHW XQ FHUW DLUH GH FDQVDPHQW G¶HVFDUPHQWDGD FDXWHOD G¶DXWRMXVWLILFDGRUD
PRGHUDFLy
+HPRV VXIULGR XQD QXHYD UHFRJLGD 7RGD OD WLUDGD GH QXHVWUR ~OWLPR Q~PHUR KD VLGR
DSUHVDGD SRU OD 3ROLFtD VLQ VDOLU GH OD LPSUHQWD 6LUYDQ SXHV HVWDV OtQHDV GH GLVFXOSD DQWH
QXHVWURVOHFWRUHVTXHWDQLUUHJXODUPHQWHUHFLEHQ18(9$(63$f$
1RVDEHPRVVLHO*RELHUQRGDUiRtGDVDQXHVWUDVSDODEUDV3HURTXHUHPRVGHFLUOHTXHOD
WiFWLFDTXHVLJXHFRQORVSHULyGLFRVGHLGHDVHVIUDQFDPHQWHHUUyQHD
6L KD\ XQD RSLQLyQ \ SROtWLFDPHQWH DGYHUVD HO *RELHUQR GHEH RtUOD \ GHMDU TXH VH
PDQLILHVWH HQ VXV yUJDQRV SHFXOLDUHV &RQYHQGUtD TXH ODV DXWRULGDGHV QR FRQIXQGLHUDQ ORV
SHULyGLFRVGHLGHDVFRQHOOLEHOR\ODSXEOLFDFLyQLUUHVSRQVDEOHTXHHQRWURVWLHPSRVFRPEDWtD\
FRDFFLRQDED D ORV *RELHUQRV SDUD EXVFDU OD VXEYHQFLyQ RILFLDO /RV SHULyGLFRV GH LGHDV TXH
YLYHQ GHO HVIXHU]R GH VXV IXQGDGRUHV UHSUHVHQWDQ XQD ]RQD GH OD RSLQLyQ GHO SDtV \ WLHQHQ
GHUHFKRDVHUHVFXFKDGRV18(9$(63$f$FRQJUHJDHQGHUUHGRUVX\RXQJUXSRGHLQWHOHFWXDOHV
TXH VLHQWHQ HO GHEHU GH LQWHUYHQLU HQ OD YLGD S~EOLFD GH VX SXHEOR HVWXGLDU VXV SUREOHPDV \
GLYXOJDUORVPDWLFHV\PRGDOLGDGHVGHOSHQVDPLHQWRFRWHPSRUiQHR(QWRGRVORVSDtVHVHO3RGHU
S~EOLFR DPSDUD OD IXQFLyQ GH HVWDV UHYLVWDV TXH DOHMDGDV GH WRGD ILQDOLGDG LQGXVWULDO WLHQHQ
REMHWLYRVLGHROyJLFRVELHQGHILQLGRV
$ SHVDU GH ODV GLILFXOWDGHV TXH VH QRV RSRQHQ VHSD HO *RELHUQR TXH QR HVWDPRV
GLVSXHVWRV D UHQXQFLDU D QXHVWUD ODERU FUtWLFD /D FRQVLGHUDPRV OHJtWLPD H LQHOXGLEOH HQ
PRPHQWRVWDQGLItFLOHVFRPRORVTXHHVWiYLYLHQGR(VSDxD
³/DVIXHU]DVQXHYDV´1XHYD(VSDxDG¶DEULO(OPDWHL[HGLWRULDODPELGqQWLF
WtWRO L QRPpV DOJXQD VXSUHVVLy HQ HO VHX FRQWLQJXW FRP O¶RUDFLy TXH SDUOD GH OD VXEVLVWqQFLD GH OD
FHQVXUDKDYLDWRUQDWDDSDUqL[HUHQFDUDHQHOQ~PG¶RFWXEUHGH±HOSULPHUQ~PHURFRP
KHPYLVWVXDUDHQVHUFRQILVFDWSHUODSROLFLD
1RKHPWUREDWDTXHVWQ~PHURHQFDSLQVWLWXFLyGHOHVTXHFXVWRGLHQOHVHVFDVVHVFROÂOHFFLRQV
GH1XHYD(VSDxDDYXLGLVSRQLEOHV/DPHQWDEOHPHQW±LSHUFDXVHVTXHQRHQVVyQFRQHJXGHV±HOPDWHL[
SDVVDDPEHOVQ~PVL/DFROÂOHFFLyPpVFRPSOHWDTXHFRQHL[HPpVODGHO¶+HPHURWHFD0XQLFLSDO
GH0DGULG/DGHO¶$WHQHX%DUFHORQqV±HQDGPLUDEOHHVWDWGHFRQVHUYDFLy±DEDUFDODSULPHUDPHLWDWGHOD
YLGDWHPSRUDOGHODUHYLVWD6RUSUHQHQWPHQWDO¶$WHQHRGH0DGULGQRKLKDQLUDVWUHGH1XHYD(VSDxDL
OD FROÂOHFFLy GH OD %LEOLRWHFD 1DFLRQDO pV IUDJPHQWjULD $OWUHV LQVWLWXFLRQV )XQGDFLyQ 3DEOR ,JOHVLDV
5HVLGHQFLDGH(VWXGLDQWHV%LEOLRWHFDGH&DWDOXQ\DHWFWHQHQDSHQHVQ~PHURVVROWV
$O Q~PHUR OL FRUUHVSRQLD VRUWLU DPE GDWD GH QRYHPEUH eV EDVWDQW SUREDEOH TXH HQ
DOJXQ GHOV VHXV HGLWRULDOV OD UHYLVWD V¶KDJXpV UHIHULW DOV JUHXV GLVWXUELV L OD YDJD JHQHUDO TXH HV YDQ
GHVHQYROXSDU HQWUH HOV GLHV L D 0DGULG HVSHFLDOPHQW (Q TXDOVHYRO FDV OD FDSWXUD GHO Q~PHUR
UHVSRQEHQVHJXUDODWHQVLyGHOPRPHQWLODPj[LPDDOHUWDTXHHVYLYLDHQHO0LQLVWHULGH*RYHUQDFLyHO
JHQHUDO 0ROD DO FDSGDYDQW GH OD 'LUHFFLy *HQHUDO GH 6HJXUHWDW HVSHUDYD MD SHU D DTXHOOHV FDOHQGHV HO
PRYLPHQW UHYROXFLRQDUL UHSXEOLFj TXH QR DUULEDULD ILQV DO GHVHPEUH 5HFRUGHP WDPEp TXH MXVW GHVSUpV
GHOVIHWVGHOGLDIXQHUDOPDQLIHVWDFLySHUXQVREUHUVTXHHVYDWUDGXLUHQPRUWDOVHQIURQWDPHQWVDPE
OHV IRUFHV G¶RUGUH S~EOLF 2UWHJD YD FODYDU XQD VDJQDQW HVWRFDGD PHGLjWLFD DO UqJLP GLQjVWLF DPE HO
'HOHQGDHVW0RQDUFKLDTXHWDQFDYDHOVHXDUWLFOHD(O6RO³(OHUURU%HUHQJXHU´
7DPEpHQDTXHVWPDWHL[Q~PHUR1XHYD(VSDxDSXEOLFDXQDQRWDHQYLDGDSHU
OD GLUHFFLy GH 1RVRWURV HQ OD TXDO HO VHWPDQDUL GH )DOFyQ GHQXQFLD OD VHYD DUELWUjULD
VXVSHQVLySHURUGUHGHOJRYHUQDGRUFLYLOGH0DGULG(OVPRWLXVTXHUHYHOD1RVRWURVHQV
FRQILUPHQHOVTXHLPDJLQHPTXHKLKDYLDGDUUHUHGHOVLQFUzQLFVHJUHVWGHOQ~PHURGH
1XHYD(VSDxD/OHJLPODQRWDWDOFRPODSXEOLFDHOQRVWUHzUJDQG¶DYDQoDGDDSHWLFLyGH
ODVHYDUHYLVWDDPLJD
©1XHVWUR VHPDQDULR KD VLGR VXVSHQGLGR VHJ~Q OD SURSLD QRWD GHO JREHUQDGRU SRU XQ
PRWLYR EDQDO \DGHPiVLQH[DFWRHOGHQRKDEHU SUHVHQWDGRDWLHPSRHQHO*RELHUQRFLYLOORV
HMHPSODUHVTXHVHxDODODOH\'LFKRVHMHPSODUHVORVSUHVHQWDPRVFRQWRGDRSRUWXQLGDG(VWDPRV
DEVROXWDPHQWHVHJXURV3HURHQODPLVPDQRWDVHDJUHJDSDUDMXVWLILFDUPiVODVXVSHQVLyQTXH
HQHO~OWLPRQ~PHURVHKDQSXEOLFDGRYDULRVDUWtFXORVLQYLWDQGRDODUHEHOLyQ2WUDLQH[DFWLWXG
1LXQRVRORGHORVDUWtFXORVSXEOLFDGRVSRGtDLQYLWDUDODUHEHOLyQSRUTXHQRVRWURVQRWHQHPRVOD
LQJHQXLGDG QL OD LJQRUDQFLD VXILFLHQWHV SDUD FUHHU TXH OD UHEHOLyQ VH KDFH SRU LQYLWDFLyQ FRPR
XQD SDUWLGD GH FD]D (O *RELHUQR WDPSRFR OR FUHH 1XHVWUD VXVSHQVLyQ HV XQD UHSUHVDOLD SRU
QXHVWURV FRPHQWDULRV D ORV VXFHVRV GHO YLHUQHV \ GH ORV GtDV VLJXLHQWHV (V OD UHVSXHVWD GHO
*RELHUQR D QXHVWUD FHQVXUD 3HUIHFWDPHQWH FDOFXODGD SDUD KHULUQRV GRQGH SXHGH KDFHUQRV PiV
GDxRHQQXHVWUDSREUHHFRQRPtD'HHVWH PRGRVHLQWHQWDDFDEDUQRVGHVWUXLUQRV ©1RVRWURVª
VLQHPEDUJRQRVHDUUHGUD$SHVDUGHWRGRDSHVDUGHVXSREUH]DVDOGUiQXHYDPHQWH\VHJXLUi
FXPSOLHQGRVXGHEHUª
3HU OD VHYD SDUW OD SUHPVD RILFLDOLVWD UHDFFLRQjULD R FOHULFDO VHPEOD VHU TXH
HQFDUD HVSHURQDYD HO *RYHUQ TXH SUHQJXpV PHVXUHV FRQWUD HOV VHXV FRPSHWLGRUV
G¶HVTXHUUHVFRVDTXHIDTXHD1XHYD(VSDxDHVGLEXL[LQXQHVWULQ[HUHVSHULRGtVWLTXHV
TXH VLWXHQ zUJDQV FRP /D 1DFLyQ HO PRQjUTXLF $%& (O 'HEDWH SULQFLSDOSRUWDQRYHVFDWzOLFR(O6LJOR)XWXURHQJDQ\yVQRPDTXHVWHOSHUDXQ
UHFDOFLWUDQWGLDULFDUOtIXQGDWHOHQXQH[HFUDWEjQGROHQHPLF$L[tFRPHQoDHO
SULPHUHGLWRULDOGHOQ~PGHGHVHPEUHGH
&RQWLQ~D$%&GDQGROHFFLRQHVGHSDWULRWLVPR\GHDE\HFFLyQHVSLULWXDO1RSDVDGtDVLQ
TXHD]XFHEDMDPHQWHGHVGHVXVFROXPQDVDO*RELHUQR\DOD3ROLFtDSDUDTXHSHUVLJDDOD3UHQVD
³(O*RELHUQR\OD3UHQVDGHLGHDV´1XHYD(VSDxDGHQRYHPEUH
³/D VXVSHQVLyQ GH ©1RVRWURVª´ 1XHYD (VSDxD GH QRYHPEUH $TXHVWD
VXVSHQVLyYDVLJQLILFDUHQHIHFWHXQDFHVXUDHQODYLGDGH1RVRWURVSHUzQRODVHYDIL/HVGXHVqSRTXHV
GHODSXEOLFDFLyVyQQ~PVGHPDLJ±GHQRYHPEUHLQ~PVGHIHEUHU
±G¶DJRVWY$VFHQVLyQ0DUWtQH]5LD]D£3RUODUHS~EOLFD/DDSXHVWDSROtWLFD\FXOWXUDO
GHO SHUXDQR &pVDU )DOFyQ HQ (VSDxD /LPD ,QVWLWXWR GH (VWXGLRV 3HUXDQRV (O
OHFWRUGH1XHYD(VSDxDVROLDMDHVWDUDOFRUUHQWGHOHVGLYHUVHVYLFLVVLWXGVTXHDQDYDDIURQWDQW1RVRWURV
HQODVHYDWUDMHFWzULDFRPDUDHOGHVWUXFWLXDVVDOWDODVHYDUHGDFFLyHOGHVHWHPEUHVLJQLILFDWLYDPHQW
HOGLDTXHV¶DL[HFDYDODFHQVXUDSHUSDUWG¶XQJXSG¶H[WUHPDGUHWD/DUjELDTXHYDGHVSHUWDUDTXHVWIHW
WHUURULVWDD1XHYD(VSDxDDXJPHQWDGDSHUODLPSXQLWDWDPETXqHO*RYHUQHOSUHPLDYDVHVDELDQLTXH
OD UHYLVWD QR KR H[SOLFLWL TXH KDYLD HVWDW FRVD G¶XQ JUXS IDFFLyV RUTXHVWUDW SHU -RVp 0DUtD $OELxDQD
SURYRFDHOTXHSRWVHUVLJXLO¶HGLWRULDOPpVFRPEDWLX±LILQVLWRWDJUHVVLX±GHWRWVHOVGHODUHYLVWDHQHO
TXDOHVGyQDVXSRUWDODLQLFLDWLYDIRUPXODGDSHU1RVRWURVGHFUHDUJUXSVGH[RFFDSDoRVGHUHVSRQGUHDOV
/HJLRQDULRV GH (VSDxD GHO VLQLVWUH ³'RFWRU $OELxDQD´ DPE HO VHX SURSL OOHQJXDWJH ³(O DVDOWR D PDQR
DUPDGDDODUHGDFFLyQGH©1RVRWURVª´1XHYD(VSDxDG¶RFWXEUH
7RWLVHUXQDFUHDFLyGHOUqJLP/D1DFLyQVREUHYLXUjD3ULPRLDOD'LFWDGXUD6REUHODVHYD
SRVWHULRUGHYRFLyQDFLRQDOVRFLDOLVWDY0HUFHGHV6HPROLQRV$UULEDV+LWOHU\ODSUHQVDGHOD,,5HS~EOLFD
HVSDxROD0DGULG&HQWURGH,QYHVWLJDFLRQHV6RFLROyJLFDV6LJOR;;,YWXQDH[KDXVWLYDILW[D
GHVFULSWLYD GHO GLDUL D &ULVWLQD %DUUHLUR *RUGLOOR 3UHQVD PRQiUTXLFD HQ OD 6HJXQGD 5HS~EOLFD /RV
GLDULRV PDGULOHxRV %LOEDR *UDILWH 'HVSUpV GH OD PRUW GH 3ULPR HO PDUo GH ³5LIL5DIH´
VROLDUHIHULUVHD/D1DFLyQFRPHOQRWLFLHURKXpUIDQRPpVHQGDYDQWYDSUHIHULUUHEDWHMDUHOGLDULFRP/D
3D]SXHUFD
YSHUH[HPSOH³(OSDWULRWLVPR\HO©$%&ª´1XHYD(VSDxDGHQRYHPEUH
OLEHUDODO$WHQHR\DORVSROtWLFRVHLQWHOHFWXDOHVGHL]TXLHUGD(QHVWDODERUD\XGDQDOSHULyGLFR
SDODFLHJRVXVFRQJ>p@QHUHVHQLQGXVWULDOLVPRSDWULRWHUR\HVWXSLGH] /D 1DFLyQ (O 'HEDWH \ (O
6LJOR)XWXUR
8QDOWUHHGLWRULDOTXHFRPSDUWHL[ SODQD DPE O¶DQWHULRU LQVLVWHL[ HQ HO WHPD SHU
EpTXHFHQWUDQWVHHQ(O'HEDWHLFRQGXLQWHOGLVFXUVFDSDXQHQFqVDQWLFOHULFDOLVPH
6RP MDDGHVHPEUHGHLODVHQVLELOLWDWG¶HVTXHUUHVTXHUHSUHVHQWD 1XHYD(VSDxD
GyQD PRVWUHV G¶LPSDFLqQFLD G¶DIDUWDPHQW (Q DOJXQV DUWLFOHV DQWHULRUV MD V¶DOÂOXGHL[ D
O¶qSRFD3ULPRFRPDODSULPHUDGLFWDGXUDLQRVHVDSVLDTXHVWDG¶DUDWDPEpKDXUjGH
GXUDUVLVRVHWDQ\VPpV/DWUDPSDPRUWDOG¶DEROLUODFHQVXUDDFDQYLGHPXOWLSOLFDUHOV
VHJUHVWRV HOV SURFHVVRV MXGLFLDOV L OHV VXVSHQVLRQV JRYHUQDWLYHV HVWj UDGLFDOLW]DQW XQ
DPSOLVHFWRUGHODSUHPVD(QDTXHVWPDWHL[Q~PHURV¶DL[HFDDFWDG¶XQDDVVHPEOHDD
O¶$WHQHR TXH SURPRJXGD SHO VHWPDQDUL 1RVRWURV L SUHVHQWDGD SHU $]DxD OODYRUV
SUHVLGHQW GH OD GRFWD FDVD KD FRQJUHJDW OD UHSUHVHQWDFLy G¶XQD YXLWDQWHQD OODUJD GH
SXEOLFDFLRQV GH WRW HO 5HJQH GLVSRVDGHV D XQLU HVIRUoRV FRQWUD OD SHUVHFXFLy GHO
*RYHUQ/DVHYDGLYHUVLWDWLGHROzJLFDLWHUULWRULDOLHOIHWTXHILQVLWRWODSODQDPDMRU
GH OD SUHPVD OLEHUDO PDGULOHQ\D (O 6RO /D 9R] /D /LEHUWDG (O /LEHUDO +HUDOGR GH
0DGULGDFXGLVVLQDODFRQYRFDWzULD GH &pVDU )DOFyQGHPRVWUDTXH 1XHYD (VSDxD QR
HVWDYDSUHFLVDPHQWVRODHQODGHQ~QFLDGHOSHUVHJXLPHQWGLFWDWRULDO(OSURSL)DOFyQ
YDVHUHOHJLWSUHVLGHQWGHODSHULRGtVWLFDDVVHPEOHDSHUzHOGH/LPDQRV¶KLGHYLDSRGHU
GHGLFDUPDVVDSHUTXq±HQODPDWHL[DSODQD±1XHYD(VSDxDLQIRUPDWDPEpGHODVHYD
IXOPLQDQW H[SXOVLy G¶(VSDQ\D /OHJLP DOJXQV IUDJPHQWV GH OD FROXPQD TXH FRPHQWD
DTXHVWIHW
/DV FDXVDV GH HVWD H[WUDRUGLQDULD PHGLGD QR SDUHFHQ VHU RWUDV TXH ODV FDPSDxDV GHO
VHPDQDULR 1RVRWURV GLULJLGR SRU HVWH HVFULWRU VXVSHQGLGR WDPELpQ JXEHUQDWLYDPHQWH SRU XQ
PHV>«@
1R SRGHPRV DGPLWLU TXH ODV LGHDV TXH KDVWD DKRUD KD H[KLELGR HO VHxRU )DOFyQ OH
FRORTXHQHQODVLWXDFLyQGHLQGHVHDEOHQLTXHVLJQLILTXHQXQSHOLJURSDUDODSD]S~EOLFD~QLFD
QRUPDTXHKDVWDDKRUDVHKDVHJXLGRSDUDHVWDFODVHGHH[SXOVLRQHV
/D OLEHUWDG GH 3UHQVD TXH HO *RELHUQR KD FRQFHGLGR >«@ HVWi GHVPLQWLpQGRVH
FRQVWDQWHPHQWH/DPHGLGDTXHDKRUDFRPHQWDPRVHVGHIUDQFDQDWXUDOH]DGLFWDWRULDO\WRGRVORV
TXHKDFHPRVSHULyGLFRVWHQHPRVTXHUHSXGLDUODUHVXHOWDPHQWH
8QHV SODQHV PpV HQGDYDQW HQ DTXHVW PDWHL[ Q~PHUR WUREHP XQD PHQD
G¶DUWLFOHWTXHLQWHQWDGRQDUDOWHPDGHOHVUHFROOLGHVSROLFLDOVXQWUDFWDPHQWDQHFGzWLFR
MRFyV(OTXH HQVFULGDO¶DWHQFLy pVODSULPHUDIUDVHGHO¶HVFULW³&RPRVDEHQQXHVWURV
OHFWRUHVKDVLGRGHQXQFLDGRQXHVWURVHPDQDULR\UHFRJLGDODHGLFLyQ´,PDJLQHPTXHHV
UHIHUHL[DODUHFROOLGDGHOQ~PHURODTXHPpVPDOYDIHUDODUHYLVWDSHUzQRSRGHP
GHVFDUWDUTXHWDPEpHOQ~PHURKDJXpVVRIHUWHQDOJXQDPHVXUDHOVULJRUHVGHOILVFDO
(OVSULQFLSDOVDUJXPHQWVGHOWH[WMDHOVFRQHL[HP
(OSHULRGLVWDGLVFRQIRUPHFRQHODFWXDOHVWDGRGHFRVDVSXHGHHVFULELUORTXHTXLHUD
(VPX\GXHxRGHSHUGHUHOWLHPSR
³(OFDYHUQtFROD©$%&ª´1XHYD(VSDxDGHGHVHPEUH
³(OSUREOHPDFOHULFDO´1XHYD(VSDxDGHGHVHPEUH
³/D3UHQVDOLEHUDOVHUH~QHHQ$VDPEOHD/RVDFXHUGRVWRPDGRVHQHOOD´1XHYD(VSDxD
GHGHVHPEUH
3HO TXH ID D (O 6RO Y 0DUtD 'RORUHV 6iL] ³%DODQFH GH OD FHQVXUD GH SUHQVD GXUDQWH OD
'LFWDGXUD GH 3ULPR GH 5LYHUD HQ HO )ROOHWtQ GH ©(O 6ROª (VSDxD EDMR OD GLFWDGXUD 6LHWH DxRV VLQ OH\
,;,,,´5HYLVWDGH&LHQFLDVGHOD,QIRUPDFLyQ
³&pVDU)DOFyQH[SXOVDGRGH(VSDxD´1XHYD(VSDxDGHGHVHPEUH
$EVROXWDOLEHUWDGGHSOXPD$KRUDTXHHQFXDQWRVHGLFHDOJRTXHQRFRQYLHQH±TXHHV
VLHPSUHORTXHWLHQHDOJ~QLQWHUpV±VHOHYLHQHHQFLPDDOSHULRGLVWDWRGDODEDOXPEDGH&yGLJRV\
OH\HV >«@ VH OH UHFRJH HO SHULyGLFR VH OH SURFHVD VH OH HQFDUFHOD TXL]i \ VH SLGHQ SDUD pO
WHULEOHVSHQDV
/D SULPHUD RUDFLy GH O¶HGLWRULDO TXH HQFHWD HO Q~PHUR GH OD UHYLVWD HQV
FRQILUPDTXHGHOQ~PHURQRHQYDDUULEDUFDSH[HPSODUDPDQVGHOS~EOLF±LTXH
SHU WDQW DYXL OHV QRVWUHV SRVVLELOLWDWV GH WUREDUQH PRVWUD HQ DOJXQD KHPHURWHFD VyQ
HVFDVVHV7RWLTXHQRHQWUDUHPDFRPHQWDUHOFRQWLQJXWG¶DTXHVWHGLWRULDOHQVLQWHUHVVD
IL[DUQRVHQHOVHXFRPHQoDPHQWSHU XQ SDUHOO GH PRWLXV 3HU XQD EDQGD HQV LQIRUPD
XQDPLFDGHOTXHQRHVYDSRGHUOOHJLUHQHOQ~PHURLSHUO¶DOWUDHQVPRVWUDXQSXQW
GHWUREDGDHQWUHODLQWHOÂOHFWXDOLWDWGHDYDQ]DGDL2UWHJD'tD])HUQiQGH]LFRPSDQ\LD
HV PRVWUHQ HQFDQWDWV TXH DUD HO PHVWUH SRVL WDPEp OD VHYD LQIOXqQFLD DO VHUYHL GH OD
FDLJXGD GHO VLVWHPD PRQjUTXLF L WRW L TXH SROtWLFDPHQW OHV GLIHUqQFLHV SHUVLVWHL[HQ
V¶HYLGHQFLD TXH O¶HQRUPH GLVWjQFLD GH O¶qSRFD GH 3RVW*XHUUD V¶KD UHWDOODW IRUoD
/¶HORJLTXHDTXtHVIDG¶2UWHJDSHUSDUWG¶XQDLQWHOOLJHQWVLDG¶HVTXHUUHVTXHHQO¶qSRFD
GH 3ULPR O¶KRVWLOLW]DYD H[HPSOLILFD HO FDUjFWHU PDQFRPXQDGRU GH OD FRQMXQWXUD
SUHUHSXEOLFDQD GH FDUjFWHU SHO TXDO 1XHYD (VSDxD HQ HIHFWH WUHEDOODUj
LQFDQVDEOHPHQW9HJHPDTXHVWLQLFL
(QXQQ~PHURGH18(9$(63$f$TXHQROOHJyDVDOLUDOS~EOLFRSRUTXHOD3ROLFtDVH
DSRGHUyGHWRGRVORVHMHPSODUHVGHODLPSUHQWDHORJLiEDPRVHODUWtFXORTXHGRQ-RVp2UWHJD\
*DVVHW HVFULELy HQ ©(O 6ROª FRQ HO WtWXOR GH ©(O HUURU %HUHQJXHUª $TXHOODV DSUHFLDFLRQHV GHO
LOXVWUH SHQVDGRU YHUGDGHUR RUJXOOR GH OD LQWHOHFWXDOLGDG HVSDxROD IXHURQ TXL]i ODV PiV MXVWDV
URWXQGDV\DFXVDWRULDVGHFXDQWDVVHKLFLHURQFRQWUDHOUpJLPHQHQHVWRV~OWLPRVWLHPSRV>«@
(QWUH HO Q~P GH GHVHPEUH GH L HO Q~P GH GHVHPEUH GH
WUDQVFRUUHQTXLQ]HGLHV1XHYD(VSDxDKDWRUQDWDIDOWDUGRQFVDXQDGHOHVVHYHV
FLWHVVHWPDQDOVDPEHOVOHFWRUV4XqKDSDVVDWHQODUHDOLWDWSROtWLFDHVSDQ\RODGXUDQW
DTXHVWD TXLQ]HQD" )HWV JUHXV L VLJQLILFDWLXV OD 6XEOHYDFLyQ GH -DFD GLD O¶DIXVHOODPHQW GHOV FDSLWDQV *DOiQ L *DUFtD +HUQiQGH] GLD L HO WDPEp IUXVWUDW
DL[HFDPHQW UHSXEOLFj GH O¶DHUzGURP GH &XDWUR 9LHQWRV GLD ±D PpV GH GLIHUHQWV
YDJXHV GLVWXUELV L HSLVRGLV PpV RPHQ\V UHYROXFLRQDULV TXH V¶DOODUJXHQ GXUDQW DOJXQV
GLHV SHU WRWD (VSDQ\D )HUPtQ *DOiQ HO PLOLWDU UHYROXFLRQDUL HVWDYD YLQFXODW DOV
LQWHOÂOHFWXDOV GH DYDQ]DGD SDUWLFLSDYD HQ OHV VHYHV WHUW~OLHV L ILQV L WRW KDYLD SXEOLFDW
DOJXQV DUWLFOHV D 1XHYD (VSDxD VRWD HO SVHXGzQLP GH & )HUJD LH &DSLWiQ )HUPtQ
*DOiQeVPpVODUHYLVWDHQXQDQRWDSXEOLFDGDSRFWHPSVGHVSUpVGHODSURFODPDFLy
³3REUHGHWL«´1XHYD(VSDxDGHGHVHPEUH
³/DFDPSDxDGH-RVp2UWHJD\*DVVHW´1XHYD(VSDxDGHGHVHPEUH
/D GDWD GH O¶DL[HFDPHQW JHQHUDO DQWLPRQjUTXLF HVWDYD SUHYLVWD SHU DO GHGHVHPEUH SHUz
*DOiQIDWDOPHQWSHUDHOOV¶DYDQojXQVGLHVGHVGHOVHXDTXDUWHUDPHQWD-DFD(OVPRWLXVG¶DTXHVWDDFFLy
VyQGLYHUVRVLVXVFHSWLEOHVGHGLVFXVVLyHQWUHHVSHFLDOLVWHV³>«@3DUHFHFODURTXH*DOiQVHSURSRQtDXQD
LQVXUUHFFLyQ FRQ XQRV REMHWLYRV SROtWLFRV TXH QR FRLQFLGtDQ FRQ ORV GHO FRPLWp UHYROXFLRQDULR
UHSXEOLFDQR (V GHFLU HUDQ REMHWLYRV YHUGDGHUDPHQWH UHYROXFLRQDULRV >«@´ -XOLR $UyVWHJXL ³(O
LQVXUUHFFLRQDOLVPRHQODFULVLVGHOD5HVWDXUDFLyQ´GLQV*DUFtD'HOJDGRHG$(ORU]D/$UUDQ])
GHO5H\06XiUH] &RUWLQD -$UyVWHJXL7*RQ]iOH]&DOEHW-$0DUWtQH]0DUWtQ 0&0LQD $
%DOFHOOV - 3DODIR[ - 0 6HUUDQR $ 0HOJXL]R - , -LPpQH] %ODQFR - , 3DODFLR 0 2WDHJXL 6
&DUUDVFR - 0DXULFH -0 'HVYRLV & *DULWDRQDQGtD 0 7XxyQ 0 3pUH] /HGHVPD RS FLW )HUPtQ *DOiQ KDYLD MD SUHV SDUW HQ OD FRQVSLUDFLy SHU DO IDOOLW DL[HFDPHQW GHO GH MXQ\ GH OD
6DQMXDQDGDGHUHVXOWHVGHODTXDOYDHVWDUVHPpVGHWUHVDQ\VWDQFDWD0RQWMXwFRQYDSRGHUHQWUDUHQ
FRQWDFWHDPEHOHPHQWVDQDUFRVLQGLFDOLVWHVILQVDO¶DPQLVWLDEHUHQJXHULDQDGHIHEUHUGH
&)HUJD³(OPRPHQWRKLVWyULFR´1XHYD(VSDxDG¶DEULO&)HUJD³/D
WLUDQtD YLJLODQWH´ 1XHYD (VSDxD GH PDLJ & )HUJD ³(O PRPHQWR HVSDxRO´ 1XHYD
GH OD5HS~EOLFDGHFODUDTXHHOVVHXVGLUHFWRUVKDYLHQSDUWLFLSDWDFWLYDPHQWHQDTXHOOD
FRQVSLUDFLy UHSXEOLFDQD ³)HUPtQ *DOiQ HVWDED HQ FRQWDFWR GLUHFWR FRQ QRVRWURV HQ
18(9$ (63$f$ HVFULEtD VXV DUWtFXORV \ FRQ ORV GLUHFWRUHV GH 18(9$ (63$f$
KDEtDFRPELQDGRVXSODQ´7RWDL[zH[SOLFDVHQVGXEWHO¶HVPHQWDWUHWDUGHQO¶DSDULFLy
GHOQ~PLWDPEpHOIHWTXHTXDQDSDUHJXLKRIDFLVRWDHOULJRUGHODFHQVXUDPLOLWDU
(Q HIHFWH HQ XQD FROXPQD G¶DTXHVW Q~PHUR OD UHYLVWD SXEOLFD HOV SXQWV TXH
FRQVWLWXHL[HQOHVSRFQHJRFLDEOHVLQVWUXFFLRQVTXHDPEGDWDGHGHVHPEUHKDGLFWDW
HOFRPDQGDPHQWPLOLWDUGH0DGULGDHIHFWHVGHFHQVXUDGHSUHPVD8QHVFRQGLFLRQV
GXUtVVLPHV TXH EHQ VHJXU FRPSRUWDULHQ XQ FRQVLGHUDEOH YROXP GH IHLQD H[WUD L TXH
GHYLHQ IHU PROW GLItFLO WUHXUH SXQWXDOPHQW DO FDUUHU XQD SXEOLFDFLy UDGLFDO 'H FDGD
DUWLFOH R QRWtFLD TXH HV YROJXpV SXEOLFDU FDOLD HQYLDUQH DPE DQWHODFLy D O¶RILFLQD GH
FHQVXUD ³FXDWUR SUXHEDV LPSUHVDV FRQ SHUIHFWD FODULGDG´ IHUKR GLQV G¶XQ KRUDUL
GHWHUPLQDWLPDLSUHWHQGUHHIHFWXDUODJHVWLySHUWHOqIRQ(OVFDL[LVWHVQRSRGLHQGHL[DU
HQ EODQF HOV HVSDLV GHOV SDVVDWJHV FHQVXUDWV QL WDPSRF RPSOLUORV DPE HQWUHILOHWV
LQWHUFDODWV HQ HO WH[W FDOLD GRQFV UHHVFULXUH O¶DUWLFOH SHUTXq WLQJXpV VHQWLW L UHIHU OD
FRPSDJLQDFLy/DLQGLFDFLyGHTXqHOQ~PHURKDYLDHVWDWUHYLVDWSHUODFHQVXUDQRPpV
SRGLDDSDUqL[HUXQFRSLHQXQDGHWHUPLQDGDPLGD3HUzHOPpVFXULyVHUDO¶~OWLPSXQW
HOYXLWqTXHYHQLDDGLUTXHWRWLKDYHUSDVVDWODFHQVXUDODSXEOLFDFLyHQXQPRPHQW
GRQDWSRGLDVHULJXDOPHQWVDQFLRQDGD
$VLPLVPRVHUiQPRWLYRGHHOOD>LQPHGLDWDVDQFLyQ@ODVQRWLFLDVLQH[DFWDVDWULEXtGDV
DO*RELHUQRRDXWRULGDGHV\ODVTXHWHQJDQFDUiFWHUWHQGHQFLRVRDXQTXHKXELHVHQVLGRDSUREDGDV
SRU OD &HQVXUD TXH SRU VX FRQGLFLyQ H[FOXVLYDPHQWH PLOLWDU QR KD GH DSUHFLDU ORV PDWLFHV GH
tQGROHSROtWLFD
$TXHVWGDUUHUUDRQDPHQWpVFHUWDPHQWG¶XQDOzJLFDFDVHUQjULDHVFUXL[LGRUDTXLQ
WLSXVGHFRQWLQJXWVYHWDYDODFHQVXUDVLQySROtWLFV"(OFHUWpVTXHHQHOVTXDWUHQ~PHURV
TXHYDQGHODOGHGHVHPEUHGHDGHJHQHUGHDSDUHL[±LQqGLWD
ILQVDUDWDQWD1XHYD(VSDxDFRPD3RVW*XHUUD±ODLQGLFDFLyGH³(VWHQ~PHURKDVLGR
YLVDGRSRUODFHQVXUDPLOLWDU´,HQHIHFWHVXUWXQDVRODYHJDGDHQFDGDH[HPSODU±QR
VHPSUH D OD PDWHL[D SODQD 6yQ WDPEp Q~PHURV HQ HO FRQWLQJXW GHOV TXDOV FRPSDUDWV
DPEHOVGHOODSVHVHWHPEUHGHVHPEUHHVGHL[DQRWDUODWXWHODG¶DTXHVWDFHQVXUDPLOLWDU
(OQ~PGHIHEUHUGHHVSXEOLFDUjJDLUHEpXQPHVPpVWDUGTXHHO
Q~P1RVDEHPH[DFWDPHQWHOSHUTXqG¶DTXHVWODSVHGHVLOHQFLHOPpVVRVWLQJXWHQ
ODYLGDGHODUHYLVWD$TXHVWQ~PHURQRFRQWpFDSUHIHUqQFLDDODFHQVXUDHQHIHFWHHO
(VSDxDGHMXQ\&)HUJD³3ROtWLFDGHUHDOLGDGHV´1XHYD(VSDxD>G¶DJRVW
@
³1XHYD (VSDxD \ OD VXEOHYDFLyQ GH -DFD´ 1XHYD (VSDxD GH PDLJ $EDQV
G¶DTXHVWD QRWD OD UHYLVWD KDYLD MD H[DOWDW L UHLYLQGLFDW HQ GLYHUVHV RFDVLRQV OD ILJXUD PDUWLUROzJLFD GH
*DOiQ$PpV$UGHUtXVL'tD])HUQiQGH]VLJQDUDQFRQMXQWDPHQWXQD9LGDGH)HUPtQ*DOiQ=HXV
7LSRJUjILFDPHQWOHVSODQHVGH1XHYD(VSDxDHVWDYHQFRQIHJLGHVDPEHOWH[WDFROXPQHV
FRVDTXHGRQDYDDODUHYLVWDXQDLUHPpVSHULRGtVWLFTXHOHVFROXPQHVGH3RVW*XHUUD3HUODVHYDSDUW
HOVJUDQVIXOOVGHODSULPHUDqSRFDGH/D*DFHWD/LWHUDULDWHQLHQFROXPQHVLYDQSDVVDUDVHUDPEHO
QRXIRUPDWGH
³&DSLWDQtD *HQHUDO GH OD 3ULPHUD 5HJLyQ (VWDGR 0D\RU 2ILFLQD GH &HQVXUD GH 3UHQVD
,QVWUXFFLRQHV TXH GHEHUiQ REVHUYDU ORV 'LUHFWRUHV GH ORV 3HULyGLFRV SDUD OD SUiFWLFD GH OD &HQVXUD´
1XHYD(VSDxDGHGHVHPEUH
6LJQLILFDWLYDPHQWDTXHVWQ~PpVO¶~QLFHQWUHWRWVHOVGH1XHYD(VSDxDTXHQRYDDUULEDUD
SXEOLFDU HOV KDELWXDOV HGLWRULDOV FUtWLFV GH OD SODQD VHQV GXEWH OD QRYD L PDUFLDO FHQVXUD HOV KDYLD
GHVILJXUDWRILQVSURKLELWGHSULQFLSLDIL
7RWLQGLFDTXHHQDTXHOOHVVHWPDQHV1XHYD(VSDxDYDSDWLUHOVHIHFWHVG¶XQDYDJDHQHOJUHPL
PDGULOHQ\GHOHVDUWVJUjILTXHVGHODTXDOHQOHVSODQHVG¶(O6ROHQSRGHPDQDUWUREDQWSXQWXDOQRWtFLD(O
GHJHQHUV¶KDYLDDL[HFDWO¶HVWDWGHJXHUUDLPSODQWDWGHVSUpVGHOVIHWVGH-DFDL&XDWUR
9LHQWRVQRPpVD0DGULGLD+XHVFDHVYDPDQWHQLUILQVDOGHIHEUHULXQGHFUHW
GHOGHIHEUHUUHVWDEOLDSHUILGHVSUpVG¶DQ\VG¶DOHJDOLWDWOHVJDUDQWLHVFRQVWLWXFLRQDOV
±L SHU WDQW OD OOLEHUWDW GH SUHPVD± GDYDQW O¶DQXQFL GH FRQYRFDWzULD G¶XQHV SURSHUHV
HOHFFLRQV %HUHQJXHU HQ XQ PRPHQW G¶RSWLPLVPH GH OHV IRUFHV PRQjUTXLTXHV GHVSUpV
GHO IUDFjV GH OHV WHPSWDWLYHV UHYROXFLRQjULHV GHO GHVHPEUH TXH YDQ VHU XQ F~PXO GH
GHVSURSzVLWV GLJQH GHO JXLy G¶XQ WUDJLFzPLF VDLQHW KDYLD IL[DW HQ SULQFLSL XQHV
OHJLVODWLYHVSHUDOSULPHUGHPDUo9HWDTXtSHUzTXH±FRPMDKHPFRPHQWDWHQXQDOWUH
OORF±DTXHVWQRFHQVXUDWQ~PYDKDYHUGHVRUWLUDPEQRPpVSODQHVGHJXWDODYDJD
GHWLSzJUDIV
/D KXHOJD GH ,PSUHVRUHV QRV KD REOLJDGR D VXVSHQGHU ORV WUDEDMRV GH FRQIHFFLyQ GHO
SUHVHQWHQ~PHURFXDQGR\DVHKDEtDQWLUDGRRFKRSODQDV+HPRVSUHIHULGRVDOLUFRQWDQH[LJXR
WH[WR D WHQHU TXH LQWHUUXPSLU GXUDQWH XQD VHPDQD PiV QXHVWUD FRPXQLFDFLyQ FRQ HO S~EOLFR
3HUGRQHQORVDPLJRVGH18(9$(63$f$HVWDLQYROXQWDULDDQRPDOtD
6LJXL FRP VLJXL OD UHYLVWD QR GHVDSURILWD DTXHVWD SHWLWD HVFOHW[D REHUWD HQ OD
WXWHODFHQVRUDUHLQVWDXUDGDMDHQHOQ~PHURVHJHQWSHUWUHXUHXQQ~PHURTXHWRWLOD
VHYD EUHYHWDW GHVSUpV GH GRV PHVRV GH PRUGDVVD UHVXOWD FRQWXQGHQW /D PHLWDW GH OHV
VHYHV SjJLQHV OD SRUWDGD PpV XQD VXJJHVWLYD FDUWDUHSRUWDWJH GH WUHV SODQHV HVWDQ
GHGLFDGHV D *DOiQ L HOV DFWLYLVWHV UHSXEOLFDQV HQFDUD HPSUHVRQDWV D -DFD 8Q GHOV
HGLWRULDOV FRPHQoD DPE DTXHVWD IUDVH ³+HPRV VLGR ORV SULPHURV HQ FRQVLGHUDU
LPSUHVFLQGLEOHSDUDODVL]TXLHUGDVODDEVWHQFLyQHOHFWRUDO´3HUDXQDPSOLVHFWRUGHO
SDtVOHV&RUWVTXH%HUHQJXHUV¶KDGHFLGLWDFRQYRFDUVyQHQHIHFWHWDQLOÂOHJtWLPHVFRP
DTXHOOD$VVHPEOHDTXH3ULPRKDYLDPXQWDW'HIHWHQDPEGyVFDVRVHOTXHSUHFLSLWDUj
ODFDLJXGDGHOSHUVRQDWJHpVSUHFLVDPHQWO¶LQWHQWGHFRQYHUWLUOD'LFWDGXUDDOWUHFRSHQ
XQ UqJLP PRQjUTXLF G¶DSDUHQoD UHSUHVHQWDWLYD HQ O¶(VSDQ\D GH HVWDYD FODU
TXHO¶~QLFSRVVLEOHVLVWHPDUHSUHVHQWDWLXHUDMDOD5HS~EOLFD
(O Q~P GH IHEUHU GH DSDUHL[ ±FRP WDPEp V¶KD GLW MD HQ XQ DOWUH
OORF±DPESODQHV(OGHIHEUHUKDFDLJXWHO*RYHUQ%HUHQJXHULQFDSDoILQDOPHQW
GHFRQGXLUHOSDtVFDSDXQSURFpVHOHFWRUDODFFHSWDEOH'HVSUpVG¶XQVGLHVGHFULVLHO
GH IHEUHU KD SUHV SRVVHVVLy O¶DOPLUDOO $]QDU XQ PHU KRPH GH SDOOD GH 5RPDQRQHV
$TXHVWD IDVH ILQDO GH O¶qSRFD GH OD 5HVWDXUDFLy ERUEzQLFD Wp HOV GLHV FRPSWDWV OD
0RQDUTXLDQRSRGUjVREUHYLXUHDWDQWDGLFWDGXUDLGLFWDWRYDDTXqV¶KDDFROOLWLV¶DFXOO
/¶HGLWRULDOGHSRUWDGDG¶DTXHVWQ~PDQXQFLDXQQRXUHVWDEOLPHQWGHODFHQVXUDSHU
SDUW GHO *RYHUQ /D OOLEHUWDW GH SUHPVD KDYLD GXUDW QRPpV XQV TXDQWV GLHV L V¶KDYLD
WRUQDW D VXSULPLU ±FRP OD UHVWD GH JDUDQWLHV FRQVWLWXFLRQDOV± HQ DQXOÂODUVH OD IDOOLGD
FRQYRFDWzULDEHUHQJXHULDQDG¶HOHFFLRQV/¶HGLWRULDOLQFORXODFRUUHVSRQHQWQRWDRILFLRVD
IHWDS~EOLFDSHU*RYHUQDFLyHOGHIHEUHUTXHDL[tKRGLFWDLMXVWLILFD
(OGHFUHWRTXHVXVSHQGLyODVHOHFFLRQHVGHMyVLQHIHFWRHO SHUtRGRHOHFWRUDO\FRPRHO
OHYDQWDPLHQWR GH OD VXVSHQVLyQ GH JDUDQWtDV VH GHELy ~QLFDPHQWH DO KHFKR GH OD HOHFFLyQ
SUy[LPDTXHGDDTXpOVLQHIHFWR\HQVXFRQVHFXHQFLDVHUHVWDEOHFHODSUHYLDFHQVXUD\HQWRGD
VXDQWHULRUHILFDFLDODVXVSHQVLyQGHJDUDQWtDVTXHDGHPiVHVREOLJDGDPHGLGDGH*RELHUQRTXH
UHVSRQGHDODFDPSDxDWHQGHQFLRVDTXHHQRFDVLRQHV\GHDELHUWDUHEHOGtD>VLF@TXHLQFOXVRFRQ
LQIRUPDFLRQHVGHIRUPDGDVQRVyORFDXVDDODUPDHQHOHVStULWXS~EOLFRVLQRTXHSXHGHFRQVWLWXLU
IHWTXHDTXHVWGLDULVtTXHHVSRJXpVLPSULPLUV¶H[SOLFDSHUTXqWRWLVHUXQDYDJDVHFWRULDOQRDIHFWDYD
SHULJXDOWRWHVOHVFDVHVRHVWDEOLPHQWVWLSRJUjILFV
3HOTXHIDDO¶H[DFWLWXGG¶DTXHVWHVGDWHVDTXtVHJXLP*X]PiQRSFLW
³$QXHVWURVOHFWRUHV´1XHYD(VSDxDGHIHEUHU
³/DV&RUWHVGH%HUHQJXHU´1XHYD(VSDxDGHIHEUHU
XQD PHUPD HQ OD OLEHUWDG GH DFWXDFLyQ GH ORV SDUWLGRV SROtWLFRV \ GH ORV KRPEUHV S~EOLFRV
ODPHQWDEOH\GDxRVDDOLQWHUpVQDFLRQDO /OHJLP DUDXQGHOVHGLWRULDOV GH OD SODQD G¶DTXHVW PDWHL[ Q~P GHOV VHXV
WUHVSDUjJUDIVREYLHPHOSULPHUHQHOTXDOODUHYLVWDODPHQWDQRSRGHUFRPHQWDUDPE
OOLEHUWDWO¶KRULW]ySROtWLFGHOPRPHQWLWUDQVFULYLPHOVHJRQLWHUFHU
(OQ~PHURDQWHULRUGH 18(9$ (63$f$IXpGHRFKR SiJLQDV±UHFRJLGR SRUOD3ROLFtD
DSHQDVSXHVWRDODYHQWD±~QLFDVTXHODSUHPXUDGHOWLHPSRHQWUHODVROXFLyQGHODKXHOJDGH
WLSyJUDIRV\ODIHFKDGHODVDOLGDGHOQ~PHURQRVSHUPLWLyFRPSRQHU\WLUDU(OSUHVHQWHFRQVWD
GH GLHFLVpLV SiJLQDV HQ YH] GH ODV YHLQWLFXDWUR KDELWXDOHV SRUTXH HQ HO HVSDFLR EUHYtVLPR GH
YHLQWLFXDWURKRUDVKHPRVWHQLGRTXHUHWLUDUODVTXH\DHVWDEDQHQPiTXLQD\VXVWLWXLUODVHQJUDQ
SDUWH SRU ODV TXH RIUHFHPRV DO OHFWRU +DEtDPRV IRUPDGR XQ Q~PHUR IXHUWH YDULR GH
H[WUDRUGLQDULRLQWHUpV\YLEUDFLyQSROtWLFD(OPiVHOHPHQWDOVHQWLGRGHODUHDOLGDGQRVREOLJDD
UHVHUYDUORSDUDRWURWLHPSR4XL]iSUy[LPR3HUGyQHQRVHOOHFWRUWDQLQYROXQWDULDVDQRPDOtDV
18(9$ (63$f$VLJXHGHVGHVX IXQGDFLyQ XQDUXWDiVSHUDOOHQD GHREVWiFXORV \GH
OXFKDV6LQHPEDUJRQRGHVPD\DPRVQLGHVPD\DUHPRVHQORVXFHVLYRPLHQWUDVFRQWHPRVFRPR
KDVWDDTXtFRQODDVLVWHQFLDHQWXVLDVWDGHODRSLQLyQGHL]TXLHUGDV(OOHFWRUVDEHSHUIHFWDPHQWH
ODVGLILFXOWDGHVTXHQRVURGHDQ
$TXHVWDYHULWDEOHFDUUHUDG¶REVWDFOHVDTXqFRPDEDQV3RVW*XHUUDV¶HQIURQWj
1XHYD(VSDxDGXUDQWODPDMRUSDUWGHODVHYDH[LVWqQFLDQRGHL[DGHUHVXOWDUVRUSUHQHQW
VLWHQLPHQFRPSWHTXHFURQROzJLFDPHQWFRLQFLGHL[DPEHOSHUtRGHG¶HVSOHQGRUGHOHV
HGLWRULDOVGHDYDQ]DGD0HQWUHO¶DXWRULWDWHQWRUSLDVLVWHPjWLFDPHQWODVRUWLGDDOFDUUHU
G¶DTXHOOD SXEOLFDFLy SHULzGLFD UDGLFDOSRVVLELOLVWD OHV HGLWRULDOV IXQGDGHV R GLULJLGHV
SHOV PDWHL[RV L SHU DOWUHV H[SRVWJXHUULDQV LQXQGDYHQ OLWHUDOPHQW HO PHUFDW GH OOLEUHV
DPEYRFDFLyUHYROXFLRQjULD-DKHPSDUODWPpVDPXQWGHODQRUPDWLYDGHOHVSODQHV
TXH FHUWDPHQW DMXGD D H[SOLFDU HO IHQRPHQ 3HUz O¶REVHVVLy GHO SRGHU HVWDEOHUW SHO
FRQWUROGHODSUHPVDLDOKRUDODFHUWDWROHUjQFLDTXHPRVWUDYDYHUVHOOOLEUHEHQVHJXU
TXHWpUHODFLyDPEXQDUHDOLWDWOHFWRUDGHFDUjFWHUVRFLROzJLFTXH0DLQHUGHILQHL[FRP
³HO SUHGRPLQLR GHO SHULyGLFR \ OD UHYLVWD VREUH HO OLEUR FRPR YHKtFXOR GH GLIXVLyQ
FXOWXUDOHQOD(VSDxDGHSUHJXHUUD´'¶DL[zHOVUHVSRQVDEOHVGHODFHQVXUDVHJXUTXH
Q¶HUHQPROWFRQVFLHQWV8QOOLEUHGH3LVFDWRU±SRVHPSHUFDV±DOSRGHUROLJjUTXLFTXH
V¶HVWUXFWXUDYDDOYROWDQWGHOD0RQDUTXLDQROLIHLDQLSHVVLJROOHV3HUzXQHGLWRULDOGH
1XHYD(VSDxDOLIHLDDXWqQWLFPDO6HQVGXEWHOHVHGLFLRQVG¶DYDQoDGDLQVSLUDGHVGHIHW
SHUXQDYROXQWDWWUDQVIRUPDGRUDQRPHQRUTXHODGHODUHYLVWDVXSRVDUDQHQFRQMXQWXQ
JUDQSDVHQGDYDQWHQO¶H[WHQVLyGHOIRUPDWOOLEUHFRPDHLQDFXOWXUDOLGHROzJLFDSHUzGH
PRPHQWHOUqJLPVDELDEpG¶RQOLYHQLDHOSHULOOLPPHGLDW
(O Q~P GH IHEUHU GH WRUQD D VHU GH SODQHV (Q DTXHVW FDV OD
UHYLVWDQRQ¶RIHUHL[H[SOLFDFLySHUzLPDJLQHPTXHOHVUDRQVGRQDGHVHQO¶HGLWRULDOGHO
Q~PHURSUHFHGHQWVyQH[WUDSRODEOHVDTXt6HPEODTXHO¶DJRQLDGHOUqJLPIDUHFUXDUHOV
PHFDQLVPHV UHSUHVVLXV TXH HO PDQWHQHQ DUWLILFLDOPHQW HQ YLGD $TXHVW Q~PHUR VXUW
³5HVWDEOHFLPLHQWRGHODFHQVXUD´1XHYD(VSDxDGHIHEUHU
5HFRUGHPTXHHOQ~PGHQRPpVSODQHVSHUzOOLXUHGHFHQVXUDVXUWHOGHIHEUHUMXVW
HO GLD DEDQV GH FDXUH %HUHQJXHU ±FRVD TXH WRUQD D IHU HQFHQGUH WRWHV OHV DODUPHV PRQjUTXLTXHV (OV
Q~PHURV GH 1XHYD (VSDxD TXH HQV FRQVWD GRQFV TXH YDQ SDWLU VHJUHVW SROLFLDO VyQ L ±L
WHQLPWDPEpVRVSLWHVVREUHHO/zJLFDPHQWDTXHVWHVUHFROOLGHVFRLQFLGHL[HQDPEHOVSHUtRGHVHQTXqOD
SUqYLDFHQVXUDQRHVWjHQYLJRU
³$QXHVWURVOHFWRUHV´1XHYD(VSDxDGHIHEUHU
$ PpV L VyQ WDPEp HOV DQ\V HQ TXq OD [LIUD JHQHUDO GH WUDGXFFLRQV HVSDQ\ROHV
G¶REUHVGRFWULQjULRUHYROXFLRQjULHVHVGLVSDUDY3HGUR5LEDVRSFLW
0DLQHU/D(GDGGH3ODWDHGFLW
QRPpVGLHVGHVSUpVTXHO¶DQWHULRUSHUTXqODUHYLVWDDSDUWLUG¶DUDSDVVDUjDVRUWLUHOV
GLPHFUHV HQ OORF GHOV GLYHQGUHV 8Q HGLWRULDO G¶DTXHVW Q~PHUR VDOXGD HO QRX
³*DELQHWHGHFRQFHQWUDFLyQPRQiUTXLFD´GHO¶DOPLUDOO$]QDUeVXQ*RYHUQLQWHJUDW
SHU WRW G¶DULVWzFUDWHV L PLOLWDUV L IRUPDW HQFDUD VRWD O¶DFFLy DUELWUDO L PDQLREUHUD GH
5RPDQRQHV /D 0RQDUTXLD pV MD HO SDVVDW SHU PROW TXH DTXHOOV VHQ\RUV LQWHQWLQ
WRVVXGDPHQWUHSUHVHQWDUVH³1RPHUHFHODSHQDDWDFDUORV,QWHQWDUGHVWUXLUORTXH\D
HVWiGHVWUXtGRHVHPSHxRDEVXUGR´3HUzVtTXHFDOVHJXLUGHQXQFLDQWODLOÂOHJLWLPLWDWGHO
UqJLPSHUD1XHYD(VSDxDHO*DELQHW$]QDUVXSRVDMDODWHUFHUDGLFWDGXUD
>«@$VtFRPRFRQVWDQWHPHQWHHQHVWDVPLVPDVFROXPQDVKHPRVYHQLGRGLFLHQGRTXHHO
*RELHUQR%HUHQJXHUUHSUHVHQWDEDSDUDHOSDtVXQDVHJXQGDPRGDOLGDGGHOD'LFWDGXUDGHFLPRV
TXHHVWRGHKR\HVXQDWHUFHUD/DPRGDOLGDGGHODGH3ULPRHUDODJURVHUtDODGH%HUHQJXHUOD
KLSRFUHVtD\ODGHKR\ODPDUUXOOHUtD
/¶HQWUHILOHW ³(VWH Q~PHUR KD VLGR YLVDGR SRU OD FHQVXUD´ MD VHQVH OD FRGD
PLOLWDUUHDSDUHJXWHQHOQ~PHVYHXUjSHU~OWLPDYHJDGDHQHOQ~PGHPDUo
GH/HVJDUDQWLHVFRQVWLWXFLRQDOVWRUQDUDQDHQWUDUHQYLJRUHOGHPDUoGHVSUpV
TXHHOGDUUHU*RYHUQGHOD0RQDUTXLDKDJLDQXQFLDWXQQRXFDOHQGDULGHSURFpVHOHFWRUDO
TXH V¶REULUj DPE XQHV HOHFFLRQV PXQLFLSDOV HO GLXPHQJH G¶DEULO (O FDUjFWHU
SOHELVFLWDUL TXH GH VHJXLGD SUHQ OD FRQWHVD QR HVSDQWD OHV IRUFHV PRQjUTXLTXHV
FRQILDGHVHQODVHYDYLFWzULDGHIHWSHUDL[zPDWHL[FRQYRTXHQHOHFFLRQVHOVVHFXODUV
GHWHQWRUVGHOSRGHUGHFDSPDQHUDV¶HVSHUDYHQODMRUQDGDGHOG¶DEULO(OFDVpVTXH
ILQVLWRWGXUDQWDTXHOOHVFDOHQGHVHQWUHPDUoLDEULOSOHQDPHQWYLJHQW±VREUHHOSDSHU
DOPHQ\V±OD&RQVWLWXFLyGHLDVREUHPDWHL[GHODFLWDHOHFWRUDOKLYDKDYHUHQFDUD
VHJUHVWGHSXEOLFDFLRQV
1XHYD(VSDxDVHPEODTXHQRYDWRUQDUDSDWLUFDSPpVUHFROOLGDGXUDQWDTXHVWHV
SRVWUHPHVDJRQLHVGHOD0RQDUTXLD3HUzMDKHPYLVWTXHPHQ\VG¶XQPHVDEDQVGHOD
SURFODPDFLy GH OD 5HS~EOLFD HO QRVWUH zUJDQ GH DYDQ]DGD XQD SXEOLFDFLy HQ DTXHOOV
PRPHQWV±LGHVGHIHLDMDPHVRV±REHUWDPHQWUHSXEOLFDQDSDWHL[HQFDUDFHQVXUDSUqYLD
$OVQRVWUHVLQWHOÂOHFWXDOVG¶DYDQoDGDHOUqJLPQRHOVYDIHUFRQFHVVLRQVQLHOVYDUHJDODU
PDL UHV FRP QR IRVVLQ HOV P~OWLSOHV DUJXPHQWV SHU DWDFDUOR /D YHX TXH G¶HOOV DYXL
(Q OD VHYD HWDSD TXLQ]HQDO 1XHYD (VSDxD DSDUHL[LD HOV GLHV L GH FDGD PHV DPE
LQGHSHQGqQFLDGHOGLDGHODVHWPDQDTXHIRV'XUDQWHOVSULPHUVFRPSDVVRVGHO¶qSRFDVHWPDQDOVRUWLUj
UHJXODUPHQW HQ GLVVDEWH Q~PV D 'HO Q~PHUR DO DSDUHL[HUj HQ GLYHQGUHV DPE O¶~QLFD
H[FHSFLyGHOQ~PTXHV¶DGHODQWDDGLMRXVSHUTXqVDS±KRWUDFWDUHPPpVHQGDYDQW±TXHDOGLDVHJHQW
D-DFDHVFODWDODUHYROXFLy)LQDOPHQWGHOQ~PHURDOVXUWHQGLPHFUHVH[FHSWXDQWHOQ~PHUR
TXHV¶HQGDUUHULUjDGLYHQGUHVGHJXWDODUHVVDFDSHUODSURFODPDFLyGHOD5HS~EOLFDHOGLPDUWVG¶DEULO
³$OHUWD´1XHYD(VSDxDGHIHEUHU
7RWLTXHXQDPLFDURYHOODGDSHOGHV~VGXUDQWHOVDQ\VGHGLFWDGXUDHOSRGHUGLQjVWLFFRQILDYD
HQFDUDHQO¶HILFjFLD±OODUJDPHQWFRQWUDVWDGD±GHODPDTXLQjULDHOHFWRUDOGHOD5HVWDXUDFLyHVSHFLDOPHQW
HQ OHV jPSOLHV ]RQHV UXUDOV (OV PRQjUTXLFV WUDGLFLRQDOV ±FHFV DO FDQYL HQ OD SXOVLy SROtWLFD GHO SDtV
HVSHFLDOPHQWYLVLEOHGXUDQWHOGDUUHUDQ\±SHQVDYHQTXHO¶LQYHWHUDWFRQWUROGHOYRWHQHOVFDFLFDWVEDVWDULD
SHUFRQWUDUHVWDUDOJXQSUHYLVLEOHFRQDWG¶HYROXFLyGHOVLVWHPDSURYLQHQWGH]RQHVXUEDQHV3HUzODSUD[L
SROtWLFDGHOD0RQDUTXLDEDVDGDHQHOVSHUVRQDOLVPHVLQRHQODSOXUDOLWDWGHSDUWLWVQRVREUHYLXULDDOD
QRYDGqFDGD(QDTXHVWVHQWLWO¶DGYHQLPHQWGHOD,,5HS~EOLFDV¶KDG¶HQWHQGUHWDPEpFRPXQUHOOHXHQOD
SUHSRQGHUjQFLDVRFLRSROtWLFDSHUSDUWGHOPyQXUEjVREUHHOUXUDO7DQW3RVW*XHUUDFRP1XHYD(VSDxD
FRPWRWHOPRYLPHQWHGLWRULDOG¶DYDQoDGDVyQPDQLIHVWDFLRQVFXOWXUDOVHVVHQFLDOPHQWXUEDQHVLDL[zHQ
XQD(VSDQ\DHQFDUDH[WHQVDPHQWSUHLQGXVWULDOHOVDSRUWDXQDVLJQLILFDQoDTXHFDOWHQLUSUHVHQW
³>«@(OUpJLPHQPXULyHOGHDEULOGHQWURGHOD&RQVWLWXFLyQSRUHOPDUJHQGHVyORXQRV
GtDV8QURVDULRGHGHQXQFLDV\UHFRJLGDVGHSHULyGLFRVDSDUWLUGHOGHPDU]RPRVWUDEDQTXHQLHQVXV
HVWHUWRUHV OD 0RQDUTXtD HUD FDSD] GH FXPSOLU FRQ ORV SULQFLSLRV OLEHUDOHV TXH LQVSLUDEDQ VX WH[WR
FRQVWLWXFLRQDO´ -RVp $QWRQLR GHO 9DOOH ³/D FHQVXUD JXEHUQDWLYD GH SUHQVD HQ (VSDxD ´
5HYLVWDGH(VWXGLRV3ROtWLFRVPDLJMXQ\
HQVDUULEDTXDQHOVOOHJLPpVODYHXG¶XQVOOXLWDGRUVSHUzHQFDSFDVODG¶XQVIDQjWLFV
8QV KRPHV LQWHOÂOLJHQWV L DFWLXV GLVSRVDWV D EDWDOODU SHU XQ FDQYL HIHFWLX PpV MD TXH
LPSUHVFLQGLEOHHQO¶(VSDQ\DGHOVHX WHPSV(Q HOQ~PGHPDUoGHYDQ
VXEVWLWXLUO¶HQWUHILOHWFHQVXUDOSHUXQDFRPSRVLFLySRqWLFDUXEULFDGDDPEOHVLQLFLDOV/
0 TXH QR LGHQWLILTXHP DPE VHJXUHWDW /D EURPD QR HQV VRUSUqQ SUHFLVDPHQW
SHUTXq VDEHP TXH HO VHQWLW GH O¶KXPRU QR FDUDFWHULW]D HOV IDQDWLVPHV /¶RUJDQLVPH
FHQVRU TXH HQ HO IRQV WDPEp GHYLD VHU PpV SURIHVVLRQDO TXH QR SDV IUXLW R UHIOH[
G¶LQGLYLGXV SUzSLDPHQW IDQDWLW]DWV YD GHL[DU SDVVDU HO SRHPHW VDWtULF L DPE HOO
WDQTXHPDTXHVWUHSjVGHOHVjUGXHVOOXLWHVGH1XHYD(VSDxDSHUSRGHUGLUODVHYDHQXQ
PDUFG¶LQVXILFLHQWOOLEHUWDWGHSUHPVD
'LFWDGXUD«
SRGHUOODPDGRLQWHULQR
TXHPDQWLHQHODFHQVXUD
\QRVUHYLVDVLQWLQR
\DODUJDQXHVWUDWRUWXUD
'LFWDGXUD«
TXHUDVJDVQXHVWUDVFXDUWLOODV
SRGHUGH6DWiQKHFKXUD
TXHQXHVWUDSURVDDFXFKLOODV
VLQUHVSHWRDOD©(VFULWXUDª
'LFWDGXUD«
\DDOFDQ]DVJUDQGHVHGDGHV
/RTXHHQ(VSDxDSHUGXUD
VRQODVLQWHULQLGDGHV
1XHVWURPDOQRWLHQHFXUD
&RQWUDYHOOVLQRXVHQHPLFV
7RUQHP DO Q~PHUR $EDQV TXH 1XHYD (VSDxD HVGHYLQJXL XQ VHPDQDULR
SROtWLFR\VRFLDOHQOOXLWDFRQWUDHOFRQWUROGHODSUHPVD±LFRQWUDHOVHFWRUUHDFFLRQDULGH
OD PDWHL[D SUHPVD± KD QDVFXW FRP D UHYLVWD TXLQFHQDO GH FRQWLQJXW SROLWLFRFXOWXUDO
GLVSRVDGDHQFDUDFRPO¶HQWUDQ\DEOH3RVW*XHUUDDIXVWLJDU/D*DFHWD/LWHUDULDLDOWUHV
LQVWLWXFLRQVRSHUVRQHVDPETXqQRFRPEUHJDQLFXOWXUDOPHQWQLSROtWLFD(OFRVWXPROD
LQqUFLDG¶DWDFDU*LPpQH]&DEDOOHURHVPDQLIHVWHQVREUHWRWHQDTXHVWVSULPHUVQ~PHURV
SHUTXqMDVDEHPTXHHQODQRYDGqFDGD*HFpLO¶zUJDQSHUHOOIXQGDWVLPSOHPHQWDQLUDQ
GHL[DQW GH VHU ULYDOV DPE SURX HQWLWDW R OHJLWLPLWDW FRP SHU PHUqL[HU WDQWD DWHQFLy
(OJDOOHF/XLV0DQWHLJDTXHYDFROÂODERUDUHQUHYLVWHVGHDYDQ]DGDGH0DGULGLGH*DOtFLDpV
XQFDQGLGDWSODXVLEOH$SURILWHPSHUFRPHQWDUDTXtTXHHQWUHHOVFROÂODERUDGRUVGH1XHYD(VSDxDH[LVWHL[
WRWXQOREE\G¶DXWRUVJDOOHFVG¶DYDQoDGDYHUGDGHUDPHQWLQWHUHVVDQW
Y HO WHVWLPRQL HVFULW DL[z Vt HQ XQD SURVD LPSRVVLEOH G¶XQ Pj[LP UHVSRQVDEOH GHO
IXQFLRQDPHQWGHODFHQVXUDDPE3ULPR&HOHGRQLRGHOD,JOHVLD/DFHQVXUDSRUGHQWURSUzOGH5DIDHO
0DUTXLQD 0DGULG &RPSDxtD ,EHUR$PHULFDQD GH 3XEOLFDFLRQHV VD >@ 6iQFKH] $UDQGD %DUUHUD RS FLW YDORUHQ DL[t O¶DFWLYLWDW FHQVRUD GXUDQW O¶qSRFD GHO 'LUHFWRUL ³/D FHQVXUD IXH
LUUHJXODU H LQFRKHUHQWH 3RU GHFUHWR VH FRQYLUWLy HQ FHQVRUHV D ORV IXQFLRQDULRV GH ORV UHVSHFWLYRV
*RELHUQRV&LYLOHV(VWRVJDELQHWHVGHLQIRUPDFLyQ\FHQVXUDGH3UHQVDHVWDEDQIRUPDGRVFRQIUHFXHQFLD
SRUSHUVRQDVTXHQRWHQtDQQDGDTXHYHUFRQOD'LFWDGXUDHUDQIXQFLRQDULRVTXHDFWXDEDQFRPRWDOHVVLQ
PiV(OUHVXOWDGRHUDDOHDWRULR\GLYHUVRLQFOXVRGHVFRQFHUWDQWHSXHVWRTXHQRVHFUHyXQFXHUSRHVSHFLDO
GHFHQVRUHVHQWUHQDGRV\FRQFODUDVFRQVLJQDV/DWyQLFDJHQHUDOIXHUHVWULFWLYD´
/0³&DQWRDOD,QWHULQLGDG´1XHYD(VSDxDGHPDUo
FUtWLFD8QDQRWDHQODVHFFLySROHPLVWD³5LIL5DIH´HQVIDYHXUHSHUzTXHDO¶DOWXUDGHO
Q~P GH IHEUHU GH HQFDUD SDJDYD OD SHQD DWDFDU *HFp D PpV OD QRWD
HQOODoDYDDPEODGLVFXVVLyVREUHHOWLSXVGHOLWHUDWXUDTXHKDYLHQGHGXUHOVQRXVWHPSV
>«@ /D *DFHWD /LWHUDULD FRPDGURQD GH WRGRV ORV ©LVPRVª ORV ©LVPRVª TXH QDFHQ
YLHMRVVHDWUHYHDDOXGLU©DODVUHYLVWDVSROtWLFDVGHPX\GLIHUHQWHVFDWDGXUDVTXHVHDQXQFLDQHQ
HOKRUL]RQWHª<KDEODGHTXH©ODSDVLyQSROtWLFD\ODOLWHUDWXUDXWLOLWDULDYDQDLULQYDGLHQGRFDGD
YH]PiVORVHVFULWRUHV\VXVyUJDQRVGHH[WLQFLyQª
7LHQH JUDFLD (O yUJDQR GH XQD FDVD HGLWRULDO ±PHMRU GLFKR HO EROHWtQ GH XQD FDVD
HGLWRULDO± KDEODQGR FRQWUD OD OLWHUDWXUD XWLOLWDULD 1R KD\ GXGD DTXt HVWi OD PDQR GH -LPpQH]
>VLF@>«@
/¶HUUDWD R IUHXGLj ODSVXV FDODPL GH 1XHYD (VSDxD TXDQ FDQYLD yUJDQRV GH
H[SUHVLyQ SHU yUJDQRV GH H[WLQFLyQ GHOV HVFULSWRUV UHVWD REHUWD D LQWHUSUHWDFLy
5HFRUGHPTXHHQDTXHVWVPRPHQWV/D*DFHWD/LWHUDULDSHUWDQ\MDDOD&,$3LTXHSHU
WDQW*HFpQ¶KDSHUGXWHOFRQWURODEVROXW (QXQPRPHQWHQTXq3ULPRDFDEDWGHFDXUH
(VSDQ\DEXOOG¶LQTXLHWXGSROtWLFDO¶HGLWRULDOTXHPRWLYDODUHVSRVWDGH³5LIL5DIH´YRO
VLWXDUHOSHULzGLFDUDFRGLULJLWSHU*LPpQH]&DEDOOHURL6DLQ]5RGUtTXH]HQXQVSUHWHVRV
OOLPEVG¶DSROLWLFLVPHOLWHUDULSHUzHOFHUWpVTXHO¶HVFULWWXIHMDDTXHOFRPTXHSRGUtHP
DQRPHQDUPDQWHQLPHQWGHO¶RUGUHFXOWXUDO/OHJLPQHODSULPHUDPHLWDW
6HYDQDFHUFDQGRORVWLHPSRVHQ(VSDxDHQTXHODSDVLyQSROtWLFD\ODOLWHUDWXUDXWLOLWDULD
YDQDLULQYDGLHQGRFDGDYH]PiVORVHVFULWRUHV\VXVyUJDQRVGHH[SUHVLyQVXVUHYLVWDV
0XFKDV±\GHPX\GLIHUHQWHVFDWDGXUDV±UHYLVWDVSROtWLFDVVHDQXQFLDQHQHOKRUL]RQWH
+RUL]RQWHFRQWLQJHQWHVXMHWRDHVRVDOWLEDMRVGHODYLGDS~EOLFDTXHDODODUJDDSHQDVUR]DQOD
OLWHUDWXUD $QWH WDO DPELHQWH SUy[LPR /$ *$&(7$ /,7(5$5,$ UHLWHUD XQD YH] PiV VX
IXQGDPHQWDOFDUiFWHUFXOWXUDOLQWHOHFWXDODOVHUYLFLR~QLFRGHOOLEUR\GHODYLGDOLWHUDULDLEpULFD
DPHULFDQD\XQLYHUVDO
4XL]iGHQWURGH SRFRVHDQXHVWUR SHULyGLFRHO~QLFRHVWULFWDPHQWHOLWHUDULRGHO PXQGR
KLVSiQLFR 'HVGH OXHJR HO PiV LPSRUWDQWH HQ HVWH VHQWLGR 6X YLWDOLGDG VX VHULHGDG VX
LQIRUPDFLyQ GXUDQWH FXDWUR DxRV OH KDQ KHFKR HQWUH RWUDV FRVDV PHUHFHU HO YRWR GH WRGR
KLVSDQLVWD>«@
+LVSDQLVPH WUDGLFLRQDOLVWD R LQWHUQDFLRQDOLVPH UHQRYDGRU DSROLWLFLVPH
UHDFFLRQDULRFRPSURPtVUHYROXFLRQDULOLWHUDWXUDGHOVLVPHVRHVFULSWXUDXWLOLWjULD/HV
WULQ[HUHVGHO¶qSRFDGH3RVW*XHUUDHQFDUDHVWDQREHUWHVLDOJXQHVGHIHWVHUYLUDQWDPEp
SHU D OHV FUXHQWHV GLVSXWHV GH OD QRYD GqFDGD (O FDV pV TXH O¶DJUHVVLy FRQWUD *HFp
FRQWLQXDHQ HO³5LIL5DIH´GHOQ~PGH PDUoGHHQUHVSRVWD DXQVHXDWDF
SUHYL D WUDYpV GH O¶+HUDOGR GH 0DGULG ³(O KRPEUH UHVHQWLGR SRU VXV FRQWLQXRV
IUDFDVRVVHUHYXHOYHFRQWUDQRVRWURV3HURDQRVRWURV¢TXpFXOSDQRVLQFXPEHGHTXHpO
KD\D WHQLGR TXH YHQGHU /D *DFHWD SRUTXH QDGLH FRPSUDED VXV Q~PHURV >«@"´ 6H
O¶DFXVD WDPEp GH EHQHILFLDUVH GH GLQHUV S~EOLFV SHU D OHV VHYHV DYHQWXUHV FXOWXUDOV
³QRVRWURV QR KHPRV UHDOL]DGR MDPiV >J@LUDV ©FXOWXUDOHVª SRU (XURSD FRQ GLQHUR GH
³(GLWRULDO´/D*DFHWD/LWHUDULDGHIHEUHU
6REUH DL[z Y (QULTXH 6HOYD 5RFD GH 7RJRUHV ³/D FULVLV GH ©/D *DFHWD /LWHUDULDª \ OD
HVFLVLyQGHORVLQWHOHFWXDOHVHQHOWUiQVLWRGHOD 'LFWDGXUD DOD,,5HS~EOLFD´ &RPXQLFDFLyQ \ (VWXGLRV
8QLYHUVLWDULRV1RGHL[DGHUHVXOWDUVLJQLILFDWLXTXH*LPpQH]&DEDOOHURXVLXQGLDULL
QRO¶DUPDGH/D*DFHWD/LWHUDULDSHUDWDFDU1XHYD(VSDxD(QHOQRXPRPHQWSROtWLFDPEODLPSRUWDQWL
YDULDGDQzPLQDGHFROÂODERUDGRUVTXH1XHYD(VSDxDSUHVHQWDHQHOVHXSULPHUQ~PHURLVHQVHODGLUHFFLy
H[FOXVLYD GHO ±MD QR VHX± SHULzGLF *HFp G¶DOJXQD PDQHUD MD QR Wp SURX IRUoD SHU D IHUKR /D *DFHWD
/LWHUDULDHQEUHXSHUzFRUUHFWDQRWDLQIRUPDGHO¶DSDULFLyGH1XHYD(VSDxD³XQHVSHMRGRQGHFRQIOX\HQ
DVSLUDFLRQHVVHULDVOHJtWLPDV´,GLXTXHHOQ~PHURLQDXJXUDOGHODSXEOLFDFLy³KDVLGRPX\OHtGRPX\
FRPHQWDGR´Y³1RWLFLDULR´/D*DFHWD/LWHUDULDGHIHEUHU
QLQJ~Q &HQWUR RILFLDO < PHQRV HQ OD pSRFD GH OD 'LFWDGXUD´ 3HUz YHW DTXt TXH XQD
PLFD PpV HQGDYDQW HQ HO PDWHL[ ³5LIL5DIH´ DSDUHL[ XQ QRX EODQF G¶DWDF XQD QRYD
GLDQDVREUHODTXHGLVSDUDU6DLQ]5RGUtJXH]6LJQLILFDWLYDPHQWO¶DUDFRGLUHFWRUGH/D
*DFHWD /LWHUDULD VHPEOD SUHQGUH HO UHOOHX FRP D REMHFWH GH FUtWLTXHV ±R VL PpV QR
FRPSDUWLUWDPEpDTXHVW KRQRU /OHJLP HO SULPHU SDUjJUDI GHOV TXDWUH TXH ³5LIL5DIH´
DPEFUXHOSHUzLUUHSURW[DEOHPHQWFRUWqVLURQLDGHGLFDDH[SOLFDUDOOHFWRUTXHGHVGHO
SXQWGHYLVWDSROtWLF6DLQ]5RGULJXH]pVXQRSRUWXQLVWDLXQWUjQVIXJD
$OJXQDVSHUVRQDVVLQGXGDEURPLVWDVRGHLQWHQFLyQDYLHVDODQ]DURQHOQRPEUHGH'
3HGUR 6iLQ] >VLF SDVVLP@ 5RGUtJXH] FRPR IXWXUR PLQLVWUR GH ,QVWUXFFLyQ 3~EOLFD /D HVSHFLH
DGHPiVGHDEVXUGDUHVXOWDEDXQSRFRFUXHO$SDUWHGHTXHFRPRWRGRVVDEHPRVODFDSDFLGDG
LQWHOHFWXDOGHOVHxRU6iLQ]5RGUtJXH]HVKDUWRVXFLQWDSDUDHOGHVHPSHxRGHXQFDUJRWDQHOHYDGR
\ GLItFLO ORV DQWHFHGHQWHV SROtWLFRV GH GLFKR VHxRU LPSRVLELOLWDUtDQ VLHPSUH VHPHMDQWH
GHVLJQDFLyQ
3HUGHVJUjFLDFRPVDEHPGXUDQWOD*XHUUD&LYLOTXHHOODFWLYDPHQWKDXUjDMXGDW
D HQFHQGUH 6DLQ] 5RGUtJXH] VHUj HQ HIHFWH QRPHQDW PLQLVWUH G¶XQ PLQLVWHUL TXH YD
GHL[DU GH GLUVH G¶,QVWUXFFLyQ 3~EOLFD WtWRO GH FODUHV UHVVRQjQFLHV LOÂOXVWUDGHV SHU
SDVVDUDVHUG¶(GXFDFLyQ1DFLRQDOXQFDQYLGHQRPTXHMDKRGLXTXDVLWRW3HUzHO
OODYRUVGLUHFWRUOLWHUDULGHOD&,$3G¶HQWUDGDQRHVGHYLDRSRVDUDTXqDTXHVWDHPSUHVD
HGLWRUDV¶DQXQFLpVDOHVSUzSLHVSODQHVGH1XHYD(VSDxD$L[zpVHOTXHHQVWUREHPHQ
DTXHVW PDWHL[ Q~P HQ TXq V¶HVWRPDFD SROtWLFDPHQW 6DLQ] 5RGUtJXH] XQD SODQD
VHQFHUD GH SURSDJDQGD GH SXEOLFDFLRQV SHULzGLTXHV SHUWDQ\HQWV D O¶zUELWD GHO SODQHWD
&,$34XHHOPRQRSROLHGLWRULDOGHIHWXQDDYHQWXUDHPSUHVDULDOTXHQRWULJDULDDIHU
IDOOLGD LQYHUWtV GLQHUV HQ IHUVH SXEOLFLWDW D 1XHYD (VSDxD LQGLFD FRP D PtQLP GXHV
FRVHVTXHODQRYDUHYLVWD GHDYDQ]DGDUHDOPHQW QRHUDXQSURGXFWH JHQVPLQRULWDULL
TXHOD&,$3±FRPMDV¶KDFRPHQWDW±DO¶KRUDG¶LPSODQWDUVHHQHOPHUFDWQRWHQLDJDLUHV
PDQLHVLGHROzJLTXHV&HUWpVTXHDL[zGXUDUjSRFDTXHVWDIRQWG¶LQJUHVVRVSXEOLFLWDULV
V¶H[SOLFD SHO SODQWHMDPHQW LQWHJUDGRU FUtWLFDPHQW REHUW L ILQV D FHUW SXQW FRQILDW GHOV
SULPHUV Q~PHURV GH OD QRYD SXEOLFDFLy 3HUz DYLDW OD VHYD FUHL[HQW SROLWLW]DFLy L
HVFDUPHQWDGD UDGLFDOLW]DFLy IDUDQ LQYLDEOH OD SUHVqQFLD GH GHWHUPLQDGHV SODQHV
SXEOLFLWjULHV7DPSRFVHPEODSUREDEOHTXHOD&,$3PpVHQOOjG¶XQDWHPSWDWLYDLQLFLDO
YROJXpVPDQWHQLUFDSFROÂODERUDFLyHFRQzPLFDDPEXQzUJDQTXHDWDFDYDREHUWDPHQWHO
VHXSURSLLFRQHJXWGLUHFWRUOLWHUDUL
3HUzODSODQDGHOQ~PGH1XHYD(VSDxDUHVWDFRPDVRUSUHQHQWWHVWLPRQL
G¶DTXHVWLQWHQWG¶DSUR[LPDFLyGHOD&,$3DOPyQSXEOLFDGRUG¶DYDQoDGD,QWHQWHQTXq
SHUVLVWLUj GH IHW DO FDS GH SRFV PHVRV TXDQ IXQGL (GLFLRQHV +R\ ±O¶HVFLVVLy GH &HQLW
SURWDJRQLW]DGD SHU $QGUDGH /D SDUW GHO OOHy JDLUHEp GXHV WHUFHUHV SDUWV G¶DTXHVWD
SjJLQDTXHFRPHQWHPO¶RFXSDO¶DQXQFLGHO SURSHU UHOODQoDPHQW GH OD UHYLVWD /D 5D]D
(O VHX QRP FRPSOHW HUD 0LQLVWHULR GH ,QVWUXFFLyQ 3~EOLFD \ %HOODV $UWHV L V¶KDYLD FUHDW HO
6REUH O¶HWDSD GH6DLQ] 5RGUtJXH] TXL PpV WDUG SHU FHUW VHUj SUHFHSWRUGH-XDQ
&DUORV GH %RUEyQ DO FDSGDYDQW GHO PLQLVWHUL HQFDUUHJDW G¶DUUDVDU GHV GH O¶HVFROD SULPjULD ILQV D OD
XQLYHUVLWDWO¶HGLILFLG¶XQDHGXFDFLyOLEHUDOLW]DQWLQVWLWXFLRQLVWRUHSXEOLFDQDTXHKDYLDFRVWDWJHQHUDFLRQV
G¶DL[HFDUY-DXPH&ODUHW0LUDQGD(ODWUR]GHVPRFKH/DGHVWUXFFLyQGHOD8QLYHUVLGDGHVSDxRODSRUHO
IUDQTXLVPR SUzO GH -RVHS )RQWDQD %DUFHORQD &UtWLFD 9DO D GLU TXH OD ILJXUD GH
6DLQ]5RGUtJXH]TXHHQVWUDQVPHWDTXHVWDPRQRJUDILDULFDHQGDGHVXQLYHUVLWDWSHUXQLYHUVLWDWVREUHHO
WHPD TXH WUDFWD HODERUDGD FRQVXOWDQW O¶DU[LX TXH GH O¶tQFOLW FXVWRGLD OD )XQGDFLyQ 8QLYHUVLWDULD
(VSDxROD QR GHL[D G¶DVVHPEODUVH IRUoD D OD TXH HQV WUDQVPHW 1XHYD (VSDxD (QWUH OHV UDRQV TXH
H[SOLTXHQTXHQRPpVGXUpVXQDQ\LHVFDLJHQHOPLQLVWHULDOFjUUHFHVWDULHQODVHYDSUzSLDLQGROqQFLDLHO
IHWTXHODGRQDGH)UDQFRKDJXpVYLVWFDVXDOPHQWHOVHXYHKLFOHRILFLDODSDUFDWGDYDQWG¶XQSURVWtEXO
³TXH FXHQWD PiV GH TXLQFH DxRV GH H[LVWHQFLD UHMXYHQHFLGD PHUFHG D JUDQGHV \
DWLQDGtVLPDVUHIRUPDV´2VLJXLHVWUDFWDULDGHPDTXLOODUXQDDQWLJDOODSHUWDOGHWUREDU
XQ SXQW G¶HTXLOLEUL HQWUH HO JXVW WUDGLFLRQDO GHO OHFWRU ±L OD OHFWRUD± GH UHYLVWHV
SDWULzWLTXHVGHODWDUGRUHVWDXUDFLyLOHVH[LJqQFLHVPRGHUQLW]DGRUHVGHODQRYDGqFDGD
$TXHVW pV O¶HVSHULW TXH PRVWUD OD SURSDJDQGD G¶XQD UHYLVWD GH UHILQDGD SUHVHQWDFLy
³WUHLQWD \ GRV SiJLQDV HQ SDSHO VDWLQDGR´ TXH EDUUHMD FROÂODERUDGRUV ±DUWLFXOLVWHV L
GLEXL[DQWV±GHWRDGHTXDWDPEG¶DOWUHVGHPpVDUULVFDGDLQFOXVLyTXH³QROOHYDUiQXQFD
IRWRJUDItDV´L³VHYHUiHQFDPELRLOXVWUDGDDUWtVWLFDPHQWH´TXH³VHRFXSDUiDVLPLVPRGH
OD PXMHU \ HO QLxR´ L TXH FRPSDUWHL[ DPE /D *DFHWD /LWHUDULD DOJXQD ILUPD L DOJXQ
IRFXVG¶LQWHUqVSHULRGtVWLFRFXOWXUDOFRPDUDHOPXQGRVHIDUGt5HVHQGHILQLWLYDTXH
SRJXpVYHUGDGHUDPHQWPRWLYDUHOOHFWRUGH1XHYD(VSDxDDQVDOFRQWUDUL3HUzHQFDUD
PpVVRUSUHQHQWpVTXHHQHOWHUoVXSHULRUGHODSODQDTXHQRHVWjRFXSDWSHU/D5D]D
V¶KLDQXQFLwQLPpVQLPHQ\VTXH/D*DFHWD/LWHUDULD/¶HVSDLHVWjVXEGLYLGLWHQGXHV
PHLWDWV $ O¶HVTXHUUD SURSDJDQGD JHQHUDO GH OD SXEOLFDFLy HQ XQV WHUPHV TXH MD HQV
VRQHQ
/D ~QLFD UHYLVWD HVSDxROD TXH LQIRUPD FRQ VHUHQLGDG GH FULWHULR LPSDUFLDOLGDG \
DPSOLWXGGHOPRYLPLHQWROLWHUDULRHVSDxROHXURSHR\DPHULFDQR&XHQWDFRQODVPHMRUHVILUPDV
HVSDxRODV\ORVPiVILQRVFUtWLFRVGH$OHPDQLD,WDOLD)UDQFLD%pOJLFD,QJODWHUUD
(Q(VSDxDQRKD\PHGLRGHHVWDUDOWDQWRGHOD/LWHUDWXUDHVSDxROD\IXHUDGH(VSDxDVL
QRVHOHHHVWDHVSOpQGLGDUHYLVWDWDQHFXiQLPHHQVXSRVWXUDULJXURVDPHQWHOLWHUDULDLQIRUPDWLYD
\FXOWXUDO
$L[zTXHGLXTXHFRPSWDDPEORVPiVILQRVFUtWLFRVG¶(XURSDpVXQDH[DJHUDFLy
PpVTXHGHVPHVXUDGDGHODVHYDHTXDQLPLWDWVHUHQLWDWLLPSDUFLDOLWDWQ¶HVWHPWUDFWDQW
DO OODUJ GHO SUHVHQW HVWXGL $ O¶DOWUH HVSDL GH OD PHLWDW GUHWD V¶KL DQXQFLD HO OOLEUH GH
*LPpQH] &DEDOOHUR &LUFXLWR LPSHULDO DTXHOO TXH HGLWDW GLQV OD FROÂOHFFLy ³/RV
&XDGHUQRV GH ©/D *DFHWD /LWHUDULDª´ UHFXOO OHV VHYHV FUzQLTXHV IUXLW GHO SHULSOH
HXURSHX TXH YD HPSUHQGUH D PLWMDQ 7p JUjFLD TXH DTXHVW DQXQFL DSDUHJXL XQHV
SODQHV GHVSUpV TXH D ³5LIL5DIH´ DTXHOO PDWHL[ DXWRSUHJRQDW SUHVWLJL GH *HFp FRP D
FRQIHUHQFLDQW HXURSHX V¶KDJL SRVDW FRP DFDEHP GH YHXUH PpV DPXQW VHULRVDPHQW HQ
GXEWH /D SRVVLEOH VRUSUHVD GHO OHFWRU GH 1XHYD (VSDxD HQ WUREDUVH SURSDJDQGD GH
SXEOLFDFLRQV LGHROzJLFDPHQW QR DILQV V¶HVIXPDUj G¶XQD PDQHUD LPPHGLDWD MD HQ OD
SODQD VHJHQW (QV UHIHULP D OD SODQD VHQDU TXH YLVXDOPHQW HV PRVWUD DO OHFWRU
HPSDUHOODGD DPE O¶DQWHULRU OD TXH GXX OD SXEOLFLWDW GHVFULWD +L WUREHP DTXt OD
VHFFLy GH UHVVHQ\HV ³/RV /LEURV´ VHFFLy SHU FHUW TXH LJXDO TXH OD SRVWJXHUULDQD
³/LEURV´ VHUj XQD GH OHV PpV FRQVWDQWV GXUDQW OD YLGD GH 1XHYD (VSDxD 3HUz HQ
DTXHVWDRFDVLyODFROXPQDFHQWUDOGHOHVWUHVTXHWpODSjJLQDHVWjRFXSDGDGHGDOWILQV
EDL[SHUXQDRVWHQVLEOHQRWDHGLWRULDOLPSUHVDHQXQFRQVLGHUDEOHFRVGH OOHWUD'LXHO
VHJHQW
18(9$(63$f$QRQHFHVLWDDILUPDUSRUVXSURSLDFXHQWDDWDQWRODOtQHDTXHHVOD
~QLFD UHYLVWD HVSDxROD TXH DOFDQ]D WRGRV ORV IUHQWHV GHO SHQVDPLHQWR FRQWHPSRUiQHR 18(9$
(63$f$ORDFUHGLWDFRQVXWH[WR\FRQVXFRQGXFWD'HVOLJDGDGHWRGDVXHUWHGHFRPSURPLVRV
$TXHVWDSXEOLFDFLyGH0DGULGtQWLPDPHQWYLQFXODGDDOPyQFXOWXUDOLHFRQzQLFVHIDUGLWDTXH
VRVWHQLD WDPEp OD &,$3 YD WHQLU WUHV qSRTXHV L WUHV QRPV 5HYLVWD GH OD 5D]D /D 5D]D
L 1XHVWUD 5D]D /D SDUDXOD TXH HV UHSHWHL[ HQ OHV WUHV FDSoDOHUHV QR Wp
H[DFWDPHQW XQ VHQWLW ELROzJLF VLQy TXH DSHOÂOD D XQD WHzULFD FRPXQLWDW FXOWXUDO KLVSjQLFD LQWHUQDFLRQDO
'HOHVWUHVqSRTXHVODGHOPLJODTXHDQXQFLD 1XHYD (VSDxDpVODGHFRQWLQJXWV PpV IUtYROVL PHQ\V
FRPSURPHVRVDPEO¶LPDJLQDULKLVSDQRMXHXRDPEHOVLRQLVPHY,VDDF*HUVKRQ³/D5HYLVWDGHOD5D]D
yUJDQRGHOILORVHIDUGLVPRHVSDxRO´5DtFHV5HYLVWD-XGtDGH&XOWXUDWDUGRU
LQFOXVR GH FRPSURPLVRV HGLWRULDOHV QXHVWUD UHYLVWD QR HV yUJDQR GH QLQJ~Q PRQRSROLR
SXEOLFLWDULRQLLQIRUPDWHQGHQFLRVDPHQWHDFHUFDGHODSURGXFFLyQOLEUHUD
18(9$(63$f$HQILQQRXWLOL]DORVUHVRUWHVHFRQyPLFRVSDUDYLQFXODUODREUDGHOD
LQWHOLJHQFLD \ HO HVStULWX D ORV LQWHUHVHV GH XQD FDVD HGLWRULDO R GH XQ JUXSR SOXWRFUiWLFR 3DUD
VLJQLILFDUODLPSRUWDQFLDGH18(9$(63$f$EDVWDREVHUYDUTXHKDVWDDOJXQRGHVXVHQHPLJRV
VHDQXQFLDHQHOOD
4XLQD DXWqQWLFD EXIHWDGD D OD &,$3 L D O¶zUJDQ GH *HFp6DLQ] $ VREUH TXH
SDJXHQ D WDQWR OD OtQHD SHU DQXQFLDUVH HQ OD QRYD L EULRVD UHYLVWD PDGULOHQ\D VH¶OV
KRVWLOLW]DVH¶OVGHWUDFWDLVH¶OVPHQ\VSUHDHQOHVSODQHVDQWHULRUVLSRVWHULRUVDO¶DQXQFL
(OV QRVWUHV DPLFV GH DYDQ]DGD QR HVWDYHQ GLVSRVDWV D SDFWDU DPE TXDOVHYRO MD
PRVWUDYHQ HQ HO VHX IXQGDFLRQDO PDQLIHVW D (O 6RO TXH WHQLHQ O¶HQHPLF PROW EHQ
LGHQWLILFDW3HUzODVDJQDQWKRVWLOLWDWTXHH[SUHVVDODQRWDFRQWUD/D*DFHWD/LWHUDULDHQ
WDQWTXHSXEOLFDFLyDOVHUYHLGHOVLQWHUHVVRVHGLWRULDOVGHOD&,$3SRWVHPEODUH[FHVVLYD
)LQV L WRW LQMXVWD SHUTXq FRP MD KDYtHP GLW PpV DPXQW /D *DFHWD /LWHUDULD GH OD
GqFDGDGHOVDQLUjSXEOLFDQWUHFHQVLRQVLDUWLFOHVVREUHHOOOLEUHG¶DYDQoDGD$PpVGH
PRWLXVLGHROzJLFVFRQWUDHOGXHW*HFp6DLQ]QRKLSRGHPGH[DUG¶LQWXLUWDPEpDTXtOD
LQIOXqQFLDGHOVREMHFWLXVHGLWRULDOVGH*LPpQH]6LOHV6LOHVSUHFLVDPHQWSHUTXqODQRWD
VHPEODHVIRUoDUVHDQHJDUKRHVWjFODUTXHYROLDFRQVWUXLUXQHL[&HQLW1XHYD(VSDxD
,VLGHSDVSRGLDDMXGDUDGHVWUXLUO¶HL[&,$3/D*DFHWD/LWHUDULDPROWPLOORU(OFHUW
pVTXHPDOJUDWWRW/D*DFHWD/LWHUDULDHVWRUQDUjDDQXQFLDUHQFDUDSHUVHJRQDL~OWLPD
YHJDGDHQXQDDOWUDSODQDVHQFHUDGHOQ~PHURVHJHQWHOGHYLHQKDYHUFRQWUDFWDWMD
G¶HQWUDGD OD SURSDJDQGD HQ GRV Q~PHURV SHUTXq VL QR QR V¶H[SOLFD /D SXEOLFLWDW GH
&HQLWFRPHUDSUHVXPLEOHWLQGUjPpVFRQWLQXwWDW
(QDTXHVWDVHJRQDSODQDVHQFHUDSDJDGDSHUOD&,$3HQHOQ~PHURGH1XHYD
(VSDxD V¶KL DQXQFLD HO Q~PHUR H[WUDRUGLQDUL GHGLFDW tQWHJUDPHQW D 8QDPXQR TXH /D
*DFHWD/LWHUDULDKDYLDWUHWDOFDUUHUHOPDWHL[GHPDUoGH'HVSUpVGHVLVDQ\V
GHGHSRUWDFLyLH[LOLIHLDDSHQHVXQPHVLPLJ TXHDODFDLJXGDGH3ULPR8QDPXQR
KDYLDWRUQDWD(VSDQ\D'HVG¶,UXQILQVD6DODPDQFDHOVHXSHULSOHGHUHWRUQDODFjWHGUD
KDYLDHVWDWXQDXWqQWLFEDQ\GHPXOWLWXGV*LPpQH]&DEDOOHURODPjGHOTXDOV¶HQGHYLQD
IjFLOPHQWHQODSUHSDUDFLyG¶DTXHVWQ~PHURH[WUDQRHVWDYDGLVSRVDWDSHUPHWUHTXHHO
OOHJDWHVSLWLWXDOXQDPXQLjTXHGpVUHFRUGHPODLQIOXqQFLDGH0DODSDUWHHQDTXHVWVHQWLW
HQ PDOHV PDQV /D OOLVWD TXH V¶DQXQFLD GH FROÂODERUDGRUV DOJXQV HVWUDQJHUV HQ HO
Q~PHURKRPHQDWJH pV jPSOLD L HFOqFWLFD SHUz H[DJHUDGD ±SHU QR GLU IDOVD 6L OD
FRPSDUHPDPEODGHOVQRPVTXHHIHFWLYDPHQWKLYDQFROÂODERUDUHQGHVFREULUHPILQVD
YXLWG¶DQXQFLDWVHQIDOV$PpVGH6DLQ]5RGUtJXH]LGHOFLHQWtILFKRODQGqV'LUN&RVWHU
WUREHP TXH HOV DOWUHV VLV VyQ HVFULSWRUV GH JUDQ SUHVWLJL *yPH] GH OD 6HUQD -XDQ
5DPyQ -LPpQH] %DURMD 2UWHJD \ *DVVHW $QWRQLR 0DFKDGR L 5XEpQ 'DUtR 8Q
/DSRVWHULRUYLVLWDD0DGULGDFRPHQoDPHQWVGHPDLJGHODGLVSXWDGDILJXUDGHO¶H[FLWDWRU
+LVSDQLDHSURYRFDUjDOGDUXOOVGHGLIHUHQWVLJQH1XHYD(VSDxDV¶KLUHIHULUjHQXQHGLWRULDOFRQWXQGHQWGH
WR JDLUHEp JXHUUDFLYLOLVWD ³/DV GHUHFKDV VH KDQ VROLYLDQWDGR FRQ OD SUHVHQFLD GHO JUDQ SURIHVRU GH
FRQGXFWDV < FRQ HO SUHWH[R GH TXH 8QDPXQR HUD XQ SHUWXUEDGRU ±SHUWXUEDGRU GH OR WUDGLFLRQDO L
GRPpVWLFR±KDQLQLFLDGRXQSHUtRGRGHLQWROHUDEOHVSURYRFDFLRQHV(QUHDOLGDGORVLQFLGHQWHVGHDTXHOORV
GtDV VRQ OD SUXHED PiV SDOPDULD GH TXH ODV GHUHFKDV QR DGPLWHQ QL GHVHDQ XQ UpJLPHQ GH GHPRFUDFLD
GRQGH FDGD XQR HPLWD OLEUHPHQWH VXV LGHDV &RQYLHQH TXH ODV L]TXLHUGDV OR WHQJDQ HQ FXHQWD SDUD TXH
VHSDQDGyQGHGHEHOOHJDUVXOLEHUDOLVPR\VXWUDQVLJHQFLDFRQODVIXHU]DVFRQWUDULDV(QDGHODQWHWDPSRFR
QRVRWURV DGPLWLUHPRV GLVFXVLRQHV \D TXH HO UD]RQDPLHQWR QR VH KD KHFKR SDUD ORV WURJORGLWDV $FFLyQ
(MHFXFLyQHVDHVOD EDQGHUD GHODVL]TXLHUGDV´ ³8QDPXQRHQ0DGULG´ 1XHYD (VSDxDGHPDLJ
/D SURSDJDQGD GLX OLWHUDOPHQW TXH ³SXEOLFD HVWH Q~PHUR RULJLQDOHV´ G¶XQD FROOD G¶DXWRUV L
HQWUHHOOV5XEpQ'DUtRPRUWHO
JUDSDWGHGHVFXLWV"1RXQDWtSLFDPDQLSXODFLySURSDJDQGtVWLFDGH*HFpHQKRQRUPpV
TXH G¶8QDPXQR GH VL PDWHL[ GHO VHX zUJDQ L GH OD VHYD FDXVD 1R KL IDOWDUDQ HQ
FDQYL HQ DTXHOO Q~PHUR GH /D *DFHWD /LWHUDULD OHV ILUPHV G¶DOJXQV FDUDFWHUtVWLFV
DPLFV SURWHJLWV L FDPDUDGHV GH *LPpQH] &DEDOOHUR /HGHVPD 5DPRV 0DQXHO *DUFtD
%ODQFR-RVp)UDQFLVFR3DVWRU-RDQ(VWHOULFK(XJHQLR0RQWHV0RXUODQH0LFKHOHQD
R$QWRQLRGH2EUHJyQDTXHVWVGRV~OWLPVSHUFHUWQRHVPHQWDWVDODSURSDJDQGD
&RPTXHHOQ~PGH1XHYD(VSDxDLHOQ~PGH/D*DFHWD/LWHUDULDYDQ
VRUWLUHOPDWHL[GLDHOVUHGDFWRUVGHODSULPHUDQRFRQHL[LHQHQFDUDHOFRQWLQJXWUHDOGH
ODVHJRQD3HUzVtTXHFRQHL[LHQODSODQDSXEOLFLWjULDTXHSDJDYDOD&,$3LQRVH¶OVYD
HVFDSDUTXHV¶KLDQXQFLpVXQRULJLQDOG¶XQDXWRUMDFOjVVLFFRP5XEpQ'DUtR'RQFVEp
XQHV SODQHV DEDQV ³5LIL5DIH´ LQWHQWD QRYDPHQW VDERWHMDU O¶DQXQFL WDPEp pV FODU
GHVSUHVWLJLDUODPDQLREUDH[WUDRUGLQjULDGH*HFp$L[tGLXODQRWD
(V OiVWLPD TXH 18(9$ (63$f$ QR VHD XQD VDUWpQ HQ YH] GH XQD UHYLVWD 3RUTXH
VLHQGRVDUWpQSRGUtDSUHSDUDUDVXVOHFWRUHVPDJQtILFRVUHIULWRV
3RGUtD SXEOLFDU Q~PHURV H[WUDRUGLQDULRV FRQ OD FRODERUDFLyQ HVSDxROD GH 0LJXHO GH
&HUYDQWHV)UDQFLVFRGH4XHYHGR/XLVGH*yQJRUD)UD\/RSH)pOL[GH9HJD&DUSLRHWFpWHUD
\ FRPR FRODERUDGRUHV H[WUDQMHURV 6KDNHVSHDUH ,QJODWHUUD 0ROLqUH )UDQFLD &DP|HQV >VLF@
3RUWXJDO*RHWKH$OHPDQLD'DQWH,WDOLDHWFpWHUD
(VWRHQWUHORVFOiVLFRV4XHHQWUHORVPRGHUQRV£LPDJtQHQVHXVWHGHV
1XHYD (VSDxD HUD XQD UHYLVWD FRPEDWLYD LQHYLWDEOHPHQW ±WDPEp SHUz
YRFDFLRQDOPHQW±SROHPLVWD(OVLQWHOÂOHFWXDOVGHDYDQ]DGDVyQKRPHVGHEUHJDG¶DFFLy
6¶DSURSHQ PpV D O¶DUTXHWLS GHO SHULRGLVWD FUtWLF L ORTXDo TXH DO GHO SDFtILF HUXGLW
FDOODQWtYROeVSHUDL[zTXHQRUHVXOWDHVWUDQ\TXHMDHQHOQ~PHURV¶DQXQFLwODEDL[D
G¶$GROIR6DOD]DUGHO¶LQLFLDOWULXPYLUDWGLUHFWLXGHODUHYLVWD(OFRPLDWQRPRVWUDOD
PHQRUDFULPzQLDFDSDOFRPSDQ\TXHDEDQGRQDODEHOÂOLFRURVDQDXDOFRQWUDUL/DQRWD
SHUDOWUDEDQGDWpO¶HQHUJLDGHOHVHPSUHVHVHQFDUDUHFHQWVLTXHVHVDSTXHVHUDQGXUHVL
SUHYHX DPE FHUW LQJHQX RSWLPLVPH OHV EDWDOOHV GHOV PHVRV VHJHQWV 9HJHPKR WRW
SOHJDW
1XHVWURFRUGLDODPLJR\FRPSDxHUR$GROIR6DOD]DUKDGHMDGRGHSHUWHQHFHUDO&RPLWp
GLUHFWLYR GH 18(9$ (63$f$ 6HJ~Q QRV GLFH QR VH KDOOD FRQIRUPH FRQ HO WRQR YLYR \
SROpPLFRGHDOJXQDVVHFFLRQHVGHOD5HYLVWD
1RQRVH[WUDxDVXGHFLVLyQ+RPEUHGHHVSHFLDOLGDGDMHQRDODVDVSHUH]DVGHODOXFKD
SROtWLFD QR TXLHUH SDUWLFLSDU GH ODV LQHYLWDEOHV YLROHQFLDV TXH QRV DJXDUGDQ D QRVRWURV /R
ODPHQWDPRV6LHPSUHWXYLPRVHQDOWDHVWLPDHOWDOHQWR\ODFXOWXUDGHOLOXVWUHPXVLFyJUDIR\HQ
DOJXQRV DVSHFWRV GH OD REUD GH 18(9$ (63$f$ VX DXVHQFLD QRV SULYDUi GH XQ YDORU
LQVXVWLWXLEOH
3HUR QR SRU HVWR VH GHELOLWD HQ OR PiV PtQLPR QXHVWUR HQWXVLDVPR \ UHVROXFLRQHV
1RVRWURVDTXtTXHGDPRVOHFWRUWDQWUDQTXLORV\VDWLVIHFKRVDOIUHQWHGHOD5HYLVWD\DOSLHGHO
5LIL
$PE WRW VL HV YRO SRW FRQVLGHUDUVH DTXHOO Q~PHUR H[WUDRUGLQDUL FRP XQ FHUW q[LW GH /D
*DFHWD/LWHUDULDTXHHQGHILQLWLYDFRQJUHJDXQDULFDLYDULDGDQzPLQDG¶DUWLFXOLVWHV
6REUHDTXHVWSHUVRQDWJHY6HOYD(UQHVWR*LPpQH]&DEDOOHURHGFLWVV
³$GROIR6DOD]DU´1XHYD(VSDxDGHPDUo
$GROIR6DOD]DUQRKDYLDFROÂODERUDWD3RVW*XHUUD(OVHXQRPQRPpVKLKDYLDDSDUHJXWHQ
XQDRFDVLyTXDQODUHYLVWDHVYDIHUUHVVzGHO¶HVWUHQDG¶XQDREUDPXVLFDOGH5RGROIR+DOIIWHULYD
WUDQVFULXUHDOJXQVMXGLFLVFUtWLFVHQWUHHOOVXQGH6DOD]DUD(O6RO³0~VLFDWDQEHOODFRPRUHYHODGRUDGH
XQDDOWDDULVWRFUDFLDGHODVHQVLELOLGDG\TXHVHLQFOX\HSRUQDWXUDOLQFOLQDFLyQHQODUDPDPiVDYDQ]DGD
GHODUWHFRQWHPSRUiQHR´5RGROIR+DOIIWHUHOJHUPjJUDQERKHPLLUHSXEOLFjG¶(UQHVWR+DOIIWHUHUDHO
VROYHQW UHVSRQVDEOH KDELWXDO GH OD VHFFLy ³0~VLFD´ GH 3RVW*XHUUD ILOO G¶XQ MRLHU SURFHGHQW GH
.|QLJVEHUJYDVHUWDPEpHOWUDGXFWRUGH7ROOHUD&HQLW
(Q HIHFWH XQ PHV GHVSUpV G¶DTXHVW FRPLDW WUREHP HO 5LIL WDQ GLVSRVDW FRP
VHPSUHDIHUDPLFV2SRWVHUKDXUtHPGHGLUDPDQWHQLUOHVDPLVWDWVFRQWUHWHVSHUTXqHO
GHVWLQDWDULGHOVHJHQWUHFDGHWHUDMDJDLUHEpXQtQWLPGHODUHYLVWD
8Q H[ DVDPEOHtVWD FRODERUDGRU VHUYLO GH OD GLFWDGXUD WUiQVIXJD GH YDULRV SDUWLGRV
HUXGLWR ©IXOª \ XSHWLVWD GH FRUD]yQ KD WHQLGR HO GHVYHUJRQ]DGR FLQLVPR GH GDU XQ £YLYD OD
OLEHUWDGGHVGHXQEDOFyQHQ%DUFHORQD
£,QWHOHFWXDOHV OLEHUDOHV GH &DWDOXxD ¢3RU TXp QR OH KDEpLV GDGR GH SXQWDSLpV DO
GHVFHQGHUGHOWUHQHQ%DUFHORQD"
6DLQ]5RGUtJXH]QDWXUDOPHQWKDYLDSDUWLFLSDWHQODIDPRVDYLVLWDG¶LQWHOÂOHFWXDOV
FDVWHOODQV D &DWDOXQ\D GH OD TXDO 1XHYD (VSDxD XQHV SODQHV PpV HQGDYDQW HQ DTXHVW
PDWHL[Q~PHURHQIDO¶DQjOLVLTXHMDFRQHL[HP $FODULPTXHDVDPEOHtVWDDTXtYROGLU
PHPEUHG¶DTXHOOD$VDPEOHD1DFLRQDOQRPHQDGDDGLWDPEODTXDO3ULPRYROLD
YHVWLU GH OHJDOLWDW FRQVWLWXFLRQDO HO VHX UqJLP L TXH XSHWLVWD YRO GLU PHPEUH G¶8QLyQ
3DWULyWLFD HO SDUWLW JRYHUQDPHQWDO FUHDW SHU OD 'LFWDGXUD VRWD HO OHPD QHRFDUOt GH
³3DWULD 5HOLJLyQ 0RQDUTXtD´ /¶DOÂOXGLW TXH GHYLD DQDU HQWRPDQW L DJXDQWDQW
H[SORWDUjDOFDSGHTXLQ]HGLHVGHVGHOHVSODQHVGH/D*DFHWD/LWHUDULD$WDOHIHFWH
XVDUjGHIRUPDDQzQLPDODYHWHUDQDSHUEpTXHLQWHUPLWHQWVHFFLySROHPLVWD³(O7RUSHGR
HQOD3LVWD´3HUzHOPRWLXDPETXqIRQDPHQWDODVHYDUHDFFLyO¶H[FXVDDTXqV¶HPSDUD
SHUFRQWUDDWDFDUQRpVGHFDUjFWHUSHUVRQDORSROtWLFDSDUHQWPHQW(OOVXUWHQGHIHQVDGH
ODVDJUDGDILORORJLDGHODWUDGLFLyGHO&LGLODVHYD(VSDQ\DGHOD5HDO$FDGHPLDGH
OHV HVVqQFLHV LQWRFDEOHV GH OD GRFWD HUXGLFLy TXH VHPSUH HVWj SHU VREUH GH OHV
FRQWLQJqQFLHVSROtWLTXHV/OHJLPKR
³5LIL5DIH´1XHYD(VSDxDG¶DEULO
(QHOSUzOHJG¶XQDKDJLRJUDILDGHGLFDGDD6DLQ]5RGUtJXH]VH¶QVUHIHUHL[TXHDODVHYDPRUW
HO$QWRQLR)RQWiQHOYDGHILQLUFRP³HOKRPEUHGHGHUHFKDVPiVUHVSHWDGRSRUODL]TXLHUGD´$OD
OOXP GH 1XHYD (VSDxD DL[z pV G¶XQ zUJDQ GH O¶HVTXHUUD UDGLFDOEXUJHVD L UHSXEOLFDQRVRFLDOLVWD GH
HO FHUW pV TXH O¶HSLWDIL GHPDQDULD DOJXQD PDWLVDFLy Y -XOLR (VFULEDQR +HUQiQGH] 3HGUR 6DLQ]
5RGUtJXH]GHOD0RQDUTXtDDOD5HS~EOLFDSUzOG¶$PDQFLR/DEDQGHLUD)HUQiQGH]0DGULG)XQGDFLyQ
8QLYHUVLWDULD(VSDxROD
3ULPRKDYLDSUHVHOSRGHUHOVHWHPEUHGHVHQVHFDSRSRVLFLyUHPDUFDEOHHQXQHVFHQDUL
G¶HVJRWDPHQW GH OHV HQHUJLHV SROtWLTXHV G¶(VSDQ\D G¶HPSDW WqFQLF GH WDXOHV HQWUH OHV GLYHUVHV L
HQIURQWDGHVIRUFHV(QSULQFLSLODVHYDWDVFDGHJRYHUQKDYLDGHGXUDUGLHVHOVQHFHVVDULVSHUSRUWDUD
WHUPHXQSURFpVFRQVWLWXHQWTXHWUDJXpVHOSDtVGHOPDUDVPHVRFLRSROtWLFTXHVLJQLILFDYDODURYHOODGDSHUz
HQFDUDYLJHQW&RQVWLWXFLyUHVWDXUDGRUDGHXQVLVWHPDHQTXqIHLDPROWTXHMDQLQJ~FUHLD±VLpVTXH
PDLDOJ~KLKDYLDFUHJXW8QFRSHQHOPDQGRLDPEO¶DQXqQFLDG¶$OIRQV;,,,PRQDUFDFRQWUDVWDGDPHQW
DILFLRQDW D O¶HVSRUW GH IRUPDU JRYHUQV QR PHQ\V TXH D O¶KtSLFD R DO SROR 3ULPR HV YD FRQVLGHUDU
LPSUHVFLQGLEOH±HQDL[zYDVHUOODYRUVSUjFWLFDPHQWO¶~QLF±LYDGHPRVWUDUHVWDUFRQYHQoXWTXHOLWRFDYD
MXJDUODFDUWDKLVWzULFDDODVHYDHVFDODG¶XQDPHQDGHELVPDUFNLjKRPHSURYLGHQFLDO$TXHVWWUHQFDPHQW
GHODOHJDOLWDWFRQVWLWXFLRQDOTXHVXSRVDYDO¶DOODUJDPHQWVLQHGLHG¶XQSRGHUGLFWDWRULDOLQWHUtHVYDYROHU
PDTXLOODUVHQVHq[LWDPEODFRQYHUVLyGHO'LUHFWRULPLOLWDUHQFLYLODILQDOVGH'HOPDTXLOODWJHDOD
SDUDOHJDOLWDW OD FUHDFLy G¶XQHV IDOVHV &RUWV SHU UHGDFWDU XQD LQYLDEOH &RQVWLWXFLy OD GH HVWDYD HQ
VXVSHQVLySHUzQRSUzSLDPHQWDEROLGDYDDFDEDUVHQWXQIUDFjVSROtWLFIDWDOSHUDOUqJLPGHOTXDOHVYDQ
GHVYLQFXODU ILQV L WRW DOJXQV VHFWRUV PRQjUTXLFRFRQVWLWXFLRQDOLVWHV (Q HO IUXVWUDW PDUF SROLWLFROHJDO
GLVVHQ\DWSHOVKRPHVGHOD'LFWDGXUD8QLyQ3DWULyWLFDHUDO¶LQVWUXPHQWFRUSRUDWLYLVWDDODPDQHUDG¶XQ
FHUW SDUWLWHVWDWLVWDSHUzVHQVH PDVVHVSHUVXVWHQWDUORGHVWLQDWDFRQVHUYDUO¶KHJHPRQLD SROtWLFDHQHOV
OXVWUHV YHQLGRUV /HV FRQVHTqQFLHV GH WRW HO SURFpV SVHXGRFRQVWLWXFLRQDO QR VHUDQ SHUz OHV TXH 3ULPR
KDYLD SUHYLVW TXDQ ±SHUGXGD OD FRQILDQoD GHO 5HL GH OHV IRUFHV GLQjVWLTXHV L GHO SURSL H[qUFLW± HV YHX
REOLJDWDSUHVHQWDUODVHYDGLPLVVLyHOUHSXEOLFDQLVPHpVMDXQDFODUDDOWHUQDWLYDGHSRGHU(OYLJRULOD
OHJLWLPLWDWTXHOHVUHDJUXSDGHVIRUFHVUHSXEOLFDQHVWHQHQDJHQHUGHQRHUDQLWDQVROVVRVSLWDEOHD
VHWHPEUH GH HOV DQ\V GH OD 'LFWDGXUD KDQ VHUYLW SHU GHPRVWUDU XVTXH DG QDXVHDP TXH HO SDtV
QHFHVVLWDXQFDQYLSURIXQGG¶HVWUXFWXUHVSROtWLTXHV
0LHQWUDVFLHUWDUHYLVWLOODTXHSUHWHQGHFLUFXODUSRUODL]TXLHUGD\FX\R~QLFRDFLHUWRKD
VLGRHOGHFRQVLGHUDUVHDVtPLVPDFRPROD(VSDxDQXHYDLQYHUWLGDVHKDOLPLWDGRHQVXVYDQRV
GHVDKRJRVDHVSHFWRUDUGLVODWHV SROtWLFRVQRQRV KD SDUHFLGRQLVLTXLHUDGLYHUWLGRVXEUD\DUVXV
LQFRQJUXHQFLDV
3HUR GHVSXpV TXH KD ODQ]DGR WRUSHPHQWH DSUHFLDFLRQHV LQMXULRVDV FRQWUD ORV DOWRV
SUHVWLJLRVOLWHUDULRVGHSHUVRQDOLGDGWDQHPLQHQWHFRPRODGH'5DPyQ0HQpQGH]3LGDO\VLQ
TXH OOHJXHPRV D OD JHQHURVLGDG GH WRPDU HQ FRQVLGHUDFLyQ OD SDODEUHUtD JURWHVFD GH ORV
UHGDFWRUHV GH DTXHOOD UHYLVWLOOD QRV SDUHFH ~WLO H KLJLpQLFR GHVGH XQ SXQWR GH YLVWD GH SROLFtD
OLWHUDULDVHxDODUHOULGtFXORPD\RUHQTXHLQFXUUHQSUHWHQGLHQGRGDUFRQHVRVDWDTXHVDODREUD
DGPLUDEOHGHODGPLUDEOHHVFULWRUTXHQRVRQPiVTXHXQDSDWHQWHGHLJQRUDQFLDODIDOVDLGHDGH
XQDMXYHQWXGTXHSDUDFDVLWRGRVHOORVKDGHVDSDUHFLGREDMRODFDUJDGHORVDxRVTXHOOHYDQVREUH
ORVKRPEURV
6HUtDXQDDFWLWXGODPHQWDEOHVLQRIXHVHEXIDHVDIUHQpWLFDDJUHVLYLGDGTXHWLHQHPXFKR
GH HQVD\R GH IDQWRFKHUtD D SXHUWD FHUUDGD VLQ S~EOLFR \ TXH QR GHPXHVWUD PiV TXH IDOWD GH
VHQVLELOLGDG\GHLQWHOLJHQFLD&DVLQRYDOGUtDODSHQDGHDOXGLUDHOODVLQRIXHVHSDUDSUHJXQWDU
TXLpQPDQHMDORVKLORVGHHVHWDEODGLOORGHPXxHFRV&RPRHQXQ³JXLJQRO´DOJXLHQPXHYHWUDV
ODFRUWLQDORVSHOHOHVGHHVD]DUDEDQGD4XL]iVVHUtD\DKRUDGHTXHDVRPDVHHOURVWUR\PRVWUDVH
ODHVSDFLRVDIUHQWH
6LOHVHUDHQHIHFWHXQKRPHGHVLQRH[DJHUDGDVtJHQHURVDIURQWLO¶DOÂOXVLyGH
6DLQ]5RGUtJXH]GHPRVWUDTXHHQHOVFRQFLOLjEXOVSROLWLFROLWHUDULVGHO0DGULGGHMD
VHVDELDTXHHOOHVWDYDDOGDUUHUHGH1XHYD(VSDxD3HUWDQWODSROqPLFDXOWUDHYLGHQWV
LPSOLFDFLRQV SROtWLTXHV Wp WDPEp GLEXL[DWV DOWUHV YHFWRUV TXH MD FRQHL[HP &HQLW ±
&,$3 FXOWXUD UHYROXFLRQjULD ± WUDGLFLRQDOLVWD LQWHOÂOHFWXDOV G¶DYDQoDGD ± HVWXGLRVRV
DSROtWLFV /HV LUHV GH 6DLQ] 5RGUtJXH] VyQ H[SOLFDEOHV SROtWLFDPHQW L HQ HO PDUF GH OD
EDWDOOD FXOWXUDOHGLWRULDO FRQWUD 6LOHV L OD GHIHQVD GH 0HQpQGH] 3LGDO QRPpV HUD XQ
SUHWH[W $TXHVWD GHIHQVD pV FODU LPSOtFLWDPHQW WDPEp VLWXDYD HO SDUH GH OD PRGHUQD
ILORORJLDKLVSjQLFDHQHOEjQGROSURSLLDL[zG¶HQWUDGDMDHUDXQJRO/HVSUHVXPSWHV
LQM~ULHVKDYLHQHVWDWSXEOLFDGHVD1XHYD(VSDxDMXVWXQPHVDEDQVHQHOQ~PGH
PDUoGHHQIRUPDG¶XQDEUHXUHVVHQ\DGH/D(VSDxDGHO&LGVLJQDGDSHU(VSLQD
/DWUDQVFULYLP
(O6U0HQpQGH]3LGDO3UHVLGHQWHGHOD5HDO$FDGHPLD(VSDxROD'LUHFWRUGHO&HQWUR
GH(VWXGLRV+LVWyULFRV&DWHGUiWLFRGH)LORORJtDURPjQLFDGHOD8QLYHUVLGDG&HQWUDO\TXL]iV
FDEDOOHURGHDOJXQDTXHRWUD*UDQ&UX]HVXQLQYHVWLJDGRUFRQFLHQ]XGRGHPDWHULDVOLWHUDULDVH
KLVWyULFDV 3DUWLFXODUPHQWH KD HVWXGLDGR FRQ ULJRU \ PLQXFLD SURSLRV GH VX HVStULWX
KLVWRULRJUiILFR DFDGpPLFR \ GRFHQWH ±QRWDEOH HVStULWXILFKHUR± OD ILJXUD GHO &LG (O &LG \ VX
SRHPD(OSRHPD\VXpSRFD6XpSRFD\(VSDxD
³(O7RUSHGRHQOD3LVWD´/D*DFHWD/LWHUDULDG¶DEULO
/D WUDMHFWzULD GH OD FRQVHUYDGRUD SHUz PRGHUDGD ILJXUD S~EOLFD GH 0HQpQGH] 3LGDO QR VHUj
JOREDOPHQW WDQ XOWUDPXQWDQD FRP OD GH 6DLQ] 5RGUtJXH] 'XUDQW OD LQWHQVD DJLWDFLy HVWXGLDQWLO GHOV
GDUUHUV WHPSV GH OD 'LFWDGXUD 0HQpQGH] 3LGDO V¶KDYLD ILQV L WRW GHFODUDW S~EOLFDPHQW D IDYRU GHOV
XQLYHUVLWDULV
/DILJXUDFLHQWtILFDGH0HQpQGH]3LGDOLGHODVHYDHVFRODHQHOFRQWH[WGHO&HQWURGH(VWXGLRV
+LVWyULFRVIXQGDWHOWUHVDQ\VGHVSUpVGHOD-XQWDSDUD$PSOLDFLyQGH(VWXGLRVLDOVHXUHGyVLOD
SUzSLDWDVFDGHO&(+HQHOFRQWH[WLQWHOÂOHFWXDOHXURSHXjPSOLDPHQWGHVFULWVHQODPHULWzULDPRQRJUDILD
-RVp0DUtD/ySH]6iQFKH]+HWHURGR[RVHVSDxROHV(O&HQWURGH(VWXGLRV+LVWyULFRVSUzO
GH/(2WHUR&DUYDMDO0DGULG0DUFLDO3RQV+LVWRULD&RQVHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWtILFDV
³/DLQYHVWLJDFLyQKLVWyULFDGHVSOHJDGDHQHO&(+VHDMXVWyDSDUiPHWURVGHILQLGRVSRU$OWDPLUD
8QDPXQR &RVWD *LQHU \ RWURV (O SURJUDPD HVWDED FODUR GHVFXEULU (VSDxD \ JXLDGRV SRU XQD
FRQFLHQFLD QDFLRQDOLVWD \ FDVWHOODQRFpQWULFD WUDWDURQ GH SHUJXHxDU HQ HO DUWH OD OHQJXD OD KLVWRULD \ HO
'HUHFKR ORV UDVJRV TXH GHILQtDQ OR FDVWHOODQR SRU HQGH OR HVSDxRO \ DFRPRGDUOR HQ OD HYROXFLyQ
FLYLOL]DGRUDXQLYHUVDOORTXHHTXLYDOtDDGHFLUHXURSHD>«@´,ELG
)UXWR GH HVWD ODERU WDQ ~WLO \ UHFLD VRQ ORV GRV YRO~PHQHV UHFLpQ VDOLGRV D OD OX] /D
(VSDxDGHO&LG
/D(VSDxDGHO&LGHVXQDREUDEDVWDQWHGHQVD/RFXDOQRKDGHWRPDUVHFRPRXQDIDOWD
RGHPpULWRSXHVWRTXHHQHVWDFODVHGHWUDEDMRVODHVSHVXUDGHODSURVD\HOULWPRPRQRFRUGH
FRDG\XYDQ HO REMHWLYR ILQDO GHO PDJLVWHULR /RV WRPRV GLGiFWLFRV GH LQFXOFDFLyQ GH VDELGXUtD
VRQVLHPSUHJUDYHV*UDYHGDGHVLJXDODSHVDQWH]7DODWULEXWRVHUtDODPHQWDEOHHQODREUDGHXQ
YHUGDGHURDUWLVWDHVFULWRURVHDGHXQFUHDGRUGHWLSRVDPELHQWHVFRQIOLFWRVHVWLOR3HURHQXQ
FLHQWtILFRHQXQXQLYHUVLWDULRVLJQLILFDPpULWR\JUDQGH8QLQYHVWLJDGRUXQLYHUVLWDULRQRWLHQH
SRUTXpVHU©OLWHUDWRª$XQTXHH[LVWDQFDVRVGHGXSOLFLGDGGHIDFXOWDGHVFRQPLQ~VFXODFRPR
HQ2UWHJD\*DVVHWRHQ8QDPXQR$OHUXGLWROHEDVWDSDUDVXVPHQHVWHUHVGHH[WHULRUL]DFLyQFRQ
VHUDILFLRQDGRDODJUDQOLWHUDWXUD\TXHGHpVWDVHOHSHJXHDOJR
/D(VSDxDGHO&LGOOHQDGHGDWRVUHIHUHQFLDVSRUPHQRUHVHWFUHVXOWDXQDHVWXSHQGD
REUDSDUDHOHPSROOyQ\SDUDWRGREXHQDUFKLYHURELEOLRWHFDULR(VFRVDGHVGHOXHJRLPSRUWDQWH
PHUHFHGRUDGHXQDFUtWLFDHVSHFLDO\GHWHQLGD
&HUWDPHQWODUHFHQVLyWpXQFHUWDLUHMXYHQLOHVWXGLDQWHVFXQDPLFDLPSURSLG¶XQ
LQWHOÂOHFWXDOTXHMDKDWUDVSDVVDWODPHLWDWGHODTXDUWDGqFDGDYLWDO/HVREYLHWDWVHQTXq
LQFRUUHLODSUzSLDLQVXEVWDQFLDOLWDWGHO¶HVFROLFRQYLGHQDSHQVDUTXHVLPSOHPHQW(VSLQD
QR V¶KD OOHJLW HOV GRV YROXPV HQ THVWLy /ODYRUV VRUJHL[ OD SUHJXQWD GH SHU TXq
SXEOLFDUQHXQDUHVVHQ\D/DUDyPpVSODXVLEOHpVTXHO¶(GLWRULDO3OXWDUFRSXEOLFDGRUD
GHO PDJQH HVWXGL SLGDOLj HV YHQLD DQXQFLDQW D OHV SODQHV GH 1XHYD (VSDxD GHV GHO
SULPHU Q~PHUR 7RUQDU MRUQDOV VH¶Q GHLD DEDQV HQ FDWDOj &DVXDOLWDW R QR HO OOLEUH
UHVVHQ\DWLPPHGLDWDPHQWDEDQVG¶DTXHVWHQODPDWHL[DVHFFLy³/RV/LEURV´GHOQ~P
HUD WDPEp GH 3OXWDUFR , FDVXDOLWDW R QR MD HQ HO Q~PHUR MXVW GHVSUpV GH OD SRF
DIRUWXQDGDUHFHQVLyO¶HGLWRULDOPDGULOHQ\DGHL[DG¶DQXQFLDUVHDODUHYLVWD8QDPLFDHQ
OD OtQLD GHO TXH YD SDVVDU DPE OD &,$3 3OXWDUFR ±FRP WDPEp SHU FHUW O¶HGLWRULDO GH
5HYLVWDGH2FFLGHQWH±SHUWDQ\DOJUXSHWG¶HGLWRULDOVGHSUHVWLJLTXHDOFRPHQoDPHQWYDQ
DFRPSDQ\DU SXEOLFLWjULDPHQW 1XHYD (VSDxD HQ OD VHYD DYHQWXUD (Q JHQHUDO L FRP
HUD SUHYLVLEOH DTXHVWVLQLFLDOVFRPSDQ\V GH YLDWJHQRVHUDQSHUzFDPDUDGHVWDQ ILGHOV
FRPOHVHGLWRULDOVG¶DYDQoDGD
2EMHFWLYDPHQW FRQVLGHUDGD OD UHVVHQ\D pV GRQFV PpV EDQDO TXH LQMXULRVD WRW L
TXH LQGXEWDEOHPHQW QR WUDFWD HO GRFWH ILOzOHJ DPE OD UHYHUqQFLD DPE TXq KR IDULD XQ
DFzOLW9HDGLUTXHFRPDHVFULSWRUpVjULGLSHVDWLHQTXDOVHYROFDVHQVGHL[DFODUTXH
HO VHX HVStULWXILFKHUR HUD SRF VXVFHSWLEOH GH WUREDU GHL[HEOHV HQWUH HOV HVFULSWRUV GH
DYDQ]DGD/DSRWHVWDWGHSROLFtDOLWHUDULDTXHV¶DUURJD6DLQ]5RGUtJXH]HQODVHYDWXwFLy
GH 3LGDO L GHO &LG VHUj HQ WHQtHP FDS GXEWH" QRYDPHQW UHSOLFDGD SHU 1XHYD (VSDxD
GXHVVHWPDQHVPpVWDUGHQHOQ~PGHPDLJGHLWDPEpGHVGH³5LIL5DIH´
1XHYD (VSDxD VDS SHUIHFWDPHQW TXH HO UHGDFWRU GH OD QRWD DQzQLPD HUD 6DLQ]
5RGUtJXH]LDPEDTXHVWDFRQWUDUqSOLFDGHPRVWUDTXHTXDQGHYHULWDWYROVHULQMXULRVD
QRGHL[DGXEWHVDOUHVSHFWH
/D*DFHWD/LWHUDULDGHOD&,$3VHPXHVWUDLQGLJQDGDFRQWUDQRVRWURV(VRHVEXHQR
$KRUDQRVDFXVDGHKDEHULQMXULDGRDO6U0HQpQGH]3LGDOHQODQRWDELEOLRJUiILFDTXHGHGLFDPRV
DOOLEUR/D(VSDxDGHO&LG
&RPRSRGUiQFRPSUREDUIiFLOPHQWHQXHVWURVOHFWRUHVPLHQWH/D*DFHWD/LWHUDULDGHOD
&,$3\PLHQWHHOKXPLOGHODFD\RGHOMXGtR%DHU>VLF@TXHKD\DUHGDFWDGRHOVXHOWR
1R KD\ QDGD HQ DTXHOOD QRWD RIHQVLYR QL VLTXLHUD PROHVWR SDUD OD SHUVRQD GHO 6U
0HQpQGH]3LGDO&RQJXVWRUHFRQRFtDPRVHQHOODORVDOWRVPpULWRVGHOLOXVWUHHUXGLWR\ODHVSHVD
FLHQFLD TXH GHVWLOD VX (VSDxD GHO &LG /R FXDO QR HPSHFH SDUD TXH GLFKD REUD ±WDQ ~WLO OR
/¶(GLWRULDO 3OXWDUFR HQ HOV SULPHUV DQ\V HQFHUWDUj D FRQVWLWXLU XQ QR H[WHQV SHUz Vt
SUHVWLJLyV FDWjOHJ DPE REUHV G¶$OEHUWL %HUJDPtQ R 6DOLQDV L HVWXGLV GH &ODXGLR 6iQFKH] $OERUQR]
0LJXHO $VtQ 3DODFLRV R (PLOLR *DUFtD *yPH] 1R VDEHP TXL OD GLULJLD R Q¶HUD UHVSRQVDEOH L WDPSRF
FRQHL[HPFDSHVWXGLTXHVHQ¶KDJLRFXSDW
UHSHWLPRVSDUDWRGRHVSHFLDOLVWD\SDUDWRGREXHQDUFKLYHURELEOLRWHFDULR±VHDXQODWD]R¢4XHGD
VXILFLHQWHPHQWHH[SOLFDGRQXHVWURSXQWRGHYLVWD"
3XHVDRWUDFRVD
(VWDRWUDFRVDHVTXHFRPSUHQGHPRVODLUDGHOGLVWLQJXLGRWUiQVIXJD\H[DVDPEOHtVWD6U
6iLQ]>VLFSDVVLP@5RGUtJXH]FRQWUD18(9$(63$f$6DEHPX\ELHQTXHDpOFRPRDRWURV
PXFKRVDQWLJXRVOLPSLDERWDVGHODGLFWDGXUDOHVLUHPRVGHVHQPDVFDUDQGR6DEHORGLItFLOTXHOH
YD D VHU ILJXUDU FRPR ©OLEHUDOª \ ©FRQVWLWXFLRQDOLVWDª HQ ODV SUy[LPDV HOHFFLRQHV SRUTXH DOOt
GRQGHYD\DOHVHJXLUiQFRPRODVRPEUDDOFXHUSRHVWDVGRVHVSHFWUDOHVSDODEUDV©WUiQVIXJDª\
©H[DVDPEOHtVWDª
£1R 1R SXHGH WROHUDUVH TXH LQGLYLGXRV FRPR HO 6iLQ] TXH VH HVWDED PX\ VRVHJDGR
VHQWDGLWR HQ VX HVFDxR GH OD $VDPEOHD 1DFLRQDO KDFLHQGR HO MXHJR DO GLFWDGRU SRU VL FDtD OD
DQVLDGD FDUWHUD PLHQWUDV ORV GHPiV FDWHGUiWLFRV H LQWHOHFWXDOHV KRQRUDEOHV VH KDOODEDQ HQ OD
FiUFHO GHVWHUUDGRV R SRU OR PHQRV DOHMDGRV GH WRGD LJQRPLQLRVD FRODERUDFLyQ FRQ OD
GLFWDGXUDQRSXHGHWROHUDUVHGHFLPRVTXHWUDWHQDKRUDGHDSDUHFHUFRPRGLJQRVFLXGDGDQRV
\ KDVWD GHQ YLYDV D OD OLEHUWDG FRPR KD KHFKR HO DERUWDGR PLQLVWUR 6iLQ] 5RGUtJXH] HQ
%DUFHORQD
£1R(QPXGH]FDSXHVHOWUiQVIXJD\H[DVDPEOHtVWD<WUDJXHTXLQDODFDUFRPDWRVD\
MXGDLFD *DFHWD /LWHUDULD GH OD &,$3 FX\R YDORU HVSLULWXDO VLQWHWL]DPRV HQ OD FpOHEUH
SDODEUDGHOPDULVFDO&DPEURQQH
/HVGLIHUHQWVDFWLWXGVGDYDQWOD'LFWDGXUDGHOVSULQFLSDOVLQWHOÂOHFWXDOVHVSDQ\ROVGHOPRPHQW
±LODVHYDHYROXFLyHQFDGDFDV±GHVGHODSDUDGLJPjWLFD EHOÂOLJHUjQFLDGHOVH[LOLDWV8QDPXQRL%ODVFR
,EixH] DO FROÂODERUDFLRQLVPH GH 0DH]WX L G¶2UV GHV GH O¶RSRVLFLy OLEHUDO 3pUH] GH $\DOD 0DUDxyQ
UHSXEOLFDQD$]DxDRVRFLDOLVWD$UDTXLVWiLQ-LPpQH]GH$V~DR)HUQDQGRGHORV5tRVDO¶DFFHSWDFLyGH
%HQDYHQWH R HO VLOHQFL GH )HUQiQGH] )OyUH] GHV GH OD LQLFLDO LPSOLFDFLy G¶$]RUtQ D OD FUHL[HQW
UDGLFDOLW]DFLyHQFRQWUDGH9DOOH,QFOiQVHQVHREOLGDUHOSURSLSURFpVG¶2UWHJDGHVGHO¶DSDUHQWSDVVLYLWDW
D OD FODUD DSRVWD ILQDO SHU Ep TXH PROW DO ILQDO SHO FDQYL GH VLVWHPD HVWDQ WUDFWDGHV H[WHQVDPHQW D
*HQRYHYD*DUFtD4XHLSRGH/ODQR/RVLQWHOHFWXDOHV\ODGLFWDGXUDGH3ULPRGH5LYHUD0DGULG$OLDQ]D
8QDPHQDGHFRQWLQXDFLy±LHQDOJXQVDVSHFWHVWDPEpGHGHVWLOÂODFLy±G¶DTXHVWWUHEDOOFHQWUDGDHQ
HOSDSHUGHODLQWHOÂOHFWXDOLWDWGXUDQWO¶qSRFD%HUHQJXHUD-DYLHU7XVHOO*HQRYHYD*4XHLSRGH/ODQR
/RV LQWHOHFWXDOHV \ OD 5HS~EOLFD 0DGULG 1HUHD /zJLFDPHQW DTXHVW VHJRQ WUHEDOO DERUGD WHPHV
WDPEp SUHVHQWV HQ HO QRVWUH FRP HO VLJQLILFDW SROtWLF G¶2UWHJD O¶HSLVRGL GH OD YLVLWD D &DWDOXQ\D GHOV
LQWHOÂOHFWXDOVFDVWHOODQVRHOSDSHUGH1XHYD(VSDxDTXHpVFLWDGDDPEFHUWDIUHTXqQFLD
/D&,$3YLYLDILQDQFHUDPHQWJUjFLHVDOVJHUPDQV,JQDFLRL$OIUHGR
%DXHUPHPEUHVGHODEUDQFDPDGULOHQ\DGHODFDVD5RWKVFKLOG±DPELPSRUWDQWVLQWHUHVVRVD
(VSDQ\D GHV GHOV DQ\V GHO VHJOH ;,; Y 0LJXHO È /ySH]0RUHOO /D &DVD 5RWKVFKLOG HQ (VSDxD
0DGULG 0DUFLDO 3RQV +LVWRULD ,JQDFLR %DXHU VLRQLVWD FRPSURPqV SRVWHULRUPHQW
YDOHGRU ±HQFDUD TXH DPE SRF q[LW± GH O¶(VSDQ\D IUDQTXLVWD GDYDQW O¶(VWDW G¶,VUDHO PpV LQFOLQDW HOO
PDWHL[DOVHVWXGLVELEOLRJUjILFVTXHDOSURSLPyQGHOVQHJRFLVHUDHOSUHVLGHQWGHOD&,$3VREUHDTXHVW
SHUVRQDWJHDXWRURFRP PtQLP VLJQDGRUVL KHPGH IHUFDVD&DQVLQRV$VVpQVWHQLDFHUWDWHQGqQFLDD
EXVFDUVHQHJUHVG¶XQHQVD\RELRELEOLRJUiILFRVREUH*RHWKHY-DFRER,VUDHO*DU]yQ³,JQDFLR%DXHU\
/DQGDXHUSULPHUSUHVLGHQWHGHODFRPXQLGDGLVUDHOLWDGH0DGULG´5DtFHV5HYLVWD-XGtDGH&XOWXUD
KLYHUQ&RPDGLUHFWRUJHUHQWGHOD&,$3±LGHIHWLQVSLUDGRUWDPEpGHO¶HPSUHVD±KL
KDYLD HO WDPEp MXHX 0DQXHO / 2UWHJD HVWXGLyV GH WHPHV KHEUHXV UHGDFWRU HQ FDS GH OD UHYLVWD
ILORVHIDUGLWD PpV DPXQW HVPHQWDGD DPE HO TXDO &DQVLQRV$VVpQV WDPSRF VHUj PDVVD LQGXOJHQW (Q HO
FRQVHOOG¶DGPLQLVWUDFLyGHOD&,$3KLYDQFRQVWDUDL[tPDWHL[GHVWDFDWVPHPEUHVGHOPyQVRFLRFXOWXUDO
KLVSDQRMXHXHVSHFLDOPHQWQRUGDIULFjY$OIUHGR0ROLQD$EULO³-XGtRVHQHOPXQGRHGLWRULDOHVSDxROGHO
SULPHU WHUFLR GH VLJOR´ 5DtFHV 5HYLVWD -XGtD GH &XOWXUD HVWLX /D PDOD JHVWLy
HFRQzPLFD GH OD FRPSDQ\LD SHU SDUW GHO JHUPj HUXGLW QR YD PLOORUDU TXDQ VH¶Q YD IHU FjUUHF $OIUHGR
%DXHU L DPEGXHV &,$3 L EDQFD %DXHU YDQ IHU IDOOLGD $UGHUtXV HQ IUDVH EULOODQW TXH WDPEp UHFXOO
&DQVLQRVKDYLDGLWTXHOD&,$3³HVXQDWLPEDHQODTXHOHWRFDSHUGHUDOEDQTXHUR´0DQXHO/2UWHJD
SDVVDSHUVHUO¶DQzQLPUHGDFWRUGHO¶RSXVFOHHQGHIHQVDGHODFRPSDQ\LD3RUORVLQWHUHVHVGHODFXOWXUD
&yPRVHKDKHFKRXQDJUDQHPSUHVDHGLWRULDO\FyPRSUHWHQGHQGHVKDFHUOD0DGULG&RPSDxtD*HQHUDO
GH$UWHV*UiILFDVVD>@/HVUHIHUqQFLHVGH&DQVLQRV$VVpQVD5DIDHO&DQVLQRV$VVpQV/DQRYHOD
GHXQOLWHUDWR+RPEUHV,GHDV(IHPpULGHV$QpFGRWDV«HGSUHSDUDGDSHU5DIDHO0&DQVLQRVYROV
,0DGULG$OLDQ]D,,0DGULG$OLDQ]D,,,
0DGULG$OLDQ]D
$TXHVWYHDVHUO¶KXPLOLDQWTXHYHGHVFLHVFDWROzJLFFRPLDWTXH1XHYD(VSDxD
GLVSHQVD D /D *DFHWD /LWHUDULD GH OD TXDO D SDUWLU GH OODYRUV V¶RFXSDUj DPE PHQ\V
LQWHQVLWDW8QDGpXDXQHQWUDQ\DEOHHQHPLFGH3RVW*XHUUDL1XHYD(VSDxDHQFDUQDW
SULPHU HQ HO VHX IXQGDGRU *LPpQH] &DEDOOHUR L SRVWHULRUPHQW HQ HO VHX FRGLUHFWRU ±L
GLUHFWRU OLWHUDUL GH OD &,$3± 6DLQ] 5RGUtJXH] /¶DVSUD OOXLWD TXH HOV GRV zUJDQV
G¶DYDQoDGD YDQ PDQWHQLU GXUDQW DQ\V DPE OD SXEOLFDFLy ULYDO Wp FRP V¶KD YLVW
FRPSRQHQWV LGHROzJLFV GH FRQFHSFLy JHQHUDO GHO IHW OLWHUDUL G¶KHJHPRQLD FXOWXUDO
G¶LQWHUHVVRV HGLWRULDOV L ILQV L WRW GH FDUjFWHU SHUVRQDO (O FDV 0HQpQGH] 3LGDO
VXVFLWDGRU G¶DTXHVWD GDUUHUD HQJDQ[DGD PpV HQOOj GH O¶HSLIHQRPHQ GH OD UHVVHQ\D HQ
THVWLyRIHUHL[XQDOHFWXUDTXHUHYHODHQIURQWDGHVFRQFHSFLRQVGHOSDVVDWGHOSUHVHQWL
GHO IXWXU G¶(VSDQ\D /D QRYD (VSDQ\D TXH SURSXJQDYHQ OD FROOD G¶DYDQoDGD QR HUD
SUHFLVDPHQW O¶(VSDQ\D GHO &LG /¶KLVSDQLVPH IHL[LVWD *LPpQH] &DEDOOHUR L
WUDGLFLRQDOLVWD 6DLQ] 5RGUtJXH] YROLHQ IHU VHX HO SDWULPRQL LQWHOÂOHFWXDO GH JUDQV
PHVWUHV FRHWDQLV FRP 3LGDO R 8QDPXQR PHQWUH TXH OD JHQW GH DYDQ]DGD GHVFRQILDYD
G¶XQHVOtQLHVGHSHQVDPHQWUHJHQHUDFLRQLVWDKLVWRULFLVWDRILOROzJLFTXH±SHUDHOOV±HQ
HOIRQVQRGHL[DYHQGHFDQWDUWDPEpFRPHOSHQVDPHQWPpVUHDFFLRQDULO¶HWHUQDFDQoy
LPPRELOLVWDGHOHVJOzULHVSUHWqULWHV(PLOLR3DORPRKDYLDIL[DWMDO¶DFWLWXGGHODUHYLVWD
HQ DTXHVW VHQWLW HQ HO Q~PHUR DQWHULRU D OD SLGDOLDQD UHVVHQ\D HQ XQ DUWLFOH TXH
FODUDPHQW YRO PDUFDU GLIHUqQFLHV HVSLULWXDOV HQWUH OHV JHQHUDFLRQV GHO L GHO 9HJHPQHDOJXQVIUDJPHQWVVLJQLILFDWLXV
¢5HVXUJLPLHQWR QDFLRQDO" ¢'HVSHUWDU GH ODV HQHUJtDV GH OD UD]D" £(WHUQR \ GLFKRVR
HVWULELOOR HVWH GHO GHVSHUWDU GH OD UD]D GHO UHVXUJLPLHQWR QDFLRQDO 1R GHVSLHUWD XQD UD]D QL
UHVXUJHXQDQDFLyQSRUODJiUUXODSDODEUHUtDGHVXVYRFHURVRILFLDOHVGHVSLHUWD\UHVXUJHFXDQGR
HO WUDEDMR PDQDQWLDO GH OD IXHU]D FUHDGRUD \ OD -XVWLFLD UHSUHVHQWDFLyQ GH OD OH\ SRU WRGRV
HVWDEOHFLGDVRQFRPRGRVOtQHDVSDUDOHODVTXHFUX]DQHOiPELWRGRQGHVHYLYH>«@
$PE6DLQ]5RGUtJXH]HQHPLFDGDWDGHMDPpVSHULOOyVTXH*HFpWLQGUjHQFDUD1XHYD
(VSDxDXQDFHUWDIL[DFLyGXUDQWHOVPHVRVVHJHQWVILQVLWRWGHVSUpVTXH±GHVHJXLGDKRYHXUHP±6LOHV
GHL[LODUHYLVWDLO¶LOÂOXVWUHELEOLzOHJVHUjXQKRVWHQRLQKDELWXDOGH³5LIL5DIH´(VWUDFWDUjFDGDFRSPpV
G¶XQD KRVWLOLWDW EjVLFDPHQW GH FDUjFWHU SROtWLF OD PDWHL[D TXH 1XHYD (VSDxD VRO PRVWUDU FRQWUD HOV
HOHPHQWVPRQjUTXLFVPpVVXVFHSWLEOHVGHVREUHYLXUHSROtWLFDPHQWDO¶HWDSDGLFWDWRULDOGHOUqJLP6DQWLDJR
$OED &DPEy R 5RPDQRQHV (Q XQD DOWUD RFDVLy SHUz 1XHYD (VSDxD DFRPLDGDUj 6DLQ] 5RGUtJXH] HQ
SDUWLUDTXHVWDVROFDUO¶$WOjQWLFLWRUQDUDQDVRUWLUOD&,$3L /D*DFHWD /LWHUDULD³6HJ~QOHHPRVHQHO
yUJDQR GH OD ©&LDSª DQWHV ©*DFHWD /LWHUDULDª KD VDOLGR SDUD $PpULFD HO 6U 6iLQ] >VLF SDVVLP@
5RGUtJXH] ©/D *DFHWDª OH OODPD ©HPEDMDGRU HVSLULWXDOª \ XQD SRUFLyQ GH FRVDV PiV GLJQDV GH OD
VHUYLGXPEUHTXHODVGLFWD3HURQRVRWURVTXHUHPRVDGYHUWLUDOS~EOLFRKLVSDQRDPHULFDQRTXHHO6U6iLQ]
5RGUtJXH]QRUHSUHVHQWDQLQJ~QHVStULWXFRPRQRVHDHOGHODIHQHFLGD$VDPEOHDFRQVXOWLYDHQODTXH
ILJXUDEDFRPRGHVWDFDGRPLHPEUR(O6U6iLQ]5RGUtJXH]QROOHYDRWUDHPEDMDGDTXHODGHORVMXGtRVGH
OD ©&LDSª QL WLHQH RWUD SHUVRQDOLGDG S~EOLFD TXH OD GH KDEHU VLGR URPDQRQLVWD FXDQGR JREHUQDED
5RPDQRQHV SULPRUULYHULVWD FRQ 3ULPR GH 5LYHUD HWFpWHUD HWF´ ³(O HPEDMDGRU GH OD &,$3´ 1XHYD
(VSDxD G¶DJRVW 0pV HQGDYDQW XQ FROÂODERUDGRU GH OD UHYLVWD TXH HVFULX GHV GH OHV
&DQjULHV L TXH VLJQD FRP D $ +XUWDGR GH 0HQGR]D HQFULWLFDU ±QHJDWLYDPHQW± OD WUDGXFFLy FDVWHOODQD
%LEOLRWHFD 1XHYD GH O¶HVWXGL VREUH $]RUtQ GH :HUQHU 0XOHUWW 0D[ 1LHPH\HU WDPEp
DSURILWDUj SHUDOÂOXGLUD *HFpD6DLQ] 5RGUtJXH] LDOD SXEOLFDFLyTXHDPEGyVFRGLULJHL[HQ ³>«@3RU
FLHUWRTXHDFHUFDGHHVWHXQLYHUVLWDULRVHxRUFDEUtDQGHFLUPXFKDVFRVDV3RUHMHPSORHVWDUGLULJLHQGRXQ
EROHWtQ GH DQXQFLRV ELEOLRJUiILFRV HQ FRPSDUVD FRQ XQ JUiYLGR XQLYHUVLWDULR TXH VHJ~Q OD WHRUtD GH
0DUDxyQ±©*RUGRV\IODFRVª±GHEHWHQHUXQDLQFDSDFLGDGLQWHOHFWXDOHMHPSODU/RTXHQRSRQHPRVVREUH
ODFXHUGDIORMDGHODGXGDHVVXFDSDFLGDGHVWRPDFDO1LVXFDSDFLGDGGHDGDSWDELOLGDG´$+XUWDGRGH
0HQGR]D ³©$]RUtQª PDO YLVWR´ 1XHYD (VSDxD GH VHWHPEUH (O SURSL
WUDGXFWRUFXUDGRU HVSDQ\RO GH O¶HVWXGL D]RULQLj KDYLD SXEOLFDW D /D *DFHWD /LWHUDULD XQ DUWLFOH VREUH HO
OOLEUHÈQJHO&UX]5XHGD³(O©$]RUtQªGH:HUQHU0XOHUWW´/D*DFHWD/LWHUDULDG¶DJRVW
%HQ FRKHUHQWPHQW TXDQ OD GHUURWD GH OD 5HS~EOLFD HQ OD *XHUUD &LYLO IDFL HPPXGLU OD
JHQHUDFLyGHLILQVLWRWO¶HVERUULGHODPHPzULDFXOWXUDOLEqULFDMDV¶HQFDUUHJDUDQIDODQJLVWHVGH
QRYDIRUQDGDFRP/DtQ(QWUDOJRGHIHUWDPEpVHYDO¶KHUqQFLDGHODGHO
(VSDxDHVXQSXHEORTXHKDQGHVKHFKRRTXHQRKDQGHMDGRTXHVHKDJDHVWRVFDQWRUHV
LQFRQVFLHQWHV4XHVLHO&LG«4XHVLHQQXHVWURVGRPLQLRVQRVHSRQtDHOVRO«4XHVLHO*UDQ
&DSLWiQ«£0RQVHUJDV>«@
+DQSDVDGRVLJORV(VSDxDKDSURFODPDGRVLHPSUH>«@TXHLEDDVXUHVXUJLPLHQWR\HQ
ODKRUDDFWXDOVHHQFXHQWUDFRQWUHV PLO SXHEORVVLQFDPLQRV SRFRPHQRVVLQDJXD SRWDEOHXQ
WDQWR SRUFLHQWRDWHUUDGRUGHDQDOIDEHWRV \ XQDYLGDLQWHULRUWDQRVFXUD \FDOODGDTXHHQHVRVt
TXHVHSDUHFHDODVpSRFDVSUHWpULWDV
/D JHQHUDFLy SROLWLFROLWHUjULD GH HQ GHILQLWLYD VHQW PpV OD FULGD GH OD
UHYROXFLyTXHODGHODWUDGLFLyEXVFDPRGHOVIRUDQVPpVTXHQRSDVHVVqQFLHVSUzSLHV
WUREDPpVXUJHQWRFXSDUVHGHODLQMXVWtFLDLOHVPLVqULHVGHOSUHVHQWTXHGHOHVOOHWUHVL
OHV JUDQGHVHV GHO SDVVDW 8QV PHVRV PpV WDUG GH OD SROqPLFD PHQHQGH]SLGDOLDQD D
JHQHUMDGH³5LIL5DIH´WRUQDUjDUHFRUGDUEUHXPHQWHOWHPD(OVWHUPHVSHUzDPE
TXH DUD KR IDUj Vt TXH VyQ REHUWDPHQW FUtWLFRLQVXOWDQWV +DQ SDVVDW HOV PHVRV L OD
PRULEXQGD 0RQDUTXLD DJXDQWD PpV GHO TXH OD SDFLqQFLD GH OD JHQW G¶DYDQoDGD SRW
WROHUDU /¶DJURU GHO FRPHQWDUL FRQWUD O¶HUXGLW ILOzOHJ UHIOHFWHL[ DTXHVW PRPHQW
G¶LPSDFLHQW SHVVLPLVPH SRVWHULRU DO IUDFjV GHOV LQWHQWV UHYROXFLRQjULRUHSXEOLFDQV GHO
GHVHPEUHGH/¶(VSDxDGHO&LGTXH3LGDOJORULILFDV¶DVVHPEODPDVVDIHWLIHWDO
SDtVHVWjWLFLSOXPELTXH1XHYD(VSDxDYROGULDGLQDPLWDU
<DKRUDTXHKDEODPRVGHEHVXJRV
'LFHQTXHD0HQpQGH]3LGDOOHYDQDGDUHOSUHPLR1REHO
1RVDOHJUDPRVPXFKR
$QDGLHPHMRUTXHDHVWHVDELRHLOXVWUHSHOPD]RDXWRUGH©/D(VSDxDGHO&LGªSRGtD
FRQFHGpUVHOHHOSUHPLRGHOGHVFXEULGRUGHODGLQDPLWD
$YHUVLDVtDGTXLHUHDOJRGHGLQDPLVPR
/DVXSHUYLYqQFLDHFRQzPLFDLODGHILQLFLySROtWLFD
(OQ~PHURGH1XHYD(VSDxDUHIOHFWLUjQRYHWDWVSHOTXHIDDODYLGDLQWHUQDGH
ODUHYLVWD/LWRFDYDVRUWLUDOFDUUHUHOGLDGHMXQ\GHSHUzDTXHVWDHQWUHJDpVOD
SULPHUDTXHDUULEDUjDPEUHWDUGDOVOHFWRUV/DFDSoDOHUDQRDSDUHL[FRPILQVDUDLFRP
WDPEpHQHOVQ~PHURVSRVWHULRUVDODSODQDVLQyTXHKRIDDOD OD SODQDFHQWUDO
VHQDU (QV LQGLFD TXH O¶DGUHoD GH OD UHGDFLy L DGPLQLVWUDFLy ILQV DUD FRP VDEHP OD
PDWHL[DTXHODLPSUHPWD$UJLVKD FDQYLDW L DUD pV 6DQ ,JQDFLR 0DQWHQHQ SHUz HO
PDWHL[DSDUWDWGHFRUUHXVQ~PHURKDYLDFRPHQoDWDFRQVWDUHQODFDSoDOHUDGHO
Q~P-DDODSRUWDGDG¶DTXHVWQ~PHVIHLDYLVLEOHXQFDQYL$UGHUtXVV¶LQFRUSRUDD
ODGLUHFFLy'HVSUpVGHQ~PHURVDPE(VSLQDL'tD])HUQiQGH]FRPD~QLFVGLUHFWRUV
WLWXODUVDUDHVWRUQDYDDODIyUPXODGH&RPLWpGLUHFWLYRMDXVDGDHQOHVGXHVSULPHUHV
HQWUHJXHVTXDQFRPSWDYHQDPE6DOD]DU/OHJLPODLQIRUPDFLyTXHHQVGyQDDODSjJLQD
HOSULPHUHGLWRULDOVHQVHWtWRO
(Q OD ~OWLPD TXLQFHQD KD WHQLGR TXH UHFRUUHU 18(9$ (63$f$ XQ WUHFKR GLItFLO HQ HO
FDPLQR TXH VH KD LPSXHVWR GHVGH VX DSDULFLyQ KDFH FXDWUR PHVHV (VD KD VLGR OD FDXVD GHO
(PLOLR3DORPR³(OVHSXOFURGH'RQ4XLMRWH´1XHYD(VSDxDGHPDUo(PLOLR
3DORPR$JXDGRPLOLWDQWGHO¶DODHVTXHUUDGHOUHSXEOLFDQLVPHLDXWRUG¶DOJXQHVSXEOLFDFLRQVGHFRQWLQJXW
VRFLRSROtWLF VHUj HQJDUMRODW DPE PRWLX GH OD FRQVSLUDFLy GH GHVHPEUH GH 'XUDQW OD 5HS~EOLFD
DUULEDUjDPLQLVWUHLSRVWHULRUPHQWO¶H[LOLHOGXUjD0q[LFLD&XED
³5LIL5DIH´1XHYD(VSDxDGHJHQHU
UHWUDVR GH HVWH Q~PHUR TXH OOHJDUi D QXHVWURV OHFWRUHV FRQ DOJXQRV GHIHFWRV SURSLRV GH ODV
FLUFXQVWDQFLDVDQRUPDOHVHQTXHKDVLGRFRQIHFFLRQDGR
(VQDWXUDOTXHXQDUHYLVWDLQGHSHQGLHQWHFRPRODQXHVWUDGHGLFDGDFRQSUHIHUHQFLDDOD
FUtWLFDSROtWLFD\OLWHUDULDHQFXHQWUHHQHOPHGLRPDGULOHxRWDQFUX]DGRGHLQWHUHVHV\SDVLRQHV
XQDKRVWLOLGDGTXHFRQVSLUHFRQWUDHOODHQWRGRVORVPRPHQWRV1XHVWURVHQHPLJRVKXELHURQGH
DOLDUVHSDUDLPSHGLUTXHODUHYLVWDSXGLHUDFRQVROLGDUVXYLGDHFRQyPLFD\DTXHHOSUHVWLJLR\OD
DXWRULGDG DQWH OD RSLQLyQ OD DFRPSDxDEDQ GHVGH HO SULPHU Q~PHUR 6L QRVRWURV KXELpUDPRV
WUDQVLJLGRFRQFLHUWDVHPSUHVDV\FLHUWRVLQGLYLGXRVTXHPHUHFHQODLPSRSXODULGDGSRUVXWXUELD
DFWXDFLyQ S~EOLFD SUREDEOHPHQWH QR KXELHUD SDVDGR QDGD 3HUR ORV GLUHFWRUHV GH 18(9$
(63$f$DOWRPDUODUHVSRQVDELOLGDGGHXQDREUDFRPRpVWDORKLFLHURQVHJXURVGHVtPLVPRV
GLVSXHVWRV D PDQWHQHU VX SURJUDPD SROpPLFR \ GRFWULQDO VLQ YDULDUOR XQ PLOtPHWUR $Vt
UHVSRQGtDPRVDGHPiVDODQKHORGHORVQ~FOHRVL]TXLHUGLVWDVGHQXHVWURSDtVTXHQRVRWRUJDURQ
UiSLGDPHQWHVXFRQILDQ]D
&ODURTXHFLHUWRLQGXVWULDOLVPRHGLWRULDOQRHQWLHQGHHVWHOHQJXDMHGHRUGHQLGHROyJLFR
18(9$ (63$f$ VH HQFRQWUy GH SURQWR GHVDKXFLDGD GH ORV HOHPHQWRV PDWHULDOHV TXH KDEtDQ
FRLQFLGLGR FRQ QRVRWURV HQ OD DVSLUDFLyQ GH FUHDUOD (Q PX\ SRFRV GtDV VLQ HPEDUJR KHPRV
SRGLGR UHFXSHUDUORV \ DIURWDU GH QXHYR HO SRUYHQLU GHVHPEDUD]DGDPHQWH FRQ PD\RU
LQGHSHQGHQFLDVLFDEHGLVSXHVWRVDDFWXDUFRQLJXDOFODULGDG\GHFLVLyQDSUXHEDGHGHIHFFLRQHV
GHPHQGDFLGDGHV\KDVWDGHTXHUHOODVMXGLFLDOHV
18(9$(63$f$VHKDLPSXHVWRXQDODERU\KDGHUHDOL]DUODVLQGHELOLGDGHVQLWLELH]DV
$OIUHQWHDKRUDGHODUHYLVWDLGHQWLILFDGRFRQQRVRWURVGHVGHVXFUHDFLyQILJXUDUiXQQRPEUH\D
ELHQVLJQLILFDGRHQODOXFKD-RDTXtQ$UGHUtXVHVFULWRUGHVLQJXODUUHVSRQVDELOLGDG\GHPHUHFLGR
SUHVWLJLRHQWUHODVQXHYDVJHQHUDFLRQHV
4XqSRWKDYHUSDVVDW"7RWLQGLFDTXH6LOHVLDPEHOOODLQIUDHVWUXFWXUDG¶$UJLV
PpVSRWVHUHOVLQJUHVVRVSHUSXEOLFLWDWGH&HQLWKDEDL[DWGHOFDUURGH1XHYD(VSDxD
6LOHVGHXKDYHUWUHQFDWDPE$UGHUtXVDPETXLFRPVDEHPKDYLDPXQWDW$UJLVHQHOV
KHURLFV WHPSV GH 3RVW*XHUUD L SRWVHU PpV HQFDUD DPE 'tD] )HUQiQGH] $L[z
H[SOLFDULD TXH FRP YqLHP PpV DPXQW DO FDS GHOV DQ\V 6LOHV V¶REOLGL G¶HVPHQWDU
O¶DVWXULjTXDQHQVUHODWDODIXQGDFLyGH1XHYD(VSDxD8QREOLWLQFRPSUHQVLEOHSHUTXq
'tD])HUQiQGH]pVO¶LQWHOÂOHFWXDOPpVRULJLQDOGHOJUXSL±HVSHFLDOPHQWDSDUWLUG¶DUD±OD
VHYDYHXVHUjHOQXFOLO¶HVTXHOHWPRUDOGHODSXEOLFDFLy(OSHXG¶LPSUHPWDDOILQDOGH
O¶~OWLPDSODQDG¶DTXHVWQ~PHURHQVLQGLFDTXHHIHFWLYDPHQWODUHYLVWDMDQRKDVRUWLW
GH OHV SUHPVHV G¶$UJLV VLQy GH OD WLSRJUDILD 9HODVFR $SDUHQWPHQW OD UHYLVWD QR KD
FDQYLDW G¶DVSHFWH HO PDWHL[ WLSXV GH SDSHU HO PDWHL[ GLVVHQ\ DOJXQHV VHFFLRQV
KDELWXDOV«3HUzVLHQVKLIL[HPEpYHXUHPTXHHVWjXQDPLFDPpVEHQLPSUHVD(OWH[W
pVPpVQtWLGOHVIRWRJUDILHVJXDQ\HQHQTXDOLWDWODQXPHUDFLyGHOHVSODQHVpVPROWPpV
FODUD (OV WLSXV HPSUDWV KDQ FDQYLDW L DL[z pV SDUWLFXODUPHQW YLVLEOH HQ HOV GLYHUVRV
WLWXODUV GH FDGD DUWLFOH /D FRPSRVLFLy pV HQ JHQHUDO PpV SROLGD L WHQGHL[ PpV D TXq
FDGD DUWLFOH HQFHWL SjJLQD R DOPHQ\V D TXq TXHGL FODUDPHQW GHOLPLWDW GH O¶DUWLFOH
DQWHULRU $SDUHL[HQ QRXV FRORIRQV JUjILFV FRP XQ GH URGRQHW D OD SODQD TXH D
VREUH GH OHV LQLFLDOV 1 ( HQV GLEXL[D GH IRUPD HVWLOLW]DGD XQD PHQD GH FLJQH R G¶DX
FDPDOODUJD TXH OHV DOHV HVWHVHV DWUDSD DPE HO VHX EHF OD FXD G¶XQ SHL[
GHVSURSRUFLRQDGDPHQWJURVYSODQDJUjILFD
(QODSULPHUDSDUWG¶DTXHVWHGLWRULDORQHVSDUODG¶XQVHQHPLFVTXHHVYDQXQLU
FRQWUD OD UHYLVWD V¶HQGHYLQD XQD UHIHUqQFLD D OD SRGHURVD &,$3 L OHV VHYHV GLYHUVHV
zUELWHV G¶LQIOXqQFLD 3HUz HQ HO WHUFHU SDUjJUDI TXDQ HV SDUOD G¶XQ ³LQGXVWULDOLVPR
HGLWRULDO´TXHWUDHL[O¶LGHDULGHODUHYLVWDV¶HVWjSDUODQWVHQVGXEWHGH6LOHV(OVDQXQFLV
GHOOLEUHVGH&HQLWHUHQILQVDUDXQDFRQVWDQWD1XHYD(VSDxDRFXSDQWPLWMHVSODQHVL
ILQV L WRW SODQHV VHQFHUHV (Q HO Q~P MD QR Q¶KL KD FDS HQ HOV VXFFHVVLXV WDPSRF
$UGHUtXV(VSLQDL'tD])HUQiQGH]HUHQHVVHQFLDOPHQWHVFULSWRUVHQHOOVHOVFRQFHSWHV
G¶LGHDOLVPHLG¶LGHRORJLDVH¶QVPRVWUHQtQWLPDPHQWYLQFXODWV6LOHVVHUj HVVHQFLDOPHQW
XQHGLWRUXQKRPHTXHDQDYDSHUIHLQDLODVHYDLGHRORJLD±TXHVHPSUHHVPDQWLQGUjD
O¶HVTXHUUD±VHPEODHVWDUPpVDOVHUYHLGHOVIHWVLGHODSUD[LTXHDO¶LQUHYpV)yUDPROW
LQWHUHVVDQW HQ DTXHVW SXQW HVWDEOLU FRPSDUDQFHV HQWUH O¶HYROXFLy LQWHUQD GH 1XHYD
(VSDxD L OD GHO PRYLPHQW HGLWRULDO G¶DYDQoDGD SHUz DUD HQV DOOXQ\DULD PDVVD GHOV
REMHFWLXVGHOSUHVHQWWUHEDOOOHVHVFLVVLRQVLVXEHVFLVVLRQVHOYDQFDUDFWHULW]DUWDQWRPpV
TXH DO PRYLPHQW SVLFRDQDOtWLF LQWHUQDFLRQDO ±L FRQFHQWUDGHV HQ PROW PHQRU ODSVH GH
WHPSV &HUWDPHQW pV SURSL GH OD FRQGLFLy KXPDQD TXH WRWD HPSUHVD IUDFDVVL R HVFODWL
G¶q[LWSURGXHL[LGRORURVHVGLVVHQVLRQV
3RWVHUD6LOHVTXHMDVDEHPTXHYROLDFUHDUXQHL[&HQLW1XHYD(VSDxDQROLYD
VHQWDU Ep TXH HQ HO Q~PHUR DQWHULRU Q~P GH PDLJ GH -RVp GH OD )XHQWH
KDELWXDOUHVSRQVDEOHGHODVHFFLyFLQqILODGH1XHYD(VSDxDQROORpVH[FHVVLYDPHQWHO
OOLEUHGH&KDSOLQ0LVDQGDQ]DVSRU(XURSDHGLWDWSHU&HQLWLHQODSURPRFLyGHOTXDO
QRPpVGXHVSODQHVGHVSUpVG¶DTXHVWDFUtWLFDSRFIDYRUDEOH6LOHVKDYLDLQYHUWLWO¶HVSDLGH
PLWMDSODQD(OYROXPLPSUqVD$UJLVHOG¶DEULOGHDPEXQDUHHL[LGDFREHUWDGH
3X\RO QR GHL[DYD GH VHU XQD FHUWD DSRVWD HGLWRUD LQFORwD DOJXQHV SODQHV GH
IRWRJUDILHV IRUD GH QXPHUDFLy XQD EUHX LQWURGXFFLy HGLWRULDO L XQD OODUJD SODQHV
ELRJUDILDSUHOLPLQDUGH&KDSOLQFRQFHEXGDSHUDO¶HGLFLyHVSDQ\RODDFjUUHFGH&DUORV
)HUQiQGH]&XHQFDODWUDGXFFLyGHO¶DQJOqVDSDUHL[LDUXEULFDGDSHUGRVQRPVPpV%HQ
VHJXU TXH 6LOHV KDYLD GLSRVLWDW FHUWHV H[SHFWDWLYHV HQ O¶q[LW GHO YROXP HO FRQWH[W
HGLWRULDOG¶DYDQoDGDFRQYLGDYDDO¶HXIzULDHUDGHIHWXQDIHVWDSHUPDQHQWLYHUWLJLQRVD
GH SOHQHV GLDQHV HGLWRUHV L &KDUOLH &KDSOLQ MD GHV GH O¶qSRFD GH 3RVW*XHUUD L GH
%LEORV HUD XQD SHUVRQDOLWDW DUWtVWLFD DIt D OD JHQW GH DYDQ]DGD /D UHFHQVLy GH 1XHYD
(VSDxD ³&KDSOLQ QR GHEtD KDEHU VDOLGR GH OD SDQWDOOD (PSH]DPRV D GXGDU VH VX
JHQLR´QRHVWDYDHVFULWDSHUDIDYRULUODYHQGDGHOOOLEUHL6LOHVV¶KRGHYLDSUHQGUHSRF
PHQ\VTXHFRPXQVDERWDWJH
7DPEpHQVGLXSHUzDTXHVWHGLWRULDOGHOQ~PTXHO¶HFRQRPLDGHODUHYLVWDMD
V¶KDVDEXWUHFXSHUDUGHOVHXGHVHL[LPHQWUHVSHFWHDODWXWHODGH&HQLW1RXVDQXQFLDQWV
HQHIHFWHDSDUHL[HQRWRUQHQDOHVVHYHVSODQHV±LDOJXQVLPSOHPHQWV¶KLPDQWp$SDUHL[
(GLWRULDO=HXVTXHSHUDTXHOOHVGDWHVWRWMXVWLQLFLDYDXQLQWHUHVVDQWFDWjOHJHQHOTXDO
WLQGUjXQGHVWDFDWSDSHUO¶DJHQWOLWHUDUL*RUNLQDSDUHL[WDPEp(GLWRULDO(VSDxDHPSUHVD
TXHWUDGXLUj/HRQKDUG)UDQNL±FRPVDEHP±5HPDUTXHLTXHUHSUHVHQWD XQSRQWHQWUH
OHV LQTXLHWXGV VRFLRSROtWLTXHV GH OHV JHQHUDFLRQV GHO VHFWRU PpV VRFLDOLW]DQW L GHO
7RUQHQ (VSDVD&DOSH L 5HYLVWD GH 2FFLGHQWH O¶DPLVWDW GH 'tD] )HUQiQGH] DPE
)HUQDQGR9HODVHFUHWDULGHODUHYLVWDRUWHJXLDQDQRKLGHYLDMXJDUHQFRQWUDLHVPDQWp
ILGHO FRP GHV GHO SULPHU Q~PHUR GH 1XHYD (VSDxD (GLFLRQHV 2ULHQWH O¶RULJLQDUL
HPEULy GH OD IDPtOLD HGLWRULDO G¶DYDQoDGD 3HUz OD UHFXSHUDFLy GHO QRPEUH G¶HGLWRULDOV
DQXQFLDQWV PpV HQOOj G¶DTXHVWD UHYLIDOOD VHQV GXEWH IUXLW G¶XQ HVIRUo SXQWXDO D SHQHV
WLQGUj FRQWLQXwWDW HQ Q~PHURV SRVWHULRUV /D UHYLVWD ±UHFRUGHP± HQ OHV GXHV SULPHUHV
HQWUHJXHV V¶KDYLD SUHVHQWDW PROW EHQ HPSDUDGD L OHV HGLWRULDOV TXH V¶KL DQXQFLDYHQ
LQFORVD O¶RSXOHQWD &,$3 DPE OHV VHYHV SODQHV VHQFHUHV VXPDYHQ HQ FDGD Q~PHUR
$TXHVWD [LIUD V¶KDYLD UHGXwW ILQV D QRPpV R HQ DOJXQV Q~PHURV LPPHGLDWDPHQW
DQWHULRUV D OD GHIHFFLy GH 6LOHV &HQLW DL[z Vt VROLD DSDUqL[HU ±L IROJDGDPHQW± PpV
G¶XQDYHJDGDHQFDGDQ~PHUR6HPEODFRPVLG¶DOJXQDPDQHUD6LOHVKDJXpVDwOODWGHOV
VHXVFRPSHWLGRUVHGLWRULDOVXQDUHYLVWDTXHSHUDOWUDEDQGDSHUVLPDWHL[DMDPDQWHQLD
XQD OtQLD LQGHSHQGHQW L UDGLFDO TXH OD GHVYLQFXODYD GH TXDOVHYRO FRPSURPtV DPE
O¶HVWDEOLPHQWHGLWRUPDGULOHQ\/DPDU[DGH&HQLWEHQVHJXUHUDWRWXQFRSHFRQzPLF
SHUz DFDEDUj WDPEp UHSUHVHQWDQW XQD PRQMRLD HQ HO FDPt GH 1XHYD (VSDxD TXH HQV
1RVDEHPVLDTXHVWFROÂODERUDGRUGH1XHYD(VSDxDWpFDSUHODFLyDPEXQDOWUHFROÂODERUDGRU
GH3RVW*XHUUDO¶HVFULSWRUVHJRYLj3DEORGHOD)XHQWH
YSODQDJUjILFD
DVVHQ\DOD XQ FDQYL GH UXPE ±TXH DPE HOV PHVRV QR IDUj VLQy DFFHQWXDUVH± PHQ\V
GLULJLWDEXVFDUFDSPHQDG¶KHJHPRQLDHGLWRUDLPpVGHFLGLWDVXEPHUJLUVHHQODOOXLWD
SROtWLFDGHOPRPHQW
$L[t HQWUH HOV Q~PHURV L OD UHYLVWD YD SHUGHQW HO VXSRUW SXEOLFLWDUL GH
SUjFWLFDPHQWWRWHVOHVHGLWRULDOVLHVYHXDERFDGDDPXOWLSOLFDUODSURSDJDQGDFRPHUFLDO
GH SURGXFWHV GLYHUVRV TXH FHUWDPHQW YDQ DWRUJDQW DO VHX DVSHFWH XQ FDUjFWHU PpV GH
FRQWLQJHQWSUHPVDSROtWLFDTXHGH UHSRVDGD SXEOLFDFLyFXOWXUDO /¶DQXQFLGHPjTXLQHV
G¶HVFULXUH&RQWLQHQWDOGHSLQWXUD1RUXVWRGHSDSHUGHIXPDU%DPE~RGHFXLQHV3\URV
FXOPLQDHQHOQ~PDPEXQDSODQDVHQFHUDRFXSDGDSHOFUHFHSHORQROLGLXHQDL[tpV
FODU3LOR.LQ7RWSOHJDWHVFRQMXJDDPEXQDLQWHQVLILFDFLyGXUDQWDTXHVWVQ~PHURVGH
O¶DXWRSXEOLFLWDW GH OD UHYLVWD /D PDU[D GH 6LOHV GHVSUpV GHO Q~P KD REHUW XQD IDVH
G¶LQHVWDELOLWDWHFRQzPLFDLWLSRJUjILFDTXHQRHVWDQFDILQVDOQ~PTXDQODUHYLVWD
HVGHYpVHWPDQDO3HUWDQWODSULPHUDLTXLQ]HQDOHWDSDPHVRVGH1XHYD(VSDxDWp
WDPEp GXHV PHLWDWV GH PHVRV FDGDVFXQD EHQ GHILQLGHV IHEUHUPDLJ Q~PV L
MXQ\VHWHPEUH Q~PV (Q HOV SULPHUV PHVRV 1XHYD (VSDxD FRPSWD DPE OD
WUtDGD 6LOHV$UJLV&HQLW HQ HOV PHVRV VHJHQWV QR (QWUH HOV Q~PV L 1XHYD
(VSDxDSDVVDUjSHULPSUHPWHVGLIHUHQWV$UJLVSXQWGHSDUWLGDGHODUHYLVWD9HODVFR
6DQ0DUWtQ\&*UiILFD/LWHUDULDL6XFHVRUHVGH)3HxD&UX]SXQWG¶DUULEDGDGHVGHO
Q~P L MD ILQV DO ILQDO 1R VDEHP H[DFWDPHQW D TXq REHHL[HQ WDQWV FDQYLV HOV
UHVXOWDWVGHOVTXDOVUHVXOWHQDSUHFLDEOHVQRWDQWDSULPHUDYLVWDFRPHQHOVWLSXVXVDWVHQ
ODLPSUHVVLyLHQTHVWLRQVGHGHWDOO1RHVWUDFWDYDEHQVHJXUG¶XQSUREOHPDGHTXDOLWDW
WLSRJUjILFD9HODVFRGRVQ~PHURVR6DQ0DUWtQ\&QRPpVXQHUHQIRUoDSROLGHVL
HUUDWHVHQHOVWH[WRVODYHULWDWpVTXHVROLHQIHUQHWRWHVFLQF5HFRUGHPTXHGXUDQWWRWD
O¶HWDSDTXLQ]HQDOGHODUHYLVWDODSUqYLDFHQVXUDHQFDUDQRV¶KDDL[HFDWFDSYHJDGDLTXH
SHUWDQWHOPHFDQLVPHGHOVHJUHVWSRVWHULRUHQFDUDQRV¶KDHQJHJDWUHFRUGHPWDPEpTXH
ODYDJDG¶LPSUHVVRUVQRVHUjILQVDFRPHQoDPHQWVGH3RWVHUSDVVDYDTXHDTXHVWHV
GXHV LPSUHPWHV VXDUD HVPHQWDGHV HUHQ XQD PLFD LPSXQWXDOV (QV KR VXJJHUHL[ XQ
HQWUHILOHWHQODVHJRQDSODQDGHOQ~PG¶DJRVWGHTXHHQVLQGLFDWDPEpTXH
ODUHYLVWDYHQLDDUURVVHJDQWHQFDUDDTXHOOSULPHUHQGDUUHULPHQWHQODVRUWLGDGHOQ~P
/DVSHULSHFLDVWLSRJUiILFDVTXHKDVXIULGR18(9$(63$f$KDQGHWHUPLQDGRHOUHWUDVR
GHQXHVWURV~OWLPRVQ~PHURV&RQREMHWRGHQRUPDOL]DUODDSDULFLyQHQORVGtDV\GHFDGD
PHV KHPRV VXSULPLGR HO Q~PHUR GHO GtD GH MXOLR \ OR KHPRV VXVWLWXtGR SRU HO DFWXDO (Q
DGHODQWH18(9$(63$f$DSDUHFHUiSXQWXDOPHQWH
6LKRUHFRUGHP3RVW*XHUUDHQDOJXQDRFDVLyWDPEpV¶KDYLDSRVDWDOGLDDEDVH
GHVDOWDUVHXQGHWHUPLQDWSHUtRGHWHPSRUDO$TXHVWQ~PpVHOSULPHUGHOVWUHVTXH
V¶LPSULPLUDQ D *UiILFD /LWHUDULD HO SHQ~OWLP HVWDEOLPHQW WLSRJUjILF TXH YLVLWDUj
1XHYD(VSDxD(OQ~PHURGHVHWHPEUHGHVXSRVDUjGRQFVHOWDQFDPHQWGH
ODYLGDTXLQ]HQDOGHODUHYLVWDLO¶DQXQFLG¶XQDVHJRQDHWDSDVHWPDQDOTXHGHIDFWRQR
V¶LQLFLDUjILQVDOPHVG¶RFWXEUH /HVGXHVqSRTXHVGH 1XHYD(VSDxDOD TXLQ]HQDOLOD
VHWPDQDO DO FDSGDYDOO GXUDUDQ PpV R PHQ\V HO PDWHL[ HQWUH L PHVRV FDGDVFXQD
/zJLFDPHQWODGLIHUqQFLDHQWUHDPEGXHVUDXUjVREUHWRWHQHOQRPEUHGHQ~PHURVWUHWVDO
FDUUHULFRPSWDQWO¶H[WUDIRUDGHQXPHUDFLyUHVSHFWLYDPHQW3HUzHOQ~P
+DXUHPGHGHL[DUWDPEpSHUDXQDDOWUDRFDVLyODLQYHVWLJDFLyGHOHVYLQFXODFLRQVG¶DTXHVWHV
LPSUHPWHV DPE OHV GLYHUVHV HGLWRULDOV G¶DYDQoDGD SHUVSHFWLYD TXH VHQV GXEWH HQV SRGUj VXJJHULU
GHWHUPLQDGHVFRPSOLFLWDWVHQWUHHOVGLIHUHQWVSURWDJRQLVWHVGHO¶HGLFLyGHUHYLVWHVLGHOOLEUHVREMHFWHGHO
QRVWUHHVWXGL
$TXHVWHV[LIUHVVLJQLILTXHQTXHGXUDQWO¶qSRFDTXLQ]HQDOYDQVRUWLUHOGHOVQ~PHURVHQ
WRWDOQRSDUOHPGHOQRPEUHG¶H[HPSODUVWLUDWVGHFDGDQ~PHURGH1XHYD(VSDxDLTXHGXUDQWO¶qSRFD
WDPEpVLJQLILFDUjHOFRPLDWG¶DTXHVWDWUDYHVVDGDGHOGHVHUWSXEOLFLWjULDLWLSRJUjILFDTXH
YLYLDODUHYLVWDVHQVH6LOHVG¶HQojGHOQ~P&RQYpOOHJLUHOSULPHUHGLWRULDOG¶DTXHVW
Q~P
/RV GLUHFWRUHVIXQGDGRUHV GH HVWD UHYLVWD SHQVDURQ VLHPSUH TXH pVWD QR IXHVH XQD
SXEOLFDFLyQPiVGHFDUiFWHUSROtWLFR\OLWHUDULRVLQRTXHFRQVWLWX\HVHHOyUJDQRGHHQODFHGHOD
JHQHUDFLyQHVSDxRODGH$VtORKDFtDPRVFRQVWDUHQHOPDQLILHVWRTXHDQXQFLyODDSDULFLyQ
GH18(9$(63$f$(OILUPHp[LWRDOFDQ]DGRSRUQXHVWUDUHYLVWDHQORVVHLVPHVHVTXHOOHYDGH
H[LVWHQFLD D SHVDU GH ODV HQRUPHV GLILFXOWDGHV TXH XQD REUD GH HVWD tQGROH VH YH REOLJDGD D
DIURWDU HQ XQ DPELHQWH FRPR HO GH OD (VSDxD DFWXDO QRV GHPXHVWUD TXH KHPRV DOFDQ]DGR ORV
SULPHURVREMHWLYRV+HPRVKHFKRXQDUHYLVWDTXHFXEUHWRGDHODODLGHROyJLFDGHODVL]TXLHUGDV\
TXHUH~QHHQVXVSiJLQDVORVWHPDVPiVHILFDFHV\XUJHQWHVHQODOXFKDSRpWLFD>VLF@\OLWHUDULD
GH QXHVWUR WLHPSR $OUHGHGRU GH 18(9$ (63$f$ VH FRQJUHJDQ ORV DXWRUHV \ SXEOLFLVWDV
FRWHPSRUiQHRV QDFLRQDOHV \ H[WUDQMHURV TXH PHMRU UHSUHVHQWDQ HO HVStULWX GH FRPEDWH \
DYDQ]DGD)LUPHVHQQXHVWURFULWHULRXQLYHUVDOLVWDODVFRODERUDFLRQHVGH18(9$(63$f$QR
VHGHWLHQHQHQHOiUHDQDFLRQDOVLQRTXHDOFDQ]DQDORVSDtVHVPiVLQWHUHVDQWHVGHORUEH
3HUR18(9$(63$f$QRHVVyORGHVGHHOSULQFLSLRXQDSXEOLFDFLyQSHULyGLFD(VXQ
SXQWR FRQFpQWULFR GH ORV DIDQHV \ DVSLUDFLRQHV GH OD QXHYD JHQHUDFLyQ 3RU OR WDQWR VX ODERU
WLHQHTXHDPSOLDUVH\H[WHQGHUVHGtDDGtD
1XHVWUD LGHD GHVGH HO SULPHU LQVWDQWH IXH FRQFHQWUDU KRPEUHV \ HOHPHQWRV TXH
SXGLHVHQ WRPDU FRQ QRVRWURV OD UHVSRQVDELOLGDG GH HVWD REUD $IRUWXQDGDPHQWH KHPRV
HQFRQWUDGR DOJXQRV (O *UXSR 18(9$ (63$f$ SXHGH FRQVLGHUDUVH HQ PDUFKD SRU OD
FRODERUDFLyQ TXH GHVGH DKRUD HPSLH]D D SUHVWDUQRV XQD ILJXUD SUHVWLJLRVD GH QXHVWUD YLGD
HGLWRULDO'-DYLHU0RUDWD(O6U0RUDWDQRYLHQHDQRVRWURVFRPRHGLWRUVLQRFRPRKRPEUHGH
LGHDV6XREUDGHGLYXOJDFLyQGHOOLEURSROtWLFRHQ(VSDxDHVGHODVTXHSHUILODQ\DILUPDQXQD
SHUVRQDOLGDG ,QWHUHVDGR GHVGH HO SULPHU PRPHQWR HQ OD ODERU GH 18(9$ (63$f$ \
DEVROXWDPHQWH LGHQWLILFDGR FRQ QRVRWURV HVWDUi GHVGH DKRUD D QXHVWUR ODGR SDUD HQVDQFKDU
QXHVWUDDFWXDFLyQ\GDUOHD~QPD\RUHVJDUDQWtDVGHWULXQIR
3RUORSURQWRGHEHPRVDQXQFLDUDQXHVWURVOHFWRUHVPHMRUDVLPSRUWDQWHVHQODUHYLVWD
1XHVWUR SHQVDPLHQWR HV TXH HQ RFWXEUH DSDUH]FD VHPDQDOPHQWH FRPR OR H[LJH \D OD GLIXVLyQ
DFWXDO\ODXUJHQFLDGHQXHVWUDVDVSLUDFLRQHV3HURDGHPiVGHHVWR18(9$(63$f$LQLFLDUi
HQEUHYHXQD%LEOLRWHFDFRLQFLGHQWHFRQXQSURJUDPDTXHSURORQJDUiODREUDGHODUHYLVWD\GDUi
PHQVXDOPHQWH YRO~PHQHV GH OD PHMRU OLWHUDWXUD GH L]TXLHUGDV (O OHFWRU GH 18(9$ (63$f$
WHQGUi IiFLOPHQWH HQ HVRV YRO~PHQHV XQ tQGLFH GHO SHQVDPLHQWR PRGHUQR HQ WRGDV VXV
FDUDFWHUL]DFLRQHV
$VSLUDPRV GH HVWH PRGR D TXH HO *UXSR 18(9$ (63$f$ SXHGD VHU HQ EUHYH XQD
FRQVDJUDFLyQUHDOGHODVQXHYDVLGHDV\XQDFRQFHQWUDFLyQGHKRPEUHVTXHSHVHQSRUVXYDORU\
DXWRULGDGHQHOSRUYHQLUGHOSDtV
$QHPDSDPV(OSULPHUTXHFDOGLUpVTXHO¶HGLWRULDOGH-DYLHU0RUDWDHQHIHFWH
MD V¶DQXQFLDYD D 1XHYD (VSDxD GHV GHO SULPHU Q~PHUR VL Ep HQ HO PDWHL[ IRUPDW XQ
TXDUWGHSODQDTXHODPDMRULDGHODUHVWD G¶HGLWRULDOVDQXQFLDQWV(QDTXHVWDRVLPLODU
PLGDODSURXILGHOFROÂODERUDFLySXEOLFLWjULDGH0RUDWDYDDQDUDSDUHL[HQWPLWMDGRW]HQD
VHWPDQDOKRYDQIHUHOUHVWDQW&RPTXHHQO¶qSRFDTXLQ]HQDOODUHYLVWDWHQLDWUHWGHOQ~P
SODQHVLHQODVHWPDQDOYDSDVVDUDDPEOHVH[FHSFLRQVDODEDL[DFRQHJXGHVDTXHVWVSHUFHQWDWJHV
V¶HTXLOLEUHQXQDPLFDVLFRQVLGHUHPHOQRPEUHWRWDOGHSODQHVTXH1XHYD(VSDxDYDDUULEDUDLPSULPLUDO
OODUJGHOVHXSHULSOH$L[tWHQLPTXHGHOWRWDOGHSODQHVHQFRUUHVSRQHQDODSULPHUDqSRFDTXLQ]HQDO
XQLXQDODVHJRQDLKHEGRPDGjULD(QGHILQLWLYDDTXHVWHVGDGHVVHUYHL[HQSHU
FRQILUPDUQRVTXHHOWDUDQQjGHOD1XHYD(VSDxDSRVWHULRUDOQ~PHURVHUjHQWRWVHOVDVSHFWHVPpV
DFWLXLFRPEDWLX
'H IHW VyQ MD PHVRV TXDQ HV SXEOLFD DTXHVW HGLWRULDO GH GH JHQHU Q~P D GH
VHWHPEUHQ~P
6HQVGXEWHDTXtXQDHUUDWDG¶LPSUHPWDYDFDQYLDUSROtWLFDSHUSRpWLFD&HUWpVTXHGHYHJDGHV
DSDUHL[DOJXQSRHPDDOHVSODQHVGH1XHYD(VSDxDSHUzHQFRQMXQWODSRqWLFDTXHHQVWUDQVPHWODUHYLVWD
pVODGHODSURWHVWDSROtWLFDODGHODEUHJDODGHODUHYROWDQHFHVVjULD
³(O*UXSR©1XHYD(VSDxDª´1XHYD(VSDxDGHVHWHPEUH
GHYHJDGHVILQVTXHHQHOQ~PHQVVRUSUHQLDMDRFXSDQWVHQFHUDO¶~OWLPDSODQDGHOD
UHYLVWD (Q HOV Q~PHURV L pV RQ OD SXEOLFLWDW FRPHUFLDO GH FDUjFWHU QR HGLWRULDO
RFXSDUjPpVHVSDLHQOHVSODQHVGH1XHYD(VSDxDL0RUDWDFRPDFRQWUDVWVHUjO¶~QLFD
FDVDHGLWRUDHQIHUKLDFWHGHSUHVqQFLD'HVSUpVGHO¶HQVDERQDGDTXHOLSURGLJDODSDUW
FHQWUDO G¶DTXHVW HGLWRULDO D SDUWLU GHO Q~P -DYLHU 0RUDWD HV UHVHUYDUj VHQFHUD OD
FREHUWD SRVWHULRU R GDUUHUD SODQD GHO QRX VHWPDQDUL D OHV SODQHV LQWHULRUV HV
PDQWLQGUDQ XQD VqULH G¶DQXQFLDQWV PpV R PHQ\V ILGHOV SHUz MD DPE XQD GHILQLGD
WHQGqQFLDDOIRUPDWSHWLWDTXHOOTXHSRWUHFRUGDUHOVDQXQFLVRFXSDQWXQPRGHVWHVSDL
HQ PLJ G¶XQD R GXHV FROXPQHV SURSLV G¶XQ GLDUL GH O¶qSRFD O¶HGLWRU 0 $JXLODU HO
IRWRJUDYDGRU6XFHVRUGH(3DH]ODOOLEUHULDLHGLWRULDO0DGULGOHVSDVWLOOHVSHUDODWRV
.ODPHWF$TXHVWVDQXQFLVGHIRUPDWUHGXwWHQJHQHUDOSRFQRPEURVRVVRYLQWHJHQXQD
PLFD PpV HQWUH HOV Q~PV L MD QR DEDQGRQDUDQ OD UHYLVWD ILQV DO ILQDO /D
SXEOLFLWDW GH 0RUDWD SHUz WRW L TXH VHPEOD TXH KDYLD SDVVDW D VHU OD PpV GHFLVLYD
HFRQzPLFDPHQWYDWHQLULQWHUUXSFLRQV
(QWUHHOVQ~PVLGRW]HQ~PHURVVLFRPSWHPO¶H[WUDIRUDGHQXPHUDFLy
HQ SULQFLSL O¶HGLWRULDO 0RUDWD QR IDOWD D OD VHYD FLWD DPE OD GDUUHUD SODQD GH 1XHYD
(VSDxD 3HUz OODYRUV DUULED GHVHPEUH GH L DPE HOO O¶HVFODW GH OD FRQVSLUDFLy
UHSXEOLFDQDO¶LQWHQWUHYROXFLRQDULO¶DIXVHOODPHQWG¶XQFROÂODERUDGRUGH1XHYD(VSDxDL
OD GHWHQFLy G¶DOJXQV DOWUHV OD LUUHJXODULWDW HQ OHV GDWHV G¶DSDULFLy GH OD UHYLVWD OD
FHQVXUDPLOLWDULODUHVWDGHFLUFXPVWjQFLHVDGYHUVHVTXHMDKHPWUDFWDW'XUDQWDTXHOOHV
GLItFLOVVHWPDQHVHQWUHHOQ~PGHGHVHPEUHGHLHOQ~PGHIHEUHU
GH OD SXEOLFLWDW GH -DYLHU 0RUDWD V¶KD IHW IRQHGLVVD 3UXGqQFLD GDYDQW O¶LQFHUW
PRPHQWSROtWLFSHUSDUWG¶XQIXWXUUHSUHVHQWDQWGHOUHSXEOLFDQLVPHGHGUHWHV"7HPRUD
YHXUH¶VPDVVDLQYROXFUDWHQGHWHUPLQDWVHVGHYHQLPHQWV"1RPpVSRGHPHVSHFXODU(QHO
Q~P GH PDUo GH FRLQFLGLQW DPE XQD ±VHPSUH UHODWLYD± WRUQDGD D OD
QRUPDOLWDW GH OD UHYLVWD SHO TXH ID DO VHX QRPEUH GH SjJLQHV OD SODQD SXEOLFLWjULD GH
0RUDWD UHVVXVFLWD SHU Ep TXH QRPpV GXUDUj Q~PHURV DTXHVW L HO VHJHQW
(VWUDQ\DPHQWHQHOVQ~PHURVVHJHQWVGHVGHOGHPDUoGHILQVDO
G¶DEULO GH OD SUHVqQFLD GH O¶HGLWRULDO 0RUDWD WDQFDQW 1XHYD (VSDxD WRUQD D
GHVDSDUqL[HU , QR VyQ DTXHOOHV SUHFLVDPHQW XQHV VHWPDQHV TXDOVVHYXOOD HQ OD KLVWzULD
G¶(VSDQ\DVyQOHVMRUQDGHVGHFLVLYHVGHOOXLWDGHPRFUjWLFDSHUSRUWDUOD,,5HS~EOLFD(O
Q~PHURVXUWHOG¶DEULOGHDPEXQFRPSUHQVLEOHOD0RQDUTXLDKDFDLJXWHO
UHWDUG G¶XQ SDUHOO GH GLHV (Q HOV HGLWRULDOV G¶DTXHVW Q~PHUR YLFWRULyV 1XHYD
(VSDxDIDXQFHUWHVIRUoSHUFRQWHQLUO¶HXIzULDLSHUWUDQVPHWUHODLGHDTXHOD5HS~EOLFD
pV XQ MRLyV SDV SUHYL SHUz TXH pV DUD TXDQ FRPHQoD OD IHLQD HO FDQYL OD UHYROXFLy
³5LIL5DIH´ HQ FDQYL HV GHVPHOHQD $TXHVWD VHFFLy VHPSUH LQFRUUHFWD VHPSUH
SXQ\HQWpVHQGHILQLWLYDO¶DXWqQWLFDjQLPDGHODUHYLVWD/OHJLPFRPFHOHEUDHQODVHYD
eVSHUH[HPSOHHOFDVMDHVPHQWDWPpVDPXQWG¶(PLOLR3DORPR$JXDGReVWDPEpHOFDVG¶/
)HUVHQ QRP GH EDWDOOD GHO JDOOHF (QULTXH )HUQiQGH] 6HQGyQ TXH UHSUHVHQWD OD YHX PpV
FODUDPHQWWURWVNLVWDTXHHVGHL[DVHQWLUD 1XHYD (VSDxDeVDL[t PDWHL[HOFDVGHO SHULRGLVWDLHVFULSWRU
/XLV +HUQiQGH] $OIRQVR ILOO GH O¶DGYRFDW LQWHOÂOHFWXDO L SROtWLF UHSXEOLFj LPSXOVRU G¶XQ
SDUWLFXODU UHSXEOLFDQLVPH SUHVLGHQFLDOLVWD G¶HVTXHUUHV /XLV +HUQiQGH] 5LFR +HUQiQGH]
$OIRQVRQDVFXWD%XQ\ROSHUzFULDWD0DGULGFRQWLQXDGRUGHODODERUSROtWLFDGHOVHXSDUHUDGLFDOLW]DQWOD
FDSDO¶HVTXHUUDVLJQDUjD1XHYD(VSDxDGXUDQWDOJXQVQ~PHURVXQDVHFFLyDIRUtVWLFDDQWLPRQjUTXLFD,
pVHQFDUDHOFDVGHO¶DUWLVWDJDOOHF&DUORV0DVLGHVHQVGXEWHO¶LOÂOXVWUDGRUPpVUHSUHVHQWDWLX
GH1XHYD(VSDxDDPEHOVHXOOHQJXDWJHSOjVWLFVRYLQWFRQWXQGHQWLGHPLVVDWJHUDGLFDO(OVHXPDJQtILF
JUDYDW ³/DFiUFHO´DOD SRUWDGDGHOQ~PGHJHQHU GHVHQVGXEWHpVWHVWLPRQLGHOD VHYD
GHWHQFLy L HPSUHVRQDPHQW $ SDUWLU G¶DTXHOO Q~PHUR L ILQV DO ILQDO 0DVLGH VLJQDUj JDLUHEp VHPSUH OD
FROÂODERUDFLyJUjILFDGLEXL[RVJUDYDWVRFDULFDWXUHVDODSRUWDGDGHODUHYLVWD
SULPHUD QRWD UHSXEOLFDQD O¶DUULEDGD DUD Vt GHVSUpV G¶DQ\V GH EUHJD G¶XQD QRYD
(VSDQ\D
£9,9$/$5(3Ò%/,&$
£+HPRVWULXQIDGR
'HVGHHOGtDRQGHDJORULRVDPHQWHODEDQGHUDWULFRORUHQHOPiVWLORILFLDOGH(VSDxD
£<D QR KD\ %RUERQHV <D OD EDMD FDQDOOD GH FRUWHVDQRV \ SDODWLQRV JHQHUDOHV GH
DQWHFiPDUD JREHUQDQWHV ODGURQHV QHJRFLDQWHV HVWDIDGRUHV FDFLTXHV \ PRQiUTXLFRV ±HQ
JHQHUDO±JHQWHEHOODFD\VXFLDTXHWHQtDGRPLQDGDD(VSDxDKDVLGREDUULGD
(OWUiQVLWRVHKDYHULILFDGRFRQVXDYLGDGJUDFLDVDODFREDUGtDGHORVPRQiUTXLFRVTXH
KDQKXtGRFRPROLHEUHVHQFXDQWRODDXWpQWLFDYROXQWDGGHOSXHEORVHKDPDQLIHVWDGR
+HPRVYHQFLGRKXPLOODGRGHUURWDGR\GHVKHFKRDOD0RQDUTXtDIDFFLRVDGH6DJXQWR\
DO%RUEyQGLJQRGHHOODTXHODUHSUHVHQWDED
5HVWUHJXHPRVSRUORVKRFLFRVQXHVWURWULXQIRDORVDEVROXWLVWDVTXHD~QTXHGDQ\DORV
SHULyGLFRVDVDODULDGRVTXHD]X]DURQDORV*RELHUQRVGHOH[UH\ $OIRQVHWHFRQWUDORVHOHPHQWRV
OLEHUDOHVDO©$%&ª\D©/D1DFLyQªVREUHWRGR
££9,9$/$5(3Ò%/,&$
'RQFVEpHQDTXHVWJRMyVQ~PHURGH1XHYD(VSDxDUHWRUQDODSURSDJDQGDGH
O¶HGLWRULDO GH -DYLHU 0RUDWD , KR ID RFXSDQW pV GH VXSRVDU SDJDQW QR QRPpV WRWD OD
FREHUWD SRVWHULRU VLQy WDPEp OD FRQWUDFREHUWD VHQFHUD /HV GXHV GDUUHUHV SODQHV L
GHODUHYLVWDGHVGHOQ~PLILQVDODVHYDH[WLQFLyXQSDUHOOGHPHVRVPpVWDUG
HVWDUDQ VXIUDJDGHV SHU O¶HGLWRU PDGULOHQ\ $ TXq REHHL[ DTXHVWD UHGREODGD LQYHUVLy
SXEOLFLWjULD ±L HQ LPDWJH G¶HVTXHUUHV TXH HV GLULD DYXL" 9ROXQWDW GH UHFXSHUDU OHV
DQWHULRUVDEVqQFLHVGXUDQWHOVPRPHQWVFODX"2SRUWXQLVPHGHTXLTXDQFDOV¶HQUHWLUDL
TXDQFRQYpDSRVWDDFDYDOOJXDQ\DGRU"1RPpVSRGHPHVSHFXODU
-DYLHU 0RUDWD TXH KDYLD FRPHQoDW OD VHYD ODERU HGLWRUD HO GLVSRVDYD D
O¶DOWXUDGHG¶XQFDWjOHJEjVLFDPHQWGHWHPHVPqGLFVSHUzTXHWDPEpGHVGHOVVHXV
LQLFLVLQFORwDXQDOtQHDG¶DVVDLJSROtWLFVRFLDOLW]DQWDFjUUHFG¶DXWRUVHVSDQ\ROV/DUJR
&DEDOOHUR =XJD]DJRLWLD )HUQDQGR GH ORV 5tRV HWF /¶HVWDGtVWLFD GHO QRPEUH GH WtWROV
HGLWDWV DQXDOPHQW SHU O¶HGLWRULDO 0RUDWD HQ HO ODSVH WUDoD XQD PDUFDGD OtQLD
DVFHQGHQWGHVFHQGHQWTXHSDUWHL[GHOVWtWROVGHV¶HQODLUDILQVDOVGHID
HO FLP HQ HOV WtWROV WUHWV DO FDUUHU GXUDQW HO WRUQD D EDL[DU ILQV DOV O¶DQ\
VHJHQW L YD DWHUUDQW ILQV DUULEDU DOV WtWROV GH /ODYRUV L FRLQFLGLQW DPE
O¶HWDSD GH -DYLHU 0RUDWD FRP D JRYHUQDGRU FLYLO GH 0DGULG GXUDQW HO %LHQQL 1HJUH
DTXHVWDSURGXFFLyGHWtWROVQRXVV¶HVWURQFDLMDQRHVUHSUHQGUjILQVDOHQXQDHWDSD
EHQGLIHUHQWGHO¶HGLWRULDO±SUHYLVLEOHPHQWVHQVHOOLEUHVSROtWLFVpVGRQFVO¶DQ\GH
JOzULDGH0RUDWDFRPDHGLWRULVHQVGXEWHODVHYDPDUFDSDUWLFLSDGHOERRPG¶DYDQoDGD
TXHHVYDYLXUHHQHOSHUtRGH L TXH YD WHQLU HO VHX FOtPD[ HQ 'XUDQW
DTXHOODQ\GHYDWUHXUHODPDMRULDGHWtWROVGHODIDPRVDVqULH³$O6HUYLFLRGH«´
$O VHUYLFLR GH OD SOHEH GH -XOLR6HQDGRU $O VHUYLFLR GH OD 5HS~EOLFD GH /HUURX[ $O
VHUYLFLRGHODSDWULDGH9tFWRU3UDGHUDHWF$TXHVWDSURGXFWLYDVqULHTXHDWHVDODVHYD
KHWHURJHQHwWDW LGHROzJLFD QR GHL[D GH VRUSUHQGUH GH YHXUH DQXQFLDGD D WRWD SODQD D
1XHYD (VSDxD GHYLD VHU HO SULQFLSDO PRWLX SHUTXq GXUDQW XQ WHPSV D 0RUDWD VH¶O
FRQHJXpV FRP D ³HO HGLWRU GH OD 5HS~EOLFD´ (O QRVWUH 9HQHJDV KRPH tQWHJUH SHUz
WDPSRFGHOWRWLPPXQHDODYDQLWDWVHQVGXEWHGHYLDSHQVDUTXHHQWRWFDVHOOPHUHL[LD
PROWPpVDTXHVWWtWROTXHQRSDV-DYLHU0RUDWD6HJRQVHQVH[SOLFDKDYLDWUDFWDWDPE
0RUDWDHOTXDQEXVFDYDXQDGLVWULEXwGRUDSHUDOVYROXPVGHOHVOODYRUVLQFLSLHQWV
(VWDGtVWLFDHODERUDGDD SDUWLUGHOHVGDGHVTXH VREUHHO VHXFDWjOHJ KLVWzULFRIHUHL[OD SODQD
ZHEGHO¶DFWXDO(GLFLRQHV0RUDWD6/
2ULHQWHL+LVWRULD1XHYD/OHJLPHOWHVWLPRQLSDUFLDOVLHVYROSHUzQR SUHVFLQGLEOH
TXH9HQHJDVHQVYDOOHJDUVREUHHOSHUVRQDWJH
1R VDEtD TXp KDFHU SDUD TXH ORV OLEURV HVWXYLHVHQ HQ ODV OLEUHUtDV FXDQGR HO HGLWRU GH
0HGLFLQD -DYLHU 0RUDWD DO FRQYHUVDU FRQ XQR GH PLV KHUPDQRV VH PRVWUy LQWHUHVDGR SRU
QXHVWURVWUDEDMRV>«@9LVLWpD0RUDWD\DFFHGLyDVHUHOGLVWULEXLGRUGHQXHVWUDVHGLFLRQHV'H
DKtSDUWLHURQVXVPpULWRVSDUDTXHPiVDGHODQWHVHWLWXODVHHOHGLWRUGHOD5HS~EOLFD\ORJUDVH
TXH /HUURX[ OR KLFLHVH JREHUQDGRU GH 0DGULG FDUJR TXH HMHUFtD FXDQGR WULXQIy HO )UHQWH
3RSXODU3RUFLHUWRTXHVHDVXVWyWDQWRFRQDTXHOWULXQIR±\DTXHKDEtDPDQLREUDGRPXFKRHQOD
SURYLQFLDSDUDLPSHGLUOR±TXHVHHPEDUFySDUDOD$UJHQWLQDDOFDERGHXQWLHPSRFRQVLGHUyTXH
\D KDEtD SDVDGR OD WRUPHQWD \ UHJUHVy D (VSDxD WDQ LQRSRUWXQDPHQWH TXH HQWUy HQ 0DGULG HQ
YtVSHUDVGHODUHEHOLyQ(QDJRVWRGHDOVDOLUXQGtDGHOD'LUHFFLyQJHQHUDOGH6HJXULGDGD
ODTXHKDEtDLGRDLQWHUHVDUPHSRUXQGHWHQLGRHQFRQWUpD0RUDWDDOTXHDFDEDEDQGHGHWHQHU
FRQWDODVSHFWR±ODFDPLVDDELHUWDORVRMRVGHVHQFDMDGRVODVPDQRVWHPEORURVDV±TXHUHFRUGpODV
HVWDPSDVGHORVTXHHQOD5HYROXFLyQ)UDQFHVDLEDQDVHUFRQGXFLGRVDODJXLOORWLQD/XHJROR
SXVLHURQ HQ OLEHUWDG VH UHIXJLy HQ XQD HPEDMDGD \ DKRUD HVWDUi KDFLHQGR PpULWRV SDUD VHU HO
HGLWRUGH)DODQJH
6L PpV QR HO IUDJPHQW GHPRVWUD TXH HOV FRQWDFWHV GH 0RUDWD DPE OD JHQW GH
DYDQ]DGDQRKDYLHQFRPHQoDWDO¶qSRFDGH1XHYD(VSDxDVLQyTXHMDHVUHPXQWDYHQD
OD GH 3RVW*XHUUD 6LOHV KDYLD GHL[DW SODQWDGD 1XHYD (VSDxD HQ XQV PHVRV GLItFLOV
SHUTXqODUHYLVWDHVSRJXpVUHRULHQWDUGHFDUDDO¶HVWLXPDGULOHQ\DPEHOVULJRUVWqUPLFV
L OD UHODWLYD DWXUDGD GH O¶DFWLYLWDW SROLWLFRFXOWXUDO HUD HO SLWMRU PRPHQW SHU FRQYqQFHU
QRXVILQDQoDGRUVG¶XQDSXEOLFDFLyGHOHVVHYHVFDUDFWHUtVWLTXHV$TXHOOHVWLXGHOD
SROtWLFD HVSDQ\ROD EXOOLD SHUz KR IHLD PHQ\V D 0DGULG TXH D G¶DOWUHV OORFV D 3DUtV
6DQWLDJR $OED VHPEODYD SUHSDUDUVH SHU VDOYDU OD 0RQDUTXLD HQFDSoDODQW XQ JRYHUQ
FHQWULVWD D /RQGUHV V¶HQWUHYLVWDYHQ &DPEy L $OIRQV ;,,, D $QGDOXVLD UHIHUPDYD HO
FRQIOLFWHVRFLDOLVREUHWRWD'RQRVWLDHOG¶DJRVWWHQLDOORFHOGHFLVLX3DFWRGH6DQ
6HEDVWLiQ±G¶RQSDUWLUjMDODIRUPDFLyG¶XQ*RYHUQSURYLVLRQDOGHOD5HS~EOLFD±HQWUH
IRUFHVSROtWLTXHVUHSXEOLFDQHVVRFLDOLVWHVLFDWDODQLVWHV7DPSRFSRGLDDIDYRULUODYLGD
HFRQzPLFD GH OD UHYLVWD OD VHYHUD L SHUPDQHQW FDLJXGD GH OD SHVVHWD GXUDQW DTXHOOV
PHVRV G¶HVWLX GHYDOXDGD HQ PLJ GHO FRQWH[W LQWHUQDFLRQDO G¶XQD FULVL GUjVWLFDPHQW
DQXQFLDGD GHV GH :DOO 6WUHHW D ILQDOV GH O¶RFWXEUH DQWHULRU 3HUz TXDQ DO VHWHPEUH
DPE O¶LQLFL GHO QRX FXUV 1XHYD (VSDxD DQXQFLD HO ILW[DWJH GH 0RUDWD GH IHW KD
GHPRVWUDWMDTXHSRWVREUHYLXUHVHQVHHOSDWURQDWJHGHFDSHPSUHVDULHGLWRULDO,VHPEOD
TXH KR WRUQDUj D GHPRVWUDU PDOJUDW HVFXOOV WDQ JUHXV FRP OD SHUVHFXFLy SROLFLDO R OD
YDJDG¶LPSUHVVRUVFDGDFRSTXHODSXEOLFLWDWGH0RUDWDIDOOL
0DLQHUGXEWDXQDPLFDG¶DTXHOOD[LIUDGHH[HPSODUVWLUDWVTXHFRPKHP
YLVW PpV DPXQW 1XHYD (VSDxD HQ HO Q~PHUR DQXFLDYD DPE JUDQ VDWLVIDFFLy
'¶DFRUG DPE DL[z OD YROXQWDW TXH DOOt WDPEp V¶H[SUHVVDYD G¶LQWHQWDU FRQTXHULU HOV
OHFWRUV SRVVLEOHPHQW FRUUHVSRQJXL PpV D O¶jPELW GHOV GHVLWMRV TXH DO GH OHV
UHDOLWDWV3HUzIRVTXLQIRVHOGtJLWUHDOGHODVHYDWLUDGDPLWMDQDFUHLHPTXHHUDSURXDOW
FRP SHUTXq OD LQGHSHQGqQFLD HFRQzPLFD GH 1XHYD (VSDxD IRV YLDEOH -D KHP GLW TXH
GXUDQWHOSHUtRGHLQFOzVHQWUHHOVQ~PVLHOVTXHVXUWHQVHQVHODSURWHFFLyYLVLEOH
GH6LOHVQL0RUDWDDPpVGHODSURSDJDQGDGHFDUjFWHUFRPHUFLDOV¶LQWHQVLILFDWDPEp
O¶DXWRSXEOLFLWDW GH OD UHYLVWD (OV Q~PV L DTXHVW D WRWD SODQD WUHXHQ XQD OOLVWD
DPEDOJXQDYDULDFLyHQWUHXQLDOWUHQ~PHURGHFRUUHVSRQVDOHVDTXtODSDUDXODVHPEOD
9HQHJDVRSFLW
8QDDQjOLVLFRQWH[WXDOLW]DGDGHODFRQMXQWXUDHFRQzPLFDLPRQHWjULDGHO¶(VSDQ\DGHO¶qSRFD
D-XDQ+HUQiQGH]$QGUHX(VSDxD\ODFULVLVGH0DGULG(VSDVD&DOSH
0DLQHU/D(GDGGH3ODWDHGFLW
GHVLJQDUDOKRUDYHQHGRUVLDJHQWVGLVWULEXwGRUVD(VSDQ\DLHOPyQ(QODGLVWULEXFLyD
0DGULG 6HYLOOD L 9DOqQFLD KL DSDUHL[ LPSOLFDGD OD 6RFLHGDG *HQHUDO (VSDxROD GH
/LEUHUtDTXHHQDOJXQPRPHQWWDPEpKDYLDGLVWULEXwWOOLEUHG¶DYDQoDGD(QHOFDVGH
OHV%DOHDUVLOHV&DQjULHVKLFRQVWHQQRPVLDGUHFHVGHOOLEUHULHVLTXLRVFRVHQHOFDVGH
&DWDOXQ\D HO TXH VHQV GXEWH HUD XQ SXQW GH GLVWULEXFLy DPE IXQFLRQV GH PDMRULVWD
³9LFWRULD 6DOD 3HOD\R %DUFHORQD´ 8QD GLVWULEXwGRUD D 3RUWXJDO L VHQJOHV
OOLEUHULHV HVSDQ\ROHV D 3DUtV L D %HUOtQ HVFDPSDYHQ 1XHYD (VSDxD SRF R PROW SHU
(XURSD$O0DUURFRQMDQRKLKDYLDJXHUUDSHUzVtVROGDWVGHOOHYDDOJXQGHOVTXDOV
SRWVHU OOHJLD G¶DPDJDW (O EORFDR GH 'tD] )HUQiQGH] KL KD GHVFULWV ILQV D SXQWV
)LQDOPHQWVHPEODTXHODUHYLVWDWDPEpDUULEDYDD$PqULFDDPEXQSXQWGHGLVWULEXFLy
DO¶$UJHQWLQDLXQDOWUHD;LOH
$VREUHG¶DTXHVWDOOLVWD GH FRUUHVSRQVDOHVKLWUREHPHOSUHXGHODVXEVFULSFLy
TXH PDMRUPHQW HV WUDPLWDYD SHU D Q~PHURV XQV PHVRV OODYRUV 1XHYD (VSDxD
HQFDUD VH VXEWLWXODYD 5HYLVWD 4XLQFHQDO SHVVHWHV D (VSDQ\D L D O¶HVWUDQJHU 3HU
DL[zpVHQHOQ~PHURGHODUHYLVWDTXDQDSDUHL[SHUSULPHUDYHJDGDDTXHVWDQRWD
$GYHUWLPRV D ORV VXVFULSWRUHV \ DPLJRV TXH FRQ HO SUHVHQWH Q~PHUR WHUPLQD OD
VXVFULSFLyQ GH WRGRV DTXHOORV TXH OR KDQ KHFKR SRU GRFH Q~PHURV D SDUWLU GHO SULPHUR /HV
URJDPRV TXH D OD PD\RU EUHYHGDG UHPLWDQ HO LPSRUWH GH OD UHQRYDFLyQ GH VXV VXVFULSFLRQHV D
QXHVWUDDGPLQLVWUDFLyQ6DQ,JQDFLRQ~P
-DGHVGHOVSULPHUVQ~PHURV1XHYD(VSDxDH[KRUWDYDHOVOHFWRUVDVXEVFULXUH¶V
WUDPHWHQW XQD WDUMD D O¶DGPLQLVWUDFLy GH OD UHYLVWD L XQ JLU SRVWDO SHO YDORU GH
O¶DERQDPHQW SHVVHWHV SHU D Q~PHURV R SHU D 7DPEp LQWHQWDYD UHFDSWDU
FRPSOLFLWDWVSHUDODFDXVD³7RGRVLPSDWL]DQWHFRQ18(9$(63$f$GHEHUHPLWLUQRV
GLUHFFLRQHV GH SRVLEOHV VXVFULSWRUHV´ $TXHVWD FDPSDQ\D DIOXL[DUj HQ HOV Q~PHURV HQ
TXq OD SXEOLFLWDW GH &HQLW HV ID PROW SUHVHQW L UHYLVFRODUj TXDQ ±GXUDQW O¶qSRFD
G¶RUIDQGDW GH OD UHYLVWD± FRPHQFHQ D FDGXFDU OHV VXEVFULSFLRQV LQLFLDOV 1R SRW VHU
FDVXDOTXHDPEO¶DUULEDGDGHOQ~PRVLJXLGH0RUDWDSDJDQWUHJXODUPHQWO¶DQXQFL
GH O¶~OWLPD SODQD GHVDSDUHJXLQ HOV DYLVRV L H[KRUWDFLRQV UHODWLXV D OD VXEVFULSFLy
3RWVHU WDPSRF pV FDVXDOLWDW TXH VLJXL HQ HO Q~P FRLQFLGLQW H[DFWDPHQW DPE OD
SULPHUDGHVHUFLySXEOLFLWjULDGH0RUDWDTXDQUHDSDUHJXLRVWHQVLEOHPHQWODQHFHVVLWDWGH
IHUVXEVFULSFLRQV
/¶LQWHUHVVDQWHGLWRULDOGHOQ~PGHVHWHPEUHGH±RQHVSDUODYDSHU
SULPHUD L SUjFWLFDPHQW ~OWLPD YHJDGD G¶XQ *UXSR 1XHYD (VSDxD± DQXQFLDYD DPE OD
LQFRUSRUDFLy GH 0RUDWD D O¶HTXLS OD SHULRGLFLWDW VHWPDQDO D SDUWLU GH O¶RFWXEUH (O
Q~PHURVHJHQWHOGHVHWHPEUHGHYHDVHUMDXQIDOVQ~PHURVHWPDQDOXQ
WDVW XQD PRVWUD GH OD IDLoy TXH WLQGULD OD UHYLVWD D SDUWLU GH O¶RFWXEUH HO Q~P QR
'H9LFWRULR6DOD7RORVDEHPTXHDO¶DOWXUDGHHUDHOUHSUHVHQWDQWGH&HQLW
D %DUFHORQD KRPH GH FRQILDQoD GH 6LOHV L 5RFHV Y OD FRUUHVSRQGqQFLD HQWUH -RDTXtQ 0DXUtQ L &HQLW
SXEOLFDGD D &DXGHW RS FLW 0HPEUH GHO 368& VHPEOD VHU TXH SRVWHULRUPHQW SUHQGUj SDUW
DFWLYDHQODJXHUUD EUXWDGHO¶HVWDOLQLVPHFRQWUDHO 3280(QO¶H[LOLGH0q[LFYDLQWHQWDUGHGLFDUVH D
O¶HGLFLySHUzYDWHQLUPpVq[LWFRPDFXLQHUREULQWXQUHVWDXUDQWDO')
3HOTXHIDD%HUOtQODLQGLFDFLyUHVD³2WWR6DORPRQ±/LEUHUtD(VSDxROD2UDQLHQEXUJHU6WU
´
1RpVTXHHOIHWIRVJDLUHSUREDEOHSHUzDOJXQFDVHVSRGLDKDYHUGRQDW*DLUHEpXQDGqFDGD
DEDQV GXUDQW O¶qSRFD HQ TXq 9HQHJDV YD KDYHU GH WDVWDU OD YLGD PLOLWDU YD SXEOLFDU HQ (O
/LEHUDOGH0DGULGXQGHPROLGRUDUWLFOHWLWXODW³1ROHHQORVVROGDGRV´HQHOTXDOIDXQDO~FLGDLDPDUJD
UDGLRJUDILDGHOVKjELWVGHOHFWXUDpVDGLUGHOVQRKjELWVPDMRULWDULVHQWUHODMRYHQWXWHVSDQ\ROD(VSRW
OOHJLUDQQH[DWD(XJHQLR3pUH]$OFDOi ³-RVp9HQHJDV SHULRGLVWDVXHWDSDHQ (O /LEHUDOGH0DGULG´
(OXFLGDULR6HPLQDULR%LRELEOLRJUiILFR0DQXHO&DEDOOHUR9HQ]DOiVHWHPEUH
VRUWLULDDOFDSG¶XQDVHWPDQDVLQyDOFDSGHGLHVHOG¶RFWXEUH1LTXHDODSULPHUD
SODQDLQFRUSRULMDHOVXEWtWRO6HPDQDULR3ROtWLFR\6RFLDOLODUHVWDGHFDQYLVGHIHWHO
Q~PSRGULDHQFDUDFRPSXWDUVHGLQVO¶HWDSDTXLQ]HQDOGHODUHYLVWDeVFRPVL1XHYD
(VSDxDHVFDOIpVPRWRUVGDYDQWHOUHSWHG¶HVGHYHQLUVHWPDQDOLHOQ~PHURH[WUDRUGLQDUL
GH GH VHWHPEUH HQWUH HOV Q~PV L SHUz IRUD GH QXPHUDFLy VHPEOD DPE OHV
VHYHVSODQHVXQDDOWUDSURYDWXUDHQDTXHVWVHQWLW8QDQRWDGHVWDFDGDHQQHJUHWHVHQOD
SODQDGHOQ~PH[SUHVVDHOFHUWFDUjFWHUH[SHULPHQWDOG¶DTXHVWQ~PHUR
'HVGH HO SUy[LPR Q~PHUR TXH DSDUHFHUi HO GtD GH RFWXEUH 18(9$ (63$f$ VH
WUDQVIRUPDHQXQDUHYLVWDVHPDQDOGHSiJLQDVDOSUHFLRGHFpQWLPRV
+HPRVTXHULGRSXEOLFDUHOSUHVHQWHQ~PHURWDOFRPRKDGHDSDUHFHUHQORVXFHVLYR±FRQ
YDULDFLRQHVTXHKDQGHPHMRUDUORFRQVLGHUDEOHPHQWH±SDUDTXHQXHVWURVOHFWRUHVVHGHQFXHQWDGH
ORTXHKDGHVHU18(9$(63$f$GHDKRUDHQDGHODQWH
1XHVWUR SURJUDPD GHO SULPHU GtD FRQWLQXDUi FXPSOLpQGRVH DO SLH GH OD OHWUD 18(9$
(63$f$ VHPDQDULR SROtWLFR \ VRFLDO DVSLUD D VHU HO yUJDQR PiV DYDQ]DGR GH ODV L]TXLHUGDV
HVSDxRODV\DSODQWHDUFRQXQFULWHULRXQLYHUVDOLVWDORVSUREOHPDVPiVXUJHQWHVGHQXHVWURSDtV
(VWDPRV VHJXURV GH TXH HQ pO HQFRQWUDUiQ ODV QXHYDV JHQHUDFLRQHV TXH LUUXPSHQ HQ OD OXFKD
SROtWLFD \VRFLDOODUHYLVWDTXHH[LJHHO PRPHQWR SUHVHQWH0iVFRPEDWLGD>VLF@\SRSXODUVL
FDEHTXHKDVLGRKDVWDDKRUDODQXHVWUDVHUiXQDUHYLVWDSDUDPD\RUtDV\PLQRUtDVPDQWHQLGD
SRU HO IHUYRU GH XQ *UXSR GH KRPEUHV OLEUHV TXH UHTXLHUH HQ QRPEUH GH ©(VSDxD IXWXUDª HO
DSR\R\ODFRQILDQ]DGHWRGRVORVVHFWRUHVGHL]TXLHUGD
(O QRX VHWPDQDUL DILUPD GRQFV TXH UHQHL[ DPE UHQRYDGD YROXQWDW GH VHJXLU
FREULQW±LQRpVPHUDUHWzULFDHOVVHXVFRQWLQJXWVKRFRQILUPDUDQ±³WRGRVORVVHFWRUHV
GHODL]TXLHUGD´LGHFRQMXJDUXQ³FULWHULRXQLYHUVDOLVWD´DPEHOPpVYLXLQWHUqVSHUOD
SROtWLFDHVSDQ\ROD4XDQGHFLGHL[VRUWLUDODSDOHVWUDKHEGRPDGjULDPHQW1XHYD(VSDxD
IDHQFDUDXQQRXFRSGHYRODQWHQDTXHOODGLUHFFLy±MDWUDoDGD±TXHODFRQGXHL[PpVFDS
DODSROtWLFDTXHFDSDODOLWHUDWXUD(OWRGHODUHYLVWDHQHOVDGUHoDPHQWVDOOHFWRUGHOV
Q~PV L Q~PHURV GH WUDQVLFLy GH UHRUJDQLW]DFLy UHVSLUD MD XQD GHFLVLy
LQWHUYHQWRUDHQODUHDOLWDWXQGHVLJGHJXDQ\DUHOIXWXUPRGLILFDQWHOSUHVHQW(OSURFpV
GHVGHO¶HPSDUDGH6LOHVILQVDODGH0RUDWDHQHOFDWjOHJGHOTXDOODOLWHUDWXUDQRRFXSD
HO PHQRU OORF pV WDPEp LQGLFDWLX G¶DTXHVWD WUDQVIRUPDFLy LQWHUQD ±QR GUjVWLFD SHUz Vt
SHUFHSWLEOH±GH1XHYD(VSDxDODUHYLVWDUHIOH[GHO¶HYROXFLyGHODJHQWGHDYDQ]DGD
FDGD YHJDGD HV YD PRVWUDQW PpV SURFOLX D VXEVWLWXLU OD FUtWLFD HVWqWLFRWHzULFD SHU XQD
FUtWLFD SROtWLFRSUjFWLFD 3HUz pV TXH KL KDYLD HQ O¶(VSDQ\D GH UHV PpV
DSDVVLRQDQW ±UHV PpV OLWHUDUL YDO D GLU± TXH OD YLGD SROtWLFD" (OV LQWHOÂOHFWXDOV
G¶DYDQoDGDTXDQHQILOHQXQDGHULYDG¶DFFLySROtWLFDVyQSHUIHFWDPHQWFRQVHTHQWVDPE
DTXHOOVSODQWHMDPHQWVH[SUHVVDWVD3RVW*XHUUDTXHPDLVLWXDYHQO¶DUWSHUVREUHGHOD
YLGDODYLUWXWOLWHUjULDSHUVREUHGHOFRPSURPtVFtYLF(OOVVyQHQGHILQLWLYDO¶DXWqQWLFD
DYDQWJXDUGD G¶XQD WHQGqQFLD HSRFDO G¶XQ FRUUHQW JHQHUDO SROLWLW]DGRU TXH HQ OD VHYD
PROWFDUDFWHUtVWLFDPDQLIHVWDFLyHVSDQ\RODDFDEDULDRPSOLQWG¶HVFULSWRUVGHSURIHVVRUV
LG¶LQWHOÂOHFWXDOVGLYHUVRVOHVSULPHUHV&RUWVUHSXEOLFDQHV
8Q GHWDOO HQFDUD HQV TXHGD SHU FRPHQWDU GHO VXFyV HGLWRULDO GHO Q~P PpV
DPXQWWUDQVFULW6¶DQXQFLDDOOtODFUHDFLyG¶XQDPHQDGH%LEOLRWHFD1XHYD(VSDxDTXH
PDLYDWHQLUOORFLQLWDQVROVYDWRUQDUDDSDUqL[HUFRPDSURSzVLW'LXHQTXHHGLWDULHQ
³PHQVXDOPHQWH YRO~PHQHV GH OD PHMRU OLWHUDWXUD GH L]TXLHUGDV´ SHU FRQVWUXLU XQD
5HFRUGHPTXHGHOVQ~PVDWpSODQHVLFRVWDFqQWLPV
6HQV GXEWH DTXt XQD HUUDWD KD WUDQVPXWDW FRPEDWLYD HQ FRPEDWLGD (Q DTXHVW FDV SHUz HO
ODSVXVGHOWLSzJUDIUHFRUGHPTXHHOQ~PpVWDPEpHOSULPHUHQVRUWLUGHODLPSUHPWDTXHDSDUWLUGH
OODYRUV VHUj MD GHILQLWLYD REUH VLJQLILFDFLRQV L HVGHYp SURIqWLF SHUTXq HQ HIHFWH L FRP MD KHP UHIHULW
O¶HWDSD VHWPDQDO GH 1XHYD (VSDxD VHUj HQFDUD PpV FRPEDWXGD SHOV VHXV HQHPLJV QDWXUDOV TXH OD
TXLQ]HQDO
FROÂOHFFLyTXHIRV³XQtQGLFHGHOSHQVDPLHQWRPRGHUQRHQWRGDVVXVFDUDFWHUL]DFLRQHV´
6HQV GXEWH HUD XQ SURMHFWH TXH HOV GLUHFWRUV GH OD UHYLVWD KDYLHQ LGHDW DPE -DYLHU
0RUDWDODQRYDLQFRUSRUDFLySHUDSURILWDUO¶H[SHULqQFLDTXHWRWVSOHJDWV±FDGDVF~DOD
VHYDPDQHUD±WHQLHQMDHQHOPHUFDWGHOOOLEUHSROtWLF1RWHPTXHHQSULQFLSLVHPEODYD
WUDFWDUVHPROWPpVG¶XQDELEOLRWHFDG¶DVVDLJTXHGHILFFLyDL[zGHPRVWUDTXLQHVHUHQ
HQDTXHOOPRPHQWOHVSULRULWDWVG¶XQDSXEOLFDFLyG¶DYDQoDGDTXHDOFDSLDODILHVWDYD
GLULJLGD SHU WUHV QRYHOÂOLVWHV 1R VDEHP SHU TXq OD FRVD QR YD WLUDU HQGDYDQW WRW L OD
VDWXUDFLyHQDTXHOOVPRPHQWVGHOPHUFDWKLVSjQLFSHOTXHIHLDDOSURGXFWHFXOWXUDOTXH
HV SURSRVDYHQ GH OODQoDU KDXULD HVWDW LQWHUHVVDQW SRGHU YHXUH VL PpV QR XQD SULPHUD
OOLVWDGHWtWROVHQFDUWHUD
5HFREUDGD XQD SURWHFWRUD VHJXUHWDW HFRQzPLFD JUjFLHV D OD MRLQW YHQWXUH DPE
-DYLHU 0RUDWD HQ HO Q~P 1XHYD (VSDxD HV SUHVHQWD GRQFV FRP D VHWPDQDUL
GHFODUDGDPHQW SROLWLW]DW L DPE PDUFDGD WHQGqQFLD D FRPEDWUH OD UHDFFLy HQ HO WHUUHQ\
GHOV IHWV GH O¶DFWXDOLWDW GH OHV UHDOLWDWV PpV HQFDUD TXH HQ HO GH OHV LGHHV HVWqWLFR
OLWHUjULHV±WHUUHQ\SHUzDTXHVWDOWUHTXHWDPSRFV¶DEDQGRQD/DUHGDFFLyLDGPLQLVWUDFLy
GHODUHYLVWDV¶KDWUDVOODGDWDODVHYDWHUFHUDLGHILQLWLYDVHX7XGHVFRVeVGHIHW
OD VHX GH 0RUDWD $OOt V¶KDYLD LQVWDOÂODW HO -DYLHU 0RUDWD 3HGUHxR SULPHU FRP D
OOLEUHWHU/LEUHUtD0LQHUYDLDSDUWLUGHFRPDHGLWRU7DPEpKDQYDULDWO¶DSDUWDW
GHFRUUHXVGHODUHYLVWDDUDpVHOLHOQ~PHURGHWHOqIRQ3HUVLTXHGDYDDOJXQ
GXEWHVREUHTXLDFROOLDDUDO¶zUJDQGHOHVHVTXHUUHVODQRYDFDSoDOHUDLQGLFDHQFDUDXQ
DOWUH PLWMj GH FRQWDFWH ³'LUHFFLyQ WHOHJUiILFD 025$7(',´ $TXHVWHV GDGHV GH OD
FDSoDOHUD HV PDQWLQGUDQ LQYDULDEOHV MD ILQV D OD GHVDSDULFLy GH OD UHYLVWD 3HU WDQW
0RUDWDQLTXHHQHOVSHUtRGHVPpVDVSUHVGHL[LG¶DQXQFLDUV¶KLGHIHWMDQRYDGHL[DU
G¶HVWDU LQYROXFUDW HQ OD QRVWUD SXEOLFDFLy UDGLFDO 7DPEp HO QRX FDQYL G¶HVWDEOLPHQW
WLSRJUjILF GHYLD UHVSRQGUH D OD LQWHUYHQFLy GH 0RUDWD /¶DPSOLDGD FDSoDOHUD HQ
DTXHVW Q~P pV D OD SODQD SHUz GHVSUpV WRUQDUj D OD HO VHX OORF PpV WtSLF
UHSURGXHL[ DUD FRP KDYLD IHW 3RVW*XHUUD HO GLVVHQ\ GHO WtWRO GH OD SRUWDGD HQ XQD
HVFDODPpVSHWLWD(QHQGDYDQWHOSUHXGHODVXEVFULSFLyTXHGHQOOXQ\HOVLQJHQXVWHPSV
GH 3RVW*XHUUD TXDQ FDGD OHFWRU SDJDYD HO TXH SRGLD MD QR VHUj SHU QRPEUH GH
Q~PHURVVLQySHUSHUtRGHVGHWHPSVXQVHPHVWUHSHVVHWHVXQDQ\
0RUDWD FRP DEDQV 6LOHV pV GRQFV HO QRX KRPH IRUW GH 1XHYD (VSDxD HO TXH
V¶DERQDJHQHURVDPHQWDO¶HVSDLSXEOLFLWDULLHOTXHIDFLOLWDWRWDXQDLQIUDHVWUXFWXUD6HQV
GXEWHHOQRXSURWHFWRUFRQVFLHQWGHO¶q[LWHQDTXHOOVPRPHQWVGHODFXOWXUDG¶HVTXHUUHV
HVWDYDLQWHUHVVDWHQPDQWHQLUFRQWDFWHVDPEDTXHOOJUXSG¶DYDQoDGD3RWVHUILQVLWRW
ODSHUVSHFWLYDGHVXSODQWDU6LOHVXQFODUFRPSHWLGRUHGLWRULDOQROLGHVDJUDGDYDGHOWRW
3HUzDUDODSUHJXQWDpVSDJDULD1XHYD(VSDxDDFDQYLG¶DTXHVWDSURWHFFLyPRUDWLDQD
DOJXQDPHQDGHSHDWJHLGHROzJLF"6HJRQVFRPHVPLULSHUzFUHLHPTXHHVSRWGHIHQVDU
TXHQR3RGULDLQGLFDUHOFRQWUDULHOIHW±HYLGHQWPHQWQRFDVXDO±TXHHQDTXHVWQ~P
HOV DUWLFOHV G¶RSLQLy SURWDJRQLVWHV HOV VLJQLQ GRV DXWRUV 0RUDWD $OHMDQGUR /HUURX[ L
(Q HOV Q~PV TXDQ OD UHYLVWD FRPSDUWLD VHX DPE $UJLV $OWDPLUDQR WHQLD GRV
WHOqIRQVLHQHOQ~PHQFDUDKLFRQVWDQRPpVDTXHVWVHJRQTXHHUDSUzSLDPHQWHOGHOD
LPSUHPWD$PEHOIRUoyVWUDVOODWD6DQ,JQDFLRDOSULQFLSLQ~PVQRGLVSRVDYDGHWHOqIRQSHUz
GHVSUpV Q~PV YDQ WHQLU HO Q~PHUR $PE O¶DUULEDGD D 7XGHVFRV HO Q~PHUR GH
WHOqIRQMDQRFDQYLDUjQ~PVILQVDOILQDO
7RWLTXHQRH[KDXVWLYDPHQWKHPFRPSURYDWTXHHQHIHFWHYROXPVGH0RUDWDHGLWDWVHO
HVWDQLPSUHVRVD6XFHVRUHVGH)3HxD&UX]
/HVHGLFLRQVGH0RUDWDFRPMDKHPGLWPpVDPXQWSDUWLFLSHQWDPEpDODVHYDPDQHUDGHOD
IHVWD HGLWRULDO G¶DYDQoDGD 3HUz WDQW HQ O¶DVSHFWH WLSRJUjILF HVSHFLDOPHQW SHO TXH ID DO GLVVHQ\ GH OHV
FREHUWHVFRPHQHOGHUDGLFDOLWDWLGHROzJLFDDQLUDQVHPSUH±SHUGLUKRDL[t±XQRGRVSDVVRVSHUGDUUHUH
GH&HQLW=HXV+R\HWF
-XOLR6HQDGRU'RVDXWRUVILQVDUDLQqGLWVDODUHYLVWDGLVSRVHQGHGXHVSODQHVVHQFHUHV
FDGDVFXQ HQ OD LQWHUPLWHQW SHUz SUHIHUHQW VHFFLy ³,GHDV 3ROtWLFDV´ 4Xq KL SLQWHQ D
1XHYD (VSDxD HO SRSXOLVPH GHPDJzJLF GH /HUURX[ L HO UHJHQHUDFLRQLVPH WURQDW GH
6HQDGRU"/DOHFWXUDTXHHQFDOIHUpVODVHJHQWGHVSUpVGHO3DFWHGH6DQW6HEDVWLjHQ
TXq/HUURX[QRHQYDSDUWLFLSD1XHYD(VSDxDHVWjPpVGLVSRVDGDTXHPDLDWUHEDOODU
D IDYRU GH O¶KHWHURJHQL EORF DQWLPRQjUTXLF TXH V¶HVWj SHUILODQW FRP D DOWHUQDWLYD DO
SXWUHIDFWH UqJLP HQFDUD YLJHQW /D UHYLVWD V¶KD WRUQDW PpV SRVVLELOLVWD HQFDUD TXH DO
SULQFLSLVtSHUzpVTXH DUDODYLFWzULD UHSXEOLFDQD pVSRVVLEOH 1XHYD(VSDxDKDDQDW
REULQWOHVVHYHVFROXPQHVDSHUVRQDWJHVLDFWLWXGVSROtWLTXHVTXHPDLKDJXHVVLQDSDUHJXW
D 3RVW*XHUUD FRP QR IRV SHU UHEUH XQ ERQ IODJHOO SHUz VLJQLILFD DL[z TXH HO SURSL
WDUDQQjSROtWLFGHODUHYLVWDV¶KDJLGHVSODoDWFDSDOFHQWUH"(QSULQFLSLQRHOVHGLWRULDOVL
OD VHFFLy ³5LIL5DIH´ TXH VyQ OD YHUWDGHUD H[SUHVVLy GHO FRU SROtWLF GH OD UHYLVWD HV
PDQWHQHQVHPSUHFRPGLULDPpVWDUG/HRQKDUG)UDQNOLQNVZRGDV+HU]LVW
8QDOWUHGHOVFDQYLVTXHDSRUWDHOQ~PpVO¶DSDULFLyGHO¶HGLWRULDOGHSRUWDGD
VLWLDOFRVWDWGHODLPDWJHJUjILFDRQILQVDUDKLKDYLDHOVXPDUL$L[zOzJLFDPHQWGyQD
D OD UHYLVWD XQ DVSHFWH HQFDUD PpV SHULRGtVWLF L OL FUHD XQ OORF SULYLOHJLDW RQ SRGHU
VHOHFFLRQDUXQWHPDL H[SUHVVDUQHYLVLEOHPHQWODVHYDRSLQLy$TXHVWSULPHUHGLWRULDO
GHFREHUWDHVWLWXOD³GHVHSWLHPEUH´ODGDWDHQTXqOD'LFWDGXUDFDGDDQ\FHOHEUDYD
O¶DQLYHUVDULGHOFRSGH3ULPRODVHYDOtQLDSROtWLFDpVIHUPDHQHOUHI~V GHOYHOOUqJLP
IDFFLyV L HQ OD GHPDQGD GH OD VHYD GHILQLWLYD OLTXLGDFLy DL[t FRP GH OD GHSXUDFLy GH
UHVSRQVDELOLWDWV3HUzVHQVHUHQXQFLDUDOWRSURSLGHOSHQVDPHQWGHDYDQ]DGDXQDIUDVH
DSXQWDHQODGLUHFFLyPDQFRPXQDGRUDDTXqHOPRPHQWSROtWLFDUDFRQYLGDPpVTXHPDL
³'HVGHHOOLEHUDOLVPRPiVPRGHUDGRDOUDGLFDOLVPRPiVH[WUHPRODGLFWDGXUDSHUVRQDO
HVUHSXGLDEOH´(OVGRVHGLWRULDOVGHODSODQDPRVWUHQHQFDUDPLOORUODSRVLFLySROtWLFD
GHODUHYLVWDVyQDOKRUDUDGLFDOPHQWGXUVFRQWUDODGUHWDLREHUWDPHQW±JHQHURVDPHQW±
DJOXWLQDGRUV GH WRW O¶HVSHFWUH RSRVLWRU DO UqJLP PRQjUTXLF (O SULPHU HV WLWXOD ³/D
SURWHVWD GH *DOLFLD´ L FHOHEUD DO SULQFLSL DPE LURQLD L GHVSUpV DPE UjELD TXH OHV
WXPXOWXRVHV SURWHVWHV HVSRQWjQLHV KDJLQ LPSHGLW HQ GLIHUHQWV OORFV GH *DOtFLD HO
GHVHQYROXSDPHQW G¶DFWHV SURSDJDQGtVWLFV GH OD 8QLyQ 0RQiUTXLFD 1DFLRQDO FRVD TXH
HQ SULQFLSL KD IHW UHQXQFLDU D &DOYR 6RWHOR D ³HO KLMR GH 3ULPR GH 5LYHUD \ GHPiV
PHQWDOLGDGHV´ GH FRQWLQXDU OD FDPSDQ\D HQ DOWUHV SDUWV GHO SDtV $UD OD SUHPVD
PRQjUTXLFD SURWHVWD GHPDQDQW XQD OOLEHUWDW G¶H[SUHVVLy TXH QR KDYLD H[LJLW DPE WDQWD
FRQYLFFLyTXDQHOHPHQWVSURYRFDGRUVGHGUHWHVKDYLHQVDERWHMDWDFWHVGHEHQYLQJXGDD
8QDPXQR ³'RQGH ODV GDQ ODV WRPDQ TXHULGRV FDYHUQtFRODV´ &RPSURYHP TXH
O¶HORTqQFLD UDGLFDO GH 1XHYD (VSDxD IUXLW GH OHV VHYHV DXWqQWLTXHV FRQYLFFLRQV QR
V¶KDPDOPqVHQHOQRXVHWPDQDUL
$OHMDQGUR /HUURX[ ³/D FODVH PHGLD´ 1XHYD (VSDxD GH VHWHPEUH -XOLR
6HQDGRU ³3DQRUDPD GHO GHVDVWUH´ 1XHYD (VSDxD GH VHWHPEUH /D VHFFLy ³,GHDV
3ROtWLFDV´TXDQDSDUHL[LDKRVROLDIHUHQXQOORFSUHIHUHQWVRYLQW±FRPHQDTXHVWFDV±HQODSODQDVHQDU
MXVWGHVSUpVGHOVHGLWRULDOV
(OVXPDULHQDTXHVWQ~PKDSDVVDWDODSODQDDOOtURPDQGUjXQVQ~PHURVVRWD
PDWHL[ GH OD FDSoDOHUD ILQV TXH DYLDW Q~P GHVDSDUHJXL GH OD UHYLVWD /D VXSUHVVLy GHO VXPDUL QR
DMXGDUj D TXq 1XHYD (VSDxD VHPEOL PpV XQD PHGLWDGD UHYLVWD G¶LGHHV TXH XQD DW]DURVD SXEOLFDFLy
SHULzGLFDVRWPHVDDOHVFRQWLQJqQFLHVSROtWLTXHV±RSROLFLDOV±GHOGLD
(QDTXHOOVPRPHQWVOD8QLyQ0RQiUTXLFD1DFLRQDOHUDYLVWDFRPXQDHPDQDFLyGLUHFWDGHOD
ILQLGD±LHQ YLGDGH3ULPR JRYHUQDPHQWDO±8QLyQ3DWULyWLFD SUjFWLFDPHQWFRP XQ PHU FDQYLGHVLJOHV
3RVWHULRUPHQW V¶KD WHQGLW D LQWHUSUHWDUOD HQ UHODFLy DPE OD VHYD SURMHFFLy IXWXUD pV D GLU FRP XQ GHOV
DOEHOORQVTXHDFDEDULHQGHVJXDVVDQWHQODSDUWLFXODUIRUPDKLVSjQLFDGHOIHQRPHQIHL[LVWD$OHVSODQHVGH
1XHYD(VSDxDODQRYD80DYLDWV¶DQLUjSHUILODQWFRPXQDGHOHVPpVGHWHVWDEOHVEqVWLHVQHJUHVGHOD
UHYLVWD&RPDPRVWUDXQEUHYtVVLPDSXQWHVFDWROzJLFGH³5LIL5DIH´Q~PS³8QDDGLYLQDQ]D
¢4XpTXLHUHQGHFLUODVLQLFLDOHV80"´
(VRV KRPEUHV YLRODGRUHV GH GHUHFKRV GH KRJDUHV \ KDFLHQGDV SHUVHJXLGRUHV GH
SHUVRQDVRSLQLRQHVDMHQDV\OtFLWDVSURSDJDQGDVWUDVJUHVRUHVGHODVPiVHOHPHQWDOHVQRUPDVGH
FLXGDGDQtD\GHKXPDQLGDGWLUDQXHORVLPSODFDEOHVGH(VSDxDGXUDQWHVHLVDxRVGHLJQRPLQLD
GHWHQWDGRUHVGHVXSRGHUS~EOLFRTXHQRJDQDURQHQEXHQDOLGFRQVWLWXFLRQDOVLQRTXHKXUWDURQ
VHGLFLRVDPHQWHFRPRDUUHEDWDQORVVDOWHDGRUHVGHFDPLQRVXQDYDOLMDHQPLWDGGHXQDFDUUHWHUD
HVRVKRPEUHVVRQORVTXHDKRUDLPSORUDQ £OLEHUWDG \GHUHFKRV \ SUiFWLFDVGHFLXGDGDQtD/D
UHSXOVDGHOSDtVQRSXHGHVHUPiVQDWXUDOPiVFDUJDGDGHUD]RQHV\GHHPRFLyQMXVWLFLHUD>«@
(OVHJRQHGLWRULDOHVWLWXOD³/RVSUHVRVVRFLDOHV´LpVPROWLQWHUHVVDQWSHUYHXUH
HO SXQW SROLWLFRLGHROzJLF HQ TXq V¶KD VLWXDW 1XHYD (VSDxD eV XQ WH[W LJXDOPHQW GXU
FRQWUDO¶REUDGHOD'LFWDGXUDLTXHVHVROLGDULW]DDPEODFDPSDQ\DSURDPQLVWLDTXHGXHQ
DWHUPHOHVRUJDQLW]DFLRQVVLQGLFDOVLODSUHPVDREUHUD³/RVGHOLWRVVRFLDOHVVRQGHOLWRV
GHLGHDV1RVHROYLGHHVWR´3HUzG¶DOJXQDPDQHUDDUDHOPyQREUHULVLQGLFDOLVWDGHV
GH OD WULEXQD UDGLFDOEXUJHVD GH 1XHYD (VSDxD HV SHUFHS PpV OOXQ\j TXH GHV GH OHV
SODQHV±PpVXWRSLVWHV±GH3RVW*XHUUD/DUHYLVWDTXHSURWHJHL[0RUDWDpVXQzUJDQGH
O¶HVTXHUUDLQWHOÂOHFWXDOSHUzHVQRWDTXHKDDEDQGRQDWMDTXDOVHYROYHOÂOHwWDWSUROHWjULDR
GHFODVH$L[zHQHOIRQV±QLTXHQRV¶H[SUHVVL±GHYLDLQFRPRGDUXQDPLFDDOJXQGHOV
VHXV IXQGDGRUV /D UHYLVWD SHU VREUHYLXUH HFRQzPLFDPHQW QR PHQ\V TXH SHU YROXQWDW
G¶XQLUIRUFHVFRQWUDHOUqJLPG¶$OIRQV;,,,HVYHXREOLJDGDDIHUXQVHTXLOLEULVLFUHDU
XQHVHTXLGLVWjQFLHVTXHQRGHL[HQGHWUDLUHOVHXHVSHULWPpVLQVXEPtV/¶~OWLPSDUjJUDI
GHO¶HGLWRULDOpVHQDTXHVWVHQWLWWDQH[SOtFLWTXHVHPEODDXWRMXVWLILFDWLX
1R QRV LPSRUWDQ ORV PDWLFHV GH HVDV RUJDQL]DFLRQHV REUHUDV TXH VXIUHQ SHUVHFXFLyQ
$SURYHFKDPRVHVWHPRPHQWRSDUDGHFLUTXH18(9$(63$f$QRHVXQDUHYLVWDGHHVWDRODRWUD
WHQGHQFLDVLQRTXHDOFDQ]DWRGDVDTXHOODVTXHILJXUDQHQHOPRYLPLHQWRGHL]TXLHUGDV'HVGHHO
UHSXEOLFDQLVPRGHGHUHFKDVDOLQWHUQDFLRQDOLVPRPDU[LVWDWRGRVORVJUXSRVHVWiQUHSUHVHQWDGRV
HQQXHVWUDSXEOLFDFLyQ4XHUHPRVFRODERUDUGHVGHODOtQHDLQWHOHFWXDOPiVDYDQ]DGDHQODREUDGH
WUDQVIRUPDFLyQ GH XQ UpJLPHQ FX\R FRP~Q GHQRPLQDGRU HV OD LQMXVWLFLD HFRQyPLFD \ OD
VXEYHUVLyQPRUDO(QHVDOtQHDQRVKHPRVFRORFDGRGHVGHHOSULPHUGtD\HQHVDOtQHDHVWDUHPRV
HQHOIXWXUR
1XHYD (VSDxD pV PROW PpV UHSXEOLFDQD L PHQ\V REUHULVWD TXH 3RVW*XHUUD (O
UHSXEOLFDQLVPH QL TXH IRV HO G¶HVTXHUUHV QR HUD XQD RSFLy SROtWLFD HVVHQFLDOPHQW
SUROHWjULD 3HUz WDPSRF HV SRW GLU TXH 1XHYD (VSDxD KDJL UHQXQFLDW GHO WRW D
SHUVSHFWLYHVUHYROXFLRQjULHV/DUHYLVWDSDFWDDPE0RUDWDTXHUHSUHVHQWDDTXHVWDGUHWD
UHSXEOLFDQDDTXqDOÂOXGHL[O¶HGLWRULDOSHUSRGHUVXEVLVWLULSRGHUGRQFVVHJXLUWUHEDOODQW
HQXQDOtQLDTXHVHQVGXEWHVXSHUDjPSOLDPHQWSHUO¶HVTXHUUDHOFLUFXPVWDQFLDOVRFL(Q
HO IRQV 1XHYD (VSDxD QR V¶DLJXDOHL[ LGHROzJLFDPHQW PpV DYLDW V¶DGDSWD DO PRPHQW
SROtWLFDPEUHDOLVPHLV¶DOLDDPE-DYLHU 0RUDWD DPE FULWHUL FRQWHPSRULW]DGRU $UD Ep
TXLXWLOLW]DTXL"'HL[DYD0RUDWDFDVDVHYDFRPDVHXGHODUHYLVWDDPEWHOqIRQLDOWUHV
VHUYHLVDFDQYLGHUHV"%XVFDYDLPSUHPWDSHUDODUHYLVWDVXIUDJDYDSXEOLFLWjULDPHQWOD
FREHUWDSRVWHULRUDFDQYLGHUHV"1XHYD(VSDxDQRSDJDUjSHUIHUSRVVLEOHODVHYD
YLDELOLWDWXQSUHXLGHROzJLFSHOTXHIDDODVHYDRULHQWDFLyEjVLFDSHUzVtTXHHOSDJDUj
HQODSUHVqQFLDGHGHWHUPLQDWVFRQWLQJXWVDOHVVHYHVSODQHV/DSULPHUDSLVWDG¶DL[zMD
HQVODGRQDYDODSUHVqQFLDHVWHOÂODUHQHOQ~PG¶XQDUWLFOHGH/HUURX[$O¶DOWXUDGH
HOSHUVRQDWJHDOVVHXVDQ\VWHQLDMDJXDQ\DGDXQDFHUWDIDPDG¶DIDYRULGRUGH
FRUUXSWHOHV TXH HQFDUD FUHL[HULD GHVSUpV GXUDQW OD 5HS~EOLFD HQ TXDOVHYRO FDV OD VHYD
ILJXUDGHUDGLFDOLVPHDWURWLQDWLUHSXEOLFDQLVPHSOHEHLVWDSHUIRUoDKDYLDG¶HYRFDUHQOD
1RVDOWUHV DTXt WUHEDOOHP VHPSUH DPE OD KLSzWHVL TXH 0RUDWD SDJDYD DTXHVWD SXEOLFLWDW D
1XHYD (VSDxD SHUz WDPSRF pV GHVFDUWDEOH TXH IRV XQ GUHW JUDWXwW SDFWDW D FDQYL MXVWDPHQW GH OHV
LQIUDHVWUXFWXUHVTXHO¶HGLWRUSRVDYDDGLVSRVLFLyGHODUHYLVWD
JHQW GH DYDQ]DGD PROW PpV XQD YHOOD TXH XQD QRYD (VSDQ\D /¶DOWUH DUWLFXOLVWD
GHVWDFDW HQ HO Q~P -XOLR 6HQDGRU SHU OD VHYD SDUW SHUWDQ\LD WDPEp PROW PpV DOD
JHQHUDFLy G¶(VSDxD TXH D OD GH 1XHYD (VSDxD /D LQWHUYHQFLy GH 0RUDWD HQ HOV QRXV
PDWHULDOVGHODUHYLVWDWRUQDDVHUSDOHVDXQHVSODQHVPpVHQGDYDQWTXDQXQDXWRUWDPEp
GH OD PRUDWLDQD FDVD HO 'U 9LWDO $]D HVFULX XQ DUWLFOH DO YROWDQW G¶XQ OOLEUH ±TXH HV
IDULD IDPyV D WRWD (XURSD± GHO JLQHFzOHJ KRODQGqV 7KHRGRRU +HQGULN YDQ GH 9HOGH
OOLEUHTXHHOSURSL0RUDWDKDYLDHGLWDWUHFHQWPHQWDPEHOWtWROG¶(OPDWULPRQLRSHUIHFWR
HVWXGLR GH VX ILVLRORJtD \ VX WpFQLFD 9LWDO $]D ILOO GH O¶KRPzQLP VDLQHWLVWD L
FRPHGLzJUDI DVWXULj TXH WDPEp KDYLD SURORJDW HO YROXP DSURILWD SHU FDUUHJDU FRQWUD
O¶RQD
