Arreglos para cuarteto típico colombiano

$55(*/263$5$&8$57(727Ì3,&2&2/20%,$12
1(/621$8*8672%2+Ð548(=&$6752
81,9(56,'$'7(&12/2*,&$'(3(5(,5$
)$&8/7$''(%(//$6$57(6<+80$1,'$'(6
(6&8(/$'(0Ô6,&$
3(5(,5$
$55(*/263$5$&8$57(727Ì&2&2/20%,$12
1(/621$8*8672%2+Ð548(=&$6752
Trabajo Presentado Como
Requisito Para Optar al Título de
Licenciado en Música
Director:
BENJAMIN CARDONA OSUNA
81,9(56,'$'7(&12/2*,&$'(3(5(,5$
)$&8/7$''(%(//$6$57(6<+80$1,'$'(6
(6&8(/$'(0Ô6,&$
3(5(,5$
Nota de Aceptación
3HUHLUD0D\RGH
,1',&(
,1752'8&&,21 '(),1,&,21'(/352<(&72 -867,),&$&,21
2%-(7,926 *HQHUDO
(VSHFtILFRV
0$5&2'(5()(5(1&,$
$QWHFHGHQWHV
0DUFR7HyULFR
(VWUXFWXUDVDUPyQLFDVIUHFXHQWHVGHQWURGH
ODSURSXHVWD
3URSXHVWDV DFWXDOHV HQ OD 0~VLFD &RORPELDQD
\HO&XDUWHWR7tSLFR&RORPELDQR
(6758&785$'(/$81,'$''($1$/,6,6
',6(f20(72'2/2*,&2
$QiOLVLVGHODVREUDV (OHFFLyQGHWRQDOLGDGHV
(ODERUDFLyQGHDUUHJORV
PRQWDMH
,QVWUXPHQWRVTXHORFRQIRUPDQ '(6$552//2
(O&XDUWHWR7tSLFR&RORPELDQR
(O7LSOH&RORPELDQR /D*XLWDUUD
/D%DQGROD$QGLQD&RORPELDQD
$QiOLVLVPXVLFDOGHODVREUDV
L
%XQGH
(O9DOVGHO$GLyV
$WHUUL]DQGR
&DQFLyQVLQ3DODEUDV (O$ODFUiQ (O&XFDUUyQ
$QD(OLVD *XDELQD2EYLD 0L&DSULFKR
$QJpOLFD /XF\
)HVWLYDO
5LWPRV8WLOL]DGRVHQHO3UR\HFWR *XDELQD %DPEXFR 3DVLOOR
2QH6WHS 7DQJR
3ROND
%XQGH
9DOV &RPSRVLWRUHV
&21&/86,21(6<5(&20(1'$&,21(6
&RQFOXVLRQHV
5HFRPHQGDFLRQHV
$1(;26
$UUHJORV )RWRV
3(5621$648(3$57,&,3$1(1(/352<(&72
*/26$5,2
LL
5(&85626',6321,%/(6
&5212*5$0$ %%/,2*5$),$
&/;;,9
LLL
,1752'8&&,21
/DUHDOL]DFLyQGHXQWUDEDMRFUHDWLYRFRQUHVSHFWRGHOGHVDUUROORGH
OD QXHYD P~VLFD &RORPELDQD \ KDEODQGR PiV FRQFUHWDPHQWH GHO
FDPSR GH ORV DUUHJORV FRPSUHQGH XQD ODERU GH LQYHVWLJDFLyQ
HVWLOtVWLFDGHFRQWH[WRGHIRUPDVPXVLFDOHVHQWUHRWUDV$GHPiV
LPSOLFD HO DQiOLVLV PXVLFDO H[KDXVWLYR GH OD IRUPD PXVLFDO HO
HVWLOR DUPyQLFR HO HVWLOR PHOyGLFR \ ODV IRUPXODV UtWPLFDV HV
WDPELpQ QHFHVDULR HO FRQRFLPLHQWR GH ORV LQVWUXPHQWRV PXVLFDOHV
SDUDORVFXDOHVVHYDDHVFULELU
$Vt PLVPR \ SDUD GDU DO SUR\HFWR PD\RUHV DOFDQFHV IXHUD GH ORV
PHUDPHQWH PXVLFDOHV GHEH WHQHUVH HQ FXHQWD HO QLYHO GH
HMHFXFLyQSDUDHOFXDOVHYDDHVFULELUSRUTXHVHWUDWDGHSURSLFLDU
OD LQWHUDFFLyQ GH ORV HVWXGLDQWHV FRQ ODV QXHYDV WHQGHQFLDV \ GH
UHFRJHU ODV GLIHUHQWHV H[SHULHQFLDV FRQ HO ILQ GH IDYRUHFHU HO
HQULTXHFLPLHQWR GHO SURFHVR SHGDJyJLFR \ DUWtVWLFR \ HQ RWUR
VHQWLGRGHFRQWULEXLUFRQODGRFXPHQWDFLyQHLGHQWLILFDFLyQGHORV
SURFHVRVGHFUHDFLyQPXVLFDOHQODUHJLyQ
'(),1,&,21'(/352<(&72
'HQWURGHODSUiFWLFDGHFRQMXQWRFXHUGDVWtSLFDVGHOD(VFXHODGH
0~VLFDGHOD8QLYHUVLGDG7HFQROyJLFDGH3HUHLUDKD\XQLQWHUpVHQ
ODDPSOLDFLyQGHOUHSHUWRULRHVWXGLDQWLO\GHFRQFXUVRSDUDFXDUWHWR
WtSLFR FRORPELDQR DGHPiV KD\ XQ SRWHQFLDO KXPDQR \ PXVLFDO
FX\DV FDUDFWHUtVWLFDV SXHGHQ VHU FRPSOHPHQWDGDV FRQ XQ
UHSHUWRULRTXHRIUH]FDRWUDVSRVLELOLGDGHVWpFQLFDV\PXVLFDOHV
(O PDWHULDO GHO TXH VH GLVSRQH SDUWLWXUDV DFWXDOPHQWH SDUD HVWH
WLSR GH DJUXSDFLyQ HV VXVFHSWLEOH GH VHU FRPSOHPHQWDGR FRQ OD
LQWHQFLyQ GH HQUXWDU ODV FDSDFLGDGHV WpFQLFRPXVLFDOHV KDFLD XQ
UHSHUWRULR FRQ QXHYDV H[LJHQFLDV SDUD ORV VHPHVWUHV DYDQ]DGRV GH
ODSUiFWLFDGHFRQMXQWRFXHUGDVWtSLFDV
&RQ HVWH WUDEDMR VH SUHWHQGH JHQHUDU XQ SDTXHWH GH DUUHJORV
TXHVHDGHF~HQDODVFDSDFLGDGHV\QHFHVLGDGHVWpFQLFRPXVLFDOHV
GHORVHVWXGLDQWHVGHORVVHPHVWUHVDYDQ]DGRVGHODPRGDOLGDGGH
FXHUGDV WtSLFDV \ TXH WHQJDQ DGHPiV XQD HVWUXFWXUD UtWPLFR
DUPyQLFD GH FDUiFWHU PRGHUQR TXH FRPSOHPHQWH HO UHSHUWRULR
H[LVWHQWHSDUDHOWUDEDMRGHOiUHD
-867,),&$&,Ð1
/RV MyYHQHV LQWHJUDQWHV GHO pQIDVLV GH FXHUGDV WtSLFDV GH OD
/LFHQFLDWXUD HQ 0~VLFD GH OD 8QLYHUVLGDG 7HFQROyJLFD GH 3HUHLUD
HQVXDIiQGHPRGHUQL]DUVXUHSHUWRULRFRQREUDVGHFRPSRVLWRUHV
FRQWHPSRUiQHRVRSWDQSRULQFOXLUHQVXUHSHUWRULRPXVLFDOSLH]DV
TXHHVWiQPDVDOOiGHVXVFDSDFLGDGHVWpFQLFDVHQHOLQVWUXPHQWR
\ GH VX LQWHUSUHWDFLyQ PXVLFDO FRPR JUXSR KDFLHQGR TXH VH
GHVPRWLYHQ R LQFOXVR VH KDJDQ GDxR ItVLFDPHQWH SRU LQWHQWDU
FRQVHJXLUXQUHVXOWDGRPXVLFDOTXHDXQQROHVKDVLGRSUHVHQWDGR
HQVXFODVHGHSUiFWLFDGHFRQMXQWRRHQVXFODVHGHLQVWUXPHQWR
3RU HVWR VH SUHVHQWD FRPR SURSXHVWD XQ UHSHUWRULR PXVLFDO SDUD
FXDUWHWRWtSLFRFRORPELDQRTXHVHSXHGDDMXVWDUDORVJUXSRVGHORV
QLYHOHV DYDQ]DGRV GH OD PRGDOLGDG GH FXHUGDV WtSLFDV GH OD
8QLYHUVLGDG 7HFQROyJLFD GH 3HUHLUD TXH WLHQH FRPR REMHWLYR
SULQFLSDOHQULTXHFHUHOUHSHUWRULRPXVLFDOGHOpQIDVLVFRQREUDVGH
FRQXQFRORUPiVPRGHUQR\FRQQXHYRVUHWRVHQHOLQVWUXPHQWR\
FRPRFRQMXQWR
6DEHPRV TXH HQ OD FiWHGUD GH FXHUGDV WtSLFDV VH KD WUDEDMDGR
GHVGH KDFH \D YDULRV DxRV FRQ REUDV GHO UHSHUWRULR WUDGLFLRQDO
FRORPELDQRHVWDVREUDVDXQTXHELHQVRQXQSDWULPRQLRPXVLFDO
QR VDWLVIDFHQ ODV DPELFLRQHV GH ORV HVWXGLDQWHV TXH TXLHUHQ WHQHU
XQUHSHUWRULRGLIHUHQWHFRQREUDVTXHWHQJDQXQOHQJXDMHDUPyQLFR
PiV PRGHUQR TXH HO GH ODV REUDV TXH KDQ WUDEDMDGR D OR ODUJR GH
VXFDUUHUD
´'HQWURGHODP~VLFDDQGLQD&RORPELDQDHOFRQWUDSXQWRDOJRGH
YDULDFLyQODH[SDQVLyQDUPyQLFDGHQWURGHODDUPRQtDWUDGLFLRQDO
XQSRFRGHSROLIRQtDGHQWURGHODWH[WXUDKRPRIyQLFD\PDV
UHFLHQWHPHQWHHOHPSOHRGHDPDOJDPDVVXSHUSRVLFLRQHVPpWULFDV
FDPELRVPRPHQWiQHRVGHFRPSiV\ODJUDQYDULHGDGGHPDWLFHV
DJyJLFRVVRQHOHPHQWRVTXHVHKDQDGKHULGRDODVXOWLPDV
SURSXHVWDVLQWHUSUHWDWLYDVDOJXQRVGHHVWRVHOHPHQWRVVLQVHU
DGRSWDGRVIRUPDOPHQWH\TXHUHVXOWDQPX\LPSRUWDQWHVDODKRUD
GHHODERUDUDUUHJORVGH0~VLFD&RORPELDQDµ
'HELGR D HVWR VH PXHVWUDQ ORV MyYHQHV HVWXGLDQWHV iYLGRV GH
DXPHQWDU VX UHSHUWRULR FRQ ODV QXHYDV SURSXHVWDV UtWPLFDV
DUPyQLFDVPHOyGLFDV\GHHIHFWRV7HQLHQGRHVWRHQFXHQWDOD
HVWUXFWXUDFLyQGHORVDUUHJORVVHGLVHxDUiFRQEDVHHQHOGHVDUUROOR
GH HVWDV QXHYDV WHQGHQFLDV GH OD P~VLFD FRORPELDQD \ HQ ODV
KDELOLGDGHV
WpFQLFDVLQVWUXPHQWDOHV
\
PXVLFDOHV
TXH
VH
GHVDUUROODQDWUDYpVGHOSURJUDPD
(Q HO FRQWH[WR QDFLRQDO HO FXDUWHWR WtSLFR FRORPELDQR KD SHUGLGR
DGHSWRV SRU OD LGHD JHQHUDOL]DGD GH H[SHULPHQWDU FRQ GLIHUHQWHV
FRORUHV\HVSRUHVRTXHKR\HQGtDHQORVFRQFXUVRVQDFLRQDOHVGH
(OFRQWUDSXQWRVHKDDGRSWDGRGHVSXpVGHELHQHVWDEOHFLGDODKRPRIRQtDHQ
ODP~VLFD&RORPELDQDLQLFLDQGRFRQPDHVWURVDFDGpPLFRVFRPR/XLV$&DOYR
\ QR DFDGpPLFRV FRPR ÉOYDUR 5RPHUR ORV FXDOHV VRQ SLH]DV LPSRUWDQWHV HQ OD
HODERUDFLyQGHXQHVWLORQDFLRQDOLVWD
/D 9DULDFLyQ HV XWLOL]DGD QR FRPR IRUPD PXVLFDO VLQR FRPR IUDJPHQWRV GH ODV
REUDVEULQGDQGRQXHYDVVRQRULGDGHVHMHPSORGHVXXWLOL]DFLyQVRQHOPDHVWUR
/XLV )HUQDQGR /HyQ HQ DUUHJORV GH REUDV FRPR +XPRULVPR YHUVLyQ HODERUDGD
SDUD 1RJDO \ 5XEpQ 'DUtR *yPH] 3UDGD FRQ 6HSWyIRQR \ HQ VXV DUUHJORV SDUD
EDQGDPXVLFDO
/D 3ROLIRQtD SHUR ODV GLIHUHQWHV YRFHV UHVXOWDQ HQ RFDVLRQHV PX\
FRQWUDSXQWtVWLFDV GHMDQGR SRU XQ PRPHQWR D XQ ODGR OD KRPRIRQtD WDQ
FRQVWDQWHHQODP~VLFD&RORPELDQD
P~VLFDFRORPELDQDHVFRP~QHQFRQWUDUVHFRQHQVDPEOHVFRPRHO
TXLQWHWR GH FODULQHWHV HO TXLQWHWR GH EURQFHV WUtRV
LQVWUXPHQWDOHVFRQIRUPDGRVSRUSLDQREDMRHOpFWULFR\EDQGRODR
IODXWDWUDYHUVDFXDWUROODQHUR\FRQWUDEDMR\RWUDVFRPELQDFLRQHV
TXH DEUHQ SDVR D GLIHUHQWHV WH[WXUDFLRQHV OOHYDQGR D ORV QXHYRV
FRPSRVLWRUHV \ DUUHJOLVWDV D HVWXGLDU WRGDV HVWDV QXHYDV
SRVLELOLGDGHVGHMDQGRLQFRQVFLHQWHHLQLQWHQFLRQDOPHQWHGHODGRHO
FXDUWHWRWtSLFRFRORPELDQR
(O &XDUWHWR 7tSLFR &RORPELDQR HV XQ IRUPDWR LQVWUXPHQWDO TXH
UHTXLHUH VHU FRQVLGHUDGR D LJXDO QLYHO TXH ORV IRUPDWRV
LQVWUXPHQWDOHVTXHKDQORJUDGRXQDPD\RUSRSXODULGDGHQHOSDtV
DWUDYpVGHODVXOWLPDVGpFDGDVDVtPLVPRUHTXLHUHGHXQHVWXGLR
WpFQLFR\HODERUDGRTXHVHDGDSWHDOQXHYRFRQWH[WRPXVLFDOHQHO
FXDO VH GHVHQYXHOYH \ TXH EULQGH D ORV LQWpUSUHWHV H[SHULHQFLDV DO
HQWUDUHQFRQWDFWRFRQRWURVDLUHVPXVLFDOHVLQWHUQDFLRQDOHVHVWR
WHQLHQGR HQ FXHQWD TXH DGHPiV GHO DYDQFH WpFQLFR LQVWUXPHQWDO
VH GHVDUUROOD XQ LQGLYLGXR FRQ XQ FRQRFLPLHQWR JHQHUDO GH OD
P~VLFDSDUDORTXHVHKDFHQHFHVDULRYLYHQFLDU\UHYLYLUGLVWLQWDV
pSRFDV\IRUPDVPXVLFDOHVFRQHOSDUWLFXODUFRORUGHOHQVDPEOH
7RPDQGR FRPR UHIHUHQFLD OR DQWHULRU VH UHDOL]D HVWD SURSXHVWD GH
DUUHJORVGHREUDVPXVLFDOHVFRQSURSXHVWDVGHLQWHUSUHWDFLyQ\
XQD H[SORUDFLyQ WtPEULFD DUPyQLFD \ UtWPLFD DSURYHFKDQGR ODV
FDUDFWHUtVWLFDV GH FDGD LQVWUXPHQWR TXH LQWHJUD HO IRUPDWR \ ODV
SURSLDVFDUDFWHUtVWLFDVRUTXHVWDOHVHOIRUPDWRHQVL(QHVWDVREUDV
VH EXVFD DPSOLDU HO JUDGR GH VHQVLELOLGDG PXVLFDO \ GH
LQWHUSUHWDFLyQ GH ORV LQVWUXPHQWLVWDV PHGLDQWH HO HPSOHR GH
QXHYRV FRORUHV DUPyQLFRV \ GH FRPELQDFLRQHV UtWPLFDV LQXVXDOHV
D OD YH] TXH VH HQULTXHFH HO UHSHUWRULR SDUD &XDUWHWR 7tSLFR
&RORPELDQR
2%-(7,926
*HQHUDO
5HDOL]DU DUUHJORV GH REUDV PXVLFDOHV SDUD IRUPDWR GH FXDUWHWR
WtSLFRFRORPELDQRTXHVHDFRKHUHQWHFRQODVKDELOLGDGHVPXVLFDOHV
TXHVHGHVDUUROODQHQFDGDVHPHVWUHGHOD/LFHQFLDWXUDHQ0~VLFD
GHOD8QLYHUVLGDG7HFQROyJLFDGH3HUHLUD
(VSHFtILFRV
•
(VFRJHU HO UHSHUWRULR DGHFXDGR GH DFXHUGR FRQ ODV
FDSDFLGDGHV GH ORV HVWXGLDQWHV GH OD SUiFWLFD GH FRQMXQWR
&XHUGDV7tSLFDV
•
(VFULELUORVDUUHJORVFRQODVFDUDFWHUtVWLFDVPXVLFDOHVGHORV
HVWXGLDQWHV GH ORV VHPHVWUHV DYDQ]DGRV GH OD SUDFWLFD GH
FRQMXQWR&XHUGDV7tSLFDV
•
5HDOL]DU XQ DQiOLVLV VLVWHPiWLFR GH FDGD REUD GRQGH VH
VXVWHQWHQORVHOHPHQWRVPXVLFDOHVWpFQLFRVHLQWHUSUHWDWLYRV
HPSOHDGRVHQORVDUUHJORV
•
3RQHUHQHVFHQDHOPRQWDMHUHDOL]DGR
0$5&2'(5()(5(1&,$
/RV GLIHUHQWHV pQIDVLV PXVLFDOHV TXH RIUHFH HO SURJUDPD GH
/LFHQFLDWXUD HQ 0~VLFD GH OD 8QLYHUVLGDG 7HFQROyJLFD GH 3HUHLUD
KDQOOHYDGRDORVHVWXGLDQWHVGHODHVFXHODGHP~VLFDDGHVDUUROODU
FRPSHWHQFLDV LQVWUXPHQWDOHV GH FDGD YH] PHMRU FDOLGDG DGHPiV
GHO GHVDUUROOR PXVLFDO HO HVWXGLR GH OD SHGDJRJtD OHV SHUPLWLUi D
ORV IXWXURV SURIHVLRQDOHV GHVHQYROYHUVH FRQ GHVWUH]D HQ VX YLGD
ODERUDO (VWRV SURFHVRV GH IRUPDFLyQ EXVFDQ FRQWULEXLU DO
GHVDUUROOR FXOWXUDO GH OD UHJLyQ D WUDYpV GH ODV GLIHUHQWHV
DFWLYLGDGHVTXHGHVGHDOOtVHJHQHUDQ
(O iUHD GH FXHUGDV WtSLFDV KD EDVDGR VXV SURFHVRV IRUPDWLYRV D
WUDYpV GHO DSR\R HQ OD FRQIRUPDFLyQ GH JUXSRV TXH VH GHVDUUROODQ
HQ KRUDULRV H[WUD FODVH \ HQ ORV FXDOHV ORV MyYHQHV H[SORUDQ VXV
LQVWUXPHQWRVHQE~VTXHGDGHXQVRQLGRFDUDFWHUtVWLFRDSR\iQGRVH
HQODDVHVRUtDWpFQLFDGHVXVPDHVWURVGHLQVWUXPHQWR(OIRUPDWR
GHFXDUWHWRWtSLFRMXQWRDOGHWUtRWtSLFR\ODHVWXGLDQWLQDVRQSXHV
ORVJUXSRVLQVWUXPHQWDOHVVREUHORVTXHORVHVWXGLDQWHVWLHQHQPiV
SRVLELOLGDGHV GH H[SORUDU SRU OD ULTXH]D DUPyQLFD FRQ OD TXH VH
FXHQWD
(O FXDUWHWR WtSLFR FRQIRUPDGR SRU GRV EDQGRODV XQ WLSOH \ XQD
JXLWDUUD HV OD RSFLyQ SRU OD TXH PiV VH LQFOLQDQ ORV HVWXGLDQWHV
SRUTXH HQ HVWH IRUPDWR LQVWUXPHQWDO SRGHPRV HQFRQWUDU XQ
HTXLOLEULR HQWUH HO SHVR DUPyQLFR TXH WLHQH XQD HVWXGLDQWLQD \ OD
YHUVDWLOLGDG GH XQ WUtR (V DGHPiV XQR GH ORV PHMRUHV IRUPDWRV
SDUD HO HVWXGLR GH ORV DLUHV PXVLFDOHV GH OD UHJLyQ DQGLQD
FRORPELDQD
/D HVWLPXODFLyQ GH OD FUHDFLyQ GH QXHYDV SURSXHVWDV PXVLFDOHV
FRPRODGHO&XDUWHWR[GHOD8QLYHUVLGDG7HFQROyJLFDGH3HUHLUD
KDLQFHQWLYDGRDRWURVHVWXGLDQWHVGHOpQIDVLVDWUDEDMDUHQSURGH
ODIRUPDFLyQGHQXHYDVDJUXSDFLRQHVTXHORVLPSXOVHHQHOiPELWR
DFDGpPLFR \ ODERUDO EXVFDQGR FRQWLQXDU FRQ OD ODERU FXOWXUDO GH
VHPEUDUYDORUHVSDWULyWLFRVKDFLDODVPDQLIHVWDFLRQHVSURSLDVGHOD
UHJLyQ
/D HODERUDFLyQ GH XQ DUUHJOR HV XQ SURFHGLPLHQWR HQ HO FXDO HO
DUUHJOLVWDGHEHLGHQWLILFDUVHGHODPDQHUDPiVYLYHQFLDOSRVLEOHFRQ
OD REUD D OD FXDO SUHWHQGH KDFHU XQ DSRUWH LJXDOPHQWH GHEH
FRQRFHU VX FRPSRVLWRU VLWXiQGRVH HQ VX FRQWH[WR PXVLFDO H
LGHQWLILFDUHOHVWLORHQTXHGHVHyPRGHODUVXVLGHDVSDUDJHQHUDU
OD REUD FRPR SODQWHD HO /LFHQFLDGR HQ 0~VLFD *HUPiQ $OEHLUR
3RVDGDDOFLWDUDOPDHVWUR$DURQ&RSODQG´$QDOL]DUODKLVWRULDGHO
SDVDGRGHODP~VLFDHQFRPSDUDFLyQFRQHOSUHVHQWHµ$GHPiVGHO
FRQRFLPLHQWR GHO FRPSRVLWRU \ VX REUD HV LPSUHVFLQGLEOH TXH HO
DUUHJOLVWD WHQJD XQD FRPSUHQVLyQ DPSOLD HQ HO FDPSR GH OD
VHQVLELOLGDG \ OD LQWHUSUHWDFLyQ PXVLFDO DO LJXDO TXH HQ HO GH OD
WpFQLFD GH ORV LQVWUXPHQWRV TXH KDQ GH LQWHUSUHWDUOD ´/D
DGDSWDFLyQ \ HO DUUHJOR UHTXLHUHQ GH XQ FRQRFLPLHQWR WpFQLFR GHO
3RVDGD(VWUDGD*HUPiQ$OEHLUR/D%DQGROD$QGLQD&RORPELDQD([SORUDFLyQ
GH 5HFXUVRV \ 3RVLELOLGDGHV 7pFQLFDV H ,QWHUSUHWDWLYDV $SOLFDGRV HQ 2EUDV
0XVLFDOHV8QLYHUVLGDG7HFQROyJLFDGH3HUHLUD
LQVWUXPHQWR SDUD HO FXDO KDQ GH UHDOL]DUVH DVt FRPR GH ODV
WRQDOLGDGHV FX\D GLJLWDFLyQ SHUPLWH OD SURGXFFLyQ FyPRGD \ GH
FDOLGDG GH XQ JUDQ Q~PHUR GH DFRUGHV HIHFWRV \ VRQRULGDGHV
HVSHFtILFRVµ DVLPLVPR HQ HO GH OD DUPRQtD \ OD FRPSRVLFLyQ SXHV
HV VROR GH HVWD IRUPD TXH HO DUUHJOLVWD WLHQH HO FULWHULR \ OD
DXWRULGDGSDUDPDWHULDOL]DUVXVLGHDVDFHUFDGHXQDLQWHUSUHWDFLyQ
DSURSLDGD GH OD REUD GHMDQGR HQ FDGD IUDVH PXVLFDO XQ WRTXH
SHUVRQDO TXH GHILQD HO HVWLOR SURSLR VLQ DOWHUDU HO VHQWLGR GH OD
PLVPD
(O DQiOLVLV PXVLFDO DERUGDGR GHVGH OD VHQVLELOLGDG \ OD FUHDFLyQ
LQWHOHFWXDO HV GH FDSLWDO LPSRUWDQFLD HQ HO PRPHQWR GH
HVWUXFWXUDUXQDUUHJORSDUDORJUDUXQEXHQUHVXOWDGRVHUHTXLHUH
GH XQ SUHFRQFHSWR IUHQWH DO PDWHULDO VRQRUR HOHPHQWR TXH $DURQ
&RSODQG VXJLHUH HQ VX WH[WR ´&yPR (VFXFKDU OD 0~VLFDµ GRQGH
DQDOL]DQGRSRUVHSDUDGRORVHOHPHQWRVFRQVWLWXWLYRVGHODP~VLFD
LQVWUX\H\JXtDDOOHFWRUKDFLDXQDDXGLFLyQWRWDOPHQWHDFWLYD\DO
P~VLFR DUUHJOLVWD D DJXGL]DU VX VHQWLGR DXGLWLYR GH WDO PDQHUD
TXH FRQWULEX\D D PHMRUDU VX FDSDFLGDG GH DQiOLVLV ORJUDQGR OD
FRPSUHQVLyQVREUHODXWLOL]DFLyQGHORVHOHPHQWRVGHODP~VLFD(O
DUUHJOLVWDGHVGHXQSXQWRGHYLVWDPX\SHUVRQDOGHEHGRPLQDUHO
VROIHR D OD SHUIHFFLyQ SXHV HO KDFHU XQD OHFWXUD VROIHDGD GH XQD
REUD D\XGD D LQWHULRUL]DU \ D VHQWLU OD LQWHQFLyQ GHO FRPSRVLWRU
GHEH DGHPiV WHQHU P~OWLSOHV H[SHULHQFLDV DXGLWLYDV R YLVXDOHV GH
GLIHUHQWHV YHUVLRQHV IRUPDWRV \ FRQWH[WRV GH ODV REUDV TXH
SUHWHQGDDERUGDU\ GHRWUDVTXHSXHGDQDSRUWDUDOJRHQFXDQWRD
HVWLORVHUHILHUH
$QWHFHGHQWHV
(Q OD GpFDGD GH HO FRPSRVLWRU +pFWRU )DELR 7RUUHV &DUGRQD
FRQIRUPDUtDXQFXDUWHWRWtSLFRFRQHOiQLPRGHGHVSOHJDUVXVLGHDV
\ DEVWUDFFLRQHV GH OD P~VLFD DQGLQD FRORPELDQD (O UHVXOWDGR VH
OODPy´(QVDPEOHµpVWDDJUXSDFLyQTXHHVWiFRPSXHVWDSRUFLQFR
LQWHJUDQWHV VH FDUDFWHUL]y SRU OD IXHU]D GH VXV LQWHUSUHWDFLRQHV
+DQ VLGR JDQDGRUHV GH ORV IHVWLYDOHV +DWR 9LHMR &RWUDID %HOOR ²
$QWLRTXLD \ 1DFLRQDO GHO 3DVLOOR +HUPDQRV +HUQiQGH] DJXDGDV
&DOGDV+DQGDGRFRQFLHUWRVHQODVPiVLPSRUWDQWHVVDODVGHOSDtV
FRPROD/XtVÉQJHO$UDQJRHO7HDWUR$PLUDGHOD5RVD$XGLWRULRV
GHO %DQFR GH OD 5HS~EOLFD GHO SDtV \ 7HDWUR &ROyQ HQWUH RWURV
*LUDVLQWHUQDFLRQDOHVHQ(VSDxD\(VWDGRV8QLGRV
3DUD (QVDPEOH +pFWRU )DELR 7RUUHV GHVDUUROOy XQD VHULH GH
FRPSRVLFLRQHV TXH H[SORUD ODV VRQRULGDGHV FRQWUDVWDQWHV \ XQD
JUDQ ULTXH]D UtWPLFD 4XL]iV HO SXQWR F~VSLGH HQ VX H[SORUDFLyQ
GHHVWHIRUPDWRKD\DVLGRODREUD´&RQFLHUWRSDUD&XDUWHWR7tSLFR\
RUTXHVWD GH FXHUGDVµ HQ HO FXDO HO PDHVWUR +pFWRU )DELR ORJUD OD
KRPRJHQHLGDGHQWUHHO&XDUWHWRWtSLFRTXHDFW~DFRPRVROLVWD\OD
RUTXHVWDGHFXHUGDV
(VWD REUD MXQWR FRQ OD DFWLYLGDG GH YDULDV HQWLGDGHV FRPR OD
IXQGDFLyQ %$7 GH &RORPELD PDUFDQ OD SDXWD HQ OD
WUDQVIRUPDFLyQ GH ODV P~VLFDV WUDGLFLRQDOHV ´/D QXHYD P~VLFD
FRORPELDQD HV DTXHOOD TXH UHVXOWD GH OD H[SORUDFLyQ E~VTXHGD
SURIXQGL]DFLyQ H LQQRYDFLyQ GH ORV HOHPHQWRV TXH FRQIRUPDQ HO
SDWULPRQLR GH ODV P~VLFDV SRSXODUHV PHGLDQWH XQD DPSOLDFLyQ X
GHVDUUROORGHVXOHQJXDMHµ
0DUFR7HyULFR
+DFLD OD SULPHUD PLWDG GHO VLJOR ;; OD FDQWLGDG GH P~VLFRV TXH
FRPHQ]DURQ D HVWXGLDU OD WHRUtD PXVLFDO IXH HQ DXPHQWR GHELGR D
TXH OD DFDGHPLD HVWDED \D SDUD HVD pSRFD SHUPHDQGR HO HVWLOR GH
FRPSRVLFLyQ GH OD P~VLFD DQGLQD FRORPELDQD /RV QXHYRV
FRPSRVLWRUHVHVWDEDQXVDQGRXQHVWLORFRPSRVLWLYRIXQGDPHQWDGR
HQ ORV FRQFHSWRV HVWpWLFRV WHyULFRV \ SUiFWLFRV GH OD HVFXHOD
HXURSHD
/D FUHDFLyQ GHO FXDUWHWR WtSLFR FRORPELDQR YLHQH GHO LQWHUpV GH
VHPHMDU D ORV FXDUWHWRV GH FXHUGD HXURSHRV D OD YH] TXH FUHD XQ
HTXLOLEULR HQWUH ODV FDSDFLGDGHV VRQRUDV \ DUPyQLFDV GH OD
HVWXGLDQWLQD\HOSURWDJRQLVPR\YLUWXRVLVPRGHOWUtRWtSLFRFRPROR
GLFHHQODWHVLVGHJUDGRGHOFXDUWHWR[´3URSXHVWDLQWHUSUHWDWLYD
GH OD P~VLFD DQGLQD FRORPELDQD HQ IRUPDWR GH FXDUWHWR WtSLFR
FRORPELDQRµ
´/RVDUUHJORVSDUDFXDUWHWRWtSLFRHQXQSULQFLSLRHUDQPX\VLPLODUHV
DORVDUUHJORVSDUDWUtRVRORTXHODPHORGtDHVWDEDDUPRQL]DGDD
GRVYRFHVTXHVHJXtDQOtQHDVSDUDOHODVOXHJRVHIXHSURIXQGL]DQGR
3ULPHU)HVWLYDO1DFLRQDO%$7GHODQXHYDP~VLFD&RORPELDQD
HQODVFRPSRVLFLRQHV\DUUHJORVSDUDHVWHIRUPDWRGDQGRSDVRD
REUDVULFDVHQFRQWUDSXQWR\DUPRQtDHQWUHODDJUXSDFLyQGDQGR
XQDSURIXQGLGDGPD\RU\XQDFRPSOHMLGDGRUTXHVWDOµ
(VWUXFWXUDVDUPyQLFDVIUHFXHQWHVGHQWURGH
ODSURSXHVWD
/DV HVWUXFWXUDV DUPyQLFDV XWLOL]DGDV HQ HVWD SURSXHVWD GH
DUUHJORV SHUWHQHFHQ HQ VX PD\RUtD D OD QXHYD H[SUHVLyQ GH OD
0~VLFD$QGLQD&RORPELDQDODFXDOWRPDJUDQSDUWHGHVXGLVFXUVR
DUPyQLFR GHO UHSHUWRULR GH DFRUGHV GHO MD]] SRU RWUR ODGR VXUJH
XQ LQWHUpV HQ ODV REUDV GH XQ QLYHO PiV DYDQ]DGR GH H[SORUDU
HQODFHV DUPyQLFRV PiV DUULHVJDGRV HQ OD TXH KD\ XQD GHILQLFLyQ
PDVKRUL]RQWDOTXHYHUWLFDO3DUDODFUHDFLyQGHFRORUHV\WH[WXUDV
WXYR JUDQ UHOHYDQFLD OD WHRUtD GH ORV DUPyQLFRV VXSHULRUHV TXH
H[SRQHHQVX´7UDWDGRGH$UPRQtDµ$UQROG6KRHQEHUJGHHVWDVH
ORJUD XQD PHMRU FRPSUHQVLyQ VREUH OD QDWXUDOH]D GHO VRQLGR GH
ORV DFRUGHV \ GH FXDOHV VRQ ODV SRVLFLRQHV \ HVWDGRV PiV
FRQYHQLHQWHVSDUDWDORFXDOSURSyVLWR
&HEDOORV/ySH]/XLV&DUORV5tRV=XOXDJD2VFDU'DYLG7RYDU5LYHUD-XDQ
&DUORV3URSXHVWDLQWHUSUHWDWLYDGHODP~VLFDDQGLQDFRORPELDQDHQIRUPDWRGH
FXDUWHWRWtSLFRFRORPELDQR7HVLVGHJUDGR
3URSXHVWDVDFWXDOHVHQOD0~VLFD&RORPELDQD
\HO&XDUWHWR7tSLFR&RORPELDQR
(O WUDWDPLHQWR TXH VH OH KD GDGR DO FXDUWHWR WtSLFR GHQWUR GH OD
QXHYD H[SUHVLyQ GH OD P~VLFD DQGLQD &RORPELDQD KD VLGR
WUDEDMDGRHQVXPD\RUtDSRUHOPDHVWUR+pFWRU)DELR7RUUHVHQVX
OLEUR&XHUGDV7tSLFDV&RORPELDQDVHQHOFXDOORJUDDSDUWLUGHXQ
HVWXGLR \ XQD H[SORUDFLyQ GH HIHFWRV LQWHJUDU DVSHFWRV GH WLSR
RUTXHVWDO GDQGR DO IRUPDWR OD UHOHYDQFLD TXH FRQ HO GHYHQLU GHO
WLHPSRVHKDGHVFXLGDGRGHELGRDODH[SHULPHQWDFLyQFRQWLPEUHV
H[yWLFRV
(QODXOWLPDGpFDGDODH[SORUDFLyQWtPEULFD\GHHIHFWRVKDQVLGR
HOHPHQWRV FRQVWDQWHV HQ ORV DUUHJORV HODERUDGRV SRU HO 0DHVWUR
/XtV )HUQDQGR /HyQ 5HQJLIR VREUH WRGR HQ DTXHOORV FRQVLJQDGRV
HQ ´/D 0~VLFD ,QVWUXPHQWDO $QGLQD &RORPELDQD µ
GRQGHXWLOL]DORVDUPyQLFRVHOFRORUPHWiOLFR\RFDVLRQDOPHQWHHO
SL]]LFDWR HVWRV HIHFWRV GDQ YLGD D OD LQWHUSUHWDFLyQ GH ODV REUDV\
SRUHVWRVRQGHLPSRUWDQFLDHQODHODERUDFLyQGHORVDUUHJORV
(Q OR UHIHUHQWH D OD H[SORUDFLyQ UtWPLFD HQ OD P~VLFD &RORPELDQD
ODLPDJHQPiVUHOHYDQWHGHODDFWXDOLGDGHV5XEpQ'DUtR*yPH]
3UDGDTXLHQHQVXVDUUHJORV\FRPSRVLFLRQHVRULJLQDOHVSDUDEDQGD
\ FRQ ORV FXDOHV KD VLGR JDODUGRQDGR HQ YDULRV FRQFXUVRV
QDFLRQDOHV SRU VX ULTXH]D HQ YDULDFLRQHV UtWPLFDV QRYHGRVDV
$GHPiV FRPR DUUHJOLVWD \ GLUHFWRU GHO JUXSR 6HSWyIRQR *yPH]
3UDGD UHDOL]D YDULDFLRQHV UtWPLFDV WUDQVLWRULDV VREUH ODV IRUPDV
PXVLFDOHV EiVLFDV WUDGLFLRQDOHV DVLPLVPR FDPELRV GH PHGLGD
TXH EULQGDQ D ODV REUDV XQD VHQVDFLyQ GH UXSWXUD GH ORV
FRQVWDQWHV FLFORV GH OD P~VLFD QDFLRQDO HV WDPELpQ GH GHVWDFDU
VX DSRUWH HQ HO FRQWUDSXQWR \ OD DUPRQtD HQ OD P~VLFD
&RORPELDQD
&RQ UHODFLyQ DO iUHD GH RUTXHVWDFLyQ VRQ GH JUDQ WUDVFHQGHQFLD
HQ OD HODERUDFLyQ GH DUUHJORV SDUD FXDUWHWR WtSLFR ORV FRQFHSWRV
HPLWLGRV SRU 9LFWRULDQR 9DOHQFLD HQ ´0DQXDO GH (ODERUDFLyQ GH
$UUHJORV SDUD %DQGDµ \ :DOWHU 3LVWRQ HQ ´2UTXHVWDFLyQµ HVWR
GHELGR D VX LPSRUWDQFLD SDUD OD FRUUHFWD LGHQWLILFDFLyQ GH ORV
VXMHWRV FRQWUD VXMHWRV \ DUPRQtDV SRU PHGLR GH OD XWLOL]DFLyQ GH
ORVFRORUHVHQORVGLIHUHQWHVUHJLVWURVGHORVLQVWUXPHQWRV
(6758&785$'(/$81,'$''($1$/,6,6
/DXQLGDGGHDQiOLVLVVRQH[SOtFLWDPHQWHODVREUDVHOHJLGDVSDUDOD
SURGXFFLyQGHDUUHJORV
2EUD &RPSRVLWRU
5LWPR
%XQGH
(PLOLDQR/XFHQD %XQGH
5DIDHO$SRQWH&DUYDMDO *XDELQD
(O9DOVGHO$GLyV ÉOYDUR5RPHUR
9DOV
)HVWLYDO
%DPEXFR
*XDELQD2EYLD
$JXVWtQ3D\DQ
$WHUUL]DQGR
3HGUR0RUDOHV3LQR
2QH6WHS
$QJpOLFD
$QyQLPR
*XDELQD²
3DVLOOR
%DPEXFR
&DQFLyQ6LQSDODEUDV $QyQLPR
/XF\ 3HGURPRUDOHV3LQR
7DQJR
0LFDSULFKR
3HGUR0RUDOHV3LQR
3ROND
(O$ODFUiQ &DUORV9LHFR2UWL]
3DVLOOR
(O&XFDUUyQ
/XtV8ULEH%XHQR
3DVLOOR
$QD(OLVD 3HGUR0RUDOHV3LQR
9DOVHV
',6(f20(72'2/2*,&2
&RPRHVWHWUDEDMRSUHWHQGHSURSLFLDUODLQWHJUDFLyQGHORVDUUHJORV
D ODV DJUXSDFLRQHV GH ORV VHPHVWUHV DYDQ]DGRV GHO pQIDVLV GH
FXHUGDV WtSLFDV VH YDQ D RIUHFHU GRFH DUUHJORV FRKHUHQWHV FRQ HO
QLYHO GH HMHFXFLyQ LQVWUXPHQWDO\ GH LQWHUSUHWDFLyQ PXVLFDO GH ORV
MyYHQHV
3DUD OD HMHFXFLyQ GHO SUR\HFWR VH KDQ SODQHDGR ODV HVWUDWHJLDV GH
VHOHFFLyQ GH REUDV GH DFXHUGR FRQ ODV FRPSHWHQFLDV HVWLSXODGDV
SDUD FDGD VHPHVWUH WRGRV ORV WHPDV VHUiQ VHOHFFLRQDGRV GDQGR
SULRULGDGDORVHOHPHQWRVEiVLFRVTXHSHUPLWDQODHMHFXFLyQJUXSDO
GHODVREUDVPXVLFDOHV
6H KD WHQLGR HQ FXHQWD SDUD OD VHOHFFLyQ GH REUDV OD ULTXH]D GHO
IROFORU QDFLRQDO WDPELpQ TXH VHDQ REUDV TXH KD\DQ WHQLGR SRFD
GLYXOJDFLyQ SDUD GDU GLIXVLyQ D REUDV \ FRPSRVLWRUHV TXH QR KDQ
VLGR PX\ GLYXOJDGRV HQ HO PHGLR DVLPLVPR REUDV TXH WHQJDQ
YDULHGDGHQORVULWPRV\HQODVWRQDOLGDGHV
'HVSXpVGHVHOHFFLRQDGDVODVREUDVVHKDUiXQDQiOLVLVPXVLFDO\
HVWpWLFR GH DFXHUGR FRQ ORV GDWRV KLVWyULFRV GH OD REUD \ VH
SURFHGHUi HQWRQFHV D HVFULELU HO DUUHJOR HQ HO IRUPDWR GH FXDUWHWR
WtSLFRDOILQDOVHGHOLPLWDUiQHQHODQiOLVLVHVWUXFWXUDOORVGHWDOOHV
WpFQLFRVTXHVHDJUHJDURQFRPRSURSXHVWDDODUUHJOR
3DUDODSUHVHQWDFLyQILQDOVHLQWHUSUHWDUiQODVGRFHREUDV\VHKDUi
ODH[SRVLFLyQGHODVFDSDFLGDGHVWpFQLFDVTXHVHUHTXLHUHQSDUDOD
LQWHUSUHWDFLyQ GH FDGD REUD FRPR VRSRUWH GH OD FRKHUHQFLD FRQ OR
DQWHULRUPHQWHHVWLSXODGR
(ODERUDFLyQGHDUUHJORV
$QiOLVLVGHODVREUDV
/DV REUDV D DUUHJODU VH HVWXGLDUiQ \ DQDOL]DUiQ GHVGH ORV
VLJXLHQWHVSXQWRVGHYLVWD
$ $UPyQLFR 7RQDOLGDG FDPELRV PRGDOHV PRGXODFLRQHV
SDVDMHUDV PRGXODFLRQHV GHILQLWLYDV DOWHUDFLRQHV GH ORV
DFRUGHV\SRVLELOLGDGHVGHDPSOLDFLyQGHOSXOVRDUPyQLFR
% +LVWyULFR&RQWH[WRPXVLFDO\VRFLDOHQTXHVHGHVHQYXHOYH
OD SLH]D H LQWHUSUHWDFLRQHV TXH VH KD\DQ UHDOL]DGR GH OD
PLVPD
& 0HOyGLFR 5DQJR XWLOL]DGR HQ ODV PHORGtDV \ FRQWUDSXQWRV
FDUDFWHUtVWLFRVGHODVREUDV
' 'H LQVWUXPHQWDFLyQ 0H]FODV GH WLPEUHV WH[WXUDV FRORUHV
\HIHFWRVTXHSHUPLWHHOHVWLORGHODVREUDV
( 7pFQLFR %~VTXHGD GH GLJLWDFLRQHV DGHFXDGDV SDUD ORV
SDVDMHV PHOyGLFRV \ HQODFHV DUPyQLFRV TXH OR UHTXLHUDQ
IRUPDGHLQWHUSUHWDUORVDGRUQRVPXVLFDOHV\HIHFWRV
(OHFFLyQGHWRQDOLGDGHV
7RGDV ODV REUDV VH FRQVHUYDUiQ HQ OD WRQDOLGDG TXH VH VXSRQH
FRPR RULJLQDO GH ODV SDUWLWXUDV WRPDGDV GHO DUFKLYR GHO
FRQVHUYDWRULR3HGUR0RUDOHV3LQRGH&DUWDJR\GHODUFKLYRSHUVRQDO
GHOVHxRU+RQRUDWR&DVWULOOyQ(VWRSRUODGLILFXOWDGGHHQFRQWUDU
YHUVLRQHV FRQ ODV FXDOHV VH SXHGD KDFHU XQD FRPSDUDFLyQ \ SDUD
PDQWHQHUODRULJLQDOLGDGGHODVREUDV
0RQWDMH
6H HQWUHJD D FDGD XQR GH ORV LQVWUXPHQWLVWDV SDUWLFLSDQWHV HQ HO
SUR\HFWRODVSDUWLFHOODVGHODVREUDVFDGDXQRKDUiHOHMHUFLFLRGH
SULPHUD YLVWD \ OXHJR UHFLELUi SRU SDUWH GHO SURSRQHQWH GHO
SUR\HFWR GH JUDGR XQD DVHVRUtD LQGLYLGXDO VREUH OD LQWHUSUHWDFLyQ
GH ODV PLVPDV GHVSXpV VH KDUi XQ HQVDPEOH LQLFLDO GRQGH VH
XELFDUiQ SXQWRV GH FXLGDGR HQ FDGD XQR GH ORV LQVWUXPHQWLVWDV
SDUD VHU WUDEDMDGRV \ VROXFLRQDGRV GH PDQHUD LQGLYLGXDO VH
UHDOL]DUi XQ HQVDPEOH JHQHUDO GHVSXpV GH OD DVHVRUtD SHUVRQDO
SDUD HVWDEOHFHU PDWLFHV GLQiPLFRV \ DJyJLFRV \ GHPiV FXHVWLRQHV
UHODWLYDVDOHQVDPEOH
'(6$552//2
(OFXDUWHWRWtSLFRFRORPELDQR
(O&XDUWHWRWtSLFRDOLJXDOTXHHOWUtRVHFRQIRUPDGHWLSOHJXLWDUUD\
EDQGROD PDV HQ HVWH FDVR OD EDQGROD HV UHGREODGD SDUD HMHFXWDU
VHJXQGDV YRFHV \ DOFDQ]DU XQ QLYHO GH RUTXHVWDFLyQ PD\RU DO GHO
WUtR 'HVGH XQ SXQWR GH YLVWD WUDGLFLRQDOLVWD OD IXQFLyQ GH ORV
HMHFXWDQWHV HV OD PLVPD TXH HQ HO WUtR H[LJLHQGR LJXDO R PD\RU
QLYHO GH GLILFXOWDG LQWHUSUHWDWLYD VXPiQGRVH D HOORV XQD VHJXQGD
YR]TXHVHPDQWLHQHWUDVODSULPHUDJHQHUDOPHQWHVREUHHOPLVPR
HVTXHPD UtWPLFR D LQWHUYDORV GH WHUFHUD VH[WD GpFLPD \ HQ
DOJXQDVRFDVLRQHVLQWHUYDORVGHFXDUWD\TXLQWD
<D GHVGH HO SXQWR GH YLVWD FRQWHPSRUiQHR R GH OD QXHYD
H[SUHVLyQ HO FXDUWHWR WtSLFR VH FRQVWLWX\H FRPR XQ IRUPDWR
LQVWUXPHQWDOGHDPSOLDVSRVLELOLGDGHVLQWHUSUHWDWLYDVSHUPLWLHQGR
HO SURWDJRQLVPR GH WRGRV VXV LQVWUXPHQWRV DEULHQGR DVt ODV
SXHUWDV SDUD OD LQWHUSUHWDFLyQ GH RWURV UHSHUWRULRV 'H OD PLVPD
PDQHUD TXH HO FXDUWHWR FOiVLFR HO FXDUWHWR WtSLFR VH FRQVWLWX\H
FRPR SDUWH HVHQFLDO HQ HO GHVDUUROOR GH OD P~VLFD QDFLRQDO
RIUHFLpQGROH XQD IRUPDFLyQ LGHDO SDUD OD FRPXQLFDFLyQ GH
GLIHUHQWHV LGHDV PXVLFDOHV HQWRUQR D OD P~VLFD WUDGLFLRQDO GH OD
UHJLyQ
6HKDQGLVWLQJXLGRHQODDFWXDOLGDGGRVPRPHQWRVHQODP~VLFDFRORPELDQDOD
P~VLFDWUDGLFLRQDO\ODP~VLFDGHODQXHYDH[SUHVLyQORJUDQGRHVWH~OWLPRXQD
UHQRYDFLyQWDQWRHQHOFDPSRLQVWUXPHQWDOFRPRHQHOYRFDO
,QVWUXPHQWRVTXHORFRQIRUPDQ
(O7LSOH&RORPELDQR
/RSRFRTXHYDOHXQWLSOH\ORERQLWRTXHVXHQD
ORPXFKRTXHFXHVWDXQULIOH\ORWDQIHUR]TXHWUXHQD
-RUJH9HORVD
/D SULPHUD UHIHUHQFLD TXH VH WLHQH VREUH HO WLSOH DSDUHFH HQ HVFULWD SRU HO SHULRGLVWD P~VLFR \ SRHWD -RVp &DLFHGR \ 5RMDV
´$OJXQRVVROGDGRVIUDQFRVVHKDEtDQGLVSHUVDGRSRUODSREODFLyQHQ
EXVFDGHDOLPHQWR\EHELGD\KDEtDQHQFRQWUDGRHQFLHUWDWLHQGDXQ
WLSOH UH]DJDGR TXH D IXHU]D GH LQGXVWULD ORJUDURQ DUUHJODU GH
PDQHUDTXHSRGtDDFRPSDxDUSDVDEOHPHQWHSRUYtDGHGHVFDQVRGH
OD IDWLJD ORV DOHJUHV ²R PiV ELHQ WULVWHV FDQWDUHV GH HVWRV
DILFLRQDGRV GH TXH QRIDOWDQ HQ XQ FXHUSR GH WURSDV WUHV R FXDWUR
SRUORPHQRVµ
+DFLD OD VHJXQGD PLWDG GHO VLJOR ;,; HO WLSOH WHQtD FXHUGDV
GLVWULEXLGDV HQ FXDWUR yUGHQHV GH OD VLJXLHQWH PDQHUD ORV GRV
yUGHQHV H[WUHPRV FRQ GRV FXHUGDV FDGD XQR \ ORV GRV RUGHQHV
LQWHUPHGLRFRQWUHVFXHUGDVFDGDXQR)XHKDVWDLQLFLRVGHOVLJOR
3XEOLFDGR HQ OD KRMD ´(O 0XVHRµ 7RPR 1R 0D\R GH 7DPELpQ
UHSURGXFLGRHQ&DLFHGR5RMDV´$SXQWHVGHUDQFKHUtD\RWURVHVFULWRVHVFRJLGRVµ
%LEOLRWHFD GH &XOWXUD &RORPELDQD %RJRWi SiJ \ 66 HQ ´(IUDtQ
6iQFKH] &DEUD 5DPyQ 7RUUHV 0pQGH] SLQWRU GH OD 1XHYD *UDQDGD %RJRWiµ
)RQGR &XOWXUDO &DIHWHUR SiJV \ HQ ´'RFXPHQWRV GH +LVWRULD \
7HRUtD GHO $UWH \ OD $UTXLWHFWXUDµ HGLFLyQ D FDUJR (JEHUWR %HUP~GH] \ -DLPH
&RUWpV&LGDU8QLYHUVLGDG1DFLRQDOGH&RORPELD%RJRWi3iJV
;; DSUR[LPDGDPHQWH TXH VH FRPHQ]DURQ D FRQVWUXLU WLSOHV GH FXHUGDVFRQFXDWURyUGHQHVWULSOHVFRPRORFRQRFHPRVDKRUD
8QDGHODVFDUDFWHUtVWLFDVTXHOHGDQDOWLSOHVXFRORUSDUWLFXODUHV
TXH ORV yUGHQHV GHO VHJXQGR DO FXDUWR WLHQHQ XQD FXHUGD
HQWRUFKDGDTXHVHDILQDXQDRFWDYDSRUGHEDMRGHODVODWHUDOHVGH
DKtTXHFRPRGLFHHODUWLFXORSUHYLDPHQWHFLWDGR7LSOH\*XLWDUUD
'HODVILHVWDVSRSXODUHVDODP~VLFDGHFiPDUD´6XUHVSXHVWD
WtPEULFDHVULTXtVLPD\GHVERUGDODHVFULWXUDFRQYHQFLRQDOµ
*UDQGHVPDHVWURVKDGDGR&RORPELDHQODHMHFXFLyQGHOWLSOHHQWUH
ORV FXDOHV GHO SDVDGR \ HO SUHVHQWH SRGHPRV FLWDU D 3DFKR
+HUQiQGH] $OHMDQGUR :LOOV 3DFKR %HQDYLGHV /XtV (QULTXH (O
QHJUR 3DUUD -RVp /XtV 0DUWtQH] 2UODQGR 6HUUDQR 'DYLG 3XHUWD
-XOLR 9tFWRU =DSDWD -XDQ 3DEOR +HUQiQGH] /HyQ 'DUtR 5RMDV
*LOEHUWR%HGR\DHQWUHPXFKRVRWURV
'HQWUR GH OD ULTXH]D GH OD RUJDQRORJtD DQGLQD &RORPELDQD H[LVWH
DGHPiV GHO WLSOH XQ LQVWUXPHQWR IDPLOLDU GHQRPLQDGR WLSOH
UHTXLQWR HVWH LQVWUXPHQWR TXH VH WRFD WUDGLFLRQDOPHQWH FRQ XQD
FXFKLOOD GH DIHLWDU SHUR TXH ORV QXHYRV LQWHUSUHWHV KDQ SUHIHULGR
WRFDU FRQ S~D R SOHFWUR VH HQFDUJD GHO OLGHUD]JR PHOyGLFR HQ
GLIHUHQWHV FRQMXQWRV GH OD UHJLyQ 6DQWDQGHUHDQD\ %R\DFHQVH 6H
/RQGRxR 0DUtD (XJHQLD 7RERQ $OHMDQGUR %DQGROD 7LSOH \ *XLWDUUD 'H ODV
ILHVWDVSRSXODUHVDODP~VLFDGHFiPDUD5HYLVWD$UWHV1R9ROXPHQ(QHUR
²-XQLR3iJ
KD SRVWXODGR WDPELpQ FRPR XQ SHUIHFWR LQVWUXPHQWR VROLVWD \ HQ
VXQRPEUHVHFHOHEUDQYDULRVFRQFXUVRVHQHOSDtV
/DJXLWDUUD
´7DOYH]QLQJ~QRWURLQVWUXPHQWRKD\DVLGRGLIXQGLGRDSURSLDGR\
WUDQVIRUPDGRWDQLQWHQVDPHQWHHQHO1XHYR0XQGRFRPRODJXLWDUUD
&RPXQLGDGHVDERUtJHQHVDIURGHVFHQGLHQWHPHVWL]RUXUDO\
XUEDQRDVtFRPRSHUVRQDVOHWUDGDVHLOHWUDGDVGHODPiVGLYHUVD
tQGROH\FRQGLFLyQKDQKHFKRGHHOODRSRUWXQLGDGGHFRPXQLFDFLyQ\
YHKtFXORGHFXOWXUDµ
+D VLGR GXUDQWH VLJORV HO LQVWUXPHQWR GH SUHIHUHQFLD SRU VX
YHUVDWLOLGDG\IDFLOLGDGGHHMHFXFLyQQRVLJQLILFDHVWRHQDEVROXWR
TXH VHD XQ LQVWUXPHQWR GH EDMD FDWHJRUtD \D TXH HQ HO UHSHUWRULR
PXQGLDO VH KD WDPELpQ SRVLFLRQDGR FRPR XQ LQVWUXPHQWR GH
FRQFLHUWR SDUD HO FXDO VH KDQ HVFULWR JUDQGHV REUDV \ GHO FXDO
H[LVWHQWDPELpQJUDQGHVLQWHUSUHWHV
/D FDSDFLGDG GH LQWHUDFWXDU HQ GLIHUHQWHV HVWLORV OH KD GDGR XQ
OXJDU GH JUDQ LPSRUWDQFLD HQ HO IROFORU FRORPELDQR GH HVWR GDQ
PXHVWUD ORV PDHVWURV *HQWLO 0RQWDxD &OHPHQWH 'tD] %HUQDUGR
&DUGRQD +pFWRU *RQ]iOH] -DLPH %HUQDO *XVWDYR $GROIR 1LxR
(ONLQ 3pUH] HQWUH RWURV TXLHQHV KDQ SURGXFLGR \ FRQWLQ~DQ
SURGXFLHQGR UHSHUWRULR SDUD JXLWDUUD VROLVWD LQVSLUDGRV HQ ORV
,EtGHP3iJ
DLUHV QDFLRQDOHV HVWDV REUDV KDQ VLGR JDODUGRQDGDV HQ YDULRV
IHVWLYDOHV GH P~VLFD DQGLQD FRORPELDQD GHO SDtV SRU VX EHOOH]D \
GLPHQVLyQFRQWHPSRUiQHD
(QVXGHYHQLUODJXLWDUUDWDOFRPRODFRQRFHPRVHQQXHVWURVGtDV
IXH IDFWRU GH GLYHUVDV PRGLILFDFLRQHV OR FXDO KD OOHYDGR D ORV
LQYHVWLJDGRUHV D QR WHQHU XQD FHUWH]D DFHUFD GH VX RULJHQ $O
UHVSHFWR H[LVWHQ GRV WHRUtDV FRQWUDGLFWRULDV XQD GH HOODV DILUPD
TXHHODQWHFHVRUGLUHFWRGHODJXLWDUUDHVODXGLQVWUXPHQWRTXHIXH
OOHYDGR D (VSDxD SRU ORV PRURV GHVSXpV GH OD LQYDVLyQ HQ HO VLJOR
9,,, (VWH LQVWUXPHQWR FX\R QRPEUH IXH XQD IXVLyQ HUUyQHD GHO
DUWtFXORGHWHUPLQDGRFRQHOSURQRPEUHFRQYLUWLHQGRHOIHPHQLQRXG
HQHOPDVFXOLQROD~G
/D RWUD WHRUtD GLFH TXH HQ D& /RV KLWLWDV FUHDURQ XQD OLUD
FRQ XQD FDMD GH UHVRQDQFLD FRQ ODGRV VXDYHV \ FXUYRV HVWDV
FDUDFWHUtVWLFDVODIDPLOLDUL]DQFRQODJXLWDUUD'HDFXHUGRFRQHVWD
WHRUtD OD JXLWDUUD HVSDxROD GHULYy GHO WDQEXU GH ORV KLWLWDV D OD
NLWKDUD GH ORV JULHJRV \ ILQDOPHQWH D OD FLWKDUD GH ORV URPDQRV OD
FXDOVHULDOOHYDGDD(VSDxDKDFLDHODxRG&PXFKRDQWHVGH
ODLQYDVLyQPRULVFD
&XDO IXHUH VX DQWHFHVRU OD JXLWDUUD FRPR VH DILUPD HQ SiUUDIRV
DQWHULRUHV IXH DFRJLGD PX\ UiSLGDPHQWH SULPHUR SRU HO SXHEOR\
GHVSXpV SRU ORV FRUWHVDQRV HQ FX\DV HVFXHODV VH GHVDUUROOR JUDQ
SDUWHGHODWpFQLFDGHHMHFXFLyQGHOLQVWUXPHQWR
/D%DQGROD$QGLQD&RORPELDQD
,QVWUXPHQWRPXVLFDOTXHSHUWHQHFHDODIDPLOLDGHORVFRUGyIRQRV
(VWH LQVWUXPHQWR TXH VH WRFD XWLOL]DQGR XQD S~D R SOHFWUR HV
GHVFHQGLHQWH GLUHFWR GH OD JXLWDUUD \ HO OD~G GH FXHOOR ODUJR FRPR
DVHYHUDQ 0DUtD (XJHQLD /RQGRxR ( \$OHMDQGUR7RERQ 5 HQ VX
DUWtFXOR ´7LSOH \ *XLWDUUD 'H ODV ILHVWDV SRSXODUHV D OD
P~VLFD GH FiPDUDµ $ OD YH] HQ &RORPELD \ 9HQH]XHOD WLHQH
HVWDXQSDULHQWHFHUFDQROD%DQGROD/ODQHUDTXHDSHVDUGHTXHOD
WpFQLFD GH LQWHUSUHWDFLyQ VRQ SDUHFLGDV DO LJXDO TXH HQ OD IRUPD
VHSRGUtDDVHJXUDUTXHHVWRVGRVLQVWUXPHQWRVVRQFRPSOHWDPHQWH
DQWDJyQLFRV/DEDQGROD$QGLQD&RORPELDQDVHFDUDFWHUL]DSRUVHU
XQLQVWUXPHQWRVRSUDQR\GHXQVRQLGRPX\EULOODQWHDOFRQWUDULR
GH OD EDQGROD OODQHUD OD FXDO HV GH XQ VRQLGR PDV JUDYH \ PDV
RVFXUR
/D %DQGROD $QGLQD &RORPELDQD KD WHQLGR VX GHVDUUROOR WpFQLFR
PXVLFDO \ PRUIROyJLFR GHVGH HO VLJOR ;,; FXDQGR VH XVDEDQ ODV
EDQGRODV GH FXHUGDV GLVWULEXLGDV HQ FLQFR RUGHQHV ORV GRV
SULPHURVRUGHQHVGHWUHVFXHUGDV\ORV~OWLPRVWUHVRUGHQHVGHGRV
FXHUGDV\ODVEDQGRODVGHFXHUGDVTXHWHQtDQXQTXLQWRRUGHQ
WDPELpQ GH FXHUGDV HO VH[WR RUGHQ IXH DJUHJDGR PDV DGHODQWH
SRU HO 0DHVWUR 3HGUR 0RUDOHV 3LQR FRQ OD LQWHQFLyQ GH DJUHJDUOH
PDV EDMRV D OD EDQGROD TXHGDQGR DVt FRQ VHLV RUGHQHV FRPR OD
FRQRFHPRV HQ QXHVWURV WLHPSRV SHUR FRQ FXHUGDV GLVWULEXLGDV
GH OD VLJXLHQWH PDQHUD ORV SULPHURV FXDWUR RUGHQHV FRQ WUHV
/RQGRxR0DUtD(XJHQLD7RERQ$OHMDQGUR2S&LW3iJ
FXHUGDVFDGDXQR\ORVGRV~OWLPRVRUGHQHVFRQGRVFXHUGDVFDGD
XQR
3DUDODGpFDGDGHHOPDHVWUR'LHJR(VWUDGDSURSXVRUHGXFLU
HO ODUJR GHO PiVWLO SDUD TXH HO LQVWUXPHQWR VH SXGLHUD DILQDU XQ
WRQR DUULED OR FXDO OH GD DO LQVWUXPHQWR XQ FRORU PDV EULOODQWH \
KDFLDODDXQTXHHVWHFDPELRVLJQLILFDUDXQVDFULILFLRHQORVEDMRV
+DFLD OD GpFDGD GH HO PDHVWUR )HUQDQGR /HyQ SURSRQH
DPSOLDUHOPiVWLOYROYHUDODEDQGRODGHFXHUGDVSHURFRQVHLV
RUGHQHV GREOHV \ FRQVHUYDQGR OD DILQDFLyQ GHO PDHVWUR 'LHJR
(VWUDGD'HVGHODGpFDGDGHKDFLDDFiHOPDHVWUR0DQXHO
%HUQDOHQFRQMXQWRFRQHOPDHVWUR$OEHUWR3DUHGHVKDQHVWXGLDGR
\ PRGLILFDGR GLIHUHQWHV DVSHFWRV GHO GLVHxR FRPR HO DQFKR GHO
PiVWLO OD VHSDUDFLyQ GH ODV FXHUGDV HO WDPDxR GH HVFDOD HO
SXHQWH ORV WDPDxRV GH OD FDMD OD LQFUXVWDFLyQ GH pVWD FRQ HO
PiVWLOODVPHGLGDVJHQHUDOHVGHOLQVWUXPHQWR\HOWLUDFXHUGDV
´(QWUHTXLHQHVKDQOOHJDGRDVHUYLUWXRVRVGHHVWHLQVWUXPHQWRVH
GHVWDFDQORVPDHVWURV-HV~V=DSDWD)HUQDQGR/HyQ\'LHJR
(VWUDGD$FWXDOPHQWHVHIRUPDQHQHOSDtVJHQHUDFLRQHVMyYHQHVFRQ
FODURVWDOHQWRVFRPR)DELiQ)RUHUR0DQXHO%HUQDO-DLUR5LQFyQ\
-DYLHU$QGUpV0HVDHQWUHRWURVµ
,EtGHP3iJ
/RV SHUVRQDMHV TXH VH PHQFLRQDQ HQ OD FLWD DQWHULRU VRQ ORV
SLRQHURV GHO GHVDUUROOR WpFQLFRPXVLFDO GH OD EDQGROD D HOORV VH
GHEHQ ORV FULWHULRV VREUH OD SOXPDGD HVWXGLRV HVFDOtVWLFRV \ GH
DUSHJLRV HQ HO LQVWUXPHQWR DSRUWHV HQ HO GLVHxR GH OD EDQGROD
&DEHDQRWDUTXHHOWUDEDMRDXQQRHVWDWHUPLQDGR\TXHHVSDUWHGH
HVWHSUR\HFWRKDFHUXQDSRUWHDODHVFULWXUDGHOLQVWUXPHQWR
$QiOLVLVPXVLFDOGHODVREUDV
%XQGH
&RPSRVLWRU(PLOLDQR/XFHQD
5LWPR%XQGH
7RQDOLGDG'%E
(VWUXFWXUDGHODREUD,QWURGXFFLyQSDUWH$SDUWH%&RGD
,1752'8&&,Ð1&203$6(6
$QiOLVLVHVWUXFWXUDO
/D LQWURGXFFLyQ GH HVWD REUD WLHQH HO SULPHU PRWLYR UtWPLFR GH OD
SDUWH$HVWHPRWLYRVHUHSLWHHQSURJUHVLyQ\DFDGDFRPSiVVHYD
DJUHJDQGR XQ LQVWUXPHQWR PiV KDVWD TXH HQ HO FRPSiV FXDWUR
HVWiQWRGRVORVLQVWUXPHQWRVVRQDQGR(QHOFRPSiVVHKDFHOD
FDGHQFLD SDUD DEULUOH SDVR DO VHJXQGR PRWLYR GH OD LQWURGXFFLyQ
HQ OD VHJXQGD SDUWH GH OD LQWURGXFFLyQ VH WRPD OR TXH HO
FRPSRVLWRU SURSRQH FRPR PHORGtD \ VH OH WUDQVIRUPD HQ XQ
DFRPSDxDPLHQWR SDUD XQD PHORGtD GH PD\RU UHOLHYH TXH OOHYD HO
WLSOH
$QiOLVLVUtWPLFR
(O SULPHU PRWLYR TXH VH SUHVHQWD HVWD EDVDGR HQ OD FRUFKHD FRQ
XQDGXSOLFDFLyQGHOSULPHUFRQWUDWLHPSRHVWHPRWLYRVHUHSLWHHQ
ORV FXDWUR SULPHURV FRPSDVHV HQ HO FRPSiV VH REYLD OD
GXSOLFDFLyQ \ ORV LQVWUXPHQWRV DFRPSDxDQWHV KDFHQ XQD HPLROD
SDUDGDUOHILUPH]DDODFDGHQFLDHQDUSHJLRTXHWUDHQODVEDQGRODV
(Q OD VHJXQGD SDUWH GH OD LQWURGXFFLyQ HO PRWLYR UtWPLFR VLJXH
VLHQGR GH FRUFKHDV SHUR GLYLGLHQGR ODV VHLV FRUFKHDV GHO FRPSiV
HQWUH ODV GRV EDQGRODV HO WLSOH OOHYD XQD PHORGtD FUHDGD GH
DFXHUGRDODIRUPDPHOyGLFDGHOEXQGH7RGRHOVXVWHQWRUtWPLFROR
OOHYD OD JXLWDUUD FRQ XQD IRUPD VLPSOLILFDGD GHO DFRPSDxDPLHQWR
GHOEXQGH
$QiOLVLVDUPyQLFR
/D HVWUXFWXUD DUPyQLFD GH OD SULPHU SDUWH GH OD LQWURGXFFLyQ VH
UHYHODDOHQWUDUHOWLSOHFRQODPLVPDPHORGtDFRQODTXHFRPLHQ]DQ
ODEDQGRODSULPHUD\GHVSXpVODEDQGRODVHJXQGDHVWDUHSHWLFLyQ
PHOyGLFDKDFHTXHHOPRYLPLHQWRDUPyQLFRVHDGHXQFRORU PRGDO
DXQTXHFRQODHQWUDGDGHODJXLWDUUDHODFRUGHVHH[WLHQGHKDVWD
OD VpSWLPD PHQRU FUHDQGR XQ FKRTXH HQWUH ORV DUPyQLFRV TXH
SURGXFH XQD VHQVDFLyQ KDVWD FLHUWR SXQWR GH VDWXUDFLyQ TXH HV
LQPHGLDWDPHQWHUHVXHOWDHQHOFRPSiVFLQFR/DVHJXQGDSDUWHGH
OD LQWURGXFFLyQ OOHYD XQ HQODFH DUPyQLFR OyJLFR GH OD WRQDOLGDG \
TXH HV RFXOWR SRU ODV VXVWLWXFLRQHV FRPR YHPRV HQ HO FRPSiV 9HU ILJXUD HQ HO TXH GH SULQFLSLR SRGUtD SHQVDUVH URPSH FRQ OD
OyJLFD SHUR YLpQGROR PiV GH FHUFD HV XQD VXVWLWXFLyQ SRU WULWRQR
GHODGRPLQDQWHUHDO
$QiOLVLVGHLQVWUXPHQWDFLyQ
(O LQLFLR GH OD REUD VH SHQVy FRPR XQD SURJUHVLyQ HQ OD TXH VH
DGKLHUHQ ORV LQVWUXPHQWRV SDUD GDU XQ VHQWLGR GH FUHFLPLHQWR GHO
YROXPHQTXHDFRPSDxDDODDVFHQVLyQGHODPHORGtDODFXDODOILQDO
GHVFLHQGH SDUD GDUOH FDUiFWHU FRQFOX\HQWH DO SULPHU PRWLYR \ GDU
SDVRDOVHJXQGR(OMXHJRGHODVEDQGRODVHQODVHJXQGDSDUWHVH
FUHDSDUDQRDJUHJDUPiVGHQVLGDGDODPHORGtDGHOWLSOH\TXHHVWD
SXGLHUDUHVDOWDU
3$57($&203$6(6
$QiOLVLVHVWUXFWXUDO
(QFRQWUDPRV HQ HVWD SULPHUD SDUWH OD WtSLFD IRUPD GH SUHJXQWD \
UHVSXHVWD D PDQHUD GH FRPSOHPHQWR HO DUUHJOLVWD KD DJUHJDGR
GRVFRPSDVHVGHVSXpVGHODSUHJXQWDHQODTXHVHKDFHXQpQIDVLV
FDVL FRPR VL VH HVWXYLHUD UHSLWLHQGR OD SUHJXQWD \ VH DJUHJDQ GRV
PDV DO ILQDO GH OD UHVSXHVWD FRPR VL VH HVWXYLHUD UHDILUPDQGR DO
UHSHWLU FRQ XQD OHYH YDULDFLyQ ORV GRV SULPHURV FRPSDVHV /D
VHJXQGD IUDVH FRQFOXVLYD WLHQH VLHWH FRPSDVHV SDUD GDUOH XQ
VHQWLGRFRQWUDULRDOFRQFOXVLYR\TXHHQYH]JHQHUHPRYLPLHQWR
$QiOLVLVUtWPLFR
(QHVWDSDUWHVHGHVDUUROODHOPRWLYRUtWPLFRTXHVHSURSXVRHQOD
LQWURGXFFLyQDJUHJDQGRODVLQFRSDODUJD\HOWtSLFRILQDOGHIUDVHGH
HVWH JHQHUR PXVLFDO TXH FRQVWD GH XQD QHJUD VHJXLGD GH XQD
EODQFD FRP~QPHQWH OD QHJUD HV XQ UHWDUGR PHOyGLFR HQ HVWH
FDVRHOUHWDUGRVHSUHVHQWDDOILQDOGHFDGDIUDVH
$QiOLVLVDUPyQLFR
(O PRYLPLHQWR DUPyQLFR GH HVWD SDUWH FRQVWD GH XQ HQOD]DPLHQWR
GH ODV UHJLRQHV WRQDOHV GH WyQLFD VXEGRPLQDQWH \ GRPLQDQWH D
WUDYpVGHOXVRGHLQWHUGRPLQDQWHVTXHDEUHQODSRVLELOLGDGGHXVDU
GLIHUHQWHVVXVWLWXFLRQHV\HYROXFLRQHVGHOYLQFXORDUPyQLFR
$QiOLVLVGHLQVWUXPHQWDFLyQ
3DUD JXDUGDU HO VHQWLGR WUDGLFLRQDO GH OD REUD VH OH KD GHMDGR OD
PHORGtDSULQFLSDODODEDQGRODSULPHUDODEDQGRODVHJXQGDSRUVX
SDUWH OOHYD XQ DFRPSDxDPLHQWR FRQ QHJUDV \ KDFLD HO ILQDO GH
FDGD VHPLIUDVH VH XQH UtWPLFDPHQWH FRQ OD PHORGtD KDFLHQGR XQD
VHJXQGDYR]/RVGRVFRPSDVHVTXHOHVLJXHQDODSUHJXQWD\DOD
UHVSXHVWDHQODSULPHUDIUDVHVHFRORFDURQHQHOWLSOHSDUDJHQHUDU
XQHIHFWRGHHFR(QODVHJXQGDIUDVHODEDQGRODVHJXQGDWRPDHO
OLGHUD]JR PHOyGLFR TXH HV DFRPSDxDGR FRQ XQD PHORGtD PX\
VLPLODUSHURFRQXQULWPRGLIHUHQWHHQODEDQGRODSULPHUDWDQWRHO
WLSOH FRPR OD JXLWDUUD VRVWLHQHQ OD IRUPD GHO EXQGH HQ VX
DFRPSDxDPLHQWR
3$57(%&203$6(6
$QiOLVLVHVWUXFWXUDO
(Q OD VHJXQGD VHPLIUDVH GH HVWD SDUWH DQWHV GH SURGXFLUVH OD
PRGXODFLyQD%EVHKDFRQVHUYDGRHOFRQWUDSXQWRTXHSURSRQHHO
FRPSRVLWRU SDUD PDQWHQHU OD RULJLQDOLGDG GH OD REUD OD
PRGXODFLyQKDFHSDUWHWDPELpQGHODSURSXHVWDGHOFRPSRVLWRUD
PDQHUDGHFRPHQWDULRODPRGXODFLyQDXQDWRQDOLGDGWDQDOHMDGD
QR WLHQH PXFKR VHQWLGR SDUD XQD REUD TXH VH FRPSXVR HQ XQD
pSRFDHQTXHORQRUPDOHUDPRGXODUDODWRQDOLGDGKRPyQLPDRD
OD WRQDOLGDG GH OD GRPLQDQWH LJXDO TXH XQD VRQDWD HQ OD
PRGXODFLyQTXHVHKDFHDPDQHUDGHSXHQWHSRUORTXHVHSXHGH
DSUHFLDU TXH FRQVWD GH FXDWUR FRPSDVHV VH KDFH XQ PRYLPLHQWR
FRUDO GH WRGDV ODV YRFHV 9HU ILJXUD HQ OD TXH WRGDV OOHYDQ XQD
OtQHDLQGLYLGXDODH[FHSFLyQGHOXOWLPRFRPSiVHQHOTXHVHUHWRPD
ODIRUPDGHEXQGHSDUDYROYHUDPRGXODUDODWRQDOLGDGLQLFLDO(Q
ODVHJXQGDIUDVHVHWHUPLQDFRQHOPRWLYRH[SXHVWRHQODSULPHUD
$QiOLVLVUtWPLFR
/DILJXUDEDVHGHODSDUWHHVODFRUFKHDLQLFLDQGRODPHORGtDHQHO
VHJXQGRWLHPSRHQODSDUWHGHOFRQWUDSXQWRODSULPHUDEDQGROD
H[SRQH HO WHPD\ OD VHJXQGD EDQGROD OR UHSLWH (Q OD PRGXODFLyQ
ODIRUPDUtWPLFDGHODPHORGtDHVODPLVPDGHODFRPSDxDPLHQWRR
VHD GRV QHJUDV \ GRV FRUFKHDV /D VHJXQGD IUDVH OOHYD
H[DFWDPHQWHHOPLVPRPRWLYRUtWPLFRGHODSULPHUDIUDVH
$QiOLVLVDUPyQLFR
(O HQOD]DPLHQWR DUPyQLFR HQ HVWD SDUWH HVWD EDVDGR HQ ODV
UHJLRQHV WRQDOHV H[WHQGLHQGR XQ SRFR ORV DFRUGHV DOJXQDV YHFHV
KDVWD OD QRYHQD OD PRGXODFLyQ QR WLHQH QLQJXQD SUHSDUDFLyQ
VRODPHQWHVXFHGH
$QiOLVLVGHLQVWUXPHQWDFLyQ
$SURYHFKDQGR ODV SRVLELOLGDGHV DUPyQLFDV \ PHOyGLFDV GH OD
JXLWDUUD VH DJUHJR XQ SRFR GH SHUFXVLyQ SRU SDUWH GH ORV GHPiV
LQVWUXPHQWRVPLHQWUDVODJXLWDUUDKDFHODPHORGtDTXHHVWDEDVDGD
HQDFRUGHVWULDGDSDUDHOWHUFHUFRPSiVGHODSDUWHHOWLSOHWRPD
OD PHORGtD ODV EDQGRODV KDFHQ XQ DFRPSDxDPLHQWR FRQ QRWDV
ODUJDV D GRV YRFHV \ OD JXLWDUUD YXHOYH D VRVWHQHU OD EDVH UtWPLFD
(Q OD PRGXODFLyQ FRPR \D VH GLMR WRGRV ORV LQVWUXPHQWRV OOHYDQ
XQD OtQHD LQGLYLGXDO $O SULQFLSLR GH OD VHJXQGD IUDVH VH UHSLWH OD
SHUFXVLyQSHURHVWDYH]HOLQVWUXPHQWRVROLVWDHVHOWLSOHSDUDGDUOH
YDULHGDG DO DUUHJOR \ HQ OD VHJXQGD VHPLIUDVH VH UHSLWH OD
SHUFXVLyQ\ORVLQVWUXPHQWRVTXHOOHYDQODPHORGtDHQDFRUGHVVRQ
ODVEDQGRODVDOILQDOGHHVWDVHPLIUDVHORVLQVWUXPHQWRVYXHOYHQ
DWRPDUVXVSDSHOHVFRUUHVSRQGLHQWHV
&2'$&203$6(6
$QiOLVLVHVWUXFWXUDO
(VWDSDUWHHVWDHQ%E\WLHQHDOILQDOXQDPRGXODFLyQD'VHKDFH
XQEUHYHSUHOXGLRHQODWRQDOLGDGSDUDUHDILUPDUOD\OXHJRVHLQLFLD
HOWHPDGHHVWDSDUWHODFXDOUHWRPDHOHVTXHPDUtWPLFRGHOPRWLYR
GHODSDUWH$HQHOWLSOHKDFLHQGRXQDUHSHWLFLyQGRVFRPSDVHVPDV
DGHODQWHSHUR\DDPDQHUDGHDGRUQRSRUTXHODPHORGtDHVWiHQOD
EDQGRODSULPHUD(QODSULPHUVHPLIUDVHGHODVHJXQGDIUDVHVH
YXHOYH D LQLFLDU FRQ HO WHPD LJXDO TXH HQ OD SULPHUD IUDVH \ VH YD
SUHSDUDQGRODPRGXODFLyQDODWRQDOLGDGLQLFLDOTXHVHSURGXFHHQ
ODVHJXQGDVHPLIUDVH
$QiOLVLVUtWPLFR
&RPR\DVHKDGLFKRODHVWUXFWXUDUtWPLFDGHHVWDSDUWHHVLJXDOD
ODHVWUXFWXUDGHODSDUWH$
$QiOLVLVDUPyQLFR
(OHQFDGHQDPLHQWRDUPyQLFRGHHVWDSDUWHVHEDVDHQODVUHJLRQHV
WRQDOHV TXH VH KDQ GHVFULWR D OR ODUJR GHO DQiOLVLV GH OD REUD HQ
HVWDVUHJLRQHVWRQDOHVHODUUHJOLVWDVHKDWRPDGRODOLEHUWDGGHXVDU
WRGRV ORV DFRUGHV TXH KDQ HVWDGR D GLVSRVLFLyQ GH DFXHUGR FRQ OD
PHORGtD\ODLQWHQFLyQ
$QiOLVLVGHLQVWUXPHQWDFLyQ
/D LQVWUXPHQWDFLyQ GH HVWD SDUWH GH OD REUD LQLFLD FRQ XQD IRUPD
FRUDOTXHYLHQHGHVGHODPRGXODFLyQSUHYLDDOVDOWRDODFRGDHVWD
IRUPDVHXWLOL]RSDUDGDUOHUHOLHYHDOHVWLORFOiVLFRTXHWLHQHODREUD
OR TXH FRQWLQXD HQ HO WLSOH HV D OD YH] OD PHORGtD SULQFLSDO \ XQ
DGRUQRTXHVHUHH[SRQHGRVFRPSDVHVPDVDGHODQWHHQODXOWLPD
VHPLIUDVHHOWLSOHOOHYDXQDVHULHGHDGRUQRVTXHOHGDIOXLGH]DOD
PHORGtD\FDUiFWHUFRQFOXVLYRDODREUD
(O9DOVGHO$GLyV
&RPSRVLWRUÉOYDUR5RPHUR6iQFKH]
5LWPR9DOV
7RQDOLGDG$²(
(VWUXFWXUDGHODREUD,QWURGXFFLyQSDUWH$3DUWH%&RGD
,1752'8&&,Ð1&203$6(6
$QiOLVLVHVWUXFWXUDO
$ OD LQWURGXFFLyQ RULJLQDO GH OD REUD TXH VH SUHVHQWD HQ ORV WUHV
SULPHURV FRPSDVHV HQ ODV EDQGRODV HO DUUHJOLVWD OH DJUHJy GRV
FRPSDVHVPDVDPDQHUDGHYDULDFLyQSHURHVWDYH]HQHOWLSOH\OD
JXLWDUUD (Q OD SDUWH GH ODV EDQGRODV YHPRV FRPR OD EDQGROD
VHJXQGD OOHYD OD OtQHD PHOyGLFD \ XQ DFRPSDxDPLHQWR GH SHGDOHV
PLHQWUDVODEDQGRODSULPHUDOOHYDHOVXVWHQWRDUPyQLFR'HLJXDO
PDQHUD HQ OD SDUWH GHO WLSOH \ OD JXLWDUUD HO WLSOH OOHYD OD OtQHD
PHORGtD\XQDFRPSDxDPLHQWRHQSHGDOODOtQHDPHOyGLFDVHGREOD
HQ ORV EDMRV GH OD JXLWDUUD D OD YH] TXH HQ ORV FRQWUDWLHPSRV OD
JXLWDUUD OOHYD XQD FRQWUD PHORGtD HQ GLUHFFLyQ RSXHVWD
GHVFHQGHQWH\HOUHVWRGHOVXVWHQWRDUPyQLFR
$QiOLVLVUtWPLFR
(Q OD LQWURGXFFLyQ QR VH SURSRQH QLQJ~Q PRWLYR SDUD GHVDUUROODU
FRPR VXFHGH HQ PXFKDV RWUDV REUDV SRU HO FRQWUDULR VH SURSRQH
XQSUHOXGLRDOWHPD
$QiOLVLVDUPyQLFR
$GLIHUHQFLDGHRWUDVREUDVHOFRPSRVLWRUGHFLGLyLQLFLDUHVWDREUD
HQ OD GRPLQDQWH TXL]iV PRVWUiQGRVH XQ SRFR \D HO HVStULWX
YDQJXDUGLVWDGHORVFRPSRVLWRUHVTXHOHVHJXLUtDQ
$QiOLVLVGHLQVWUXPHQWDFLyQ
6HKDHOHJLGRHOLQLFLRDGXHWRSDUDGDUOHYDULHGDGDORVDUUHJORV\
DGHPiV SDUD MXVWLILFDU ORV FRPSDVHV TXH VH DJUHJDURQ FRPR XQD
UHVSXHVWDDODLQWURGXFFLyQTXHSURSRQHHOFRPSRVLWRU
3$57($&203$6(6
(VWD SDUWH VH GLYLGH HQ GRV SDUWHV PiV SHTXHxDV TXH OODPDUHPRV
$ñ\$ò
3$57($ñ&203$6(6
$QiOLVLVHVWUXFWXUDO
/DOtQHDPHOyGLFDTXHVHGLEXMDHQODSDUWH\HQJHQHUDOHQODREUD
HVWDFDVLFRPSOHWDPHQWHGLVSXHVWDHQDUSHJLRV
$QiOLVLVUtWPLFR
(Q HVWD REUD HO PRWLYR UtWPLFR GRPLQDQWH HV GH GRV FRPSDVHV \
FRQVLVWHHQGRVJUXSRVGHFRUFKHDTXHLQLFLDQHQDQDFUXVD\OXHJR
XQD QRWD ODUJD TXH VH UHVXHOYH HQ HO VLJXLHQWH FRPSiV /DV
WHUPLQDFLRQHVGHODIUDVHVRQJHQHUDOPHQWHEDVDGDVHQODFRUFKHD
$QiOLVLVDUPyQLFR
(O FRPSRVLWRU GH HVWD REUD SURSRQH XQ HQODFH DUPyQLFR QRYHGRVR
SDUDVXpSRFDDJUHJDQGRDOLQLFLRGHODVIUDVHVXQDFRUGHGHTXLQWD
\ VpSWLPD GLVPLQXLGDV DGHPiV GH HVWR HO UHVWR GHOD DUPRQtD HV
WUDGLFLRQDO \ D HVWD VH OH KDQ DJUHJDGR DOJXQDV H[WHQVLRQHV FRPR
VRQODVpSWLPDPD\RU\ODQRYHQDDOJXQDVYHFHVPHQRU
$QiOLVLVGHLQVWUXPHQWDFLyQ
3DUD JHQHUDU XQ HIHFWR GH HVWHUHRIRQtD VH DSURYHFKy TXH HQ OD
SULPHU VHPLIUDVH GH OD SDUWH $ñ VH UHSLWH HO PRWLYR \ VH FRORFy
LQLFLDOPHQWH HQ OD EDQGROD SULPHUD \ OXHJR HQ OD VHJXQGD
DVLPLVPR VH LQWHJUy XQD FRQWUD PHORGtD HQ ORV EDMRV GH OD
JXLWDUUDTXHSURGXFHQXQDVHQVDFLyQGHOLJHUH]DHQODPHORGtD(Q
OD VHJXQGD IUDVH GH HVWD SDUWH VH HOLJLy OD JXLWDUUD FRPR
LQVWUXPHQWRPHOyGLFRSDUDFUHDUXQFRQWUDVWHHQWUHORVUHJLVWURV\
DVtORJUDUTXHODREUDQRSLHUGDVXLQWHUpV
3$57($ò&203$6(6
$QiOLVLVHVWUXFWXUDO
/DSULPHUVHPLIUDVHGHHVWDSDUWHLQLFLDFRQODPHORGtDH[DFWDGH
OD SDUWH DQWHULRU OR FXDO OH GD OD FDUDFWHUtVWLFD GH XQLGDG FRQ OD
SDUWH TXH \D VH KD H[SXHVWR HQ ORV FRPSDVHV VXEVLJXLHQWHV HO
WHPDDOFDQ]DFRPRHVQDWXUDORWUDVLQFOLQDFLRQHVWHPiWLFDVFRQOR
FXDOPDUFDVXGLIHUHQFLDGHODSDUWHDQWHULRU
$QiOLVLVUtWPLFR
/D FRUFKHD HV HO IXQGDPHQWR UtWPLFR GH HVWD SDUWH GH OD REUD OR
FXDO GHQRWD XQD FRKHUHQFLD WHPiWLFD FRQ UHVSHFWR GH OD SDUWH
DQWHULRU
$QiOLVLVDUPyQLFR
/DSDUWHVHPXHYHSRUXQWHUUHQRWRQDOFRQLQWHUGRPLQDQWHVHQHO
FRPSiV \ KDVWD HO FRPSiV 9HU ILJXUD YHPRV FRPR HPSHUR
OD DUPRQtD QR VH PRGLILFD VXVWDQFLDOPHQWH VH HVFRQGH HQWUH XQ
PRYLPLHQWRSRUFXDUWDVHQORVEDMRVGHODJXLWDUUDTXHYDGREODQGR
DGLVWDQFLDGHRFWDYDDODVEDQGRODVHVWHPRYLPLHQWRTXHHVDOD
YH]DUPyQLFR\PHOyGLFRSURSRUFLRQDXQFRORUPRGHUQRDODSLH]D
$QiOLVLVGHLQVWUXPHQWDFLyQ
/DLQVWUXPHQWDFLyQGHORVSULPHURVFXDWURFRPSDVHVGHHVWDSDUWH
HVWi GLVSXHVWD GH OD PLVPD PDQHUD TXH ORV GH OD SDUWH DQWHULRU
SDUD KDFHU D~Q PDV pQIDVLV HQ OD DILQLGDG GH ODV SDUWHV (Q HO
FRPSiVVHUHVXHOYHHOFUHVFHQGRGHOFRPSiVHQXQPRWLYR
DJUHVLYRHVWHHIHFWRGHDJUHVLYLGDGVHKDFHDXQPiVIXHUWHFRQOD
DGLFLyQGHVHJXQGDVHQODYR]LQIHULRU\UHSLWLHQGRHOPRWLYRHQORV
LQVWUXPHQWRVJUDYHV(QORVFRPSDVHVVXEVLJXLHQWHVVHSUHVHQWD
XQRVWLQDWRUtWPLFRPHOyGLFRTXHVHUHSLWHHQODEDQGRODVHJXQGD\
OXHJR HQ HO WLSOH IRUPDQGR XQ DPELHQWH SDUD OD LQWHUYHQFLyQ GH OD
JXLWDUUDFRQODPHORGtDHQORVEDMRV\ODSRVWHULRUFRQFOXVLyQGHOD
SDUWHFRQDFRUGHVGHFLVLYRV
3$57(%&203$6(6
$QiOLVLVHVWUXFWXUDO
(VWDSDUWHFRQVWDGHGRVIUDVHVFRPSOHPHQWDULDVFDGDXQDGHRFKR
FRPSDVHV/DFDUDFWHUtVWLFDTXHPDVVREUHVDOHHVODPRGXODFLyQD
OD WRQDOLGDG GH OD GRPLQDQWH TXH DGHPiV YD DFRPSDxDGD GH XQ
DXPHQWR HQ OD YHORFLGDG \ HQ OD FXDO VH GHVDUUROOD XQ VHJXQGR
WHPDFRPSOHWDPHQWHGLIHUHQWHGHOTXHVHH[SRQHHQODSDUWH$
$QiOLVLVUtWPLFR
$GLIHUHQFLDGHODSDUWHDQWHULRUHQHVWDSDUWHODILJXUDFRQODTXH
VH HVWUXFWXUD HO PRWLYR HV OD QHJUD FRQ SXQWLOOR QRUPDOPHQWH OD
VHJXQGD QHJUD FRQ SXQWLOOR VH IUDJPHQWD HQ FRUFKHDV ORV ILQDOHV
GHIUDVH\VHPLIUDVHVHSUHVHQWDQFRQQRWDVODUJDV3DUDDJUHJDUOH
XQSRFRPDVGHYDULHGDGDODSDUWHHQORVFRPSDVHV\VHKD
LQFOXLGRXQDHPLRODHQODJXLWDUUD
$QiOLVLVDUPyQLFR
/DHVWUXFWXUDDUPyQLFDGHHVWDSDUWHHVWiIRUPDGDFRQORVDFRUGHV
EiVLFRVGHODVUHJLRQHVWRQDOHVFRPRVRQHO,HO,,RHO,9\HO9R
9,, DGHPiV GH HVWRV HO FRPSRVLWRU VH VLUYH GH LQWHUGRPLQDQWHV
$OJXQRVGHORVDFRUGHVKDQVLGRVXVWLWXLGRVSDUDGDUOHXQDLUHGH
PRGHUQLGDGDODSLH]DDGHPiVVHDJUHJDQDOJXQDVH[WHQVLRQHV\
VXSUHVLRQHVHQORVDFRUGHVSDUDHOPLVPRILQ
$QiOLVLVGHLQVWUXPHQWDFLyQ
/DPHORGtDGHWRGDODSDUWHHVWDJXLDGDSRUODEDQGRODSULPHUDTXH
HVVHJXLGDSRUODEDQGRODVHJXQGDHQXQDYR]TXHVHFRQVWUX\HHQ
VX PD\RUtD FRQ DUSHJLRV (O WLSOH \ OD JXLWDUUD OOHYDQ DPERV HO
VRSRUWH DUPyQLFR \ UtWPLFR GH OD SDUWH \ D OD YH] WLHQHQ FRQWUD
PHORGtDV RFDVLRQDOHV \D HQ HO FRPSiV 9HU ILJXUD HO WLSOH
WRPD XQD FRQWUD PHORGtD HQ OD TXH KD\ XQ FODUR RVWLQDWR HQ HO
SULPHU JUXSR GH WUHV FRUFKHDV \ XQD SURJUHVLyQ PHOyGLFD HQ HO
VHJXQGR JUXSR HVWR DJUHJD pQIDVLV D OD HVWUXFWXUD PHOyGLFD TXH
VHGLYLGHHQGRVQHJUDVFRQSXQWLOOR
&2'$&203$6(6
/D FRGD VH SUHVHQWD FRPR XQD VHJXQGD FDVLOOD D OD SDUWH % HQ
HVWDHVFODURGHVGHVXSULPHUFRPSiVHOFDUiFWHUGHILQLWLYRDOOOHYDU
OD PHORGtD KDVWD OD QRWD PiV DOWD GH WRGD OD REUD \ DGHPiV
PDQWHQHUOD HQ XQD ILJXUD GH ODUJD GXUDFLyQ SDUD OXHJR KDFHU OD
FDGHQFLDILQDO
$WHUUL]DQGR
&RPSRVLWRU3HGUR0RUDOHV3LQR
5LWPR2QHVWHS
7RQDOLGDG%E²(E
(VWUXFWXUDGHODREUD,QWURGXFFLyQSDUWH$SDUWH%&RGD
,1752'8&&,21&203$6(6
$QiOLVLVHVWUXFWXUDO
(O WHPD GH OD LQWURGXFFLyQ SUHVHQWD HO PRWLYR D GHVDUUROODU HQ OD
SDUWH$HVDSHVDUGHVXFRUWDORQJLWXGPX\GLFLHQWHHQFXDQWRD
ODHVWUXFWXUDTXHVHYDDPDQHMDUHQORVFRPSDVHVDVHJXLU
$QiOLVLVUtWPLFR
(O PRWLYR UtWPLFR GH OD LQWURGXFFLyQ \ TXH VH GHVDUUROODUD HQ HO
WHPD $ LQLFLD FRQ XQ DQDFUXVD GH FRUFKHDV VLQ HPEDUJR
DXQTXHHVWHHVHOPRWLYRPiVFDUDFWHUtVWLFRHQODLQWURGXFFLyQHO
PRWLYRFRPSOHWRVHSUHVHQWDGHXQDPDQHUDGLVWLQWD'HVSXpVGH
KDEHU PRVWUDGR ODV FRUFKHDV VLJXHQ SULPHUR WUHV QHJUDV \ OXHJR
XQDFDtGDHQDUSHJLRTXHOOHJDDXQFRUWHHQORVWLHPSRVSULPHUR\
WHUFHURGHOFRPSiV
$QiOLVLVDUPyQLFR
7RGDODLQWURGXFFLyQVHSUHVHQWDHQODGRPLQDQWHGHODWRQDOLGDG
$QiOLVLVGHLQVWUXPHQWDFLyQ
(OPRWLYRGHODVFRUFKHDVTXHVHH[SOLFDHQHODQiOLVLVUtWPLFROR
OOHYD VLHPSUH OD EDQGROD SULPHUD SRU WUDWDUVH GH XQ PRWLYR
LPSRUWDQWH HQ HO GHVDUUROOR GH OD VLJXLHQWH SDUWH ORV GHPiV
LQVWUXPHQWRVOOHYDQVLHPSUHODVQHJUDVTXHOHVLJXHQDOPRWLYRGH
ODVFRUFKHDV
3$57($&203$6(6
(VWD SDUWH VH GLYLGH HQ GRV SDUWHV PiV SHTXHxDV D ODV TXH VH OHV
OODPDUD$ñ\$ò
3$57($ñ&203$6(6
$QiOLVLVHVWUXFWXUDO
(QHVWDSDUWHVHGHVDUUROODHOWHPDH[SXHVWRHQODLQWURGXFFLyQ(O
2QH VWHS VH FDUDFWHUL]D SRU VHU P~VLFD SDUD EDLODU SRU OR TXH HO
HVTXHPDUtWPLFRTXHSUHVHQWDODSDUWHWLHQHXQDJUDFLDSHFXOLDU
$QiOLVLVUtWPLFR
(VWD SDUWH WLHQH GRV IUDVHV GH FRPSDVHV FDGD XQDTXH D VX YH]
VHGLYLGHQHQGRVVHPLIUDVHVGHFXDWURFRPSDVHVFDGDXQDHQOD
SULPHUVHPLIUDVHHQFRQWUDPRVODVFLQFRFRUFKHDV\DH[SXHVWDV\
VH FRPSOHPHQWD FRQ XQ EUHYH FRUWH HQ HO SULPHU WLHPSR TXH OH
DJUHJD XQ WRTXH StFDUR HVWH PRWLYR HV LJXDO HQ OD VLJXLHQWH
VHPLIUDVHSHURHQYH]GHODVFRUFKHDVKD\WUHVQHJUDVODSULPHU
IUDVHWHUPLQDHQXQDQRWDODUJDTXHVRVWLHQHODVpSWLPDGHODFRUGH
GH GRPLQDQWH /D VHJXQGD VHPLIUDVH WLHQH OD PLVPD IRUPD SHUR
HVWDWHUPLQDVREUHODWyQLFDHQXQDQHJUD
$QiOLVLVDUPyQLFR
/D SULPHUD IUDVH GH HVWD SDUWH VH GHVDUUROOD FRPSOHWDPHQWH VREUH
ODWyQLFDGHODWRQDOLGDGDHVWDVHOHDJUHJDURQH[WHQVLRQHVKDVWD
OD QRYHQD (Q RSRVLFLyQ OD VHJXQGD IUDVH VH GHVDUUROOD HQ OD
GRPLQDQWHGHODWRQDOLGDGDODFXDOWDPELpQVHOHKDQDJUHJDGRODV
H[WHQVLRQHV KDVWD OD QRYHQD \ HO EDMR GD OD LPSUHVLyQ GH
PDQWHQHUVHHQODWyQLFDDPDQHUDGHRVWLQDWR
$QiOLVLVGHLQVWUXPHQWDFLyQ
&RPR HQ HVWD REUD VH HQFXHQWUDQ PXFKDV UHSHWLFLRQHV GH ORV
PRWLYRV VH SUHVWD SHUIHFWDPHQWH SDUD MXJDU FRQ ORV GLIHUHQWHV
FRORUHV GH ORV TXH HV FDSD] XQ FXDUWHWR WtSLFR SRU OR TXH HQ HVWD
SDUWHVHLQLFLDFRQXQGXHWRHQWUHHOWLSOH\ODJXLWDUUDDORVTXH
VH OHV XQH OD EDQGROD VHJXQGD HQ HO FRPSiV DO WRPDU OD
EDQGROD VHJXQGD OD OtQHD PHOyGLFD VH GD HO HVSDFLR SDUD HO WLSOH
KDFHU XQD FRQWUD PHORGtD EDVDGD HQ HO HVTXHPD UtWPLFR GH OD
LQWURGXFFLyQ
3$57($ò&203$6(6
$QiOLVLVHVWUXFWXUDO
6HUHH[SRQHHOPRWLYRPHOyGLFRHQODRFWDYDVXSHULRU\VHSUHSDUD
OD HQWUDGD D OD SDUWH % FRQ XQ EUHYH VROR GH JXLWDUUD (VWD SDUWH
WLHQH VROR XQD IUDVH GH FRPSDVHV HVWR VH GHEH D TXH HO ž
FRPSiVHVODSUHSDUDFLyQGHODVLJXLHQWHSDUWHSRUORTXHGLUHPRV
TXHODSDUWHHQWHUDHVGHFRPSDVHV
$QiOLVLVUtWPLFR
/RV SULPHURV FLQFR FRPSDVHV GH HVWD SDUWH VRQ H[DFWDPHQWH
LJXDOHVDORVSULPHURVFLQFRFRPSDVHV GHODSDUWH$ñSHURHQORV
FRPSDVHV VLJXLHQWHV VH WHMH XQD WHQVLyQ FRQ QRWDV ODUJDV TXH OH
GDQ SDVR DO VROR GH JXLWDUUD HVWH VH GHVDUUROOD FRQ HO PLVPR
PRWLYR GH FLQFR FRUFKHDV VHJXLGR GH XQRV FRUWHV TXH VLUYHQ FRPR
FRQFOXVLyQGHODSULPHUDSDUWH\DEUHQHOSDVRDODVLJXLHQWH
$QiOLVLVDUPyQLFR
$OLJXDOTXHHQODSDUWH$ñHVWDLQLFLDHQODWyQLFDGHODWRQDOLGDG
\ HQ HO FRPSDVH HQIDWL]DGR SRU HO HVTXHPD UtWPLFR VH
GHVDUUROOD XQD WHQVLyQ FRQ XQ DFRUGH GH TXLQWD \ VpSWLPD
GLVPLQXLGDV TXH VH UHVXHOYH VREUH HO VHJXQGR JUDGR GH OD
WRQDOLGDG(OVRORGHODJXLWDUUDVHVRVWLHQHHQODWyQLFDTXHHVDOD
YH]ODGRPLQDQWHSDUDODFRGD
$QiOLVLVGHLQVWUXPHQWDFLyQ
(Q HVWD SDUWH VH OH GD OD PHORGtD D OD SULPHUD EDQGROD \ DVt VH
DSURYHFKD OD VHJXQGD EDQGROD SDUD KDFHU XQ FRQWUDSXQWR GH
SULPHUD HVSHFLH \ PLHQWUDV HO WLSOH VRVWLHQH ODV EDVHV UtWPLFDV \
DUPyQLFDV GH HVWD SDUWH OD JXLWDUUD KDFH XQ MXHJR GH
GHVSOD]DPLHQWR GH DFHQWRV TXH KDFHQ FRQWUDVWH QR VROR FRQ OD
PHORGtD VLQR WDPELpQ FRQ HO HVTXHPD UtWPLFR GHO 2QH VWHS
0LHQWUDVODVEDQGRODVOOHYDQODVQRWDVODUJDVTXHVRQODEDVHGHOD
WHQVLyQ TXH VH SUHWHQGH FUHDU HO WLSOH \ OD JXLWDUUD KDFHQ
FRPSOHPHQWR DO DUSHJLDU HO DFRUGH FRPSOHWR HQ VXV FXDWUR
LQYHUVLRQHV FDPELDQGR FRQ FDGD EODQFD GH ODV EDQGRODV (O VROR
GH JXLWDUUD IXH SHQVDGR SDUD KDFHU SURYHFKR GH OD UHSHWLFLyQ FRQ
FDPELRVHQORVFRORUHV
3$57(%&203$6(6
3RU VX ORQJLWXG HVWD SDUWH VH GLYLGH WDPELpQ HQ GRV SDUWHV PiV
SHTXHxDVTXHVHOODPDUDQ%ñ\%ò
3$57(%ñ&203$6(6
$QiOLVLVHVWUXFWXUDO
(QHVWDSDUWHGHODREUDHOHVTXHPDUtWPLFRVHVXDYL]DXQSRFRDO
FDPELDU ODV FRUFKHDV GH OD SDUWH $ FRQ VX HTXLYDOHQWH HQ QHJUDV
GiQGROHXQDLUHGHWUDQTXLOLGDGDOPRWLYRTXHVHH[SRQH
$QiOLVLVUtWPLFR
(O PRWLYR UtWPLFR TXH VH SUHVHQWD HQ HVWD SDUWH GH OD REUD HV
UHFXUUHQWHHVWRVLJQLILFDTXHHOPRWLYRHVFUHDGRGHXQDSDUWtFXOD
UtWPLFDTXHVHUHSLWHDVLPLVPDODSDUWtFXODHVWDHVWUXFWXUDGDGH
HVWDPDQHUDXQDDQDFUXVDGHWUHVQHJUDVVHJXLGDVGHXQDQHJUD
PDV\XQDEODQFDFRQSXQWLOORTXHUHVXHOYHHQHOSULPHUWLHPSRGHO
VLJXLHQWH FRPSiV SDUD UHSHWLUVH VLQ QLQJ~Q WLSR GH YDULDFLyQ 9HU
ILJXUD
$QiOLVLVDUPyQLFR
(Q HVWD SDUWH VH LQWHUFDODQ ORV DFRUGHV GH 'RPLQDQWH \ 7yQLFD
UHVSHFWLYDPHQWH FRQ XQ ULWPR DUPyQLFR GH FRPSDVHV (Q HO
FRPSiV 9HU ILJXUD SRU HO FRQWUDULR VXFHGH XQD SURJUHVLyQ GH
DFRUGHV DVFHQGHQWH FDGD XQR D GLVWDQFLD GH XQ WRQR GHO DQWHULRU
HVWR TXH ELHQ VH SXHGH FRQVLGHUDU FRPR XQ HUURU DUPyQLFR SRU
ODV FDUDFWHUtVWLFDV GHO HQODFH VH MXVWLILFD SRU HO HIHFWR GH WHQVLyQ
TXHJHQHUDDODFRPSDxDUVHHVWHGHXQFUHVFHQGR\GHMDUODIUDVHHQ
HODLUH(VWHHIHFWRGHWHQVLyQSURSRUFLRQDDODYH]XQSXHQWHSDUD
ODUHSHWLFLyQDVHJXLU
$QiOLVLVGHLQVWUXPHQWDFLyQ
(O FDUiFWHU JUDFLRVR GH OD PHORGtD HV SHUIHFWR SDUD HO MXHJR HQWUH
ODV EDQGRODV FRPR OR YHPRV HQ HVWD SDUWH HQ TXH OD EDQGROD
SULPHUD LQLFLD OD PHORGtD \ OD EDQGROD VHJXQGD HQWUD HQ HO
VLJXLHQWHFRPSiVFRQXQDVXSXHVWDVHJXQGDYR]SHURTXHVLVHYH
PiV GH FHUFD HV XQD PHORGtD LQGHSHQGLHQWH GHELGR D VX
PRYLPLHQWR SDUWLFXODU (O WLSOH SRU VX SDUWH WLHQH DGRUQRV TXH OH
KDFHQ MXHJR D ODV PHORGtDV GH ODV EDQGRODV \ KDFH WDPELpQ VX
SDUWH GH DFRPSDxDPLHQWR SDUD DSRUWDUOH DO SHVR DUPyQLFR /D
JXLWDUUD OOHYD WDPELpQ VX SDUWH GH DGRUQR OOHYDQGR HO EDMR HQ
XQDHVFDODDVFHQGHQWHKDVWDUHVROYHUHQODWyQLFDHQODVHJXQGD
IUDVH GHO WHPD FRPSiV VH UHSLWH HO WHPD \ VH DSURYHFKD SDUD
KDFHU XQ LQWHUFDPELR GH PHORGtDV HQWUH ODV EDQGRODV SRU
FRQVLJXLHQWHODPHORGtDTXHWHQLDODEDQGRODSULPHUDHQHOFRPSiV
ODSDVDDWHQHUODEDQGRODVHJXQGDHQHOFRPSiV
3$57(%ò&203$6(6
$QiOLVLVHVWUXFWXUDO
(VWDSDUWHHVXQDFRSLDH[DFWDGHODPHORGtDGHODSDUWH%ñORFXDO
VHDSURYHFKDSDUDMXJDUFRQODLQVWUXPHQWDFLyQGHODREUD
$QiOLVLVGHLQVWUXPHQWDFLyQ
$O LJXDO TXH HQ OD SDUWH DQWHULRU OD EDQGROD SULPHUD WRPD HO
OLGHUD]JR PHOyGLFR HQ OD SULPHUD IUDVH \ OD EDQGROD VHJXQGD KDFH
XQD FRSLD D PDQHUD GH HFR GH OD PHORGtD LQLFLDQGR HQ HO FRPSiV
LQPHGLDWDPHQWH VLJXLHQWH OR PLVPR VXFHGH HQ OD VHJXQGD IUDVH
SHUR LQLFLDQGR OD EDQGROD VHJXQGD (O WLSOH SRU VX SDUWH VH
DSURYHFKD HQ HVWD UHSHWLFLyQ SDUD KDFHU XQD FRQWUD PHORGtD GH
FRUWH MD]]tVWLFR \ FRQ FDUiFWHU GH LPSURYLVDFLyQ 1RWD VL HO
LQWpUSUHWH GHVHD LPSURYLVDU HQ YH] GH WRFDU OD PHORGtD SURSXHVWD
ELHQ OR SXHGH KDFHU /D JXLWDUUD OOHYD HO VXVWHQWR DUPyQLFR
KDFLHQGRXQEDMRFDPLQDQWHFRQODPLVPDDUPRQtDTXHVHSURSXVR
HQODSDUWH%ñ
&2'$&203$6(6
/D FRGD FRQVWD GH GRV JUDQGHV SDUWHV TXH HQ UHDOLGDG VRQ XQD
SXHVWR TXH VRQ OD H[SRVLFLyQ GH XQ WHPD FRQ VX GHVDUUROOR \ OD
UHSHWLFLyQ H[DFWD GH HVWR HQ OD RFWDYD VXSHULRU $XQ DVt SRU ORV
HOHPHQWRV GH LQVWUXPHQWDFLyQ DSOLFDGRV HQ HVWDV GRV SDUWHV VH
WUDEDMDUDQ FRPR LQGHSHQGLHQWHV GLIHUHQFLiQGRODV FRPR &RGDñ \
&RGDò&DEHDQRWDUWDPELpQTXHHVWDSDUWHHVWDFRQVWUXLGDVREUH
ODVXEGRPLQDQWHGHODWRQDOLGDGLQLFLDO(E0D\RU
&2'$ñ&203$6(6
$QiOLVLVHVWUXFWXUDO
/DPHORGtDGHHVWDSDUWHHVWDEDVDGDHQORVDUSHJLRVGHORVDFRUGHV
FRUUHVSRQGLHQWHV
$QiOLVLVUtWPLFR
/D HVWUXFWXUD UtWPLFD GH HVWD SDUWH HVWD EDVDGD HQ OD EODQFD FRQ
XQ LQLFLR GH IUDVH GH WUHV QHJUDV OD WHUPLQDFLyQ GH OD IUDVH VHUi
VLHPSUHFRQUHGRQGDV
$QiOLVLVDUPyQLFR
(Q HVWD SDUWH VH LQYROXFUDQ ODV UHJLRQHV WRQDOHV GH 7yQLFD
6XEGRPLQDQWH
\
'RPLQDQWH
HQOD]DGDV
D
WUDYpV
GH
LQWHUGRPLQDQWHV \ XVDQGR WDPELpQ DFRUGHV VXVWLWXWRV \ FRQ
H[WHQVLRQHVFRPRYHPRVHQODSULPHUDIUDVHTXHWLHQHHOHQODFH7
67'BLL'7 9HU ILJXUD HV GH UHVDOWDU TXH ODV EDQGRODV
DXQTXH OOHYDQ XQ DSDUHQWH DFRPSDxDPLHQWR DUPyQLFR OR TXH
KDFHQHQUHDOLGDGHVXQRVWLQDWR
$QiOLVLVGHLQVWUXPHQWDFLyQ
(O WLSOH WRPD HQ HVWD SDUWH HO OLGHUD]JR PHOyGLFR SDViQGROH HQ HO
FRPSiV OD PHORGtD D ODV EDQGRODV \ UHWRPDQGR HO
DFRPSDxDPLHQWR /D JXLWDUUD MXQWR FRQ ODV EDQGRODV OH KDFHQ HO
DFRPSDxDPLHQWR FRQ OD HVWUXFWXUD GHO RQH VWHS 3DUD HO FRPSiV
WRPDODPHORGtDODJXLWDUUDHQORVEDMRVDSURYHFKDQGRODIRUPD
GH OD REUD SDUD DFRPSDxDUVH DO PLVPR WLHPSR FRQ ORV DFRUGHV
SURSXHVWRV ODV EDQGRODV \ HO WLSOH OH KDFHQ WDPELpQ HO
DFRPSDxDPLHQWR (VWH SXQWR HV GHOLFDGR GHELGR D TXH SRU OD
IRUPD GH DUSHJLR GH OD PHORGtD HO LQWpUSUHWH SXHGH FRQIXQGLU OD
PHORGtDHQORVEDMRVFRQXQDFRPSDxDPLHQWRDUPyQLFR\QRGDUOHV
ODLPSRUWDQFLDTXHWLHQHQ
(Q HO FRPSiV UHWRPDQ HO OLGHUD]JR PHOyGLFR ODV EDQGRODV
OOHYDQGR OD PHORGtD SULQFLSDO OD EDQGROD SULPHUD \ XQD FRQWUD
PHORGtD TXH GHVHPERFD HQ RVWLQDWR OD EDQGROD VHJXQGD HQ HO
FRPSiV VH FDPELDQ GH QXHYR ORV SDSHOHV GH ODV EDQGRODV (O
WLSOH \ OD JXLWDUUD PDQWLHQHQ HO HVTXHPD UtWPLFR \ VH DSURYHFKD
SDUD DJUHJDUOH XQ HIHFWR KDFLD HO ILQDO GH OD &RGDñ SRU PHGLR GH
XQRV JROSHV VREUH HO SXHQWH HQ DPERV LQVWUXPHQWRV PLHQWUDV VH
PDQWLHQH FRQ OD PDQR L]TXLHUGD HO DFRUGH GH 7yQLFD FRQ &2'$ò&203$6(6
&RPRVHKDEtD\DH[SXHVWRHVWDSDUWHHVXQDUHSOLFDH[DFWDGHOD
DQWHULRU
DVt
TXH
LUHPRV
GH
LQPHGLDWR
DO
DQiOLVLV
GH
LQVWUXPHQWDFLyQTXHHVGRQGHVHJHQHUDQWRGRVORVFDPELRV
$QiOLVLVGHLQVWUXPHQWDFLyQ
(QODSULPHUDIUDVHGHHVWDSDUWHTXHFRPSUHQGHORVFRPSDVHV
OD EDQGROD SULPHUD WLHQH HO OLGHUD]JR PHOyGLFR PLHQWUDV OD
EDQGROD VHJXQGD OH KDFH XQD FRQWUD PHORGtD EDVDGD HQ QHJUDV \
FRQHODUSHJLRGHODFRUGHGHOPRPHQWR(OWLSOHGHQXHYRKDFHXQD
FRQWUDPHORGtDGHWLSRMD]]tVWLFRFRQXQPRWLYRSDUHFLGRDOGHOVROR
DQWHULRU \ FRQ OD PLVPD LQWHQFLyQ GH LPSURYLVDFLyQ GH LJXDO
PDQHUD HO LQWHUSUHWH SXHGH DTXt LPSURYLVDU VL OR GHVHD /D
JXLWDUUDVHHQFDUJDGHVRVWHQHUODEDVHUtWPLFD\DUPyQLFDFRQORV
PLVPRVDFRUGHTXHHQODSDUWHDQWHULRU
/D VHJXQGD IUDVH TXH FRPSUHQGH ORV FRPSDVHV KDVWD HO ILQDO
LQLFLDQ FRQ XQ FDQRQ HQWUH ODV EDQGRODV \ XQD IXJHWWD FRQ HO
PLVPRVXMHWRLQLFLDOFRQODJXLWDUUDTXHVHGHVHPERFDHQXQEDMR
FDPLQDQWH HO WLSOH OOHYD XQD FRQWUD PHORGtD LJXDOPHQWH GH WLSR
MD]] \ FRQ FDUiFWHU REOLJDWRULR (O ILQDO VH HYLGHQFLD GHVGH HO
FRPSiV FRQ XQD DOWHUQDFLyQ PHOyGLFD HQWUH ODV EDQGRODV
PLHQWUDV HO WLSOH \ OD JXLWDUUD SUHSDUDQ WDPELpQ HO ILQDO FRQ HO
UHWRUQR D OD EDVH UtWPLFD GHO RQH VWHS (Q ORV WUHV FRPSDVHV TXH
HQPDUFDQODFRQFOXVLyQGHODREUDYHPRVHOHQODFHDUPyQLFRFRQ
DFRUGHVSDUDOHORVLL'SDUDOHOD79HUILJXUD
&DQFLyQ6LQSDODEUDV
&RPSRVLWRU$QyQLPR
5LWPR%DPEXFR
7RQDOLGDG$
(VWUXFWXUDGHODREUD3DUWH$SDUWH%FRGD
3$57($&203$6(6
/D YHUVLyQ RULJLQDO GH HVWD SLH]D TXH IXH FRQFHELGD SDUD JXLWDUUD
VROLVWD WLHQH XQD SDUWH $ TXH VH UHSLWH SHUR HO DUUHJOLVWD GHFLGLy
SRU UD]RQHV FRPSOHWDPHQWH GH JXVWR GLYLGLU OD SDUWH HQ GRV $ñ \
$ò /D SULPHUD HV OD H[SRVLFLyQ GHO WHPD D GXHWR GH EDQGRODV
VRODPHQWH \ OD VHJXQGD OD UHSHWLFLyQ GH OD SDUWH SHUR FRQ OD
LQVWUXPHQWDFLyQFRPSOHWD
3$57($ñ&203$6(6
$QiOLVLVHVWUXFWXUDO
/DPHORGtDHVWiEDVDGDHQDUSHJLRVFRQVWUXLGRVFRQORVDFRUGHVGH
OD WRQDOLGDG \ ORV FRPELQD FRQ DOJXQDV QRWDV GH SDVR GLDWyQLFDV
DSR\DWXUDV FURPiWLFDV \ RWURV DGRUQRV HQ HVWD SULPHUD SDUWH VH
KDWRPDGRODEDQGRODVHJXQGDSDUDDSURYHFKDUWRGDODFDSDFLGDG
DUPyQLFD GHO LQVWUXPHQWR DO VRVWHQHU OD EDVH UtWPLFD \ DUPyQLFD
HQHVWDSDUWHGHODREUD
$QiOLVLVUtWPLFR
(O PRWLYR UtWPLFR SULQFLSDO GH HVWD REUDV HVWD EDVDGR HQ OD FpOXOD
UtWPLFDSURSLDGHOFRPSiV\FRQWLHQHDVXYH]FDPELRVUtWPLFRVTXH
VRQFDUDFWHUtVWLFRVGHODVREUDVGHOPRYLPLHQWRGHQRPLQDGRQXHYD
P~VLFD$QGLQD&RORPELDQDDXQDVtHVWDREUDFRQWLHQHODIRUPD
FRQODTXHVHGLVWLQJXHHOEDPEXFRGHFXDOTXLHURWURDLUHHOLFWXV
HVWRVLJQLILFDODWHUPLQDFLyQGHODIUDVHFRQXQKLSR
´KLSRµ VLQFRSD LUUHJXODU VLWXDGD HQ OD SDUWH GpELO GHO SULPHU WLHPSR GHO
FRPSiV (1 (/ (63Ì5,78 3238/$5 &2/20%,$12 3URSXHVWD LQWHUSUHWDWLYD GH
OD P~VLFD FRORPELDQD HVFULWD SDUD JXLWDUUD -XOLiQ $PDGRU &DUGRQD 7RUR
0HGHOOtQ
$QiOLVLVDUPyQLFR
(O PRYLPLHQWR DUPyQLFR GH HVWD SDUWH FRQVWD GH XQ HQOD]DPLHQWR
GH ORV DFRUGHV SHUWHQHFLHQWHV D ODV GLIHUHQWHV UHJLRQHV WRQDOHV
XVDQGR WDPELpQ LQWHUGRPLQDQWHV SDUD KDFHU PDV DFWLYR HO
PRYLPLHQWR D DOJXQRV GH HVWRV DFRUGHV VH OHV KDQ DJUHJDGR VXV
H[WHQVLRQHV
GH
LJXDO
PDQHUD
SDUD
GDUOH
IOXLGH]
DO
DFRPSDxDPLHQWRDUPyQLFRTXHVRVWLHQHODEDQGRODVHJXQGD
$QiOLVLVGHLQVWUXPHQWDFLyQ
3DUD H[SORUDU WRGD OD ULTXH]D GH ODV EDQGRODV \ SDUD JHQHUDU XQ
DPELHQWH GH H[SHFWDWLYD YLVXDO VH HVFRJLy KDFHU XQ GXHWR GH
EDQGRODV HQ HO TXH OD EDQGROD SULPHUD WLHQH HO OLGHUD]JR PHOyGLFR
PLHQWUDVTXHODEDQGRODVHJXQGDWRPDDVXVFDUJRWRGRHOSHVRGH
ODHVWUXFWXUDUtWPLFD\DUPyQLFDHQHOFRPSiVVHDSURYHFKDOD
SURJUHVLyQTXHWLHQHODPHORGtDSDUDLQVHUWDUXQDVHJXQGDYR]SRU
FXDUWDVODVFXDOHVSRUVXFRORUDJUHJDQXQDLUHGHPRGHUQLGDGD
ODREUD
3$57($ò&203$6(6
(VWD SDUWH HV OD UHSHWLFLyQ GH OD SULPHUD SHUR FRQ HO IRUPDWR
FRPSOHWR (Q HVWD \D OD EDQGROD VHJXQGD WRPD VX SDSHO GH
VHJXQGD YR] \ FRQWUD PHORGtDV RFDVLRQDOHV \ HO WLSOH \ OD JXLWDUUD
VRVWLHQHQ OD EDVH UtWPLFD \ DUPyQLFD SRU OR WDQWR VH REYLDUDQ ORV
DQiOLVLVHVWUXFWXUDOUtWPLFR\DUPyQLFR
$QiOLVLVGHLQVWUXPHQWDFLyQ
$O LJXDO TXH DO SULQFLSLR VROR OD EDQGROD SULPHUD WLHQH OD OtQHD
PHOyGLFDSRUVXSDUWHODEDQGRODVHJXQGDLQLFLDFRQXQRVFRQWUD
FDQWRVHQUHVSXHVWDDODIUDVHTXHGHMRODEDQGRODSULPHUDHOWLSOH
\ OD JXLWDUUD MXHJDQ VX WDQ LPSRUWDQWtVLPR URO GH VRVWHQHU OD
HVWUXFWXUDUtWPLFD\DUPyQLFDDGLFLRQDOPHQWHHQORVFRPSDVHV
\ VH LQVHUWDQ XQRV FRUWHV TXH VRQ FDUDFWHUtVWLFRV GH OD QXHYD
P~VLFDDQGLQDFRORPELDQDDVLPLVPRHQHOFRPSDVHVHYXHOYH
D SUHVHQWDU OD SURJUHVLyQ TXH VH WUDWR HQ HO FRPSiV \ HVWD YH]
FDGDSURJUHVLyQHVDWDFDGDHQORVLQVWUXPHQWRVDUPyQLFRV
3$57(%&203$6(6
$QiOLVLVHVWUXFWXUDO
-XVWR HQ HO FRPSDVH VH HQFXHQWUDQ HO ILQDO GH OD SDUWH $ \ HO
SULQFLSLR GH OD SDUWH % VXSHUSXHVWRV HQ HVWD SDUWH GH OD REUD OD
LQVWUXPHQWDFLyQ HV PHQRV GHQVD \ HVWD FDVL FRPSOHWDPHQWH
GHGLFDGD D OD JXLWDUUD GHELGR D TXH OD REUD IXH FRQFHELGD SDUD
JXLWDUUD VROLVWD \ HO DUUHJOR SUHWHQGH JXDUGDU XQ WDQWR GH OD
RULJLQDOLGDGGHODREUD
$QiOLVLVUtWPLFR
7DQWRODVSUHJXQWDVFRPRODVUHVSXHVWDVVHLQLFLDQDFRQWUDWLHPSR
FRQ OD GLIHUHQFLD GH TXH ODV SUHJXQWDV TXH ODV OOHYD JXLWDUUD
WHUPLQDQ VREUH HO SULPHU WLHPSR \ ODV UHVSXHVWDV TXH ODV OOHYD HO
WLSOH WHUPLQDQ HQ KLSR (O DWDTXH UtWPLFR GH ODV EDQGRODV \ OD
LQPHGLDWD UHVSXHVWD GHO WLSOH VH FRQFLEHQ FRPR XQ FRQWUDVWH
LQWHQFLRQDODODVXDYLGDGGHODPHORGtDTXHVHYHLQWHUUXPSLGDSRU
HVWHJROSH'HVSXpVGHODFDGHQFLDGHODJXLWDUUDVHHQFXHQWUDOD
UHVSXHVWD D OD IUDVH FRQ OD UHSHWLFLyQ GHO PRWLYR UtWPLFR GHO
SULQFLSLR
$QiOLVLVDUPyQLFR
(Q FXDQWR DO PRYLPLHQWR DUPyQLFR HV GH UHVDOWDU GH QXHYR OD
LQWURPLVLyQGHODVEDQGRODVFRQXQDFRUGHFRPSOHWDPHQWHH[WUDxR
D OD WRQDOLGDG D OD LQWHQFLyQ GH OD PHORGtD H LQFOXVR D OD SURSLD
DUPRQtDFOiVLFD(VWHDFRUGHVHFRQFLEHFRPRXQDLQWURPLVLyQTXH
SUHWHQGH DFDOODU HO FDQWR TXH OOHYDQ HO WLSOH \ OD JXLWDUUD \ HO FXDO
HQFXHQWUDVXUHVSXHVWDLJXDOPHQWHIXHUWHHQHOWLSOH/DFDGHQFLD
GHODJXLWDUUDVHGHVDUUROODFRQORVDFRUGHVGHGRPLQDQWH\WyQLFD
GHODWRQDOLGDG
$QiOLVLVGHLQVWUXPHQWDFLyQ
(Q HVWH PRPHQWR GH OD REUD OD GHQVLGDG DUPyQLFD VH GLVPLQX\H
DO OOHYDUVH OD PHORGtD HQWUH HO WLSOH \ OD JXLWDUUD D PDQHUD GH
FRQYHUVDFLyQODLQWURPLVLyQGHODVEDQGRODVVHFRQFLEHSDUDFUHDU
FRQWUDVWH9HUILJXUD\DTXHHQVXLQWHUYHQFLyQOOHYDQXQDDUPRQtD
FRQ XQD GHQVLGDG GH VHLV VRQLGRV GLIHUHQWHV \ PX\ FHUFDQRV
&RPR VH KD GLFKR \D OD FDGHQFLD GH OD JXLWDUUD VH KDFH FRQ OD
LQWHQFLyQ GH FRQVHUYDU SDUWH GH OD RULJLQDOLGDG GH OD REUD TXH IXH
FRQFHELGDSDUDJXLWDUUDVROLVWD
758(12&2'$&203$6(6
$QiOLVLVHVWUXFWXUDO
/D SULPHUD YH] TXH VH WRFD HVWD SDUWH VH KDFH FRQ LQWHQFLyQ GH
WUXHQRSXHVKD\XQDUHSHWLFLyQDOSULQFLSLRSHURFXDQGRVHUHSLWH
VHKDFHFRQLQWHQFLyQGHFRGDHQHVWDVHHQFXHQWUDHOWHPDGHOD
SDUWH % XQ SXHQWH \ XQD VHJXQGD FDGHQFLD GH OD JXLWDUUD TXH
FRQGXFHDXQILQDOVRUSUHVDTXHPDVDGHODQWHVHH[SOLFDUi
$QiOLVLVUtWPLFR
&RPRVHKDGLFKR\DODSULPHUIUDVHGHODFRGDHVODUHSHWLFLyQGHO
WHPD % ORV FRPSDVHV VLJXLHQWHV OD SDUWH OHQWD VH SUHWHQGHQ
FRPRXQSUHOXGLRDODVHJXQGDFDGHQFLDGHODJXLWDUUD
$QiOLVLVDUPyQLFR
/D SDUWH OHQWD QR VLJXH XQ HQOD]DPLHQWR GH DFRUGHV OR TXH VH
WUDWD HV JHQHUDU XQD DWPyVIHUD GH VXVSHQVR D OD FDGHQFLD GH OD
JXLWDUUDDWUDYpVGHXQDPHORGtDDUPRQL]DGDFRQFXDUWDVMXVWDVHQ
YH]GHDFRUGHV/DFDGHQFLDGHODJXLWDUUDHVSRUHOFRQWUDULRXQD
PRGXODFLyQ KDFLD OD GRPLQDQWH HVWD VH PXHVWUD GHVGH VX
SULQFLSLR HQ HO FRPSiV FRQ HO DFRUGH GH GREOH GRPLQDQWH GH (
) \ FRQ HO DUSHJLR HQ OD JXLWDUUD GHO PLVPR SDUD YROYHU DO
SULQFLSLRODPRGXODFLyQVHGHWLHQHHQODGRPLQDQWH\VHUHVXHOYH
QRUPDOPHQWH HQ OD WRQDOLGDG GH $ SHUR SDUD LU DO ILQDO OD
PRGXODFLyQ VH PDQWLHQH \ YHPRV FRPR OD REUD WHUPLQD HQ HO
DFRUGH GH GRPLQDQWH ( OR FXDO GD D HQWHQGHU TXH DXQTXH OD REUD
\DWHUPLQRHOILQDOHVLQFLHUWR
$QiOLVLVHVWUXFWXUDO
(Q OD SDUWH OHQWD QR KDFH SUHVHQFLD OD JXLWDUUD SRUTXH
SUHFLVDPHQWH OR TXH VH SURSRQH HV JHQHUDU H[SHFWDWLYD SDUD
UHVROYHUHQODFDGHQFLD
(O$ODFUiQ &RPSRVLWRU&DUORV9LHFR2UWL]
5LWPR3DVLOOR)LHVWHUR
7RQDOLGDG'P²'
(VWUXFWXUDGHODREUD3DUWH$SDUWH%\7UtR
3$57($&203$6(6
$QiOLVLVHVWUXFWXUDO
/D REUD LQLFLD FRQ XQD OtQHD PHOyGLFD GHVFHQGHQWH IRUPDGD SRU
XQDSURJUHVLyQFRPSXHVWDSRUXQVDOWRGHWHUFHUDDVFHQGHQWHXQ
PRYLPLHQWRGHVFHQGHQWHGHVHJXQGD\ILQDOL]DFRQXQPRYLPLHQWR
GHVFHQGHQWH GH FXDUWD 9HU ILJXUD VH KD SUHWHQGLGR KDFHU HVWH
PLVPR HVTXHPD HQ OD EDQGROD SULPHUD GRV WLHPSRV PDV DGHODQWH
SDUD FUHDU XQ HIHFWR GH HFR 'H LJXDO PDQHUD HQ OD VHJXQGD
VHPLIUDVH GH HVWD SDUWH OOHYD XQ MXHJR HQ HO TXH OD PHORGtD VH OD
SDVDQODVEDQGRODVODXQDDODRWUDDFDGDFRPSiV(QODVHJXQGD
IUDVH VH LQLFLD FRQ HO PLVPR WHPD JXLDGR SRU OD JXLWDUUD \ HQ OD
VHJXQGDVHPLIUDVHGHHVWDUHWRPDQODVEDQGRODVKDVWDHOILQDOGH
ODSDUWH
$QiOLVLVUtWPLFR
&RPRHVPX\FRP~QHQORVSDVLOORVILHVWHURVODHVWUXFWXUDUtWPLFD
GHODREUDHVWDEDVDGDHQODFRUFKHD(VXVXDOTXHVHFRPLHQFHOD
REUD FRQ XQD DQDFUXVD GH XQD FRUFKHD R WUHV FRUFKHDV SHUR HVWH
LQLFLDGLUHFWDPHQWHVREUHHOFRQWUDWLHPSRGHOSULPHUWLHPSRORFXDO
DXQTXH QR HV QDGD H[DJHUDGR SDUD OD pSRFD WDPSRFR HUD DOJR
PX\FRP~QHQWUHORVFRPSRVLWRUHV
$QiOLVLVDUPyQLFR
/D SDUWH WLHQH XQ HQOD]DPLHQWR DUPyQLFR GH 7yQLFD \ 'RPLQDQWH
FRQ XQ ULWPR DUPyQLFR GH VHLV WLHPSRV R VHD FDPELR GH DFRUGH
FDGDGRVFRPSDVHV3DUDGDUOHXQSRFRPDVGHYLYDFLGDGDOULWPR
DUPyQLFRVHKDQDJUHJDGRLQWHUGRPLQDQWHV\VXEGRPLQDQWHVTXH
FRPSOHPHQWDQ OD REUD GiQGROH XQ FRORULGR PDV PRGHUQR 6H KD
DSURYHFKDGR WDPELpQ OD SURSXHVWD GH FURPDWLVPR GHO FRPSRVLWRU
SDUDLQWHQVLILFDUHVWHFRORULGRDOTXHVHKDFHUHIHUHQFLD
$QiOLVLVGHLQVWUXPHQWDFLyQ
$ WUDYpV GH WRGD OD REUD QRV GDUHPRV FXHQWD GH TXH KD\ XQD
LQWHQVLyQGHLQGHSHQGHQFLDGHODEDQGRODVHJXQGDFRQUHVSHFWRGH
ODSULPHUDYHPRVFRPRHVODEDQGRODVHJXQGDODTXHLQLFLDFRQHO
WHPD PHOyGLFR VHJXLGR SRU OD EDQGROD SULPHUD GRV WLHPSRV PDV
DGHODQWH JHQHUDQGR HQWUH VL XQD VHULH GH FKRTXH GH VHJXQGDV
PHQRUHV HQ OD VHJXQGD IUDVH YHPRV FRPR ODV EDQGRODV VH
LQWHUFDODQHOOLGHUD]JRPHOyGLFRFDGDFRPSiVLQLFLDQGRODEDQGROD
SULPHUDODLGHDGHHVWDIRUPDGHHVFULWXUDHVJHQHUDUXQHIHFWR
HVWHUHRIyQLFR \ FUHDU XQ DPELHQWH SDUD OR TXH YLHQH DO ILQDO GH OD
REUD
(QODVHJXQGDIUDVHODVEDQGRODVVHPXHYHQDXQtVRQRUtWPLFR\
GHKHFKRHQHOSULPHUFRPSiVGHODVHJXQGDVHPLIUDVHDXQtVRQR
PHOyGLFR WDPELpQ SHUR \D HQ HO VHJXQGR FRPSiV VH DEUH OD
EDQGROD SULPHUD FRQ XQD SURJUHVLyQ FURPiWLFD GHVFHQGHQWH TXH
LQLFLD HQ FDGD FRPSiV FRQ XQD GH ODV QRWDV GHO DFRUGH GH WyQLFD
SULPHUR OD IXQGDPHQWDO GHO DFRUGH \ GH XOWLPD OD TXLQWD GHO
PLVPR(QWRGDODSDUWHDGHPiVGHORVFRPSDVHVHOWLSOH\
ODJXLWDUUDOOHYDQHOVXVWHQWRDUPyQLFR\UtWPLFRGHODREUD
3$57(%&203$6(6
$QiOLVLVHVWUXFWXUDO
(Q WRGD OD SDUWH % ODV EDQGRODV YDQ D XQtVRQR UtWPLFR SHUR OD
EDQGROD VHJXQGD VH VHSDUD GH OD SULPHUD HQ HO PRYLPLHQWR
PHOyGLFRSXHVWRTXHODSULPHUDOOHYDXQDSURJUHVLyQTXHLQLFLDHQ
OD VpSWLPD GHO DFRUGH GH 'RPLQDQWH \ GHVFLHQGH GLDWyQLFDPHQWH
FDGD GRV FRPSDVHV SDVDQGR SRU HO DFRUGH GH7yQLFD YROYLHQGR D
'RPLQDQWH\WHUPLQDQGRGHQXHYRHQ7yQLFDODEDQGRODVHJXQGD
OOHYD XQD SURJUHVLyQ FURPiWLFD TXH QXQFD VH VDOH GHO DFRUGH GH
GRPLQDQWH(OWLSOH\ODJXLWDUUDVLJXHQHOPRYLPLHQWRDUPyQLFRGH
OD EDQGROD SULPHUD XVDQGR DFRUGHV FRQ H[WHQVLRQHV KDVWD OD
QRYHQD
$QiOLVLVUtWPLFR
(Q HVWD SDUWH GH OD REUD HO PRWLYR UtWPLFR HV FRPSOHWDPHQWH
GLIHUHQWH GHO TXH VH H[SRQH HQ OD SDUWH $ LQFOXVR SRGUtD GHFLUVH
TXH HV DQWDJyQLFR GHELGR D TXH HVWH VH HVWUXFWXUD GH OD VLJXLHQWH
PDQHUDLQLFLDGLUHFWDPHQWHVREUHHOSULPHUWLHPSRGHOFRPSiVFRQ
GRV FRUFKHDV XQD QHJUD \ GRV FRUFKHDV PDV \ WHUPLQD HQ HO
VLJXLHQWHFRPSiVFRQGRVFRUFKHDV\XQDEODQFD9HUILJXUDHVWH
PRWLYRUtWPLFRVHUHSLWHGXUDQWHWRGDODSDUWH,JXDOPHQWHDOVHU
HVWH VHJXQGR PRWLYR PiV OHQWR TXH HO DQWHULRU HV SHUIHFWR
FRQWUDVWH SDUD WUDQTXLOL]DU HO RtGR GDU XQ UHVSLUR \ SUHSDUDUVH
SDUDORTXHVLJXH
$QiOLVLVDUPyQLFR
/D SDUWH FRPSOHWD VH PXHYH HQWUH OD 'RPLQDQWH \ OD 7yQLFD D XQ
ULWPR DUPyQLFR GH VHLV WLHPSRV HQ HVWD RFDVLyQ QR VH KDQ
DJUHJDGR PDV DFRUGHV SDUD SHUPLWLU TXH VH HVFXFKHQ FODUDPHQWH
ODVEDQGRODV\VXGLVFXVLyQPHOyGLFD
$QiOLVLVGHLQVWUXPHQWDFLyQ
&RPR OD LQWHQFLyQ GHO DUUHJOR HV PRVWUDU XQD GLVSXWD HQWUH ODV
EDQGRODV HVWD SDUWH VH GHMD FRQ OD LQVWUXPHQWDFLyQ FRP~Q GH
%DQGRODSULPHUDFRQODPHORGtD%DQGRODVHJXQGDFRQODVHJXQGD
YR]\ HO WLSOH\ OD JXLWDUUD FRQ HO VXVWHQWR UtWPLFR\ DUPyQLFR /D
GLVSXWDHQWUHODVEDQGRODVVHHYLGHQFLDHQODLQVWUXPHQWDFLyQGHOD
SULPHUDSDUWH\HQHVWDVHJXQGDHQODHVWUXFWXUDPHOyGLFD
75,2&203$6(6
$QiOLVLVHVWUXFWXUDO
/D PHORGtD GH HVWD SDUWH HVWi SHQVDGD SDUD GHPRVWUDU
YLUWXRVLVPR SRU SDUWH GHO LQWHUSUHWH SRU OR TXH DPEDV EDQGRODV
WLHQHQ OD PLVPD PHORGtD SHUR SULPHUR WRFD XQD \ OXHJR OD RWUD
HVWR SRQH ILQ D OD GLVSXWD TXH WUDHQ GHVGH HO SULQFLSLR \ VH
GHPXHVWUDDOILQDOTXHDPEDVEDQGRODVVRQRGHEHUtDQVHUHQXQD
DJUXSDFLyQ FDSDFHV GH GHVHPSHxDU HO PLVPR URO PXVLFDO 3DUD
HVWD SDUWH WDPELpQ VH KD GDGR OD OLEHUWDG D ORV DFRPSDxDQWHV GH
HVWUXFWXUDU HO ULWPR FRPR PHMRU OHV SDUH]FD KDFLHQGR DGRUQRV \
FRUWHV GRQGH OR FRQYHQJDQ WDPELpQ OD EDQGROD TXH QR OOHYD OD
PHORGtD HQ HO PRPHQWR WLHQH OD RSFLyQ GH LPSURYLVDU XQ
DFRPSDxDPLHQWRSDUDODPHORGtDTXHGHVDUUROODVXFRPSDxHUR
$QiOLVLVUtWPLFR
'H QXHYR HQ HVWD SDUWH OD IRUPXOD UtWPLFD HV OD FRUFKHD FRQ OD
GLIHUHQFLDGHTXHHVWDYH]VRORKD\SDXVDHQHOILQDOGHODSDUWHTXH
HVGRQGHVHFDPELDQGHQXHYRORVSDSHOHVHQWUHODVEDQGRODV
$QiOLVLVDUPyQLFR
3DUD KDFHU XQ SRFR PDV HPRFLRQDQWH OD SDUWH VH KD HOHJLGR XQ
HQODFH DUPyQLFR GHFRUWHMD]]tVWLFR TXHVH KD YHQLGR XWLOL]DQGR HQ
ODQXHYDJHQHUDFLyQGH0~VLFD$QGLQD&RORPELDQD\TXHKDWHQLGR
JUDQDFHSWDFLyQHQWUHODSREODFLyQGHQXHYRVP~VLFRVSRUVXFRORU
IUHVFR\SRUODH[LJHQFLDTXHSURSRQHDORVLQWHUSUHWHV
$QiOLVLVGHLQVWUXPHQWDFLyQ
$HVWHSXQWRGHODREUDHOIRUPDWRGHFXDUWHWRVHUHGXFHDWUtRSRU
XQ EUHYH LQVWDQWH \D TXH OR UHDOPHQWH LPSRUWDQWH VRQ OD EDQGROD
HQ VX SDSHO SURWDJyQLFR GH VROLVWD OD JXLWDUUD FRQ HO VRSRUWH
DUPyQLFRHQORVEDMRV\HOWLSOHFRQHOVRSRUWHUtWPLFRHQHOUDVJXHR
\ DGHPiV HO DSRUWH HQ FRORU (O EDQGROLVWD TXH HVWH KDFLHQGR HO
DFRPSDxDPLHQWR GHEH FXLGDUVH GH QR VREUHVDOLU SXHVWR TXH
DFDEDUtD FRQ HO HTXLOLEULR SHQVDGR SDUD HVWH PRPHQWR FXOPLQDQWH
GHODREUD(QORVGRVFRPSDVHVGHOILQDOVHXQHQGHQXHYRWRGRV
ORVLQVWUXPHQWRVHQXQtVRQRUtWPLFRSDUDFRQFOXLU
(O&XFDUUyQ
&RPSRVLWRU/XtV8ULEH%XHQR
5LWPR3DVLOORILHVWHUR
7RQDOLGDG'P²'
(VWUXFWXUD GH OD REUD ,QWURGXFFLyQ SDUWH $ SXHQWH SDUWH %
WUtRYDULDFLyQSDUWH$YDULDFLyQSXHQWHYDULDFLyQSDUWH%
,1752'8&&,Ð1&203$6(6
$QiOLVLVHVWUXFWXUDO
/D LQWURGXFFLyQ D HVWH DUUHJOR HVWD EDVDGD HQ XQD LPLWDFLyQ DO
PRYLPLHQWR DOHDWRULR GHO FXFDUUyQ HQ VX LU \ YHQLU HVWH HIHFWR VH
JHQHUDDSDUWLUGHOFUHVFHQGR\HOSLDQRV~ELWRTXHOOHYDQWRGRVORV
LQVWUXPHQWRVHQVXQRWDODUJD/DJXLWDUUD\HOWLSOHGHVFULEHQXQD
OtQHDPHOyGLFDFURPiWLFDTXHFRPSOHPHQWDHOHIHFWR
$QiOLVLVDUPyQLFR
6HSUHVHQWDHODFRUGHGHWyQLFDFRQODWHUFHUDDOWHUDGDSULPHUR
HQODVEDQGRODV\HQSULPHUDLQYHUVLyQOXHJRFRQODJXLWDUUDTXH
OROOHYDDVXHVWDGRIXQGDPHQWDO\DOILQDOFRQHOWLSOHTXHDJUHJDDO
DFRUGH OD VpSWLPD PD\RU SDUD GDU XQD VHQVDFLyQ GH VXVSHQVR D
HVWDSDUWH
$QiOLVLVUtWPLFR
/DV EDQGRODV OOHYDQ EODQFDV FRQ SXQWLOOR OLJDGDV VLHPSUH \
WUHPRODGDV HVWR VRVWLHQH HO HIHFWR GH FXFDUUyQ TXH VH SUHWHQGH
HQ VX HQWUDGD OD JXLWDUUD\ HO WLSOH UHVSHFWLYDPHQWH WLHQHQ XQD
EODQFDFRQSXQWLOOR VHJXLGRGHWUHVJUXSRVGHVHPLFRUFKHDVHVWR
SDUDGDUXQDLQWHQFLyQPDVDFHUWDGDDOHIHFWR
$QiOLVLVGHLQVWUXPHQWDFLyQ
3DUD HVWD SDUWH VH HVFRJLHURQ ODV EDQGRODV SDUD KDFHU OD QRWD
TXLHWD SRU OD IDFLOLGDG TXH WLHQH HVWH LQVWUXPHQWR GH KDFHU HO
WUHPROR PLHQWUDV PDQWLHQH ORV FDPELRV V~ELWRV GH YROXPHQ HO
WLSOH\ODJXLWDUUDTXHVHGLVWLQJXHQWDPELpQSRUVHULQVWUXPHQWRV
TXH SXHGHQ WHQHU PHORGtDV PX\ iJLOHV VH OHV SXVR ODV
VHPLFRUFKHDV DGHPiV GHO FRORU TXH VH FUHD DO HVWDU ORV FXDWUR
LQVWUXPHQWRV MXQWRV FDGD XQR KDFLHQGR XQD QRWD GLVWLQWD GHO
DFRUGH
3$57($&203$6(6
$QiOLVLVHVWUXFWXUDO
/D SDUWH VH GLYLGH HQ FXDWUR VHPLIUDVHV FDGD XQD GH FXDWUR
FRPSDVHV FRPR HV WtSLFR GH OD HVWUXFWXUD PXVLFDO GH OD JUDQ
PD\RUtD GH ORV DLUHV DQGLQRV FRORPELDQRV ODV VHPLIUDVHV LPSDUHV
\ VRQ GH SUHJXQWD \ ODV VHPLIUDVHV SDUHV \ VRQ GH
UHVSXHVWD SRU OR TXH ODV SULPHUDV WHUPLQDQ HQ WHQVLyQ \ HQ
WLHPSRGpELO\ODVVHJXQGDVHQUHSRVR\FRQUHWDUGRPHOyGLFR
$QiOLVLVUtWPLFR
/DEDVHUtWPLFDGHHVWDSDUWHHVODFRUFKHDDHVWDV\FRPRSDUWH
GHO DUUHJOLVWD VH DJUHJDURQ ILJXUDV GHPD\RU GXUDFLyQ TXH KDFHQ
XQD EXHQD FRPELQDFLyQ SDUD DFRPSDxDU HO PRYLPLHQWR iJLO GH OD
PHORGtD HO WLSOH\ OD JXLWDUUD OOHYDQ HO DFRPSDxDPLHQWR GH SDVLOOR
ILHVWHUR FRP~Q FRQ PHORGtDV FRPSOHPHQWDULDV RFDVLRQDOHV HQ ORV
EDMRVGHODJXLWDUUDWDPELpQEDVDGDVHQFRUFKHDV
$QiOLVLVDUPyQLFR
(Q HVWD SDUWH DO LJXDO TXH HQ WRGR HO DUUHJOR VH UHVSHWDQ ODV
UHJLRQHVWRQDOHVTXHVHSURSXVRHOFRPSRVLWRUFRPRFRPSOHPHQWR
GH SDUWH GHO DUUHJOLVWD VH VXVWLWX\HURQ \ DJUHJDURQ DOJXQRV
DFRUGHV FRPR SRU HMHPSOR HQ HO FRPSiV $ž TXH VH SURSRQH
FRPRXQDOWHUQRDODGRPLQDQWHGHOFXDUWRJUDGRGHLJXDOPDQHUD
VXFHGH HQ ORV FRPSDVHV ² &*P)(ž$(E'P HQ
HVWDVXFHVLyQGHDFRUGHVSHUWHQHFHQORVFXDWURSULPHURV&*P
)(žDODUHJLyQGHVXEGRPLQDQWHORVVLJXLHQWHVGRV$(ED
OD UHJLyQ GH GRPLQDQWH TXH UHSRVD ILQDOPHQWH HQ OD UHJLyQ GH
WyQLFD'P
$QiOLVLVGHLQVWUXPHQWDFLyQ
(QODSULPHUDIUDVHKD\XQMXHJRHQWUHODVEDQGRODVGRQGHVHURWDQ
ODPHORGtD\HODFRPSDxDPLHQWRHQWUHHOODVFRQHVWRVHSUHWHQGH
JHQHUDU XQ HIHFWR HVWHUHRIyQLFR HO WLSOH OOHYD VLHPSUH HO HVTXHPD
UtWPLFR MXQWR FRQ OD JXLWDUUD TXH WLHQH RFDVLRQDOHV MXHJRV HQ ORV
EDMRVTXHOHGDQPiVSRGHUDODOtQHDPHOyGLFD
38(17(&203$6(6
$QiOLVLVHVWUXFWXUDO
(Q HVWD SDUWH KD\ XQ VROR HQ ORV EDMRV GH OD JXLWDUUD TXH HV
GLYLGLGR HQ GRV VHPLIUDVHV FDGD XQD GH FXDWUR FRPSDVHV SRU XQ
FRUWHGHORVGHPiVLQVWUXPHQWRV
$QiOLVLVUtWPLFR
/DHVWUXFWXUDUtWPLFDGHHVWDSDUWHHVWDEDVDGDHQODQHJUD\HQOD
VLQFRSDODUJDHQORVFRUWHVGHORVGHPiVLQVWUXPHQWRVODYHUVLyQ
RULJLQDO ORV OOHYD HQ HO VHJXQGR \ WHUFHU WLHPSR SHUR HQ HVWD
YHUVLyQ \ SDUD DJUHJDU XQ JUDGR PDV GH GLILFXOWDG SDUD HO
HQVDPEOH VH KD RSWDGR SRU DGHODQWDU HO SULPHU FRUWH PHGLR
WLHPSR\HOVHJXQGRHQHOWHUFHUWLHPSRFRPR\DHVWDED
$QiOLVLVDUPyQLFR
(O VROR GH JXLWDUUD VH PXHYH HQ VX SULPHU VHPLIUDVH HQWUH ODV
UHJLRQHV GH VXEGRPLQDQWH \ WyQLFD \ HQ VX VHJXQGD VHPLIUDVH
KDFHHOPLVPRFtUFXORSHURHVWDYH]DJUHJDQGRODGRPLQDQWHDQWHV
GHLUDODWyQLFD
$QiOLVLVGHLQVWUXPHQWDFLyQ
(QODLQVWUXPHQWDFLyQGHOSXHQWHVHFRQVHUYDHOFRORURULJLQDOSRU
VHUXQDSDUWHPX\FDUDFWHUtVWLFDGHODREUD
3$57(%&203$6(6
$QiOLVLVHVWUXFWXUDO
(VWDSDUWHTXHVHGLYLGHWDPELpQHQFXDWURVHPLIUDVHVFDGDXQDGH
FXDWUR FRPSDVHV WLHQH XQD UHSHWLFLyQ GH WHPD HQ ODV VHPLIUDVHV
LPSDUHV\HQODVVHPLIUDVHVSDUHVVHSUHVHQWDODFDGHQFLDQDWXUDO
DODWyQLFD
$QiOLVLVUtWPLFR
(Q HVWD SDUWH GH QXHYR VH SUHVHQWD OD FRUFKHD FRPR EDVH GH OD
HVWUXFWXUD \ FRQ XQ FDPELR GUiVWLFR HQ OD IRUPD GHO
DFRPSDxDPLHQWR TXH HQ YH] GH OOHYDU OD IRUPD GHO SDVLOOR HO
DUUHJOLVWDGHFLGLyKDFHUXQMXHJRUtWPLFRGLIHUHQWHXVDQGRODHPLROD
SDUDHVWHSURSyVLWR
$QiOLVLVDUPyQLFR
(Q ODV VHPLIUDVHV LPSDUHV VH SUHVHQWD XQ HQODFH DUPyQLFR
LQFRQYHQFLRQDO HQ OD TXH VH SUHVHQWDQ DFRUGHV FRQ SRFD UHODFLyQ
HQWUHVLHVWRSRUTXHVHSUHWHQGHSULYLOHJLDUDODPHORGtDSRUORTXH
FDGD DFRUGH VH IRUPD FRQ OD QRWD TXH VH GD HQ HO PRPHQWR GHO
DFRUGH /DV VHPLIUDVHV LPSDUHV SRU HO FRQWUDULR VLJXHQ HO
HQOD]DPLHQWR QRUPDO GH DFXHUGR FRQ OD UHJLyQ WRQDO HQ OD TXH VH
HQFXHQWUDQ\FRQDOJXQRVDFRUGHVVXVWLWXWRV
$QiOLVLVGHLQVWUXPHQWDFLyQ
(Q OD SULPHU VHPLIUDVH HQFRQWUDPRV D OD EDQGROD MXQWR FRQ HO
WLSOHOOHYDQGRODPHORGtDVHSDUDGRVSRUXQLQWHUYDORGHMXVWDOD
EDQGRODVHJXQGD\ODJXLWDUUDOOHYDQORVFRUWHVHQHPLRODTXH\DVH
KDQ H[SXHVWR HQ OD VHJXQGD VHPLIUDVH ODV EDQGRODV KDFHQ OD
PHORGtD\HODFRPSDxDPLHQWRFRQQRWDVODUJDV\ORVLQVWUXPHQWRV
DFRPSDxDQWHVOOHYDQODIRUPDGHSDVLOORVLQQLQJXQDYDULDFLyQ(Q
OD VHJXQGD IUDVH OD LQVWUXPHQWDFLyQ VH LQYLHUWH \ HQ OD WHUFHU
VHPLIUDVH VH FDPELDQ OD EDQGROD \ HO WLSOH D KDFHU ORV FRUWHV HQ
HPLROD\ODEDQGROD\ODJXLWDUUDDKDFHUODPHORGtDDLQWHUYDORGH
TXLQWDVHQODFXDUWDVHPLIUDVHVHFDPELDQWDPELpQORVSDSHOHV\
OD VHJXQGD EDQGROD WRPD OD PHORGtD \ OD SULPHU EDQGROD HO
DFRPSDxDPLHQWR FRQ QRWDV ODUJDV HQ HVWD VHPLIUDVH WDPELpQ HO
WLSOH\ODJXLWDUUDOOHYDQHOULWPRQRUPDO3DUDHVWDSDUWHVHGHFLGLy
KDFHU HO FDPELR GH LQVWUXPHQWRV HQ ODV GRV IUDVHV SDUD GDU
YDULHGDGDOFRORULGRGHODREUD\QRGHMDUORFDHUHQODPRQRWRQtD
75,2&203$6(6
$QiOLVLVHVWUXFWXUDO
&RPR HV FDUDFWHUtVWLFR GH OD PD\RUtD GH ORV SDVLOORV ILHVWHURV VH
SUHVHQWD XQ WUtR HQ OD WRQDOLGDG KRPyQLPD PD\RU HVWR VH KDFH
SDUDGDUXQPD\RUFDUiFWHUDODREUD\SRUTXHODVGRVWRQDOLGDGHV
FRPSDUWHQ OD GRPLQDQWH DVt TXH OD PRGXODFLyQ QR UHTXLHUH GH
JUDQGHV HVIXHU]RV WHyULFRV (O WUtR QXQFD VH SUHVHQWD FRQ
LQWHQFLyQGHILQDOVLQRFRPRXQDSDUWHLPSRUWDQWHGHODSLH]DTXH
DJUHJDED XQ FRORU GLIHUHQWH DQWHV GH YROYHU DO SULQFLSLR (Q HVWD
SDUWH HQFRQWUDPRV FRPR FRPSOHPHQWRV GHO DUUHJOLVWD DOJXQRV
FRUWHVTXHVRQFRKHUHQWHVFRQODPHORGtD
$QiOLVLVUtWPLFR
$O LJXDO TXH HQ ODV GHPiV SDUWHV JUDQGHV HQ HVWD HV WDPELpQ OD
FRUFKHDHOIXQGDPHQWRUtWPLFRGHODSDUWHFRQDOJXQRVFRUWHVTXH
OHGDQUHOLHYH\VXVWHQWRDODPHORGtD
$QiOLVLVDUPyQLFR
'HVSXpV GH VXELU D OD SDUWH $ VH FDPELD DEUXSWDPHQWH D OD
WRQDOLGDG KRPyQLPD PD\RU HQ HO WUtR HVWDQGR HQWRQFHV HQ OD
WRQDOLGDG GH ' OD REUD VH PXHYH LJXDOPHQWH SRU ODV UHJLRQHV
WRQDOHV GH VXEGRPLQDQWH GRPLQDQWH \ WyQLFD \D SRU SDUWH GHO
DUUHJOLVWD VH DJUHJDURQ GLIHUHQWHV DFRUGHV VXVWLWXWRV SDUD GDU XQ
FRORUPRGHUQRDODREUDFRPRSRUHMHPSORHQORVFRUWHVGHOFRPSiV
GRQGH HQFRQWUDPRV XQR GH ORV DFRUGHV VXVWLWXWRV (E GH OD
GRPLQDQWH$
$QiOLVLVGHLQVWUXPHQWDFLyQ
'H QXHYR VH SUHVHQWD HQ OD LQVWUXPHQWDFLyQ HO MXHJR HQWUH ODV
EDQGRODV URWiQGRVH OD PHORGtD \ HO DFRPSDxDPLHQWR HQWUH HOODV
SRUHOFRQWUDULRHQHOFRPSiVWRPDHOOLGHUD]JRPHOyGLFRHOWLSOH
PLHQWUDV ODV EDQGRODV OH KDFHQ ODV VHJXQGD \ WHUFHU YRFHV GH
DFXHUGRFRQHODFRUGH/DGHFLVLyQGHSRQHUOHODOtQHDPHOyGLFDDO
WLSOH HQ HVWH SXQWR HV SRU HO WLPEUH WDQ FDUDFWHUtVWLFR TXH WLHQH
PLHQWUDV OD JXLWDUUD VRVWLHQH WRGR HO HVTXHPD UtWPLFR GHO SDVLOOR
HQ OD XOWLPD VHPLIUDVH OD EDQGROD TXHGD VROD KDFLHQGR OD
PHORGtD \ ORV GHPiV LQVWUXPHQWRV OH OOHYDQ HQ ORV KRPEURV SRU
GHFLUORGHDOJXQDPDQHUDFRQXQRVFRUWHVVREUHHOSULPHU\WHUFHU
WLHPSRGHOFRPSiV
9$5,$&,Ð13$57($&203$6(6
/D YDULDFLyQ VROR VH KDFH HQ OD OtQHD PHOyGLFD OD DUPRQtD HO
ULWPR\ODLQVWUXPHQWDFLyQVHFRQVHUYDQLJXDOFRPRHQODSDUWH\D
H[SXHVWD
9$5,$&,Ð138(17(&203$6(6
$ PDQHUD GH YDULDFLyQ SDUD HVWD SDUWH VH DJUHJR HO WLSOH FRQ XQD
PHORGtD EDVDGD HQ HO HQODFH DUPyQLFR TXH VH GHVFULEH HQ HVWD
SDUWH
9$5,$&,Ð13$57(%
/D YDULDFLyQ GH HVWD SDUWH FRQVLVWH HQ XQD WUDQVLFLyQ UtWPLFD TXH
VH EDVD HQ XQ HVTXHPD GH FRUFKHDV \ VLOHQFLRV WDPELpQ GH
FRUFKHD GH DFXHUGR FRQ HO IXQGDPHQWR UtWPLFR GH HVWD SDUWH HO
DFRPSDxDPLHQWR HV LJXDOPHQWH LUUHJXODU HVWH YD MXQWR FRQ OD
SULPHUDFRUFKHDGH FDGDJUXSRGHWUHV $OILQDOGHODVVHPLIUDVHV
LPSDUHVTXHVRQODVTXHOOHYDQODYDULDFLyQUtWPLFDVHDJUHJRXQ
FDPELRPpWULFRSDUDDMXVWDUHOVHQWLGRPXVLFDOGHODREUD
$QD(OLVD
&RPSRVLWRU3HGUR0RUDOHV3LQR
5LWPR9DOV
7RQDOLGDG&²)
(VWUXFWXUD GH OD REUD ,QWURGXFFLyQ1R ² 3DUWH $\ SDUWH % ²
1R²3DUWH$\SDUWH%²1R²3DUWH$\SDUWH%²&RGD
,1752'8&&,21&203$6(6
$QiOLVLVHVWUXFWXUDO
(VWDSDUWHHVWiFRPSXHVWDSRUWUHVIUDVHVGRVGHODVFXDOHVVRQGH
RFKR FRPSDVHV \ OD ~OWLPD GH VHLV FRPSDVHV /D PHORGtD VH
GLVSRQH D PDQHUD GH HVFDOD GLDWyQLFD DUPRQL]DGD HQ IRUPD GH
FRUDO ODV EDQGRODV KDFHQ XQ DGRUQR FRPR FRPSOHPHQWR D HVWD
PHORGtD GiQGROH VRSRUWH D OD QRWD ODUJD (VWR VH UHSLWH HQ OD
VHJXQGD IUDVH SHUR FDPELDQGR OD LQVWUXPHQWDFLyQ HQ OD WHUFHU
IUDVHHQFRQWUDPRVXQDPHORGtDFUHDGDDSDUWLUGHDUSHJLRV
$QiOLVLVUtWPLFR
/D HVWUXFWXUD UtWPLFD GH HVWD SDUWH VH EDVD HQ OD QHJUD FRQ XQD
GXSOLFDFLyQRFXDGUXSOLFDFLyQVHJ~QVHDHOFDVRGHOWLHPSRVREUH
ODV QRWDV ODUJDV OD WHUFHUD IUDVH SRU HO FRQWUDULR EDVD VX
HVWUXFWXUD UtWPLFD HQ OD FRUFKHD WHQLHQGR HQ RSRVLFLyQ D ODV GRV
SULPHUDVIUDVHVXQDVLPSOLILFDFLyQGHOWLHPSR
$QiOLVLVDUPyQLFR
(QFRQWUDPRV HQ HVWD SDUWH XQD DUPRQL]DFLyQ HQ IRUPD FRUDO
SXHVWR TXH SRU FDGD QRWD GH OD PHORGtD VH WLHQH XQ DFRUGH
GLIHUHQWH SDUD ODV SULPHUDV GRV IUDVHV HQFRQWUDPRV HQODFHV TXH
FRQWLHQHQPRGXODFLRQHVLQWHUQDVDODWRQDOLGDGUHODWLYDPHQRU(Q
OD WHUFHU IUDVH HO ULWPR DUPyQLFR VH DPSOLD D FDGD FRPSiV
XWLOL]DQGRORVDFRUGHVGHWyQLFDVXEGRPLQDQWH\GRPLQDQWH
$QiOLVLVGHLQVWUXPHQWDFLyQ
(QODSULPHUIUDVHVHWRPDQHOPDQGRPHOyGLFRHOWLSOH\ODJXLWDUUD
OOHYDQGR SRU VXSXHVWR VX SURSLR VXVWHQWR DUPyQLFR PLHQWUDV ODV
EDQGRODV KDFHQ XQ DGRUQR XWLOL]DQGR OD HVFDOD VREH ODV QRWDV
ODUJDVGHODPHORGtDHQODVHJXQGDIUDVHVHFDPELDQORVSDSHOHV
ODVEDQGRODVWRPDQODPHORGtD\ODDUPRQtD\HOWLSOH\ODJXLWDUUD
KDFHQHODGRUQRFRQODHVFDOD/DWHUFHUIUDVHFDPELDUDGLFDOPHQWH
HOPRGHORUtWPLFRPHOyGLFR\GHLQVWUXPHQWDFLyQSDUDHVWDODV
EDQGRODV OOHYDQ OD PHORGtD \ HO WLSOH \ OD JXLWDUUD KDFHQ XQD
DFRPSDxDPLHQWRFRQDUSHJLRVH[WHQGLGRV
1R&203$6(6
3$57($&203$6(6
$QiOLVLVHVWUXFWXUDO
(VWD SDUWH WLHQH GRV IUDVHV GH FRPSDVHV FDGD XQD FRQ
VHPLIUDVHV FRPSXHVWDV SRU RFKR FRPSDVHV (O PRYLPLHQWR
PHOyGLFRHVPX\WUDQTXLOR\QRWLHQHVDOWRVPDVDOOiGHODWHUFHUD
D OD VHJXQGD VHPLIUDVH OD SUHFHGH XQ DUSHJLR TXH SUHSDUD OD
VHPLFDGHQFLD GHVGH ORV DJXGRV GH OD EDQGROD /D VHJXQGR IUDVH
WLHQH XQD YDULDFLyQ GHO WHPD TXH IXH H[SXHVWR SRU HO WLSOH HQ OD
SULPHUD IUDVH /D SUHSDUDFLyQ GH OD FDGHQFLD VH SUHVHQWD FRQ HO
DFRUGH GH WyQLFD GH OD PLVPD IRUPD FRPR VXFHGLy HQ OD
VHPLFDGHQFLD
$QiOLVLVUtWPLFR
/DHVWUXFWXUDUtWPLFDSULQFLSDOGHHVWDSDUWHHVWDFRQVWLWXLGDSRUOD
EODQFDFRQSXQWLOOR FRQEUHYHVLQWHUPHGLRVHQQHJUDVFDGD FXDWUR
FRPSDVHV (Q HO FRPSiV VH DJUHJD XQ FRPSiV GH FRPR
SXHQWHSDUDODVHJXQGDIUDVH(QHVWDVHSUHVHQWDXQDYDULDFLyQ
UtWPLFDHQODSULPHUDVHPLIUDVHODFXDOHVWiEDVDGDHQODQHJUDHQ
OD VHJXQGD VHPLIUDVH VH UHWRPD OD HVWUXFWXUD LQLFLDO GH EODQFD
FRQSXQWLOOR
$QiOLVLVDUPyQLFR
(Q OD SULPHUD VHPLIUDVH GH OD SULPHUD IUDVH HQFRQWUDPRV XQ
HQODFH VHQFLOOR R VHD XQ HQODFH DUPyQLFR GH WyQLFD
VXEGRPLQDQWH \ GRPLQDQWH HO PRYLPLHQWR GHO EDMR VREUH ODV
WHQVLRQHV DJUHJDGDV D ORV DFRUGHV SURSRUFLRQD XQ FRORU PRGHUQR
<D HQ OD VHJXQGD VHPLIUDVH VH SXHGH HQFRQWUDU HO XVR GH ODV
LQWHUGRPLQDQWHV FRPR OD GHO VHJXQGR JUDGR $ \ OD GREOH
GRPLQDQWH'\)ž
(Q OD SULPHUD VHPLIUDVH GH OD VHJXQGD IUDVH HQFRQWUDPRV XQD
EUHYH PRGXODFLyQ D OD WRQDOLGDG KRPyQLPD PHQRU &P TXH VH
URPSH
LQPHGLDWDPHQWH
HQ
HO
VLJXLHQWH
FRPSiV
FRQ
OD
VXEGRPLQDQWH UHDO SDUD XQD FDGHQFLD SODJDO /D VHJXQGD
VHPLIUDVH GH HVWD VH SUHVHQWD GH OD PLVPD PDQHUD FRPR HQ OD
SULPHUDIUDVH
$QiOLVLVGHLQVWUXPHQWDFLyQ
/D H[WHQVLyQ TXH WLHQHQ ODV IUDVHV HQ HVWD SDUWH GH OD REUD VRQ
SURSLFLDV SDUD OD FRPELQDFLyQ GH YDULRV FRORUHV \ WH[WXUDV
LQVWUXPHQWDOHV &RPR VH SXHGH REVHUYDU HQ HO LQLFLR GH OD SDUWH
HO WLSOH H[SRQH HO WHPD SULQFLSDO HO FXDO HV WRPDGR SRU OD EDQGROD
SDUD OD IUDVH VHPLFDGHQFLDO (Q OD VHJXQGD IUDVH VH GHEH SUHVWDU
HVSHFLDO DWHQFLyQ HQ HO PRPHQWR GH OD HMHFXFLyQ SXHVWR TXH OD
PHORGtDHVWiSXHVWDHQXQUHJLVWURGHODJXLWDUUDHOFXDOVHSLHUGH
IiFLOPHQWH HQWUH ORV DUPyQLFRV VXSHULRUHV /DV EDQGRODV TXH
OOHYDQQRWDVODUJDVHPXODQGRODIUDVHDQWHULRU\HOWLSOHTXHOOHYDHO
DFRPSDxDPLHQWR UtWPLFR \ DUPyQLFR GHEHQ VHU PX\ FXLGDGRVRV
SDUDQRKDFHUGHVDSDUHFHUODPHORGtDGHODJXLWDUUD
/D VHJXQGD VHPLIUDVH GH OD VHJXQGD IUDVH OOHYD OD PHORGtD
FDGHQFLDO GREODGR D RFWDYDV HQ ODV EDQGRODV SURSRUFLRQiQGROH
IXHU]DDOPRWLYRWHPiWLFRPLHQWUDVHOWLSOHOOHYDORVDGRUQRVTXH
OOHYDUD OD EDQGROD VHJXQGD DWUiV HQ HO FRPSiV OD JXLWDUUD
PDQWLHQHHOVXVWHQWRUtWPLFR\DUPyQLFR
3$57(%&203$6(6
$QiOLVLVHVWUXFWXUDO
(Q HVWD SDUWH GH ODREUD VH SUHVHQWD XQ VHJXQGR WHPD WRWDOPHQWH
FRQWUDVWDQWH FRQ HO DQWHULRU QR VROR HQ OD IRUPD HQ OD TXH VH
GHVDUUROODODPHORGtDVLQRWDPELpQHQODGLVPLQXFLyQFDVLDEUXSWD
GHOWHPSR/DPHORGtDVHH[SRQHDPDQHUDGHDUSHJLRV\ODVIUDVHV
PXVLFDOHV VRQ PDV FRUWDV TXH HQ OD SDUWH DQWHULRU GH RFKR
FRPSDVHVODSULPHUDIUDVH\GHVHLVFRPSDVHVODVHJXQGD2WUDGH
ODV FDUDFWHUtVWLFDV PiV UHOHYDQWHV GH HVWD SDUWH HV HO HIHFWR TXH
SURGXFH OD EDQGROD DO WRFDU ´VXO WDVWRµ MXQWR FRQ HO
DFRPSDxDPLHQWR GH OD JXLWDUUD HQ SL]]LFDWR (VWH HIHFWR HV
FRQWUDULR D OD LQWHQFLyQ GH OHJDWR TXH VH SURSRQH HQ OD SDUWH
DQWHULRU
$QiOLVLVUtWPLFR
(Q HVWD SDUWH OD ILJXUD GH OD FXDO GHSHQGH OD HVWUXFWXUD HV OD
FRUFKHDDGLIHUHQFLDGHODSDUWHDQWHULRUHQODTXHVHSURSXVROD
6XOWDVWRHVXQDH[SUHVLyQLWDOLDQDTXHVLJQLILFDVREUHHOWUDVWHHVWRVLJQLILFD
TXHVHGHEHWRFDUVREUHHOHQWUDVWDGRGHOLQVWUXPHQWR
EODQFD FRQ SXQWLOOR FRPR IRUPD HVWUXFWXUDO 3DUD VXDYL]DU HO
FRQWUDVWHHQWUHHVWDVSDUWHVVHHOLJLyEDMDUHOWHPSRXQSRFRDILQ
GH SUHVHQWDU XQ QXHYR WHPD UtWPLFR VLQ GHWHULRUDU OD HVWUXFWXUD
WRWDOGHODREUD
$QiOLVLVDUPyQLFR
(O PRYLPLHQWR DUPyQLFR GH HVWD SDUWH JLUD HQWRUQR D ODV UHJLRQHV
WRQDOHV GH WyQLFD VXEGRPLQDQWH \ GRPLQDQWH HQ 'R PD\RU
LQLFLDQGR FRQ HO VHJXQGR JUDGR FRPR VXEGRPLQDQWH HVWH LQLFLR
SHUPLWH OD LQFOXVLyQ GH XQD LQWHUGRPLQDQWH SDUD LU D OD VHJXQGD
IUDVH \ SDUD UHSHWLU OD SDUWH XWLOL]DQGR ORV DFRUGHV GH &ž \ $
UHVSHFWLYDPHQWH
$QiOLVLVGHLQVWUXPHQWDFLyQ
6H XVy HO PRWLYR PXVLFDO GH HVWD SDUWH SDUD UHGXFLU OD GHQVLGDG
LQVWUXPHQWDO \ GH HVWH PRGR JHQHUDU FRORUHV \ WH[WXUDV GLIHUHQWHV
GHQWUR GH OD REUD SDUD TXH HVWD QR FDLJD HQ HO GHVLQWHUpV SRU VX
ORQJLWXG/DJXLWDUUD\ODEDQGRODSULPHUDWLHQHQDVXFDUJRWRGD
OD UHVSRQVDELOLGDG DUPyQLFD \ PHOyGLFD UHVSHFWLYDPHQWH PLHQWUDV
HOWLSOH\ODEDQGRODVHJXQGDKDFHQXQDGRUQRUtWPLFR²DUPyQLFR
UHFXUUHQWH(QODVHJXQGDIUDVHVHSURSRQHXQWXWWLHQHVWHOD
EDQGROD SULPHUD OOHYD OD PHORGtD OD EDQGROD VHJXQGD UHWRPD HO
PRWLYR PHOyGLFR GH OD SDUWH $ FRPR XQ DGRUQR \ HO WLSOH \ OD
JXLWDUUD PDQWLHQHQ HO DSR\R UtWPLFR \ DUPyQLFR SUHSDUDQGR D VX
YH]KDFLDORV~OWLPRVFRPSDVHVODHQWUDGDGHOVLJXLHQWHYDOV
1R&203$6(6
3$57($&203$6(6
$QiOLVLVHVWUXFWXUDO
$TXtHQFRQWUDPRVTXHODPHORGtDFRQWLQ~DIRUPiQGRVHDSDUWLUGH
ORV DUSHJLRV GH ORV DFRUGHV FLUFXQGDQWHV DGHPiV GH HVWR VH
GLVPLQX\H HO WHPSR SDUD GDU D OD SDUWH XQD LQWHQFLyQ GH VXWLOH]D
TXH HV DFRPSDxDGD WDPELpQ SRU OD GLQiPLFD GH YROXPHQ ´VHPSUH
Sµ /D SDUWH HVWi GLYLGLGD HQ GRV IUDVHV GH RFKR FRPSDVHV FDGD
XQDDPDQHUDGHEDFNJURXQGVHXWLOL]yODPLVPDPHORGtDHQOD
EDQGROD VHJXQGD SHUR GREODGD HQ WLHPSR R VHD OR TXH HQ OD
PHORGtD HV FRUFKHDVH FRQYLHUWH HQ QHJUD\ DVt VXFHVLYDPHQWH FRQ
ODVGHPiVILJXUDV
$QiOLVLVUtWPLFR
$ SHVDU GH HVWDU FDWDORJDGD HVWD SDUWH FRPR XQ WHPD GLIHUHQWH
GHQWURGHODREUDPDQWLHQHHOHVTXHPDUtWPLFRTXHVHSUHVHQWRHQ
OD SDUWH DQWHULRU EDVDGD HQ OD FRUFKHD \ FRQ XQD DQDFUXVD GH
WLHPSR\PHGLRTXHVHPDQWLHQHFRPRPRWLYRUHFXUUHQWHSDUDFDGD
FRPSiVWDQWRSDUDODSULPHUDIUDVHFRPRSDUDODVHJXQGD
$QiOLVLVDUPyQLFR
(Q HVWD SDUWH VH SUHVHQWD XQ HQODFH DUPyQLFR GH VXEGRPLQDQWH
GRPLQDQWH \ WyQLFD UHVSHFWLYDPHQWH OD H[WHQVLyQ GH ORV DFRUGHV
KDVWD LQFOXVR OD RQFHDYD PDQWLHQH OD LQWHQFLyQ FRORUtVWLFD GH
PRGHUQLGDG TXH VH SURSRQH SDUD ORV DUUHJORV /D VHJXQGD IUDVH
DXQTXH FRQWLHQH HO PLVPR HQODFH DUPyQLFR YHPRV FRPR DO
URPSHU ORV DFRUGHV HQ DUSHJLRV VH SXHGHQ DJUHJDU DGRUQRV D OD
DUPRQtD OR TXH SHUPLWH TXH HVWD D VX YH] FDQWH MXQWR FRQ OD
PHORGtD
$QiOLVLVGHLQVWUXPHQWDFLyQ
0DQWHQLHQGRHOiQLPRGHJHQHUDUWH[WXUDVLQVWUXPHQWDOHVYDULDGDV
SDUDHODUUHJORVH HOLJLyKDFHUHVWDSDUWHHQXQWUtRLQVWUXPHQWDO
DSURYHFKDQGRDOJXQDVGHODVFDUDFWHUtVWLFDVPiVUHOHYDQWHVGHORV
LQVWUXPHQWRV DFRPSDxDQWHV HO GXHWR GH EDQGRODV VH PDQWLHQH
VLHPSUH (Q OD SULPHUD IUDVH VH XWLOL]D XQ HIHFWR PX\
FDUDFWHUtVWLFR GHO WLSOH OODPDGR ´EULVDµ HO FXDO FRPSOHPHQWD OD
LQWHQFLyQTXHVHKDSURSXHVWRSDUDODSDUWH(QODVHJXQGDIUDVH
OD JXLWDUUD UHHPSOD]D HO SDSHO DUPyQLFR GHO WLSOH OOHYDQGR OD JXtD
DUPyQLFD FRQ SL]]LFDWR D HVWR VH OH VXPD HO HIHFWR HQ ORV
DUPyQLFRV TXH OOHYD OD EDQGROD SULPHUD HQ OD PHORGtD GDQGR XQD
VHQVDFLyQGHGXO]XUDDODSDUWHDHVWDVHOHDJUHJDXQHIHFWRHQOD
EDQGRODVHJXQGDTXHVHSURGXFHDOSXOVDUVREUHHOWUDVWHHQTXHVH
SURGXFHHODUPyQLFRSDUDODQRWDTXHVHHVWHWRFDQGR
3$57(%&203$6(6
$QiOLVLVHVWUXFWXUDO
5HWRUQDPRV D ODV IUDVHV H[WHQVDV GH FRPSDVHV ODV FXDOHV VH
SUHVWDQSDUDFUHDUPHORGtDVFRQPXFKDVQRWDVODUJDV\DVtPLVPR
MXJDU FRQ GLYHUVRV FRORUHV DUPyQLFRV UtWPLFRV \ GH FRQWUDSXQWR
FRPRODLPLWDFLyQTXHVHSUHVHQWDHQHOWLSOH6HGLYLGHODPHORGtD
HQ GRV IUDVHV DQDFUXVLFDV OD PHORGtD VH IRUPD SDUWLHQGR GH OD
%ULVD(IHFWRTXHVHSURGXFHHQHOWLSOHDOUR]DUODVFXHUGDVFRQODSDOPDGHOD
PDQRHQYH]GHFRQODVXxDV
DSR\DWXUD D OD QRWD UHDO PDV DGHODQWH VH FRQYLHUWH OD DSR\DWXUD
HQQRWDUHDOGiQGROHDODPHORGtDPD\RUUHOLHYHGHVGHODDUPRQtD
$QiOLVLVUtWPLFR
1RV HQFRQWUDPRV HQ HVWD SDUWH FRQ XQD HVWUXFWXUD UtWPLFD
UHFXUUHQWH GH GRV FRPSDVHV OD FXDO FRPELQD OD QHJUD \ OD EODQFD
FRQSXQWLOORGHODVLJXLHQWHIRUPDDQDFUXVDGHGRVQHJUDVTXHVH
UHVXHOYH HQ XQD EODQFD FRQ SXQWLOOR OLJDGD D XQD QHJUD HQ HO
VLJXLHQWHFRPSiV+DFLDHOILQDOGHFDGDVHPLIUDVHODEODQFDFRQ
SXQWLOOR HV IUDJPHQWDGD HQ WUHV QHJUDV (VWH HVTXHPD UtWPLFR
UHGXQGDVREUHWRGDODSDUWH
$QiOLVLVDUPyQLFR
'H QXHYR VH WRPD SURYHFKR GH ODV IUDVHV PHOyGLFDV H[WHQVDV TXH
YLHQHQ DFRPSDxDGDV GH XQ ULWPR DUPyQLFR H[WHQVR PX\ SURSLFLR
SDUD OD FRQMXJDFLyQ GH DFRUGHV GLIHUHQWHV GH ORV DFRVWXPEUDGRV
3RU HMHPSOR OD FDGHQFLD SODJDO HQ HO ILQDO GH XQD VHPLIUDVH R OD
VXVWLWXFLyQGHDFRUGHVTXHDSDUHFHHQHOFRPSiVUHJLyQHQOD
FXDO RFXUUH XQD EUHYH PRGXODFLyQ D OD VXEGRPLQDQWH PHQRU
SUHSDUDQGR HO HQODFH GH DFRUGHV SDUDOHORV TXH VH UHVXHOYH HQ HO
FRPSiV 9HU ILJXUD $ (Q OD VHJXQGD IUDVH DSDUHFH XQ
PRYLPLHQWR FURPiWLFR HQ HO EDMR D SDUWLU GHO FRPSiV HVWH
PRYLPLHQWROOHYDFRQVLJRXQDVHULHGHPRGXODFLRQHVGHODVLJXLHQWH
PDQHUD
'B6LL7''LL7YLL7
9HUILJXUD%
$
%
$QiOLVLVGHLQVWUXPHQWDFLyQ
(QHVWDSDUWHGHODREUDVHYXHOYHDOWXWWLOOHYDQGRODVEDQGRODVOD
OtQHDPHOyGLFDGLYLGLGDHQGRVYRFHVHOWLSOHKDFHXQFRQWUDFDQWR
LPLWDWLYR GH OD PHORGtD\ OD JXLWDUUD PDQWLHQH HO VRSRUWH UtWPLFR\
DUPyQLFRGHODSDUWHFRPSOHWD(QODVHJXQGDIUDVHYHPRVFRPR
HQODEDQGRODVHJXQGDVHUHWRPDGHQXHYRHOWHPDSULQFLSDOGHOD
SDUWH $ GHO SULPHU YDOV UHFRUGiQGRQRV TXH D SHVDU GH HVWDU \D HQ
XQ WHPD GLIHUHQWH GH OD REUD DXQ QR QRV KHPRV VDOLGR GH VX
HVWUXFWXUD+DFLDHOILQDOGHHVWDSDUWHVHSUHSDUDODPRGXODFLyQ\
HOWUDVODGRKDFLDHOYDOVQXPHURWUHVDSDUWLUGHXQDFRGHWWDHQOD
TXHVHUHIOHMDXQDYDULDFLyQVREUHHOWHPD%
1R&203$6(6
3$57($&203$6(6
$QiOLVLVHVWUXFWXUDO
5HJUHVDPRVXQDYH]PDVDODVIUDVHVGHRFKRFRPSDVHVHQGRQGH
ODPHORGtDVHGHVDUUROODFRQSRFDVQRWDVFRPRVHSXHGHDSUHFLDUDO
SULQFLSLR GH OD SDUWH VH LQLFLD OD PHORGtD VREUH OD TXLQWD GHO
DFRUGHYDDODQRWDDX[LOLDUVXSHULRU\VHGHYXHOYHSDUDLQLFLDUHO
DUSHJLRGHGRPLQDQWHFRPRUHVROXFLyQVHPLFDGHQFLDOODVHJXQGD
VHPLIUDVHOOHYDXQ PRYLPLHQWRFURPiWLFR/DVHJXQGDIUDVHLQLFLD
GH OD PLVPD PDQHUD SHUR HQ OD VHJXQGD VHPLIUDVH SUHSDUD FRQ OD
PHORGtDXQDPRGXODFLyQKDFLD&
$QiOLVLVUtWPLFR
(OPRYLPLHQWRUtWPLFRGHHVWDSDUWHVHSUHVHQWDPX\SDXVDGRFRQ
XQD FRQVWDQWH DQDFUXVD GH XQ WLHPSR \ VX UHVROXFLyQ HQ HO
VLJXLHQWH FRPSiV FRQ OD EUHYH H[FHSFLyQ KDFLD HO ILQDO GH FDGD
VHPLIUDVHGRQGHODDQDFUXVDDXPHQWDXQDFRUFKHD
$QiOLVLVDUPyQLFR
/DV WUHV SULPHUDV VHPLIUDVH GH HVWD SDUWH VH GHVDUUROODQ HQ ODV
UHJLRQHV WRQDOHV GH WyQLFD \ GRPLQDQWH LQWHUFDOiQGRVH XQD UHJLyQ
FDGD VHPLIUDVH SHUPLWLHQGR XQ PRYLPLHQWR PHOyGLFRHQ ORV EDMRV
GHODJXLWDUUDHQODXOWLPDVHPLIUDVHSRURWURODGRVHSUHVHQWDOD
PRGXODFLyQ KDFLD HO TXLQWR JUDGR GH OD WRQDOLGDG D WUDYpV GH OD
GREOHGRPLQDQWHFRPRDFRUGHSLYRWH
$QiOLVLVGHLQVWUXPHQWDFLyQ
3DUDHVWDSDUWHVHKDSHQVDGRDSURYHFKDUODVFXDOLGDGHVWtPEULFDV
GH ODV EDQGRODV SDUD KDFHU XQD PHORGtD FRPSDUWLGD D PDQHUD GH
FDPSDQDV HQ GRQGH OD EDQGROD VHJXQGD OOHYD XQD QRWD SHGDO OD
FXDO HO FRPSRVLWRU SURSRQH FRPR DSR\DWXUD \ OD EDQGROD SULPHUD
WHQGUtD HQWRQFHV OD QRWD UHDO GH OD PHORGtD HVWR DGHPiV GH
SURGXFLUXQHIHFWRHVWHUHRIyQLFRLPSOLFDGHORVHMHFXWDQWHVXQDOWR
JUDGRGHFRQFHQWUDFLyQ\WUDEDMRHQHTXLSR(OWLSOHVHDSURYHFKD
HQHVWDSDUWHFRPRXQDFRQWUDPHORGtDGHDGRUQR\HQODVHJXQGD
IUDVH FRPR OD PHORGtD PLVPD OD JXLWDUUD OOHYD HO SDSHO UtWPLFR \
DUPyQLFR
3$57(%&203$6(6
$QiOLVLVHVWUXFWXUDO
(O FRPSRVLWRU SURSRQH IUDVHV GH FRPSDVHV XQD YH] PDV HVWD
YH] FRQ OD LQWHQFLyQ GH PRVWUDU HO ILQDO DXQ FXDQGR WRGDYtD QR VH
HVWp SUHSDUDQGR OD FRGD /D PHORGtD VH IRUPD FRQ LQWHUYDORV GH
WHUFHUDV FRQMXQWDV $ GLIHUHQFLD GH ODV SDUWHV DQWHULRUHV HVWD
WLHQH XQD WHUFHUD IUDVH TXH SUHSDUD OD UHSHWLFLyQ DO VLJQR /D
UHLWHUDFLyQ GH XQ PRWLYR PHOyGLFR HQ OD SULPHUD IUDVH HV SURSLFLD
SDUDODDGLFLyQGHXQDPHORGtDVHFXQGDULDHQIRUPDGHSURJUHVLyQ
/D PHORGtD GH OD WHUFHUD IUDVH VH SUHVHQWD FRPR XQD FRPELQDFLyQ
GHODHVFDODGLDWyQLFDGH)PD\RU\ODHVFDODOLGLDGH&PD\RU
$QiOLVLVUtWPLFR
(O HVTXHPD UtWPLFR GH HVWD SDUWH HVWi EDVDGR HQ OD QHJUD
XWLOL]DQGR WDPELpQ OD WULSOLFDFLyQ GHO WLHPSR ORV ILQDOHV GH
VHPLIUDVH SRGUtDQ LQWHUSUHWDUVH WDPELpQ FRPR XQD HPLROD HQ OD
TXHVHFRPELQDQODVPHGLGDVGH\9HUILJXUD$/DVGRV
SULPHUDV IUDVHV HVWiQ HVWUXFWXUDGDV GH OD PLVPD PDQHUD SHUR OD
WHUFHUD FRQWLHQH XQD HPLROD GLIHUHQWH GH ODV DQWHULRUHV HQ HVWD
VHFRPELQDQODVPHGLGDVGH\9HUILJXUD%
$
%
$QiOLVLVDUPyQLFR
(Q HVWD SDUWH HQFRQWUDPRV OD SDUWLFXODULGDG GH TXH HQ HO EDMR VH
FUHD XQD PHORGtD D SDUWLU GHO HQODFH TXH VH SURSRQH 9HPRV
HQWRQFHV TXH HO HQODFH VH IRUPD GHO VLJXLHQWH PRGR HQ OD SULPHUD
VHPLIUDVH 7'LY''LY'''' 9HU ILJXUD $ (Q OD
VHJXQGD VHPLIUDVH SRU RWUR ODGR VH KDFH XQD FRPELQDFLyQ GH
HVFDODV FRQGXFHQWHV D DFRUGHV FODYHV GHO HQODFH DUPyQLFR OR FXDO
SURGXFH XQD OHYH VHQVDFLyQ GH LQWHUUXSFLyQ GHO HQODFH HQWUHWDQWR
VROR VH SUHVHQWDQ ODV GRPLQDQWHV UHVSHFWLYDV GHO PRGR PHQRU \
OXHJR GHO PRGR PD\RU 9HU ILJXUD % /D VHJXQGD IUDVH VH UHSLWH
H[DFWDPHQWH LJXDO D OR \D GHVFULWR \ OD WHUFHUD IUDVH SURSRQH XQD
SURJUHVLyQ PHOyGLFD GHVFHQGHQWH HQ ORV EDMRV GH OD JXLWDUUD
PLHQWUDV HO WLSOH DFRPSDxD FRQ XQ HQODFH TXH SUHSDUD OD
PRGXODFLyQD&PD\RU
$
%
$QiOLVLVGHLQVWUXPHQWDFLyQ
,QLFLDQ OD EDQGROD SULPHUD FRQ OD PHORGtD \ OD EDQGROD VHJXQGD
FRQ XQD SURJUHVLyQ PHOyGLFD GHVFHQGHQWH HQ OD VHJXQGD
VHPLIUDVHODEDQGRODVHJXQGDWRPDHOOLGHUD]JRPHOyGLFRPLHQWUDV
ODEDQGRODSULPHUDVRVWLHQHODXOWLPDQRWDGHVXPHORGtDKDVWDHO
ILQDOGHODIUDVHDPDQHUDGHRVWLQDWR(QODVHJXQGDIUDVHVHKDFH
GXSOLFDFLyQ D RFWDYDV GH OD PHORGtD HQ ODV GRV EDQGRODV HO WLSOH
WRPDODSURJUHVLyQPHOyGLFDTXHH[SXVRODEDQGRODVHJXQGDHQOD
SULPHUD IUDVH \ OD JXLWDUUD PDQWLHQH HO HVTXHPD UtWPLFR GHO YDOV
DGHPiVGHOVRSRUWHDUPyQLFRGHODSLH]D
&2'$&203$6(6
$QiOLVLVHVWUXFWXUDO
/D FRGD LQLFLD FRQ XQD YDULDFLyQ GHO SULPHU WHPD H[SXHVWR HQ HO
YDOV 1R \ D FRQWLQXDFLyQ UH H[SRQH HQ & PD\RU HO WHPD %
H[SXHVWRHQHOYDOVQRSUHSDUiQGRVHFRQHVWH~OWLPRWHPDSDUD
ODFDGHQFLDILQDO
$QiOLVLVUtWPLFR
/DEDVHUtWPLFDTXHSURSRQHHODUUHJOLVWDSDUDHOILQDOGHODREUDHV
ODQHJUDODFXDOSURYHHXQDFRQWLQXLGDGPpWULFDDSWDSDUDJHQHUDU
ODWHQVLyQUtWPLFDQHFHVDULDSDUDHOILQDO
$QiOLVLVDUPyQLFR
(QFRQWUDPRV HQ HVWD SDUWH XQD LQVLVWHQFLD GHO DFRUGH GH WyQLFD
HVWR
VH
DSURYHFKy
SDUD
DJUHJDU
EUHYHV
HVWUXFWXUDV
FRQWUDSXQWtVWLFDV FRPR HO VWUHWWR HQ ORV FRPSDVHV 9HU
ILJXUD $ R XQ PRYLPLHQWR FURPiWLFR GHO EDMR KDFLD HO DFRUGH
FDGHQFLDO HQ VHJXQGD LQYHUVLyQ \ SUHSDUDU OD UHVROXFLyQ HQ HO
FRPSiVTXHVHSURORQJDKDVWDHOILQDOGHODREUDHQHOFRPSiV
9HUILJXUD%
$
%
$QiOLVLVGHLQVWUXPHQWDFLyQ
6HRSWDSRULQLFLDUODFRGDFRQXQVRORGHJXLWDUUDHQFX\DSULPHUD
IUDVH VH H[SRQH XQD YDULDFLyQ GHO WHPD $ GHO YDOV 1R \ SDUD
FRQFOXLU OD IUDVH XQ FRQWUDSXQWR HQ VWUHWWR VREUH HO WLSOH \ OD
EDQGRODVHJXQGDPLHQWUDVODEDQGRODSULPHUDPXHVWUDHOLQLFLRGH
ODVLJXLHQWHIUDVH'HDTXtHQDGHODQWHODEDQGRODSULPHUDJXtDOD
PHORGtDKDFLDHOILQDOPLHQWUDVHOWLSOH\ODEDQGRODVHJXQGDKDFHQ
D G~R OD SURJUHVLyQ PHOyGLFD WDO FRPR VH KDEtD SURSXHVWR HQ OD
SDUWH % GHO YDOV 1R /D JXLWDUUD OOHYD WRGD OD UHVSRQVDELOLGDG
UtWPLFD \ DUPyQLFD (O ~OWLPR IUDJPHQWR GH OD FRGD PDQWLHQH OD
SURJUHVLyQHQHOWLSOH\ODEDQGRODSHUR\DFRPRRVWLQDWRPLHQWUDV
OD EDQGROD SULPHUD WUHPROD OD FDGHQFLD DJUHJDQGR XQD QRWD FDGD
GRVFRPSDVHVMXQWRFRQORVEDMRVGHODJXLWDUUD
*XDELQD2EYLD
&RPSRVLWRU5DIDHO$SRQWH&DUYDMDO
5LWPR*XDELQD
7RQDOLGDG'P'
(VWUXFWXUD GH OD REUD ,QWURGXFFLyQ SULPHU SDVDMH VHJXQGR
SDVDMHWHUFHUSDVDMHFXDUWRSDVDMHTXLQWRSDVDMHILQDOH
/D YHUVLyQ GH HVWD REUD IXH FRQFHELGD FRQ OD LQWHQFLyQ GH
LQWURGXFLUSHTXHxDVSDUWHVGHODREUDHQYH]GHVXWRWDOLGDGFRPR
VLIXHUHQHVWDVREUDVFRPSOHWDVHLQGLYLGXDOHV
,1752'8&&,21
$QiOLVLVHVWUXFWXUDO
/D SDUWH HVWD GLYLGLGD HQ FXDWUR VHPLIUDVHV FRPSOHPHQWDULDV TXH
VH VXSHUSRQHQ LQLFLDQGR FDGD XQD VREUH OD GRPLQDQWH \
WHUPLQDQGRHQODWyQLFDDVtTXHVHJHQHUDXQEUHYHPRPHQWRHQHO
TXH HO RtGR QR SXHGH UHFRQRFHU OD UHJLyQ DUPyQLFD HQ OD TXH VH
HQFXHQWUD
$QiOLVLVUtWPLFR
&DGDXQDGHODVVHPLIUDVHVHVWDIRUPDGDWHQLHQGRODFRUFKHDFRPR
EDVH SULQFLSDO GH OD HVWUXFWXUD DO ILQDO GH FDGD XQD GH ODV
VHPLIUDVHV HQFRQWUDPRV XQD IRUPD SRFR XVXDO HQ OD UHVROXFLyQ
UtWPLFD GH HVWH DLUH QRV HQFRQWUDPRV OD FRPELQDFLyQ UtWPLFD GH
QHJUDGRVFRUFKHDV\QHJUDGHQXHYRSDUDUHVROYHUVREUHHOSULPHU
WLHPSR GHO VLJXLHQWH FRPSiV OR QRUPDO HQ HVWH DLUH HV TXH OD
QHJUDVHHQFXHQWUHVREUHHOSULPHUWLHPSR\ODUHVROXFLyQVHKDJD
VREUHHOVHJXQGR
$QiOLVLVDUPyQLFR
(Q HO HQOD]DPLHQWR DUPyQLFR TXH SUHVHQWD OD SDUWH QR VH
HQFXHQWUDQ IRUPXODV GLIHUHQWHV GH ODV WUDGLFLRQDOHV HQULTXHFLGDV
FRQPRYLPLHQWRVGHOEDMRVREUHODVWHQVLRQHVGHODFRUGHWDOHVFRPR
ODVpSWLPDRLQFOXVRODQRYHQDDJUHJDGDVDODFRUGH
$QiOLVLVGHLQVWUXPHQWDFLyQ
3RU WUDWDUVH GH XQ PRPHQWR PXVLFDO HItPHUR VH KD RSWDGR SRU
GDUOH D WRGRV ORV LQVWUXPHQWRV XQ PRPHQWR GH SURWDJRQLVPR QR
VHKDQLQFOXLGRFRQWUDPHORGtDVSUHFLVDPHQWHSRUTXHODGXUDFLyQ
GHODSDUWHQRDGPLWHHOGHVDUUROORGHXQVXEWHPD
35,0(53$6$-(²35,0(562/2'(%$1'2/$
$QiOLVLVHVWUXFWXUDO
/DIRUPDPHOyGLFDGHHVWDSDUWHVHHVWUXFWXUDDWUDYpVGHODUSHJLR
WHQLHQGR HQ FXHQWD SRU VXSXHVWR HO HQODFH DUPyQLFR TXH KD
SURSXHVWRHOFRPSRVLWRUSDUDHVWDIUDVHHQSDUWLFXODUDHVWDVHOH
KDQDJUHJDGRDGHPiVWHQVLRQHV\DGRUQRVSDUDGDUOHSUHFLVDPHQWH
HOFDUiFWHUGHVROR
$QiOLVLVUtWPLFR
7DOFRPRVXFHGHHQODPD\RUtDGHORVDLUHV&RORPELDQRV\FRPRVH
HYLGHQFLDUiDWUDYpVGHWRGDODREUDODEDVHUtWPLFDHVODFRUFKHD
VLHQGRHVWDGHVDUUROODGDJHQHUDQGRWHQVLRQHVTXHHQFRQMXQWRFRQ
OD GLVSRVLFLyQ PHOyGLFD SUHSDUDQ ODV UHVROXFLRQHV WtSLFDV GHO DLUH
FRQXQUHWDUGRKDFLDHOFRPSiVFXDUWR\VLQUHWDUGRKDFLDHOILQDO
GHODSDUWHHQHOFRPSiVRFWDYR
$QiOLVLVDUPyQLFR
3DUD HVWD SDUWH VH HQOD]DQ ORV DFRUGHV GH WyQLFD \ GRPLQDQWH
UHVSHFWLYDPHQWH\SRGHPRVHQFRQWUDUPRPHQWRVHQORVFXDOHVXQD
VXEGRPLQDQWHDSDUHFHSHURVXUHOHYDQFLDLJXDOTXHVXGXUDFLyQQR
VRQPD\RUHV
$QiOLVLVGHLQVWUXPHQWDFLyQ
$ PDQHUD GH FRQWLQXR FRQWUDVWH VH KD DGRSWDGR HO HVTXHPD GH
WXWWL \ OXHJR XQ VROR R GXHWR GH EDQGRODV HQ HVWD RSRUWXQLGDG
WLHQHODYRFHUtDODEDQGRODSULPHUDDTXLHQOHFRUUHVSRQGHKDFHUVH
FDUJR GH VX SURSLR VXVWHQWR UtWPLFR DUPyQLFR \ PHOyGLFR SDUD
HOOR VH KD SURSXHVWR TXH HO LQWHUSUHWH WHQJD OD OLEHUWDG GH DJUHJDU
ORV HOHPHQWRV TXH FRQVLGHUH FRQYHQLHQWHV D OD PHORGtD SURSXHVWD
SDUDORJUDUXQDLQWHQFLyQQHWDPHQWHVXEMHWLYD
6(*81'23$6$-(²7877,
$QiOLVLVHVWUXFWXUDO
(Q HVWD SDUWH VH HQFXHQWUD XQ HVTXHPD UtWPLFR LGpQWLFR DO GH OD
LQWURGXFFLyQHVWHWLSRGHVLPLOLWXGHVHVHOVLQyQLPRGHOHQODFHGHO
GLVFXUVR PXVLFDO D SHVDU GH WUDWDUVH GH SDUWHV LQGLYLGXDOHV /D
HVWUXFWXUD PHOyGLFD HV SRU RWUR ODGR RSXHVWD OR FXDO OH GD VX
FDUiFWHU GH LQGLYLGXDOLGDG \ DXWRQRPtD DO QR VHU HQ DEVROXWR
GHSHQGLHQWHGHODVSDUWHVTXHODSUHFHGHQ
$QiOLVLVUtWPLFR
7HQHPRV FRPR LQLFLR OD PLVPD HVWUXFWXUD UtWPLFD GH OD
LQWURGXFFLyQ FRPR VH H[SOLFy HQ HO SiUUDIR DQWHULRU D HVWH VH OH
DJUHJy DGHPiV XQD HVWUXFWXUD VHFXQGDULD TXH KDFH VX DSRUWH
FRQWUDSXQWtVWLFR D PDQHUD GH RVWLQDWR HVWH HVTXHPD VHFXQGDULR
SURYHH D OD SDUWH DGHPiV GH LQGLYLGXDOLGDG XQD HVWDELOLGDG FRQ
UHVSHFWRGHODLUHFRQHOTXHVHHVWDWUDWDQGR
$QiOLVLVDUPyQLFR
3DUD PDQWHQHU HQ SDUWH OD HVWUXFWXUD WUDGLFLRQDO GH OD REUD HO
HQODFHDUPyQLFRQRVXIUHPRGLILFDFLRQHVPiVTXHODVXVWLWXFLyQGH
ODV GRPLQDQWHV GRPLQDQWH GH OD WRQDOLGDG H LQWHUGRPLQDQWHV D
WUDYpV GHO WULWRQR D ORV GHPiV DFRUGHV GHO HQODFH VH OHV
DJUHJDURQH[WHQVLRQHVKDVWDODQRYHQD
$QiOLVLVGHLQVWUXPHQWDFLyQ
6HUHSDUWHODPHORGtDHQWUHODVEDQGRODV\HOWLSOHGHMiQGROHDHVWH
OD PHORGtD GH OD VHJXQGD VHPLIUDVH GH OD SULPHU IUDVH \ D OD
EDQGRODVHJXQGDODSULPHUVHPLIUDVHGHODVHJXQGDIUDVHHOUHVWR
GH OD PHORGtD OD VRVWLHQH OD EDQGROD SULPHUD HQ WDQWR VH
GHVDUUROODQODVPHORGtDVODJXLWDUUDPDQWLHQHHOVRSRUWHUtWPLFR²
DUPyQLFRGHWRGDODSDUWHMXQWRFRQHOWLSOHDH[FHSFLyQREYLDPHQWH
GHVXPRPHQWRGHPHORGtD
7(5&(53$6$-(²6(*81'262/2'(%$1'2/$
$QiOLVLVHVWUXFWXUDO
$ GLIHUHQFLD GH ODV SDUWHV DQWHULRUHV TXH LQLFLDQ VREUH HO WLHPSR
IXHUWHGHOFRPSiVHVWDLQLFLDHQDQDFUXVDGHXQWLHPSR\PHGLR
/DPHORGtDHVWDEDVDGDHQORVDUSHJLRV GHORVDFRUGHVGHWyQLFD\
GRPLQDQWHUHVSHFWLYDPHQWH
$QiOLVLVUtWPLFR
$XQTXH WLHQH LQLFLR DQDFUXVLFR QR WRGDV ODV IUDVHV HVWiQ
GLVHxDGDVGHHVWDPDQHUDSRUTXHHQHVWHSXQWRHQSDUWLFXODUVH
KDQ LQFOXLGR GRV IUDVHV LPSRUWDQWHV OD SULPHUD FRQ LQLFLR
DQDFUXVLFR \ TXH WHUPLQD HQ HO FRPSiV \ OD VHJXQGD GH LQLFLR
WpWLFR\TXHWHUPLQDHQHOFRPSiVORVVLJXLHQWHVFRPSDVHVVRQ
XQDEUHYHYDULDFLyQFRPSOHPHQWDULDGHODVHJXQGDIUDVH
$QiOLVLVDUPyQLFR
6HXVDQORVDFRUGHVGHWyQLFD\GRPLQDQWHFRPRODEDVHDUPyQLFD
SDUDHVWDSDUWHSDUDPDQWHQHUODSXUH]DFRQUHVSHFWRGHODLGHDGHO
FRPSRVLWRU
$QiOLVLVGHLQVWUXPHQWDFLyQ
&RPR VH PHQFLRQD HQ SiUUDIRV DQWHULRUHV VH LPSOHPHQWD HO
HVTXHPDGHWXWWL\VRORRGXHWRSDUDGDUOHDODREUDXQDYDULHGDG\
FRQWUDVWHHQWUHODVSDUWHV
&8$5723$6$-(²7877,
$QiOLVLVHVWUXFWXUDO
&RPRHVWHSDVDMHFRQWLHQHHOWHPDLGpQWLFRGHODLQWURGXFFLyQVH
KD HVFRJLGR KDFHU XQD YDULDFLyQ VREUH HVWD SDUWH OD YDULDFLyQ
FRQVLVWHHQFDPELDUODPHGLGDGHD\HQYH]GHOOHYDUXQ
ULWPR HQ ORV LQVWUXPHQWRV DUPyQLFRV HVWRV VROR VRVWLHQHQ OD
DFHQWXDFLyQ GH OD PHGLGD \ OOHYDQ SRU VXSXHVWR HO VXVWHQWR
DUPyQLFR
$QiOLVLVUtWPLFR
&RPRHVOyJLFRGHODPHGLGDHQODTXHHVWDHVFULWDHVWDSDUWHHVOD
FRUFKHD HO VRSRUWH GH OD HVWUXFWXUD UtWPLFD /RV LQVWUXPHQWRV
DUPyQLFRVWLSOH\JXLWDUUDOOHYDQHOSXOVRVREUHORVDFHQWRVHQOD
SULPHUD\FXDUWDFRUFKHDVGHFDGDFRPSiV
$QiOLVLVDUPyQLFR
(OHQODFHDUPyQLFRGHHVWDSDUWHLQLFLDFRQODVXEGRPLQDQWHHVWH
LQLFLRHQXQDUHJLyQTXHSRUVXVFDUDFWHUtVWLFDVHVGHSHQGLHQWH\D
VHDGHODWyQLFDRGHODGRPLQDQWHDSRUWDXQFRORUGLIHUHQWH\GH
EXHQJXVWR
$QiOLVLVGHLQVWUXPHQWDFLyQ
/DVEDQGRODVFRPRDWUDYpVGHWRGDODREUDPDQWLHQHQHOOLGHUD]JR
PHOyGLFR FRQ OD OHYH H[FHSFLyQ GH OD ~OWLPD VHPLIUDVH OD FXDO HV
WHUPLQDGD SRU HO WLSOH \ FRQ XQ DJUHJDGR DO ILQDO SRU SDUWH GH OD
JXLWDUUDSDUDKDFHUFUHHUDORtGRTXHHOILQDOVHGLRHQODWRQDOLGDG
UHODWLYDPD\RUHQYH]GHODWRQDOLGDGRULJLQDO
48,1723$6$-(²'8(72'(%$1'2/$6
$QiOLVLVHVWUXFWXUDO
(O GXHWR GH EDQGRODV IXH SHQVDGR FRPR FRPSOHPHQWR D ORV VRORV
GH EDQGROD TXH KDQ SUHFHGLGR \ TXH PXHVWUDQ ODV SRVLELOLGDGHV
PHOyGLFDV\DUPyQLFDVTXHXQHVWXGLDQWHHQVXHWDSDLQLFLDOSXHGH
HQWHQGHU SUHSDUDU \ SURIXQGL]DU SDUD XQ GHVDUUROOR GH
KDELOLGDGHVPDVDOOiGHODVTXHVHSURSRQHQ
$QiOLVLVUtWPLFR
6HDGRSWDXQWHPDUtWPLFRGHGRVFRPSDVHVHQHOTXHVHFRPELQD
XQ FRPSiV FRQ VHLV FRUFKHDV \ HO VLJXLHQWH FRQ WUHV QHJUDV HVWD
FRPELQDFLyQRIUHFLyODSRVLELOLGDGGHKDFHUXQDIXJHWWDHQODTXHHO
VXMHWRHVVHJXLGRHQVWUHWWRSRUHOFRQWUDVXMHWR
$QiOLVLVDUPyQLFR
(VWH SDVDMH VH GHVDUUROOD VREUH HO HQODFH WUDGLFLRQDO GH WyQLFD
VXEGRPLQDQWH\GRPLQDQWHSXHVWRTXHDJUHJDUPiVDFRUGHVSRGUtD
UHVXOWDU FRQWUDSURGXFHQWH \D TXH HO FRQWUDSXQWR TXH VH GHVHD
GHVDUUROODUGHEHPDQHMDUVHFRQPXFKRFXLGDGR
$QiOLVLVGHLQVWUXPHQWDFLyQ
(VWH HV HO XOWLPR SDVDMH HQ HO FXDO ODV EDQGRODV QR OOHYDQ PDV
DFRPSDxDPLHQWRTXHHOTXHHOODVPLVPDVVHSURSRUFLRQDQVHKD
\DH[SOLFDGRTXHODUD]yQGHVHUGHHVWDIRUPDGHDUUHJODUVHGHEHD
OD H[SORWDFLyQ HQ SULPHUD LQVWDQFLD GH ODV SRVLELOLGDGHV GHO
LQVWUXPHQWLVWD TXH LQLFLD VXV HVWXGLRV HQ HVWH LQVWUXPHQWR \ HQ
VHJXQGDLQVWDQFLDSDUDPDQWHQHUODYDULHGDG\HOFRQWUDVWH
14
El stretto aparece en episodios posteriores a la exposición y consiste en la entrada de la
respuesta poco antes de completar el tema, superponiéndose de este modo al él.
),1$/(
$QiOLVLVHVWUXFWXUDO
6H HULJH XQD PHORGtD FRQ FDUDFWHUtVWLFDV FRQFOXVLYDV GH DFXHUGR
FRQHOHQODFHDUPyQLFRSURSXHVWR
$QiOLVLVUtWPLFR
&RPRHQHOSULQFLSLR\KDVWDHOILQDOVHVRVWXYRODFRUFKHDFRPRHO
SLODUUtWPLFRODREUD
$QiOLVLVDUPyQLFR
6H HVFRJH XQ HQODFH WtSLFR GH ORV JUDQGHV ILQDOHV VLQIyQLFRV HQ HO
FXDOVHXWLOL]DQORVVXVWLWXWRVSDUDOHORVGHODVXEGRPLQDQWH%E\
GHODGRPLQDQWH&
$QiOLVLVGHLQVWUXPHQWDFLyQ
6HWHUPLQDFRQXQWXWWLHOFXDOKDGHFRPSOHWDUODVHULHGHVRORV\
WXWWLVTXHVHSURSXVLHURQSDUDHVWDREUDHQSDUWLFXODU
0LFDSULFKR
&RPSRVLWRU3HGUR0RUDOHV3LQR
5LWPR3ROND
7RQDOLGDG&²)²$E
(VWUXFWXUDGHODREUD,QWURGXFFLyQSDUWH$SDUWH%SDUWH&\
SDUWH'
,1752'8&&,21&203$6(6
$QiOLVLVHVWUXFWXUDO
(Q HVWD LQWURGXFFLyQ VH HQFXHQWUD XQD SHTXHxD SHUR PX\
LPSRUWDQWH SDUWtFXOD TXH KDEUi GH GHVDUUROODUVH HQ OD VLJXLHQWH
SDUWHODIRUPDPHOyGLFDLQLFLDVREHHOSULPHUWLHPSRFRQODTXLQWD
GHO DFRUGH GH WyQLFD FRPR QRWD UHDO KDFH XQD DSR\DWXUD HQ OD
QRWD DX[LOLDU VXSHULRU \ VH UHJUHVD HQ HO VHJXQGR FRPSiV VH
HQFXHQWUDXQDHVFDODFRQGXFHQWHTXHOOHYDDODVpSWLPDGHODFRUGH
GHGRPLQDQWHFRPRQRWDUHDO\VHUHSLWHHODGRUQR
$QiOLVLVUtWPLFR
3DUDHVWDSDUWHWHQHPRVFRPRPDWUL]UtWPLFDDODVHPLFRUFKHDVH
DSURYHFKDQ ODV SRVLELOLGDGHV UtWPLFDV TXH RIUHFH HVWD ILJXUD SDUD
HVFULELUXQDLQWURGXFFLyQGHFRUWHFRQWUDSXQWtVWLFRHQODTXHKD\D
XQ FRQVWDQWH MXHJR HQWUH ODV EDQGRODV (QWUH ORV LQVWUXPHQWRV
DUPyQLFRVWDPELpQVHSUHVHQWDXQFRQWUDSXQWRSHURHVWHFRQEDVH
UtWPLFDHQODFRUFKHD
$QiOLVLVDUPyQLFR
7RGDODLQWURGXFFLyQVHHQFXHQWUDHQODUHJLyQGHODGRPLQDQWHDVt
TXH VH WRPy SURYHFKR SDUD JHQHUDU XQ HQODFH DUPyQLFR D PDQHUD
GHFRUDOHQHOFXDOODQRWDPiVDJXGDGHOHQODFHFUHDXQDPHORGtD
6HXWLOL]DURQWDPELpQWRGDVODVYDULDQWHVGHGRPLQDQWHGHODVTXH
KD\ GLVSRVLFLyQ FRPR VRQ GRPLQDQWH UHDO )LJXUD $ VpSWLPR
JUDGR )LJXUD % GRPLQDQWH SDUDOHOD )LJXUD &\VXVWLWXFLyQ SRU
WULWRQR)LJXUD'
%
$
&
'
$QiOLVLVGHLQVWUXPHQWDFLyQ
/DV EDQGRODV VH HQFDUJDQ GH OOHYDU OD PHORGtD TXH FRPR VH KD
GLFKR \D VH SUHVWD SDUD OD LQFOXVLyQ GHO FRQWUDSXQWR FRPR XQD
FDUDFWHUtVWLFD GH WRGD OD REUD (QWUH WDQWR HO WLSOH \ OD JXLWDUUD
KDFHQ HO DFRPSDxDPLHQWR WDPELpQ D PDQHUD GH FRQWUDSXQWR
PLHQWUDV OD JXLWDUUD OOHYD ORV WLHPSRV HO WLSOH PDUFD ORV
FRQWUDWLHPSRV
3$57($&203$6(6
$QiOLVLVHVWUXFWXUDO
(O FRPSRVLWRU IRUPD OD PHORGtD GH HVWD SDUWH FRQ XQD QRWD SHGDO
HQ OD WHUFHUD GHO DFRUGH GH WyQLFD \ ODV QRWDV TXH YDQ VREUH HO
WLHPSR IXHUWH GLEXMDQ XQD OtQHD GLDWyQLFD GHVFHQGHQWH 9HU ILJXUD
$ GH LJXDO IRUPD VH HVWUXFWXUD HQ OD VHJXQGD VHPLIUDVH HQ HO
FRPSiV SHUR VREUH HO DFRUGH GH GRPLQDQWH \ OD QRWD SHGDO VH
XELFDHQODVpSWLPDGHHVWH9HUILJXUD%HQODVHJXQGDIUDVHVH
UHSLWHHOHVTXHPDFRQH[FHSFLyQGHODVHJXQGDVHPLIUDVHHQODTXH
VH PDUFD XQD FDtGD HQ HVFDOD GLDWyQLFD KDFLD OD WyQLFD \ OXHJR
WRPDQGR HO VRO FRPR QRWD FRP~Q HQWUH ORV DFRUGHV GH WyQLFD \
GRPLQDQWH VH KDFH OD UHVROXFLyQ SDUD WHUPLQDU OD SDUWH \ UHSHWLU
9HUILJXUD&
%
$
&
$QiOLVLVUtWPLFR
6HSUHVHQWDHOPLVPRHVTXHPDUtWPLFRGHODLQWURGXFFLyQSHURFRQ
XQD DQDFUXVD GH VHPLFRUFKHD TXH FRPSOHWD OD LQWHQFLyQ GHO
FRPSRVLWRU \ HVWD VH GHVDUUROOD D OD ODUJR GH WRGD OD SDUWH FRQ OD
SDUWLFXODULGDG GH TXH HQ OD XOWLPD VHPLIUDVH VH URPSH HVWH
HVTXHPD HQ FRUFKHDV FRQ GXSOLFDFLyQ HQ HO SHQ~OWLPR FRPSiV GH
HVWDPLVPD
$QiOLVLVDUPyQLFR
(Q OD SULPHUD IUDVH VH GHVDUUROOD HO WHPD VREUH OD WyQLFD \ OD
GRPLQDQWH UHVSHFWLYDPHQWH SHUR HQ OD VHJXQGD IUDVH VH SUHVHQWD
XQD SHFXOLDULGDG \ HV OD DSDULFLyQ GHO VHJXQGR JUDGR FRPR
VXEGRPLQDQWHODFXDOHVDSURYHFKDGDSDUDKDFHUXQDPRGXODFLyQ
DHVWHFRPRVLIXHUDXQILQHQYH]GHXQPHGLRDVtTXHVHDJUHJDQ
HO VH[WR JUDGR %E \ OD GRPLQDQWH $ SDUD UHVROYHU HQ 'P FRPR
WyQLFD \ VXEGRPLQDQWH D OD YH] HO UHVWR GHO HQODFH DUPyQLFR VH
OOHYDDFDERVLQPDVVLQJXODULGDGHV
$QiOLVLVGHLQVWUXPHQWDFLyQ
/D SULPHUD YH] VH SUHVHQWD OD PHORGtD HQ ODV EDQGRODV \ HO
DFRPSDxDPLHQWRHQHOWLSOH\ODJXLWDUUDSHURHQODUHSHWLFLyQVH
SUHVHQWD XQD FRQWUD PHORGtD OD SULPHUD IUDVH OH FRUUHVSRQGH DO
WLSOH\ODVHJXQGDSRUVXSXHVWRDODJXLWDUUD
3$57(%&203$6(6
$QiOLVLVHVWUXFWXUDO
(QHVWDSDUWHWHQHPRVXQDIUDVHGHFXDWURFRPSDVHVTXHVHUHSLWH
WUHVYHFHVFDGDXQDGHHVWDVDPDQHUDGHYDULDFLyQLQGHSHQGLHQWH
\QRFRPSOHPHQWDULDHQQLQJXQDIRUPD
$QiOLVLVUtWPLFR
/D HVWUXFWXUD UtWPLFD GH HVWD SDUWH SUHVHQWD XQD FRPELQDFLyQ GH
FRUFKHDV \ VHPLFRUFKHDV VLHQGR DPEDV GH SULPHU RUGHQ \ QR XQD
GXSOLFDFLyQRVLPSOLILFDFLyQGHOWLHPSRGHODRWUD3RUHOFRQWUDULR
HQ ODV GHPiV YRFHV VH HVFULELHURQ WUHV PHORGtDV GLVWLQWDV XQD
SDUD FDGD LQVWUXPHQWR EDVDGDV GRV GH HOODV EDQGROD \ WLSOH
HQ OD VHPLFRUFKHD \ OD GH OD JXLWDUUD HQ OD FRUFKHD D PDQHUD GH
EDVVRFRQWLQXR
$QiOLVLVDUPyQLFR
/D HVWUXFWXUD DUPyQLFD GH HVWD SDUWH FRPSUHQGH ORV DFRUGHV GH
WyQLFD \ GRPLQDQWH 6LQ HPEDUJR HO LQLFLR SUHVHQWD XQD
FDUDFWHUtVWLFDSDUWLFXODUTXHHVHOLQLFLRVREUHODWHUFHUDGHOFXDUWR
JUDGRPD\RUWRPDQGRHVWDQRWDFRPRJUDGRGHODWRQDOLGDGVH[WR
JUDGR QRV GD XQD VHQVDFLyQ GH WRQDOLGDG PHQRU SHUR
LQPHGLDWDPHQWH OD PHORGtD VH SHUILOD KDFLD OD IXQGDPHQWDO GHO
DFRUGHSDUDHVWDELOL]DUHOFRORUHQODWRQDOLGDGPD\RU
$QiOLVLVGHLQVWUXPHQWDFLyQ
7RGDV ODV YRFHV SDUWLFLSDQ HQ HVWD SDUWH FRQ XQ IUDJPHQWR
PHOyGLFRLQGHSHQGLHQWHPiVQRHQIRUPDGHFRQWUDSXQWR /RTXH
VH SUHWHQGH DTXt HV FUHDU XQD DWPyVIHUD FRQJUXHQWH FRQ HO WLWXOR
HQHOTXHFDGDLQVWUXPHQWRKDFHVXYROXQWDGLPSRUWDQGRVROR\HQ
PHGLDQDPHGLGDODHVWUXFWXUDDUPyQLFD
3$57(&&203$6(6
$QiOLVLVHVWUXFWXUDO
1RV HQFRQWUDPRV HQ HVWD SDUWH FRQ GRV IUDVHV GH RFKR FRPSDVHV
FRPSOHWDPHQWH LGpQWLFDV OD PHORGtD VH IRUPD FRQ XQD SURJUHVLyQ
GHGRVFRPSDVHVLQLFLDQGRFRQXQLQWHUYDORGHFXDUWDEDMDOXHJR
XQD TXLQWD \ VXEH GLDWyQLFDPHQWH XQD WHUFHUD SDUD LQLFLDU OD
VLJXLHQWHSURJUHVLyQFRQHVWDXOWLPDQRWDODVHJXQGDVHPLIUDVHVH
HVWUXFWXUDFRQGRVQRWDVSHGDOHV9HUILJXUD
$QiOLVLVUtWPLFR
$HVWHSXQWRGHMDGHVHUODVHPLFRUFKHDODHVWUXFWXUDUtWPLFDPiV
SHTXHxD \ SRU WDQWR PDWUL] \ SDVD D VHU OD FRUFKHD FRQ
VLPSOLILFDFLRQHV GH WLHPSR QHJUDV FRQ SXQWLOOR HQ OD SULPHU
VHPLIUDVH\GXSOLFDFLRQHVGHWLHPSRHQODVHJXQGDVHPLIUDVH
$QiOLVLVDUPyQLFR
(QHVWDSDUWHVHLQFOX\HXQDPRGXODFLyQLQWUDWRQDODODGRPLQDQWH
SRU PHGLR GHO VH[WR JUDGR &P GH HVWD GXUDQWH FDVL WRGD OD
VHJXQGDVHPLIUDVHVHPDQWLHQHVREUHHODFRUGHGHGRPLQDQWH(E
\VHUHVXHOYHHQWyQLFDVRORKDVWDHOXOWLPRFRPSDVHGHODPLVPD
$QiOLVLVGHLQVWUXPHQWDFLyQ
/D PHORGtD OD OOHYD FRPSOHWD OD JXLWDUUD PLHQWUDV ORV GHPiV
LQVWUXPHQWRVOHKDFHQXQDFRPSDxDPLHQWRTXHHV~QLFDPHQWHGH
FDUiFWHU WH[WXUDO \ QR HVWUXFWXUDO HQ OD VHJXQGD IUDVH TXH FRPR
VH KDEtD \D PHQFLRQDGR HV LGpQWLFD OD PHORGtD VLJXH HVWDQGR
FRPSOHWDHQODJXLWDUUD\VHDSURYHFKDSDUDURWDUXQGREODPLHQWR
SRU ORV GHPiV LQVWUXPHQWRV SULPHUR OD EDQGROD 9HU ILJXUD $
OXHJRODEDQGROD9HUILJXUD%\DOILQDOHOWLSOH9HUILJXUD&
$
%
&
3$57('&203$6(6
$QiOLVLVHVWUXFWXUDO
/D SDUWH HVWD FRQVWUXLGD HQ GRV IUDVHV GH RFKR FRPSDVHV
DQDFU~VLFDVFDGDXQDFRQEDVHHQODVHPLFRUFKHDODPHORGtDHVWD
FRPSXHVWD SRU XQ PRGHOR GH GRV WLHPSRV FRQ XQD UHVSXHVWD
WDPELpQ GH GRV WLHPSRV HVWR VLJQLILFD TXH OD SULPHU VHPLIUDVH
HVWi FRQVWLWXLGD GH XQ PRGHOR TXH VH UHSLWH FRQ XQD UHVSXHVWD
GLIHUHQWH9HUILJXUDV$\%/DVHJXQGDVHPLIUDVHHVWDFRQVWUXLGD
HQ SURJUHVLyQ PHOyGLFD 3RU HO FRQWUDULR OD VHJXQGD VHPLIUDVH GH
ODVHJXQGDIUDVHHQFRQWUDPRVXQRVWLQDWRPHOyGLFR
$
%
$QiOLVLVUtWPLFR
(O PRWLYR UtWPLFR GH WRGD OD SDUWH HVWD IRUPDGR D SDUWLU GH OD
VHPLFRUFKHD FRQ VLPSOLILFDFLyQ GHO WLHPSR HQ FRUFKHDV \ QHJUDV
HVWR SHUPLWH HO FRQWUDSXQWR LPLWDWLYR 9HU ILJXUD $ HQ OD VHJXQGD
VHPLIUDVH GH OD SULPHU IUDVH (Q OD VHJXQGD VHPLIUDVH GH OD
VHJXQGDIUDVHVHRSWDSRUXQDUHVSXHVWDDFRQWUDWLHPSRHQYH]GH
KDFHULPLWDFLyQGHQXHYR9HUILJXUD%
$
%
$QiOLVLVDUPyQLFR
/DSULPHUDIUDVHGHHVWDSDUWHVHPXHYHHQWUHORVDFRUGHVGHWyQLFD
\VXEGRPLQDQWHUHVSHFWLYDPHQWHPLHQWUDVTXHHQODVHJXQGDIUDVH
QRVHQFRQWUDPRVFRQXQDPRGXODFLyQD%EPD\RUTXHDFW~DFRPR
DFRUGHGHGRPLQDQWHSDUDOHODSDUDODSUy[LPDPRGXODFLyQD&
$QiOLVLVGHLQVWUXPHQWDFLyQ
(Q OD SULPHU VHPLIUDVH VH SDVD OD PHORGtD HQWUH ODV GRV EDQGRODV
FUHDQGR XQ HIHFWR HVWHUHRIyQLFR PLHQWUDV HO WLSOH \ DO JXLWDUUD
VRVWLHQHQODEDVHUtWPLFD\DUPyQLFDHQODVHJXQGDIUDVHVXFHGH
ORPLVPR
$QJpOLFD
&RPSRVLWRU$QyQLPR
5LWPR*XDELQD3DVLOOR
7RQDOLGDG$P²$
(VWUXFWXUDGHODREUD,QWURGXFFLyQSDUWH$SDUWH%WUtR
,1752'8&&,21&203$6(6
$QiOLVLVHVWUXFWXUDO
/D LQWURGXFFLyQ HVWD HVWUXFWXUDGD HQ IRUPD GH SURJUHVLyQ TXH
FRQWLHQH HO SULPHU PRWLYR GH OR TXH KD GH YHQLU HQ ORV FRPSDVHV
VXEVLJXLHQWHV/DHVWUXFWXUDUtWPLFDGHODSDUWHHVWDEDVDGDHQOD
FRUFKHDKDFLpQGRODFRQWLQXDHQXQDHVWUXFWXUDPHOyGLFDTXHEUDGD
TXHGHVFULEHXQSDWUyQGHVFHQGHQWHFURPiWLFRFRQXQDQRWDPHGLD
SHGDOPL9HUILJXUD
$QiOLVLVUtWPLFR
6HFRQVWLWX\HDODFRUFKHDFRPRODPDWUL]GHODHVWUXFWXUDUtWPLFD
GH HVWD SDUWH KDFLHQGR XQD FRPELQDFLyQ UtWPLFD GH GLIHUHQWHV
YDORUHV VROR HQ HO SULPHU FRPSiV GH OD REUD \ PDQWHQLHQGR
FRQWLQXDODFRUFKHDKDVWDHOILQDOGHODLQWURGXFFLyQ
$QiOLVLVDUPyQLFR
(O HQODFH DUPyQLFR GH HVWD SDUWH VH SUHVHQWD FRPR UHVXOWDGR GHO
PRYLPLHQWR PHOyGLFR LQLFLDQGR FRQ WyQLFD SDVDQGR SRU OD
GRPLQDQWHHOVpSWLPRJUDGRGHTXLQWDGLVPLQXLGDGHOVH[WRJUDGR
\UHVROYLHQGRVREUHHVWHFRPRXQDWRQDOLGDGSDVDMHUD
$QiOLVLVGHLQVWUXPHQWDFLyQ
6H KD GHVLJQDGR D OD JXLWDUUD FRPR VROLVWD SDUD LQLFLDU HVWD REUD
SRUTXH OD YHUVLyQ RULJLQDO IXH HVFULWD SDUD JXLWDUUD \ DXQTXH OD
LQWURGXFFLyQQRVHDODRULJLQDOVHSUHWHQGHPDQWHQHUHQHOPD\RU
JUDGRSRVLEOHHOFRORURULJLQDOGHODREUD
3$57($&203$6(6
$QiOLVLVHVWUXFWXUDO
/D PHORGtD GH HVWD SDUWH GH OD REUD FRPSUHQGH GRV HVWUXFWXUDV
GHSHQGLHQWHV \ FRPSOHPHQWDULDV TXH VH HQFXHQWUDQ HQ ODV
EDQGRODV 9HU ILJXUD $ HO WLSOH \ OD JXLWDUUD KDFHQ VX ODERU GH
DFRPSDxDQWHV/DEDQGRODSULPHUDWLHQHXQHVTXHPDPHOyGLFRHQ
DUSHJLR HO FXDO HV FRPSOHWDGR SRU OD EDQGROD VHJXQGD VREUH HO
VHJXQGR FRQWUDWLHPSR HVWDEOHFLHQGR XQD VLQFRSD TXH KDEUi GH
UHSHWLUVHVLHPSUHTXHVHSUHVHQWHHVWHHVTXHPDPHOyGLFR+DFLDHO
FRPSiV 9HU ILJXUD % KD\ XQD EUHYH UXSWXUD GHO HVTXHPD
DFWXDO SRU XQR GH PHQRU UHOHYDQFLD SHUR TXH KD VLGR \D
LQWURGXFLGRGHVGHHOSULQFLSLRGHODSLH]D(OFRPSiVUHWRPDHO
HVTXHPD LQLFLDO SDUD WHUPLQDU GH GHVDUUROODU OD LGHD PXVLFDO FRQ
XQGLVFXUVRFRPSOHWRSRUODEDQGROD
$
%
$QiOLVLVUtWPLFR
+D\ GRV HVTXHPDV UtWPLFRV GH JUDQ LPSRUWDQFLD HQ HVWD SDUWH ORV
FXDOHV VH GHVDUUROODQ D OR ODUJR GH OD REUD ORV FXDOHV WLHQHQ OD
VLJXLHQWH GHVFULSFLyQ OD TXH OOHYD OD EDQGROD SULPHUD HQ HVWD
SDUWH VRQ GRV FRUFKHDV XQD QHJUD FRQ SXQWLOOR \ GH QXHYR
FRUFKHD HVWH HVTXHPD VH UHSLWH HO VHJXQGR SHUWHQHFLHQWH D OD
EDQGROD VHJXQGD HQ HVWD SDUWH VRQ GRV QHJUDV OD SULPHUD FRQ
SXQWLOOR\ODVHJXQGDVLQSXQWLOOR\VHFRPSOHWDHOFRPSiVFRQXQD
FRUFKHDTXHFRLQFLGHFRQODPLVPDGHODEDQGRODSULPHUD
$QiOLVLVDUPyQLFR
(O HQODFH DUPyQLFR TXH VH WHMH HQ HVWD SDUWH QR WLHQH QLQJXQD
FDUDFWHUtVWLFD IXHUD GH OR QRUPDO GH OD WRQDOLGDG \ DJUHJiQGROH
LQWHUGRPLQDQWHV HO FRORU TXH WLHQH HVWD SDUWH HV GHELGD DO
PRYLPLHQWR GHO EDMR HO FXDO GLEXMD XQD FXUYD FDVL LQGHSHQGLHQWH
GHOHQOD]DPLHQWRDUPyQLFR9HUILJXUD
$QiOLVLVGHLQVWUXPHQWDFLyQ
(Q ODV EDQGRODV VH GHVDUUROOD WRGD OD OtQHD PHOyGLFD GH OD SDUWH
PLHQWUDV HO WLSOH \ OD JXLWDUUD VRVWLHQHQ OD HVWUXFWXUD UtWPLFD \
DUPyQLFD HVWR GH LQPHGLDWR JHQHUD XQ FRQWUDVWH GH FRORU FRQ
UHVSHFWRGHODLQWURGXFFLyQFUHDQGRXQQXHYRDPELHQWH
3$57(%&203$6(6
$QiOLVLVHVWUXFWXUDO
(QHVWDSDUWHKD\XQFDPELRUDGLFDOHQFXDQWRDODHVWUXFWXUDR
VHD VH SUHVHQWD XQ WHPD VHFXQGDULR SHUR QR GHSHQGLHQWH VX
PRYLPLHQWR PHOyGLFR VH GHVDUUROOD DO LJXDO TXH HO WHPD DQWHULRU D
PDQHUD GH DUSHJLRV HQ OD SULPHUD IUDVH 9HU ILJXUD SHUR \D HQ OD
VHJXQGDIUDVHVHUHWRPDHOHVTXHPDGHOWHPD$\VHILQDOL]DFRQ
HVWH
$QiOLVLVUtWPLFR
/D SULPHUD IUDVH GH OD SDUWH % HVWD LJXDOPHQWH EDVDGD HQ OD
FRUFKHDFRQXQDSUHSDUDFLyQDODIUDVHGHGRVQHJUDVODVHJXQGD
IUDVHGHHVWDSDUWHQRHVPiVTXHODUHSHWLFLyQGHXQHVTXHPDGH
SULPRUGLDOVLJQLILFDFLyQ\FRQODPLVPDSUHSDUDFLyQGHGRVQHJUDV
FRPRHQODSULPHUDIUDVH
$QiOLVLVDUPyQLFR
(QHVWDSDUWHVHKDPRGXODGRDODUHODWLYDPD\RUGHODWRQDOLGDG\
HOHQODFHDXVDUHVHOGHWyQLFD\GRPLQDQWHUHVSHFWLYDPHQWHHQOD
SULPHUD IUDVH OD VHJXQGD IUDVH QRV OOHYD GH QXHYR D OD WRQDOLGDG
RULJLQDO SUHSDUDQGR DVt OD UHSHWLFLyQ GHO WHPD FRPSOHWR GHVGH OD
LQWURGXFFLyQ
$QiOLVLVGHLQVWUXPHQWDFLyQ
/DSULPHUDIUDVHGH HVWDSDUWHWLHQHXQOLJHURFDPELRHQFXDQWRD
OD HVWUXFWXUD GHO DLUH GH JXDELQD DO KDFHU OD JXLWDUUD VROR ORV
DFHQWRV FDUDFWHUtVWLFRV GHO ULWPR PLHQWUDV TXH HO WLSOH KDFH XQ
DFRPSDxDPLHQWRGHWLSRPHUDPHQWHFRORUtVWLFRHVGHFLUHODSRUWH
GHOWLSOHDHVWDIUDVHHVVXFRORUFDUDFWHUtVWLFRFRQHOWUHPRORHQYH]
VX SDSHO DUPyQLFR \ UtWPLFR (Q ODV EDQGRODV VH GHVDUUROOD OD
PHORGtD OD FXDO VH SDVD OXHJR DO WLSOH \ OD JXLWDUUD HQ OD VHJXQGD
VHPLIUDVH GH HVWD SDUWH GH LJXDO PDQHUD VXFHGH HQ OD VHJXQGD
IUDVHHQODFXDOVHKDFHXQDH[SRVLFLyQHQODVEDQGRODV\VHSDVD
OD PHORGtD DO WLSOH \ OD JXLWDUUD HQ OD VHJXQGD VHPLIUDVH $ HVWH
SXQWR YHPRV FRPR HO HVTXHPD UtWPLFR TXH HQ XQ SULQFLSLR VH
GHVDUUROOR ~QLFDPHQWH HQWUH ODV EDQGRODV WRPD OXJDU DKRUD HQWUH
WRGRVORVLQVWUXPHQWLVWDV
75,2&203$6(6
$QiOLVLVHVWUXFWXUDO
&RPR HV FDUDFWHUtVWLFR GH OD PD\RUtD GH ORV DLUHV WUDGLFLRQDOHV
FRORPELDQRV VH SUHVHQWD XQ WUtR HQ OD WRQDOLGDG KRPyQLPD
PD\RUHVWRVHKDFHSDUDGDUXQPD\RUFDUiFWHUDODREUD\SRUTXH
ODVGRVWRQDOLGDGHVFRPSDUWHQODGRPLQDQWHDVtTXHODPRGXODFLyQ
QR UHTXLHUH GH JUDQGHV HVIXHU]RV WHyULFRV (O WUtR QXQFD VH
SUHVHQWDFRQLQWHQFLyQGHILQDOVLQRFRPRXQDSDUWHLPSRUWDQWHGH
OD SLH]D TXH DJUHJDED XQ FRORU GLIHUHQWH DQWHV GH YROYHU DO
SULQFLSLR
$QiOLVLVUtWPLFR
(Q HVWD SDUWH GH OD REUD QRV HQFRQWUDPRV FRQ XQ QXHYR WHPD
FRPSOHWDPHQWH LQGHSHQGLHQWH FX\DV FDUDFWHUtVWLFDV VH SRGUtDQ
FRQIXQGLUFRQODVGHXQSDVLOORSHURKDGHQRWDUVHTXHODDXQTXH
OD IRUPXOD UtWPLFD XWLOL]DGD HQ HVWD SDUWH SRU HO FRPSRVLWRU VHD
LGpQWLFDDODGHXQSDVLOORODIRUPXODPHOyGLFDQRORHV
$QiOLVLVDUPyQLFR
1RV HQFRQWUDPRV FRQ XQ HQOD]DPLHQWR DUPyQLFR TXH KD
SUHVHQWDGR PXFKDV SRVLELOLGDGHV GH LQWHUYHQFLyQ SRU SDUWH GHO
DUUHJOLVWD FRPR HV OD DGLFLyQ GH LQWHUGRPLQDQWHV \ HO PRYLPLHQWR
GLDWyQLFR HQ ORV EDMRV GH OD JXLWDUUD SDVDQGR SRU WHQVLRQHV TXH
SUHVHQWDQXQFRORUTXHPH]FODORFOiVLFR\PRGHUQR
$QiOLVLVGHLQVWUXPHQWDFLyQ
,QLFLDPRV OD SDUWH FRQ HO VROR GH JXLWDUUD DO LJXDO TXH DO SULQFLSLR
SUHVHQWDQGR OR TXH VHUi HO HMH WHPiWLFR GH OD SDUWH HQ DGHODQWH
PDVFODUDPHQWHHQHOFRPSiVKDGHLQLFLDUODEDQGRODSULPHUD
FRQ HO GHVDUUROOR WHPiWLFR \ GHVSXpV HQ HO FRPSiV OD EDQGROD
VHJXQGD TXH VHUi OD HQFDUJDGD GH OOHYDU HO OLGHUD]JR PHOyGLFR
KDVWD HO ILQDO GH OD SDUWH OD EDQGROD SULPHUD OH KDFH XQ
DFRPSDxDPLHQWR FRQ HO DUSHJLR GHO DFRUGH GHO PRPHQWR PLHQWUDV
HOWLSOH\ODJXLWDUUDOHOOHYDQWDPELpQVXUHVSHFWLYRVRSRUWHUtWPLFR
\DUPyQLFR
/XF\
&RPSRVLWRU3HGUR0RUDOHV3LQR
5LWPR7DQJR
7RQDOLGDG$P²$
(VWUXFWXUDGHODREUD,QWURGXFFLyQSDUWH$SDUWH%7UtR
,1752'8&&,21&203$6(6
$QiOLVLVHVWUXFWXUDO
(Q OD LQWURGXFFLyQ VH SUHVHQWD HO WHPD SULQFLSDO GH OD SULPHUD
SDUWH GH OD REUD SULPHUR HQ PRGR PHQRU \ OXHJR XQ EUHYH
GHVDUUROOR VREUH OD UHODWLYD PD\RU SDUD UHVROYHU VREUH PHQRU GH
QXHYRHQHOFRPSiV9HUILJXUD
$QiOLVLVUtWPLFR
6HSUHVHQWDXQHVTXHPDUtWPLFRGHGRVFRPSDVHVTXHLQLFLDHQHO
SULPHUFRPSDVFRQXQDVLQFRSDODUJDVHJXLGRGHFRUFKHDV\HQHO
VHJXQGR FRPSDV FXDWUR QHJUDV HVWH VHUi HO HVTXHPD UtWPLFR D
GHVDUUROODUHQODSULPHUDSDUWHGHODREUD
$QiOLVLVDUPyQLFR
6HDSURYHFKDQODVFDUDFWHUtVWLFDVUtWPLFDVGHOWDQJRSDUDFUHDUXQD
FRQWUDPHORGtDVREUHODQRWDDJXGDGHOHQODFHDUPyQLFRHQHOFXDO
VHXWLOL]DQWDPELpQODVH[WHQVLRQHVKDVWDLQFOXVRODRQFHDYD
$QiOLVLVGHLQVWUXPHQWDFLyQ
/D PHORGtD SULQFLSDO OD OOHYD OD EDQGROD SULPHUD PLHQWUDV TXH ORV
GHPiV LQVWUXPHQWRV LQWHUYLHQHQ FRPR FROFKyQ DUPyQLFR OD
JXLWDUUD OOHYD VREUH OD QRWD DJXGD GH VX HQODFH GH DFRUGHV XQD
FRQWUDPHORGtDTXHGHEHUiVHUUHVDOWDGDHQWRGDVODVYHFHVTXHVH
SUHVHQWH
3$57($&203$6(6
$QiOLVLVHVWUXFWXUDO
(VWD SDUWH WLHQH GRV IUDVHV GH RFKR FRPSDVHV FDGD XQD HQ OD
SULPHUD IUDVH VH GHVDUUROOD HO WHPD HQ ODV EDQGRODV OD PHORGtD
FRPELQD OD HVWUXFWXUD GHO DUSHJLR MXQWR FRQ ORV DGRUQRV
FDUDFWHUtVWLFRV GHO GLDWRQLVPR (Q OD VHJXQGD IUDVH WRPDQ OD
YRFHUtD HO WLSOH \ OXHJR OD JXLWDUUD KDFLD HO ILQDO GH HVWD
PDQWHQLHQGRHOHVTXHPDPHOyGLFRTXHSURSXVLHURQODVEDQGRODV
$QiOLVLVUtWPLFR
6H GHVDUUROOD HO HVTXHPD UtWPLFR TXH VH SURSXVR GHVGH OD
LQWURGXFFLyQ\VHSODQWHDDGHPiVXQFRQWUDSXQWR
TXH D OD YH]
VLUYH FRPR DFRPSDxDPLHQWR HO FXDO VH GHVDUUROOD D OD SDU HQ HO
WLSOH\ OD EDQGROD VHJXQGD FRPR HO DLUH PXVLFDO OR SHUPLWH KD\
PRPHQWRV HQ ORV TXH VH KDFH XQD EUHYH YDULDFLyQ GHO HVTXHPD
UtWPLFRSURSLR
$QiOLVLVDUPyQLFR
$ WUDYpV GH WRGD OD SDUWH VH SUHVHQWDQ FDPELRV DUPyQLFRV
FRPXQHV GHQWUR GH ODV UHJLRQHV DUPyQLFDV GH 7yQLFD
6XEGRPLQDQWH \ 'RPLQDQWH HQWUH HVWDV VH SUHVHQWDQ WDPELpQ
LQWHUGRPLQDQWHV\VXVWLWXFLRQHVGHDFRUGHV
$QiOLVLVGHLQVWUXPHQWDFLyQ
6REUH OD SULPHU VHPLIUDVH GH HVWD SDUWH VH FRQVWUX\H XQ GLDORJR
HQWUH ODV EDQGRODV TXH SURGXFH XQ HIHFWR GH HVWHUHRIRQtD 9HU
ILJXUD$\TXHDODYH]OHGDXQSRFRPDVGHIOXLGH]DODPHORGtD
\D HQ OD VHJXQGD VHPLIUDVH OD PHORGtD OD WRPD FRPSOHWD OD
EDQGRODSULPHUD\ODEDQGRODVHJXQGDHQFRQMXQWRFRQHOWLSOH\OD
JXLWDUUDWHMHQODWHQVLyQTXHKDGHOLEHUDUVHHQHOFRPSiV9HU
ILJXUD % SDUD UHWRPDU HO WHPSR HQ HO FRPSiV VLJXLHQWH \ GDUOH
SDVRDOWLSOHFRQODPHORGtD\OXHJRDODJXLWDUUDHQWUHWDQWRODV
EDQGRODV PDQWLHQHQ XQ HVTXHPD GH QRWDV ODUJDV FRQ ODV FXDOHV
OOHYDQHODFRPSDxDPLHQWR
$
%
3$57(%
$QiOLVLVHVWUXFWXUDO
1RV HQFRQWUDPRV FRQ XQD SDUWH TXH VH GHVDUUROOD HQ GRV IUDVHV
FDGD XQD GH HVWDV IUDVHV HVWD D VX YH] GLYLGLGD HQGRV VHPLIUDVHV
FRQWUDVWDQWHVHQGRQGHODSULPHUDHQDPEDVIUDVHVSUHVHQWDXQD
PHORGtDGHLQLFLRFURPiWLFR\ILQDOGLDWyQLFR9HUILJXUD$DGHPiV
VH SUHVHQWD FRQ XQD VHxDOL]DFLyQ GLQiPLFD GH SLDQR \ OHJDWR
PLHQWUDVTXHODVHJXQGDVHPLIUDVHIRUPDVXPHORGtDHQHOSULPHU\
WHUFHU FRPSiV FRQ DFRUGHV \ HQ HO VHJXQGR \ FXDUWR FRPSiV FRQ
XQDSURJUHVLyQGHDSR\DWXUDVDGHPiVFRQWUDVWDHQYROXPHQFRQ
OD VHPLIUDVH DQWHULRU WHQLHQGR HVWD XQ FDUiFWHU DJUHVLYR \ IXHUWH
9HUILJXUD%
$
%
$QiOLVLVUtWPLFR
/D SULPHU \ WHUFHU VHPLIUDVHV SUHVHQWDQ XQ HVTXHPD UtWPLFR FRQ
PXFKDV QRWDV ODUJDV FRPR EODQFDV \ QHJUDV FRQ SXQWLOOR OR FXDO
IDYRUHFH OD LQWHQFLyQ GH VXWLOH]D SRU HO FRQWUDULR ODV VHPLIUDVHV
VHJXQGD\FXDUWDVHFDUDFWHUL]DQSRUWHQHUXQGLVHxRUtWPLFRPiV
FDUJDGR FRQ QHJUDV \ FRUFKHDV HVWR GH LJXDO PDQHUD VRVWLHQH OD
LQWHQFLyQGHFRQWUDVWH
$QiOLVLVDUPyQLFR
6HSUHVHQWDHQHVWDSDUWHXQDLQWHQFLyQGHPRGXODFLyQSDVDMHUDD
ODWRQDOLGDGUHODWLYDPD\RUDOUHYHODUVHXQHQODFHDUPyQLFRSURSLR
GH HVWD HO FXDO LQYROXFUD ORV DFRUGHV GH WyQLFD \ GRPLQDQWH SHUR
HQODVHJXQGDVHPLIUDVHVHUHWRUQDFDVLGHLQPHGLDWRDODWRQDOLGDG
RULJLQDOGLIHUHQWHRFXUUHHQODVHJXQGDIUDVHGRQGHODPRGXODFLyQ
VH OOHYD D FDER SRU FRPSOHWR XWLOL]DQGR DFRUGHV SLYRWH \
VXVWLWXFLRQHVGHDFRUGHV
$QiOLVLVGHLQVWUXPHQWDFLyQ
/DV VHPLIUDVHV LPSDUHV SRU VX WUDQTXLOLGDG VH SUHVWDURQ
SHUIHFWDPHQWH SDUD OD DGLFLyQ GH XQD FRQWUD PHORGtD HQ OD TXH VH
UHFXHUGD HO WHPD LQLFLDO VREUH HO WLSOH ODV EDQGRODV VRVWLHQHQ OD
PHORGtD \ OD JXLWDUUD OOHYD XQ DFRPSDxDPLHQWR HQ SL]]LFDWR 9HU
ILJXUD3RURWURODGRODVVHPLIUDVHVSDUHVSRUVXFDUDFWHUtVWLFD
YLJRURVD VH SUHVWDURQ SDUD XWLOL]DU DFRUGHV FRQ H[WHQVLRQHV KDVWD
ODRQFHDYDGHLJXDOPDQHUDODVEDQGRODVPDQWLHQHQODPHORGtD\
HOWLSOH\ODJXLWDUUDKDFHQHODFRPSDxDPLHQWR
75,2&203$6(6
3UHYLRDOWUtRVHSUHVHQWDGHQXHYRODLQWURGXFFLyQVHKDHVFRJLGR
UHSHWLUODLQWURGXFFLyQDTXtSDUDHYLWDUFRQIOLFWRVHQODVYXHOWDV
6HKDGHFLGLGRWDPELpQSDUDIDFLOLWDUHODQiOLVLVGLYLGLUODSDUWHHQ
$ \ % SRU OD ORQJLWXG GH HVWD PLVPD \ SRU PRWLYRV GH
LQVWUXPHQWDFLyQ
$&203$6(6
$QiOLVLVHVWUXFWXUDO
1RV HQFRQWUDPRV DTXt FRQ OD SUHVHQWDFLyQ GHO WHUFHU WHPD GH OD
REUDHQPRGRPD\RUFRPRHUDDFRVWXPEUDGRSRUORVFRPSRVLWRUHV
HQ DxRV DQWHULRUHV (O GHVDUUROOR GH OD PHORGtD VH SUHVHQWD FRQ
QRWDVODUJDV\XQDHVWUXFWXUDGLDWyQLFD
$QiOLVLVUtWPLFR
6H H[SRQH XQD SDUWtFXOD UtWPLFD GH GRV FRPSDVHV GH OD VLJXLHQWH
PDQHUD HQ HO SULPHU FRPSiV HQFRQWUDPRV WUHV QHJUDV
FRPHQ]DQGR HQ HO VHJXQGR WLHPSR ODV FXDOHV VH UHVXHOYHQ HQ XQD
UHGRQGDHQHOVLJXLHQWHFRPSiVHQHOWHUFHUFRPSiVGHHVWDSDUWH
HQFRQWUDPRV XQD YDULDFLyQ GH HVWH HVTXHPD HVWD YDULDFLyQ
LQFOX\HXQWUHVLOORGHFRUFKHDVHVWDYDULDFLyQVHSUHVHQWDWDPELpQ
XQRVFRPSDVHVPDVGHODQWHGHODPLVPDPDQHUD9HUILJXUD
$QiOLVLVDUPyQLFR
'HQWURGHOHQODFHDUPyQLFRGHHVWDSDUWHVHHQFXHQWUDQGLIHUHQWHV
HVWUXFWXUDV HQWUH ODV FXDOHV VH KD SRGLGR LPSOHPHQWDU XQ ULWPR
DUPyQLFR FRQ PD\RU YDULHGDG TXH HQ ODV SDUWHV DQWHULRUHV GH
LJXDOPDQHUDVHLQWHQWDPDQWHQHUXQDOtQHDPHOyGLFDVREUHODQRWD
DJXGD GHO HQODFH HVWR FRQ OD LQWHQFLyQ GH GDUOH PD\RU XQLGDG DO
DUUHJOR9HUILJXUD
$QiOLVLVGHLQVWUXPHQWDFLyQ
0LHQWUDVODEDQGRODSULPHUDKDFHODPHORGtDODEDQGRODVHJXQGD
PDQWLHQH XQ HVTXHPD UtWPLFR ² PHOyGLFR FRQ DO IRUPD GH OD
PLORQJDHVWRHVWROHUDGRFRPRYDULDFLyQDODREUDHQWUHWDQWRHO
WLSOH OOHYD WDPELpQ XQD FRQWUD PHORGtD \ OD JXLWDUUD VH OLPLWD D
KDFHUHOEDFNJURXQGUtWPLFR\DUPyQLFR
%&203$6(6
(VWD SDUWH FRQVHUYD ODV PLVPDV FDUDFWHUtVWLFDV UtWPLFDV \
DUPyQLFDV GH OD DQWHULRU OD ~QLFD YDULDFLyQ TXH VXIUH HVWD SDUWH
VHGHVDUUROODHQODLQVWUXPHQWDFLyQODPHORGtDSULQFLSDOTXHDQWHV
WUDtD OD EDQGROD SULPHUD SDVD DO GRPLQLR GH OD EDQGROD VHJXQGD
XQD RFWDYD SRU HQFLPD GH GRQGH IXH SUHVHQWDGD 9HU ILJXUD HO
WLSOH\ODJXLWDUUDOOHYDQHOVRVWpQUtWPLFR²DUPyQLFR\ODEDQGROD
SULPHUDFRPELQDODFRQWUDPHORGtDTXHOOHYDEDHOWLSOHHQODSDUWH
DQWHULRUFRQHODFRPSDxDPLHQWRHQIRUPDGHPLORQJDGHDOEDQGROD
VHJXQGD
)HVWLYDO
&RPSRVLWRU$JXVWtQ3D\DQ
5LWPR%DPEXFR
7RQDOLGDG*&
(VWUXFWXUDGHODREUD3DUWH$SDUWH%\&RGD
3$57($&203$6(6
$QiOLVLVHVWUXFWXUDO
/D
7RQDOLGDG
HVFRJLGD
SRU
HO
FRPSRVLWRU
FRUUHVSRQGH
SHUIHFWDPHQWH FRQ HO SURSLR WLWXOR TXH OH GLR SXHVWR TXH OD
WRQDOLGDGGH*VHFDUDFWHUL]DSRUVXEULOOR\JUDFLD HVWUXFWXUDOD
PHORGtD HQ IRUPD GH DUSHJLRV OR FXDO IDFLOLWD OD LQVWUXPHQWDFLyQ
FUHDFLyQGHVHJXQGDVYRFHV\FRQWUDFDQWRV
$QiOLVLVUtWPLFR
(VWDSULPHUDSDUWHHVWDGLVSXHVWDHQGRVIUDVHVGHRFKRFRPSDVHV
FDGD XQD HQ ODV FXDOHV OD FRUFKHD VH PDQWLHQH FRPR FRQVWDQWH
DXQ FXDQGR KD\ DOJXQDV TXH VH HQFXHQWUDQ OLJDGDV HO HIHFWR
YLVXDO GH FRQVWDQFLD SHUPLWH LQFOXVR DO LQWHUSUHWH VRVWHQHU HO
WHPSRGHXQDPDQHUDPDVFODUDTXHVLODILJXUDFLyQVHSUHVHQWDUD
GHPDQHUDGLIHUHQWH9HUILJXUD
$QiOLVLVDUPyQLFR
$UPyQLFDPHQWH HQ OD SULPHUD IUDVH VH HQOD]DQ ORV DFRUGHV GH
WyQLFD\GRPLQDQWHPLHQWUDVTXHHQODVHJXQGDIUDVHTXHLQLFLDHQ
HO FRPSiV VH DJUHJD OD VXEGRPLQDQWH H LQFOXVR XQD
LQWHUGRPLQDQWH 'žE TXH SHUWHQHFH DO VH[WR JUDGR GH OD
WRQDOLGDG
$QiOLVLVGHLQVWUXPHQWDFLyQ
(QDUDVGHPDQWHQHUODWUDGLFLRQDOLGDGGHODSLH]DVHKDSUHIHULGR
PDQWHQHU OD PHORGtD VREUH OD EDQGROD SULPHUD\ XQDVHJXQGD YR]
TXH KDFH FRQWUDSXQWR HQ OD VHJXQGD EDQGROD ORV LQVWUXPHQWRV
DUPyQLFRV 7LSOH \ *XLWDUUD PDQWLHQHQ HO VRSRUWH UtWPLFR ²
DUPyQLFRGHODSDUWH
3$57(%&203$6(6
$QiOLVLVHVWUXFWXUDO
(VWD SDUWH HVWD FRPSXHVWD WDPELpQ SRU GRV IUDVHV GH RFKR
FRPSDVHV FDGD XQD SHUR FRQ OD DGLFLyQ GH XQ SXHQWH HQWUH HVWDV
GRV SXHVWR TXH ODV IUDVHV VRQ DQWDJyQLFDV \ WHPiWLFDPHQWH
LQFRPSDWLEOHVPLHQWUDVTXHODSULPHUDIUDVHPDQWLHQHODOyJLFDGH
ORVDUSHJLRVFRQORVTXHLQLFLDODREUDODVHJXQGDIUDVHH[SRQHXQ
WHPD QXHYR TXH VH GHVDUUROOD HQ VXV RFKR FRPSDVHV GH GXUDFLyQ
9HUILJXUD
$QiOLVLVUtWPLFR
(Q OD SULPHUD IUDVH VH PDQWLHQH OD FRUFKHD FRPR FRQVWDQWH
UtWPLFD HQ HO SXHQWH VH SURSRQH XQD GXSOLFDFLyQ GHO WLHPSR
DXQTXHHVWHHVVRORYLVXDOSXHVHOPRPHQWRPXVLFDOHVWDOLEUHDOD
LQWHUSUHWDFLyQGHORVHMHFXWDQWHV/DVHJXQGDIUDVHSRUHOFRQWUDULR
SURSRQHXQHVTXHPDGHGRVFRPSDVHVTXHLQLFLDFRQDQDFUXVDGH
WUHVFRUFKHDV9HUILJXUD
$QiOLVLVDUPyQLFR
$UPyQLFDPHQWH HQ OD SULPHUD IUDVH GH HVWD SDUWH VH DSOLFDQ
VXVWLWXFLRQHVGHDFRUGHVFRPRHOGHODGRPLQDQWHHQHOFRPSiV
9HU ILJXUD $ H LQWHUGRPLQDQWHV FRQ H[WHQVLRQHV FRPR HQ HO
FRPSiV 9HU ILJXUD % (Q OD VHJXQGD IUDVH VH DSURYHFKD OD
H[SRVLFLyQGHXQWHPDGLIHUHQWH\VHSURSRQHXQGLVHxRDUPyQLFR
FRQXQHVWLORGHHQOD]DPLHQWRSURSLRGHO-D]]9HUILJXUD&
%
$
&
$QiOLVLVGHLQVWUXPHQWDFLyQ
(QODSULPHUDIUDVHGHHVWDSDUWHGHODREUDVHKDGHFLGLGRGDUOHD
OD EDQGROD VHJXQGD HO OLGHUD]JR PHOyGLFR SDUD GDUOH YDULHGDG DO
DUUHJOR\JHQHUDUXQHIHFWRGHHVWHUHRIRQtD3DUDODVHJXQGDIUDVH
ODSULPHUDEDQGRODUHWRPDODPHORGtDPLHQWUDVODVHJXQGDEDQGROD
PDQWLHQHXQFRQWUDSXQWRDPDQHUDGHDFRPSDxDPLHQWR
&2'$
$QiOLVLVHVWUXFWXUDO
6H H[SRQH XQ WHPD ILQDO HQ OD WRQDOLGDG GH & HO FXDO JXDUGD XQ
SDUHQWHVFR FRQ OD H[SRVLFLyQ LQLFLDO HQ FXDQWR D OD PDQHUD GH
JHQHUDUODPHORGtDGHORVDUSHJLRV
$QiOLVLVUtWPLFR
6H LQLFLD OD SDUWH FRQ XQD SURSXHVWD UtWPLFD GH QHJUDV DXQTXH
SDUDHOVHJXQGRFRPSiVVHUHWRUQDDODVHFXHQFLDGHFRUFKHDVTXH
VHSODQWHRGHVGHHOSULQFLSLR9HUILJXUD
$QiOLVLVDUPyQLFR
(Q OD SULPHU VHPLIUDVH GH HVWD SDUWH VH HQOD]DQ ORV DFRUGHV
SHUWHQHFLHQWHV D ODV UHJLRQHV WRQDOHV GH WyQLFD VXEGRPLQDQWH \
GRPLQDQWH SHUR HQ OD VHJXQGD IUDVH VH SODQWHD OD LQWHQFLyQ GH
YROYHUDOLQLFLRDOSUHVHQWDUODGRPLQDQWHGHODWRQDOLGDGDQWHULRUOD
FXDOIXQFLRQDDODYH]FRPRGREOHGRPLQDQWHHQODWRQDOLGDGGH&
$QiOLVLVGHLQVWUXPHQWDFLyQ
(Q HVWD SDUWH VH URWDQ OD PHORGtD HQWUH ODV EDQGRODV FDGD GRV
FRPSDVHVFUHDQGRXQDFRQYHUVDFLyQIOXLGDHQWUHHOODV
5LWPRVXWLOL]DGRVHQHOSUR\HFWR
*XDELQD
(O iPELWR DFWXDO GH HVWH DLUH PXVLFDO FRPSUHQGH ORV 'HSDUWD
PHQWRVGH6DQWDQGHU%R\DFi7ROLPD\+XLODWRGRVGHOD]RQDDQ
GLQDRFRUGLOOHUDQD(VHOORPX\H[SOLFDEOHSRUWUDWDUVHGHXQFDQWR
PRQWDxHURHQTXHHOJULWRODFDGHQFLDHFRLFD\ORVFDOGHURQHVVRQ
HPLQHQWHPHQWH FDUDFWHUtVWLFRV FRPR VXFHGH HQ ODV WRQDGDV
IRUiQHDV GH VX HVWLOR FRPR SRGUtD VHUOR HO ´\RGHOµ VXL]R 'H OD
JXDELQD GHEHPRV GHFLU TXH HWLPROyJLFDPHQWH HV YRFDEOR TXH
GHVLJQD XQ SH] FRP~Q HQ ORV UtRV OODQHURV HVFULWD FRQ E R FRQ Y
LQGLVWLQWDPHQWH DXQTXH VH QRV HVFDSD OD UHODFLyQ TXH SXGLHUD
WHQHU HO SH] FRQ OD WRQDGD (O VHxRU &XHUYR QRV GLFH TXH OD YR]
JXDELQD HTXLYDOH D ´PDULFDµ \ VH XVD HQ OD H[SUHVLyQ ´HV XQ
JXDELQDµ
7DPSRFR OH YHPRV UHODFLyQ DOXVLYD FRQ HO VXVWDQWLYR GLFKR 3RU HO
FRQWUDULR OD JXDELQD VH GLVWLQJXLy HQ ODV PRQWDxDV GH $QWLRTXLD
SRU VHU XQ FDQWR UXGR \ XQD GDQ]D OLFHQFLRVD TXH OH PHUHFLy VX
DEROLFLyQHQ$QWLRTXLD
%DPEXFR
(O %DPEXFR HV XQ ULWPR WtSLFR FRORPELDQR KHUHGDGR GH ORV
TXHFKXDV ORV FXDOHV PLHQWUDV KDFtDQ FHUiPLFD DFRVWXPEUDEDQ
LQWHUSUHWDUOR D HVWD FRQFOXVLyQ VH OOHJy GHELGR D TXH OD SDODEUD
EDPEXFRGHULYDHWLPROyJLFDPHQWHGH:DPSXFDQRDEDOVD\SXNX
YDVLMDGDQGROXJDUD:DPSXSXNXYDVLMDHQIRUPDGHFDQRDSHUR
OXHJRWUDVODOOHJDGDGHORVHVSDxROHV\GDGRTXHHVWRV~OWLPRVQR
HQWHQGLHURQ ELHQ OD SURQXQFLDFLyQ FRQYLUWLHURQ HQ :DPSXNX \
OXHJR HQ %DPEXFR TXH HV OD SDODEUD FRP~QPHQWH SURQXQFLDGD
KR\SRUKR\1RREVWDQWHH[LVWHDFRQWURYHUVLDIUHQWHDRWURSRVLEOH
VLJQLILFDGR VHJ~Q RWURV NX HV HO SRVHVLYR VH /R TXH TXHUUtD GHFLU
TXHPX\SRVLEOHPHQWHDSDODEUD%DPEXFRGHULYDGH:DPSXNXR
VHD TXH TXLHUH GHFLU FDQRHURV OR TXH LPSOLFDUtD TXH HUDQ VL ORV
KDEtD ORV FDQRHURV LQGtJHQDV TXHFKXDV y GH &RORPELD ORV TXH
LQYHQWDURQHOEDPEXFR
(V VLQ GXGD DOJXQD OD Pi[LPD H[SUHVLyQ GHO IROFORUH DQGLQR
FRORPELDQR6RQPX\YDULDGDVODVYHUVLRQHVHQFXDQWRDVXRULJHQ
VLHQGR TXL]iV OD PiV JHQHUDOL]DGD OD GH VX RULJHQ DIULFDQR
VRVWHQLGD LQLFLDOPHQWH SRU HO HVFULWRU -RUJH ,VDDFV HQ VX OLEUR /D
0DUtD \ OXHJR FRPSDUWLGD SRU XQ LPSRUWDQWH Q~PHUR GH
LQYHVWLJDGRUHVIROFORUyORJRVHKLVWRULDGRUHVVREUHQXHVWUDP~VLFD
7DO YHUVLyQ GLFH TXH HO QRPEUH GH EDPEXFR IXH WRPDGR GH OD
SDODEUD EDPEXN QRPEUH GH XQ UtR GH OD UHJLyQ RFFLGHQWDO
DIULFDQD GRQGH VH EDLODED XQ ULWPR VLPLODU SHUR GH QLQJXQD
PDQHUDFRLQFLGHQWHFRQHOEDLOHGHOEDPEXFRFRORPELDQRTXHWRGRV
KHPRVFRQRFLGR
([LVWHQYDULDVKLSyWHVLVDFHUFDGHODSURYHQLHQFLDGHOEDPEXFR/D
KLSyWHVLVLQGtJHQDGHILHQGHODSUR\HFFLyQGHODP~VLFDFKLEFKDSRU
HVHQFLDWULVWHHQHOULWPROHQWRGHORVDLUHVIROFOyULFRVGHODOWLSODQR
DQGLQR
/D KLSyWHVLV DIULFDQD VXUJH GHO PDHVWUR *XLOOHUPR $EDGtD TXH KD
H[SXHVWRODWHVLVKR\PX\DFHSWDGDVREUHHOQRPEUHGHODSDODEUD
EDPEXFR FRQ OD FXDO VH GHVLJQD XQ LQVWUXPHQWR GH ORV QHJURV
DQWLOODQRV HOORV OODPDEDQ EDPEXFRV D VXV LQVWUXPHQWRV
FDUiQJDQRVKHFKRVHQWXERVGHEDPE~
/DKLSyWHVLVHVSDxRODKDEODVREUHODSRVLEOHDVFHQGHQFLDYDVFDHQ
HO ULWPR GHO EDPEXFR HQWUH HOORV (O =RUW]LFR TXH SUHVHQWD ULWPRV
iJLOHV VXHOWRV \ DOHJUHV TXH VLUYHQ GH VRSRUWH D XQD PHORGtD GH
DFHQWRVTXHMXPEURVRVTXHIRUPDQXQFRQWUDVWH
6H HQFXHQWUD OD UHODFLyQ GHO EDPEXFR FRQ DLUHV SRSXODUHV
HVSDxROHV FRQ DGDSWDFLRQHV PX\ SURSLDV D QXHVWUR PHGLR
FRORPELDQR GH DOOt OR GH IROFOyULFR (Q ODV SULPHUDV GpFDGDV GHO
VLJOR ;,; \D VH PHQFLRQD HO EDPEXFR FRPR XQ DLUH FULROOR GH
HVSHFLDODXWHQWLFLGDGQDFLRQDO
3DUDHODXWRUHOEDPEXFRYLHQHGHO&XUUXODRGHGXFLHQGR HVWRSRU
OD FRLQFLGHQFLD TXH WLHQHQ ORV DFHQWRV HQ ORV GLVWLQWRV
LQVWUXPHQWRVVLHQGRODUHODFLyQDVt
♦ /D PHORGtD GHO EDPEXFR VXHOH HPSH]DU \ WHUPLQDU HQ HO
PLVPRVLWLRGRQGHODWDPERUDPDUFDHOJROSHGHDURRSDOLWR
DGHPiVHOEDPEXFRH[LJHDKtPLVPRHODFHQWRHQVXVIUDVHV
♦ (OJROSHDSDJDGRGHOUDVJXHRHQODVFXHUGDVPDUFDHOPLVPR
DFHQWRTXHORVSODWRVRHOJXDViHQHO&XUUXODR
♦ /D JXLWDUUD R HO %DMR HQ HO %DPEXFR HYRFDQ ORV PLVPRV
JROSHVGHOSDUFKHGHODWDPERUDHQHO&XUUXODR
/D FRQFOXVLyQ GHO DXWRU HV TXH HO %DPEXFR GHELHUD VHU HVFULWR HQ
FRPSiVGHGHODVLJXLHQWHPDQHUD6LXQWHPDTXHHVWiHVFULWR
HQHPSLH]DODPHORGtDHQHOSULPHUWLHPSRHQWRQFHVHQKD
GH HVFULELUVH HPSH]DQGR GHVGH OD  FRUFKHD /D FXHVWLyQ HV TXH
pVWD FRUFKHD VLHPSUH GHEH VHU DFHQWXDGD HQ OD PHORGtD \ QR OD
SULPHUFRUFKHDGHOFRPRVHSXHGHVXSRQHU
3DVLOOR
(O SDVLOOR HV HO DLUH \ OD GDQ]D GH OD OLEHUWDG SXHV VH JHVWy FRPR
H[SUHVLyQ GH DOHJUtD HQ HO WUDQFH PLVPR HQ TXH ORJUiEDPRV OD
LQGHSHQGHQFLD GH (VSDxD (V HO HQFXHQWUR HQWUH GRV ULWPRV \
GDQ]DVGHPX\RSXHVWRRULJHQHOWRUEHOOLQRGHQXHVWURVLQGtJHQDV
\ HO YDOV HXURSHR 6RQ GLYHUVDV ODV YHUVLRQHV VREUH HO RULJHQ GHO
QRPEUH GH SDVLOOR SHUR ODV PDV UHSHWLGDV FRLQFLGHQFLDV GH
FRQFHSWRDHVWHUHVSHFWRVRQODVTXHKDEODQGHVXGHULYDFLyQGHOD
PDQHUDGHGDUSHTXHxRVSDVRVRSDVLOORVVXVEDLODGRUHV
(OSDVLOORHVXQRGHORVULWPRVPiVSURIXQGDPHQWHFRORPELDQRV\
XQ VtPEROR GH PHVWL]DMH LQGRHXURSHR TXH QDFH HQ HO LQVWDQWH HQ
TXH VH DILUPDED MXELORVDPHQWH HO DOPD QDFLRQDO FRQ ODV JHVWDV GH
LQGHSHQGHQFLD
(V XQ ULWPR TXH VH HQFXHQWUD HQ FDVL WRGDV ODV ]RQDV JHRJUiILFDV
GHO SDtV 'HVGH 6DQ $QGUpV \ 3URYLGHQFLD &KRFy 0yPSR[\ WRGD
OD=RQD$QGLQDFRQXQDJUDQDXWHQWLFLGDGIROFOyULFDHQFDGDXQD
GH HOODV OR FXDO VH UHIOHMD HQ HO XVR GH VX SURSLD RUJDQRORJtD\ HQ
VXVILJXUDV\SHFXOLDUHVHVWLORVDOGDQ]DUVH
(VDVtFRPRHOSDVLOORLVOHxRVHLQWHUSUHWDFRQPDQGROLQDWLQiIRQR
\ FDUUDVFD GH EXUUR HO GHO SDFtILFR FRQ XQD WtSLFD FKLULPtD
FKRFRDQD\HODQGLQRFRQORVGLIHUHQWHVLQVWUXPHQWRVWtSLFRVGHOD
UHJLyQ(QHOGHSDUWDPHQWRGH&DOGDVHQFRQWUDPRVODVVLJXLHQWHV
PRGDOLGDGHV GH SDVLOOR WRULDR DUULDR EROLDR DUUHEDWDR D OR
GHVFRQILDR VDUDQGLDR D OR DFRVWDR \ PDUFDR (Q HO SDFtILFR
HQFRQWUDPRV HO SDVLOOR )LHVWHUR &OiVLFR 3DUFKH \ SDUFKH
&DMRQLDR%DUUHVDOD5HERODRHWF
2QH6WHS
(V HO QRPEUH TXH VH GLR D XQ EDLOH HVWDGRXQLGHQVH \ TXH REWXYR
XQD JUDQ SRSXODULGDG H[WHQGLpQGRVH SRU WRGR HO PXQGR HQ OD
GpFDGD GH ORV DxRV GHO VLJOR ;; (V DOJR PiV HQpUJLFR TXH HO
)R[7URW \ VX FRPSiV HV GH FRPR HO SDVRGREOH )XH HQ
UHDOLGDG XQD YDULDQWH GHO EDLOH &DVWOH :DON TXH IXH PX\ IDPRVR
HQHODxRVXSRSXODULGDGDSHQDVGXUyGRVDxRV8QDGHVXV
FDUDFWHUtVWLFDVHVWiHQFDPLQDUGHSXQWLOODVVLJXLHQGRHOFRPSiVGH
OD P~VLFD (O QRPEUH GHULYD GH VXV LQYHQWRUHV 9HUQRQ H ,UHQH
&DVWOH
8Q HMHPSOR GH HVWD IRUPD PXVLFDO HV OD FpOHEUH FDQFLyQ HVSDxROD
WLWXODGD £6L YDV D 3DUtV SDSi FRQ OHWUD GH 0 ÉOYDUH] 'tD] \
P~VLFD GH /HGHVPD \ 2URSHVD TXH WXYR XQD JUDQ p[LWR SRU OD
GpFDGD GH 6H WUDWD GH XQ RQHVWHS EDLODEOH \ FRUHDEOH /D
LPDJHQSUHVHQWDXQIUDJPHQWRGHGLFKDFDQFLyQ
7DQJR
(V XQ HVWLOR PXVLFDO \ XQD GDQ]D ULRSODWHQVH SURSLD GH ODV
FLXGDGHV GH %XHQRV $LUHV 0RQWHYLGHR \ 5RVDULR GH QDWXUDOH]D
QHWDPHQWH XUEDQD \ UHQRPEUH LQWHUQDFLRQDO 0XVLFDOPHQWH WLHQH
IRUPD ELQDULD WHPD \ HVWULELOOR \ FRPSiV GH FXDWUR FXDUWRV D
SHVDU GH TXH VH OH OODPD ©HO ULWPR GHO GRV SRU FXDWURª
&OiVLFDPHQWH VH LQWHUSUHWD PHGLDQWH RUTXHVWD WtSLFD R VH[WHWR \
UHFRQRFHHOEDQGRQHyQFRPRVXLQVWUXPHQWRHVHQFLDO
/D FRUHRJUDItD GLVHxDGD D SDUWLU GHO DEUD]R GH OD SDUHMD HV
VXPDPHQWH VHQVXDO \ FRPSOHMD /DV OHWUDV HVWiQ FRPSXHVWDV FRQ
EDVH D XQ DUJRW ORFDO OODPDGR OXQIDUGR \ VXHOHQ H[SUHVDU ODV
WULVWH]DV HVSHFLDOPHQWH ©HQ ODV FRVDV GHO DPRUª TXH VLHQWHQ ORV
KRPEUHV\ODVPXMHUHVGHSXHEORFLUFXQVWDQFLDTXHORHPSDUHQWD
HQFLHUWRPRGRFRQHOEOXHVVLQTXHHOORREVWHSDUDHOWUDWDPLHQWR
GHRWUDVWHPiWLFDVLQFOXVRKXPRUtVWLFDV\SROtWLFDV
6L ELHQ HO WDQJR UHFRQRFH OHMDQRV DQWHFHGHQWHV DIULFDQRV
ODWLQRDPHULFDQRV \ HXURSHRV VXV RUtJHQHV FXOWXUDOHV VH KDQ
IXVLRQDGRGHWDOPRGRTXHUHVXOWDFDVLLPSRVLEOHUHFRQRFHUORV(Q
HVHQFLDHOWDQJRHVXQDH[SUHVLyQDUWtVWLFDGHIXVLyQGHQDWXUDOH]D
QHWDPHQWHXUEDQD\UDt]VXEXUEDQD©DUUDEDOHURªTXHUHVSRQGHDO
SURFHVR
KLVWyULFR
FRQFUHWR
GH
OD
LQPLJUDFLyQ
PDVLYD
PD\RULWDULDPHQWH HXURSHD TXH UHFRQVWLWX\y FRPSOHWDPHQWH ODV
VRFLHGDGHV ULRSODWHQVHV HVSHFLDOPHQWH ODV GH %XHQRV $LUHV \
0RQWHYLGHRDSDUWLUGHODV~OWLPDVGpFDGDVGHOVLJOR;,;
$UJHQWLQD TXH HQ FRQWDED FRQ PLOOyQ GH KDELWDQWHV
UHFLELy PLOORQHV GH LQPLJUDQWHV HQWUH \ 8UXJXD\
WXYR XQ SURFHVR VLPLODU 6H WUDWD GH XQD H[SHULHQFLD KXPDQD
©DOXYLDOªFDVLVLQSDUDQJyQHQODKLVWRULDFRQWHPSRUiQHD
$ GLIHUHQFLD GH RWUDV ]RQDV GHO PXQGR ORV LQPLJUDQWHV TXH
OOHJDURQ DO 5tR GH OD 3ODWD D SDUWLU GH OD VHJXQGD PLWDG GHO VLJOR
;,; VXSHUDEDQ HQ FDQWLGDG D ODV SREODFLRQHV QDWLYDV \ IXHURQ
SDUWH GH XQ LQWHQVLYR SURFHVR GH PHVWL]DMH PXOWLFXOWXUDO \
PXOWLpWQLFRHQJUDQPHGLGDLQGXFLGRSRUHO(VWDGRDWUDYpVGHXQD
IRUPLGDEOHSURPRFLyQGHODHVFXHODS~EOLFDODLFD
(O WDQJR HV KLMR GLUHFWR GH HVH LQWHQVR PHVWL]DMH 6H VDEH TXH ORV
SULPHURV WDQJXHURV HUDQ DIUR DUJHQWLQRV \ DIUR XUXJXD\RV TXH HO
EDQGRQHyQSURYLHQHGH$OHPDQLDTXHVXVHQVXDOLGDGGHULYDGHVX
RULJHQ SURVWLEXODULR GRQGH ORV LQPLJUDQWHV HXURSHRV TXH OOHJDEDQ
VRORV D EXVFDU HPSOHR PDQWHQtDQ UHODFLRQHV VH[XDOHV FRQ ODV
QDWLYDV PD\RULWDULDPHQWH DIUR DUJHQWLQDV H LQGRDPHULFDQDV
GHQRPLQDGDV ©FKLQDVª 6H VDEH WDPELpQ TXH HO DUJRW GHO WDQJR HO
OXQIDUGRHVWiSODJDGRGHH[SUHVLRQHVLWDOLDQDV\DIULFDQDVTXHVX
ULWPR \ FOLPD QRVWiOJLFR HVWi HPSDUHQWDGR FRQ OD KDEDQHUD
FXEDQD FRQ HO IDGR FRQ OD WXQD FRQ OD MRWD \ TXH ©WDQJR
PLORQJD PDODPER \ FDQGRPEHª VRQ SDUWH GH XQD PLVPD IDPLOLD
PXVLFDO GH UDtFHV DIULFDQDV \ WDPELpQ GH ODV FRVWXPEUHV
SURYHQLHQWHVGHORVJDXFKRVTXHPLJUDURQDODFLXGDG
6LQ HPEDUJR HO WDQJR QR VH FRQIXQGH QL GHULYD GH QLQJ~Q HVWLOR
PXVLFDOHQSDUWLFXODU(UQHVWR6iEDWRGLFHTXHSRUVREUHWRGDVODV
FRVDV HO WDQJR HV XQ KtEULGR XQD H[SUHVLyQ RULJLQDO \ QXHYD TXH
GHULYDGHXQDPRYLOL]DFLyQKXPDQDJLJDQWHVFD\H[FHSFLRQDO
3ROND
(V XQD GDQ]D SRSXODU DSDUHFLGD HQ %RKHPLD KDFLD 6X
IRUPD GHULYD GLUHFWDPHQWH GHO PLQXp FRQ XQD LQWURGXFFLyQ TXH
SUHSDUDODHQWUDGDGHOWHPD\XQDFRGDTXHVLUYHGHILQDODODREUD
HOIRUPDWRRULJLQDOSDUDWRFDUSRONDHVWXEDFRQWUDEDMRFODULQHWH\
DFRUGHyQ
(QFRPSiVGH\WHPSRUiSLGRVHEDLODFRQSDVRVODWHUDOHVGHO
WLSRSDVRFLHUUDSDVRVDOWR\HYROXFLRQHVUiSLGDVPRWLYRSRU
HO TXH VH KL]R PX\ SRSXODU HQ (XURSD \ $PpULFD (Q $UJHQWLQD
(VWDGRV 8QLGRV 0p[LFR 3HU~ \ 3DUDJXD\ GRQGH VH OD OODPD
WDPELpQSXUDMHLKDGHYHQLGRGHVGHVXOOHJDGDDPHGLDGRVGHOVLJOR
;,; FRQ HVWLORV SDUWLFXODUHV HQ XQD GH ODV P~VLFDV IROFOyULFDV
QDFLRQDOHV (V OD P~VLFD IROFOyULFD GH 1LFDUDJXD MXQWR D OD
PD]XUFD \ HO VRQ 1LFD GRQGH IXH OOHYDGD SRU LQPLJUDQWHV GH
(XURSD &HQWUDO \ (VSDxD TXH VH DVHQWDURQ SULQFLSDOPHQWH HQ OD
]RQDFHQWURGHOSDtVP~VLFDUHFRSLODGDSULQFLSDOPHQWHSRU&DUORV
0HMtD*RGR\\ORVGH3DODFDJLQD
/D YHUVLyQ TXH VREUHYLYH HQ HO OLWRUDO 3DFtILFR VH GHQRPLQD SROND
EULQFDGLWD TXH HV XQD DGDSWDFLyQ GH OD RULJLQDO HXURSHD (V XQ
EDLOHGHSDUHMDDEUD]DGDVLQRUGHQDPLHQWRSUHFLVR/RVEDLODULQHV
VH GHVSOD]DQ HQ VHQWLGR ODWHUDO FRQ SDVRV FRUWRV DOWHUQDQGR XQ
VDOWRFDGDWUHVSDVRV/RVPRYLPLHQWRVVRQYLVWRVRV\UHIOHMDQXQD
JUDQDOHJUtD
%XQGH
(WLPROyJLFDPHQWH VH GHULYD GH OD YR] ´ZXQGHµ TXH GHVLJQD XQD
WRQDGDFDQWR\GDQ]DSURSLRVGH6LHUUD/HRQDÉIULFD2FFLGHQWDO
,QJOHVD /D SDODEUD WLHQH GRV VLJQLILFDGRV HO SULPHUR ´ULWXDO GH
FDQWR P~VLFD \ GDQ]D TXH VH UHDOL]D HQWUH ORV QHJURV GHO /LWRUDO
3DFLILFRSDUDFHOHEUDUORVIXQHUDOHVGHQLxRVµHOVHJXQGR´WXPXOWR
GHJHQWHVFRQIXVLyQ\PH]FODGHSHUVRQDV\DFWLYLGDGHVµ$FDXVD
GH HVWR HO PDHVWUR $OEHUWR &DVWLOOD FRPSRVLWRU WROLPHQVH PX\
FRQQRWDGRHVFULELyXQDFRQMXJDFLyQGHULWPRVYDULDGRV*XDELQD
7RUEHOOLQR%DPEXFR\DHVWDPH]FODODOODPR´%XQGH7ROLPHQVHµ
(VWUHQDGR HQ HO 7HDWUR 2OLPSLD GH %RJRWi HO GH RFWXEUH GH
9DULRV DxRV GHVSXpV GH GLFKR HVWUHQR VRODPHQWH
LQVWUXPHQWDOOHDGDSWyODOHWUDTXHWRGRVFRQRFHPRVSRSXODUL]DGD
HQ ODV YRFHV GHO LQPRUWDO GXHWR GH *DU]yQ \ &ROOD]RV HO PDHVWUR
1LFDQRU9HOiVTXH]2UWL]
(VWHQRPEUHKDGDGROXJDUDXQDFRQIXVLyQJHQHUDOTXHHOEXQGH
HV XQD P~VLFD RULJLQDULD GHO 7ROLPD H LQFOXVR DOJ~Q SROtJUDIR
HVFULELy TXH ´HO EXQGH GHEHUtD VHU HVSDxRO SXHVWR TXH HUD GH
&DVWLOODµ PDV DGHODQWH VH FUHR XQD FRUHRJUDItD TXH FRPR HV
OyJLFRPH]FODORVSDVRVGHODJXDELQDHOWRUEHOOLQR\HOEDPEXFR
+R\ HO %XQGH 7ROLPHQVH HVWD DVHQWDGR HQ HO IRONORU FRPR XQD
WUDGLFLyQPXVLFDO\FRUHRJUiILFD
9DOV
(V XQ HOHJDQWH EDLOH PXVLFDO D ULWPR OHQWR RULJLQDULR GHO 7LURO
$XVWULDDOOiSRUHOVLJOR;,,(OYDOVFRQTXLVWyVXUDQJRGHQREOH]D
GXUDQWH ORV DxRV HQ 9LHQD \ VH H[SDQGLy UiSLGDPHQWH SRU
RWURVSDtVHV$OJXQRVDXWRUHVFUHHQTXHHOYDOVWXYRVXRULJHQHQOD
YROWH GDQ]D GH EDLOH HQ WUHV WLHPSRV SUDFWLFDGD GXUDQWH HO VLJOR
;9, /D SDODEUD YDOV QDFLy HQ HO VLJOR ;9,,, FXDQGR HO YDOV VH
LQWURGXMRHQODySHUD\HQHOEDOOHW
15
Abadía Morales, Guillermo. La Música Folklórica Colombiana. Universidad Nacional de
Colombia. Dirección de Divulgación Cultural. 1973. Pág. 111.
(QVXRULJHQWHQtDXQPRYLPLHQWROHQWRDXQTXHHQODDFWXDOLGDG
VH KD FRQYHUWLGR HQ XQD GDQ]D GH ULWPR YLYR \ UiSLGR 6X
FDUDFWHUtVWLFD PiV VLJQLILFDWLYD HV TXH VXV FRPSDVHV VRQ GH WUHV
WLHPSRV$XQTXHODP~VLFD\ODGDQ]DWUDGLFLRQDOHVFRPSUHQGHQ
DVLPLVPR RWURV YDOVHV PiV FRPSOHMRV GH WLHPSRV OODPDGRV
YDOVHVDVLPpWULFRVHQJHQHUDOGHXWLHPSRV
)UpGpULF &KRSLQ HO JUDQ FRPSRVLWRU\ SLDQLVWD SRODFR DSRUWy XQD
FDQWLGDGGHH[FHOHQWHVYDOVHVSDUDSLDQR\HQWUHHOORVHOYDOVPiV
EUHYH GHQRPLQDGR 9DOV GHO 0LQXWR /RV 6WUDXVV WDPELpQ VH
GHVWDFDURQ FRPR JUDQGHV FRPSRVLWRUHV GH YDOVHV HVSHFLDOPHQWH
-RKDQQ6WUDXVVKLMR(Q/DWLQRDPpULFDH[LVWHQGLYHUVDVYDULDQWHV
FRPRHOYDOVSHUXDQRYDOVYHQH]RODQRHOYDOVFRORPELDQRHOYDOV
EUDVLOHxR \ HO YDOV HFXDWRULDQR FRQ FDUDFWHUtVWLFDV TXH GLILHUHQ GH
SDtVDSDtV
(O YDOV SURYHQLHQWH GH (XURSD FRQ PDWLFHV GLYHUVRV HQ VX
HMHFXFLyQ IXH HO SUHIHULGR SRU ORV FRPSRVLWRUHV TXH IXHURQ
SODVPDQGR OD KLVWRULD (O YDOV LQVWUXPHQWDO SUDFWLFDGR SRU ORV
VHFWRUHV DULVWRFUiWLFRV IXH WUDQVIRUPDGR SRU ORV P~VLFRV
SRSXODUHVTXLHQHVORVWUDQVILULHURQGHODRUTXHVWDGHFXHUGDV\HO
SLDQRDODSUiFWLFDGHOWLSOH\ODJXLWDUUD\FRQWH[WRVSURSLRV$OOt
VH FRPHQ]y D GLVWLQJXLU FRQ HO QRPEUH GH HO 6WUDXVVµ QRPEUH
WRPDGR GHO DSHOOLGR GHO IDPRVR FRPSRVLWRU GH YDOVHV -RKDQ
6WUDXVV *UDFLDV D OD VHQVLELOLGDG DUWtVWLFD GH ORV P~VLFRV GH OD
pSRFDHVWHDLUHPXVLFDOVHIXHWUDQVIRUPDQGRHQHOYDOVGHOSDtV
R HO &RORPELDQR \ PDV UHFLHQWHPHQWH HQ HO SDVLOOR (O FDQWR
VROLVWDRHQG~RHUDSDUWHIXQGDPHQWDOGHWRGDUHXQLyQHQFDVDV
VRODUHV \ FDOOHMRQHV LQVWDQFLDV HQ ODV TXH VH GHVDUUROOy pVWD
P~VLFD
&RPSRVLWRUHV
ÉOYDUR5RPHUR6iQFKH]
&RPSRVLWRU JXLWDUULVWD \ FODULQHWLVWD QDFLGR HQ &DOL HQ 0~VLFR GH SURIHVLyQ GHVGH ORV DxRV LQWHJUDQWH GHO JUXSR ´/RV
5RPHURVµ EDMR OD GLUHFFLyQ GH VX SDGUH -XOLR &pVDU 5RPHUR \ HQ
FRPSDxtDGHVXVKHUPDQRVWDPELpQP~VLFRV$OEHUWR$UtVWLGHV\
$VQRUDOGR
'LUHFWRU H LQWHJUDQWH GHO PDV LPSRUWDQWH GH ORV WUtRV
LQVWUXPHQWDOHV FRORPELDQRV GH VLHPSUH HO ´7UtR 0RUDOHV 3LQRµ HQ
FRPSDxtD GH 'LHJR (VWUDGD \ 3HUHJULQR *DOLQGR 3RVWHULRUPHQWH
IXH LQWHJUDQWH GHO WUtR LQVWUXPHQWDO ´7UHV *HQHUDFLRQHVµ FRQ VXV
JUDQGHV DPLJRV %HQLJQR ´(O 0RQRµ 1~xH] \ *XVWDYR $GROIR
5HQJLIR
$PSOLDHVODREUDGHÉOYDUR5RPHURFRPRFRPSRVLWRU'HQWURGHVX
H[WHQVD SURGXFFLyQ SRGHPRV PHQFLRQDU HQ DPSOLD YDULHGDG GH
ULWPRV ´+XPRULVPRµ ´&RQVWHODFLyQµ ´'RxD 6RFRUURµ ´%RKHPLRµ
´0L YLHMR DPLJRµ ´0DUtD &ULVWLQDµ ´$UFR ,ULVµ ´(Q HO UHWLURµ ´(O
VXHxR GH XQ DUWLVWDµ ´9DOOH GH PLV DPRUHVµ ´)ORU GH 5RPHURµ
´5RVDQLWDµ´%RGDVGH2URµ´7RxRµ\PXFKtVLPDVRWUDV
0XHUH DO PDHVWUR ÉOYDUR 5RPHUR HQ OD FLXGDG GH &DOL HO GH
GLFLHPEUHGH
&DUORV9LHFR2UWL]
([WUDRUGLQDULR FRPSRVLWRU \ P~VLFR QDFLGR HQ 0HGHOOtQ HO GH
IHEUHUR GH KLMR GHO WDPELpQ P~VLFR FRPSRVLWRU \ SLQWRU
&DPLOR 9LHFR $OXPQR GH ORV PDHVWURV (XVHELR 2FKRD -HV~V
$UULROD \ *RQ]DOR 9LGDO HV SUREDEOHPHQWH HO FRPSRVLWRU
FRORPELDQRGHPiVH[WHQVD\UHFRQRFLGDSURGXFFLyQPXVLFDO
(FKHQSDOPRUURIXHVXSULPHUDFRPSRVLFLyQKHFKDHQHODxRGH
FRPR UHIHUHQFLD DO KiELWR GH ORV PHGHOOLQHQVHV GH HVD pSRFD
GH VXELU D XQ FHUUR FHUFDQR (O YRODGRU SDUD RUDU DQWH XQD
LPDJHQ GHO &ULVWR UHGHQWRU FRORFDGD DOOt /XHJR OH SRQH P~VLFD D
XQR GH VXV PD\RUHV p[LWRV /DV 1RFKHV GH $JXD GH 'LRV VREUH
XQ WH[WR GHO SHULRGLVWD /HyQ 5RFKD TXLHQ ORV HQYLy GHVGH HVH
VDQDWRULRD0HGHOOtQSDUDTXHXQRGHORVJUDQGHVFRPSRVLWRUHVGHO
PRPHQWR ORV PXVLFDOL]DUD SXHV TXHUtDQ SUHVHQWDU HO WHPD \D HQ
IRUPD GH FDQFLyQ GXUDQWH XQ KRPHQDMH TXH VH OH UHQGLUtD D /XtV
$ &DOYR LQWHUQR HQ GLFKR UHFOXVRULR /D LGHD IXH SURSXHVWD \ ORV
YHUVRV IXHURQ SUHVHQWDGRV D ORV PDHVWURV *RQ]DOR 9LGDO \ 1LFROiV
0ROLQD SHUR DPERV GHFOLQDURQ OD UHVSRQVDELOLGDG QR VLQ DQWHV
UHFRPHQGDU D &DUORV 9LHFR HVH PXFKDFKR WDQ HQWXVLDVWD SDUD
TXH OR KLFLHUD (O p[LWR GHO WHPD IXH VHQFLOODPHQWH DWURQDGRU
FXDQGRVHHVWUHQyODREUDGH9LHFRFRQULWPRGHGDQ]D
/XHJR YLHQHQ RWUD LQWHUPLQDEOH VHULH GH WtWXORV IDPRVRV FRPR
7ULVWH \ /HMDQR $O FDORU GH WX DIHFWR +RQGD SHQD 6LHPSUH
WLHQHV IUtD HO DOPD ,QYLHUQR \ 3ULPDYHUD 3OHJDULD 6HG
5D]D (V \D WDUGH 3DWDVG·KLOR /OXYLD GH SODWD 5XHJR
3ULPDYHUD HQ 0HGHOOtQ +D\ TXH SDUWLU 5D]D 6LQ TXH W~ PH
KLFLHUDV QDGD 3OHJDULD DO VRO (VWDQGR WDQ DXVHQWH \
PXFKtVLPRV RWURV PiV 6H GLFH TXH DOFDQ]y D FRPSRQHU PiV GH
REUDV PXFKDV GH ODV FXDOHV D~Q VLJXHQ LQpGLWDV SHUR
DIRUWXQDGDPHQWHFRQVHUYDGDVHQEXHQDSDUWHSRUVXVKHUHGHURV
(UDFDVLXQDREOLJDFLyQGHHVFULWRUHV\SRHWDVHOEXVFDUDOPDHVWUR
9LHFR SDUD TXH OHV PXVLFDOL]DUD VXV REUDV \ HV DVt FRPR D
PXFKRV D PXFKtVLPRV GH HOORV OHV PXVLFDOL]y VXV OHWUDV 'HEHQ
GHVWDFDUVH VXV FRPSRVLFLRQHV VREUH WH[WRV GH ORV SRHWDV 7DUWDUtQ
0RUHLUD6DQWLDJR(O&DUDWHMR9pOH]5REHUWR0XxR]/RQGRxRHWF
3HURFRQTXLHQKL]RODOODYHGHPD\RUUHVRQDQFLDIXHFRQHOSRHWD
GH$QRUt$QWLRTXLD3DEOR5HVWUHSR/ySH]FRQRFLGROLWHUDULDPHQWH
FRQ HO VHXGyQLPR GH /HyQ =DILU 6REUH WH[WRV GH pVWH FRPSXVR
YDULDV GH VXV PiV IDPRVDV FDQFLRQHV FRPR +DFLD HO FDOYDULR
7LHUUDODEUDQWtD&XOWLYDQGRURVDV\RWUDVPiV
5HFLELy P~OWLSOHV GLVWLQFLRQHV FRPR /D &UX] GH %R\DFi /D
(VWUHOOD GH $QWLRTXLD /D 0HGDOOD DO 0pULWR GHO ,QVWLWXWR
&RORPELDQR GH &XOWXUD \ RWUDV PiV (O WHDWUR DO DLUH OLEUH GHO
&HUUR 1XWLEDUD HQ 0HGHOOtQ OOHYD VX QRPEUH WDPELpQ FRPR XQ
KRPHQDMH PiV GH OD $OFDOGtD GH 0HGHOOtQ D VX LOXVWUH KLMR \
FRPSRVLWRU
´)XQP~VLFDµ FRPR KRPHQDMH D OD PHPRULD GHO PDHVWUR &DUORV
9LHFR 2UWL] KD GHFLGLGR TXH VHD VX QRPEUH \ VX REUD TXLHQHV
UHFLEDQHQHODxRHOKRPHQDMHTXHFDGDDxRHO´)HVWLYDO0RQR
1~xH]µ ULQGH D XQR GH ORV JUDQGHV GH OD P~VLFD FRORPELDQD
KRPHQDMHTXHHQVHULQGLyD%HQLJQR1~xH]HQD-RVp
$OHMDQGUR0RUDOHV\HQD(IUDtQ2UR]FR
/D PXHUWH GHO 0DHVWUR 9LHFR HQ 0HGHOOtQ HO GH VHSWLHPEUH GH
SURGXMRKRQGRGXHORQDFLRQDO
3HGUR0RUDOHV3LQR
8QRGHORVPiVJUDQGHVFRPSRVLWRUHVGHQXHVWUDKLVWRULDHOSDGUH
GHODP~VLFDDQGLQDFRORPELDQDQDFLyHQ&DUWDJR9DOOHHOGH
IHEUHURGH
6XVSULPHUDVOHFFLRQHVGHWLSOHODVUHFLELyGHOP~VLFR-RVp+R\RV\
GRQ 5DPyQ $QWRQLR GH OD 3HxD IXH TXLHQ OH HQVHxy D WRFDU OD
EDQGXUULD $GHPiV GH P~VLFR GH JUDQ GLPHQVLyQ 3HGUR 0RUDOHV
3LQRIXHWDPELpQXQPDJQtILFRSLQWRU\GLEXMDQWHDUWHTXHOHIOXtD
SRU QDWXUDOH]D \ TXH DOFDQ]y D SHUIHFFLRQDU HQ %RJRWi HQ OD
$FDGHPLDGHOPDHVWUR$OEHUWR8UGDQHWD
6XV HVWXGLRV DYDQ]DGRV GH P~VLFD ORV UHDOL]y HQ OD $FDGHPLD
1DFLRQDO GH 0~VLFD EDMR OD GLUHFFLyQ GH -XOLR &KDStQ 4XHYHGR
)RUPy XQD HVFXHOD XQ HVWLOR GH P~VLFD GHO FXDO VXUJLHURQ
PXFKRV GH ORV JUDQGHV WDOHQWRV GH OD pSRFD FRPR (PLOLR 0XULOOR
/XLV $ &DOYR $OHMDQGUR :LOOV -RUJH $xH] )XOJHQFLR *DUFtD \
YDULRVPiV
)XHHOFUHDGRUGHOD/LUD&RORPELDQDHQHODxR\GHHOODHUD
DGHPiVGHVXGLUHFWRUVXSULPHUDEDQGRODREDQGXUULD/D/LUDVH
GHVLQWHJUyHQHODxR
&RQ OD /LUD UHDOL]y XQD H[WHQVD JLUD SRU YDULDV FLXGDGHV
FRORPELDQDV \ GLIHUHQWHV SDtVHV GH &HQWUR \ 1RUWH $PpULFD JLUD
TXHOROOHYyD*XDWHPDODGRQGHVXVSUHVHQWDFLRQHVPHUHFLHURQORV
PiVHORJLRVRVFRPHQWDULRV«P~VLFDPDJLVWUDOPHQWHFRQFHELGD\
PDJLVWUDOPHQWHHMHFXWDGD«(QUHJUHVDD*XDWHPDODGRQGH
KDEtD GHMDGR XQD LOXVLyQ GH QRPEUH 3DTXLWD /OHUHQD YLUWXRVD
SLDQLVWDGHVRORDxRV\SHUWHQHFLHQWHDXQDSUHVWDQWHIDPLOLDGH
HVHSDtVFRQTXLHQFRQWUDHPDWULPRQLR\WLHQHFXDWURKLMRV$OLFLD
5HEHFD5DTXHO\$XJXVWR
'HVSXpV GH VX PDWULPRQLR DEDQGRQD OD P~VLFD \ VH GHGLFD D OD
SLQWXUD VX VHJXQGD JUDQ DILFLyQ DUWtVWLFD KDVWD TXH HQ UHJUHVD D &RORPELD \ UHRUJDQL]D VX /LUD &RORPELDQD
3RVWHULRUPHQWH SDVD ODUJDV WHPSRUDGDV HQWUH *XDWHPDOD \
&RORPELD\ DGRSWD SDUD VX DJUXSDFLyQ HO OODPDWLYR UHPRTXHWH GH
/D/LUD&RORPELDQDWRFDELHQRQRWRFD'RxD3DTXLWDIDOOHFLyHQ
%RJRWiHOGHRFWXEUHGH
3HGUR0RUDOHV3LQRIXHTXLHQLQWURGXMRDODEDQGRODFRORPELDQDVX
VH[WR RUGHQ GH )D VRVWHQLGR 6X REUD FRPR FRPSRVLWRU HV
EHOOtVLPDPiVQRPX\H[WHQVD\FDVLWRGDHOODGHWLSRLQVWUXPHQWDO
%DPEXFRV GDQ]DV SDVLOORV PD]XUFDV JDYRWDV KDFHQ SDUWH GH
VXUHSHUWRULR
(Q OR YRFDO VX HWHUQR EDPEXFR &XDWUR SUHJXQWDV FRQ OHWUD GH
(GXDUGR/ySH]JUDEDGRHQ1XHYD<RUNHQSRUHOGXHWR:LOOV
\ (VFREDU KD PHUHFLGR UHFRQRFLPLHQWR FRPSDUWLGR SRU PXFKRV
FRQRFHGRUHVFRPRHOPiVEHOORKDVWDKR\FRPSXHVWRHQ&RORPELD
(QHVWDGRGHSREUH]DDEVROXWDPXULyHQ%RJRWiDIHFWDGRSRUXQD
FLUURVLV KHSiWLFD HO GH PDU]R GH (Q VXV UHVWRV
IXHURQWUDVODGDGRVD&DUWDJRVXFLXGDGQDWLYD
/XLV8ULEH%XHQR
(O PDHVWUR 8ULEH %XHQR QDFLy HQ 6DOD]DU GH /DV 3DOPDV
GHSDUWDPHQWRGH1RUWHGH6DQWDQGHUHOGHPDU]RGH&XUVy
VXV HVWXGLRV HQ HO &ROHJLR 3URYLQFLDO GH 3DPSORQD UHJHQWDGR SRU
KHUPDQRV FULVWLDQRV HQ HO FDPSR PXVLFDO IXH DOXPQR GHO 3DGUH
PXVLFyORJR /RUHQ]R 5LYHUD \ GHO SURIHVRU GH DUPRQtD (JLVWR
*LRYDQHWWL(OPDHVWUR-RVp5R]R&RQWUHUDVORDOHFFLRQyHQVROIHR\
GLFWDGRPXVLFDO
6XV SDGUHV IXHURQ 3HGUR -XOLR 8ULEH \ $PLQWD %XHQR (VSDU]D VH
FDVy FRQ )DQQ\ &DWDxR -DUDPLOOR GH FX\D XQLyQ KXER GRV KLMRV
/XLV *XLOOHUPR \ -RUJH (QULTXH LQJHQLHURV (OHFWUyQLFR \ GH
6LVWHPDVUHVSHFWLYDPHQWH/RVDxRVGHVXMXYHQWXGWUDQVFXUULHURQ
EDMR OD LQTXLHWXG GH OD P~VLFD HQ ODV FLXGDGHV GH 3DPSORQD \
&~FXWD GRQGH VH GHVHPSHxR FRPR SURIHVRU GH JXLWDUUD HQ OD
(VFXHOD GH 0~VLFD D OD FXDO GHGLFy VX SULPHUD FRPSRVLFLyQ (O
+LPQRGHOD(VFXHODGH0~VLFD
&RQHOWUtR/RV1RUWHxRV9tFWRU5RPHURYR]\WLSOHDFRPSDxDQWH
/XLV /L]FDQR JXLWDUUD DFRPSDxDQWH \ /XLV 2ULEH %XHQR JXLWDUUD
SXQWHUD YLDMy D %RJRWi SDUD DFWXDU HQ OD 5DGLR 1DFLRQDO SRU
YDULRVDxRVVHSUHVHQWyLJXDOPHQWHHQHPLVRUDVWDOHVFRPR/D9R]
GH %RJRWi 1XHYD *UDQDGD 5DGLR &ULVWDO \ /D 9R] GH &RORPELD
0iV WDUGH VH LQWHJUy DO TXLQWHWR /XLV $ &DOYR DFWXDQGR FRPR
JUXSRGHSODQWDHQOD5DGLR1DFLRQDO
&XPSOLGR HO FRPSURPLVR FRQ OD 2UTXHVWD GH /XFKR %HUP~GH]
LQJUHVyDODHPSUHVDGHGLVFRV6RQROX[GRQGHGHVDUUROOyHQIRUPD
DPSOLDVXVFRQRFLPLHQWRV\DSWLWXGHVPXVLFDOHVJUDEDQGRFRQORV
GLIHUHQWHVJUXSRVDUWtVWLFRVGHHVWDFDVDGLVTXHUDDOOtDGHODQWyXQD
IUXFWtIHUDODERUSRUHVSDFLRGHDxRVFRQVHFXWLYRV
)XH QRPEUDGR OXHJR 'LUHFWRU GH ([WHQVLyQ &XOWXUDO DGVFULWR D OD
6HFUHWDUtD GH (GXFDFLyQ GHO 'HSDUWDPHQWR GH $QWLRTXLD
WUDEDMDQGR DxRV LQLQWHUUXPSLGDPHQWH $FWXDOPHQWH RFXSD HO
FDUJR GH DVHVRU DUWtVWLFR HQ OD PLVPD 'LUHFFLyQ GH ([WHQVLyQ
&XOWXUDO GHO 'HSDUWDPHQWR $GHPiV FRODERUD FRQ HO SURJUDPD GH
%DQGDV0XQLFLSDOHV\GLULJHLJXDOPHQWHHOSURJUDPD/D0~VLFDHQ
$QWLRTXLDGLVHxDGRSDUDJUDEDFLyQGHFRPSRVLWRUHV$QWLRTXHxRV
)RUPySDUWHDFWLYDGHODVPHMRUHVRUTXHVWDVGH%RJRWi\VHYLQFXOy
DODDJUXSDFLyQPXVLFDO2UTXHVWDGH/XFKR%HUP~GH]HMHFXWDQGR
HO EDMR /XHJR VH UDGLFy HQ 0HGHOOtQ SDUD FXPSOLU FRPSURPLVRV
DUWtVWLFRVYDULRVHQHODxR$OOtWRPySDUWHHQORV&RQFXUVRV
GH)DEULFDWRDxRV<VLHQGRJDQDGRUDEVROXWRHQODV
PRGDOLGDGHV GH SDVLOOR WRUEHOOLQR MRURSR \ EDPEXFR GH IRUPD
VXFHVLYD
$SDUWH GHO &RQFXUVR GH )DEULFDWR HO PDHVWUR 8ULEH %XHQR
FRPSXVR ORV SDVLOORV 6DOSLFyQ \ &RUD]RQDGD TXH D OD SRVWUH
UHVXOWDURQ JDQDGRUHV HQ HO )HVWLYDO GHO 0RQR 1~xH] FRQ HO
EDPEXFRGHQRPLQDGR(O0XxHTXHURVHDGMXGLFyHOSULPHUSUHPLR
HQHO&RQFXUVRGH&RWUDIDFHOHEUDGRHQHODxRGH$ORODUJR
GH VX GLODWDGD \ JHQHURVD YLGD DUWtVWLFD /XLV 8ULEH %XHQR OOHJD D
WHQHU FRPSRVLFLRQHV HQWUH FDQFLRQHV \ P~VLFD LQVWUXPHQWDO
UD]yQ SRU OD FXDO HV FRQVLGHUDGR FRQ MXVWLFLD FRPR XQD GH ODV
JORULDVYLYLHQWHVGHO)ROFORU&RORPELDQR
$JXVWtQSD\iQ
0~VLFR &RPSRVLWRU \ GLUHFWRU QDFLGR HQ &DUWDJR 9DOOH HO GH
RFWXEUHGH
)XHVXSULQFLSDODFWLYLGDGODGHGLUHFWRUGH%DQGDV0XVLFDOHVHQOD
UHJLyQ GHO 9DOOH GHO &DXFD GXUDQWH PXFKRV DxRV ,JXDOPHQWH VH
GHVHPSHxyFRPRGLUHFWRUGHODRUTXHVWDTXHDPHQL]DEDODVILHVWDV
GHOSUHVWLJLRVR&OXE5LDOWRGH3HUHLUD
(OPDHVWUR3D\iQIDOOHFLyHQ&DOLHOGHPD\RGH
5DIDHO$QWRQLRDSRQWH&DUYDMDO
&RPSRVLWRU QDFLGR HQ %RJRWi HO GH PDU]R GH GHVGH PX\
QLxRUHVLGHQFLDGRHQ%XFDUDPDQJD
&RPR FRPSRVLWRU WLHQH D VX KDEHU XQD VHULH LPSRUWDQWH GH REUDV
HQWUH ODV FXDOHV SRGHPRV FLWDU ´/HRQDUGLµ ´2VFDU <HVLGµ ´(O
QHJULWRµ ´,YDQRUµ ´/DXUD 0LUH\Dµ ´(O HVIXHU]Rµ ´3LHGHFXHVWDµ
´0DULR $QGUpVµ ´5XPEHULWRµ ´6XUDWi ERKHPLRµ ´*XDELQD REYLD
1R µ \ RWURV YDULRV GH ORV FXDOHV KDQ WHQLGR LPSRUWDQWHV
FDOLILFDFLRQHVHQGLIHUHQWHVFRQFXUVRVQDFLRQDOHVGHFRPSRVLFLyQ
&RPR LQWpUSUHWH GH LQVWUXPHQWRV GH FXHUGD KD SDUWLFLSDGR HQ
GLIHUHQWHV JUXSRV (Q FRQILUPD HO WUtR ´/RV 3LQJRVµ FRQ
/HRQLGDV $UGLOD \ *RQ]DOR +HUQiQGH] 3RVWHULRUPHQWH HQ FRQ )UDQFLVFR $GDUPH -RVp -RDTXtQ *yPH] \ )UDQFLVFR $GDUPH
6FRQIRUPDHO´&XDUWHWRLGHDOµ\HQMXQWRFRQ-HV~V&DUUHUR
\ -RVp 'DUtR 0DUWtQH] HO WUtR ´$OPD QDFLRQDOµ DPERV JUXSRV
LQVWUXPHQWDOHV ILQDOLVWDV HQ HO )HVWLYDO 1DFLRQDO 0RQR 1~xH]
3RVWHULRUPHQWHLQWHJUyHO´7UtR$SRQWHµFRQVXVKLMRV2VFDU<HVLG\
5DIDHO2FWDYLR
(QORJUyODSURGXFFLyQ\HGLFLyQ GHOGLVFRGHODUJDGXUDFLyQ
WLWXODGR /D 0~VLFD &RORPELDQD GH 5DIDHO $SRQWH HO FXDO LQFOX\H
REUDV VX\DV FRQ DUUHJORV GH ORV PDHVWURV -RUJH $ $UEHOiH] /XLV
)HUQDQGR/HyQ\0DUtD&ULVWLQD5LYHUD
(PLOLDQR/XFHQD
1DFLyHQHO(VSLQDOGH-XOLRGH0XULy(VSLQDOGH-XQLR
GH%DPEXFRV%XHQKXPRUGHVHQJDxRV$GHOLWDOLULREODQFR
\ FKHODR 3DVLOORV /D YR] GHO FHQWUR 6RItD (O PRFKR *DUFtD 8QD
FDULFLD 'DQ]DV 7XV RMRV )LEUDV GHO DOPD 0DULEHO \ &RTXLWD
%XQGHV/RVDERJDGRV\0LWLHUUD
&21&/86,21(6<5(&20(1'$&,21(6
&RQFOXVLRQHV
• ,PSRUWDQWHV UHFXUVRV GH OD WpFQLFD PXVLFDO FRPSRVLWLYD
GHVDUUROOR WtPEULFR HOHPHQWRV FRQWUDSXQWtVWLFRV YDULDQWHV
RUTXHVWDFLyQ HWF SXHVWRV DO VHUYLFLR GH OD P~VLFD
WUDGLFLRQDO FRORPELDQD HQULTXHFHQ UHYLWDOL]DQ \ UHSHUFXWHQ
GLUHFWDPHQWHHQODIRUPDFLyQGHVXVLQWpUSUHWHV
• /D P~VLFD DQGLQD FRORPELDQD FRQ WUDEDMRV FRPR ORV GH
)HUQDQGR /HyQ 5HQJLIR +pFWRU )DELR 7RUUHV 5XEpQ 'DUtR
*yPH]9LFWRULDQR9DOHQFLDHQWUHRWURVWLHQHXQGHVDUUROOR
TXHKDURWRYLHMRVHVTXHPDV
• ,QVWUXPHQWRVFRPROD%DQGROD\HO7LSOHVHYHQPD\RUPHQWH
EHQHILFLDGRV HQ FXDQWR D VX PDQHMR WpFQLFR \D TXH VH
DPSOtDQ\VLVWHPDWL]DQHOHPHQWRVWDQWRGHVXQRWDFLyQFRPR
GHVXLQWHUSUHWDFLyQ
5HFRPHQGDFLRQHV
•
6H UHFRPLHQGD TXH SRVWHULRUHV SUR\HFWRV HVSHFLILTXHQ \
DKRQGHQPiVHQORVVXEWHPDV\WHPiWLFDVGHHVWHWUDEDMR
•
6H UHFRPLHQGD TXH KD\D VLHPSUH XQ PDHVWUR SUHVHQWH
GXUDQWH ORV SUy[LPRV PRQWDMHV GH ODV REUDV SURSXHVWDV HQ
HVWHWUDEDMRXRWUDVREUDVTXHVHSXHGDQSURSRQHU
•
6H UHFRPLHQGD HO VHJXLPLHQWR LQGLYLGXDO GH ORV HVWXGLDQWHV
SRU SDUWH GHO SURIHVRU GH LQVWUXPHQWR SDUD VROXFLyQ GH
GLILFXOWDGHVWpFQLFDVTXHVHSXHGDQSUHVHQWDU
/D P~VLFD IROFOyULFD FRORPELDQD D HQWUDGR GH OOHQR DO iPELWR
DFDGpPLFR\ SRU HVWR HV QHFHVDULR TXH DSDUH]FDQ PDV WUDEDMRV GH
FyPRHODTXtSUHVHQWDGRGRQGHVHSXHGDWHQHUXQDUHIHUHQFLDGHO
ORVFDPELRVTXHKDVXIULGR\TXHVHJXURVHJXLUiVXIULHQGR
$1(;26
$UUHJORV
)RWRV
3(5621$648(3$57,&,3$1(1(/352<(&72
$XWRU
1HOVRQ$XJXVWR%RKyUTXH]&DVWUR
(VWXGLDQWH/LFHQFLDWXUDHQ0~VLFD²873
$VHVRUD3HUVRQDO
0DUtD7HUHVDGHOQLxR-HV~V3DUUD*LO
0J(Q(GXFDFLyQSRUHO$UWH
%DQGROLVWDV
/DXUD0DUtQ9VHPHVWUH/LF(Q0~VLFD873
-XDQ'DYLG%HGR\D9VHPHVWUH/LF(Q0~VLFD873
<HVLG+HUQiQGH],;VHPHVWUH/LF(Q0~VLFD873
6DQWLDJR*ULVDOHV,;VHPHVWUH/LF(Q0~VLFD873
7LSOLVWDV
+DUROG0DUtQ9,,VHPHVWUH/LF(Q0~VLFD873
*XLWDUULVWDV
'LHJR6iQFKH]9VHPHVWUH/LF(Q0~VLFD873
)HUQH\=DEDOD,;VHPHVWUH/LF(Q0~VLFD873
*/26$5,2
$QDFUXVDHM²DQDFUXVDGHOFRPSDV
T
Acorde de Tónica
ii
Segundo Grado de la Tonalidad
III
Tercer Grado de la Tonalidad
S
Subdominante de la Tonalidad
D7
Acorde de Dominante 7 de la Tonalidad
Vi
Sexto Grado de la tonalidad
Vii
Séptimo grado de la Tonalidad
D7/
Acorde de Dominante 7 de un grado de la tonalidad.
También aplica para regiones de Subdominante y Tónica.
Acorde de Tónica en segunda inversión
Acorde Pivote
En una modulación ya sea permanente, o pasajera, el acorde que es común a
las dos tonalidades y sirve de puente.
Background
Término empleado por Victoriano Valencia en “Manual de Arreglos Para Banda”,
para referirse al fondo que acompaña una melodía; puede ser Rítmico, Ritmoarmónico, melódico-armónico.
Capas
Son capas, el número de voces que se suenen al mismo tiempo en el
instrumento; ejemplo: en el siguiente compás se emplean dos capas:
Dominante secundaria
Se denomina dominante secundaria, a la dominante de un grado de la tonalidad;
ejemplo: E7 – Am (Mi7 – La menor), su función puede ser: D7/ii (Dominante
siete, para el Segundo grado de Sol mayor).
Emiola
Es la superposición de dos formas métricas ej. 6/8 sobre 3/4 ó 6/4 sobre 3/4 ó
cualquier otra combinación que se pueda dar entre compases binarios o
ternarios.
Inciso
Parte más pequeña de una semifrase (1 compás)
Periodo, frase, o semifrase tipo Binario o ternario negativo o positivo:
Según el tratado de la forma musical de Julio Bas, es un periodo de tipo binario,
cuando este se compone de dos frases; dicho periodo es positivo si las frases
que lo componen son similares.
Portamento
Cuando el dedo se dirige de un traste a otro, sin glisar.
Propuesta – Respuesta
Puede ser propuesta, la primera semifrase de una frase, y respuesta, la segunda
semifrase de la misma frase; y/o puede presentarse con incisos o periodos.
Ritornello
Símbolo utilizado para la repetición de un periodo, frase o semifrase.
Scordatura
Es afinar una cuerda de un instrumento a una altura diferente a la normal; por
ejemplo, ésta se emplea en Alvan, y en Pasicojo, Bandola 4, pues la 6° cuerda
debe afinarse en Mi.
Segundo Grado Relacionado
Refiere al empleo del segundo grado de una tonalidad pasajera a la cual se va a
modular; Ej: ii7/G D7/G; los acordes a ejecutar serían: Am7 - D7 (La menor siete,
y Re siete).
5(&85626',6321,%/(6
• %DQGRODV
• 7LSOHV
• *XLWDUUDV
• $XODGH&XHUGDV7tSLFDVSDUDHQVD\RV
• 2UGHQDGRUFRQ)LQDOH0LFURVRIW2IILFH\3GIFDPS3ULQWHU
• %LEOLRJUDItDGLVSRQLEOHHQOD%LEOLRWHFD/XtVÉQJHO$UDQJRGHO
%DQFRGHOD5HS~EOLFD
• %LEOLRJUDItDGLVSRQLEOHHQOD%LEOLRWHFD-RUJH5RD0DUWtQH]GH
OD8QLYHUVLGDG7HFQROyJLFDGH3HUHLUD
&5212*5$0$'($&7,9,'$'(6
$&7,9,'$'
6(37,50%5( 2&78%5( 129,(0%5( ',&,(0%5( (1(52
$QWHSUR\HFWR
6HOHFFLyQGHREUDV (ODERUDFLyQ
GH DUUHJORV
0RQWDMHV
\ SUHVHQWDFLyQ FRQ
HVWXGLDQWHV
3UR\HFWR
6XVWHQWDFLyQ
$%5,/
0$<2
)(%5(52 0$5=2
%,%/,2*5$),$
• $EDGtD0RUDOHV*XLOOHUPR/D0~VLFD)RONOyULFD
&RORPELDQD8QLYHUVLGDG1DFLRQDOGH&RORPELD
'LUHFFLyQGH'LYXOJDFLyQ&XOWXUDO
• &HEDOORV/ySH]/XLV&DUORV5tRV=XOXDJD2VFDU
'DYLG7RYDU5LYHUD-XDQ&DUORV3URSXHVWD
LQWHUSUHWDWLYDGHODP~VLFDDQGLQDFRORPELDQDHQ
IRUPDGHFXDUWHWRWtSLFRFRORPELDQR8QLYHUVLGDG
7HFQROyJLFDGH3HUHLUD
• )RUPHU-RKDQQHV:LOEUDQGW-UJHQ&RQWUDSXQWR
&UHDWLYR%DUFHORQD/DERU
• *DUFtD*DJR-7UDWDGRGHFRQWUDSXQWRWRQDO\DWRQDO
%DUFHORQD&OLYLVVI
• /RQGRxR 0DUtD (XJHQLD 7RERQ $OHMDQGUR %DQGROD
7LSOH \ *XLWDUUD 'H ODV ILHVWDV SRSXODUHV D OD P~VLFD
GH FiPDUD 5HYLVWD $UWHV 1R 9ROXPHQ (QHUR ²
-XQLR
• 0HQD0DWWD*HUDUGR(YHOLR7ULDQD*LUDOGR&ULVWLDQ
6LVWHPDWL]DFLyQ\FODVLILFDFLyQGHOPDWHULDOHVFULWRSRU
FRPSRVLWRUHVFRORPELDQRVGHOFHQWURGH
GRFXPHQWDFLyQGHOFRQVHUYDWRULR3HGUR0RUDOHV3LQR
GHODFLXGDGGH&DUWDJR9DOOH\GHOIRQGR+RQRUDWR
&DVWULOOyQ2FKRD8QLYHUVLGDG7HFQROyJLFDGH3HUHLUD
• +LQGHPLWW3DXO$UPRQtD7UDGLFLRQDO%XHQRV$LUHV
5LFRUGL
• 3LVWRQ:DOWHU$UPRQtD%DUFHORQD/DERU
&/;;,9
• 3LVWRQ:DOWHU&RQWUDSXQWR%DUFHORQD%DUFHORQD
• 3RVDGD (VWUDGD *HUPiQ $OEHLUR /D %DQGROD $QGLQD
&RORPELDQD ([SORUDFLyQ GH 5HFXUVRV \ 3RVLELOLGDGHV
7pFQLFDV H ,QWHUSUHWDWLYDV $SOLFDGRV HQ 2EUDV
0XVLFDOHV8QLYHUVLGDG7HFQROyJLFDGH3HUHLUD
• 5LPVN\².RUVDNRY1LNRODL7UDWDGRGHDUPRQtD
• 6FKRHPEHUJ$UQROG(MHUFLFLRVSUHOLPLQDUHVGH
FRQWUDSXQWR%DUFHORQD/DERU
• 6FKRHPEHUJ$UQROG)XQFLRQHVHVWUXFWXUDOHVGHOD
DUPRQtD%DUFHORQD/DERU
&/;;9