Capitulo 2. La reconstrucción

Anuncio
3267)5$148,602)$6(
)$6('(5(&216758&&,Ð1
/$5()250$$5,$6,1029,/,602</8&+$662&,$/(6
/RV VLHWH PHVHV GHO *RELHUQR GH &DUORV $ULDV 1DYDUUR IXHURQ ORV PiV ODUJRV GH OD
WUDQVLFLyQ)XHXQWLHPSRSHUGLGRHQHOFDPLQRKDFLDODGHPRFUDFLDXQDSURORQJDFLyQ
H[WHQXDQWHGHOSDVDGRFRQODVPLVPDVFDUDVODVPLVPDVDQJXVWLDVODPLVPDLQFHU
WLGXPEUH3HURKDEtDXQDGLIHUHQFLD\DQRHVWDED)UDQFR(VRVLPSOHPHQWHHVRGH
WHUPLQyTXHHQHVRVVLHWHPHVHVVHSURGXMHUDQDOJXQRVKHFKRVTXHLEDQDVHUGHFLVL
YRVSDUDWUD]DUHOIXWXUR&DUORV(ORUGL´0HPRULDGHOD7UDQVLFLyQµ(O3DtV
(QWUHHOSRGHUVXUJLGRGHODVIXHU]DVTXHKDQGHIHQGLGRGXUDQWHFXDUHQWDDxRVXQ
VLVWHPD SROtWLFR DXWRULWDULR \ OD LPSODQWDFLyQ GH XQD GHPRFUDFLD UHDO KD\ XQD FRQ
WUDGLFFLyQ LQVDOYDEOH < HV HVWD FRQWUDGLFFLyQ HQ SULQFLSLR OD TXH ODV IXHU]DV GH OD
RSRVLFLyQVHGLVSRQHQDDJXGL]DU(TXLSRVGH(VWXGLR('(3UXHEDGHIXHU]DHQ
WUHHOUHIRUPLVPR\ODUXSWXUD(OtDV4XHUHMHWD(G
(OSULPHUJRELHUQRTXHVXUJLyGHVSXpVGHODPXHUWHGH)UDQFR\SULPHURDVXYH]GHOD
0RQDUTXtDVHJXLUiXQDOtQHDFRQWLQXLVWDPDQLIHVWDGDGHIRUPDFODUDFRQODFRQILUPD
FLyQ HQ HO FDUJR GHO DQWHULRU SUHVLGHQWH GHO *RELHUQR GH OD ~OWLPD HWDSD GH )UDQFR
&DUORV $ULDV 1DYDUUR 6LQ HPEDUJR KD\ TXH KDFHU QRWDU OD SUHVHQFLD GH VHFWRUHV UH
IRUPLVWDV GHQWUR GHO SURSLR IUDQTXLVPR TXH EXVFDEDQ VLWXDFLRQHV TXH VH SODVPDUDQ
FRQHOWLHPSRHQVLVWHPDVSROtWLFRVSDUHFLGRVDODV´GHPRFUDFLDVHXURSHDVµRFFLGHQWD
OHV/RVFDVRVPiVFODURVVHUtDQORVGH)UDJD$UHLO]D*DUULJXHVR5REOHV3LTXHU
(UDXQJRELHUQRVXUJLGRSDUDXQLUDORVGLYHUVRVVHFWRUHVGHOIUDQTXLVPRUHIRUPLV
WDVHLQPRYLOLVWDVTXHDQWHVLWXDFLRQHVGHIXHU]DRFRQIOLFWLYLGDGVRFLDOGHVDUUROODGDV
SRUODRSRVLFLyQDQWLIUDQTXLVWDVHFHUUDUtDQHQXQ´DXWLVPRµUHSUHVRU\DXWRULWDULR'H
KHFKRVLTXHUtDQFDPELDUHOIUDQTXLVPRRPRGLILFDUVXPRGXVYLYHQGLHOFDPLQRTXH
HOLJLHURQQRIXHHOPiVDGHFXDGR\DTXHORVGLYHUVRVJUXSRVGHSUHVLyQGHOSURSLRVLV
WHPDVHDXWRDQXODEDQRSDUDOL]DEDQHQWUHVtQRSHUPLWLHQGRSXHVJUDQGHVDYDQFHVHQ
HOWHUUHQRGHODVOLEHUWDGHVLQGLYLGXDOHVRFROHFWLYDVGHORVSXHEORVGHO(VWDGRHVSDxRO
(Q FXDQWR D OD RSRVLFLyQ SROtWLFD DQWLIUDQTXLVWD pVWD HVWDED HVWUXFWXUDGD HQ GRV
SODWDIRUPDVOD-XQWD'HPRFUiWLFD\OD3ODWDIRUPDGH&RQYHUJHQFLD'HPRFUiWLFDTXH
DJUXSDEDPD\RULWDULDPHQWHDODRSRVLFLyQSROtWLFDDODGLFWDGXUDGHUHFKDFHQWURHL]
TXLHUGDVGHPRFUiWLFDVMXQWRFRQSHUVRQDOLGDGHVLQGHSHQGLHQWHVDQWLIUDQTXLVWDV(V
WRVJUXSRVVHXQLUtDQSRVWHULRUPHQWHHQORTXHVHOODPy&RRUGLQDFLyQ'HPRFUiWLFDR
SRSXODUPHQWH´/D3ODWDMXQWDµ
/DSURSXHVWDTXHHVWDVGRVSODWDIRUPDVUHLYLQGLFDEDQHQXQSULQFLSLRVXSRQtDXQ
FDPELRVXVWDQFLDO\GH´UXSWXUDµFRQHOVLVWHPDDXWRULWDULRTXHKDEtDGRPLQDGRHOSD
tVGXUDQWHDxRVLQFOX\HQGRHQHVDWUDQVIRUPDFLyQDOD0RQDUTXtDUHFLpQHVWUHQD
GDTXHVHYHtDFRPRXQGHVDUUROORFRQWLQXLVWDGHOIUDQTXLVPR
(Q XQ FRPXQLFDGR SURSLR HPLWLGR FRQMXQWDPHQWH SRU OD -XQWD \ OD 3ODWDIRUPD DO
SRFRGHODPXHUWHGHO'LFWDGRUVHH[SUHVDEDHOQ~FOHRGHVXVUHLYLQGLFDFLRQHVEiVLFDV
²,QPHGLDWDOLEHUDFLyQGHORVSUHVRVSROtWLFRV\VLQGLFDOHV
²3OHQRHMHUFLFLRGHORVGHUHFKRVKXPDQRV\ODVOLEHUWDGHVS~EOLFDVLEHUWDGGHUH
XQLyQDVRFLDFLyQ\PDQLIHVWDFLyQ
² (MHUFLFLR GH GHUHFKRV KLVWyULFRV \ OLEHUWDGHV SDUD ODV 1DFLRQDOLGDGHV &DWDOXxD
3DtV9DVFR\*DOLFLD
²5XSWXUDGHPRFUiWLFDPHGLDQWHODDSHUWXUDGHXQSURFHVRFRQVWLWX\HQWHTXHOOHYD
UiDXQDFRQVXOWDSRSXODUPHGLDQWHHOVXIUDJLRXQLYHUVDOSDUDGHFLGLUODIRUPDGH(V
WDGR0RQDUTXtDR5HS~EOLFDDVtFRPRODIRUPDGH*RELHUQR
/D EDWDOOD OLEUDGD HQ HVWRV VLHWH PHVHV HQWUH ORV VHFWRUHV LQPRYLOLVWDV \ UHIRUPLVWDV
GHOIUDQTXLVPRSRUXQODGR\ORVVHFWRUHVDQWLIUDQTXLVWDVSRURWURWXYROXJDUHQHVFH
QDULRV\VLWXDFLRQHVTXHQRVHOLPLWDEDQDODPHGLDFLyQSROtWLFDRDOSXUR´SDUORWHRUH
WyULFRµDXQTXHKXELHUDFRQWDFWRVGHDSUR[LPDFLyQHQWUHGLYHUVRVVHFWRUHVGHDPERV
JUXSRV
/DFDOOHODIiEULFDODXQLYHUVLGDGHOLQVWLWXWRHOEDUULRIXHURQORVOXJDUHVGRQGH
WXYROXJDUODFRQIURQWDFLyQ/DFODVHREUHUDORVPRYLPLHQWRVYHFLQDOHVORVPRYLPLHQ
WRV SURDPQLVWtD ORV PRYLPLHQWRV SRSXODUHV HQ JHQHUDO ORV HVWXGLDQWHV IXHURQ ORV
SURWDJRQLVWDVGHODVPRYLOL]DFLRQHVTXHVHOOHYDURQDFDERSDUDODGHIHQVDGHVXVUHL
YLQGLFDFLRQHV
&RQHOORODUHIRUPD$ULDVTXHGyUHOHJDGDDXQDVLWXDFLyQGHH[WUHPDGHELOLGDGTXH
ODDUULQFRQDUtDKDVWDH[WLQJXLUOD
)XHIDPRVDSRUH[FHVLYD\SUHSRWHQWHODIUDVHGH)UDJDDGVFULWRDOVHFWRUUHIRUPLV
WD GHO UpJLPHQ ´/$ &$//( (6 0Ì$µ TXH QRV LQGLFD FODUDPHQWH GRQGH VH HVWDED OL
EUDQGRODEDWDOODSROtWLFDFUXFLDOHQHVWDIDVH
$FHUFDGHODVUHLYLQGLFDFLRQHVTXHORVVHFWRUHVSRSXODUHVSURSRQtDQ\HQHVSHFLDO
ODFODVHREUHUDVHGHEHUtDGHFLUTXHVXVUHLYLQGLFDFLRQHVQRSDVDURQHQPXFKRVFDVRV
GHOXFKDVSRUPHMRUDVVDODULDOHVTXHHUDQIUHQDGDVSRUODSROtWLFDHFRQyPLFDGHO*R
ELHUQRUHSUHVHQWDGDSRUVXPLQLVWURGH(FRQRPtD9LOODU0LU
/D UHLYLQGLFDFLyQ REUHUD SRU ODV PHMRUDV VDODULDOHV \ HQ FRQWUD GH ORV SODQHV HFR
QyPLFRVGHO*RELHUQRIXHVLQGXGDODEDWDOODPiVSHUVLVWHQWH\ODGHPD\RUPRYLOL]D
FLyQVRFLDOGXUDQWHHVWDIDVHFUHDQGRXQFOLPDGHGHVFRQWHQWRVRFLDOTXHHO*RELHUQR
QRHUDFDSD]GHHUUDGLFDU\TXHIDYRUHFtDREMHWLYDPHQWHDOEORTXHGHOD´RSRVLFLyQµHQ
VXEDWDOODSROtWLFDDFRUWRSOD]RFRQHO*RELHUQR
$ HVWD UHLYLQGLFDFLyQ REUHUD EiVLFD VH XQtDQ FLHUWDPHQWH RWUDV GH VROLGDULGDG GH
FODVHFRQORVGHVSHGLGRV\RWUDVGHYDJRFRQWHQLGRSROtWLFRTXHVHUHIHUtDQDODVOLEHU
WDGHVS~EOLFDV\VLQGLFDOHV
,JQDFLR )HUQiQGH] GH &DVWUR QRV GHVFULEH OD VLWXDFLyQ DOWDPHQWH FRQIOLFWLYD HQ OD
TXHVHHQFRQWUDED0DGULGGXUDQWHHOPHVGHHQHURGH
HQ GLFLHPEUH VH LQLFLDQ ORV FRQIOLFWRV ODV KXHOJDV \ ORV FLHUUHV SDWURQDOHV
ORVGHVSLGRV\ODVVDQFLRQHVODVUHVSXHVWDVREUHUDV\ODVLQWHUYHQFLRQHVGHODVIXHU
]DVGHRUGHQS~EOLFRDIHFWDQDODUDPDGHOPHWDOHQ0DGULG\9L]FD\D\DOVLHPSUH
FRPEDWLYR VHFWRU GH OD FRQVWUXFFLyQ HQ HQHUR \ HQ 0DGULG HO GtD VH SURGXFH OD
KXHOJDGHO0HWUR\XQVDOWRFXDOLWDWLYRHQHOFRQIOLFWRTXHVHH[WLHQGH\VHJHQHUDOL]D
D WRGR HO FLQWXUyQ LQGXVWULDO GH OD FDSLWDO \ GH pVWH SDVD D VHFWRUHV GH VHUYLFLRV GHO
FHQWURGHODFLXGDG%DQFD6HJXURV$UWHV*UiILFDV&RUUHRV\DXQOD5(1)(VHXQHQ
DOPRYLPLHQWR(OGtDGtDHQHOTXHHOPRYLPLHQWRKDDOFDQ]DGRVXSXQWRPiVDO
WRHOSDURDIHFWDDWUDEDMDGRUHVHQ0DGULGFLIUDWRGDYtDPiVVLJQLILFDWLYD\
SHOLJURVDVLVHWLHQHHQFXHQWDTXHODPRYLOL]DFLyQKDSUHQGLGRHQORVEDUULRVREUHURV
DORVPRYLPLHQWRVFLXGDGDQRVDORVFRPHUFLRV\DORVEDUHVFUHiQGRVHXQFOLPDGH
H[SHFWDFLyQTXHVXSHUDFRQPXFKRDODPRWLYDFLyQHFRQyPLFDTXHKDVHUYLGRGHSXQ
WRGHSDUWLGD
(VWHDQiOLVLVKHFKRVREUHODSURYLQFLDGH0DGULGHQHQHURGHHVLQGLFDWLYRGHOQL
YHOGHUHVSXHVWDREUHUD\FLXGDGDQDTXHODVPRYLOL]DFLRQHVLEDQDGTXLULHQGR(OPLV
PR QLYHO GHUHVSXHVWDVHJHQHUDOL]DUtDWDPELpQHQHQHUR\IHEUHURHQODSURYLQFLDGH
%DUFHORQD\PiVFRQFUHWDPHQWHHQOD]RQDGHO%DL[/OREUHJDW(QHO3DtV9DVFRODVL
WXDFLyQ GH FRQIOLFWLYLGDG QR VRODPHQWH WHQtD UHLYLQGLFDFLRQHV VDODULDOHV VLQR RWUDV GH
FODURFRQWHQLGRSROtWLFR
6HUiDSULPHURVGHOPHVGHPDU]RGHFXDQGRHQ9LWRULDVHSURGXFHHOPD\RU
HQIUHQWDPLHQWRKDELGRHQ(VSDxDHQWUHODV)XHU]DVGH2UGHQ3~EOLFR\ORVWUDEDMDGR
UHVeVWRVPDQWHQtDQGHVGHHOPHVGHIHEUHURXQDIDVHGHKXHOJDVTXHKDEtDFRPSRU
WDGRHQFRQVHFXHQFLDFLHUUHVSDWURQDOHV\VDQFLRQHVODERUDOHVODHQYHUJDGXUDGHORV
FRQIOLFWRVVHKL]RH[WHQVLYDDRWUDVHPSUHVDVGHODFLXGDG\DWRGRHOFLQWXUyQLQGXV
WULDO/DPRYLOL]DFLyQHUDWDQLQWHQVDTXHUD\DEDFRQODKXHOJDJHQHUDOGHODFLXGDG\
JHQHUDED WDO VROLGDULGDG FLXGDGDQD TXH KDFtD SDWHQWH KDVWD TXp SXQWR HO SXHEOR GH
9LWRULDHVWDEDFODUDPHQWHFRQORVKXHOJXLVWDV
(OGtDGHPDU]RHOSXHEORGH9LWRULDFRQYRFDXQDKXHOJDJHQHUDO\ODFHOHEUDFLyQ
GHXQDDVDPEOHDPDVLYDHQXQDLJOHVLDGHODFLXGDGODSRVWXUDGHODV)23GHLQWHQWDU
UHSULPLU FXDOTXLHU LQWHQWR GH DVDPEOHDJHQHUDODXQTXHIXHUDHQODLJOHVLDFUHDXQD
VLWXDFLyQPX\WHQVDSDVDQGRGHODXWLOL]DFLyQGHJUDQDGDVGHKXPRDOXVRGHDUPDV
GH IXHJR (O EDODQFH HQ WpUPLQRV GH YLGDV KXPDQDV QR SXGR VHU PiV WUiJLFR FLQFR
WUDEDMDGRUHV PXHUWRV \JUDQFDQWLGDGGHKHULGRVSRUGLVSDURVGHODV)23(OSXHEOR
GH 9LWRULD UHDFFLRQD FRQ UDELD DQWH WDPDxR DWURSHOOR GHVFDUJDQGR VX LUD \ FRUWDQGR
ODVFDOOHVFRQEDUULFDGDV
&XDQGRGRVGtDVGHVSXpVVRQHQWHUUDGRVORVFDGiYHUHVGHORVWUDEDMDGRUHVPXHU
WRVSHUVRQDVDFXGLUiQDORVDFWRVIXQHUDULRVHQXQDPDQLIHVWDFLyQGHDXWpQ
WLFRGRORUSRSXODU
/DUHDFFLyQGHVROLGDULGDGFRQODVYtFWLPDVVHH[WHQGLySRUWRGRHO(VWDGRHVSDxRO
VLHQGR HVSHFLDOPHQWH LPSRUWDQWH HQ HO 3DtV 9DVFR (O GtD GH PDU]R VH GHFODUy XQD
KXHOJDFDVLJHQHUDOHQ9L]FD\DPLHQWUDVHQ*XLS~]FRDSDUDURQWUDEDMDGRUHV
\HQ1DYDUUD
(QGLYHUVRVOXJDUHVGHO(VWDGRHVSDxROFRPR&DWDOXxD$QGDOXFtD0DGULG\RWUDV
PXFKDV FLXGDGHV \ SXHEORV GHO SDtV VH H[SUHVy OD VROLGDULGDG KDFLD ORV DVHVLQDGRV
PHGLDQWHPDQLIHVWDFLRQHVRDFWRVS~EOLFRV
(VWDJUDYHVLWXDFLyQJHQHUDGDSRUHO*RELHUQR$ULDV\VXPLQLVWURGHO,QWHULRU)UDJD
,ULEDUQH GHMy WRFDGR \ FDVL KXQGLGR HO SUR\HFWR GH UHIRUPD TXH HVWRV VHFWRUHV UHSUH
VHQWDEDQ6LODSURSXHVWDGHUHIRUPDTXHVHSURSRQtDSDUDDEULU\HQVDQFKDUORVPiU
JHQHVGHOLEHUWDGHVLQGLYLGXDOHV\FROHFWLYDV\DHUDGHSRUVtHVWUHFKD\VHKDFtDDXQ
ULWPROHQWtVLPRSRUFRQWUDGLFFLRQHVLQWHUQDVGHOSURSLR*RELHUQRHVWRVWULVWHVDFRQWH
FLPLHQWRVHQ9LWRULDGHMDURQDO*RELHUQRHQXQDVLWXDFLyQGHSUHFDULHGDGS~EOLFDGHOD
TXH\DQRVHSXGRUHKDFHU
(O*RELHUQR$ULDVVHDSR\DEDHQORVJUXSRVGHSUHVLyQGHOIUDQTXLVPRIXQGDPHQ
WDOPHQWHHO(MpUFLWR\OD3ROLFtDDVtFRPRORVJUXSRVGHH[WUHPDGHUHFKDTXHORVDSR
\DEDQPHGLDQWHODXWLOL]DFLyQGHODIXHU]D\ODYLROHQFLDHQFRQWUDGHORVPLOLWDQWHVDQ
WLIUDQTXLVWDV/RVJUXSRVHFRQyPLFRVLPSRUWDQWHVRVFLODEDQHQWUHXQLQPRYLOLVPRTXH
OHV KDEtD GDGR OD HVWDELOLGDG QHFHVDULD SDUD KDFHU VXV QHJRFLRV \ XQ HYROXFLRQLVPR
TXH OHV VLWXDUD GHQWUR GH OD &(( DXQTXH SDUD HOOR WXYLHUDQ TXH LQWURGXFLU FDPELRV
TXH WUDQVIRUPDUDQ ODV LQVWLWXFLRQHV SROtWLFDV FDPELDUOR WRGR SDUD TXH QDGD FDPELH
HQORVXVWDQFLDO
/D5HYROXFLyQGHORV&ODYHOHVTXHWXYROXJDUHQHODxRHQ3RUWXJDO\URPSLy
FRQODGLFWDGXUDGH6DOD]DUDWUDYpVGHXQJROSHGH(VWDGRSRUSDUWHGHXQVHFWRUGH
PRFUiWLFRGHVXSURSLR(MHUFLWR0)$\TXHKDEtDDELHUWRODVSXHUWDVSDUDXQDSRVLEOH
´UHYROXFLyQVRFLDOLVWDµOOHYDEDDORVJUXSRVGRPLQDQWHVGHOUpJLPHQGHO(VWDGRHVSD
xROWDQWRSROtWLFRVHFRQyPLFRVFRPRPLOLWDUHVDXQDDFWXDFLyQTXHHQPXFKRVFDVRV
UD\DEDFRQHODWULQFKHUDPLHQWRHO´E~QNHUµVHOHOODPyHQWRQFHV
(QFXDQWRDOSDSHOGHOPRYLPLHQWRSROtWLFRDQWLIUDQTXLVWDHQJHQHUDOGHEHPRVGH
FLUTXHpVWH´XWLOL]yµFRPRSLH]DVDVXIDYRUODVPRYLOL]DFLRQHVTXHVHJHQHUDURQHQHV
WDIDVHVREUHWRGRGHVGHORVSDUWLGRVSROtWLFRVGHL]TXLHUGD3&(368&\RWURVORTXH
OHV VLUYLy SDUD JDQDU SRVLFLRQHV HQ ODV SODWDIRUPDV GH PHGLDFLyQ SROtWLFD LQWHUFODVLV
WDV
'HWRGDVPDQHUDVHOPRYLPLHQWRREUHUR\ORVPRYLPLHQWRVSRSXODUHV\HVWXGLDQWL
OHV HUDQ PiV SOXUDOHV \ GLYHUVRV TXH HO SDSHO TXH OH TXHUtDQ DWULEXLU GHWHUPLQDGRV
JUXSRVSROtWLFRV6XVPRYLOL]DFLRQHVHQPXFKRVFDVRVSODQWHDGDVGHIRUPDDVDPEOHD
ULD\SDUWLFLSDWLYDGHVERUGDEDQHOHVWUHFKRPDUFRGH´FRUUHDGHWUDQVPLVLyQµTXHVH
OHV TXHUtD DVLJQDU 6HxDOHPRV VLQ HPEDUJR TXH VDOYR FRQWDGDV H[FHSFLRQHV HO PRYL
PLHQWRREUHUR´DXWyQRPRµQRIXHFDSD]GHOOHYDUODLQLFLDWLYDSROtWLFDKDFLDXQDSRVL
FLyQGRPLQDQWHGHVGHXQD´ySWLFDGHFODVHµ\URPSHUFRQODGLQiPLFDGHVXPLVLyQTXH
OHVPDUFDEDQRWURViPELWRVSROtWLFRVGHPHGLDFLyQ
(ODQWLIUDQTXLVPRFRPRPRYLPLHQWRJHQHUDOXQDYH]PXHUWR)UDQFRIXHPDQLIHV
WiQGRVHSXHVGHIRUPDVPX\GLYHUVDV\DGTXLULHQGRGXUDQWHHVWDIDVHXQDJUDQDPSOL
WXGHQWRGRVORViPELWRVGHODYLGDVRFLDOGHOSDtV
1LQJ~Q JUXSR SROtWLFR RUJDQL]DGR SRGtD KDFHU VX\D OD JUDQ YLWDOLGDG TXH HVWH PR
YLPLHQWRH[SUHVDEDHQWRGRVORVOXJDUHVGHODYLGDVRFLDO\TXHUHIOHMDEDXQGHVHRSUR
IXQGRGHOLEHUWDG\FDPELRVRFLDO
/$5(&216758&&,Ð1'(/$&17(1&$7$/8f$
+DEODUGHDQDUFRVLQGLFDOLVPRHQHVXQFRQWUDVHQWLGR6HSRGUiVHUVLQGLFDOLVWD
R VH SRGUi VHU DQDUTXLVWD SHUR DPERV WpUPLQRV DPEDV SRVWXUDV DPEDV DFWLYLGD
GHV TXH VLHPSUH WXYLHURQ VXV DVSHFWRV FRQWUDGLFWRULRV FRQIOLFWLYRV VH KDQ FRQYHUWL
GR GHELGR D OD HYROXFLyQ GH ODV PRGHUQDV VRFLHGDGHV LQGXVWULDOHV ³HQWUH HOODV OD
HVSDxROD³HQDQWLQyPLFRV
8QDYH]PiVYHPRVFRPRKRPEUHVTXHVHFRQVLGHUDQUHYROXFLRQDULRVWLHQHQODYLVWD
SXHVWDKDFLDDWUiV\FRPRVROXFLyQSDUDHOSUy[LPRSHUtRGRSRVWIUDQTXLVWDDQKHODQ
HO UHQDFLPLHQWR GH XQD &17 WDQ SRGHURVD FRPR HQ VXV EXHQRVDxRV&DUORV6HP
SU~Q0DXUD1L'LRVQLDPRQL&17(G(O9LHMR7RSR3DUtV
(QFRQVHFXHQFLDGHHOORYLPRVQHFHVDULRXQDUHHODERUDFLyQWHyULFDTXHVLELHQWXYLH
UD ODV FRQVWDQWHV LQYDULDEOHV GH ODV LGHDV OLEHUWDULDV VH DVHQWDUD HQ ORV ~OWLPRV OR
JURV GHO SHQVDPLHQWR KXPDQR SRU XQ ODGR \ SRU RWUR HQ OD SURSLD HYROXFLyQ GH ODV
QHFHVLGDGHVGHOKRPEUHGHQXHVWURWLHPSR
6L KD\ DOJR TXH SXHGD GLIHUHQFLDU DO 6LQGLFDOLVPR 5HYROXFLRQDULR &17 GH ORV SDUWL
GRV PDU[LVWDV DXWRULWDULRV HV SUHFLVDPHQWH HVD DFWLWXG DQWLGRJPiWLFD TXH SHUPLWH LU
LQFRUSRUDQGRDODVIRUPXODFLRQHVOLEHUWDULDVWRGRORTXHGHSRVLWLYR\SURJUHVLVWDWLH
QHHOGHVDUUROORGHOFRQRFLPLHQWRKXPDQR,QIRUPH*UXSRV6ROLGDULGDG
(VWRVGRVSiUUDIRVFRQWUDSXHVWRVVRQXQDPXHVWUDGHODVGLVWLQWDVVHQVLELOLGDGHVTXH
H[SUHVDEDQ ODV FRUULHQWHV OLEHUWDULDV GHO (VWDGR HVSDxRO HQ ORV ~OWLPRV FROHWD]RV GHO
IUDQTXLVPR
8QDV OODPDEDQ D ROYLGDU HO DQDUFRVLQGLFDOLVPR SRU VX LQDGHFXDFLyQ D ODV QXHYDV
VRFLHGDGHV GH OD (XURSD 2FFLGHQWDO \ SRU OD PLWLILFDFLyQ VLHPSUH QHJDWLYD VHJ~Q HO
DXWRUTXHVHSRGtDKDFHUGHOXVRGHXQDVVLJODV&17TXHUHSUHVHQWDEDQPiVHOSD
VDGRTXHHOSUHVHQWHRHOIXWXUR
2WUDVHQFDPELRQRUHQXQFLDEDQDODRSFLyQDQDUFRVLQGLFDOLVWDRVLQGLFDOLVWDUH
YROXFLRQDULD DXQTXH SUHFLVDQGR FODUDPHQWH TXH HUD QHFHVDULD XQD DFWXDOL]DFLyQ GHO
GLVFXUVROLEHUWDULRSDUDVLWXDUORHQORVWLHPSRVTXHFRUUtDQHLQFLGLUHQODVQXHYDVVR
FLHGDGHVTXHHOFDSLWDOLVPRKDEtDLGRFRQILJXUDQGRGHVGHODILQDOL]DFLyQGHOD,,*XH
UUD0XQGLDO
'HKHFKRORVSULPHURVPRYLPLHQWRVSDUDODUHFRQVWUXFFLyQGHOD&17HQ&DWDOXxD
VHSURGXFHQDSULQFLSLRVGH6LQHPEDUJRORVJUXSRVTXHSURSXJQDEDQHVWDSR
VLEOHUHFRQVWUXFFLyQWXYLHURQTXHUHWUDVDUOD\GHGLFDUWRGRVVXVHVIXHU]RVDODVPRYLOL
]DFLRQHVGHODRSRVLFLyQDQWLIUDQTXLVWDSDUDVDOYDUODYLGDDORVPLOLWDQWHVDQWLIUDQ
TXLVWDVGHO)5$3\GH(7$HMHFXWDGRVHQVHSWLHPEUHGH
/RVFRQWDFWRVHQWUHORVJUXSRVOLEHUWDULRVQXHYRVSDUWLGDULRVGHODUHFRQVWUXFFLyQ
GHOD&172/7*2$62/,'$5,'$'0&/&*$)65)HGHUDFLyQ$QDUTXLVWDGH(V
WXGLDQWHV*UXSRV$QDUTXLVWDVGH%DUULRVSURVLJXLHURQSRVWHULRUPHQWH\WUDVGLYHU
VDV UHXQLRQHV HODERUDURQ XQ SODQ GH WUDEDMR TXH LQFOXtD IXQGDPHQWDOPHQWH GRV DV
SHFWRV
²&RQVHJXLUSRUSDUWHGHORVFRPLWpVGH&DWDOXxDGHOD&17,QWHULRU)UHQWH/L
EHUWDULR 6HFUHWDULDGR ,QWHUFRQWLQHQWDO XQD DFHSWDFLyQ WiFLWD GH ODV FRQYHUVDFLRQHV
TXHVHPDQWHQtDQSDUDODUHFRQVWUXFFLyQGHOD&17VREUHODEDVHGHORVJUXSRVQXH
YRV'HKHFKRpVWDHUDOD~QLFDRSFLyQYLDEOH\DTXHHQWUHORV´JUXSRVYLHMRVµHUDGLIt
FLOTXHIXHUDQFDSDFHVGHFUHDUQH[RV\HVSDFLRVFRPXQHVSRUVtPLVPRV(VWDDFHSWD
FLyQ VH ORJUy SRU OD WHPSODQ]D TXH PRVWUDURQ ORV JUXSRV QXHYRV FRQ WRGRV ORV
VHFWRUHVVLQTXHUHUH[FOXLUDQDGLH\DGHPiVSRUTXHGHWHUPLQDGDVSHUVRQDVMXJDURQ
XQ SDSHO DJOXWLQDGRU GH WRGDV ODV WHQGHQFLDV H KLFLHURQ SRVLEOH XQ FRQVHQVR TXH VH
SUHYHtDFRPSOLFDGR
²/OHJDUDVtDXQ´FRQVHQVRµHQWUHORVJUXSRVOLEHUWDULRVQXHYRVSDUDGHILQLUHOSUR
\HFWRTXHVHTXHUtDSRQHUHQPDUFKDPHGLDQWHODUHFRQVWUXFFLyQGHOD&17(OKHFKR
GHTXHHVWRVJUXSRVOLEHUWDULRVIXHUDQUHODWLYDPHQWHMyYHQHVHQVXPD\RUtDQRH[FOXtD
TXHKXELHUDFLHUWDFDUJDGRJPiWLFDGHELGRDFDXVDVQRWDQWRSHUVRQDOHVFRPRLGHROy
JLFDVRGHIXQFLRQDPLHQWRFDGDJUXSRWHQtDD´VXPDQHUDµXQSUR\HFWRVLQRFRP
SOHWDPHQWHGLVWLQWRVLGLIHUHQFLDGRGHORTXHWHQtDTXHVHUOD&17HQHODxR
/DIOH[LELOLGDGGHORV´JUXSRVQXHYRVµKL]RSRVLEOHSRUILQ\GHVSXpVGHYDULDVUHXQLR
QHVODUHDOLGDGGHXQDFRQYRFDWRULD\XQRUGHQGHOGtDSDUDHOGHIHEUHURGH
$VtVHH[SUHVDEDODFLWDSDUDODFRQYRFDWRULDGHODUHXQLyQFODQGHVWLQD
$6$0%/($&21)('(5$/'(&$7$/8f$
&RQHOILQGHGDUFRKHUHQFLDDOSHQVDPLHQWR\ODDFFLyQGHWRGRVORVQ~FOHRVOLEHUWD
ULRV LQWHUHVDGRV HQ OD UHFRQVWUXFFLyQ GH OD &RQIHGHUDFLyQ 1DFLRQDO GHO 7UDEDMR ³
UHFRQVWUXFFLyQ \ FRKHUHQFLD LPSUHVFLQGLEOHV SDUD SRGHU SUR\HFWDUVH DQWH QXHVWUR
SXHEORHQIRUPDVHULD\UHVSRQVDEOH³KDVLGRSURJUDPDGDXQD$VDPEOHD$PSOLDGD
GH6LQGLFDWRV/RFDOHV*UXSRV\PLOLWDQWHVDODTXHTXHGDVSRUODSUHVHQWHLQYLWDGR
\FX\RRUGHQGHOGtDVHUi
3XQWR$&ULWHULRVRUJDQL]DWLYRVHQWRUQRDODUHFRQVWUXFFLyQGHOD&17HQHOPRPHQWR
DFWXDO
3XQWR % 7iFWLFDV GH DFFLyQ VLQGLFDO DQWH OD DFWXDO VLWXDFLyQ VRFLRHFRQyPLFD 3ODQ
WHDPLHQWRVUHLYLQGLFDWLYRV
3XQWR&8QLGDG3OXUDOLGDGVLQGLFDO3RVWXUDDQWHHVWHSUREOHPD
/D$VDPEOHDVHFHOHEUyHQODLJOHVLDGH6DQW0HGLU6DQWVHQ%DUFHORQDHOGHIHEUH
URGH\DVLVWLHURQDHOODDOUHGHGRUGHSHUVRQDVVREUHXQDVLQYLWDFLRQHV
ORTXHLQGLFDHODPSOLRQLYHOGHUHVSXHVWDTXHKXER/DFLWDDODUHXQLyQVHKL]RDWUD
YpVGHXQVLVWHPDGHQXPHUDFLyQHQHOTXHVHPDQWHQtDSRUXQODGRODPi[LPDGLV
FUHFLyQHQORUHIHUHQWHDORVGDWRVSHUVRQDOHV\SRUHORWURODUHODFLyQGHODSHUVRQD
DVLVWHQWH FRQ HO JUXSR R SHUVRQD SRU TXLHQ KDEtD VLGR LQYLWDGR \D TXH OD $VDPEOHD
HUDHQDTXHOORVPRPHQWRVFODQGHVWLQD
5HVSHFWRDVXDFWLYLGDGODERUDOVLQGLFDORGHPLOLWDQFLDpVWDIXHODFRQVWDQFLDTXH
GHMDURQSHUVRQDVDODPHVDTXHFRRUGLQDEDOD$VDPEOHD
²$FWLYLGDGHV'LYHUVDV$UWHV*UiILFDV%DQFD&RQVWUXFFLyQ(Q
VHxDQ]D(VSHFWiFXORV0HWDO6DQLGDG7H[WLO&RPDUFDV
*UXSRV/LEHUWDULRV\(VWXGLDQWHV
6HJ~QHODFWDGHOD$VDPEOHDVHGHEDWLHURQORVGRVSULPHURVSXQWRVGHORUGHQGHO
GtDVREUHORVTXHVHOH\HURQGLFWiPHQHVTXHHQORHVHQFLDODILUPDEDQ
3XQWR $ &ULWHULRV RUJDQL]DWLYRV HQ WRUQR D OD UHFRQVWUXFFLyQ GH OD &17 HQ HO PRPHQWR
DFWXDO
6HIRUPyXQDFRPLVLyQSDUDTXHFRQEDVHHQODSRQHQFLDOHtGD\ODVPDQLIHVWDFLRQHV
TXHVHVXVFLWDURQHQVXGLVFXVLyQSURSXVLHUDXQSUR\HFWRGHDFXHUGRDOD$VDPEOHD
TXHTXHGyFRQFUHWDGRHQORVVLJXLHQWHVSXQWRV
2UJDQL]DFLyQVLQGLFDOGHHPSUHVD
)HGHUDFLyQGHPLOLWDQWHVSRUUDPRVGHSURGXFFLyQVLQGLFDWRVGHUDPRV
)HGHUDFLyQ/RFDOGH6LQGLFDWRV(QHVWDVIHGHUDFLRQHVDGHPiVGHORVVLQGLFDWRV
GHUDPRVHIHGHUDEDQODVRUJDQL]DFLRQHVGHEDUULRV6HSLGHDORVFRPSDxHURVTXHVH
DFHSWHODGREOHPLOLWDQFLDHQHOVLQGLFDWR\HQHOEDUULRFRPRKDEtDVLGRWUDGLFLRQDO
6HFRQVWLWXLUiXQDFRPLVLyQFRRUGLQDGRUDHQFDUJDGDGHQRPEUDUHO&RPLWpSUR
YLVLRQDOGH&DWDOXxDTXHHVWDUiFRQVWLWXLGDSRUXQGHOHJDGRSRUFDGDXQRGHORVUD
PRVVLJXLHQWHV%DQFD6DQLGDG(QVHxDQ]D0HWDO&RQVWUXFFLyQ(VSHFWiFXORV\9D
ULRVXQUHSUHVHQWDQWHSRUOD)HGHUDFLyQGH%DUULRVXQRSRUFDGDXQRGHORVWUHVVHF
WRUHVKLVWyULFRV\XQUHSUHVHQWDQWHGHFDGDXQDGHODV)HGHUDFLRQHV/RFDOHVH[LVWHQ
WHVHQ&DWDOXxD
(VWDSURSXHVWDIXHVRPHWLGDDYRWDFLyQ\VHDSUREySRUPD\RUtDFXDOLILFDGD
3XQWR % 7iFWLFDV GH DFFLyQ VLQGLFDO DQWH OD DFWXDO VLWXDFLyQ VRFLRHFRQyPLFD 3ODQWHD
PLHQWRVUHLYLQGLFDWLYRV
6REUHHVWHVHJXQGRSXQWROD$VDPEOHDGHEDWLyPXFKRSHURQROOHJyDDFXHUGRVSRUOD
GLYHUVLGDG GH SURSXHVWDV 6H SHQVy TXH HQ SRVWHULRUHV $VDPEOHDV VH OOHYDUtD D FDER
FRQPiVFDOPDXQDSURSXHVWDTXHHQJOREDUDORVGLYHUVRVPDWLFHVTXHKDEtDQDSDUHFL
GRHQODUHXQLyQ
$QWHV GH GDU SRU DFDEDGD OD UHXQLyQ VH SURGXMR XQD DOJDUDGD FXDQGR XQ SDUWLFL
SDQWHHQODUHXQLyQDILUPyTXHORTXHVHLEDDUHFRQVWUXLUHUDOD$17,*8$&17DOR
TXHXQVHFWRUPD\RULWDULRUHVSRQGLyGLFLHQGRTXHORTXHVHLQWHQWDEDUHFRQVWUXLUHUD
OD18(9$&17
(VWDUHDFFLyQLQGLFDEDODFUtWLFDYHODGDGHORVVHFWRUHVMyYHQHVGHOD$VDPEOHDKD
FLDOD&17GHORV´VHOORVµGHORV´FRPLWpVµDODEXURFUDFLDTXHVHDXWRSHUSHWXDED
(OSHUILOGHHGDGGHORVPLOLWDQWHVHUDHQHVWHVHQWLGRPX\GHILQLGR3RUXQODGRXQD
PD\RUtDGHJHQWHMRYHQWUDEDMDGRUDSHURFRQSRFDH[SHULHQFLDVLQGLFDO\SRURWURXQ
VHFWRUGHJHQWHPD\RUTXHKDEtDHQWURQFDGRGHVGHMyYHQHVFRQODSUiFWLFDGHOD&17\
TXHFDGDYH]HVWDEDQPiVDOPDUJHQGHODUHDOLGDGVLQGLFDOGHOSDtV
(QWUH DPERV XQD JHQHUDFLyQ SXHQWH TXH URQGDED HQ DTXHOOD pSRFD ORV R DxRV SHUR TXH HUD FODUDPHQWH PLQRULWDULD FRPR UHDOLGDG VRFLROyJLFD (O HVFDVR SHVR
QXPpULFRGHHVWDJHQHUDFLyQIXHPX\QHJDWLYRHQHOGHVDUUROORSRVWHULRUGHOD&17\D
TXHUHSUHVHQWDEDQHOJUXHVRGHODFODVHREUHUDGHOSDtV\VXVYLYHQFLDV\H[SHULHQFLD
VLQGLFDOKXELHUDQSRGLGRDFHUFDUD´ORQXHYRµTXHVXUJtD´ORYLHMRµTXHQRTXHUtDPR
ULU
3RU~OWLPROD$VDPEOHDGHOHJyHQORVJUXSRVSURPRWRUHVODFUHDFLyQGHXQ&RPLWp
3URYLVLRQDOGH&DWDOXxDTXHHPSH]DUDODODERUGHFRRUGLQDFLyQ\ODUHSUHVHQWDFLyQDQ
WH ORV PHGLRV GH SUHQVD \ DQWH ORV JUXSRV SROtWLFRV \ VLQGLFDOHV TXH HQ DTXHOORV PR
PHQWRVH[LVWtDQHQ&DWDOXxD
/DXQLyQSXHVGHWRGRVORVJUXSRVOLEHUWDULRVTXHVHTXHUtDQLQWHJUDUHQOD&17
IXHUHDOL]DGDHQSULQFLSLRVLQPD\RUHVSUREOHPDV,QFOXVRODPD\RUtDGHJUXSRVFRQ
YRFDQWHVGHVSXpVGHOD$VDPEOHDGH6DQW0HGLUVHDXWRGLVROYLHURQSRUHQWHQGHUTXH
GHORTXHVHWUDWDEDHUDGHFUHDUHQFDGDSREODFLyQ\HQFDGDHPSUHVDHVWUXFWXUDVED
MRODVVLJODVGH&17
/DUHDOLGDGGHKDEHUVHHQFRQWUDGRXQDDVDPEOHDGHSHUVRQDVHQXQDFWRDSR
\DQGR OD UHFRQVWUXFFLyQ GH OD &17 LOXVLRQy D WRGRV ORV JUXSRV \ PLOLWDQWHV VLQ DGV
FULSFLyQ3DUHFtDTXHVHVDOtDGHODVFDWDFXPEDVGHORVSHTXHxRVJUXSRVGHODVSH
OHDVSHUPDQHQWHVDQFODGDVHQHOSDVDGR
$KRUD\DKDEtDOOHJDGRHOPRPHQWRGHFRQHFWDUVHFRQODFODVHREUHUDFRQORVVHFWR
UHVMyYHQHVFRQODFRQFLHQFLDDQWLDXWRULWDULDTXHLEDSURJUHVLYDPHQWHDYDQ]DQGRGHV
SXpVGHWDQWRVDxRVGHUHSUHVLyQDXWRULWDULDHQWRGRVORVQLYHOHVGHODYLGDFRWLGLDQD
GHOSDtVGHVGHODIiEULFDKDVWDODRILFLQDGHVGHODXQLYHUVLGDGKDVWDHOLQVWLWXWRGHV
GHODIDPLOLDKDVWDHOEDUULR
/2635,0(526'(%$7(6
/DPXHUWHGHOYLHMRGLFWDGRUSUHFLSLWyORVDFRQWHFLPLHQWRV3DUDHOPRYLPLHQWROLEHU
WDULR GLYLGLGR HQ WHQGHQFLDV UHSOHWR GH JUXSRV \ VXEJUXSRV OD UHFRQVWUXFFLyQ GH OD
&17VHFRQYLUWLyHQXQDDOWHUQDWLYD(1/$$/7(51$7,9$/DPD\RUtDGHORVOLEHUWD
ULRV VH DGKLULHURQ D WDO SUR\HFWR 3XHGH TXH OR KLFLHUDQ DSUHVXUDGDPHQWH VLQ DQWHV
GHILQLUORVFRQWRUQRVGHHVD&17HQJHVWDFLyQVLQFHUWH]DVHQFXDQWRDODMXVWH]DWHy
ULFDGHODQDUFRVLQGLFDOLVPR8QFDMyQGHVDVWUHHQVXPD¢<TXLpQLEDDTXHMDUVH
GHHOOR"(VD&17SUHWHQGtDVHUDFRJHGRUD\QRSRGtDSRUPHQRVTXHVHUOR/DGHFDQ
WDFLyQ VH UHDOL]DUtD SRU Vt VROD PiV DGHODQWH \ FRQ HOOD YHQGUtD OD FODULILFDFLyQ
)UHGG\*yPH]&176HURQRVHU5XHGR,EpULFR
'HVSXpV GH OD $VDPEOHD GHO GH IHEUHUR GH HQ 6DQW 0HGLU 6DQWV WRGRV ORV
JUXSRV \ SHUVRQDV TXH SDUWLFLSDURQ HQ HOOD R TXH HVWDEDQ GH DFXHUGR FRQ ODUHFRQV
WUXFFLyQGHOD&17LQLFLDURQODWDUHDGHRUJDQL]DUODVSULPHUDVHVWUXFWXUDVVLQGLFDOHV
\JHRJUiILFDVGHOD2UJDQL]DFLyQHQ&DWDOXxD
6HJ~QODSULPHUDFLUFXODUGHO&RPLWp3URYLVLRQDOGH&DWDOXxDIHFKDGDHQDEULOGH
\D VH KDEtDQ FRQVWLWXLGR HQ OD FLXGDG GH %DUFHORQD ORV VLJXLHQWHV 6LQGLFDWRV
$UWHV*UiILFDV%DQFD(QVHxDQ]D(VSHFWiFXORV0HWDO6DQLGDG7H[WLO$JXD\(OHF
WULFLGDG\9DULRVTXHGDQGRDODHVSHUDGHFRQVWLWXLUSUy[LPDPHQWHOD)HGHUDFLyQ/R
FDOGH%DUFHORQD7DPELpQVHKDEtDQFRQVWLWXLGR)HGHUDFLRQHV/RFDOHVHQODVVLJXLHQ
WHVSREODFLRQHVRFRPDUFDV%DL[/OREUHJDW%DGDORQD6DQWD&RORPD9DOOpV7HUUDVD
5XEt0DWDUy/OHLGD7RUWRVD\7DUUDJRQD/D$VDPEOHDGH%DUULRVHVWDEDSUHSDUDQGR
VXUHXQLyQSDUDRUJDQL]DUVH\FRRUGLQDUVHORPiVSURQWRSRVLEOH
(UDLPSRUWDQWHVDOLUUiSLGDPHQWHDODOX]S~EOLFDDXQTXHIXHUDHQFRQGLFLRQHVGH
LOHJDOLGDG SDUD URPSHU HO PRQRSROLR TXH &&22 \ VX iPELWR GH LQIOXHQFLD SROtWLFR
368&\RWURVSUHWHQGtDLPSRQHUVREUHODUHSUHVHQWDFLyQGHODFODVHREUHUDFDWDODQDD
WUDYpVGHODSDUDWRGHOD&16
/DUHFRQVWUXFFLyQGHOD&17HQWHQGLHQGRFRPRWDOHOLQWHQWRGHFUHDUXQDRUJDQL
]DFLyQGHPDVDVGHFODURFRQWHQLGRVLQGLFDOLVWDUHYROXFLRQDULRLEDFRQWUDFRUULHQWHGH
ODV WHQGHQFLDV LPSHUDQWHV GH OD L]TXLHUGD HXURSHD $GHPiV OD QXHYD FRUUHODFLyQ GH
IXHU]DVTXHVHKDEtDFUHDGRHQHO(VWDGRHVSDxROGHQWURGHOEORTXHGHL]TXLHUGDVWDP
SRFRIDYRUHFtDHVWHGHVDUUROORPiVELHQFRQVWLWXtDXQD´H[FHSFLRQDOLGDGµGLItFLOPHQWH
DVXPLEOHSRUODVRSFLRQHVSROtWLFDVGHODQWLIUDQTXLVPRGRPLQDQWH
(QHOPHMRUGHORVFDVRVGLFKDVIXHU]DVHVWDEDQGLVSXHVWDVDDFHSWDUXQUHFRQRFL
PLHQWRGHOSDSHOKLVWyULFRTXHKDEtDMXJDGROD&17HQHOGHVDUUROORGHODVUHLYLQGLFD
FLRQHVREUHUDVDORODUJRGHVXWUD\HFWRULD3HURHOORQROHVLPSHGtDVLQRWRGRORFRQ
WUDUtRGHVDXWRUL]DUHOSDSHOTXHOD&17SRGUtDMXJDUHQDTXHOORVPRPHQWRVGDGRVVXV
HIHFWRVSUHYLVLEOHPHQWHGLVWRUVLRQDQWHVSDUDOD´XQLGDGGHODFODVHREUHUDµ
6LODVLWXDFLyQH[WHUQDDODSURSLDRUJDQL]DFLyQQRIDYRUHFtDDSHQDVHOGHVDUUROORGH
OD&17ODVLWXDFLyQLQWHUQDTXHVHLEDFUHDQGRLEDDFRPSRUWDUXQVLQItQGHGHEDWHV
VREUHORGLYHUVR\SOXUDOTXHHUDHOPRYLPLHQWROLEHUWDULR\VXGLItFLOXELFDFLyQHQXQD
VRODRUJDQL]DFLyQOD&17
(VHVWDGLYHUVLGDGGHSRVLFLRQHVODTXH$OEHUWR+HUQDQGRQRVUHIOHMyHQVXGtD
8QDRUJDQL]DFLyQGLItFLOPHQWHSXHGHSURVSHUDUVLVXRULJHQKDVLGRXQDWUDQVSRVLFLyQ
PHFiQLFDGHXQPRGHORKLVWyULFRRODDSOLFDFLyQGHXQHVTXHPDWHyULFRPiVRPHQRV
UDFLRQDOL]DGR VLQ FRQWDU FRQ OD UHDOLGDG GHO PRPHQWR GH VX FRQVWUXFFLyQ (Q HO UH
FLHQWH PRYLPLHQWR REUHUR VH PDQLILHVWDQ FRUULHQWHV DQWLDXWRULWDULDV GH EDVH DVDP
EOHDULDTXHGHVHFKDQORVPRGHORVHQSUHVHQFLDRHQSUR\HFWRVGHIXWXURVVLQGLFDWRVR
SDUWLGRVEXURFUDWL]DGRVFHQWUDOL]DGRV\MHUiUTXLFRVSRUYHUHQHOORVXQDLPDJHQILHO
GH OD HVWUXFWXUD RUJDQL]DWLYD GH OD HPSUHVD FDSLWDOLVWD R GHO (VWDGR (VRV IOXMRV RS
WDEDQSRUXQWLSRGHRUJDQL]DFLyQHQHOTXHHOSRGHULQWHUQRGHODRUJDQL]DFLyQUHFD
\HUDVREUHODWRWDOLGDGGHpVWD\QRHQGLULJHQWHVSHUSHWXRVHQVXPDXQDRUJDQL]D
FLyQHQODTXHSUHGRPLQDVHODGHPRFUDFLDGLUHFWD
(OFXHUSRGHQRUPDVGHIXQFLRQDPLHQWREiVLFDVGHOD&17VHFRQYHUWtDHQXQDRIHUWD
RUJDQL]DWLYD YiOLGD SDUD HQFXDGUDU HVRV IOXMRV GH WUDEDMDGRUHV GHVRUJDQL]DGRV TXH
VHLGHQWLILFDEDQDSULRULFRQHVWHWLSRGHRUJDQL]DFLyQ\DVXYH]FRQVXSUR\HFWRIL
QDOLVWDSHVHDODYDJXHGDGGHOPLVPRGHVGHODySWLFDDFWXDOµ)UHGG\*yPH]&17
6HURQRVHU5XHGR,EpULFR
/DVDVDPEOHDVGHPLOLWDQWHVTXHVHUHXQLHURQFDGDILQGHVHPDQDDORODUJRGHORVVHLV
PHVHVVLJXLHQWHVPRVWUDEDQSHUIHFWDPHQWHHVWDGXDOLGDGFRPSOHMDHQWUHXQDRUJDQL
]DFLyQTXHHQHOPHMRUGHORVFDVRVIXQFLRQDEDFRPRJUXSRV´¶SUHVLQGLFDOHVµSURJUHVL
YDPHQWHDVHQWDGRV\ODFRQVLJXLHQWHLQIODFLyQGHGLVFXUVRV´LGHROyJLFRVµILHOUHIOHMRGH
ODV GLYHUVDV PDQHUDV GH HQWHQGHU XQD RUJDQL]DFLyQ DQDUFRVLQGLFDOLVWD WUDV XQD IDVH
ORV~OWLPRVDxRVGHOIUDQTXLVPRVLQSUiFWLFDVLQGLFDOQLSUHVHQFLDVRFLDOFRPRRUJD
QL]DFLyQGHPDVDV
/RVGHEDWHVPiVLPSRUWDQWHVTXHDIHFWDURQDODYLVLyQWHyULFD\RUJDQL]DWLYDGHOD
&17FDWDODQDHQORVSULPHURVPRPHQWRVGHVXUHFRQVWUXFFLyQLEDQHQODVVLJXLHQWHV
GLUHFFLRQHV
‡25*$1,=$&,Ð1,17(*5$//,%(57$5,$25*$1,=$&,Ð16,1',&$//,%(57$
5,$(VWHGHEDWHSODQWHDGRDYHFHVGHIRUPDFODUD\RWUDVGHXQPRGRVRWHUUDGRIXH
XQRGHORVTXHUHFRUUHUtDFRQPD\RUWXHU]DWRGRHOGHYHQLUGHODYLGDGHOD&17HQHO
SRVWIUDQTXLVPR(QHODPELHQWHGHOGHEDWHKDEtDHO´IDQWDVPDµR´HVWLJPDµGHVHUXQ
VLQGLFDWR PiV TXH VLUYLHUD SDUD ´LQWHJUDUµ D OD FODVH REUHUD FRPR OD PD\RUtD GH ORV
VLQGLFDWRVHXURSHRV\TXH´VRODPHQWHµVHSUHRFXSDUDGHUHLYLQGLFDFLRQHVHQHOiPELWR
GHODOXFKDVLQGLFDOIDOWiQGROH´HOQHUYLRµTXHODJOREDOL]DFLyQGHODOXFKDDQWLFDSLWD
OLVWDOHGDUtDSDUDQRFDHUHQHOUHIRUPLVPR
3RUHOFRQWUDULRORVSDUWLGDULRVGHOD´RULJLQDOLGDGµGHODYtDVLQGLFDOLVWDUHYROXFLR
QDULDSODQWHDEDQTXHQXQFDpVWHKDEtDMXJDGRHVDIXQFLyQGH´LQWHJUDFLyQµDORODUJR
GHVXKLVWRULD\TXHGHORTXHVHWUDWDEDHUDGHUHFUHDURWUDYH]XQDRUJDQL]DFLyQGH
PDVDVHQHOPXQGRGHOWUDEDMR8QDGHODVFDUHQFLDVEiVLFDVTXHORVJUXSRV´H[FOXVL
YDPHQWHHVSHFtILFRVRDQDUTXLVWDVµQRKDEtDQORJUDGRVXSHUDU\DTXHVXOLJD]yQHVWD
EDPiVFHQWUDGDHQHODVSHFWRLGHROyJLFRTXHHQHOFDUiFWHU´GHFODVHµTXHKDEtDWHQLGR
VLHPSUH OD &17 HQ OD TXH FXDOTXLHU WUDEDMDGRU SRGtD LPSOLFDUVH HQ VXV WDUHDV SRU HO
KHFKRGHVHUOR
/DGLIHUHQFLDFLyQFRQORVRWURVVLQGLFDWRVTXHGDEDOREDVWDQWHFODUDSRUVXRUJDQL
]DFLyQ DQWLDXWRULWDULD \ DXWRJHVWLRQDULD SRU VX QRGHSHQGHQFLD GH QLQJ~Q JUXSR GH
SRGHUSROtWLFR\RHFRQyPLFR\VREUHWRGRSRUTXHFUHtDTXHODVOXFKDVREUHUDVGHEtDQ
VHUREUDGHORVWUDEDMDGRUHVPLVPRV(QFDPELRODGHOHJDFLyQHQ´EXURFUDFLDVVLQGL
FDOHVµ SDUDOL]DUtD VX ´WRPD GH FRQFLHQFLD VRFLDOµ EiVLFD SDUD LU GHVDUUROODQGR XQD
FRQFHSFLyQSDUWLFLSDWLYD\SRUORWDQWR´OLEHUWDULDµGHODVRFLHGDG
6LELHQHOGHEDWHWHyULFRHUDDJUDQGHVUDVJRVHOH[SUHVDGRDQWHULRUPHQWHORVJUX
SRVTXHWRPDURQSRVLFLyQHQHOORVQRFRLQFLGtDQGHOPLVPRPRGR6HPH]FODEDQFXHV
WLRQHV GH DQiOLVLV SROtWLFR \R VRFLDO FRQ RWUDV TXH WHQtDQ TXH YHU FRQ HOHPHQWRV GH
SURFHGHQFLDJUXSXVFXODUDQWHULRU$VtHQHOPLVPREORTXHTXHDFHSWDEDFODUDPHQWHOD
YLVLyQ DQDUFRVLQGLFDOLVWD KDEtDQ GLVWLQWDV DFWLWXGHV XQRV JUXSRV GDEDQ SULRULGDG D
ODFUHDFLyQGHVLQGLFDWRV\DVXLPSODQWDFLyQHQHOWHMLGRVRFLDOEiVLFDVHJ~QHOORVSD
UDHPSH]DUDH[LVWLUPLHQWUDVTXHRWURVGHIHQGtDQXQFUHFLPLHQWRGHOVLQGLFDWRPiV
SDXVDGR\FRQXQPD\RUFRQWHQLGRLGHROyJLFR
1RQRVWLHQHTXHOOHYDUDHQJDxRTXHPiVDOOiGHODIDOWDGHSUiFWLFDVLQGLFDOTXH
LQIOXtDFODUDPHQWHHQHOGHEDWHHODQDUFRVLQGLFDOLVPRFRPRSODQWHDPLHQWRRUJDQL]DWL
YR \ WHyULFR VLHPSUH KDEtDPDQWHQLGRHVWDSXOVLyQGLDOpFWLFDHQWUHORVLQGLFDO\OROL
EHUWDULRHQWUHORUHDOLVWD\ORLGHDOLVWD6LHPSUHKDEtDH[LVWLGRHVDWHQVLyQIRUWDOHFHGR
UD DXQTXH RFDVLRQDOPHQWH VDFXGLHUD D OD SURSLD &17 FRQ KHULGDV TXH FRVWDEDQ
JUDQGHVHVIXHU]RVYROYHUDFHUUDU
3DUDHVWRVJUXSRVHOPRYLPLHQWROLEHUWDULRQRVHUHGXFtDDOD&17KDEtDTXHGLYHU
VLILFDUORVPRYLPLHQWRVVRFLDOHVSDUDTXHpVWRVGHQWURGHVXHVSHFLILFLGDGDEDUFDUDQ
DJUXSRVPiVDPSOLRVREWHQLHQGRDVtPD\RUOLEHUWDGGHDFFLyQ1RVHWUDWDEDGHUH
VXFLWDU OD YLHMD LGHD GH TXH HO 0RYLPLHQWR /LEHUWDULR HUD OD VXPD GH &17)$,),-/
0XMHUHV/LEUHVDXQTXHGHVGHVHFWRUHVGHODPiVSXUDRUWRGR[LDORYLHUDQFRPRXQD
SRVLELOLGDGVLQRPiVELHQGHTXHORVGLYHUVRViPELWRVWXYLHUDQPD\RUIDFLOLGDGSDUD
WUDEDMDUHQHOFDPSRGRQGHHQFRQWUDUDQPD\RUPRWLYDFLyQRQHFHVLGDGVRFLDOHFROR
JLVPROLEHUDFLyQVH[XDOEDUULRV&RPLWpVGHDSR\RD&RSHO$WHQHRV/LEHUWDULRVHWF
(ORWURLQWHQWRGHUHFDEDUHQOD&17FRPRUHIXJLR´GHXQWRGROLEHUWDULRµVXPy\HV
WLPXOyHQXQSULQFLSLRSHURVHUtDPiVWDUGHXQRGHORVFDXVDQWHVGHOPDOHVWDUJOREDO
TXHVHJHQHUyHQOD&RQIHGHUDFLyQ
‡5(/$&,Ð1&20,7e3529,6,21$/%$6('(0,/,7$1&,$(VWHGHEDWHVHEDVD
EDIXQGDPHQWDOPHQWHHQFyPRVHWHQtDTXHRUJDQL]DUOD&17\HQODUHODFLyQHQWUHORV
TXHHUDQHOHJLGRVSDUDUHSUHVHQWDUODHQ&DWDOXxD&RPLWp3URYLVLRQDO\ORVPLOLWDQWHV
TXHOHVKDEtDQGHOHJDGRHVDIXQFLyQGHFRRUGLQDFLyQ
(QOD&17QXQFDVHDFHSWyODHVWUXFWXUDGHGLYLVLyQHQWUHGLULJHQWHVGLULJLGRVTXH
ODV RUJDQL]DFLRQHV GH OD L]TXLHUGD DXWRULWDULD WHQtDQ FRPR PRGHOR &RPR PXFKR VH
FRQVHQWtDTXHGHVGHODDVDPEOHDVHHOLJLHUDQGHWHUPLQDGRVFRPSDxHURVSDUDIXQFLR
QHVGHFRRUGLQDFLyQRUHSUHVHQWDFLyQGHOD&17GHFDUDDORVPHGLRVGHFRPXQLFDFLyQ
RDRWUDVRUJDQL]DFLRQHVSROtWLFDVVLQGLFDOHVRVRFLDOHV
(VWHSULQFLSLRDFHSWDGRSRUODJUDQPD\RUtDGHORVLQWHJUDQWHVGHOD&17WRSDEDFRQ
SUREOHPDVDODKRUDGHSRQHUORHQSUiFWLFD$OJXQRVTXHUtDQTXHHO&RPLWp3URYLVLRQDO
FRQVXOWDUDWRGRVORVPRYLPLHQWRVTXHKXELHUDGHUHDOL]DUVLQRUHQHJDEDQGHO&RPLWp\
OR WDFKDEDQ GH ´EXUyFUDWDµ R GH ´KDEHU WRPDGR GHFLVLRQHV TXH QR OH FRUUHVSRQGtDQµ
2WURVHQFDPELRHVWDEDQGHDFXHUGRHQTXHHO&RPLWp3URYLVLRQDOWXYLHUD´XQPDUJHQ
GHPDQLREUDµSDUDVDOLUDOSDVRGHVLWXDFLRQHVHQODVTXHSULPDEDOD´XUJHQFLDµ\SRUOR
WDQWRODGHFLVLyQVHWHQtDTXHWRPDUHQHODFWRLQIRUPDQGROXHJRDORV6LQGLFDWRVSDUD
TXHpVWRVH[SUHVDUDQVXDFHSWDFLyQRUHFKD]RVREUHODGHFLVLyQWRPDGD
(VWHGHEDWHQRIXHEDODGt\DTXHGHWUiVGHpOKDEtDQFRQFHSFLRQHVGLIHUHQWHVVR
EUHHOPDUJHQGHPDQLREUDTXHOD$VDPEOHDGDEDDO&RPLWp3URYLVLRQDOGH&DWDOXxD\
HOUROTXHWHQtDQTXHGHVHPSHxDUORVFRPSDxHURVTXHVHHOHJtDQSDUDHVWDVIXQFLRQHV
(Q PXFKRV FDVRV HVWH GHEDWH VHUYtD WDPELpQ SDUD GHQXQFLDU ´WHyULFDVµ DFWLWXGHV
GHSUHSRWHQFLDGLULJHQWHGHQWURGHXQDGLQiPLFDGHOXFKDSRVLFLRQDOHQWUHJUXSRVGL
YHUVRVTXHHQWHQGtDQODRUJDQL]DFLyQGHIRUPDGLIHUHQWH
2WURV GHEDWHV GH PHQRU DOWXUD LQWHOHFWXDO \ GH FODUD UHIHUHQFLD ´WHQGHQFLDOµ HUDQ
DTXHOORVTXHEXVFDEDQPLQDUDDOJ~QJUXSRRSHUVRQDVFRQFUHWDVWDFKiQGRORVGHWRGR
DTXHOORTXHHUDQHJDWLYRRGHJUDQSUHMXLFLRGHQWURGHODRUJDQL]DFLyQSRUHMHPSORVHU
DJHQWHV GHO*RELHUQRLQILOWUDGRVGHOYHUWLFDOLVPRDSR\DGRVSRUOD,JOHVLDFDWyOLFDIL
ORPDU[LVWDVHWF
(VWDVGHVFDOLILFDFLRQHVHQXQDRUJDQL]DFLyQTXHVHKDEtDUHFRQVWUXLGRKDFtDHVFD
VDPHQWHPHGLRDxRSRQtDHQ´WHODGHMXLFLRµODIUDWHUQLGDGOLEHUWDULDGHODTXHWRGRVVH
VHQWtDQLQLFLDOPHQWHSDUWtFLSHVHLQGLFDEDODFULVSDFLyQSHUPDQHQWHHQODTXHYLYLyOD
&17VXVGHEDWHVWHyULFRV\VLQGLFDOHVGHVGHEXHQSULQFLSLR
81,'$'3/85$/,'$'6,1',&$/
1XHVWUD SXEOLFDFLyQ HQ VX QXHYD HWDSD TXLHUH PDQLIHVWDU SULPHUDPHQWH VX VD
OXGRUHYROXFLRQDULRDWRGRVORVWUDEDMDGRUHV\OXHJRVXUHVSHWRDWRGDVODVRUJDQL]D
FLRQHVREUHUDVH[LVWHQWHV<ORKDFHPRVFRQVFLHQWHVGHTXHODXQLGDGGHORVWUDEDMD
GRUHV HV XQ REMHWLYR D FRQVHJXLU \ GH TXH GLFKD XQLGDG UHTXLHUH FRPR SUHVXSXHVWR
EiVLFR\SUHYLRODH[LVWHQFLDGHODV/,%(57$'(66,1',&$/(6TXHVHUtDQILFWLFLDVHQ
XQD XQLGDG LPSXHVWD \ PDQLSXODGD 6ROLGDULGDG 2EUHUD Qž ,,, pSRFD PD\R GH
&17&DWDOXxD
(Q DTXHOODV IHFKDV HO FDPSR VLQGLFDO HVWDED RFXSDGR KHJHPyQLFDPHQWH SRU
&&22 7RGRV KDEtDQ SURQRVWLFDGR QXHVWUD GHILQLWLYD GHIXQFLyQ (Q EDVH D HOOR HO
368& WHQtD ORV SODQHV XOWLPDGRV XWLOL]DU FRPR WUDPSROtQ ODV SRVLFLRQHV DOFDQ]DGDV
HQ OD &16 SDUD LPSRQHU VX VLQGLFDWR XQLWDULR 1XHYD YHUVLyQ GHO YHUWLFDOLVPR FRQ HO
TXH VHJXLU ´GLVFLSOLQDQGR D ORV WUDEDMDGRUHVµ RIUHFLHQGR HVWRV EXHQRV RILFLRV D OD
EXUJXHVtDDFDPELRGHFLHUWDVYHQWDMDVSROtWLFDV,QIRUPH&RPLWp&17&DWDOXxDRF
WXEUHGH
$O GHEDWH LQWHUQR VREUH TXp SHUILO WHyULFR WHQtD TXH WHQHU OD &17 HQ HO DxR VH
VXPDEDRWURGHYLWDOLPSRUWDQFLD$VHJXUDUHOGHVDUUROORGHODSURSLDH[LVWHQFLDGHOD
&17 FRPR RUJDQL]DFLyQ DVt FRPR VX SUiFWLFD VLQGLFDO HUD IXQGDPHQWDO SDUD VX VX
SHUYLYHQFLDGHQWURGHOFDPSRSROtWLFRVLQGLFDOGHOSDtV
/D JUDQ SUHSRQGHUDQFLD GH ODV &&22 VREUH ODV HVWUXFWXUDV YHUWLFDOHV GH OD &16
IUXWRGHODVHOHFFLRQHVVLQGLFDOHVGHODxRGHOVLQGLFDWRIUDQTXLVWD\VXLQQHJD
EOH LQIOXHQFLD HQ JUDQGHV VHFWRUHV GHO PRYLPLHQWR REUHUR FDWDOiQ OOHYDEDQ KDFLD OD
´KHJHPRQL]DFLyQWRWDOµFRQUHVSHFWRDXQDVHVWUXFWXUDVTXHHQVXPD\RUSDUWHHVWD
EDQGRPLQDGDVSRUHO368&\HQODVTXHGHWHUPLQDGRVJUXSRVGHH[WUHPDL]TXLHUGD
MXJDEDQXQSDSHOLQGLVFXWLEOHDQLYHOGHODEDVHTXHQRVHFRUUHVSRQGtDFRQVXHVFDVD
IXHU]DHQODVHVWUXFWXUDVGHGHFLVLyQ37(2570&(/&5/&$&2,&(2&(%5
HWF
/DDXWRQRPtDRLQGHSHQGHQFLDFRQUHVSHFWRDORVSDUWLGRVSROtWLFRVSXQWRGHSDUWL
GDLQLFLDOGH&&22HUD\DVyORXQUHIHUHQWHWHyULFR\QRXQDUHDOLGDGPDQLILHVWDVL
ELHQGHQWURGH&&22KDEtDJUDQFDQWLGDGGHJUXSRV\SHUVRQDVTXHUHLYLQGLFDEDQOD
DXWRQRPtD REUHUD \ OD XQLGDG VLQGLFDO ´GHVGH DEDMRµ \ TXH SURJUHVLYDPHQWH VH LUtDQ
GHVHQJDQFKDQGRDQWHODXWLOL]DFLyQSROtWLFDTXHHO368&KDUtDGHODV&&22
/DUHFRQVWUXFFLyQGHOD&17IXHDUJXPHQWDGDSRUORVJUXSRVSROtWLFRVTXHDSR\D
EDQD&&22HQWUHRWUDVUD]RQHVFRPRXQLQWHQWRGHURPSHU´ODXQLGDGGHODFODVH
REUHUDµMXQWRDRWURVFDOLILFDWLYRVGHSURSDJDQGDQHJDWLYDTXHWHQtDQODLQWHQFLyQGH
SDUDOL]DU R PDUJLQDU D OD UHFRQVWUXLGD &17 PDQLREUD GH VHFWRUHV GHO YHUWLFDOLVPR
DSR\RVGHVHFWRUHVGHO*RELHUQRSDUDFRQWUDUUHVWDUODIXHU]DTXHWHQtD&&22HWF
'HVGHODSURSLD&17HQHOLQIRUPHGHDFWLYLGDGVLQGLFDOVHDILUPDED
1R GHEHPRV ROYLGDU TXH HVWD QXHYD VLWXDFLyQ WLHQH XQD JUDQ WUDVFHQGHQFLD SROtWLFD
FRQFDWHQDGD FRQ OD PRGLILFDFLyQ GH OD FRUUHODFLyQ GH IXHU]DV VLQGLFDOHV TXH VH HVWi
RSHUDQGR(OORKDFHTXHOD&RQIHGHUDFLyQVHYHDPHWLGDHQHOFHQWURGHXQHQWUHFUX
]DPLHQWR GH LQWHUHVHV SROtWLFRV TXH HV SUHFLVR WHQHUORV HQ FXHQWD SDUD TXH QXHVWUD
SRVWXUDDGRSWDGDFRQWRGDKRQHVWLGDGQRWHQJDPiVEHQHILFLDULRTXHQXHVWUDFODVH
3RU HOOR GHEHPRV UHFKD]DU OD XWLOLGDG SROtWLFD TXH GH QXHVWUD DOWHUQDWLYD GH OLEHUWDG
VLQGLFDO RSXHVWD DO XQLWDULVPR GH &&22 LQWHQWDQ KDFHU VHFWRUHV VRFLDOLVWDV R VR
FLDOGHPyFUDWDVLQFOXVRORVUHIRUPLVWDVGHOIUDQTXLVPR
/D&17DIORUDED\VXUHFRQVWUXFFLyQGLRIXHU]DVSDUDODFRQVROLGDFLyQGHRWURVJUX
SRVTXHVHGHILQtDQWDPELpQHQSURGHODOLEHUWDGVLQGLFDORDVRFLDFLyQREUHUD6yORVL
OD´XQLGDGREUHUDµKXELHUDHVWDGREDVDGDHQDVDPEOHDVOLEUHV\VREHUDQDVGHWUDEDMD
GRUHVTXHKXELHUDQGHFLGLGROOHJDUDHVWDXQLGDGGHIRUPDFODUD\FRQVHFXHQWHHQWRQ
FHVVHKXELHUDSRGLGRWDFKDUDOD&17GHXQDJUDYHIDOWDGHUHVSHWRKDFLDODGLQiPLFD
DVDPEOHDULD
$KRUD ELHQ ¢HUD pVWH HO FDVR" ¢(O SURFHVR GH XQLGDG VLQGLFDO VH HVWDED JHVWDQGR
GHVGHODVDVDPEOHDVREUHUDV"/DUHVSXHVWDHUDFODUDPHQWHQR1LKDEtDHQODFDOOHOD
OLEHUWDGGHUHXQLyQVXILFLHQWHFRPRSDUDH[SUHVDUVHDELHUWDPHQWHVREUHHVWDFXHVWLyQ
HVWDPRVDSRFRVPHVHVGHODPXHUWHGH)UDQFRQLHO&RQJUHVR6LQGLFDO&RQVWLWX\HQ
WHTXH&&22SURSXJQDEDSRGtDJDUDQWL]DUTXHORVWUDEDMDGRUHVRSWDUDQGHIRUPDOL
EUH\GLUHFWD
/DHVWUDWHJLDGHOD&17DFRUWRSOD]RHUDFODUDDXQTXHKXELHUDSHTXHxDVGLIHUHQ
FLDVVREUHFyPROOHYDUODDODSUiFWLFD1RVHHVWDEDGHDFXHUGRFRQOD´XQLFLGDGVLQGL
FDOµTXH&&22SUHWHQGtDLPSRQHUSHURVtVHDFHSWDEDODXQLGDGGHODFODVHREUHUD
HQODVOXFKDVTXHVHUHDOL]DEDQDWUDYpVGHODVDVDPEOHDV\GHORVGHOHJDGRVHOHJLGRV
SRU pVWDV 1R VH DFHSWDEDQ ORV GHOHJDGRV VLQGLFDOHV GH OD &16 QL WRGD OD HVWUXFWXUD
YHUWLFDO IUDQTXLVWD \ VH UHFRPHQGDED FODUDPHQWH VX ERLFRW \ VX GHVDSDULFLyQ SRU QR
UHSUHVHQWDUDORVLQWHUHVHVGHODFODVHREUHUD
(OGHEDWHVREUHODXWLOL]DFLyQGHORFDOHVGHOD&16\ODUHQXQFLDGHORVFDUJRVVLQGL
FDOHVTXHKXELHUDQHQHOVLQGLFDOLVPRYHUWLFDOVHWRUQyEiVLFDVLVHTXHUtDDYDQ]DUHQ
ODOLEHUWDGVLQGLFDOVHWHQtDTXHDVSLUDUDPDQWHQHUXQDSRVWXUDFODUDGHUHFKD]RDO
VLQGLFDWR IUDQTXLVWD 6L VH TXHUtD DOFDQ]DU OD OLEHUWDG VLQGLFDO KDEtD TXH KDFHUORVLQ
PHGLRVTXH´FRQWDPLQDUDQµHOSURFHVR/D&17IXHFODUD\URWXQGDHQHVWHVHQWLGR\
DEULyMXQWRDRWURVVHFWRUHVODSRVLELOLGDGGHKDFHU\SUDFWLFDUXQVLQGLFDOLVPROLEUH
GHYHUGDGRVHDDOPDUJHQGHOD&16TXHHQPXFKRVFDVRVWRSyFRQODFHUUD]yQGHOD
3DWURQDODOQRDFHSWDUDORVUHSUHVHQWDQWHVHOHJLGRVGHPRFUiWLFDPHQWHSRUODV$VDP
EOHDVXQDGHODVEDWDOODVDJDQDUHQDTXHOORVPRPHQWRV
3HURXQRGHORVSXQWRVTXHRULJLQyPD\RUGHEDWHVREUHODHVWUDWHJLDVLQGLFDODFRUWR
SOD]RHQOD&17FDWDODQDJLUDEDHQWRUQRDODFRQVWLWXFLyQGHOD$OLDQ]D6LQGLFDO2EUH
UDGH&DWDOXxDTXHUHSUHVHQWDEDDORVVLQGLFDWRV&178*7\62&DJRVWRGH
/D RUJDQL]DFLyQ FDWDODQD WHQtD DO UHVSHFWR GRV YLVLRQHV FRQWUDSXHVWDV TXH VH UHIOHMD
EDQFDVLDOHQWUHODPLOLWDQFLDFRQIHGHUDO
8QDHUDIDYRUDEOHDOD$OLDQ]D6LQGLFDOSRUHQWHQGHUTXHHUDXQDEXHQDPDQHUDGH
VDOLUGHO´DLVODPLHQWRPHGLiWLFRµTXH&&22LQWHQWDEDLPSRQHUDOUHVWRGHRUJDQL]D
FLRQHV VLQGLFDOHV TXH LEDQ VXUJLHQGR WUDV OD PXHUWH GH )UDQFR \ TXH UHSUHVHQWDEDQ
XQDYLVLyQGHOD´OLEHUWDGVLQGLFDOµGLVWLQWDGHODTXHHQDTXHOORVPRPHQWRVSURSXJQD
EDQORVVHFWRUHVVLQGLFDOHVGHODQWLIUDQTXLVPRTXHKDEtDQDFWXDGRGHVGHHOLQWHULRUGH
OD&16&&22\862/D$OLDQ]D6LQGLFDOHQFDPELRQRUHQXQFLDEDDTXHOD´XQL
GDGGHODFODVHREUHUDµVHKLFLHUDGHVGHODEDVH\WDPSRFRSUHWHQGtDFUHDUXQDVXSHU
HVWUXFWXUDEXURFUiWLFDTXHDKRJDUDODSRWHQFLDOLGDGGHOPRYLPLHQWRREUHURDVFHQGHQ
WH
/DRWUDRSFLyQORYHtDGHIRUPDFODUDPHQWHQHJDWLYDSRUHQWHQGHUTXHVHHVWDEDHQ
WUDQGRHQXQDGLQiPLFDGHEXURFUDWLVPR\DOLDQ]DVTXHQRWHQtDQQLQJ~QVHQWLGRQL
OOHYDEDQDQLQJ~QODGR/D&17HUDPX\GLIHUHQWHGHODVRWUDVIXHU]DVTXHHVWDEDQHQ
OD$OLDQ]D6LQGLFDO\SRUORWDQWRVXFDPLQRWHQtDTXHVHUFODUDPHQWHGLIHUHQFLDGR/D
XQLGDGRFRRUGLQDFLyQVRODPHQWHWHQtDQVHQWLGRHQODVOXFKDVREUHUDVTXHORVWUDED
MDGRUHVGHVDUUROODUDQSRUODGHIHQVDGHVXVLQWHUHVHVEDMRODVIRUPDVTXHpVWRVGHFL
GLHUDQ
(VWDVGRVSRVWXUDVIXHURQGXUDQWHDOJ~QWLHPSRPRWLYRGHGLVFXVLRQHVDFDORUDGDV
OOHJiQGRVH D GHEDWLU GH IRUPD UHLWHUDGD OD DFHSWDFLyQ R QR GH OD $OLDQ]D 6LQGLFDO /D
RSLQLyQHQDOJXQDVRFDVLRQHVHUDPiVRPHQRVIDYRUDEOHSHURVLHPSUHFRQGLIHUHQFLDV
WDQPtQLPDVTXHHOSUR\HFWRGH$OLDQ]D6LQGLFDOSDVDEDDVHULQYLDEOH
(QHOWUDQVFXUVRGHODxRODUHLYLQGLFDFLyQGHODOLEHUWDGVLQGLFDOFRPRSDVRQHFHVD
ULRSDUDOOHJDUDXQDXQLGDGGHVGHODEDVHIXHJDQDQGRHVSDFLRVPLHQWUDV&&22VH
GHEDWtDHQWUHOD´XQLGDGVLQGLFDOµTXHTXHUtDQLPSXOVDUEDMRVXVVLJODVRVLWXDUVHFR
PRRWURVLQGLFDWRPiVHQ´ODFDUUHUDµTXHVHLQLFLDUtDXQDYH]GHVDSDUHFLGRHOVLQGLFD
WRIUDQTXLVWD
/$35,0(5$'(02675$&,Ð1'(0$6$6(/0,7,1'(
0$7$5ÐGHRFWXEUHGH
3ULPHUPLWLQGHOD&RQIHGHUDFLyGHVGHIiDQ\V3RFDSRFHQSOHQLWXGGHFRQWUD
GLFFLRQVHVYDVRUWLQWDODOOXPS~EOLFD(XIyULDIRONORUHSHUGRQDULSHUYHQGUH3UH
YLDPHQW HOV FDUUHUV KDQ HVWDW JXDUQLWV DPE SRVWHUV L SDVTXLQV SHU DOV SREOHV SHU
OHVFLXWDWVHOVFRORUVURLJLQHJUHWRUQHQDpVVHUQRVWUHVLHVTXHPDLKDQGHL[DWGH
VHUKR&DWDOXQ\DQžpSRFD,,QRYLHPEUHGH&17&DWDOXxD
$ORODUJRGHOD&17HVWXYRLQPHUVDHQXQDGLQiPLFDGHSUHVHQWDFLRQHV\DFWRV
TXHWHQtDQFRPRREMHWLYRDPSOLDU\GDUDFRQRFHUHOGLVFXUVRDQDUFRVLQGLFDOLVWDDORV
GLIHUHQWHVVHFWRUHVVRFLDOHVFRQHVSHFLDODWHQFLyQDODFODVHREUHUDFDWDODQD
(VWRVDFWRVVHGHVDUUROODURQHQXQDIDVHHQODTXHOD´OHJDOLGDGIUDQTXLVWDµHVWDED
WRGDYtDYLJHQWHSHURHQODTXHKDEtDXQWtPLGRLQWHQWRGHDEULUVHDORVVHFWRUHVDQWL
IUDQTXLVWDVPRGHUDGRVGHVGHODGHUHFKDKDFLDODL]TXLHUGD\VLHPSUHSRUHVWHRUGHQ
(QPXFKRVFDVRVVHWXYRTXHIRU]DUODOHJDOLGDGVDOWiQGRVHODRQRKDFLHQGRFDVRGH
HOODSDUDSUHVLRQDUDOUpJLPHQDVXSHUDUVXVFRQWUDGLFFLRQHVHYLGHQFLDQGRHOFDUiFWHU
LQVXILFLHQWH\UHSUHVLYRGHOD´5HIRUPD$ULDVµ
(VWDIDVH´SHUPLVLYDµRGH´WROHUDQFLDµGXUDUtDKDVWDTXHODVRUJDQL]DFLRQHVSROtWL
FDV \ VLQGLFDOHV GHO DQWLIUDQTXLVPR WXYLHUDQ XQ HVWDWXWR OHJDO D PHGLDGRV GH (Q HO WUDQVFXUVR GH GLFKD IDVH VH GLHURQ VLWXDFLRQHV GH SURKLELFLyQ R DFHSWDFLyQ GH
DFWRVS~EOLFRVHQIXQFLyQGHODFR\XQWXUDSROtWLFDGHOPRPHQWRRGHODFRQIOLFWLYLGDG
VRFLDOTXHHQGHWHUPLQDGDV]RQDVGH&DWDOXxDSRGtDH[LVWLU
/RV FRORTXLRV GH ODV IXHU]DV SROtWLFDV \ VLQGLFDOHV HQ EDUULRV LQVWLWXWRV IiEULFDV
FLQHIyUXPXQLYHUVLGDG\HQWRGRVORVOXJDUHVGRQGHKDEtDQHFHVLGDGGHGDUDFRQR
FHU D ODV IXHU]DV HPHUJHQWHV IXH GH YLWDO LPSRUWDQFLD SDUD GHVDUUROODU \ DPSOLDU HO
FDPSRGHPLOLWDQFLDHQWRGRHOiPELWRGHODL]TXLHUGD
/DFRQFXUUHQFLDDORVGHEDWHV\FRORTXLRVTXHVHUHDOL]DEDQHUDQXPHURVD\ODSDU
WLFLSDFLyQGHORVDVLVWHQWHVHQJHQHUDODEXQGDQWHSURJUHVLYDPHQWHVHLEDSHUGLHQGR
HOPLHGRDLQWHUYHQLURDRSLQDUOLEUHPHQWHVREUHFXHVWLRQHVGHRUGHQSROtWLFRRVRFLDO
(VWDPRVHQXQDpSRFDPDUFDGDSRUODQHFHVLGDG\DQVLDGHFRQRFLPLHQWRGHODKLV
WRULD GH DQWHV GH OD 'LFWDGXUDGHOJHQHUDO)UDQFRIXQGDPHQWDOPHQWHOD,,5HS~EOLFD
(VSDxROD\OD*XHUUDSRVWHULRUTXHKDEtDVLGRVLVWHPiWLFDPHQWHROYLGDGDRPDQLSX
ODGDSRUORVSURSDJDQGLVWDVGHOUpJLPHQ
(VWDDQVLDSRUUHFXSHUDUHVHWUR]RGHOD´PHPRULDKLVWyULFDµIXHGHWDOLPSRUWDQFLD
TXHHQPXFKRVFDVRVSROpPLFDVTXHVHKDEtDQGDGRDODEULJRGHODOXFKDFRQWUDHO
IDVFLVPRHQOD*XHUUD&LYLOYROYLHURQDFHQWUDUORVGHEDWHVGHXQDVRUJDQL]DFLRQHVSR
OtWLFDV TXH SHVH D HVWDU \D HQ RWUDV WDUHDV \ FLUFXQVWDQFLDV WHQtDQ TXH MXVWLILFDU VX
DFWXDFLyQHQDTXHOSDVDGRSRFRFRQRFLGR
3ULPHUPLWLQGHOD&RQIHGHUDFLyQGHVGHKDFHDxRV3RFRDSRFROOHQRVGHFRQWUDGLFFLRQHVVDOLPRVD
OD OX] S~EOLFD (XIRULD IRONORUH SDUD GDU \ YHQGHU 3UHYLDPHQWH VH KDQ DGRUQDGR ODV FDOOHV FRQ FDUWHOHV \
SDVTXLQHVSRUORVSXHEORVSRUODVFLXGDGHVORVFRORUHVURMR\QHJURYXHOYHQDVHUQXHVWURV\HVTXHQXQFD
KDQGHMDGRGHVHUOR
7HPDVGHOLFDGRVFRPRHUDQHOSDSHOGHO368&\ODUHSUHVLyQHVWDOLQLVWDGXUDQWHOD
*XHUUD&LYLORORV´+HFKRVGH0D\RGHµHQ%DUFHORQDRHOGHEDWHGHQWURGHODV
IXHU]DVGHL]TXLHUGD´HQWUHJDQDUODJXHUUDSULPHUR\DVHJXUDUODOHJDOLGDGUHSXEOLFD
QDµRHQRWUDGLUHFFLyQSRUSDUWHGHORVVHFWRUHVOLEHUWDULRV&17)$,\PDU[LVWDVUH
YROXFLRQDULRV3280GH´KDFHUODUHYROXFLyQ\DOPLVPRWLHPSRJDQDUODJXHUUDµWX
YLHURQJUDQUHSHUFXVLyQPLHQWUDVSRQtDQGHPDQLILHVWRODXWLOL]DFLyQGHOSDVDGRFRPR
DUPDDUURMDGL]DVREUHHOSUHVHQWHFRQUHODFLyQDODVIXHU]DVSROtWLFDVKLVWyULFDVTXHHV
WDEDQGHQXHYRGHQWURGHOHQWUDPDGRVRFLDO
(QHVWDVLWXDFLyQGHUHFXSHUDFLyQFROHFWLYDGHODPHPRULDKLVWyULFDGHOD,,5HS~
EOLFDJUDFLDVDODSpUGLGDSURJUHVLYDGHOPLHGRDRSLQDU\H[SUHVDUOLEUHPHQWHHOSHQ
VDPLHQWRFODUDPHQWHDQWLUUpJLPHQHVGRQGHKD\TXHVLWXDUHOSULPHUPLWLQGHOD&17
GH&DWDOXxDTXHWXYROXJDUHQ0DWDUy%DUFHORQDHOGHRFWXEUHGH
&RPR\DVHKDPHQFLRQDGROD&17VHLEDGDQGRDFRQRFHUHQPXFKRVOXJDUHVHQ
ORVTXHVHKDFtDKLQFDSLpHQHOGHEDWH\HOWUDEDMRGHVHQVLELOL]DFLyQHQJUXSRVPiVR
PHQRVQXPHURVRV6LQHPEDUJRHOPLWLQGH0DWDUyHUDDOJRPiVHOSULPHULQWHQWRVH
ULRTXHWUDVSDVDEDODEDUUHUDGHORVSHTXHxRVDFWRVSDUDSRGHUOOHJDUDWHQHUXQDUH
SHUFXVLyQFROHFWLYD\PHGLiWLFDGHPD\RULPSRUWDQFLDHQODUHDOLGDGGHOSDtV
/DSURSXHVWDGHXQDFWRGHHVWDVFDUDFWHUtVWLFDVIXHUHDOL]DGDSRUOD)HGHUDFLyQ/R
FDOGH0DWDUy\DSR\DGDSRUHO&RPLWp3URYLVLRQDOGHOD&17GH&DWDOXxD\SRUWRGDV
ODV)HGHUDFLRQHV/RFDOHV\6LQGLFDWRVGHODPLVPD
(ODFWRVHUHDOL]yHQHO3DEHOOyQGH'HSRUWHVGHGLFKDFLXGDG\FRQWyFRQODDVLVWHQ
FLD GH XQDV SHUVRQDV OR TXH GHPXHVWUD OD FDSDFLGDG GH FRQYRFDWRULD TXH OD
&17LEDDGTXLULHQGRHQHVWDIDVHGHODWUDQVLFLyQ\TXHSRFDVIXHU]DVSROtWLFDVSRGtDQ
ORJUDUDWUDHUGHIRUPDWDQFODUDPHQWHQXPHURVD
/RVPRWLYRV\FDXVDVSRUORVTXHHOSXHEORWUDEDMDGRULEDDOPLWLQHUDQOyJLFDPHQWH
PX\YDULDGRV3HURQDGLHSRGUtDSRQHU\DHQGXGDHOFDUiFWHUGHPDVDVTXHLEDDGTXL
ULHQGRODRUJDQL]DFLyQDVtFRPRVXFDSDFLGDGGHFUHFLPLHQWR
(QFXDQWRDOPLWLQHQVtFRPRHQWRGRDFWRULWXDOGHPDVDVSXVRGHPDQLILHVWROR
YDULDGR\GLYHUVRTXHFRPSRQtDODRUJDQL]DFLyQ([LOLDGRVYHQLGRVGH0p[LFR6XL]D\
)UDQFLDODKLMDGH-RDQ3HLUyHQODSUHVLGHQFLDGHODPHVDDVtFRPRXQUHSUHVHQWDQWH
GHO 6, GH OD &17 GH 7RXORXVH (QWUH HO S~EOLFR DVLVWHQWH KDEtD JHQWHV GH WRGDV ODV
HGDGHVSHURGHVWDFDEDSRUQ~PHURODJHQWHMRYHQHOHPHQWRFDUDFWHUtVWLFRGHOQXHYR
DJUXSDPLHQWRVREUHHOTXHVHHVWUXFWXUyOD&17+XERDGKHVLRQHVSRUSDUWHGHJUX
SRV WDQ GLYHUVRV FRPR &'& 36& &RQJUqV 8*7 &DWDOXxD )$, &DWDOXxD $,7 R
)5$3
6HUHDOL]DURQGLYHUVDVLQWHUYHQFLRQHVXQDVGHFDUiFWHUUHWURVSHFWLYRVREUHODVFR
OHFWLYL]DFLRQHVHQOD5HS~EOLFDDFDUJRGHXQYLHMRPLOLWDQWHGHOD&17GH%DGDORQD\
RWUDV GH PD\RU FRQWHQLGR SROtWLFRVLQGLFDO VREUH OD UHDOLGDG GH OD &17 HQ DTXHOORV
PRPHQWRVFRPRODTXHHVWXYRDFDUJRGHOVHFUHWDULRJHQHUDO/XLV(GR
/DLQWHUYHQFLyQGHpVWHSURGXMRLUULWDFLyQDGHWHUPLQDGRVVHFWRUHVSRUVDFDUDUHOX
FLUHOWHPDGHOD$OLDQ]D6LQGLFDOHQ&DWDOXxDFRQ8*7\62&FXHVWLyQTXHHVWDED
HQIDVHGHDQiOLVLV\TXHGLYLGtDDODRUJDQL]DFLyQHQFDVLGRVPLWDGHV(QWUHRWUDVODV
SDODEUDVGHOVHFUHWDULRJHQHUDOIXHURQ
3DUDOD&17HVpVWHXQWHPDIXQGDPHQWDOODDXWRQRPtDREUHUD\HQHOTXHEDVD
PRVJUDQSDUWHGHQXHVWUDHVWUDWHJLD1XHVWURUHFKD]RDTXHGHVGHIXHUDGHORVVLQ
GLFDWRV ORV SDUWLGRV SROtWLFRV RULHQWHQ D DTXpOORV VH FRQFUHWD HQ QXHVWUDV SURSLDV
IRUPDVRUJiQLFDVDOQHJDUGHUHFKRGHUHSUHVHQWDFLyQRUJiQLFDHQOD&RQIHGHUDFLyQ\
DGHVHPSHxDUFDUJRVHQODPLVPDDORVPLOLWDQWHVGHSDUWLGRVSROtWLFRV
(VWRQRHVQLQJ~QFDSULFKRWLHQHVXIXQGDPHQWRHQQXHVWUDFRQFHSFLyQGHO6LQGLFD
OLVPR 5HYROXFLRQDULR 3DUD QRVRWURV HO 6LQGLFDWR DGHPiV GH LQVWUXPHQWR GH OXFKD
DQWLFDSLWDOLVWD \ UHLYLQGLFDWLYD HV XQD RUJDQL]DFLyQ UHYROXFLRQDULD HQ OD TXH ORV WUD
EDMDGRUHVYDPRVFRQILJXUDQGRODVRFLHGDGDXWRJHVWLRQDULDODVRFLHGDGVLQFODVHVGH
PDxDQD(ODQDUFRVLQGLFDOLVPRTXLHUHVHU\DHQVXLQWHULRUHOLQLFLRGHODVRFLHGDGOL
EHUWDULD\GHSDUWLFLSDFLyQTXHSURSXJQD8QDVRFLHGDGVLQDPRVVLQMHIHVVLQSRGHU
GH XQRV VREUH RWURV VLQ H[SORWDGRUHV QL H[SORWDGRV (V SRU HOOR TXH QXHVWUD WiFWLFD
EiVLFD GH OD DFFLyQ GLUHFWD WUDVFLHQGH GH OD E~VTXHGD GH OD HILFDFLD LQPHGLDWD PLV
PDSDUDLQVHUWDUVHHQXQSODQWHDPLHQWRHVWUDWpJLFRPiVJOREDOTXHHVWiRULHQWDGRD
KDELWXDUDHQVHxDUDWRGRHOSXHEORDWRPDUHQVXVPDQRVVXSURSLRGHVWLQR
$OPDUJHQGHODFULVSDFLyQTXHWUDMRHOWHPDGHOD$OLDQ]D6LQGLFDORGHDOJXQDVLQWHU
YHQFLRQHVTXHWHQtDQXQDLUHPiVGRFWRUDOTXHSDVLRQDOHOPLWLQGH0DWDUyYLQRDVHU
XQVDOWRFXDOLWDWLYRDFHOHUyHOSURFHVRGHOD&17GHPRVWUDUVHDOSXHEORWUDEDMDGRUHQ
WRGD&DWDOXxDGHIRUPDPiVIOXLGD\SHUPDQHQWH
6HDEUtDFRQHOORXQDSHUVSHFWLYDGHFX\DSRVLELOLGDGDOJXQRVGXGDEDQWRGDYtDOD
GHKDFHUXQDRUJDQL]DFLyQDQDUFRVLQGLFDOLVWDGHPDVDVTXHWXYLHUDLPSDFWRHQODFOD
VHREUHUDDPHGLDGRVGHORVDxRVVHWHQWD
/$+8(/*$*(1(5$/'(/'(129,(0%5('(
(1&$7$/8f$
/RV WUDEDMDGRUHV VDEHPRV TXH GHEHPRV FRQTXLVWDU QXHVWURV GHUHFKRV SRU QXHVWUR
SURSLRHVIXHU]R6RPRVDMHQRVDODVPDQLSXODFLRQHVGHODVFLIUDVSRUTXHQXHVWURRE
MHWLYRQRHVHO3RGHU'HDKtTXHGHQXQFLHPRVS~EOLFDPHQWHORVDIDQHVHVSHFXODWLYRV
SRUSDUWHGHVHGLFHQWHV´UHSUHVHQWDQWHVµGHODFODVHREUHUDSDUDSROLWL]DUODSURWHVWD
VROLWDULDGHORVWUDEDMDGRUHV\GHOWUDWDPLHQWRTXHHO*RELHUQRKDGDGRDODMRUQDGD
GHOGHQRYLHPEUHFX\DVPRWLYDFLRQHVVLJXHQHQSLH\SRUODVTXHVHJXLUHPRVOX
FKDQGRFDGDGtDFRQPD\RUIH\FRQPiVGLQDPLVPR%0DV6ROLGDULGDG2EUHUDQž
pSRFD,,,&17&DWDOXxD
/DKXHOJDJHQHUDOGHOGHQRYLHPEUHGHIXHODSULPHUDFRQYRFDWRULDGHPRYLOL
]DFLyQJHQHUDOHQWRGRHO(VWDGRHVSDxROGHVSXpVGHODPXHUWHGH)UDQFR/RVFRQYR
FDQWHVGHOSDURJHQHUDOHUDQOD&RRUGLQDGRUDGH2UJDQL]DFLRQHV6LQGLFDOHV&26RU
JDQLVPR TXH VH KDEtD FUHDGR HQ MXOLR GH \ TXH HVWDED LQWHJUDGR SRU ORV
VLQGLFDWRV&&228*7\862
(Q&DWDOXxDODVLWXDFLyQGHDOLDQ]DV\SDFWRVHUDGLVWLQWDTXHDQLYHOGHO(VWDGR
SRUH[LVWLUGRVIUHQWHVGHDOLDQ]DVGLVWLQWRV3RUXQODGROD$OLDQ]D6LQGLFDOGH&DWD
OXxDTXHDJUXSDEDDORVVLQGLFDWRV8*762&\&17\SRURWURHOSDFWRDQLYHOJHQH
UDOTXHPDQWHQtDQ&&22\862/DFRRUGLQDFLyQ\SUHSDUDWLYRVGHODKXHOJDHQ&D
WDOXxD VH UHDOL]y PHGLDQWH XQ ´FRPLWp GH HQODFHµ TXH DJUXSDED D ORV RUJDQLVPRV
VLQGLFDOHVH[SXHVWRV/RVPRWLYRVIRUPDOHVGHODFRQYRFDWRULDHUDQGHRUGHQUHLYLQGL
FDWLYRHQFRQWUDGHODVPHGLGDVHFRQyPLFDVUHVWULFWLYDVTXHHOQXHYR*RELHUQR6XiUH]
KDEtDLQWURGXFLGR\RWURVTXHWHQtDQTXHYHUFRQUHLYLQGLFDFLRQHVSRUODIDOWDGHOLEHU
WDGHVVLQGLFDOHV\SROtWLFDV
'HWUiVGHODFRQYRFDWRULDGHKXHOJDJHQHUDOKDEtDWDPELpQXQLQWHQWRSRUSDUWHGH
ORV VLQGLFDWRV FRQYRFDQWHV &&22 \ 862 IXQGDPHQWDOPHQWH GH SXOVDU VX IXHU]D
PRYLOL]DGRUD\VXFDSDFLGDGGHFRQWUROGHFDUDDXQDSRVLEOHQHJRFLDFLyQSROtWLFDFRQ
HO*RELHUQR6XiUH]SRUSDUWHGHODRSRVLFLyQDQWLIUDQTXLVWD
(OPRYLPLHQWRREUHURHQHVWRVLQLFLRVGHODWUDQVLFLyQIXHXWLOL]DGRFRPRXQDGH
ODVDUPDVPiVHIHFWLYDVTXHWHQtDODRSRVLFLyQDQWLIUDQTXLVWDSDUDSRGHUDUUDQFDUGH
ORV VHFWRUHV IUDQTXLVWDV SDUFHODV GH OLEHUWDG R SDFWRV SROtWLFRV GH FDUD D XQD VDOLGD
QHJRFLDGDGHODGLFWDGXUD
(VWDXWLOL]DFLyQGHOPRYLPLHQWRREUHURIXHXQDGHODVFUtWLFDVTXHFRQPiVLQWHQVL
GDG VH GHMDURQ VHQWLU VREUH OD FRQYRFDWRULD GH KXHOJD JHQHUDO GHO GH QRYLHPEUH
GH ¢&yPR VH SRGtD FRQYRFDU XQD KXHOJD JHQHUDO VLQ XQ SURFHVR GH DVDPEOHDV
HQORVFHQWURVGHWUDEDMRTXHDILUPDUDRQHJDUDVXYLDELOLGDG"¢3DUDTXpRSDUDTXLpQ
VHUYtDHVWDKXHOJDJHQHUDO"
,JQDFLR)HUQiQGH]GH&DVWURKDFHXQDQiOLVLVGHOSURFHVRGHKXHOJDJHQHUDOHQFOD
YHGHYDORUDFLyQSROtWLFDGHORVPRPHQWRVTXHVHYLYtDQ
/DWUHJXDODERUDOGXUDQWHHORWRxRHVODFRQVHFXHQFLDPiVLPSRUWDQWHGHHVWDSROtWLFD
GHO *RELHUQR TXH PDQWLHQH FRQWDFWRV FRQ ODV FHQWUDOHV &&22 8*7 \ 862 \ D ODV
TXHQRVyORVHOHVSHUPLWHXQDSUHVHQFLDS~EOLFDVLQRTXHVHOHVSURPHWHOLEHUWDGVLQ
GLFDO\HOGHVPDQWHODPLHQWRGHOD&16(VWDVFHQWUDOHVVLUYHQGHIUHQRSDUDORVFRQ
IOLFWRV TXH VH LQLFLDQ GXUDQWH HO SHUtRGR \ TXH VRQ DOHQWDGRV SRU ORV JUXSRV DXWyQR
PRV FRQVHMLVWDV \ SRU OD &17 $QWH ODV PHGLGDV HFRQyPLFDV GHO *RELHUQR \ OD
FDUHVWtDGHODYLGDTXHHURVLRQDFRQUDSLGH]ODFDSDFLGDGDGTXLVLWLYDGHORVVDODULRV
ODVFHQWUDOHVFRQYRFDQXQDMRUQDGDGHSURWHVWDHOGHQRYLHPEUHTXHVHJXLGDFRQ
EDVWDQWHH[WHQVLyQSRUWRGRHOSDtVUHVXOWDXQDSUHVHQFLDVLPEyOLFD\XQDGHPRVWUD
FLyQ GH IXHU]D GH FDUD D OD QHJRFLDFLyQ SROtWLFD FRQ HO *RELHUQR (VWD IDOWD DEVROXWD
GH FRPEDWLYLGDG GH ODV FHQWUDOHV HQ HO FDPSR ODERUDO GXUDQWH HO RWRxR FRQWUDVWD YL
YDPHQWH FRQ ODV PRYLOL]DFLRQHV TXH FDUDFWHUL]DURQ D ORV PHVHV GH HQHUR \ IHEUHUR
IUHQWH D OD UHIRUPD GH $ULDV \ PDUFD PHMRU TXH QLQJXQD RWUD FRVD HO FDPELR GH OD
RSRVLFLyQ\VXDFWLWXGFRQFLOLDGRUDIUHQWHDODUHIRUPD6XiUH]SHVHDTXHIRUPDOPHQWH
KD VLGR UHFKD]DGD SRU &RRUGLQDFLyQ 'HPRFUiWLFD &' \ SRU OD 3ODWDIRUPD GH 2UJD
QLVPRV'HPRFUiWLFRV32'SiJ
/D&17DQLYHOGHO(VWDGRHVSDxROPDQWXYRGLYHUVDVDFWLWXGHVHQUHODFLyQDODKXHOJD
JHQHUDOGHOGHQRYLHPEUH(QODPD\RUtDGHFDVRVQRVHVXPyFRPRRUJDQL]DFLyQ
DXQTXHFRPRHUDGHSUHYHUORVPLOLWDQWHVKLFLHURQKXHOJD\QRERLFRWHDURQHOSURFHVR
(QFDPELRHQ&DWDOXxDVtTXHIXHXQDGHODVRUJDQL]DFLRQHVFRQYRFDQWHVD~QDVD
ELHQGDVGHTXHHOSURFHVRWHQtDXQFRPSRQHQWHGHPHGLDFLyQSROtWLFD\GHFRQWUROVLQ
GLFDO\QRHUDXQLQWHQWRGHGHIHQVDFRKHUHQWHGHORVLQWHUHVHVGHOPRYLPLHQWRREUHUR
6HJ~QXQLQIRUPHVREUHHODxRGHODUHYLVWDGHKLVWRULD/·$YHQoODKXHOJDHQ
&DWDOXxDDIHFWyDXQWRWDOGHWUDEDMDGRUHVVREUHORVTXHSDUDURQ
HQWRGRHO(VWDGRHVSDxRO(OSHULyGLFR0XQGR'LDULRHVWLPyHOSDURHQ&DWDOXxDDOUH
GHGRU GH WUDEDMDGRUHV PLHQWUDV TXH OD PLVPD IXHQWH LQIRUPDED TXH HO *R
ELHUQRORKDEtDHVWLPDGRVRODPHQWHHQKXHOJXLVWDV
/DKXHOJDFRPRWDOKDEtDWHQLGRVXILFLHQWHLQFLGHQFLDFRPRSDUDQRGHMDUHQVLWXD
FLyQGHULGtFXORDODVRUJDQL]DFLRQHVVLQGLFDOHVFRQYRFDQWHVTXHHUDORTXHGHVHDEDHO
*RELHUQR 6XiUH] SHUR D VX YH] QR KDEtD WHQLGR XQ VHJXLPLHQWR PDVLYR IUXWR GH OD
GHELOLGDGGHODVFHQWUDOHVVLQGLFDOHV\GHODIRUPDFRPRVHOOHYyDFDERODFRQYRFDWRULD
GHSDURIXHUDGHWRGDGLQiPLFDSDUWLFLSDWLYD\PRYLOL]DGRUD+D\TXHUHPDUFDUDGH
PiVTXHODKXHOJDVHLQVFULEtDHQXQPRPHQWRGH´LOHJDOLGDGµHQODTXHQLORVVLQGLFD
WRVQLORVWUDEDMDGRUHVSRGtDQH[SUHVDUVHFRQODOLEHUWDGQHFHVDULDSDUDXQDDFFLyQGH
HVWDHQYHUJDGXUD
&DEHGHVWDFDUODFDQWLGDGGHGHWHQFLRQHVTXHKXERDUDt]GHOSDURSRUSDUWHGHODV
)23ODDFWXDFLyQYLROHQWDGHDOJXQRVJUXSRVGHH[WUHPDGHUHFKDFRQWUDORVWUDEDMD
GRUHV \ OD DFWLWXG SUHSRWHQWH GH OD3DWURQDOTXHDPHQD]DEDFRQ\HQDOJXQRVFDVRV
FXPSOtD yUGHQHVGHGHVSLGRKDFLDORVKXHOJXLVWDV6HKL]RXQVHJXLPLHQWRSRVWHULRU
VREUHODUHSUHVLyQTXHJHQHUyODMRUQDGDGHKXHOJDSDUDTXHQLQJXQRGHORVTXHKDEtD
SDUWLFLSDGRHQHOODVHYLHUDDIHFWDGRSRVWHULRUPHQWH
/D&26GHVDSDUHFHUtDPiVWDUGHHQPDU]RGH\OD$OLDQ]D6LQGLFDOHQ&DWD
OXxDGXUDUtDD~QPHQRVLQGLFDQGRHVWRVKHFKRVHOSDSHOFR\XQWXUDOTXHWHQtDQHVWDV
DOLDQ]DVTXHQRPRVWUDEDQLQWHQFLyQDOJXQDGHEXVFDUODXQLGDGGHDFFLyQSRUODED
VH VLQR XQD PHUD VDOLGD GHQWUR GH XQ FDPSR GH DOLDQ]DV FDPELDQWH HQ IXQFLyQ GH
FyPRLEDGHVDUUROOiQGRVHODWUDQVLFLyQHQWpUPLQRVSROtWLFRV
8QDYDORUDFLyQGHODKXHOJDGHOGHQRYLHPEUHGH\ODSDUWLFLSDFLyQHQHOOD
SRUSDUWHGHOD&17GH&DWDOXxDGHFtD
3RURWURODGRQRVHQRVRFXOWDTXHODMRUQDGDGHOXFKDGHOGHQRYLHPEUHKDVHU
YLGRHQWUHRWUDVFRVDVFRPRWUDPSROtQGHODQ]DPLHQWRGHOD&RRUGLQDGRUDGH2UJD
QL]DFLRQHV 6LQGLFDOHV &26 FRUUHD GH WUDQVPLVLyQ D VX YH] GH OD &RRUGLQDGRUD
'HPRFUiWLFD GHPRVWUDQGR GLFKRV yUJDQRV LQWHUFODVLVWDV VX DIiQ GH FDSLWDOL]DU OD
KXHOJD HQ IRUPD DULWPpWLFD SDUD GHPRVWUDU DO *RELHUQR 6XiUH] VX LQIOXHQFLD \ FRQ
WUROVREUHODPRYLOL]DFLyQGHPDVDV
)UHQWH D WRGR HVWH SODQWHDPLHQWR LQWHUFODVLVWD OD &17 GH &DWDOXxD FRQ HO FRQVHQVR
GHVX3OHQRHQWHQGLyTXHQRGHEtDPDUJLQDUVHGHODOXFKD6LQHPEDUJRVXSDUWLFL
SDFLyQ HQ GLFKD MRUQDGD TXHGy FODUDPHQWH H[SOLFDGD HQ HO VHQWLGR GH TXH HO GH
QRYLHPEUHQRSRGtDVHUVLQRXQPRPHQWRPiVGHOSURFHVRTXHWLHQHTXHGHVDUUROODUOD
FODVHREUHUDFRQWUDHOSRGHU\DTXHXQDKXHOJDJHQHUDOGHKRUDVQRVROXFLRQDED
ORVP~OWLSOHVSUREOHPDVDTXHpVWDGHEHKDFHUIUHQWH6ROLGDULGDG2EUHUDQž
/D&17HQ&DWDOXxDKDEtDLGRDODKXHOJDFRQREMHWLYRVPRYLOL]DGRUHV\SDUWLFLSDWLYRV
FUHDQGRSRUHMHPSORFRPLWpVGHKXHOJDFRQORVGHPiVJUXSRVTXHHVWDEDQGHDFXHU
GRHQODPRYLOL]DFLyQ\DVXPLHQGRTXHWHQtDQTXHVHUODVDVDPEOHDVGHWUDEDMDGRUHV
ODVTXHGHFLGLHUDQVLVHVXPDEDQRQRDODKXHOJD3HURSURQWRYLRTXHORVRWURVVLQGL
FDWRVPiVTXHEXVFDUXQDPRYLOL]DFLyQJHQHUDOGHJUDQFRQWHQLGRORTXHTXHUtDQHUD
VyORXQDPRYLOL]DFLyQTXHOHVSHUPLWLHUDQHJRFLDUOXHJRHQ´FODYHSROtWLFDµVLHQGRODV
UHLYLQGLFDFLRQHVGHORVWUDEDMDGRUHVXQPHGLRPiVTXHXQILQHQVtPLVPR
4XL]iVSRUHOORGHVSXpVGHHVWDSULPHUD´KXHOJDJHQHUDOµORVVLQGLFDWRVQRYROYLH
URQDFRQYRFDUQLQJ~QSDURJHQHUDOPiVHQGLFKRSHUtRGR/DGXGDTXHVHSODQWHDHV
VLIXHSRUIDOWDGHIXHU]DHQHOVHQRGHOPRYLPLHQWRREUHURGHVSXpVGHHVDSULPHUDH[
SHULHQFLDQRPX\H[LWRVDSRUUD]RQHVGHHVWUDWHJLDSROtWLFDRSRUQRGLQDPL]DUDVHF
WRUHVREUHURVTXHSRGtDQKDEHUHQVDQFKDGRHOPDUJHQGHFRQWHVWDFLyQVRFLDODOVLVWH
PD
/8&+$62%5(5$6<$6$0%/(Ì602/$+8(/*$'(
52&$&202(-(03/2
+XERHVRVtQXPHURVDVH[SUHVLRQHVDXWyQRPDVWUDGXFLGDVHQKXHOJDVTXHVXSH
UDEDQ ORV WpUPLQRV VLQGLFDOHV QR WDQWR HQ VXV UHLYLQGLFDFLRQHV VDODULDOHV \ ODERUD
OHV FRPR HQ VX SUiFWLFD DVDPEOHDULD DXWyQRPD &RQ WRGR HVDV PRYLOL]DFLRQHV DX
WyQRPDVQROOHJDURQDIUDJXDUHQXQPRYLPLHQWRQLVLTXLHUDLQFLSLHQWH
1R FDEH GXGD GH TXH HVRV DxRV UHSUHVHQWDURQ WDPELpQ XQD RSRUWXQLGDG SHUGLGD
HQORTXHDODLQWURGXFFLyQGHODVQXHYDVLGHDV\H[SUHVLRQHVSUiFWLFDVTXHFRQPH
MRU R SHRU IRUWXQD DSRUWDEDQ ORV PRYLPLHQWRV DXWyQRPRV eVWRV UHSUHVHQWDEDQ XQD
FRUULHQWH GH PRGHUQLGDG WDQWR HQ ORV UHIHUHQWHV WHyULFRV FRPR SUiFWLFRV TXH UHFXSH
UDEDWRGDODWUDGLFLyQUHFLHQWHGHODOXFKDGHFODVHVDVtFRPRODUHFRQGXFFLyQFUtWLFD
GHH[SHULHQFLDV\WUDGLFLRQHVGHODFXOWXUDSUROHWDULDYLQFXODGDVDOPDU[LVPR\DQDU
TXLVPR(WFpWHUD´7UDQVLFLyQ\7UDQVDFFLyQ$OJXQDVFRQVLGHUDFLRQHVVREUHODYtD
HVSDxRODDODGHPRFUDFLDµPDU]RGH
(ODVDPEOHtVPRRORTXHHVORPLVPRODUHLYLQGLFDFLyQGHODDVDPEOHDFRPROXJDUGH
XQLyQ\GHFLVLyQGHORVWUDEDMDGRUHVVHKDEtDFRQYHUWLGRHQSUiFWLFDKDELWXDOGHOPR
YLPLHQWRREUHURHQ&DWDOXxDUHFRJLHQGRFRQHOORODVGLYHUVDVH[SHULHQFLDVSRUODVTXH
KDEtDQLGRSDVDQGRODV&&22GHVGHVXVLQLFLRVHQ$VWXULDVDSULQFLSLRVGHORVDxRV
VHVHQWD
/D $VDPEOHD FRPR ´OXJDU RSHUDWLYRµ GH XQLGDG GH DFFLyQ HUD XQD PDQHUD GH OX
FKDU FRQWUD OD IDOWD GH OLEHUWDG VLQGLFDO TXH HO IUDQTXLVPR LPSRQtD DVt FRPR FRQWUD
ODVLQVXILFLHQFLDVTXHODXWLOL]DFLyQGHOD&16WUDVOXFtDKDFLDORVWUDEDMDGRUHV/DH[
SUHVLyQXQLWDULDTXHVHGDEDHQOD$VDPEOHDGHODVGLYHUVDVPDQHUDVGHHQWHQGHUODV
UHLYLQGLFDFLRQHVVDODULDOHVRVRFLDOHVIXHFUHDQGRXQKiELWRSRVLWLYRTXHIXHUHVSHWDGR
SRUWRGRVORVJUXSRV\RSFLRQHVSROtWLFDVGHODQWLIUDQTXLVPR
'HWRGDVPDQHUDVOD$VDPEOHDFRPRH[SUHVLyQGHXQLyQGHORVWUDEDMDGRUHVHVHQ
WHQGLGDGHIRUPDVGLYHUVDVFRPRVHxDODHODQiOLVLVKHFKRSRUHO&ROHFWLYRGH(VWXGLRV
SRU OD $XWRQRPtD 2EUHUD HQ VX OLEUR /XFKDV DXWyQRPDV HQ OD WUDQVLFLyQ GHPRFUiWLFD
(G=HUR=\[
(VWDSUiFWLFDJHQHUDOL]DGDGHOXFKDVSRQHVREUHHOWDSHWHHOWHPDGHODRUJDQL]D
FLyQREUHUD/DVOXFKDVWLHQHQXQDEDVHDVDPEOHtVWD%LHQHVFLHUWRTXHQRWRGRVGH
ILHQGHQ OD $VDPEOHD GH OD PLVPD PDQHUD (O DEDQLFR YD GHVGH ORV TXH WLHQHQ OD
$VDPEOHDFRPRPHURyUJDQRGHLQIRUPDFLyQ\UHIUHQGRGHOtGHUHVKDVWDORVTXHGH
ILHQGHQ TXH OD $VDPEOHD VH GHEH LU FRQVWLWX\HQGR FRPR yUJDQR VREHUDQR 3HUR HQ
FXDOTXLHU FDVR $VDPEOHD TXH DXQ PLWLILFDGD \ PDQLSXODGD QR SXHGH VHU UHOHJDGD
SRUQDGLH
(OSHUtRGRGHPD\RUDXJHGHOPRYLPLHQWRDVDPEOHtVWDIXHHOSRVWHULRUDODPXHUWHGH
)UDQFRTXHWHQtDFRPRREMHWLYRFRQFUHWRODVOXFKDVFRQWUDODVPHGLGDVHFRQyPLFDV\
GHFRQWHQFLyQVDODULDOTXHSURSXJQDEDHOSULPHUJRELHUQRGHOD0RQDUTXtD9DOJDQGH
HMHPSORV DOJXQRV DFRQWHFLPLHQWRV SXQWXDOHV SHUR GH JUDQ LPSRUWDQFLD FRPR ORV GH
HQHUR GH HQ 0DGULG %DUFHORQD HO %DL[ /OREUHJDW HWF \ GH WRGRV HOORV HO PiV
HORFXHQWHVHUtDHOGHODFLXGDGGH9LWRULD$ODYDHQPDU]RGH
(VXQPRPHQWRSROtWLFRVRFLDOHQHOTXHVHXQHQODVUHLYLQGLFDFLRQHVGHWLSRVDOD
ULDOFRQODVGHRUGHQSROtWLFR/RVSDUWLGRVDQWLIUDQTXLVWDV\ODVRUJDQL]DFLRQHVVLQGL
FDOHVQRSXHGHQDFWXDUD~QGHIRUPDS~EOLFD\ODUHIRUPDWLPRUDWDGHO*RELHUQR$ULDV
VHDIHUUDHQLPSRQHUVXHVWUDWHJLD
/DPDJQLWXGGHODVPRYLOL]DFLRQHVREUHUDV\FLXGDGDQDVHQHO(VWDGRHVSDxROOOHYy
DXQDWHQVLyQHQWUHORVJUXSRVSROtWLFRV\VRFLDOHVGHOIUDQTXLVPR\GHODQWLIUDQTXLVPR
TXHGHULYyHQXQFDPELRGHHVFHQDULR\DVLWXDFLRQHVGLVWLQWDVDSDUWLUGHHVWRVDFRQ
WHFLPLHQWRV
$ILUPDU TXH HO PRYLPLHQWR REUHUR FRPR H[SUHVLyQ HVSHFtILFD GH XQRV LQWHUHVHV GH
FODVHRVHDODVWHQGHQFLDVUXSWXULVWDVRDQWLFDSLWDOLVWDVGHOPLVPRQRIXHFDSD]GH
KHJHPRQL]DU QL VLTXLHUD PHGLDWL]DU HO SURFHVR SROtWLFRVRFLDO GH ORV ~OWLPRV DxRV GHO
IUDQTXLVPRIXHSRUVXSURSLDGHELOLGDGHVWUXFWXUDO
4XH ODV PRYLOL]DFLRQHV DXWyQRPDV GH PDVDV QR KD\DQ VLGR VXILFLHQWHPHQWH UHOH
YDQWHVFRPRSDUDHYLWDUODWUDQVDFFLyQHQORVWpUPLQRVTXHVHKDUHDOL]DGRQRTXLHUH
GHFLU TXH VX LPSRUWDQFLD KD\D VLGR QXOD $O FRQWUDULR IXH HO HOHPHQWR FRDG\XYDQWH
TXHSUHFLSLWyHO3DFWR(WFpWHUDPDU]RGH
(VWD IDVH GH DXJH GHO PRYLPLHQWR DVDPEOHtVWD TXH WXYR VX PD\RU H[SUHVLyQ HQ ODV
PRYLOL]DFLRQHVGH9LWRULDIXHGHVDSDUHFLHQGRSURJUHVLYDPHQWHSDUDGHMDUSDVRDRWUDV
HQ ODV TXH LPSHUDED OD YROXQWDG GH FRQWURO VREUH HO PRYLPLHQWR REUHUR GH DOJXQRV
JUXSRVSROtWLFRVGHODQWLIUDQTXLVPRVREUHWRGRHO368&3&(RSRUSDUWHGHDOJXQDV
FHQWUDOHVVLQGLFDOHVTXHHPSH]DEDQDWRPDUSRVLFLRQHVVREUHHOSDSHOTXHGHEtDQMX
JDUHQODWUDQVLFLyQ&&22862\8*7
/DKXHOJDGH5RFDHQ*DYi%DUFHORQDVHLQVFULEHFURQROyJLFDPHQWHHQWUHRFWXEUH
GH\IHEUHURGH\FRQVWLWX\HXQHSLVRGLRGHOXFKDREUHUDEiVLFRHQODYR
OXQWDGGHUHDILUPDFLyQGHODDXWRRUJDQL]DFLyQ\DXWRQRPtDGHORVWUDEDMDGRUHVGH&D
WDOXxDUHVSHFWRDJUXSRVH[WHUQRVDODSURSLDDVDPEOHD
/RVSUHFHGHQWHVLQPHGLDWRVGHOFRQIOLFWR\KXHOJDSRVWHULRUKDEUtDTXHEXVFDUORVHQ
PDU]RDEULOGHFXDQGRORVREUHURVGH5RFDPDQWXYLHURQXQDKXHOJDGHGtDV
SRU UHLYLQGLFDFLRQHV SUHIHUHQWHPHQWH HFRQyPLFDV (VWH HSLVRGLR OHV KL]R FRQVWDWDU HO
SDSHOQHIDVWRHLQHILFD]TXHWHQtDOD&16SDUDODGHIHQVDGHVXVLQWHUHVHVFRPRWUDED
MDGRUHV
$SDUWLUGHWDQQHJDWLYDH[SHULHQFLDOD$VDPEOHDGHWUDEDMDGRUHVHOHJLUiXQFRPLWp
TXHDGHPiVGHUHSUHVHQWDUOHDQWHOD3DWURQDOSRQGUiDVXYH]HQGXGDHOFDUiFWHUOH
JtWLPRGHORVHQODFHV\MXUDGRVGHOD&16
/RVWUDEDMDGRUHVGHODSODQWLOODGH5RFDGHFLGHQFRQYRFDUSDURVSRUSULPHUD
YH]DSULPHURV\DILQDOHVGHRFWXEUHSDUDTXHODHPSUHVDDFHSWHODSODWDIRUPDUHLYLQ
GLFDWLYD
/DUHVSXHVWDGHODGLUHFFLyQGH5RFDFRQVLVWHHQODVDQFLyQFRQGtDVGHHPSOHR\
VXHOGRDXQGHOHJDGR(VWHKHFKRUDGLFDOL]DODSRVWXUDGHORVWUDEDMDGRUHVHQGHIHQVD
GHVXVUHSUHVHQWDQWHV\VHHQWUDHQXQDGLQiPLFDGHDFFLyQUHDFFLyQTXHOOHYDDOFRQ
IOLFWRKDFLDXQHQGXUHFLPLHQWRGHDFWLWXGHV
$SDUWLUGHOGHQRYLHPEUHORVWUDEDMDGRUHVGHFLGHQFRQWLQXDUVXSUHVLyQPHGLDQ
WHOD´KXHOJDLQGHILQLGDµKDVWDTXHQRDFDEHQODVVDQFLRQHVDORVWUDEDMDGRUHV\DORV
GHOHJDGRVGHpVWRV$ODVDFFLRQHVLQIRUPDWLYDVGHODKXHOJD\DVDPEOHDVHQODFDOOHOD
*XDUGLD&LYLOUHVSRQGHFRQXQDUHSUHVLyQJHQHUDOL]DGDEDODVLQFOXLGDV\GHWHQFLRQHV
GHWUDEDMDGRUHV
$VLPLVPRODH[WUHPDGHUHFKDVHFRQYLHUWHHQXQDOLDGRPiVGHODHPSUHVD\GHODV
IXHU]DVGHRUGHQS~EOLFRDWDFDQGRODVYLYLHQGDVGHDOJXQRVGHOHJDGRV\VHPEUDQGRHO
WHUURUVREUHHOSREODGR5RFD\ODVIDPLOLDVTXHHQpOUHVLGHQ
/DPHGLDFLyQTXHVHRIUHFHSRUSDUWHGHGLYHUVRVVHFWRUHVSDUDVDOLUGHOLPSDVVHHQ
HOTXHHVWiQODVQHJRFLDFLRQHV&16$U]RELVSDGRFHQWUDOHVVLQGLFDOHVVHUiDFHSWDGD
VLHPSUH\FXDQGROD$VDPEOHDGH7UDEDMDGRUHVGH5RFDVHDODTXHWHQJDOD~OWLPDSD
ODEUDHQODVGHFLVLRQHVTXHVHWRPHQ\ORVGHOHJDGRVDFW~HQFRPRVXVUHSUHVHQWDQWHV
$SDUWLUGHOPHVGHGLFLHPEUHORVWUDEDMDGRUHVGH5RFDGHFLGHQSURPRYHUODVROLGD
ULGDGSRUWRGDVODVFRPDUFDVGH&DWDOXxDDWUDYpVGHODLQIRUPDFLyQGLUHFWD\ODSHWL
FLyQGHD\XGDHFRQyPLFDSDUDDJXDQWDUXQDKXHOJDTXHVHSUHYpODUJD(VHOPRPHQWR
GHODFUHDFLyQGHORV´&RPLWpVGH$SR\RD5RFDµTXHLQIOX\HQGHIRUPDSRVLWLYDHQOD
VHQVLELOL]DFLyQ\VROLGDULGDGGHODRSLQLyQS~EOLFD\GHORVVHFWRUHVSRSXODUHVGHOUHVWR
GH&DWDOXxD
(VWDIDFHWDVHUiIXQGDPHQWDOSDUDOXFKDUFRQWUDHO´DLVODPLHQWRµGHODKXHOJDTXH
VHHVWDEDLPSRQLHQGRHQORVPHGLRVSHULRGtVWLFRV\WDPELpQHQWUHDOJXQRVJUXSRVSROt
WLFRV\VLQGLFDOHVGHODQWLIUDQTXLVPRTXHODYHtDQFRPRXQHOHPHQWRGHGHVHVWDELOL]D
FLyQ\GH´QRFRQWUROµGHQWURGHVXVFRRUGHQDGDVGHSDFWRSROtWLFR\PRGHUDFLyQHQODV
OXFKDVREUHUDVSURSLDVGHDTXHOORVPRPHQWRVGHODWUDQVLFLyQ
(O GH IHEUHUR GH 0DJLVWUDWXUD GH 7UDEDMR GLFWy VHQWHQFLD IDYRUDEOH D ORV
WUDEDMDGRUHV GHPDQGDQWHV VREUH VX VLWXDFLyQ GH GHVSLGR LPSURFHGHQWH VREUH GHVSHGLGRVHVHPLVPRGtDXQFRPDQGRGHH[WUHPDGHUHFKDDJUHGHDWUHVWUDEDMDGR
UHVGH5RFDFDXViQGROHVFRQWXVLRQHVGHJUDQFRQVLGHUDFLyQ
(OGHIHEUHUROD$VDPEOHDGH5RFDFRQYRFDDXQDOODPDGDDODVROLGDULGDGGHOD
FRPDUFDGHO%DL[/OREUHJDWTXHFXOPLQHHQXQDMRUQDGDGHKXHOJDJHQHUDOORVGtDV
\GHIHEUHUR(OOODPDPLHQWRVHKDFHLQQHFHVDULR\DTXHHOGtDGHIHEUHUR\GHV
SXpVGHWUHVPHVHVGHKXHOJDOD$VDPEOHDGH7UDEDMDGRUHVVHSODQWHDODYXHOWDDOWUD
EDMR SRU HO ULHVJR GH TXLHEUD GH ´XQLGDG GH OD $VDPEOHDµ SRVLELOLGDG GH GLYLVLyQ \
DFXPXODFLyQ GH FDQVDQFLR GHVSXpV GH WDQ ODUJR SURFHVR (O GH IHEUHUR OD $VDP
EOHDFRQWUDEDMDGRUHVVHHQFDPLQDHQPDQLIHVWDFLyQKDFLDODIDFWRUtDMXQWRD
ORVGHOHJDGRVGHVSHGLGRVWRGRVPHQRVXQR\VXVFRUUHVSRQGLHQWHVIDPLOLDV
/DSULPHUDWDUHDTXHVHPDUFDURQORVWUDEDMDGRUHVUHLQFRUSRUDGRVDOWUDEDMRIXHOD
GH VXVWLWXLU D ORV GHOHJDGRV TXH OD VREHUELD EXUJXHVD KDEtD UHSUHVDOLDGR OR FXDO VH
PRVWUyDEVROXWDPHQWHQHFHVDULRWRGDYH]TXHODHPSUHVDWDUGyFLQFRGtDVHQYROYHUD
GLFWDUVDQFLRQHVHQFRQWUDGHODSDODEUDTXHKDEtDGDGR
&RPRGHFtDQORVWUDEDMDGRUHVGH5RFD
ODFRQFOXVLyQGHHVWDEDWDOODQRVSHUPLWLUiFRQWLQXDUODJXHUUD/$/8&+$&217,
1Ô$ 99 $$ /XFKDV DXWyQRPDV HQ OD WUDQVLFLyQ GHPRFUiWLFD (G =HUR=\[
/DEDQGHUDHQDUERODGDSRU5RFDHQVXODUJDOXFKD³&DGDHPSUHVDXQDDVDPEOHD
FDGDDVDPEOHDXQDURFD³HVGHODVTXHGHMDQKXHOODGHODVTXHPDUFDQFDPLQRGH
ODVTXHLQGLFDQODVYtDVGHOIXWXURGHQXHVWUDVOXFKDV6RQFRPRHOORVPLVPRVGLFHQ
\ UHSLWHQ XQDV OXFKDV TXH GHMDQ VLHPSUH VX VLPLHQWH /D EDQGHUD GH ODV ´KXHOJDV
VDOYDMHVµGHODVKXHOJDVQRLQWHJUDGDVGHODOXFKDFRQWUDHOWHUURULVPRGHODVPXOWL
QDFLRQDOHV HVD EDQGHUD VLJXH HQ DOWR 6ROLGDULGDG 2EUHUD Qž HQHUR GH &17&DWDOXxD
$OILQDOGHOSURFHVRGHODKXHOJDGH5RFD&&22862\8*7VHKDEtDQLGRGHVFRO
JDQGRGHVXDSR\RWiFLWR\DTXHQXQFDIXHURQPRWRUHVGHODH[WHQVLyQHLQIRUPDFLyQ
GHODKXHOJDDWUDYpVGHORV&RPLWpVGH$SR\RD5RFDTXHVHKDEtDQFUHDGRDWDOHIHF
WR
(OFDPLQRGHODVDPEOHtVPRVLJXLyWHQLHQGRDORODUJRGHODWUDQVLFLyQHQ&DWDOXxD
QXHYRVHSLVRGLRVFRQILJXUDQGRDOD&17FRPR´XQSRORUHIHUHQWHµSDUDORVGHIHQVRUHV
GHOD´DXWRQRPtDREUHUDµMXQWRDRWURVPRYLPLHQWRVDXWyQRPRVTXHQRVHLQWHJUDURQ
HQQLQJXQDSODWDIRUPDRDSDUDWRVLQGLFDO
5HYLVWDVFRPR(PDQFLSDFLyQ7HRUtD\3UiFWLFD/XFKD\7HRUtDR3DODQWHH[SUHVDEDQ
GHGLYHUVDVPDQHUDVHOFDPSR´DXWyQRPRGHFODVHµGHVGHXQDDSUHFLDFLyQUHQRYDGRUD
GHORVGLVFXUVRVPDU[LVWDVROLEHUWDULRV
/DUHSHUFXVLyQTXHWXYRODKXHOJDGH5RFDSDUDODFRQILJXUDFLyQGHOPDSDVLQGLFDO
'HWRGRVORVVLQGLFDWRVVRODPHQWHOD&17KDEtDDSR\DGRGHSULQFLSLRDILQODKXHO
JDGHORVWUDEDMDGRUHVGH5RFDQRLQWHQWDQGRVXSODQWDUQLHULJLUVHHQGLUHFWRUHVGHOD
KXHOJD (VWH KHFKR IXH LPSRUWDQWH SDUD TXH VHFWRUHV REUHURV YLQFXODGRV D ORV PRYL
PLHQWRV DXWyQRPRV R VLPSOHPHQWH WUDEDMDGRUHV FRQ XQ VHQWLGR GHO VLQGLFDOLVPR QR
FODXGLFDQWH\SDUWLFLSDWLYRVHDFHUFDUDQDODVSRVLFLRQHVTXHOD&17GH&DWDOXxDGH
IHQGtD
/DSUiFWLFDGHOD$VDPEOHDFRPRPRGHORGHDFWXDFLyQXQLWDULRSRUSDUWHGHORVWUD
EDMDGRUHV HQ VXV UHLYLQGLFDFLRQHV IXH SHUGLHQGR SHVR D OR ODUJR GH OD WUDQVLFLyQ OOH
JiQGRVH D DQXODU VX FDSDFLGDG GH GHFLVLyQ D WUDYpV GH PHFDQLVPRV GH FRQWURO TXH
SRQGUtDQHQPDUFKDWDQWRORVDSDUDWRVVLQGLFDOHV&&22\8*7FRPRODVPHGLGDV
TXHGHVGHORVQXHYRVSRGHUHVVHHVWDEDQOHJLVODQGR
/D$VDPEOHDFRPRUHIHUHQWHVLPEyOLFR\RSHUDWLYRWHQtDXQDFDSDFLGDGGH´LQGH
WHUPLQDFLyQµTXHPROHVWDEDSURIXQGDPHQWHDODVFODVHVGRPLQDQWHV\DORVDSDUDWRV
VLQGLFDOHV
/$ /8&+$ 325 /$ $01,67Ì$ 727$/ /$ &23(/ < /$6
23&,21(6/,%(57$5,$6
/RV SUHVRV FRPXQHV KDFHQ XQD OODPDGD DQJXVWLRVDDOSXHEORSDUDTXHQRVHROYLGH
GH HOORV TXH VRQ YtFWLPDV GH XQ RUGHQ VRFLDO LQMXVWR TXH GHOLPLWD HO PXQGR GH OD
GHOLQFXHQFLDORVHSDUDGH´QXHVWURPXQGRµSDUDDILUPDUDORVQRGHOLQFXHQWHVFRPR
¶VRFLHGDGEXHQDµQRUPDODPHQD]DGDSRUORVGHSUDYDGRVDQRUPDOHVHQIHUPRV\D
SDUWLUGHDTXtORJUDUQXHVWURFRQVHQWLPLHQWR
3DUD UHSULPLU D WDOHV GHOLQFXHQWHV \ GHVYLDU QXHVWUD DWHQFLyQ GH RWURV GHOLWRV ´OHJD
OHVµ OD H[SORWDFLyQGHORVWUDEDMDGRUHVODHYDVLyQGHFDSLWDOHVORVGHVIDOFRVGHPL
OORQHV\PLOORQHVODVFDMDVIXHUWHVHQ6XL]DGHUHVSHWDEOHVIDPLOLDVHWF
(VWD RUJDQL]DFLyQ VRFLDO EiUEDUD WHUURULVWD FRQVLGHUDGD QRUPDO OD KDQ LPSXHVWR \
OD FRQWLQ~DQ LPSRQLHQGR ORV TXH PDQGDQ OD FODVH FDSLWDOLVWD PHGLDQWH OD IXHU]D
EUXWD\ORJUDQGRTXHODPD\RUtDODDFHSWHPRVFRPROHJtWLPD
(VWHVLVWHPDHVODFDXVDGHODGHOLQFXHQFLD/DSURSLHGDGSULYDGDHVIXHQWHGHOXFKD
SRUODDSURSLDFLyQGHELHQHV\ODPD\RUtDGHGHOLWRVFRPHWLGRVORVRQFRQWUDORVELH
QHV GHVGH HO SHTXHxR KXUWR KDVWD HO PLVPR FDSLWDOLVPR SULYDGR R GH (VWDGR TXH
UREDPHGLDQWHHOWUDEDMRDVDODULDGR*UXSRGH$SR\RDORV3UHVRV
´ 8QD FRVD Vt HV FLHUWD \ HV TXH OD FiUFHO QR UHKDELOLWD D QDGLH DO FRQWUDULR OR VX
PHUJH PiV HQ HO FDPLQR LQLFLDGR DQWH HVWR FDEH HO SUHJXQWDUVH ¢HV XQ IUDFDVR OD
FiUFHO"\VLUHDOPHQWHORHV¢FyPRHVTXHVLHQGRXQIUDFDVRVLJXHH[LVWLHQGR"¢1RVH
Ui TXH OD FiUFHO HQ FXDQWR IUDFDVR LQWHUHVD D OD FODVH GRPLQDQWH \D TXH HV HO ~QLFR
OXJDUHQTXHSXHGHDLVODU\FRQWURODUDHVWHWLSRGHVXMHWRVLPSURGXFWLYRV\DGHPiV
PDQHMDUORVVHJ~QVXVLQWHUHVHV"'RVVLHU3UHVRV
/DOXFKDSRUODDPQLVWtDRORTXHHVORPLVPRODEDWDOODSRU´ODH[WLQFLyQGHUHVSRQVD
ELOLGDGHVSHQDOHVSRUGHOLWRVFRPHWLGRVEDMRHOUpJLPHQIUDQTXLVWDµIXHXQDGHODVSUL
PHUDV\PiVFRQVWDQWHVOXFKDVSROtWLFDVTXHVHSODQWHyODRSRVLFLyQDQWLIUDQTXLVWDD
SDUWLUGHODPXHUWHGH)UDQFR
(O LQGXOWR GHO SULPHU JRELHUQR GH OD 0RQDUTXtD IHFKDGR HQ GH QRYLHPEUH GH
HUDWDQUHVWULFWLYRTXHGHMDEDDODJUDQPD\RUtDGHSUHVRVSROtWLFRVDVtFRPRD
ORVSUHVRVVRFLDOHVFRPXQHVHQODPLVPDVLWXDFLyQDQWHULRUGHSULYDFLyQGHOLEHUWDG
'HVGH ORV SULPHURV PHVHV GHVSXpV GH OD PXHUWH GHO 'LFWDGRU HPSH]y OD PRYLOL]D
FLyQFLXGDGDQDSRUODFRQVHFXFLyQGHODDPQLVWtDHQWRGRVORVULQFRQHVGHO(VWDGRHV
SDxRO\GHVGHORVHVWDPHQWRVVRFLDOHVPiVGLYHUVRV&DEUtDDILUPDUTXHpVWDIXHXQD
UHLYLQGLFDFLyQTXHLPSUHJQyGHIRUPDJHQHUDODODVRFLHGDGGHDTXHOODpSRFDMXQWRD
ODUHLYLQGLFDFLyQGHODVOLEHUWDGHVGHPRFUiWLFDVEiVLFDV
8QUpJLPHQTXHGHFtDWHQHUHQWUHVXVREMHWLYRVWHyULFRVHOGH´UHFRQFLOLDUµDWRGRV
ORV HVSDxROHV WHQtD TXH GDU HVH SDVR SDUD SRGHU DYDQ]DU \ ERUUDU HO SDVDGR PiV VL
QLHVWUR
3HURQRIXHDVtODEDWDOODSRUODDPQLVWtDVHKL]RODUJD\GXUD\PXULHURQHQHOOD
PXFKRVPLOLWDQWHVDQWLIUDQTXLVWDVSRUGLVSDURVGHODV)23RSRUDWHQWDGRVGHODH[
WUHPDGHUHFKD
(Q&DWDOXxD\DDSULQFLSLRVGHGLYHUVRVKHFKRVQRVUHYHODQTXHODDPQLVWtD
HUDXQDGHODVUHLYLQGLFDFLRQHVTXHVHH[SUHVDEDQFRQPD\RUUHLWHUDFLyQHQSXQWRV\
OXJDUHVPX\GLYHUVRV
²0DWDUy(O&ROHJLRGH$ERJDGRV\OD8QLyQGH&RRSHUDWLYDVSLGHQOD
DPQLVWtD
²(O3UDWGH/OREUHJDW(O$\XQWDPLHQWRIUDQTXLVWDSLGHODDPQLVWtD
²5HSUHVHQWDQWHVVLQGLFDOHVGHOD&16SLGHQDPQLVWtDVLQGLFDOHQ%DU
FHORQD
²*LURQD(OSOHQRPXQLFLSDODFXHUGDSHGLUODDPQLVWtD
²0ROLQVGH5H\(O$\XQWDPLHQWRSLGHODDPQLVWtD
²7iUUHJD(O$\XQWDPLHQWRSLGHODDPQLVWtD
²%DUFHORQDFLXGDGDQRVVHPDQLILHVWDQSRUODDPQLVWtD
² %DUFHORQD 0LOHVGHPDQLIHVWDQWHVUHFRUUHQODFLXGDGFRQJULWRVGH
´/OLEHUWDW$PQLVWLDL(VWDWXWG$XWRQRPLDµ
²%DGDORQD(O$\XQWDPLHQWRSLGHODDPQLVWtD
²5XEt6HHQWUHJDQILUPDVDODOFDOGHSLGLHQGRODDPQLVWtD
²%DGDORQDSHUVRQDVUHFRUUHQODFLXGDGSLGLHQGRDPQLVWtD
²6HFRQYRFDOD0DU[DGHOD/OLEHUWDWUHFRUULGRDSLHSRUODJHRJUDItD
FDWDODQDSLGLHQGRDPQLVWtDSURKLELGD\UHSULPLGDSRVWHULRUPHQWH
² 7DUUDJRQD (O $\XQWDPLHQWR VH DGKLHUH D ORV FXDWURV SXQWRV GH
O·$VVHPEOHDGH&DWDOXQ\DLQFOXLGDODDPQLVWtD
² 6DQWD &RORPD GH*UDPDQHWSHUVRQDVVHPDQLILHVWDQSRUOD
DPQLVWtD
²0DWDUy\6DQWD&RORPDGH*UDPDQHWVHPDQLILHVWDQSRUODDPQLV
WtDSHUVRQDVHQWRWDO
²%DUFHORQDPDQLIHVWDQWHVSRUODDPQLVWtDODERUDO
²&RUQHOOiGH/OREUHJDWPDQLIHVWDQWHVSRUODDPQLVWtDODOLEHU
WDG\ORVGHUHFKRVGHORVMyYHQHV
²(O5H\FRQFHGHXQD´DPQLVWtDSDUFLDOµQRLQFOXtDORVGHOLWRVGHVDQ
JUHGXUDQWHHOIUDQTXLVPR
6HSRGUtDVHJXLUHQXPHUDQGRPiVDFWRVTXHVHUHDOL]DURQHQWRGD&DWDOXxDSLGLHQGR
ODDPQLVWtD\XQUpJLPHQGHOLEHUWDGHVGHPRFUiWLFDVEiVLFDVUHIOHMRGHOSURJUDPDGH
ODPD\RUtDGHORVFROHFWLYRVDQWLIUDQTXLVWDV/DOXFKDVHVLJXLySODQWHDQGRDORODUJR
GH\WDPELpQGXUDQWHWRGRGDGDODLQVXILFLHQFLDGHODVDPQLVWtDVTXHQR
OOHJDEDQDWRGDODSREODFLyQUHFOXVD
(VGHGHVWDFDUODSHUPDQHQWHDFWLYLGDGGHOXFKDQRYLROHQWDGHORVOODPDGRV´FDS
WDLUHV GH OD SDXµ ;LULQDFV *DUFtD )DULD HWF \ GH RUJDQL]DFLRQHV GH EDVH FULVWLDQD
SURJUHVLVWDFRPR3D[&KULVWLSRUODFRQVHFXFLyQGHHVWHREMHWLYRDVtFRPRHOVRSRUWH
GDGRDODV´PDU[DVGHODOOLEHUWDWµHQWRGD&DWDOXxD
3HURIXHHQHO3DtV9DVFRGRQGHODOXFKDSRUODDPQLVWtDGHWRGRVORVSUHVRVSROtWL
FRVOOHJDUtDDGLPHQVLRQHVGHDXWpQWLFD´JXHUUDVRFLDOµDxDGLpQGRVHDORVSUREOHPDV
SROtWLFRV SURSLRV GH XQD QDFLyQ TXH OXFKDED GH IRUPD SHUVLVWHQWH SRU VXV OLEHUWDGHV
FROHFWLYDV
9DULDVKXHOJDVJHQHUDOHVHQHO3DtV9DVFRDVtFRPRGLYHUVDVPDQLIHVWDFLRQHVPXO
WLWXGLQDULDV HQ ODV SULQFLSDOHV SREODFLRQHV GH (XVNDGL D OR ODUJR GH ORV DxRV \
GHPRVWUDUtDQODDPSOLWXGGHODSURWHVWD\ODQHFHVLGDGGHDPSOLDUODDPQLVWtDD
WRGRVORVSUHVRVSROtWLFRVVLQGLVWLQFLyQ6HUiHQRFWXEUHGHFXDQGRHO3DUODPHQ
WR HVSDxRO FRQFHGHUi XQD DPQLVWtD GH PD\RU DPSOLWXG FHUUDQGR SDUFLDOPHQWH XQD
KHULGD TXH VH KDEtD FREUDGR PXFKDV YLGDV \ TXH KDEtD JHQHUDGR XQ VHQWLPLHQWR GH
UHFKD]RPXWXRTXHVHHQTXLVWDUtDGXUDQWHODUJRWLHPSR
+DVWDDTXtVHKDGHILQLGRHOFDPLQRUHFRUULGRSRUORVPRYLPLHQWRVVRFLDOHVHQODOX
FKDSRUODDPQLVWtDSROtWLFDHQWHQGLGDpVWDFRPRODDQXODFLyQGHODVSHQDVSRUGHOLWRV
GHRSLQLyQUHXQLyQRPDQLIHVWDFLyQ\VXVGHULYDFLRQHVYLROHQWDVSURSLDVGHODIDOWDGH
OLEHUWDGHVGHXQUpJLPHQGLFWDWRULDOTXHODVUHSULPtDVLVWHPiWLFDPHQWH
'HWRGDVPDQHUDVVHJXtDIDOWDQGRVHJ~QGLYHUVRVJUXSRVXQDDXWpQWLFDDPQLVWtD
XQDDPQLVWtDWRWDOTXHOOHJDUDWDPELpQDORVSUHVRVVRFLDOHVORVOODPDGRV´FRPXQHVµ
TXHKDEtDQFRPHWLGRHQVXPD\RUSDUWHDFWRVFRQWUDODSURSLHGDGXRWURVGHGLYHUVDV
FDUDFWHUtVWLFDV\TXHKDEtDQVLGRGHWHQLGRVGXUDQWHHOSHUtRGRIUDQTXLVWD
$VtVLHO´FRQVHQVRµSRUODDPQLVWtDKDFLDORVGHOLWRVGHRSLQLyQ\VXVFRQVHFXHQ
FLDVHUDFDVLXQiQLPHQRVHSXHGHGHFLUORPLVPRHQODGHIHQVDGHODDPSOLDFLyQGHOD
DPQLVWtDKDFLDORVRWURVGHOLWRVFRPHWLGRVHQVXPD\RUSDUWHSRUORVGHOLQFXHQWHVFR
PXQHV
6RODPHQWHGLYHUVRVJUXSRVOLEHUWDULRV\QRWRGRV\DOJXQRVJUXSRVGHH[WUHPDL]
TXLHUGDDSR\DEDQDHVWRVFROHFWLYRVTXHYLHURQSDVDUODDPQLVWtDGHFHUFDSHURTXH
DOILQDOUHVXOWyTXHQRLEDFRQHOORV/DFRQVLJQDPiVFRUHDGDHQODVPDQLIHVWDFLRQHV
HQIDYRUGHORVUHFOXVRVHQODVPDQLIHVWDFLRQHVGHVLJQROLEHUWDULRHUDODGH´3UHVRVDOD
FDOOHFRPXQHVWDPELpQµ
&RPRUHVXPHQGHODSRVLFLyQOLEHUWDULDVHxDODUHPRVORTXHHVFULELy)UDQFHVF%RO
G~HQXQDUWtFXORDSDUHFLGRHQ$MREODQFRQžDEULOGH
/RVSUHVRVGHQRPLQDGRVFRPXQHVQRKDQVLGRSULYDGRVGHVXOLEHUWDGSRUKDEHUUHD
OL]DGRXQDRSFLyQOLEUHGHQWURGHXQDGLYHUVLGDGGHSRVLELOLGDGHVKDQVLGRSULYDGRV
GHOLEHUWDGSRUKDEHUWHQLGRODGHVJUDFLDGHQDFHUGHQWURGHXQDFDWHJRUtDVRFLDOH[
SORWDGD \ DSDUWDGD SRU HO UHVWR GH OD VRFLHGDG GH FXDOTXLHU SDUWLFLSDFLyQ HQ ORV DF
WXDOHVHQJUDQDMHVVRFLDOHV/DSULVLyQFRQWURODHOHIHFWRGHODPDUJLQDFLyQSHURGHMD
LQWDFWDODFDXVDTXHODKDSURYRFDGRODH[LVWHQFLDGHH[SORWDGRV\H[SORWDGRUHV
(VWHDQiOLVLVVREUHHORULJHQGHODGHOLQFXHQFLDUHODFLRQDGRFRQGHVLJXDOGDGHVHFR
QyPLFDV HYLGHQWHV HQWUH SRVHHGRUHV \ GHVSRVHtGRV VHUi OD FDXVD IXQGDPHQWDO TXH
PRYHUi D VHFWRUHV GHO PRYLPLHQWR OLEHUWDULR D D\XGDU D WRGRV ORV SUHVRV VRFLDOHV HQ
DSR\RGHVXVUHLYLQGLFDFLRQHV
(O QDFLPLHQWR GH OD &23(/ &RRUGLQDGRUD GH 3UHVRV HQ /XFKDHQ\GHORV
&RPLWpVGHDSR\RD&RSHOIXHURQXQLQWHQWRGHJOREDOL]DU\FRRUGLQDUODOXFKDGHORV
SUHVRVVRFLDOHVHQHOLQWHULRUGHODVFiUFHOHV\HOGHVDUUROORGHODVROLGDULGDGIXHUDGH
HOODVPHGLDQWHPDQLIHVWDFLRQHVDSR\RHFRQyPLFR\FRPXQLFDGRVGHSUHQVDHQDSR\R
GHVXVUHLYLQGLFDFLRQHV
/DVDFFLRQHVTXHUHDOL]yOD&23(/HQORVDxRV\HQODVFiUFHOHVPiVLP
SRUWDQWHVGHO(VWDGRHVSDxROFRPRHUDQODVGH&DUDEDQFKHO0DGULG\ODFiUFHO0R
GHOR%DUFHORQD\HQRWUDVGHO(VWDGRHVSDxROWHQtDQFRPRREMHWLYRVHQVLELOL]DUDOD
RSLQLyQ S~EOLFD VREUH OD QHFHVLGDG GH XQ LQGXOWR \R DPQLVWtD TXH IDYRUHFLHUD D OD
LQPHQVD PD\RUtD GH OD SREODFLyQ UHFOXVD SRU PRWLYRVGHGHOLWRFRP~QMXQWRDRWUDV
UHLYLQGLFDFLRQHV TXH UHFODPDEDQ HO FDPELR GH OHJLVODFLyQ SHQDO \ XQ WUDWR ´PiV KX
PDQRµFRQORVSUHVRVVRFLDOHV
/DV DFFLRQHV OOHYDGDV D FDER IXHURQ UHDOPHQWH HVSHFWDFXODUHV \ GHPRVWUDWLYDV GH
KDVWDGyQGHHVWDEDQGLVSXHVWRVDOOHJDUORVSUHVRVSDUDTXHODMXVWLFLDVHDFRUGDUDGH
HOORVGHVGHPRWLQHVDLQFHQGLRVGHFiUFHOHVGHVGHDXWROHVLRQHVHQGLYHUVDV]RQDVGHO
FXHUSRDKXHOJDVGHKDPEUHDYLGDRPXHUWH$QWHODVUHLYLQGLFDFLRQHV\DFFLRQHVGH
OD&23(/HO*RELHUQR6XiUH]\VXPLQLVWURGHO,QWHULRU0DUWtQ9LOODXWLOL]DURQWRGRV
ORVVLVWHPDVGHUHSUHVLyQDVXDOFDQFHWRUWXUDGLVSHUVLyQGHORVSUHVRVPHGLGDVGLV
FLSOLQDULDVFRQWXQGHQWHVDXPHQWRVGHODSHQDGHSULVLyQSRUDPRWLQDPLHQWRRUHEHO
GtDHWF
/DOXFKDGHORVSUHVRVVRFLDOHVIXHSHUGLHQGRIXHU]DDPHGLGDTXHVHIXHFRQWURODQ
GR OD GLVLGHQFLD LQWHUQD GHQWUR GH ODV FiUFHOHV PHGLDQWH VLVWHPDV GH LQWHJUDFLyQ GH
PD\RUHILFDFLDUHSUHVRUD3HURXQDGHODVFDXVDVIXQGDPHQWDOHVSDUDVXGHUURWDRVL
OHQFLRVHUtDODSURJUHVLYDSpUGLGDGHDSR\RGHODVRFLHGDG\GHORVPRYLPLHQWRVVRFLD
OHVTXHORVKDEtDQDSR\DGRDOHQWUDUpVWRVPHUHILHURDO´SROROLEHUWDULRµIXQGDPHQ
WDOPHQWHHQXQDFULVLVTXHORVSDUDOL]DUtDHQJUDQPHGLGD
'(%$7(6<(6&(1$6'(/$)$5É1'8/$&$7$/$1$
OD SDORPD YXHOD OLEUH HQ PHGLR GH TXLQFH PLO SDUHV GH PDQRV TXH OD RYDFLRQDQ
TXHVHDXWRRYDFLRQDQTXHLQWHUSUHWDQODFRQRFLGDFDQFLyQTXHOOHYDSRUWtWXOR2SRYR
XQLGRMDPDLVVHUiYHQFLGRHQYHUVLyQHQWUHIRON\SRSHQWUHJULWDGD\OORUDGDHQWUH
LQVXOWRHLQVXOWR¢&DQFLRQHV"/DVTXHSXGLHURQODVTXHOHVGHMDURQ¢4XpPiVGD"6L
OD UDELD HVWi GH QXHYR GHQWUR GHO FXHUSR PH]FODGD FRQ XQ SRFR GH DOHJUtD EDMR ORV
SiUSDGRVFDGDYH]PiVLUULWDGRVORVRMRVPLHQWUDVUHFRJHQORVVDFRVGHGRUPLU\ODV
VDOLGDVVHOOHQDQGHFXHUSRVTXHLQWHQWDQDEDQGRQDUHOFDPSR$OJXLHQYDSDVDGR
6RQ ODV FLQFR GH OD PDGUXJDGD \ OD HVWDFLyQ GH IHUURFDUULOHV HV XQ KHUYLGHUR GH FD
GiYHUHVYLYLHQWHVTXHLQWHQWDQDUDxDUPLQXWRVGHVXHxRDQWHVTXHHOWUHQQRVUHWRUQH
D OD SDFtILFD UXWLQD DO SDFtILFR QXQFDSDVDQDGD D ODV SDFtILFDV RFKR KRUDV GLDULDV
GHWUDEDMRDODSDFtILFDGXGDFRWLGLDQL]DGD4XLP0RQ]y$OEHUW$EULO´$SURSyVLWR
GH/(66,6+25(6'(&$1dÐ$&$1(7µ$MREODQFRQžRFWXEUHGH
/D$VVHPEOHDG·$FWRUVL'LUHFWRUVTXHVHKDFRQVWLWXLGRHVWHYHUDQRHQ%DUFHORQDKD
VLGR XQD GH ODV LQLFLDWLYDV PiV LQQRYDWLYDV TXH VH KD\DQ GDGR HQ (XURSD 4XH ORV
PLVPRVDFWRUHVHQSDURMXQWRFRQWRGRHOUHVWRGHFUHDGRUHVWHDWUDOHVGHVGHHVFULWR
UHVDWUDPR\LVWDVVHKD\DQRUJDQL]DGRHQDVDPEOHD\FRPLWpV\KD\DQRUJDQL]DGR
ODUHSUHVHQWDFLyQGHFXDWURREUDVKDFLHQGRHOORVPLVPRVWRGRHVXQHMHPSORGHDX
WRJHVWLyQ FX\D LPSRUWDQFLD QR VH SXHGH UHPDUFDU EDVWDQWH (V XQ HMHPSOR GH OR TXH
SXHGH OD DFFLyQ GLUHFWD \ OD ODERU GH FRQMXQWR VLQ GHMDUVH FRUWRFLUFXLWDU SRU OD GLYL
VLyQ GHO WUDEDMR TXH SDUDOL]D WRGD XQD FDGHQD FXDQGR XQ HVODEyQ HQ HVWH FDVR HO
HPSUHVDULR IDOOD /XLV 5DFLRQHUR 7RQL 3XLJ )HUQDQGR 0LU 3HSH 5LEDV $MREODQFR
QžQRYLHPEUHGH
(OVHFWRUGHODIDUiQGXODVHSXHGHDJUXSDUFRQHVWHWpUPLQRDDTXHOODVSHUVRQDVTXH
VHGHGLFDQDOPXQGRGHOWHDWURFLQHH[SUHVLyQSOiVWLFDFDQFLyQOLWHUDWXUD\GHOKDS
SHQLQJHQJHQHUDOIXHXQRGHORVSULPHURVFROHFWLYRVTXHH[SUHVyGHIRUPDFODUDODV
GLYHUVDVPDQHUDVTXHWHQtDQGHHQWHQGHUVXDFWLYLGDGDVtFRPRVXUROHQXQDVRFLH
GDGTXHVHLEDTXLWDQGRDPDUFKDVIRU]DGDVVXFDVFDUyQDXWRULWDULR\TXHDVSLUDEDD
PDQWHQHUXQDUHODFLyQPDVIOXLGD\GLUHFWDFRQHOSXHEOROODQR
6XVLQLFLRVVRQDQWHULRUHVDODPXHUWHItVLFDGHO'LFWDGRU\ORJUDURQSRGHUH[SUHVDU
VH SRU ORV FDXFHV HVWUHFKRV TXH LED GHMDQGR HQWUHDELHUWRV OD UHSUHVLyQ IUDQTXLVWD HQ
ORVLQLFLRVGHORVVHWHQWDFUHDQGRXQFLUFXLWRGHFUtWLFDFXOWXUDODWUDYpVGHGLYHUVDV
YtDVGHLQWHUYHQFLyQ/DVH[SUHVLRQHVPXOWLFXOWXUDOHVTXHUHSUHVHQWDEDQODQRYDFDQ
oyPHGLDQWHUHFLWDOHVGHVXVPiVFRQRFLGRVDXWRUHV/OXtV/ODFK5DLPRQ3LGHOD6H
UUD2YLGL0RQWOORU-RDQ,VDDF0DULDGHO0DU%RQHW\RWURVRODVMRUQDGDVFRPRODV
6LV +RUHV GH &DQoy D &DQHW R SRVWHULRUPHQWH HO &DQHW 5RFN FRQ FDQWDQWHV WDQ GL
YHUVRVFRPR6LVD3DX5LED2ULRO7UDPYLD7RWL6ROHU2UTXHVWUD3ODWHULD&RPSDQ\LD
(OpFWULFD'KDUPDIXHURQFODUDVUHIHUHQFLDVHQHVWHVHQWLGR
(VWDV UHXQLRQHV DJUXSDEDQ XQ JUDQ Q~PHUR GH MyYHQHV HQ E~VTXHGD GH XQ WUR]R
GHOLEHUWDGSHUPLWLGRDXQTXHVyORGXUDVHXQHVFDVRILQGHVHPDQD
2SRUTXpQRKDEODUGHORVJUXSRVGHWHDWURLQGHSHQGLHQWHV(QWUHORVPiVFRQRFL
GRVVREUHVDOtDQ(OV-RJODUV\(OV&RPHGLDQWVORVFXDOHVHPSH]DEDQDWHQHUXQDOLWXU
JLD WHDWUDO SURSLD \ RULJLQDO $ GHVWDFDU WDPELpQ DTXHOORV JUXSRV TXH LQLFLDEDQ XQD
H[SHULPHQWDFLyQFLQHPDWRJUiILFDDVtFRPRRWUDVPDQLIHVWDFLRQHVGHWLSRSOiVWLFRRGH
LQWHUYHQFLyQFXOWXUDOTXHLEDQFDPELDQGRORVWULVWHVUDVJRVGH´FXOWXUDµHQFRUVHWDGD
HQORVHVWHUHRWLSRVIUDQTXLVWDVSRURWUDVGHHOHPHQWRVOLEHUDGRUHV\DELHUWDPHQWHFRQ
WHVWDWDULD
7RGDV HVWDV PDQLIHVWDFLRQHV FXOWXUDOHV FRQ WUDVIRQGR DQWLIUDQTXLVWD TXH DJUXSD
EDQDXQEXHQVHFWRUGHODMXYHQWXGFDWDODQDQRVHTXHGDEDQHQODPHUDUHWyULFDSR
OtWLFD HVWDEDQ FUHDQGR XQD FXOWXUD OLEHUDGRUD HQ HO iPELWR GH OD YLGD FRWLGLDQD TXH
FRQGXFtDDXQDFUtWLFDUDGLFDOGHORVXVRV\FRVWXPEUHVGHODVRFLHGDGDXWRULWDULDGH
ODpSRFDODFUtWLFDDODIDPLOLDDODMHUDUTXtDDODKLSRFUHVtDVH[XDOHODSRVWDUSRUOD
OLEHUDFLyQLQGLYLGXDODWUDYpVGHODDXWRQRPtD\FUHDWLYLGDGLQGLYLGXDORGHSUiFWLFDV
FRPXQDOHV HWF 'H HVWD ´FUtWLFD FRQWUD HO WRGRµ TXH WHQtD VX GDUGR DSXQWDQGR DO
IUDQTXLVPRFRWLGLDQRDVtFRPRDOPRGHORGHGHVDUUROORHFRQyPLFRFDSLWDOLVWDTXHHQ
DTXHOORVPRPHQWRVOHGDEDFREHUWXUDVXUJLUiQORVPRYLPLHQWRVDQWLDXWRULWDULRV\OL
EHUWDULRV TXH VH GHVDUUROODUiQ HQ EXHQD PHGLGD FRQ SRVWHULRULGDG LPEULQFiQGRVH
WDPELpQDVXYH]HQHOPXQGRGHODIDUiQGXOD
/D ´H[SHULHQFLDµ *5(& IXH XQ EXHQ HMHPSOR GH HVWD UHODFLyQ IDUiQGXOD
H[SHULPHQWDFLyQ DUWtVWLFD OLEUH SDUWtD GH OD UHDOLGDG GH XQRV DFWRUHV HQ SDUR TXH VH
KDEtDQMXQWDGRSDUDKDFHUS~EOLFDVVXVUHLYLQGLFDFLRQHV\TXHFRLQFLGtDQHQODYROXQ
WDGGHFUHDUXQ´7HDWUH0XQLFLSDOGH%DUFHORQDµ(O'tDPXQGLDOGHO7HDWURVHKLFLHURQ
GLYHUVDVPDQLIHVWDFLRQHVSRUODV5DPEODVKDVWDHOPRQXPHQWRD3LWDUUD/DSUHQVDHQ
JHQHUDOVHKL]RHFRGHORVPRWLYRV\ODVFDXVDVTXHKDEtDQOOHYDGRDSDUWHGHODSURIH
VLyQWHDWUDODH[WHULRUL]DUVXVSURWHVWDVDVtFRPROD´0HPRULDµHQODTXHVHSURSRQtD
XQD/H\GHO7HDWURDFRUGHFRQODDVSLUDFLyQGHXQ7HDWURS~EOLFRDXWRJHVWLRQDGR
$ SDUWLU GH HVWD PRYLOL]DFLyQ OD $VVHPEOHD G·$FWRUV L 'LUHFWRUV FRQVLJXH XQD VXE
YHQFLyQGHO0LQLVWHULRDOWLHPSRTXHHO$\XQWDPLHQWRGH%DUFHORQDDGMXGLFDDOD$V
VHPEOHDODSRVLELOLGDGGHRUJDQL]DUHO*5(&\DFFHGHDGHPiVDTXHSDUWLFLSHQHQ
JHVWLRQDUEXHQDSDUWHGHODVXEYHQFLyQ(PSLH]DSXHVHQYHUDQRGHXQDGHODV
H[SHULHQFLDV PiV ULFDV HQ FRQWHQLGR GH WHDWUR SRSXODU \ DXWRJHVWLRQDULR FRRUGLQDGR
SRUODPLVPDSURIHVLyQ
(OUHSHUWRULRHVWDUiFRPSXHVWRSRUFXDWURHVSHFWiFXORVUHDOL]DGRVSRUODSURSLD$V
VHPEOHD$GHPiVVHLQYLWDUiDGRVFRPSDxtDVSURIHVLRQDOHV\DJUXSRVGH7HDWURLQ
GHSHQGLHQWHMXQWRFRQDOJ~QJUXSRH[WUDQMHURTXHVHVROLGDUL]yFRQHO7HDWURFDWDOiQ
/D H[SHULHQFLD *5(& VH SXGR FRQVLGHUDU XQ p[LWR GH S~EOLFR \ WDPELpQ GH OD
SURIHVLyQ WHDWUDO HQ VX HPSHxR GH EXVFDU FDPLQRV DOWHUQDWLYRV TXH WHQtDQ FHUUDGRV
HQPXFKRVFDVRVSRUODYtDSULYDGDRSRUODYtDS~EOLFD6REUHODFDOLGDGGHODVREUDV
\ORVHVSHFWiFXORVHQFRQWUDUHPRVGLYLVLyQGHRSLQLRQHVVHJ~QORVFRPHQWDULRV\FUtWL
FDV GH OD SUHQVDGH%DUFHORQDVLELHQHQJHQHUDOVHDSODXGHHOWUDEDMRKHFKRFRQHO
SRFRWLHPSRGLVSRQLEOHTXHKXERSDUDODFLWDDVtFRPRHOVLJQLILFDGRTXHWHQtDHOSUR
\HFWRHQVt
/DVGLYHUJHQFLDVTXHOOHYDURQDOD$VVHPEOHDG·$FWRUVL'LUHFWRUVDVXGLYLVLyQSRV
WHULRU KD\ TXH HQPDUFDUODV HQ YDORUDFLRQHV GH RUGHQ SROtWLFR VREUH HO SDSHOTXHpVWD
WHQtDTXHRFXSDUHQHOHVSDFLRS~EOLFRFDWDOiQ\HQFRQFUHWRKDFLDODDGKHVLyQDORV
SRVWXODGRVHLQWHJUDFLyQHQO$VVHPEOHDGH&DWDOXQ\DRELHQPDQWHQHUXQFULWHULRLQ
GHSHQGLHQWHUHVSHFWRDJUXSRVSROtWLFRVLQWHUFODVLVWDV
(QVXOLEUR(O&DV%RDGHOOD2ULRO0DOOyQRVKDFHXQDDSUR[LPDFLyQDODpSRFD\D
ODVFDXVDVGHODGLYLVLyQFRQXQWRQRFLHUWDPHQWHGLVWHQGLGRSHURHILFD]HQVXVFRQ
FOXVLRQHV
(OV -RJODUV FRQWLQXHQ OOXQ\ GHO PyQ L FHUWDPHQW GHVDSDUHL[HQ GHO PDSD PHQWDO GH
O·2SRVLFty OHV FLXWDWV EXOOHQ OHV PDVVHV FULGHQ H[SORWHQ ERPEHV L PRUHQ REUHUV Kt
KDPDU[HVSHUODOOLEHUWDWLDPQLVWLDDPEFRPSWDJRWHVOHVTXHUUDQLVPHHVELIXUFDHQ
PLOSDUWLWVODSROuWLFDpVHOSDGHFDGDGLDLDHOOVQRVHOVYHXHQOORF1RVH·OVRORUD
QRHVFRPEUHJDDPE(OV-RJODUVDOVOORFVGHFRPEDWQRVyQDO·$VVHPEOHDG·$FWRUVL
'LUHFWRUVQRDO2II·*UHFGHOVLQGHSHQGHQWVDXWRJHVWLRQDULLJUDFLHQFQRV·LPSOLTXHQ
HQHOJUDQFLVPDTXHHQKLVWzULFDDVVHPEOHDDOD6DOD9LOODUURHOHOGHVHWHPEUHGH
GLYLGHL[HOVWHDWUHURVHQWUHHOOREE\SVXTXHURGHOV/XFKHWWL7HL[LGRUDEDQGH
UDWV GH OD XQtWDW QDFLRQDOPRQWVHUUDWLQD L HOV UHEHOV GHO FRPXQLVPH OOLEHUWDUL 3XLJ
FRUEp &RPHGLDQWV 0DULR *DV -RUGL 0HVDOOHV TXH UHIXVHQ O·$VVHPEOHD GH &DWD
OXQ\D SHUTXp WDQFD HO FDPt D OD SRVVLELOLWDW G·XQD DXWqQWLFD DXWRGHWHUPLQDFLy GHO
SREOH GH &DWDOXQ\D TXH QR SRW VHUVHSDUDGDGHODOOXLWDSHUODUHYROXFLyVRFLDOLVWDL
PDUJLQD OHV QRYHV SODWDIRUPHV G·H[SHULPHQWDFLy GLDOqFWLFD HVSLUDO GLDOqFWLFD TXH
FRQFORXUj DPE O·RFXSDFLy GHO 6DOy 'LDQD L DPE OD LQYDVLy SVLFRGqOLFD GHO 6LQGLFDW
G·(VSHFWDFOHVGHOD&17SHUHVWXSHIDFFLyGHOVYHOOVDQDUTXLVWHV
(OV -RJODUV FRQWLQ~DQ OHMRV GHO PXQGR \ FLHUWDPHQWH GHVSDUHFHQ GHO PDSD PHQWDO GH OD 2SRVLFLyQ
KLHUYHQODVFLXGDGHVODVPDVDVJULWDQH[SORWDQERPEDV\PXHUHQREUHURVVHKDFHQPDUFKDVSRUODOLEHU
WDG\ODDPQLVWtDFRQFXHQWDJRWDVODL]TXLHUGDVHELIXUFDHQPLOSDUWLGRVODSROtWLFDHVHOSDQGHFDGDGtD\
DHOORVQRVHOHVYHHQQLQJXQDSDUWH1RVHOHVKXHOHQRVHFRPXOJDFRQ/RV-RJODUVHQORVOXJDUHVGHFRP
EDWHQRHVWiQHQOD$VVHPEOHDG·$FWRUVL'LUHFWRUVQRHQHO2II*UHFGHORVLQGHSHQGLHQWHVDXWRJHVWLRQDULR
\ JUDFLHQVH QR VH LPSOLFDQ HQ HO JUDQFLVPDTXHHQKLVWyULFDDVDPEOHDHQOD6DOD9LOODUURHOHOGHVHS
WLHPEUHGHGLYLGHDORVWHDWUHURVHQWUHHOOREE\SVXTXHURGHORV/XFKHWWL7HL[LGRUDEDQGHUDGRVGH
XQLGDGQDFLRQDOPRQWVHUUDWLQD\ORVUHEHOGHVGHOFRPXQLVPROLEHUWDULR3XLJFRUEp&RPHGLDQWV0DULR*DV
-RUGL0HVDOOHVTXHUHFKD]DQOD$VVHPEOHDGH&DWDOXQ\DSRUTXHFLHUUDHOFDPLQRDODSRVLELOLGDGGHXQD
DXWHQWLFDDXWRGHWHUPLQDFLyQGHOSXHEORGH&DWDOXxDTXHQRSXHGHVHUVHSDUDGDGHODOXFKDSRUODUHYROX
FLyQVRFLDOLVWD\PDUJLQDODVQXHYDVSODWDIRUPDVGHH[SHULPHQWDFLyQGLDOpFWLFDHVSLUDOGLDOpFWLFDTXHFRQ
FOXLUi FRQ OD RFXSDFLyQ GHO 6DOy 'LDQD \ FRQ OD LQYDVLyQ SVLFRGpOLFD GHO 6LQGLFDWR GH (VSHFWiFXORV GH OD
&17SDUDHVWXSHIDFFLyQGHORVYLHMRVDQDUTXLVWDV
$SDUWLUGHHVWDHVFLVLyQHQHOJUXSRLQLFLDGRUGHO*5(&HOVHFWRUPiVSURFOLYHDOR
OLEHUWDULR \ FRQWUDFXOWXUDO VH GHQRPLQDUi $'7( $VVHPEOHD GH 7UHEDOODGRUV GH
O·(VSHFWDFOH \ HPSUHQGHUi XQ FDPLQR TXH PH]FODUi OR SXUDPHQWH WHDWUDO FRQ OD UHL
YLQGLFDFLyQGHODILHVWD\ODFDOOHFRPROXJDUGHHQFXHQWUR8QRGHVXVSULPHURVPRQ
WDMHVVHKDUiHQHO%RUQTXHHQDTXHOORVPRPHQWRVVHHVWDEDUHLYLQGLFDQGRSDUDTXH
IXHUDXQ$WHQHXSRSXODU\VHUiXQKHWHURGR[R'RQ-XDQ7HQRULRTXHVHUHSUHVHQWDUi
ORVGtDV\GHQRYLHPEUH
$FXGLHURQDODFLWDXQDVSHUVRQDVGXUDQWHORVWUHVGtDV\FRQVWLWX\yXQDF
WRGHDILUPDFLyQGHOHVSDFLRXUEDQR\WDPELpQGHOWHDWURFRPRILHVWD
&RPRVHxDOD$OH[%URFKFRQUHODFLyQDO7HQRULRGHO%RUQ
/R TXH VLJXH QR HV XQD VLPSOH FUyQLFD WHDWUDO 3RUTXH HUD SUiFWLFDPHQWH LPSRVLEOH
VHJXLUDXQHVSHFWiFXORTXHLEDQGHVSOD]DQGRHQWUHXQDPDVDGHPLOHVGHSHUVRQDV
TXH D VX YH] RUJDQL]DURQ XQD YHUGDGHUD ILHVWD SRSXODU GH DILUPDFLyQ OLEHUWDULD (Q
ORVLQWHUOXGLRV\QXQFDSHRUGLFKRSXHVWRGR³PHQRVHOVHUYLFLRGHRUGHQ\DOJXQD
FDUJDSROLFLDO³IXHO~GLFRDFWXDURQ3DX5LEDOD2UTXHVWUD3ODWHULD5DIDHO6XELUDFKV
\RWURVJUXSRV$OH[%URFK(O9LHMR7RSRQž
/D$'7(VLJXLyWUDEDMDQGRHQODDQLPDFLyQ\ODUHLYLQGLFDFLyQGHODILHVWDFRPRXQR
GHORVHOHPHQWRVFDUDFWHUtVWLFRVGHVXWHDWURRUJDQL]DQGRXQD5HYHWOODGH)LG·$Q\HQ
HO 3REOH (VSDQ\RO OD ILHVWD IXH XQ p[LWR GH S~EOLFR VLHQGR DPHQL]DGD SRU ORV 6LVD
2ULRO7UDPYLD3DX5LED0LFN\(VSXPDHWF'XUDQWHHODxRXQDGHODVSULRUL
GDGHVGHORVPLHPEURVGHOD$'7(IRUPDGDSRUXQFHQWHQDUGHDFWRUHVDSUR[LPDGD
PHQWHHUDODE~VTXHGDGHXQORFDOTXHOHVSURSRUFLRQDUDHVWDELOLGDGSDUDSRGHUPDQ
WHQHU XQ UHSHUWRULR GH REUDV SURSLDV \ EULQGDU DFRJLGD D RWURV JUXSRV TXH TXLVLHUDQ
DFWXDU(OOXJDUVHHQFRQWUyVHOODPDED6DOy'LDQD\SDVyDVHUFRQRFLGRSRVWHULRU
PHQWHHQWRGD%DUFHORQDQRVyORSRUORVHVSHFWiFXORVWHDWUDOHVVLQRWDPELpQSRUVHU
XQRVGHORVOXJDUHVGRQGHVHUHXQtDOD)DUiQGXODOLEHUWDULDDTXHOODTXHVRxy\SXVR
HQ PDUFKD ORV SODQWHDPLHQWRV EiVLFRV SDUD HO XOWHULRU GHVDUUROOR GH ODV -RUQDGDV /L
EHUWDULDV,QWHUQDFLRQDOHVHQMXOLRGHMXQWRDOD&17FDWDODQD\TXHH[SUHVDUtDQ
ORVPRPHQWRVPiViOJLGRVGHOPRYLPLHQWROLEHUWDULRHQOD&DWDOXxDGHOSRVWIUDQTXLV
PR
$-2%/$1&281$5(9,67$(1&/$9(/,%(57$5,$
3RUTXHQRTXHUHPRVXQDFXOWXUDGHLPEHFLOLVWDV3RUTXHHVWDPRV\DKDUWRVGHGLYLQL
GDGHV VDFHUGRFLRV \ pOLWHV LQGXVWULDO FXOWXUDOLVWDV 3RUTXH TXHUHPRV LQWHUYHQLU SUR
YRFDU IDFLOLWDU \ XVDU GH XQD FXOWXUD FUHDWLYD 3RUTXH WRGDYtD VRPRV XWRSLVWDV 3RU
TXH TXHUHPRV JR]iUQRVOD FRQ HVR TXH OODPDQ FXOWXUD 3RUTXH WHQHPRV LPDJLQDFLyQ
SDUD GLVHxDU RWUD VL XVWHGHV TXLHUHQ 3RUTXH VLHPSUH KD\ XQ SRUTXp TXH QRV DSUH
PLD \ $-2%/$1&2 LQWHQWDUi HQWHQGHUOR \ PDQHMDUOR D QLYHO GH UHYLVWD 3RUTXH SRU
TXHSRUTXHSRUTXHSRUTXHVHQFLOODPHQWH$-2%/$1&2VHVLW~DIXHUDGHORVFHQiFX
ORVGHORVJUDQGHVLQLFLDGRVHQHOMXHJR\HOULWRGHSDVDUVHODSHORWDFXOWXUDO
$-2%/$1&2TXLHUHVLQWRQL]DUFRQWRGRVORVTXHOXFKDQSRUXQDQXHYDFXOWXUD6HWH
RIUHFH FRPR UHYLVWD \ SLGH WX FRODERUDFLyQ HQ HVWD XWRStD TXH HVWDPRV SRQLHQGR HQ
PDUFKDSDUDUHIOHMDUHQHOODFRQWRGDILGHOLGDGQXHVWURVVXHxRV\QXHVWUDDFFLyQOR
TXHQRVOOHYDPRVHQWUHPDQRV$MREODQFRQžRFWXEUHGH
/DSUROLIHUDFLyQGHGLVFXUVRVRPDQHUDVGHHQWHQGHU´OROLEHUWDULRµVHUiODFDXVDIXQ
GDPHQWDOGHODDPSOLWXGFXDOLWDWLYD\FXDQWLWDWLYDTXHGHVDUUROOyHOPRYLPLHQWROLEHU
WDULR \ DQWLDXWRULWDULR HQ &DWDOXxD D OR ODUJR GH ORV SULPHURV DxRV GH OD WUDQVLFLyQ
VLHQGROD]RQDJHRJUiILFDGHO(VWDGRHVSDxROGRQGHDUUDLJyFRQPD\RULQWHQVLGDG
(VWD SUROLIHUDFLyQ WHQtD VXV RUtJHQHV HQ GLYHUVDV VHQVLELOLGDGHV \ KHFKRV GH UHFR
UULGR KLVWyULFR GLVWLQWR TXH WXYLHURQ OXJDU D OR ODUJR GHO SHUtRGR IUDQTXLVWD FRQFUH
WiQGRVHHQODVVLJXLHQWHVFDXVDV
‡/DPHPRULDKLVWyULFDGHOD,,5HS~EOLFD\VXFRQH[LyQDWUDYpVGHDOJXQRVJUXSRV
PLOLWDQWHVGHORVVHFWRUHVOLEHUWDULRVH[LOLDGRVHQ)UDQFLD\RWURVGHOLQWHULRUGH&DWD
OXxD
‡/DQXHYDFRQWHVWDFLyQOLEHUWDULDHXURSHDTXHVHSURGXFHFRPRFRQVHFXHQFLDGHO
0D\RGH\TXHUHQXHYDDODYH]TXHFRQHFWDFRQORVPRYLPLHQWRVMXYHQLOHVDQWL
DXWRULWDULRV
‡/DDSDULFLyQGHQXHYRVJUXSRVOLEHUWDULRVHQ&DWDOXxDTXHDFWLYDQODVLGHDVIXHU
]DGHODQWLDXWRULWDULVPR\HODQDUFRVLQGLFDOLVPRDWUDYpVGHODIiEULFDRILFLQDEDUULR
LQVWLWXWRXQLYHUVLGDGHWF
‡/DFRQILJXUDFLyQGH&DWDOXxDHQHOiPELWRGHO(VWDGRHVSDxROFRPROXJDUSUH
SRQGHUDQWHGHODPDVLILFDFLyQREUHUD\VXUHODFLyQFRQODDOWDFRQIOLFWLYLGDGVRFLDOTXH
VHJHQHUDVREUHWRGRHQOD]RQDGHOiUHDPHWURSROLWDQDGH%DUFHORQD
7RGDVHVWDVFDUDFWHUtVWLFDVTXHVHGLHURQDQWHVGHODPXHUWHGH)UDQFRVRQ´ODEDVHµ
GH OD H[WHQVLyQ GH ORV PRYLPLHQWRV OLEHUWDULRV HQ &DWDOXxD SHUR D HOODV KDEUtD TXH
DxDGLU RWUDV GH RUGHQ HVSHFtILFR TXH OD SURSLD WUDQVLFLyQ JHQHUy \ TXH IXHURQ HO HOH
PHQWR GLIHUHQFLDO TXH KL]R GH HVWRV PRYLPLHQWRV DXWpQWLFRV PRWRUHV VRFLDOHV VREUH
WRGRHQORVLQLFLRVGHODWUDQVLFLyQ
‡8QDLQFLSLHQWHFRQWHVWDFLyQFRQWUDFXDOTXLHUIRUPDGH´DXWRULWDULVPRµSURGXFLGD
SRUHOODUJRSHUtRGRKLVWyULFRHQTXHVHKXERGHVRSRUWDUODIDOWDGHOLEHUWDGHVLQGLYL
GXDOHV\FROHFWLYDV(OORVXSXVRXQUHFKD]RYLVFHUDODWRGDVODVHVWUXFWXUDVIUDQTXLV
WDVSHURWDPELpQDWRGRLQWHQWRGHRUJDQL]DUVHEDMRPRGHORVDXWRULWDULRV\QRSDUWLFL
SDWLYRV/DSULPHUDWUDQVLFLyQVXSRQHSXHVFRORFDUHQHOFHQWURGHODDFWLYLGDGVRFLDO
\SROtWLFDDPRYLPLHQWRVDVRFLDWLYRVGHWRGRWLSRTXHVHLEDQDGHVDUUROODUHQHOSDtV
HVWXGLDQWLOHVYHFLQDOHVREUHURVDUWtVWLFRVSURDPQLVWtDHWF\TXHOHGDUtDQHVHFD
UiFWHUSDUWLFLSDWLYR\UHLYLQGLFDWLYR
‡ /D FRQILJXUDFLyQ GH XQ DPSOLR VHFWRU GH OD MXYHQWXG FRPR IXHU]D SROtWLFRVRFLDO
HPHUJHQWHTXH\DGHVGHVXFRQGLFLyQGH´SUROHWDULRVµ\RGH´HVWXGLDQWHVµSURSXJQD
EDQ GLVFXUVRV \ SUiFWLFDV QHROLEHUWDULDV TXH URPStDQ FRQ OD WUD\HFWRULD GH ORV PRYL
PLHQWRVSROtWLFRVTXHKDEtDQGRPLQDGRHODQWLIUDQTXLVPR´~OWLPRµIXQGDPHQWDOPHQ
WHJUXSRVGHEDVHPDU[LVWDOHQLQLVWDGHGLYHUVDVFDUDFWHUtVWLFDV
$-2%/$1&2KDORJUDGRFRQHFWDUFRQODMXYHQWXGLQTXLHWD\QRHWLTXHWDGD6RPRVXQ
PXQGR DELHUWR TXH GHVSLHUWD VX HVWUXFWXUD \ TXH FRQ HO WUDEDMR GH FDGD GtD HVSHUD
TXH SURQWR SXHGDQ FDPELDU ORV WLHPSRV 3DUD OOHJDU DOOi GRQGH WRGRV TXHUHPRV LQ
WHQWDPRVSUDFWLFDUXQSURWDJRQLVPRGHQWURGHQXHVWUDVFRRUGHQDGDV\ODJHVWLyQGL
UHFWD HQ OD YLGD FRWLGLDQD 3UHWHQGHPRV PRWLYDU H LQIRUPDU GH VXFHVRV \ SUiFWLFDV
TXHGHVWURFHQHODXWRULWDULVPRDQFHVWUDOTXHQRVHQYXHOYHSRUORVFXDWURFRVWDGRV1R
TXHUHPRVVHJXLUVLHQGRXQDUHYLVWDGHPLQRUtDVQXHVWURQXHYRLPSXOVRYDDFRQVLVWLU
HQ DEULUQRV \ DJLOL]DU QXHVWUR OHQJXDMH SDUD TXH VHD OHJLEOH SRSXODU \ GLUHFWR SDUD
TXHWRGRHOTXHGHVHHURPSHUSXHGDVLQWRQL]DUFRQQRVRWURV\QRVRWURVFRQpO$-2
%/$1&2HVXQDUHYLVWDYLYDTXHKDPDUFKDGRGHORVYDQJXDUGLVPRV\GHODVpOLWHV
SRUTXHSUDFWLFDDTXHOORSDUDXQRVWDQWySLFRGHODFXOWXUDSDUDHOSXHEOR$MREODQFR
QžDEULOGH
(VWHDPSOLRSUHiPEXORVLUYHSDUDHQWHQGHUFyPRXQDUHYLVWD$MREODQFRTXHVHLQLFLD
FRPRXQDUHYLVWDGH´QXHYDFXOWXUDµRFWXEUHGHSDVDUiDVHUDGHPiVXQUHIH
UHQWHGHORVQXHYRVPRYLPLHQWRVOLEHUWDULRVTXHVHGHVDUUROODURQHQ&DWDOXxDDORODU
JRGHORVDxRV\TXHWHQGUiHQORVVHFWRUHVMyYHQHVDQWLDXWRULWDULRVVXPD
\RUUHVSDOGR
6XJUDQLQIOXHQFLDVHSODVPDGHIRUPDHPStULFDHQORVQ~PHURVGHYHQWDTXHODUH
YLVWDOOHJDUtDDVDFDUDODFDOOH(QXQSULPHUPRPHQWRVXSURPHGLRGHYHQWDVHUDGH
XQRV HMHPSODUHV \ VX WHFKR GH YHQWDV VH SXHGH VLWXDU D PHGLDGRV GH FXDQGRODSURSLDUHYLVWDDILUPDTXHYHQGLyXQRVHQMXQLRGH'HIXHQWHV
GHDOJXQRVFRODERUDGRUHVSHULRGtVWLFRVGH$MREODQFRTXHHVWXYLHURQHQVXpSRFDGRUD
GDQRVOOHJDQXQDVFLIUDVPHGLDVHQWRUQRDORVHMHPSODUHVFRPRSURPHGLRJH
QHUDOGHYHQWDVTXHGLFHPXFKRGHOLPSDFWRGHODUHYLVWDFRPR´IHQyPHQRVRFLDOµ
(O GHVDUUROOR GH $MREODQFR FRPRUHYLVWDPRYLPLHQWRQRHVOLQHDOQLRUJDQL]DGR'H
KHFKRHQHOVHQRGHODUHYLVWDKXERXQEXOOLUGHLGHDV\SUiFWLFDVTXHVLELHQVHRULHQ
WDEDQKDFtD´OROLEHUWDULRµORKLFLHURQGHVGHFDPLQRV\PDQHUDVGHHQWHQGHUHOWUiQVL
WR PX\ GLIHUHQWHV 1R HV pVWH XQ DQiOLVLV H[KDXVWLYRTXHWRGDYtDQRVHKDKHFKRHQ
WRGDVXH[WHQVLyQVLQRPiVELHQXQLQWHQWRGHDQDOL]DUORTXHLEDQDVHUODVOtQHDV
IXQGDPHQWDOHVSRUODVTXHSDVDUtDHO$MRDWUDYpVGHVXSULPHUDpSRFD
$QWHVGHHQWUDUHQXQDQiOLVLVYDORUDWLYRGHODVIDVHVSRUODVTXHSDVy$MREODQFR\
TXH VH UHIOHMDQ HQ VXV GLYHUVDV HGLWRULDOHV VHxDODUHPRV TXH OD UHYLVWD FRQHFWy FRQ
FLHUWD IDFLOLGDG FRQ ORV VHFWRUHV MyYHQHV SRU VX OHQJXDMH \ HVWpWLFD WUDQVJUHVRUDV 6X
OHQJXDMHIUHVFRGLUHFWR\´FDxHURµOOHJDEDQDXQS~EOLFRMRYHQTXHHVWDEDGHVHRVRGH
GHVHPSROYDUVHGHUHWyULFDIDVFLVWD\´RUWRGR[LDµLGHROyJLFDGHFXDOTXLHUWLSR(VOyJDQHV
FRPR ´4XHUHPRV ORV 'RQXWV VLQ DJXMHURVµ 2 ´&RFD &ROD DVHVLQD &DUDMLOOR DO 3RGHUµ
VRQXQDPXHVWUDHQWUHRWUDVPXFKDVGHVXOHQJXDMHLQIRUPDO\UHEHOGH
'LYLGLHQGRODUHYLVWDSRUIDVHVWDQWRFURQROyJLFDVFRPRGHRULHQWDFLyQpVWDVVHSR
GUtDQDJUXSDU
‡  )$6( ,QWHQWR GH KDFHU XQD UHYLVWD GH ´H[SUHVLyQ FXOWXUDOµ \ GH XQD ´QXHYD
FXOWXUDµIXQGDPHQWDGDHQXQDFUtWLFDGHODFXOWXUDTXHH[LVWtDHQHO(VWDGRHVSDxRO
FRQLQIOXHQFLDVFODUDVGHO´XQGHUJURXQGµ\DQNHH$QG\:DUKROHVWpWLFD3RS1XHYDL]
TXLHUGDGH%HUNHOH\\DOJXQDSL]FDGHFUtWLFDVREUH´ORSROtWLFRµ
(VWDIDVHVHGHVDUUROODGHVGHORVLQLFLRVKDVWDILQDOHVGHODxR6XFDOLGDGFR
PR UHYLVWD HV LQGXGDEOH SHUR VX OOHJDGD D XQ S~EOLFR DPSOLR HV FDVL QXOD 7HQGUiQ
SUREOHPDVGHWLSRILQDQFLHURTXHVHLUiQDUUHJODQGRSRUODD\XGDGHDOJXQRVDFFLRQLV
WDVGHODUHYLVWD\JUDQGHVGRVLVGHYROXQWDULVPRFROHFWLYR
‡)$6(&URQROyJLFDPHQWHHPSLH]DHQHQHURGH\OOHJDKDVWDMXOLRGH
\HQHOODVHYD\DSHUILODQGRXQDFUtWLFDDO´HOLWLVPRFXOWXUDOLVWDµ\XQGHVDSHJRFDGD
YH] PD\RU KDFLD ´OR XQGHUJURXQGµ /D E~VTXHGD GH QXHYDV DOWHUQDWLYDV VH FHQWUD HQ
HVWDGHILQLFLyQDPELJXD
$MREODQFRHVXQFRQWDLQHUTXHWLHQHGHWRGRORQXHYR\ORYLHMRUHQRYDUWRGDVODV
H[LVWHQFLDVHVPiVGLItFLOGHORVTXHPXFKRVFUHHQ&XOWXUD\SROtWLFD³VLQyQLPRVGH
HVWLORGHYLGD³GHEHQDSDUWLUGHDKRUDHQWUHOD]DUVHFRPRVHWUHQ]DQODVGLIHUHQWHV
LQLFLDWLYDV GH JUXSRV GLDOpFWLFDPHQWH RSXHVWRV \ XQLGRV HQ OD FRWLGLDQD FRQVWUXFFLyQ
GHXQSDtVGHPRFUiWLFR'HPRVWUDUTXHODVSDUWHVGLQiPLFDVGHODVQXHYDVJHQHUD
FLRQHV\ODVTXHQRORVRQWDQWRSRUTXHQXQFDKDQSRGLGRPDQLIHVWDUVHWLHQHQPX
FKDWHODTXHWHMHU$MREODQFRQžHQHURGH
$SDUWLUGHHVWDIDVHODLQWHUUHODFLyQHQWUHFXOWXUD\SROtWLFDVHUiHO´VHOORGHPDUFDµGH
$MREODQFR FXOWXUD FRPR VLQyQLPR GH YLGD \ SRU OR WDQWR GH FUHDWLYLGDG LQGLYL
GXDOFROHFWLYDDWUDYpVGHORFRWLGLDQR\SROtWLFDFRPRVLQyQLPRGHSDUWLFLSDFLyQHQOD
JHVWLyQGLUHFWDGHOD´FRVDS~EOLFDµ
'XUDQWHHVWDIDVHVHSURGXFLUiXQFLHUUHIRU]DGRGHODUHYLVWDDFDXVDGHXQGRVVLHU
VREUHODV´)DOODVGH9DOHQFLDµTXHLUULWyDORVVHFWRUHVIUDQTXLVWDVGHOOODPDGRE~QNHU
EDUUDTXHWD YDOHQFLDQR Qž PDU]R GH (VWH FLHUUH RULJLQy HQ ´SOHQR GHVKLHOR
IUDQTXLVWDµXQUHFRQRFLPLHQWR\VROLGDULGDGSRUSDUWHGHVHFWRUHVDQWLIUDQTXLVWDVTXH
ODFDWDSXOWDURQKDFLDODIDPDFRQHOHVWLJPDGH´UHYLVWDUHEHOGHµ
$VXYH]ODFRQILJXUDFLyQGH´XQHVSDFLROLEHUWDULRµHQ&DWDOXxDKDFHTXHODUHYLV
WDTXHVHKDEtDPDQWHQLGRVLHPSUHHQXQOLEHUWDULVPRGLIXVRVHHQWURQTXHFRQPD
\RUFODULGDGHQXQRVREMHWLYRVGHPD\RUGHILQLFLyQFRQFHSWXDOGHQWURGHVXSOXUDOLGDG
GHGLVFXUVRV
-XQWRDORVWUHVFRRUGLQDGRUHVGHODUHYLVWD3HSH5LEDV)HUQDQGR0LU\7RQL3XLJ
DSDUHFHQSRUHVWDpSRFDWUHVQXHYDVLQFRUSRUDFLRQHVTXHGLHURQXQDPD\RUFDSDFLGDG
GH´DJLWDFLyQµ\´FRPEDWHµDODUHYLVWD\DVXHQWRUQR6DQWL6ROHU-XDQMR)HUQiQGH]\
)UDQFHVF%ROG~
‡)$6($HVWDIDVH\DODSRVWHULRU5DPyQ%DUQLOVHQVXWHVLQD/DFRQWUDFXOWX
UDHQDFFLy´$MREODQFRµODVGHQRPLQDUi´/DGLYLQD$FUDFLDµ\´(O$MRµ&RUUHVSRQ
GHUtDQHVWDVIDVHVDOSHUtRGRTXHYDGHVGHPHGLDGRVGHDILQDOHVGH
(VVLQGXGDODIDVHHQODTXH$MREODQFRVHFRQYLHUWHHQXQDUHYLVWDPRYLPLHQWRGH
FODUR FRQWHQLGR OLEHUWDULR HQUDL]DGD D ORV PRYLPLHQWRV VRFLDOHV TXH VH HVWiQ SURGX
FLHQGR HQ HO iPELWR GHO (VWDGR HVSDxRO \ TXH HPSXMDQ HQ XQD GLUHFFLyQ FODUDPHQWH
DQWLDXWRULWDULD
1XHVWUDRQGDHVWiDTXtHQODDOWHUQDWLYDGHIiEULFDV\FDPSHVLQRVHQODDXWRJHV
WLyQHQODGHPRDFUDFLDHQORVDWHQHRVOLEHUWDULRVHQODILHVWDHQODVDVDPEOHDVHQ
ODVFRPXQDVIHGHUDGDVHQODDQDUTXtDLQWHJUDO\HQODSUiFWLFD4XHGHWHRUtDVERQL
WDV\ULPERPEDQWHVHVWDPRVKDVWDODVSHORWDV$MREODQFRGHPD\RGH
&RQ HVWH Q~PHUR $MREODQFR LQLFLD XQ QXHYR SURFHVR FRQODLQWHQFLyQGHVXSHUDUODV
FRQWUDGLFFLRQHVTXHQRVHQYXHOYHQ/RVWLHPSRVTXHDKRUDFRUUHQVRQWUHPHQGDPHQWH
FRQIXVRV OOHQRV GH WySLFRV PDILDV WHRUtDV \ YDJXHGDGHV 1RV LQWHUHVD DQWHV TXH
QDGD RIUHFHU FRQWDFWRV LQIRUPDFLRQHV \ SUiFWLFDV DOHMDGDV GH WHRUtDV LPSUDFWLFDEOHV
TXHWDQVyORUL]DQHOUL]RSDUDMXVILILFDUODSDUiOLVLV
3UHWHQGHPRV GHVDUUROODU \ UHFRJHU OD FUtWLFD D OD YLGD FRWLGLDQD FRVLILFDGD DO FRQVX
PR DO (VWDGR D OD SROtWLFD D ODV LQVWLWXFLRQHV D ORV VLQGLFDWRV \ D ORV DUTXHWLSRV \
WySLFRV FRQ TXH HO SHQVDPLHQWR EXUJXpV DXWRULWDULR \ UHSUHVLYR LQWHQWD HQFDUFHODU \
OLPLWDUODPHQWHKXPDQD
3RWHQFLDUHPRV ODV SUiFWLFDV FRPXQDOHV ODV OXFKDV GH ORV PDUJLQDGRV GH ODV SUL
VLRQHV GH ORV HFRORJLVWDV UDGLFDOHV GH ORV PRYLPLHQWRV SUROLEHUDFLyQ VH[XDO GHO
DSUHQGL]DMH DQWLDXWRULWDULR GHQXQFLDUHPRV OD PDQLSXODFLyQ VLVWHPiWLFD GH OD SUHQVD
EXUJXHVDVXVPDOHILFLRV\VXVERGULRVDVtFRPRWRGRORTXHFRQIXQGDRQLHJXHODOL
EHUDFLyQKXPDQDFRPRXQDSUiFWLFDWRWDO\FRWLGLDQD
$SRUWDUHPRV DOWHUQDWLYDV DO VLVWHPD FDSLWDOLVWD R D ODV EXURFUDFLDV FRPXQLVWDV SDUD
DOXPEUDU HQ OD PHGLGD GH OR SRVLEOH R OR LPSRVLEOH HO FDPLQR KDFLD HO &RPXQLVPR
/LEHUWDULR$MREODQFRQžDJRVWRVHSWLHPEUHGH
(VODpSRFDH[SDQVLYDGHO´ERRPµOLEHUWDULRGHODPRGDiFUDWDSRUTXpQR\SRUVX
SXHVWRGHODV-RUQDGDV/LEHUWDULDV,QWHUQDFLRQDOHVGHILQDOHVGHMXOLRGHHQODV
TXH$MREODQFRFRODERUyHGLWDQGRHOSHULyGLFRGHODV-RUQDGDVOODPDGR´%DUFHORQD/OL
EHUWjULDµ
&RLQFLGH HVWH PRPHQWR D VX YH] FRQ HO PD\RU GHVDUUROOR FXDQWLWDWLYR GH OD &17
GHVSXpVGHOIDPRVRPLWLQGH0RQWMXwFGH%DUFHORQDHQMXOLRGH
$SDUWLUGHODV-RUQDGDV/LEHUWDULDV$MREODQFRVHJXLUiGHVDUUROODQGRHOQXHYRGLV
FXUVR OLEHUWDULR TXH KDEtD LGR FUHDQGR XQD PH]FOD GH FUtWLFD UDGLFDO GH OD YLGD FRWL
GLDQDXQDFUtWLFDDOSDOHRDQDUTXLVPR\XQDVJDQDVGHSUDFWLFDU¶ODDQDUTXtDµDTXt\
DKRUD
$TXt GHQWUR GH VXV OLPLWDFLRQHV H LQFRQJUXHQFLDV QXHVWUR $MR VLJXH VLQ SXEOLFLGDG
FRQ OD LOXVLyQ GH SUHVHQWDU DOWHUQDWLYDV \ DTXHOOR GH YLYR \ SRSXODU TXH SRU DTXt FR
OHD DFHSWDQGR HO VHU XQD UHYLVWD QRSURIHVLRQDO GHQWUR GH OD LOHJDO OHJDOLGDG 3RU
TXp FRQWDUWH 8Q $MR PiV FRQ XQ PHV PiV GH ´GHPRFUDFLD DKRJDGDµ 7RGDYtD QR
KHPRV SHUGLGR ODV HVSHUDQ]DV GH FRQVWUXLU HQ HVWH WHUUXxR XQD '(02$&5$&,$ <
DTXt HVWDPRV SXQWXDOPHQWH (O GtD TXH QRV IDOWH FHUUDPRV \ RUJDQL]DPRV OD PD\RU
JUDQMDGHFHUGRVGHOSDtV$MREODQFRQžQRYLHPEUHGH
/DFUtWLFDDFyPRVHLEDFRQILJXUDQGROD´QDFLHQWHµGHPRFUDFLDFRQVXVFRQWUDGLFFLR
QHV HYLGHQWHV \ IODJUDQWHV HQWUH XQ IUDQTXLVPR UHIRUPDGR \ HO DQWLIUDQTXLVPR TXH
SDFWyFRQpVWHFDVR3DSXVFDVR6FDODFDVR-RJODUVFDVR$JXVWtQ5XHGDIXHXQDGH
ODVUD]RQHVGHPD\RUSHVRHQHVWDpSRFD
$VLPLVPRHODQiOLVLVGHODVFRQWUDGLFFLRQHVGHOD&17\GHOPRYLPLHQWROLEHUWDULR
HQJHQHUDOIXHURQRWUDVGHODVOtQHDVGHLQWHUYHQFLyQHGLWRULDO6LELHQKDEUtDTXHGHFLU
TXH$MREODQFRQXQFDDSRVWySRUHFKDU´PiVOHxDDOIXHJRµSRUTXH\pVDHUDXQDGH
VXVPHMRUHVYLUWXGHVVXPDQHUDGHHQWHQGHUORVSURFHVRVGHGHEDWHHUDGHJUDQOLEHU
WDG
'H WRGDV PDQHUDV OD FULVLV GRJPiWLFD \R GH LGHQWLGDG GHQWUR GHO PRYLPLHQWR OL
EHUWDULRHQHOTXHOD&17MXJDEDXQSDSHOFHQWUDOGHVHPERFySURJUHVLYDPHQWHHQOD
SpUGLGDGHLQIOXHQFLD\GHUHVSDOGRDODUHYLVWDSRUSDUWHGHORVVHFWRUHVOLEHUWDULRV
/DMXYHQWXGTXHFRPSUDED$MREODQFRVHIXH´GHVHQFDQWDQGRµWDQWRGHOSURFHVRSR
OtWLFR TXH YLYtD HO SDtV SRU XQDV H[SHFWDWLYDV TXH QR VH FXPSOtDQ OD GHPRFUDFLD HUD
PiVXQDWpFQLFDHOHFWRUDOTXHXQSURFHVRGHSDUWLFLSDFLyQFROHFWLYDGHSHUVRQDVFRQ
FUHWDVFRPRGHOPLVPRPXQGROLEHUWDULR´HQFDOODGRµHQXQGHEDWHIUDWULFLGD\VHFWD
ULRTXHORGHVWUR]y\OROOHYySRUXQDYtDGHHVFDVDLQIOXHQFLDVRFLDO
6RQFLQFRDxRVGHHVIXHU]RVSRUVXSHUDUFLUFXQVWDQFLDVKRVWLOHV3RUDJXDQWDUQRV
VLQSXEOLFLGDGVLQEDQFRVVLQSDUWLGRVVLQLQILOWUDFLRQHV5HVSRQGLHQGRDFXDOTXLHU
DJUHVLyQIDFKRVDFRQPiVIXHU]DDXWyQRPD&RQXQDLGHD+DFHUXQDSUHQVDORPiV
LQGHSHQGLHQWH SRVLEOH OR PiV KXPDQD OR PiV DQWLFDSLWDOLVWD \ OR PHQRV UHDFFLRQD
ULD
&LQFR DxRV GLH] PLO HMHPSODUHV HO SULPHU PHV &LHQWR FLQFXHQWD PLO HO PHV GH MXQLR
GH$MREODQFRQžVHSWLHPEUHGH
‡)$6((VWDIDVHVHLQLFLDFRQODPDUFKDGH3HSH5LEDVHQHURGH\DFDED
FRQODGHVDSDULFLyQGHODUHYLVWDDPHGLDGRVGH
&RQHVH$MR\DPD\RUFLWR\HQXQPRPHQWRHQHOTXHODWUDJHGLDGHODOXFKDSROtWL
FDVHKDWUDQVIRUPDGRHQFRPHGLD\HQ'(6(1&$172*(1(5$/1RHVIiFLODQGDU
SRUHVHSDtVGRQGHODFUtWLFDFXOWXUDO\ODFUHDFLyQKDQDQGDGRFDVDGRVDRWURVLQWH
UHVHV&DVLWRGRHVWiSRUKDFHU<$MRDSHVDUGHVXVFLQFRVDxRVGHODWDFRQWLQ~D
FRQ DTXHO GHVJDUEHR VRxDGRU FRQ TXH QRV KHPRV UHXQLGR FRQ 3HSH FDGD GtD SDUD
IDFLOLWDUXQDLQIRUPDFLyQ³XQSUR\HFWRGHFXOWXUD³DUURSDGRDQXHVWUDFRWLGLDQLGDG
\ D QXHVWURV GHVHRV LPSRVLEOHV 3HSH KDVWD OXHJR 721, 38,* $MREODQFR Qž QR
YLHPEUHGH
(QHVWDIDVH$MREODQFRVHVLJXHDIHUUDQGRDVXGLVFXUVRQHROLEHUWDULRVLQDGVFULSFLyQ
\VHUiSRWHQFLDGRUGHPRYLPLHQWRVSRUOD´GHVREHGLHQFLDFLYLOµODOXFKDDQWLQXFOHDUR
HO ´PRYLPLHQWR RNXSDµ TXH HPSH]DED D VXUJLU \ TXH VHUtDQ HO UHIOHMR GH ODV QXHYDV
OXFKDVTXHVHGHVDUUROODURQDORODUJRGHORVRFKHQWD
/DGHVDSDULFLyQGHODUHYLVWDIXHGHELGDDXQDFULVLVGHVXEVLVWHQFLDTXHGHULYyDO
PLVPRWLHPSRHQXQDFULVLVLGHROyJLFDVREUHTXpWLSRGHUHYLVWDVHWHQtDTXHKDFHUD
SULQFLSLRVGHORVRFKHQWD
(OGHVHQFDQWRSROtWLFRTXHYLYLyODVRFLHGDGHQHVWDpSRFDVHUHIOHMyGHIRUPDFRQ
WXQGHQWH HQ ODV UHYLVWDV \ SHULyGLFRV GH OD L]TXLHUGD HQ JHQHUDO $MREODQFR KDEtD OX
FKDGRGHVGHHOSULQFLSLRFRQWUDODKLSRFUHVtDGHODSROtWLFDDSDUWDGDGHOSXHEORSHUR
\DpVWHKDEtDSHUGLGRODVHVSHUDQ]DVQRVyORHQWRGRDTXHOORTXH´ROLHUDµDSROtWLFDVL
QRWDPELpQHQXQD´DFUDFLDIHOL]µ
(/9,(-272325(9,67$'(3(16$0,(1723$5$81$
,=48,(5'$3/85$/
=DSDQGR8QWRSRYLHMRPHWiIRUDGHVXEYHUVLyQ\H[SHULHQFLD3DXODWLQDH[FDYDFLyQ
GH JDOHUtDV VXEWHUUiQHDV OHQWD \ PLQXFLRVD GHVWUXFFLyQ GH ORV FLPLHQWRV GH XQD VR
FLHGDG DEVXUGD/DERUDFDVRHVWpULO¢TXLpQVDEHVLSRUODVYHQDVGHOtGRORFRUUH\D
WDQ VyOR EDUUR UHVHFR" 8Q D\XGDU D PRULU HVWD FLYLOL]DFLyQ DJRQL]DQWH 3HUR HO WRSR
DYDQ]DLQH[RUDEOHDMHQRDODPLVHULDRPQLSUHVHQWHHQODVXSHUILFLHGHODVFRVDVLQ
GLIHUHQWH DODVDSRORJtDVGHODSRVLWLYLGDGUHLQDQWHFRQYHQFLGRGHTXHQRKD\WDUHD
PiVFUHDWLYDTXHODGHVWUXFFLyQGHORFDGXFR(O9LHMR7RSRQžRFWXEUHGH
(O9LHMR7RSRHPSLH]DVXDQGDGXUDHQRFWXEUHGHSHURGHKHFKRVXVDQVLDVGH
VDOLUDODOX]S~EOLFDVHUHPRQWDEDQDSULQFLSLRVGH'LYHUVRVSUREOHPDVGHULYD
GRV GH OD FHQVXUD IUDQTXLVWD VREUH OD FRQFHSFLyQ GH OD UHYLVWD TXH HQ XQ SULQFLSLR
TXHUtDVHUVHPDQDO\DQDOL]DUWHPDVGHFXOWXUD\SROtWLFDIXHURQORVFDXVDQWHVGHOUH
WUDVR HQ VX DSDULFLyQ /D SHOHD EXURFUiWLFD FRQ ORV FHQVRUHV IXH SHUILODQGR GH IRUPD
´FDVXDOµTXHODUHYLVWDVHSXEOLFDUDPHQVXDOPHQWHDVtFRPRORVFRQWRUQRVGLIXVRVSRU
ORVTXHGHEtDDQGDU
(OHTXLSRTXHLQLFLyHOSUR\HFWRGHODUHYLVWDHVWDEDIRUPDGRSRU0LTXHO5LHUD-R
VHS6DUUHW\&ODXGL0RQWDxDTXHDGHPiVGHVHUORVFRRUGLQDGRUHVWHQtDQHQPHQWH
XQ SUR\HFWR GH UHYLVWD TXH HQ DTXHOORV PRPHQWRV HUD LQQRYDGRU \ YDQJXDUGLVWD HQ
PXFKRVDVSHFWRV
/RVWUHVFRRUGLQDGRUHVHUDQSHUVRQDVGHL]TXLHUGDVSHURVLQDGVFULSFLyQDQLQJ~Q
SDUWLGR SROtWLFR $OJXQRV GH HOORV KDEtDQ HVWDGR HQ ODV EDWDOODV HVWXGLDQWLOHV SRU HO
6'(8%RWURVWHQtDQXQSLHHQHOFDPSRGHODP~VLFDURFN\RWURVHQXQDPRWLYDFLyQ
ILORVyILFDGHVGHHOFDPSRGHODL]TXLHUGD
¢4XpWXYRSXHV(O9LHMR7RSRSDUDFRQYHUWLUVHHQODUHYLVWDGHHQVD\RVREUHFXOWXUD
\SROtWLFDFRQPiVUHQRPEUH\OHFWRUHVGXUDQWHODIDVHGHODWUDQVLFLyQGHPRFUiWLFDHQ
HVWHSDtV"$QDOL]DQGRODUHYLVWDIXHURQWUHVORVHOHPHQWRVGLIHUHQFLDGRUHVRGHPDUFD
GHOSUR\HFWR
/DYROXQWDGSRUSDUWHGHOJUXSRFRRUGLQDGRUGHVHUXQDUHYLVWDDELHUWDD´WRGDOD
L]TXLHUGDµ(VWDFXDOLGDGIiFLOPHQWHDVXPLEOHHQWHRUtDQRORHUDWDQWRHQODSUiFWLFD
UHDOGHDTXHOORVPRPHQWRV/DH[FHVLYD´GRJPDWL]DFLyQµHQODTXHHVWDEDQLQPHUVRVOD
PD\RUtDGHJUXSRVRSDUWLGRVSROtWLFRVGHL]TXLHUGDKDFtDTXHHVWHSUR\HFWRURPSLHUD
FRQ OD ´SROtWLFD GH FRQVLJQDVµ WDQ DQFODGD HQ HO DQWLIUDQTXLVPR \ DEULHUD GLVFXUVRV
GLYHUVRV WDQWR GHVGH HO FDPSR GHO PDU[LVPR FRPR GHO DQDUTXLVPR 6L OD FHUUD]yQ
LGHROyJLFDHQWUHORVGLYHUVRVPDU[LVPRVTXHH[LVWtDQHQHO(VWDGRHVSDxROHUDPX\LP
SRUWDQWH VRFLDOLVWDV PDRtVWDV HVWDOLQLVWDV HXURFRPXQLVWDV WURWVNLVWDV FRQVHMLVWDV
HWFWRGDYtDORHUDPXFKRPiVODTXHH[LVWtDHQWUHPDU[LVWDV\OLEHUWDULRVeVHIXHVX
JUDQ PpULWR SURSRUFLRQDU DO OHFWRU DUJXPHQWRV WHyULFRV SDUD HO FRQRFLPLHQWR GH ODV
GRVJUDQGHVFRUULHQWHVGHSHQVDPLHQWRTXHODL]TXLHUGDKDEtDGHVDUUROODGRDORODUJR
GHVXKLVWRULDDFWXDOL]DQGRVXVGHEDWHV\SURSXHVWDVHQORVDxRVVHWHQWD&RQVHJXLU
TXHXQPDU[LVWD\XQDQDUTXLVWDFRPSUDUDQODPLVPDUHYLVWDHVSHUDQGRTXHFRPSOD
FLHUDDORVGRV\TXHDVXYH]UHSLWLHUDQHQHOLQWHQWRQRHUDWDUHDIiFLO$XQTXHWDP
ELpQHVFLHUWRTXHHQORVLQLFLRVGHODUHYLVWDDOJ~QJUXSRSROtWLFRGHH[WUHPDL]TXLHU
GD SURKLELy H[SUHVDPHQWH VX OHFWXUD \ GLIXVLyQ D VXV PLOLWDQWHV SRU HQWHQGHU TXH
´GLVWRUVLRQDEDµVXOtQHDSROtWLFDHODVXQWRQRSDVyGHSXUDDQpFGRWD
(OGHVHUXQDUHYLVWDTXHHQWUDUD´SRUORVRMRVµ\SRU´HOFRQWHQLGRµ/DYROXQWDG
GH VHU XQD UHYLVWD GH SHQVDPLHQWR SOXUDO \ DELHUWD D WRGR HO HVSDFLR GH ODL]TXLHUGD
FRQVHUPX\LPSRUWDQWHKDEUtDVLGRLQVXILFLHQWHVLGHWUiVQRKXELHUDKDELGRXQQRWD
EOHWUDEDMRGHGLVHxRTXHOD´HQYROYLHUDµ\ODKLFLHUDDWUDFWLYDPiVDOOiGHOFRQWHQLGR
TXH SXGLHUD WHQHU /D FRQFHSFLyQ JUiILFD TXH WXYR (O 9LHMR 7RSR URPStD WDPELpQ FRQ
ODVUHYLVWDVGHL]TXLHUGDTXHSHFDEDQGHJUDQDFXPXODFLyQGHWH[WR\HVWDEDQSRFRR
PDOPDTXHWDGDV(OGLVHxRHQWDQWRTXHDGHFXDFLyQFRKHUHQWHHQWUHIRUPD\FRQWHQL
GR FRQWULEX\y HQ EXHQD PHGLGD D TXH HO ´SURGXFWRµ IXHUD ´YHQGLEOHµ \ VH JDQDUD D
SXOVRXQOXJDUGHVWDFDGRGHQWURGHODVUHYLVWDVFRQDLUHGHPRGHUQLGDGTXHVDOtDQHQ
DTXHOOD pSRFD VLHQGR FDSD] GH FRQHFWDU FRQ OD MXYHQWXG FRQWHVWDWDULDTXHVXUJtDHQ
ORVSULPHURVDxRVGHODWUDQVLFLyQ\TXHLGHQWLILFDGDFRQXQSHUILOGHL]TXLHUGDVQR
HVWDEDDGVFULWDDQLQJ~QJUXSRFRQFUHWR/DFRQVHFXFLyQGHGLYHUVRVSUHPLRVSRUVX
WUDEDMRGHFUHDFLyQJUiILFDQRVLQGLFDFODUDPHQWHTXHVXDSXHVWDHQHVWHVHQWLGRIXH
GHOWRGRDFHUWDGD
/DGLYXOJDFLyQGHOHQVD\LVPRGHL]TXLHUGDV(VpVWDXQDIDFHWDGHJUDQLPSRU
WDQFLD\TXHGLRKHUUDPLHQWDVWHyULFDVDODGLYHUVDPLOLWDQFLDGHORVJUXSRVGHL]TXLHU
GDV
(QWUHHOOLEURGHWHRUtDSROtWLFDRILORVyILFDJUXHVRSHURGHPD\RUFRQWHQLGRWHyULFR
\ OD SUHQVD GH SDUWLGR GRJPiWLFD HO DUWtFXOR HQVD\tVWLFR GH ORV GLYHUVRV DXWRUHV TXH
HVFULEtDQHQ(O9LHMR7RSRHUDXQFDPLQRLQWHUPHGLRTXHDEUtDODSRVLELOLGDGGHXQFR
QRFLPLHQWRHQSURIXQGLGDGGHWHPDVGHtQGROHGLYHUVDSHURWRGRVHOORVDUUDLJDGRVDO
EDJDMH SROtWLFR VRFLDO R FXOWXUDO GH OD L]TXLHUGDHQVDQFKDQGRHOFDPSRLPDJLQDULR\
FRQFHSWXDOGHORVPLOLWDQWHVGHL]TXLHUGD
/DUHYLVWDVHJ~Q0LJXHO5LHUDWXYRGHLQPHGLDWRXQDLPSRUWDQWHDFHSWDFLyQSRUSDUWH
GHOSXEOLFRHOQž\VXGRVVLHUVREUH´$QDUTXLVPRµSRUWDGDVREUHIRQGRJULVFRQXQD
$UHGRQGHDGDHQURMRIXHHOTXHHPSH]yDGDUVHxDOHVGHXQLPSDFWRGHYHQWDV6XWL
UDGDPHGLDDOFDQ]yHQWUH\XQRVHMHPSODUHVPHQVXDOHVVREUHSD
ViQGRORVDOJXQDYH]HQFRQFUHWRFRQRFDVLyQGHORVSULPHURVGHEDWHVTXH(O9LHMR7R
SR RUJDQL]y HQ HO 3XHEOR (VSDxRO GH %DUFHORQD OOHJy D XQDV FLIUDV GH HMHPSODUHV
/D H[FHOHQWH DFRJLGD DQLPy D (O 9LHMR 7RSR D DPSOLDU VX RIHUWD HQ PD\RMXQLR GH
VH LQLFLD OD SXEOLFDFLyQ GH OD VHULH ¶9LHQWR GHO 3XHEORµ TXH UHFRJtD HQ WDPDxR
SyVWHU HO GLEXMR GH XQD VHULH GH UHYROXFLRQDULRV KLVWyULFRV 'XUUXWL /HQLQ 7URWVN\ R
5RVD/X[HPERXUJHLQFOXtDWH[WRVGHVXELRJUDItDHQHOUHYHUVR
/D ODERU GHO HTXLSR GH FRRUGLQDFLyQ IXQGDPHQWDO HQ XQ SUR\HFWR WDQ DELHUWR VH
WUXQFyGHIRUPDDEUXSWDFRQODPXHUWHGH&ODXGL0RQWDxD(OLPSDFWRHPRFLRQDOTXH
VXSXVRDORVRWURVGRVFRRUGLQDGRUHVDPLJRVWRGRVHOORVHQXQSULPHUPRPHQWRWXYR
TXHVXSHUDUVH\VHHOLJLyDRWUDWHUFHUDSHUVRQDSDUDFRQWLQXDUFRQODODERUGHFRRUGL
QDFLyQ0LJXHO$%DUURVR(OWUDEDMRGHOWUtRFRRUGLQDGRUIXHUHDOPHQWHGHJUDQFDOD
GR\VHDEULyDQXHYRVSUR\HFWRVFRPRODUHYLVWDGHHFRQRPtDSROtWLFD7UDQVLFLyQROD
GHFUtWLFDOLWHUDULD4XLPHUD$VXYH](O9LHMR7RSRVHGHGLFyDHGLWDUOLEURVVREUHWH
PDVGHODL]TXLHUGDHQVXVGLYHUVDVYHUWLHQWHVSROtWLFDFXOWXUDOVRFLROyJLFDHFRQyPL
FDHWF
(QFXDQWRDVXVFRQWHQLGRV\GHQWURGHHVDDFWLWXGDQWLGRJPiWLFDTXHORFDUDFWH
UL]DEDUHIOHMDEDQHOVHQWLUGHODVGLYHUVDVL]TXLHUGDVTXHKDEtDHQHO(VWDGRHVSDxRO\
WDPELpQGHSDUWHGHODL]TXLHUGDRFFLGHQWDOVREUHWRGRGH)UDQFLDH,WDOLD1XQFDIXH
XQDUHYLVWDGH´LQWHUYHQFLyQµGHOGtDDGtDGHORVJUXSRVRSDUWLGRVSROtWLFRVRVLQGLFD
OHVVLQRTXHPiVELHQUHIOHMDEDODVGLYHUVDVVHQVLELOLGDGHVFRQODVTXHODL]TXLHUGDVH
PRYtD HQ VX EDWDOODU WHyULFR SRU XQD QXHYD VRFLHGDG VXSHUDGRUD GHO FDSLWDOLVPR
´UHDOPHQWHH[LVWHQWHµ
(QHVHVHQWLGRFDEUtDGHFLUTXHVXPDQWHQLPLHQWRGHXQDSRVWXUDFODUDPHQWHGH
L]TXLHUGDVOHSURSRUFLRQyDSR\RVPiVGHILQLGRVSRUSDUWHGHORVVHFWRUHVDODL]TXLHUGD
GHO3&(368&RGHVHFWRUHVOLEHUWDULRVVLQDGVFULSFLyQTXHGHORVJUXSRVGH´ODL]
TXLHUGDWHPSODGDµTXHHVWDEDQ\DRULHQWiQGRVHPiVKDFLDSRVWXUDVGH´UHDOLVPRSROt
WLFRµTXHQRDUHDUPDU´LGHROyJLFDPHQWHµDODL]TXLHUGD
+D\TXHKDFHUQRWDUTXHVREUH(O9LHMR7RSRQRVHKDQKHFKRD~QWUDEDMRVGHFDOL
GDGVXILFLHQWHTXHH[SUHVHQHOSDSHOFUXFLDOTXHWXYRGXUDQWHODWUDQVLFLyQHQHOFDP
SRGHOHQVD\RWHyULFRGHL]TXLHUGDV<PiVD~QFXDQGRSRUVXVSiJLQDVSDVDURQFROD
ERUDGRUHV\DUWLFXOLVWDVTXHKDQPDUFDGRGHIRUPDFODUDODHYROXFLyQGHOSHQVDPLHQWR
SROtWLFRGHL]TXLHUGDVWDQWRHQOD(XURSD2FFLGHQWDOFRPRHQHO(VWDGRHVSDxRO(OOR
OHVRWRUJyHQVXGtD´XQSHGLJUtµGHWHyULFRVGHL]TXLHUGDTXHORVHQFXPEUyGHQWURGHO
PXQGRFXOWXUDOGHOSDtV(VFULELUHQ(O9LHMR7RSRVLJQLILFDEDXQ´FXUUtFXOXPSRVLWLYRµ
\HUDDGHPiVPRWLYRVHJXURGHDQiOLVLVSRUSDUWHGHVXVQXPHURVRVOHFWRUHV
1R HVpVWHHOOXJDUSDUDKDFHUXQDQiOLVLVGHWDOODGRQ~PHURSRUQ~PHUR\GHEDWH
SRUGHEDWHSHURORTXHVHSXHGHDVHJXUDUHVTXHHQXQUHFRUULGRPLQXFLRVRDWUDYpV
GH(O9LHMR7RSRQRVHQFRQWUDUtDPRVWRGDYtDFRQXQPDWHULDOWHyULFR\GHDQiOLVLVGH
JUDQXWLOLGDGSDUDHOGHEDWHGHODVL]TXLHUGDVHQODDFWXDOLGDG
/DHYROXFLyQGH(O9LHMR7RSRDOLJXDOTXHODGH$MREODQFRYDPX\OLJDGDDO´IXOJRU
\PXHUWHµGHODVDQVLDVGHFDPELRVRFLDOHQHVWHSDtVHQORVSULPHURVDxRVGHODWUDQ
VLFLyQ$VtHQXQDSULPHUDIDVHKD\´JDQDVµGHFRQRFHUWRGRDTXHOORTXHHVWiUHODFLR
QDGRFRQHOHVStULWXXWySLFRGHODL]TXLHUGDHQVXVGHVHRVPiVRPHQRVFODURVGHXQD
WUDQVIRUPDFLyQHIHFWLYDGHODVRFLHGDG
(QXQDVHJXQGDIDVHHVWHSHUtRGRIUDFDVDGRSRUGLYHUVDVFDXVDVJHQHUDUiHQWR
GRVORVVHFWRUHVGHL]TXLHUGDXQSURJUHVLYRGHVHQFDQWRTXHDIHFWDUiJUDYHPHQWHDOD
PLOLWDQFLDPiVFODUDPHQWHGHL]TXLHUGDV\DOGHEDWHWHyULFRHQHOTXHHVWDEDLQPHUVD
3RUORWDQWRVLELHQODSULPHUDpSRFDGH(O9LHMR7RSRVHDFDEyHQHODxR\D
GHVGHHOVHYLVOXPEUDEDTXHODUHYLVWD\VXSUR\HFWRLEDQGHFD\HQGRSURJUHVLYD
PHQWHKDFtDIDOWDXQQXHYRHQIRTXHDQWHHOUHWURFHVRTXHVXIUtDHOGLVFXUVRWHyULFRGH
OD L]TXLHUGD $ HVWH QXHYR GHVDItR QR VH SXGR R QR VH VXSR UHVSRQGHU GHIRUPDDGH
FXDGDORTXHDFDEyFRQGXFLHQGRKDFLDXQDVLWXDFLyQFUtWLFDGHH[WLQFLyQ(OSUR\HFWR
GH(O9LHMR7RSRKDEtDVLGRXQERQLWRVXHxRFRQYHUWLGRHQUHDOLGDGHQXQDQRFKHODUJD
\HVWUHOODGD
Descargar