Descarga aquí el PDF de la charla sobre “Ciencia

#HDMBH@ėXė&%
BNMUTKRH´MėėDMėėK@Rėė@TK@R
¢(VOD%LEOLDXQOLEURDQWLFLHQWtILFR"¢'HTXpWUDWDHO*pQHVLV"¢3RUTXpHOHQIUHQWDPLHQWRHQHOVLV
WHPDHGXFDWLYRGH((88"¢4XpWXYRTXHYHUOD%LEOLDHQODUHYROXFLyQFLHQWtILFD"¢&XiQWRGH
SUHMXLFLRKD\HQQXHVWUDVFRQFOXVLRQHVDOUHVSHFWR"
$PSOLDFLyQ\ELEOLRJUDItDGHODFRQIHUHQFLD
RUJDQL]DGDSRU'HOLUDQWHRUJHLPSDUWLGDSRU
3DEOR GH )HOLSH )HUQiQGH] 'RFWRU HQ %LR
TXtPLFD\%LRORJtD0ROHFXODUTXLHQKDSXEOL
FDGRQXPHURVRVWUDEDMRVGHLQYHVWLJDFLyQHQ
UHYLVWDV FLHQWtILFDV QDFLRQDOHV H LQWHUQD
FLRQDOHV$XWRUGHREUDVFRPR'HOD&iEDOD
D(OFyGLJRVHFUHWRGHOD%LEOLDGRQGH
UHVSRQGH FRQ DUJXPHQWRV FLHQWtILFRV D ODV
WHVLV H[SXHVWDV HQ HO EHVWVHOOHU PXQGLDO (O
FyGLJRVHFUHWRGHOD%LEOLD7UDEDMDFRPRLQ
YHVWLJDGRUHQOD8QLYHUVLGDG6DLQW$QGUHZVGH(VFRFLD5HLQR8QLGR$XWRUGH%DVHVFLHQWtILFDVGH
ODFORQDFLyQ\FXHVWLRQHVpWLFDVHVSURIHVRUHQ0DGULGGHODDVLJQDWXUD&LHQFLD\IHHQ6(87
6X~OWLPROLEURHVXQDELRJUDItDGH&6/HZLVHODXWRUGH/DVFUyQLFDVGH1DUQLD\DFWXDOPHQWH
SUHSDUDXQDELRJUDItDVREUH*DOLOHR*DOLOHL
(OSUREOHPDGHORVRUtJHQHVXQDSUHRFXSDFLyQFRQVWDQWHGHVGHODVSULPHUDVFLYLOL]DFLRQHV
(O*pQHVLV\ORVGHEDWHVFRQWHPSRUiQHRVVREUHFLHQFLD\IH
(O*pQHVLVFRPRWH[WRDQWLPtWLFRODVHSDUDFLyQFUHDGRUFUHDFLyQFRQOOHYDXQ'LRV&UHDGRU
GHWRGRORH[LVWHQWHIUHQWHDODQDWXUDOH]DGLYLQL]DGDGHORVDQWLJXRV
&RQVHFXHQFLDVSUiFWLFDVGHODQWLPLWREtEOLFR
¢<HQWRQFHVTXpIXHGHOFRQIOLFWRKLVWyULFRFLHQFLD\IH"¢4XpSDVyFRQ*DOLOHR"
3HUVSHFWLYDVXQDYLVLyQGHIXWXURSDUDODVUHODFLRQHVFLHQFLD\IH
³>@(QUHDOLGDGHO*pQHVLVSUHSDUyHOFDPLQRSDUDQXHVWUDpSRFDPHGLDQWHVXSURSLRSURJUDPD
GHGHVPLWLILFDFLyQ0HGLDQWHODHOLPLQDFLyQGHWRGRVORVGLRVHV\GLRVDVGHOFRVPRVHOUHODWRGHOD
FUHDFLyQGHO*pQHVLVµGHVGLYLQL]y¶ODQDWXUDOH]D(OXQLYHUVRQRWLHQHUHJLRQHVRVHUHVGLYLQRVTXH
WHQJDQTXHVHUWHPLGRVRDSODFDGRV/DLQWHQVDIHPRQRWHtVWDGH,VUDHOGHVPLWLILFyFRPSOHWDPHQWH
HOPXQGRQDWXUDODEULHQGRSDVRDXQDFLHQFLDTXHSXHGHH[DPLQDU\HVWXGLDUWRGRVORVULQFRQHVGHO
XQLYHUVRVLQPLHGRQLGHLQWUXVLyQQLGHUHWULEXFLyQ´
(OSUREOHPDGHORVRUtJHQHVXQDSUHRFXSDFLyQFRQVWDQWHGHVGHODVSULPHUDV
FLYLOL]DFLRQHV
7RGDVODVFXOWXUDVVHKDQSUHRFXSDGRSRUHOSUREOHPDGHORVRUtJHQHV3HURHVWRJHQHUDO
PHQWHQRKDVLGRIUXWRVLPSOHPHQWHGHODFXULRVLGDGSRUHOSDVDGR(OSDVDGRHOSUHVHQWH\HOIXWXUR
HVWiQVLHPSUHtQWLPDPHQWHOLJDGRVHQFXDOTXLHUFRVPRYLVLyQKXPDQD3RUHVRORVPLWRVGHORVRUt
JHQHVLQIOX\HQHQODYLVLyQTXHGHOPRPHQWRSUHVHQWHWLHQHXQDGHWHUPLQDGDVRFLHGDGDVtFRPRHQ
VXVHVSHUDQ]DV\PLHGRVGHFDUDDOIXWXUR
´>@$FWXDOO\*HQHVLVSUHSDUHGWKHZD\IRURXUDJHE\LWVRZQSURJUDPRIGHP\WKRORJL]LQJ%\SXUJLQJWKHFRVPLF
RUGHURIDOOJRGVDQGJRGGHVVHVWKH*HQHVLVFUHDWLRQDFFRXQW¶GHGLYLQL]HG·QDWXUH7KHXQLYHUVHKDVQRGLYLQHUHJLRQVRU
EHLQJVZKRQHHGWREHIHDUHGRUSODFDWHG,VUDHO·VLQWHQVHO\PRQRWKHLVWLFIDLWKWKRURXJKO\GHP\WKRORJL]HGWKHQDWXUDO
ZRUOGPDNLQJZD\IRUDVFLHQFHWKDWFDQSUREHDQGVWXG\HYHU\SDUWRIWKHXQLYHUVHZLWKRXWIHDULQJHLWKHUWUHVSDVVRUUHWUL
EXWLRQµ&KDUOHV(+XPPHO7KH*DOLOHR&RQQHFWLRQUHVROYLQJFRQIOLFWVEHWZHHQVFLHQFHWKH%LEOH,93'RZQHUV*URYH
,OOLQRLV86$S
)LJ
)LJ
)LJ
)LJ0DUGXN\7LDPDW
9LDMHPRVSXHVDODFXQDGHODFLYLOL]DFLyQD,UDN&HUUHPRVORVRMRVLPDJLQDRVYLYLHQGRHQ
%DELORQLDKDFHDxRVDODVRULOODVGHOUtR7LJULVHQODFDSLWDOGHOLPSHULRPiVJUDQGHTXHKDEtD
H[LVWLGRKDVWDDTXHOPRPHQWR(VDxRQXHYR\YDLVDOWHPSORGHOJUDQGLRV0DUGXNMXQWRDODLQPHQVD
SLUiPLGHHVFDORQDGD),*85$6RQGRFHGtDVGHFHOHEUDFLRQHVHQODVTXHVHFRQPHPRUDHORUL
JHQGHOPXQGR),*85$,PDJLQDGTXHTXHUpLVVDEHUODVUHVSXHVWDVDODVJUDQGHVSUHJXQWDVGH
ODYLGD¢GHGyQGHYLHQHHOXQLYHUVR"¢&yPRKDOOHJDGRDVHUORTXHYHPRVDKRUD"¢'HGyQGH
YHQJR"¢3RUTXpHVWR\DTXt"¢$GyQGHYR\"$OOtRLUpLVODVUHVSXHVWDVGHORVVDELRVGHODpSRFD
8QRGHHOORVVDFDXQDVWDEOLOODVGHDUFLOODFXELHUWDVGHHVFULWXUD),*85$\HPSLH]DDUHODWDUOD
IRUPLGDEOHEDWDOODFRQODTXHGLRFRPLHQ]RQXHVWURXQLYHUVR(QODVLPiJHQHVSRGHPRVYHUDORV
FRQWHQGLHQWHV),*85$DODL]TXLHUGD7LDPDWODYLHMDGLRVDPDGUHDFXiWLFDHQIUHQWDGDDXQOH
MDQRGHVFHQGLHQWHVX\R0DUGXNDODGHUHFKDXQMRYHQ\VDELRGLRVGLVSXHVWRDDFDEDUFRQOD
WLUDQtDPDWULDUFDO
(OVDFHUGRWHOHH
³$ORtU7LDPDWHVWDVSDODEUDV
VHSXVRIXHUDGHVt\SHUGLyVXUD]yQ
/DQ]yXQJULWRHQHOSDUR[LVPRGHVXIXURU
GHDEDMRDUULEDSRUWRGRVODGRVVXVH[WUHPLGDGHVVHDJLWDURQ
PXUPXUyHQWRQFHVVXVHQFDQWDPLHQWRV\QRFHVyGHODQ]DUVXVFRQMXURV
0LHQWUDVWDQWRVXVGLRVHVSUHSDUDGRVSDUDODEDWDOODDILODEDQVXVDUPDV
\KDELpQGRVHDFHUFDGR7LDPDW\0DUGXNHOPiV6DELRGHORVGLRVHV
VHODQ]DURQDOFRPEDWH\VHHQ]DU]DURQHQXQFXHUSRDFXHUSR
3HURHO6HxRU>0DUGXN@GHVSOHJDQGRVXUHGODHQYROYLyFRQHOOD
OXHJRVROWyFRQWUDHOODHO9LHQWRPDORTXHOHVHJXtDGHWUiV
<FXDQGR7LDPDWDEULyVXERFDSDUDHQJXOOLUOR
pOKL]RSHQHWUDUHQHOODHO9LHQWRPDORSDUDLPSHGLUOHFHUUDUVXVODELRV
(QWRQFHVWRGRVORV9LHQWRVIXULRVDPHQWHOOHQDURQVXYLHQWUH
\VXFXHUSRTXHGyKLQFKDGR\VXERFDGHVPHVXUDGDPHQWHDELHUWD
eOGLVSDUyVXIOHFKD\OHDWUDYHVyVXYLHQWUH
FRUWyVXFXHUSRSRUODPLWDG\OHDEULyHOYLHQWUH
$VtWULXQIyGHHOODDFDEDQGRFRQVXYLGD
'HVSXpVHFKyDEDMRVXFDGiYHU\VHSXVRGHSLHVREUHpO
>@(O6HxRU>0DUGXN@SXVRVXVSLHVVREUHODSDUWHLQIHULRUGH7LDPDW
\FRQVXGHVSLDGDGDPD]DDSODVWyVXFUiQHR
'HVSXpVFRUWyORVFRQGXFWRVGHVXVDQJUH
TXHKL]RTXHIXHUDQOOHYDGRVDOXJDUHVVHFUHWRVSRUHO9LHQWRGHO1RUWH
$OYHUHVWRVXVSDGUHVVHDOHJUDURQJR]RVRV
\HOORVPLVPRVOHOOHYDURQUHJDORV\SUHVHQWHV
&RQODFDEH]DUHSRVDGDHO6HxRU>0DUGXN@FRQWHPSODEDHOFDGiYHUGH7LDPDW
'LYLGLyOXHJRODFDUQHPRQVWUXRVDSDUDIDEULFDUPDUDYLOODV
ODSDUWLyHQGRVSDUWHVFRPRVLIXHUDSHVFDGRGHVWLQDGRDOVHFDGHUR
\GLVSXVRGHXQDPLWDGTXHODDERYHGyDPDQHUDGHFLHOR
(FKyHOFHUURMR\SXVRXQRVJXDUGLDQHV
PDQGiQGROHVTXHQRSHUPLWLHUDQVDOLUVXVDJXDV´
³eOSUHSDUyVXVPRUDGDVSDUDORVJUDQGHVGLRVHV
\GLVSXVRHQFRQVWHODFLRQHVODVHVWUHOODVTXHVRQVXVLPiJHQHV
'HWHUPLQyHODxRGHOLPLWDQGRVXVVHFFLRQHV
HVWDEOHFLyWUHVHVWUHOODVSDUDFDGDXQRGHORVGRFHPHVHV
>@HQHOKtJDGRGH7LDPDWFRORFyODVUHJLRQHVVXSHULRUHVGHOFLHOR
>@&XDQGROHKXERDV>LJQDGRHOGtDD6KDPDVK@
>\FRQILDGRD@ODJXDUGDGHODQRFKH\GHOGtD
>0DUGXNUHXQLy@ODEDEDGH7LDP>DW@
\0DUGXNFUHy>ODQLHEODTXHDVLJQyD$GDG@
+DELpQGRODFRQGHQVDGRHQ>QXEHV@ODKL]RIORWDUHQHOILUPDPHQWR
(OVXUJLUGHOYLHQWROD>FDtGD@GHODJXDFHUR
HOYDKRGHODQLHEODHODPRQWRQDPLHQWRGHODHVSXPDGH7LDPDW
KHDTXtORTXHOHDVLJQyHQSHUVRQD\TXHOHKL]RWRPDUDVXFDUJR
<KDELHQGRGLVSXHVWRVXFDEH]DDPRQWRQyVREUHHOODXQD0RQWDxD
HQGRQGHDEULyXQDIXHQWHHQODFXDOWHPEOyXQDROD
KL]RIOXLUGHVXVRMRVHOeXIUDWHV\HO7LJULV
\WDSyVXVQDULFHVTXHUHVHUYy>SDUDODVFUHFLGDV@
VREUHVXVSHFKRVDPRQWRQyODVOHMDQDVPRQ>WDxDV@
\GHQWURGHHOODVKL]RQDFHUPDQDQWLDOHVSDUDTXHVHGHVOL]DUDQHQFDVFDGD
5HWRUFLyVXFROD\ODDQXGy>DO@*UDQ&DEOH
SRUGHEDMRGHOFXDO>@HODSVX
>'LVSXVRODJUX@SDSDUDVRVWHQHUHOFLHOR
\>FRQODRWUDPLWDG@WHFKy\ILMyODWLHUUD
>5HPDWDGDDVtVX@REUDpOODHTXLOLEUyHQHOLQWHULRUGH7LDPDW
>GHVSXpVGHVSOH@JDQGRVXUHGODGHVHQYROYLySRUWRGDVSDUWHV
IRUPDQGRDVtXQD>HQYROWXUD@SDUDHOFLHOR\ODWLHUUD
\DVHJXUDQGR>SHUIHFWDPHQWH@VXFRKHVLyQ
HQVHJXLGDGHWHUPLQyODVUHJODVGHVXEXHQDPDUFKD\DJHQFLyORVHVWDWXWRVGHIXQFLRQDPLHQWR
HVWDEOHFLyORVSRGHUHVGHOHJDGRVGHORVGLRVHV\FRQHOORVLQYLVWLyD(D´
(O*pQHVLV\ORVGHEDWHVFRQWHPSRUiQHRVVREUHFLHQFLD\IH
(QORVGHEDWHVVREUHFLHQFLD\IH\HVSHFtILFDPHQWHHQUHODFLyQFRQORVRUtJHQHVHYROX
FLRQLVPRFUHDFLRQLVPR),*85$VHVXHOHVDFDUOD%LEOLDGHOFRQWH[WRHQHOTXHIXHUHGDFWDGD
(QXPD(OLVK9
/DWHRUtDGHO%LJ%DQJ
'HEHV(VWDU%URPHDQGR
)LJ
)LJ
)LJ
(QQXHVWURVGtDVDVLVWLPRVHQSDUWLFXODUHQORV((88),*85$DXQTXHORVHFRVOOHJDQ
WDPELpQD(XURSDLQFOXLGD(VSDxDDXQUHEURWHGHORVDWDTXHVFRQWUDODHQVHxDQ]DGHODHYROXFLyQ
ELROyJLFDSRUSDUWHGHOFUHDFLRQLVPRHQSDUWLFXODUHQODIRUPDGHORTXHOODPDQGLVHxRLQWHOLJHQWH
(QHOIRQGRHVWRQRSURGXFHPiVTXHXQHQFRQDPLHQWRHQODVSRVLFLRQHV),*85$SXHVPXFKRV
FLHQWtILFRVVLHQWHQTXHVRQODSURSLDFLHQFLD\ORVFLHQWtILFRVORTXHVHDWDFD6LDOJ~QFLHQWtILFRSUR
IHVLRQDOTXLHUHFULWLFDUHOHYROXFLRQLVPRKR\HQGtDORWLHQHPX\GLItFLOSXHVVXVFROHJDVVRVSHFKDUiQ
³FUHDFLRQLVPR´GHVGHHOSULPHUPRPHQWR3HURHOFUHDFLRQLVPRKDWHQLGRWRGDYtDRWURHIHFWRPiV
SHUYHUVRTXHDWHRVPLOLWDQWHVFRPR5LFKDUG'DZNLQVXWLOLFHQODHYROXFLyQFRPREDVHGHXQD
ILORVRItD³HYROXFLRQLVWD´DQWLUHOLJLRVDTXHSUHWHQGHWLUDUGHODVEDUEDVDOGLRVEtEOLFRFRQFHELGRFRPR
XQYHMHWHERQDFKyQGHKLVWRULHWDVHQWDGRHQXQDQXEHTXHVDFDD(YDGHODFRVWLOODGH$GiQPLHQ
WUDVTXHpVWHURQFDGHEDMRGHXQiUERO
(QORVWLHPSRVEtEOLFRVHOGHEDWHGHORVRUtJHQHVQRHUDDGLIHUHQFLDGHKR\XQSUREOHPD
FLHQWtILFRVLQRUHOLJLRVRHQHOTXHOD%LEOLDWRPDSDUWH/D%LEOLDQRHVXQPRQyORJRXQPHQVDMHODQ
]DGRSRU'LRVKDFLDHOYDFtRRKDFLDXQVHUKXPDQRSXUDPHQWHSDVLYRVLQWHQHUHQFXHQWDQLQJ~Q
FRQWH[WR7RGRORFRQWUDULROD%LEOLDHVXQOLEURGLQiPLFRHQFRQWUDVWHFRQWLQXRFRQHOPXQGRKX
PDQR3HUR¢KDFLDTXLpQHVRFRQWUDTXLHQHVVHGLULJH"(OSDVRGHORVPLOHQLRVKDGHMDGRHOFRQWH[WR
EtEOLFRHQHOROYLGR6DEHPRVTXHORVSURIHWDVGHOD%LEOLDDWDFDEDQORVVDFULILFLRVGHQLxRVD%DDO
\TXHHODSyVWRO3DEORGHQXQFLDEDQXPHURVRVFXOWRVUHOLJLRVRVSDJDQRV3HUR¢HQTXpFRQVLVWtDQ
HVDVUHOLJLRQHV"¢4XpVDEHPRVQRVRWURVKR\VREUHWRGRHVR")UHQWHDORVTXHEXVFDQODFRPSUHQ
VLyQGHO*pQHVLVHQODFLHQFLD\RSLHQVRTXHGHEHEXVFDUVHHQODWHRORJtD\HQODKLVWRULD5DURWDO
YH]VREUHWRGRSURYLQLHQGRGHXQFLHQWtILFR
3HURGHORTXHVHGLVFXWtDFXDQGRVHKDEODEDGHRUtJHQHVKDFHWUHVPLODxRVQRHUDGHORV
GHWDOOHVFLHQWtILFRVTXHGRPLQDQDKRUDHOGHEDWHHQUHODFLyQFRQHO*pQHVLV\ORVRUtJHQHV(OSURE
OHPDYHUGDGHURHQODpSRFDGHOD%LEOLDHUDHOSDSHOGHORVGLRVHVHQODFUHDFLyQ¢4XpGLRVKDEtD
FUHDGRHOPXQGR"¢&yPRKDEtDQUHDFFLRQDGRORVGHPiVGLRVHV\FXiOKDEtDVLGRVXSDUWLFLSDFLyQ
HQHVDDFFLyQ"¢'HGyQGHKDEtDVDFDGRHOFUHDGRUHOSRGHUSDUDVHPHMDQWHKD]DxD"¢4XpFRQWURO
HMHUFtDHVHGLRVVREUHORFUHDGR"/RVPLWRVGHORVRUtJHQHVFRPRHOTXHDFDEDPRVGHOHHUQRHUDQ
EURPDVHUDQORTXHVHFUHtD\PX\VHULDPHQWHHQHOPXQGRTXHURGHDEDD,VUDHOHQODpSRFDGHO
$QWLJXR7HVWDPHQWR<IUHQWHDHVWROD%LEOLDWHQtDTXHGHFLUDOJR
(QOXJDUGHLQWHQWDUFRQFLOLDUDPDUWLOOD]RVFLHQFLD\%LEOLDRHQIUHQWDUODVLQQHFHVDULDPHQWH
VLWHQHPRVHVWDVSUHJXQWDVHQPHQWHYHPRVTXHHOWH[WREtEOLFRDGTXLHUHPXFKRPiVVHQWLGR(O
*pQHVLVTXHPDODPHQWHUHVSRQGHDQXHVWUDVFDGDYH]PiVVRILVWLFDGDVSUHJXQWDVFLHQWtILFDVHV
DVtPLUDQGRDVXFRQWH[WRPXFKRPiVLQWHOLJLEOH1RUHVSRQGHDQXHVWUDVSUHJXQWDVSHURUHVSRQGH
PDJQtILFD\DMXVWDGDPHQWHDWRGDV\FDGDXQDGHODVDQWLJXDVSUHJXQWDVGHVXpSRFDTXHFXULRVD
PHQWHFRPRYHUHPRVWDPELpQQRVFRQFLHUQHQDTXt\DKRUDDWRGRVQRVRWURV
(O*pQHVLVFRPRWH[WRDQWLPtWLFRODVHSDUDFLyQFUHDGRUFUHDFLyQFRQOOHYDXQ
'LRV&UHDGRUGHWRGRORH[LVWHQWHIUHQWHDODQDWXUDOH]DGLYLQL]DGDGHORVDQWLJXRV
7RGDOD%LEOLDXWLOL]DODLGHDGHFUHDFLyQSDUDH[DOWDUD'LRV6LHO'LRVGHOD%LEOLDHVDOJR
HV'LRV&UHDGRU<VLOD%LEOLDDWDFDSRUDOJRDORVGLRVHVSDJDQRVDORVtGRORVHVSRUTXHQLH[LVWHQ
QLKDQKHFKRQDGD3HURORIXQGDPHQWDOQRHVTXHHOPXQGRKD\DVLGRFUHDGRSRU'LRVQLVLTXLHUD
TXHH[LVWD'LRVVLQRODVHSDUDFLyQHQWUH'LRV\VXFUHDFLyQTXHHVORTXHQLHJDHOFDUiFWHUGLYLQR
DOXQLYHUVR(OFRQWH[WRGHO*pQHVLVHVSXHVHOGHORVPLWRVGHORVRUtJHQHV)UHQHDHOORVHO*p
QHVLVVHOHYDQWDFRPRXQDXWpQWLFRDQWLPLWR),*85$
3RUHVROODPDQSRGHURVDPHQWHODDWHQFLyQORVSURIHWDVGHOD%LEOLDDTXHOORVSHUVRQDMHV
JHQHUDOPHQWHVROLWDULRVGRWDGRVGHWDQWDIXHU]DHVSLULWXDOHLQWHOHFWXDOTXHIXHURQFDSDFHVGHGH
VDILDUDORVSRGHURVRVGLRVHV\VDFHUGRWHVTXHKDELWDEDQHQ7LUR%DELORQLD8U.DUQDN/X[RUHWF
)LJ
)LJ$Vt´HUDµ/D7LHUUD
)LJ0DUGXN
)LJ6LQ
&XDQGRYHPRVORLPSRQHQWHGHODVUXLQDVTXHD~QKR\YDULRVPLOHQLRVGHVSXpVVXEVLVWHQ
HQHVWRVOXJDUHVPiVDSUHFLDPRVODIRUWDOH]DGHORVTXHGHVSUHFLDURQWRGRDTXHOORSDUDVHJXLUD
XQ'LRVTXHQRKDELWDHQWHPSORVKHFKRVGHPDQRVKXPDQDV
¢&yPRGHVPLWLILFDOD%LEOLDDWUDYpVGHORVUHODWRVGHODFUHDFLyQGHO*pQHVLV"6L'LRVHVHO
&UHDGRUHOWLSRGH&UHDGRUTXHOD%LEOLDSURSRQHORVtGRORVQRKDQFUHDGRQDGD(QDTXHOPXQGR
DILUPDUDO'LRVEtEOLFRHUDQHJDUDO%DDOIHQLFLRGHVSUHFLDUDO0DUGXNEDELOyQLFRRLJQRUDUDO$PyQ
5DHJLSFLR<HVRQRVHFRQVLJXHVRODPHQWHQRPHQFLRQiQGRORVVLQRGHQXQFLiQGRORVGLUHFWDPHQWH
\PiVD~QFUHDQGRDELHUWDPHQWHXQVLVWHPDDOWHUQDWLYRSURSLR3HURSDUDHOOROD%LEOLDGHELyHQ
IUHQWDUVHDXQDHODERUDGDFXOWXUDTXHVHEDVDEDHQXQRVFRPSOHMRVFLFORVPtWLFRV/RVUHODWRVGH
ORVRUtJHQHVQRHUDQPHURVDGRUQRVHQHVRVHVTXHPDVUHOLJLRVRVVLQRWH[WRVFODYH(QHOORVVH
WUD]DEDHORULJHQJHQHDOyJLFRGHORVGLRVHVWHRJRQtDVHUHODWDEDODIRUPDFLyQGHOPXQGRFRV
PRJRQtD\ILQDOPHQWHVHGHVFULEtDODHVWUXFWXUD\VLWXDFLyQDFWXDOWDQWRGHOPXQGRPDWHULDOFRPR
GHOGLYLQRFRVPRORJtD(QDTXHOORVWH[WRVDSDUHFtDQLQWHJUDGRVJUDQSDUWHGHORVFRQRFLPLHQWRV
³FLHQWtILFRUHOLJLRVRV´GHODpSRFD),*85$(OHVTXHPDGHOPXQGRSODQRFRQXQWHFKRF~SXOD
URGHDGRGHXQRFpDQRDSDUHFtDMXQWRDPLQXFLRVDVJHQHDORJtDVGLYLQDVRDODVLWXDFLyQJHRSROtWLFD
GHODpSRFD
¢4XpLEDQDKDFHUORVSURIHWDVKHEUHRVDQWHHVDVLWXDFLyQ"$EUDKDP0RLVpVHOSXHEORKH
EUHRHQWHURKDEtDQVDOLGRGHOSDJDQLVPRGHHVHSDJDQLVPRTXHORVHVWXYRVLHPSUHURGHDQGR<
IUHQWHDHVR¢TXp"/RVUHODWRVGHO*pQHVLVVREUHORVRUtJHQHV\PX\HQHVSHFLDOHO*pQ\VRQ
ODUHVSXHVWD1RVRQPLWRVQRVRQEHOODVIDQWDVtDVQRVRQPHURVFiQWLFRVHVSLULWXDOHVWDPSRFRVRQ
GHVFULSFLRQHVFLHQWtILFDVTXHHQWUHYpQVHFUHWDPHQWHODFLHQFLDGHQXHVWURVLJOR;;,6RQWH[WRV
SROpPLFRV6RQFRPRJUDQSDUWHGHOD%LEOLDXQDWDTXHXQDGHQXQFLDXQFODPRUFRQWUDORVtGRORV
6HSXHGHQHQFRQWUDUWUDGXFFLRQHVGHORVSULQFLSDOHVWH[WRVVREUHORVRUtJHQHVGHORVSXHEORVTXHURGHDEDQD,VUDHOHQ
0-6HX[\RWURV/DFUHDFLyQGHOPXQGR\GHOKRPEUHHQORVWH[WRVGHO3Uy[LPR2ULHQWH$QWLJXR(GLWRULDO9HUER'LYLQR(V
WHOOD1DYDUUD(VSDxD
)LJ
)LJ/DVOXPEUHDVGHODQRFKH\HOGtD
)LJ
)LJ
)LJ%DDO
)LJ
/DSULPHUDSiJLQDGHOD%LEOLDHOLPLQDODEDWDOODGHORVRUtJHQHVHQWUHODWHUULEOH7LDPDWHO
DELVPRSULPLJHQLRTXHKDEtDVLGRYHQFLGRSRUHOKiELO0DUGXN\FRQFX\RFXHUSRGLYLGLGRHQGRV
KDEtDKHFKRHOFLHOR\ODWLHUUDTXHDVtVLHPSUHFRQVHUYDUtDQDOJRGLYLQR),*85$
'LRVGRPLQDODPDWHULDFRQVXSDODEUDHQ*pQ \QRKD\DOOtQDGLHSDUDRSRQHUUHVLVWHQFLD
³'LMR'LRV<IXHDVt´*pQ6tHO*pQHVLVHVXQDGHQXQFLDFRQWUDORVSRGHURVRVGLRVHVOXQDUHV
PHVRSRWiPLFRVFRPR6LQDGRUDGRHQODSDWULDGH$EUDKDP),*85$<FRQWUDHOSRGHURVR
6RO5DGH(JLSWR),*85$/HHPRVHQJpQHVLV),*85$³GLMR'LRVµ+D\DOXPEUHUDVHQ
ODEyYHGDGHOFLHORSDUDGLVWLQJXLUHOGtDGHODQRFKH(KL]R'LRVODVGRVJUDQGHVOXPEUHUDVODOXP
EUHUDPD\RUSDUDGRPLQDUHQHOGtD\ODOXPEUHUDPHQRUSDUDGRPLQDUHQODQRFKH´*pQ
£<QRVKDEtDQGLFKRTXHHOIDUDyQHVHOKLMRGH5D¢'HTXp"¢'HXQDOiPSDUDTXHQLVLTXLHUD
PHUHFH XQ QRPEUH SURSLR" (O *pQHVLV LJQRUD GHOLEHUDGDPHQWH D ODV SRGHURVDV HVWUHOODV TXH
DIDQRVDPHQWHREVHUYDQORVDVWUyORJRVEDELORQLRVSDUDHQWUHYHUHOGHVWLQRKXPDQR),*85$(O
*pQHVLVODVGHMDFDVLROYLGDGDV\FRPRFRQXQSHOtQGHLURQtDODVUHFRJHDOILQDO³+L]RWDPELpQODV
HVWUHOODV´*pQ<WDPSRFRVHOLEUDQGHODGHVPLWLILFDFLyQORVDWHUUDGRUHVPRQVWUXRVPDULQRV
FRPRHO/HYLDWiQTXHDWHPRUL]DEDQDORVKDELWDQWHVGHODFRVWDPHGLWHUUiQHD),*85$(QHO
*pQHVLVVRQVLPSOHVFULDWXUDVFUHDGDVSRU'LRV³<FUHy'LRVORVJUDQGHVDQLPDOHVDFXiWLFRV´*pQ
6XFODVLILFDFLyQVLVWHPiWLFDHQHOFRQWH[WRGHO*pQHVLVOHVUHVWDJUDQGH]DVHUHVDFXiWLFRV
GHVWLQDGRVDRFXSDUODVDJXDV\FUHDGRVHOTXLQWRGtD1LPiVQLPHQRV/DGHQXQFLDDOFDQ]DWDP
ELpQDTXtD%DDO),*85$\DWRGRVORVGLRVHVGHODIHUWLOLGDGWDQDGRUDGRVHQ)HQLFLDH,VUDHO
/DIHUWLOLGDGYHJHWDODQLPDO\KXPDQDWDQFDUDGHREWHQHUDOSUHFLRGHVDFULILFLRV\SURVWL
WXFLyQVDJUDGDHVDTXtUHJDODGDJUDWLVDWRGRVORVVHUHVYLYRVSRUHO&UHDGRU³6HGIHFXQGRV\PXO
WLSOLFDRV´*pQ
&RQVHFXHQFLDVSUiFWLFDVGHODQWLPLWREtEOLFR
(QORVWLHPSRVEtEOLFRV
8QPHQVDMHWDQUHYROXFLRQDULRFRPRHOTXHKHPRVH[SXHVWRQRSRGtDSDVDUGHVDSHUFLELGR
/RVSURSLRVSURIHWDVLQGLFDURQDOJXQDVGHODVSULQFLSDOHVFRQVHFXHQFLDV
'HVDFUDOL]DFLyQGHODQDWXUDOH]DORVGLRVHVVRQHOLPLQDGRV\DHQHOSULPHUYHUVtFXOR³(Q
HOSULQFLSLR'LRV´*pQ<DOWHUPLQDUHVHEUHYHFDStWXORSULPHURGH*pQHVLVHOVHUKX
PDQR*pQHVWiVRORGHODQWHGH'LRV),*85$6tSRUTXHWRGRVORVHO
HPHQWRVFRQVWLWX\HQWHVGHOXQLYHUVRHODELVPRDFXRVRODOX]ODWLHUUDHOPDUHOILUPDPHQWRORV
DVWURV\ORVVHUHVYLYRVWRGRVKDQVLGRGHVSRMDGRVGHFXDOTXLHUYHVWLJLRGLYLQR
/DVFLWDVEtEOLFDVHVWiQWRPDGDVGHODWUDGXFFLyQ5HLQD9DOHUD$FWXDOL]DGD(GLWRULDO0XQGR+LVSDQR(O3DVR7H[DV
((88
(VSRUHOORTXHOD%LEOLDFRQGHQDODDGRUDFLyQGHODQDWXUDOH]D\VHPXHVWUDFRQWUDULDDOD
PDJLD\DODDVWURORJtDPLOHQLRVDQWHVGHTXHODFLHQFLDPRGHUQDFULWLFDUDHVWDVDFWLYLGDGHV1LOD
QDWXUDOH]DHVGHFDUiFWHUGLYLQRQLWDPSRFRHVSUHVDGHORVFDSULFKRVGHHQWLGDGHVGLYLQDVVXSHU
SXHVWDV(QHO(QXPD(OLVKWUDVODYLFWRULDGH0DUGXNpVWHUHSDUWHDORVGLRVHVYHQFHGRUHVSRUHO
XQLYHUVR
³0DUGXNHOUH\UHSDUWLyDORVGLRVHV
DWRGRVORV$QXQQDNXHQORDOWR\HQOREDMR
/RVDVLJQyD$QXSDUDTXHJXDUGDUDQVXVLQVWUXFFLRQHV
\HVWDEOHFLyFRPRJXDUGLDQHVDWUHVFLHQWRVHQHOFLHOR
\RWURVWDQWRVSDUDUHJXODUHOIXQFLRQDPLHQWRGHODWLHUUD
(QWUHFLHOR\WLHUUDHVWDEOHFLySXHVVHLVFLHQWRV´
(QHO*pQHVLVHVRVGLRVHVKDQVLGRH[SXOVDGRVGHODQDWXUDOH]D(VPiVSDUDORVSUR
IHWDVODFUHHQFLDHQHVDVGLYLQLGDGHVUHVXOWDWDQLQH[SOLFDEOHTXH³GHVDUUROODQ´PiVGHGRVPLOHQLRV
DQWHVTXH0DU[ODLGHDGH³DOLHQDFLyQ´SDUDSRGHUFRPSUHQGHUOR&RPRUHFRQRFLyXQSURSLRDXWRU
PDU[LVWD(ULFK)URPPORVSURIHWDVEtEOLFRVIXHURQSLRQHURVHQFRQVLGHUDUDORVGLRVHVFRPRXQSUR
GXFWRKXPDQRFHQWUDQGRVXVFUtWLFDVHQHOSURFHVRGHFRQVWUXFFLyQGHVXVHVWDWXDVFRPRHQ,V
&RQHOUHODWRGHO*pQHVLVHQODPDQRODLGRODWUtDFDUHFHGHVHQWLGR1RKD\VLWLRSDUDQLQJ~Q
DxDGLGRGLYLQRVDJUDGRHWF7RGRVORVGLRVHVGLRVHFLOORV\VHPLGLRVHVTXHDWHUUDEDQDOPXQGRDQ
WLJXRKDQVLGRHFKDGRVDSDWDGDVGHOXQLYHUVR/D%LEOLDSXHVUHFRQRFHXQDGLIHUHQFLDWDMDQWHHQWUH
HO&UHDGRU\VXFUHDFLyQTXHWHQGUiJUDQGHVFRQVHFXHQFLDVHQHOIXWXURHQHVSHFLDOSDUDODFLHQ
FLD
/DHVWDELOLGDGGHODQDWXUDOH]D\VXVOH\HV/RVSURIHWDVEtEOLFRVYLYLHURQVLJORVDQWHVGH
TXHHOFRPSRUWDPLHQWRGHODQDWXUDOH]DSXGLHUDVHUH[SOLFDGRGHDFXHUGRDOH\HVPDWHPiWLFDVSUH
FLVDV6LQHPEDUJR\HVWRUHVXOWDWRGDYtDPXFKRPiVLQWHUHVDQWHVRVWXYLHURQWHQD]PHQWHODH[LV
WHQFLDGHXQRUGHQFX\DLQPXWDELOLGDGVHEDVDEDHQODSURSLDLQPXWDELOLGDGGHO&UHDGRU$SHVDU
GHODFXLGDGRVDREUDGHFUHDFLyQGH0DUGXNDOTXHVHDWULEXtDHOHVWDEOHFLPLHQWRGHXQDVXHUWHGH
OH\HV QDWXUDOHV ³GHWHUPLQy ODV UHJODV GH VX EXHQD PDUFKD \ DJHQFLy ORV HVWDWXWRV GH IXQ
FLRQDPLHQWR´GLFHHO(QXPD(OLVKODYHUGDGHVTXHORVDQWLJXRVEDELORQLRVQRFUHtDQTXHDTXHO
XQLYHUVRGLYLQRSXGLHUDVHUPX\HVWDEOH3RUHVRUHSHWtDQFRPSOHMRVULWXDOHVGXUDQWHODFHOHEUDFLyQ
GHODxRQXHYRDOJRIUHFXHQWHHQPXFKDVGHODVFXOWXUDVDQWLJXDVSDUDDVHJXUDUHOIXQFLRQDPLHQWR
GHOXQLYHUVR\HYLWDUSRUXQDxRPiVTXHHOFRVPRVYROYLHUDDVHUSUHVDGHOFDRVSULPLJHQLRFRPR
VHLQGLFDEDKDFLDHOILQDOGHOSURSLRWH[WRGHO(QXPD(OLVK
(QXPD(OLVK9,
(ULFK)URPP$OLQHDFLyQ\&DSLWDOLVPR(Q/DVROHGDGGHOKRPEUHYDULRVDXWRUHV0RQWHÉYLOD(GLWRUHV&DUDFDV
9HQH]XHODVIS
(QXPD(OLVK9
6REUHODFHUHPRQLDGHO$xR1XHYREDELOyQLFRHODNLWXHOKLVWRULDGRUGHODVUHOLJLRQHV0LUFHD(OLDGHQRVFRPHQWD
´>@6XLGHRORJtD\VXHVWUXFWXUDULWXDOH[LVWtDQ\DHQODpSRFDVXPHULD\VHKDSRGLGRLGHQWLILFDUHOVLVWHPDGHODNLWXGHVGH
ODpSRFDDFDGLD>@VHWUDWDGHGRFXPHQWRVGHODPiVDQWLJXDFLYLOL]DFLyQ©KLVWyULFDªHQODFXDOHOVREHUDQRGHVHP
SHxDEDXQSDSHOFRQVLGHUDEOHSXHVWRTXHVHOHFRQVLGHUDEDKLMR\YLFDULRGHODGLYLQLGDGHQODWLHUUDFRPRWDOHUDUH
VSRQVDEOHGHODUHJXODULGDGGHORVULWPRVGHODQDWXUDOH]D\GHOEXHQHVWDGRGHODVRFLHGDGHQWHUD>@DpOOHLQFXPEtDOD
PLVLyQGHUHJHQHUDUHOWLHPSR(QHOFXUVRGHODFHUHPRQLDDNLWXTXHGXUDEDGRFHGtDVVHUHFLWDEDVROHPQHPHQWH\
YDULDVYHFHVHOSRHPDOODPDGRGHODFUHDFLyQ(QXPDHOLVKHQHOWHPSORGH0DUGXN$VtVHUHDFWXDOL]DEDHOFRPEDWH
HQWUH0DUGXN\HOPRQVWUXRPDULQR7LDPDWFRPEDWHTXHVHGHVDUUROOyLQLOORWHPSRUH\TXHSXVRILQDOFDRVSRUODYLFWRULD
ILQDOGHOGLRV/RPLVPRHQWUHORVKLWLWDVGRQGHHOFRPEDWHHMHPSODUHQWUHHOGLRVGHOKXUDFiQ7HVKXS\ODVHUSLHQWH,O
OX\DQNDVKHUDUHFLWDGR\UHDFWXDOL]DGRGHQWURGHOPDUFRGHODILHVWDGH$xR1XHYR>@(OFRPEDWHHQWUH7LDPDW\0DU
GXNHUDLPLWDGRHQXQDOXFKDHQWUHGRVJUXSRVGHILJXUDQWHVFHUHPRQLDOTXHVHHQFXHQWUDHQORVKLWLWDVVLHPSUHHQHO
FXDGURGHOHVFHQDULRGUDPiWLFRGHODxR1XHYRHQWUHORVHJLSFLRV\HQ8JDULW/DOXFKDHQWUHGRVJUXSRVGHFRPSDUVDVQR
FRQPHPRUDEDVyORHOFRQIOLFWRSULPRUGLDOHQWUH0DUGXN\7LDPDWUHSHWtDDFWXDOL]DEDODFRVPRJRQtDHOSDVDMHGHOFDRV
DOFRVPRV(ODFRQWHFLPLHQWRPtWLFRHVWDEDSUHVHQWH©£TXHSXHGDVHJXLUYHQFLHQGRD7LDPDW\DFRUWDUVXVGtDVªH[FODP
DEDHORILFLDQWH(OFRPEDWHODYLFWRULD\ODFUHDFLyQRFXUUtDQHQHVHPLVPRLQVWDQWH
7DPELpQGHQWURGHOPDUFRGHOFHUHPRQLDOGHODNLWXFHOHEUiEDVHODILHVWDOODPDGD©ILHVWDGHODV6XHUWHVª]DKPXN
HQODTXHVHGHWHUPLQDEDQORVSUHVDJLRVSDUDFDGDXQRGHORVGRFHPHVHVGHODxRORTXHHTXLYDOtDDFUHDUORVGRFH
PHVHVSRUYHQLU>@(QILQFHUUiEDVHHOFLFORSRUODKLHURJDPLDGHOGLRVFRQ6DUSDQLWXPKLHURJDPLDUHSURGXFLGDSRUHO
UH\\SRUXQDKLHUyGXODHQODKDELWDFLyQGHODGLRVD\DODFXDOFRUUHVSRQGtDFLHUWDPHQWHXQLQWHUYDORGHRUJtDFROHFWLYDµ
0LUFHD(OLDGH(OPLWRGHOHWHUQRUHWRUQR$OLDQ]D(GLWRULDO0DGULG(VSDxD
´&LHUWDPHQWHKDDILUPDGRHO
PXQGR\QRVHUiPRYLGRµ
/D%LEOLD&UyQLFDV6DOPRV
)LJ
)LJ
)LJ
³(OTXHLQIDWLJDEOHPHQWHFUX]D\YXHOYHDFUX]DUSRUHOLQWHULRUGH7LDPDW>@
£4XHSXHGDWHUUDSOHQDUD7LDPDW\TXHHOVRSORGHpVWDVHGHELOLWH\H[WLQJD
4XHDORODUJRGHODVIXWXUDVJHQHUDFLRQHVFXDQGRORVGtDVKD\DQHQYHMHFLGR
(OODKX\DVLQTXHVHODUHWHQJD\GHVDSDUH]FDSDUDVLHPSUH´
)UHQWHDHVWRHO*pQHVLVUHSLWHPDFKDFRQDPHQWHTXH'LRVGHFODUD³EXHQD´DODFUHDFLyQ
KDVWDVLHWHYHFHVHOQ~PHURSHUIHFWRHQOD%tEOLD(QRWURVWH[WRVEtEOLFRVVHLQVLVWHHQODHVWDELOLGDG
GHOXQLYHUVR),*85$³&LHUWDPHQWHKDDILUPDGRHOPXQGR\QRVHUiPRYLGR´&UR
³7DPELpQDILUPyHOPXQGR\QRVHPRYHUi´6DO³eOIXQGyODWLHUUDVREUHVXVFLPLHQWRVQR
VHUiMDPiVUHPRYLGD´6DO³&LHUWDPHQWHKDDILUPDGRHOPXQGR\QRVHUiPRYLGR´6DO
(VWDHVODEDVHSDUDODFRQILDQ]DHQODHVWDELOLGDGGHOXQLYHUVRPDWHULDOTXH\DQRHVYtFWLPD
GHQLQJ~QFDSULFKRLQFRPSUHQVLEOH(LQFOXVRPiVDOOiHVODEDVHSDUDXQDFRQFHSFLyQOLQHDOGHO
WLHPSRHQODTXHQRVRQQHFHVDULRVULWRVFtFOLFRVSDUDPDQWHQHUODFRQWLQXLGDGGHOXQLYHUVRTXH
DEUHODKLVWRULDKDFLDHOIXWXUR\ODHVSHUDQ]D
'LJQLILFDFLyQGHOVHUKXPDQRWRGRVHVWRVORJURVVHFXOPLQDQFRQORTXHUHVXOWDPiVTXH
VRUSUHQGHQWHXQDYLVLyQUDGLFDOPHQWHGLIHUHQWHGHOVHUKXPDQRDODTXHDSDUHFHHQORVPLWRV(Q
HO*pQHVLVXQDYH]TXHORVGLRVHVKDQVLGROLTXLGDGRVDKtTXHGDQHOKRPEUH\ODPXMHUKHFKRVOL
EUHVSRU'LRV\HQFDUJDGRVGHGLVIUXWDU\FXLGDUODFUHDFLyQGH'LRV¢4XHUpLVYHUHOFRQWUDVWHFRQ
ODPLWRORJtDPHVRSRWiPLFD"
/DGLIHUHQFLDIXQGDPHQWDOSURYLHQHGHODFDXVDTXHVHLQYRFDHQDPERVWH[WRVSDUDOD
FUHDFLyQGHOVHUKXPDQR(QHO(QXPDHOLVKORVKXPDQRVVRQFUHDGRVSRU0DUGXNSDUDGHVFDUJDU
DORVGLRVHVGHVXVWUDEDMRV3HRUD~QDOLJXDOTXHHOXQLYHUVRIXHFRQVWUXLGRFRQORVGHVSRMRVGH
XQVHUGLYLQR7LDPDWORVVHUHVKXPDQRVIXHURQIRUPDGRVFRQORVGHVSRMRVGHRWUDGLYLQLGDGPDO
YDGD.LQJXSULQFLSDOD\XGDQWHGH7LDPDW(OUHODWRHVHOVLJXLHQWH
³&XDQGR>0DUGXN@R\yODVSDODEUDVGHORVGLRVHV
VXFRUD]yQOHHPSXMyDFUHDUPDUDYLOODV
\>DEULHQ@GRVXERFDGLULJHVXSDODEUDD(D
SDUDFRPXQLFDUOHHOSODQTXHKDEtDFRQFHELGRHQVXFRUD]yQ
©£9R\DFRQGHQVDUVDQJUH\IRUPDUKXHVRV
KDUpVXUJLUXQSURWRWLSRKXPDQRTXHVHOODPDUiµKRPEUH¶
£9R\DFUHDUHVWHSURWRWLSRHVWHKRPEUH
SDUDTXHOHVHDQLPSXHVWRVORVVHUYLFLRVGHORVGLRVHV\TXHHOORVHVWpQGHVFDQVDGRV
'HQXHYR\RWUDQVIRUPDUpEHOODPHQWHVXH[LVWHQFLD
>@ª
(QXPD(OLVK9,,
/HUHVSRQGLy(DGLULJLpQGROHHVWDVSDODEUDV
FRQODVTXHOHFRPXQLFDEDVXSODQSDUDODWUDQTXLOLGDGGHORVGLRVHV
©4XHPHVHDHQWUHJDGRXQRGHVXVKHUPDQRVpVWHSHUHFHUiSDUDTXHVHDQIRUPDGRVORVKRPEUHV
>@ª
0DUGXNKDELHQGRUHXQLGRDORV*UDQGHVGLRVHV
EHQpYRODPHQWHGLRVXVyUGHQHV\OHVFRPXQLFyVXPDQGDWR
©>@¢4XLpQIXHHOTXHWUDPyHOFRPEDWH
\PRYLyDUHEHOLyQD7LDPDW\RUJDQL]yODEDWDOOD
>@ª
/RV,JLJXORV*UDQGHVGLRVHVOHUHSOLFDURQ
>@©)XH.LQJXHOTXHWUDPyHOFRPEDWH
\PRYLyDUHEHOLyQD7LDPDW\>RU@JDQL]yODEDWDOODª
/HDWDURQ\OHPDQWXYLHURQFRJLGRGHODQWHGH(D
6HOHLQIOLJLyVXFDVWLJRVHOHFRUWyODVDQJUH
<FRQVXVDQJUH(DIRUPyODKXPDQLGDG
,PSXVRVREUHHOODHOVHUYLFLRGHORVGLRVHVOLEHUDQGRDpVWRV´
(VFXULRVRTXHODLGHDGHORVGLRVHVFDQVDGRVGHWUDEDMDU\XQGLRVSULQFLSDOFUHDQGRDOKRP
EUHSDUDGHVFDUJDUOHVGHVXWUDEDMRVHUHSLWHHQGLIHUHQWHVGHWH[WRVDQWLJXRV+D\YDULRVWH[WRVTXH
UHFRJHQHVWDLGHDSHURGRQGHPiVFODURVHYHHVWRWDOYH]HVHOSRHPDVXPHULR³(QNL\1LQPDK´
HQHOTXHVHKDEODGHFyPRORVGLRVHV³SUHSDUDEDQVXFRPLGD´³HVWDEDQHQHOWDMR´³FDYDEDQ
FDQDOHVDPRQWRQDEDQODWLHUUD´\ILQDOPHQWH³VHTXHMDEDQGHVXYLGD´ORTXHOOHYyDTXHHOOtGHUGH
ORVGLRVHVHQHVWHUHODWR(QNLSURSXVLHUDDVX0DGUHODFUHDFLyQGHOVHUKXPDQRSDUDDOLYLDUODYLGD
GHORVGLRVHV3RUHOFRQWUDULRHQHO*pQHVLVQRVRODPHQWHVHQLHJDTXH'LRVQHFHVLWHDOLPHQWRV
\TXHHOKRPEUHKD\DVLGRFUHDGRSDUDVHUHVFODYRGH'LRVVLQRTXHVHVXEUD\DHOFXLGDGRGH'LRV
SDUDFRQHOKRPEUHDOTXHFXLGD\DOLPHQWDFRPRDXQKLMR1DGDPiVFUHDUORVHRFXSDGHVXV
QHFHVLGDGHVEiVLFDVUHODFLyQFUHDQGR³KRPEUH\PXMHU´*pQUHSURGXFFLyQ³6HGIHFXQGRV
\PXOWLSOLFDRV´*pQ\QXWULFLyQ³RVKHGDGRWRGDSODQWD´*pQ$ORODUJRGHOD%LEOLD
'LRVVHSUHVHQWDUiFRPRHOTXHSURYHHSDUDWRGRVORVVHUHVSH6DO(QHO1XHYR7HV
WDPHQWR-HVXFULVWRYXHOYHDUHWRPDUHVWDLPDJHQ0W/F
(QORVPLWRVEDELOyQLFRVGHODFUHDFLyQKXPDQDODPRUDOHMDHUDTXHDKRUDORVKRPEUHV
GHEHQWUDEDMDUSDUDGDUDORMDPLHQWR\FRPLGDDORVGLRVHVHQORVWHPSORV),*85$(O'LRVGH
OD%LEOLDVHEXUODGHVHPHMDQWHVLGHDV\GHPDQGDXQFRPSRUWDPLHQWRPRUDOPiVDOOiGHORVULWRV
UHOLJLRVRVGLFLHQGR³¢'HTXpPHVLUYHODPXOWLWXGGHYXHVWURVVDFULILFLRV"+DVWLDGRHVWR\GHKROR
FDXVWRVGHFDUQHURV\GHOVHERGHDQLPDOHVHQJRUGDGRV1RGHVHRODVDQJUHGHWRURVGHFRUGHURV
\GHPDFKRVFDEUtRV>@$SUHQGHGDKDFHUHOELHQEXVFDGHOGHUHFKRUHSUHQGHGDORSUHVRUGH
IHQGHGDOKXpUIDQRDPSDUDGDODYLXGD´,V
(QXPD(OLVK9,
9pDQVHOtQHDV7RPDGRGH0-6HX[\RWURVRSFLWSS
([LVWHQFLDGHXQPXQGR
PDWHULDOQRGLYLQR
([LVWHQFLDGHOH\HV
QDWXUDOHV
&DSDFLGDGGHFRQRFHU
HVDVOH\HVHVWXGLDQGRHO
PXQGRPDWHULDO
)LJ&RSHUQLFR.HSOHU\*DOLOHR
)LJ
$GHPiVORVSURIHWDVEtEOLFRVLQVLVWLHURQTXH'LRVQRSRGtDVHUFRQILQDGRHQORVOtPLWHVGH
XQWHPSORHQODRUDFLyQGHGHGLFDFLyQGHOSURSLRWHPSORMXGtRHQ-HUXVDOpQHOPLVPRUH\6DORPyQ
GLFH³+HDTXtORVFLHORV\ORVFLHORVGHORVFLHORVQRWHSXHGHQFRQWHQHU£&XiQWRPHQRVHVWHWHPSOR
TXHKHHGLILFDGR´5&UR
$XQTXHQRQRVFHQWUDUHPRVHQHOORGHEHPRVVHxDODUTXHWRGRHVWRSURGXFtDXQDDXWpQWLFD
UHYROXFLyQVRFLRSROtWLFDGLULJLGDFRQWUDHOPLVPRIXQGDPHQWRGHXQDVVRFLHGDGHVFRQWURODGDVGHVGH
ORVWHPSORVFRPRODPHVRSRWiPLFDRODHJLSFLD(VPiVORVUHODWRVEtEOLFRVKDFHQIUHQWHDOORFDO
LVPRGHORVUHODWRVSDJDQRVGHORVRUtJHQHVHQORVTXHHOGLRV³FUHDGRU´HVHOGLRVMHIHORFDOTXH
FUHDGHVGHODORFDOLGDGGHODXWRUGHOWH[WR\TXHVXHOHSRQHUDFDUJRGHOPXQGRDVXVGLRVHV³DPL
JRV´\GHODKXPDQLGDGDOSDtVDOTXHSHUWHQHFHHOHVFULWRU\DVXUH\MXVWLILFDQGRUHOLJLRVDPHQWH
DOLPSHULRGHWXUQR3XHVELHQIUHQWHDHVWRORVUHODWRVEtEOLFRVQRSUHVHQWDQQLQJ~QUDVWURORFDOLVWD
QLQLQJXQDSUHWHQVLyQLPSHULDOLVWD1L-HUXVDOpQQLODWLHUUDGH,VUDHOQLVLTXLHUDHOQRPEUHGHO'LRV
GH,VUDHO<DKYpDSDUHFHQHQHOUHODWR(VXQUHODWRXQLYHUVDOOHMRVGHWRGDLQVWUXPHQWDOL]DFLyQ
SROtWLFDFRQXQPHQVDMHOLEHUDGRUSDUDWRGDODKXPDQLGDG(VWDVPLVPDVLGHDVVHUHSLWHQHQHO
1XHYR7HVWDPHQWRGRQGHFRPRHMHPSORSRGHPRVFLWDUDODSyVWRO3DEORGLFLHQGR³(VWHHVHO'LRV
TXHKL]RHOPXQGR\WRGDVODVFRVDVTXHKD\HQpO<FRPRHV6HxRUGHOFLHOR\GHODWLHUUDpOQR
KDELWDHQWHPSORVKHFKRVGHPDQRVQLHVVHUYLGRSRUPDQRVKXPDQDVFRPRVLQHFHVLWDVHDOJR
SRUTXHpOHVTXLHQGDDWRGRVYLGD\DOLHQWR\WRGDVODVFRVDV'HXQRVRORKDKHFKRWRGDUD]DGH
ORVKRPEUHVSDUDTXHKDELWHQVREUHWRGDODID]GHODWLHUUD´+HFK
(QOD%LEOLDHOVHUKXPDQRGHMDGHVHUXQVLHUYRSDUDVHUOD³PDQRGHUHFKD´GHO&UHDGRUD
FX\RFDUJRGHMDVXFUHDFLyQ),*85$(O*pQHVLVLQFOXVRPXHVWUDD'LRVHVWLPXODQGRDOVHU
KXPDQRDFRQRFHUODFUHDFLyQSDVDQGRUHYLVWDDORVDQLPDOHV(VPiVHOVHUKXPDQRHVHO~QLFR
VHUGHOTXHVHGLFHTXHHVFUHDGRD³LPDJHQ\VHPHMDQ]D´GHO'LRV&UHDGRU6HPHMDQWHLGHDUDGLFDO
KDHMHUFLGRXQDSURIXQGtVLPDLQIOXHQFLDHQODJpQHVLV\GHVDUUROORGHORTXHDKRUDOODPDPRV³GHUH
FKRVKXPDQRV´DOJRGHORTXH0DUGXN\VXVVDFHUGRWHVVHKDEUtDQUHtGR3HURODVUHSHUFXVLRQHV
TXHHVDLGHDKDWHQGLGRSDUDODFLHQFLDKDQVLGRWDPELpQHQRUPHVGDGRTXHDOLHQWDODHVSHUDQ]D
GHTXHHOVHUKXPDQRSXHGDHQWHQGHUHVDVOH\HVQDWXUDOHVTXHGLMLPRVDQWHVTXH'LRVKDEtDGDGR
DOXQLYHUVR
(QWLHPSRVSRVWHULRUHV
$XQTXHORVUHODWRVTXHKHPRVFRPHQWDGRWHQtDQHOJHUPHQGHWDQWDVLGHDVUHYROXFLRQDULDV
VXVHIHFWRVWDUGDURQVLJORVHQKDFHUVHUHDOLGDG+D\TXHUHFRUGDUTXHORVSURIHWDVEtEOLFRVHUDQVR
ODPHQWHXQDGHHQWUHODVPXFKDVYRFHVGHQWURGHODQWLJXRSXHEORGH,VUDHO/DPD\RUtDGHOD
SREODFLyQSUHIHUtDVHJXLULGHDV³SDJDQDV´FRPRODVGHO(QXPD(OLVK3RUHOORHQOD%LEOLDVLHPSUH
VHGHVFULEHDORVSURIHWDVFRPRFUtWLFRVGHODVRFLHGDGGHVXWLHPSR
7XYLHURQTXHSDVDUVLJORVSDUDTXHVXVLGHDVIXHUDQDGRSWDGDVPD\RULWDULDPHQWHSRUORV
SURSLRVMXGtRV<D~QDVt,VUDHOQRHUDPiVTXHXQSHTXHxRHVWDGRGpELOHLQHVWDEOHHQODFRVWD
PHGLWHUUiQHD1RIXHKDVWDTXHHOFULVWLDQLVPRVHH[SDQGLySRUHO,PSHULR5RPDQRTXHHVWDVLGHDV
VHGLYXOJDURQDPSOLDPHQWH$VtGXUDQWHHOOHQWRPDGXUDUGHOD(GDG0HGLDPXFKDVGHHVDVLGHDV
SDVDURQGHVHUUHYROXFLRQDULDVDVHUDVXPLGDVFRPRHVHQFLDOHVSRUORVSHQVDGRUHVHXURSHRVTXH
ODVLQFRUSRUDURQDVXKHUHQFLDJUHFRODWLQD'DGRTXHHOWHPDGHHVWDFRQIHUHQFLDHVFLHQFLD\%LEOLD
YR\DFHQWUDUPHPiVHQODVFRQVHFXHQFLDVTXHODYLVLyQEtEOLFDGHOPXQGRWUDMRSDUDODFLHQFLD
$XQTXHJHQHUDOPHQWHVHQRVGLFHTXHODFLHQFLDPRGHUQDIXHXQPRYLPLHQWRTXHVHHV
WDEOHFLyFRQIURQWDGRDOFULVWLDQLVPRSHUPLWLGPHTXHRVGLJDTXHHVRHVXQ³PLWRFRQWHPSRUiQHR´
GHOVLJOR;,;
1RHQYDQRXQGRFXPHQWRWDQVLJQLILFDWLYRHLQIOX\HQWHKLVWyULFDPHQWHFRPRODGHFODUDFLyQGHLQGHSHQGHQFLDGHORV
((88HPSH]DEDDVt´6RVWHQHPRVFRPRHYLGHQWHVHVWDVYHUGDGHVTXHWRGRVORVKRPEUHVVRQFUHDGRVLJXDOHVTXH
VRQGRWDGRVSRUVX&UHDGRUGHFLHUWRVGHUHFKRVLQDOLHQDEOHVTXHHQWUHpVWRVHVWiQODYLGDODOLEHUWDG\ODE~VTXHGDGHOD
IHOLFLGDGµ'HFODUDFLyQGHLQGHSHQGHQFLDGHORV((88GHMXOLRGH7RPDGRGHODSiJLQDZHEGHO'HSDUWDPHQWR
GH(VWDGRGHORV((88
KWWSXVLQIRVWDWHJRYHVSKRPHWRSLFVXVBVRFLHW\BYDOXHVIXQGDPHQWDOBGRFXPHQWVGHFODUDWLRQBRIBLQGHSKWPO
/DUHDOLGDGHVTXHHQFXDQWRXQRVHSRQHDOHHUGLUHFWDPHQWHDORVSDGUHVGHODUHYROXFLyQ
FLHQWtILFDGHORVVLJORV;9,\;9,,),*85$&RSpUQLFR%UDKH*DOLOHR.HSOHU%DFRQ3DVFDO
1HZWRQHWFXQRVHWRSDDERFDMDUURFRQXQ³LQHVSHUDGR´DQGDPLDMHEtEOLFR(VWRVSHUVRQDMHV
KHUHGDURQGHOD%LEOLDDWUDYpVGHVXVSUHGHFHVRUHVPHGLHYDOHVXQDFRVPRYLVLyQHQODTXHODVWUHV
LGHDVTXHKHPRVPHQFLRQDGRDQWHVHVWDEDQFRPSOHWDPHQWHFODUDV),*85$
‡/DH[LVWHQFLDGHXQPXQGRPDWHULDOGHFDUiFWHUQRGLYLQR
‡/DH[LVWHQFLDEDMRHOFRPSRUWDPLHQWRDSDUHQWHPHQWHFDyWLFRGHORVIHQyPHQRVQDWXUDOHV
GHXQRUGHQSURIXQGRTXHGHDOJXQDPDQHUDXQLILFD\GDFRKHUHQFLDDODQDWXUDOH]DSXHVWRGDHOOD
HVREUDGHO&UHDGRU
‡/DFDSDFLGDGLQWHOHFWXDOGHOVHUKXPDQRSDUDPHGLDQWHHOHVWXGLRGHODQDWXUDOH]DGHOD
REUDGH'LRVLUVHDSUR[LPDQGRDOFRQRFLPLHQWRGHHVHRUGHQQDWXUDOSXHVWRSRU'LRV/DDFWLYLGDG
FLHQWtILFDOOHJDDVtDFRQYHUWLUVHHQXQDWDUHDFDVLUHOLJLRVD
&DUO)ULHGULFKYRQ:HL]VlFNHUXQGHVWDFDGRItVLFR\ILOyVRIRGHOVLJOR;;SLRQHURHQHOHV
WXGLRGHODVUHDFFLRQHVQXFOHDUHVHQODVHVWUHOODVSHURWDPELpQPX\FRQRFLGRSRUVXVREUDVHQ
WHPDVGHUHOLJLyQ\FLHQFLDORH[SOLFDEDDVt
³>@HOFRQFHSWRGHOH\HVPDWHPiWLFDVH[DFWDVGHODQDWXUDOH]DGpELOPHQWHSUHVHQWHHQHOSHQ
VDPLHQWR JULHJR DOFDQ]y XQ SRGHU PXFKR PiV FRQYLQFHQWH JUDFLDV DO FRQFHSWR FULVWLDQR GH
FUHDFLyQ&UHRSXHVTXHFRQVWLWX\HXQGRQGHOFULVWLDQLVPRDOSHQVDPLHQWRPRGHUQR
$KRUDYHPRVTXHHVHGRQVHXVDFRQWUDODUHOLJLyQGHODTXHSURFHGH<HVHDVHVLQDWRGHOSURSLR
SDGUHFRQHODUPDKHUHGDGDGHpOVHKDFHFDGDYH]PiVLQJHQXR.HSOHUIXHXQVLQFHURFULVWLDQR
TXHDGRUDEDD'LRVHQHORUGHQPDWHPiWLFRGHOPXQGR*DOLOHR\D~QPiV1HZWRQTXHHUDPiV
UHOLJLRVRIXHURQVLQFHURVFULVWLDQRVLQWHUHVDGRVHQODREUDGH'LRV>@VHUiEXHQRYHUTXHHOiUERO
GHOTXHKDVDOLGRHVDQXHYDVHPLOODWUDVKXPDQWHGHODFLHQFLDHVHOiUEROGHOFULVWLDQLVPRIXHXQ
FRPRUDGLFDOLVPRFULVWLDQRORTXHKL]RTXHODQDWXUDOH]DHQWHQGLGDDQWHVFRPRFDVDGHORVGLRVHV
SDVDUDDHQWHQGHUVHFRPRHOUHLQRGHODOH\´
6RODPHQWHDPRGRGHHMHPSORTXLVLHUDPHQFLRQDUDOJXQDVPDQLIHVWDFLRQHVGHGRVGHORV
IXQGDGRUHVGHODFLHQFLDPRGHUQD
.HSOHU
³$KRUDDPLJROHFWRUQRROYLGHVHOILQGHWRGRHVWRTXHHVHOFRQRFLPLHQWRDGPLUDFLyQ\
YHQHUDFLyQGHO$UWtILFH6DSLHQWtVLPR3XHVGHQDGDVLUYHKDEHUSURJUHVDGRGHVGHORVRMRVKDVWDOD
PHQWHGHVGHODYLVLyQDODFRQWHPSODFLyQGHVGHHOFXUVRREVHUYDEOHKDVWDHOSODQPiVSURIXQGR
GHO&UHDGRUVLGHVHDVTXHGDUWHHQHVWR\QRHOHYDUWHHQXQVRORLPSXOVR\FRQWRGDODGHYRFLyQGHO
DOPDKDFLDHOFRQRFLPLHQWRDPRU\FXOWRGHO&UHDGRU3RUHOORFRQHVStULWXSXUR\iQLPRDJUDGHFLGR
HQWRQDFRQPLJRHOVLJXLHQWHKLPQRDO$UTXLWHFWRGHODREUDPiVSHUIHFWD´
*DOLOHR
³>@(OSURKLELUWRGDODFLHQFLD¢TXpRWUDFRVDVHUtDTXHFRQGHQDUFHQWHQDUHVGHSDVDMHVGH
ODV6DJUDGDV(VFULWXUDVTXHQRVHQVHxDQFyPRODJORULD\ODJUDQGH]DGHOVXPR'LRVDGPLUDEOHVH
GHVFXEUHHQWRGDVVXVREUDV\GLYLQDPHQWHVHOHHHQHOOLEURDELHUWRGHOFLHOR">@´),*85$
&)YRQ:HL]VlFNHU/DLPSRUWDQFLDGHODFLHQFLD(GLWRULDO/DERU%DUFHORQD(VSDxDS
-RKDQQHV.HSOHU(OVHFUHWRGHOXQLYHUVR(GLFLRQHV$OWD\D%DUFHORQD(VSDxDS
*DOLOHR*DOLOHL&DUWDD&ULVWLQDGH/RUHQD(Q&DUWDD&ULVWLQDGH/RUHQD\RWURVWH[WRVVREUHFLHQFLD\UHOLJLyQ
7UDGXFLGRSRU0RLVpV*RQ]iOH]$OLDQ]D(GLWRULDO0DGULG(VSDxDS
(OSURKLELUWRGDODFLHQFLD¢TXpRWUD
FRVDVHUtDTXHFRQGHQDUFHQWHQDUHVGH
SDVDMHVGHODV6DJUDGDV(VFULWXUDVTXH
QRVHQVHxDQFyPRODJORULD\OD
JUDQGH]DGHOVXPR'LRVDGPLUDEOHVH
GHVFXEUHHQWRGDVVXVREUDV\GLYLQD
PHQWHVHOHHHQHOOLEURDELHUWRGHO
FLHOR"µ
*DOLOHL*DOLOHR&DUWDD&ULVWLQDGH/RUHQD
)LJ
)LJ
)LJ
´>@<RDTXtGLUpDTXHOORTXHRtD
XQDSHUVRQDHFOHVLiVWLFDGHPX\
HOHYDGRUDQJR>QRWDGH*DOLOHR
>(O&DUGHQDO%DURQLR@HVWRHVTXH
ODLQWHQFLyQGHO(VStULWX6DQWRHUD
HQVHxDUQRVFyPRVHYDDOFLHOR
\QRFyPRYDHOFLHORµ
*DOLOHR*DOLOHL&DUWDD&ULVWLQDGH
/RUHQD
)LJ
)LJ
)LJ
¢<HQWRQFHVTXpIXHGHOFRQIOLFWRKLVWyULFRFLHQFLD\IH"¢4XpSDVyFRQ*DOLOHR"
$ODVSULPHUDVJHQHUDFLRQHVGHFULVWLDQRVORVSUREOHPDVFLHQFLD\IHQROHVSUHRFXSDEDQGH
PDVLDGR3HUVHJXLGRVFRPRDWHRVSRUQRDGRUDUDORVGLRVHVGH5RPDHQOtQHDFRQORTXHORVDQ
WLJXRVSURIHWDVKHEUHRVHQVHxDEDQ\SHUVHJXLGRVFRPRWUDLGRUHVSRUQRDGRUDUDOHPSHUDGRU
URPDQRFRPRXQGLRVPiVQRHVWDEDQSDUDVRILVWLFDGRVGHEDWHV
3HURFRQODOLEHUWDGSDUDHOFULVWLDQLVPRHQHOVLJOR,9VXVLPSOLFDFLRQHVLQWHOHFWXDOHVHP
SH]DURQDVHUHVWXGLDGDVFRQGHWDOOH<DDQWHVGH&ULVWRORVFLHQWtILFRVILOyVRIRVJULHJRVKDEtDQFRQ
FOXLGRTXHODWLHUUDHUDXQDHVIHUDLQPyYLOHQHOFHQWURGHOXQLYHUVR\HVDLGHDKDEtDVLGRDGPLWLGD
VLQJUDQGHVGHEDWHVSRUORVVDELRVGXUDQWHVLJORV),*85$(QXQSULQFLSLRORVFULVWLDQRVQRWX
YLHURQSUREOHPDVFRQHOOR3HURQRWDUGDURQHQDSDUHFHUTXLHQHVHQXQDHVSHFLHGH³UHYDQFKD´
FRQWUDWRGRHOSHQVDPLHQWRGHO³SDJDQLVPR´TXHWDQWROHVSHUVLJXLyLQWHQWDURQVXSULPLUWRGDODFXO
WXUDGHOSDVDGRSDUDSDUWLUGHFHUR<DOKDFHUHVWRQRVHGLHURQFXHQWDTXHDQLTXLODEDQPXFKDV
FRVDVFLHUWDV\EXHQDVGHODKHUHQFLDFOiVLFD$VtSRUXQDILGHOLGDGPDOHQWHQGLGDDOD%LEOLDDOJXQRV
OOHJDURQDH[WUHPRVGLVSDUDWDGRV(Q(JLSWRHQHOVLJOR9,XQRGHHVWRVKRPEUHVDWDFyIHUR]PHQWH
ODLGHDGHODHVIHULFLGDGGHODWLHUUDXWLOL]DQGRDOJXQDVGHODVDQWLJXDVUHIHUHQFLDVEtEOLFDVDXQD
WLHUUDSODQD\XQFLHORHQIRUPDGHF~SXODTXHHUDQFRUULHQWHVPLODxRVDQWHVFRPRKHPRVYLVWRDO
FLWDUHO(QXPD(OLVKDVtFRPRKDFLHQGRSDUDOHORVHQWUHODHVWUXFWXUDGHOWHPSORMXGtR\DOJXQRV
GHVXVREMHWRVFRQODHVWUXFWXUDGHOPXQGR3DUD&RVPDV,QGLFRSOHXVWHVHOPXQGRHUDFRPRXQ
JUDQDUFyQ),*85$6LQHPEDUJRDXQTXHPXFKRVKDQFUHtGRHQORV~OWLPRVVLJORVTXHpVWD
HUDODRSLQLyQFRUULHQWHHQWUHORVFULVWLDQRVGHODpSRFDHVRHVWRWDOPHQWHIDOVRFRPRVHSXHGHYHU
HQORVGXURVDWDTXHVGH&RVPDVDRWURVFULVWLDQRVTXHQRHUDQGHVXPLVPDRSLQLyQ(VPiVXQR
GHORVPiVGHVWDFDGRVFLHQWtILFRVILOyVRIRVGHOPXQGRPHGLWHUUiQHRHQHVDpSRFD-XDQ)LORSyQTXH
WDPELpQHUDFULVWLDQRFULWLFyGXUDPHQWHODVLGHDVGH&RVPDV/DPD\RUtDGHORVWHyORJRVFULVWLDQRV
UHFKD]DURQWDPELpQHVDVHVSHFXODFLRQHV\HOOLEURGH&RVPDVGHVDSDUHFLyFDVLSRUFRPSOHWRKDVWD
VX³UHGHVFXEULPLHQWR´HQHOVLJOR;9,,FRPRXQDUDUH]DGHDQWLFXDULR
)LORSyQHVXQSHUVRQDMHVXPDPHQWHLQWHUHVDQWHSXHVQRVRODPHQWHVXSRFULWLFDUORVH[
WUHPRVIXQGDPHQWDOLVWDVGHDOJXQRVGHVXVFRPSDxHURVFULVWLDQRVVLQRTXHFRPEDWLyORVUHVWRVGH
PLWRORJtDTXHTXHGDEDQHQFLHUWRViPELWRVFLHQWtILFRVHQXQDOtQHDILHODODWUDGLFLyQEtEOLFD8Q
HMHPSORHUDODFRVPRORJtDFLHQWtILFDGH$ULVWyWHOHVHQODTXHVHFRQVLGHUDEDTXHORVDVWURVHVWDEDQ
KHFKRVGHXQPDWHULDOHVSHFLDOFDVLGLYLQRODTXLQWDHVHQFLDDOTXHQRVHDSOLFDEDQODVOH\HVTXH
UHJtDQHQODWLHUUD)LORSyQHVFDQGDOL]yDRWURVFLHQWtILFRVILOyVRIRVGHODDQWLJHGDGDODSR\DULGHDV
WHQLGDVFRPRKHWHURGR[DVFRPSDUDQGRDO6ROFRQXQIXHJRRUGLQDULRWHUUHVWUHSRGUtDPRVDKtUHFRU
GDUOD³OiPSDUD´GH*pQHVLV\DOSURSRQHUTXHHOPRYLPLHQWRGHORVDVWURVQRVHGHEtDDVXFDUiF
WHUPiVRPHQRV³VREUHQDWXUDO´VLQRDOLPSXOVRDOJRDVtFRPRDODLQHUFLDTXHOHVKDEtDVLGRGDGR
HQXQSULQFLSLRHQHOPRPHQWRGHODFUHDFLyQ(VWHSULPLWLYR\WRVFRFRQFHSWRGHODLQHUFLDVHUtDUHF
KD]DGRSRUORVFLHQWtILFRVILOyVRIRVDULVWRWpOLFRVTXHGRPLQDUtDQHOSDQRUDPDHXURSHRKDVWDILQDOHV
GHOD(GDG0HGLD3HURODLGHDGHXQDDOWHUQDWLYDSRVLEOHD$ULVWyWHOHVVHUtDUHFRJLGDSRUORViUDEHV
WUDVFRQTXLVWDU(JLSWR\SDVDUtDGHVSXpVDORVHVWXGLRVRVGHOD(GDG0HGLDHQ(XURSD$VtFXDQGR
HO SHQVDPLHQWR GH $ULVWyWHOHV HPSH]y D UHVTXHEUDMDUVH HQ HO VLJOR ;9, &RSpUQLFR *DOLOHR
'HVFDUWHVHWFWXYLHURQDKtXQDIXHQWHGHLQVSLUDFLyQDXQTXHQRVLHPSUHORUHFRQRFLHVHQDELHUWD
PHQWH
/D(XURSDPHGLHYDODFHSWyODHVIHULFLGDGGHODWLHUUDVLQSUREOHPDV\ORVLQWHOHFWXDOHVPH
GLHYDOHVDEVRUELHURQFRQHQWXVLDVPRJUDQGtVLPDVGRVLVGHODDQWLJXDFLHQFLDJULHJD$XQTXHVH
VLJXLyGHEDWLHQGRODPDQHUDSUHFLVDGHFRPSDWLELOL]DUODVHQJHQHUDOODDOLDQ]DFLHQFLD\IHIXQFLRQy
GXUDQWHPLODxRV3HURODVFRVDVVHFRPSOLFDURQLQHVSHUDGDPHQWHDPHGLDGRVGHOVLJOR;9,FXDQGR
HOFOpULJR1LFROiV&RSpUQLFRKL]RXQDSURSXHVWDHQXQOLEURVXPDPHQWHWpFQLFR),*85$ODVRE
VHUYDFLRQHVDVWURQyPLFDVGHORVSODQHWDVVHH[SOLFDUtDQPXFKRPHMRUVLVXSRQHPRVTXHHOVROHVWi
LQPyYLOHQHOFHQWURGHOVLVWHPDVRODU\ODWLHUUDVHPXHYHVREUHVtPLVPDFDGDGtD\GDXQDYXHOWD
DOUHGHGRUGHOVROFDGDDxR-XVWRORFRQWUDULRTXHORVFLHQWtILFRVILOyVRIRVYHQtDQFUH\HQGRKDVWDHQ
WRQFHV
/DILORVRItD\FLHQFLDJULHJDVLQFOXtDQODDILUPDFLyQGHODLQPRYLOLGDG\FHQWUDOLGDGGHODWLHUUD
FRPRSLHGUDDQJXODUGHWRGRHOVLVWHPD<PXFKRGHOSHQVDPLHQWRPHGLHYDOILORVyILFRFLHQWtILFR
WHROyJLFR\£KDVWDSROtWLFRVHKDEtDFRQVWUXLGRDVXPLHQGRTXHWRGDDTXHOODKHUHQFLDJULHJDQR
SRGtDVHULQFRUUHFWD3DUDHPSHRUDUODVFRVDVKDEtDDOJXQDVDILUPDFLRQHVEtEOLFDVUHODWLYDVDOD
ILUPH]DGHODWLHUUDTXHDXQTXHGHVWLQDGDVDUHIRU]DUODFRQILDQ]DHQODHVWDELOLGDGGHODQDWXUDOH]D
IUHQWHDORVPLWRV\QRDHQVHxDU³FLHQWtILFDPHQWH´ODLGHDGHTXHODWLHUUDHUDHOFHQWURLQPyYLOGHO
XQLYHUVRVHLQWHUSUHWDURQIiFLOPHQWHHQHVWHVHQWLGR<HVDVVRQODVGRVSULQFLSDOHVUDtFHVGHOSURE
OHPDFRQ*DOLOHRHOPiVFRQRFLGRVHJXLGRUGH&RSpUQLFR),*85$
/RVWHyORJRV\FLHQWtILFRVDORVTXH*DOLOHRVHHQIUHQWyWHQtDQQXHYDPHQWHXQDILGHOLGDGDO
WH[WREtEOLFRPDOHQWHQGLGDLQWHQWDQGRGHVFXEULUVLJQLILFDGRVFLHQWtILFRVGRQGHQRORVKDEtD3HUR
HQHVWHFDVRORSHRUIXHTXHFUHtDQFLHJDPHQWHTXHODFLHQFLDOHVGDEDODUD]yQHQVXUHFKD]RGH
*DOLOHR\HVRLPSHGtDDVXYH]TXHSXGLHUDQIOH[LELOL]DUVXLQWHUSUHWDFLyQGHOD%LEOLD
66DPEXUVN\(OPXQGRItVLFRDILQDOHVGHOD$QWLJHGDG$OLDQ]D(GLWRULDO0DGULG(VSDxD
´&XDQGR>@KD\DQSURFODPDGRTXH
GHFLUTXHODWLHUUDVHPXHYHHVKHUHMtDVL
ODVGHPRVWUDFLRQHVODVREVHUYDFLRQHV\ODV
QHFHVDULDVYHULILFDFLRQHVGHPXHVWUDQTXH
VHPXHYH¢HQTXpGLILFXOWDGVHKDEUiQ
SXHVWRDVtPLVPRV\KDEUiQ
FRORFDGRDOD6DQWD,JOHVLD"µ
*DOLOHR*DOLOHL&DUWDD(OLD'LRGDWL
)LJ
)LJ
&XDQGRORVWHyORJRVPHGLHYDOHVLJQRUDURQODWLHUUDSODQDGH&RVPDVSHQVDQGRTXHODFLHQ
FLDDSR\DEDGHFLGLGDPHQWHXQDWLHUUDHVIpULFDHLQPyYLODFHUWDURQHQORGHODHVIHULFLGDG6LQHP
EDUJRFXDQGRPLODxRVPiVWDUGHORVWHyORJRVGHOVLJOR;9,,GHVSUHFLDURQORVDUJXPHQWRVGH*DOLOHR
DIDYRUGHOPRYLPLHQWRGHODWLHUUDVXILUPHFUHHQFLDHQDTXHOODFLHQFLDJULHJDOHVFRQGXMRDOGHVDV
WUH3HQVDURQTXH&RSpUQLFRR*DOLOHRHUDQOXQiWLFRVHQYH]GHLQYHVWLJDGRUHVVHULRVFX\DVLGHDV
GHEtDQVHUWRPDGDVHQFXHQWD3RUHOORDOFRQGHQDUHQODWHRUtDGH&RSpUQLFRQRORKLFLHURQ
VRODPHQWHHQEDVHDOD%LEOLDVLQRTXHODHWLTXHWDURQFRPR³QHFLD\DEVXUGDGHVGHHOSXQWRGH
YLVWDGHODILORVRItDDODYH]TXHIRUPDOPHQWHKHUpWLFDSXHVWRTXHFRQWUDGLFHH[SUHVDPHQWHHQPX
FKRVOXJDUHVODVDILUPDFLRQHVGHODV6DJUDGDV(VFULWXUDV´7RGRVORVHVIXHU]RVGH*DOLOHRSDUDLQ
IOXLUVREUHODMHUDUTXtDFDWyOLFD\HYLWDUHVWDFRQGHQDIXHURQHQYDQR$VtFXDQGR*DOLOHRLJQRUyHVD
FRQGHQD\VLJXLyHQVHxDQGRHOPRYLPLHQWRGHODWLHUUDVXSURSLDFRQGHQDSHUVRQDOHQHUD\D
LQHYLWDEOH
&XULRVDPHQWHDXQTXHVHVXHOHLJQRUDU&RSpUQLFR\VXVVHJXLGRUHVHVFULELHURQYDULDVREUDV
HQODVTXHHVER]DURQIRUPDVEDVWDQWHVLPLODUHVGHLQWHUSUHWDFLyQGHORVWH[WRVEtEOLFRVSDUDVROX
FLRQDUORVSUREOHPDVFRQODWHRORJtDFULVWLDQDTXHHOORVFRPSDUWtDQ5HVXPLHQGRPXFKRVHSXHGH
GHFLUTXHOOHJDURQDODFRQFOXVLyQGHTXHORVWH[WRVHQORVTXHOD%LEOLDKDEODUHVSHFWRDODQDWXUDOH]D
VRQPHUDVGHVFULSFLRQHVHPStULFDV6XVDXWRUHVQRGHIHQGtDQQLQJXQDWHRUtDFLHQWtILFD6LPSOH
PHQWHGHVFULEtDQODQDWXUDOH]DWDO\FRPRDSDUHFHDVXVVHQWLGRVVLQSUHRFXSDUVHSRUEXVFDUH[SOL
FDFLRQHVFLHQWtILFDVSURIXQGDV\DKHPRVYLVWRFXiOHVHUDQORVYHUGDGHURVSUREOHPDVHQORVWLHPSRV
EtEOLFRV(VSRUHOORTXHVHJ~QHVWRVFLHQWtILFRVGHORVVLJORV;9,\;9,,OD%LEOLDQRSRGtDFRQVLG
HUDUVHXQDIXHQWHGHGDWRVFLHQWtILFRV3DUDHOORVQRKDEtDFRQIOLFWR1RKDEtDWDPSRFRQDGDTXHUHF
RQFLOLDU7DQVyORKDEtDTXHFRPSUHQGHUODQDWXUDOH]DUHDOGHOD%LEOLD\GHMDUTXHODFLHQFLDKLFLHUD
VXWUDEDMRGHVFXEULHQGRODHVWUXFWXUDGHOPXQGR*DOLOHRORH[SUHVyPDJQtILFDPHQWHHQFDUWDVSUL
YDGDV\S~EOLFDV
³<RPiVELHQFUHRTXHODDXWRULGDGGHODV6DJUDGDV(VFULWXUDVKD\DWHQLGRVRODPHQWHODLQ
WHQFLyQGHHQVHxDUDORVKRPEUHVDTXHOORVDUWtFXORV\SURSRVLFLRQHVTXHVLHQGRQHFHVDULRVSDUD
VXVDOYDFLyQ\VXSHUDQGRWRGDUHIOH[LyQKXPDQDQRSRGtDQKDFHUVHFUHtEOHVSRURWUDFLHQFLDQLSRU
RWURPHGLRDQRVHUSRUERFDGHO(VStULWX6DQWR3HURTXHDTXHOPLVPR'LRVTXHQRVKDGRWDGRGH
VHQWLGRVGHUD]RQDPLHQWR\GHLQWHOLJHQFLDKD\DTXHULGRSRVSRQLHQGRHOXVRGHpVWRVGDUQRVSRU
RWURPHGLRORVFRQRFLPLHQWRVTXHSRGtDPRVFRQVHJXLUSRUDTXpOORVQRSLHQVRTXHVHDQHFHVDULR
FUHHUOR\VREUHWRGRDSURSyVLWRGHDTXHOODVFLHQFLDVDODTXHVHUHILHUHOD(VFULWXUDVyORHQXQD
PtQLPDSDUWH\GHIRUPDGLVSHUVDpVWHHVSUHFLVDPHQWHHOFDVRGHODDVWURQRPtDGHODTXHVH
KDEODWDQSRFRTXHQRVHHQFXHQWUDQQLVLTXLHUDQRPEUDGRVORVSODQHWDV3HURVLORVSULPHURVHV
FULWRUHVVDJUDGRVKXELHVHQWHQLGRODLQWHQFLyQGHHQVHxDUDOSXHEORODVGLVSRVLFLRQHV\PRYLPLHQWRV
GHORVFXHUSRVFHOHVWHVQRKDEUtDQWUDWDGRWDQSRFRGHHOORVTXHHVFRPRQDGDHQFRPSDUDFLyQ
GHODVLQILQLWDVSURIXQGtVLPDV\DGPLUDEOHVHQVHxDQ]DVTXHHQWDOFLHQFLDVHFRQWLHQHQ´
³>@(Q6DQ$JXVWtQVHOHHQODVVLJXLHQWHVSDODEUDV©7DPELpQVHVXHOHSUHJXQWDUFXiOGHEH
FUHHUVHTXHHVODIRUPD\ILJXUDGHOFLHORGHDFXHUGRFRQOD6DJUDGD(VFULWXUDSXHVPXFKRVGLV
FXWHQDFDORUDGDPHQWHVREUHHVWDVFRVDVTXHSRUSUXGHQFLDQXHVWURVHVFULWRUHVVDJUDGRVRPLWLHURQ
>@HO(VStULWXGH'LRVTXHKDEODEDSRUHOORVQRKDTXHULGRHQVHxDUDORVKRPEUHVODVFRVDVTXHQR
OHVVHUYLUiQSDUDODVDOYDFLyQª´
³>@<RDTXtGLUpDTXHOORTXHRtDXQDSHUVRQDHFOHVLiVWLFDGHPX\HOHYDGRUDQJR>QRWDGH
*DOLOHR(O&DUGHQDO%DURQLR@HVWRHVTXHODLQWHQFLyQGHO(VStULWX6DQWRHUDHQVHxDUQRVFyPRVH
YDDOFLHOR\QRFyPRYDHOFLHOR´),*85$
*DOLOHR*DOLOHL&DUWDD'%HQHGHWWR&DVWHOOL(Q&DUWDD&ULVWLQDGH/RUHQD\RWURVWH[WRVVREUHFLHQFLD\UHOLJLyQ
2SFLWS
*DOLOHR*DOLOHL&DUWDD&ULVWLQDGH/RUHQD(Q&DUWDD&ULVWLQDGH/RUHQD\RWURVWH[WRVVREUHFLHQFLD\UHOLJLyQ
2SFLWSS
*DOLOHR*DOLOHL,GHPS
3HURQRWRGRVORHQWHQGLHURQDVt/RVPi[LPRVGLULJHQWHVGHODLQTXLVLFLyQSRUYRWRVD
GHFLGLHURQFRQGHQDUD*DOLOHRDSULVLyQSHUSHWXDFRQHOEHQHSOiFLWRHLQVWLJDFLyQGHOSDSD£SUHYL
DPHQWHDGPLUDGRU\DPLJRGH*DOLOHR/DKLVWRULDGHHVWDFRQGHQDKDVLGRFRQWDGDPXFKDVYHFHV
$XQTXHORVKLVWRULDGRUHVFRQRFHQFDGDYH]PiVGHWDOOHVGHDTXHOSURFHVRSRSXODUPHQWHHO
UHODWRGHODVSHQDOLGDGHVGH*DOLOHRVLJXHGDQGRPiVFDORUTXHOX]UHGXFLGRDODFRQIURQWDFLyQVLP
SOLVWDFLHQFLDIHFULVWLDQD/RVPRWLYRVVLQHPEDUJRIXHURQP~OWLSOHVVHKDQLQYRFDGRSRUORVKLV
WRULDGRUHVPXFKDVH[SOLFDFLRQHVLQWHUHVHVSROtWLFRVLQWULJDVGLSORPiWLFDVULYDOLGDGHVFLHQWtILFDV
DPLVWDGHVWUDLFLRQDGDVRGLRVSHUVRQDOHV/RPiVSRVLEOHHVTXHWRGDVHVDVUD]RQHVVHVRODSDVHQ
\FRQWULEX\HVHQDOHQGXUHFLPLHQWRGHODDFWLWXGGHODLQTXLVLFLyQFRQ*DOLOHR
/DVFRVDVVHYHQDKRUDPX\GLIHUHQWHVGHKDFHDxRV/DSURSDJDQGDDQWLFULVWLDQDGH
ORVVLJORV;9,,,\;,;YLRHQ*DOLOHRXQPRPHQWRHVWHODUGHXQVXSXHVWRFRQIOLFWRHWHUQRHQWUHODFLHQ
FLD\ODIHFULVWLDQD6LQHPEDUJRODYHUGDGHUDSROpPLFDIXHHQWUHGRVJUXSRVDPERVFULVWLDQRV\
HQORVFXDOHVKDEtDDVWUyQRPRVILOyVRIRV\WHyORJRV/RVTXHGHVSXpVKDQGDGRODYXHOWDDODKLV
WRULD\DWDFDQDOFULVWLDQLVPRFRPRDOJRUHWUyJUDGRDQWLFLHQWtILFR\RVFXUDQWLVWDHQQRPEUHGHOTXH
FRQVLGHUDQFRPRJUDQPiUWLUGHODFLHQFLD*DOLOHRKDFHQDOJRTXHDpOOHKXELHUDHVSDQWDGR3XHV
QRVHFDQVyGHGHFLUTXHVXOXFKDHUDSRUHOELHQIXWXURGHOFULVWLDQLVPR(VPiV*DOLOHROOHJyDSU
HYHUFRQPXFKDSUHRFXSDFLyQORTXHSRGUtDRFXUULUHQFDVRGHTXHVHDGRSWDVHODSRVLFLyQFRQWUDULD
SRUSDUWHGHORVFULVWLDQRV\WULVWHPHQWHHOWLHPSROHKDGDGRODUD]yQ
³>@FXDQGRDSR\iQGRQRVVRODPHQWHVREUHDTXHOTXHDQRVRWURVQRVSDUHFHVHUHOYHUGDGHUR\
VHJXUtVLPRVHQWLGRGHODV(VFULWXUDVFRQGHQiUDPRVXQDWDOSURSRVLFLyQVLQH[DPLQDUHOYDORUGHODV
GHPRVWUDFLRQHV ¢TXp HVFiQGDOR QR RFXUULUtD FXDQGR ODV H[SHULHQFLDV VHQVLEOHV \ ODV UD]RQHV
GHPRVWUDVHQORFRQWUDULR"¢<TXLpQKDEUtDLQWURGXFLGRFRQIXVLyQHQOD6DQWD,JOHVLD"¢DTXHOORV
TXHSURSRQtDQXQPi[LPRDQiOLVLVGHODVGHPRVWUDFLRQHVRPiVELHQDTXHOORVTXHODVKDEtDQGH
VSUHFLDGR"9pDVHSXHVFXiOHVHOFDPLQRPiVVHJXUR
>@
6LODWLHUUD©GHIDFWRªVHPXHYHQRSRGUHPRVFDPELDUODQDWXUDOH]D\KDFHUTXHQRVH
PXHYDSHURVtSRGHPRVIiFLOPHQWHHYLWDUODFRQWUDGLFFLyQFRQOD(VFULWXUDVLPSOHPHQWHFRQIHVDQGR
QRKDEHUGHVFXELHUWRVXYHUGDGHURVHQWLGR3RUWDQWRHOFDPLQRVHJXURSDUDQRHTXLYRFDUQRVHVHO
GHFRPHQ]DUSRUODVLQYHVWLJDFLRQHVDVWURQyPLFDV\QDWXUDOHV\QRSRUODVEtEOLFDV´
³&XDQGR)URPRQGRXRWURVKD\DQSURFODPDGRTXHGHFLUTXHODWLHUUDVHPXHYHHVKHUHMtDVLODV
GHPRVWUDFLRQHVODVREVHUYDFLRQHV\ODVQHFHVDULDVYHULILFDFLRQHVGHPXHVWUDQTXHVHPXHYH¢HQ
TXpGLILFXOWDGVHKDEUiQSXHVWRDVtPLVPRV\KDEUiQFRORFDGRDOD6DQWD,JOHVLD"´),*85$
/DSRVWHULRUFRQILUPDFLyQGHOVLVWHPDGH&RSpUQLFRHQORVVLJORV;9,,\;9,,,KDUtDTXHHO
PRGHORGHUHODFLRQHVFLHQFLDIHFULVWLDQDHODERUDGRSRUVXVVHJXLGRUHVIXHVHFDGDYH]PiVDFHS
WDGRSRUORVWHyORJRVVREUHWRGRSRUDTXHOORVTXHWDPELpQHUDQFLHQWtILFRV7UDVODREUDGH1HZWRQ
DILQDOHVGHOVLJOR;9,,ORVWHyORJRVFULVWLDQRVDSR\DEDQ\DPDVLYDPHQWHHOPRYLPLHQWRGHODWLHUUD
DXQTXHQRIXHUDVLHPSUHDELHUWDPHQWH(VWRGHEHUtDKDEHUVLGRHOILQDOGHODKLVWRULDVLQHPEDUJR
GRVVLJORVPiVWDUGHODWHRUtDGHODHYROXFLyQGH'DUZLQYLQRDUHPRYHUORTXHSDUHFtDXQHVWDQTXH
QXHYDPHQWHHQFDOPD0XFKRVQRDSUHQGLHURQGHODKLVWRULDDQWHULRU\QXHYDPHQWHYROYLHURQD
FRPHWHUORVPLVPRVHUURUHV3RUHOORFRQYLHQHGHVHPSROYDUHOPpWRGRGHORVSLRQHURVFULVWLDQRVGH
ODFLHQFLDPRGHUQDSDUDUHSODQWHDUODLQWHUSUHWDFLyQGHOD%LEOLDHQWHPDVGHFLHQFLD\IHSRUTXH
LQGHSHQGLHQWHPHQWHGHORTXHORVOLEURVGHFLHQFLDGLJDQVREUH'DUZLQ\ODHYROXFLyQGHQWURGH
YDULRVVLJORVKD\SULQFLSLRVVREUHFLHQFLD\IHTXHGHELHUDQWHQHUVHHQFXHQWDHQWRGRPRPHQWR
*DOLOHR*DOLOHL$SXQWHVSUHYLRVDOSURFHVRGH(Q&DUWDD&ULVWLQDGH/RUHQD\RWURVWH[WRVVREUHFLHQFLD\UH
OLJLyQ2SFLWSS
*DOLOHR*DOLOHL&DUWDD(OLD'LRGDWL&LWDGRHQ/XGRYLFR*H\PRQDW*DOLOHR*DOLOHL(G3HQtQVXOD%DUFHORQD(V
SDxDS
3HUVSHFWLYDVXQDYLVLyQGHIXWXURSDUDODVUHODFLRQHVFLHQFLD\IH),*85$
/DFRVPRYLVLyQEtEOLFD\ODFLHQFLD ODFLHQFLDQHFHVLWDGHXQVRSRUWHGHLGHDVEiVLFDVTXH
SHUPLWHQTXHODLQYHVWLJDFLyQWHQJDVHQWLGR\TXHOD%LEOLDDSR\DGHHVWDPDQHUD
D(OPXQGRFRPRXQDUHDOLGDGFUHDGDSUHVHQWHDQWHQRVRWURV\DELHUWDDODLQYHVWLJDFLyQ
E(OPXQGRFRPRODREUDGHXQ&UHDGRUTXHOHKDGDGRXQDVOH\HVSDUDIXQFLRQDU
F(OVHUKXPDQRFRPRLPDJHQGHO&UHDGRUTXHOHGDXQDPHQWHFDSD]GHHVWXGLDUODVSUR
IXQGLGDGHVGHODFUHDFLyQVLQQLQJ~QPLHGR
/D%LEOLD\ODFLHQFLD PXFKRVGHORVFRQIOLFWRVVHHYLWDUtDQWRPDQGRHQFXHQWDHVWRV
SULQFLSLRV
D/DLGHDEiVLFDSDUDHQWHQGHUVXVUHODFLRQHVHVODGH³ORVGRVOLEURV´TXH\DHVER]DURQ
&RSpUQLFR*DOLOHR\RWURVSHUVRQDMHVGHOD5HYROXFLyQ&LHQWtILFDGHORVVLJORV;9,\;9,,\TXHVH
UHPRQWDDORVWHyORJRVPHGLHYDOHV\GHSULQFLSLRVGHQXHVWUDHUD6RQGRVFDPSRVSHFXOLDUHVTXH
GHEHQHVWXGLDUVHUHVSHWDQGRVXVFDUDFWHUtVWLFDVSURSLDVVLQVLPSOLILFDFLRQHV\UHGXFFLRQLVPRV
E/D%LEOLDHVHQSDUWHEDVHGHODFLHQFLDHQFXDQWRDVXFRVPRYLVLyQSHURQRHV
XQOLEURGHFLHQFLD\KD\TXHWHQHUFXLGDGRFRQODLQWHUSUHWDFLyQGHODVSDUWHVDSDUHQWHPHQWH
³FLHQWtILFDV´GHOD%LEOLD3RUHVWRQRGHEHXVDUVHOD%LEOLDFRPRXQDUJXPHQWRSDUDUHFXUULU
HQGLVFXVLRQHVFLHQWtILFDV/DFLHQFLDGHEHVROYHQWDUVXVSUREOHPDVSRUVXVSURSLRVPHGLRV
FRQLQGHSHQGHQFLDGHOD%LEOLD
F'HIRUPDSDUDOHODWHQHPRVTXHGHFLUTXHWDPSRFRODQDWXUDOH]DHVXQOLEURGH
WHRORJtDSRUORTXHKD\TXHVHUFXLGDGRVRVQREDVDULGHDVUHOLJLRVDVHQODFLHQFLD\QRXWL
OL]DUODFLHQFLDHQDUJXPHQWDFLRQHVWHROyJLFDV
/DLJOHVLD\ODFLHQFLD FRPRFRQVHFXHQFLDGHODDSOLFDFLyQGHODQWHULRUSXQWRQRVRODPHQWH
VHSRGUiQHYLWDUORVFRQIOLFWRVVLQRTXHVHSRGUiOOHJDUDXQDVLWXDFLyQKDUPRQLRVD\GHFRPSUHQVLyQ
PXWXDHQWUHDPEDV
D/DLJOHVLDQRGHEHLQPLVFXLUVHHQGLVFXVLRQHVFLHQWtILFDV'HEHFHQWUDUVHHQ&ULVWR
\HQOD%LEOLDLQGLFDQGRDODVRFLHGDGTXpFRQVHFXHQFLDVVHGHVSUHQGHQGHODHQVHxDQ]D
FULVWLDQDVLQFRQYHUWLUVHHQXQJUXSRGHSUHVLyQHQWHPDVFLHQWtILFRV
E/DFLHQFLDWLHQHTXHLQVFULELUVHHQXQDGLQiPLFDGHSURJUHVRSRUORTXHHVWiHQ
FRQVWDQWHUHQRYDFLyQLQFUHPHQWDQGRORVGDWRVGLVSRQLEOHV\UHQRYDQGRODVLQWHUSUHWDFLRQHV
GHHOORVSDUDSHUPLWLUQRVXQDFRPSUHQVLyQPD\RUGHODUHDOLGDG(OFRPSURPLVRGHODLJOHVLD
FRQGHWHUPLQDGDVWHRUtDVFLHQWtILFDVQROOHYDPiVTXHDWRGRWLSRGHGHVDVWUHVHQHOIXWXUR
HVSHFLDOPHQWHSDUDODLJOHVLDTXHHVODTXHPiVWLHQHTXHSHUGHUFRPRVHYLRHQHO³FDVR
*DOLOHR´
F(OHVWXGLRGHODQDWXUDOH]DQRULYDOL]DFRQODIHVLQRTXHHVLQFOXVRXQDHVSHFLH
GHWDUHD³UHOLJLRVD´SXHVSHUPLWHFRQRFHUODFUHDFLyQGH'LRV\DFHUFDUVHDOSHQVDPLHQWR
GH'LRVH[SUHVDGRHQODFUHDFLyQFRPRKHPRVLQGLFDGRDQWHV3RUHVWRHOFLHQWtILFRQR
GHEHVHUXQVHUH[WUDxRQLH[WUDxDGRHQODLJOHVLDVLQRTXHWLHQHTXHVHUFRQVLGHUDGRFRPR
XQFUH\HQWHPiV
3DUDWHUPLQDU\FRPRUHVXPHQSRGHPRVGHFLUTXHHO*pQHVLVOHMRVGHVHUODUHOLTXLD
PtWLFDGHXQWLHPSRSDVDGRFRPRDOJXQRVFUHHQHVDOJRDVtFRPRODSULPHUDSLHGUDGHOR
PHMRUGHODPRGHUQLGDGODFLHQFLD\ORVGHUHFKRVKXPDQRV3RUVXSXHVWRTXHKD\RWUDV
FRVDVQHJDWLYDVGHODPRGHUQLGDGTXHQXHVWUDVRFLHGDGSRVWPRGHUQDLQWHQWDVDFXGLUVH
FRPRODGHVWUXFFLyQGHOPHGLRDPELHQWH\ODSREUH]DHQGpPLFDTXHDWHQD]DJUDQGHVSDUWHV
GHOSODQHWD3DUDDERUGDUHVWRVSUREOHPDVWDPELpQSRGHPRVHQFRQWUDUFLHUWDVFODYHVHQ
HO*pQHVLV\DORODUJRGHOD%LEOLDDXQTXHHVRHV\DRWUDKLVWRULDSDUDRWURGtD
3DEORGH)HOLSH
'RFWRUHQ&LHQFLDV4XtPLFDV%LRORJtD0ROHFXODU,QYHVWLJDGRUHQOD8QLYHUVLGDGGH6W
$QGUHZV(VFRFLD3URIHVRUGHFLHQFLD\IHHQHOVHPLQDULR6(870DGULG
7H[WRDPSOLDGRGHODVFRQIHUHQFLDVRUJDQL]DGDVSRUODDJUXSDFLyQ'HOLUDQWHHLPSDUWLGDV
HQOD8QLYHUVLGDGGH$OFDOiGH+HQDUHV\HO&HQWUR&XOWXUDO9DOOH,QFOiQ
HOOXQHVGH$EULOGHZZZGHOLUDQWHRUJ
%LEOLRJUDItD
5HODWRVPtWLFRVVREUHORVRUtJHQHV
‡6HX[0-\RWURV/DFUHDFLyQGHOPXQGR\GHOKRPEUHHQORVWH[WRVGHO3Uy[LPR2UL
HQWH$QWLJXR9HUER'LYLQR
‡(QXPD(OLVK7UDGXFFLyQGH)HGHULFR/DUD3HLQDGR(G7URWWD
&LHQFLD\IHVREUHORVRUtJHQHV
‡9DULRV(QHOSULQFLSLR8QDSHUVSHFWLYDHYDQJpOLFDGHOGHEDWHVREUHORVRUtJHQHV
&/,($QGDPLR
‡$UDQD3HGUR3URJUHVRWpFQLFD\KRPEUH(GLFLRQHV(YDQJpOLFDV(XURSHDV
‡)ORUL-HDQ*qQHVHRXO¶DQWLP\WKH(GLWLRQV9LHHW6DQWp([LVWHWUDGXFFLyQHV
SDxROD/RVRUtJHQHV6DIHOL]
‡5RVV+XJK&UHDWLRQDQGWLPH$ELEOLFDODQGVFLHQWLILFSHUVSHFWLYHRQWKHFUHDWLRQGDWH
FRQWURYHUV\1DYSUHVV
‡5DPP%HUQDUG(YROXFLyQELRORJtD\%LEOLD&HUWH]D
‡9DULRV&XDWURSHUVSHFWLYDVVREUHORVRUtJHQHV$OpWKHLD
‡'H)HOLSH3DEOR6REUH³HOGHEDWHGHORVRUtJHQHV´$OpWKHLD
‡*LEVRQ-RKQ&/*pQHVLVWRPR,(G/D$XURUD
‡.LGQHU'HUHN*pQHVLV(G&HUWH]D
‡'H)HOLSH3DEOR$SXQWHVSDUDHOGHEDWHKLVWyULFRGHODFRVPRORJtDEtEOLFD$OpWHKHLD
&LHQFLD\IHHQORVVLJORV;9,\;9,,
‡*DOLOHL*DOLOHR&DUWDD&ULVWLQDGH/RUHQD\RWURVWH[WRVVREUHFLHQFLD\UHOLJLyQ
7UDGXFFLyQGH0RLVpV*RQ]iOH]$OLDQ]D(GLWRULDO
‡+RR\NDDV55HOLJLRQDQGWKHULVHRIPRGHUQVFLHQFH6FRWWLVK$FDGHPLF3UHVV
FRQFRUUHFFLRQHVHQ
‡9RQ:HL]VlFNHU&)/DLPSRUWDQFLDGHODFLHQFLD(G/DERU
(VWHOLEURWDPELpQVLUYHSDUDORVGHPiVDSDUWDGRV