firma - Los Niños Cuentan

-B
"SNBEVSB
EF%JPT
DGX
DGH'LRV $UP
GX U
UDGH'LRV$UP
UDGH'LRV$UP
DGX
DG X
$BQJUBO
%FMPT*OUFSNFEJPT
,QWHUPHGLRV
UDGH'LRV$UPD
MB
7JTJØOEF"SNBEVSB
4XHULGRV+HUPDQRV
'LRVPHGLRXQDYLVLyQSDUDHVWHPDWHULDOKDFHXQRVDxRVDXQTXHFUHRTXHLQLFLyGHVGH
TXHHUDXQDQLxD0LVSDSiVQXQFDPHGHMDEDQIDOWDUDQLQJXQDFODVHGHHVFXHODGRPLQLFDO
3RUPXFKRVDxRVPHPRULFpYHUVtFXORV\DSUHQGtKLVWRULDVEtEOLFDVFDGDVHPDQD3HURPXFKDV
YHFHVQRVDEtDFRPRDSOLFDUODVDODYLGDUHDO$SUHQGtDGH'LRVHO'RPLQJRSHURQRVDEtD
FRPRDSOLFDUORGH/XQHVD6iEDGR
/DDUPDGXUDGH'LRVIXHXQDGHHVWDVFODVHV$SUHQGtORVYHUVtFXORV\FRPRSRQHUPH
ODDUPDGXUD3XHGRUHFRUGDUDOPDHVWURGLFLHQGRTXHSDUDOOHJDUDVHUXQ³EXHQFULVWLDQR´
WHQtDTXHKDFHUXQDRUDFLyQHVSHFLDOFDGDGtDSRUODPDxDQDUHSLWLHQGRORVYHUVtFXORV\DVt
HVWDUtDFRQVWDQWHPHQWHSRQLpQGRPHODDUPDGXUD1XQFDKLFHODFRQH[LyQHQPLPHQWHTXH
SDUDSRQHUPHHOFLQWXUyQGHODYHUGDGWHQtDTXH'(&,5ODYHUGDGWRGDODVHPDQDHQPLYLGD
GLDULD
$xRVGHVSXpVFXDQGRDVLVWtDDXQDHVFXHODEtEOLFDIXLDXQJUXSRFHOXODU\HVWDEDQ
HQVHxDQGRODPLVPDRUDFLyQGUDPDWL]DGD(QDTXHOPRPHQWRFRPHQFpDSHQVDUTXHDOJR
HVWDEDLQFRUUHFWR1RSRGHPRVVRORKDFHUXQDRUDFLyQSDUDWHQHUIHPLHQWUDVTXHYLYLPRVXQD
YLGDVLQIH1RSRGHPRVVRORSURFODPDUTXHWHQHPRVSXHVWRHOFDVFRGHVDOYDFLyQ7HQHPRV
HOFDVFRSXHVWRFXDQGRFRQ¿DPRVHQHO6HxRU-HVXFULVWRSDUDQXHVWUDVDOYDFLyQ
$xRVGHVSXpVOOHJXpDVHUODGLUHFWRUDGHOPLQLVWHULRGHQLxRVHQXQDLJOHVLDHQ2UHJRQ((88
8QGtDFDPLQDQGRSRUHOHGL¿FLRUHYLVDQGRODVFODVHVPLUpTXHHQXQDFODVHHVWDEDQ
HQVHxDQGRVREUHODDUPDGXUDGH'LRV/RVPDHVWURVHVWDEDQHQVHxDQGRODPLVPDIRUPDGH
RUDUSDUDSRQHUVHODDUPDGXUDODPLVPDTXHPHHQVHxDURQFXDQGRQLxD$O¿QDOHOPDHVWUR
OHVDQXQFLyDORVQLxRVTXHKDEtDDOJXLHQTXHOHVHVWDEDYLVLWDQGR\OHVLEDDFRPSDUWLUDOJR
GHODDUPDGXUDFODURTXHQRPHKDEtDGLFKRQDGDGHDQWHPDQR-(QWRQFHVFRPSDUWtPL
VHQFLOORSXQWRGHYLVWDTXHVLXQRTXLHUHVDEHUXVDUVXHVSDGDWLHQHTXHFRQRFHUDOJXQDV
HVFULWXUDV'HVSXpVORVPDHVWURVVHPHDFHUFDURQGLFLHQGRTXHQXQFDKDEtDQHVFXFKDGROD
HQVHxDQ]DGHODDUPDGXUDGHHVDPDQHUD\TXHOHVLPSDFWy£(QDTXHOPRPHQWR'LRVSODQWy
XQDVHPLOODHQPLFRUD]yQSDUDKDFHUHVWHPDWHULDOTXHKR\VHKDUHDOL]DGR£*ORULDD'LRV
0LHVSHUDQ]DHVTXHXVWHGFRPRPDHVWURSXHGDXVDUHVWHPDWHULDOSDUDHQVHxDUDORV
QLxRVTXHOHURGHDQODLPSRUWDQFLDGHWHQHUYHUGDGHUDPHQWHODDUPDGXUDSXHVWDSRUTXH£KD\
XQDEDWDOODHVSLULWXDODOUHGHGRUGHQRVRWURVFDGDGtD
4XH'LRVOHV%HQGLJD
.ULVWLQD.UDXVV
0LQLVWHULR3UR9LVLyQ
/D5RVLWD+XDWDEDPSR
6RQ0H[LFR
NULVWL#SURYLVPH[FRP
%,(19(1,'2
$%25'2
(QHVWHPRPHQWRWHGDPRVGHDOWDFRPRFDSLWiQGHOHMHUFLWRGH'LRV
FRQODUHVSRQVDELOLGDGGHFRPSDUWLUODLPSRUWDQFLDGHOD$UPDGXUD
GH'LRVDORVPiVSHTXHxRVVROGDGRV
1ØOHBOT
F
UPEB
"SNBMBEVS
B
EF
/HFFLyQ
%JPT
/XFKDFRQWUD
'HFLVLyQ
(OPDWHULDOFRQWLHQHHOOLEURGHOPDHVWURHOOLEURGHODOXPQRHO
OLEURGH+HFKRVSDUDFDGDXQRGHHOORV\GLVWLQWLYRV\XQMXHJRGH
SRVWHUVSDUDGHFRUDUHOFXDUWHO
(OSURSyVLWRHVTXHPLHQWUDVFRQRFHQOD$UPDGXUDGH'LRVOHDQ
HOOLEURGHORV+HFKRVSRUTXHDOOtHQFRQWUDUiQFyPRORVDSyVWROHV
XVDURQODDUPDGXUDHQVXYLGDGLDULD&DGDOHFFLyQGHDSOLFDFLyQHV
WRPDGDGHOOLEURGHORV+HFKRV
7LQLHEODV
³'HFLGROXFK
DUFRQWUDHOG
LDEORQRFRQWU
ODVSHUVRQDVT
D
XH
VHDQFULVWLDQR HVWiQDOUHGHGRUGHPt\
D
VRQR´
/XFKDFRQWUD
WLQLHEODV
ILUPD
-MFWBOE
PBMPT
)FDIP
T
MB
"SN BEV
3DEOR\6LOD
SB
VHQOD&iUFH
+HFKRV
O
‰0HPRUL]DU
13&1"3"
56
&41"%"
-B
1"-"#3"%&
%*04
‰7$5($
3RUTXHQXHV
WUDOXFKDQR
HVFRQWUDVHU
KXPDQRVVLQR
HV
FRQWUDSRGH
UHVFRQWUD
DXWRULGDGHV
FRQWUDSRWHV
GDGHVTXH
GRPLQDQHVWH
PXQGRGHWLQ
LHE
IXHU]DVHVSLU
LWXDOHVPDOLJQ ODVFRQWUD
DV
UHJLRQHVFHOH
VWLDOHV´(IHV HQODV
LRV
/HHU+HFK
F
'LRV(MHU
FL
26 `2VF%JPTMF#FOEJHBFOTV
QSFQBSBDJØOQBSBMB#BUBMMB
+(&+26
&GFTJPT
$BM[BEPEFM
&WBOHFMJPEF
MB1B[
³3RUTXHQXHVWUDOXFKDQRHVFRQWUD
VHUHVKXPDQRVVLQRFRQWUDSRGHUHV
FRQWUDDXWRULGDGHVFRQWUDSRWHVWDGHV
TXHGRPLQDQHVWHPXQGRGHWLQLHEODV
FRQWUDIXHU]DVHVSLULWXDOHVPDOLJQDV
HQODVUHJLRQHVFHOHVWLDOHV´
VGH'LRV (MHU
R
'L
&TDVEPEFMB'F
$JOUVSØO
EFMB7FSEBE
5HJLPLHQWR
%ULJDGDBBBBBBBBBBBBBBB
GH'LRV(MH
U
$PSB[BEF+VTUJDJB
GH'LRV(MH
FLWR
WR
UFL
$BTDPEFMB4BMWBDJØO
$BTDPEFMB4BMWBDJØO
H'LRV(MHUFLWR
&TQBEBEFM&TQÓSJUV
' L RV
RGH (MHUFLW
FLW
RG
1ØOHBOTF
UPEBMB
"SNBEVSB
EF
%JPT
$
MH
'LRV( UFLWRGH
GH /$ $ 50 $' 85
'L R
RGH V (MHU
FLW
H'LRV (MHU
F
WRG
'LRV(MH
U
// (9 $1 '2 $ /
(QFDGDFODVHKD\GRVOHFFLRQHVXQDGHHVWXGLRGHODDUPDGXUDGH'LRV
GRQGHORVQLxRVGHFLGHQ\¿UPDQSDUDSRQHUVHODDUPDGXUD$GHPiV
RWUDHQVHxDQ]DGRQGHXVWHGFRPSDUWHODDSOLFDFLyQEtEOLFD'HVSXpV
XVWHGFRPRPDHVWURSXHGHOOHQDUVXFODVHFRQORVGLIHUHQWHVMXHJRVTXH
VHHQFXHQWUDQHQHOPDWHULDOWHUPLQDQGRFDGDFODVHFRQODHQWUHJDGH
GLVWLQWLYRVVHJ~QVHORKD\DQJDQDGR
GH'LRV(MHU
GH
LWR
UF
FLWR
'LRV(MH
GH
LWR
GH
LWR
RV
&XDUWHO
*HQHUDO
13&1"3"56
&41"%"
-B
1"-"#3"%*04
%&
(IHVLRV
13&1"3"56&41"%"
³3RU~OWLPRIRUWDOp]FDQVHFRQHOJUDQ
SRGHUGHO6HxRU3yQJDQVHWRGDOD
DUPDGXUDGH'LRVSDUDTXHSXHGDQKDFHU
IUHQWHDODVDUWLPDxDVGHOGLDEOR3RUTXH
QXHVWUDOXFKDQRHVFRQWUDVHUHVKXPDQRV
VLQRFRQWUDSRGHUHVFRQWUDDXWRULGDGHV
FRQWUDSRWHVGDGHVTXHGRPLQDQHVWH
PXQGRGHWLQLHEODVFRQWUDIXHU]DV
HVSLULWXDOHVPDOLJQDVHQODVUHJLRQHV
FHOHVWLDOHV3RUORWDQWRSyQJDVHWRGDOD
DUPDGXUDGH'LRVSDUDTXHFXDQGROOHJXH
HOGtDPDORSXHGHQUHVLVWLUKDVWDHO¿QFRQ
¿UPH]D0DQWpQJDQVH¿UPHVFHxLGRV
FRQHOFLQWXUyQGHODYHUGDGSURWHJLGRV
SRUODFRUD]DGHMXVWLFLD\FDO]DGRVFRQ
ODGLVSRVLFLyQGHSURFODPDUHOHYDQJHOLR
GHODSD]$GHPiVGHWRGRHVWRWRPHQ
HOHVFXGRGHODIHFRQHOFXDOSXHGHQ
DSDJDUWRGDVODVÀHFKDVHQFHQGLGDVGHO
PDOLJQR7RPHQHOFDVFRGHODVDOYDFLyQ
\ODHVSDGDGHO(VStULWXTXHHVODSDODEUD
GH'LRV2UHQHQHO(VStULWXHQWRGR
PRPHQWRFRQSHWLFLRQHV\UXHJRV
0DQWpQJDQVHDOHUWD\SHUVHYHUDQHQ
RUDFLyQSRUWRGRVORVVDQWRV´
-B
%&
1"-"#3"%*04
MB
"SNBEVSB
-FDDJØO
³'HFLGRVHU¿UPHHQHO6HxRU\
SRQHUPHWRGDODDUPDGXUDGH'LRV´
$UPDGXUD
GH'LRV
'DUGH$OWDDORV6ROGDGRV
(IHVLRV
-FDDJØO
/XFKDFRQWUD
WLQLHEODV
³'HFLGROXFKDUFRQWUDHOGLDEORQR
FRQWUDODVSHUVRQDVTXHHVWiQDOUHGHGRU
GHPt\DVHDQFULVWLDQRVRQR´
3DEOR\6LODVHQOD&iUFHO
+HFKRV
7FSTÓDVMP
3RU~OWLPRIRUWDOp]FDQVH
FRQHOJUDQSRGHUGHO6HxRU
3yQJDQVHWRGDODDUPDGXUDGH
'LRVSDUDTXHSXHGDQKDFHU
IUHQWHDODVDUWLPDxDVGHO
GLDEOR´(IHVLRV
7FSTÓDVMP
3RUTXHQXHVWUDOXFKDQRHV
FRQWUDVHUHVKXPDQRVVLQRFRQWUD
SRGHUHVFRQWUDDXWRULGDGHVFRQ
WUDSRWHVGDGHVTXHGRPLQDQHVWH
PXQGRGHWLQLHEODVFRQWUDIXHU]DV
HVSLULWXDOHVPDOLJQDVHQODVUHJLR
QHVFHOHVWLDOHV´(IHVLRV
-FDDJØO
(VWpQ
)LUPHV
³'HFLGRHVWDU¿UPH´
0XHUWHGH(VWHEDQ
+HFKRV
7FSTÓDVMP
3RUORWDQWRSyQJDVHWRGD
ODDUPDGXUDGH'LRVSDUD
TXHFXDQGROOHJXHHOGtD
PDORSXHGHQUHVLVWLUKDVWD
HOILQFRQILUPH]D´(IHVLRV
-FDDJØO
³'HFLGRYLYLUXQDYLGDFRQKRQHVWLGDG´
&LQWXURQ
GHOD
9HUGDG
$QDQtDV\6D¿UD
+HFKRV
7FSTÓDVMP
0DQWpQJDQVHILUPHV
FHxLGRVFRQHOFLQWXUyQGH
ODYHUGDG´
(IHVLRVD
-FDDJØO
&RUD]D
GH
-XVWLFLD
³'HFLGRYLYLUXQDYLGDUHFWDVLHPSUH
KDFLHQGRORTXHHVEXHQR´
&RUQHOLR
+HFKRV
7FSTÓDVMP
3URWHJLGRVSRUODFRUD]D
GHMXVWLFLD´
(IHVLRVE
%JPT
EF
-FDDJØO
³'HFLGRWHQHUVLHPSUHXQDUHODFLyQ
&DO]DGR
FRQOD
3D]
EXHQDFRQ'LRVSDUDHVWDUOLVWR\VHUYLUOH
HQFXDOTXLHUPRPHQWR´
)HOLSH\HO(WtRSH
+HFKRV
7FSTÓDVMP
<FDO]DGRVFRQOD
GLVSRVLFLyQGHSURFODPDUHO
HYDQJHOLRGHODSD]´
(IHVLRV
-FDDJØO
³'HFLGRFUHHUORTXH'LRVPHGLFH\QR
ORTXHHOPXQGRPHGLFH´
(VFXGR
GHOD)H
3DEOR\HO1DXIUDJLR
+HFKRV
7FSTÓDVMP
$GHPiVGHWRGRHVWR
WRPHQHOHVFXGRGHODIH
FRQHOFXDOSXHGHQDSDJDU
WRGDVODVIOHFKDVHQFHQGLGDV
GHOPDOLJQR´(IHVLRV
-FDDJØO
&DVFRGHOD
6DOYDFLyQ
³'HFLGRFRQ¿DUHQHO6HxRU-HVXFULVWR
SDUDPLVDOYDFLyQ´
&RQYHUVLyQGH6DXOR
7FSTÓDVMP
7RPHQHOFDVFRGHOD
VDOYDFLyQ´
(IHVLRVD
+HFKRV
-FDDJØO
³'HFLGRVHJXLUDSUHQGLHQGRODSDODEUDGH
(VSDGD
GHO
(VStULWX
'LRVSDUDSRGHUXVDUODHQPLYLGDGLDULD
3HGURVHGLULJHDOD
0XOWLWXG
7FSTÓDVMP
<ODHVSDGDGHO(VStULWX
TXHHVODSDODEUDGH'LRV´
(IHVLRVE
+HFKRV
-FDDJØO
2UDU
VLQ
&HVDU
³'HFLGRUHFRUGDUTXHODEDWDOODHV
HVSLULWXDO\WHQJRTXHRUDUVLHPSUH´
3HGURHVFDSDGHOD&iUFHO
+HFKRV
7FSTÓDVMP
2UHQHQHO(VStULWXHQWRGR
PRPHQWRFRQSHWLFLRQHV\
UXHJRV0DQWpQJDQVHDOHUWD
\SHUVHYHUDQHQRUDFLyQSRU
WRGRVORVVDQWRV´(IHVLRV
%JTUJOUJWPT
&DGDVHPDQDVHOHSHGLUiDORVQLxRVTXHVHFRORTXHQXQRGHORVHOHPHQWRVGHODDUPDGXUDVL
HOORVHVFULELHURQVXQRPEUHOHGLMHURQ6,D'LRV\VHHVWiQSRQLHQGRODDUPDGXUDGH'LRVUHFLELUiQXQ
GLVWLQWLYRHOORVSRGUiQPDQWHQHUHVDLQVLJQLDVRORVLVHPDQWLHQHQFRQODDUPDGXUDSXHVWDXVHVXFRP
SRUWDPLHQWRHQFODVHVLHQFXHQWUDVDGRVFKLFRVSHOHDQGRDORVGRVVHOHVUHPRYHUiVXGLVWLQWLYRGHOD
VHPDQDSRUTXHVHROYLGDURQGHTXHODOXFKDQRHVFRQWUDFDUQHQLVDQJUHDVtTXHHOORVDKRUDVHWLHQHQ
TXHJDQDUGHYXHOWDHVHGLVWLQWLYRDOYROYHUVHDSRQHURWUDYH]ODDUPDGXUDGH'LRV6LGHMDQGHSHOHDU
SRUPHQRVPLQXWRVSUXHEDQTXHVXVLQWHQFLRQHVVRQEXHQDVHQWRQFHVODSRGUiQUHFREUDU6HODV
SRGUiVGDUDO¿QDOGHFODVHRDSDUWH&XDOTXLHUPHQWLUD±FKLFDRSHTXHxDEODQFDRGHRWURFRORUKDFH
TXHVHSLHUGDHOFLQWXUyQGHODYHUGDG
(VPX\LPSRUWDQWHTXHQRVHDVPX\EODQGLWRFRQHOORV\DTXHHVWRORVHVWDUiHQWUHQDQGRSDUDHO
IXWXUR(OORVUHFRUGDUiQFXDQGRFUH]FDQTXHVLPLHQWHQVHOHVTXLWDUiHOFLQWXUyQGHODYHUGDG
+D\GLVWLQWLYRVSRUORVVLJXLHQWHVORJURVDOFDQ]DGRV
9$VLVWHQFLDGHFDGDFODVH
$UPDGXUD
GH'LRV
9$OPHPRUL]DUODPLWDGGHORVYHUVRVWHUPLQDQGROHFFLyQ
HIHVLRV
9$OOHHUODPLWDGGH+HFKRV
KHFKRV
9$OWHUPLQDUGHPHPRUL]DUORVYHUVRVWHUPLQDQGROHFFLyQ
HIHVLRV
9$OWHUPLQDUGHOHHUORV+HFKRV
KHFKRV
9<HOGHIHOLFLGDGHVDOWHUPLQDU
ELHQ
KHFKR
MB
"SNBEVSB
.BFTUSP
SDUD
HO
/HFFLyQ
,QWURGXFFLyQDOD$UPDGXUD
'DUGH$OWDDORV6ROGDGRV
7~FRPR&ULVWLDQRHUHVXQDSHUVRQDGpELOR
IXHUWH(O'LDEORWLHQHHVWUDWHJLDVFRQWUDWL«
3RUORWDQWRQHFHVLWDPRVSRQHUQRVWRGDOD
DUPDGXUDGH'LRVSDUDDVtSRGHUYHQFHU
0DHVWURVKD\SXQWRVPX\LPSRUWDQWHVHQHVWD
SULPHUDOHFFLyQ
1RVRWURVHVFRJHPRVVHUIXHUWHVRVHU
GpELOHV£HVXQDRSFLyQ1RVRWURVGHFLGLPRVVL
TXHUHPRVVHUIXHUWHVHQeO\HQVXSRGHU
1HFHVLWDPRVDFWXDUSRQLpQGRQRVODDUPDGXUD
GH'LRV1RHVDOJRDXWRPiWLFRTXHYLHQHFRQHO
VRORKHFKRGHDFHSWDUD&ULVWR
(O'LDEORHVWDOLVWRKDFLHQGRVXHVTXHPD
FRQWUDWLQRHVXQFXHQWHFLWRGHPLHGR
VRODPHQWH-XDQ
3XHGHVHUTXHWHPDQWHQJDVRSXHGHVHU
TXHQRSXHGDVWRGRGHSHQGHUiGHODIRUWDOH]D
HVSLULWXDOTXHWHQJDV/RV&ULVWLDQRVWDPELpQ
FDHQ&DHQHQHOSHFDGRRFDHQDOEXUODUVHGH
RWURV&ULVWLDQRVTXHKDQSHFDGR«+D\PXFKDV
PDQHUDVHQODTXHVHSXHGHSHUGHUODEDWDOOD
FRQWUDHO'LDEOR\VXVHVTXHPDV1RHVXQ
FKLVWHpOHVWDDOOtSDUDDUUXLQDUYLGDV\ORORJUD
FRQPXFKRVFULVWLDQRV
(QODSULPHUDOHFFLyQTXHUHPRVSUHVHQWDUWHHO
FRQFHSWRSULQFLSDO³(VWDPRVHQJXHUUD±\HVHO
FDUiFWHUSLDGRVRQRODIXHU]DEUXWDHOTXHJDQD
ODEDWDOOD´
(OSXQWRHQODSULPHUDOHFFLyQHVD\XGDUDORV
QLxRVDYHUHVWRVFXDWURSXQWRVSULQFLSDOHV
TXHSXHGDQFUHHUORV\ORPiVLPSRUWDQWHHVTXH
OHVD\XGHDKDFHUXQDGHFLVLyQ0XFKDVYHFHV
VHHQFXHQWUDQHQHOSHFDGRSRUTXHDXQQRKDQ
GHFLGLGRHOTXHUHUKDFHUORFRUUHFWR(VWDV
VHPDQDVSXHGHQVHUPX\LPSRUWDQWHVSDUDFDGD
QLxRVLHOORVVHGHFLGHQDKDFHUORTXHHVFRUUHFWR
HQVXYLGD(VWRVLJQL¿FDTXHHOORVUHDOPHQWH
FRPSUHQGHUiQORTXHHVWiHQMXHJR\ORTXHOHV
FRVWDUDVLQRKDFHQOREXHQR&255(&72
(QODSiJLQDVLJXLHQWHVHSXHGHHQFRQWUDUXQD
IRUPDGHGLULJLUDORVQLxRVDKDFHUHVWDGHFLVLyQ
0DHVWURVVXPHWDHVTXHFDGDQLxRHQODFODVH
¿UPHVXKRMDVLKD\DOJ~QRVQLxRVTXHQRTXLHUDQ
¿UPDUXQRGHORVPDHVWURVGHEHOOHYDUORVIXHUD
GHOVDOyQ\SUHJXQWDUOHVSRUTXHQRGHVHDQ¿UPDU
4XL]iV\DWLHQHHOGRORUGHOSHFDGRHQVXFRUD]yQ
HQWRQFHVHOPDHVWUROHD\XGDUDDRUDUSDUDTXLWDU
HVDÀHFKDTXHOHVFDXVDGRORU
6LODPLWDGRPiVQR¿UPDURQHQWRQFHVKD\TXH
PDQWHQHUORVMXQWRVHQHOVDOyQ\HPSH]DUGHQXHYR
KDVWDORJUDUFRQFLHQFLDGHHVWDGHFLVLyQ3LGHTXH
ORVQLxRVRUHQFRQWLJRRUDHQYR]DOWDSLGLpQGROHD
'LRVTXHKDEOHDORVQLxRV\TXHWHD\XGHDWLSDUD
TXHSXHGDVFRPXQLFDUOHVODLPSRUWDQFLDGHHVWD
GHFLVLyQ
6LGHVSXpVXQRRGRVQRTXLHUHQ¿UPDUFRQWLQXD
FRQODFODVH$XQWHTXHGDQVHPDQDVGRQGH'LRV
OHVSXHGHKDEODU\FDPELDUVXFRUD]yQ1RGHMHV
TXHHVWRVQLxRVWHUREHQODDWHQFLyQWXHUHVHO
PDHVWUR
SDUD
HO
.BFTUSP
5HYROXFLyQ
0DWHULDOHV
+RMDVGHSDSHOSOXPDJORERV\
P~VLFDRSFLRQDO
/RTXHVLJXHHVXQDIRUPDGHGLULJLUDORVQLxRVDKDFHUODGHFLVLyQ
³1LxRVDKRUDTXLHURTXHFDGDXQRGHXVWHGHVFLHUUHVXVRMRVKR\
YDQDHVFRJHUVLTXLHUHQVHUIXHUWHVHQHO6HxRURTXLHUHQVHUGpELOHV
3UHSDUDFLyQ
(VFULEDORVWtWXORVGHODV
OHFFLRQHVVLJXLHQWHVHQKRMDVGH
SDSHO,QÀHORVJORERVSRQLHQGR
XQDKRMDFRQODOHFFLyQDGHQWUR
GHFDGDJORERDQWHVGHFHUUDUOR
1ØOHBOTF
UPEBMB
"SNBEVSB
EF
/HFFLyQ
%JPT
'LULJLHQGRHO-XHJR
/RVQLxRVIRUPDQXQFtUFXOR
\SDVDQJORERDOUHGHGRUGHO
FtUFXORHOSULPHUQLxROR
SDVDSRUDUULEDGHODFDEH]DHO
VHJXQGRORSDVDHQWUHVXVSLHUQDV
HWFKDVWDTXHHOPDHVWURJULWH
RVLOYH2SFLyQ3RQP~VLFD
GHQLxRVPLHQWUDVTXHSDVDQHO
JORER
(OQLxRTXHWLHQHHOJORER
FXDQGRHOPDHVWURJULWDVHPXHYH
DOFHQWUR\H[SORWDHOJORERFRQ
XQSLH'HVSXpVHOQLxRVDFDHO
SDSHO\OROHHDORVGHPiVQLxRV
6LJXHQMXJDQGRKDVWDTXH
WHUPLQDQFRQWRGRVORVJORERV
'DUGH$OWD
'HFLVLyQ
³'HFLGRVHUXQVROGDGRGH'LRV\SRQHUPH
WRGDODDUPDGXUD´
$UPDGXUD
GH'LRV
ILUPD
%XVFDODVSDODEUDVVLJXLHQWHVHQODVRSDGHOHWUD
2SFLRQHV
6LWLHQHPXFKRVQLxRVVH
SXHGHQIRUPDUYDULRVFtUFXORVR
SDVDUPiVGHXQJORERDODYH]
-XQWRFRQODVKRMLWDVGH
ORVWtWXORVWDPELpQ
VHSXHGHQ
SRQHUGXOFHV
RGLIHUHQWHV
LQVWUXFFLRQHV
HQORVJORERV
FRPRSRU
HMHPSORFRUUH
DOUHGHGRUGH
ODLJOHVLDXQD
YH]HWF
)XHUWH'HELO$UPDGXUD
'LRV*XHUUD(VSLULWXDO
13&1"3"56
&41"%"
-B
1"-"#3"%*04
%&
‰7$5($
‰0HPRUL]DU
3RU~OWLPRIRUWDOp]FDQVHFRQHOJUDQ
SRGHUGHO6HxRU3yQJDQVHWRGDOD
DUPDGXUDGH'LRVSDUDTXHSXHGDQKDFHU
IUHQWHDODVDUWLPDxDVGHOGLDEOR´
(IHVLRV
/HHU+HFKRV
(O'LDEORTXLHUHGHVWUXLUORV\KDFHUORVFDHUGXUDQWHVHVWDVVHPDQDVYDPRVDDSUHQGHUDFyPRSRQHUQRVOD
DUPDGXUDGH'LRV+R\W~YDVDGHFLGLUWHVLWHODTXLHUHVSRQHU1RHVXQFKLVWHPXFKRVFULVWLDQRV\DKDQFDtGR
\RWLHQHQXQGRORUPX\JUDQGHHQVXFRUD]yQSHURHOORVQRKDQDSUHQGLGRORTXHW~YDVDDSUHQGHUHQHVWDV
VHPDQDV4XLHURTXHGHFLGDVVLTXLHUHVVHUIXHUWHHQHOSRGHUGHO6HxRU(VWDPRVHQJXHUUD8QFDUiFWHUVDQWR
SLDGRVRGH'LRV\QRODIXHU]DKXPDQDEUXWDVHUiHOTXHJDQHODEDWDOOD¢4XLHUHVJDQDU"6LGLFHVTXHVL
HQWRQFHVYDVDWRPDUXQOiSL]\YDVDSRQHUWXQRPEUHHQODOtQHD\VLHPSUHWUDHUWXDUPDGXUDSXHVWD(VWRHVHQWUH
W~\'LRVDGHODQWHYH\HVFULEHWXQRPEUH´
)
8
(
'
,
2
6
5
$
*
)
8 '
(
'
(
%
,
5
8
8
'
,
%
$
5
0
$
0
(
(
6
3
,
5
,
7
8
$
/
5
'
,
/
)
8
(
5
'
'
7
(
6
3
,
5
,
7
8
,
(
5
(
*
*
8
(
5
5
$
(
6
3
,
5
,
7
%
$
6
4PMEBEPT
8QHORVSXQWRV
/PMFT
JNQPSUB
MPRVF
UVTBCFT
IBTUB
RVF
TBCFO
RVF
UVMFT
DVJEBT
SDUD
HO
.BFTUSP
/D%DWDOOD
0DWHULDOHV
£*XDX4XHYHUVRWDQLPSRUWDQWH1ROXFKDPRVFRQWUDSHUVRQDV
VLQRFRQWUDHOGLDEOR\VXVSULQFLSDGRV$YHFHVHOGLDEORXVD
SHUVRQDVSDUDTXHQRVKLHUDQORVPDORVHQWHQGLGRV\DYHFHV
ORVSHFDGRVGHRWUDVSHUVRQDVGHWDOPDQHUDTXHWHUPLQDPRV
%RODGHHVWDPEUHFKLTXLWDSDUD
FDGDJUXSRGHQLxRV
'LULJLHQGRHO-XHJR
1XPHUDORVQLxRVSDUDIRUPDU
JUXSRVGH\VHSRQHQHQ¿ODV
'HMDQGRPXFKRHVSDFLRHQWUHXQ
JUXSR\RWUR
&RPHQWHFRQORVQLxRVTXHKD
YHFHVHOGLDEORXVDODVSHUVRQDV
SDUDDPDUUDUQRVSHURGHWRGRV
PRGRVHVHOGLDEORFRQWUDTXLHQ
HVWDPRVOXFKDQGR(QHVWHMXHJR
QRVRWURVVRPRVORVTXHQRV
DPDUUDPRVDQRVRWURVPLVPRV
SHURSDUDOLEHUDUQRVWHQHPRVTXH
TXLWDUHOHVWDPEUH\FXLGDUGHQR
SHOHDUQRVFRQORVGHPiV
'DUOHXQDERODFKLTXLWDGH
HVWDPEUHDOSULPHUQLxRGHFDGD
¿OD(OSULPHUQLxRDJDUUDOD
SXQWDGHOHVWDPEUH\SDVDODEROD
SRUOD¿ODKDVWDOOHJDUDO¿QDOHO
~OWLPRQLxRORSDVDDOUHGHGRUGH
VXHVSDOGD\ORSDVDGHUHJUHVR
KDVWDHOSULQFLSLR
'HVSXpVTXHORVHTXLSRV
WHUPLQDQVXVERODVGHHVWDPEUH
VXWUDEDMRHVHVFDSDUGHODV
WUDPSDVGHOHQHPLJR\OLEHUDUVH
GHOHVWDPEUH(OSULPHUHTXLSR
HQOLEHUDUVHJDQD
1ØOHBOTF
UPEBMB
"SNBEVSB
EF
/HFFLyQ
%JPT
/XFKDFRQWUDODV7LQLHEODV
'HFLVLyQ
³'HFLGROXFKDUFRQWUDHOGLDEORQRFRQWUD
ODVSHUVRQDVTXHHVWiQDOUHGHGRUGHPt\D
VHDQFULVWLDQRVRQR´
/XFKDFRQWUD
ODV WLQLHEODV
ILUPD
-MFWBOEPBMPT
)FDIPT
MB
"SNBEVSB
3DEOR\6LODVHQOD&iUFHO
+HFKRV
2SFLyQ
3XHGHGDUXQSUHPLRRXQDSODXVR
DOJUXSRTXHVHOLEHUHVLQSHOHDU
HQWUHVtPLVPRV
13&1"3"56
&41"%"
-B
1"-"#3"%*04
%&
‰0HPRUL]DU
3RUTXHQXHVWUDOXFKDQRHVFRQWUDVHUHV
KXPDQRVVLQRFRQWUDSRGHUHVFRQWUD
DXWRULGDGHVFRQWUDSRWHVGDGHVTXH
GRPLQDQHVWHPXQGRGHWLQLHEODVFRQWUD
IXHU]DVHVSLULWXDOHVPDOLJQDVHQODV
UHJLRQHVFHOHVWLDOHV´(IHVLRV
‰7$5($ /HHU+HFKRV
TXHULHQGROXFKDUFRQWUDHOORVHQOXJDUGHOXFKDUFRQWUDHO
GLDEORHVRHVFDHUHQODWUDPSDGH6DWDQiV'LRVDPDDWRGRV
ODVSHUVRQDVVRQKXPDQDV\FRPHWHQHUURUHVQRVRWURVPLVPRV
FRPHWHPRVHUURUHV(QRFDVLRQHVHO'LDEORWXHUFHODVSDODEUDVGH
ODJHQWHSDUDTXHQRVHQRMHPRVSRUDOJRTXHHOORVQXQFDGLMHURQ
'LRVORVDPD\DVtORGHEHUtDPRVKDFHUQRVRWURV£1HFHVLWDPRV
DVHJXUDUQRVGHSHOHDUFRQHO'LDEORHQOXJDUGHHVWDUSHOHDQGR
FRQODJHQWH
'HVFLIUDUODVSDODEUDVSDUDHQWHQGHUHOPHQVDMH
5HFHQHOH5RxHV
&UHHHQHO6HxRU
-XVVHVDLXW\XW
-HV~VDVtW~\WX
PD¿DOLUHQVDYDVORV
IDPLOLDVHUiQVDOYRV
4PMEBEPT %XVFDODOHWUDTXHFRUUHVSRQGHDO
GLEXMR\SRQODVHQRUGHQ
7,(1(148(
&212&(5
$/(1(0,*2
H
'HVGOD
%LEOLD
3DEOR\6LODVHQODFiUFHO
+HFKRV
(VWDKLVWRULDWLHQHSXQWRVP~OWLSOHV
3ULPHURHOORVVHHQFRQWUDURQVLHQGR
EXVFDGRV\DFRVDGRVSRUXQDPXMHU
SRVHtGDSRUXQGHPRQLR(QOXJDU
GHOODPDUDODSROLFtDRUHQGLUVHDOD
PXMHUHOORVWUDWDURQFRQHOSUREOHPD
UHDOHQHOWHUUHQRHVSLULWXDO(OORV
UHSUHQGLHURQDOHVStULWX\ORHFKDURQ
IXHUD(QOXJDUGHYHUODVFRVDVHQ
ODIRUPDTXHHOPXQGRODVYHHOORV
YLHURQTXHVXVEDWDOODVQRHUDQ
FRQWUDFDUQHQLVDQJUH'HELGRDVXV
DFFLRQHVHOORVDKRUDVRQWRUWXUDGRV
\SXHVWRVHQSULVLyQ'HQXHYR
HOORVUHFRQRFLHURQTXHVXVOXFKDV
QRHUDQFRQWUDFDUQHQLVDQJUH\
QRVHHQFRQWUDEDQGHVDQLPDGRV
SRUODIRUPDHQTXHHOPXQGRORV
WUDWDED(OORVFRQ¿DEDQHQ'LRV
\IXHURQFDSDFHVGHDGRUDUOH\
FDQWDUD~QHVWDQGRHQODSULVLyQ(O
PLODJURSDVy±XQYLROHQWRWHUUHPRWR
VDFXGLyODSULVLyQ\ORVKL]ROLEUHV
(OJXDUGLDVHSXVRQHUYLRVR\D
TXHSHUGHUtDVXVSULVLRQHURVH
LQWHQWyPDWDUVHDVtPLVPR3DEOR
ORGHWXYR'HQXHYRUHFRQRFLyTXH
VXVEDWDOODVQRHUDQFRQWUDHOJXDUGLD
TXHORKDEtDWUDWDGRWDQPDO$~Q\
FXDQGRHOJXDUGLDIXHFUXHO3DEOR
VDEtDTXHVXYHUGDGHURHQHPLJRHUD
HOGLDEOR3RUODPLVHULFRUGLDTXH
PRVWUyDOJXDUGLDpVWHIXHVDOYRQR
VyORHOJXDUGLDVLQRWRGDVXIDPLOLD
3DEOR\6LODVSXGLHURQKDEHUVLGR
DSODVWDGRVSRUODPXMHUKXELHUDQ
SRGLGRHVWDUDPDUJDGRVSRUHO
JRELHUQR\SHUPLWLGRTXHHO
FDUFHOHURVHPDWDUDGHMDQGRDVX
HVSRVDYLXGD\DVXVKLMRVKXpUIDQRV
(QOXJDUGHHVRHOORVOLEHUDURQD
ODPXMHU\HOFDUFHOHUR\WRGDVX
IDPLOLDIXHURQVDOYRV7DPELpQ
3DEOR\6LODVWXYLHURQSD]D
PHGLGDTXHFRQ¿DURQHQ'LRVFDGD
PRPHQWR\VHDVHJXUDURQGHSHOHDU
VXVEDWDOODVFRQWUDORVSULQFLSDGRV
GHHVWHPXQGR\QRFRQWUDFDUQH\
VDQJUH
SDUD
HO
(MHUFLWR
.BFTUSP
0DWHULDOHV
&RQODDUPDGXUDSXHVWDQRVRWURVSRGHPRVUHVLVWLUFRQWRGDV
QXHVWUDVIXHU]DVKDVWDHO¿QDO
(QHVWDOHFFLyQQHFHVLWDPRVHQIDWL]DUTXHQRLPSRUWDORTXH
3HORWDPDVNLQJWDSHRFDO
3UHSDUDFLyQ
0DUFDODVSRVLFLRQHVGHORV
MXJDGRUHVHQVXSLVRRWHUUHQR
'LULJLHQGRHO-XHJR
'LYLGDVXFODVHHQGRVJUXSRV
HQHOFDVRTXHWHQJDPDVGH
QLxRVOHVXJHULPRVTXHMXHJXHQ
SRUWXUQRVQRPiVGHSRUFDGD
HTXLSR
/RVMXJDGRUHVVHSRVLFLRQDQ
HQODVPDUFDVTXHSUHYLDPHQWH
SXVRHQHOSLVRRHQHOWHUUHQR
TXHGDQGRVHSDUDGRVSRUORPHQRV
DXQEUD]RGHGLVWDQFLD
/DPDHVWUDOHVWLUDODSHORWD
OHQWDPHQWHORVMXJDGRUHVQR
SXHGHQPRYHUVHGHVXOXJDUVROR
SXHGHQPRYHUXQSLHDODYH]
KDVWDTXHKDJDQHOJRO
1ØOHBOTF
UPEBMB
"SNBEVSB
EF
/HFFLyQ
%JPT
&RQ)LUPH]D
'HFLVLyQ
³'HFLGRHVWDUILUPHHQHO6HxRU´
(VWpQ
)LUPHV
2SFLRQHV
6HSXHGHMXJDUDGHQWURHQ
HOSLVR\SRQHUODVPDUFDVFRQ
PDVNLQJ
/RVMXJDGRUHVSXHGHQHVWDU
VHQWDGRVHQVLOODVHQOXJDUGH
HVWDUSDUDGRV
6LVRQQLxRVGHDSXHGHQ
WHQHUXQDVRODSRUWHUtD\WLUDU
WRGRVHQXQDPLVPDGLUHFFLyQ
ILUPD
-MFWBOEPBMPT
)FDIPT
MB
"SNBEVSB
0XHUWHGH(VWHEDQ
+HFKRV
13&1"3"56
&41"%"
-B
1"-"#3"%*04
%&
‰7$5($
‰0HPRUL]DU
3RUORWDQWRSyQJDVHWRGDODDUPDGXUDGH
'LRVSDUDTXHFXDQGROOHJXHHOGtDPDOR
SXHGHQUHVLVWLUKDVWDHOILQFRQILUPH]D´
(IHVLRV
/HHU+HFKRV
QRVURGHHORVSUREOHPDVRORVDOWLEDMRVGHODYLGDGHEHPRVFRQWLQXDUUHVLVWLHQGRKDVWDHO¿QDO
+DEUiRFDVLRQHVHQODVTXHWHQGUHPRVTXHSHOHDUFRQWUDODVHVWUDWHJLDVGH6DWDQiV\HQOXJDUGHPRYHU
QRVWHQGUHPRVTXHSDUDUQRV¿UPHV\HYLWDUFDHUHQHOWHUUHQRGHOHQHPLJRSHUPDQHFLHQGR¿UPHVHQ
QXHVWUDIHVLQTXLWDUQRVODDUPDGXUD
i$POMBBSNBEVSBQVFTUBOPTPUSPTQPEFNPT
SFTJTUJSDPOUPEBTOVFTUSBTGVFS[BTIBTUBFMGJOBMw
/DEHULQWR
%XVFDODVDOLGD
H
'HVGOD
%LEOLD
(VWHEDQ
+HFKRV
'LRVTXLHUHTXHUHVLVWDPRVDO
GLDEORKDVWDHO¿QFRQ¿UPH]D
\WHQHPRVXQEXHQHMHPSORHQ
(VWHEDQ(VWHEDQHUDXQKRPEUH
GH'LRVUHFWR\TXHKDFtD
PXFKRVPLODJURV/DJHQWHGHO
PXQGRQRTXLVRGHMDUOHSUHGLFDU
SHURpOVLHPSUHOHVJDQyHQ
VDELGXUtD/DJHQWHOHWHQGLyXQD
WUDPSDDVtFRPRHOGLDEORTXLHUH
DWUDSDUQRVHQHOSHFDGRSHUR
'LRVTXLHUHTXHUHVLVWDPRVQR
LPSRUWDQGRORTXHRWURVKDJDQ
3XHGHQEXUODUVHGHQRVRWURV
SUREDUQRVKDFHUQRVVHQWLU
PHQRVSHUR'LRVQRVYDDGDUOD
JUDFLDSDUDUHVLVWLU
4PMEBEPT
'HDOWDLPSRUWDQFLD
),50(=$(1
),50(=$(1
/$%$7$//$
/$%$7$//$
i&MEJBCMP
RVJFSF
BUSBQBSOPT
FOFM
QFDBEP
QFSP%JPT
RVJFSFRVF
SFTJTUBNPTw
$ % & ' ( )*+ , - . / 0 1 2 3 4 5 6 7 8 9 : ; < =
$%&'()*+,-./0123456789:;<=
SDUD
HO
+RQRU
.BFTUSP
0DWHULDOHV
6LOEDWR
³9HUGDG´VLJQL¿FDQRPHQWLU\QRGDUIDOVRWHVWLPRQLRQR
SUHWHQGHUVHUDOJXLHQTXHQRVHHV&DGDYH]TXHVRPRV
KRQHVWRV\GHFLPRVODYHUGDGQRVHVWDPRVSRQLHQGRHOFLQWXUyQ
'LULJLHQGRHO-XHJR
/RVQLxRVVHSRQHQSDUDGRVHQ
XQD¿ODYROWHDGRVKDFLDHOIU
HQWH'HMDQGRXQDGLVWDQFLD
HQWUHHOPDHVWUR\ORVQLxRVGH
SRUORPHQRVPHWURV(O
PDHVWURVHSRQHDORWURODGR\
JULWD³FRUUH´/RVQLxRVFRUUHQ
KDFLDHOPDHVWUR(OPDHVWURJULWD
³&RQJHODGRV´\ORVQLxRVWLHQHQ
TXHSDUDUVHHQIRUPDFRQJHODGRV
*ULWD³GDUYXHOWD´\ORVQLxRV
WLHQHQTXHGDUYXHOWDGHVSXpV
³FRUUH´\WLHQHQTXHFRUUHUHQOD
RWUDGLUHFFLyQ6LJXHJULWDQGR
GLIHUHQWHVFRVDVGHVSDFLREULQ
FDQGRHWF&XDQGRHOSULPHU
QLxRDOFDQFHDOPDHVWUROOHJXHD
VHUHODQXQFLDGRU\SXHGHHPSH
]DUGHQXHYR
1ØOHBOTF
UPEBMB
"SNBEVSB
EF
/HFFLyQ
%JPT
&LQWXUyQGHOD9HUGDG
'HFLVLyQ
³'HFLGRYLYLUXQDYLGDFRQKRQHVWLGDG´
2SFLRQHV
6LOYDDQWHVGHGHFLUXQDLQ
VWUXFFLyQSDUDTXHORVQLxRV
HVFXFKHQORTXHVLJXHSDUDTXH
QRWHQJDQTXHJULWDUWDQIXHUWH
6LQRWLHQHPXFKRHVSDFLRORV
QLxRVSXHGHQFDPLQDUHQYH]GH
FRUUHU
&LQWXUyQ
GHOD
9HUGDG
ILUPD
-MFWBOEPBMPT
)FDIPT
MB
"SNBEVSB
$QDQtDV\6D¿UD
+HFKRV
13&1"3"56
&41"%"
-B
1"-"#3"%*04
%&
‰7$5($
‰0HPRUL]DU
0DQWpQJDQVHILUPHVFHxLGRVFRQHO
FLQWXUyQGHODYHUGDG´
(IHVLRVD
/HHU+HFKRV
(OFLQWXUyQHVXQDSLH]DPX\LPSRUWDQWHGHOHTXLSRTXHD\XGDDTXHODVRWUDVSLH]DVGHODDUPDGXUDVH
PDQWHQJDQ\HYLWDTXHpVWDVSXHGDQFDHU(OFLQWRD\XGDDPDQWHQHUODVMXQWDV$VtWDPELpQODKRQHVWLGDG
QRVD\XGDHQQXHVWUDYLGDHVSLULWXDODPDQWHQHUQRV¿UPHVHQ&ULVWR'HEHPRVYLYLUKRQHVWDPHQWHDQWH
'LRV\ORVKRPEUHVSDUDTXHSRGDPRVWHQHUVLHPSUHODDUPDGXUDSXHVWD
i%JPTOPQBTFEFEFTBQFSDJCJEBTMBTNFOUJSBTw
2
2
7
6
(
1
2
+
6
6
7
5
1
'
0
2
2
0
+
(
(
1
8
(
$
5
,
7
1
(
(
6
0
7
0
'
$
'
,
5
5
'
)
,
1
2
5
8
7
1
,
&
(
1
5
,
(
(
$
,
)
)
(
1
,
&
6
9
'
5
(
9
7
1
,
&
9HUGDG0HQWLUD+RQHVWR
&LQWXURQ)LUPHV
(QFXHQWUDODV3DODEUDV
&
H
'HVG OD
4PMEBEPT
7DFKDORVPHGLRVGHWUDQVSRUWH
4JFNQSFDBSSPCJDJDMFUB
UFOTVCNBSJOPDVJEBEP
DBNJØODPOMPBWJØORVF
BVUPCÞTEJDFT
%LEOLD
$QDQtDV\6D¿UD
+HFKRV
(OSXQWRGHHVWDKLVWRULDQR
HVDVXVWDUDORVQLxRVVLQR
PRVWUDUOHVTXpWDQLPSRUWDQWH
HVGHFLUODYHUGDG'LRVQR
SDVHGHGHVDSHUFLELGDVODV
PHQWLUDV(OSXQWRSULQFLSDO
GHHVWDKLVWRULDHVTXHHOORV
FDPELDURQODYHUGDG\DTXH
6,YHQGLHURQXQDWLHUUD6,
WUDMHURQGLQHURFRPRXQD
GRQDFLyQ\6,HOGLQHUR
TXHWUDMHURQHUDGHODWLHUUD
(O~QLFRSUREOHPDHUDTXH
HOORVWHQtDQPiVGLQHURGHO
TXHWUDMHURQFRPRGRQDFLyQ
(OORVPLQWLHURQGLFLHQGR
TXHODKDEtDQYHQGLGRHQ
FLHUWDFDQWLGDGGHGLQHUR\
HVFRQGLHURQXQSRFRGHGLQHUR
H[WUDSDUDHOORV(VWDHVXQD
VLWXDFLyQGRQGHODPHQWLUDHV
GLItFLOGHYHUSRUTXHODPD\RU
SDUWHGHHVWDHVFLHUWR/RV
DGXOWRV\ORVQLxRVVRQLJXDOHV
DOGHFLUPHQWLUDV\DTXHOD
PD\RUSDUWHGHORVTXHGHFLPRV
HVYHUGDG³VyOROHSRQHPRV
XQSRTXLWR´R³QRFRQWDPRV
WRGDODKLVWRULD´(VWDKLVWRULD
QRVPXHVWUDTXHD'LRVOH
LPSRUWDTXHGLJDPRVWRGDOD
YHUGDG'LRVYHWRGR\VtHOQR
GHFLUODYHUGDGHVXQSHFDGR
SDUD
HO
/DV$UPDV
.BFTUSP
0DWHULDOHV
&LQWDPDVNLQJXQYDVRGHVHFK
DEOHFDGDQLxRSHORWDV
/DFRUD]DGH-XVWLFLDFXEUHQXHVWURFRUD]yQHQODEDWDOOD-XVWLFLD
HVPRVWUDUHOFDUiFWHUGH'LRVSLDGRVR±KDFHUORTXHHV
FRUUHFWREXHQR\¿HO/DDFFLyQGHKDFHUFRQWLQXDPHQWHORTXH
HVEXHQRDQWHORVRMRVGH'LRVHVORTXHQRVSRQHODFRUD]DGH
3UHSDUDFLyQ
'LYLGDHOWHUUHQRGHMXHJRFRQ
XQDOtQHDGHFDORFLQWD
'LULJLHQGRHO-XHJR
'LYLGDVXFODVHHQGRVJUX
SRV\VHFRORFDQDORVODGRVGH
ODOtQHDVHOHGDXQYDVRDFDGD
QLxR<HOORVHVFRJHQGRQGH
SRQHUVXYDVRDOODGRVX\R1R
PiVTXHPHWURVGHODOtQHD
'HVSXpVORVQLxRVVHSDUDQHQWUH
ODOtQHD\VXYDVR
'HOHXQDSHORWDDXQRGH
ORVHTXLSRV8QQLxRGHDTXHO
HTXLSRODUXHGDDORWURODGRGHOD
OtQHDWUDWDQGRGHWXPEDUORVYDVRV
GHORWURHTXLSRPLHQWUDVTXHORV
RWURVQLxRVSURWHJHQVXVYDVRV
FRQVXVPDQRV\SLHV(OQLxR
TXHDJDUUDODSHORWDODWLUDSDUD
ODRWUDGLUHFFLyQ&DGDYH]TXH
VHFDHXQYDVRDTXHOQLxRWLHQH
TXHVDOLUFRQVXYDVR\HVSHUDU
6LQLQJ~QYDVRVHFDHGHVSXpV
GHXQRVPLQXWRVGHMXJDUPHWH
RWUDSHORWDSDUDTXHKD\DGRVDOD
YH]7HUPLQDHOMXHJRGHVSXpVGH
PLQXWRV\GHMHQTXHORVQLxRV
HPSLH]DQGHQXHYR
2SFLyQ
6HSXHGHXVDUPiVYDVRVTXHQL
xRVSDUDTXHORVQLxRVWLHQHQTXH
SURWHJHUPiVTXHXQYDVR
1ØOHBOTF
UPEBMB
"SNBEVSB
EF
/HFFLyQ
%JPT
&RUD]DGH-XVWLFLD
'HFLVLyQ
³'HFLGRYLYLUXQDYLGDUHFWDVLHPSUH
KDFLHQGRORTXHHVEXHQR´
&RUD]D
GH
-XVWLFLD
ILUPD
-MFWBOEPBMPT
)FDIPT
MB
"SNBEVSB
&RUQHOLR
+HFKRV
13&1"3"56
&41"%"
-B
‰0HPRUL]DU
3URWHJLGRVSRUODFRUD]DGHMXVWLFLD´
(IHVLRVE
1"-"#3"%*04
%&
‰7$5($
/HHU+HFKRV
-XVWLFLDVLQHPEDUJRQDGLHSXHGHVHUUHFWRREXHQRSRUVtPLVPRHVVyORDWUDYpVGH&ULVWRTXHSRGHPRV
YHVWLUQRVFRQHVWDFRUD]D(QWRQFHVHOSRQHUVHODFRUD]DGHODMXVWLFLDHVODVDOYDFLyQPLVPD¢6HQRV
SHUPLWLUiHQWRQFHVSHFDUVLVDEHPRVTXH'LRVQRVSHUGRQDUi"'HQLQJXQDPDQHUD5RP(VSRUHVR
TXHODFRUD]DGH-XVWLFLDWLHQHXQDGREOHDFFLyQ(QQXHVWUDVDFFLRQHVVLHPSUHGHEHPRVGDUQXHVWUR
Pi[LPRHVIXHU]RSRUKDFHUORFRUUHFWR\VLIDOODPRVSHGLUOHD'LRVSHUGyQ\PLVHULFRUGLD$XQIDOODQGR
FXDQGRQRVDFHUFDPRVD-HV~V\VXMXVWLFLD«VHJXLPRVWHQLHQGRQXHVWUDFRUD]DGHMXVWLFLDSXHVWD
'LRVQRVSLGHTXHVHDPRVVDELRV\KDJDPRVOREXHQRFXDQGRORKDFHPRVQRVHVWDPRVDVHJXUDQGRGH
SRQHUQRVODFRUD]D\SURWHJHUFRPSOHWDPHQWHQXHVWURVFRUD]RQHVPLHQWUDVHVWDPRVHQODEDWDOOD
+D\DOJRPX\LPSRUWDQWHHQODFRUD]D\HVTXHpVWDFXEUHQXHVWURVyUJDQRVYLWDOHVSHURVRORSRUHQIUHQWH
D~QFRQpVWDSXHVWDWHQHPRViUHDVHQODVTXHSRGHPRVVHUKHULGRVSXGLHUDVHUXQEUD]RRXQDSLHUQDSHUR
HVWDVKHULGDVQRVRQIDWDOHV\WRGDYtDSRGHPRVOHYDQWDUQRV\VHJXLUDGHODQWH
2WURSXQWRHVTXHQRVRWURVFRPRVROGDGRVGHEHPRVKDFHUIUHQWHDODEDWDOOD\DTXHODFRUD]DVRORSURWHJH
HOIUHQWH\QRODHVSDOGDpVWDQRQRVSURWHJHUiVLQRVYDPRV\KXLPRV/RVGDUGRVSHQHWUDUtDQQXHVWUR
FRUD]yQSRUDWUiV$VtTXHDVHJ~UDWHGHKDFHUORFRUUHFWR\DUUHSLpQWHWHLQPHGLDWDPHQWH\DTXHDOKDFHU
pVWRWHHVWiVSRQLHQGRODFRUD]DGHODMXVWLFLD
$VHJXUDWHGHHVWDUVLHPSUHHQODOXFKD\QRHQODUHWLUDGDSDUDTXHQRVHDVDWDFDGRSRUODHVSDOGD&RQXQ
FDUiFWHUSLDGRVRRVDQWRVDEHPRVTXHQRSRGHPRVVHUKHULGRVPRUWDOPHQWH
OD
/DEHULQWR
%XVFDODVDOLGD
4PMEBEPT
£8VDQGRODFODYHGHVLIUDXQPHQVDMHLPSRUWDQWH
$MBWF
(6
,03257$17(
/$
,17(*5,'$'
%LEOLD
&RUQHOLR+HFKRV
¢4XpHVWHQHUXQFDUiFWHUSLDGRVR
VDQWR"¢&yPRSRGHPRVVDEHU
VLORWHQHPRV"¢&yPRSRGHPRV
YHUORHQRWUDVSHUVRQDV"/D%LEOLD
QRVGLFHTXH&RUQHOLRHUDXQ
KRPEUHGHYRWR\WHPHURVRGH'LRV
RIUHQGDEDJHQHURVDPHQWH\RUDED
UHJXODUPHQWH/D%LEOLDGLFHTXH
WRGRVORVMXGtRVORUHVSHWDEDQ
/DVSHUVRQDVTXHWHURGHDQVDEUiQ
FXDQGRWHQJDVXQFDUiFWHUFULVWLDQR
\DTXHHVDOJRTXHVHSXHGHYHU
FODUDPHQWHFRQWLHPSR&RUQHOLR
WHQtDVX&RUD]DELHQSXHVWD¢&yPR
OHD\XGDEDODFRUD]DHQVXYLGD"
£/D6DOYDFLyQOOHJyDVXFDVD
8QDGHODVFRVDVHQODTXHOHD\XGy
IXHTXHUHFLELyODVDOYDFLyQ$XQ\
FXDQGRHQDTXHOWLHPSRHUDFRQWUDOD
OH\TXHXQMXGtRVHDVRFLDUDFRQORV
JHQWLOHVSHUVRQDVGHRWUDVQDFLRQHV
RORVYLVLWDUD+HFKRV'LRV
KDEOR\HQYLyD3HGURMXGtRSDUD
TXHYLVLWDUDD&RUQHOLRJHQWLO\OH
OOHYDUDODVDOYDFLyQ\DTXH&RUQHOLR
HUDXQKRPEUHSLDGRVR
SDUD
HO
/D0DUFKD
.BFTUSP
0DWHULDOHV
&LQWDPDVNLQJRFDO
(VWLHPSRGHTXHWHSRQJDVORV]DSDWRV\HVWpVOLVWRSDUDVDOLU
(VWRVLJQL¿FDTXHHVWDPRVOLVWRVSDUDFRPSDUWLUHO(YDQJHOLR
ROLVWRVSDUDREHGHFHUFXDQGRRLJDPRVODVEXHQDVQXHYDVR
3UHSDUDFLyQ
0DUTXHFRQODFLQWDGRVOtQHDV
SDUDOHODVPiVRPHQRVDVHLV
PHWURVGHGLVWDQFLDXQDGHODRWUD
FRQWUHVPHWURVGHDQFKR
'LULJLHQGRHO-XHJR
'HVLJQHDXQQLxRTXHHVWDUi
SDUDGRHQWUHODVOtQHDVFXDQGR
ORVQLxRVYDOODQFRUULHQGR
7RGRVDTXHOORVTXHORJUHWRFDU
VHFRQJHODUDQHQVXOXJDU\
DOOtSHUPDQHFHUiQWRFiQGRVH
ODFDEH]DORVKRPEURVODV
URGLOODV\ORVSLHV&XDQGRHOORV
YHQJDQGHUHJUHVRVHWHQGUiQ
TXHFXLGDUQXHYDPHQWHGHTXH
QRVHDQWRFDGRVSHURVLWRFDQ
DXQFRPSDxHURTXH\DHVWDED
FRQJHODGRHVWHVHVDOYD\SXHGH
FRUUHUMXQWRFRQORVGHPiV
&XDQGROOHJXHQDODOtQHDGHEHUiQ
HVSHUDUODVHxDOSDUDYROYHU
DFRUUHUDODRWUDOtQHD\DVt
FRQWLQXDUHOMXHJRFDPELDQGRDO
QLxRGHVLJQDGR\SRQLHQGRDRWUR
TXHVHRIUH]FDYROXQWDULDPHQWH
1ØOHBOTF
UPEBMB
"SNBEVSB
EF
/HFFLyQ
%JPT
&DO]DGRVFRQ'LVSRVLFLyQ
'HFLVLyQ
³'HFLGRWHQHUVLHPSUHXQDUHODFLyQEXHQD
FRQ'LRVSDUDHVWDUOLVWR\VHUYLUOHHQ
FXDOTXLHUPRPHQWR´
&DO]DGR
FRQOD
3D]
ILUPD
2SFLRQHV
&DGDYH]TXHVHKDJDHOFDPELR
GHOQLxRTXHHVWDUiSDUDGR
HQWUHODVOtQHDVWDPELpQSXHGH
PRGL¿FDUODVLQVWUXFFLRQHV
TXHHMHFXWDUDQORVTXHHOQLxR
GHVLJQDGRWRTXH
8QDGHHVWDVLQVWUXFFLRQHVSXHGH
VHUTXHSHUPDQH]FDQWURQDQGRORV
GHGRVGHODVPDQRVRPDUFKDQGR
HQVXOXJDU
-MFWBOEPBMPT
)FDIPT
MB
"SNBEVSB
)HOLSH\HO(WtRSH
+HFKRV
13&1"3"56
&41"%"
-B
‰0HPRUL]DU
<FDO]DGRVFRQODGLVSRVLFLyQGH
SURFODPDUHOHYDQJHOLRGHODSD]´
(IHVLRV
1"-"#3"%*04
%&
‰7$5($
/HHU+HFKRV
OLVWRVSDUDKDFHUODVFRVDVELHQ¢&yPRQRVSRGHPRVSRQHUORV]DSDWRVHVSLULWXDOHV"%XHQRORV]DSDWRV
YLHQHQGHOHYDQJHOLRGHSD]/D3DODEUD3D]YLHQHGHODSDODEUDJULHJDHLUHQHHLUHQHYLUKQK
TXHVLJQL¿FDODUHODFLyQDUPyQLFDHQWUH'LRV\HOKRPEUHQRVLJQL¿FDTXHWHQHPRVSD]HQPHGLRGHOD
EDWDOODVLQRTXHWHQHPRVXQDUHODFLyQEXHQDFRQ'LRV$QWHVpUDPRVHQHPLJRVGH'LRVDKRUDVRPRV
DPLJRV±KD\SD]
&RQHVWDUHODFLyQFRQ'LRVSRGHPRVHVWDUOLVWRVSDUDFXDOTXLHUFRVDFRQORV]DSDWRVSXHVWRVHVWDVOLVWR
SDUDWRGR¢(VWDVOLVWRSDUDKDEODUGH&ULVWR"
H
'HVGOD
¢&XiOHV
ODOODYH
SDUD
HVWDU
OLVWR\
VHUYLUD
'LRV"
4PMEBEPT
/,6726
£8VDQGRODFODYHGHVLIUDXQ
PHQVDMHLPSRUWDQWH
3$5$
0$5&+$5
OLVWRVSDUDPDUFKDU
(1
&8$/48,(5
020(172
HQFXDOTXLHUPRPHQWR
$ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9:; < =
DEFGHIJKLMNOPQRSTUVWXYZ[\]
%LEOLD
)HOLSH\HO(WLRSH
+HFKRV
$TXtHVWDXQDJUDQKLVWR
ULDGHXQKRPEUHTXHHV
WDEDOLVWRSDUDSURFODPDUHO
HYDQJHOLR±)HOLSH'HVGHHO
FLHORVHOHGLFHOHYiQWDWH\
YH«OXHJRVHOHGDODGLUHF
FLyQOOHJDDODFDOOH\HO
VHxRUOHGLFHTXHDOFDQFHD
XQFDUUR$OOOHJDUXQKRP
EUHOHHXQOLEUR\)HOLSHOH
SUHJXQWDVLHQWLHQGHORTXH
OHHHOKRPEUHORLQYLWDD
VXELU\)HOLSHOHHQVHxDHO
VLJQL¿FDGRGHOD3DODEUD
TXHHVWDEDOH\HQGRHQHO
OLEUR(O(WLRSHGHFLGH
DFHSWDUD&ULVWR'HWLHQHHO
FDUUR\OREDXWL]DHQDJXD
HQHOPLVPRPRPHQWRHO
ORVVHJXtDQHOFDPLQRGH
XQUtR)HOLSHOREDXWL]R
SHURFXDQGRVDOLHURQGHO
DJXD£)HOLSHGHVDSDUHFLy
(O(VStULWX6DQWRVHOOHYy
D)HOLSHDRWUROXJDUSDUD
FRQWLQXDUSUHGLFDQGRHO
(YDQJHOLR¢1RFUHDVTXH
HVWRQRVKDEODGHDOJXLHQ
TXHHVWDOLVWR\GLVSXHVWRD
FRPSDUWLUHO(YDQJHOLR"
SDUD
HO
(VFXGRV
.BFTUSP
0DWHULDOHV
(OHVFXGRGHODIHHVXQDJUDQDUPDGHSURWHFFLyQ\DTXHFRQ
HOODQRVSRGHPRVPRYHU\SURWHJHUGHXQDWDTXHHVSHFt¿FR/RV
GDUGRVGHIXHJRTXHYLHQHQ<6,YDQDYHQLUFRQWUDQRVRWURV
VRQH[WLQJXLGRV\QRORJUDQVXSURSyVLWRGHELGRDQXHVWUDIH
¢4XpHVIH")HHVLJXDODFUHHUHQ'LRV\HQORTXHeOKDGLFKR
0DVNLQJWDSHXQDFDMDGHFDUWyQ
\SDSHO
3UHSDUDFLyQ
8VHHOPDVNLQJSDUDIRUPDUXQ
FXDGURHQHOSLVRGHXQPHWUR\
PHGLRFDGDOtQHD\SRQJDODFDMD
HQHO&HQWUR
1ØOHBOTF
UPEBMB
"SNBEVSB
EF
/HFFLyQ
%JPT
'LULJLHQGRHO-XHJR
'LYLGDVXJUXSRHQFXDWUR
HTXLSRVFDGDXQRKDFHERODVGH
SDSHOGHGLIHUHQWHVFRORUHVTXH
WUDWDUDQGHHFKDUGHQWURGHODFDMD
GHVGHDIXHUDGHOFXDGURFDGD
HTXLSRHVFRJHXQUHSUHVHQWDQWH
TXLHQHVWDUiDOUHGHGRUGHOD
FDMDGHQWURGHOFXDGURHVWHVHUi
FRPRXQHVFXGRTXHWUDWDUDGH
GHVYLDUODVERODVGHSDSHOGHORV
HTXLSRVFRQWUDULRVSDUDTXHVH
OHVKDJDPDVGLItFLODWLQDUOHDOD
FDMD\DO¿QDOXQQLxRFRQWDUDODV
ERODVGHSDSHOTXHKDOODQHQWUDGR
VHSDUiQGRODVSRUORVFRORUHV\HO
HTXLSRTXHKDDFXPXODGRPDVHV
HOTXHJDQD
(VFXGRGHOD)H
'HFLVLyQ
³'HFLGRFUHHUORTXH'LRVPHGLFH
\QRHOPXQGR´
(VFXGR
GHOD)H
ILUPD
-MFWBOEPBMPT
)FDIPT
MB
"SNBEVSB
3DEOR\HO1DXIUDJLR
+HFKRV
13&1"3"56
&41"%"
-B
1"-"#3"%*04
%&
‰7$5($
‰0HPRUL]DU
$GHPiVGHWRGRHVWRWRPHQHOHVFXGRGH
ODIHFRQHOFXDOSXHGHQDSDJDUWRGDVODV
IOHFKDVHQFHQGLGDVGHOPDOLJQR´
(IHVLRV
/HHU+HFKRV
D~Q\FXDQGRQRSRGDPRVYHUOR&UHHPRVHQ'LRVD~Q\FXDQGRQRORYHPRVFRQQXHVWURVRMRV6DEHPRV
TXHQRVDPDSRUTXHQRVORKDGLFKRHQVX3DODEUD/DPHMRUPDQHUDGHYHQFHUORVDWDTXHVGHOHQHPLJR
HVSRUIH1RKD\QHFHVLGDGGHGHWHQHUORVGDUGRVFRQQXHVWURFDVFRRLQWHQWDUEORTXHDUORVFRQQXHVWUR
FLQWR(VHOHVFXGRHOTXHKDFHHVHWUDEDMRPHMRU1XHVWUDVDOYDFLyQQRSXHGHGHWHQHUHVRVGDUGRV
QXHVWURFDUiFWHU«QXHVWUDYHUGDG«QXHVWUDSD]FRQ'LRVWDPSRFRSXHGHQGHWHQHUORVGDUGRVGHIXHJR«
(VVyORQXHVWUDIHODTXHORKDFH&UHHUHQORTXH'LRVKDGLFKRTXHKDUtDFUHHUHQ'LRVQRLPSRUWDQGR
ODVVLWXDFLRQHVFUHHUTXH'LRVFDPELDUiFDGDVLWXDFLyQGLItFLOHVORTXHQRVKDFHYHQFHGRUHV
+D\PXFKDVFRVDVGLItFLOHVTXHQRVURGHDQDVtTXHQRVDOJDVGHWXFDVDVLQWXIH
H
'HVG
OD
/DEHULQWR
4PMEBEPT
8QHORVSXQWRV
%LEOLD
3DEOR\HO1DXIUDJLR+HFKRV
)HHVFUHHUORTXH'LRVWHKD
GLFKRDXQ\FXDQGRQRORSXHGDV
YHU(QPHGLRGHODWRUPHQWDHQ
HOPDU'LRVOHGLMRD3DEORTXH
QRPRULUtDQ\TXHWRGRVORVGHO
EDUFRVREUHYLYLUtDQ(OOHFUHtDD
'LRV\QRVHTXHGRFDOODGRVLQR
TXHOHVGLMRDWRGRVORVGHPiVOR
TXH'LRVOHKDEtDGLFKR3ULPHUR
WRPRODGHFLVLyQGHFUHHU±OHV
GLMRDWRGRVTXHFRPLHUDQSDUD
TXHWXYLHUDQIXHU]DV'LRVOHV
SURYH\yXQDYH]TXHOOHJDURQ
DODLVOD$O¿QDOODSDODEUDGH
'LRVVHUHDOL]RSHUR3DEORQR
SRGtDVDEHUVLORTXHHOKDEtD
GLFKRVHOOHYDUtDDOFDERHOVROR
FUH\ySXGRKDEHUTXHGDGRHQ
YHUJHQ]DGHODQWHGHOSXEOLFR
FRQORTXHGLMRSHUR'LRVOR
UHVSDOGR'LRVQRVKDGDGRPX
FKDVSURPHVDVHQVX3DODEUD\
HQRFDVLRQHVWHQHPRVTXHKDFHU
S~EOLFRTXHFUHHPRVHQVX3DO
DEUDDXQ\FXDQGRQRSRGDPRV
YHUTXHHVWDRFXUULHQGRWRGDYtD
(QRFDVLRQHVWHQHPRVTXHKDFHU
GHFLVLRQHVGHODIRUPDHQOD
TXH3DEORORKL]R¢7HQHPRV
HVDIH"3UHJXQWDDORVQLxRVHQ
TXHPDQHUDPXHVWUDQHOORVVX
IHHQ'LRVHQODHVFXHOD¢4Xp
HVORTXHKDFHQHOORVHQSXEOLFR
HVFXHOD"
³1XQFDDYDQFHQDODEDWDOODVLQSURWHFFLyQ´
SDUD
HO
(VWUDWHJLD
.BFTUSP
0DWHULDOHV
1DGD
/DFDEH]DHVRWURGHQXHVWURVyUJDQRVYLWDOHV6HUtDIDWDOVL
DOJXLHQQRVJROSHDUDHQODFDEH]D¢&yPRHQWRQFHVSRGHPRV
SURWHJHUOD"(VEiVLFR£/D6DOYDFLyQ&RQ¿DQGRHQQXHVWUR
6HxRU-HVXFULVWRFRPRQXHVWURVDOYDGRU'HMDQGRGHFRQ¿DUPiV
'LULJLHQGRHO-XHJR
(VFRJHXQQLxRSDUDVHUHO
DQXQFLDGRU&XDQGRXVWHGGLFH
ORVQLxRVHPSLH]DQDFDPLQDUSRU
WRGDVSDUWHVGHOVDOyQ&XDQGRHO
DQXQFLDGRUGLFH³+D\6DOYDFLyQ´
ORVQLxRVSDUDQGHFDPLQDUGDQ
YXHOWDGRQGHHVWiQ\VHVLHQWDQ
ORPiVUiSLGRTXHSXHGHQ(O
QLxRTXHVHVLHQWHSULPHURWLHQH
TXHGHFLUDOJRVREUH-HVXFULVWR
\GHVSXpVOHWRFDXQWXUQRFRPR
DQXQFLDGRU6LHOQLxRTXHJDQD
\DKDVLGRHODQXQFLDGRUGHMH
TXHHVFRMDDRWURQLxRTXHQRKD
JDQDGRSDUDVHUHODQXQFLDGRU
1ØOHBOTF
UPEBMB
"SNBEVSB
EF
/HFFLyQ
%JPT
&DVFRGHOD6DOYDFLyQ
2SFLRQHV
&DGDYH]TXHORMXHJDVH
SXHGHFDPELDUODLQVWUXFFLyQGDGD
DORVQLxRV3RUHMHPSRQHUOD
PDQRHQVXFDEH]DPLHQWUDVGDQ
YXHOWDV\VHQWDUVHEULQFDQGRHQ
XQSLHGRVYHFHVFRUUHUDODSDUHG
PDVFHUFDHWF
6LVHSRQHPX\GLItFLOYHUFXDO
QLxRKDJDQDGRVHSXHGHXVDU
RWUDLQIRUPDFLyQHOQLxRTXH
WLHQHSXHVWDURSDGHOFRORUD]XO
HOQLxRTXHYDDFXPSOLUDxRVPDV
SURQWRHOQLxRFRQHODSHOOLGR
PDVODUJRHWF
(ODQXQFLDGRUSXHGHJULWDU
³+D\6DOYDFLyQ´PLHQWUDVTXH
WDPELpQDSODXGHFRQODVPDQRVR
VLOYDRVHSXHGHSDUDUODP~VLFD
'HFLVLyQ
³'HFLGRFRQILDUHQHO6HxRU-HVXFULVWRSDUD
PLVDOYDFLyQ´
&DVFRGHOD
6DOYDFLyQ
ILUPD
-MFWBOEPBMPT
)FDIPT
MB
"SNBEVSB
&RQYHUVLyQGH6DXOR
+HFKRV
13&1"3"56
&41"%"
-B
‰0HPRUL]DU
7RPHQHOFDVFRGHODVDOYDFLyQ´
(IHVLRVD
1"-"#3"%*04
%&
‰7$5($
/HHU+HFKRV
HQQXHVWUDVEXHQDVREUDV\FRPHQ]DQGRDFRQ¿DUHQ6X2EUDVXPXHUWHHQODFUX]1RVRWURVFUHHPRV
HQeODFHSWDPRVVXVDFUL¿FLR\VRPRVVDOYRV$OKDFHUQRVHVWDPRVSRQLHQGRHOFDVFRGHODVDOYDFLyQ\
SURWHJLHQGRQXHVWUDFDEH]DGHXQ³*ROSHIDWDO´
(VWHHVXQEXHQPRPHQWRSDUDTXHFRPSDUWDVHO(YDQJHOLRFRQWXJUXSRHQODFODVH6LHPSUHHV
LPSRUWDQWHTXHKD\DRSRUWXQLGDGHVGHDFHSWDUD&ULVWR«SDUDORVQXHYRVQLxRVTXHYLHQHQ$VHJ~UDWH
TXHORVTXHHVWiQDWXFXLGDGRYD\DQFDPLQRDOFLHOR6HUtDXQDWUDJHGLDTXHHQVHxDUDVDORVQLxRVDFHUFD
GHOD%LEOLDPHPRUL]DUDQOD(VFULWXUDHWF\TXHFXDQGROOHJDUDQDOFRQ'LRVVHGLHUDQFXHQWDGHTXH
QXQFDDEULHURQVXFRUD]yQDO6HxRUQLFRQ¿DURQHQ'LRVSDUDVXVDOYDFLyQ2UDFLyQDEDMR
H
'HVG
OD
'HVFLIUDUODVSDODEUDVSDUDHQWHQGHUHOPHQVDMH
8VDODOHWUDSRVWHULRUGHODOIDEHWR
5f;
, '575
=
3 7 +'0
67
62<
- (686
$
48 , (1
78
2'45+ ) 7 '5
3 (56 , *8( 6
4PMEBEPT
£8VDQGRODFODYHGHVLIUDXQPHQVDMHLPSRUWDQWH
6,(035( //(9$1
38(6726
/26
&$6&26
%LEOLD
/DFRQYHUVLyQGH6DXOR+HFKRV
'LRVVHOHDSDUHFLyD6DXOR
TXLHQGHVSXpVOOHJyDVHU3DEOR
HQXQDIRUPDPLODJURVD6DXORVH
EXUODED\SHUVHJXtDDOD,JOHVLD
\'LRVORVDOYy(VWDKLVWRULDQRV
UHFXHUGDTXHWDQWRDPD'LRVDOD
JHQWH\QRTXLHUHTXHSHUH]FD
(OHVSHUDTXHWRGRVSXHGDQVHU
VDOYRV/DVDOYDFLyQYLQRD6DXOR
FXDQGRpOFUH\y$¿QDOGHFXHQ
WDV3DEORUHFRQRFLyTXH'LRVHUD
UHDOTXHH[LVWtD\TXH-HVXFULVWR
HUDHO+LMRGH'LRVTXHKDEtD
YHQLGRDVDOYDUDOPXQGR$Vt
GHVHQFLOORFRPROD%LEOLDGLFH
³&UHHHQHO6HxRU-HVXFULVWR\
VHUiVVDOYR´
(VWHHVXQHMHPSORVLPSOHGH
XQDRUDFLyQGHIHTXHSXHGHV
XVDUFRQWXVQLxRV
³6HxRU-HV~V\RVR\SHFDGRU\
KHKHFKRFRVDVPDODV«SHUR\R
FUHRTXHWXPRULVWHHQODFUX]
SRUPL6HEXUODURQGHWL\WH
PDWDURQDXQTXHQRKDEtDVKHFKR
QDGDPDOR$VtSDJDVWHSRUPLV
SHFDGRV7DPELpQFUHRTXHUH
VXFLWDVWHDOWHUFHUGtD\HVWiVHQ
ORVFLHORVSDUDSUHSDUDUXQOXJDU
SDUDPt<RWHDFHSWRFRPRPL
6DOYDGRUPL6HxRUPL'LRV\
PLDPLJR(QWUDHQPLFRUD]yQ
6HxRU-HV~V\OtEUDPHGHPLV
SHFDGRVSRUTXHHUHV-HV~VPL
6DOYDGRU£*UDFLDVSRUGDUPH
YLGDHWHUQD
SDUD
HO
&yGLJR
.BFTUSP
0DWHULDOHV
8QRVSHGD]RVFKLTXLWRVGH+LHOR
VHFRXQRVSODWRVGHVHFKDEOHV
/DHVSDGDHVODSULPHUDSDUWHGHODDUPDGXUDTXHVHXVD
FRPRXQDUPDHQOXJDUGHVHUVRORGHIHQVLYDHVWRVLJQL¿FD
TXHQRVRWURVGHEHPRVLUDODRIHQVLYDFRQWUDHOHQHPLJR
&RQIURQWDUOR\KDFHUTXHUHWURFHGD\VHYD\D/D(VSDGDGHO
'LULJLHQGRHO-XHJR
³¢&XiOSLHQVDVTXHHVODPHMRU
PDQHUDGHPRYHUHOKLHORVHFR
DORWURODGRGHOFXDUWRVLQXVDU
ORVPDQRV"&DGDGtDWRPDPRV
GHFLVLRQHVVREUHODPHMRUPDQHUD
GHKDFHU\GHFLUODVFRVDV'LRV
QRVSURPHVDD\XGDUQRVFRQ
HVWDVGHFLVLRQHV\PHPRUL]DQGR
YHUVtFXORVQRVD\XGDUi³
'HPXHVWUDRSRQD\XGDQWHV
SDUDKDFHUORGLIHUHQWHVPDQHUDV
GHPRYHUHOKLHORVHFRDO
RWURODGRGHOFXDUWRVLQXVDU
ODVPDQRV\VRORXVDQGRHO
SODWRFRPRDEDQLFRXVDQGR
PRYLPLHQWRVFKLTXLWRV\UiSLGRV
RPRYLPLHQWRVJLJDQWHVHWF
3RQORVQLxRVHQJUXSRVGHQR
PDVTXH/RVJUXSRVVHSRQHQ
HQ¿ODVHQXQODGRGHOOXJDUGH
MXJDU'DUOHDOSULPHUQLxRGH
FDGD¿ODXQSODWR\XQSHGD]RGH
KLHORVHFR
&XDQGRHOPDHVWURGLFHORV
SULPHURVQLxRVHPSLH]DQDPRYHU
HOKLHORVHFRKDVWDHORWURODGR
GHOFXDUWRVLQXVDUODVPDQRV
&XDQGROOHJDQDODSDUHGGHORWUR
ODGROHYDQWDQHOKLHORVHFRFRQ
ODVPDQRV\UHJUHVDQFRUULHQGR
SDUDHQWUHJDUHOSODWRDOQLxRTXH
VLJXH
1ØOHBOTF
UPEBMB
"SNBEVSB
EF
/HFFLyQ
%JPT
(VSDGDGHO(VStULWX
'HFLVLyQ
³'HFLGRVHJXLUDSUHQGLHQGRODSDODEUDGH
'LRVSDUDSRGHUXVDUODHQPLYLGDGLDULD´
ILUPD
-MFWBOEPBMPT
)FDIPT
MB
"SNBEVSB
3HGURVHGLULJHDOD0XOWLWXG
+HFKRV
2SFLyQ
3DUDQLxRVFKLTXLWRVVHSXHGHGDU
XQSODWRDFDGDQLxR
\GHMDUTXHHOORV
WUDWHQGHPRYHUHO
KLHORVHFRFDGD
TXLHQVLQ
FRPSHWHQFLD
13&1"3"56
&41"%"
-B
‰0HPRUL]DU
<ODHVSDGDGHO(VStULWXTXHHVODSDODEUD
GH'LRV´
(IHVLRVE
1"-"#3"%*04
%&
‰7$5($
(VSDGD
GHO
(VStULWX
/HHU+HFKRV
(VStULWXFODUDPHQWHVHQRVGLFHTXHHVOD%LEOLDOD3DODEUDGH'LRV3DUDVHUFDSDFHVGHJROSHDUFRQ
ODHVSDGDQHFHVLWDPRVFRQRFHUOD3DODEUDGH'LRV3ULPHURQHFHVLWDPRVOHHUOD6HJXQGRQHFHVLWDPRV
PHPRUL]DUOD
-HV~VQRVGLRXQHMHPSORFXDQGRSHOHRFRQWUDHOHQHPLJRHQHOGHVLHUWR&DGDYH]TXHHOHQHPLJROR
WHQWDED-HV~VXVDEDXQWH[WRGHODHVFULWXUDSDUDSUREDUTXHHOGLDEORHVWDEDHTXLYRFDGR(QWUHPDV
YHUVRVFRQR]FDPRVPDVSRGUHPRVEODQGLUQXHVWUDHVSDGD/DFODYHWDPELpQHVWDHQTXHORVSRGDPRV
UHFRUGDUHQQXHVWUDYLGDGLDULDSDUDTXHORVSRGDPRVDSOLFDUDQRVRWURV&XDQGROHHPRV\PHPRUL]DPRV
'LRVSXHGHHQWRQFHVWUDHUODDQXHVWUDPHQWHFXDQGRODQHFHVLWHPRV3UHJ~QWHOHVDORVQLxRVVLKDQ
SUDFWLFDGRFRQVXVHVSDGDV
H
'HVGOD
4PMEBEPT
$MBWF
£8VDODFODYH\GHVLIUDHOPHQVDMH
$ % & ' ( ) * +
DEFGHIJK
62/2
VROR
, - . /
0 1 2 3
LMNOPQRS
35$&7,&$1'2
SUDFWLFDQGR
4 5 6 7 8 9 :
TUVWXYZ
686
&21
FRQVXV
; < =
[\]
(63$'$6
HVSDGDV
4PQBEF-FUSBT
0(-25$5$1
PHMRUDUDQ
%
,
$
0
(
0
2
5
,
=
$
,
,
'
(
/
&
&
%
(
(
/
%
(
$
0
(
2
/
(
(
,
*
/
6
3
2
(
1
(
0
,
*
2
0
3
6
5
5
7
(
(
6
6
(
$
0
(
0
2
5
,
=
$
5
(
% , % / , $ % , % / ,
(VSDGD&RQWUD/HHU
0HPRUL]DU(QHPLJR%LEOLD
%LEOLD
3HGUROH+DEODDOD0XOWLWXG
+HFKRV
&XDQGRHO(VStULWX6DQWR
GHVFHQGLyHQHOGtDGHO
3HQWHFRVWpVHVWDEDQHQXQ
HVFHQDULRS~EOLFRKDEtDJHQWH
TXHORVPLUDEDQ\FRPHQ]DURQ
DEXUODUVH3HGURVHOHYDQWR\
VHGLULJLyDORVTXHVHEXUODEDQ
QRVROROHVSUHGLFRVLQRTXH
XVRODVHVFULWXUDVFRPRXQDUPD
SDUDSHOHDUODEDWDOOD&XDQGR
QRVPHPRUL]DPRVODHVFULWXUD
ODSRGUHPRVXVDUHQODYLGDDO
PRPHQWRGHQHFHVLWDUOD$TXt
3HGURODQHFHVLWRDOKDEODUOH
DORVEXUODGRUHVHOUHVXOWDGR
¿QDOHVWiHQHOYHUVR£
SHUVRQDVIXHURQVDOYDVHVHGtD
\VHMXQWDURQDODLJOHVLD£4XH
EHQGLFLyQ
1FESPQVEP
CMBOEJSTV
FTQBEBZTV
SFTVMUBEP
BRVFMEÓB
GVF
BMNBT
SDUD
HO
(PERVFDGD
.BFTUSP
8VDPRVODRUDFLyQHQRIHQVLYD
\GHIHQVLYD7DPELpQHQHVWH
MXHJRWHQHPRVTXHDYDQ]DUSDUD
FROHFWDUSDSHOHVDOPLVPRWLHPSR
FXLGDUQXHVWUDSURSLDHVSDOGD
/DRUDFLyQHVRWUDDUPDTXHSXHGHVHUXVDGDDODRIHQVLYDDVL
FRPRWDPELpQSXHGHVHUXVDGDSDUDSURWHFFLyQHVWHYHUVRQRV
UHFXHUGDTXHODEDWDOODTXHSHOHDPRVHVHVSLULWXDO\TXHGHEH
0DWHULDOHV
3DSHOWDPDxRFDUWDFRUWDGRHQ
FXDGURVXQRSDUDFDGDQLxRHQVX
FODVHFLQWD
1ØOHBOTF
UPEBMB
"SNBEVSB
EF
/HFFLyQ
%JPT
'LULJLHQGRHO-XHJR
3RQXQSHGD]RGHSDSHOHQOD
HVSDOGDGHFDGDQLxR
&XDQGRHOPDHVWURGLFHORV
QLxRVWUDWDQGHDJDUUDUHOSDSHOGH
ODVHVSDOGDVGHRWURVQLxRV1L
xRVQRSXHGHQWRFDUVXSURSLRSD
SHOSDUDJXDUGDUOR3HURVLGHEHQ
WUDWDUGHFXLGDUTXHORVGHPDVQR
OHVUREHQVXKRMLWDGHSDSHO
&XDQGRDOJXLHQDJDUUDHOSDSHO
GHXQQLxRHOQLxRWLHQHTXHGDUOH
DHVHQLxRWRGDVVXVKRMDVGHSD
SHOTXHKDFROHFWDGR\WLHQHTXH
UHJUHVDUDODSDUHGSDUDHPSH]DU
GH1XHYR
6LJXHKDVWDTXHKD\XQQLxR
HQPHGLRFRQWRGDVODVKRMDV
6HSXHGHUHGLVWULEXLUODVKRMDV\
HPSH]DUGHQXHYR
2SFLyQ
(QYH]GHSDSHO\FLQWDVHSX
HGHXVDUSHGD]RVGHWHODTXHVRQ
ODUJRV\GHOJDGRV\ORVQLxRVORV
PHWHQHQVXFLQWXUyQ
2UDFLyQ
'HFLVLyQ
³'HFLGRUHFRUGDUTXHODEDWDOODHV
HVSLULWXDO\WHQJRTXHRUDUVLHPSUH´
VLQ
&HVDU
ILUPD
-MFWBOEPBMPT
)FDIPT
MB
"SNBEVSB
3HGURHVFDSDGHOD&iUFHO
+HFKRV
13&1"3"56
&41"%"
-B
1"-"#3"%*04
2UDU
%&
‰0HPRUL]DU
2UHQHQHO(VStULWXHQWRGRPRPHQWRFRQ
SHWLFLRQHV\UXHJRV0DQWpQJDQVHDOHUWD
\SHUVHYHUDQHQRUDFLyQSRUWRGRVORV
VDQWRV´
(IHVLRV
VHUSHOHDGDFRQODIRUWDOH]DGH'LRV1HFHVLWDPRVLUD'LRVFRQQXHVWUDVEDWDOODV±FKLFDVRJUDQGHV(Q
ODRUDFLyQQRVRWURVSRGHPRVSHOHDUODVEDWDOODVUHFLELUVDELGXUtDGH'LRVVREUHFRPRSURFHGHUWDPELpQ
SRGHPRVUHFLELUD\XGDGHORVÈQJHOHVHQORVFLHORVSDUDTXHSHOHHQSRUQRVRWURVHQODRUDFLyQWDPELpQ
HQWHQGHPRVPHMRUFRQTXLHQHVWDPRVSHOHDQGR\PiV/DRUDFLyQFDPELDODVFRVDV/DQHFHVLWDPRVHQHO
FDPSRGHEDWDOODPiVTXHQXQFD
i-BPSBDJØOFTPUSBBSNBPGFOTJWBw
H
'HVG OD
6RSDGH/HWUDV
3
(
2
'
3
&
&
$
5
&
(
/
&
'
$
3
'
'
$
%
5
,
5
,
5
(
'
,
2
6
3('52&$5&(/
25$5',26
$%5,5
4PMEBEPT
7DFKDORVPHGLRVGHWUDQVSRUWH
.BOUÏOHBOTFTVCNBSJOP
DBNJØOTJFNQSFDBSSPBMFSUBT
ZOPTFBVUPCÞTPMWJEFOBWJØO
UBORVFEFCJDJDMFUBPSBS
%LEOLD
3HGUR(VFDSDGHOD&iUFHO
+HFKRV
'LRVGHMDFODURHQWRGDOD
HVFULWXUDTXHODVRUDFLRQHVKDFHQ
ODGLIHUHQFLD\TXHQRVRWURV
WHQHPRVQHFHVLGDGGHRUDUHQ
WRGRWLHPSR$TXtYHPRVD3HGUR
HQODFiUFHO\DWRGDODLJOHVLD
RUDQGRSRUpO£'LRVHQYLyXQ
iQJHODODSULVLyQSDUDTXHOR
OLEHUDUD(OiQJHOORJXLyKDFLD
IXHUD\3HGURUHJUHVRDODFDVD
HQODTXHHVWDEDQRUDQGRSRUpO
7RGRVVHDVRPEUDURQDOYHUOR
0XFKDVYHFHVRUDPRVSHURQRV
VRUSUHQGHPRVFXDQGRUHVSRQGH
DQXHVWUDVRUDFLRQHV\YLHQH
HQQXHVWUDD\XGDeOSURPHWH
D\XGDUQRVFXDQGRQRVRWURV
RUDPRV/DRUDFLyQFDPELDWRGDV
ODVFRVDV/DRUDFLyQQRVKDFH
OLEUHVDVtFRPR3HGURIXHOLEUH
GHODFiUFHO
i-B
PSBDJØO
DBNCJB
UPEBT
MBT
DPTBTw
.JOJTUFSJP1SP7JTJØO
)VBUBCBNQP4PO
(VFULWXUDGHOD1XHYD9HUVLyQ,QWHUQDFLRQDO