26 ۉ$`Ɩ¶,4 $/ $=Ɩ+,5 `( $%Ū %$.5 ,%1 Ȃ %$.5 ,%1 Ȃ %$.5 ,%1 Ȃvৡ

/26‫ۉ‬
,0$/
/26 $'Ɩ¶,4$/
,4$/$=Ɩ+,5'($%Nj
'($% %$.5,%1Ȃv
%$.5,%1Ȃvৡ,0$/
,0$/
*$51Ɩ৫Ʈ81$2%5$
81$2%5$+802567,&
*$51
81$2%5$+802567,&$
+802567,&$(1/$*5$1$'$
1$=$5
1$=$5
$E½%DNU,EQȂv}LPDO
DG—ȃLTDO
LTDO
$E½%DNU,EQȂv}LPDO
v}LPDO*DUQ—·ȃV‫ۉ‬
*DUQ—·ȃV DG—ȃ
LTDOD]—KLUDKXPRUZRUN
DKXPRUZRUNLQ
KXPRUZRUNLQ
LQ
WKH1DৢU
WKH1D UƯ.LQJGRPRI*UD
.LQJGRPRI*UDQDGD
QDGD
'HVLUpH/Ï3(=%(51$/
8QLYHUVLGDGGH*UDQDGD
%,%/,'>;@
5HVXPHQ(OSURSyVLWRGHOSUHVHQWHDUWtFXORHVRIUHFHUXQDSDQRUiPLFDOLWHUDULDJHQHUDOGH
XQDREUDGHDGDEDQGDOXVtGHILQDOHVGHOV;,9ORV‫ۉ‬DGƗ¶LTDOD]ƗKLUGH$Enj%DNU,EQ
µƖৢLPTXHDXQTXHFRQRFLGDQRKDVLGRKDVWDHOPRPHQWRHVWXGLDGDHQSURIXQGLGDG\TXH
VLQHPEDUJRUHYLVWHHOHVSHFLDOLQWHUpVGHWUDWDUVHGHXQDGHODV~OWLPDVPXHVWUDVGHOJpQH
URGHODVEHOODVOHWUDViUDEHVHQDO$QGDOXV\XQHMHPSOR~QLFRHQODFLWDGDOLWHUDWXUDGH
XQDREUDGHDGDEFRQVDJUDGDSRUFRPSOHWRDOKXPRU
$EVWUDFW3URYLGHVDOLWHUDU\RYHUYLHZRIDQ$QGDOXVLDQDGDEZRUNRIWKHODWHIRXUWHHQWK
FHQWXU\$Enj%DNU,EQµƖৢLP¶V‫ۉ‬DGƗ¶LTDOD]ƗKLUZLGHO\NQRZQEXWQRWVWXGLHGDWOHQJWK
VRIDULWVLQWHUHVWOLHVLQWKHIDFWWKDWLW¶VRQHRIWKHODVWRXWSXWVRIWKH$UDEEHOOHVOHWWUHVLQ
DO$QGDOXVDV ZHOODVDQXQLTXHH[DPSOH ZLWKLQWKLVOLWHUDWXUHRIDQDGDEZRUNGHYRWHG
HQWLUHO\WRKXPRU
3DODEUDVFODYH/LWHUDWXUD$GDE+XPRU5HLQR1D]DUt$Enj%DNU,EQµƖৢLP
.H\ZRUGV/LWHUDWXUH$GDE+XPRU1DৢUƯ.LQJGRP$Enj%DNU,EQµƖৢLP
5HFLELGR$FHSWDGR
,1752'8&&,“1
&RUU­D OD ºOWLPD G©FDGD GHO V ;,9 FXDQGR XQ SROLIDF©WLFR VDELR JUDQDGLQR
$E½%DNU,EQȂv}LPFRPSXVRSDUDHOVREHUDQRQD]DU­<½VXI,,VXV
jDG—ȃLTDOD]—KLU(QDTXHOORVPRPHQWRVHO5HLQR1D]DU­GH*UDQDGDVREUHYLY­D
FRPRORKDE­DKHFKRGHVGHVXVLQLFLRV\FRPRORKDU­DKDVWDVXSUHVHQWLGRILQDO
HQHQHURGH(QHVWHSDQRUDPDSRO­WLFRPDUFDGRSULQFLSDOPHQWHSRUODVLQ
WULJDV \ FRQVSLUDFLRQHV HQ OD FRUWH \ ODV DOLDQ]DV SRO­WLFDV \ HFRQ³PLFDV FRQ
RWUDV SRWHQFLDV WDQWR FULVWLDQDV FRPR PXVXOPDQDV ²LQWHUHVDGDV FXULRVDPHQWH
HQLQFRUSRUDUDVXVGRPLQLRVHOSURSLRWHUULWRULRQD]DU­²ORVOLWHUDWRVJUDQDGLQRV
FRQVLJXLHURQPRYHUVHFRQEULOODQWH]WDQWRHQHOWHUUHQRGHODSRHV­DFRPRHQHOGH
$FHUFDGHODKLVWRULDSRO­WLFDGHO5HLQR1D]DU­H[LVWHQPºOWLSOHVW­WXORV8QHVWXGLRJHQHUDOHVHO
GH5DFKHO$UL© /
(VSDJQHPXVXOPDQHDXWHPSVGHV1DVULGHV3DULV'H%RFFDUG
3DUDHOºOWLPRVLJORGHVXH[LVWHQFLDY©DVHODUHFLHQWHLQYHVWLJDFL³QGH$QWRQLR3HO¡H]5RYLUD(OHPL
0($+6(&&,Ï1È5$%(,6/$0>;@
'(6,5e(/Ï3(=%(51$/
ODSURVD-XQWRDODVJUDQGHVILJXUDVGHODO­ULFDODSURGXFFL³QHQHO¡PELWRGHOD
SURVD IXH LJXDOPHQWH DEXQGDQWH \ YDULDGD VREUHVDOLHQGR J©QHURV FRPR OD
PDT—PDODULmOD\ODULV—ODPXFKDVYHFHVFRPELQDGDVORVDPd—O\HODGDEGHQ
WURGHOFXDOVHLQVFULEHODREUDTXHQRVRFXSD\ TXHIXHFXOWLYDGRDSDUWLUGHOV
;,9
(Q HVWH FRQWH[WR SRO­WLFROLWHUDULR IXH SURWDJRQLVWD GHVWDFDGR $E½ %DNU ,EQ
Ȃv}LPQRV³ORSRUVXWUD\HFWRULDSURIHVLRQDOYLQFXODGDSRUXQODGRDORV%DQ½
1D}U\SRURWURDOHMHUFLFLRGHODMXGLFDWXUDVLQRWDPEL©QSRUVXODERUHVWULF
UDWRQD]DU­GH*UDQDGDHQHOVLJOR;9'LQ¡PLFDSRO­WLFD\IXQGDPHQWRVVRFLDOHVGHXQHVWDGRDQGD
OXV­*UDQDGD8QLYHUVLGDGGH*UDQDGD
6REUHHOIORUHFLPLHQWRFXOWXUDO\ODSURGXFFL³QOLWHUDULDHQ©SRFDQD]DU­Y©DVH5DFKHO$UL©Ȇ3D
QRUDPDGHOIORUHFLPLHQWRFXOWXUDOHQOD*UDQDGDQD}U·GHOV;9ȇ(Q&HOLDGHO0RUDOHG (QHOHS­
ORJR GHO ,VODP DQGDOXV­ OD *UDQDGD GHO V ;9 *UDQDGD &$%(, SS )—LPD †DmDm
Ȇ)XHQWHV\ HVWXGLRV HQ OHQJXD¡UDEHVREUH OD OLWHUDWXUDHQOD©SRFDQD]DU­ȇ (Q &RQFHSFL³Q &DVWLOOR
&DVWLOORHG (VWXGLRV1D]DU­HVFRO$O0XGXQ*UDQDGD&$%(,SS&HOLDGHO0RUDO
0ROLQDȆ/D/LWHUDWXUDGHOSHULRGRQD]DU­ȇ 2SFLWSS\0k-HVºV9LJXHUD0RO­QVȆ&XOWXUD
¡UDEH\DUDEL]DFL³Qȇ (OUHLQR1D]DU­GH*UDQDGD6RFLHGDG9LGD\&XOWXUD&RRUG0k
-HVºV9LJXHUD0RO­QV0DGULG(VSDVD&DOSHSS
/DSRHV­DGHO5HLQR1D]DU­FRQW³FRQJUDQGHVILJXUDVGHODWDOODGH,EQDO-D·E,EQ=DPUDNH,EQ
DOeDff—EHQHOV;,9MXQWRFRQ<½VXI,,,,EQ)XUN½Q\Ȃ$EGDO.DU·PDO4D\V·HQWUHRWURVHQHO
V;96REUHODSRHV­DQD]DU­HQHVWHºOWLPRVLJORFRQVºOWHVH)DWLPD†DmDmȆ/DSRHV­DDQGDOXV­HQHO
V;9$VSHFWRVWHP¡WLFRV\VLPE³OLFRVȇ(Q&HOLDGHO0RUDOHG(QHOHS­ORJRSS
$OPHQRVQRVHWLHQHFRQRFLPLHQWRGHREUDVGHDGDEDQWHULRUHVDGLFKRVLJOR
$FHUFDGHODYLGDREUD\DVFHQGHQWHFDUUHUDSRO­WLFD\MXU­GLFDGHHVWHDXWRUFRQVºOWHVH$5RGU­
JXH])LJXHURD\-/LUROD'HOJDGR VYȆ,EQȂv}LPDO4D\V·$E½%DNUȇ(Q-RUJH/LUROD'HOJDGR\
-RV©0LJXHO3XHUWD9­OFKH]FRRUGV (QFLFORSHGLDGHODFXOWXUDDQGDOXV­%LEOLRWHFDGHDO$QGDOXV
$OPHU­D)XQGDFL³Q,EQ7XID\OGH(VWXGLRVUDEHVYROSSHQDGHODQWHVHFLWDU¡OD
REUDFRPR(&$\0LORXGD&KDURXLWL+DVQDRXLȆ8QDIDPLOLDGHMXULVWDVHQORVVLJORV;,9\;9/RV
%DQ½Ȃv}LPGH*UDQDGDȇ(Q0DQXHOD0DU­QHG (VWXGLRVRQRP¡VWLFRELRJU¡ILFRVGH$O$QGDOXV
9,+RPHQDMHD-RV©0k)³UQHDV0DGULG&6,&SS
6HVDEHTXHHMHUFL³FRPRYLVLU\VHFUHWDULRGXUDQWHHOEUHYHUHLQDGRGH<½VXI,,UHOH
YDQGRD,EQ=DPUDNKDVWDTXH©VWHIXHSHUGRQDGR\UHDGPLWLGR3DUHFHDGHP¡VTXHRVWHQW³SRUHO
SHULRGRGHXQD±RORVFDUJRVGHVHFUHWDULR\MHIHGHODFDQFLOOHU­DGHOVLJXLHQWHPRQDUFD0XmDPPDG
9,,JKDVWDODGHILQLWLYDUHVWLWXFL³QHQVXFDUJRGHOFLWDGR,EQ=DPUDNHQHOD±R
1RREVWDQWHH[LVWHFLHUWDFRQIXVL³QUHVSHFWRDORUGHQGHVXVFDUJRVSRO­WLFRV\ODUHODFL³QGHORV
PLVPRVGDGRHOSU¡FWLFRVLOHQFLRTXHODVIXHQWHVJXDUGDQDOUHVSHFWR
1RPEUDGRFDG­GH*XDGL[UHFL©QLQDXJXUDGRHOUHLQDGRGH0XmDPPDG9,,,HQHOPHVGH }DIDU
GHOD±RGHPDU]RGHDEULOGHVXWUD\HFWRULDMXU­GLFDDOFDQ]DU­DVXFLPDFRQVXGHVLJ
QDFL³Q FRPRFDG­ VXSUHPR T—G· OfDP—ȂDGH *UDQDGD HOP¡V DOWR HVFDODI³Q HQ HO ¡PELWRMXGLFLDO
TXHFRQVHUY³GHVGHHOGH r½OTDȂGDGHOD±RGHQRYLHPEUHGHKDVWDSUREDEOHPHQWHVX
PXHUWHDFDHFLGDFXDWURD±RVP¡VWDUGH6XKLMRQRDFODUDHVWHGHWDOOHQLHQHO sDUm7XmIDWDOmXNN—P
QLHQOD eXQQDWDOUL…—7DPSRFRHQODVGHP¡VIXHQWHVELRJU¡ILFDVVHSUHFLVDQDGDDOUHVSHFWR9©DVH
$E½<Dm\ ,EQȂv}LPsDUm7XmIDWDOmXNN—PIU$ODFDUUHUDMXU­GLFDGH$E½%DNU,EQȂv}LP
KDFHQPHQFL³QHQVXVWUDEDMRV/XLV6HFRGH/XFHQDȆ/DHVFXHODGHMXULVWDVJUDQDGLQRVHQHOV;9ȇ
0($+SS0DU­D,VDEHO&DOHUR6HFDOO /RV FDG­HVGHO5HLQR1D]DU­GH*UDQDGD(V
WXGLRKLVW³ULFRELRJU¡ILFR*UDQDGD\Ȇ)DPLOLDVGHFDG­HVHQHOUHLQR1D]DU­ȇ(Q&RQFHSFL³Q
9¡]TXH]GH%HQLWR\0LJXHOQJHO0DQ]DQR5RGU­JXH]HGV $FWDVGHO;9,&RQJUHVRGHOD8($,
6DODPDQFD6DODPDQFDSS
0($+6(&&,Ï1È5$%(,6/$0>;@
/26‫ۉ‬$'Ɩȃ,4$/$=Ɩ+,5'($%Nj%$.5,%1Ȃvৡ,0$/*$51Ɩ৫Ʈ81$2%5$Ȍ
WDPHQWHOLWHUDULDFX\RºQLFRIUXWRTXHVHFRQVHUYDVRQORVjDG—ȃLTDOD]—KLUOD
ºOWLPDGHODVREUDVKXPRU­VWLFDVGHDGDEFRQRFLGDVGH©SRFDQD]DU­\SRUHQGHGH
DO$QGDOXV
'H QRPEUH FRPSOHWR $E½ %DNU 0XmDPPDG E 0XmDPPDG E 0XmDPPDG
EȂv}LPDO4D\V·DO*DUQ—·HOTXHIXHUDDXWRUGHORV jDG—ȃLTDOD]—KLUVHSUH
VHQWD DQWH ORV RMRV GHO LQYHVWLJDGRU FRPR XQD LOXVWUH SHUVRQDOLGDG MXU­GLFD P¡V
TXHFRPRILJXUDOLWHUDULD1RHQYDQRFRQVDJU³ODPD\RUSDUWHGHVXSURGXFFL³Q
LQWHOHFWXDO DO HVWXGLR \ FRPHQWDULR GH FXHVWLRQHV UHODFLRQDGDV FRQ HO GHUHFKR
LVO¡PLFRDOILTK\VXVIXQGDPHQWRVȂLOPDOȂX}½O\DRWURVWHPDVUHODFLRQDGRV
FRQHOFDPSRGHODMXGLFDWXUDFRPRHOUHSDUWRGHKHUHQFLDV/DHQRUPHIDPDTXH
HQVXPRPHQWROHUHSRUW³ODTXHKDVLGRFRQVLGHUDGDVXREUDPDHVWUDODF©OHEUH
7XmIDWDOmXNN—PUHVXHQDWRGDY­DVLHQGRSRUHOORHOSHUVRQDMHP¡VFRQRFLGRGH
ORV%DQ½Ȃv}LP$TXHOODREUDFRQWLQºDWRGDY­DGHVSHUWDQGRHOLQWHU©VGHORVLQ
YHVWLJDGRUHVPLHQWUDVTXHVXDXWRUVLJXHVLHQGRP¡VYDORUDGRHQYLUWXGGHVXWUD
\HFWRULD SURIHVLRQDO FRPR MXULVWD 6LQ HPEDUJR VX ODERU SURSLDPHQWH OLWHUDULD
DXQTXH PHQRV FRQRFLGD \ HVWXGLDGD UHYLVWH VLQJXODU LQWHU©V QR WDQWR VX IDFHWD
FRPRSRHWDFRPRVXSURGXFFL³QHQSURVDGHODTXHORV jDG—ȃLTDOD]—KLUFRQVWL
WX\HQODºQLFDPXHVWUDGHWHP¡WLFDSXUDPHQWHOLWHUDULD\QRMXU­GLFD
/$2%5$0$186&5,726<(',&,21(6
6HFRQRFHQKDVWDVLHWHPDQXVFULWRVGHODREUDFRQVHUYDGRVHQOD%LEOLRWHFDGH
(O(VFRULDOOD'—UDO.XWXEDO0L}UL\\DOD%LEOLRWHFD1DFLRQDOGH)UDQFLDOD
'HVXIDFHWDFRPRSRHWDQRVHFRQVHUYDQP¡VTXHXQRVSRFRVYHUVRVFLQFRGHORVFXDOHVIXHURQ
FRPSXHVWRVSRUHOSURSLR$E½%DNUGXUDQWHVXHVWDQFLDHQSULVL³Q9©DVH0LORXGD&KDURXLWL+DVQD
RXLȆ8QDIDPLOLDȇSS\$5RGU­JXH])LJXHURD\-/LUROD'HOJDGRVYȆ,EQȂv}LPȇS
$SURS³VLWR GHODV IXHQWHV GHODV TXH VH GLVSRQH D ODKRUDGHWUD]DUHVWDV O­QHDVYLWDOHVGH$E½
%DNU,EQȂv}LPVHKDGHVH±DODUTXHODHVFDVDDEXQGDQFLDGHODVPLVPDVVHFRPSHQVDFRQHOKHFKRGH
TXHGRVGHHOODVWLHQHQHOYDORUD±DGLGRGHKDEHUVDOLGRGHODSOXPDGHVXKLMR$E½<Dm\ ,EQȂv}LP
HO sDUm7XmIDWDOmXNN—P\OD eXQQDWDOUL…— (G|DO—meDUU—U$P¡Q'—UDO%Dy·U1XHVWUR
DXWRU HV LJXDOPHQWH ELRJUDILDGR SRU DO7LQEXNW· 1D\O DOLEWLK—f ELWDU·] DO'·E—f %HLUXW '—U DO
.XWXEDOȂ,OPL\\D VG SS\DO0DTTDU· 1DImDO·EI·JX}QDO$QGDOXVDOUD·E (G,mV—Q
Ȃ$EE—V%HLUXW'—U|—GLUYROSS)LQDOPHQWHODºOWLPDIXHQWHTXHDSRUWDXQDLQIRU
PDFL³QP¡VHVFXHWDHV,EQDO4—…·'XUUDWDOKLf—OI·DVP—ȃDOULf—O(O&DLUR7ºQH]'—UDO7XU—d$O
0DNWDEDDOȂ$W·TDYROSSQz
&RQVHUYDGREDMRODVLJQDWXUDPVQzWLHQHDGHP¡VXQDVHJXQGDDOSDUHFHUP¡VDQWLJXD
FRQHOQz6HWUDWDHQRSLQL³QGHOHGLWRUGHODREUDGHODFRSLDP¡VFRPSOHWD\P¡VILGHGLJQD9©D
VH$E½+DPP—PȂ$EGDO/D·IȂ$EGDOjDO·PȆ0XTDGGLPDȇ(Q$E½%DNU,EQȂv}LP jDG—ȃLTDO
D]—KLU(G$E½+DPP—PȂ$EGDO/D·IȂ$EGDOjDO·P%HLUXW6LG³QDO0DNWDEDDOȂ$}UL\\D
S3DUDODUHGDFFL³QGHOSUHVHQWHDUW­FXORVHKDWUDEDMDGRWDQWRFRQHOPDQXVFULWRGH(O(VFRULDO
FRPRFRQODHGLFL³QHQHVWDQRWDPHQFLRQDGD
&RQVWDGHIROLRV\HQHO~OWLPRGHHOORVVHUHFRJHQSRHPDVGHDO0XµWDPLGGH6HYLOOD7LHQH
QRWDV DO PDUJHQ FRQ H[SOLFDFLRQHV /D FDOLJUDItD HV PDJUHEt R DQGDOXVt /RV GDWRV SURSRUFLRQDGRV
0($+6(&&,Ï1È5$%(,6/$0>;@
'(6,5e(/Ï3(=%(51$/
%LEOLRWHFD 3ºEOLFD GH 5DEDW OD 5HDO $FDGHPLD GH OD +LVWRULD GH 0DGULG HO
%ULWLVK0XVHXPGH/RQGUHV\OD%LEOLRWHFDGH$OHMDQGU­DMXQWRFRQXQDFRSLD
OLWRJUDILDGDKHFKDHQ)H]
$VLPLVPRORVjDG—ȃLTDOD]—KLUIXHURQHGLWDGRVHQGRVRFDVLRQHV/DSULPHUD
HGLFL³Q DSDUHFL³ HQ HO D±R \ IXH SXEOLFDGD HQ %HLUXW SRU Ȃ$I·I Ȃ$EG DO
5DmPDQ 6X SURSLR DXWRU OD DQXQFLDED VHLV D±RV DQWHV HQ XQ DUW­FXOR WLWXODGR
Ȇ$GDEDOIXN—KDȂLQGDDOȂDUDEZDNLW—E jDG—ȃLTDOD]—KLUȇ(QFXDQWRDODVH
JXQGD©VWDFRUUL³DFDUJRGH$E½jDPP—PȂ$EGDO/D·IȂ$EGDOjDO·P\YLROD
OX]HQ%HLUXW\6LG³QHQHOD±R
3RUVXSDUWHHOTXLQWRKXHUWRRFDS­WXORGHODREUDTXHUHºQHXQDFROHFFL³QGH
UHIUDQHV SRSXODUHV IXH HGLWDGR SRU Ȃ$EG DOȂ$]·] 0XmDPPDG Ȃ$EG DO5DmP—Q
DO$KZ—Q· HQ HO D±R FRPR DS©QGLFH D VX DUW­FXOR Ȇ$Pd—O DOȂ—PPD I· O
$QGDOXVȇ$HVWHTXLQWRKXHUWRGHGLF³XQHVWXGLR(PLOLR*DUF­D*³PH]FRPR
SDUWHLQWHJUDQWHGHVXUHIUDQHURDU¡ELJRDQGDOX]'LFKRWUDEDMRIXHFRPSOHWDGR
SRU0DULQD0DUXJ¡Q*¼©PH]FX\DLQYHVWLJDFL³QTXHVHFHQWU³HQHODQ¡OLVLVOLQ
J¼­VWLFRGHOGLDOHFWRUHFRJLGRHQORVUHIUDQHVFRPSUHQGHDGHP¡VODWUDQVFULSFL³Q
GHORVPLVPRVVXWUDGXFFL³Q\XQJORVDULRGHOH[HPDV
778/2<)(&+$'(&20326,&,“1
'HW­WXORFRPSOHWRjDG—ȃLTDOD]—KLUI·PXVWDmVDQDODfZLEDZDOPX…mLN—W
DFHUFDGHODGHVFULSFL³QGHHVWHPDQXVFULWRVHKDQREWHQLGRGH$E½+DPP—PȂ$EGDO/D·IȂ$EGDO
jDO·PȆ0XTDGGLPDȇS
6HFRPSRQHGHIROLRVHQHVFULWXUDPDJUHE­9©DVHȂ$I·IȂ$EGDO5DmPDQȆ$GDEDOIXN—KD
ȂLQGDDOȂDUDEZDNLW—EjDG—ȃLTDOD]—KLUȇ$ZU—TS
6HJºQ LQIRUPD HO HGLWRU GH ORV jDG—ȃLT HVWH PDQXVFULWR HVWDED HQ SRVHVL³Q GH (PLOLR *DUF­D
*³PH]9©DVH$E½+DPP—PȂ$EGDO/D·IȂ$EGDOjDO·PȆ0XTDGGLPDȇS1RVHGLVSRQHGH
P¡VLQIRUPDFL³QDFHUFDGHOPLVPR
(PLOLR*DUF­D*³PH]HQVXDUW­FXORGHGLFDGRDOUHIUDQHURGH$E½%DNU,EQȂv}LPDSRUWDXQD
VLJQDWXUDGLVWLQWDDODLQGLFDGDSRU&DUO%URFNHOPDQQ9©DVH(PLOLR*DUF­D*³PH]Ȇ+DFLDXQUHIUD
QHURDU¡ELJRDQGDOX],,HOUHIUDQHURGH,EQȂv}LPHQHOPVORQGLQHQVHȇ$O$QGDOXVS
\&DUO%URFNHOPDQQ*HVFKLFKWHGHU$UDELVFKHQ/LWWHUDWXU/HLGHQ(-%ULOOYS
HQDGHODQWHVHFLWDU¡HVWDREUDFRPR*$/6HWUDWD©VWHGHXQF³GLFHPLVFHO¡QHR6REUHODVREUDV
TXHFRQWLHQH\VXGHVFULSFL³QY©DVH(PLOLR*DUF­D*³PH]Ȇ+DFLDXQUHIUDQHURȇSS
'HHVWHPDQXVFULWRV³ORGDFXHQWD&DUO%URFNHOPDQQ*$/YS
&RQVWDGHIROLRVHQHVFULWXUDPDJUHE­(QHOODVHGHWHFWDODLQWHUYHQFL³QGHOFRSLVWDVREUH
WRGRHQHOFDS­WXORGHGLFDGRDORVUHIUDQHV
9©DVHȂ$I·IȂ$EGDO5DmPDQȆ$GDEDOIXN—KDȇS
&IUQRWDGRQGHDSDUHFHFLWDGDGLFKDHGLFL³Q
Ȃ$EG DOȂ$]·] 0XmDPPDG Ȃ$EG DO5DmP—Q DO$KZ—Q· Ȇ$Pd—O DOȂ—PPD I·O$QGDOXVȇ (Q
Ȃ$EGDO5DmP—Q%DGDZ·GLU0©ODQJHV†—K—jXVD\Q(O&DLUR'—UDO0DȂ—ULISS
9©DVH(PLOLR*DUF­D*³PH]Ȇ+DFLDXQUHIUDQHURȇSS
0DULQD 0DUXJ¡Q *¼©PH] (O UHIUDQHUR DQGDOXV­ GH ,EQ Ȃv}LP DO*DUQ—· (VWXGLR OLQJ¼­VWLFR
WUDQVFULSFL³QWUDGXFFL³Q\JORVDULR0DGULG+LSHUL³Q
0($+6(&&,Ï1È5$%(,6/$0>;@
/26‫ۉ‬$'Ɩȃ,4$/$=Ɩ+,5'($%Nj%$.5,%1Ȃvৡ,0$/*$51Ɩ৫Ʈ81$2%5$Ȍ
ZDOmLNDPZDODPd—OZDOmLN—\—WZDOQDZ—GLURORTXHHVORPLVPRȆ/RV
KXHUWRVGHIORUHVDFHUFDGHJUDWDVUHVSXHVWDVFKLVWHVVHQWHQFLDVUHIUDQHVKLVWR
ULDV\DQ©FGRWDVȇODREUDGH$E½%DNU,EQȂv}LPVHSUHVHQWDDORVRMRVGHOOHF
WRUFRPRXQDREUDGHDGDEGHFDU¡FWHUPLVFHO¡QHRHQODTXHVHUHºQHQFRPRVX
SURSLR W­WXOR LQGLFD UHVSXHVWDV LQJHQLRVDV FKLVWHV VHQWHQFLDV PRUDOHV UHIUDQHV
KLVWRULDV\DQ©FGRWDV\HQODTXHVHFRPELQDFRPRHVSURSLRGHHVWDVREUDVOD
SRHV­DFRQODSURVDVLHQGRHVWDºOWLPDPXFKRP¡VDEXQGDQWH
5HIOHMRGHOJXVWRPHGLHYDOHOW­WXORGHODREUDKDFHUHIHUHQFLDDVXHVWUXFWXUD
GLYLGLGD HQ GLIHUHQWHV KXHUWRV mDG—ȃLT TXH DFWºDQ D PRGR GH FDS­WXORV SHUR
WDPEL©QSUHWHQGHRIUHFHUXQDEHOODLPDJHQGHODPLVPDFRQFHELGDHQVXFRQMXQWR
FRPRXQJUDQKXHUWRUHSOHWRGHKHUPRVDVIORUHVTXHVRQODVGLIHUHQWHVDQ©FGR
WDVKLVWRULDVMRFRVDVRFKLVWHFLOORVTXHVHYDQVXFHGLHQGRDORODUJRGHVXVS¡JL
QDV
5HVXOWDFXDQWRPHQRVFXULRVRHOKHFKRGHTXHGRVF©OHEUHVDQWRORJ­DVSR©WL
FDVHO .LW—EDO=DKUDGH,EQ'—Z½GDO,}IDK—Q·\HO .LWƗEDOjDG—ȃLTGH,EQ)D
UDfFRPSDUWDQFRQORV jDG—ȃLTDOD]—KLUGH$E½%DNU,EQȂv}LPORVHOHPHQWRV
SULQFLSDOHVGHVXW­WXOR4XL]¡HVWHºOWLPRSXGRLQVSLUDUVHHQDTXHOODVGRVREUDV
SDUDGDUW­WXORDODVX\DSURSLDORFXDOQRUHVXOWDQDGDGHVFDEHOODGRVLVHWLHQHHQ
FXHQWDTXHDPEDVVRQDQWHULRUHV\TXHODREUDGH,EQ)DUDfIXHFRQFHELGDFRPR
XQDVXSHUDFL³QGHODSULPHUDHQODTXHDTX©OVHLQVSLU³7HQGU­DVHQWLGRHQWRQ
FHVTXH$E½%DNU,EQȂv}LPTXLVLHUDHPXODUDHVWDVGRVDQWRORJ­DVSR©WLFDVTXH
UHXQ­DQODVPHMRUHVPXHVWUDVGHSRHV­DKDVWDVX©SRFDGHUHGDFFL³QKDFLHQGR©O
ORSURSLRHQHOWHUUHQRGHO DGDEDOUHFRJHUODPHMRUVHOHFFL³QGHKLVWRULDV\FKDV
FDUULOORV TXH FLUFXODEDQ \ HUDQ FRQRFLGDV HQ OD *UDQDGD QD]DU­ GH ILQDOHV GHO V
;,9(QFRQVHFXHQFLDSXHGHTXHFRPELQDUDHOW­WXORGHODVGRVFLWDGDVREUDVSD
UDLQGLFDUTXHVHWUDWDEDODVX\DGHXQDFRPSOHWDDQWRORJ­DTXHQRV³ORLPLWDED\
$E½%DNU,EQȂv}LPjDG—ȃLTS\PVITXDWRUO­QHD
2WUDVWUDGXFFLRQHVGHOPLVPRVHSXHGHQHQFRQWUDUHQ)HUQDQGRGHOD*UDQMDȆ7UHVFXHQWRVHV
SD±ROHVGHRULJHQ¡UDEHȇ$O$QGDOXVSQRWD\$5RGU­JXH])LJXHURD\-/LUR
OD'HOJDGRVYȆ,EQȂv}LPȇS
6REUHHVWHJ©QHURY©DVHHOHVWXGLRIXQGDPHQWDOOOHYDGRDFDERSRU&DUOR$OIRQVR1DOOLQRHQOD
LQWURGXFFL³QDVXREUD/DOHWWHUDWXUDDUDEDGDJOLLQL]LDOOȃHSRFDGHOODGLQDVWLDXPD\\DGH5RPD
7UDGIUDQFHVDGH&KDUOHV3HOODW/DOLWW©UDWXUHDUDEHGHVRULJLQHV Oȃ©SRTXHGHODG\QDVWLHXPD\\DGH
3DU­V 0DLVRQQHXYH SS \ OD V­QWHVLV TXH HODERU³ )UDQFLVFR *DEULHOOL V Y ȆDGDEȇ
/¶(QF\FORSpGLHGHO¶,VODP(GV+$5*LEEHWDOLL/HLGHQ(-%ULOOYROSS
HQDGHODQWHVHFLWDUiFRPR (,(QORWRFDQWHDOGHVDUUROORGHOJ©QHURHQDO$QGDOXVSXHGHFRQ
VXOWDUVH 0k -HVºV 5XELHUD 0DWD /LWHUDWXUD KLVSDQR¡UDEH $OLFDQWH 8QLYHUVLGDG GH $OLFDQWH SS
(OHPSOHRGHORVW©UPLQRV mDG·TDmDG—ȃLT\ ]DKUD]K—UHVWDEDEDVWDQWHH[WHQGLGRHQWUHORVDXWR
UHV¡UDEHVPHGLHYDOHVSUHFLVDPHQWHSRUVXVHIHFWRVHVW©WLFRV
9©DVH (O­DV 7HU©V Ȇ,EQ )DUDf GH -D©Q \ VX l.LW—E DOjDG—ȃLT{ȇ $O$QGDOXV SS
0($+6(&&,Ï1È5$%(,6/$0>;@
'(6,5e(/Ï3(=%(51$/
QDF­DLQVSLUDGDHQODVREUDVDQWHULRUHVGHOJ©QHURGHODGDEVLQRTXHDGHP¡VHUDOD
P¡VFRPSOHWDHQWDQWRTXHUHXQ­DODVDVXMXLFLRPHMRUHVP¡VRFXUUHQWHV\JUD
FLRVDVKLVWRULDVFRQRFLGDVKDVWDHOPRPHQWRHQTXHFRPSXVRVXV jDG—ȃLTORFXDO
VHFRUURERUDDMX]JDUSRUHODPSOLRQºPHURGHIXHQWHVTXHXWLOL]³SDUDFRQILJXUDU
VXREUD
(Q FXDQWR D VX IHFKD GH UHGDFFL³Q SDUHFH TXH QR FRQVWD HQ QLQJXQR GH ORV
PDQXVFULWRV GH TXH VH GLVSRQH 1R REVWDQWH HV SRVLEOH HVWDEOHFHU XQD IHFKD
DSUR[LPDGDGHFRPSRVLFL³QVDELHQGRTXHODREUDIXHGHGLFDGDDOUH\QD]DU­<½
VXI ,, $V­ OR UHFRJH HO SURSLR DXWRU HQ HO SU³ORJR FXDQGR KDFH PHQFL³Q D ȆDO
*—Q·ELO/—K$E·Ȃ$EG$OO—KLEQPDZO—QDDP·UDOPXVOLP·Q$E·OjDff—fLEQ
PDZO—QDDP·UDOPXVOLP·Q$E·O:DO·GE1D}UȇDTXLHQGHGLFDH[WHQVRV\HOH
YDGRVHORJLRV7RGRSDUHFHDSXQWDUDTXHHQHOPRPHQWRHQTXH$E½%DNU,EQ
Ȃv}LPFRPSXVR\OHGHGLF³VXV jDG—ȃLT<½VXI,,PWRGDY­DYLY­D$V­
VHGHVSUHQGHGHODVSDODEUDVGHDTX©O\DTXHSRUXQODGR\HQODODUJDOLVWDGH
HORJLRVTXHOHGHGLFDDQWHV\GHVSX©VGHUHIHULUVHDOPRQDUFDGHOTXHIXHUDYLVLU\
VHFUHWDULRQRDSDUHFHQI³UPXODVGHOWLSRȆ'LRVHVW©VDWLVIHFKRGH©Oȇௌϲοέ
ϪϨϋ)RȆ'LRVVHDSLDGHGH©OTXHHQSD]GHVFDQVHȇϪϤΣήϳͿ/ௌϪϤΣέJHQHUDO
PHQWHXWLOL]DGDVHQVH±DOGHUHVSHWRFXDQGRVHPHQFLRQDDXQDSHUVRQDTXH\DKD
IDOOHFLGR
3RURWURODGRGLFH$E½%DNU,EQȂv}LPUHILUL©QGRVHDOFLWDGRVREHUDQRQD]DU­
Ȇ'LRVHODOW­VLPROHSURSRUFLRQHVXIHOLFLGDGJXDUGHVXH[LVWHQFLD\DVLVWDDVXV
GLFKRVDVEULJDGDV\DVXVWURSDVȇ\XQDVO­QHDVP¡VDEDMRȆ'LRVOHDXPHQWHOD
H[WHQVL³Q GH VX SRGHUȇ (VWDV SDODEUDV UHDILUPDQ OD DQWHULRU LGHD \ SRU WDQWR
FRQGXFHQDRWUDTXHQRVDFHUFDDODTXHSRGU­DVHUODIHFKDGHUHGDFFL³QGHORV
jDG—ȃLT VDEHPRV TXH HIHFWLYDPHQWH $E½ %DNU ,EQ Ȃv}LPHVWXYR DO VHUYLFLR GH
<½VXI,,HQFDOLGDGGHYLVLU\VHFUHWDULRSRUORTXHORP¡VVHQVDWRHVSHQVDUTXH
$XQTXHV³ORVHKDFRQVXOWDGRHOPVGH(O(VFRULDOQLQJXQRGHORVHGLWRUHVGHODREUDTXHWUD
EDMDURQ FRQRWURV PDQXVFULWRV HVWDEOHFHQ XQD IHFKD SUHFLVDGH FRPSRVLFL³Q ORTXH LQYLWD D SHQVDU
TXHHIHFWLYDPHQWH©VWDQRFRQVWDHQQLQJXQRGHHOORV7DPSRFRODVIXHQWHVELRJU¡ILFDVFRQVXOWDGDV
RIUHFHQGDWRVDOUHVSHFWROLPLW¡QGRVHDSURSRUFLRQDUWDQV³ORHOW­WXORGHVXVREUDVHQWUHODVTXHILJX
UDQORVjDG—ȃLT9©DVH$E½<Dm\ ,EQȂv}LPsDUmIUDO0DTTDU·1DImS\DO7LQEXNW·
1D\OS
$E½%DNU,EQȂv}LPjDG—ȃLTS\PVIWHUO­QHD
,ELG
8QD WHVLV ELHQ GLIHUHQWH HV OD TXH VRVWLHQH Ȃ$I·I Ȃ$EG DO5DmPDQ SDUD TXLHQ $E½ %DNU ,EQ
Ȃv}LPKDEU­DFRPSXHVWRODREUDHQWUHORVD±RVDODPXHUWHGH<½VXI,,\FRPR
KRPHQDMHDHVWHPRQDUFDWUDVVHUSUHVXQWDPHQWHHQYHQHQDGRDUD­]GHXQDHVWUDWDJHPDFRQWUD©OLGHD
GDSRUHOVXOW¡QPHULQ­$E½OȂ$EE—V6HJºQHVWHPLVPRDXWRUHOUHLQDGRGH<½VXI,,KDEU­DILQDOL]D
GRHQXQFODURHUURUHQHOD±R$PLMXLFLRHOPHQFLRQDGRLQYHVWLJDGRUQRDSRUWDQLQJºQGDWR
FRQYLQFHQWHSDUDUHVSDOGDUVXWHVLV9©DVHȂ$I·IȂ$EGDO5DmPDQȆ$GDEDOIXN—KDȇSS
$E½%DNU,EQȂv}LPjDG—ȃLTS
,ELG
0($+6(&&,Ï1È5$%(,6/$0>;@
/26‫ۉ‬$'Ɩȃ,4$/$=Ɩ+,5'($%Nj%$.5,%1Ȃvৡ,0$/*$51Ɩ৫Ʈ81$2%5$Ȍ
OHGHGLFDUDODREUDTXHKDE­DFRPSXHVWRFRPRVLJQRGHDJUDGHFLPLHQWRKDFLDHO
TXHHUDVXSURWHFWRU
3RUFRQVLJXLHQWHODVIHFKDVGHUHGDFFL³QGHORV jDG—ȃLTVHOLPLWDU­DQDOSH
ULRGRFRPSUHQGLGRHQWUHHOGH }DIDUGHOD±RGHHQHURGH\HOGH
r½OTDȂGDGHOGHRFWXEUHGHSHULRGRGXUDQWHHOFXDOHOPHQFLRQDGR
UH\VHPDQWXYRHQHOWURQR‰VWDHVODIHFKDGHUHGDFFL³QP¡VSUHFLVDTXHVHSXH
GHHVWDEOHFHU\DTXHUHVXOWDLPSRVLEOHGHWHUPLQDUHQTX©PRPHQWRFRQFUHWRKXER
$E½%DNU,EQȂv}LPILQDOL]DGRODFRPSRVLFL³QGHVXREUDRVL\DKDE­DFRPHQ
]DGRVXHVFULWXUDDQWHVGHODOOHJDGDDOSRGHUGH<½VXI,,
(/3523“6,72'(/26j$'—ȃ,4
/DOHFWXUDGHORV jDG—ȃLTGHVFXEUHXQDREUDGHHVWLORVHQFLOOR\SRSXODUTXH
GLVWDPXFKRGHODHORFXHQFLD\HOUHWRULFLVPRFDUDFWHU­VWLFRVGHODSURVDQD]DU­GHO
V;,9(VWDPD\RUVLPSOLFLGDGTXHVHUHIOHMDWDQWRHQODHVWUXFWXUDGHORVUHODWRV
\VXH[WHQVL³QFRPRHQHOYRFDEXODULR\ODVLQWD[LVHPSOHDGRVWLHQHTXHYHUFRQ
OD LQWHQFL³Q FRQ TXH $E½ %DNU ,EQ Ȃv}LP FRPSXVR VXV jDG—ȃLT TXH HO SURSLR
DXWRUH[SOLFDHQHOSU³ORJRGHODREUDFXDQGRDSURS³VLWRGHHOODH[SRQH
³SXHVHVXQMDUGtQGHEHOODVOHWUDV\XQGLVIUXWHGHSXSLODVRtGRV\FRUD]RQHVKD\HQpO
GLVWUDFFLyQSDUDODVDOPDVDOLYLRSDUDORVHVStULWXV\DWUDFFLyQSDUDODVDOHJUtDV \ORV
FRQWHQWRVHVHOVRVLHJRGHOiQLPRHOHQWUHWHQLPLHQWRGHODVWHUWXOLDV\ODVYHODGDVHO
UHJDORGHOTXHOOHJD\ODVSURYLVLRQHVGHOYLDMHUR´ $GHP¡VH[LVWHSRUSDUWHGH$E½%DNU,EQȂv}LPXQDFODUDLQWHQFL³QSHGDJ³
JLFDHQFXDQWRDODGLVSRVLFL³QGHORVFRQWHQLGRVGHVXREUDSXHVFRPR©OPLVPR
DVHJXUDHQHOSU³ORJRGHVHDEDIDFLOLWDUDTXLHQEXFHDUDHQVXVS¡JLQDVORFDOL]DU
ORVGLIHUHQWHVPDWHULDOHV\TXHGHHVWDPDQHUDVXOHFWXUDIXHVHP¡VSURYHFKRVD\
ºWLO'LFHDOUHVSHFWR
ȆKHHPSH]DGRDGLYLGLUORHOOLEUR\DRUGHQDUORPHKHHVIRU]DGRHQVXFRUUHFFL³Q\
FRQFLOLDFL³QGHORVPDWHULDOHVPHKHSUHRFXSDGRGHFRPSRQHUOR\UHXQLUORKHMXQ
WDGRJ©QHURFRQJ©QHURFODVHFRQFODVHKHFRORFDGRIRUPDFRQIRUPD\KHUHXQLGRORV
(VWRºOWLPRUHVXOWDDPLMXLFLRSRFRSUREDEOHP¡VDºQWHQLHQGRHQFXHQWDTXHDQWHVGHTXHIXH
UDGHVLJQDGRYLVLU\VHFUHWDULREDMRHOUHLQDGRGH<½VXI,,QDGDVHVDEHGHODDFWLYLGDGLQWHOHFWXDOGH
$E½%DNU,EQȂv}LP/RP¡VO³JLFRHVTXHFRPSXVLHUDODREUDFRPRDJUDGHFLPLHQWRDGLFKRPRQDUFD
SRUVXQRPEUDPLHQWRSDUDWDQHOHYDGRFDUJRDXQTXHDIDOWDGHGDWRVFRQFUHWRVHQODVIXHQWHVQRSXH
GHDILUPDUVHQDGDGHIRUPDURWXQGD
$E½%DNU,EQȂv}LPjDG—ȃLTS
0($+6(&&,Ï1È5$%(,6/$0>;@
'(6,5e(/Ï3(=%(51$/
UHIUDQHVFRQORVUHIUDQHVSDUDIDFLOLWDUVXRMHDGDDOOHFWRU\SDUDTXHREWHQJDSURYHFKR
TXLHQOROHDRORHVFXFKHȇ (VLQGXGDEOHTXHORVHOHPHQWRVGHHQWUHWHQLPLHQWR\GLVWUDFFL³QSDUHFHQSUL
PDUHQHOFDVRGHORVjDG—ȃLTIUHQWHDFXDOTXLHURWUDPRWLYDFL³Q$XQTXHHUDDOJR
SURSLRGHODOLWHUDWXUDGHDGDEHOTXHUHUHQVH±DUGLYLUWLHQGRHQHVWHFDVRFRQFUHWR
QRHVWDQWRHOGHVHRGHLQVWUXLUHOTXHSULPDVLQRHOPHUDPHQWHOºGLFR$E½%DNU
,EQȂv}LPEXVFDEDFRQVXREUDDPHQL]DUODVWHUWXOLDVHQSDODFLR\ODVVHVLRQHVOL
WHUDULDVPDf—OLV\DQWHWRGRTXHWRGDODVXHUWHGHKLVWRULDVFKLVWHV\DQ©FGRWDV
TXHKDE­DUHXQLGRHQVXOLEURVLUYLHUDQGHȆGLVWUDFFL³QSDUDODVDOPDV\DOLYLRSDUD
ORVHVS­ULWXVȇDWUD\HQGRODDOHJU­D\SURYRFDQGRDV­ODGLYHUVL³QGHTXLHQHVODV
HVFXFKDUDQROH\HUDQ
3RUHOORHODXWRUVHSUHRFXS³GHTXHWRGRVORVPDWHULDOHVTXHFRQIRUPDUDQVX
REUD JXDUGDUDQ XQD VHULH GH FDUDFWHU­VWLFDV FRPXQHV FRPR VRQ XQD HVWUXFWXUD
VHQFLOODXQDH[WHQVL³QFRUWDRPHGLDXQDOHQJXDFXOWD²DH[FHSFL³QGHOXVRGH
SDODEUDVPDOVRQDQWHVSDUDSURYRFDUULVD²SHURXQYRFDEXODULRFRPºQ\XQDVLQ
WD[LV HQ OD TXH SULPDQ ODV HVWUXFWXUDV VLPSOHV < DV­ HO SURSLR $E½ %DNU ,EQ
Ȃv}LPVHRFXS³GHUHHODERUDUEXHQDSDUWHGHORVUHODWRVWRPDGRVGHREUDVDQWHULR
UHVELHQKDFL©QGRORVP¡VFRQFLVRVELHQUHGDFW¡QGRORVHQXQOHQJXDMHP¡VVHQFL
OORVXVWLWX\HQGRSDODEUDVRH[SUHVLRQHVTXHHUDQGHXQXVRPHQRUSRURWUDVP¡V
H[WHQGLGDVRLQFOXVRH[SOLFDQGRORVW©UPLQRVTXHSRG­DQSUHVHQWDUPD\RUHVGLIL
FXOWDGHV9HDPRVXQHMHPSOR
Ȇ8QDPXMHUVHGHWXYRDQWH4D\VE6DȂGEȂ8E—GD²'LRVHVW©VDWLVIHFKRGH©O²\OH
GLMR²ȂbWºHUHVHOFXOSDEOHGHODHVFDVH]GHUDWDVHQPLFDVDȃ>DTX­HODXWRUDFODUDHO
W©UPLQR XVDGR SDUD KDFHU UHIHUHQFLD D ODV ȆUDWDVȇ SURSRUFLRQDQGR HO P¡V FRPºQ
ϥ΍ήΌϔϟ΍@²Ȃb4X©EXHQDLQGLUHFWDȃ²UHVSRQGL³4D\V
/OHQDGSDUDODVUDWDVVXPRUDGDSRUIXHUDFRQFDUQH\PDQWHFD/DH[SOLFDFL³QD
HVWRHVTXHODVUDWDVQRKDELWDQHQHOOXJDUGRQGHQRKD\FRPLGDȇ 3HURVLKD\GRVHOHPHQWRVTXHRWRUJDQDODREUDXQVHOORSURSLR\TXHDVX
YH]VLUYHQFRPRKHUUDPLHQWDVSDUDORJUDUHOTXHHUDHOSURS³VLWRGHODXWRUJHQH
,ELG
,ELG
&XDQGR VH UHFXUUH D RUDFLRQHV FRPSOHMDV ©VWDV VXHOHQ VHU RUDFLRQHV FRSXODWLYDV HQ ODV TXH OD
SDUW­FXODϭ DFWºD FRPRQH[R GHXQLyQ 6RQ LJXDOPHQWH IUHFXHQWHV ODVRUDFLRQHV LQWURGXFLGDV SRU ODV
SDUW­FXODV̸˖̸˚ODVHQFDEH]DGDVSRUUHODWLYRV\ODVFRQGLFLRQDOHV
$E½%DNU,EQȂv}LPjDG—ȃLTSH,EQȂ$EG5DEELKL.LW—EDOȂ,TGDOIDU·G(GV$$P·Q
$DO=D\QH,DO$E\—U·(O&DLUR/DfQDWDOWDȃO·IZDOWDUfDPDZDOQDyUYROS
0($+6(&&,Ï1È5$%(,6/$0>;@
/26‫ۉ‬$'Ɩȃ,4$/$=Ɩ+,5'($%Nj%$.5,%1Ȃvৡ,0$/*$51Ɩ৫Ʈ81$2%5$Ȍ
UDUULVD\GLYHUVL³Q©VRVQRVRQRWURVTXHHOKXPRU\ORSRSXODUTXHFRQVWLWX\HQ
DPERVODHVHQFLDGHORVjDG—ȃLT
$V­HOOHFWRURLQYHVWLJDGRUTXHVHDFHUTXHDHOORVVHHQFRQWUDU¡FRQXQKXPRU
FDUDFWHU­VWLFR GH OD FLYLOL]DFL³Q ¡UDEHLVO¡PLFD VXWLO \ HOHJDQWH XQDV YHFHV \
PHQRVUHILQDGRRWUDVTXHUHSUHVHQWDHODURPDLQHTX­YRFRGHHVWHEHOORMDUG­QTXH
HVODREUDGH$E½%DNU,EQȂv}LP(QHVWHVHQWLGRSXHGHUHVXOWDUDOJRSRFRKDEL
WXDOHOTXHXQKRPEUHFRPR©OYLQFXODGRHVWUHFKDPHQWHSRUVXVDFWLYLGDGHVSUR
IHVLRQDOHVFRQODUHOLJL³QLQFOX\HUDHQVXREUDKLVWRULDVHQODVTXHSUHFLVDPHQWH
VHKDFHXQDEXUODGHORVKRPEUHVGHIHLPDQHVDOIDTX­HVSUHGLFDGRUHVVHMXHJD
FRQHOVHQWLGRGHODUHYHODFL³QRVHKDFHQFKLVWHVREVFHQRV\RWURVGXUDQWHHOUH]R
3HURHVVXKLMRTXLHQQRVGDSDUWHGHODH[SOLFDFL³QDHVWRDODWULEXLUDVXSDGUH
XQJUDQVHQWLGRGHOKXPRU
(VWHFRPSRQHQWHKXPRU­VWLFRGHOTXHVHHVW¡KDEODQGRSHUPLWHHQWURQFDUORV
jDG—ȃLTHQXQVXEJUXSRP¡VUHGXFLGRGHQWURGHODDPSOLWXG\ODGLYHUVLGDGGHO
J©QHURGHODVEHOODVOHWUDV¡UDEHVHO DGDEGHWHPiWLFDKXPRUtVWLFDFX\RSULQFL
SDOSURS³VLWRHUDGLYHUWLU\HQWUHWHQHU\TXHFRQYLHUWHDODREUDHQXQHMHPSORH[
FHSFLRQDOHQORTXHDODOLWHUDWXUDDQGDOXV­VHUHILHUHSXHVWRTXHQRVHFRQRFHQ
RWURV HMHPSORV HQ DO$QGDOXV GH REUDV GH DGDE FRQVDJUDGDV SRU FRPSOHWR DO
KXPRU$V­HOSDSHOGHVHPSH±DGRSRUHOKXPRUHQORV jDG—ȃLTORVGLIHUHQFLDGH
RWUDVREUDVGHDGDEDQGDOXV­HV\RULHQWDOHVHQODVTXHDSDUHFHQHOPLVPRWLSRGH
UHODWRVHQHOORVFRQWHQLGRV(QDTX©OODVDOWUDWDUVHGHODVIXHQWHVTXH$E½%DNU
,EQȂv}LPHPSOH³SDUDODFRQIHFFL³QGHVXREUDVHUHSLWHQPXFKDVGHODVDQ©FGR
WDV \ GHP¡V PDWHULDOHV GH ORV jDG—ȃLT SHUR VX SDSHO HQ HOODV QR VLHPSUH HV HO
PLVPRTXHHQODREUDGHODXWRUJUDQDGLQRHQXQDVVXSUHVHQFLDHQHOFRQMXQWRGH
ODREUDHVVHFXQGDULD\FRQVWLWX\HXQSHTXH±RFDS­WXORRVXEFDS­WXORP¡VSHQ
VHPRV SRU HMHPSOR HQ DOȂ,TG DOIDU·G HQ RWUDV DSDUHFHQ FRPR DQ©FGRWDV
DQH[DVDODELRJUDI­DGHLPSRUWDQWHVSHUVRQDMHVFDVRGHO .LW—EDODJ—Q· ODV :D
ID\—WDODȂ\—Q RWDPEL©QGHO .LW—EDOEXMDO—ȃGRQGHSDUDUHSUREDUHVWHGHIHFWR
5HIHULGRDOKXPRUHQHVWHFDVRHQODOLWHUDWXUDDQGDOXV­XQWUDEDMRLQWHUHVDQWHHVHOGHOLQYHVWL
JDGRUPDUURTX­,VPD·O(O2XWPDQLȆ(OKXPRUHQODOLWHUDWXUDDQGDOXV­ȇ'L¡ORJRVKLVS¡QLFRVGH$PV
WHUGDPHMHPSODUGHGLFDGRD(O+XPRUHQ(VSD±DSS2WURWUDEDMRGHQWURGHOFDP
SR KXPRU­VWLFR HVHO GH )UDQ] 5RVHQWKDO FHQWUDGR HQ HOSHUVRQDMHGH $yȂDEȆHOFRGLFLRVRȇ F³PLFR
PHGLQ©VGHOV9,,,FX\DDYLGH]VHKL]RSURYHUELDODXQTXHFRQXQSULPHUFDS­WXORHQHOTXHH[SRQH
ODVIXHQWHV\PDWHULDOHVSDUDHVWXGLDUHOKXPRUGHORVPXVXOPDQHV9©DVH)UDQ]5RVHQWKDO +XPRULQ
HDUO\,VODP3KLODGHOSKLD8QLYHUVLW\RI3HQQV\OYDQLD3UHVVSS
/DVSDODEUDVHVFULWDVSRU$E½<Dm\ ,EQȂv}LPHQVX sDUm7XmIDWDOmXNN—P ODVUHFRJL³WDP
EL©QDO0DTTDU·HQHO1DImDO·EGHGRQGHVHKDH[WUD­GRORDSXQWDGR9©DVHDO0DTTDU·1DImYRO
S
6HJºQȂ$I·IȂ$EGDO5DmPDQHVWHWLSRGHREUDVVHFRPSXVLHURQGHVGHHOV,;KDVWDPLWDGGHOV
;9,,$SURS³VLWRGHHVWHVXEJ©QHUR\VXGHVDUUROORDQWHVGHOD©SRFDGH$E½%DNU,EQȂv}LPY©DVH
Ȃ$I·IȂ$EGDO5DmPDQȇ$GDEDOIXN—KDȇSS
0($+6(&&,Ï1È5$%(,6/$0>;@
'(6,5e(/Ï3(=%(51$/
VHKDFHPHQFL³QDXQDVHULHGHSHUVRQDMHVDYDURVPLHQWUDVTXHHQXQWHUFHUJUX
SRGHREUDVFRPRHVHOFDVRGHORV jDG—ȃLTORV $ME—UDOmDPT ZDOPXJDIIDO·Q
R HO eDPȂ DOfDZ—KLU HVWD VXHUWH GH KLVWRULDV \ DQ©FGRWDV GLYHUWLGDV RFXSDQ XQ
OXJDUSUHSRQGHUDQWH\DHOODVHVW¡QFRQVDJUDGDVODVREUDVHQVXWRWDOLGDG
(O VHJXQGR GH ORV FRPSRQHQWHV HVHQFLDOHV GH ORV jDG—ȃLT D ORV TXH VH KD
KHFKRUHIHUHQFLDHVHOSRSXODUHQWHQGLHQGRHOW©UPLQRȆSRSXODUȇHQVXYHUWLHQWH
P¡VFXOWD/RSRSXODUQRUHVLGHHQODOHQJXDVLQRHQODFXOWXUDGHOSXHEORGHOD
TXHHQSDUWHHVGHSRVLWDULDODREUDUHSUHVHQWDGDSRUXQDOHQJXD IX}m \HOHJDQ
WH3RSXODUSRUTXHEXHQDSDUWHGHORVUHODWRVHQHOODUHFRJLGRVVXUJLHURQSULPH
URFRPRSURGXFWRVGHODVRFLHGDG¡UDEH\IXHURQWUDQVPLWLGRVGHIRUPDRUDOUH
FRJL©QGRVHHQXQVHJXQGRPRPHQWRSRUHVFULWRHQODVREUDVGHDGDE
)8(17(6'(/$2%5$
&RPR VH YLHQH DSXQWDQGR WRGR LQGLFD D TXH HO JUXHVR GHO FRQWHQLGR GH ORV
jDG—ȃLT HV XQ WUDVYDVH GH REUDV \ G·Z—QHV SR©WLFRV GH VLJORV DQWHULRUHV
&HQWU¡QGRQRV SXHV HQ HVWDV IXHQWHV HVFULWDV GH ODV TXH EHEL³ $E½ %DNU ,EQ
Ȃv}LPHQHOPRPHQWRGHUHGDFWDUVXREUD©VWDVSRGU­DQDJUXSDUVHHQFXDWURFDWH
JRU­DVGLIHUHQWHV G·Z—QHV ²HQWUHORVTXHFDEHFLWDUORVGH$E½7DPP—P\DO
0XWDQDEE·² DQWRORJ­DV ²SULQFLSDOPHQWH HO .LW—E DOsLȂU ZDOyXȂDU—ȃ GH ,EQ
4XWD\ED²REUDVGH DGDE ²HQWUHHOODV DOȂ,TGDOIDU·GGH ,EQȂ$EG5DEELKLHO
.LW—EDODJ—Q·GH$E½O)DUDf DO,}IDK—Q·R DO%D\—QZDOWDE\·QGHDOe—mLž²\
UHSHUWRULRV ELRJU¡ILFRV ²ODV :DID\—W DODȂ\—Q ZDDQE—ȃ DEQ—ȃ DO]DP—Q GH ,EQ
-DOOLN—Q\ODV†DE—T—WIXm½ODOyXȂDU—ȃGH,EQ6DOO—P
$ODQ³PLQDGHIXHQWHVVH±DODGDKDEU­DTXHD±DGLURWUDVREUDVGH DGDEGHODV
TXHVHFUHHTXH$E½%DNU,EQȂv}LPWDPEL©QSXGRKDEHUWRPDGRDOJXQRVUHODWRV
LQFOXLGRVHQVXV jDG—ȃLTSXHVWRTXHHORULJHQGHXQDVHULHGHFXHQWRV¡UDEHVHV
WXGLDGRV HQ VX PRPHQWR SRU )HUQDQGR GH OD *UDQMD \ SUHVHQWHV HQ OD OLWHUDWXUD
FDVWHOODQD VH KDOOD SUHFLVDPHQWH HQ DTXHOODV REUDV 3DUHFH SUREDEOH SRU WDQWR
/DSUHVHQFLDGHHVWHPDWL]SRSXODUHQODREUDQRGHWHUPLQDHQQLQJºQFDVRVXSHUWHQHQFLDDODOL
WHUDWXUDGHWLSRSRSXODUHVFULWDHQGLDOHFWRIUHQWHDODOLWHUDWXUDFO¡VLFDFX\RYHK­FXORGHH[SUHVL³QHV
HO¡UDEHFO¡VLFR
$V­ORDGYLHUWHWDPEL©Q$E½+DPP—PȂ$EGDO/D·IȂ$EGDOjDO·PHQHOFRPLHQ]RGHVXLQWUR
GXFFL³QDODREUD9©DVH$E½+DPP—PȂ$EGDO/D·IȂ$EGDOjDO·PȆ0XTDGGLPDȇS'HHOOR
TXHGDH[FOXLGRHOUHIUDQHURHVFULWRHQGLDOHFWRJUDQDGLQR
$E½+DPP—PȂ$EGDO/D·IȂ$EGDOjDO·PRIUHFHXQDOLVWDGHHOODVTXHVHKDFRPSOHWDGRDSDU
WLUGHODOHFWXUDGHODSDUDWRFU­WLFRGHODHGLFL³QGHODREUD 2SFLWS1RREVWDQWHWRGDY­DTXHGD
PXFKRWUDEDMRSRUUHDOL]DUHQHVWHVHQWLGRWUDEDMRTXHVHSUHWHQGHDERUGDUHQXQDWHVLVGRFWRUDO
/DVKXHOODVGHORVjDG—ȃLTHQREUDVGHODOLWHUDWXUDHVSD±RODGHORVVLJORV;9,\;9,,IXHURQVD
FDGDV D OD OX] SRU HO PHQFLRQDGR DUDELVWD HQ XQD VHULH GH DUW­FXORV SXEOLFDGRV HQ OD UHYLVWD $O
$QGDOXVVLELHQGDGDODJUDQGLIXVL³QGHTXHJR]³ODREUDQRVHGHVFDUWDODSRVLELOLGDGGHHQFRQWUDU
VXUDVWURWDPEL©QHQREUDVFDVWHOODQDVGHOV;99©DVH)HUQDQGRGHOD*UDQMDȆ7UHVFXHQWRVȇSS
0($+6(&&,Ï1È5$%(,6/$0>;@
/26‫ۉ‬$'Ɩȃ,4$/$=Ɩ+,5'($%Nj%$.5,%1Ȃvৡ,0$/*$51Ɩ৫Ʈ81$2%5$Ȍ
TXH HOSXHQWH HQWUH XQDV \RWUDV IXHUD ODREUD TXH QRVRFXSD TXH DGHP¡VGHM³
KXHOOD SUREDGD HQ EDVWDQWHV RWURV FXHQWRV GH OD OLWHUDWXUD FDVWHOODQD PHGLHYDO \
HVSD±RODPRGHUQD(VWDVRWUDVSRVLEOHVIXHQWHVGHORVjDG—ȃLTVHU­DQ
² $E½+LII—QDO0LK]DP· $ME—U$E·1XZ—VV,;DSHVDUGHTXHODVQRWL
FLDVDFHUFDGHHVWHSHUVRQDMHDEXQGDQHQFDVLWRGDVODVREUDVGHDGDEHVSUREDEOH
TXHDOJXQDGHODVDQ©FGRWDVVREUHHOF©OHEUH$E½1XZ—VIXHUDQH[WUD­GDVGHHVWD
REUD
²$OjDU·U· 0DT—P—WV;,VXDPSOLD\WHPSUDQDGLIXVL³QHQDO$QGDOXV
DV­FRPRHOKHFKRGHTXHVHFRQWDUDHQWUHODVREUDVGHREOLJDGRHVWXGLRSDUDORV
KRPEUHV GH OHWUDV DQGDOXV­HV LQYLWDQ D SHQVDU TXH $E½ %DNU ,EQ Ȃv}LP SXGR
KDEHUWRPDGRDOJXQRVUHODWRVSURWDJRQL]DGRVSRUS­FDURVRJRUURQHVELHQGLUHF
WDPHQWHGHHOODELHQGHOFRPHQWDULRHODERUDGRSRUDOsDU·y·P
² $OjX}U·DO4D\UDZ—Q·$E½,Vm—T eDPȂDOfDZ—KLU VLJORV;;,REUD
GHFKLVWHVSXEOLFDGDSULPHURFRQHOW­WXORGHnD\O=DKUDO—G—EGHODTXHFRPR
GHO=DKUDO—G—EGHOPLVPRDXWRUWDPEL©QSXGRVHUYLUVH$E½%DNU,EQȂv}LPSD
UDFRPSRQHUVXVjDG—ȃLT
² ,EQDOeDZ]· .LW—EDODrNL\—ȃ V;,,VXSDUHFLGRHQFXDQWRDFRQWHQLGR
UHVSHFWRDORVjDG—ȃLTFKLVWHV\FKDVFDUULOORVEUHYHV\HOKHFKRGHTXH$E½%DNU
,EQȂv}LPXWLOL]DUDRWUDREUDGHOPLVPRDXWRU $ME—UDOmDPT ZDOPXJDIIDO·Q
DSXQWDQDTXHWDPEL©QSRGU­DKDEHUHVFRJLGRPDWHULDOHVGHHVWDRWUD
'HWRGDVODVIXHQWHVPHQFLRQDGDVDTXHOODVTXHPD\RULQIOXHQFLDHMHUFLHURQHQ
ORVjDG—ȃLTVRQSRURUGHQGHPD\RUDPHQRUSHVRHQODREUDXQSULPHUJUXSRGH
IXHQWHVLQWHJUDGRSRUDOȂ,TGDOIDU·GDO%D\—QZDOWDE\·Q$ME—UDOmDPT ZDO
PXJDIIDO·Q:DID\—WDODȂ\ƗQZDDQE—ȃDEQ—ȃDO]DP—Q.LW—EDODJ—Q·\=DKUDO
—G—E TXH DYHQWDMDQ FRQ FUHFHV D XQ VHJXQGR JUXSR FRPSXHVWR SRU ODV †DE—T—W
IXm½ODOyXȂDU—ȃ HO .LW—EDOEXMDO—ȃ\HO .LW—EDOmD\DZ—Q(QWUHHOODVODTXHVLQ
GXGDGHVFXHOODVREUHODVGHP¡VHVODJUDQREUDPDHVWUDGHODFXOWXUDDQGDOXV­ DO
Ȃ,TG DOIDU·G GHO FRUGRE©V ,EQ Ȃ$EG 5DEELKL FX\D LQIOXHQFLD HQ ORV jDG—ȃLT HV
P¡V TXH QRWDEOH 'H HOOD $E½ %DNU ,EQ Ȃv}LP UHFRJL³ XQ HOHYDGR QºPHUR GH
DQ©FGRWDVTXHLQFOX\³HQVXREUDELHQVLQVRPHWHUORVDQLQJºQWLSRGHPRGLILFD
FL³QELHQUHWRF¡QGRORVPHGLDQWHGLIHUHQWHVSURFHGLPLHQWRVHQWUHHOORVFDPELDU
Ȇ'RVFXHQWRV¡UDEHVGHODGURQHVHQODOLWHUDWXUDHVSD±RODGHOVLJOR;9,ȇ $O$QGDOXV
SSȆ(OFDVWLJRGHOJDO¡Q2ULJHQ¡UDEHGHXQFXHQWRGH/XLV=DSDWDȇ$O$QGDOXV
SSȆ&XHQWRV¡UDEHVHQ(O6REUHPHVDGH7LPRQHGDȇ$O$QGDOXV
SS\Ȇ&XHQWRV¡UDEHVHQOD)ORUHVWD(VSD±RODGH0HOFKRUGH6DQWD&UX]ȇ$O$QGDOXV
SS
0($+6(&&,Ï1È5$%(,6/$0>;@
'(6,5e(/Ï3(=%(51$/
HOSHUVRQDMHSURWDJRQLVWDRVLPSOLILFDUODKLVWRULDKDFL©QGRODP¡VFRQFLVD8Q
HMHPSORHQHVWHºOWLPRVHQWLGRHVHOVLJXLHQWH
Ȇ8Q JRUU³Q PHURGHDED DOUHGHGRU GH XQRV KRPEUHV TXH HVWDEDQ FRPLHQGR 6H
VHQW³ FRQ HOORV D FRPHU \ OH GLMHURQ ²ȂFRQRFHV D DOJXQR GH QRVRWURV"ȃ (O JRUU³Q
UHVSRQGL³ȂV­ȃ²Ȃ$TXL©Q"ȃ²OHSUHJXQWDURQ²Ȃ$©VWHȃ²GLMR\VH±DO³DOSDQȇ 25,*,1$/,'$''(/$8725
$XQTXH FRPR VH KD H[SOLFDGR OD REUD GH $E½ %DNU ,EQ Ȃv}LP DSHQDV HV
QXHYDHQFXDQWRDORVPDWHULDOHVV­ORHVHQFXDQWRDVXHOHFFL³Q\DODHVWUXFWXUD
FL³Q\GLVSRVLFL³QGHORVPLVPRV(QHVWHVHQWLGRVHHQWLHQGHTXHODRULJLQDOLGDG
GHORV jDG—ȃLTTXHWDQHQWHODGHMXLFLRVHSRQHFXDQGRGHXQDREUDGH DGDEWDU
G­DFRPR©VWDVHWUDWDUHVLGHQRWDQWRHQHOFRQWHQLGRGHODREUDHQO­QHDVJHQHUD
OHVVLQRP¡VELHQHQTX©PDWHULDOHVGHORVPXFKRVH[LVWHQWHVDFHUFDGHXQPLVPR
WHPDRPDWHULDHVFRJL³VXDXWRUODVIXHQWHVGHORVTXHORVH[WUDMR\ODPDQHUDHQ
TXHORVGLVSXVR\RUJDQL]³
(VHYLGHQWHTXH$E½%DNU,EQȂv}LPHUDSOHQDPHQWHFRQVFLHQWHGHVXSDSHO
FRPRUHFRSLODGRU$V­VHGHGXFHGHODVSDODEUDVHQS¡JLQDVDQWHULRUHVFLWDGDV\
HVFULWDVSRU©OPLVPRHQHOSU³ORJRGHODREUDSUHFHGLGDVSRUODH[SUHVL³QȆKH
UHXQLGRHQHVWHOLEURȇ3RUWDQWRVXODERUHVWXYRDJUDQGHVUDVJRVOLPLWDGDDOD
VHOHFFL³QGHODVDQ©FGRWDV\VXRUJDQL]DFL³Q1RREVWDQWHVXWDUHDQRDFDE³DK­
SXHVWRTXHWDPEL©QLQWHUYLQRGDQGRIRUPDDORVPDWHULDOHVSURFHGHQWHVGHODWUD
GLFL³QRUDO\UHHODERUDQGRPXFKRVGHORVTXHKDE­DWRPDGRGHOLEURVGH DGDEDQ
WHULRUHV
(QHOSULPHURGHORVFDVRVVHKDQHQFRQWUDGRGRVKLVWRULDVTXHWRGRDSXQWDD
TXH SRGU­DQ KDEHU VLGR UHFRJLGDV \ UHGDFWDGDV GLUHFWDPHQWH SRU HO SURSLR $E½
%DNU,EQȂv}LP6HWUDWDGH GRVUHODWRVEUHYHVTXHWLHQHQFRPRSURWDJRQLVWDVD
SHUVRQDMHVELHQFRHW¡QHRVELHQPX\FHUFDQRVDOD©SRFDHQTXHYLYL³(OSULPHUR
GHHOORVHV$E½Ȃ$EG$OO—K0XmDPPDGEeX]D\\XQRGHORV
8QHMHPSORTXHLOXVWUDORGLFKRHVRWURUHODWRWRPDGRGHDOȂ,TGDOIDU·GTXHHQORVjDG—ȃLTWLHQH
FRPRSURWDJRQLVWDVDOFDOLIDDO0DQ}½U\DDO)DUDfE)D…—ODPLHQWUDVTXHHQODREUDGHSURFHGHQFLD
HVDO0DȃP½QTXLHQDSDUHFHHQOXJDUGHOSULPHURGHHOORV9©DVH$E½%DNU,EQȂv}LP jDG—ȃLTS
H,EQȂ$EG5DEELKL.LW—EDOȂ,TGYROS
(VWRVSURFHGLPLHQWRVVHUHSLWHQHQHOFDVRGHORVUHODWRVH[WUD­GRVGHODVGHP¡VIXHQWHV
6LVHFRPSDUDQORVGRVUHODWRVVHREVHUYDTXHHQVXFRQMXQWRVRQSU¡FWLFDPHQWHLG©QWLFRVVDOYR
HQVXH[WHQVL³QTXHHODXWRUGHORVjDG—ȃLTKDDFRUWDGRUHGXFLHQGRHOUHODWRRULJLQDODXQSDUGHO­QH
DV9©DVH$E½%DNU,EQȂv}LPjDG—ȃLTSH,EQȂ$EG5DEELKL.LW—EDOȂ,TGYROS
$E½%DNU,EQȂv}LPjDG—ȃLTS
,ELGHP
6REUH HVWH SHUVRQDMH Y©DVH )HUQDQGR 1LFRO¡V 9HO¡]TXH] %DVDQWD V Y Ȇ,EQ eX]D\\ DO.DOE·
$E½Ȃ$EG$OO—Kȇ(&$YROSS
0($+6(&&,Ï1È5$%(,6/$0>;@
/26‫ۉ‬$'Ɩȃ,4$/$=Ɩ+,5'($%Nj%$.5,%1Ȃvৡ,0$/*$51Ɩ৫Ʈ81$2%5$Ȍ
WUHV KLMRV GH $E½ O4—VLP ,EQ eX]D\\ \ W­R PDWHUQR GH $E½ %DNU ,EQ Ȃv}LP
F©OHEUHSRUKDEHUVLGRHOHQFDUJDGRGHODUHGDFFL³QGHOD 5LmODGH,EQ%D½D$
©OTXHPXUL³DSUR[LPDGDPHQWHGRVD±RVDQWHVGHOQDFLPLHQWRGHVXVREULQRKDFH
UHIHUHQFLDHVWHºOWLPRHQORV jDG—ȃLTDOFLWDUGRVYHUVRVGHVXDXWRU­DHQORVTXH
UHPLWHDXQDDOH\DGHODD]RUDFRU¡QLFDGHȆ(O+XPRȇ\TXHGLFHQ
Ȇ<GHVJUDFLDGDPHQWHQRVRWURVHVWDPRVHQWUHHOORV
HQHOFDVWLJR\ODSUXHED
+HPRVLPSORUDGRFXDQGRKHPRVOOHJDGR
FRQXQDSOHJDULDDO+XPRȇ
(QFXDQWRDOVHJXQGRGHORVIUDJPHQWRVTXHLOXVWUDQODLGHDDSXQWDGDVXSUR
WDJRQLVWD HV XQ WRQWR TXH VHJºQ VH GHVSUHQGH GH ODV SDODEUDV GH $E½ %DNU ,EQ
Ȃv}LPYLY­D\HUDFRQRFLGRHQOD*UDQDGDGHILQDOHVGHOV;,9(OUHODWRFR
PLHQ]DDV­
Ȇ8QWRQWRTXHHUDFRQRFLGRFRPR)—…LWHQOD*UDQDGDGHDKRUDȇ
$OPDUJHQGHHVWRVIUDJPHQWRV\GHRWURVSRFRVTXHVHSXGLHUDQKDOODUHOUHV
WRGHORVjDG—ȃLTVHSUHVHQWDFRPRXQDFRPSLODFL³QGHPDWHULDOHVSURFHGHQWHVGH
IXHQWHV HVFULWDV SUHFHGHQWHV \ GH OD WUDGLFL³Q RUDO GH VLJORV DQWHULRUHV (Q HVWH
VHQWLGRDOWUDWDUVHGHXQDREUDHQODTXHORSRSXODUMXHJDXQSDSHOHVHQFLDOXQDV
\ RWUDV DGTXLHUHQ VX SURWDJRQLVPR HQ IXQFL³QGH ORV GLVWLQWRV PDWHULDOHV TXH OH
GDQIRUPDVLELHQODVIXHQWHVHVFULWDVFRPRVHKDYLVWRFREUDQHVSHFLDOVLJQLIL
FDQFLD SRU VHU HO YROXPHQ GH ORV PDWHULDOHV XWLOL]DGRV WUDVPLWLGRV GLUHFWDPHQWH
SRUY­DRUDOPHQRUTXHDTXHOORVTXHKDE­DQVLGRSXHVWRVSRUHVFULWRVLJORVDQWHV
&RQ WRGR HO IRQGR GH ORV UHIUDQHV TXH FRQILJXUDQ HO TXLQWR KXHUWR HV HVHQFLDO
PHQWHSRSXODU\RUDOFRPRWDPEL©QORHVHOGHRWURVUHODWRVTXH$E½%DNU,EQ
Ȃv}LPLQFOX\³HQVXREUD\TXHKDEU­DUHFRJLGRGHODWUDGLFL³QSRSXODU
'LFKDDOH\DGLFHlb6H±RUb$SDUWDGHQRVRWURVHOFDVWLJRb&UHHPRV{&RU¡Q7UDG-XOLR
&RUW©V%DUFHORQD+HUGHUS
$E½%DNU,EQȂv}LPjDG—ȃLTS
(O PRWLYR SRU HO TXH VH SLHQVD TXH HVWH SHUVRQDMH SXGR VHU FRQWHPSRU¡QHR DO DXWRU GH ORV
jDG—ȃLT\SRUWDQWRTXHIXH©VWHTXLHQUHGDFW³VXKLVWRULD\ODLQFOX\³HQVXREUDHVHOHPSOHRGHO
DGYHUELRWHPSRUDOϥϵ΍ȆDKRUDȇTXHKDFHDOXVL³QDOPRPHQWRHQHOTXHVHKDEODRHQHVWHFDVRVH
HVFULEH'HDK­TXHVHHQWLHQGDTXHDOXWLOL]DUOR$E½%DNU,EQȂv}LPVHHVWDEDUHILULHQGRDOD*UDQDGD
GHVX©SRFDVLHQGRHOHPSOHRGHOYHUERHQHOPRGRSHUIHFWLYRUDVJRFRPºQHQORVIUDJPHQWRVQDUUDWL
YRV
$E½%DNU,EQȂv}LPjDG—ȃLTS
/DOHQJXDHQODTXHIXHURQFRGLILFDGRVGLFKRVUHIUDQHVHVHOGLDOHFWRJUDQDGLQRYHK­FXORGHFR
PXQLFDFL³Q\GHH[SUHVL³QFRWLGLDQDGHORVKDELWDQWHVGHDO$QGDOXVHQHVWHFDVRGHORVVLJORV;,9
0($+6(&&,Ï1È5$%(,6/$0>;@
'(6,5e(/Ï3(=%(51$/
(6758&785$<&217(1,'2'(/26j$'—ȃ,4
/D REUD VH FRPSRQH GH XQ EUHYH SU³ORJR GHO DXWRU TXH PHWDI³ULFDPHQWH
KDEODQGRVLUYHGHSXHUWDGHHQWUDGDDOMDUG­QLQWHJUDGRSRUVHLVKXHUWRVRFDS­WX
ORVΔϘϳΪΣϖ΋΍ΪΣTXHDVXYH]DFRJHQGHQWURGHHOORVXQQºPHURLUUHJXODUGHVXE
FDS­WXORVΏΎΑΏ΍ϮΑ΃YDULDQGR©VWRVGHXQRVKXHUWRVDRWURV
$XQTXHODREUDWUDWDGHVHURUGHQDGDHQFXDQWRDPDWHULDOHVQRORHVWDQWRHQ
FXDQWRDODVWHP¡WLFDVGHORVPLVPRVTXHVHVXFHGHQHQXQRV\RWURVLQGLVWLQWD
PHQWH 'H HVWH FRQWHQLGR WDQ KHWHURJ©QHR GD FXHQWD HO SURSLR W­WXOR GH ORV
jDG—ȃLT HQ FXDQWR TXH FRPR LQGLFD VH WUDWD GH XQD REUD DFHUFD GH ȆI· PXV
WDmVDQ DODfZLED ZDOPX…mLN—W ZDOmLNDP ZDODPd—O ZDOmLN—\—W ZDO
QDZ—GLUȇ(VWDGHVFULSFL³QDJUDQGHVUDVJRVGHVXFRQWHQLGRHVFRQFUHWDGD\GH
WDOODGDSRUHOSURSLRDXWRUMXQWRFRQODHVWUXFWXUDGHODREUDHQHOSU³ORJRGHOD
PLVPDDOGHVJORVDUFRPRVLGHXQ­QGLFHGHFRQWHQLGRVVHWUDWDUDORVSRUPHQR
UHVWHP¡WLFRVGHOOLEUR
3HURQRV³ORHOFRQWHQLGRHQFXDQWRDWHP¡WLFDVDERUGDGDVHVKHWHURJ©QHRVL
QRWDPEL©QODVIRUPDVEDMRODVTXHVHGHVDUUROODQHVDVWHP¡WLFDVSXGLHQGR©VWDV
VHU DERUGDGDV EDMR OD DSDULHQFLD GH UHVSXHVWDV JUDWDV H LQJHQLRVDV FKLVWHFLOORV
;9ORTXHHQSDODEUDVGH0DULQD0DUXJ¡QȆSUXHEDXQDYH]P¡VODVLWXDFL³QGHGLJORVLDTXHVH
YLY­D HQ DO$QGDOXVȇ 9©DVH 0DULQD 0DUXJ¡Q *¼©PH] (O UHIUDQHUR S 9, 1R REVWDQWH HO DXWRU
KXER GH YDOHUVH WDPEL©Q GH ODV UHFRSLODFLRQHV GH SURYHUELRV DQGDOXV­HV DQWHULRUHV SDUD HODERUDU OD
VX\DSURSLD
(QFXDOTXLHUFDVRHVLPSRUWDQWHVXEUD\DUTXHHORULJHQGHPXFKRVGHORVPDWHULDOHVWUDQVPLWL
GRVHQXQSULPHUPRPHQWRRUDOPHQWH\TXHVLUYLHURQGHEDVHDREUDVGHDGDEFRPRORVjDG—ȃLTKDGH
UHPRQWDUVHD©SRFDSUHLVO¡PLFDGRQGHMXQWRFRQODVQRWLFLDVDFHUFDGHODVKD]D±DVGHODVGLIHUHQWHV
WULEXV\VXVJXHUUHURVFLUFXODEDQWRGDXQDVHULHGHOH\HQGDVTXHWHQ­DQFRPRSURWDJRQLVWDVDSHUVRQD
MHVKHURLFRV\OHJHQGDULRV(VWDVKLVWRULDVIXHURQWUDQVPLWLGDVGHIRUPDRUDOGXUDQWHJHQHUDFLRQHVKDV
WDTXHHQ©SRFDDEEDV­TXHGDURQUHFRJLGDVSRUHVFULWRJUDFLDVHQSDUWHDODODERUUHDOL]DGDSRUORV
ILO³ORJRVGHODVHVFXHODVGH.XID%DVRUD\%DJGDGPXFKRVGHHOORVDXWRUHVGHREUDVGH DGDEGRQGH
TXHGDURQUHFRJLGDVHVWDVKLVWRULDVTXHSDVDURQDIRUPDUSDUWHGHODHGXFDFL³QGHWRGRKRPEUHFXOWR\
SRUHQGHGHODFXOWXUD¡UDERLVO¡PLFD0XFKRVGHHVWRVUHODWRVFRQWLQXDURQWUDQVPLWL©QGRVHDGHP¡V
GHIRUPDRUDOGDGDODGLIXVL³QGHTXHJR]DURQHQWUHODVJHQWHVGHOSXHEORSXHVHUDQQDUUDGDVSRUORV
FXHQWDFXHQWRVHQORV]RFRV\HQODVSOD]DVGHODVFLXGDGHVWDQWRHQ2ULHQWHFRPRHQDO$QGDOXV
$OH[DPLQDUHOPDQXVFULWRRULJLQDOVHFRPSUXHEDTXHFDGDKXHUWRRFDS­WXORGHODREUDVHGLV
WLQJXHSRUXQFRORU\FDGDVXEFDS­WXORSRUXQDGHULYDFL³QGHOFRORUGHOFDS­WXORHQHOTXHVHLQWHJUD
$V­PLHQWUDVTXHORVWRQRVPDUURQHV\VXVGHULYDFLRQHVGRPLQDQFDGDFDS­WXORGHODREUDHOURMRJH
QHUDOPHQWHLQGLFDHOLQLFLRGHXQVXEFDS­WXORRHOFRPLHQ]RGHXQQXHYRUHODWRDXQTXHQRHQWRGRV
ORVFDVRV(QHOFDS­WXORTXLQWRHVWHFRORUVLUYHSDUDLQGLFDUODOHWUDTXHPDUFDHORUGHQGHORVUHIUD
QHV(OURMRHVHPSOHDGRWDPEL©QSDUDWUD]DUORVSXQWRVODFRQMXQFL³Q̀FXDQGRGDFRPLHQ]RDXQD
KLVWRULD\DOJXQDVYRFDOHV
$E½%DNU,EQȂv}LPjDG—ȃLTS\PVITXDWRUO­QHD
2SFLWSS\PVITXDWRUOtQHDIOtQHD
0($+6(&&,Ï1È5$%(,6/$0>;@
/26‫ۉ‬$'Ɩȃ,4$/$=Ɩ+,5'($%Nj%$.5,%1Ȃvৡ,0$/*$51Ɩ৫Ʈ81$2%5$Ȍ
VHQWHQFLDV UHIUDQHV KLVWRULDV \ DQ©FGRWDV R FXULRVLGDGHV 9HDPRV XQ HMHPSOR
GHFDGDXQDGHHOODV
Ȇ8QKRPEUHTXHHUDPX\IHROHGLMRDVXPXMHU²ȂPHJXVWDU­DYHUDOGLDEORȃ(OODOH
UHVSRQGL³ ²Ȃ\R VR\ VX WURQRȃ < HO KRPEUH SUHJXQW³ ²Ȃ\ F³PR HV HVR"ȃ (OOD OH
HFK³XQDPLUDGD\OHGLMRȂPLUDWXFDUDȃȇ Ȇ8QKRPEUHVHFDV³\HQWUHJ³DODOIDTX­HOSUHFLRGHODGRWH(QWRQFHVHODOIDTX­OHGL
MR²ȂHVWRHVSRFRSDUDODGRWHȃ(OKRPEUHOHUHVSRQGL³²ȂVH±RUHQHOGLYRUFLRWH
FRPSHQVDU©VL'LRVTXLHUHȃȇ Ȇ$OJXLHQ SUHJXQW³ D 4XVV E 6—ȂLGD ²Ȃ&X¡O HV HO PHMRU FRQRFLPLHQWR"ȃ ²Ȃ(O
FRQRFLPLHQWRGHOKRPEUHDV­PLVPRȃUHVSRQGL³²Ȃ&X¡OHVHOPHMRUVDEHU"ȃVHOH
SUHJXQW³²Ȃ'HWHQHUVHHOKRPEUHHQVXVDELGXU­DȃFRQWHVW³²Ȃ&X¡OHVHOPHMRUVLJ
QRGHYLULOLGDG"ȃ<GLMR²Ȃ4XHHOKRPEUHUHWHQJDHODJXDGHVXURVWURȃȇ ³8QQLxRHVWDEDVHQWDGRMXQWRDXQRVKRPEUHVTXHHVWDEDQFRPLHQGRFRPLGDFDOLHQWH
(QWRQFHVVHSXVRDOORUDU\OHSUHJXQWDURQ²µ¢TXpWHKDFHOORUDU"¶(OQLxRUHVSRQGLy
²µODFRPLGDHVWiFDOLHQWH¶²µ3XHVDJXDUGDKDVWDTXHVHHQIUtH¶²OHGLMHURQ<HOQL
xRFRQWHVWy²µ£YRVRWURVQRHVSHUiLV¶´ ³8QEHGXLQRUH]DEDODRUDFLyQGHODPDGUXJDGDGHWUiVGHOLPiQTXHOHtDHQVXRUDFLyQ
ODD]RUDGHµ/DYDFD¶(OEHGXLQRWHQtDSULVDSHURHOLPiQQRDFDEyKDVWDTXHDTXpOOR
LQWHUUXPSLy $O GtD VLJXLHQWH HO EHGXLQR PDGUXJy SDUD LU D UH]DU \ PDUFKDUVH D VXV
DVXQWRV/HtDHOLPiQODD]RUDGHµ(O(OHIDQWH¶(QWRQFHVHOEHGXLQRLQWHUUXPSLyVXUH
]RHOLPiQVHGLRODYXHOWD\DTXpOGLMR²µ£QRHUHVPiVTXHHOHQYLDGRGHOGHPRQLR
/HtVWHODD]RUDGHµ/DYDFD¶\QRDFDEDVWHKDVWDHOPHGLRGtD\TXLHUHVOHHUODGHµ(O
HOHIDQWH¶£HQWRQFHVQRFUHRTXHDFDEHVFRQHOODKDVWDODQRFKH¶´ 3(5621$-(6
&RPRUHVXOWDO³JLFRHOFRQWHQLGRGHORVUHODWRVTXHFRQILJXUDQORVjDG—ȃLTVH
KDOODHVWUHFKDPHQWHOLJDGRDORVSHUVRQDMHVTXHORVSURWDJRQL]DQ$V­ODDPDOJD
PDGHSHUVRQDMHVTXHVHVXFHGHQDORODUJRGHODREUDGDFXHQWDGHODGLYHUVLGDG
6REUH HVWD FDWHJRU­D GH PDWHULDOHV Y©DQVH ORV \D FLWDGRV WUDEDMRV GH (PLOLR *DUF­D *³PH]
Ȇ+DFLDXQUHIUDQHURȇ\0DULQD0DUXJ¡Q*¼©PH](OUHIUDQHUR
$E½%DNU,EQȂv}LPjDG—ȃLTS
2SFLWS
3HUVRQDMHVHPLOHJHQGDULRGHOD©SRFDSUHLVO¡PLFDDOTXHVHOHDWULEX\HQWRGDVHULHGHKHFKRV
PDUDYLOORVRV$GHP¡VGHVHUFRQVLGHUDGRXQRGHORVSULPHURVPRQRWH­VWDV\KRPEUHGHJUDQHORFXHQ
FLDVHOHSUHVHQWDFRPRSRHWDVDELR¡UELWUR\K©URHPRWLYRVWRGRVSRUORVFXDOHVSDV³DODKLVWRULD
6REUHHVWHSHUVRQDMHY©DVH&KDUOHV3HOODWVYȆpXVVE6—ȂLGDȇ(,YROSS
$E½%DNU,EQȂv}LPjDG—ȃLTS
2SFLWS
2SFLWSS/DEXUODUHVLGHHQHOKHFKRGHTXHHOEHGXLQRFUHHTXHODD]RUDGHȆ(OHOH
IDQWHȇHVP¡VODUJDTXHODGHȆ/DYDFDȇFXDQGRHQUHDOLGDGHVMXVWRDOUHY©V\DTXHLGHQWLILFDHOWD
PD±R GHO DQLPDO FRQ OD H[WHQVL³Q GHO WH[WR GH OD RUDFL³Q 9©DVH &RU¡Q \ &RU¡Q UHVSHFWLYDPHQWH
0($+6(&&,Ï1È5$%(,6/$0>;@
'(6,5e(/Ï3(=%(51$/
GHWHP¡WLFDVDERUGDGDVDORODUJRGHVXVS¡JLQDV7DOULTXH]D\YDULHGDGGHSHU
VRQDMHV OOHYD D DODUJDU OD O­QHD WHPSRUDO GRQGH VLWXDUORV TXH VH UHPRQWDU­D D OD
e—KLOL\\DFRQSHUVRQDMHVFRPRDO$Ȃy R$NdDPE|D\I·\ILQDOL]DU­DHQORV
D±RVLQPHGLDWRVDOQDFLPLHQWRGHODXWRUGHORV jDG—ȃLTPRPHQWRHQTXHIDOOHFL³
VXW­R$E½Ȃ$EG$OO—K0XmDPPDGEeX]D\\DFX\RVYHUVRVVHKDKHFKRUHIH
UHQFLDDQWHULRUPHQWH
/DSUHVHQWDFL³QDUDVJRVJHQHUDOHVGHHVWRVSHUVRQDMHVFRUUHDFDUJRGHOSUR
SLR$E½%DNU,EQȂv}LPTXLHQXQDYH]P¡VHQHOSU³ORJRGHVXREUDOOHYDDFD
ERXQDHQXPHUDFL³QGHORVPLVPRVRUGHQ¡QGRORVSRUSDUHVELHQVLPLODUHVRELHQ
FRQWUDULRV
Ȇ>@ORVJREHUQDGRUHV\ORVHPLUHVORVVHFUHWDULRV\ORVSRHWDVORVLPDQHV\ORVSUHGL
FDGRUHVORVDOPX©GDQRV\ORVDOIDTX­HVORVDPRQHVWDGRUHV\ORVKRPEUHVVDELRVORV
EHGXLQRV\ORVH[WUDQMHURVORVGHVYHUJRQ]DGRV\ORVLQJHQLRVRVORVORFRV\ORVFXHU
GRVORVJRUURQHV\ORVDYDURVODDVWXFLDGHORVYHFLQRV\ODVPXMHUHVORVDPDQHUDGRV
\ORVKLS³FULWDVORVDVFHWDV\ORVKRPEUHVVDQWRVȇ 3HURHODPSOLRDEDQLFRGHSHUVRQDMHVQRDFDEDDK­GDQGRSLHDGLIHUHQWHVFOD
VLILFDFLRQHV8QDGHHOODVHVDTXHOODSRUODFXDOFDEU­DGLVWLQJXLUHQWUHSHUVRQDMHV
UHDOHV LGHQWLILFDGRV SRU VX QRPEUH \ TXH IRUPDURQ SDUWH GH OD KLVWRULD ¡UDEH
LVO¡PLFDRSRSXODUHVTXHYHQGU­DQDVHUDTXHOORVSHUVRQDMHV\DSUHHVWDEOHFLGRV
TXHOOHQDQODVS¡JLQDVGHODVREUDVGHDGDEFRPRORVjDG—ȃLT\ORVOLEURVGHFXHQ
WRV
(QWUHORVSULPHURVVHKDVHOHFFLRQDGRHOVLJXLHQWHUHODWRTXHPH]FODODSURVD
FRQHOYHUVR\TXHWLHQHFRPRSURWDJRQLVWDDOWHUFHURGHORVFDOLIDVDEEDV­HVDO
0DKG·JGHTXLHQVHGLFHTXHPXUL³DFDXVDGHXQDFFLGHQWHGHFD]D
Ȇ$O0DKG·VDOL³DFD]DUFRQȂ$O·E6XOD\P—Q$OSUHVHQW¡UVHOHVXQDPDQDGDGHJDFH
ODV IXHURQ HQYLDGRV ORV SHUURV H KLFLHURQ FRUUHU D ORV FDEDOORV $O0DKG· ODQ]³ XQD
IOHFKD\GHUULE³XQDJDFHODODQ]³Ȃ$O·E6XOD\P—QRWUD\GHUULE³XQSHUUR<GLMR$E½
'XO—PD 3RHWDSUHLVO¡PLFRDXWRUGHXQDGHODVGLH]PXȂDOODT—W
3HUVRQDMHSUHLVO¡PLFRFRQVLGHUDGR¡UELWUR\MXH]F©OHEUHSRUODVVHQWHQFLDVTXHVHOHDWULEX\HQ
7DO HUD VX VDELGXU­D \ VX UHSXWDFL³Q TXH VH GLFH TXH UH\HV \ MHIHV GH LQQXPHUDEOHV WULEXV HQYLDEDQ
PHQVDMHURVSDUDVROXFLRQDUVXVFRQIOLFWRVRSDUDFRQVXOWDUOHFXDOTXLHUFXHVWL³QDFHUFDGHODYLGDODV
YLUWXGHV OD DPLVWDG HWF &RPSDUDGR FRQ /XTP—Q WDPEL©Q VH OH FXHQWD HQWUH ORV OODPDGRV
PXȂDPPDU½Q9©DVH0-.LVWHUVYȆ$NdDPE|D\I·ȇ(,YROSS
$E½%DNU,EQȂv}LPjDG—ȃLTS
(VFODYRQHJUR\EXI³QGHYDULRVFDOLIDVDEEDV­HVHQWUHHOORVDO0DKG·9©DVH-+RURYLW] VY
Ȇ$E½'XO—PDȇ(,YROS
0($+6(&&,Ï1È5$%(,6/$0>;@
/26‫ۉ‬$'Ɩȃ,4$/$=Ɩ+,5'($%Nj%$.5,%1Ȃvৡ,0$/*$51Ɩ৫Ʈ81$2%5$Ȍ
Ȃ+DGLVSDUDGRDO0DKG·DXQDJDFHOD
KDDWUDYHVDGRFRQODIOHFKDVXFRUD]³Q
<Ȃ$O·E6XOD\P—Q
KDGLVSDUDGRDXQSHUUR\ORKDFDSWXUDGR
)HOL]PHQWHSDUDORVGRVFDGD
KRPEUHFRPHVXVSURYLVLRQHVȃȇ
(QWRQFHVDO0DKG·VHUL³KDVWDHVWDUDSXQWRGHFDHUVHȇ (QFXDQWRDORVSHUVRQDMHVSRSXODUHVXQHMHPSORSDUDGLJP¡WLFRORUHSUHVHQWD
HOF©OHEUHeXm—GHTXLHQVHFXHQWD
Ȇ'LMReXm—DVXSDGUHȂWHFDVDVWHFRQPLPDGUHSRUTXLQLHQWRVGLUKDPVHOODGLRDOX]
SDUDWLDPLKHUPDQD\ODFDVDVWHSRUTXLQLHQWRV6³ORWHTXHGR\RbSRUIDYRUȃȇ ,1)/8(1&,$'(/26 j$'—ȃ,4(1/$/,7(5$785$&$67(//$1$0(',(9$/<(63$
‘2/$02'(51$
8Q DVSHFWR PX\ VLJQLILFDWLYR GH OD REUD TXH QRV RFXSD \ TXH OD KL]R PX\
DWUDFWLYDSDUDXQDUDELVWDFRPR)HUQDQGRGHOD*UDQMDHVVXLQIOXHQFLDHQREUDV\
FROHFFLRQHVGHFXHQWRVGHODOLWHUDWXUDFDVWHOODQDPHGLHYDO\HVSD±RODPRGHUQDH
LQFOXVRWDPEL©QHQRWUDVGH©SRFDFRQWHPSRU¡QHD$SDUWLUGHODODERULRVDWDUHD
OOHYDGDDFDERSRUDTXHODUDELVWD\GHORVLQWHUHVDQWHVHVWXGLRVTXHGLRFRPRIUX
WRODUHODFL³QGHHVWDVREUDVHQODVTXHODLQIOXHQFLD¡UDEHGHORV jDG—ȃLTVHPD
QLILHVWDGHIRUPDFODUDHVODVLJXLHQWH
²)ORUHVWD(VSD±RODGH0HOFKRUGH6DQWD&UX]ºOWLPRFXDUWRGHOV;9,
² *X­D\DYLVRVGHIRUDVWHURVTXHYLHQHQDODFRUWHGH$QWRQLR/L±¡Q\9HU
GXJRSXEOLFDGDHQ
²/LEURGH&KLVWHVGH/XLV3LQHGRV;9,
²0LVFHO¡QHDGH/XLV=DSDWDGH&KDYHVºOWLPDG©FDGDV;9,
² (O6REUHPHVD\DOLYLRGH&DPLQDQWHVGH-XDQGH7LPRQHGD\HO 9RFDEXOD
ULR GH UHIUDQHV \ IUDVHV SURYHUELDOHV GH *RQ]DOR &RUUHDV EDVDGR HQ OD REUD GH
7LPRQHGDV;9,\D±RUHVSHFWLYDPHQWH
²9LGDGH3HGUR6DSXWRGH%UDXOLR)R]V;,;
(QHVWDRFDVL³QHOSRHPDFLQHJ©WLFRLQFOX\HDVXYH]XQDV¡WLUDGLULJLGDFRQWUD$O·E6XOD\P—Q
KDFLHQGRXQDEXUODGHVXSRFDSHULFLDHQORTXHDODFD]DVHUHILHUH$E½%DNU,EQȂv}LP jDG—ȃLT
SS
6REUH HVWH GLYHUWLGR SHUVRQDMH FX\DV KLVWRULDVWRGDY­D VLJXHQ UHODW¡QGRVH HQWHUWXOLDV\ HQ ODV
SOD]DV GH ODV FLXGDGHV Y©DVH &KDUOHV 3HOODW V Y Ȇ'MXm—ȇ (, YRO SS \ &ODUD 0DU­D
7KRPDV GH $QWRQLR ȆeXm— XQ SHUVRQDMH SRSXODU HQ HO 0DJUHE \ HQ WRGR HO PXQGR ¡UDEHȇ $O
$QGDOXV0DJUHE(VWXGLRV¡UDEHVHLVO¡PLFRVSS
$E½%DNU,EQȂv}LPjDG—ȃLTS/DVFDQWLGDGHVGHGLQHURDODVTXHKDFHUHIHUHQFLDeXm—
VHFRUUHVSRQGHQFRQODGRWHGHUHFKRPDWULPRQLDOH[FOXVLYRGHODVPXMHUHV\QRGHORVKRPEUHV
0($+6(&&,Ï1È5$%(,6/$0>;@
'(6,5e(/Ï3(=%(51$/
(QWRGDVHOODVH[LVWHQUHODWRVTXHVRQSU¡FWLFDPHQWHXQFDOFRGHORVFXHQWRV\
FKLVWHFLOORV¡UDEHVFRQWHQLGRVHQORVjDG—ȃLTREUDTXHSRGU­DFRQVWLWXLUODSRVLEOH
IXHQWHGLUHFWDGHDTX©OODV(QHVWHVHQWLGRODOLWHUDWXUDGHDO$QGDOXV\HQFRQ
FUHWRODSURGXFLGDHQHO5HLQR1D]DU­FREUDXQDHVSHFLDOUHOHYDQFLDSRUWUDWDUVH
GHOºOWLPRHFRGHODFXOWXUD¡UDEHHQOD3HQ­QVXOD,E©ULFD\SRUWDQWRGHODSLH]D
P¡VFHUFDQDDODQDUUDWLYDGHILFFL³QFDVWHOODQDHPHUJHQWHDORWURODGRGHODIURQ
WHUD (Q HO FDVR SUHFLVR GH ORV jDG—ȃLT VX YDORU VH PXOWLSOLFD VL FDEH WRGDY­D
P¡VSRUGRVPRWLYRVSULQFLSDOHVVHWUDWDGHODºOWLPDREUDGHODOLWHUDWXUDDQGD
OXV­ FRQRFLGD HQ VX J©QHUR \ WHP¡WLFD HO DGDE GH FRUWH KXPRU­VWLFR TXH D VX
YH]JXDUGDHQV­PLVPDXQDSDUWHGHOH[WHQVRSDWULPRQLRGHHVWHJ©QHURHQWDQWR
TXHFRPSLODFL³QGHUHODWRVGHREUDVDQWHULRUHV'HIRUPDTXHVLELHQSDUDHQFRQ
WUDU HO RULJHQ GH PXFKRV GH ORV FXHQWRV GH OD QDUUDWLYD FDVWHOODQD PHGLHYDO KD\
TXHUHWURFHGHUHQHOWLHPSRKDVWDORVLQLFLRVGHODSURVDOLWHUDULD¡UDEHHOVDOWRHV
EDVWDQWH PHQRU HQ OR TXH VH UHILHUH D OD ºOWLPD PDQLIHVWDFL³Q ¡UDEH GH DTXHOODV
KLVWRULDVRORTXHHVORPLVPRVXSRVLEOHºOWLPDIXHQWHOLWHUDULD¡UDEHTXHQRHV
RWUDTXHORVjDG—ȃLTGH$E½%DNU,EQȂvVLP
'HHVWHPRGRH[LVWHQFDVRVGHFXHQWRVGHFODUDLQIOXHQFLD¡UDEHTXHVLQHP
EDUJRWRGDY­DQRVHWLHQHFODUDODPDQHUDHQTXHSXGLHURQSDVDUGHXQDREUD¡UD
EH D RWUDV GH OD OLWHUDWXUD HVSD±ROD PRGHUQD 8QR GH ORV PXFKRV HMHPSORV DºQ
SRU LQYHVWLJDU HV HO FXHQWR WLWXODGR Ȇ'³QGH QRV PXGDPRV"ȇ TXH ILJXUD HQ OD
0LVFHO¡QHDGH/XLV=DSDWD\HQOD)ORUHVWD(VSD±RODGH0HOFKRUGH6DQWD&UX]\
FX\D YHUVL³Q ¡UDEH P¡V DQWLJXD HQFRQWU³ )HUQDQGR GH OD*UDQMD HQ HO eDPȂ DO
fDZ—KLUGH$E½,Vm—TDOjX}U·VV;;,/DSUHJXQWDTXHDTX©OVHKDF­D\TXH
QRVVHJXLPRVIRUPXODQGRHVF³PRSDV³HVWHFXHQWRDODOLWHUDWXUDHVSD±ROD"6RQ
YDULDVODVSRVLELOLGDGHV\QRVHGHEHFHUUDUODSXHUWDDQLQJXQDGHHOODV(VW¡FODUR
TXHHQORV jDG—ȃLTQRSXHGHKDOODUVHODºOWLPDUHPLQLVFHQFLD¡UDEHGHWRGRVORV
FXHQWRVGHODQDUUDWLYDHVSD±RODGHFDUDFWHU­VWLFDVVHPHMDQWHVDORVFRQWHQLGRVHQ
ODREUDGH$E½%DNU,EQȂv}LPSHURHOKHFKRGHTXHHVWHºOWLPRFRQRFLHUD\XWL
OL]DUDFRPRIXHQWHRWUDREUDGHOPLVPRDXWRU =DKUDO—G—ELQYLWDDSHQVDUTXH
WDPEL©Q SXGR EXFHDU HQ DTXHOOD RWUD HQ EXVFD GH P¡V FKDVFDUULOORV \ DQ©FGRWDV
QRV³ORHOTXHVHKDPHQFLRQDGRFRQODVTXHFRPSRQHUVXREUDFRPSOHWDQGRGH
HVWHPRGRODFDGHQDGHWUDQVPLVL³Q
*HQHUDOPHQWHVHFRQVLGHUDODWUDGXFFL³QDOFDVWHOODQRGHODVFROHFFLRQHVGHFXHQWRVRULHQWDOHV
.DO·OD ZD'LPQD \ 6HQGHEDU FRPR HO KLWR TXH GLR SDVR DO GHVDUUROOR GH OD SURVD GH ILFFL³Q \ OD
FXHQW­VWLFDFDVWHOODQD6REUHORVRU­JHQHVGHHVWDQDUUDWLYDY©DVH)HUQDQGR*³PH]5HGRQGR +LVWRULD
GHODSURVD PHGLHYDOFDVWHOODQD 9RO OD FUHDFL³QGHOGLVFXUVR SURV­VWLFRHO HQWUDPDGR FRUWHVDQR
0DGULG&¡WHGUDSS
9©DVH)HUQDQGRGHOD*UDQMDȆ'RVFXHQWRVȇS/DFLWDGDREUDGHOOLWHUDWRGH.DLURXDQVH
FXHQWDHQWUHODVSRVLEOHVIXHQWHVWRGDY­DSRULQYHVWLJDUGHORVjDG—ȃLT
0($+6(&&,Ï1È5$%(,6/$0>;@
/26‫ۉ‬$'Ɩȃ,4$/$=Ɩ+,5'($%Nj%$.5,%1Ȃvৡ,0$/*$51Ɩ৫Ʈ81$2%5$Ȍ
3RURWUDSDUWHOH\HQGRD-XDQ9HUQHWKHKDOODGRXQUHODWRSHUWHQHFLHQWHD (O
%XVF³Q GH 4XHYHGR TXH DTX©O DVHJXUDED KDEHU H[WUD­GR GHO FRPHQWDULR GH ODV
0DT—P—WGHDOjDU·U·KHFKRSRUHODQGDOXV­DOsDU·y·\TXHKHHQFRQWUDGRHQORV
jDG—ȃLTFRQIRUPDSU¡FWLFDPHQWHLG©QWLFDDFRPRDSDUHFHHQODREUDGHHVWHºOWL
PR(VWRLPSOLFDU­DSRUXQODGR\FRPR\DVHKDVH±DODGRTXH$E½%DNU,EQ
Ȃv}LPWDPEL©QVHKDEU­DLQVSLUDGRHQODV 0DT—P—WGHDOjDU·U·\SRURWURGHMD
DELHUWDODSXHUWDDXQDIXWXUDLQYHVWLJDFL³QDFHUFDGHODVSRVLEOHVIXHQWHV¡UDEHV
GHODREUDGH4XHYHGR
&21&/86,“1
$ PRGR GH FRQFOXVL³Q GHVWDFDU HQ SULPHU OXJDU TXH ORV jDG—ȃLT DOD]—KLU
DUURMDQOX]VREUHGLIHUHQWHVFXHVWLRQHVHQWRUQRDOFRQWH[WRKLVW³ULFROLWHUDULRHQ
ORVTXHIXHURQJHQHUDGRVDV­FRPRDFHUFDGHOJ©QHURGHQWURGHOFXDOVHHQWURQ
FDQ (QSULPHU OXJDU OD REUD GH $E½ %DNU ,EQ Ȃv}LP D±DGH XQDSLH]D P¡V DO
SX]]OHWRGDY­DVLQFRPSOHWDUGHODSURGXFFL³QOLWHUDULDHQORVºOWLPRVPRPHQWRV
GH OD *UDQDGD QD]DU­ HQ HO FRQMXQWR GH OD FXDO DGHP¡V QR VH FRQRFH QLQJºQ
HMHPSORGHVXPLVPRJ©QHUR\WHP¡WLFD8QDWHP¡WLFDKXPRU­VWLFDTXHSXHGHTXH
QRIXHUDDOHDWRULDSXHVWRGRDSXQWDDTXHODDWP³VIHUDGHFULVLV\GHLQHVWDELOLGDG
SRO­WLFD\VRFLDOTXHURGHDEDDODXWRUHQHOPRPHQWRHQTXHUHGDFW³VXV jDG—ȃLT
SXGRKDEHUOHLQIOXLGRDODKRUDGHFRPSRQHUODREUDGHFDQW¡QGRVHSRUXQJ©QHUR
\XQDWHP¡WLFDGHWHUPLQDGDVHODGDEGHFRUWHKXPRU­VWLFRJ©QHURTXHLQYLWDSRU
VXSURSLDQDWXUDOH]DDODHYDVL³QGHODVSUHRFXSDFLRQHVGHWDOVLWXDFL³QGHULYD
GDV
$GHP¡VODREUDFRQVWLWX\HXQDDXW©QWLFDFRPSLODFL³QGHODFXOWXUDDQGDOXV­
GHJUDQUHOHYDQFLDHQWUHRWUDVFRVDVSRUTXHFXDQGRVXDXWRUODFRPSXVRFRUU­D
\DHOºOWLPRVLJORGHH[LVWHQFLDGHO5HLQR1D]DU­3RUHOORUHVXOWDPX\SUREDEOH
TXHDTXHOORTXHPRWLY³D$E½%DNU,EQȂv}LPSDUDHPSUHQGHUWDOODERUGHFRP
1DWXUDOGH-HUH]HVWHJUDP¡WLFRILO³ORJR\KRPEUHGHOHWUDVGHEHVXIDPDDVXFRPHQWDULRGHODV
0DT—P—WGHDOjDU·U·FRQVLGHUDGRHOP¡VFRPSOHWRGHORVPXFKRVH[LVWHQWHV'HHVWDREUDHODERU³DO
sDU·y·WUHVFRPHQWDULRVXQROLWHUDULRRWURILORO³JLFR\XQUHVXPHQTXHOHUHSRUWDURQJUDQIDPD\OR
FRQYLUWLHURQHQHOP¡VF©OHEUHGHORVFRPHQWDULVWDVGHDOjDU·U·9©DVH$%HQ$EGHVVHOHP VYȆDO
6KDU·VK·ȇ(,YROSS
9©DVH$E½%DNU,EQȂv}LP jDG—ȃLTSS\)UDQFLVFRGH4XHYHGR (O%XVF³Q0D
GULG&RPXQLFDFL³QSSOLEURFDS­WXORV$XQTXHQRVHKDSRGLGRDFFHGHUDOD
REUDGHDOsDU·y·VHKDWRPDGRFRPRUHIHUHQFLDODWUDGXFFL³QGHOUHODWRTXHUHSURGXFH-XDQ9HUQHW/R
TXH (XURSD GHEH DO ,VODP GH (VSD±D %DUFHORQD (O $FDQWLODGR UHLPSUHV SS DV­
FRPRHOWH[WRTXHDSDUHFHHQ(O%XVF³QPXFKRP¡VGHVDUUROODGRWUDVVXSDVRSRUODSOXPDGH4XHYH
GR
'H WRGR HOOR PH RFXSDU© HQ PL WHVLV GRFWRUDO TXH FRPSUHQGHU¡ OD WUDGXFFL³Q\ HVWXGLRGHOD
REUD
0($+6(&&,Ï1È5$%(,6/$0>;@
'(6,5e(/Ï3(=%(51$/
SLODFL³QIXHUDTXL]¡HOWHPRUDODS©UGLGDGHGLFKDFXOWXUDDQWHORTXHSDUHF­D\D
LUUHPHGLDEOHODFD­GDILQDOGHOºOWLPRUHGXFWRGHDO$QGDOXV
3RURWURODGR\DOSURFHGHUHOFRQWHQLGRHQVXPD\RU­DGHREUDVDQWHULRUHVORV
jDG—ȃLTRIUHFHQODSRVLELOLGDGGHDGHQWUDUVHHQHOGHEDWHHQWRUQRDODRULJLQDOL
GDGGHOJ©QHURGHO DGDESHUPLWLHQGRDQDOL]DUDIRQGRFX¡OIXHHOPHFDQLVPRGH
FRPSRVLFL³QGHHVWHWLSRGHREUDVDSDUWLUGHXQGHWHUPLQDGRPRPHQWRFXDQGR
ORVDXWRUHVFRQYHUWLGRVHQFRPSLODGRUHV\DQRHVFULELHURQUHODWRVRULJLQDOHVVL
QRTXHSDVDURQDUHFRSLODUPDWHULDOHVGHRWUDVREUDVDQWHULRUHV'HPDQHUDTXH
HQHVWHFDVRODRULJLQDOLGDGGHODXWRU\HOYDORUGHVXODERUUHVLGHQHQODEXHQD
VHOHFFL³QGHORVPDWHULDOHVVXGLVSRVLFL³QDUPRQLRVDHQHOFRQMXQWRGHODREUD\
HQODUHHODERUDFL³QGHEXHQDSDUWHGHORVPDWHULDOHVH[WUD­GRVGHRWUDVREUDVDORV
TXH$E½%DNU,EQȂv}LPGLRQXHYDIRUPDVLPSOLILF¡QGRORVFDPELDQGRVXVSHU
VRQDMHVHWF$GHP¡VORTXHVXWUDEDMR\HOGHRWURVHVFULWRUHVGHDGDEGHPXHVWUD
HVHOSURFHVRFRQWLQXRGHFUHDFL³Q\GHPRGLILFDFL³QDOTXHHVWXYRVRPHWLGDFRQ
WLQXDPHQWHODOLWHUDWXUDGH DGDEDVSHFWRVREUHHOTXHVHU­DFRQYHQLHQWHUHIOH[LR
QDU \ QR RWRUJDU VLPSOHPHQWH D REUDV FRPR OD TXH QRV KD RFXSDGR XQ YDORU
FRQFUHWRHQWDQWRFRPSLODFLRQHV
3RUºOWLPRODVHQFLOOH]\EUHYHGDGGHORVUHODWRVTXHHQFLHUUDODREUDDV­FR
PRVXDLUHFKLVWRVRORVFRQYLUWLHURQHQKLVWRULDVI¡FLOHVGHPHPRUL]DU\FRQWDUGH
IRUPDRUDOJHQHUDFL³QWUDVJHQHUDFL³QSDVDQGRDIRUPDUSDUWHGHOIRONORUHDQGD
OXV­KDVWDOOHJDUDORVPRULVFRVTXLHQHVORVKDEU­DQGLIXQGLGRELHQSRUODY­DGHOD
RUDOLGDG R ELHQ GH IRUPD HVFULWD D WUDY©V GH WUDGXFFLRQHV 3RU WRGR HOOR QR VH
GHVFDUWDTXHDUD­]GHXQHVWXGLRGHPD\RUSURIXQGLGDGVHGHVFXEUDQQXHYRVUH
ODWRVFRQLQIOXHQFLDHQODOLWHUDWXUDFDVWHOODQD\RWUDVOLWHUDWXUDVPHGLHYDOHV
0($+6(&&,Ï1È5$%(,6/$0>;@