Progreso, desarrollo y sustentabilidad ambiental en la

3URJUHVRGHVDUUROOR\VXVWHQWDELOLGDGDPELHQWDO
HQODFLXGDGODVWHQVLRQHVVRFLHGDGQDWXUDOH]DHQXQD
KHUPHQpXWLFDGHORVWHUULWRULRV
(15,48($/,67($/081$
! 'HSDUWDPHQWRGH*HRJUDItD8QLYHUVLGDGGH&KLOHHDOLVWH#XFKLOHIDXFO
8QLYHUVLGDGGH9DOSDUDtVR
)DFXOWDGGH$UTXLWHFWXUD
5HYLVWD0iUJHQHV
(VSDFLR$UWH6RFLHGDG
3URJUHVRGHVDUUROOR\VXVWHQWDELOLGDGDPELHQWDOHQODFLXGDG
ODVWHQVLRQHVVRFLHGDGQDWXUDOH]DHQXQDKHUPHQpXWLFDGHORVWHUULWRULRV
'LFLHPEUH9RO1ž
3iJLQDVD
,661HOHF
,661LPS
5HFHSFLyQ$JRVWR
$FHSWDFLyQ'LFLHPEUH
5(680(1
(O SUHVHQWH WUDEDMR EXVFD GDU XQD PLUDGD SDQRUiPLFD D ODV WUDQVIRUPDFLRQHV GH OD FLXGDG GH &RQFHSFLyQ
&KLOH GXUDQWH OD VHJXQGD PLWDG GHO VLJOR ;; \ SULPHUD GpFDGD GHO VLJOR ;;, SDUD H[SORUDU ODV QRFLRQHV \
DSUR[LPDFLRQHVDODYDORUDFLyQVRFLDOGHOPHGLRQDWXUDO\FRQVWUXLGRHQWDQWRKHUPHQpXWLFDGHORVWHUULWRULRV
6HSUHWHQGHSRUORWDQWRSRQHUHQGLVFXVLyQDVSHFWRVTXHHQPLUDGDVGHODUJRSOD]RD\XGHQDFRQFHELU\
GLVFXWLUODVQRFLRQHVPLVPDVGHSODQLILFDFLyQ\RUGHQDPLHQWRWHUULWRULDOVREUHHOVHQWLGRTXHDGTXLHUHODLGHD
GHPHGLRDPELHQWH\TXpOXJDU\GHVGHGyQGHGHEHHQWHQGHUVHODVXVWHQWDELOLGDGDPELHQWDOGHOGHVDUUROORD
ODOX]GHXQSURFHVRGHPiVGHPHGLRVLJORHQ&KLOH\$PpULFD/DWLQD
3$/$%5$6&/$9(
PHGLRDPELHQWH\GHVDUUROORKHUPHQpXWLFDGHORVWHUULWRULRVVRFLRORJtDDPELHQWDO
3URJUHVVGHYHORSPHQWDQGHQYLURQPHQWDOVXVWDLQDELOLW\LQWKHFLW\
WHQVLRQVVRFLHW\QDWXUHLQDKHUPHQHXWLFRIWKHWHUULWRULHV
$%675$&7
7KLVSDSHUVHHNVWRWDNHDSDQRUDPLFORRNDWWKHWUDQVIRUPDWLRQVRIWKHFLW\RI&RQFHSFLyQ&KLOHGXULQJWKH
VHFRQGKDOIRIWKHWKFHQWXU\DQGÀUVWGHFDGHRIWKHVWFHQWXU\WRH[SORUHFRQFHSWVDQGDSSURDFKHVWRWKH
VRFLDOYDOXHRIWKHQDWXUDOHQYLURQPHQWDQGEXLOWDVKHUPHQHXWLFRIWKHWHUULWRULHV,WLVLQWHQGHGWKHUHIRUHSXW
LQGLVFXVVLRQDVSHFWVWKDWLQORQJWHUPORRNVKHOSFRQFHLYHDQGGLVFXVVWKHVDPHQRWLRQVRISODQQLQJDQG
]RQLQJDERXWWKHVHQVHWKDWDFTXLUHVWKHLGHDRIHQYLURQPHQWDQGZKHUHDQGIURPZKHUHLWLVXQGHUVWRRGWKH
HQYLURQPHQWDOVXVWDLQDELOLW\RIGHYHORSPHQWLQWKHOLJKWRIDSURFHVVRIPRUHWKDQKDOIDFHQWXU\LQ&KLOHDQG
/DWLQ$PHULFD
.(<:25'6
HQYLURQPHQWDQGGHYHORSPHQWKHUPHQHXWLFVRIWKHWHUULWRULHVHQYLURQPHQWDOVRFLRORJ\
3URJUqVGpYHORSSHPHQWHWGXUDELOLWpGHO·HQYLURQQHPHQWGDQVODYLOOH
WHQVLRQVVRFLpWpQDWXUHGDQVXQHKHUPpQHXWLTXHGHVWHUULWRLUHV
5e680e
&HWDUWLFOHSUpWHQGGRQQpXQUHJDUGSDQRUDPLTXHVXUOHVWUDQVIRUPDWLRQVGHODYLOOHGH&RQFHSFLyQ&KLOLDX
FRXUVGHODVHFRQGHPRLWLpGX;;HVLqFOHHWODSUHPLqUHGpFHQQLHGX;;,HVLqFOHSRXUH[SORUHUOHVFRQFHSWVHW
DSSURFKHVGHODYDOHXUVRFLDOHGHO·HQYLURQQHPHQWQDWXUHOHWFRQVWUXLWFRPPHKHUPpQHXWLTXHGHVWHUULWRLUHV,O
VHSUpWHQGSDUFRQVpTXHQWGLVFXWHUVXUGHVDVSHFWTXLjORQJWHUPHDLGHUDLHQWjFRQFHYRLUHWjGLVFXWHUOHV
QRWLRQVGHSODQLÀFDWLRQHWGHDPpQDJHPHQWGXWHUULWRLUHVXUOHVHQVTX·DFTXLHUWO·LGpHGHO·HQYLURQQHPHQWHW
RHWG·RHVWFRPSULVOHGpYHORSSHPHQWGXUDEOHjODOXPLqUHG·XQSURFHVVXVGHSOXVG·XQGHPLVLqFOHDX&KLOL
HWHQ$PpULTXHODWLQH
0276&/e6
HQYLURQQHPHQWHWGpYHORSSHPHQWKHUPpQHXWLTXHGHVWHUULWRLUHVVRFLRORJLHGHO·HQYLURQQHPHQW
!5HYLVWD0iUJHQHV1ž9RO!'LFLHPEUH
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
!,661HOHFWUyQLFR
!,661LPSUHVR
,1752'8&&,Ð1
URSD\GHODHFRQRPtDPXQGLDOHQWRQFHVVHFRPHQ]yDHVWUXFWXUDU
XQPRGRGHSHQVDUODVUHODFLRQHVHQWUHORVSDtVHVVXVSHUVSHFWL
/DV LGHDV VREUH HO GHVDUUROOR VH KDQ LGR HVWUXFWXUDQGR VREUH OD
EDVHGHGLVFXUVRVKHJHPyQLFRV\WRWDOL]DQWHV(Q&KLOHHVWUHFKD
PHQWHYLQFXODGRDODQRFLyQGHSURJUHVRHOGHVDUUROORVHFRPHQ]y
DDVRFLDUIXHUWHPHQWHDODSUHVHQFLDGHLQGXVWULDVDODFUHDFLyQGH
YDVHFRQyPLFDV\SRUFLHUWRHOQXHYRUROGHORVWHUULWRULRVHQHVWH
FRQWH[WR /DFRVWH WRGR OR TXH UHGXQGy HQ XQD YLVLyQ GHO
GHVDUUROORHFRQyPLFRTXHHQ$PpULFD/DWLQDQHFHVLWyGHXQDDGH
FXDFLyQ)DOHWWR
HPSOHR\DOFUHFLPLHQWRXUEDQR$OLVWH*yQJRUD(O
ELHQHVWDU\HOSURJUHVRFRPHQ]DURQDVLPEROL]DUVHDWUDYpVGHODV
FLXGDGHVFUHDQGRODQRFLyQGHXQHVSDFLRXUEDQRTXHUHSUHVHQWD
/DVPLUDGDVGHOD&(3$/DOWHPDGHOGHVDUUROORSDUWHQWHPSUDQD
EDODPi[LPDDVSLUDFLyQGHOELHQHVWDUKXPDQR
ELVFKR&HOVR)XUWDGR(QODPD\RUtDGHORVWUDEDMRVGHHVWRVDXWR
UHVODPLUDGDHFRQyPLFDSDUWLFXODUPHQWHFHQWUDGDHQORVWHPDV
6LQHPEDUJRGLYHUVDVWHQVLRQHVGHRUGHQVRFLDOSROtWLFRHFRQyPL
FRFXOWXUDO\HFROyJLFRKDQLGRGLÀFXOWDQGRHODFFHVRDODVSURPH
VDVTXHGHVGHORVGLVFXUVRVGHODPRGHUQLGDGSRUWDODQRFLyQGH
GHVDUUROOR/HII\ODSODQLÀFDFLyQ\JHVWLyQGH
ORVHVSDFLRVXUEDQRV/DLUUXSFLyQGHGLVFXUVRVGHOGHVDUUROORFRQ
DMXVWHVLGHROyJLFRVHLQVWUXPHQWDOHVFRPRHOGHVDUUROORKXPDQRR
HOGHVDUUROORVXVWHQWDEOHKDQWUDtGRLQWHUHVDQWHVHIHFWRVSDUDGR
MDOHVHQHOiPELWRGHORSROtWLFRGHORVRFLDO\HVSHFLDOPHQWHGHOR
DPELHQWDO$OLVWH&DUPDQ/DVPXWDFLRQHVDODVTXH
HVWDVLGHDVGDQFXUVRYDQGHVGHODQRFLyQGHSURJUHVRDQFODGRHQ
ODSURGXFFLyQGHELHQHV\VHUYLFLRVKDVWDDOJXQRVTXHEXVFDQOD
SURWHFFLyQGHOPHGLRDPELHQWHFRPRPHFDQLVPRGHFUHDFLyQGH
YDORU\FRPRQXHYRVGLVSRVLWLYRVGHYDOLGDFLyQVRFLDOGHQWURGHXQ
PLVPRPRGHORGHFUHFLPLHQWRHFRQyPLFR(VWDVHVWUDWHJLDVH[LJHQ
HOUHGLVHxRGHODVSROtWLFDV\GHORVPHGLRVPHGLDQWHORVFXDOHVYDQ
HQFRQWUDQGRVXPDQHUDGHSRQHUVHHQSUiFWLFD\FRQHOORQXHYDV
HVWpWLFDVYDQUHSUHVHQWDQGRHVWH´QXHYRRUGHQVRFLDOµEDVDGRHQ
ODWHPiWLFDDPELHQWDO
$VtORVGLVFXUVRVGHODSODQLÀFDFLyQXUEDQDSXHGHQVHJXLUVHFRPR
XQWHVWLPRQLR\DOPLVPRWLHPSRFRPRXQGHUURWHURGHORVPRGRV
GH FRQFHELU OD FLXGDG D WUDYpV GH VXV IRUPDV GH UHSUHVHQWDFLyQ
$OLVWH5RQFD\ROR/DLGHDGHORYHUGH\GHXQDQDWX
UDOH]DUHVLJQLÀFDGDHQHOHQWRUQRXUEDQRKDSHUPLWLGRLQWHUHVDQ
WHVPXWDFLRQHVHQHOPRGRHQTXHORVKDELWDQWHVYDQFRQVWUX\HQGR
HO´VHQWLGRµGHVXHQWRUQRJHQHUDQGRQXHYDVSUiFWLFDVGLVFXUVLYDV
TXHVLQHPEDUJRD~QHVSRVLEOHGLVFXWLUVLHVWiQRQRYLQFXODGDVD
GLVFXUVRVVXVWHQWDEOHV$OLVWH5DEL/HII
(OSUHVHQWHWUDEDMREXVFDGDUXQDPLUDGDSDQRUiPLFDDODVWUDQV
IRUPDFLRQHVGHODFLXGDGGH&RQFHSFLyQ&KLOHGXUDQWHODVHJXQ
GDPLWDGGHOVLJOR;;\SULPHUDGpFDGDGHOVLJOR;;,SDUDH[SORUDU
GHVGHVXVLQVWUXPHQWRVGHSODQLÀFDFLyQWHUULWRULDO\DOJXQRVSODQHV
GH GHVDUUROOR TXH DERUGDQ ODV GLIHUHQWHV PDQHUDV GH FRQFHELU OD
FLXGDGODVQRFLRQHV\DSUR[LPDFLRQHVDODYDORUDFLyQVRFLDOGHOPH
GLRQDWXUDO\FRQVWUXLGR6HEXVFDUHYLVDUHQSHUVSHFWLYDHOHPHQWRV
TXH VH KDQ FRQVLGHUDGR UHOHYDQWHV HQ GLIHUHQWHV PRPHQWRV SDUD
ODFRQVWUXFFLyQGHORVFULWHULRV\GLUHFWULFHVGHODSODQLÀFDFLyQGHOD
FLXGDG6HSUHWHQGHSRUORWDQWRSRQHUHQGLVFXVLyQDVSHFWRVTXH
HQPLUDGDVGHODUJRSOD]RD\XGHQDFRQFHELU\GLVFXWLUODVQRFLRQHV
PLVPDVGHSODQLÀFDFLyQ\RUGHQDPLHQWRWHUULWRULDOVREUHHOVHQWLGR
TXHDGTXLHUHODLGHDGHPHGLRDPELHQWH\TXpOXJDU\GHVGHGyQGH
GHEHHQWHQGHUVHODVXVWHQWDELOLGDGDPELHQWDOGHOGHVDUUROORDODOX]
GHXQSURFHVRGHPiVGHPHGLRVLJORHQ&KLOH\$PpULFD/DWLQD
(/',6&8562'(/'(6$552//2
'(/352*5(62$/$6867(17$%,/,'$'
'XUDQWH OD VHJXQGD PLWDG GHO VLJOR ;; HO HVFHQDULR SRVWJXHUUD
PDUFyGHPDQHUDGHFLVLYDHOFXUVRGHODVSUiFWLFDVGLVFXUVLYDVHQ
WRUQR D OD LGHD GH OD UHFRQVWUXFFLyQ \ HO UHVFDWH GH OD QRFLyQ GH
SURJUHVRHFRQyPLFR(QODSHUVSHFWLYDGHODUHFRQVWUXFFLyQGH(X
3URJUHVRGHVDUUROOR\VXVWHQWDELOLGDGDPELHQWDOHQODFLXGDG
ODVWHQVLRQHVVRFLHGDGQDWXUDOH]DHQXQDKHUPHQpXWLFDGHORV
WHUULWRULRV!(QULTXH$OLVWH$OPXQD
PHQWH FRQ ORV WUDEDMRV \ SURSXHVWDV GH KRPEUHV FRPR 5D~O 3UH
GHOFUHFLPLHQWRHFRQyPLFRPDUFDQHVWDVWHQGHQFLDV*OLJR
$LQLFLRVGHODGpFDGDGHORV·ODLGHDGHORVOtPLWHVGHOFUHFLPLHQ
WRHFRQyPLFR0HDGRZVPDUFDXQDLQÁH[LyQHQODPDQHUD
FRPR VH SHQVDED HO SURJUHVR FXHVWLRQDQGR OD SRVLELOLGDG GH XQ
FUHFLPLHQWRLOLPLWDGRFRPRFDPLQRKDFLDHOGHVDUUROORGHORVSDtVHV
3RFRDSRFRHVWDLGHDGHGHVDUUROORVHFRPLHQ]DDGHVYHVWLUGHVX
KiELWRH[FOXVLYDPHQWHHFRQyPLFRSDUDGDUSDVRDXQDFRQFHSFLyQ
PiV GLYHUVD DPSOLD \ TXH WUDQVLWD KDFLD HOHPHQWRV GH QDWXUDOH
]DPiVFXDOLWDWLYD\QRVyORDQFODGRHQORVDVSHFWRVFXDQWLWDWLYRV
PiVFOiVLFRV6HOOHJDDVtDODLGHDGHOGHVDUUROORVXVWHQWDEOHTXH
LQWHJUDGHPDQHUDHFOpFWLFDHOHPHQWRVGHRUGHQVRFLDOHFRQyPLFR
\HFROyJLFR%UXQGWODQG&RQSRVWHULRULGDGHOFRQFHSWRKD
VHJXLGR LQFRUSRUDQGR HOHPHQWRV GH FRPSOHMLGDG FUHFLHQWH LQWH
JUDQGRDGHPiVDVSHFWRVFRPRODGLYHUVLGDGFXOWXUDOODLGHQWLGDG
ODFRWLGLDQLGDGODLPSRUWDQFLDGHORVOXJDUHVODWHUULWRULDOLGDGHQ
WUHPXFKRVRWURV3RUWR*RQoDOYHV'L0pR(VFREDU
¢4XpFRUUHODWRH[LVWHHQWRQFHVHQWUHORVGLVFXUVRVGHOGHV
DUUROOR\ORVWHUULWRULRVTXHUHVXOWDQFRPRH[SUHVLyQGHHVWRVGLVFXU
VRV"¢4XpSDSHOMXHJDHQHVWHFRQWH[WRHOWHUULWRULR"
(Q&KLOHFRPRHQHOUHVWRGH$PpULFD/DWLQDLGHDVIXHU]DHQPD
WHULDGHDUWLFXODFLyQ\SXHVWDHQPDUFKDGHODVHVWUDWHJLDVGHGHV
DUUROORKDQYHQLGRGHODPDQRFRQORVRUJDQLVPRVLQWHUQDFLRQDOHV
7DOFRPRVHKDVHxDODGRDQWHULRUPHQWHXQSDSHOFUXFLDOHQHVWR
KDQMXJDGRODVGLVFXVLRQHVFHSDOLDQDVDOGDURULJHQDWHQGHQFLDV
LPSRUWDQWHVGHOSHQVDPLHQWRHQWRUQRDOGHVDUUROORSDUD$PpULFD
/DWLQDWDOFRPRORUHÁHMDQGLYHUVRVWUDEDMRVGH)DOHWWRUHFLHQWH
PHQWHUHFRSLODGRV(QGLFKRFRQWH[WRHOSHVR\HOVLJQLÀ
FDGRGHOWHUULWRULRHQORVGLVFXUVRV\QRFLRQHVGHOGHVDUUROORHVLP
SRUWDQWHUHYLVDUORGHVGHXQDSHUVSHFWLYDTXHUHVFDWHHOVHQWLGR\
SURWDJRQLVPRRWRUJDGRHQGLFKRVGLVFXUVRV'L0pR%RLVLHU
6LQHPEDUJRVLKD\DOJRTXHFDUDFWHUL]DDORVGLVFXUVRVGHO
GHVDUUROOR HQ VX FXHUSR JHQHUDO HV SUHFLVDPHQWH XQD VXHUWH GH
DXVHQFLD GH OD PLUDGD WHUULWRULDO DO SURFHVR 6L ELHQ ODV QRFLRQHV
WHUULWRULDOHVHVWiQSUHVHQWHQHQHVWRVGLVFXUVRVORTXHGHVSLHUWD
LQWHUpVSUHFLVDPHQWHHVYLVXDOL]DUHLQWHUSUHWDUGHTXpPDQHUDVH
KDFHSUHVHQWHHOWHUULWRULRHQORVGLVFXUVRVGHOGHVDUUROOR
/DV GLVWLQWDV DFHSFLRQHV VREUH HO GHVDUUROOR GDQ FXHQWD WHPSR
UDOPHQWHGHUHDOLGDGHVGLYHUVDVFRQVWUXLGDV(QHVWHVHQWLGRHQ
FDGDPRPHQWRKLVWyULFRVHUHFRQRFHXQDSUROLIHUDFLyQGHGLVWLQWDV
FRQFHSFLRQHVGDGDVGHPRGRVLPXOWiQHRDORVFRQFHSWRVTXHOH
RWRUJDQVHQWLGRDXQDpSRFD(VWDUHÁH[LyQLQYLWDDPLUDUFRQXQ
VHQWLGRGLIHUHQWHHOWHPDGHOGHVDUUROOR\GHODYDORUDFLyQDPELHQ
WDOGHOWHUULWRULRWHQLHQGRHQFRQVLGHUDFLyQQRVyORODVFDUDFWHUtV
WLFDV SURSLDV GH ORV FRQRFLPLHQWRV GH FDUiFWHU FLHQWtÀFR QDWXUDO
DVRFLDGRVDOWHPDVLQRWDPELpQODIRUPDPHGLDQWHODFXDOVHYD
FRQIRUPDQGR \ HVWDEOHFLHQGR HO MXLFLR FROHFWLYR DO UHVSHFWR $OLV
WH$VtSDUHFHUHOHYDQWHWHQHUHQFRQVLGHUDFLyQWDPELpQOD
FRPSOHMLGDG VRFLDO TXH FDUDFWHUL]D D OD VRFLHGDGFRQWHPSRUiQHD
HQODTXHVHHQIUHQWDQFRQVWUXFFLRQHVGHUHDOLGDGHVSDUFLDOHVJH
5HYLVWD0iUJHQHV1ž9RO!'LFLHPEUH!
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
QHUDGDVDSDUWLUGHODPXOWLSOLFDFLyQGHMXLFLRVGHYDORU\GHVFULS
6LELHQHVWHGLVFXUVRYHVXQDFLPLHQWRHQFRQHOLQIRUPHGHO
FLRQHVGHODVRFLHGDGTXHKDFHQYLVLEOHUHDOLGDGHVPXFKDVYHFHV
GLVFRUGDQWHV FRPR OR VRQ ODV GLYHUVDV PLUDGDV FRQVWUXLGDV SRU
&OXEGH5RPD0HDGRZVHWDOHQ&KLOHQRHVVLQRKDVWD
HMHPSORVREUHXQDSUREOHPiWLFDDPELHQWDO$UQROG
$PELHQWHTXHHOWHPDDGTXLHUHUHOHYDQFLDLQVWLWXFLRQDOSROtWLFD\
VRFLDO$OLVWH/RTXHYLHQHHQVHJXLGDGHVGHXQDSHUVSHFWL
/RTXHVXE\DFHHQORVGLVFXUVRVGHOGHVDUUROORVLQHPEDUJRHVOD
PLUDGDKHJHPyQLFDSRUDOFDQ]DUXQHVWDGRGHVHDEOH(ODYDQFHD
ORVGHFHQLRVGH·\·DJUHJDGHPDQHUDSDXODWLQDDOJXQRV
HOHPHQWRVTXHLQFRUSRUDQPD\RUFRPSOHMLGDG6HSDVDGHODLGHDGH
XQ GHVDUUROOR HFRQyPLFR D XQ HQIRTXH GH QHFHVLGDGHV KXPDQDV
DFHSWiQGRVHODLGHDTXHHO3URGXFWR,QWHUQR%UXWR3,%QRHVOD~QL
FDIRUPDGHFRPSUHQGHUHOGHVDUUROOR\FRQHOORODVGLVFXVLRQHVYDQ
DPSOLiQGRVH D RWUDV GLVFLSOLQDV SDXODWLQDPHQWH (VFREDU 'HHVWDIRUPDVHDYDQ]DKDVWDORVHQIRTXHVGHOSRVWGHVDUUROORTXH
YLVOXPEUDQORVFRQRFLPLHQWRVWHFQRFLHQWtÀFRVQRFRPRHOPDWHULDO\
HVHQFLDGHOGHVDUUROORVLQRSRUHOFRQWUDULRFRPRPHGLRVTXHSHUPL
WHQFDQDOL]DUXQDFWRGHHPDQFLSDFLyQ(VFREDU
$SDUWLUGHHVWHSODQWHDPLHQWRODQRFLyQGHGHVDUUROORJHQHUDGRV
FRQVHFXHQFLDV HQ VX FRQÀJXUDFLyQ JHRSROtWLFD /R SULPHUR HV HO
KHFKRGHFDUDFWHUL]DUDORVSDtVHVSRUHMHPSORFRPR´WHUFHUPXQ
GLVWDVµRFDUHQWHVGHODVFDUDFWHUtVWLFDVTXHSRVHHQORVSDtVHVGHO
OODPDGRSULPHUPXQGRORTXHWLHQHODLPSOLFDQFLDGHKRPRJHQHL
]DUJOREDOPHQWHODSREODFLyQ(QSRUHMHPSOROD218SXEOLFy
HOLQIRUPHHODERUDGRSRUXQHTXLSRGHH[SHUWRVTXHFRQFOX\H
+D\XQVHQWLGRHQHOTXHHOSURJUHVRHFRQyPLFRDFHOHUDGR
HVLPSRVLEOHVLQDMXVWHVGRORURVRV/DVÀORVRItDVDQFHVWUD
OHVGHEHQVHUHUUDGLFDGDVODVYLHMDVLQVWLWXFLRQHVVRFLDOHV
WLHQHQTXHGHVLQWHJUDUVHORVOD]RVGHFDVWDFUHGR\UD]D
GHEHQURPSHUVH\JUDQGHVPDVDVGHSHUVRQDVLQFDSDFHV
GHVHJXLUHOULWPRGHOSURJUHVRGHEHUiQYHUIUXVWUDGDVVXV
H[SHFWDWLYDVGHXQDYLGDFyPRGD0X\SRFDVFRPXQLGD
GHVHVWiQGLVSXHVWDVDSDJDUHOSUHFLRGHOSURJUHVRHFR
QyPLFR(VFREDU
/RVHJXQGRHVHQIDWL]DUTXHHVWHLQWHQWRGHKRPRJHQL]DFLyQGH
OD SREODFLyQ VH GHÀQH HQ IXQFLyQ GH YDULDEOHV HFRQyPLFDV TXH
HQXQLQWHQWRGHFRQFHSWXDOL]DFLyQGHORVRFLDOJHQHUDXQQXHYR
RUGHQVRFLRJOREDOMHUDUTXL]DQGRHOPXQGRHQODVFDWHJRUtDVGHSDt
OD SXEOLFDFLyQ HQ GH OD /H\ GH %DVHV *HQHUDOHV GHO 0HGLR
YDJHRKLVWyULFDGHFRUWRDOFDQFHHVODGLVFRUGDQFLDGLVFXUVLYD\OD
DFFLyQDWUDYpVGHSUiFWLFDVHVSDFLDOHVFRPRGLVFXUVRIiFWLFRGHO
GHVDUUROOR/RVSODQHVGHGHVDUUROORODVHVWUDWHJLDVUHJLRQDOHVGH
GHVDUUROORORVSODQHVUHJXODGRUHVLQWHUFRPXQDOHV\HQJHQHUDOORV
LQVWUXPHQWRVTXHLQWHQWDQRUGHQDUODDFFLyQVREUHHOHVSDFLRYDQ
DPRYHUVHHQGRVGLPHQVLRQHVDSDUHQWHPHQWHLJXDOHVSHURPX\
GLVtPLOHVODLPDJLQDULD\ODWDQJLEOH
6LQHPEDUJRGHVGHHOSXQWRGHYLVWDHVWULFWDPHQWHDPELHQWDOVH
UtDLQMXVWRSHGLUDPHGLDGRVGHORVDxRV·FRQRFLPLHQWRVRDQWH
FHGHQWHVUHIHULGRVDODVFDUDFWHUtVWLFDVHFRVLVWpPLFDVHQOD]RQD
'XUDQWHORVDxRV·HQ&KLOHODQRFLyQGHORDPELHQWDOFRPRKR\
ODHQWHQGHPRVHUDDEVROXWDPHQWHGHVFRQRFLGD\H[WUDxD/RPiV
YDQJXDUGLVWDHQHVWHVHQWLGRVHUtDHVFULWRDLQLFLRVGHORVDxRV·
SRU5DIDHO(OL]DOGH0DF&OXUHGHVGHHO0LQLVWHULRGH$JULFXOWXUD
SHQVDQGRHQODFRQVHUYDFLyQGHORVUHFXUVRVQDWXUDOHV1RHVVLQR
KDVWD OD VHJXQGD PLWDG GH ORV DxRV · FXDQGR VH FRPLHQ]D D
WHQHUXQDFRQFLHQFLDPiVDFDEDGDGHODVGLÀFXOWDGHV\SUREOHPDV
DPELHQWDOHVHQOD]RQDDSURSyVLWRGHHVWXGLRVUHDOL]DGRVHQHO
FDPSRGHODELRORJtD\ODOLPQRORJtDHQSDUWLFXODU\DOLPSRUWDQWH
LPSXOVRGDGRDODVFLHQFLDVDPELHQWDOHVGHVGHOD8QLYHUVLGDGGH
&RQFHSFLyQFRQODFUHDFLyQGHO&HQWUR(8/$FRQODD\XGDGHXQL
YHUVLGDGHVLWDOLDQDV
/RFLHUWRHVTXHDSDUWLUGHORVIXHUWHV\QRWDEOHVLPSXOVRVDODDF
WLYLGDGLQGXVWULDOGHVGHORVDxRV·TXHYDQFRQVROLGiQGRVHHQHO
WLHPSR\TXHVHFRURQDQGXUDQWHORVDxRV·FRQXQIXHUWHLPSXOVR
GH OD LQGXVWULD SHVTXHUD HQ OD FLXGDG HO GHVDUUROOR FRQWHQLGR QR
VyORHQORVDXPHQWRVGHO3,%UHJLRQDORGHODVPHMRUDVHQODLQIUD
HVWUXFWXUDJHQHUDOGHODFLXGDGFRPLHQ]DDKRUDWDPELpQDKDFHUVH
VHQWLUHQHODLUHHQHODJXD\HQHOVXHOR(OLQGHVHDEOHWHVWLPRQLR
GHODFRQWDPLQDFLyQFRPRFRQVHFXHQFLDGLUHFWDGHOFDPLQRLQLFLDGR
SDUDDOFDQ]DUSDXODWLQDPHQWHHOWDQDQKHODGRGHVDUUROORFRPLHQ]D
VHVULFRV\SREUHV(QHVWHVHQWLGRODQRFLyQGHGHVDUUROORFRQVWUX
\HVLVWHPDVVLPEyOLFRVKHJHPyQLFRVHVGHFLUHOVLVWHPDSROtWLFR
DSHUWXUEDU\DLQFRPRGDUHVWHWUiQVLWRHQODYLGDGHVXVKDELWDQWHV
HVSHFLDOPHQWHHQ7DOFDKXDQR/DGLPHQVLyQGHORVHQVLEOHFRPLHQ
]DDMXJDUXQSDSHOHQODDUWLFXODFLyQGHHVWHWHUULWRULRDGTXLULHQGR
HQ WDQWR DGPLQLVWUDGRU GHO SRGHU FRQÀJXUD WHUULWRULRV SUHVLRQiQ
GRORVDVHUVLPLODUHVHQWUHVtGHDFXHUGRDXQPRGHORVRFLRJOREDO
DVtXQDQXHYDFDUDFWHUtVWLFDVHWUDWDDKRUDGHXQWHUULWRULRFRQWDPL
QDGR\DPELHQWDOPHQWHGHWHULRUDGR5XL]
1RFLRQHVFRP~QPHQWHXVDGDVHQHOFDPSRGHORVHVWXGLRVXUED
QRVKR\HQGtDFRPRODGHORVWHUULWRULRVJDQDGRUHV\SHUGHGRUHV
HQFXHQWUDQDTXtVXVIXQGDPHQWRVFRQFHSWXDOHVGHRULJHQ
/$(0(5*(1&,$'(8118(92',6&8562
(/0(',2$0%,(17(</$6867(17$%,/,'$'&202
'20,1,2',6&856,92
/DVWHQVLRQHVJHQHUDGDVSRUODSURPHVDLQFRQFOXVDGHELHQHVWDU
TXHRIUHFtDODPRGHUQLGDGVHPDQLÀHVWDDKRUDDGHPiVDWUDYpV
GHO GHWHULRUR GHO PHGLR DPELHQWH <D QR VyOR OD SREUH]D OD GHV
LJXDOGDGRODH[FOXVLyQVHUiQSDUWHGHODVIUXVWUDFLRQHVUHVSHFWR
GHO GLVFXUVR PRGHUQR $KRUD \ OXHJR GH ORV DYDQFHV FLHQWtÀFRV
TXH SHUPLWHQ GDU FXHQWD GH ODV GLIHUHQWHV IRUPDV GH GHWHULRUR
GHOHQWRUQRODGHVWUXFFLyQGHOPHGLRDPELHQWH\ODYXOQHUDELOLGDG
VXUJLGDDSDUWLUGHODHVFDVH]RGLVPLQXFLyQHQHODFFHVRGHORV
UHFXUVRVQDWXUDOHVVXUJHQQXHYDVIRUPDVTXHYDQDUHRUGHQDUORV
PDUFRVGHYDORUDFLyQGHORVRFLDO$VtHVFRPRHPHUJHHOGLVFXUVR
DPELHQWDO\GHODVXVWHQWDELOLGDG
!5HYLVWD0iUJHQHV1ž9RO!'LFLHPEUH
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
/RV SUREOHPDV DPELHQWDOHV FRPLHQ]DQ HQWRQFHV D VXUJLU SRFR D
SRFR\DSDUWLUGHGRVIUHQWHVSRUXQDSDUWHODVLQQHJDEOHVLQFR
PRGLGDGHV\UHVWULFFLRQHVGHQRSRGHUXVDUODVSOD\DVGHORORUHQ
HO DLUH GHO PDOHVWDU SURSLR GH XQD FRWLGLDQLGDG TXH FRPLHQ]D D
VHQWLUHOSHVRGHHVWHGHVDUUROORFRPRH[WHUQDOLGDGQHJDWLYDSUR
GXFWRGHODFRQWDPLQDFLyQSURYRFDGDSRUODVLQGXVWULDVGHOD]RQD
3HURKD\RWURIUHQWHPHQRVHYLGHQWH\TXHFRPLHQ]DDKDFHUVHQWLU
HO SHVR \ FRQVHFXHQFLD GH ORV FRVWRV GH HVWH SURJUHVR FHQWUDGR
HQODLQGXVWULD\ORTXHHOFUHFLPLHQWRXUEDQRWUDHFRQVLJRHVHO
IUHQWH JHQHUDGR SRU HO DFFHVR DO FRQRFLPLHQWR ,QYHVWLJDFLRQHV
FLHQWtÀFDVGHVDUUROODGDVIXQGDPHQWDOPHQWHSRUOD8QLYHUVLGDGGH
&RQFHSFLyQ FRPLHQ]DQ D DOHUWDU D LQLFLRV GH ORV DxRV · VREUH
HVWD QXHYD QRFLyQ OODPDGD LPSDFWR DPELHQWDO 3URGXFWR GH HOOR
\GHORVFRPSURPLVRVDGTXLULGRVHQHOFRQWH[WRGHOSURFHVRGHUH
JUHVRDODGHPRFUDFLDOXHJRGHODGLFWDGXUDPLOLWDUVHFUHDHO3UR
JUDPDGH5HFXSHUDFLyQ$PELHQWDOGH7DOFDKXDQRPiVFRQRFLGR
FRPR 35$7 (Q HO PDUFR GH GLFKR SURJUDPD VH GD LQLFLR D XQD
VHULHGHHVWXGLRVRULHQWDGRVDHVWDEOHFHUQRVyORODVPDJQLWXGHV\
!,661HOHFWUyQLFR
!,661LPSUHVR
DOFDQFHVGHORVSURFHVRVGHGHWHULRURDPELHQWDOHQODFLXGDGVLQR
WDPELpQDLQLFLDUHOGLVHxRGHXQSODQGHDFFLyQTXHSHUPLWDHQ
HOPHGLDQRSOD]RLUVXSHUDQGRODVGLÀFXOWDGHVH[LVWHQWHVHQHVWH
IRUPDVGHFRQFHELUGHSHUFLELU\GHFRQRFHUYDQDJHQHUDUWUDQV
IRUPDFLRQHV\PDUFDVUHOHYDQWHVHQHOWHUULWRULR/RVGLVFXUVRVGH
MDUtDQDVtVXVKXHOODVHQHOWHUULWRULR
VHQWLGR9DOHQ]XHOD
/$0(5&$17,/,=$&,Ð1'(/$1$785$/(=$&202
35É&7,&$(63$&,$/
¢'(6$552//2,102%,/,$5,26867(17$%/("
+D\XQLQWHQWRHQWRQFHVGHEXVFDUHOFyPRODVGLPHQVLRQHVDVR
FLDGDVDORFRWLGLDQRDODH[SHULHQFLD\DOHVSDFLRYLYLGRSHUPLWHQ
GDUXQDPLUDGDGLIHUHQWHDODPDQHUDHQTXHODVXVWHQWDELOLGDGHV
FRPSUHQGLGDHQFRQWH[WRVFX\DKLVWRULD\H[SHULHQFLDHVSDFLDOHV
GLIHUHQWH\IXHUWHPHQWHLQÁXLGDSRUVXVFRQGLFLRQHVJHRJUiÀFDVGH
EDVHFRPRHOFDVRGHODFLXGDGGH&RQFHSFLyQ
6LVHFRQVLGHUDSRFRPiVGHPHGLRVLJORGHKLVWRULDGHODSURPHVD
PRGHUQDTXHYHQtDGHODPDQRGHOSURJUHVRSULPHUR\OXHJRSRUHO
! )LJXUD&RQWDPLQDFLyQSRUUHVLGXRVVyOLGRV\OtTXLGRVHQHOVHFWRULQ
GHVDUUROORDQFODGRHQODLQGXVWULDUHJLRQDOODLUUXSFLyQGHORVSUREOH
PDVDPELHQWDOHVFRPRVtQWRPDLQHVSHUDGRHLQGHVHDEOHGHHVWD
GXVWULDVSHVTXHUDVGHOD,VOD5RFXDQW7DOFDKXDQR)XHQWHIRWRJUDItD
GHODXWRULQYLHUQRGH
HVWUDWHJLDSROtWLFDSRUXQPHMRUYLYLUUHVXOWDGHGLItFLOFRPSUHQVLyQ
$FFLRQHV GH HVWD QDWXUDOH]D FRRUGLQDGRV OXHJR SRU OD &RPLVLyQ
5HJLRQDO GHO 0HGLR $PELHQWH FUHDGDHQ FRQ RFDVLyQ GH OD
$xRVGHSODQLÀFDFLyQ\GLUHFWULFHVHQHVWDYtDQRGDQORVUHVXOWD
SURPXOJDFLyQGHOD/H\1žGH%DVHV*HQHUDOHVGHO0HGLR
$PELHQWH IXHURQ JHQHUDQGR XQ LQWHUHVDQWH SURFHVR GH LQFUH
PHQWR GH ORV FRQRFLPLHQWRV VREUH ODV FRQGLFLRQHV DPELHQWDOHV
GHODFLXGDG(VDTXtGRQGHVXUJHXQSURFHVRUHOHYDQWHGHQXHYD
YDORUDFLyQGHOWHUULWRULRWHQLHQGRHQFRQVLGHUDFLyQODHPHUJHQFLD
GHQXHYRVFRQRFLPLHQWRV'HHVWDIRUPDODWUDQVIRUPDFLyQGHOWH
UULWRULRHQHOSODQRGHOFRQRFLPLHQWR\GHORVQXHYRVDQWHFHGHQWHV
TXHFRPLHQ]DQDSHUPHDUSDXODWLQDPHQWHODVSROtWLFDV\DFFLRQHV
S~EOLFDVHQHOSODQRGLVFXUVLYRFRPLHQ]DQDUHSHUFXWLUSRUORPLV
PRHQODIRUPDGHPLUDUDSUHFLDU\YDORUDUHOHQWRUQR
$VtXQRGHORVHMHPSORVPiVVLPEyOLFRV\SRWHQWHVGHODWHQVLyQ
VRFLHGDGQDWXUDOH]D HPHUJH FRPR XQD FRQVHFXHQFLD QR VyOR GH
ORItVLFDPHQWHREVHUYDEOHVLQRWDPELpQGHORVRFLDOPHQWHUHSUH
VHQWDGR$UUXGD'H$OEDHQ&RQFHSFLyQHOTXHVLHPSUH
IXHSDQWDQRRPDULVPDFRPLHQ]DSDXODWLQDPHQWHDWUDQVIRUPDUVH
HQKXPHGDOSDVDQGRGHHVWDUSODJDGRGHELFKRVDVHUXQD]RQD
GHULFDELRGLYHUVLGDG(VWDGLQiPLFDHVWUDVFHQGHQWDOSDUDFRP
SUHQGHU ODV PXWDFLRQHV HVSDFLDOHV HQ SULPHU WpUPLQR SHUR PiV
D~QSDUDDSUR[LPDUVHDODGLQiPLFDGHORVWHUULWRULRVHQVXVHQWLGR
PiVDPSOLRHVGHFLUDEDUFDQGRDTXHOORVDVSHFWRVSURSLRVGHODV
PXWDFLRQHV TXH VH SXHGHQ REVHUYDU PDWHULDOPHQWH HQ ORV VLVWH
PDV ItVLFRQDWXUDOHV SHUR WDPELpQ DTXHOODV TXH HPHUJHQ GHVGH
ORVVLVWHPDVVRFLDOHVHQWDQWRWHVWLPRQLRGHODVWUDQVIRUPDFLRQHV
GHODVRFLHGDG\GHVXVIRUPDVGHUHSUHVHQWDUYDORUDU\UHJLVWUDU
VXHQWRUQR%DQFKVHWDO5RQFD\ROR$UQROG
'HHVWDIRUPDHVTXHVHSURSRQHODLGHDGHTXHHOWHUULWRULRDVt
FRPRWLHQHVXVEDVHVHQORVHOHPHQWRVWDQJLEOHV\YLVLEOHVWDP
ELpQORWLHQHHQDTXHOORTXHQRQHFHVDULDPHQWHVHYHSHURTXHVt
VHYLYH'L0pRXQWHUULWRULRTXHFRPLHQ]DDWUDQVIRUPDUVH
\FHQWUDVXGLQiPLFDQRVyORHQODVHYLGHQFLDVItVLFDV\SDOSDEOHV
VLQRWDPELpQDTXHOODVTXHVRQUHVXOWDGRGHSURFHVRVVRFLRFXOWX
UDOHVFRPRODJHQHUDFLyQGHQXHYRVFRQRFLPLHQWRV\QXHYDVYD
ORUDFLRQHVGHHVHPLVPRHVSDFLRFRQQXHYRVDWULEXWRVTXHFUHDQ
QXHYRVWHUULWRULRV$OLVWH$OLVWH0XVVHW
/D PDUFD TXH GHMDQ ODV KXHOODV GHO SDVR GHO WLHPSR HQ HO HVSD
FLRQRVyORVHHVFULEHQFRQVXVLQWHUYHQFLRQHVItVLFDVWDPELpQODV
3URJUHVRGHVDUUROOR\VXVWHQWDELOLGDGDPELHQWDOHQODFLXGDG
ODVWHQVLRQHVVRFLHGDGQDWXUDOH]DHQXQDKHUPHQpXWLFDGHORV
WHUULWRULRV!(QULTXH$OLVWH$OPXQD
HQODH[SHULHQFLDGHKDELWDUODFLXGDGSHQVDGDSDUDHOGHVDUUROOR
GRVHVSHUDGRVDSOHQLWXG/DH[SHULHQFLDGHODSODQLÀFDFLyQXUEDQD
HVXQEXHQHMHPSORORVLQVWUXPHQWRVGHSODQLÀFDFLyQFUHDGRVHQ
\QRKDQVLGRFDSDFHVGHFDQDOL]DUGLUHFWULFHV
GHOFUHFLPLHQWRGHODFLXGDG
$HOODVHVXPDQDGHPiVODVGLIHUHQWHVIRUPDVGHUHSUHVHQWDFLyQ
GHOELHQHVWDUHQGRQGHWDQWRODSURGXFFLyQGHGLVFXUVRVHLPiJH
QHVKDQVLGRUHOHYDQWHVHQODDUWLFXODFLyQGHORVQXHYRVSURFHVRV
VRFLRDPELHQWDOHVFRPROD´PLUDGDYHUGHµGHODVRFLHGDG\ODFRQV
WUXFFLyQGHXQQXHYRELHQHVWDU
/RVGLDJQyVWLFRVDPELHQWDOHVKDEODQGH]RQDVTXHVHKDQXUEDQL
]DGRHQOXJDUHVQRDSWRVGHFUHFHUVREUHiUHDVGHYDORUQDWXUDO
HQiUHDVGHULHVJR\GHFDXVDUSUHVLyQVREUHHOYDORUHFRVLVWpPLFR
GHO WHUULWRULR 6PLWK 5RPHUR (V GHFLU SDUDGRMDOPHQWH
ODE~VTXHGDGHOELHQHVWDU\ODVDFFLRQHVWRPDGDVSDUDHOORKDQ
FDXVDGRXQDVHULHGHSUREOHPDVTXHORKDQLGRDOHMDQGRFRPRSR
VLELOLGDGDFFHVLEOHGHODVRFLHGDGTXHDTXtKDELWD/DSURPHVDGH
ODPRGHUQLGDGVHHVIXPDHQODPHGLGDTXHHPHUJHQODVQXHYDV
SUiFWLFDVGLVFXUVLYDVGHOGHVDUUROOR&XDQGRORVSDVRVSDUDDOFDQ
]DU HO GHVDUUROOR SDUHFtDQ DYDQ]DU HQ OD OtQHD FRUUHFWD HO DMXVWH
LGHROyJLFR GH EXVFDU DKRUD XQ GHVDUUROOR VXVWHQWDEOH FDPELD HO
FXUVRGHODVFRVDV\FRPLHQ]DDFDXVDUXQDLPSRUWDQWHIUXVWUDFLyQ
HQLPSRUWDQWHVVHFWRUHVGHODSREODFLyQHVSHFLDOPHQWHDTXHOORV
FHUFDQRVDORVGLVFXUVRVGHVDUUROOLVWDVWDQWRHQORVVHFWRUHVGHODV
GHUHFKDVFRPRHQODVL]TXLHUGDVSROtWLFDV
3RURWUDSDUWHHQWUHORVQXHYRVIHQyPHQRVVRFLDOHVHVWiVLQGXGD
HOGHODPHUFDQWLOL]DFLyQGHORDPELHQWDO/DVHVWUDWHJLDVGHOGHV
DUUROORVXVWHQWDEOHVHxDOD/HIIYDQDGLVHxDULQVWUXPHQ
WRVFDSDFHVGHOOHYDUODVSUiFWLFDVSURSLDVGHOPRGHORQHROLEHUDOD
XWLOL]DUQXHYDVKHUUDPLHQWDVHQGRQGHORDPELHQWDOVHUiHOFHQWUR
GHDWHQFLyQXQHOHPHQWRGHORVGLVFXUVRV\HOPHFDQLVPRTXHSHU
PLWLUi PDQWHQHU VX HVWDWXV KHJHPyQLFR $Vt YHPRV TXH HO $0&
QRHVH[FHSFLyQ\XQDSDUWHLPSRUWDQWHGHVXVQXHYRVSUR\HFWRV
LQPRELOLDULRVWLHQHQHQVXVGHVFULSFLRQHVFRPRHOHPHQWRFHQWUDOHO
GHYDORUDUORQDWXUDO
6LVHDFHSWDODLGHDGHOHHUHOWHUULWRULRFRPRHOWHVWLPRQLRGHODV
IRUPDVPHGLDQWHODVFXDOHVODVRFLHGDGSRQHHQHYLGHQFLDVXUH
ODFLyQFRQHOHQWRUQRHQWRQFHVSRGHPRVVXSRQHUDGHPiVTXHHO
5HYLVWD0iUJHQHV1ž9RO!'LFLHPEUH!
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
! )LJXUD&RPSDUDFLyQHQWUHSODQLÀFDFLyQ\iUHDVGHFUHFLPLHQWRUHDOHQHO*UDQ&RQFHSFLyQ)XHQWH0XxR]3ODQHV5HJXODGRUHV
,QWHUFRPXQDOHVGH\
PRGRGHOHHUHVWDVSUiFWLFDVHVXQDIRUPDFRQFUHWDGHVHJXLUODV
LGHDVPLVPDVGHOGHVDUUROOR/DKLSyWHVLVSRUORWDQWRHVTXHHOHV
SHUPLWDOHHUDGHFXDGDPHQWHHOFRQWHQLGRTXHEXVFDUHSUHVHQWDU
+HPRVVDELGRDSDUWLUGHORDTXtUHYLVDGRTXHHQPHGLRVLJORODUD
SDFLR\VXVIRUPDVGHRUJDQL]DFLyQHQWDQWRWHUULWRULRVHRUGHQDQ
\VHFRQVWLWX\HQFRPRKXHOODVTXHRWRUJDQVHQWLGRGHODUJRSOD]R\
GLFDOWUDQVIRUPDFLyQGHOHVSDFLRHQHO*UDQ&RQFHSFLyQKDVLGRDO
DPSDURGHGLVFXUVRVVRVWHQLHQGRODLGHDGHOGHVDUUROOR$OPLVPR
TXHSHUPLWHPDWHULDOL]DUODLGHDGHWLHPSR´HQµHOHVSDFLR(OORSHU
PLWHDOPLVPRWLHPSRVXSRQHUTXHHOHVSDFLRHQWDQWRWHVWLPRQLR
WLHPSRVHVRVWLHQHTXHHQXQSULPHUPRPHQWRODLGHDSDUHFHVHU
LQLFLDOPHQWHODGHOGHVDUUROOLVPRSDUDOXHJRSDVDUDXQGLVFXUVR
WUDVFLHQGHVXFRQGLFLyQGHREMHWR\VHFRQVWLWX\HFRPRSURFHVR
PiVDQFODGRHQODSULYDWL]DFLyQSDUDHOLQFUHPHQWRGHODVH[SRU
WDFLRQHV\DVtOOHJDUDXQPRGHORJOREDOL]DGRDQFODGRHQODOyJLFD
QHROLEHUDOSRVWDxRV¶$TXtDSDUHFHQODVLGHDVTXHUHTXLHUHQ
6LVHREVHUYDGHVGHHOSXQWRGHYLVWDLFRQRJUiÀFRODLQGXVWULDTXH
HPLWHVXIXPDURODHVSURIXQGDPHQWHVLJQLÀFDWLYDHQHVWHWUDEDMR
/RHVHQWDQWRLGHD\HQWDQWRUHSUHVHQWDFLyQSURSLDGHODQRFLyQ
GHSURJUHVRSULPHUR\FRPRPDOVtQWRPDSRVWHULRUPHQWHUHVSHFWR
GHXQDLGHDGHGHVDUUROORPXWDEOHHQHOWLHPSR
(QPHQRVGHPHGLRVLJORDTXHOORTXHPHMRUUHSUHVHQWDEDODLGHD
GH SURJUHVR KD UHTXHULGR GH XQD UHOHYDQWH UHVLJQLÀFDFLyQ \ XQ
UHGLVHxR GH ODV LPiJHQHV 1R VH WUDWD GH LPiJHQHV YDFtDV /DV
QXHYDV UHSUHVHQWDFLRQHV VREUH OD LGHD GH SURJUHVR TXH DYDQ]D
KDFLDHOGHVDUUROORQHFHVLWDQGHXQVHQWLGRGHLQWHUSUHWDFLyQTXH
SDUDHQFDMDUHQORVPHUFDGRVPXQGLDOHVGHDMXVWHVDFLHUWDVH[L
JHQFLDVDPELHQWDOHVTXHSHUPLWHQFUHDUODFRKHUHQFLDVHPiQWLFD
TXHHVWiFRQWHQLGDHQORVPHUFDGRVJOREDOL]DGRV
'HVGHHVWDSHUVSHFWLYDHVSUHFLVRVLWXDU\SRQGHUDUHOVHQWLGR\
DOFDQFHGHORV,37\RWURVLQVWUXPHQWRVRULHQWDGRVDODJHVWLyQGHO
GHVDUUROOR LQFOX\HQGR HO DPELHQWDO \ WHUULWRULDO (Q HVWULFWR ULJRU
HOORVVLJXHQVLWXDGRVHQHOGLVFXUVRGHVDUUROOLVWDHQODPHGLGDTXH
DVSLUDQDSURVHJXLUHOLQFRQFOXVRFDPLQRWUD]DGRSRUHOGLVFXUVR
! )LJXUD&URTXLVSURPRFLRQDOGHOD]RQDLQGXVWULDOGH7DOFDKXDQR5HSUHVHQWDFLyQGHOD6LGHU~UJLFD+XDFKLSDWRGHOD&$3)XHQWH&$3
! )LJXUD%DKtD6DQ9LFHQWH\6LGHU~UJLFD+XDFKLSDWRKR\YLVWDGHVGHHOFHUUR&DUDFRO7DOFDKXDQR)XHQWHIRWRJUDItDGHODXWRUQRYLHPEUHGH
!5HYLVWD0iUJHQHV1ž9RO!'LFLHPEUH
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
!,661HOHFWUyQLFR
!,661LPSUHVR
PRGHUQL]DGRUGHO(VWDGRGHVGHGLIHUHQWHVHVWUDWHJLDVSHURDQFOD
GRVHQODE~VTXHGDGHOPHMRUDPLHQWRGHODVFRQGLFLRQHVHFRQyPL
FDVGHODSREODFLyQFRPRREMHWLYRFHQWUDO
(QVtQWHVLVODSURSXHVWDVREUHXQDKHUPHQpXWLFDGHORVWHUULWRULRV
EXVFDQRFHUUDUODVOHFWXUDVSRVLEOHVVREUHORVSURFHVRVTXHVHGDQ
HQWHUULWRULRVHVHQFLDOPHQWHGLQiPLFRVVLQRSRUHOFRQWUDULRDEULU
VHDODLQWHUSUHWDFLyQHQSHUVSHFWLYDVGHODUJRSOD]RTXHD\XGHQD
ODFRPSUHQVLyQGHORVSURFHVRV\DOGLVHxRGHODVHVWUDWHJLDVGH
LQWHUYHQFLyQQHFHVDULDVDODOX]GHORVSURFHVRVVRFLDOHVTXHOHV
GDQVHQWLGR\TXHSRUORPLVPRUHGHÀQHQSUREDEOHPHQWHODQRFLyQ
PLVPDGHVXVWHQWDELOLGDG
BBBBB*pRJUDSKLHVWUDQTXLOOHVGXTXRWLGLHQ8QHDQDO\VH
GHODFRQWULEXWLRQGHVVFLHQFHVVRFLDOHVHWGHODJpRJUD
SKLHjO·pWXGHGHVSUDWLTXHVVSDWLDOHV&DKLHUVGHJpRJUD
SKLHGX4XpEHFY
',0e2*%8/(213/·HVSDFHVRFLDO/HFWXUHJpRJUD
SKLTXHGHVVRFLpWpV3DULV$UPDQG&ROLQ
(/,=$/'(0$&&/85(5/DVREUHYLYHQFLDGH&KLOH/D
FRQVHUYDFLyQGHVXVUHFXUVRVQDWXUDOHVUHQRYDEOHV6DQ
WLDJR(O(VFXGR,PSUHVRUHV(GLWRUHV/WGD
(6&2%$5$/DLQYHQFLyQGHOWHUFHUPXQGR&RQVWUXFFLyQ\GH
FRQVWUXFFLyQGHOGHVDUUROOR%DUFHORQD*UXSR(GLWRULDO1RUPD
%,%/,2*5$)Ì$
$/,67((7HUULWRULR\FLHQFLDVVRFLDOHVWUD\HFWRULDVHVSD
FLDOHV\DPELHQWDOHVHQGHEDWH(Q($OLVWH$8UTXL]D
0HGLRDPELHQWH\VRFLHGDG&RQFHSWRVPHWRGRORJtDV\H[
SHULHQFLDVGHVGHODVFLHQFLDVVRFLDOHV\KXPDQDVSiJLQDV
6DQWLDJR5L/(GLWRUHV
BBBBB7HUULWRULR\KXHOODVWHUULWRULDOHVXQDPHPRULDGHO
HVSDFLRYLYLGRHQHO*UDQ&RQFHSFLyQ&KLOH'HVHQYROYL
PHQWRH0HLR$PELHQWH
BBBBB(OGLVFXUVRGHOGHVDUUROOR\VXVHIHFWRVDPELHQWDOHV
HQ&KLOHSUiFWLFDVHVSDFLDOHV\WUDQVIRUPDFLRQHVWHUULWR
ULDOHVHQHOiUHDPHWURSROLWDQDGH&RQFHSFLyQ
6FULSWD1RYD5HYLVWD(OHFWUyQLFDGH*HRJUDItD\
&LHQFLDV6RFLDOHV>(QOtQHD@%DUFHORQD8QLYHUVLGDGGH
%DUFHORQDGHQRYLHPEUHGHYRO;9,1ž
KWWSZZZXEHVJHRFULWVQVQVQKWP!
>,661@,6,
$/,67((5$%,9&RQFHELUORVRFLRDPELHQWDOUHSUH
VHQWDFLyQ\UHSUHVHQWDWLYLGDGGHORVGLVFXUVRVVREUHHO
GHVDUUROOR5HYLVWD3ROLV
$/,67((0866(7$3HQVDUORVWHUULWRULRVGHOGHVDUUROOR
VXVWHQWDELOLGDG\DFFLyQS~EOLFDHQQRPEUHGHXQDFLXGDG
LPDJLQDULD&RQFHSFLyQ&KLOH5HYLVWD(85(
DUWtFXORDFHSWDGRSUy[LPRDSXEOLFDUVH
BBBBB(OOXJDUGHODQDWXUDOH]D\ODQDWXUDOH]DGHOOXJDU
¢JOREDOL]DFLyQRSRVWGHVDUUROOR"(Q$9LROD$QWURSRORJtD
GHO'HVDUUROOR3iJLQDV%DUFHORQD3DLGyV
)$/(772('LPHQVLRQHVVRFLDOHVSROtWLFDV\FXOWXUDOHV
GHOGHVDUUROOR6DQWLDJRGH&KLOH)/$&62&DWDORQLD
*/,*21(VWLORVGHGHVDUUROOR\PHGLRDPELHQWHHQ$Pp
ULFD/DWLQDXQFXDUWRGHVLJORGHVSXpV6DQWLDJRGH&KLOH
&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\(O&DULEH
&(3$/6HULH0HGLR$PELHQWH\'HVDUUROOR1ž
*2%,(5125(*,21$/*25(%Ì2%Ì2&+,/(=RQLÀFD
FLyQGHO%RUGH&RVWHUR0HPRULD([SOLFDWLYD&RQFHSFLyQ
*RELHUQR5HJLRQDOGHO%tR%tR&KLOH
*Ð1*25$0(QVD\RKLVWyULFRVREUHODQRFLyQGH(VWDGR
HQ&KLOHHQORVVLJORV;,;\;;6DQWLDJR/D&LXGDG
+(59e'3/80(50&/DSURWHFFLyQGHOPHGLRDP
ELHQWH\ODVUHJXODFLRQHVFRPHUFLDOHVLQWHUQDFLRQDOHV8QD
SHUVSHFWLYDGHVGH&KLOH5HYLVWDGH'HUHFKRDxR
/$&267(<*pRJUDSKLHGXVRXVGpYHORSSHPHQW3DULV
3UHVVHV8QLYHUVLWDLUHVGH)UDQFH
/())(&LHQFLDVVRFLDOHV\IRUPDFLyQDPELHQWDO%DUFHOR
QD*(',6$
BBBBB/DFRPSOHMLGDGDPELHQWDO0p[LFR6LJOR;;,
$512/'0$XWRSURGXFFLyQGHODDPHQD]DDPELHQWDOHQ
ODVRFLHGDGFRQWHPSRUiQHD5HYLVWD0$'
BBBBB6DEHUDPELHQWDO6XVWHQWDELOLGDGUDFLRQDOLGDG
$558'$$'($/%$0(VSDFLRVLPDJLQDULRV\UHSUH
VHQWDFLRQHVVRFLDOHV%DUFHORQD$QWKURSRV
BBBBB5DFLRQDOLGDGDPELHQWDO/DUHDSURSLDFLyQVRFLDOGH
ODQDWXUDOH]D0p[LFR6LJOR;;,
%$1&+65$*8'2$$6725*$/,PDJLQDULRVUHSUH
VHQWDFLRQHV\PHPRULDVRFLDO(Q$$UUXGD0'H$OED
(VSDFLRVLPDJLQDULRV\UHSUHVHQWDFLRQHVVRFLDOHV3iJLQDV
%DUFHORQD$QWKURSRV
/8&$6$&KLOH\HOPHGLRDPELHQWHQRWDVHQORViPELWRV
LQWHUQRHLQWHUQDFLRQDO5HYLVWDGH(VWXGLRV,QWHUQDFLRQD
OHVY
%2,6,(56&KLOHODYRFDFLyQUHJLRQDOLVWDGHOJRELHUQR
PLOLWDU5HYLVWD(85(6DQWLDJRY
%5$8'(/)/HVDPELWLRQVGHO·KLVWRLUH3DULVeGLWLRQVGH)DOORLV
&$50$10/DVWUDPSDVGHODQDWXUDOH]D0HGLRDPELHQ
WH\VHJUHJDFLyQHQ%XHQRV$LUHV%XHQRV$LUHV)RQGRGH
&XOWXUD(FRQyPLFD²&/$&62
',0(2**pRJUDSKLHVRFLDOHHWWHUULWRLUHV3DULV1DWKDQ
8QLYHUVLWp
3URJUHVRGHVDUUROOR\VXVWHQWDELOLGDGDPELHQWDOHQODFLXGDG
ODVWHQVLRQHVVRFLHGDGQDWXUDOH]DHQXQDKHUPHQpXWLFDGHORV
WHUULWRULRV!(QULTXH$OLVWH$OPXQD
FRPSOHMLGDGSRGHU0p[LFR6LJOR;;,
0($'2:6'5$1'(56-%(+5(16:/LPLWVWR
JURZWK1HZ<RUN8QLYHUVH%RRNV
08f2=),QVWUXPHQWRVGHSODQLÀFDFLyQWHUULWRULDOGHO
ÉUHD0HWURSROLWDQDGH&RQFHSFLyQ$0&\VXUHODFLyQFRQ
ORVPRGHORVGHGHVDUUROOR0HPRULDSDUD
RSWDUDOWtWXORSURIHVLRQDOGH*HyJUDIRUHDOL]DGDHQHO
PDUFRGHO3UR\HFWR)21'(&<76DQWLDJR)$8
8QLYHUVLGDGGH&KLOHLQpGLWD
32572*21d$/9(6&*HRJUDItDV0RYLPLHQWRVVRFLDOHVQXH
0RYLPLHQWRVVRFLDOHVQXH
YDVWHUULWRULDOLGDGHV\VXVWHQWDELOLGDG%XHQRV$LUHV6LJOR;;,
5HYLVWD0iUJHQHV1ž9RO!'LFLHPEUH!
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
521&$<2/20/HFWXUHGHVYLOOHV)RUPHVHWWHPSV
0DUVHLOOHeGLWLRQV3DUHQWKqVHV
58,=%/DH[SHULHQFLDGHO3URJUDPDGH5HFXSHUDFLyQ
$PELHQWDOGH7DOFDKXDQR$PELHQWH\'HVDUUROORYRO;9
\
6$&+6,(FRGHVDUUROORFRQFHSWRDSOLFDFLyQEHQHÀFLRV\
ULHVJRV$JULFXOWXUD\6RFLHGDG
6É1&+(=$/DVH[LJHQFLDVDPELHQWDOHVGHORVPHUFDGRV
GHVDUUROODGRVHQXQDHFRQRPtDJOREDOL]DGD/DH[SHULHQ
FLDGH&KLOH5HYLVWDGH*HRJUDItD1RUWH*UDQGH
60,7+3520(52+(IHFWRVGHOFUHFLPLHQWRXUEDQR
GHOÉUHD0HWURSROLWDQDGH&RQFHSFLyQVREUHORVKXPHGD
OHVGH5RFXDQW$QGDOLpQ/RV%DWURV\/HQJD5HYLVWDGH
*HRJUDItD1RUWH*UDQGH
9$/(1=8(/$-(VWXGLRGHFDVR*:35HFXSHUDFLyQ
GRFXPHQWDFLyQHLQIRUPHVWpFQLFRVHODERUDGRVSRUHO&HQWUR
(8/$VHSXHGHDSUHFLDUTXHORVSULPHURVHVWXGLRVHQHOFDP
SRGHODELRORJtDODOLPQRORJtD\ODHFRORJtDRFXSDQXQOXJDU
UHOHYDQWHGHVGHODVHJXQGDPLWDGGHORVDxRV·
(QVHJHQHUDXQJUDQLQFHQGLRHQOD%DKtDGH6DQ9LFHQWH
HOTXHDJUDYDDOH[WUHPRODVLWXDFLyQDPELHQWDOGHODFRPXQD
$VtQDFHHQHO3URJUDPDGH5HFXSHUDFLyQ$PELHQWDOGH
7DOFDKXDQR35$7TXHGHVDUUROOyXQSODQRULHQWDGRDPHMRUDU
ODVLWXDFLyQGHGHWHULRURGHODFRPXQD
9HUKWWSZZZHXODFOLQGH[SKS"RSWLRQ FRPBFRQWHQWYLHZ DUWL
FOHLG ,WHPLG (Q 6DQWLDJR VH FUHD OD &RPLVLyQ (VSHFLDO GH 'HVFRQWDPLQDFLyQ
GHOD5HJLyQ0HWURSROLWDQD&('50FX\RREMHWLYRGHVLPLODU
QDWXUDOH]DDO35$7HVUHDOL]DUXQGLDJQyVWLFRWHQGLHQWHDHV
WDEOHFHUODVPDJQLWXGHVGHODFRQWDPLQDFLyQGHODJXDHODLUH
\ORVVXHORVFRQHOÀQGHGLVHxDUSODQHVGHDFFLyQRULHQWDGRV
DVXSHUDUHVWRVSUREOHPDVHQXQSOD]RGHWHUPLQDGR$VtFRPR
$PELHQWDO,QWHJUDOGHOD&RPXQDGH7DOFDKXDQR*OREDO
HQ7DOFDKXDQRHOIRFRHVHQFLDOVHFHQWUDEDHQODFRQWDPLQD
:DWHU3DUWQHUVKLS*:3,QWHJUDWHG:DWHU5HVRXUFHV
0DQDJHPHQW
FLyQGHODJXDSRUGHVFDUJDVGHUHVLGXRVLQGXVWULDOHVOtTXLGRV
HQ6DQWLDJRHUDHOWHPDGHODFRQWDPLQDFLyQGHODLUHSRUODV
HPLVLRQHVDWPRVIpULFDV
127$6
3UR\HFWR)21'(&<7,PDJLQDULRVGHOGHVDUUROOR\UHSUH
VHQWDFLRQHV HVSDFLDOHV HQ HO *UDQ &RQFHSFLyQ JLURV GH OD
SODQLÀFDFLyQ XUEDQD SRVWGHVDUUROOR \ HOHPHQWRV SDUD XQD
KHUPHQpXWLFDGHOORVWHUULWRULRV7H[WREDVDGRHQODSRQHQ
FLDSUHVHQWDGDHQHO;;,;&RQJUHVR/DWLQRDPHULFDQRGH6RFLR
ORJtD$/$6HQ6DQWLDJRGH&KLOH
(QDOXVLyQDODVLQÁXHQFLDVTXHKDHMHUFLGRHOSHQVDPLHQWRGHOD
&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\(O&DULEHGH1DFLR
QHV8QLGDV&(3$/
(OGHVDUUROORKDDGRSWDGRDORODUJRGHODKLVWRULDP~OWLSOHVDFHS
FLRQHVSDVDQGRGHVGHODLGHDGHHYROXFLyQ\SURJUHVRFRQ
FHSWXDOL]DFLRQHVWHyULFDVFRPRODWHRUtDGHODPRGHUQL]DFLyQ
WHRUtD GH OD GHSHQGHQFLD GHVDUUROOR EDVDGR HQ HO PHUFDGR
GHVDUUROORDXWRFHQWUDGRGHVDUUROORWHUULWRULDOGHVDUUROORUHJLR
QDOGHVDUUROORORFDOGHVDUUROORHQGyJHQRGHVDUUROORKXPDQR
GHVDUUROORVXVWHQWDEOHHFRGHVDUUROOR(VFREDU6DFKV
*OLJR
6LELHQVHWUDWDGHOFRQFHSWRGHJHRKLVWRULDTXHSURSRQHHOKLVWR
ULDGRU IUDQFpV )HUQDQG %UDXGHO DFi VH PDWL]D D PL
UDUORHQXQDHVFDODPHQRUHQHOWLHPSR\TXHVHDFDSD]GH
HQWHQGHU XQ SURFHVR GH PiV DPSOLR DOFDQFH WHPSRUDO TXH
DXQTXHEUHYHGHPHGLRVLJORWLHQHUHSHUFXVLRQHVUHOHYDQWHV
HQODVWUDQVIRUPDFLRQHVHVSDFLDOHVGHODVHFRQRPtDVODWLQRD
PHULFDQDVGRQGHORVVLJORV;,;\;;KDQVLGRSURIXQGDPHQWH
LPSDFWDQWHVHQODHVWUXFWXUDFLyQGHORV(VWDGRV\ODEDVHHFR
QyPLFDIXHUWHPHQWHDQFODGDHQODH[SORWDFLyQGHVXVUHFXUVRV
QDWXUDOHVUD]yQSRUODFXDOVRQWDQUHOHYDQWHVVXVLPSDFWRV
HQODVWUDQVIRUPDFLRQHV\GLQiPLFDVHVSDFLDOHV
(OL]DOGH0DF&OXUH5/DVREUHYLYHQFLDGH&KLOH/DFRQ
VHUYDFLyQGHVXVUHFXUVRVQDWXUDOHVUHQRYDEOHV6DQWLDJR(O
(VFXGR ,PSUHVRUHV(GLWRUHV /WGD 0LQLVWHULR GH $JULFXOWXUD
6HUYLFLR$JUtFROD\*DQDGHUR
9HUDOUHVSHFWRKWWSZZZHXODFOLQGH[SKS"RSWLRQ FRPBFRQWHQ
WYLHZ DUWLFOHLG ,WHPLG $O UHYLVDU ODV SXEOLFDFLRQHV
!5HYLVWD0iUJHQHV1ž9RO!'LFLHPEUH
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
3URPXOJDGDHOGHPDU]RGH
8QDEXHQDVHxDOHVHOFDPELRGHFRQWHQLGRVGHORVGLIHUHQWHV
LQVWUXPHQWRVGHSODQLÀFDFLyQGHOGHVDUUROORXUEDQRHQGRQGH
GHVSXpVGHORVDxRV·DSDUHFHQGHPRGRH[SOtFLWRODVDOX
VLRQHVDFRQWHQLGRVGHFDUiFWHUPHGLRDPELHQWDO
(QOD0HPRULD([SOLFDWLYDGHOD=RQLÀFDFLyQGHO%RUGH&RVWHUR
HODERUDGD SRU HO *RELHUQR 5HJLRQDO GHO %tR %tR VH VHxDOD
FRPR IXQGDPHQWDFLyQ GH OD QHFHVLGDG GH FRQWDU FRQ iUHDV
GHSURWHFFLyQGHODQDWXUDOH]DORVLJXLHQWH/DUHJLyQWLHQHXQ
iUHD PHWURSROLWDQD DOWDPHQWH XUEDQL]DGD H LQGXVWULDOL]DGD
HVWDSHUFHSFLyQGHOHVSDFLRYDORUL]DiUHDVFRPRORVVDQWXD
ULRVGHODQDWXUDOH]DODVUHVHUYDVQDFLRQDOHV\QXHYDViUHDV
VLQ SURWHFFLyQ GRQGH KD\ XQ DOWR YDORU SRU OD ELRGLYHUVLGDG
SUHVHQWH GHVHPERFDGXUD GH UtRV KXPHGDOHV HWF *25(
%LR%tR
&RQFHSFLyQKDHVWDGRKLVWyULFDPHQWHVRPHWLGDDOULJRUGHXQD
QDWXUDOH]D KRVWLO WHUUHPRWRV WVXQDPLV H LQXQGDFLRQHV KDQ
VLGR IUHFXHQWHV \ XQD FRQGLFLyQ SHUPDQHQWH TXH GH DOJXQD
PDQHUDKDQGHÀQLGRHLPSUHJQDGRXQDHVSHFLDOIRUPDGHKD
ELWDUHQFRQVWDQWHUHFRQVWUXFFLyQ\SHUPDQHQWHWHQVLyQ6yOR
GXUDQWHHOVLJOR;;HLQLFLRVGHO;;,ORVWHUUHPRWRVGH
\KDQGHYDVWDGRODFLXGDGHQQLYHOHVFDWDVWUyÀFRV
DOLJXDOTXHODVLQXQGDFLRQHVGH\
0DUGRQHV9LGDO
$OJXQRV SUR\HFWRV LQPRELOLDULRV HQ RIHUWD DFWXDOPHQWH WLHQHQ
GHVFULSFLRQHVFRPRODVVLJXLHQWHV
9HQDYLYLUHQ6DQ$QGUpVGHO9DOOHXQQXHYR\H[FOXVLYREDUULR
GRWDGRGHXQDH[FHOHQWHFRQHFWLYLGDG\URGHDGRGHXQDJUD
GDEOHHQWRUQRQDWXUDOFRQPiVGHPGHiUHDVYHU
GHVSOD]ROHWDVHQFDGDXQRGHORVFRQGRPLQLRVDFFHVRVGHV
SHMDGRVHLQGHSHQGLHQWHV\XQDH[FHOHQWHFRQH[LyQFRQWRGR
ORTXHQHFHVLWDVLGHDOSDUDTXHGLVIUXWHVGHODYLGD KWWS
ZZZHQODFHELRELRFOÀFKDBSUR\HFWRLQPRELOLDULD$LWXH
SUR\HFWR6DQB$QGU&$VBGHOB9DOOH
!,661HOHFWUyQLFR
!,661LPSUHVR
8QSUR\HFWRURGHDGRGHQDWXUDOH]DFRQFDVDVLQGLYLGXDOHVGH
\PFRQFyPRGRVHVSDFLRVSDUDKDELWDU\GLVIUXWDUGH
XQDYLGDHQIDPLOLDKWWSZZZHQODFHELRELRFOÀFKDBSUR\HF
WRLQPRELOLDULD3RFXURSUR\HFWR(OB5RVDULR
8QDPH]FODGHHOHJDQFLD\GLVHxR6RQGRVPRGHORVGHFDVDV
$UUD\iQ\3HXPRXELFDGRVHQXQVHFWRUTXHSULYLOHJLDODQD
WXUDOH]D\EHOOH]DGHVXHQWRUQR8QDPH]FODGHHOHJDQFLD\
GLVHxRRIUHFLHQGRDVXVUHVLGHQWHVODSRVLELOLGDGGHYLYLUHQ
$QGDOXp'LVIUXWHGHODFRPRGLGDGGHYLYLUELHQ\DVHJXUHOD
SOXVYDOtD GH VX LQYHUVLyQ KWWSZZZHQODFHELRELRFOÀFKDB
SUR\HFWRLQPRELOLDULD&,66SUR\HFWR&RQGRPLQLRB$OSHV
9LYDHQXQFRQGRPLQLRH[FHSFLRQDO'LVIUXWHGHODQDWXUDOH]D
YLYDHQXQFRQGRPLQLRH[FHSFLRQDO&,66KDGHVDUUROODGRXQ
QXHYR\DWUDFWLYRSUR\HFWRSDUDTXHGLVIUXWHHQIDPLOLDGHODFR
PRGLGDG\HOHJDQFLDGHVXKRJDUKWWSZZZHQODFHELRELRFO
ÀFKDBSUR\HFWRLQPRELOLDULD&,66SUR\HFWR&RQGRPLQLRB
&RUGLOOHUD
8QD YLGD IDPLOLDU (VWH SUR\HFWR HVWi XELFDGR HQ XQ VHFWRU
UHVLGHQFLDO URGHDGR GH XQ HQWRUQR QDWXUDO TXH SURSLFLD HO
GHVDUUROORGHXQDYLGDIDPLOLDU8ELFDGRDPLQXWRVGHOFHQWUR
GH 6DQ 3HGUR FRQ DFFHVR LQPHGLDWR D OD 5XWD \ D SD
VRV GH OD HVWDFLyQ GH %LRWUpQ /RPDV &RORUDGDV FHUFDQR D
FROHJLR VXSHUPHUFDGR IDUPDFLDV \ RWURV VHUYLFLRV KWWS
ZZZHQODFHELRELRFOÀFKDBSUR\HFWRLQPRELOLDULD3<
SUR\HFWR$LUHVBGHB6DQB3HGUR
(Q&KLOHODYXHOWDDODGHPRFUDFLDVLJQLÀFyWDPELpQODDSHUWXUD
DQXHYRVPHUFDGRVLQWHUQDFLRQDOHVDQWHVFHUUDGRVFRPRXQD
PDQHUDGHJHQHUDUSUHVLyQSROtWLFDDQWHODGLFWDGXUDPLOLWDU
(VWD DSHUWXUD KDFLD QXHYRV PHUFDGRV \ HVSHFLDOPHQWH ODV
QHJRFLDFLRQHVSDUDODLQFRUSRUDFLyQGH&KLOHDO1$)7$1RUWK
$PHULFDQ)UHH7UDGH$JUHHPHQWHQWUH\VLJQLÀFy
HQXQSULPHUPRPHQWRLPSOHPHQWDUFLHUWRVHVWiQGDUHVGRQ
GHVHLQFOXtDQORVDPELHQWDOHV+HUYp3OXPHU/XFDV
(VWH FRQWH[WR HV FRQWHPSRUiQHR FRQ OD UHGDFFLyQ \
SURPXOJDFLyQGHOD/H\GH%DVHVGHO0HGLR$PELHQWH
SHUPLWLHQGRYLVXDOL]DUODFODUDUHODFLyQHQWUHFRPHUFLR\PHGLR
DPELHQWH \ GHVGH DOOt ODV LPSOLFDQFLDV TXH HOOR SXHGH WHQHU
HQORTXHOODPR´HODMXVWHGLVFXUVLYRGHOGHVDUUROORµ8QEXHQ
HMHPSOR HVWi FRQWHQLGR HQ HO WUDEDMR GH $ 6iQFKH] VREUHODVH[LJHQFLDVDPELHQWDOHVHQODVHFRQRPtDVGHVDUUR
OODGDV(QpOVHDERUGDQODVH[LJHQFLDV\UD]RQHVGHHVWDVH[L
JHQFLDVGHVSUHQGLHQGRGHVXOHFWXUDHOPRGRHQTXHORVGLV
FXUVRVGHOGHVDUUROOR´LPSUHJQDQµQXHVWUDVOHFWXUDV\HVFULWRV
†
3URJUHVRGHVDUUROOR\VXVWHQWDELOLGDGDPELHQWDOHQODFLXGDG
ODVWHQVLRQHVVRFLHGDGQDWXUDOH]DHQXQDKHUPHQpXWLFDGHORV
WHUULWRULRV!(QULTXH$OLVWH$OPXQD
5HYLVWD0iUJHQHV1ž9RO!'LFLHPEUH!
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR