0h[wuðsrol 3ulphu ihvwlydo lqwhuqdflr

DÀR;,,,
,P±JHQHVGHODVHPDQD 8QSODQHWDFRQVHG
(QORVÆOWLPRVDÀRVP±VGHGRVPLOPLOORQHVGH
SHUVRQDVKDQORJUDGRDFFHGHUDIXHQWHVPHMRUDGDV
GHDJXDSRWDEOHSHURXQDGHFDGDVHLVHQHOPXQGR
FDUHFHWRGDY¼DGHDFFHVRDOYLWDOO¼TXLGR
1XHYR±UELWURHOHFWRUDO HQFRQVWUXFFLÁQ
6LOD&±PDUDGH'LSXWDGRVQRORJUDSRQHUVHGH
DFXHUGRHQODGHVLJQDFLÁQGHORVFRQVHMHURVGHO
,1(HOSOHQRGHOD6XSUHPD&RUWHORVGHVLJQDU±
SRUPHGLRGHLQVDFXODFLÁQGHDVSLUDQWHV
UHJLVWUDGRV\FDOLoFDGRV
$JHQGDOHJLVODWLYD VLQDYDQFHVVXVWDQFLDOHV
/RVHVSHFLDOLVWDVDoUPDQTXHHO&RQJUHVRGH
OD8QLÁQUHTXHULU±GHXQSHULRGRH[WUDRUGLQDULR
SDUDWUDWDUGHGHoQLUODUHJODPHQWDFLÁQGH
LPSRUWDQWHVUHIRUPDVDSUREDGDVHQ
2SDFLGDGDGPLQLVWUDWLYD HQ7DEDVFR
+,6725,$6'(/32'(5 'LVWUDFWRUHV
/$(6&$/(5$'(/$85$ 3HOLJUR
9(57,*,126$6 (OKRORFDXVWR
32'(51$&,21$/ )UDJPHQWDFLÁQ
GHORVHVWDGRV
/27(5ë$ 92&(63$5$(/%521&( -$48(0$7( %UHYHV 2FHDQRJUDI¼D
ODFRQWUDWLVWDGH3HPH[
7,(032602'(5126 )UDXGHDODRSLQLÁQSÆEOLFD
(67,/26 0RGHUQLGDGYVUHWUDVR
(63(-2'(35ë1&,3(6 ,QPLQHQWHDSUREDFLÁQGHOD /H\GH0RYLOLGDGSDUDHO')
7(/21(526 (/52%,16ï1/,7(5$5,2 'RQGHQDFHQORVOXFHURV
+8(&2120ë$ }(OHQHPLJRHV
(O0HUFDGR"
32'(5<',1(52 2FHDQRJUDI¼DXQDVXQWR
SURIXQGDPHQWHSRO¼WLFR
6$/8' 'HVFXEUHQJHQHVUHODFLRQDGRV
FRQODORQJHYLGDG
GHPDU]RGH
ZZZYHUWLJRSROLWLFRFRP
9HUWLJR3ROLWLFR
5HYLVWD9¸UWLJR
3RUWDGD0*XDGDUUDPD
)RWRVQRWLFLDVJUDQFKDFR$UFKLYR
'LUHFWRU*HQHUDO
-DLPH$OMXUH%DVWRV
'LUHFWRU(GLWRULDO
-RUJH)UDQFLVFR0RQFDGD
'LUHFWRUGH$GPLQLVWUDFLÁQ
5REHUWR)UDXVWUR8U¼DV
-HIHGH'LVHÀR
5RJHOLR5RGHD&RUUHD
(GLWRUHVGH$UWH
7(&12/2*ë$ $VWURQRP¼DXQUHWRSDUDHO
SHULRGLVPRFLHQW¼oFR
4X¸PHMRUPDQHUDGHYLQFXODUDODFLHQFLDFRQOD
VRFLHGDGTXHDWUDY¸VGHVXGLYXOJDFLÁQPDVLYDHQ
ORVPHGLRVGHFRPXQLFDFLÁQ
'(127$$127$ 3DQDP±
/$'$0$<(/9$*$%81'2 6REUH7UXH'HWHFWLYH
/$/21$</$%52&+$ 0DQXHO$KXPDGD,,,,
'(&,1( /DJUDQEHOOH]D
'(3$6(2 8QDPLUDGDD6DQ-XDQGH8OÆD
/$9,'$(13526$ /LFHQFLDGRV
HQVXHÀRV
k/DFU¼WLFDGH2FWDYLR3D] HVODH[FHSFLÁQy
(VkH
(VkHOJUDQSRHWDRoFLDOy
FRQFOX\H
+HULEHU
+HULEHUWR<¸SH]DXWRUGH/DLQFUH¼EOH
\WHUFHU
KD]DÀDGHVHUPH[LFDQR
KD
SDUWLFLSDQWHGHQXHVWUDVHULH
GHHQWUHYLVWDVGHGLFDGDV
DUHYLVDUODREUD\HO
SHQVDPLHQWRGHO1REHOGH
/LWHUDWXUDPH[LFDQR
)HVWLYDOGH$UTXLWHFWXUD 'LVFRKRPHQDMHD 0DUFLDO$OHMDQGUR
(OSUÁ[LPRGHPDU]R
HO0XVHRGHODV&XOWXUDV
3RSXODUHVVHU±HOHVFHQDULR
GRQGHVHSUHVHQWDU±0LV
DPLJRVHQHOTXHPÆVLFRV
GHGLVWLQWRVWDODQWHVULQGHQ
KRPHQDMHDOSULQFLSDOLPSXOVRU
KR
GHO&DQWR1XHYRHQ0¸[LFR
5HSRUWHURV
0RQWVHUUDW%RQLOOD-RV¸$QWRQLR&DSRUDO+¸FWRU*RQ]±OH]
èQJHO+HUQ±QGH]0DUWKD0HM¼D$UWXUR0RQFDGD/RUHQD5¼RV
$UWXUR5RGU¼JXH]<D]P¼Q7DUDQJR
1RUEHUWR9±]TXH]
&RODERUDGRUHV
$QD,VDEHO%DOOHVWD$OEHUWR%DUUDQFR-RV¸/XLV%HOPDU
2FWDYLR'¼D]$OGUHW*XLOOHUPR)±UEHU0LJXHO*RQ]±OH]
&RPSH±Q/XFLR$OHMDQGUR,V±$OHLGD-DUDPLOOR(QULTXH
/HÁQ-RV¸/XQD/RXUGHV0HQGR]D-DYLHU2OLYD-RV¸/XLV
2QWLYHURV5LFR3HVDGR/DXUD4XLQWHUR&DUORV5DP¼UH]
3DEOR5H\HV-HVÆV5REOHGR$ORQVR5XYDOFDED
(XVHELR5XYDOFDED9¼FWRU6±QFKH]%DÀRV6HUJLR6DUPLHQWR
'DQLHOD6X±UH]5RHO<RODQGD7UHMR-XDQ*DEULHO9DOHQFLD
)UDQFLVFD<ROLQ$OHMDQGUR=±UDWH0DVKD=HSHGD
&RUUHFFLÁQGHHVWLOR
)UDQFLVFR%HFHUUD5LFDUGR/XJR
'LVHÀR
-HVVLFD$ORQVR$ODQ/ÁSH]5RGROIR0RUDQ
$UFKLYR
3DWULFLD)ORUHV/DXUD,EDUUD
,OXVWUDFLRQHV
/HWLFLD%DUUDGDV-RV¸/XLV+HUHGLD
5DIDHO+HUQ±QGH]+HUUHUD5RF¼R5RPHUR/XLV9DUJDV
)RWRJUDI¼D
&KULVWD&RZULH$OHMDQGUD'¼D]-HVÆV*DUF¼D
&RQFHSFLÁQ0RUDOHV
/,%526 (ORFLR\HOGHEHUVHU
0DUWKD*XDGDUUDPD2FWDYLR0RFWH]XPD
'LVHÀRSDUDL3DG
'(/$1$785$/(=$'(/$6&26$6 8QDPHQWHVLQUHFXHUGRV
%UHYHV '(3257(6 8QDUHQRYDGD)
0(025,$6'(81%(&$5,2 &DUWDGH-RV¸$OIUHGRD6FKXPDQQ
$/$&(1$'(5(&8(5'26 5RPLWDEDUULRDÀHMR
75$02<,67$ %ÆVTXHGD
'HSXÀR\OHWUD $9,62'(35,9$&,'$'
3DUDG¼QGH0¸[LFR6$GH&9FRQGRPLFLOLRHQ;RFKLFDOFR&RO/HWU±Q9DOOH
'HOHJ%HQLWR-X±UH]&30¸[LFR')SRGU±XWLOL]DUVXVGDWRVSHUVRQDOHVSDUD
SURYHHUORVVHUYLFLRV\SURGXFWRVTXHKDVROLFLWDGRLQIRUPDUOHVREUHFDPELRVHQORV
PLVPRV\HYDOXDUODFDOLGDGGHOVHUYLFLRTXHOHEULQGDPRV3DUDPD\RULQIRUPDFLÁQ
DFHUFDGHOWUDWDPLHQWR\GHORVGHUHFKRVTXHSXHGHKDFHUYDOHUXVWHGSXHGHDFFHVDU
DODYLVRGHSULYDFLGDGFRPSOHWRDWUDY¸VGHQXHVWUDS±JLQDGHLQWHUQHW
ZZZYHUWLJRSROLWLFRFRP
.ULVWLDQ*XWL¸UUH]'LHJR3DORV
3URPRFLÁQ
0DU\*ÁPH]
-HIHGH&LUFXODFLÁQ
-RV¸/HRQDUGR+HUQ±QGH]
$VLVWHQWHGH&LUFXODFLÁQ
0DU¼D/XLVD0¸ULGD
'LUHFWRUJHQHUDOGHYHQWDV
%HQMDP¼Q0HQGR]D
*HUHQWHGHYHQWDV
&DUORV+LJXHUD
(MHFXWLYRGHYHQWD
)UDQFLVFRGHOD5RVD
([W
9¸UWLJR$Q±OLVLV\SHQVDPLHQWRGH0¸[LFRHVXQDSXEOLFDFLÁQVHPDQDO
GH$OWD(PSUHVD6$GH&9HGLWDGDSRU3DUDG¼QGH0¸[LFR6$GH&9
5HVHUYDGHOW¼WXOR1RGHO,QVWLWXWR1DFLRQDO
GHO'HUHFKRGH$XWRU'LUHFFLÁQGH5HVHUYDVGH'HUHFKRV&HUWLoFDGRGH
/LFLWXGGH7¼WXOR\GH/LFLWXGGH&RQWHQLGR1R6RFLR1RGHOD
&±PDUD1DFLRQDOGHOD,QGXVWULD(GLWRULDO0H[LFDQD5)&30(.
3DUDG¼QGH0¸[LFR6$GH&9'5Ì3UHSUHQVDHQ8OWUDGLJLWDO
3UHVV&HQWHQR&RO*UDQMDV(VPHUDOGD0¸[LFR'),PSUHVDHQ
(GLWRULDO,PSUHVRUD$SROR6$GH&9&HQWHQRORFDO&RO*UDQMDV
(VPHUDOGD0¸[LFR')7HO3URKLELGDODUHSURGXFFLÁQSDUFLDO
RWRWDOVLQDXWRUL]DFLÁQH[SUHVDGH3DUDG¼QGH0¸[LFR6$GH&9
WLWXODUGHWRGRVORVGHUHFKRV5HYLVWD9¸UWLJR;RFKLFDOFR&RO
/HWU±Q9DOOH'HOHJ%HQLWR-X±UH]&30¸[LFR')
&XDOTXLHULQIRUPDFLÁQ\RDUW¼FXOR\RRSLQLRQHVSXEOLFDGDVUHpHMDHO
SXQWRGHYLVWDGHVXDXWRUPDVQRHOGHODHPSUHVDDVLPLVPR9¸UWLJR
LQYHVWLJDVREUHODVHULHGDGGHVXVDQXQFLDQWHVSHURQRVHUHVSRQVDELOL]D
GHODVRIHUWDVUHODFLRQDGDVFRQORVPLVPRV&LUFXODFLÁQFHUWLoFDGDSRUHO
GHVSDFKR0DUW¼QH]0DJDOODQHV&RQVXOWRUHV6&'LVWULEXFLÁQHQ')\èUHD
0HWURSROLWDQD8QLÁQGH([SHQGHGRUHV\9RFHDGRUHVGHORV3HULÁGLFRVGH
0¸[LFR$&*XHUUHURDWUDY¸VGH'LVWULEXLGRUDGH$W¼SLFRV6$GH
&9$Y0RUHORVHU3LVR
&XHVWLÁQGHIH6LQPD\RUPRWLYDFLÁQTXHOD
HVSHUDQ]DHODUWLVWDLQGLR6XGDUVKDQ3DWWQDLN
FRQVWUX\ÁXQDHVFXOWXUDGHDUHQDGRQGH
HOHYDVXVSOHJDULDVSDUDTXHDSDUH]FDHO
DYLÁQGH0DOD\VLD$LUOLQHV6XYR]VHVXPD
DODGHPLOHVTXHDÆQFRQI¼DQHQXQPLODJUR
'RPLQJR5(87(56
()(0­5,'(6
GHPDU]R
(Q,WDOLDKDFHHUXSFLÁQHO9HVXELR
PDWDQGRDSHUVRQDV\GHMDQGRDPLOHV
VLQKRJDU
GHPDU]R
6HIXQGDHO3DUWLGR5HSXEOLFDQRGH
(VWDGRV8QLGRV
(Q$NLWD-DSÁQXQWHUUHPRWRFDXVD
PXHUWRV
GHPDU]R
(Q)UDQFLDVHDGRSWDHO&ÁGLJRGH
1DSROHÁQFRPRQXHYRFXHUSRGHOHJLVODFLÁQ
FLYLO
GHPDU]R
(OGLDULRHVWDGXQLGHQVH'DLO\
,OOXVWUDWHG0LUURUSXEOLFDSRUSULPHUDYH]
HQODKLVWRULDXQDIRWRJUDI¼DHQFRORU
,0è*(1(6'(/$6(0$1$
'¼D0XQGLDOGHO$JXD
813/$1(7$
&216('
0DUWKD0HM¼D
PPHMLD#UHYLVWDYHUWLJRFRP
(QORVÆOWLPRVDÀRVP±VGHGRVPLOPLOORQHV
GHSHUVRQDVKDQORJUDGRDFFHGHUDIXHQWHVPHMRUDGDVGH
DJXDSRWDEOHSHURXQDGHFDGDVHLVHQHOPXQGRFDUHFH
WRGDY¼DGHDFFHVRDOYLWDOO¼TXLGR
GHPDU]RGH
(
QODVSUÐ[LPDVGÆFDGDVHOFUHFLPLHQWR
GHFRQVXPRGHDJXDVHU¾H[SRQHQFLDO
WDQVRORHOVHFWRUHQHUJÆWLFRSRUHMHP
SORTXHDFWXDOPHQWHXWLOL]DDJXDHQVLPLODU
SURSRUFLÐQDODTXHIOX\HSRUHO*DQJHVRHO
0LVLVLSLSRUFLWDUGRVGHORVUÊRVP¾VJUDQGHV
GHOPXQGRDXPHQWDU¾VXFRQVXPRGHD
SRUFLHQWR
&RQXQDSREODFLÐQPXQGLDOTXHVHSUHYÆ
VHU¾GHQXHYHPLOPLOORQHVGHSHUVRQDVHQ
\XQDDVSLUDFLÐQJHQHUDODREWHQHUXQDPHMRU
32/ë7,&$ _
5)U¼DV&XDUWRVFXUR
QLVWUDFLÐQTXHUHTXLHUHODSDUWLFLSDFLÐQGH
WRGRVORVXVXDULRVGHVRUGHQHQHORUGHQDPLHQ
WRHFROÐJLFR\ODQHFHVLGDGGHUHYLVDU\IRUWD
OHFHUHOVLVWHPDGHFLHQFLD\WHFQRORJÊD
(QHOPDUFRGHO'ÊD0XQGLDOGHO$JXD
TXHVHFRQPHPRUDHVWHGHPDU]R-DYLHU
&DUULOORPLHPEURGHOD5HGGHO$JXD 81$0
LQGLFDTXHODLPSRUWDQFLDGHFRQWDUFRQXQGÊD
GHGLFDGRDOYLWDOOÊTXLGRUDGLFDHQTXHHVWHHV
qXQELHQIXQGDPHQWDOSDUDODYLGDSHURXQ
ELHQHVFDVR$GHP¾VQRWRGDVODVSHUVRQDVHQ
0Æ[LFRWLHQHQDFFHVRDODJXDSRWDEOHHQFDQ
WLGDGFDOLGDG\RSRUWXQLGDGDXQTXHGHHOOD
GHSHQGDODVHJXULGDGDOLPHQWDULD\ODUHGXFFLÐQ
GHODSREUH]D3RUHOORHVLPSRUWDQWHFUHDUXQD
FXOWXUDGHODJXDSDUDSUHVHUYDUOD\FRPSUHQGHU
VXYDORUr
$FFHVRXQLYHUVDO
FDOLGDGGHYLGDSDUDXQPD\RUQ×PHURGHKD
ELWDQWHVORVSULQFLSDOHVUHWRVHQWRUQRGHODJXD
VRQVLQGXGDVRUWHDUODHVFDVH]FUHFLHQWHGHO
UHFXUVR\DGHODQWDUVHDODVLQFHUWLGXPEUHVDVR
FLDGDVDOFDPELRFOLP¾WLFR
1XHVWURSDÊVHQIUHQWDGHDFXHUGRFRQXQ
HVWXGLRGHOD2UJDQL]DFLÐQGH1DFLRQHV8QL
GDVSDUDOD$JULFXOWXUD\OD$OLPHQWDFLÐQ)$2
FLQFRJUDQGHVGHVDIÊRVHQHOVHFWRUKLGU¾XOLFR
HVFDVH]GHOUHFXUVRLPSDFWRGHOFDPELRFOL
P¾WLFRVREUHHOFLFORKLGUROÐJLFRXQDDGPL
/D218DQXQFLÐTXHHQHOPXQGRDOFDQ
]ÐXQDGHODVPHWDVGHORV2EMHWLYRVGH'HVD
UUROORGHO0LOHQLRDOUHGXFLUDODPLWDGHO
Q×PHURGHSHUVRQDVVLQDFFHVRDODJXDSRWDEOH
HQHORUEH
(VWDQRWLFLDHVDOHQWDGRUD\GHPXHVWUDTXH
FRQVXILFLHQWHYROXQWDGSROÊWLFDVHSXHGHQ
ORJUDULQFOXVRODVWDUHDVP¾VDUGXDVSHURDSH
VDUGHHVWHLPSRUWDQWHDYDQFHD×QTXHGDPX
FKRSRUKDFHUSXHVWRGDYÊDH[LVWHQGLVSDULGDGHV
LQPHQVDV
3RUHMHPSORHQDOJXQDVUHJLRQHVGHOPXQGR
P¾VGHGHODVSHUVRQDVWLHQHDFFHVRDODJXD
SRWDEOHPLHQWUDVTXHHQžIULFDVXEVDKDULDQD
VRORWLHQHIXHQWHVGHDJXDqPHMRUDGDVr
$VLPLVPRVHQHFHVLWDPHMRUDUODPDQHUD
GHPRQLWRUHDUODVHJXULGDGGHODJXDSRWDEOH
SXHVGHDFXHUGRFRQHVSHFLDOLVWDVQRKD\WR
GDYÊDLQIRUPDFLÐQFRPSOHWDDQLYHOPXQGLDO
ZZZYHUWLJRSROLWLFRFRP
SDUDYHULILFDUTXHWRGDVODVIXHQWHVGHDJXD
SRWDEOHqPHMRUDGDVrVHDQVHJXUDVSDUDHOFRQ
VXPRKXPDQR3RUORWDQWRHOQ×PHURGHSHU
VRQDVFRQDFFHVRDDJXDOLPSLDSRGUÊDVHU
PXFKRPHQRUGHOHVWLPDGR
7DPELÆQODIDOWDGHDJXD\VDQHDPLHQWRHV
WRGDYÊDXQUHWRGHSURSRUFLRQHVPRQXPHQWD
OHV$SHVDUGHOSURJUHVRHQORV×OWLPRVDÎRV
P¾VGHPLOORQHVGHSHUVRQDVHQHOPXQGR
SHUPDQHFHQVLQDFFHVRDODJXDSRWDEOH\
PLOPLOORQHVGHSHUVRQDVQRWLHQHQVHUYLFLRV
GHVDQHDPLHQWR/DIDOWDGHDJXDOLPSLD\VH
JXUDSDUDEHEHU\SDUDXVRVVDQLWDULRVUHSUHVHQ
WDXQDGHODVDPHQD]DVP¾VJUDQGHVDODVDOXG
SXHVGHDFXHUGRFRQOD2UJDQL]DFLÐQ0XQGLDO
GHOD6DOXG206FDGDDÎRHVWDFRQGLFLÐQ
FRQWULEX\HDODPXHUWHGHGRVPLOORQHVGHSHU
VRQDVSULQFLSDOPHQWHQLÎRV
(Q0Æ[LFRGHDFXHUGRFRQODILUPDHQ
FXHVWDGRUD3DUDPHWUÊDHQHOSRUFHQWDMH
GHYLYLHQGDVFRQGLVSRQLELOLGDGGHDJXDHUDGH
FDVLORTXHVLJQLILFDP¾VGHPLOORQHV
GHSHUVRQDVHOUHVWRVHDEDVWHFLÐGHDJXDHQ
WXEDGDIXHUDGHODYLYLHQGDSHURGHQWURGHO
WHUUHQRTXHKDELWDGHSR]RVUÊRVRDUUR\RVGH
ODOODYHS×EOLFDRGHRWUDYLYLHQGD
'HLJXDOPDQHUDGHXQWRWDOGHGRVPLO
PXQLFLSLRVGHOSDÊVFDVLHVGHFLUGRVPLO
FRQWDEDQFRQVHUYLFLRGHDJXDSRWDEOH
6LQHPEDUJRHQHOWHUULWRULRPH[LFDQRKD\
GLIHUHQFLDVHQFXDQWRDODGLVSRQLELOLGDGGH
DJXD/DV]RQDVFHQWUR\QRUWHVRQHQVXPD\RU
SDUWH¾ULGDVRVHPL¾ULGDV/RVHVWDGRVVLWXDGRV
DOQRUWHSRUHMHPSORDSHQDVUHFLEHQGH
DJXDGHOOXYLD&DVRFRQWUDULRDOGHODVHQWLGD
GHVGHOVXU\VXGHVWH&KLDSDV2D[DFD&DP
SHFKH4XLQWDQD5RR<XFDW¾Q9HUDFUX]\
7DEDVFRTXHUHFLEHQFDVLODPLWDGGHODJXD
GHOOXYLDSHURVXVKDELWDQWHVWLHQHQ
(678$5&XDUWRVFXUR
32/ë7,&$ _
6HTX¼DHQHOFDPSR
}4X¸SXHGHVKDFHUWÆ"
}4
4X¸SSXHGHVKDFHUWÆ"
+RJDU
$OODYDUWUDVWHVXWLOL]DXQDWLQDFRQDJXD\FLHUUDOD
OODYHKDVWDHOHQMXDJXH
(QHOLQRGRURLQVWDODXQDFDMDDKRUUDGRUDGH
DJXDRSRQXQDERWHOODGHDJXDDGHQWURGHODFDMD
3DUDUHJDUODVSODQWDVDOPDFHQDDJXDGH
OOXYLDHQFXEHWDV
&RQVXPR
$OSUHSDUDUDOLPHQWRVODYDIUXWDV\YHUGXUDVHQXQD
WLQD\VRORXVDHODJXDGHODOODYHSDUDHQMXDJDUODV
(QODOLPSLH]DGHODXWRHYLWDXVDUPDQJXHUD
FRQODOODYHDELHUWDWRGRHOWLHPSR
3DUDXQEDÀRU±SLGRGLVPLQX\HHOWLHPSRTXH
WRPDVGHG¼FDOHHOHVWULFWDPHQWHQHFHVDULR
&RQFLHQFLD
&RRUGLQDDFFLRQHVFRPXQHVWHQGLHQWHVDODKRUUR
GHODJXDHQWUHWRGDODIDPLOLD
(QFRPXQLGDGHODERUDDFFLRQHVFRQFUHWDV
SDUDPD[LPL]DUHOXVRGHODJXD
$KRUUDODPD\RUFDQWLGDGGHDJXDSRVLEOHHQ
HOG¼DDG¼D
PHQRUDFFHVRDOYLWDOOÊTXLGRDOQRFRQWDUFRQ
VHUYLFLRVE¾VLFRVFRPRGUHQDMH\DJXDHQWXED
GDGHQWURGHODYLYLHQGD
3DUDFRQWUDUUHVWDUHVWDVLWXDFLÐQHO%DQFR
,QWHUDPHULFDQRGH'HVDUUROOR%,'DSUREÐ
HQGLFLHPEUHSDVDGRXQSUÆVWDPRSRU
PLOORQHVGHGÐODUHVD0Æ[LFRHQDSR\RGH
REUDVGHLQIUDHVWUXFWXUDVDQLWDULD6HSUHYÆ
TXHHVWDVSHUPLWDQGXUDQWHORVSUÐ[LPRVDÎRV
EULQGDUDJXDSRWDEOHDKRJDUHVHQEHQHILFLR
GHPLOSHUVRQDVDGHP¾VGHGRWDUGHVD
QHDPLHQWRDPLOTXHYLYHQHQ]RQDVUX
UDOHV\PDUJLQDGDV
(O%,'LQGLFÐTXHHOSURJUDPDSULRUL]DU¾ORV
PXQLFLSLRVGHOSDÊVLQFOXLGRVHQOD&UX]D
GD1DFLRQDO&RQWUDHO+DPEUHTXHLPSXOVDOD
DFWXDODGPLQLVWUDFLÐQ\HQORVTXHH[LVWHQFLQ
FRPLOORFDOLGDGHVTXHQRWLHQHQDFFHVRDDJXD
SRWDEOHRDVDQHDPLHQWRRELHQGRQGHODFR
EHUWXUDGHHVWRVGRVVHUYLFLRVE¾VLFRVVHXELFD
SRUGHEDMRGHH[SOLFÐODLQVWLWXFLÐQ
6HTX¼D\DOLPHQWDFLÁQ
2WURGHORVGHVDIÊRVP¾VJUDQGHVHQHOSDÊVHV
ODVHTXÊD(QOD(QFXHVWD1DFLRQDOHQ9LYLHQGD
UHDOL]DGDSRU3DUDPHWUÊDDILUPÐTXH
KDVLGRHOGHVDVWUHQDWXUDOTXHP¾VOHKDDIHF
WDGRHQHO×OWLPRDÎR
/DILUPDLQGLFDTXHHODXPHQWRHQODSHU
FHSFLÐQGHORVHQWUHYLVWDGRVHVFRQVLGHUDEOH
GHPDU]RGH
RQFHSXQWRVSRUFHQWXDOHVP¾VGHORUHJLVWUDGR
XQDÎRDQWHVFXDQGRODRSLQLÐQSUHGRPLQDQ
WHHUDTXHQLQJ×QGHVDVWUHHQHOHFRVLVWHPD
KDEÊDDIHFWDGRq(VWRDVXYH]KDDXPHQWDGR
HOFRQRFLPLHQWRGHOSUREOHPDGHHVWLDMHHQWUH
ODSREODFLÐQHQGHORVHQFXHVWDGRV
VDEÊDGHOSUREOHPDGHVHTXÊDPLHQWUDVTXHHQ
ODDFWXDOLGDGFRQRFHGHOGHVDVWUHQDWXUDOr
(PLOLR5RPHUR3RODQFRGHO,QVWLWXWRGH
,QYHVWLJDFLRQHV(FRQÐPLFDVGHOD81$0VHÎD
ODTXHORVGDÎRVGHODVHTXÊDVHFRQFHQWUDQ
SULQFLSDOPHQWHHQODJDQDGHUÊDWLHUUDVGHDJRV
WDGHUR\HQFXOWLYRVFRPRWULJRPDÊ]VRUJR\
RWURVIRUUDMHV
$SXQWDTXHVLODVHTXÊDVHSURORQJDSXHGH
GHVHTXLOLEUDUORVVLVWHPDVHFROÐJLFRVHKLGU¾X
OLFRVGHXQDUHJLÐQ'HDFXHUGRFRQHOHVSH
FLDOLVWDGHOWHUULWRULRQDFLRQDOSDGHFH
VHTXÊDHQGLVWLQWRVJUDGRVGHLQWHQVLGDG\VL
ELHQHVPD\RUHQORVHVWDGRVGHOQRUWHVHKD
LQWHQVLILFDGRHQOD]RQDFHQWUDOGHOSDÊV\DIHF
WDODERUHVLPSRUWDQWHVHQODFRQIRUPDFLÐQGH
ODFDQDVWDE¾VLFDDOLPHQWDULD
q/DVVHTXÊDVDIHFWDQDODSURGXFFLÐQDJUÊ
FRODSRUORTXH0Æ[LFRVHKDYLVWRHQODQHFH
VLGDGGHLPSRUWDUDOLPHQWRV3HURFRPRWDPELÆQ
VHSUHVHQWDHQRWURVSDÊVHVKD\PHQRVGLVSRQL
ELOLGDGHQHOPHUFDGRPXQGLDO\VLORVKD\HO
SUHFLRHVPD\RUrH[SOLFD
3RUHOORHOHVSHFLDOLVWDHQHFRQRPÊDDJUÊ
FRODSURSRQHUHYLVDUODVSROÊWLFDVKLGU¾XOLFDV
32/ë7,&$ _
0*X]P±Q&XDUWRVFXUR
EXVFDUHVWUDWHJLDVSDUDRSWLPL]DUHOXVRGHO
DJXDUHYLWDOL]DUODHFRQRPÊDFDPSHVLQD\UR
EXVWHFHUODVEDVHVGHODXWRFRQVXPRDVÊFRPR
GHVDUUROODUQXHYDVHVWUDWHJLDVHQPDWHULDGH
FLHQFLD\WHFQRORJÊDSDUDVDEHUFÐPRSURGXFLU
HQFDGDUHJLÐQ
$OUHVSHFWR(GXDUGR%HQÊWH]UHSUHVHQWDQ
WHDGMXQWRGHOD)$2HQ0Æ[LFRSXQWXDOL]DTXH
HQHOSDÊVGHODJXDVHXWLOL]DHQHOVHFWRU
DJUÊFRODSRUORTXHHVQHFHVDULRJDUDQWL]DUVX
XVRHILFLHQWHHQODSURGXFFLÐQGHDOLPHQWRV
(QHVWHVHQWLGROD)$2KDUHDOL]DGRGLYHUVRV
HVWXGLRVSDUDFRQRFHUORVSULQFLSDOHVREVW¾FXORV
TXHLPSLGHQXQPHMRUDSURYHFKDPLHQWRGHO
DJXDHQHOVHFWRUDJURDOLPHQWDULR'HHVWRVHV
WXGLRVVREUHVDOHODGHILFLHQWHFDSDFLGDGLQVWLWX
FLRQDOSDUDSURPRYHUXQULHJRHILFLHQWHOD
LQFDSDFLGDGGHPHGLFLÐQGHORVSR]RVRSHUD
FLÐQGHILFLHQWHHQULHJRSRUJUDYHGDGVREUH
FRQFHVLÐQ\VREUHH[SORWDFLÐQGLVFRQWLQXLGDG
HQODVRUJDQL]DFLRQHVGHUHJDQWHVIDOWDGHLQIRU
PDFLÐQPLQLIXQGLVPRHLUUHJXODULGDGHV\IDOWD
GHDSOLFDFLÐQGHODOH\
$VÊODGLVPLQXFLÐQGHODGLVSRQLELOLGDGGH
DJXD\ODHVFDVH]GHODPLVPDHPSLH]DDUHIOH
MDUVHHQODSHUFHSFLÐQGHODJHQWHKDWHQL
GRTXHFRPSUDUJDUUDIRQHVRDJXDHPERWHOODGD
SDUDEHEHU\ORKDKHFKRSRUHOSUREOHPDGH
ODVHTXÊD0LHQWUDVGHODSREODFLÐQVHKD
TXHGDGRDOJXQDYH]VLQVXPLQLVWURGHDJXD\OD
PLWDGGHHOODDFDXVDGHOHVWLDMHPHQFLRQD
QRWHQHUVXILFLHQWHSDUDFRPHU\XQDWHUFHUD
SDUWHDUJXPHQWDTXHIXHSRUODVHTXÊD2WUR
DILUPDQRUHDOL]DUODERUHVGHOKRJDU\GHDVHR
SHUVRQDOSRUODIDOWDGHDJXDHQVXYLYLHQGD
$QWRQLR&DVRGLUHFWRUFRPHUFLDOGH5RWR
SODVDSXQWDTXHHQ0Æ[LFRHOFRQVXPRGHDJXD
HPERWHOODGDVHKDLQFUHPHQWDGRHQORV×OWLPRV
DÎRVPLHQWUDVTXHHOFRVWRSRUVXVHUYLFLRQR
UHIOHMDHOFRVWRGHODLQIUDHVWUXFWXUDSRUWUDHUOD
&DPELRFOLP±WLFR
q6RPRVXQSDÊVFRQXQDFXOWXUDVREUHHO
PDQHMRGHODJXDPX\SUHFDULDGRQGHQLVL
TXLHUDKHPRVWHQLGRHOFREURDGHFXDGRGHO
VHUYLFLR7HQHPRVXQDFXOWXUDGHFRQVXPRGH
DJXDHPERWHOODGDGHVGHTXHSUROLIHUDURQORV
JDUUDIRQHVGHYLGULRTXHKDFHTXHODJHQWH
JDVWHXQDEXHQDSDUWHGHVXLQJUHVRHQFRQVX
PLUDJXDFXDQGRHVWDGHEHVHUEDVWDQWHP¾V
DFFHVLEOHSDUDHOFRQVXPRKXPDQRrGLFH
,QGLFDTXHHQ0Æ[LFRGHODJXDUHVLGXDO
UHFROHFWDGDHVWUDWDEOHq(VWDPRV
KDEODQGRGHTXHGHODJXD
VHYLHUWH\QLVLTXLHUDWLHQHXQ
WUDWDPLHQWRSDUDVXUHFX
SHUDFLÐQ$XQTXHVRQ
HVWLPDFLRQHVPX\EXUGDV
GDQXQDLGHDGHODFDQWL
GDGGHDJXDTXHVHGHV
SHUGLFLDHQHVWHSDÊVr
(QHVWHVHQWLGR'DYLG
.RUHQIHOG)HGHUPDQGLUHF
WRU JHQHUDO GH OD &RPLVLÐQ
1DFLRQDOGHO$JXD&RQDJXDDILU
PDTXHHOUHWRP¾VLPSRUWDQWH\JUDYHHVTXH
H[LVWHXQDUHGXFFLÐQVLJQLILFDWLYDHQODGLVSR
QLELOLGDGGHDJXDSHURSDUDJDUDQWL]DUHODEDV
WHFLPLHQWRSDUDODVIXWXUDVJHQHUDFLRQHV
LQFOX\HQGRODDOLPHQWDFLÐQGHEHUHJXODUVHHO
DFFHVRODGLVWULEXFLÐQ\HOXVRGHOUHFXUVR
LQPHGLDWDPHQWH\DTXHPLHQWUDVP¾VWLHPSR
SDVHORVSUREOHPDVVHDJXGL]DQ
&DPELRFOLP±WLFR
(OLPSDFWRGHOFDPELRFOLP¾WLFRVREUHHOSOD
QHWDKDJHQHUDGRJUDQGHVGHVDVWUHVHQPDWHULD
GHDJXDFX\RVHIHFWRVYDQGHVGHODVREUHDEXQ
GDQFLDGHOUHFXUVRTXHFDXVDLQXQGDFLRQHVD
ODH[WUHPDHVFDVH]TXHSURYRFDODVVHTXÊDV
/RVFLFORQHVWURSLFDOHVTXHFDXVDQJUDQGHV
ROHDMHVOOXYLDVWRUUHQFLDOHV\IDFLOLWDQHOGHVERUGH
GHORVUÊRVHVW¾QHQUHODFLÐQHVWUHFKDFRQODWHP
SHUDWXUDGHOPDUFX\RDXPHQWRWLHQHTXHYHUD
VXYH]FRQHOFDOHQWDPLHQWRJOREDO
(Q0Æ[LFRHVWHIHQÐPH
QRGHMÐVXFXRWDGHGDÎRV
HQVHSWLHPEUHSDVDGR
FRQODFRLQFLGHQFLDGH
YDULDVWRUPHQWDVWURSL
FDOHVTXHFDXVÐOOXYLDV
KLVWÐULFDV\GHYDVWDFLÐQ
HQUHJLRQHVGHORFÆDQR
3DFÊILFRSULQFLSDOPHQ
WHHQ*XHUUHUR
0DULR 0ROLQD 3UHPLR
1REHOGH4XÊPLFDDGYLHUWHTXH
0Æ[LFRHPSLH]DDSDJDUORVFRVWRVGHOFDPELR
FOLP¾WLFRGHELGRDTXHHQVXWHUULWRULRVHUHJLV
WUDQOOXYLDV\KXUDFDQHVFRQPD\RULQWHQVLGDG
6HÎDODTXHHVWRVIHQÐPHQRVVHHVW¾QUH
JLVWUDQGRHQWRGRVORVFRQWLQHQWHV\HVW¾PX\
FODURSRUODHQRUPHFDQWLGDGGHOOXYLDTXHFDH
HQDOJXQDVUHJLRQHVGHOSODQHWD\SRUODVVHTXÊDV
TXHVHUHJLVWUDQHQRWUDV
(Q
0¸[LFRVHJDVWD
P±VHQDJXD
HPERWHOODGDTXHORTXHVH
SDJDSRUXQUHFLERGH
VHUYLFLRGHDJXD
SRWDEOHk
ZZZYHUWLJRSROLWLFRFRP
IH\L\L
32/ë7,&$ _
'LI¼FLODFFHVR
0ROLQDUHILHUHTXHHOFDPELRGHWHPSHUDWX
UDSURYRFDHOGHUUHWLPLHQWRGHJODFLDUHV\HOžU
WLFRPLHQWUDVTXHRWURVHYHQWRVH[WUHPRVTXHVH
SUHVHQWDQHQHOSODQHWDVRQLQXQGDFLRQHVJUDYHV
q(VW¾FRPSUREDGRTXHORVIHQÐPHQRVQDWXUDOHV
VÊHVW¾QDXPHQWDQGRGHSRWHQFLDHVW¾QFRQHF
WDGRVFRQHOFDPELRFOLP¾WLFR\SUHRFXSDTXÆ
SXHGDSDVDUKDFLDHOILQGHVLJORQRVRORHQ0Æ[L
FRVLQRDOUHGHGRUGHOPXQGRr
'HDFXHUGRFRQHOHVWXGLR0RQLWRUGHYXO
QHUDELOLGDGFOLP¾WLFDJXÊDGHOF¾OFXORIUÊRGH
XQSODQHWDFDOLHQWHHVWHIHQÐPHQRFDXVDFDVL
PLOPXHUWHVDODÎR\SÆUGLGDVDQXDOHVGH
P¾VGHPLOPLOORQHVGHGÐODUHVHVGHFLU
GHO3,%DQLYHOPXQGLDO
3RUVXSDUWHHOªQGLFHGHYXOQHUDELOLGDGDO
FDPELRFOLP¾WLFRUHSRUWHDQXDOTXHSXEOLFDOD
ILUPDGHDQ¾OLVLVEULW¾QLFD0DSOHFURIWHVWDEOH
FHTXHHOFDPELRFOLP¾WLFRqSRGUÊDUHSUHVHQWDU
XQREVW¾FXORJUDYHDOFUHFLPLHQWRHFRQÐPLFR
VRVWHQLEOHHQODVFLXGDGHVGHPD\RULPSRUWDQ
FLDHFRQÐPLFDHQHOPXQGRr
(OUHSRUWHFDOFXODTXHSDUDHO 3,%
FRPELQDGRGHORVSDÊVHVP¾VYXOQHUDEOHV
TXHHQIUHQWDQULHVJRVqH[WUHPRVrVHWULSOLFDU¾
GHDPLOPLOORQHVGHSHVRVORTXHVLJ
QLILFDTXHFDVLXQDWHUFHUDSDUWHGHODHFRQRPÊD
PXQGLDOVHHQFRQWUDU¾EDMRPD\RUDPHQD]DD
FDXVDGHOFDPELRFOLP¾WLFR
(OWLWXODUGHOD6HFUHWDUÊDGH0HGLR$PELHQ
WH\5HFXUVRV1DWXUDOHV6HPDUQDW-XDQ-RVÆ
*XHUUD$EXGKDGHVWDFDGRHQUHLWHUDGDVRFD
VLRQHVTXHqQRKD\TXHHVSHUDUDSDUDOOHJDU
DXQDFXHUGRTXHVHHPSLHFHDWUDEDMDUKDVWD
HOFDOHQWDPLHQWRJOREDOQRHVVRORXQWHPD
GHSHVRV\FHQWDYRVVLQRGHYLGDVKXPDQDVr
FRPRVHSXGRYHUHQ0Æ[LFRDQWHHOKXUDF¾Q
,QJULG\ODWRUPHQWDWURSLFDO0DQXHODVÊFRPR
ODUHFLHQWHWUDJHGLDRFXUULGDHQ)LOLSLQDV
(OWLWXODUGHOD6HPDUQDWODPHQWÐTXHDO
JXQRVJRELHUQRVFX\RVWHUULWRULRVQRKDQVLGR
DIHFWDGRVSRUORVLPSDFWRVGHHVWHIHQÐPHQR
JOREDOVHPXHVWUHQSRFRLQWHUHVDGRVHQOOHYDU
DFDERDFFLRQHVPLHQWUDVTXHRWURVWLHQHQOD
YROXQWDGSHUREXVFDQTXHHVWRUHSUHVHQWHHO
PHQRUFRVWR
$JXD\HQHUJ¼D
/DFRRSHUDFLÐQHQWUHORVVHFWRUHVGHODJXD\GH
ODHQHUJÊDUHVXOWDGHJUDQLPSRUWDQFLDSDUDJD
UDQWL]DUTXHHVWRVVHUYLFLRVVHVLJDQSUHVWDQGR
HQHOIXWXURSUÐ[LPR(VWDHVXQDGHODVSULQFL
SDOHVFRQFOXVLRQHVDODTXHVHOOHJÐHQOD&RQ
GHPDU]RGH
IHUHQFLD$QXDOGH 218$JXDFHOHEUDGD
HQHQHURGHHVWHDÎRHQ=DUDJR]D(VSDÎDSDUD
SUHSDUDUHO'ÊD0XQGLDOGHO$JXDTXHHVWHDÎR
WLHQHFRPRWHPDFHQWUDO$JXD\HQHUJÊD
$OUHVSHFWR0DULR0ROLQDGHVWDFDTXHHV
QHFHVDULRDYDQ]DUHQHOXVRGHHQHUJÊDUHQR
YDEOHFRPRODVRODU\ODQXFOHDUDVÊFRPRHQ
ODFDSWXUD\DOPDFHQDPLHQWRJHROÐJLFRGH&2
GLÐ[LGRGHFDUERQRSHURKDEU¾TXHKDFHUOR
GHPDQHUDJUDGXDOSRUTXHHOLPSDFWRHFRQÐ
PLFRVHUÊDFRQVLGHUDEOH
$VLPLVPRHO1REHOGH4XÊPLFDVHSURQXQ
FLDDIDYRUGHSRQHUSUHFLRDODVHPLVLRQHV\
XUJHDqHPSH]DUDDSOLFDUPHGLGDVGHJDQDU
JDQDUXVDUJDVOXWLWD\HPSXMDUHQHUJÊDUHQR
YDEOH1RVHSXHGHQVHJXLUXWLOL]DQGRODV
HQHUJÊDVIÐVLOHV\VHUÊDLUUHVSRQVDEOHGHMDUSDVDU
HOSUREOHPDr
Puebla lo tiene todo
Con los brazos
abiertos
Ana Flores
[email protected]
Fotos cortesía Gobierno de Puebla
E
scape de fin de semana o destino multifacético para las próximas vacaciones
de Semana Santa, el estado de Puebla
se ha posicionado a nivel nacional e internacional como una de las opciones turísticas más
atractivas de México.
Dicha entidad es una excelente opción
para quienes son amantes de la naturaleza, la
cultura, la arquitectura o la gastronomía, y que
además guarda un pasado histórico prehispánico y colonial.
Hoy es el segundo estado con mayor número de regiones clasificadas como Pueblos
Mágicos: Zacatlán, Pahuatlán, Chignahuapan,
Xicotepec de Juárez,
Tlatlauquitepec, San
Pedro y San Andrés
Cholula, pero también
la capital y la Sierra
Mágica ofrecen tanto
turismo cultural como
de aventura.
Visitar
De acuerdo con las estadísticas los visitantes del
año pasado superaron el
récord por diez millones,
lo que equivale a un incremento de
47% con relación a 2010. La derrama
económica obtenida en el primer semestre
de 2013 fue de 189 millones 199 mil 200 pesos
y el porcentaje de ocupación hotelera se elevó a 85.65%. Pero ¿qué hay en Puebla?
La capital del estado ofrece múltiples recintos de arquitectura virreinal.
La Capital del Rosario (1690) de estilo barroco novohispano, por ejemplo, o la de Santa
María Tonanzintla (1653), fundada por los franciscanos.
También la excelsa Biblioteca Palafoxiana
(1646) ha sido reconocida internacionalmente y catalogada por la Unesco como
Memoria del Mundo, pero es
la Catedral de Puebla el punto principal para el turismo
religioso y sede de varios
eventos culturales.
Además cuenta la leyenda que los ángeles
subieron la campana de
la torre más alta y por
ello se la conoce como
la ciudad de los Ángeles.
Pero el recorrido
no acaba ahí: el corre11
www.vertigopolitico.com
dor turístico los Fuertes-Catedral concentra
varios lugares por visitar en familia, pasar un
rato agradable e incluso practicar algún deporte.
La Estrella de Puebla, rueda de la observación itinerante más grande en América Latina, también es un icono de turismo, ya que
el recorrido tiene la mejor vista de la ciudad y
los volcanes.
Por otra parte visitar la Sierra Mágica —conformada por los municipios de Chignahuapan,
Huauchinango, Pahuatlán y Zacatlán— es
una excelente opción para estar en contacto
con la naturaleza.
En la región se pueden disfrutar diferentes
opciones ecoturísticas, conocer hermosos paisajes y tener contacto con nuestras raíces.
La Puebla milenaria guarda los secretos de
los cholultecas, quienes construyeron la pirámide con la base más grande del mundo,
mientras que la Puebla colonial fue la segunda
ciudad más importante de la Nueva España.
Por ello este estado te recibirá con los brazos abiertos.
}3RGU±QDFRUGDUORVSDUWLGRVDWLHPSR"
18(92è5%,752(/(&725$/
+RQRUDEOH&±PDUDGH'LSXWDGRV
(1&216758&&,ï1
-RV¸$QWRQLR&DSRUDO
MDFDSRUDO#UHYLVWDYHUWLJRFRP
6LOD&±PDUDGH'LSXWDGRVQRORJUDSRQHUVH
GHDFXHUGRHQODGHVLJQDFLÁQGHORVQXHYRV
FRQVHMHURVGHO,1(HOSOHQRGHOD6&-1ORV
GHVLJQDU±SRUPHGLRGHLQVDFXODFLÁQGH
DVSLUDQWHVUHJLVWUDGRV\FDOLoFDGRV
GHPDU]RGH
(
O,QVWLWXWR1DFLRQDO(OHFWRUDO,1(\D
HVW¾FUHDGRFRQIRUPHDOGHFUHWRTXH
VHSXEOLFÐHQHO'LDULR2ILFLDOGHOD
)HGHUDFLÐQHOSDVDGRGHIHEUHUR\VRORIDOWD
TXHOD&¾PDUDGH'LSXWDGRVGHVLJQHDORVRQFH
LQWHJUDQWHVGHVX&RQVHMR*HQHUDOORFXDO
H[LJHTXHORVJUXSRVSDUODPHQWDULRVVXSHUHQ
ODFRQIURQWDFLÐQTXHPDQWLHQHQOXHJRGHODV
DFXVDFLRQHVGHEXVFDUXQqUHSDUWRGHFXRWDV
SDUWLGLVWDVrHQHOQXHYRRUJDQLVPR
/DVGRVWHUFHUDVSDUWHVGHORVOHJLVODGRUHV
SUHVHQWHVHQHOSOHQRGH6DQ/¾]DURWLHQHQTXH
(OFRPLW¸
(QRFWXEUHGHWUHVFRQVHMHURVGHO,QVWLWXWR
)HGHUDO(OHFWRUDO,)(FRQFOX\HURQVXHQFDUJR
(QDTXHOHQWRQFHVOD&¾PDUDGH'LSXWDGRV
WDUGÐPHVHVHQGHVLJQDUDORVVXVWLWXWRV(Q
IHEUHURGHXQFRQVHMHURUHQXQFLÐDOFDUJR
\ORVOHJLVODGRUHVQXQFDORVXSOLHURQ(QRFWXEUH
GHOPLVPRDÎRFXDWURFRQVHMHURVP¾VLQFOXLGR
HOSUHVLGHQWHFRQFOX\HURQVXUHVSRQVDELOLGDG
\WDPSRFRIXHURQVXVWLWXLGRVSXHVSUHGRPLQÐ
ODIDOWDGHDFXHUGRVHQ6DQO¾]DUR
<DSHVDUGHTXHODFUHDFLÐQGHO,1(HUDXQ
KHFKRGHVGHQRYLHPEUHGHIXHKDVWD
IHEUHURGHHVWHDÎRFXDQGROD-XQWDGH&RRU
GLQDFLÐQ3ROÊWLFD-XFRSRGHOD&¾PDUDGH
'LSXWDGRVSXGRSRQHUVHGHDFXHUGR\HPLWLÐ
ODFRQYRFDWRULDFRUUHVSRQGLHQWHSDUDVHOHF
FLRQDUDORVLQWHJUDQWHVGHOQXHYRÐUJDQR
HOHFWRUDO
$VÊKDFHXQRVGÊDVOD-XFRSRLQVWDOÐHO
&RPLWÆ7ÆFQLFRGH(YDOXDFLÐQTXHVHHQFDU
JDU¾GHYHULILFDUHOFXPSOLPLHQWRGHORVUHTXL
VLWRVGHORVDVSLUDQWHVDLQWHJUDUHO,1(DGHP¾V
GHVHOHFFLRQDUDORVqPHMRUHYDOXDGRVHQXQD
SURSRUFLÐQGHFLQFRSHUVRQDVSRUFDGDFDUJR
YDFDQWHr
(O,QVWLWXWR)HGHUDOGH$FFHVRVDOD,QIRU
PDFLÐQ,)$,QRPEUÐFRPRVXVUHSUHVHQWDQWHV
HQGLFKRFRPLWÆD(QULTXH&¾UGHQDV6¾QFKH]
\6ROHGDG/RDH]DSRUOD&RPLVLÐQ1DFLRQDO
GHORV'HUHFKRV+XPDQRV&1'+IXHURQGH
VLJQDGRV-RVÆ$QWRQLR/R]DQR'ÊH]\7RQDWLXK
*XLOOÆQ/ÐSH]HQWDQWRTXHOD-XFRSRQRP
EUÐD-RUJH0RUHQR&ROODGR$OHMDQGUR*RQ
]¾OH]$OFRFHU\5LFDUGR%HFHUUD/DJXQD
$OVHUGHVLJQDGR*RQ]¾OH]$OFRFHUDVHJX
UÐTXHDOLQWHULRUGHOFRPLWÆQRWHQGU¾QWHQ
GHQFLDVSDUWLGLVWDV\VHGHGLFDU¾QqDWUDEDMDUr
7DPELÆQFRQVLGHUÐqEXHQRrTXHKD\DUHSUH
VHQWDQWHVGHFDGDXQDGHODVSULQFLSDOHVIXHU]DV
UHSUHVHQWDGDVHQHO&RQJUHVR
$VXYH]0RUHQR&ROODGRLQGLFÐq$FDED
PRVGHVHQWDUQRVDXQDPHVDGRQGHYDPRVD
GLVFXWLUQXHVWUDVEDVHVGHRSHUDFLÐQFRPROR
GLFHHOSURSLRDFXHUGRTXHQRVKDFUHDGRr
8QDYH]FRQFOXLGDODHYDOXDFLÐQ
FRUUHVSRQGLHQWHHOFRPLWÆ
HQWUHJDU¾DOD&¾PDUDGH
'LSXWDGRVqWUHVOLVWDV
SDUDFXEULUODHOHFFLÐQ
GHFDGDXQRGHORV
WUHVFRQVHMHURVTXH
GXUDU¾QHQVXHQFDU
JRWUHVDÎRVFXDWUR
OLVWDVSDUDFXEULUOD
HOHFFLÐQGHFDGDXQR
GHORVFXDWURFRQVHMHURV
TXHGXUDU¾QHQVXHQFDUJR
VHLVDÎRVWUHVOLVWDVSDUDFXEULU
ODHOHFFLÐQGHFDGDXQRGHORVWUHV
FRQVHMHURVTXHGXUDU¾QHQVXHQFDUJRQXHYH
DÎRV\XQDOLVWDSDUDFXEULUODHOHFFLÐQGHO
FRQVHMHURSUHVLGHQWHTXHGXUDU¾HQVXHQFDU
JRQXHYHDÎRVr
$P¾VWDUGDUHOSUÐ[LPRGHDEULOHOFRPLWÆ
UHPLWLU¾DOD-XFRSRGHOD&¾PDUDGH'LSXWDGRV
ODUHODFLÐQ\ORVH[SHGLHQWHVGHORVFDQGLGDWRV
LQFOXLGRVHQODVOLVWDVUHIHULGDV
8QDYH]UHFLELGDVHQOD-XQWDGH&RRU
GLQDFLÐQ3ROÊWLFDODVOLVWDVGHDVSLUDQWHVFRQ
FOXLU¾HOHQFDUJRGHO&RPLWÆ7ÆFQLFRGH
(YDOXDFLÐQ
k&XRWDVy
$OLJXDOTXHHQHOSDVDGRUHFLHQWHHQOD&¾
PDUDGH'LSXWDGRVLQLFLÐODFRQIURQWDFLÐQ
SRUHOSURFHVRGHGHVLJQDFLÐQGHORVLQWH
JUDQWHVGHO,1(
$VÊSRUHMHPSORHOFRRUGLQDGRUGH0RYL
PLHQWR&LXGDGDQR5LFDUGR0RQUHDOžYLOD
FXHVWLRQÐDORVPLHPEURVGHO&RPLWÆ7ÆFQLFR
GH(YDOXDFLÐQ\DOPLVPRWLHPSRGHVDSUREÐ
HOSURFHVRGHGHVLJQDFLÐQGHFRQVHMHURVFDOL
ILF¾QGRORFRPRXQDqIDUVDTXHUHVSRQGHDO
UHSDUWRGHFXRWDVHQWUH35,3$1\35'r
(QHVWHVHQWLGRHOGLSXWDGR0RQUHDODSXQ
WÐq(VWHSURFHVRHVXQDYLRODFLÐQDOD&RQV
WLWXFLÐQ\DODOH\r$GHP¾VqODGHVLJQDFLÐQ
TXHVHKL]RHQOD-XFRSRGHVXVWUHVSURSXHVWDV
IXHIDFFLRVDFODUDPHQWHSDUWLGLVWD\XQUHSDU
WRJURVHURGHFXRWDVHQWUHORVWUHVSDUWLGRV
PD\RULWDULRVr
6REUHODLQWHJUDFLÐQGHOFRPLWÆVRVWXYRTXH
HVXQDFWRqWRWDOPHQWHSUHGHWHUPLQDGRrSDUD
VHOHFFLRQDUDORVFRQVHMHURVGHO ,1(qDPRGR
FRQODVPLVPDVFDUDFWHUÊVWLFDVGHO,)(GHORV×O
WLPRVGRFHDÎRVVXERUGLQDGRVGH
SHQGLHQWHVDOSRGHUDOGLQHUR
\VREUHWRGRDORVSDUWLGRV
TXHORVSURSRQHQr
0RQUHDOžYLODDVH
JXUÐTXHqIXHXQDFWR
H[FOX\HQWHGHOUHVWR
GHODVIXHU]DVSROÊWLFDV
FRPR0RYLPLHQWR
&LXGDGDQRr\FRQVL
GHUÐTXHqHVXQPDO
SUHVDJLRGHORTXHVHJX
UDPHQWHRFXUULU¾HQODLQ
WHJUDFLÐQGHO,1(r
$VXYH]HOGLSXWDGR0DQXHO
+XHUWD/DGUÐQGH*XHYDUDGHO37LQIRUPÐ
TXHLQWHUSXVRDQWHHO7ULEXQDO(OHFWRUDOGHO
3RGHU-XGLFLDOGHOD)HGHUDFLÐQ7(3-)XQ
MXLFLRSDUDODSURWHFFLÐQGHORVGHUHFKRVSR
OÊWLFRVHOHFWRUDOHVGHORVFLXGDGDQRV\HQ
FRQWUDGHORVÐUJDQRVGHJRELHUQRGHOD&¾
PDUDGH'LSXWDGRV
(OMXLFLRSUHFLVÐHOOHJLVODGRUSHWLVWDWLHQH
HOSURSÐVLWRGHJDUDQWL]DUXQDLQWHJUDFLÐQLP
SDUFLDOGHOQXHYR,1(\SRUHOORSLGLÐDO7ULEXQDO
(OHFWRUDOTXHDGRSWHPHGLGDVFDXWHODUHVSDUD
TXHOD-XQWDGH&RRUGLQDFLÐQ3ROÊWLFD\OD0HVD
&DPELDU
DORVFRQVHMHURV
FDGDYH]TXHKD\XQD
UHIRUPDHOHFWRUDOGHPHULWDOD
IXQFLÁQYXOQHUDODDXWRQRP¼D
\JHQHUDXQSUREOHPDGH
GLODSLGDFLÁQGHWDOHQWR
HOHFWRUDOy
ZZZYHUWLJRSROLWLFRFRP
32/ë7,&$ _
HOHJLUDGLH]FRQVHMHURVHOHFWRUDOHV\DXQFRQ
VHMHURSUHVLGHQWHGHOQXHYR,1(
(QHVWDRFDVLÐQQRSRGU¾QVHURPLVRVHQ
GLFKDWDUHDWHQGU¾QKDVWDHOSUÐ[LPRGHDEULO
SDUDHOOR\VLQRORJUDQSRQHUVHGHDFXHUGRVHU¾
HOSOHQRGHOD6XSUHPD&RUWHGH-XVWLFLDGHOD
1DFLÐQ6&-1HOTXHSRUPHGLRGHLQVDFXOD
FLÐQORVGHVLJQH
/RVFRQVHMHURVTXHQRPEUDU¾QORVGLSXWD
GRVIHGHUDOHVRHQVXFDVRORVPLQLVWURVGHOD
6XSUHPD&RUWHVDOGU¾QGHXQDVHULHGHOLVWDV
TXHKR\FRQIRUPDQDVSLUDQWHVSUHVHOHFFLR
QDGRVSRUHO&RPLWÆ7ÆFQLFRGH(YDOXDFLÐQ
OXHJRGHDQDOL]DUORVSHUILOHVGHDVSLUDQWHV
&RPHQ]ÐDVÊHOSURFHVRSDUDGHVLJQDUD
ORVQXHYRVHQFDUJDGRVGHHQFDEH]DUODRUJD
QL]DFLÐQGHODVHOHFFLRQHVIHGHUDOHV\HQVX
FDVRDOJXQDVORFDOHVIXQFLRQDULRVTXHSDUDORV
SDUWLGRVVLJQLILFDQODSRVLELOLGDGGHFRQWURODU
ODVGHFLVLRQHVGHO&RQVHMR*HQHUDOHQEXVFD
GHWHQHUPHMRUHVUHVXOWDGRVHQORVFRPLFLRVR
ELHQEORTXHDUDORVRSRVLWRUHV
5HFRUGHPRVDGHP¾VTXHVHU¾QORVQXHYRV
FRQVHMHURVHOHFWRUDOHVORVUHVSRQVDEOHVGHGH
VLJQDUDFDVLFRQVHMHURVHQLQVWLWXWRV
HOHFWRUDOHVORFDOHV
32/ë7,&$ _
'LUHFWLYDGHOD&¾PDUDGH'LSXWDGRVJDUDQ
WLFHQTXHHO&RPLWÆ7ÆFQLFRGH(YDOXDFLÐQ
DSOLTXHXQDHYDOXDFLÐQREMHWLYDGHODLGRQHLGDG
GHORVFDQGLGDWRVDFRQVHMHURVHOHFWRUDOHV
(OUHFXUVR\DIXHGHVHFKDGRSRUORVPDJLV
WUDGRVGHO7ULEXQDO(OHFWRUDOTXHFRQVLGHUDURQ
TXHHOOHJLVODGRUGHO37FDUHFHGHOHJLWLPDFLÐQ
SDUDLPSXJQDUWRGDYH]TXHQRVHDIHFWDVX
HVIHUDSHUVRQDOGHGHUHFKRV
3HURHVXQKHFKRTXHODVDFXVDFLRQHVGH
UHSDUWRGHFXRWDVVRQODFRQVWDQWHHQOD&¾
PDUDGH'LSXWDGRV
6D×O0DQGXMDQRFDWHGU¾WLFRGHOD81$0
HVSHFLDOLVWDHQHOWHPDHOHFWRUDOLQGLFDTXHHO
qVHOORSDUWLGLVWDrTXHKDDFRPSDÎDGRDODFWXDO
,)(ELHQSRGUÊDUHSURGXFLUVHHQHOQXHYR ,1(
qSXHVDXQTXHHO&RPLWÆ7ÆFQLFRVHHQFDUJD
U¾GHHYDOXDUDVXVLQWHJUDQWHVODOLVWDWLHQH
TXHSDVDUDOD-XQWDGH&RRUGLQDFLÐQ3ROÊWLFD
\OXHJRDOSOHQRGHOD&¾PDUDGH'LSXWDGRVr
(VHPHFDQLVPRFRQVLGHUDHOFDWHGU¾WLFR
qQRJDUDQWL]DU¾XQDGHVSDUWLGL]DFLÐQGHO ,1(
$VÊTXHHOOHJLVODGRUWLHQHXQDHQRUPHUHVSRQ
VDELOLGDGGHQRH[SRQHUDOQXHYRLQVWLWXWRr
3RUVXODGR3DEOR;DYLHU%HFHUUD&K¾YH]
LQYHVWLJDGRUGHOD 8$0VHÎDODTXHHVLPSRU
WDQWHODqGHVSDUWLGL]DFLÐQHQHOQRPEUDPLHQ
WRGHORVWLWXODUHVGHORVRUJDQLVPRVHOHFWRUDOHVr
SXHVHOORqSHUPLWLU¾HVFDSDUGHOFLFORSHUYHUVR
HQHOTXHVHKDFDÊGRHQORV×OWLPRVDÎRVGRQ
GHHQODVHOHFFLRQHVFRPSHWLGDVKD\LPSXJ
QDFLRQHVRTXHLQFOXVRVHFRQGX]FDDXQD
QXHYDUHIRUPDHOHFWRUDOr
$OUHVSHFWR%HFHUUDDEXQGDq$TXLHQHV
P¾VFRQYLHQHTXHORVIXQFLRQDULRVHOHFWRUDOHV
WHQJDQXQSHUILOLPSDUFLDO\TXHQRHVWÆQYLQ
FXODGRVDORVSDUWLGRVHVDHVWRVPLVPRVSXHV
PLHQWUDVPHQRVFXHVWLRQDEOHVHDODLQWHJUDFLÐQ
GHORVÐUJDQRVHOHFWRUDOHVPD\RUOHJLWLPLGDG
WHQGU¾QORVFRPLFLRVr
$GUL¾Q*LPDWH:HOVKGLUHFWRUGHO&HQWUR
GH,QYHVWLJDFLRQHV/HJLVODWLYDVGHOD8$0DG
YLHUWHTXHSDUDTXHKD\DqJREHUQDQ]DrHQHO
WHUUHQRHOHFWRUDOqVHWLHQHQTXHFRQVLGHUDU
IDFWRUHVFRPRHOGLVHÎRLQVWLWXFLRQDOHOHPSOHR
GHODVUHJODV\ODFDSDFLGDGGHODDXWRULGDG
HOHFWRUDOSDUDDSOLFDUODVORTXHVXSRQHXQ
FRQVHMRHOHFWRUDOQRSDUWLGL]DGRFRPSHWHQWH
\SURIHVLRQDOr
}1RPEUDU±QORVPLQLVWURVDORVFRQVHMHURV"
0DUFR$QWRQLR+HUUHUD7ROHGRGH,NQHOLD
9LVLÐQ'HPRFU¾WLFD$&VRVWLHQHTXHODFUHDFLÐQ
GHO,1(IXHXQDGHFLVLÐQqULHVJRVDrHLJXDOVHÎD
ODTXHXQPRWLYRHVSHFLDOGHSUHRFXSDFLÐQHV
TXHORVLQWHJUDQWHVGHO&RQVHMR*HQHUDOGHO
QXHYRRUJDQLVPRIRUPDU¾QHOJUXSRFROHJLDGR
HQFDUJDGRGHGHVLJQDUDORVFRQVHMHURVGHORV
LQVWLWXWRVHOHFWRUDOHVORFDOHV\HVRqSXHGHDFD
UUHDUP¾VSUREOHPDVGHORVTXHSURSRQHUHVROYHUr
&RQVLGHUDTXHORVQXHYRVFRQVHMHURVGHO
,1(GHEHQSRUORPHQRVqHVWDEOHFHUFULWHULRV
SUHYLRVSDUDODVHOHFFLÐQGHORVFRQVHMHURVOR
FDOHVHQWUHORVTXHGHVWDFDQWHQHUFRPRPÊ
QLPRXQWÊWXORXQLYHUVLWDULR\FÆGXODSURIHVLRQDO
H[SHULHQFLDHOHFWRUDOSUREDGDQRWHQHUYÊQFX
ORVSDUWLGLVWDVTXHKD\DSDULGDGGHJÆQHUR\
TXHH[LVWDXQSURFHVRGHVHOHFFLÐQWRWDOPHQWH
WUDQVSDUHQWHHLQFOXVRTXHFRQVWHODSRVLELOLGDG
GHLPSXJQDFLÐQr
3DUDHODQDOLVWDSROÊWLFR&DUORV5DPÊUH]HO
,1(QDFHFRQWUHVSUREOHPDVTXHYLHQHQGHVGH
OD&RPLVLÐQ)HGHUDO(OHFWRUDOGHSHQGLHQWHGH
OD6HFUHWDUÊDGH*REHUQDFLÐQ\SHUPDQHFLHURQ
HQHO,)(XQRUJDQLVPRFRQIXQFLRQHVGHRUJD
QL]DFLÐQ\GHUHVROXFLÐQGHTXHMDVODLQWHUYHQ
FLÐQGLUHFWDGHORVSDUWLGRVHQODGHVLJQDFLÐQ
GHPDU]RGH
GHFRQVHMHURV\ODSUHVHQFLDHQHOFRQVHMRGH
UHSUHVHQWDQWHVGHSDUWLGRV\SRGHUHV
$MXLFLRGHOWDPELÆQSHULRGLVWDHOQXHYR
ÐUJDQRHOHFWRUDOqQHFHVLWDVDFDUGHVXVHV
WUXFWXUDV\VHVLRQHVDORVSDUWLGRVrDVÊFRPR
qHOLPLQDUODILJXUDGHFRQVHMHURVSDUDFUHDU
ODGHIXQFLRQDULRVFRQUHVSRQVDELOLGDGHVGL
UHFWDVQDGDP¾VHQODRUJDQL]DFLÐQGHFRPL
FLRVr\SDVDUqDRWUDYHQWDQLOODDMHQDDO,1(ORV
GHEDWHVFRQSDUWLGRVTXHWLHQHQYR]HVWUL
GHQWH\TXHQRQHFHVLWDQYRWRSDUDLQKLELUD
ORVFRQVHMHURVr
5DPÊUH]DVHYHUDTXHHOKHFKRGHTXHORV
FRQVHMHURVVDOJDQGHODVUHJODVILMDGDVSRUOD
&¾PDUDGH'LSXWDGRV\VHDQGHVLJQDGRVSRU
HVWDVLJQLILFDTXHSHUPDQHFHqODSDUWLGL]DFLÐQ
HQORVQRPEUDPLHQWRV\SRUWDQWRKDEU¾GH
QXHYDFXHQWDFXRWDVGHSRGHUHQWUHORVSDUWLGRV
\QRIXQFLRQDULRVDMHQRVDODVOXFKDVHQWUHORV
SDUWLGRVr
'HKHFKRVRVWLHQHH[LVWHXQDqOLVWDGH
QRWDEOHVrTXHFLUFXODHQODVqÆOLWHVGHSRGHUr
\FRQWLHQHORVQRPEUHVGHYDULRVDVSLUDQWHV
qTXHHVWDUÊDQUHSUHVHQWDQGRDSDUWLGRV\FRQ
VLPSDWÊDVTXHOHVLPSHGLUÊDQVHULPSDUFLDOHV
HQORVSURFHVRVHOHFWRUDOHVr
(ODQXQFLRGHTXHORVDFWXDOHVFRQVHMHURVHOHF
WRUDOHVGHO,)(SDUWLFLSDUÊDQHQHOSURFHVRSDUD
ODGHVLJQDFLÐQGHLQWHJUDQWHVGHO&RQVHMR*H
QHUDOGHO,1(JHQHUÐD×QP¾VFRQIURQWDFLÐQ
q7UDMLPRVQXHVWURVSDSHOHVFXPSOLHQGR
FRQORVUHTXLVLWRVTXHHVWDEOHFHODFRQYRFDWR
ULD\QRKHPRVSHGLGRQLVHQRVKDRIUHFLGR
QLQJ×QWUDWRHVSHFLDOrVHÎDOÐHOFRQVHMHUR%H
QLWR1DFLITXLHQDÎDGLÐTXHqIXHXQDGHFLVLÐQ
TXHHVWXYLPRVYDORUDQGRHQFRQMXQWRORVFXD
WURFRQVHMHURV\E¾VLFDPHQWHORTXHQRVKDFH
LQFOLQDUQRVDIDYRUGHHVWDFRQYRFDWRULDHVTXH
FUHHPRVTXHQXHVWUDH[SHULHQFLD\QXHVWURV
SHUILOHVSURIHVLRQDOHVSXHGHQVHUGHXWLOLGDG
HQODWUDQVLFLÐQGHO,)(KDFLDHO,1(r
(OFRQVHMHUR1DFLIWDPELÆQSUHFLVÐTXH
qQRKXERQHJRFLDFLÐQDOJXQDFRQORVSDUWLGRV
SROÊWLFRVQRKD\QLQJ×QWUDWRHVSHFLDOSDUDORV
FXDWURFRQVHMHURVSDUWLFLSDPRVHQORVWÆUPLQRV
GHODFRQYRFDWRULDHPLWLGDFRPRWRGRVORTXH
VHKDQLQVFULWR\TXHWLHQHQODVPLVPDVSRVLEL
OLGDGHVGHVHUHOHJLGRVr
$QWHVGHODQXQFLRGHODFRQYRFDWRULD
SRUFLHUWRHO 35,HPLWLÐXQFRPXQLFDGRHQ
HOTXHH[SUHVÐTXHORVDFWXDOHVFRQVHMHURV
8JDOGHTXLHQIXHVHGHVWLWXLGRGHO,)(WUDV
ORVFRPLFLRVGHUHPDWDq&DPELDUDORV
FRQVHMHURVFDGDYH]TXHKD\XQDUHIRUPDHOHF
WRUDOGHPHULWDODIXQFLÐQYXOQHUDODDXWRQRPÊD
\JHQHUDXQSUREOHPDGHGLODSLGDFLÐQGHWD
OHQWRHOHFWRUDOHQHVWHSDÊVr
&XHQWDUHJUHVLYD
(OWLHPSRKDFRPHQ]DGRDWUDQVFXUULU5HFL
ELGDVODVOLVWDVUHIHULGDVOD-XFRSREXVFDU¾OOHJDU
DXQDFXHUGRHQWUHORVJUXSRVSDUODPHQWDULRV
SDUDVHOHFFLRQDUDORVFDQGLGDWRVDFDUJRGH
FRQVHMHURSUHVLGHQWH\GLH]FRQVHMHURVHOHFWR
UDOHVGHO,1(
$P¾VWDUGDUHOSUÐ[LPRGHDEULOGH
OD-XFRSRQRWLILFDU¾DOD0HVD'LUHFWLYDGHOD
&¾PDUDGH'LSXWDGRVVXDFXHUGRSDUDODGH
VLJQDFLÐQGHFRQVHMHURVSDUDTXHVHVRPHWDGH
LQPHGLDWRDODDSUREDFLÐQGHOSOHQR
(OGHDEULOHOSOHQRGHODF¾PDUDEDMD
UHDOL]DU¾ODHOHFFLÐQGHORVFRQVHMHURV
\VLQRVHORJUDODDSUREDFLÐQGH
HVWRVSRUGRVWHUFHUDVSDUWHV
GHORVSUHVHQWHVHQODVHVLÐQ
VHUHPLWLU¾QqGHLQPHGLDWRr
ODVOLVWDVGHDVSLUDQWHVDOD
6&-1ODFXDOHQVHVLÐQS×
EOLFDDP¾VWDUGDUHOGH
DEULOHOHJLU¾DORVLQWHJUDQWHV
GHO,1(PHGLDQWHLQVDFXODFLÐQ
q(OGHDEULOHVXQSOD]RIDWDO
6LQRVRWURVQRGHVLJQDPRVQRPDQGD
PRVDOSOHQRDORVILQDOLVWDVORKDEU¾GHUHVROYHU
OD6XSUHPD&RUWHrVHÎDOÐ6LOYDQR$XUHROHV
TXLHQDJUHJÐq1RSRGHPRVSRUQRWHQHUOD
FDSDFLGDGGHFRQVWUXLUDFXHUGRVGHMDUTXH
VHDQRWUDVLQVWDQFLDVODVTXHGHFLGDQORTXHOH
WRFDGHFLGLUDODF¾PDUDr
(OSUHVLGHQWHGHOD-XFRSRUHFRUGÐTXHHQ
6DQ/¾]DURHVW¾QREOLJDGRVDqGDUFHUWLGXPEUHr
DODRUJDQL]DFLÐQGHODVHOHFFLRQHVGHHQ
ODVTXHVHHOHJLU¾QQXHYHJXEHUQDWXUDVGLSX
WDGRVORFDOHV\DOFDOGHVHQHQWLGDGHVDVÊ
FRPRGLSXWDGRVIHGHUDOHV
6L
QRKD\DFXHUGR
HQODF±PDUDEDMDOD
GHVLJQDFLÁQODUHDOL]DU±
OD6&-1PHGLDQWH
LQVDFXODFLÁQy
ZZZYHUWLJRSROLWLFRFRP
32/ë7,&$ _
&XDUWRVFXUR
,)(
qKDQDFXPXODGRYDVWDH[SHULHQFLD\GLVIUX
WDQGHXQELHQJDQDGRSUHVWLJLR\UHFRQRFL
PLHQWRSURIHVLRQDOHQPDWHULDHOHFWRUDOr
(QHVWHVHQWLGRODGLULJHQFLDQDFLRQDOSULLV
WDH[WHUQÐqVXEUD\DGDPHQWHVXVLPSDWÊDrFRQ
ODSRVLELOLGDGGHTXHORVFXDWURDFWXDOHVFRQVH
MHURVYDORUDUDQODRSFLÐQGHLQVFULELUVHHQHO
SURFHVRGHVHOHFFLÐQGHFRQVHMHURVGHO,1(
/DVFUÊWLFDVQRVHKLFLHURQHVSHUDU\HO
FRRUGLQDGRUGHO 35'6LOYDQR$XUHROHV&R
QHMRDILUPÐTXHQRH[LVWLU¾QqGDGRVFDUJDGRVr
HQHOSURFHVRGHVHOHFFLÐQGHORVLQWHJUDQWHV
GHO,1(DIDYRUGHORVDFWXDOHVFRQVHMHURVGHO
,)(r
(OSHUUHGLVWDDFWXDOSUHVLGHQWHGHOD-XFR
SRDÎDGLÐq(O&RPLWÆ7ÆFQLFRGH(YDOXDFLÐQ
WHQGU¾TXHGHFLGLUVLYDQORVDFWXDOHVFRQVH
MHURVDODTXLQWHWDVDKÊQRKD\QLQJ×QGDGR
FDUJDGRVHU¾XQDGHWHUPLQDFLÐQORP¾VREMH
WLYDSRVLEOHGHOFRPLWÆSDUDWRPDUODGHFLVLÐQ
TXHPHMRUFRUUHVSRQGDr
(QWDQWR/XLV$OEHUWR9LOODUUHDO
*DUFÊDFRRUGLQDGRUGHO 3$1
HQOD&¾PDUDGH'LSXWDGRV
VRVWXYRTXHqODLQFOXVLÐQ
GHORVFXDWURFRQVHMHURV
YLJHQWHV HQ HO ,)( HQ OD
OLVWDGHORVDVSLUDQWHVDO
QXHYRLQVWLWXWRHQULTXHFH
HOSURFHVRSHURQRJDUDQ
WL]DTXHVHDQGHVLJQDGRVr
'HORTXHVHWUDWDVHÎDOÐHO
SDQLVWDqHVGHFRQVWUXLUXQ,1(TXHP¾V
DOO¾GHORVSDUWLGRVSROÊWLFRVUHVSRQGDDODVH[
SHFWDWLYDVGHGHPRFUDFLDGHORVFLXGDGDQRVr
3DUD/XLV&DUORV8JDOGHH[FRQVHMHURSUH
VLGHQWHGHO,)(LQYLWDUDORVDFWXDOHVFRQVHMHURV
DTXHqVHIRUPHQHQODILODQRHVODVROXFLÐQD
XQSUREOHPD\DFDXVDGRTXHHVQRUHVSHWDU
ORVSOD]RVTXHUHTXLHUHODLQPRYLOLGDGFRPR
XQDFRQGLFLÐQQHFHVDULDGHODVDXWRULGDGHV
HOHFWRUDOHVr
$OUHVSHFWRHOWDPELÆQGLUHFWRUGHODFRQ
VXOWRUÊD,QWHJUDOLDVHÎDODq3DUHFHTXHVRPRV
H[SHUWRVHQSURGXFLUH[FRQVHMHURVHOHFWRUDOHV
\FUHRTXHHVRHVWRWDOPHQWHLQFRUUHFWR0H
SDUHFHTXHODGLJQLGDGHOFDUJR\ODLQGHSHQ
GHQFLDGHORVFRQVHMHURVHOHFWRUHVKDQVLGR
YXOQHUDGRVr
$*(1'$/(*,6/$7,9$
6,1$9$1&(66867$1&,$/(6
*335'
32/ë7,&$ _
'HVDFXHUGRVDWRUDQOH\HVVHFXQGDULDV
èQJHO+HUQ±QGH]
DKHUQDQGH]#UHYLVWDYHUWLJRFRP
7
UDQVFXUULGDODPLWDGGHODFWXDOSHULR
GRRUGLQDULRGHVHVLRQHVVHQDGRUHV\
GLSXWDGRVVHHQFXHQWUDQOHMRVGHSR
GHUFXPSOLUODDPELFLRVDDJHQGDGHOH\HVVH
FXQGDULDVTXHVHILMDURQDOUHLQLFLRGHORV
WUDEDMRVOHJLVODWLYRVHOGHIHEUHURSRUORTXH
WRGRLQGLFDTXHVHU¾QHFHVDULRTXHFRQYRTXHQ
DXQSHULRGRH[WUDRUGLQDULRSDUDWUDWDUGHDSUR
EDUODUHJODPHQWDFLÐQGHODVUHIRUPDVFODYH
SDUDHOSDÊVTXHDSUREDURQHQ
6XSHUDGRVORVREVW¾FXORVTXHVHSUHVHQWD
URQGXUDQWHODVQHJRFLDFLRQHVSDUDVDFDUDGH
ODQWHODVUHIRUPDVHQHUJÆWLFDHGXFDWLYD\
SROÊWLFDHOHFWRUDOSULQFLSDOPHQWHHOVLJXLHQWH
UHWRGHO&RQJUHVRGHOD8QLÐQHVHODERUDUODV
OH\HVVHFXQGDULDVTXHHQWHRUÊDuXQDYH]VX
SHUDGRHOHVFROORPD\RUTXHVLJQLILFDEDVX
DSUREDFLÐQSRUGRVWHUFHUDVSDUWHVGHORVOHJLV
ODGRUHVuVHUÊDQSURFHVDGDVFRQPD\RUUDSLGH]
6LQHPEDUJRHVWRQRKDRFXUULGR\DTXH
ORVGHVDFXHUGRVFRQWLQ×DQHQWUHODVIUDFFLRQHV
GHORVSDUWLGRV5HYROXFLRQDULR,QVWLWXFLRQDO
35,$FFLÐQ1DFLRQDO3$1\GHOD5HYROX
FLÐQ'HPRFU¾WLFD 35' ORTXHTXHGÐGH
PDQLILHVWRGXUDQWHODVGLVFXVLRQHVGHOD/H\
)HGHUDOGHOD&RQVXOWD3RSXODUuOD×QLFD
DSUREDGDKDVWDHOPRPHQWRHQHODFWXDOSH
ULRGRGHVHVLRQHVuTXHQRHVWXYRWDPSRFR
H[HQWDGHGLVFUHSDQFLDV\GLVSXWDVTXHREOL
JDURQDFDPELRVLPSRUWDQWHVGH×OWLPDKRUD
3RFRVDYDQFHV
<FXDQGRUHVWDQVHLVVHPDQDVGHWUDEDMRuVLQ
FRQWDUTXHVHDWUDYLHVDOD6HPDQD6DQWDGX
UDQWHODFXDOVHVXVSHQGHQODVDFWLYLGDGHVHQ
JHQHUDOuORFLHUWRHVTXHHQOD&¾PDUDGH
GHPDU]RGH
'LSXWDGRV\HO6HQDGRGHOD5HS×EOLFDKD\
SRFRVDYDQFHV\DTXHORVOHJLVODGRUHVQRFXHQ
WDQFRQORVGLFW¾PHQHVGHODVOH\HVVHFXQGDULDV
HQPDWHULDHQHUJÆWLFDSROÊWLFDHOHFWRUDOWHOH
FRPXQLFDFLRQHV\FRPSHWHQFLDHFRQÐPLFD
DGHP¾VGHTXHHVW¾SHQGLHQWHODUHIRUPDSR
OÊWLFDGHO'LVWULWR)HGHUDO
$ORVUHWUDVRVHQODVQHJRFLDFLRQHV\ODIDO
WDGHFRQVHQVRVSDUDODHODERUDFLÐQGHODVOH\HV
VHFXQGDULDVHQWUHODVSULQFLSDOHVIXHU]DVSROÊ
WLFDVHQWHPDVIXQGDPHQWDOHVSDUDHOGHVDUUR
OORGHOSDÊVDKRUDVHVXPDXQQXHYRFRQIOLFWR
OXHJRGHTXHVHQDGRUHVGHO3$1FRQGLFLRQDURQ
ODDSUREDFLÐQGHODUHIRUPDHQHUJÆWLFDDOHV
FODUHFLPLHQWRGHOFDVR2FHDQRJUDIÊDSDUDOR
FXDOGHPDQGDURQXQDLQYHVWLJDFLÐQDIRQGR\
VLQTXHVHGHVDWHXQDqFDFHUÊDGHEUXMDVr
(VWRDÎDGHXQDPD\RUSUHVLÐQQRVRORHQ
ORVWHPDVP¾VLPSRUWDQWHV\DTXHLQFLGHDGH
P¾VHQRWUDVLQLFLDWLYDVGHXQWRWDOGHOH\HV
32/ë7,&$ _
ODFLÐQHQPDWHULDGHMXYHQWXGQXHYDOH\GH
UHJLVWURVS×EOLFRVUHJODPHQWDFLÐQGHODVFRQ
WUDORUÊDVGHO,QVWLWXWR)HGHUDOGH7HOHFRPX
QLFDFLRQHV,IHWHO\OD&RPLVLÐQ)HGHUDOGH
&RPSHWHQFLD&RIHFROD/H\*HQHUDOGHO
(MHUFLFLR3URIHVLRQDO6XMHWRD&ROHJLDFLÐQ\
&HUWLILFDFLÐQ2EOLJDWRULDHQWUHRWURVWHPDV
KDVWDVXPDU
GRVODFXDOSHUPLWHDOD6HFUHWDUÊDGH&RPX
QLFDFLRQHV\7UDQVSRUWHVHQWUHJDUSHUPLVRVD
QXHYRVFRQFHVLRQDULRVSDUDODRSHUDFLÐQGHOD
UHGPRGLILFDFLÐQTXHFDXVÐXQIXHUWHGHEDWH
\FX\DSURSXHVWDDKRUDVHHQFXHQWUDHQHO6H
QDGRSDUDVXGLVFXVLÐQ
/DVHQDGRUDGHO35''RORUHV3DGLHUQDDG
YLHUWHULHVJRVPX\GHOLFDGRVHQHVWDUHIRUPD
*33$1)RWRV65
\UHIRUPDVTXHHO6HQDGRDFRUGÐDPHGLDGRV
GHIHEUHURFRPRSDUWHGHXQDDPELFLRVDDJHQ
GDGHWHPDVHQODTXHDOSDUHFHUSHVDURQP¾V
ODVEXHQDVLQWHQFLRQHVOHJLVODWLYDVTXHODUHD
OLGDGGHORVqDWRURQHVr\ODVGLIHUHQFLDVTXH
WUDGLFLRQDOPHQWHKDQPDQWHQLGRORVJUXSRV
SDUODPHQWDULRVDODKRUDGHSURFHVDUODVUHIRU
PDV\ODVOH\HVVHFXQGDULDV
*ÁPH]GHO&DPSR5REHUWR*LO-DYLHU/R]DQR\+¸FWRU/DULRV_(O3$1DPDJD
/RVSHQGLHQWHV
(QWUHORVWHPDVTXHORVVHQDGRUHVDFRUGDURQ
GHQWURGHOOODPDGRq3DFWRGHO6HQDGRrFRPR
ORFDOLILFÐHOFRRUGLQDGRUGHORVVHQDGRUHV
SDQLVWDV-RUJH/XLV3UHFLDGRVHHQFXHQWUDQ
DGHP¾VGHODVOH\HVHQPDWHULDHQHUJÆWLFD
SROÊWLFDHOHFWRUDOGHWHOHFRPXQLFDFLRQHV\GH
FRPSHWHQFLDHFRQÐPLFDuODVP¾VLPSRUWDQ
WHV\ODVTXHWLHQHQSULRULGDGSDUDODVSULQFLSD
OHVIUDFFLRQHVSDUWLGDULDVuODVVLJXLHQWHV
UHIRUPDHQPDWHULDGHGLVFLSOLQDILQDQFLHUDHQ
HVWDGRV\PXQLFLSLRVFREHUWXUDXQLYHUVDOHQ
PDWHULDGHVHJXULGDGVRFLDO\VHJXURGHGHVHP
SOHRXQLYHUVDO
7LHQHQDGHP¾VSHQGLHQWHOHJLVODUHQPD
WHULDGHMXVWLFLDPLOLWDUUHJXODUORVQXHYRVÐU
JDQRVFRQVWLWXFLRQDOHVDXWÐQRPRVDVÊFRPR
OD/H\*HQHUDOGH,QIUDHVWUXFWXUD)ÊVLFD\
(GXFDWLYD
2WURVWHPDVDGHEDWLUVRQODUHIRUPDXU
EDQDHQFLHQFLDWHFQRORJÊDHLQQRYDFLÐQOD
/H\)HGHUDOGHO7UDEDMRuHQODTXHVHWLHQH
TXHUHJXODUHODSDUWDGR %UHODFLRQDGRDORV
WUDEDMDGRUHVGHO(VWDGRuPLJUDFLÐQOHJLV
/RVVHQDGRUHVGHEHU¾QDGHP¾VQRPEUDU
WLWXODUHQFDVLFDUJRVSDUDORFXDOLQVWDODURQ
XQDPHVDHVSHFLDOL]DGDSDUDHVHSURSÐVLWROD
PD\RUÊDGHORVFXDOHVWLHQHQTXHKDFHUORDQWHV
GHOGHDEULO
(QWUHODVGHVLJQDFLRQHVVHHQFXHQWUDQORV
WLWXODUHVGHORVWULEXQDOHVHOHFWRUDOHVGHOSDÊV
ORVLQWHJUDQWHVGHOD&RPLVLÐQ1DFLRQDOGH
+LGURFDUEXURVGHOD&RPLVLÐQ1DFLRQDOGH
(QHUJÊDGHO)RQGR0H[LFDQRGHO3HWUÐOHRGHO
&RQVHMRGHOD-XGLFDWXUD)HGHUDOGHO7ULEXQDO
)LVFDOORVFRPLVLRQDGRVHQWUDQVSDUHQFLD\HQ
PDWHULDGH&RPLVLÐQ1DFLRQDO$QWLFRUUXSFLÐQ
HOILVFDOHVSHFLDOL]DGRHQGHOLWRVHOHFWRUDOHV\
HOILVFDOHVSHFLDOL]DGRHQDQWLFRUUXSFLÐQTXH
YDQDGHSHQGHUGHOD)LVFDOÊD*HQHUDOGHOD
1DFLÐQHQWUHORVP¾VLPSRUWDQWHV
1XHYRVHQIUHQWDPLHQWRV
(QWUHORVWHPDVGHODDJHQGDOHJLVODWLYDTXH
YROYLHURQDSURYRFDUGLYLVLRQHVHVW¾HOGHOD
UHIRUPDDOD/H\5HJODPHQWDULDGHO6HUYLFLR
)HUURYLDULRTXHDSUREÐOD&¾PDUDGH'LSXWD
ZZZYHUWLJRSROLWLFRFRP
DODTXHFDOLILFDFRPRqXQDUHSULYDWL]DFLÐQr
TXHQRUHVSRQGHDORVUHTXHULPLHQWRVGHOVHF
WRUFRPRHVXQDIXHUWHLQYHUVLÐQS×EOLFD\
SULYDGDTXHSXHGDGHWRQDUHOFUHFLPLHQWR\
GHVDUUROORGHOVLVWHPDIHUURYLDULR
7DPELÆQVHFRUUHHOULHVJRGHVWDFDGHTXH
VHGÆODDILUPDWLYDILFWDSDUDHORWRUJDPLHQWRGH
FRQFHVLRQHVORTXHVLJQLILFDUÊDDVLJQDUGHPDQH
UDGLUHFWDORVSHUPLVRVVLQSDVDUSRUXQDOLFLWDFLÐQ
3RUVXSDUWHH[SHUWRVDGYLHUWHQGHORVSH
OLJURVTXHHVWRVFDPELRVDODOH\IHUURYLDULD
JHQHUDU¾QHQWUHLQYHUVLRQLVWDVGHOVHFWRUDO
SURYRFDULQFHUWLGXPEUHMXUÊGLFDSRUHOFDPELR
GHUHJODVGHOMXHJRDQWHVGHTXHYHQ]DHOWLHP
SRSDUDHOTXHVHGLHURQFRQFHVLRQHVHQ
$PDJR
%DMRXQSDQRUDPDGHSXJQDV\FKRTXHVKD
WUDQVFXUULGRODPLWDGGHODFWXDOSHULRGRRUGL
QDULRGHVHVLRQHVVLQTXHKDVWDHOPRPHQWRVH
UHIOHMHHQHOWUDEDMROHJLVODWLYRGHDPEDVF¾PD
UDVORTXHHQVXPRPHQWRDQXQFLÐHOVHQDGRU
SDQLVWD-RUJH/XLV3UHFLDGRHQHOVHQWLGRGH
65
32/ë7,&$ _
/HMRVGHORVREMHWLYRV
TXHVHUHXQLUÊDQFRQORVGLSXWDGRVSDUDYHUFX¾O
HUDODDJHQGDHQ6DQ/¾]DUR\JHQHUDUXQDOÊQHD
GHWUDEDMRHQWHPDVFRPXQHV
(VWDVLWXDFLÐQDQXQFLÐHOFRRUGLQDGRUGH
ODIUDFFLÐQSDQLVWDOHVSHUPLWLUÊDTXHqDTXHOOR
TXHVHKDDSUREDGRHQHO6HQDGRQROOHJXHDOD
FRQJHODGRUDGHOD&¾PDUDGH'LSXWDGRV\YL
FHYHUVDORTXHDSUXHEHQORVGLSXWDGRV
QRVHDWRUHHQHO6HQDGRrSHUR
HOORQRVHKDUHIOHMDGRHQORV
DFXHUGRVKDVWDDKRUD
3RUHOFRQWUDULRORV
EXHQRVGHVHRVGHORV
FRRUGLQDGRUHVGHO35,
3$1\ 35'VHKDQLGR
WUDVWRFDQGRSRUODIDO
WDGHGLFW¾PHQHV\DYDQ
FHVHQORVSULQFLSDOHV
WHPDVGRQGHUHVDOWDHOGH
PDWHULDHQHUJÆWLFDTXHSD
UHFHWHQGU¾XQSULPHUWURSH]ÐQ
OXHJRGHTXHXQJUXSRGHVHQDGRUHVDILQHV
DOVHQDGRUFRQOLFHQFLD(UQHVWR&RUGHURu\
FRQWUDULRVDOGLULJHQWHQDFLRQDOSDQLVWD*XVWDYR
0DGHURuDPDJDURQFRQQRGLVFXWLU\DSUREDU
HVDUHIRUPDVLQRVHDFODUD\VHYDDIRQGRHQ
HOFDVRGHODHPSUHVD2FHDQRJUDIÊDLQYROX
FUDGDHQGLYHUVRVIUDXGHV\TXHHVXQLPSRU
WDQWHFRQWUDWLVWDGH3HWUÐOHRV0H[LFDQRV
3HPH[
)LQDOPHQWHODIUDFFLÐQGHO 3$1VHUHWLUÐ
GHODPHVDGHQHJRFLDFLRQHV\DFXVÐDODV
DXWRULGDGHVGHLQWHQWDUqDFKLFDUrHOHVSÊULWX
GHODUHIRUPD\GHEXVFDUXQDqKLSHUFRQFHQ
WUDFLÐQr(OFRRUGLQDGRUSDQLVWD-RUJH/XLV
3UHFLDGR UHFRUGÐ TXH VH OOHJÐ DO
DFXHUGRGHTXHHQHO)RQGR
0H[LFDQRGHO3HWUÐOHROD
&RPLVLÐQ1DFLRQDO5H
JXODGRUDGH(QHUJÊD\
OD&RPLVLÐQ1DFLRQDO
GH+LGURFDUEXURVWHQ
GUÊDQFRQVHMHURVLQ
GHSHQGLHQWHVSHUROD
SURSXHVWDGHOJRELHUQR
HVTXHHVWRVFRQVHMHURV
VHDQ QRPEUDGRV SRU HO
SUHVLGHQWHHQORTXHQRHV
W¾QGHDFXHUGR
y(QOD&±PDUDGH
'LSXWDGRV\HO6HQDGR
KD\SRFRVDYDQFHV\DTXH
ORVOHJLVODGRUHVQRFXHQWDQ
FRQORVGLFW±PHQHVGHODV
OH\HVVHFXQGDULDV
5HDFFLÁQ
$QWHHOSHOLJURUHDOGHTXHODVOH\HVVHFXQGDULDV
HQPDWHULDHQHUJÆWLFDVHYHDQHQULHVJRSRUQR
FRQWDUFRQHODSR\RTXHUHTXLHUHHO 35,SDUD
FRQVWUXLUXQSUR\HFWRFRQMXQWR\VXDSUREDFLÐQ
GHPDU]RGH
ILQDOKRUDVP¾VWDUGHGHODPDJRSDQLVWD\GH
PDQHUDXUJHQWHORVFRRUGLQDGRUHVGHOWULFRORU
(PLOLR*DPERDGHO3$1-RUJH/XLV3UHFLDGR
\GHO35'0LJXHO%DUERVDDQXQFLDURQODFUHD
FLÐQGHXQDFRPLVLÐQHVSHFLDOSDUDHOFDVRGH
2FHDQRJUDIÊDTXHHVWDU¾LQWHJUDGDSRUWUHV
SULLVWDVGRVSDQLVWDVGRVSHUUHGLVWDV\XQRGHO
3DUWLGR9HUGH
<VLELHQHVDLQVWDQFLDVHDYRFDU¾DLQYHVWL
JDUGHQWURGHVXVIDFXOWDGHVODVDQRPDOÊDVH
LUUHJXODULGDGHVFRPHWLGDVSRUHVDHPSUHVD
WDPELÆQHVW¾FODURTXHEXVFDHYLWDUODLQWHUUXS
FLÐQ\DIHFWDFLÐQGHORVWUDEDMRVHQPDWHULD
VHFXQGDULDGHODUHIRUPDHQHUJÆWLFDTXHSRU
VXWUDQVFHQGHQFLDHVFRQVLGHUDGDSRUWRGRV
ORVJUXSRVSDUODPHQWDULRV\HOSURSLRJRELHUQR
ODP¾VLPSRUWDQWHDOHJLVODUHQORLQPHGLDWR
SRVLEOH
'HDKÊTXHORVUHWUDVRVOHJLVODWLYRVODIDOWD
GHGLFW¾PHQHV\ORVGHVDFXHUGRVTXHPDQWLH
QHQORVOHJLVODGRUHVHQWHPDVVHQVLEOHVFRPR
ORVIHUURFDUULOHVSDUWLFLSDFLÐQFLXGDGDQD\
DKRUDHQPDWHULDHQHUJÆWLFDJHQHUHQXQHVFH
QDULRSRFRSURSLFLRSDUDTXHVHDYDQFHHQOD
DSUREDFLÐQGHODVWDQXUJHQWHVOH\HVVHFXQGD
ULDVTXHDWHUULFHQODVJUDQGHVUHIRUPDVDSURED
GDVHODÎRDQWHULRUFRPRORSUHWHQGHQORV
GLSXWDGRV\VHQDGRUHV
8QUHFODPRGHWRGRVORVVHFWRUHVGHODVRFLHGDG
,10,1(17(
$352%$&,ï1
'(/$/(<'(
029,/,'$'
3$5$(/')
$UWXUR5RGU¼JXH]
GDURGULJXH]#UHYLVWDYHUWLJRFRP
([LVWHFRQVHQVRSRO¼WLFR
SDUDTXHOD$VDPEOHD
/HJLVODWLYDODDYDOHGXUDQWH
HOSUHVHQWHSHULRGR
RUGLQDULRGHVHVLRQHV
(
O3URJUDPD8QLYHUVLWDULRGH(VWXGLRV
VREUHOD&LXGDG38(&GHOD8QLYHUVLGDG
1DFLRQDO$XWÐQRPDGH0Æ[LFR81$0
HVWDEOHFHTXHODVXPDGHOHVSDFLRTXHRFXSDQ
ORVYHKÊFXORVTXHFLUFXODQGLDULDPHQWHHQOD
FDSLWDOGHOD5HS×EOLFDFDVLWUHVPLOORQHVGH
DFXHUGRFRQOD6HFUHWDUÊDGH7UDQVSRUWHV\9LD
OLGDGDUURMDXQWRWDOGHFXDWURPLONLOÐPH
WURVFDVLFLQFRYHFHVP¾VTXHODORQJLWXGGHOD
UHGYLDOSULPDULDTXHDSHQDVDVFLHQGHDPLONL
OÐPHWURVORTXHLPSOLFDTXHORVWUDVODGRVHQ
KRUDVSLFRVHGHQDYHORFLGDGHVSURPHGLRGH
HVFDVRVVHLVRVLHWHNLOÐPHWURVSRUKRUD
7DOVLWXDFLÐQVXEUD\DHOHVWXGLRVHGDFRPR
UHVXOWDGRGHTXHqGXUDQWHPXFKRVDÎRVHO
FHQWURGHODVSROÊWLFDVGHPRYLOLGDGGHOD&LX
GDGGH0Æ[LFRKDVLGRODFRQVWUXFFLÐQGHLQ
IUDHVWUXFWXUDSDUDYHKÊFXORVSULYDGRVPLHQWUDV
TXHHQODDFWXDOLGDGODWHQGHQFLDLQWHUQDFLRQDO
HVODGHSODQHDULQWHJUDOPHQWHODPRYLOLGDG
XUEDQD\GDUSULRULGDGDRWURVPRGRVGHWUDQV
GHPDU]RGH
SRUWHGHVDOHQWDQGRHOXVRGHODXWRPÐYLOSDUD
ORFXDOKD\TXHJHQHUDUXQWUDQVSRUWHS×EOLFR
FÐPRGRVHJXURHILFLHQWH\DFFHVLEOHr
/RDQWHULRUFRLQFLGHFRQXQRGHORVFXDWUR
HMHVHQORVTXHVHVXVWHQWDODLQLFLDWLYDVREUHOD
/H\GH0RYLOLGDGGHOD&LXGDGGH0Æ[LFR
SUHVHQWDGDHQDEULOSDVDGRSRUODGLSXWDGD
/DXUD%DOOHVWHURV0DQFLOODGHO3DUWLGR$FFLÐQ
1DFLRQDO3$1TXLHQHQHQWUHYLVWDFRQ9ÆUWL
JRPDQLILHVWDVXFRQILDQ]DSRUTXHGLFKDQRU
PDWLYLGDGVHDSUXHEHDODEUHYHGDGGXUDQWHHO
SHULRGRRUGLQDULRGHVHVLRQHVTXHGLRLQLFLRHO
V¾EDGRDQWHULRU\FRQHOORVHVXEVDQHHODWUD
VRGHDOPHQRVDÎRVTXHHO'LVWULWR)HGHUDO
DUUDVWUDHQHVWDPDWHULD
(ODKRJDPLHQWRGHODVYLDOLGDGHVFDSLWDOL
QDVGLFHODOHJLVODGRUDGHOEODQTXLD]XOKD
WUDÊGRFRPRUHVXOWDGRHQWUHRWUDVVLWXDFLRQHV
QHJDWLYDVSDUDORVKDELWDQWHVTXHGLDULDPHQWH
VHSLHUGDQPLOORQHVGHKRUDVKRPEUHFRPR
SURGXFWRGHOWU¾ILFR
32/ë7,&$ _
-HUDUTX¼D
6HJ×QUHILHUH%DOOHVWHURVGHORVFD
SLWDOLQRVVHPXHYHHQWUDQVSRUWHS×EOLFR
\GHHOORVVRQSHDWRQHV'HDKÊTXH
ODMHUDUTXÊDGHODPRYLOLGDGTXHSURSRQHHVWÆ
HQFDEH]DGDSUHFLVDPHQWHSRUHOSHDWÐQHO
FXDOWLHQHTXHVHUHOFHQWURGHODWRPDGHGH
FLVLRQHVGHODSROÊWLFDS×EOLFDGHODFLXGDG
q(VWRVHWUDGXFHHQDOJRPX\VHQFLOORQL
XQDVRODREUDS×EOLFDP¾VTXHQRWHQJDDOSHD
WÐQHQHOFHQWURFRPRSURWDJRQLVWDGHO
JDVWRGHODFDSLWDOrVHÎDOD
(QHOVLJX
LHQWHQLYHO
GHODSLU¾PLGHVHHQFXHQWUD
HOFLFOLVWDqFRPRJUXSR
YXOQHUDEOH\FRQQHFHVLGD
GHV GH LQIUDHVWUXFWXUDr
DVLHQWD
'HVSXÆVVLJXHHOXVXD
ULRGHOWUDQVSRUWHS×EOLFR\
P¾VDGHODQWHODVIRUPDVGHPR
YLOLGDGPRWRUL]DGDFRPRVRQODPR
WRFLFOHWDDXQTXHHVWXGLRVLQWHUQDFLRQDOHV
VXJLHUHQTXHHVWDGHEHLQFOXLUVHDKRUDWDPELÆQ
HQHOVHFWRUGHJUXSRVYXOQHUDEOHV\ORVDXWRV
5HVSHFWRGHOLQFUHPHQWRGHOXVRGHODELFL
FOHWD\ODPRWRFLFOHWDFRPRPHGLRVDOWHUQRVGH
WUDQVSRUWH%DOOHVWHURVFRPHQWDTXHODSULPHUD
qVHKDYHQLGRFRQVROLGDQGRFRPRXQDIRUPD
GHPRYLOLGDGHILFLHQWHHQWUD\HFWRVFRUWRVSHVH
DODHVFDVDLQIUDHVWUXFWXUDGLVSRQLEOH\QLTXÆ
VHJXULGDGDTXLHQODFRQGXFH\DTXLHQ
HVW¾DOUHGHGRUr
$OUHVXPLUORVREMHWLYRVGHVXLQLFLD
WLYDGLFHq/D/H\GH0RYLOLGDGGHOD
&LXGDGHVODOH\GHOSHDWÐQ$VÊHVFRPR
ODKHPRVWUDEDMDGR\HVDVÊFRPRTXHUH
PRVDSUREDUOD6LQHPEDUJRSDUDGDUOH
FHUWH]D\VHJXULGDGDODPRYLOLGDGGHO
SHDWÐQQHFHVLWDPRVKDEODUGHWRGRVORV
VLVWHPDVGHPRYLOLGDG(OSHDWÐQHVW¾DO
FHQWUR\DOUHGHGRUORVGHP¾VVLVWHPDVHO
DXWRODPRWRFLFOHWDODELFLFOHWDODFDPL
QDWDHOWUDQVSRUWHS×EOLFRfr
/D/H\GH0RYLOLGDGDÎDGHqTXLHUH
\YDDSRQHURUGHQHQHOWUDQVSRUWHS×
EOLFR(OPLFURE×VFRPRVLVWHPDGH
WUDQVSRUWHHVW¾DJRWDGR7HQHPRVTXHKDFHU
ORWUDQVLWDUKDFLDHVTXHPDVGHFDPLRQHVVXV
WHQWDEOHVJUDQGHVFRQFRQGLFLRQHVGHFDOLGDG
SDUDWRGRV'RQGHHOHVTXHPDGHOKRPEUH
FDPLÐQVHDEDQGRQH\VHYD\DDXQHVTXHPD
GHHPSUHVDULRVRUJDQL]DGRVKDFLHQGRHPSUH
VDVSDUDHVWDEOHFHUUXWDVXQHMHUFLFLRPX\SD
UHFLGRDOGHO0HWURE×Vr
3DUDFRQFOXLU/DXUD%DOOHVWHURVDVHJXUD
TXHOD/H\GH0RYLOLGDGEXVFDqXQDFLXGDG
TXHHVWÆFRQVWUXLGDSDUDODVSHUVRQDVXQDFLX
GDGSHQVDGDFRPRXQHVSDFLRS×EOLFRGRQGH
SRGDPRVHMHUFHUFRQOLEHUWDG\REYLDPHQWH
FRQFDOLGDG\VHJXULGDGQXHVWURGHUHFKRDOD
PRYLOLGDG\GRQGHHOJRELHUQRVHKDJDUHVSRQ
VDEOHGHHOORr
(VHOPRPHQWRLGHDOSDUDDSUREDUODOH\
UHIHULGDDILUPDq(VDKRUDRQXQFDSRUTXH
KHPRVHQFRQWUDGRODFRLQFLGHQFLDSROÊWLFD
GHWRGRVSRUTXHODPLVPDVRFLHGDGFLYLOHVW¾
DOLQHDGDWDPELÆQFRQHVWHUHFODPR(VDKRUD
RQXQFDSRUTXHHOMHIHGHJRELHUQRORWLHQH
FRPRSULRULGDGDOLJXDOTXHHOSDUWLGRHQHO
SRGHU\ORVGHODRSRVLFLÐQ1RKD\XQPHMRU
PRPHQWRr
)RWRV&&RZULH
q(VWDPRVVHULDPHQWHFRODSVDGRVFRQ
ORVWLHPSRVGHWUDVODGRORVKDELWDQWHVGH
OD=RQD0HWURSROLWDQDHVW¾QSHUGLHQGR
GHXQDKRUD\PHGLDKDVWDGRVKRUDV\
PHGLDSDUDPRYHUVHGHXQSXQWRDRWUR
GHODPHWUÐSROL(VPXFKRP¾VU¾SLGRLU
D7OD[FDODGRQGHVHLQYLHUWHKRUD\PHGLD
TXHPRYHUQRVSRUHMHPSORGHOFHQWUR
GH&R\RDF¾QD7O¾KXDFRD;RFKLPLOFR
HQODVKRUDVSLFRrLQGLFD
%DOOHVWHURV_k$KRUDRQXQFDy
GHFLUGHODPRWRFLFOHWDXQVLVWHPDGHPRYLOLGDG
TXHKR\FDUHFHGHODUHJXODFLÐQTXHQHFHVLWD\
WDPSRFRFXHQWDFRQODLQIUDHVWUXFWXUDSDUDSR
GHUFLUFXODU\PXFKRPHQRVFRQODVFRQGLFLRQHV
GHVHJXULGDGSDUDHOXVXDULRr
/DGLSXWDGDSDQLVWDPHQFLRQDTXHHQVX
LQLFLDWLYDVHKDFHIUHQWHDHVWDUHDOLGDG
q(QSULPHUOXJDUSRUTXHHVWDPRV
UHFRQRFLHQGRDODPRWRFLFOH
WDFRPRXQVLVWHPDGHPR
YLOLGDG\HVWRHVXQSDVR
JLJDQWHHQHOHVTXHPDGH
ODOHJLVODFLÐQGHODVUHJODV
HQPDWHULDGHWUDQVSRUWH\
PRYLOLGDGGHODFLXGDG$F
WXDOPHQWHQRHVW¾UHFRQRFLGD
\ORTXHQRHVW¾UHFRQRFLGRQR
SXHGHVHUUHJODPHQWDGR\QLVLTXLHUD
PHMRUDGRr
/DHQWUHYLVWDGDUHFXHUGDTXHGXUDQWHPX
FKRWLHPSRVHWUDWÐGHHYLWDUHOGHEDWHGHOD
PRWRFLFOHWDFRPRSDUWHGHODFDGHQDGHPR
YLOLGDGGHODFLXGDGq(QODLQLFLDWLYDTXH
SUHVHQWRHOUD]RQDPLHQWRHVPX\VHQFLOOROD
PRWRH[LVWH\VLLJQRUDPRVDODPRWRFLFOHWD
FRPRSDUWHGHODPRYLOLGDGQDGDYDPRVD
UHVROYHU1HFHVLWDPRVGDUOHFRQGLFLRQHVGH
6L
LJQRUDPRVDOD
PRWRFLFOHWDFRPR
SDUWHGHODPRYLOLGDG
QDGDYDPRVD
UHVROYHUy
ZZZYHUWLJRSROLWLFRFRP
'RQ-RV¸6XODLP±Q&KDJQÁQ
)RWRVFRUWHV¼D*RELHUQRGH7DPDXOLSDV
5,1'(1+20(1$-($
81*5$1'('(7$0$8/,3$6
<D]P¼Q7DUDQJR
\WDUDQJRP#UHYLVWDYHUWLJRFRP
k8QWDPDXOLSHFRGLVWLQJXLGRTXHOOHYÁHQVX
FRUD]ÁQDVXSDWULDFKLFDSRUWRGRHOPXQGRXQ
PH[LFDQRXQLYHUVDOGHOTXHVLHPSUHHVWDUHPRV
SURIXQGDPHQWHRUJXOORVRVy7RUUH&DQWÆ
GHPDU]RGH
$
QWHODSUHVHQFLDGHLQWHJUDQWHVGHOD
IDPLOLD6XODLP¾Q6DOGÊYDUDPLJRV\
H[SRQHQWHVGHOPXQGRER[ÊVWLFRHO
JREHUQDGRUGH7DPDXOLSDV(JLGLR7RUUH&DQW×
HQFDEH]ÐXQHPRWLYRKRPHQDMHSÐVWXPRDGRQ
-RVÆ6XODLP¾Q&KDJQÐQXQDGHODVOH\HQGDV
P¾VLPSRUWDQWHVGHOSXJLOLVPRHQ0Æ[LFRTXLHQ
IDOOHFLÐHOSDVDGRHQHURDORVDÎRV
7RUUH&DQW×GHVWDFÐTXH6XODLP¾QIXH
XQRUJXOORVRSRUWDGRUGHOQRPEUHGH7DPDX
OLSDVSRUWRGRHOPXQGRDORODUJRGHVXHQ
FRPLHQGDHQODSUHVLGHQFLDGHO&RQVHMR
0XQGLDOGH%R[HRFDUJRTXHGHVHPSHÎÐ
SRUP¾VGHDÎRVq)XHXQWDPDXOLSHFR
HMHPSODUTXHTXLVRSURIXQGDPHQWHDHVWD
EHOODWLHUUDTXHOHYLRQDFHU$PÐLQWHQVDPHQ
WHDVXIDPLOLD\VXSRVHUXQDPLJRH[FHSFLR
QDOrH[SUHVÐHOPDQGDWDULR
q-RVÆ6XODLP¾Q&KDJQÐQIXHP¾VTXHXQ
HPEDMDGRUWDPDXOLSHFRGHOPXQGRGHOER[HR
VXIDPDDOFDQ]ÐWRGDVODVIURQWHUDVVXSUHVWLJLR
OOHJÐDWRGDVSDUWHVVXWDOHQWRIXHUHFRQRFLGR
HQORVFLQFRFRQWLQHQWHVSRUTXHWHQÊDHOFD
U¾FWHU\ODGHWHUPLQDFLÐQTXHQRVGLVWLQJXHD
ORVWDPDXOLSHFRVrDJUHJÐHO(MHFXWLYRHVWDWDO
TXLHQHVWXYRDFRPSDÎDGRGHODSUHVLGHQWD
GHO6LVWHPD ',)7DPDXOLSDV0DUÊDGHO3LODU
*RQ]¾OH]GH7RUUH
'XUDQWHHOHYHQWRUHDOL]DGRHQODVLQVWDOD
FLRQHVGHO&HQWUR&XOWXUDO7DPDXOLSDVVHÎDOÐ
TXHqVXHMHPSORQRVGHPXHVWUDTXHODJUDQGH
]DGH7DPDXOLSDV\GH0Æ[LFRHVW¾HQHOHVSÊ
ULWXLQTXHEUDQWDEOHGHVXJHQWH\HQVXYROXQWDG
GHWUDEDMDUSRUORTXHGHVHDPRV\SRUORTXH
VRÎDPRV'HWDOIRUPDTXHVXYLGD\VXREUD
QRVGLFHTXHHVW¾HQQRVRWURVORJUDUODFRQVWUXF
FLÐQGHXQPXQGRPHMRUSDUDQXHVWURVKLMRV
JUDFLDVDOLPSRUWDQWHOHJDGRTXHQRVGHMDr
(QVXPHQVDMHHOJREHUQDGRUGH7DPDX
OLSDVUHFDOFÐq1RFDEHGXGDTXHODILJXUDGH
GRQ-RVÆ6XODLP¾QUHDILUPDORTXHKHPRVGL
FKRDORVFXDWURYLHQWRVHOYDORUVXSUHPRGH
7DPDXOLSDVHVKDVLGR\VLHPSUHVHU¾VXJHQWH
/RVWDPDXOLSHFRVKRPEUHV\PXMHUHVTXHWR
1XPHUUDOLD
1XPHUDOLD
OLD
&DQWÆ_k)XHXQWDPDXOLSHFRHMHPSODUy
GRVORVGÊDVGDQORPHMRUTXHWLHQHQSRUHVWH
PDUDYLOORVROXJDUTXHHVQXHVWURKRJDUFRQ
TXLHQHVVHJXLUHPRVWUDEDMDQGRMXQWRVFRPR
KDVWDKR\FRQHQWUHJD\SDVLÐQFRQVROLGDQGR
FRQRSWLPLVPR\FRQGHWHUPLQDFLÐQHO7DPDX
OLSDVIXHUWHTXHWRGRVTXHUHPRVHO0Æ[LFR
SUÐVSHURTXHWRGRVPHUHFHPRVr
'XUDQWHVXLQWHUYHQFLÐQ0DXULFLR6XODL
P¾Q6DOGÊYDUDQRPEUHGHVXPDGUH0DUWKD
6DOGÊYDUGH6XODLP¾Q\GHVXVKHUPDQRV-RVÆ
0DUWÊQ)HUQDQGR&ODXGLD\/XF\DJUDGHFLÐ
DOJREHUQDGRU(JLGLR7RUUH&DQW×VXDSR\R
SDUDODUHDOL]DFLÐQGHHVWHHPRWLYRKRPHQD
MHq0LSDGUHIXHXQDSHUVRQDPX\GHGLFDGD
DVXWUDEDMR\DVXIDPLOLDTXHSRUGRQGH
TXLHUDTXHDQGDEDVLHPSUHOOHYDEDHQVXFR
UD]ÐQDHVWDWLHUUDWDPDXOLSHFDrVHÎDOÐ0DX
ULFLR6XODLP¾Q
$OWÆUPLQRGHODFWR(JLGLR7RUUHMXQWRFRQ
LQWHJUDQWHVGHODIDPLOLD6XODLP¾Q6DOGÊYDU\
GLYHUVRVFDPSHRQHVPXQGLDOHVGHER[HRFRPR
-XOLR&ÆVDU&K¾YH]5DIDHO+HUUHUD+XPEHU
WROD&KLTXLWD*RQ]¾OH]*XDGDOXSH3LQWRU
3LSLQR&XHYDV¦GJDU6RVD&DUORV=¾UDWH
6HUQD\ODVFDPSHRQDVGHHVWHGHSRUWH=XOLQD
0XÎR],YHWK=DPRUD-ÆVLFD&K¾YH]\-ÆVLFD
*RQ]¾OH]UHFRUULHURQODH[SRVLFLÐQGRQGHVH
PXHVWUDODYLGD\REUDGHGRQ-RVÆ
ZZZYHUWLJRSROLWLFRFRP
v1DFLÁHOGHPD\RGHHQ&LXGDG9LFWRULD
v$ORVDÀRV\DHUDSDUWHGHO&RQVHMRGH%R[HR
HQ6DQ/XLV3RWRV¼
v(QVHXQLÁDO&RQVHMR0XQGLDOGH%R[HR&0%
v(QIXHHOHJLGRSUHVLGHQWHGHO&RQVHMR
0XQGLDOGH%R[HRGHPDQHUDXQ±QLPH
v)XHDGPLQLVWUDGRUGHO&0%GXUDQWHP±VGHWUHV
G¸FDGDV
v,QJUHVÁDO6DOÁQ,QWHUQDFLRQDOGHOD)DPDGHO
%R[HRGH&DQDVWRWD1XHYD<RUNHOGHMXQLR
GH
v6XODLP±QGRPLQDEDDGHP±VGHOHVSDÀROHO
LQJO¸V±UDEHLWDOLDQRSRUWXJX¸V\IUDQF¸V
v'XUDQWHVXJHVWLÁQHO&0%KDE¼DVDQFLRQDGRP±V
GHPLOSHOHDVGHW¼WXORDOUHGHGRUGHOPXQGR
\HORUJDQLVPRFRQWDEDFRQP±VGHSD¼VHV
DGKHULGRV
v6XOHPDIXHk(OER[HRHVHOGHSRUWHGHORV
SREUHV\PLHQWUDVKD\DSREUHVHQHOPXQGR
VLHPSUHKDEU±ER[HRy
v5HGXMRHOQÆPHURGHURXQGVGHDHQODV
SHOHDVGHFDPSHRQDWR
v$XPHQWÁGHWUHVDFXDWURFXHUGDVHQHOULQJ
v&DPELÁODFHUHPRQLDGHOSHVRRoFLDOKRUDV
DQWHVGHOFRPEDWHHQOXJDUGHODVKRUDV
SUHYLDPHQWHHVWDEOHFLGDVSDUDHYLWDUOD
GHVKLGUDWDFLÁQGHORVFRPSHWLGRUHV
v&UHÁHO&RQJUHVR0¸GLFR0XQGLDO
v&UHDFLÁQGHGLYLVLRQHVLQWHUPHGLDV
v,QWURGXMRORVJXDQWHVHVSHFLDOHVFRQHOSXOJDU
LQWHJUDGRDOUHVWRGHODPDQRSDUDHYLWDUTXHORV
ER[HDGRUHVVHSLFDUDQORVRMRV\UHGXFLUHO¼QGLFH
GHDFFLGHQWHVGHGHVSUHQGLPLHQWRGHUHWLQD
32/ë7,&$ _
+D\UHFODPRVDQWHOD3*5
23$&,'$'$'0,1,675$7,9$
(17$%$6&2
1RUEHUWR9±]TXH]
QYD]TXH]#UHYLVWDYHUWLJRFRP
&&XXD
XDDUUWR
WRVVF
VFX
FXXUR
(QODHQWLGDGJREHUQDGD
SRU$UWXUR1ÆÀH]H[LVWH
QHSRWLVPRVXEHMHUFLFLRV
\PDQLSXODFLÁQ
DGPLQLVWUDWLYDVHJÆQ
GHQXQFLDQGLSXWDGRV
ORFDOHV
GHPDU]RGH
GH
GHPPD
PDU]U RR GHH
32/ë7,&$ _
(
OPDQGDWDULRWDEDVTXHÎR
$UWXUR1×ÎH]TXLHQSURPHWLÐqXQ
FDPELRYHUGDGHURrHQODVULHQGDVDG
PLQLVWUDWLYDVGHODHQWLGDGQRVRORHVW¾KR\
PHWLGRHQFLUFXQVWDQFLDVVHPHMDQWHVDODVGH
VXDQWHFHVRUVLQRTXHDGHP¾VGLSXWDGRVORFD
OHVGHQXQFLDQTXHVHJHVWDDODYLVWDGHODVR
FLHGDGXQQXHYRJRELHUQRWDQQHSRWLVWDFRPR
DUELWUDULRHQPDWHULDGHQRPEUDPLHQWRGHORV
SULQFLSDOHVIXQFLRQDULRVGHOJRELHUQRGHOHV
WDGR\TXHKD\LQGLFLRVGHXQPDOPDQHMRGH
ORVSUHVXSXHVWRVTXHVHWUDQVIRUPDHQXQHQRU
PHVXEHMHUFLFLRHQSHUMXLFLRGHORVFLXGDGDQRV
ZZZYHUWLJRSROLWLFRFRP
3DUDORVOHJLVODGRUHVHOSUREOH
PDWLHQHQRPEUH\DSHOOLGRVH
OODPD0DUWKD/LOLD/ÐSH]$JXLOHUD
\HVODSULPHUDGDPDGHODHQWLGDG
TXLHQSUHVXQWDPHQWHHVHOYHUGDGH
URSRGHUSXHVVRPHWHDORVGLSXWDGRV
GHO&RQJUHVRORFDO\GHVFHQWUDOL]Ð
HO',)DORUGHQDUUHIRUPDVDOD/H\GHO
6LVWHPD(VWDWDOGH$VLVWHQFLD6RFLDO
FRQORTXHGLFHQORVFUÊWLFRVHVWDUÊD
FUHDQGRXQDqVXSHUVHFUHWDUÊDrSDUDVX
SURSLRSUR\HFWRSROÊWLFR
/RVGHQXQFLDQWHVDÎDGHQTXHHOOD
SRQH\TXLWDIXQFLRQDULRVDGLVFUHFLÐQ
GLVSRQHLQGLUHFWDPHQWHGHOSUHVXSXHV
WRHVWDWDOPDTXLQDQHJRFLRVFRQSD
ULHQWHV\DPLJRVFHUFDQRV\PDQLSXOD
WRGDVODVDFFLRQHV\JLUDVGHODFWXDOJR
EHUQDGRUqSRUTXHHOODPLVPDGLFHWUDV
EDPEDOLQDVTXHHVODUHDOoJREHUQDGRUDpr
'HDFXHUGRFRQHVWDVIXHQWHVHQHOJRELHU
QRLPSHUDXQDUHEDWLQJDGHYDULRVJUXSRVORV
LQWHJUDQWHVGHOJUXSRSROÊWLFRGH$QGUÆV0D
QXHO/ÐSH]2EUDGRUORVGLULJHQWHV\PLOLWDQWHV
GHO 35'TXHKDQVLGRLQWHJUDGRVDOJRELHUQR
HVWDWDOORVH[SULLVWDVTXHVHVXPDURQDODFDQ
GLGDWXUDGH$UWXUR1×ÎH]HOHTXLSRSURSLR
GHOPDQGDWDULRHVWDWDOf\qHOVÆTXLWRTXHHQ
FDEH]DVXHVSRVDr
7RGRHOORDJUHJDQSHUPLWHXQFRFWHOGH
GHVLQWHJUDFLÐQDGPLQLVWUDWLYDHQSHUMXLFLR
&RPXQLFDFLÁQ6RFLDO',)
32/ë7,&$ _
k/DUHDOJREHUQDGRUDy
GHORVFLXGDGDQRVGH7DEDVFRTXLHQHVYHQ
PHUPDGDVXFDOLGDGGHYLGDSRUODVSXJQDV
SROÊWLFDVDOLQWHULRUGHOJRELHUQRHVWDWDO
6XEHMHUFLFLRV
IXQFLRQDPLHQWRGHOJRELHUQR$VÊWHQHPRVTXH
GHVGHODoWÆFQLFDpVHPDQHMDODSROÊWLFDLQWHUQD
TXHRUJ¾QLFDPHQWHGHEHUÊDVHUODERUGHOD6H
FUHWDUÊDGH*RELHUQRGHVGHODPLVPDVHPD
QHMDOD&RPXQLFDFLÐQ6RFLDOGHOJRELHUQRGHO
HVWDGRSRU×OWLPRGHVGHDKÊVHPDQHMDWDP
ELÆQWRGRORTXHWLHQHTXHYHUFRQLQJUHVRV
HJUHVRVDGTXLVLFLRQHVFRPSUDVGLUHFWDV\
FKDQFKXOORVORTXHHQODVIRUPDVOHJDOHVGHEH
UÊDPDQHMDUVHSRUSDUWHGHOD6HFUHWDUÊDGH
3ODQHDFLÐQ\)LQDQ]DVrDFXVD
,QFOXVRPHGLDQWHXQ3XQWRGH$FXHUGR
FRQIHFKDGHPDU]RGHODOHJLVODGRUD
SODQWHÐTXHqFRPRHVGHFRQRFLPLHQWRGHWR
GRVHQVHPDQDVDQWHULRUHVHOVHFUHWDULRGH
3ODQHDFLÐQ\)LQDQ]DVHVWDWDOLQGLFÐTXHHODÎR
SDVDGRVHWXYRXQVXEHMHUFLFLRGHFDVLPLO
PLOORQHVGHSHVRVTXHVHUHIUHQGDURQHLQFRU
SRUDURQDOSUHVXSXHVWRP¾V
PLOORQHVGHSHVRVTXHIXHURQ
UHLQWHJUDGRVDOD)HGHUDFLÐQr
(OGRFXPHQWRH[SRQH
TXHGHDFXHUGRDOSURSLR
WLWXODUGH)LQDQ]DVQRVH
WUDWDGHVXEHMHUFLFLRV
VLQRGHqDKRUURVrREWH
QLGRVuHQWUHRWURVFRQ
FHSWRVuHQHOSDJRGH
VDODULRVDODFODVHPDJLVWHULDO
6LQHPEDUJRDJUHJDHO
3XQWRGH$FXHUGRqKDVWDDKRUD
QRVHKDSUHFLVDGRFRQGHWDOOHHQTXÆFRQ
VLVWLHURQHVRVOODPDGRVDKRUURVTXÆSUHVWD
FLRQHVVHOHVUHGXMHURQRVHOHVGHMDURQGH
SDJDUDORVPDHVWURVTXÆSURJUDPDVVHGHMD
URQGHOOHYDUDFDERSRUQRHMHUFHUGLFKRV
UHFXUVRVDTXÆSURJUDPDVVHUHDVLJQDURQORV
PRQWRVTXHQRVHXWLOL]DURQ\FÐPRVHSLHQ
VDQLPSOHPHQWDUr
/DLQLFLDWLYDOHJLVODWLYDUHVDOWDTXHqDGLFLR
QDOPHQWH\GHDFXHUGRDODDGYHUWHQFLDKHFKD
SRUHOSURSLRJREHUQDGRUGHOHVWDGRGHQRWR
OHUDUORVVXEHMHUFLFLRVHQVXDGPLQLVWUDFLÐQ
k/D
SULPHUDGDPD\
VXSULPRWLHQHQHQVXV
PDQRVORVQHJRFLRVTXH
JHQHUDHOJDVWRGHWRGR
HOJRELHUQRGH
7DEDVFR
(QHQWUHYLVWDH[FOXVLYDODYLFHFRRU
GLQDGRUDGHO35,HQHO&RQJUH
VRGH7DEDVFR(VWKHU$OLFLD
'DJGXJ/XW]RZFRPHQ
WDTXHOD6HFUHWDUÊDGH
6DOXGHVWDWDODPHGLDGRV
GHGHMÐGHHMHUFHU
PLOORQHVGHSHVRVOR
TXHUHSUHVHQWÐGHO
SUHVXSXHVWRDVLJQDGRGHGRV
PLOPLOORQHVGHSHVRVSDUD
HOHMHUFLFLRILVFDOGHHVHDÎR
2WUDGHSHQGHQFLDLPSRUWDQWHTXHUHJLVWUÐ
VXEHMHUFLFLRVHVOD6HFUHWDUÊDGH(GXFDFLÐQ
TXHGHWUHVPLOPLOORQHVGHSHVRVQRXWLOL]Ð
PLOORQHVDGHP¾VGHTXHOD3URFXUDGXUÊD
*HQHUDOGH-XVWLFLDGHO(VWDGR3*-(GH
PLOORQHVGHSHVRVQRDSOLFÐPLOORQHV
<H[SRQH'DJGXJq+R\VHVDEHTXHHV
$PHW5DPRV7URFRQLVSULPRGHODSULPHUD
GDPD\QXHYRWLWXODUGHOD6HFUHWDUÊDGH$GPL
QLVWUDFLÐQHORSHUDGRUGHOJDELQHWHHQFXDQWR
DO¾UHDGHORVQHJRFLRV\HQPDWHULDGHDVXQWRV
SROÊWLFRV(VWHVXMHWRWLHQHTXHYHUFRQWRGRHO
GHPDU]RGH
32/ë7,&$ __
YDOGUÊDODSHQDTXHSUHFLVDUDQTXLÆQHV\DTXÆ
VDQFLRQHVVHKDU¾QDFUHHGRUHVORVUHVSRQVDEOHV
GHODVGHSHQGHQFLDVGRQGHVHSUHVHQWÐHVWD
VLWXDFLÐQr
'HVFHQWUDOL]DFLÁQ
/DOHJLVODGRUDWDEDVTXHÎDQDUUDTXHSRULQV
WUXFFLRQHVGHqODJREHUQDGRUDrHQDJRVWRGH
OD&RPLVLÐQ3HUPDQHQWHGHO&RQJUHVR
ORFDODSUREÐUHIRUPDVDOD/H\GHO6LVWHPD
(VWDWDOGH$VLVWHQFLD6RFLDOfHQPLHQGDVTXH
VLUYLHURQSDUDFRQYHUWLUDO ',)HQXQDHQWLGDG
DXWÐQRPDGHOJRELHUQRHVWDWDO
'DJGXJ/XW]RZGLFHTXHKRUDVDQWHVGH
DSUREDUODUHIRUPDHOODPLVPDDGYLUWLÐTXHOD
GHVFHQWUDOL]DFLÐQGHO ',)FUHDUÊDqXQDVXSHU
VHFUHWDUÊDSDUDXQSUR\HFWRSROÊWLFRGH0DUWKD
/LOLD/ÐSH]$JXLOHUDr
$QWHHVWHKHFKRODVGHQXQFLDVQRVHKLFLH
URQHVSHUDUHOGHRFWXEUHGHODGLSXWDGD
'DJGXJSUHVHQWÐXQHVFULWRDOSUR
FXUDGRUJHQHUDOGHOD5HS×
EOLFD-HV×V0XULOOR.DUDP
HQHOFXDOH[SRQHq3RU
HVWHFRQGXFWRUHVSH
WXRVDPHQWHPHGLULMR
DXVWHGDILQGHH[WHU
QDUOHPLSUHRFXSDFLÐQ
SRUODVUHFLHQWHVUH
IRUPDVDSUREDGDVDOD
/H\GHO6LVWHPD(VWDWDO
GH$VLVWHQFLD6RFLDOGHO
HVWDGRGH7DEDVFRODVFXDOHV
HQQXHVWURFRQFHSWRYLROHQWDQ
GLYHUVDVGLVSRVLFLRQHVOHJDOHV\QRUPDWLYDV
IHGHUDOHVHQPDWHULDGHVDOXG\TXHHQVXFDVR
SXHGHQLQYDGLUODHVIHUDGHFRPSHWHQFLDGHOD
)HGHUDFLÐQr
(Q7DEDVFRDÎDGHODPLVLYDqORVVHUYLFLRV
GHVDOXGGHVGHKDFHPHVHVRSHUDQGHPDQHUD
LUUHJXODUFRQGHILFLHQFLDVHQODSODQHDFLÐQ\
HMHFXFLÐQGHORVSURJUDPDVVDQLWDULRVDVÊFRPR
LPSRUWDQWHVGHILFLHQFLDVHQPDWHULDGH
DEDVWRGHPHGLFDPHQWRVHLQVXPRVPÆ
GLFRVTXHKDQSXHVWRHQULHVJRODVDOXGGH
PLOHVGHWDEDVTXHÎRV\RULJLQDGRHQWUH
PLOHVGHWDEDVTXHÎRV\RULJLQDGRHQWUH
RWURVHIHFWRVQHJDWLYRVXQDDOWDSUHYDOHQ
FLDGHGLYHUVDVHQIHUPHGDGHVFRPRHV
HOFDVRGHOGHQJXHr
'DJGXJ_'HQXQFLDVDQWHOD3*5
1HSRWLVPR
2WURGLSXWDGRORFDOGHO35,-RVÆ+HUUHUD6¾Q
FKH]DGYLHUWHGHODRSDFLGDGTXHH[LVWHHQOD
DFWXDODGPLQLVWUDFLÐQ\DTXHVHHQFXHQWUDQ
ODERUDQGRHQHOJDELQHWHIDPLOLDUHV\SDULHQWHV
GHIXQFLRQDULRVGHSULPHUQLYHO
([SRQHTXHHVODPHQWDEOHTXHHVWRV
IXQFLRQDULRVWHQJDQODERUDQGRHQ
SXHVWRVFODYHDVXVIDPLOLDUHV
TXHHVDOJRTXHFXDQGR
QRJREHUQDEDQ7DEDVFR
FULWLFDURQ\DKRUDKD
FHQq(OVXEVHFUHWDULR
GH7UDQVSRUWH5DIDHO
(OÊDV6¾QFKH]&DEUD
OHV\ODGLUHFWRUDGHO
,QVWLWXWRGHOD-XYHQWXG
<RDQD&ULVWHO6¾QFKH]
$JXLUUHVRQSDGUHHKLMD
SRUHMHPSORrUHYHOD
(OFXHVWLRQDGRGLUHFWRUGHO
&ROHJLRGH(VWXGLRV&LHQWÊILFRV\7HFQROÐJLFRV
GHO(VWDGRGH7DEDVFR&HF\WH3HGUR%RFD
QHJUD7DSLDqHVHVSRVRGHODGLSXWDGDIHGHUDO
WDEDVTXHÎDGHO35'&ODXGLD%RMÐUTXH]-DYLHU
$XQDGRDTXHWLHQHQHQODQÐPLQDDIXQFLR
QDULRVHVWDWDOHVrFRPHQWD
+HUUHUDDSXQWDTXHODGLUHFWRUDGHO,QVWLWX
WR(VWDWDOGHODV0XMHUHVq/HWLFLD5RPHUR5R
+R\
VHVDEHTXH$PHW
5DPRV7URFRQLVSULPRGH
ODSULPHUDGDPD\QXHYR
WLWXODUGHOD6HFUHWDU¼DGH
$GPLQLVWUDFLÁQHVHO
RSHUDGRUGHO
JDELQHWHy
ZZZYHUWLJRSROLWLFRFRP
+&RQJUHVRGHO(VWDGRGH7DEDVFR
GUÊJXH]HVKHUPDQDGHODHVSRVDGHOVHFUHWDULR
GH(GXFDFLÐQ5RGROIR/DUD/DJXQDV%HDWUL]
3HUDOWD)ÐFLOGLUHFWRUDGH6HUYLFLRVDO3×EOLFR
GHOD3ROLFÊD(VWDWDOGH&DPLQRV\-XDQ-RVÆ
3HUDOWD)ÐFLOGLUHFWRUGH$VXQWRV-XUÊGLFRVGHO
JRELHUQRGH1×ÎH]VRQKHUPDQRVr
<P¾Vq/RUHQ]R0ROOLQHGR$JXLODUQXHYR
GLUHFWRUGHO,QVWLWXWR7HFQROÐJLFR6XSHULRUGH
OD6LHUUDHVWÊRDEXHORGHODGLSXWDGDORFDOSH
UUHGLVWD$QD.DUHQ0ROOLQHGR=XULWD\WÊRGH(O
1LFR0ROOLQHGR%DVWDUFKRIHUGH$QGUÆV0D
QXHO/ÐSH]2EUDGRUr
)LQDOPHQWHGLFHUHVXOWDTXHq)ORULQGD/Ð
SH]$JXLOHUDKHUPDQDGHODVHÎRUDGH1×ÎH]
IXHQRPEUDGDGLUHFWRUDGHO',)HQ9LOODKHUPRVD
\ODFXÎDGDGHHVWD×OWLPD%HDWUL]5RGDV&DQWÐQ
IXHGHVLJQDGDVXEGLUHFWRUDGH2EUDV3×EOLFDVr
'HHVWDIRUPDGHDFXHUGRFRQHVDVGH
QXQFLDVHOG×R$PHW5DPRV\0DUWKD/LOLD
/ÐSH]$JXLOHUDKDQLPSXHVWRDFDVLWRGRVORV
WLWXODUHVDGPLQLVWUDWLYRVGHODVGLVWLQWDVVHFUH
WDUÊDV\FRQHVHFRQWUROWLHQHQDFFHVRDWRGRV
ORVFRQWUDWRVGHSURYHHGRUHVGHOJRELHUQRGHO
HVWDGRHVGHFLUqTXHODSULPHUDGDPD\VXSUL
PRWLHQHQHQVXVPDQRVORVQHJRFLRVTXHJH
QHUDHOJDVWRGHWRGRHOJRELHUQRGH7DEDVFRr
0LHQWUDV$UWXUR1×ÎH]VRODSDWDOHVFRQWX
EHUQLRVODVRFLHGDGWDEDVTXHÎDHVSHUDSROÊWLFDV
S×EOLFDVTXHPHMRUHQVXFDOLGDGGHYLGD
+,6725,$6'(/32'(5 _
',675$&725(6
6
LQGHMDUGHUHFRQRFHUVXLPSRUWDQFLDODDWHQFLÐQPH
GL¾WLFDVLJXHDKRJ¾QGRVHHQHOWHPDGHODVHJXULGDG
(QWRGRFDVRORVPHGLRVSDUHFHQKDEHUSHUGLGROD
SHULFLDSDUDIUDJPHQWDU\UHRUJDQL]DUODDJHQGDS×EOLFD
/DVHJXQGDPXHUWHGHOOÊGHUWHPSODULR1D]DULR0RUHQR
*RQ]¾OH](O&KD\RKDJDQDGRP¾VHVSDFLRTXHHOGHEDWH
VREUHODVH[SHFWDWLYDVGHFUHFLPLHQWRHFRQÐPLFROLPLWDGR
SDUDHVWHDÎRSUREDEOHPHQWHSRUTXHKDVHUYLGRSDUDXQ
DMXVWHGHFXHQWDVFRQ)HOLSH&DOGHUÐQ\VXDQXQFLRGHOD
VXSXHVWDSULPHUDPXHUWHHQ
<HOFDVRGHFRUUXSFLÐQHQODHPSUHVD2FHDQRJUDIÊDKD
GHMDGRKLORVVXHOWRVSHURKDVWDDKRUDQRH[LVWHDOJ×QVHJXL
PLHQWRPHGL¾WLFRVREUHHOIXWXURGHODUHIRUPDHQHUJÆWLFD
GHVSXÆVGHODUHIRUPDFRQVWLWXFLRQDO\DQWHODOOHJDGDSUHYL
VLEOHSHURFRQWDUGDQ]DGHODVLQYHUVLRQHVHQHOVHFWRUQL
WDPSRFRKDKDELGRDOJXQDOODPDGDGHDWHQFLÐQKDFLDOD
QHFHVLGDGGHFRQWDUFRQPHMRUHVPHFDQLVPRVGHFRQWURO
HQODDVLJQDFLÐQGHFRQWUDWRVDHPSUHVDVSULYDGDV
/DDJHQGDS×EOLFDVHÎDODGDSRUORVPHGLRVKDSHFDGR
GHSDUFLDOLGDGRVHKDDJRWDGRHQHOFRUWRSOD]RKDVLGRHQ
UHDOLGDGXQDDJHQGDUHDFWLYD/RVWHPDVFHQWUDOHVTXHWLHQHQ
TXHYHUFRQODVDGXDQDVSROÊWLFDV\HFRQÐPLFDVKDQTXHGD
GRVXHOWRV\VHJXUDPHQWHVHU¾QUHWRPDGDVDSRVWHULRUL<HO
GHEDWHSUHYLRDODVOH\HVVHFXQGDULDVSDUHFLÐFDHUGHOLQWHUÆV
DSHVDUGHTXHVHWUDWDVLQGXGDGHODSDUWHP¾VLPSRUWDQWH
\VXVWDQFLDOGHODVUHIRUPDVHVWUXFWXUDOHV
(QWUHORVWHPDVVXVWDQFLDOHVTXHPHUHFHQXQGHEDWH
GHVGHDKRUDHVWDUÊDQFXDQGRPHQRVWUHV
/DVH[SHFWDWLYDVGHOFUHFLPLHQWRHFRQÐPLFR(O 3,%
PHQRUDHQURPSLÐHOHVTXHPDGHODWHQGHQFLD
HFRQÐPLFD\HOSULPHUWULPHVWUHGHQRSHUPLWHYHUXQD
PHMRUDHQHOFRUWRSOD]R(OVDOWRDXQDWDVDGHSDUDHVWH
DÎRVHYHGLIÊFLOSHURHVXUJHQWHSDUDUHSRQHUH[SHFWDWLYDV
(OFRQWUROGHORVSRGHUHVVDOYDMHV/DVGHFLVLRQHVHQ
PDWHULDGHWHOHFRPXQLFDFLRQHVHQVDO]DURQHODPELHQWHSRU
VXHIHFWRHQODVJUDQGHVFRUSRUDFLRQHVSHURSRFRVKDQSXHV
WRÆQIDVLVHQHOKHFKRGHTXHHOSUREOHPDUHDOQRVHORFDOL]D
HQODVSUHSRQGHUDQFLDVVLQRHQODDXVHQFLDGHHPSUHVDVHVWD
WDOHVUHJXODGRUDVGHODDFWLYLGDGSURGXFWLYD/DJUDQSUXHED
&DUORV5DP¼UH]
FDUORVUDPLUH]K#KRWPDLOFRP
,OXVWUDFLÁQ/%DUUDGDV
HVWDU¾DKRUDHQTXHYHQJDQODVJUDQGHVHPSUHVDVSHWUROHUDV
\VHHQFXHQWUHQFRQXQDHVWUXFWXUDPH[LFDQDUHJXODWRULD
LQFDSD]GHDGPLQLVWUDUUHODFLRQHVDVLPÆWULFDV
/DHVWUDWHJLDLQWHJUDOGHVHJXULGDGHQODSDUWHPH
GXODUGHJDUDQWL]DUWUDQTXLOLGDGDODVRFLHGDG+DVWDDKRUD
HODUUHVWRGHDOJXQRVFDSRVKDOOHQDGRGHWLQWDORVSHULÐGL
FRV\DJRELDGRORVWLHPSRVDLUHSHURSRFRVHKDKHFKRHQ
PDWHULDGHVHJXULGDGFLXGDGDQD/RVUHOHYRVHVFDODIRQDULRV
HQODVÆOLWHVFULPLQDOHVQRDIHFWDQODHVWUXFWXUDQLODRUJD
QL]DFLÐQ+DFHIDOWDWRGDYÊDODJUDQLQLFLDWLYDFRQWUDHO
ODYDGRGHGLQHURFULPLQDO
7LHPSR
(OGHEDWHHQORVPHGLRVKDFHGLGR
HOHVSDFLRDODVSX\DVODVSXJQDV
ORVDPDUUHVGHQDYDMDV3HURHV
P¾VLPSRUWDQWHLQGDJDUOD
UHRUJDQL]DFLÐQGHO(VWDGR
GHODHVWUXFWXUDSURGXFWL
YD\GHODFDSDFLGDGGH
ODDXWRULGDGTXHVDEHU
VL*XVWDYR0DGHUROH
JDQÐDOJ×QSXQWRD&DO
GHUÐQ/DVUHIRUPDV
HVWUXFWXUDOHVVLQODVR
FLHGDGYDQDSURKLMDU
GHIHFWRVTXHOXHJRVH
FRQYHUWLU¾QHQSUREOHPDV
GHFRUUXSFLÐQ
/DIXQFLÐQGHORVPHGLRV
QRUDGLFDHQSRWHQFLDUGLV
WUDFWRUHVVLQRHQPHWHUDOD
VRFLHGDGHQORVGHEDWHVGHODUH
FRQVWUXFFLÐQSROÊWLFDHFRQÐPLFD
\VRFLDO$×QHVWLHPSRSHURSDUHFH
TXHORVPHGLRVHVW¾QP¾VFÐPRGRV
HQHOFKLVPHTXHHQHODQ¾OLVLV
GHPDU]RGH
/DXUD4XLQWHUR
ODXUDBTXLQWHUR#\DKRRFRPP[
3
XHVQRTXHGÐP¾VUHPHGLRTXHDFHSWDUTXHODWDQ
FDFDUHDGD/ÊQHD'RUDGDGHO0HWURFDSLWDOLQRHVXQ
SHOLJURSDUDORVXVXDULRV6HVDEÊDGHDQWHV1DGLHOR
TXLVRUHFRQRFHU+DVWDKR\TXHQRTXHGDGHRWUDRSXGLH
UDKDEHUXQSHUFDQFHGHFRQVHFXHQFLDVTXHQDGLHGHVHD
$VÊP¾VGHODPLWDGGHODVHVWDFLRQHVGHGLFKDOÊQHDVHFLH
UUDQœ4XLÆQHVVRQORVFXOSDEOHV"~1DGLHKD\DODYLVWD1L
ORKDEU¾
q/DYLGD\VHJXULGDGGHORVXVXDULRVFRUUHQSHOLJURDO
LQJUHVDUDO0HWUR3RUXQDSDUWHVHGHEHQFXLGDUGHORV
GHOLQFXHQWHVFXDOTXLHUDHQWUDDODVLQVWDODFLRQHVFRQDU
PDVœ<ODYLJLODQFLD"rVHSUHJXQWDHODVDPEOHÊVWD2UODQGR
$QD\DGHO3$1
3RURWUDSDUWHDÎDGHDKRUDRQFHGHODVHVWDFLRQHVSUH
VHQWDQqIDOODVWÆFQLFDV\HVWUXFWXUDOHVTXHSRQHQHQULHVJROD
VHQWDQqIDOODVWÆFQLFDV\HVWUXFWXUDOHVTXHSRQHQHQULHVJROD
YLGDrGHORVXVXDULRVTXLHQHVVHH[SRQHQSRUQHFHVLGDGSRU
TXHWLHQHQTXHOOHJDUDVXVFHQWURVGHWUDEDMR\FODURQDGLH
OHVGLFHHOSHOLJURTXHUHSUHVHQWDHQWUDUDXQYDJÐQGHO
6LVWHPD&ROHFWLYRGH7UDQVSRUWH0HWURHQOD/ÊQHD
6LVWHPD&ROHFWLYRGH7UDQVSRUWH0HWURHQOD/ÊQHD
~1DGLH
q/DVRPLVLRQHVTXHVHKDQFRPHWLGRVRQ
XQDDOHUWDSDUDHQFHQGHUIRFRVURMRVWRPDU
PHGLGDVGHVHJXULGDG\IUHQDUFXDOTXLHUDF
FLGHQWHOHYHRJUDYHrH[SRQHHOGLSXWDGR
ORFDOEODQTXLD]XO7LHQHUD]ÐQORLPSRUWDQ
WHHVWRPDUPHGLGDVSUHFLVDVTXHHYLWHQDFFL
GHQWHV
$QD\DSRQHHOGHGRHQOD
OODJDDOSUHFLVDUTXHqORV
OODJDDOSUHFLVDUTXHqORV
UHSRUWHVTXHVHFRQRFHQ
UHSRUWHVTXHVHFRQRFHQ
GHOD/ÊQHDVHÎDODQ
GHVJDVWHVRQGXODWRULRV
HQULHOHVGHVQLYHOHV\
DOLQHDFLRQHV
DOLQHDFLRQHV
(VWRREOLJÐDOGLUHFWRUGHO0HWUR-RHO2UWHJDDVXVSHQGHU
HOVHUYLFLRr(VWR\DVHVDEÊDSXHVJHQWHTXHWUDEDMÐHQOD
FRQVWUXFFLÐQORFRPHQWÐSUHRFXSDGDSRUORTXHSRGÊDSD
VDU/RTXHVHLJQRUDEDHVFX¾QGRVHSUHVHQWDUÊDXQGHVDVWUH
\DTXHqWXYLHURQTXHrWHUPLQDUODQXHYDOÊQHDDQWHVGHTXH
FRQFOX\HUDODJHVWLÐQGH0DUFHOR(EUDUGTXLHQODqWHQÊD
TXHrLQDXJXUDU$KÊHVW¾QDKRUDORVUHVXOWDGRV
(OEROVRGH/DXUD{
$/')
/HFXHQWRTXHSRUHOUHFLQWRGH'RQFHOHVVHFRPHQWDTXH
GHORVPLOPLOORQHVGHSHVRVGHO)RQGR0HWURSROLWDQR
SDUDHVWHDÎRSDUWHLPSRUWDQWHVHGHVWLQDU¾DDFWXDOL]DUHO
$WODVGH5LHVJRVGHODFDSLWDO4XÆELHQSRUTXHHVRSHUPLWL
U¾LGHQWLILFDU]RQDVGHDOWDSHOLJURVLGDG\VHHYLWDU¾QSÆUGLGDV
KXPDQDVf$SDUWLUGHHVWDVHPDQDORVOHJLVODGRUHVORFDOHV
KXPDQDVf$SDUWLUGHHVWDVHPDQDORVOHJLVODGRUHVORFDOHV
VHVLRQDU¾QGHPDQHUDRUGLQDULDSXHVODVHPDQDSDVDGDFRQ
FOX\ÐOD3HUPDQHQWH3HURQRFUHDTXHVHYDQDGHV
SHLQDUHOORVORWRPDQFRQFDOPD\ODVVHVLRQHVD
YHFHVGXUDQDSHQDVXQDKRUD\PHGLD5DVXUDQHO
RUGHQGHOGÊDSDUDSRGHUUHWLUDUVHSURQWR7LHQHQ
SHQGLHQWHV$VÊVRQHOORVœ4XÆVHSXHGHKDFHU"
SHURQRFD\ÐELHQ
1DGLHGLFHDOJRHQOD$/')SHURQRFD\ÐELHQ
UHFKD]DUDODOHJDOL]DFLÐQGHODPD
TXHOD2188UHFKD]DUDODOHJDOL]DFLÐQGHODPD
ULJXDQD\DYHTXHORVSURPRWRUHVGDQSRUKHFKR
ULJXDQD\DYHTXHORVSURPRWRUHVGDQSRUKHFKR
TXHVHDSUREDU¾PHGLDQWHDUJXPHQWRVGHSUR
SLHGDGHVPHGLFLQDOHVf
$QD\D_k2PLVLRQHVy
ZZZYHUWLJRSROLWLFRFRP
/$(6&$/(5$'(/$85$ _
3(/,*52
0LJXHOèQJHO0DQFHUD
(QFODUDUHVSXHVWDDODVQHFHVLGDGHVFLXGDGDQDV
HOMHIHGHO*')DQXQFLÐTXHORVNLOÐPHWURVGHO
&LUFXLWR,QWHULRUVHU¾QFRQWLQXRV\SDUDHOORVH
FRQVWUXLU¾XQGREOHW×QHOHQHOFUXFHGH0L[FRDF
H,QVXUJHQWHV
GHPDU]RGH
6DOXG3¸UH]
*XWL¸UUH]
0LFKHOOH%DFKHOHW
$VXPLÐOD3UHVLGHQFLDGH&KLOHFRQODSURPHVDGHLPSXOVDU
UHIRUPDVTXHGLVPLQX\DQODDELVPDOEUHFKDHQWUHULFRV\
SREUHVFRQYLUWLÆQGRVHHQODSULPHUDPDQGDWDULDHQJREHUQDU
SRUVHJXQGDYH]HQ&KLOH
/DLQYHVWLJDGRUDGHOD
8$0HQFDEH]ÐXQJUXSR
GHFLHQWÊILFRVGHOD
LQVWLWXFLÐQTXHFRPSUREÐ
PHWRGROÐJLFDPHQWHODV
SURSLHGDGHVDQWLLQIODPDWRULDV
GHXQDSODQWDPHGLFLQDO
FRQRFLGDFRPRUDWDQLD
3DWULFLR0DUW¼QH]
-HVÆV0XULOOR
(OSURFXUDGRUJHQHUDOGHOD5HS×EOLFDDGYLHUWHTXH
qPLFRQFHSWRGHMXVWLFLDHVGHWHQHUDORVFXOSDEOHV
SHURVLQSHUPLWLUTXHORVLQRFHQWHVVHYHDQ
DIHFWDGRVr\VHGHFODUDVHJXURGHTXHORVDUUHVWRV
EDMRVXJHVWLÐQQRREHGHFHQDFRORUHVSDUWLGLVWDV
(OVHQDGRUSULLVWD
SUHVHQWÐXQSXQWRGH
DFXHUGRSDUDTXHHO
6HQDGRVROLFLWHDODV
VHFUHWDUÊDVGH(FRQRPÊD
\GH6DOXGGHWHQHUOD
FRPHUFLDOL]DFLÐQGH
PDQ]DQDVSURFHGHQWHVGH
(8HQFX\DSURGXFFLÐQVH
XVDQDOSDUHFHUTXÊPLFRVQR
DXWRUL]DGRV
ZZZYHUWLJRSROLWLFRFRP
-$48(0$7( _
2&($12*5$)ë$
/$&2175$7,67$'(3(0(;
6HUJLR6DUPLHQWR
#6HUJLR6DUPLHQWR
,OXVWUDFLÁQ/%DUUDGDV
2
FHDQRJUDIÊDHVXQDGHHVDVHPSUHVDV
SULYDGDVTXHVHFUHDURQSDUDVHUFRQ
WUDWLVWDVGH3HWUÐOHRV0H[LFDQRV6L
ELHQOD&RQVWLWXFLÐQOHGDD3HPH[XQPRQR
SROLRVREUHODLQGXVWULDSHWUROHUDQXQFDuQL
VLTXLHUDHQORVWLHPSRVGH/¾]DUR&¾UGHQDV
HOSUHVLGHQWHTXHLQYHQWÐORVFRQWUDWRVGH
ULHVJRuODSDUDHVWDWDOKDGHMDGRGHXVDUORV
VHUYLFLRVGHFRPSDÎÊDVSULYDGDV
$OJXQDVILUPDVWLHQHQDFWLYLGDGHVHQPX
FKDV¾UHDV\WUDEDMDQWDPELÆQSDUD3HPH[
2WUDVFRPR2FHDQRJUDIÊDVHGHGLFDQFDVL
H[FOXVLYDPHQWHD3HPH[RDRWUDVSDUDHVWDWDOHV
/DVFDUDFWHUÊVWLFDVSDUDVHUFRQWUDWLVWDGH
XQDSDUDHVWDWDOVRQFRPSOHWDPHQWHGLIHUHQ
WHVDODVTXHVHQHFHVLWDQSDUDRSHUDUHQHO
PHUFDGRSULYDGR
(QHOVHFWRUSULYDGRKD\TXHVHUFRPSH
WLWLYRV\RIUHFHUEXHQRVVHUYLFLRVDSUHFLRV
EDMRV(QHOGHODVSDUDHVWDWDOHVKD\TXHGR
PLQDUHODUWHEXURFU¾WLFRGHJDQDUOLFLWDFLRQHV
3DUDHVWRHUDSDUWLFXODUPHQWHDSWD2FHDQR
JUDIÊDTXHGHVGHVXIXQGDFLÐQKDFRQFHQWUDGR
ODPD\RUSDUWHGHVXDFWLYLGDGHQSURSRUFLRQDU
VHUYLFLRVD3HPH[SDUWLFXODUPHQWHGHH[SORUD
FLÐQ\H[SORWDFLÐQGHKLGURFDUEXURVHQHOPDU
2FHDQRJUDIÊDFXHQWDFRQXQDDPSOLDIORWDGH
EDUFRVTXHVHXWLOL]DSDUDHVWHSURSÐVLWR
/DHPSUHVDIXHIXQGDGDHQSRU
$PDGR<¾ÎH]&RUUHD(QORVVHWHQWDV
HPSH]ÐDWHQHUXQSDSHOSURWDJÐQLFR
HQODVRSHUDFLRQHVGH3HPH[HQOD
6RQGDGH&DPSHFKHWUDVHOGHVFXEULPLHQWRGHOHQRUPH
\DFLPLHQWRGH&DQWDUHOO/RVKLMRVGHOIXQGDGRU&DUORV
'DQLHO\$PDGR2PDU<¾ÎH]2VXQDKHUHGDURQODHPSUH
VD\ODPDQHMDURQKDVWDVXUHFLHQWHFRODSVR/DVKLVWRULDVTXH
FRQVLGHUDEDQFRPRGXHÎRVDSROÊWLFRVRSDULHQWHVGHSROÊ
WLFRVFRPRORVKHUPDQRV%ULELHVFDHUDQIDOVDV2FHDQRJUD
IÊDVLQHPEDUJRVÊXWLOL]DEDDSROÊWLFRVLPSRUWDQWHVSDUD
qSURPRYHUrVXVVHUYLFLRVRSDUDDEULUSXHUWDVHQ3HPH[SDUD
REWHQHUFRQWUDWRV7DQWRORVKLMRVGH0DUWKD6DKDJ×QFRPR
SDULHQWHVGHOSROÊWLFRFDPSHFKDQR-XDQ&DPLOR0RXULÎR
SDUHFHQKDEHUFXPSOLGRHVWDIXQFLÐQ
3HFDGR
$OILQDOODFDÊGDGH2FHDQRJUDIÊDYLHQHGHXQDPDQLREUDTXH
VHDQWRMDGLIÊFLOGHFUHHU/DHPSUHVDXWLOL]ÐIDFWXUDVIDOVDVGH
3HPH[SDUDREWHQHUFUÆGLWRVGH%DQDPH[SRUPLOORQHV
GHGÐODUHVGHORVTXHHOEDQFRVRORSXGRFREUDU/RV
GXHÎRV\GLUHFWLYRVGH2FHDQRJUDIÊDGHEHQKDEHUHVWDGR
GHVHVSHUDGRVSRUTXHHQXQWLHPSRP¾VRPHQRVFRUWRODV
IDFWXUDVIDOVDVVHUÊDQHYLGHQFLDGDV
&RPRWDQWRVRWURVFDVRVGHGHVSORPHFRUSRUDWLYRORV
GXHÎRV\GLUHFWLYRVGH2FHDQRJUDIÊDSDUHFHQKDEHUFRPHWL
GRXQSHFDGRGHDUURJDQFLD/DHPSUHVDVHFUHÐSDUDYLYLU\
SURVSHUDUDODPSDURGH3HPH[+D\UD]RQHVSDUDSHQVDUTXH
GXUDQWHPXFKRWLHPSRWXYRXQDYÊDU¾SLGDSDUDJDQDUOLFL
WDFLRQHVJUDFLDVDODSR\RGHSHUVRQDMHVSROÊWLFRV3HURDSH
VDUGHWRGDVODVYHQWDMDVTXHWXYRDOILQDOODHPSUHVDWHQÊD
WDQWRVSUREOHPDVGHOLTXLGH]TXHRSWÐSRUPDQLREUDVFRPR
HQWUHJDUIDFWXUDVIDOVDVHQRSHUDFLRQHVGHIDFWRUDMHVTXH
FODUDPHQWHQRSRGÊDQPDQWHQHUVHPXFKRWLHPSR
-XDQ*DEULHO9DOHQFLD
YDOHQFLDMXDQJDEULHO#JPDLOFRP
,OXVWUDFLÁQ/%DUUDGDV
8
QRGHORVSRFRVORJURVLQGLVFXWLEOHVGHOVH[HQLRGH
9LFHQWH)R[IXHHOLPSXOVRDODFUHDFLÐQGHO,QVWL
WXWR)HGHUDOGH$FFHVRDOD,QIRUPDFLÐQ,)$,(Q
DGPLQLVWUDFLRQHVDQWHULRUHVODQHJDWLYDVLVWHP¾WLFDDSURSRU
FLRQDULQIRUPDFLÐQSRUSDUWHGHODEXURFUDFLDHUDXQDFRV
WXPEUHDGPLQLVWUDWLYDXQK¾ELWRPHQWDO,QFOXVR
FXDQGRKDEÊDGLVSRVLFLÐQGHXQIXQFLRQDULR
S×EOLFRSDUDSURSRUFLRQDUODODLQIRUPD
FLÐQHVWDEDGLVSHUVDHQVXVVHULHV
WHPSRUDOHVQRHUDFRPSDUDEOH\HQ
FXDOTXLHUFDVRQRHUDFRQILDEOH
'HWU¾VGHODFUHDFLÐQGHO,)$,
KDEÊDXQDSUHRFXSDFLÐQFLXGDGD
QDWRGDYÊDP¾VGHIRQGRODFUH
GLELOLGDGGHODFWR\GHORVGLFKRV
GHOJRELHUQR$UUDLJDGDODLQFUHGX
OLGDGHQODFLXGDGDQÊDHUD\HVPX\
GLIÊFLOHUUDGLFDUHVHUDVJRSHUYHUVRGH
XQDVRFLHGDGHGXFDGDHQHOHQJDÎRRHQ
ODYHUGDGSDUFLDO
8QSDVRGHFLVLYRSDUDDYDQ]DUHQODGLUHFFLÐQRSXHVWD
GHHVHUDVJRSHUYHUVRGHODGHPRFUDFLDPH[LFDQDIXHHO,)$,
$SDUWLUGHDKÊODFLXGDGDQÊDWHQGUÊDXQFLHUWRJUDGRGHFRQ
ILDQ]DHQODFODULGDGGHORTXHKDFÊD\OHGHFÊDHOJRELHUQR
(QORV×OWLPRVGÊDVHVDFRQILDELOLGDGGHOSDVDGRVHKD
YXOQHUDGRHQGLFLHPEUHGH
HOHQWRQFHVVHFUHWDULR
WÆFQLFRGHOJDELQHWHGHVH
JXULGDGQDFLRQDO$OHMDQGUR
3RLUÆLQIRUPÐTXH
WUDVGHXQJUDYH
HQIUHQWDPLHQWR
FRQIXHU]DVGHVH
JXULGDGS×EOLFDKD
EÊDVLGRPXHUWRXQ
OÊGHUGH/D)D
PLOLD0LFKRD
FDQDTXL]¾VHOSULQFLSDO1D]DULR0RUHQR7RGDYÊDHOGH
GLFLHPEUHGHHOHQWRQFHVSUHVLGHQWH)HOLSH&DOGHUÐQ
PHQFLRQÐFRQQRPEUH\DSHOOLGRDTXHOGHFHVR
3HURFRPRHOSURSLR&DOGHUÐQGLUÊDqKDLJDVLGRFRPR
KDLJDVLGRr1D]DULR0RUHQRIXHUHDOPHQWHDEDWLGRHQXQ
HQIUHQWDPLHQWRKDFHDSHQDVXQRVGÊDVFRQFHUWH]DDEVROX
WDGHVGHKXHOODVGDFWLODUHVKDVWD$'1fFXDWURDÎRVGHVSXÆV
GHVXSUHVXQWDPXHUWH
3LHQVDPDO\DFHUWDU¾VGLUÊDDOJ×QPDOLFLRVRSHQVDQGR
HQTXHPDQGRVSROLFLDOHVGLIXQGLHURQODSUHVXQWDPXHUWH
GHHVHFULPLQDOSDUDGHVYLDUODDWHQFLÐQGHODVDXWRULGDGHV
KDFLDRWURVIUHQWHVGHOLFWLYRV
1RQHFHVDULDPHQWH6HSXHGHKDEHUWUD
WDGRGHXQVLPSOHHUURUFRPELQDGRFRQ
XQDEXHQDGRVLVGHSURWDJRQLVPR3HUR
TXÆKL]RRTXÆGHMÐGHKDFHUHVH
GHOLQFXHQWHGXUDQWHFXDWURDÎRV
TXHGDSDUDODKLVWRULD\TXHORVIXQ
FLRQDULRVTXHVHHQFDUJDURQHQWRQ
FHVGHHVSDUFLUODHVSHFLHFDUJXHQ
FRQODUHVSRQVDELOLGDG\FRQODYHU
JÙHQ]DHOGLFKRGHXQPDQGDWDULR
HQXQLQIRUPHSUHVLGHQFLDOUHVXOWÐ
DEVROXWDPHQWHIDOVR
/RV
FDVRVGH1D]DULR
0RUHQR\GH2FHDQRJUDI¼D
UHYHODQTXHHVWDPRVPX\
OHMRVFRPRVRFLHGDG
GHPRFU±WLFDGHREWHQHU
SUHFLVLÁQLQIRUPDWLYD\
FHUWH]DV
<P±V
(QPHGLRGHHVHHVF¾QGDORVXUJHRWUR8QDHPSUHVDSURYHH
GRUDGH3HWUÐOHRV0H[LFDQRVIDOVLILFÐFXHQWDVSRUFREUDUFRQ
ODSDUDHVWDWDODILQGHJDUDQWL]DUODVROLFLWXGGHXQSUÆVWDPR
DQWHXQRGHORVEDQFRVP¾VLPSRUWDQWHVGHOSDÊV\ODMR\DGH
ODFRURQDGH&LWLJURXS%DQDPH['HVHUXQDFRPSDÎÊDFDVL
TXHEUDGDHQOOHJÐDIDFWXUDUP¾VGHGRVPLOPLOORQHV
GHGÐODUHVHQXQDÎRHQWUH\'HIUDXGÐDEDQFRV
DQDYLHUDVDFRPSUDGRUHVGHERQRVSULYDGRVDO,QIRQDYLWDO
,066DO%DQFR1DFLRQDOGH&RPHUFLR([
WHULRUf1R
VRORKXER
IUDXGHOD3*5SUHVXPHODYDGRGHGLQHUR<GXUDQWHGRFHDÎRV
GHDGPLQLVWUDFLRQHVSDQLVWDVQDGLHVHGLRFXHQWD
)DOODURQP×OWLSOHVLQVWDQFLDVGHFRQWUROYLJLODQFLD\WUDQV
SDUHQFLD1RKXERODLQIRUPDFLÐQHQODFDQWLGDG\ODFDOLGDG
TXHGHEHUÊDKDEHUKDELGR6HYROYLÐDODVSHRUHVÆSRFDVGH
RSDFLGDGWU¾ILFRGHLQIOXHQFLDVHLQWHUHVHVFUHDGRV
(QDPERVFDVRVODRSLQLÐQS×EOLFDPHUHFHXQDH[SOLFDFLÐQ
VDWLVIDFWRULD\HOHVFODUHFLPLHQWRDIRQGRGHORVKHFKRV
ZZZYHUWLJRSROLWLFRFRP
7,(032602'(5126 _
)5$8'($/$23,1,ï13ó%/,&$
(67,/26 _
02'(51,'$'
965(75$62
/RXUGHV0HQGR]D
OXPHQGR]D#SURGLJ\QHWP[
$
3RU×OWLPRORVDXWRUHV'ZRUDN\7HQRULRGLMHURQTXHHO
VHFUHWRSDUDTXHOD$/')IXQFLRQHFRUUHFWDPHQWHHVTXHGHEH
DGHFXDUVXVQRUPDVLQWHUQDVSDUDSURFHVDUELHQODVGHPDQ
GDVf2MDO¾TXHOHVKDJDQDOJRGHFDVR
OFDORUGHODGLVFXVLÐQ\H[SHFWDWLYDGHORTXHVHU¾
VLQGXGDODUHIRUPDP¾VLPSRUWDQWHDSUREDGDHQ
ORV×OWLPRVDÎRVHQHO'LVWULWR)HGHUDOODUHIRUPD
SROÊWLFDSDUDOD&LXGDGGH0Æ[LFRUHFLHQWHPHQWHVHSUH
VHQWÐXQOLEURTXHELHQSRGUÊDFDOLILFDUVHFRPRXQPDQXDO
SDUDKDFHUODVFRVDVELHQDOPHQRVSDUDOD $/')ODREUDVH
WLWXOD0RGHUQLGDGYVUHWUDVRDXWRUÊDGH*XLOOHUPR7HQRULR
\)HUQDQGR'ZRUDN
/HVFXHQWRTXHODSUHVHQWDFLÐQGHOWH[WRIXHPX\LQWH
UHVDQWHDVLVWLHURQSHUVRQDOLGDGHVFRPRHOSUHVLGHQWHGHOD
&RPLVLÐQGH*RELHUQR
GHOD$/')0DQXHO*UD
QDGRVODGLSXWDGD/DX
UD%DOOHVWHURV0DQFLOOD
HOVHQDGRU0DULR'HO
JDGR&DUULOOR\0DX
ULFLR/ÐSH]9HO¾]TXH]
FRRUGLQDGRUGHDVHVRUHV
GHOVHFUHWDULRGH*R
EHUQDFLÐQ0LJXHOžQ
JHO2VRULR&KRQJ
$KÊORVDVLVWHQWHV
FRLQFLGLHURQHQTXHDO
PDUJHQGHODUHIRUPD
0DQXDOSDUDOD$/')
SROÊWLFDORSULPHURTXH
VHGHEHKDFHUHQOD $/')HVJDUDQWL]DUODWUDQVSDUHQFLD\OD
UHQGLFLÐQGHFXHQWDV
'HOJDGRGLMRTXHHVDHVODSULQFLSDOFDXVDGHOGHVSUHV
WLJLRGHORVOHJLVODGRUHVDQWHODVRFLHGDG<FRPRTXHULHQGR
\FRPRTXHQR*UDQDGRVMXVWLILFÐHOIXQFLRQDPLHQWRGHOD
DVDPEOHDGHODTXHIRUPDSDUWHDOGHFLUTXHD×QVHSUHVHQWDQ
VHULDVGLILFXOWDGHVGHRSHUDFLÐQOHJLVODWLYDGHELGRDOGLVHÎR
FRQVWLWXFLRQDOSHURVHKDQORJUDGRDYDQFHVRSHUDFLRQDOHV
VXVWDQFLDOHV
3HURTXLHQSXVRFRQWURYHUVLDOHODVXQWRIXH0DXULFLR
/ÐSH]SXHVDVHJXUÐTXHHOUHWUDVRHQHOGLVHÎRLQVWLWXFLRQDO
HVWDOTXHHQOD&LXGDGGH0Æ[LFRVHJXLPRVFRQXQHVTXH
PDHVWUXFWXUDOGHJRELHUQRFRPSDUDGDFRQODMHIDWXUDREUH
JRQLVWDGHKDFHDÎRVDGHP¾VGHVHÎDODUDOJRTXHWRGRV\D
VDEHPRVWHQHPRVXQD$/')FRVWRVDRSDFDHLQHILFLHQWH
/RVFRPSDGUHV
/XHJRGHTXHVHGLHUDDFRQRFHUHODEDWLPLHQWRGH(O&KD
\RuSRUVHJXQGDYH]uHOP¾VFXHVWLRQDGRIXHHOH[SUH
VLGHQWH)HOLSH&DOGHUÐQ\ODVFUÊWLFDVOOHJDURQGHqSURSLRVr
\H[WUDÎRVSXHV-RUJH
/XLV3UHFLDGRFDOLILFÐ
HOVXFHVRFRPRXQUL
GÊFXOR GHO JRELHUQR
SDQLVWDKHFKRTXHORV
VHQDGRUHVuFRUGHULV
WDV\QRuWDFKDURQGH
LPSUXGHQWH\KDVWDHO
FDUJROHSLGLHURQ2WUR
FKLVWHFLWRORKL]RVXKR
PÐORJRHQOD&¾PDUD
GH'LSXWDGRV/XLV9L
OODUUHDOSXHVXUJLÐDO
VHFUHWDULRGH*REHUQD
1RWLPH[ FLÐQHQDGDUXQD
H[SOLFDFLÐQGHOIDOVRDEDWLPLHQWRGH(O&KD\R/RTXHÆOQR
VDEÊDHVTXHHQDTXHOWLHPSRHOVHFUHWDULRHUDHOIDOOHFLGR
%ODNH0RUD-DYLHU/R]DQRQRGHMÐSDVDUWDOHVEDUEDULGDGHV
\SXEOLFÐq8QR9LOODUUHDOOHSLGHH[SOLFDFLRQHVDXQGLIXQ
WR\HORWUR3UHFLDGRKDEODGHoIDOWDGHLPSHULFLDp6LDQGDQ
GHFULWLFRQHVDSUHQGDQDKDEODUHQS×EOLFRrfœ4XÆRQGD
FRQORVPDGHULVWDV"
<FRPRHVWLORPDWDFDULWD{
0X\EXHQWUDEDMRHVW¾KDFLHQGRHOFRPLVLRQDGRHQ0L
FKRDF¾Q$OIUHGR&DVWLOOR'HKHFKRPHHQWHUÆGHTXHD
/D7XWD\DORWUDHQVLQPDUJHQGHPDQLREUDSRUORTXHSURQ
WRFDHU¾f
GHPDU]RGH
(PEOHPDVSRO¼WLFRVGH5DIDHO+HUQ±QGH]+HUUHUD
(63(-2'(35ë1&,3(6 _
8QDPX\EXHQDQRWLFLD
ILJXUDHQHOKRUL]RQWH
RMDOiQRVHDILFWLFLD
QLPHURUXLGRHQHOPRQWH
HO$O]KHLPHUSUHYHQLU
SDUHFHVHUiSRVLEOH
\KDEUiPHMRUSRUYHQLU
DQWHHVHPDOLQYLVLEOH
GHPDU]RGH
(/52%,16ï1/,7(5$5,2 _
'21'(1$&(1/26/8&(526
-RV¸/XLV2QWLYHURV
RQWLYHURVPHQHQGH]MRVHOXLV#JPDLOFRP
,OXVWUDFLÁQ/9DUJDV
5HFXHUGRV
OGHWHQHUPHHQHVDH[WHQVÊVLPDFDGHQDGHPRQWD
ÎDVGHOILRUGRGH3X\XKXDSLUHJUHVÆGHSURQWRFRPR
RFXUUHFRQVXHÎRVYHQWXURVRV\VLQTXHPHORSUR
SXVLHUDDOSULQFLSLRGHHVWH1XHYR&DPLQRGH6DQWLDJR
œ(QGÐQGHKDEÊDVXUJLGRHOYHQHURPLVPRKR\WUD]DGR
HQPXURVGHKLHORFRQXQDGHWHUPLQDFLÐQTXHQRQDFHGH
ODSREUH]DKXPDQDGHHVDUHYHODFLÐQTXHSURYLHQHTXL]¾GH
ODVSLU¾PLGHVGHOD$WO¾QWLGD$QW¾UWLFDGHODIXHQWHPLVPD
HQORTXHVHHVFULEHWRFDGRSRUODVPXVDVHQTXÆOXJDUKDEÊD
HPSH]DGR"
(O(QFXHQWURGHOD$PÆULFD5RP¾QLFDKDEÊDVLGRDXJX
UDO\SURSLFLDWRULR
/XHJRWXYHXQDOPXHU]RFRQ6DEHOD34XLQWHODODYLXGD
GHGRQ0LJXHO6HUUDQRHQHVHUHVWDXUDQWHWDQSUÐ[LPRDO
GHSDUWDPHQWRTXHIXHOD×OWLPDPRUDGDGHHVDSDUHMDKHFKD
GHGRVSRUHOPLWRGHODQGUÐJLQRFRPSOHPHQWDGDHQXQ
DOPDHO6TXDGULWWRXQUHVWDXUDQWHGHHVHUXPERERKHPLR
HQTXHVHOHYDQWDXQDFROLQDTXHQXQFDYLVLWÆ
'RÎD6DEHODPLUDHOPXQGRDOTXHQRSHUWHQHFHFRQ
VXVRMRVTXHGHUUDPDQERQGDG\\HQPRPHQWRVGHOUD\R
GHWHUPLQDFLÐQ(VDGXO]XUDTXHYLVWHHOWUHPHGDOGHODYLGD
GHSUHQGDVILQDVGHD]XOHVWHUVRVVREUHHVWDOOXYLDTXHTXL
VLHUDSHUGHUPHHQVXQRVWDOJLDDORVSLHVGHO3X\XKXDSL'H
DKÊFDPLQÆDOFHQWURGH6DQWLDJRGH&KLOHDXQGHSDUWD
PHQWRTXHKDEÊDTXHGDGRSDUDPÊ\TXHKRQUÆ\HQTXH
HVWXYRSUHVHQWHPLHVSRVD-XOLHWD\PLKLMR-RVÆ$QWRQLR
(VHKDOODUVHFRQMÐYHQHVTXHKDQOHÊGROLEURVSURKLELGRV
FRQDXWRUHVLQVLJQHVFRQMHIHVGHKRPEUHVFRQOLQGDVPX
FKDFKDVDTXLHQHVVXÆSRFDOHVSDUHFHGHVPDUDYLOODGD\TXH
KXELHUDQTXHULGRYLYLUWDQVRORODFDUH]]DGLSXÎDOHOULHVJR
GHOD,WDOLDGHSORPRGHODVOLGHVGHOSRVIUDQTXLVPR\DXQ
GHHVDVIDOOLGDVTXLPHUDVHQTXHFUHÊPRVVXVPD\RUHVSDUD
HVWDWLHUUDQXHVWUD\DDQXQFLDEDORTXHLEDDOOHJDUFRPROD
YLROHQFLDHOYLQRODVPXMHUHV\DXQODRUDFLÐQ
(OHVFULWRU6HUJLR)ULW]5RDuTXH\DVHDO]D\TXHVHU¾
GLJQRGH+XLGREUR\GH6HUUDQRHQHVWDWDUGHHQTXHKH
FRQVWUXLGRHOFREHUWL]RVREUHORTXHSDUHFLHUDXQDILODGH
DFDQWLODGRVIRUPDGRVFRPRK×VDUHVHQHOFLHORYHUGLFDVWDÎD
GHHVWHPXQGRDELHUWRGRQGHVRORHVW¾FRQWHQLGRHO\RHO
FUHHUVHTXHXQRSXHGHFRQWUDODPRQWDÎDVLQSHGLUDOUÊRD
ORVPRQWHV\ODVSUHVHQFLDVLQYLVLEOHVGHORVGXHQGHVGHORV
JHQLRVGHORVHOIRV\DORVKDELWDQWHVSULPLJHQLRVHLQYLVLEOHV
GHHVWDVURFDVTXHKXPLOGHPHQWHQRVGHQSDVRTXHDEVXHO
YDQHVDVREHUELDTXHWUDHPRVGHODFLXGDGSRGULGDuKDEÊD
\DHVFULWR
qf\TXH9HQXVWHPXHVWUHODUXWDV×ULFDGHODOPDr
TXLHQHV\DKDEÊDQUHJUHVDGRD0Æ[LFRDHVHSDÊVHQTXH
VXSXHVWDPHQWHQDFÊ
(QODSHVDGDDJXDGHORVFLHORVTXHSXHGHYROYHUVHQLH
YHDUUHFLDED\DDGRUPLODGRFRQPLVUHFXHUGRVJXDUGDGRV
HQHVHVLOHQFLRGHODVWDUGHVSDWDJÐQLFDVGRPLQDGDVSRUHO
YLHQWRLPSHWXRVRWXYHRWUDVSUHVHQFLDVODGHODVDGRRUJDQL
]DGRSRU-XDQ0DQXHO*DUD\DOGHHQXQDKXHUWDHFROÐJLFD
TXHPHUHFRUGÐHO6DQ9LFHQWHGRQGHPHFDVÆFRQ-XOLHWD
SRUHOULWRRUWRGR[RHQRWURYLDMHœRHQHVWHPLVPR"HQ
GRQGHHVW¾QORVUHVWRVGHOFRQGXFWRU3HUÐQ
(VHDVDGRGRQGHHVWXYRSUHVHQWHPRQVHÎRU9DOHULDQ
XQRGHORVDQDUTXLVWDVP¾VLQWHOLJHQWHVTXHKHFRQRFLGR\
XQDOPDHQWUHJDGDD'LRVXQKRPEUHTXHIXH-XHYHVFROJDGR
GHOFLHORSDUDHVF¾QGDORGHORVPRUWDOHV
<HOUHFXHUGRGHPLH[FXUVLÐQGH%DULORFKHDORVU¾SLGRV
GHOUÊR0DQVRTXHPDUFKDGRPLQDQWHGRQGH\RWLULWRHVH
OHYDQWDUVHVREUHHOPLHGR~9LYLHQGRSHOLJURVDPHQWHFRQXQ
IUÊRWDQLQWHQVRTXHFDODORVWUDMHVGHQHRIUHQR\YLHQGROD
PDMHVWXRVLGDGGHODFRUGLOOHUDGHO%DVWLÐQ\GHSURQWRORV
GLRVHVFOHPHQWHVVRSODURQHOVXHÎRUHSDUDGRU
$
GHPDU]RGH
7(/21(526 _
ZZZYHUWLJRSROLWLFRFRP
1
HJDUODH[LVWHQFLDGHO+RORFDXVWRHVSHQDGRSRUOD
OH\HQDOJXQRVSDÊVHVHXURSHRV/D8QLÐQ(XURSHD
VLJXHSUHWHQGLHQGRTXHWRGDVODVQDFLRQHVSHQDOL
FHQDTXLHQQLHJXHTXH$GROIR+LWOHUKL]RSLQROHDqVHLV
PLOORQHVrGHMXGÊRVHXURSHRVHQODOODPDGDqVROXFLÐQILQDOr
3HURFDOPDQWHVPRQWHVSDUDKDEODUGHXQDqVROXFLÐQ
ILQDOrWLHQHSRUIXHU]DTXHKDEHUH[LVWLGRRWUDRYDULDVDQWHV
œ2QR"(VWDWXYRVXRULJHQHQTXHRWUDVVROXFLRQHVDQWHULR
UHVKDEÊDQIDOODGR\TXH+LWOHUSHQVÐTXH\DQRWHQÊDUHPHGLR
HOqSUREOHPDMXGÊRr
&RPRQRKXERGHRWUD+HUPDQ*RHULQJOHGLRÐUGHQHVD
5HLQKDUGW+H\GULFKSDUDTXHVHOOHYDVHDFDERqODVROXFLÐQILQDOr
SODQHDGDHQOD&RQIHUHQFLDGH:DQQVHHHQHQHURGH
$WHQFLÐQSXHVHQHURGHFXDWURDÎRVGHVSXÆVGH
TXHVHUHXQLHUDQHQ(YLDQ)UDQFLDSDÊVHVTXHDLQLFLDWLYD
GH5RRVHYHOWVHFRQJUHJDURQSDUDYHUFÐPRD\XGDEDQDFDVL
FXDWURPLOORQHVGHMXGÊRVTXLHQHVSHUVHJXLGRVSRU+LWOHU
TXHUÊDQLUVHDRWURVSDÊVHV/RVSDÊVHVUHXQLGRVVHDXWRQRP
EUDURQqODVQDFLRQHVGHODVLORr
%XHQRœSHURSRUTXÆHOPXQGRSUHWHQGHLJQRUDUORTXH
SDÊVHVGHORVKLFLHURQHQ(YLDQHQMXOLRGH"œ<SRU
TXÆHOPXQGRQRKDEODGHOqSODQ0DGDJDVFDUrHOSUR\HFWR
LGHDGRSRUDOJXQRVOÊGHUHVGHOD$OHPDQLDQD]LSDUDqGHSRU
WDUrDFXDWURPLOORQHVGHMXGÊRV"œ<SRUTXÆLJQRUDQORVHUX
GLWRVHQKRORFDXVWRVORTXH&XED\(VWDGRV8QLGRVKLFLHURQ
FRQORVMXGÊRVTXHHQPD\RGHVDOLHURQGH+DP
-RV¸/XLV%HOPDU
EHOPDUMRVHOXLV#KRWPDLOFRP
EXUJRHQHOEDUFRqDOHP¾Qr6DQ/XLVKX\HQGRGHORVQD]LV
\DTXLHQHVVHOHVQHJÐHOGHVHPEDUTXHHQ&XEDSRUTXHHO
SUHVLGHQWH/DUHGR%UXLQYDOLGÐODVYLVDVGHHQWUDGD"3XHV
SRUTXHHVPX\FRQYHQLHQWHVHJXLUSURWHJLHQGRODVHVSDOGDVD
ORVJULQJRV\DORVEULW¾QLFRVTXLHQHVIXHURQORVYHUGDGHURV
RULJLQDGRUHVGHqODVROXFLÐQILQDOr
/X]YHUGH
(PEDMDGDGH,VUDHO
9(57,*,126$6 _
(/+2/2&$8672
)XHHQ(YLDQGRQGHSDÊVHVVHKLFLHURQORVVXHFRV\VHQH
JDURQDDFHSWDUP¾VMXGÊRVHQVXVWHUULWRULRV(OSDÊVQ×PHUR
XQDPLUUXÎLWDOODPDGD5HS×EOLFD'RPLQLFDQDRIUHFLÐ
DVLORDPLOUHIXJLDGRVMXGÊRV8QGLFWDGRUV¾WUDSDDVHVL
QRPDORVR\WRGRORTXHXVWHGHVTXLHUDQOODPDGR/HÐQLGDV
7UXMLOORDEULÐODVSXHUWDVSDUDD\XGDUDVDOYDUMXGÊRV
7UXMLOORSHUVRQDOPHQWHGRQÐDOJXQDVWLHUUDVSDUDTXHORV
MXGÊRVVHHVWDEOHFLHVHQ3DUDFDGDXQRGLVSXVRDFUHVFDVL
PLOPHWURVFXDGUDGRV(QWUH\OD5HS×EOLFD
'RPLQLFDQDRWRUJÐFLQFRPLOYLVDVSHURVRODPHQWHMX
GÊRVOOHJDURQD6RV×D]RQDVLWXDGDHQODFRVWDQRUWH$FDGD
MXGÊR7UXMLOOROHUHJDOÐGLH]YDFDVXQDPXOD\XQFDEDOOR
/RTXHKL]R7UXMLOORQRORKL]R0Æ[LFRUHSUHVHQWDGR
SRU3ULPR9LOOD0LFKHO\qGRQr0DQXHO7HOORQRORKL]ROD
UDFLVWD6XHFLDuEXWRIFRXUVHu\QRORKLFLHURQQL(VWDGRV
8QLGRVQL*UDQ%UHWDÎDQL)UDQFLDQL&XEDSDÊVHVVH
QHJDURQ\VLJXLHURQODqOÊQHDJULQJD\EULW¾QLFDr\ODVFRQ
FOXVLRQHVGHODFRQIHUHQFLDQRPHQFLRQDQDORVMXGÊRVQLD
$OHPDQLDSDUDQRTXHGDUPDOFRQHOUÆJLPHQGH+LWOHU/D
IUDFDVDGDFRQIHUHQFLDIXHYLVWDSRUPXFKRVFRPRqXQHMHU
FLFLRHQODFRODERUDFLÐQKLSÐFULWDDQJORDPHULFDQDr
+LWOHUGLMRTXHHUDqLQFUHÊEOHTXHDSHVDUGHTXHHVWRV
SDÊVHVFULWLFDURQD$OHPDQLDSRUVXWUDWRDORVMXGÊRVVHUH
KXVDURQDDEULUOHVODIURQWHUDr(OGHOHJDGREULW¾QLFR(GZDUG
7XUQRXUSLGLÐH[FXVDVDORVDOHPDQHVSRULQWHUIHULUHQVXV
SROÊWLFDVDQWLMXGÊDV
(QVÊQWHVLVOD&RQIHUHQFLDGH(YLDQIXHODOX]YHUGHSDUD
TXH+LWOHUFRPHWLHUDHOJHQRFLGLR\HVWHQLWDUGRQLSHUH]R
VROHVGLMRYLHOHQGDQNqPXFKDVJUDFLDVr
(VWR\VHJXURTXHORVGH(YLDQOHGLMHURQq~1RKD\GH
TXÆr
'HVPHQX]DUODKLVWRULD
GHPDU]RGH
-DYLHU2OLYD3RVDGD
MDYLHUROLYDSRVDGD#JPDLOFRP
(
VWHWHPDQRHVSURSLRRH[FOXVLYRGHWUDWDGRVGH&LHQ
FLDV3ROÊWLFDV\6RFLDOHVQLGHHVSHFXODFLRQHVVREUH
IDQW¾VWLFDVFRQVSLUDFLRQHVGHSRGHUHVDUFDQRVFRQ
LQIOXHQFLDPXQGLDOVLQRTXHVHWUDWDGHDVXQWRVWDQFRWLGLDQRV
\IUHFXHQWHVHQHVWRVDÎRVODVUHLYLQGLFDFLRQHVVREHUDQLVWDV
UDFLDOHVUHOLJLRVDV\HQPHQRUPHGLGDLGHROÐJLFDVQXWUHQOD
PD\RUSDUWHGHORVHVFHQDULRVGHLQHVWDELOLGDGJXHUUDVFLYLOHV
\JUDYHVFRQIOLFWRVUHJLRQDOHV
/DSUHRFXSDFLÐQQRVRORGHORV(VWDGRV\JRELHUQRV
DIHFWDGRVVLQRWDPELÆQGHODVQDFLRQHVYHFLQDV\GHVXVUHV
SHFWLYDVIRUPDFLRQHVVRFLDOHVKDFHGHODVXQWRGHODXQLGDG
GHORV(VWDGRVXQDSULRULGDGDEVROXWDHQODDJHQGDGHVHJX
ULGDGLQWHUQDFLRQDO
'HVGHHO.XUGLVW¾QKDVWDODVGLVSXWDVSRUOD]RQDGH
.DFKHPLUDHQWUH3DNLVW¾QH,QGLDWHQLHQGRHQFRQVLGHUD
FLÐQORVVHSDUDWLVPRVHQ
&ÐUFHJD3DGDQLD&DWDOX
ÎD\;LQJ[LDQJGLYHUVRVHQ
VXVPÆWRGRVSHURFRLQFL
GHQWHVHQVXVREMHWLYRVQRV
LOXVWUDQUHVSHFWRGHQXHYRV
HVFHQDULRVHQ(XURSDDORV
TXHVHYLHQHDVXPDUODSR
WHQFLDOHVFLVLÐQGH(VFRFLD
UHVSHFWRGHO5HLQR8QLGR
0¾VUHFLHQWHD×QDSD
UHFHWDPELÆQODGHWHUPL
6HSDUDWLVPRVFRQWDJLRVRV
QDFLÐQGHTXHPHGLDQWH
UHIHUÆQGXP&ULPHDYXHOYDDVHUSDUWHGH5XVLD\DEDQGRQH
VXDFWXDOSHUWHQHQFLDD8FUDQLD
5HVSHFWRGHORVFDVRVHQHOFRQWLQHQWHDIULFDQRODFXHV
WLÐQHVD×QP¾VYRO¾WLO\YLROHQWD(QHVWRVGÊDVVHMX]JDHQ
/D+D\DDXQRGHORVYDULRVFULPLQDOHVGHJXHUUDTXHFRQ
EDVHHQODVPRUWÊIHUDVLGHQWLGDGHVÆWQLFDV\JHRJU¾ILFDVGH
FLGHQH[WHUPLQDUDORVRWURVRFXSDQWHV6HDQTXLHQHVIXHUHQ
(Q/DWLQRDPÆULFDDXQTXHH[LVWHQDOJXQDVUHLYLQGLFD
FLRQHVVREHUDQLVWDV\DXWRQÐPLFDVODFRKHVLÐQGHORV(VWD
GRVQDFLÐQHVFRPSDUDWLYDPHQWHVÐOLGD3RUORTXHKDFHD
ORVDVSHFWRVÆWQLFRVODSUHVLGHQFLDGH(YR0RUDOHVVLQGXGD
HVXQDOLFLHQWH\DODYH]XQFDWDOL]DGRUSDUDGHPRVWUDUTXH
EDMRODVUHJODVGHODFRPSHWHQFLDHOHFWRUDOXQLQGÊJHQDGH
ODHWQLDD\PDUDDVSLUDDXQWHUFHUPDQGDWRFRQVHFXWLYR
1RREVWDQWHDGLIHUHQFLDGHORVFDVRVDQWHVFLWDGRVHO
SULQFLSDOSHOLJURSDUDODXQLGDGGHORV(VWDGRVHQQXHVWUR
FRQWLQHQWHHVODSURORQJDGDLQFDSDFLGDGGHORVJRELHUQRV
ORFDOHVRQDFLRQDOHVSDUDHVWDEOHFHUXQDUXWDGHGHVDUUROOR
LQWHJUDOTXHSHUPLWDLQKLELUODVFRQGLFLRQHVGHGHVLJXDOGDG
\PDUJLQDFLÐQTXHVHH[WLHQGHQSRUODUHJLÐQ
3ULRULGDG
/DVPDQLIHVWDFLRQHVGHJUDYHLQFRQIRUPLGDGDQWHHODJRELR
GHOFULPHQRUJDQL]DGR\FRQDSHQDVUHVSXHVWDSRUSDUWHGH
ODVDXWRULGDGHVORFDOHVFRPRODVYLYLGDVGHVGHKDFHXQDÎR
H[DFWDPHQWHFRQODDSDULFLÐQGHSROLFLDVFRPXQLWDULDVHQ
0LFKRDF¾Q\*XHUUHURSRUHMHPSORVRQXQDPXHVWUDGH
TXHODVP¾VHOHPHQWDOHVUHVSRQVDELOLGDGHVGHO(VWDGRGH
MDQGHFXPSOLUVHSRQLÆQ
GRVHHQULHVJRODFRKHVLÐQ
PLVPD HQ FXDQWR D OD
DSOLFDFLÐQGHO'HUHFKR
\HOUHVSHFWRDODVJDUDQ
WÊDVGHFRQYLYHQFLD\SUR
GXFWLYLGDGHQWRGRHOSDÊV
+D\RWURVFDVRVFRPR
ORVGH&RORPELD9HQH
]XHOD\%UDVLOGRQGHOD
IDOWDGH(VWDGRYDVLHQGR
VXSOLGDSRURUJDQL]DFLRQHV
5)(5/ VRFLDOHV
/DVH[SHFWDWLYDVSDUD/DWLQRDPÆULFDHQHVHDPELHQWH
GHKLSRWÆWLFDVIUDJPHQWDFLRQHVGHODXQLGDGGHORV(VWDGRV
QDFLÐQHVPXFKRPHQRVSUREDEOHEDMRODLQHUFLDGHORVFDVRV
TXHVHGDQHQORVRWURVFRQWLQHQWHV6LQHPEDUJRHVRQR
VLJQLILFDTXHDQWHXQDDJXGL]DFLÐQHQODGLVIXQFLÐQGHODV
HVWUXFWXUDVGHJRELHUQR\DGPLQLVWUDFLRQHVS×EOLFDVQRSXH
GDQVXUJLUFXHVWLRQDPLHQWRVUHVSHFWRGHODXWLOLGDGGHODV
DXWRULGDGHV(OUHFXUVRGHODIXHU]DVLELHQHVOHJDOQRVLHP
SUHHVOHJÊWLPRQLWDPSRFRSXHGHXVDUVHVLQXQPÊQLPRDYDO
GHO'HUHFKRLQWHUQDFLRQDO\GHODFRPXQLGDGGHJRELHUQRV
5HFXSHUDUODQRUPDOLGDGHQORVWHUULWRULRVRFXSDGRVSRUHO
FULPHQRUJDQL]DGRHVXQDDEVROXWDSULRULGDG
ZZZYHUWLJRSROLWLFRFRP
32'(51$&,21$/ _
)5$*0(17$&,ï1
'(/26(67$'26
+$67$(/ó/7,02$/,(172
,OXVWUDFLÁQGH5DIDHO+HUQ±QGH]+HUUHUDEDVDGDHQODREUD'DQLHO
HQHOIRVRGHORVOHRQHVGH%ULWRQ5LYLHUH
(Q6DQ/±]DURVHJÆQHOSUHVLGHQWHGHOD0HVD'LUHFWLYDHVW±Q
GLVSXHVWRVDVHVLRQDUVLHVQHFHVDULRWRGRVORVG¼DV‹LQFOX\HQGR
ORVoQHVGHVHPDQD‹FRQHOREMHWLYRGHDQDOL]DUXQFRQVLGHUDEOH
QÆPHURGHGLFW±PHQHVDV¼FRPRDSUREDUXQFÆPXORGHOH\HV
VHFXQGDULDVTXHWLHQHQSHQGLHQWHV<VLDFDVRQLDV¼DOFDQ]DHO
WLHPSRLUDSHULRGRH[WUDRUGLQDULRb8I
92&(63$5$(/%521&( _
2FHDQRJUDI¼D
(QHOPDUFRGHOFHQWHQDULRGHOQDWDOLFLRGHOHVFULWRU2FWDYLR3D]
DYLR3D]
SDUDOD
HO6HQDGRGHOD5HSÆEOLFDMXQWRFRQHO&HQWUR1DFLRQDOSDUDOD
&XOWXUD\ODV$UWHVDFRUGDURQUHDOL]DUXQDVHULHGHDFWRVV
HQVXKRQRUVHÀDOÁODVHQDGRUD%ODQFD$OFDO±
SUHVLGHQWDGHOD&RPLVLÁQGH&XOWXUDGHODF±PDUDDOWD
(OSUÁ[LPRGHPDU]RVHUHDOL]DU±ODSUHVHQWDFLÁQGH
ODSXEOLFDFLÁQ,WLQHUDULRFU¼WLFR$QWRORJ¼DGHORVWH[WRV
SRO¼WLFRVGH2FWDYLR3D]DV¼FRPRODGHYHODFLÁQHQ
HO6HQDGRGHXQDSODFDFRQPHPRUDWLYDGHQWURGH
ODVLQVWDODFLRQHVGHODXGLWRULRTXHOOHYDHOQRPEUH
GHO3UHPLR1REHOGH/LWHUDWXUDPH[LFDQR
)RWRV6HQDGR35,
)RWRV&±PDUDGH'LSXWDGRV
/(*,6/$7,9$6 _
$DÀRV
$QWLFRUUXSFLÁQ
/RVGLSXWDGRVDSUREDURQUHIRUPDVDOD
&RQVWLWXFLÐQHQPDWHULDGHDQWLFRUUXSFLÐQ
(OGRFXPHQWRIXHSURSXHVWRSRUHO6HQDGR
SHURVHU¾GHYXHOWRSDUDLQFOXLUDORVLQWHJUDQWHV
GHORVD\XQWDPLHQWRVFRPRUHVSRQVDEOHV
SRUYLRODFLRQHVDOD&DUWD0DJQD\ODVOH\HV
IHGHUDOHVHQSDUWLFXODUSRUHOPDQHMR\
DSOLFDFLÐQLQGHELGDGHIRQGRV\UHFXUVRV
IHGHUDOHV(OSUR\HFWRLQFOX\HWDPELÆQD
JREHUQDGRUHVGLSXWDGRVORFDOHVPDJLVWUDGRV
GHORVWULEXQDOHVVXSHULRUHVGHMXVWLFLDORFDOHV
\HQVXFDVRPLHPEURVGHORVFRQVHMRVGHODV
MXGLFDWXUDVORFDOHV
FXDOTXLHUWLSRGHIXQFLÐQHQHOTXHVHDQ
LQGXFLGRVDUHDOL]DUDFFLRQHVIXHUDGHVX
FRPSRUWDPLHQWRQDWXUDODVÊFRPRLQFUHPHQ
WDUPXOWDVDTXLHQHVUHDOLFHQFDFHUÊDLOHJDO
(OVHQDGRUHFRORJLVWDGHVWDFÐTXHDFWXDOPHQ
WHHQWLGDGHVIHGHUDWLYDVFXHQWDQFRQOH\HV
GHSURWHFFLÐQDORVDQLPDOHVVLHQGR2D[DFDHO
×QLFRHVWDGRTXHQRWLHQHOH\HQODPDWHULD
0REELQJ
(O6HQDGRGHOD5HS×EOLFDDYDOÐSRUXQDQLPL
GDGUHIRUPDVDO&ÐGLJR3HQDO)HGHUDOFRQOD
LQWHQFLÐQGHVDQFLRQDUFRQXQDPXOWDGH
KDVWDGÊDVGHVDODULRPÊQLPRDTXLHQ
FRPHWDDFRVRODERUDOPHMRUFRQRFLGRFRPR
PREELQJGHPDQHUDVLVWHP¾WLFD\UHFXUUHQ
WHFDXVDQGRDODRWUDSHUVRQDXQSHUMXLFLR
SURIHVLRQDOSDWULPRQLDOHFRQÐPLFRR
VXIULPLHQWRVLFROÐJLFR\IÊVLFR$VLPLVPR
VHHVWDEOHFHTXHVLTXLHQFRPHWHHVWDIDOWDHV
XQVXSHULRUMHU¾UTXLFRDGHP¾VGHODPXOWD
FRUUHVSRQGLHQWHVHU¾GHVWLWXLGRGHVXFDUJR
3URWHFFLÁQDQLPDO
&RQODLQWHQFLÐQGHLPSXOVDUHOWUDWRGLJQR
KDFLDORVDQLPDOHVHOFRRUGLQDGRUGHO3DUWLGR
9HUGHHQHO6HQDGR-RUJH(PLOLR*RQ]¾OH]
0DUWÊQH]SUHVHQWÐRFKRLQLFLDWLYDVGHOH\HQ
PDWHULDDPELHQWDO\GHYLGDVLOYHVWUH(QWUHVXV
SURSXHVWDVVHEXVFDSURKLELUHQWRGRHOSDÊVHO
XVRGHDQLPDOHVHQHVSHFW¾FXORVFLUFHQVHVR
/RVGLSXWDGRVHVW¾QSRUGHFLGLUVLFRQVWLWX\HQ
XQD&RPLVLÐQ(VSHFLDOGH,QYHVWLJDFLÐQSDUD
ILVFDOL]DUODUHODFLÐQGHODHPSUHVD2FHDQRJUD
IÊDFRQGLVWLQWDVGHSHQGHQFLDVGHJRELHUQR
SXHVUHVXOWDTXHDGHP¾VGH3HWUÐOHRV0H[LFD
QRV\OD&RPLVLÐQ1DFLRQDO%DQFDULD\GH
9DORUHVHOGLSXWDGR-DYLHU6DOLQDV1DUY¾H]
SUHVLGHQWHGHOD&RPLVLÐQGH6HJXULGDG
6RFLDODQXQFLÐTXHVHFLWDU¾DFRPSDUHFHUD
ORVGLUHFWRUHVJHQHUDOHVGHO,066-RVÆ$QWRQLR
*RQ]¾OH]$QD\D\GHO,QIRQDYLW$OHMDQGUR
0XUDW+LQRMRVDSRUTXHqVLELHQQRVHVDEH
FRQSUHFLVLÐQHOPRQWRGHOIUDXGHVÊKD\XQ
TXHEUDQWRHQHOSDWULPRQLRGHDPEDV
HQWLGDGHVSRUORVUHFXUVRVPLOORQDULRVTXH
GHELHURQHQWUHJDUVHr
6HVDQFLRQDU±
GHPDU]RGH
5HIRUPDXUJHQWH
(OSUHVLGHQWHGHOD-XQWDGH&RRUGLQDFLÐQ
3ROÊWLFD-XFRSRHOGLSXWDGR6LOYDQR$XUHR
OHV&RQHMRGHO35'DILUPÐTXHHVXUJHQWH
TXHHO(MHFXWLYRIHGHUDOHQYÊHODVLQLFLDWLYDVHQ
WRUQRGHODUHIRUPDSROÊWLFDSRUTXHVHSXHGH
SRQHUHQqFULVLVWRGRHOSURFHVRHOHFWRUDOVLQR
VHUHVXHOYHHQODVVLJXLHQWHVGRVVHPDQDVr
([SOLFÐTXHVLELHQVHWLHQHKDVWDHOGH
DEULOSDUDDSUREDUODVQRUPDVVHFXQGDULDVVL
QRVHGDHOWLHPSRVXILFLHQWHSDUDDQDOL]DUODV
GHFDUDDORVSUÐ[LPRVSURFHVRVHOHFWRUDOHV
SXHGHKDEHUULHVJRVGHLQWHUSUHWDFLÐQHQWUH
ORTXHPDQGDWDOD&RQVWLWXFLÐQ\ORTXH
GLFHQODVOH\HVORFDOHV
/RVSURGXFWRUHVGHOFDPSRHQ9HUDFUX]
EXVFDQFRQYHUWLUVHHQXQRGHORVPRWRUHV
GHODHFRQRPÊDQDFLRQDOSRUORTXHSDUDHO
SUHVHQWHDÎRVHILMDURQXQDPHWDVXSHULRUD
ODVGRVPLOORQHVPLOWRQHODGDVGHPDÊ]
/D6HFUHWDUÊDGH'HVDUUROOR$JURSHFXDULR
5XUDO\3HVFD6HGDUSDHQODHQWLGDGDVHJXUÐ
TXHVHLQWHQWDLQFUHPHQWDUODFRPSHWLWLYLGDG
GHODFDGHQDSURGXFWLYDGHHVWHJUDQRDVÊ
FRPRGHOVHFWRUSULPDULRGHOHVWDGRFRQ
ODFUHDFLÐQGHLQGXVWULDV\HOGHVDUUROOR
GHFDQDOHVGHFRPHUFLDOL]DFLÐQ
1$&,21$/(6 _
'DYLG)HUQ±QGH]'±YDORVVHU±DSDUWLUGHOGH
MXQLRHOQXHYRUHFWRUGHOD8QLYHUVLGDG,EHURDPHUL
FDQD&LXGDGGH0¸[LFRSDUDHOSHULRGR
)HUQ±QGH]QDFLÁHQ*XDGDODMDUD-DOLVFRHQ
UHDOL]ÁHVWXGLRVGH)LORVRI¼D\&LHQFLDV6RFLDOHVHQHO
,QVWLWXWR/LEUHGH)LORVRI¼DHVOLFHQFLDGRHQ7HRORJ¼D
SRUHO&ROHJLRGH(VWXGLRV7HROÁJLFRV\PDHVWURHQ
6RFLRORJ¼DSRUOD8QLYHUVLGDG,EHURDPHULFDQD
$FWXDOPHQWHHVPLH
$FWXDOPHQWHHVPLHPEUR
GHO,QWHUQDWLRQDO
GHO,QWHUQDWLRQD
&RXQFLORQ+XPDQ
&RXQFLORQ+XP
5LJKWV3ROLF\FRQ
5LJKWV3ROLF\
VHGHHQ*LQHEUD6XL]D
VHGHHQ*LQHEUD
/LVWD
&KHWXPDO(OJREHUQDGRUGHOHVWDGR\
SUHVLGHQWHGHOD&RPLVLÐQGH7XULVPRGHOD
&RQIHUHQFLD1DFLRQDOGH*REHUQDGRUHV
&RQDJR5REHUWR%RUJH$QJXORDQXQFLÐ
TXH\DHVW¾OLVWDODLQIUDHVWUXFWXUDTXHDORMDU¾
DO7LDQJXLV7XUÊVWLFRGH0Æ[LFR4XLQWDQD
5RRHQHO/DN¾P&HQWHUHYHQWRTXHVH
GHVDUUROODU¾GHODOGHPD\R6RORVH
XOWLPDQGHWDOOHVGHORJÊVWLFD\WUDQVSRUWDFLÐQ
(OJREHUQDGRUGHVWDFÐTXHSDUDHOHYHQWR
HVW¾FRQILUPDGDODDVLVWHQFLDGHSDÊVHV
\HPSUHVDVGHWRGRVORVUXEURVGH
VHUYLFLRVWXUÊVWLFRV
,EHUR
$SR\R
(OJRELHUQRGH2D[DFD\OD)HGHUDFLÐQ
HQWUHJDURQDSR\RVDKDELWDQWHVGHODFRVWD
TXHUHVXOWDURQDIHFWDGRVSRUHOKXUDF¾Q
,QJULG\ODWRUPHQWDWURSLFDO0DQXHOHQ
VHSWLHPEUHGHODÎRSDVDGR6HWUDWDGHXQD
EROVDGHUHFXUVRVSRUGLH]PLOORQHVGHSHVRV
HQEHQHILFLRGHSHTXHÎRVHPSUHVDULRV
TXLHQHVUHFLELU¾QXQPRQWRGHPLOSHVRV
HQFUÆGLWRV\VXEVLGLRV(OJREHUQDGRUGHOD
HQWLGDG*DELQR&XÆDILUPÐTXHFRQHVWH
DSR\RODHFRQRPÊDGHODFRVWDVHUHFXSHUDU¾
(5XYD/&XDUWRVFXUR
$<±ÀH]&XDUWRVFXUR
3URGXFWLYLGDG
1XHYRUHFWRU
ZZZYHUWLJRSROLWLFRFRP
01XOR&XDUWRVFXUR
WRGRHODÀRSRUVROR
0XMHUHVDQDOIDEHWDV
0XM
0X
XMMH
MHHUHVDQDOIDEHWDV
UHVDDQDDOIIDEHWD
E WDV
DV
3DU¼V&DVLPLOORQHVGHPXMHUHVMÁYHQHVGHSD¼VHVGHUHQWDEDMD\PHGLDVRQLQFDSDFHV
GHOHHUXQDVRODO¼QHDGHQXQFLÁOD2UJDQL]DFLÁQGH1DFLRQHV8QLGDVSDUDOD(GXFDFLÁQOD
&LHQFLD\OD&XOWXUD8QHVFRTXHOODPÁDVLWXDUODLJXDOGDGGHJ¸QHURHQHOFHQWURGHOD
QXHYDDJHQGDPXQGLDOGHGHVDUUROOR6HJÆQGDWRVGHVRORGHORVSD¼VHVKDQ
DOFDQ]DGRODSDULGDGHQODHQVHÀDQ]DSULPDULD\HQHOFDVRGHODVHFXQGDULD
PHVHVSRUVROR
SDUDHO'LVWULWR)HGHUDO
P±VJDVWRVGHHQY¼RSDUDHOLQWHULRUGHOD5HSÆEOLFD
7HQVLÁQ
-&DVHOOH6,*
- &DVHOOH 6,*
,17(51$&,21$/(6 __
5HFLEH
&ULPHD(O3DUODPHQWRGH&ULPHDUHLWHUÐ
VXDVSLUDFLÐQGHLQJUHVDUHQOD)HGHUDFLÐQGH
5XVLD\DSUREÐODGHFODUDFLÐQGHLQGHSHQGHQ
FLDUHVSHFWRGH8FUDQLDTXHVHU¾VRPHWLGDD
FRQVLGHUDFLÐQGHVXVFLXGDGDQRVHVWH
GRPLQJRGHPDU]R
FLÐQGHOVLVWHPDGHIHQVLYR&×SXODGHKLHUUR
GLVHÎDGRSDUDLQWHUFHSWDUPLVLOHVGHFRUWR
DOFDQFH\SUR\HFWLOHVGHPRUWHUR6HJ×QXQ
FRPXQLFDGRHODFXHUGRFRQVWLWX\HXQYDORU
HVWUDWÆJLFRSDUDDPEDVQDFLRQHV\VXSRQHOD
WUDQVIHUHQFLDLQPHGLDWDGHPLOORQHVGH
GÐODUHVDODVDUFDVLVUDHOÊHV
&RQPHPRUDFLÁQ
%XVFDUHHOHFFLÁQ
VXVFU¼EHWHHQ
VXVFULSFLRQHV#UHYLVWDYHUWLJRFRP
ROODPDDOWHO¸IRQR
([WV
%RJRW¾(OSUHVLGHQWHFRORPELDQR\DVSLUDQWH
DODUHHOHFFLÐQ-XDQ0DQXHO6DQWRVFDSWÐ
FRQVXFRDOLFLÐQGHFHQWURGHUHFKDODPD\RUÊD
UHODWLYDGHO&RQJUHVRGRQGHHQIUHQWDU¾ODRSR
VLFLÐQGHOH[PDQGDWDULRžOYDUR8ULEHFX\R
SDUWLGRVHFRQYLUWLÐHQODVHJXQGDIXHU]DGHO
6HQDGR6DQWRVTXLHQLQWHUSUHWÐHOUHVXOWDGR
FRPRXQUHVSDOGRDOSURFHVRGHSD]TXHOOHYD
DFDERFRQODJXHUULOODGHODV)$5&\DOTXHVH
RSRQH8ULEHVXRWURUDDOLDGRORJUÐUHWHQHU
ODPD\RUÊDSDUODPHQWDULDHQORVFRPLFLRV
OHJLVODWLYRVGHOGRPLQJRGHPDU]RGRQGH
HODEVWHQFLRQLVPRURQGÐSRUFLHQWR
$QWLPLVLOHV
-HUXVDOÆQ(VWDGRV8QLGRVH,VUDHOILUPDURQXQ
DFXHUGRSDUDPDQWHQHU\DPSOLDUODSURGXF
GHPDU]RGH
0DGULG$GLH]DÎRVGHORVDWHQWDGRVGHOGH
PDU]RGH(VSDÎDUHFRUGÐDORVPXHU
WRV\PLOKHULGRVTXHVXIULHURQHOKRUURU
FXDQGRFXDWURWUHQHVDEDUURWDGRVIXHURQ
GHVWUR]DGRVSRUGLH]ERPEDVFRORFDGDVSRU
LVODPLWDVq+R\VHFXPSOHQGLH]DÎRVGHO
PD\RUDWHQWDGRWHUURULVWDGHODKLVWRULDGH
(XURSDrVXEUD\ОQJHOHV3HGUD]DSUHVLGHQWD
GHOD$VRFLDFLÐQGH9ÊFWLPDVGHO7HUURULVPR
([SORVLÁQ\GHUUXPEH
1XHYD<RUN8QDH[SORVLÐQSURYRFÐHO
GHUUXPEHGHGRVHGLILFLRVGHDSDUWDPHQWRVHQ
HVWDFLXGDG\GHMÐDOPHQRVGRVPXHUWRV\
KHULGRV(ODOFDOGHQHR\RUTXLQR%LOOGH%ODVFR
GLMRTXHqKD\YDULRVLQGLYLGXRVGHVDSDUHFLGRVr
/DHPSUHVDGHJDV&RQ(GLVRQFHUUÐODV
FDÎHUÊDVTXHHQWUDEDQDOHGLILFLRLQIRUPÐ
6HJ×QHOSRUWDYR]GHODJDVHUD%RE0F*HH
XQUHVLGHQWHLQIRUPÐTXHROLÐDJDVGHQWURGH
VXDSDUWDPHQWR
),1$1&,(5$6 _
1RWLPH[
$FXHUGR
6/ÁSH]&XDUWRVFXUR
&RPRSDUWHGHORVFRPSURPLVRVFRQWUDÊGRV
FRQOD2UJDQL]DFLÐQ0XQGLDOGH$GXDQDVHO
6HUYLFLRGH$GPLQLVWUDFLÐQ7ULEXWDULD6$7\
DXWRULGDGHVDGXDQDOHVGHOJRELHUQRGH&RUHD
GHO6XUILUPDURQXQDFXHUGRGHUHFRQRFL
PLHQWRPXWXRPHGLDQWHHOFXDOYDOLGDQVXV
HVTXHPDVGHVHJXULGDGHQFRPHUFLRH[WHULRU
(VWDDFFLÐQSUHYÆODUHGXFFLÐQGHLQVSHFFLR
QHV\DWHQFLÐQSHUVRQDOL]DGD\H[SHGLWDSRU
SDUWHGHODDGXDQDFRUHDQDORFXDOGLVPLQX\H
WLHPSRV\FRVWRVSDUDODVHPSUHVDVKDFLÆQGR
ODVP¾VFRPSHWLWLYDVHQHOPHUFDGRJOREDO
DVHJXUÐHO6$7
6XSHU±YLW
(GXDUGR6ROÊV6¾QFKH]SUHVLGHQWHGHOD
$VRFLDFLÐQ0H[LFDQDGHOD,QGXVWULD$XWRPR
WUL]$0,$GLRDFRQRFHUTXHHOVDOGRGHOD
EDODQ]DFRPHUFLDOGHOVHFWRUORJUÐXQUÆFRUG
KLVWÐULFRHQDOUHJLVWUDUXQVXSHU¾YLWGH
PLOPLOORQHVGHGÐODUHV6HWUDWDGHXQ
LQFUHPHQWRGHFRQUHODFLÐQDODFLIUD
DOFDQ]DGDHODÎRSUHFHGHQWHFRQORTXHVH
3¸UGLGDV
3¸UGLG
3¸UGLGDV
GDDV
$GHP±VGHORVPLOORQHVTXHGHEHU±QVHULQYHUWLGRVHQODUHSDUDFLÁQGHRQFHGHODV
HVWDFLRQHVGHOD/¼QHDGHO0HWURODVFXDOHVGHMDURQGHRSHUDUHOPL¸UFROHVDQWHULRUHQ
SHUMXLFLRGHPLOXVXDULRVODS¸UGLGDSRUFRQFHSWRGHORVEROHWRVQRYHQGLGRVGXUDQWHORVVHLV
PHVHVTXHVHFDOFXODGXUHQORVWUDEDMRVDVFHQGHU±DPLOORQHVGHSHVRVUHFRQRFLÁ-RHO
2UWHJDGLUHFWRUGHO6LVWHPDGH7UDQVSRUWH&ROHFWLYR0HWUR$ORDQWHULRUKDEU¼DTXHVXPDUTXH
RULJLQDOPHQWHHOFRVWRGHHVDO¼QHDVHU¼DGHPLOPLOORQHVGHSHVRVSHURDOoQDOUHTXLULÁ
PLOPLOORQHV
FRQVROLGÐFRPRHOSULQFLSDOJHQHUDGRUGH
GLYLVDVSDUDODQDFLÐQ'HKHFKRVXEUD\ÐVLQ
ODSDUWLFLSDFLÐQGHODLQGXVWULDDXWRPRWUL]HQOD
EDODQ]DFRPHUFLDO0Æ[LFRWHQGUÊDXQGÆILFLW
VXSHULRUDPLOPLOORQHVGHGÐODUHVHQOXJDU
GHORVPLOUHSRUWDGRVHODÎRSDVDGR
'HVWDFDGR
/DV(YDOXDFLRQHV3URYLVLRQDOHVGHOD2&'(
FRUUHVSRQGLHQWHVDO×OWLPRVHPHVWUHGH
GHVWDFDQD0Æ[LFR*UHFLD3RUWXJDO(VWRQLD
ZZZYHUWLJRSROLWLFRFRP
1XHYD=HODQGD*UHFLD,UODQGD\(VSDÎD
FRPRODVHFRQRPÊDVGHOEORTXHTXHKDQ
DVXPLGRPD\RUHVPHGLGDVSDUDIRUWDOHFHUVX
FDSDFLGDGGHFUHFLPLHQWR\DFHOHUDUOD
LQYHUVLÐQDGHP¾VGHVXEUD\DUTXHQXHVWURSDÊV
HVXQRGHORVGRVTXHORKDQKHFKRVLQSUHVLÐQ
ILQDQFLHUDGHSRUPHGLRRXQDLQPLQHQWHFULVLV
ORFXDOHVqPXFKRP¾VGHVWDFDEOHrSUHFLVDHO
RUJDQLVPR
+8(&2120ë$ _
}(/(1(0,*2
(6(/0(5&$'2"
*XLOOHUPR)±UEHU
ZZZEXKHGHUDPH[LFRRUJ
,OXVWUDFLÁQ/9DUJDV
VLRQLVWDVERUUHJRVFDVLWRGRVHOORVVHWUDJDQ
HQWHULWRHODQ]XHORODFDUQDGDHOVHGDO\OD
SORPDGD<ORVoDQDOLVWDVILQDQFLHURVpSREUH
FLWRVUHIXHU]DQVXFUHHQFLDGHTXHHQWLHQGHQ
FÐPRVXFHGHQODVFRVDVHQHVHFDVLQRr
(
0DQRQHJUD
VRUHSLWHQFRPRSHULFRVPLVDPLJRVL]TXLHUGRVRV
VLHPSUHDODFD]DGHqFXOSDEOHVr+DEUÊDTXHH[SOL
FDUOHVTXHSDUDTXHXQHQHPLJRH[LVWDSULPHURWLHQH
TXHH[LVWLUFRPRHQWH<(O0HUFDGRq/LEUHrQRHVHQHPLJR
SRUTXHSDUDHPSH]DUQLVLTXLHUDH[LVWHORVPRYLPLHQWRVGH
WRGRVORVVDORQHVGHO*UDQ&DVLQR)LQDQFLHUR*OREDOHVW¾Q
PLQXFLRVDPHQWHPDQHMDGRV
&RPRGLFH%LOO%RQQHUq+R\HOPHUFDGREXUV¾WLOVXEH
SXQWRV\ODSUHQVDoHVSHFLDOL]DGDpORDWULEX\HDTXH3XWLQ
UHFXOÐD\HUEDMÐSXQWRV\HVDPLVPDLQHIDEOHSUHQVDOR
DWULEX\HDTXH3XWLQVLHPSUHQRUHFXOÐ\HVW¾SRULQYDGLU
8FUDQLDODVHPDQDSDVDGDVHGLMRTXHHUDOD)HGODTXHPR
YLÐDOPHUFDGRODSUÐ[LPDVHPDQDVHGLU¾TXHIXHHOFOLPD
OXHJRVHU¾OD)HGRWUDYH]OXHJR3XWLQGHQXHYRGHQWURGH
XQPHVRWURDFRQWHFLPLHQWRLJXDOPHQWHLUUHOHYDQWHSDUDHO
FDVRSHURYDJDPHQWHFRQYLQFHQWHf\DVÊDOLQILQLWRr
(QUHDOLGDGqFDGDXQRGHHVRVPRYLPLHQWRVHVW¾PLFURV
FÐSLFDPHQWHFRQWURODGRGHVGHODVFRPSXWDGRUDVSURJUDPD
GDVDOHIHFWR\XELFDGDVHQORVVÐWDQRVGHO'HSDUWDPHQWRGHO
7HVRURGH (8$VÊKDVLGRGHVGHORVVHVHQWDV&DGDDVFHQVR
FDGDGHVFHQVRFDGDPRGLILFDFLÐQUHODWLYDHQWUHODVDFFLRQHV
LQGLYLGXDOHVUÊJLGDPHQWHRSHUDGR&RQXQWHFOD]RRXQFOLFN
GHOPRXVHORVPHUFDGRVYDQH[DFWDPHQWHDGRQGHVHOHVRU
GHQDTXHYD\DQ/XHJRORVoDQDOLVWDVILQDQFLHURVpLQYHQWDQFRQ
XQDJUDQFDUHQFLDGHFUHDWLYLGDGKD\TXHDFHSWDUORKLVWRULDV
GHoSRUTXÆpORVPHUFDGRVKLFLHURQORTXHKLFLHURQORVLQYHU
(VWDPDQLSXODFLÐQDÎDGHqHVI¾FLOGHSUREDUQDGDP¾V
UHYLVDORVYRO×PHQHVGHWUDQVDFFLRQHV&DGDSRFRVGÊDVVH
UHDOL]DQWUDQVDFFLRQHVSRUHOWRWDOGHODVDFFLRQHVGHFDGD
FRPSDÎÊDOLVWDGDHQODEROVD7RGDVHOODVFDGDSRFRVGÊDV
$YHFHVHOWRWDOGHDFFLRQHVVHFRPHUFLDQHQXQVRORGÊD
RHQXQDVRODKRUDRHQXQVRORPLOLVHJXQGR/RPLVPR
SDVDFRQHORUR\ODSODWDHORUR\ODSODWDGHSDSHODFODUR
&DGDDÎRVHFRPHUFLDQHOHFWUÐQLFDPHQWHFLHQPLOPLOOR
QHVGHRQ]DVGHSODWDHQ&RPH[\HQ /%0$XQSURPHGLR
GHPLOORQHVGHRQ]DVHQFDGDGÊDK¾ELOIUDQFDPHQWH
ULGÊFXOR(VXQDSHUIHFWDHQJDÎLIDTXHWLHQHKLSQRWL]DGR
DGHODSREODFLÐQ(VXQFDUUXVHOTXHoHOORVpFRQWUR
ODQGLULJHQPDQLSXODQ+R\HVW¾DFDUJRGHOVHFUHWDULRGHO
7HVRUR-DFN/HZ\VXPLVLÐQHVGHVWUXLUWRGDHVSHUDQ]DHQ
HOPHUFDGRGHORUR\ODSODWDGHSULPLUORVSUHFLRVKDVWDHO
IRQGRFRQVDGLVPRLQTXLVLWRULDOKDVWDTXHVXVSDUWLGDULRV
SLHUGDQWRGDFRQILDQ]Dr
œ/RORJUDU¾"3UREDEOHPHQWHVÊHQEXHQDSDUWH3HURHVH
QRHVHOSXQWRLPSRUWDQWHDTXÊ(OSXQWRDTXÊHVTXHQRKD\
QLQJ×QPHUFDGROLEUHHQDOJ×QULQFÐQGHO*UDQ&DVLQR)L
QDQFLHUR*OREDO%×VTXHQVHRWURGLDEORPLVDPLJRVL]TXLHU
GRVRVHVHTXHWDQWRDPDQRGLDUfQRH[LVWH
GHPDU]RGH
9¼FWRU6±QFKH]%DÀRV
YVDQFKH]E#JPDLOFRP
81$68172352)81'$0(17(32/ë7,&2
(OSHRUHQHPLJRHVHOTXHHVW¾HQFXELHUWR
6ÆQHFDD&
3
RGHU6HÎDOHVHQFRQWUDGDVVHJHQHUDQDOUHGHGRUGHXQ
FDVRSROLFLDFRFRQSURIXQGDVUDÊFHVSROÊWLFDV2FHD
QRJUDIÊDHVXQDHPSUHVDTXHIXHFRQVHQWLGDSRUODV
DGPLQLVWUDFLRQHVSDQLVWDVTXHOHGLHURQFDELGDHQORVJUDQGHV
SHURPX\JUDQGHVQHJRFLRVGH3HPH[(VXQDVXQWRSROLFLD
FRFRPRPHQFLRQDHOSURFXUDGRUJHQHUDO-HV×V0XULOORSHUR
QRVHOHSXHGHGHVSRMDUGHVXFDUJDSROÊWLFDOXHJRGHFRQR
FHUVHTXHSHUVRQDMHVGHODSROÊWLFDSDQLVWDVGHORVVH[HQLRVGH
)HOLSH&DOGHUÐQ\VXDQWHFHVRU9LFHQWH)R[HVWDEDQLQYR
OXFUDGRV/RPLVPRRFXUUHFRQ-RVÆ6XVXPRHOSULQFLSDO
SURYHHGRUGH6HGHQDHOVH[HQLRSDVDGR7DPSRFRVHSXHGHQ
RFXOWDUORVOD]RVGHODIDPLOLD=DYDODGHODH[SULPHUDGDPD
FRQ*DVWÐQ$]F¾UUDJD\ODTXLHEUDGH0H[LFDQD(VRDPÆQ
GHODUHQXQFLDGHGRVDOWRVIXQFLRQDULRVGH3HPH[UHODFLR
QDGRVDORVGRVVH[HQLRVD]XOHV5DIDHO%HYHULGRHQ3HWUR
TXÊPLFD\&DUORV0RUDOHVHQ3URGXFFLÐQ\([SORUDFLÐQ
6RORTXHGDRWURSHUVRQDMHTXHSDUHFHWHQHUORVGÊDVFRQWDGRV
FRPRGLUHFWRUGH3HPH[5HILQDFLÐQ0LJXHO7DPH$XQTXH
HVGHOGRPLQLRS×EOLFRTXHDKÊVHDPDVDURQHQRUPHVIRUWX
QDV\TXHOOHJDEDQDODVHVWUXFWXUDVSROÊWLFDVSDQLVWDVHQORV
VH[HQLRVTXHGHWHQWDEDQOD3UHVLGHQFLDGHOD5HS×EOLFDQR
KD\GHQXQFLDVSDUDLQYHVWLJDUDFWRVSXQLEOHV3HURODVOLJDV
KDFHQVRVSHFKDUHPSUHVDVFRQFRQWUDWRVPLOORQDULRVHQ
GÐODUHVFDPSDÎDVSROÊWLFDV\SULYLOHJLRVHPSUHVDULDOHV+D\
TXHVHJXLUODSLVWD
,QWHUQDV
.RUDEOH\
/DJXHUUDSRUODSUHVLGHQFLDGHO 3$1HVW¾DWRGRORTXHGD
HVW¾DWRGRORTXHGD
(UQHVWR&RUGHURDEUHREXVHVFRQWUD*XVWDYR0DGHUR\OD
UHVSXHVWDQRHVDUHVRUWHUD]RVœ(QHVWDJXHUUDGHWRGRVFRQ
WUDWRGRVTXHGDU¾DOJ×QWÊWHUHFRQFDEH]D"
(QHO35'\DKD\OX]YHUGHSDUDODUHHOHFFLÐQGH&XDXKWÆ
PRF&¾UGHQDV&UHHQHQODL]TXLHUGDTXHSRGU¾DJOXWLQDUORV
KLMRVGHVREHGLHQWHVTXHVHYDQD0RUHQD6HGXFLUD$QGUÆV
0DQXHO/ÐSH]2EUDGRUSDUDKDFHUIUHQWHFRP×QHQODVSR
OÊWLFDVGRPÆVWLFDV/DYHUGDGHVTXHQL&¾UGHQDVHO7DWDOR
SRGUÊDKDFHUYROYHUDOqKRJDUrTXHOHGLRIXHU]D\SRGHU
'LQHUR$OFRQFOXLUODYHQWDGHOKRWHO0HOL¾5HIRUPD
TXHGLULJÊD'DQLHO/R]DQRDO*UXSR+RWHOHUR6DQWD)HTXH
SUHVLGH)UDQFLVFR=LQ]HUVHFRQYLUWLÐHQ.U\VWDO*UDQG5H
IRUPD8QR0H[LFR&LW\/DRSHUDFLÐQIXHGHPLOORQHV
GHGÐODUHVSDUDDGTXLULUOR\HVW¾QFRPSURPHWLGRVGLH]PL
OORQHVP¾VSDUDUHPRGHODFLÐQGHODVKDELWDFLRQHV
1LNHODFRQRFLGDPDUFDGHDUWÊFXORV\URSDGHSRUWLYD
LQLFLÐVXVRSHUDFLRQHVHQOD%ROVD0H[LFDQDGH9DORUHVD
WUDYÆVGHOSRUWDIROLRVGH*%0KRPHEURNHU7UDVHOODQ]DPLHQ
WRGH7ZLWWHUDILQDOHVGHOPHVSDVDGRDO 6,&\DVHHVSHUDED
HOGHEXWGH1LNHSDUDHVWHPHVGHPDU]RWRGDYH]TXH
*%0KRPHEURNHUEDMRODGLUHFFLÐQGH-DYLHU0DUWÊQH]HVSH
UDFRORFDUXQDQXHYDHPLVRUDH[WUDQMHUDSRUPHVGXUDQWHHO
UHVWRGHODÎR
&RQHOFOXE&ODYHUÊDHQHO ')6SRUWV:RUOGTXHSUH
VLGH$QWRQLR7URQFRVR1DYDUURDOFDQ]ÐORVFOXEHVHQ
RSHUDFLÐQ
6SRUWFLW\GH$OIUHGR+DUS\TXHGLULJH2VZDOGR0DUWÊ
QH]QRVHTXHGDDWU¾V\YDDXQQLFKRFRPSHWLWLYR
5HVSRQVDELOLGDG6RFLDO&RUSRUDWLYDD /D$VRFLDFLÐQ3UR
5HVSRQVDELOLGDG6RFLDO&RUSRUDWLYD/D$VRFLDFLÐQ3UR
3HUVRQDVFRQ3DU¾OLVLV&HUHEUDOTXHDSR\DDQLÎRVFRQGLV
FDSDFLGDGHV\GHHVFDVRVUHFXUVRV\TXHSUHVLGH*DEULHOD
FDSDFLGDGHV\GHHVFDVRVUHFXUVRV\TXHSUHVLGH*DEULHOD
0ROLQD2UWL]0RQDVWHULRUHFLELÐXQGRQDWLYRHQHIHFWLYR
0ROLQD2UWL]0RQDVWHULRUHFLELÐXQGRQDWLYRHQHIHFWLYR
UHFDXGDGRFRQDSRUWDFLÐQGHFOLHQWHVGHODVWLHQGDVGH
UHFDXGDGRFRQDSRUWDFLÐQGHFOLHQWHVGHODVWLHQGDVGH
7KH+RPH'HSRWHQHO(VWDGRGH0Æ[LFR\HO'LVWULWR)H
7KH+R
7K
+ PH'
'HSRWWHQHOO(
(VWDGRGH0Æ[LFR\HO'LVWULWR)H
GHUDOFRPRSDUWHGHODFROHFWD+D]P¾VSRUORVGHP¾V
GHUDOFRPRSDUWHGHODFROHFWD +D]P¾VSRUORVGHP¾V
'LFKRVUHFXUVRVJHQHUDGRVSRUODHPSUHVDTXHHQFDEH]D
'LFKRVUHFXUVRVJHQHUDGRVSRUODHPSUHVDTXHHQFDEH]D
5LFDUGR6DOGÊYDUVHU¾QXWLOL]DGRVSDUDEHFDU
5LFDUGR6DOGÊYDUVHU¾QXWLOL]DGRVSDUDEHFDU
DQLÎRVTXHUHFLELU¾QUHKDELOLWDFLÐQVHU
YLFLRVPÆGLFRVHGXFDFLÐQHVSHFLDOL]DGD\
YLFLRVPÆGLFRVHGXFDFLÐQHVSHFLDOL]DGD\
DWHQFLÐQVLFROÐJLFDSDUDVXIDPLOLDGXUDQWH
DWHQFLÐQVLFROÐJLFDSDUDVXIDPLOLDGXUDQWH
FLQFRPHVHVORFXDOVHWUDGXFHHQPLO
FLQFRPHVHVORFXDOVHWUDGXFHHQPLO
KRUDVWHUDSÆXWLFDV\PLOSHGDJÐJLFDV
KRUDVWHUDSÆXWLFDV\PLOSHGDJÐJLFDV
32'(5<',1(52 _
2&($12*5$)ë$
FRROUDGLRKG
&RQWULEX\HDHOHYDUHOFUHFLPLHQWRHFRQÁPLFRVRVWHQLGR
/$75$6&(1'(1&,$
'(816,67(0$),1$1&,(526$12
/RVEDQFRVVRQ
LQGLVSHQVDEOHVSDUDOD
H[LVWHQFLD\HOEXHQ
IXQFLRQDPLHQWRGH
FXDOTXLHUVLVWHPD
oQDQFLHURVXEUD\DHO
%DQFRGH0¸[LFR
$OHLGD-DUDPLOOR
UHSRUWHURV#UHYLVWDYHUWLJRFRP
8
QVLVWHPDILQDQFLHURHVWDEOHHILFLHQWH
FRPSHWLWLYRHLQQRYDGRUFRQWULEX\H
DHOHYDUHOFUHFLPLHQWRHFRQÐPLFR
VRVWHQLGRGHFXDOTXLHUSDÊV\HOELHQHVWDUGHVX
SREODFLÐQ
3HURSDUDORJUDUGLFKRVREMHWLYRVGHDFXHU
GRFRQHO%DQFRGH0Æ[LFR%DQ[LFRHVLQ
GLVSHQVDEOHFRQWDUFRQXQPDUFRLQVWLWXFLRQDO
VÐOLGR\XQDUHJXODFLÐQ\VXSHUYLVLÐQILQDQFLH
GHPDU]RGH
UDTXHVDOYDJXDUGHQODLQWHJULGDGGHOVLVWHPD
DGHP¾VGHSURWHJHUORVLQWHUHVHVGHOS×EOLFR
(QHVWHVHQWLGRXQDGHODVILQDOLGDGHVGHO
EDQFRFHQWUDOHVSUHFLVDPHQWHSURPRYHUHO
VDQRGHVDUUROORGHOVLVWHPDILQDQFLHURLQWHJUD
GRSULQFLSDOPHQWHSRUGLIHUHQWHVLQWHUPHGLD
ULRV\PHUFDGRVILQDQFLHURVSRUPHGLRGHORV
FXDOHVXQDYDULHGDGGHLQVWUXPHQWRVPRYLOL]DQ
HODKRUURKDFLDVXVXVRVP¾VSURGXFWLYRV
(OVLVWHPDILQDQFLHURPH[LFDQRHVW¾FRQV
WLWXLGRSRUXQFRQMXQWRGHLQVWLWXFLRQHVTXH
FDSWDQDGPLQLVWUDQ\FDQDOL]DQHODKRUURGHODV
3HVRHVSHF¼ILFR
(O%DQ[LFRGHVWDFDDORVEDQFRVFRPRORVLQ
WHUPHGLDULRVILQDQFLHURVP¾VLPSRUWDQWHVD
SDUWLUGHOPRQWRGHORVUHFXUVRVTXHDGPLQLV
WUDQP¾VGHODPLWDGGHOGLQHURGHOSDÊVTXH
HVW¾HQHOVLVWHPDILQDQFLHURDGHP¾VGHRIUH
FHUGLUHFWDPHQWHVXVVHUYLFLRVDOS×EOLFR\
IRUPDUSDUWHPHGXODUGHOVLVWHPDGHSDJRV
$VLPLVPRSRUPHGLRGHOVLVWHPDEDQFDULR
HOEDQFRFHQWUDOSRQHHQFLUFXODFLÐQODPRQH
GDQDFLRQDOHLQVWUXPHQWDODVSROÊWLFDVPRQH
WDULD\FDPELDULD/DLQVWUXPHQWDFLÐQGHGLFKDV
SROÊWLFDVDVXYH]DIHFWDORVSUHFLRVTXHVHGH
WHUPLQDQHQORVPHUFDGRVILQDQFLHURVWDOHV
FRPRODVWDVDVGHLQWHUÆVRHOWLSRGHFDPELR
&RPRLQWHUPHGLDULRVILQDQFLHURVORVEDQ
FRVVRQLQGLVSHQVDEOHVSDUDODH[LVWHQFLD\HO
EXHQIXQFLRQDPLHQWRGHFXDOTXLHUVLVWHPD
ILQDQFLHURVXEUD\DHO%DQFRGH0Æ[LFR
8QEDQFRHVFDSD]GHRWRUJDUFUÆGLWRVLQ
QHFHVLGDGGHTXHGLFKRILQDQFLDPLHQWRHVWÆ
GLUHFWDPHQWHYLQFXODGRDXQDKRUUDGRURJUX
SRHVSHFÊILFRGHDKRUUDGRUHVRDXQLQYHUVLR
QLVWDRJUXSRHVSHFÊILFRGH
LQYHUVLRQLVWDV(VWDFDUDFWHUÊV
WLFDGLVWLQJXHDORVEDQFRVGHRWURVWLSRVGH
LQWHUPHGLDULRVILQDQFLHURV
(OILQDQFLDPLHQWRRWRUJDGRSRUXQEDQFR
FRQVWLWX\HODPD\RUSDUWHGHVXVDFWLYRV\DTXH
ILQDQFLDUHPSUHVDVRSHUVRQDVIÊVLFDVHVVXIXQ
FLÐQSULPRUGLDO(OILQDQFLDPLHQWRSXHGHH[
FHGHUYDULDVYHFHVHOPRQWRGHUHFXUVRVHQ
HIHFWLYRRVXVFHSWLEOHVGHFRQYHUWLUVHHQHIHF
WLYRGHLQPHGLDWR(VWRVUHFXUVRVOHKDQVLGR
FRQILDGRVDOEDQFRSRUDKRUUDGRUHVHLQYHUVLR
QLVWDV'LFKRVUHFXUVRVFRQVWLWX\HQODPD\RU
SDUWHGHORVSDVLYRVGHXQEDQFR
5LHVJRV
/DLQWHUPHGLDFLÐQEDQFDULDWLHQHGRVILQHV
SULQFLSDOHVFXDQGRVHRWRUJDQFUÆGLWRV\FXDQ
GRVHREWLHQHQUHFXUVRV$ORWRUJDUFUÆGLWRVORV
EDQFRVFREUDQXQDWDVDGHLQWHUÆVTXHVHFR
QRFHFRPRWDVDGHLQWHUÆVDFWLYD$VXYH]SD
JDQDTXLHQHVOHVKDQFRQILDGRVXVUHFXUVRV
XQDWDVDGHLQWHUÆVFRQRFLGDFRPRWDVDGHLQ
WHUÆVSDVLYD
(VWDGXDOLGDGKDFHTXHODLQWHUPHGLDFLÐQ
EDQFDULDLPSOLTXHGLYHUVRVULHVJRVHQWUHHOORV
ORVGHFUÆGLWR\GHOLTXLGH]/RVSULPHURVGH
&RQIRUPDFLÁQGHOVLVWHPD
ILQDQFLHURPH[LFDQR
v$XWRULGDGHV
v2UJDQLVPRVGHUHJXODFLÁQVXSHUYLVLÁQ\FRQWURO
v6LVWHPDEDQFDULR
v,QVWLWXFLRQHVGHEDQFDPÆOWLSOH
v,QVWLWXFLRQHVGHEDQFDGHGHVDUUROOR
v2UJDQL]DFLRQHV\DFWLYLGDGHVDX[LOLDUHVGHFU¸GLWR
v$UUHQGDGRUDVoQDQFLHUDV
v8QLRQHVGHFU¸GLWR
v&DVDVGHFDPELR
v6RFLHGDGHVoQDQFLHUDVGHREMHWROLPLWDGR
v&DVDVGHEROVD
v,QVWLWXFLRQHVGHVHJXURV\oDQ]DV
v)LGHLFRPLVRVGHIRPHQWR
v6LVWHPDGHDKRUURSDUDHOUHWLUR
v$GPLQLVWUDGRUDVGHIRQGRVSDUDHOUHWLUR
ULYDQGHODSRVLELOLGDGGHTXHTXLHQHVUHFLELH
URQFUÆGLWRGHORVEDQFRVLQFXPSODQFRQVX
REOLJDFLÐQGHSDJDUORV/RVVHJXQGRVVRQFRQ
VHFXHQFLDGLUHFWDGHTXHORVEDQFRVWÊSLFDPHQ
WHRWRUJDQFUÆGLWRVDSOD]RPLHQWUDVTXHOD
PD\RUÊDGHORVUHFXUVRVTXHFDSWDQVHHQFXHQ
WUDQDODYLVWD3RUHOORVLHQXQPRPHQWRGDGR
RFXUUHXQUHWLURLQHVSHUDGDPHQWHHOHYDGRGH
UHFXUVRVHOEDQFRSXHGHHQIUHQWDUXQSUREOH
PDGHOLTXLGH]
/DVLQVWLWXFLRQHVILQDQFLHUDVFRQWURODQORV
ULHVJRVGHFUÆGLWR\GHOLTXLGH]HYDOXDQGROD
FDSDFLGDG\GLVSRVLFLÐQGHSDJRGHORVSRVLEOHV
XVXDULRVGHILQDQFLDPLHQWRFUHDQGRUHVHUYDV
SDUDHQIUHQWDUFRQWLQJHQFLDVLQFUHPHQWDQGR
FRQVWDQWHPHQWHHOQ×PHURGHGHSRVLWDQWHV\
FRPSDJLQDQGRORVPRQWRV\SOD]RVGHORVFUÆ
GLWRVDRWRUJDUFRQODGLVSRQLELOLGDGGHUHFXUVRV
([LVWHQDFXHUGRVLQWHUQDFLRQDOHVSRUHMHP
SORORVGH%DVLOHDTXHHVWDEOHFHQOLQHDPLHQWRV
SDUDODUHJXODFLÐQODLQWHJUDFLÐQGHLQGLFDGRUHV
GHVROYHQFLDVROLGH]\OLTXLGH]GHORVEDQFRV\
ORVOÊPLWHVP¾[LPRVGHILQDQFLDPLHQWRTXH
SXHGHQRWRUJDU0XFKRVGHORVOÊPLWHVHVWDEOH
FLGRVSRUODUHJXODFLÐQVHILMDQFRQEDVHHQHO
FDSLWDOLQYHUWLGRSRUORVDFFLRQLVWDVGHXQGH
WHUPLQDGREDQFR3RUVXSDUWHORVEDQFRVFHQ
WUDOHV\RWUDVDXWRULGDGHVILQDQFLHUDVHVWDEOHFHQ
UHJXODFLRQHV\DGRSWDQPHGLGDVSUHYHQWLYDV
SDUDUHGXFLUORVULHVJRVTXHSRGUÊDQDPHQD]DU
ODRSHUDFLÐQGHOVLVWHPDILQDQFLHUR
(QQXHVWURSDÊVODVLQVWLWXFLRQHVILQDQFLHUDV
HVW¾QUHJXODGDVSRUOD6HFUHWDUÊDGH+DFLHQGD
\&UÆGLWR3×EOLFR\VXSHUYLVDGDVSRUHO%DQFR
GH0Æ[LFR(VWH×OWLPRUHJXODSULQFLSDOPHQWH
WRGRORTXHWLHQHTXHYHUFRQHOVLVWHPDGHSD
JRV/DVDXWRULGDGHVIDFLOLWDQODWUDQVSDUHQFLD
PHGLDQWHHOUHJLVWURODWUDQVPLVLÐQ\GLYXOJDFLÐQ
GHLQIRUPDFLÐQDVRFLDGDDODVWUDQVDFFLRQHV
ILQDQFLHUDV
)XHQWH%DQ[LFR
-)ORUHV
SHUVRQDVKDFLDODLQYHUVLÐQJUXSRVILQDQFLHURV
EDQFDFRPHUFLDODGPLQLVWUDGRUDVGHIRQGRV
SDUDHOUHWLUR$IRUHVDVHJXUDGRUDVVRFLHGD
GHVILQDQFLHUDVGHREMHWROLPLWDGR6RIROHV
EDQFDGHGHVDUUROORFDVDVGHEROVDVRFLHGDGHV
GHLQYHUVLÐQDUUHQGDGRUDVILQDQFLHUDVDILDQ
]DGRUDVDOPDFHQHVJHQHUDOHVGHGHSÐVLWR
XQLRQHVGHFUÆGLWRFDVDVGHFDPELR\HPSUHVDV
GHIDFWRUDMHHQWUHRWUDV
/DVLQVWLWXFLRQHVILQDQFLHUDVVLUYHQSDUD
SRQHUHQFRQWDFWRDSHUVRQDVTXHTXLHUHQ
DKRUUDUFRQDTXHOODVTXHQHFHVLWDQFUÆGLWRV
(VWDIXQFLÐQHVPX\LPSRUWDQWHSXHVSHUPL
WHSRUHMHPSORTXHODVHPSUHVDVFRPSUHQ
PDTXLQDULDKHUUDPLHQWDVHGLILFLRV\RWUDV
IRUPDVGHLQYHUVLÐQ(VWDDFWLYLGDGHVFRQRFL
GDFRPRLQWHUPHGLDFLÐQILQDQFLHUD
ZZZZY
ZYHHUWLJRSROLWLFRFRP
UWLJRSROLWLFRFRP
6$/8' _
*HQHUDFLÁQ<
,QYHVWLJDGRUHVGHO&LQYHVWDY,UDSXDWR\GHO/DQJHELR
'(6&8%5(1*(1(65(/$&,21$'26
&21/$/21*(9,'$'
/DSUHJXQWDTXHQRV
TXLWDHOVXHÀRHVSRUTX¸
\FÁPRHQYHMHFHPRV
/RUHQD5¼RV
OULRV#UHYLVWDYHUWLJRFRP
/
DLQFDQVDEOHE×VTXHGDGHODIXHQWHGH
ODqHWHUQDMXYHQWXGrDORODUJRGHOD
KLVWRULDGHODKXPDQLGDGSRGUÊDOOHJDU
DVXILQSXHVXQJUXSRGHFLHQWÊILFRVGHO&HQ
WURGH,QYHVWLJDFLÐQ\(VWXGLRV$YDQ]DGRV
&LQYHVWDYLGHQWLILFDURQUHJXODGRUHVJHQÆWLFRV
TXHWLHQHQXQSDSHOLPSRUWDQWHHQHODXPHQ
WRGHODORQJHYLGDG
GHPDU]RGH
$OH[DQGHUGH/XQD)RUVFLHQWÊILFRGHO/D
ERUDWRULR1DFLRQDOGH*HQÐPLFDSDUDOD%LR
GLYHUVLGDG/DQJHELRTXHIRUPDSDUWHGHO
&LQYHVWDYVHGH,UDSXDWRHQ*XDQDMXDWRH[
SOLFDVREUHHOWUDEDMRGHOHTXLSRTXHHQFDEH]D
q/DSUHJXQWDTXHQRVTXLWDHOVXHÎRHVœSRU
TXÆHQYHMHFHPRV\FÐPRHQYHMHFHPRV"1RV
LQWHUHVDHOHQYHMHFLPLHQWRGHVGHHOSXQWRGH
5HVSRQVDEOHV
$QWHHVWHSDQRUDPDXQJUXSRGHFLHQWÊILFRVGH
FLGLÐLQFXUVLRQDUGHVGHKDFHWUHVDÎRVHQHOHVWX
GLRGHOHQYHMHFLPLHQWRGHVGHHOSXQWRGHYLVWD
ELROÐJLFRTXHD×QHVXQWHUUHQRGHVFRQRFLGR
q6DEHPRVTXHIDFWRUHVFRPRHOPHGLRDPELHQ
WHODDOLPHQWDFLÐQHOSURFHVRR[LGDWLYR\ORVJH
QHVWLHQHQPXFKRTXHYHUHQHOSURFHVRGH
HQYHMHFHUœSHURFX¾OHVJHQHVORGLVSDUDQ\FX¾OHV
ORGHWLHQHQ"(VDVHUDQQXHVWUDVLQWHUURJDQWHVP¾V
PRWLYDGRUDVrFRPSDUWH/XQD)RUV
(OVLJXLHQWHSDVRIXHVHOHFFLRQDUXQRUJD
QLVPRTXHSHUPLWLHUDHVWXGLDUVXVIDVHVGHQD
FLPLHQWRPDGXUH]UHSURGXFFLÐQ\PXHUWHSRU
ORTXHGHFLGLHURQHVWXGLDUHQFXOWLYRVGHOHYD
GXUD6DFFKDURQP\FHVFHUHYLVLDHPRGLILFDGD
JHQÆWLFDPHQWHUHDOL]DGRVHQHO/DQJHELR
q%XVF¾EDPRVFRPSOHWDUXQFDW¾ORJRGH
WRGRVORVIDFWRUHVJHQÆWLFRVTXHLQIOX\HQHQOD
HVSHUDQ]DGHYLGDGHXQDFÆOXODSHURDOPLVPR
WLHPSRGHWHUPLQDUODVLQWHUDFFLRQHVTXHKD\
HQWUHHVRVJHQHVSXHVXQDFRVDHVVDEHUFX¾OHV
VRQ\RWUDFÐPRWUDEDMDQHQFRQMXQWRrUHODWD
$OH[DQGHUGH/XQD
(OHVSHFLDOLVWDHQJHQÆWLFD\VLVWHPDVELR
OÐJLFRVUHFRQRFLGRHQFRPRPLHPEUR
MRYHQDILOLDGRGHOD$FDGHPLDGH&LHQFLDVGHO
7HUFHU0XQGR7:$6PHQFLRQDTXHHOFRQR
FLPLHQWRGHORVIDFWRUHVJHQÆWLFRVDSRUWDQXH
YDVFODYHVDORTXH\DVHFRQRFÊDGHOSURFHVRGH
HQYHMHFLPLHQWRSRUHMHPSORVXUHODFLÐQFRQ
HODFRUWDPLHQWRGHHVWUXFWXUDVHQODSXQWDGH
6$/8' _
DOLDWXQLYHUVLGDGHV
YLVWDGHVXUHODFLÐQFRQODVGLYHUVDVHQIHUPH
DVGLYHUVDVHQIHUPH
FHUGLDEHWHVPHOOLWXV
GDGHVFUÐQLFDVFRPRF¾QFHUGLDEHWHVPHOOLWXV
PDOHVFDUGLRYDVFXODUHV\FHUHEUDOHVr
FHUHEUDOHVr
(ODXPHQWRGHODWDVDGHHQYHMHFLPLHQWR
GHHQYHMHFLPLHQWR
TXHHQ0Æ[LFRHVGH\HQODVSUÐ[LPDV
\HQODVSUÐ[LPDV
FXDWURGÆFDGDVVHHVWLPDOOHJDU¾DVHUGH
OOHJDU¾DVHUGH
GHODSREODFLÐQWRWDOVLWXDFLÐQTXHVHUHSOLFD
DFLÐQTXHVHUHSOLFD
U¾HQWRGRHOSODQHWDUHSUHVHQWDXQJUDQUHWR
UHVHQWDXQJUDQUHWR
GHVDOXGS×EOLFD<GHVGHHOSXQWRGHYLVWD
GHHOSXQWRGHYLVWD
HFRQÐPLFRGHORVFRVWRVGHODVHQIHU
RVWRVGHODVHQIHU
PHGDGHVFUÐQLFDVDIHFWDQDORVSDFLHQ
DORVSDFLHQ
WHVHQVXV×OWLPRVFLQFRDÎRVGH
DÎRVGH
YLGDq/DVDOXGFXHVWDPXFKR
PXFKR
VREUHWRGRFXDQGRVRPRVYLHMRVr
YLHMRVr
DGYLHUWH
*HQHVTXHDFWLYDQRGHVDFWLYDQHOHQYHMHFLPLHQWR
ORVFURPRVRPDVOODPDGDVWHOÐPHURV\FRQHO
PHWDEROLVPRGHODR[LGDFLÐQ\UHVSLUDFLÐQ
5HJXODGRUHV
(OLQYHVWLJDGRUVHÎDODTXHqHOJHQ 6:5,HVXQ
PRGXODGRUGHH[SUHVLÐQJHQÆWLFDTXHSDUWLFL
SDHQODUHVSXHVWDGHH[WHQVLÐQGHODORQJHYLGDG
SRUUHVWULFFLÐQGLHWÆWLFD(VGHFLUHOTXHXQD
FÆOXODGHOHYDGXUDSXHGDYLYLUP¾VWLHPSR
FXDQGRWLHQHPHQRVQXWULHQWHVHQHOPHGLRr
(ORWURJHQUHJXODGRU $59LQWHUYLHQHHQ
HOSURFHVRGHDXWRIDJLDPHGLDQWHHOFXDOODV
FÆOXODVVRQFDSDFHVGHqFRPHUVHrDVÊPLVPDV
DQWHODIDOWDGHQXWULHQWHVq(VXQJHQTXHFRQ
WURODODKRPHRVWDVLVHTXLOLEULRGHOÊSLGRVFRPR
HOFROHVWHUROGHQWURGHODVFÆOXODV/RVGRVQRV
SDUHFLHURQPX\LPSRUWDQWHVSRUTXHVHFRQ
VHUYDQWDQWRHQHOJHQRPDGHODVOHYDGXUDV
FRPRHQHOGHORVKXPDQRVrPHQFLRQD
(QHOWUDEDMRGHLQYHVWLJDFLÐQTXHVHSXEOLFÐ
HQODUHYLVWDFLHQWÊILFD3/26*HQHWLFVGRQGH
WDPELÆQWLHQHXQSDSHOLPSRUWDQWH¦ULND*DUD\
*DUGXÎRGHO'HSDUWDPHQWRGH)LVLRORJÊD%LR
IÊVLFD\1HXURFLHQFLDVGHO&LQYHVWDY,UDSXDWR
VHFROHFFLRQDURQFXDWURPLOFÆOXODVGHOHYD
GXUDTXHWLHQHQXQSURPHGLRGHYLGDGHGÊDV
HQODERUDWRULRPLVPDVTXHIXHURQPRGLILFDGDV
JHQÆWLFDPHQWHSDUDHOH[SHULPHQWR
q$ODVOHYDGXUDVVHOHVHOLPLQDURQDOJXQRV
JHQHVSDUDREVHUYDUTXÆWDQWRLQIOXÊDHOFDPELR
HQODORQJHYLGDGHVGHFLUVLODIDOWDGHOJHQ
SURYRFDEDXQDFRUWDPLHQWRRDODUJDPLHQWRGH
ODYLGD/RP¾VVRUSUHQGHQWHIXHFRQVWDWDUTXHOD
ORQJHYLGDGHQDOJXQRVFDVRVVHSURORQJÐKDV
ZZZYHUWLJRSROLWLFRFRP
WDGÊDV(VWRVLJQLILFDTXHHVWDPRVDQWHXQ
IDFWRUGHHQYHMHFLPLHQWRGHPRGRTXHFXDQ
GRVHHOLPLQDODFÆOXODYLYHP¾V(OJHQ 6:5,
HVHOUHVSRQVDEOHGHH[WHQGHUHOWLHPSRGH
YLGDrH[SOLFD
$ÎDGHTXHqDSHVDUGHTXHHOQ×PHURGH
JHQHVGHODOHYDGXUDHVFLQFRYHFHVPHQRUD
ODVTXHKD\HQODVFÆOXODVKXPDQDVHVWRVWLHQHQ
HOFÐGLJRFRPSOHWRSDUDFRGLILFDUODVIXQFLRQHV
TXHWLHQHQODVFÆOXODVFRPRSURGXFLUHQHUJÊD
FUHFHUJHQHUDUSURWHÊQDVHQWUHRWURV(QHO
WUDEDMRTXHKLFLPRVHOLPLQDPRVXQJHQSDUD
FRQRFHUODVUHSHUFXVLRQHVTXHWLHQHVXDXVHQ
FLD\DVHDSDUDHYLWDUODYHMH]RSDUDDGHODQWDU
HVWHSURFHVRrVHÎDOD
6¼QGURPHGH/DURQ
/DVSHUVRQDVTXHSUHVHQWDQWDOODEDMDRHQDQLV
PRPHMRUFRQRFLGRFRPRVÊQGURPHGH/DURQ
WLHQHQXQDFRQGLFLÐQJHQÆWLFDTXHWLHQHLQDF
WLYDGRHOUHFHSWRUGHODKRUPRQDGHFUHFLPLHQ
WRSHURDGHP¾VSDUHFHQHQYHMHFHUHQIRUPD
OHQWD'HOODGRFRQWUDULRHVW¾QORVFDVRVGH
SURJHULDRVÊQGURPHGH+XWFKLQVRQ*LOIRUG
GRQGHVHSUHVHQWDXQDYHMH]SUHPDWXUD
3RU×OWLPRVHÎDODTXHORVUHVXOWDGRVGHOD
LQYHVWLJDFLÐQSRGUÊDQWHQHUDSOLFDFLÐQHQODLQ
GXVWULDIDUPDFÆXWLFDDOFUHDUPHGLFDPHQWRV
TXHPRGLILTXHQODDFWLYLGDGJHQÆWLFDSDUDUH
WUDVDUHOSURFHVRGHHQYHMHFLPLHQWRFHOXODUHQ
SHUVRQDVVREUHWRGRGHODWHUFHUDHGDGODVTXH
REWHQGUÊDQXQDPHMRUFDOLGDGGHYLGDSULQFL
SDOPHQWHDTXHOODVTXHSDGHFHQHQIHUPHGDGHV
FUÐQLFRGHJHQHUDWLYDV
6HPDUQDW
&,(1&,$ _
$6752120ë$815(723$5$
(/3(5,2',602&,(17ë),&2
$UWXUR0RQFDGD
4X¸PHMRUPDQHUDGHYLQFXODUDODFLHQFLD
FRQODVRFLHGDGTXHDWUDY¸VGHOSHULRGLVPR
5
HFLHQWHPHQWHVHUHDOL]ÐHQHO,QVWLWX
WRGH$VWURQRPÊD,$GHOD 81$0HO
7DOOHU-DFN)(DO\GH3HULRGLVPR&LHQ
WÊILFR6HJXQGD(GLFLÐQGRQGHDFDGÆPL
FRVHLQYHVWLJDGRUHVLQWHUFDPELDURQFRQP¾V
GHSHULRGLVWDVFRQRFLPLHQWRVHQWRUQRGH
DVWURQRPÊDDVWURIÊVLFDDVWURPHWUÊDDVWURTXÊ
PLFDFRVPRORJÊDHYROXFLÐQ\GHVWLQRGHOD
9ÊD/¾FWHDDVÊFRPRUHVSHFWRGHODVQXHYDV
WHFQRORJÊDVSDUDHOHVWXGLRGHO8QLYHUVR
(QHOHQFXHQWURVHDERUGDURQWDPELÆQ
WHPDVFRPRODDUTXHRORJÊDGHORVVLVWHPDV
SODQHWDULRVODVVXSHUQRYDVORVDJXMHURVQHJURV
HO%LJ%DQJFX¾VDUHVSXOVDUHVJDOD[LDVGLVWDQ
WHV\HO2EVHUYDWRULR$VWURQÐPLFR1DFLRQDO
HQWUHRWURV
(OREMHWLYRGHHVWHWDOOHUIXHGDUKHUUD
PLHQWDVDORVFRPXQLFDGRUHVSDUDSRGHUYLQ
FXODUDODFLHQFLDFRQODVRFLHGDGDWUDYÆVGHO
SHULRGLVPR
<HVTXHFRPRDILUPDHOPDHVWURHQ3H
ULRGLVPR&LHQWÊILFR0DQXHO&DOYR+HUQDQGR
qODGLYXOJDFLÐQFLHQWÊILFDFRQFUHWDPHQWHFRQ
YHUWLGDHQSHULRGLVPRFLHQWÊILFRGHVGHHOKHFKR
GHPDU]RGH
DPRQFDGDO#UHYLVWDYHUWLJRFRP
GHTXHVHKDFHPHGLDQWHXQPHGLRGHFRPX
QLFDFLÐQWLHQHSRUSUHPLVDDEVROXWDOOHYDUHO
PHQVDMHDODPD\RUFDQWLGDGGHJHQWHSRVLEOH
DSDUWDQGREDUUHUDVOLQJÙÊVWLFDV\FXOWXUDOHVSDUD
EHQHILFLRSULQFLSDOGHOS×EOLFRPHQRVEHQHIL
FLDGRSRUODFXOWXUDr
(VFRQRFLGRTXHXQDJUDQSREODFLÐQFXHQ
WDFRQXQDOWRJUDGRGHLQIRUPDFLÐQWDOYH]HQ
PXFKRVFDVRVGHVRUGHQDGD3RUHQGHODWDUHD
GHXQSHULRGLVWDFLHQWÊILFRHVRUJDQL]DUHVRV
FRQFHSWRVHQXQDYLVLÐQGHOPXQGRTXHYD\D
HQFRQFRUGDQFLDFRQODDFWXDOPHQWHDFHSWDGD
&&,(1&,$
,,((1&,$
,$ __
$VWURQRP¼DHQ0¸[LFR
(OWDOOHUFRQFOX\ÐFRQXQDFRQIHUHQFLDGHO
UHFRQRFLGRDVWUÐQRPRPH[LFDQR\DFDGÆPLFR
GHOD81$00DQXHO3HLPEHUWFRQXQDSUHJXQ
WDE¾VLFDœSDUDTXÆQRVVLUYHODDVWURQRPÊD"
(OGRFWRU3HLPEHUWUHVXPLÐODMRUQDGDGH
GRVGÊDVGHDQ¾OLVLVVREUHODFRQIRUPDFLÐQGHO
FRVPRVDODVHJXUDUTXHODGLVFLSOLQDDVÊFRPR
WRGDFLHQFLDE¾VLFDD\XGDDHPSXMDUODHFRQR
PÊDGHXQSDÊV$JUHJÐTXHH[LVWHGHVLQIRUPD
FLÐQHQWUHODSREODFLÐQPH[LFDQDTXHPXFKDV
YHFHVFXHVWLRQDqœFLHQFLDSDUDTXÆ"r\SLHQVD
TXHVLHQGR0Æ[LFRqXQSDÊVSREUHrQRGHEHUÊD
}7HLQWHUHVDHO8QLYHUVR"
(62
SRUODFLHQFLD\VHSDUDUFRQFHSWRVFLHQWÊILFRV
GHSUHMXLFLRVSUHYLRVRFRVDVPDODSUHQGLGDV
3RUWDQWRGXUDQWHODLQDXJXUDFLÐQGHOWDOOHU
HQHO,$VHGHVWDFÐODLPSRUWDQFLDGHTXHHOFR
QRFLPLHQWRFLHQWÊILFRQRTXHGHDLVODGRGHO
FRQMXQWRGHODVRFLHGDGORP¾VGHVHDEOHHVTXH
VHGLYXOJXHGHPDQHUDH[WHQVD\SDUDHOORVH
UHTXLHUHGHORVPHGLRVGHFRPXQLFDFLÐQ\ORV
SURIHVLRQDOHVGHOSHULRGLVPR
/DDUWLFXODFLÐQHQWUHFLHQWÊILFRV\FRPX
QLFDGRUHVSURSRUFLRQDXQDJUDQFDSDFLGDG
SDUDKDFHUSRVLEOHHVHREMHWLYRVLVHTXLHUH
HGXFDUPHMRU\DP¾VPH[LFDQRVSHURSRUVX
SXHVWRTXHHOORWLHQHHQRUPHVUHSHUFXVLRQHV
HQODYLGDFRWLGLDQDSDUDWHQHUPD\RUFRQFLHQ
FLDFROHFWLYD
(QHOHYHQWRVHKL]RKLQFDSLÆHQODQHFH
VLGDGGHGLIHUHQFLDUHQWUHHQVHÎDQ]DGHOD
FLHQFLD\GLYXOJDFLÐQGHODFLHQFLD(QHVWH
VHQWLGR&DOYR+HUQDQGRVXEUD\ÐTXHODHQVH
ÎDQ]DGHODFLHQFLDHVSDWULPRQLRGHXQDHGX
FDFLÐQIRUPDOTXHDOFRQFOXLUVHSHUPLWLU¾XQ
DFFHVRDOFRQRFLPLHQWRHVSHFLDOL]DGR\DOD
SU¾FWLFDUHDOHQODVFRPXQLGDGHVFLHQWÊILFDVHQ
WDQWRTXHODGLYXOJDFLÐQWLHQHSURSÐVLWRVGLV
WLQWRV\SURSLFLDHODFHUFDPLHQWRGHGHWHUPL
QDGRVVXMHWRVFXOWXUDOHVDGLVWLQWRVDVSHFWRVGH
ODSU¾FWLFDFLHQWÊILFDEXVFDQGRTXHHVWRVDV
SHFWRVVRFLROÐJLFRVKLVWÐULFRV\FXOWXUDOHV
SXHGDQVHUREMHWRGHUHIOH[LÐQ\GHXQDDSUR
SLDFLÐQUDFLRQDOGHQWURGHORVPDUFRVFXOWXUD
OHVGHORVGHVWLQDWDULRV
HVWDUJDVWDQGRHQDVXQWRVqWULYLDOHVrFRPRDO
JXQRVFDOLILFDQDODLQYHVWLJDFLÐQFLHQWÊILFD
3HLPEHUWUHVSRQGLÐTXHHQORVSDÊVHVGH
VDUUROODGRVVHKDGHPRVWUDGRTXHWRGDVODV
FLHQFLDVE¾VLFDVHVW¾QUHODFLRQDGDVHQWUHVÊ6L
XQDFLHQFLDE¾VLFDVHGHVDUUROODHPSXMDDRWUDV
FLHQFLDVE¾VLFDVTXHHVW¾QÊQWLPDPHQWHLQWULQ
FDGDV\UHODFLRQDGDVFRQODVFLHQFLDVDSOLFDGDV
\HVWDVFRQODWHFQRORJÊD\HOGHVDUUROORGHOD
WHFQRORJÊDFRQODHFRQRPÊD\ODHFRQRPÊD
FRQHOELHQHVWDUGHODSREODFLÐQ
6LPHMRUDPRVODLQYHVWLJDFLÐQDILUPÐ
HVWDPRVHFKDQGRDDQGDUWRGDVHVWDVUHODFLR
QHVTXHQRVOOHYDQHQ×OWLPDLQVWDQFLDDXQD
PHMRUÊDHQORVELHQHV\VHUYLFLRVGHXQSDÊV
&RPHQWÐTXHHOFUHFLPLHQWRGHQDFLRQHV
GHVDUUROODGDVFRPR(VWDGRV8QLGRVVHGHEH
DTXHVHGHVWLQDGHDGHO3URGXFWR,QWHU
QR%UXWR3,%SDUDFLHQFLD\WHFQRORJÊDPLHQ
WUDVTXHHQ0Æ[LFRVHLQYLHUWHDSHQDVGH
DDXQTXHGHVWDFÐTXHOXHJRGHWUHV
VH[HQLRVGHSURPHVDVGHXQDXPHQWRDOSUH
VXSXHVWRHQFLHQFLD\WHFQRORJÊDDKRUDVHKD
FRQFHGLGRXQOHYHDXPHQWRGH\q\D
DQGDPRVHQR(ODVXQWRHVTXHVH
PDQWHQJDHVWRVVHLVDÎRVr
6REUHODIRUPDFLÐQ\ODFRQGLFLÐQGHORV
DVWUÐQRPRVPH[LFDQRV3HLPEHUWLQGLFÐTXHHO
SDÊVFXHQWDFRQDVWUÐQRPRVHVGHFLUGRV
SRUFDGDPLOOÐQGHKDELWDQWHVORVFXDOHVWLHQHQ
ODPLVPDFDOLGDGTXHXQDVWUÐQRPRGHFXDO
TXLHURWURSDÊVGHOPXQGRDXQTXHP¾VGHOD
PLWDGVHGRFWRUÐHQHOH[WUDQMHUR6LQHPEDUJR
FRPSDUDGRVFRQODFDQWLGDGTXHWLHQHQ(8
DSRUPLOOÐQ(VSDÎDGRFHSRUPLOOÐQR
ZZZYHUWLJRSROLWLFRFRP
v$VWURQRP¼D(VWXGLRGHORVDVWURVVXRULJHQ
VXFRQVWLWXFLÁQ\HYROXFLÁQVXVSRVLFLRQHV\
PRYLPLHQWRVDV¼FRPRGHODGLVWULEXFLÁQH
LQWHUDFFLRQHVGHODPDWHULD\HQHUJ¼DHQHO
8QLYHUVR
v$VWURELRORJ¼D(VWXGLRGHORVIHQÁPHQRVYLWDOHV
IXHUDGHOD7LHUUD
v$VWURI¼VLFD(VWXGLDODFRQVWLWXFLÁQHVWDGR
I¼VLFRIRUPDFLÁQ\HYROXFLÁQGHORVFXHUSRV
FHOHVWHV
v$VWURPHWU¼D(VWXGLDODGHWHUPLQDFLÁQGH
SRVLFLRQHVGHORVDVWURVVREUHODHVIHUDFHOHVWH
DSDUWLUGHREVHUYDFLRQHVYLVXDOHVRIRWRJU±oFDV
v$VWURTX¼PLFD(VWXGLDODQDWXUDOH]DTX¼PLFDGH
ORVFXHUSRVFHOHVWHV
v&RVPRJUDI¼D'HVFULSFLÁQJHQHUDOGHO8QLYHUVR
\GHODVOH\HVTXHORULJHQ
v&RVPRORJ¼D7UDWDGHODVOH\HVJHQHUDOHVGHO
RULJHQ\GHODHYROXFLÁQGHO8QLYHUVR
v5DGLRDVWURQRP¼D(VWXGLDODUDGLDFLÁQHPLWLGD
SRUORVFXHUSRVFHOHVWHVHQHOGRPLQLRGHODV
UDGLRIUHFXHQFLDV
)XHQWH,$
,QJODWHUUDSRUPLOOÐQGHKDELWDQWHVHQ
0Æ[LFRKD\SRFRVDVWUÐQRPRV
/DDVWURQRPÊDPH[LFDQDHVUHFRQRFLGD\
HVW¾PX\UHODFLRQDGDFRQORTXHVHKDFHHQ
SDÊVHVFRPR(VWDGRV8QLGRV(VSDÎD,WDOLD
HWFÆWHUD$GHP¾V0Æ[LFRFXHQWDFRQVLWLRV
SULYLOHJLDGRVSDUDODREVHUYDFLÐQDVWURQÐPLFD
\GHVDUUROODKHUUDPLHQWDVGHDOWDWHFQRORJÊD
FRPRORGHPXHVWUDQHOREVHUYDWRULRGH5D\RV
*DPPD +$:&+LJK$OWLWXGH:DWHU&KH
UHQNRYLQVWDODGRHQHOYROF¾Q6LHUUD1HJUDGH
3XHEODHO*UDQ7HOHVFRSLR&DQDULDVHQ(V
SDÎD\HOSUÐ[LPRWHOHVFRSLRGHPHWURV
SDUDHO2EVHUYDWRULR$VWURQÐPLFR1DFLRQDO
GH6DQ3HGUR0¾UWLUHQ%DMD&DOLIRUQLDTXH
UHDOL]DQOD81$0\HO,QVWLWXWR1DFLRQDOGH$V
WURIÊVLFD°SWLFD\(OHFWUÐQLFDHQFRODERUDFLÐQ
FRQGRVLQVWLWXFLRQHVHVWDGXQLGHQVHV
'(3$6(2 __
81$0,5$'$$
6$1-8$1'(8/ó$
<RODQGD7HMR
\WUHMRSDVHR#JPDLOFRP
(
OIXHUWHGH6DQ-XDQGH8O×DVHORFDOL]D
HQHOSXHUWRGH9HUDFUX]\KDVLGRHVFH
QDULRGHLPSRUWDQWHVDFRQWHFLPLHQWRV
KLVWÐULFRV&RPRDQWHFHGHQWHSRGHPRVFLWDU
HOYLDMHGHH[SORUDFLÐQTXHGLULJLÐHOFDSLW¾Q-XDQ
GH*ULMDOYDSRUODVFRVWDVGHO*ROIRGH0Æ[LFR
HOGHPD\RGHGHVFXEULÐODLVODGH&R]X
PHO\OHSXVRSRUQRPEUH6DQWD&UX]6XWUD
YHVÊDVLJXLÐFRVWHDQGR<XFDW¾Q&DPSHFKH\
7DEDVFR(OGHMXQLRGÊDHQTXHOD,JOHVLD
FULVWLDQDIHVWHMDD6DQ-XDQ%DXWLVWDDUULEÐDXQ
LVORWHDOTXHSXVRSRUQRPEUH6DQ-XDQ
(OVHJXQGRQRPEUHGHOOXJDU8O×DVHUH
ODFLRQDFRQXQDSDODEUDLQGÊJHQDTXHXWLOL]DEDQ
ORVQDWLYRVWRWRQDFRVSDUDUHIHULUVHDRWURJUXSR
TXHUHDOL]DEDVDFULILFLRVKXPDQRV
8QDH[SHGLFLÐQP¾VIXHHQFDEH]DGDSRU
HOFRQTXLVWDGRU+HUQ¾Q&RUWÆVTXLHQDUULEÐ
DOLVORWHGH6DQ-XDQGH8O×DHQDEULOGH
$SDUWLUGHHQWRQFHVVHGLRXQLQWHQVRFRPHU
FLRFRQORVQDWLYRVGHODLVODTXHHQWUHJDEDQ
VXRUR\FKDOFKLKXLWHVSLHGUDVSUHFLRVDVD
FDPELRGHREMHWRVGHHVFDVRYDORU
6DQ-XDQGH8O×DVHFRQYLUWLÐHQXQVLWLR
GHGHVFDQVRSDUDODVWULSXODFLRQHVTXHOOHJDEDQ
DOSXHUWRGH9HUDFUX]DFRPHUFLDU\SDUDSUR
WHJHUDODVHPEDUFDFLRQHVGHORVIXHUWHVYLHQWRV
GHOQRUWH
6HGHVFRQRFHODIHFKDSUHFLVDHQTXHLQLFLÐ
ODFRQVWUXFFLÐQGHODIRUWDOH]DDOJXQRVDXWRUHV
ODXELFDQHQ\RWURVKDFLD
/RSULPHURTXHVHOHYDQWÐIXHXQIDURTXH
HYLWDEDTXHODVQDYHVHQFDOODUDQHQORVDUUHFLIHV
FHUFDQRV
(QODREUD6DQ-XDQGH8O×DKLVWRULD
JHQHUDOHOLQYHVWLJDGRU5LFDUGR5REHOR$UH
)RWRV&0RUDOHV
GHPDU]RGH
GGH
GHPPDDU]U]RGH
GH
QDVVHÎDODTXHqHODXWRUSULQFLSDOGHODIRUWDOH
]DIXH-XDQ%DXWLVWD$QWRQHOOLDUTXLWHFWRTXH
WUDEDMDEDHQODIXQGDFLÐQGHOFDVWLOORGHO0RUUR
HQ&XED(QSDVÐSRU6DQ-XDQGH8O×D
\IRUPÐODSODQWDGHGLVWULEXFLÐQGHOSXHUWR
GHMDQGRLQVWUXFFLRQHVSDUDODVREUDVTXHDOILQ
IXHURQHMHFXWDGDVSRU-XDQ6¾QFKH]7DOD\Dr
/DVHJXQGDPLWDGGHOVLJOR;9,VHFDUDFWH
UL]ÐSRUODVLQFXUVLRQHVGHSLUDWDV\ILOLEXVWHURV
DOSXHUWRGH9HUDFUX]/DIRUWDOH]DIXHHO×OWLPR
OXJDUTXHVHOLEHUÐGHOSRGHUGHORVHVSDÎROHV
GHVSXÆVGHODFRQVXPDFLÐQGHOD,QGHSHQGHQ
FLDGH0Æ[LFR
(Q6DQ-XDQGH8O×DIXHWHVWLJRGH
ODLQYDVLÐQGHOHMÆUFLWRQRUWHDPHULFDQRDVXH
ORPH[LFDQR3RVWHULRUPHQWHIXHWUDQVIRUPDGR
HQSULVLÐQ\HQVXVFHOGDVHVWXYLHURQHQFHUUDGRV
SHUVRQDMHVGHODKLVWRULDQDFLRQDOIUD\6HUYDQ
GR7HUHVDGH0LHU-RVÆ0DULDQRGH0LFKHOHQD
\%HQLWR-X¾UH]SRUHMHPSOR\RWURVGHIDPD
6LJDQDOJX¼D
/RSULPHURTXHOODPDODDWHQFLÐQHVODVROLGH]
GHODFRQVWUXFFLÐQGHELGRDVXVHVSHVRVPXURV
6HVDEHTXHKXERFDÎRQHVGLVSXHVWRVHQ
KHFW¾UHDV
(QODSULPHUDSDUWHGHOUHFRUULGRHVW¾QORV
EDOXDUWHVGH6DQ3HGUR\GH6DQWLDJR(OFRUDO
HOODGULOORURMR\ODSLHGUDFDOL]DIXHURQORVPD
WHULDOHVFRQVWUXFWLYRVVHSHJDEDQFRQXQD
PH]FODKHFKDDEDVHGHFDODUHQD
DJXD\KXHYRGHDYHV\WRU
WXJDVSULQFLSDOPHQWH
/RVFRQVWUXFWRUHVIXH
URQLQGÊJHQDV\HVFODYRV
DIULFDQRV/DREUDWDUGÐ
YDULRVVLJORVHQDGTXL
ULUVXDVSHFWRDFWXDO
+D\XQ¾UHDTXH
FRQVHUYDXQSLVRWUDED
MDGRFRQSLHGUDGHUÊR
VXOWD
'HVGHHVWHHVSDFLRUHVXOWD
GH
PX\DWUDFWLYRHOMXHJRGH
HVÊ
DUFRVFRQHFWDGRVHQWUHVÊ
DGRV
%DMRORVWHFKRVDERYHGDGRV
DWD
VHDOPDFHQDURQRURSODWD
UDV
SLHGUDVSUHFLRVDV\PDGHUDV
SDO
/DHQWUDGDSULQFLSDO
U¾V
HUDOD3XHUWDGHO0DU$WU¾V
XDV
\HQORVFRVWDGRVODVDJXDV
DG
WHQÊDQPHQRUSURIXQGLGDG
HO
(QHVWHVLWLRVHUHVFDWÐHO
XH
0XURGHODV$UJROODVTXH
Q ,QWHULRUGHXQDFHOGDHQ6DQ-XDQGH8O
HUDGRQGHVHDPDUUDEDQ
ÆD
H
ORVJDOHRQHV(QODSDUWH
DUDFROR
DOWDHVW¾QODVWURQHUDVSDUDFROR
FDUFDÎRQHV
+D\XQDQH[RGHOVLJOR;9,,,\HQVHJXLGDVH (QXQDFHOGDJUDQGHFDEÊDQHQWUH\
XELFDQORVEDOXDUWHVGH6DQ3HGUR\6DQ&ULV SUHVRV\VHOHVFRORFDEDXQJULOOHWHTXHHVWDED
SÊQ\XQSDVLOORFRQYLVWDDOPDU
VXMHWRDOSLVR(OOXJDUHVWDEDLQIHVWDGRGHLQ
(QHOSDWLRJUDQGHVHHQFXHQWUDQOD3OD]D VHFWRV\UDWDVQRKDEÊDFRQGLFLRQHVGHKLJLH
GH$UPDV\OD&DVDGHO*REHUQDGRU(O QHSRUORTXHHUDQIUHFXHQWHVODVLQIHFFLRQHV
OXJDUGHMÐGHIXQFLRQDUFRPRSULVLÐQFRQ HLQFOXVRODPXHUWH(OJUDGRGHKXPHGDGHUD
9HQXVWLDQR&DUUDQ]D
PX\DOWR\KDFÊDPXFKRFDORUORVPDORVROR
+D\VLWLRVHPEOHP¾WLFRVFRPRHO UHV\ODPDODDOLPHQWDFLÐQFDXVDEDQPDOHV
SXHQWHTXHVHUYÊDSDUDOOHJDUDO¾UHDGH WDUHV\HQIHUPHGDGHVILHEUHDPDULOODFÐOHUD
ODSULVLÐQ\TXHHUDFRQRFLGRFRPR(O \WXEHUFXORVLV
×OWLPRVXVSLURSXHVHUDGLIÊFLOTXHORV
/RVFDG¾YHUHVHUDQDUURMDGRVDOPDU\VHU
UHRVORYROYLHUDQDFUX]DUFRQYLGD+XER YÊDQFRPRDOLPHQWRDORVWLEXURQHV+DEÊDRWUR
GHOLQFXHQWHVFRPXQHV\SUHVRVSROÊWLFRV WLSRGHFHOGDVSDUDXQRRGRVSUHVRVTXHFRQ
'XUDQWHHOSHULRGRYLUUHLQDODOJXQDV WDEDQFRQXQDFDPDGHSLHGUD(QHVWHWLSRGH
SHUVRQDVIXHURQHQFDUFHODGDVSRU FHOGDHVWXYRHOIDPRVR&KXFKRHO5RWR
FRPHWHUEODVIHPLD
2WUD¾UHDHVWDEDGHGLFDGDDSURSLQDUFDV
ELJDPLD\KRPR WLJRVD]RWHFRQO¾WLJRGHXQDDFLQFRSXQWDV
VH[XDOLGDG
SRWURRIXVLODPLHQWR
(QFDXWLYHULR
(Q
FDXWLYHULR
ZZZ
ZZZ
ZZYH
ZZYHUW
YHHUWLJRSROLWLFRFRP
YH
UWUWLJJRS
UWLJ
RSROROLWOLWL LFFRFR
RFRPP
'(3$6(2
''(
(3
3$6
$6(2
(2 __
SRSXODUFRPR&KXFKRHO5RWRPHMRUFRQRFL
GRFRPR(OEDQGLGRJHQHURVR
/DOODPDGD&DVDGHO*REHUQDGRUVLUYLÐ
FRPRUHVLGHQFLDSUHVLGHQFLDOGH%HQLWR-X¾UH]
\GH9HQXVWLDQR&DUUDQ]D
7UDVYDULRVDÎRVGHDEDQGRQRHOIXHUWHIXH
UHVWDXUDGR(QVHUHDEULÐFRPR0XVHR
$UTXHROÐJLFRGH9HUDFUX]&DVDGHO*REHUQDGRU
'(3$6(2 _
/DFHOGDGH&KXFKRHO5RWR
+D\RWURVWUHVFDODER]RV\FDGDXQRDORMDED
DSUHVRV$OJXQDVIDOWDVDPHULWDEDQHQFLHUUR
GHVHLVPHVHVHQODRVFXULGDGWRWDOFRPLHQGR
GHVSHUGLFLRVGHFRPLGDFDGDWHUFHUGÊD/DH[
SRVLFLÐQUHSHQWLQDDODOX]SURYRFDEDFHJXHUD
(QWUHORVSHUVRQDMHVP¾VIDPRVRVHVW¾
&KXFKRHO5RWRTXLHQORJUÐKXLUGHODSULVLÐQ
\UHJUHVÐSRUVHJXQGDYH]SDUDPRULUDPDQRV
GHVXYHUGXJR
,QYDVLRQHVSLUDWDV
'HDFXHUGRFRQHOFHGXODULRGHOPXVHRODSD
ODEUDSLUDWDGHULYDGHXQDYR]ODWLQDTXHVLJQL
ILFDUREDUSRUHOPDU/RVSLUDWDVKDQHVWDGR
SUHVHQWHVGHVGHODDQWLJÙHGDGHQFXOWXUDVFRPR
ODURPDQD\ODSHUVD\VXVDFWLYLGDGHVWHQÊDQ
FRPRHVFHQDULRORVPDUHV0HGLWHUU¾QHR1H
JUR\(JHR
$ORODUJRGHODKLVWRULDODSLUDWHUÊDKDRSH
UDGREDMRHOqGHUHFKRGHSUHVDrHOFREURGH
UHVFDWHODRFXSDFLÐQ\VDTXHRGHSXHUWRV\FLX
GDGHVHODVHGLRDOFRPHUFLRHOIUDXGHHOFRQ
WUDEDQGR\ODWUDWDGHHVFODYRV'HO0HGLWHUU¾QHR
VHH[WHQGLÐD$VLD0HQRUGRQGHIXHHMHUFLGD
SRU¾UDEHV\WXUFRV(QWUHORVSLUDWDVIDPRVRV
HVW¾QORVFÆOHEUHVKHUPDQRV%DUEDUURMD
(QHORFÆDQR$WO¾QWLFRHOPDU&DULEH\HO
*ROIRGH0Æ[LFRODVLQFXUVLRQHVGHSLUDWDV
/D&DVDGHO*REHUQDGRU
LQJOHVHVIUDQFHVHV\KRODQGHVHVIXHURQIUH
FXHQWHV(QHVWDDFWLYLGDGGHVWDFDURQ:DOWHU
5DOHLJK+HQU\0RUJDQ\(GZDUG7HDFKPH
MRUFRQRFLGRFRPR%DUEDQHJUD/DSLUDWHUÊD
WDPELÆQIXHHMHUFLGDSRUPXMHUHVFRPR$QQH
%RQQ\\0DU\5HDGDGHP¾VGHORVFÆOHEUHV
)UDQFLV'UDNH\-RKQ+DZNLQV
3DWULPRQLRFXOWXUDO
(OUHFRUULGRSRUHOPXVHRDERUGDGRVWHP¾WLFDV
ODSULPHUDGHGLFDGDDODDUTXHRORJÊDGHODUHJLÐQ
\ODVHJXQGDUHODWLYDDODKLVWRULDGHO)XHUWHGH
6DQ-XDQGH8O×D/DH[SRVLFLÐQSHUPDQHQWH
FXHQWDFRQSLH]DVSUHKLVS¾QLFDVGHODVFXO
WXUDVGHO*ROIR6HWUDWDGHREMHWRVTXHGDQ
WHVWLPRQLRGHP¾VGHWUHVPLODÎRVGHGHVDUUR
OORFXOWXUDODOFDQ]DGRSRUDQWLJXDVFLYLOL]DFLRQHV
ROPHFDVWRWRQDFRV\KXDVWHFRV/DFROHFFLÐQ
UH×QHSLH]DVGHREVLGLDQDFHU¾PLFD\HOHPHQ
WRVGHXQMXHJRGHSHORWD
/DVHJXQGDVHFFLÐQSUHVHQWDHOGHVDUUROOR
GHODIRUWDOH]DGH6DQ-XDQGH8O×DHOSXQWR
DGRQGHORVHVSDÎROHVFRPDQGDGRVSRU-XDQ
*ULMDOYDOOHJDURQHQ\OHYDQWDURQXQDHGL
ILFDFLÐQPLOLWDU(QDUULEÐ+HUQ¾Q&RUWÆV
\DSDUWLUGHHQWRQFHVFRPHQ]DURQODVWUDQV
IRUPDFLRQHVGHOLVORWHSDUDHGLILFDUODHPEOH
P¾WLFDFRQVWUXFFLÐQ
GHPDU]RGH
(OUHFRUULGRPXVHRJU¾ILFRHVW¾SODQWHDGR
GHPDQHUDWHP¾WLFDFRPLHQ]DFRQODVH[SH
GLFLRQHV\SULPHURVYLDMHVGHVGH&XEDFRQWL
Q×DFRQODVSULPHUDVREUDVHQHOLVORWHOD
FRQVWUXFFLÐQGHXQPXURFRQDUJROODV\GRV
WRUUHVHQHOVLJOR ;9,VLJXHQORVSUR\HFWRVGH
LQJHQLHURVPLOLWDUHVHQHO;9,,\ODSLUDWHUÊD$O
ILQDOVHPXHVWUDQORVJUDQGHVSUR\HFWRVGHGH
VDUUROORFRPHUFLDOGH6DQ-XDQGH8O×DTXH
KLFLHURQGH9HUDFUX]HOSXHUWRP¾VLPSRUWDQ
WHGHO*ROIR\TXHIXHHO×QLFRSXQWRDXWRUL
]DGRSRUOD&RURQDHVSDÎRODSDUDFRPHUFLDU
FRQODPHWUÐSROL1XHYD(VSDÎD
(QHVWDVHFFLÐQVHH[KLEHQFDVLSLH]DV
SULQFLSDOPHQWHIDFVLPLODUHVGHFDUWRJUDIÊD
GLEXMRV\JUDEDGRVDVÊFRPRXQRGHORVDURV
GHO0XURGHODV$UJROODVTXHVHFRQVHUYDHQOD
IRUWDOH]DDUPDPHQWRGHORVVLJORV ;9,,\ ;9,,,
HQWUHHOORVXQFDÎÐQXQDDUPDGXUDGHORV
FRQTXLVWDGRUHVREMHWRVTXHLOXVWUDQHOLQWHU
FDPELRFRPHUFLDO\UHSURGXFFLRQHVGHODV
EDQGHUDVTXHXVDEDQORVSLUDWDV(OPXVHRDEUH
GHPDUWHVDGRPLQJRVGHQXHYHGHODPDÎDQD
DFLQFRGHODWDUGH&XHQWDFRQVHUYLFLRGH
JXÊDV'LVIUXWHORVDWUDFWLYRVFXOWXUDOHVODKRV
SLWDOLGDGGHORVKDELWDQWHV\ODFRPLGDWÊSLFD
GHOHVWDGRGH9HUDFUX]
/,%526 _
œ
(/2&,2<(/'(%(56(5
4XÆHVODEXHQDYLGD"&DGDTXLHQSRGU¾
UHVSRQGHUGHGLIHUHQWHPDQHUDSHURHQ
HOIRQGRWRGRVPLUDPRVDOPLVPRSXQWR
HOGLVIUXWH\HOGHVDUUROORKXPDQR1RVHWUDWD
GHVHULUUHVSRQVDEOHDOFRQWUDULRHVKDFHUGHO
WLHPSROLEUH\ORVPRPHQWRVGHRFLRHOFDPLQR
UXPERDODIHOLFLGDG\ODSOHQLWXGGHOVHU
)XHHOJULHJR(SLFXURGH6DPRVHOSULPH
URHQSURSRQHUXQHTXLOLEULRHQWUHODLQWHOLJHQ
FLD\HODOFDQFHGHOSODFHU6XVWHVLVGDWDQGHO
VLJOR ,9D&\GHVGHHQWRQFHVXQRVFXDQWRV
SHQVDGRUHVuQRGHPDVLDGRVuVHKDQDER
FDGRDSURIXQGL]DUHQHOWHPD
/DOÊQHDGHOWLHPSRGHOHSLFXUHÊVPRVH
H[WLHQGHKDVWDQXHVWURVGÊDV$KÊHVW¾QORVWH[
WRVGH3KLOOLS/RSDWHXQRGHVXVPD\RUHVH[
SRQHQWHVYLYRV
(Q0Æ[LFR\GHPDQHUDUHFLHQWH/XLJL
$PDUD\9LYLDQ$EHQVKXVKDQ&LXGDGGH0Æ[L
FRVHKDQVXELGRDOWUHQGHOSODFHUFRPR
IRUPDGHYLGD6XVHQVD\RVSRQHQODPLUDHQ
KDFHUGHOHSLFXUHÊVPRXQDUHDFFLÐQVRFLDO\
SROÊWLFDVLHPSUHDFRUGHDORVWLHPSRVDFWXDOHV
qœ6LHQWHXVWHGTXHWUDEDMDFDGDYH]P¾V\
WLHQHFDGDYH]PHQRVWLHPSRGLQHURGHVHR
ÊPSHWX"œ5HDOL]DODERUHVGHWUHVRFXDWURSHU
VRQDVSRUHOVXHOGRGHXQD"œ'XHUPHELHQ"r
VHSUHJXQWD$EHQVKXVKDQDOSULQFLSLRGH(V
FULWRVSDUDGHVRFXSDGRVXQFRQMXQWRGHHQVD
\RVGHGLFDGRVDVHPEUDUODGXGDVREUHDOJRWDQ
HOHPHQWDOFRPRHVœHQTXÆVHQRVYDODYLGD"
)LQHV
3RUVXSXHVWRQRVHWUDWDGHXQF×PXORGHUH
FHWDVVHQFLOODVQLSURSLDVGHPDQXDOHVGHVX
SHUDFLÐQSHUVRQDO7DPSRFRGHXQPDWHULDO
VRFLROÐJLFRGRQGHVHKDFHKLVWRULDGHOSURJUH
VR\GHODIRUPDHQTXHFDÊPRVHQHODELVPR
)HGHULFR*RQ]±OH]
UHSRUWHURV#UHYLVWDYHUWLJRFRP
GHODGHVKXPDQL]DFLÐQ/DHVFULWRUDVHFRQ
FHQWUDVREUHWRGRHQHOSUHVHQWH\HQDTXHOORV
DWDYLVPRVTXHQRVGLVWUDHQGHOVDQRK¾ELWRGHO
RFLR\ODUHDOL]DFLÐQSHUVRQDO
/DFRVLILFDFLÐQHOGLQHURHOWUDEDMRODV
UHGHVVRFLDOHVWRGRVHOHPHQWRVLQQDWRVDQXHV
WUDÆSRFDSHURTXHSDUDGÐMLFDPHQWHGHMDURQ
GHVHUPHGLRVSDUDFRQYHUWLUVHHQILQHV
&RQHFRVGHODVYLHMDVLGHRORJÊDVDQDUTXLV
WDVuSRUIDYRUQRFRQIXQGLUFRQHOUDGLFDOLVPR
SROÊWLFRFDUHQWHGHUHVSRQVDELOLGDGVRFLDOu
ODVWHVLVGH$EHQVKXVKDQSURPXHYHQODGHIHQ
VD\QHFHVLGDGGHOWLHPSROLEUHFRPRHOHVSDFLR
DOTXHGHEHPRVORVSULQFLSDOHVGHVDUUROORV
FLHQWÊILFRV\DUWÊVWLFRV6LQRIXHUDSRUORVPL
QXWRVGHHVSDUFLPLHQWRGHKRPEUHVGHFLHQFLD
\KXPDQLVWDVVHJXUDPHQWHQXQFDKDEUÊDPRV
VDOLGRGHODFXHYD
6LDOJRMXVWLILFDODKLVWRULDHVODSHUWLQHQFLD
GHORFLRFRPRIDFWRUUHYXOVLYR1RVHWUDWDGH
FDPELDUWRGRGHWDMRQLGHHUUDGLFDUDOVLVWHPD
%DVWDU¾VLGHVSXÆVGHOHHUHVWRVHQVD\RVYLWDOHV
QRRUWRGR[RVXVWHGUHSDUDHQODUHODFLÐQHQWUH
VXWLHPSROLEUH\ODOLEHUWDG
2WURVWÊWXORVGH9LYLDQ$EHVKXVKDQVRQ(O
FODQGHORVLQVRPQHV\8QDKDELWDFLÐQGHVRU
GHQDGD
9LYLDQ$EHQVKXVKDQ(VFULWRVSDUDGHVRFXSDGRV
6XUSS
9¸UWLJRWDPEL¸QUHFRPLHQGD
-RKQ*LEOHU7]RPSD[WOH7XVTXHWVSS
$WUDY¸VGHODKLVWRULDGH
$QGU¸V7]RPSD[WOH7HFSLOH
QRVRORVHoOWUDXQHSLVRGLR
GUDP±WLFRVHOHHWDPEL¸Q
XQUHODWRGHOD¸SRFDGHOD
JXHUUDVXFLDHQQXHVWUR
SD¼V
8OLVHV&DUULÁQ(ODUWHFRUUHR\HOJUDQ
PRQVWUXR7XPERQD&RQDFXOWDSS
6HJXQGRWRPRGHOSUR\HFWR
GHUHWRPDUHODUFKLYRGHO
DUWLVWD\FU¼WLFRFKLDSDQHFR
IDOOHFLGRHQ/RV
PDWHULDOHVLQFOXLGRVVH
FHQWUDQHQHODUWHFRUUHR
GLVFLSOLQDPHQRVSUHFLDGDHQ
VXWLHPSRSHURKR\
DQWLFLSDWRULDGHLQWHUQHW
GHPDU]RGH
9¼FWRU5REHUWR&DUUDQF±
(OHVSHMRGHOVROLWDULR)LFWLFLDSS
5HODWRVGHFRUWHIDQW±VWLFR
(OQDUUDGRUSREODQRKDFHGH
(QRJHDXQVLWLRGRQGHODV
FXHVWLRQHVTXHSDUDQRVRWURV
VRQFRWLGLDQDVSDUDVXV
KDELWDQWHVVRQLQFUH¼EOHV
SRUGHFLUORPHQRV
&8/785$
&8
8/7
/785
85$ __
(QWUHYLVWDFRQ+HULEHUWR<¸SH]
k/$&5ë7,&$'(2&7$9,23$=
(6/$(;&(3&,ï1y
+¸FWRU*RQ]±OH]
KFJRQ]DOH]#UHYLVWDYHUWLJRFRP
q
3D]HVHOJUDQSRHWDRILFLDOrFRQFOX\H+H
ULEHUWR<ÆSH]7LMXDQD$XWRUGHO
HQVD\R/DLQFUHÊEOHKD]DÎDGHVHUPH[LFD
QR\GHODVQRYHODV$ORWURODGR$%8572\
(OPDWDVHOORVHOHVFULWRUIURQWHUL]RHVHOWHUFHU
SDUWLFLSDQWHGHQXHVWUDVHULHGHHQWUHYLVWDVGH
GLFDGDVDUHYLVDUODREUD\HOSHQVDPLHQWRGH
2FWDYLR3D]
&RQVLGHUDGRFRPRXQRGHORVFUÊWLFRVP¾V
O×FLGRVGHOWUDEDMRGHO3UHPLR1REHOGH/LWH
UDWXUDPH[LFDQRWRFDD<ÆSH]SURIXQGL]DU
VREUHODIDFHWDHQVD\ÊVWLFDGH3D]
uœ4XÆWLSRGHHQVD\LVWDHUD3D]"
u(UDXQHQVD\LVWDWRWDOL]DGRUVLQÐSWLFR
3D]JXVWDEDGHGHILQLU$ODYH]VXSURVDHQVD\ÊV
WLFDHVDOWDPHQWHPHWDIÐULFDHVODSURVDGHXQ
SRHWDVLQGXGDSHURWDPELÆQHVXQDSURVDTXH
JXVWDGHLQWHUSUHWDU\RIUHFHUGHILQLFLRQHV\VR
OXFLRQHVTXHÆOVDEHTXHRWURVFLWDU¾Q1RTXLVR
VHU5H\HVTXHGLOXÊDVXVSODQWHDPLHQWRV\SRV
WXUDV\PXFKDVYHFHVVRORFRPSHQGLDED(OJUDQ
GHIHFWRGHODSURVDPH[LFDQDHOUHVXPHQ3D]
ORVDEÊD\VXDSXHVWDHQHOHQVD\RHUDGHILQLU
'HVHDEDFRQYHUWLUVHHQXQDDXWRULGDGDWUDYÆV
GHVXVLGHDV/RLQWHUHVDQWHHVTXHIRUPXODED
VXVGHILQLFLRQHVFRQPXFKDGRVLVGHPHW¾IRUDV
HLP¾JHQHVSRÆWLFDV$QLYHOHVWÆWLFRHVDIÐUPX
ODGH3D]HVPX\HIHFWLYD
u(QUHODFLÐQFRQVXVFRQWHPSRU¾QHRV
œTXÆWDQRULJLQDOHUDVXSHQVDPLHQWR"
GHPDU]RGH
u(QHOVLJOR;;QDGLHIXHRULJLQDO)XHXQ
VLJORHQTXHORVLQWHOHFWXDOHVGHOFRQWLQHQWH
DPHULFDQRFRQRFLHURQPX\ELHQDVXVSDUHV
GHRWURVVLJORV\UHJLRQHVGHOSODQHWD6LQHP
EDUJR3D]GHVHDEDVHURULJLQDO1RWHUPLQÐGH
URPSHUFRQLOXVLRQHVURP¾QWLFDV\PRGHUQDV
3D]QRSRGÊDVHURULJLQDOSHURTXLVRSDUHFHUOR6X
UHODFLÐQFRQHOVXUUHDOLVPRHMHPSOLILFDHVWHSXQWR
3D]HUDVXUUHDOLVWDGÆFDGDVGHVSXÆVGHOPRPHQWR
QRYHGRVRGHOVXUUHDOLVPRHQ(XURSD3DUDSHQVDU
IDYRUDEOHPHQWHHQ3D]KD\TXHUHODFLRQDUVXVLGHDV
FRQVXSURSLDREUDSRÆWLFDRHQHOPHMRUGHORV
FDVRVFRQODOLWHUDWXUDPH[LFDQD6LORUHODFLRQD
PRVFRQVXVFRQWHPSRU¾QHRVHQ/DWLQRDPÆULFD
(VWDGRV8QLGRVR(XURSD3D]VDOHSHUGLHQGR
&8/785$ _
)RWRV&1&$)UDQVLVFR6HJXUD&RQDFXOWD(O8QLYHUVDOFRP*RUND/HMDUFHJL
u6REUHYLYHQ(OODEHULQ
WRGHODVROHGDGFRPRXQD
UHIHUHQFLDLQHYLWDEOH\3RVW
GDWDFRPRXQOLEURTXHLQWHQ
WÐYLQFXODUHVHVLFRDQ¾OLVLV
OLWHUDULRGHOPH[LFDQRFRQORV
DFRQWHFLPLHQWRVGH
u(QFLHUWDIRUPD3D]
VHSUHRFXSÐ\RFXSÐSRUVHU
HOSULPHUHVFULWRUODWLQRDPH
ULFDQRHQKDEODUGHFXHVWLR
QHVFRPRHOHVWUXFWXUDOLVPR
/ÆYL6WUDXVVRGHXQDSO¾V
WLFDP¾VFRVPRSROLWD'X
FKDPS œHVWD DPELFLÐQ
MXJDEDDIDYRURHQFRQWUD
UHVSHFWRGHODOFDQFHGHVXVOLEURV"
u3D]QRIXHHOSULPHURTXHORKL]R)XH
u(Q(OODEHULQWRGHODVROHGDG3D]VHDSUR
SLDGHLGHDVGHJHQWHFRPR6DPXHO5DPRVH
LQFOXVRGH/HRSROGR=HDSHURODVPDVWLFD\
H[SUHVDGHRWUDPDQHUDœ(VWROHUHVWDLPSRU
WDQFLDDOOLEUR"
u(QVXGHVHRGHVHUXQDDXWRULGDG3D]FR
PHWLÐYDULRVHUURUHV8QRGHHOORVIXHDSURSLDUVH
GLVLPXODGDPHQWHGHIXHQWHVHQOXJDUGHGLDORJDU
DELHUWDPHQWHFRQHOODV(UDREYLRTXHORVOHFWRUHV
FUÊWLFRVHLQYHVWLJDGRUHVSHUVSLFDFHVUHFRQRFHUÊDQ
VXVGL¾ORJRVVHFUHWRV\VXVDSURSLDFLRQHVÆWLFD
PHQWHSUREOHP¾WLFDV3HUR3D]QRTXLVRYHUOR
3HQVÐTXHSRGUÊDKDFHUORVLQTXHRWURVVHGLHUDQ
FXHQWDRDOPHQRVWXYLHUDQHOSRGHUGHVHÎDODUOR
S×EOLFDPHQWH6LXQHVWXGLDQWHXQLYHUVLWDULRWRPD
LGHDVDMHQDVQRPHQFLRQDVXVIXHQWHV\GHFLGH
UHHVFULELUODVEHOODPHQWHSDUDTXHSDUH]FDQVX\DV
œORGLVFXOSDPRV"(QWRQFHVQRHVWR\GHDFXHUGR
FRQTXHORVSRHWDVVRORSRUVHUEXHQRVSRHWDV
WHQJDQSHUPLWLGRDOJRTXHQROHHVW¾SHUPLWLGRD
XQHVWXGLDQWHFXDOTXLHUD
5HIHUHQFLDLQHYLWDEOH
uœ4XÆVREUHYLYHUHVSHFWRGHVXYLVLÐQGHO
PH[LFDQR\GHVXVLVWHPDSROÊWLFR"
TXL]¾VHOSULPHURTXHQRVYLHQHDODPHQWHD
ORVOHFWRUHVOLWHUDULRVPH[LFDQRV3LHQVRSRU
RWURODGRHQ2VFDU0DVRWWD0LHQWUDV3D]HV
FULEÊDGH'XFKDPS0DVRWWDHVFULEÊDGHOSRS
DUW(QORV×OWLPRVDÎRVPHKHFRQYHUWLGRHQ
XQYRFHURGHLGHDVFUÊWLFDVKDFLD3D]SHURPL
GHVHRQRHVGLVPLQXLUVXLPSRUWDQFLDVLQRSR
QHUODHQSHUVSHFWLYD3D]IXHXQHVFULWRULQWH
UHVDQWH\HVSHURFRPRGHFÊD-RKQ&DJHGH
(VWDGRV8QLGRVTXHXQGÊDQRVHDQLPHQRV
QLP¾VTXHRWURVHVFULWRUHVLQWHUHVDQWHVGHHVD
ÆSRFD3D]QRIXHHOPHMRUHVFULWRUPH[LFDQR
GHOVLJOR ;;)XH5XOIR/D5HS×EOLFDGHODV
OHWUDVPH[LFDQDVHVWDQFLHJD\VRUGDTXHGHFLU
DOJRWDQREYLRSURYRFDVXLUD
uœ4XÆYÊQFXORV\GLIHUHQFLDVHQFXHQ
WUDDQLYHOLQWHOHFWXDOHQWUH$OIRQVR5H\HV
\3D]"3HQVDQGRTXHHOSULPHURLPSXOVÐDO
VHJXQGRf
u5H\HV\3D]FRPSDUWHQODLGHDGHOLQWH
OHFWXDOHQFLFORSÆGLFR3HUR3D]TXLVRVHUXQ
LQWHOHFWXDOURP¾QWLFRYLVLRQDULR\FLHUWDPHQ
WHWXYRXQDFDSDFLGDGOÊULFDP¾VDFDEDGDTXH
5H\HV3D]VXSHUÐD5H\HVHQVXFDSDFLGDGGH
FRQVWUXLULGHDV\SRHVÊD&RPSDUDGRFRQ3D]
5H\HVUHVXOWDXQSURVLVWDDEXQGDQWHFXULRVR
ZZZYHUWLJRSROLWLFRFRP
LQWHOLJHQWHSHURXQWDQWRWÊPLGR\GHPDVLDGR
FRQVHUYDGRUHQVXVDOFDQFHV5H\HVIXHPXFKR
PHQRVPRGHUQRTXH3D]
uœ/DSRHVÊD\HOHQVD\RGH3D]HVW¾QD
ODPLVPDDOWXUD"
u/DSRHVÊD\HOHQVD\RGH3D]HVW¾QHQHO
PLVPRSODQR'HQWURGHODSRHVÊDODWLQRDPH
ULFDQD3D]HVP¾VLQIOX\HQWHTXHHQODSURVD
(Q0Æ[LFRVXSURVDSHVDPXFKRIXHUDGH
0Æ[LFRQRWDQWR)XHUDGH0Æ[LFRODSURVDGH
3D]GHMDGHVHUDXWRULGDG\VHYXHOYHREMHWRGH
HVWXGLRGHILQLGRGLVHFFLRQDGR\FULWLFDGRSRU
RWURVHQHOPHMRUGHORVFDVRV(OOLEURGH3D]
VREUH/ÆYL6WUDXVVSRUHMHPSORQRWLHQHOXJDU
DOJXQRHQWUHORVHVSHFLDOLVWDVGHODDQWURSRORJÊD
6HWUDWDGHOIDVFLQDQWHHQVD\RGHXQOLWHUDWR
QRGHXQHVWXGLRSURIXQGRVREUHHOHVWUXFWX
UDOLVPRRODPLWRORJÊD/RPLVPRVXFHGHFRQ
VXVWUDEDMRVVREUH,QGLD6RQOLEURVTXHQRV
LQIRUPDQGHODWUD\HFWRULDLQWHOHFWXDOGH3D]
QRGHODWUD\HFWRULDLQWHOHFWXDOLQWHUQDFLRQDO
u$QLYHOGHSHQVDPLHQWR\HQVD\RœFX¾
OHVVRQORVPRPHQWRVFXOPLQDQWHVGH3D]"
u(O/DEHULQWRGHODVROHGDGHVVXREUDP¾V
LQIOX\HQWH\HOOLEURTXHGXUDQWHVLJORVVHU¾OHÊ
GRFRPRUHIHUHQFLDSRÆWLFDRFRPRGRFXPHQ
WROLWHUDULR3HURSUHVLHQWRTXHVXVPHMRUHV
FRQWULEXFLRQHVHQUHDOLGDGRFXUULHURQHQHQVD
\RVGHFUÊWLFDOLWHUDULDVREUHDXWRUHVPH[LFDQRV
/DVRPEUDGH3D]
uœ(QTXÆPRPHQWR\TXÆFLUFXQVWDQFLDV
DOHMDQD3D]GHODL]TXLHUGD\ÆOHPSLH]DD
FRLQFLGLUFRQFRUULHQWHVQHROLEHUDOHV"
u8QRGHORVPLWRVP¾VFRPXQHVVREUH
3D]HVTXHVXDFHUFDPLHQWRDODGHUHFKDRFXUULÐ
WDUGHHQVXWUD\HFWRULD3D]IXHVLHPSUHP¾VR
PHQRVWUDGLFLRQDOLVWDHQOLWHUDWXUD\FRQVHUYDGRU
HQSROÊWLFD6XSRWUD]DUPX\ELHQODYLGDOLWHUD
ULDPH[LFDQD\ORVUDQJRVFRQTXHVHSLHQVD
SROÊWLFDPHQWHDOLQWHOHFWXDOGHQWURGHOSDÊV3RU
HVRUHVXOWDFDVLXQDEODVIHPLDGHFLUTXH3D]IXH
UHDFFLRQDULRORJUÐLPSULPLUVXSHQVDPLHQWR
&8/785$ _
FRQVHUYDGRUHQPXFKRVGHWDOPRGRTXHUH
H
VXOWDGLIÊFLOGLVWLQJXLUOR/DGHUHFKDVHGLVWLQJXH
SRUVHULQFDSD]GHGHFLUVÊVRPRVODGHUHFKD
u3HVHDODGLVFUHSDQFLDHQWUH3D]\9DU
JDV/ORVDœHOWLHPSRKDDFHUFDGRVXVIRUPDVV
GHSHQVDUHQORSROÊWLFR"
H
u9DUJDV/ORVDWHUPLQÐUHFRQFLOL¾QGRVH
H
FRQHO35,HQHOVLJOR;;,3D]PXULÐSULLVWD)XH
H
9DUJDV/ORVDTXLHQFDPELÐGHRSLQLÐQ3D]VH
PDQWXYRVLHPSUHILHODOUÆJLPHQ&XDQGRVXVV
X
GHIHQVRUHVUHILHUHQVXFHVHGHODERUHVGHVX
H
SXHVWRGLSORP¾WLFRHQ,QGLDFRPRHMHPSORGH
GLVLGHQFLDSROÊWLFDFRQHOJRELHUQRPH[LFDQR
R
VRORUHYHODQVXJUDGRGHLQJHQXLGDGUHVSHFWR
GH3D]\WHUPLQDQSRUKDFHUKDJLRJUDIÊDQXQFD
KXERSHUVHFXFLÐQSROÊWLFDHQVXFRQWUDQXQFD
DUULHVJÐUHDOPHQWHVXSRVLFLÐQGHSULYLOHJLR3D]
HUDXQGHIHQVRUGHOUÆJLPHQ9DUJDV/ORVDWHU
PLQÐFRLQFLGLHQGRFRQ3D]\VHFRQYLUWLÐHQ
RWURGHORVGHIHQVRUHVGHODGLFWDGXUDSHUIHFWD
u&XDQGRHVFXFKRODVFUÊWLFDVFRQWUD
3D]GHVFXEURTXHFDVLWRGDVVHFHQWUDQHQ
ORSROÊWLFRœ(VY¾OLGRTXHGDUVH
VRORFRQHVWDIDFHWD"œ6X
WUDEDMRSRÆWLFR\HQVD
\ÊVWLFRSDOLGHFHDQWH
HVWR"
u1RROYLGH
PRVQXHVWURFRQ
WH[WROLWHUDULROD
DSODVWDQWHPD
\RUÊDGHORVOLWH
UDWRVPH[LFDQRV
QRKDKHFKRXQD
OHFWXUDFUÊWLFDGH
3D]/DFUÊWLFDGH3D]
HVODH[FHSFLÐQ(QHVWH
VHQWLGRQRPHSUHRFXSD
TXH3D]VHDSXHVWRHQWHODGHMXL
FLRSROÊWLFRDOFRQWUDULRHVDSRVWXUDHVWDQ
PLQRULWDULDTXHHVLQGLVSHQVDEOH
uœ4XÆWDQJUDQGHHVDFWXDOPHQWHOD
VRPEUDGH3D]GHQWURGHODLQWHOHFWXDOLGDG
PH[LFDQD\ODWLQRDPHULFDQD"
u5HYLVHPRVODVDQWRORJÊDVTXHKDQKHFKR
/XPEUHUDV\)DEUHHQWUHRWURVGHSRHVÊD
PH[LFDQDUHFLHQWHœFX¾QWRVGHHVRVQXHYRV
SRHWDVKDQKHFKRXQDOHFWXUDGHWHQLGD\FUÊ
WLFDGH3D]"&UHRTXHQLQJXQR4XL]¾ODKDJDQ
HQHOIXWXURFXDQGRKDFHUHVDFUÊWLFDQRWHQ
GU¾FRVWR3HURKR\WRGDYÊDWLHQHXQFRVWR
SROÊWLFR7DPELÆQFUHRTXHORVSHRUHVHQHPL
JRVGH3D]VRQVXVGHIHQVRUHVDFÆ
UULPRV/RKDQFRQYHUWLGRHQ
XQÊGRORXQEXVWRXQ
¾UEROSHWULILFDGREDMR
HOFXDOVHFRELMDQ
.UDX]HIXHHOSULQ
FLSDOHUURUGH3D]
$OGHMDUORFRPR
VXKHUHGHUR.UDX
]HHVWLPXOÐDWRGD
XQDJHQHUDFLÐQ
GHSRHWDV\HQVD
\LVWDVPH[LFDQRV\
ORVYHQGLÐSRUPHGLR
GH/HWUDV/LEUHVFRPR
GHSULPHUDOÊQHDFXDQGRHQ
UHDOLGDGQRKD\PD\RUVROLGH]
LQWHOHFWXDOHQHVHJUXSR\P¾VELHQGHVSUHV
WLJLDQHOOHJDGRGH3D]6L3D]KXELHUDSHQVD
GRPHMRUVXKHUHQFLDKXELHVHVROLFLWDGRTXH
QRXVDUDQVXQRPEUHSDUDEHQHILFLDUVHGHO
DSDUDWRTXHÆOFUHÐ3HUR3D]SHQVDEDTXH
k3D]
IXHVLHPSUHP±VR
PHQRVWUDGLFLRQDOLVWDHQ
OLWHUDWXUD\FRQVHUYDGRUHQ
SRO¼WLFD6XSRWUD]DUPX\ELHQOD
YLGDOLWHUDULDPH[LFDQD\ORVUDQJRV
FRQTXHVHSLHQVDSRO¼WLFDPHQWH
DOLQWHOHFWXDOGHQWURGHO
SD¼V
GHPDU]RGH
QHFHVLWDEDXQHTXLSRTXHDVHJXUDUDVXqSRV
WHULGDGr(VHIXHVXPD\RUHUURU
u/DFHUFDQÊDGH3D]FRQ6DOLQDVGH
*RUWDULSDUHFHVHUHOFHQWURGHODVGHVFDOLIL
FDFLRQHVHQWUHORVHVFULWRUHVMÐYHQHV0¾V
DOO¾GHHVWHWLSRGHFRPHQWDULRVœ3D]VHVLJXH
OH\HQGR"
u3RUXQDSDUWHVÊVHOHVLJXHOH\HQGR\TXÆ
EXHQR(VRQRGHEHSDUDU$3D]KD\TXHOHHUOR
(QORFRQFHUQLHQWHDVXVFUÊWLFRVMÐYHQHVGLV
FUHSR1RYHRHVDFUÊWLFDD3D]HQODSULPHUD
GÆFDGDGHOVLJOR ;;,SRUHMHPSOR4XL]¾VHOH
FULWLTXHHQ)DFHERRNSHURQRKHOHÊGRHQVD\RV
HVWXGLRVOLEURVFULWLFDQGRD3D]HVFULWRVSRUHVD
JHQHUDFLÐQ$KRUDFRPR\RKHSXEOLFDGRHQ
VD\RV\FROXPQDVFLWDQGRORVHORJLRVGH3D]D
7HOHYLVDWHFRQILHVRTXHQRPHSDUHFHXQDGHV
FDOLILFDFLÐQVLQRXQDFWRGHDUFKLYRXQDFWR
QHFHVDULRGHPHPRULD6HKDQHVFULWRFHQWHQD
UHVGHHQVD\RVDUWÊFXORVWHVLVOLEURVHORJLRVRV
D3D]ORVOLEURVTXHKDQKHFKRXQDOHFWXUDFUÊ
WLFDUHDOPHQWHVRQXQSXÎDGR&RPRFUÊWLFR
FRPHQFÆHVWLPDQGRD3D]SRUVXHVWLOROLWHUDULR
\VXSDQRUDPDDPSOLRDOSURVHJXLUPLOHFWXUD
DQDOÊWLFDGHVXREUDSHUFLEÊSURQWRVXFRQVHUYD
GXULVPR\HQWRQFHVFRPHQFÆDKDFHUHVWRV
VHÎDODPLHQWRV3HURPLODERUHVVHQFLOODPHQWH
DQDOL]DUORVLQTXHUHUGHIHQGHUORRFRQGHQDUOR
VLPSOHPHQWHHVFULELUGHVSXÆVGHH[DPLQDUVX
REUDGHWHQLGDPHQWH(QHOFOLPDLQWHOHFWXDOGH
0Æ[LFRREYLDPHQWHKDFHUHVRHVFDOLILFDGR
FRPRXQDqSURYRFDFLÐQrRXQqDWDTXHr3HUR
SUHILHURLJQRUDUHVDVUHDFFLRQHV/R×QLFRLP
SRUWDQWHHVFXPSOLUFRQODODERUGHODFUÊWLFDVLQ
VHQWLUQLQJXQDFOHPHQFLDRFRPSURPLVRFRQ
QDGLH1RFUHRHQFXHQWRVGHKDGDVQRSRGUÊD
GHFLUTXHqHOIXWXURGHFLGLU¾rSRUTXHHOIXWXUR
SUREDEOHPHQWHVHU¾QRUWHDPHULFDQR$VÊTXH
VLIDYRUHFHDORVLQWHUHVHVGHOJRELHUQRPDQWHQHU
D3D]FRPRHOJUDQSRHWDQDFLRQDOGHVXSDWLR
WUDVHURDVÊVHU¾<VLXQGÊDFDHHVHJRELHUQR
HQWRQFHVWDPELÆQFDHU¾QVXVSRHWDVRILFLDOHV
<KR\QRORROYLGHPRV3D]HVHOJUDQSRHWD
RILFLDOGHHVWHWHUULWRULR1$)7$
-RV¸&DVWLOOR
)(67,9$/'(
$548,7(&785$
+¸FWRU*RQ]±OH]
KFJRQ]DOH]#UHYLVWDYHUWLJRFRP
0
$OIRQVR9HJDUD
)RWRV&RUWHV¼D0H[WUÁSROL
$QWRQLR2UWL]
-RVHS00RQWDQHU
H[WUÐSROL3ULPHUIHVWLYDOLQWHUQDFLR
QDOGH$UTXLWHFWXUD\FLXGDGQDFH
FRPRODHYROXFLÐQQDWXUDOGHOR
TXHIXHUDHO&RQJUHVR$UTXLQH
q1RVGLPRVFXHQWD
GHTXHSRGÊDPRVFDHUHQ
HODXWLVPRFXDQGROD
UHDOLGDGHVTXHOD$UTXL
WHFWXUDLPSDFWDFRWLGLD
QDPHQWH HQ QXHVWUDV
FLXGDGHVrUHFRQRFH0L
TXHO$GUL¾GLUHFWRUGHO
HQFXHQWURDUHDOL]DUVH
HQWUHHO\GHPDU]R
HQOD&LXGDGGH0Æ[LFR
&RQP¾VGHLQYL
%LMR\-DLQ
WDGRVQDFLRQDOHVHLQWHU
QDFLRQDOHV\XQDRIHUWD
VXSHULRUDODVDFWLYLGDGHVHOIRURSUHWHQGH
FUHDUXQDPELHQWHIHVWLYR\GHUHIOH[LÐQHQ
WRUQRGHORVSUREOHPDVGHORVFLWDGLQRV
q(O')HVODFLXGDGP¾VJUDQGHGHOFRQWL
QHQWH\QXHVWURVSUREOHPDVQRVRQ×QLFRVVH
FRPSDUWHQFRQRWURVOXJDUHVGHOSODQHWDrDÎD
GH$GUL¾
$FWXDOPHQWH
DVHJXUDHODUTXLWHF
WRORVGLOHPDVGH
XQDPHWUÐSROLVH
UHODFLRQDQFRQOD
GLVWULEXFLÐQGHORV
UHFXUVRVHQHUJÆWLFRV
\ODPRYLOLGDGq8QD
PHWUÐSROLHVHODU
WHIDFWRP¾VFRP
SOHMR TXH KHPRV
:LQND'XEEHOGDP
GHPDU]RGH
VLGRFDSDFHVGHFUHDUFRPRKXPDQLGDG\FRPR
WDOHVSHUIHFWLEOHr
'LYHUVLGDG
(QHOFDVRFRQFUHWRGHODFDSLWDOGHOSDÊV\ORV
FDPELRVTXHH[SHULPHQWDHQWÆUPLQRVGHGLVH
ÎRXUEDQRH[SRQHq&DVLWRGDVODFLXGDGHV
WLHQGHQDKDFHUP¾VHILFLHQWHHOWUDQVSRUWHS×
EOLFRHLQFRUSRUDQFDUULOHVSDUDELFLRVLVWHPDV
WLSR(FRELFL3RUVXSXHVWRHO')QRHVOÊGHUHQ
HOUDPRSHURVÊUHWRPDFRVDV\PHMRUDODGLYHU
VLGDGGHODRIHUWDHQFXDQWRDPRYLOLGDG\WUDQV
SRUWH$×QTXHGDPXFKRSRUKDFHUHQFDVL
WRGDVODV¾UHDV3RUHMHPSORWHQHPRVODPLVPD
FDQWLGDGGHDJXDTXH/RQGUHVSHURGHEHPRV
PHMRUDUORVVLVWHPDVGHDSURYHFKDPLHQWRr
$WUDYÆVGH0H[WUÐSROLVHSUHWHQGHLPSDF
WDUHQODWUDQVIRUPDFLÐQFUHDWLYD\GHJHVWLÐQ
GHODFLXGDG3DUDHOORGLVHÎDURQXQDSURJUD
PDFLÐQGRQGHVHLQFOX\HQFRQIHUHQFLDVPHVDV
GHGL¾ORJRH[SRVLFLRQHVWDOOHUHVSUHVHQWDFLR
QHVGHOLEURVUXWDVDUTXLWHFWÐQLFDV\FRQFLHUWRV
DUHDOL]DUVHHQORVPXVHRVGH6DQ&DUORV)UDQ]
0D\HU/DERUDWRULR$UWH$ODPHGD\WHDWUR0H
WURSROLWDQ
/RVSRQHQWHVYDQGHVGHORVDUTXLWHFWRV
HXURSHRV6WHIDQR%RHUL5XG\5LFFLRWWL:LOO\
0ÙOOHU\0DWWKLDV0ÙOOHUKDVWDH[DOFDOGHV
FRPR-RUGL+HUHX%DUFHORQD\$QWDQDV0RF
NXV%RJRW¾SDVDQGRSRUHOFUÊWLFRILQODQGÆV
-XKDQL3DOODVPDDHOFLQHDVWD$OHMDQGUR*RQ
]¾OH],ξUULWX\ORVFURQLVWDV-XDQ9LOORUR\'D
YLG/LGDHQWUHRWURV
3DUDFRQVXOWDUKRUDULRV\IHFKDVYLVLWDUZZZ
PH[WURSROLP[
+¸FWRU*RQ]±OH]
KFJRQ]DOH]#UHYLVWDYHUWLJRFRP
0DUFLDO5RPR_y(VHOWULEXWRDO
WUDEDMRGHXQDUWLVWDk
UWHV¼D&0DUW¼QH]
)RWRV-*DUF¼D&R
DUFLDO5RPRHUDXQQLÎRFXDQGRVX
SDGUHJDQÐHO)HVWLYDO27,HQ
/DFDQWDQWHPH[LFDQD(XJHQLD
/HÐQLQWHUSUHWÐ(OIDQGDQJRDTXÊGHOFDQWDX
WRU0DUFLDO$OHMDQGUR\QRKXERTXLHQOHKL
FLHUDVRPEUD+DVWDHQWRQFHVHO&DQWR1XHYR
HUDXQJÆQHURDOHMDGRGHORVUHIOHFWRUHVDOPH
QRVHQ0Æ[LFRGRQGHODEDODGDSRSGRPLQDED
HOSDQRUDPD
&RQHOWLHPSRHOUHFRQRFLPLHQWRVLUYLÐ
FRPRVRSRUWHGHOLEURV6XY¾VWDJRVHFROJÐOD
PHGDOOD\ODOXFLÐVLQFRQRFHUELHQDELHQVXV
LPSOLFDFLRQHVq0HODFROJXÆ\ODOOHYÆDXQD
WLHQGDGHGLVFRVSDUDPÊHUDVRORXQDPHGDOOD
EULOODQWH0LSDGUHVLJXLÐVLHQGRHOPLVPR
6LHPSUHIXHXQDSHUVRQDKXPLOGH\VHUHILULÐ
DVÊPLVPRVLQSUHWHQVLÐQ+DFLDIXHUDPXFKD
JHQWHYROWHÐDYHUORTXHVXFHGÊDFRQHO&DQWR
1XHYR\GHVFXEULÐTXHJHQHUDEDFRVDVLPSRU
WDQWHVrUHFXHUGD5RPR
(OGHPDU]RVHFXPSOLU¾QFLQFRDÎRV
GHODPXHUWHGHVXSDGUH8QGÊDDQWHV
HO0XVHRGHODV&XOWXUDV3RSXODUHV
VHU¾HOHVFHQDULRGRQGHVHSUHVHQ
WDU¾0LVDPLJRVGLVFRGRQGHP×
VLFRVGHGLVWLQWRVWDODQWHVULQGHQ
KRPHQDMHD0DUFLDO$OHMDQGUR
q(OGLVFRHVQHFHVDULR(VHOWULEXWRDOWUD
EDMRGHXQDUWLVWD/DVX\DHVXQDREUDTXH
QXQFDWHUPLQDGHGLIXQGLUVHVLHPSUHKD\XQ
RÊGRP¾VTXHDFDULFLDUrDÎDGH
(O&'FXHQWDFRQODSDUWLFLSDFLÐQGH-DLPH
/ÐSH]¦GJDU2FHUDQVN\0LJXHO,Q]XQ]D
°VFDU&K¾YH]5DIDHO0HQGR]D0H[LFDQWR
5RGULJR5RMDV\HOSURSLR0DUFLDO5RPRHQWUH
RWURVq,QYLWÆDTXLHQHVWHQÊDQTXHYHUFRQPL
SDS¾GHPDQHUDFHUFDQDRDTXLHQHVORFDQWDQ
WRGDYÊD/HVGLDHVFRJHUHQWUHGRVWHPDV<R
QDGDP¾VVXSHUYLVÆDUUHJORVSURSXVHGHWDOOHV
\SXOÊDOJXQDVFRVDVSHURODLGHDIXHTXHKLFLH
UDQVX\DODFDQFLÐQr
6LOYLR5RGUÊJXH]\6DER5RPRHVWDEDQ
FRQWHPSODGRVSHURSRUFXHVWLRQHVGHDJHQGD
QRSXGLHURQSDUWLFLSDU(OPDWHULDOVHFRPSOH
WDFRQ/DGRQRVDXQWHPDLQÆGLWRGHOSURSLR
0DUFLDO$OHMDQGURq9LHQHXQDFDQFLÐQLQÆGL
WDFDQWDGDSRUÆO/DJUDEDPRVHQFDVDSRFR
DQWHVGHTXHPXULHUD(OWH[WRHVGH*RQ]DOR
GH%HUFHR)XH
GH%HUFHR)XHHVFULWDHQHVSDÎRODQWLJXR\PL
SDGUH
SDGUHODPXVLFDOL]Ð$TXHOODWDUGH
JUDEDPRVRWURWHPDTXHWDP
ELÆQTXHGÐLQÆGLWR\HQVX
PRPHQWRVDOGU¾DODOX]r
(QHVWHVHQWLGRHOP×VLFR\
S
SURGXFWRUDVHJXUDTXHKD\VXIL
FLH
FLHQWHPDWHULDOLQÆGLWRGHVXSD
GUH
GUHFRPRSDUDUHDOL]DUGLVWLQWRV
SUR\
SUR\HFWRV8QRSRUHMHPSORWDO
YH]H
YH]HOP¾VSUÐ[LPRHVLQYLWDUDDO
JXQDV
JXQDVGHODVPXMHUHVTXHWUDEDMDURQ
FRQVX
FRQVXSDGUHFRPR(XJHQLD/HÐQ
7DQLD/
7DQLD/LEHUWDG\0DUX(QUÊTXH]
&8/785$ _
',6&2+20(1$-($
0$5&,$/ $/(-$1'52
0
'(127$$127$ _
3DEOR5H\HV_(QYLDGR_1XHYD<RUN
SDEORUH\HVS#JPDLOFRP
'
DQLOR3ÆUH]HVXQRGHORVSRFRVDUWLV
WDVGHMD]]FRQWHPSRU¾QHRTXHWUDV
FRGHDUVHFRQORVP¾VJUDQGHVDVWURV
GHHVWDVLQFRSDGDP×VLFDVHSXHGHGDUHOOXMR
GHODQ]DUXQSUR\HFWRDWUHYLGRTXHLQFOXVR
UHEDVHODVIURQWHUDVGHOSHQWDJUDPD\TXHGH
XQDIRUPDQRYHGRVDUHPHPRUHXQWHPDFRPR
ODFRQTXLVWDGH$PÆULFDRPHMRUGLFKRHO
HQFXHQWURGHGRVPXQGRV
(OSLDQLVWDSDQDPHÎRDUUDQFÐVXVHWWHP
SUDQRHQHO-D]]6WDQGDUGFRQXQDREHUWXUD
LQWULQFDGDSHURHILFLHQWH'HVSXÆVGHWDQSUR
PLQHQWHSLH]DQDGDVHUÊDLJXDO(OUHVWRGHOD
QRFKHWUDQVFXUULÐFRPRPLHOVREUHKRMXHODV
(UDODSUHVHQWDFLÐQGHVXQXHYRSUR\HFWRDWH
UUL]DGRHQXQDSURGXFFLÐQGLVFRJU¾ILFDLQWLWX
ODGD3DQDP¾WÊWXORTXHKDFHDOXVLÐQDOD
IXQGDFLÐQGHODWLHUUDQDWDOGHOJDO¾FWLFRSLD
QLVWD\SLH]DFODYHGHOFXDUWHWRGHODOH\HQGD
GHOVD[R:D\QH6KRUWHU
(QHOSULPHUPLQXWRGHODSLH]D5HGHVFX
EULPLHQWRGHO0DUGHO6XUVHDVRPÐXQDPDOH
]DLQWULJDQWHGHWHQVLRQHVDUPÐQLFDV\HQHO
YDLYÆQHQWUHHOEDMRHOYLROÊQ\ODSHUFXVLÐQXQ
PHOÐGLFRPRWLYRILQDOPHQWHEURWÐGHODPDQR
GH3ÆUH]TXLHQVLQSULVDVLJLORVRGHFDQWÐXQRV
DJXGRVDFRUGHVDOODGRGHOFDQWR\RUXEDGHVX
SHUFXVLRQLVWD5RP¾Q'ÊD]DOEDW¾
(OSURJUDPDGHODYHODGDIXHDGDSWDGRSDUD
SUHVHQWDU3DQDP¾SODFDGLVFRJU¾ILFDVXU
JLGDGHXQDPELFLRVRQXHYRSUR\HFWRGH3ÆUH]
HGLWDGRSRU0DFN$YHQXH5HFRUGVXQDGHVWL
ODFLÐQGHLGHDVTXHIXHURQGHVDUUROO¾QGRVH
GXUDQWHORV×OWLPRVDÎRV(QSDODEUDVGHO
SURSLR'DQLORq7RPÆHOHPHQWRVGHODP×VLFD
FO¾VLFDODIOH[LELOLGDGGHOMD]]\ODPHORGÊDIRO
FOÐULFDODWLQRDPHULFDQDrVHÎDOÐHQHQWUHYLVWD
HOSLDQLVWDSDQDPHÎR
)LJXUD
'DQLOR3ÆUH]FRQVWUX\ÐHOGLVFRDOUHGHGRUGHOD
UHODFLÐQH[SUHVLYDGHGRVVHFFLRQHVUÊWPLFDVFRQ
TXLHQKDWRFDGRqGHWRGDODYLGDr8QDFRQHO
EDMLVWD%HQ6WUHHW\HOEDWHULVWD$GDP&UX]
PLHPEURVGHVXWUÊR\ODRWUDFRQ-RKQ3DWLWXFFL
DOEDMR\%ULDQ%ODGHDODEDWHUÊDVXVFRPSDÎHURV
GHODDYHQWXUDOODPDGD:D\QH6KRUWHU4XDUWHW
GHPDU]RGH
5HSXEOLFRIMD]]
3$1$0è
/DEDQGDODFRPSOHWÐ$OH[+DUJUHDYHV
MRYHQYLROLQLVWD\DQWLJXRDOXPQRGH'DQLOR
TXLHQPXFKRWXYRTXHYHUHQHOGHVDUUROOR
VRQRURGHHVWHSUR\HFWRDOVHUHOYLROÊQXQLQV
WUXPHQWRSRFRXVXDOPDVQRGHVFRQRFLGRHQ
HOWHUULWRULRGHOMD]]
6LQGXGDORP¾VGHVWDFDEOHGHOSDQDPHÎR
HVTXHSRFRVDUWLVWDVGHMD]]GHVXHVWDWXUDVH
KDQPDQWHQLGRHQXQDPLVLÐQFXOWXUDOWDQHV
SHFÊILFDWDQWRGHQWURFRPRIXHUDGHOHVFHQDULR
$SHVDUGHTXH3ÆUH]HVGLUHFWRUGHOSURJUDPD
*OREDO-D]],QVWLWXWHGHO%HUNOHH&ROOHJHRI
0XVLFHQ%RVWRQHOP×VLFRPDQWLHQHXQDEDVH
HGXFDWLYDHQODFLXGDGGH3DQDP¾IXQGÐHO
)HVWLYDOGH-D]]GHVXSDÊVTXHDFDEDGHFRQFOXLU
XQDRQFHDYDWHPSRUDGDEDMRVXGLUHFFLÐQ\
UHFLHQWHPHQWHDEULÐXQFOXEGHMD]]HQODFDSL
WDOSDQDPHÎDFRQHOREMHWLYRGHGDUXQDSR\R
URWXQGRDORVP×VLFRVGHVXSDÊV'DQLOR3ÆUH]
HVLQGXGDEOHPHQWHXQDILJXUDJOREDO
$ORQVR5XYDOFDED
DORQUXYDOFDED#JPDLOFRP
,OXVWUDFLÁQ-/+HUHGLD
/
DSULPHUDWHPSRUDGDGH7UXH'HWHFWLYH
DFDEDGHWHUPLQDU/RE¾VLFRHVFULWDSRU
1LF3L]]RODWWR\GLULJLGDSRU&DU\
)XNXQDJDHVWDWHPSRUDGDFRQWÐHQ
RFKRHSLVRGLRVGHFDVLFRQVWDQWH
GHVRUGHQFURQROÐJLFRODKLVWRULD
GHGRVGHWHFWLYHV5XVW&RKOH\
0DUWLQ+DUWHQIUHQWDGRVDXQD
VHULHGHDVHVLQDWRVULWXDOHVHQWUHVGHFH
QLRVGLVWLQWRV/RVDÎRV\(QVX
LQYHVWLJDFLÐQSDOSDQSHURQRGHVHQWUDÎDQXQDUHG
GHRFXOWLVPRSHGHUDVWLD\FRUUXSFLÐQSROLFLDFDFOH
ULFDOJXEHUQDPHQWDOSRVWHULRUHVWHPSRUDGDVGHOD
VHULHWHQGU¾QRWURVSURWDJRQLVWDVRWUDVKLVWRULDV
/DSUHPLVDKDVLGRH[SORUDGDFDVLH[KDXV
WLYDPHQWHSHURHVXQSUHWH[WRSDUDXQD
HVWUXFWXUDQDUUDWLYDHULJLGDPX\LQ
WHOLJHQWH
/RVSULPHURVFXDWURFDSÊWXORVVRQXQ
HQRUPHWHDVHXQHQFXHUDPLHQWRSURJUHVLYR
FDVLLUULWDQWH3LVWDVGHMDGDVDTXÊ\DOO¾GH
WDOOLWRVTXHHQFHQGÊDQODLPDJLQDFLÐQ
5HIHUHQFLDVDOOLEURGHZHLUGILFWLRQ7KH
.LQJLQ<HOORZDODILFWLFLDFLXGDGGH&DUFRVDWDO
YH]DOPLVPÊVLPR&WKXOKXKLFLHURQLQWXLUTXHHQ
HOIRQGRHVW¾EDPRVYLHQGRXQDREUDVREUHQDWXUDO
/DUHDFFLÐQGHOS×EOLFRDOPHQRVODSDUWHOHJL
EOHHQLQWHUQHWUHGGLW7ZLWWHUHWFÆWHUDIXHGHXQD
VHPLKLVWHULDFROHFWLYDQRYLVWDDFDVRGHVGH/RVW
uVDOYRTXH/RVWOHYDQWÐHVHIXURUDORODUJRGHP¾V
GHHSLVRGLRV
7HRUÊDV\WHRUÊDVWUDWDURQGHDGHODQWDUXQD
UHVSXHVWDDODSUHJXQWDœ4XLÆQHVHO5H\$PD
ULOOR"1LQJXQDWXYRUD]ÐQ8QWULXQIRGH
7UXH'HWHFWLYHIXHDFHSWDUTXHHOJUDQ
PLVWHULRHVLUUHVROXEOHSHURTXHOD
FKDPEDHVUHVROYHUORVSHTXHÎRV
PLVWHULRVFRWLGLDQRV
(OTXLQWRFDSÊWXORSURYH\Ð
GHXQSULPHUFOÊPD[ODPXHU
WHGHOWHPLEOH5HJJLH/HGRX[DVH
VLQRGHPXMHUHV\QLÎRV(OVHLV\HOVLHWHORVP¾VIORMRVGH
ODWHPSRUDGDIXHURQH[SRVLWLYR(\GHWUDQVL
FLÐQ( (ORFWDYRuTXHSRUSULPHUD
YH]DGRSWÐHOSXQWRGHYLVWDGHO
DVHVLQRuXQQXHYRFOÊPD[\XQD
SDXVDGDUHIOH[LÐQILQDO
([SHFWDWLYDV
*UDFLDVDODHVWUXFWXUDGH7UXH'HWHFWLYHODFODYHGHORTXH
YHPRVQRHVHOSURFHVRGHLQYHVWLJDFLÐQGHXQFULPHQVLQR
ODOHQWDUHYHODFLÐQGHODORFXUDHQHOVXUSURIXQGRGH(VWD
GRV8QLGRV\P¾VDOO¾ODVODERUHVGH6DWDQ¾VVREUHWRGRV
QRVRWURV
7DPELÆQ
JUDFLDVDHVD
HVWUXFWXUDTXH
VHSHUPLWHOD
SDXVDRODGLJUHVLÐQ
GHÊQGROHILORVÐILFDTXH
GDPRVH[SXHVWRVDOSHQVDPLHQ
WRSHVLPLVWDRDQWLQDWDOLVWDGHOGHWHFWLYH
&RKOHEDMDGRSULQFLSDOPHQWHGH/RYHFUDIW\7KRPDV
/LJRWWLq/DUD]DKXPDQDHVXQHUURUHOHUURUHVXQ
SUREOHPDGHQXHVWUDHYROXFLÐQODFRQFLHQFLDOR×QLFR
GLJQRTXHOHTXHGDDQXHVWUDUD]DHVDYDQ]DUGHOD
PDQRKDFLDHODQLTXLODPLHQWRFROHFWLYRr
8QDILORVRIÊDTXH&RKOHWHUPLQDSRUGHMDUDXQ
ODGRFRQHOSDVRGHODVGÆFDGDV
(OILQDOGH7UXH'HWHFWLYHQRFXPSOLÐFRQODV
DOWÊVLPDVH[SHFWDWLYDVTXHJHQHUÐVXIRUPDQDUUDWL
YDGHHVSLUDOHVFURQROÐJLFDV1RSRGÊDODDJHQ
GDGHVXVFUHDGRUHVQRHVODGHOVDFHUGRWHGH
&WKXOKX$OILQDOGHOFDPLQRQRLEDDKDEHU
XQDELVPRGHVGHHOTXHVDOLHUDQORV
GLRVHVSULPLJHQLRVVLQRORTXHKD\
VLHPSUHXQDVHVLQRKXPDQR\FRP
SOHMR\XQDVHULHLQWHUPLQDEOHHLQ
FRJQRVFLEOHGHFRUUXSFLRQHVTXH
UHFRUUHQORVDÎRV
ZZZYHUWLJRSROLWLFRFRP
/$'$0$<(/9$*$%81'2 _
62%5(758('(7(&7,9(
0DVKD=HSHGD
PDVKDB]HSHGD#KRWPDLOFRP
$
OFRPHQ]DUHVWHDÎRPXFKRVDPLJRV
OHFWRUHV\DGPLUDGRUHVFRQWULVWH]D
WXYLHURQTXHDFHSWDUODLQHVSHUDGD\
SURQWDSDUWLGDGHOFDULFDWXULVWD0DQXHO$KX
PDGDTXLHQPXULÐDVXVHVFDVRVDÎRVFXDQ
GRD×QWHQÊDPXFKRTXHGDUSXHVYDOHODSHQD
UHFRUGDUTXHQDFLÐXQGHHQHURGH
0LHQWUDVWDQWRVXREUD\VXHÎRTXHGDURQ
SODVPDGRVHQHOOLEUR1DGLHHVDVWURQDXWDHQ
VXSURSLDWLHUUDTXHDWLQDGDPHQWHODDFWLYD
MRYHQHLQGHSHQGLHQWHHGLWRULDO5HVLVWHQFLD
VDFÐDOS×EOLFR
(VWHHVIXHU]RFRQWÐFRQODDFHSWDFLÐQGHO
FDULFDWXULVWDSHURIXHKDVWDVXLQHVSHUDGDIDO
WDTXHVHYROYLÐXQKRPHQDMHDVXYLGD\REUD
(OOLEURUH×QHVXVP¾VPHPRUDEOHVKLVWRULHWDV
&KLPLQR\/DYLGDHQHOOLPER
$OSODQHDUHQHVWDSXEOLFDFLÐQVHSHQ
VÐHQXQDHGLFLÐQTXHUHXQLHUDVXWUDEDMRTXH
DOHVWDUSXEOLFDGRGHPDQHUDSHULRGÊVWLFD\
GLDULDWLHQHXQFDU¾FWHUGHHIÊPHURSRUVXV
SURSLDVFLUFXQVWDQFLDVGHFXPSOLUFRPRLQIRU
PDGRUGHOOHFWRU$VÊHOYROXPHQHVXQDDQWR
ORJÊDGHORTXHHOWUDEDMRGH$KXPDGDORJUÐ\
GHODPDQHUDHQTXHLQFLGLÐHQODVRFLHGDGGH
VXWLHPSR\FRQWH[WRGHOTXHIXHXQDFWLYR
LQIOX\HQWH\FUÊWLFRREVHUYDGRU
(QJUDQDMH
(QXQSULQFLSLRODSXEOLFDFLÐQVHSUHYLÐFRPR
XQDDQWRORJÊDGHVXWUDEDMRSHURDSDUWLUGHVX
PXHUWHVHLQFOX\HURQGLYHUVRVWH[WRVGHFROHJDV
\DPLJRVGH$KXPDGDWHVWLPRQLRVGHVXVLQ
JXODUFUHDWLYLGDGJHQHURVLGDG\DPLVWDG
,QFOXVRODSRUWDGDGH1DGLHHVDVWURQDXWD
HQVXSURSLDWLHUUDOOHYDHQODSRUWDGDODFDULFD
WXUDTXHUHDOL]ÐVXFROHJDFDULFDWXULVWD+HU
WXUDTXHUHDOL]ÐVXFROHJDFDULFDWXULVWD+HU
$WLQDGDYLVLÁQ
Q¾QGH]\TXHVHSXEOLFÐHOGHHQHURGH
HQXQGLDULRGHFLUFXODFLÐQQDFLRQDOFXDQGR
VHVXSRGHODWULVWHQRWLFLDTXHFXEULÐGHOXWR
DODFRPXQLGDGFXOWXUDOHVWXGLDQWLO\ODERUDO
(OYROXPHQGDFXHQWDGHODPLJRJHQHURVR
FÐPSOLFHRULJLQDOFUHDGRU\EULOODQWHQDUUDGRU
YLVXDO\SRHWDTXHIXH0DQXHO$KXPDGDWDO\
FRPRVXFROHJD\FRPSDÎHUDGHOXFKDV%ODQ
FH3HWULFKGHVWDFDq0DQRORIXHXQHQJUDQDMH
×QLFR\HOP¾VRULJLQDO(OTXHP¾VFHUFDHVWX
YRGHODSRHVÊDGHOVXUUHDOLVPRGHODUWHHQ
PXFKRVVHQWLGRV(OFDUWÐQGH$KXPDGDQR
HUDSDUDUHÊUVHHUDSDUDREVHUYDU\UHIOH[LRQDU
(UDXQFDUWÐQFRPRSDUDYLDMDUSDFODYDUVHHQ
ODVWH[WXUDVr
3RUVXSDUWH*RQ]DOR5RFKDFRPSDUWHOR
TXHGHPDQHUDFRWLGLDQD$KXPDGDGLVIUXWDED
FRPRHOJXVWRTXHWHQÊDSRUODFRPLGDORPÊV
WLFRORFKDP¾QLFR\VXWÆFQLFD
WLFRORFKDP¾QLFR\VXWÆFQLFDSDUDSLQWDU
q0DQXHOIXHHOLQLFLDGRUGHOUHDOLV
q0DQXHOIXHHOLQLFLDGRUGHOUHDOLVPRFÐVPLFR
\HOPHMRUHMHPSORGHOVLQFUHWLVP
\HOPHMRUHMHPSORGHOVLQFUHWLVPRPH[LFDQR
DOVDEHUIXQGLUORXUEDQR\ORFÐV
GHOVLJOR
GHOVLJOR ;;;DOVDEHUIXQGLUORXUE
PLFRFRQQXHVWUDFXOWXUDSUHKLVS
PLFRFRQQXHVWUDFXOWXUDSUHKLVS¾QLFD\FRQ
WHPSRU¾QHDr
3UR\HFWDGRHQXQSULQFLSLR
3UR\HFWDGRHQXQSULQFLSLRSDUDGLIXQGLU
HOWUDEDMRGH$KXPDGDILQDOPHQW
HOWUDEDMRGH$KXPDGDILQDOPHQWHHVWHOLEURVH
FRQYLUWLÐHQXQKRPHQDMHDODDS
FRQYLUWLÐHQXQKRPHQDMHDODDSRUWDFLÐQTXH
HODUWLVWDKL]RDODFXOWXUD
HODUWLVWDKL]RDODFXOWXUD\ODVRFLHGDG
PH[LFDQD(VSRUWDQWRXQDSXEOLFD
PH[LFDQD(VSRUWDQWR
FLÐQTXHGHEHHVWDU
FLÐQTXHGHEHHVWDUHQWRGRVORV
KRJDUHV\PHUHF
KRJDUHV\PHUHFHGLIXQGLUVH
FRPRODFRQFLHQ
FRPRODFRQFLHQFLDFUÊWLFDGHO
FRQWH[WRVRFLDOH
FRQWH[WRVRFLDOHKLVWÐULFRTXH
QRVKDWRFDGRYL
QRVKDWRFDGRYLYLUHVXQGR
FXPHQWRTXHQ
FXPHQWRTXHQRVUHSUHVHQWD
\PXHVWUDODYLVLÐ
\PXHVWUDODYLVLÐQWDQDWLQDGD
TXH0DQXHO$KXP
TXH0DQXHO$KXPDGDWHQÊDGH
VXHQWRUQRG
VXHQWRUQRGHODYLGDFR
WLGLDQ
WLGLDQD\VXGHYHQLU
KLV
KLVWÐULFR
(GLWRULDO5HVLVWHQFLD
/$/21$</$%52&+$ _
0$18(/$+80$'$,,,,
GHPDU]RGH
GHHPD
PDUU]RGH
GH
)UDQFLVFD<ROLQ
I\ROLQ#JPDLOFRP
$
GGRKHGRQLVWD\PX\SRFRHPS¾WLFR'HHVH
RKHGRQLVWD\PX\SRFRHPS¾WLFR'HHVH
K
PXQGRHVSDUWH-HS*DPEDUGHOODLQWHUSUH
PXQGRHVSDUWH-HS*DPEDUGHOOD
LQWHUSUH
WDGRSRUHODFWRUIHWLFKHGH6RUUHQWLQR7RQL
6HUYLOORHOSHULRGLVWDTXLHQOXHJRGHOD
PXHUWHGHXQDPRUGHMXYHQWXGUHIOH[LRQD
VREUHHOVLJQLILFDGRGHVXYLGD2DOPHQRV
ORLQWHQWDSRUTXH*DPEDUGHOODHVWDQYDFÊR
FRPRTXLHQHVORURGHDQ
ILQDOHVGHOD6HJXQGD*XHUUD0XQGLDO
VXUJLHURQHQ,WDOLDXQDVHULHGHGLUHF
WRUHVTXHSXVLHURQDHVHSDÊVHQOD
FLPDGHOVÆSWLPRDUWH)HOOLQL9LVFRQWL5RV
VHOOLQL'H6LFD\XQSRFRP¾VWDUGH%HUWROXFFL
/HRQH6FROD\3DVROLQLTXHKR\IRUPDQSDU
WHGHODPHPRULDGH
SHUoFLDODODYH]
FXDOTXLHUFLQÆILOR
)LOPHSURIXQGR\VX
&RQHOWLHPSRHVD
IXHU]DFUHDWLYDIXHGH
VDSDUHFLHQGR\HQORV
×OWLPRVDÎRVKDVLGRFDVL
LQH[LVWHQWH
(OFLQHLWDOLDQRDFWXDO
HVHQVXPD\RUÊDFRPH
GLDVGHSRFRDOFDQFHSHUR
KD\DOJXQDVH[FHSFLRQHV
LQWHUHVDQWHV3DROR6RUUHQ
WLQRHVXQDGHHOODV$XWRU
GHSHOÊFXODVTXHFULWLFDQ
HOVLVWHPDSROÊWLFR\VRFLDO
GHVXSDÊVHQVX×OWLPDHQ
WUHJD/DJUDQEHOOH]DKDFH
XQDHVSHFLHGHKRPHQDMHD
HVRVFO¾VLFRV
&RQODILJXUDGHXQYHWHUDQRSHULRGLVWD &RPRKRPHQDMHD)HOOLQLWDPSRFRIDOWDQVL
uTXHELHQSRGUÊDVHUHO0DVWURLDQQLGH/D WXDFLRQHVVXUUHDOLVWDV\FÐPLFDVPRPHQWRV
GROFHYLWDuFRPRFHQWUR6RUUHQWLQRKDFH TXHMXHJDQFRQODUHDOLGDG\HOUHFXHUGR\OD
XQUHWUDWRGHODDOWDVRFLHGDGGH5RPD\VX SUHVHQFLDGH5RPDSRUTXHVLQGXGDODYHUGD
YLGDWDQGHVSUHRFXSDGDFRPRYDFÊD8QPXQ GHUDSURWDJRQLVWDHVHVDJUDQFDSLWDO6RUUHQWL
$OWHUHJR
ZZZYHUWLJRSROLWLFRFRP
QRFRQVWUX\HVXUHWUDWRFRQFOLFKÆVHLFRQRVGH
ODFLXGDGGHD\HU\GHKR\(OUHVXOWDGRSRU
VXSXHVWRQRSRGÊDVHURWURTXHODXQLÐQGH
SDVDMHVPDUDYLOORVRVGHVGHODHVFHQDGHDSHU
WXUDHQODTXHTXHGDQSHUIHFWDPHQWHFODUDVODV
LQWHQFLRQHVGHOFLQHDVWDHQWRGRVORVVHQWLGRV
XQGUDPDEXIRUHWUDWDGRFRQWRGDRSXOHQFLD
<WDOFRPRRFXUUÊDFRQ/D
)RWRV3DWK¸)LOPV$*
GROFHYLWDGRQGHHOSHUVRQDMH
GH0DVWURLDQQLHUDXQDOWHU
HJRGH)HOOLQL6RUUHQWLQRHV
FRPR*DPEDUGHOODSUHWHQ
FLRVRH[FHVLYRDUURJDQWH\
VXPDPHQWHO×FLGR(OUHD
OL]DGRUWLHQHHQTXÆVRVWHQHU
VXIDQIDUURQHUÊD6XILOPH
HVFDPELDQWHSURIXQGR\
VXSHUILFLDODODYH]GHPX
FKDVOHFWXUDV\GLPHQVLR
QHVOOHQRGHUHIHUHQFLDV
SHURSRVHHGRUGHXQD
SHUVRQDOLGDG×QLFD&RQ
HVRHQPHQWHVRUSUHQGH
SDUDELHQTXHOD$FDGH
PLDVHKD\DDWUHYLGRD
QRPEUDUD/DJUDQEHOOH]DFRPR
0HMRU3HOÊFXOD([WUDQMHUD(OORVWDQFRQVHUYD
GRUHV\SUHGHFLEOHVDSRVWDURQSRUHVWH6RUUHQ
WLQRTXHDQDGLHRIUHFHGLVFXOSDVSRUFRORFDUVH
HQHOOXJDUGHOPHMRUGLUHFWRULWDOLDQRGHODDF
WXDOLGDG
'(&,1( __
/$*5$1%(//(=$
/$9,'$(13526$ _
/,&(1&,$'26(168(®26
'DQLHOD6X±UH]
GDQQ\VXUR#JPDLOFRP
,OXVWUDFLÁQ20RFWH]XPD
(OÆ[LWRHVI¾FLOGHREWHQHU/RGLIÊFLOHVPHUHFHUOR
$OEHUW&DPXV
œ
6DEÊDVTXHHQ0Æ[LFRKD\FDVLRFKRPL
OORQHVGHQLQLV"(VWRHTXLYDOHDOWHUFHU
SRUFHQWDMHP¾VDOWRGHMÐYHQHVTXHQLHVWX
GLDQQLWUDEDMDQHVWDPRVVRORSRUGHEDMRGH7XUTXÊD
H,VUDHOVHJ×QVHÎDODOD2UJDQL]DFLÐQSDUDOD&RR
SHUDFLÐQ\'HVDUUROOR(FRQÐPLFRV2&'(HQXQHVWX
GLRUHDOL]DGRHODÎRSDVDGR
'HDFXHUGRFRQHOLQIRUPH3DQRUDPDGHOD(GXFD
FLÐQ0Æ[LFRHVXQSDÊVTXHWLHQHVLHWHPLOORQHV
PLOMÐYHQHVGHDDÎRVTXHQRHVWXGLDQ\WDP
SRFRWUDEDMDQDSHVDUGHTXHHQORVDÎRVUHFLHQWHVGH
DFXHUGRFRQ5RGULJR&DVWDÎHGD9DOOHFRQVXOWRUGHOD
'LYLVLÐQGH,QQRYDFLÐQ\0HGLFLÐQGHO3URJUHVRGHOD(GX
FDFLÐQGHOD2&'(HQQXHVWURSDÊVVHKDREVHUYDGRXQFUHFL
PLHQWRPRGHUDGRHQORVQLYHOHVHGXFDWLYRV
6HJ×Q&DVWDÎHGDKR\ODFREHUWXUDHGXFDWLYDHVFDVL
WRWDOHQWUHORVQLÎRVGHFXDWURDDÎRV\ORVMÐYHQHVGHD
DÎRVWLHQHQQLYHOHVP¾VDOWRVGHHVFRODULGDGTXHODVJH
QHUDFLRQHVDQWHULRUHVSXHVDKRUDHVP¾VVHQFLOORTXHHVWRV
MÐYHQHVOOHJXHQDOQLYHOPHGLRVXSHULRU\XQLYHUVLWDULR
6LQHPEDUJRPHVXUJHQYDULDVLQWHUURJDQWHVVLKR\HO
VXHÎRGHWHQHUXQDFDUUHUDXQLYHUVLWDULDHVP¾VDOFDQ]DEOH
œSRUTXÆVLJXHKDELHQGRWDQWRVQLQLV"œ(QUHDOLGDGYDOHOD
SHQDHVWXGLDUODXQLYHUVLGDG"œ3DUDTXÆHVWXGLDUVLDOVDOLU
VHJXURQRHQFXHQWURXQHPSOHRPHMRU"
$XQTXHVHDGLIÊFLOGHFUHHUGHTXLHQHVSRVHHQODV
IRUWXQDVP¾VJUDQGHVGHOPXQGRWDQVRORVLHWHWHUPLQDURQ
XQDFDUUHUDXQLYHUVLWDULD
œ6DEÊDVTXHQL:DOW'LVQH\QL+HQU\)RUGQL6WHYH-REV
QL%LOO*DWHV\PXFKRPHQRV0DUN=XFNHUEHUJWHUPLQDURQ
ODXQLYHUVLGDG"+R\HVWRVGURSRXWVRHVWXGLDQWHVTXHGHMD
URQODFDUUHUDVRQPLOORQDULRVœ<JUDFLDVDTXÆ"*UDFLDVD
TXHSHUVLJXLHURQVXVVXHÎRV\QXQFDVHGHMDURQGHUURWDUSRU
ODVDGYHUVLGDGHV
FDURQDDOJRHQHVSHFÊILFRVXYLVLÐQSDVLÐQ
FD
DURQDDOOJRHHQHVSHFÊILFRVXYLVLÐQSDVLÐQ
\\HQWUHJDSRUVXVVXHÎRVQRVHYLRPHUPDGDSRU
HQWU
W HJDSRUVXVVXHÎRVQRVHYLRPHUPDGDSRU
HOVLPSOHKHFKRGHWHQHURQRXQGLSORPDDFDGÆPLFR
$KRUDELHQVLDODIDOWDGHHPSOHROHVXPDPRVGHXGDV
VHJXUDPHQWHWHQGUHPRVODUHFHWDSHUIHFWDGHOFDRV0H
TXHGDFODURTXHRWURGHORVIDFWRUHVFODYHSDUDTXHHVWRV
HPSUHVDULRVKD\DQGHFLGLGRQRFRQFOXLUODXQLYHUVLGDGHVHO
FRVWRGHHOOD(Q(VWDGRV8QLGRVODVGHXGDVGHORVDOXPQRV
DOJUDGXDUVHOOHJDQDVXSHUDUORVPLOGÐODUHV6LDSDUWHGH
HVWDUHQGHXGDGRVKDVWDHOFXHOORORVDOXPQRVQRFRQVLJXHQXQ
HPSOHRP¾VDOO¾GHVHUPHVHURRFDMHURFODURTXHXQJUDQSRU
FHQWDMHGHFLGLU¾VHUXQGURSRXWHQYÊVSHUDVGHVXSHUDUVHKDV
WDOOHJDUDVHUJHUHQWHRPDQDJHUGHDOJ×QQHJRFLR
3XHGHVHUTXHHQ0Æ[LFRODKLVWRULDVHDXQWDQWRGLIH
UHQWHSXHVGHDFXHUGRDODVHVWDGÊVWLFDVHQFRQWUDGDVSRU
&DVWDÎHGD9DOOHODWDVDGHHPSOHRDXPHQWDVHJ×QHOQLYHO
HGXFDWLYRGHODVSHUVRQDVHVGHFLUODSUREDELOLGDGGHTXH
FRQVLJDVXQWUDEDMRVLKDVFXUVDGRVHFXQGDULDDXPHQWD
ORKDFHHQVLWLHQHVHGXFDFLÐQPHGLDVXSHULRU\VLWLHQHV
XQWÊWXORXQLYHUVLWDULRWXRSRUWXQLGDGGHFRQVHJXLUXQWUD
EDMRDXPHQWD/RTXHQRPHTXHGDFODURHVGHTXÆWLSR
GHHPSOHRHVWDPRVKDEODQGR
'HVSXÆVGHGDUOHYXHOWDVDODVXQWR\FXHVWLRQDUPHODV
YDULDEOHVYDULDVYHFHVKHOOHJDGRDODFRQFOXVLÐQGHTXHTXL
]¾VKR\UHVXOWDP¾VSURGXFWLYRDSXQWDUOHDODVHVWUHOODV\
SHUVHJXLUQXHVWUDVPHWDVKDVWDOOHJDUDHOODV
4XL]¾GHEDPRVVHUP¾VFUHDWLYRVYLVLRQDULRVHLQQRYD
GRUHVWDO\FRPRORVHPSUHVDULRVTXHHQFDEH]DQODOLVWDGH
)RUEHVSXHVDXQTXHFDUHFHQGHXQWÊWXORXQLYHUVLWDULRYD\D
TXHVHJDQDURQXQDOLFHQFLDWXUDHQVXHÎRVDODOFDQ]DUWRGRV
\FDGDXQRGHHOORV
4XL]±
$GHP¾VGHTXHGHFLGLHURQGHMDUODHVFXHODHVWRVHPSUHVD
ULRVWLHQHQHQFRP×QDOJRWRGRVFRPHQ]DURQDWUDEDMDU
GHVGHXQDWHPSUDQDHGDG\DXQTXHHQUHDOLGDGQRVHGHGL
GHPDU]RGH
(OHQD)HUQ±QGH]GHO9DOOH
HOHQDPDULQH#PHFRP
,OXVWUDFLÁQ20RFWH]XPD
*
$PLJR
UDQSDUWHGHORTXHVDEHPRVDFWXDOPHQWHVREUH
FÐPRIXQFLRQDODPHPRULDORGHEHPRVDOUHVXOWDGR
WU¾JLFRHLQHVSHUDGRGHXQDRSHUDFLÐQTXLU×UJLFD
&RUUÊDHODÎRGH+HQU\0RODLVRQHUDREUHURHQ
XQDI¾EULFDGHP¾TXLQDVGHHVFULELUHQ+DUWIRUG&RQQHF
WLFXW'HVGHODDGROHVFHQFLDSDGHFÊDXQDHSLOHSVLDLQWUDWD
EOHFRQYDULDVFULVLVFRQYXOVLYDVFDGDVHPDQDDSHVDUGHTXH
WRPDEDPHGLFDPHQWRVDGRVLVP¾[LPDV/DQXHYDHVSHUDQ
]DHQHVWRVFDVRVHUDXQSURFHGLPLHQWRTXLU×UJLFRGHVD
UUROODGRSDUDGHVWUXLUODOHVLÐQFHUHEUDOTXHGDEDRULJHQD
ODVFRQYXOVLRQHV6HHQFRPHQGÐHOFDVRGH0RODLVRQDO
QHXURFLUXMDQRGHOKRVSLWDOGH+DUWIRUGTXLHQLQWHQWÐVLQ
Æ[LWRKDOODUHOVLWLRGHODOHVLÐQ&RPRVHVDEÊDTXHHQPX
FKRVHQIHUPRVODVFULVLVVHLQLFLDEDQHQXQDUHJLÐQGHOOÐ
EXORWHPSRUDOOODPDGDKLSRFDPSRHOFLUXMDQRGHFLGLÐ
H[WLUSDUORVKLSRFDPSRVGHUHFKRHL]TXLHUGRGHVXSDFLHQ
WHSDUDDFDEDUGHXQDYH]FRQODVFRQYXOVLRQHV1RVHHVSH
UDEDTXHODSÆUGLGDGHOKLSRFDPSRFDXVDUDJUDQGHVGDÎRV
SRUTXHVHOHVXSRQÊDOLJDGRDODVVHQVDFLRQHVROIDWLYDV\SRFR
LPSRUWDQWHVSDUDHOVHUKXPDQR
(OUHVXOWDGRLQPHGLDWRGHODRSHUDFLÐQIXHXQDDPQHVLD
SURIXQGD0RODLVRQFRQVHUYDEDORDSUHQGLGRDQWHVGHOD
FLUXJÊDSHURHUDLQFDSD]GHUHFRUGDUDOJ×QVXFHVRQXHYRSRU
P¾VGHVHJXQGRVQRVDEÊDVLKDEÊDFRPLGRRQRQLHO
QRPEUHGHVXHQIHUPHUDQLGÐQGHHVWDEDHOEDÎR&RPR
ODVFULVLVFRQYXOVLYDVHUDQPXFKRPHQRVIUHFXHQWHVDOVHU
GDGRGHDOWDLQWHQWÐYROYHUDVXSXHVWRHQODFDGHQDGHPRQ
WDMHSHURSURQWRIXHGHVSHGLGRSRUTXHVHKDEÊDYXHOWRqGH
PDVLDGRROYLGDGL]Rr$SDUWLUGHHQWRQFHVVHGHGLFÐD
FRODERUDUFRQORVVLFÐORJRV\QHXUÐORJRVLQWHUHVDGRVHQHV
WXGLDUVXDPQHVLDHOHTXLSRGH&LHQFLDV&RJQLWLYDVGHO0,7
VHFRQYHUWLUÊDSDUDÆOFRQHOWLHPSRHQXQDVHJXQGDIDPLOLD
6REUHVXFDVRVHKDQHVFULWRFLHQWRVGHDUWÊFXORVDFDGÆPLFRV
HQORVFXDOHVVHOHLGHQWLILFDVLPSOHPHQWHFRPR+0
*UDFLDVDHVWRVHVWXGLRVVDEHPRVTXHVLQKLSRFDPSRQRKD\
QXHYRVUHFXHUGRV\TXHH[LVWHQYDULRVWLSRVGHPHPRULDLQ
GHSHQGLHQWHVXQRVGHRWURVSRUTXHVXUJHQGHUHJLRQHVFH
UHEUDOHVGLIHUHQWHV
+0SRGÊDD×QDFFHGHUDORVFRQRFLPLHQWRVFX\DKXHOOD
KDEÊDTXHGDGRUHJLVWUDGDHQRWUDV]RQDVFHUHEUDOHVDQWHVGH
ODRSHUDFLÐQ\UHFRUGDUSRUHMHPSORORVQRPEUHVGHXQD
VHULHGHSHUVRQDMHVIDPRVRVHQORVFXDUHQWDVORVQRPEUHV
GHVXOXJDUQDWDO\GHVXHVFXHOD\FX¾OKDEÊDVLGRVXRILFLR
3RGÊDWDPELÆQDGTXLULUKDELOLGDGHVQXHYDVDIXHU]DGHUHSH
WLUXQDDFFLÐQ3HURQRSRGÊDLPDJLQDUVXIXWXURQLHYRFDU
FRQGHWDOOHP¾VTXHXQVRORHSLVRGLRGHVXYLGDXQYXHORHQ
DYLRQHWDDOODGRGHOSLORWRDORVDÎRV'HOUHVWRGHVXELR
JUDIÊDQRUHWHQÊDP¾VTXHODVOÊQHDVJHQHUDOHV&RQORVKLSR
FDPSRVVHOHKDEÊDLGRODPHPRULDDXWRELRJU¾ILFDHVD
FDSDFLGDGSDUDYLDMDUHQHOWLHPSRGHM¾QGRVHOOHYDUKDFLDHO
SDVDGRSRUGHWDOOHVFRPRHOVDERUGHXQDPDJGDOHQDUHPR
MDGDHQXQDWD]DGHWÆ
1RIXHVLQRKDVWDGHVSXÆVGHVXPXHUWHHQDORV
DÎRVTXHVHUHYHOÐVXLGHQWLGDG6XELÐJUDIDODGRFWRUD
6X]DQQH&RUNLQQRVGLFHTXHHUDXQKRPEUHDPDEOHDSD
FLEOH\VRQULHQWHFRQEXHQVHQWLGRGHOKXPRU\XQDFRUWHVÊD
LPSHFDEOHTXHOHKDFÊDJDQDUGHLQPHGLDWRODVLPSDWÊDGH
FXDQWRVORWUDWDEDQ3DVDEDKRUDVKDFLHQGRFUXFLJUDPDV
SRUTXHGHFÊDHUDQEXHQRVSDUDODPHPRULD7HQÊDODVHQVD
FLÐQGHYLYLUURGHDGRSRUDPLJRVGHWLHPSRDWU¾V&RUNLQ
TXHOHDSOLFÐSUXHEDVVLFROÐJLFDVFLHQWRVGHYHFHVDORODUJR
GHDÎRVIXHVLHPSUHSDUDÆOqXQDDPLJDGHODHVFXHODr
3HQVDUÊDPRVTXHODDPQHVLDORKDEÊDVXPLGRHQODFRQ
IXVLÐQ\HOPLHGR1RIXHDVÊFRQODPHPRULDSHUGLÐODV
WULVWH]DVGHOSDVDGR\ODDQVLHGDGDQWHHOIXWXURSHURQRRO
YLGÐQXQFDFÐPRVHUDPLJRGHVXVDPLJRV
ZZZYHUWLJRSROLWLFRFRP
/$9,'$(13526$ _
81$0(17(
6,15(&8(5'26
0LHQWUDVWUDEDMDGRUHVGHOD8QLYHUVLGDG
7HFQROÁJLFDGHO3RQLHQWHHQ0D[FDQÆ
<XFDW±QFRQVWUX¼DQXQDFDQFKDGH
EDVTXHWEROWRSDURQFRQXQDURFDHQRUPH
$SHQDVHVFDUEDURQGHVFXEULHURQTXHVH
WUDWDEDGHXQ-XHJRGH3HORWDHGLoFDGR
GXUDQWHHO&O±VLFR7HPSUDQRD&D
G&\ODEUDGRFRQSLHGUDVHVWLOR3XXF
'XUDQWHODVSHUIRUDFLRQHVWDPEL¸Q
HQFRQWUDURQFHU±PLFDGHO3UHFO±VLFR
D&DG&\&O±VLFRDG&
*LUD
(OP×VLFRPH[LFDQR3DEOR5H\HVHPSUHQGH
XQDJLUDFRQHOSUR\HFWR357KH*OREDO
/DVSUHVHQWDFLRQHVGHOFRQMXQWRGHIXVLÐQ
LQLFLDQHOGHPDU]R5HVWDXUDQWH%DU
6ÆSWLPR\FRQWLQ×DQORVGÊDV)RQRWHFD
1DFLRQDO)RUR7HMHGRUGH(O3ÆQGXOR
-D]]DWO¾QHQ&KROXOD0XVHR
'RORUHV2OPHGR(VWXGLR$GHO,0(5
0XVHR7DPD\R\)HVWLYDO7DPRDQ
FK¾QHQ0RUHORV
&RUWHV¼D,1$+
(QWUHWUHV
3URKLELGRHQWUDUVLQSDQWDORQHVGH-XDQ
%RQLOOD(QODRULOODGH5DIDHO&KLUEHV
\/DVUHSXWDFLRQHVGH-XDQ
*DEULHO9¾VTXH]VRQODV
REUDVILQDOLVWDVGHO,3UHPLR
%LHQDOGH1RYHOD9DUJDV
/ORVD(OUHFRQRFLPLHQWRVH
HQWUHJDU¾HOSUÐ[LPRGH
PDU]RHQ/LPD3HU×
GRQGHORVFRQYRFDGRV
UHDOL]DU¾QXQDVHULHGH
DFWLYLGDGHV\VHU¾QWHVWLJRV
GHOGLFWDPHQTXHDQXQFLDU¾
DOJDQDGRUGHORVPLO
GÐODUHV\ODHVFXOWXUDGH)HUQDQGRGH6]\V]OR
TXHFRPSRQHQHOJDODUGÐQ
$GHODQWRV
/DVDFWULFHV0DUÊD9LFWRULD(OSLGLD&DUULOOR\
6DUD*DUFÊDUHFLELU¾QKRPHQDMHVGXUDQWHOD
SUÐ[LPDHGLFLÐQGHO)HVWLYDO,QWHUQDFLRQDO
GH&LQHHQ*XDGDODMDUD$ODSULPHUDVHOH
HQWUHJDU¾HO0D\DKXHOGH3ODWDODVHJXQGD
VHU¾FHOHEUDGDSRUVXWUDEDMRHQHOFLQH
HVWDGXQLGHQVH\ODDEXHOLWDGH0Æ[LFRVHU¾
UHFRUGDGDSRUVXGHVWDFDGD\ODUJDFDUUHUD
DUWÊVWLFD$VLPLVPR4XHEHFVHU¾HOSDÊV
LQYLWDGRGHQWURGHOHQFXHQWUR
DFHOHEUDUVHGHODOGHPDU]R
$UFKLYR
ïSHUD
/XHJRGHGLH]DÎRVGHDXVHQFLDODÐSHUD
YXHOYHDO$XGLWRULR1DFLRQDO7XUDQGRW\/D
ERKÆPHGH*LDFRPR3XFFLQLVRQODVSLH]DV
DHVFHQLILFDUVHHQHOIRURGH5HIRUPD/D
SULPHUDVHSUHVHQWDU¾HO\GHPD\R
FRQODVDFWXDFLRQHVGHODVRSUDQR
VLFLOLDQD7L]LDQD&DUXVRUROSURWDJÐQLFR
HOWHQRULWDOLDQR5XEHQV3HOL]]DUL&DODI\
GHPDU]RGH
1RWLPH[
&8/785$/(6 _
+DOOD]JJRHQ<XFDW±Q
+DOOD]JRHQ<XFDW±Q
ORVDUWLVWDVPH[LFDQRV2OLYLD*RUUD/L×\
HOEDMR5RVHQGR)ORUHV7LPXU/DVHJXQGD
REUDKDU¾ORSURSLRORVGÊDV\GHMXOLR
(OSDSHOGH0LPÊORDOWHUQDU¾QODVRSUDQR
HVSDÎROD$LQKRD$UWHWD\ODQDFLRQDO2OLYLD
*RUUD5RGROIRVHU¾HQFDUQDGRSRUORV
PH[LFDQRV5DPÐQ9DUJDV\)HUQDQGRGHOD
0RUDPLHQWUDVTXH0DUFHOORLU¾SRUFXHQWD
GHOUXPDQR*HRUJH3HWHDQ(QDPERVFDVRV
ODGLUHFFLÐQPXVLFDOVHU¾GHOVHUELR6UED
'LQLF\HOPRQWDMHHVFÆQLFRFRUUHVSRQGHU¾
D/XLV0LJXHO/RPEDQD
9XHOYHQDFDVD
'HVSX¸VGHXQODUJRSHUHJULQDUSRU$OHPDQLD
&DQDG±)UDQFLD\(VWDGRV8QLGRVODFROHFFLÁQ
GH'LHJR5LYHUD\)ULGD.DKORYXHOYHDO0XVHR
'RORUHV2OPHGR/RVYLVLWDQWHVDOHVSDFLRGH
/D1RULD;RFKLPLOFRSXHGHQGLVIUXWDUGHODV
SLH]DVFRQXQUHQRYDGRGLVFXUVRPXVHRJU±oFR
3RO¸PLFRHLQQRYDGRU
*HUDUG0RUWLHUIDOOHFLÐDORVDÎRV
YÊFWLPDGHF¾QFHUGHS¾QFUHDV&RQRFLGR
FRPRHODJLWDGRUGHODÐSHUDGLULJLÐHO
7HDWURGHOD0RQQDLHHQ%UXVHODVHO7HDWURGH
3DUÊVOD°SHUDGH1XHYD<RUN\HO7HDWUR5HDO
GH0DGULG(OP×VLFRGHRULJHQEHOJDVXVFLWÐ
JUDQSROÆPLFDDWUDYÆVGHPRQWDMHVTXH
LQWHQWDURQWUDQVJUHGLUODVFRQYHQFLRQHVGH
ODFRPRGLGDGPXVLFDOHQDUDVGHVXVFLWDU
HPRFLÐQ\GLYHUVDVUHIOH[LRQHVHQWUHHO
S×EOLFR
$.RODULN
(OHFWURFDUGLRJUDPDSRUW±WLO
,QYHVWLJDGRUHVGHOD8QLYHUVLGDGGH*XD
QDMXDWRGLVHÎDQXQVLVWHPDSRUW¾WLOGH
GHWHFFLÐQGHHQIHUPHGDGHVFDUGLDFDV
6HWUDWDGHXQGLVSRVLWLYRHOHFWUÐQLFRGHO
WDPDÎRGHXQFHOXODUTXHSRGU¾PDQLSXODUVH
GHPDQHUDVHQFLOOD\FX\DLQIRUPDFLÐQVH
HQYLDU¾YÊDWHOÆIRQRPÐYLODXQHVSHFLDOLVWDX
KRVSLWDO(OSURWRWLSRHVDOLPHQWDGR
SRUXQDEDWHUÊDGHFLQFRYROWLRV
WLHQHWUHVFDEOHVTXHVHFRORFDQHQ
ORVPLVPRVSXQWRVHVSHFÊILFRVGHO
FXHUSRGRQGHVHUHJLVWUDODIUHFXHQ
FLDFDUGLDFD\XQHOHPHQWRTXH
WUDVPLWHGHPDQHUDLQDO¾PEULFD
ODVHÎDOLQIRUPDFLÐQDOFHOXODU
1XHYRGLQR
3RUSULPHUDYH]HQODKLVWRULD0Æ[LFR
DORMDU¾HO&DPSHRQDWR0XQGLDOGH&LFOLVPR
GH3LVWDHQ\VHU¾$JXDVFDOLHQWHVODVHGH
GHELGRDOLQWHUÆVPRVWUDGRSRUHVWHGHSRUWH
3RURWURODGR*XDGDODMDUDVHKDU¾FDUJRGHOD
SULPHUDIHFKDGHOD&RSDGHO0XQGRHQ
$VÊORLQIRUPÐHOSUHVLGHQWHGHOD)HGHUDFLÐQ
0H[LFDQDGH&LFOLVPR)0&(GJDUGR
+HUQ¾QGH]
3DOHRQWÐORJRVSRUWXJXHVHV
RUWXJXHVHV
DQXQFLDURQHOGHVFXEULPLHQWRGH
VFXEULPLHQWRGH
XQDQXHYDHVSHFLHGHGLQRVDXULR
LHGHGLQRVDXULR
FDUQÊYRURTXHVHFUHHYLYLÐKDFH
FUHHYLYLÐKDFH
PLOORQHVGHDÎRV\KDEUÊDVLGRHO
\KDEUÊDVLGRHO
PD\RUGHSUHGDGRUGH(XURSDHQHOSHULRGR
URSDHQHOSHULRGR
-XU¾VLFR(OKDOOD]JRIXHGDGRDFRQRFHUSRU
GDGRDFRQRFHUSRU
ORVSDOHRQWÐORJRV&KULVWRSKH+HQGULFN[\
SKH+HQGULFN[\
2FW¾YLR0DWHXVGHOD8QLYHUVLGDG1XHYD
QLYHUVLGDG1XHYD
GH/LVERDTXLHQHVLGHQWLILFDURQDODQXHYD
ILFDURQDODQXHYD
HVSHFLHFRPR7RUYRVDXULRJXUQH\LGHFDVL
RJXUQH\LGHFDVL
GLH]PHWURVGHORQJLWXG\KDVWDFLQFR
KDVWDFLQFR
WRQHODGDVGHSHVR
ELFL
6HGHPXQGLDO
$UFKLYR
0Æ[LFRODQ]DU¾XQDFUX]DGDSDUDIUHQDUOD
IXJDGHFHUHEURVUHFXSHUDUDFDVLMÐYHQHV
FLHQWÊILFRVHQHOH[WHULRU\GXSOLFDUHQFLQFR
DÎRVODFLIUDGHORVPLOGRFWRUHVTXHIRUPDQ
SDUWHGHO6LVWHPD1DFLRQDOGH,QYHVWLJDGRUHV
q1XHVWUDSHUVSHFWLYDHQHOSUÐ[LPROXVWURHV
GXSOLFDUHOQ×PHURGHLQYHVWLJDGRUHVORTXH
SHUPLWLUÊDD0Æ[LFRWHQHUXQDPD\RURSRUWXQL
GDG\HVWDUDQLYHOGHSDÊVHVFRPR(VSDÎD\SRU
DUULEDGH%UDVLOrGLMRHOGLUHFWRUJHQHUDOGHO
&RQVHMR1DFLRQDOGH&LHQFLD\7HFQRORJÊD
&RQDF\W(QULTXH&DEUHUR
8QQXHYRWHVWVDQJXÊQHRSRGUÊDGHWHFWDU
FRQGHSUHFLVLÐQ\KDVWDFRQWUHVDÎRV
GHDQWLFLSDFLÐQVLXQDSHUVRQDGHVDUUROODU¾
$O]KHLPHURGHILFLHQFLDVFRJQLWLYDVOHYHV
VHJ×QXQHVWXGLRGLYXOJDGRSRUODUHYLVWD
1DWXUH0HGLFLQH/DLQYHVWLJDFLÐQUHDOL]DGD
SRUXQJUXSRGHH[SHUWRVGHO&HQWUR0ÆGLFR
GHOD8QLYHUVLGDGGH*HRUJHWRZQHQ
(VWDGRV8QLGRVGHWHFWÐTXHDOJXQRV
FDPELRVREVHUYDGRVHQODVDQJUHSRGUÊDQ
LPSOLFDUTXHHOSDFLHQWHVXIUH$O]KHLPHU
HQVXHWDSDP¾VWHPSUDQD
ODLQIRUPDFLRQ
)XJDGHFHUHEURV
(ODVWURQDXWD0DUN.HOO\\VX
KHUPDQRJHPHOR6FRWWD\XGDU¾QD
OD1$6$DHVWXGLDUORVHIHFWRVGHORV
YXHORVHVSDFLDOHVHQHORUJDQLVPR
KXPDQR&UDLJ.XQGURWVXEGLUHFWRU
FLHQWÊILFRGHO3URJUDPDGH,QYHVWLJD
FLÐQ+XPDQDGHOD1$6$GLMRTXHORV
KHUPDQRVSHUPLWHQXQDRSRUWXQLGDG
×QLFDGHHVWXGLDUDGRVSHUVRQDVFRQ
HOPLVPREDJDMHJHQÆWLFRVRPHWLGRV
DDPELHQWHVGLVWLQWRV/DDJHQFLD
HVSDFLDOHVSHUDTXHORVHVWXGLRV
VLUYDQGHEDVHSDUDLQYHVWLJDFLRQHVIXWXUDV
'HWHFWDU$O]KHLPHU
(OP±VULFR
(OSRUWXJX¸V&ULVWLDQR5RQDOGRGHODQWHURGHO5HDO
0DGULGHVHOMXJDGRUP±VULFRGHOPXQGR\
HQFDEH]DODOLVWDSRUGHODQWHGHODUJHQWLQR
/LRQHO0HVVLTXHFDGDDÀRHODERUDODZHE
/LRQHO0HVVLTXHFDGDDÀRHODERUDODZHE
IXWERO¼VWLFDJRDOFRP&RQXQSDWULPRQLR
HVWLPDGRHQPLOORQHVGHHXURVHO
HVWLPDGRHQPLOORQHVGHHXURVHO
DWDFDQWHVXSHUDD0HVVLSRUWDQVRORGRV
PLOORQHVGHHXURVHQHOFÁPSXWRGHO
VDODULR5RQDOGRKDLQFUHPHQWDGR
VDODULR5RQDOGRKDLQFUHPHQWDGR
HQORVÆOWLPRVGRFHPHVHV
HQORVÆOWLPRVGRFHPHVHV
\GHPDQHUDQRWDEOHVX
LQpXHQFLDWDQWRSDUDVX
FOXEFRPRSDUDOD
VHOHFFLÁQGH
VXSD¼V
ODQXHYDQRWLFLD
ZZZYHUWLJRSROLWLFRFRP
&,(1&,$<'(3257( _
3UHGLFHULHVJRV
*HPHORVHVSDFLDOHV
'(3257(6 _
81$5(129$'$)
,
QFHUWLGXPEUH(VDHVODVHQVDFLÐQTXHSUH
GRPLQDHQOD)ÐUPXOD8QR)HQHODUUDQ
TXHGHWHPSRUDGDTXHLQLFLDFRQHO*UDQ
3UHPLRGH$XVWUDOLDTXHVHKDEU¾FHOHEUDGR
HVWHGHPDU]RHQHOFLUFXLWRGH0HOERXUQH
(OVHULDOYLYHVXVPRGLILFDFLRQHVP¾VUDGLFDOHV
HQFXDQWRDDHURGLQ¾PLFD\PRWRUHQORV×OWL
PRVDÎRVHQWDQWRTXHORVSLORWRVPH[LFDQRV
6HUJLR3ÆUH]\(VWHEDQ*XWLÆUUH]YLYHQFUX
FLDOHVWHPSRUDGDVHQVXVUHVSHFWLYDVFDUUHUDV
$SDUWLUGHTXHHOSLORWRDOHP¾Q6HEDVWLDQ
9HWWHOPRQRSROL]ÐHOFDPSHRQDWRGHVGHKDFH
FXDWURDÎRVODVPRGLILFDFLRQHVHQOD )KDQ
EXVFDGRWHUPLQDUFRQVXGRPLQLRDOIUHQWHGH
XQ5HG%XOO3HURFRQVXKDELOLGDG\ORVGLVHÎRV
HQORVDXWRVGHOJHQLR$GULDQ1HZH\VLHPSUH
KDQORJUDGRPDQWHQHUVXKHJHPRQÊD
1RREVWDQWHHVWHDÎRHOSDQRUDPDSDUHFH
PRGLILFDUVH&RQODVQXHYDVPHGLGDVHQYDULDV
SDUWHVGHORVPRQRSOD]DV\HOFDPELR
HQODVHVSHFLILFDFLRQHVGHO
PRWRUORV5HG%XOOKDQ
VLGRUHOHJDGRVSRUOR
$OHMDQGUR=±UDWH
UHSRUWHURV#UHYLVWDYHUWLJRFRP
PHQRVGXUDQWHODVSU¾FWLFDVGHSUHWHPSRUDGD
$ORODUJRGHGRFHVHVLRQHVGHSU¾FWLFDVUHDOL
]DGDVHQ-HUH]GHOD)URQWHUD\%DUÆLQIXHURQ
ORVPRWRUHV0HUFHGHVORVTXHORJUDURQORVPH
MRUHVWLHPSRV
/DVHVFXGHUÊDV0HUFHGHV *3:LOOLDPV\
)RUFH,QGLDWRGDVFRQORVPLVPRVPRWRUHV
PRVWUDURQVXSHULRULGDGUHVSHFWRGHORVHTXLSRV
FRQP¾TXLQDVGH)HUUDUL\5HQDXOW(VWRVLELHQ
QRHVDOJRGHILQLWLYRSDUDHOUHVWRGHODÎRORV
DYHQWDMDSRUORPHQRVHQODVSULPHUDVFXDWUR
FDUUHUDVGHODWHPSRUDGD
5HWRV
(QHOFDVRHVSHFÊILFRGH5HG%XOOVXVPRWRUHV
WXYLHURQGLYHUVRVSUREOHPDVWÆFQLFRVTXHORV
OLPLWDURQHQYXHOWDV\GHVDUUROORGHVXVDXWRV
9HWWHOEXVFDFUHFHUP¾VVXKLVWRULDGHQWUR
GHOD)(VHOWHWUDFDPSHÐQPXQGLDO\YDWUDV
ODPDUFDGHOPÊWLFRDUJHQWLQR-XDQ0D
QXHO)DQJLRTXLHQFRQVLJXLÐFLQFR
WÊWXORVGHOVHULDO$GHP¾VEXVFDVHUHO
VHJXQGRSLORWRHQODKLVWRULDHQFRQ
TXLVWDUFLQFRFDPSHRQDWRVGHSLORWRV
GHIRUPDFRQVHFXWLYDDOJRTXHVROR
ORKDORJUDGRHOFRQYDOHFLHQWHDOHP¾Q
0LFKDHO6FKXPDFKHU
/RVSLORWRVWULFRORUHVWLHQHQVXVSURSLRV
UHWRV6HUJLR3ÆUH]OOHJDDVXWHUFHUDHVFX
GHUÊDHQVXSDVRSRUOD)'HVSXÆVGHGHEXWDU
FRQ6DXEHU\WHQHUXQDGHFHSFLRQDQWHWHP
SRUDGDFRQ0F/DUHQVHLQWHJUDDODVILODVGHO
HTXLSRKLQG×6DKDUD)RUFH,QGLD6HU¾VXFXDU
WRDÎRHQHOVHULDO&KHFRWLHQHFRPRREMHWLYR
SULPDULRYROYHUDORVUHVXOWDGRVVRUSUHVLYRVTXH
OODPDURQWDQWRODDWHQFLÐQHQ6XHVFX
GHUÊDHVGHPHGLDWDEODFRQHODQKHORGHDYDQ
]DUDOJXQRVSHOGDÎRV
3RUVXSDUWH(VWHEDQ*XWLÆUUH]TXLHUHFD
QDOL]DUORDSUHQGLGRGXUDQWHVXDÎRFRPR
QRYDWR6HU¾VXVHJXQGDFDPSDÎDFRQ6DXEHU
SDUDORFXDOHOORJUDUPD\RUQ×PHURGHSXQWRV
GHEHVHUVXPHWDSULPRUGLDO(QXQVHULDOWDQ
YRO¾WLO\SRFRWROHUDEOHHQFXDQWRDUHVXOWDGRV
FRPRORHVOD)SXHGHVHUVX×OWLPRFKDQFHGH
DILDQ]DUVHFRPRXQSLORWRGHHVWDFDWHJRUÊD
$GHP¾VGHODVPRGLILFDFLRQHVWÆFQLFDV
HVWHSUHVHQWDHODWUDFWLYRGHGRVSLVWDVTXH
QRVHWXYLHURQHODÎRSDVDGR/DSULPHUDHVHO
FLUFXLWRGH6RFKLTXHKDFHVXGHEXWSDUDDO
EHUJDUHO*UDQ3UHPLRGH5XVLD/DVHJXQGD
HVHOUHJUHVRGHO5HG%XOO5LQJTXHVHU¾VHGH
GHO*3GH$XVWULD
7RGRVHVWRVHOHPHQWRVVHLQWHJUDQDXQ
VHULDOTXHEXVFDUHQRYDUVH\PDQWHQHUHOLQWH
UÆVGHXQS×EOLFRTXH\DVHFDQVDEDGHYHU
YHQFHGRUDOPLVPRSLORWRDOHP¾Q
D
UHYLVWDYHQH]RODQ
(XVHELR5XYDOFDED
HXVHELXVB#\DKRRFRPP[
,OXVWUDFLÁQ20RFWH]XPD
VWLPDGRVHÎRU6FKXPDQQ6ÆTXLÆQHVXVWHG8VWHG\
\RWHQHPRVDILQLGDGHVQRFRPXQHV\TXHQRWRGR
PXQGRHQWLHQGH6HKDEODQFRVDVGHPÊ3RUGRQGH
SDVRODJHQWHPHPLUDLQTXLHWDQWH3RUTXHYR\GHMDQGRXQ
UDVWURGHP×VLFD6HJXUDPHQWHFRQXVWHGSDVDEDORPLVPR1R
PHSUHJXQWHFÐPRSHURDWUDYÆVGHVXP×VLFDVÆGHVXSDVLÐQ
SRUODYLGD3RUTXHHVRVHLGHQWLILFD([FHSWRODVX\D\RQRHV
FXFKRP×VLFD&XDQGRHUDMRYHQODGHVFXEUÊJUDFLDVDXQD
PXMHU3URQXQFLRODSDODEUDPXMHU\VÆTXHXVWHGVHVLHQWHQHU
YLRVR(VRWDPELÆQPHDWUDMRGHXVWHG3RUTXHHVWDPXMHUTXH
PHPRVWUÐVXP×VLFDPHKDEOÐGHVXYLGD'HODYLGDGHXVWHG
TXLHURGHFLU0HGLMRORTXHODVPXMHUHVOODPDQSXURVFKLVPHV
QHVLEDQPDUFDGDVSRUODSDVLÐQ(VDFRVDTXHLQFHQGLDODSHU
VRQDOLGDG(VR\RORWHQJR1RVÆVLPHFUHDRQRSHUR\RVR\
XQKRPEUHWHPSHUDPHQWDO'RQGHTXLHUDTXHYR\GLVWLQJRORV
RMRVGHXQDPXMHUTXHPHPLUDQVLQFRQWHPSODFLRQHV7HUPL
QRSRUDFHUFDUPHDHVDPXMHU\DYHULJXDUœ4XLÆQHUHVW×"
œ&ÐPRWHOODPDV"œ4XÆVXHÎDV"œ4XÆDERUUHFHV"<VLHQXQ
SULQFLSLRDTXHOODPXMHUVHVLHQWHYLROHQWDGDHQVXLQWLPLGDGDO
UDWRVHVXHOWD\UHYHODWRGRVVXVVHFUHWRV
<RQRSUHVXPRGHHVFXFKDUODP×VLFDGHXVWHG0HLEDQ
DGHFLUSUHVXPLGR3UHVXQWXRVR3RUTXHDODJHQWHOHHQFDQ
WDHOFKLVPH<\DPHLPDJLQRVLGHODERFDGHXQFRPSRVLWRU
\FDQWDQWHGHUDQFKHURR\HQTXHHVFXUUHODSDODEUD6FKX
PDQQ8VWHGSDUDPÊVLHPSUHKDVLGRXQDOX]&RPRXQIDUR
DSRVWDGRHQHOSXHUWRTXHJXÊDDORVEDUFRVH[WUDYLDGRV<
TXHOHVGLFHSRUDTXÊHVHOFDPLQR1RVHYD\DQSRURWURODGR
$VÊPHSDVDFRQVXP×VLFD
7RUPHQWDV
6ÆTXHKD\PXFKRVRWURVP×VLFRV0XFKRVRWURV
FRPSRVLWRUHV0X\SRFDJHQWHPHDEUHORVRMRV
3RUTXHPHWLHQHQPLHGR3HURGHTXHORVKD\
ORVKD\+HHVFXFKDGRHOQRPEUHGH0R]DUWHO
GH%HHWKRYHQHOGH&KRSLQHOGH9LYDOGL3HUR
QRORVRLJR3DUDTXÆ$PÊQRPHLQWHUHVDVHU
XQKRPEUHFXOWR/RTXH\RTXLHURHVVHUXQ
KRPEUHDWRUPHQWDGR<ODP×VLFDGHXVWHG
FXDGUDPX\ELHQFRQODVWRUPHQWDVGHODOPD
4XHHVDFHUFDGHHVRTXH\RHVFULER\FDQWR
3RUTXHPHSDUHFHTXHHVODYHUGDGGHODYLGD
/RVKRPEUHVTXHQRVXIUHQQRVÆDTXÆGLDEORVYLQLHURQDO
PXQGR(OVXIULPLHQWRHVORTXHKDFHTXHQXHVWUDFDUDVHD
FRPRHV4XHQXHVWUDVUHDFFLRQHVVHDQORTXHVRQ<RLQPH
GLDWDPHQWHGLVWLQJRHVRHQODVUHXQLRQHVDODVTXHDVLVWR3RUTXH
FUÆDPHTXHDEXQGDQ0HVREUDQLQYLWDFLRQHV1LVLTXLHUD
WHQJRTXHJDVWDU3RULQFUHÊEOHTXHSDUH]FDFDGDYH]VR\P¾V
IDPRVR\FDGDYH]JDVWRPHQRV3RUTXHYLYRURGHDGRGHDPLJRV
TXHJDVWDQHQPÊ$SHQDVPHYHQSRQHQXQDERWHOODGHWHTXL
ODHQODPHVDSDUDPÊ(VRPHFRQPXHYH0HVDFDODVO¾JULPDV
(QILQPDHVWUR6FKXPDQQOHKDJROOHJDUXQVDOXGR
UHVSHWXRVR
-RVÆ$OIUHGR
3HURPHSDUHFLÐTXHKDEÊDXQDJUDQGRVLV
GHYHUGDGHQVXVSDODEUDV+DVWDGRQGHXQR
OHSXHGHFUHHUDXQDGDPD0HGLMRTXHXVWHGKDEÊDYHQLGRDO
PXQGRDVXIULU4XHGHMRYHQQRVDEÊDXVWHGVLTXHUÊDVHUSRH
WDRFRPSRVLWRURSLDQLVWDPHMRUGLFKR3RUTXHDPEDVFRVDV
ORDWUDÊDQFRQLJXDOIXHU]D&RQODPLVPDSRWHQFLD7DQWRDVÊ
TXHDXQTXHKDEÊDWRPDGRODGHFLVLÐQGHVHUP×VLFRODSRHVÊD
ORVHJXÊDDWUD\HQGR3RUTXHXVWHGHUDXQKRPEUHDSDVLRQDGR
<HQODPLVPDPHGLGDWHPSHUDPHQWDO4XHWRGDVVXVGHFLVLR
ZZZYHUWLJRSROLWLFRFRP
0(025,$6'(81%(&$5,2 _
&$57$'(-26­$/)5('2
$6&+80$11
(
$/$&(1$'(5(&8(5'26 _
520,7$%$55,2$®(-2
$OEHUWR%DUUDQFR&KDYDUU¼D
DOEHUWREDUUDQFRFKDYDUULD#JPDLOFRP
(
VXQDYHODGRUDJLJDQWHHQXQYDVRURMRTXHLOXPLQD
HOURVWURGHVDQ-XGLWDVSDUDUHFRUGDUOHODV×SOLFD(V
XQDERWHOODYHQFLGDGHVROTXHGXHUPHODPRQDUH
FDUJDGDHQODVRPEUDSRGULGDGHO×OWLPRDKXHKXHWH(VXQ
JLUÐQGHVRPEUHURGHSDOPDEDLODQGRODGDQ]DGHOYLHQWR
(VHOODUJRUHFXHUGRGHDPDUJDVDUUXJDVRVFXURVPRUHWRQHV
GHVODYDGRVH[YRWRV\HVSHVRVFKLIOLGRVGHDOHUWD(VHOUXPRU
QRFWXUQRGHODVFDUFDMDGDVGHORVDKRUFDGRV(VODFDUUHUD
TXHHVFDSDDODFKRWDf
(V5RPLWD
(OEDUULRHVWDEDDKÊFXDQGRODDUURJDQFLDSHQLQVXODU
VHPEUÐOD1XHYD(VSDÎDVREUHODVFHQL]DVGH0Æ[LFR7H
QRFKWLWODQ
(VWDEDDKÊKDFHMXVWR
XQVLJORFXDQGRQDFLÐ
ODDULVWRFU¾WLFDFRORQLD
5RPDHVWDEDDKÊHQ
FXDQGR/XLV%X
ÎXHOILOPDUÊDFRQVXV
FRVDVVXVFUXGH]DVVXV
GÊDVVXVJHQWHV\VXLQRO
YLGDEOHS¾UDPRXQFO¾
VLFRGHFO¾VLFRV/RV
ROYLGDGRV
5RPLWD5RPDFKL
TXLWDSRUHOSDVHRDUER
ODGROODPDGR7ÊYROLTXH
OOHJDEDGHVXVWHUUHQRV
/D5RPDFKLTXLWD
KDVWD&KDSXOWHSHF\
UHPHPEUDEDDOGHODFLXGDGHWHUQD
/DYLHMD$]WDFDOFRLQGÊJHQDDODTXHGHFODUDUDHOSUHVL
GHQWH0DQXHOžYLOD&DPDFKR]RQDWÊSLFD\HOUHJHQWHGH
KLHUUR(UQHVWR38UXFKXUWXPDQGDUDUHVWDXUDU
5RPLWDOD5RPDFKLTXLWDTXHVXUJLÐHVSDÎRODFRQOD
LJOHVLDGH6DQWD0DUÊDGHOD1DWLYLGDGHQUHDOL]¾QGRVH
DKÊHOSULPHUEDXWLVPRGHLQGÊJHQDV
$KÊHVW¾D×QDOSDVRGHORVVLJORVXQDHVFXOWXUDGHO6HÎRU
GHO%XHQ$KRUFDGRREVHTXLRGHOUH\GH(VSDÎD&DUORV9
DOTXHVHHQFRPHQGDEDQORVLQGÊJHQDVDMXVWLFLDGRVHQVXV
DKXHKXHWHV
/DFRVWXPEUHVHYROYHUÊDWUDGLFLÐQORVPDUWHVGHFDU
QDYDOFRQODUHSUHVHQWDFLÐQGH/RVDKRUFDGRVGH5RPLWD
HOMXH]ORVWHVWLJRVORVUHRVORVDOJXDFLOHVODVSODÎLGHUDV
ODVYLXGDVf
6LWXDGDDPHGLDOHJXDGHORV$UFRVGH%HOÆQVXOHMDQÊD
GHODWUD]DSHUPLWÊDLQWURGXFLUHQWUHODRVFXULGDG\HOVLOHQFLR
PHUFDQFÊDVGHFRQWUDEDQGRGLVIUD]¾QGRVHORVGHOLQFXHQWHV
GHQDKXDOHVGHEUXMRVRGHODV¾QLPDVHUUDQWHVGHORVDKRU
FDGRV
(OGHVLJXDOFDVHUÊRGHWHFKRVGHWHMDPDQLOSHUPLWÊDRFXO
WDUVHDORVP¾VFÆOHEUHVGHOLQFXHQWHVGHOD&LXGDGGH0Æ[L
FR$VÊ3O¾FLGD+HUQ¾QGH]FRQRFLGDFRPR/DOREDHQFX\D
ILFKDVHQDUUDQYHQJDQ]DVDGXOWHULRVDVDOWRVGXHORVFUÊPH
QHV\DXQURERVVDFUÊOHJRV
$5RPLWDGHGLFDUÊDHOHVFULWRUžQJHOGHO&DPSR0LFUÐV
VXPHMRUQRYHOD/DUXPEDHQODTXHGHVFULEÊDVXLJOHVLDGH
XQDVRODWRUUHFRPRXQDPRPLDRVFXUDFRQKXHOODVGHOHSUD
UHVSLUDQGRPXHUWHf
(QODLJOHVLDHVWD
EDODIHGHEDXWLVPR
GHOH[SUHVLGHQWH/XLV
(FKHYHUUÊDžOYDUH]\
HVW¾D×QXQDSLQDFR
WHFDFRQGRFHREUDV
UHOLJLRVDVGHOVLJOR;9,,,
DWULEXLGDVDOSLQFHO
GH$QWRQLRGH7RUUHV
0DGUDVWUD
$KÊHQWUHVXVFDOOHV
TXHEUDGDVHVW¾QODV
GLVTXHGI
IRWRVGH/XLV%XÎXHO
6WHOOD,QGD0LJXHO,QFO¾QODWULVWHYLGDGH/RVROYLGDGRV
<DXQTXHWRGRVORVFDPLQRVOOHJDQD5RPDQRWRGRV
OOHJDQD5RPLWD'HKHFKRVRORKD\FLQFRHQWUDGDVHOFDOOH
MÐQGH5RPLWDODVHJXQGDFDOOHGH*XD\PDVODFDOOH5HDOGH
5RPLWDHOFDOOHMÐQGH'XUDQJR\HOFDOOHMÐQGH6DQ&ULVWÐEDO
/DUHIHUHQFLDP¾VXVXDOHVODSXOTXHUÊD/DKLMDGHORV
DSDFKHV
q5RPLWDuHVFULELUÊD-RVÆ(PLOLR3DFKHFRHQVXFO¾VLFR
OLEUR/DVEDWDOODVHQHOGHVLHUWRuHVXQSXHEORDSDUWH$KÊ
DFHFKDHOKRPEUHGHOFRVWDOHOUREDFKLFRV6LYDVD5RPLWD
QLÎRWHVHFXHVWUDQWHFRUWDQODVPDQRV\ODOHQJXDWHSRQHQ
DSHGLUFDULGDG\HOKRPEUHGHOFRVWDOVHTXHGDFRQWRGRr
/DPDGUDVWUDGHODFRORQLD5RPD
GHPDU]RGH
(/75$02<,67$ _
%ó648('$
HQULTXHOHRQYLOODQXHYD#KRWPDLOFRP
0DU¼D
3DUD0DQRQODE×VTXHGDGHVXIHOLFLGDGGHVX
SDUWLFXODU\H[FOXVLYDIRUPDGHYHUODIHOLFLGDG
HVXQDHPSUHVDGLIÊFLOSRUVXFRQGLFLÐQGH
PXMHUHQXQPXQGRGRQGHORVV¾WLURVEXVFDQ
EHOODVGDPDVDTXLHQHVKLQFDUHOGLHQWH
(QHVDE×VTXHGDWDPELÆQVHHQIUDVFDHQHO
DPRUHQDTXHOTXHVHLGHDOL]D\TXHWUDVFLHQGH
SRUHQFLPDGHWRGRORGHP¾VHOTXHHQRFDVLR
GRORGHP¾VHOTXHHQRFDVLR
VFLQGLEOHVLSRU
QHVSXHGHVHUSUHVFLQGLEOHVLSRU
IHOLFLGDG
HOORVHDOFDQ]DODIHOLFLGDG
&XDQGR0DQRQHQFXHQ
QRQHQFXHQ
WUDHVHDPRUORGLVIUXWDSHUR
LVIUXWDSHUR
HYHQWXDOPHQWHORGHMD
GHMDSDUDVHJXLU
XDOODOOHYDU¾D
VXE×VTXHGDODFXDOODOOHYDU¾D
RHVSHUDED
XQSXHUWRTXHQRHVSHUDED
0LHQWUDV'HV*ULHX[HO
LHX[HO
DOYHU
U
DPRUGH0DQRQDOYHU
QWUD
VHDEDQGRQDGRHQWUD
RQ
DOVHPLQDULRSDUDFRQ
RWH
YHUWLUVHHQVDFHUGRWH
/DIHOLFLGDGGH
GH
0DQRQFRQVLVWHHQ
HQ
ODULTXH]D\HOOXMR
MR
HQODYLGDPXQGDQD\
QD\
GLVLSDGD\HVHVDE×VTXHGDGHPD\RUHVULTXH]DV
ODTXHODRULOODDXQDPXHUWHWHPSUDQD\DOD
GHVKRQUD
(VWUHQDGDHQ3DUÊVHQ0DQRQÐSHUD
FÐPLFDFRQILQDOWU¾JLFRFRQP×VLFDGH-XOHV
0DVVHQHW\OLEUHWRGH+HQUL0HLOKDF\3KLOLSSH
*LOOHGHOVHSUHVHQWDHQHO3DODFLRGH%HOODV
$UWHVHO\GHPDU]R
7KH0HWURSROLWDQ2
SHUD
7
RGRVODKHPRVFXOWLYDGRGHDOJXQDIRU
PD\SDUDPXFKRVILQHV$OJXQRVEXV
FDQODOLEHUWDG\ODHPDQFLSDFLÐQ2WURV
ODVROHGDG<PXFKRVP¾VODFRPSDÎÊDHODPRU
\ODIHOLFLGDG(OILQTXHVHGHVHDDOFDQ]DUVHU¾
YLVWRRHQFRQWUDGRGHSHQGLHQGRGHODKÊQFRFRQ
HOTXHVHEXVTXHGLFHQORVSRVLWLYLVWDV
3DUDDOJXQRVILOÐVRIRVODE×VTXHGDIÆUUHD
QRHVHQVÊPLVPDJDUDQWÊDDOJXQDTXHSHUPLWD
ORJUDUODHPSUHVD\DTXHH[LVWHQIDFWRUHVTXH
LQFLGLU¾QSRVLWLYDRQHJDWLYDPHQWH\HODKÊQFR
QRVHU¾P¾VTXHXQEXHQGHVHRSXHVHOUHVXO
WDGRQRVLHPSUHGHSHQGHGHTXLHQOREXVFD
3HVHDHOORHOVHUKXPDQRVLHPSUHEXVFDU¾
DXQTXHOHOOHYHODYLGDHQHOOR3RUHMHPSOROD
PD\RUÊDFXDQGRVRQMÐYHQHVEXVFDDOFDQ]DU
VXVLGHDOHVFRQYHKHPHQFLDWDOTXHSXHGHQ
DWURSHOODUDFXDOTXLHUDFRQWDOGHORJUDUOR(VRV
PLVPRVMÐYHQHV\DDGXOWRVVHJXLU¾QEXVFDQGR
DKRUDXQUHPDQVRGRQGHUHSRVDUHOFDQVDQFLR
GHORTXHEXVFDEDQDÎRVDWU¾V
/RTXHUHVXOWDLQQHJDEOHHVTXHODE×VTXH
GDHVLQVWLQWLYD\QRHVH[FOXVLYDGHODKXPDQL
GDGWRGRVORVVHUHVYLYRVEXVFDQVHJXLUYLYRV
RSRUORPHQRVSUHVHUYDUVXHVSHFLH
(QULTXH/HÁQ
9¸UWLJRWDPEL¸QUHFRPLHQGD
-XDQDLQDPLOOLRQGH9LFN\$UDLFR\1LU3DOGL
(VSHUDQ]D{'RQFHOHVGH'HQLVVH=ÆÀLJD
-XDQD*ÁPH]GHMDHOUHVWDXUDQWHGHVXPDGUH
HQ7LHUUD&DOLHQWH*XHUUHURSRUORVSUREOHPDV
GHOFULPHQRUJDQL]DGR\VHYDDWUDEDMDUDXQ
UHVWDXUDQWHHQ/RQGUHV/RVSUREOHPDVGH
FRPXQLFDFLÁQHLGLRVLQFUDVLDKDU±QGHOVXHÀR
GH-XDQDXQDSHVDGLOODTXL]±SHRUTXHODGH
VXWLHUUD&RQODH[WUDRUGLQDULDDFWXDFLÁQGH
9LFN\$UDLFRVHSUHVHQWDHQHO)RUR/D*UXWD
GHO&HQWUR&XOWXUDO+HO¸QLFRORVOXQHVDODV
KRUDV
8QUHFRUULGRPXVLFDO\QDUUDWLYRVREUHODYLGD\
REUDGHODTXHIXHUDOD(PSHUDWUL]GHODJUDFLD
0DU¼D(VSHUDQ]D%RoOO)HUUHUPHMRUFRQRFLGD
FRPR(VSHUDQ]D,ULV'HVXVYLDMHVVXVDPRUHV
VXVKLMRVVXWHDWUR\VXJUDQDPRUSRUORV
HVFHQDULRV3LODU3DGLOODGDYLGD\YR]DHVWD
HQWUDÀDEOHPXMHUTXHGHMÁXQOHJDGR
LPSRUWDQWHHQQXHVWUDVDUWHVHVF¸QLFDV6H
SUHVHQWDORVOXQHV\PDUWHVDODVKRUDV
HQHOWHDWUR(O0LODJUR
'RQF¸OHV
'RQF¸OH
O¸QLF
&HQWUR&XOWXUDO+HO¸QLFR
ZZZYHUWLJRSROLWLFRFRP
'(38®2</(75$ _
('*$5'2
%86&$*/,$
&RUWHV¼DGH5DQGRP+RXVH
}&X±OHVVXQRPEUHFRPSOHWR"
}$TX¸VHGHGLFD"
(GJDUGR$GROIR%XVFDJOLD0RQWHYLGHR8UXJXD\
'RFWRUHQ'HUHFKRSRUOD(VFXHODGH'HUHFKR
GH%HUNHOH\\HQ(FRQRP¼DSRUOD8QLYHUVLGDGGH
,OOLQRLV'HVGHHVLQYHVWLJDGRUVXSHULRUHQ
'HUHFKR\(FRQRP¼DSRUOD8QLYHUVLGDGGH&ROXPELD
)XQGDGRU\SUHVLGHQWHGHVGHGHO,QVWLWXWRGH
$FFLÁQ&LXGDGDQDHQ0¸[LFR&RODERUDHQPHGLRV
FRPR7KH1HZ<RUN7LPH
7KH1HZ<RUN7LPHV6ÉGGHXWVFKH=HLWXQJ
&11%%&7KH:DOO6WUHHW
7KH:DOO6WUHHW-RXUQDO\7KH)LQDQFLDO
7LPHVVHQWUHRWURV6XOLE
HQWUHRWURV6XOLEURP±VUHFLHQWHHV9DF¼RV
GHSRGHUHQ0¸[LFR
&XHVWLRQDULR
$QD,VDEH
$QD,VDEHO%DOOHVWD\+HUPRVLOOD
FHKHUPRVLOOD#JPDLOFRP
}'HTX¸VHVLHQWHRUJXOORVR"
}4X¸VHKDUREDGRDOJXQDYH]"
}$TX¸OHWLHQHPLHGR"
}'HTX¸VHDUUHSLHQWH"
}6LVHSHUGLHUDGÁQGHKDEU¼DTXHLUDEXVFDUOR"
}&X±OHVVXSHFDGRP±VIUHFXHQWH"
6LVHSXGLHUD}TXL¸QOHJXVWDU¼DTXHOHOODPDUDGH
}4X¸IDOWDVOHLQVSLUDQP±VLQGXOJHQFLD"
3HUVRQDMHKLVWÁULFRSUHIHULGR
3HUVRQDMHGHoFFLÁQSUHIHULGR
}'ÁQGHTXHGDHOSDUD¼VR"
}4X¸YHQWDMDVWHQGU¼DVHUGHOVH[RRSXHVWR"
}&ÁPROHJXVWDU¼DPRULU"
GHPDU]RGH
OP±VDOO±"