La calve secreta de Hiram - Leonardo de Vinci 87 No. 109
Anuncio
/$ &/$9(
6(&5(7$'(+,5$0
&KULVWRSKHU.QLJKW\5REHUW/RPDV
/$&/$9(6(&5(7$'(+,5$0
)DUDRQHVPDVRQHV\HOGHVFXEULPLHQWRGHORVUROORVVHFUHWRVGH
-HV~V
ËQGLFH
$JUDGHFLPLHQWRV ,QWURGXFFLyQ /RVVHFUHWRVSHUGLGRVGHODIUDQFPDVRQHUtD $EVROXWDLQXWLOLGDG
8QSREUHFDQGLGDWRHQXQHVWDGRGHRVFXULGDG
/RVPLVWHULRVRFXOWRVGHODQDWXUDOH]D\ODFLHQFLD
8QDFKLVSDGHOX]
&RQFOXVLyQ /DE~VTXHGDFRPLHQ]D ¢'yQGHWXYRVXVRUtJHQHVODRUGHQ"
(O7HPSORGHO5H\6DORPyQ
&RQFOXVLyQ /RV&DEDOOHURV7HPSODULRV /RVLQLFLRVGHODRUGHQ
¢4XpHVWDEDQEXVFDQGR"
(OFyGLJRGHGLVFLSOLQDGHODRUGHQ
(OVHOORGHODRUGHQ
/DRUJDQL]DFLyQGHODRUGHQ
&RQFOXVLyQ /DFRQH[LyQJQyVWLFD /RVSULPHURVFHQVRUHVFULVWLDQRV
/RV(YDQJHOLRV*QyVWLFRV
/DUHVXUUHFFLyQJQyVWLFD
&RQFOXVLyQ -HVXFULVWR¢KRPEUHGLRVPLWRRIUDQFPDVyQ" 2WURQDFLPLHQWRYLUJHQ
/RVSULQFLSDOHVJUXSRVGH-HUXVDOpQ
/DVyOLGDHYLGHQFLDGHORV5ROORVGHO0DU0XHUWR
/DIDPLOLDGH-HV~V
(OQDFLPLHQWRGHXQDQXHYDUHOLJLyQ
9HUGDGHQWUHODVKHUHMtDV
8QYtQFXORFODURHQWUH-HV~V\ORVWHPSODULRV
/DHVWUHOODGHORVPDQGHDQRV
/DHVWUHOODGH$PpULFD
&RQFOXVLyQ (QHOSULQFLSLRHOKRPEUHKL]RD'LRV (O-DUGtQGHO(GpQ
/DVFLXGDGHVGH6XPHULD
8UODFLXGDGGH$EUDKDP
'LRVHOUH\HOVDFHUGRWH\ORVFRQVWUXFWRUHV
/D ILJXUDGH$EUDKDPHOSULPHUMXGtR
&RQFOXVLyQ (OOHJDGRGHORVHJLSFLRV /RVLQLFLRVGH(JLSWR
/DHVWDELOLGDGGHORV'RV7HUULWRULRV
/DFRURQDFLyQGHOUH\
&RPSUREDFLyQGHORLQGHPRVWUDEOH
/DHYLGHQFLDVLOHQFLRVD
/DHVWUHOODPDWXWLQDYXHOYHDEULOODU
&RQFOXVLyQ (OSULPHUIUDQFPDVyQ (OGHVFXEULPLHQWRGH+LUDP$ELI
(OFRODSVRGHODFLYLOL]DFLyQHJLSFLD
/RVUH\HVKLFVRV
/DSpUGLGDGHORVVHFUHWRVRULJLQDOHV
/DHYLGHQFLDEtEOLFD
(ODVHVLQDWRGH+LUDP$ELI
/RVDVHVLQRVGH+LUDP$ELI
/DHYLGHQFLDItVLFD
/DHYLGHQFLDPDVyQLFD
6HTHQHQUH7DRHO9DOLHQWH
&RQFOXVLyQ (OQDFLPLHQWRGHOMXGDLVPR 0RLVpVHOTXHRWRUJDOD/H\
(OGLRVGHODJXHUUDGHODVPRQWDxDVGHO6LQDt
< ORVPXURVVHGHUULEDURQ
/DIHFKDGHOe[RGR
'DYLG\6DORPyQ
&RQFOXVLyQ )RWRV 0LODxRVGHOXFKD /DQDFLyQMXGtDHQVXVLQLFLRV
(OH[LOLRHQ%DELORQLD
(OSURIHWDGHO1XHYR-HUXVDOpQ
(O7HPSORGH=RUREDEHO
/DQXHYDDPHQD]DSDUD-HKRYi
&RQFOXVLyQ (O%RD]\-DFKtQ3HVKHU /RV5ROORVGHO0DU0XHUWR
/RVOLEURVSHUGLGRVGH0DFDEHR
(OHOHJLGRGH-XGi
0LGUDVK3HVKHU\3DUiEROD
/RVVHFUHWRVGH4XPUDQ
/DVFROXPQDVJHPHODV
&RQFOXVLyQ (OKRPEUHTXHFRQYHUWtDHODJXDHQYLQR /DFDUUHUDFRQWUDHOWLHPSR
(OQXHYRFDPLQRDO5HLQRGH'LRV
(ODUUHVWRGHODFROXPQDUHDO
(OMXLFLR\ODFUXFLIL[LyQ
/RV VtPERORVGH-HV~V\6DQWLDJR
/DDVFHQVLyQGHOPHQWLURVR
(OWHVRURGHORVMXGtRV
&RQFOXVLyQ /DUHVXUUHFFLyQ /RVYHVWLJLRVGHOD,JOHVLDGH-HUXVDOpQ
(OUROORGHOD-HUXVDOpQ&HOHVWLDO
(OLPSDFWRGHORVUROORVQD]DUHQRV
&RQFOXVLyQ /DYHUGDGVHOLEHUD /DSURIHFtDVHKDFHUHDOLGDG
/DFUXFLIL[LyQ
/DHYLGHQFLDItVLFD
(OPHQVDMHVHGLIXQGH
(OSDtVGHODHVWUHOODOODPDGDOD
0HULND
&RQFOXVLyQ 5HGHVFXEULPLHQWRGHORVUROORVSHUGLGRV (OVDQWXDULRHVFRFpV
(OUHJUHVRD5RVVO\Q
4XHVHKDJDODOX]
5HGHVFXEULPLHQWRGHOVHFUHWRSHUGLGRGHODPDVRQHUtDGLVWLQJXLGDPDUN
(OVHxRUSURWHFWRUTXHFXVWRGLyD5RVVO\Q
'HEDMRGHO6HOORGH6DORPyQ
/DH[FDYDFLyQGHORVUROORVQD]DUHQRV
&RPHQWDULRILQDO $SpQGLFH'HVDUUROORGHODIUDQFPDVRQHUtDPRGHUQD\VXLPSDFWRHQHOPXQGR /D5HIRUPDLQJOHVD\ODVFRQGLFLRQHV
SDUDVXVXUJLPLHQWR
(OUH\TXHFRQVWUX\yHOVLVWHPDGHODVORJLDV
/RV$UTXLWHFWRVGHO6HJXQGR*UDGR
/DQXHYDKHUHMtD
/RVDQWLJXRVFDUJRV
(OVXUJLPLHQWRGHORVUHSXEOLFDQRV
6XUJHOD6RFLHGDG5HDO
/DIUDQFPDVRQHUtDDSUHQGHDGHVHQYROYHUVH
/DIUDQFPDVRQHUtDVHSURSDJD
(OGHVDUUROORGHODPDVRQHUtDHQ(VWDGRV8QLGRV
$SpQGLFH/RJLDVPDVyQLFDVHQ(VFRFLDDQWHULRUHVDFRQIHFKDGHODSULPHUD
PHQFLyQUHJLVWUDGD $SpQGLFH
3ULPHURV*UDQGHV0DHVWURVGHODIUDQFPDVRQHUtDLQJOHVD $SpQGLFH3ULPHURV*UDQGHV0DHVWURVGHODIUDQFPDVRQHUtDHVFRFHVD $SpQGLFH&URQRORJtD $SpQGLFH0DSDV tQGLFHDQDOtWLFR $JUDGHFLPLHQWRV
/RVDXWRUHVDJUDGHFHQDODVVLJXLHQWHVSHUVRQDVVXD\XGD\DSR\RGXUDQWHHOGHVDUUROORGHHVWHOLEUR
3ULPHURDQXHVWUDVIDPLOLDVTXHWROHUDURQODVODUJDVKRUDVGHDXVHQFLDPLHQWUDVHVWXYLPRVLQYHVWLJDQGR\
HVFULELHQGR
$OUHYHUHQGR+XJK/DZUHQFHDXQ$QWLJXR0DHVWURGHOD&LHQFLDTXHGHVHDSHUPDQHFHUHQHODQRQLPDWR
D 7RQ\7KRUQHD1LYHQ6LQFODLUD-XG\)LVNHQD%DUEDUD3LFNDUGDO+HUPDQR9LJLODQWH$ODQ$WNLQVDO
+HUPDQR9LJLODQWH$LGHQ8QVZRUWKD6WHYH(GZDUGVDO%DUyQ6W&ODLU%RQGHGH&KDUOHVWRQD)LIH
$ QXHVWURDJHQWH%LOO+DPLOWRQGH$0+HDWK&R/WGDQXHVWURHGLWRU0DUN%RRWK\WDPELpQD,L]
5RZOLQVRQGH&HQWXU\\D5RGHULFN%URZQ
/RGHGLFDPRVDODPHPRULDGH-RKQ0DUFR$OOHJURXQKRPEUHDxRVDGHODQWDGRDVXWLHPSR
&UpGLWRVGHODVIRWRV
: (UR$ODQ$WNLQV
(OOLRWW6PLWK/DVPRPLDVUHDOHVFRSLDGDSRUHO+HUPDQR9LJLODQWH$ODQ$WNLQV
6XFHVRUHVGHOILQDGR-RKQ0$OOHJUR
8QLYHUVLW\RI*HQW/LEUDU\
&RORUDGR6KURXG&HQWUH
*5-/RPDV
&ROHFFFLyQGHORVDXWRUHV
2WUDVLOXVWUDFLRQHV
S'LEXMRGHOFDEDOOHURGH:HVWIRUGWRPDGRGHORULJLQDOGH)UDQN*O\QQ
,QWURGXFFLyQ
(QXQDRFDVLyQ+HQU\)RUGGHFODUyTXHWRGDODKLVWRULDVRQWRQWHUtDV3XHGHKDEHUVRQDGRXQSRFRDEUXSWR
SHUR FXDQGR VH WUDWD GH ORV KHFKRV GHO SDVDGR TXH VH OHV HQVHxDQ HQ OD HVFXHOD D OD PD\RUtD GH ORV
RFFLGHQWDOHVUHVXOWDVHUTXH+HQU\)RUGWHQtDUD]yQ
1XHVWUR SXQWR GH SDUWLGD IXH XQD LQYHVWLJDFLyQ SULYDGD SDUD HQFRQWUDU ORV RUtJHQHV GH OD
IUDQFPDVRQHUtDODVRFLHGDGPiVJUDQGHGHOPXQGRTXHKR\GtDFXHQWDFRQFDVLFLQFRPLOORQHVGHPLHPEURV
PDVFXOLQRVHQORJLDVUHJXODUHV\TXHHQHOSDVDGRLQFOX\yDJUDQGHVKRPEUHVHQWUHVXVILODVGHVGH0R]DUW
KDVWD+HQU\)RUG&RPRIUDQFPDVRQHVQXHVWUDPHWDHUDWUDWDUGHHQWHQGHUXQSRFRDFHUFDGHOVLJQLILFDGRGHO
ULWXDO PDVyQLFR DTXHOODV H[WUDxDV \ VHFUHWDV FHUHPRQLDV TXH OOHYDEDQ D FDER HQ VX PD\RUtD KRPEUHV GH
PHGLDQDHGDGSHUWHQHFLHQWHVDODFODVHPHGLDGHVGH+XGGHUVILHOGKDVWD+RXVWRQ
8QSHUVRQDMHIXQGDPHQWDOGHOVDEHUPDVyQLFRHVHOOODPDGR+LUDP$ELITXLHQVHJ~QXQDKLVWRULD
TXH VH OHV FXHQWD D WRGRV ORV IUDQFPDVRQHV IXH DVHVLQDGR KDFH FDVL WUHV PLO DxRV HQ HO 7HPSOR GHO 5H\
6DORPyQ(VWHKRPEUHHVXQHQLJPDWRWDO6XSDSHOFRPRHOFRQVWUXFWRUGHOPHQFLRQDGRWHPSOR\ODVFLU
FXQVWDQFLDV GH VX KRUULEOH PXHUWH VH GHVFULEHQ FRQ FODULGDG HQ OD KLVWRULD PDVyQLFD DXQTXH QR VH OH
PHQFLRQD HQ HO $QWLJXR 7HVWDPHQWR 'XUDQWH FXDWUR GH ORV VHLV DxRV TXH WUDEDMDPRV HQ OD LQYHVWLJDFLyQ
FUHtPRVTXH+LUDP$ELIHUDXQDFUHDFLyQVLPEyOLFD3HUROXHJRVHPDWHULDOL]yGHHQWUHODEUXPDGHOWLHPSR
SDUDSUREDUTXHGHKHFKRHVPX\UHDO
&XDQGR+LUDP$ELIHPHUJLyGHOSDVDGRGLVWDQWHSURSRUFLRQyQDGDPHQRVTXHXQDQXHYDFODYHSDUD
ODKLVWRULDRFFLGHQWDO/DVFRQWRUVLRQHVLQWHOHFWXDOHV\ODVHODERUDGDVFRQFOXVLRQHVTXHDQWHVKDEtDQIRUPDGR
ODYLVLyQFROHFWLYDGHOSDVDGRGHODVRFLHGDGRFFLGHQWDODEULHURQSDVRDXQRUGHQVLPSOH\OyJLFR1XHVWUDV
LQYHVWLJDFLRQHVQRVFRQGXMHURQSULPHURDODUHFRQVWUXFFLyQGHOULWXDOGHFRURQDFLyQGHODQWLJXR(JLSWRTXH
GDWDGHKDFHFXDWURPLODxRVTXHDVXYH]QRVFRQGXMRDGHYHODUXQDVHVLQDWRTXHWXYROXJDUDOUHGHGRUGH
D& \ TXH GLR RULJHQ D XQD FHUHPRQLD GH UHVXUUHFFLyQ TXH HV HO DQWHFHGHQWH GLUHFWR GH OD
IUDQFPDVRQHUtD PRGHUQD &RQIRUPH UDVWUHDPRV HO GHVDUUROOR GH HVWH ULWXDO VHFUHWR GHVGH 7HEDV KDVWD
-HUXVDOpQUHYHODPRVVXSDSHOHQODFRQVWUXFFLyQGHODQDFLyQKHEUHD\HQODHYROXFLyQGHODWHRORJtDMXGtD
(Q JUDQ FRQWUDVWH FRQ OR TXH HQ OD DFWXDOLGDG VH VRVWLHQH FRPR XQ KHFKR HO PXQGR RFFLGHQWDO VH
GHVDUUROOyGHDFXHUGRFRQXQDILORVRItDPX\DQWLJXDFRGLILFDGDGHQWURGHXQVLVWHPDVHFUHWRTXHKDVDOLGRD
ODVXSHUILFLHHQWUHVPRPHQWRVFODYHGXUDQWHORV~OWLPRVWUHVPLODxRV
/D SUXHED ILQDO GH QXHVWURV KDOOD]JRV ELHQ SRGUtD UHVXOWDU VHU HO HQFXHQWUR DUTXHROyJLFR GHO VLJOR
+HPRVORFDOL]DGRORVSHUJDPLQRVVHFUHWRVGH-HV~V\VXVVHJXLGRUHV
&DStWXOR
/RVVHFUHWRVSHUGLGRVGHODIUDQFPDVRQHUtD
4XHODIUDQFPDVRQHUtDGDWDGHDQWHVGHOGLOXYLRTXHHVXQDPHUDFUHDFLyQGHDQWDxRTXHHVVyORXQDH[FXVD
SDUD OD FRQYLYHQFLD TXH HV XQD RUJDQL]DFLyQ DWHD GHVWUXFWRUD GH DOPDV TXH HV XQD DVRFLDFLyQ FDULWDWLYD
KDFLHQGR HO ELHQ EDMR XQD WRQWD DSDULHQFLD GH VHFUHWR TXH HV XQ HQJUDQDMH SROtWLFR GH H[WUDRUGLQDULD
SRWHQFLD TXH QR WLHQH VHFUHWRV TXH VXV GLVFtSXORV JXDUGDQ HQ VHFUHWR HO FRQRFLPLHQWR PiV JUDQGLRVR
FRQFHGLGR D OD KXPDQLGDG TXH FHOHEUDQ VXV PLVWHULRVRV ULWRV EDMR ORV DXVSLFLRV H LQYRFDFLRQHV GH
0HILVWyIHOHVTXHVXVSURFHGLPLHQWRVVRQSHUIHFWDPHQWHLQRFHQWHVSRUQRGHFLUVXPDPHQWHHVW~SLGRVTXH
FRPHWHQWRGRVORVDVHVLQDWRVTXHQRFRQGXFHQDDOJXLHQPiV\TXHH[LVWHQVyORFRQHOSURSyVLWRGHSURPR
YHUODKHUPDQGDG\ODEHQHYROHQFLDXQLYHUVDOHVVRQDOJXQRVGHORVDOHJDWRVKHFKRVSRUFKDUODWDQHVIXHUDGHO
FtUFXORGH ORV KHUPDQRV /LEUHV \ $FHSWDGRV 2PQHLJQRWXPSUR PDJQLILFR &XDQWR PHQRV VH VDEH PiV VH
FUHHGHODIUDQFPDVRQHUtD7KH'DLO\7HOHJUDSK/RQGUHV
/D PDVRQHUtD KDFH FRQVLGHUDEOH KLQFDSLp HQ PRWLYDU DOWRV HVWiQGDUHV GH PRUDOLGDG HQWUH VXV
PLHPEURV3HURGLItFLOPHQWHVRUSUHQGHTXHVHVRVSHFKHTXHXQDVRFLHGDGTXHXWLOL]DVDOXGRVGHPDQRVLJQRV
\ OHQJXDMHVVHFUHWRVSDUDHOUHFRQRFLPLHQWRPXWXRGHVXVPLHPEURVVHDXQDLQIOXHQFLDSDUDHOPDOPiVTXH
SDUDHOELHQ¢3RUTXpWHQHUVHPHMDQWHVPpWRGRVVLQRSDUDHVFRQGHUODYHUGDG"¢3RUTXpHVFRQGHUVLQRKD\
QDGDTXHHVFRQGHU"$TXHOORVTXHHVWiQIXHUDGHODPDVRQHUtDSHUFLEHQODLGHDGHGLVIUD]DUVHUHFLWDUWH[WRV
HVRWpULFRV\UHSUHVHQWDUULWXDOHVH[WUDxRVWDQWRQWDTXHWLHQHQODWHQGHQFLDGHFUHHUTXHGHEHKDEHURWUDDWUDF
FLyQKDFLDHOODTXHSXHGHVHUPiVVLQLHVWUD(VSUREDEOHTXHQRODKD\DSHURXQDQHJDWLYDHVVLHPSUHPiV
GLItFLOGHSUREDU7KH'DLO\7HOHJUDSK/RQGUHV
$EVROXWDLQXWLOLGDG
(QDOD5HLQD9LFWRULDWRGDYtDOHTXHGDEDQDxRVSRUJREHUQDU8OLVHV6*UDQWD~QHUDSUHVLGHQWHGH
(VWDGRV 8QLGRV \ OD IUDQFPDVRQHUtD HUD HO FHQWUR GH ODV HVSHFXODFLRQHV S~EOLFDV &LHQWR YHLQWLFLQFR DxRV
GHVSXpV HO SULPHU DOXQL]DMH SHUWHQHFH D XQD JHQHUDFLyQ GHO SDVDGR HO PXQGR HVWi FRQHFWiQGRVH D OD UHG
,QWHUQHW\ODIUDQFPDVRQHUtDVLJXHVLHQGRHOFHQWURGHODVHVSHFXODFLRQHVS~EOLFDV
(QFRQWUDPRVODSULPHUDGHHVWDVFLWDVHQXQSHGD]RGHSHULyGLFRFXLGDGRVDPHQWHFRUWDGR\GREODGR
GHQWUR GH XQ HPSROYDGR YROXPHQ GH KLVWRULD PDVyQLFD HQ GRQGH DOJ~Q IUDQFPDVyQ PXHUWR KDFH PXFKR
WLHPSRORXVyFRPRVHSDUDGRU&KULVOH\yHOVHJXQGRPLHQWUDVYRODEDVREUHHO$WOiQWLFRHQWUHHODOPXHU]R\
ODSHOtFXOD
&DVLWRGRLQFOX\HQGR ORVHVWLORV GHHVFULWXUD KDFDPELDGR HQ ORV ~OWLPRV FLHQWR YHLQWLFLQFR DxRV
SHURODDFWLWXGS~EOLFDHQJHQHUDOKDFLDODIUDQFPDVRQHUtDKR\GtDHVWDQFRQIXVDFRPRORHUDHQHOVLJOR;,;
/D PD\RUtD GH OD JHQWH QR FRQItD HQ OR TXH QR HQWLHQGH \ VL SHUFLEH XQ HOLWLVPR TXH ORV H[FOX\H OD
GHVFRQILDQ]D PX\ SURQWR VH FRQYLHUWH HQ GLVJXVWR H LQFOXVR RGLR 6L ELHQ OD IUDQFPDVRQHUtD VLHPSUH KD
HVWDGR DELHUWD D WRGRV ORV KRPEUHV PD\RUHV GH DxRV VHJ~Q OD FRQVWLWXFLyQ HVFRFHVD GH FXHUSR \
PHQWHVDQRVTXHSXHGDQGHPRVWUDUEXHQFDUiFWHU\H[SUHVDUVXFUHHQFLDHQ'LRVQRKD\GXGDGHTXHHQHO
SDVDGRHQODV,VODV%ULWiQLFDVODPHPEUHVtDHUDH[FOXVLYDGHODDULVWRFUDFLD\ORVVRFLRVRUGLQDULRVSURYHQtDQ
GHORVHVWUDWRVDOWRVGHODFODVHPHGLD
(Q HO SHULRGR 9LFWRULDQR PHGLR SDUD XQ KRPEUH SURIHVLRQDO HUD VRFLDOPHQWH LPSRUWDQWH FDVL
HVHQFLDOVHUIUDQFPDVyQ/RVQXHYRVULFRVGHODUHYROXFLyQLQGXVWULDOEXVFDEDQHOHVWDWXVVRFLDOSRUPHGLRGH
VXPHPEUHVtDHQXQDVRFLHGDGH[FOXVLYDTXHWHQtDXQDOWRSHUILOHQWUHORVDULVWyFUDWDVGHWRGRVORVQLYHOHV
LQFOXLGD OD SURSLD IDPLOLD UHDO 3RU OR PHQRV HQ WHRUtD ORV PLHPEURV GH ODV FODVHV WUDEDMDGRUDV HVWDEDQ
FDOLILFDGRVSRU LJXDO SDUDFRQYHUWLUVHHQ PDVRQHV SHUR HQOD SUiFWLFD HUD GLItFLO TXH SHQVDUDQHQ XQLUVH DO
FOXEGHVXVMHIHVSRUHOORSRUPXFKRWLHPSRVHKDDVRFLDGRDODORJLDFRQORVULFRV7RGRVDTXHOORVHQ
WRGRV ORV QLYHOHV GH OD VRFLHGDG TXH QR HUDQ IUDQFPDVRQHV QR SRGtDQ PiV TXH HVSHFXODU DFHUFD GH ORV
VHFUHWRVUHYHODGRVDORVPLHPEURVGHHVWDPLVWHULRVDRUJDQL]DFLyQ6HVDEtDTXHXVDEDQPDQGLOHV\ODUJRV
FROODUHV \ VH UXPRUDED TXH VH UHFRJtDQ ORV SDQWDORQHV H LQWHUFDPELDEDQ H[WUDxRV VDOXGRV FRQ OD PDQR
PLHQWUDVVHVXVXUUDEDQFRQWUDVHxDV
(QODVHJXQGDPLWDGGHOVLJOR[[ODIUDQFPDVRQHUtDHVSRUPXFKRXQDRUJDQL]DFLyQPHQRVHOLWLVWD
\DTXHKRPEUHVGHWRGRVORVQLYHOHVVRFLDOHVKDQVROLFLWDGRVXPHPEUHVtD\ODKDQREWHQLGR6LQHPEDUJRXQ
YLVWD]RDODSDUWHPiVHOHYDGDGHODMHUDUTXtDPDVyQLFDLQJOHVDQRVPXHVWUDGHLQPHGLDWRTXHVHUPLHPEURGH
ODIDPLOLDUHDORIRUPDUSDUWHGHODQREOH]DQRHVSUHFLVDPHQWHXQLPSHGLPHQWRPD\RUSDUDORVSURVSHFWRVGH
DVFHQVR
(Q HO PXQGR RFFLGHQWDO OD PD\RUtD GH OD JHQWH HVWi DO PHQRV GH PDQHUD YDJD FRQVFLHQWH GH OD
IUDQFPDVRQHUtD \ VXV PLVWHULRV VHGXFHQ D GRV JUDQGHV JUXSRV DTXHOORV TXH QR VRQ PDVRQHV TXH VH
SUHJXQWDQFXiOHVVRQORVVHFUHWRVGHODRUGHQ\DTXHOORVTXHVtORVRQ\TXHVHSUHJXQWDQORPLVPR8QDGH
ODVIXHUWHVUD]RQHVGHOVLOHQFLRHQWUHORVPDVRQHVQRHVWDQWRODREOLJDFLyQGHUHVSHWDUVXVYRWRVVDJUDGRVR
XQWHPRUDXQDUHWULEXFLyQPDFDEUDGHSDUWHGHVXVFRPSDxHURVVLQRTXHQRHQWLHQGHQXQDSDODEUDGHODV
FHUHPRQLDV HQ ODV TXH SDUWLFLSDQ \ VX ~QLFR WHPRU HV TXH OD JHQWH SXGLHUD EXUODUVH GH ORV ULWXDOHV HQ
DSDULHQFLDULGtFXORV\VLQVHQWLGRTXHOOHYDQDFDER
/D IUDQFPDVRQHUtD SDUD QRVRWURV \ SDUD FDGD XQR GH ORV KHUPDQRV TXH FRQRFHPRV VLJQLILFD DOJR
PiVTXHXQFOXEVRFLDOTXHQRVSHUPLWHSUDFWLFDUWHDWURGHSULQFLSLDQWHVVHJXLGRGHXQDFRPLGDFRQEDVWDQWH
FHUYH]D\YLQR(OFRPSOHMR\RVFXURULWXDOGHEHPHPRUL]DUVHGXUDQWHDxRVGHUHSHWLFLyQGHORVFDQWRV6H
KDFH KLQFDSLp HQ OD VLQFHULGDG GH OD PDQHUD GH H[SUHVDUVH SHUR HQ UHDOLGDG VyOR SHTXHxDV SDUWHV GH OD
FHUHPRQLD SXHGHQ HQWHQGHUVH FRPR VLPSOHV PHQVDMHV DOHJyULFRV FRQFHUQLHQWHV D OD UHFWLWXG GHO FDUiFWHU
PRUDO HO UHVWR HV XQD H[WUDxD PH]FOD GH SDODEUDV VLQ VHQWLGR \ GH QXHYDV SURPXOJDFLRQHV GH VXSXHVWRV
VXFHVRVKLVWyULFRVHQWRUQRDODFRQVWUXFFLyQGHO7HPSORGHO5H\6DORPyQHQ-HUXVDOpQKDFHFDVLWUHVPLO
DxRV
(Q WDQWR ORV TXH HVWDPRV DGHQWUR QR KDFHPRV PiV TXH DSUHQGHU YHUVRV H[FpQWULFRV GH PHPRULD
PXFKRV GH ORV TXH HVWiQ DIXHUD LQWHQWDQ GHVWUXLU OD RUJDQL]DFLyQ SRUTXH VRVSHFKDQ TXH HV FDXVD GH
FRUUXSFLyQ\ODYHQFRPRHOEDVWLyQGHORVSULYLOHJLRVFDSLWDOLVWDVRXQFOXESDUDDSR\DUVHHQIRUPDPXWXD
,QQXPHUDEOHV OLEURV VREUH HO WHPD KDQ DOLPHQWDGR OD FXULRVLGDG \ HO DQWDJRQLVPR GHO S~EOLFR HQ JHQHUDO
$OJXQRV FRPR DTXHOORV HVFULWRV SRU HO HVWDGRXQLGHQVH -RKQ - 5RELQVRQ VH EDVDQ HQ H[FHOHQWHV
LQYHVWLJDFLRQHV RWURV FRPR DTXHOORV GHO ILQDGR 6WHSKHQ .QLJKW KDQ VLGR PiV TXH QDGD OLEURV GH ILFFLyQ
SDUDVDWLVIDFHUORVSHRUHVWHPRUHVGHOVHFWRUDQWLPDVyQLFR
(O PHQFLRQDGR VHFWRU WUDEDMD FRQ FRQVWDQFLD SDUD SUREDU VXSXHVWRV GHOLWRV \ \D KHPRV WHQLGR
H[SHULHQFLDVGHSULPHUDPDQRDOUHVSHFWR+DFHSRFRXQFULVWLDQRYXHOWRDQDFHUDPLJRGH&KULVQRVDVHJXUy
TXH WRPDUtD HO SDSHO GH FRQVHMHUR HQ VX JUXSR HFOHVLiVWLFR &XDQGR OH SUHJXQWDPRV D TXLpQ SUHWHQGtD
DFRQVHMDGPHKRUURULFpDOHVFXFKDUODUHVSXHVWD$DTXHOORVTXHVXIUHQSRUODVPDOGLFLRQHVPDVyQLFDV
¢4XpHVXQDPDOGLFLyQPDVyQLFD"SUHJXQWpVLQGHFLUOHGHPLFRQH[LyQFRQOD&LHQFLDFRPRVHOHOODPDD
ODIUDQFPDVRQHUtDHQWUHVXVPLHPEURV
/RVPDVRQHVWLHQHQTXHMXUDUVHOHDOWDGORVXQRVDORVRWURVDH[SHQVDVGHWRGRVORVGHPiVLQFOXVR
VXV IDPLOLDV 6L IDOODQ OHV FDHQ PDOGLFLRQHV TXH OHV FDXVDQ WHUULEOHV VXIULPLHQWRV D HOORV \ D TXLHQHV ORV
URGHDQ
3RUXQPRPHQWRPHTXHGpVLQSDODEUDV/DIUDQFPDVRQHUtDHVPXFKDVFRVDVH[FHSWRPDOGDGDXQTXH
DOJXQDVSHUVRQDVSDUHFHQHVWDUGHFLGLGDVDHQFRQWUiUVHOD(QIUDQFRUHSXGLRGHVHPHMDQWHVDFXVDFLRQHVPDO
LQIRUPDGDV OD *UDQ /RJLD 8QLGD GH ,QJODWHUUD DILUPD S~EOLFDPHQWH TXH HO GHEHU GH XQ IUDQFPDVyQ FRPR
FLXGDGDQR VLHPSUH GHEH SUHYDOHFHU VREUH FXDOTXLHU REOLJDFLyQ TXH WHQJD KDFLD RWUR PDVyQ \ TXH D OD
IUDQFPDVRQHUtD QR VH OH GHEH SHUPLWLU GDxDU D OD IDPLOLD GH XQ KRPEUH R DOJXQD RWUD GH VXV UHODFLRQHV
PHGLDQWH HO DEXVR GH VX WLHPSR R VX GLQHUR R KDFLpQGROH DFWXDU HQ FXDOTXLHU RWUD IRUPD HQ FRQWUD GH VXV
LQWHUHVHV
1R GHVHDPRV KDFHU XQD DSRORJtD GH OD IUDQFPDVRQHUtD SHUR KDFH PXFKR ELHQ \ KDVWD GRQGH
VDEHPRVQDGDGHPDO6LHPSUHKDGRQDGRJUDQGHVFDQWLGDGHVGHGLQHURSDUDREUDVGHFDULGDGSRUORJHQHUDO
GH PDQHUD DQyQLPD SURPXHYH QLYHOHV GH UHFWLWXG \ UHVSRQVDELOLGDG PRUDO LPSUHVLRQDQWHV \ KD VHQWDGR
HVWiQGDUHVTXHRWURVVLJXHQ(OFRORUODUD]DHOFUHGRRODSROtWLFDVLHPSUHKDQVLGRLUUHOHYDQWHVSDUDSRGHU
VHUPLHPEUR\VXVGRVPHWDVJXtDVRQXQRUGHQVRFLDOEDVDGRHQODOLEHUWDGGHOLQGLYLGXR\ODE~VTXHGDGHO
FRQRFLPLHQWR(O~QLFRUHTXLVLWRDEVROXWRHVODFUHHQFLDHQ'LRVFXDOTXLHUGLRV
1XHVWUDPD\RUFUtWLFDDODIUDQFPDVRQHUtDHVVXDEVROXWDLQXWLOLGDG1RVHVDEHGHGyQGHYLHQHQDGLH
SDUHFH VDEHU TXp WUDWD GH ORJUDU \ FDGD YH] SDUHFH PiV LPSUREDEOH TXH SXHGD WHQHU DOJ~Q IXWXUR HQ XQ
PXQGRTXHGHPDQGDFODULGDGGHSURSyVLWR\EHQHILFLR1RVyOR\DQRVHFRQRFHQORVRUtJHQHVGHODIUDQF
PDVRQHUtDVLQRTXHVHDGPLWHTXHORVDXWpQWLFRVVHFUHWRVGHODRUGHQVHKDQSHUGLGR\TXHHQODVFHUHPRQLDV
PDVyQLFDV VH XWLOL]DQ HQ VX OXJDU VHFUHWRV VXVWLWXWRV KDVWD TXH OOHJXH HO WLHPSR HQ TXH DTXHOORV VHDQ
UHGHVFXELHUWRV
6LODVSDODEUDVXVDGDVHQHOULWXDOVHWRPDQWDOFXDOODIUDQFPDVRQHUtDWHQGUtDDOPHQRVWUHVPLODxRV
GHDQWLJHGDG/RVRSRQHQWHVGHODRUGHQQRVRQORV~QLFRVTXHGHVFDUWDQHVRODSURSLD*UDQ/RJLD8QLGDGH
,QJODWHUUD QR DVHJXUD TXH WHQJD VHPHMDQWH DQWLJHGDG 3DUD SUHYHQLU HO HVFDUQLR S~EOLFR HYLWD FXDOTXLHU
RSLQLyQRILFLDODFHUFDGHORVRUtJHQHVGHOD&LHQFLD\SHUPLWHTXHODVOODPDGDVORJLDVGHHVWXGLRGLVFXWDQOD
OLPLWDGDHYLGHQFLDKLVWyULFDTXHH[LVWH
8QSREUHFDQGLGDWRHQXQHVWDGRGHRVFXULGDG
&XDQGRQRVKLFLPRVIUDQFPDVRQHVDPERVSDVDPRVSRUHOSURFHVRTXHWRGRLQLFLDGRHQOD&LHQFLDKDWHQLGR
TXH H[SHULPHQWDU GHVGH KDFH DO PHQRV DxRV &RPR SDUWH GH HVWDFHUHPRQLD VHQRV SLGLyMXUDU FRPR
KRPEUHV GH KRQRU TXH QR GLYXOJDUtDPRV DO PXQGR H[WHULRU QLQJXQR GH ORV VHFUHWRVGH OD IUDQFPDVRQHUtD
VDEHPRVELHQTXHODLQIRUPDFLyQTXHGDPRVDTXtSXHGHVHUFRQVLGHUDGDSRUDOJXQRVPDVRQHVFRPRXQDWUDL
FLyQ D HVRV VHFUHWRV 6LQ HPEDUJR OD *UDQ /RJLD 8QLGD GH ,QJODWHUUD FRQVLGHUD TXH ORV ~QLFRV VHFUHWRV
SURWHJLGRV GH OD RUGHQ VRQ ORV PHGLRV GH UHFRQRFLPLHQWR \ QDGLH SRGUtD KDFHUVH SDVDU FRPR IUDQFPDVyQ
GHVSXpVGHOHHUHVWHOLEUR(VQHFHVDULRH[SOLFDUORVULWXDOHVFRQFRQVLGHUDEOHGHWDOOH\DTXHIRUPDQODEDVHGH
WRGDQXHVWUDLQYHVWLJDFLyQ$OJXQDVGHODVSDODEUDVPHQFLRQDGDVVRQLQVWUXPHQWRVGHLGHQWLILFDFLyQVHFUHWRV
SHURQRVHxDODPRVTXpSDODEUDVGHEHQXVDUVHHQTXpFLUFXQVWDQFLDVSRUORTXHKHPRVKHFKRWRGRORSRVLEOH
SDUDUHVSHWDUHOHVStULWXGHQXHVWURVMXUDPHQWRV(QFXDOTXLHUFDVRHVWXYLPRVGHDFXHUGRHQPDQWHQHUHVWRV
VHFUHWRVHQHOHQWHQGLGRGHTXHQRLQWHUIHULUtDQFRQQXHVWUDOLEHUWDGGHDJHQWHVPRUDOHVFLYLOHVRUHOLJLRVRV\
VL QXHVWUDV SURPHVDV WXYLHUDQ FRPR SURSyVLWR HYLWDU TXH FRPSDUWLpUDPRV WDQ LPSRUWDQWHV GHVFXEULPLHQWRV
FRPRORVTXHKHPRVKHFKRDKRUDFRQWRGDVHJXULGDGKDEUtDQLQWHUIHULGRFRQHVDOLEHUWDG
6L ELHQ QRV XQLPRV D GLIHUHQWHV ORJLDV FRQ YDULRV DxRV GH GLIHUHQFLD UHFRUGDPRV H[SHULHQFLDV
LGpQWLFDVeVWDVVRQODVH[SHULHQFLDVXVDPRVHOSURQRPEUH\RSDUDDPERV
+DELHQGR VLGR HQWUHYLVWDGR SRU XQMXUDGR GH DQWLJXRV PDHVWURV SDVW PDVWHUV YDULRV PHVHV DQWHV
HVWDEDOLVWRSDUDFRQYHUWLUPHHQIUDQFPDVyQ$ORTXHPHHVWDEDXQLHQGRHUDYLUWXDOPHQWHGHVFRQRFLGRSDUD
PtOD~QLFDSUHJXQWDILUPHTXHVHPHKDEtDQKHFKRHUD¢&UHHVHQ'LRV"'LMHTXHVt\WRGRFRQWLQXyKDVWD
TXH DKRUD PH HQFRQWUDED GH SLH MXQWR D XQ JXDUGLD TXH JROSHDED OD JUDQ SXHUWD GHO WHPSOR FRQ OD
HPSXxDGXUDGHXQDHVSDGDGHVHQYDLQDGDVROLFLWDQGRSHUPLVRSDUDTXHPHGHMDUDQHQWUDU
0HYHQGDURQORVRMRV\PHYLVWLHURQFRQXQDFDPLVD\XQRVSDQWDORQHVEODQFRVTXHPHTXHGDEDQ
KROJDGRV8QSLHWHQtDXQDSDQWXIODVHQFLOODVOLSVKRGHQLQJOpVPLSLHUQDL]TXLHUGDHVWDEDGHVFXELHUWDKDVWD
OD URGLOOD \ OD SDUWH L]TXLHUGD GH OD W~QLFD KDEtD VLGR PRYLGD KDFLD XQ ODGR GH WDO IRUPD TXH PL SHFKR
TXHGDED GHVQXGR GH HVH ODGR 3DUD PL VRUSUHVD WHQtD XQD VRJD GH DKRUFDGR DOUHGHGRU GHO FXHOOR OD FXDO
FROJDEDGHPLHVSDOGDYpDVHODILJXUD6HPHKDEtDGHVSUHQGLGRGHWRGRVORVREMHWRVGHPHWDO\DKRUD
HVWDEDSUHSDUDGRSDUDVHUJXLDGRDOLQWHULRUGHOWHPSOR0iVWDUGHVXSLPRVTXHHVWHWLSRGHYHVWLPHQWDOD
WRVFDEDWDFRQODVRJDFRUUHGL]DDOUHGHGRUGHOFXHOORHUDH[DFWDPHQWHODGHXQKHUHMHPHGLHYDODQWHVGHKDFHU
VXFRQIHVLyQDOD6DQWD,QTXLVLFLyQ
5HFXHUGRTXHSHUFLEtODSUHVHQFLDGHXQJUDQQ~PHURGHSHUVRQDV\PHVHQWtPX\YXOQHUDEOH6HQWt
XQSXQWRIUtRTXHPHSUHVLRQDEDODSLHOGHOSHFKR
¢6LHQWHVDOJR"PHSUHJXQWyODYR]IUHQWHDPt8QVXVXUURHQHORtGRGLRODUHVSXHVWDIRUPDOL]DGD
TXH\RUHSHWtHQYR]DOWD
6t´
(QWRQFHVTXHHVWRVHDXQDJXLMyQSDUDWXFRQFLHQFLDDVtFRPRXQDPXHUWHLQVWDQWiQHDVLDOJXQDYH]
WUDLFLRQDVFXDOTXLHUDGHORVVHFUHWRVTXHDKRUDWHVHUiQLPSDUWLGRV
'HVSXpV KDEOy XQD YR] GLVWLQWD GHVGH RWUD SDUWH GHO VDOyQ UHFRQRFt TXH OH SHUWHQHFtD DO 0DHVWUR
9HQHUDEOH
&yPRQLQJ~QKRPEUHSXHGHKDFHUVHPDVyQDPHQRVTXHVHDOLEUH\GHHGDGPDGXUDDKRUD\RWH
GHPDQGR¢HUHVXQKRPEUHOLEUH\WLHQHVODHGDGGHDxRV"
6t
+DELHQGR UHVSRQGLGR HVD SUHJXQWD GH PDQHUD WDQ VDWLVIDFWRULD KD\ RWUDV TXH GH LQPHGLDWR
SURFHGHUpDSODQWHDUWH\TXHFRQItRUHVSRQGHUiVFRQLJXDOKRQHVWLGDG¢'DVWXSDODEUDGHKRQRUGHTXHVLQ
VHU LQIOXHQFLDGR SRU ODV VROLFLWXGHV LPSURSLDV GH DPLJRV HQ FRQWUD GH WXV SURSLDV LQFOLQDFLRQHV R SRU VHU
PHUFHQDULR R SRU QLQJ~Q RWUR PRWLYR TXH QR YDOJD OD SHQD OLEUH \ YROXQWDULDPHQWH WH RIUHFHV D WL PLVPR
FRPRFDQGLGDWRSDUDORVPLVWHULRV\SULYLOHJLRVGHODIUDQFPDVRQHUtD"¢'HFODUDVDGHPiVFRQWRGDVHULHGDG
SRU WX KRQRU TXH HUHV LQVWDGR D VROLFLWDU HVWRV SULYLOHJLRV SRU XQD RSLQLyQ IDYRUDEOH \ SUHFRQFHELGD GH
QXHVWUDRUGHQXQDDYLGH]JHQHUDOSRUHOFRQRFLPLHQWR\XQGHVHRVLQFHURGHUHQGLUWXVVHUYLFLRVHQIRUPD
PiVH[WHQVDSDUDFRQWXVSUyMLPRV"
6t
/DGDJDTXHKDEtDVLGRVRVWHQLGDFRQILUPH]DFRQWUDPLSHFKRIXHUHWLUDGDDXQTXHHQHVHPRPHQWR\RQROR
VDEtD SHUR OD VRJD XQ FDEOH GH UHPROTXH VHJXtD DOUHGHGRU GH PL FXHOOR (O KRPEUH D PL GHUHFKD PH
VXVXUUy DO RtGR TXH PH DUURGLOODUD \ VH GLMR XQD SHTXHxD RUDFLyQ LQYRFDQGR DO 6XSUHPR *REHUQDGRU GHO
8QLYHUVR 'LRV GHVFULWR HQ IRUPD QHXWUDO SDUD TXH VHD LJXDOPHQWH DFFHVLEOH D ORV PLHPEURV GH FXDOTXLHU
UHOLJLyQPRQRWHtVWD
/DFHUHPRQLDFRQWLQXyPLD\XGDQWHPHJXLySRUHOSHUtPHWURGHOWHPSORGHWHQLpQGRVHWUHVYHFHV
SDUD SUHVHQWDUPH FRPR XQ SREUH FDQGLGDWR HQ XQHVWDGR GH RVFXULGDG 3HVH D TXH QR SRGtD YHUOR HQHO
FHQWURGHOVXHORGHOWHPSORKDEtDXQUHFWiQJXORGHFXDGURVEODQFRV\QHJURV(QODHVTXLQDRFFLGHQWDOHVWDED
HOWURQRGHO0DHVWUR9HQHUDEOHHQHOVXUVHVHQWDEDHO3ULPHU9LJLODQWH\HQHORHVWHHO6HJXQGR9LJLODQWH
DPERVHQWURQRVPHQRUHV
'HVSXpVGHPLVWUHVYXHOWDVFRPSOHWDVPHOOHYDURQD~QYHQGDGRDOWURQRGHO0DHVWUR9HQHUDEOH
TXLHQPHSUHJXQWy+DELHQGRSHUPDQHFLGRHQXQHVWDGRGHRVFXULGDG¢FXiOHVHOGHVHRTXHSUHGRPLQDHQ
WXFRUD]yQ"
8QDYH]PiVODUHVSXHVWDPHIXHVXVXUUDGDDORtGR
/DOX]
(QWRQFHVGHMDTXHHVDEHQGLFLyQVHDUHVWDXUDGD
0HTXLWDURQODYHQGD\PLHQWUDVPLVRMRVVHDFRVWXPEUDEDQSXGHYHUTXHPHHQFRQWUDEDIUHQWHDO
0DHVWUR 9HQHUDEOH TXLHQ GH LQPHGLDWR GLULJLy PL DWHQFLyQ KDFLD ODV OXFHV HPEOHPiWLFDV GH OD
IUDQFPDVRQHUtDTXHVHH[SOLFDEDQFRPRHO9ROXPHQGHOD/H\6DJUDGDSDUDORVFDQGLGDWRVFULVWLDQRVHUDOD
%LEOLDOD(VFXDGUD\HO&RPSiV/XHJRPHGLMRTXHKDEtDDGTXLULGRHOUDQJRGH$SUHQGL])UDQFPDVyQHO
SULPHUR GH ORV WUHV JUDGRV SRU ORV TXH WHQGUtD TXH SDVDU DQWHV GH VHU DFHSWDGR FRPR XQ 0DHVWUR 0DVyQ
FRPSOHWR 0H H[SOLFDURQ ORV VLJQRV VHFUHWRV DSUHWRQHV GH PDQRV \ FRQWUDVHxDV GHO 3ULPHU *UDGR \ PH
GLMHURQ TXH OD FROXPQD GHO ODGR L]TXLHUGR TXH VH KDOODED D OD HQWUDGD GHO 7HPSOR GHO 5H\ 6DORPyQ WHQtD
HVSHFLDO VLJQLILFDGR SDUD ORV IUDQFPDVRQHV $PEDV FROXPQDV OD GH OD GHUHFKD \ OD GH OD L]TXLHUGD HVWiQ
UHSURGXFLGDVHQODORJLD\VHHQFXHQWUDQGHWUiV\DDPERVODGRVGHO0DHVWUR9HQHUDEOH$ODGHODL]TXLHUGD
VHOHGLRHOQRPEUHGH%RD]ELVDEXHORGH'DYLGUH\GH,VUDHO
'HVSXpV GH GHDPEXODU YDULDV YHFHV DOUHGHGRU GHOWHPSOR PH GLHURQ XQ VHQFLOOR PDQGLO EODQFR GH
SLHOFXUWLGDTXHVLPEROL]DEDHOUDQJRTXHDFDEDEDGHREWHQHU'HVSXpVPHGLMHURQTXHHVPiVDQWLJXRTXHHO
9HOORFLQRGH2URRHOÈJXLOD5RPDQDPiVKRQRUDEOHTXHOD(VWUHOODOD,QVLJQLDRFXDOTXLHURWUDRUGHQTXH
H[LVWDVLHQGRODLQVLJQLDGHODLQRFHQFLD\HOYtQFXORGHODDPLVWDG(VWDVHFFLyQUHVXOWyVHUXQDSDUWHGHO
ULWXDOPDVyQLFRHQSDUWLFXODUUHYHODGRUDFRPRPRVWUDPRVPiVDGHODQWHFRQWLHQHFODUDHYLGHQFLDGHKDEHU
VLGR FRQVWUXLGD HQ WUHV SHULRGRV GH OD KLVWRULD PX\ GLVWLQWRV GHO JHQXLQDPHQWH DQFHVWUDO DO UHODWLYDPHQWH
PRGHUQR
$ ORODUJRGHODFHUHPRQLDVHPHUHFRPHQGDURQYDULDVYLUWXGHVVRFLDOHV\PRUDOHVPHGLDQWHHOXVR
GHDOJXQDVDQDORJtDVDUTXLWHFWyQLFDVSRUHMHPSORUHODFLRQDQGRODVKHUUDPLHQWDVGHODOEDxLOFRQPpWRGRVGH
PHMRUD SHUVRQDO +DFLD HO ILQDO GH OD FHUHPRQLD GH LQLFLDFLyQ PH DODUPp DO VDEHU TXH KD\ SUHJXQWDV GH
SUXHED TXH GHEHQ DSUHQGHUVH GH PHPRULD SDUD SRGHU DVFHQGHU DO VLJXLHQWH JUDGR HO GH &RPSDxHUR
)UDQFPDVyQ (QWUH HVWDV SUHJXQWDV \ UHVSXHVWDV KD\ SHGD]RV GH LQIRUPDFLyQ TXH LQWULJDQ PiV GH OR TXH
LQIRUPDQ
3UHJXQWD¢4XpHVODIUDQFPDVRQHUtD"
5HVSXHVWD8QSHFXOLDUVLVWHPDGHPRUDOLGDGHQYXHOWRHQDOHJRUtDHLOXVWUDGRSRUVtPERORV
3UHJXQWD¢&XiOHVVRQORVWUHVJUDQGHVSULQFLSLRVHQORVTXHVHIXQGDPHQWDODIUDQFPDVRQHUtD"
5HVSXHVWD$PRUIUDWHUQDODOLYLR\YHUGDG
3DUDFXDOTXLHUFDQGLGDWRHOSULPHURGHHVWRVSULQFLSLRVVXHQDUD]RQDEOHSHURORVGRVVLJXLHQWHVVRQ
XQSRFRGLItFLOHVGHFRPSUHQGHU¢$OLYLRGHTXp"¢&XiOYHUGDG"
6LHQGRDKRUDXQKHUPDQRDFHSWDGRSRUFRPSOHWRDXQTXHVyORXQVLPSOHDSUHQGL]UHFLpQLQJUHVDGR
GHMp HO WHPSOR VLQWLHQGR TXH DOJR HVSHFLDO KDEtD SDVDGR SHUR VLQ WHQHU LGHD GH OR TXH WRGR HOOR SRGUtD
VLJQLILFDU6LJXLyODFRPLGDIHVWLYD\HQPLSDSHOGHKRPEUHGHOPRPHQWRVHPHVLWXyDODL]TXLHUGDGHO
0DHVWUR 9HQHUDEOH +XER EULQGLV \ GLVFXUVRV \ WRGRV SDVDPRV XQ EXHQ UDWR &LHUWDPHQWH QR KDEtDQ VLGR
UHYHODGRVORVPLVWHULRVGHOD&LHQFLD7DOYH]SHQVpWRGRVHDFODUDUtDHQODVLJXLHQWHFHUHPRQLD
1RIXHDVt
/RVPLVWHULRVRFXOWRVGHODQDWXUDOH]D\ODFLHQFLD
8QRV PHVHV GHVSXpV SDUWLFLSp HQ XQD FHUHPRQLD GH 6HJXQGR *UDGR SDUD DGTXLULU HO UDQJR GH &RPSDxHUR
)UDQFPDVyQ(VWDYH]HQWUpDOWHPSORFRQORVGHPiVKHUPDQRV\XVDQGRHOVHQFLOORPDQGLOEODQFRGHSLHO
FXUWLGDTXHHUDHOVtPERORGHPLJHQXLQDLQRFHQFLD\PX\KXPLOGHSRVLFLyQ(QWRQFHVODORJLDVHDEULyHQ
HO3ULPHU*UDGR\FRPRFDQGLGDWRDODHOHYDFLyQVHPHSXVRDSUXHEDPHGLDQWHODUHVSXHVWDDODVSUHJXQWDV
TXH VH PH H[SOLFDURQ DO ILQDO GH OD FHUHPRQLD DQWHULRU 7DQ SURQWR FRPR WHUPLQp HVWD SUXHED GH PLV
KDELOLGDGHV SDUD UHFLWDU MHULJRQ]D PH GLMHURQ TXH GHMDUD HO WHPSOR WHPSRUDOPHQWH SDUD VHU SUHSDUDGR GH
PDQHUDDSURSLDGDSDUDODFHUHPRQLDGHDSUREDFLyQ
0HYROYLHURQDDGPLWLUYLVWLHQGRODVPLVPDVURSDVTXHXVpHQPLFHUHPRQLDGHLQLFLDFLyQDKRUDFRQ
OD SLHUQD L]TXLHUGD \ HO SHFKR GHUHFKR GHVQXGRV (Q WDQWR TXH ORV GLiFRQRV PH FRQGXFtDQ DOUHGHGRU GHO
WHPSORVHPHUHYHODURQQXHYDVFRQWUDVHxDV\VLJQRVLQFOX\HQGRXQDSRVWXUDFRQODVPDQRVDO]DGDVTXHVH
GLFHVHRULJLQyFXDQGR-RVXpSHOHyODVEDWDOODVGHO6HxRUHQHOYDOOHGH-RVDIDW\SLGLyTXHHOVROGHWXYLHUD
VX FXUVR KDVWD TXH OD GHUURWD GH VXV HQHPLJRV IXHUD FRPSOHWDGD 0iV WDUGH HVWR UHVXOWy VHU PX\
VLJQLILFDWLYR
/D FROXPQD D OD GHUHFKD GH OD HQWUDGD GHO 7HPSOR GHO 5H\ 6DORPyQ VH GHVFULELy FRPR HO
FRPSOHPHQWRGHODLQIRUPDFLyQSURSRUFLRQDGDHQHOJUDGRDQWHULRUFRQUHVSHFWRDODFROXPQDL]TXLHUGD(VWD
FROXPQDGHUHFKDLGHQWLILFDGDFRPR-DFKLQWRPyVXQRPEUHGHOJUDQVDFHUGRWHTXHD\XGyDODGHGLFDFLyQGH
HVWD VHFFLyQ GHO WHPSOR HQ -HUXVDOpQ /DV FROXPQDV JHPHODV %RD] \ -DFKLQ VH FRQYHUWLUtDQ HQ SXQWRV
HVHQFLDOHVGHQXHVWUDIXWXUDLQYHVWLJDFLyQ6HGLFHTXHHOSULPHURUHSUHVHQWDODIXHU]DRTXHHQpOKD\IXHU]D
HOVHJXQGRHVWDEOHFHUVH\FXDQGRVHXQHQODHVWDELOLGDG
$OWpUPLQRGHODFHUHPRQLDGH6HJXQGR*UDGRVHPHSHUPLWLyH[WHQGHUPLVLQYHVWLJDFLRQHVDORV
PLVWHULRVRFXOWRVGHODQDWXUDOH]D\ODFLHQFLD
8QDYH]PiVGHVSXpVGHODFHUHPRQLDVHVLUYLyODFRPLGD\ODEHELGD\KXERGLVFXUVRV\FDQWRV
8QDFKLVSDGHOX]
0HVHVPiVWDUGHFRPR&RPSDxHURXVDQGRXQPDQGLOEODQFRFRQGRVURVHWRQHVD]XOHVVHPHHOLJLySDUDVHU
DVFHQGLGR D OR TXH VXHOH OODPDUVH HO VXEOLPH JUDGR GH 0DHVWUR 0DVyQ SHUR SULPHUR HUD QHFHVDULR TXH
SUREDUDPLFRPSHWHQFLDXQDYH]PiVDSUHQGLHQGRODVUHVSXHVWDVDQXHYDVSUHJXQWDV
'XUDQWH PL SUiFWLFD GH ODV UHVSXHVWDV PH OODPy OD DWHQFLyQ HO KHFKR GH TXH QXHVWURV KHUPDQRV
DQFHVWUDOHV UHFLEtDQ VXV VDODULRV HQ OD FiPDUD PHGLD GHO 7HPSOR GHO 5H\ 6DORPyQ VLQ HVFU~SXORV R
YHUJHQ]DSRUODJUDQFRQILDQ]DTXHWHQtDQHQODLQWHJULGDGGHVXVHPSOHDGRUHVHQDTXHOORVGtDV7UDVXQ
FXLGDGRVRHVWXGLRGHOD%LEOLDQRHQFRQWUpPHQFLyQDOJXQDVREUHODFiPDUDPHGLDGHO7HPSORGH6DORPyQ
6HPHMDQWHHUURUHVLPSUREDEOHGHPDQHUDTXHSDUDTXHWHQJDVHQWLGRDVXPLPRVTXHODVSUHJXQWDVGHSUXH
EDLQGLFDEDQTXHHQHOSDVDGRODKHUPDQGDGSXGRFRQILDUHQVXVHPSOHDGRUHVSHURWDOYH]QRSRGUtDKDFHUOR
DKRUD
(Q HVWD HWDSD WDPELpQ VH PH GLR XQD UHIHUHQFLD DSDUHQWHPHQWH EtEOLFD OD FXDO QR DSDUHFH HQ OD
%LEOLD SHUR TXH LQGLFD OD PLVLyQ TXH VH PH FRQILDUtD XQD YH] TXH IXHUD DVFHQGLGR DO JUDGR VXEOLPH GH
0DHVWUR 0DVyQ 3RUTXH HO 6HxRU KD GLFKR HQ OD IXHU]D HVWDEOHFHUp 0L 3DODEUD HQ HVWD 0L &DVD TXH
SHUPDQHFHUiILUPHSRUVLHPSUH
(VWD FLWD VHUtD GH H[WUHPD LPSRUWDQFLD DXQTXH QR WLHQH VHQWLGR DOJXQR SDUD ORV IUDQFPDVRQHV
PRGHUQRVQLORWXYRSDUDQLQJXQRGHQRVRWURVFXDQGRODHVFXFKDPRVSRUSULPHUDYH]
6HPHGLRXQDFRQWUDVHxDTXHPHSHUPLWtDYROYHUDHQWUDUDOWHPSORFXDQGRVHKXELHUDQLQLFLDGRVXV
ULWXDOHV\DFRPRXQDORJLDGH0DHVWURV0DVRQHV(VWDYH]ODVFRVDVIXHURQPX\GLIHUHQWHV\GUDPiWLFDV
5HJUHVpDOLQWHULRUGHOWHPSORSDUDKDOODUORHQFRPSOHWDRVFXULGDGH[FHSWRSRUODVROLWDULDOODPDGH
XQD YHOD TXH DUGtD DO HVWH \ IUHQWH DO 0DHVWUR 9HQHUDEOH (Q XQ VDOyQ WDQ JUDQGH \ VLQ YHQWDQDV OD YHOD
VROLWDULDGDEDSRFDGHODSUHFLDGDLOXPLQDFLyQSHURFXDQGRPLVRMRVVHDFRVWXPEUDURQSXGHGLVWLQJXLUFDUDV
GHWUiVGHHOOD\FDSWDUODIRUPDGHWRGRHOWHPSORHQVRPEUDVQHJUDV\JULVRVFXUR'HVSXpVVHPHLQIRUPyGH
PDQHUDGUDPiWLFDTXHHOWHPDGHHVWHJUDGRHUDODPXHUWHPLVPD
/DFHUHPRQLDHPSH]yFRQXQEUHYHUHVXPHQGHORVJUDGRVDQWHULRUHV
+HUPDQRVFDGDJUDGRGHODPDVRQHUtDHVSURJUHVLYR\QRSXHGHVHUDOFDQ]DGRPiVTXHFRQWLHPSR
SDFLHQFLD\FRQVWDQFLD(QHO3ULPHU*UDGRVHQRVHQVHxDQODVREOLJDFLRQHVTXHOHGHEHPRVD'LRVDQXHVWUR
SUyMLPR \ D QRVRWURV PLVPRV (Q HO 6HJXQGR *UDGR VRPRV DGPLWLGRV D SDUWLFLSDU HQ ORV PLVWHULRV GH OD
FLHQFLD KXPDQD \ D VHJXLU OD ERQGDG \ PDMHVWXRVLGDG GHO &UHDGRU PHGLDQWH HO DQiOLVLV PLQXFLRVR GH VXV
REUDV 3HUR HO 7HUFHU *UDGR HV HO FHPHQWR GHO WRGR HVWi FDOFXODGR SDUD XQLU D ORV KRPEUHV SRU PHGLR GH
DVSHFWRVPtVWLFRVGHOFRPSDxHULVPRFRPRHQXQYtQFXORGHDIHFWR\DPRUIUDWHUQDOVHxDODODQHJUXUDGHOD
PXHUWH \ OD RVFXULGDG GH OD WXPED FRPR XQ SUHVDJLR GH XQD OX] PiV EULOODQWH TXH SRGUtD VHJXLU D OD
UHVXUUHFFLyQGHORVMXVWRVFXDQGRHVWRVFXHUSRVPRUWDOHVTXHSRUWDQWRWLHPSRKDQHVWDGRGRUPLWDQGRHQHO
SROYRVHDQGHVSHUWDGRVUHXQLGRVFRQVXHVStULWXFRQJpQHUH\YHVWLGRVGHLQPRUWDOLGDG
'HVSXpVVHGLMRXQDRUDFLyQTXHFRQFOXtDFRQ
7H VXSOLFDPRV LPSDUWLU 7X JUDFLD D HVWH 7X VLUYLHQWH TXH EXVFD SDUWLFLSDU FRQ QRVRWURV GH ORV
PLVWHULRVRVVHFUHWRVGHXQ0DHVWUR0DVyQ'yWDORGHWDOIRUWDOH]DTXHQRIDOOHDODKRUDGHOMXLFLRVLQRTXH
SDVH VHJXUR EDMR 7X SURWHFFLyQ D WUDYpV GHO RVFXUR YDOOH GH OD VRPEUD GH OD PXHUWH \ SRU ILQ SXHGD
OHYDQWDUVHGHODWXPEDGHODWUDVJUHVLyQSDUDEULOODUFRPRODVHVWUHOODVSRUVLHPSUH
/DFHUHPRQLDSURFHGLyGHPDQHUDQRPX\GLVWLQWDGHODVRFDVLRQHVDQWHULRUHVKDVWDHOSXQWRHQTXH
VH PH REOLJy D UHSUHVHQWDU XQD QRWDEOH KLVWRULD TXH H[SOLFD OD IRUPD HQ TXH VH SHUGLHURQ ORV YHUGDGHURV
VHFUHWRV GH XQ 0DHVWUR 0DVyQ <R KLFH HO SDSHO GH XQ SHUVRQDMH TXH QR H[LVWH IXHUD GH ORV ULWXDOHV GH OD
PDVRQHUtDVHOHKDEtDGDGRHOQRPEUHGH+LUDP$ELI(O0DHVWUR9HQHUDEOHFRQWyODKLVWRULD
OD1DWXUDOH]DSUHVHQWDRWUDJUDQ\~WLOOHFFLyQHOFRQRFLPLHQWRGHWLPLVPR7HHQVHxDSRUPHGLRGHOD
FRQWHPSODFLyQ D SUHSDUDUWH SDUD ODV KRUDV ILQDOHV GH WX H[LVWHQFLD \ FXDQGR D FDXVD GH VHPHMDQWH
FRQWHPSODFLyQWHKDJXLDGRSRUORVLQWULQFDGRVYHULFXHWRVGHpVWDWXYLGDPRUWDOILQDOPHQWHWHHQVHxDFyPR
PRULU7DOHVPLTXHULGRKHUPDQRVRQORVSHFXOLDUHVILQHVGHpVWHHO7HUFHU*UDGRGHODIUDQFPDVRQHUtD7H
LQYLWDQDUHIOH[LRQDUVREUHHVHKRUULEOHWHPD\WHHQVHxDQDVHQWLUTXHSDUDORVKRPEUHVMXVWRV\UHFWRVOD
PXHUWHQRVHLJXDODHQWHUURUDOHVWLJPDGHODIDOVHGDG\HOGHVKRQRU
'H HVWD JUDQ YHUGDG ORV DQDOHV GH OD IUDQFPDVRQHUtD SURSRUFLRQDQ XQ JORULRVR HMHPSOR FRQ OD
ILGHOLGDGLQTXHEUDQWDEOHHLQRSRUWXQDPXHUWHGHQXHVWUR*UDQ0DHVWUR+LUDP$ELITXLHQSHUGLyODYLGDMXVWR
DQWHVGHWHUPLQDUHO7HPSORGHO5H\6DORPyQHQODFRQVWUXFFLyQGHODTXHFRPRVLQGXGDHVWiVHQWHUDGR
HUDHOSULQFLSDODUTXLWHFWR6XPXHUWHVXFHGLyFRPRVLJXH
4XLQFHKHUPDQRVGHHVDSHFXOLDUFODVHGHVLJQDGRVSDUDSUHVLGLUVREUHORVGHPiVGiQGRVHFXHQWDGH
TXH HO WHPSOR HVWDED SURQWR D WHUPLQDUVH SHUR TXH HOORV WRGDYtD QR SRVHtDQ ORV JHQXLQRV VHFUHWRV GH XQ
0DHVWUR0DVyQFRQVSLUDURQSDUDREWHQHUORVDFXDOTXLHUFRVWRDXQWHQLHQGRTXHUHFXUULUDODYLROHQFLD(QOD
WDUGHTXHSRQGUtDQHQSUiFWLFDVXFRQVSLUDFLyQGRFHGHORVTXLQFHVHUHWUDFWDURQSHURWUHVGHFDUiFWHUPiV
GHWHUPLQDGR\DWUR]TXHHOGHORVGHPiVSHUVLVWLHURQHQVXVGHVLJQLRVLPStRV\SDUDHVHSURSyVLWRVHVLWXDURQ
HQODVHQWUDGDVVXURHVWH\HVWHGHOWHPSORUHVSHFWLYDPHQWHDGRQGHQXHVWUR0DHVWUR+LUDP$ELIVHKDEtD
UHWLUDGRSDUDDGRUDUDO0iV$OWRFRPRHUDVXFRVWXPEUHVLHQGRODKRUDGHODVGRFH
7HUPLQDGDVVXV GHYRFLRQHV VH SUHSDUy SDUDUHWLUDUVH SRU OD SXHUWD VXU GRQGH IXH DERUGDGRSRUHO
SULPHUR GH HVWRVUXILDQHVTXLHQ DIDOWD GH XQ DUPD PHMRU VH KDEtD DUPDGR FRQ XQD SORPDGD GH PDQHUD
DPHQD]DQWH OH H[LJLy D QXHVWUR 0DHVWUR +LUDP $ELI ORV VHFUHWRV JHQXLQRV GH XQ 0DHVWUR 0DVyQ
DGYLUWLpQGROHTXHODPXHUWHSRGUtDVHUODFRQVHFXHQFLDGHVXQHJDWLYDSHURUHVSHWXRVRGHVXREOLJDFLyQpO
UHSOLFyTXHDTXHOORVVHFUHWRVHUDQVDELGRVSRUWUHVHQHOPXQGR\TXHVLQHOFRQVHQWLPLHQWRGHORVRWURVGRV
QR SRGtD GLYXOJDUORV QL OR KDUtD DKRUD ELHQ LQGLFy TXH QR WHQtD OD PHQRU GXGD GH TXH OD SDFLHQFLD \ OD
SHUVHYHUDQFLD SRGUtDQ D VX GHELGR WLHPSR KDELOLWDU DO PDVyQ GLJQR SDUD SDUWLFLSDU GH HOORV 3HUR TXH
SUHIHUtDVXIULUODPXHUWHTXHWUDLFLRQDUODVDJUDGDFRQILDQ]DSXHVWDHQpO
&RPRHVWDUHVSXHVWDQRUHVXOWyVHUVDWLVIDFWRULDHOSULPHURGHORVUXILDQHVODQ]yXQYLROHQWRJROSHD
ODVLHQGHUHFKDGHOPDHVWURSHURVRUSUHQGLGRSRUODILUPH]DGHVXSURFHGHUVyORORDOFDQ]yGHUHRMR$XQ
DVt OR KL]R FRQ IXHU]D VXILFLHQWH FRPR SDUD ORJUDU TXH VH WDPEDOHDUD \ FD\HUD DO VXHOR VREUH VX URGLOOD
L]TXLHUGD
(Q HVWH PRPHQWR VHQWt XQ JROSH OLJHUR HQ OD VLHQ \ PLV GRV JXtDV FRQRFLGRV FRPR GLiFRQRV PH
LQGLFDURQTXHGHEtDGHMDUPHFDHUVREUHODURGLOODSDUDLPLWDUODKLVWRULD
5HFXSHUiQGRVH GH HVD VLWXDFLyQ VH DSXUy KDFLD OD SXHUWD RHVWH GRQGH VH HQIUHQWy FRQ HO VHJXQGR
UXILiQDOFXDOOHFRQWHVWyFRPRDQWHVDXQFRQODPLVPDILUPH]DFXDQGRDTXHOTXHHVWDEDDUPDGRFRQXQ
QLYHOOHGLRXQYLROHQWRJROSHHQODVLHQL]TXLHUGDTXHORWLUyDOSLVRVREUHVXURGLOODGHUHFKD
2WUDYH]VHQWtXQWRTXHHQODVLHQ\IXLHPSXMDGRKDFLDDEDMRKDVWDPLURGLOODGHUHFKD
9LHQGR FRDUWDGD WRGD SRVLELOLGDG GH HVFDSH HQ HVWRV GRV DFFHVRV QXHVWUR 0DHVWUR DYDQ]y WDPEDOHDQWH
DEDWLGR \ VDQJUDQWH KDFLD OD SXHUWD HVWH HQ OD TXH HVWDED DSRVWDGR HO WHUFHU UXILiQ TXLHQ DO UHFLELU XQD
UHVSXHVWDVLPLODUD VXVLQVROHQWHV GHPDQGDV \D TXHQXHVWUR 0DHVWUR VHJXtD ILHO D VX REOLJDFLyQDXQHQVX
PRPHQWR PiV GLItFLO OH GLR XQ YLROHQWR JROSH GH OOHQR HQ HO FHQWUR GH OD IUHQWH FRQ XQ SHVDGR PDR GH
SLHGUDTXHORWHQGLyVLQYLGDDVXVSLHVDVtIXHVXPXHUWH
$ OD OX] GH OD YHOD YL DO 0DHVWUR 9HQHUDEOH DOFDQ]DU GHVGH VX WURQR XQ LQVWUXPHQWR TXH WRFy PL
IUHQWH\VHQWtTXHPXFKDVPDQRVPHMDODEDQKDFLDHOSLVR0HVRVWXYLHURQGHUHFKRFRQORVSLHVHQVXOXJDU
GHPDQHUDTXHPHGHVSODFpKDFLDDWUiVVXPHUJLpQGRPHHQODRVFXULGDG(QFXDQWRWRTXpHOVXHORVHPHHQ
YROYLy GH LQPHGLDWR FRQ XQD PRUWDMD GHMDQGR GHVFXELHUWD VyOR OD SDUWH VXSHULRU GH PL FDUD (O 0DHVWUR
9HQHUDEOHFRQWLQXy
+HUPDQRVSUHVHQWHVHQODUHFLHQWHFHUHPRQLDDVtFRPRHQVXVLWXDFLyQSUHVHQWHDQXHVWUR+HUPDQR
VHOHKDKHFKRUHSUHVHQWDUDXQRGHORVSHUVRQDMHVPiVEULOODQWHVHQORVDQDOHVGHODIUDQFPDVRQHUtDHVGHFLU
+LUDP$ELITXLHQSHUGLyODYLGDDQWHVGHWUDLFLRQDUODVDJUDGDFRQILDQ]DGHSRVLWDGDHQpO<FRQItRHQTXH
HVWRFDXVDUiXQDLPSUHVLyQSHUGXUDEOHQRVyORHQVXPHQWHVLQRHQODVVX\DVVLDOJXQDYH]VHHQFXHQWUDQHQ
FLUFXQVWDQFLDVGHSUXHEDVLPLODUHV
+HUPDQR3ULPHU9LJLODQWHLQWHQWDDKRUDHOHYDUDOUHSUHVHQWDQWHGHQXHVWUR0DHVWURFRQHODSUHWyQ
GHPDQRVGHXQ$SUHQGL]
(O3ULPHU9LJLODQWHVHDJDFKyWRPyPLPDQRSRUGHEDMRGHODPRUWDMD\MDOy0LPDQRVHUHVEDOyGH
HQWUHVXVGHGRV
0DHVWUR9HQHUDEOHUHVXOWDTXHHVWHDSUHWyQGHPDQRVHUHVEDOD
)LJXUDV YDJDV PDUFKDURQ DOUHGHGRU GH PL WXPED SRU XQRV PRPHQWRV DQWHV GH TXH HO 0DHVWUR 9HQHUDEOH
KDEODUDGHQXHYR
+HUPDQR6HJXQGR9LJLODQWHLQWHQWDW~HOVDOXGRGH+HUPDQR5HVXOWyWDQLQHILFD]FRPRHOSULPHU
LQWHQWR
+HUPDQRV 9LJLODQWHV DPERV KDQ IDOODGR HQ VX FRPHWLGR $~Q TXHGD XQ WHUFHU PpWRGR SHFXOLDU
FRQRFLGRFRPRHOVDOXGRGHOD*DUUDGHO/HyQROD*DUUDGHOÈJXLODTXHVHGDVRVWHQLHQGRFRQILUPH]DORV
WHQGRQHV GHO SXxR GH OD PDQR GHUHFKD FRQ ODV SXQWDV GH ORV GHGRV \ DO]iQGROR HQ ORV FLQFR SXQWRV GHO
FRPSDxHULVPRGHOFXDOFRQD\XGDGHXVWHGHVKDUpXQLQWHQWRDKRUD
(O 0DHVWUR 9HQHUDEOH WRPy PL SXxR FRQ IXHU]D \ MDOy OHYDQWiQGRPH DO LQVWDQWH VREUH PLV SLHV
YpDVHODILJXUD2WUDYH]PDQRVLQYLVLEOHVVRVWXYLHURQPLSHVR&RQIRUPHDOFDQFpODSRVLFLyQYHUWLFDOHO
0DHVWUR 9HQHUDEOH VXVXUUy GRV SDODEUDV SHFXOLDUHV DPL RtGR $KRUD VDEtD DPEDV SDUWHV GH OD 3DODEUD GHO
0DVyQ (Q HO PRPHQWR FDUHFtD GH VLJQLILFDGR SHUR FRPR VH PRVWUDUi PiV DGHODQWH HQ QXHVWUDV
LQYHVWLJDFLRQHVKHPRVGHVFXELHUWRVXDQFHVWUDO\IDVFLQDQWHVLJQLILFDGR
'HHVWHPRGRPLTXHULGRKHUPDQRWRGRVORV0DHVWURV0DVRQHVKDQVLGROHYDQWDGRVGHXQDPXHUWH
ILJXUDWLYDDXQDUHXQLyQFRQORVFRPSDxHURVGHVXSDVDGDSHQD$KRUDGpMDPHURJDUWHTXHREVHUYHVTXHOD
OX]GHXQ0DHVWUR0DVyQQRHVPiVTXHRVFXULGDGYLVLEOHTXHVyORVLUYHSDUDH[SUHVDUODVWLQLHEODVTXHVH
FLHUQHQVREUHHOSURVSHFWRGHOSRUYHQLU(VHVHPLVWHULRVRYHORGHRVFXULGDGHOTXHQRSXHGHSHQHWUDUHORMR
GHODUD]yQKXPDQDDPHQRVTXHVHDFRQODD\XGDGHHVDGLYLQDOX]TXHYLHQHGHDUULED$XQDVtSRUHVWH
UD\R OXPLQRVRSHUFLELUiV TXH HVWiVMXVWR HQ OD RULOODGH OD WXPED D OD FXDODFDEDV GH GHVFHQGHUGH PDQHUD
ILJXUDGD\ODFXDOFXDQGRHVWDYLGDWUDQVLWRULDVHKD\DLGRWHUHFLELUiGHQXHYRHQVXIUtRVHQR
0LHQWUDVHO0DHVWUR9HQHUDEOHGHFtDHVWDVHVWUHPHFHGRUDVSDODEUDVLEDGLULJLHQGRPLPLUDGDKDFLD
DEDMR\DPLGHUHFKDGRQGHDSHQDVSRGtDGLVWLQJXLUHQODRVFXULGDGODIRUPDGHXQDWXPEDDELHUWDFRQXQ
FUiQHR KXPDQR \ GRV IpPXUHV FUX]DGRV GHEDMR YpDVH OD ILJXUD 3RU SULPHUD YH] HQ XQD FHUHPRQLD
PDVyQLFDVHQWtXQDIUtDROHDGDGHHVFDORIUtRUHFRUUHUPLFXHUSR
'HMDTXHHVRVHPEOHPDVGHPRUWDOLGDGTXHDKRUD\DFHQDQWHWLWHGLULMDQDFRQWHPSODUWXLQHYLWDEOH
GHVWLQR\JXtHQWXVUHIOH[LRQHVDOPiVLQWHUHVDQWH\~WLOGHWRGRVORVHVWXGLRVKXPDQRVHOFRQRFLPLHQWRGHWL
PLVPR
7HQ FXLGDGR GH UHSUHVHQWDU WX WDUHD DVLJQDGD PLHQWUDV WRGDYtD HV GH GtD HVFXFKD OD YR] GH OD
1DWXUDOH]D TXH FRQOOHYD OD VDELGXUtD GH TXH DXQ HQ HVWH DUPD]yQ SHUHFHGHUR UHVLGH XQ SULQFLSLR YLWDO H
LQPRUWDOTXHLQVSLUDXQDVDJUDGDFRQILDQ]DTXHHO6HxRUGHOD9LGDQRVSHUPLWLUiDWURSHOODUDO5H\GHORV
7HUURUHVTXHHVWiGHEDMRGHQXHVWURVSLHV\HOHYDUODPLUDGD
(O0DHVWUR9HQHUDEOHLQGLFyKDFLDDUULED\DODL]TXLHUGDKDFLDXQUHVSODQGRUGHOX]HQHOHVWHHQ
GLUHFFLyQH[DFWDPHQWHRSXHVWDDODWXPEDGRQGHSXGHYHUODSHTXHxDHLOXPLQDGDIRUPDGHXQDHVWUHOOD
$HVDEULOODQWHHVWUHOODPDWXWLQDFX\RDVFHQVRWUDHSD]\WUDQTXLOLGDGDORVILHOHV\REHGLHQWHVGHODUD]D
KXPDQD
0L FHUHPRQLD GH DVFHQVR PH KL]R UHQDFHU DO HVWDWXV GH 0DHVWUR 0DVyQ \ FRQFOX\y FRQ HO
RWRUJDPLHQWRGHPiVFRQWUDVHxDV\VDOXGRVGHPDQR\ PiVDQDORJtDVFRQVWUXFWRUDVTXHPHSURYHHUtDQGH
XQD JXtD HQ OD PHMRUD GH PLV FXDOLGDGHV FRPR PDVyQ \ FRPR PLHPEUR GH OD VRFLHGDG 'HVSXpV HQ RWUD
UHXQLyQIRUPDOGHOD/RJLDVHH[SOLFyODKLVWRULDGHORVDFRQWHFLPLHQWRVTXHVLJXLHURQDODVHVLQDWR
+XERXQDMXQWDJHQHUDOGHORVWUDEDMDGRUHVGHORVGLIHUHQWHVGHSDUWDPHQWRV\QRVHSXGRHQFRQWUDUD
WUHV GH OD PLVPD FODVH GH FDSDWDFHV (O PLVPR GtD ORV GRFH DUWtILFHV TXH RULJLQDOPHQWH VH XQLHURQ HQ OD
FRQVSLUDFLyQVHSUHVHQWDURQDQWHHO5H\HKLFLHURQXQDFRQIHVLyQYROXQWDULDGHWRGRORTXHVDEtDQKDVWDHO
SXQWRGHVHSDUDFLyQGHOUHVWRGHORVFRQVSLUDGRUHV1DWXUDOPHQWHLQFUHPHQWDGRVVXVWHPRUHVFRQUHVSHFWRD
ODVHJXULGDGGHVXDUWLVWDMHIHVHOHFFLRQyDTXLQFHFRPSDxHURVGHOD&LHQFLDGHVXFRQILDQ]D\OHVRUGHQy
TXHKLFLHUDQXQDE~VTXHGDGLOLJHQWHGHODSHUVRQDGHQXHVWUR0DHVWURSDUDDVHJXUDUVHVLWRGDYtDHVWDEDYLYR
R VLKDEtDVXIULGRHQHOLQWHQWRGHVDFDUOHDODIXHU]DORVVHFUHWRVGHVXHOHYDGRFDUJR
+DELpQGRVH ILMDGR XQ GtD SDUD VX UHJUHVR D -HUXVDOpQ VH RUJDQL]DURQ HQ WUHV ORJLDV GH &RPSDxHURV GH OD
&LHQFLD\SDUWLHURQGHODVWUHVHQWUDGDVGHOWHPSOR6HSHUGLHURQPXFKRVGtDVHQE~VTXHGDVLQIUXFWXRVDVGH
KHFKRXQJUXSRUHJUHVyVLQKDEHUGHVFXELHUWRQDGDLPSRUWDQWH(OVHJXQGRIXHPiVDIRUWXQDGRSXHVHQOD
WDUGHGHFLHUWRGtDWUDVKDEHUVXIULGRODVPiVJUDQGHVSULYDFLRQHV\IDWLJDVSHUVRQDOHVXQRGHORV+HUPDQRV
TXHVHKDEtDUHFRVWDGRSDUDGHVFDQVDUSDUDOHYDQWDUVHVHD\XGyDJDUUiQGRVHGHXQDUEXVWRFHUFDQRHOFXDO
SDUDVXVRUSUHVDVHGHVSUHQGLyFRQIDFLOLGDGGHODWLHUUD$OH[DPLQDUORGHFHUFDHQFRQWUyTXHODWLHUUDKDEtD
VLGR UHPRYLGD UHFLHQWHPHQWH OODPy D VXV FRPSDxHURV \ XQLHQGR VXV HVIXHU]RV UHDEULHURQ OD WXPED \
HQFRQWUDURQ HO FXHUSR GH QXHVWUR 0DHVWUR HQWHUUDGR GH IRUPD LQGHFHQWH /R FXEULHURQ GH QXHYR FRQ WRGR
UHVSHWR \ UHYHUHQFLD \ SDUD GLVWLQJXLU HO VLWLR HQWHUUDURQ XQD YDUD GH DFDFLD D OD FDEH]D GH OD WXPED
'HVSXpVVHDSUHVXUDURQKDFLD-HUXVDOpQSDUDFRPXQLFDUODSHQRVDQRWLFLDDOUH\6DORPyQ
&XDQGRODSHQDLQLFLDOGHOUH\VHDSDFLJXyOHVRUGHQyTXHUHJUHVDUDQ\OHYDQWDUDQXQVHSXOFURSDUD
QXHVWUR0DHVWURFRPRFRUUHVSRQGtDDVXUDQJR\VXVH[DOWDGRVWDOHQWRVLQIRUPiQGROHVDOPLVPRWLHPSRTXH
FRQVXPXHUWHVHKDEtDQSHUGLGRORVVHFUHWRVGHXQ0DHVWUR0DVyQ3RUFRQVLJXLHQWHOHVHQFDUJyTXHIXHUDQ
SDUWLFXODUPHQWHFXLGDGRVRVHQREVHUYDUFXDOTXLHU6LJQR6HxDOR3DODEUDVFDVXDOHVHQTXHSXGLHUDQRFXUULU
HQWDQWRUHQGtDQHVWH~OWLPR\WULVWHWULEXWRGHUHVSHWRDOPpULWRTXHVHKDEtDLGR
'HVHPSHxDURQVXWDUHDFRQH[WUHPDILGHOLGDG\DOUHDEULUODWXPEDXQRGHORV+HUPDQRVPLUDQGR
DOUHGHGRUREVHUYyDDOJXQRVGHVXVFRPSDxHURVHQHVWDSRVLFLyQ
'HVSXpVVHPHH[SOLFyFyPRORV&RPSDxHURVGHOD&LHQFLDWUDWDURQGHOHYDQWDUD+LUDP$ELIFRQODV
SDODEUDV \ DSUHWRQHV XWLOL]DGRV HQ PL SURSLR OHYDQWDPLHQWR ILJXUDGR \ FyPR GHVGH DTXHOORV WLHPSRV VH
DGRSWDURQHVRVHOHPHQWRVFRPRODGHVLJQDFLyQGHWRGRVORV0DHVWURV0DVRQHVDORODUJRGHOXQLYHUVRKDVWD
TXHHOWLHPSR\ODVFLUFXQVWDQFLDVUHVWDEOHFLHUDQORVJHQXLQRV/XHJRODFHUHPRQLDFRQWLQ~D
0LHQWUDVWDQWRHOWHUFHUJUXSRGLULJLyVXE~VTXHGDHQGLUHFFLyQGH-RSSD\HVWDEDQPHGLWDQGRVREUH
VXUHWRUQRD-HUXVDOpQFXDQGRDOSDVDUDFFLGHQWDOPHQWHSRUODHQWUDGDGHXQDFDYHUQDHVFXFKDURQVRQLGRVGH
SURIXQGD ODPHQWDFLyQ \ DUUHSHQWLPLHQWR $O HQWUDU D OD FXHYD SDUD LQYHVWLJDU OD FDXVD HQFRQWUDURQ D WUHV
KRPEUHV TXH UHVSRQGtDQ D OD GHVFULSFLyQ GH ORV TXH HVWDEDQ SHUGLGRV TXLHQHV SRU HVWDU DFXVDGRV GH
DVHVLQDWR\DOHQFRQWUDUWRGDSRVLELOLGDGGHHVFDSHFRDUWDGDKLFLHURQXQDFRQIHVLyQFRPSOHWDGHVXFXOSD
)XHURQDWDGRV\FRQGXFLGRVD,VUDHOGRQGHHOUH\6DORPyQORVVHQWHQFLyDODPXHUWHTXHODSHUYHUVLGDGGHVX
FULPHQPHUHFtDFRQFUHFHV
1XHVWUR 0DHVWUR IXH YXHOWR D HQWHUUDU WDQ FHUFD GHO 6DQFWXP 6DQFWRUXP FRPR OD OH\ LVUDHOLWD OR
SHUPLWLy DKt HQ XQD WXPED QRYHQWD FHQWtPHWURV DO HVWH GHVGH HO FHQWUR \ QRYHQWD DO RHVWH D QRYHQWD
FHQWtPHWURV HQWUH HO QRUWH\ HO VXU \ PHWUR \ PHGLR R PiV SHUSHQGLFXODUPHQWH 1R SRGtD VHU SXHVWR HQ HO
6DQFWXP6DQFWRUXPSRUTXHQDGDFRP~QRTXHQRIXHUDOLPSLRSRGtDHQWUDUDKtQLVLTXLHUDHOVXPRVDFHUGRWH
\ XQDVRODYH]DODxRQLKDVWDGHVSXpVGHPXFKDVOLPSLDV\SXULILFDFLRQHVDQWHVGHOJUDQGtDGHODH[SLDFLyQ
GHORVSHFDGRVSRUTXHVHJ~QODOH\LVUDHOLWDWRGDODFDUQHHUDFRQVLGHUDGDVXFLD
$ ORV TXLQFH &RPSDxHURVGH OD &LHQFLDGH FRQILDQ]D VH OHV RUGHQyDVLVWLUDOIXQHUDO YHVWLGRVFRQ
PDQGLOHV\JXDQWHVEODQFRVFRPRHPEOHPDVGHVXLQRFHQFLD
/D FHUHPRQLD FRQWLQXy HQ IRUPD VLPLODU D ORV GRV JUDGRV DQWHULRUHV \ \R OD WHUPLQp FRPR XQ FRPSOHWR
0DHVWUR 0DVyQ 0HVHV GHVSXpV GDGR TXH QR KDEtD FDQGLGDWR SDUD DYDQ]DU HQ OD UHXQLyQ GH OD /RJLD XQ
$QWLJXR0DHVWURGLRXQDH[SOLFDFLyQGHO7HUFHU*UDGR/RVWUHVYLOODQRVTXHDVHVLQDURQD+LUDP$ELIIXHURQ
LGHQWLILFDGRV FRPR -XEHOD -XEHOR \ -XEHOXP FRQRFLGRV HQ FRQMXQWR FRPR ORV -XZHV TXH HQ LQJOpV VH
SURQXQFLD -RRHHV \ HQ HVSDxRO <XLV 6H GLHURQ HQ GHWDOOH ORV VRQLGRV GH SURIXQGD ODPHQWDFLyQ \
DUUHSHQWLPLHQWR HVFXFKDGRV HQ OD FDYHUQD 6H R\y TXH ORV UHRV VHQWtDQ XQ SURIXQGR UHPRUGLPLHQWR \
GHVHDEDQWHUULEOHVFDVWLJRVSDUDHOORVPLVPRVSRUVXVYLOHVDFFLRQHV$VXGHELGRWLHPSRVHOHVFRQFHGLHURQ
VXVGHVHRVHOUH\6DORPyQORVPDQGyHMHFXWDUGHODPDQHUDTXHFDGDXQRKDEtDLGHQWLILFDGRSDUDVtPLVPR
eVWDVVHGHVFULEHQHQHOULWXDOSHURQRVRWURVQRODVUHYHODPRVSRUTXHLQFOX\HQSDUWHGHORVUHFXUVRVGHOD
LGHQWLILFDFLyQPDVyQLFD
/RVH[WUDFWRVGHORVWUHVQLYHOHVGHOULWXDOPDVyQLFRTXHKHPRVGDGRDTXtOHVSDUHFHUiQVXPDPHQWH
H[WUDxRVDORVOHFWRUHVOHJRVSHUROHVVHUiQPX\IDPLOLDUHVDORVFRPSDxHURVIUDQFPDVRQHV/DIDPLOLDULGDG
VLQ HPEDUJR VyOR VLUYH SDUD KDFHU SDUHFHU QRUPDOHV HVWDV LQH[SOLFDEOHV DFWLYLGDGHV FXDQGR GH FXDOTXLHU
IRUPDVRQH[WUDxDV$OJXQRVPDVRQHVFUHHQTXHODVKLVWRULDVVRQFLHUWDVWDOFRPRDOJXQRVFULVWLDQRVDFHSWDQ
ODVOH\HQGDVGHO$QWLJXR7HVWDPHQWRRWURVODVWRPDQFRPRXQSRFRGHGLYHUVLyQFRQYLVRVGHPRUDO0X\
SRFRVVHSRQHQDUHIOH[LRQDUVREUHGyQGHVHKDEUiQRULJLQDGRWDQH[WUDxRVULWXDOHV
0XFKRV GH ORV SHUVRQDMHV SULQFLSDOHV VRQ IiFLOHV GH LGHQWLILFDU HQ OD PLWRORJtD MXGHRFULVWLDQD SRU
HMHPSORHOUH\6DORPyQ%RD]-DFKLQ\DOJXQRVRWURVTXHQRKHPRVLGHQWLILFDGRSHURODSHUVRQDOLGDGFODYH
HVXQFRPSOHWRPLVWHULR+LUDP$ELIQRHVPHQFLRQDGRHQDEVROXWRHQHO$QWLJXR7HVWDPHQWRQRVHQRPEUD
D QLQJ~QFRQVWUXFWRUGHOWHPSOR\QRHVWiUHJLVWUDGRQLQJ~QDVHVLQDWRGHXQVXPRVDFHUGRWH$OJXQRVFUtWLFRV
FULVWLDQRV GH OD IUDQFPDVRQHUtD FRQGHQDQ D OD &LHQFLD SRUTXH DOHJDQ TXH JORULILFD OD UHVXUUHFFLyQ GH XQ
KRPEUHTXHQRHV-HVXFULVWR\SRUTXHHVHQHVHQFLDXQDUHOLJLyQSDJDQD3HURHVLPSRUWDQWHKDFHUQRWDUTXH
+LUDP$ELIXQDYH]DVHVLQDGRSHUPDQHFLyPXHUWRQRKXERUHWRUQRDODYLGDQLVXJHUHQFLDDOJXQDGHXQD
YLGD GHVSXpV GH OD PXHUWH 1R KD\ FDELGD SDUD OR VREUHQDWXUDO HQ HO ULWXDO PDVyQLFR \ HV SRU HVR TXH ORV
PLHPEURVGHPX\GLVWLQWDVUHOLJLRQHVLQFOX\HQGRMXGtRVFULVWLDQRVKLQG~HV\EXGLVWDVKDQHQFRQWUDGRTXH
ODPDVRQHUtDHVFRPSOHPHQWDULDDVXVSURSLDVFUHHQFLDVWHROyJLFDV\QRHQWUDHQFRQIOLFWRFRQHOODV
/D KLVWRULD FHQWUDO HV PX\ VLPSOH \ RUGLQDULD VLQ QLQJXQD HVWUXFWXUD GUDPiWLFD HVSHFLDO R QLQJ~Q
YDORU VLPEyOLFR REYLR 6t +LUDP $ELI PXULy DQWHV GH WUDLFLRQDU VXV FUHHQFLDV SHUR DVt OR KDQ KHFKR
LQQXPHUDEOHVKRPEUHV\PXMHUHVDQWHV\GHVSXpV6LDOJXQDSHUVRQDRSHUVRQDVVHSURSXVLHUDQLQYHQWDUXQD
KLVWRULDTXHIXHUDIXQGDPHQWDOSDUDXQDQXHYDVRFLHGDGFRQVHJXULGDGKDEUtDQVDOLGRFRQDOJRPiVQRWDEOH\
HYLGHQWH)XHHVWHSHQVDPLHQWRHOTXHSURYRFyTXHHPSH]iUDPRVDSURIXQGL]DUPiVHQQXHVWUDE~VTXHGDGH
ORVRUtJHQHVGHODRUGHQ
&RPSDUWtDPRV OD PLVPD IUXVWUDFLyQ FRQ UHVSHFWR D OD YDJD H[SOLFDFLyQ FRQYHQFLRQDO DFHUFD GH
GLFKRV RUtJHQHV 1XHVWUDV GLVFXVLRQHV VH KLFLHURQ PiV IUHFXHQWHV \ QXHVWUR LQWHUpV FUHFLy FRQIRUPH QRV
HVWLPXOiEDPRV PXWXDPHQWH 3URQWR GHFLGLPRV HPSUHQGHU XQDLQYHVWLJDFLyQ HVWUXFWXUDGD FRQ ORV REMHWLYRV
PXWXRVGHLGHQWLILFDUDOSHUVRQDMHTXHFRQRFtDPRVFRPR+LUDP$ELI\HQFRQWUDUORVVHFUHWRVSHUGLGRVGHOD
IUDQFPDVRQHUtD(QDTXHOWLHPSRQLQJXQRGHORVGRVFUHtDTXHWXYLpUDPRVODRSRUWXQLGDGGHORJUDUHOp[LWR
HQ HVWD H[WUDxD E~VTXHGD SHUR HVWiEDPRV VHJXURV GH TXH HO YLDMH VHUtD LQWHUHVDQWH 1R OR VDEtDPRV HQ HO
PRPHQWRSHURKDEtDPRVSXHVWRHQPDUFKDXQDGHODVLQYHVWLJDFLRQHVGHWHFWLYHVFDVPiVJUDQGHVGHWRGRVORV
WLHPSRV \ WDPSRFR VDEtDPRV TXH QXHVWURV GHVFXEULPLHQWRV VHUtDQ GH JUDQ LPSRUWDQFLD QR VyOR SDUD ORV
IUDQFPDVRQHVVLQRSDUDHOPXQGRHQJHQHUDO
&21&/86,Ï1
+D\ PX\ SRFR GHO ULWXDO PDVyQLFR TXH SRGUtD GHVFULELUVH FRPR RUGLQDULR (O FDQGLGDWR HVWi YHQGDGR
GHVSRMDGRGHGLQHUR\REMHWRVGHPHWDOYHVWLGRFRPRXQKHUHMHDFXVDGRHQVXFDPLQRDODKRUFD\SRU~OWLPR
VH OH GLFH TXH HO WHPD GH VX ~OWLPR JUDGR HV FyPR PRULU (O YLDMH GH OD RVFXULGDG D OD OX] HV GH REYLD
LPSRUWDQFLD FRPR OR VRQ ODV GRV FROXPQDV OODPDGRV %RD] \ -DFKLQ TXH VLPEROL]DQ OD IXHU]D \ HO
HVWDEOHFLPLHQWR\TXHXQLGRVVLJQLILFDQHVWDELOLGDG
/DIUDQFPDVRQHUtDVRVWLHQHTXHHVPiVDQWLJXDTXHHO9HOORFLQRGH2URRHOÈJXLOD5RPDQD\DVSLUD
DODPRUIUDWHUQDOHODOLYLR\ODYHUGDGDXQTXHODLQYHVWLJDFLyQGHORVPLVWHULRVRFXOWRVGHODQDWXUDOH]D\OD
FLHQFLDVHSUHVHQWDQFRPRPX\LPSRUWDQWHV/RVVHFUHWRVJHQXLQRVGHODRUGHQVHQRVGLFHHVWiQSHUGLGRV\
KDQVLGRVXVWLWXLGRVSRURWURVVHFUHWRVHQVXOXJDUKDVWDHOWLHPSRHQTXHVHHQFXHQWUHQORVYHUGDGHURV
(O SHUVRQDMHFHQWUDO GHODIUDQFPDVRQHUtD HV HO FRQVWUXFWRU GHO7HPSOR GHO 5H\ 6DORPyQ OODPDGR
+LUDP $ELI TXLHQ IXH DVHVLQDGR SRU WUHV GH VXV SURSLRV KRPEUHV /D HVWLOL]DGD PXHUWH \ UHVXUUHFFLyQ GHO
FDQGLGDWRHVHODFWRTXHKDFHDXQ0DHVWUR0DVyQ\FXDQGRVHDO]DGHVXWXPEDODEULOODQWHHVWUHOODPDWX
WLQDHVWiHQHOKRUL]RQWH
¢'yQGH SXGLHURQ KDEHUVH GHVDUUROODGR WDQ H[WUDxDV LGHDV" \ ¢SRU TXp" 6yOR SRGtDPRV FRPHQ]DU
QXHVWUDLQYHVWLJDFLyQFRQVLGHUDQGRODVWHRUtDVFRQRFLGDV
&DStWXOR
/DE~VTXHGDFRPLHQ]D
¢'yQGHWXYRVXVRUtJHQHVODRUGHQ"
$QWHVTXHQRVRWURVXQJUDQQ~PHURGHKRPEUHVELHQLQIRUPDGRVVHSURSXVLHURQHQFRQWUDUORVRUtJHQHVGHOD
IUDQFPDVRQHUtD\QRSDVDURQSRUDOWRQLQJXQDGHODVSRVLELOLGDGHVREYLDVWDPSRFRORKLFLHURQODVKLOHUDVGH
HPEXVWHURV \ FKDUODWDQHV TXH VH KDQ XQLGR D OD FDFHUtD 3DUD DOJXQRV HO UHFRUULGR HV VHQFLOOR OD
IUDQFPDVRQHUtDHVWDQDQWLJXDFRPRORUHJLVWUDVXKLVWRULDS~EOLFDHOVLJOR;9,\SUHWHQGHUVLWXDUODHQXQD
IHFKDDQWHULRUDHVRVUHJLVWURVHVXQFDSULFKRTXHQRWLHQHVHQWLGR(VWDDFWLWXGSUDJPiWLFDQRHVFRPSOLFDGD
SHURFRPRGHPRVWUDUHPRVHVODKLSyWHVLVPiVIiFLOGHUHFKD]DUSRUPXFKDVUD]RQHV\ODPiVLPSRUWDQWHHV
TXHKD\DPSOLDHYLGHQFLDGHTXHODRUGHQVHPDWHULDOL]ySRFRDSRFRDORODUJRGHPiVGHWUHVFLHQWRVDxRV
DQWHVGHOHVWDEOHFLPLHQWRGHOD*UDQ/RJLDGH,QJODWHUUD
$ SDUWLU GH GLFKR HVWDEOHFLPLHQWR HQ OD RUGHQ KD LGR PDQLIHVWDQGR VX H[LVWHQFLD VyOR VXV
PpWRGRV GH UHFRQRFLPLHQWR VH KDQ PDQWHQLGR IXHUD GH OD PLUDGD S~EOLFD 3HUR OD RUJDQL]DFLyQ TXH DKRUD
OODPDPRVIUDQFPDVRQHUtDHUDXQDVRFLHGDGVHFUHWDDQWHVGHODPLWDGGHOVLJOR;9,,\ODVVRFLHGDGHVVHFUHWDV
SRU GHILQLFLyQ QR SXEOLFDQ KLVWRULDV RILFLDOHV 3RU WDQWR GHFLGLPRV LQYHVWLJDU OD SRVLEOH KLVWRULD GH OD
&LHQFLD DQWHV GH TXH VH KLFLHUD S~EOLFD \ VHQWLPRV TXH KDEtD WUHV WHRUtDV VHULDV TXH ORV KLVWRULDGRUHV
PDVyQLFRVFRQVLGHUDURQ
4XH OD IUDQFPDVRQHUtD HV WDQ DQWLJXD FRPR HO ULWXDO PDVyQLFR LQGLFD GH KHFKR VH FUHy FRPR
UHVXOWDGR GH ORV VXFHVRV HQ HO 7HPSOR GHO 5H\ 6DORPyQ ORV FXDOHV VH QRV KDQ WUDQVPLWLGR DXQTXH FRPR
PHFDQLVPRVGHVFRQRFLGRV
4XH VH GHVDUUROOy D SDUWLU GH ORV JUHPLRV GH DOEDxLOHV PHGLHYDOHV SRU OR FXDO ODV KDELOLGDGHV
PDVyQLFDV DUWHVDQDOHV FRQ OD SLHGUD VH WUDGXMHURQ HQ OR TXH ORV PDVRQHV OODPDQ KDELOLGDGHV PDVyQLFDV
FRQWHPSODWLYDVGHGHVDUUROORPRUDO
4XHHOULWXDOPDVyQLFRVHRULJLQDGLUHFWDPHQWHGHOD2UGHQGHORV3REUHV&RPSDxHURV6ROGDGRV
GH&ULVWR\GHO7HPSORGH6DORPyQPHMRUFRQRFLGRVDKRUDFRPRORV&DEDOOHURV7HPSODULRV
/DSULPHUDWHRUtDTXHODIUDQFPDVRQHUtDIXHODFUHDFLyQGHOUH\6DORPyQQRVSDUHFLyLPSRVLEOHGH
LQYHVWLJDUSRUTXHHO$QWLJXR7HVWDPHQWRHVOD~QLFDIXHQWHDVtTXHQRIXLPRVPiVDOOiHQDTXHOWLHPSR
/DVHJXQGDTXHORVDOEDxLOHVPHGLHYDOHVGHVDUUROODURQOD&LHQFLDSDUDVXSURSLRGHVDUUROORPRUDOHV
XQDWHRUtDTXHKDHQFRQWUDGRDFHSWDFLyQHQFDVLWRGRVORViPELWRVPDVRQHV\QRPDVRQHV3HURDSHVDUGHOD
DSDUHQWHOyJLFDGHHVWDLGHD\GHOJUDQQ~PHURGHOLEURVTXHODKDQSURPRYLGRGXUDQWHYDULDVJHQHUDFLRQHV
XQDYH]TXHODFRQVLGHUDPRVHQSURIXQGLGDGQRVSHUFDWDPRVGHTXHHUDGLItFLOGHFRPSUREDU3DUDHPSH]DU
QRREVWDQWHODULJXURVDLQYHVWLJDFLyQQRSXGLPRVHQFRQWUDUXQVRORUHJLVWURTXHPRVWUDUDTXHORVJUHPLRVGH
DOEDxLOHV PHGLHYDOHV KXELHUDQ H[LVWLGR HQ ,QJODWHUUD (VWiEDPRV VHJXURV GH TXH GH KDEHU H[LVWLGR D~Q
TXHGDUtDDOJ~QLQGLFLRGHHOORFLHUWDPHQWHH[LVWLHURQHQPXFKRVSDtVHVHXURSHRV\KD\XQF~PXORGHHYL
GHQFLDV GH VXV DFWLYLGDGHV (O OLEUR +LVWRU\ RI )UHHPDVRQU\ GH *RXOG FRQWLHQH SiJLQD WUDV SiJLQD GH
HPEOHPDVGHORVJUHPLRVGHDOEDxLOHVGHWRGD(XURSD£SHURQLQJXQRHVEULWiQLFR
(VWRVWUDEDMDGRUHVHUDQKDELOLGRVRVDUWHVDQRVHPSOHDGRVSRUOD,JOHVLDRSRUULFRVWHUUDWHQLHQWHV\
SDUHFH LPSUREDEOH TXH VXV DPRV KD\DQ VLGR OR VXILFLHQWH LOXVWUDGRV FRPR SDUD SHUPLWLU DOJXQD IRUPD GH
XQLyQJUHPLDODXQHQHOFDVRGHTXHORVWUDEDMDGRUHVKD\DQGHVHDGRLQLFLDUVHPHMDQWHRUJDQLVPRXQLILFDGRU
0XFKRV GH HOORV WHQtDQ TXH SDVDU OD YLGD HQWHUD WUDEDMDQGR HQ XQD VROD FRQVWUXFFLyQ FRPR XQD
FDWHGUDO\ODQHFHVLGDGGHVHJDOHVGHUHFRQRFLPLHQWR\FRQWUDVHxDVVHFUHWDVQRVSDUHFLyLQH[LVWHQWH\DTXH
ODYLGDGHORVDOEDxLOHVJLUDEDHQWRUQRDOPLVPRVLWLRGHFRQVWUXFFLyQSRUFLQFXHQWDDxRV
/D PD\RUtD GH ORV DOEDxLOHV HQ OD (GDG 0HGLD HUDQ LOHWUDGRV \ KDEUtDQ WHQLGR SRFD R QLQJXQD
HGXFDFLyQIXHUDGHVXDSUHQGL]DMHTXHVyORORVSURYHtDGHKDELOLGDGHVSDUDHORILFLR,PDJLQDUTXHSXGLHUDQ
KDEHUHQWHQGLGR\DQRGLJDPRVTXHKXELHUDQGDGRRULJHQDXQULWXDOWDQFRPSOHMRFRPRHOXVDGRDKRUDSRU
ORV IUDQFPDVRQHV FDUHFH GH FUHGLELOLGDG 6X YRFDEXODULR \ PiV SUREDEOHPHQWH VX FDSDFLGDG SDUD HO
SHQVDPLHQWRDEVWUDFWRKDQGHKDEHUVLGRHQHIHFWRPX\OLPLWDGRV9LDMDUHUDXQDFRQWHFLPLHQWRWDQUDURSDUD
WRGRV H[FHSWR SDUD ORV PDHVWURV DOEDxLOHV PHMRU FDSDFLWDGRV TXH ORV VLJQRV VDOXGRV \ FRQWUDVHxDV WDQ
VHFUHWRVQRKXELHUDQVLGRGHJUDQXWLOLGDGHLQFOXVRVLYLDMDEDQGHODFRQVWUXFFLyQGHXQHGLILFLRDRWUD¢SDUD
TXpQHFHVLWDUtDQIRUPDVVHFUHWDVGHUHFRQRFLPLHQWR"6LDOJXLHQVHKXELHUDTXHULGRKDFHUSDVDUSRUXQDOEDxLO
QRWRPDUtDPXFKRWLHPSRGDUVHFXHQWDGHVXIDOWDGHKDELOLGDGSDUDWUDEDMDUODSLHGUD
&RPRPXFKRVUH\HV\VXVPiVSRGHURVRVORUHVKDEtDQVLGRIUDQFPDVRQHVHQORTXHVHFRQRFtDFRPR
ORVLQLFLRVGHODRUGHQKDVWDHOSUHVHQWHYpDQVHORV$SpQGLFHVQRSRGtDPRVLPDJLQDUODVFLUFXQVWDQFLDVHQ
ODV TXH XQ JUXSR GH QREOHV VH KXELHUD SUHVHQWDGR HQ XQD UHXQLyQ GH DOEDxLOHV SDUD SUHJXQWDUOHV VL SRGtDQ
FRSLDUVXVSURFHGLPLHQWRV\XVDUORVGHPDQHUDVLPEyOLFDSDUDVXSURSLRGHVDUUROORPRUDO
(QFRQWUDPRVODHYLGHQFLDGHILQLWLYDSDUDGHVKDFHUQRVGHODWHRUtDGHORVDOEDxLOHVDOHVWXGLDUORTXH
VHFRQRFHHQODIUDQFPDVRQHUtDFRPRORV$QWLJXRV0DQGDPLHQWRV4DQGPDUNVHOPiVYLHMRGHORVFXDOHVVH
FUHHTXHGDWDGHILQDOHVGHOVLJOR[Y3URSRQHQUHJODVGHFRQGXFWD\UHVSRQVDELOLGDGSDUDORVIUDQFPDVRQHV\
VLHPSUHVHKDVXSXHVWRTXHIXHURQWRPDGRVGHFyGLJRVGHFRQGXFWDSHUWHQHFLHQWHVDORVJUHPLRVGHDOEDxLOHV
PHGLHYDOHV8QRGHHVRVPDQGDPLHQWRVHVWDEOHFHTXHQLQJ~QKHUPDQRGHEHUHYHODUQLQJ~QVHFUHWROHJtWLPR
GHRWURKHUPDQRVLHVRSXGLHUDFRVWDUOHODYLGD\ODSURSLHGDG(O~QLFRVHFUHWRPDVyQLFROHJtWLPRHQHVRV
WLHPSRVTXHDXWRPiWLFDPHQWHFRQOOHYDUtDVHPHMDQWHSHQDVLIXHUDGHVFXELHUWRSRUHO(VWDGRKXELHUDVLGROD
KHUHMtDFULPHQTXHFRQVHJXULGDGQRKDEUtDVLGRFRPHWLGRRFRQGRQDGRSRUVLPSOHVDOEDxLOHVFULVWLDQRV/D
SUHJXQWD TXH QRV KLFLPRV IXH ¢&yPR HV SRVLEOH TXH OD KHUHMtD IXHUD DQWLFLSDGD FRPR SRVLEOH VHFUHWR
FXOSRVR GH HVWRV FRQVWUXFWRUHV GH FDVWLOORV \ FDWHGUDOHV"1R WHQtD VHQWLGR /DV RUJDQL]DFLRQHV QR HODERUDQ
UHJODV LPSRUWDQWHV HQ FDVR GH TXH DOJXQR GH VXV PLHPEURV DOJ~Q GtD IXHUD VHFUHWDPHQWH FXOSDEOH GH XQ
FULPHQ HQ FRQWUD GH OD ,JOHVLD HV FODUR TXH TXLHQ KD\D GDGR RULJHQ D HVWH $QWLJXR 0DQGDPLHQWR HVWDED
FRQVFLHQWHGHTXHFDGDKHUPDQRYLYtDHQSHOLJURGHVHUVHxDODGRSRUKHUHMH(VWiEDPRVVHJXURVGHTXHHVWDV
UHJODV QR IXHURQ FUHDGDV SRU VLPSOHV DOEDxLOHV VLQR SRU XQ JUXSR TXH YLYtD HQ ORV OtPLWHV GH OD OH\ GHO
WHUULWRULR
8QD YH] VDWLVIHFKRV GH TXH QR KDEtD HYLGHQFLD SDUD VRVWHQHU OD WHRUtD GH ORV DOEDxLOHV \ Vt PXFKD SDUD
UHSUREDUODQRVLQWULJyFDGDYH]PiVDYHULJXDUDTXpFODVHGHSHUVRQDVSRGUtDQKDEHUVHUHIHULGRORV$QWLJXRV
0DQGDPLHQWRV2WURPDQGDPLHQWRGHOPLVPRSHULRGRPX\GLVFXWLGRSRUORVKLVWRULDGRUHVGDLQGLFLRVGHXQ
DQWLJXR SURSyVLWR PX\ FODQGHVWLQR 6H UHILHUH D OD SURYLVLyQ GH HPSOHR SDUD XQ KHUPDQR YLVLWDQWH SRU XQ
SHULRGRGHGRVVHPDQDVGHVSXpVGHOFXDOVHOHGHEHUtDGDUDOJ~QGLQHUR\SRQHUORHQFDPLQRDODVLJXLHQWH
ORJLD eVWH HV HO WLSR GH WUDWDPLHQWR TXH XQR HVSHUDUtD TXH VH OH GLHUD D XQ KRPEUH TXH HVWi KX\HQGR
EXVFDQGRXQDFDVDGHVHJXULGDGHQVXFDPLQR8QPDQGDPLHQWRPiVSURKLEHDORVPDVRQHVWHQHUUHODFLRQHV
VH[XDOHVFRQODHVSRVDKLMDPDGUHRKHUPDQDGHXQKHUPDQRIUDQFPDVyQORTXHVHUtDGHDEVROXWDQHFHVLGDG
SDUDPDQWHQHUHOVLVWHPDGHFDVDVGHVHJXULGDGOOHJDUDFDVD\HQFRQWUDUDXQLQYLWDGRPDVyQHQODFDPDFRQ
ODHVSRVDRODKLMDGHXQRPiVELHQGLILFXOWDUtDHOMXUDPHQWRGHFDULGDGIUDWHUQDO1RSRGtDPRVLPDJLQDUGH
TXpSRVLEOHKHUHMtDSXGRKDEHUVLGRFXOSDEOHHVWHJUXSRPDVyQLFRLQLFLDOSDUDFUHDUWDQHVWUXFWXUDGRVLVWHPD
GHUHFRQRFLPLHQWR\VREUHYLYHQFLDIXHUDGHOD,JOHVLD\HO(VWDGR$GHPiVGHHVWRVIDFWRUHVTXHGHVDFUHGLWDQ
ODWHRUtDGHORVDOEDxLOHVHVHVHQFLDOUHFRUGDUTXHODLPDJLQHUtDFHQWUDOGHODPDVRQHUtDHVODFRQVWUXFFLyQGHO
7HPSOR GHO 5H\ 6DORPyQ 1R KD\ OD]RV TXH FRQHFWHQ D ORV DOEDxLOHV PHGLHYDOHV FRQ HVWH VXFHVR SHUR
FLHUWDPHQWHVtORVKD\HQORTXHFRQFLHUQHDODWHUFHUDWHRUtDODGHORV&DEDOOHURV7HPSODULRV
/RV&DEDOOHURV7HPSODULRVRSDUDGDUOHVVXWtWXORFRPSOHWRORV3REUHV&RPSDxHURV6ROGDGRVGH
&ULVWR\GHO7HPSORGHO5H\6DORPyQVHIRUPDURQFDVLVHLVFLHQWRVDxRVDQWHVGHOHVWDEOHFLPLHQWRGHOD*UDQ
/RJLDGH,QJODWHUUD6LKD\XQDFRQH[LyQHQWUHHVWRVPRQMHVJXHUUHURVGHODVFUX]DGDV\ODIUDQFPDVRQHUtD
WHQGUtDPRVTXHH[SOLFDUODEUHFKDGHDxRVHQWUHODUHSHQWLQDPXHUWHGHODRUGHQHQRFWXEUHGH\OD
DSDULFLyQ IRUPDO GH OD &LHQFLD (VWH URPSLPLHQWR KD KHFKR TXH PXFKRV REVHUYDGRUHV PDVRQHV \ QR
PDVRQHVGHVFDUWHQODVVXJHUHQFLDVGHXQYtQFXORFRPRSHQVDPLHQWRPiJLFRDOJXQRVKDQSXEOLFDGROLEURV
SDUD GHPRVWUDU TXH ORV TXH DSR\DQ HVWD WHRUtD VRQ VyOR URPiQWLFRV SUHGLVSXHVWRV D FUHHU HQ WRQWHUtDV
HVRWpULFDV6LQHPEDUJRODHYLGHQFLDGLVSRQLEOHPiVUHFLHQWHDSR\DDKRUDFRQIXHU]DHODUJXPHQWRDIDYRUGH
ODFRQH[LyQHQWUHWHPSODULRV\IUDQFPDVRQHV\QXHVWUDVSURSLDVLQYHVWLJDFLRQHVORKDQSXHVWRPiVDOOiGH
QLQJXQDGXGD
$QWHV GH FRQVLGHUDU OD IRUPDFLyQ GH HVWD IDVFLQDQWH RUGHQ H[DPLQDPRV ODV FLUFXQVWDQFLDV GH OD
FRQVWUXFFLyQTXHGLRQRPEUHDORVWHPSODULRV\VXWHPDDORVIUDQFPDVRQHV
(O7HPSORGHO5H\6DORPyQ
(QFRQWUDPRVTXHHQHOVHQWLGRDPSOLRKDEtDFXDWURWHPSORVUHODFLRQDGRVFRQHO0RQWH0RUtDQHQODFLXGDG
GH-HUXVDOpQ(OSULPHURIXHHOFRQVWUXLGRSRUHOUH\6DORPyQKDFHWUHVPLODxRV(OVLJXLHQWHQXQFDH[LVWLy
HQSLHGUDIXHHOYLVWRSRUHOSURIHWD(]HTXLHOHQXQDYLVLyQGXUDQWHHOFDXWLYHULRGHORVMXGtRVHQ%DELORQLD
DOUHGHGRUGHD&$XQLPDJLQDULRQRSRGtDLJQRUDUVHDHVWHWHPSOR\DTXHWXYRXQHIHFWRVLJQLILFDWLYR
HQODVFUHHQFLDV\HVFULWRVSRVWHULRUHVGHORVMXGtRVTXHGHVSXpVVHWUDQVPLWLHURQDODFUHHQFLDFULVWLDQD(O
WHUFHURIXHFRQVWUXLGRSRUHOUH\=RUREDEHODLQLFLRVGHOVLJOR9,D&GHVSXpVGHTXHORVMXGtRVUHJUHVDURQGH
VXFDXWLYHULREDELOyQLFR<HO~OWLPRWHPSORIXHHULJLGRSRU+HURGHVHQORVWLHPSRVGH-HVXFULVWR\GHVWUXLGR
SRUORVURPDQRVHQG&MXVWRFXDWURDxRVGHVSXpVGHVXWHUPLQDFLyQ
&RPRGHVFXEULUtDPRVPiVWDUGH6DORPyQVHGLRDODWDUHDGHFUHDUPXFKDVJUDQGHVFRQVWUXFFLRQHV
LQFOX\HQGRXQWHPSORSDUDDORMDUDOGLRVTXHDKRUDOODPDPRV<DKYpR-HKRYi$PERVQRPEUHVVRQLQWHQWRV
GHWUDGXFLUORGHOKHEUHRXQDIRUPDGHHVFULWXUDVLQYRFDOHV6XHOHKDFHUVHUHIHUHQFLDD6DORPyQFRPRXQUH\
VDELRSHURDODYDQ]DUHQQXHVWUDVLQYHVWLJDFLRQHVGHVFXEULPRVTXHFRPRGHPRVWUDUHPRVPiVDGHODQWHOD
GHVLJQDFLyQGHVDELRVHOHFRQILULyDWRGRVORVFRQVWUXFWRUHV\DORVUH\HVTXHSDWURFLQDEDQODVFRQVWUXFFLRQHV
SRUPLOHVGHDxRVDQWHVGH6DORPyQ
/RV PLVPRV MXGtRV QR WHQtDQ KHUHQFLD DUTXLWHFWyQLFD \ QLQJXQR GH HOORV FRQWDED FRQ ORV
FRQRFLPLHQWRVGHFRQVWUXFFLyQUHTXHULGRVSDUDHULJLUQDGDTXHQRIXHUDXQDVLPSOHSDUHGHQFRQVHFXHQFLD
HOWHPSORHQ-HUXVDOpQIXHFRQVWUXLGRSRUREUHURVFRQWUDWDGRVD+LUDPHOUH\IHQLFLRGH7LUR$SHVDUGHO
QRPEUHHVWDEDFODURSDUDQRVRWURV\SDUDFXDOTXLHUREVHUYDGRUSUHYLRTXHHOUH\+LUDPQRWHQtDQDGDTXH
YHUFRQ+LUDP$ELI(OULWXDOGHO*UDGRGHO6DJUDGR$UFR5HDOTXHDQDOL]DUHPRVHQHOFDStWXORSRQH
PX\HQFODURTXH+LUDPUH\GH7LURSURYH\yORVPDWHULDOHVHQWDQWRTXHRWURKRPEUH+LUDP$ELIIXHHO
YHUGDGHUR DUTXLWHFWR GHO WHPSOR ,QFOXVR PHQFLRQD TXH HVWRV WUHV SHUVRQDMHV 6DORPyQ \ ORV GRV +LUDP
SUHVLGtDQXQDLPSRUWDQWHORJLD\MXQWRVHUDQORV~QLFRVTXHSRVHtDQORVYHUGDGHURVVHFUHWRVGHXQ0DHVWUR
0DVyQ
$ SHVDUGHODYLVLyQPDVyQLFDFRP~QPHQWHDFHSWDGDGHTXHHVWHWHPSORIXHXQSXQWRFXOPLQDQWHHQ
ODKLVWRULDGHODFRQVWUXFFLyQ&ODUNH\RWURVH[SHUWRVFRQVLGHUDQTXHVXHVWLORWDPDxR\GLVSRVLFLyQVRQFDVL
XQDFRSLDDOFDUEyQGHOWHPSORVXPHULRHULJLGRSDUDODGLRVD1LQXUWDPLODxRVDQWHV(UDXQDFRQVWUXFFLyQ
SHTXHxDVLPLODUHQWDPDxRDODRUGLQDULDLJOHVLDGHSXHEORLQJOHVD\VHFUHtDTXHVXWDPDxRHUDPHQRUTXHOD
PLWDG GHO SDODFLR GH 6DORPyQ 3XGLPRV DGLYLQDU GyQGH UHVLGtDQ ODV SULRULGDGHV GHO JUDQ UH\ FXDQGR
GHVFXEULPRV TXH OD FRQVWUXFFLyQ SDUD DORMDU D VX KDUpQ HUD SRU OR PHQRV WDQ JUDQGH FRPR HO 7HPSOR GH
-HKRYi
3RU QXHVWUR FRQRFLPLHQWR GHO SURSyVLWR GH ODV LJOHVLDV VLQDJRJDV \ PH]TXLWDV VHUtD IiFLO VXSRQHU
TXHHOWHPSORGH6DORPyQHUDXQOXJDUHQHOTXHORVMXGtRVDGRUDEDQDVX'LRV(VWRVLQHPEDUJRVHUtDXQ
HUURU\DTXHHVWHWHPSORQRIXHFRQVWUXLGRSDUDVHUYLVLWDGRSRUORVKRPEUHVHUDOLWHUDOPHQWHOD&DVDGH
'LRVXQDFDVDSDUDHOPLVPR-HKRYi
1RKD\UHVWRVItVLFRVGHO7HPSORGH6DORPyQQLUHJLVWURVLQGHSHQGLHQWHVGHpODVtTXHQDGLHSXHGH
HVWDU VHJXUR GH VL HQ UHDOLGDG H[LVWLy R QR SRGUtD VHU XQD LQYHQFLyQ GH ORV ~OWLPRV HVFULEDV MXGtRV TXH
HVFULELHURQVXVWUDGLFLRQHVRUDOHVPXFKRDQWHVGHTXHODVXSXHVWDFRQVWUXFFLyQKD\DWHQLGROXJDU1RVGLFHQ
TXH pVWH HO PiV IDPRVR GH WRGRV ORV WHPSORV IXH FRQVWUXLGR HQ SLHGUD \ HQ VX LQWHULRU UHYHVWLGR SRU
FRPSOHWRGHFHGURWUDtGRGH7LUR6HGLFHTXHVXVSDUHGHVWHQtDQQXHYHFRGRVDOUHGHGRUGHFXDWURPHWURVGH
HVSHVRU HQ VX EDVH \ VRSRUWDED XQ WHFKR SODQR GH YLJDV GH FHGUR UHPDWDGR HQ SLQR /D FDUDFWHUtVWLFD
VREUHVDOLHQWHGHOWHPSORHUDODFDQWLGDGGHRURTXHFXEUtDVXHORSDUHGHV\WHFKRFRORFDGRHQWUHORVWDOODGRV
GHTXHUXELQHV\IORUHVDELHUWDV(OLQWHULRUHUDGHYHLQWLVLHWHPHWURVGHODUJRSRUQXHYHGHDQFKR\WRGRHO
HGLILFLRHVWDEDDOLQHDGRGHRHVWHDHVWHFRQXQDVRODHQWUDGDHQHOH[WUHPRRFFLGHQWDO8QDVHSDUDFLyQFRQXQ
SDUGHSXHUWDVSOHJDGL]DVGHQWURGLYLGtDHOLQWHULRUHQXQDKHQGLGXUDGHGRVDXQWHUFLRFUHDQGRXQFXERGH
QXHYHPHWURVGHDOWXUDDQFKR\ODUJR(UDHO2UiFXORGHO$QWLJXR7HVWDPHQWRWDPELpQOODPDGRHO6DQWRGH
6DQWRV \ FRQRFLGR HQ HO ULWXDO PDVyQLFR FRPR HO 6DQFWXP 6DQFWRUXP TXH HVWDED FRPSOHWDPHQWH YDFtR
H[FHSWRSRUXQDFDMDUHFWDQJXODUGHPDGHUDGHDFDFLDGHXQPHWUR\FXDUWRGHODUJRSRUVHVHQWDFHQWtPHWURV
GHDQFKR\VHVHQWDGHDOWRFRORFDGDH[DFWDPHQWHHQHOFHQWURGHOSLVR(UDHO$UFDGHOD$OLDQ]DTXHFRQ
WHQtDVyORWUHVFRVDVGRVWDEOHWDVGHSLHGUDTXHOOHYDEDQORV'LH]0DQGDPLHQWRV\DO PLVPRGLRV-HKRYi
(QFLPDGHHOODKDEtDXQSHVDGDKRMDGHRURVyOLGR\GRVTXHUXELQHVGHPDGHUDWDPELpQEDVWDQWHFXELHUWRVGH
RURFRQODVDODVH[WHQGLGDVFXVWRGLDQGRHOSUHFLRVRFRQWHQLGRYpDVHODILJXUD
(VWRVTXHUXELQHVQRHUDQORVQLxRVYRODGRUHV\UHJRUGHWHVFRQKDORVSRSXODUHVHQWUHORVSLQWRUHVGHO
5HQDFLPLHQWR6HUtDQHJLSFLRVHQFXDQWRDOHVWLORVHYHtDQH[DFWDPHQWHFRPRODVILJXUDVUHSUHVHQWDGDVHQODV
SDUHGHV\ORVVDUFyIDJRVGHODVSLUiPLGHV(O6DQWRGH6DQWRVHVWDEDHQSHUPDQHQWHRVFXULGDGH[FHSWRXQD
YH]DODxRHQHO'tDGH([SLDFLyQFXDQGRHO6XPR6DFHUGRWHHQWUDEDFRQODVDQJUHGHOVDFULILFLRQDFLRQDOHO
FKLYRH[SLDWRULR'HVSXpVGHTXHHO6XPR6DFHUGRWHVHLEDVHSRQtDXQDODUJDFDGHQDGHRURDOUHGHGRUGHODV
SXHUWDVDLVODQGRODFiPDUDPiVSHTXHxDGHODPiVJUDQGH'HDFXHUGRFRQODWUDGLFLyQMXGtDSRVWHULRUHVWH
FXDUWRHUDXVDGRVyORSRUORVVDFHUGRWHV\OHYLWDVVDFHUGRWHVSRUKHUHQFLD\WHQtDXQDOWDUGHFHGURFXELHUWR
GH RUR FRORFDGR MXVWR IUHQWH D ODV SXHUWDV \ FODUR DIXHUD GH OD HQWUDGD RFFLGHQWDO VH OHYDQWDEDQ ODV GRV
FROXPQDV%RD]\-DFKLQ
)XHpVWHHQWRQFHVHOWHPSORTXHORVWHPSODULRVYHQHUDURQFRPRHOLFRQRFHQWUDOGHVXRUGHQ3HURODV
TXH GHVHQWHUUDURQ IXHURQ ODV UXLQDV GH RWUR WHPSOR FRQVWUXLGR FDVL H[DFWDPHQWH PLO DxRV GHVSXpV HQ HO
PLVPRVLWLRSRUHOLQIDPHUH\+HURGHV¢3RUTXpHQWRQFHVQRVSUHJXQWDPRVHVFRJLHURQGDUVHHOQRPEUHGHO
WHPSORGH6DORPyQ
&21&/86,Ï1
'HFLGLPRVFRQIDFLOLGDGTXHODWHRUtDGHORVDOEDxLOHVDFHUFDGHORULJHQGHODIUDQFPDVRQHUtDQRVHVRVWLHQH
EDMR XQ PLQXFLRVR DQiOLVLV SRU OD VHQFLOOD UD]yQ GHTXH HQ %UHWDxD QRH[LVWLHURQ JUHPLRV GH DOEDxLOHV (O
KHFKRGHTXHVtORVKD\DKDELGRHQHOFRQWLQHQWHQRHVUHOHYDQWHSRUTXHODIUDQFPDVRQHUtDQRVHGHVDUUROOyHQ
ODViUHDVHQODVTXHVHIRUPDURQHVWRVJUHPLRVHXURSHRV
(OSURWRFRORKDOODGRHQORV$QWLJXRV&DUJRVGHOD2UGHQFRQVXREOLJDFLyQGHSURYHHUWUDEDMR\XQ
LQWHUpV SRU DVHJXUDU OD SURWHFFLyQ GH ORV SDULHQWHV IHPHQLQRV GH ORV KHUPDQRV QRV SDUHFLy TXH HQFDMDED
PXFKRPiVFRQXQDVRFLHGDGVHFUHWDTXHFRQXQJUXSRGHFRQVWUXFWRUHVLWLQHUDQWHV
5HDOL]DPRV XQD ODUJD \ DUGXD LQYHVWLJDFLyQ SDVDQGR FLHQWRV GH KRUDV HQ GLYHUVDV ELEOLRWHFDV LQPHUVRV HQ
OLEURVGHFRQVXOWDSHURDXQFRQWRGRVQXHVWURVHVIXHU]RVQRSXGLPRVHQFRQWUDUFRQH[LyQDOJXQDHQWUHHO
7HPSORGHO5H\6DORPyQ\ORVDOEDxLOHVGHOD(GDG0HGLD
/DKLVWRULDQRVGLFHTXHH[LVWLHURQWUHVWHPSORVGHSLHGUDHQHOVLWLR\XQRLPDJLQDULRTXHQRSXGR
LJQRUDUVHSXHVWRTXHKDLQVSLUDGRDPXFKDVSHUVRQDVDWUDYpVGHOWLHPSR(OWHPSORRULJLQDOFRQVWUXLGRSDUD
6DORPyQHUDXQDFRQVWUXFFLyQSHTXHxDGHOWLSRGHODVVXPHULDVPiVFKLFRTXHVXKDUpQHULJLGRSDUDDORMDUD
-HKRYiHOSUREOHPiWLFRGLRVGHODVWRUPHQWDV\QRSDUDVHUXQOXJDUGHDGRUDFLyQ(OPLVPR-HKRYiYLYtD
GHQWURGHO$UFDGHOD$OLDQ]DTXHVHDORMDEDHQHO6DQWRGH6DQWRVGHOWHPSORXQiUHDFRQRFLGDHQWUHORV
IUDQFPDVRQHV FRPR HO 6DQFWXP 6DQFWRUXP (/ DUFD IXH FRQVWUXLGD \ GHFRUDGD DO HVWLOR HJLSFLR \ HQ OD
HQWUDGDRFFLGHQWDOGHHVWHSULPHUWHPSORVHDO]DEDQODVGRVFROXPQDVFRQRFLGDVSRUORVIUDQFPDVRQHVFRPR
%RD]\-DFKLQ
/DLGHDGHTXHODRUGHQSXGRKDEHUYHQLGRGHOPLVPR6DORPyQFRPRXQDVRFLHGDGVHFUHWDTXHPDQWXYRVX
FRQWLQXLGDG RFXOWD GHO PXQGR SDUHFtD SRU FRPSOHWR LPSRVLEOH \ GHVSXpV GH XQ VHQFLOOR SURFHVR GH
HOLPLQDFLyQ QRV TXHGDPRV FRQ XQ VROR RULJHQ UD]RQDEOH SDUD LQYHVWLJDU 6DEtDPRV TXH ORV SULPHURV
&DEDOOHURV 7HPSODULRV H[FDYDURQ HO VLWLR GHO ~OWLPR WHPSOR \ PXFKRV HVFULWRUHV KDQ VXJHULGR FRQH[LRQHV
HQWUHHVWRVFDEDOOHURV\ODPDVRQHUtD
!"#$%
!
,
"#$% "& '#()%*#%+ &"'( )( &*""+
"& '& ,-./01+ 23 415 6##0 .7 8)%9 :#-#;#%<* =1;>-1 .%? )7* ,#%%1@7)#% 5)7$ A.*#%)@ ')7B.-2+ >B(-)@.?# 1%
-./ 01$#"' 2"'"($#"'134
%#C)1;(/1 ?1 !DEF&
G 56$768% 2"336(#$'9 "( #:6 &);*6
<
H& I3-(/)9$7+ =:6 -'>:$6"*"?9 "@ 5$*6%#)(6A
/RVLQLFLRVGHODRUGHQ
&DStWXOR
/RV&DEDOOHURV7HPSODULRV
'HVGHODLQIDQFLDFDVLWRGRVKHPRVHVWDGRIDPLOLDUL]DGRVFRQODLPDJHQGHXQYDOLHQWHFUX]DGRYHVWLGRFRQ
XQD FDSD EODQFD DGRUQDGD FRQ XQD FUX] URMD TXH RVWHQWDQGR XQD ODUJD EDUED PDWDED D ORV PDOYDGRV \
SURWHJtDDORVEXHQRV/DUHDOLGDGHUDPX\GLVWLQWDODFUX]URMDHQODEDWDEODQFDQRHUDODYHVWLGXUDGHWRGRV
ORV FUX]DGRV VLQR GH XQ JUXSR GH PRQMHV JXHUUHURV ORV &DEDOOHURV 7HPSODULRV YpDVH OD ILJXUD 6X
PLVWHULRVDDSDULFLyQGHODQDGDVXVVXEVHFXHQWHV\HQRUPHVULTXH]DVHLQIOXHQFLD\VXUHSHQWLQD\WRWDOFDtGD
GHJUDFLDHOYLHUQHVGHRFWXEUHGHORVKDKHFKRREMHWRGHGHEDWH\HVSHFXODFLyQLPDJLQDWLYDGHVGH
HQWRQFHV
'XUDQWH FDVL GRVFLHQWRV DxRV ORV WHPSODULRV IXHURQ PiV SRGHURVRV TXH OD PD\RUtD GH ORV UH\HV \
WHQtDQ KDELOLGDGHV OHJHQGDULDV SDUD OD EDWDOOD \ WHVRURV IDEXORVRV ¢3RGUtD HQ UHDOLGDG KDEHU XQD FRQH[LyQ
HQWUHHVWDRUGHQPHGLHYDOGHVDSDUHFLGDGHVGHKDFHPXFKRWLHPSR\ORVKRPEUHVGHFODVHPHGLDTXHPXVLWDQ
ULWXDOHVPDVyQLFRVDSXHUWDFHUUDGDHQFDVLFXDOTXLHUFLXGDGGHOPXQGRRFFLGHQWDOL]DGR"'HHQWUDGDSDUHFHQ
HVWDUWDQOHMDQRVTXHVHQHFHVLWDUtDXQDHQRUPHFDQWLGDGGHHYLGHQFLDSDUDDOHJDUXQDUHODFLyQGLUHFWDSHUR
FRQIRUPH REVHUYDPRV FRQ FXLGDGR ORV GHWDOOHV GH DPEDV yUGHQHV OD GLVSDULGDG HQWUH ODV GRV HPSH]y D
UHGXFLUVHFRQVRUSUHQGHQWHUDSLGH]
/RVPXVXOPDQHVJREHUQDURQ-HUXVDOpQGHVGHHOVLJOR 9,, \SHUPLWtDQWDQWRDORVMXGtRVFRPRDORV
FULVWLDQRVHODFFHVRDODFLXGDGTXHHUDLPSRUWDQWHSDUDODVWUHVUHOLJLRQHVSRUGLIHUHQWHVUD]RQHV+DFLDILQHV
GHO VLJOR ;, ORV WXUFRV VHOMXN WRPDURQ FRQWURO GH -HUXVDOpQ \ SURKLELHURQ D ORV FULVWLDQRV KDFHU SHUHJUL
QDFLRQHV (VWR QR IXH GHO DJUDGR GH ORV DOWRV PDQGRV GHO FULVWLDQLVPR ORV FXDOHV PRYLOL]DURQ VXV IXHU]DV
SDUDUHFXSHUDUODWLHUUDGH-HVXFULVWR$SHVDUGHODSXUH]DGHODSDUHQWHPRWLYRTXHPRYtDDORVFUX]DGRV
ODVEDWDOODVSRUHOFRQWUROGHOD7LHUUD6DQWDHUDQFRQIOLFWRVVLQPLVHULFRUGLD\VHSHOHDEDFRQGXUH]D
/RVFUXGRV\HJRtVWDVLQYDVRUHVFULVWLDQRVGHOQRUWHFUHtDQTXHORVPXVXOPDQHVWHQtDQODFRVWXPEUH
GH WUDJDUVH VX RUR \ VXV MR\DV SDUD HVFRQGHUORV HQ WLHPSRV GH FULVLV \ FRPR FRQVHFXHQFLD PXFKRV
PXVXOPDQHVPRUtDQFRQHOHVWyPDJRDELHUWRPLHQWUDVGHGRVEODQFRVHLQILHOHVEXVFDEDQHQVXVHQWUDxDVYD
ORUHVTXHQRH[LVWtDQ$ORVMXGtRVGH-HUXVDOpQQROHVIXHPXFKRPHMRUKDEtDQYLYLGRIHOLFHVMXQWRDORV
PXVXOPDQHVSRUFLHQWRVGHDxRV\HOGHMXQLRGHPXULHURQMXQWRFRQHOORVHOFDUiFWHUVDQJXLQDULRGH
ORVFUX]DGRVQRFRQRFtDOtPLWHV8QRGHHOORV5D\PRQGGH$JXLOHUVVHFRQPRYLyDQWHODYLVWDGHODFLXGDG
GHYDVWDGD \ ORV FXHUSRV PXWLODGRV GH VXV UHVLGHQWHV\ FLWy HO 6DOPR (VWH HV HO GtD TXH HO 6HxRU KD
KHFKR5HJRFLMpPRQRV\DOHJUpPRQRVSRUHOOR
(QORVDxRVTXHVLJXLHURQDODFRQTXLVWDGH-HUXVDOpQFULVWLDQRVGHWRGD(XURSDHPSH]DURQDKDFHUOD
SHUHJULQDFLyQ D OD &LXGDG 6DQWD XQD WUDYHVtD WDQ ODUJD \ DUGXD TXH SDUD VREUHYLYLUtD HUDQ QHFHVDULRV XQ
FXHUSRHQIRUPD\XQDIXHUWHFRQVWLWXFLyQ(OFUHFLHQWHQ~PHURGHSHUHJULQRVTXHYLDMDEDQGHVGHORVSXHUWRV
GH$FUH7LUR\-DIIDDODFLXGDGGH-HUXVDOpQSURYRFySUREOHPDV\KXERTXHFUHDUXQDLQIUDHVWUXFWXUDSDUD
DEDVWHFHUORV8QDLPSRUWDQWHSDUWHGHHVWRVDUUHJORVIXHOD+RVWHUtD$PDOILHQ-HUXVDOpQHVWDEOHFLGDSRUORV
&DEDOOHURV+RVSLWDODULRVSDUDEULQGDUFRPLGD\DORMDPLHQWRDOFRQVWDQWHIOXMRGHYLDMHURV/DLPSRUWDQFLD\
ULTXH]DGHODSHTXHxD\RVFXUDRUGHQGHPRQMHVTXHODGLULJtDQDXPHQWyHQSURSRUFLyQDOFUHFLHQWHQ~PHUR
GHYLVLWDQWHV\ORVQXHYRVJREHUQDGRUHVFULVWLDQRVGHODFLXGDGUHFRPSHQVDURQVXVHVIXHU]RVFRQJHQHURVRV
UHJDORV /D RUGHQ VH GHVDUUROOy FRQ UDSLGH] \ VX VXSHULRU GHELy KDEHU VLGR PX\ DPELFLRVR \ DVWXWR HQ OD
SROtWLFDSRUTXHGHFLGLyFUHDUXQDDUPDGDPLOLWDUHQODTXHDFHSWDEDTXHVHXQLHUDQFDEDOOHURVGHVSXpVGHOR
FXDOFDPELyHOWtWXORGHODRUGHQSRUHOGH+RVSLWDOGH6DQ-XDQGH-HUXVDOpQ2EWXYRODEHQGLFLyQSDSDOHQ
FXDQGRVHOHGLRXQDFRQVWLWXFLyQIRUPDOFRQRFLGDFRPRUHJOD
eVWD IXH XQD RUJDQL]DFLyQ TXH SUREDEOHPHQWH LQIOXHQFLy D XQ QREOH IUDQFpV GH &KDPSDJQH GH
QRPEUH+XJXHVGH3D\HQSRUTXHHQHOPLVPRDxRpO\RWURVRFKRFDEDOOHURVLQLFLDURQXQDRUGHQQRRILFLDO
GHORV3REUHV6ROGDGRVGH&ULVWR\HO7HPSORGH6DORPyQ&RQIRUPHDODWUDGLFLyQHOUH\%DOGZLQ,,3D
WULDUFD GH -HUXVDOpQ SURQWR EULQGy VX DSR\R D OD QXHYD RUGHQ \ OHV SURSRUFLRQy DORMDPLHQWR HQ OD SDUWH
RFFLGHQWDOGHVXSDODFLRTXHFROLQGDEDFRQODH[0H]TXLWDGH$O$TVD\HVWDEDHQHOVLWLRGHO7HPSORGHO
5H\6DORPyQ6HGLFHTXHOD2UGHQGHORV7HPSODULRVFRPRVHOHOODPDDKRUDIXHFUHDGDFRQHOSURSyVLWR
GHEULQGDUSURWHFFLyQDOFUHFLHQWHIOXMRGHSHUHJULQRVPLHQWUDVKDFtDQVXVD]DURVDVWUDYHVtDVHQWUHHOSXHUWR
FRVWHURGH-DUtD\-HUXVDOpQ
7RGRV HVWRV FDEDOOHURV RULJLQDOHV HUDQ VHJODUHV TXH SUHVWDURQ MXUDPHQWR GH YLYLU FRPR VL IXHUDQ
PRQMHV HQ OD SREUH]D OD FDVWLGDG \ OD REHGLHQFLD (Q XQ SULQFLSLR QR XVDEDQ URSD HVSHFLDO SHUR GHFtDQ
RUDFLRQHVDLQWHUYDORVUHJXODUHV\VHFRPSRUWDEDQVLHPSUHFRPRVLIXHUDQPLHPEURVGHXQDRUGHQUHOLJLRVD
(QDOJ~QPRPHQWRGHHVWRVQXHYHFDEDOOHURVDSDUHQWHPHQWHOOHJDURQGH)UDQFLD\VHDXWRGHQRPLQDURQ
ORVJXDUGLDQHVGHORVFDPLQRVGHOGHVLHUWRGH-XGHDTXHFRQGXFtDQD-HUXVDOpQ(VWHFOiVLFRUHODWRQRVOODPy
ODDWHQFLyQSRUH[WUDxR¢3RUTXpHVWRVIUDQFHVHVVHKDEtDQGDGRDXQDWDUHDTXHHQHOPHMRUGHORVFDVRVHUD
HQ H[WUHPR RSWLPLVWD \ HQ HO SHRU WHPHUDULD" ,QFOXVR XQD SHTXHxD EDQGD GH LQVXUJHQWHV VDUUDFHQRV SXGR
KDEHUORVGHUURWDGRQRREVWDQWHORELHQHQWUHQDGRV\DUPDGRVTXHHVWXYLHUDQ&RQVRUSUHVDGHVFXEULPRVTXH
)XOFKHUGH&KDUWUHVFDSHOOiQGH%DOGZLQ,,QRKL]RXQDVRODPHQFLyQGHHOORVHQVXVH[WHQVDVFUyQLFDVTXH
DEDUFDQORVSULPHURVQXHYHDxRVGHODH[LVWHQFLDGHODRUGHQQRRILFLDO/DSULPHUDHYLGHQFLDFLHUWDGHORV
WHPSODULRV GDWD GH FXDQGR FLHUWR &RQGH )XON 9 GH $QMRX VH DORMy FRQ ORV WHPSODULRV \ GH DKt HQ
DGHODQWHOHVGHMyXQDDQXDOLGDGGHWUHLQWDOLEUDVDQJHYLQ
3RU OD HYLGHQFLD GLVSRQLEOH SDUHFH FODUR TXH HO JUXSR GH QXHYH FDEDOOHURV QR VH H[SDQGLy GXUDQWH
PXFKRWLHPSRGHVSXpVGHVXHVWDEOHFLPLHQWR1RIXHKDVWDTXHKDEtDQSDVDGRQDGDPHQRVTXHQXHYHDxRVHQ
VX DOEHUJXH HQ HO OXJDU GHO 7HPSOR GH +HURGHV TXH +XJXHV GH 3D\HQ YLDMy KDFLD HO RHVWH HQ EXVFD GH
UHFOXWDV PHUHFHGRUHV TXH DXPHQWDUDQ OD RUGHQ D XQ WDPDxR PiV DSURSLDGR SDUD OD VDWLVIDFFLyQ GH VX
DXWRSURFODPDGDPLVLyQ
¢4XpHVWDEDQEXVFDQGR"
6HQWLPRVSRULQVWLQWRTXHKDEtDDOJRPDOHQHVWHSXQWR1RKD\HYLGHQFLDGHTXHHVWRVSULPHURVWHPSODULRV
KXELHUDQ GDGR SURWHFFLyQ DOJXQD D ORV SHUHJULQRV SHUR SRU RWUR ODGR SURQWR VXSLPRV TXH KD\ SUXHEDV
FRQFOX\HQWHV GH TXH UHDOL]DURQ JUDQGHV H[FDYDFLRQHV GHEDMR GHODV UXLQDV GHO 7HPSOR GH +HURGHV 3URQWR
QRVGLPRVFXHQWDGHTXHPXFKRVRWURVDXWRUHVWHQtDQVXVUHVHUYDVFRQUHVSHFWRDODYHUVLyQDFHSWDGDGHORV
SURSyVLWRV GH ORV WHPSODULRV FXDQWR PiV EXVFiEDPRV PiV QRV WRSiEDPRV FRQ WHRUtDV DFHUFD GH VXV
YHUGDGHURVPRWLYRV(QXQDHOKLVWRULDGRUIUDQFpV*DHWDQ'HODIRUJHFRPHQWD
/DYHUGDGHUDWDUHDGHORVQXHYHFDEDOOHURVHUDOOHYDUDFDERLQYHVWLJDFLRQHVHQHOiUHDFRQHOILQGH
REWHQHUFLHUWDVUHOLTXLDV\PDQXVFULWRVTXHFRQWHQtDQODHVHQFLDGHODVWUDGLFLRQHVVHFUHWDVGHOMXGDLVPR\GHO
DQWLJXR(JLSWRDOJXQRVGHORVFXDOHVSUREDEOHPHQWHVHUHPRQWDUDQDORVGtDVGH0RLVpV (VWHFRPHQWDULRIXHXWLOL]DGRSRUHODXWRUHKLVWRULDGRU*UDKDP+DQFRFNSDUDDUJXPHQWDUTXHHVWRV
FDEDOOHURVQRHUDQORTXHSDUHFtDQ!&RQFOX\yTXHHOPLVPRVLWLRGHOWHPSORHUDHOIRFRGHVXLQWHUpV\TXH
KD\HYLGHQFLDGHVXVSULQFLSDOHVH[FDYDFLRQHV&LWDHOLQIRUPHRILFLDOGHXQDUTXHyORJRLVUDHOtTXHHVWDEOHFH
TXHORVQXHYHFDEDOOHURVEXVFDEDQHQODVUXLQDVGHOWHPSORDOJRGHVFRQRFLGR
(OW~QHOFRQGXFHKDFLDDGHQWURSRUXQDGLVWDQFLDGHFHUFDGHWUHLQWDPHWURVGHVGHHOPXURGHOVXU
DQWHV GH YHUVH EORTXHDGR SRU HVFRPEURV \ SHGD]RV GH SLHGUD 6DEHPRV TXH FRQWLQ~D PiV DGHODQWH SHUR
KHPRVGHFLGLGRTXHKD\DXQDUHJODVLQH[FHSFLyQQRH[FDYDUGHQWURGHORVOtPLWHVGHO0RQWHGHO7HPSORVLQ
DQWHV REWHQHU HO SHUPLVR GH ODV DXWRULGDGHV PXVXOPDQDV DSURSLDGDV SXHV HQ OD DFWXDOLGDG HVWi EDMR VX
MXULVGLFFLyQ (Q HVWHFDVRVyORQRV SHUPLWLHURQ PHGLU \ IRWRJUDILDU OD VHFFLyQ GHOW~QHO H[SXHVWDQR KDFHU
QLQJXQDFODVHGHH[FDYDFLyQ8QDYH]FRQFOXLGRHVWHWUDEDMRVHOODPRVODVDOLGDGHOW~QHOFRQSLHGUDV
(QFRQWUDPRV PiV HYLGHQFLD GH TXH ORV WHPSODULRV SDUWLFLSDURQ HQ GHVHQWHUUDU DOJR GHEDMR GH ODV
UXLQDV GHO 7HPSOR GH +HURGHV HQ ORV HVFULWRV GHO WHQLHQWH &KDUOHV :LOVRQ GH ORV ,QJHQLHURV 5HDOHV TXH
GLULJLHURQXQDH[SHGLFLyQDUTXHROyJLFDD-HUXVDOpQDILQGHVLJOR"eOUHFXSHUyPXFKRVREMHWRVDQWLJXRVTXH
SXHGHQ LGHQWLILFDUVH SRVLWLYDPHQWH FRPR DUWHIDFWRV WHPSODULRV DO KDFHU SURIXQGDV H[FDYDFLRQHV EDMR HO
WHPSOR &XDQGR QXHVWUDV LQYHVWLJDFLRQHV SDUD HVWH OLEUR HVWDEDQ SRU FRQFOXLU WXYLPRV OD EXHQD IRUWXQD GH
FRQRFHUD5REHUW%U\GRQDFDGpPLFRDUFKLYLVWDHVSHFLDOL]DGRHQORVWHPDVWpPSODQRVUHVLGHQWHGH(VFRFLD\
TXHDKRUDWLHQHYDULRVGHHVRVREMHWRVDVXFXLGDGR
1XHVWUR PRWLYR SDUD HVWXGLDU ORV RUtJHQHV GH ORV WHPSODULRV HUD LQWHQWDU FRQILUPDU FXDOTXLHU
FRQH[LyQGLUHFWDHQWUHVXRUGHQ\ODIUDQFPDVRQHUtDPRGHUQD&RQIRUPHLQFRUSRUDPRVORVKHFKRVFRQRFLGRV
\OHtPRVODVSHUVSHFWLYDVRILFLDOHV\ODVTXHQRORHUDQDFHUFDGHORVSULPHURVWHPSODULRVFRQFOXLPRVTXHHV
WDEDFODURTXHHQHIHFWRKDEtDQH[FDYDGRHQHOWHPSOR/DVSUHJXQWDVSDUDODVTXHQHFHVLWiEDPRVUHVSXHVWDV
HUDQ¢TXpHVWDEDQEXVFDQGR"\D~QPiVLPSRUWDQWH¢TXpHQFRQWUDURQHQUHDOLGDG"
2WURVHVFULWRUHVHVSHFXODURQTXHSXGLHURQKDEHUHVWDGREXVFDQGRORVWHVRURVSHUGLGRVGHOWHPSORHO
*ULDO6DJUDGRRLQFOXVRTXHLQWHQWDEDQHQFRQWUDUHO$UFDGHOD$OLDQ]DPLVPD ! (VWDVHVSHFXODFLRQHVELHQ
SRGUtDQ VHU FRUUHFWDV SHUR SRU VXSXHVWR QRVRWURV HVWiEDPRV PiV LQWHUHVDGRV HQ OR TXH HQ UHDOLGDG
HQFRQWUDURQPiVTXHHQORTXHHQXQSULQFLSLRTXHUtDQORFDOL]DU
'XUDQWHQXHYHDxRVHQWRQFHVHVWRVGHYRWRVFD]DGRUHVGHWHVRURVH[FDYDURQHOVLWLRGHORVJUDQGHV
WHPSORVGHORVMXGtRV\GXUDQWHHVHWLHPSRQRVROLFLWDURQQLSHUPLWLHURQODHQWUDGDGHQLQJ~QRWURFDEDOOHURD
VXRUGHQYLYLHQGRHQVROHGDGJUDFLDVDODFDULGDGGH%DOGZLQ
7RGRGHELyKDEHUIXQFLRQDGRUD]RQDEOHPHQWHELHQDxRWUDVDxRFRQIRUPHKDFtDQXQW~QHODWUDYpVGH
ODURFDVyOLGDDFHUFiQGRVHFDGDYH]PiVDODEDVHGHO6DQWRGH6DQWRVSHUROXHJRVXFHGLyDOJRTXHFDPELy
HOSODQLQLFLDO6HQRVRFXUULyTXHWDOYH]IXHUDDOJRPiVTXHXQDFRLQFLGHQFLDHOTXHHOYLDMHGH+XJXHVGH
3D\HQDRFFLGHQWHSDUDHQFRQWUDUUHFOXWDVSRUSULPHUDYH]KD\DVXFHGLGRMXVWRPHVHVGHVSXpVGHODPXHUWHGH
VX EHQHIDFWRU %DOGZLQ HQ RFWXEUH GH ¢6H KDEtDQ TXHGDGR VLQ IRQGRV \ FRPLGD DQWHV GH TXH VX
GHVFRQRFLGDWDUHDIXHUDWHUPLQDGD"R¢HVSHUDURQDTXH%DOGZLQPXULHUDSDUDQRWHQHUTXHUHSDUWLUOHSDUWH
GHOWHVRUR"
(OFyGLJRGHGLVFLSOLQDGHODRUGHQ
3DUHFHVHUTXHHOYLDMHGH3D\HQIXHDSUHVXUDGRSRUXQYHUGDGHURWHPRUFRQUHVSHFWRDODVREUHYLYHQFLDGHVX
JUXSR8QDFDUWDTXHHVFULELyPLHQWUDVYLDMDEDSRU(XURSDLOXVWUDFRQFODULGDGVXSUHRFXSDFLyQGHTXHVXV
FRPSDxHURV FDEDOOHURV HQ -HUXVDOpQ QHFHVLWDEDQ XQ IXHUWH UHIRU]DPLHQWR GH VXV FRQYLFFLRQHV 6H UHILHUH D
TXH OD YRFDFLyQ RULJLQDO GH ORV FDEDOOHURV HVWDED GHELOLWDGD SRU OD PDOGDG \ FLWD SDVDMHV EtEOLFRV SDUD
UHDILUPDUDVXVVLHWHFDEDOOHURVUHVWDQWHV6yORTXHGDEDQVLHWHHQHO0RQWHGHO7HPSOR\DTXH3D\HQKDEtD
VLGR DFRPSDxDGR HQ VX YLDMH SRU $QGHU GH 0RQWEDUG HO WtR GHO MRYHQ SHUR LQIOX\HQWH $EDG GH &ODLUYDX[
GHVWLQDGRDFRQYHUWLUVHHQ6DQ%HUQDUGR&UHHPRVTXHIXHHVWDFRQH[LyQIDPLOLDUODTXHORVOOHYySULPHURD
%HUQDUGR TXH HVWDED FODUDPHQWH LPSUHVLRQDGR FRQ OD KLVWRULD TXH HVFXFKy GH VX WtR /DV SDODEUDV GH
%HUQDUGR SURPRYLHQGR VX FDPSDxD GH D\XGD GHMDURQ SRFDV GXGDV HQ UHODFLyQ FRQ VX RSLQLyQ VREUH HVWRV
FDEDOOHURV GH -HUXVDOpQ1R VH SUHFLSLWDQ D OD EDWDOOD VLQR TXH YDQ FRQ FXLGDGR \ SUHYLVLyQ GH PDQHUD
SDFtILFDFRPRYHUGDGHURVQLxRVGH,VUDHO3HURWDQSURQWRODSHOHDFRPLHQ]DVHDSUHVXUDQVLQGHPRUDVREUH
HODGYHUVDULR\QRFRQRFHQHOPLHGRHQRFDVLRQHVXQRKDWHQLGRTXHSHOHDUFRQPLOGRVFRQGLH]PLO
PiVGyFLOHVTXHORVERUUHJRV\PiVLQIOH[LEOHVTXHORVOHRQHVVX\DHVODLQGXOJHQFLDGHORVPRQMHV\HOYDORU
GHOFDEDOOHUR
(O IXWXUR 6DQ %HUQDUGR DWUDMR FRQ UDSLGH] OD DWHQFLyQ GHO 3DSD +RQRULR ,, KDFLD OD MRYHQ RUGHQ
SLGLpQGROHTXHHOSHTXHxRJUXSRGHFDEDOOHURVGH-HUXVDOpQTXHKDEtDDGRSWDGRIXHUDSURYHtGRGHXQFyGLJR
GHGLVFLSOLQDXQDFRQVWLWXFLyQSURSLDTXHHVWDEOHFLHUDUHTXLVLWRVGHFRQGXFWD\SUiFWLFDVTXHORVOHJLWLPDUD\
TXHGHILQLHUDVXHVWDWXVGHQWURGHOD,JOHVLD(VWRIXHFRQFHGLGRDOILQHOGHHQHURGHFXDQGR+XJXHV
GH3D\HQFRPSDUHFLyDQWHHO&RQVHMRGH7UR\HVFRQYRFDGRGHPDQHUDHVSHFLDO(VWHLPSUHVLRQDQWHJUXSR
HUDSUHVLGLGRSRUHOFDUGHQDOGH$OEDQRHOHQYLDGRSDSDO\FRPSUHQGtDDORVDU]RELVSRVGH5KHLPV\6HQV
QRPHQRVGHGLH]RELVSRV\DOJXQRVDEDGHVLQFOX\HQGRDOPLVPR%HUQDUGR6HKL]RODSURSXHVWD\VHOHVGLR
HO GHUHFKR D ORV WHPSODULRV GH XVDU VXV SURSLDV FDSDV TXH HQ DTXHO WLHPSR HUDQ WRWDOPHQWH EODQFDV \ GH
UHFLELUVXFyGLJRGHGLVFLSOLQD
3DUDWRGRHOPXQGRDKRUDHUDQYHUGDGHURVPRQMHVDOLJXDOTXHFDEDOOHURV
/RTXHQRVIDVFLQyDFHUFDGHOFyGLJRTXHVHGLRDORVWHPSODULRVQRIXHWDQWRORTXHGHFtDVLQRORTXH
QRGHFtD1RVHKDFtDQLQJXQDPHQFLyQDORVSHUHJULQRVRDVXSURWHFFLyQ3HQVDPRVTXHHUDH[WUDxRTXHOD
~QLFDDSDUHQWHUD]yQSDUDKDEHUFUHDGRODRUGHQSXGLHUDVHULJQRUDGDSRUFRPSOHWR(QHVWHSXQWRHVWiEDPRV
FRQYHQFLGRVGHTXHKDEtDDOJRPX\PLVWHULRVRHQODIXQGDFLyQGHODRUGHQGHORVWHPSODULRV
'XUDQWH PXFKR WLHPSR ORV QXHYH FDEDOOHURV RULJLQDOHV HVWXYLHURQ HQ H[WUHPR UHQXHQWHV D DFHSWDU
QXHYRV UHFOXWDV SHUR DKRUD VH YHtDQ IRU]DGRV D FDPELDU VX DFWLWXG SRU OD QHFHVLGDG GH IRQGRV GH
WUDEDMDGRUHVDGLFLRQDOHV\TXL]iLQFOXVRGHFOpULJRV6HJ~QVXQXHYRFyGLJRORVPLHPEURVTXHVHOHVXQLHUDQ
VHUtDQ SXHVWRV D SUXHED GXUDQWH HO SULPHU DxR \ VH UHTXHUtD GH HOORV XQLQPHGLDWR YRWR GH SREUH]D GH WDO
IRUPD TXH XQ QXHYR KHUPDQR WXYLHUD TXH FHGHU VXV ULTXH]DV SHUVRQDOHV D OD RUGHQ 7RGRV ORV FDQGLGDWRV
WHQtDQ TXH KDEHU QDFLGR HQ PDWULPRQLR VHU QREOHV SRU QDFLPLHQWR HVWDU OLEUHV GH FXDOTXLHU SURPHVD R
DWDGXUD\WHQHUXQFXHUSRIXHUWH$OVHUDGPLWLGROR~QLFRTXHSRVHtDHOKHUPDQRDFHSWDGRHUDVXHVSDGD
DSDUWHGHpVWDODFXDOGHGLFDEDDOVHUYLFLRGHODRUGHQQRWHQtDLGHQWLGDGDOJXQD&XDQGRPRUtDVXWXPEDQR
OOHYDEDLQVFULSFLyQVyORVHPDUFDEDFRQXQDSLHGUDUHFWDQJXODUGHQWURGHODFXDOVHWDOODEDODIRUPDGHVX
HVSDGD
,QPHGLDWDPHQWH GHVSXpV GH TXH OHV IXH RWRUJDGR VX FyGLJR ODV FLUFXQVWDQFLDV GH ORV WHPSODULRV
IXHURQ IRUWDOHFLpQGRVH 6H JDQDURQ HO DSR\R GH FLHQWRV GH WHUUDWHQLHQWHV LQIOX\HQWHV \ HPSH]DURQ D OOHJDU
GRQDFLRQHVGHWRGRVORVULQFRQHVGHOPXQGRFULVWLDQR%HUQDUGRKDEtDFRQYHQFLGRDO3DSDGHVXYDOtD\GH
UHSHQWHVHYROYLHURQODFDXVDGHPRGD\VHOHVHQWUHJDEDQULTXH]DV&XDQGR+XJXHVGH3D\HQ\$QGUpGH
0RQWEDUG UHJUHVDURQ D -HUXVDOHQ WDQ VyOR GRV DxRV GHVSXpV GH KDEHUVH LGR VX p[LWR HUD H[WUDRUGLQDULR
3DUWLHURQ KDFLD RFFLGHQWH FRQ ODV PDQRV YDFtDV \ UHJUHVDURQ FRQ XQ FyGLJR GH GLVFLSOLQD SDSDO GLQHUR
REMHWRVSUHFLRVRVWLHUUDV\QRPHQRVGHWUHVFLHQWRVQREOHVUHFOXWDGRVSDUDVHJXLUD+XJXHVGH3D\HQFRPR
*UDQ0DHVWURGHXQDLPSRUWDQWHRUGHQ
6HJXURTXH+XJXHVGH3D\HQHVWDEDSURGXFLHQGRDOJRPX\WDQJLEOHFRPRSDUDJHQHUDUWDQWRLQWHUpV
\ DSR\R &RPR QXHVWUD FXULRVLGDG FUHFtD QRV DGHQWUDPRV PiV HQ OR TXH D~Q VH FRQRFH GH HVWRV PRQMHV
JXHUUHURV
/RV QXHYRV PLHPEURV GH OD RUGHQ MXUDEDQ SREUH]D FDVWLGDG \ REHGLHQFLD SHUR VL HVWD UHJOD VH
DSOLFDEDHQUHWURVSHFWLYDDORVIXQGDGRUHVHVDOJRTXHQXQFDVHPHQFLRQD(VFLHUWRTXH+XJXHVGH3D\HQ
SHUPDQHFLy FDVDGR FRQ &DWKHULQH GH 6W &ODLU PXMHU HVFRFHVD GH DVFHQGHQFLD QRUPDQGD \ HVWDEOHFLy OD
SULPHUD3UHFHSWRUtD7HPSODUtDIXHUDGHOD7LHUUD6DQWDHQODVWLHUUDVGHODIDPLOLDGHHOODHQ(VFRFLDKHFKR
TXHGHVSXpVUHVXOWDUtDVHUGHJUDQUHOHYDQFLD6HREOLJDEDDORVLQJUHVDGRVDTXHVHFRUWDUDQHOFDEHOORSHUR
VHOHVSURKLEtDFRUWDUVHODEDUED'HDTXtVXUJLyODLPDJHQGHOFUX]DGRWHPSODULRFRQODODUJDEDUEDDOYXHOR
/DGLHWDHOYHVWLGR\WRGRVORVGHPiVDVSHFWRVGHVXVYLGDVFRWLGLDQDVHVWDEDQFRQWURODGRVSRUHOFyGLJR(Q
SDUWLFXODUVXFRPSRUWDPLHQWRHQHOFDPSRGHEDWDOODHUDHVWULFWDPHQWHRUGHQDGR$WRVWHPSODULRVQRVHOHV
SHUPLWtDSHGLUPLVHULFRUGLDRFRQFHGHUSLHGDG\DTXHHVWDEDQREOLJDGRVDSHOHDUKDVWDODPXHUWH1RVHOHV
SHUPLWtD UHWUDFWDUVH D PHQRV TXH OD GHVYHQWDMD HQ VX FRQWUD H[FHGLHUD GH WUHV D XQR \ DXQTXH OD KLVWRULD
PXHVWUDTXHDOILQ\DOFDERSHUGtDQHVWiPX\FODURHQUHJLVWURVPXVXOPDQHV\FULVWLDQRVSRULJXDOTXHOD
RUGHQHUDWHPLGD\UHVSHWDGDSRUVXVKDELOLGDGHVHQHOFDPSRGHEDWDOOD
1RV PDUDYLOODPRV GHGHVFXEULU TXH DSUR[LPDGDPHQWH GLH] DxRV GHVSXpV GH TXH VHOHV RWRUJDUD VX
FyGLJRODWLQRORVWHPSODULRVHPSH]DURQDWHQHUVHDVtPLVPRVHQWDQDOWDHVWLPDTXHHODERUDURQGHPDQHUD
XQLODWHUDOXQFyGLJRIUDQFpVSDUD5HPSOD]DUHODQWHULRUSRUXQRHQODOHQJXDIXQFLRQDOGHORVPLHPEURVGHOD
RUGHQ (O KHFKR GH TXH KD\DQ WHQLGR OD FRQILDQ]D SDUD KDFHU HVWR LOXVWUD HO SRGHU H LQGHSHQGHQFLD GH TXH
JR]DEDQ(VWHQXHYRFyGLJRFRQWHQtDFDPELRVVLJQLILFDWLYRVSHURQRVLQWULJDTXHWDPSRFRKLFLHUDPHQFLyQD
ODSURWHFFLyQGHORV3HUHJULQRV'HVDSDUHFtDHOUHTXLVLWRGHXQDxRGHSUXHEDSDUDORVQRYLFLRV\OHGDEDXQ
JLURDXQOLQHDPLHQWRPX\LPSRUWDQWHTXHFDPELyGHPDQHUDLQVWDQWiQHDODEDVHOHJDOGHODRUGHQ
(Q HO FyGLJR ODWLQR VH OHH XQD LQVWUXFFLyQ
DGHPiV GHEHV LU D GRQGH HVWpQ UHXQLGRV FDEDOOHURV QR
H[FRPXOJDGRV6LQHPEDUJRHQHOHQPHQGDGR\WUDGXFLGRFyGLJRIUDQFpVODPLVPDRUDFLyQVHFRQYLUWLyHQ
7H RUGHQDPRV TXH YD\DV D GRQGH HVWpQ UHXQLGRV FDEDOOHURV H[FRPXOJDGRV (VWR VyOR SXHGH LPSOLFDU
TXHHVWDEDQIXHUDGHODOH\GHO9DWLFDQR1RKD\SRVLELOLGDGGHTXHVHDXQVLPSOHHUURUGHWUDGXFFLyQ\DTXH
ORVFOpULJRVWUDEDMDEDQFRQVXSURSLDOHQJXDQRFRQXQHVFULWRSRFRIDPLOLDU\XQVLJQLILFDGRWDQFRQWUDULR
KXELHUDVLGRGHWHFWDGRSRUHOUHVWRGHODRUGHQLQFOXVRVLHOHVFULEDRULJLQDOVHKXELHUDHTXLYRFDGR-XQWRFRQ
ORTXH\DVDEHPRVGHORVWHPSODULRV²VXDUURJDQFLD\VXVRVSHFKDGDGHVYLDFLyQGHOD,JOHVLD5RPDQD²HV
PX\FRPSUHQVLEOHTXHVHKD\DQDWUHYLGRDHVFULELUVHPHMDQWHFRVDSHURQRSRGtDPRVHQFRQWUDUDOJRTXHQRV
LQGLFDUDFXiOHVSXGLHURQKDEHUVLGRVXVPRWLYRV
&RQ HO WLHPSR OD VXHUWH GH ORV WHPSODULRV KDEUtD GH DFDEDUVH (O 3DSD \ )HOLSH UH\ GH )UDQFLD
DWDFDURQDODRUGHQHUUDQWHSRQLpQGRODGHURGLOODVHQWDQVyORXQWHUULEOHGtDHOYLHUQHVGHRFWXEUHGH
'HVGHHQWRQFHVHOQ~PHURWUHFHKDVLGRFRQVLGHUDGRGHPDODVXHUWH\HOYLHUQHVWUHFHGHFXDOTXLHUPHV
VHFRQYLUWLyHQXQDIHFKDHQODTXHFXDOTXLHUDTXHVHDVXSHUVWLFLRVRQRVDOHGHVXFDVD\VHDIHUUDDVXSDWDGH
FRQHMR
(OVHOORGHODRUGHQ
(OSULPHUVHOORGHORVWHPSODULRVPRVWUDEDDGRVFDEDOOHURVPRQWDGRVVREUHXQVRORFDEDOOR\SRUORJHQHUDO
VH DVHJXUD TXH HVWR HV XQD IRUPD GH VLPEROL]DU OD SREUH]D TXH ORV PLHPEURV KDEtDQ MXUDGR PDQWHQHU HQ
FXDQWRDTXHQRSRGtDQSHUPLWLUVHXQDPRQWXUDSDUDFDGDFDEDOOHUR(VWRKXELHUDUHSUHVHQWDGRXQDIXHU]DGH
OXFKD EDVWDQWH LQHILFD] GH KDEHU VLGR YHUGDG 6LQ HPEDUJR OD UHJOD IUDQFHVD DILUPD TXH HO PDHVWUR GHEH
SRVHHUFXDWURFDEDOORV\XQKHUPDQRFDSHOOiQ\XQFOpULJRFRQWUHVFDEDOORV\XQKHUPDQRVDUJHQWRFRQGRV
FDEDOORV\XQJHQWLOKRPEUHSDMHSDUDTXHFDUJXHVXHVFXGR\ODQ]DFRQXQFDEDOOR4XHGDFODURTXHQR
KDEtDHVFDVH]GHPRQWXUDV
6HQRVRFXUULyTXHWDOHPEOHPDSRGtDUHSUHVHQWDUORVGRVJUDGRVGHFDEDOOHURVGHQWURGHXQDRUGHQ
ORVPiVDYDQ]DGRVDTXLHQHVVHOHVSHUPLWtDFRPSDUWLUHOVHFUHWRWHPSODULR\ORVTXHLEDQVHQWDGRVHQDQFDV
TXH QR GLVIUXWDEDQ GH HVH GHUHFKR 3RU VXSXHVWR GLFKD LQWHUSUHWDFLyQ GHO HPEOHPD HV SXUD HVSHFXODFLyQ
SHURORTXHSDUHFHFLHUWRHVTXHVtPDQWHQtDQXQVHFUHWR\XQDYH]TXHORVWHPSODULRVFRQFOXtDQVXSHULRGRGH
SUXHED GHGRFH PHVHV GHEHQ KDEHU QHFHVLWDGR DOJ~QPpWRGR SDUD SURWHJHUVH GH ORVUHFLpQ LQJUHVDGRV TXH
DXQQRKDEtDQVLGRSUREDGRV\DORVTXHQRVHOHVWHQtDFRQILDQ]D
/DRUJDQL]DFLyQGHODRUGHQ
/DRUGHQQRVyORFRQVLVWtDGHFDEDOOHURV$GHPiVGHORVKHUPDQRVFRQVXPDGRVKDEtDGRVFODVHVLQIHULRUHVD
ODSULPHUDVHOHFRQRFtDFRPRORVVDUJHQWRVTXHHUDQUHFOXWDGRVHQWUHODTXHDKRUDGHVFULELUtDPRVFRPROD
FODVH WUDEDMDGRUD PiV TXH HQWUH OD QREOH]D TXH HUD GH GRQGH SURYHQtDQ ORV FDEDOOHURV /RV VDUJHQWRV VH
KDFtDQFDUJRGHSXHVWRVFRPRORVGHFDEDOOHUDQJRVPR]RVFHQWLQHODV\WURSDVJHQHUDOHVGHDSR\R$OLJXDO
TXHVXVVXSHULRUHVSRUWDEDQODFUX]URMDSHURVXDWXHQGRHUDFDIpRVFXURHQYH]GHEODQFRORTXHUHIOHMDED
VX IDOWD GH SXUH]D HQ UHODFLyQ FRQ ORV FDEDOOHURV GH OD RUGHQ (O RWUR JUXSR LQFOXtD D ORV FOpULJRV TXH VH
RFXSDEDQGHODVQHFHVLGDGHVHVSLULWXDOHVGHORVFDEDOOHURV(UDQVDFHUGRWHV\ORV~QLFRVPLHPEURVOHWUDGRVGH
ODRUGHQVHRFXSDEDQGHOOHYDUORVUHJLVWURV\ODVFRPXQLFDFLRQHVHVFULELpQGRORVDOJXQDVYHFHVHQFyGLJRV
EDVWDQWHFRPSOHMRV(OIUDQFpVHUDHOOHQJXDMHFRP~Q\DGPLQLVWUDWLYRGHORVWHPSODULRVSHURHVWRVYHUViWLOHV
FXUDV SRGtDQ GDU OD PLVD HQ ODWtQ UHJDWHDU FRQ ORV FRPHUFLDQWHV ORFDOHV HQ iUDEH \ OHHU HO $QWLJXR
7HVWDPHQWRHQKHEUHR\HO1XHYRHQJULHJR6DWLVIDFtDQODVQHFHVLGDGHVHVSLULWXDOHVGHORVFRPEDWLHQWHV\VH
GLVWLQJXtDQSRUSRUWDUODFUX]WHPSODUtDVREUHXQDWDYtRYHUGH
(VWRVFOpULJRVFRQVDJUDEDQHOSDQ\HOYLQRHQODHXFDULVWtDWDO\FRPRORKDFHXQFXUDKR\GtDSHUR
WRPDEDQ HVWH GHEHU FRQ WDQWD VHULHGDG TXH VH GLFH TXH XVDEDQ JXDQWHV EODQFRV HQ WRGR PRPHQWR H[FHSWR
FXDQGR VRVWHQtDQ OD 6DQWD +RVWLD GXUDQWH HO VHUYLFLR 3XHVWR TXH HO SDQ HUD HO FXHUSR GH &ULVWR HUD
LPSRUWDQWHQRLPSUHJQDUORFRQODSURIDQDVXFLHGDGGHODVDFWLYLGDGHVFRWLGLDQDV\ORVJXDQWHVEODQFRVVH
XVDEDQSDUDPDQWHQHUODVPDQRVORVXILFLHQWHPHQWHOLPSLDVFRPRSDUDPDQLSXODUHOFXHUSRGH'LRV
(O XVR GH HVWRV JXDQWHV QRV SDUHFLy XQ REYLR SDUDOHOLVPR FRQ ORV IUDQFPDVRQHV PRGHUQRV TXLHQHV
VLHPSUHOOHYDQJXDQWHVEODQFRVDVXVUHXQLRQHVHQODORJLD-DPiVVHKDGDGRXQDUD]yQSDUDHVWDSUiFWLFD
¢3RGUtDHVWRVHUXQDFRQH[LyQFRQORV7HPSODULRV"
2WUD UHIHUHQFLD TXH HYRFD ODV SUiFWLFDV PDVyQLFDV DFWXDOHV UDGLFD HQ HO XVR GH OD SLHO GH ERUUHJR
FRPR HO ~QLFR DGRUQR SHUPLWLGR D ORV WHPSODULRV DVt FRPR HO UHTXHULPLHQWR SRU SDUWH GH VX UHJOD GH TXH
GHEtDQYHVWLUVHFRQFHxLGRVSDQWDORQHVGHPRQWDUGHSLHOGHERUUHJRGHEDMRGHODURSDPLVPRVTXHGHEtDQ
XVDU HQ WRGR PRPHQWR FRPR VLJQR GH LQRFHQFLD \ FDVWLGDG 3HQVDU HQ DOJR DVt HQ HVWD pSRFD GH KLJLHQH
SHUVRQDO HV DODUPDQWH SHUR HVWRV FDEDOOHURV WDQ FRQVFLHQWHV QL VLTXLHUD VH TXLWDEDQ ORV SDQWDORQHV SDUD
EDxDUVH'HVSXpVGHDOJXQRVGtDVSRUQRPHQFLRQDUODVPXFKDVGpFDGDVTXHSDVDURQEDMRHOVROGHOGHVLHUWR
£VXFDVWLGDGGHEHKDEHUHVWDGRPiVTXHJDUDQWL]DGD$XQTXHORVIUDQFPDVRQHVGHKR\QRXVDQVHPHMDQWHV
DWDYtRVVtYLVWHQPDQGLOHVEODQFRVKHFKRVGHSLHOGHERUUHJRGXUDQWHODVUHXQLRQHVHQODVORJLDVORVFXDOHV
VRQODLQVLJQLDGHODLQRFHQFLD\HOHPEOHPDGHODDPLVWDGVHJ~QVHQRVGLMR
+XER RWUD VLPLOLWXG TXH QRV SDUHFLy XQ LQGLFDGRU GH XQD SRVLEOH FRQH[LyQ FRQ ORV WHPSODULRV
(QFRQWUDPRV TXH OD %HDXVDQW OD EDQGHUD GH EDWDOOD WHPSODUtD FRQVLVWtD GH GRV EORTXHV YHUWLFDOHV XQR
EODQFR \ HO RWUR QHJUR TXH HO QHJUR VLPEROL]D HO PXQGR GHO SHFDGR TXH HO FDEDOOHUR WHPSODULR KD GHMDGR
DWUiVSDUDLQWHJUDUVHDODRUGHQ\HOEODQFRHOPRYLPLHQWRGHODRVFXULGDGDODOX]/DORJLDIUDQFPDVRQD
FRQWHPSRUiQHDVLHPSUHGHVSOLHJDHQVXFHQWURXQGLVHxRGHFXDGURVEODQFRV\QHJURV\HQODVUHXQLRQHVGH
ODVORJLDVFDGDXQRGHORVKHUPDQRVYLVWHFDPLVDEODQFDFRQFRUEDWD\WUDMHQHJURVGHQRKDFHUORDVtQRVH
OHV DGPLWLUtD SRU QR HVWDU DWDYLDGRV GH PDQHUD DSURSLDGD 1DGLH KD VLGR FDSD] GH H[SOLFDU SRU TXp ORV
IUDQFPDVRQHVXVDQSLHOGHERUUHJR\ORVFRORUHVEODQFR\QHJURSDUDFRQVLGHUDUVHYHVWLGRVFRQSURSLHGDG/D
~QLFDUD]yQTXHVHRIUHFHHVTXHQXHVWURVDQWLJXRVKHUPDQRVVLHPSUHYLVWLHURQGHHVDPDQHUD
6LELHQSRGUtDPRVHVWDEOHFHUQXPHURVRVSDUDOHOLVPRVQREXVFDPRVKDFHUPXFKRKLQFDSLpHQHVWDV
VLPLOLWXGHV \D TXH GHVHiEDPRV HVWDU VHJXURV GH QR HPSH]DU D YHU OR TXH TXHUtDPRV YHU (VWDV SRGHURVDV
FRLQFLGHQFLDVHUDQSLH]DVFLUFXQVWDQFLDOHVGHHYLGHQFLDSHURQXWULHURQQXHVWURHQWXVLDVPRSDUDH[SORUDUGH
PDQHUD PiV GHWDOODGD ODV FRQH[LRQHV HQWUH DPEDV yUGHQHV 3DUD HQWRQFHV QRV SODQWHiEDPRV XQD SUHJXQWD
LPSHULRVD
¢4XpIXHORTXHORVFDEDOOHURVWHPSODULRVKDOODURQTXHLQIOX\yWDQWRHQVXGHVDUUROOR"
&21&/86,Ï1
$KRUDVDEHPRV TXH ORVWHPSODULRV H[FDYDURQHQ IRUPD DPSOLDODV UXLQDV GHO7HPSOR GH +HURGHV \ TXHHO
GHUUXPEH GH OD RUGHQ IXH HO UHVXOWDGR GH DFXVDFLRQHV GH KHUHMtD 6L HV TXH ORV WHPSODULRV VXVWHQWDEDQ
FUHHQFLDVKHUHMHV\OOHYDEDQDFDERH[WUDxRVULWXDOHVSDUHFLHUDXQDSRVLELOLGDGUHDOHOTXHHVWRVHKD\DRULJL
QDGR GHELGR DO KDOOD]JR GH XQR R YDULRV GRFXPHQWRV 'H KDEHU HQFRQWUDGR HVWRV FDEDOOHURV GHO VLJOR ;,,
FXDOTXLHUWLSRGHWH[WRDQWLJXRSXGLHURQKDEHUVHHQFRQWUDGRHQXQDSRVLFLyQFDVL~QLFDHQDTXHOPRPHQWR
SDUDLQWHUSUHWDUOR\DSUHFLDUOR(QWDQWRVHFUHHTXHORVFDEDOOHURVHUDQLOHWUDGRVVXVFOpULJRVSRGtDQOHHU\
HVFULELUHQYDULRVLGLRPDV\HUDQIDPRVRVSRUVXVKDELOLGDGHVSDUDFUHDU\GHVFLIUDUFyGLJRV1RVDERFDPRVD
VHJXLUHVWHFDPLQRFRPRQXHVWUDPHMRUDOWHUQDWLYDVLQSHQVDUTXHODHYLGHQFLDGHORVKDOOD]JRVWHPSODULRV
HVWDEDFDVLEDMRQXHVWUDVQDULFHVHQHOULWXDOGHOJUDGRPDVyQLFRSRUHOTXHQLQJXQRGHQRVRWURVKDEtDSDVDGR
!"#$
%&'(%')*+#,(%,#-.".!/(./("0'12'(!3145#,.5$6
%&'(7.2/(#/-("&'(7'#+6
%&'(89:#;#".!/(!3<',5$#+')6
=((
!*6:."
!
2
"# $%&'()*+%,
"# .'/0)01,
3#45&6)/,
"# .'/0)01,
&DStWXOR
/DFRQH[LyQJQyVWLFD
/RVSULPHURVFHQVRUHVFULVWLDQRV
(O VLJOR [[ KD VLGR PX\ IUXFWtIHUR HQ OR TXH VH UHILHUH D GHVHQWHUUDU PDQXVFULWRV SHUGLGRV VLHQGR ORV
GHVFXEULPLHQWRVPiVLPSRUWDQWHVORVOODPDGRV5ROORVGHO0DU0XHUWRHQFRQWUDGRVHQ4XPUDQHQXQDVHULH
GHFXHYDVHQHOGHVLHUWRDYHLQWHPLOODVDOHVWHGH-HUXVDOpQ\ODH[WHQVDFROHFFLyQGH(YDQJHOLRV*QyVWLFRV
GHVFXELHUWRVHQ1DJ+DPPDGLHQHO$OWR(JLSWRHQ
3DUHFHUD]RQDEOHVXSRQHUTXHD~QTXHGDQGHVFXEULPLHQWRVSRUKDFHUHQHOIXWXUR\TXHHQHOSDVDGR
VHKDQKHFKRPXFKRVTXHQRVHUHJLVWUDURQ/RVKDOOD]JRVGHWLHPSRVSDVDGRVSXHGHQFDWDORJDUVHEDMRWUHV
HQFDEH]DGRV ORV TXH VH FRQRFHQ \ HVWiQ UHJLVWUDGRV ORV GHVWUXLGRV R SHUGLGRV GHVSXpV \ ORV TXH VH KDQ
HQFRQWUDGRSHURVHKDQPDQWHQLGRHQVHFUHWR(VSHFXODPRVTXHTXL]iORVWHPSODULRVKD\DQGHVHQWHUUDGRXQD
FROHFFLyQGHHVFULWRVVLPLODUDHVWRVKDOOD]JRVUHFLHQWHVSHURTXHORVHVFRQGLHURQDODYLVWDGHOPXQGR
/DIUDQFPDVRQHUtDPRGHUQDKDVLGRGHVFULWDHQYDULDVRFDVLRQHVFRPRJQyVWLFDHQPXFKRVDVSHFWRV
SRUORTXHGHFLGLPRVTXHQXHVWURPHMRUSXQWRGHSDUWLGDVHUtDXQHVWXGLRGHODELEOLRWHFDGH1DJ+DPPDGL
SDUDYHUVLORJUiEDPRVHQFRQWUDUDOJXQDFODYHGHORTXHORVWHPSODULRVSXGLHURQKDEHUKDOODGR
/RV(YDQJHOLRV*QyVWLFRV
+R\GtDHOWpUPLQRJQyVWLFRVHXVDFRPRXQQRPEUHFROHFWLYRSDUDXQDYDULHGDGGHWUDEDMRVKHUpWLFRVTXH
SRUXQWLHPSRLQIHFWDURQDODDXWpQWLFD,JOHVLDHQHOSDVDGROHMDQRSHURTXHIXHURQSURVFULWRVFRPRWRQWHUtDV
LPSRUWDGDVGHRWUDVUHOLJLRQHVeVWDHVXQDHWLTXHWDSRUFRPSOHWRLQH[DFWD\QRLGHQWLILFDXQDVRODHVFXHODGH
SHQVDPLHQWR/RVHVFULWRVTXHVHGHVFULEHQFRPRJQRVWLFLVPRFULVWLDQRYDQGHVGHDTXHOORVFRQLQIOXHQFLDV
LQGLDVSHUVDV\RWUDVGLVWLQWDVKDVWDORVTXHFRQWLHQHQFRQFHSWRVMXGtRVPiVWUDGLFLRQDOHV$OJXQRVGHHVWRV
WUDEDMRVVRQHQH[WUHPRUDURVFRQKLVWRULDVFRPRTXHHOQLxR-HV~VHQXQDUUDQTXHGHIXULDDVHVLQyDRWURV
QLxRV \ GHVSXpV OHV GHYROYLy OD YLGD D DOJXQDV GH VXV YtFWLPDV 2WURV VRQ FODURV \ VLPSOHV PHQVDMHV
ILORVyILFRVDWULEXLGRVD-HVXFULVWR
/D PLVPD SDODEUD YLHQH GHO JULHJR JQRVLV TXH VLJQLILFD FRQRFLPLHQWR R HQWHQGLPLHQWR QR HQ HO
VHQWLGR FLHQWtILFR VLQR HQ XQD LQWHUSUHWDFLyQ PiV HVSLULWXDO HQ OD IRUPD HQ OD TXH ORV EXGLVWDV SXHGHQ
HQFRQWUDUODLOXPLQDFLyQPHGLDQWHODDXWRFRQWHPSODFLyQ\ODHPSDWLDFRQHOPXQGRTXHORVURGHD3DUDORV
JQyVWLFRVODFRQFLHQFLDGHVtPLVPRVODDSUHFLDFLyQGHODQDWXUDOH]D\ODVFLHQFLDVQDWXUDOHVVRQFDPLQRV
TXHOOHYDQD'LRV/DPD\RUtDGHORVJQyVWLFRVFULVWLDQRVFRQVLGHUDEDQD-HVXFULVWRQRFRPRGLRVVLQRFRPR
HOKRPEUHTXHLOXPLQDEDHVHFDPLQRGHODPLVPDPDQHUDTXH*DXWDPD%XGD\0DKRPDVRQYLVWRVSRUVXV
VHJXLGRUHV
/RV(YDQJHOLRV*QyVWLFRVKDQH[LVWLGRSRUORPHQRVWDQWRWLHPSRFRPRORV(YDQJHOLRVGHO1XHYR
7HVWDPHQWRSHURHVWRVWUDEDMRVQRFDQyQLJRVVHGLHURQDFRQRFHUDXQDDXGLHQFLDQRDFDGpPLFDPiVDPSOLD
DSDUWLUGHODSXEOLFDFLyQGHFLQFXHQWD\GRVUROORVGHSDSLURHQHVFULWXUDFRSWDGHVHQWHUUDGRVHQGLFLHPEUHGH
FHUFDGHODFLXGDGGH1DJ+DPPDGLHQHO$OWR(JLSWR6LELHQHVWRVSHFXOLDUHVGRFXPHQWRVGDWDQGH
G&VHVDEHTXHPXFKRVVRQFRSLDVGHWUDEDMRVWUHVPLODxRVPiVYLHMRV)XHURQHQFRQWUDGRVSRUXQ
MRYHQiUDEHOODPDGR0XKDPPHG$OLDO6DPPDQ \VXVKHUPDQRVHQXQDMDUUDURMDVHOODGDGHFDVLQRYHQWD
FHQWtPHWURVGHDOWXUDTXHHVWDEDHQWHUUDGDHQDUHQDFHUFDGHXQJUDQGHSyVLWR/RVKHUPDQRVURPSLHURQOD
MDUUD HVSHUDQGR HQFRQWUDU XQ WHVRUR SHUR VH GHFHSFLRQDURQ DO YHU TXH DGHQWUR VyOR KDEtD WUHFH OLEURV GH
SDSLURHQYXHOWRVHQSLHO/RVOOHYDURQDVXFDVD\FRPRHVWDEDQVHFRVSHQVDURQTXHHUDXQH[FHOHQWHPDWHULDO
SDUDSUHQGHUHOKRUQRGHODIDPLOLD3RUIRUWXQDHOMRYHQ0XKDPPHG$OLHVWDEDVLHQGRLQYHVWLJDGRSRUOD
SROLFtDSRUORTXHWHPHURVRGHTXHORDFXVDUDQGHKDEHUVHUREDGRORVWH[WRVOHSLGLyDXQVDFHUGRWHORFDO
DO4XPPXV%DVLOL\XV$EGDO0DVLKTXHORVHVFRQGLHUD&RPRHVQDWXUDOHOVDFHUGRWHVHSHUFDWyGHOSRVLEOH
YDORUGHORVGRFXPHQWRV\PDQGyDOJXQRVD(O&DLURSDUDTXHIXHUDQYDOXDGRVDKtSDVDURQSRUODVPDQRVGH
YDULRVFRPHUFLDQWHV\DFDGpPLFRVKDVWDTXHXQDVHFFLyQGHO(YDQJHOLRGH7RPiVPXFKRPiVDQWLJXDTXH
FXDOTXLHUDTXHVHKD\DYLVWRDQWHVWHUPLQySRUILQHQPDQRVGHOSURIHVRU4XLVSHOGHOD)XQGDFLyQ-XQJHQ
=XULFK eVWH VH PDUDYLOOy GH OR TXH YHtD \ SURQWR OH VLJXLy OD SLVWD DO UHVWR GH OD FROHFFLyQ TXH
LQH[SOLFDEOHPHQWHSDUDHQWRQFHV\DKDEtDHQFRQWUDGRVXFDPLQRKDVWDHO0XVHR&RSWRHQHO&DLUR
8QDYH]TXHWXYRODRSRUWXQLGDGGHHVWXGLDUORVGRFXPHQWRVFRPSOHWRVHOSURIHVRU4XLVSHOVHGLR
FXHQWDGHTXHORTXHHVWDEDYLHQGRHUDQWH[WRVKDVWDHQWRQFHVGHVFRQRFLGRVTXHKDEtDQVLGRHQWHUUDGRVKDFtD
FDVLPLOVHLVFLHQWRVDxRVHQXQSHULRGRFUXFLDOHQODIRUPDFLyQGHOD,JOHVLD&DWyOLFD5RPDQD/RVWUDEDMRV
UHGHVFXELHUWRVIXHURQVXSULPLGRVSRUORVHFOHVLiVWLFRVFULVWLDQRVSRUFRQVLGHUDUVHKHUpWLFRV'HQRKDEHUVLGR
DVtHOFULVWLDQLVPRVHKDEUtDGHVDUUROODGRHQXQDGLUHFFLyQPX\GLIHUHQWH\ODIRUPDRUWRGR[DGHODUHOLJLyQ
TXH FRQRFHPRV HQ OD DFWXDOLGDG SRGUtD QR KDEHU H[LVWLGR /D SHUPDQHQFLD GH OD HVWUXFWXUD WHROyJLFD \ GH
RUJDQL]DFLyQGHOD,JOHVLD&DWyOLFD5RPDQDVLHPSUHKDGHSHQGLGRGHODVXSUHVLyQGHODVLGHDVFRQWHQLGDVHQ
HVWRVOLEURV
/DUHVXUUHFFLyQJQyVWLFD
+DEtD JUDQGHV GLIHUHQFLDV HQWUH GRV WUDGLFLRQHV FULVWLDQDV WHPSUDQDV FRQ UHVSHFWR D OD YHUGDG GHWUiV GH OD
UHVXUUHFFLyQ GH -HVXFULVWR (Q OD REUD JQyVWLFD 7UHDWLVH RQ 5HVXUUHFWLRQ H[LVWHQFLD KXPDQD RUGLQDULD VH
GHVFULEHFRPRODPXHUWHHVSLULWXDOHQWDQWRTXHODUHVXUUHFFLyQHVHOPRPHQWRGHLOXPLQDFLyQTXHUHYHODOR
TXHH[LVWHGHYHUGDG&XDOTXLHUDTXHVHDIHUUpDHVWDLGHDVHYXHOYHHVSLULWXDOPHQWHYLYR\SXHGHVHUUHYLYLGR
GHODPXHUWHGHLQPHGLDWR/DPLVPDLGHDSXHGHHQFRQWUDUVHHQHO(YDQJHOLRGH)HOLSHTXHULGLFXOL]DDORV
FULVWLDQRVLJQRUDQWHVTXHWRPDQODUHVXUUHFFLyQHQIRUPDOLWHUDO
$TXHOORV TXH GLFHQ TXH SULPHUR PRULUiQ \ OXHJR VH OHYDQWDUiQ HVWiQ HQ XQ HUURU GHEHQ UHFLELU OD
UHVXUUHFFLyQPLHQWUDVYLYHQ
(VWDGHVFULSFLyQGHXQDUHVXUUHFFLyQHQYLGDQRVUHFRUGyHOWHPDGHODFHUHPRQLDGH7HUFHU*UDGR
0DVyQLFR\QRVLPSXOVyDLQYHVWLJDUPiVVREUHODFDXVDGHOHVFiQGDORDFHUFDGHODUHVXUUHFFLyQGH-HV~V
+D\ FRQVHFXHQFLDV LPSRUWDQWHV GH OD FUHHQFLD OLWHUDO HQ OD UHVXUUHFFLyQ GHO FXHUSR GH -HV~V TXH OXHJR
DVFHQGLy DO FLHOR 7RGD OD DXWRULGDG GH OD ,JOHVLD &DWyOLFD 5RPDQD VH GHULYD GH ODV H[SHULHQFLDV GH OD
UHVXUUHFFLyQGH-HVXFULVWRSRUORVGRFHDSyVWROHVIDYRUHFLGRVXQDH[SHULHQFLDTXHHVWDEDFHUUDGDDWRGRVORV
UHFLpQ OOHJDGRV TXH HVWXYLHUDQ EXVFDQGR VX DVFHQVR DO FLHOR (VWD H[SHULHQFLD FHUUDGD H LQPXWDEOH WHQtD
HQRUPHVLPSOLFDFLRQHVSDUDODHVWUXFWXUDSROtWLFDGHOD,JOHVLD
5HVWULQJtD HO OLGHUD]JR D XQ SHTXHxR FtUFXOR GH SHUVRQDV TXH DVXPtDQ SXHVWRV GH LQGLVFXWLEOH
DXWRULGDG\DHVWHJUXSRVHOHFRQIHUtDHOGHUHFKRGHQRPEUDUDIXWXURVOtGHUHVFRPRVXVVXFHVRUHV(VWRGLR
FRPR UHVXOWDGR OD LPDJHQ GH OD DXWRULGDG UHOLJLRVD TXH KD VREUHYLYLGR KDVWD QXHVWURV GtDV TXH VyOR ORV
DSyVWROHVWHQtDQDXWRULGDGUHOLJLRVDGHILQLWLYD\TXHVXV~QLFRVKHUHGHURVOHJtWLPRVVRQORVVDFHUGRWHV\ORV
RELVSRVVHxDODQGRODPLVPDVXFHVLyQDSRVWyOLFDFRPRHORULJHQGHVXRUGHQDFLyQ,QFOXVRHQODDFWXDOLGDGHO
3DSDGHULYDVXDXWRULGDGGH3HGURHOSULPHURGHORVDSyVWROHVSRUVHUHOSULPHUWHVWLJRGHODUHVXUUHFFLyQ
(UDGHJUDQLQWHUpVSDUDORVGLULJHQWHVGHOD,JOHVLDHQVXVLQLFLRVDFHSWDUODUHVXUUHFFLyQFRPRXQDYHUGDG
OLWHUDOGHELGRDORVEHQHILFLRVTXHOHVFRQIHUtDHQIRUPDGHXQDIXHQWHGHDXWRULGDGLQGLVFXWLEOH&RPRQDGLH
GH QLQJXQD JHQHUDFLyQ SRVWHULRU SXGR KDEHU WHQLGR DFFHVR D &ULVWR GH OD PDQHUD HQ TXH ORV DSyVWROHV OR
WXYLHURQGXUDQWHVXYLGD\UHVXUUHFFLyQWRGRFUH\HQWHGHEHEXVFDUDXWRULGDGHQOD,JOHVLDGH5RPDTXHVH
GLFHIXHIXQGDGDSRUORVDSyVWROHV\HQVXVRELVSRV
/D,JOHVLD*QyVWLFDOODPyDHVWDYLVLyQOLWHUDOGHODUHVXUUHFFLyQODYLVLyQGHORVWRQWRVGHFODUDQGR
TXHDTXHOORVTXHSURFODPDEDQTXHVXPDHVWURPXHUWRKDEtDUHJUHVDGRItVLFDPHQWHDODYLGDFRQIXQGtDQXQD
YHUGDG HVSLULWXDO FRQ XQ KHFKR UHDO /RV JQyVWLFRV FLWDURQ OD WUDGLFLyQ VHFUHWD GH ODV HQVHxDQ]DV GH
-HVXFULVWRFRPRVHHQFXHQWUDUHJLVWUDGDHQODDUHQJDDVXVGLVFtSXORVVHJ~Q0DWHR
6HWHKDQGDGRDFRQRFHUORVPLVWHULRVGHOUHLQRGHORVFLHORVSHURDHOORVQR
/RVJQyVWLFRVUHFRQRFtDQTXHVXWHRUtDGHOFRQRFLPLHQWRVHFUHWRTXHVHREWHQGUtDSRUVXVSURSLRV
HVIXHU]RV WDPELpQ WHQtD LPSOLFDFLRQHV SROtWLFDV 6XJLHUH TXH FXDOTXLHUD TXH YHD DO 6HxRU PHGLDQWH XQD
YLVLyQ LQWHULRU SXHGH GHFODUDU TXH VX SURSLD DXWRULGDG LJXDOD R VREUHSDVD DTXHOOD GH ORV DSyVWROHV \ VXV
VXFHVRUHV
(QFRQWUDPRVTXH,UHQHRFRQRFLGRFRPRHOSDGUHGHODWHRORJtDFDWyOLFD\HOPiVLPSRUWDQWHWHyORJR
GHOVLJOR,,G&YLRORVSHOLJURVTXHHVWHSXQWRGHYLVWDUHSUHVHQWDEDSDUDODDXWRULGDGGHOD,JOHVLD
6HFRQVLGHUDQDVtPLVPRVPDGXURVGHWDOIRUPDTXHQDGLHSXHGHFRPSDUDUVHFRQHOORVHQODJUDQGH]DGHVX
JQRVLV QL VLTXLHUD VLVH PHQFLRQDD 3HGUR R D 3DEOR R DFXDOTXLHUD GH ORV RWURV DSyVWROHV ,PDJLQDQ TXH
HOORV PLVPRV KDQ GHVFXELHUWR PiV TXH ORV DSyVWROHV \ TXH ORV DSyVWROHV UHFLWDEDQ HO HYDQJHOLR EDMR OD
LQIOXHQFLDGHODVRSLQLRQHVMXGtDVSHURTXHHOORVVRQPiVVDELRVHLQWHOLJHQWHVTXHORVDSyVWROHV
$TXHOORVTXHVHFRQVLGHUDQPiVVDELRVTXHORVDSyVWROHVWDPELpQVHFRQVLGHUDQPiVVDELRVTXHORV
VDFHUGRWHVSRUTXHORTXHORVJQyVWLFRVGLFHQDFHUFDGHORVDSyVWROHV\HQSDUWLFXODUGHORVGRFHH[SUHVDVX
DFWLWXG KDFLD ORVVDFHUGRWHV \ RELVSRVTXHUHFODPDQVHUSDUWH GH OD VXFHVLyQDSRVWyOLFD RUWRGR[D $GHPiV
PXFKRVPDHVWURVJQyVWLFRVGHFODUDQWHQHUDFFHVRDVXVSURSLDVIXHQWHVVHFUHWDVGHWUDGLFLyQDSRVWyOLFDHQ
GLUHFWDULYDOLGDGFRQORTXHVHDFHSWDFRP~QPHQWHHQODVLJOHVLDV(QHOWH[WRJQyVWLFRGHO$SRFDOLSVLVGH
3HGURODGHPDQGDGHDXWRULGDGUHOLJLRVDSRUSDUWHGHOD,JOHVLD2UWRGR[DHVWiPLQDGDSRUXQDFRQYHUVDFLyQ
GH&ULVWRUHVXFLWDGRTXHOHH[SOLFDD3HGURTXH
DTXHOORVTXHVHDXWRQRPEUDQRELVSRV\GLiFRQRV\DFW~DQFRPRVLKXELHUDQUHFLELGRVXDXWRULGDGGH'LRV
VRQHQUHDOLGDGFDQDOHVVLQDJXD$XQTXHQRHQWLHQGHQHOPLVWHULRVHMDFWDQGHTXHHOPLVWHULRGHODYHUGDG
OHVSHUWHQHFHVyORDHOORV+DQPDOLQWHUSUHWDGRHVDHQVHxDQ]DGHORVDSyVWROHV\KDQHVWDEOHFLGRXQDLJOHVLD
GHLPLWDFLyQHQHOOXJDUGHODYHUGDGHUDKHUPDQGDGFULVWLDQD
(VWHDUJXPHQWRIXHWRPDGR\H[SXHVWRSRUORVDFDGpPLFRVTXHWUDGXMHURQORV(YDQJHOLRV*QyVWLFRV
1RVOODPyODDWHQFLyQODLPSRUWDQFLDSROtWLFDGHHVWDLGHDGHXQDUHVXUUHFFLyQHQYLGDFXDQGRXQDWDUGHHQOD
%LEOLRWHFDGHOD8QLYHUVLGDGGH6KHIItHOGHQFRQWUDPRVHVWHFRPHQWDULRGHODUHVSHWDGDDFDGpPLFDJQyVWLFD
(ODLQH3DJHOV
5HFRQRFHUODVLPSOLFDFLRQHVSROtWLFDVGHODGRFWULQDGHODUHVXUUHFFLyQQRH[SOLFDVXH[WUDRUGLQDULR
LPSDFWRHQODV H[SHULHQFLDVUHOLJLRVDVGHORVFULVWLDQRVSHURHQWpUPLQRVGHORUGHQVRFLDOODVHQVHxDQ]DV
RUWRGR[DVVREUHODUHVXUUHFFLyQWLHQHQXQHIHFWRGLIHUHQWH/HJLWLPDQODMHUDUTXtDGHSHUVRQDVDWUDYpVGHFX\D
DXWRULGDG WRGRV ORV GHPiV GHEHQ DFHUFDUVH D 'LRV /D HQVHxDQ]D JQyVWLFD HUD VXEYHUVLYD GH HVWH RUGHQ
SURFODPDED RIUHFHU D FDGD LQLFLDGR XQ PHGLR GH DFFHVR GLUHFWR D 'LRV HO FXDO ORV PLVPRV VDFHUGRWHV \
RELVSRVSXGLHURQKDEHULJQRUDGR $KRUDVDEHPRVTXHODLQWHUSUHWDFLyQGHODUHVXUUHFFLyQIXHXQDWUHPHQGDIXHQWHGHFRQWURYHUVLDHQ
ORVLQLFLRVGHOD,JOHVLDFULVWLDQD\TXHKDEtDKDELGRXQDWUDGLFLyQVHFUHWDTXHVHUHIHUtDDODVUHVXUUHFFLRQHV
HVSLULWXDOHVHQYLGDFRQHFWDGDFRQXQJUXSRGHFULVWLDQRVGHQRPLQDGRVJQyVWLFRV\GHQXQFLDGRVFRPRKH
UHMHVSRUUD]RQHVSROtWLFDV\DTXHVXLQWHUpVSRUODREWHQFLyQGHOFRQRFLPLHQWRUHEDMDEDODDXWRULGDGGHORV
RELVSRVGHOD,JOHVLDRUWRGR[D
/D UHVXUUHFFLyQ WDPELpQ ILJXUDED GH PDQHUD SURPLQHQWH HQ HO ULWXDO GHO 7HUFHU *UDGR 0DVyQLFR
SHUR HQHVH FDVR HUD PiV XQD KLVWRULD GH UHVXUUHFFLyQ HQ YLGD PH]FODGD FRQ OD GH XQ DVHVLQDWRLOHJDO \ OD
UHFXSHUDFLyQ\UHHQWLHUURGHXQFXHUSRPXHUWR+DEtDPRVHQFRQWUDGRUHIHUHQFLDVDOHOHPHQWRGHODUHVXUUHF
FLyQHQYLGDHQORV(YDQJHOLRV*QyVWLFRVSHURDKRUDQHFHVLWiEDPRVPiVLQIRUPDFLyQSDUDWUDWDUGHGLOXFLGDU
OR TXH ORV WHPSODULRV SXGLHURQ KDEHU HQFRQWUDGR &RQ HVWH SURSyVLWR OHtPRV ODV WUDGXFFLRQHV GH ORV
GHVFXEULPLHQWRVGH1DJ+DPPDGL
/RV OLEURVUHODFLRQDGRV FRQ7RPiV HQ SDUWLFXODU QRVGLHURQ SLVWDV DGLFLRQDOHV(Q HO (YDQJHOLR GH
7RPiVHQFRQWUDPRVXQDRUDFLyQTXHFRUUHVSRQGHGHPDQHUDGLUHFWDFRQODVEDVHVGHOULWXDOGHODPDVRQHUtD
GLVWLQJXLGDPDUN
-HV~VGLMR0XpVWUHQPHODSLHGUDTXHORVFRQVWUXFWRUHVKDQUHFKD]DGReVDHVODSLHGUDDQJXODU
6DEtDPRVTXHH[LVWHQSDVDMHVVLPLODUHVHQHO1XHYR7HVWDPHQWR
-HV~VOHVGLMR¢1XQFDOH\HURQHQODVHVFULWXUDVODSLHGUDTXHORVFRQVWUXFWRUHVUHFKD]DURQODPLVPD
VHKDYXHOWRODFDEH]DDQJXODUpVWDHVODREUDGHO6HxRU\HVPDUDYLOORVDDQWHQXHVWURVRMRV"
0DWHR
< QR KDQ OHtGR HVWD HVFULWXUD OD SLHGUD TXH ORV FRQVWUXFWRUHV UHFKD]DURQ VH KD YXHOWR OD FDEH]D
DQJXODU
0DUFRV
<pOOHVDGYLUWLy\OHVGLMR¢4XpHVHQWRQFHVHVWRTXHHVWiHVFULWRODSLHGUDTXHORVFRQVWUXFWRUHV
UHFKD]DURQODPLVPDVHKDYXHOWRODFDEH]DDQJXODU"
/XFDV
7RGDVHVWDVFLWDVGHORV(YDQJHOLRV6LQySWLFRV0DWHR0DUFRV\/XFDVKDEODQGHODHQVHxDQ]DGH
-HV~V GH ODV HVFULWXUDV DFHUFD GH OD LPSRUWDQFLD GH XQD SLHGUD DQJXODU TXH IXH UHFKD]DGD SHUR VyOR HQ HO
(YDQJHOLR GH 7RPiV pO H[LJH TXH VH OH PXHVWUH OD SLHGUD TXH ORV FRQVWUXFWRUHV KDEtDQ UHFKD]DGR HQ XQ
SDUDOHOLVPRH[DFWRFRQHOULWXDOGHOJUDGRGH0DVRQHUtD'LVWLQJXLGD(VWRSDUHFHLQGLFDUXQDFRQH[LyQHQWUH
ODIUDQFPDVRQHUtD\HOJQRVWLFLVPR
0iVD~QHQRWURWUDEDMRORV$FWRVGH7RPiVHQFRQWUDPRVODKLVWRULDGHODSyVWROTXHFRQVWUX\HXQ
KHUPRVR SDODFLR HQ HO &LHOR PHGLDQWH VXV EXHQDV REUDV HQ OD 7LHUUD (VWD KLVWRULD HV HO FRPSHQGLR GH ODV
VHxDVGHODHVTXLQDQRUHVWHTXHILJXUDQHQHOULWXDOGHO3ULPHU*UDGR0DVyQLFR
$XQTXHHVWRVSXQWRVHUDQLQWHUHVDQWHVQRSDUHFtDQVXILFLHQWHVSDUDH[SOLFDUHOFRPSRUWDPLHQWRGH
ORVFDEDOOHURVWHPSODULRVTXHIXHODUD]yQLQLFLDOSRUODFXDOHVWXGLDPRVHVWRVWH[WRV$VtTXHHQHVWDHWDSD
HQ OD TXH KDOODPRV SRVLEOHV FRQH[LRQHV HQWUH HO FULVWLDQLVPR JQyVWLFR \ OD IUDQFPDVRQHUtD PRGHUQD QR
VXUJLyQDGDUHDOPHQWHFRQFUHWR(QFRQWUDPRVDOJXQRVFRQFHSWRVIXQGDPHQWDOHVTXHJXDUGDEDQSDUDOHOLVPRV
FRQ ORV SULQFLSLRV GH OD IUDQFPDVRQHUtD HQ SDUWLFXODU OD LGHD GH TXH ODV SHUVRQDV GHEHQ SDVDU SRU XQD
UHVXUUHFFLyQFXDQGRD~QHVWiQYLYDVSHURHQHVHPRPHQWRGHFLGLPRVTXHQHFHVLWiEDPRVYHUPiVGHFHUFDOD
IRUPDFLyQGHODSULPHUD,JOHVLD&ULVWLDQDVLTXHUtDPRVGHGXFLUTXpHUDORTXHORVWHPSODULRVHQFRQWUDURQ
&21&/86,Ï1
(VSHFXODPRV TXH ORV WHPSODULRV SXGLHURQ KDEHU HQFRQWUDGR XQRV HVFULWRV RFXOWRV TXH FDPELDURQ VX
SHUFHSFLyQ GHO PXQGR \ HQ XQ LQWHQWR SRU DYHULJXDU TXp GHVFXEULHURQ H[DPLQDPRV XQD FROHFFLyQ GH
HVFULWXUDVFULVWLDQDVSUHYLDVTXHGHPDQHUDFROHFWLYDVHFRQRFHQFRPRORV(YDQJHOLRV*QyVWLFRV&RQFOXLPRV
TXHHOFRQFHSWRGHJQRVLVFRQRFLPLHQWRHVHORSXHVWRDOFRQFHSWRGHOD,JOHVLDGHIH\TXHHVXQWLSRGH
SURFHVRGHSHQVDPLHQWRTXHHQFDMDELHQFRQODPDVRQHUtD
+HPRVOOHJDGRDODFRQFOXVLyQGHTXHPXFKRGHODVHOHFWLYDGRFWULQDGHORVLQLFLRVGHOD,JOHVLDVH
EDVD HQ OD FRQYHQLHQFLD SROtWLFD WDQWR FRPR HQ OD RSLQLyQ UHOLJLRVD (Q ORV GHVFXEULPLHQWRV GH 1DJ
+DPPDGL HVFRQGLGRV HQWUH G& \ UHGHVFXELHUWRV HQ (JLSWR HQFRQWUDPRV XQD LQWHUSUHWDFLyQ
EDVWDQWHGLVWLQWDGHODYHUGDGGHWUiVGHODUHVXUUHFFLyQGH-HV~V+DEtDXQDWUDGLFLyQJQyVWLFDFULVWLDQDGHXQD
UHVXUUHFFLyQHQYLGDTXHQRVUHFRUGyPXFKRODFHUHPRQLDGH7HUFHU*UDGR0DVyQLFR
/DFUHHQFLDOLWHUDOHQODUHVXUUHFFLyQGHOFXHUSRGH-HV~VTXHPiVWDUGHDVFHQGLyDO&LHORIXHXQ
IDFWRU YLWDO SDUD OD DXWRULGDG GH OD ,JOHVLD &DWyOLFD 5RPDQD (VWD DXWRULGDG VH GHULYD GH ODV DOHJDGDV
H[SHULHQFLDVGHODUHVXUUHFFLyQGH-HV~VSRUSDUWHGHORVGRFHDSyVWROHVIDYRUHFLGRVH[SHULHQFLDTXHHVWDED
QHJDGDDWRGRVORVUHFLpQYHQLGRVGHVSXpVGHVXDVFHQVRDO&LHOR(VWDFHUUDGDHLQPXWDEOHH[SHULHQFLDHUDOD
IXHQWH GH SRGHU GHO 2ELVSR GH 5RPD HQ OD HVWUXFWXUD SROtWLFD GH ORV LQLFLRV GH OD ,JOHVLD \ OH FRQFHGtD
DXWRULGDGLQGLVFXWLEOHVREUHDTXHOORVTXHWHQtDQIH
/HtPRVORVHVFULWRVJQyVWLFRVTXHOODPDEDQDHVWDYLVLyQOLWHUDOGHODUHVXUUHFFLyQODIHGHORVWRQWRV
GHFODUDQGR TXH FXDOTXLHUD TXH DQXQFLDUD TXH VX PDHVWUR KDEtD PXHUWR \ YXHOWR D OD YLGD ItVLFDPHQWH
PDOHQWHQGtDXQDYHUGDGHVSLULWXDOFRPRVLIXHUDXQKHFKRUHDO\HUDFRPRXQFDQDOVLQDJXD(VWHSXQWRGH
YLVWDVHDSR\DEDHQXQDDWUDFFLyQKDFLDXQDWUDGLFLyQVHFUHWDGHODVHQVHxDQ]DVGH-HV~VHQORV(YDQJHOLRVGH
0DWHR ,UHQHR WHyORJR GHO VLJOR ,, HVFULELy DFHUFD GH ORV SHOLJURV SDUD HO SRGHU GH ORV VDFHUGRWHV
HVWDEOHFLGRV GH OD LGHD GH XQD UHVXUUHFFLyQ HQ YLGD 3RU PHGLR GH QXHVWUR HVWXGLR GH ORV WH[WRV GH 1DJ
+DPPDGL GHVFXEULPRV TXH OD LQWHUSUHWDFLyQ GH OD UHVXUUHFFLyQ FDXVy WUHPHQGDV FRQWURYHUVLDV GXUDQWH ORV
LQLFLRV GH OD ,JOHVLD &ULVWLDQD \ TXH XQ JUXSR GH FULVWLDQRV GHQRPLQDGRV JQyVWLFRV WHQtDQ XQD WUDGLFLyQ
VHFUHWD UHIHUHQWHD UHVXUUHFFLRQHV HVSLULWXDOHV HQ YLGD FRQHFWDGDVFRQ-HV~V &RQFOXLPRV TXHORV JQyVWLFRV
IXHURQ GHQXQFLDGRV SRU KHUHMHV GHELGR D UD]RQHV SROtWLFDV PiV D~Q VX LQWHUpV SRU REWHQHU FRQRFLPLHQWRV
UHEDMDEDODDXWRULGDGGHORVRELVSRVGHOD,JOHVLDRUWRGR[D
8QD OHFWXUD PiV H[WHQVD GH ORV (YDQJHOLRV *QyVWLFRV QRV HYRFyIXHUWHV HFRV DQFHVWUDOHV GHO ULWXDO
PDVyQLFR TXH FRQRFtDPRV ELHQ H LPSXOVDGRV SRU HVWRV GHVFXEULPLHQWRV GHFLGLPRV REVHUYDU GH FHUFD OD
,JOHVLD&ULVWLDQDLQLFLDOFRQXQDPHQWHPiVDELHUWD(PSH]DPRVSRUFRQVLGHUDUODVLQJXODULGDGGHODVGHFOD
UDFLRQHVKHFKDVSRUHOPLVPR-HVXFULVWR
1RWDV
!!"#$%&'!($)'#*+! !"#$%&'()*#$&'+",'-#,-'.*%/&!'*0$12#$3!.&'#"/0%1",)&'#1%2'()*&'3#045#%6$7$!02.!8.%9$#52:;!
4##56)7-!
&DStWXOR
-HVXFULVWR¢KRPEUHGLRVPLWRRIUDQFPDVyQ"
2WURQDFLPLHQWRYLUJHQ
6LODYHUVLyQGHOD,JOHVLDDFHUFDGHORVVXFHVRVTXHURGHDURQDOKRPEUHTXHOODPDPRV-HVXFULVWRQRIXHUD
H[DFWD HQ HO FRQWH[WR KLVWyULFR VHUtD GH HVSHUDUVH OD SXEOLFDFLyQ GH XQ EXHQ Q~PHUR GH HVFULWRV
FRQWHPSRUiQHRVHQFRQIOLFWRFRQODKLVWRULDRILFLDO0X\SURQWRQRVGLPRVFXHQWDGHTXHpVWHHUDHOFDVR\D
TXHWDQWRORVPDQXVFULWRVGH1DJ+DPPDGLFRPRORV5ROORVGHO0DU0XHUWRRIUHFtDQXQDSHUVSHFWLYDPX\
GLVWLQWDGHODLQWHUSUHWDFLyQTXHVHGDHQHO1XHYR7HVWDPHQWR
8QD GLILFXOWDG IXQGDPHQWDO SDUD OD ,JOHVLD UDGLFD HQ HO KHFKR GH TXH HO PLWR FULVWLDQR FHQWUDO HV
DQWHULRUD-HVXFULVWR/DVFDUDFWHUtVWLFDVJHQHUDOHVGHODKLVWRULDGH&ULVWRVRQWDQDQWLJXDVFRPRHOKRPEUH
GHVGHHOQDFLPLHQWRYLUJHQHQDOUHGHGRUHVKXPLOGHVKDVWDODPXHUWHGHVDFULILFLRTXHVDOYyDVXJHQWHWRGR
KDVLGRHVFULWRXQD\RWUDYH]SRUILJXUDVUHOLJLRVDVHQPXFKDVFXOWXUDV1RHVFXHVWLyQGHVLPLOLWXGHVQRV
UHIHULPRV D TXH VRQ SRU FRPSOHWR LQWHUFDPELDEOHV /D KLVWRULD GH 0LWUD RWUR FXOWR SRSXODU HQ HO ,PSHULR
5RPDQRVHDFHUFDEDWDQWRDODGH-HVXFULVWRTXHORVMHUDUFDVGHOD,JOHVLDODLGHQWLILFDURQFRPRXQWUDEDMR
GHOGLDEORFX\RSURSyVLWRHUDLPLWDUODHQIRUPDGHOLEHUDGD(OKHFKRGHTXHHOFXOWRGH0LWUDH[LVWLHUDPXFKR
DQWHV GH TXH HO PHVtDV FULVWLDQR QDFLHUD QR GHVFRQFHUWDED D HVWRV LQJHQLRVRV LQGLYLGXRV VLPSOHPHQWH
DVHJXUDEDQ TXH HO GLDEOR XQ YLHMR ]RUUR DVWXWR UHJUHVy HQ HO WLHPSR SDUD SODQWDU D XQ KRPEUH TXH
GHVDFUHGLWDUtDODREYLDRULJLQDOLGDGGHODKLVWRULDGH&ULVWR/DVVLJXLHQWHVVRQVyORDOJXQDVGHODVILJXUDVTXH
VHFRQVLGHUDEDQGLRVHV\TXHVRQDQWHULRUHVD-HVXFULVWR
*DXWDPD%XGDQDFLyGHODYLUJHQ0D\DDOUHGHGRUGHD&
'LRQLVLRGLRVJULHJRQDFLyGHODYLUJHQHQXQHVWDEORFRQYHUWtDHODJXDHQYLQR
4XLUUQXV DQWLJXR VDOYDGRU URPDQR QDFLy GHXQD YLUJHQ $WWLV QDFLy GHOD YLUJHQ fDPD HQ )ULJLD
DOUHGHGRUGHD&,QGUDQDFLyGHXQDYLUJHQHQHO7LEHWDOUHGHGRUGHD&$GRQLVGLRVEDELOyQLFR
QDFLyGHODYLUJHQ,VKWDU
.ULVKQDGHLGDGKLQG~QDFLyGHODYLUJHQ'HYDNLDOUHGHGRUGHD&
=RURDVWURQDFLyGHXQDYLUJHQHQWUH\D&
0LWUD QDFLy GH XQD YLUJHQ HQ XQ HVWDEOR XQ GH GLFLHPEUH FLUFD D& 6X UHVXUUHFFLyQ VH
FHOHEUDEDHQ6HPDQD6DQWD
3DUHFHTXHDWUDYpVGHORVVLJORVPXFKDVPXMHUHVMyYHQHVHLQRFHQWHVKDQGDGRDOX]DORVKLMRVGH
ORVGLRVHV
(OFXOWRGH0LWUDHVSDUWLFXODUPHQWHGHOLFDGRSDUDORVFULVWLDQRVTXHQRDFHSWDQODVDWiQLFDWHRUtDGHO
YLDMH HQHOWLHPSR (O PLWUDtVPR HV XQ YiVWDJR VLULRGHO D~Q PiV DQWLJXR FXOWRSHUVD GH =RURDVWUR TXHVH
LQWURGXMRHQ HO ,PSHULR 5RPDQR DOUHGHGRU GHODxR D& 6XV GRFWULQDVLQFOXtDQ HO EDXWLVPR HODOLPHQWR
VDFUDPHQWDOODFUHHQFLDHQODLQPRUWDOLGDGXQGLRVVDOYDGRUTXHPXULy\VHOHYDQWyGHQXHYRSDUDKDFHUGH
PHGLDGRUHQWUHHOKRPEUH\'LRVXQDUHVXUUHFFLyQHOMXLFLRILQDO\HOFLHOR\HOLQILHUQR(VLQWHUHVDQWHTXH
HQVXVFHUHPRQLDVVHXVHQYHODVLQFLHQVR\FDPSDQDV6XVGHYRWRVUHFRQRFtDQODGLYLQLGDGGHOHPSHUDGRU\
QRWHQtDQSUREOHPDVHQFRH[LVWLUDOODGRGHRWURVFXOWRVSHURDFDEDURQSRUVHUDEVRUELGRVSRUORVFULVWLDQRV
TXHHUDQPXFKRPHQRVWROHUDQWHV&RPRPRVWUDUHPRVPiVDGHODQWHODYHUGDGHUDVHFWDGH-HV~VOD,JOHVLDGH
-HUXVDOpQFDUHFtDGHODPD\RUtDGHORVDGRUQRVSDJDQRVTXHIXHURQDGLFLRQHVURPDQDVSRVWHULRUHVSDUDFUHDU
XQDWHRORJtDKtEULGDTXHVDWLVILFLHUDODVQHFHVLGDGHVGHOPiVDPSOLRQ~PHURSRVLEOHGHFLXGDGDQRV&RQHO
WLHPSR ORV URPDQRV UD]RQDURQ TXH VL ORV SOHEH\RV LEDQ D WHQHU VXV VXSHUVWLFLRQHV ¢SRU TXp QR WHQHU XQD
FRQWURODGDSRUHOHVWDGR"
6LQRIXHUDSRUXQOLJHURJLURGHOGHVWLQRHQORV~OWLPRVDxRVGHOLPSHULRURPDQRDKRUDYHUtDPRVD
ODV IDPLOLDV GLULJLpQGRVH D OD PLVD GHO GRPLQJR FRQ HVWDPSDV GH 0LWUD WH DPD HQ ODV YHQWDQDV GH VXV
DXWRPyYLOHV2WURSUREOHPDHVHQFLDOHVHOYHUGDGHURQRPEUHGH&ULVWR/DPD\RUtDGHODJHQWHVDEHTXHHO
QRPEUHGH-HVXFULVWRHVXQDGHQRPLQDFLyQJULHJDSRVWHULRUSHURPXFKDVYHFHVQRVHPROHVWDQHQWUDWDUGH
DYHULJXDU FXiO IXH HO YHUGDGHUR QRPEUH GH HVWH KRPEUHGLRV (O QRPEUH FRQ HO TXH QDFLy QR VH FRQRFH D
FLHQFLDFLHUWDSHURHVSRVLEOHTXHGXUDQWHWRGDVXYLGDVHOHKD\DFRQRFLGRFRPR<HKRVKXDTXHTXLHUHGHFLU
-HKRYiHQWUHJD\HVHTXLYDOHQWHHQWpUPLQRVPRGHUQRVDDOJRFRPRDTXHOTXHWUDHUiYLFWRULD6XIRUPD
DFWXDOVHUtD-RVXpTXHHVHOPLVPRQRPEUHGHOKRPEUHTXHVHJ~QHO$QWLJXR7HVWDPHQWROHWUDMRODYLFWRULD
DVXJHQWHHQODEDWDOODGH-HULFyFXDQGRVHVXSRQHTXHODVPXUDOODVGHWDOFLXGDGVHGHUUXPEDURQSRUORV
UXLGRVVRQRURVGHODVWURPSHWDV(OQRPEUHGH-HV~VHVWDQVyORXQDLQWHUSUHWDFLyQJULHJDGHOQRPEUHKHEUHR
GH<HKRVKXDSHURODDGLFLyQGHOWpUPLQR&ULVWRHVEDVWDQWHPiVSUHRFXSDQWH(VXQDWUDGXFFLyQJULHJDGHO
WpUPLQRMXGtR GH PHVtDV DO TXHVHOH KDEtD GDGR HO VLJQLILFDGRGH DTXHO TXHWUDH ODVDOYDFLyQ PHGLDQWH OD
UHGHQFLyQGHORVSHFDGRVSHVHDTXHHOYRFDEORKHEUHRDUDPHRVLPSOHPHQWHVLJQLILFDEDXQDSHUVRQDTXHVH
FRQYHUWLUiHQHOOHJtWLPRUH\GHORVMXGtRV/DWUDGLFLyQMXGtDGLFHTXHDORVUH\HVGH,VUDHOWDPELpQVHOHV
DVRFLDEDFRQORVPHVtDV3DUDHOORVODSDODEUDTXHUtDGHFLUHOTXHVHUiUH\RXQUH\DODHVSHUDGHVHUOR(VWRV
VLJQLILFDGRV HUDQ GLUHFWRV \ SUiFWLFRV SRGHPRV HVWDU VHJXURV GH TXH HO FRQFHSWR MXGtR GH XQ PHVtDV \ VX
UHLQRSRUYHQLUQRWHQtDQLQJXQDFRQQRWDFLyQVREUHQDWXUDO (VGHVRUSUHQGHUTXHODSDODEUDPHVtDVVyORDSDUHFHGRVYHFHVHQOD9HUVLyQ$XWRUL]DGDGHO$QWLJXR
7HVWDPHQWR\HVWiDXVHQWHSRUFRPSOHWRHQHO1XHYR7HVWDPHQWR6LQHPEDUJR\DHQORVWLHPSRVGH-HV~V
HUDXQFRQFHSWRSRSXODUHQWUHORVMXGtRVTXLHQHVWHQtDQODHVSHUDQ]DGHTXHOOHJDUDHOWLHPSRHQHOTXHVH
DXWRJREHUQDUDQGHQXHYRHQYH]GHHVWDUEDMRHOFRQWUROGHRFXSDGRUHVNLWWLPFRPRORVOODPDEDQFRPR
ORVVLULRVORVEDELORQLRVRHQSDUWLFXODUORVURPDQRV3DUDHVWRVMXGtRVQDFLRQDOLVWDVGHORVSULPHURVVLJORV
DQWHV\GHVSXpVGH&ULVWRXQDYH]TXHXQDSHUVRQDOHJtWLPDWRPDUDHOWURQRGH,VUDHOVHFRQYHUWLUtDHQUH\\
HOWtWXORHQIXWXURGHPHVtDVGHMDUtDGHDSOLFDUVH
/D~QLFDH[SOLFDFLyQGHTXHODSDODEUDPHVtDVQRVHXVHSDUDQDGDHQHO1XHYR7HVWDPHQWRHVTXH
ORVWUDGXFWRUHVKD\DQXWLOL]DGRODSDODEUDJULHJDFKULVWRVFDGDYH]TXHODSDODEUDKHEUHDPHVtDVDSDUHFtDHQ
ORV WH[WRV DQWHULRUHV &RQ HO WLHPSR OD SDODEUD &ULVWR VH KD YXHOWR XQ VLQyQLPR GH -HVXFULVWR HQ OXJDU GH
VLJQLILFDUFXDOTXLHURWURPHVtDVR&ULVWRDXQTXHHOWpUPLQRHVWDEDOHMRVGHVHU~QLFR\QRVHOLPLWDEDDXQ
VRORLQGLYLGXR
3DUD ORV JHQWLOHV TXH OXHJR VHUtDQ ORV XVXUSDGRUHV GH ODV FUHHQFLDV WULEDOHV GH ORV MXGtRV HO XVR
KHEUHRGHODSDODEUDPHVtDVHUDGHPDVLDGRSDVLYRDMHQR\VHEDVDEDHQHOPXQGRUHDOGHODVDVSLUDFLRQHV
SROtWLFDVMXGtDVFRPRFRQVHFXHQFLDHQODWUDGXFFLyQJULHJDODSDODEUDWRPyODFRQQRWDFLyQGHXQPLVWHULRVR
FXOWRKHOpQLFRFRQHOSRGHUGHVDOYDUDOPDV\UHGLPLUDOPXQGRHQWHUR1RUPDQ&RKpQGHVFULELyODVLWXDFLyQ
GHPDQHUDVXFLQWDFXDQGRGLMRORVLJXLHQWHGHOPHVtDVMXGtR
6HUiDORPiVXQJUDQOtGHUPLOLWDU\XQVDELR\MXVWRJREHUQDQWHJXLDGRSRU-HKRYi\HOHJLGRSRUpO
SDUDJREHUQDUDVXSXHEORHQ-XGi/DQRFLyQGHXQVDOYDGRUWUDVFHQGHQWDOHQIRUPDKXPDQDWDQLPSRUWDQWH
HQHO]RURDVWULVPR\WDQFHQWUDOSDUDHOFULVWLDQLVPRHVSRUFRPSOHWRGHVFRQRFLGDSDUDOD%LEOLDKHEUHD!
(O TXH ORV FULVWLDQRV GHPDQGHQ DXWRULGDG SRU VXV FUHHQFLDV GHO $QWLJXR7HVWDPHQWRGHEH VHU PX\
LUULWDQWH SDUD ORV DFDGpPLFRV MXGtRV PRGHUQRV TXLHQHV SXHGHQ YHU TXH VX KHUHQFLD KD VLGR XWLOL]DGD SDUD
GDUOHFUpGLWRDXQFXOWRGHPLVWHULRURPDQRTXHHQJUDQSDUWHWLHQHXQDQWLJXRRULJHQSHUVD(VWHGHVSRMRGH
ORV YHLQWLGyV WH[WRV MXGtRV TXH FRQVWLWX\H HO IXQGDPHQWR GHO $QWLJXR 7HVWDPHQWR VH H[WHQGLy WDQ SURQWR
FRPRGLRLQLFLRHOVLJOR,,FXDQGRORVFULVWLDQRVEXVFDEDQUHIHUHQFLDVTXHDSR\DUDQODFUHHQFLDHQVXELVRxR
FXOWR
/RVPLHPEURVGHOD,JOHVLDSULPLWLYDVHFRQVLGHUDEDQDVtPLVPRVMXGtRV\KDVWDHOILQDOGHOVLJOR,
G&WRGRVYHtDQDORVFULVWLDQRVFRPRXQDVHFWDMXGtD6LQHPEDUJRDOFRPHQ]DUHOVLJOR,,ODJUDQPD\RUtD
GHORVFULVWLDQRVHUDQJHQWLOHVFRQYHUVRVGHWRGRHOLPSHULRURPDQRTXH\DQRVHFRQVLGHUDEDQDVtPLVPRV
MXGtRV HQ DEVROXWR (VWRV VDTXHDGRUHV FXOWXUDOHV FDVL QR WHQtDQ HQ FXHQWD HO FRQWH[WR R OD LQWHUSUHWDFLyQ
DFHSWDGD \ VH VHQWtDQ OLEUHV GH FLWDU D FDSULFKR ORV WH[WRV MXGtRV TXH VXV GXHxRV QR UHFRQRFtDQ FRPR
HVFULWXUD
(O$QWLJXR7HVWDPHQWRVHWUDGXMRDOJULHJRHQHOVLJOR,,,D&\IXHFRQRFLGRFRPRODYHUVLyQGHORV
6HWHQWDSRUORJHQHUDODSDUHFHFRPR/;;/RVFULVWLDQRVOHDxDGLHURQQXHYRVSDVDMHV\OLEURVHQWHURV\
GHVSXpVWXYLHURQODRVDGtDGHDFXVDUDORVMXGtRVGHKDEHUERUUDGRHVDVVHFFLRQHVGHVXVSURSLDVHVFULWXUDV
(VWD FUHHQFLD OOHJy D VHU YHQHUDGD SRU HO SHQVDPLHQWR FULVWLDQR \ GLR FRPR UHVXOWDGR PXFKRV DFWRV GH
YDQGDOLVPRFRPRXQDRFDVLyQHQ3DUtVHQFXDQGRYHLQWLFXDWURFDUUHWDGDVGHHVFULWXUDVMXGtDVIXHURQ
VDTXHDGDV GH ODV VLQDJRJDV \ OXHJR TXHPDGDV \ YHLQWH DxRV PiV WDUGH FXDQGR HO UH\ -DLPH , GH $UDJyQ
RUGHQyTXHWRGRVORVOLEURVMXGtRVIXHUDQGHVWUXLGRV
$OJXQRV DQWLJXRV HVWXGLRVRV FULVWLDQRV VRVWHQtDQ TXH HO $QWLJXR 7HVWDPHQWR HUD DMHQR D VX QXHYD
UHOLJLyQSHURODPD\RUtDOHtDFRQLPDJLQDFLyQHQWUHOtQHDVSDUDHQFRQWUDUREYLDVUHIHUHQFLDVDVX6DOYDGRU
/RVYHLQWLGyVOLEURVGHODVDJUDGDHVFULWXUDVHDODUJDURQGHPDQHUDFRQYHQLHQWHSDUDKDFHUDEXQGDQWHHO$QWL
JXR7HVWDPHQWR
(QWUH ORV DJUHJDGRV SRU SDUWH GH HVFULWRUHV FULVWLDQRV VH LQFOX\HQ ORV GH (VGUDV -XGLW7REtDV
0DFDEHRV/LEURGHOD6DELGXUtD(FOHVLiVWLFR%DUXFOD3OHJDULDGH0DQDVHV\GHQWURGHOOLEURGH'DQLHOOD
&DQFLyQGHORV7UHV6DQWRV1LxRVODKLVWRULDGH6XVDQD\%HO\HOGUDJyQ
'XUDQWH XQ WLHPSR ORV FULVWLDQRV VH FRQIRUPDURQ FRQ VX QXHYR $QWLJXR 7HVWDPHQWR SHUR
FRQIRUPH HVWXGLRVRV PiV VHULRV FRPR 2UtJHQHV GH $OHMDQGUtD HQ HO VLJOR ,,, HPSH]DURQ D HVWXGLDU ORV
WH[WRV VH GHVSHUWDURQ GXGDV YHUtGLFDVTXHORV KLFLHURQ GDUVH FXHQWD GH TXHOD YHUVLyQMXGtD RULJLQDO HUD OD
~QLFD FRUUHFWD 6H VXJLULy TXH GHEtDQ GHVWUXLUVH WRGDV ODV QXHYDV HVFULWXUDV GH ODV LJOHVLDV FULVWLDQDV SHUR
HVWRVDUJXPHQWRVSURQWRIXHURQHQWHUUDGRVSRUHOGHVHRJHQHUDOGHORVFULVWLDQRVGHVHUOD~QLFDUHOLJLyQFRQ
XQDHVFULWXUDGLIHUHQFLDGD
3HUR HQ WDQWR OD ,JOHVLD SULQFLSDO VH IXH SRU OD RSFLyQ IiFLO HO GHEDWH QR WHUPLQy \ PXFKRV
SHQVDGRUHV FULVWLDQRV QR VH FRQYHQFLHURQ (Q HO VLJOR ,9 &LULOR GH -HUXVDOpQ SURKLELy OD OHFWXUD GH HVWRV
OLEURVH[WUDxRVLQFOXVRHQSULYDGR\KDVWDHOVLJOR;9,,,DOJXQRVGHORVSULQFLSDOHVSHQVDGRUHVFULVWLDQRV
FRPR 6DQ -XDQ 'DPDVFHQR DILUPDEDQ TXH ORV YHLQWLGyV WH[WRV MXGtRV HUDQ ORV ~QLFRV FRPSRQHQWHV GH OD
YHUGDGHUDHVFULWXUD
/D PLVPD JHQWH DOWLYD TXH DOWHUy HO $QWLJXR 7HVWDPHQWR DUPy HO QXHYR 3DUD WHQHU XQD YLVLyQ
FRUUHFWD GH ORV DFRQWHFLPLHQWRV TXH FRQGXMHURQ D OD FUHDFLyQ GH HVWH UHODWLYDPHQWH LQVWDQWiQHR EORTXH GH
HVFULWXUDVQXHYDVHVHVHQFLDOHQWHQGHUDOJRGHODYLVLyQMXGtDGHOPXQGRHQHVWHPRPHQWRFUXFLDO
(Q OD DFWXDOLGDG FDVL WRGD OD JHQWH GH RFFLGHQWH DSUHFLD OD OtQHD GLYLVRULD HQWUH OD SROtWLFD \ OD
UHOLJLyQSHURHVXQHUURUVXSRQHUTXHHQRWURVSDtVHVRHQRWUDVpSRFDVGHODKLVWRULDODVFRVDVVHYHtDQGHOD
PLVPDPDQHUD(O,UiQPRGHUQRSRUHMHPSORQRUHFRQRFHQLQJXQDGLIHUHQFLDHQWUHORVGRVDVSHFWRV\ORV
KDELWDQWHVGH-XGHD\*DOLOHDKDFHGRVPLODxRVWLOGDUtDQGHORFRDTXLHQSHQVDUDTXHODUHODFLyQFRQVXGLRV
HUDGLVWLQWDHQDOJXQDIRUPDGHVXOXFKDQDFLRQDO/DSROtWLFDHQORVWLHPSRVGH-HV~VHUDXQDVXQWRWHROyJLFR
VHULROD HVWDELOLGDG GHODQDFLyQ GHSHQGtD GH OD RSLQLyQ TXH 'LRVWXYLHUDGH VX YDORU 6L SUREDEDQ TXHOR
PHUHFtDQORVMXGtRVWHQGUtDQVXSURSLRUH\\GHVWUXLUtDQDVXVHQHPLJRVHQODEDWDOOD3RUFLHQWRVGHDxRV
GHPRVWUDURQORFRQWUDULRSRUORTXH'LRVORVKDEtDDEDQGRQDGRDPHUFHGGHVXVHQHPLJRVSHURHQFXDQWR
ORVGHYRWRVMXGtRVHPSH]DURQDYLYLUXQDYLGDPiVDXVWHUDFRPHQ]DURQDHVSHUDUODOOHJDGDGHXQPHVtDVTXH
GLHUDSULQFLSLRDOSURFHVRGHUHJUHVDUDVXSURSLRJRELHUQR
$TXt KD\ XQ SXQWR IXQGDPHQWDO TXH QR SXHGH SDVDUVH SRU DOWR HQ QLQJXQD SDUWH GHO $QWLJXR
7HVWDPHQWRVHDQWLFLSDODOOHJDGDGHXQVDOYDGRUGHOPXQGR/RVMXGtRVHVSHUDEDQTXHVXUJLHUDXQOtGHUTXH
IXHUDXQUH\WHUUHQDODODPHGLGDGH'DYLG\OHVJXVWHRQRDORVFULVWLDQRV-HV~VQRHUDHOPHVtDVGHODOtQHD
GH'DYLGHO&ULVWRSRUTXHQRORJUyFRQYHUWLUVHHQHOUH\LQGLVFXWLEOHGH,VUDHO3DUDORVMXGtRVGHDTXHOORV
WLHPSRVLQFOX\HQGRDOPLVPR-HV~VQRKDEtDRWURVLJQLILFDGRSDUDODSDODEUDQRHVXQDFXHVWLyQGHIHHVXQ
KHFKR KLVWyULFR PiV DOOi GHO GHEDWH WHROyJLFR /D ,JOHVLD HVWi PX\ ELHQ HQWHUDGD GH HVWH PDOHQWHQGLGR \
SXHGH DOHJDU TXH VX LQWHUSUHWDFLyQ HVSLULWXDO GH OD SDODEUD HV FLHUWD \ YiOLGD D SHVDU GH TXH ORV MXGtRV OD
XVDUDQGHIRUPDPX\GLVWLQWD6LQHPEDUJRXQDYH]TXHOD,JOHVLDDGPLWHTXHORVXVRVFULVWLDQR\MXGtRGHO
WpUPLQRPHVtDVQRWLHQHQQDGDHQFRP~QUHVXOWDREYLRTXHOD,JOHVLDQRWLHQHGHUHFKRGHXVDUHO$QWLJXR
7HVWDPHQWR FRPR IXHQWH GH HYLGHQFLD FRQ UHVSHFWR D OD OOHJDGD GH VX &ULVWR +DFHUOR HV XQ FtQLFR IUDXGH
+DFHPRVKLQFDSLpHQTXHORVMXGtRVQRHVSHUDEDQXQGLRVRXQVDOYDGRUGHOPXQGRVLQRXQOtGHUSROtWLFRFRQ
FUHGHQFLDOHVTXHVHH[WHQGLHUDQKDVWDVXSULPHUUH\'DYLG 2WURSUREOHPDSDUDODFRUULHQWHSULQFLSDOGHOFULVWLDQLVPRHVODFUHHQFLDGHTXH-HV~VHUDHOKLMRGH
XQDSDUHDPLHQWRPiJLFRHQWUH-HKRYi\0DUtD&RPRKHPRVYLVWRHVWDXQLyQGHXQGLRV\XQDPXMHUHVXQ
UHTXLVLWR DQFHVWUDO SDUD OD SDWHUQLGDG GH WRGRV ORV TXH VHUtDQ KRPEUHVGLRVHV HQ ODV FXOWXUDV GHO 0HGLR
2ULHQWH /D MXVWLILFDFLyQ GH HVWD DILUPDFLyQ HQWUH ORV FULVWLDQRV VH GHULYD GHO WtWXOR TXH HO PLVPR -HV~V VH
DVLJQDEDHOKLMRGH'LRVTXHHUDXQDQWLJXRWtWXORSDUDFXDOTXLHUDTXHUHFODPDUDHOUHLQDGR7RGRVORVGLRVHV
GH WLHPSRV DQWHULRUHV D ORV IDUDRQHV \ HQ DGHODQWH KDQ HVWDEOHFLGR VX GHUHFKR GH JREHUQDU PHGLDQWH VX
GHVFHQGHQFLDGHORVGLRVHV
0LHQWUDVLQYHVWLJiEDPRVELHQODFRPSOHMDFXHVWLyQGHOSDSHOTXHVHHVSHUDEDGHOPHVtDVGLPRVFRQ
XQ DVSHFWRVRUSUHQGHQWH \PX\ H[WUDxR TXH KDVWD GRQGH VDEHPRV QDGLH KDEtDFRQVLGHUDGRHO QRPEUH GHO
DVHVLQRTXHIXHOLEHUDGRHQOXJDUGH&ULVWRGXUDQWHVXMXLFLR%DUUDEiV8QQRPEUHEtEOLFRPiVSHQVDUiQ\
TXH SDUHFH HVWDU URGHDGR GH XQD DXUHROD GH PDOGDG %DUUDEiV HO PDOYDGR DVHVLQR D TXLHQ ORV LJXDOPHQWH
PDOYDGRVMXGtRVGHFLGLHURQOLEHUDUHQYH]GHQXHVWUR6DOYDGRU/RVJULWRVGHODPXOWLWXGSDUDFUXFLILFDUDO
&ULVWR \ QR DO FULPLQDO FRP~Q HV XQD GH ODV SLH]DV GH HYLGHQFLD FRQ UHVSHFWR D OD SUHWHQGLGD QDWXUDOH]D
GHVSLDGDGDGHORVMXGtRVTXHKDGHULYDGRHQGRVPLODxRVGHDQWLVHPLWLVPR
6LQHPEDUJRVyORVHUHTXLHUHXQFRQRFLPLHQWRUXGLPHQWDULRGHODOHQJXDGHDTXHOORVWLHPSRVSDUD
HQWHQGHUTXH%DUUDEiVQRHVXQQRPEUHVLQRXQWtWXORTXHVLJQLILFDSUHFLVDPHQWHKLMRGH'LRV%DUTXLHUH
GHFLUKLMRGH\ODWUDGXFFLyQOLWHUDOGH$EEDHVSDGUHSHURHQJHQHUDOVHXVDED\VHVLJXHXVDQGRFRPRXQD
UHIHUHQFLDD(O3DGUHHVGHFLUD'LRV(VWRQRVLQWULJy\FRQIXQGLySHURTXHGDPRVSHUSOHMRVFXDQGRPiV
DGHODQWHGHVFXEULPRVTXHHQORVPDQXVFULWRVDQWHULRUHVGH0DWHRHQHOYHUVtFXORODGHQRPLQDFLyQGHHVWH
KRPEUHVHXVDHQVXIRUPDFRPSOHWD-HV~V%DUUDEiV
$VtTXHDOLQGLYLGXRTXHIXHOLEHUDGR\QRFUXFLILFDGRDSHGHODPXOWLWXGVHOHFRQRFtDFRPR-HV~VHO
KLMRGH'LRV\DVtORUHJLVWUDGHIRUPDLQGLVFXWLEOHHO(YDQJHOLR/DSULPHUDSDUWHGHOQRPEUHIXHERUUDGDGHO
(YDQJHOLRGH0DWHRHQXQDIHFKDEDVWDQWHSRVWHULRUSRUDTXHOORVTXHEXVFDEDQTXHORVKHFKRVHQFDMDUDQFRQ
VXVFUHHQFLDVJHQWLOHV6HPHMDQWHVHOHFWLYLGDGHVORTXHKR\OODPDUtDPRVGHPDQHUDHXIHPtVWLFDHFRQRPtDGH
ODYHUGDGSHURUHVXOWDSRFRPiVTXHXQHQJDxRSDUDHYLWDUSUHJXQWDVGLItFLOHVTXHOD,JOHVLDQRFRQWHVWDUtDR
TXHPiVELHQQRSRGUtDFRQWHVWDU
&LHUWDPHQWHODWUDPDVHHVWDEDFRPSOLFDQGR/RV(YDQJHOLRVVRVWLHQHQTXHDHVWHRWUR-HV~VKLMRGH
'LRV VH OH DFXVDED GH VHU XQ MXGtR UHEHOGH TXH KDEtD PDWDGR D GRV SHUVRQDV GXUDQWH HO HVWDOOLGR GH XQD
LQVXUUHFFLyQ$VtTXH%DUUDEiVQRHUDXQFULPLQDOVLQRXQMXGtRIDQiWLFRTXHVHHQIUHQWDEDDXQDDFXVDFLyQ
VLPLODUDODSUHVHQWDGDHQFRQWUDGH-HV~V
&XDQGR VH FRQVLGHUDQ HVWRV KHFKRV PiV FRQFUHWRV WRGDV ODV LQVWDQFLDV GHO MXLFLR GH -HV~V VH
FRPSOLFDQ 'RV KRPEUHV H PLVPR QRPEUH TXH GHPDQGDQ OR PLVPR \ DFXVDGRV SUiFWLFDPHQWH GH OR
PLVPR¢FyPRSRGHPRVVDEHUFXiOIXHOLEHUDGR"&RQFHUWH]DPXFKDVGHODVVHFWDVFULVWLDQDVPiVDQWLJXDV
FUHHQ TXH -HV~V QR PXULy HQ OD FUX] SRUTXH RWUR PXULy HQ VX OXJDU +R\ GtD ORV PXVXOPDQHV WLHQHQ D
-HVXFULVWRHQPX\DOWDHVWLPDFRPRXQSURIHWDDOTXHVHRUGHQyFUXFLILFDUSHURFX\ROXJDUIXHWRPDGRSRU
RWUR (O VLPEROLVPR GHO &ULVWR FUXFLILFDGR HV DEVROXWDPHQWH HVHQFLDO SDUD OD FRUULHQWH SULQFLSDO GHO
FULVWLDQLVPR SHURDXQDVtPXFKRVJUXSRVWDQWRFRQWHPSRUiQHRVGHOVXFHVRFRPRPRGHUQRVVRVWLHQHQTXH
QRPXULyGHHVDPDQHUD¢3RGUtDQWHQHUUD]yQ"
/DHYLGHQFLDTXHKDOODPRVQRSHUWHQHFtDDDOJXQRGHORV(YDQJHOLRV*QyVWLFRVWDQGLVSXWDGRVVLQR
DO1XHYR7HVWDPHQWRSRUORTXHQXHVWURVLQHYLWDEOHVFUtWLFRVSRUSDUWHGHOD,JOHVLDGHELHURQKDEHUWHQLGR
PXFKDV GLILFXOWDGHV SDUD HVFRQGHU HVWD YHUGDG GHEDMR GH OD DOIRPEUD (V VHJXUR TXH DOJXQRV SUHWHQGHUiQ
DUJXPHQWDU TXH QR OR OH\HURQ R TXH HV DOJXQD FODVH GH HUURU TXH SXHGH MXVWLILFDUVH PHGLDQWH HO SURFHVR
WUDGLFLRQDOGHKDEODUHQFtUFXORV
/LEUHV GH ORV UHTXHULPLHQWRV GHO GRJPD GH OD IH FLHJD KDEtDPRV DFHSWDGR TXH OD OH\HQGD GH
-HVXFULVWR HV XQD DPDOJDPD GH FXHQWRV FKLQRV VREUHQDWXUDOHV LPSRUWDGRV GH RWUDV UHOLJLRQHV GH PLVWHULR
'DGRVQXHVWURVGHVFXEULPLHQWRVHPSH]DPRVDSUHJXQWDUQRVVLLQFOXVRORVGHWDOOHVPiVJHQHUDOHVGHODYLGD
GH-HV~VSXGLHURQVHUODPH]FODGHODVKLVWRULDVGHGRVKRPEUHVFDVLGHODPLVPDIRUPDHQTXHVHFUHHTXHOD
KLVWRULD GH 5RELQ +RRG VH RULJLQy HQ ORV FXHQWRV TXH VH QDUUDEDQ VREUH YDULRV QREOHV DQJORVDMRQHV TXH
RSHUDEDQIXHUDGHODOH\GHORVJREHUQDQWHVQRUPDQGRV
¢(V TXH ODV DXWRULGDGHV URPDQDV DPHQD]DGDV SRU HO VXUJLPLHQWR GHO QDFLRQDOLVPR HQ -XGHD VH
KDEtDQPRYLOL]DGRGHXQDYH]SRUWRGDVFRQWUDWRGRVORVDOERURWDGRUHVFRQRFLGRV"/RVMXGtRVUHSUHVHQWDEDQ
XQDHVSLQDSHTXHxDSHURSHUPDQHQWHSDUDHOHPSHUDGRU\ODGLIXQGLGDH[SHFWDFLyQFRQUHVSHFWRDODOOHJDGD
GHXQQXHYRPHVtDVSDUDGHVKDFHUVHGHORVURPDQRVHVWDEDHQDUGHFLHQGRGHPDVLDGRDODSREODFLyQORFDO/RV
VLFDULRV IDQiWLFRV ]HORWHV OHYDQWDGRV HQ DUPDV HVWDEDQ DVHVLQDQGR MXGtRV TXH HUDQ DPLJRV GH 5RPD \ OD
SREODFLyQHQJHQHUDOLEDDGTXLULHQGRFRQILDQ]DDFHUFDGHODSRVLELOLGDGGHORJUDUODLQGHSHQGHQFLD+XELHUD
VLGRPX\QRUPDOSRUSDUWHGHODVDXWRULGDGHVURPDQDVHOLPLQDUHOSUREOHPDDQWHVGHTXHVHOHVVDOLHUDGHODV
PDQRV 6yOR SRGUtDPRV HVSHFXODU FRQ UHVSHFWR D TXp SXGR KDEHU SDVDGR SDUD TXH VH FUHDUD OD H[WUDxD
VLWXDFLyQTXHVHUHJLVWUDHQHO1XHYR7HVWDPHQWR
1XHVWURSULPHUHVFHQDULRHUDDTXHOHQHOTXHGRVPHVtDVFRPSHWLGRUHVVXUJLHURQGHODVILODVGHGRV
JUXSRV GLIHUHQWHV HQ-XGHD \D TXHHVWiGRFXPHQWDGR TXHHQORV VLJORV , \ ,, KXER PXFKRV TXHH[LJtDQ HO
WtWXORGHPHVtDV¢<VLGRVGHHVWRVPHVtDVDOFDQ]DURQODFLPDGHODSRSXODULGDGDOPLVPRWLHPSR"$PERV
KXELHUDQ VLGR OODPDGRV -HV~V SRU VXV VHJXLGRUHV SRUTXH HV XQD GHVFULSFLyQ TXH VH OH GD DO VDOYDGRU GHO
SXHEOR MXGtR VX SURYHHGRU GH YLFWRULD \ IXWXUD SURVSHULGDG $O PRPHQWR GH HVWH DUUHVWR SUHYHQWLYR HV
SRVLEOH TXH D XQD GH ODVILJXUDV PHVLiQLFDVVHOH FRQRFLHUD PiV FRPR-HV~VUH\ GH ORVMXGtRV \ DODRWUD
FRPR-HV~VHOKLMRGH'LRV&XDQGRVHH[KLELyHQS~EOLFRDHVWRVFULPLQDOHV3RQFLR3LODWRVHSHUFDWyGHTXH
OD VLWXDFLyQ VH HVWDED YROYLHQGR H[SORVLYD \ WHPLHQGR XQ EDxR GH VDQJUH GHO FXDO pO SRGUtD UHVXOWDU XQD
YtFWLPDRIUHFLySRQHUHQOLEHUWDGDXQRGHORVGRVPHVLDVFDXWLYRV/DPXOWLWXGWXYRTXHHVFRJHUHQWUHVX
PHVLDVUHDORVXPHVLDVVDFHUGRWDO\HVFRJLHURQDOVHJXQGR
$ HVWH HVFHQDULR OH OODPDPRV OD 7HRUtD GHO *DWRGH 6FKUyGLQJHUDFHUFDGHO PHVLDV SRUHOIDPRVR
H[SHULPHQWRGHOyJLFDTXHGHPRVWUyTXHHQHOH[WUDxRPXQGRGHODPHFiQLFDFXiQWLFDSXHGHQFRH[LVWLUGRV
UHVXOWDGRVTXHVHH[FOX\HQPXWXDPHQWHSRUTXHHVLPSRVLEOHDILUPDUVLHOFUXFLILFDGRIXHRQRHOYHUGDGHUR
-HV~VGHODIHFULVWLDQD/DVKLVWRULDVGHDPERVKRPEUHVHVWiQDKRUDWDQPH]FODGDVTXHODVVHFWDVFULVWLDQDV
TXHGLFHQTXHQXQFDORFUXFLILFDURQHVWiQHQORFRUUHFWRFRPRWDPELpQORHVWiODFRUULHQWHSULQFLSDOGHOD
,JOHVLDTXHDILUPDORFRQWUDULR
1XHVWURVHJXQGRHVFHQDULRVHEDVDEDHQHOFRQRFLPLHQWRGHTXHKDEtDXQUHTXLVLWRWUDGLFLRQDOGHTXH
KXELHUDGRVPHVLDVTXHWUDEDMDUtDQPDQRDPDQRSDUDORJUDUODYLFWRULDILQDOGH-HKRYi\6XSXHEORHOHJLGR
8QPHVLDVUHDOGHODWULEXGH-XGiODOtQHDUHDOGH'DYLGVHXQLUtDDXQPHVLDVVDFHUGRWDOGHODWULEXGH/HYL
6HHVSHUDEDHVWRGHELGRDTXHGHDFXHUGRFRQODWUDGLFLyQORVVDFHUGRWHVMXGtRVWHQtDQTXHVHUOHYLWDV(VWD
WHRUtD SUHVXSRQH TXH HQ HO PRPHQWR GHO MXLFLR VH DUUHVWy D DPERV PHVLDV \ VH OHV DFXVy GH SURYRFDU OD
LQVXUUHFFLyQFLYLO(O-HV~VGHODOtQHDUHDOGH-XGiIXHUHWHQLGR\PXULyHQODFUX]HQWDQWRTXHHO-HV~VGHOD
OtQHDVDFHUGRWDOGH/HYLIXHOLEHUDGR
¢4XLpQ HUDFXiO" (O-HV~VQDFLGR GH 0DUtDGHPDQGDED VHUXQ PHVLDV SRUTXH GHVFHQGtD GH ODOtQHDUHDO GH
'DYLG \ VH VXSRQH QDFLy HQ OD FLXGDG GH 'DYLG %HOpQ 1R REVWDQWH FRPR SXHGH OHHUVH HQ ORV SULPHURV
YHUVtFXORV GHO 1XHYR7HVWDPHQWR HVWDGHVFHQGHQFLD D WUDYpVGH XQD KLOHUD GHSURFUHDGRUHV VH EDVDHQOD
JHQHDORJtDGHOHVSRVRGH0DUtD-RVpTXHQRHUDVHJ~QODFUHHQFLDFULVWLDQDHOSDGUHGH-HV~V8QFUXHOJLUR
GHIUtDOyJLFDVLHUDHOKLMRGH'LRVQRSRGtDVHUHOPHVLDVUHDO
(QWpUPLQRVSUiFWLFRVHO-HV~VTXHQDFLyGH0DUtDQRSRGtDVHUGLFKRPHVLDVUHDOSHURVtODYHUVLyQ
VDFHUGRWDOVHVDEHTXHVXPDGUHWHQtDUHODFLyQFRQ-XDQHO%DXWLVWDTXHHUDOHYLWDSRUORTXHHOPLVPR-HV~V
GHEHKDEHUWHQLGRVDQJUHOHYLWD6LHVWH-HV~VKXELHUDXWLOL]DGRHVWHDUJXPHQWRTXHGDUtDFODURTXHQRIXHpO
TXLHQPXULyHQODFUX]
&RQ HODVXQWR GHO-HV~V GREOH QRVWRSDPRV FRQXQDIDOOD REYLDHQOD KLVWRULDFULVWLDQD GHO PHVtDV
SHURDGHPiVGHGLVFXWLUHVWRVHVFHQDULRVFRPRSRVLEOHVVROXFLRQHVQRSRGtDPRVDKRQGDUPiV1RIXHKDVWD
TXH GHVFLIUDPRV XQ DFHUWLMR PDVyQLFR TXH OD VROXFLyQ UHDO VH KL]R HYLGHQWH \ GH HOOR KDEODUHPRV PiV
DGHODQWH
/RVSULQFLSDOHVJUXSRVGH-HUXVDOpQ
/RVWUHVSULQFLSDOHVJUXSRVSREODGRUHVGH-XGHDGXUDQWHHOVLJORHUDQORVIDULVHRVORVVDGXFHRV\ORVHVHQLRV
/RVGRVSULPHURVVHGHILQHQHQODVQRWDVDOSLHGHSiJLQDGHOD%LEOLD'RXDLFRPRVLJXH
)DULVHRV \ VDGXFHRV (UDQ ODV GRV VHFWDV HQWUH ORV MXGtRV GH ORV FXDOHV ORV SULPHURV HUDQ HQ VX
PD\RUtDQRWRULRVKLSyFULWDVORV~OWLPRVXQDHVSHFLHGHOLEUHSHQVDGRUHVHQPDWHULDGHUHOLJLyQ
3DUDVHUXQDSLH]DGHLQIRUPDFLyQWDQSHTXHxDHVQRWDEOHHOJUDGRGHLQH[DFWLWXG
/RV VDGXFHRV HUDQ SRU GHUHFKR HVWDEOHFLGR OD EXURFUDFLD VDFHUGRWDO \ DULVWRFUiWLFD GH -HUXVDOpQ
(UDQPX\FRQVHUYDGRUHVHQVXVRSLQLRQHVUHOLJLRVDVQRFUHtDQHQQLQJXQDH[LVWHQFLDPiVDOOiGHODWXPED\
VLQ GXGD FRQVLGHUDEDQ ODV FRPSOHMDV SHUVSHFWLYDV \ DFFLRQHV GH ORV IDULVHRV FRPR OD REUD GH XQRV WRQWRV
VXSHUVWLFLRVRV (Q OD PD\RUtD GH ORV DVSHFWRV GLULJtDQ DO SDtV GH DFXHUGR FRQ ORV UHTXHULPLHQWRV URPDQRV
PiV TXH FRQ ORV MXGtRV HUDQ OR TXH DKRUD OODPDPRV WUDLGRUHV 6RVWHQtDQ TXH HO LQGLYLGXR HUD OLEUH SDUD
FRQVWUXLUVXSURSLRGHVWLQR\DGLIHUHQFLDGHORVIDULVHRVFUHtDQTXHODKLVWRULDWRPDEDVXSURSLRFXUVRHQ
YH]GHVHUSDUWHGHDOJ~QSODQGLYLQR6LELHQHUDQULFRV\FRQXQDSRVLFLyQVRFLDODOWDHUDQJURVHURVUXGRV\
GXURVHQH[WUHPRFRQFXDOTXLHUDTXHURPSLHUDODOH\RLQWHUILULHUDFRQVXDGPLQLVWUDFLyQ1RHUDQKRPEUHV
GHLGHDVRGHLGHDOHVSHURPDQWHQtDQDOSDtVIXQFLRQDQGRHQWDQWREXVFDEDQHOVWDWXVTXRHOFXDORSHUDED
SDUDVXEHQHILFLR6LYDPRVDVHUMXVWRVHVSUREDEOHTXHQRIXHUDQPX\GLVWLQWRVGHODVFODVHVJREHUQDQWHVHQ
OD PD\RUtD GH ORV SDtVHV DQWHV \ GHVSXpV SHUR OODPDUORV OLEUHSHQVDGRUHV HQ PDWHULD GH UHOLJLyQ HV OR PiV
OHMDQRSRVLEOHDODYHUGDG
/RVIDULVHRVSRURWURODGRQRHUDQHVWULFWDPHQWHKDEODQGRVDFHUGRWHVSHURVtGHYRWRVGHOD/H\
TXHFRQFRQVWDQFLDWUDWDEDQGHDSOLFDUHQFXDOTXLHUDVSHFWRGHODYLGD3DUDD\XGDUVHHQHVWDE~VTXHGDGH
FXPSOLPLHQWRGHOD/H\GHVDUUROODURQXQDWUDGLFLyQGHLQWHUSUHWDFLyQPHGLDQWHODFXDOWRGDVODVDFFLRQHVHV
WDEDQUHJODPHQWDGDVFRQPLQXFLRVLGDG(VWDEOHFLHURQDOWRVHVWiQGDUHVTXHVHFRQYLUWLHURQHQODVVHxDOHVGHO
MXGDLVPR RUWRGR[R PRGHUQR \ FRPSDUWD XQR VXV FUHHQFLDV R QR HUDQ LPSUHVLRQDQWHPHQWH VLQFHURV 3RU
WUDGLFLyQ WRGD DGRUDFLyQ D -HKRYi HVWDED UHVWULQJLGD \ VyOR GHEtD RFXUULU HQ 6X 'LYLQD 3UHVHQFLD HQ HO
7HPSOR GH -HUXVDOpQ EDMR HO FRQWURO GHO VXPR VDFHUGRWH SHUR ORV IDULVHRV FUHDURQ OD RSRUWXQLGDG SDUD OD
HYROXFLyQ HYHQWXDO GH OD HVWUXFWXUD GHO UDELQR \ OD VLQDJRJD FRPR XQD EDVH SDUD TXH ORV MXGtRV GH WRGDV
SDUWHVWXYLHUDQDFFHVRD'LRV
(QODDFWXDOLGDGORVWHPRUHV\HVSHUDQ]DVGHORVIDULVHRVSHUGXUDQHQHOMXGDLVPRRUWRGR[R(QWRGR
HO PXQGR RUWRGR[R GXUDQWH HO VDEDW ORV MXGtRV QR KDFHQ QHJRFLRV \ WDPSRFR PDQHMDQ XQ DXWR GH PRWRU
XVDQHOWUDQVSRUWHS~EOLFRHPSXMDQXQDFDUUHWDyODFRVHQR]XUFHQYHQWHOHYLVLyQFRFLQDQRH[SULPHQXQD
HVSRQMD WRFDQ XQ WLPEUH R XVDQ XQ HOHYDGRU 5HFLHQWHPHQWH HO JHUHQWH MXGtR GH XQ KRWHO NRVKHU HQ
%RXUQHPRXWKFHQWURYDFDFLRQDODOVXUGH,QJODWHUUDIXHGHVSHGLGRSRUDFWLYDUHOLQWHUUXSWRUHOpFWULFRSDUD
HQFHQGHUHOVLVWHPDGHFDOHIDFFLyQFHQWUDOODPDxDQDGHXQViEDGR(OKHFKRGHTXHVXVKXpVSHGHVSXGLHURQ
KDEHUPXHUWRDFDXVDGHODKLSRWHUPLDQRIXHH[FXVDSDUDHVWDGHVFRQVLGHUDGDGHVREHGLHQFLDGHOD/H\TXH
VHGHULYDGHOKHFKRGHTXHHO7RUDHOOLEURGHODOH\MXGtDSURKtEHHQFHQGHUIXHJRVGXUDQWHHOVDEDW
/RVHVHQLRVIXHURQXQJUXSRPHQRVFRPSUHQGLGRKDVWDFXDQGRVHGHVFXEULHURQORV5ROORVGHO0DU
0XHUWRHQ4XPUDQFHUFDGH-HUXVDOpQ/RVSHUJDPLQRVQRVGLFHQPXFKRGHHVWRVH[WUDxRVKRPEUHVTXH
YLYLHURQ HQ XQ YDOOH VHFR\ URFRVR GHVGH DOUHGHGRUGH OD PLWDG GHO VLJOR ,, D& KDVWD HO DxR G& +D\
HYLGHQFLDGHTXHODVFXHYDVIXHURQRFXSDGDVPiVWDUGHSRUXQQ~PHURPiVSHTXHxRGHSHUVRQDVKDVWDHODxR
G&HOWLHPSRGHOOHYDQWDPLHQWRILQDOGHORVMXGtRVEDMRRWUR-HV~VSHURQRVHVDEHDFLHQFLDFLHUWDVL
HVWRVKDELWDQWHVHUDQHVHQLRVRQR
4XHODVREVHUYDFLRQHVUHOLJLRVDVGHORVHVHQLRVKLFLHUDQYHUDORVIDULVHRVFRPRKHGRQLVWDVGHVFXLGDGRVQRV
GDODPHGLGDGHOULJRUGHVXPHQWDOLGDG$XQTXHKR\GtDPXFKRVDFDGpPLFRVDFHSWDQTXHORVHVHQLRV\OD
,JOHVLDSULPLWLYDWLHQHQPXFKRVUDVJRVHQFRP~QOD,JOHVLDGH5RPDVLHPSUHKDQHJDGRFXDOTXLHUFRQH[LyQ
HQWUHORVGRV8QRGHORVYtQFXORVPiVREYLRVHVODVLQJXODUH[SHFWDFLyQDSRFDOtSWLFDTXHFRPSDUWHQ$PERV
HVSHUDQTXHVXPXQGRH[LVWHQWHWHUPLQHGHPDQHUDDEUXSWDHLQPLQHQWH
(OSULQFLSDOIDFWRUTXHGLVWLQJXHDORVHVHQLRVGHORVVDGXFHRV\ORVIDULVHRVHVTXHSDUDVHUHVHQLR
VyOR VH UHTXLHUH KDFHU XQD HOHFFLyQ DGXOWD H LQGLYLGXDO \ QR HV SRU YLUWXG GH QDFLPLHQWR /RV HVHQLRV GH
4XPUDQVHSHQVDEDQORV~QLFRVFXVWRGLRVGHODVYHUGDGHUDVHQVHxDQ]DVGH,VUDHO\FUHtDQTXHDWUDYpVGHVX
IXQGDGRUVDFHUGRWDOFRQRFLGRHQORV5ROORVFRPRHO0DHVWURGHOD5HFWLWXGKDEtDQHVWDEOHFLGRXQDQXHYD
DOLDQ]D ODIRUPD ~OWLPD \ HVHQFLDO GHOD SHUIHFWDDOLDQ]D HQWUHHO SXHEOR GH ,VUDHO \ VX 'LRV (VWH DUUHJOR
HVWDED UHVHUYDGR GH PDQHUD H[FOXVLYD SDUD ORV PLHPEURV GH OD FRPXQLGDG HVHQLD GHELGR D VX UHVSHWR
LQIDOLEOH GH FDGD XQR GH ORV VHLVFLHQWRV WUHFH PDQGDPLHQWRV GH OD /H\ \ VX DEVROXWD FUHHQFLD HQ OD
SURIXQGLGDG GH VX SURSLD LQGLJQLGDG &RPR ORV IDULVHRV DGRSWDURQ OD LGHD GH GLRVHV PHQRUHV FRQRFLGRV
FRPRiQJHOHV
(VWi PiV DOOi GH WRGD GXGD TXH ORV DXWRUHV GH ORV 5ROORV GHO 0DU 0XHUWR TXH DKRUD OODPDPRV
TXPUDQRVRFRPXQLGDGTXPUDQDIXHURQHVHQLRV\GHVSXpVVHQRVDFODUDUtDTXHHVWHSXHEORHUDHOQD]DUHQR
RQDVRUHDQRROD,JOHVLDRULJLQDOGH-HUXVDOpQ+D\PXFKDHYLGHQFLDGHTXHHVWRVJUXSRVHUDQHQHVHQFLD
XQRVROR\HOPLVPR\HODUJXPHQWRGHOD,JOHVLDDFHUFDGHTXHHVWiQVHSDUDGRVSDUHFHVHUXQLQWHQWRSRU
SURWHJHU OR HVSHFLDO GH -HV~V FXDQGR ORV 5ROORV GHO 0DU 0XHUWR FXHQWDQ XQD KLVWRULD VLPLODU VLQ KDFHU
UHIHUHQFLDDpO6LDKRUDOD,JOHVLDDFHSWDUDTXHHOSXHEORGH4XPUDQHUDOD,JOHVLDGH-HUXVDOpQWHQGUtDTXH
H[SOLFDUSRUTXpVXGLRVSULQFLSDOQRHUDHOOtGHUGHVXFRPXQLGDG
/RV 5ROORV GHO 0DU 0XHUWR GHVFULEHQ D XQ JUXSR FRQ XQD YLVLyQ GHO PXQGR LGpQWLFD OD PLVPD
SHFXOLDU WHUPLQRORJtD \ SUHFLVDPHQWH ODV PLVPDV FUHHQFLDV HVFDWROyJLFDV TXH OD ,JOHVLD GH -HUXVDOpQ
([SHUWRVFRPR HO SURIHVRU 5REHUW (LVHQPDQ KDQGHPRVWUDGR TXH HO OtGHU GH ORV TXPUDQRVDOUHGHGRUGHOD
FXDUWD\TXLQWDGpFDGDVGHOVLJOR,G&IXH6DQWLDJRHO-XVWRKHUPDQRGH-HV~VTXHOD,JOHVLDDFHSWDFRPRHO
SULPHU2ELVSRGH-HUXVDOpQ(VWRVHFRQILUPyPiVWDUGHHQXQDFRQYHUVDFLyQSULYDGDFRQHOSURIHVRU3KLOOLS
'DYLHV
¢&yPR GLYLGtD VX WLHPSR 6DQWLDJR HO -XVWR HQWUH ORV GRV JUXSRV" ¢7DO YH] HQ GtDV DOWHUQDGRV R
PDxDQDV\WDUGHV"'LItFLOPHQWH/DUHVSXHVWDREOLJDGDHVTXHDPERVHUDQODPLVPDFRVD'XUDQWHODV~OWLPDV
WUHVGpFDGDVGHVXH[LVWHQFLDODFRPXQLGDGTXPUDQDHUDOD,JOHVLDGH-HUXVDOpQ
(Q HVStULWX ORV HVHQLRV HUDQ MXGtRV XOWUDFRQVHUYDGRUHV SHUR HQ FLHUWD IRUPD HUDQ SURJUHVLVWDV \
FUHDWLYRVVLQPHGLGD(OYRFDEXODULRTXPUDQRHVWiSUHVHQWHHQODOLWHUDWXUDFULVWLDQD\ORVPDOHQWHQGLGRVFRQ
UHVSHFWRDVXVLJQLILFDGRRULJLQDOD\XGDURQDDTXHOORVTXHVRVWHQGUtDQDGLRVHVJHQWLOHVPHGLDQWHODYDOLRVD
PRQHGDGHOMXGDLVPR(OQXHYRYRFDEXODULRTXPUDQRFRPHQ]yDIRUPDUSDUWHGHODFXOWXUDWHROyJLFDMXGtDHQ
HO VLJOR , G& FXDQGR OD OLWHUDWXUD WDUJ~PLFD HUD XQ OXJDU FRP~Q 6H WUDWDED GH OD WUDGXFFLyQ GH OD %LEOLD
KHEUHDDODUDPHRODOHQJXDGHORVMXGtRVHQORVWLHPSRVGHO&ULVWR-HV~V&RPRORVVHUYLFLRVVHUHDOL]DEDQHQ
KHEUHRTXHVHHQWHQGtDSRFRVHWUDGXFtDQOLEUHPHQWHGHPDQHUDVLPXOWiQHDDODUDPHRSDUDEHQHILFLRGHORV
ILHOHVHQJHQHUDO/RVWUDGXFWRUHVXVDEDQWpUPLQRV\IUDVHVTXHVHHQWHQGLHUDQHQYLVWDGHODVFLUFXQVWDQFLDV
GHO PRPHQWR GH WDO IRUPD TXH ORV WpUPLQRV TXPUDQRV LQFOXLGRV HQ HO ULWXDO FULVWLDQR FRPR YpQJDQRV WX
UHLQRHOUHLQRGHO6HxRUHOUHLQRGH'LRV\HOUHLQRGHOD&DVDGH'DYLGVHUHIHUtDQWRGRVDOPLVPR
REMHWLYRSROtWLFR*HRUJH:HVOH\%XFKDQDQFRPHQWD
&XDQGRVHLQIRUPyTXH-HV~VGLMR0L5HLQRQRHVGHHVWHPXQGR
-QQRTXHUtDGHFLUTXH
HVWDEDHQHO&LHOR(QHO(YDQJHOLRGH-XDQVHGLYLGHDWRGDODJHQWHHQGRVJUXSRVDTXHOORVGHOPXQGR\
DTXHOORVTXHQRVRQGHOPXQGR/RVTXHQRVRQGHOPXQGRLQFOXtDQD-HV~V\DVXVVHJXLGRUHVTXLHQHV
YLYtDQHQODWLHUUD1RHVWDEDQHQHOFLHORSHURWDPSRFRHUDQSDJDQRV3HUWHQHFtDQDODLJOHVLD\QRDHO
PXQGR(OPXQGRLQFOXtDDWRGRVORVSDJDQRV\DDTXHOORVTXHVHUHKXVDEDQDFUHHUHQpO 3RGHPRVYHUTXHORVWpUPLQRVXVDGRVHQHVRVWLHPSRVHUDQVLPSOHVDILUPDFLRQHVSROtWLFDV6LVHJXtDV
HO PRYLPLHQWR GH LQGHSHQGHQFLD HVWDEDV HQ HO 5HLQR GH 'LRV \ VLQR SHUWHQHFtDV DO PXQGR RUGLQDULR (Q
/XFDV XQ IDULVHR OH SUHJXQWy D -HV~V FXiQGR YHQGUtD HO 5HLQR GH 'LRV \ UHFLELy OD VLJXLHQWH
UHVSXHVWD
(OUHLQRGH'LRVQRYHQGUiFRQDGYHUWHQFLDQLGLUiQ+HORDTXtRKHORDOOtSRUTXHKHDTXtHOUHLQR
GH'LRVHVWiHQWUHYRVRWURV
/RV WpUPLQRV HO UHLQR GHO FLHOR
\ HO UHLQR GH 'LRV WHQtDQ XQ VLJQLILFDGR VLPSOH \ FODUR SDUD
TXLHQHV ORV XVDURQ HQ XQ LQLFLR SHUR DO VHU DGRSWDGRV \ XWLOL]DGRV SRU ORV FULVWLDQRV JHQWLOHV VXV QXHYRV
GXHxRVSHQVDEDQFRQFDULxRHQXQSDUDtVRDOTXHODJHQWHEXHQDVHLEDXQDYH]TXHVXVYLGDVWHUPLQDEDQ\
HQHOTXHHUDSRVLEOHUHXQLUVHHQXQp[WDVLVVLQWLHPSRFRQORVVHUHVDPDGRVSHUGLGRV7RGRHVWRHVWiPX\
OHMRVGHVHUORTXHFXDOTXLHU-HV~VHVGHFLUFXDOTXLHUWUDHGRUGHYLFWRULDKD\DHQVHxDGRHQHOVLJOR,/D
SDODEUDDUDPHDTXHVHWUDGXMRDOJULHJRFRPRUHLQRVHKDPDOHQWHQGLGRHQHVWHFRQWH[WR\DTXHWDPELpQVLJ
QLILFDJRELHUQRRPDQGDWR\FXDQGRVHFRQVLGHUDHOXVRFRPSOHWRGHOWpUPLQRpVWHTXLHUHGHFLUTXHODWLHUUD
GH ,VUDHO VHD JREHUQDGD GH DFXHUGR FRQ OD OH\ PRVDLFD (Q HIHFWR FXDQGR -HV~V \ VXV FRQWHPSRUiQHRV VH
UHIHUtDQDODYHQLGDGHOUHLQRGHOFLHORWDQVyORTXHUtDQGHFLUFXDQGRPX\SURQWROOHJXHHOWLHPSRHQTXH
VDTXHPRVGH-XGHDDORVRFXSDGRUHVH[WUDQMHURV\DVXVWtWHUHV\HVWDEOH]FDPRVDOJXQRVDFDWDPLHQWRVGHOD
OtQHDGXUDGHODVUHJODVMXGtDV(QWUHHOORVORVPiVUHOLJLRVRVSHQVDEDQTXHVXVSUREOHPDVHUDQUHVXOWDGRGH
TXH-HKRYi ORVKDEtD DEDQGRQDGR GHELGR D TXH YLYtDQ HQ HO SHFDGRSRUQR DFDWDU OD OH\ GH 0RLVpV FRQ OD
VXILFLHQWHIXHU]D(O~QLFRUHPHGLRSDUDWRGRVORVSUREOHPDVTXHORVDVRODEDQHUDQODSXUH]D\ODUHFWLWXG
WHQtDQTXHVHJXLUODOH\GH'LRVDOSLHGHODOHWUD
/DVyOLGDHYLGHQFLDGHORV5ROORVGHO0DU0XHUWR
&RPRKHPRVPRVWUDGRORVYtQFXORVHQWUHORVWpUPLQRVXWLOL]DGRVHQHO1XHYR7HVWDPHQWR\HQORV5ROORV
GHO 0DU 0XHUWR VRQ REYLRV SHUR GHVGH VXV RUtJHQHV OD ,JOHVLD &DWyOLFD KD WUDWDGR GH DPLQRUDU VX
LPSRUWDQFLD/DLQWHUSUHWDFLyQGHORVSHUJDPLQRVIXHGLULJLGDSRUXQJUXSRFDWyOLFRGHOTXHIRUPDURQSDUWH
ORV VDFHUGRWHV GH 9DX[ 0LOLN 6NHKDQ 3XHFK \ %HQRLW 2WUDV ILJXUDV LQGHSHQGLHQWHV LQYROXFUDGDV VH
TXHMDURQHQDTXHOPRPHQWRGHTXHQRVHOHVGDEDDFFHVRDELHUWRDPXFKRVGHORVSHUJDPLQRV\WDQWR-RKQ
$OOHJURFRPR(GPXQG:LOVRQGHFODUDURQTXHKDEtDXQDSROtWLFDGHOLEHUDGDSDUDGLVWDQFLDUDODFRPXQLGDG
TXPUDQGHORVLQLFLRVGHOFULVWLDQLVPRDSHVDUGHODFUHFLHQWHHYLGHQFLDGHTXHWHQtDQDOJRHQFRP~Q (O SDGUH GH 9RX[ GHFODUy FRQ ILUPH]D TXH ORV TXPUDQRV GLIHUtDQ SRU FRPSOHWR GH ORV SULPHURV
FULVWLDQRVWDPELpQREVHUYyTXHGHELGRDTXH-XDQHO%DXWLVWDHVWDEDWDQFHUFDGHODVHQVHxDQ]DVGHGLFKD
FRPXQLGDGQRSRGtDFRQVLGHUiUVHOHFULVWLDQRVLQRWDQVyORXQSUHFXUVRUGHOFULVWLDQLVPR&RPRHVWiFODURHQ
HO1XHYR7HVWDPHQWRTXH-XDQHO%DXWLVWDIXHIXQGDPHQWDOHQHOHVWDEOHFLPLHQWRGHOPLQLVWHULRGH-HV~VHV
GLItFLO LJQRUDU VHPHMDQWH FRQH[LyQ 'H 9DX[ LJQRUy WDPELpQ HO KHFKR GH TXH DPERV JUXSRV XWLOL]DEDQ HO
EDXWLVPR FRPSDUWtDQ VXV SRVHVLRQHV HQ FRPXQLGDG WHQtDQ XQ FRQVHMR GH GRFH SHUVRQDOLGDGHV OtGHUHV \
HVWDEDQLQWHUHVDGRVHQODVILJXUDVPHVLiQLFDV\ODLQPLQHQWHOOHJDGDGHOUHLQRGH'LRV(OGHVHSWLHPEUH
GH-RKQ$OOHJUROHHVFULELyDOSDGUHGH9DX[GLFLpQGROH
XVWHG HV LQFDSD] GH WUDWDU HO FULVWLDQLVPR EDMR XQD OX] PiV REMHWLYD 3HUVLVWH HQ KDEODU
DOHJUHPHQWHGHORVTXHORVSULPHURVMXGtRVFULVWLDQRVSHQVDEDQHQ-HUXVDOpQ\QDGLHDGLYLQDUtDTXHVX~QLFD
HYLGHQFLDUHDOVLVHOHSXHGHOODPDUDVtHVHO1XHYR7HVWDPHQWR!
(OSDGUHGH9DX[\VXHTXLSRQRSXGLHURQHYLWDUH[DPLQDUORVQXHYRVSHUJDPLQRVEDMRODOX]GHVXV
FUHHQFLDV\DH[LVWHQWHV\GHPDQHUDFRQVFLHQWHRLQFRQVFLHQWHFDPELDURQORVKHFKRVSDUDGHPRVWUDUTXHORV
TXPUDQRV\ORVQD]DUHQRVGHOD,JOHVLDGH-HUXVDOpQQRHVWDEDQUHODFLRQDGRV
(VDH[FXVDVHDFDEy
$ QRVRWURV QRV SDUHFH LQFXHVWLRQDEOH TXH HO KRPEUH TXH IXH -HVXFULVWR IXH XQD ILJXUD OtGHU GH
4XPUDQ GXUDQWH ORV DxRV FUXFLDOHV GH OD WHUFHUD \ FXDUWD GpFDGDV GHO VLJOR , (Q DTXHOORV WLHPSRV ORV
PLHPEURVGHODFRPXQLGDGHUDQSRFRVWDOYH]QRPiVGHGRVFLHQWDVSHUVRQDV\TXL]iKDEtDSRFRPiVGH
FXDWUR PLO HVHQLRV HQ WRWDO (UD XQ JUXSR GH JHQWH FRQ PHQWDOLGDGHV VLPLODUHV TXH YHtDQ OD VDOYDFLyQ
LQPLQHQWHGH VXV SUREOHPDV PHGLDQWHODVDQWLGDG \ DXQTXH QRHUDQ VDFHUGRWHVSRU KHUHQFLD OOHYDEDQ XQD
YLGDPRQiVWLFD(VWRLPSOLFDEDXQDVRFLHGDGHQH[WUHPRMHUiUTXLFDGHO*XDUGLiQRHO*UDQ0DHVWURKDFLD
DEDMRKDVWDVHUHVWDQLQIHULRUHVFRPRORVKRPEUHVFDVDGRVRDXQSHRUODVPXMHUHVHVSHFLDOPHQWHDTXHOODV
TXHPHQVWUXDEDQ/DVPXMHUHVTXHVHHQFRQWUDEDQHQHVHPRPHQWRGHVXFLFORFRUSRUDOGHEtDQUHWLUDUVHGH
WRGRFRQWDFWRFRQORVKRPEUHVLQFOX\HQGRHOFRQWDFWRYLVXDO/DUHSURGXFFLyQHUDXQDQHFHVLGDGGHVDIRU
WXQDGDGHODYLGDSHURTXHDTXHOORVTXHHOHJtDQHQWUHJDUVHDORVSODFHUHVGHODFDUQHGHEtDQSDVDUSRUXQ
SURFHVRFRQVLGHUDEOHGHSXULILFDFLyQDQWHVGHUHJUHVDUDODFRPXQLGDG
+DEtD YDULRV QLYHOHV GH PHPEUHVtD GHVGH XQ DPSOLR JUXSR H[WHUQR KDVWD XQR LQWHUQR VDQWR /D
LQLFLDFLyQ D ORV PiV DOWRV HVFDORQHV UHTXHUtD GH YRWRV GH VHFUHWR EDMR DPHQD]D GH WHUULEOHV FDVWLJRV VL VH
UHYHODEDQORVVHFUHWRVGHVXKHUPDQGDGDOPXQGRH[WHULRU(VWRSDUHFHVLPLODUDODSUiFWLFDPDVyQLFDSHUR
XQD GH ODV GLIHUHQFLDV HV TXH ORV TXPUDQRV QR FRQVLGHUDEDQ WDOHV DPHQD]DV FRPR VHxDOHV R SUXHEDV SDUD
HOORVHUDQOLWHUDOHV
(OSXHEORGH4XPUDQQRVLQWHUHVyPXFKRXVDEDQEDWDVEODQFDVKDFtDQYRWRVGHSREUH]DMXUDEDQ
JXDUGDU HO VHFUHWR EDMR DPHQD]D GH WHUULEOHV FDVWLJRV \ DILUPDEDQ TXH SRVHtDQ FRQRFLPLHQWRV VHFUHWRV
(VWiEDPRVUHFRQVWUX\HQGRODLPDJHQGHXQJUXSRMXGtRUHYROXFLRQDULRTXHSXGRKDEHULQFOXLGRD-HV~V\
TXH IXH IXQGDPHQWDO HQ OD UHYXHOWD MXGtD TXH FRQ HO WLHPSR FRQGXMR XQD YH] PiV D OD GHVWUXFFLyQ GH
-HUXVDOpQ\VXWHPSOR
+DEtDPRVHVWDEOHFLGRPiVDOOiGHWRGDGXGDUD]RQDEOHTXHORVWHPSODULRVH[FDYDURQODVUXLQDVGHO
7HPSOR GH +HURGHV \ FXDOTXLHUFRVD TXH KD\DQ HQFRQWUDGR GHEH KDEHU VLGRHVFRQGLGR HQWUH ORV SULPHURV
DxRVGHOVLJOR,FXDQGRHOWHPSORHVWDEDHQVXVSULPHURVDxRVGHFRQVWUXFFLyQ\HODxRG&FXDQGRIXH
GHVWUXLGR(VWRVLJQLILFDEDXQSHULRGRQRPD\RUGHVHWHQWDDxRVGXUDQWHHOFXDOSXGRKDEHUVHHVFRQGLGRHO
PDWHULDO(O5ROORGH&REUH²OODPDGRDVtSRUHVWDUHQHIHFWRJUDEDGRHQKRMDVGHFREUH²HQFRQWUDGRHQ
4XPUDQYpDVHILJXUDKDEODGHFyPRORVTXPUDQRVHVFRQGLHURQVXVVHFUHWRV\HVFULWXUDVEDMRHOWHPSOR
SRFR DQWHV GHO DxR G& SRU OR TXH QR WXYLPRV OD QHFHVLGDG GH HVSHFXODU VREUH ORV GXHxRV GH ORV
SHUJDPLQRV TXH ORV WHPSODULRV HQFRQWUDURQ < VL HVWiEDPRV HQ OR FRUUHFWR \ OD FRPXQLGDG TXPUDQD \ OD
,JOHVLDGH-HUXVDOpQHUDQXQDVROD\ODPLVPDFRVDUHVXOWDFODURTXHORVWHPSODULRVSRVHtDQORVGRFXPHQWRV
FULVWLDQRVPiVSXURVSRVLEOHVPXFKRPiVLPSRUWDQWHVTXHORV(YDQJHOLRV6LQySWLFRV
3RU PXFKR HO YtQFXOR PiV LPSRUWDQWHHQWUHORV HVHQLRV TXPUDQRV ORV &DEDOOHURV7HPSODULRV \ OD
IUDQFPDVRQHUtDHVHOKHFKRGHTXHORVWUHVVHFHQWUDQHQODUHFRQVWUXFFLyQItVLFD\ PtVWLFDGHO7HPSORGHO
5H\6DORPyQ(VLPSUREDEOHTXHVHWUDWHGHXQDFRLQFLGHQFLD\QRSRGUtDVHUXQDDVRFLDFLyQIUDXGXOHQWDHQ
OR TXH UHVSHFWD D OD IUDQFPDVRQHUtD \D TXH OD *UDQ /RJLD GH ,QJODWHUUD \ VXV HQVHxDQ]DV DFHUFD GH OD
FRQVWUXFFLyQGHXQWHPSORHVSLULWXDOVRQDQWHULRUHVDOGHVFXEULPLHQWRGHORV5ROORVGHO0DU0XHUWRSRUPiV
GHGRVFLHQWRVDxRV
&XDQGRHVWXGLDPRVHOFULVWLDQLVPRJQyVWLFRHQFRQWUDPRVTXHKDEtDXQYtQFXORHQWUHpVWHHO1XHYR
7HVWDPHQWR\ODIUDQFPDVRQHUtDHQFXDQWRDTXHORVWUHVKDFtDQUHIHUHQFLDDSLHGUDVDQJXODUHV(QFRQWUDPRV
ODV PLVPDV UHIHUHQFLDV HQ ORV WH[WRV GH 4XPUDQ (LVHQPDQ \ :LVH FRPHQWDQ DO UHVSHFWR HQWUH RWUDV
REVHUYDFLRQHVDFHUFDGHYtQFXORVHQWUHORVSHUJDPLQRV\HOFULVWLDQLVPR
/RV OHFWRUHV TXH HVWpQ IDPLOLDUL]DGRV FRQ HO 1XHYR 7HVWDPHQWR UHFRQRFHUiQ DTXt ORV WpUPLQRV
FRPXQLGDG\WHPSORFRPRDOXVLRQHVEiVLFDPHQWHSDUDOHODV\DTXH-HV~VHVWiUHSUHVHQWDGRFRPRHO7HPSOR
HQ ORV (YDQJHOLRV \ HQ 3DEOR OD 5HJOD GH OD &RPXQLGDG XVDQGR LPDJLQHUtD GHO HVSLULWXDOL]DGR WHPSOR
SDUDOHORHQ9,,,\L[GHVFULEHDO&RQVHMRGHODFRPXQLGDGTXPUDQDFRPRHO6DQWRGH6DQWRVSDUD
$DUyQ\XQ7HPSORSDUD,VUDHO(VWDLPDJLQHUtDFRPRYHUHPRVHVWDEDGLIXQGLGDHQ4XPUDQLQFOX\HQGR
ODVDOXVLRQHVSDUDOHODVDOVDFULILFLRODDJUDGDEOHIUDJDQFLDOD3LHGUD$QJXODU\OD)XQGDFLyQTXHFRQOOHYD (OXVRGHODLGHDGHIXQGDFLyQIXHDOJRTXHWDPELpQQRVOODPyODDWHQFLyQ
/DIDPLOLDGH-HV~V
8QHOHPHQWRVLJQLILFDWLYRTXHOD,JOHVLDVHQLHJDDGLVFXWLUHVODHYLGHQFLDGHTXH-HV~VWHQtDKHUPDQRV\HV
SUREDEOH TXH WDPELpQ KHUPDQDV (Q XQD DPSOLD YDULHGDG GH GRFXPHQWRV GH ORV VLJORV , \ ,, LQFOXVR HQ HO
PLVPR1XHYR7HVWDPHQWRVHHQFXHQWUDQUHIHUHQFLDVDGLFKRVKHUPDQRVGH-HV~V7HQHUKHUPDQRVHVQRUPDO
SHURFXDQGRVHVXSRQHTXHHUHVHOKLMRGH'LRVVXUJHXQDSUHJXQWD¢TXLpQHVHOSDGUHGHORVGHPiV"3RU
IRUWXQD KD\ HYLGHQFLD TXH LQGLFD TXH -HV~V HUD HO PD\RU SRU OR TXH VX QDFLPLHQWR GH XQD YLUJHQ QR VH
GHVFDUWD DO LQVWDQWH (VWD FXHVWLyQ GH ORV KHUPDQRV VH UHFRQRFLy KDFH PXFKR \ VH KDQ H[SXHVWR WUHV
SULQFLSDOHVWHRUtDVSDUDH[SOLFDUODVLWXDFLyQ
/RV GHEDWHV LQLFLDOHV VREUH HO FULVWLDQLVPR OOHYDEDQ HO QRPEUH GH VX WHyORJR OtGHU /D YLVLyQ GH
+HOYLGLR DFHSWD TXH HQ HIHFWR H[LVWLHURQ KHUPDQRV GH &ULVWR HO DUJXPHQWR GH (SLIDQLR SURSRQH TXH VH
WUDWDEDKLMRVGH-RVpGHXQPDWULPRQLRDQWHULRU\ODGHVHVSHUDGDH[SOLFDFLyQGH-HUyQLPRHVTXHHOWpUPLQR
KHUPDQRHQUHDOLGDGTXHUtDGHFLUSULPR$SHVDUGHTXHOD%LEOLDVHUHILHUHFRQFODULGDGDORVKHUPDQRVGH
-HV~VHQYDULDVRFDVLRQHVHQQRWDVDOPDUJHQOD%LEOLD&DWyOLFD5RPDQD'RXDLLQGLFDVLQOXJDUDGXGDVVX
RSFLyQSUHIHULGD
+HOYLGLR \ RWURV KHUHMHV GHOD PDQHUD PiV LPStDVXJLHUHQ TXHODEHQGHFLGD9LUJHQ 0DUtD WXYR
RWURVKLMRVDGHPiVGH&ULVWR
/RDQWHULRUFRQWUDGLFHD0DWHRTXLHQDVHJXUD
¢1R HV pVWHHO KLMR GHO FDUSLQWHUR" ¢1R VH OODPD VX PDGUH 0DUtD \ VXV KHUPDQRV 6DQWLDJR -RVp
6LPyQ\-XGDV"¢1RHVWiQWRGDVVXVKHUPDQDVFRQQRVRWURV"
/D UHVSXHVWD GH ORV HGLWRUHV GH OD %LEOLD 'RXDL HV FUHDWLYD \D TXH QR FRQYLQFHQWH SDUD HO OHFWRU
FUtWLFR
eVWRVHUDQORVKLMRVGH0DUtDODKHUPDQDGHQXHVWUD6HxRUD%HQGHFLGD\SRUORWDQWRGHDFXHUGRFRQ
HOHVWLORXVDGRHQODVHVFULWXUDVVHOHVOODPDEDKHUPDQRVHVGHFLUSDULHQWHVFHUFDQRVGHQXHVWUR6DOYDGRU
6L KXELHUD XQ IUDJPHQWR GH YHUGDG HQ HVWD H[WUDxD H[SOLFDFLyQ WHQGUtD TXH REVHUYDUVH TXH QR HUD PX\
LPDJLQDWLYRSRUSDUWHGHORVDEXHORVPDWHUQRVGH-HV~VWHQHUGRVKLMDV\SRQHUDDPEDVHOQRPEUHGH0DUtD
6LQHPEDUJRDKRUDVHDFHSWDGHPDQHUDFDVLXQLYHUVDOTXH-HV~VWHQtDKHUPDQRV\KHUPDQDV6XKHUPDQR
PHQRU<D
DFRY-DFREHQLQJOpVR6DQWLDJRHQODVYHUVLRQHVJULHJDVGHOD%LEOLDORVREUHYLYLyGXUDQWHDO
PHQRV WUHLQWD DxRV \ FRPR PRVWUDUHPRV PiV DGHODQWH IXH UHVSRQVDEOH GH SUHVHUYDU VXV YHUGDGHUDV
HQVHxDQ]DVSDUDTXHSRUILQSXGLHUDQWULXQIDUFRQWUDWRGR
(OQDFLPLHQWRGHXQDQXHYDUHOLJLyQ
$KRUDFRQRFtDPRVODJUDQGLIHUHQFLDHQWUHOD,JOHVLDRULJLQDOGH-HUXVDOpQ\ODRUJDQL]DFLyQSRVWHULRUTXHOHV
UREyODVURSDVGHVSXpVGHTXHVHOHVH[WHUPLQDUDHQODJXHUUDFRQORVURPDQRV$OH[DPLQDUORVHVFULWRVGH
TXLHQHV OD ,JOHVLD 5RPDQD OODPD ORV SDGUHV GH OD SULPHUD ,JOHVLD \ SRVWHULRUHV OtGHUHV GH OD ,JOHVLD
WLWXEHDPRVDQWHODFRQIXVLyQORVPDOHQWHQGLGRV\HOHPEUROODGRSHQVDPLHQWRTXHKDQH[LVWLGRDORODUJRGH
ORVDxRV7DPELpQQRVWRSDPRVFRQDOJXQDVPXHVWUDVGHXQDVRUSUHQGHQWHKRQHVWLGDGVHUHJLVWUDTXHHO3DSD
/HR;HOPLVPRTXHOODPyDO5H\(QULTXH9,,,HOGHIHQVRUGHODIHGLMR
1RVKDVHUYLGRELHQHVWHPLWRGH&ULVWR
'HVGHODFDtGDGH-HUXVDOpQHQHODxRG&ODIHOODPDGDFULVWLDQLVPRHPSH]yDGLVWDQFLDUVHGHVXV
RUtJHQHVMXGtRV\SURQWRHOUHFXHUGRGHOKpURHFRQRFLGRFRPR-RVXpVHSHUGLyHQPLWRV\OH\HQGDVDMHQRV6H
IXHURQ DSLODQGR YLHMDV KLVWRULDV SDJDQDVVREUHOD KLVWRULD GHO KRPEUHTXHLQWHQWy VHU HOUH\ VDOYDGRU GH VX
JHQWH 'H 5RPD VH FRQWy GH QXHYR OD OH\HQGD GH 5yPXOR \ 5HPR FRQ GRV QXHYRV GLRVHV PHQRUHV ORV
JUDQGHVVDQWRV3HGUR\3DEOR/DIHFKDGHQDFLPLHQWRGHOGLRV6ROHUDHOGHGLFLHPEUH\VHSHQVyTXH
WDPELpQVHUtDDGHFXDGDSDUDHOQDFLPLHQWRGH-HV~V\DTXHDVtSRGUtDFHOHEUDUVHDDPERVHOPLVPRGtD(O
VDEDWVHFDPELyGHOViEDGRDOGtDGHOGLRVVROHOGRPLQJR\HOVtPERORGHOVROHQFRQWUyVXOXJDUGHWUiVGH
ODVFDEH]DVGHORVGLYLQRV\ORVVDQWRVHQODIRUPDGHKDOR
3DUD ORV FLXGDGDQRV GHO ,PSHULR 5RPDQR OD QXHYD UHOLJLyQ OHV UHVXOWy IDPLOLDU \ D OD YH]
UHDILUPDQWHTXL]iQROHVLEDPX\ELHQHQHVWDYLGDSHURREWHQGUtDQDOJRPHMRUHQODSUy[LPD,JXDOTXHOD
PD\RUtDGHODJHQWHDORODUJRGHODKLVWRULDQRXVDEDQPXFKRODOyJLFDSUHIHUtDQGLVIUXWDUODHPRFLyQTXH
WRGROHVSURGXFtDOHSHGtDQD\XGDDVX'LRVDKRUDVyORXQRFXDQGRODQHFHVLWDEDQ\OHRUDEDQFXDQGRODV
FRVDVLEDQELHQ(OFULVWLDQLVPRVHYROYLyXQFXOWRGHULWXDOHVPiVTXHGHLGHDV\ODWHRORJtDSDVyDVHJXQGR
WpUPLQRDQWHHOFRQWUROSROtWLFR
(O ,PSHULR 5RPDQR KDEtDVLGR XQD IXHQWH SROtWLFD GH JUDQ p[LWRSHUR D SHVDUGH VXVGHVSLDGDGRV
PpWRGRVSDUDPDQWHQHUHOSRGHUpVWHQRSRGtDVHUSHUPDQHQWH(PSH]yDGHUUXPEDUVHFRPRIXHU]DFXOWXUDO
SHUR VH GLR FXHQWD GH TXH FRQWURODU ODV PHQWHV GH OD JHQWH HUD PXFKR PiV HILFD] TXH VyOR FRQWURODU VXV
FXHUSRV(OFULVWLDQLVPRGLRD5RPDHOPHFDQLVPRSDUDHVWDEOHFHUXQSRGHUSROtWLFRVLQSDUDOHOREDVDGRHQ
RIUHFHUDODVPDVDVSRFRVRILVWLFDGDVXQDPHMRUYLGDGHVSXpVGHODPXHUWHVLVHJXtDQORVRUGHQDPLHQWRVGHOD
,JOHVLD7KRPDV%REHHVILOyVRIR\SHQVDGRUSROtWLFRGHOVLJOR;9,,H[SUHVyODVLWXDFLyQFRQFODULGDG
(OSDSDGRQRHVRWUDFRVDTXHHOIDQWDVPDGHOGLIXQWR,PSHULR5RPDQRVHQWDGRFRQVXFRURQDVREUH
VXWXPEDGHVGHHQWRQFHV (VSUREDEOHTXHHODFRQWHFLPLHQWRPiVLPSRUWDQWHHQODFUHDFLyQGHORTXHDKRUDOODPDPRVOD,JOHVLD
KD\DWHQLGROXJDUHQ7XUTXtDHOGHPD\RGHODxRG&6HWUDWDGHO&RQVHMRGH1LFHDUHVXOWDGRGHOD
GHFLVLyQGHO(PSHUDGRU&RQVWDQWLQRGHWRPDUGHXQDYH]SRUWRGDVHOFRQWUROGHVXIUDJPHQWDGRLPSHULR(Q
HVH WLHPSR &RQVWDQWLQR HUD HQ H[WUHPR LPSRSXODU \ HO GHVFRQWHQWR HVWDED HQ VX DSRJHR OD LGHD TXH VH OH
RFXUULySDUDUHVROYHUVXVSUREOHPDVIXHXQDYHUGDGHUDJHQLDOLGDG(UDORVXILFLHQWHPHQWHUHDOLVWDFRPRSDUD
DFHSWDU TXH 5RPD \D QR HUD HO SRGHU TXH KDEtD VLGR \ VL ELHQ QR SRGtD DVHJXUDU VX SRVLFLyQ PHGLDQWH OD
IXHU]DRODUHFRPSHQVDILQDQFLHUDVtSRGtDLQIOXLUHQVXSXHEORVLVHLQWURGXFtDHQODVFUHHQFLDVHVSLULWXDOHV
TXHDOSDUHFHUGLYLGtDQODVOHDOWDGHVGHVXVV~EGLWRV(OLPSHULRHQWHURVHKDEtDFRQYHUWLGRHQXQDPH]FODGH
FXOWRV \ DOJXQRV GH HOORV FRPR HO FULVWLDQLVPR HVWDEDQ SUHVHQWHV GH GLYHUVDV \ YDULDGDV IRUPDV (Q HO
WUDQVFXUVRGHPXFKDVJHQHUDFLRQHVFDVLWRGDVODVUHOLJLRQHVRULHQWDOHVHQFRQWUDURQHOFDPLQRKDFLD5RPD\
KDEtDQ VLGR DVLPLODGDV \ WUDQVIRUPDGDV SDUD VDWLVIDFHU ORV JXVWRVORFDOHV7DQ PLQXFLRVR IXH HO SURFHVR GH
URPDQL]DFLyQ TXH SRFRV GH ORV IXQGDGRUHV GH ORV FXOWRV RULJLQDOHV KXELHUDQ UHFRQRFLGR VX SURSLD IH
FRQIRUPH VH IXVLRQDEDQ XQD FRQ RWUD KDVWD YROYHUVH VXPDPHQWH LQWHUFDPELDEOHV XQD YHUGDGHUD PH]FOD (Q
HVWH SHULRGR GH FDPELR DTXHOORV TXH VH KDFtDQ OODPDU FULVWLDQRV UHxtDQ HQWUH Vt D FDXVD GH ODV PXFKDV
GLIHUHQFLDVIXQGDPHQWDOHVHQFXDQWRDVXVFUHHQFLDV
$SHVDUGHVXSDSHOFRPROHJLWLPDGRUGHOFULVWLDQLVPR&RQVWDQWLQRIXHVHJXLGRUGHOFXOWRDOGLRVGHO
6RO ,QYLFWXV KDVWD HO PRPHQWR HQ TXH VH HQFRQWUy HQ VX OHFKR GH PXHUWH FXDQGR SRU ILQ DFHSWy VHU
EDXWL]DGRSRUVLDFDVRORVFULVWLDQRVKDEtDQHVWDGRHQORFRUUHFWRWRGRHOWLHPSR8QDSyOL]DGHVHJXUREDV
WDQWHVHQVDWD\EDUDWDSDUDODYLGDHQHOPiVDOOi
&XDQGR HO HPSHUDGRU VH LQYROXFUy SRU SULPHUD YH] FRQ ORV FULVWLDQRV VX SREODFLyQ HUD EDVWDQWH
VLJQLILFDWLYDXQRGHFDGDGLH]FLXGDGDQRVDVHJXUDEDVHUVHJXLGRUGHHVWHJUXSRTXHVHKDEtDVHSDUDGRGHORV
MXGtRV 6H HQFDUJy GH DUUHJODU ODV GLVSXWDV HQWUH ODV GLIHUHQWHV IDFFLRQHV FULVWLDQDV ODV FXDOHV VH DFXVDEDQ
PXWXDPHQWH GH IDOVHGDGHV \ GHEH GH KDEHUVH SHUFDWDGR GH TXH HVWD UHOLJLyQ HPHUJtD FRPR XQD IXHU]D
GRPLQDQWH
&RQVWDQWLQRVHJDQyHOWtWXORTXHODKLVWRULDOHFRQIHULUtD&RQVWDQWLQR(O*UDQGH8UGLyVXSODQ\OR
HMHFXWy GH PDQHUD LQPDFXODGD 3RU HVH HQWRQFHV KDEtD GRV HPSHUDGRUHV &RQVWDQWLQR TXLHQ JREHUQDED HO
RHVWH\/LFLQLRHOHVWH\FXDQGRHOSULPHURSURSXVRDVXFRQWUDSDUWHTXHORVPRQRWHtVWDV\DQRGHEtDQVHU
SHUVHJXLGRV /LFLQLR DFFHGLy GH LQPHGLDWR &RPR GH FXDOTXLHU PDQHUD ODV SHUVHFXFLRQHV QR KDEtDQ
WHUPLQDGR /LFLQLR KD GH KDEHUVH SUHJXQWDGR SRU TXp GH SURQWR &RQVWDQWLQR VH LQWHUHVDED WDQWR HQ HO
ELHQHVWDUGHFXOWRVDFHSWDGRVFRPRHOFULVWLDQLVPR3XGRDYHULJXDUORSRFRGHVSXpVFXDQGR&RQVWDQWLQROR
DFXVyGHQRFXPSOLUFRQHODFXHUGR\OR PDQGyHMHFXWDUFRQHOSUHWH[WRGHODSURWHFFLyQGHODVOLEHUWDGHV
UHOLJLRVDVGHVXVFLXGDGDQRV&RQVWDQWLQRVHFRQYLUWLyGHLQPHGLDWRHQHO~QLFRHPSHUDGRUFRQHODSR\RWRWDO
GHOFUHFLHQWHHLQIOX\HQWHFXOWRD&ULVWReVWDIXHXQDH[FHOHQWHYtDSDUDPDQWHQHUHORUGHQ\GHVDUUROODUOD
FRKHVLyQ\&RQVWDQWLQRVHJXURSHQVyTXHHVWHDVXQWRPHUHFtDGHVDUUROODUVHD~QPiV([LVWtDQGRVREVWiFXORV
SDUDHVWDHVWUDWHJLDHQSULPHUOXJDUDXQKDEtDPXFKDVUHOLJLRQHVDFWLYDVHQJHQHUDO\HQSDUWLFXODUGHQWURGH
ODVIXHU]DVDUPDGDVHQVHJXQGROXJDUORVFULVWLDQRVPLVPRVVHHQFRQWUDEDQHQWDOJUDGRGHGHVDFXHUGRTXH
SDUHFtDQFRUUHUHOSHOLJURGHGLYLGLUVHHQGLVWLQWDVFUHHQFLDV/DVROXFLyQGH&RQVWDQWLQRIXHDGPLUDEOHPHQWH
EULOODQWH
$ SHVDU GH VHU XQ GHYRWR GH OD UHOLJLyQ GHO 6RO ,QYLFWXV &RQVWDQWLQR RUJDQL]y HO SULPHU FRQVHMR
LQWHUQDFLRQDO GH FULVWLDQRV SDUD HVWDEOHFHU GH XQD YH] SRU WRGDV XQ SXQWR GH YLVWD ~QLFR \ RILFLDO HQ OR
FRQFHUQLHQWH DO FXOWR FULVWLDQR \ D VX SURIHWDMXGtR HO &ULVWR-HV~V /RJUy UHXQLU D OtGHUHV HFOHVLiVWLFRV GH
WRGDVSDUWHVGHOPXQGRDQWLJXRLQFOX\HQGR(VSDxD)UDQFLD(JLSWR3HUVLD6LULD$UPHQLD\ODSURSLD7LHUUD
6DQWD 'HELGR D TXH ORV FULVWLDQRV HUDQ SRU PXFKR OD VHFWD PiV UXLGRVD HVWH FRQVHMR HIHFWXDGR HQ 1LFHD
,]QLNHQODDFWXDOLGDGHQ7XUTXtDOOHJyDVHUXQSDUODPHQWRGHIDFWRGHOQXHYR,PSHULRXQLGR(OVXFHVRVH
RUJDQL]y FRQ XQ WRTXH PDJLVWUDO &RQVWDQWLQR HVWDED VHQWDGR DO FHQWUR FRQ ORV RELVSRV D VX DOUHGHGRU GH
PDQHUDTXHVXDXWRULGDGVHLPSRQtDHQWRGDVODVGLVFXVLRQHV$VtHOHPSHUDGRUVHLPSXVRFRPRHO&ULVWRGHO
PRPHQWRFRQODDWHQFLyQGHVXVGLVFtSXORV\FRPRVRVWXYLHUDGHVSXpVODOH\HQGDWDPELpQHVWXYRSUHVHQWH
HO SRGHU GHO (VStULWX 6DQWR DFWXDQGR SRU FRQGXFWR GHO KRPEUH TXH VHUtD HO IXQGDGRU GH OD ,JOHVLD $
&RQVWDQWLQR OH LQWHUHVDEDQ VREUH WRGR GRV FRVDV HO 'LRV GH ORV FULVWLDQRV D TXLHQ FRQVLGHUDED XQD
PDQLIHVWDFLyQGHVXUH\6ROH[LVWHQWH\ODILJXUDGH-HVXFULVWRDTXLHQFRQVLGHUDEDXQPHVtDVMXGtRGHOD
PLVPD IRUPD TXH VH YHtD D Vt PLVPR FRPR HO PHVtDV GH VX LPSHULR 3HQVDED TXH -HV~V HUD XQ SHUVRQDMH
JXHUUHUR\VDJUDGRFRPRpOTXLHQOXFKySRUHVWDEOHFHUODOH\GH'LRVSHURHOUH\MXGtRIUDFDVy\FRQpOHVWR
QRVXFHGHUtD
'HVGHHOWLHPSRGH&RQVWDQWLQRORVFULVWLDQRVORKDQFRQVLGHUDGRHOJUDQOtGHUGHODIHTXHGHUURWyD
ORVKHUHMHV0X\SURQWRVHFRQWyXQDKLVWRULDVREUHVXFRQYHUVLyQDOFULVWLDQLVPRFXDQGRHQOD%DWDOODGHO
3XHQWHGH0LOYLDQHOHPSHUDGRUVLJXLyODVLQVWUXFFLRQHVUHFLELGDVHQXQVXHxRSURIpWLFR\PDQGySLQWDUHO
VtPERORGHOYHUGDGHURGLRVHQORVHVFXGRVGHVXHMpUFLWR&RQEDVHHQHOVXEVHFXHQWHYtQFXORGH&RQVWDQWLQR
FRQORVFULVWLDQRVVHVXSXVRTXHVHUtDQODVVDJUDGDVSDODEUDVJULHJDVFKL\UERODVSULPHUDVGRVOHWUDVGHOD
SDODEUD FKULVWRV 3HUR GDGR TXH &RQVWDQWLQR QXQFD VH FRQYLUWLy HQ FULVWLDQR OD LPDJHQ HQ HVRV HVFXGRV
GHELyKDEHUVLGRFRQFHUWH]DHOVRODEUDVDGRUGHVXYHUGDGHURGLRV6RO,QYLFWXV1RH[LVWHQUHJLVWURVGHHVD
pSRFD TXH GHVFULEDQ HVWH VtPEROR SHUR FRPR HO HPSHUDGRU KDEtD VLGR DGPLWLGR UHFLHQWHPHQWH FRPR
PLHPEUR GHO FXOWR D GLFKR GLRV \ IXH VX VXPR VDFHUGRWH HO UHVWR GH VX YLGD SDUHFH LPSUREDEOH TXH KD\D
XWLOL]DGRRWURWLSRGHLPDJHQ
(O UHVXOWDGR GH HVWH FRQVHMR IXH HO &UHGR 1LFHDQR TXH EXVFDED UHFRQFLOLDU ODV GLIHUHQFLDV HQWUH
YDULDV IDFFLRQHV FULVWLDQDV \ HYLWDU ORV DELVPRV GRFWULQDOHV TXH SRGUtDQ GLYLGLU OD ,JOHVLD RULHQWDO SRU
FRPSOHWR/RVUHJODPHQWRVTXHVXUJLHURQFRQWLQ~DQVLHQGRODEDVHGHODPD\RUtDGHORVUHJODPHQWRVGHOD
,JOHVLD GH KR\ \ FXEUHQ XQ JUDQ Q~PHUR GH GHWDOOHV FRPR FXiQGR GHEtDQ SRQHUVH GH SLH R VHQWDUVH ODV
FRQJUHJDFLRQHV GXUDQWH ORV VHUYLFLRV 6LQ HPEDUJR OD FXHVWLyQ HVHQFLDO HUD HO SUREOHPD GH VL &ULVWR HUD
KRPEUHRGLRV\GHKDEHUVLGRGLRVFXiOHUDODQDWXUDOH]DSUHFLVDGHVXGLYLQLGDG
/RV PLHPEURV GHO FRQVHMR WHQtDQ IUHQWH D HOORV XQD JUDQ WDUHD TXH GHELy KDEHUOHV KHFKR QXGR ORV
SHQVDPLHQWRVWHROyJLFRV(QFRQWUDUXQDVROXFLyQOyJLFDHUDHQH[FHVRGLItFLOVLKDEtDXQVROR'LRV¢FyPR
SXGR-HV~VVHUXQGLRVVLQVHUDTXHO'LRV"<VLIXHFRQFHELGRSRU0DUtDVHGHGXFLUtDTXHWHQGUtDTXHKDEHU
KDELGRXQWLHPSRHQHOTXH'LRVWRGDYtDQRQDFtDSRUORTXHGHEHKDEHUXQDGHLGDGPD\RUODFXDOQRHVWi
VHSDUDGDSRUFRPSOHWR/DPHQWHJHQWLOGH&RQVWDQWLQRUDFLRQDOL]yHVWRH[SOLFDQGRODUHODFLyQHQWUH'LRVHO
SDGUH \ XQ 'LRV HO KLMR eVWD QRV SDUHFH XQD FRQFOXVLyQ EDVWDQWH SREUH SRUTXH QDGLH FUHH TXH HOORV \ VX
SURSLR SDGUH VHDQ PDQLIHVWDFLRQHV GLIHUHQWHV GH OD PLVPD HQWLGDG VL IXHUD DVt HQWRQFHV VyOR KDEUtD XQ
KXPDQR\DTXHWRGRVSHUWHQHFHPRVDXQDOtQHDGHSDGUHVHKLMRVFDVLLQILQLWD/DFRQFOXVLyQLQHOXGLEOHHV
TXH HO FULVWLDQLVPR QR HV XQD UHOLJLyQ PRQRWHtVWD HQ DEVROXWR VyOR VH GLOX\H DO PDQWHQHU VX SHQVDPLHQWR
VXPDPHQWHHPEUROODGR
/RVPLHPEURVGHO&RQVHMR1LFHDQRWDPELpQVHSODQWHDURQHVWDH[WUDxDSUHJXQWD7XYRTXHKDEHU
XQ 'LRV 3DGUH DQWHV GH TXH FRQVWUX\HUD HO PXQGR SHUR ¢TXp SXGR KDEHU HVWDGR KDFLHQGR PLHQWUDV HVWDED
VROR"
1RKXERUHVSXHVWDDOJXQDSHURXQVLJORGHVSXpV6DQ$JXVWtQGH+LSRQDVXJLULyGHPDQHUDSUHFLVDTXH
'LRVKDEtDSDVDGRHVHWLHPSR£FRQVWUX\HQGRXQLQILHUQRHVSHFLDOSDUDDTXHOORVTXHKDFtDQWDOHVSUHJXQWDV
$UULRXQVDFHUGRWHGH$OHMDQGUtDIXHHOPi[LPRH[SRQHQWHGHOJUXSRTXHQRFUHtDTXH-HVXFULVWRIXHUD'LRV
VX DUJXPHQWR VH EDVDED HQ TXH QR SRGtD VHUOR SRUTXH HUD XQ KRPEUH 'LRV HUD 'LRV \ HUD XQD EODVIHPLD
SHQVDUTXH-HV~VHUDGLYLQRSRUQDWXUDOH]DVyORSXGROOHJDUDVHUORSRUPHGLRGHVXVDFFLRQHV$UULRIXHXQ
WHyORJR DVWXWR HQ H[WUHPR \ GHVDUUROOyXQD VRUSUHQGHQWH FDQWLGDG GH DUJXPHQWRV EDVDGRV HQODVHVFULWXUDV
SDUDDSR\DUVXWHVLVGHTXH&ULVWRHUDXQKRPEUHLJXDOTXHORVPLHPEURVGHOFRQVHMR6XRSRQHQWHIXHRWUR
DOHMDQGULQROODPDGR$WDQDVLRTXLHQDILUPDEDTXHHO3DGUH\HO+LMRHUDQSDUDGyMLFDPHQWHGHXQDPLVPD
VXVWDQFLD /DV RSLQLRQHV UHODWLYDV D OD GLYLQLGDG GH -HVXFULVWR HVWDEDQ GLYLGLGDV \ WXYLHURQ TXH SRQHUVH D
YRWDFLyQ$UULRSHUGLy\HOFDVWLJRTXHSDJySRUSHUGHUIXHTXHVXQRPEUHVHGHVSUHFLDUDFRPRXQVLQyQLPR
GHPDOGDGEDMRODGHVLJQDFLyQGHOD+HUHMtD$UULDQD
/DKHUHMtDHUDXQDDFXVDFLyQTXHORVJUXSRVFULVWLDQRVVHODQ]DEDQHQWUHVtFRQIDFLOLGDGDXQTXHGH
PDQHUDLPSUHFLVDSHURGHVSXpVGHTXH&RQVWDQWLQRDVXPLyHOFRQWUROVXVLJQLILFDGRVHKL]RWDQFODURFRPR
HOFULVWDO(QHVHQFLDODYHUGDGVyORVHUtDORTXHHOHPSHUDGRUGHFtDTXHHUDHOUHVWRHUDKHUHMtDHOWUDEDMRGHO
GLDEOR0XFKDVHVFULWXUDVTXHGDURQIXHUDGHODOH\\ODDSOLFDFLyQGHODHWLTXHWDJQyVWLFDODVDSDUWDEDFRQ
HILFDFLDGHOFUHGRGHOFULVWLDQLVPRKR\GtDHVWUHFKDPHQWHGHILQLGR
(VLQWHUHVDQWHTXHXQRGHORVGRFXPHQWRVPiVLPSRUWDQWHVTXHQRSXGRVDOLUGHO&RQVHMRGH1LFHD
IXHUDOD'RQDFLyQGH&RQVWDQWLQRODFXDOVHGHVFXEULyHQHOVLJOR;9,,,\TXHSUHWHQGtDVHUODVLQVWUXFFLRQHV
GH &RQVWDQWLQR GH TXHOD ,JOHVLD GH 5RPD GHEtD WHQHU DXWRULGDG DEVROXWD HQ DVXQWRV VHFXODUHV SRUTXH 6DQ
3HGURHOVXFHVRUGH-HV~VFRPROtGHUGHOD,JOHVLDOHKDEtDRWRUJDGRGLFKDDXWRULGDGDORELVSRGH5RPD(Q
ODDFWXDOLGDGVHVDEHHQWRGRHOPXQGRTXHVHWUDWDEDGHXQDPDODIDOVLILFDFLyQDSHVDUGHORFXDOOD,JOHVLD
&DWyOLFD5RPDQDD~QVHDIHUUDDORVGHUHFKRVTXHHOGXGRVRGRFXPHQWROHFRQILHUH(QHVWHVHQWLGRWDPELpQ
SRGUtDPRV PHQFLRQDU TXH OD DILUPDFLyQ GH TXH 3HGUR OH GLR DO 3DSD ODV OODYHV GHO &LHOR HV RWUD IDOVHGDG
GHOLEHUDGDFRQODLQWHQFLyQGHVRVWHQHUODVGHPDQGDVGHOD,JOHVLDURPDQD(VWiFODURSRUORV+HFKRVGHORV
$SyVWROHV\ODV&DUWDVGH3DEORTXH6DQWLDJRKHUPDQRPHQRUGH-HV~VDVXPLyHOSDSHOGHOLGHUD]JRGHOD
,JOHVLDGH-HUXVDOpQ7DPELpQHVLQWHUHVDQWHQRWDUTXHVHJ~Q(XVHELRHO3DGUHGHOD ,JOHVLDORVSULPHURV
GLH] RELVSRV GH OD ,JOHVLDGH-HUXVDOpQ HUDQ WRGRVMXGtRV FLUFXQFLVRV VHJXtDQODVOH\HV DOLPHQWLFLDVMXGtDV
XVDEDQODOLWXUJLDMXGtDSDUDVXVRUDFLRQHVGLDULDV\VyORUHFRQRFtDQORVVDEDWV\IHVWLYDOHVMXGtRVLQFOXLGRHO
'tDGH([SLDFLyQ(VWD~OWLPDREVHUYDFLyQGHPXHVWUDFRQFODULGDGTXHQRFRQVLGHUDEDQODPXHUWHGH-HV~V
FRPRHOSHUGyQGHVXVSHFDGRV
3RU VREUH WRGRV ORV GHPiV &RQVWDQWLQR KL]R XQ HVSOpQGLGR WUDEDMR SDUD XVXUSDU OD WHRORJtD MXGtD
$XQTXHHQHIHFWRIXHHODUTXLWHFWRGHOD,JOHVLDQXQFDVHFRQYLUWLySHURVXPDGUHODHPSHUDWUL]+HOHQDVtOR
KL]R +HOHQD TXHUtD TXHWRGRV ORV VLWLRVVDJUDGRV IXHUDQLGHQWLILFDGRV \ PDUFDGRV DGHFXDGDPHQWH FRQ XQD
LJOHVLDXRWURWHPSORSRUORTXHPDQGyHTXLSRVGHLQYHVWLJDGRUHVTXHWHQtDQLQVWUXFFLRQHVGHQRUHJUHVDU
KDVWDTXHKXELHUDQGHVFXELHUWRFDGDOXJDU\DUWHIDFWRVDQWRGHVGHOD]DU]DDUGLHQWHGH0RLVpVKDVWDODPLVPD
&UX]$XWpQWLFD
&RPRHUDGHELGRHQ-HUXVDOpQEDMRHOWHPSORGH-~SLWHUVHHQFRQWUyODWXPEDGH&ULVWR\DSRFD
GLVWDQFLDVHLGHQWLILFyHOVLWLRGHODFUXFLIL[LyQ6HORFDOL]y\PDUFyFRQXQDHVWUHOODHOOXJDUH[DFWRHQHOTXH
0DUtD0DJGDOHQDHVWDEDFXDQGRHVFXFKyODV EXHQDVQRWLFLDV GH OD UHVXUUHFFLyQ WRGRHVWRWUHVFLHQWRVDxRV
GHVSXpV GH ORV DFRQWHFLPLHQWRV \ GRVFLHQWRV FLQFXHQWD DxRV GHVSXpV GH TXH ORV URPDQRV GHVWUX\HURQ OD
FLXGDG 3RU XQD FRLQFLGHQFLD PLODJURVD IXH OD PLVPD +HOHQD OD TXH VH WURSH]y FRQ OD &UX] $XWpQWLFD
LQFOXVRFRQODSODFDGH3RQFLR3LODWRLQVFULWDFRQODVSDODEUDV5H\GHORVMXGtRV
/DHPSHUDWUL]IXQGyLJOHVLDVHQHO0RQWHGHORV2OLYRVPDUFDQGRHOVLWLRHQHOTXH&ULVWRDVFHQGLy
DO&LHOR\HQHOVXSXHVWROXJDUGHVXQDFLPLHQWRHQ%HOpQ1RSRGHPRVHYLWDUSHQVDUTXH+HOHQDKDOOyOR
TXHTXHUtDHQFRQWUDU8QRGHORVVLWLRVLGHQWLILFDGRVIXHHOOXJDUH[DFWRGRQGH'LRVKDEOyFRQ0RLVpVGHVGH
OD ]DU]D DUGLHQWH HQFLPD GHO 0RQWH +RUHE HQ HO GHVLHUWR GHO 6LQDt GRQGH HQ OD DFWXDOLGDG VH XELFD HO
PRQDVWHULRGH6DQWD&DWDOLQD
8QDYH]TXHODIDPLOLDLPSHULDOVHSHUFDWyGHOYDORUSUiFWLFRGHOFULVWLDQLVPRFRQVHJXULGDGVHODQ]y
DFHOHEUDUODVOH\HQGDVGHOQXHYRFXOWR
9HUGDGHQWUHODVKHUHMtDV
/DSULPHUD,JOHVLD5RPDQDVHGLRDODWDUHDGHGHVWUXLUWRGRORTXHQRVDWLVILFLHUDORVUHTXLVLWRVGHOGRJPD
/DYHUGDGQRLPSRUWDEDORTXHOD,JOHVLDTXHUtDTXHIXHUDYHUGDGORHUD\WRGRORTXHORFRQWUDGLMHUDHUD
GHVHFKDGR+DVWDKDFHSRFRQRVHVDEtDFDVLQDGDDFHUFDGH&ULVWR-HV~VDGHPiVGHODHVFDVDLQIRUPDFLyQ
TXHVHGDHQHO1XHYR7HVWDPHQWR(VH[WUDxRFyPRXQKRPEUHTXHHVODEDVHGHODSULQFLSDOUHOLJLyQGHO
PXQGRRFFLGHQWDOSXGRKDEHUGHMDGRWDQSRFRVUDVWURV(QRFDVLRQHVHVSRVLEOHSUREDUODH[LVWHQFLDGHXQD
ILJXUD KLVWyULFD SRU ODV FRVDV QHJDWLYDV TXH VXV HQHPLJRV GLFHQ GH HOOD \ VLQ HPEDUJR QR VH PHQFLRQD D
-HV~VHQIXHQWHVFRPRODVHVFULWXUDVGH-RVHIRHOKLVWRULDGRUGHORVMXGtRVGHOVLJOR ,DSDUWHFODURGHXQ
WH[WR UHFLpQ GHVFXELHUWR FRQRFLGR FRPR HO -RVHIR (VODYR DO FXDO UHJUHVDUHPRV PiV DGHODQWH /D FDVL WRWDO
DXVHQFLDGHUHIHUHQFLDVD-HV~VVHGHEHDORVFXFKLOORVGHORVFHQVRUHVSHURSRUIRUWXQDQRWXYLHURQXQp[LWR
FRPSOHWRFRPRORGHPRVWUDUDHO-RVHIR(VODYRHVFRQGLGRSRUPXFKRWLHPSR
/D,JOHVLDURPDQL]DGDGHVWUX\yWRGDHYLGHQFLDTXHUHWUDWDUDDVXVDOYDGRUFRPRXQPRUWDOPiVTXH
FRPR XQ GLRV (Q XQR GH ORV PiV JUDQGHV DFWRV GH YDQGDOLVPR ORV FULVWLDQRV TXHPDURQ OD ELEOLRWHFD GH
$OHMDQGUtDHQ(JLSWRSRUTXHFRQWHQtDGHPDVLDGDLQIRUPDFLyQDFHUFDGHODYHUGDGHUD,JOHVLDGH-HUXVDOpQ$O
KDFHUORGHVWUX\HURQODFROHFFLyQGHWH[WRVDQWLJXRVPiVIRUPLGDEOHTXHHOPXQGRKD\DYLVWR3RUVXHUWHDO
ILQDO VX WDUHD UHVXOWy LPSRVLEOH \D TXH QR SRGtDQ HOLPLQDU WRGRV ORV UDVWURV GH HYLGHQFLD 'H DTXt ODV
UHYHODFLRQHVGHORV(YDQJHOLRV*QyVWLFRV\ORVQRWDEOHV5ROORVGHO0DU0XHUWR(VPiVORVHVFULWRVGHORV
SDGUHV IXQGDGRUHV GH OD ,JOHVLD RILFLDO GLFHQ PXFKR VLQ TXH VHD VX LQWHQFLyQ VREUH OD JHQWH \ ORV
SHQVDPLHQWRV TXH LQWHQWDEDQ GHVWUXLU $GHPiV ODV REUDV GH ORV SULPHURV SHQVDGRUHV FULVWLDQRV HVFDSDURQ
DOJXQDVYHFHVGHORVFHQVRUHVSRUTXHVHFUHtDTXHHUDQLQRIHQVLYDVDXQTXHGHKHFKRVXVSDODEUDVSXHGHQ
GHFLUQRVEDVWDQWH
8QDGHHVWDVSLH]DVLQIRUPDWLYDVVDOLyGHODSOXPDGH&OHPHQWHGH$OHMDQGUtDSURPLQHQWHSHQVDGRU
FULVWLDQRGHOVLJOR,,6HOHFRQVLGHUDEDEDVWDQWHJQyVWLFRHQFXDQWRDVXSHUVSHFWLYDSHURSRUORJHQHUDOQR
VHGHVWUXtDVXWUDEDMRSRUFRQVLGHUDUORDFHSWDEOH3XGRVDOYDUVHXQDFDUWDTXHOHHVFULELHUDDXQGHVFRQRFLGR
FRQHOQRPEUHGH7HRGRURHQODTXHGLFH
+LFLVWHELHQHQDFDOODUODVLQGHFLEOHVHQVHxDQ]DVGHORVFDUSRFUDVLDQRV\DTXHVRQODVHVWUHOODVHUUDQWHVD
ODV TXH VH UHILHUHQ ODV SURIHFtDV \ YDJDQ GHVGH HO VHQGHUR HVWUHFKR GH ORV PDQGDPLHQWRV KDVWD HO DELVPR
LQVRQGDEOHGHORVSHFDGRVFDUQDOHV\FRUSRUDOHV3RUTXHHQRUJXOOHFLpQGRVHGHVXFRQRFLPLHQWRFRPRGLFHQ
GH ODV SURIXQGLGDGHV GH 6DWDQiV QR VDEHQ TXH VH HVWiQ FRQGHQDQGR D Vt PLVPRV DO RWUR PXQGR GH OD
RVFXULGDGGHODIDOVHGDG\DODUGHDQGRDFHUFDGHVXOLEHUWDGVHKDQFRQYHUWLGRHQHVFODYRVGHGHVHRVVHUYLOHV
(VWDV SHUVRQDV KDEUiQ GH RSRQHUVH SRU FRPSOHWR \ GH WRGDV PDQHUDV 3RUTXH LQFOXVR VL GLMHUDQ DOJXQD
YHUGDGDTXHOTXHDPDODYHUGDGQRGHEHDXQDVtHVWDUGHDFXHUGRFRQHOORV3RUTXHQRWRGRORYHUGDGHUR
>FRVDV@HVODYHUGDGQLGHEHUtDSUHIHULUVHHVDYHUGDGTXHSDUHFH>PHUDPHQWH@YHUGDGHUDGHDFXHUGRFRQODV
RSLQLRQHVKXPDQDVDODYHUGDGHUDYHUGDGTXHYDGHDFXHUGRFRQODIH
$KRUDTXHODV>FRVDV@TXHHOORVFRQWLQ~DQGLFLHQGRDFHUFDGHO(YDQJHOLRVHJ~Q0DUFRVLQVSLUDGRGH
IRUPD GLYLQD DOJXQDV VRQ IDOVLILFDFLRQHV GHO WRGR \ RWUDV VL ELHQ WLHQHQ DOJXQDV >SDUWHV@ YHUGDGHUDV QR
REVWDQWHQRVHLQIRUPDQYHUGDGHUDPHQWH<DTXHODV>FRVDV@YHUGDGHUDVHVWDQGRPH]FODGDVFRQLQYHQFLRQHV
VRQIDOVHDGDVGHWDOIRUPDTXHFRPR>GLFH@HOGLFKRLQFOXVRODVDOSLHUGHVXVDERU>(QFXDQWRD@0DUFRV
HQWRQFHVGXUDQWHODHVWDQFLDGH3HGURHQ5RPDHVFULELy>XQUHJLVWUR@GHODVREUDVGHO6HxRUVLQHPEDUJRQR
GHFODUDQGRWRGRQLVLTXLHUDGDQGRSLVWDVGHODVVHFUHWDV>REUDV@VLQRVHOHFFLRQDQGRDTXHOODVTXHFRQVLGHUy
PiV~WLOHVSDUDDXPHQWDUODIHGHDTXHOORVTXHHVWDEDQVLHQGRLQVWUXLGRV
3HURFXDQGR3HGURPXULyFRPRPiUWLU0DUFRVYLQRD$OHMDQGUtDWUD\HQGRFRQVLJRWDQWRVXVQRWDV
FRPR ODV GH 3HGUR GH ODV FXDOHV WUDQVILULy D VX OLEUR DQWHULRU ODV FRVDV DGHFXDGDV SDUD DYDQ]DU KDFLD HO
FRQRFLPLHQWR>JQRVLV@>'HWDOPDQHUD@FRPSXVRXQ(YDQJHOLRPiVHVSLULWXDOSDUDHOXVRGHTXLHQHVHVWDEDQ
VLHQGRSHUIHFFLRQDGRV$XQDVtQRGLYXOJyODVFRVDVTXHQRGHEHQSURQXQFLDUVHQLHVFULELyODVHQVHxDQ]DV
KLHURSiQWLFDVGHO6HxRUVLQRTXHDKLVWRULDV\DHVFULWDVOHVDxDGLyRWUDV\PiVD~QLQFOX\yFLHUWRVGLFKRVGH
ORVFXDOHVVDEtDTXHODLQWHUSUHWDFLyQFRPRPLVWDJRJRFRQGXFLUtDDORVR\HQWHVDOVDQWXDULRPiVLQWHULRUGH
HVDYHUGDGHVFRQGLGDSRUORVVLHWH$VtHQVXPDpOSUHSDUySUHYLDPHQWHODVPDWHULDVQLGHPDODJDQDQLGH
PDQHUDLQFDXWDHQPLRSLQLyQ\DOPRULUGHMyVXFRPSRVLFLyQDODLJOHVLDGH$OHMDQGUtDGRQGHWRGDYtDVH
JXDUGDFRQHOPD\RUFXLGDGRVLHQGROHtGDVyORSRUDTXHOORVTXHVHLQLFLDQHQORVJUDQGHVPLVWHULRV
3HURFRPRORVVXFLRVGHPRQLRVVLHPSUHHVWiQPDTXLQDQGRODGHVWUXFFLyQGHODUD]DGHORVKRPEUHV
&DUSyFUDWHVLQVWUXLGRSRUHOORV\KDFLHQGRXVRGHDUWHVHQJDxRVDVHVFODYL]yGHWDOPDQHUDDFLHUWRSUHVEtWHUR
GHODLJOHVLDGH$OHMDQGUtDTXHREWXYRGHpOXQDFRSLDGHO(YDQJHOLRVHFUHWRHOFXDOLQWHUSUHWyGHDFXHUGR
FRQVXVGRFWULQDVEODVIHPDV\FDUQDOHV\DGHPiVORFRQWDPLQyPH]FODQGRODVSDODEUDVVDQWDVHLQPDFXODGDV
FRQPHQWLUDVWRWDOPHQWHGHVFDUDGDV'HHVWDPH]FODVHKDH[WUDtGRODHQVHxDQ]DGHORVFDUSRFUDVLDQRV
$QWH HOORV SRU OR WDQWR FRPR GLMH DQWHV XQR QXQFD GHEH FHGHU QL FXDQGR H[SRQHQ VXV
IDOVLILFDFLRQHV GHEH FRQFHGHU TXH HO (YDQJHOLR VHFUHWR HV GH 0DUFRV VLQR TXH GHEH LQFOXVR QHJDUOR EDMR
MXUDPHQWR<DTXH1RWRGDVODV>FRVDV@YHUGDGHUDVGHEHQGHFLUVHDWRGRVORVKRPEUHV3RUHVWD>UD]yQ@OD
6DELGXUtD GH 'LRVDWUDYpV GH 6DORPyQ QRVDGYLHUWH 5HVSyQGHOH DOWRQWRGH DFXHUGR FRQ VXVWRQWHUtDV
HQVHxDQGRTXHODOX]GHODYHUGDGGHEHHVFRQGHUVHGHDTXHOORVTXHHVWiQFLHJRVPHQWDOPHQWH'HQXHYRGLFH
'HDTXHOTXHORWLHQHQRVHUiDUUHEDWDGR\'HMDTXHHOWRQWRVHGHVSLHUWHHQODRVFXULGDG3HURQRVRWURV
VRPRVKLMRVGHODOX]KDELHQGRVLGRLOXPLQDGRVSRUODDXURUDGHO(VStULWXGHO6HxRUHQORDOWR\'RQGHHO
(VStULWXGHO6HxRUHVWiGLFHKD\OLEHUWDGSRUTXHWRGDVODVFRVDVVRQSXUDVSDUDORVSXURV
3RUORWDQWRDWLQRGXGDUpHQUHVSRQGHUODVSUHJXQWDVTXHKDVKHFKRUHIXWDQGRODVIDOVLILFDFLRQHV
FRQODVPLVPDVSDODEUDVGHO(YDQJHOLR3RUHMHPSORGHVSXpVGH<HVWDEDQHQHOFDPLQRKDFLD-HUXVDOpQ\
OR TXH VLJXH KDVWD GHVSXpV GH WUHV GtDV pO VH OHYDQWDUi >HO (YDQJHOLR VHFUHWR@ H[SRQH OR VLJXLHQWH
>PDWHULDO@SDODEUDSRUSDODEUD<YLQLHURQD%HWDQLD\FLHUWDPXMHUFX\RKHUPDQRKDEtDPXHUWRHVWDEDDKt
< YLQLHQGR VH SRVWUy DQWH -HV~V \ OH GLMR
+LMR GH 'DYLG WHQ PLVHULFRUGLD GH Pt
3HUR ORV GLVFtSXORV OD
LQFUHSDURQ<-HV~VHQRMDGRIXHFRQHOODDOMDUGtQGRQGHHVWDEDODWXPED\HQHVHPRPHQWRXQJUDQJULWRVH
HVFXFKyGHVGHODWXPED<DFHUFiQGRVH-HV~VDSDUWyODSLHGUDGHODSXHUWDGHODWXPED<GHLQPHGLDWR
\HQGR KDFLD GRQGH HVWDED HO MRYHQ OH GLR OD PDQR \ OR OHYDQWy VRVWHQLHQGR VX PDQR 3HUR HO MRYHQ PL
UiQGRORORDPy\FRPHQ]yDVXSOLFDUOHHVWDUFRQpO<VDOLHQGRGHODWXPEDHQWUDURQDODFDVDGHOMRYHQ\D
TXHHUDULFR<GHVSXpVGHVHLVGtDV-HV~VOHGLMRTXpKDFHU\HQODWDUGHHOMRYHQYLQRDpOFRQXQDW~QLFDGH
OLQRVREUH>VX@>FXHUSR@GHVQXGR<VHTXHGyFRQpOHVDQRFKHSRUTXH-HV~VOHHQVHxyORVPLVWHULRVGHOUHLQR
GH'LRV<GHDKtOHYDQWiQGRVHUHJUHVyDORWURODGRGHO-RUGiQ
'HVSXpV GH HVWDV >SDODEUDV@ HO WH[WR VLJXH < 6DQWLDJR \ -XDQ YLHQHQ D pO \ WRGD HVD VHFFLyQ
H[FHSWR>KRPEUH@GHVQXGRFRQ>KRPEUH@GHVQXGR\ODVRWUDVFRVDVDFHUFDGHODVFXDOHVPHHVFULELVWHQRVH
HQFXHQWUDQ
<GHVSXpVGHODV>SDODEUDV@<YLHQHD-HULFy>HO(YDQJHOLRVHFUHWR@VyORDxDGH<ODKHUPDQDGHO
MRYHQTXH-HV~VDPy\VXPDGUH\6DORPpHVWDEDQDKt\-HV~VQRORVUHFLELy3HURODVPXFKDVRWUDV>FRVDV
DFHUFDGHODV@TXHPHHVFULELVWHSDUHFHQVHU\VRQIDOVLILFDFLRQHV
$KRUDODYHUGDGHUDH[SOLFDFLyQ\DTXHOODTXHYDGHDFXHUGRFRQODYHUGDGHUDILORVRItD !
$TXtODFDUWDWHUPLQDDPHGLDSiJLQD
(VWD UHIHUHQFLD D XQ (YDQJHOLR VHFUHWR \ OR TXH HV PiV LPSRUWDQWH D XQD FHUHPRQLD LQWHUQD VHFUHWD
FRQGXFLGDSRUHOPLVPR-HV~VHVXQJUDQKDOOD]JR¢3RGUtDVHUYHUGDG"QRVSUHJXQWDPRV&OHPHQWHSXGR
KDEHUHVWDGRHTXLYRFDGRSHURHVRQRSDUHFtDSUREDEOH(QWRQFHVODFDUWDSRGtDKDEHUVLGRXQDIDOVLILFDFLyQ
SHURVLHUDDVt¢SRUTXp"1RSRGtDPRVLPDJLQDUTXpPRWLYRSXGRKDEHUWHQLGRDOJXLHQSDUDIDOVLILFDUODKDFH
WDQWRWLHPSR5HJUHVDQGRDODHVHQFLDGHODFDUWDSHQVDPRVTXHKD\XQDIXHUWHVLPLOLWXGHQWUHODUHIHUHQFLDDO
MRYHQKRPEUHGHVQXGRH[FHSWRSRUXQDW~QLFDGHOLQR\HOLQH[SOLFDEOHLQFLGHQWHDOPRPHQWRGHODUUHVWRGH
-HV~VHQ*HWVHPDQtFRPRVHGHVFULELyHQ0DUFRV
3HUR FLHUWRMRYHQ OHVHJXtD FXELHUWR HO FXHUSR FRQ XQD W~QLFD \ OH SUHQGLHURQ PDV pO GHMDQGROD
W~QLFDKX\yGHVQXGR
/RV FDUSRFUDVLDQRV HUDQ XQD DQWLJXD VHFWD FULVWLDQD SDUWLFXODUPHQWH GHVDJUDGDEOH TXH FUHtD TXH HO
SHFDGR HUD XQ PHGLR GH VDOYDFLyQ \ OD LPSOLFDFLyQ DFHUFD GH GRV KRPEUHV GHVQXGRV SXGR KDEHU VLGR XQD
GHVYLDFLyQGHOLEHUDGDGHORVDFRQWHFLPLHQWRVSDUDMXVWLILFDUVXSURSLRH[WUDxRFRPSRUWDPLHQWR(OFRQWHQLGR
GHODFDUWDSDUHFHUHDOGDGRHOVXFHVRQDUUDGRHQHO(YDQJHOLRGH0DUFRV'HQXHYRKD\SDUDOHOLVPRVFRQOD
PDVRQHUtDQRVUHFXHUGDODVFHUHPRQLDVPDVyQLFDVHQODVTXHHOFDQGLGDWRVHYLVWHVyORGHOLQREODQFR\SRU
VXSXHVWRHQXQLQLFLRODW~QLFDGHORVWHPSODULRVHUDGHOLQREODQFR
6LXQFULVWLDQRGHOVLJOR,,WHQtDFRQRFLPLHQWRGHODVFHUHPRQLDVVHFUHWDVTXHOOHYDEDQDFDER-HV~VHO
&ULVWR\VXVVHJXLGRUHVFDVLHVSHUDUtDPRVTXHWDOSHUVRQDIXHUDGH$OHMDQGUtDTXHWHQtDJUDQGHVFRQH[LRQHV
FRQODSULPHUD,JOHVLDGH-HUXVDOpQ'DGRHOFRQWHQLGRGUDPiWLFRGHODFDUWDTXLVLPRVHVWXGLDUORVWUDWDGRV
GH&OHPHQWHTXHD~QVREUHYLYtDQDXQTXHHVPX\SRVLEOHTXHKD\DQVLGRPRGLILFDGRVSRUFHQVRUHVFULVWLDQRV
SRVWHULRUHV (Q XQ SHTXHxR WUDEDMR WLWXODGR /RV PLVWHULRV GH OD IH TXH QR GHEHQ VHU GLYXOJDGRV D WRGRV
LQGLFDTXHHOFRQRFLPLHQWRQRVHSRQHDGLVSRVLFLyQGHWRGRV
/RVVDELRVQRSURQXQFLDQFRQODERFDORTXHUD]RQDQHQFRQVHMR3HURORTXHRLJDVDORtGRGLFHHO
6HxRU SURFOiPDOR HQ ODV FDVDV FRPSURPHWLpQGRORV D UHFLELU ODV WUDGLFLRQHV VHFUHWDV GHO YHUGDGHUR
FRQRFLPLHQWR \ H[SDQGLUODV SRU ORV DLUHV \ GH PDQHUD YLVLEOH \ FRPR KHPRV HVFXFKDGR DO RtGR DVt OR
HQWUHJDUHPRVDTXLHQVHDUHTXHULGRSHURQRQRVUHJRFLMDUHPRVHQFRPXQLFDUOHVDWRGRVVLQGLVWLQFLyQORTXH
VHOHVGLFHHQSDUiERODV
(VWR VXJLHUH TXH KDEtD XQD WUDGLFLyQ VHFUHWD \ TXH HVWi DO PHQRV HQ SDUWH LQFOXLGD HQ OD %LEOLD
HVFULWDGHWDOPDQHUDTXHORVQRLQLFLDGRVDFHSWDUtDQODSDUiERODHQIRUPDOLWHUDOHQWDQWRTXHORVLQIRUPDGRV
GLVFHUQLUtDQ DOJR PXFKR PiV LPSRUWDQWH \ VLJQLILFDWLYR &OHPHQWH VyOR SRGtD UHIHULUVH D SDUWHV GHO 1XHYR
7HVWDPHQWR TXH SRU OR JHQHUDO QR VH FRQVLGHUDQ SDUiERODV SRUTXH SDUiERODV WDQ REYLDV FRPR ODGHO %XHQ
6DPDULWDQRQRVRQQDGDPiVTXHOHFFLRQHVGHPRUDOLGDG(QWDOFDVR¢SRGUtDKDEHUXQVLJQLILFDGRRFXOWRHQ
ODV SDUWHV PiV H[WUDxDV GH OD KLVWRULD GH -HVXFULVWR TXH VRQ WRPDGDV SRU ORV FULVWLDQRV PRGHUQRV FRPR
YHUGDGHVOLWHUDOHV"(SLVRGLRVFRPRDTXHOHQTXH&ULVWRFRQYLHUWHHODJXDHQYLQRRUHVXFLWDDORVPXHUWRV
¢HVFRQGHQ XQ PHQVDMH FUtSWLFR GHWUiV GH ORV DFWRV LPSRVLEOHV D ORV TXH SDUHFHQ UHIHULUVH
(PSH]DPRV D
LQWHUHVDUQRVWDQWRHQORVGHWDOOHVGHODVHVFULWXUDVEtEOLFDVFRPRHQORVWH[WRVPDVyQLFRV
/H\HQGR OD REUD DWULEXLGD D RWUR FULVWLDQR GHO VLJOR ,, +LSyOLWR WtWXODGD 7KH 5HIXWDWLRQ RI $OO
+HUHVLHV /D UHIXWDFLyQ GH WRGDV ODV KHUHMtDV HQFRQWUDPRV UHSRUWHV IDVFLQDQWHV GH XQD VHFWD KHUpWLFD TXH
LGHQWLILFDFRPRORVQDDVHQRVTXLHQHVGHFtDQWHQHUFUHHQFLDVKHUHGDGDVGH6DQWLDJRHOKHUPDQRGHO6HxRU
SRU0DULDPQH6HVXSRQHTXHFRQVLGHUDEDQHOFRLWRHQWUHPXMHUHV\KRPEUHVFRPRXQDSUiFWLFDPDOYDGD\
VXFLDPLHQWUDVTXHEDxDUVHHQDJXDGDGRUDGHYLGDHUDDOJRHVSOpQGLGR+LSyOLWRFRQWLQ~D
$VHJXUDQHQWRQFHVTXHORVHJLSFLRVTXLHQHVHVWiGLFKRGHVSXpVGHORVIULJLRVVRQORVPiVDQWLJXRV
GHWRGRVORVKRPEUHV\TXLHQHVFRQILHVDQIXHURQORVSULPHURVHQSURFODPDUDOUHVWRGHORVKRPEUHVORVULWRV
\ RUJtDV GH DO PLVPR WLHPSR WRGRV ORV 'LRVHV DVt FRPR ODV HVSHFLHV >GH FRVDV@ WLHQHQ ORV VDJUDGRV \
DXJXVWRV \ SDUD DTXHOORV TXH QR HVWiQ LQLFLDGRV LQGHFLEOHV PLVWHULRV GH ,VLV eVWRV VLQ HPEDUJR QR VRQ
QDGDPiVTXHORTXHEXVFDEDHOODGHORVVLHWHYHORV\URSDV\HUDDUUHEDWDGRDGHFLUODYXOYDGH2VLULV<
GLFHQ TXH 2VLULVHVDJXD3HUROD QDWXUDOH]D GHORV VLHWH YHORV HVWDED URGHDGDFRQ VLHWH PDQWDV GHWH[WXUD
HWpUHD SXHV DVt OODPDQ D ODV HVWUHOODV SODQHWDULDV KDFLHQGR OD DOHJRUtD \ GHQRPLQiQGRODV >YHORV@ HWpUHRV
SRUTXHHUDODJHQHUDFLyQPXWDEOH\VHH[KLEHFRPRODFULDWXUDWUDQVIRUPDGDSRUHOLQHIDEOHHLQGHVFULSWLEOH
LQFRQFHELEOH\VLQILJXUD<HVWRGLFHQ>ORVQDDVHQRV@HVORTXHVHGHFODUDHQODVHVFULWXUDV(OMXVWRFDHUi
VLHWHYHFHV\VHOHYDQWDUiGHQXHYR3RUTXHHVWDVFDtGDVGLFHVRQORVFDPELRVGHODVHVWUHOODVPRYLGDVSRU
$TXHOTXHSRQHDODVHVWUHOODVHQPRYLPLHQWR
0XFKDVFRVDVQRVGDEDQYXHOWDVHQODFDEH]DPLHQWUDVOHtDPRVHVWHSDVDMH(OWpUPLQRQDDVHQRHV
XQRPiVSDUDQD]DUHQRHOQRPEUHDGRSWDGRSRUORVVHJXLGRUHVRULJLQDOHVGH-HV~VTXHIRUPDURQOD,JOHVLD
GH-HUXVDOpQ/DGHVFULSFLyQGHOGLVJXVWRSRUHOFRQWDFWRVH[XDOFRQODVPXMHUHV\HOLPSRUWDQWHSDSHOGHOD
OLPSLH]DWDPELpQHQFDMDDODSHUIHFFLyQFRQORTXHDKRUDVDEHPRVVREUHODFRPXQLGDGHVHQLDGH4XPUDQ
TXHHODERUyORV5ROORVGHO0DU0XHUWR/DILMDFLyQFRQHOQ~PHURVLHWHVHDMXVWDGHPDQHUDLQWHUHVDQWHDOD
UHIHUHQFLDHQODFDUWDGH&OHPHQWHDOVDQWXDULRPiVLQWHULRUGHHVDYHUGDGRFXOWDSRUORVVLHWH3DUDQRVRWURV
WRGRHQFRQMXQWRWHQtDXQIXHUWHWLQWHPDVyQLFRDXQTXHHQWRQFHVQRSXGLPRVLGHQWLILFDUODFRQH[LyQPiV
WDUGHVHDFODUyFXDQGRSDVDPRVSRUHOULWXDOGHO*UDGRGH$UFR5HDOGHOD)UDQFPDVRQHUtD
8QYtQFXORFODURHQWUH-HV~V\ORVWHPSODULRV
3RUODVHYLGHQFLDVGLVSRQLEOHVHVWiEDPRV\DFRQYHQFLGRVGHTXHHQXQSULQFLSLRD-HV~V\VXVVHJXLGRUHVVH
OHV OODPDED QDVRUHDQRV R QD]DUHQRV SHUR HUD LPSRUWDQWH HQWHQGHU OR TXH HVWD GHVLJQDFLyQ VLJQLILFDED \
FRQVLGHUDUSRUTXpGHMyGHXWLOL]DUVH$OPLVPR-HV~VVHOHKDGDGRHOWtWXORHQ0DWHR
\YLQR\KDELWyHQODFLXGDGTXHVHOODPD1D]DUHWSDUDTXHVHFXPSOLHVHORTXHIXHGLFKRSRUORVSURIHWDV
TXHKDEUtDGHVHUOODPDGRQD]DUHQR
(VWRSDUHFHLQGLFDUTXHHO(YDQJHOLRGH0DWHRIXHHVFULWRSRUDOJXLHQPX\DSDUWDGRGHODYHUGDGHUD
,JOHVLD R OR TXHHV PiV SUREDEOHTXHIXH DxDGLGR HQ XQDIHFKD SRVWHULRU SRUDOJXLHQTXHTXHUtD DUUHJODU
DOJXQRVFDERVVXHOWRVSRFRDWUDFWLYRV3HQVDPRVTXHGHFLUTXH-HV~VWHQtDODREOLJDFLyQGHLU\YLYLUHQXQ
OXJDUHQSDUWLFXODUVyORSRUTXHXQDQWLJXRDGLYLQDGRUORKDEtDGLFKRHUDXQDGRORURVDPDQLREUDOyJLFD/R
TXH HV PiV XQ HUURU LPSRUWDQWH HQ OD DVHYHUDFLyQ GHO 1XHYR 7HVWDPHQWR GH TXH OD JHQWH OODPDED D VX
VDOYDGRU-HV~VGH1D]DUHWHVTXHH[LVWHHYLGHQFLDGHTXH1D]DUHWVHQFLOODPHQWHQRH[LVWtDHQORVWLHPSRVGH
-HV~V 1R KD\ UHJLVWURV KLVWyULFRV TXH VH UHILHUDQ D HVD FLXGDG TXH DQWHFHGDQ D ODV PHQFLRQHV HQ ORV
(YDQJHOLRVORFXDOFRQVWLWX\HXQDVLWXDFLyQ~QLFD\DTXHORVURPDQRVOOHYDEDQH[FHOHQWHVUHJLVWURVGHWRGR
VXLPSHULR(OWpUPLQRTXHVHXVDEDGHKHFKRHUD-HV~VHO1D]DUHQRSRUTXHHUDXQPLHPEURPD\RUGHXQ
PRYLPLHQWRTXHOOHYDEDHVHQRPEUH(O1XHYR7HVWDPHQWRVLW~DODVSULPHUDVDFWLYLGDGHVGH-HV~VDOUHGHGRU
GHO0DUGH*DOLOHD\VXVXSXHVWRFDPELRD&DIDUQD~QGHVFULWRHQ0DWHRIXHWDQVyORXQDFRUUHFFLyQ
QHFHVDULDSDUDUHDGHFXDUODKLVWRULD /DUHGDFFLyQQRVOODPyODDWHQFLyQLPSOLFDTXH-HV~VHUDXQPLHPEURGHODVHFWDQD]DUHQDORTXH
VXJLHUH FRQ IXHU]D TXH QR HUD QHFHVDULDPHQWH VX OtGHU RULJLQDO 3DUHFH TXH -HV~V SXGR QR KDEHU VLGR HO
IXQGDGRUGHOD,JOHVLD
(VWDED FODUR TXH ORV QD]DUHQRV VHUtDQ PX\ LPSRUWDQWHV HQ OD KLVWRULD TXH HPSH]DED D GHVFXEULUVH
DQWHQXHVWURVRMRV<OXHJRHQFRQWUDPRVXQDFODYHLPSRUWDQWHHQXQDIXHQWHLQHVSHUDGDPLHQWUDVYLVLWDEDHO
6LQDt&KULVEX]RHPSHGHUQLGRDSURYHFKyODRSRUWXQLGDGGHEXFHDUHQORVDUUHFLIHVGHFRUDOGHO0DU5RMR
TXHVDEtDSRUH[SHULHQFLDVSDVDGDVHUDQORVPHMRUHVGHOPXQGR
/DYLVLELOLGDGVXEPDULQDDOUHGHGRUGH6KDUPHO6KHLNHQ(JLSWRVXHOHVHUH[FHOHQWHSHURFLHUWRGtD
EDMyGHPDQHUDGUiVWLFDGHELGRDOIORUHFLPLHQWRDQXDOGHHVSRUDVGHORVFRUDOHV(VWRHQWXUELyHODJXD\HQ
DOJXQRVOXJDUHVODYLVLELOLGDGVHUHGXMRDXQRRGRVPHWURV&KULVFXHQWDODKLVWRULD
6DEtDTXHQRWRGRHUDQPDODVQRWLFLDV\DTXHHOSODQFWRQKDEtDDWUDtGRDFULDWXUDVWDQPDUDYLOORVDV
FRPRODVPDQWDUUD\DVTXHEXVFDEDQDSURYHFKDUHOUHSHQWLQRH[FHVRGHDOLPHQWR(UDQDOUHGHGRUGHODVGLH]
GH OD PDxDQD FXDQGR VDOWp GH OD FXELHUWD GHO$SXKDUD XQ YHOHUR HJLSFLR TXH DQWHV IXHUD XQ URPSHKLHORV
VXL]RWRGDGHDFHUR\PHVXPHUJtXQRVWUHLQWDPHWURVUXPERHOOHFKRPXOWLFRORUGHOPDU
0HGLULJtKDFLDODSXQWDVDOLHQGRSRFRDSRFRFRQIRUPHHODJXDVHKDFtDFDGDYH]PHQRVSURIXQGD
\ PH GDED HVSDFLR VXILFLHQWH SDUD EXFHDU VHJXUR VLQ VXIULU XQD GHVFRPSUHVLyQ GH QLWUyJHQR &HUFD GH ORV
QXHYHPHWURVHQWUpHQXQDJUDQQXEHGHSODQFWRQDQLPDO\SHUGtSRUFRPSOHWRGHYLVWDDPLFRPSDxHURSRU
OR TXH UHWURFHGt KDFLD HO iUHD PiV FODUD 7DQ SURQWR VH UHVWDEOHFLy PL YLVLyQ PH GL FXHQWD GH TXH XQD
PDQWDUUD\D JLJDQWH YHQtD KDFLD Pt FRQ OD ERFD DELHUWD WRPDQGR WRQHODGDV GHDJXD SDUD ILOWUDU VX FRPLGD
PDWXWLQD 6H GHWXYR MXVWR D XQRV GRFH SLHV IUHQWH D Pt \ IORWy LQPyYLO FRPR XQ 291, 7HQtD PiV GH VHLV
PHWURV GH DQFKR \ \R PRYLHQGR OD FDEH]D GH XQ ODGR D RWUR SDUD SRGHU DSUHFLDU WRGR HO HVSOHQGRU GH OD
PDJQtILFDFULDWXUDPHOOHQpGHWHPRU\H[FLWDFLyQ'HUHSHQWHVLQKDFHUQLQJ~QPRYLPLHQWRYLVLEOHFRQVXV
DOHWDVVHDOHMySRUODL]TXLHUGDHQWRQFHVYLDGRVPDQWDVPiVSHTXHxDVTXHODVHJXtDQSDUDDSURYHFKDUHO
DOLPHQWRTXHGHMDEDDVXSDVR
&DOLILTXp pVWH FRPR XQR GH PLV PHMRUHV HSLVRGLRV GH EXFHR \ WDQ SURQWR FRPR UHJUHVp D OD
FXELHUWDOHSUHJXQWpD(KDEHODPLJDEOH\SRUORJHQHUDOFRQRFHGRUJXtDiUDEHHOQRPEUHGHOOXJDU\PH
GLMRTXHVHOODPDED5DV1DVUDQL/HSUHJXQWpTXpVLJQLILFDEDODSDODEUD\PHFRQWHVWyTXH5DVVHWUDGXFtD
VHQFLOODPHQWH FRPR VHxDODU R HQFDEH]DU \ 1DVUDQL HUD XQD SDODEUD TXH VH XVDED SDUD GHVFULELU D PXFKRV
SHFHVSHTXHxRV/HSUHJXQWpTXpWLSRGHSHFHV\PHUHVSRQGLyTXHVRQWDQVyORSHFHVSHTXHxRVRUGLQDULRV
FXDQGRKD\PXFKRVGHHOORVMXQWRV
8QRVGtDVGHVSXpVHQHOPRQDVWHULRGH6DQWD&DWDOLQDHVFXFKpDXQiUDEHGHVFULELUDORVFULVWLDQRV
H[DFWDPHQWHFRQODPLVPDSDODEUDQDVUDQL\DOSUHJXQWDUGHVFXEUtTXHpVWDHVODSDODEUDiUDEHQRUPDOSDUD
GHVFULELUDORVVHJXLGRUHVGHOLPSRUWDQWHSURIHWDOODPDGR-HV~V
(OVLJQLILFDGROLWHUDOGHLQPHGLDWRKL]RHFRHQQXHVWUDPHQWH\GHSURQWRDGTXLULyPXFKRVLJQLILFDGR
¢3RGUtDVHUpVWHHOVLJQLILFDGRVLPSOHGHOWpUPLQR"HVGHFLUHQORVSULPHURVWLHPSRV¢HUDQORVFULVWLDQRVORV
SHFHVSHTXHxRV"
(VWRSRGUtDEDVDUVHHQODLPDJLQHUtDGHOSHVFDGRUGHKRPEUHVTXHOD,JOHVLDOHDWULEX\HD&ULVWRPiV
SUREDEOHPHQWHVHEDVDHQODDQWLJXDDVRFLDFLyQGHOVDFHUGRWH\HOSH]/RVPLHPEURVGHODVHFWDHVHQLDHUDQ
WRGRV FRPR VDFHUGRWHV HQ FXDQWR D VXV GHYRFLRQHV \ REHGLHQFLD GH OD OH\ \ VH EDxDEDQ HQ DJXD HQ FDGD
RSRUWXQLGDGORTXHWDPELpQSXGRKDEHUVLGRXQDEXHQDUD]yQSDUDXVDUHOWpUPLQR(VWDWHRUtDHQFDMDFRQHO
KHFKRGHTXHORVPLHPEURVGHODVHFWDQD]DUHQDLEDQSRUWRGRVORVOXJDUHVVDQWRVGHODSULPHUDHUDFULVWLDQD\
PDUFDEDQVXVOXJDUHVVDJUDGRVFRQGRVDUFRVTXHIRUPDEDQHOIDPRVRVLJQRGHOSH](VLQWHUHVDQWHQRWDUTXH
HOVtPERORGHODRUJDQL]DFLyQHQXQLQLFLRHUDXQSH]\QRXQDFUX]LQGLFDQGRTXHODHMHFXFLyQGH-HV~VQR
HUDWDQLPSRUWDQWHHQDTXHOORVWLHPSRV
7DPELpQ SRGUtD VHU TXH 3HGUR \ -XDQ IXHUDQ PLHPEURV GH DOWD FDWHJRUtD GH OD VHFWD QD]DUHQD TXLHQHV
UHFOXWDURQDRWURV\SRUORWDQWRVHGLHURQDFRQRFHUFRPRSHVFDGRUHVHQUHFRQRFLPLHQWRDVXVDFWLYLGDGHVGH
UHFOXWDPLHQWRPiVTXHFRPRXQDUHIHUHQFLDOLWHUDODVXRILFLR(VWRWHQGUtDPXFKRVHQWLGRSRUTXHOD]RQDGHO
0DU 0XHUWR QR WLHQH SHFHV UHDOHV SRU WDQWR SDUD GDU D XQD OHFWXUD OLWHUDO DOJR GH YDOLGH] ORV DXWRUHV
SRVWHULRUHVGHO1XHYR7HVWDPHQWRWXYLHURQTXHFDPELDUORVRUtJHQHVGHHVWRVSHVFDGRUHVDO0DUGH*DOLOHD
²UHSOHWRGHSHFHV²SDUDUHVROYHUHVWDFRQWUDGLFFLyQ
8QD LQYHVWLJDFLyQ PiV SURIXQGD PRVWUy TXH HO DGMHWLYR QD]yUDLRV VH KD LGHQWLILFDGR FRPR XQ
WpUPLQR PX\ DQWLJXR TXH XVDEDQ ORV DMHQRV D OD VHFWD SDUD GHVFULELU DO JUXSR TXH PiV WDUGH VH FRQRFHUtD
FRPRFULVWLDQRV(SLIDQLRKDEODGHXQJUXSRSUHYLRDORVFULVWLDQRVOODPDGRORVQDVDUDLRLTXLHQHVFRPRYD
ULRVDFDGpPLFRVHQWUHHOORV/LG]EDUVNLKDQVXJHULGRHUDQRULJLQDOPHQWHODVHFWDGHGRQGHVDOLyODILJXUDGH
-HV~V\SRUORWDQWROD,JOHVLD(VWRGHQXHYRVXJLHUHTXH-HV~VELHQSXGRKDEHUVLGRVyORXQPLHPEUR\QR
XQIXQGDGRU
1R WHQtDPRV OD PHQRU GXGD FRQ UHVSHFWR D GRV FRVDV -HV~V QR YHQtD GHO SXHEOR GH 1D]DUHW PiV
ELHQHUDPLHPEURGHODVHFWDQD]DUHQDFX\RVPLHPEURVFDVLFRQFHUWH]DVHFRQVLGHUDEDQDVtPLVPRVSHFHV
(OGHVFXEULPLHQWRWHQtDWDQWDOyJLFDTXHDQDOL]DPRVODPD\RULQIRUPDFLyQSRVLEOHEXVFDQGRFDGDSHTXHxR
UDVWUR TXH SXGLHUD GDUQRV PiV FODYHV VREUH XQD KLSyWHVLV WDQ SURPHWHGRUD 9DULRV GDWRV UHVXOWDURQ
LQWULJDQWHVSHURQRVDVRPEUyVREUHPDQHUDGHVFXEULUTXHODVHFWDQD]DUHQDQXQFDPXULyGHOWRGRVREUHYLYH
D~QHQHOVXUGH,UDNFRPRSDUWHGHODJUDQVHFWDPDQGHDQDFX\RVPLHPEURVUHPRQWDQVXKHUHQFLDUHOLJLRVD
QRD-HV~VVLQRD<DKLD<XKDQDPHMRUFRQRFLGRSDUDORVFULVWLDQRVFRPR-XDQHO%DXWLVWDYpDVHODILJXUD
6XOLWHUDWXUDXWLOL]DXQDSDODEUDVLPLODUQDW]RUDMHSDUDGHVFULELUVHDVtPLVPRV&UHHQTXH<VKX0VKLKD
-HV~VHUDXQQD]DUHQRKHUHMH\UHEHOGHTXHWUDLFLRQyODVGRFWULQDVVHFUHWDVTXHVHOHKDEtDQFRQILDGR1RV
SUHJXQWDPRV FXiOHV VHUtDQ ORV VHFUHWRV TXH SXGR KDEHU SRVHtGR \ D TXLpQ VH ORV KDEtD FRQILDGR /DV
UHVSXHVWDVSRVLEOHVQRHVWDEDQPX\OHMRV
1R VDEtDPRV PXFKR VREUH ORV PDQGHDQRV \ DO LQYHVWLJDUORV TXHGDPRV PDUDYLOODGRV FRQ OD
VLJXLHQWHGHFODUDFLyQ
/RVPDQGHDQRVXQDSHTXHxDSHURWHQD]FRPXQLGDGTXHKDELWDHQ,UDNVLJXHQXQDDQWLJXDIRUPDGH
JQRVWLFLVPR TXH SUDFWLFD OD LQLFLDFLyQ HO p[WDVLV \ DOJXQRV ULWXDOHV TXH VH GLFH UHFXHUGDQ D ORV GH ORV
IUDQFPDVRQHV !
$Kt HVWDED XQ JUXSR TXH GHVFHQGtD GLUHFWDPHQWH GH OD ,JOHVLD RULJLQDO GH -HUXVDOpQ \ TXH VH
LGHQWLILFDED FRQ ORV ULWXDOHV PDVyQLFRV GHVGH HO SULQFLSLR ¢(UD SRVLEOH TXH HO VHFUHWR TXH -HV~V
VXSXHVWDPHQWH WUDLFLRQy KD\D VLGR XQ VHFUHWR DO HVWLOR PDVyQLFR" 3DUHFtD LQFUHtEOH eVWH WHQtD TXH VHU HO
SULQFLSLR GH DOJR PX\ LPSRUWDQWH DOJR TXH VH FRQILUPy FXDQGR GHVFXEULPRV TXH ORV PDQGHDQRV GH KR\
OODPDQQD]DUHQRVDVXVVDFHUGRWHV1RVIDVFLQyVDEHUTXHHVWDJHQWHWRPyVXQRPEUHGHODSDODEUDPDQGD
TXH VLJQLILFD FRQRFLPLHQWR VHFUHWR \ PX\ SURQWR HQFRQWUDPRV HYLGHQFLD GH SRVLEOHV FRQH[LRQHV FRQ OD
IUDQFPDVRQHUtD/RVPDQGHDQRVXWLOL]DQXQULWXDOGHVDOXGRTXHVHOODPDNXVKWD\FRQVLVWHHQXQDSUHWyQGH
PDQRV TXH VH OH GD D ORV FDQGLGDWRV GH OD FHUHPRQLD \ VLJQLILFD UHFWLWXG R KDFHU ODV FRVDV FRUUHFWDV
&RQVLGHUDPRV TXH pVWD HV XQD LGHD PX\ PDVyQLFD 2WUR DVSHFWR GH VX ULWXDO TXH SDUHFtD WHQHU YLVRV
PDVyQLFRV HV HO KHFKR GH TXH ORV PDQGHDQRV GLFHQ XQD RUDFLyQ HQ VLOHQFLR FXDQGR VH FRQVLGHUD TXH VXV
LQLFLDGRVHVWiQULWXDOPHQWHPXHUWRVGHODPLVPDIRUPDTXHODVSDODEUDVPiVVHFUHWDVGHODIUDQFPDVRQHUtD
VRQ VXVXUUDGDV DO RtGR GHO FDQGLGDWR D 0DHVWUR 0DVyQ FXDQGR HV OHYDQWDGR GH VX WXPED ULWXDO (VWR PiV
DGHODQWHQRVGDUtDXQYtQFXORPX\LPSRUWDQWHHQWUHHODQWLJXRSDVDGR\ODIUDQFPDVRQHUtDPRGHUQD
/DHVWUHOODGHORVPDQGHDQRV
&KULVHPSH]yDHVWXGLDUPiVGHFHUFDODVFUHHQFLDV\ULWXDOHVGHHVWHQRWDEOHIyVLOWHROyJLFRGHXQDFXOWXUD
TXHVHUHPRQWDDORVWLHPSRVGH-HV~V\GLRFRQDOJXQDVSDODEUDVTXHQRVOOHYDUtDQDGHVHQUHGDUODKLVWRULD
-RVHIR HO KLVWRULDGRU GH ORV MXGtRV GXUDQWH HO VLJOR , REVHUYy TXH ORV HVHQLRV FUHtDQ TXH DOPDV EXHQDV
KDELWDEDQPiVDOOiGHORFpDQRHQXQDUHJLyQTXHQRHUDD]RWDGDSRUODVWRUPHQWDVGHOOXYLDRQLHYHQLSRUHO
LQWHQVRFDORUVLQRUHIUHVFDGDSRUODVXDYHUHVSLUDFLyQGHOYLHQWRGHORHVWHTXHGHPDQHUDSHUSHWXDVRSODGHO
RFpDQR (VWD WLHUUD LGtOLFD GHO RWUR ODGR GHO PDU \ DO RHVWH R D YHFHV DO QRUWH HV XQD FUHHQFLD FRP~Q HQ
PXFKDV FXOWXUDV GH ORV MXGtRV D ORV JULHJRV \ D ORV FHOWDV /RV PDQGHDQRV VLQ HPEDUJR FUHHQ TXH ORV
KDELWDQWHVGHHVWDWLHUUDOHMDQDVRQWDQSXURVTXHORVRMRVPRUWDOHVQRORVYHUiQ\TXHHVWHOXJDUHVWiPDUFDGR
SRUXQDHVWUHOODFX\RQRPEUHHV0HQHD
8QD WLHUUD DO RWUR ODGR GHO RFpDQR XQ OXJDU SHUIHFWR PDUFDGR SRU XQD HVWUHOOD FRQRFLGD FRPR
0HULFDRWDOYH]¢$PpULFD"6DEtDPRVTXHODHVWUHOODPDWXWLQDHUDLPSRUWDQWHSDUDORVQD]DUHQRV\TXHOD
HVWUHOODGHODWDUGHODGHORHVWHHVHOPLVPRFXHUSRFHOHVWHHOSODQHWD9HQXV
&RPRHQFRQWUDUtDPRVPiVDGHODQWHFRQJUDQGHWDOOHHQQXHVWUDVLQYHVWLJDFLRQHVORV(VWDGRV8QLGRV
GH$PpULFDIXHURQFUHDGRVSRUIUDQFPDVRQHV\VXFRQVWLWXFLyQVHEDVDHQORVSULQFLSLRVPDVyQLFRV\FRPR
\DVDEtDPRVODHVWUHOODPDWXWLQDHVDTXHOODKDFLDODTXHWRGRQXHYR0DHVWUR0DVyQGHEHPLUDU/DHVWUHOOD
FRPRVtPERORVLHPSUHKDVLGRLPSRUWDQWHSDUD(VWDGRV8QLGRV
'HLQPHGLDWRQXHVWUDVPHQWHVVHYROYLHURQDOULWXDOPDVyQLFR\DOFLHUUHGHODUHXQLyQGHODORJLD
FXDQGRHO0DHVWUR9HQHUDEOHOHVKDFHODVVLJXLHQWHVSUHJXQWDVDO3ULPHU\6HJXQGR9LJLODQWH
+HUPDQR3ULPHU9LJLODQWH¢KDFLDGyQGHGLULJHVWXVSDVRV"+DFLDHORHVWH0DHVWUR9HQHUDEOH
+HUPDQR 6HJXQGR 9LJLODQWH ¢SRU TXp GHMDU HO HVWH SDUD LU DO RHVWH" (Q EXVFD GH OR TXH VH KD
SHUGLGR0DHVWUR9HQHUDEOH+HUPDQR3ULPHU9LJLODQWH¢TXpHVORTXHVHKDSHUGLGR"
/RVVHFUHWRVJHQXLQRVGHXQ0DHVWUR0DVyQ0DHVWUR9HQHUDEOH
(VWRV YtQFXORV SRGUtDQ VHU FRLQFLGHQFLDV SHUR QRV SDUHFH TXH VRQ GHPDVLDGDV FRLQFLGHQFLDV
VLPXOWiQHDV
/DHVWUHOODGH$PpULFD
3XHGHSDUHFHUXQDGHVYLDFLyQH[WUDxDFXDQGRVHHVWiLQYHVWLJDQGRVREUH-HUXVDOpQHQORVWLHPSRVGH-HV~V
SHURHORULJHQGHOQRPEUH$PpULFDHVXQLPSRUWDQWHUHVXOWDGRODWHUDOGHQXHVWURVHVWXGLRV&UHHPRVTXHXQR
GH ORV SUREOHPDV GH OD LQYHVWLJDFLyQ KLVWyULFD WUDGLFLRQDO HV TXH ORV H[SHUWRV KDQ WUDEDMDGR FRQ SDTXHWHV
LQGLYLGXDOHVGHKLVWRULDFRPRVLFLHUWRVFRQMXQWRVVLJQLILFDWLYRVGHFLUFXQVWDQFLDVVyORVHGLHUDQHQXQDIHFKD
GDGDSDUDTXHQRVRWURVORVHWLTXHWiUDPRV\REVHUYiUDPRV/RVLQYHVWLJDGRUHVVHULRVDSUHFLDQFDGDYH]PiV
TXH KD\ IXHUWHV H LQHVSHUDGRV YtQFXORV HQWUH WRGD FODVH GH DFRQWHFLPLHQWRV TXH DQWHV SDUHFtDQ QR HVWDU
UHODFLRQDGRV
6DEtDPRVTXHORVPDQGHDQRVHUDQORVGHVFHQGLHQWHVGLUHFWRVGHORVQD]DUHQRVDTXLHQHVDVXYH]
LGHQWLILFDPRVFRPRSHUWHQHFLHQWHVDOPLVPRJUXSRTXHORVTXPUDQRVHOSXHEORTXHHQWHUUyVXVSHUJDPLQRV
VHFUHWRV EDMR GHO 7HPSOR GH +HURGHV (V OyJLFR TXH VL ORV SDGUHV GH ORV DQWHFHVRUHV GH ORV PDQGHDQRV
IXHURQ ORV DXWRUHV GH ORV SHUJDPLQRV TXH ORV WHPSODULRV GHVHQWHUUDURQ OD WLHUUD PtVWLFD EDMR OD HVWUHOOD
OODPDGD0HULFDGHEHUtDHVWDUUHJLVWUDGDHQVXVHVFULWXUDVVHFUHWDV(QUHVXPHQHUDSRVLEOHTXHORVWHPSODULRV
VHKD\DQHQWHUDGRSRUPHGLRGHORVSHUJDPLQRVGHXQDWLHUUDPDUDYLOORVDEDMRODEULOODQWHHVWUHOODVROLWDULD
0HULFD\GHVHUDVtKD\JUDQGHVSRVLELOLGDGHVGHTXHKD\DQQDYHJDGRKDFLDHORHVWHSDUDHQFRQWUDUOD
3RSXODUPHQWHVHFUHHTXHHOFRQWLQHQWH$PpULFDWRPyVXQRPEUHGHOQRPEUHFULVWLDQRGH$PpULFR
9HVSXFLR XQ ULFR YHQGHGRU GH EDUFRV GH 6HYLOOD TXH QR OOHJy DO 1XHYR 0XQGR KDVWD VLHWH DxRV
GHVSXpVTXH&ROyQ$KRUDVHDFHSWDHOKHFKRGHTXHPXFKRVHXURSHRV\DVLiWLFRVDUULEDURQDOFRQWLQHQWHPX
FKRWLHPSRDQWHVTXHODVIDPRVDVH[SHGLFLRQHVVXEVLGLDGDVSRUORVHVSDxROHV4XL]iORVGHVFHQGLHQWHVGHORV
WHPSODULRVHVWXYLHURQLQYROXFUDGRVHQGDUOHQRPEUHDOQXHYRFRQWLQHQWHTXL]iHOORVPLVPRVIXHURQHQEXVFD
GHODWLHUUDEDMRODHVWUHOODYHVSHUWLQDGHODFXDOVDEtDQSRUVXVGHVFXEULPLHQWRVTXHVHOODPDED0HULFD
/RV EDUFRV WHPSODULRV VH FRQVWUXtDQ SDUD UHVLVWLU XQD YDULHGDG GH FRQGLFLRQHV LQFOX\HQGR ODV
WRUPHQWDV GH OD %DKtD GH 9L]FD\D \ VX VLVWHPD GH QDYHJDFLyQ PHGLDQWH FRPSDVHV GH LPDQHV \ PDSDV
DVWUROyJLFRVHVWDEDOHMRVGHVHUUXGLPHQWDULR8QYLDMHWUDVDWOiQWLFRQRVyORHUDSRVLEOHVLVDEtDQGHODWLHUUD
GH OD HVWUHOOD PDWXWLQD OD WLHUUD GH 0HULFD WDPELpQ WHQtDQ HO PRWLYR SHUIHFWR WDQWR SDUD KDOODU HO 1XHYR
0XQGRFRPRSDUDGHMDUHO9LHMRVREUHYLYLU\DTXHVXRUGHQKDEtDVLGRDFXVDGDGHKHUHMHHQ
$ OD OX] GH HVWD QXHYD HYLGHQFLD &KULV SHQVy TXH HUD UD]RQDEOH HVSHFXODU TXH DOJXQRV GH ORV
WHPSODULRV QDYHJDURQ UXPER DO RHVWH KDFLD OR GHVFRQRFLGR RQGHDQGR VX EDQGHUD PDUtWLPD GH EDWDOOD OD
FDODYHUD FRQ ORV KXHVRV FUX]DGRV (QWRQFHV HQFRQWUDURQ OD WLHUUD GH OD HVWUHOOD GHO RHVWH FLHQWR RFKHQWD \
FLQFRDxRVDQWHVTXH&ROyQ/DLGHDSDUHFtDWHQHUPXFKRVHQWLGRSHURODHYLGHQFLDWRGDYtDHUDHQJUDQSDUWH
FLUFXQVWDQFLDO
&KULV KDEtD HVWDGR WUDEDMDQGR HQ OD LQWHUSUHWDFLyQ GH ODV FRPSOHMLGDGHV GH ORV FXOWRV GHO VLJOR ,
G&\ FXDQGR VH OH RFXUULy TXH SRGUtD KDEHU XQD FRQH[LyQ HQWUH 0HULFD \ $PpULFD FUH\y TXH SRGtD VHU
VLJQLILFDWLYRDXQTXHVDEtDGHODIDOWDGHSUXHEDV&KULVGLFHDOUHVSHFWR
5HFXHUGR TXH HVWDED VHJXUR GH TXH HQ QXHVWUD VLJXLHQWH UHXQLyQ 5REHUW VH HPRFLRQDUtD DQWH OD
SRVLELOLGDG GH TXH HO QRPEUH GHO FRQWLQHQWH DPHULFDQR WXYLHUD XQ RULJHQ QD]DUHQR 1R OR PHQFLRQp HQ
DEVROXWR\HVSHUpDTXHOH\HUDPLERUUDGRUGHOFDStWXOR0HWLyPLGLVTXHWHHQODFRPSXWDGRUD\HPSH]yD
OHHU FXDQGR OOHJy D OD VHFFLyQ LPSRUWDQWH VX UHDFFLyQ IXH XQ VLOHQFLR DEVROXWR 0H VHQWt HQ YHUGDG
GHFHSFLRQDGRVL5REHUWQRHQFRQWUDEDHVWDVKLSyWHVLVLQWHUHVDQWHVQDGLHORKDUtD
5REHUW VH OHYDQWy \ PXUPXUDQGR HQWUH GLHQWHV HPSH]y D EXVFDU HQWUH ODV SLODV GH OLEURV TXH
OOHQDEDQFDGDULQFyQGHOSLVRGHVXHVWXGLR/DQ]yXQDH[FODPDFLyQFXDQGRYDULRVYRO~PHQHVGHOD+LVWRU\
RI)UHHPDVRQU\GH*RXOGFD\HURQ\VRQULyVDFDQGRGHHQPHGLRXQOLEURQXHYR\EULOODQWH
+RMHyODVSiJLQDVGHOPDSDGHFDUUHWHUDV$$GHODV,VODV%ULWiQLFDV\VHxDOyFRQHOtQGLFHODUHJLyQ
JHQHUDOGH(VFRFLD
¢6HWHDQWRMDXQSDVHR"
PHSUHJXQWy
¢4XpHVWiVVHxDODQGR"
OHSUHJXQWpWUDWDQGRGHQRYHUPHPX\GHVDQLPDGR
¢(GLPEXUJR"
1R6yORXQRVNLOyPHWURVDOVXUODYLOODGH5RVOLQODVUXLQDVGHOD&DSLOODGH5RVVO\Q
'RVGtDVGHVSXpVSDUWLPRVSDUD(GLPEXUJR\5REHUWD~QQRPHKDEtDH[SOLFDGRODUD]yQ'HVGHHO
SULQFLSLR GH QXHVWUR WUDEDMR QRV GLYLGLPRV OD UHVSRQVDELOLGDG DSUR[LPDGDPHQWH HQ HO SHULRGR WHPSODULR
5REHUW VHFRQFHQWUDUtD HQORV VXFHVRV RFXUULGRV D SDUWLU GHOVLJOR ;,,, \ \R HQ WRGR ORDQWHULRU-XVWRHQ HO
PRPHQWR HQ HO TXH \R LQYHVWLJDED HO VLJOR , G& HQ -HUXVDOpQ 5REHUW HVWXGLDED HO VLJOR ;,9 HQ (VFRFLD
9LVLWDV SUHYLDV DO RWUR ODGR GH OD IURQWHUD \D KDEtDQ UHYHODGR XQ JUDQ Q~PHUR GH WXPEDV PDVyQLFDV \
WHPSODUtDVTXHQRVGHPRVWUDURQODLPSRUWDQFLDGHHVWHSDtVHQHOGHVDUUROORGHODIUDQFPDVRQHUtD¢4XpPiV
KDEUtDHQFRQWUDGR5REHUW"
8WLOL]DPRV HO WLHPSR GHO YLDMH SDUD KDEODU GH GLYHUVDV iUHDV GH QXHVWUR WUDEDMR JHQHUDO SHUR
FRQIRUPH QRV DFHUFDPRV D OD IURQWHUD HVFRFHVD GH *UHWQD PH LPSDFLHQWp \ OH LQVLVWt D 5REHUW TXH PH
H[SOLFDUDFXiOHUDQXHVWUDPLVLyQ
0X\ ELHQ
PH GLMR FRQ XQD VRQULVD 6DEHV TXH KH HVWDGR H[DPLQDQGR OD KLVWRULD GH OD IDPLOLD
6LQFODLU\ODFDSLOODTXH:LOOLDP6W&ODLUFRQVWUX\yHQORTXHHVDKRUDODYLOODGH5RVOLQ
6t
UHVSRQGtFRQUDSLGH]SDUDLQGLFDUOHTXHIXHUDDOJUDQR
%XHQR QR PH SHUFDWp DOOHHUORSRUSULPHUD YH] SHUR KD\ DOJR PX\ H[WUDxR DFHUFD GHOD &DSLOOD
5RVVO\QTXHHQFDMDFRQWXLGHDGH0HULFD
5REHUWFRQWLQXyKDELHQGRFDSWXUDGRWRGDPLDWHQFLyQ
7RGDOD
FRQVWUXFFLyQ HVWi GHFRUDGD SRU GHQWUR FRQ WDOODGRV GH LPSRUWDQFLD PDVyQLFD\ ERWiQLFD $UFRV GLQWHOHV
EDVHV GH FROXPQDV \ VLPLODUHV HVWiQ FXELHUWRV HQ VX PD\RUtD FRQ PRWLYRV GH SODQWDV GHFRUDWLYRV \ PX\
GHWDOODGRVUHSUHVHQWDQGRPXFKDVHVSHFLHVGLIHUHQWHV
7RGRHOORHUDIDVFLQDQWHSHURWRGDYtDQRHVWDEDFODUDVXFRQH[LyQFRQPLGHVFXEULPLHQWRVREUHORV
PDQGHDQRV
(O SXQWR HV
5REHUW GXGy SDUD FUHDU VXVSHQVR \ TXH HVDV SODQWDV LQFOX\HQ FDFWXV GH ]DELOD \
PD]RUFDVGHPDt]
/DLPSRUWDQFLDGHVXLQIRUPDFLyQSDVySRUPLPHQWHGXUDQWHXQRVVHJXQGRV\OHSUHJXQWp
¢(QTXp
IHFKDGLFHVTXHIXHFRQVWUXLGDODFDSLOOD"
eVH HV H[DFWDPHQWH HO SXQWR
GLMR 5REHUW SDOPHiQGRVH OD URGLOOD /D FRQVWUXFFLyQ VH LQLFLy HQ
\VHWHUPLQyFXDUHQWD\FLQFRDxRVGHVSXpVHQ&DOFXORTXHHVRVWDOODGRVGHEHQKDEHUHVWDGRHQ
VXOXJDUPPPQRGHVSXpVGH
5HFXpUGDPH¢FXiQGRIXHH[DFWDPHQWHTXH&ROyQGHVFXEULy$PpULFD"
QHFHVLWDEDFRQILUPDUORTXH
PLPHPRULDPHGHFtD
/OHJyDODV%DKDPDVHQD3XHUWR5LFRHQD&XEDHQSHURQXQFDSXVRSLHHQHO
FRQWLQHQWH
5REHUWFRQWLQXyDQWHVGHTXH\RSXGLHUDKDFHUODVLJXLHQWHSUHJXQWD
<VtHOFDFWXVGH]DELOD\HO
PDt]LQGLRRHOHORWHFRPROROODPDQORVDPHULFDQRVVRQDPEDVSODQWDVGHO1XHYR0XQGRTXHVHVXSRQH
HUDQGHVFRQRFLGDVIXHUDGHOFRQWLQHQWHKDVWDWUDQVFXUULGDSDUWHGHOVLJOR;9,
0LUp ILMDPHQWH D 5REHUW PLHQWUDV GDED FRQ OD FRQFOXVLyQ LQHYLWDEOH DXQTXH &ROyQ KXELHUD
HQFRQWUDGRHVWDVSODQWDVGXUDQWHVXSULPHUYLDMHOD&DSLOODGH5RVVO\QIXHWHUPLQDGDVHLVDxRVDQWHV\SRUOR
WDQWRORVWDOODGRVGHPDt]\]DELODVHKLFLHURQFXDQGR&ULVWyEDO&ROyQD~QHUDXQQLxR$OJXLHQPiVKDEtD
YLDMDGRD$PpULFD\WUDtGRODVSODQWDVPXFKRDQWHVGHTXH&ROyQGHVFXEULHUDHO1XHYR0XQGR<ODSUXHED
HVWiSUHVHQWHHQXQDFRQVWUXFFLyQPDVyQLFDWHPSODUtD
/OHJDPRVDODFDSLOODDOUHGHGRUGHPHGLRGtDDPERVPX\HPRFLRQDGRV\KRQUDGRVGHHVWDUHQXQ
OXJDUWDQHVSHFLDO2EVHUYDPRVFRQGHWHQLPLHQWRODVyOLGDSLHGUDGHDUULEDXQWHFKRDERYHGDGRGHQRYHQWD
FHQWtPHWURVGHHVSHVRUDWRGRORODUJRGHOLQWHULRU\QRVPDUDYLOODPRVGHODGHFRUDFLyQ3DVHDQGRGHXQODGR
DRWURGHODFDSLOODSURQWRHQFRQWUDPRVODVSODQWDVTXHEXVFiEDPRVODVPD]RUFDVGHPDt]DUTXHDGDVVREUH
XQD YHQWDQD HQ OD SDUHG GHO VXU \ ORV FDFWXV GH ]DELOD DSDUHFtDQ DOUHGHGRU GH XQ GLQWHO FRQHFWDGR FRQ OD
PLVPD SDUHG YpDQVH ODV ILJXUDV \ 3RU WRGRV ODGRV VH DSUHFLDEDQ RWUDV SODQWDV UHFRQRFLEOHV \
PDQLIHVWDFLRQHVGHOKRPEUHYHUGHJUHHQPDQODILJXUDFHOWDTXHUHSUHVHQWDEDODIHUWLOLGDG6HKDQFRQWDGR
PiVGHFLHQKRPEUHVYHUGHVSHURVHFUHHTXHKD\PiVRFXOWRVGLVFUHWDPHQWHHQWUHODYHJHWDFLyQ
/D&DSLOODGH5RVVO\QHVXQOXJDUPiJLFR\DGPLUDEOHTXHYLQFXODDOFULVWLDQLVPRFRQHOIROFORUH
DQWLJXRGHORVFHOWDV\ODIUDQFPDVRQHUtDWHPSODULD6XSLPRVFRQFHUWH]DTXHQRVHUtDQXHVWUD~OWLPDYLVLWDD
HVWHOXJDU
7RGRORTXHKDEtDPRVGHVFXELHUWRDFHUFDGHORVHVHQLRVQD]DUHQRVSDUHFtDH[KLELUDVRPEURVRVOD]RV
FRQODIUDQFPDVRQHUtDODUHYHODFLyQLQHVSHUDGDGHTXHHQ,UDNWRGDYtDH[LVWHXQDVHFWDTXHGHVFLHQGHGHORV
PDQGHDQRVQRVSURSRUFLRQyPiVSDUDOHOLVPRV8QDOtQHDGHE~VTXHGDQRVOOHYyGHPDQHUDLQHVSHUDGDDXQD
FRQVWUXFFLyQHQ(VFRFLDTXHPRVWUDEDXQDVHGXFWRUDLPDJLQHUtDIUDQFPDVyQLFDWHPSODUtD3HURSDUDHQWHQGHU
DORVQD]DUHQRVSRUFRPSOHWRVDEtDPRVTXHWHQtDPRVTXHUHWURFHGHUORPiVSRVLEOHHQHOWLHPSRFRQHOILQ
GHGHVHQUHGDUORVKLORVLQLFLDOHVGHQXHVWURPLVWHULRQHFHVLWiEDPRVDYHULJXDUGyQGHDSDUHFLHURQSRUSULPHUD
YH]ORVHOHPHQWRVFODYHGHODUHOLJLyQMXGtD
&21&/86,Ï1
+DELHQGRGHVFXELHUWRTXHORVTXPUDQRV\HOSURSLR-HV~VWHQtDQIXHUWHVOD]RVGHXQLyQFRQORVWHPSODULRV\
FRQODIUDQFPDVRQHUtDDKRUDTXHUtDPRVVDEHUHORULJHQGHVXVFUHHQFLDV\ULWXDOHV(OSXHEORTXPUDQRHUD
XQD GHVWLODFLyQ GH WRGR OR TXH SRGUtD GHVFULELUVH FRPR MXGtR SHUR DXQ DVt HUD REYLR TXH VX HVWUXFWXUD \
VLVWHPDGHFUHHQFLDVFRQWHQtDQPiVGHORTXHSXHGHDWULEXLUVHDO$QWLJXR7HVWDPHQWR
8QD YH] PiV QR VDEtDPRV FXiO VHUtD HO VLJXLHQWH SDVR HQ QXHVWUD LQYHVWLJDFLyQ -XVWR FXDQGR KDEtDPRV
UHJUHVDGRDODpSRFDGH-HV~VFRQODHVSHUDQ]DGHKDOODUXQDH[SOLFDFLyQGHODVFUHHQFLDVGHORVWHPSODULRV
DKRUD WHQtDPRV TXH UHJUHVDU HQ HO WLHPSR SDUD UHFRQVWUXLU OD WHRORJtD GH ORV MXGtRV /RV ULWXDOHV GH OD
IUDQFPDVRQHUtDSXGLHURQKDEHUVLGRLQYHQWDGRVSRUORVTXPUDQRVSHURGHDOJXQDPDQHUDHVWiEDPRVVHJXURV
GHTXHHUDQPXFKtVLPRPiVYLHMRV
'HFLGLPRV UHJUHVDU OR PiV OHMRV SRVLEOH \ HQWRQFHV WUDEDMDU KDFLD DGHODQWH GH WDO IRUPD TXH SXGLpUDPRV
HQWHQGHUPHMRUODVSDVLRQHVTXHLPSXOVDEDQODVPHQWHVGHORVTXPUDQRV
1RWDV
!!!"!#$%&'()*+,! !"#$%&"'()!&$!
*"""-$./0'!1$23',!'(+)(+,"'$%(+"%-."&$!"/(01."&("'()!2!
4!!!"&!0+56'0!7*8!269$!6'!7*.:0:*.$!/*;<0;,!;=+$!>6:$!209*.!;&:$!?07&:!@*'!A6.&$',!*+!0(B&7&;B0!;&$'&;B0!C6*!;*!($'7&.B&=!*'!*+!>.&/*.!D.*E!D:*!6'!
*;B0:$!F6:<$!06B$5$9*.'0:$!*'! GHI!"6!B<B6+$!/$:*.'$!J6*!*+!:*!>.&/*.!/&'&;B.$!E!'$!:*!.*E,!>*.$!*+!*J*(B$!J6*!*+!/&;/$! 34" >$:<0!$!'$!.*(+0/0.!;*.!
:*;(*':&*'B*!:*!+0!+<'*0!:*!?07&:!'$!+$!;09*/$;!
H!!5!%6!7+"'())!-&%08"(-"&$!"94:1!!
K!!A*$.5*!L*;+*E!@6(20'0',!;!+<+"="#$!">4-?"%-." 4+">&-?.()2!
M!!#!@0&5*'B!E!NO!@!4?$,#$!"A!%."3!%"3B0(11+"A!B!C&4(-!
P!!10.B0!:*!Q++*5.$!0!:*!R06S,!J*(20:0!*+! M!:*!;*>B&*/9.*!:*! GKMO!
I!!N$9*.B!T&;*'/0'!E!#&(20*+!L&;*,!U2*'!A!%."3!%"3B0(11+"D-B(E!0!.2!
G!!U2$/0;!V$99*;,!@!E4%&$%-"7!
W!!#$.B$'!"/&B2,!#$!"3!B0!&"F(+C!1!
!!5!%6!7+"'())!-&%08"(-"&$!"94:1!!
X!!Q.)$'!?0.06+,!3!B0!&"3(B4!&4!+2!
(O-DUGtQGHO(GpQ
&DStWXOR
(QHOSULQFLSLRHOKRPEUHKL]RD'LRV
$O GHFLGLU TXH QHFHVLWiEDPRV FRPSUHQGHU OD KLVWRULD \ OD HYROXFLyQ GH ODV FUHHQFLDV UHOLJLRVDV MXGtDV
GLULJLPRVQXHVWUDDWHQFLyQDDOJRYLWDOSDUDWRGDVODVFLYLOL]DFLRQHVHOOHQJXDMH/DHYLGHQFLDLQGLFDTXHOD
PD\RUtDGHORVLGLRPDVGHOVXEFRQWLQHQWHLQGLRHORFFLGHQWHGH$VLD(XURSD\DOJXQDVSDUWHVGHÈIULFDGHO
1RUWH SURYLHQHQ GH XQD DQWLJXD IXHQWH FRP~Q /DV VLPLOLWXGHV GH FLHQWRV GH LGLRPDV FRPSUREDURQ HVWH
SXQWR1RVSDUHFLyTXHORPLVPRSRGtDDSOLFDUVHDODUHOLJLyQSRUTXHPLHQWUDVORVSXHEORVVHGLVSHUVDEDQ
OOHYDQGRFRQVLJRVXVOHQJXDMHVWDPELpQHUDQSURSHQVRVDFDUJDUFRQVXVOH\HQGDV\GLRVHV&UHHPRVTXHODV
FRQH[LRQHV HQWUH ODV UHOLJLRQHV HQ DSDULHQFLD GLVWLQWDV SXHGHQ UHYHODU YtQFXORV WDQ FODURV FRPR ORV
HQFRQWUDGRVSRUORVILOyORJRVDTXHOORVTXHHVWXGLDQHOGHVDUUROORGHOOHQJXDMH
/RVRUtJHQHVGHOLGLRPDVHKDQLQYHVWLJDGRGXUDQWHPLOHVGHDxRV0XFKRVSXHEORVSULPLWLYRVFUHtDQ
TXHHUDGHRULJHQGLYLQR\TXHVLXQRSRGtDHQFRQWUDUODIRUPDRULJLQDORPiVSXUDGHOLGLRPDHQFRQWUDUtD
HQWRQFHVHOOp[LFRGHORVGLRVHV6HKDQHIHFWXDGRPXFKRVH[SHULPHQWRVSDUDHQFRQWUDUHVDOHQJXDSULPDULD
FRPR HO GH 3VDPWLN , IDUDyQ GH (JLSWR TXH HQ HO VLJOR 9,, D& RUGHQy TXH VHFULDUD D GRV QLxRV VLQ TXH
HVFXFKDUDQXQDVRODSDODEUDKDEODGDFRQODHVSHUDQ]DGHTXHSXGLHUDQGHVDUUROODUSRULQVWLQWRXQDOHQJXD
SXUD\VHPHMDQWHDODGHORVGLRVHV6HGLFHTXHGHIRUPDHVSRQWiQHDKDEODURQHQIULJLRXQOHQJXDMHDQWLJXR
GHO$VLD0HQRU(OPLVPRH[SHULPHQWRVHOOHYyDFDERPiVGHGRVPLODxRVGHVSXpVSRUHO5H\-DFRER,9GH
(VFRFtDFRQXQUHVXOWDGRSRFRFRQYLQFHQWH\DTXHKDEODURQXQDOHQJXDFRQRFLGDHOKHEUHR
(OSULPHULGLRPDGHOFXDOVXUJLHURQFDVLWRGDVODVOHQJXDVGHO9LHMR0XQGRIXHFDWDORJDGR
FRPRSURWRLQGRHXURSHReVWHUHVXOWyVHUODIXHQWHFRP~QGHOXUGXHOIUDQFpVHOSXQMDELHOSHUVDHO
SRODFRHOFKHFRHOJDpKFRHOJULHJRHOOLWXDQRHOSRUWXJXpVHOLWDOLDQRHODIULNDDQV HOQyUGLFR
DQWLJXRHODOHPiQ\HOLQJOpVHQWUHPXFKRVRWURV1XQFDVDEUHPRVFXiQGRHOSURWRLQGRHXURSHRIXH
XQDOHQJXDYLYD~QLFDSRUTXHQXHVWURVFRQRFLPLHQWRVGHWDOODGRVGHOSDVDGRVHIXQGDPHQWDQHQOD
VLJXLHQWHHWDSDHYROXWLYDVXUJLGDGHOOHQJXDMHODSDODEUDHVFULWD
(O/LEURGHO*pQHVLVGDWDGHKDFHFDVLGRVPLOVHWHFLHQWRVDxRVPXFKRWLHPSRGHVSXpVGHODpSRFD
GHO UH\ 6DORPyQ 3HVH D VX DQWLJHGDG DKRUD VDEHPRV TXH OD HVFULWXUD VH RULJLQy KDFH PiV GH FXDWUR PLO
DxRVHQXQSDtVOODPDGR6XPHULD
6XPHULD HV DFHSWDGD FRPR OD FXQD GH OD FLYLOL]DFLyQ 6X HVFULWXUD WHRORJtD \ WpFQLFDV GH
FRQVWUXFFLyQIRUMDURQORVFLPLHQWRVGHWRGDVODVFXOWXUDVSRVWHULRUHVGH0HGLR2ULHQWH\(XURSD$SHVDUGH
TXHQDGLHVDEHFRQVHJXULGDGHOOXJDUGHSURFHGHQFLDGHORVV~PHQRVHOORVFUHtDQVHURULJLQDULRVGHXQOXJDU
OODPDGR'LOPXQHOFXDOVHSLHQVDTXHHVHO%DKUDLQDFWXDOXELFDGRHQODFRVWDRHVWHGHO*ROIR3pUVLFR<DHQ
HO DxR D & OOHYDEDQXQD H[LVWHQFLD SUyVSHUD HQ OR TXH DKRUD HV HO VXU GH,UDN HQWUH ORV UtRV 7LJULV \
(XIUDWHV /DV H[WHQVDV SODQLFLHV SOXYLDOHV GHO OXJDU ORV SURYHtDQ GH WLHUUDV ULFDV SDUD OD DJULFXOWXUD GRQGH
SRGtDQ VHPEUDU \ FULDU JDQDGR DGHPiV FRQWDEDQ FRQ UtRV HQ ORV TXH DEXQGDED OD SHVFD<D HQ HO FXDUWR
PLOHQLR D& 6XPHULD WHQtD XQD FXOWXUD ELHQ HVWDEOHFLGD TXH FRQWDED FRQ YDULDV FLXGDGHV DUWHVDQRV
HVSHFLDOL]DGRVREUDVFRPXQLWDULDVSDUDLUULJDFLyQFHQWURVFHUHPRQLDOHV\UHJLVWURVHVFULWRV
/DVFXOWXUDVXUEDQDVVRQPX\GLIHUHQWHVGHODVUXUDOHVGHELGRDTXHODVJUDQGHVFRQFHQWUDFLRQHVGH
JHQWH UHTXLHUHQ XQD HVWUXFWXUD VRFLDO PiV VRILVWLFDGD FRQ OD PD\RUtD GH OD IXHU]D GH WUDEDMR DOHMDGD GH OD
SURGXFFLyQ DJUtFROD VLQ TXH HVWR LPSOLTXH XQD SpUGLGD HQ OD SURGXFWLYLGDG /RV VXPHULRV GHVDUUROODURQ
H[FHOHQWHVWpFQLFDVSDUDODVLHPEUD\JUDFLDVDDOJXQRVHVFULWRVFXQHLIRUPHVVHGHPRVWUyTXHODFRVHFKDGH
JUDQRDQXDOGHKDFHFXDWURPLOFXDWURFLHQWRVDxRVSRGUtDFRPSDUDUVHIDYRUDEOHPHQWHFRQODGHORVPHMRUHV
FDPSRVGHWULJRGH&DQDGi
$GHPiV GH HVWDEOHFHU XQDDJULFXOWXUD PX\ HILFLHQWH HQ LQGXVWULDV EiVLFDV FRPR OD PDQXIDFWXUD GH
WH[WLOHV \ FHUiPLFD ORVVXPHULRV LQYHQWDURQ QXHYRV PDWHULDOHVHQWUH ORV TXH VH LQFOX\H HO YLGULR \ DVt VH
FRQYLUWLHURQHQH[FHOHQWHVYLGULHURV\RUIHEUHVTXHWUDEDMDEDQHORURODSODWDHOFREUH\HOEURQFH)XHURQ
WDPELpQ KiELOHV ODEUDGRUHV GH SLHGUD \ FUHDGRUHV GH WUDEDMRV GHOLFDGRV HQ ILOLJUDQD \ FDUSLQWHUtD SHUR VLQ
OXJDUDGXGDVODLQYHQFLyQPiVLPSRUWDQWHGHHVWHSXHEORVRUSUHQGHQWHIXHODUXHGD
6XV ORJURV FRPR FRQVWUXFWRUHV VRQ LPSUHVLRQDQWHV RWUD GH VXV LPSRUWDQWHV LQYHQFLRQHV IXH OD
FROXPQD FX\D IRUPD HVWi LQVSLUDGD GLUHFWDPHQWH HQ HO WURQFR GH OD SDOPD GH GiWLOHV 6XV FLXGDGHV PiV
DQWLJXDVIXHURQHGLILFDGDVFRQODGULOORVGHORGRTXHVHGHUUXPEDURQFRQHOSDVRGHDOJXQDVJHQHUDFLRQHV
SRUORTXHWXYLHURQTXHFRQVWUXLUQXHYRVHGLILFLRVHQFLPDGHORVDQWHULRUHV$ORODUJRGHORVPLOHVGHDxRVGH
ODFLYLOL]DFLyQVXPHULDHVWHSURFHVRGHGHFDGHQFLDGHWHULRUR\UHFRQVWUXFFLyQSURGXMRJUDQGHVWHUUDSOHQHV
PXFKRVGHHOORVGHFDVLYHLQWHPHWURVGHDOWXUDD~QH[LVWHQ
/DULTXH]DGHORVVXPHULRVDWUDMRDYLDMHURVGHSDtVHVGLVWDQWHVTXLHQHVEXVFDEDQLQWHUFDPELDUVXV
VHQFLOORVELHQHVSRUORVPDUDYLOORVRVSURGXFWRVGHHVWDDYDQ]DGDFLYLOL]DFLyQ&RPRUHVSXHVWDGHVDUUROODURQ
WRGDXQDFODVHVRFLDOGHPHUFDGHUHVLQWHUQDFLRQDOHVTXHSRVHtDQJUDQGHVERGHJDVSDUDDOPDFHQDUSURGXFWRV
SDUDLPSRUWDFLRQHV\H[SRUWDFLRQHV/RVVXPHULRVWHQtDQXQDSRVLFLyQFRPHUFLDOYHQWDMRVD\HVPX\SUREDEOH
TXHHOSXHEORHQJHQHUDOWXYLHUDDFFHVRDWRGRWLSRGHELHQHVHVSOpQGLGRVSURYHQLHQWHVGHWRGDVODVSDUWHVGHO
PXQGRFRQRFLGR*UDQSDUWHGHVXPDWHULDSULPDHUDWUDQVSRUWDGDKDVWDDOOtHQERWHVORVFXDOHVHUDQYHQGLGRV
GHVSXpVRGHVPDQWHODGRVSDUDDSURYHFKDUVXYDOLRVDPDGHUD(O~QLFRiUEROTXHFUHFtDHQODORFDOLGDGHUDOD
SDOPD GH GiWLOHV \ VX PDGHUD HUD GHPDVLDGR IOH[LEOH SDUD VHU XWLOL]DGD SDUD OD FRQVWUXFFLyQ HQ JHQHUDO
6XPHULD QR FRQWDED FRQ FDQWHUDV GH PDQHUD TXH FXDQGR GHVHDEDQ HGLILFDU FRQ SLHGUD VH HQYLDEDQ ORV
EORTXHVHQHPEDUFDFLRQHVUtRDEDMR\GHVSXpVVHWUDQVSRUWDEDQSRUXQHODERUDGRVLVWHPDGHFDQDOHVKDVWD
OOHYDUORVDOVLWLRUHTXHULGR'HELGRDTXHORVERWHVQRSRGtDQQDYHJDUUtRDUULEDORVSURGXFWRVWHUPLQDGRVTXH
VHUYLUtDQSDUDHOSDJRGHODPDWHULDSULPDWHQtDQTXHVHUWUDQVSRUWDGRVKDFLDHOQRUWHSRUPHGLRGHEXUURV
\DTXHORVFDEDOORVHUDQGHVFRQRFLGRVSRUORVVXPHULRV
/DVFLXGDGHVGH6XPHULD9pDVHDSpQGLFH
(QHOWHUULWRULRGH6XPHULDH[LVWtDQDOUHGHGRUGHYHLQWHFLXGDGHVGHODVFXDOHVODVPiVLPSRUWDQWHVHUDQ8U
.LFK(ULGX/DJDVK\1LSSXU&DGDXQDHUDSROtWLFDPHQWHDXWyQRPDFRQXQUH\\HOFOHURDVXVHUYLFLR3DUD
ORV VXPHULRV OD WLHUUD SHUWHQHFtD D 'LRV VLQ FX\R SRGHU SURFUHDGRU OD YLGD WHUPLQDUtD HO UH\ HUD XQ GLRV
WHUUHQDO PHQRU FX\D UHVSRQVDELOLGDG HUD DVHJXUDU OD SURGXFWLYLGDG GH OD FRPXQLGDG (Q HO FHQWUR GH FDGD
FLXGDGVHXELFDEDXQDFDVDSDUDVXGLRVHOWHPSORGHVGHHOFXDOORVVDFHUGRWHVFRQWURODEDQFDGDDVSHFWRGH
OD YLGD GH OD FRPXQLGDG LQFOX\HQGR OD LPSDUWLFLyQ GH MXVWLFLD OD DGPLQLVWUDFLyQ GH ODV WLHUUDV HO HVWXGLR
FLHQWtILFR\WHROyJLFR\ORVULWXDOHVUHOLJLRVRV
/DV HVFXHODV FRQRFLGDV FRPR HGXEED HGXFDEDQ D ODV FODVHV SULYLOHJLDGDV TXLHQHV LQLFLDEDQ VX
LQVWUXFFLyQ GHVGH WHPSUDQD HGDG 'HVSXpV GH TXH DGTXLUtDQ HO GRPLQLR GH OD HVFULWXUD HVWXGLDEDQ XQD
YDULHGDGGHPDWHULDVTXHLQFOXtDQPDWHPiWLFDVOLWHUDWXUDP~VLFDOH\HVFRQWDGXUtD\WRSRJUDItD6XSUHSD
UDFLyQ HVWDED RULHQWDGD D GHVDUUROODU OtGHUHV LOXVWUDGRV$ SHVDU GH TXH DOJXQRV HOHPHQWRV GHO OHQJXDMH
VXPHULRSUHYDOHFHQKDVWDKR\HVWHLGLRPDQRIXHHORULJHQGHOSURWRLQGRHXURSHRGHKHFKRIXHXQDGHODV
SRFDVOHQJXDVTXHHVWDEDWRWDOPHQWHGHVYLQFXODGDGHpO
1XHVWURLQWHUpVHQORVVXPHULRVUDGLFDEDHQFRQRFHUVLORVHOHPHQWRVGHVXWHRORJtDIXHURQODIXHQWH
FRP~Q GH ODV FUHHQFLDV UHOLJLRVDV TXH VH H[WHQGLHURQ GH OD PLVPD IRUPD TXH HO OHQJXDMH GHVDUUROOiQGRVH
KDVWD DMXVWDUVH D ODV SUHIHUHQFLDV ORFDOHV PLHQWUDV FRQWLQXDED VX H[SDQVLyQ SHUR PDQWHQtD XQ Q~FOHR
LGHQWLILFDEOH
$OJXQRV DUTXHyORJRV UHFXSHUDURQ GH ODV UXLQDV GH 1LSSXU PLOHV GH WDEOLOODV TXH UHJLVWUDEDQ OD
KLVWRULDGHVXSXHEOR/RVHVFULWRVPiVDQWLJXRVFRPHQ]DURQKDVWDGRQGHVDEHPRVDOUHGHGRUGHODxR
D& GH PDQHUD PX\ VLPLODU DO SRVLEOH GHVDUUROOR GHO OHQJXDMH GRQGH ORV REMHWRV IXQGDPHQWDOHV FRPR OD
FDEH]D PDQR \ SLHUQD IXHURQ ORV SULPHURV REMHWRV LGHQWLILFDGRV 6H WUDWDED GH SLFWRJUDPDV TXH
UHSUHVHQWDEDQHOSHUILOGHOREMHWR\HUDQIiFLOPHQWHUHFRQRFLEOHVSHURPiVDGHODQWHVHFUHDURQSDODEUDVPiV
VLPEyOLFDV(OVtPERORTXHUHSUHVHQWDEDDOKRPEUHHUDXQSHQHH\DFXODQGRPX\SDUHFLGRDXQDYHOD'HDKt
VXUJLyODSDODEUDSDUDHOHVFODYRPDVFXOLQRFRQODILJXUDGHXQDYHODFRQWUHVWULiQJXORVVXSHUSXHVWRVTXH
UHSUHVHQWDEDQODVFROLQDV(VWRGHQRWDEDTXHVHWUDWDEDGHXQH[WUDQMHUR\DTXH6XPHULDQRWLHQHFROLQDV\
VyORHUDQHVFODYRVORVYDURQHVTXHQRHUDQGHHVDUHJLyQ/DVPDUFDVTXHHPSOHDEDQVHKDFtDQDOLQWURGXFLU
XQDYDUDHQEDUURK~PHGRTXHIRUPDEDXQDKHQGLGXUD\XQGHSyVLWRPiVSURIXQGRVGRQGHHOLQVWUXPHQWRGH
HVFULWXUDLQLFLDED\DFDEDEDODOtQHD(VWHHIHFWRWULDQJXODUDOILQDOGHFDGDOtQHDWUD]DGDVHDGRSWyPiVWDUGH
FRPRXQVHULIRRVHDODVSHTXHxDVPDUFDVTXHVHSXHGHQDSUHFLDUHQODVH[WUHPLGDGHVGHODVOHWUDVGHHVWD
SiJLQD
1RVyORHOWUDWDPLHQWRHVWLOtVWLFRGHQXHVWUDVOHWUDVSURYLHQHGH6XPHULDQXHVWURSURSLRDOIDEHWROH
GHEHPXFKR3RUHMHPSORODOHWUD$VHGHULYDGHODLPDJHQGHODFDEH]DGHXQWRURTXHSDUHFtDXQWULiQJXOR
FRQGRVH[WUHPRVPiVODUJRVTXHGDQODLPSUHVLyQGHVHUORVFXHUQRV/RVIHQLFLRVIXHURQORVSULPHURVHQ
GHVDUUROODUHVWHVtPERORTXHPiVDGHODQWHVHLQFRUSRUyDOJULHJRSULPLWLYRGRQGHVLPXODEDXQDYLVWDODWHUDO
GHODFDEH]DGHXQWRURFXDQGRORVJULHJRVLQWURGXMHURQODVOHWUDVPD\~VFXODVHQVXDOIDEHWRODOHWUD$JLUy
QRYHQWDJUDGRV\VHFRQYLUWLyHQODOHWUDDOIDXQFDUiFWHUPX\VLPLODUDOGHQXHVWUDOHWUD$PRGHUQDTXHHV
HQ HVHQFLD OD FDEH]D LQYHUWLGD GH XQ WRUR +R\ HO LGLRPD LQJOpV FRQWLHQH DOJXQDV SDODEUDV VXPHULDV FDVL
SXUDVFRPRDOFRKROFDxHFDxDJ\SVXP\HVRP\UUKPLUUD\VDIIURQD]DIUiQ
$GHPiVGHOHJDUQRVHQWUHRWUDVFRVDVODUXHGDHOYLGULRQXHVWURDOIDEHWRQXHVWUDGLYLVLyQGLDULDGHO
WLHPSRODVPDWHPiWLFDV\HODUWHGHODFRQVWUXFFLyQORVVXPHULRVQRVGLHURQDOJRPiVD'LRV7DPELpQQRV
SURSRUFLRQDURQODVPiVDQWLJXDVKLVWRULDVHVFULWDV\FRPRIUDQFPDVRQHVHVWXYLPRVLQWHUHVDGRVHQSDUWLFXODU
HQODVUHIHUHQFLDVGHORVVXPHULRVD(QRFKTXLHQHVLPSRUWDQWHSDUDODORJLDPDVyQLFD\ODKLVWRULDVXPHULD
GHO*UDQ'LOXYLRTXHWDQWRILJXUDHQHOULWXDOPDVyQLFRGHO*UDGRGHORV0DULQRVGHO$UFD
/RVHWLPyORJRVFRPSUREDURQTXHODKLVWRULDGHO-DUGtQGHO(GpQHQHO/LEURGHO*pQHVLVHVODKLVWRULD
GH6XPHULDPiVD~QODVFLXGDGHVFRPR8U/DUVD\+DUDPPHQFLRQDGDVHQHOOLEURGHO*pQHVLVHVWDEDQ
XELFDGDVHQGLFKRWHUULWRULR(O*pQHVLVQRVEULQGDODKLVWRULDGHODFUHDFLyQ
(QHOSULQFLSLRFUHy'LRVORVFLHORV\ODWLHUUD<ODWLHUUDHVWDEDGHVRUGHQDGD\YDFtD\ODVWLQLHEODV
HVWDEDQVREUHODID]GHODELVPR\HO(VStULWXGH'LRVVHPRYtDVREUHODID]GHODVDJXDV<GLMR'LRVVHDOD
OX]\IXHODOX]/XHJRGLMR'LRVKD\DH[SDQVLyQHQPHGLRGHODVDJXDV\VHSDUHODVDJXDVGHODVDJXDV<
OODPy'LRVDODH[SDQVLyQ&LHORV'LMRWDPELpQ'LRVM~QWHQVHODVDJXDVTXHHVWiQGHEDMRGHORVFLHORVHQXQ
OXJDU\GHVF~EUDVHORVHFR<IXHDVt<OODPy'LRVDORVHFR7LHUUD\DODUHXQLyQGHODVDJXDVOODPyPDUHV
'HVSXpVGLMR'LRVSURGX]FDODWLHUUDKLHUEDYHUGHKLHUEDTXHGpVHPLOODiUEROGHIUXWRTXHGpIUXWRVHJ~Q
VXJpQHUR
&RPSiUHVHHVWRFRQHOUHVXPHQGHXQUHFXHQWREDELOyQLFRVREUHODFUHDFLyQFRQRFLGRFRPR(QXPD
(OLVKFX\DVSULPHUDVGRVSDODEUDVVLJQLILFDQFXDQGRHQORDOWReVWHVHHVFULELyWDQWRHQEDELORQLRFRPRHQ
VXPHULR FHUFD GH PLO DxRV DQWHV GHO *pQHVLV \ D~Q SHUGXUD FDVL HQ VX WRWDOLGDG LQVFULWR HQ VLHWH WDEOLOODV
FXQHLIRUPHV
7RGRV ORV WHUULWRULRV HUDQ PDU 'HVSXpV KXER XQ PRYLPLHQWR HQ HO FHQWUR GH ORV PDUHV (Q HVH
PRPHQWR(ULGXIXHFUHDGR0DUGXNFRORFyXQFDUUL]RVREUHODID]GHODVDJXDV)RUPySROYR\ORGLVSHUVyD
XQODGRGHOFDUUL]R3DUDSHUPLWLUTXHORV'LRVHVYLYLHUDQHQGRQGHKDELWDVXGHVHRPiVSURIXQGRFUHyDOD
KXPDQLGDG/DGLRVD$UXUXFUHyODVHPLOODGHODKXPDQLGDGeOFUHyWDPELpQDODVEHVWLDV\ORVVHUHVYLYRV
GHO FDPSR &UHy HO 7LJULV\ HO (XIUDWHV \ ORV HVWDEOHFLy HQVX VLWLR 3URQXQFLy VXV QRPEUHV FRQ YR] GLYLQD
&UHyHOSDVWRHOMXQFRHOFDUUL]R\ORVERVTXHVODVWLHUUDVORVSDQWDQRV\PDULVPDVODYDFDVDOYDMH\VXV
FUtDVHOFRUGHURHQHODSULVFRORVKXHUWRV\ODVVHOYDVHOPDFKRFDEUtR\ODFDEUDPRQWHV(O6HxRU0DUGXN
FRQVWUX\yXQDSUHVDDODRULOODGHOPDU)RUPyFDxDYHUDOHV\iUEROHVWDPELpQSXVRODGULOORV\HULJLyHGLILFLRV
FRQVWUX\yFDVDVFLXGDGHV+L]RD(UHFK
(VWDpSLFDGH0HVRSRWDPLDVREUHODFUHDFLyQHVVLQGXGDODIXHQWHGHODOH\HQGDGHODFUHDFLyQGHO
*pQHVLV \ DWULEX\H D 'LRV WRGDV DTXHOODV FRVDV SRVLWLYDV SURGXFLGDV SRU ORV DVRPEURVRV V~PHQRV /DV
UHIHUHQFLDV D ODV FRQVWUXFFLRQHV FUHDGDV SRU 'LRV QR WUDVFHQGLHURQ HQ OD KLVWRULD LVUDHOLWD SRUTXH SRU OD
QDWXUDOH]DQyPDGDGHORVMXGtRVpVWRVKDELWDEDQFXDQGRVHHVFULELyHO*pQHVLVHQFLXGDGHV\DFRQVWUXLGDV
SRURWURV\HQPXFKDVRFDVLRQHVRFXSDGDVGHVSXpVGHPDWDUDORVKDELWDQWHVRULJLQDOHV(O'LRVGHO*pQHVLV
-HKRYiQRH[LVWLyVLQRFLHQWRVGHDxRVGHVSXpVGHTXHVHHVFULELHUDQODVWDEOLOODVFXQHLIRUPHV
'HDFXHUGRFRQPXFKRVH[SHUWRVORVGLRVHVGHODVFLYLOL]DFLRQHVSRVWHULRUHVVHGHVDUUROODURQDSDUWLU
GHORVGLRVHVV~PHQRVGHODIHUWLOLGDG\ODWRUPHQWD¢3RGUtDHVWRVHUFLHUWR"&RQWRGDVHJXULGDGHOGLRVGHOD
WRUPHQWDWXYRXQSDSHOLPSRUWDQWHHQ6XPHULD\HQODOH\HQGDGH1Rp/RVVXPHULRVYHtDQDODQDWXUDOH]D
FRPRXQDHQWLGDGYLYD\ORVGLRVHV\GLRVDVHQFDUQDEDQODHQHUJtDGHODWLHUUDYLYLHQWHFDGDXQRMXJDEDXQ
SDSHOGHQWURGHODVIXHU]DVGHODQDWXUDOH]D$OJXQDVGHLGDGHVHUDQUHVSRQVDEOHVGHODIHUWLOLGDGGHOWHUULWRULR
\ HO SXHEOR RWUDV VH HQFDUJDEDQ GH RUJDQL]DU ODV WRUPHQWDV (UD REYLD OD LPSRUWDQFLD TXH WHQtD SDUD OD
VXEVLVWHQFLDGHXQSXHEORODE~VTXHGDLQWHQVDGHOIDYRUGHORVGLRVHVGHODIHUWLOLGDGGHLJXDOPDQHUDGDGRV
ORV HIHFWRV GHYDVWDGRUHV GH VXV DFFLRQHV ORV GLRVHV GH OD WRUPHQWD GHEtDQ VHU DSODFDGRV SDUD SUHVHUYDU HO
HVWLORGHYLGDGHORVVXPHULRV
7HQGUtDTXHVHUXQGLRVGHODWRUPHQWDFRQSRGHUVREUHHOFOLPDTXLHQFDXVyHO*UDQ'LOXYLRHOFXDO
GLR SLH DOD FUHDFLyQ GHOD KLVWRULD GHO $UFD GH 1Rp \ FRPR IUDQFPDVRQHV QDWXUDOPHQWH QRVLQWHUHVDQORV
GLRVHVGHODWRUPHQWD\ODVLQXQGDFLRQHV\DTXHODRUGHQGHGLFDWRGRXQJUDGRHO*UDGRGHORV0DULQRVGHO
$UFDFRQXQULWXDOFRPSOHWR\GHWDOODGRDSUHVHUYDUODKLVWRULDGHOFDSLWiQ1Rp\ODOH\HQGDGHO'LOXYLR
(OPD\RUSUREOHPDTXHORVVXPHULRVWXYLHURQTXHHQIUHQWDUIXHURQODVLQXQGDFLRQHVGHODVSODQLFLHV
EDMDVSRUODVTXHHO7LJULV\HO(XIUDWHVIOXtDQDOPDUKDFLDHOVXU'HIRUPDSHULyGLFDODVLQXQGDFLRQHVHUDQ
GHVDVWURVDVSHURHQXQDRFDVLyQHQSDUWLFXODUKDQGHKDEHUVXIULGRXQFDWDFOLVPRGHJUDQGHVSURSRUFLRQHV\
DVtVHJDQyXQVLWLRHQHOIROFORUHSDUDVLHPSUH1XQFDVDEUHPRVVLH[LVWLyHOFRQVWUXFWRUGHXQDUFDOODPDGR
1RpSHURVtSRGHPRVHVWDUVHJXURVGHTXHKXERXQ*UDQ'LOXYLR
&RQXQDQiOLVLVPiVGHWDOODGRGHO*pQHVLVFHQWUDGRHQHVSHFLDOHQODJHQHDORJtDGH6HW\&DtQVH
SXHGH VHJXLU HOUDVWUR GH OD KLVWRULD GHODFUHDFLyQKDVWD 6XPHULD +D\ UHODFLRQHV GHORVUH\HV VXPHULRV GH
/DUVDTXHQRPEUDQDGLH]UH\HVTXHJREHUQDURQDQWHVGHO'LOXYLR\SURSRUFLRQDQHOSHULRGRGHFDGDUHLQD
GRTXHDEDUFDQGHGLH]PLODVHVHQWDPLODxRV/DOLVWDGH/DUVDFRQFOX\HFRQODVSDODEUDV'HVSXpVGHO
'LOXYLRODPRQDUTXtDIXHHQYLDGDGHVGHORVFLHORV(VWRVXJLHUHTXHDSDUWLUGHO'LOXYLRVXUJLyXQQXHYR
FRPLHQ]R (O ~OWLPR QRPEUH GH OD VHJXQGD OLVWD GH /DUVD HUD HO GH =LQVXQGUD TXH HV RWUR QRPEUH SDUD
8WDQDSLVKWLPHOKpURHGHODKLVWRULDEDELOyQLFDVREUHHO'LOXYLRHVFULWDHQODXQGpFLPDWDEOLOODGHODeSLFDGH
*LOJDPHVK(OVpSWLPRUH\GHODOLVWDVXPHULDHUDUHVSHWDGRSRUSRVHHUXQDVDELGXUtDHVSHFLDOHQDVXQWRVTXH
SHUWHQHFtDQDORVGLRVHV\SRUVHUHOSULPHUKRPEUHHQSUDFWLFDUODVSURIHFtDVHVHVpSWLPRQRPEUHHV(QRFK
GHTXLHQODVHVFULWXUDVGLFHQTXHFDPLQyFRQ'LRV\GHOTXHHQODWUDGLFLyQMXGtDSUHFHGHQWHVHGLFHTXHIXH
OOHYDGRDO5HLQRGHORV&LHORVVLQKDEHUPXHUWR1RVSDUHFLyTXHKDEtDSRFROXJDUDGXGDVGHTXHHODXWRUGHO
*pQHVLV XWLOL]y PDWHULDO VXPHULR TXH KDEtD VLGR KHUHGDGR D OD WUDGLFLyQ MXGtD LQLFLDO /RV YtQFXORV GH OD
UHOLJLyQ MXGtD FRQ OD DQWLJXD 6XPHULD VRQ FODURV SHUR OD VLWXDFLyQ VH YXHOYH PiV LQWULJDQWH FXDQGR
DQDOL]DPRVSRUTXpHODXWRURULJLQDORHO<DKZLVWTXHXWLOL]yHVHPDWHULDODVLJQyWDOHVFLFORVGHORQJHYLGDG
D ORV GHVFHQGLHQWHV GH 6HW DQWHULRUHV DO 'LOXYLR 6RVSHFKDPRV TXH VH GHELy DO pQIDVLV TXH VH TXLVR GDU DO
FRQWUDVWHHQWUHODVFRQGLFLRQHVGHYLGDDQWHV\GHVSXpVGHOMXLFLRGLYLQRGHO'LOXYLR6LQHPEDUJRKD\RWUD
SRVLEOHUD]yQDOJXQRVDXWRUHVKDQVXJHULGRTXHODVFLIUDVDVWURQyPLFDVHQODVUHODFLRQHVGHUH\HVV~PHQRV
SXHGHQVHUHOSURGXFWRGHHVSHFXODFLRQHVDVWUROyJLFDVTXHDSOLFDEDQPHGLGDVGHULYDGDVGHODREVHUYDFLyQGH
ORV DVWURV DO FiOFXOR GH SHULRGRV PtWLFRV GH XQ UHLQDGR 'H OD PLVPD PDQHUD ORV SULPHURV DXWRUHV MXGtRV
SXGLHURQ KDEHU RUGHQDGR ODV FLIUDV GH OD OLVWD GH WDO IRUPD TXH FRUUHVSRQGLHUDQ FRQ XQD FURQRORJtD TXH
DVLJQDEDXQQ~PHURGHDxRVILMRVHQWUHOD&UHDFLyQ\ODIXQGDFLyQGHO7HPSORGH6DORPyQ\GLYLGLHURQHVH
SHULRGRHQpSRFDVODSULPHUDGHODVFXDOHVGHOD&UHDFLyQDO'LOXYLRFRQWHQtDPLOVHLVFLHQWRVFLQFXHQWD\
VHLVDxRV 8UODFLXGDGGH$EUDKDP
8UIDPRVDKR\GtDSRUVXJUDQ]LJXUDWHUDFRQVLGHUDGDHQHOWHUFHUPLOHQLRD&FRPRXQDGHODVFLXGDGHV
HVWDGRPiVJUDQGLRVDVGHOPXQGR/DVVHFFLRQHVGHOQRUWH\RHVWHGHODFLXGDGWHQtDQFDQDOHVTXHSHUPLWtDQ
HODFFHVRDHPEDUFDFLRQHVSURYHQLHQWHVGHO(XIUDWHV\GHOPDUHOFXDOHVWDEDPXFKRPiVFHUFDGHODFLXGDG
KDFHFXDWURPLOFXDWURFLHQWRVDxRVGHORTXHHVWiDKRUD8QDRUGHQGHFDUJDTXHD~QH[LVWHUHJLVWUDSDUDXQ
VRORFDUJDPHQWRRURPLQHUDOGHFREUHPDGHUDVSHVDGDVPDUILOSHUODV\RWUDVSLHGUDVSUHFLRVDV
8UHVWXYRHQVXPi[LPRDSRJHREDMRHOPDQGDWRGH8U1DPPDDOUHGHGRUGHD&FXDQGRJUDQ
SDUWHGHODFLXGDGIXHUHFRQVWUXLGD\GHVDUUROODGD\PDQWHQtDXQDSREODFLyQGHFDVLFLQFXHQWDPLOKDELWDQWHV
(OJUDQ]LJXUDWIXHSURORQJDGRHLQFUXVWDGRFRQPRVDLFRV\OHSODQWDURQiUEROHV\DUEXVWRV(QVXF~VSLGHVH
HQFRQWUDEDHOWHPSORGHODGHLGDGGHODFLXGDG1DQQDGLRVGHODOXQD(QHODxRD&ORVKDELWDQWHV
SURYRFDURQODLUDGHVXGLRVSRUTXHMXQWRFRQGLHFLVpLVFLXGDGHVVXPHULDVDGLFLRQDOHV8UIXHVDTXHDGDSRU
ORV HODPLWDV (VWD GHUURWD FRPR ODV GHPiV IXH UHSURFKDGD D VX SXHEOR SRU KDEHUOH IDOODGR D VX GLRV GH
DOJXQDPDQHUD\pVWHHQUHSUHVDOLDORVGHMyGHVSURWHJLGRVDQWHVXVHQHPLJRV(VWDGHVWUXFFLyQIXHGHVFULWD
SRUXQHVFULEDQRTXHSUHVHQFLyDTXHOVXFHVRDWHUUDGRU
(Q WRGDV VXV FDOOHV GRQGH VH FRPSODFtDQ HQ SDVHDUVH KDEtD FXHUSRV VLQ YLGD SRU GRTXLHU HQ ODV
SOD]DVGRQGHODVIHVWLYLGDGHVGHOSXHEORVHOOHYDEDQDFDERODJHQWH\DFtDSRUPRQWRQHV
/RVWHPSORV\ODVFDVDVIXHURQGHUULEDGDVORVREMHWRVGHYDORUUREDGRV\DPXFKRVGHDTXHOORVTXH
QRIXHURQDVHVLQDGRVVHOHVFRQYLUWLyHQHVFODYRV/DFLXGDGVREUHYLYLySHURHQUHDOLGDGMDPiVUHFXSHUyVX
SDVDGD JORULD \ SDUD HO VLJOR ;9,, D& 8U FDUHFtD UHODWLYDPHQWH GH LPSRUWDQFLD 'XUDQWH HVWH SHULRGR GH
GHFDGHQFLDODUHODFLyQHQWUHORVVXPHULRV\VXVGLRVHVVHYROYLyWHQVD\HOFRQFHSWRGHORVGLRVHVSHUVRQDOHV
DGTXLULyFUHFLHQWHLPSRUWDQFLD
(VRVGLRVHVSHUVRQDOHVTXHFRP~QPHQWHQRWHQtDQQRPEUHVVHUHODFLRQDEDQGHPDQHUDGLUHFWDFRQ
HOLQGLYLGXRORTXHSRGUtDOODPDUVHXQiQJHOJXDUGLiQ(OSDGUHGHXQDSHUVRQDOHKHUHGDEDXQGLRVDVtTXH
FXDQGRDOJXLHQGHFtDTXHDGRUDEDDOGLRVGHVXVSDGUHVQRKDFtDXQDDVHYHUDFLyQJHQHUDOVREUHODVLWXDFLyQ
GHOGLRVPiVELHQH[SUHVDEDVXSURSLDLGHQWLGDGIDPLOLDUVXGHUHFKRDODYLGDOLVWHGLRVSHUVRQDOORFXLGDUtD
\ORGHIHQGHUtDDQWHORVGLRVHVPiVSRGHURVRVVLHUDQHFHVDULRSHURDFDPELRH[LJtDREHGLHQFLD\DWHQFLyQ6L
ODSHUVRQDVHSRUWDEDPDOVXGLRVSRGUtDDEDQGRQDUOD/DSHUVRQDHUDSRUVXSXHVWRHODUELWURGHORTXHHVWDED
ELHQRPDOVLVHQWtDTXHKDEtDKHFKRPDOSRGtDVHQWLUWHPRUGHODUHDFFLyQGHVXGLRVSHURVLKDFtDDOJRTXH
DOSDUHFHUGHWRGRVHVWDEDPDOSHURHOODQRORYHtDDVtHQWRQFHVSRGtDVHQWLUVHVHJXUDGHVXGLRV(VWRSDUHFH
XQDPDQHUDDSURSLDGDSDUDFRQWURODUHOPDOFRPSRUWDPLHQWRGHDFXHUGRFRQXQDIUDVHGH3HSH*ULOORHQOD
SHOtFXOD3LQRFKR6LHPSUHGHMDTXHWXFRQFLHQFLDVHDWXJXtD
(Q DOJ~Q PRPHQWR GHO SHULRGR GH GHFDGHQFLD HQWUH \ D&XQ KRPEUH OODPDGR $EUDP
GHFLGLyDEDQGRQDUODFLXGDGGH8U\HQILODUVHDOQRUWHHQEXVFDGHXQDYLGDPHMRU/DGLUHFFLyQTXHHOLJLy
HUD FDVL OD RSXHVWD D OD GH 'LOPXQ HO OXJDU VDJUDGR DO TXH VX SXHEOR DVSLUDED OOHJDU \ HO OXJDU GH VXV
DQFHVWURV(QDOJ~QSXQWRGHODKLVWRULDMXGtD$EUDPVHFRQYLUWLyHQ$EUDKDPHOSDGUHGHOSXHEORMXGtR1RV
HUDFODURTXHODVLGHDVTXHVHOOHYyFRQVLJRGH8UVHUtDQXQDSDUWHLPSRUWDQWHGHORTXHQHFHVLWDPRVFRQRFHU
1RVGHFLGLPRVDLQYHVWLJDUHQHVWHGLVWDQWHSDVDGRFRQHOSURSyVLWRGHREWHQHUXQPHMRUHQWHQGLPLHQWRGH
$EUDKDP\VXGLRVSXHVMXQWRVUHSUHVHQWDQHOSULPHUHQFXHQWURGHOTXHVHWLHQHFRQRFLPLHQWRHQOD%LEOLD
HQWUHXQKRPEUHUHDOHQFRQWUDVWHFRQXQSHUVRQDMHPtWLFR\XQDGHLGDGTXHVHFRQYLUWLyHQHOGLRVGHORV
MXGtRV 1LQJXQR GH ORV GRV VDEtDPRV PXFKR VREUH 6XPHULD GH KHFKR HVWH SHULRGR GH OD KLVWRULD HUD SRU
FRPSOHWR GHVFRQRFLGR SDUD FXDOTXLHUD KDVWD PHGLDGRV GHO VLJOR [L[ FXDQGR 3 ( %RWWD XQ DUTXHyORJR
IUDQFpVFRPHQ]yDKDFHUGHVFXEULPLHQWRVLPSRUWDQWHVHQHOiUHDFRQRFLGDFRPR0HVRSRWDPLD
/DGLVHPLQDFLyQGHODFXOWXUDVXPHULDGHELyRFXUULUKDFHPiVGHFLQFRPLODxRV8QRGHORVPHMRUHV
HMHPSORV GH HVWH WLSR GH GHVDUUROOR FXOWXUDO OR UHSUHVHQWDQ ORV FHOWDV RULJLQDULRV GHO QRUWH GH ÈIULFD \ GHO
VXGRHVWHGH$VLD\TXHVHPRYLHURQSRUWRGR(XURSDFHQWUDOKDVWDHVWDEOHFHUVHHQ]RQDVFRVWHUDVGHORHVWH
GH (VSDxD %UHWDxD &RUQXDOOHV *DOHV ,UODQGD \ (VFRFLD GRQGH DOJXQRV JUXSRV VRFLDOHV VH FRQVHUYDQ
JHQpWLFDPHQWHSXURVGHELGRDODYLUWXDODXVHQFLDGHPH]FODVFRQRWURVSXHEORV6XVGLVHxRVLQWHUFDODGRV\
HQFDGHQDGRVPXHVWUDQXQDIXHUWHUHODFLyQFRQHODUWHGHO0HGLR2ULHQWH\VLKXELHUDWRGDYtDOXJDUDGXGDV
ORV DQiOLVLV GH $'1 HIHFWXDGRV D FHOWDV DFWXDOHV TXH KDELWDQ HQ FRPXQLGDGHV DSDUWDGDV PXHVWUDQ VHU GHO
PLVPRRULJHQTXHHO$'1GHDOJXQDVWULEXVGHOQRUWHGHÈIULFD
1DGLHVDEHDFLHQFLDFLHUWDSRUFXiQWRWLHPSRH[LVWLy6XPHULDSHURFRQEDVHHQORVUHJLVWURVTXH
KHPRVFRQVXOWDGRQRVSDUHFHUD]RQDEOHSHQVDUTXHORTXHVDEHPRVGHHVWHSDtVSUHFHGHDOGLOXYLRPXFKRV
GHORVSREODGRV\FLXGDGHVIXHURQWDOYH]PiVJUDQGLRVRVDQWHVGHTXHHOGLOXYLRORVGHVDSDUHFLHUDGHODID]
GHODWLHUUD
'LRVHOUH\HOVDFHUGRWH\ORVFRQVWUXFWRUHV
(O'LOXYLRVHUHFXHUGDFRPRXQVXFHVRPX\UHPRWRLQFOXVRSDUDDTXHOORVTXHSDUDQRVRWURVVRQDQFHVWUDOHV
/D%LEOLDUHODWDODKLVWRULDGH1RpTXHVREUHYLYHMXQWRFRQVXIDPLOLD\XQDVHOHFFLyQGHDQLPDOHV(QXQ
PLWR PHVRSRWiPLFR DFHUFD GHO GLOXYLR HO UH\ 8WDQDSLVKWLP VDOYD WDQWR VHPLOODV FRPR DQLPDOHV GH OD
LQXQGDFLyQGHVWUXFWRUDHQYLDGDSRU(QOLOSDUDDWHUURUL]DUDRWURVGLRVHV(QODPLWRORJtDJULHJD'HXFDOLyQ\
VXHVSRVD3LUUDFRQVWUX\HURQHO$UFDSDUDHVFDSDUGHODIXULDGHYDVWDGRUDGH=HXV
6HKDQHQFRQWUDGRHYLGHQFLDVGHXQDLPSRUWDQWHLQXQGDFLyQDFDHFLGDKDFHPiVGHVHLVPLODxRVHQ
ORVDOUHGHGRUHVGH8UHQGRQGHXQDFDSDGHORGRGHGRVPHWURVGHSURIXQGLGDGFXEUHXQiUHDVXSHULRUDORV
FLHQPLONLOyPHWURVFXDGUDGRVeVWDVHH[WLHQGHSRUWRGRORDQFKRGHOYDOOHGHO7LJULV\HO(XIUDWHVGHVGHHO
QRUWHGH%DJGDGKDVWDODFRVWDGHO*ROIR3pUVLFRHQORTXHDKRUDLQFOX\HSDUWHVGH,UDN,UiQ\.XZDLW(O
GLOXYLR WXYR TXH VHU GH SURSRUFLRQHV JLJDQWHVFDV SDUD GHMDU VHPHMDQWH GHSyVLWR \ VHJXUDPHQWH EDUULy FRQ
DOJXQDV FXOWXUDV D OR ODUJR GH OR TXH PiV WDUGH VHUtD OD WLHUUD GH 6XPHULD (VWD XELFDFLyQ GH OD pSRFD GHO
GLOXYLRH[SOLFDSRUTXpORVV~PHQRVSDUHFHQKDEHUVXUJLGRGHODQDGDDOUHGHGRUGHDxRVD&FDVLGHXQ
GtDSDUDRWURHQWpUPLQRVDUTXHROyJLFRV8QDFXOWXUDIORUHFLHQWH\VRILVWLFDGDVLQKLVWRULDRHYLGHQFLDDOJXQD
GHVXVRUtJHQHVHVHQHIHFWRPLVWHULRVD
3HURHVXQPLVWHULRFRQXQDVROXFLyQVHQFLOOD
/DUHVSXHVWDHVTXHHOSHULRGRDQWHULRU\TXL]iHOPiVJUDQGLRVRGHODKLVWRULDGH6XPHULDVHSHUGLy
HQHOFDWDFOLVPR\ORVV~PHQRVVREUHYLYLHQWHVWXYLHURQTXHUHFRQVWUXLUWRGRGHVGHORVFLPLHQWRV(OSUREOHPD
SULQFLSDODOTXHVHHQIUHQWDURQORVTXHTXHGDURQIXHHQFRQWUDUVXSHUYLYLHQWHVTXHIXHUDQJXDUGLDQHVGHORV
VHFUHWRVUHDOHVDTXHOORVTXHKDEtDQVLGRVXPRVVDFHUGRWHVGHORVWHPSORVGHVDSDUHFLGRV\TXHSRUORWDQWR
SRGtDQWHQHUHOSRGHUGHODFLHQFLDHQHVSHFLDOODFLHQFLDGHODFRQVWUXFFLyQ$OJXQRVVREUHYLYLUtDQWDOYH]
VXFRQRFLPLHQWRGHODFLHQFLD\ORVPLVWHULRVRFXOWRVGHODQDWXUDOH]DOHVDGYLUWLyVREUHODOOHJDGDGHOGLOXYLR
GiQGROHVWLHPSRSDUDKXLUDWLHUUDVDOWDVRHQHIHFWRFRQVWUXLUXQDUFD6LELHQORVVHFUHWRV\HOVLPEROLVPR
GHODFRQVWUXFFLyQHUDQDQWHULRUHVDOGLOXYLRFUHHPRVTXHODQHFHVLGDGXUJHQWH\UHSHQWLQDGHUHFRQVWUXLUHO
PXQGRHQWHURFUHyXQDQXHYDSHUVSHFWLYDEDVDGDHQODFRQVWUXFFLyQGHORVFLPLHQWRVGHXQQXHYRRUGHQ1R
VHxDODPRVTXHIXHUDODIUDQFPDVRQHUtDSHURHVWRGLRSLHDODFRQH[LyQHQWUHODFLHQFLDGHODPDVRQHUtD\HO
FRQFHSWRGHUHVXUUHFFLyQ\DTXHHOPXQGRHQVtKDEtDPXHUWR\XQDYH]PiVUHVXUJtDGHODVDJXDVGHOD
FUHDFLyQ
(VSRVLEOHTXHPXFKDJHQWHHQFRQWUDUDODUHFRQVWUXFFLyQGH6XPHULDGHPDVLDGRGHVDILDQWH\GHMDUD
ODUHJLyQHQEXVFDGHXQQXHYRKRJDUOHMRVGHOVXDYH\K~PHGRORGRTXHFXEUtDVXWLHUUD6HOOHYDURQFRQ
HOORVVXOHQJXDMHFX\DHVWUXFWXUDJUDPDWLFDOHUDWDQVRILVWLFDGDFRPRPXFKRVDFWXDOHV$GHPiVUHFRJLHURQ
VXV FRQRFLPLHQWRV VREUH DJULFXOWXUD OD KLVWRULD GH VXV FRQVWUXFFLRQHV VXV GLRVHV \ PLWRV (OORV PLVPRV
SXGLHURQSDUHFHUGLRVHVDORVSXHEORVPiVUHWUDVDGRVHQ(XURSD\$VLD
(O SUREOHPD DO HVFULELU OD KLVWRULD GH QXHVWUD LQYHVWLJDFLyQ HV OD DPSOLWXG GH WHPDV HQ ORV TXH
WXYLPRVTXHDGHQWUDUQRV\TXHHQDSDULHQFLDQRHVWiQUHODFLRQDGRVHQWUHVtDXQTXHGHKHFKRVtORHVWiQ(Q
RFDVLRQHVQXHVWURVHVWXGLRVVHTXHGDEDQVHSXOWDGRVEDMRJUDQGHVFDQWLGDGHVGHPDWHULDOLQIRUPDWLYRTXHLEDQ
GHVGHHOSULQFLSLRGHORVWLHPSRVDQXHVWURVGtDV)XHXQUHWRDFRPRGDUWRGRHQXQDHVSHFLHGHVHFXHQFLD
LQWHOLJLEOHSHURFXDQWRPiVLQIRUPDFLyQFRWHMiEDPRVPiVVHDFODUDEDHOSDQRUDPD(QHVSHFLDOFXDQGRVH
WUDWDED GH WHPDV UHODFLRQDGRV FRQ 6XPHULD D PHGLGD TXH DXPHQWiEDPRV OD E~VTXHGD HQFRQWUiEDPRV
PD\RUHVLQIOXHQFLDVVREUHRWUDVFXOWXUDV(VWHOLEURQRSXHGHLQFOXLUODVWRGDVSHURSUHVHQWDUHPRVXQHMHPSOR
VyORSDUDPRVWUDUHOH[WUDRUGLQDULRSDSHOTXHKDMXJDGRHVWDFXOWXUD
/D LGHDGH XQDFROXPQD R PRQWDxD VDJUDGD TXH FRQHFWD DO FHQWURGHOD7LHUUDFRQ HO &LHOR HV XQ
FRQFHSWR VXPHULR LQWURGXFLGR HQ PXFKDV FUHHQFLDV GH TXLHQHV KDELWDEDQ HO QRUWH GH $VLD /RV SXHEORV
WiUWDURVPRQJROHVEXULDW\NDOPLNWLHQHQXQDOH\HQGDTXHDILUPDTXHVXPRQWDxDVDJUDGDHUDXQHGLILFLRGH
HVFDOHUDVFRQVLVWHQWHHQVLHWHEORTXHVFDGDXQRPHQRUTXHHODQWHULRUKDVWDOOHJDUDOFLHOR6XFLPDHUDOD
HVWUHOODSRODUHORPEOLJRGHOFLHORTXHFRUUHVSRQGHDODEDVHLQIHULRUHORPEOLJRGHOD7LHUUD(VWDHVWUXFWXUD
QRGHVFULEHQLQJXQDFRQVWUXFFLyQFRQRFLGDSRUHVWRVKRPEUHVWULEDOHVSHURVtHQFDMDFRQODGHVFULSFLyQGH
XQ ]LJXUDW VXPHULR FUHDGR FRPR XQD PRQWDxD DUWLILFLDO (VWDPRV VHJXURV GH TXH HVWD FRQH[LyQ QR HV XQD
FRLQFLGHQFLD SRUTXH HO QRPEUH TXH ORV QyPDGDV GHO QRUWH OH GLHURQ D HVWD VDJUDGD \ PtWLFD WRUUH HV
VLPSOHPHQWHVXPHULD 6HFUHHTXHWRGRVORVWHPSORVVXPHULRVIXHURQFRQVWUXLGRVGHHVWDIRUPDHOPiV
IDPRVR OR FRQRFHPRV FRPR OD 7RUUH GH %DEHO HO JUDQGLRVR HGLILFLR DVRFLDGR PX\ GH FHUFD FRQ ORV
GHVFHQGLHQWHVGH1Rp(VWDWRUUHIXHFRQVWUXLGDHQ%DELORQLDSRU1DERSRODVDU\HUDXQ]LJXUDWGHVLHWHSLVRV
FRQXQRVQRYHQWDPHWURVGHDOWXUD\XQDOWDUDOGLRV0DUGXNHQODFLPD$OLJXDOTXHODKLVWRULDGHO'LOXYLR
OD GH OD 7RUUH GH %DEHO VH HVFULELy HQ HO OLEUR GHO *pQHVLV FRPELQDQGR GLIHUHQWHV YHUVLRQHV GH OH\HQGDV
DQWLJXDV\SHUPLWLHQGRDORVDXWRUHVH[SOLFDUFyPRHQFRQWUDURQDOPXQGR(OFDStWXORGLH]GHO*pQHVLVKDEOD
GHFyPRVHSREODURQORVSDtVHVGHOD7LHUUDGHVSXpVGHOGLOXYLR\H[SOLFDODIRUPDHQTXHORVKLMRVGH1Rp
IRUPDURQQXHYDVWULEXVHQFDGDSDUWHGHOPXQGR3DUDORVKHEUHRVHOPiVLPSRUWDQWHGHHVWRVKLMRVHUD6HP
TXLHQHQHOFXUVRGHVXLPSUHVLRQDQWHYLGDGHVHLVFLHQWRVDxRVRULJLQyORVSXHEORVFRQRFLGRVFRPRVHPLWDV
ORVFXDOHVLQFOX\HQDOSXHEORMXGtR(OVLJXLHQWHFDStWXORGHO*pQHVLVFXHQWDODKLVWRULDGHOD7RUUHGH%DEHO
HPSH]DQGRSRUUHFRQRFHUTXHDOJXQDYH]H[LVWLyXQDVRODOHQJXD&RPLHQ]DDVt
<ODWLHUUDHUDGHXQDVRODOHQJXD\GHOPLVPRGLDOHFWR<FXDQGRVHUHWLUDURQGHOHVWHHQFRQWUDURQ
XQDSODQLFLHHQODWLHUUDGH6HQQDDU>6XPHULDHQKHEUHR@\PRUDURQHQHOOD
<FDGDXQRGLMRDVXYHFLQR9HQLGKDJDPRVODGULOORV\FR]iPRVORVFRQIXHJR<WXYLHURQODGULOORV
HQYH]GHSLHGUDV\FLHQRHQOXJDUGHPRUWHUR<GLMHURQ9HQLGFRQVWUX\DPRVXQDFLXGDG\XQDWRUUHFX\D
FLPDOOHJXHDOFLHOR\KDJDPRVODPRVRVQXHVWURVQRPEUHVDQWHVGHTXHSRGDPRVGLVSHUVDUQRVSRUWRGDVODV
WLHUUDV\TXHHO6HxRUEDMHDYHUODFLXGDG\ODWRUUHTXHORVKLMRVGH$GiQFRQVWUX\HURQ
< eO GLMR 0LUDG HV XQ SXHEOR \ WRGRV WLHQHQ XQD OHQJXD \ KDQ HPSH]DGR D KDFHU HVWR \ QR
DEDQGRQDUiQVXVGLVHxRVKDVWDTXHORVKLFLHUDQUHDOLGDG
9HQLG SRU WDQWR GpMDQRV EDMDU \ DKt FRQIXQGLHURQ VX OHQJXD GH PRGR TXH QR VH HQWHQGLHURQ DO
KDEODUORVXQRVFRQORVRWURV
<DVtHO6HxRUORVGLVSHUVyGHHVHOXJDUKDFLDWRGDVODVWLHUUDV\GHMDURQGHFRQVWUXLUODFLXGDG
(VWDQtWLGDSLH]DGHUDFLRQDOL]DFLyQDFODUyDORVMXGtRVODUD]yQSRUODTXHORVSXHEORVKDEODEDQGLIHUHQWHV
OHQJXDV \ FyPR HO PXQGR HUD XQ GHVLHUWR YDFtR DQWHV GH TXH 'LRV GHFLGLHUD SREODUOR GH QXHYR FRQ OD
GHVFHQGHQFLDGH1RpHUDWRWDOPHQWHUD]RQDEOHTXHeOSXGLHUDSURPHWHUOHVODWLHUUDGH&DQDiQDORVKLMRVGH
6HPVLQSHQVDUHQORVSXHEORVTXHVHHQFRQWUDEDQDOOtDQWHVTXHHOORV'HVGHVXVLQLFLRVHQ6XPHULD'LRV
WRPyGLVWLQWDVYHUHGDVKDFLDORVYDOOHVGHO1LORHO,QGR\SRVLEOHPHQWHKDVWDHO5tR$PDULOORGDQGROXJDUD
ODVJUDQGHVUHOLJLRQHVGHOPXQGR7RGRHVWRVXFHGLyHQWLHPSRVPX\UHPRWRV\XQDGHODVYDULDFLRQHVPiV
UHFLHQWHVGHODWHRORJtDVXPHULDIXHHOGLRVGHORVMXGtRV
/DILJXUDGH$EUDKDPHOSULPHUMXGtR
8QDYH]TXH$EUDKDPGHFLGLyDEDQGRQDU8UHUDQDWXUDOTXHVHGLULJLHUDKDFLDHOQRUWHVLJXLHQGRODUXWDGH
ORVGRVUtRVHQEXVFDGHXQQXHYRKRJDUHQHOFXDOSXGLHUDHVWDUHQSD]FRQVX'LRV(O$QWLJXR7HVWDPHQWR
VHxDODTXHKDVWDTXH$EUDKDPDSDUHFLyHQHVFHQDORVDQFHVWURVGH,VUDHOVHUYtDQDRWURVGLRVHV2RVXp
ORTXHDSHQDVVRUSUHQGHSXHV<DKYp-HKRYiHOGLRVGHORVMXGtRV\FRQHOWLHPSRGHORVFULVWLDQRVHVWDED
HQXQIXWXURWDQOHMDQRSDUDHOORVFRPRODVFRPSXWDGRUDVSHUVRQDOHVSDUD:LOOLDP&D[WRQ,QFOXVRGHVSXpV
GHTXH-HKRYiGLRDFRQRFHUD6XSXHEORHOHJLGRODOHDOWDGKDFLDeOIXHHQHOPHMRUGHORVFDVRVXQSRFR
IRU]DGDSRUORPHQRVPLODxRV\DTXHRWURVGLRVHVHUDQLJXDOGHSRSXODUHV&XDQGRDORVLVUDHOLWDVOHVOOHJy
HOPRPHQWRGHHVFULELUODKLVWRULD\ODKHUHQFLDGHVXSXHEORUHH[DPLQDURQLQPHQVRVSHULRGRVGHWLHPSR\
FRQILUPDURQDQWLJXDVWUDGLFLRQHVRUDOHVDMXVWDQGRORVGHWDOOHVTXHGHEHUtDQLQFOXLUVH
(VSUREDEOHTXH$EUDKDPIXHVHLQFLWDGRDGHMDUVXFLXGDGQDWDO8UGHELGRDTXHORVQyPDGDVGHO
QRUWHVLQGLRVTXHVHUHVSRQVDELOL]DEDQGHODYLGDFRWLGLDQD\DQROHUHVXOWDEDQDFHSWDEOHVHQDTXHOHQWRQFHV
HOGHVFRQWHQWRSROtWLFRVHH[SUHVDEDVLHPSUHFRPRGLVJXVWRWHROyJLFR6HJ~QOD%LEOLD$EUDKDPDEDQGRQyHO
RUGHQFUHDGRSRUHOKRPEUHHQGRQGHODOH\GH'LRVKDEtDVLGRUHFKD]DGD(VWRVHUHILHUHDODGHVWLWXFLyQGH
ORVUHSUHVHQWDQWHVGH'LRVHQOD7LHUUDHOUH\GH8U\VXVVDFHUGRWHV
3RUORJHQHUDO$EUDKDPHVFRQVLGHUDGRFRPRODSULPHUDILJXUDKLVWyULFDHQOD%LEOLDHQFRQWUDVWH
$GiQ (YD &DtQ $EHO \ 1Rp UHSUHVHQWDQ D SXHEORV \ pSRFDV TXH HQFDUQDQ LGHDV \ WUDGLFLRQHV KHEUHDV
DQWHULRUHV \ UHIHULGDV D ORV LQLFLRV GH OD YLGD HQ OD7LHUUD (V SUREDEOH TXH VX YLDMH D ODWLHUUD GH &DQDiQ
KDFLpQGRVHSDVDUSRUXQYLDMHURHUUDQWHVHDFLHUWR\TXHHQHOFDPLQRVRVWXYLHUDJUDYHVGLVFXVLRQHVFRQVX
GLRVSHUVRQDOTXLHQFRPRHVQDWXUDOYLDMyFRQpOGHVGH6XPHULD
/DGHVFULSFLyQGH$EUDKDPFRPRXQQyPDGDVHPHMDQWHDHOORVWLHQHPXFKRVHQWLGR\DTXHpO\OD
JHQWHFRQODTXHYLDMDEDQRWHQtDQWLHUUDSURSLD(OQRPEUHKHEUHRVHGHULYDVHJ~QQXHVWURVGHVFXEULPLHQWRV
GHOWpUPLQRKDELUXDYHFHVDSDUHFHWDPELpQFRPRDSLUTXHDOSDUHFHUHUDXQDSDODEUDGHURJDWRULDXVDGD
SRUORVHJLSFLRVSDUDGHVFULELUDODVWULEXVVHPLWDVTXHYDJDEDQHUUDQWHVFRPRORVEHGXLQRV
&RPRYLPRVODKLVWRULDGHORVMXGtRVUHFODPDVXGHVFHQGHQFLDGH6HPHOKLMRGH1RpTXLHQDVX
YH]HUDXQSHUVRQDMHGHODOH\HQGDVXPHULD\ILQDOPHQWHGH$EUDKDPTXLHQGHMy6XPHULDSDUDHQFRQWUDUOD
WLHUUDSURPHWLGD'DGRTXHQRKD\UDVWURVGHORVKDELWDQWHVGH6XPHULDFUHHPRVTXHPXFKRVGHHOORVHPL
JUDURQDOQRUWH\DORHVWHSDUDLQWHJUDUVHFRPRSDUWHLPSRUWDQWHDORVSXHEORVHUUDQWHVTXHVHFRQYLUWLHURQHQ
ODQDFLyQMXGtD6LQHPEDUJyODVHYLGHQFLDVPXHVWUDQTXHORVMXGtRVQRVRQXQDUD]DQLVLTXLHUDXQDQDFLyQ
KLVWyULFDFRPR OOHJDURQ DSHQVDU VRQ XQDDPDOJDPD GH JUXSRV VHPLWDV TXH HQFRQWUDURQ VLPLOLWXGHV HQ OD
IDOWDGHXQHVWDGRSURSLR\DGRSWDURQXQDKLVWRULDWHROyJLFDEDVDGDHQXQVXEJUXSRVXPHULR7DOYH]XQRGH
FDGDGLH]LVUDHOLWDVHQORVWLHPSRVGH'DYLG\6DORPyQHUDGHRULJHQVXPHUtR\XQDSDUWHPX\SHTXHxDGH
HOORVGHVFHQGtDGH$EUDKDPTXLHQOyJLFDPHQWHQRIXHHO~QLFRVXPHULRTXHYLDMyD&DQDiQ\(JLSWRGXUDQWH
ODVHJXQGDPLWDGGHOVHJXQGRPLOHQLRD&/RVKDELUXVHGLVWLQJXtDQGHORVQyPDGDVGH(JLSWRSRUTXHHUDQ
DVLiWLFRV\YHVWtDQH[WUDxDVURSDVXVDEDQEDUED\KDEODEDQXQDOHQJXDH[WUDQMHUD
$EUDKDPHVFRQVLGHUDGRODFODYHGHODIXQGDFLyQGH,VUDHO\DTXHVXGLRVOHSURPHWLyXQQXHYRKRJDU
SDUD VX SXHEOR HQ OD WLHUUD LGHQWLILFDGD GHVSXpV FRPR OD SDUWH QRUWH GHO )pUWLO &UHFLHQWH OODPDGD &DQDiQ
'DGDODQDWXUDOH]DDQWHVGHVFULWDGHODVGHLGDGHVVXPHULDVHVSUREDEOHTXH$EUDKDPIXHUDXQVDFHUGRWHFRQ
XQGLRVSDUWLFXODUTXHHUDVXFRPSDxHUR\JXDUGLiQ
$O OHFWRU PHGLR GHO $QWLJXR 7HVWDPHQWRMXGtR RFULVWLDQR VH OH SXHGH SHUGRQDU OD LGHD GHTXHOD
WLHUUD GH &DQDiQ HUD XQ PHUHFLGR UHJDOR GH 'LRV D 6X SXHEOR HOHJLGR SHUR OD WRPD HYHQWXDO GH OD WLHUUD
SURPHWLGD IXH HQ UHDOLGDG XQ URER 6L ODV SDODEUDV GHO $QWLJXR 7HVWDPHQWR VH WRPDQ DO SLH GH OD OHWUD
HQWRQFHV ORV MXGtRV \ VX GLRV HUDQ XQRV PDOYDGRV 1LQJXQD MXVWLILFDFLyQ VREUHQDWXUDO SXHGH H[FXVDU OD
PDWDQ]DGHWDQWRVKDELWDQWHVQDWLYRVGHHVDVWLHUUDVFRPRHO$QWLJXR7HVWDPHQWRDILUPDTXHVXFHGLy
/DPD\RUtDGHORVFULVWLDQRVWLHQHQXQDYDJD\FRQIXVDLPSUHVLyQGHODKLVWRULDGHVX'LRVTXLHQIXH
FRQ DQWHULRULGDG 'LRV GH ORV KHEUHRV ,PDJLQDQ D VX WRGRSRGHURVR \ DPRURVR 'LRV SURPHWLpQGROH D 6X
SXHEORHOHJLGRXQDKHUPRVDWLHUUDOOHQDGHOHFKH\PLHOXQDHVSHFLHGH6XPHULDRGH-DUGtQGHO(GpQUH
GHVFXELHUWRV OODPDGD &DQDiQ 3HUR &DQDiQ QR HUD XQ GHVLHUWR GHVKDELWDGR HQ GRQGH QREOHV QyPDGDV
SXGLHUDQIRUMDUVXQXHYDSDWULD\-HKRYiQRHUDXQGXOFHEHQHIDFWRUHUDXQGLRVGHODVWRUPHQWDVXQGLRVGH
ODJXHUUD
(VWXGLRV DUTXHROyJLFRV UHFLHQWHV UHYHODURQ TXH ORV KDELWDQWHV GH &DQDiQ GH FX\DV WLHUUDV VH
DSRGHUDURQORVLVUDHOLWDVWHQtDQXQDFLYLOL]DFLyQDYDQ]DGDFRQFLXGDGHVDPXUDOODGDVHLQFRQWDEOHVSXHEORV\
YLOODVPHQRUHV\VRILVWLFDGRVVLVWHPDVGHSURGXFFLyQDOLPHQWLFLDGHPDQXIDFWXUDV\FRPHUFLRPXQGLDO6LVH
DFHSWDQODVKLVWRULDVGHOD%LEOLDHO'LRVRULJLQDOGHORVKHEUHRVHUDHQUHDOLGDGVyORXQDFDEH]DYLVLEOHTXH
MXVWLILFDEDODLQYDVLyQHOURER\ODPDWDQ]D\TXHDGHPiVWHQtDPXFKRHQFRP~QFRQ*HQJKLV.KDQ
1RV DVRPEUD TXH PXFKRV FULVWLDQRV FUHDQ TXH HO $QWLJXR 7HVWDPHQWR HV XQ UHJLVWUR GH
DFRQWHFLPLHQWRVKLVWyULFRVYHUtGLFRVDSHVDUGHTXHUHWUDWDD'LRVFRPRXQPDQLDFRYDQR\YHQJDWLYRVLQ
JRWDGHFRPSDVLyQTXLHQDGHPiVGHRUGHQDUODPDWDQ]DGHFLHQWRVGHPLOHVGHKRPEUHVPXMHUHV\QLxRVHQ
ODVFLXGDGHVGRQGHGHFUHWyDUUDVDUDVXVSREODGRUHVQDWLYRVWDPELpQHUDFRQRFLGRSRUDWDFDUDVXVDPLJRVVLQ
UD]yQDSDUHQWH(QHOe[RGROHHPRVTXH-HKRYiGHFLGLyPDWDUD0RLVpVSRFRGHVSXpVGHRUGHQDUOH
TXH SDUWLHUD D (JLSWR SDUD UHVFDWDU D ORV LVUDHOLWDV HVFODYL]DGRV (VWD PXHVWUD SDUWLFXODU GH VX PDO FRP
SRUWDPLHQWRODUHODWyXQDPXMHUTXHDOHJDEDVHUODSURPHWLGDGH0RLVpV(VWHSDVDMHVHUHHVFULELyGHVSXpVHQ
HOWH[WRDSyFULIR-XELOHRVSDUDH[FXVDUODFXOSDGH-HKRYi\WUDVODGDUODDXQHVStULWXOODPDGR0DVWHPDXQD
SDODEUDTXHVLJQLILFDHOODGRKRVWLOGHODQDWXUDOH]DGH-HKRYi1RREVWDQWHHVWiFODURHQHOOLEURGHOe[RGR
TXH'LRVDVHVLQyDOKLMRGH0RLVpVFXDQGRHOPDOKXPRUVHDSRGHUyGHpO
6LELHQKDVWDDKRUDQDGLHKDSRGLGRSUHFLVDUFRQFHUWH]DODIHFKDGHORVYLDMHVGH$EUDKDPVHDFHSWD
TXHH[LVWLyHQWUHHODxRD&\D&6LKXELHUDYLYLGRGXUDQWHHOILQDOGHHVWHSHULRGRVHKDEUtD
HQFRQWUDGRHQPHGLRGHODRFXSDFLyQGH(JLSWRSRUORVOODPDGRVKLFVRVR5H\HV3DVWRUHVTXLHQHVLQYDGLHURQ
\ RSULPLHURQ D ORV HJLSFLRV GXUDQWH PiV GH GRVFLHQWRV DxRV DOUHGHGRU GH D D& /OHJDPRV
HQWRQFHVDODFRQFOXVLyQGHTXHVLH[LVWtDXQDFRQH[LyQHQWUH$EUDKDP\ORVVHPLWDVTXHRFXSDURQ(JLSWR
GHVGHHOiUHDGH-HUXVDOpQODKLVWRULDHPSH]DUtDDWHQHUPXFKRVHQWLGR$EUDKDPSDUWLyFRQVXVVHJXLGRUHV
KDFLD +DUiQ XQD LPSRUWDQWH FLXGDG GH OD 6LULD DFWXDO XELFDGD HQ ODV ULEHUDV GHO UtR %DOLNK HQ OD UXWD
FRPHUFLDOGH6XPHULDDO(XIUDWHV'HVGHDKtOOHYyDVXJUXSRKDFLDODWLHUUDGH&DQDiQODFXDOSRUVXSXHVWR
HV,VUDHO
(QDOJXQDSDUWHGHOFDPLQRD$EUDKDPOHLQTXLHWyKDEHUKHFKRDOJRPDORSRUTXHVLQWLyTXHVXGLRV
SHUVRQDOHVWDEDGLVJXVWDGRFRQpO(VSUREDEOHTXHGHHVWDPDQHUDLQWX\HUDTXHDVXJUXSROHVREUHYHQGUtD
DOJ~QSUREOHPDRLQFLGHQWH\WUDGXMRODFDODPLGDGFRPRHOUHVXOWDGRGHODUHWLUDGDGHODSURWHFFLyQGHVX
GLRVGHELGR DTXHHVWDEDPROHVWR 'H KHFKR HO GLRV GH $EUDKDP HVWDEDWDQ HQIDGDGR OR TXH HTXLYDOtD DO
WDPDxRGHOSUREOHPDTXHHQIUHQWDEDQTXHVLQWLyTXHOD~QLFDVDOLGDHUDRIUHFHUOHDVXKLMR,VDDFHQVDFULILFLR
8QSDVDMHHQ0LTXHDVQRVPXHVWUDODJUDYHGDGGHODVLWXDFLyQ
¢'DUpDPLSULPRJpQLWRSRUPLUHEHOLyQHOIUXWRGHPLVHQWUDxDVSRUHOSHFDGRGHPLDOPD"
(Q OD KLVWRULD GH $EUDKDP DSDUHFHQ GRV YHFHV ODV SDODEUDV GHVSXpV GH HVWDV FRVDV GHVGH KDFH
PXFKRWLHPSRVHKDREVHUYDGRTXHpVRVHUDQORVPRPHQWRVGHPD\RUFULVLVHQORVTXHHOGLRVGH$EUDKDP
WHQtD TXH VHU DSDFLJXDGR 'H KHFKR pVWH HUD XQR GH HOORV 3RU VXHUWH SDUD HO MRYHQ ,VDDF HO SUREOHPD VH
UHVROYLy \ VX VXSHUVWLFLRVR SDGUH FDPELy GH RSLQLyQ VREUH OD QHFHVLGDG GH PDWDUOR 6LQ HPEDUJR KD\ XQ
UHODWRPX\SRVWHULRUTXHGLFHTXH,VDDFIXHVDFULILFDGRSRU$EUDKDP\TXHGHVSXpVUHVXFLWyUHWUDWiQGRORDVt
FRPR-HVXFULVWRXQVXIULGRVHUYLGRUTXHWUDHODVDOYDFLyQ\UHGHQFLyQDORVGHPiV
7XYLHURQTXHSDVDUHQWUHPLO\PLOWUHVFLHQWRVDxRVSDUDTXHODKLVWRULDGH$EUDKDPVHHVFULELHUDSRU
SULPHUDYH]PDQWHQLpQGRVHGXUDQWHHVHLQPHQVRSHULRGRFRPRXQDOH\HQGDWULEDOWUDQVPLWLGDHQIRUPDRUDO
&XDQGRVHHVFULELySDUHFtDQDWXUDOTXHHOGLRVGH$EUDKDPIXHUD-HKRYiDSHVDUGHTXHpVWHQRIXHLQWUR
GXFLGR KDVWD ORV WLHPSRV GH 0RLVpV /D WHUPLQRORJtD XWLOL]DGD SRU 0RLVpV FXDQGR FRQGXMR D ORV LVUDHOLWDV
IXHUDGH(JLSWRDOGHFLUOHVTXHVXPHQVDMHYHQtDGHOGLRVGHVXVSDGUHVHVXQDIRUPDVXPHULDXVDGDVyOR
SDUDUHIHULUVHDXQGLRVSHUVRQDOTXHSHUWHQHFHDODFDVWDGH$EUDKDPA3XHVWRTXHVyORXQDSHTXHxDWUDFFLyQ
GHHVWRVDVLiWLFRVGHVSOD]DGRVSURWRMXGtRVSXGLHURQGHVFHQGHUGH$EUDKDPHQHVHPRPHQWRWRGRVHOORVVH
KDEtDQDSURSLDGR\DGHODOH\HQGD\ODDGRSWDURQFRPRXQDUD]yQDFHSWDEOH\QREOHSDUDVXVFLUFXQVWDQFLDV
6L0RLVpVVHKXELHUDSUHVHQWDGRDQWHHVWRVHVFODYRVHQ(JLSWR\OHVKXELHUDGLFKRTXHVXPHQVDMHSURYHQtD
GH-HKRYiRGHXQGLRVPXQGLDOTXHVXSULPtDDWRGRVORVGHPiVKDEUtDQSHQVDGRTXHHVWDEDORFR
$GLIHUHQFLDGHORVSHUVRQDMHVDQWHULRUHV$EUDKDPQRVHFRQYLUWLyHQHORULJHQGHWRGDXQDWULEXTXH
WRPyVXQRPEUHVLQRTXHVXGLRVSHUVRQDOHOGLRVGH$EUDKDPVHYROYLyODFDUDFWHUtVWLFDTXHGLVWLQJXLUtDD
VXJHQWHHQHOIXWXUR(QFRQWUDPRVHQYHUGDGVRUSUHQGHQWHTXHODSVLTXHGHXQKRPEUHVXPHULRFUHDUDODV
EDVHVGHODVWUHVUHOLJLRQHVPRQRWHtVWDVPiVLPSRUWDQWHVGHOPXQGR
3DUD HQWRQFHV QXHVWUD E~VTXHGD QRV KDEtD FRQGXFLGR DO HQWHQGLPLHQWR GHO FRQFHSWR GH XQ GLRV
SHUVRQDO \ GH XQ SXHEOR TXH WRPy VX KHUHQFLD FXOWXUDO GH XQ KRPEUH TXH GHMy OD FLXGDG VXPHULD GH 8U
OOHYiQGRVHDVXGLRVFRQpO$XQTXHKHPRVHQFRQWUDGRDOJXQRVFRPHQWDULRVVREUHXQDSRVLEOHFHUHPRQLDGH
UHVXUUHFFLyQUHODFLRQDGDFRQ,VDDFHOKLMRGHOSDGUHGHORVMXGtRVHVWDKLVWRULDSDUHFtDVHUEDVWDQWHSRVWHULRU
1RKDEtDYtQFXORVFRQODIUDQFPDVRQHUtDSRUORTXHFUHtPRVTXHDQWHVGHUHWRPDUHOGHVDUUROORGHOSXHEOR
MXGtRWHQtDPRVTXHHFKDUXQYLVWD]RDODPD\RUFLYLOL]DFLyQDQWLJXDVXUJLGDDOUHGHGRUGHO5tR1LOR$EUDKDP
SDVyWLHPSRHQ(JLSWRGXUDQWHHOSHULRGRGHIRUPDFLyQGHODQDFLyQMXGtD\VDEtDPRVTXHORVMXGtRVTXHOH
SUHFHGLHURQDOFDQ]DURQJUDQUHOHYDQFLDHQODWLHUUDGH(JLSWR3RUORWDQWRHO$QWLJXR(JLSWRWHQtDTXHVHUHO
VLJXLHQWHREMHWLYRGHQXHVWUDVSHVTXLVDV
&21&/86,Ï1
)XH VyOR KDVWD TXH UHYLVDPRV HO GHVDUUROOR LQLFLDO GH 'LRV FXDQGR QRV GLPRV FXHQWD GH OR SRFR TXH QRV
HQVHxDURQ GH KLVWRULD DQWLJXD 1R VDEtDPRV QDGD GH 6XPHULD HO OXJDU GH QDFLPLHQWR GH OD FLYLOL]DFLyQ \
GRQGHVXUJLHURQSRUSULPHUDYH]ODHVFULWXUD\ODHGXFDFLyQ'HVFXEULPRVTXHORVV~PHQRVHUDQORVLQYHQWR
UHV GH OD FROXPQD \ OD SLUiPLGH TXH VH H[WHQGLHURQ PiV DOOi GH VX SURSLD WLHUUD /D KLVWRULD GHO *pQHVLV
DFHUFD GHO 'LOXYLR UHVXOWy VHU FDVL PLO DxRV PiV DQWLJXD GH DFXHUGR FRQ HO UHODWR VXPHULR GH OD FUHDFLyQ
FRQRFLGRFRPRHO(QXPD(OLVK
)XH GH OD FLXGDG VXPHULD GH 8U GH GRQGH $EUDKDP VDOLy OOHYDQGR FRQVLJR D VX GLRV SHUVRQDO
FRQRFLGRFRPRHO'LRVGHVXVSDGUHVHQDOJ~QPRPHQWRHQWUHORVDxRV\D&1RVSUHJXQWDPRV
VL$EUDKDPSXGRFRQWDFWDURFRLQFLGLUFRQORVUH\HVKLFVRVGH(JLSWRTXHJREHUQDURQGHVGHKDVWD
D&SHURQRWHQtDPRVVXILFLHQWHVFRQRFLPLHQWRVVREUHORVHJLSFLRVSDUDUHVSRQGHUDHVDSUHJXQWD<DSHVDU
GHDOJXQDVSLVWDVVREUHORVSHUVRQDMHVTXHILJXUDQHQODIUDQFPDVRQHUtDQRHQFRQWUDPRVRWURVOD]RVFRQOD
&LHQFLDPRGHUQD6LSUHWHQGtDPRVDUPDUHOURPSHFDEH]DVWHQGUtDPRVTXHUHWURFHGHUHQHOWLHPSR\HVWXGLDU
ODFLYLOL]DFLyQGH(JLSWR
1RWDV
!! !"#!$%&'())!*+",-&(*&+.!&/012!3!
4&&"#$%&'!()#'*&+!5.")"*0%)6&7,8."08&9!8.*0:;!%&(<=8%+"%-!
,!!-./0!1'22..0+! !"#$%&'()!$'"*)!&+,-)#
!"#
/RVLQLFLRVGH(JLSWR
&DStWXOR
(OOHJDGRGHORVHJLSFLRV
/RVHJLSFLRVVRQIDPRVRVSRUVXVSLUiPLGHV&RPRYHUHPRVHOOHJDGRGHHVWHSXHEORWDQHVSHFLDOYDPiV
DOOiGHORVDQWLJXRVDUWHIDFWRV\DTXHWDPELpQIXHURQUHVSRQVDEOHVGHDOJXQDVGHODVPD\RUHVFRQWULEXFLRQHV
DQXHVWURPXQGRDFWXDO/RVHJLSFLRVGHKR\VRQXQDPH]FODGHODVUD]DViUDEHQHJUD\HXURSHDTXHFUHy
WRGDXQDYDULHGDGGHWRQRVGHSLHO\UDVJRVILVRQyPLFRV0XFKRVVRQGHXQDEHOOH]DVRUSUHQGHQWH\RWURVVRQ
LGpQWLFRVDODVLPiJHQHVHQFRQWUDGDVHQODVDQWLJXDVWXPEDVGHODVSLUiPLGHV(VWDEHOOH]DQRHVVyORItVLFD
ORV HJLSFLRV VLHPSUH KDQ VLGR DPLVWRVRV \ HQ OD PHGLGD GH OR SRVLEOH WROHUDQWHV /D LGHD DPSOLDPHQWH
GLIXQGLGDGHTXHORVPDOYDGRVHJLSFLRVXWLOL]DURQHVFODYRVKHEUHRVSDUDFRQVWUXLUVXVSLUiPLGHVHVDEVXUGD
\DTXHQRH[LVWtDQKHEUHRVHQHVHSHULRGR
/RVFRQVWUXFWRUHVGHODVFLXGDGHVGH6XPHULDGHELHURQLQIOXLUPXFKRVREUHORVDQWLJXRVHJLSFLRVVL
HVTXHQRORVGLULJLHURQ4XL]iGHVSXpVGHO*UDQ'LOXYLRDOJXQRVJXDUGLDQHVGHORVVHFUHWRV\PLVWHULRVGH
ODFRQVWUXFFLyQVHGLULJLHURQKDFLDHOQRUWH\HORHVWHKDVWDGHVFXEULURWURSXHEORFX\DYLGDVHEDVDUDHQHO
FRQWDFWRFRQXQUtR\VREUHYLYLHUDJUDFLDVDODVUtWPLFDV\FRQWURODGDVLQXQGDFLRQHVGHODVDJXDVSDUDDWUDHU
ODVERQGDGHV\ODKXPHGDGDODiULGDWLHUUDGHOGHVLHUWR'HELGRDTXH(JLSWRWLHQHXQQLYHOGHSUHFLSLWDFLyQ
SOXYLDOLQVXILFLHQWHSDUDDEDVWHFHUVXVFRVHFKDVHO1LORKDWHQLGRXQDLPSRUWDQFLDYLWDOSDUDODFRQWLQXDFLyQ
GHODYLGDORFDO\SRUORWDQWRVRUSUHQGHSRFRTXHHVWHUtRVHKD\DYXHOWRXQVtPERORGH(JLSWR
'HVGHILQDOHVGHDJRVWRKDVWDVHSWLHPEUHWLHQHOXJDUODLQXQGDFLyQDQXDOTXHIOX\HGHVGHHOVXUKDVWD
HO 0HGLWHUUiQHR HQ HO QRUWH GHSRVLWDQGR HQ VX WUDYHVtD HO ORGR QHJUR HQ GRQGH FUHFHUi HO DOLPHQWR GH OD
QDFLyQ /D JUDQ FDQWLGDG GH LQXQGDFLRQHV GXUDQWH HO DxR FDXVDED VHULRV SUREOHPDV SRUTXH ORV GLOXYLRV
GHVWUXtDQKRJDUHV\PDWDEDQDODJHQWH\HOJDQDGRSHURVLHVFDVHDEDQODLUULJDFLyQVHUtDSREUHFDXVDQGR
KDPEUXQD(OEDODQFHGHODYLGDGHSHQGtDGHODJHQHURVLGDGGHO1LOR
/RVDQWLJXRVUHJLVWURVPXHVWUDQTXHFXDQGRORVVROGDGRVHJLSFLRVWXYLHURQPRWLYRVSDUDSHUVHJXLUD
VXVHQHPLJRVKDVWD$VLDVHKRUURUL]DURQDOYHUODVFRQGLFLRQHVGHYLGDGHOXJDUHVFRPR/tEDQR6HLQIRUPy
TXHODYHJHWDFLyQFUHFtDDVXYROXQWDG\HQWRUSHFtDHODYDQFHGHODVWURSDV\TXHHO1LORFDtDGHORVFLHORVHQ
YH] GH IOXLU GHVGH ODV FROLQDV (VWD UHIHUHQFLD LQGLFD TXH ORV HJLSFLRV FDUHFtDQ GH SDODEUD DOJXQD SDUD
GHVFULELU OD OOXYLD \ TXH LQFOXVR HVWH IHQyPHQR YLWDO SRGtD QR VHU ELHQYHQLGR GHVSXpV GH TXH OD JHQWH VH
DFRVWXPEUyDYLYLUVLQpO7DPELpQOHVUHSXJQDEDODWHPSHUDWXUDGHODJXDTXHEHEtDQGHORVUtRVIUHVFRV\
SUHIHUtDQSRQHUODHQYDVLMDVDOVROSDUDFDOHQWDUODDQWHVGHOOHYDUODDVXVODELRV
(O 1LOR DOLPHQWy D SHTXHxRV JUXSRV DLVODGRV GH FD]DGRUHV QyPDGDV GXUDQWH GHFHQDV GH PLOHV GH
DxRVSHURHQHOWUDQVFXUVRGHOFXDUWRPLOHQLRD&DSDUHFLHURQORVSULPHURVDVHQWDPLHQWRVSDUDFXOWLYDUOD
WLHUUD eVWRV VH GHVDUUROODURQ HQ ORV SULPHURV UHLQRV SURWHJLGRV SRU IURQWHUDV WHUULWRULDOHV TXH KDEtD TXH
GHOLPLWDU\SURWHJHU/DVOXFKDVHUDQPX\IUHFXHQWHVKDVWDTXHVHGLHURQFXHQWDGHTXHODFRRSHUDFLyQHUD
PiV HILFD] TXH OD DJUHVLyQ \ DVt VXUJLHURQ ODV FRPXQLGDGHV TXH YLYLHURQ HQ DUPRQtD (Q DOJ~Q SHULRGR
DQWHULRUDODxRD&VHHVWDEOHFLyXQUHLQRFXDQGRVHXQLILFDURQORVWHUULWRULRVGHO$OWR\%DMR(JLSWR
YpDVHHODSpQGLFH
/D WHRORJtD GH ORV SHULRGRV LQLFLDOHV GHO UHLQR XQLGR D~Q VH HQFRQWUDED IUDJPHQWDGD GHELGR D TXH
FDGDFLXGDGFRQVHUYDEDVXVGLRVHVRULJLQDOHV/DPD\RUtDGHODJHQWHSHQVDEDTXHHQWLHPSRVLQPHPRULDOHV
ORVGLRVHVYLYtDQDOLJXDOTXHORVKXPDQRVFRQWHPRUHVGHELOLGDGHV\SRU~OWLPRODPXHUWH/RVGLRVHVQR
HUDQLQPRUWDOHV\PXFKRPHQRVRPQLSRWHQWHVHQYHMHFtDQPRUtDQ\HUDQHQWHUUDGRVHQVXVFHPHQWHULRV6X
PRUWDOLGDGVHFRQWUDSRQHFRQFODULGDGDFXDOTXLHUGHILQLFLyQGHGLRV\QRVOOHYDDSUHJXQWDUQRVSRUTXpVH
GHVFULELyFRPRGLRVHVDHVWRVDQWLJXRVKDELWDQWHV1XHVWUD~QLFDH[SOLFDFLyQHVTXHODJHQWHTXHFRQWURODED
ODUHJLyQGHO1LORKDFHPiVGHFLQFRPLOTXLQLHQWRVDxRVHUDQH[WUDQMHURVFRQFRQRFLPLHQWRVRWHFQRORJtDWDQ
DYDQ]DGRVHQFRPSDUDFLyQFRQORVSREODGRUHVORFDOHVTXHSDUHFtDQFDSDFHVGHKDFHUPDJLD(QODDQWLJHGDG
OD PDJLD \ OD UHOLJLyQ HUDQ LQVHSDUDEOHV \ FXDOTXLHU SHUVRQD SRGHURVD SRGtD VHU FRQVLGHUDGD XQ GLRV FRQ
IDFLOLGDG
1RYDOHODSHQDHVSHFXODUGHPDVLDGRVREUHORVHYHQWRVSHUGLGRVGHODSUHKLVWRULDSHURHVSUREDEOH
TXHHVRVGLRVHVYLYLHQWHVIXHUDQDTXHOORVKRPEUHVTXHSRVHtDQORVVHFUHWRVGHODFRQVWUXFFLyQWUDQVPLWLGRVD
ORVFRQVWUXFWRUHVGHODVSLUiPLGHVDQWHVGHPDUFKDUVHRH[WLQJXLUVHFRPRXQDUD]DDSDUWH
/RVHJLSFLRVFUHtDQTXHODPDWHULDVLHPSUHH[LVWLySDUDHOORVHUDLOyJLFRTXHXQGLRVSXGLHUDFUHDU
DOJRGHODQDGD6XYLVLyQVREUHHORULJHQGHOPXQGRHUDTXHGHVSXpVGHOFDRVVXUJLyHORUGHQ\TXHGHVGH
HQWRQFHVOXFKDQODVIXHU]DVGHODRUJDQL]DFLyQ\HOGHVRUGHQ(VWDFUHDFLyQGHORUGHQODHVWDEOHFLyXQGLRV
TXHVLHPSUHH[LVWLyQRVyORDQWHVTXHHOKRPEUHHOFLHOR\OD7LHUUDVLQRDQWHVTXHORVPLVPRVGLRVHV(O
HVWDGR FDyWLFR HUD OODPDGR 1XQ \ DO LJXDO TXH OD GHVFULSFLyQ GH ODV FRQGLFLRQHV SUHYLDV D OD FUHDFLyQ
UHVHxDGDVSRUORVVXPHULRV\OD%LEOLDWRGRHUDXQDELVPRRVFXUR\DFXRVR(VWHDELVPRQRWHQtDVRO\RVWHQ
WDEDXQSRGHU\XQDIXHU]DFUHDWLYDLQWHUQDHQHOTXHHORUGHQHUDQHFHVDULRSDUDVXUJLU(VWHSRGHUODWHQWH
TXHVHKDOODEDGHQWURGHODVXVWDQFLDGHOFDRVQRFRQRFtDVXSURSLDH[LVWHQFLDHUDWDQVyORXQDSUREDELOLGDG
XQDSRVLELOLGDGHQWUHWHMLGDGHQWURGHOD]DUGHOGHVRUGHQ
(VWDGHVFULSFLyQGHODFUHDFLyQUHWUDWDDODSHUIHFFLyQODSRVWXUDGHODFLHQFLDPRGHUQDHQSDUWLFXODU
ODWHRUtDGHOFDRVODFXDOKDPRVWUDGRGLVHxRVFRPSOHMRVGHVDUUROODGRV\UHSHWLGRVPDWHPiWLFDPHQWHGHQWUR
GH VXFHVRV FDUHQWHV GH HVWUXFWXUD /RV DQWLJXRV HJLSFLRV HVWDEDQ PiV FHUFD GH QXHVWUD YLVLyQ GHO PXQGR
EDVDGDHQODItVLFDGHORTXHSDUHFHSRVLEOHSDUDXQSXHEORGHVFRQRFHGRUGHODHVWUXFWXUDGHODPDWHULD
/RVGHWDOOHVGHHVHWLHPSRWDQUHPRWRYDULDEDQGHDFXHUGRFRQODVFUHHQFLDVVRVWHQLGDVHQFDGDXQD
GH ODV JUDQGHV FLXGDGHV ODV PiV LQIOX\HQWHV HUDQ SRU VXV QRPEUHV HQ JULHJR 0HQILV +HUPySROLV
&URFRGLOySROLV 'HGHUD (VQD (GIX \ +HOLySROLV OD FLXGDG GHO VRO DQWHV FRQRFLGD FRPR 2Q8Q DVSHFWR
FHQWUDOSDUDODWHRORJtDTXHDJUXSDEDDHVWDVFLXGDGHVORUHSUHVHQWDEDHOFRPLHQ]RGHODKLVWRULDFXDQGRGH
ODV DJXDV GHO FDRV HPHUJLy XQD SHTXHxD LVOD IpUWLO \ SUHSDUDGD SDUD SURSLFLDU OD YLGD (Q +HOLySROLV \
+HUPRSROLVHOHVStULWXTXHHQFHQGLyODFKLVSDGHODYLGDTXHWUDMRHORUGHQIXHHOGLRVGHOVRO5DWDPELpQ
FRQRFLGRFRPR5HHQWDQWRTXHHQODJUDQFLXGDGGH0HQILVHUDLGHQWLILFDGRFRPR3WDUGLRVGHODWLHUUD(Q
FXDOTXLHUFDVRVHFRQVLGHUyTXH5DWRPyFRQFLHQFLDGHVtPLVPRFXDQGRKL]RHPHUJHUODSULPHUDLVODGHODV
DJXDV(VWHGLRVSURYH\yORVELHQHVPDWHULDOHVTXHWDQWRJXVWDEDQDORVHJLSFLRVHLQVSLUyWRGDVODVDUWHVOD
IXHQWHGHODVKDELOLGDGHVHVHQFLDOHV\VREUHWRGRHOPLVWHULRGHODFRQVWUXFFLyQ
/RVJREHUQDQWHVGH(JLSWRSULPHURORVUH\HV\OXHJRORVIDUDRQHVHUDQWDQWRGLRVHVFRPRKRPEUHV
TXHUHJtDQSRUGHUHFKRGLYLQR&DGDUH\HUDHOKLMRGHGLRVTXLHQDOPRPHQWRGHVXPXHUWHVHYROYtDXQRFRQ
VXSDGUHSDUDVHUGLRVHQXQ3DUDtVRFyVPLFR/DKLVWRULDGHOGLRV2VLULVQDUUDFyPRFRPHQ]yHVWHFLFORGH
ORVGLRVHV\VXVKLMRV
/DGLRVDGHORVFLHORV1XWWXYRFLQFRKLMRVHOPD\RUGHHOORVHUD2VLULVTXLHQHUDDODYH]KRPEUH\
GLRV&RPRHUDFRVWXPEUHHQ(JLSWRVXKHUPDQD,VLVSDVyDVHUVXFRQVRUWH$X[LOLDGRSRUVXPDQR
GHUHFKDHOGLRV7KRWKJREHUQyHOSDtVFRQVDELGXUtD\VXSXHEORSURVSHUy6LQHPEDUJRVXKHUPDQR
6HWFHORVRGHVXp[LWRORDVHVLQyFRUWDQGRVXFXHUSRHQSHGD]RVTXHGHVSXpVDUURMyHQGLIHUHQWHV
SDUWHVGHO1LOR,VLVHVWDEDGHVFRQVRODGDHQHVSHFLDOSRUTXH2VLULVQRKDEtDGHMDGRXQKHUHGHUROR
TXHLPSOLFDEDTXHODPDOGDGGH6HWVHUtDUHFRPSHQVDGDFRQHOGHUHFKRDJREHUQDU3HUR,VLVHUDXQD
GLRVD FRQ UHFXUVRV \ QR VH ULQGLy RUGHQy ORFDOL]DU \ WUDHU ORV SHGD]RV GHO FXHUSR GH 2VLULV SDUD
XQLUORVPHGLDQWHODPDJLD\UHYLYLUDVXKHUPDQRSRUXQEUHYHLQVWDQWH$VtHOODVHVRPHWLyDOIDOR
GLYLQR\ODVHPLOODGH2VLULVODIHFXQGy8QDYH]TXH,VLVHVWXYRSUHxDGD2VLULVVHIXVLRQyFRQORV
DVWURVGHVGHGRQGHJRELHUQDHOUHLQRGHORVPXHUWRV
,VLV GLR D OX] D XQ KLMR DO TXH OODPy +RUXV TXLHQ VH FRQYLUWLy HQ SUtQFLSH GH (JLSWR \ PiV WDUGH
GHVDILyDODVHVLQRGHVXSDGUHHQXQGXHOR'XUDQWHODIHUR]OXFKDHQODTXHSHUGLyXQRMR+RUXV
ORJUyFRUWDUOHORVWHVWtFXORVD6HW(OMRYHQ+RUXVHVWDEDGHVWLQDGRDVDOLUYLFWRULRVR\VHFRQYLUWLyHQ
HOSULPHUUH\
$SDUWLUGHHQWRQFHVDOUH\HQWXUQRVHOHFRQVLGHUDEDKLMRGH+RUXV\OOHJDGRHOPRPHQWRGHVXPXHUWHVH
FRQYHUWtDHQ2VLULV\HOKLMRGHpVWHHQHOQXHYR+RUXV
/DHVWDELOLGDGGHORV'RV7HUULWRULRV
(O $OWR \ %DMR (JLSWR IXHURQ XQLILFDGRV HQ XQ VROR UHLQR KDFH DxRV 1R VDEHPRV TXp SUREOHPDV
HQIUHQWy HO SXHEOR DQWHV GH HVD IHFKD FXDQGR ORV GLRVHV D~Q YLYtDQ HQWUH ORV KXPDQRV SHUR GHVGH HO
SULQFLSLRODXQLILFDFLyQIXHQHFHVDULDSDUDHOELHQHVWDUGHOHVWDGRELSDUWLWD
/DHGLILFDFLyQGHODVSLUiPLGHVVDWLVIL]RODPLVPDQHFHVLGDGGHORVHJLSFLRVGHLJXDOPDQHUDTXHORV
HVFDORQDGRV ]LJXUDWV VDWLVILFLHURQ DO SXHEOR VXPHULR SXHVWR TXH DPEDV HUDQ PRQWDxDV DUWLILFLDOHV TXH
D\XGDURQDOUH\\DVXVVDFHUGRWHVDDFHUFDUVHDORVGLRVHV3HURODFROXPQDHUDPiVDQWLJXDTXHODVSLUiPL
GHV\GHVHPSHxDEDODPLVPDIXQFLyQGHFRQHFWDUHOPXQGRGHORVKXPDQRVFRQHOGHORVGLRVHV
$QWHV GH OD XQLILFDFLyQ DPERV WHUULWRULRV WHQtDQ VX SURSLD FROXPQD TXH FRQHFWDED DO UH\ \ VXV
VDFHUGRWHV FRQ ORV GLRVHV (V UD]RQDEOH VXSRQHU TXH FXDQGR HO %DMR \ $OWR (JLSWR VH XQLHURQ HQ XQ VROR
UHLQR DPEDV FROXPQDV VHFRQVHUYDUDQ &DGD FROXPQD UHSUHVHQWDED XQ FRUGyQXPELOLFDO HVSLULWXDO HQWUH HO
3DUDtVR \ OD 7LHUUD \ ORV HJLSFLRV QHFHVLWDEDQ XQ QXHYR PDUFR GH UHIHUHQFLD WHROyJLFR SDUD H[SUHVDU OD
UHODFLyQGHODQXHYDWULQLGDGHQWUHDPERVWHUULWRULRV\HOUHLQRGHORVFLHORV
(Q OD DQWLJXD FLXGDG GH $QQX PiV WDUGH OODPDGD 2Q HQ OD %LEOLD \ +HOLySROLV SRU ORV JULHJRV
H[LVWtDXQDJUDQFROXPQDVDJUDGDGHOPLVPRQRPEUHFUHDGDTXL]iDQWHVTXHODFLXGDG(UDODJUDQFROXPQD
GHO%DMR(JLSWR\VXFRQWUDSDUWHHQHO$OWR(JLSWRHQHOPRPHQWRGHODXQLILFDFLyQVHXELFDEDHQ1HNKHE
0iVWDUGHODFLXGDGGH7HEDVFRQRFLGDHQWRQFHVFRPR:DVHWRVWHQWDEDHOWtWXOR,ZQX6KHPDTXHVLJQLILFD
&ROXPQDGHO6XU
$ODQDOL]DUFUHHQFLDV\ULWXDOHVHJLSFLRVSRVWHULRUHVSHQVDPRVTXHHVWDVFROXPQDVVHFRQYLUWLHURQHQ
ODV PDQLIHVWDFLRQHV ItVLFDV GH OD XQLILFDFLyQ &RPR VtPEROR GH XQLyQ GH DPERV WHUULWRULRVVH FRQVLGHUDED
TXH OD YLJD WUDQVYHUVDO FHOHVWLDO GH OD GLRVD 1XW XQtD ODV FROXPQDV IRUPDQGR ODV WUHV SDUWHV GH XQ SRUWDO
DUTXLWHFWyQLFR &RQ XQD FROXPQD HQ HO VXU \ OD RWUD HQ HO QRUWH HO SRUWDO PLUDED KDFLD HO HVWH SDUD GDU OD
ELHQYHQLGDDOVROQDFLHQWH(VWRUHSUHVHQWDEDHVWDELOLGDG\PLHQWUDVODVFROXPQDVVHPDQWXYLHUDQLQWDFWDVHO
UHLQR GH ORV 'RV 7HUULWRULRV SURVSHUDUtD &DEH VHxDODU TXH HO MHURJOtILFR HJLSFLR TXH VLPEROL]D D ORV 'RV
7HUULWRULRVOODPDGRWDXLSXHGHGHVFULELUVHFRPRGRVFROXPQDVTXHPLUDQKDFLDHOHVWHSXQWHDGDVHQXQRGH
VXV FRVWDGRV SDUD LQGLFDU OD GLUHFFLyQ GHO VRO QDFLHQWH 6L VH PLUD HVWH SRUWDO HVSLULWXDO GHVGH HO HVWH OD
FROXPQDGHODGHUHFKDHVWDEDORFDOL]DGDHQHO%DMR(JLSWRHQFRUUHVSRQGHQFLDFRQODFROXPQDPDVyQLFDGHO
ODGRGHUHFKROODPDGD-DFKLQTXHVLJQLILFDHVWDEOHFHU(OULWXDOPDVyQLFRPRGHUQRQRH[SOLFDTXpVLJQLILFD
SHURVHGHVSUHQGHGLUHFWDPHQWHGHO%DMR(JLSWRHOWHUULWRULRPiVDQWLJXRGHORVGRV'HDFXHUGRFRQHOPLWR
HJLSFLR HO PXQGR VH LQLFLy HQ HVH OXJDU D SDUWLU GHO FDRV SULPRUGLDO OODPDGR 1XQ 3RU OR WDQWR -DFKLQ
UHSUHVHQWDHOHVWDEOHFLPLHQWRGHOPXQGR
3DUDORVHJLSFLRVODFROXPQDL]TXLHUGDPDUFDEDODFRQH[LyQGHO3DUDtVRFRQHO$OWR(JLSWR\HQHO
ULWXDOPDVyQLFRVHLGHQWLILFDFRPR%RD]TXHDOSDUHFHUVLJQLILFDEDIXHU]DRHQHOODKD\IXHU]D&RPR
GHPRVWUDUHPRV HQ HO VLJXLHQWH FDStWXOR HVWD DVRFLDFLyQ VXUJLy FXDQGR HOWHUULWRULR GHO $OWR (JLSWR PRVWUy
JUDQ IRUWDOH]D GXUDQWH HO SHULRGR GH PD\RU QHFHVLGDG HQ (JLSWR PLHQWUDV XQ HQHPLJR SRGHURVR FRQTXLVWy
SRUXQWLHPSRHO%DMR(JLSWR
/D IUDQFPDVRQHUtD DILUPD TXH OD XQLILFDFLyQ GH ODV GRV FROXPQDV UHSUHVHQWD HVWDELOLGDG \ QR KD\
GXGDGHOVHQWLUGHORVHJLSFLRVDOUHVSHFWR0LHQWUDVODVGRVFROXPQDVSHUPDQHFLHUDQLQWDFWDVHOUHLQRGHORV
'RV7HUULWRULRVSURVSHUDUtD(OWHPDGHODIXHU]DSRUPHGLRGHODXQLGDGGHGRVFROXPQDVLQLFLyXQFRQFHSWR
DGRSWDGRGHGLYHUVDVIRUPDVSRUFXOWXUDVSRVWHULRUHVLQFOXLGDVODMXGtD\SRU~OWLPRODIUDQFPDVRQD
$O HVWXGLDU OD KLVWRULD GH (JLSWR QRV WRSDPRV UiSLGDPHQWH FRQ XQ LGHDO IXQGDPHQWDO SDUD VX
FLYLOL]DFLyQ XQ FRQFHSWR FRQRFLGR FRPR 0D
DW$ OD OX] GH QXHVWUDV LQYHVWLJDFLRQHV SXHGHQ LPDJLQDU HO
DVRPEUR\ODDOHJUtDTXHVHQWLPRVDOHQFRQWUDUODVLJXLHQWHGHILQLFLyQ
/RTXHFDUDFWHUL]yD(JLSWRIXHODQHFHVLGDGGHRUGHQ/DVFUHHQFLDVUHOLJLRVDVHJLSFLDVQRWHQtDQXQ
JUDQFRQWHQLGRpWLFRSHURHQWpUPLQRVSUiFWLFRVODMXVWLFLDHUDXQELHQWDQIXQGDPHQWDOTXHSDUWLFLSDEDGHO
RUGHQQDWXUDOGHODVFRVDV(OQRPEUDPLHQWRGHOYLVLUSRUHOIDUDyQORHYLGHQFLDODSDODEUDXWLOL]DGD0DDW
UHSUH VHQWDED DOJR PiV TXH OHDOWDG 2ULJLQDOPHQWH HUD XQ WpUPLQR ItVLFR VLJQLILFDED XQ QLYHO RUGHQDGR \
VLPpWULFRFRPRHOSODQRGHORVFLPLHQWRVGHXQWHPSOR0iVWDUGHVLJQLILFRUHFWLWXGYHUGDG\MXVWLFLD ¢3XHGH H[LVWLU XQD GHVFULSFLyQ PiV FODUD \ VXFLQWD GH OD IUDQFPDVRQHUtD" &RPR IUDQFPDVRQHV OR
GXGDPRV /D IUDQFPDVRQHUtD VH FRQVLGHUD D Vt PLVPD XQ VLVWHPD SHFXOLDU GH PRUDOLGDG EDVDGR HQ HO DPRU
IUDWHUQDOODOLEHUDFLyQ\ODYHUGDG$OPDVyQUHFLpQLQLFLDGRVHOHLQGLFDTXHWRGRVORVJUDGRV\QLYHOHVVRQ
VLJQRVILGHGLJQRV\FHUWHURVSRUORVTXHVHSXHGHUHFRQRFHUDXQPDVyQ
/DIUDQFPDVRQHUtDQRHVXQDUHOLJLyQDOLJXDOTXHHOFRQFHSWRGHO0D
DWQRLQWHJUDEDXQDHVWUXFWXUD
WHROyJLFDRXQDOH\HQGD$PERVFRQFHSWRVPXHVWUDQTXHODFRQWLQXLGDGGHODFLYLOL]DFLyQ\HOSURJUHVRVRFLDO
VH EDVDQ HQ OD KDELOLGDG GHO LQGLYLGXR GH KDFHU D RWURV OR TXH KDUtD SDUD Vt PLVPR 4XH DPERV XWLOLFHQ HO
GLVHxR\ODFRQVWUXFFLyQGHXQWHPSORFRPRHMHPSOR\FXLGHQTXHHOFRPSRUWDPLHQWRKXPDQRVHDKRQHVWR\
UHFWR HVWi PiV DOOi GH FXDOTXLHU FRLQFLGHQFLD (V UDUR HQFRQWUDU XQ FyGLJR PRUDO HQ XQD VRFLHGDG DMHQD DO
VLVWHPDUHOLJLRVR\HVMXVWRGHFLUTXH0D
DW\ODPDVRQHUtDSLHGUDDSLHGUDQLYHOSRUQLYHOVRQXQDSDUHMD
FDSD]GHHQVHxDUJUDQFDQWLGDGGHFRVDVDOPXQGRPRGHUQR
$PHGLGDTXHDSUHFLDPRVODIXHU]D\EHOOH]DGH0D
DWVHQWLPRVTXHODIUDQFPDVRQHUtDHQVXIRUPD
DFWXDOHVXQSREUHGHVFHQGLHQWHVX\RVLHVTXHHQYHUGDGORHV4XL]iODJHQWHGHOD*UDQ/RJLDVHLGHQWLILFD
FRQORVYDORUHVUHDOHVTXHVLQGXGDVHHQFXHQWUDQGHQWURGHODPDVRQHUtDSHURWHPHPRVGHFLUTXHFRQEDVH
HQQXHVWUDH[SHULHQFLDSRFRVIUDQFPDVRQHVRUGLQDULRVFRQRFHQHOHVSOHQGRUFRQHOTXHHVWiQUHODFLRQDGRV
(QHOPXQGRRFFLGHQWDOFRQWHPSRUiQHRORVYDORUHVFRPRODSLHGDG\ODFDULGDGVHFRQIXQGHQFRQODUHOLJLyQ
\DPHQXGRVHUHILHUHQDHOORVFRPRYDORUHVFULVWLDQRVORTXHHVXQDSHQD&ODURTXHPXFKRVFULVWLDQRVVRQ
EXHQRV\FDULWDWLYRVSHURFUHHPRVTXHHVWRHVWiPiVYLQFXODGRFRQVXHVSLULWXDOLGDGSHUVRQDOTXHFRQFXDO
TXLHUUHTXHULPLHQWRWHROyJLFR3RUHOFRQWUDULRDOJXQRVGHORVDFWRVPiVKRUULEOHVHLQKXPDQRVFRPHWLGRVHQ
ODKLVWRULDIXHURQHMHFXWDGRVHQQRPEUHGHOFULVWLDQLVPR
6LELHQYLYLPRVXQDHTXLYDOHQFLDPRGHUQDGH0D
DWQRSRGHPRVLJQRUDUTXHPXFKRVVRFLDOLVWDV\
FRPXQLVWDV VH FRQVLGHUDQ EXVFDGRUHV QR WHROyJLFRV GH OD ERQGDG H LJXDOGDG KXPDQDV 6L HV DVt HVWiQ
HTXLYRFDGRV $O LJXDO TXH FXDOTXLHU UHOLJLyQ VX FUHGR OHV H[LJH ILGHOLGDG D XQD PHWRGRORJtD SUHYLDPHQWH
RULHQWDGDDTXHVHHVIXHUFHQHQVHUERQGDGRVRV0D
DWHUDERQGDGSXUDUHSDUWLGDGHPDQHUDDOWUXLVWD1RV
SDUHFHUD]RQDEOHDILUPDUTXHVLODVRFLHGDGRFFLGHQWDOORJUDHOSURSyVLWRGHFRQVHJXLULJXDOGDG\HVWDELOLGDG
KDEUiHQFRQWUDGRD0D
DW6LORVPRGHUQRVLQJHQLHURVVHPDUDYLOODQDQWHODVFDSDFLGDGHVGLItFLOHVGHHPXODU
GHORVFRQVWUXFWRUHVGHODVSLUiPLGHVHQWRQFHV¢TXpSXHGHQGHGXFLUQXHVWURVVRFLyORJRVGHWDOFRQFHSWR"
3DUDHQWRQFHVQRVGLPRVFXHQWDGHTXHHUDGLItFLOQHJDUORVYtQFXORVHQWUHORVYDORUHVPDVyQLFRV\
ORVGH0D
DW'HVGHOXHJRTXHDOJXQRVSRGUtDQDVHYHUDUTXHODPDVRQHUtDIXHXQDLQYHQFLyQH[WUDYDJDQWHGHO
VLJOR ;9,, TXHVHEDVDEDHQHOFRQFHSWRGH0D
DW3HQVDPRVTXHGLFKRDUJXPHQWRFDUHFHGHYDOLGH]\DTXH
ORV MHURJOtILFRV HJLSFLRV QR SXGLHURQ LQWHUSUHWDUVH KDVWD TXH OD 3LHGUD 5RVHWWD GRQGH DOJXQRV MHURJOtILFRV
DSDUHFLHURQ WUDGXFLGRV DO JULHJR VH GHVFLIUy FLHQ DxRV GHVSXpV GH OD IXQGDFLyQ GH OD *UDQ /RJLD GH
,QJODWHUUD3UHYLRDHVWHKHFKRQRH[LVWHHYLGHQFLDFODUDGHTXHODIUDQFPDVRQHUtDVXSLHUDDOJRVREUH0D
DW
SDUD DVt PRGHODUVH D VX PDQHUD (QFRQWUDPRV HQ HO DQWLJXR (JLSWR XQD FLYLOL]DFLyQ TXH SUHGLFDED ORV
SULQFLSLRVDSUHQGLGRVGHOULWXDOIUDQFPDVyQ\TXHWDPELpQXWLOL]DEDHOFRQFHSWRGHODVGRVFROXPQDVGHQWUR
GHVXHVWUXFWXUDFLYLO7DPELpQVHQDUUDQORVVXFHVRVGHXQDVHVLQDWR\GHXQDUHVXUUHFFLyQYLQFXODGRVFRQHO
QRPEUHGH2VLULVSHURQRWHQtDQUHODFLyQFRQHODUTXLWHFWRGHO7HPSORGHO5H\6DORPyQQLFRQDOJ~QRWUR
WHPSOR(UDREYLRTXHQHFHVLWiEDPRVHVWXGLDUFRQPiVGHWDOOHODFLYLOL]DFLyQHJLSFLD
/RV HJLSFLRV H[SHULPHQWDURQ ODV OLPLWDFLRQHV GH OD E~VTXHGD LQWHULRU GXUDQWH VX IRUPDFLyQ \ VH
HVIRU]DURQSHVHDODJHQLDOLGDGGHODLGHDUHSUHVHQWDGDSRU0DDWHQFRQVWUXLUXQQXHYRRUGHQDSURSLDGRSDUD
HOKRPEUH\ORVGLRVHV$SDUWLUGHHVHPRPHQWRHOWHPSHUDPHQWRIXWXURGHOSXHEORHJLSFLRVHIRUMyJUDFLDVD
HVHHVStULWXGHWROHUDQFLD\DPDELOLGDG(QDTXHOORVWLHPSRV0D
DWIXHODEDVHGHOVLVWHPDOHJDO\PX\SURQWR
OOHJy DUHSUHVHQWDUGHVGH OD UHFWLWXG GHO HTXLOLEULR GHO XQLYHUVR \ GHWRGRV ORV FXHUSRV FHOHVWLDOHVKDVWDOD
KRQHVWLGDG\HOWUDWRMXVWRHQODYLGDFRWLGLDQD/DVRFLHGDGGHODQWLJXR(JLSWRFRQVLGHUDEDDOSHQVDPLHQWR\
ODQDWXUDOH]DFRPRSDUWHVGHODPLVPDUHDOLGDG\DIXHUDDUPRQLRVDRUHJXODUHQFXDOTXLHUDGHORVGRVFDVRV
VHFRQVLGHUDEDFRPRXQDPDQLIHVWDFLyQGH0D
DW 'HELGRDQXHVWURVHVWXGLRVVREUHPDVRQHUtDVDEtDPRVTXHODDSUHFLDFLyQGHWRGRORTXHHVUHJXODU\
DUPRQLRVR HV YLWDO SDUD OD IUDQFPDVRQHUtD \ HO GHUHFKR SDUD LQYHVWLJDU ORV PLVWHULRV HVFRQGLGRV GH OD
QDWXUDOH]D\ODFLHQFLDHVWiFRQFHGLGRDOFRPSDxHURPDVyQRIUDQFPDVyQGH6HJXQGR*UDGR
/DKLVWRULDGH6HW\2VLULVGHVFULWDFRQDQWHULRULGDGGHPRVWUyDOSXHEORGH(JLSWRTXHODUHJODGLYLQD
GHORVUH\HVOHJtWLPRVQRSRGtDVHUTXHEUDQWDGDSRUODVIXHU]DVGHOFDRV\ODDQDUTXtDUHSUHVHQWDGDVSRU6HW
(OFRQFHSWRGH0D
DWVHYROYLyXQVHOORTXHUHSUHVHQWDEDDXQEXHQUH\\ORVDQWLJXRVUHJLVWURVPXHVWUDQTXH
FDGDUH\\IDUDyQHUDGHVFULWRFRPRHOTXHKDFH0D
DWSURWHFWRUGH0D
DWRTXHYLYHDWUDYpVGH0D
DW(O
RUGHQVRFLDO\ODEDODQ]DGHMXVWLFLDIOXtDQFRPRXQDFDVFDGDGHVGHODFLPDGH0D
DW\GHVGH+RUXVHOGLRV
YLYRHOUH\/DSUHVHUYDFLyQGHODOtQHDGLYLQDGHORVUH\HVDVHJXUDEDODVXEVLVWHQFLDGHODFLYLOL]DFLyQGH
(JLSWR 0D
DW \ OD VXFHVLyQ UHDO HUDQ LQVHSDUDEOHV FUHDQGR DVt XQ PHFDQLVPR H[FHOHQWH SDUD HYLWDU OD
UHEHOLyQ\PDQWHQHUODPRQDUTXtD
3RU PHGLR GH OD SURWHFFLyQ 0D
DW QR VyOR VH PDQWHQtD OD HVWDELOLGDG SROtWLFD GHO SDtV VLQR TXH
DGHPiV OD SURVSHULGDG HQWHUD GHO SDtV GHSHQGtD GH VXV ERQGDGHV 6L HO SXHEOR YLYtD GH DFXHUGR FRQ ORV
GHVLJQLRVGH0D
DWORVGLRVHVVHDVHJXUDUtDQGHTXHHO1LORHQYLDUDODVLQXQGDFLRQHVQHFHVDULDVSDUDDEDVWH
FHUODVFRVHFKDVTXHDOLPHQWDUDQDODSREODFLyQ/DFDQWLGDGGHLQXQGDFLRQHVVHUtDFRQVHFXHQFLDGLUHFWDGH
ORV DFWRV GHO SXHEOR \ GHO UH\ 9LYLU FRQIRUPH D 0DDW WDPELpQ DVHJXUDED OD YLFWRULD HQ OD JXHUUD /RV
HQHPLJRVGHOSDtVHUDQYLVWRVFRPRIXHU]DVGHOFDRV\SRUORWDQWRVHUtDQWUDWDGRVGHIRUPDKRVWLO\DTXHORV
GLRVHVIDYRUHFtDQDODJHQWHEHQpYRODGH0D
DW
&RQHOWLHPSR0D
DWIXHFRQVLGHUDGDXQDGLRVD(UDODKLMDGHOGLRVVRO5D\YLDMDEDQMXQWRVSRUHO
FLHOR HQ XQD HPEDUFDFLyQ D PHQXGR VH OH UHSUHVHQWD HUJXLGD HQ OD SURD GHO EDUFR SDUD DVHJXUDU XQ FXUVR
SHUIHFWR0D
DWOOHYDXQDSOXPDGHDYHVWUX]HQVXWRFDGR\XQDQNKSHQGLHQGRGHVXVEUD]RV(ODQNKHVHO
VtPERORGHODYLGD7LHQHODIRUPDGHXQFUXFLILMRFRQODVHFFLyQVXSHULRUDELHUWD\GLYLGLGRSRUODPLWDG
IRUPDQGRXQDHVSHFLHGHRMRRXQDEDUFDHQSRVLFLyQYHUWLFDO
(OKHUPDQRGH0D
DWHUDHOGLRVGHODOXQD7KRWKTXHHVUHSUHVHQWDGRGHSLHDVXODGRHQODSURDGHO
ERWHGH5D1XHVWURLQWHUpVDXPHQWyFXDQGRGHVFXEULPRVDOJXQDVUHIHUHQFLDVVREUHODLPSRUWDQFLDGH7KRWK
HQODVSULPHUDVOH\HQGDVPDVyQLFDV)XHpOTXLHQLQVWUX\yDORVHJLSFLRVHQHODUWHGHODFRQVWUXFFLyQ\OD
UHOLJLyQ\VHGLFHTXHVHQWyODVEDVHVGHORTXHGHEHUtDFRQVLGHUDUVHYHUGDGHUR&XDQGRDOJ~QUH\FRPEDWtDHO
PDOVHGHFtDTXHHUDXQGLRVEXHQRXQKHUHGHURGH7KRWK
/DFRURQDFLyQGHOUH\
&RPRVHKDGHPRVWUDGRODIUDQFPDVRQHUtDFRQWLHQHPXFKRVHOHPHQWRVGHHYLGHQWHRULJHQHJLSFLRGHVGHHO
XVRGHSLUiPLGHVKDVWDHORMRGH$PyQ5DSHURQRKD\SUXHEDVGHTXHH[LVWDXQDFRQH[LyQGHILQLWLYD/DV
WUDGLFLRQHVRUDOHVIUDQFPDVyQLFDVVLW~DQODIHFKDGHIXQGDFLyQGHOULWXDOKDFHXQRVFXDWURPLODxRVSHURQR
H[LVWHXQDFHUWH]DWRWDO'HELGRDOSRVLEOHRULJHQGHODVFROXPQDVGHODQWLJXR(JLSWR\ODQDWXUDOH]DLGpQWLFD
GH 0D
DW FUHHPRV TXH Vt H[LVWH XQD FRQH[LyQ GHVSXpV GH WRGR (O SXQWR GH SDUWLGD SDUD FRPHQ]DU OD
E~VTXHGDGHPiVHYLGHQFLDVVREUHODVLPLOLWXGGHORVULWXDOHVGHEtDHVWDUHQORVSURFHGLPLHQWRVGHOUH\\VX
FRUWH
&XDQGRHOJREHUQDQWHGHORV'RV7HUULWRULRVPRUtDVHFRQYHUWtDHQ2VLULV\VXKLMRVHWUDQVIRUPDED
GH LQPHGLDWR HQ +RUXV HO QXHYR UH\ 6L HO UH\ QR OOHJDED D WHQHU KLMRV SRGtD FRQILDU HQ TXH ORV GLRVHV
UHVROYHUtDQHOSUREOHPD6LQHPEDUJRFUHHPRVTXHORVPLHPEURVGHOD/RJLD5HDOWRPDEDQWDOHVGHFLVLRQHV
\ XQD YH] TXH OD LQLFLDFLyQ GHO QXHYR PDHVWUR VH FRPSOHWDED +RUXV TXHGDED IXHUD GH FXDOTXLHU WLSR GH
ULYDOLGDGSDUDVLHPSUH
8QDVLWXDFLyQVLPLODUVHSUHVHQWyDOPRULU7XWKPRVLV,,HQHODxRD&eOWXYRXQDKLMDFRQVX
HVSRVD+DWVKHSVXWSHURVX~QLFRKLMRQDFLyGHVXUHODFLyQFRQXQDFRQFXELQDOODPDGD,VLV(VWHQLxRORJUy
DVFHQGHUDOWURQRFRPR7XWKPRVLV,,,\pOPLVPRUHODWyODH[WUDxDKLVWRULDGHODIRUPDHQTXHHOGLRV$PyQ
ORHOLJLyFRPRHOQXHYRJREHUQDQWHGHORV'RV7HUULWRULRV&XDQGRHUDQLxRVHSUHSDUDEDSDUDHOVDFHUGRFLR\
DVLVWtDDOJUDQWHPSORTXHHOPDHVWURFRQVWUXFWRU,QHQLHULJLHUDSDUDVXDEXHOR8QGtDVHHQFRQWUDEDSUHVHQWH
FXDQGRVXSDGUHRIUHFtDXQVDFULILFLRD$PyQ\HOGLRVFDUJDGRHQXQUHOLFDULRHQIRUPDGHEDUFRIXHWUDtGR
DOD*DOHUtDGHODV&ROXPQDVGH&HGUR\FRQGXFLGRHQKRPEURVDOUHGHGRUGHOFLUFXLWRGHODJDOHUtD(OQLxRVH
SRVWUy DSURSLDGDPHQWH VREUH HO VXHOR FRQ ORV RMRV FHUUDGRV SHUR FXDQGR HO UHOLFDULR VH OH DFHUFy HO GLRV
IRU]yDODSURFHVLyQSDUDTXHVHGHWXYLHUDDODXPHQWDUVXSHVRVREUHORVKRPEURVGHTXLHQHVORFDUJDEDQGH
PDQHUD TXH WXYLHURQ TXH EDMDUOR DO VXHOR (O QLxR VH GLR FXHQWD GH TXH OR KDEtDQ LQFRUSRUDGR \ HQ HVH
PRPHQWRVXSRTXHKDEtDVLGRHOHJLGRSDUDVHUHOVLJXLHQWH+RUXVDXQTXHVXSDGUHD~QHVWXYLHUDYLYR
(VWDKLVWRULDWLHQHXQJUDQSDUHFLGRDOFRPSRUWDPLHQWRDWULEXLGRD-HKRYiFXDQGRHUDOOHYDGRHQHO
$UFDVXUHOLFDULRHQIRUPDGHEDUFRSRUORVLVUDHOLWDV(VWRQRVOOHYyDHVWXGLDUHOOLEURGHOe[RGREDMRXQD
QXHYDOX]\DVtFRPSUREDPRVHOJUDGRGHLQIOXHQFLDHJLSFLDHQODKLVWRULDGH0RLVpV\ORVLVUDHOLWDV
(QQXHVWUDRSLQLyQODFHUHPRQLDGHFRURQDFLyQGHOQXHYR+RUXVHOUH\TXHHQWUDEDHUDWDPELpQOD
FHUHPRQLD IXQHUDO GHO QXHYR 2VLULV HO UH\ TXH VDOtD (VWRV HYHQWRV VH FRQGXFtDQ HQ VHFUHWR \ HVWDEDQ
UHVWULQJLGRVDOVDQWXDULRLQWHUQRGHORVYHUGDGHURVRILFLDOHVVXSHULRUHV¢OD*UDQ/RJLD
$TXtHVWDEDQLQFOXL
GRVSRUVXSXHVWRORVVXPRVVDFHUGRWHV\ORVYDURQHVSUy[LPRVDODIDPLOLDUHDOSHURWDPELpQSXGRLQFOXLUVH
DORVPDHVWURVFRQVWUXFWRUHVORVHVFULEDQRVPD\RUHV\ORVJHQHUDOHVGHOHMpUFLWR/DOLWXUJLDIXQHUDULDQRIXH
UHJLVWUDGDSHURVHKDUHFRQVWUXLGRJUDQSDUWHGHOSURFHVRSDUDPRVWUDUXQFXDGURHVFODUHFHGRU
(QFRQWUDPRV VLJQLILFDWLYR TXH OD DFFHVLyQ DO SRGHU \ OD FRURQDFLyQ HUDQ GRV DFRQWHFLPLHQWRV
VHSDUDGRV/DSULPHUDVHHIHFWXDEDSRUORUHJXODUFRQODSULPHUDOX]GHOGtDGHVSXpVGHODPXHUWHGHOUH\
SHURODFRURQDFLyQVHFHOHEUDEDSDVDGRXQFLHUWRWLHPSR3HVHDODJUDQFDQWLGDGGHGDWRVUHJLVWUDGRVSRUORV
HJLSFLRVQRVHKDQHQFRQWUDGRUHFRSLODFLRQHVFRPSOHWDVVREUHDOJXQDFRURQDFLyQHJLSFLDORTXHVXJLHUHTXH
ORVDFWRVSULQFLSDOHVHUDQULWXDOHVVHFUHWRVWUDQVPLWLGRVVyORDXQSHTXHxRJUXSR\GHIRUPDYHUEDO
6HVDEHTXHHOULWXDOGHODFRURQDFLyQVHUHDOL]DEDHQODSLUiPLGHGH8QDV'HLJXDOPDQHUDTXHHQXQ
WHPSORPDVyQLFRHOWHFKRGHODFiPDUDSULQFLSDOUHSUHVHQWDHOFLHORFRQFDGDHVWUHOODHQVXVLWLR/DLGHDPiV
DFHSWDGD HV TXH OD FHUHPRQLD VH HIHFWXDED GXUDQWH OD ~OWLPD QRFKH GH OD OXQD PHQJXDQWH LQLFLiQGRVH DO
RVFXUHFHU \ SURORQJiQGRVH WRGD OD QRFKH KDVWD HO DPDQHFHU ! FRQ HO SURSyVLWR GH UHDOL]DU XQ ULWXDO GH
UHVXUUHFFLyQ TXH LGHQWLILFDUD DO UH\ PXHUWR FRQ 2VLULV " /DV FHUHPRQLDV GH UHVXUUHFFLyQ QR VyOR HVWDEDQ
UHVHUYDGDVSDUDHOUH\GHKHFKRSDUHFHTXHHUDQIUHFXHQWHV\TXHVHKDFtDQHQHOWHPSORPRUWXRULR#! 6HKD
VXJHULGRTXHVXREMHWLYRHUDKRQUDUDORVDQFHVWURVUHDOHVSHURSRGUtDQVHUVyORFHUHPRQLDVGHDGPLVLyQSDUD
ORVQXHYRVPLHPEURVGHOVDQWXDULRUHDOGRQGHHUDQUHVXFLWDGRVHQVHQWLGRILJXUDGRDQWHVGHVHUDGPLWLGRVHQ
ORVVHFUHWRV\PLVWHULRVWUDQVPLWLGRVRUDOPHQWHGHVGHHOWLHPSRGHORVGLRVHV(VFODURTXHHVWRVVHFUHWRVSRU
GHILQLFLyQUHTXHULUtDQGHXQDVRFLHGDGVHFUHWDXQJUXSRSULYLOHJLDGRTXHFRQVWLWXtDXQDVRFLHGDGDSDUWHeVWD
GHELy WHQHU XQD FHUHPRQLD GH LQLFLDFLyQ \D TXH QLQJXQD LQVWLWXFLyQ GH pOLWH PRGHUQD R DQWLJXD KD
SUHVFLQGLGRGHDOJXQDFHUHPRQLDTXHSHUPLWDHOSDVRGHORVQLYHOHVLQIHULRUHVDOJUXSRUHVWULQJLGR
&RQHOULWXDOGHFRURQDFLyQIXQHUDOHOUH\PXHUWRUHVXFLWDEDHQHOQXHYRPRQDUFD\FRPSUREDEDVHU
XQFDQGLGDWRGLJQRDOYLDMDUSRUHOSHUtPHWURGHOSDtVHQWHUR$(VWRHQUHDOLGDGHUDXQDFWRVLPEyOLFR\DTXH
VH OH FRQGXFtD DOUHGHGRU GH OD VDOD GHO WHPSOR SDUD SUHVHQWDUVH FRPR XQ DVSLUDQWH DGHFXDGR DQWH ORV
SUHVHQWHVHQWUHORVTXHVHLQFOXtDQHOGLRV5D\VXDVLVWHQWHSULQFLSDO(QODFHUHPRQLDPDVyQLFDHOPLHPEUR
UHFLpQDFHSWDGRHVFRQGXFLGRWDPELpQDOUHGHGRUGHOWHPSORSDUDPRVWUDUVHFRPRFDQGLGDWRGLJQR
'HVSXpVGHSDVDUSRUORVSXQWRVFDUGLQDOHVHVVLWXDGRDOVXUDORHVWH\SRU~OWLPRDOHVWH(OSULPHUR
HV HO SULPHU YLJLODQWH TXH VH GLFH UHSUHVHQWD D OD OXQD 7KRWK HUD HO GLRV GH OD OXQD HO VLJXLHQWH HV HO
VHJXQGRYLJLODQWHTXHUHSUHVHQWDDOVRO5DHUDGLRVGHOVRO\SRU~OWLPRHO*UDQ0DHVWUR9HQHUDEOHTXH
SRGUtDUHSUHVHQWDUDOUHVXFLWDGR2VLULV$OLJXDOTXHORVHJLSFLRVORVIUDQFPDVRQHVFHOHEUDQVXVFHUHPRQLDV
SRUODQRFKH
(VWDVVLPLOLWXGHVVRQH[WUDRUGLQDULDVSHUR¢FXiOHUDODHYLGHQFLDGHODH[LVWHQFLDGHXQDVRFLHGDG
VHFUHWD \ PiV D~Q GH TXH ORV SULQFLSLRV GH OD FHUHPRQLD GH FRURQDFLyQ VH H[WHQGtDQ KDVWD ORV PLHPEURV
LQLFLDGRV"
+D\PXFKDVLQVFULSFLRQHVTXHKDEODQGHXQJUXSRVHOHFWRDOFXDOVHOHRWRUJyHOFRQRFLPLHQWRGHORV
DVXQWRVVHFUHWRV8QDGHHVWDVPDUFDVIXHKHFKDVREUHXQDSXHUWDIDOVDKR\H[SXHVWDHQHO0XVHRGHO&DLUR
HVFULWDSRUDOJXLHQTXHVHVHQWtDKRQUDGR\VRUSUHQGLGRDOVDEHUTXHKDEtDVLGRDGPLWLGRHQHOJUXSRFHUFDQR
DOUH\7HWLHQGRQGHVHOHHORVLJXLHQWH
+R\ HQ SUHVHQFLD GHO +LMR GH 5D7HWL TXH YLYH SRU VLHPSUH VXSUHPR VDFHUGRWH GH 3WDU PiV
KRQUDGRSRUHOUH\TXHQLQJ~QRWURVLUYLHQWHPDHVWURGHORVVHFUHWRVGHFDGDWUDEDMRTXHVXPDMHVWDGKD\D
KHFKRFRPSODFLHQWHFRWLGLDQRGHORVVHQWLPLHQWRVGHVXVHxRUVXSUHPRVDFHUGRWHGH3WDK6DEX6XSUHPR
VDFHUGRWHGH3WDUGHSRVLWDULRGHODFRSDGHOUH\PDHVWURGHORVVHFUHWRVGHOUH\HQFDGDOXJDU&XDQGRVX
PDMHVWDGPHIDYRUHFLyKL]RTXHHQWUDUDHQODFiPDUDSULYDGDSDUDTXHFRORFDUDDODJHQWHHQVXGHELGRVLWLR
IXH DKt GRQGH HQFRQWUp HO FDPLQR MDPiV VXFHGLy DOJR VLPLODU D RWUR VLUYLHQWH FRPR \R GH SDUWH GH XQ
VREHUDQR \D TXH VX PDMHVWDG PH TXLVR FRPR D QLQJ~Q RWUR GH VXV VLUYLHQWHV SRUTXH IXL KRQUDGR SRU VX
FRUD]yQ)XL~WLOHQSUHVHQFLDGHVXPDMHVWDGHQFRQWUpXQFDPLQRHQFDGDVHFUHWRGHODFRUWHIXLKRQUDGRHQ
SUHVHQFLDGHVXPDMHVWDG
(VWHVXEGLWRVLQWLyTXHVXDVFHQVRDODPHPEUHVtDGHHVHMXELORVRJUXSRHUDSRFRXVXDOSDUDDOJXLHQ
TXH VXVWHQWDED VX SRVLFLyQ RULJLQDO OR TXH LQGLFD TXH PLHQWUDV ORV RILFLDOHV GH DOWR UDQJR SUREDEOHPHQWH
WHQtDQ GHUHFKR DOD PHPEUHVtD VyOR HO UH\ \ WDO YH] DOJXQRVRWURV PiV SRVHtDQ OD DXWRULGDG GHLQFRUSRUDU
JHQWH VHOHFWD /RV HJLSWyORJRV QR KDQ HQFRQWUDGR WRGDYtD XQD H[SOLFDFLyQ SDUD OD H[SUHVLyQ HQFRQWUp XQ
FDPLQR FRQ UHIHUHQFLD D ORV VHFUHWRV SHUR SRGUtDPRV LQWHUSUHWDU HVWR FRPR OD LQVWUXFFLyQ HQ HO
FRQRFLPLHQWRGHORVVHFUHWRVTXHDSDUWLUGHOULWXDOVHYROYHUtDXQHVWLORGHYLGDSDUDHOLQLFLDGR8QDVSHFWR
LPSRUWDQWHHVTXHORVHVHQLRV\OD,JOHVLDGH-HUXVDOpQXWLOL]DEDQHOPLVPRWpUPLQRSDUDHOVHJXLPLHQWRGHVX
/H\
2WUDLQVFULSFLyQVHUHILHUHDXQFRQVWUXFWRUGHVFRQRFLGRTXHWDPELpQIXHPLHPEURGHOJUXSRVHFUHWR
GHOUH\7HWL
/RKLFHGHWDOIRUPDTXHVXPDMHVWDGPHDGXOyDOUHVSHFWR6XPDMHVWDGPHLQWURGXMRHQODFiPDUD
SULYDGDHKL]RTXHPHFRQYLUWLHUDHQXQPLHPEURGHODFRUWHGHOVREHUDQR6XPDMHVWDGPHHQYLyDGLULJLU
ODVREUDVHQHOWHPSORND\HQODFDQWHUDGH7UR\D&RQVWUXtXQDSXHUWDIDOVDDOGLULJLUODREUD
/DDFHSFLyQGHOWpUPLQRFiPDUDSULYDGDTXHGDWDGHOVLJOR[L[IXHDFHSWDGDSRUTXHGHVFULEHOR
TXHHQODDFWXDOLGDGVHHQWLHQGHFRPRODKDELWDFLyQSHUVRQDOGHOUH\DXQTXHQRFRQFXHUGDFRQHOWpUPLQR
FRUWH GHO VREHUDQR TXH LPSOLFD OD WRWDOLGDG GH PLHPEURV GHO SDODFLR 4XL]i HVWR SRGUtD H[SUHVDUVH GH
PDQHUDPiVVLJQLILFDWLYDFRPRVXPDMHVWDGPHKL]RHQWUDUHQODFiPDUDUHDOGHDFFHVRUHVWULQJLGRSDUDTXH
SXGLHUDFRQYHUWLUPHHQXQPLHPEURGHODpOLWHGHOUH\
&RPR\DKHPRVYLVWRHUDQLQVWUXLGRVVREUHODVSUiFWLFDVVHFUHWDVGHODpOLWHTXHVHUtDQUHYHODGDVHQ
XQD FHUHPRQLD IXHUD GH OD PLUDGD GH ORV LQGLYLGXRV GH PHQRU UDQJR (VWR KD GH KDEHU UHSUHVHQWDGR HO
Pi[LPRORJURDOTXHXQKRPEUHSRGtDDVSLUDUSHURSDUDHOKRPEUHTXHHUDDVXYH]XQGLRV+RUXVKDEtDXQ
VXFHVR WRGDYtD PiV HVSHFLDGOD FRURQDFLyQ GHO UH\ 6H WUDWDED GH XQD RFDVLyQ PX\ LPSRUWDQWH TXH
UHSUHVHQWDEDORVOD]RVGHFRQWLQXLGDGHQORV'RV7HUULWRULRV\HOGLVIUXWHGHODSURVSHULGDG\HVWDELOLGDG6LQ
HPEDUJRHOWLHPSRHQWUHODPXHUWHGHOUH\DQWHULRU\ODFRQILUPDFLyQGHOQXHYRSRGUtDVHUPX\SHOLJURVR\D
TXHHVHLQWHUYDORGDEDXQDRSRUWXQLGDGSDUDODLQVXUUHFFLyQ
(OHJLSWyORJR+:)DLUPDQREVHUYy
(VHYLGHQWHTXHHQDOJ~QSXQWRGHOSURFHVRGHLQYHVWLGXUDGHOUH\GXUDQWHVXVHOHFFLyQRFRURQDFLyQ
DOJRVXFHGtDTXHDVHJXUDEDVXOHJLWLPLGDGTXHDXWRPiWLFDPHQWHGHVDUPDEDDODRSRVLFLyQ\pVWDOHFRQIHUtD
OHDOWDGDVtGHIRUPDVLPXOWiQHDORFRQYHUWtDHQGLRV\ORYLQFXODEDGLUHFWDPHQWHFRQHOSDVDGRGH(JLSWR (VWDRSLQLyQHVPX\DFHSWDGDSHURKDVWDDKRUDQRH[LVWHQHYLGHQFLDVFODUDVTXHLGHQWLILTXHQDHVWDDFFLyQ
FODYH GHQWUR GH OD FHUHPRQLD $ OD OX] GH QXHVWUDV LQYHVWLJDFLRQHV SHQVDPRV HQ XQD QXHYD \ UHYHODGRUD
WHRUtDVREUHODQDWXUDOH]DHVSHFLDOGHODFRURQDFLyQGHORVUH\HVHQHODQWLJXR(JLSWR
(PSH]DUHPRVSRUUHYLVDUORTXHVHVDEHVREUHHOSURFHVRGHODFRURQDFLyQGHOUH\
/D FRURQDFLyQ VH OOHYDED D FDER HQ GRV HWDSDV /D SULPHUD LQFOXtD OD XQFLyQ H LQYHVWLGXUD FRQ XQ
FROODUFHUHPRQLDO\XQDPDQWDDWDGDDODFLQWXUDDVtFRPRODSUHVHQWDFLyQGHXQDQNKVtPERORGHODYLGD\
FXDWURUDPLOOHWHVGHIORUHV(QODVHJXQGDHWDSDVHSUHVHQWDEDQODVLQVLJQLDVUHDOHVHLQLFLDEDHOULWXDOSULQ
FLSDO/DSDUWHFUXFLDOHUDODFRQVWDWDFLyQGHODXQLyQGHORV'RV7HUULWRULRV\ODLQYHVWLGXUDGHOQXHYRUH\
FRQODSUHVHQWDFLyQGHGRVFRURQDV\YHVWLPHQWDVFODUDPHQWHGLIHUHQFLDGDV1RVHVDEHFRQH[DFWLWXGHQTXp
PRPHQWRGHOSURFHVRHOUH\VHFRQYHUWtDHQXQGLRV!
1RVRWURV VXJHULPRV TXH HO SURFHVR FHQWUDO \ FUXFLDO GH OD FRURQDFLyQ GHO UH\ LPSOLFDED TXH HO
FDQGLGDWRLQLFLDUDXQYLDMHDODVHVWUHOODVSDUDDVtVHUDGPLWLGRFRPRPLHPEURHQODVRFLHGDGGHORVGLRVHV\
WUDQVIRUPDUVH HQ +RUXV WDO YH] HQ HO LQVWDQWH HQ TXH HUD FRURQDGR HVSLULWXDOPHQWH SRU HO UH\ IDOOHFLGR HO
QXHYR2VLULV(QDOJ~QPRPHQWRGHODQRFKHHOUH\DQWHULRU\HOQXHYRYLDMDEDQMXQWRVDODFRQVWHODFLyQGH
2ULRQHOSULPHURSDUDTXHGDUVHHQHOOD\HOVHJXQGRSDUDUHJUHVDUDJREHUQDUHOWHUULWRULRGHORVKRPEUHV
(OQXHYRUH\GHEtDWUDVSDVDUODPXHUWHSRUPHGLRGHXQDSyFLPDDGPLQLVWUDGDSRUHOVXPRVDFHUGRWH
HQ SUHVHQFLD GH XQ UHGXFLGR JUXSR GH JXDUGLDQHV GH ORV VHFUHWRV UHDOHV (VWD GURJD GHELy GH VHU PX\
DOXFLQyJHQD\DTXHSURYRFDEDXQHVWDGRFDWDWyQLFRJUDGXDO\GHMDEDDOQXHYRUH\WDQLQHUWHTXHSDUHFtDRWUR
FDGiYHU(QHOWUDQVFXUVRGHODQRFKHODSyFLPDSHUGtDVXHIHFWR\HOUHFLpQFRQYHUWLGR+RUXVUHJUHVDEDGHVX
YLVLWD D ORV GLRVHV \ ORV DQWLJXRV UH\HV GH (JLSWR 6X UHJUHVR WHQtD TXH FDOFXODUVH FRQ JUDQ SUHFLVLyQ GH
PDQHUD TXH UHFREUDUD OD FRQFLHQFLD MXVWR HQ HO PRPHQWR HQ TXH HO OXFHUR GH OD PDxDQD DSDUHFLHUD HQ HO
KRUL]RQWH$SDUWLUGHHVHPRPHQWRDQLQJ~QVHUKXPDQRVHOHRFXUULUtDXVXUSDUVXSRGHUSRUTXHpVWHOHIXH
RWRUJDGRSRUDFFLyQGLYLQDGXUDQWHHOFRQFLOLRGHORVGLRVHVHQORVFLHORV8QDYH]TXHORVPLHPEURVGHOD
pOLWHGHOUH\ORVSRUWDGRUHVGHORVVHFUHWRVGHFLGtDQDTXLpQHOHYDUtDQDOJUDGRVXEOLPHGH+RUXVDQXODEDQ
FXDOTXLHUSRVLEOHFRPSHWHQFLD
/DOyJLFDGHHVWDWHRUtDVDWLVIDFHWRGRFULWHULRDFDGpPLFRHQFXDQWRDORVDVSHFWRVGHVFRQRFLGRVGHOD
FHUHPRQLDTXHKDFtDQTXHHOQXHYRUH\IXHUDLQFXHVWLRQDEOH(VWHSURFHVR
+DEUtDGHVDUPDGRDODRSRVLFLyQ\DVHJXUDGRXQDOHDOWDGWRWDO
+DEUtDFRQYHUWLGR DO QXHYR UH\ HQ XQGLRVREYLDPHQWH QRHUD SRVLEOHTXHQLQJ~Q VHUKXPDQR
FRQILULHUDHVHHVWDWXV
/RKDEUtDYLQFXODGRFRQHOSDVDGRGH(JLSWRGHVSXpVGHVXYLVLWDDORVUH\HVGHODDQWLJHGDG
&RPSUREDFLyQGHORLQGHPRVWUDEOH
6L KXELpUDPRV GHVFXELHUWR DOJXQD FiPDUD VHFUHWD HQ XQD SLUiPLGH \ HQ VXV PXURV VH HQFRQWUDUD OD
GHVFULSFLyQFRPSOHWDGHOSURFHVRGHFRURQDFLyQGHOUH\KDEUtDVXILFLHQWHVSUXHEDVSDUDTXHODPD\RUtDGH
ORV DFDGpPLFRV QR WRGRV DFHSWDUDQ QXHVWUD WHRUtD FRPR YLDEOH eVH QR HV HO FDVR\ HVWi FODUR TXH QR HV
SRVLEOH/RVUHJLVWURVGHORVVXFHVRVGHOSDVDGRQRLQFOX\HQORVGHWDOOHVGHODVSyFLPDVTXHVHDGPLQLVWUDEDQ
DOIXWXURUH\QLORVSRUPHQRUHVVREUHODVVXVWDQFLDVTXtPLFDVXWLOL]DGDVSDUDHPEDOVDPDUDOUH\IDOOHFLGR(Q
OR TXH UHVSHFWD D OD IDOWD GH UHJLVWUR HQ ORV MHURJOtILFRV GHO FDQGLGDWR D UH\ FXDQGR VXIUtD XQ SURFHVR GH
PXHUWHWHPSRUDO\YLDMDEDDODVHVWUHOODVGLUtDPRVTXHHOHYHQWRSULQFLSDOHUDODFUHDFLyQGH2VLULV\TXHHO
VXUJLPLHQWRGH+RUXVHVWDEDLPSOtFLWR([LVWHQHYLGHQFLDVFLUFXQVWDQFLDOHVTXHDSR\DQHVDWHRUtD
$QWHVGHHQXPHUDUODVUD]RQHVSRUODVTXHFUHHPRVTXHGLFKDWHRUtDHVFRUUHFWDTXLVLpUDPRVUHFRUGDU
QXHVWURPpWRGRGHWUDEDMRHQGRVQLYHOHVGHLQYHVWLJDFLyQ$OEDVDUQRVHQHVWHVLVWHPDQRLJQRUDPRVQLQJ~Q
KHFKR FRPSUREDGR H LQGLFDPRV FRQ FODULGDG HQ TXp PRPHQWR HVSHFXODPRV (Q FRQWUDVWH FRQ YDULDV RWUDV
LGHDVTXHHVWDEOHPRVHQHVWHOLEURQRSRGHPRVGDUSUXHEDVDEVROXWDVVREUHHOSURFHVRGHODFRURQDFLyQGHO
UH\SHURVtHVXQDWHRUtDTXHFXEUHXQKXHFRHQHOGHVDUUROORGHOFRQRFLPLHQWRHJLSFLRVREUHODFRURQDFLyQ
GHXQPRQDUFDDSR\DGRHQKHFKRVH[LVWHQWHV
/DHYLGHQFLDVLOHQFLRVD
0XFKDV SHUVRQDV WLHQHQ OD LGHD GH TXH ORV DQWLJXRV HJLSFLRV FRQVWUX\HURQ VXV SLUiPLGHV FRQ SURSyVLWRV
IXQHUDULRV'HKHFKRHOSHULRGRHQTXHVHFRQVWUX\HURQIXHPX\FRUWR\SXHGHSDUHFHUVRUSUHQGHQWHSDUDOD
PD\RUtDGHORVOHFWRUHVHQWHUDUVHTXHODUHLQD&OHRSDWUDHVWXYRPiVSUy[LPDHQHOWLHPSRDORVWpFQLFRVGHO
WUDQVERUGDGRUHVSDFLDOGHORTXHSRGUtDHVWDUDORVFRQVWUXFWRUHVGHOD*UDQ3LUiPLGH$GHPiVHVWiOHMRVGH
VHUFLHUWRTXHHO~QLFRSURSyVLWRGHODVSLUiPLGHVHUDGDUVHSXOWXUDDORVUH\HVIDOOHFLGRV\VXVLJQLILFDGR
DXWpQWLFR D~Q VLJXH GLVFXWLpQGRVH 8QD DQDORJtD ~WLO DO UHVSHFWR HV TXH OD &DWHGUDO GH 6DQ 3DEOR QR HV OD
WXPEDGH6LU&KULVWRSKHU:UHQDSHVDUGHTXHpOVHHQFXHQWUHHQWHUUDGRDKt
/DSULQFLSDOIXHQWHGHLQIRUPDFLyQVREUHHOULWXDOGH2VLULV+RUXVYLHQHGHODVLQVFULSFLRQHVGHORV
OODPDGRV7H[WRVGHODV3LUiPLGHVKDOODGRVGHQWURGHODVFLQFRSLUiPLGHVGH6DTTDUDFHUFDGH(O&DLURGHODV
FXDOHVODPiVLPSRUWDQWHHUDODGHOUH\8QDVTXHGDWDGHOILQDOGHOD4XLQWD'LQDVWtDGH5H\HV3HVHDTXH
WLHQHFXDWURPLOWUHVFLHQWRVDxRVVHFRQVLGHUDTXHIXHXQDGHODV~OWLPDVHQFRQVWUXLUVHDXQTXHVHFUHHTXH
HOULWXDOTXHHQHOODVHGHVFULEHWLHQHPiVGHFLQFRPLOWUHVFLHQWRVDxRV
(O HVWXGLR GHORVWH[WRVSHUPLWH ODUHFRQVWUXFFLyQ GHORV PLVPRV HOHPHQWRV GHOULWXDO SHUR OR TXH
IDOWDHVORPiVFRQWXQGHQWH /DUHFRQVWUXFFLyQGHVFULEHODVGLVWLQWDVFiPDUDV\OHVDWULEX\HXQVLJQLILFDGR
ULWXDO D FDGD XQD OD FiPDUD PRUWXRULD UHSUHVHQWD HO LQIUDPXQGR OD DQWHFiPDUD HO KRUL]RQWH R PXQGR
VXSHUILFLDO\HOWHFKRVLPEROL]DHOFLHOR(ODWD~GTXHFRQWHQGUtDHOFXHUSRGHOUH\IDOOHFLGRHUDOOHYDGRDOD
FiPDUDPRUWXRULDGRQGHVHHIHFWXDEDHOULWXDO(OFXHUSRVHGHSRVLWDEDHQHOVDUFyIDJR\ORVPLHPEURVGHOD
pOLWHSDVDEDQHQWRQFHVDODDQWHFiPDUDURPSLHQGRGRVMDUURQHVURMRVHQHOFDPLQR'XUDQWHODFHUHPRQLDHO
%DHODOPDGHOUH\GHMDEDHOFXHUSR\FUX]DEDHOLQIUDPXQGRODFiPDUDPRUWXRULD\GHVSXpVDODGTXLULU
XQDIRUPDWDQJLEOHDWUDYpVGHVXSURSLDHVWDWXDSURFHGtDDFUX]DUHOFLHORQRFWXUQRKDVWDOOHJDUDOKRUL]RQWH
GRQGH VH UHXQtD FRQ HO 6HxRU GH 7RGRV (QWRQFHV HO SURFHVR VH UHSHWtD HQ IRUPD DEUHYLDGD ¢3DUD TXLpQ"
¢3DUDHOUH\FDQGLGDWRTXL]i"
(ODVSHFWRPiVVHGXFWRUGHHVWDLQWHUSUHWDFLyQGHORV7H[WRVGHOD3LUiPLGHGH8QDVHVTXHFRQWLHQH
RWURULWXDOSDUDOHORDOSULQFLSDO(UDXQULWXDOVLOHQFLRVRTXHHVWiUHODFLRQDGRFRQODUHVXUUHFFLyQ!"$OSDUHFHU
VHGHVDUUROODEDGHIRUPDSDUDOHODDOULWXDOKDEODGRLQLFLiQGRVHHQODDQWHFiPDUDDOURPSHUORVMDUURQHVURMRV
/D~QLFDH[SOLFDFLyQSUREDEOHSDUDHVWHULWXDOSDUDOHORHVTXHVHKDFtDSDUDHO$OWR(JLSWRHQWDQWRTXHHO
RUDOFRUUHVSRQGtDDO%DMR(JLSWRSRUVHUPiVLPSRUWDQWH1RVSUHJXQWDPRVVLHQOXJDUGHHVRHOULWXDOSXGR
UHDOL]DUVHSDUDHOWUDQVSRUWHGHOUH\FDQGLGDWRWHPSRUDOPHQWHPXHUWRTXLHQWHQtDTXHUHVXFLWDUDQWHVGHTXH
VHVHOODUDODWXPED
6HVDEHTXHFHUHPRQLDVVLPLODUHVVHUHDOL]DURQGHPDQHUDLGpQWLFDGXUDQWHRWURVSHULRGRV\PXFKRV
H[SHUWRVFUHHQTXHHOULWXDOHVPiVDQWLJXRLQFOXVRTXHODKLVWRULDHJLSFLDPiVUHPRWDTXHGDWDGHODxR
D&
8QDRUDFLyQJUDEDGDHQODSLUiPLGHGHOD6H[WD'LQDVWtDD&H[SUHVDHOHVStULWXGHOD
DQWLJXDWHRORJtDHJLSFLDEDVDGDHQODUHVXUUHFFLyQGHODVHVWUHOODV\HOPDQWHQLPLHQWRGHODHVWDELOLGDGHQOD
7LHUUD
'H SLH 21 SURWHJLGR UHYHVWLGR FRPR XQ GLRV UHYHVWLGR FRQ HO DVSHFWR GH 2VLULV \ HO WURQR GHO
3ULPHURGHORV2FFLGHQWDOHV+LFLVWHORTXHpOTXLVRKDFHUHQWUHORVHVStULWXVODV(VWUHOODV,QPRUWDOHV
7X KLMR HVWi HQ HO WURQR RUQDPHQWDGR FRQ WX DVSHFWR KDFH OR TXH W~ KDFtDV DQWHV DO IUHQWH GH ORV
YLYRV EDMR HO FRPDQGR GH 5D HO *UDQ 'LRV HO TXH FXOWLYD FHEDGD \ WULJR!! TXH D WL WH SUHVHQWR
GHVSXpV+R1WRGDODYLGD\HOGRPLQLRWHVRQRWRUJDGRVODHWHUQLGDGHVWX\DGLFH5D7~PLVPR
KDEODUiV FXDQGR KD\DV DGTXLULGR HO DVSHFWR GH GLRV SRU OR TXH HUHV JUDQGH HQWUH ORV GLRVHV TXH
PRUDQDKt+R1W~%DHVWiVHQWUHORVGLRVHV\ORVHVStULWXVHQVXVFRUD]RQHVWHWHPHQ+R1HVWH1
HVWiHQWXWURQRDOIUHQWHGHORVYLYRVVXVFRUD]RQHVVHDWHUURUL]DQDQWHWL7XQRPEUHVREUHODWLHUUD
YLYHWXQRPEUHHQODWLHUUDSUHYDOHFHQRPRULUiVQRVHUiVGHVWUXLGRQXQFDMDPiV
&RPSDUHPRV DKRUD XQD RUDFLyQ HQ VLOHQFLR SDUD HO FDQGLGDWR D UH\ TXH HVWi D SXQWR GH LQLFLDU VX
EUHYHWUDYHVtDSRUHOLQIUDPXQGR\UHXQLUVHFRQORVUH\HVGHOSDVDGRGHORV'RV7HUULWRULRV
5DWRGRSRGHURVR\HWHUQR$UTXLWHFWR\*REHUQDQWHGHO8QLYHUVRFX\DDXWRUL]DFLyQFUHDGRUDKL]R
SRU SULPHUD YH] D WRGDV ODV FRVDV QRVRWURV ODV FULDWXUDV IUiJLOHV GH WX SURYLGHQFLD KXPLOGHPHQWH WH
LPSORUDPRVTXHGHVFLHQGDVSRUPHGLRGHHVWDFRQYRFDFLyQXQLGRDO1RPEUH6DJUDGRFRQHOURFtRFRQWLQXR
GH WXV EHQGLFLRQHV 3HUR HQ HVSHFLDO WH LPSORUDPRV TXH LPSDUWDV WX JUDFLD D HVWH WX VHUYLGRU TXH EXVFD
FRPSDUWLUFRQQRVRWURVORVVHFUHWRVGHODVHVWUHOODV2WyUJDOHWDOIRUWDOH]DSDUDTXHHQODKRUDGHVXSURFHVLyQ
QR IUDFDVH \ GpMDOR FUX]DU VHJXUR EDMR WX SURWHFFLyQ D WUDYpV GHO RVFXUR YDOOH GH OD PXHUWH SDUD TXH
ILQDOPHQWHUHVXUMDGHODWXPEDGHOSHFDGR\EULOOHFRPRODVHVWUHOODVSRUWRGDODHWHUQLGDG
3DUHFH TXH OR DQWHULRU FRLQFLGH SHUIHFWR ¢QR HV FLHUWR" 6LQ HPEDUJR QR HV XQ ULWXDO GHO DQWLJXR
(JLSWRHVXQDRUDFLyQRIUHFLGDGXUDQWHODFHUHPRQLDGHO7HUFHU*UDGR0DVyQLFRDQWHVGHTXHHOFDQGLGDWR
SDVH SRU XQD PXHUWH ILJXUDGD SDUD GHVSXpV VHU UHVXFLWDGR FRPR 0DHVWUR 0DVyQ 6yOR KHPRV FDPELDGR HO
QRPEUH GH 'LRV SRU 5D \ ORV VHFUHWRV GHO 0DHVWUR 0DVyQ SRU ORV VHFUHWRV GH ODV HVWUHOODV SDUD SRGHU
FRQILUPDU QXHVWUD DVHYHUDFLyQ (O UHVWR GHO WH[WR QR IXH PRGLILFDGR ¢< TXp KD\ GH OD GURJD QDUFRWL]DQWH
HPSOHDGDSDUDWUDQVSRUWDUDOQXHYRUH\DODVHVWUHOODV\OXHJRGHYROYHUOR"&RPR\DDILUPDPRVQRH[LVWHXQ
UHJLVWUR GH WDO SyFLPD \D TXH QR H[LVWH WDPSRFR XQD UHSUHVHQWDFLyQ WDQJLEOH GH OD FRURQDFLyQ 3DUHFH
UD]RQDEOH TXH QR VH HQFXHQWUHQ UHJLVWURV GH HVH PRPHQWR JUDQGLRVR SRUTXH QDGLH VDEtD OR TXH HUD HO
FDQGLGDWRWRPDEDODSyFLPDYLDMDEDDODVHVWUHOODV\UHJUHVDEDFRPRUH\\+RUXVDODYH]7RGRORTXHVXV
V~EGLWRVWHUUHQDOHVWHQtDQTXHKDFHUHUDLQWURGXFLUORHQODVWDUHDVGHVXRILFLR\QRKDFHUSUHJXQWDVVREUHORV
DVXQWRVGHORVGLRVHVSRUTXHHOUH\HUDWDPELpQXQRGHHOORV(OUH\PLVPRGHELyVLQOXJDUDGXGDVGHWHQHU
VXHxRVH[WUDxRVEDMRODLQIOXHQFLDGHODGURJDSHURQRUHYHODUtDQDGD/DFHUHPRQLDGHFRURQDFLyQVLWXDEDDO
QXHYR +RUXV PiV DOOi GH FXDOTXLHU GLVSXWD GHELGR D TXH JREHUQDED ORV 'RV 7HUULWRULRV SRU XQD GHFLVLyQ
GLYLQD
/DV GURJDV DOXFLQyJHQDV IXHURQ XWLOL]DGDV HQ FHUHPRQLDV UHOLJLRVDV SRU FDVL WRGDV ODV FXOWXUDV
DQWLJXDV\VHUtDVRUSUHQGHQWHTXHXQDFXOWXUDWDQDYDQ]DGDFRPRODGHORVSULPHURVHJLSFLRVQRSRVH\HUDXQ
SURIXQGR FRQRFLPLHQWR GH VX XWLOL]DFLyQ (O FXHVWLRQDPLHQWR SULQFLSDO QR HV VDEHU VL SXGLHURQ XVDU WDOHV
GURJDVVLQR¢SRUTXpKDEUtDPRVGHSHQVDUTXHQRORKLFLHURQ"
3DUD TXH XQ KRPEUH SXGLHUD DOFDQ]DU ORV FLHORV GXUDQWH OD PXHUWH HO ~QLFR PHGLR SRVLEOH HUD
DWUDYHVDUHOSXHQWHGHODYLGDFRQODD\XGDGHQDUFyWLFRV
(OSXHQWHIXQHUDULRXQYtQFXORHQWUHOD7LHUUD\HO&LHORTXHORVKXPDQRVXWLOL]DQSDUDFRPXQLFDUVH
FRQORVGLRVHVHVXQVtPERORIUHFXHQWHHQODVDQWLJXDVSUiFWLFDVUHOLJLRVDV(QDOJ~QPRPHQWRGHOSDVDGR
HVRVSXHQWHVVHXWLOL]DURQGHPDQHUDVLPLODUSHURDOFRQWLQXDUODGHFDGHQFLDGHOKRPEUHVHKDYXHOWRPiV
GLItFLOXWLOL]DUWDOHVSXHQWHV/DJHQWHVyORSXHGHFUX]DUHVRVXPEUDOHVFRPRHVStULWXV\DVHDFRPRXQDOPD
PXHUWDRHQXQHVWDGRGHp[WDVLV(OFUXFHVHFRQVHJXtDFRQJUDQGLILFXOWDGQRWRGDVODVDOPDVWHQtDQp[LWR
\DTXHORVGHPRQLRV\PRQVWUXRVSRGtDQSRVHHUDDTXHOORVTXHQRHVWDEDQGHELGDPHQWHSUHSDUDGRV6yORORV
EXHQRV\DGHSWRVH[SHULPHQWDGRVTXH\DFRQRFtDQHOFDPLQRGHOULWXDOGHODPXHUWH\UHVXUUHFFLyQSRGtDQ
FUX]DUHOSXHQWHFRQIDFLOLGDG !
(VWDVLGHDVGHOFKDPDQLVPRVHDMXVWDQDODSHUIHFFLyQDORTXHVDEHPRVVREUHODVFUHHQFLDVGHORV
HJLSFLRVHQFDGDHWDSD/RVGHPRQLRVHUDQDKX\HQWDGRVGHODWUDYHVtDGH2VLULVSRUPHGLRGHPDOGLFLRQHV
SHURGHKHFKRVXFXUVRHUDEDVWDQWHVHJXURSRUGRVUD]RQHV(QSULPHUOXJDUYLYtDFHUFDGH0D
DWSRUORTXH
VHYROYtDXQEXHQKRPEUHHQVHJXQGROXJDUVDEtDFyPRSDVDUHOSXHQWHXQDYH]TXHKDEtDVLGRQRPEUDGR
+RUXV4XL]iODWUDYHVtDGHOQXHYRUH\HUDFRQGXFLGDHQVLOHQFLRSDUDQRDOHUWDUDORVGHPRQLRV(OQXHYRUH\
SRGtDDVtVHJXLUDOUH\PXHUWRDWUDYpVGHORVFLHORV\FRQRFHUHOUHFRUULGRSDUDTXHDVXPXHUWHSXGLHUDJXLDU
DOSUy[LPRUH\
+HQUL)UDQNIRUWGHVFXEULyTXHORVULWRVGHODUHVXUUHFFLyQGHOUH\PXHUWRVHKDFtDQGHIRUPDSDUDOHOD
DORVULWXDOHVGHODFRURQDFLyQGHVXKHUHGHUR(VWRFRQILUPDQXHVWUDWHRUtDGHXQDFHUHPRQLDGREOHSDUDHO
UH\PXHUWR\HOYLYR$GHPiVXQSDVDMHGHORV7H[WRVGHODV3LUiPLGHVQRVPXHVWUDTXHHOQXHYR+RUXVHUD
FRQVLGHUDGRHOOXFHURGHODOEDFXDQGRHOQXHYR2VLULVGLFH
/RV FixDPRV IORWDQWHV GHO FLHOR HVWiQ GLVSXHVWRV SDUD Pt SDUD TXH SXHGD FUX]DU SRU VX FRQGXFWR
KDFLD5DHQHOKRUL]RQWH(VWDUpHQWUHHOORV\DTXHHODVWUROXQDUHVPLKHUPDQR\OD(VWUHOOD0DWXWLQDPL
KLMR "
&UHHPRV TXH ORV HJLSFLRV WRPDURQ JUDQ SDUWH GH VX WHRORJtD \ WHFQRORJtD GH ORV VHFUHWRV GH ORV
FRQVWUXFWRUHV GH ODV FLXGDGHV GH 6XPHULD \ VXV SREODGRUHV WHQtDQ H[WHQVRV FRQRFLPLHQWRV VREUH HO XVR GH
GURJDVSDUDSURSyVLWRVUHOLJLRVRV
(O SDVR VLJXLHQWH FRQVLVWtD HQ UHVSRQGHU VL HVRV ULWXDOHV GH UHVXUUHFFLyQ VH UHVHUYDEDQ
H[FOXVLYDPHQWHSDUDODVFHUHPRQLDVGHFRURQDFLyQ/DUHVSXHVWDSDUHFHVHUTXHQR6HVDEtDTXHSDUDILQDOHV
GHO$QWLJXR5HLQRDOUHGHGRUGHD&VHHIHFWXDEDDOJ~QWLSRGHFHUHPRQLDGHUHVXUUHFFLyQUHDOFDGD
DxR \ D PHGLGD TXH SURJUHVDED HO 5HLQR 0HGLR HO ULWXDO IXH SUDFWLFDGR SRU JHQWH SULYLOHJLDGD TXH QR
SHUWHQHFtDDORVFtUFXORVUHDOHV(VWRVJUXSRVQRSRVHtDQORVFRQRFLPLHQWRVVHFUHWRVGHOHQWRUQRGHOUH\
/DHVWUHOODPDWXWLQDYXHOYHDEULOODU
$KRUDHVQHFHVDULRFRQVLGHUDUXQHOHPHQWRYLWDOGHODWHRORJtDHJLSFLD&RPRPHQFLRQDPRVDQWHVODWHRORJtD
GH (JLSWR IXH HQ JUDQ PHGLGD XQD FRQVHFXHQFLD GHO GHVDUUROOR GH ODV FUHHQFLDV VXPHULDV /DV FUHHQFLDV
KHEUHDVIXWXUDV\SRUHQGHGHORVFULVWLDQRVHUDQXQDPDQLIHVWDFLyQGHODWHRORJtDHJLSFLDIXVLRQDGDFRQODV
YHUVLRQHVSRVWHULRUHVEDELOyQLFDVGHULYDGDVGHORVPLVPRVHOHPHQWRVGHRULJHQ<DVHVHxDOyODLGHQWLILFDFLyQ
FRP~QGHOOXFHURGHODOEDFRPRXQVtPERORGHOUHQDFLPLHQWRHQODFRPXQLGDGHVHQLDOD,JOHVLDGH-HUXVDOpQ
\ OD IUDQFPDVRQHUtD DKRUD HQFRQWUDPRV HO PLVPR WHPD HQ HO DQWLJXR (JLSWR /RV7H[WRV GH ODV 3LUiPLGHV
\VHUHILHUHQDOKLMRGHOUH\PXHUWR+RUXVFRPRHOOXFHURGHODOED(VLQWHUHVDQWHGHV
WDFDU TXH HO VLJQLILFDGR OLWHUDO GHO MHURJOtILFR TXH UHSUHVHQWD DO OXFHUR GHO DOED TXLHUH GHFLU FRQRFLPLHQWR
GLYLQR(VWRSDUHFHDSR\DUQXHVWUDWHVLVGHTXHHOFDQGLGDWRDOWURQRHUDHOHYDGRDOUDQJRGHOQXHYRGLRVUH\
+RUXVDOFRPSDUWLUORVVHFUHWRVGHORVGLRVHVHQHOSDtVGHORVPXHUWRVGRQGHDSUHQGLyORVJUDQGHVVHFUHWRV
DQWHVGHUHJUHVDUDOD7LHUUDPLHQWUDVODHVWUHOODPDWXWLQDDSDUHFtDHQHOKRUL]RQWHDODVDOLGDGHOVRO
-HURJOtILFRGHOD(VWUHOOD0DWXWLQD
'XUDQWH HVWD QXHYD HWDSD GH QXHVWUDV LQYHVWLJDFLRQHV VH SXEOLFy XQ OLEUR TXH DILUPDED DUURMDU QXHYD OX]
VREUHHO SURSyVLWR GHODV SLUiPLGHVFRQ EDVH HQOD LQVSLUDFLyQ DVWUROyJLFD 5REHUW %DXYDO \ $GULiQ *LOEHUW
SUHVHQWDURQ XQ FDVR ELHQ DUJXPHQWDGR TXH PXHVWUD FyPR ODV SLUiPLGHV GH *L]D IXHURQ RUGHQDGDV GH OD
PLVPDIRUPDTXHODVHVWUHOODVGHOFLQWXUyQGH2ULRQ !"7DPELpQKDFHQUHIHUHQFLDDULWXDOHVOOHYDGRVDFDERHQ
ORV]LJXUDWVHVFDORQDGRVGHODDQWLJXD0HVRSRWDPLDTXHLQYROXFUDQDODHVWUHOODPDWXWLQDLGHQWLILFDGDFRPR
ODJUDQGLRVDFyVPLFD,VKWDU(VWDHYLGHQFLDTXHSURFHGHGHXQDIXHQWHSRUFRPSOHWRGLVWLQWDFRQILUPyOD
XWLOLGDG GH QXHVWUR SURFHGLPLHQWR TXH FRQVLVWLy HQ YROYHU KDFLD DWUiV HQ HO WLHPSR D SDUWLU GH ORV ULWXDOHV
PRGHUQRVGHODIUDQFPDVRQHUtD
(Q(JLSWRHOQXHYRUH\+RUXVHVWDPELpQODHVWUHOODPDWXWLQDTXHVHHOHYDDOLJXDOTXHUHVXUJHHO
IUDQFPDVyQ GH XQD PXHUWH WHPSRUDO ILJXUDGD /D (VWUHOOD 0DWXWLQD TXH SRU OR UHJXODU VH LGHQWLILFD FRQ
9HQXVUHVXOWyVHUXQOD]RLPSRUWDQWHHQQXHVWUDLQYHVWLJDFLyQ
3HURQRREVWDQWHORIDVFLQDQWHGHODVVLPLOLWXGHVHQWUHORVHVHQLRV\ORVIUDQFPDVRQHVGHVFXELHUWDV
HQ ODV SUiFWLFDVHJLSFLDV D~Q TXHGDED XQD SUHJXQWD¢([LVWH XQD UXWD SRUOD FXDO ORV LGHDOHV GH 0D
DW ORV
VHFUHWRVGHORVUH\HVHJLSFLRV\HOGHWDOODGRULWXDOGHUHVXUUHFFLyQQRVFRQGX]FDKDVWDORVHVHQLRV"3DUDDYHUL
JXDUORGHEHPRVLQVSHFFLRQDUPiVDIRQGRODKLVWRULDGH2VLULV
(O VLQJXODU GHVWLQR GH 2VLULV VX EUXWDO DVHVLQDWR \ HO GHVFXDUWL]DPLHQWR FRPHWLGR SRU VX KHUPDQR
6HW VHJXLGR GH VX UHVXUUHFFLyQ \ DVFHQFLyQ D ODV HVWUHOODV UHSUHVHQWD XQR GH ORV SULPHURV HMHPSORV GH
UHLYLQGLFDFLyQ\UHFRPSHQVDKDFLDHOVXIULPLHQWRLQRFHQWH(OGHVWLQRGH2VLULVGLRHVSHUDQ]D\VHQWLGRDO
VXIULPLHQWR GH ODV FODVHV EDMDV GH OD VRFLHGDG (O FXOWR D 2VLULV VH YROYLy XQ ULWXDO IXQHUDULR EHQLJQR \
DFFHVLEOHSDUDODJHQWHFRP~QGH(JLSWR0LHQWUDVRWURVGLRVHVGHVDSDUHFtDQ2VLULVHUDYHQHUDGRSRUWRGRV
VLQLPSRUWDUGyQGH #
6L VH FDPELD HO GHVWLQR SRU OD FUXFLIL[LyQ HVWD GHVFULSFLyQ SRGUtD WUDWDUVH GH -HVXFULVWR $KRUD Vt
HQFRQWUDUtDPRV ODV FRQH[LRQHV H[LVWHQWHV 1R HVSHUDUtDPRV HO VXVWHQWR GH XQD KLSyWHVLV (Q PHGLR GH XQ
DQiOLVLV VREUH HO VLJXLHQWH SHULRGR FODYH HQ OD KLVWRULD HJLSFLD HO SHUVRQDMH FHQWUDO GH QXHVWUDV
LQYHVWLJDFLRQHV+LUDP$ELIHPHUJLyGHODEUXPDGHOWLHPSRSDUDFRQIURQWDUQRV
&21&/86,Ï1
(VSUREDEOHTXHORVSULPHURVFRQVWUXFWRUHVHJLSFLRVIXHUDQRULJLQDULRVGH6XPHULD\TXHHVWRVLQPLJUDQWHV
OOHYDUDQVXWHFQRORJtD\WHRORJtDD(JLSWR/DMRYHQFLYLOL]DFLyQHJLSFLDHVWDEDELHQHVWDEOHFLGDSDUDHODxR
D&\ORVUHLQRVGHO$OWR\HO%DMR(JLSWR\DVHKDEtDQXQLGRHQXQQXHYRHVWDGR~QLFR(VWDXQLIL
FDFLyQGHGRVUHLQRVUHJLGRVSRUXQJREHUQDQWHGLYLQRVHUtDPX\LPSRUWDQWHHQQXHVWUDVLQYHVWLJDFLRQHV
(O GHUHFKR GHO UH\ D JREHUQDU VH EDVy HQ OD KLVWRULD GHO DVHVLQDWR GH 2VLULV D PDQRV GH 6HW TXH
UHODWDEDFyPR,VLVUHFRQVWUX\yHOFXHUSRPXWLODGRSDUDWHQHUXQKLMRFRQpO+RUXVUHJUHVySDUDDUUHEDWDUOHD
6HWORVUHLQRVGH(JLSWRORTXHSURYRFyXQDIHUR]EDWDOOD$SDUWLUGHHQWRQFHVFDGDUH\IXHFRQVLGHUDGROD
HQFDUQDFLyQGH+RUXVOLWHUDOPHQWHHOKLMRGH'LRV&XDQGRHOUH\PRUtDpVWHVHIXVLRQDEDFRQ2VLULV'LRV
3DGUH\SDUWtDDOUHLQRGHORVPXHUWRVVXKLMRVHFRQYHUWtDHQ+RUXVHOVLJXLHQWHUH\GLRVYLYR
'HWHFWDPRV TXH OD VHJXULGDG GH WRGR HO HVWDGR GHSHQGtD GH OD FRODERUDFLyQ FRQMXQWD GH DPERV
UHLQRV TXH HUD VLPEROL]DGD SRU GRV FROXPQDV XQD GH HOODV HQ HO QRUWH \ RWUD HQ HO VXU XQLGDV SRU XQD
JLJDQWHVFD YLJD FHOHVWLDO TXH IRUPDED XQ JUDQ SRUWDO GH FDUD DO VRO QDFLHQWH (VWH YLJRURVR FRQFHSWR GH
IRUWDOH]DDWUDYpVGHODXQLGDGGHGRVFROXPQDVHVXQDLGHDFHQWUDOHQHOULWXDOPDVyQLFR\XQWHPDFRQHO
FXDO HVWiEDPRV PX\ IDPLOLDUL]DGRV 6LQ HPEDUJR QR HUD HO ~QLFR YtQFXOR TXH HQFRQWUDPRV FRQ OD
IUDQFPDVRQHUtDHOFRQFHSWRGH0D
DWTXHVLJQLILFDUHFWLWXGYHUGDG\MXVWLFLDGHQWURGHXQHVTXHPDVLPpWULFR
GHHTXLOLEULR\RUGHQUH~QHORVSULQFLSLRVTXHDSUHQGLPRVFRPRIUDQFPDVRQHV(VWHFyGLJRpWLFRKXPDQLVWD
QRHUDXQPDQGDPLHQWRUHOLJLRVRQLWDPSRFRXQUHTXHULPLHQWROHJDOHUDXQDERQGDGJUDWXLWDRWRUJDGDGH
PDQHUDGHVLQWHUHVDGD
6DEtDPRVTXHODIUDQFPDVRQHUtDQRSXGRKDEHULPLWDGRHVWDQRFLyQHJLSFLD\DTXHHOFRQFHSWRGH
0DDW SRU WDQWR WLHPSR SHUGLGR D ORV RMRV GHO PXQGR SHUPDQHFLy RFXOWR KDVWD TXH VH GHVFLIUy OD 3LHGUD
5RVHWWD(VWD~OWLPDTXHDEULyHOFDPLQRSDUDODWUDGXFFLyQGHORVLQFRPSUHQVLEOHVMHURJOtILFRVHJLSFLRVIXH
HQFRQWUDGDFLHQDxRVGHVSXpVGHODIXQGDFLyQGHOD*UDQ/RJLDGH,QJODWHUUD
/OHJDGRHVWHSXQWRSXGLPRVHVWDEOHFHUGRVYtQFXORVFLUFXQVWDQFLDOHVFRQODIUDQFPDVRQHUtDSULPHUR
TXHH[LVWtDXQDSLVWDVREUHODFHUHPRQLDGHUHVXUUHFFLyQUHODFLRQDGDFRQODOH\HQGDGH2VLULV\VHJXQGRTXH
0D
DW DO SULQFLSLR XQD JUDQ YHUGDG \ GHVSXpV XQD GLRVD HUD KHUPDQD GH 7KRWK HO GLRV GH OD OXQD \ RWUR
SHUVRQDMHGHJUDQVLJQLILFDGRHQHOPLWRPDVyQLFR
$ PHGLGD TXH LQYHVWLJDPRV OD FHUHPRQLD GH FRURQDFLyQ GHO UH\ GHVFXEULPRV TXH SHVH D TXH OD
OLWXUJLDIXQHUDULDQRVHUHJLVWUyVtLQYROXFUDEDXQULWXDOGHUHVXUUHFFLyQTXHLGHQWLILFDEDDOUH\PXHUWRFRQ
2VLULV7DPELpQHQFRQWUDPRVHYLGHQFLDVGHFHUHPRQLDVVLPLODUHVQRVyORSDUDODFRURQDFLyQGHXQUH\VLQR
TXH SRGUtDQ LQYROXFUDU D VRFLHGDGHV VHFUHWDV /D HYLGHQFLD GH HVWDV VRFLHGDGHV IXH KDOODGD HQ ODV
LQVFULSFLRQHVGHDOJXQRVREMHWRVORFDOL]DGRVHQHO0XVHRGH(O&DLURWH[WRVTXHQRSXGLHURQWUDGXFLUVHKDVWD
HOGHVFXEULPLHQWRGHOD3LHGUD5RVHWWDRFXUULGRGHVSXpVGHTXHODIUDQFPDVRQHUtDVHDQXQFLDUDHQS~EOLFR
3RURWUDSDUWHODLQWXLFLyQ\SUHSDUDFLyQQRVSHUPLWLyHIHFWXDUXQDUHFRQVWUXFFLyQGHODFHUHPRQLDGH
FRURQDFLyQHJLSFLDTXHHQFDMDEDFRQWRGRVORVKHFKRVFRQRFLGRV
(OYtQFXORPiVHPRFLRQDQWHFRQHO7HUFHU*UDGR0DVyQLFRYLQRGHODVUHIHUHQFLDVKDOODGDVHQORV
7H[WRVGHOD3LUiPLGHVGRQGHHOUH\UHSUHVHQWDHOPLVPROXFHURXQHOHPHQWRPX\LPSRUWDQWHHQQXHVWUDV
FHUHPRQLDVGHUHVXUUHFFLyQ(OMHURJOtILFRHJLSFLRTXHUHSUHVHQWDHOOXFHURGHODOEDWDPELpQFRQRFLGRFRPR
OD GLYLQD HVWUHOOD HV OD PLVPD HVWUHOOD GH FLQFR SXQWDV XWLOL]DGD SDUD UHSUHVHQWDU ORV FLQFR SXQWRV GH
FRPSDxHULVPRGHO7HUFHU*UDGR0DVyQLFR(VWRSRUVXSXHVWRQRVPRWLYyDLQYHVWLJDUODFRQH[LyQHJLSFLD
PiV GH FHUFD SRUTXH SHVH D QXHVWUDV VRVSHFKDV QR WHQtDPRV QLQJXQD SUXHED GH SUiFWLFDV TXH IXHUDQ
LQGLVFXWLEOHPHQWHPDVyQLFDV
1RWDV
!!!"#!$#!%&'()*! !""#$"%&'!"!$'()!
*%%%+,-./!0+12/*!+$(,$(-%+'!$(%!./%0'1% $"2/%0$%+$,1)!
3!!4#!567&8&9*!3!(%4561"(01'5.7("#05!2%/1"%8.!(9:"!,#/1) !
: !
;!!;<#/)!
:!!5#$#$++<&#$'=!=#.7(6$#9%>#05!2(%$6?7:90)!
>!!;<#/)!
@%%$#?#@.7,-./*!A'1%=#.7('#9%>#05!2(%$6?7:90)!
A!!;<#/)!
B%%4#!567&8&9*!$9)%C#0)!
B!!;<#/)!
!!!C.!&D6&E7&!F&!G,78+!HI&!D&!EI9G7J.(.!&/G+/E&D#!
K!!L7,E&.!M97.F&*!D'!,!.#(,)4"C'!#C%A1C<.#E51(%$6?C(0!(:)!
3!!$&/,7!@,./<N+,G*!=#.7('#9%!./%0'1%F$/()!
;!!&:"!,#/A1G0(% BBBO #!
:!!P+(&,G!Q.IJ.9!)!RF,7S/!T7(&,G*!A'1%H"#$.%I#(01":)!
>!!%+,-./!0+12/*!$9)%C#0)!
&DStWXOR
(OSULPHUIUDQFPDVyQ
*UDQ SDUWH GH QXHVWUDV HQHUJtDV VH XWLOL]y HQ UHVROYHU ORV PLVWHULRV GH (JLSWR SHUR DO HQIRFDUQRV HQ ORV
SHUVRQDMHV \ DFRQWHFLPLHQWRV SDUWLFXODUHV TXH WHQtDQ DOJXQD UHODFLyQ FRQ ORV IUDQFPDVRQHV EXVFDPRV
SDWURQHVHQODKLVWRULD(QRFDVLRQHVODLQWHUSUHWDFLyQWUDGLFLRQDOGHORVVXFHVRVKLVWyULFRVHVWiSODJDGDGH
KHFKRVTXHQRFRQFXHUGDQFRQHOPRGHOR$YHFHVHVSRVLEOHTXHHQHVWHWLSRGHVLWXDFLRQHVVXUMDQGHVWHOORV
GHXQDQXHYDYHUGDGIUHQWHDODKLVWRULDWDO\FRPRHVDFHSWDGD)XHXQDGHHVDVVLWXDFLRQHVODTXHFDXVyTXH
GLULJLpUDPRVQXHVWUDDWHQFLyQDOSHULRGRGHORVKLFVRVHQODKLVWRULDHJLSFLD(QODDFWXDOLGDGORVHJLSWyORJRV
FDWDORJDQHVWDpSRFDFRPRHO6HJXQGR3HULRGR,QWHUPHGLRD&XELFDGRHQWUHHO5HLQR0HGLR\
HO 5HLQR 1XHYR $TXt HQFRQWUDPRV XQD SHUWXUEDFLyQ GH JUDQ PDJQLWXG GHQWUR GHO VXDYH WUDQVFXUULU GH OD
KLVWRULDHJLSFLD(UDHOWLSRGHFDWiVWURIHGHODFXDOSRFDVFLYLOL]DFLRQHVVHUHFXSHUDQVLQHPEDUJRVDEHPRV
TXH (JLSWR QR VyOR VH UHFXSHUy VLQR TXH FRQWLQXy DVFHQGLHQGR KDFLD QXHYDV DOWXUDV D SHVDU GH OD WRWDO
GHFDGHQFLDGHVXPRQDUTXtDWUDGLFLRQDO\GHOGRPLQLRTXHDORODUJRGHVHLVJHQHUDFLRQHVHMHUFLyVREUHVX
SREODFLyQ QDWLYD XQ JUXSRGH LQYDVRUHVH[WUDQMHURV TXH FRQRFHPRV FRQ HO QRPEUH GH ORV 5H\HV 3DVWRUHV
/DVUD]RQHVGHHVWRVVXFHVRVVRQXQJUDQPLVWHULR
&UHtPRV TXH HUD SUREDEOH TXH OD pSRFD GH FDPELRV LQLFLDGD FRQ ORV UH\HV HJLSFLRV KDVWD ORV
JREHUQDQWHVKLFVRV\GHVSXpVODPRQDUTXtDGH7HEDVQRVSURSRUFLRQDUtDSLVWDVDGLFLRQDOHVGHPDQHUDTXH
QRV FRQFHQWUDPRV HQ UHYLVDU HVWH SHULRGR KDFLHQGR XVR GH WRGDV ODV IXHQWHV GH LQIRUPDFLyQ LQFOXLGR HO
$QWLJXR7HVWDPHQWR
(OGHVFXEULPLHQWRGH+LUDP$ELI
6L KXER XQD FRQH[LyQ HQWUH HO DQWLJXR (JLSWR \ ORV MXGtRV GHO SULPHU VLJOR G& HV FDVL VHJXUR TXH VH
HVWDEOHFLHUDSRUFRQGXFWRGH0RLVpVHOIXQGDGRUGHODQDFLyQMXGtDTXLHQIXHUDDGRSWDGRSRUODIDPLOLDUHDO
GH(JLSWR/DSRVLELOLGDGGHKDOODUWDOYtQFXORSDUHFtDUHPRWDSHURFRQWLQXDPRVLQYHVWLJDQGRDPHGLGDTXH
UHFRQVWUXtDPRVORVKHFKRVTXHFRQRFtDPRV
+DELHQGRREWHQLGRHO7HUFHU*UDGRGH)UDQFPDVRQHUtDTXHQRVFRQILULyHOUDQJRGH0DHVWUR0DVyQ
GHEHPRVVHxDODUTXHODVUHIHUHQFLDVVREUH+LUDP$ELI\HO$QWLJXR7HVWDPHQWRQRVGHMDURQSHUSOHMRV/DV
VLJXLHQWHVSDODEUDVVRQSURQXQFLDGDVSRUHO*UDQ0DHVWUR9HQHUDEOHDOGDUDFRQRFHUSRUSULPHUDYH]DODV
SLUDQWHODVFXDOLGDGHVGHODQWLJXRSHUVRQDMH
/D0XHUWHQRSRVHHWHUURULJXDOTXHDTXHOGHODPDQFKDGHODIDOVHGDG\HOGHVKRQRU'HHVWDJUDQ
YHUGDGORVDQDOHVGHODIUDQFPDVRQHUtDSURSRUFLRQDQXQJORULRVRHMHPSORGHILGHOLGDGLQTXHEUDQWDEOH\GHOD
PXHUWHSUHPDWXUDGHQXHVWUR*UDQ0DHVWUR+LUDP$ELITXLHQSHUGLyODYLGDMXVWRDQWHVGHODWHUPLQDFLyQ
GHO7HPSORGH6DORPyQGHFX\DFRQVWUXFFLyQFRPRVLQGXGDVDEUiQIXHHOSULQFLSDODUTXLWHFWR
([LVWHODVXSRVLFLyQGHTXHHOFDQGLGDWRLQVWUXLGRGHEHUtDFRQRFHUODH[LVWHQFLDGHHVWHSHUVRQDMHD
WUDYpVGHOD%LEOLD1LQJXQRGHORVGRVHVFXFKDPRVMDPiVVREUHWDOSHUVRQD\HQQLQJXQDYHUVLyQGHOD%LEOLD
TXHKDEtDPRVOHtGRVHKDFtDPHQFLyQGHDOJ~QDUTXLWHFWRHQODFRQVWUXFFLyQGHO7HPSORGHO5H\6DORPyQ
'HELGRDTXH+LUDPUH\GH7LURSURSRUFLRQyODPDQRGHREUD\HOFHGURDOJXQRVORVFRQIXQGHQSHURQR
KD\YtQFXORVSRVLEOHVIXHUDGHOKHFKRGHTXHFRPSDUWtDQHOPLVPRQRPEUH1RVRWURVDOLJXDOTXHWRGRVORV
IUDQFPDVRQHV TXH FRQRFHPRV DFHSWDPRV DO KpURH PDVyQLFR D SHVDU GH VDEHU TXH QR IXH UHJLVWUDGR FRPR
SDUWtFLSHHQODFUHDFLyQGHO7HPSORGH6DORPyQ
6L ORV DXWRUHV GHO OLEUR GH ORV 5H\HV KXELHUDQ FRQRFLGR HO QRPEUH GHO PDHVWUR FRQVWUXFWRU VREUH
WRGRDOUHFRUGDUVXDVHVLQDWRHVFDVLLPSRVLEOHTXHLJQRUDUDQDHVWHSHUVRQDMHFODYHDOFRQWDUVXKLVWRULD$O
SULQFLSLRHVWHKHFKRQRVVXJLULyTXHSRGUtDVHUXQDLQYHQFLyQFUHDGDPXFKRWLHPSRGHVSXpVWDOYH]FRQHO
ILQGHUHSUHVHQWDUDRWURSHUVRQDMHLPSRUWDQWHFX\RSDSHOHQODKLVWRULDGHMDUDXQDPDUFDVLQJXODU/D~QLFD
H[SOLFDFLyQUD]RQDEOHTXHSXGLPRVHQFRQWUDUHQUHODFLyQFRQHOQRPEUHGHOKpURHPDVyQLFRIXHTXH+LUDP
VLJQLILFDEDQREOHRUHDOHQKHEUHRHQWDQWRTXH$ELIVLJQLILFDHOH[WUDYLDGRRGHVDSDUHFLGRHQIUDQFpV
DQWLJXRGDQGRDVtXQVHQWLGROLWHUDOGHODGHVFULSFLyQGHOUH\TXHVHH[WUDYLy&XDQGRWHUPLQDPRVHOHVWXGLR
GHODQWLJXR(JLSWRGHMDPRVGHEXVFDUD+LUDP$ELI\DTXHQRFRQWiEDPRVFRQQLQJXQDSLVWD\FUHtPRVTXH
VHUtDXQDWDUHDLPSRVLEOH
1RREVWDQWHGHPDQHUDH[WUDxD_IXH+LUDP$ELITXLHQVXUJLyGHOUHPRWRSDVDGRSDUDHQFRQWUDUQRV
8QDYH]TXHLQYHVWLJDPRVPiVDOOiGHORTXHQRVKDEtDPRVSURSXHVWRQRVIDPLOLDUL]DPRVFRQXQD
JUDQFDQWLGDGGHGHWDOOHVGHODQWLJXR(JLSWR\SRFRDSRFRVHGHYHOyXQDSRVLEOHUHVSXHVWDDORVJUDQGLRVRV
VHFUHWRV PDVyQLFRV &RQYHQFLGRV GH TXH H[LVWtD XQDLPSRUWDQWH FHUHPRQLDVHFUHWDHQODFRURQDFLyQ GHORV
UH\HVGHODQWLJXR(JLSWREDVDGDHQVXPXHUWHWHPSRUDO\UHVXUUHFFLyQHPSUHQGLPRVODWDUHDGHFRPSUHQGHU
ODVUD]RQHVSRUODVTXHORVLVUDHOLWDVOOHJDURQDSRVHHUHVWRVPLVWHULRVWDQHVSHFLDOHV
1XHVWURSXQWRGHSDUWLGDSDUDHQFRQWUDUVXUHODFLyQIXHVHQFLOOR/D%LEOLDGHVFULEHODLPSRUWDQFLDGH
(JLSWR HQ OD KLVWRULD GHO SXHEOR MXGtR \ FXHQWD OD YLGD GH DOJXQRV SHUVRQDMHV SULQFLSDOHV FRPR $EUDKDP
-DFRE,VDDF-RVp\0RLVpVWRGRVHOORV LQYROXFUDGRVGHXQDPDQHUDWUDVFHQGHQWHHQODKLVWRULDHJLSFLD/RV
~OWLPRVSHUVRQDMHVVHGHVFULEHQFRPRORVPLHPEURVSULQFLSDOHVGHODFRUWHUHDOHQGLIHUHQWHVLQWHUYDORVGH
WLHPSR/RVFDStWXORVILQDOHVGHO/LEURGHO*pQHVLVGLEXMDQXQDLPDJHQGHWROHUDQFLD\FRRSHUDFLyQHQWUHORV
HJLSFLRV \ ORV SULPHURV LVUDHOLWDV VLQ HPEDUJR HO e[RGR GHPXHVWUD XQD VLWXDFLyQ DPDUJD HQWUH DPERV
SXHEORV /DV FDXVDV GH HVWRV FDPELRV GUiVWLFRV HQ VX UHODFLyQ VH DFODUDURQ XQD YH] TXH FRPSUHQGLPRV HO
SHULRGRGHORVUH\HVKLHVRVHQGRQGH+LUDP$ELIUHVXOWyVHUHOSHUVRQDMHFHQWUDOGHHVDKLVWRULD
(OFRODSVRGHODFLYLOL]DFLyQHJLSFLD
$OHVWXGLDUHOGHVDUUROORGH(JLSWROOHJDPRVDOSXQWRPiVEDMRHQODKLVWRULDGHHVDQDFLyQDPHGLDGRVGHOD
(UDGH%URQFHDOUHGHGRUGHOILQDOGHOWHUFHUPLOHQLRD&(JLSWRHQWUyHQXQSHULRGRGHGHFDGHQFLDFRQWLQXD
FRQXQJRELHUQRGpELO\XQDUXSWXUDVRFLDOPXFKRVH[WUDQMHURVSURYHQLHQWHVGHOGHVLHUWRVHDVHQWDURQHQHO
WHUULWRULRHOURERVHFRQYLUWLyHQXQKHFKRFRWLGLDQR\HOHVWLORGHYLGDGHVHQIDGDGRGHODSREODFLyQGLRSDVR
D OD GHVFRQILDQ]D \ D OD WHQGHQFLD D YDOHUVH SRU Vt PLVPRV PiV TXH FRQILDUOH DO (VWDGR ODV WDUHDV GH
VHJXULGDG 3RFR D SRFR HO YLJRU \ HVStULWX TXH IRUMy D (JLSWR VH GHVYDQHFLy GHMDQGR DO SDtV H[SXHVWR D
PHUFHGGHORVH[WUDQMHURV/DLQYDVLyQIXHXQDFRQVHFXHQFLDLQHYLWDEOH\ORVHJLSFLRVIXHURQGRPLQDGRVSRU
ORV KLFVRV (VWRV LQYDVRUHV QR GHVHPEDUFDURQ HQ IRUPD UHSHQWLQD GHO 1LOR QL H[LJLHURQ XQD UHQGLFLyQ
LQPHGLDWDHOSURFHVRIXHPXFKR PiVOHQWR6HLQILOWUDURQHQODVRFLHGDGHJLSFLDGHPDQHUDVXWLO\SRUXQ
ODUJRSHULRGRKDVWDHQFRQWUDUVHHQXQDSRVLFLyQYHQWDMRVDSDUDIRU]DUVXGRPLQLRVREUHORV'RV7HUULWRULRV
/DKLVWRULDQRVSURSRUFLRQDDOJXQDVIHFKDVHVSHFtILFDVVREUHODSpUGLGDGHOYLJRUQDFLRQDOOODPDGDVKR\HO
6HJXQGR3HULRGR,QWHUPHGLRHQWUHORVDxRV\G&DOILQDOGHXQDHWDSDPiVDPSOLDGHODKLVWRULD
HJLSFLDFRQRFLGDFRPRHO5HLQR0HGLR
'HVFXEULPRVTXHHOWpUPLQRKLFVRVQRVLJQLILFDED5H\HV3DVWRUHVGHKHFKRVHGHULYDGHOWpUPLQR
HJLSFLR KLNDXNKRVZHW TXH TXLHUH GHFLU SUtQFLSHV GHO GHVLHUWR 6H FUHH TXH pVWRV HUDQ XQD PH]FOD GH
SREODGRUHVSURYHQLHQWHVGH$VLDVREUHWRGRVHPLWDVTXHSURFHGtDQGH6LULD\3DOHVWLQD/DWRPDILQDOGHO
SRGHUWXYRXQDGpELOUHVLVWHQFLDTXHSURYRFyODTXHPDGHSREODGRVUHEHOGHV\ODGHVWUXFFLyQGHORVWHPSORV
FXOPLQDQGRFRQHOVDTXHRWRWDOGH0HQILVODFDSLWDOHJLSFLDGHDOUHGHGRUGHODxRD&/RVKLFVRVQR
HUDQFUH\HQWHVGH0D
DW\DOSULQFLSLRHQVXE~VTXHGDGHSRGHUUHSULPLHURQFRQFUXHOGDGDFXDOTXLHUDTXH
UHSUHVHQWDUDXQREVWiFXORSDUDVXVREMHWLYRVSHURXQDYH]TXHVHHVWDEOHFLHURQQRIXHURQWLUDQRVRSUHVRUHV\
ODV DXWRULGDGHV HJLSFLDV DFFHGLHURQ D FRODERUDU FRQ HOORV<D HQ HO VLJOR ;9,,, D& KDEtDQ H[WHQGLGR VX
GRPLQLRKDVWDHO$OWR(JLSWR
3URYHQLHQWHV HQ VX PD\RUtD GH ORV SDtVHV TXH HQ OD DFWXDOLGDG IRUPDQ ,VUDHO \ 6LULD ORV KLFVRV
KDEODEDQ HO PLVPR OHQJXDMH VHPLWD RFFLGHQWDO DO LJXDO TXH HO SXHEOR TXH PiV WDUGH OOHJy D VHU FRQRFLGR
FRPRORVLVUDHOLWDV/DSUHJXQWDTXHQRVYLQRDODPHQWHIXH¢HUDQORVKLFVRVGHKHFKRMXGtRV"/DUHVSXHVWD
HVQHJDWLYDSHURQRHQWRGRHOVHQWLGRGHODSDODEUD\DTXHHOFRQFHSWRGHOMXGDLVPRQRH[LVWtDHQDTXHOORV
WLHPSRV/DVWULEXVQyPDGDVGLVSHUVDVTXHORVHJLSFLRVGHQRPLQDEDQORVKDELUXKHEUHRVUHSUHVHQWDEDQXQD
JDPD GH UDVJRV DVLiWLFRV VHPLWDV TXH GH QLQJXQD PDQHUD FRQIRUPDEDQXQDUD]D GHILQLGD 6LQ HPEDUJR HV
PX\SUREDEOHTXHORVSXHEORVKLFVRVKDELUXHQIHFKDVSRVWHULRUHVIRUPDUDQSDUWHGHXQDFRRSHUDWLYDWULEDO
TXHFRQHOWLHPSRVHFRQYLUWLyHQODVWULEXVGH,VUDHO\GHVSXpVHOSXHEORMXGtR([LVWHQGLYHUVDVUD]RQHVSDUD
FUHHUTXHKD\XQDFRQH[LyQGLUHFWDHQWUHORVKLFVRV\ORVMXGtRVVLQPHQRVSUHFLDUHOKHFKRGHTXHODSULPHUD
PHQFLyQ HQ OD %LEOLD GHO SXHEOR MXGtR FRLQFLGH GH IRUPD PX\ SUHFLVD FRQ HO SHULRGR HQ TXH ORV HJLSFLRV
HFKDURQ D ORV KLFVRV IXHUD GH VXV WLHUUDV KDFLD -HUXVDOpQ /DV HYLGHQFLDV JHROyJLFDV DFWXDOHV FRPLHQ]DQ D
GHPRVWUDUTXHODFRPSRVLFLyQGHVpUWLFDGHO0HGLR2ULHQWHHVXQIHQyPHQRUHFLHQWH\TXHKDFHDSHQDVFLQFR
RVHLVPLODxRVHOWHUUHQRTXHURGHDEDD(JLSWRHUDXQiUHDYHUGH\IpUWLO/RVUHJLVWURVPXHVWUDQTXHKXER
SHULRGRV GH FDPELRV GUDPiWLFRV \ UHSHQWLQRV HQ HO FOLPD GXUDQWH HO VHJXQGR PLOHQLR D& ORV FXDOHV SUR
YRFDURQVHTXtDVTXHUHSUHVHQWDURQJUDQGHVSUREOHPDVFOLPiWLFRVHQWRGRHOPHGLR2ULHQWH&RPRFUH\HQWHV
GHOSULQFLSLRGH0D
DWORVHJLSFLRVIXHURQJHQHURVRV\DEDVWHFLHURQDORVQyPDGDVKDELUXFRQDJXD\WLHUUDV
SDUDTXHVXVUHEDxRVSDVWDUDQFXDQGRODVFRQGLFLRQHVPiVDOOiGHO'HOWDGHO1LORVHWRUQDEDQLQVRSRUWDEOHV
6HGDXQFODURHMHPSORHQHOSDVDMHGHO*pQHVLV
+XER HQWRQFHV KDPEUH HQ OD WLHUUD \ GHVFHQGLy $EUDKDP D (JLSWR SDUD PRUDU DOOi SRUTXH HUD
JUDQGHHOKDPEUHHQODWLHUUD
'XUDQWHHOSHULRGRGHGHFDGHQFLDGHODVRFLHGDGHJLSFLDHOFRQWUROVREUHHOQ~PHURGHDVLiWLFRVTXH
VROLFLWDEDQ DJXD HUD GHILFLHQWH \ VH OHV SHUPLWLy OD HQWUDGD HQ JUDQGHV FDQWLGDGHV SHUR QR VH OHV H[LJtD
DEDQGRQDUHVDVWLHUUDVXQDYH]VDWLVIHFKDVVXVQHFHVLGDGHV$IDOWDGHXQDSROtWLFDGHLQPLJUDFLyQHOSDtVIXH
LQYDGLGR SRU HO SXHEOR QyPDGD DGHPiV D HOORV OHV SUHFHGLHURQ SREODGRUHV PiV DPELFLRVRV TXH YHtDQ OD
RSRUWXQLGDGGHREWHQHUJUDQGHVJDQDQFLDVDSURYHFKDQGRODFRQIXVLyQJHQHUDOL]DGD(VWRVKDELWDQWHVVHPLWDV
GHODFLXGDGORVKLFVRVHUDQPHMRUHVFRPEDWLHQWHVTXHORVHJLSFLRV\SRVHtDQXQDUPDPHQWRPiVDYDQ]DGR
FRPRORVFDUUXDMHVWLUDGRVSRUFDEDOORVTXHOHVSHUPLWtDQREWHQHUWRGROREXVFDEDQVLQHQIUHQWDUQLQJ~QWLSR
GHUHVLVWHQFLDSRUSDUWHGHODSDFtILFDSREODFLyQORFDO
/RVUH\HVKLFVRV
(VPX\SUREDEOHTXHGXUDQWHHOSHULRGRGHORVKLFVRVODVWULEXVKDELUXGLVIUXWDUDQGHXQQLYHOVRFLDOVXSHULRU
\VHLQWHJUDUDQGHPRGRPX\HILFD]DODYLGDXUEDQD$QWHVGHHVDpSRFDOD~QLFDIRUPDGHTXHXQRGHHVRV
SDVWRUHVSXGLHUDDXPHQWDUVXVELHQHV\GLVIUXWDUGHORVEHQHILFLRVGHODFLXGDGHUDRIUHFHUVHFRPRHVFODYRD
XQD IDPLOLD HJLSFLD (VWH DFXHUGR QR VH LQWHUSUHWDED GH OD PLVPD IRUPD HQ TXH KR\ GtD VH FRQVLGHUD D OD
HVFODYLWXGHUDPiVELHQXQDIRUPDGHVHUYLGXPEUHFRQXQFRQWUDWRGHSRUYLGD(OVDODULRQRHUDPX\EXHQR
SHURODFDOLGDGGHYLGDHUDPXFKRPHMRUGHORTXHODPD\RUtDGHODJHQWHSRGtDDVSLUDU
8QD YH] TXH ORV UH\HV KLFVRV ORJUDURQ HVWDEOHFHUVH FRPHQ]DURQ D DXVSLFLDU OD FRQVWUXFFLyQ GH
WHPSORV DVt FRPR OD FUHDFLyQ GH HVWDWXDV UHOLHYHV HVFDUDEDMRV REUDV GH DUWH HQ JHQHUDO \ DOJXQDV GH ODV
REUDVOLWHUDULDV\WUDEDMRVWpFQLFRVPiVDGPLUDEOHVGHVXVWLHPSRV3DUHFHTXHSRVHtDQXQDKHUHQFLDFXOWXUDO
OLPLWDGD SRUOR TXH PX\ SURQWR DGRSWDURQ DFWLWXGHV\ FRPSRUWDPLHQWRV HJLSFLRV /RV QXHYRV JREHUQDQWHV
FRPHQ]DURQDHVFULELUVXVQRPEUHVHQMHURJOtILFRVHJLSFLRVVHDSRGHUDURQGHORVWtWXORVWUDGLFLRQDOHVGHORV
UH\HVHJLSFLRVHLQFOXVRFDPELDURQVXVQRPEUHV$OSULQFLSLRORVUH\HVKLFVRVH[WHQGLHURQVXLQIOXHQFLDSDUD
JREHUQDUDO%DMR(JLSWRTXHHUDHOPiVJUDQGH\VXQWXRVRGHORV'RV7HUULWRULRV'RPLQDURQGHVGHODFLXGDG
GH$YDULVGRQGHDGRSWDURQDXQDGHLGDGTXHIXHYHQHUDGDHQOD]RQDHQTXHVHDVHQWDURQSRUSULPHUDYH]
(VWHGLRVHUD6HWR6HWKTXLHQSRVHtDVLPLOLWXGHVFRQVXDQWHULRUGLRVFDQDQHR%DDO\FHQWUDURQVXWHRORJtD
HQpOSHURWDPELpQDFHSWDURQD5DFRPRXQGLRVSULQFLSDO\ORKRQUDURQFRQORVWtWXORVTXHHOORVPLVPRVVH
RWRUJDEDQ0iVWDUGHFRQWURODURQORV'RV7HUULWRULRVGHVGH0HQILVODDQWLJXDFDSLWDO(VMXVWRGHFLUTXHVyOR
H[LVWtDXQWLSRGHUHODFLyQVLPELyWLFDSRUPHGLRGHODFXDOORVLQYDVRUHVDGTXLULHURQFXOWXUD\UHILQDPLHQWR
WHROyJLFR PLHQWUDV TXH ORV HJLSFLRV REWXYLHURQ QXHYDV WHFQRORJtDV FRPR ORV FDUUXDMHV \ RWURV WLSRV GH
DUPDPHQWRHQWUHORVTXHVHSXHGHQLQFOXLUORVDUFRVFRPSXHVWRV\ODVHVSDGDVGHEURQFHTXHUHHPSOD]DURQ
VXVLQVWUXPHQWRVVHQFLOORV\DQWLFXDGRV7DPELpQREWXYLHURQXQHOHPHQWRLPSRUWDQWHDGLFLRQDOSRUSDUWHGH
ORVKLFVRVHOFLQLVPR/RVHJLSFLRVKDEtDQVLGRVLHPSUHDELHUWRV\GHIiFLOWUDWRHQHOSDVDGRFRQXQVHQWLGR
GHUHVSXHVWDSRFRGHVDUUROODGRSDUDODGHIHQVDGHVXSDtV/DH[SHULHQFLDGHOSHULRGRGHORVKLFVRVOHVGLR
XQDSRGHURVDOHFFLyQ\GHpVWDVXUJLyXQDYLVLyQSRVLWLYDTXHHVWDEOHFLyORVIXQGDPHQWRVSDUDTXHHOHVStULWX
HJLSFLRUHVXUJLHUDHQORTXHDKRUDGHQRPLQDPRVHO1XHYR5HLQDGR$SHVDUGHTXHSHUGLHURQHOFRQWUROGH
0HQILV ORV HOHPHQWRVGHOD DXWpQWLFD PRQDUTXtD HJLSFLDFRQWLQXDURQ VXH[LVWHQFLDHQ XQD FLXGDG GHO $OWR
(JLSWR7HEDV3RUPHGLRGHORVUHJLVWURVVHDSUHFLDFRQFODULGDGTXHORVKDELWDQWHVGH7HEDVUHFRQRFLHURQOD
VREHUDQtDGHVXVJREHUQDQWHVDVLiWLFRVFRQORVTXHSDUHFtDTXHOOHYDEDQEXHQDVUHODFLRQHV&RQHOWLHPSRORV
UH\HV KLFVRV DEVRUELHURQ FDGD YH] PiV OD FXOWXUD HJLSFLD \ ODV SUiFWLFDV UHOLJLRVDV OR TXH RULJLQy XQ
SUREOHPDSROtWLFRUHOLJLRVR/RVLQYDVRUHVFRPHQ]DURQDGHVHDUWDQWRSRGHUHVSLULWXDOFRPRSRGHUItVLFR3RU
HMHPSORHOUH\KLFVR.K\DQR.KD\DQDDVXPLyHOQRPEUHGHOWURQRHJLSFLRGH6HXVHUHQUHDVtFRPRORV
WtWXORV GH HO %XHQ 'LRV \ HO +LMR GH 5D \ DGHPiV VH LQYHQWy HO QRPEUH GH +RUXV HO TXH $EUD]D ODV
5HJLRQHVWtWXORTXHVXJHUtDHOGRPLQLRPXQGLDODEVROXWR/DDILUPDFLyQSRUSDUWHGHORVKLFVRVGHVHUHOKLMR
GHGLRVGHELyHQIXUHFHUDOSXHEORHJLSFLRHQWRGRVVXVQLYHOHV
$TXt SHQVDPRV H[LVWH XQ DVSHFWR GH UHOHYDQFLD TXH QR KD VLGR H[DPLQDGR OR VXILFLHQWH SRU ORV
HJLSWyORJRVPRGHUQRV6DEHPRVDKRUDTXHXQDVSHFWRPX\HVSHFLDOGXUDQWHHOSURFHVRGHFRURQDFLyQGHXQ
UH\ KDFtDLQYHQFLEOH DOQXHYR +RUXV 3HUR ORV VXSXHVWRV UH\HV KLFVRVD SHVDU GH WRGR HO SRGHU HVWDWDO TXH
VXVWHQWDEDQ\GHODHPXODFLyQTXHSUHWHQGtDQGHODUHOLJLyQHJLSFLDHUDQH[FOXLGRVGHHVRHOPi[LPRKRQRU
¢&yPR HUD SRVLEOH TXH XQ H[WUDQMHUR VHQFLOODPHQWH FDPELDUD VX QRPEUH GH .K\DQ DO GH 6HXVHUHQUH \ VH
WLWXODUD +RUXV VLQ KDEHU HIHFWXDGR HO SURFHVR GH LQLFLDFLyQ VHFUHWD FRQRFLGR VyOR SRU ORV DXWpQWLFRV UH\HV
HJLSFLRV\VXVDQWXDULRLQWHUQR"/DUHVSXHVWDHVVLPSOHQRHUDSRVLEOH(VWiFRPSOHWDPHQWHPiVDOOiGHORV
OtPLWHVGHODUD]yQSHQVDUTXHORVHJLSFLRVKXELHUDQFRPSDUWLGRVXVVHFUHWRVPiVLPSRUWDQWHVFRQDTXHOORV
EUXWDOHVH[WUDQMHURVSHURFRPR.K\DQGHVHDEDDTXHOSRGHURVRWtWXORFRQGHVHVSHUDFLyQ\QRWHQtDDFFHVRD
VXOHJLWLPLGDGOHTXHGyWDQVyORODRSFLyQGHDVXPLUHOWtWXORYDFtR/DVUHODFLRQHVHQWUHORVHJLSFLRV\VXV
QXHYRVJREHUQDQWHVHUDQVXSHUILFLDOPHQWHEXHQDVSHURVHJXUDPHQWHHOUHVHQWLPLHQWRHUDJUDQGH0iVD~QD
SHVDUGHLPLWDUORVHVWLORV\FRVWXPEUHVHJLSFLDVORVKLFVRVSHUPDQHFLHURQGLIHUHQWHVHQHVHQFLD6XLQMHUWR
GHQWURGHODVRFLHGDGHJLSFLDHUDHQHOPHMRUGHORVFDVRVVRPHUR+DEODEDQHJLSFLRFRQXQDFHQWRJUDFLRVR
OOHYDEDQEDUEDORVHJLSFLRVVHUDVXUDEDQWRGRVORVGtDVDPHQRVTXHHVWXYLHUDQGHOXWRWHQtDQXQVHQWLGR
H[WUDxRGHOYHVWLU\VHWUDQVSRUWDEDQHQPiTXLQDVFRQUXHGDVTXHOODPDEDQFDUUXDMHVORVFXDOHVHUDQMDODGRV
SRUFDEDOORVHQYH]GHEXUURV
/DSpUGLGDGHORVVHFUHWRVRULJLQDOHV
&RQWLQXDPRVQXHVWUDLQYHVWLJDFLyQHQHOSHULRGRGHO5HLQR0HGLR7DUGtR\VHQWLPRVODVHJXULGDGGHTXHODV
WHQVLRQHVHQWUHORVQXHYRVUH\HVKLFVRV\ODDXWpQWLFDOtQHDUHDOGHELHURQOOHJDUDXQSXQWRPi[LPRGHELGRD
ODV IDOVDV SUHWHQVLRQHV GH VHU HO +RUXV 6L HVWiEDPRV HQ OR FRUUHFWR VREUH OD FHUHPRQLD VHFUHWD GH UHVX
UUHFFLyQGHORVUH\HVOHJtWLPRVHQWRQFHVGHEtDHVWDUVHJHVWDQGRXQSUREOHPDFRQHVRVSUHVXQWXRVRVLQWUXVRV
TXHKDELpQGRVHDSRGHUDGRGHWRGRORGHPiVSUHVLRQDEDQSDUDREWHQHUORVVHFUHWRVUHDOHV7RPDUFRQWUROGH
ODYLGDFRWLGLDQDHUDXQDFRVDHMHUFHUSUHVLyQGHQWURGHOiPELWRGHORVGLRVHVWHUUHQDOHV\FHOHVWLDOHVWLHQH
TXH KDEHU VLGR LQWROHUDEOH 8QD YH] TXH ORV UH\HV KLFVRV SHUWHQHFLHURQ D XQD WHUFHUD R FXDUWD JHQHUDFLyQ
QDFLGD HQ (JLSWR \ KDELHQGR DGRSWDGR OD WHRORJtD HJLSFLD HUD FDVL VHJXUR TXH VH VLQWLHUDQ FRQ GHUHFKR D
SRVHHUORVVHFUHWRVGHO+RUXVSRUFRQVLGHUDUVHHOORVPLVPRVHO+RUXV4XL]iPiVLPSRUWDQWHD~QGHVHDEDQ
FRQYHUWLUVHHQ2VLULVDOPRULU\VHUXQDHVWUHOODTXHEULOODUDSRUVLHPSUH6LOOHJDURQDFRQYHUWLUVHHQORVUH\HV
GH(JLSWR¢SRUTXpKDEUtDQGHVXFXPELUDXQDPXHUWHFDQDQHDVLPRULUHQFDOLGDGGH+RUXVOHVGDUtDYLGD
HWHUQD"
eVWDIXHXQDpSRFDFRPSOHMD\IDVFLQDQWHHVWXGLDPRV\YROYLPRVDHVWXGLDUORVDFRQWHFLPLHQWRV\D
ORVSHUVRQDMHVLQYROXFUDGRV$OJRVREUHHOSHULRGRHQJHQHUDO\VREUHODDFWLWXG\ODVDFFLRQHVGHODXWpQWLFR
UH\HJLSFLR6HTHQHQUH7DR,,HQSDUWLFXODUSXVRD&KULVDSHQVDU+DFLDILQDOHVGHOUHLQDGRKLFVR6FTHQHQUH
HVWDEDOLPLWDGRD7HEDVFLXGDGGHO$OWR(JLSWR\GHELGRDXQDVHULHGHUD]RQHVGHSRFDLPSRUWDQFLD&KULV
WHQtD OD VHQVDFLyQ GH TXH OD KLVWRULD GH +LUDP $ELI SXGR RULJLQDUVH GHELGR D OD OXFKD GH SRGHUHV HQWUH
6HTHQHQUH7DR ,, \ HO LPSRUWDQWH UH\ KLFVR $SHSL , TXLHQ WRPy HO QRPEUH GHO WURQR HJLSFLR $XVHUUH
*UDQGH\SRGHURVRFRPR5D\HOWtWXORGH5H\GHO$OWR\%DMR(JLSWR+LMRGH5D
'XUDQWHPHVHV&KULVUHIOH[LRQyVREUHHVHSHULRGREXVFDQGRFDGDYH]PiVHYLGHQFLDVTXHSXGLHUDQ
GLVLSDURFRQILUPDUFRQDOJRGHVXVWDQFLDORVGHWDOOHVTXHGHPDQHUDSDXODWLQDVHFRQYLUWLHURQHQXQDIXHUWH
FRUD]RQDGD&KULVUHODWDFyPRVXFHGLyHVWR
6DEtDTXHHOUH\KLFVR$SHSLWDPELpQHUDFRQRFLGRFRPR$SRILV)XHXQDSLH]DGHQRPHQFODWXUD
PX\VLJQLILFDWLYDODTXHPHDOHUWyVREUHVXSDUWLFLSDFLyQHQXQDOXFKDHVSLULWXDOTXHHUDQDGDPHQRV
TXH OD UHSHWLFLyQ GH OD IXQGDFLyQ GH OD QDFLyQ UHDOL]DGD SRU 2VLULV ,VLV \ HO SULPHU +RUXV 0H
FRQYHQFtGHTXH$SRILVHUDXQKRPEUHTXHGHOLEHUDGDPHQWHVHSURSXVRREWHQHUORVVHFUHWRVGHORV
DXWpQWLFRVUH\HVHJLSFLRVSDUDVXSURYHFKRDWRGDFRVWD
(OSXHEORKLFVRHUDJXHUUHUR\HJRFpQWULFR$GRSWDURQFRPRVXGLRVSULQFLSDOD6HWHODVHVLQRGHVX
KHUPDQR2VLULVHOGLRVTXHWRGRUH\HJLSFLRHVSHUDEDOOHJDUDVHU$OLGHQWLILFDUVHFRQ6HWORVKLFVRV
GHPRVWUDURQVXGHVGpQDOSXHEORHJLSFLRDVtFRPRVXDOLDQ]DFRQODVIXHU]DVGHOPDO(OFRQFHSWR
GHO 0D
DW GHELy SDUHFHUOH LQVHQVDWR D $SRILV \ VLQWRPiWLFR GH OD GHELOLGDG TXH SHUPLWLy D VXV
DQWHSDVDGRV WRPDU DO SDtV GH PDQRV GH ORV HJLSFLRV (O RSXHVWR D 0D
DW VH OODPDED ,VIHW HO FXDO
UHSUHVHQWDEDFRQFHSWRVQHJDWLYRVFRPRHOHJRtVPRODIDOVHGDG\ODLQMXVWLFLD\GHDFXHUGRFRQOD
PLWRORJtD HJLSFLD HO OtGHU GH HVWDV UHSUHVHQWDFLRQHV GH ,VIHW HUD XQ GLRV VHUSLHQWH PDOLJQR
PRQVWUXRVR\FRQIRUPDGHGUDJyQOODPDGR$SRILV0HVHQWtDVRPEUDGRGHTXHHVWHSRGHUPDOLJQR
WXYLHUDHOPLVPRQRPEUHTXHHOGHOUH\KLFVR
/RVHStWHWRVGHDTXHOPRQVWUXRRSXHVWRD0DDWLQFOXtDQHOGHDSDULHQFLDGLDEyOLFD\HOGHFDUiFWHU
PDOLJQR\SDUDORVHJLSFLRVUHSUHVHQWDEDODHQFDUQDFLyQPLVPDGHOFDRV/DVHUSLHQWHGHTXLHQHO
UH\KLFVRDGRSWyVXQRPEUHHUDGHVFULWDFRPRFLHJD\VRUGDDQWHWRGDVODVFRVDVVyORSRGtDJULWDUHQ
ODRVFXULGDG\FRQHODPDQHFHUHUDDKX\HQWDGD(OPD\RUWHPRUGHWRGRHJLSFLRHUDTXHODPDOpYROD
VHUSLHQWH$SRILVSXGLHUDGXUDQWHXQDQRFKHRVFXUDJDQDUODEDWDOODD5D\DVtHOSUy[LPRDPDQHFHU
MDPiV YHQGUtD 3DUD GHIHQGHUVH GH HVWD DPHQD]D FRQVWDQWH VH UHFLWDEDQ OLWXUJLDV D GLDULR HQ ORV
WHPSORVGHOGLRVVROSDUDDVtDSR\DUODEDWDOODFRQWLQXDHQWUHODVIXHU]DVGHODOX]\ODRVFXULGDG
'HVFXEUt TXH VH HQFRQWUy XQD YDVWD FROHFFLyQ GH OLWXUJLDV GHVFULWD FRPR (O OLEUR SDUD GHUURFDUD
$SRILV
(UDXQOLEURVHFUHWRTXHVHPDQWHQtDJXDUGDGRHQHOWHPSOR\FRQWHQtDFLHQWRVGHSDODEUDV
PiJLFDV SDUD PDQWHQHU DOHMDGRV ORV PDOHILFLRV GH $SRILV DVt FRPR LQVWUXFFLRQHV SDUD HO OHFWRU
QRYDWR VREUH FyPR FUHDU ILJXUDV GH FHUD GH OD VHUSLHQWH TXH SRGtDQ VHU GHVSXpV GHVILJXUDGDV
GHVWUXLGDV FRQ IXHJR R GHVPHPEUDGDV FRQ XQD GDJD (O OLEUR UHTXHUtD TXH HO HVWXGLDQWH HIHFWXDUD
WDOHVDFWRVFDGDPDxDQDPHGLRGtD\QRFKH\VREUHWRGRFXDQGRHOVROVHRFXOWDEDWUDVODVQXEHV
$XQRVGRVFLHQWRVFLQFXHQWDNLOyPHWURVDOVXUGH$YDULVODFLXGDGGH7HEDVFRQWLQXDEDUHJLGDSRU
ODOtQHDGHORVUH\HVHJLSFLRVDXQTXHVHGREOHJDEDQDQWHHOSRGHUGHORVKLFVRV\SDJDEDQLPSXHVWRD
ORV UHFROHFWRUHV GH $SRILV $ SHVDU GH HVWDU DLVODGRV \ HPSREUHFLGRV ORV SREODGRUHV GH 7HEDV
OXFKDURQ SRU PDQWHQHU ODV FRVWXPEUHV GHO SHULRGR GHO 5HLQR 0HGLR TXH WDQWR YHQHUDEDQ )XHURQ
H[FOXLGRVSRUORVKLFVRV\SRUVXVJREHUQDQWHVWtWHUHVGH.XVKGHORVDVHUUDGHURVGH6LULDODVPLQDV
GH SLHGUD FDOL]D GH 7LUD HO RUR GH 1XELD HO pEDQR \ PDUILO GHO 6XGiQ \ GH ODV FDQWHUDV GH ORV
PRGHUQRV $VZDQ \ :DGL +DPPDPDW OR TXH ORV IRU]y D LPSURYLVDU VXV WpFQLFDV GH FRQVWUXFFLyQ
'DGDVODVVHYHUDVOLPLWDFLRQHVTXHHQIUHQWDEDQORJUDURQSURGXFLUH[FHOHQWHVHGLILFDFLRQHVDXQTXH
KHFKDVGHWDELTXHV\QRGHSLHGUD6LQHPEDUJyODVFUHFLHQWHVFDUHQFLDVFDXVDURQXQUHVXUJLPLHQWR
GHOHVStULWX\ODGHWHUPLQDFLyQTXHDOJXQDYH]KL]RJUDQGHD(JLSWR\VLELHQODFDOLGDGGHYLGDHUD
SUHFDULDVXDSUHQGL]DMH\FXOWXUDFRQWLQXDURQGHVDUUROOiQGRVH(VWHSHTXHxRUHLQRFLWDGLQRFRPHQ]y
D UHFXSHUDUVH GH OD GHSUHVLyQ \ HO GHVRUGHQ D GHOLPLWDU VX WHUULWRULR DQWH ORV DVLiWLFRV GHO %DMR
(JLSWR
0LFRUD]RQDGDHUDTXHDOUHGHGRUGHODxRWUHLQWD\FXDWURGHOUHLQDGRGH$SRILVpVWHRUGHQyDOUH\GH
7HEDV RWRUJDUOH ORV VHFUHWRV SDUD FRQYHUWLUVH HQ 2VLULV \ DVt DGTXLULU OD YLGD HWHUQD D OD TXHWHQtD GHUHFKR
FRPRVREHUDQRGHORV'RV7HUULWRULRV(OUH\GH7HEDV6HTHQHQUH7DR,,HUDXQMRYHQGXURTXLHQVHFRQVL
GHUDED+RUXV\QRWHQtDLQWHUpVDOJXQRHQFRPSDUWLUVXVGHUHFKRVGHQDFLPLHQWRFRQQDGLHPHQRVD~QFRQ
XQ DVLiWLFR EDUEDGR FRQ HO QRPEUH GH OD VHUSLHQWH GH ODV WLQLHEODV 6X UHFKD]R LQVWDQWiQHR JHQHUy
UHVHQWLPLHQWRHQWUHDPERV\HOUH\$SRILVFRPHQ]yDXWLOL]DUVXSRGHUHQFRQWUDGH6HTHQHQUHGHFXDOTXLHU
IRUPDSRVLEOH8QHMHPSORSDUWLFXODUGHHVWHFRQIOLFWRIXHODRUGHQTXH$SRILVKL]ROOHJDUD6HTXHQHQUHD
PiV GH GRVFLHQWRV NLOyPHWURV GH GLVWDQFLD HQWUH $YDULV \ 7HEDV TXHMiQGRVH GHO UXLGR2UGHQH TXH HO
HVWDQTXHGHKLSRSyWDPRVXELFDGRDOHVWHGHODFLXGDGVHDUHPRYLGR\DTXHpVWRVQRPHSHUPLWHQGRUPLUQL
GHGtDQLGHQRFKH (VWHPHQVDMHQRUHSUHVHQWDEDXQMXHJRULGtFXORFRQHOSURSyVLWRGHKXPLOODUD6HTHQHQUH0iVELHQ
LOXVWUD XQD FODUD OXFKD GHSRGHUHV SDUDHVWDEOHFHUHOGHUHFKR GLYLQR GH JREHUQDU $SRILV \D SRVHtD WRGR HO
SRGHUTXHSXGLHUDGHVHDUSHURORTXHQRWHQtDHUDHOVHFUHWRGHODUHVXUUHFFLyQQLODEHQGLFLyQGHORVGLRVHV
(O PHQVDMH HUD SURIXQGDPHQWH SROtWLFR /RV SREODGRUHV GH 7HEDV KDEtDQ UHYLYLGR HO ULWXDO GH DUSRQHDU
KLSRSyWDPRVGHQWURGHOHVWDQTXHXELFDGRDOHVWHGHODFLXGDGHUDXQDQWLJXRULWRVDJUDGRFX\RSURSyVLWRHUD
JDUDQWL]DU OD VHJXULGDG GH OD PRQDUTXtD HJLSFLD (V REYLR TXH HVWR WHQtD HO SURSyVLWR GH LUULWDU D $SRILV
DGHPiV GH TXH HO KLSRSyWDPR UHSUHVHQWDED XQD IRUPD GHO SULQFLSDO GLRV KLFVR 6HW GH PDQHUD TXH VH
FRQVWLWXtDXQGREOHLQVXOWRDOUH\DVLiWLFR
(OULWXDOGHOKLSRSyWDPRLQFOXtDFLQFRHVFHQDVFRQXQSUyORJRWUHVDFWRV\XQHStORJR(OSURSyVLWR
GHODUHSUHVHQWDFLyQHUDFRQPHPRUDUODYLFWRULDGH+RUXVVREUHVXVHQHPLJRVVXFRURQDFLyQFRPRUH\GHORV
GRV WHUULWRULRV \ HO WULXQIR ILQDO VREUH DTXHOORV TXH VH OH RSRQtDQ &RPR HV QDWXUDO HO UH\ UHSUHVHQWDED D
+RUXV\HQHOSULPHUDFWRODQ]DEDGLH]DUSRQHVDXQKLSRSyWDPRPDFKRDOWHUQDQGRORVSHUVRQDMHVGH+RUXV
VHxRUGH0HVHQ\OXHJRHOGH+RUXVHOEHGHWLWDUHSUHVHQWDQGRDVtDO%DMR\$OWR(JLSWR(QHOWHUFHUDFWROD
YtFWLPDTXHUHSUHVHQWDD6HWHVGHVPHPEUDGDHQGRVRFDVLRQHV
/D OXFKD GH SRGHUHV SXGR FRQWLQXDU SRU DOJ~Q WLHPSR SHUR SLHQVR TXH HQ DOJ~Q SXQWR $SRILV
GHFLGLyWHUPLQDUFRQODLQVROHQFLDGHOUH\GH7HEDV\DSRGHUDUVHGHXQDYH]SRUWRGDVGHORVVHFUHWRVTXHpVWH
SRVHtD (O UHVXOWDGR IXH OD HMHFXFLyQ GH 6HTHQHQUH VHJXLGD GH OD H[SXOVLyQ GH ORV UH\HV KLFVRV \ GH OD
UHVWLWXFLyQGHODPRQDUTXtDHJLSFLD
3DUDHQWRQFHV&KULVVLQWLyTXHORTXHDOSULQFLSLRHUDXQDSUHRFXSDFLyQ\TXHGHVSXpVVHFRQYLUWLyHQ
FRUD]RQDGDFRPHQ]DEDDWRPDUIRUPDGHKLSyWHVLVUHVSHWDEOHDXQTXHWHQXH(VWDEDGLVSXHVWRDGLVFXWLUORHQ
GHWDOOH FRQ 5REHUW TXLHQ HQVHJXLGD FRLQFLGLy HQ TXH 6HTHQHQUH HUD XQ SRVLEOH FDQGLGDWR GHO RULJHQ GH
+LUDP$ELI
/DHYLGHQFLDEtEOLFD
1XHVWUR SUy[LPR SDVR HUD EXVFDU XQD LPSRUWDQWH IXHQWH GH LQIRUPDFLyQ DGLFLRQDO TXH SXGLHUD GDUQRV RWUD
SHUVSHFWLYDVREUHODOXFKDGHVDWDGDHQWUH$SRILV\6HTHQHQUH1XHVWURVDYDQFHVVREUHORVVXFHVRVGHOVLJOR
[YL D& IXHURQ JUDFLDV DOD LQIRUPDFLyQ REWHQLGD GH GRFXPHQWDFLyQ KLVWyULFD HJLSFLD \ HO ULWXDO PDVyQLFR
DKRUD SRGtD DxDGLUVH HO OLEUR GHO *pQHVLV SRUTXH GH PDQHUD VRUSUHQGHQWHFRQWHQtD XQD ULTXH]D GH
LQIRUPDFLyQVREUHHVWHSHULRGR
/RV SHUVRQDMHV FODYH TXH SRGtDQ WHQHU XQD SUREDEOH FRQH[LyQ FRQ 6HTHQHQUH \ $SRILV HUDQ
$EUDKDP,VDDF-DFRE-RVp\SRVLEOHPHQWH0RLVpV8ELFDUDHVWRVSHUVRQDMHVHQHOWLHPSRKDUHVXOWDGRPiV
GLItFLOSDUDORVH[SHUWRVTXHXELFDUDDTXHOORVSHUWHQHFLHQWHVDSHULRGRVSRVWHULRUHVGHODKLVWRULDMXGtDGH
'DYLG \ 6DORPyQ HQ DGHODQWH GRQGH H[LVWHQ SXQWRV GH UHIHUHQFLD PiV SUHFLVRV D ORV FXDOHV UHIHULUVH (O
SXQWR GH SDUWLGD PiV OyJLFR SDUD ORJUDU XELFDU D HVWRV FLQFR SHUVRQDMHV KLVWyULFRV HV -RVp HO DVLiWLFR R
SURWRMXGtR TXLHQ VHJ~Q OD %LEOLD OOHJy D RFXSDU HO VHJXQGR FDUJR PiV LPSRUWDQWH GH (JLSWR GHVSXpV GHO
SURSLRUH\
/D KLVWRULD GH -RVp GHVGH TXH IXH YHQGLGR FRPR HVFODYR SRU VXV KHUPDQRV KDVWD VX DVFHQVLyQ DO
SRGHUHQ(JLSWR\VXIDPRVRPDQWRPXOWLFRORUFRQRFLGRGHVSXpVGHELGRDXQDWUDGXFFLyQLQFRUUHFWDFRPR
XQVLPSOHPDQWRGHPDQJDVODUJDVHVELHQFRQRFLGD\HQJHQHUDOVHDFHSWDFRPREDVDGDHQODGHXQDSHUVR
QD UHDO 6LQ HPEDUJR OD OH\HQGD IXH HPEHOOHFLGD HQ JUDQ PHGLGD SRU ORV HVFULEDQRV TXH SRU SULPHUD YH]
FRQVLJQDURQODWUDGLFLyQRUDODODIRUPDHVFULWD/DVUHIHUHQFLDVDORVFDPHOORVFRPREHVWLDVGHFDUJD\HOXVR
GH PRQHGDV VRQ LPSRVLELOLGDGHV KLVWyULFDV \D TXH WDOHV FRVDV QR H[LVWLHURQ VLQR KDVWD FLHQWRV GH DxRV
GHVSXpVGHO~OWLPRUHJLVWURSRVLEOHVREUH-RVp
'HDFXHUGRFRQHOOLEURGHO*pQHVLV$EUDKDPYLVLWy(JLSWRSRUSULPHUDYH]FXDQGRWHQtDVHWHQWD\
FLQFR DxRV WXYR D VX KLMR ,VDDF FXDQGR FRQWDED FRQ FLHQ \ PXULy VHWHQWD \ FLQFR DxRV PiV WDUGH$ ORV
VHVHQWDDxRV,VDDFWXYRGRVKLMRV-DFRE\(VD~\-DFREWXYRGRFHKLMRVHOSHQ~OWLPRGHORVFXDOHVHUD-RVp
(VSRVLEOHVXSRQHUTXHKD\DOJRGHH[DJHUDFLyQHQHVWRHQSDUWLFXODUFRQUHVSHFWRDODHGDGGH$EUDKDP
3DUD SRGHU HVWDEOHFHU HVSDFLRV GH WLHPSR PiV UHDOHV SRGHPRV FRPHQ]DU VXSRQLHQGR SRU XQ PRPHQWR
TXHMyVH VH HQFRQWUDED HQ OD F~VSLGH GH VXV SRGHUHV HQ (JLSWR HQWUH ORV WUHLQWD \ ORV VHVHQWD DxRV 'H HVD
PDQHUDSRGHPRVHVWDEOHFHU\HQGRKDFLDHOSDVDGRXQODSVRHQWUHVXFDUJRHQHOSRGHU\ODSULPHUDYLVLWDD
(JLSWRHIHFWXDGDSRUVXDEXHOR$EUDKDP
$OSDUHFHUD-DFREOHJXVWDEDWHQHUKLMRVFRQFXDQWDPXMHUSXGLHUDLQFOX\HQGRDVXVGRVHVSRVDV\
VXVVLUYLHQWDV-RVpIXHXQRGHORVPiVMyYHQHV\HVSUREDEOHTXHVXSDGUHIXHUDXQYLHMRFXDQGRpOQDFLyDVt
TXHGDUHPRVSRUKHFKRTXH-DFREWHQGUtDVHVHQWDDxRV3RGHPRVDFHSWDUODHGDGEtEOLFDGHVHVHQWDDxRVSDUD
FXDQGR ,VDDF WXYR D -DFRE SHUR WHQGUHPRV TXH UHGXFLU OD HGDG GH $EUDKDP GH FLHQ D XQRV VHWHQWD DxRV
(VWDVHGDGHVVLJXHQHOHVStULWXGHODLQIRUPDFLyQTXHSURSRUFLRQDOD%LEOLDVLQTXHFRQHVWRWHQJDXQRTXH
DFHSWDUORVH[WUHPRVREYLDPHQWHLPSRVLEOHVTXHGHDOJXQDIRUPDVHLQWURGXMHURQHQODKLVWRULD
(O/LEURGHO*pQHVLVQRVGLFHTXH6DUDODHVSRVDGH$EUDKDPHUDXQDPXMHUPX\KHUPRVD\TXH
$EUDKDPWHPtDTXHORVHJLSFLRVORPDWDUDQSDUDUREiUVHODDVtTXHODKL]RSDVDUFRPRVXKHUPDQD/DOyJLFD
HVGLItFLOGHVHJXLUSHURFRPRPiVWDUGHDPERVVRQGHVFULWRVFRPRGHPDVLDGRYLHMRVSDUDHODPRUFXDQGR
,VDDFQDFLyHVWRLQGLFDTXHDPERVHUDQMyYHQHVFXDQGROOHJDURQD(JLSWRSRUSULPHUDYH]
3RURWURODGRHQFRQWUDPRVXQDSLVWDHQODKLVWRULDGH-RVpTXHQRVSHUPLWHXELFDUXQDIHFKDKLVWyULFD
6HWUDWDGHODUHIHUHQFLDDOXVRGHXQFDUUXDMHMDODGRSRUFDEDOORVORFXDOVLW~DFRQFODULGDGHOVXFHVRHQHO
SHULRGRKLFVR\DTXHHVWRVYHKtFXORVSHUWHQHFtDQDORVJREHUQDQWHVDVLiWLFRV\QRDORVUH\HVQDWLYRV(VWi
JHQHUDOPHQWH DFHSWDGR TXH H[LVWtDQ HOHPHQWRV VHPLWDV HQWUH ORV LQYDVRUHV \ SRU OR WDQWR pVWH VHUtD XQ
SHULRGRGXUDQWHHOFXDOORVLQPLJUDQWHVVHPLWDVHUDQUHFLELGRVHQIRUPDIDYRUDEOH0XFKRVLQYHVWLJDGRUHVKDQ
FRPHQWDGR TXH HO FDPELR GH GLQDVWtD TXH VLJXLy D OD H[SXOVLyQ GH ORV KLFVRV ELHQ SXHGH FRUUHVSRQGHU DO
SHULRGRGHOVXUJLPLHQWRGHXQQXHYRUH\TXHQRFRQRFtDD-RVpe[RGR\TXHFXDOTXLHUH[WUDQMHURTXH
D~Q SHUPDQHFLHUD HQ (JLSWR HVWDUtD H[SXHVWR DO WUDWDPLHQWR TXH VH GHVFULEH HQ ORV SULPHURV FDStWXORV GHO
e[RGR 6LQ OXJDU D GXGDV OD PLJUDFLyQ GH ORV KHEUHRV D (JLSWR GXUDQWH OD VHTXtD HQ &DQDiQ \ HO
HQFXPEUDPLHQWR GH ORV JREHUQDQWHV KLFVRV IXHURQ SDUDOHORV D OD DVFHQVLyQ SROtWLFD GH -RVp (O IDUDyQ GHO
SHULRGRGH-RVpGLRODELHQYHQLGDDORVKHEUHRVDVXUHLQR\DTXHHUDXQKLFVR\VHPLWDLJXDOTXHHOORV6HKD
VXJHULGR FRQ DQWHULRULGDG TXH FXDQGR ORV KLFVRV IXHURQ GHUURFDGRV HO QXHYR PRQDUFD HJLSFLR YLR D ORV
KHEUHRVFRPRDPLJRVGHORVKLFVRV\SRUORWDQWRSURFHGLyDHVFODYL]DUORV
$OSDUHFHUORVH[SHUWRVVHWDUGDURQHQOOHJDUDODFRQFOXVLyQREYLDGHHVWDHYLGHQFLD/RVYHUVtFXORV
\GHOe[RGRXELFDQGHODPDQHUDPiVFODUDSRVLEOHHOWLHPSRGH-RVp\HOIDUDyQQRLGHQWLILFDGR
(QWUHWDQWRVHOHYDQWyVREUH(JLSWRXQQXHYRUH\TXHQRFRQRFtDD-RVp\GLMRDVXSXHEORKHDTXt
HOSXHEORGHORVKLMRVGH,VUDHOHVPD\RU\PiVIXHUWHTXHQRVRWURV
3DUD HQWRQFHV OOHJDPRV D OD ILUPH FRQFOXVLyQ GH TXH -RVp HUD FRQWHPSRUiQHR GH $SRILV \ SRU OR
WDQWRGH6HTHQHQUH7DR
'HEHPRV UHFRUGDU TXH QR SRGHPRV WRPDU OD SDODEUD GHO $QWLJXR 7HVWDPHQWR FRPR HYLGHQFLD
DEVROXWD GHELGR D OD EUHFKD GH WLHPSR HQWUH ORV HYHQWRV \ DTXHOORV TXH HYHQWXDOPHQWH ORV UHJLVWUDURQ
5HFRUGHPRVODVUHIHUHQFLDVDORVFDPHOORV\PRQHGDVSXHGHQVHUIDOVDVHQGHWDOOH6LQHPEDUJyODVJHQHUDOL
GDGHVSRGUtDQVHUXQEXHQLQGLFDGRUGHORTXHHQUHDOLGDGVXFHGLyHQDTXHOHQWRQFHV(QWpUPLQRVVHQFLOORV
OD %LEOLD QRV UHODWD TXH -RVp VH YROYLy HO KRPEUH PiV LPSRUWDQWH GH WRGR (JLSWR D H[FHSFLyQ GHO IDUDyQ
PLVPR\SRUHVRFRQFOXLPRVTXHIXHHOYLVLUGHOUH\KLFVR$SRILVHORSRQHQWHGH6HTHQHQUH7DR,,
5HYLVDPRV OD FURQRORJtD D SDUWLU GH OD FRQIURQWDFLyQ HQWUH $SRILV \ 6HTHQHQUH IHFKDGD SRU OD
PD\RUtDGHORVLQYHVWLJDGRUHVDOUHGHGRUGHD&\SDUDQXHVWURVSURSyVLWRVJHQHUDOHVGLPRVSRUKHFKR
TXHHOYLVLU-RVpWHQtDDOUHGHGRUGHDxRVHQHVHHQWRQFHV$VtVXUJHHOVLJXLHQWHPRGHOR
)HFKDD&6XFHVR
(OYLVLU-RVpFHUFDGHFLQFXHQWDDxRV
1DFH-RVpVHVDEHTXHVXSDGUH-DFREHUDGHHGDGDYDQ]DGDWDOYH]GHXQRVDxRV
1DFH-DFREVXSDGUHHV,VDDFGHDxRV
1DFH,VDDFVHGLFHTXHVXSDGUH$EUDKDPHUD\DEDVWDQWHYLHMRGLJDPRVDxRV
$EUDKDPOOHJDD(JLSWRSRUSULPHUDYH]WDOYH]DODHGDGGHDxRV
/DV HGDGHV SUHVHQWDGDV DTXt VH DMXVWDQ OR PiV SRVLEOH D OD LQIRUPDFLyQ TXH QRV GD OD %LEOLD \ VL
UHJUHVDPRVHQODFURQRORJtDDSDUWLUGHOFRQIOLFWRHQWUH$SRILV\6HTHQHQUHOOHJDPRVDXELFDUODOOHJDGDGH
$EUDKDPD(JLSWRHQHODxRLGHQWLILFDGRFRPRHOLQLFLRGHOJRELHUQRGHORVKLFVRV/DGUDPiWLFDFRQFOXVLyQ
SDUHFHLQHYLWDEOHHOPLVPR$EUDKDPHUDXQKLFVRTXL]iFRQVLGHUDGRXQSUtQFLSHDTXtKD\TXHUHFRUGDUTXH
HO WpUPLQR HJLSFLR KLFVRV VLJQLILFD SUtQFLSHV GHO GHVLHUWR \ WRGD OD HYLGHQFLD LQGLFD TXH $EUDKDP HUD XQ
KRPEUHQDFLGRHQ8U
6LHPSUHWXYLPRVHQPHQWHTXHORVDXWRUHVGHHVWDVKLVWRULDVWHQtDQTXHOLGLDUFRQXQDGLVWRUVLyQGH
FDVLPLODxRV\TXHHOORVDOLJXDOTXHRWURVSXHEORVVXSHUVWLFLRVRVWUDWDUtDQGHDFRPRGDUVXVSUHMXLFLRV\
FUHHQFLDVHQODVKLVWRULDVTXHLQWHUSUHWDEDQ\WUDQVFULEtDQ(OOLEURGHO*pQHVLVLQLFLDFRQDQWLJXRVUHODWRVGH
ORV RUtJHQHV GHO KRPEUH \ SDVD GH OD OH\HQGD GLVWDQWH D OD KLVWRULD UHFLHQWH GHOWLHPSR GH ORV HVFULEDV (Q
QLQJ~Q UHJLVWUR VH PHQFLRQD GH IRUPD DELHUWD OD FRQTXLVWD DVLiWLFD VREUH ORV HJLSFLRV OD FXDO VHJ~Q VH
FRQRFH VXFHGLy GXUDQWH HO SHULRGR HQWUH $EUDKDP \ 0RLVpV ¢6HUtD TXH LJQRUDEDQ HVWH SHULRGR" R ¢VH
VHQWtDQDYHUJRQ]DGRV"1RHVSRVLEOHVDEHUORFRQH[DFWLWXGSHURHOKHFKRGHTXHHVWRVDxRVHVWpQDXVHQWHVHQ
VXUHODWRKLVWyULFRQRVSDUHFLyH[WUDxR
(ODVHVLQDWRGH+LUDP$ELI
(OUH\6HTHQHQUHVRVWHQtDXQDJUDQEDWDOODPHQWDOFRQ$SRILVODIXHU]DGHODDQWLJXDRVFXULGDGTXHVHKDEtD
PDWHULDOL]DGRFRPRXQUH\KLFVRHQHO%DMR(JLSWR\SDUDWHQHUIXHU]DV\VDOLUYLFWRULRVRQHFHVLWDEDWRGRHO
SRGHUGHOUH\VRO$PyQ5D&DGDGtDVDOtDGHOSDODFLRUHDOGH0DONDWDSDUDYLVLWDUHOWHPSORGH$PyQ5DD
SOHQRPHGLRGtDFXDQGRHOVROHVWiHQVXPHULGLDQR\XQKRPEUHFDVLQRGHMDVRPEUDQLQJXQDPDQFKDGH
RVFXULGDGHQHOVXHOR&RQHOVROHQVXFpQLWHOSRGHUGH5DHVWDEDHQVXDSRJHR\HOGHODVHUSLHQWHGHOD
RVFXULGDG$SRILVHQVXSXQWRPiVGpELO(VWDGHFODUDFLyQQXHVWURPDHVWUR+LUDP$ELIVHKDEtDUHWLUDGR
SDUD DGRUDU DO 0iV $OWR FRPR HUD VX FRVWXPEUH VLHQGR OD KRUD GH ODV GRFH YLHQH GHO ULWXDO GHO 7HUFHU
*UDGR0DVyQLFRTXHH[SOLFDPRVHQHOFDStWXOR\HQGRQGHDSDUHFHFRPRXQFRPHQWDULRD~QQRH[SOLFDGR
$KRUDHQHOFRQWH[WRGH6HTHQHQUHSRUSULPHUDYH]SDUDQRVRWURVDGTXLHUHVLJQLILFDGR
eVWD HV QXHVWUD UHFRQVWUXFFLyQ GH ORV DFRQWHFLPLHQWRV XQ GtD VLQ TXH 6HTHQHQUH OR VXSLHUD
FRQVSLUDGRUHV HQYLDGRV SRU $SRILV \D KDEtDQ WUDWDGR GH H[WUDHU ORV VHFUHWRV GH 2VLULV GH ORV GRV 6XPRV
6DFHUGRWHV\DOQRORJUDUREWHQHUODVUHVSXHVWDVTXHQHFHVLWDEDQORVKDEtDQPDWDGR(VWDEDQDWHUURUL]DGRV
GHORTXHWHQGUtDQTXHKDFHUDKRUD\DTXHHVWDEDQDODHVSHUDGHOSURSLRUH\FDGDXQRVLWXDGRHQXQDGHODV
GLIHUHQWHVVDOLGDVGHOWHPSOR&XDQGR6HTHQHQUHWHUPLQyVXVRUDFLRQHVVHGLULJLyDODSXHUWDVXUHQGRQGHVH
WRSy FRQ HO SULPHUR GH ORV WUHV KRPEUHV TXH GHPDQGy VDEHU ORV VHFUHWRV GH 2VLULV (O UH\ VH UHVLVWLy \
UHFKD]yDFDGDXQR/DFHUHPRQLDGHO7HUFHU*UDGR0DVyQLFRH[SOLFDORTXHVXFHGLyDTXHOGtDKDFHPiVGH
WUHVPLODxRV\PHGLRHQHOWHPSORGH7HEDV&RQODLQWHQFLyQGHKDFHUKLQFDSLpHQODFRPSDUDFLyQKHPRV
FDPELDGRORVQRPEUHVSRUORVHJLSFLRV
7HUPLQDGDVVXV GHYRFLRQHV VH SUHSDUy SDUDUHWLUDUVH SRU OD SXHUWD VXU GRQGH IXH DERUGDGRSRUHO
SULPHUR GH HVWRVUXILDQHVTXLHQ DIDOWD GH XQ DUPD PHMRU VH KDEtD DUPDGR FRQ XQD SORPDGD GH PDQHUD
DPHQD]DQWH OH H[LJLy D QXHVWUR 0DHVWUR 6HTHQHQUH ORV VHFUHWRV JHQXLQRV GH 2VLULV DGYLUWLpQGROH TXH OD
PXHUWHSRGUtDVHUODFRQVHFXHQFLDGHVXQHJDWLYDSHURUHVSHWXRVRGHVXREOLJDFLyQpOUHSOLFyTXHDTXHOORV
VHFUHWRVHUDQVDELGRVSRUWUHVHQHOPXQGR\TXHVLQHOFRQVHQWLPLHQWRGHORVRWURVGRVQRSRGtDGLYXOJDUORV
QLORKDUtDDKRUDELHQLQGLFyTXHQRWHQtDODPHQRUGXGDGHTXHODSDFLHQFLD\ODSHUVHYHUDQFLDSRGUtDQDVX
GHELGRWLHPSR KDELOLWDU DO PDVyQ GLJQR SDUD SDUWLFLSDU GH HOORV 3HURSRUpO SUHIHUtDVXIULU OD PXHUWH TXH
WUDLFLRQDUODVDJUDGDFRQILDQ]DSXHVWDHQpO
&RPRHVWDUHVSXHVWDQRUHVXOWyVHUVDWLVIDFWRULDHOSULPHURGHORVUXILDQHVODQ]yXQYLROHQWRJROSHD
ODIUHQWHGHO0DHVWURSHURVRUSUHQGLGRSRUODILUPH]DGHVXSURFHGHUVyORORDOFDQ]yHQODVLHQGHUHFKD$XQ
DVt OR KL]R FRQ IXHU]D VXILFLHQWH FRPR SDUD ORJUDU TXH VH WDPEDOHDUD \ FD\HUD DO VXHOR VREUH VX URGLOOD
L]TXLHUGD
5HFXSHUiQGRVH GH HVD VLWXDFLyQ VH DSXUy KDFLD OD SXHUWD RHVWH GRQGH VH HQIUHQWy FRQ HO VHJXQGR
UXILiQDOFXDOOHFRQWHVWyFRPRDQWHVD~QFRQODPLVPDILUPH]DFXDQGRDTXHOTXHHVWDEDDUPDGRFRQXQ
QLYHOOHGLRXQYLROHQWRJROSHHQODVLHQL]TXLHUGDTXHORWLUyDOSLVRVREUHVXURGLOODGHUHFKD
9LHQGR FRDUWDGD WRGD SRVLELOLGDG GH HVFDSH HQ HVWRV GRV DFFHVRV QXHVWUR 0DHVWUR DYDQ]y
WDPEDOHDQWHDEDWLGR \ VDQJUDQWH KDFLD OD SXHUWD HVWH HQ OD TXH HVWDED DSRVWDGR HOWHUFHU UXILiQ TXLHQ DO
UHFLELUXQDUHVSXHVWDVLPLODUDVXVLQVROHQWHVGHPDQGDV\DTXHQXHVWUR0DHVWURVHJXtDILHODVXREOLJDFLyQ
DXQHQVXPRPHQWRPiVGLItFLOOHGLRXQYLROHQWRJROSHGHOOHQRHQHOFHQWURGHODIUHQWHFRQXQSHVDGRPD]R
GHSLHGUDTXHORWHQGLyVLQYLGDDVXVSLHV
/RVVHFUHWRVGHODFRURQDFLyQGHXQUH\HJLSFLRPXULHURQFRQ6HTHQHQUHHOKRPEUHTXHOODPDPRV
+LUDP$ELIHOUH\TXHVHH[WUDYLy
6HQWtDPRVTXHWHQtDPRVSRUPXFKRDOFDQGLGDWRPiVSUREDEOHSDUDQXHVWUR0DHVWUR0DVyQSHUGLGR
\HPSH]DPRVDHVWXGLDUPiVGHFHUFDORTXHVHFRQRFHGHHVWHKRPEUH1RSXGLPRVDVRPEUDUQRVPiVFXDQGR
OHtPRVSRUSULPHUDYH]ORVGHWDOOHVDFHUFDGHODPRPLDGH6HTHQHQUH6XVLQFUHtEOHVOHVLRQHVVHGHVFULEtDQHQ
GHWDOOH
&XDQGR HQ MXOLR GH (PLO %UXJVFK GHVFXEULy OD PRPLD GHO IDUDyQ 5DPVpV ,, HQ HO PLVPR
HVFRQGLWHKDEtDRWURFDGiYHUUHDOXQRVDxRVPiVDQWLJXRTXHHOGH5DPVpV\TXHVHGLVWLQJXtDSRUVX
SDUWLFXODUS~WULGRRORU'HDFXHUGRFRQODHWLTXHWDHUDHOFXHUSRGH6HTHQHQUH7DRXQRGHORVJREHUQDQWHV
HJLSFLRVQDWLYRVTXHIXHURQIRU]DGRVDYLYLUOHMRVKDFLDHOVXUHQ7HEDVGXUDQWHHOSHULRGRKLFVR\FRPRHUD
REYLRLQFOXVRSDUDHORMRQRHGXFDGR6HTHQHQUHVHKDEtDHQIUHQWDGRDXQILQDOYLROHQWR/DSDUWHPHGLDGHVX
IUHQWHKDEtDVLGRDSODVWDGD2WURJROSHIUDFWXUyODFXHQFDGHVXRMRGHUHFKRVXSyPXORGHUHFKR\VXQDUL]
6HOHKDEtDGDGRXQWHUFHURGHWUiVGHODRUHMDL]TXLHUGDGHVWUR]DQGRHOKXHVRPDVWRLGHR\WHUPLQDQGRHQOD
SULPHUD YpUWHEUD GHO FXHOOR $XQTXH VH VDEH TXH HQ YLGD IXH XQ KRPEUHMRYHQ DOWR \ DSXHVWR FRQ HO SHOR
QHJUR\RQGXODGRODH[SUHVLyQILMDHQODFDUDGH6HTHQHQUHPRVWUDEDTXHKDEtDPXHUWRHQDJRQtD'HVSXpV
GHPXHUWRQROHIXHPXFKRPHMRU\DTXHVXFXHUSRSDUHFHKDEHUVLGRDEDQGRQDGRSRUXQUDWRDQWHVGHVHU
PRPLILFDGRGHDKtHOS~WULGRRORU\ORVVLJQRVGHGHVFRPSRVLFLyQSUHPDWXUD
/RVUHJLVWURVHJLSFLRVQRGLFHQQDGDVREUHFyPRHQFRQWUyODPXHUWH6HTHQHQUHSHURHVFDVLVHJXUR
TXHIXHDPDQRVGHORVKLFVRVFDQDQHRV +DEtDVXFHGLGRORLPSRVLEOH+DEtDPRVLGHQWLILFDGRD+LUDP$ELI\ORTXHHVPiVVXFXHUSRD~Q
H[LVWH
/DV OHVLRQHV HQFDMDQ DODSHUIHFFLyQXQ JROSH PDOLJQR TXHOHURPSLy HOKXHVR D OD DOWXUD GHOODGR
GHUHFKR GH OD FDUD OR KDEUtD KHFKR WDPEDOHDU KDVWD FDHU VREUH OD URGLOOD FRQ VHPHMDQWH LPSDFWR YpDVH OD
ILJXUD6LHQGRMRYHQDOWR\GHFRQVWLWXFLyQIXHUWHSXGRYROYHUDSRQHUVHHQSLHFRPRORKDFHQORVKRP
EUHV IXHUWHV FXDQGR HV QHFHVDULR SHUR VH WRSy FRQ RWUR DJUHVRU TXH D]RWy HO ODGR L]TXLHUGR GH VX FDEH]D
DVWLOOiQGROH HO KXHVR 0X\ GHELOLWDGR \ D SXQWR GHO FRODSVR VLJXLy WDPEDOHiQGRVH SHUR HO ~OWLPR \ OHWDO
JROSH OH GLR HQ OD IUHQWH PDWiQGROR GH PDQHUD LQVWDQWiQHD 2WUD GHVFULSFLyQ TXH HQFRQWUDPRV H[SOLFD ODV
KHULGDVFRQFODULGDG
/DVWHUULEOHVKHULGDVHQHOFUiQHRGH6HTHQHQUHIXHURQFDXVDGDVSRUDOPHQRVGRVSHUVRQDVTXHOR
DWDFDURQFRQXQDGDJDXQKDFKDXQDODQ]D\TXL]iXQDPD]D!
6H QHFHVLWDURQ YDULRV GtDV SDUD UHFXSHUDUQRV GH OD HPRFLyQ \ SRGHU SHQVDU HQ FyPR DYDQ]DU HQ
QXHVWUD LQYHVWLJDFLyQ &RQIRUPH HO M~ELOR IXH EDMDQGR GH LQWHQVLGDG HPSH]DPRV D GDUOH LPSRUWDQFLD D OR
REWHQLGR
/RV LQVWUXPHQWRV TXH VH VXJHUtDQ FRPR DUPDV GHO DVHVLQDWR QRV UHFRUGDEDQ OD OH\HQGD PDVyQLFD
VLPEyOLFD HQ OD TXH +LUDP KDEtD VLGR JROSHDGR FRQ XQD YDULHGDG GH KHUUDPLHQWDV SDUD FRQVWUXFFLyQ GH
WHPSORV SURYRFDQGR KHULGDV VLPLODUHV D ODV GH XQD PD]D /D GHVFULSFLyQ DQWHULRU VREUH OD WHPSUDQD
GHVFRPSRVLFLyQ GHO FXHUSR GH 6HTHQHQUH PXHVWUD TXH ORV HPEDOVDPDGRUHV UHDOHV QR UHFLELHURQ HO FXHUSR
KDVWDEDVWDQWHWLHPSRGHVSXpVGHODPXHUWHORTXHQRVWUDMRDODPHPRULDODVFLUFXQVWDQFLDVGHVFULWDVHQOD
FHUHPRQLDGHO7HUFHU*UDGR0DVyQLFRFRQFHUQLHQWHVDOFXHUSRGH+LUDP$ELITXHHVWDEDGHVDSDUHFLGRGHV
SXHVGHODVHVLQDWR
LQFUHPHQWDGRV VXV WHPRUHV FRQ UHVSHFWR D OD VHJXULGDG GH VX DUWLVWD MHIH VHOHFFLRQy D TXLQFH
&RPSDxHURVGHOD&LHQFLDGHVXFRQILDQ]D\OHVRUGHQyTXHKLFLHUDQXQDE~VTXHGDGLOLJHQWHGHOD
SHUVRQDGHQXHVWUR0DHVWURSDUDDVHJXUDUVHGHVLWRGDYtDHVWDEDYLYRRVLKDEtDVXIULGRHQHOLQWHQWR
GHVDFDUOHDODIXHU]DORVVHFUHWRVGHVXHOHYDGRFDUJR
+DELpQGRVHILMDGRXQGtDSDUDVXUHJUHVRD-HUXVDOpQVHRUJDQL]DURQHQWUHV/RJLDVGH&RPSDxHURV
GH OD &LHQFLD \ SDUWLHURQ GH ODV WUHV HQWUDGDV GHO WHPSOR 6H SHUGLHURQ PXFKRV GtDV HQ E~VTXHGDV
LQIUXFWXRVDVGHKHFKRXQJUXSRUHJUHVyVLQKDEHUGHVFXELHUWRQDGDLPSRUWDQWH(OVHJXQGRIXHPiV
DIRUWXQDGRSXHVHQODWDUGHGHFLHUWRGtDWUDVKDEHUVXIULGRODVPiVJUDQGHVSULYDFLRQHV\IDWLJDV
SHUVRQDOHV XQR GH ORV +HUPDQRV TXH VH KDEtD UHFRVWDGR SDUD GHVFDQVDU SDUD OHYDQWDUVH VH D\XGy
DJDUUiQGRVHGHXQDUEXVWRFHUFDQRHOFXDOSDUDVXVRUSUHVDVHGHVSUHQGLyFRQIDFLOLGDGGHODWLHUUD
$O H[DPLQDUOR GH FHUFD HQFRQWUy TXH OD WLHUUD KDEtD VLGR UHPRYLGD UHFLHQWHPHQWH OODPy D VXV
FRPSDxHURV\XQLHQGRHVIXHU]RVUHDEULHURQODWXPED\HQFRQWUDURQHOFXHUSRGHQXHVWUR0DHVWUR
HQWHUUDGRGHIRUPDLQGHFHQWH/RFXEULHURQGHQXHYRFRQWRGRUHVSHWR\UHYHUHQFLD\SDUDGLVWLQJXLU
HO VLWLR HQWHUUDURQ XQD YDUD GH DFDFLD D OD FDEH]D GH OD WXPED 'HVSXpV VH DSUHVXUDURQ KDFLD
-HUXVDOpQSDUDFRPXQLFDUODSHQRVDQRWLFLDDO5H\6DORPyQ
&XDQGRODSHQDLQLFLDOGHO5H\VHDSDFLJXyOHVRUGHQyTXHUHJUHVDUDQ\OHYDQWDUDQXQVHSXOFURSDUD
QXHVWUR0DHVWURFRPRFRUUHVSRQGtDDVXUDQJR\VXVH[DOWDGRVWDOHQWRVLQIRUPiQGROHVDOPLVPR
WLHPSRTXHFRQVXPXHUWHVHKDEtDQSHUGLGRORVVHFUHWRVGHXQ0DHVWUR0DVyQ3RUFRQVLJXLHQWHOHV
HQFDUJy TXH IXHUDQ SDUWLFXODUPHQWH FXLGDGRVRV HQ REVHUYDU FXDOTXLHU 6LJQR 6HxDO R 3DODEUDV
FDVXDOHVTXHSXGLHUDQRFXUULUHQWDQWRUHQGtDQHVWH~OWLPR\WULVWHWULEXWRGHUHVSHWRDOPpULWRTXHVH
KDEtDLGR
(OLPLQHPRVSRUXQPRPHQWRODXELFDFLyQGH+LUDP$ELIHQORVWLHPSRVGHO5H\6DORPyQ\WRGROR
GHPiV HQFDMD7DPELpQ QRV LQWHUHVy VREUHPDQHUD GHVFXEULU TXH HO UH\ 6HTHQHQUH HV HO ~QLFR FDGiYHU UHDO
FRQRFLGRGHO$QWLJXR(JLSWRTXHPXHVWUDVHxDOHVGHXQDPXHUWHYLROHQWD
7HQtDPRV HQWRQFHV OD KLVWRULD GH XQ KRPEUH DO TXH PDWDURQ FRQ WUHV JROSHV PLHQWUDV SURWHJtD ORV
VHFUHWRV GH ORV UH\HV HJLSFLRV DQWH ORV LQYDVRUHV KLFVRV 3HUR ¢TXp FRQ OD UHVXUUHFFLyQ" (UD REYLR TXH
6HTHQHQUHQRKDEtDUHVXFLWDGRSXHVWRTXHVXFXHUSRHVWDEDHQHO0XVHRGHO&DLURSRUORTXHQXHVWUDKLVWRULD
D~QQRHVWDEDFRPSOHWD$VtTXHGHFLGLPRVUHH[DPLQDUQXHVWURULWXDOPDVyQLFR
/RVDVHVLQRVGH+LUDP$ELI
(QODOH\HQGDPDVyQLFDORVDVHVLQRVGH+LUDP$ELIVRQFRQRFLGRVFRPR-XEHOR-XEHOD\-XEHOXP\MXQWRV
VHOHVGHQRPLQDFRPRORV-XZHV/RVQRPEUHVHQVtSDUHFtDQXQDLQYHQFLyQVLPEyOLFDHO~QLFRVLJQLILFDGR
TXHSRGtDPRVGHGXFLUHUDTXHORVWUHVFRQWHQtDQMXEHOTXHHQiUDEHTXLHUHGHFLUPRQWDxD(VWRQRSDUHFtD
UHOHYDQWH
(UDQ ORV YHUGDGHURV DVHVLQRV ORV TXH QRV LQWHUHVDEDQ QR HO VLPEROLVPR &RPR \D KDEtDPRV
PRVWUDGRUDVFLUFXQVWDQFLDVGH-RVpGHVFULWDVHQOD%LEOLDLQGLFDQTXHHUDHOYLVLUGHOUH\GHORVKLFVRV$SRILV
SRUORTXHHVPX\SUREDEOHTXHKD\DHVWDGRLQYROXFUDGRHQHOFRPSORWSDUDDSRGHUDUVHGHORVVHFUHWRVGH
6HTHQHQUH
/D%LEOLDWDPELpQUHODWDTXHHOSDGUHGH-RVp-DFRESDVySRUXQFDPELRGHQRPEUHVLPEyOLFRHQHO
TXHVHFRQYLUWLyHQ,VUDHO\VXVGRFHKLMRVIXHURQLGHQWLILFDGRVFRPRODVWULEXVGH,VUDHOeVWDSRUVXSXHVWR
HUD OD LGHD GH ORV DXWRUHV SRVWHULRUHV GH OD KLVWRULD MXGtD TXH EXVFDEDQ XQ PRPHQWR HQ HO WLHPSR ELHQ
GHILQLGR HQ HO TXH VX QDFLyQ GLR LQLFLR GH PDQHUD IRUPDO D ORV KLMRV GH -DFRE,VUDHO VH OHV GLHURQ
FLUFXQVWDQFLDV KLVWyULFDV TXH SDUHFtDQ DSURSLDGDV SDUD HO HVWDWXV GH ODV WULEXV HQ HO PRPHQWR HQ TXH ORV
HVFULWRUHVGHO*pQHVLVOHSXVLHURQWLQWDDOSDSLUR/DWULEXGH5XEpQKDEtDFDtGRGHJUDFLD\ODWULEXGH-XGi
HUDODQXHYDpOLWHGHDKtTXHDORVGHVFHQGLHQWHVGHORVLVUDHOLWDVOHVOODPHPRVMXGtRV\QRUXELRV%XVFDQGR
FXDOTXLHUFRVDTXHVHDFHUFDUDDXQDSLVWDHQHVWRVSDVDMHVGHOD%LEOLDQRVHQFRQWUDPRVFRQXQYHUVRPX\
H[WUDxR HQ OD YHUVLyQ GHO UH\ -DFRER GHO *pQHVLV TXH DSDUHQWHPHQWH QR WHQtD VLJQLILFDGR QL KDFtD
UHIHUHQFLDDQDGDFRQRFLGR$SDUHFHHQHOPRPHQWRHQHOTXH-DFREVHHVWiPXULHQGR\UHIOH[LRQDVREUHODV
DFFLRQHVGHVXVKLMRVORVQXHYRVOtGHUHVGHODVWULEXVGH,VUDHO
2KDOPDPtDQROOHJDURQGHQWURGHVXVHFUHWRDVXDVDPEOHDKRQRUPtRQRRVXQiLVSRUTXHHQVX
LUDDVHVLQDURQDXQKRPEUHDPDQHQLQJOpV\SRUVXSURSLDYROXQWDGSHUIRUDURQXQPXUR
$TXt VH KDFtD UHIHUHQFLD D XQ DVHVLQDWR TXH GHEH KDEHUVH FRQVLGHUDGR PX\ LPSRUWDQWH FRPR SDUD
LQFOXLUORDXQTXHQRSDUDH[SOLFDUOR¢4XpVHFUHWRVHEXVFDED"¢4XLpQKDEtDVLGRDVHVLQD_GR"/D ,JOHVLD
&DWyOLFDGHVFULEHHVWRFRPRXQDFLHUWDUHIHUHQFLD-SURIpWLFDDOKHFKRGHTXHORVMXGtRVPDWDURQDVX&ULVWR
SHUR GHVFDUWDPRV HVD LQWHUSUHWDFLyQ 1XHVWUD WHVLV VXJLHUH XQD SRVLELOLGDG PiV WDQJLEOH 'H OD FXDUWD D OD
QRYHQDSDODEUDVQRVRQDPELJXDV1ROOHJDURQGHQWURGHVXVHFUHWR(QHVSDxROPRGHUQRHVWRVHWUDGXFLUtD
FRPR1RORJUDURQREWHQHUVXVHFUHWR/DDFXVDFLyQWRWDOVHUtDFRPRVLJXH1RVyORQRORJUDURQREWHQHUVX
VHFUHWR VLQR TXH SDUD HPSHRUDU ODV FRVDV VH VDOLHURQ GH VXV FDVLOODV \ OR DVHVLQDURQ DUUXLQDQGR WRGR \
KDFLHQGRTXHWRGRHOPXQGRFD\HUDVREUHQXHVWUDVFDEH]DV
/RV GRV KHUPDQRV \ ODV IXWXUDV WULEXV GH ,VUDHOTXH VH VRVWLHQH VRQUHVSRQVDEOHV GH HVWH DVHVLQDWR
GHVFRQRFLGR VRQ 6LPHyQ \ /HYL ORV KLMRV GH -DFRE,VUDHO \ OD PXMHU FLHJD /HD D OD TXH GHVSUHFLy 3RU
VXSXHVWR ODV WULEXV HVWDEDQ PDOGLWDV SRU OR TXH KDEtDQ KHFKR DO PDWDU D XQ KRPEUH SHUR ¢TXLpQ HUD OD
YtFWLPDDODTXHQRVHQRPEUDED"$XQTXHSHQViEDPRVTXHHUDPX\SRFRSUREDEOHTXHORVDVHVLQRVGH+LUDP
$ELIHQUHDOLGDGVHOODPDUDQ6LPHyQ\/HYL \TXHGHKHFKRIXHUDQORVKHUPDQRVGH-RVpVtSDUHFtDPX\
SRVLEOHTXHHVWRVYHUVRVFRQWXYLHUDQODWUDGLFLyQSRSXODUGHODVHVLQDWRGHXQKRPEUHTXHWUDMRODGHVJUDFLDD
ODV GRV WULEXV GH ,VUDHO<HQGR DO JUDQR ¢SRU TXp HO FULPHQ HUD WDQ LPSRUWDQWH FRPR SDUD LQFOXLUOR HQ OD
KLVWRULDGHORVMXGtRVSHURQRVHLGHQWLILFDEDDOKRPEUHTXHKDEtDVLGRDVHVLQDGR"
(VWiEDPRVD~QPiVFRQYHQFLGRVGHTXHODUHVSXHVWDSRGUtDHVWDUUHODFLRQDGDFRQ6HTHQHQUH7DR/RVVXFHVRV
TXHFRQGXMHURQDVXDVHVLQDWRGHVFULWRVFRQDQWHULRULGDG\VXVFRQVHFXHQFLDVVRQWDQHVHQFLDOHVSDUDQXHVWUD
WHVLVTXHSHQVDPRVTXHHUDLPSRUWDQWHUHSDVDUORVFRQPD\RUGHWDOOH
$SRILV VH YLROHQWy ¢4XLpQ VH FUHtD HVWH UH\ PHQRU GH 7HEDV" ¢1R VH KDEtD SHUFDWDGR GH TXH HO
PXQGRKDEtDFDPELDGRSDUDVLHPSUH\TXHVXLPSHULRHUDKLVWRULDDWUDSDGREDMRHOGRPLQLRKLFVR"
(O UH\ OODPy D VX YLVLU -RVp TXLHQ ORJUy DVFHQGHU D HVWH DOWR UDQJR PHGLDQWH VX KDELOLGDG SDUD
LQWHUSUHWDUORVVXHxRVGH$SRILV\OHGLMRTXHODVEURPDVDPLJDEOHVVHKDEtDQDFDEDGRORVVHFUHWRVGHEtDQ
DUUDQFiUVHOH D 6HTHQHQUH VLQ GHPRUD (O UH\ VH KDFtD PiV YLHMR \ WHQtD OD LQWHQFLyQ GH DOFDQ]DU XQD YLGD
IXWXUDHJLSFLD
6HUHVSRQVDELOL]yD-RVpSRUHOSUR\HFWR\¢TXpPHMRUTXHPDQGDUDGRVGHVXVDSDUWDGRVKHUPDQRV
OODPDGRV6LPHyQ\/HYL"6LORVHQFRQWUDEDQ\ORVPDWDEDQQRLPSRUWDEDVHORPHUHFtDQSRUKDEHUYHQGLGRD
-RVp FRPR HVFODYR KDFtD WDQWRV DxRV 6L WHQtDQ p[LWR WRGR HVWDED PX\ ELHQ -RVp VHUtD XQ KpURH \ VXV
KHUPDQRVKDEUtDQSDJDGRXQDYLHMDGHXGD
6HLQVWUX\ySRUFRPSOHWRDORVKHUPDQRVDFHUFDGHORTXHWHQtDQTXHKDFHU\GHOWUD]DGRGHODFLXGDG
(VPX\SUREDEOHTXHVHKD\DQUDVXUDGRODVEDUEDVTXHORVGLVWLQJXtDQFRPRKLFVRVDQWHVGHHQWUDUD7HEDV
SDUDHYLWDUOODPDUPXFKRODDWHQFLyQ8QDYH]HQODFLXGDGVHSXVLHURQHQFRQWDFWRFRQXQMRYHQVDFHUGRWH
UHDO GHO WHPSOR GH $PyQ5D TXH HUD FRQRFLGR SRU VHU DPELFLRVR \ IiFLO GH LQIOXHQFLDU /RV KHUPDQRV OH
H[SOLFDURQ TXH $SRILV HUD PX\ SRGHURVR \ TXH KDEtD GHFLGLGR GHVWUXLU 7HEDV VL QR FRQVHJXtD REWHQHU HO
VHFUHWRGH6HTHQHQUH6HOHGLMRDOMRYHQVDFHUGRWHOROODPDUHPRV-XEHORTXHHUDHO~QLFRTXHSRGtDLPSHGLU
HO GHVDVWUH SDUD OD SREODFLyQ HQWHUD D\XGiQGRORV D REWHQHU ORV VHFUHWRV \ KDFLHQGR ORV DWDTXHV GH $SRILV
LQQHFHVDULRV$GHPiVOHDVHJXUDEDQTXHSRGUtDVHUVXPRVDFHUGRWHGH$SRILVFXDQGRVHKXELHUDQDSRGHUDGR
GHORVVHFUHWRV\ODOXFKDSROtWLFDFRQ6HTHQHQUHVHUHVROYLHUD
-XEHOR WHQtD PXFKR PLHGR GH HVWRV DPHQD]DQWHV DVLiWLFRV SHUR VDEtD OR TXH VXFHGLy HQ 0HQILV
FXDQGR ORV KLFVRV QR IXHURQ FRPSODFLGRV7DO YH] OR ~QLFR TXH SRGtD KDFHU HUD WUDLFLRQDU OD FRQILDQ]D
GHSRVLWDGD HQ pO GH FXDOTXLHU IRUPD VHUtD VDFHUGRWH DXQTXH OR IXHUD SDUD HO PDOYDGR $SRILV-XEHOR OHV
H[SOLFy D 6LPHyQ \ /HYL TXLpQHV HUDQ ORV GRV VDFHUGRWHV TXH SRVHtDQ ORV VHFUHWRV \ HO PRPHQWR \ OXJDU
RSRUWXQRVSDUDDFRUUDODUORV4XL]iHOSURSLR-XEHORORVDWUDMRDXQDWUDPSD$PERVIXHURQDWUDSDGRVSHURVH
UHKXVDURQ D GDU GHWDOOH DOJXQR SRU OR TXH VH OHV DVHVLQy SDUD SURWHJHU D ORV FRQVSLUDGRUHV $KRUD VyOR
TXHGDEDXQDRSFLyQGHVHVSHUDGDXQDWDTXHDOUH\HQSHUVRQD
(VWD YH] -XEHOR HVWDED HQ YHUGDG DWHUURUL]DGR SHUR \D QR SRGtD UHWURFHGHU DVt TXH JXLy D VXV
FRQVSLUDGRUHVKDFLDHOWHPStRGH$PyQ5DFXDQGRHOVROHVWDEDSRUDOFDQ]DUVXSXQWRPiVDOWRXQSRFRPiV
WDUGHHOUH\DSDUHFLyHQODHQWUDGDHQODTXHVHOHSLGLyTXHUHYHODUDORVVHFUHWRVVHUHKXVy\OHDVHVWDURQHO
SULPHUJROSHHQFXHVWLyQGHPLQXWRVHOUH\6HTHQHQUH\DFtDPXHUWRHQHOSLVRGHOWHPSORURGHDGRGHXQ
FKDUFR GH VDQJUH &RQ IXULD FLHJD \ OOHQR GH IUXVWUDFLyQ XQR GH ORV KHUPDQRV DVHVLQRV DVHVWy WRGDYtD GRV
JROSHVPiVVREUHHOFXHUSRSRVWUDGRPLHQWUDV-XEHORVHTXHGySDUDOL]DGRSRUHOPLHGR
/RV WUHV VDEtDQ TXH D SDUWLU GH HVH PRPHQWR HVWDEDQ VRORV HQ HO PXQGR VLQ DPLJRV \ TXH VHUtDQ
SHUVHJXLGRVSRUORVWHEDQRV$GHPiV-RVpQRVHFRPSDGHFHUtDGHHOORV\$SRILVHVWDUtDORFRGHUDELDDQWHOD
SpUGLGDSHUPDQHQWHGHORVJUDQGLRVRVVHFUHWRV6XIUDFDVRHUDHVSHFWDFXODU/RVVHFUHWRVVHKDEtDQSHUGLGR
SDUDVLHPSUH\SURQWRKDEUtDXQDJXHUUDSDUDYHQJDUD6HTHQHQUHGHVDWDGDSRUORVKLMRVGHOUH\DVHVLQDGR
.DPRVH\$KPRVHXQDJXHUUDTXHVDFDUtDDORVKLFVRVGH(JLSWRSDUDVLHPSUH(OPXQGRGHORVDVHVLQRVVH
YHQtDDEDMR
¢4Xp SDVy FRQ HO VDFHUGRWH WUDLGRU" 8QRV GtDV GHVSXpVORDWUDSDURQ HQ VX HVFRQGLWH HQ HOGHVLHUWR
FHUFDQRD7HEDVHQHOOXJDUTXHDKRUDFRQRFHPRVFRPRHO9DOOHGHORV5H\HV)XHFRQGXFLGRGHYXHOWDDO
WHPSOR \ REOLJDGR D H[SOLFDU VX SDUWLFLSDFLyQ HQ HO FRPSORW \ D UHYHODU ORV GHWDOOHV GHO SODQ IUDJXDGR SRU
$SRILV\VXYLVLUDVLiWLFR-RVp&XDQGR.DPRVHKLMRGH6HTHQHQUHHVFXFKyWRGDODGHVFULSFLyQVHHQIXUHFLy
SRUODVPDOpYRODVDFFLRQHVGHORVKLFVRVSHURWDPELpQVHVLQWLySURIXQGDPHQWHDWRUPHQWDGRSRUQRSRGHU
FRQYHUWLUVHHQHOIXWXURUH\ORVVHFUHWRVSHUGLGRVOHQHJDEDQODRSRUWXQLGDGGHFRQYHUWLUVHHQ+RUXVORTXH
VLJQLILFDEDXQJUDQGHVDVWUHSDUDpO\VXVVHJXLGRUHV
.DPRVH UHXQLy HQ FRQVHMR D ORV YLHMRV VDFHUGRWHV VREUHYLYLHQWHV \ XQR GH HOORV GHVWLQDGR D
FRQYHUWLUVHHQHOQXHYRVXPRVDFHUGRWHKL]RXQDQiOLVLVVRUSUHQGHQWHGHODVLWXDFLyQ\SURSXVRXQDEULOODQWH
VROXFLyQDOGLOHPD/HVUHFRUGyTXH(JLSWRVHIRUPyPLOHVGHDxRVDWUiVHQODHUDGHORVGLRVHV\TXHHOQDFL
PLHQWRGHODVGRVWLHUUDVIXHXQDFRQVHFXHQFLDGHODVHVLQDWRGH2VLULVSRUVXKHUPDQR6HWODGLRVD,VLVQRVH
GLR SRU YHQFLGD \ UHVXFLWy HO FXHUSR GHVPHPEUDGR GH 2VLULV SDUD FRQFHELU XQ KLMR VX\R HO KLMR GH GLRV
+RUXV(OPLVPR+RUXVHUDXQGLRVTXHDGRSWyODFRQGLFLyQGHKRPEUH\SHOHyFRQWUDHOPDOYDGR6HWHQXQD
SRGHURVDEDWDOODHQODTXHpOSHUGLyXQRMR\6HWORVWHVWtFXORV6HMX]JyTXHHOMRYHQGLRVKDEtDJDQDGROD
EDWDOODDXQTXHHQUHDOLGDGIXHXQDYLFWRULDLQFLHUWDTXHSURYRFyODWHQVLyQSHUPDQHQWHHQWUHHOELHQ\HOPDO
(O VDELR VDFHUGRWH FRQWLQXy H[SOLFDQGR TXH (JLSWR VH IRUWDOHFLy GHVSXpV GH HVWD EDWDOOD SHUR TXH FRQ HO
WLHPSRORVGRVWHUULWRULRVHQYHMHFLHURQ\GHFD\HURQ$VtHOSRGHUGHOGLRV6HWVHLQFUHPHQWyFRQODOOHJDGDGH
ORV KLFVRV TXLHQHV OR DGRUDEDQ MXQWR D OD VHUSLHQWH $SRILV 8QD EDWDOOD VLPLODU D OD GHVFULWD DFDEDED GH
RFXUULU SHUR HQ HVWD RFDVLyQ 6HW KDEtD JDQDGR \ HO +RUXV DFWXDO SHUGtD (Q HVWD UHFLHQWH EDWDOOD HO UH\ HO
+RUXVGHQXHYRKDEtDSHUGLGRXQRMRDQWHVGHPRULU\OR~QLFRTXHWHQtDQTXHKDFHUHUDUHFRUGDUODVDELGXUtD
GH,VLV\QRUHQGLUVHDXQTXHKXELHUDQSHUGLGRDVXGLRV(OYLHMROHYDQWyODPDQROHQWDPHQWH\VHxDOyFRQHO
GHGRDOVDFHUGRWHDVHVLQRJULWDQGR+HDKtODPDQLIHVWDFLyQGH6HWpOQRVD\XGDUiDYHQFHUDOPDOLJQR
(OFXHUSRGH6HTHQHQUHHVWDEDHQFRQGLFLRQHVGHSORUDEOHV\DTXHWHQtDYDULRVGtDVHQVXLPSURYLVDGD
VHSXOWXUDSHURORVHPEDOVDPDGRUHVFRQVLJXLHURQSUHSDUDUORGHDFXHUGRFRQHOULWR&RPRSDUWHGHVXFDVWLJR
-XEHOR IXH VXPHUJLGR UHSHWLGDV YHFHV HQ OHFKH DJULD \ EDMR HO FDORU GHO GHVLHUWR HO OtTXLGR HQ GHVFRP
SRVLFLyQOHKL]RGHVSUHQGHUXQRORUQDXVHDEXQGRGiQGROHODPDUFDGLVWLQWLYDGHOPDOLJQR&XDQGROOHJyHO
PRPHQWRGHODFHUHPRQLDGH2VLULVSDUD6HTHQHQUH\GHIRUPDVLPXOWiQHDDODGH+RUXVSDUD.DPRVHWRGR
HVWDEDOLVWRVyORTXHKDEtDGRVDWD~GHVHQOXJDUGHXQR(OSULPHUDWD~GFRQIRUPDKXPDQDHUDHVSOpQGLGR\
HQFDMDEDDODSHUIHFFLyQFRQORVDWULEXWRVGHODURPDGHXQUH\GLRVHQWDQWRTXHHOVHJXQGRHUDWRWDOPHQWH
EODQFR\QRWHQtDQLQJXQDLQVFULSFLyQ
$O LQLFLR GH ODV FHUHPRQLDV -XEHOR FRQ VX RORU QDXVHDEXQGR IXH HQWUHJDGR GHVQXGR D ORV
HPEDOVDPDGRUHV\PLHQWUDVOHVRVWHQtDQDPEDVPDQRVHOPLVPR.DPRVHDSXQWRGHFRQYHUWLUVHHQ+RUXV
OH DUUDQFy ORV JHQLWDOHV FRQ XQ FHUWHUR FRUWH GH VX FXFKLOOR \ ORV DUURMy DO VXHOR -XEHOR HQWUH JUDQGHV
TXHMLGRVIXHHQYXHOWRFRQYHQGDMHVGHPRPLDGHORVSLHVKDFLDDUULED6HOHSHUPLWLyFXEULUFRQVXVPDQRVOD
KHULGDTXHOHFDXVDEDWDQWDDJRQtDSDUDPRVWUDUDORVSUHVHQWHVODJUDYHGDGGHODLQMXULDSURIHULGDDHVHVHU
PDOYDGR3RU~OWLPRORVYHQGDMHVDOFDQ]DURQODFDEH]DGH-XEHOR\ORVHPEDOVDPDGRUHVORVHQUROODURQFRQ
IXHU]D DOUHGHGRU GH VX FDUD KDVWD TXH HVWXYR FXELHUWR FDVL SRU FRPSOHWR 7DQ SURQWR FRPR OR VROWDURQ \
FRORFDURQHQVXDWD~GHOFRQGHQDGRPRYLyODFDEH]DKDFLDDWUiV\DEULyODERFDHQXQLQWHQWRSRUUHVSLUDUD
WUDYpVGHORVVRIRFDQWHVYHQGDMHV0XULySRFRGHVSXpVGHTXHIXHUDVHOODGDODWDSDGHVXDWD~G
-XEHORSDJyFRQFUHFHVVXWUDLFLyQ
(O QXHYR VXPR VDFHUGRWH DGYLUWLy D .DPRVH VREUH OD QHFHVLGDG GH LQYHQWDU QXHYRV VHFUHWRV TXH
UHHPSOD]DUDQDORVDXWpQWLFRVTXHKDEtDQGHVDSDUHFLGRSDUDVLHPSUHFRQODPXHUWHGHVXSDGUH6HGLVHxy
XQDQXHYDFHUHPRQLDHQODTXHVHUHVXFLWDEDDOQXHYRUH\GHXQDPXHUWHILJXUDGDSDUDVXVWLWXLUHODQWLJXR
PpWRGR\VHFUHDURQQXHYDVSDODEUDVPiJLFDVSDUDDVFHQGHUORDODFRQGLFLyQGH+RUXV/DQXHYDFHUHPRQLD
UHODWDEDODKLVWRULDGHODPXHUWHGHO~OWLPRUH\GHOSULPHU(JLSWR\FyPRFRQHOQXHYRUH\VXUJLyXQDQDFLyQ
UHQDFLGD(OFXHUSRGH-XEHORYLDMyDO5HLQRGHORV0XHUWRVFRQ6HTHQHQUHSDUDTXHODEDWDOODFRQWLQXDUD6HW
HQODIRUPDGH-XEHORVLQWHVWtFXORV\HOQXHYR2VLULVFRPRHOSULPHU+RUXVVLQXQRMR/RVVDFHUGRWHV
KDEtDQDUUHJODGRWRGRFRQJUDQKDELOLGDGSDUDTXHODEDWDOODSXGLHUDFRQWLQXDUHQGRQGHVHKDEtDTXHGDGRDO
SULQFLSLRGHORVWLHPSRV/DJXHUUDD~QHVWDEDOHMRVGHWHUPLQDU
.DPRVH HQYLy XQD DGYHUWHQFLD PX\ HYLGHQWH D $SRILV FXDQGR HOLJLy HO QRPEUH GHO WURQR :DGM
NKHSHUUH TXH VLJQLILFDHO IORUHFLPLHQWRHV OD PDQLIHVWDFLyQ GH 5D (Q RWUDVSDODEUDV IDOODVWH QRWHQJR
SUREOHPDVFRQORVVHFUHWRVUHDOHV
$OLJXDOTXH.DPRVHVXUHLQRVHOHYDQWyGHXQDPXHUWHILJXUDWLYD3URQWRFRPHQ]yHOSHULRGRTXH
DKRUDOODPDPRVHO1XHYR5HLQR\(JLSWRYROYLyDVHUXQSDtVRUJXOORVR
/DHYLGHQFLDItVLFD
$GPLWLPRV TXH OD KLVWRULD TXH KHPRV UHODWDGR WLHQH SDUWH GH ILFFLyQ HQ JUDQ PHGLGD SDUD DSR\DU OR TXH
FUHHPRVTXHVXFHGLyKDFHWDQWRVDxRV6LQHPEDUJRODV~QLFDVSDUWHVTXHDxDGLPRVDOUHODWDUODKLVWRULDVRQ
ORVSHTXHxRVGHWDOOHVTXHHQOD]DQORVKHFKRVHVHQFLDOHVTXHGHVFXEULPRV
8WLOL]DPRVHYLGHQFLDVEtEOLFDVSDUDHVWDEOHFHUXQDUHODFLyQHQWUH-RVp\VXVKHUPDQRVSHURDOMRYHQ
VDFHUGRWH DO TXH OODPDPRV -XEHOR OR GHVFXEULPRV DO HVFXGULxDU D FRQFLHQFLD ORV UHJLVWURV GHO DQWLJXR
(JLSWR$SHQDVSRGtDPRVFUHHUHQQXHVWUDEXHQDVXHUWHFXDQGRQRVHQFRQWUDPRVFRQORVUHVWRVGHXQKRPEUH
MRYHQTXHKDEtDLQWULJDGRDORVHJLSWyORJRVSRUPiVGHFLHQDxRV
$GHPiV GH WRGDV ODV PRPLDV KDOODGDV HQ (JLSWR KDEtD GRV TXH VREUHVDOtDQ SRU VHU LQXVXDOHV
6HTHQHQUH HV HVSHFLDO SRUVHU HO ~QLFR UH\ TXH WXYR XQ ILQDO YLROHQWR \ RWUR FXHUSR TXH VH GLVWLQJXtD SRU
UD]RQHVPiVUDGLFDOHV%XVFDQGRLQIRUPDFLyQVREUHWRGDVODVPRPLDVUHJLVWUDGDVGHLQPHGLDWRQRVOODPDURQ
ODDWHQFLyQORVGHWDOOHVGHORVH[WUDxRVUHVWRVGHXQKRPEUHMRYHQTXHHQYLGDWXYRXQDHVWDWXUDVXSHULRUDORV
P/DVIRWRJUDItDVGHODPRPLDVLQVXVYHQGDMHVRULJLQDOHVIXHURQVRUSUHQGHQWHVVXDSDULHQFLDUHYHODED
XQD H[WUHPD DJRQtD HQ OD FDUD \ ORV GHWDOOHV GH VX VHSXOWXUD QR WHQtDQ SUHFHGHQWHV (O FXHUSR QR UXp
HPEDOVDPDGR\DTXHQRSUHVHQWDEDQLQJXQDLQFLVLyQ\WRGRVORVyUJDQRVLQWHUQRVHVWDEDQHQVXOXJDU$HVWH
LQGLYLGXRQRVHOHPRPLILFyHQHOHVWULFWRVHQWLGRGHODSDODEUDVyORVHOHHQYROYLyGHPDQHUDQRUPDO(UD
H[WUDxRTXHQRVHKXELHUDKHFKRDQWHVQLQJ~QLQWHQWRSRUILMDUHOiQJXORGHODFDEH]DRFRPSRQHUORVUDVJRV
IDFLDOHV\HOHIHFWRLQLFLDOHVHOGHXQKRPEUHHPLWLHQGRXQWHUULEOH\ODUJRJULWR/RVEUD]RVQRHVWiQDORV
ODGRVGHOFXHUSRQLFUX]DGRVHQHOSHFKRFRPRHVXVXDOVLQRHVWLUDGRVKDFLDDEDMRFRQODVPDQRVDKXHFDGDV
FXEULHQGRDXQTXHFDVLVLQWRFDUODUHJLyQS~ELFD'HEDMRGHODVPDQRVKD\XQHVSDFLRHQHOTXHGHEHUtDQ
HVWDUORVJHQLWDOHVDHVWHKRPEUHORKDEtDQFDVWUDGRYpDQVHODVILJXUDV\
6X FDEHOOR UL]DGR HVWi FXELHUWR GH XQD PDWHULD SDUHFLGD DO TXHVR TXH VXJHUtD VHU HO UHVXOWDGR GH
EDxRVVXFHVLYRV HQ OHFKH DJULD FRQ HO SURSyVLWRGH SURYRFDUOH PDORV RORUHV ORVGHPRQLRV GHODRVFXULGDG
WLHQHQ XQ VHQWLGR GHO ROIDWR PX\ GHVDUUROODGR \ UHFRQRFHUtDQ D ORV GH VX SURSLD HVSHFLH /RV GLHQWHV VH
HQFXHQWUDQHQEXHQDVFRQGLFLRQHV\ODVRUHMDVOHIXHURQSHUIRUDGDVORTXHVXJLHUHXQDOWROLQDMH/DPRPLD
IXH KDOODGD HQ XQ DWD~G GH FHGUR SLQWDGR GH EODQFR TXH QR OOHYDED QLQJXQD LQVFULSFLyQ OR FXDO KDFtD
LPSRVLEOH VX LGHQWLILFDFLyQ SHUR ORV H[SHUWRV FRQVLGHUDQ TXH GHELy VHU DOJ~Q QREOH R PLHPEUR GHO
VDFHUGRFLR(VGLItFLOVHxDODUXQDIHFKDSUHFLVDSHURWRGRSDUHFHLQGLFDUTXHSHUWHQHFHDOD2FWDYD'LQDVWtD
TXHFRPHQ]ySRFRGHVSXpVGHODPXHUWHGH6HTHQHQUH7DR8QDSLVWDLPSRUWDQWHTXHVHSDVySRUDOWRWLHQH
TXHYHUFRQODVDUUXJDVIRUPDGDVHQODSLHOGHODFDUDODVFXDOHVVRQEDVWDQWHLQXVXDOHVSHURTXHWDPELpQ
DSDUHFHQHQRWUDPRPLDODGH$KPRVH,QKDSL£YLXGDGH6HTHQHQUH6HSLHQVDTXHVRQFRQVHFXHQFLDGHXQ
YHQGDMH GHPDVLDGR DSUHWDGR \ HVWH UDVJR FRP~Q VXJLHUH TXH OD PLVPD SHUVRQD KL]R DPERV YHQGDMHV
1XHVWURVGLDJUDPDVLOXVWUDQFyPRODIRUPDGHODVDUUXJDVVXJLHUHQTXHHOMRYHQVDFHUGRWHHVWDEDYLYRFXDQGR
IXHHQYXHOWR\VHSXOWDGR(VWHFDGiYHUQRLGHQWLILFDGRQRKDGHVSHUWDGRPXFKRLQWHUpVHQWUHORVHJLSWyORJRV
TXLHQHVSRUORJHQHUDOFRQFHQWUDQVXDWHQFLyQHQODVPRPLDVGHORVIDPRVRVVLQHPEDUJRVHSLHQVDGHVGH
KDFHWLHPSRTXHHVWHFXHUSRVLQHPEDOVDPDUPXHVWUDVHxDOHVFODUDVGHKDEHUHVWDGRYLYRDOPRPHQWRGHVX
HQWLHUUR
/D IHFKD RILFLDO HVWLPDGD GH OD DSDULFLyQ GHO 1XHYR 5HLQR HV PX\ FHUFDQD DO SHULRGR GH QXHVWUR
HVWXGLR\HPSH]DPRVDFXHVWLRQDUQRVVLODPRPLDGHOKRPEUHMRYHQVHGHVFXEULyHQHODUFDGH7HEDVSRUOR
TXHSRGUtDKDEHUXQDFRQH[LyQFRQHOUH\DVHVLQDGR3URQWRHVWDEOHFLPRVTXHKDEtDVLGRKDOODGDSRU(PLO
%UXJVFK HQ QR VyOR HQ7HEDV VLQR HQ HO HVFRQGLWH UHDO HQ 'HLU DO %DKUL MXVWR DO ODGR GH
6HTHQHQUH7DR1R HUD OD WXPED RULJLQDO GH QLQJXQR GH ORV GRV SHUR OR PiV SUREDEOH HV TXH KD\DQ VLGR
WUDVODGDGRVGHOOXJDUDOPLVPRWLHPSRHQXQDIHFKDSRVWHULRU
$ PHGLGD TXH ODV SRVLELOLGDGHV GH FRLQFLGHQFLD VH HYDSRUDURQ VXSLPRV FRQ FHUWH]D TXH QR VyOR
KDEtDPRV HQFRQWUDGR D +LUDP $ELI VLQR TXH WDPELpQ GHVFXEULPRV ODV FLUFXQVWDQFLDV GHO DVHVLQDWR H
LGHQWLILFDPRVDXQRGHORVDVHVLQRVWUHVPLOTXLQLHQWRVDxRVGHVSXpVGHOVXFHVR1RVVHQWtDPRVFRPRWRGRV
ORVGHWHFWLYHVFXDQGRUHVXHOYHQXQFDVRGLItFLOHVDQRFKHEHELPRVYDULDVFRSDVGHFKDPSDxD
(O GHVDIRUWXQDGR -XEHOR VLQ HPEDUJR QXQFD SXGR HVFDSDU D OD SUHVHQFLD GH VX YtFWLPD (O MRYHQ
VDFHUGRWH DKRUD HVWi HQ HO 0XVHR GHO &DLUR FDWDORJDGR FRQ HO Q~PHUR MXQWR FRQ 6HTHQHQUH 7DR
FDWiORJR
/DHYLGHQFLDPDVyQLFD
&XDQGR WHUPLQDPRV OD FHOHEUDFLyQ GHO GHVFXEULPLHQWR GHO DVHVLQDWR GH 6HTHQHQUH FRQVLGHUDPRV QXHVWUR
VLJXLHQWHSDVR5HJUHVDPRVDOULWXDOPDVyQLFRHQEXVFDGHRWUDSLVWDHQODUHFRQVWUXFFLyQGHORVVHFUHWRVGH
ORV UH\HV /D KLVWRULD FRPSOHWD GH 6HTHQHQUH \ VXV DVHVLQRV HV DO PLVPR WLHPSR OD KLVWRULD GHO (JLSWR
UHQDFLGR\ODGH+LUDP$ELI/DVGRVVRQXQD\ODPLVPDOD%LEOLDOOHQDDOJXQDViUHDVHQEODQFR\ORVUHVWRV
KXPDQRV SURSRUFLRQDQ HYLGHQFLDV LUUHIXWDEOHV D SHVDU GH OD EUHFKD GH WUHV PLO TXLQLHQWRV DxRV (PSHUR
DGYHUWLPRVTXHODHYLGHQFLDPDVyQLFDLEDPiVDOOi
&KULV YROYLy VX DWHQFLyQ D ODV SDODEUDV VHFUHWDV XWLOL]DGDV HQ OD FHUHPRQLD GHO 7HUFHU *UDGR TXH
UHSUHVHQWDODLQYHVWLGXUDDODMHUDUTXtDGH0DHVWUR0DVyQ/DVSDODEUDVVHPXUPXUDQDORtGRGHOKHUPDQR
UHFLpQUHVXFLWDGR\QXQFDVHSURQXQFLDQHQYR]DOWD3DUHFHTXHVRQVyORMHULJRQ]D(VWDVSDODEUDVVRQPX\
VLPLODUHVHQHVWUXFWXUD\VXHQDQFRPRVLHVWXYLHUDQFRPSXHVWDVSRUXQDKLOHUDGHVtODEDVPX\FRUWDVDOHVWLOR
GH ORV DQWLJXRV HJLSFLRV &KULV ODV VHSDUy SRU VtODEDV \ GHVSXpV GH XQ UDWR VRUSUHQGLGR VH OHYDQWy GH VX
DVLHQWR\REVHUYyFRQORVRMRVPX\DELHUWRVTXHORVVRQLGRVSURQXQFLDGRVHQODORJLDWHQtDQVHQWLGRpVWRV
VRQ
0D
DWQHEPHQDD0D
DWEDDD
/RVOHFWRUHVIUDQFPDVRQHVUHFRQRFHUiQHVWDVSDODEUDVSHURVHDVRPEUDUiQDOVDEHUTXHVRQHJLSFLR
DQWLJXRSXUR6XVVLJQLILFDGRQRVTXLWyHODOLHQWR
*UDQGHHVHOHVWDEOHFLGR0DHVWURGHOD)UDQFPDVRQHUtD*UDQGHHVHOHVStULWXGHOD)UDQFPDVRQHUtD
+HPRV WUDGXFLGR 0D
DW FRPR IUDQFPDVRQHUtD SRUTXH QR KD\ XQD VROD SDODEUD PRGHUQD FHUFDQD DO
FRPSOHMRVLJQLILFDGRRULJLQDOTXHWUDQVPLWtDXQFRPSHQGLRGHLGHDVDOUHGHGRUGHODYHUGDGODMXVWLFLDOD
KRQUDGH]ODDUPRQtD\ODUHFWLWXGPRUDOVLPEROL]DGDVSRUODSXUH]DGHORVGHUHFKRV\HUJXLGRVFLPLHQWRVGH
XQ WHPSOR 0D
DW HUD FRPR YLPRV DQWHV XQD DFWLWXG DQWH OD YLGD TXH FRPELQDED ORV WUHV YDORUHV PiV
LPSRUWDQWHV GH OD KXPDQLGDG HO FRQRFLPLHQWR GH OD FLHQFLD OD EHOOH]D GHO DUWH \ OD HVSLULWXDOLGDG GH OD
WHRORJtDeVDHVODFLHQFLDGHODPDVRQHUtD
/DVRWUDVWUDGXFFLRQHVVRQtQWHJUDV\VHKLFLHURQSDODEUDSRUSDODEUD
+HPRV UHFRQVWUXLGR HVWDV SDODEUDV HQ MHURJOtILFRV SDUD GHPRVWUDU VX RULJHQ HJLSFLR DXQTXH GXGDPRV TXH
DOJXQDYH]IXHUDQHVFULWDVHQRWUDOHQJXDDQWHVTXHHQHVWHOLEUR
/DSUHJXQWDTXHWHQtDPRVTXHSODQWHDUQRVHUDFyPRVREUHYLYLHURQLQWDFWDVHVWDVSDODEUDVDWUDYpVGH
XQSHULRGRWDQODUJR&UHHPRVTXHHVWDVSURQXQFLDFLRQHVHVFDSDURQGHFXDOTXLHUWUDGXFFLyQDRWUDVOHQJXDV
PiV PRGHUQDV ²FDQDQHR DUDPHRIUDQFpV H LQJOpV² SRUTXH VH FRQVLGHUDQ SDODEUDV PiJLFDV FX\R HQ
FDQWDPLHQWRORJUDEDTXHODUHHQFDUQDFLyQGHOQXHYRFDQGLGDWRIXHUDPiVTXHVLPEyOLFD(VSUREDEOHTXHVX
VLJQLILFDGRRULJLQDO\DVHKXELHUDSHUGLGRHQWLHPSRVGH6DORPyQ
9ROYLHQGRDORVLQLFLRVGHO1XHYR5HLQRSRGtDPRVVHQWLUHOSRGHUGHHVWDVSDODEUDVDOLPDJLQDUQRVD
.DPRVHHULJLGRSULPHUFDQGLGDWRWUDVODPXHUWHGHVXSDGUH+LUDP$ELI/DWUDGXFFLyQHVHOUH\KDPXHUWR
ODUJDYLGDDOUH\(OFDQGLGDWRUHFLpQUHVXFLWDGRHVHOHVStULWXGH0D
DWIUDQFPDVRQHUtDVREUHYLYLHQGRDOD
PXHUWHGHTXLHQHVIDOOHFLHURQDQWHV
(VWH HQFDQWDPLHQWR IRVLOL]DGR QRV GLR OD HYLGHQFLD PiV SRGHURVD SDUD DSR\DU QXHVWUD WHVLV 6L
DOJXLHQTXLHUHFXHVWLRQDUDKRUDTXH6HTHQHQUHHUD+LUDP$ELIWHQGUiTXHH[SOLFDUSRUTXpODFHUHPRQLDGH
ODPDVRQHUtDPRGHUQDFRQWLHQHGRVYHUVRVGHHJLSFLRDQWLJXRSXURMXVWRHQPHGLRGHOULWXDO
'HVGHKDFHPXFKRWLHPSRORVDQWURSyORJRVDILUPDQTXHODLQIRUPDFLyQVHWUDQVPLWHDODVVLJXLHQWHV
JHQHUDFLRQHVPHGLDQWHULWXDOHVWULEDOHVVLQTXHORVH[SRQHQWHVFRQR]FDQTXpHVWiQWUDQVPLWLHQGR'HKHFKR
HVEDVWDQWHDFHSWDGRTXHODPHMRUIRUPDGHWUDQVPLWLULGHDVVLQTXHVHGLVWRUVLRQHQHVPHGLDQWHODJHQWHTXH
QR HQWLHQGH OR TXH GLFH 8Q EXHQ HMHPSOR SXHGH _ YHUVH HQ OD PDQHUD HQ TXH ODV ULPDV GH ORV QLxRV
VREUHYLYHQ FRQ PD\RU SHUIHFFLyQ TXH ODV YLHMDV KLVWRULDV HVFULWDV \ HPEHOOHFLGDV SRU ELHQ LQWHQFLRQDGRV
PHMRUDGRUHV 3RU HMHPSOR PXFKRV QLxRV LQJOHVHV WRGDYtD FDQWDQ (HQLH PHHQLH PLQLH PR XQD ULPD
EDVDGDHQHOVLVWHPDGHQXPHUDFLyQDQWHULRUDODRFXSDFLyQURPDQDHQ*UDQ%UHWDxDHLQFOXVRDORVFHOWDV
6REUHYLYLyLQWDFWDGRVRWUHVPLODxRV\VLODGHMDPRVSRGUtDGXUDURWURVWDQWRV
'RVODUJDVWUDGLFLRQHVRUDOHV\XQSHULRGRGHKLEHUQDFLyQEDMRHOWHPSORGH+HURGHVWUDVPLWLyLQWDFWR
HODQWLJXRFRQMXURHJLSFLRFRQFHUQLHQWHDO0D
DW
(VWH GHVFXEULPLHQWR QRV GLR DUJXPHQWRV SDUD DSR\DU QXHVWUDV WHVLV \ FXDOTXLHUD TXH GXGH GH TXH
6HTHQHQUHIXH+LUDP$ELIWHQGUtDTXHH[SOLFDUSRUTXpODFHUHPRQLDPDVyQLFDPRGHUQDFRQWLHQHGRVOtQHDV
HQ HJLSFLR DQWLJXR SXUR HQ PHGLR GHO ULWXDO &UHHPRV TXH DO WUDGXFLU HVWRV VRQLGRV DO HVSDxRO ODV SRVL
ELOLGDGHV HVWDUtDQ HQ QXHVWUD FRQWUD XQ PLOOyQ D XQR 3HUR FRPR OD WUDGXFFFLyQ LPSOLFD XQ VLJQLILFDGR
FRQFUHWR\UHOHYDQWHGHEHPRVDUULHVJDUQRV
(QFRQWUDPRVTXHDEXQGDQRWUDVFRQH[LRQHVFRQODIUDQFPDVRQHUtDFXDQGRHVWXGLDPRVODHVWUXFWXUD
VDFHUGRWDO \ PLOLWDU GHO 1XHYR 5HLQR (JLSFLR OD GHVFULSFLyQ GH VXV IXQFLRQHV UHFXHUGD GH LQPHGLDWR HO
OHQJXDMHPDVyQLFR
(O 3ULPHU 3URIHWD GH OD 5HLQD +DWVKHSVXW WDPELpQ HUD FRQRFLGR FRPR 6XSHUYLVRU GH 2EUDV \ HO
3ULPHU3URIHWDGH3WDKHUDHO0DHVWUR$UWHVDQRRHO0DHVWUR$UWtILFH6DEtDPRVTXHODPDVRQHUtDQRSXGR
FRSLDU HVWDV GHVFULSFLRQHVSRUTXH FRPR \D VHxDODPRV QR KXER IRUPD GH WUDGXFLU HO HJLSFLR KDVWD PXFKR
WLHPSRGHVSXpVGHODIXQGDFLyQGHODPDVRQHUtD
&XDQWR PiV EXVFiEDPRV PiV FRQH[LRQHV VXUJtDQ (Q HO DQWLJXR (JLSWR XQ KRPEUH VHUYtD HQ HO
WHPSORUHODFLRQDGRFRQHOGLRVGHVXRILFLR7KRWKHOGLRVGHODOXQDHVWDEDDVRFLDGRFRQORVDUTXLWHFWRV\
HVFULEDV\PiVWDUGHVHFRQYLUWLyHQREMHWRGHLQWHUpVGHORVSULPHURVIUDQFPDVRQHV7DPELpQHQFRQWUDPRV
YtQFXORV FRQ ORV HVHQLRV IXQGDGRUHV GH OD ,JOHVLD GH -HUXVDOpQ SXHV ORV VDFHUGRWHV HJLSFLRV VyOR XVDEDQ
W~QLFDV EODQFDV \ SDVDEDQ ODUJRV SHULRGRV OLPSLiQGRVH \ SXULILFiQGRVH 6H DEVWHQtDQ GH ODV UHODFLRQHV
VH[XDOHV HVWDEDQ FLUFXQFLVRV \ WHQtDQ WDE~HV VREUH FLHUWRV DOLPHQWRVLQFOXLGRV ORV PDULVFRV 8WLOL]DEDQ HO
DJXDFDVLGHPDQHUDEDXWLVPDO\HOLQFLHQVRSDUDOLPSLDUVXVURSDV/DVFRVWXPEUHVGHORVHVHQLRVHUDQHQ
HIHFWRPX\DQWLJXDV
3HQViEDPRV TXH KDEtDPRV REWHQLGR WRGR OR TXH VH SRGtD HVSHUDU GH HVWD VHFFLyQ GH QXHVWUD
LQYHVWLJDFLyQSHUR5REHUWWXYRXQDRFXUUHQFLD(OULWXDOPDVyQLFRVHUHILHUHD+LUDP$ELIFRPRHO+LMRGHOD
9LXGD OR FXDO QXQFD WXYR XQD H[SOLFDFLyQ VLQ HPEDUJR GH SURQWR VXUJLHURQ GRV LQWHUSUHWDFLRQHV
LQWHUFRQHFWDGDV(QODOH\HQGDHJLSFLDHOSULPHU+RUXVIXHFRQFHELGRGHVSXpVGHODPXHUWHGHVXSDGUHSRU
ORWDQWRVXPDGUH\DHUDYLXGD3DUHFtDOyJLFRTXHWRGRVDTXHOORVTXHVHFRQYLUWLHUDQHQ+RUXVHVGHFLUORV
UH\HVGH(JLSWRVHDXWRGHVFULELUtDQFRPR+LMRVGHOD9LXGDXQWtWXORPX\DSURSLDGRSDUD.DPRVHKLMRGH
ODYLXGD$KPRVH,QKDSLHVSRVDGH6HTHQHQUH7DR,,
6HTHQHQUH7DRHO9DOLHQWH
$KRUDSRGHPRVHVWDUVHJXURVGHTXHHOUHODWRGH+LUDP$ELIHVKLVWyULFR\QRVLPEyOLFRFRPRODPD\RUtDGH
ORVPDVRQHVLQFOXVRQRVRWURVHQXQSULQFLSLRFUHtDQ$QWHVQRVSDUHFtDTXHODKLVWRULDULWXDOL]DGDVHLQYHQWy
SDUDLOXPLQDUDVSHFWRVVLPEyOLFRVHVSHFtILFRVSHURHUDDODLQYHUVDHOVLPEROLVPRVHKDEtDH[WUDtGRGHOD
UHDOLGDG (O HYHQWR PDUFD XQ SXQWR GH SDUWLGD GH H[WUHPD LPSRUWDQFLD HQ OD WHRORJtD HJLSFLD FXDQGR ORV
VHFUHWRVGHOFXOWRGHODHVWUHOOD\ODPDJLDGHODFRURQDFLyQVHSHUGLHURQSDUDVLHPSUH/RVDQWLJXRVHJLSFLRV
UHFRQRFLHURQDOJRPX\HVSHFLDODFHUFDGHOUH\6HTHQHQUHTXHPXULyDOUHGHGRUGHORVWUHLQWDDxRVGHHGDG\D
TXHVHOHGLRHOQRPEUHGHHO9DOLHQWHHQODVQDUUDFLRQHVTXHVHUHILHUHQDpO'HELGRDODEUXWDOQDWXUDOH]D
GHVXVOHVLRQHVDOJXQRVREVHUYDGRUHVKDQHVSHFXODGRTXH PXULyHQEDWDOODFRQORVKLFVRVDXQTXHPXFKRV
HVWiQGHDFXHUGRHQTXHHVSUREDEOHTXHKD\DVLGRDVHVLQDGR/DWHRUtDGHODEDWDOODLJQRUDDFRWDFLRQHVTXH
PXHVWUDQ TXH KDVWD HOUHLQR GH .DPRVH KXER SD] FRQ ORV KLFVRV \ VL6HTHQHQUH KXELHUD PXHUWR FRPR XQ
KpURH ORV UHJLVWURV HJLSFLRV QR RFXOWDUtDQ OD IRUPD GH VX PXHUWH (V REYLR TXH VH FRQVLGHUDED TXH PXULy
FRPRXQKpURHSRUDOJXQDRWUDUD]yQPiVLQXVXDOTXHODGHKDEHUJXLDGRDVXVWURSDVHQEDWDOOD
&UHtDPRVFRQILUPH]DTXHHVWHWtWXOROHIXHFRQIHULGRSRUUHVLVWLUVHDUHYHODUORVPiVJUDQGHVVHFUHWRV
GHORV'RV7HUULWRULRVDXQHQIUHQWDQGRODPXHUWH&LHUWDPHQWHODPXHUWHGH6HTHQHQUHHO9DOLHQWHSHUPLWLy
TXH (JLSWR YROYLHUD D REWHQHU VX OLEHUWDG \D TXH7HEDV VH SUHSDUy SDUD OD JXHUUD FRQWUD ORV KLFVRV HQ
YHQJDQ]D GH VX PDOYDGR DVHVLQDWR (O KLMR GH 6HTHQHQUH HO UH\ .DPRVH FRQ HO WLHPSR LQIOLJLy VHQGDV
GHUURWDVDORVSHUYHUVRVDVLiWLFRV\SURQWRORVKLFVRVIXHURQH[SXOVDGRVGH0HQILV/DVPXMHUHVGHO~OWLPR
UH\KLFVR$SHSL,,VXFHVRUGH$SRILVYLYLHURQODDWHUURUL]DQWHH[SHULHQFLDGHYHUDODIORWDWHEDQDGLULJLGD
SRUXQJHQHUDOFRQHOQRPEUHGH$DKPDVQDYHJDUUtRDUULEDSRUHO&DQDO3DW
HWNXKDVWDODVPLVPDVPXUDOODV
GH OD FDSLWDO GH ORV KLFVRV$YDULV )LQDOPHQWH IXHURQ H[SXOVDGRV SRU FRPSOHWR GH (JLSWR SRU HO KHUPDQR
PHQRU\VXFHVRUGH.DPRVH$KPRVHTXLHQORVSHUVLJXLyGHUHJUHVRD-HUXVDOpQ6HGLFHTXHQRPHQRVGH
GRVFLHQWDVFXDUHQWDPLOIDPLOLDVLQFDSDFHVGHHVFDSDUSRUHOPDUVHDEULHURQSDVRSRUORVGHVLHUWRVGHO6LQDt
\1DJHY5HVXOWDH[WUDxRTXHODUXWDTXHHOLJLHURQIXHUDFRQRFLGDFRPR:DW+RUHO&DPLQRGH+RUXV
(QFRQFOXVLyQHOPD\RUGUDPDTXHVXIULy7HEDVDILQDOHVGHODSULPHUDPLWDGGHOVHJXQGRPLOHQLR
DQWHVGH&ULVWRIXHXQSXQWRFUXFLDOHQODKLVWRULDHJLSFLDHUDXQUHFRUULGRGHODEDWDOODHQWUHHOELHQ\HOPDO
TXHFUHyDOSDtVGRVPLODxRVDQWHV(O$QWLJXR5HLQRGH(JLSWRKDEtDQDFLGRFUHFLGRPDGXUDGRHQYHMHFLGR
\PXHUWRDPDQRVGHOPDOYDGR6HWTXLHQHVWDYH]ODQ]yDVXVVHJXLGRUHVVREUHHOSXHEORFRPRXQDSODJD
(JLSWRFRPRHOPLVPR2VLULVKDEtDPXHUWRWHPSRUDOPHQWH'HVSXpVGHHVWHSHULRGRGHPXHUWH$PyQ5D
OLEUyXQDEDWDOODFRQHODQWLJXRGLRVGHODVHUSLHQWHODIXHU]DGHODRVFXULGDG$SRILVTXLHQWRPyODIRUPDGH
XQUH\KLFVR7DOYH]SHUFLELHQGRTXH(JLSWRHVWDEDDSXQWRGHUHVXFLWDU$SRILVWUDWyHQYDQRGHDGXHxDUVH
GH ORV VHFUHWRV GH 2VLULV )DOOy GHELGR D OD YDOHQWtD GH 6HTHQHQUH 7DR TXLHQ PXULy DQWHV GH WUDLFLRQDU
DTXHOORV JUDQGHV VHFUHWRV eO HUD HO UH\ TXH VH KDEtD H[WUDYLDGR SRUTXH VX FXHUSR VH HQFRQWUy GHPDVLDGR
WDUGHFRPRSDUDSHUPLWLUOHUHVXFLWDUHQSHUVRQD\SRUTXHORVVHFUHWRVGH2VLULVPXULHURQFRQpO$SDUWLUGH
DTXHOORVWLHPSRVORVVHFUHWRVRULJLQDOHVVREUHFyPR,VLVOHYDQWyD2VLULVKDQVLGRUHHPSOD]DGRVSRUVHFUHWRV
VXVWLWXWRV\QLQJ~QUH\GH(JLSWRYROYLyMDPiVDXQLUVHDODVHVWUHOODV
'HVGH HQWRQFHV ORV JREHUQDQWHV GH (JLSWRQR IXHURQUH\HVVH YROYLHURQ VLPSOHV IDUDRQHVSDODEUD
TXH SURYLHQH GHO HJLSFLR 3HUDD XQ HXIHPLVPR SDUD GHFLU UH\ TXH VLJQLILFD JUDQ FDVD GH IRUPD VLPLODU D
FRPRHQ(VWDGRV8QLGRVVXHOHQUHIHULUVHDVXVSRGHUHVFRPROD&DVD%ODQFDHQYH]GHGHFLUODSDODEUDSUHVL
GHQWH(OGHUHFKRGLYLQRDEVROXWRGHOLQGLYLGXRVHSHUGLySDUDVLHPSUH1RVyORVHKDEtDSHUGLGRXQUH\VLQR
WRGRVORVGHPiV
$SHVDUGHODSpUGLGDGHORVVHFUHWRVODUHVXUUHFFLyQGH(JLSWRIXHPX\H[LWRVD\HO1XHYR5HLQRVH
FRQYLUWLyHQHO~OWLPRJUDQSHULRGRGHORVHJLSFLRV/DPXHUWH\UHVXUUHFFLyQGHULYDURQHQXQUHQDFLPLHQWR
TXHWUDMRQXHYDIXHU]D\YLJRUDODQDFLyQHQWHUD
/DVSUHJXQWDVUHVWDQWHVTXHQHFHVLWiEDPRVUHVSRQGHUSDUDFRQILUPDUSRUFRPSOHWRHOYtQFXORHQWUH
+LUDP$ELI\6HTHQHQUH7DRHUDQ¢SRUTXp6HTHQHQUHHVUHFRUGDGRFRPRFRQVWUXFWRU"\¢FyPRVHDVRFLy
FRQHOWHPSORGHOUH\6DORPyQ"/DSULPHUDHUDGLUHFWD6HTHQHQUHIXHHOSURWHFWRUPiVJUDQGHGH0DDWHO
SULQFLSLRGHYHUGDG\MXVWLFLDTXHHVWiUHSUHVHQWDGRFRPRODFRQVWUXFFLyQGHORVFLPLHQWRVFXDGUDGRV\UHFWRV
GH XQ WHPSOR (Q OR TXH UHVSHFWD D OD VHJXQGD PiV DGHODQWH VHxDODUHPRV TXH ORV LVUDHOLWDV WHQtDQ DFFHVR
GLUHFWRDHVWDGUDPiWLFDKLVWRULD\TXHVHXVDEDHQODFDVDUHDOGH'DYLGSDUDSURSRUFLRQDUOHVXQDHVWUXFWXUD
GHVHFUHWRVUHDOHVTXHODQXHYDPRQDUTXtDQRSRVHtD&XDQGROOHJyHOPRPHQWRGHHVFULELUHVWDOH\HQGDORV
MXGtRVFDPELDURQVXRULJHQHJLSFLR\VHORDWULEX\HURQDOPRPHQWRPiVJUDQGHHQODKLVWRULDGHVXSURSLD
QDFLyQODFRQVWUXFFLyQGHO7HPSORGHO5H\6DORPyQ(OKpURHGHODKLVWRULDMXGtDQRSRGtDVHUHOUH\SRUTXH
ODKLVWRULDGH6DORPyQHUDELHQFRQRFLGDDVtTXHFUHDURQXQSDSHOTXHHUDFDVLWDQLPSRUWDQWHHOFRQVWUXFWRU
GHOJUDQWHPSOR/RVVHFUHWRVGHODFRQVWUXFFLyQ\VXVDELGXUtDHUDQHQWHQGLGRVSRUWRGRVSRUORTXHQRSXGR
KDEHUXQDPHMRUUHVXUUHFFLyQSDUD6HTHQHQUHHO9DOLHQWH
8QRULJHQHJLSFLRSDUD+LUDP$ELIUHVROYtDRWURSUREOHPD&XDQGRQRVGLPRVFXHQWDGHTXHQXHVWUR
SHUVRQDMHFHQWUDO+LUDP$ELIQRDGRUDEDD-HKRYiVLQRDOGLRVGHOVRO5DTXHVLJQLILFDOLWHUDOPHQWHHO0iV
$OWR SXGLPRV HQWHQGHU HO VLJQLILFDGR GHO PHGLRGtD FRPR HO WLHPSR VXSUHPR GH DGRUDFLyQ +R\ GtD ORV
IUDQFPDVRQHVVHUH~QHQGHPDQHUDVLPEyOLFDDOPHGLRGtDFRQHOIXQGDPHQWRGHTXHODIUDQFPDVRQHUtDHVXQD
RUJDQL]DFLyQ PXQGLDO \ TXH SRU WDQWR HO VRO VLHPSUH HVWi HQ HO PHULGLDQR IUHQWH D OD IUDQFPDVRQHUtD /D
UHIHUHQFLD PDVyQLFD D 'LRV FRPR HO PiV DOWR HV HQWRQFHV XQD GHVFULSFLyQ GH 5D HO GLRV VRO HQ VX ~OWLPD
SRVLFLyQHOFpQLWGHORVFLHORVDOPHGLRGtD$GHPiVGHQDGDVLUYHTXHOD%LEOLDQRVGLJDTXHDQWHVGHTXHORV
LVUDHOLWDVDGRSWDUDQHOQRPEUHGH-HKRYiVHUHIHUtDQDOGLRVGHQXHVWURVSDGUHVFRPRHOHOLRQXQDWUDGXFFLyQ
FDQDQHDGHGLRVHOPiVDOWR(VWRUHIXHU]DHOYtQFXORHQWUHODKLVWRULDHJLSFLDRULJLQDO\ODDGRSWDGDSRUORV
LVUDHOLWDV
'LPRVFRQRWUDSLH]DVLJQLILFDWLYDDXQTXHFLUFXQVWDQFLDOTXHFRQFLHUQHDOUH\7XWKPRVLV,,,TXLHQ
FRPRUHFRUGDUiQIXHKHFKRUH\DOVHUHOHJLGRSRUHOGLRVHQHOWHPSORDOGHVFHQGHUGHVXDUFD7XWKPRVLV,,,
IXHHOFXDUWRUH\GHVSXpVGHODVDOLGDGHORVKLFVRVDOFRQRFHUORVDVSHFWRVSULQFLSDOHVGHVXYLGDVDEHPRV
TXHORVVHFUHWRVGHODUHOLJLyQEDVDGDHQODHVWUHOOD\ODVREUDVGH2VLULV\+RUXV\DVHKDEtDQSHUGLGR(O
KHFKRGHTXHWXYLHUDTXHVXVWHQWDUVXUHFODPRDOWURQRSRUPHGLRGHODKLVWRULDGHODUFDGHPXHVWUDTXHQRVH
VHQWtDFRQHOGHUHFKRGLYLQRDJREHUQDUHQIRUPDFODUD\DEVROXWDHQFRQWUDVWHFRQORVUH\HVDQWHULRUHV3HUR
HOKHFKRGHTXHKD\DVLGRXVXUSDGRSRURWURVUHYHODEDVXIDOWDGHGLYLQLGDG
7XWKPRVLV,,PXULyVLQSURFUHDUXQKHUHGHUROHJtWLPRFRQVXHVSRVD\PHGLDKHUPDQD+DWVKHSVXW\
XQKLMRQDFLGRGHODUHODFLyQFRQXQDFRQFXELQDKDEtDWRPDGRHOWURQRSHURQRSXGRFRQYHUWLUVHHQXQQXHYR
+RUXVPHGLDQWHODWpFQLFDVHFUHWDGHFRURQDFLyQ$OSULQFLSLRHOMRYHQ7XWKPRVLVQLQRWXYRGLILFXOWDGHVSDUD
HVWDEOHFHU VX SDUHQWHVFR SHUR ORV DFRQWHFLPLHQWRV VH GHVDUUROODURQ GH IRUPD GLIHUHQWH /RV DQWLJXRV
MHURJOtILFRVPXHVWUDQFyPR+DWVKHSVXWDEDQGRQyVXSRVLFLyQVXERUGLQDGDSDUDUHFODPDUXQHVWDWXVVLPLODUDO
GH7XWKPRVLV\ SRVWHULRUPHQWH FRQVLJXLy FRQYHUWLUVH HQ OD SULPHUD PXMHU HQ WHQHU HO GHUHFKR GH SURJHQLH
GLYLQD GHO GLRV $PyQ5D7XWKPRVLV LQ IXH HQYLDGR D HQWUHQDPLHQWR PLOLWDU SDUD DVHJXUDU TXH QR KXELHUD
FRQIXVLRQHVHQFXDQWRDTXLpQHVWDEDDOPDQGR&RPRODPD\RUtDGHODVPXMHUHVTXHDOFDQ]DQODFLPDHOOD
IXHXQDSHUVRQDLQPHQVDPHQWHSRGHURVDTXHORJUyJUDQGHVFRVDV6XLPSUHVLRQDQWHWHPSORPRUWXRULRHQOD
RULOODRHVWHGHO1LORVREUHYLYHHQODDFWXDOLGDGFRPRXQRGHORVPiVVRUSUHQGHQWHV\KHUPRVRVHGLILFLRVGH
WRGRVORVWLHPSRV
6LQGXGDODQREOHPXHUWHGH6HTHQHQUH7DRPDUFyODUHVXUUHFFLyQGHODFLYLOL]DFLyQPiVJUDQGHGHO
PXQGR\HOSXQWRHQHOTXHORVYHUGDGHURVVHFUHWRVGHOOLQDMHUHDOGH(JLSWRVHSHUGLHURQSDUDVLHPSUH/RV
VHFUHWRV VXVWLWXWRV VH FUHDURQ SDUD SURYHHU D ORV IXWXURV IDUDRQHV \ D VXV FRQVHMHURV PiV FHUFDQRV XQ
QHFHVDULR ULWR GH DVFHQVLyQ SHUR HO GHUHFKR DEVROXWR D JREHUQDU RWRUJDGR SRU ORV VHFUHWRV RULJLQDOHV QR
FRQWLQXyFRQORVQXHYRVPLVWHULRV
1XHVWURp[LWRHQODE~VTXHGDSURVHJXtD\5REHUWSODQWHyODVLJXLHQWHSUHJXQWD\DTXHODVUHVSXHVWDV
DFXGHQFRQIDFLOLGDG\HQIRUPDUHSHWLGD¢HVSRVLEOHTXHHVWHPRVFRPHQ]DQGRDYHUORTXHTXHUHPRVYHU"
'HFLGLPRVTXHGHEtDPRVKDFHUXQDUHYLVLyQH[DFWDGHQXHVWURVKDOOD]JRV\ODVHYLGHQFLDVDFXPXODGDV\XQD
YH]TXHREVHUYDPRVFRQIULDOGDGFDGDHVODEyQGHODFDGHQDGHQXHVWUDWHRUtDQRVVHQWLPRVPiVVHJXURVTXH
QXQFD GH TXH QRV HQFRQWUiEDPRV IUHQWH D KHFKRV KLVWyULFRV YHUGDGHURV \ GH TXH OR GHVFXELHUWR SURGXFtD
VHPHMDQWHFRQWLQXLGDGSRUTXHHUDYHUGDG
1XHVWUR SUy[LPR UHWR FRQVLVWtD HQ HQWHQGHU FyPR OD OH\HQGD GH XQ UH\ HJLSFLR DVHVLQDGR SRU
SURWRLVUDHOLWDVVHWUDQVIRUPyHQXQDFRQWHFLPLHQWRGHFLVLYRHQODKLVWRULDGHODQXHYDQDFLyQGHORVMXGtRV
6DEtDPRVDKRUDTXHHUDQHFHVDULRDFODUDUODVFLUFXQVWDQFLDVGHODOH\HQGDPiVLPSRUWDQWHHQODKLVWRULDGHO
SXHEORMXGtRHOSURIHWD0RLVpV
&21&/86,Ï1
(QIRFDUQRV HQ HO SHULRGR GH ORV KLFVRV GXUDQWH HO DQWLJXR (JLSWR SURGXMR UHVXOWDGRV PiV DOOi GH QXHVWUDV
H[SHFWDWLYDV 6DEtDPRV \D TXLpQ IXH +LUDP $ELI\ DGHPiV ORFDOL]DPRV VX FXHUSR \ HO GH XQR GH VXV
DVHVLQRV9LPRV HO SDSHO GH (JLSWR HQ OD KLVWRULD GH ORV MXGtRV \ IXH REYLR JUDFLDV D OD %LEOLD TXH KXER
PXFKRVFDPELRVGHDFWLWXGKDFLDORVKHEUHRVSRUSDUWHGHORVHJLSFLRV3HURORPiVLQWHUHVDQWHHVORTXHOD
%LEOLD QR GLFH QR VH KDFHQ UHIHUHQFLDV DO SHULRGR GH OD LQYDVLyQ GH ORV KLFVRV D (JLSWR SHUR XQD
LQYHVWLJDFLyQPiVH[KDXVWLYDQRVSHUPLWLyILMDUXQDIHFKDDOSHULRGRGHORVKLFVRVFDVLFRQH[DFWLWXGJUDFLDV
DORVGDWRVGHO$QWLJXR7HVWDPHQWR
8Q HVWXGLR PiV FXLGDGRVR GHO OLEUR GHO *pQHVLV QRV SHUPLWLy GHGXFLU TXH $EUDKDP HUD
FRQWHPSRUiQHR GH OD LQYDVLyQ GH ORV KLFVRV \ HQ UHDOLGDG VRVSHFKDPRV TXH pO PLVPR SXGR KDEHU VLGR XQ
KLFVRWpUPLQRTXHVLJQLILFDSUtQFLSHGHOGHVLHUWR(O~OWLPRSURWRMXGtRFRQLQIOXHQFLDHQ(JLSWRIXH-RVp\VL
FRPSDUDPRVFRQFXLGDGRODVHYLGHQFLDVEtEOLFDV\ODVKLVWyULFDVHQFRQWUDPRVTXHMyVHHUDYLVLUGH$SRILVHO
UH\ LQYDVRU TXH HVWXYR LQYROXFUDGR HQ OD PD\RUtD GH ODV EDWDOODV SRU OD VXSUHPDFtD FRQ HO UH\ GH 7HEDV
6HTHQHQUH7DR,,(VWH~OWLPRHUDKHUHGHURGHORVULWXDOHVGHORVDQWLJXRVVHFUHWRVHJLSFLRVGHFRURQDFLyQ\
FRQVLGHUDGR SRU GHUHFKR GLYLQR FRPR HO YHUGDGHUR +RUXV $SRILV RFXSy HO WURQR HJLSFLR SHUR QXQFD IXH
LQIRUPDGRGHORVVHFUHWRVGHODFRURQDFLyQ
(QFRQWUDPRV XQD UHIHUHQFLD HQ HO *pQHVLV FRQ UHVSHFWR DO DVHVLQDWR GH XQ KRPEUH SRU ORV
KHUPDQRV GH -RVp PLHQWUDV WUDWDEDQ GH VDFDUOH XQ VHFUHWR SRU OD IXHU]D \ GHVFXEULPRV TXH OD PRPLD GH
6HTHQHQUHPXHVWUDFRQFODULGDGTXHIXHDVHVLQDGRSRUWUHVJROSHVHQODFDEH]D\TXHQRVHOHFRQVHUYyGH
LQPHGLDWR(VWRHQFDMDEDFRQH[DFWLWXGFRQWRGRVORVKHFKRVTXHFRQRFtDPRVGHODKLVWRULDGH+LUDP$ELI$
PHGLGD TXH DYDQ]y OD LQYHVWLJDFLyQ DYHULJXDPRV TXH MXQWR D 6HTHQHQUH VH VHSXOWy YLYR D XQ MRYHQ
VDFHUGRWH 8WLOL]DQGR ODV SUXHEDV GH ODV PXHVWUDV GH ORV YHQGDMHV GH ODV PRPLDV FRPSUREDPRV TXH HVWH
FXHUSR GDWDED H[DFWDPHQWH GHO PLVPR SHULRGR TXH 6HTHQHQUH &RQ WRGD HVWD HYLGHQFLD \ QXHVWURV
FRQRFLPLHQWRVVREUDODKLVWRULDPDVyQLFDSXGLPRVUHFRQVWUXLUODKLVWRULDGHODVHVLQDWRGH6HTHQHQUH\FyPR
DIHFWyDODFDtGDGHORVKLFVRV
&RPR \D WHQtDPRV GDWRV DFHUFD GHO DVHVLQDWR GH +LUDP $ELI DKRUD SRU ILQ SRGtDPRV HQWHQGHU HO
VLJQLILFDGR GH ODV TXH SDODEUDV VXVXUUDGDV DO RtGR HQ OD &HUHPRQLD GH $VFHQVLyQ 0DVyQLFD ODV FXDOHV
WUDGXMLPRV IRQpWLFDPHQWH DO HJLSFLR DQWLJXR \ TXH LQFOXVR HQ HVSDxRO WHQtDQ VHQWLGR*UDQGH HV HO
HVWDEOHFLGR 0DHVWUR GH OD )UDQFPDVRQHUtD *UDQGH HV HO HVStULWX GH OD )UDQFPDVRQHUtD 3RU ILQ KDEtD XQ
YtQFXOR ILUPH FRQ OD IUDQFPDVRQHUtD PRGHUQD 'RV SDODEUDV TXH HUDQ LQ~WLOHV \ VLQ VLJQLILFDGR TXH
VREUHYLYLHURQVyORSRUTXHHOULWXDOPDVyQLFRVHDSUHQGHGHPHPRULD\FRQEDVHHQODUHSHWLFLyQ
8QD YH] HVWDEOHFLGR FODUDPHQWH HO YtQFXOR HQWUH 6HTHQHQUH \ OD KLVWRULD GH +LUDP $ELI QRV
HQIUHQWiEDPRV D XQD EUHFKD GH FDVL PLO TXLQLHQWRV DxRV SDUD OOHJDU DO ~QLFR JUXSR TXH SXGR RFXOWDU OD
LQIRUPDFLyQTXHORVWHPSODULRVKDOODURQ$KRUDWHQGUtDPRVTXHUDVWUHDUHOGHVDUUROORGHOMXGDLVPRKDVWDHO
IORUHFLPLHQWRGHORVHVHQLRV\QXHVWUDFRQH[LyQFRQ(JLSWRGHEtDHPSH]DUGHVGH0RLVpV
1RWDV
!!! !"#"$%&'"()*+",-#)-./$01!
23334",5"6-37/88"9.,$03/93.'"3()*+"1!
"!!!#$%&'()*%+!&'"3:;/<=-3:9)>8,1!
?333,-.-/!0($1.*%+!7'$/9)@+"3/A.'"34',$,/'-
&DStWXOR
0RLVpVHOTXHRWRUJDOD/H\
(OQDFLPLHQWRGHOMXGDLVPR
1XHVWUD WDUHD FRQVLVWtD HQ FRQWLQXDU LQYHVWLJDQGR KDFLD DGHODQ WH HQ HO WLHPSR SDVR SRU SDVR SDUD YHU VL
HQFRQWUiEDPRVDOJXQDFHUHPRQLDGHHVWLORPDVyQLFRTXHYLQFXODUDDO1XHYR5HLQR(JLSFLRFRQHOWLHPSRGH
-HV~V(VWRLEDDVHUDOJRGLItFLOSRUTXHQXHVWUD~QLFDIXHQWHGHLQIRUPDFLyQHUDHO$QWLJXR7HVWDPHQWRSHUR
DOPHQRVFRQWiEDPRVFRQQXHVWURULWXDOPDVyQLFRSDUDD\XGDUQRVHQODLQWHUSUHWDFLyQ
3RU IRUWXQD OD %LEOLD QR VH HTXLYRFD HQ FXDQWR D OD LGHD GH TXH OD QDFLyQ MXGtD VH LQLFLy FRQ XQ
KRPEUH\H[LVWHQPX\SRFDVGXGDVVREUHODH[LVWHQFLDUHDOGHHVHLQGLYLGXROODPDGR0RLVpV\VXUHODFLyQ
FRQDOJ~QWLSRGHp[RGRGHORVDVLiWLFRVHVFODYL]DGRVHQ(JLSWR'HVSXpVGHODH[SXOVLyQGHORVKLFVRVORV
VHPLWDV GH WRGR WLSR LQFOXLGRV ORV KDELUX KDQ GH KDEHU VLGR LPSRSXODUHV \ HVWR H[SOLFDUtD SRU TXp ORV
HJLSFLRVTXHSRUORJHQHUDOHUDQDPLVWRVRVGHFLGLHURQUHSHQWLQDPHQWHHVFODYL]DUDPXFKRVRTXL]iDWRGRV
DTXHOORV TXH SHUPDQHFLHURQ HQ HO SDtV GXUDQWH OD GpFDGD GH D D?& 6H KDQ HQFRQWUDGR
LQVFULSFLRQHV TXH GDWDQ GH ORV VLJORV [Y \ [YL D& TXH GHWDOODQ D HVWRV HVFODYRV KDELUX \ VXV WUDEDMRV
IRU]DGRV 8QRGHHOORVGHVFULEHFyPRODVPDVDVGHHVHSXHEORIXHURQIRU]DGDVDWUDEDMDUHQPLQDVGHWXU
TXHVDV DOJR PX\ SHOLJURVR \ GHVDJUDGDEOH \D TXH QR FRQWDEDQ FRQ YHQWLODFLyQ SRUTXH ODV DQWRUFKDV DO
GHVFXELHUWRFRQVXPtDQFDVLWRGRHOR[tJHQR1RVLQWHUHVyHQFRQWUDUTXHHVDVPLQDVHVWDEDQDSRFDGLVWDQFLD
GH OD PRQWDxD GH -HKRYi HO 0RQWH 6LQDt XELFDGR DO VXU GH OD FRUGLOOHUD GH OD 3HQtQVXOD GHO 6LQDt 1RV
SUHJXQWDPRV VL HUD HVWR XQD FRLQFLGHQFLD R ¢SXGR VHU TXH OD HVFDSDWRULD GH ORV HVFODYRV KDELUX RFXUULy
SUHFLVDPHQWHDOOt\QRHQ(JLSWR"
(QFRQWUDPRVGRFXPHQWRVTXHLQGLFDQTXHDTXHOORVSULPHURVMXGtRVKDEODEDQHOOHQJXDMHGH&DQDiQ
DGRUDEDQ GHLGDGHV HJLSFLDV \ HGLILFDURQ PRQXPHQWRV SDUD ORV GLRVHV 2VLULV 3WDK \ +DWKRU OR FXDO QR
FRLQFLGHFRQODLPDJHQSRSXODUGHORVQREOHV\HVFODYL]DGRVVHJXLGRUHVGH-HKRYiTXHGHVHDEDQFRQYHKH
PHQFLDVHUFRQGXFLGRVD-HUXVDOpQSRUHOGLRVGHVXVSDGUHV!
/DKLVWRULDGH0RLVpVHVFRQWDGDUHSHWLGDVYHFHVDFDGDQLxRMXGtR\FULVWLDQRSRUORTXHHQODHGDG
DGXOWDVHUHFXHUGDFRPRXQKHFKRKLVWyULFRSUREDGRLQFOXVRVLVHGHVFDUWDQORVHOHPHQWRVH[DJHUDGRVFRPR
ODGLYLVLyQGHO0DU5RMRHQWUHRWURV(VGLItFLOXELFDUFRQH[DFWLWXGFXiQGRRFXUULHURQHVWRVVXFHVRVSHUROD
RSLQLyQPiVFRP~QHQODDQWLJHGDGHUDTXH0RLVpVFRQGXMRDVXSXHEORIXHUDGH(JLSWRGXUDQWHHOUHLQDGR
GH 5DPVpV ,, OR FXDO ORV VLWXDUtD HQWUH ORV DxRV \ D& 6LQ HPEDUJR H[LVWHQ PXFKDV SUXHEDV
UHFLHQWHV TXH ORV XELFDQ HQ IHFKDV DQWHULRUHV PX\ FHUFDQDV D OD H[SXOVLyQ GH ORV KLFVRV 3HUR DQWHV GH
H[SORUDU ODV FXHVWLRQHV VREUH OD IHFKD H[DFWD HV LPSRUWDQWH FRQVLGHUDU OR TXH VDEHPRV VREUH HO KRPEUH
OODPDGR0RLVpV\ORTXHQRVGLFHOD%LEOLDVREUHORVLVUDHOLWDV\VXQXHYRGLRV
(QFRQWUDPRVTXHHOQRPEUHGH0RLVpVHQVtPLVPRHVPX\UHYHODGRU'HPDQHUDH[WUDxDOD%LEOLD
5RPDQD &DWyOLFD 'RXDL UHYHOD D VXV OHFWRUHV TXH GLFKR QRPEUH HQ HJLSFLR TXLHUH GHFLU VDOYDGR GH ODV
DJXDV FXDQGR HQUHDOLGDG VLJQLILFDQDFLGR GH (VHQRPEUH UHTXHUtD GH XQ SUHILMR SDUHFLGR D7RWKPRVHV
QDFLGRGH7RWK5DPVpVQDFLGRGH5DR$PHQPRVLVQDFLGRGH$PyQ(QWDQWRTXHHOHOHPHQWRPRVHVVH
GHOHWUHDGHIRUPDDSHQDVGLVWLQWDTXHHQHVSDxROWRGRVHOORVVLJQLILFDQORPLVPR\SDUHFHSUREDEOHTXHHO
SURSLR0RLVpVRXQHVFULEDSRVWHULRUKD\DHOLPLQDGRHOQRPEUHGHDOJ~QGLRVHJLSFLRDOLQLFLRGHVXQRPEUH
(VORPLVPRTXHVLXQRHOLPLQDODSDUWH'RQDOGGHOQRPEUHFRPSOHWRGHXQHVFRFpVGHMiQGRORVRORFRQ
0DFHQOXJDUGH0DF'RQDOG
/DGHILQLFLyQFDWyOLFDURPDQDSXHGHVHULQFRUUHFWDVLQHPEDUJRVtH[LVWHXQDYHUGDGKLVWyULFDHQHVD
LGHD\DTXHHOQRPEUHFRPSOHWRGH0RLVpVSRGUtDVHUQDFLGRGHO1LORHQFX\RFDVRSXGRVHUQRPEUDGR
+DS\PRVHVORTXHVHH[SUHVDUtDFRQMHURJOtILFRVGHODVLJXLHQWHPDQHUD
(OQRPEUH0RLVpVHVLQXVXDOSXHVWRTXHUHSUHVHQWDXQDGHODVSRFDVSDODEUDVGHODQWLJXR(JLSWRTXH
D~QKR\VRQSRSXODUHVHQVXYHUVLyQKHEUHDHV0RVKH\HQVXIRUPDDUiELJDHV0XVD/RVHJLSFLRVVLJXHQ
OODPDQGRDO0RQWHGHO6LQDt-XEDO0XVDTXHTXLHUHGHFLUOD0RQWDxDGH0RLVpV(QODDFWXDOLGDGHVFDVLLP
SRVLEOHFRQRFHUTXpWDQWRGHODQDUUDFLyQVREUH0RLVpVHQHO$QWLJXR7HVWDPHQWRHVKLVWyULFD\TXpSDUWHHV
SXUDLQYHQFLyQURPiQWLFD'HDFXHUGRFRQHO/LEURGHOe[RGRHOIDUDyQGLRLQVWUXFFLRQHVSDUDTXHWRGRVORV
QLxRV LVUDHOLWDV IXHUDQ ODQ]DGRV DO 1LOR (VWR HV SRFR FUHtEOH FRPR VXFHVR KLVWyULFR \D TXH WDO GHFUHWR
EiUEDURQRFRLQFLGHFRQHOFRQFHSWRGH0D
DWTXHHUDPX\YDORUDGRSRUORVHJLSFLRV'HWDOIRUPDFXDOTXLHU
IDUDyQ TXH GLHUD HVD RUGHQ UHQXQFLDED GLUHFWDPHQWH D OD YLGD GHVSXpV GH OD PXHUWH FXDQGR VH SHVDUD VX
FRUD]yQ $GHPiV HQ WpUPLQRV SUiFWLFRV KXELHUD VLGR PX\ GHVDJUDGDEOH \ SRFR VDOXGDEOH WHQHU PLOHV GH
FXHUSRVSRGULGRVIORWDQGRVREUHHOUtR\DTXHpVWHHUDXQUHFXUVRYLWDOSDUDODSREODFLyQ
(O$QWLJXR7HVWDPHQWRQDUUDTXHODPDGUHGH0RLVpVHVWDEDGHFLGLGDDQRGHMDUPRULUDVXKLMRGHPDQHUD
TXHORHVFRQGLyHQWUHORVFixDPRVDRULOODVGHO1LORGHQWURGHXQDFDQDVWDEDUQL]DGDFRQEUHDGRQGHIXH
KDOODGRSRUODKLMDGHOIDUDyQ'HVGHKDFHPXFKRWLHPSRVHKDREVHUYDGRTXHHVWHHSLVRGLRHVFDVLLGpQWLFRDO
GH 6DUJyQ , HO UH\ TXH JREHUQy %DELORQLD \ 6XPHULD FLHQWRV GH DxRV DQWHV TXH 0RLVpV 8QD UiSLGD
FRPSDUDFLyQGHPXHVWUDFODUDPHQWHODVVHPHMDQ]DV
6DUJyQ
0RLVpV
/DPDGUHTXHSRURWUR
XQDPXMHUOHYLWD
PHFDPELyWDPELpQ
PHFRQFLELy
HQVHFUHWRPHSDULy
FRQFLELy\SDULyXQKLMRORPDQWXYR
HVFRQGLGRWUHVPHVHVSHURQRSXGR
KDFHUORPiV
0HFRORFyHQXQFDQDVWRGHMXQFRV
\FRQEUHDVHOOyODWDSD
0HODQ]yDOUtRHOFXDOQRPHLQXQGy
$VtTXHOHFRQVLJXLyXQDFDQDVWDGHMXQFR
ODKL]RDSUXHEDGHDJXDFRQEDUUR\EUHD
/R FRORFy DKt GHQWUR \ OXHJR OR GHMy HQ ORV
FixDPRVDRULOODVGHO1LOR
&RQFOXLPRV TXH OD KLVWRULD GHO QDFLPLHQWR HV HQ GHILQLWLYD XQD ILFFLyQ FUHDGD HQ HO VLJOR 9, D&
KDFLHQGRHFRSDUDHOHVWDEOHFLPLHQWRGHODQDFLyQMXGLDGHODQWLJXRWHPDGHODFUHDFLyQVXUJLGDGHODVDJXDV
7DPELpQIXHXQDIRUPDH[FHOHQWHGHMXVWLILFDUFyPRSXGRXQJHQHUDO\PLHPEURGHODIDPLOLDHJLSFLDUHDO
FRQYHUWLUVHHQHOSDGUHIXQGDGRUGHOSXHEORMXGtR$HVWRUHJUHVDUHPRVHQEUHYH
1RWHQtDPRVGXGDVGHTXHODKLVWRULDHUDQLQYHQFLRQHVSRVWHULRUHVXQDGHHOODVODGHVFULSFLyQGHOD
PDGUH GH 0RLVpV FRPR XQD PXMHU OHYLWD HVR IXH XQ LQWHQWR GH VLWXDU OD KLVWRULD GHQWUR GH XQ RUGHQ TXH
FXDGUDUD FRQ OD QDUUDFLyQ GH DXWRUHV VXEVHFXHQWHV /RV OHYLWDV VH FRQYLUWLHURQ HQ OD WULEX VDFHUGRWDO \
XWLOL]DQGR OD OyJLFD GH VX WLHPSR ORV HVFULEDV UD]RQDURQ TXH 0RLVpV VHJXUDPHQWH IXH XQ VDFHUGRWH \ SRU
HQGHXQOHYLWD(OOLEURGHOe[RGRFRQWLHQHFODUDVLQGLFDFLRQHVGHVHUXQDPH]FODGHWUHVYHUVLRQHVRUDOHVGH
OD KLVWRULD WUDGLFLRQDO VREUH OD VDOLGD GH (JLSWR HQ GRQGH H[LVWH XQD FRQIXVLyQ VREUH FXiO HV HO SHUVRQDMH
SULQFLSDOVL0RLVpVR$DUyQLQFOXVRHOQRPEUHGHODPRQWDxDGRQGH0RLVpVVHHQFRQWUyFRQ-HKRYiYDUtD
HQWUH0RQWH6LQDt\0RQWH+RUHE
'HEtDPRV WHQHU HQ FXHQWD D FDGD PRPHQWR TXH ORV DXWRUHV GH ORV SULPHURV OLEURV GHO $QWLJXR
7HVWDPHQWRHVFULELHURQOH\HQGDVWULEDOHVGHXQSDVDGRPX\GLVWDQWHODPiVDQWLJXDWHQtDOLWHUDOPHQWHPLOHV
GHDxRVHLQFOXVRODVPiVUHFLHQWHVFRPRODGH'DYLG\6DORPyQTXHRFXUULHURQYDULRVFLHQWRVGHDxRVDQ
WHV/DLGHDJHQHUDOGHORVKHFKRVVXSXHVWRVHVWDEDFODUDSHURIDOWDEDQORVGHWDOOHVKLVWyULFRV/RVKXHFRVVH
FXEULHURQFRQGLIHUHQWHVKLVWRULDVUHODWDGDVSRUGLVWLQWRVDXWRUHVTXHGHSHQGtDQGHVXVRSLQLRQHVSROtWLFDV\
VX YLVLyQ GHO PXQGR /RV H[SHUWRV KDQ SRGLGR GHVHQWUDxDU WRGDV ODV DXWRUtDV \ ODV FODVLILFDURQ GH PDQHUD
PX\ VLPSOH HQ - ( ' \ 3 &RQ ORV DFWXDOHV VLVWHPDV GH LQIRUPDFLyQ H LQYHVWLJDFLyQ KLVWyULFD SRGHPRV
GHWHFWDU TXH PXFKRV UHODWRV IXHURQ SURGXFWR GH OD LQYHQFLyQ 3RU HMHPSOR HVWRV DXWRUHV GHVFULEHQ D ORV
FDPHOORV FRPR EHVWLDV GH FDUJD \ HO XVR GH PRQHGDV HQ ORV WLHPSRV GH ,VDDF \ -RVp FXDQGR QDGD GH HVR
RFXUULyVLQRKDVWDPXFKRGHVSXpV2WURHUURUVLJQLILFDWLYRHVODGHVFULSFLyQHQODTXH$EUDKDPHYLWyHOVXU
GH ,VUDHO SRU VHU WHUULWRULR GH ORV ILOLVWHRV FXDQGR VDEHPRV TXH pVWRV QR OOHJDURQ D HVH OXJDU VLQR PXFKR
WLHPSRGHVSXpVGHTXHORVLVUDHOLWDVDEDQGRQDUDQ(JLSWR
6LHO/LEURGHOe[RGRPHQFLRQDUDHQIRUPDFODUDODKLMDGHTXpIDUDyQHQFRQWUyDOEHEp0RLVpVODV
FRVDVKXELHUDQVLGRPiVVHQFLOODVSHURHVFODURTXHQLORVPLVPRVDXWRUHVWHQtDQLGHDGHTXLpQIXH
'HGXFLPRV TXH VyOR H[LVWHQ WUHV UD]RQHV EiVLFDV SDUD H[SOLFDU OD SHUWHQHQFLD GH 0RLVpV D OD IDPLOLD UHDO
HJLSFLD
(UD DVLiWLFR R KDELUX GH QDFLPLHQWR \ IXH DGRSWDGR SRU OD IDPLOLD GHVGH QLxR WDO \ FRPR OR
VXJLHUHHO$QWLJXR7HVWDPHQWR6HVDEHTXHORVHJLSFLRVDGRSWDEDQQLxRVGHSDtVHVYHFLQRVSDUDTXH
XQDYH]TXHVHFRQYLUWLHUDQHQDGXOWRVSXGLHUDQLQIOXLUHQVXSXHEORSDUDTXHWXYLHUDQXQDRSLQLyQ
IDYRUDEOH GHORVHJLSFLRV(Q SULQFLSLR HVWR SDUHFtD SRFR SUREDEOH \D TXH VH WUDWDED GH XQDpSRFD
PX\FHUFDQDDOSHULRGRKLFVRFXDQGRORVKDELUXIXHURQHVFODYL]DGRV
3HUWHQHFtD D ODV FODVHV DOWDV HJLSFLDV \ \D FRQYHUWLGR HQ DGXOWR \ GHVSXpV GH FRPHWHU XQ
DVHVLQDWRVHKL]RSUyIXJRGHODMXVWLFLD$VtFRQRFLy\DGRSWyDORVKDELUXWDPELpQSURVFULWRVFRPR
VXVVHJXLGRUHV
(UDXQMRYHQJHQHUDOVHPLWDGHOHMpUFLWRGHO~OWLPRUH\KLFVR\IXHH[SXOVDGRGH(JLSWRDOGHVLHUWR
MXQWR DO UHVWR GHODV KRUGDV DVLiWLFDV XQD YH] TXH ODPRQDUTXtD GH7HEDV UHFXSHUy HO FRQWURO 0iV
WDUGH UHJUHVy SDUD OLEHUDU D ORV HVFODYRV KDELUX (VWR VLWXDUtD OD KLVWRULD GH 0RLVpV HQ XQ WLHPSR
DQWHULRU PiV DOOi GH OR TXH MDPiV VH KD\D FRQVLGHUDGR SHUR QR KD\ UD]yQ DOJXQD SRU OD TXH QR
SXGLHUD KDEHU VLGR DVt \D TXH VH WLHQH OD FHUWH]D GH TXH 0RLVpV IXH JHQHUDO HQ HO HMpUFLWR GH XQ
IDUDyQGHVFRQRFLGR
/DWHUFHUDRSFLyQHVDWUDFWLYDSHURLQLFLDOPHQWHQRHQFRQWUDPRVVXILFLHQWHHYLGHQFLDSDUDpSRFDVWDQ
OHMDQDV(VPiVSDUDDSUHQGHUORVVHFUHWRVGHORVHJLSFLRV0RLVpVWHQtDTXHHVWDULQYROXFUDGRFRQHOIDUDyQ
DXWpQWLFR\QRFRQXQLPSRVWRUKLFVR3RUORWDQWRDFHSWDPRVTXHODYHUGDGVHSXHGHHQFRQWUDUHQDOJXQRGH
ORV GRV SULPHURV DUJXPHQWRV (Q DPERV FDVRV OD YHUVLyQ EtEOLFD GH ORV DFRQWHFLPLHQWRV HV DPSOLDPHQWH
DFHSWDGD3DUDQXHVWURVSURSyVLWRVGHFLGLPRVQRGHGLFDUPXFKRWLHPSRDFRQRFHUODVFLUFXQVWDQFLDVH[DFWDV
GHODIRUPDHQTXH0RLVpVOOHJyDOLGHUDUDDTXHOORVSULPHURVLVUDHOLWDVHVVXILFLHQWHDFHSWDUTXHXQPLHPEUR
GHODFRUWHHJLSFLDGHH[WUHPDGRDOWRQLYHOVHFRQYLUWLyHQHOOtGHUGHDOJXQDVGHODVWULEXVTXHPiVWDUGHVH
UtDQODQDFLyQGHORVMXGtRV
(QORV+HFKRVGHORV$SyVWROHVVHGLFHTXH
<IXHHQVHxDGR0RLVpVHQWRGDODVDELGXUtDGHORVHJLSFLRV
/RVLVUDHOLWDVTXHHVFULELHURQWRGRHVWRDFHUFDGH0RLVpVPXFKRVDxRVGHVSXpVQRWHQtDQXQPRWLYR
FODURSDUDLQYHQWDUVXFHUFDQtDFRQORVRSRVLWRUHVGHVXVDQWHSDVDGRV\HVFODURTXHFUHtDQTXHKDEtDVLGR
LQYHVWLGRFRQJUDQGHVVHFUHWRVGHKHFKRFRQWRGRVORVVHFUHWRV(QHOSHULRGRGHODUHODFLyQGH0RLVpVFRQ
ODIDPLOLDUHDOHJLSFLDHO1XHYR5HLQRHVWDUtDHVWDEOHFLGR\ORVVHFUHWRVVXVWLWXWRVKDEUtDQUHHPSOD]DGRORV
VHFUHWRVRULJLQDOHVGH2VLULV&RPRPLHPEURSULQFLSDOGHODFRUWHGHOIDUDyQ0RLVpVGHELyVHULQVWUXLGRFRQ
ORV SULQFLSLRV GH OD UHVXUUHFFLyQ GHVFULWRV HQ OD OH\HQGD GH 6HTHQHQUH7DR \ VX YDOLHQWH VDFULILFLR TXH
UHHPSOD]DURQDORVPLVWHULRVRULJLQDOHVSHUGLGRV(VWHULWXDOIDPLOLDUL]DUtDDOMRYHQ0RLVpVFRQORVVHFUHWRVGH
ODFRURQDFLyQGHOUH\ODH[SUHVLyQPiVDOWDGHOSRGHUFX\DVRODSRVHVLyQHUDXQVHOORGHUHDOH]D(VWRKDGH
KDEHUOHFDXVDGRXQDSURIXQGDLPSUHVLyQ\DTXHVHOOHYyODKLVWRULDFRQVLJRGHPDQHUDTXHpVWDVHFRQYLUWLy
SDXODWLQDPHQWHHQHOULWXDOVHFUHWRSDUDODFRURQDFLyQGHORVUH\HVGHOQXHYRSDtVGH,VUDHO
'HELGR D TXH OD FHUHPRQLD HUD VHFUHWD \ VH WUDQVPLWtD VyOR D XQ VHOHFWR JUXSR GH LPSRUWDQWHV
MXGtRVOD KLVWRULD GHO UH\ TXH VH H[WUDYLy SDVy D VHU SDUWH GH OD OtQHD GH VXFHVLyQ UHDO GH 'DYLG VLQ VXIULU
PXFKRV FDPELRV /RV GHWDOOHV GHO e[RGR HUDQ SDUWH GH XQD KLVWRULD GH PHQRU QLYHO D OD TXH WRGRV WHQtDQ
DFFHVRHQODTXHODYHUGDG\ODILFFLyQVHIXQGLHURQKDVWDTXHTXHGyPX\SRFRGHODSULPHUD
&XDOTXLHUDTXHIXHUDHOFDPLQRHOHJLGRODQDUUDFLyQEtEOLFDGHPXHVWUDTXHHOJUXSRGLULJLGRSRU0RLVpVIXH
LQIOXHQFLDGRSRU(JLSWR\TXHODDGRUDFLyQDODVGHLGDGHVHJLSFLDVHUDXQDSUiFWLFDFRP~Q(OKHFKRGHTXH
0RLVpV UHFLELHUD ORV 'LH] 0DQGDPLHQWRV HQ XQDV WDEOLOODV GH SLHGUD HUD DEVROXWDPHQWH QHFHVDULR SDUD
HVWDEOHFHUHOQXHYRHVWDGR&DGDUH\GHEtDUHFLELUVXHVWDWXWRUHDOGHSDUWHGHORVGLRVHVFRPRXQDSUXHEDGH
VXFDSDFLGDGGHOLGHUD]JR\GHODH[LVWHQFLDGHXQIXQGDPHQWRSDUDODOH\\HORUGHQHQODQXHYDVRFLHGDG
(VWDVWDEOLOODVVyORSRGUtDQKDEHUVLGRHVFULWDVFRQMHURJOtILFRVHJLSFLRV\DTXH0RLVpVQRKXELHUDHQWHQGLGR
RWURWLSRGHHVFULWXUD'HELGRDTXHKR\GtDQRVDSR\DPRVHQODSDODEUDHVFULWDGHPDQHUDFRWLGLDQDHVGLItFLO
HQWHQGHU FyPR VH DSUHFLDED XQ HVFULWR HQ HO VHJXQGR PLOHQLR D& /D LGHD GH TXH VH PDWHULDOL]DUDQ ORV
PHQVDMHV D WUDYpV GH PDUFDV LQVFULWDV HQ XQD WDEOLOOD GH SLHGUD VRUSUHQGtD D OD JHQWH RUGLQDULD \ VyOR ORV
HVFULEDVSRGtDQKDFHUKDEODUDODVSLHGUDVHUDQFRQVLGHUDGRVSRVHHGRUHVGHJUDQGHVSRGHUHVPiJLFRV(VWRVH
DSUHFLDFRQIDFLOLGDGFXDQGRXQRGHVFXEUHTXHORVHJLSFLRVOODPDEDQDORVMHURJOtILFRVODV3DODEUDVGH'LRV
XQWpUPLQRTXHVHUtDXWLOL]DGRHQOD%LEOLDFRQIUHFXHQFLD
(OGLRVGHODJXHUUDGHODVPRQWDxDVGHO6LQDt
$OOHHUODQDUUDFLyQGHOe[RGRHQIRUPDREMHWLYDTXHGDPRVKRUURUL]DGRV/DYLVLyQTXHVHJUDEyHQQXHVWUDV
PHQWHVGHELGDDODHGXFDFLyQFULVWLDQDTXHUHFLELPRVGHQLxRVVHLQYLUWLyFRQUDSLGH](QYH]GHOHHUVREUH
XQSXHEORQREOH\JUDQGHTXHJDQDEDVXOLEHUWDG\TXHHQFRQWUDEDVXWLHUUDSURPHWLGDOHtPRVXQFDWiORJR
VREUHDQWLJXRVGHPRQLRVWUDLFLyQDVHVLQDWRVPDVLYRVYDQGDOLVPR\JUDQGHVKXUWRV)XHODDILUPDFLyQPiV
YHUJRQ]RVDLPDJLQDEOHVREUHHORULJHQGHXQDQDFLyQQXHYD
/D KLVWRULD GH 0RLVpV LQLFLD FRQ XQ DVHVLQDWR eO YH FyPR XQ HJLSFLR OH SHJD D XQ KDELUX \ DO
DVHJXUDUVH GH TXH QDGLH HVWi PLUDQGR PDWD DO HJLSFLR HO SULPHUR GH PLOHV GH DVHVLQDWRV TXH HVWH RWURUD
VROGDGRFRPHWHUtD3RUGHVJUDFLDHOFULPHQIXHSUHVHQFLDGRSRURWURVKDELUXTXLHQHVUHSRUWDURQHOLQFLGHQWH
DORVHJLSFLRVDVtTXH0RLVpVVHFRQYLUWLyHQXQKRPEUHSHUVHJXLGR6HGLRDODIXJDFRQGLUHFFLyQDOHVWH
UXPERDO6LQDtGRQGHIXHDGPLWLGRSRUORVPLGLDQLWDVWDPELpQOODPDGRVNHQLWDV\GRQGHVHFDVyFRQODKLMD
GHOUH\=LSSRUDK
$TXt VH OH LQWURGXMR DO GLRV GH ODV WULEXV PLGLDQLWDV HO GLRV GH ODV WRUPHQWDV \ OD JXHUUD FX\R
VtPEROR ²XQ PRWLYR HQ IRUPD GH FUXFLILMR SODVPDGR HQ ODV IUHQWHV GH ORV VHJXLGRUHV² PiV WDUGH VH
FRQRFHUtDFRPROD0DUFDGH-HKRYi(VWHGLRVTXHYLYtDHQODVPRQWDxDVSURYH\yODLQVSLUDFLyQ\HOWHPD
FHQWUDOSDUDHO'LRVGHORVMXGtRVGHVSXpVGHTXH0RLVpVVRVWXYRFRQYHUVDFLRQHVFRQeOHQHO0RQWH+RUHE
/RV GLRVHV UDUD YH] VXUJHQ GH OD QDGD SRU OR JHQHUDO VH GHVDUUROODQ GH PDQHUD QDWXUDO \ SDVDQ SRU XQD
PHWDPRUIRVLVPLHQWUDVDEVRUEHQODVFXDOLGDGHVTXHOHVVRQRWRUJDGDVSRURWUDVGHLGDGHV(OSULPHUHQFXHQWUR
UHJLVWUDGR HQWUH HO 'LRV GH ORV MXGtRV \ ORV FULVWLDQRV SDUHFH VHU H[WUDxDPHQWH IUtR \ DPHQD]DGRU &XDQGR
0RLVpV OH SLGLy TXH VH LGHQWLILFDUD \ SUHJXQWy 6X QRPEUH TXLVR REWHQHU YHQWDMD SHUR QR UHVXOWy 6DEtD
JUDFLDVDVXIRUPDFLyQHJLSFLDTXHORVGLRVHVQRVLHPSUHHUDQVXSHULRUHVDORVKXPDQRV\TXHVLXQKRPEUH
SRGtDDYHULJXDUHOQRPEUHGHXQGLRVHQWRQFHVWHQGUtDSRGHUVREUHpO(Q(JLSWRFDGDGLRVFRQWDEDFRQXQD
YDULHGDGGHGHQRPLQDFLRQHVTXHLEDQGHOQRPEUHPiVFRP~QDDTXHOORVFDGDYH]PiVUHVWULQJLGRVSHURVX
GHVLJQDFLyQ IXQGDPHQWDO QR HUD UHYHODGD D KRPEUH DOJXQR R D RWUR GLRV 6L 0RLVpV KXELHUD UHFLELGR XQD
UHVSXHVWDDVXSUHJXQWDKDEUtDFRQVHJXLGRHVFODYL]DUDOGLRV
/D WHRORJtD \ OD PDJLD VLHPSUH IXHURQ FRQFHSWRV SRU FRPSOHWR VHPHMDQWHV KDVWD WLHPSRV
UHODWLYDPHQWH UHFLHQWHV FXDQGR VH KD ORJUDGR WUD]DU XQD OtQHD LPDJLQDULD HQWUH ODV GRV PLWDGHV GHO PLVWL
FLVPRSULPLWLYR(OFRQFHSWRGHOGLRVGHORVLVUDHOLWDVTXHYLYHHQVXDUFDQRHVPX\GLIHUHQWHGHOFRQFHSWR
GHOJHQLRTXHKDELWDHQVXERWHOODFRQFHGLHQGRORVGHVHRVGHVXVDPRVDPERVGDQULHQGDVXHOWDDDFWLYLGDGHV
FRPR YRODU SRU ORV DLUHV GLYLGLU PDUHV HQWHURV \ ODQ]DU ERODV GH IXHJR TXH VXUFDQ HO FLHOR HQ JHQHUDO
LJQRUDQGRWRGDVODVOH\HVGHODQDWXUDOH]D+R\PDQWHQHPRVXQDIUiJLOVHSDUDFLyQHQWUHODVQDUUDFLRQHVGHODV
0LO\XQDQRFKHV\ODVGHOD%LEOLDSHURQRKD\OXJDUDGXGDVGHTXHFRPSDUWHQXQRULJHQFRP~Q(VWRVHUi
PX\ GLItFLO GH DFHSWDU SDUD PXFKD JHQWH SHUR VL WRPDPRV HQ FXHQWD OR TXH OD %LEOLD VHxDOD GH PDQHUD
WH[WXDO HQWRQFHV OD ILJXUD GHO FUHDGRU HO FXDO HV GHQRPLQDGR SRU HO PXQGR RFFLGHQWDO FRQ HO QRPEUH GH
'LRV WXYR VXV LQLFLRV FRPR XQ KXPLOGH JHQLR TXH VREUHYLYtD XWLOL]DQGR VX WDOHQWR HQ ODV PRQWDxDV GHO
QRUHVWHGHÈIULFD\HOVXGHVWHGH$VLD
7HPHURVR SRU VX LQGHSHQGHQFLD HO GLRV PLGLDQLWD UHFKD]y OD SUHJXQWD GH 0RLVpV HQ FXDQWR D VX
QRPEUH\WUDWyGHHVWDEOHFHUVXLPSRUWDQFLDDOGHFLUOHTXHVHTXLWDUDORV]DSDWRV\VHPDQWXYLHUDDGLVWDQFLD
SRU HVWDU SLVDQGR VXHOR VDQWR (O /LEUR GHO e[RGR QRV GLFH TXH OD UHVSXHVWD TXH 'LRV GLR HQ FXDQWR D OD
SUHJXQWDVREUH6XQRPEUHIXH
(K\HKDVKHUHK\HK
(VWR VXHOH WUDGXFLUVH FRPR \R VR\ HO TXH VR\ SHUR HQ HO OHQJXDMH GH ORV DXWRUHV FRQOOHYD PD\RU
LPSRUWDQFLD\SRGUiPiVELHQVLJQLILFDUDOJRFRPR£2F~SDWHGHWXVSURSLRVDVXQWRV
/RVQRPEUHV<DKYpR
-HKRYiVRQSURQXQFLDFLRQHVPRGHUQDVGHODGHVFULSFLyQKHEUHDGH'LRVTXHHV<+:+HOLGLRPDKHEUHRQR
WLHQHYRFDOHV1RHUDHOQRPEUHGHOGLRVPiVELHQIXHXQWtWXORDGRSWDGRGHODUHVSXHVWD\RVR\
'HDFXHUGRFRQODQDUUDFLyQGHOD%LEOLD0RLVpVUHJUHVyD(JLSWRWLHPSRGHVSXpVSDUDOLEHUDUDODV
GLYHUVDVEDQGDVGHDVLiWLFRVOODPDGRVKDELUXVSRUORVHJLSFLRVGHODHVFODYLWXGVXSXHVWDPHQWHYDOLpQGRVH
GH ORV SRGHUHV GH VX\PZJHQLRGLRV GH OD WRUPHQWD SDUD WUDHU OD PLVHULD \ OD PXHUWH D ORV LQIRUWXQDGRV
HJLSFLRV 6H QRV GLFH TXH VHLVFLHQWRV PLO LVUDHOLWDV LQLFLDURQ XQ YLDMH TXH GXUy FXDUHQWD DxRV SHUR UHVXOWD
FODURSDUDFXDOTXLHUREVHUYDGRULQWHOLJHQWHTXHXQp[RGRGHWDOPDJQLWXGVyORSXGRKDEHULQYROXFUDGRDXQD
IUDFFLyQGHGLFKDFLIUD1RH[LVWHUDVWURDOJXQRGHXQVXFHVRDVtHQODKLVWRULDHJLSFLD\GHKDEHUVLGRDOJRGH
OD HVFDOD HQ TXH OR QDUUD OD %LEOLD WDPELpQ OR VHUtD SDUD ORV HJLSFLRV 6L HO JUXSR WHQtD HVD FDQWLGDG GH
SHUVRQDVUHSUHVHQWDUtDODFXDUWDSDUWHGHODSREODFLyQWRWDOGH(JLSWR\GDGRHOHIHFWRTXHHVWDPLJUDFLyQ
KDEUtD FDXVDGR HQ ORV UHTXHULPLHQWRV GH DOLPHQWR \ GH DEDVWR ODERUDO ORV HJLSFLRV FLHUWDPHQWH KXELHUDQ
UHJLVWUDGRVXLPSDFWRVRFLDO
6LQ HPEDUJR FXDOTXLHUD TXH KD\D VLGR OD FLIUD 0RLVpV OOHYy D VX SXHEOR DO 6LQDt GH UHJUHVR DO
FDPSDPHQWRPLGLDQLWDGRQGHVDOXGyDVXVXHJURTXLHQDVXYH]GLRODELHQYHQLGDDORVLVUDHOLWDV\RIUHFLyD
0RLVpVVDELRVFRQVHMRV(OSURIHWDHQWRQFHVUHJUHVyDODPRQWDxDVDJUDGDSDUDUHXQLUVHFRQHOGLRVTXHD~Q
YLYtD DKt (O GLRV GH OD WRUPHQWD TXH KDELWDED HQ XQD QXEH QHJUD GLMR D 0RLVpV TXH VL DOJXQR GH HVRV
LVUDHOLWDV R VXV DQLPDOHV OOHJDEDQ D SRQHU XQ SLH HQ OD PRQWDxD R VyOR OD WRFDEDQ pO ORV PDWDUtD
DWUDYHViQGRORV FRQ XQD GHVFDUJD R ORV DSHGUHDUtD (O QXHYR GLRV LQIRUPy D VXV QXHYRV VHJXLGRUHV TXH
UHTXHUtD TXH OR DGRUDUDQ GH RWUD PDQHUD R FREUDUtD YHQJDQ]D QR VyOR FRQWUD TXLHQHV QR OR KLFLHUDQ VLQR
FRQWUDVXVKLMRVQLHWRV\HOUHVWRGHVXGHVFHQGHQFLD([LJLyDGHPiVTXHORVLVUDHOLWDVOHKLFLHUDQUHJDORVGH
RUR SODWD OLQRV ILQRV SLHOHV GH WHMyQ \ PDGHUD GH DFDFLD \ TXH FRQVWUX\HUDQ XQ DUFD FRPSOHWDPHQWH
UHYHVWLGD GH RUR SDUD TXH pO OD SXGLHUD KDELWDU (VWD DUFD HUD GHO PRGHOR HJLSFLR FOiVLFR FRQ TXHUXELQHV
HJLSFLRVHQORDOWRORVFXDOHVKR\GtDVRQDFHSWDGRVHQWRGRHOPXQGRFRPRXQSDUGHHVILQJHVDODGDVHVWR
HVOHRQHVDODGRVFRQFDEH]DGHKXPDQRVYpDVHODILJXUD
1R FUHHPRV TXH HVWH GLRV KD\D FDXVDGR XQD JUDQ LPSUHVLyQ D OD PD\RUtD GH ORV LVUDHOLWDV \D TXH
pVWRVKLFLHURQXQEHFHUURGHRURHQFXDQWR0RLVpVVXELyODPRQWDxDSDUDKDEODUFRQ-HKRYi/RPiVSUREDEOH
HV TXH HVD HILJLH IXHUD XQD UHSUHVHQWDFLyQ GHO GLRV HJLSFLR $SLV OR TXH HQIXUHFLy DO QXHYR GLRV HO FXDO
LQVWUX\yD0RLVpVSDUDTXHRUGHQDUDDVXVVDFHUGRWHVHMHFXWDUDFXDQWRVSHFDGRUHVIXHUDSRVLEOHVHUHODWDTXH
PXULHURQWUHVPLOLVUDHOLWDV
<ORVPXURVVHGHUULEDURQ
(QWDQWRTXHORVLVUDHOLWDVVHGHVSOD]DEDQKDFLDVXWLHUUDSURPHWLGDVyORH[LVWtDXQREVWiFXORHQWUHHOORV\HO
ORJUR GH VX FRPHWLGR OD SREODFLyQ ORFDO 3HUR -HKRYi ORV OOHYDUtD D OD YLFWRULD VREUH ORV FDPSHVLQRV GH
&DQDiQ
(OOLEURGHO'HXWHURQRPLRYHUVLyQ'RXDLHQVXVFDStWXORV\QDUUDFyPRVXFHGLHURQORVKHFKRV
FXDQGRORVHOHJLGRVGH'LRVDPHQD]DURQODFLXGDGHVWDGRGH&DQDiQ
<6HKRQYLQRDHQFRQWUDUQRVFRQWRGDVXJHQWHSDUDFRPEDWLUHQ-DVD<'LRV1XHVWUR6HxRUORWUDMR
KDVWDQRVRWURV\ORPDWDPRVMXQWRVXVKLMRV\VXSXHEOR
<WRPDPRVWRGDVVXVFLXGDGHVDOPLVPRWLHPSRGDQGRPXHUWHDVXVKDELWDQWHVKRPEUHV
PXMHUHV\QLxRV1RGHMDPRVQDGDGHHOORV
([FHSWR HO JDQDGR TXHVHUHSDUWLyHQWUH DTXHOORV TXH VH OR OOHYDURQ \ORV ERWLQHV TXH QRV
OOHYDPRVGHODVFLXGDGHV
'HVGH $URHU TXH HVWi XELFDGR HQ OD ULEHUD GHO WRUUHQWH $UQRQ XQ SREODGR GHO YDOOH D OD
DOWXUDGH*DODDG1RKXERSXHEORRFLXGDGTXHVHQRVHVFDSDUDGHODVPDQRV'LRVQXHVWUR6HxRUQRV
ORVHQWUHJyWRGRV
(QWRQFHV YROYLPRV SRU HO FDPLQR GH %DVDQ \ 2J HO UH\ GH %DVDQ YLQR D QXHVWUR
HQFXHQWURFRQVXSXHEORSDUDOXFKDUHQ(GDULHQQXHVWUDFRQWUD
<HO6HxRUPHGLMRQROHWHPDVSRUTXHHVWiUHQGLGRHQWXVPDQRVMXQWRFRQWRGDVXJHQWH\
VXVWLHUUDV<W~OHKDUiVORTXHOHKLFLVWHD6HHKRQUH\GHORVDPRUUHRVTXLHQYLYtDHQ+HVHERQ
$Vt 'LRV QXHVWUR 6HxRU HQWUHJy D 2J WDPELpQ UH\ GH %DVDQ HQ QXHVWUDV PDQRV< ORV
GHVWUXLPRVWRWDOPHQWH
$FDEDQGRFRQWRGDVVXVFLXGDGHVDOPLVPRWLHPSR1RKXERSREODGRTXHVHQRVHVFDSDUD
VHVHQWDFLXGDGHVWRGRHOWHUULWRULRGH$UJRE\HOUHLQRGH2JHQ%DVDQ
7RGDV ODV FLXGDGHV HVWDEDQ UHVJXDUGDGDV FRQ PXURV PX\ DOWRV \ FRQ SyUWLFRV \ EDUUDV
DGHPiVGHORVLQQXPHUDEOHVSXHEORVTXHFDUHFtDQGHPXURV
< ORV GHVWUXLPRV SRU FRPSOHWR FRPR OR KLFLPRV FRQ 6HHKRQ HO UH\ GH +HVHERQ
GHVWUX\HQGR FDGD FLXGDG KRPEUH PXMHU \ QLxR 3HUR HO JDQDGR \ HO ERWtQ GH ODV FLXGDGHV OR
WRPDPRVSDUDQRVRWURV
/RVSDVDMHVQRGHVFULEHQEDWDOODVVLQRPDVDFUHVHQODVTXHFDGDKRPEUHPXMHU\QLxRDOLJXDOTXHRYHMDV
EXH\HV\DVQRVIXHURQPXHUWRVFRQODHVSDGD
(O $QWLJXR 7HVWDPHQWR FRQWLHQH D~Q PiV SDVDMHV GH HVWH WLSR GH YLROHQFLD $GHPiV -HKRYi OH
UHFXHUGDD6XSXHEORTXHpOHVWRGRSRGHURVR\HVWiGLVSXHVWRDFDVWLJDUFRQIHURFLGDGDDTXHOORVTXHQROR
DGRUHQ\YLYDQFRQIRUPHD6X3DODEUD(QHO'HXWHURQRPLRVHGDODVLJXLHQWHDGYHUWHQFLD
0DVVLOOHJDUHVDROYLGDUWHGH-HKRYiWX'LRV\DQGXYLHUHVHQSRVGHGLRVHVDMHQRV\OHVVLUYLHUHV\D
HOORVWHLQFOLQDUHV\RORDILUPRKR\FRQWUDYRVRWURVTXHGHFLHUWRSHUHFHUpLV
&RPRODVQDFLRQHVTXH-HKRYiGHVWUXLUiGHODQWHGHYRVRWURVDVtSHUHFHUpLVSRUFXDQWRQR
KDEUpLVDWHQGLGRDODYR]GH-HKRYiYXHVWUR'LRV
4XLHQTXLHUDTXHKD\DVLGR0RLVpVHQUHDOLGDGVHFRQYLUWLyHQDVHVLQRHQ(JLSWR\SDVyHOUHVWRGHVXYLGD
DVHVLQDQGR JUDQGHV FDQWLGDGHV GH JHQWH WDQWR H[WUDxD FRPR DTXHOOD TXH SXVR VX FRQILDQ]D HQ pO
(QFRQWUDPRVGLItFLOUHFRQFLOLDUDOKRPEUH\DVXYLVLyQVREUHVX'LRVFRQHO'LRVGHORVMXGtRV\FULVWLDQRV
GHKR\
3DUDQRVRWURVHVWDGLVSDULGDGSUXHEDODLGHDGHTXH'LRVQRHVXQHQWHHVWiWLFRVLQRXQIRFRVRFLDOTXHFUHFH
\ HYROXFLRQD FRQIRUPH VH HQWUHPH]FOD FRQ RWURV GLRVHV GHVDUUROOiQGRVH OHQWDPHQWH HQ XQD ILJXUD OtGHU
LGHDOL]DGDTXHUHIOHMDODPRUDO\ODVQHFHVLGDGHVGHHQWRQFHV1RVHWUDWDWDQWRGHTXH'LRVKD\DKHFKRDO
KRPEUHD6XLPDJHQ\VHPHMDQ]DVLQRGHTXHHOKRPEUHHQIRUPDFRQWLQXDUHFUHDD'LRVDVXLPDJHQ\
VHPHMDQ]D
/DIHFKDGHOe[RGR
(Q OD DFWXDOLGDG DOJXQRV LQYHVWLJDGRUHV SLHQVDQ TXH ODV EDWDOODV VDQJULHQWDV QDUUDGDV HQ HO $QWLJXR
7HVWDPHQWRVRQH[DJHUDGDV\TXHODOOHJDGDGHORVLVUDHOLWDVUHSUHVHQWyPiVELHQXQDDEVRUFLyQJUDGXDOGHOD
VRFLHGDGFDQDQHDTXHVXFUXHQWRUHHPSOD]R6LQHPEDUJRHQH[SORUDFLRQHVDUTXHROyJLFDVUHFLHQWHVVHKD
GHVFXELHUWR HYLGHQFLD GH XQD JUDQ FDQWLGDG GH FLXGDGHV \ SREODGRV GHVWUXLGRV TXp XELFDQ HO FiOFXOR GHO
e[RGRGXUDQWHOD~OWLPDPLWDGGHOD(GDGGH%URQFH7DOVXSRVLFLyQXELFDUtDDOe[RGRHQDOJ~QSXQWRGHXQ
ODSVRGHFLHQDxRVHQWUHODH[SXOVLyQGHORVKLFVRV\PHGLDGRVGHOVLJOR[YD&(VWRLQFUHPHQWDDPSOLDPHQWH
ODSUREDELOLGDGGHTXH0RLVpVIXHUDDGRSWDGRSRUODIDPLOLDUHDOHJLSFLDSRFRGHVSXpVGHTXHHOSXHEORGH
7HEDVUHFXSHUDUDHOFRQWUROGHOSDtV
3HQVDPRVTXHORVFRQRFLPLHQWRVTXHDGTXLULyHQ(JLSWROHRWRUJDURQODSHUFHSFLyQ\ODFDSDFLGDGGH
FUHDUDVXSURSLRGLRV\HVWDEOHFHUXQDQXHYDQDFLyQIUHQWHDJUDQGHVGLILFXOWDGHV6XVPpWRGRVLQKXPDQRV
SXGLHURQ VHUOD~QLFD PDQHUD GHORJUDU HOp[LWR +D\ EDVWDQWH HYLGHQFLD GH TXH KXER XQD IXHUWHLQIOXHQFLD
HJLSFLDHQORVVXFHVRVGHOe[RGRGHVGHHOGLVHxRGHO$UFDGHOD$OLDQ]DKDVWDWDEODVGHMHURJOtILFRVGDGDVD
0RLVpVSRU-HKRYi\SHQVDPRVTXHHVOyJLFRVXSRQHUTXHORVVHFUHWRVGH6HTHQHQUHVREUHODFHUHPRQLDGH
UHVXUUHFFLyQ IXHURQ WDPELpQ WRPDGRV GH (JLSWR (V FODUR TXH 0RLVpV WUDWy D VX SXHEOR FRPR SHUVRQDV GH
PHQWDOLGDG VHQFLOOD \ GH KHFKR GHELHURQ VHU SRFR VRILVWLFDGRV FRPSDUDGRV FRQ VX OtGHU TXLHQ HUD FRPR
VDEHPRVGLHVWURFRQORVVHFUHWRVGHORVHJLSFLRV
'DYLG\6DORPyQ
/DV WULEXV GH ,VUDHO H[LVWLHURQ GH PDQHUD LQGHSHQGLHQWH SRU DOJXQRV FLHQWRV GH DxRV GXUDQWH XQ SHULRGR
FRQRFLGRFRPRGHORV-XHFHV(VWRVSHUVRQDMHVQRHUDQILJXUDVMXGLFLDOHVRPDJLVWHULDOHVVLQRTXHHUDQKpURHV
LGHQWLILFDGRVSRUHOSXHEORFRPRVDOYDGRUHV
/DLGHDDFHSWDGDSRUORJHQHUDOGHTXHODVGRFHWULEXVGH,VUDHOHVWXYLHURQLQYROXFUDGDVHQHOe[RGR
HV IDOVD HQ OD DFWXDOLGDG VH FUHH TXH VyOR GRV R WUHV GH HOODV OOHJDURQ GH HVD PDQHUD D VX GHVWLQR (Q HO
3HULRGRGHORV-XHFHVODVWULEXVGH6LPHyQ\/HYLIXHURQYLUWXDOPHQWHH[WHUPLQDGDV\ODSULQFLSDOWULEXGH
-XGiDSHQDVFRPHQ]DEDDVHUUHFRQRFLGDFRPRSDUWHGHORVLVUDHOLWDV
3RFR D SRFR HO JUXSR GH OD WULEX QyPDGD KDELUX VH FRQYLUWLy HQ OD QDFLyQ KHEUHD GH LVUDHOLWDV \
GHMDURQVXVGtDVGHHUUDQWHVSDUDYROYHUVHFDPSHVLQRV\DUWHVDQRV/RVSREODGRUHVTXHQRIXHURQDVHVLQDGRV
GXUDQWHODLQYDVLyQHQVHxDURQDORVUHFLpQOOHJDGRVODVGHVWUH]DVTXHKDEtDQGHVDUUROODGRHQPLOHVGHDxRVGH
DJULFXOWXUD
(O OLEUR PiV YLHMR GHO $QWLJXR 7HVWDPHQWR HV HO &DQWR GH 'HERUDKHO FXDO UHODWD TXH H[LVWtD
FRRSHUDFLyQ HQWUH DOJXQDV GH ODV WULEXV VLHPSUH TXH HQIUHQWDEDQ D XQ HQHPLJR FRP~Q HQ HVWH FDVR ORV
ILOLVWHRV$TXHOODVWULEXVTXHQRSURYHtDQVROGDGRVSDUDODEDWDOODHUDQUHSUHQGLGDV(OSDSHOGHORVMXHFHVHUD
GLVWLQWRGHOUHLQDGR\DTXHFDGDMXGLFDWXUDREWHQtDXQSRGHUORFDOVREUHXQDRYDULDVWULEXVDODVTXHGRWDEDQ
GH OLGHUD]JR SROtWLFR R HFRQyPLFR D WUDYpV GH DOLDQ]DV YROXQWDULDV (Q UHVXPHQ ORV UH\HV HUDQ HOHJLGRV
GLYLQRVSHURORVMXHFHVQR
3HUR QR WRGRV ORV MXHFHV HUDQ LJXDOHV 8QR GH ORV KpURHV PiV DQWLJXRV IXH HO JXHUUHUR -HUXEEDDO
TXLHQ PiV WDUGH FDPELy VX QRPEUH SRU HO GH *HGHyQ 6X QRPEUH RULJLQDO HUD FDQDQHR KRQUDQGR DO GLRV
%DDOORTXHWDOYH]LOXVWUDTXHHQHVRVWLHPSRV-HKRYiQRHVWDEDWDQDWULQFKHUDGRFRPRQRVORKDFHQFUHHU
ORVDXWRUHVGHO$QWLJXR7HVWDPHQWR$*HGHyQVHOHRIUHFLyUHLQDUVREUH,VUDHOSHURpOGHFOLQyDILUPDQGR
TXH-HKRYiHUDHOUH\GHWRGRVHOORVVLQHPEDUJRHVFODURTXHVXVWHQWDEDXQDSRVLFLyQHVSHFLDO\GHEHVHU
YLVWRFRPRXQKHUHGHURGH0RLVpV
3HVH D TXH *HGHyQ GHFOLQy HO FDUJR GH UH\ VX DXWRULGDG SURYHQtD HQ IRUPD GLUHFWD GH 0RLVpV \
FLHUWDPHQWHVREUHSDVDEDODGHRWURVMXHFHV)XQGyXQFHQWURFHUHPRQLDOHQ2SKUDKGRQGHKL]RXQREMHWRGH
FXOWRFRQRFLGRFRPRHSKRGTXHHUDXQDHVSHFLHGHDUFDORFXDOVXJLHUHTXHSRVHtDRWURGLRV&RPRKRPEUH
GHLQIOXHQFLD\SRGHU*HGHyQWHQtDXQKDUpQSRVLEOHPHQWHFRQYtUJHQHVPLGLDQLWDVFDSWXUDGDV\VHGLFH
TXH OOHJy D WHQHU VHWHQWD KLMRV HO SUHIHULGR GH HOORV HUD $ELPHOHFK QRPEUH TXH KD VXJHULGR D PXFKRV
LQYHVWLJDGRUHV EtEOLFRV OD H[LVWHQFLD GH XQD FUHFLHQWH LGHRORJtD PRQiUTXLFD 6H WRPD FRPR HYLGHQFLD TXH
*HGHyQVtDFHSWyHOUHLQDGRSHURORKD\DKHFKRRQRVXKLMRVtWUDVFHQGLyVXFRQGLFLyQGHMXH]\VHFRQYLUWLy
HQ UH\ (Q ODV H[FDYDFLRQHV GHO WHPSOR HULJLGR D VX PHPRULD FRQRFLGR FRPR %DDOEHULWK VH HQFRQWUy XQ
PLJGDO R WHPSOR IRUWLILFDGR FRQ PXURV GH FLQFR PHWURV GH HVSHVRU \ HQ DOJXQDV VHFFLRQHV GHO SRUWyQ VH
KDOODURQEDVHVSDUDFROXPQDVVDJUDGDV eVWDIXHXQDJHQHUDFLyQSRVWHULRUD0RLVpV\DOJRLPSRUWDQWHFLHQWRVGHDxRVDQWHULRUDODPXHUWH
GH6DORPyQVLQHPEDUJRVHHQFRQWUDURQGRVFROXPQDVVDJUDGDVDFDGDODGRGHODSXHUWDGHXQWHPSORTXH
SHUWHQHFLyDOSULPHUUH\GHORVMXGtRV/DVLQVWUXFFLRQHVVREUHHOVLJQLILFDGRGHODVFROXPQDV\ODFHUHPRQLD
UHODFLRQDGDFRQHOODVVyORSXGLHURQVHUUHYHODGDVD$ELPHOHFKSRUSDUWHGH0RLVpVDWUDYpVGH*HGHyQ1RV
SDUHFHUD]RQDEOHUHFRQRFHUTXHODFHUHPRQLDGHUHVXUUHFFLyQEDVDGDHQODKLVWRULDGH6HTHQHQUHSXGRVHU
XWLOL]DGDSRUHOJUXSRGHODIDPLOLDUHDOSXHVTXL]iQRKD\DQFRQRFLGRRWURULWXDOGHFRURQDFLyQTXHHOTXH
0RLVpV DSUHQGLy HQ (JLSWR /DV FROXPQDV PLVPDV UHSUHVHQWDUtDQ HO YtQFXOR H[LVWHQWH HQWUH 'LRV \ OD
HVWDELOLGDGGHOQXHYRHVWDGR
3RUGHVJUDFLDSDUD$ELPHOHFKODHVWDELOLGDGQRGXUyPXFKR6XIUiJLOUHLQDGRSURQWRVHGHUUXPEy\
SRFR WLHPSR GHVSXpV SHUGLy OD YLGD HQ XQD EDWDOOD FRQWUD ORV KDELWDQWHV GH OD FLXGDG GH 7HEDV TXH VH
QHJDEDQDFRRSHUDU3RUORWDQWRHOSHULRGRGHORVMXHFHVFRQWLQXySHURHOFRQRFLPLHQWRGHORVVHFUHWRVGHOD
FDVDUHDO\ODFHUHPRQLDGHFRURQDFLyQVHPDQWXYLHURQYLYRVSRUODOtQHDVXFHVRULDGHORVMXHFHVGH*HGHyQ
$ORODUJRGHHVHSHULRGR-HUXVDOpQIXHXQSXHEORTXHSHUPDQHFLyHQPDQRVGHVXVDQWLJXRVIXQGDGRUHVORV
MHEXVLWDV \ HO FHQWUR UHOLJLRVR \ SROtWLFR GH ORV LVUDHOLWDV HUD OD FLXGDG GH 6KLORK D XQRV WUHLQWD \ FLQFR
NLOyPHWURVDOQRUWH/DVH[FDYDFLRQHVKDQPRVWUDGRTXHODFLXGDGIXHGHVWUXLGDDOUHGHGRUGHD&HQOD
JXHUUDHQWUHORVLVUDHOLWDV\ORVILOLVWHRV(VWHVXFHVRIXHSUHVHQFLDGRSRU6DPXHOTXLHQHUDXQLPSRUWDQWHH
LQIOX\HQWHMXH]DVtFRPRSURIHWD\VDFHUGRWH
/D JXHUUD HQWUH LVUDHOLWDV \ ILOLVWHRV TXHGy UHJLVWUDGD HQ OD QDUUDFLyQ EtEOLFD GH 6DQVyQ QD]DULWD
KRPEUH VDQWR GH LQPHQVD IXHU]D ItVLFD TXH DQLTXLOy D WUHV PLO ILOLVWHRV DO GHUULEDU ODV FROXPQDV GH VX
WHPSORORFXDOFUHHPRVHVXQDPHWiIRUDSDUDLQGLFDUTXHPLQyVXHVWDELOLGDGQDFLRQDO
)XH 6DPXHO TXLHQ FRQYLUWLy HQ UH\ DO EHQMDPtQ 6D~O HQ XQD FHUHPRQLD GH XQFLyQ SULYDGD (Q OD
%LEOLD QR VH H[SOLFD FyPR HV TXH 6DPXHO VDEtD KDFHU HVWR \ FODUR HVWi QR KD\ XQD GHVFULSFLyQ GH OD
FHUHPRQLDPLVPD3DUHFHVHUTXHODUHODFLyQHQWUH6DPXHO\6D~OHUDODGHSRGHUHVLGpQWLFRVFRPRVDFHUGRWH
\UH\ODVGRVFROXPQDVGHXQDVRFLHGDGH[LWRVDXQLGRVSDUDSURGXFLUHVWDELOLGDG(VWDUHODFLyQVHYROYLyPX\
WHQVD FXDQGR 6D~O UHDOL]y XQ VDFULILFLR HQ *LOJDO VLQ TXH 6DPXHO SXGLHUD RWRUJDU ORV EHQHILFLRV GH VX
PLQLVWHULR\PiVDGHODQWHXQDYH]TXH6D~OVHQHJyDGHVWUXLUHOKDUpQGHOGHUURWDGR$PDOHNLWHV6DPXHO
GHFLGLyURPSHUHVDXQLyQ
3URQWRVXUJLyXQQXHYRFDQGLGDWRHVWDYH]GHODWULEXGH-XGiGHPD\RUSREODFLyQTXHODSHTXHxD
WULEX GH %HQMDPtQ 6X QRPEUH HUD 'DYLG SURYHQtD GHO SHTXHxR SREODGR GH %HOpQ \ HUD HQ WRGRV ORV
VHQWLGRV XQ KRPEUH FRQ JUDQGHV GRWHV SULPHUR FRPR PLHPEUR GH OD FRUWH GHVSXpV FRPR VROGDGR \ SRU
~OWLPRFRPRKRPEUHGH(VWDGR/DOH\HQGDGHODGHUURWDGH*ROLDWVXHOHDFHSWDUVHFRPRYHUGDGHUDSHURQR
IXH'DYLGTXLHQPDWyDOJLJDQWH*LWLWHVLQRRWURKRPEUHGH%HOpQOODPDGR(OKDQDQ!"HOKLMRGH-DDUHRUHJLP#
/DDWULEXFLyQGHODKD]DxDD'DYLGIXHXQLQWHQWRSRVWHULRUGHSUHVHQWDUORFRPRXQMRYHQSDVWRUVHQFLOORTXH
QRHVWDEDDFRVWXPEUDGRDODJXHUUDSHURGHKHFKRWRGDVXYLGDIXHXQJUDQVROGDGR
6D~OYLRHQ'DYLGXQDDPHQD]DHLQWHQWyHOLPLQDUORSHURIXHHOSURSLR6D~OTXLHQSHUGLyODYLGD\
6DPXHOFUHyDVXVHJXQGRUH\(VSRFRFRQRFLGRTXHFXDQGR'DYLGKXtDGH6D~OHVWXYRDOVHUYLFLRGHORV
ILOLVWHRVHQFRQWUDGHORVLVUDHOLWDVXQDDFWLYLGDGH[WUDxDSDUDDOJXLHQTXHIXQGyODOtQHDSULQFLSDOHQODKLV
WRULDGH,VUDHO
'DYLG VHFRQYLUWLy HQ UH\GH ,VUDHO DOUHGHGRU GH D & \ SRU SULPHUD YH] XQLy GH YHUGDG D ODV
WULEXVHQXQVRORSXHEOR
(VWR WXYR XQ SDUHFLGR DVRPEURVR DO SDSHO TXH MXJDEDQ ORV UH\HV GH (JLSWR HQ HO VHQWLGR GH TXH
,VUDHO WDPELpQ VH FRPSRQtD GH GRV WHUULWRULRV XQR DO QRUWH \ RWUR DO VXU XQLGRV SRU XQ VROR JREHUQDQWH
'XUDQWHORVSULPHURVVLHWHDxRV'DYLGJREHUQyGHVGH+HEUyQHQHOWHUULWRULRVXUGH-XGiSHURVXORJURPiV
LPSRUWDQWHIXHFRQTXLVWDU-HUXVDOpQFUHDQGRXQDQXHYDFDSLWDOTXHVHXELFDEDHQHOFHQWURGHODVGRVPLWDGHV
GHOUHLQR$TXtVHPDQGyFRQVWUXLUXQSDODFLR\WUDQVSRUWyODFiPDUDTXHDORMDEDHO$UFDGHOD$OLDQ]D\VX
DOWDUDOVLWLRGRQGHSURSXVRFRQVWUXLUXQWHPSORSDUD-HKRYi
'DYLGIRUPyXQHMpUFLWRELHQHQWUHQDGRHQVXPD\RUtDFRPSXHVWRSRUPHUFHQDULRVH[WUDQMHURVFRQ
HOFXDOGHUURWyDORVILOLVWHRVTXLHQHVD~QPDQWHQtDQHQODUHJLyQDOJXQDVFLXGDGHVEDMRVXGRPLQLRSRUILQ
FRQVHJXtDHOFRQWUROGHORVWHUULWRULRVTXHLEDQGHVGHHO(XIUDWHVKDVWDHO*ROIRGH$TDED3DUHFtDTXHODSD]
VH KDEtD DVHJXUDGR FXDQGR 'DYLG HVWDEOHFLy XQ WUDWDGR FRQ +LUDP UH\ GH 7LUR SHUR HO FRPSRUWDPLHQWR
GHVRUGHQDGRGH'DYLG\VXIDPLOLDWUDMHURQFRQVLJRPXFKDLQHVWDELOLGDG
/RV DFRQWHFLPLHQWRV VRQ GLJQRV GH XQD SHOtFXOD pSLFD GH +ROO\ZRRG 'DYLG VH HQDPRUy GH
%DWKVKHED\DVHVLQyDVXHVSRVR8ULDK(OKLMRGH'DYLGHOSUtQFLSHKHUHGHURDOWURQR$PQyQIXHDVHVLQDGR
SRU VX KHUPDQR $EVDOyQ GHVSXpV GH KDEHU YLRODGR D VX SURSLD PHGLR KHUPDQD 7DPDU \ $EVDOyQ LQWHQWy
WRPDUHOUHLQRGHVXSDGUHSRUODIXHU]D'HVSXpVGHORTXHOOHJyDVHUXQDJXHUUDFLYLO'DYLGFRQVHUYyVX
UHLQR\$EVDOyQSHUGLyODYLGDFROJDGRGHXQiUERO
7RGDV HVWDV GLVWUDFFLRQHV LPSLGLHURQ TXH 'DYLG FRQVWUX\HUD HO WHPSOR GHVWLQDGR D DOEHUJDU D VX
'LRV-HKRYi 3RFRWLHPSR GHVSXpV 'DYLG VHHQFRQWUDED HQVX OHFKR GH PXHUWH \ HO KHUHGHUR D OD FRURQD
$GRQLMDK IXH LQYHVWLGR UH\ 3HUR DQWHV GH TXH OD IHVWLYLGDG GH OD FRURQDFLyQ WHUPLQDUD RWUR KLMR GH
%DWKVKHED OODPDGR 6DORPyQ IXH XQJLGR UH\ SRU =DGRN FRQ OD FRODERUDFLyQ GH 'DYLG /D FHUHPRQLD GH
6DORPyQIXHFRQVLGHUDGDDXWpQWLFD\QRSDVyPXFKRWLHPSRDQWHVGHTXHHOQXHYRUH\VHGHVKLFLHUDGHVX
KHUPDQR\VXVVHJXLGRUHVSRUVLGHFLGtDQGHVDILDUORGHQXHYR
6DORPyQ HVWXYR URGHDGR GH JUDQGH]D \ EDMR VX JRELHUQR ,VUDHO DOFDQ]y DOWXUDVMDPiV ORJUDGDV 6H
FDVy FRQ OD KLMD GHOIDUDyQ \ FRPR GRWH OH IXH GDGD OD HVWUDWpJLFD FLXGDG GH *H]HU HQ OD IURQWHUD HJLSFLD
UHDOL]yREUDVGHFRQVWUXFFLyQSRUWRGRHOSDtVSHURORPiVLPSRUWDQWHGHWRGRIXHTXHFRQVWUX\yODFDVDGH
-HKRYi HO WHPSOR VDJUDGR SRU HO TXH VH OH UHFXHUGD PiV &RPR PHQFLRQDPRV HO WHPSOR IXH XQD REUD
UHODWLYDPHQWHPHQRUSHURDSHVDUGHHVRVHLQDXJXUyHQIRUPDVXQWXRVD8ELFDGRHQXQOXJDUFpQWULFRHQOD
FLPDGHXQDFROLQDFRQODSXHUWDRULHQWDGDKDFLDHOVROQDFLHQWH\FRPRVHORFDOL]DEDPiVRPHQRVVREUHOD
OtQHD GLYLVRULD GH DPERV WHUULWRULRV XQR DO QRUWH \ HO RWUR DO VXU ODV FROXPQDV GH OD SXHUWD VH HUJXtDQ
UHSUHVHQWDQGR OD DUPRQtD \ HO EDODQFH GHO UHLQR XQLILFDGR (UD XQD UHFRQVWUXFFLyQ GHO FRQFHSWR HJLSFLR GH
HVWDELOLGDGSROtWLFDSRUPHGLRGHODXQLGDG
%RD] OD FROXPQD GH OD L]TXLHUGD VH VLWXDED HQ HO VXU UHSUHVHQWDED HO WHUULWRULR GH -XGi \
VLPEROL]DED OD IRUWDOH]D -DFKLQ HVWDED DO QRUWH UHSUHVHQWDED HO WHUULWRULR GH ,VUDHO \ VLPEROL]DED HO
HVWDEOHFLPLHQWR\FXDQGRVHXQtDQSRUPHGLRGHOGLQWHOGH-HKRYiDPEDVFROXPQDVSURYHtDQHVWDELOLGDG$O
LJXDO TXH HQ HO DQWLJXR (JLSWR PLHQWUDV ORV WHUULWRULRV HVWXYLHUDQ XQLGRV SRU ODV FROXPQDV DGHFXDGDV OD
HVWDELOLGDG SROtWLFD SHUGXUDUtD (VWH FRQFHSWR IXH FRSLDGR SRU FRPSOHWR GH ORV HJLSFLRV LQGLFDQGR TXH OD
HVWUXFWXUDGHODPRQDUTXtD\WHRORJtDLVUDHOLWDVD~QQRSHUGtDQVXVDQWLJXRVRUtJHQHV
7RGRHVWRGHEtDSDJDUVH\FRPRFDVLWRGDODWHFQRORJtDHUDH[WUDQMHUD²+LUDPUH\GH7LURSURYH\y
ODIXHU]DGHWUDEDMRHVSHFLDOL]DGD\ODPD\RUSDUWHGHODPDWHULDSULPD²HVWRUHSUHVHQWyXQJUDQJDVWRSDUD
HOIUiJLOUHLQR\6DORPyQFRPHQ]yDTXHGDUVHVLQGLQHURWHQLHQGRTXHYHQGHUPXFKDVFLXGDGHVSDUDSRGHU
OLTXLGDUODVGHXGDV/DSREODFLyQWXYRTXHVRSRUWDUWUDEDMRVIRU]DGRVSXHVVHOHVHQYLDEDHQJUXSRVGHGLH]
PLOKRPEUHVSRUWXUQRVGHXQPHVDO/tEDQRSDUDWUDEDMDUSDUD+LUDPUH\GH7LUR(OUHLQRIXHGLYLGLGRHQ
GRFHUHJLRQHV\FDGDXQDGHHOODVHUDUHVSRQVDEOHGHSDJDULPSXHVWRVDOSDODFLRGXUDQWHXQPHVGHODxR/RV
QLYHOHV GH LPSXHVWRV DXPHQWDURQ FDGD YH] PiV \ ORV VXEGLWRV GH 6DORPyQ FRPHQ]DURQ D SHUGHU HO
HQWXVLDVPRSRUHOGHVHRGHJUDQGH]DGHVXUH\
3HVHDODIRUPDHQTXHORVIXWXURVDXWRUHVGHOD%LEOLDSUHILULHURQYHUORH[LVWHQHYLGHQFLDVGHTXHHO
LQWHUpV SRU -HKRYi VLHPSUH IXH PX\ UHGXFLGR \ TXH OD PD\RUtD GHO SXHEOR FRQVLGHUDED D RWURV GLRVHV
PHUHFHGRUHVGHODPLVPD HVWLPDVLQRHVTXHPiV3DUDPXFKRV-HKRYiHUDVyORHOGLRVGHODJXHUUD~WLO
GXUDQWHWLHPSRVGHFRPEDWHSHURXQDILJXUDGHPHGLDQDWUDVFHQGHQFLDHQFRPSDUDFLyQFRQHOUHVWRGHORV
GLRVHV /RV QRPEUHV TXH VH OHV GDED D ORV LVUDHOLWDV QRWDEOHV D WUDYpV GH ORV WLHPSRV PXHVWUDQ XQD JUDQ
YHQHUDFLyQKDFLD%DDOGHWDOIRUPDTXHHODGRUDGRUPiVIHUYLHQWHGH-HKRYiQRSRGUtDDILUPDUHQODDFWXD
OLGDGTXHORVMXGtRVGHHVHSHULRGRFUHtDQHQXQVRORGLRV
/R PLVPR VXFHGLy FRQ 6DORPyQ TXLHQ D ILQDOHV GH VX UHLQDGR VH GHGLFy D OD DGRUDFLyQ GH RWURV
GLRVHVORFXDOFDXVyLQGLJQDFLyQHQWUHXQJUDQQ~PHURGHVHFWDVHQSDUWLFXODUORVVDFHUGRWHVGHO7HPSORGH
-HUXVDOpQ 'HVSXpV VH SHQVy TXH OD PDOGDG GH 6DORPyQ IXH SHUGRQDGD SRU -HKRYi SRU UHVSHWR D VX SDGUH
'DYLG (Q UHVXPHQ GHVGH ORV WLHPSRV GH 0RLVpV KDVWD 6DORPyQ -HKRYi QR SDUHFH KDEHU LPSUHVLRQDGR
PXFKR D VX SXHEOR HOHJLGR &XDQGR 6DORPyQ IDPRVR SRU VX VDELGXUtD PXULy HO SDtV QR VyOR HVWDED HQ
EDQFDUURWDWDPELpQKDEtDSHUGLGRDVX'LRV
(O KLMR GH 6DORPyQ 5HKRERDP IXH HGXFDGR SDUD FUHHU HQ HO SRGHU GH VX UHLQR \ DXQTXH VH OH
DGYLUWLy GH OD QHFHVLGDG GH DVXPLU XQD SRVLFLyQ FRQFLOLDWRULD FRQ ORV DJUDYLDGRV GHO QRUWH TXLHQHV QR OR
UHFRQRFtDQ FRPR UH\ FRQWLQXy H[LJLpQGROHV FRRSHUDFLyQ (VWD DFWLWXG SURYRFy TXH OD XQLGDG GH ORV 'RV
7HUULWRULRVVHURPSLHUDGUiVWLFDPHQWH\TXHHOUHLQRGHOQRUWHGH,VUDHOQRWXYLHUD\DQDGDTXHYHUFRQ-XGiD
ODTXHYHtDFRPRODIXHQWHGHVXVSUREOHPDV
+DJDPRVXQUHFXHQWRGHORTXHKHPRVDSUHQGLGRVREUHORVLVUDHOLWDVGHHVHSHULRGR/DVDVSLUDFLRQHV
GH OD QXHYD QDFLyQ GH FRQYHUWLUVH HQ XQD FLYLOL]DFLyQ LPSRUWDQWH VH EDVDURQ HQ XQD WHRORJtD D PHGLDV
WUDEDMRVIRU]DGRV\GLQHURSUHVWDGR&RPRWRGRSUR\HFWRPDOSUHSDUDGRpVWHIUDFDVySHURGHMyXQDSURIXQGD
KXHOOD JUDEDGD HQ ORV FRUD]RQHV \ PHQWHV GH IXWXUDV JHQHUDFLRQHV ODV FXDOHV FRPSOHWDURQ GH PDQHUD
UHWURVSHFWLYDDTXHOODWHRORJtD\OXFKDURQSRUUHVWLWXLUODHItPHUDJORULDTXHPDUFyHOQDFLPLHQWRGHXQQXHYR
SXHEORFRQXQGLRV\XQGHVWLQR(VWDSUHWHQVLyQMDPiVOOHJyDFXPSOLUVHSHURVtORJUyXQDJUDQGH]DPiVDOOi
GHFXDOTXLHUPHGLGD
0LHQWUDV WDQWR ORVVHFUHWRV GH OD FHUHPRQLD GH LQLFLDFLyQDWUDYpV GH ODUHVXUUHFFLyQ \ OD UHFWLWXG
PRUDOEDVDGDHQORVSULQFLSLRVGHODFRQVWUXFFLyQGHOWHPSORIXHURQWUDQVPLWLGRVSRUODMHUDUTXtDUHDO(VWR
QRHUDXQFRQFHSWRDEVWUDFWRFRSLDGRGHODKLVWRULDHJLSFLDWUDtGRSRU0RLVpVVLQRTXHVHKDEtDWUDQVIRUPDGR
HQUHDOWDQUHDOFRPRVXWHPSORHQ-HUXVDOpQTXHFRQWHQtDHO$UFD\DVX'LRV
'XUDQWH HVWD HWDSD QR HQFRQWUDPRV HQ QXHVWURV HVWXGLRV DOJXQD UHIHUHQFLD DO DVHVLQDWR GHO
FRQVWUXFWRU GHO 7HPSOR GHO 5H\ 6DORPyQ 6LQ HPEDUJR UHFRQRFLPRV XQD SRVLEOH HYLGHQFLD TXH DSR\DED
QXHVWUDKLSyWHVLVUHODWLYDDODVGRVFROXPQDV\VXFRQH[LyQFRQODFHUHPRQLDGHUHVXUUHFFLyQGH6HTHQHQUH
7DRTXHIXHOOHYDGDD,VUDHOSRU0RLVpV\VHFRQYLUWLyHQHOVHFUHWRGHOD&DVD5HDOGH,VUDHO
1XHVWUDVLJXLHQWHWDUHDHUDLGHQWLILFDUHOPRPHQWRHQTXHHOQRPEUHGH6HTHQHQUH7DRIXHVXVWLWXLGR
SRU HO GH +LUDP $ELI SDUD SRGHU FRPSUHQGHU FyPR SXGLHURQ VXEVLVWLU HVWRV VHFUHWRV \ SRU ILQ UHVXUJLU
PHGLDQWHODVDFFLRQHVGHXQKRPEUHOODPDGR-HVXFULVWR(UDQHFHVDULRWDPELpQLQYHVWLJDUHQSURIXQGLGDGOD
VLJXLHQWHHWDSDHQODKLVWRULDGHODQDFLyQMXGtDSDUDVDEHUFyPRGHEHLQWHUSUHWDUVHHO1XHYR7HVWDPHQWRDOD
OX]GHQXHVWURVKDOOD]JRV
&21&/86,Ï1
/DKLVWRULDGHOQDFLPLHQWRGH0RLVpVUHVXOWyHVWDUEDVDGDHQXQDOH\HQGDVXPHULD\SHQVDPRVTXHIXHXQD
PDQHUD GH MXVWLILFDU HO KHFKR GH TXH XQ LPSRUWDQWH JHQHUDO PLHPEUR GH OD IDPLOLD UHDO HJLSFLD SXGLHUD
FRQYHUWLUVHHQHOSDGUHGHODQDFLyQMXGtD(VWiEDPRVEDVWDQWHVHJXURVGHTXH0RLVpVFRQRFtDORVVHFUHWRVGH
6HTHQHQUH 7DR \D VXVWLWXLGRV \ HVWDED IDPLOLDUL]DGR FRQ OD KLVWRULD GH ODV GRV FROXPQDV TXH XVDED HVRV
VHFUHWRVSDUDHVWDEOHFHUXQQXHYRULWXDOGHFRURQDFLyQUHDOIUHQWHDVXVVXEGLWRV(VWRGLRDORVMXGtRVTXH
HQWRQFHV FDUHFtDQ GH SDtV \ XQD FXOWXUD XQD LGHQWLGDG \ XQ ULWXDO VHFUHWR TXH WUDQVPLWLHURQ D WUDYpV GH OD
OtQHD VXFHVRULD GH 'DYLG )XH WDPELpQ 0RLVpV TXLHQ DGRSWy D -HKRYi HO WXUEXOHQWR GLRV GH OD WRUPHQWD
LGHQWLILFDGR FRQ HO VtPEROR WDX RULJLQDOPHQWH FRQRFLGR FRPR OD 0DUFD GH -HKRYi &XDQGR HVWDEOHFLy
FRQWDFWR FRQ VX QXHYR 'LRV 0RLVpVUHJUHVy D (JLSWR GRQGH KDEtD VLGR SHUVHJXLGR SRUXQ DVHVLQDWR SDUD
GLULJLUHOYLDMHDRWUDVWLHUUDVGHXQJUXSRGHQDELQDV(OYLDMHGHORVMXGtRVDOWHUULWRULRGH&DQDiQHVQDUUDGR
SRUOD%LEOLDFRPRXQSURFHVRFRQWLQXRGHPDVDFUHVDODSREODFLyQQDWLYD
8QD YH] HVWDEOHFLGD OD UHOLJLyQ GH -HKRYi VX SXHEOR ORV LVUDHOLWDV IXHURQ JREHUQDGRV SRU XQD
VXFHVLyQGHMXHFHVFRPHQ]DQGRFRQ-RVXpIDPRVROtGHUGHODEDWDOODGH-HULFy6LJXLHURQODWUDGLFLyQRWURV
MXHFHVSHURODVHYLGHQFLDVDUTXHROyJLFDV\EtEOLFDVPXHVWUDQTXHHOVtPERORGHODVGRVFROXPQDVIXHXWLOL
]DGRSRU$ELPHOHFKKLMRGH*HGHyQ \6DQVyQHOQD]DQWD(VWRLQGLFDEDVHJ~QQXHVWURVUD]RQDPLHQWRVTXH
ORVVHFUHWRVHJLSFLRVGH0RLVpVIXHURQXWLOL]DGRVFRQWLQXDPHQWHSRUORVOtGHUHVGHORVLVUDHOLWDV
(OSURIHWD6DPXHOXQJLyD6D~OFRPRHOSULPHUUH\GHORVMXGtRV\pVWHDVXYH]IXHVXFHGLGRSRU
'DYLGTXLHQFRQVLJXLyJUDQGHVKD]DxDVDOUHGHGRUGHODxRD&'DYLGXQLyORVUHLQRVGH-XGiH,VUDHO\
HVWDEOHFLyXQDQXHYDFDSLWDOHQHOFHQWURGHORV'RV7HUULWRULRV6XKLMR6DORPyQFRQVWUX\yHOSULPHUWHPSOR
HQ-HUXVDOpQFRQGRVFROXPQDVTXHUHSUHVHQWDEDQODXQLILFDFLyQGHORVGRVUHLQRV\TXHIRUPDEDQXQSRUWDO
RULHQWDGRKDFLDHOHVWHODFROXPQDFRORFDGDDOQRUWHVLPEROL]DD,VUDHO\ODRSXHVWDUHSUHVHQWDD-XGi/DVGRV
FROXPQDVVHXELFDEDQHQHOSyUWLFRGHOWHPSORPRVWUDQGRFRQHOORTXHODPRQDUTXtDLVUDHOLWDD~QFRQWHQtD
UDtFHV \ ULWXDOHV HJLSFLRV 6DORPyQ PXULy GHMDQGR D VX SXHEOR HQ OD SREUH]D SHUR OHJy ORV VHFUHWRV GH OD
FHUHPRQLDGHLQLFLDFLyQDWUDYpVGHODUHVXUUHFFLyQ\GHODUHFWLWXGPRUDOFRQEDVHHQORVSULQFLSLRVGHOD
FRQVWUXFFLyQGHXQWHPSORTXHGHEtDQVHUWUDQVPLWLGRVSRUODMHUDUTXtDUHDO
3DUDHQWRQFHVQRWHQtDPRVGXGDVGHTXHKDEtDPRVHQFRQWUDGRHOPRGHORVHFUHWRDGRSWDGRSDUDOD
FRQVWUXFFLyQ GHO HVWDGR MXGtR SHUR D~Q QR KDEtD UHIHUHQFLD DOJXQD VREUH HO DVHVLQDWR GHO FRQVWUXFWRU GHO
7HPSOR GH 6DORPyQ \ QHFHVLWiEDPRV DYHULJXDU FyPR \ HQ TXp PRPHQWR 6HTHQHQUH 7DR VH FRQYLUWLy HQ
+LUDP$ELI
1RWDV
:HUQHU.HOOHU7KH%LEOHDV+WVWRU\
3HDNH
V&RPPHQWDU\RQWKH%WEOH
,EWG
6DPXHO
3HDNH
V&RPPHQWDU\RQWKH%LEOH
,EWG
&DStWXOR
/DQDFLyQMXGtDHQVXVLQLFLRV
0LODxRVGHOXFKD
/DPXHUWHGHOUH\6DORPyQRFXUULyH[DFWDPHQWHPLODxRVDQWHVGHTXHHO~OWLPR\PiVIDPRVRSUHWHQGLHQWH
DOWtWXORGH5H\GHORV-XGtRVPXULHUDDPDQRVGHORVURPDQRV
3DUD ORV MXGtRV pVWH IXH XQ PLOHQLR SODJDGR GH GRORU OXFKD \ GHUURWD SHUR QXQFD GH UHQGLFLyQ
7DPELpQ VH FDUDFWHUL]y FRPR XQ SHULRGR GH E~VTXHGD GHVHVSHUDGD GH XQD LGHQWLGDG UDFLDO \ HO GHVHR GH
HVWDEOHFHUXQPDUFRWHROyJLFR\VRFLDOTXHSXGLHUDFRQVLGHUDUVHSURSLR&RQWDEDQFRQODDQWLJXDOH\HQGDGH
XQ SDGUH IXQGDGRU OODPDGR $EUDKDP \ OD GH XQ OHJLVODGRU GH QRPEUH 0RLVpV \ FRQ SRFR PiV TXH
HTXLYDOLHVH D WHQHU XQD FXOWXUD /RV SULPHURV UH\HV MXGtRV WUDQVPLWtDQ XQD KHUHQFLD YDFtD GH VLJQLILFDGR
'DYLG TXH HUUyQHDPHQWH FDUDFWHUL]y D XQ PDWyQ GH JLJDQWHV OHV GLR XQ PRGHOR D VHJXLU HQ OD HVSHUDGD
YLFWRULDFRQWUDVXVSRGHURVRVYHFLQRV\6DORPyQDSHVDUGHVXVSHTXHxRVORJURV\VX PDOSURWDJRQLVPR
OOHJyDVHUHOFHQWURGHORUJXOORQDFLRQDO6LQHPEDUJRQRIXHXQKRPEUHHOTXHJUDGXDOPHQWHYLQRDUHVXPLU
OD E~VTXHGD GH SURSyVLWR \ DXWRHVWLPD VLQR XQ WHPSOR SHTXHxR H LQVLJQLILFDQWH PDQGDGR D FRQVWUXLU SRU
6DORPyQSDUDHOGLRVGHODJXHUUD-HKRYi
&RPR \D KHPRV YLVWR GHVSXpV GH OD PXHUWH GH 6DORPyQ ORV GRV WHUULWRULRV GH ORV MXGtRV VH
GLYLGLHURQ GH QXHYR RFXSDQGR ,VUDHO OD UHJLyQ GHO QRUWH \ -XGi OD GHO VXU $PERV WXYLHURQ XQ GHVDUUROOR
GLIHUHQWHGHDFXHUGRFRQVXVUHVSHFWLYDVSHUVSHFWLYDVDOUHVSHFWRORTXHPX\SURQWRORVOOHYyDODJXHUUD\DO
HQIUHQWDPLHQWR(QHOUHLQRGHOQRUWHHODVHVLQDWRGHVXVUH\HVFDVLVHFRQYLUWLyHQHOGHSRUWHQDFLRQDO\HQ
ORVVLJORVVLJXLHQWHVODJXHUUDHOKRPLFLGLR\ODWUDLFLyQIXHURQODQRUPD4XL]iHOLQGLYLGXRPiVLQIDPHGH
HVH WLHPSR IXH -HK~ XQ JHQHUDO TXH OOHJy DO SRGHU DO DVHVLQDU SHUVRQDOPHQWH D -HKRUDP UH\ GH ,VUDHO
'HVSXpV PDWy D $KD]LDK GH -XGi TXLHQ SRU GHVJUDFLD HVWDED GH YLVLWD HQ HO QRUWH \ RUGHQy TXH OD
LQIRUWXQDGD-H]DEHOIXHUDSLVRWHDGDSRUORVFDEDOORVGHWDOIRUPDTXHVyORVHHQFRQWUDURQVXFUiQHRSLHV\
SDOPDVGHODVPDQRVSDUDVHUHQWHUUDGRV6HXOWLPyDXQRVFLHQWRGRFHSRVLEOHVRSRVLWRUHVPiV\VHFHUFy\
PDVDFUy D ORV DGRUDGRUHV GH %DDO TXH VH HQFRQWUDEDQ HQ HO WHUULWRULR 6H QRV GLFH TXH 'LRV HVWXYR PX\
FRPSODFLGRFRQHVWDVQREOHVDFFLRQHV5H\HV
<-HKRYiGLMRD-HK~SRUFXDQWRKDVELHQHMHFXWDGRORFRUUHFWRGHODQWHGHPLVRMRVHKLFLVWHDODFDVD
GH$FDEFRQIRUPHDWRGRORTXHHVWDEDHQPLFRUD]yQWXVKLMRVVHVHQWDUiQVREUHHOWURQRGH,VUDHO
KDVWDODFXDUWDJHQHUDFLyQ
(O UHLQR VXUHxR GH -XGi VLJXLy VLHQGR JREHUQDGR SRU -HUXVDOpQ \ HO FRQWUDVWH FRQ ,VUDHO DO QRUWH QR SXGR
KDEHUVLGRPD\RU-XGiORJUyPDQWHQHUXQDDXWpQWLFDHVWDELOLGDGGXUDQWHFDVLWUHVVLJORV\PHGLRGHVSXpVGH
ODGLYLVLyQ(OOLQDMHGH'DYLGFRQWLQXyUHLQDQGRGXUDQWHPiVGHFXDWURFLHQWRVDxRVXQIXHUWHFRQWUDVWHFRQ
ORVRFKRFDPELRVUHYROXFLRQDULRVGHGLQDVWtDVHQ,VUDHOWDQVyORHQORVSULPHURVGRVVLJORV
/DSUHJXQWDTXHGHEtDPRVSODQWHDUQRVHUD¢SRUTXpFRUULHURQXQDVXHUWHWDQGLIHUHQWHODVGRVSDUWHV
GHXQHVWDGRWDQQXHYR"
(VSRVLEOHTXHODJHRJUDItDWHQJDDOJRTXHYHUFRQHVWR(OUHLQRGH-XGiGHOVXUVHVLWXDEDDFLHUWD
GLVWDQFLDGHODUXWDSULQFLSDOHVWHRHVWH\HODFFHVRDVXWHUULWRULRHUDPiVGLItFLOSDUDLQYDVRUHVH[WUDQMHURV
HVWR OH GDED XQ VHQWLPLHQWR GH VHJXULGDG QDFLRQDO PD\RU TXH OD TXH SXGLHUD HVSHUDU GLVIUXWDU HO UHLQR GHO
QRUWH6LQHPEDUJRVRVSHFKDPRVFRQIXQGDPHQWRTXHODUD]yQSULQFLSDOGHODFRQWLQXDFLyQGHODOtQHDUHDO
GH 'DYLG SRU XQ SHULRGR FRQVLGHUDEOH VH GHEtD D OD FRKHVLyQ SURYLVWD SRU HO GHUHFKR GLYLQR SDUD UHLQDU
FRQIHULGRSRUPHGLRGHXQDFHUHPRQLDPtVWLFD\VHFUHWD7DOFRPRVHFRQVLGHUyTXHORVSULPHURVUH\HVGH
(JLSWRKDEtDQUHFLELGRHOSRGHUGHORVGLRVHVDVtWDPELpQVHFRQVLGHUDEDTXHORVGHVFHQGLHQWHVGHHOHJLGRV
GH -HKRYi \ TXH OD DOLDQ]D WDQ LPSRUWDQWH HQWUH HO GLRV \ VX SXHEOR HUD OD FRQWLQXLGDG GH VX UHDOH]D
6HQWtDPRVTXHVLQXHVWUDVVXSRVLFLRQHVHUDQFRUUHFWDVODIDPLOLDUHDO\VXVpTXLWRSXGLHURQVHUXQLILFDGRVSRU
PHGLRGHVXSHUWHQHQFLDDOJUXSRSRVHHGRUGHOVHFUHWRODORJLD\FXDQGRDVFHQGtDQDOFDQGLGDWRHOHJLGRD
ODFDWHJRUtDGHUH\HUDSRFRSUREDEOHXQDLQVXUUHFFLyQGHELGRDOSRGHUTXHHVWHJUXSRGHFRQWUROVXVWHQWDED
/DLPSRUWDQFLDFHQWUDOGHOUH\GH-XGiVHGHPRVWUDEDGXUDQWHORVULWXDOHVGH$xR1XHYRTXHVHEDVDEDQHQ
PRGHORVHJLSFLRV\EDELORQLRV$OJXQRVGHORVDFWRVULWXDOHVPiVLPSRUWDQWHVWHQtDQHOSURSyVLWRGHDVHJXUDU
TXHHOUH\FRQWLQXDUDJREHUQDQGRVLHQGRXQRGHORVHMHPSORVODUHFUHDFLyQTXHHIHFWXDEDHOUH\GHOWULXQIR
HQ OD EDWDOOD GHODVIXHU]DV GH ODOX] FRQWUD ODV IXHU]DV GH ODRVFXULGDG \ HO FDRV (O UH\ \ VXV VDFHUGRWHV
FDQWDEDQHQWRQFHVHO(QXPD(OLVKODKLVWRULDTXHFXHQWDFyPR7LDPDWHOGUDJyQGHOFDRVIXHYHQFLGRSDUD
DVt SHUPLWLU TXH OD FUHDFLyQ SXGLHUD WHQHU OXJDU (VWH ULWXDO SXHGH FRPSDUDUVH FRQ HO ULWXDO HJLSFLR GHO
KLSRSyWDPR GHO TXH \D VH KDEOy HQ HO FDStWXOR HO FXDO UHDILUPDED HO DQWLJXR \ VDJUDGR GHUHFKR GH
JREHUQDU
(OSDSHOGHOUH\FRPRWLWXODUGHODDOLDQ]DOHGDEDODUHVSRQVDELOLGDGSRUHOELHQHVWDUGHVXSXHEOR\
FXDOTXLHUFDWiVWURIHDHVFDODQDFLRQDOVHUtDDWULEXLGDDOKHFKRGHTXHHOUH\VHKDEtDH[WUDOLPLWDGRIUHQWHD
-HKRYiRELHQKDEtDSHUPLWLGRTXHVXVVXEGLWRVORRIHQGLHUDQGHDOJXQDPDQHUD
(OH[LOLRHQ%DELORQLD
(OUHLQRGHOQRUWHGH,VUDHOKDEtDOXFKDGRGHSULQFLSLRDILQ\DFDEySRUYHQLUVHDEDMRHQD&FXDQGRIXH
LQYDGLGRSRUORVDVLULRV-XGiSHUGXUyXQVLJOR\PHGLRPiV(O\GHPDU]RGHD&HOJUDQUH\
EDELORQLR1DEXFRGRQRVRUWRPy-HUXVDOpQFDSWXUyDOUH\\QRPEUyDXQQXHYRUH\WtWHUHOODPDGR=HGHNLDK
(OYHUGDGHURUH\-HKRLDFKLQIXHHQYLDGRDOH[LOLRMXQWRFRQVXFRUWH\FRQORVLQWHOHFWXDOHVGHOSDtV
FRQ HO SURSyVLWR GH LPSHGLU TXH ORV TXH VH TXHGDEDQ SHQVDUDQ VLTXLHUD HQ UHEHODUVH FRQWUD VXV QXHYRV
JREHUQDQWHV
$XQTXHOD%LEOLDQRVSURSRUFLRQDYDULDVFLIUDVHVPX\SUREDEOHTXHPiVGHWUHVPLOSHUVRQDVIXHUDQ
OOHYDGDV D %DELORQLD HQ XQDV WDEOLOODV FXQHLIRUPHV FRQ OLVWDV GH SDJRV KDOODGDV HQ %DELORQLD UHODWLYDV D
UDFLRQHVGHDFHLWH\JUDQRSDUDORVFDXWLYRVVHQRPEUDHVSHFtILFDPHQWHDOUH\-HKRLDFKLQ\DVXVFLQFRKLMRV
FRPRORVGHVWLQDWDULRV
(O KHFKR GH TXH -HKRDLFKLQ QR KD\D VLGR HMHFXWDGR KL]R FUHHU D PXFKRV MXGtRV TXH DOJ~Q GtD OH
SHUPLWLUtDQUHJUHVDUDVXSDtV\H[LVWHQSUXHEDVTXHLQGLFDQODSUREDELOLGDGGHTXHODVLQWHQFLRQHVRULJLQDOHV
GH1DEXFRGRQRVRUHUDQpVDVSUHFLVDPHQWH(OQXHYRUH\WtWHUHQRIXHWDQGyFLOFRPRORVEDELORQLRVSHQVDURQ
\HVWXYRWHQWDGRDSRQHUVHGHSDUWHGHORVHQHPLJRVGH%DELORQLDORVHJLSFLRVSDUDDVtOLEHUDUD-XGi$O
SULQFLSLR VLJXLy ORV FRQVHMRV TXH OH GDEDQ ORV YHQFHGRUHV \ QR OHV FDXVy GLILFXOWDGHV 3RU GHVJUDFLD ODV
SUHVLRQHV HQ VX FRUWH D IDYRU GH ORV HJLSFLRV IRU]DURQ XQD UHEHOLyQ HQ D& OR TXH REOLJy D
1DEXFRGRQRVRU D DWDFDU ODV FLXGDGHV GH -XGi LQLFLDQGR HO VLWLR GH -HUXVDOpQ HO VLJXLHQWH PHV GH HQHUR
=HGHNLDKVDEtDTXHHQHVDRFDVLyQQRKDEUtDPLVHULFRUGLD\VHGHIHQGLyGXUDQWHGRVDxRV\PHGLRSHURD
SHVDUGHXQLQWHQWRGHODVIXHU]DVHJLSFLDVGHDOHMDUDORVEDELORQLRVODFLXGDGIXHWRPDGDHQMXOLRGH
D&-HUXVDOpQ\VXWHPSORIXHURQGHYDVWDGRV
=HGHNLDKIXHOOHYDGRDQWH1DEXFRGRQRVRUD5LEODKHQ%DELORQLDGRQGHVHOHREOLJyDSUHVHQFLDUOD
PXHUWH GH VXV KLMRV \ PLHQWUDV PLUDED DWHUURUL]DGR OH DUUDQFDURQ ORV RMRV &RQ HVWD ~OWLPD WHUULEOH YLVLyQ
FDXWHUL]DGD HQ VX PHQWH VH OH FRQGXMR HQFDGHQDGR D %DELORQLD 'H DFXHUGR FRQ -HUHPtDV XQDV
RFKRFLHQWDVWUHLQWD\GRVSHUVRQDVPiVIXHURQFRQGHQDGDVDOH[LOLRSRUHVHHQWRQFHV
/RVH[LOLDGRVGH-XGiVHQWLUtDQDGPLUDFLyQSRU%DELORQLDFRPRXQOXJDUPDUDYLOORVR(UDXQDFLXGDG
FRVPRSROLWD \ HVSOpQGLGDTXH DEDUFDEDDPEDV ULEHUDV GHO (XIUDWHVHQIRUPD GH FXDGUR \ PHGtD VHJ~Q VH
FXHQWDYHLQWLFXDWURNLOyPHWURVFXDGUDGRV(OKLVWRULDGRUJULHJR+HURGRWRYLVLWyODFLXGDGHQHOVLJORYD&\
GHVFULELyVXJUDQGH]DFRQFXDGUtFXODVGHFDOOHVSHUIHFWDPHQWHDOLQHDGDV\HGLILFLRVTXHWHQtDQWUHVRFXDWUR
SLVRV GH DOWXUD 1XHVWUD SULPHUD UHDFFLyQ DQWH WDO GHVFULSFLyQ KL]R VXSRQHU TXH HO JULHJR H[DJHUDED SHUR
GHVSXpVGHVFXEULPRVTXHVXDILUPDFLyQGHTXHODVPXUDOODVGHODFLXGDGHUDQWDQDQFKDVTXHSHUPLWtDQHO
SDVRGHXQFDUUXDMHMDODGRSRUFXDWURFDEDOORVIXHFRPSUREDGDSRUH[FDYDFLRQHVUHFLHQWHV
(VWHDSR\RDUTXHROyJLFRTXHDFUHGLWDD+HURGRWRFRPRWHVWLJRILGHGLJQRKL]RTXHDSUHFLiUDPRVOR
LPSUHVLRQDQWHTXHHUD%DELORQLD/HtPRVTXHGHQWURGHHVDVPXUDOODVJLJDQWHVFDVKDEtDJUDQGHVSDUTXHV\
HQWUH VXV JUDQGLRVDV FRQVWUXFFLRQHV VH HQFRQWUDED HO SDODFLR UHDO FRQ VXV IDPRVRV MDUGLQHV FROJDQWHV TXH
HUDQ WHUUD]DV SLUDPLGDOHV VHPEUDGDV GH iUEROHV H LQXQGDGDV GH IORUHV WUDtGDV GH WRGR HO PXQGR FRQRFLGR
7DPELpQ VH HQFRQWUDED OD HOHYDGD =LJXUDW GH %HO SLUiPLGH HVFDORQDGD FRQ VLHWH SLVRV HQ IRUPD GH WRUUH
UHYHVWLGRV FRQ ORV FRORUHV GHO VRO OD OXQD \ FLQFR SODQHWDV \ FRQ XQ WHPSOR VREUH VX F~VSLGH (VWD FRQV
WUXFFLyQIXHVLQOXJDUDGXGDVODIXHQWHGHLQVSLUDFLyQGHODOH\HQGDGHOD7RUUHGH%DEHOGRQGHVHGLFHTXH
ODKXPDQLGDGSHUGLyODFDSDFLGDGGHFRPXQLFDUVHHQWUHVtHQXQPLVPRLGLRPD%DEHOHUDHOWpUPLQRVXPHULR
TXH VLJQLILFD HQWUDGD D GLRV HO FXDO GRWDED DO VDFHUGRFLR EDELORQLR GH XQ YtQFXOR HQWUH ORV GLRVHV \ OR
WHUUHQDO(VVRUSUHQGHQWHTXHOD7RUUHGH%DEHOD~QH[LVWDDXQTXHHVXQDGHIRUPHUXLQD
/D9HUHGD3URFHVLRQDOTXHFRQGXFtDDODJUDQ3XHUWDGH,VKWDUKDUtDTXHORVRMRVGHORVH[LOLDGRVVH
OOHQDUDQGHDGPLUDFLyQ(UDPRQXPHQWDO\HVWDEDFXELHUWDGHD]XOHMRVEDUQL]DGRVGHXQD]XOEULOODQWHVREUH
ORVFXDOHVVHSRGtDQYHUOHRQHVWRURV\GUDJRQHVHQDOWRUHOLHYH(VWRVDQLPDOHVUHSUHVHQWDEDQDORVGLRVHVGH
ODFLXGDGVLHQGR0DUGXNODGHLGDGGUDJyQPiVLPSRUWDQWHHQWUHHOORVVHJXLGDSRU$GDGHOGLRVGHOFLHORHQ
IRUPDGHWRURH,VKWDUODGLRVDGHODPRU\ODJXHUUDVLPEROL]DGDSRUXQOHyQ
3DUDORVVDFHUGRWHV\QREOHVGHSRUWDGRVGH-HUXVDOpQHVWDQXHYDH[LVWHQFLDWXYRTXHKDEHUVLGRPX\
H[WUDxDVHQWLUtDQJUDWLWXGDOQRVHUHMHFXWDGRVSRUODHVSDGD\DOPLVPRWLHPSRWULVWH]DSRUODSpUGLGDGHVXV
WLHUUDV \ VX7HPSOR $XQDVtVHVLQWLHURQ LPSUHVLRQDGRV FRQ OR TXH YHtDQ \ HVFXFKDEDQ HQ OD FLXGDG PiV
JUDQGH GH 0HVRSRWDPLD XQD PHWUySROLV TXH KDUtD VHQWLU TXH -HUXVDOpQ \ VX 7HPSOR HUDQ PX\ SRFD FRVD
6HJXUDPHQWHIXHXQFKRTXHFXOWXUDOVLPLODUDOTXHVLQWLHURQORVLQPLJUDQWHVMXGtRVSURYHQLHQWHVGHSHTXHxRV
SREODGRVHXURSHRVFXDQGROOHJDEDQSRUEDUFRDODFLXGDGGH1XHYD<RUNDSULQFLSLRVGHOVLJOR[[
(OWLSRGHYLGDHQ%DELORQLDOHVSXGRUHVXOWDUDMHQRSHURSURQWRVHGLHURQFXHQWDGHTXHVXWHRORJtD
OHVHUDVRUSUHQGHQWHPHQWHIDPLOLDU6XVSURSLDVOH\HQGDVHVWDEDQEDVDGDVHQVXFHVRVHJLSFLRFDQDQHRV\ODV
GH ORV EDELORQLRV GHULYDEDQ GH XQD DQWLJXD IXHQWH VXPHULD FRP~Q ORV MXGtRV SURQWR VH SHUFDWDURQ GH TXH
DKRUDSRGUtDQOOHQDUVHORVYDFtRVTXHVHHQFRQWUDEDQHQVXVKLVWRULDVWULEDOHVVREUHODFUHDFLyQ\HOGLOXYLR
/RVGLJQDWDULRVTXHIXHURQGHVDUUDLJDGRVTXHHVWDEDQDFRVWXPEUDGRVDDGPLQLVWUDUXQUHLQRDKRUD
VH HQFRQWUDEDQ GLVSHUVRV HQ XQ WHUULWRULR DMHQR GRQGH FRQ IUHFXHQFLD VH OHV IRU]DED D UHDOL]DU WDUHDV
GRPpVWLFDV&RPRVHUHVDFRVWXPEUDGRVDJREHUQDUXQHVWDGRDKRUDVyOROHVTXHGDEDUHIOH[LRQDUVREUHODVLQ
MXVWLFLDVGHODYLGDVLQHPEDUJRODJUDQPD\RUtDGHHOORVVHQFLOODPHQWHDFHSWyTXHODYLGDHUDFUXHO\WUDWy
GHVDFDUHOPHMRUSDUWLGRSRVLEOHGHQWURGHVXPDODVLWXDFLyQ'HKHFKRPXFKDVIDPLOLDVMXGtDVVHLQWHJUDURQ
SRUFRPSOHWRDOHVWLORGHYLGDGHODJUDQFLXGDG\SHUPDQHFLHURQHQHOODDXQGHVSXpVGHODWHUPLQDFLyQGHVX
FDXWLYHULR
$OFRQWUDULRGHORTXHVHSLHQVDORVMXGtRVGHDTXHOWLHPSRQRHUDQPRQRWHtVWDV\DXQTXHYLHUDQD
-HKRYi FRPR HO GLRV HVSHFLDO GH VX QDFLyQ WDPELpQ DGRUDURQ D ORV GLRVHV EDELORQLRV XQD YH] TXH VH OHV
GHSRUWyDVXQXHYRKRJDU(QDTXHOHQWRQFHVHUDQRUPDOPRVWUDUUHVSHWRDOGLRVRGLRVHVGHORVSDtVHVTXHVH
YLVLWDEDQFRPRXQDFWRGHSUXGHQFLD\DTXHVHFRQVLGHUDEDTXHODVGHLGDGHVWHQtDQSRGHUHQVXVWLHUUDV/D
]RQDGHLQIOXHQFLDGH-HKRYiHUD-HUXVDOpQ\QRKD\SUXHEDVGHTXHQLVXVVHJXLGRUHVPiVIHUYLHQWHVKD\DQ
FRQVWUXLGRVXSURSLRWHPSORGXUDQWHHOFDXWLYHULR
6L ELHQ OD PD\RUtD GH HVRV MXGtRV VH FRQIRUPDURQ FRQ VX QXHYD YLGD XQ SHTXHxR JUXSR GH ORV
GHSRUWDGRVHVWDEDFRQIRUPDGRSRUVDFHUGRWHVILOyVRIRV\IXQGDPHQWDOLVWDVGHO7HPSORGH6DORPyQDTXLHQHV
VyORSXHGHGHVFULEtUVHOHVFRPRSHUVRQDVDEUXPDGDVSRUVXGHVWLQRIUXVWUDGR\TXHEXVFDURQUDFLRQDOL]DUVX
VLWXDFLyQ WDQ ELHQ FRPR OHV IXH SRVLEOH 6H KD DFHSWDGR HQ IRUPD JHQHUDOL]DGD TXH IXH SUHFLVDPHQWH DKt
GXUDQWHHOFDXWLYHULRHQ%DELORQLDGRQGHVHHVFULELHURQODPD\RUSDUWHGHORVFLQFROLEURVGHOD%LEOLDXQD
DSDVLRQDGDE~VTXHGDGHOSURSyVLWR\ODKHUHQFLDGHVXSXHEOR6LUYLpQGRVHGHODLQIRUPDFLyQVREUHHOLQLFLR
GHOWLHPSRSURSRUFLRQDGDSRUVXVFDSWRUHVORVMXGtRVSXGLHURQUHFRQVWUXLUODIRUPDHQTXH'LRVFUHyHOPXQ
GR\ODKXPDQLGDGDVtFRPRREWHQHUGHWDOOHVVREUHHYHQWRVSRVWHULRUHVFRPRHO'LOXYLR
/RV HVFULWRV GH HVWRV SULPHURV MXGtRV HUDQ XQD FRPELQDFLyQ GH IUDJPHQWRV GH KHFKRV KLVWyULFRV
SUHFLVRV WUR]RV GH PHPRULDV FXOWXUDOHV FRUUXSWDV \ PLWRV WULEDOHV FLPHQWDGRV HQWUH Vt SRU VXV SURSLDV
LQYHQFLRQHVRULJLQDOHVJHQHUDGDVFRQHOILQGHOOHQDULQFyPRGRVYDFtRVKLVWyULFRV'HVGHOXHJRHVGLItFLOGLV
WLQJXLUFXiOHVSDUWHVSHUWHQHFtDQDTXpSHURORVLQYHVWLJDGRUHVPRGHUQRVKDQWHQLGRXQDJUDQFDSDFLGDGSDUD
LGHQWLILFDUODVYHUGDGHV\ILFFLRQHVSUREDEOHVDVtFRPRSDUDFODVLILFDUORVHVWLORVHLQIOXHQFLDVGHORVDXWRUHV
/DV ODUJDV KLVWRULDV KDQ VLGR DQDOL]DGDV HQ SURIXQGLGDG SRU JUXSRV GH H[SHUWRV SHUR SDUD QRVRWURV ORV
SHTXHxRV IUDJPHQWRV GH LQIRUPDFLyQ H[WUDxD VRQ ORV TXH QRV SURSRUFLRQDQ DOJXQDV GH ODV FODYHV PiV
LPSRUWDQWHVVREUHORVRUtJHQHV
(QFRQWUDPRV OD LQIOXHQFLD GH 6XPHULD \ (JLSWR HQ OXJDUHV LQHVSHUDGRV 3RU HMHPSOR OD ILJXUD GH
-DFREHOSDGUHGH-RVpDQWHFHGHUtDDODLQIOXHQFLDHJLSFLDDXQFXDQGRH[LVWHQLQGLFLRVFODURVGHTXHORVTXH
HVFULELHURQVREUHpO\DYHtDQHOPXQGRWDOFRPRHUDGHVSXpVGHOe[RGRGH(JLSWR(QHO*pQHVLVVHQRV
GLFH TXH -DFRE HULJLy XQD FROXPQD SDUD FRPXQLFDU D OD 7LHUUD FRQ ORV &LHORV HQ %HWHO D XQRV TXLQFH
NLOyPHWURV DO QRUWH GH -HUXVDOpQ \ PiV WDUGH HQ HO *pQHVLV TXH FRQVWUX\y XQD VHJXQGD FROXPQD
SRVLEOHPHQWH HQ 0L]SDK TXH VH ORFDOL]DED HQ ODV PRQWDxDV GH *DOHHG DO HVWH GHO UtR -RUGiQ /D
LGHQWLILFDFLyQGHHVWDVFROXPQDVHYRFDIXHUWHPHQWHODWHRORJtDTXH0RLVpVWUDMRFRQVLJRGHVGHORVGRVUHLQRV
GHO$OWR\%DMR(JLSWR(VSRFRSUREDEOHTXHDOJXQRGHHVRVSXHEORVLGHQWLILFDGRVHQOD%LEOLDH[LVWLHUDQ
GXUDQWHORVWLHPSRVGH-DFRE\FXDQGRXQRDQDOL]DHOVLJQLILFDGROLWHUDOGHORVQRPEUHVGHHVRVSREODGRV
TXHGD FODUR TXH IXHURQFUHDGRV SDUDFXPSOLU FRQ ORVUHTXHULPLHQWRV GH OD KLVWRULD %HWHO VLJQLILFD FDVD GH
'LRVTXHVXJLHUHXQSXQWRGHHQODFHHQWUHHOFLHOR\ORWHUUHQDO\0L]SDKVLJQLILFDWRUUHGHYLJLODQFLDTXHHV
XQVLWLRGHSURWHFFLyQFRQWUDODVLQYDVLRQHV
/DPD\RUtDGHORVRFFLGHQWDOHVSLHQVDQHQORVQRPEUHVFRPRVLIXHUDQHWLTXHWDVDEVWUDFWDV\FXDQGR
VHHVSHUDHOQDFLPLHQWRGHXQLQIDQWHORVSDGUHVSXHGHQDGTXLULUXQOLEURGHQRPEUHVGHGRQGHHOHJLUHOTXH
OHVDJUDGH3HURDORODUJRGHODKLVWRULDHQJHQHUDOORVQRPEUHVQRKDQVLGRXQDGHVLJQDFLyQSODFHQWHUDR
SRSXODUVLQRTXHKDQWUDQVPLWLGRVLJQLILFDGRVLPSRUWDQWHV(VPX\VLJQLILFDWLYRQRWDUTXHHOGHVDSDUHFLGR
ILOyORJRVHPLWD-RKQ$OOHJURGHVFXEULyTXHHOQRPEUH-DFREGHULYDGLUHFWDPHQWHGHOWpUPLQRVXPHULR,$$
*8%TXHVLJQLILFDFROXPQDRHQIRUPDPiVOLWHUDOSLHGUDHUJXLGD
$OHVFULELUODKLVWRULDGHVXSXHEORORVKHEUHRVGLHURQDVXVSHUVRQDMHVPiVLPSRUWDQWHVWtWXORVTXH
FRQIHUtDQVHQWLGRVHVSHFtILFRVTXHSDUDORVOHFWRUHVPRGHUQRVVRQVLPSOHVQRPEUHVSHUVRQDOHV&UHHPRVTXH
ORV DXWRUHV GHO *pQHVLV FRQILULHURQ XQD JUDQ LPSRUWDQFLD DO SHUVRQDMH GH -DFRE \ FXDQGR ODV HVFULWXUDV
FDPELDQVXQRPEUHSRUHOGH,VUDHOHVWRVHxDODDOOHFWRUFRQWHPSRUiQHRTXHODVFROXPQDVGHOQXHYRUHLQR
HVWDEDQ HQ VX VLWLR \ TXH OD QDFLyQ HVWDED SUHSDUDGD SDUD WHQHUVX SURSLR QRPEUH (VWR HUD XQ SUHFHGHQWH
QHFHVDULRSDUDHOHVWDEOHFLPLHQWRGHXQDDXWpQWLFDPRQDUTXtD
(OSURIHWDGHO1XHYR-HUXVDOpQ
8QRGHORVSHUVRQDMHVPiVH[WUDxRVDXQTXHGHORVPiVLPSRUWDQWHVHQQXHVWUDUHFRQVWUXFFLyQGHOH[LOLRHQ
%DELORQLD IXH HO SURIHWD (]HTXLHO 6X HVWLOR GH HVFULELU FRPSOLFDGR UHSHWLWLYR \ FDVL VLHPSUH GLItFLO GH
FRPSUHQGHUKDKHFKRTXHPXFKRVREVHUYDGRUHVFRQFOX\DQTXHHOKRPEUHHVWDEDORFR(OTXHKD\DH[LVWLGRR
QRHOTXHKD\DHVWDGRVDQRPHQWDOPHQWHRSRUFRPSOHWRHVTXL]RIUpQLFRHQUHDOLGDGQRHVLPSRUWDQWHSRUTXH
ODV HVFULWXUDV TXH VH OH DWULEX\HQ IDOVDV R QR SURSRUFLRQDURQ OD WHRORJtD GH 4XPUDQ HO SXHEOR TXH
UHSUHVHQWDED OD ,JOHVLD GH -HUXVDOpQ (]HTXLHO IXH HO DUTXLWHFWR GHO 7HPSOR LPDJLQDULR R LGHDOL]DGR GH
-HKRYi\SRGUtDPRVDUJXPHQWDUTXHHUDHOPiVLPSRUWDQWHGHWRGRV
*UDQSDUWHGHORVH[SHUWRVGHOVLJOR[[KDQFRQFOXLGRTXHHVWDVREUDVIXHURQSURGXFWRGHSHUVRQDV
TXHDSDUHFLHURQPXFKRGHVSXpVDOUHGHGRUGHODxRD&HQDGHODQWH(VWRORFRORFDUtDPiVRPHQRVHQ
OD IHFKD GHORV PiV DQWLJXRV 5ROORV GHO 0DU 0XHUWRGHVFXELHUWRV HQ 4XPUDQ TXH VH SLHQVD TXH GDWDQ GH
HQWUHD&DG&6LpVWHHVHOFDVRQXHVWUDWHVLVQRTXHGDDIHFWDGDVLUYLHQGRVyORSDUDFRQILUPDUOD
LQPHQVD FDQWLGDG GH YtQFXORV H[LVWHQWHV HQWUH GLFKRV HVFULWRV \ OD FRPXQLGDG TXPUDQD DVt TXH SRU
FRQYHQLHQFLDKHPRVGDGRSRUKHFKRKDVWDHVWHPRPHQWRTXHHOOLEURGH(]HTXLHOIXHHVFULWRSRUXQKRPEUH
PLHQWUDVHVWDEDHQFDXWLYHULRHQ%DELORQLD
/DFDtGDGH-HUXVDOpQ\ODGHVWUXFFLyQGHOWHPSORIXHURQGHJUDQVLJQLILFDGRSDUD(]HTXLHOTXHHUD
XQ VDFHUGRWH GHO PHQFLRQDGR WHPSOR \ XQ PLHPEUR GH OD pOLWH TXH IXH OOHYDGD DO H[LOLR HQ D& /DV
YLVLRQHV H[WUDxDV TXH WXYR GXUDQWH VX FDXWLYHULR VH FHQWUDQ HQ DTXHO DFRQWHFLPLHQWR 6X HVSRVD PXULy HQ
YtVSHUDVGHODGHVWUXFFLyQGHOWHPSORORTXHSDUDHOSURIHWDUHSUHVHQWDEDXQDVHxDOSRUWHQWRVD6LQHPEDUJR
HO GHVDVWUH QR VRUSUHQGLy D (]HTXLHO TXH OR LQWHUSUHWy FRPR XQ FDVWLJR GH -HKRYi GHELGR D OD KLVWRULD
SHUYHUVDHLQGLJQDGH,VUDHORULJLQDGDSRUVXVULWRVSDJDQRV\ODDGRUDFLyQGHGLRVHVHJLSFLRV/DLQILGHOLGDG
D-HKRYiFRQWLQXyKDVWDHOPRPHQWRHQTXH'LRVSHUPLWLyTXH,VUDHOIXHUDDSODVWDGRSRUVXVHQHPLJRV3HVH
DORTXH-HKRYiKL]RHQFRQWUDGHVXSXHEORHOHJLGR,VUDHOORVGRVUHLQRVSHUVLVWLyHQFRPSRUWDUVHHQIRUPD
UHEHOGHGHVFDUDGDHLQVHQVLEOHVLQWRPDUHQFXHQWDHOOODPDGRVDJUDGR\HOYtQFXORFRQYHQFLRQDO/RVMXGtRV
GHVREHGHFLHURQODVOH\HV\ORVHVWDWXWRVGLYLQRV\SURIDQDURQDVSHFWRVVDJUDGRVLQFOX\HQGRHOSURSLRWHPSOR
GHQWUR GHO FXDO 6X JORULD KDELWDED HQ HO 6DQWR GH 6DQWRV /D GHVWUXFFLyQ GH -HUXVDOpQ \ GH VX WHPSOR
UHSUHVHQWyODPXHUWHHQWDQWRTXHODHVSHUDGDQXHYDFLXGDG\ODUHFRQVWUXFFLyQGHOWHPSORUHSUHVHQWDUtDQVX
UHVXUUHFFLyQXQUHQDFLPLHQWRGHOTXHVHKDEtDHOLPLQDGRHOHVWLJPDGHODFXOSDELOLGDG
(]HTXLHOVHFRQVLGHUyDVtPLVPRHODUTXLWHFWRGHOQXHYRWHPSORHOFXDOGHEHUtDFXPSOLUODSURPHVD
\ FUHDU XQ SXQWR FHQWUDO SDUD OD QDFLyQ TXHVHUtD WDQ SXUD \ EXHQD TXH VHUtD HO 5HLQR GH ORV &LHORV HQOD
7LHUUD(QVXVYLVLRQHVDEXQGDQDOHJRUtDV\VtPERORVRVFXURVFRQODVLPiJHQHVGHKRPEUHVFRQP~OWLSOHV
URVWURVOHRQHViJXLODV\REMHWRVWDQH[WUDxRVFRPRSODQFKDVGHDFHURSDUDKRUQHDU9XHODSRUORVDLUHVKDFLD
HO WHPSOR \ HIHFW~D ULWXDOHV H[WUDxRV FRPR UDVXUDUVH HO FDEHOOR \ EDUED \ GLYLGLUORV HQ WUHV SDUWHV SDUD
SHVDUORV8QDWHUFHUDSDUWHGHORVFDEHOORV\EDUEDVHLQFLQHUDODVHJXQGDVHFRUWDFRQXQDHVSDGD\ODWHUFHUD
VHODQ]DDORVYLHQWRV(QHVHHQWRQFHVODFDEHOOHUDGHXQDSHUVRQDUHSUHVHQWDEDVXGLJQLGDGVXIRUWDOH]D\VX
SRGHU \ QRV SDUHFH TXH WDOHV LPiJHQHV HUDQ UHSUHVHQWDWLYDV GHO UHFLHQWH GHVWLQR GH ORV SXHEORV GH -XGi H
,VUDHO
8QD YLVLyQ SDUWLFXODUPHQWH LPSRUWDQWH H LQWHUHVDQWH RFXUULy HQ QRYLHPEUH GH D & FXDQGR
(]HTXLHOVHHQFRQWUDEDUHXQLGRFRQDQFLDQRVYLVLWDQWHVGH-XGiHQVXFDVDFHUFDQDDOJUDQFDQDOHQODFLXGDG
GH 1LSSXU0HVRSRWDPLD 6XPHULD /RV DQFLDQRV TXL]i HO SURSLRUH\ DQWHULRU HQWUHHOORV DFXGLHURQ SDUD
VDEHU VL KDEtD DOJ~Q PHQVDMH GH SDUWH GH -HKRYi HQWRQFHV HO SURIHWD HQWUy HQ WUDQFH \ YLR D XQ KRPEUH
YHVWLGRFRQIXHJR \ OX] TXH H[WHQGLyOD PDQROR WRPy GHO FRSHWH \ OR WUDQVSRUWyGH QXHYR DO LQWHULRU GHO
WHPSOR(]HTXLHOYLRHQWRQFHVLPiJHQHVGHDGRUDFLRQHVSDJDQDVDORVGLRVHV7DPPX]%DDO\$GRQLVDQWHV
GHVHUFRQGXFLGRDODVSXHUWDVGHODWULR\GHTXHVHOHRUGHQDUDSHUIRUDUHOPXUR\REVHUYDUSRUHODJXMHURXQD
YLVLyQQRWDEOH
3RU DKt SXHGH YHU PXUDOHV TXH FRQWLHQHQ SLQWXUDV GH FRVDV TXH VH DUUDVWUDQ \ RWUDV HVFHQDV
PLWROyJLFDVPRWLYRVTXHSDUHFHQLQGLFDUSUiFWLFDVVLQFUHWLVWDVGHSURYHQLHQFLDHJLSFLD+D\VHWHQWDDQFLDQRV
FRQLQFHQVDULRVHQVXVPDQRVTXHVHRFXSDQGHPLVWHULRVVHFUHWRV
/DV SDODEUDV HQ LWiOLFDV VRQ QXHVWUDV SXHV DKt WHQHPRV D ORV DQFLDQRV GH -HUXVDOpQ ODV PLVPDV
SHUVRQDVTXHHVWiQVHQWDGDVIUHQWHD(]HTXLHODFXVDGRVGHSRVHHUPLVWHULRVVHFUHWRVGHRULJHQHJLSFLR\GH
OOHYDU D FDER FHUHPRQLDV SULYDGDV HQ HO 7HPSOR GH 6DORPyQ (Q HO OLEUR GH (]HTXLHO VH GLFH TXH OD
FHUHPRQLDVHHIHFWXDEDHQODRVFXULGDGWDO\FRPRVXFHGHHQODDFWXDOLGDGFRQHO7HUFHU*UDGR0DVyQLFR
¢$TXpSXGRKDEHUVHUHIHULGRHOSURIHWD"
(VWDSDUWHGHODYLVLyQQRKDWHQLGRPXFKRVHQWLGRSDUDORVHVWXGLRVRVGHOD%LEOLDIXHUDGHOPHQVDMH
REYLRGHTXHODGHVWUXFFLyQGH-HUXVDOpQ\VXWHPSORVHGHELyDODIDOWDGHXQDUHODFLyQSXUDFRQ-HKRYi(O
HOHPHQWRHJLSFLRMDPiVVHKDH[SOLFDGRHQHVSHFLDOSRUTXHHQODYLVLyQHVWiFODURTXHORVDQFLDQRVPLVPRV
HVWDEDQLQYROXFUDGRVFRQHVRVULWRVVHFUHWRV(OYHUVtFXORTXHPHQFLRQDHVWDYLVLyQHQSDUWLFXODU(]HTXLHO
QRVGLFHFyPRHOSURIHWDSXGRHVSLDUODVUHXQLRQHV\SRVHHVLPLOLWXGHVQRWDEOHVFRQHO*pQHVLVHO
FXDOLGHQWLILFDPRVDQWHVFRPRUHIHUHQWHDODUGLGGH-RVpSDUDREWHQHUORVVHFUHWRVGH6HTHQHQUH\DOKHFKRGH
TXHORVYLOODQRVSHUIRUDURQODSDUHG
5HFRUGDUiQTXHHOYHUVtFXORGHO*pQHVLVGHFtD
2KDOPDPtDQROOHJDURQGHQWURGHVXVHFUHWRDVXDVDPEOHDKRQRUPtRQRRVXQiLV \DTXHHQVX
LUDDVHVLQDURQDXQKRPEUH\SRUVXSURSLDYROXQWDGSHUIRUDURQXQPXUR
(O YHUVtFXOR GH (]HTXLHO SDUHFH EDVDUVH GLUHFWDPHQWH HQ ODV FLUFXQVWDQFLDV GHO LQWHQWR IDOOLGR GH
REWHQHUORVVHFUHWRVGH6HTHQHQUH7DRVREUHODFRURQDFLyQGHUH\HV'LFHDVt
<PHGLMR+LMRGHKRPEUHFDYDDKRUDHQODSDUHG<FDYpHQODSDUHG\KHDTXtXQDSXHUWD
6HJ~Q HO *pQHVLVIUDFDVy HO LQWHQWR SRU REWHQHU ORV VHFUHWRVRULJLQDOHV SHUR HQ OD YLVLyQ TXHWXYR
(]HTXLHOHQFRQWUyXQDSXHUWD\YLRORTXHVXFHGLyVLHQGRTXHHQHVDRFDVLyQQRHUDHQHOWHPSORGH7HEDV
VLQRHQHO7HPSORGH-HUXVDOpQFRQORVVHFUHWRVVXVWLWXLGRV(]HTXLHOVHPXHVWUDXOWUDMDGRSRUODVLPiJHQHV
GH PRWLYRV HJLSFLRV SODVPDGDV HQ OD SDUHG QRPEUDQGR FRPR SULQFLSDO FXOSDEOH DO UH\ -RVLDK TXLHQ D
PHGLDGRVGHOVLJORDQWHULRUPDQGyUHSDUDUHO7HPSOR\GHFRUDUODVSDUHGHV/DGHVFULSFLyQSDUHFHVHUVLPLODU
DOVLPEROLVPRKDOODGRHQODVSDUHGHV\WHFKRVGHWHPSORVPDVyQLFRVPRGHUQRVORVFXDOHVHVWiQGLVHxDGRVDO
HVWLORGHO7HPSORGH6DORPyQ\D~QKR\ODPD\RUtDGHORVGLEXMRVVRQLQQHJDEOHPHQWHHJLSFLRV
/RV H[ OtGHUHV GHO UHLQR GH -XGi UHXQLGRV HQ OD FDVD GH (]HTXLHO GXUDQWH HO H[LOLR HQ 1LSSXU VH
SUHVHQWDEDQSDUDTXHHOKRPEUHVDJUDGRORVJXLDUD\pOORKL]R&RQIRUPHOHtDPRV\UHOHtDPRVD(]HTXLHOQR
SRGtDPRVFUHHUHOVHQWLGRTXHHVWHOLEURRVFXURDKRUDWLHQH1XHVWURiQLPRVHLQFUHPHQWyDOSHUFDWDUQRVGH
TXHKDEtDPRVHQFRQWUDGRXQYtQFXORLPSRUWDQWHHQQXHVWUDUHFRQVWUXFFLyQGHODFDGHQDGHHYHQWRVTXHUHOD
FLRQDQD6HTHQHQUHFRQODFRPXQLGDGTXPUDQD(OPHQVDMHTXHHOSURIHWDHPLWLyDORVDQFLDQRVH[LOLDGRVVH
UHIHUtDDVXSURSLDFHUHPRQLDVHFUHWDTXHOHVIXHUDWUDQVPLWLGDSRUPHGLRGHODOtQHDGH'DYLGD0RLVpV/D
HVHQFLDGHOPHQVDMHGHOSURIHWDHUDDOJRFRPRHVWR
/HV GLJR TXH KHPRV SHUGLGR QXHVWUR UHLQR SRUTXHOD JHQWH KDVLGR LQILHOD-HKRYi DO DGRUDU RWURV
GLRVHV \ XVWHGHV IXHURQ ORV PD\RUHV WUDQVJUHVRUHV SRUTXH VH KDQ WUDQVPLWLGR VXV PLVWHULRV VHFUHWRV TXH
SURYLHQHQGHO(JLSWRSDJDQREDVDGRVHQHOFXOWRDOVRO\VLQWRPDUHQFXHQWDHOSDSHOTXHMXHJDHOGLRVGH
QXHVWURVDQWHSDVDGRV8VWHGHVVRQORVPiVJUDQGHVSHFDGRUHVGHWRGRV\HVPX\MXVWRTXH-HKRYiORVKD\D
FDVWLJDGR
(VSRVLEOHLPDJLQDUODUHVSXHVWDGHHVWRVKRPEUHVDEDWLGRV
3HURpVRVVRQORVVHFUHWRVRWRUJDGRVDOD&DVD5HDOGH'DYLGSRUHOPLVPR0RLVpV
<SRUHVRXVWHGHV\DQRFXHQWDQFRQXQD&DVD5HDOUHFXHUGHQTXH-HKRYiHVHO5H\GHORV&LHORV
UHSOLFy(]HTXLHO
¢3URIHWDTXpGHEHUtDPRVKDFHU"'LQRVFyPRUHFXSHUDUORTXHKHPRVSHUGLGR
3ULPHURGHEHQUHFRQVWUXLUHOWHPSORGHVXVFRUD]RQHV\HOWHPSORGHSLHGUDOOHJDUiGHVSXpV9LYDQ
FRQIRUPH D ODV OH\HV \ DGRUHQ ~QLFDPHQWH D -HKRYi 3XHGHQ PDQWHQHU VXV VHFUHWRV SHUR GHEHQ
UHQXQFLDU D OD KLVWRULD HJLSFLD \ HQIRFDU VXV YHUGDGHV D OD WDUHD GH OD FRQVWUXFFLyQ GHO WHPSOR
6HSDQVXVVHFUHWRVSHURFRQR]FDQSULPHURDVX'LRV
1RSRGHPRVSHQVDUHQXQDH[SOLFDFLyQPiVFODUDRVHQFLOODVREUHHVWDLPSRUWDQWHYLVLyQGH(]HTXLHO
&UHHPRVTXHHQHVWHSXQWRGHODYLGDGHOSXHEORMXGtRODKLVWRULDGH6HTHQHQUHVHFRQYLUWLyHQODKLVWRULDGH
+LUDPHOFRQVWUXFWRUGHOSULPHUWHPSORTXHIXHHOLPLQDGRSRUHOLPSXOVRUHIRUPDGRUGH(]HTXLHODOTXHUHU
HOLPLQDUORPiVSRVLEOHORVYHVWLJLRVGHORVULWXDOHVHJLSFLRV
(O /LEUR GH (]HTXLHO FRQWLQ~D GHVFULELHQGR OD IRUPD HQ TXH OH IXH HQFRPHQGDGD OD WDUHD GH HOHJLU GRV
EiFXORV LQVFULELpQGRORV FRQ ORV QRPEUHV GH -XGi \ -RVp \ XQLUORV FRPR XQR VROR UHXQLILFDQGR
VLPEyOLFDPHQWHDDPERVUHLQRV8QUH\GHEHUtDJREHUQDUORV\-HKRYiVHHQFDUJDUtDGHVDOYDUORVHQWRQFHVGH
ODKHUHMtDDOHMiQGRORVDVtGHODVUHODFLRQHVFRQRWURVGLRVHVSXULILFiQGRORV\FRQGXFLpQGRORVDXQDQXHYD
UHODFLyQGHDOLDQ]D%DMRHOJRELHUQRGHOVLHUYR'DYLGHOSXHEORYLYLUiFRQREHGLHQFLD\ILGHOLGDG\RFXSDUi
HOWHUULWRULRGHVXVDQWHSDVDGRV/DDOLDQ]DGHSD]DOLJXDOTXHWRGDVODVEHQGLFLRQHV\EHQHILFLRVGHODQXHYD
HUD VHUtD HQWRQFHV HWHUQD SHUR VREUH WRGR -HKRYi YLYLUtD HQ HO FHQWUR GH VX SXHEOR /D SUHVHQFLD GH VX
VDQWXDULRHQWUHHOORVVHUtDXQDJDUDQWtDGHTXHODDOLDQ]DKDEtDVLGRUHQRYDGD\SRUHQGHODVQDFLRQHVYHUtDQ
TXH-HKRYiVDQWLILFyDVXSXHEOR\FRQHVWRORVKL]RGHVWDFDU
/DYLVLyQPiVIDPRVDTXHWXYR(]HTXLHOIXHODRFXUULGDDSULQFLSLRVGHODxRD&GHVSXpVGHTXH
HOSURIHWDSDVyXQDFXDUWDSDUWHGHXQVLJORHQFDXWLYHULRWLHPSRSDUDHOFXDOVXFRQFHSFLyQGHOPXQGRVH
KDEtD YXHOWR SDUWLFXODUPHQWH UHILQDGD (Q HVD YLVLyQ HV WUDQVSRUWDGR D XQD HOHYDGD PRQWDxD GHVGH GRQGH
SXHGHGLYLVDUXQSDQRUDPDGHHGLILFDFLRQHVTXHVHH[WLHQGHQDQWHpOFRQPXUDOODV\SRUWRQHVFRPRORVGH
XQDFLXGDG$OSULQFLSLRVHYHIUHQWHDOSRUWyQGHORULHQWHDKtVHWRSDFRQXQKRPEUHSDUHFLGRDXQDILJXUD
GHEURQFHFRQXQFDUUL]RGHFXDUHQWDFHQWtPHWURVGHODUJRHQODPDQRpOUHSUHVHQWDVXJXtDDUTXLWHFWyQLFD
6HOHGLFHD(]HTXLHOTXHSRQJDPXFKDDWHQFLyQ\DTXHVHUiVXGHEHUUHSRUWDUDORVH[LOLDGRVWRGRORTXHYH
3ULPHUR YH OD SXHUWD RULHQWDO WDPELpQ FRQRFLGD FRPR OD 3XHUWD GH OD 5HFWLWXG XELFDGD HQ OtQHD
GLUHFWDFRQODYHUHGDSULQFLSDOTXHFRQGXFHDOWHPSOR(OiUHDSULQFLSDOHVWiHOHYDGDSDUDVHSDUDUORVDJUDGR
GHORSURIDQR\DODVFHQGHUVLHWHSHOGDxRVVHOOHJDDOXPEUDO\GHVSXpVDOFRUUHGRUGHHQWUDGDGHOWHPSOR
GRQGHVHXELFDQIUHQWHDIUHQWHWUHVFXDUWRVGHYLJLODQFLDIRUPDQGRWRGRVHOORVXQFXDGUDGRSHUIHFWR\GH
LJXDOHVGLPHQVLRQHV
/RVHFRVGHHVWDYLVLyQVRQEDVWDQWHFODURVHQODIUDQFPDVRQHUtDFRQODLPSRUWDQFLDTXHUHSUHVHQWDOD
SXHUWDHVWH\HOUHVSHWRGHODVIRUPDVFXDGUDGDVSHURVRQGHSDUWLFXODULPSRUWDQFLDORVVLHWHSHOGDxRVTXH
FRQGXFHQ DO XPEUDO 'XUDQWH OD FHUHPRQLD GHO 7HUFHU *UDGR VH UHTXLHUH TXH HO FDQGLGDWR Gp VLHWH SDVRV
KDFLDHOWURQRGHO0DHVWURDOHVWHGHOWHPSORPDVyQLFR
0iVDOOiGHOFRUUHGRUKD\RWURXPEUDO\HOYHVWtEXORGHODSXHUWDTXHFRQGXFHDOSDWLR$ORODUJRGH
ODSDUHGGHOSDWLRH[WHUQRFRQODSURIXQGLGDGGHODORQJLWXGGHORVSRUWRQHVVHUHFRUUHXQDDFHUDFRQWUHLQWD
FiPDUDVVLPpWULFDPHQWHGLVHxDGDV/RVJUDGRVGHVDQWLGDGHVWiQUHSUHVHQWDGRVSRUXQDHOHYDFLyQFUHFLHQWH
GHODVGLYHUVDVSDUWHVGHOWHPSOR/DGHVFULSFLyQGHODVSDUWHVTXHORFRPSRQHQFRQWLQ~DHLGHQWLILFDDORV
WUHV SRUWRQHV XELFDGRV DO RULHQWH SRQLHQWH \ VXU GHOUHFLQWR WDO \ FRPR OR UHTXLHUHOD WUDGLFLyQ PDVyQLFD
3RFRDSRFR(]HTXLHOHVFRQGXFLGRDOSDWLRLQWHUQRGHVGHGRQGHSXHGHDSUHFLDUGRVFiPDUDVXELFDGDVHQWUH
ORV SRUWRQHV VXU \ QRUWH VLHQGR HO SULPHUR SDUD ORV VDFHUGRWHV TXH FRQWURODQ HO UHFLQWR GHO 7HPSOR \ HO
VHJXQGRSDUDDTXHOORVTXHHVWiQDFDUJRGHODOWDU(OSDWLRHVXQFXDGUDGRSHUIHFWR(OYHVWtEXORGHOWHPSOR
VH XELFD GLH] SHOGDxRV PiV DUULED TXH HO SDWLR LQWHULRU FX\DV FROXPQDV HVWiQ LGHQWLILFDGDV FRPR
FRQFRUGDQWHVFRQ%RD]\-DFKLQTXHVRQODVFROXPQDVGHO7HPSORGH6DORPyQ/DYLVLyQFXOPLQDFRQODOOH
JDGDGH-HKRYi\DOLJXDOTXHHOUH\+RUXVGHODQWLJXR(JLSWRVXUJHFRPRXQDHVWUHOODHQHORULHQWH\HQWUD
HQVXQXHYDFDVDDWUDYpVGHOD3XHUWDGHOD5HFWLWXG
3RU ~OWLPR OD LPDJLQDFLyQ GH (]HTXLHO HVWDEOHFH ODV UHJODV SDUD HO VDFHUGRFLR TXH OOHJDUtDQ D
FRQVWLWXLUODPDUFDGHORVHVHQLRVGH4XPUDQ /RVVDFHUGRWHVOHJtWLPRVGHOVDQWXDULRKDEUtDQGHVHUORVKLMRV
GH =DGRN DQWLJXR VDFHUGRWH HQ MHIH &RQRFLGRV SRU HO SXHEOR GH 4XPUDQ FRPR ]DGRNLWDV HVWRV KLMRV GH
=DGRNXWLOL]DEDQDWDYtRVGHOLQREODQFRSDUDHQWUDUDOSDWLRLQWHUQR1RSRGtDQUDVXUDUVHHOFDEHOORQLSHUPLWLU
TXH pVWH FUHFLHUD PX\ ODUJR QR SRGtDQ EHEHU YLQR DQWHV GH HQWUDU DO SDWLR LQWHULRU GHEtDQ HVSRVDU D XQD
YLUJHQLVUDHOLWDSRUQDFLPLHQWR\WHQtDQTXHHQVHxDUDODJHQWHODGLIHUHQFLDHQWUHORSXUR\ORLPSXUR/D
OLVWDGHUHTXHULPLHQWRVHUDODUJDHLQFOXtDTXHQRSRVH\HUDQREMHWRVSHUVRQDOHV\TXHQRWXYLHUDQFRQWDFWR
FRQORVPXHUWRV!
(OWHPSOHWHSDUDODQXHYDRUGHQVHKDEtDFRPSOHWDGR\ODLPDJHQGHOWHPSORQXHYRVHYROYLyPiV
LPSRUWDQWHTXHHOWHPSORSHUGLGR
(O7HPSORGH=RUREDEHO
(O GH RFWXEUH GH D& XQ JHQHUDO GHO UH\ SHUVD &LUR OODPDGR 8JEDUX VH DSRGHUy GH PDQHUD
LQFUXHQWD GH OD FLXGDG GH %DELORQLD 'LHFLVLHWH GtDV GHVSXpV &LUR VH GLULJLy D OD 3XHUWD GH ,VKWDU HQ VX
FDUUXDMH VHJXLGR SRU ORV HMpUFLWRV FRPELQDGRV GH 3HUVLD \ 0HGLD (O UH\ QR VyOR SHUPLWLy D ORV MXGtRV
UHJUHVDU D -HUXVDOpQ WDPELpQ OHV GHYROYLy ORV WHVRURV TXH 1DEXFRGRQRVRU WRPy GHO 7HPSOR /RV MXGtRV
UHFXSHUDURQ VX FLXGDG SHUR -XGi VH FRQYLUWLy HQ XQD SURYLQFLD GH 3HUVLD HQ YH] GH VHUOR GHO LPSHULR
EDELORQLR
4XLHQHVGHMDURQ-HUXVDOpQHQVXQLxH]UHJUHVDURQ\DFRPRKRPEUHV\PXMHUHVDQFLDQRV/RVYDJRV
UHFXHUGRV GH VX FLXGDG QDWDO \ OD UHDOLGDG GH OD FRPXQLGDG SDUFLDOPHQWH UHFRQVWUXLGD KDQ GH KDEHUOHV
FDXVDGR XQD IXHUWH LPSUHVLyQ GHVSXpV GH SDVDU WRGDXQD YLGD HQ %DELORQLD 6HJXUDPHQWH WDPELpQ IXH XQD
FRQPRFLyQSDUDODSREODFLyQTXHSHUPDQHFLyHQ-HUXVDOpQGXUDQWHHOPLVPRSHULRGR3UHVHQFLDUHODUULERGH
PLOHVGHH[WUDxRVGHOHVWHTXHQRVyORUHFODPDEDQDOLPHQWRV\YLYLHQGDVLQRTXHWDPELpQHVSHUDEDQWRPDU
SRVHVLyQ GH WLHUUDV \ KRJDUHV DQFHVWUDOHV UHSUHVHQWy SRU OR PHQRV XQD YHUGDGHUD GLILFXOWDG (VWRV
VRILVWLFDGRVSDULHQWHVWUDMHURQFRQVLJRLGHDVLQFXEDGDVGXUDQWHVXFDXWLYHULR\PX\SURQWRVHGHGLFDURQDOD
WDUHDGHLQVWLWXLUXQDQXHYD\SRGHURVDDOLDQ]DFRQ-HKRYi
(OWHPSORIXHUHFRQVWUXLGRDQWHVGHILQDOL]DUHOVLJORYLD&SRU=RUREDEHOHOQLHWRGHO~OWLPRUH\\
VXFHVRUDOWURQRGH'DYLG(OHIHFWRFRQVLGHUDEOHTXHHMHUFLyHOFDXWLYHULRVREUHORVMXGtRVHVWiELHQLOXVWUDGR
HQHOQRPEUHGHVXOtGHU=RUREDEHOVLJQLILFDVHPLOODGH%DELORQLD(QWDQWRVHFRORFDEDXQDSLHGUDQXHYD
VREUHRWUDGHLJXDOPDQHUDVHIRUPXODEDQQXHYRVUHTXHULPLHQWRVHVWULFWRVGHORVDJUDGRSDUDVDFHUGRWHV\
KRPEUHVODLFRVSRULJXDO8WLOL]DPRVHOWpUPLQRKRPEUHVGHPDQHUDGHOLEHUDGDSRUTXHDXQTXHODVPXMHUHV
VH LQYROXFUDEDQ FRQ GLYHUVRV DVSHFWRV GH OD QXHYD UHOLJLyQ VREUH HO VHJXQGR WHPSOR QR VH OHV SHUPLWtD
DFFHGHU DO VDFHUGRFLR (O OLEUR GH OH\HV LPSXHVWR SRU ORV H[LOLDGRV UHFLpQ OOHJDGRV HUD PX\ SUHFLVR FRQ
UHVSHFWR D OR TXH VH HVSHUDED GHO SXHEOR GH -HKRYi /DV OH\HV VREUH GLHWD HUDQ H[LJHQWHV HQ H[WUHPR H
LQFOXtDQ ODUJDV OLVWDV GH DOLPHQWRV \ DQLPDOHV LPSXURV TXH QR SRGtDQ FRQVXPLUVH FDPHOORV WHMRQHV
FDQJUHMRV ODQJRVWDV FUXVWiFHRV WLEXURQHV VHUSLHQWHV PXUFLpODJRV LQVHFWRV SXOXODQWHV UDWDV ODJDUWLMDV
OLHEUHV DYHVWUXFHV \ SRU VXSXHVWR SXHUFRV /RV DQLPDOHV TXH VH FRQVLGHUDEDQ DFHSWDEOHV SDUD OD PHVD
FRPSUHQGtDQQRVyORDQLPDOHVQRUPDOHVFRPRFDEUDVERUUHJRVSDORPDV\SLFKRQHVVLQRWDPELpQDTXHOORV
TXHKR\QRVSDUHFHUtDQERFDGRVPHQRVDSHWLWRVRVFRPRJULOORVODQJRVWDVHOLQVHFWR\VDOWDPRQWHV
(VLPSRUWDQWHUHFRUGDUTXHHQHOSHULRGRDQWHULRUDOUHJUHVRGHORVH[LOLDGRVORVKDELWDQWHVGH,VUDHO
\-XGiHQJHQHUDOQRHUDQPRQRWHtVWDVQLIHUYLHQWHVVHJXLGRUHVGH-HKRYiHOGLRVGH0RLVpV'HKHFKRHO
WpUPLQRMXGtRTXHVLJQLILFDPLHPEURGHODWULEXGH-XGiVHDFXxyGXUDQWHHOFDXWLYHULRHQ%DELORQLD\FRQ
pO VH GHVDUUROOy HO VHQWLPLHQWR GH KDEHU DOFDQ]DGR OD LQGHSHQGHQFLD QDFLRQDO TXH IXH PDUFDGR FRQ OD
FRQVWUXFFLyQGHO7HPSORGH=RUREDEHO/RVFRQVWUXFWRUHVGHOQXHYR-HUXVDOpQFRQVLGHUDEDQTXHWHQtDQXQD
UHODFLyQHVSHFLDOFRQ-HKRYi\SDUDSURWHJHUHVDVLQJXODULGDGWRPDURQPHGLGDVFRPRSURKLELUHOPDWULPRQLR
HQWUHTXLHQHVQRSHUWHQHFLHUDQDVXJHQWH'HHVWDPDQHUDODVRWURUDWULEXVGLVSDUHVGH/HYDQWHVHFRQYLUWLH
URQHQXQDUD]D
/DQXHYDDPHQD]DSDUD-HKRYi
&RQ VX QXHYD FRQFLHQFLD GH LGHQWLGDG HOHYDGD ORV MXGtRV HVFDSDURQ GH VXV DPRV EDELORQLRV JUDFLDV D OD
LQWHUYHQFLyQ GHORV SHUVDVHQ FX\R LPSHULR IXHURQ DEVRUELGRV /D LQIOXHQFLD GHHVWRV GRV JUDQGHV SRGHUHV
DSDUHFHHQORVHVFULWRVGHO$QWLJXR7HVWDPHQWRDXQTXHDPHGLDGRVGHOVLJORLYD&VXUJHXQDQXHYDFXOWXUD
UDGLFDOTXHWXYRXQHIHFWRD~QPiVSURIXQGRVREUHHOIXWXURGHOMXGDLVPR6XLQIOXHQFLDQRIXHWDQWDFRPRHO
FRQIOLFWRTXHFDXVyDORVLQWURYHUWLGRVMXGtRVGHSHUVSHFWLYDVHVSLULWXDOHV(VWRVSHQVDGRUHVUDGLFDOHVHUDQORV
JULHJRV
/RVJULHJRVWHQtDQGLRVHVSURSLRVSHURDOFRQWUDULRGHORVMXGtRVTXHHUDQGLVFUHWRVHLQWURYHUWLGRV
HOORVHUDQFRVPRSROLWDV\HFOpFWLFRVFRQXQDJXGRLQWHUpVHQORVGLRVHVGHRWURVSXHEORV/RVMXGtRVKDEtDQ
FRQVWUXLGR XQD WHRORJtD TXH RULJLQDOPHQWH VH LQVSLUy HQ ODV FUHHQFLDV GH 6XPHULD (JLSWR %DELORQLD \ GH
RWUDV SDUWHV SHUR DKRUD VyOR GHVHDEDQ OD FRQVROLGDFLyQ \ OD FRQFHQWUDFLyQ HQ VX GLRV HVSHFLDO -HKRYi
$XQTXH ORV JULHJRV SRU RWUD SDUWH HUDQ LJXDO GH VXSHUVWLFLRVRV FRQ UHVSHFWR HO SDSHO TXH HMHUFtDQ ODV
LQIOXHQFLDVGHRWURVPXQGRVHOORVPDQWHQtDQXQFULWHULRDELHUWRDQXHYDVLGHDV&UHDURQXQDVHSDUDFLyQPiV
FODUDHQWUHHOSDSHOGHORVGLRVHV\HOGHUHFKRGHOKRPEUHDSHQVDUHQIRUPDFUHDWLYDFRQODFUHHQFLDGHTXH
VXGHVWLQRGHSHQGtDGHODFLHQFLDODSROtWLFDODVILQDQ]DV\HOSRGHUtRPLOLWDU
0LHQWUDVHQ-HUXVDOpQHORUGHQVRFLDOVHFHQWUDEDDOUHGHGRUGHOVDFHUGRFLR\HQHODSDFLJXDPLHQWRGH
XQGLRVGLItFLOORVSHQVDGRUHVJULHJRVHVWDEDQFUHDQGRXQDQXHYDFODVHGHILOyVRIRVFLHQWtILFRV\SRHWDV(O
PXQGR VH HQWHUy GH HVWH QXHYR JUDQ SRGHU SRU PHGLR GH ODV SURH]DV PLOLWDUHV GH XQR GH ORV PiV JUDQGHV
OtGHUHVMDPiVYLVWRVHOUH\PDFHGRQLR$OHMDQGUR0DJQR
$OHMDQGUR GLULJLy XQ HMpUFLWR TXH FRQTXLVWy (JLSWR HO LPSHULR SHUVD HQ VX WRWDOLGDG \ FUX]y SRU
$IJDQLVWiQDOVXEFRQWLQHQWHGHOD,QGLD\FXDQGRPXULyGHILHEUHHQ%DELORQLDHQD&VyORFRQWDEDFRQ
WUHLQWD\WUHVDxRVGHHGDG(OLPSHULRFUHDGRSRUHVWHVRUSUHQGHQWHUH\DEULyODVSXHUWDVDXQPRGRGHYLGD
DXWpQWLFDPHQWH LQWHUQDFLRQDO GRQGH VH LQWHUFDPELDEDQ WDQWR FRQRFLPLHQWRV FRPR PHUFDQFtDV HQ WRGR HO
PXQGR GHVGH OD QXHYD FLXGDG GH $OHMDQGUtD HQ (JLSWR KDVWD HO 9DOOH GHO ,QGR (O JULHJR HUD HO LGLRPD
FRP~QSDUDHOFRPHUFLRODGLSORPDFLD\HOHVWXGLR(OHVWLORGHYLGDKHOpQLFRDVtFRPRVXIRUPDGHSHQVDU
VHYROYLyHO~QLFRFDPLQRSDUDORVLQWHOHFWXDOHVVLDOJXLHQQRVDEtDHVFULELU\OHHUHQJULHJRHVWDEDIXHUDGH
ODQXHYDpOLWHLQWHUQDFLRQDO
/D WDPEDOHDQWH VRFLHGDG HJLSFLD UHVSRQGLy D OD OOHJDGD GH ORV JULHJRV GHFODUDQGR DO MRYHQ $OHMDQGUR GH
YHLQWLFXDWURDxRVKLMRHQFDUQDGRGHGLRV\HOIDUDyQ(OMRYHQJXHUUHURTXHOLEHUyD(JLSWRGHORVLQYDVRUHV
SHUVDV SHUR TXH OOHJy GHO RWUR ODGR GHO PDU 0HGLWHUUiQHR DFFHGLy DO WURQR FRQ HO QRPEUH GH +DDLEUH
6HWHSHQDPHQORTXHVLJQLILFDMXELORVRHVWiHOFRUD]yQGH5D(OHJLGRGH$PyQ/DHVWDQFLDGH$OHMDQGUR
HQ (JLSWR IXH FRUWD SHUR VX LQIOXHQFLD UHVXOWy LPSRQHQWH \D TXH UHVWDXUy ORV DQWLJXRV WHPSORV \ PDQGy
FRQVWUXLU OD FLXGDG TXH D~Q OOHYD VX QRPEUH /D LQIOXHQFLD KHOpQLFD HQ (JLSWR SHUPDQHFLy YLJHQWH FRQ HO
OLQDMHGHORVIDUDRQHVFRQRFLGRVFRPRORVWRORPHRVTXLHQHVDSHVDUGHOXFLUVXVWUDGLFLRQDOHVDGRUQRVUHDOHV
HUDQJULHJRV(QWUHHOORVODPiVIDPRVDIXH&OHRSDWUDTXHWHQtDODUHSXWDFLyQGHVHULQWHOLJHQWH\EHOOD\TXH
HQHIHFWRIXHXQDGHODVSRFDVOtGHUHVGHHVDGLQDVWtDTXHKDEODEDHOLGLRPDHJLSFLR
(Q ODFLXGDG GH $OHMDQGUtD ORV DQWLJXRV GLRVHV HJLSFLRVVHIXVLRQDURQFRQORVGLRVHV JULHJRV SDUD
SURGXFLU GHLGDGHV KtEULGDV TXH VDWLVILFLHUDQ ORV JXVWRV SUHYDOHFLHQWHV /DV FROXPQDV JHPHODV GH ORV 'RV
7HUULWRULRVVHFRQYLUWLHURQHQODVFROXPQDVGH+HUPHV\ORVDWULEXWRVGH7KRWKHODQWLJXRGLRVHJLSFLRGHOD
OXQDIXHURQDEVRUELGRVSRU+HUPHV7KRWKUHSUHVHQWDEDODVDELGXUtD\HUDKHUPDQRGH0D
DW6HGHFtDTXH
HVWHGLRVSRVHtDWRGRFRQRFLPLHQWRVHFUHWRLQVFULWRHQWUHLQWD\VHLVPLOTXLQLHQWRVFLQFXHQWD\WUHVSHUJDPL
QRV TXH VH KDOODEDQ HVFRQGLGRV EDMR OD EyYHGD FHOHVWH HO FLHOR \ TXH VyOR ORV MXVWRV SRGUtDQ KDOODUORV \
XWLOL]DUtDQ WDOHV FRQRFLPLHQWRV HQ EHQHILFLR GH OD KXPDQLGDG 1RV SDUHFLy QRWDEOH TXH HO Q~PHUR GH
PDQXVFULWRVHVFDVLHOPLVPRTXHHOQ~PHURGHGtDVTXHKD\HQXQVLJOR+HUPHVDGRSWyHOPDQWRGH7KRWK
FRPRHOLQYHQWRUGHODHVFULWXUDODDUTXLWHFWXUDODDULWPpWLFDODWRSRJUDItDODJHRPHWUtDODDVWURQRPtDOD
PHGLFLQD\ODFLUXJtD
7DQWR7KRWKFRPR+HUPHVVRQH[WUHPDGDPHQWHLPSRUWDQWHVHQODVOH\HQGDVGHODIUDQFPDVRQHUtD\
DPERVQRPEUHVVHXWLOL]DQHQHVWHPLWRFRPRUHSUHVHQWDQWHVGHODPLVPDSHUVRQD
(Q OD WXPED GH 2V\PDQGLDV VH GHSRVLWDURQ YHLQWH PLO YRO~PHQHV WRGRV HOORV WHQLHQGR HQ FXHQWD VX
DQWLJHGDGRODLPSRUWDQFLDGHVXVWHPDVIXHURQLPSXWDGRVD7KRWKR+HUPHVTXLHQHVELHQVDELGRXQtD
HQVXFDUiFWHUODLQWHOLJHQFLDGHXQDGLYLQLGDG\HOSDWULRWLVPRGHXQILHOPLQLVWUR /DV7DUHDV$QFHVWUDOHVGHODIUDQFPDVRQHUtDQRVGLFHQFyPR+HUPHV7KRWKHVWDEDLQYROXFUDGRHQHO
GHVDUUROORLQLFLDOGHOD&LHQFLDWDO\FRPRORGHPXHVWUDODVLJXLHQWHFLWDGHODYHUVLyQGH,xLJR-RQHV
867('(6PHSUHJXQWDQFyPRIXHLQYHQWDGDHVWDFLHQFLDPLUHVSXHVWDHVODVLJXLHQWHPXFKRDQWHV
GHO'LOXYLR*HQHUDOTXHGHPDQHUDFRP~QVHOODPDDO'LOXYLRGH12eH[LVWLyXQKRPEUHOODPDGR
/$0(&FRPRORSXGLHURQOHHUHQHOFDStWXORL?GHO*pQHVLVTXLHQWHQtDGRVHVSRVDVXQDOODPDGD
$'$ OD RWUDOODPDGD =,//$ DO ODGR GH $'$ pOWXYR GRV KLMRV-$%$/ \-8%$/ FRQ =,//$
WXYRXQKLMROODPDGR78%$//\XQDKLMDOODPDGD1DDPDE(VWRVFXDWURKLMRVIXQGDURQORVLQLFLRV
GHWRGDVODVDUWHVGHOPXQGR-$%$/GHVFXEULyOD*(20(75Ë$\GLYLGLyORVUHEDxRVGHRYHMDV\IXH
HOSULPHURTXHFRQVWUX\yXQDFDVDGHSLHGUD\WURQFRV
68KHUPDQR-8%$/GHVFXEULyHO$57(GHOD0Ò6,&$)XHHOSDGUHGHWRGRDTXHOORTXHGRPLQDED
FRVDVFRPRODPDQLSXODFLyQGHODUSD\HOyUJDQR
78%$//&$Ë1HUDHOLQVWUXFWRUGHWRGRDUWHVDQRTXHWUDEDMDUDHOEURQFH\HODFHUR\ODKHUPDQD
GHVFXEULyHODUWHGHOWHMLGR
(6726KLMRVVDEtDQPX\ELHQTXH',26WRPDUtDYHQJDQ]DSRUORV3(&$'26\DIXHUDSRUPHGLR
GHOIXHJRRHODJXDSRUORTXHLQVFULELHURQVXVFLHQFLDV\VXVKDOOD]JRVHQODVGRVFROXPQDVSDUD
TXHSXGLHUDQVHUHQFRQWUDGRVPiVWDUGHGHQWURGHpVWDVSDUDTXHSXGLHUDQVHUGHVFXELHUWRVGHVSXpV
GHO'LOXYLRGH12e
81$GHODVFROXPQDVHUDGHPiUPROSRUORTXHQRSRGtDVHULQFLQHUDGDSRUHOIXHJR\ODRWUDSLHGUD
HUDGH/DWHUQHVSRUORTXHQRSRGtDVHUDKRJDGDSRUHODJXD
1XHVWUD VLJXLHQWH LQWHQFLyQ HV FRQWDUOHV OD YHUGDG FyPR \ HQ TXp PDQHUD HVWDV SLHGUDV IXHURQ
KDOODGDVVREUHODVFXDOHVGLFKDVFLHQFLDVIXHURQLQVFULWDV
(/*UDQ+(50(6OODPDGR7ULVPHJLVWRRWUHVYHFHV*UDQGHSRUVHUWDQWRUH\FRPRVDFHUGRWH\
ILOyVRIRHQ(*,372HQFRQWUyXQRGHHOORV\YLYLyHQHODxRGHOPXQGRGHGRVPLO\VHWHQWD\VHLV
GXUDQWHHOUHLQDGRGH1,186\DOJXQRVSLHQVDQTXHHUDHOQLHWRGH&86+TXLHQHUDQLHWRGH1Rp
IXHHOSULPHURHQHVWXGLDUODDVWURQRPtDHQDGPLUDUODVRWUDVPDUDYLOODVGHOD1DWXUDOH]DFRPSUREy
TXH VyOR H[LVWtD 8Q ',26 &UHDGRU GH WRGD ODV &RVDV GLYLGLy DO GtD HQ GRFH KRUDV \ VH SLHQVD
WDPELpQTXHIXHHOSULPHURHQGLYLGLUHO=2',$&2HQGRFHVLJQRVIXHPLQLVWURDQWH2VLULVUH\GH
(*,372\VHGLFHTXHLQYHQWyODHVFULWXUDRUGLQDULD\ORVMHURJOtILFRVODVSULPHUDVOH\HVHJLSFLDV\
GLYHUVDVFLHQFLDV\ODVHQVHxyDRWURVQRPEUHV$QQR0XQGL0'&&&;!
(Q HVWH SXQWR OD IUDQFPDVRQHUtD UHFXHUGD FyPR ORV JULHJRV HODERUDURQ HQ XQ LQLFLR VXV FUHHQFLDV
DSURYHFKDQGRODVOH\HQGDVHJLSFLDV/DIHFKD$QQR0XQGLVLJQLILFDDSDUWLUGHOSULQFLSLRGHOPXQGRHOFXDO
HVFRQVLGHUDGRSRUORVIUDQFPDVRQHVTXHVHXELFDHQHODxRD&WLHPSRGXUDQWHHOFXDOODFLYLOL]DFLyQ
VXPHULDVHPDWHULDOL]yDSDUHQWHPHQWHGHODQDGD'HIRUPDLQWHUHVDQWHODIHFKDTXHVHGDHQHOSDVDMHLQGLFD
TXH7KRWK+HUPHV LQYHQWy OD HVFULWXUD \ HQVHxy ODV FLHQFLDV D OD KXPDQLGDG HQ D& FRPR VDEHPRV
DKRUDHVWRIXHXQSRFRPiVGHDxRVDQWHVGHTXHVHOOHYDUDDFDERODFRQVROLGDFLyQGHOSULPHUUHLQR
XQLILFDGRGHODQWLJXR(JLSWR\VHSURGXMHUDQORVSULPHURVMHURJOtILFRVFRQRFLGRV
(QHOVLJORUYD&ODWHRORJtDMXGtDKDEtDPDGXUDGRFRQOH\HQGDVGHWDOODGDVSURSLDV\HOVDFHUGRFLR
QRGHVHDEDLQWHUYHQFLRQHVGHQLQJ~QWLSRSRUSDUWHGHORVJULHJRVRGHQDGLHPiV6LQHPEDUJRODPD\RUtD
GHOSXHEORROYLGyUiSLGDPHQWHORVDVSHFWRVPiVUHVWULFWLYRVGHVXDOLDQ]DFRQ-HKRYi\RSWySRULQWHJUDUVHD
HVWHQXHYRRUGHQGHOPXQGRFRVPRSROLWDFRQJUDQGLOLJHQFLD0X\SURQWRODQXHYDUD]DTXHVHKDFtDOODPDU
MXGtD VHSURSDJy HVWDEOHFLHQGR VXV SURSLRV EDUULRVHQ FDVL WRGDVODV FLXGDGHV KHOpQLFDV /RVMXGtRVWHQtDQ
SRFRV RILFLRV TXp RIUHFHU SXHV VX MRYHQ FXOWXUD QR SRVHtD XQD KHUHQFLD UHODWLYD D OD FRQVWUXFFLyQ R
PDQXIDFWXUDSHURGHELGRDODVFUXHOHVFLUFXQVWDQFLDVDSUHQGLHURQDYLYLUFRQEDVHHQVXLQJHQLR\VDFDQGR
ORPHMRUTXHKDQSRGLGRGHFXDOTXLHUVLWXDFLyQ/DFDSDFLGDGQDWXUDOGHHQFRQWUDUUHFXUVRV\ODYROXQWDGGH
VHJXLUDGHODQWHIUHQWHDODDGYHUVLGDGORVKL]RSDUWLFXODUPHQWHDSWRVSDUDVHUFRPHUFLDQWHVFRPSUDGRUHV\
YHQGHGRUHVWUDWDQWHV\QHJRFLDQWHV\FDSDFHVGHOOHYDUXQDYLGDKRQHVWDDOGLYLVDURSRUWXQLGDGHVSDUDKDFHU
JDQDQFLDVTXHRWURVQRYHtDQ/RVMXGtRVSURQWRVHFRQYLUWLHURQHQPLHPEURVUHVSHWDEOHVGHOQXHYRFRPHUFLR
TXHFRQGXFtDDOLPSHULRJULHJRKXERDOJXLHQTXHORVGHVFULELyFRPRJULHJRVQRVyORSRUVXOHQJXDVLQRSRU
VXHVStULWX
/RV MXGtRV PDQWXYLHURQ VXV FUHHQFLDV HQ -HKRYi DVt FRPR VXV HVFULWXUDV VDJUDGDV PLVPDV TXH IXHURQ
WUDGXFLGDVDONRLQHHOOHQJXDMHFRQWHPSRUiQHRTXHHUDODYHUVLyQGHOJULHJRFOiVLFRXWLOL]DGRSRSXODUPHQWH
HQ ODV FDOOHV GH OD FLXGDG 'LFKDV HVFULWXUDV OOHJDURQ D VHU FRQRFLGDV FRPR HO /LEUR GH ORV 6HWHQWD /DV
HVFULWXUDVRULJLQDOHVHVWDEDQ\DHVFULWDVHQKHEUHRHQHODUDPHRGHOLPSHULRSHUVD\NRLQH\DSDUWLUGHHVH
PRPHQWRORVQXHYRVWUDEDMRVUHOLJLRVRVSRGtDQVHUOHtGRVHLQFOXVRHVFULWRVGHRULJHQHQFXDOTXLHUDGHHVRV
WUHVLGLRPDV
1R REVWDQWHODOHQJXD HVXQD FRVD H[WUDxD HV FRPR XQ LQVWUXPHQWR GHFRPXQLFDFLyQ YLYLHQWH FUHDWLYR \
HVSHFLDO TXH IXQFLRQD HQ XQD FRPXQLGDG HQ XQ SXQWR GHWHUPLQDGR HQ HO WLHPSR /D WUDGXFFLyQ HV XQ DUWH
LPSUHFLVR \ QR HO VXVWLWXWR FLHQWtILFR GH OD FRQWUDSDUWH GH XQD SDODEUD FRPR PXFKD JHQWH OR LPDJLQD (O
LGLRPD JULHJR VH GHVDUUROOy EDVDGR HQ XQ SHQVDPLHQWR UDFLRQDO OLEUH GH SHUVRQDV FRVPRSROLWDV TXLHQHV
HPSOHDEDQ OD RUDWRULD \ OD ILORVRItD SDUD HIHFWRV GH JUDQ LPSRUWDQFLD HQ FRQWUDVWH HO LGLRPD KHEUHR OR
GHVDUUROOyXQSXHEORLUUDFLRQDOLQVSLUDGRHQXQDSHUVSHFWLYDGHOPXQGRPX\GLIHUHQWH/RVMXGtRVGHKDEOD
NRLQHGH$OHMDQGUtDeIHVR\RWUDVFLXGDGHVTXLHQHVWUDGXMHURQVXVHVFULWXUDVFRQODVPHMRUHVLQWHQFLRQHVQR
SXGLHURQHYLWDUHODIHFWDUVXHVHQFLD\VLJQLILFDGR
(O PXQGRMXGtR TXH YLYtDIXHUD GHORVOtPLWHV GH-XGi VH OODPDED OD GLDVSRUD \ OD PLQRUtD ILHO SREODGDGH
-HUXVDOpQHVWDEDDODUPDGDSRUORTXHVXFHGtDHQORVQXHYRVSREODGRVPiVDOOiGHVXVIURQWHUDV/OHJDURQD
OODPDUDDTXHOORVMXGtRVGHODGLDVSRUDORVTXHHVWiQHQEXVFDGHFRVDVJUDWDVRFRPRVHGLFHKR\GtDXQD
YLGD IiFLO $PDEDQ OD KHUHQFLD GH VX GHVFHQGHQFLD MXGtD SHUR WDPELpQ GHVHDEDQ ODV ERQGDGHV TXH OHV
SURSRUFLRQDEDHOHVWLORGHYLGDJULHJR,QWHUSUHWDEDQODVOH\HVFRPRPHMRUOHVFRQYHQtD\ORSHRUGHWRGRHV
TXHODVWUDQVJUHGLHURQFRQODLQYHQFLyQGHODVLQDJRJD
6LQDJRJD QR HV XQ WpUPLQR KHEUHR HV JULHJR \ VLJQLILFD FRQJUHJDFLyQ \ HUD RULJLQDOPHQWH HO VLWLR
GRQGHORVMXGtRVVHUHXQtDQ\RUJDQL]DEDQODVQHFHVLGDGHVGHVXFRPXQLGDGFRQHOSURSyVLWRGHUHIRU]DUVXV
GLYHUVDVOH\HVHQSDUWLFXODUDTXHOODVUHIHUHQWHVDORVDOLPHQWRV3HURHQDOJ~QPRPHQWRODVLQDJRJDTXHHUD
XQ UHFLQWR GH FRQJUHJDFLyQ VH FRQYLUWLy HQ XQ WHPSOR GRQGH FDGD TXLHQ SRGtD DGRUDU D -HKRYi (VWR
UHSUHVHQWyXQDLGHDHVFDQGDORVDSDUDDTXHOORVTXHSHQVDEDQTXHVX'LRVVyORSRGtDVHUDGRUDGRHQVXUHFLQWR
XELFDGR HQ -HUXVDOpQ /RV VHJXLGRUHV GHYRWRV GHO 'LRV GH OD FLXGDG VDJUDGD HVWDEDQ LQGLJQDGRV SRU OD
FUHFLHQWHOLJHUH]DGHORVMXGtRV\FRPHQ]DURQDHVSHUDUORSHRU-HKRYiORVFDVWLJDUtDKRUULEOHPHQWHVLQRVH
KDFtDQPiVGHYRWRV
/DUHOLJLyQGH-HKRYiFRPHQ]yDOODPDUODDWHQFLyQGHORVRFXOWLVWDVIDVFLQDGRVSRUODVSURSLHGDGHV
PiJLFDV TXH OH YHtDQ \ TXLHQHV DGRSWDURQ XQD YLVLyQ GLVWLQWD GH VX VLJQLILFDGR RULJLQDO /RV HOHPHQWRV
QXPHUROyJLFRVOODPDURQVXDWHQFLyQHLQFOXVRHOQRPEUHKHEUHRGH'LRVSURQXQFLDGR-HKRYiSHURHVFULWR
-+9+ WRPy XQ VLJQLILFDGR HVSHFLDO /RV JULHJRV GHQRPLQDURQ D HVH QRPEUH GH 'LRV HO 7HWUDJUDPDWyQ \
FRQVLGHUDURQDORVWH[WRVMXGtRVXQDVXSXHVWDDQWLJXDIXHQWHHVRWpULFD6XUJLHURQQXHYRVFXOWRVHQHOLPSHULR
KHOpQLFRTXHVHEDVDEDQHQODVHVFULWXUDVGH-HKRYiDXQTXHHOORVQRHUDQMXGtRV(VWRVJHQWLOHVDGRSWDURQOR
TXHOHVFRQYLQRGHOMXGDLVPR\IXHURQHVWRVJUXSRVFRPR\DYHUHPRVTXLHQHVHQJHQGUDURQXQFXOWRJULHJR
PLVWHULRVR\UHFLELHURQHOQRPEUHGHFULVWLDQRV
&21&/86,Ï1
(O WHPSOR TXH 6DORPyQ HGLILFy SDUD -HKRYi LQFRUSRUy XQD GH ODV UHSUHVHQWDFLRQHV VLPEyOLFDV PiV
LPSRUWDQWHV GH OD IXHU]D UHVLVWHQWH GH OD UHYLWDOL]DGD PRQDUTXtD HJLSFLD HO VtPEROR GH ODV GRV FROXPQDV
$KRUDVDEtDPRVTXHHVWHVtPERORFRQWHQtDXQYtQFXORGLUHFWRFRQHOp[RGRGH0RLVpVSRUFRQGXFWRGH-RVXp
*HGHyQ $ELPHOHFK \ 6DQVyQ 3DUHFLHUD UD]RQDEOH TXH VL ORV DVSHFWRV PiV S~EOLFRV GH ORV ULWXDOHV GH
6HTHQHQUH IXHURQ WUDQVPLWLGRV D ORV LVUDHOLWDV SRU 0RLVpV HQWRQFHV OD LQLFLDFLyQ PiV LPSRUWDQWH GH OD
FRURQDFLyQ GH XQ UH\ SXGR KDEHU VXEVLVWLGR 'H QXHYR QRV HQFRQWUDPRV FRQ XQD VLQJXODULGDG KLVWyULFD
GHVSXpV GH OD PXHUWH GH 6DORPyQ TXH DWUDMR QXHVWUD DWHQFLyQ 0LHQWUDV HO UHLQR GHO QRUWH GH ,VUDHO HUD
DWRUPHQWDGRSRUORVFDPELRVHQVXOtQHDJREHUQDQWHHQHOUHLQRGHOVXUGH-XGiODOtQHDGH'DYLGSHUPDQHFLy
LQLQWHUUXPSLGDSRUXQSHULRGRGHFXDWURFLHQWRVDxRVPiV&RQFOXLPRVTXHGLFKDHVWDELOLGDGVHEDVDEDHQOD
HYLGHQFLD FLUFXQVWDQFLDO GH OD VXSHUYLYHQFLD GH ORV ULWXDOHV GH UHVXUUHFFLyQ GH 6HTHQHQUH TXH FRQILHUHQ HO
GHUHFKR GLYLQR D JREHUQDU GH OD OtQHD GH 'DYLG +DOODPRV SUXHEDV SDUD DSR\DU WDO SRVLFLyQ HQ OD
UHSUHVHQWDFLyQGHOULWXDOHIHFWXDGDSRUHOUH\GHODEDWDOODRULJLQDOGHOWULXQIRGHODVIXHU]DVGHODOX]VREUHODV
GHODRVFXULGDG\HOFDRVGHVFULWDVHQHO(QXPD(OLVKORTXHQRVUHFRUGyHQIRUPDYLYLGDHOULWXDOHJLSFLR
GHOKLSRSyWDPR
6LQHPEDUJRIXHQXHVWURHVWXGLRGHWDOODGRVREUHHOSHULRGRGHH[LOLRGHORVMXGtRVHQ%DELORQLDOR
TXHSRUILQUHYHOyODH[SOLFDFLyQGHFyPRVHGHVFXEULyHOVHFUHWRGH6HTHQHQUH(]HTXLHOHODUTXLWHFWRGHO
WHPSORLPDJLQDULRGH-HKRYiGLMRDORVDQFLDQRVH[LOLDGRVGH-HUXVDOpQTXHHOLPLQDUDQODVSUiFWLFDVHJLSFLDV
GHVXVPLVWHULRVVHFUHWRVFRQGXFLGRVHQODRVFXULGDGGHEDMRGHO7HPSORGH6DORPyQ6DEtDPRVTXHKDVWDHO
GtD GH KR\ ORV ULWXDOHV GH UHVXUUHFFLyQ GH 6HTHQHQUH VH HIHFW~DQ HQ OD RVFXULGDG SXHVWR TXH OR KHPRV
SUHVHQFLDGR
1RV VHQWLPRV LPSUHVLRQDGRV SRU ODV VLPLOLWXGHV GH ORV YHUVtFXORV RULJLQDOHV GHO *pQHVLV TXH
VRQ HO ~QLFR SDVDMH HQ OD %LEOLD HQ TXH VH UHILHUHQ DO DVHVLQDWR GHO UH\ GH 7HEDV (O /LEUR GH (]HTXLHO
GHVFULEHFyPRHOSURIHWDSXUJyDORVKLMRVGH,VUDHOGHELGRDVXVSUiFWLFDVHJLSFLDV\ORVHQFDX]yQXHYDPHQWH
DO FDPLQR GH -HKRYi $Vt TXH DKRUD VDEtDPRV FyPR 6HTHQHQUH 7DR VH FRQYLUWLy HQ +LUDP $ELI HO UH\
GHVDSDUHFLGR )XH OD DFFLyQ PDTXLQDGD SRU (]HTXLHO HQ XQ LQWHQWR SRU H[SOLFDU HO IUDFDVR GH 'LRV DO QR
SURWHJHUVX7HPSORGHORVHQHPLJRV
1RWDV
3HDNH
V&RPPHQWDU\RQWKH%LEOH
5(LVHQPDQ\0:LVH7KH'HDG6HD6FUROOV8QFRYHUHG
3HDNH
V&RPPHQWDU\RQWKH%LEOH
5(LVHQPDQ\0:LVHRSFLW
3HDNH
V&RPPHQWDU\RQWKH%LEOH
-)HOORZV$07KH0\VWHULHVRI)UHHPDVRQU\7KH,xLJR-RQHV'RFXPHQWDIHFKDGRHQ
&DStWXOR
(O%RD]\-DFKLQ3HVKHU
/RV5ROORVGHO0DU0XHUWR
1XHVWUDUHFRQVWUXFFLyQGHWDOODGDGHOGHVDUUROORGHOSXHEORMXGtRHQORV~OWLPRVFLQFRFDStWXORVQRVOOHYySRU
ILQ DO SHULRGR TXH SUHFHGLy GH PDQHUD GLUHFWD D ORV VXFHVRV TXH SURPRYLHURQ HO VXUJLPLHQWR GH OD ,JOHVLD
&ULVWLDQD ,QYHVWLJDPRV FRQ GHWDOOH HO SDVDGR GLVWDQWH GH ORV HVHQLRVQD]DUHQRV \ DYHULJXDPRV XQD JUDQ
FDQWLGDG GH FRVDV 3RU OR TXH KDEtDPRV GHVFXELHUWR WHQtDPRV OD VHQVDFLyQ GH TXH pVWD VHUtD XQD VHFFLyQ
SDUWLFXODUPHQWH LQWULJDQWH GH QXHVWUD E~VTXHGD +DVWD HQWRQFHV FRQWiEDPRV FRQ XQD KLSyWHVLV HPHUJHQWH
VREUH UHLQRV TXH VH HGLILFDEDQ FRQ EDVH HQ HO SRGHU TXH UHSUHVHQWDEDQ ODV GRV FROXPQDV WHUUHQDOHV \ HO
YtQFXOR FHOHVWLDO GH XQ GLQWHO R DUFR \ VyOR SRGtDPRV HVSHUDU HQFRQWUDU SURQWR OD SUXHED ILQDO GH HVWH
SDUDGLJPD
'HWRGRVORVJUXSRVH[LVWHQWHVHQ,VUDHOGXUDQWHHVHSHULRGRHVWRHVDTXHOHQHOFXDOQDFLy&ULVWR
SHQVDPRVTXHHOPiVLPSRUWDQWHIXHODFRPXQLGDGTXPUDQDTXHH[LVWLyHQODVFROLQDVGH-XGi$SHVDUGH
TXHVXSREODFLyQQRH[FHGLyPiVGHSHUVRQDVHQQLQJ~QPRPHQWRVXLQIOXHQFLDVREUHHOPXQGRIXWXUR
IXHHQRUPH
<D WHQtDPRV FDXVDV VXILFLHQWHV SDUD FUHHU TXH ORV DXWRUHV GHORV PDQXVFULWRV GHO 0DU 0XHUWR ORV
TXPUDQRVHUDQHVHQLRV\TXHHOORV\ORVQD]DUHQRVDVtFRPROD,JOHVLDGH-HUXVDOpQRULJLQDOHUDQXQR\OR
PLVPR/DHYLGHQFLDTXHSRVHtDPRVSDUDWDODILUPDFLyQHUD\DVyOLGD\UHSUHVHQWDXQSXQWRGHYLVWDTXHKD
UHFLELGR VHULDV FRQVLGHUDFLRQHV SRU SDUWH GH PXFKRV H[SHUWRV OtGHUHV HQ OD PDWHULD \ DKRUD FRQ QXHVWUDV
LGHDVDGLFLRQDOHVREWHQLGDVGHODFODYH+LUDPFRPHQ]yDVLWXDUQRVPiVDOOiGHFXDOTXLHUGXGDHQQXHVWUDV
FRQYLFFLRQHV
1XHVWUDKLSyWHVLVRULJLQDOSURSXHVWDHQORVFDStWXORV\GHTXHODIUDQFPDVRQHUtDVHGHVDUUROOyGH
HVHJUXSRDKRUDSDUHFtDHQWHUDPHQWHSRVLEOHGHELGRDOYtQFXORTXHHQFRQWUDPRVHQWUHHOORV\ORVHJLSFLRV
3HUR DKRUD GHEtDPRV HQFRQWUDU HYLGHQFLDV GLUHFWDV GH DFWLWXGHV \ ULWRV PDVyQLFRV 6L HVWXYLpUDPRV HQ OR
FRUUHFWRHQFXDQWRDTXHH[LVWtDXQDFRQH[LyQGLUHFWDHQWUHODIUDQFPDVRQHUtD\ORVTXPUDQRV\TXHpVWRV
IXHURQORVSULPHURVFULVWLDQRVVHGHGXFHTXH&ULVWRGHELyVHUHQDOJ~QVHQWLGRGHODSDODEUDXQIUDQFPDVyQ
6DEtDPRV TXH pVWD HUD XQD LGHD TXH KRUURUL]DUtD D PXFKRV FULVWLDQRV GH KR\ HQ SDUWLFXODU D ORV FDWyOLFRV
DSRVWyOLFRVURPDQRVSHURGHKHFKRHQFRQWUDPRVSUXHEDVGHTXHHVRIXHpOH[DFWDPHQWH
3RU PXFKR WLHPSR VH KD HVSHFXODGR TXH ORV HVHQLRV HUDQ DOJXQD HVSHFLH GH SURWRFULVWLDQRV \ TXH
-HVXFULVWR SXGR KDEHU VLGR XQR GH HOORV SHUR OD HYLGHQFLD HUD GHPDVLDGR GpELO /DV FRVDV FDPELDURQ GH
PDQHUD UDGLFDO FXDQGR FRPR \D PHQFLRQDPRV HQ HO FDStWXOR DO H[FDYDU HQ HO DQWLJXR DVHQWDPLHQWR
TXPUDQRVHKDOODURQXQRVVHJPHQWRVGHHVFULWRVHQPDOHVWDGR3RFRGHVSXpVWRGDHVDiUHDIXHH[WHQVDPHQWH
H[FDYDGD SRU HO 'HSDUWDPHQWR GH $QWLJHGDGHV GH -RUGDQLD OD (VFXHOD GH $UTXHRORJtD )UDQFHVD \ HO
'HSDUWDPHQWRGHO0XVHR3DOHVWLQRGH$UTXHRORJtDEDMRODVXSHUYLVLyQGH*/+DUGLQJ\HO3DGUHGH9DX[
HQ FLQFR H[SHGLFLRQHV HQWUH \ /R TXH KDOODURQ IXH HO HTXLYDOHQWH WHROyJLFR D QLWURJOLFHULQD
OtTXLGDHOPXQGRFULVWLDQRSRGUtDYRODUHQSHGD]RVVLHVWHDVXQWRQRVHWUDWDEDFRQHOPi[LPRFXLGDGR3HUR
OD WDSD QR SRGtD PDQWHQHUVH FHUUDGD VREUH HVWH DVSHFWR H[SORVLYR VLQ LPSRUWDU TXp WDQWR WUDWDUD OD ,JOHVLD
&DWyOLFD GH LPSHGLUOR /RV HQFDUJDGRV GH OD LQYHVWLJDFLyQ QR HUDQ HVWXGLRVRV LQGHSHQGLHQWHV WHQtDQ TXH
SURWHJHUXQDIH\PDQWHQHUXQDLQVWLWXFLyQ2WURVDFDGpPLFRVLQYROXFUDGRVFRQORVPDQXVFULWRVVHSHUFDWDURQ
GHHYLGHQFLDVTXHDSDUHQWHPHQWHFDPELDEDQODYLVLyQTXHVHWLHQHGH&ULVWR\GHO1XHYR7HVWDPHQWRSHUR
IXHURQVLOHQFLDGRV\GHVDFUHGLWDGRVFRQHILFDFLD/DVDFXVDFLRQHVGHHVFiQGDORHQFXEULPLHQWR\FRQIXVLyQ
GHOLEHUDGDGHODYHUGDGVHHQIUHQWDURQFRQQHJDFLRQHV\FRQWUDDFXVDFLRQHVGHLPDJLQDFLyQH[DJHUDGD\GH
VHQVDFLRQDOLVPRGHOLEHUDGR(VXQKHFKRTXHDPiVGHFXDUHQWDDxRVGHVXKDOOD]JRPiVGHODPLWDGGHORV
UROORVGHVFXELHUWRVQRKDEtDQVLGRSXEOLFDGRV/DFRPXQLGDGDFDGpPLFDVHLQGLJQySRUHVWDDFWLWXGGH
RFXOWDPLHQWR VLQ SUHFHGHQWHV FRQ UHVSHFWR D DOJR TXH GHEtD VHU GHO FRQRFLPLHQWR S~EOLFR \ GHVSXpV GH
SURWHVWDVJHQHUDOL]DGDVHQFDEH]DGDVSRUOD%LEOLRWHFD+XQWLQJWRQGH6DQ0DULQR&DOLIRUQLDHQRFWXEUHGH
ODV DXWRULGDGHV LVUDHOLWDV UHWLUDURQ ODV UHVWULFFLRQHV DO DFFHVR S~EOLFR D ORV FRQWHQLGRV GH ORV
PDQXVFULWRV
6HKDOODURQGLYHUVDVYHUVLRQHVGHWH[WRVEtEOLFRV\WRGDVHOODVHUDQPLOHVGHDxRVPiVDQWLJXDVTXH
ORVWH[WRVKHEUHRVHODERUDGRVSRU$DUyQEHQ0RVHVEHQ$VKHULQG&$QWHVGHOGHVFXEULPLHQWRGHORV
SHUJDPLQRV ORVMXGtRV \ ORV FULVWLDQRV QR HVWDEDQ VHJXURV HQUHDOLGDG GH TXpWDQ SUHFLVR HV QXHVWUR DFWXDO
$QWLJXR7HVWDPHQWR6yORVDEtDPRVTXHGXUDQWHODHUDFULVWLDQDVHKDGHVDSUREDGRLQFOXVRODPiVPtQLPD
GLYHUJHQFLD'HODJUDQYDULHGDGGHWH[WRVFRPSHWHQWHVFDGDXQRGHHOORVFXLGDGRVDPHQWHDUFKLYDGRVHQODV
FXHYDV GH 4XPUDQ DKRUD VDEHPRV TXH H[LVWtDQ QXPHURVDV FDQWLGDGHV GH WH[WRV \ TXH DTXHO TXH IXH
WUDGXFLGRFRPRORV6HWHQWDGHOD%LEOLDJULHJDVyORHUDXQRGHHOORVGHPDQHUDTXHQRH[LVWHXQDYHUVLyQ
FRUUHFWDGHOD%LEOLDGHVSXpVGHWRGR
(O iUHD WRWDO GH LQYHVWLJDFLyQ FRQFHUQLHQWH D 4XPUDQ HV XQ FDPSR PLQDGR SDUD ORV FULVWLDQRV
FRPXQHV SRU OR TXH PXFKRV KDQ SUHIHULGR PDQWHQHUVH DOHMDGRV GHO WHPD (Q WDQWR TXH HO MXGDLVPR \ OD
PD\RUtDGHODVGHPiVUHOLJLRQHVVHEDVDQHQWHPDVPiVDPSOLRVHQORFRQFHUQLHQWHDOSHQVDPLHQWRVRFLDO\
WHROyJLFRHOFULVWLDQLVPRVHIXQGDPHQWDSRUFRPSOHWRHQODLGHDGHTXHXQGtDHQSDUWLFXODUGHODKLVWRULDXQ
GLRVKRPEUHDEVROYLyDDTXHOORVPLHPEURVGHODUD]DKXPDQDTXHHVWDEDQGLVSXHVWRVDDODEDUOR\DVXPLyOD
UHVSRQVDELOLGDGGHVXVPDODVREUDVHVWDQGRLQFOXVRGLVSXHVWRDPRULUVLELHQWHPSRUDOPHQWHEDMRWRUWXUD
+DVWD pSRFDV UHFLHQWHV OD ~QLFD HYLGHQFLD HQ UHODFLyQ FRQ HVWH VXFHVR HVHQFLDO OR HUDQ ORV WUHV (YDQJHOLRV
6LQySWLFRVGHO1XHYR7HVWDPHQWRORVFXDOHVVHHVFULELHURQPXFKRWLHPSRGHVSXpVGHORVKHFKRVTXHHQHOORV
VHGHVFULEHQSRUSHUVRQDVTXHQRHVWXYLHURQSUHVHQWHV\DTXLHQHVQRHVSRVLEOHLGHQWLILFDUFRQSURSLHGDG
$KRUD VH VDEH TXH OD KLVWRULD GH -HV~V QDUUDGD HQ HVWRV (YDQJHOLRV HV HQ JUDQ PHGLGD XQD LQYHQFLyQ
GUDPiWLFDSDUDHQYROYHUVXVHQVHxDQ]DVHQXQIRUPDWRGHOHFWXUDDPLJDEOH(ODQiOLVLVGHORV(YDQJHOLRVGH
0DWHR \ /XFDV KD PRVWUDGR TXH VRQ XQD DPDOJDPD GH GRV WUDGLFLRQHV HFOHVLiVWLFDV EDVDGDV HQ XQD
FRPELQDFLyQGHO(YDQJHOLRGH0DUFRV\XQ(YDQJHOLRSHUGLGRFRQDQWHULRULGDG\DKRUDOODPDGR4GHULYDGR
GHOWpUPLQRDOHPiQTXHOOHTXHVLJQLILFDIXHQWH6HVDEHDKRUDTXHODKLVWRULDGHOQDFLPLHQWRGH-HV~VFRQWDGD
SRU0DUFRV\/XFDVHVXQDFRPSOHWDLQYHQFLyQSRUSDUWHGHSHUVRQDVTXHFDUHFtDQGHXQHQWHQGLPLHQWRGH
ODVFLUFXQVWDQFLDVKLVWyULFDV\SROtWLFDVGHDTXHOWLHPSR/RVHYHQWRVWDO\FRPRORVFXHQWDQVHQFLOODPHQWHQR
SXGLHURQKDEHUVXFHGLGR8QHMHPSORGHHOORHVODIRUPDHQTXHVHYLQFXODDOUH\+HURGHVFRQODWULEXWDFLyQ
DORVURPDQRVGXUDQWHHOSHULRGRGH4XLULQLRFXDQGRTXH+HURGHVPXULyFXDWURDxRVDQWHVGH&ULVWR\SRUOR
PHQRVGLH]DxRVDQWHVGHTXH4XLULQLRDSDUHFLHUDHQHVFHQD 2WURV HVWXGLRVRV FRPR 0RUWRQ 6PLWK GHWHFWDURQ OD H[LVWHQFLD GH XQ (YDQJHOLR VHFUHWR FRQ
HOHPHQWRV TXH VH H[WLHQGHQ PiV DOOi GH ORV FXDWUR (YDQJHOLRV GHO 1XHYR 7HVWDPHQWR HO FXDO VH FUHH TXH
SUHFHGHDO(YDQJHOLRGH0DUFRV!1RSXGLPRVHYLWDUFXHVWLRQDUQRVTXHVLHVWH(YDQJHOLRGH-HV~VH[LVWtDHQ
IRUPD HVFULWD ELHQ SRGtD VHU HO GRFXPHQWR FHQWUDO GH QXHVWUD PLVLyQ £HO UROOR KDOODGR SRU ORV &DEDOOHURV
7HPSODULRV
(VWDSRVLELOLGDGVXUJHGHORVPDQXVFULWRVGH4XPUDQORVFXDOHVLGHQWLILFDQTXHKDEtDXQDWUDGLFLyQ
VHFUHWDFX\RVPLHPEURVQRGHEtDQGLYXOJDU(VRVVHFUHWRVIXHURQHVFULWRV\SUHVHUYDGRVSDUDXVDUVHHOGtDHQ
TXH'LRVYLVLWDUDDVXSXHEORDOILQDOGHORVWLHPSRV
([LVWHSRFDRQLQJXQDUHIHUHQFLDVREUH-HV~VHQFXDOTXLHUGRFXPHQWDFLyQHVFULWDSRUWHUFHURVORFXDO
HV PX\ SHFXOLDU HQ HVSHFLDO FXDQGR KLVWRULDGRUHV FRPR -RVHIR )LOyQ \ 3OLQLR HO 9LHMR UHJLVWUDURQ
SUiFWLFDPHQWHWRGRORQRWDEOHHQHVHWLHPSR&RPR\DKHPRVYLVWRSRUORUHJXODUHVSRVLEOHFRQRFHUDORV
SHUVRQDMHVKLVWyULFRVDWUDYpVGHIXHQWHVLQGHSHQGLHQWHVRLQFOXVRSRUORTXHVXVHQHPLJRVGLMHURQGHHOORV
SHURHQHVWHFDVRORVSULPHURVLQYHQWRUHVGHOFULVWLDQLVPROOHYDURQDFDERXQWUDEDMRHILFD]DOHOLPLQDUWRGD
HYLGHQFLD DFHUFD GH XQ PRUWDO TXH GHVHDEDQ TXH IXHUD UHSUHVHQWDGR FRPR XQ GLRV 3HUR QR IXHURQ OR
VXILFLHQWHPHQWHPLQXFLRVRV\SRUPHGLRGHODEXHQDVXHUWH\GHODQiOLVLVGHGXFWLYRFRQWHPSRUiQHRDKRUD
GHSURQWRKD\ PXFKDPiV LQIRUPDFLyQGLVSRQLEOH\ODH[WUDxDLQWHUSUHWDFLyQGHOD,JOHVLD5RPDQDHQVXV
LQLFLRVHVWiVXMHWDDVHUGHVDILDGDSRUODYHUGDG
(OFULVWLDQLVPRHVWiH[SXHVWRGHPDQHUDH[WUDRUGLQDULD1RH[LVWHXQLQIOXMRUHSHQWLQRGHLQIRUPDFLyQ
TXH SXGLHUD GDxDU GH PDQHUD IXQGDPHQWDO HO MXGDLVPR HO ,VODP HO EXGLVPR H LQFOXVR SDUD WDO HIHFWR HO
VLVWHPDGHFUHHQFLDVGHORVDERUtJHQHVDXVWUDOLDQRVRHOGHORVLQGtJHQDVDPD]yQLFRV\DTXHVRQUHOLJLRQHV
TXHVHKDQGHVDUUROODGRGHXQSURIXQGRFRQRFLPLHQWRHVSLULWXDOTXHFRQHOWLHPSRKDHYROXFLRQDGRGHVXV
SURSLDVFXOWXUDV$XQVLQ*DXWDPDHOEXGLVPRVXEVLVWHVLQ0DKRPDHO,VODPFRQWLQ~DVLQHPEDUJRVLQOD
UHVXUUHFFLyQGH-HV~VHOFULVWLDQLVPRWDO\FRPRHVQRHVQDGD(VFRPSUHQVLEOHSRUORWDQWRTXHOD,JOHVLD
WRPH JUDQGHV SUHFDXFLRQHV DO PDQHMDU QXHYD LQIRUPDFLyQ UHODFLRQDGD FRQ HVWH PRPHQWR PLQ~VFXOR GH OD
KLVWRULDUHFLHQWHHQTXHHOORVFUHHQTXHHOFUHDGRUGHOXQLYHUVRGHFLGLyTXHHUDWLHPSRGHYROYHUVHXQMXGtR
FRP~Q(VWRGHMDDOFULVWLDQLVPRH[SXHVWRDODOX]GHODYHUGDG
6LSXHGHGHPRVWUDUVHTXHODWRWDOLGDGGHODEDVHGHOFULVWLDQLVPRHVXQLQRFHQWHHUURU¢VHGLVFXOSDUtD
HO 9DWLFDQR SRU ODV LQFRQYHQLHQFLDV TXH KD FDXVDGR VH DXWRDEROLUtD \ RWRUJDUtD VXV ULTXH]DV \ SRGHU DO
5DELQR6XSUHPR"1R(VFODURTXHQLQJXQDSUXHEDSRGUtDORJUDUOR\TXL]iHVWRVHDFRUUHFWRSRUTXHODLJOH
VLD HV GHPDVLDGR JUDQGH H LPSRUWDQWH SDUD GHVDSDUHFHU HQ IRUPD UHSHQWLQD SHUR GH LJXDO PDQHUD MDPiV
HVWDUiHQORFRUUHFWRDOHVFRQGHUODYHUGDGSRUTXHODYHUGDGWLHQHTXHVHUFRQFHUWH]DODHVHQFLDGH'LRV
'HEH KDEHU XQD IRUPD GH TXH OD ,JOHVLD VXEVLVWD SHUR UHFRQVLGHUDQGR TXH OR TXH VDEH VRQ LGHDV HUUyQHDV
([LVWHXQDKLVWRULDGHRULJHQMXGtRTXHHVWDEOHFHFRQFHUWH]DHVWHSXQWR
(QXQDUHXQLyQGHUDELQRVORVVDELRVGLVFXWtDQDFHUFDGHXQDVHFFLyQGHOD6DJUDGD/H\\XQRGH
HOORV VH HQFRQWUy HQ GHVYHQWDMD DQWH HO UHVWR GHO JUXSR FRQ UHVSHFWR D XQD FXHVWLyQ GH LQWHUSUHWDFLyQ /R
SUHVLRQDURQSDUDTXHFHGLHUDSHURpOVDEtDTXHHVWDEDHQORFRUUHFWR\SRUORWDQWR'LRVHVWDUtDGHVXODGR
$Vt TXH LQYRFy DO 7RGRSRGHURVR SDUD TXH OR D\XGDUD D SUREDU VX FDVR 3RU IDYRU 'LRV VL HVWR\ HQ OR
FRUUHFWRKD]TXHORVUtRVGH,VUDHOIOX\DQKDFLDDUULEDLPSORUyHOUDELQR'HLQPHGLDWRODVDJXDVGHODWLHUUD
FDPELDURQGHGLUHFFLyQ3RUGHVJUDFLDVXVDGYHUVDULRVVHPRVWUDURQLPSDVLEOHV3RUIDYRU'LRVGLMRGH
QXHYR HO H[DVSHUDGR UDELQRVL HVWR\ HQ OR FRUUHFWR KD] TXH ORV iUEROHV VH LQFOLQHQ KDVWD HO VXHOR< OR
KLFLHURQ 3HUR DXQ DVt VXV FROHJDV VH PRVWUDURQ LQWUDQVLJHQWHV4XHULGR 'LRV OODPy SUHVR GH OD
IUXVWUDFLyQ¢SRGUtDVKDEODUHQYR]DOWD\DSR\DUPH"'HLQPHGLDWRODVQXEHVVHVHSDUDURQ\VHHVFXFKyXQD
VRQRUDYR]GHVGHHOFLHOR$PLJRV PtRVWHQJRTXHGHFLUOHVTXHXVWHGHVHVWiQHTXLYRFDGRV\pOHVWiHQOR
FRUUHFWReVWDHUDPLLQWHQFLyQ(ODQFLDQRVROLWDULRVRQULyDQWHHOWULXQIRSHURHOJUXSRQRVHLPSUHVLRQy
%DK QR SUHVWDPRV DWHQFLyQ D ODV YRFHV FHOHVWLDOHV GLMHURQSRUTXH OD GHWHUPLQDFLyQ FRUUHFWD VREUH HVWD
FXHVWLyQVHHVFULELyKDFHPXFKR
(VWDFyPLFDKLVWRULDORGLFHWRGR/DVDQWLJXDVHVFULWXUDVDXQTXHLQH[DFWDVDGTXLHUHQYLGDSURSLD\
DILQGHFXHQWDVODUHOLJLyQQRHVFXHVWLyQGHYHUGDGKLVWyULFDVLQRGHIH3HURHQQXHVWURPXQGRODIHFLHJD
QRHVVXILFLHQWH\VLODUHOLJLyQTXLHUHVREUHYLYLUQRGHEHDSDUWDUVHGHODQXHYDLQIRUPDFLyQ
3RQHUHOGRJPDSRUHQFLPDGHODYHUGDGQRHVODIRUPDGHKRQUDUD'LRV
/RVOLEURVSHUGLGRVGH0DFDEHR
/DKLVWRULDFRQYHQFLRQDOUHJLVWUDOD5HYROXFLyQGHORV0DFDEHRVFRPRXQDFDXVDMXGtDFRQODUD]yQGHVX
ODGR\HODVFHQVRGH-RQDWiQ0DFDEHRDOVXPRVDFHUGRFLRVHFRQVLGHUDXQDFRQWHFLPLHQWRSRSXODU$XQTXH
OR SULPHUR HV YHUGDG DKRUD VDEHPRV SRU ORV UROORV UHFXSHUDGRV GH 4XPUDQ TXH SDUD ORV KDVLGLP R ODV
FODVHVMXGtDVHVWULFWDV-RQDWiQHUDXQDDOWHUQDWLYDXOWUDMDQWHTXHDQWHSRQtDODSROtWLFDD-HKRYi
&XDQGR-RQDWiQIXHDVHVLQDGRVXKHUPDQR6LPyQVHFRQYLUWLyHQVXPRVDFHUGRWH\OOHYyODVFRVDV
D~QPiVOHMRVGHFODUDQGRHOGHUHFKRKHUHGLWDULRGHVXIDPLOLDDODSRVLFLyQGHVXPRVVDFHUGRWHVGHUHFKRTXH
JUDEyHQEURQFHHKL]RFRORFDUHQHOWHPSOR/D%LEOLD&DWyOLFD5RPDQD'RXDLUHODWDFyPR6LPyQHPSH]yD
FRQVLGHUDUVH SDUWLFLSDQWH GHO HVFHQDULR PXQGLDO \ PDQGy XQ HPEDMDGRU FRQ RIUHFLPLHQWRV D 5RPD (O
DVFHQVRLOHJtWLPRGH6LPyQSXHGHHQFRQWUDUVHHQHO6DOPR
/DV RSLQLRQHV GH OD FRPXQLGDG TXPUDQD DFHUFD GHO VDFHUGRFLR GH -HUXVDOpQ HVWiQ FODUDV HQ ORV
VLJXLHQWHVSDVDMHVGHORVUROORV
/RVVDFHUGRWHVGH-HUXVDOpQTXLHQHVDFXPXODUiQULTXH]DVHLQMXVWDVJDQDQFLDVGHVSRMDQGRDOSXHEOR
4S+DE
(V-HUXVDOpQODFLXGDGHQODFXDOORVPDOYDGRVVDFHUGRWHVKLFLHURQREUDVDERPLQDEOHV\SURIDQDURQHO
7HPSORGH'LRV4S+DE
62
/RVQRPEUHVXVDGRVSDUDGHVFULELUHOPDQGDWRGHODIDPLOLDTXHWRPySRVHVLyQGHOVXPRVDFHUGRFLR
VRQFRQIXVRVHOIXQGDGRUVHOODPDED0DWDWtDVSHURHOWpUPLQRPDFDEHRVHXVDSDUDVXKLMR-XGDV\DOOLQDMH
TXHSURGXMHURQVHOHOODPDGHPDQHUDFROHFWLYDORVDVPRQHRVHQODOLWHUDWXUDUDEtQLFD'HDFXHUGRFRQHO
KLVWRULDGRU -RVHIR HVWR VH GHEtD DO QRPEUH GHO DEXHOR GH 0DWDWtDV +DVKPRQ 'HVSXpV GHO DVHVLQDWR GH
6LPyQ pVWH IXH UHHPSOD]DGR SRU VX KLMR -XDQ +LUFDQR TXLHQ JREHUQy GXUDQWH WUHLQWD DxRV OXHJR VX KLMR
$ULVWyEXORDVXPLyHOSRGHUSRUXQEUHYHODSVR\VHFRQYLUWLyHQHOSULPHUDVPRQHRHQDXWRQRPEUDUVHUH\GH
ORV MXGtRV \ VXPR VDFHUGRWH D OD YH] /D OtQHD FRQWLQ~D KDVWD TXH ORV SDSHOHV GH UH\ \ VXPR VDFHUGRWH VH
GLYLGHQGHQXHYRFRQODPXHUWHGHODUHLQD$OHMDQGUDHQD&VXKLMRPHQRU$ULVWyEXOR,,VHFRQYLUWLyHQ
UH\\HOPD\RU+LUFDQRHQVXPRVDFHUGRWH
/D %LEOLD &DWyOLFD 5RPDQD 'RXDL UHODWD XQD KLVWRULD PX\ FRPSOHWD GH HVWH SHULRGR GH LQWULJDV
SROtWLFDVDVHVLQDWR\FRUUXSFLyQDOSRUPD\RU\UHWUDWDDORVDVPRQHRVFRPRKpURHVMXGtRVDXQTXHOD%LEOLD
GHO 5H\ -DFRER QR QRV GLFH QDGD /RV ~OWLPRV GRV OLEURV GH OD %LEOLD 'RXDL VRQ ORV /LEURV 3ULPHUR \
6HJXQGRGHORV0DFDEHRVHVFULWXUDVSRUFRPSOHWRDXVHQWHVGHO$QWLJXR7HVWDPHQWRSURWHVWDQWH
¢3RUTXpWHQGUtDTXHVHUDVt"(OKHFKRGHTXHIDOWHQHVWRVGRVOLEURVGHOD%LEOLDGHO5H\-DFRERQRV
GLMRPXFKR(VVHJXURTXHKD\XQDUD]yQPX\LPSRUWDQWHSDUDTXHOD%LEOLD&DWyOLFDSUHVHQWHODKLVWRULDGHOD
5HYROXFLyQGHORV0DFDEHRV\ODGHOVXPRVDFHUGRFLRGHORVDVPRQHRVFRPROHJtWLPDFXDQGRTXHOD%LEOLD
GHO5H\-DFRERQRUHFRQRFHQLQJXQDGHODVGRVFRPRHVFULWXUD¢4XpWHQtDQGHPDORHVWRVWUDEDMRV
\TXp
SXGLHURQ KDEHU VDELGR ORV PX\ SRVWHULRUHV FRPSLODGRUHV GH OD %LEOLD 3URWHVWDQWH TXH ORV KXELHUD KHFKR
UHQXQFLDUDWUDEDMRVDFHSWDGRVPXFKRWLHPSRDWUiV\TXHVHVXSRQHHVWDEDQLQVSLUDGRVHQ'LRV"
/DV ~QLFDV SHUVRQDV TXH VDEtDQ TXH OD DVFHQFLyQ GH ORV VXPRV VDFHUGRWHV \ UH\HV DVPRQHRV HUD
LOHJtWLPDHUDQORVPLHPEURVGHODFRPXQLGDGTXPUDQDTXLHQHVGHVSUHFLDEDQDHVWRVIDOVRVVDFHUGRWHV\DVXV
FRPSODFHQFLDVSROtWLFDVSDUDFRQORVURPDQRV$XQDVtORVTXPUDQRVIXHURQSUiFWLFDPHQWHGHVWUXLGRVHQOD
JXHUUD FRQ ORV URPDQRV GXUDQWH ORV DxRV DO D& \ VH GHMy TXH OD 'LiVSRUD GH -XGtRV \ &ULVWLDQRV
TXLHQHVEXVFDEDQVXDYL]DUODVFRVDVFRQWDUDODKLVWRULDGHVGHVXSXQWRGHYLVWD6LQHPEDUJRDXQTXHORV
TXPUDQRV KD\DQ SHUGLGR OD EDWDOOD JDQDURQ OD JXHUUD $O HQWHUUDU OD YHUGDGHUD KLVWRULD MXGtD HQ IRUPD GH
UROORV FRQ HO WLHPSR HO PHQVDMH OOHJy D ODV PDQRV GH ORV FUHDGRUHV GH OD %LEOLD 3URWHVWDQWH JUDFLDV D ODV
H[FDYDFLRQHVTXHORV&DEDOOHURV7HPSODULRVUHDOL]DURQDSULQFLSLRVGHOVLJOR;,,
(OHOHJLGRGHMXGi
/RVMXGtRV TXH UHJUHVDURQGH VX FDXWLYHULR HQ %DELORQLD IXHURQ FRQGXFLGRV GHUHJUHVR D-HUXVDOpQ
SRU =RUREDEHO HO KRPEUH TXH GH RWUR PRGR SXGR KDEHU VLGR VX UH\ eO \ VXV VHJXLGRUHV PiV FHUFDQRV
OODPDGRV HQ OD %LEOLD -RVXp 1HKHPtDV 6HUDLDK 5HHODLDK 0RUGHFDL %LOVKDQ 0LVSDU %LJYDL 5HKXP \
%DDQDKUHJUHVDURQDVXFLXGDGFRQVXFHUHPRQLDVHFUHWDGHOOLQDMHUHDOGH'DYLG$KRUDHUDDOJRGLIHUHQWH
SRUTXHVLJXLHQGRHOFRQVHMRGH(]HTXLHOVHFDPELDURQORVHOHPHQWRVHJLSFLRVPiVREYLRVSRUORVKHEUHRV
DXQTXHSHUPDQHFtDLQWDFWD$OUHFRQVWUXLUHOWHPSORGHDFXHUGRFRQHOGLVHxRH[SOLFDGRSRU(]HTXLHOUHERVD
EDQXQDQXHYDFRQILDQ]DFRQVWUXLUtDQXQWHPSOR\XQDQXHYDDOLDQ]DLQTXHEUDQWDEOHFRQ-HKRYi1XQFDPiV
YROYHUtD6XSXHEORDHTXLYRFDUVH\QXQFDPiVQHFHVLWDUtDVX'LRVFDVWLJDUORVFRQWDQWDGXUH]D
/DFRQILDQ]DGHXQQXHYRFRPLHQ]RVLHPSUHHVHVSHFLDOHOVHQWLPLHQWRGHHVWDYH]ORKDUpPHMRU
(VWiHQODQDWXUDOH]DKXPDQDHQFRQWUDUIXHU]DVDWUDYpVGHODHVSHUDQ]DHQXQIXWXURTXHVLHPSUHSDUHFHTXH
VHUiPHMRUTXHHOSDVDGRSHURTXHFRPRPXFKDJHQWHH[SHULPHQWDGDVDEHUDUDYH]ORHV
/RPiVSUREDEOHHVTXHORVGHVFHQGLHQWHVGH=RUREDEHO\VXVVHJXLGRUHVFHUFDQRVFRQRFLGRVFRPR
ORVKDVLGLPKD\DQGHMDGR-HUXVDOpQHQDOJ~QPRPHQWRHQWUHORVDxRV\D&(OUROORTXHOOHYDHO
QRPEUH GH 'RFXPHQWR GH 'DPDVFR DVt OODPDGR GHELGR D TXH OD FRPXQLGDG HQ RFDVLRQHV VH UHIHUtD D Vt
PLVPDFRPR'DPDVFRQRVSURSRUFLRQDODPHMRUSLVWDVREUHODIXQGDFLyQGHODFRPXQLGDGTXPUDQD
3RUTXH HQ VX GHVOHDOWDG FXDQGR ORV GHMDURQ eO RFXOWy VX URVWUR D ,VUDHO \ D 6X 7HPSOR \ ORV
HQWUHJyDODHVSDGD'HVSXpVFXDQGReOUHFRUGyODDOLDQ]DGHORV3DWULDUFDVGHMyXQYHVWLJLRSDUD
,VUDHO\QRORVHQWUHJySDUDVHUDQLTXLODGRV<HQHOPRPHQWRILQDOGHLUD²DxRVGHVSXpVORV
SXVRHQPDQRVGH1DEXFRGRQRVRUUH\GH%DELORQLD²eOORVYLVLWy\FDXVyTXHEURWDUDGH,VUDHO\
GH$DUyQXQDUDt]GHSODQWDFLyQSDUDSRVHHU6XWLHUUD\FUHFHUDEXQGDQWHHQODERQGDGGH6XWLHUUD
(QWRQFHVHQWHQGLHURQVXLQLTXLGDG\VXSLHURQTXHHUDQKRPEUHVFXOSDEOHV3HURDQGXYLHURQFRPR
FLHJRVFRPRKRPEUHVTXHFDPLQDQDWLHQWDVGXUDQWHYHLQWHDxRV<'LRVFRQVLGHUyVXVDFWRVTXH
OREXVFDURQDeOFRQHOFRUD]yQHQWHUR\eOVHHULJLySDUDHOORVFRPRPDHVWURGHODUHFWLWXGSDUD
JXLDUORVHQHOFDPLQRGHVX&RUD]yQHKL]RVDEHUDODV~OWLPDVJHQHUDFLRQHVORTXHOHKDEtDKHFKR
DOD~OWLPDJHQHUDFLyQODFRQJUHJDFLyQGHWUDLGRUHVDTXHOORVTXHVHKDEtDQGHVYLDGRGHOFDPLQR
&'
6LWRPDPRVFRPRUHIHUHQFLDTXHORVMXGtRVHVWXYLHURQHQPDQRVGH1DEXFRGRQRVRUGHVGHODIHFKD
GHVXSULPHUDFRQTXLVWDGH-HUXVDOpQHQ D&HQOXJDUGHODGHVWUXFFLyQGHODFLXGDGHQD&ODVXPD
GH ORV DxRV PiV ORV GH FDPLQDU D WLHQWDV QRV GD XQD IHFKD SUHYLD D D& SDUD OD IXQGDFLyQ GH
4XPUDQ (VWRV FiOFXORV QR GHEHQ WRPDUVH GH PDQHUD PX\ OLWHUDO SHUR SRGHPRV HVWDU VHJXURV GH TXH OD
FRPXQLGDGHVWDEDHQVXOXJDUSDUDD&FXDQGRORVTXPUDQRVSURWHVWDEDQSRUODDVFHQFLyQGH-RQDWiQ
OtGHUGHORVPDFDEHRVDOVXPRVDFHUGRFLR/RVUROORVUHFXSHUDGRVGHODVFXHYDVGH4XPUDQHQSDUWLFXODUHO
0DQXDO GH 'LVFLSOLQD \ HO &RPHQWDULR VREUH ORV GRV SULPHURV FDStWXORV GHO /LEUR GH +DEDFXF QDUUDQ VX
SDUWLFXODU UHDFFLyQ KDFLD HVWH QRPEUDPLHQWR 6X H[LOLR IXH DXWRLPSXHVWR \ HQ VX UHIXJLR GHO GHVLHUWR VH
FRQVLGHUDEDQHOSXHEORGHODQXHYDDOLDQ]DFRQ-HKRYiHOHOHJLGRGH-XGi\OOHYDEDQXQDYLGDPRQiVWLFD\
DUGXD TXH VH FRQYHUWLUtD HQ HO PRGHOR GH ODV yUGHQHV FULVWLDQDV 6H DXWRGHVFULEHQ FRPR ORV KRPEUHV TXH
LQLFLDURQXQD1XHYD$OLDQ]DHQOD7LHUUDGH'DPDVFRDKRUDWLHQGHDFUHHUVHTXH'DPDVFRHVHOQRPEUHTXH
XVDEDQSDUDUHIHULUVHD4XPUDQ\QRDODFLXGDGVLULD
/DVH[FDYDFLRQHVKDQPRVWUDGRTXHHVSUREDEOHTXHHOSXHEORGH4XPUDQYLYLHUDHQFDUSDV\XVDUD
ODV FXHYDV GH ORV DFDQWLODGRV GH ORV DOUHGHGRUHV FRPR DOPDFHQHV \ YLYLHQGDV SDUD UHIXJLDUVH GH ODV PX\
RFDVLRQDOHV OOXYLDV GH LQYLHUQR +DEtD FRQVWUXFFLRQHV TXH LQFOXtDQ XQD WRUUH YLJtD VDODV GH UHXQLRQHV
S~EOLFDV XQ UHIHFWRULR FRQ FRFLQDV \ GHVSHQVDV XQ HVFULWRULR XQ KRUQR XQ HVWDEOHFLPLHQWR GH FHUiPLFD
YDULRV WDOOHUHV \ JUDQGHV FLVWHUQDV SDUD DEOXFLRQHV FHUHPRQLDOHV /D OLPSLH]D ULWXDO HUD HVHQFLDO SDUD HO
PDQWHQLPLHQWR GH OD VDQWLGDG SRU OR TXH VH UHTXHUtDQ JUDQGHV FDQWLGDGHV GH DJXD HQ HVWD ]RQD WDQ SRFR
OOXYLRVD
/RVPLHPEURVGHODFRPXQLGDGVHGLYLGtDQHQWUHVJUXSRV,VUDHO/HYL\$DUyQ,VUDHOVLJQLILFDEDVHU
PLHPEUR FRP~Q ORV OHYLWDV HUDQ VDFHUGRWHV PHQRUHV \ $DUyQ GHVLJQDED D ORV PD\RUHV \ PiV VDJUDGRV
VDFHUGRWHV ,JXDO TXH HQ OD IUDQFPDVRQHUtD FXDOTXLHU KRPEUH TXH SXGLHUD H[SUHVDU XQD ILUPH FUHHQFLD HQ
'LRV SRGtD XQLUVH D OD FRPXQLGDG OD 0D\RUtD FRPR HOORV VH OODPDEDQ +D\ YDULDV VLPLOLWXGHV FODUDV HQ
FXDQWRDOWUDWDPLHQWRGHORVQXHYRVPLHPEURVHPSH]DQGRFRQXQDHQWUHYLVWDFRQHO&RQVHMRSDUDH[DPLQDU
DOSRVLEOHFDQGLGDWR\FRPSUREDUVXUHFWLWXGGHVSXpVGHORFXDOVHKDFtDXQDYRWDFLyQ6LORDFHSWDEDQHO
FDQGLGDWRHUDDGPLWLGRHQXQQLYHOPHQRUSRUXQDxRWLHPSRGXUDQWHHOFXDOQRGHEtDPH]FODUVXSDWULPRQLR
FRQ HO GH OD 0D\RUtD (O SULPHU QLYHO GH OD IUDQFPDVRQHUtD HO GH $SUHQGL] VROtD GXUDU XQ DxR \ HQ OD
FHUHPRQLD GH LQLFLDFLyQ VH UHTXLHUH TXH HO FDQGLGDWR QR WUDLJD PRQHGDV X RWURV REMHWRV PHWiOLFRV (Q HO
WUDQVFXUVRGHODLQLFLDFLyQVHOHSLGHTXHGpGLQHUR\FXDQGRGLFHTXHQRWLHQHVHOHUHVSRQGHTXHTXHUtDQ
FRPSUREDUTXHQRKXELHUDWUDtGRPRQHGDVRDOJXQDRWUDFRVDGHYDORUDODORJLD
&XDQGRHOQXHYRPLHPEURKDEtDSHUPDQHFLGRHQODFRPXQLGDGTXPUDQDSRUXQDxRVHOHSRQtDD
SUXHEDFRQUHVSHFWRDVXDSUHQGL]DMHVREUHORVREUDVGHO7RUiDQWHVGHSDVDUDODFDWHJRUtDGH&RPSDxHUR
XQKHUPDQRPDVyQWLHQHTXHVHUSXHVWRDSUXHEDVREUHVXVFRQRFLPLHQWRVGHOULWXDO&RPRVXFHGtDFRQOD
IUDQFPDVRQHUtD HQ HO SDVDGR OD VHJXQGD HWDSD GH PHPEUHVtD HUD D OR PiV TXH OOHJDED OD PD\RUtD SHUR
DOJXQRV VHOHFFLRQDGRV SRGtDQ DOFDQ]DU XQ WHUFHU QLYHO WUDQVFXUULGR RWURDxR (VWR OHVSHUPLWtD DFHUFDUVH DO
FRQVHMR VHFUHWR GH ODFRPXQLGDG OR TXH QRVUHFXHUGD ORV VHFUHWRV GH +LUDP $ELI TXH VHOHVUHYHODQD ORV
IUDQFPDVRQHVTXHVHFRQYLHUWHQHQ0DHVWURV0DVRQHVDOVHUDVFHQGLGRVDO7HUFHU*UDGR&RPRHQODSUiFWLFD
GH ORV &DEDOOHURV 7HPSODULRV XQD YH] TXH HO LQLFLDGR SDVDED VX SULPHU DxR WHQtD TXH FHGHU WRGDV VXV
ULTXH]DVFRPRHVQDWXUDOpVWHHVXQSURFHGLPLHQWRTXHODIUDQFPDVRQHUtDQRSXHGHDGRSWDUVLQGHVDSDUHFHU
FRPRRUJDQL]DFLyQGHODQRFKHDODPDxDQD
/DV YLUWXGHV SRVLWLYDV TXH VH HQVHxDEDQ HQ HVWD FRPXQLGDG HVWDEDQ GHVFULWDV FRQ FODULGDG HQ ORV
UROORVYHUGDGUHFWLWXGERQGDGMXVWLFLDKRQHVWLGDG\KXPLOGDGDGHPiVGHDPRUIUDWHUQDO6RQWDQVLPLODUHV
ORV SULPHURV WUHV JUDGRV GH OD FRPXQLGDG TXPUDQD D ORV GH OD IUDQFPDVRQHUtD TXH WUDVFLHQGHQ XQD PHUD
FRLQFLGHQFLD 6L HPSOHDPRV QXHVWUD WpFQLFD GH XVDU ORV ULWXDOHV PDVyQLFRV FDPELiQGROHV VyOR ODV SRFDV
SDODEUDVTXHORVLGHQWLILFDQVHUiIiFLOFUHHUTXHHVWHOODPDGRDXQLQLFLDGRGHO7HUFHU*UDGRHUDXQDFLWDGH
ORVUROORVFRQFHUQLHQWHDDOJXLHQTXHDFDEDEDGHVHUDVFHQGLGRDODWHUFHUDHWDSDTXPUDQDOD3XUH]DGHOD
0D\RUtD
7XHQWXVLDVPRSRUODLQVWLWXFLyQGHOD&RPXQLGDGGHOD0D\RUtDHOSURJUHVRTXHKDVWHQLGRHQHO
$UWH\WXDSHJRDORVUHJODPHQWRVJHQHUDOHVWHKDQVHxDODGRFRPRXQVXMHWRDSURSLDGRSDUDJR]DU
GH QXHVWUR IDYRU \ HVWLPD (Q HO FDUiFWHU GH PLHPEUR GHO &RQVHMR 6HFUHWR HVWiV DXWRUL]DGR HQ OR
VXFHVLYR SDUD FRUUHJLU ORV HUURUHV H LUUHJXODULGDGHV GH OD +HUPDQGDG \ ORV &RPSDxHURV \
SURWHJHUORVHQFRQWUDGHXQDYLRODFLyQDODILGHOLGDG
0HMRUDU OD PRUDO \ FRUUHJLU ODV FRVWXPEUHV GH ORV KRPEUHV HQ OD VRFLHGDG GHEH VHU WX PLUD
FRQVWDQWH3RUORWDQWRFRQHVWRHQPHQWHVLHPSUHGHEHVUHFRPHQGDUDORVLQIHULRUHVREHGLHQFLD\
VXPLVLyQ D ORV LJXDOHV FRUWHVtD \ DIDELOLGDG D ORV VXSHULRUHV ERQGDG \ FRQGHVFHQGHQFLD (VWiV
SDUDLQFXOFDUODEHQHYROHQFLDXQLYHUVDO\SRUODUHJXODULGDGGHWXSURSLRFRPSRUWDPLHQWREULQGDU
HOPHMRUHMHPSORSDUDHOEHQHILFLRGHRWURV
/RV $QWLJXRV 0DQGDPLHQWRV GH ,VUDHO TXH DTXt WH VRQ FRQILDGRV GHEHV SUHVHUYDUORV VDJUDGRV H
LQYLRODEOHVVLQQXQFDVXIULUXQDYLRODFLyQGHQXHVWURVULWRVRXQDGHVYLDFLyQGHOXVR\ODFRVWXPEUH
HVWDEOHFLGRV
(O GHEHU HO KRQRU \ OD JUDWLWXG DKRUD WH FRPSURPHWHQ D VHU ILHO D WRGD FRQILDQ]D D DSR\DU FRQ
GHFRURVD GLJQLGDG WX QXHYR FDUiFWHU \ D UHIRU]DU PHGLDQWH HO HMHPSOR \ HO SUHFHSWR ORV PDQ
GDPLHQWRVGHOVLVWHPDGH'LRV
3RUFRQVLJXLHQWHQRGHMHVTXHQLQJ~QPRWLYRWHKDJDDSDUWDUWHGHWXGHEHUYLRODUWXVMXUDPHQWRVR
WUDLFLRQDU OD FRQILDQ]D HQ FDPELR Vp DXWpQWLFR \ ILHO H LPLWD HO HMHPSOR GH DTXHO FHOHEUDGR
$UWLVWD7D[RDTXLHQ\DUHSUHVHQWDVWHXQDYH]
$QWHV GH FRQVLGHUDU ORV VHFUHWRV FRPSDUDWLYRV GH ODV GRV yUGHQHV KD\ DOJXQDV H[FOXVLRQHV GH OD
PHPEUHVtDTXHVRQH[WUDxDPHQWHVLPLODUHVHQWUHVt8QKRPEUHQRSRGtDXQLUVHDODFRPXQLGDGTXPUDQDVL
WHQtDDOJXQDHQIHUPHGDGPHQWDORHVWDEDDTXHMDGRSRUDOJXQDHQIHUPHGDGGHODSLHOHQIHUPRGHORVSLHVR
ODVPDQRVOLVLDGRRFLHJRRVRUGRRPXGRRDTXHMDGRGHXQDLPSHUIHFFLyQGHODSLHOYLVLEOHDORVRMRVRVL
IXHUD XQ KRPEUH YLHMR \ WDPEDOHDQWH TXH QR SXGLHUD VRVWHQHUVH DUULED HQ PHGLR GH OD &RQJUHJDFLyQ
$XQTXHODUHJOD\DQRVHDSOLFDGHPDQHUDULJXURVDODIUDQFPDVRQHUtDUHTXLHUHTXHORVFDQGLGDWRVJRFHQGH
EXHQDVDOXG\GHXQFXHUSRFDSD]\VHVXSRQHTXHGHEHQHJiUVHOHODDGPLVLyQDOItVLFDPHQWHGLVFDSDFLWDGR
$PHQXGRORVREVHUYDGRUHVPRGHUQRVVHUHILHUHQDODFRPXQLGDGTXHYLYLyHQ4XPUDQGXUDQWHXQRV
GRVFLHQWRVFLQFXHQWDDxRVFRPRDXQPRQDVWHULRHVHQLR/DPD\RUtDGHORVHVWXGLRVKDDFHSWDGRSRUFRPSOHWR
TXH HUDQ HVHQLRV SHUR HO WpUPLQR PRQDVWHULR HV HQJDxRVR \D TXH QR VH WUDWDED GH XQ JUXSR GH YDURQHV
FpOLEHVTXHVHGHGLFDEDQDUH]DUFDVLWRGRHOWLHPSRHQTXHQRWUDEDMDEDQ(QODELEOLRWHFDGHSHUJDPLQRV
UHIHUHQWHV D OD FRPXQLGDG SRGHPRV YHU TXH HO FHOLEDWR VH UHVSHWDED PXFKR SHUR QR HUD HVHQFLDO SDUD VHU
DGPLWLGR 6LQ HPEDUJyODV UHODFLRQHV VH[XDOHV VH FRQVLGHUDEDQ SURIXQGDPHQWH VXFLDV \ VL XQ KRPEUH KDEtD
HVWDGR HQ FRQWDFWR LQFOXVR OHYH FRQ XQD PXMHU HQ VX SHULRGR GH PHQVWUXDFLyQ VH UHTXHUtD XQD OLPSLH]D
FRQVLGHUDEOH DQWHV GH TXH SXGLHUD PH]FODUVH FRQ OD FRPXQLGDG $ ODV PHQWHV PRGHUQDV RFFLGHQWDOHV OHV
HQFDQWDSRQHUHWLTXHWDVQRVDJUDGDSRGHUHQFDVLOODUWRGRORTXHVHQRVFUX]DHQHOFDPLQR¢HVXQD$RXQD
%"+HPRVFUHDGRWDQWDVGHILQLFLRQHV\FDWHJRUtDVTXHQRVGHVFRQFHUWDPRVXQSRFRVLDOJRHVLPSRVLEOHGH
FODVLILFDUVHSHURORSHFXOLDUGHHVWDFRPXQLGDGHVTXHFDPELyGHPDQHUDGUDPiWLFDDORODUJRGHXQFXDUWR
GHPLOHQLRGHH[LVWHQFLDHQSDUWLFXODUKDFLDHOILQDOEDMRODLQIOXHQFLDGH-HV~V\6DQWLDJR
0LGUDVK3HVKHU\3DUiEROD
&XDOTXLHUSHUVRQDTXHHVWXGLHHQODDFWXDOLGDGHODQWLJXRMXGDLVPRVDEHELHQTXHODPHQWDOLGDGMXGtDGHKDFH
GRVPLODxRV\PiVHUDPX\GLIHUHQWHGHODQXHVWUD\WLHQHQTXHHQWHQGHUODVWpFQLFDVGHPLGUDVKSHVKHU\
SDUiEROD (O WpUPLQR PLGUDVK FDVL FRUUHVSRQGH D OD SDODEUD HVSDxROD H[pJHVLV \ SXHGH GHILQLUVH FRPR OD
LQYHVWLJDFLyQHLQWHUSUHWDFLyQGHODVHVFULWXUDVKHEUHDVFRQHOSURSyVLWRGHGHVFXEULUYHUGDGHVWHROyJLFDVH
LQVWUXFFLRQHV D VHJXLU 8Q FRQFHSWR TXH VH UHODFLRQD PX\ GH FHUFD FRQ OD WpFQLFD GH HQWHQGLPLHQWR GH
DFRQWHFLPLHQWRVDFWXDOHVOODPDGDSHVKHUTXHSXHGHH[SOLFDUVHFRPRXQDLQWHUSUHWDFLyQRH[SOLFDFLyQGHXQ
YHUVRGHODV(VFULWXUDVHQHOTXHVHFRQVLGHUDTXHXQDRUDFLyQGDGDWLHQHVLJQLILFDGRFRQUHVSHFWRDXQVXFHVR
RDXQDSHUVRQDHQHOSUHVHQWHRHQHOIXWXUR$VtTXHPLGUDVKHVXQSURFHVRFRQWLQXRSDUDORVVDFHUGRWHV\
SURIHWDVGH,VUDHOTXHEXVFDQLQVWUXFFLRQHVSDUDPHMRUDUHOELHQHVWDUHVSLULWXDOGHODJHQWH\SHVKHUHUDXQ
PpWRGRSDUDHQFRQWUDUOHHOVLJQLILFDGRDORTXHVXFHGtDDVXDOUHGHGRU(OORVFUHtDQTXHODVFRVDVQRRFXUUtDQ
DOD]DUVLQRFRQIRUPHDSDWURQHVHVWUXFWXUDGRVTXHSRGtDQGHVFLIUDUVHPHGLDQWHHOHVWXGLRGHODV(VFULWXUDV
&RPRUHVXOWDGDGHHVWRVGRVSULQFLSLRVFXDQGRHVFULEtDQODKLVWRULDGHXQDFRQWHFLPLHQWRUHFLHQWHWHQGtDQD
DVHJXUDU TXH VHJXtD XQ SDWUyQ DQWLJXR (VWR H[SOLFD SRU TXp HQ HO 1XHYR 7HVWDPHQWR \ HQ ORV UROORV
TXPUDQRVHQFRQWUDPRVWDQWDVUHIHUHQFLDVTXHVRQHFRVGHO$QWLJXR7HVWDPHQWR
(OWpUPLQRSDUiERODHVELHQFRQRFLGRSRUORVFULVWLDQRVSRUTXHHO1XHYR7HVWDPHQWRQRVGLFHTXH
-HVXFULVWR XVDED HVWD IRUPD GH UHODWDU KLVWRULDV SDUD FRPXQLFDU VXV HQVHxDQ]DV GH PRUDOLGDG DO VHQFLOOR
SXHEORGH-XGHD(OPpWRGRSXHGHGHILQLUVHFRPRXQDH[SOLFDFLyQILJXUDWLYDTXHSXHGHFRQWHQHU\DVHDDOH
JRUtDVRPHWiIRUDVRDPEDVSDUDWUDQVPLWLUXQQLYHOPiVSURIXQGRGHVLJQLILFDGRTXHHOVXSHUILFLDO(VWDV
KLVWRULDVQRVyORVHXVDEDQFRPRVLPSOHVDQDORJtDVSDUDD\XGDUDORVMXGtRVVLQHGXFDFLyQDHQWHQGHUODOH\
WDPELpQ HUDQ XQD WpFQLFD SDUD H[SOLFDU VXFHVRV FRPSOHMRV DFWXDOHV GH PDQHUD DOHJyULFD \ SRU OR WDQWR
VHFUHWD (V XQ KHFKR PiV DOOi GH WRGD GLVSXWD TXH HO FULVWLDQLVPR HUD XQ FXOWRMXGtR \ TXH WRGR VX HOHQFR
RULJLQDO-HV~V6DQWLDJR6LPyQ3HGUR$QGUpV-XGDV7RPiVHWFHUDQSHUVRQDVTXHSHQVDEDQHQWpUPLQRV
GH PLGUDVK SHVKHU \ SDUiEROD (Q FRQWUDVWH OR TXH SRGUtDPRV OODPDU HO VHJXQGR HOHQFR 3DEOR 0DWHR
/XFDVHWFHUDQPX\GLIHUHQWHV\XVDEDQSURFHVRVGHSHQVDPLHQWRPiVGHOWLSRKHOpQLFR\PiVFHUFDQRVDOD
IRUPDHQTXHSHQVDPRVKR\7RGRVORV(YDQJHOLRVGHO1XHYR7HVWDPHQWRVHHVFULELHURQFDVLFRQVHJXULGDG
GHVSXpVGHODGHVWUXFFLyQGH-HUXVDOpQ\4XPUDQ\GHODPXHUWHGHOHOHQFRRULJLQDO)XHURQFUHDGRVSDUDXQD
DXGLHQFLD FRQ PHQWDOLGDG JULHJD SRU SHUVRQDV TXH WRPDURQ ODV HQVHxDQ]DV TXH FUHtDQ TXH HUDQ ODV GH VX
&ULVWR\OXHJRWHMLHURQXQDKLVWRULDGHYLGDSDUD&ULVWRDVXDOUHGHGRUVLQHOEHQHILFLRGHOWHVWLPRQLRGH
DOJ~QWHVWLJRSUHVHQFLDO3DUDVHSDUDUORVKHFKRVGHODILFFLyQHQHO1XHYR7HVWDPHQWRWHQHPRVTXHDSDUWDU
ODOLWHUDOLGDGGHOSHQVDPLHQWRJULHJR\EXVFDUGHEDMRGHpOSDUDHVWXGLDUODWHQGHQFLDRFXOWDGHOSHQVDPLHQWR
UDGLFDOMXGtR\SURWRFULVWLDQR
([LVWHQVLPLOLWXGHVIXQGDPHQWDOHVHQWUHORTXHODFRPXQLGDGTXPUDQDGHFtDDFHUFDGHVtPLVPD\OR
TXHOD,JOHVLDSULPLWLYDGHFtDWDPELpQGHVtPLVPD/D,JOHVLDSULPLWLYDVHFRQRFtDFRPRDTXHOORVGHOFDPLQR
RHOFDPLQRGH'LRVFRPRXQDVHFWDGLVWLQWD+HFKRV/RVTXPUDQRVXVDEDQHVWHPLVPRWpUPLQRSDUD
DXWRGHVFULELUVH/RTXHHVPiVDPERVJUXSRVVHGHVFULEHQFRPRORVSREUHVORVKLMRVGHODOX]ORVHOHJLGRV
GH'LRVXQDFRPXQLGDGGHO1XHYR7HVWDPHQWRROD$OLDQ]D(VWDLGHDGHOD,JOHVLDFRPRXQQXHYR7HPSOR
GH'LRVHQHOTXHODUHGHQFLyQSRUVDFULILFLRVVHKDFHGHXQDYH]SDUDVLHPSUH\SDUDHOPXQGRHQWHURYLHQH
GHOFDStWXORRFWDYRGHOD(StVWRODDORV+HEUHRVTXHFLWDFRPSOHWRHOSDVDMHGH-HUHPtDVTXHORSUHFHGH
XQDSODQWDFLyQHWHUQDXQDFDVDVDJUDGDGH,VUDHOHOFyQFODYHPiVVDQWRSDUD$DUyQWHVWLJRVGH
OD 9HUGDG HQ MXLFLR \ HOHJLGRV SRU HO GLYLQR IDYRU SDUD H[SLDU SRU OD WLHUUD SDUD GHYROYHU D ORV
PDOYDGRVVXVGHVLHUWRVeVWDHVODPXUDOODILGHGLJQDODSUHFLRVDSLHGUDDQJXODUFX\RVFLPLHQWRVQR
SXHGHQVHUGHELOLWDGRVRPRYLGRVGHVXOXJDU
1RSXGLPRVHYLWDUQRWDUODH[WUDRUGLQDULDVLPLOLWXGGHODGHVFULSFLyQGH3HGURGHOD,JOHVLD
YRVRWURV WDPELpQFRPR SLHGUDV YLYLHQWHV HVWiLV FRQVWUXLGRV FRPR FDVD HVSLULWXDO SDUD VHU XQ
VDFHUGRFLR VDQWR SDUD RIUHFHU VDFULILFLRV HVSLULWXDOHV DFHSWDEOHV SDUD 'LRV PHGLDQWH -HVXFULVWR
3RUTXHHVWDFRQWHQLGRHQODVHVFULWXUDVPLUDGRWRUJXpD6LyQXQDSLHGUDDQJXODUVHOHFWDSUHFLRVD
3HUR YRVRWURV VRLV XQD UD]D HOHJLGD XQ VDFHUGRFLR UHDO XQD QDFLyQ VDQWD XQ SXHEOR TXH OH
SHUWHQHFHD'LRV (VWHFHUFDQRSDUDOHOLVPRVHREVHUYySRUSULPHUDYH]HQDODFODUDUVHTXHKDEtDXQDFRQH[LyQ
PX\HVSHFLDOHQWUHORVTXPUDQRV\OD,JOHVLDGH-HUXVDOpQ/RTXHQRVHGLMRIXHFXDQELHQHQFDMDEDQWDPELpQ
HVWDVSDODEUDVFRQRWUDRUJDQL]DFLyQODIUDQFPDVRQHUtD3XHVWRTXHWRGDODIUDQFPDVRQHUtDHVWiUHODFLRQDGD
FRQODFRQVWUXFFLyQGHXQWHPSORHVSLULWXDOVHJ~QHOGLVHxRGHODYLVLyQGH(]HTXLHOGHO7HPSORGH6DORPyQ
GHLQPHGLDWRYLHQHQDODPHQWHODVVHxDVHQODHVTXLQDQRUHVWH
(QODHUHFFLyQGHWRGRVORVHGLILFLRVPDJQtILFRV\VREHUELRVVHDFRVWXPEUDSRQHUODSULPHUDSLHGUDR
ODSLHGUDDQJXODUHQODHVTXLQDQRUHVWHGHODFRQVWUXFFLyQ
$WLSRUVHUXQPLHPEURUHFLpQDGPLWLGRDODIUDQFPDVRQHUtDVHWHVLW~DHQODHVTXLQDQRUHVWHGHOD
/RJLD SDUD UHSUHVHQWDU GH PDQHUD ILJXUDWLYD HVD SLHGUD \ GHVGH ORV FLPLHQWRV DVHQWDGRV HVWD WDUGH HQ OR
VXFHVLYRSRGUiVOHYDQWDUXQDVXSHUHVWUXFWXUDSHUIHFWDHQVXVSDUWHV\KRQRUDEOHSDUDHOFRQVWUXFWRU
/RVVHFUHWRVGH4XPUDQ
&XDQGR ORV HVHQLRV IXHURQ REOLJDGRV SRU SULPHUD YH] D GHMDU -HUXVDOpQ VH GLFH TXH YDJDURQ SRU ORV
DOUHGHGRUHVGXUDQWHYHLQWHDxRVKDVWDTXHXQKRPEUHFRQRFLGRFRPRHO0DHVWURGHOD5HFWLWXGOHVPRVWUyHO
FDPLQR \ OD FRPXQLGDG GH 4XPUDQ VH HVWDEOHFLy FRQ ILUPH]D (O SUREOHPD HQFRQWUDGR FRQ ORV UROORV
TXPUDQRVHVTXHUDUDYH]GDQQRPEUHVGHLQGLYLGXRVSRUORTXHODLGHQWLILFDFLyQGHSHUVRQDMHVPHGLDQWHOD
FRPSDUDFLyQ FRQ RWUDV IXHQWHV QR TXPUDQDV HV LPSRVLEOH $GHPiV GHO 0DHVWUR GH OD 5HFWLWXG KD\
SHUVRQDMHV LPSRUWDQWHV TXH VH UHSLWHQ HQ ORV UROORV FRPR HO VDFHUGRWH PDOYDGR \ HO PHQWLURVR FX\DV
LGHQWLGDGHVKDQSURYRFDGRPXFKRGHEDWHDFDGpPLFR
4XLHQTXLHUD TXH KD\D VLGR HO 0DHVWUR GH OD 5HFWLWXG VHJXUDPHQWH IXH XQ KRPEUH StR \ VDQWR \
SDUHFHVHUTXHHUDXQGHVFHQGLHQWHVDFHUGRWDOGH=DGRNTXLHQUHYHOyDVXFRPXQLGDGTXHHVWDEDQYLYLHQGR
HQ XQ WLHPSR TXH VHUtD HO ILQDO GH ORV GtDV FRPR KDEtDQ SUHGLFKR ORV SURIHWDV /HV GLMR TXH 'LRV SURQWR
YHQFHUtD D 6XV HQHPLJRV HQ XQD EDWDOOD FyVPLFD ILQDO H LQWURGXFLUtD OD QXHYD HUD GH UHFWLWXG \ FRPR OD
FRPXQLGDGHUDHO~QLFRYHVWLJLRGHOYHUGDGHUR,VUDHOHOSXHEORGHODDOLDQ]DGH-HKRYiVHUtDQHOORVTXLHQHV
SHOHDUtDQODEDWDOOD\UHJUHVDUtDQD-HUXVDOpQSDUDSXULILFDUHOWHPSOR\YROYHUDLQVWLWXLUXQFXOWRDGHFXDGR
/RVTXPUDQRVVHDXWRGHVFULEtDQGHPXFKDVPDQHUDVHQWUHHOODVOD&RPXQLGDGOD0D\RUtDOD&RQJUHJDFLyQ
GH,VUDHO\ORV+LMRVGHOD/X]DGHPiVHOKRPEUHTXHORVJXLDUtDDOILQDOGHODHUDHO0HVtDVGH'DYLGWHQtD
WtWXORVFRPRHOGH+RPEUH3RGHURVR+RPEUHGH*ORULD\3UtQFLSHGHOD/X]6HUtDHVWH3UtQFLSHGHOD/X]
TXLHQYHQFHUtDDO3UtQFLSHGHOD2VFXULGDG\DOD&RQJUHJDFLyQGH%HOLDO6DWDQiV8QUROORWLWXODGR0LGUDVK
HQORVÒOWLPRV'tDVUHODWDFyPRORV+LMRVGH%HOLDOLGHDUtDQPDOYDGDVFRQVSLUDFLRQHVFRQWUDORV+LMRVGHOD
/X]SDUDKDFHUORVFDHU\ORVUH\HVGHODVQDFLRQHVVHHQFROHUL]DUtDQFRQWUDHOHOHJLGRGH,VUDHOHQORV~OWLPRV
GtDV6LQHPEDUJR'LRVVDOYDUtDD6XSXHEORDWUDYpVGHODVPDQRVGHGRVILJXUDVPHVLiQLFDVTXHVXUJLUtDQDO
ILQDOGHOWLHPSRXQDGHOD5DPDGH'DYLG\ODRWUDHO,QWpUSUHWHGHOD/H\ 3RUORVUROORVQRVHQWHUDPRVGHTXHH[LVWtDQFLHUWRVOLEURVVHFUHWRVTXHFRQWHQtDQLQIRUPDFLyQVREUH
DFRQWHFLPLHQWRVIXWXURV \ UHIHUHQFLDV DFLHUWRVULWXDOHV UHYHODGRV SRU 'LRVSRUOR JHQHUDO VHWUDQVPLWtDQ D
SHUVRQDV HOHJLGDV GH PDQHUD YHUEDO SHUR DKRUD VH KDEtDQ HVFULWR HQ FyGLJR (VWRV VHFUHWRV HVWDEDQ PX\
UHVWULQJLGRV\VHGLFHTXHIXHURQSDVDGRVGHPDQRHQPDQRHQXQDODUJDILODGHWUDGLFLyQVHFUHWDSDUDVHU
SUHVHUYDGRV ILHOPHQWH KDVWD ORV ~OWLPRV GtDV (O SDGUH - 7 0hLN TXH GLULJLy JUDQ SDUWH GH ORV SULPHURV
WUDEDMRVVREUHHOPDWHULDOTXPUDQRLGHQWLILFyTXHHQFLHUWRVUROORVVHFUHWRVVHXWLOL]DEDQDUWLILFLRVGHFRGL
ILFDFLyQ 8Q HMHPSOR HV HO XVR GH GRV DOIDEHWRV GLIHUHQWHV FRQ VLJQRV HOHJLGRV GH PDQHUD DUELWUDULD TXH
UHHPSOD]DEDQORVFDUDFWHUHVKHEUHRVQRUPDOHVRWURVHOHtDGHL]TXLHUGDDGHUHFKD\QRDOUHYpVFRPRHVOR
QRUPDO
7RGRORTXHDYHULJXDPRVDFHUFDGHODFRPXQLGDGTXPUDQDDXPHQWyQXHVWUDFRQYLFFLyQGHTXHHUDQ
ORVGHVFHQGLHQWHVHVSLULWXDOHVGHORVUH\HVHJLSFLRV\ORVDQWHFHVRUHVGHORVWHPSODULRV\ODIUDQFPDVRQHUtD
8QDLPSRUWDQWHSLH]DGHHYLGHQFLDVDOLyDODOX]JUDFLDVDRWURPLHPEURGHOHTXLSRRULJLQDOGHORV5ROORVGHO
0DU0XHUWR\QRPLQDGRDO3UHPLR1REHOGHOD3D]HOGRFWRU+XJK6FKRQItHOGGHVFXEULyHQPXFKRVGHORV
UROORVXQFyGLJRKHEUHRTXHOODPyODFODYH$WEDVKXVDGDSDUDRFXOWDUORVQRPEUHVGHORVLQGLYLGXRV!3DUD
QXHVWUDVRUSUHVDDQWHVGHVXPXHUWHHQ6FKRQItHOGDYHULJXyTXHODVSDODEUDVFODYHXWLOL]DGDVWDQWRSRU
ORV&DEDOOHURV7HPSODULRVFRPRSRUORVIUDQFPDVRQHVVRQFODYHV$WEDVKTXHXQDYH]GHVFLIUDGDVUHYHODQ
VLJQLILFDGRV RFXOWRV 3RU HMHPSOR ORV WHPSODULRV WHQtDQ IDPD GH DGRUDU DOJR FRQ HO FXULRVR QRPEUH GH
%DIRPHWORTXHQXQFDVHHQWHQGLyKDVWDTXHVHHVFULELyHQKHEUHR\VHDSOLFyODFODYH$WEDVKODFXDOUHYHOy
ODSDODEUD6RItDVDELGXUtDHQJULHJR
$TXt KDEtD XQD FRQH[LyQ GHILQLWLYD FRQ ORV WHPSODULRV \ VLJXLy XQD FRQ ORV IUDQFPDVRQHV
$SOLFDQGR OD FODYH $WEDVK D OD SDODEUD PDVyQLFD 7DMR SURQXQFLDGD 7DFKR VHXGyQLPR VXSXHVWDPHQWH
RWRUJDGRDO*UDQ0DHVWURHQ(VSDxDVHUHSURGXFHHOQRPEUHGHOKRPEUH$VDSKTXHGHDFXHUGRFRQYDULRV
VDOPRVD\XGyHQODFRQVWUXFFLyQGHOSULPHUWHPSORGH-HUXVDOpQ
/DPDWHULDGHTXHWUDWDQDOJXQRVGHHVWRVPLVWHULRVRVWUDEDMRVGHODELEOLRWHFDTXPUDQDWLHQHTXHYHU
FRQ1Rp\(QRFKTXLHQHVVHGLFHIXHURQORVUHFHSWRUHVGHORVVHFUHWRVGLYLQRVGHO&LHOR\OD7LHUUDTXHKDQ
VLGRWUDQVPLWLGRVSRUPHGLRGHFLHUWRVLQLFLDGRV+D\XQDDQWLJXDFUHHQFLDGHTXHORVDQFHVWURVPtWLFRVGHOD
KXPDQLGDGHUDQKRPEUHVGHVDELGXUtDVXSHULRU\HQPXFKDVKLVWRULDVVHQRPEUDD1Rp\(QRFKGHSRVLWDULRV
GHORVVHFUHWRVGLYLQRV(VWDVKLVWRULDVDSDUHFHQHQPXFKDGHODOLWHUDWXUDDSRFDOtSWLFD\DSHVDUGHVHUpVWD
WDQDQWLJXDFRPRHO*pQHVLVHVWiFODURTXHSURYLHQHQGHRWUDIXHQWHQRLGHQWLILFDGD&UHHPRVTXHSXGLHUD
WUDWDUVH GH ORV VHFUHWRV RUDOHV GH OD FHUHPRQLD GHUHVXUUHFFLyQ \DTXHGHVGHODUJR WLHPSR DWUiVH[LVWH XQD
WUDGLFLyQVHFUHWDVLQH[SOLFDFLyQOLJDGDDOQRPEUHGH(QRFK(QODOLWHUDWXUDPDVyQLFDVHHQFXHQWUDQYLHMRV
ULWXDOHV UHODFLRQDGRV FRQ HO LQWHQWR GH 6HP -DIHW \ +DP GH UHVXFLWDU D 1Rp< \D KHPRV PHQFLRQDGR XQ
JUDGR ODWHUDO PDVyQLFR FRQRFLGR FRPR ORV0DULQRVGHO $UFDTXHFRQWLQ~D OD WUDGLFLyQ GH ORV VHFUHWRV GH
1Rp
3HUR KD\ XQ DVSHFWR D~Q PiV LPSRUWDQWH GH ODV HQVHxDQ]DV VHFUHWDV GH OD WUDGLFLyQ DSRFDOtSWLFD
FRQHFWDGDFRQ0RLVpV\FRQ(]UDFRQRFLGRFRPRHOVHJXQGR0RLVpV$KRUDVHFUHHTXHDOJXQDYH]KXER
XQDFROHFFLyQGHHVFULWRVDWULEXLGRVD0RLVpVEDVWDQWHPiVJUDQGHTXHODTXHVREUHYLYLyKDVWDHOGtDGHKR\ 8QRGHORVWUDEDMRVTXHVREUHYLYLyHV7KH$VVXPSWLRQRI0RVHV/DDVXQFLyQGH0RLVpVTXHVHVDEHHVXQD
REUDHVHQLD!"\FRQWLHQHODVVLJXLHQWHVLQVWUXFFLRQHVGH0RLVpVD-RVXp
5HFLEHHVWDHVFULWXUDSDUDTXHVHSDVFyPRSUHVHUYDUORVOLEURVTXHWHHQWUHJDUp\ORVSRQGUiVHQ
RUGHQ\ORVXQJLUiVFRQDFHLWHGHFHGUR\JXDUGDUiVHQYDVLMDVHQWHUUDGDVHQHOOXJDUTXHeOKL]R
GHVGHHOSULQFLSLRGHODFUHDFLyQGHOPXQGR
(VWDUHIHUHQFLDKDEODGHOLEURVVDJUDGRVTXH0RLVpVOHGDD-RVXpSDUDTXHORVPDQWHQJDRFXOWRV
KDVWDHOGtDGHODUUHSHQWLPLHQWRHQODYLVLWDFLyQHQODFXDOHO6HxRUWHYLVLWDUiHQODFRQVXPDFLyQ
GHOILQDOGHORVGtDV
(VWRV WUDEDMRV VHFUHWRV UHODFLRQDGRV FRQ 0RLVpV GH LQPHGLDWR VDOWDURQ D OD YLVWD SRUTXH pO HUD HO
~QLFR KRPEUH TXH VDEtD GH ORV VHFUHWRV GH ORVUH\HV HJLSFLRV SRU H[SHULHQFLDGH SULPHUD PDQR \ DTXt GD
LQVWUXFFLRQHV GH TXH HQ DOJ~Q PRPHQWR SUHYLR DO ILQDO GH ORV GtDVHVWRV VHFUHWRV GHEHQ GHSRVLWDUVH HQ HO
OXJDUTXHeOKL]RGHVGHHOSULQFLSLRGHODFUHDFLyQGHOPXQGR/RDQWHULRUGHVFULEHVyORXQOXJDUSDUDORV
MXGtRVODURFDGHEDMRGHO6DQWRGH6DQWRVHQHOVDQWXDULRLQWHULRUGHO7HPSORGH-HUXVDOpQSRUTXHpVWHHUDHO
SULPHU SXQWR GH OD FUHDFLyQ 6DEHPRV TXH ORV TXPUDQRV HVFRQGLHURQ OD ELEOLRWHFD SULQFLSDO GH ORV
SHUJDPLQRVTXHHOORVPLVPRVKDEtDQHVFULWRMXQWRFRQRWURVWH[WRVVDFDGRVGHORVDOUHGHGRUHVGH-XGHDHQ
ODVFXHYDVGHWUiVGHODVHQWDPLHQWR7DPELpQVDEHPRVTXHHUDQGHYRWRVHVWXGLDQWHVGHODOH\SRUORTXHKDQ
GHKDEHUVHJXLGRODVLQVWUXFFLRQHVGH0RLVpV\DTXHHVLQGXGDEOHTXHFUHtDQTXHHOILQDOGHODHUDWHQGUtD
OXJDUGXUDQWHVXVYLGDV5HVXOWDOyJLFRTXHVLORV&DEDOOHURV7HPSODULRVH[FDYDURQKDFLD\GHEDMRGHO6DQWR
GH6DQWRVFRPRHVWiEDPRVFDGDYH]PiVVHJXURVFRQVHJXULGDGHQFRQWUDURQHVWRVUROORVVHFUHWRV
1RVHPRFLRQDPRVDOOOHJDUDHVWHSXQWR¢HQYHUGDGKDEtDPRVHQFRQWUDGRXQDLQVWUXFFLyQH[SOtFLWD
GH 0RLVpV GH HQWHUUDU ORV VHFUHWRV EDMR HO 7HPSOR GH +HURGHV" 6HPHMDQWH GHVFXEULPLHQWR WRUQDUtD XQD
DWUDFWLYDWHRUtDHQWRGDXQDSUREDELOLGDG'HLQPHGLDWRGHFLGLPRVLQYHVWLJDUPDVDIRQGRORVDQWHFHGHQWHVGH
/DDVXQFLyQGH0RLVpV/RVHVWXGLRVRVRSLQDEDQTXHSXGRKDEHUVLGRHVFULWDGXUDQWHODYLGDGH-HV~V\TXH
H[DPLQD OD KLVWRULD MXGtD GHVGH OD HUD VHOpXFLGDD WUDYpV GHO SHULRGR DVPRQHR KDVWD DOJXLHQ D TXLHQ VH
GHVFULEHFRPRXQUH\LQVROHQWH3RUORJHQHUDOVHVRVWLHQHTXHHVXQDUHIHUHQFLDD+HURGHVHO*UDQGH(OOLEUR
GHVFULEHXQSHULRGRGHSHUVHFXFLyQTXHHQFDMDFRQORVWLHPSRVGH$QWtRFR(SLIiQLRPXFKRVLQYHVWLJDGRUHV
SLHQVDQ TXH HVWH FDStWXOR HVWi IXHUD GH OXJDU \ GHEH VLWXDUVH DQWHV (QWRQFHV DSDUHFH XQD ILJXUD
PLVWHULRVD7D[R TXH LQFLWD D VXV KLMRV D UHWLUDUVH D XQD FXHYD MXQWR FRQ pO SDUD PRULU DKt DQWHV TXH VHU
GHVOHDOHV FRQ VX IH 6X PXHUWH GHEH GHVHQFDGHQDU OD HVSHUDGD LQWHUYHQFLyQ GH 'LRV HQ OD KLVWRULD \ HO
HVWDEOHFLPLHQWRGH6XUHLQRXQUHLQRTXHDTXtVHHQWLHQGHFRPRFHOHVWLDOPiVTXHWHUUHQDO6HKDQKHFKR
PXFKRVLQWHQWRVSRULGHQWLILFDUD7D[RFRQXQSHUVRQDMHKLVWyULFRSHURKDVWDDKRUDQLQJXQRKDWHQLGRp[LWR
$OJXQRVHVFULWRUHVLQWHQWDURQLGHQWLILFDUORFRQHO0DHVWURGHOD5HFWLWXG
<D WHQtDPRV OD FRQILUPDFLyQ GH XQD LQVWUXFFLyQ GH 0RLVpV GH HQWHUUDU ORV VHFUHWRV SHUR WDPELpQ
FRQWiEDPRVFRQXQDIHFKDTXHVLWXDEDORVRUtJHQHVGHORVUROORVQRDQWHVGHORVDxRVGHODYLGDGH-HV~V
WLHPSRHQHOTXHWRGDODFRPXQLGDGVHSUHSDUDEDSDUDODEDWDOODDQWHULRUDOILQDOGHODHUD3HURIXHODPHQ
FLyQGHXQSHUVRQDMHQRLGHQWLILFDGROODPDGR7D[RORTXHQRVHPRFLRQyVDEtDPRVTXH7D[R\7DFKRHUDQ
IRUPDVGHOPLVPRQRPEUH\TXHODFODYH$WEDVKWUDGXFtD7DFKRD$VDSKHOKRPEUHTXHD\XGyD6DORPyQHQ
ODFRQVWUXFFLyQGHOSULPHUWHPSORGH-HUXVDOHQ\XQQRPEUHXVDGRSRUORVIUDQFPDVRQHVSDUDGHQRPLQDUDO
*UDQ0DHVWUR
(O QRPEUH7D[R \D QRHUD XQ PLVWHULR SRUTXH HO GHVFXEULPLHQWR GHODFODYH $WEDVK XVDGD SRUORV
TXPUDQRVHQVXVUROORVFRQILUPDDQWHULRUHVVRVSHFKDVGHTXHVHUHILHUHDO0DHVWURGHODFRPXQLGDGHVGHFLU
HO0DHVWURGHOD5HFWLWXGGHVXV~OWLPRVDxRVGHH[LVWHQFLD /DH[KRUWDFLyQTXHVHKDFHHQHOWH[WRDPHMRU
PRULUDQWHVTXHVHUGHVOHDOHVFRQVXIHWDPELpQHVPX\UHPLQLVFHQWHGHO7HUFHU*UDGRGHODIUDQFPDVRQHUtD
TXHVHRULHQWDSRUFRPSOHWRDODLGHDGHOHDOWDGLQFOXVRKDVWDODPXHUWHUHVXPLGDSRUODVSDODEUDVGH+LUDP
$ELIDOVHUDPHQD]DGRSRUHOSULPHURGHVXVDWDFDQWHV
3UHILHURVXIULUODPXHUWHTXHWUDLFLRQDUODVDJUDGDFRQILDQ]DTXHPHIXHRWRUJDGD
&RQ HVWD HYLGHQFLD FRQFOXLPRV TXH HO OtGHU GH OD FRPXQLGDG TXPUDQD HUD FRQVLGHUDGR HO
GHVFHQGLHQWH HVSLULWXDO GHO FRQVWUXFWRU RULJLQDO GHO 7HPSOR GH 6DORPyQ HO KRPEUH TXH ORV IUDQFPDVRQHV
DKRUDFRQRFHQFRPR+LUDP$ELI
/RV YtQFXORV HQWUH HO ULWXDO GHO 7HUFHU *UDGR 0DVyQLFR SDUHFtDQ HQFDMDU HQ QXHVWUR SDWUyQ GH
URPSHFDEH]DV KLVWyULFR SHUR HO RWUR PRWLYR SULQFLSDO GH VLPEROLVPR PDVyQLFR UHTXLHUH GH PD\RUHV
H[SOLFDFLRQHV 1HFHVLWiEDPRV VDEHU FyPR KDEtD VLGR SRVLEOH TXH OD KLVWRULD GH ODV GRV FROXPQDV WDQ
LPSRUWDQWHHQORVSULPHURVGRVJUDGRVGHODIUDQFPDVRQHUtDVHWUDQVPLWLHUDDORVWHPSODULRV
/DVFROXPQDVJHPHODV
'HELGRDTXHOD,JOHVLDURPDQDVHXELFyIDOVDPHQWHFRPRODKHUHGHUDGHODVHQVHxDQ]DVGH-HV~V\DTXHORV
FULVWLDQRVPRGHUQRVHTXLYRFDGDPHQWHFUHHQWHQHUDOJ~QGHUHFKRSDUDHVWXGLDUGHVGHDUULEDDRWURVJUXSRV
FRQVLGHUDQDORVHVHQLRVTXPUDQRVWDQVyORXQJUXSRHQWUHORVPXFKRVTXHH[LVWLHURQHQOD7LHUUD6DQWDHQ
ORV WLHPSRV GH &ULVWR eVWD HV XQD HYDOXDFLyQ GHVHVSHUDGD H LQDGHFXDGD FRQ UHVSHFWR D OD FRPXQLGDG
TXPUDQD6XVPLHPEURVFRQMXQWDEDQWRGRORTXHHUDLPSRUWDQWHSDUDORVMXGtRVFRPRQDFLyQORVJXDUGLDQHV
GHODDOLDQ]DFRQVX'LRV\ODHQFDUQDFLyQGHWRGDVODVDVSLUDFLRQHVGHXQSXHEOR(UDQHOMXGDLVPRFRQXQ
HQIRTXHSHUIHFWR
8QSXQWRFODYHGHODGLVFXVLyQDORODUJRGHORVDxRVKDVLGRODLGHQWLGDGGHOLQGLYLGXRGHVFULWRFRPR
HO0DHVWURGHOD5HFWLWXGSHURFRQODFDQWLGDGGHLQIRUPDFLyQDKRUDGLVSRQLEOHPXFKRVHVWXGLRVRVFUHHQTXH
GHEHGHKDEHUKDELGRQRXQRVLQRGRVLQGLYLGXRVDORVTXHVHOHVGLRHVWHWtWXORHOSULPHURHQODIXQGDFLyQGH
ODFRPXQLGDG\HORWURDOILQDOGHODHUD !"/DGLILFXOWDGUDGLFDHQTXHODFRPXQLGDGTXPUDQDQRHUDDOJR
HVWiWLFRPiVELHQHUDXQJUXSRSUyVSHUR\GHUiSLGDHYROXFLyQTXHWHQtDTXHFDPELDUGHPDQHUDFRQVWDQWH
SDUDFRPEDWLUODSUHVLyQTXHGHEtDQVRSRUWDU(QFRQVHFXHQFLDORVSHUJDPLQRVPiVDQWLJXRVVHUHILHUHQDO
SULPHU0DHVWURGHOD5HFWLWXG\ORVPiVQXHYRVKDEODQGHXQOtGHUHVSLULWXDOSRVWHULRULGHQWLILFDEOHFRPR
6DQWLDJR HO -XVWR /RV SURIHVRUHV 5REHUW (LVHQPDQ \ 0LFKDHO :LVH FRQFOX\HQ FRPR REVHUYDGRUHV
LQGHSHQGLHQWHV TXH HVWHOtGHU GHORV TXPUDQRV HUD 6DQWLDJR HO KHUPDQR GH &ULVWR \ OtGHU GHOD ,JOHVLD GH
-HUXVDOpQ<SRUORWDQWRGLFKD,JOHVLDHUDODFRPXQLGDGTXPUDQD
(O KLVWRULDGRU GHO VLJOR Q +HJHVLSR KL]R XQD UHIHUHQFLD SUHYLD D HVWR pO OODPy D 6DQWLDJR HO
KHUPDQRGH&ULVWR6DQWLDJRHO-XVWRORGHVFULELyFRPRXQQD]DUHQR\GLMRTXHLQWHUFHGLyHQHOVDQWXDULRGHO
WHPSOR SRU HO ELHQ GHO SXHEOR (O PLVPR REVHUYDGRU GHVFULEH D 6DQWLDJR FRPR HO 5HFWR GLFLHQGR TXH QR
EHEtD YLQR QL FRPtD FDUQH GH DQLPDO XVDED ODV URSDV GH OLQR EODQFR GH ORV VDFHUGRWHV \ WHQtD ODV URGLOODV
GXUDVFRPRODVGHXQFDPHOORGHWDQWRRUDU
6HJ~QRWURUROORFRQRFLGRFRPRHO0DQXDOGH'LVFLSOLQDHOFRQVHMRGHODFRPXQLGDGFRQVLVWtDGH
GRFHKRPEUHVSHUIHFWRV\VDQWRVTXHHUDQODVFROXPQDVGHODFRPXQLGDG\FUHHPRVTXHODVGRVSULQFLSDOHV
HUDQPX\VLPEyOLFDVSXHVUHSUHVHQWDEDQORVDVSHFWRVUHDOHV\VDFHUGRWDOHVGHODFUHDFLyQ\HOPDQWHQLPLHQWR
GHO5HLQRGHO&LHOR3HQVDPRVTXHHVWHWpUPLQRQXQFDVLJQLILFyQDGDGHORWURPXQGRHQFDPELRDSXQWDEDD
XQD H[LVWHQFLD WHUUHQDO HQ OD TXH -HKRYi JREHUQDUtD VREUH ORV MXGtRV HQ XQ HVWDGR SHUPDQHQWH GH SD] \
SURVSHULGDG (VWDV FROXPQDV HVSLULWXDOHV HUDQ SRU VXSXHVWR ODV GHVFHQGLHQWHV GH ODV FROXPQDV GHO %DMR \
$OWR (JLSWR XQLGDV TXH VH WUDQVPLWLHURQ D OD IUDQFPDVRQHUtD FRPR ODV OHJHQGDULDV %RD] \ -DFKLQ TXH
DGRUQDUDQ OD SXHUWD HVWH GHO WHPSOR GH 6DORPyQ 3DUD HVWRV GHYRWRV \ DFRUUDODGRV MXGtRV ODV FROXPQDV
UHSUHVHQWDEDQWDQWR HO SRGHU UHDOGH PLVKSDW FRPR HO VDFHUGRWDOGH WVHGHT \ DO XQLUVH VRSRUWDEDQ HO JUDQ
DUFRGHO&LHORODSLHGUDDQJXODUGHORTXHHVODWHUFHUDJUDQSDODEUDGHODYROXQWDGKHEUHDVKDORP
/D YLVLyQ GHO PXQGR GH ORV TXPUDQRV DGTXLULy XQD FODULGDG SDUWLFXODU FXDQGR OHtPRV XQD YDVWD
FDQWLGDGGHLQIRUPDFLyQGHORVUROORVOD%LEOLD\RWUDOLWHUDWXUDFRQWHPSRUiQHDSXHVWHQHPRVODYHQWDMDGH
QXHVWURFRQRFLPLHQWRGHODIUDQFPDVRQHUtD\ORVRUtJHQHVGH+LUDP$ELI2WURVKDQH[DPLQDGRWRGDVODVSDU
WHVGHPDQHUDIUDJPHQWDGD\FRQIXVDSHURFXDQGRVHSHUFLEHODWRWDOLGDGGHOD~OWLPDFRPXQLGDGTXPUDQD\
OD SULPHUD ,JOHVLD FRPR HV GHELGR WRGDV ODV FRQIXVLRQHV \ DSDUHQWHV FRQWUDGLFFLRQHV VH HYDSRUDQ (O
GLDJUDPDTXHVHPXHVWUDPiVDGHODQWHLOXVWUDHOLPSRUWDQWHSDUDGLJPDGHODVFROXPQDVJHPHODV
/D FROXPQD GH OD GHUHFKD HV FRQRFLGD HQWUH ORV IUDQFPDVRQHV FRPR -DFKLQ TXLHQ IXHUD HO SULPHU
VXPRVDFHUGRWHGHOWHPSORGHDKtTXHQRQRVVRUSUHQGLHUDHQWHUDUQRVGHTXHpVWDHUDODFROXPQDVDFHUGRWDO
TXH SDUD ORV TXPUDQRV HQFDUQDED OD VDQWLGDG HQYXHOWD HQ HO FRQFHSWR IXQGDPHQWDO GH WVHGHT (VWD SDODEUD
TXH D YHFHV DSDUHFH HVFULWD FRPR =HGHN UHSUHVHQWDED HO SULQFLSLR VXE\DFHQWH D OD GLYLQD RUGHQ
FRP~QPHQWHWUDGXFLGDFRPRUHFWLWXGDXQTXHVHGLFHTXHXQDPHMRUWUDGXFFLyQVHUtDODGHFRUUHFFLyQRODGH
KDFHUHOELHQDRWURVHQWRGRPRPHQWR(QRWUDVSDODEUDVHVWHFRQFHSWRHVHQHVHQFLDHOPLVPRTXHHODQWLJXR
FRQFHSWRHJLSFLRGH0D
DW7VHGHTHUDXQWpUPLQRUHODFLRQDGRFRQHOUH\VROSDUDORVFDQDQHRV(OGLRVGHO
VROFDQDDQHRHUDYLVWRFRPRHO JUDQMXH]TXHYLJLODEDDOPXQGRFRUUHJtDHUURUHV\DOXPEUDEDORVRVFXURV
DFWRVGHORVFUtPHQHVRFXOWRV&XDQGRORVMXGtRVPH]FODURQODVFUHHQFLDVFDQDQHDVFRQHOFRQFHSWRGH-HKRYi
WVHGHT VH YROYLy XQR GH 6XV UDVJRV GLVWLQWLYRV 7RGDV ODV YLUWXGHV GH -HKRYi GHVGH DOLPHQWDU D OD JHQWH
KDFLHQGR FUHFHU ODV FRVHFKDV KDVWD GHVWUXLU D ORV HQHPLJRV GH ,VUDHO HUDQ SDUWH GH WVHGHT /D SDODEUD
PDQWXYRVXDVRFLDFLyQFRQODOX]GHOVRO\VHFRQYLUWLyHQORRSXHVWRDRVFXULGDG\FDRV 6KDORP
$XQTXHODDGRUDFLyQDOVROHVPX\FRP~QHQODVPXFKDVWHRORJtDVTXHVHGHULYDQGHODFLYLOL]DFLyQVXPHULD
FRPRSDUDKDFHUGHHVWRDOJRHVSHFLDOKD\VLPLOLWXGHVLQWHUHVDQWHVHQWUHODSULQFLSDOGHLGDGHJLSFLD$PyQ
5D \ -HKRYi FRPR TXH DPEDV XVDQ VXV EHQpILFRV SRGHUHV GH OD OX] GH GtD SDUD DWDFDU D ODV IXHU]DV GH OD
RVFXULGDG\HOFDRV
/DFROXPQDL]TXLHUGDGHO7HPSORGHO5H\6DORPyQVHOODPDED%RD]TXLHQFRPRPXFKRV
IUDQFPDVRQHVVDEHQHUDHODEXHORGH'DYLGUH\GH,VUDHO3DUDORVTXPUDQRVpVWDHUDODFROXPQD
UHDOTXHUHSUHVHQWDEDODFDVDGH'DYLG\HOFRQFHSWRGHPLVKSDWORTXHVXHOHWUDGXFLUVHFRPRMXLFLRSHUR
TXHTXHUtDGHFLUPiVTXHHVRVLJQLILFDEDHOJRELHUQRUHJXODUGH-HKRYiFRPRUH\\SRUORWDQWRODPLVPD
RUGHQGHVLJQDGDHQIRUPDGLYLQD
(OPDQGRGHOJRELHUQR\ODLPSDUWLFLyQGHMXVWLFLDVLHPSUHHVWXYLHURQFRQHFWDGRVFRQHVWDFROXPQD
IXHHQ0L]SDKRWUDIRUPDGHHVFULELU0LVKSDWTXH-DFREHULJLyVXSULPHUDFROXPQD\IXHDTXtTXH6D~OIXH
DFODPDGRFRPRSULPHUUH\GH,VUDHO
&XDQGRHVWDVGRVFROXPQDVHVSLULWXDOHVHVWpQHQVXOXJDUFRQHO0DHVWURGHOD5HFWLWXGWVHGHTDOD
L]TXLHUGDGH'LRV\HOWHUUHQDOUH\GHOOLQDMHGH'DYLGPLVKSDWDVXGHUHFKDHODUFRGHOJRELHUQRGH-HKRYi
HVWDUi HQ VX OXJDU \ OD SLHGUD DQJXODU GH VKDORP VHOODUi WRGR MXQWR FRPR VX FHQWUR (VWH WpUPLQR MXGtR HV
TXL]iHOPiVIDPRVRGHWRGRVORVYRFDEORVKHEUHRVHQWHQGLGRHQHOPXQGRFRPRXQDIRUPDGHVDOXGRTXH
VLJQLILFDSD]ODFRQGLFLyQGHQRHVWDUHQJXHUUDSHURVREUDGHFLUTXHSDUDORVMXGtRVGHOD%LEOLDWHQtDXQ
VHQWLGRPXFKRPiVFRPSOHMR3DUDORVTXPUDQRVVKDORPVLJQLILFDEDPXFKRPiVTXHVyORSD]LQYROXFUDED
OD EXHQD IRUWXQD OD SURVSHULGDG OD YLFWRULD HQ OD JXHUUD \ OD EXHQD VXHUWH \ HO ELHQHVWDU JHQHUDOHV 3HUR
VKDORP QR HUD XQ UHJDOR JUDWXLWR WHQtD TXH JDQDUVH PHGLDQWH HO *RELHUQR GH -HKRYi OR TXH VLJQLILFDED
HVWDEOHFHUXQRUGHQGHJRELHUQRPRUDOUHVSDOGDGRWDQWRSRUODFROXPQDUHDOFRPRSRUODVDFHUGRWDO
7RGD OD HVHQFLD \ PLVLyQ GH OD FRPXQLGDG TXPUDQD VH KDFtD FRPSUHQVLEOH D WUDYpV GH HVWH
VLPEROLVPRSDUDVXVPLHPEURVPD\RUHVTXHODVHVFULELHURQVLJXLHQGRODVLQVWUXFFLRQHVPLGUDVKGH0RLVpV\
ODVHQWHUUDURQEDMRHOWHPSORGH+HURGHVSDUDVHUPiVWDUGHGHVFXELHUWDVSRUORV&DEDOOHURV7HPSODULRV
/RV IUDQFPDVRQHV KHUHGDURQ ORV VtPERORV SHUR HQ HO FDPLQR SHUGLHURQ VX VLJQLILFDGR &XDQGR ORV
TXPUDQRV VXSLHURQ TXH HO ILQDO GH OD HUD VH DFHUFDED OD QHFHVLGDG GH KDOODU JHQWH TXH HQFDMDUD FRQ HVWDV
FROXPQDV VH YROYLy XUJHQWH \D TXH 'LRV QR SRGUtD GHVWUXLU HO YLHMR RUGHQ KDVWD TXH OD QXHYD HVWUXFWXUD
HVWXYLHUDHQVXOXJDU&RPRHVWDVSRVLFLRQHVHUDQGHVLJQDGDV\QRHVWDEDQGLVSRQLEOHVGHLQPHGLDWRGHELGR
D OD RFXSDFLyQ URPDQD \ DO IDOVR VXPR VDFHUGRWH HQ -HUXVDOpQ ORV FDQGLGDWRV HUDQ OODPDGRV PHVtDV HQ
HVHQFLDOtGHUHVDODHVSHUD
&XDQWRPiVGHVFXEUtDPRVGHOSDUDGLJPDGHODFROXPQDTXPUDQDPiVVHJXURVHVWiEDPRVGHTXHVXV
FHUHPRQLDVWXYLHURQTXHKDEHUVLGRODVDQWHFHVRUDVGHODVIUDQFPDVRQDVDFWXDOHV)XHPX\HVWLPXODQWHYHU
ODVUXLQDVGH4XPUDQ\REVHUYDUTXHKDEtDQHULJLGRXQDLPLWDFLyQGHODHQWUDGDGHOWHPSORFRQVXVSURSLDV
FRSLDVGHODVFROXPQDV%RD]\-DFKLQ/DVEDVHVGHODVGRVFROXPQDVD~QH[LVWHQDIXHUDGHODHQWUDGDHVWHGH
XQDVDFULVWtDTXHFRQGXFHDORTXHHQRFDVLRQHVVHOODPDHO6DQWRGH6DQWRVGH4XPUDQYpDVHODILJXUD
1R SRGtDPRV FUHHU TXH IXHUD PHUD FRLQFLGHQFLD TXH ODV ~QLFDV GRV EDVHV GH FROXPQDV HQFRQWUDGDV HQ ODV
UXLQDVGHWRGRHODVHQWDPLHQWRHVWiQDDPERVODGRVGHODHQWUDGDHVWHDOOXJDUGHDGRUDFLyQVXVWLWXWR(VWDV
GRV FROXPQDV KDQ GH KDEHU VLGR OD XELFDFLyQ SDUD OD LPSRUWDQWH FHUHPRQLD GHLQLFLDFLyQ GHORV PLHPEURV
PD\RUHV\ODDVSLUDFLyQGHORVGRVPHVtDVTXHYHQGUtDQSRFRDQWHVGHOILQDOGHODHUD/RVWUDEDMRVTXPUDQRV
DORVTXHOODPDPRV5ROORVGHO0DU0XHUWRHVWiQOOHQRVGHLQIRUPDFLyQUHOHYDQWHSDUDQXHVWUDLQYHVWLJDFLyQ\
QRV GLR JXVWR HQFRQWUDU XQD UHIHUHQFLD D ORV VHFUHWRV GH ODV FROXPQDV HQ HO IUDJPHQWR FXDWUR GH XQ UROOR
FRQRFLGRFRPR%URQWRORJLyQ
(O QRPEUH 4XPUDQ PLVPR HV FRQVLGHUDGR XQD SDODEUD iUDEH PRGHUQD SDUD GHVLJQDU HO VLWLR GHO
PRQDVWHULRHVHQLR\TXHQRWLHQHVLJQLILFDGRDOJXQR6LQHPEDUJRPiVWDUGHDYHULJXDPRVTXHHVWRQRHUD
YHUGDG FXDQGR WXYLPRV OD VXHUWH GH WRSDUQRV FRQ XQ HMHPSODU GH XQ OLEUR GHO GLIXQWR -RKQ $OOHJUR TXH
SURSRUFLRQDXQDWUDGXFFLyQFRPSOHWDGHO5ROORGH&REUH$OOHJURSURSRQHXQDUDt]FODUDGHOVLJQLILFDGRGHOD
SDODEUD 4XPUDQ 'HVFULEH VXV RUtJHQHV \ DILUPD TXH GHELy GH KDEHUVHOODPDGR 4LPUyQ HQ ORV WLHPSRV GH
-HV~V\6DQWLDJR(OVLJQLILFDGRTXH$OOHJURGHWHFWyQRUHSUHVHQWyQDGDSDUDpO\OR PHQFLRQDHQVXOLEUR
FRPRXQFRPHQWDULRLQWHUHVDQWHSHURSDUDQRVRWURVIXHGHXQLQWHUpVH[SORVLYR !
/D UDt] YHUEDO GH 4XPUDQ HVWi GDGD FRPR EyYHGD DUFD HQWUDGD R VLPLODUHV /RV TXPUDQRV VH
LGHQWLILFDEDQFRQXQDHQWUDGDDUTXHDGDRGLFKRGHPDQHUDPiVSUHFLVDHUDQHOSXHEORGHODVFROXPQDVFRQ
HODUFRDUULED/DHQWUDGDODIRUPDEDQODVFROXPQDVGHWVHGHT\PLVKSDWFRQHODUFRVDQWRGHVKDORP
6H WUDWDED GH SUXHEDV LUUHIXWDEOHV GH QXHVWUD WHVLV TXH FRQHFWDEDQ D OD FRPXQLGDG GH -HV~V \
6DQWLDJRFRQODIUDQFPDVRQHUtDPRGHUQD/RVDVSHFWRVHQFRP~QLEDQPiVDOOiGHORTXHHVSHUiEDPRV
/RVIUDQFPDVRQHVGLFHQTXHHOVLJQLILFDGRGHODSDODEUD-DFKLQHVHVWDEOHFHU(UDWDUHDGHOPHVtDV
VDFHUGRWDORWVHGHTHVWDEOHFHUODUHFWLWXGHQODWLHUUDGH,VUDHOSDUDTXHHOWHPSORSXGLHUDUHFRQVWUXLUVH/D
FROXPQD L]TXLHUGD %RD] VLJQLILFD IXHU]D VHJ~Q ORV IUDQFPDVRQHV eVWD HV OD FROXPQD GHO PHVtDV UHDO R
PLVKSDWTXLHQVHUtDUHVSRQVDEOHGHODIXHU]DGHOUHLQRHQGHIHQVDGHORVH[WUDxRV\HQDVXQWRVGHGHUHFKR
FLYLO \ JXEHUQDPHQWDO < ORV IUDQFPDVRQHV VRVWLHQHQ TXH FXDQGR ODV GRV VH XQHQ HO UHVXOWDGR HV OD
HVWDELOLGDG1RSRGUtDKDEHUXQDVRODSDODEUDPHMRUSDUDHOFRQFHSWRGHVKDORP(OUHVXOWDGRIXQGDPHQWDOHV
TXHORVIUDQFPDVRQHVPRGHUQRVXWLOL]DQODVGRVFROXPQDVGHO7HPSORGHO5H\6DORPyQH[DFWDPHQWHGHOD
PLVPD PDQHUD HQ OD TXH OR KLFLHURQ OD FRPXQLGDG TXPUDQD \ -HVXFULVWR (Q ODV FXHYDV GH 4XPUDQ VH
HQFRQWUDURQIUDJPHQWRVGHXQ7HVWDPHQWRD/HYLWDOYH]PiVDQWLJXRTXHODYHUVLyQGHO7HVWDPHQWRGH/HYL
FRQWHQLGRHQOD%LEOLD(QHVWHGRFXPHQWRKD\UHIHUHQFLDVDO0HVtDVTXHSDUHFHQLQGLFDUTXHODVHVFULWXUDV
SURYLHQHQGHFtUFXORVHQORVTXHVHHVSHUDEDXQ0HVtDVOHYtWLFRVDFHUGRWDOPiVTXHXQRGDYtGLFRUHDO/DV
WUDGXFFLRQHVGHOGRFXPHQWRTXHKHPRVYLVWRSDUHFHQLQGLFDUTXHORVHVFULWRUHVHVSHUDEDQXQOtGHUVDFHUGRWDO
DOODGRGHXQRFLYLOHVWH~OWLPRVXERUGLQDGRDOSULPHUR "
0XFKRVRWURVWH[WRVTXPUDQRVFRPRHO'RFXPHQWRGH'DPDVFRFRQVXVUHIHUHQFLDVDO0HVtDVGH
$DUyQ VDFHUGRWDO H ,VUDHO UHDO FRQILUPDQ HVWDV LGHDV SHUR HO PHQRV FRQRFLGR DXQTXH SRGHURVR
7HVWDPHQWRD/HYLDFODUDHODVXQWR(Q0DWHRVHGHVFULEHD-XDQHOEDXWLVWDFRPRXQDYR]TXHFODPDHQ
HOGHVLHUWRpVDHVODIRUPDSUHFLVDGHODVSDODEUDVXVDGDVSRUODFRPXQLGDGTXPUDQD\QRVVXJLULyTXHORV
HVFULWRUHV GH ORV (YDQJHOLRV WXYLHURQ TXH OXFKDU SDUD TXH ODV HVFULWXUDV KLFLHUDQ DSDUHFHU D -HV~V FRPR HO
0HVtDV
7DPELpQ KDFH UHIHUHQFLD DO KHFKR GH TXH LQFOXVR KDVWD HO WLHPSR GH OD HVFULWXUD GHO (YDQJHOLR GH
/XFDVVHUHFXHUGDTXHODJHQWHVRVWHQtDTXH-XDQHO%DXWLVWDHUDHO0HVtDV/XFDVGLFHHQ
&RPRHOSXHEORHVWDEDHQH[SHFWDWLYDSUHJXQWiQGRVHWRGRVHQVXVFRUD]RQHVVLDFDVR-XDQVHUtDHO
&ULVWR
(V SUREDEOH TXH HVWH YHUVR VHD SDVDGR SRU DOWR SRU OD PD\RUtD GH ORV FULVWLDQRV TXH XVDQ VXV
HVFULWXUDV SDUD OD LQVSLUDFLyQ SHUVRQDO PiV TXH SDUD HO HQWHQGLPLHQWR KLVWyULFR SHUR FRPXQLFD XQ SXQWR
FODYHODHOHFFLyQGHODVSDODEUDVWRGRVORVKRPEUHV
HQYH]GHDOJXQRVKRPEUHVLQGLFDTXHWRGRVYHtDQD
-XDQ FRPR HO SULPHU FDQGLGDWR D FRQYHUWLUVH HQ PHVtDV 'XUDQWH ORV ~OWLPRV FXDUHQWD DxRV PXFKRV
PLHPEURVGHODFRPXQLGDGWHROyJLFDWUDGLFLRQDOKDQDFHSWDGRTXH-XDQ\-HV~VHUDQPHVtDVXQLGRV #$ &RPR
\D GLMLPRV ORV PDQGHDQRV GHO VXU GH ,UDN VRQ GHVFHQGLHQWHV GH ORV QD]DUHQRV \ UHFODPDQ TXH -XDQ HO
%DXWLVWD IXH HO IXQGDGRU GH VX VHFWD OD FXDO VH LQLFLy FXDQGR ORV TXPUDQRV VH FRQYLUWLHURQ HQ XQ FXOWR
GLVWLQWRHQYH]GHVHUVyORXQDFRPXQLGDGLQWURYHUWLGDDOHVWLORHVHQLRFRPRDTXHOODVHQFRQWUDGDVHQeIHVR
7XUTXtDRHQODLVODGH(OHIDQWLQDHQ(JLSWR
(VWDHYLGHQFLDDVXVWDUiDPXFKRVFULVWLDQRVSRUTXHSDUHFHWDQDMHQD\DPHQD]DQWHSDUDVXFUHHQFLD
GH TXH VX -HVXFULVWR HUD HO ~QLFR PHVtDV SHUR UHSUHVHQWD XQ SUREOHPD VyOR SDUD ORV TXH VH DIHUUDQ D OD
FRUUXSFLyQVREUHQDWXUDOKHOHQL]DGDGHOWpUPLQRKHEUHR6LVHOHGDDODSDODEUDVXVLJQLILFDGRFRUUHFWRLQLFLDO
HVPX\QDWXUDOYHUD-XDQFRPRHOPHVtDVVDFHUGRWDO\D-HV~VFRPRODFROXPQDPLVKSDWHOPHVtDVUHDO
-XDQWXYRXQDYLGDGLItFLOHQHOGHVLHUWROLPSLDQGRORVHVStULWXVGHODVSHUVRQDVDOVXPHUJLUODVHQODV
FRUULHQWHVGHDJXDGHO5tR-RUGiQeVDHUDODWpFQLFDSUHIHULGDGHORVTXPUDQRVTXHSRUORJHQHUDOWHQtDQTXH
KDFHUOR FRQ VXV FLVWHUQDV GH DJXD HVWiWLFD (UD OD SHUVRQLILFDFLyQ GH OD UHFWLWXG TXPUDQD FRPtD VyOR ORV
DOLPHQWRVSHUPLWLGRVFRPRVDOWDPRQWHV\PLHOVLOYHVWUH\XVDEDXQFLQWXURQ\XQDEULJRGHSLHOGHFDPHOOR
(QODSHUVSHFWLYDGH-XDQWRGDVODVFODVHVGRPLQDQWHVGH-HUXVDOpQHUDQSRUFRPSOHWRFRUUXSWDVSRUORTXH
ODQ]DEDYLWXSHUDQWHVVHUPRQHVHQVXFRQWUDHLQVWDEDDVXFRQJUHJDFLyQDDUUHSHQWLUVH\DFHSWDUHOULWRGH
SXULILFDFLyQ SRU HO EDXWLVPR HVHQLRTXPUDQR $OJXQRV REVHUYDGRUHV FUHHQ TXH -XDQ HUD HO 0DHVWUR GH OD
5HFWLWXGSHURDXQTXHHVWRSXHGHVHUFLHUWRQRKHPRVSRGLGRHQFRQWUDUVXILFLHQWHHYLGHQFLDSDUDVXVWHQWDU
HVWDWHRUtD
/D KLVWRULD GHO EDXWLVPR GH -HV~V GHVFULWD HQ HO 1XHYR 7HVWDPHQWR HV XQD QDUUDFLyQ PHMRUDGD HQ
IRUPD GHOLEHUDGD \ FUHDGD SRU ORV HVFULWRUHV GH HYDQJHOLRV SRVWHULRUHV SDUD PDQWHQHU HO QLYHO GH
DFRQWHFLPLHQWRV PiJLFRV TXH VDWLVIDFtD D OD DXGLHQFLD SDJDQD SHUR HO PDWHULDO UHFRQVWUXLGR SXHGH DUURMDU
DOJXQDOX]VREUHODUHODFLyQHQWUHHVWRVGRVLPSRUWDQWHVKRPEUHV !
(VWRUHYHODTXHODLGHDGHTXH-XDQEDXWL]yD-HV~VHVXQDLQYHQFLyQGH0DUFRV\TXH-XDQQRVH
HQWHUyGHODH[LVWHQFLDGH-HV~VKDVWDTXHVXVGLVFtSXORVOHFRQWDURQTXHKDEtDXQQXHYRPDHVWURVDELRTXH
KDEtD OOHJDGR GHO QRUWH DOHJDQGR TXH LQFOXVR XQ FHQWXULyQ URPDQR KDEtD PRVWUDGR PiV IH HQ HO SRGHU GH
'LRVTXHHOMXGtRSURPHGLR-HV~VWLHQHTXHKDEHUVLGRXQDILJXUDFHQWUDOHQODFRPXQLGDGTXPUDQD\VLHQGR
GHO OLQDMH GH 'DYLG DO LJXDO TXH PXFKRV HVWXGLDQWHV WDOHQWRVRV HV SUREDEOH TXH HO OODPDGR EDXWLVPR SRU
SDUWHGH-XDQKXELHUDVLGRHOSULPHUQLYHOGHLQLFLDFLyQGH-HV~VGHQWURGHODFRPXQLGDG/DGHVFULSFLyQGH
-HV~VYLHQGRDXQDSDORPDTXHGHVFLHQGHKDFLDpOHUDXQDIRUPDMXGtDFRP~QGHH[SUHVDUODREWHQFLyQGH
VDELGXUtD
(V D~Q PiV LQWHUHVDQWH YHU OR TXH VXFHGLy FRQ -HV~V GHVSXpV GH VX EDXWLVPR 'H DFXHUGR FRQ HO
1XHYR7HVWDPHQWRVHDGHQWUyHQHOGHVLHUWRHQGRQGHD\XQyFXDUHQWDGtDV\VXVQRFKHV1RGLFHTXHGHMyHO
GHVLHUWRGHVSXpVGHOD\XQRGHKHFKROD%LEOLDGHO5H\-DFRERUHODWDTXHSHUPDQHFLyDKtWUHVDxRVGHODO
G&\HVLPSRUWDQWHQRWDUTXHHOWpUPLQRGHVLHUWRVHXWLOL]DHQWRGRVORV5ROORVGHO0DU0XHUWRFRPROD
GHVFULSFLyQGHODFRPXQLGDGTXPUDQD/DIDOWDGHFRPSUHQVLyQGHOXVRFRQWHPSRUiQHRGHGHVLHUWRKL]RTXH
ORVFULVWLDQRVLPDJLQDUDQD-HV~VVRORHQXQGHVLHUWRGHYHUGDG$KRUDSRGHPRVDFODUDUVXVLJQLILFDGR-HV~V
HVWDEDHQ4XPUDQSDVDQGRSRUODVWUHVHWDSDVGHLQLFLDFLyQSDUDDOFDQ]DUHOQLYHOPiVDOWRGHODKHUPDQGDG
FDGD XQD GH ODV FXDOHV FRPR UHFRUGDUiQ WRPDED SUHFLVDPHQWH XQ DxR $TXt DSUHQGLy D HQIUHQWDU ODV
WHQWDFLRQHVGH6DWDQiV\DGDUODHVSDOGDDORVVRERUQRVGHORVOtGHUHVGHRWUDVQDFLRQHV(QOD~OWLPDHWDSD
GHVSXpV GH VXV WUHV DxRV VH OH HQVHxDURQ OD WpFQLFD \ ODV SDODEUDV GH UHVXUUHFFLyQ VHFUHWDV TXH IXHUDQ
WUDQVPLWLGDVSRU0RLVpVFRQODVTXHVHUHVXFLWDDXQFDQGLGDWRGHVXWXPEDILJXUDWLYDSDUDTXHYLYDXQDYLGD
OHDO\UHFWDTXHORSUHSDUHSDUDODOOHJDGDGHOUHLQRGH'LRV
(V PX\ FLHUWR TXH HQ DGHODQWH -HV~V YLYLy XQ DxR PiV VHJ~Q ODV HVWULFWDV UHJODV VHFWDULDV GH OD
FRPXQLGDGSHURGHVSXpVGHODPXHUWHGH-XDQDLQLFLRVGHODxRG&GHFLGLyTXHODIRUPDPiVUiSLGD\
HILFLHQWH GH SUHSDUDU DO SXHEOR GH ,VUDHO SDUD OD YHQLGD GHO 5HLQR GH ORV &LHORV HUD DSOLFDU ODV UHJODV XQ
HMHPSORGHFXiQGRHOILQMXVWLILFDORVPHGLRV
3RU WRGD OD LQIRUPDFLyQ GLVSRQLEOH WHQtDPRV TXH GHGXFLU TXH -HV~V \ VX KHUPDQR PHQRU 6DQWLDJR
HUDQEULOODQWHVGLVFtSXORV\FLXGDGDQRVTXPUDQRVDOWDPHQWHFDOLILFDGRV&RPRPDHVWURWDOHQWRVRGHODOtQHD
GH'DYLG-XDQHO%DXWLVWDOHSUHJXQWyD-HV~VVLVHUtDHOTXHYHQGUtDHVGHFLUHO0HVtDVUHDOSDUDIRUPDUVX
FROXPQD RSXHVWD -HV~V FRQWHVWy FRQ XQD UHVSXHVWD SHVKHU HO FLHJR UHFXSHUD OD YLVWD HO FRMR FDPLQD ORV
OHSURVRVVDQDQ\ORVVRUGRVHVFXFKDQODPXHUWHHVUHVXFLWDGD\DORVSREUHVVHOHVGDQEXHQDVQXHYDV'H
QLQJXQD PDQHUD TXHUtDGHFLU TXH pO KXELHUD KHFKR WRGDV HVDVFRVDV VH HVWDED UHILULHQGRD ORV PLODJURV GH
FXUDFLyQ TXH ,VDtDV SUHGLMR TXH SDVDUtDQ HQ ORV WLHPSRV GH OD UHVWDXUDFLyQ GH ,VUDHO (VWR FRQILUPDED TXH
-HV~V HVWXYR GH DFXHUGR FRQ -XDQ HQ TXH HO ILQDO GH ORV WLHPSRV HUD LQPLQHQWH \ TXH HUD HO KRPEUH TXH
D\XGDUtDDSUHSDUDUHOFDPLQR7RGDVODVHQIHUPHGDGHVItVLFDV\PHQWDOHVVHFRQVLGHUDEDQUHVXOWDGRGHXQD
YLGDSHFDPLQRVD\VDOLUGHOSHFDGRFXUDUtDHOPDO
(QORTXHVHUHILHUHDOSXQWRGHYLVWDGH-HV~VFRQUHVSHFWRD-XDQHQHOHYDQJHOLRUHFRQVWUXLGRHO
PHQVDMHHVWiFODUR
6DEtDQ TXH -XDQ HUD XQ SURIHWD \ QR HVSHUDEDQ YHVWLGXUDV UHDOHV FXDQGR OR YHtDQ 3HUR OR TXH QR
VDEtDQ\TXHDKRUDOHVGLUpHVTXH-XDQHUDPiVTXHXQSURIHWD(UDDFHUFDGHpOTXHHVWiHVFULWR0LUDG
HVWR\HQYLDQGRDPLPHQVDMHURDQWHXVWHGHVeOSUHSDUDUiHOVHQGHURTXHWLHQHQSRUGHODQWH "
(VWH DQWLJXR WH[WR FULVWLDQR LPSOLFD GH PDQHUD LQFRUUHFWD TXH HV -HV~V TXLHQ KD VHxDODGR D -XDQ FRPR HO
0HVtDVVDFHUGRWDO\QRTXH-XDQPDUFyD-HV~VFRPRHO0HVtDVUHDO(OSDVDMHDILUPDFRQOXFLGH]TXHVLELHQ
-XDQHVHOSUHGHVWLQDGRODJHQWHQRGHEHUtDHVSHUDUYHVWLGXUDVUHDOHV\DTXHpOQRVHUtDHOUH\0XFKDJHQWHVH
FRQIXQGHSRUORVSDVDMHVHQORVTXH-HV~VGHVFULEHD-XDQFRPRHOTXHYHQGUi\-XDQGHVFULEHD-HV~VFRQODV
PLVPDVSDODEUDV8QDYH]TXHVHDGYLHUWHTXHORVGRVVRQFROXPQDVGHODHQWUDGDFHOHVWLDOVHKDFHFODURTXH
QRKD\FRQIOLFWRDOJXQRFDGDXQRQHFHVLWDEDDORWUR
(OPLQLVWHULRPHVLiQLFRGH-XDQHO%DXWLVWDGXUyVyORVHLVDxRV\DTXHIXHGHFDSLWDGRDLQLFLRVGHO
DxRG&(Q$QWLTXLWLHV$QWLJHGDGHV-RVHIRUHJLVWUDTXHIXHPXHUWRSRU+HURGHV$QWLSDVTXLHQWHPtD
TXH ODV DFWLYLGDGHV GH -XDQ SXGLHUDQ FRQGXFLU D XQD UHYXHOWD GHELGR D VXQDWXUDOH]D PHVLiQLFD 3DUD-HV~V
WLHQH TXH KDEHU VLGR XQ GXUR JROSH SDUD -HV~V HVFXFKDU TXH VX FROXPQD RSXHVWD KDEtD VLGR DVHVLQDGR /D
FRPXQLGDGTXPUDQD\WRGRVVXVVHJXLGRUHVGHEHQGHKDEHUHVWDGRGHYDVWDGRVSRUODSpUGLGDGHXQDFROXPQD
IUHQWH DO ILQDO GH OD HUD \ OD OOHJDGD GHO 5HLQR GH 'LRV $ SHVDU GH OR GLItFLO TXH HUD HQFRQWUDU JHQWH OR
VXILFLHQWHPHQWHVDQWDFRPRSDUDUHHPSOD]DUD-XDQDSDUHFLHURQGRVFDQGLGDWRVTXHDVFHQGLHURQUiSLGDPHQWH
SDUDOOHQDUHVWHSDSHOFODYH8QRKDEUtDGHFRQYHUWLUVHHQHOOtGHUGHOD&RPXQLGDG4XPUDQFRQRFLGRFRPR
6DQWLDJRHO-XVWR\HORWURHUDVXKHUPDQRPD\RUHOKRPEUHTXHOODPDPRV-HV~V
8QDYH]TXHHPSH]DPRVDHVWXGLDUHO1XHYR7HVWDPHQWR\ORV5ROORVGHO0DU0XHUWRFRQHOVyOLGR
FRQRFLPLHQWRGHODLPSRUWDQFLDGHODVFROXPQDVJHPHODVGHVFXEULPRVVLJQLILFDGRVWRWDOPHQWHQXHYRV1RV
SUHJXQWDPRV FyPR HUD SRVLEOH TXH QDGLH KXELHUD YLVWR OR TXH HV REYLR SHUR HV TXH QDGLH DQWHV KDEtD
UHODFLRQDGRORVULWXDOHVGHODIUDQFPDVRQHUtD\ORVDQWLJXRVHJLSFLRVFRQHVWHSHULRGR/DULTXH]DGHODIXHQWH
GH LQIRUPDFLyQ TXH H[SORWiEDPRV LED PiV DOOi GH QXHVWUDV H[SHFWDWLYDV \ VyOR QRV TXHGDED HVSHUDU TXH
QXHVWUDEXHQDVXHUWHFRQWLQXDUDFRQIRUPHHVWXGLiUDPRVPiVGHFHUFDODYLGDGHODFROXPQDUHDOHOSURSLR
-HVXFULVWR
&21&/86,Ï1
1XHVWUR UHSDVR GH OD 7LHUUD 6DQWD HQ ORV WLHPSRV GH -HV~V QRV OOHYy D OD FRQFOXVLyQ GH TXH OD FRPXQLGDG
TXPUDQDHUDDSHVDUGHVXSHTXHxRWDPDxRHOJUXSRPiVLPSRUWDQWHSDUDQXHVWUDE~VTXHGD6DEtDPRVTXH
HUDQ ORV DXWRUHV GH ORV 5ROORV GHO 0DU 0XHUWR \ DKRUD HVWiEDPRV FRQYHQFLGRV GH TXH ORV TXPUDQRV ORV
HVHQLRVORVQD]DUHQRV\OD,JOHVLDGH-HUXVDOpQHUDQQRPEUHVSDUDHOPLVPRJUXSR
&XDQGRUHYLViEDPRVHOSHULRGRDVPRQHRGLPRVFRQHOKHFKRGHTXHOD%LEOLD&DWyOLFD5RPDQDHVWi
HQGHVYHQWDMDFRQOD%LEOLDGHO5H\-DFRERHQFXDQWRDTXHORV/LEURV3ULPHUR\6HJXQGRGHORV0DFDEHRV
VHKDEtDQVXSULPLGRGHODPiVUHFLHQWH/RVFDWyOLFRVUHWUDWDQDORVDVPRQHRVFRPRKpURHVMXGtRVDXQTXHORV
SURWHVWDQWHV QR OR KDFHQ DVt (VWR LQGLFDED XQ YtQFXOR HQWUH ORV TXPUDQRV DQWLDVPRQHRV \ OD LQVWLWXFLyQ
LQJOHVDGHOVLJOR;9,,,DOJRTXHVyORSXGRKDEHUSDVDGRSRUODUXWDGHORVWHPSODULRV\IUDQFPDVRQHV
(QFRQWUDPRVPXFKDVUHODFLRQHVHQWHORVTXPUDQRV\ODIUDQFPDVRQHUtDGHVGHVXVSURFHGLPLHQWRVGH
DVFHQVR KDVWD OD SURKLELFLyQ GH PRQHGDV X RWURV REMHWRV PHWiOLFRV GXUDQWH OD LQLFLDFLyQ 6DEHPRV SRU ORV
5ROORVGHO0DU0XHUWRTXHVHFRQFHQWUDEDQHQODYHUGDGODUHFWLWXGODERQGDGODMXVWLFLDODKRQHVWLGDG\OD
KXPLOGDG MXQWR FRQ HO DPRU IUDWHUQDO (VWR ORV FRORFDED FRPR ORV GHVFHQGLHQWHV HVSLULWXDOHV GH ORV UH\HV
HJLSFLRV\ORVDQWHFHVRUHVGHORVWHPSODULRV\ODIUDQFPDVRQHUtD
7DPELpQ SRU ORV UROORV QRV HQWHUDPRV GH TXH H[LVWtDQ OLEURV VHFUHWRV TXH FRQWHQtDQ UHIHUHQFLDV D
FLHUWRV ULWXDOHV UHYHODGRV SRU 'LRV TXH SRU OR JHQHUDO VH WUDVPLWtDQ VyOR GH PDQHUD RUDO D SHUVRQDV
VHOHFFLRQDGDVSHURTXHDKRUDKDEtDQVLGRHVFULWRVHQFODYH(VWRVVHFUHWRVHVWDEDQPX\UHVWULQJLGRV\VHGLFH
TXHKDQVLGRSDVDGRVGHPDQRHQPDQRSRUXQDODUJDILODGHWUDGLFLyQVHFUHWD$GHPiVQRVWRSDPRVFRQXQD
UHIHUHQFLD GHILQLGD HQ FXDQWR DO VHFUHWR GH ODV FROXPQDV 1XHVWUD SULPHUD VRVSHFKD GH TXH ORV &DEDOOHURV
7HPSODULRVKDEtDQH[FDYDGRHO6DQWRGH6DQWRV\HQFRQWUDGRHVFULWXUDVVHFUHWDVHUDDSR\DGDSRUOD$VXQFLyQ
GH 0RLVpV GH ORV TXPUDQRV TXHLQVWUXtD DOD FRPXQLGDG DHVFRQGHU VXV PiV SUHFLDGRV SHUJDPLQRV HQHVD
SUHFLVDXELFDFLyQ
6LQGXGDHOOtGHUGHODFRPXQLGDGTXPUDQDHUDFRQVLGHUDGRHOGHVFHQGLHQWHHVSLULWXDOGHOFRQVWUXFWRU
RULJLQDO GHO 7HPSOR GH 6DORPyQ HO KRPEUH TXH ORV IUDQFPDVRQHV DKRUD FRQRFHQ FRPR +LUDP $ELI \
HVWDPRVFRQYHQFLGRVGHTXH6DQWLDJRHOKHUPDQRGH&ULVWRHUDHO6DQWLDJRHO-XVWRGHORV5ROORVGHO0DU
0XHUWR\HOOtGHUGHOD,JOHVLDGH-HUXVDOpQ
/DHVHQFLDGHOSDUDGLJPDGHODFROXPQDTXPUDQDVHDFODUyWVHGHTGHOODGRL]TXLHUGRGHODSXHUWD\
PLVKSDWGHOODGRGHUHFKRFRQ<DKYpFRPRODSLHGUDDQJXODUGHVKDORPTXHVHOODWRGRHQHOFHQWUR-XDQHO
%DXWLVWD\-HV~VIXHURQPHVLDVXQLGRVSRUXQWLHPSRSHURGHVSXpVGHODVHVLQDWRGH-XDQHODVSHFWRSROtWLFR
GHODVLWXDFLyQKL]RH[SORVLyQ$KRUDQHFHVLWiEDPRVLQWHQWDUHQFRQWUDUFRQH[DFWLWXGTXpVXFHGtDGXUDQWHHVWH
SHULRGRFODYHHQHVSHFLDOHQWUH-HV~V\6DQWLDJR
1RWDV
*:%XFKDQDQHV©V7KH.LQJDQG+LV.LQJGRP
06PLWK7KH6HFUHW*RVSHO
'65XVVHOO7KH0HWKRGDQG0HVVDJHRIMHZLVK$SRFDO\SWLF
-RKQ$OOHJUR7KH'HDG6HD6FUROOV
'65XVVHOORSFLW
+6FKRQItHOG7KH(VVHQH2G\VVH\
(6FKUHU7KHMHZLVK3HRSOHDWWKH7LPHRI-HV~V&KULVW
+6FKRQItHOGRSFLW
3HDNH
V&RPPHQWDU\RQWKH%LEOH
:6/DVRU7KH'HDG'HD6FUROOVDQGWKH1HZ7HVWDPHQW
1RUPDQ&RKpQ&RVPRV&KDRVDQGWKH:RUOGWR&RPH
-RKQ$OOHJUR7KH7UHDVXUHRIWKH&RSSHU6HUROt
3HDNH
V&RPPHQWDU\RQWKH%LEOH
.*.XKQ'LH%HLGHQ0HVVLDV$DURQVXQG-VUDHOV
%XUWRQ/0DFN7KH/RVW*RVSHO
,ELG
&DStWXOR
(OKRPEUHTXHFRQYHUWtDHODJXDHQYLQR
/DFDUUHUDFRQWUDHOWLHPSR
(VWiEDPRVDSXQWRGHHQWUDUHQHOiUHDPiVGHOLFDGDGHQXHVWUDLQYHVWLJDFLyQVREUHHOSDVDGR\GHFLGLPRV
UHYLVDUFRQFXLGDGRQXHVWURVVLJXLHQWHVSDVRV1XHVWUDVFRQFOXVLRQHVVHUtDQFRQWURYHUWLGDVSRUGHFLUORFRQ
VXDYLGDG \ VHQWtDPRV TXH HUD PiV LPSRUWDQWH TXH QXQFD YHULILFDU WRGR OR TXH GLUtDPRV /RV FULVWLDQRV
FRQRFHQXQ-HV~VLQPHQVDPHQWHGLVWLQWRGHOTXHVXUJLyHQQXHVWUDVLQYHVWLJDFLRQHV\HOFRQWUDVWHPROHVWDUtD
HQ OR SURIXQGR D PXFKRV 6LQ HPEDUJR QXHVWUD SULPHUD UHVSRQVDELOLGDG HUD FRQ OD YHUGDG \ GHVSXpV GH
GLVFXWLUXQSRFRGHFLGLPRVUHYHODUORTXHHQFRQWUiUDPRVFRQODPD\RUFODULGDGSRVLEOH'HKHFKRQXHVWURV
GHVFXEULPLHQWRVUHYHODURQDXQSHUVRQDMHSRGHURVRHLPSUHVLRQDQWHFRPRQDGLHPiV
/RSULPHURTXHQRVVRUSUHQGLyDFHUFDGH-HV~VIXHTXHODGXUDFLyQWRWDOGHVXPLQLVWHULRIXHGHWDQ
VyOR XQ DxR GHVGH OD PXHUWH GH -XDQ HO %DXWLVWD KDVWD VX SURSLD FUXFLIL[LyQ 3URQWR VH KL]R HYLGHQWH SRU
WRGDVODVSUXHEDVGLVSRQLEOHVTXHLQFOXVRHVWHSHTXHxRSHULRGRHVWXYRSODJDGRGHDPDUJXUD\GHGLVSXWDV
SROtWLFDVLQWHUQDVHQSDUWLFXODUHQWUH-HV~V\6DQWLDJR7RGRDSXQWDKDFLDHOPLVPROXJDU-HV~VR<DKRVKXD
EHQ-RVHSKFRPRORFRQRFtDQVXVFRQWHPSRUiQHRVQRHUDXQKRPEUHSRSXODUHQ-HUXVDOHQ\HQ4XPUDQ6XV
ULWXDOHV HUDQ EDVWDQWH PiV UDGLFDOHV GH OR TXH VX IDPLOLD \ OD PD\RUtD GH ORV GHPiV TXPUDQRV SRGtDQ
HQWHQGHU&RPRPRVWUDUHPRVPiVDGHODQWHWRGDODHYLGHQFLDVXJLHUHTXHODPD\RUtDGHODJHQWHDSR\DEDD
6DQWLDJRLQFOXVR0DUtD\-RVp
(V SUREDEOH TXH PLHQWUDV -XDQ HO %DXWLVWD YLYLy -HV~V KD\D REVHUYDGR ODV PLVPDV HVWULFWDV UHJODV
VHFWDULDVTXHpOSHURFRQODSpUGLGDGHOPHVtDVVDFHUGRWDOODHVWUDWHJLDGH-HV~VVHUDGLFDOL]y 'HFLGLyTXH
HUDPHMRUTXHEUDQWDUODOH\SRUHOELHQGHODQDFLyQ-HV~VFUHtDTXHHOPRPHQWRGHODEDWDOODILQDOFRQORV
URPDQRV\TXLHQHVORVDSR\DEDQHVWDEDFHUFD\SHQVDEDTXHWHQtDPHMRUHVSRVLELOLGDGHVGHJDQDUODJXHUUD
SRU-HKRYi
/RVTXPUDQRVHVWDEDQFRQWHQWRVFRQTXH-HV~VIXHUDODFROXPQDL]TXLHUGDGH0LVKSDWMRTXHORKDFtD
HO PHVtDV GH OLQDMH UHDO R HO IXWXUR UH\ GH ORV MXGtRV SHUR QR SRGtDQ DFHSWDUOR FRPR OD FROXPQD GHUHFKD
WDPELpQ/D%LEOLDGLFHTXH-HV~VVHVHQWDUiDODGHUHFKDGH'LRV3DGUHORTXHVLJQLILFDTXHHVODFROXPQD
L]TXLHUGD\DTXHVLXQRYHD'LRVGHIUHQWHPLUDQGRKDFLDHORHVWHGHVGHODSXHUWDGHVXWHPSOR'LRVHVWDUi
PLUDQGRKDFLDHOHVWHFRQODFROXPQD0LVKSDWDVXGHUHFKD
/DVFLUFXQVWDQFLDVQRVVXJHUtDQTXH6DQWLDJRHO-XVWROHGLMRDVXKHUPDQRTXHQRVHOHFRQVLGHUDED
ORVXILFLHQWHPHQWHVDQWRFRPRSDUDFRQYHUWLUVHHQODVGRVFROXPQDVSHUR-HV~VLJQRUyVXVFRPHQWDULRV\VH
DXWRSURFODPR FRPR ODV GRV FRQH[LRQHV WHUUHQDOHV GH OD VDJUDGD WULQLGDG TXH WHQtD D 'LRV HQ VX F~VSLGH
&RQIRUPHQRVLQYDGtDODLGHDGHORVWUHVSXQWRVGHSRGHUQRSRGtDPRVHYLWDUSUHJXQWDUQRVVLVHWUDWDEDGHOD
IXHQWHGHODWULQLGDGFDWyOLFDGH'LRV3DGUH'LRV+LMR\'LRVHO(VStULWX6DQWR
(O FXULRVR FRQFHSWR GHO (VStULWX 6DQWR VLHPSUH QRV SDUHFLy PX\ GLItFLO GH HQWHQGHU SRUTXH QR
SDUHFtD WHQHU VHQWLGR 7DPSRFR QXHVWURV DPLJRV FULVWLDQRV KDQ SRGLGR H[SOLFDU OR TXH HVWD FXULRVD
GHQRPLQDFLyQTXLHUHGHFLU6LOD,JOHVLD5RPDQDLQLFLDOVHSHUFDWyGHODLPSRUWDQFLDGHXQDWULQLGDGGLYLQD
SRUOD,JOHVLDGH-HUXVDOpQHVSRVLEOHTXHODKD\DQPDOLQWHUSUHWDGR-HVXFULVWRUHFODPDEDVHUODVGRVSDUWHV
WHUUHQDOHVFROXPQDVGHOWULiQJXOR\HVIiFLOLPDJLQDUFyPRVXUJLyODFRQIXVLyQ
&RPRYLPRVDQWHV-HV~VWHQtDXQULWXDOPLOLWDU4XL]iHVWRQRHQFDMHFRQODVLPiJHQHVWUDGLFLRQDOHV
TXHVHWLHQHQGHpOSHUR*:%XFKDQDQREVHUYyTXH-HV~VHUDXQJXHUUHUR\FRQFOX\yTXHXQKLVWRULDGRU
REMHWLYR QR SXHGH SDVDU SRU DOWRWRGDV ODVLPSOLFDFLRQHV PLOLWDUHVUHODFLRQDGDV FRQ ODV HQVHxDQ]DV GH HVWH
SHUVRQDMH\DFHUFDGHpO(OSDSHOGH-HVXFULVWRHUDGLULJLUODJXHUUD\FRQYHUWLUVHHQHOQXHYRUH\ (OSURIHVRU(LVHQPDQGLMRGHORV5ROORVGHO0DU0XHUWRTXH
'HORTXHKDEODPRVHQQXHVWUDQXHYDSHUVSHFWLYDGHORV5ROORVGHO0DU0XHUWRHVGHXQPRYLPLHQWR
PHVLiQLFRHQ3DOHVWLQDTXHHVPXFKRPiVDJUHVLYRPXFKRPiVDSRFDOtSWLFRPXFKRPiVPLOLWDQWH\
PXFKRPiVRULHQWDGRDORWHUUHQDOXQDHVSHFLHGHHMpUFLWRGH'LRVHQFDPSDPHQWRVSRUWRGRHO0DU
0XHUWR R DIXHUD HQ ORV GHVLHUWRV XQ JUXSR SUHSDUiQGRVH SDUD XQD ~OWLPD JXHUUD DSRFDOtSWLFD
FRQWUDWRGDODPDOGDGHQODWLHUUDO
&RPR HOKRPEUH LQWHOLJHQWH TXH HUD -HV~V VDEtD GHVGH HO SULQFLSLR TXH HOWLHPSR QRHVWDED GH VX
ODGRQHFHVLWDEDDFHOHUDUHOILQDOGHODHUD\SURWHJHUVHGHORVSRGHURVRVHQHPLJRVTXH\DKDEtDQ
DFDEDGR FRQ XQD FROXPQD /R SULPHUR TXH KL]R IXH GHVLJQDU DOJXQRV JXDUGDHVSDOGDV SHUVRQDOHV
SDUDTXHORSURWHJLHUDQOXHJRVLJXLyODSROtWLFDGHPRYHUVHGHXQODGRDRWURKDFLHQGRVyOREUHYHV
SDUDGDV HQ FXDOTXLHU SDUWH 6XV FLQFR SULQFLSDOHV FXLGDGRUHV HUDQ 6DQWLDJR \ -XDQ D ORV TXH
OODPDEDKLMRVGHOUD\RORVGRV6LPRQHVXQROODPDGRHOHQWXVLDVWD\HORWURHOWHUURULVWDEDUMRQD
\-XGDVHOKRPEUHGHOFXFKLOORVLFDULXV1RHUDQSDFLILVWDVHQ/XFDVVHKDEODGHFXDQGR
OHLQIRUPDQD-HV~VTXH\DWLHQHQGRVHVSDGDVOXHJRGHTXHORVH[KRUWDUDDYHQGHUVXVURSDVSDUD
FRPSUDUDUPDV
< D HOORV GLMR FXDQGR RV HQYLp VLQ EROVD VLQ DOIRUMD \ VLQ FDO]DGR ¢RV IDOWy DOJR" (OORV GLMHURQ
QDGD
< OHV GLMR SXHV DKRUD HO TXH WLHQH EROVDWyPHOD \WDPELpQ OD DOIRUMD \ HO TXH QR WLHQH HVSDGD
YHQGDVXFDSD\FRPSUHXQD
3RUTXH RV GLJR TXH HV QHFHVDULR TXH VH FXPSOD WRGDYtD HQ Pt DTXHOOR TXH HVWi HVFULWR \ IXH
UHFRQRFLGRHQWUHORVWUDQVJUHVRUHVSRUTXHORTXHHVWiHVFULWRHQPtWLHQHFXPSOLPLHQWR
(QWRQFHVHOORVGLMHURQ6HxRUDTXtKD\GRVHVSDGDV<pOOHVGLMRHVVXILFLHQWH
/RVGRVUHTXLVLWRVPiVLPSRUWDQWHVSDUDHOp[LWRGH-HV~VHUDQPiVVHJXLGRUHV\PiVIRQGRV6LLEDD
VHQWDUVHHQHOWURQRGH-HUXVDOpQDPERVWHQGUtDQTXHOOHJDUPX\SURQWR(OVDFHUGRFLRHQ-HUXVDOpQ\DHUD
ULFRSXHVYHQGtDHOWtWXORGHMXGtRVDORVJHQWLOHVHQWRGRHOLPSHULRURPDQRGiQGROHVXQDSLHGUDGHO-RUGiQ
DFDPELRGHJUDQGHVFDQWLGDGHVGHGLQHUR\pOQHFHVLWDEDHFKDUDEDMRDHVDJHQWH6XSULPHUDLGHDIXHXQ
JROSH GH JHQLDOLGDG SHUR FDXVy SiQLFR H LQGLJQDFLyQ HQWUH ORV TXPUDQRV (PSH]y D DVFHQGHU D SHUVRQDV
FRPXQHVDODFRQGLFLyQGHLQLFLDGRVTXPUDQRVGHSULPHUDxRSRUWRGRVODGRVSHRUDXQUHVXFLWyDPXFKRVGH
VXVVHJXLGRUHVPiVFHUFDQRVDOQLYHOPiVDOWRWUDQVPLWLpQGROHVORVVHFUHWRVGH0RLVpV
(O1XHYR7HVWDPHQWRLQGLFDTXH-HV~VWHQtDXQDpOLWHFRQDFFHVRDVHFUHWRVHVSHFLDOHV&DVLGHVGHHO
SULQFLSLRGHVXPLQLVWHULRSDUHFHKDEHUKDELGRXQFtUFXORFHUFDQRGHVHJXLGRUHVVX\RVFRQORVTXHFRPSDUWtD
VHFUHWRV HVSHFLDOHV $OJXQRV REVHUYDGRUHV KDQ GHWHFWDGR WUHV QLYHOHV DGLFLRQDOHV HO HTXLSR SULQFLSDO XQ
JUXSRIRUPDGRGHVHJXLGRUHVPHQRVFHUFDQRVTXHLQFOXtDQIDPLOLDUHV\FRQRFLGRVELHQGLVSXHVWRVDORVTXH
QRVHOHVKDEtDUHYHODGRHOVHFUHWR\ORVH[WUDxRVODVSHUVRQDVLQGLIHUHQWHVXKRVWLOHVGHOPXQGRTXHORV
URGHDED!
(VWi FODUR TXH KDEtD XQ PLVWHULR VHFUHWR FRQILQDGR D XQRV SRFRV HOHJLGRV HQWUH ORV VHJXLGRUHV GH
-HV~VSHURKDVWDDKRUDQDGLHKDSRGLGRH[SOLFDUFXiOHUDHVHVHFUHWR(VWiEDPRVVHJXURVGHTXHVDEtDPRVOD
UHVSXHVWDSHURWHQtDPRVTXHVHUREMHWLYRV\QRWUDWDUGHIRU]DUQXHVWUDVROXFLyQDORVKHFKRV3RUIRUWXQDQR
WXYLPRVTXHKDFHUORORV(YDQJHOLRVORKLFLHURQSRUQRVRWURV
(OSULPHUPLODJURGH-HV~VIXHFRQYHUWLUHODJXDHQYLQRHQODERGDGH&DQD9LHQGRHVWDKLVWRULDHQ
HO FRQWH[WR GH WRGR OR GHVFXELHUWR HVWiEDPRV VHJXURV GH TXH QR VH WUDWDED GH XQ PHUR DODUGH GH
H[KLELFLRQLVPR(UDHOSULPHULQWHQWRGH-HV~VGHUHFOXWDUIXHUDGHODFRPXQLGDGHQORTXHKDEtDVLGRXQD
JUDQUHXQLyQ'HVFXEULPRVTXHHOWpUPLQRFRQYHUWLUHODJXDHQYLQRHUDXQWpUPLQRFRP~QHTXLYDOHQWHHQ
HVSDxRO D OD H[SUHVLyQKDFHU XQD EROVD GHVHGD FRQXQD RUHMD GHFHUGR (Q HVWH FRQWH[WR HQUHDOLGDGVH
UHIHUtDDTXH-HV~VKL]RXVRGHOEDXWLVPRSDUDFRQVHJXLUTXHSHUVRQDVRUGLQDULDVSXGLHUDQHQWUDUDO5HLQRGH
ORV&LHORV\SUHSDUDUVHSDUDHOILQDOGHODHUD(QODWHUPLQRORJtDTXPUDQDORVQRLQVWUXLGRVHUDQHODJXD\ORV
HQWUHQDGRV\UHILQDGRVHUDQHOYLQR6LWRPDPRVODIUDVHGHPDQHUDOLWHUDOFRPRDOJXQRVFULVWLDQRVPHQRV
LQIRUPDGRVORKDFHQHTXLYDOHDSHQVDUTXHDOJXLHQWHQtDHOSRGHUGHFRQYHUWLUODVRUHMDVGHFHUGRHQEROVDV
GHSXUDVHGD
/DLGHDGHTXH-HV~VLEDSRUDKtUHVXFLWDQGRDXQRVFXDQWRVVHOHFFLRQDGRVGHVXPXHUWHUHFLHQWHHQ
XQD WLHUUD HQ OD TXH PRUtDQ FLHQWRV FDGD GtD HV RWUD LQWHUSUHWDFLyQ OLWHUDO GH DOJR PXFKR PiV WHUUHQDO (O
PpWRGRGHKDFHUDXQDSHUVRQDPLHPEURGHOVDQWXDULRLQWHUQRGH4XPUDQHUDFRPR\DVDEtDPRVODFHUH
PRQLDTXHIXHUDWUDQVPLWLGDGXUDQWHPLOTXLQLHQWRVDxRVGHVGHHODVHVLQDWRGH6HTHQHQUHHQ7HEDVODTXHD
VXYH]VHGHULYDEDGHODVFHUHPRQLDVGHFRURQDFLyQGHODQWLJXR(JLSWRUHWURFHGLHQGRKDVWDHOFXDUWRPLOHQLR
D&
1RV DFRVWXPEUDPRV DO FRQFHSWR GH TXH D ORV LQLFLDGRV VH OHV OODPDUD YLYRV \ D WRGRV ORV GHPiV
PXHUWRV /RV TXPUDQRV FUHtDQ UHOLJLRVDPHQWH TXH OD YLGD VyOR SRGtD WHQHU OXJDU HQ OD FRPXQLGDG \ GH
DFXHUGR FRQ DOJXQRV MXGtRV VyOR SRGtD RFXUULU HQ OD WLHUUD GH 3DOHVWLQD VL pVWD HUD OLEHUDGD GHO JRELHUQR
URPDQR(QFRQWUDPRVTXHHQDTXHOORVWLHPSRVHUDXQDSUiFWLFDFRP~QSDUDXQDVHFWDMXGtDFUHHUTXHWRGRV
ORVMXGtRVGHRWUDVVHFWDVHVWDEDQPXHUWRVHQHOVHQWLGRUHOLJLRVR (VWD SUHRFXSDFLyQ SRU XQD UHVXUUHFFLyQ HQ YLGD OD HQFRQWUDPRV DQWHV HQ QXHVWURV HVWXGLRV GH ORV
(YDQJHOLRV *QyVWLFRV DVt TXH OD LGHD GH UHIHULUVH D ORV QR UHVXFLWDGRV FRPR D ORV PXHUWRV QR UHVXOWy XQ
FRQFHSWRWDQH[WUDxR
1XHVWURV KDOOD]JRV KDVWD OD IHFKD QRV LQGLFDEDQ TXH ORV TXPUDQRV XWLOL]DEDQ OD UHVXUUHFFLyQ
VLPXODGD FRPR XQ PHGLR GH DGPLVLyQ DO WHUFHU UDQJR GH OD VHFWD \ SRU ORV 5ROORV GHO 0DU 0XHUWR VH
HVWDEOHFLy GH PDQHUD LUUHIXWDEOH TXH FRQVLGHUDEDQ D DTXHOORV DMHQRV D VX RUGHQ FRPR PXHUWRV DGHPiV VH
DFODUDEDDODSHUIHFFLyQPHGLDQWHHO1XHYR7HVWDPHQWRTXH-HV~VSXGRKDEHUXVDGRH[DFWDPHQWHODVPLVPDV
WpFQLFDV&XDQGRKDFtDDDOJXLHQPLHPEURJHQHUDOGHOFXOWRGHODVHFWDGH4XPUDQFRQYHUWtDHODJXDHQYLQR
\FXDQGRLQLFLDEDDXQQXHYRFDQGLGDWRGHQWURGHVXJUXSRFHQWUDOORUHVXFLWDEDGHODPXHUWH(VWDHVWUXFWXUD
GREOH IXH UHJLVWUDGD SRU ORV SULPHURV FULVWLDQRV TXH GHFtDQ TXH -HV~V RIUHFtD HQVHxDQ]DV VLPSOHV D OD
PD\RUtD SHUR LPSDUWtD HQVHxDQ]DV VHFUHWDV D OD PLQRUtD &OHPHQWH GH $OHMDQGUtD PHQFLRQD HVWD WUDGLFLyQ
VHFUHWD HQ XQD FDUWD 9DOHQWLQLDQR PDHVWUR FULVWLDQR GH PHGLDGRV GHO VLJOR ,, WDPELpQ UHJLVWUy TXH -HV~V
FRPSDUWtD FRQ VXV GLVFtSXORV FLHUWRV PLVWHULRV TXH PDQWHQtD RFXOWRV D ORV H[WUDxRV (VWR OR FRQILUPD HO
1XHYR7HVWDPHQWRHQ0DUFRV
< OHV GLMR D YRVRWURV VH RV KD GDGR D FRQRFHU HO PLVWHULR GHO UHLQR GH 'LRV PDV D ORV TXH HVWiQ
IXHUDWRGDVHVWDVFRVDVVHGDQHQSDUiERODV
$ODLQLFLDFLyQSRUUHVXUUHFFLyQSDUDWUDHUDODJHQWHGHODPXHUWHVHOHOODPyUHVXFLWDURSRQHUGHSLH
\ HUD UHYHUVLEOH SDUD DTXHOORV TXH FRQWUDYHQtDQ ODV UHJODV GH OD VHFWD OR TXH FRPR HV OyJLFR VH OODPDED
HQWHUUDURFDHU(QHO1XHYR7HVWDPHQWRHQODKLVWRULDGH$QDQtDV\6DILUDTXHHUDQPLHPEURVGHODVHFWDHQ
ORVWLHPSRVGHFULVLVGHVSXpVGHODUHVXUUHFFLyQHQFRQWUDPRVXQHMHPSORFOiVLFRGHHVWHSURFHVR6DQWLDJR
RUGHQyTXHVHUHXQLHUDWDQWRGLQHURFRPRIULHUDSRVLEOHSDUDRUJDQL]DUODGHIHQVDGHODVHFWD\VHUHTXHUtD
TXH FDGD PLHPEUR GHO JUXSR LQWHUQR YHQGLHUD FXDOTXLHU WLHUUD R SURSLHGDG TXH SRVH\HUD \ FHGLHUD ODV
JDQDQFLDV D ORV IRQGRV FHQWUDOHV &XDQGR VH GHVFXEULy TXH $QDQtDV \ VX HVSRVD 6DILUD YHQGLHURQ SHUR VH
TXHGDURQFRQHOGLQHURDPERVIXHURQWUDtGRVGHPDQHUDLQGLYLGXDODQWH3HGURTXLHQGHFLGLyFRQYHUWLUORV
HQHMHPSORSDUDGLVXDGLUDRWURVGHSHQVDPLHQWRVVLPLODUHV/DKLVWRULDVHQDUUDHQ+HFKRV
3HURFLHUWRKRPEUHOODPDGR$QDQtDVFRQ6DILUDVXPXMHUYHQGLy
XQDKHUHGDG\VXVWUDMRGHOSUHFLRVDELpQGRORHOODWDPELpQ\
WUD\HQGRVyORXQDSDUWHODSXVRDORVSLHVGHORVDSyVWROHV<GLMR
3HGUR $QDQtDV ¢SRU TXp OOHQy 6DWDQiV WX FRUD]yQ SDUD TXH PLQWLHVHV DO (VStULWX 6DQWR \
VXVWUDMHVHVGHOSUHFLRGHODKHUHGDG"5HWHQLpQGROD¢QRVHWHTXHGDEDDWL"\YHQGLGD¢QRHVWDEDHQ
WXSRGHU"¢3RUTXpFRQFHELVWHHVWRHQWXFRUD]yQ"1RKDVPHQWLGRDORVKRPEUHVVLQRD'LRV
$ORtU$QDQtDVHVWDVSDODEUDVFD\y\H[SLUy<XQJUDQWHPRUVHDSRGHUyGHWRGRVORVTXHORR\HURQ
<OHYDQWiQGRVHORVMyYHQHVORHQYROYLHURQ\VDFiQGRORORVHSXOWDURQ
3DVDGR XQ ODSVR FRPR GH WUHV KRUDV VXFHGLy TXH HQWUy VX PXMHU QR VDELHQGR OR TXH KDEtD
DFRQWHFLGR(QWRQFHV3HGUROHGLMRGLPH¢YHQGLVWHHQWDQWRODKHUHGDG"<HOODGLMRVtHQWDQWR<
3HGUROHGLMR¢SRUTXpFRQYLQLVWHLVHQWHQWDUDO(VStULWXGHO6HxRU"
+HDTXtDODSXHUWDORVSLHVGHORVTXHKDQVHSXOWDGRDWXPDULGR
\WHVDFDUiQDWL
$OLQVWDQWHHOODFD\yDORVSLHVGHpO\H[SLUy\FXDQGRHQWUDURQORVMyYHQHVODKDOODURQPXHUWD\
ODVDFDURQ\ODVHSXOWDURQMXQWRDVXPDQGR<XQJUDQWHPRUHPEDUJyDWRGDODLJOHVLD\DWRGRV
ORVTXHR\HURQHVWDVFRVDV
3DUDDTXHOORVTXHOHHQOD%LEOLDVLQHQWHQGHUODWHUPLQRORJtDGHOSHULRGRSDUHFHTXHXQ'LRVLUULWDGR
DVHVLQy D PDULGR \ PXMHU KDFLHQGR XVR GH SRGHUHV VREUHQDWXUDOHV SRUTXH QR KDEtDQ DSR\DGR D 6X JUXSR
HOHJLGRFRQHOVXILFLHQWHIHUYRU(VWRUHWUDWDDXQGLRVWDQSDUFLDO\UHQFRURVRFRPR-HKRYiHQVXVSULPHURV
GtDVPX\GLIHUHQWHGHO'LRVGHDPRU\SHUGyQTXHVHVXSRQHHUDSURPRYLGRSRU-HV~V6LQHPEDUJRXQDYH]
TXHVDEHPRVORVSURFHGLPLHQWRVGHOD&RPXQLGDG,JOHVLDTXPUDQDSRGHPRVYHUWRGRWDO\FRPRHUDXQD
DXGLHQFLDGLVFLSOLQDULDTXHWXYRFRPRFRQVHFXHQFLDODH[SXOVLyQGHGRVPLHPEURVHQWLpQGDVHVXHQYtRFRQ
ORVPXHUWRV(OWpUPLQRKRPEUHMRYHQTXHVHXVDHQHVWHSDVDMHQRHUDXQDUHIHUHQFLDLQQHFHVDULDDODHGDGGH
ORVDFyOLWRVHUDWDQVyORXQDGHVFULSFLyQQRUPDOSDUDORVQRYLFLRVHORSXHVWRGHDQFLDQRV6HUDUURMDGRFRQ
ORV PXHUWRV HQ HVWH PRPHQWR FUXFLDOHUD XQ FDVWLJR WHUULEOH SDUD DTXHOORV TXH FUHtDQ TXH HO UHLQR GH 'LRV
HVWDEDVyORDXQRVFXDQWRVGtDVKDEtDQSHUGLGRVXEROHWRSDUDHQWUDUDOQXHYRRUGHQTXHHVWDEDDSXQWRGH
VXUJLUHQ,VUDHO
$OJXQDV YHFHV ODVSHUVRQDV SDVDEDQ SRU XQD PXHUWHWHPSRUDO DO GHMDUDO JUXSRFHQWUDO \ OXHJR VHU
UHDGPLWLGDV8QHMHPSORIXH/i]DURTXLHQSHUGLyHOYDORUFXDQGRODVFRVDVVHSXVLHURQGLItFLOHVKDFLDHOILQDO
GHODYLGDGH-HV~V/HVH[SOLFyDVXVKHUPDQDV0DUtD\0DUWDTXHHVWDEDDVXVWDGR\WHQGUtDTXHGHMDUHO
JUXSRFHQWUDO&XDWURGtDVGHVSXpV-HV~VOOHJy\0DUtDOHGLMRTXH/i]DURQRVHKDEUtDPXHUWRVLpOKXELHUD
HVWDGRDKtSDUDKDEODUFRQpO(QWRQFHV-HV~VIXHDEXVFDUOR\ORSHUVXDGLyGHVHUYDOLHQWH\XQLUVHGHQXHYRD
ORVYLYRV/DUHVXUUHFFLyQGH/i]DURVLHPSUHVHKDFRQVLGHUDGRXQRGHORVPLODJURVPiVQRWDEOHVGH-HV~V
UHJLVWUDGRHQORV(YDQJHOLRVSHURDKRUDTXHHQWHQGHPRVHQYHUGDGODWHUPLQRORJtDGHORVMXGtRVGHOVLJOR,
SRGHPRVROYLGDUODLQWHUSUHWDFLyQQHFURPiQWLFDLQQHFHVDULD
6HKDGHPRVWUDGRPiVDOOiGHWRGDGXGDTXHHVWDIRUPDGHH[SUHVDUVHGHORVYLYRV\ORVPXHUWRVIXH
ODWHUPLQRORJtDXWLOL]DGDHQORVWLHPSRVGH-HV~V\DTXHOORVTXHLQVLVWHQHQWRPDUODGHPDQHUDOLWHUDOQRVyOR
QLHJDQ WRGD OD HYLGHQFLD VLQR TXH WDPELpQ FRPHWHQ XQ JUDQ SHUMXLFLR HQ FRQWUD GH XQ PDHVWUR ~QLFR \
EULOODQWH /D LGHD GH GHYROYHU OD YLGD D XQ FDGiYHU HQ HVWDGR GH SXWUHIDFFLyQ KXELHUD VLGR XQ FRQFHSWR
GHVDJUDGDEOHSDUDWRGRVORVMXGtRVGHODpSRFD\HOTXHORVFULVWLDQRVPRGHUQRVSLHQVHQTXHDOJXQDYH]KXER
XQDHUDHQODTXHVHPHMDQWHVFRVDVVHGHFtDQDPRGRGHYHUGDGDEVROXWDHVWDQWRQWRFRPRSHQVDUTXHHQ
UHDOLGDGORVWDSHWHVPiJLFRVDOJXQDYH]IXHURQHOWUDQVSRUWHGHPRGDHQ%DJGDG3HUVRQDVTXHSRUORJHQHUDO
VRQSUDJPiWLFDVSDUHFHQHVWDUGLVSXHVWDVDFUHHUTXHORULGtFXORSXGRKDEHUVXFHGLGRHQHOSDVDGRUHPRWRHQ
DOJXQDSHUGLGDHGDGGHRUR/DUHDOLGDGHVTXH-HV~VQRHUDQLQJ~QVLPSOyQTXHGLVSHQVDUDDPRU\ERQGDGD
GRQGHTXLHUD TXH IXHUD SDUD ORV HVWiQGDUHV DFWXDOHV HUD UXGR HQ H[WUHPR \ UHTXHUtD TXH VXV VHJXLGRUHV
SULQFLSDOHV VX JUXSR FHUFDQR URPSLHUDQ WRGDV ODV DWDGXUDV FRQ VXV IDPLOLDV FRPR pO PLVPR KLFLHUD (Q
0DWHR HQFRQWUDPRV XQ HMHPSOR GH HVWR HO FXDO VLHPSUH KD SDUHFLGR H[WUDxR \ GHPDQGDED XQD
H[SOLFDFLyQSRUSDUWHGHOD,JOHVLD
<RWURGHVXVGLVFtSXORVOHGLMR6HxRUSHUPtWHPHTXHYD\DSULPHUR\HQWLHUUHDPLSDGUH-HV~VOH
GLMRVLJ~HPHGHMDTXHORVPXHUWRVHQWLHUUHQDVXVPXHUWRV
,QWHQWDUHQWHQGHUGHPDQHUDOLWHUDOHVWRHVEDVWDQWHPiVGLItFLOTXHFRQYHUWLUHODJXDHQYLQRSHUR
HVWiFODURTXH-HV~VTXHUtDGHFLU'HMDTXHHOPXQGRH[WHUQR>ORVPXHUWRV@VHFXLGHQDVtPLVPRVSRUTXH
WHQHPRV DVXQWRV PiV XUJHQWHV GHQWUR GH OD &RPXQLGDG 6L FXDOTXLHU OHFWRU FUHH TXH SRQHPRV GHPDVLDGR
KLQFDSLpHQHVWHDVSHFWRGHODVHQVHxDQ]DVGH-HV~VGHEHUtDFRQVLGHUDU/XFDVGRQGHGHKHFKRSLGH
TXHVXVVHJXLGRUHVRGLHQDVXVIDPLOLDV
/D %LEOLD KDFH YDULDV UHIHUHQFLDV FRQ UHVSHFWR D OD IRU]DGD UHODFLyQ HQWUH -HV~V \ VX PDGUH \
KHUPDQRVQLQJXQDPiVFODUDTXHODGH0DWHR
0LHQWUDVpOD~QKDEODEDDODJHQWHKHDTXtTXHVXPDGUH\VXVKHUPDQRVHVWDEDQDIXHUD\
OHTXHUtDQKDEODU<OHGLMRXQRKHDTXtWXPDGUH\WXVKHUPDQRVHVWiQDIXHUD\WHTXLHUHQKDEODU
5HVSRQGLHQGRpODOTXHOpGHFtDHVWRGLMR¢TXLpQHVPLPDGUH\TXLpQHVVRQPLVKHUPDQRV"
< H[WHQGLHQGR OD PDQR KDFLD VXV GLVFtSXORV GLMR KH DTXt Pt PDGUH \ PLV KHUPDQRV 3RUTXH WRGR
DTXHO TXH KDFH OD YROXQWDG GH PL 3DGUH TXH HVWi HQ ORV FLHORV pVH HV PL KHUPDQR \ KHUPDQD \
PDGUH
(VWR PXHVWUD TXH -HV~V QR WHQtD WLHPSR SDUD ORV PLHPEURV GH VX IDPLOLD SHUR WDPELpQ TXH HOORV
SXGLHURQKDEHUHVWDGRWUDWDQGRGHKDFHUODVSDFHVFRQpOGHVSXpVGHOURPSLPLHQWRFXDQGRpODVXPLyHOSDSHO
GHPHVtDVVDFHUGRWDODVtFRPRGHOUHDO(VFLHUWRTXHHQDOJ~QPRPHQWRDQWHULRUDODFUXFLIL[LyQ6DQWLDJRHO
KHUPDQRGH-HV~V\VXDGYHUVDULRSRUHOSDSHOVDFHUGRWDOVHGLRFXHQWDGHODVDELGXUtDGHODVDFFLRQHVGHVX
KHUPDQR\VHSUHSDUySDUDDFHSWDUHVWDVQXHYDVHQVHxDQ]DV
-HV~V HUD FRQRFLGR FRPR <DKRVKXD EHQ -RVHSK OR TXH VLJQLILFDED VDOYDGRU HO KLMR GH -RVp SHUR HQ HO
1XHYR7HVWDPHQWRQRVHLQIRUPDTXH-HV~VKXELHUDPHQFLRQDGRDVXSDGUH(VWRQRHVVRUSUHQGHQWH\DTXH
OHVGLMRDVXVGLVFtSXORVTXHQROODPDUDQSDGUHDQLQJ~QKRPEUHVREUHODWLHUUD0DWHR(UDQHFHVDULR
TXHORVGLVFtSXORVUHFKD]DUDQDVXVIDPLOLDV\YLYLHUDQFRPRVLQXQFDKXELHUDQH[LVWLGRSDUDTXHSXGLHUDQ
FRQFHQWUDUWRGDVXOHDOWDGHQHOJUXSR(QHO3DGUH1XHVWUR-HV~VHQVHxyDORVDSyVWROHVTXHGHEtDQUHIHULUVH
D'LRVFRPRDQXHVWUR3DGUHSDUDUHHPSOD]DUSRUFRPSOHWRDVXSDGUHJHQpWLFR(VIiFLOGDUVHFXHQWDSRUHVWD
FXHVWLyQ GH FyPR ORV JHQWLOHV \ KHOHQL]DGRV FULVWLDQRV TXH HVFXFKDURQ HVWR QR HQWHQGLHURQ HQ DEVROXWR OD
PHQWDOLGDGMXGtD \ OD WRPDURQ HQ IRUPD OLWHUDO FUH\HQGR TXH-HV~V HUD GH DOJXQD PDQHUD ItVLFD HO KLMR GH
'LRVDSHVDUGHTXHWDPELpQVHOODPDEDDVtPLVPRHOKLMRGHOKRPEUHWtWXORTXHVROtDDSOLFDUVHHQWRQFHVD
DTXHOORVTXHGHFtDQVHUORVPHVtDV(VWDGHVFULSFLyQGH'LRVFRPRHOSDGUH\pOPLVPRFRPRHOKLMRPD\RUR
SULPRJpQLWRWLHQHPXFKRVHQWLGR\DTXHFRPRHOKRPEUHTXHGHEtDFRQYHUWLUVHHQHOQXHYRUH\GDYtGLFRGH
ORVMXGtRVVyORVHUtDXQUHJHQWHWHUUHQDOGH-HKRYiTXLHQVLHPSUHVHUtDHOJREHUQDQWHVXSUHPRGHHVWHHVWDGR
WHRFUiWLFR
(O3DGUH1XHVWURVHSUHVHQWDHQOD%LEOLDGHO5H\-DFRERFRPRVLJXH
3DGUH1XHVWURTXHHVWiVHQHOFLHOR6DQWLILFDGRVHDWXQRPEUH9pQJDQRVWXUHLQR+iJDVH
WX YROXQWDG HQ OD WLHUUD FRPR HQ HO FLHOR 'DQRV KR\ QXHVWUR SDQ GH FDGD GtD 3HUGRQD QXHVWUDV
GHXGDVFRPRQRVRWURVSHUGRQDPRVDQXHVWURVGHXGRUHV1RQRVGHMHVFDHUHQWHQWDFLyQ\OtEUDQRV
GHWRGRPDO3RUTXHWX\RHVHOUHLQRWX\RHOSRGHU\ODJORULDSRUVLHPSUH$PpQ
3RUHOHQWHQGLPLHQWRTXHKHPRVDGTXLULGRGHODWHUPLQRORJtD\ODVLQWHQFLRQHVGH-HV~V\VXJUXSRSRGHPRV
WUDGXFLUODRUDFLyQDQWHULRUFRPRVLJXH
-HKRYiJUDQGHHVWXQRPEUH,VUDHOVHFRQYHUWLUiHQWXUHLQR/RVUHTXLVLWRVGHODVDQWDH[LVWHQFLD
TXHFXPSOHVVHUiQLQVWLWXLGRVHQ,VUDHO'DQRVVRVWpQHQWDQWRTXHWXUHLQROOHJD3HUGyQDQRVVLQR
FXPSOLPRVWRGRVWXVVDQWRVPDQGDPLHQWRVFRPRQRVRWURVSHUGRQDPRVDTXLHQHVQRVGHFHSFLRQHQ
<QRQRVSRQJDVDSUXHEDFRQXQDYLGDPX\GXUDD\~GDQRVDHYLWDUORVHUURUHVHQQXHVWURVVDQWRV
GHEHUHV
,VUDHOHVWX\R\HOSRGHUSDUDJREHUQDUQRV\HOHVSOHQGRUSRUVLHPSUH4XHDVtVHD
(VLPSRUWDQWHGDUVHFXHQWDGHTXHODSDODEUDWHQWDFLyQWHQtDXQDFRQQRWDFLyQGHDOJXQDPDQHUDGLIHUHQWHDOD
GHVXXVRDFWXDO(QUHDOLGDGVLJQLILFDEDSUXHEDHQHOVHQWLGRGHVRSRUWDUODSUHVLyQGHYHUFXiQWRFDVWLJRV
SXHGHVRSRUWDUXQDSHUVRQDHQOXJDUGHOVHQWLGRPRGHUQRGHUHVLVWLUVHDORVSODFHUHV
$TXtVHSXHGHYHUORH[WUDxRTXHHVSDUDTXLHQHVQRVRQMXGtRVXVDUHVWDRUDFLyQWRWDOPHQWHLVUDHOLWD
SDUDVXVSURSLRVSURSyVLWRVJHQWLOHV6X~QLFDLQWHQFLyQHUDKDFHUXQDSHWLFLyQDXQGLRVMXGtRGHTXHFUHDUD
OD DXWRGHWHUPLQDFLyQ HQ ,VUDHO \D TXH -HV~V QR WHQtD LQWHUpV HQ QDGLH IXHUD GH VX SHTXHxR UHLQR 2WURV
WpUPLQRVTXHXVDEDFRPRHOGHKHUPDQRV\YHFLQRVVyORWHQtDQODLQWHQFLyQGHUHIHULUVHDORVPLHPEURVGH
ODFRPXQLGDGQRDOPXQGRHQWHUR1XHVWUR3DGUH1XHVWURHVXQDWUDGXFFLyQGHVLJQLILFDGRPiVTXHODPHUD
FRQVWLWXFLyQ GH ODV SDODEUDV FRPR OR KDFH OD %LEOLD (O KHFKR GH TXH ODV SDODEUDV XWLOL]DGDV SRU -HV~V
WXYLHURQWRGRXQVLJQLILFDGRSROtWLFRMXGtRORFDOQRIXHGHVFXELHUWRSRUQRVRWURVHV\DPX\DFHSWDGRLQFOXVR
HQORVWUDEDMRVPiVLPSRUWDQWHVGHODFRUULHQWHFULVWLDQDSULQFLSDOFRPR3HDNH
V&RPPHQWDU\RQWKH%LEOH
<D HVWi FODUR TXH -HV~V VyOR KDEODED GH VX OXFKD SROtWLFD DO OLEHUDU SDUD VLHPSUH D ORV MXGtRV GH OD
GRPLQDFLyQH[WUDQMHUD
(OQXHYRFDPLQRDO5HLQRGH'LRV
/RVUHTXHULPLHQWRVSDUDHOILQDOGHHVDHUD\HOFRPLHQ]RGHO5HLQRGH'LRVHUDQWHQHUDOVXPRVDFHUGRWHGH
WVHGHTHQHOWHPSOR\DOUH\GDYtGLFRGHPLVKSDWHQHOWURQRSDUDTXH-HKRYiDVHJXUDUDTXHVKDORPHVWXYLHUD
HQVXOXJDUSRUWRGDODHWHUQLGDG-HKRYiQRD\XGDUtDHQODVFRVDVTXHVHDYHFLQDEDQKDVWDTXHH[LVWLHUDXQ
PD\RUHVWDGRGHVDQWLGDGHQODWLHUUDGH,VUDHO\-HV~VYLRTXHVXWDUHDSULQFLSDOHUDWUDHUPHMRUtDSDUDOD
JHQWHFRP~Q
/RSULPHURTXHKL]R-HV~VHQVXPLQLVWHULRIXHDVLVWLUDXQDJUDQERGDDFRQWHFLPLHQWRVTXHSRGtDQ
GXUDU PXFKRV GtDV SDUD HQFRQWUDU SHUVRQDV TXH VH FRQYLUWLHUDQ D VX FDXVD /R TXH KL]R GH PDUDYLOORVR
DVRPEUDQGR D ORV HVWULFWRV TXPUDQRV IXH DFHSWDU D ORV LPStRV KRPEUHV FDVDGRV WXOOLGRV \ OR PiV
VRUSUHQGHQWHGHWRGRLQFOXVRPXMHUHV3DUDpOWRGRVHUDQLJXDOPHQWHFDSDFHVGHSHFDUDQWHORVRMRVGH'LRV\
SRUWDQWRWHQtDQWDQWDVLQRHVTXHPiVQHFHVLGDGGHVHUVDOYDGRVTXHORVRWURV(VWDLGHDGHLJXDOGDGHUD
UHYROXFLRQDULDSDUDVXVWLHPSRV\VHYROYLyHOVHOORGHVXVHQVHxDQ]DV
0iVTXHQDGD-HV~VQHFHVLWDEDGLQHUR\SDUDREWHQHUHOVXILFLHQWHWHQtDTXHDFXGLUDORVULFRV3RU
GHVJUDFLDSRUORJHQHUDOHUDSUHFLVDPHQWHDORVPLHPEURVGHHVWHJUXSRDTXLHQHVVHFRQVLGHUDEDSHFDGRUHV
HQSDUWLFXODU/XHJRGHODGHVWUXFFLyQGHOWHPSORHQD&HOOXJDUGHO6HxRUKDEtDVLGRSURIDQDGR\ORV
StRVMXGtRVLQWHQWDURQPDQWHQHUVXVSURSLDVFDVDVWDQSXUDVFRPRHODOWDUGHOWHPSOR\DVtPLVPRVWDQSXURV
FRPR VXV VDFHUGRWHV (Q HIHFWR HVWR VLJQLILFDED VHJXLU FRQ FXLGDGR ODV OH\HVGH SXUH]D OHYtWLFD \ OD GLHWD
SHQWDWHXFDO 8Q PLHPEUR GH OD FRPXQLGDG TXPUDQD QXQFD HQWUDUtD D OD FDVD GH XQ H[WUDxR XQD SHUVRQD
PXHUWDSRUTXHSRGtDH[SRQHUVHDWRGDFODVHGHLPSXUH]DV-HV~VRIHQGLyDORVMXGtRVYDOLRVRVFXDQGRHQWUy
DODVFDVDVGHSRUHMHPSORORVUHFDXGDGRUHVGHLPSXHVWRV\FRPRUHVXOWDGRIXHDFXVDGRGHPH]FODUVHFRQ
SHFDGRUHV\PHUHWULFHVERUUDFKRV\SURVWLWXWDV/DYHUGDGHVTXHHVWDVSHUVRQDVHUDQPX\UHVSHWDEOHV\ULFDV
SHUR QR HUDQ GHYRWRV GHO FDPLQR SRU OR TXH OHV DVLJQDED FXDOTXLHU FDQWLGDG GH QRPEUHV LPDJLQDEOHV (O
WpUPLQRPHUHWULFHVSRUHMHPSORWDQVyORVLJQLILFDEDTXHVHPH]FODEDQFRQORVJHQWLOHVHQVXVYLGDVODERUDOHV
RVRFLDOHVPiVTXHVHUXQDREVHUYDFLyQVREUHVXSURPLVFXLGDGVH[XDO
8QUHFDXGDGRUGHLPSXHVWRVVHKL]RDSyVWROGH-HV~V\RWUR=DTXHRGHKHFKRHUDMHIHUHFDXGDGRU
DQWHVGHVHUUHVXFLWDGRGHODPXHUWH'LRODPLWDGGHVXSDWULPRQLRSDUDSDJDUSRULQMXVWLFLDVSDVDGDV\OD
RWUDPLWDGDORVSREUHVWpUPLQRXVDGRSDUDODFRPXQLGDGTXPUDQD
/DV HQVHxDQ]DV GH -HV~V DSDUHFHQ HQ IRUPD GH OLVWD HQ DOJXQRV GH ORV (YDQJHOLRV *QyVWLFRV \ HV
FLHUWR TXH HO HYDQJHOLR 4 RULJLQDO QR HVWi FRQVWUXLGR D PDQHUD GH KLVWRULD 3XHVWR TXH OD PD\RUtD GH ODV
HQVHxDQ]DV GH -HV~V IXHURQ HQWUHWHMLGDV HQ XQD ELRJUDItD SRU ORV HVFULWRUHV GH ORV HYDQJHOLRV GHO 1XHYR
7HVWDPHQWRXQJUDQQ~PHURDSDUHFHHQIRUPDGHOLVWDHQORTXHVHOODPDHOVHUPyQGHODPRQWDxD3XHGH
FUHHUVHTXHODKDELOLGDGGH0DWHRSDUDHQOD]DUWRGDVODVHQVHxDQ]DVGH-HV~VHQXQDKLVWRULDVHDJRWySRUOR
TXHPH]FOyWRGDFODVHGHSDVDMHVFRPRVLKXELHUDQVLGRGLFKRVXQRGHVSXpVGHORWURDXQDPXOWLWXGHQOD
FLPD GH XQD PRQWDxD 'HKDEHUVHFRPXQLFDGR DO SLH GHOD OHWUDFRPR XQ VRORVHUPyQ OD SREUH DXGLHQFLD
KDEUtD HVWDGR FRQ OD ERFD DELHUWD WUDWDQGR GH DVLPLODU VHPHMDQWH FDQWLGDG GH LQIRUPDFLyQ 3RU OR WDQWR
FUHHPRVTXHODPD\RUtDGHHVWRVGLVFXUVRVHLQVWUXFFLRQHVVHUHGDFWDURQFRPRVLIXHUDQXQDVRODRFDVLyQ
SDUDHYLWDULQWHUUXPSLUODIXLGH]GHWRGDODKLVWRULD
/DVSDODEUDVUHDOHVGH-HV~VXVDGDVHQHVWDRFDVLyQVHKDQFHQWUDGRHQODPHQWHGHORVFULVWLDQRVD
WUDYpVGHORVWLHPSRV\KDQVDOLGRFRQWRGRWLSRGHLQWHUSUHWDFLRQHV6LQHPEDUJRDODOX]GHORTXHDKRUD
VDEHPRVORVVLJQLILFDGRVVHKDQKHFKRPX\HYLGHQWHV/DVELHQDYHQWXUDQ]DVVRQSDUWLFXODUPHQWHVLPSOHVGH
LQWHUSUHWDU
%LHQDYHQWXUDGRVVRQORVSREUHVGHHVStULWXSRUTXHGHHOORVHVHOUHLQRGHORVFLHORV
(Q /XFDV HVWR VH WUDGXFH FRPR ORV SREUHV QDGD PiV \ HQ DPERV FDVRV VyOR VLJQLILFD OD FRPXQLGDG
TXPUDQD\DTXHDVtHVFRPRGHVFULEtDQDORVPLHPEURVGHOWHUFHUJUDGR
%LHQDYHQWXUDGRVDTXHOORVTXHVHODPHQWDQSRUTXHVHUiQFRQVRODGRV
(Q/XFDVDTXHOORVTXHVHODPHQWDQVHH[SUHVDFRPRYRVRWURVTXHOORUiLV(QDPERVFDVRVODUHIHUHQFLDHV
DODFRPXQLGDGTXPUDQD\DRWURVMXGtRVStRVTXHODPHQWDEDQTXHHO7HPSORGH-HKRYiHVWXYLHUDHQPDQRV
GHORVLQGLJQRV(VWHGLFKRWDPELpQDSDUHFHHQXQVDOPRTXPUDQR
%LHQDYHQWXUDGRVVRQORVGyFLOHVSRUTXHHOORVKHUHGDUiQODWLHUUD
'HQXHYRHOWpUPLQRORVGyFLOHVVHXVDEDSRUORVPLHPEURVGHODFRPXQLGDGTXPUDQDSDUDGHVFULELUVHDVt
PLVPRV 6H UHTXHUtD TXH VH FRPSRUWDUDQ GH PDQHUD GyFLO \ KXPLOGH SDUD TXH DVt HO 5HLQR GH 'LRV VX
KHUHQFLD OOHJDVH $ OD OX] GH OD HYLGHQFLD GH ORV 5ROORV GHO 0DU 0XHUWR SUHWHQGHU TXH SXGR VLJQLILFDU
FXDOTXLHUSHUVRQDKXPLOGHHVDEXVDUFRQGHOLEHUDFLyQGHODYHUGDG
%LHQDYHQWXUDGRVVRQDTXHOORVTXHFRPHQ\EHEHQGHODUHFWLWXGSRUTXHHVWDUiQVDWLVIHFKRV
/RVTXPUDQRVHUDQHOSXHEORTXHEXVFDEDDWVHGHTODUHFWLWXGWRGRHOWLHPSRSHURKDVWDTXHHO5HLQRGH
'LRVOOHJDUDQRHVWDUtDQVDWLVIHFKRV
%LHQDYHQWXUDGRVORVPLVHULFRUGLRVRVSRUTXHREWHQGUiQPLVHULFRUGLD
&RPRHQHO3DGUH1XHVWUR'LRVOHVSHUPLWLUiDORVUHFWRVGHODFRPXQLGDGTXPUDQDTXHFRPHWDQ
SHTXHxRVHUURUHVSRUTXHHOORVSHUGRQDQORVSHTXHxRVHUURUHVGHVXKHUPDQGDG
%LHQDYHQWXUDGRVORVSXURVGHFRUD]yQSRUTXHHOORVYHUiQD'LRV
$ ORV PLHPEURV GH OD FRPXQLGDG TXPUDQD VH OHV HQVHxDED D WHQHU ODV PDQRV OLPSLDV \ HO FRUD]yQ SXUR
SRUTXHpVHHUDHOUHTXLVLWRSDUDHQWUDUDO7HPSORGH6LyQHOORVVHUtDQORVWHVWLJRVGHODOOHJDGDGHO5HLQRGH
'LRV
%LHQDYHQWXUDGRVVRQORVSDFLILVWDVSRUTXHVHUiQOODPDGRVORVKLMRVGH'LRV
1DGDVHKDFLWDGRGHPDQHUDPiVHTXLYRFDGDTXHHVWDGHFODUDFLyQGHIH/RVSDFLILVWDVDTXtQRVHUHILHUHD
ODIRUPDHQTXHORHQWHQGHPRVKR\VLQRDDTXHOORVTXHWUDEDMDEDQSDUDVKDORPHOHVWDGRGHSD]SURVSHULGDG
\ELHQHVWDUJHQHUDOTXHOOHJDUtDFXDQGRODVFROXPQDVGHWVHGHT\PLVKSDWDOILQIXHUDQSXHVWDVHQVXOXJDU
8QDYH]PiVODUHIHUHQFLDVHDSOLFDVyORDODFRPXQLGDGTXPUDQD<FRPR\DVDEHPRV-HV~VHQVHxDEDDVXV
VHJXLGRUHVDVHSDUDUVHGHVXVIDPLOLDV\DFRQVLGHUDUD-HKRYiVXSDGUHSRUORWDQWRVHFRQYLUWLHURQHQORV
KLMRVGH'LRV
%LHQDYHQWXUDGRV DTXHOORV TXH VRQ SHUVHJXLGRV SRU VX UHFWLWXG SRUTXH GH HOORV HV HO UHLQR GH ORV
FLHORV
/RVTXPUDQRVVLHPSUHKDEtDQVLGRSHUVHJXLGRV-XDQHO%DXWLVWDSRUHMHPSORIXHDSDUWDGRGHHOORVXQDxR
DQWHV
%LHQDYHQWXUDGR HUHV FXDQGR ORV KRPEUHV WH GHQLJUDQ\ WH SHUVLJXHQ \ SURQXQFLDQ IDOVDPHQWH WRGD
FODVHGHPDOGDGHVHQWXFRQWUDDFXHQWDPtD
(VWR GLILHUH XQ SRFR GH ORV GHPiV \D TXH SDUHFH DSOLFDUVH D -HV~V \ D VX JUXSR VHSDUDWLVWD /XFDV XVD OD
SDODEUDRGLDQHQOXJDUGHGHQLJUDQ\HVSUREDEOHTXHVHWUDWHGHXQDUHIHUHQFLDDODHQHPLVWDGGHORVTXH
DSR\DEDQ D 6DQWLDJR GHQWUR GHODFRPXQLGDG 6LHV DVt KD GH KDEHUVH HVFULWR VyOR XQRV PHVHV DQWHVGHOD
FUXFLIL[LyQFXDQGRODGLVSXWDHQWUHORVKHUPDQRVHVWDEDQDOPi[LPR
(VWDV%LHQDYHQWXUDQ]DVQRVRQXQDOHFWXUDHVSHFWDFXODUFXDQGRVHODVYHFRPRORTXHVRQXQDVHULH
GHIUDVHVSDUDUHFOXWDUDGHSWRVTXHVHUHGXFHQDKD]WHSDUWHGHQRVRWURV\VpSDUWHGHOUHLQRGH'LRVRQR
VHDV QDGD (V VHJXUR TXH IXQFLRQDEDQ PX\ ELHQ +DVWD WLHPSRV UHFLHQWHV ORV FULVWLDQRV QR HQWHQGtDQ ODV
FRPSOHMDVFLUFXQVWDQFLDVMXGtDVTXHIXHURQHOWHOyQGHIRQGRSDUDHVWDLQVSLUDGDFDPSDxDGHUHFOXWDPLHQWR\
XWLOL]DURQORVWH[WRVOLWHUDOHVGHODVGHFODUDFLRQHVGH-HV~VSDUDVXVWHQWDUVXSURSLRVLVWHPDGHFUHHQFLDVOR
TXHHQUHSHWLGDVRFDVLRQHVSXGRKDEHUVLGREXHQRSHURTXHQRHVORTXH-HV~VTXHUtDGHFLU
3RUXQFRUWRWLHPSRWDOYH]GRVRWUHVPHVHV-HV~VFRQVXVH[WUDxDVDFWLYLGDGHVSURYRFyTXHVHOH
YLHUDFRPRVHSDUDGRGHOQ~FOHRGHODFRPXQLGDGSHURSDUD6DQWLDJRSURQWRVHKL]RHYLGHQWHTXHVXKHUPDQR
HVWDED IRUPDQGR XQ JUXSR QXPHURVR 'H ORV WUDEDMRV FRQWHPSRUiQHRV TXH VH H[FOX\HURQ GHO 1XHYR
7HVWDPHQWRSXHGHQH[WUDHUVHDOJXQRVGHORVSUHFHSWRVHVHQFLDOHVGHODVHQVHxDQ]DVGH-HV~V(QHOORJLRQ
GHO (YDQJHOLR GH 7RPiV KHUPDQR JHPHOR GH -HV~V -HV~V H[SOLFD VX FUHHQFLD GH TXH LQFOXVR ODV
PXMHUHVVRQLJXDOHVDORVKRPEUHV
6LPyQ3HGUROHVGLMR
4XH0DUtDQRVGHMHSRUTXHODVPXMHUHVQRPHUHFHQODYLGD
-HV~VGLMR
<RPLVPRODJXLDUpSDUDKDFHUODKRPEUH\TXHDVtVHFRQYLHUWDHQXQHVStULWXYLYRDVHPHMDQ]DGH
XVWHGHVORVKRPEUHV3RUTXHWRGDPXMHUTXHVHKDJDKRPEUHHQWUDUiHQHO5HLQRGHORV&LHORV
1RHVQHFHVDULRGHFLUTXH3HGURQRVXJHUtDTXHVHGHEtDPDWDUDWRGDVODVPXMHUHVSRUTXHQRPHUHFtDQYLYLU
HUDXQDUHIHUHQFLDDOKHFKRGHTXHHOODGHEtDDEDQGRQDUODVDODPLHQWUDVORVPLHPEURVGHOPiVDOWRQLYHOGHO
PRYLPLHQWRORVYLYRVGLVFXWtDQDVXQWRVVHFUHWRV-HV~VVRUSUHQGHUtDDVXVVHJXLGRUHVDOFRQWHVWDUTXHpOHQ
SHUVRQDODUHVXFLWDUtDGHHQWUHORVPXHUWRVSDUDTXHIXHUDODSULPHUDPXMHUHQVHUPLHPEURGHODpOLWH\TXH
FDGD PXMHU WHQtD GHUHFKR D KDFHU OR PLVPR (VWH SDVDMH VHJXUDPHQWH SURYLHQH GH ORV ODELRV GHO UDGLFDO
PDHVWURDOTXHORV FULVWLDQRV OODPDQ-HVXFULVWR \ HVGHFHSFLRQDQWH TXH PXFKRV VDFHUGRWHV VH RSRQJDQ FRQ
YLJRUDTXHODVPXMHUHVHQWUHQDOVDFHUGRFLR
(QHO6HFUHW%RRNRI-DPHV(OOLEURVHFUHWRGH6DQWLDJRIDPRVRSRUKDEHUORHVFULWR6DQWLDJRHO
KHUPDQR GH -HV~V GHVSXpV GH OD FUXFLIL[LyQ VH PHQFLRQD D pVWH H[SOLFDQGR FyPR GHEHQ HQWHQGHU VXV
HQVHxDQ]DVVXVVHJXLGRUHV
³3RQJDQDWHQFLyQDOD3DODEUD(QWLHQGDQHOFRQRFLPLHQWR$PHQODYLGD<QDGLHORVSHUVHJXLUiQL
QDGLHORVRSULPLUiTXHQRVHDQXVWHGHVPLVPRV´
(VWHKRPEUHHUDVRUSUHQGHQWH1RSRGtDPRVFUHHUTXHVHPHMDQWHVDELGXUtDVHGHVDUUROODUDHQPHGLRGHWDO
OXFKD(VWDVSDODEUDVWRGDYtDQRVDSRUWDQXQDPDUDYLOORVDILORVRItDGHHVWLORGHYLGDSHUVRQDO
(ODUUHVWRGHODFROXPQDUHDO
-HV~V VDEtDTXHOD FDXWHOD\ HO WLHPSR HUDQHVHQFLDOHV 1HFHVLWDED LQFLWDU D XQD PXFKHGXPEUH SDUD TXH VH
OHYDQWDUDQHQFRQWUDGHORVURPDQRV\ORVVDGXFHRVHQ-HUXVDOpQ\DUPDUDWDQWDJHQWHFRPRSXGLHUD7HQtD
TXH ORJUDUOR VLQ SUHYHQLU DO HQHPLJR VREUH OD IXHU]D GHO PRYLPLHQWR SRU OR TXH pO \ VXV VHJXLGRUHV VH
UHXQtDQHQVHFUHWR\RUDEDQHQOXJDUHVDSDUWDGRV$XQTXH6DQWLDJRWRGDYtDQRDFHSWDEDHOGHUHFKRGH-HV~V
GHVHUDOPLVPRWLHPSRHOPHVtDVVDFHUGRWDO\HOUHDOODVFRVDVSDUHFtDQLUELHQ
0iV D~Q OD UHG GH HVStDV GH -HV~V LQIRUPy TXH QR KDEtD QLQJXQD DFWLYLGDG HVSHFLDO SODQHDGD HQ
FRQWUDVX\DHQ-HUXVDOpQ
-HV~VQHFHVLWDEDXQDGHPRVWUDFLyQGHIXHU]DHQODFDSLWDOSDUDSUREDUTXHQRWHQtDPLHGRGHUHWDUD
ODV DXWRULGDGHV GH IUHQWH \ HVWDEOHFHU VX GHUHFKR DO WURQR GH ,VUDHO 6H WUD]y XQ FXLGDGRVR SODQ SDUD
GHPRVWUDUOHDODJHQWHGH-HUXVDOpQTXHpOHUDHOUH\TXHVHOHYDQWDUtDSDUDVDOYDUORVGHODGRPLQDFLyQH[
WUDQMHUD FRPR OR SUHGLMHUDQ ORV SURIHWDV 6X HQWUDGD D -HUXVDOpQ PRQWDGR HQ XQ MRYHQ EXUUR IXH XQD
UHSUHVHQWDFLyQGHOLEHUDGDGHODELHQFRQRFLGDSURIHFtDTXHDSDUHFHHQ=DFDUtDVHQODTXHVHSUHGHFtDTXH
ODJHQWHGHOD&LXGDGYHUtD
WXUH\YHQGUiDWLMXVWR\VDOYDGRUKXPLOGH\FDEDOJDQGRVREUHXQDVQRVREUHXQSROOLQRKLMRGHDVQD
(VWXGLRVRVGHOD%LEOLDKDQDFHSWDGRTXHODVUDPDVGHSDOPDQRWHQtDQLPSRUWDQFLD\TXHHVSUREDEOHTXH
IXHUDQXVDGDVSRUORVTXHDSR\DEDQD-HV~VSDUDOODPDUODDWHQFLyQVREUHHODFRQWHFLPLHQWRTXHGHRWUDIRUPD
QDGLHKDEUtDQRWDGR3DUDDVHJXUDUVHGHWHQHUODPD\RUSXEOLFLGDG-HV~VVLJXLyKDFLDHOWHPSOR\SURYRFyXQ
DOERURWRDOHFKDUDEDMRODVPHVDVGHORVFRPHUFLDQWHV\QHJRFLDQWHVGHGLQHURTXHKDFtDQPDOXVRGHOVDJUDGR
HGLILFLR3HQVDPRVTXHXQHTXLSRGHKRPEUHVGH-HV~VVHFRORFyDOUHGHGRUGHOiUHDSDUDDVHJXUDUVHGHTXHHO
OXJDUIXHUDVHJXURDQWHVGHGDUOHODVHxDODOPHVtDVUHDOSDUDTXHDYDQ]DUDURGHDGRGHVXVFXDWURFXLGDGRUHV
'HLQPHGLDWRFRPHQ]yDSDWHDUODVPHVDVPLHQWUDVVXVVHJXLGRUHVWLUDEDQORVSXHVWRVDOVXHOR/DJHQWHVH
HVFRQGLyDWHUURUL]DGDPLHQWUDV-HV~VH[SUHVDEDDJULWRVVXRSLQLyQFRQUHVSHFWRDVXFRPSRUWDPLHQWRSRFR
PHUHFHGRUGHOVLWLRGLYLQRDQWHVGHKDFHUXQDUiSLGDUHWLUDGDD%HWDQLDDXQSRFRPHQRVGHXQNLOyPHWURDO
HVWH GHOD FLXGDG /D RSLQLyQ JHQHUDOIXHVLQ GXGD TXH OD PLVLyQWXYR XQ JUDQp[LWR SHUR GH KHFKR HUDHO
SULQFLSLRGHOILQ'HVGHHVHPRPHQWRODVDXWRULGDGHVURPDQDV\MXGtDVGHFLGLHURQDFWXDUSDUDDFDEDUFRQHO
SUREOHPDGHHVWDVHFWDGH4XPUDQDQWHVGHTXHFUHFLHUDGHPDVLDGRSDUDSRGHUODPDQHMDU
6DQWLDJRIXHDUUHVWDGR\VHSXEOLFyXQFDUWHOGHVHEXVFDSDUD-HV~VGDQGRXQDGHVFULSFLyQItVLFD
VX\D +DFH PXFKR WLHPSR TXH VH GHVWUX\HURQ WRGDV ODV UHIHUHQFLDV \ SUXHEDV GH HVWR \D TXH WHQHU XQD
GHVFULSFLyQGHXQGLRVTXHHUDPHQRVTXHSHUIHFWRQROHKXELHUDVHUYLGRQXQFDDXQDLJOHVLDHQFUHFLPLHQWR
6LQ HPEDUJR -RVHIR OR UHJLVWUy HQ VX &DSWXUH RI -HUXVDOHP &DSWXUD GH -HUXVDOpQ-RVHIR WRPy OD
LQIRUPDFLyQGLUHFWDPHQWHGHODIRUPDHODERUDGDSRUORVRILFLDOHVGH3RQFLR3LODWR\TXHHUDHOGRFXPHQWR
FRQODGHVFULSFLyQ GHO KRPEUH DOTXHVHEXVFDED XQD FRSLD GHOFXDOGHEtD DUFKLYDUVH HQ 5RPD (O 1XHYR
7HVWDPHQWR DVHJXUD TXH VH RIUHFLy XQD UHFRPSHQVD SRU HO DUUHVWR GHO KRPEUH TXH VH GHFtD HO UH\ GH ORV
MXGtRV\TXHIXH-XGDVTXLHQHQWUHJyDVXPDHVWUR
$SHVDUGHODFHQVXUDFULVWLDQDWRGDYtDVREUHYLYHXQDFRSLDGHODGHVFULSFLyQGH-HV~VHQORVWH[WRV
HVODYRV OD FXDO VH KL]R S~EOLFD HQ HO VLJOR SDVDGR 1R SRGHPRV HVWDU VHJXURV GH TXH VHD JHQXLQD SHUR
PXFKRVDFDGpPLFRVORFUHHQDVt\QRKD\UD]yQSDUDGXGDUGHHOOD'HVFULEHODLPDJHQGHXQKRPEUHPX\
GLVWLQWR GHO TXH OD PD\RUtD LPDJLQD XQ KRPEUH GH DSDULHQFLD VHQFLOOD GH HGDG PDGXUD SLHO PRUHQD EDMD
HVWDWXUDWUHVFXELWRVGHDOWXUDMRUREDGRFRQXQDFDUDODUJDQDUL]JUDQGH\FHMDVXQLGDVDVtTXHDTXHOORVTXH
ORYHDQSXHGHQVHQWLUVHDWHUURUL]DGRVFRQHVFDVRFDEHOOR\GHUD\DHQPHGLRDODPDQHUDGHORVQD]DUHQRV\
FRQXQDEDUEDD~QVLQGHVDUUROODU
8QDHVWDWXUDGHWUHVFXELWRVORSRQGUtDSRUDEDMRGHOPHWURFXDUHQWDFHQWtPHWURVORFXDOFRPELQDGR
FRQXQDMRURED\UDVJRVIDFLDOHVGXURVKDUtDGH-HVXFULVWRXQDSHUVRQDPX\IiFLOGHUHFRQRFHU3XHVWRTXH
HVWRSRGUtDRIHQGHUDDOJXQRVFULVWLDQRVVHxDODUHPRVTXHSDUDXQGLRVVHUKHUPRVRRGHEXHQDHVWDWXUDQR
WLHQHTXHVHULPSRUWDQWHFRPRWDPSRFRORVHUtDKDEHUQDFLGRHQXQSDODFLReVDHVXQDRSLQLyQPRGHUQD\
VL-HV~VKXELHUDVLGRXQKRPEUHIHR\SHTXHxRHOPXQGRKHOHQL]DGRQXQFDORKXELHUDDFHSWDGRFRPRGLRV
SRUORTXHORVSULPHURVFULVWLDQRVKDEUtDQWHQLGRTXHHVFRQGHUORVKHFKRV+D\HYLGHQFLDDGLFLRQDOGHTXH
-HV~VHUDXQKRPEUHGHPX\FRUWDHVWDWXUD/RV+HFKRVGH-XDQTXHVHH[FOX\HURQGHO1XHYR7HVWDPHQWR
GLFHQGH-HV~V
WHQtD PLHGR \ OORUp \ pO GiQGRVH OD YXHOWD DSDUHFLy FRPR XQ KRPEUH GH EDMD HVWDWXUD \ PH
DJDUUyGHODEDUED\PHGLMR-XDQQRFDUH]FDVGHIHVLQRVpFUH\HQWH\QRFXULRVR
(Q/XFDVOHtPRVDFHUFDGHXQKRPEUHOODPDGR=DTXHRTXLHQLQWHQWDYHUD-HV~VDWUDYpVGHODPXOWLWXG
,QWHQWDEDYHUTXLpQHUD-HV~VSHURQRSRGtDDFDXVDGHODPXOWLWXGSXHVHUDSHTXHxRGHHVWDWXUD
(VWHYHUVtFXORSXHGHOHHUVHGHGRVIRUPDVTXHHOFRPHQWDULRVREUHODHVWDWXUDVHUHILHUHD=DTXHRRD
-HV~V(VWDDPELJHGDGH[SOLFDSRUTXpVREUHYLYLyDOFXFKLOORGHORVFHQVRUHV¢(UD-HV~VHOSHTXHxR"1DGLH
SRGUiHVWDUVHJXURMDPiV
6LQLPSRUWDUVXHVWDWXUD-HV~VIXHDUUHVWDGRPX\SURQWRHQHO+XHUWRGH*HWVHPDQt$FXDOTXLHUD
TXH KD\D VLGR HGXFDGR FRPR FULVWLDQR OH VHUi IDPLOLDU HO QRPEUH GH HVWH OXJDU HVFHQDULR GH XQD GH ODV
HVFHQDVPiVGUDPiWLFDVHQODKLVWRULDGHODYLGDGH-HV~V3HURDOHVWXGLDUODSRVLFLyQGHHVWHSHTXHxRKXHUWR
VHKDFHHYLGHQWHTXHQRVHHVFRJLyHOOXJDUSRUDFFLGHQWH(Q0DUFRVHODXWRUKDFHSDUHFHUTXHIXHXQ
SXQWRHQHOTXHVHGHWXYLHURQSRUFDVXDOLGDGGXUDQWHXQYLDMHFXDQGRGLFH
<YLQLHURQDXQOXJDUTXHVHOODPDED*HWVHPDQt\GLMRDVXVGLVFtSXORVVHQWDRVDTXtHQWUHWDQWR
TXH\RRUR
3HURQRIXHXQDHOHFFLyQDUELWUDULD*HWVHPDQtHUDXQVLWLRSUHGHVWLQDGR\GHOLEHUDGRSDUDFDPELDUHOFXUVR
GHODKLVWRULD(O+XHUWRGH*HWVHPDQtHVWiDVyORWUHVFLHQWRVYHLQWHPHWURV\MXVWRHQIUHQWHGHODSXHUWDHVWH
GHOWHPSORODSXHUWDGHODUHFWLWXG0LHQWUDV-HV~VRUDEDHVWDUtDHQORDOWRFRPRSDUDYHUODVGRVFROXPQDV
TXHpOUHSUHVHQWDEDHQODFRQVWUXFFLyQGHODQXHYD-HUXVDOpQ\ODOOHJDGDGHO5HLQRGH'LRV9LRGHVFHQGHUHO
VROVREUHHOUHFLpQUHFRQVWUXLGRWHPSORVDELHQGRPX\ELHQTXHVHUtDDUUHVWDGRHVDQRFKH3RUORVSDVDMHVHQ
OD%LEOLDHVWiFODURTXHHVWDEDSUHRFXSDGR\DQVLRVRSRUVXDUUHVWRSHURFRQILDEDHQTXH-HKRYiKDUtDTXHODV
FRVDVOHUHVXOWDUDQELHQGLFLHQGR3DGUHWRGDVODVFRVDVVRQSRVLEOHVHQWL
-HV~VHVFRJLyHOWLHPSR\HOOXJDUFRQPXFKRFXLGDGR/DHQWUDGDGHOHVWHODSXHUWDGHWVHGHTROD
UHFWLWXGHUDODHQWUDGDSULQFLSDOSDUDODPiVLPSRUWDQWHFHOHEUDFLyQGH$xR1XHYRTXHHUDOD3DVFXDHQOD
QXHYDOXQDPiVFHUFDQDDOHTXLQRFFLRGHSULPDYHUDTXHFDtDDILQDOHVGHPDU]RRSULQFLSLRVGHDEULO(UD
HVWDSXHUWDWDQLPSRUWDQWHHQODYLVLyQGH(]HTXLHOODTXH-HV~V\WRGRVORVTXPUDQRVDSUHFLDEDQWDQWR(Q
ORVFDStWXORV\GH(]HTXLHOSRGHPRVOHHUODHVSHFLDOLPSRUWDQFLDGHODSXHUWDHVWHHQVXYLVLyQ\DTXH
HPSLH]DGLFLHQGRTXHVXFHGLyDSULQFLSLRVGHODxR
<OD*ORULDGHO6HxRUYLQRDODFDVDSRUHOFDPLQRGHODHQWUDGDTXHGDKDFLDHOHVWH
(QWRQFHVPHWUDMRGHUHJUHVRSRUODSXHUWDGHOVDQWXDULRH[WHULRUTXHGDEDKDFLDHOHVWH\HVWDED
FHUUDGD/XHJRHO6HxRUPHGLMRHVWDSXHUWDGHEHHVWDUFHUUDGDQRGHEHDEULUVH\QLQJ~QKRPEUH
GHEH HQWUDU SRU HOOD SRUTXH HO 6HxRU HO 'LRV GH ,VUDHO KD HQWUDGR SRU HOOD \ SRU HVR GHEH
FHUUDUVH (V SDUD HO SUtQFLSH pO GHEH VHQWDUVH D FRPHU HO SDQ DQWH HO 6HxRU GHEH HQWUDU SRU HO
FDPLQRGHHVDSXHUWD
<GLMRHO6HxRU'LRVODSXHUWDGHODFiPDUDLQWHUQDTXHGDKDFLDHOHVWHGHEHFHUUDUVHGXUDQWH
ORVVHLVGtDVGHWUDEDMRSHURHQHO6DEDWGHEHDEULUVH\HQHOGtDGHODOXQDQXHYDGHEHDEULUVH<HO
SUtQFLSHGHEHHQWUDUSRUHOFDPLQRGHHVDSXHUWD\GHEHSDUDUVHDODHQWUDGDGHODSXHUWD\ORV
VDFHUGRWHVGHEHUiQSUHSDUDUVXRIUHQGD\VXVRIHUWDVGHSD]\pOGHEHUiDGRUDUDODHQWUDGDGHOD
SXHUWDOXHJRDYDQ]DUi
(VRHVH[DFWDPHQWHORTXH-HV~VKL]R+L]RVXVDGRUDFLRQHVWDQFHUFDFRPRSXGRGHODSXHUWDGHODHQWUDGD
HVWHHQODQRFKHGHODQXHYDOXQDDSULQFLSLRVGHODxRQXHYR6HYLRFRPRHOSUtQFLSHGH,VUDHOHVSHUDQGRVHU
FRURQDGR SDUD DVXPLU ODV REOLJDFLRQHV GDGDV SRU (]HTXLHO HMHFXWDU OD MXVWLFLD \ OD UHFWLWXG PLVKSDW \
WVHGHT(VDQRFKH-HV~VHVSHUyKDVWDTXHODHVWUHOODPDWXWLQDVHHOHYDUDODHVWUHOODTXHVHDO]DDOHVWHTXH
XQDYH]DQXQFLyODOOHJDGDGHOUHFLpQFUHDGRUH\GHODQWLJXR(JLSWR\TXHVHJ~QODFUHHQFLDTXPUDQDVHUtDOD
PDUFDGHVXQXHYRUH\(VWDSURIHFtDHVWHODUTXHVHHQFXHQWUDHQWRGRVORVUROORV\HQORVQ~PHURV
GLFHXQD(VWUHOODVHDO]DUiGH-DFREXQ&HWURSDUDJREHUQDUDOPXQGRHVWRWHQtDXQVLJQLILFDGRSUHFLVR
SDUD-HV~VSHURPiVWDUGHIXHFRQIXQGLGRSRUORVFULVWLDQRVJHQWLOHVFRPRXQUDVJRGHVXQDFLPLHQWRPiV
TXHGHVXEUHYHODSVRGHUHLQDGR(ODXWRUGHODV5HYHODFLRQHVHO~OWLPROLEURGHO1XHYR7HVWDPHQWROODPDD
-HV~V
/DUDt]\UDPDGH'DYLG\ODEULOODQWHHVWUHOODPDWXWLQD
(O5ROORGH*XHUUDGHODFXHYDHQ4XPUDQGLFHTXHHOORVYHtDQODSURIHFtDHVWHODUHQWpUPLQRVGHO
OHYDQWDPLHQWRGHORVGyFLOHVHQXQDHVSHFLHGHJXHUUDDSRFDOtSWLFDILQDO(VPX\SRVLEOHTXH-HV~VSHQVDUD
TXHYLYLHQGRIXHUDGHORVSDVRVSURIHWL]DGRVKDFLDODJXHUUDFDXVDUtDXQDLQVXUUHFFLyQSRSXODUTXHVHUtDOD
VHxDOSDUDHPSH]DUODJXHUUDDOILQDOGHODHUD
/RVGLVFtSXORVGH-HV~VVDEtDQTXHpOQRHVSHUDEDVREUHYLYLUDODFRQIURQWDFLyQTXHPDTXLQDEDWHQHU
FRQODVDXWRULGDGHVURPDQDV\ODVGHOWHPSOR6HSXHGHREWHQHUPiVLQIRUPDFLyQHQHO(YDQJHOLRGH7RPiV
$GXFH LQFOXLU ORV GLFKRV VHFUHWRV GH -HV~V VHJ~Q ORV HVFULELHUD -XGDV 'tGLPRV TXLHQ VH FUHH TXH IXH HO
KHUPDQRJHPHORGH-HV~V\TXHSRUORWDQWRVHOODPDED7RPiVTXHVLJQLILFDEDJHPHOR(VWHWH[WRQRHVWDED
HVWUXFWXUDGRFRPRQDUUDWLYDHVXQDOLVWDGHODVSDODEUDVGLFKDVSRU-HV~VHQVXSDSHOGHOtGHU(QHOGLFKR
Q~PHURO7RPiVQRVGLFH
/RVGLVFtSXORVGLMHURQD-HV~V6DEHPRVTXHQRVKDVGHGHMDU¢4XLpQVHUiQXHVWUROtGHU"
-HV~VOHVGLMR'RQGHTXLHUDTXHHVWpQKDEUiQGHLUFRQ6DQWLDJRHO-XVWRSRUFX\DJUDFLDHOFLHOR\
ODWLHUUDVRQ
(VWRLQGLFDFRQFODULGDGTXHHOFRQIOLFWRHQWUHORVKHUPDQRVKDEtDWHUPLQDGR\TXH-HV~VWHQtDXQDVRPEUtD
YLVLyQ GH VX SURSLR IXWXUR (V IiFLO YHU SRU TXp WUHVFLHQWRV DxRV GHVSXpV &RQVWDQWLQR UHFKD]DUtD HO
(YDQJHOLRGH7RPiVSDUDVX%LEOLDRILFLDO\DTXHODWHQGHQFLDSUHGRPLQDQWHHQOD,JOHVLD5RPDQDHUDTXH
3HGUR\QR6DQWLDJRVHFRQYLUWLHUDHQHOOtGHUVLJXLHQWHXQDGLVSRVLFLyQTXHDKRUDSXHGHDSUHFLDUVHFRPR
IDOVD
(VDQRFKH-HV~VSUHWHQGtDHVSHUDUDTXHVDOLHUDODHVWUHOODPDWXWLQD\DTXHQRHVSHUDEDVHUDYLVWDGR
SRUORVJXDUGLDVGHOWHPSORDQWHVGHODVDOLGDGHOVRO\DSHVDUGHVXLQPLQHQWHDUUHVWRRILFLyXQDFHUHPRQLD
GHOHYDQWDPLHQWRGHOWHUFHUQLYHODKtHQODFROLQDFDVLDODYLVWDGHODVGRVJUDQGHVFROXPQDVGHOWHPSOR/D
LGHQWLGDGGHOMRYHQLQLFLDGRQRODFRQRFHPRVSHURHVSRVLEOHTXHODLQLFLDFLyQQRKD\DWHUPLQDGRDQWHVGH
TXHWXYLHUDOXJDUHODUUHVWR0DUFRVGLFH
3HURXQPXFKDFKRORLEDVLJXLHQGRFRQXQDW~QLFDGHOLQRVREUHHOFXHUSRGHVQXGR\ORVMyYHQHVOR
DJDUUDURQSHURVHOHVHVFDSyGHVQXGRGHMiQGROHVODViEDQD
+DVWDHVWHPRPHQWRHVWHLQFLGHQWHKDGHVDILDGRWRGDH[SOLFDFLyQSHURDKRUDVXVLJQLILFDGRHVWiFODUR
(OMXLFLR\ODFUXFLIL[LyQ
/RVSRGHURVRVGH-HUXVDOpQWHQtDQDKRUDMXVWRORTXHGHVHDEDQODVGRVFROXPQDVGHOSHOLJURVRPRYLPLHQWR
PHVLiQLFR FX\D LQWHQFLyQ HUD GHUURFDU DO 6DQHGUtQ \ DO SURFXUDGRU URPDQR 3RQFLR 3LODWR /RV VDFHUGRWHV
MXGtRV WHPtDQ OD UHFODPDFLyQ TXH 6DQWLDJR KLFLHUD VREUH VX GHUHFKR DO WHPSOR \ HV SUREDEOH TXH HO SUR
FXUDGRU HVWXYLHUD XQ SRFR PiV TXH LQTXLHWR SRU ORV DOFDQFHV SROtWLFRV GH OD VLWXDFLyQ eO VDEtD TXH HVWRV
MXGtRVWHQtDQODUHSXWDFLyQGHFDXVDULQFUHtEOHVFDQWLGDGHVGHSUREOHPDVFXDQGRVHDXWRIODJHODEDQKDVWDHO
IUHQHVt SHUR FRQWDED FRQHO DSR\R GH WURSDV HQRUPHV \ ELHQ HQWUHQDGDV 3RU GHVJUDFLD OD PD\RU SDUWH GH
pVWDVHVWDEDQHQ&HViUHDDGRVGtDVGHFDPLQRVLELHQHVWRVLJQLILFDEDTXHFXDOTXLHUOHYDQWDPLHQWRSRGUtD
VHUVRIRFDGRHQWUHVGtDVKDEUtDWLHPSRPiVTXHVXILFLHQWHSDUDTXHDpOORFROJDUDQGHODVPXUDOODVGHOD
FLXGDG3LODWRQRHUDQLQJ~QWRQWRHLGHyXQSODQTXHVDWLVIL]RDWRGRV
(O SURFXUDGRU URPDQR WHQtD D 6DQWLDJR \ D -HV~V DPERV DXWRSURFODPDGRV FROXPQDV GH OD VHFWD
VXEYHUVLYDEDMRDUUHVWR\DODHVSHUDGHVXHMHFXFLyQSHUR3LODWRVDEtDTXHVyORQHFHVLWDEDGHUUXPEDUDXQR
SDUDVRFDYDUHOSODQDVtTXHRIUHFLyGHMDULUDXQR\GHMyODHOHFFLyQDODHQRUPHPXOWLWXGIUHQWHDpO5HFXpU
GHVHTXHDXQTXHOODPDPRVDOPHVtDVUH\-HV~VpVWHQRHUDVXQRPEUHHUDXQDGHVFULSFLyQGHVXSDSHOFRPR
VDOYDGRUTXHHQKHEUHRHUD<DKRVKXD(OQRPEUHGH6DQWLDJRHQKHEUHRHUDHQHIHFWR-
DFRYSHURWDPELpQ
SRGUtD OODPiUVHOH VDOYDGRU HVWR HV -HV~V &RPR VRVSHFKDPRV GHVGH TXH GHVFXEULPRV HO YHUGDGHUR
VLJQLILFDGRGHODSDODEUD%DUUDEiVODVGRVSHUVRQDVHQMXLFLRVHOODPDEDQ-HV~V-HV~VHOUH\GHORVMXGtRV\
-HV~V HO KLMR GH 'LRV $ 6DQWLDJR VH OH OODPDED %DUUDEiV ²OLWHUDOPHQWH HO KLMR GH 'LRV² SRUTXH VH
HQWHQGtDTXHpOHUDHOPHVtDVVDFHUGRWDO\SRUORWDQWRHOTXHWHQtDXQDUHODFLyQPiVGLUHFWDFRQVXSDGUH
)XHXQDWRWDOLQYHQFLyQSRVWHULRUGHOD,JOHVLDTXHH[LVWLHUDODFRVWXPEUHGHOLEHUDUDXQSULVLRQHURHOGtDGH
3DVFXD (VWR VLPSOHPHQWH QR VXFHGtD \ KXELHUD VLGR XQD PDQHUD PX\ SRFR URPDQD \ WRQWD GH OOHYDU XQ
VLVWHPDMXUtGLFR/DYHUGDGHVTXHIXHXQSODQ~QLFRGH3LODWRSDUDFXEULUODVQHFHVLGDGHVGHXQDVLWXDFLyQ
GHOLFDGD /D PD\RU SDUWHGH OD PXOWLWXG SURYHQtD GH4XPUDQ \ HUDQVHJXLGRUHV GH 6DQWLDJR R FRPR VH OH
OODPyHVHGtD-HV~V%DUUDEiV
-HV~V HO UH\ GH ORV MXGtRV QR WXYR WDQWDV YRFHV TXH VH DO]DUDQ SRU pO DVt TXH IXH HQFRQWUDGR
FXOSDEOHD]RWDGRFRURQDGRFRQHVSLQDV\FUXFLILFDGRHQXQDFUX]HQ7FRQODVSDODEUDV5H\GHORV-XGtRV
VREUHOD FDEH]D 0XULy FRQ LQXVXDO UDSLGH] \ VL KXELHUD VLGRMRUREDGR FRPR VH GHVFULEtD HQ HO DYLVR HVR
KDEUtDVLGRGHHVSHUDUVH(OSURFHVRGHODFUXFLIL[LyQGLILFXOWDPXFKRODUHVSLUDFLyQ\HVQHFHVDULRDO]DUHO
SHFKR FRQWLQXDPHQWH FRQ HO ILQ GH VDFDU HO DLUH GH ORV SXOPRQHV &RQ XQD HVSDOGD FXUYD R MRUREDGD HVWR
KDEUtDVLGRPX\GLItFLO\ODDVIL[LDVHUtDHOUiSLGRGHVHQODFH
$O LQYHVWLJDU HO SHULRGR HQWHUR GHO SULPHU VLJOR GHVSXpV GH &ULVWR UHYLVDPRV WRGD FODVH GH
LQIRUPDFLyQSDUDFRQVWUXLUXQDLPDJHQGHORTXHHQUHDOLGDGVXFHGtDHQ,VUDHO'HELGRDTXHIRUPiEDPRVXQD
QXHYD\~QLFDSHUVSHFWLYDVREUHODYLGDGH-HV~VFRVDVTXHVLJQLILFDUtDQSRFRSDUDRWURVSRGUtDQVHUSLH]DV
LPSRUWDQWHV SDUD QRVRWURV HQ QXHVWUR LQPHQVR URPSHFDEH]DV 8QR GH ORV SULQFLSDOHV KDOOD]JRV SURYLQR GH
RVFXURV SDVDMHV GH XQ WH[WR UDEtQLFR FRQRFLGR FRPR 7RVHIWD 6KHEXRW TXH GDWD GH ORV SULPHURV VLJORV
GHVSXpVGH&ULVWR(VWHGRFXPHQWRFRQWLHQHHOUHJLVWURGHORVMXGtRVVXSHUYLYLHQWHVGH-HUXVDOpQ\FXHQWDOD
KLVWRULDGHORVDFRQWHFLPLHQWRVSUHYLRVDODVFDODPLGDGHVGHODxRG&PLVPDTXHSXHVWRTXHSURYLHQHGH
XQDWUDGLFLyQQRFULVWLDQDFUHHPRVTXHHVDXWpQWLFD\HVWiLQDOWHUDGD(Q7RVHIWD6KHEXRWWURSH]DPRVFRQ
XQD SRGHURVDGHVFULSFLyQTXH SUR\HFWDED XQD QXHYDOX] VREUHOR TXH VXFHGLyHQWUH-HV~V \ 6DQWLDJR HQOD
FUXFLIL[LyQ(OSDVDMHFRPLHQ]DDVt
'RVVDFHUGRWHVTXHHUDQKHUPDQRVFRUUtDQFXHOORFRQFXHOORSRUODUDPSD\XQRGHHOORVOOHJyDO
DOWDUFXDWURFXELWRVDQWHVTXHHORWUR
(VWH SULPHU HQXQFLDGR HV XQD UHIHUHQFLD IiFLOPHQWH UHFRQRFLEOH D OD FDUUHUD HQWUH ORV GRV KHUPDQRV SDUD
HVWDEOHFHUFXiOGHORVGRVVHUtDHOPHVLDVVDFHUGRWDO-HV~VFDVLKDEtDOOHJDGRFXDQGRPXULyHQODFUX]
7RPyXQFXFKLOORSDUDGDUPXHUWHDODQLPDOGHOVDFULILFLR\ORFODYyHQVXSURSLRFRUD]yQ
'H PDQHUD LQWHUHVDQWH HVWD VLJXLHQWH OtQHD FRQILUPD OD LGHD FULVWLDQD GH TXH -HV~V VH VDFULILFy GH
PDQHUD GHOLEHUDGD DQWH 'LRV LGHDTXH QRVRWURV QRDFHSWDPRV KDVWD TXH UHFRQVWUXLPRV HVDV ~OWLPDV KRUDV
FXDQGR-HV~VVLQGXGDDOJXQDVHGLVSXVRFRQWRGDSUHPHGLWDFLyQSDUDVXDUUHVWR&XDQGRPXULyHQODFUX]VH
OHFRQVLGHUyFRPRXQ&RUGHUR3DVFXDOFRPRVHOHLGHQWLILFDHQ3HGUR
/DXOWLPDSDUWHGHOSDVDMHGHO7RVHIWD6KHEXRWHVXQKDOOD]JRPX\VLJQLILFDWLYR
(OUDELQR7VHGHTYLQR\GHSLHHQORVHVFDORQHVGHOSyUWLFRGHOPRQWtFXORGHO7HPSORGLMR
£(VFXFKDGPHRKKHUPDQRVQXHVWURV&DVDGH,VUDHO/DOH\GLFHFXDQGRVHHQFXHQWUDXQFXHUSR\
WXVDQFLDQRV\MXHFHVYDQ\PLGHQ$KRUDHQORTXHUHVSHFWDDQRVRWURV¢KDFLDGyQGH\GHVGHGyQGH
GHEHPRVPHGLU"¢+DVWDHOVDQWXDULR"R¢KDVWDHOSDWLR
7RGDODJHQWHJLPLy\OORUyGHVSXpVGHTXHpOKXERKDEODGR
$TXt WHQHPRV VHWHQWD \ WUHV SDODEUDV GH YLWDO LPSRUWDQFLD H[SUHVDGDV SRU 6DQWLDJR HO KHUPDQR GH -HV~V
SUREDEOHPHQWHPLQXWRVDQWHVGHTXHEDMDUDQDpVWHGHODFUX]'HEHUtDQHVWDUHQOD%LEOLDSHURQRDSDUHFHQ
/D SULPHUD SDUWH GH HVWH WH[WR UDEtQLFR MXGtR HV XQD GHVFULSFLyQ GH OD FDUUHUD HQWUH -HV~V \ 6DQWLDJR SDUD
SUREDUVH FRPR ORV PHVLDV VDFHUGRWDOHV DXQTXH DPERV HVWDEDQ GH DFXHUGR HQ TXH -HV~V HUD HO PHVLDV UH\
(VWH UHODWR HVWLOL]DGR QRV GLFH TXH -HV~V FDVL KDEtD ORJUDGR VX REMHWLYR GH VHU DPEDV FROXPQDV FXDQGR VH
VDFULILFy&RPRHVREYLRVXKHUPDQRHOUDELQR7VHGHTOLWHUDOPHQWH0DHVWURGHOD5HFWLWXGVHYLRPX\
DIHFWDGRSRUHVWDSpUGLGD\GHSLHEDMROD3XHUWDGH6DORPyQTXHWHQtDYLVWDKDFLDHO3DWLRGHORV*HQWLOHV
VHGLULJHFRQHQRMRDORVPLHPEURVGHODFRPXQLGDGTXPUDQDSUHVHQWHVHQODSDVLyQ6DQWLDJRVHUHILHUHD
XQDLQVWUXFFLyQGHO'HXWHURQRPLRTXHWUDWDGHODDVLJQDFLyQGHODFXOSDHQXQDVHVLQDWRDOHVWDEOHFHU
TXpFLXGDGRSXHEORHVODPiVFHUFDQDDOFDGiYHU&XDQGR6DQWLDJRSUHJXQWDDORVMXGtRVGHODFRPXQLGDG
UHXQLGRV VL KDQ GH PHGLU KDFLD HO VDQWXDULR R KDFLD HO SDWLR HVWi GLFLHQGR TXH HOORV TXH VH VXSRQtD HUDQ
KRQRUDEOHVMXGtRVHUDQWDQFXOSDEOHVFRPRHO6DQHGUtQORVTXHSLGLHURQODPDWDQ]D\DTXHHVFRJLHURQTXH
-HV~VPXULHUD
1RV SDUHFLy XQD EXHQD LGHD DYHULJXDU VL HO WHPSOR GH +HURGHV HQ UHDOLGDG WHQtD XQD UDPSD TXH
VXELHUD KDFLD HO DOWDU $Vt HUD (O DOWDU HQ Vt HVWDED D FXDWUR \ PHGLR PHWURV GH DOWXUD FRQ XQD UDPSD GH
GLHFLVpLVPHWURVGHODUJRTXHVXEtDGHVGHHOVXU(VWRVHFRQYLHUWHHQXQDSHQGLHQWHGHWUHLQWD\VHLVFXELWRV
OR TXH VLJQLILFD TXH FXDQGR HO KHUPDQR D OD FDEH]D HOLJLy HQWUHJDUVH DO VDFULILFLR HVWDED GH PDQHUD PX\
VLPEyOLFDDRQFHGRFHDYRVGHOFDPLQRKDFLDHOp[LWR
(VWDLQIRUPDFLyQVLJQLILFDTXHSRGHPRVIHFKDUODFDUUHUDGHHVWRVKHUPDQRVHQWUHORVDxRV\
G&SRUTXHVDEHPRVTXHHO7HPSORGH+HURGHVIXHGHVWUXLGRHQMXQLRGHODxRG&PX\SRFRGHVSXpVGH
VX WHUPLQDFLyQ (VWR KDFH TXH QXHVWUD LQWHUSUHWDFLyQ GH TXH ORV KHUPDQRV HUDQ ORV KRPEUHV TXH DKRUD
OODPDPRV -HV~V \ 6DQWLDJR VHD FDVL FHUWHUD \D TXH HOORV HUDQ ORV OtGHUHV GH OD FRPXQLGDG HVHQLD HQ HVH
PRPHQWR
2EVHUYDPRVWDPELpQTXHHQODSDUWHVXSHULRUGHODUDPSDHQODHVTXLQDVXGRHVWHGHODOWDUKDEtDGRV
DJXMHURVGHGUHQDMHSDUDODVDQJUHGHOVDFULILFLR\XQJUDQEORTXHGHPiUPROFRQXQDQLOORHQHOFHQWUR(VWH
EORTXHSRGtDOHYDQWDUVHSRUPHGLRGHODQLOORGDQGRDFFHVRDXQDFXHYDGHEDMRGHODOWDU(QODFHUHPRQLDGH
3ULPHU*UDGRGHODIUDQFPDVRQHUtDPRGHUQDHOFDQGLGDWRHVDOHFFLRQDGRSRUXQKHUPDQRTXHSHUPDQHFHHQ
ODHVTXLQDVXGRHVWHGHOWHPSORPDVyQLFR\H[KRUWDGRDYLYLUXQDYLGDPRUDO\KRQHVWD)UHQWHDOKHUPDQR
TXH KDEOD KD\ XQ EORTXH GH PiUPRO FRQ XQ SHTXHxR DQLOOR HQ HO FHQWUR VXVSHQGLGR GH XQD SROHD HQ XQ
GLVSRVLWLYRGHOHYDQWDPLHQWRHQWUtSRGH¢3RGtDKDEHUDKtXQDFRQH[LyQ"9pDVHODILJXUD
6HQWLPRV TXH OD FLWD GHO GLVFXUVR GH 6DQWLDJR D VXV VHJXLGRUHV UHXQLGRV HUD GH JUDQ LPSRUWDQFLD \D TXH
FRQILUPDHOSDSHO\ODDFWLWXGGHpVWHKDFLDVXKHUPDQRHQHOPRPHQWRGHODFUXFLIL[LyQ'HDOJXQDPDQHUD
HVWDV SDODEUDV VH RPLWLHURQ HQ ORV UHODWRV GHO 1XHYR 7HVWDPHQWR WDO YH] GH PDQHUD PiV GHOLEHUDGD TXH
DFFLGHQWDO FRPR KHPRV PHQFLRQDGR H[LVWtD XQD SROtWLFD GHILQLGD SDUD LQWHQWDU GHJUDGDU OD SURPLQHQWH
SRVLFLyQGH6DQWLDJRHQOD,JOHVLDGHVSXpVGHODPXHUWHGH-HV~VDIDYRUGH3HGURTXHOOHJyFRQODLQIOXHQFLD
GH3DEOR
8QDSUXHEDGHTXHHVWHWH[WRFRQWLHQHODVSDODEUDVGLFKDVSRU6DQWLDJRQRVODGDODKLVWRULDGH3RQFLR
3LODWRODYiQGRVHODVPDQRVSDUDGHPRVWUDUTXHDXQTXHGDEDVXDXWRUL]DFLyQSDUDODFUXFLIL[LyQQRDFHSWDUtD
QLQJXQDUHVSRQVDELOLGDGSRUODPXHUWH/DWpFQLFDGHODYDUVHODVPDQRVSDUDGHPRVWUDULQRFHQFLDQRHUDXQD
SUiFWLFDURPDQDHUDXQSURFHGLPLHQWRTXPUDQRHVHQLR\SRUORWDQWRVHWUDWDGHXQDDGLFLyQSRVWHULRU\QR
GH XQD GHVFULSFLyQ YHUGDGHUD GH ORV DFRQWHFLPLHQWRV (Q UHDOLGDG SURYLHQH GHO PLVPR SDVDMH GHO
'HXWHURQRPLR DO TXH 6DQWLDJR VH UHIHUtD \ VyOR VH DSOLFDED FRPR VLJQR GH LQRFHQFLD GHVSXpV GH XQ
DVHVLQDWR\QRDQWHVGHOPLVPR&XDQGRVHHQFRQWUDEDXQFXHUSR\VHWRPDEDQPHGLGDVSDUDLGHQWLILFDUOD
SREODFLyQPiVFHUFDQDVHUHTXHUtDTXHORVDQFLDQRVGHHVHSXHEORWRPDUDQXQDYDTXLOODTXHMDPiVKXELHUD
OOHYDGR\XJR\ODGHFDSLWDUDQSDUDGHVSXpVODYDUVHODVPDQRVVREUHHOFXHUSRPLHQWUDVUHFLWDEDQODVSDODEUDV
1XHVWUDVPDQRVQRKDQGHUUDPDGRHVWDVDQJUHQLQXHVWURVRMRVODKDQYLVWR(OVLJXLHQWHYHUVtFXORSLGHDO
6HxRU1RKDJDVFDHUVDQJUHLQRFHQWHVREUHWXSXHEOR,VUDHODTXHOODVDQJUHOHVVHUiSHUGRQDGD
(VWHPHGLRGHO$QWLJXR7HVWDPHQWRSDUDFODPDULQRFHQFLDSRUXQDVHVLQDWRVHDQLGDEDFRQFODULGDG
HQODPHQWHGHORVHVFULWRUHVGHOHYDQJHOLRVLQySWLFR0DWHRVSRUHMHPSORSRQHODVVLJXLHQWHVSDODEUDVHQOD
ERFDGH3RQFLR3LODWRHQHOFDStWXORYHUVtFXORV
9LHQGR3LODWRTXHQDGDDGHODQWDEDVLQRTXHVHKDFtDPiVDOERURWRWRPyDJXD\VHODYyODVPDQRV
GHODQWHGHOSXHEORGLFLHQGRLQRFHQWHVR\\RGHODVDQJUHGHHVWHMXVWRDOOiYRVRWURV
<UHVSRQGLHQGRWRGRHOSXHEORGLMRVXVDQJUHVHDVREUHQRVRWURV\VREUHQXHVWURVKLMRV
6LFRPSDUDPRVHOSDVDMHGHO'HXWHURQRPLRFRQ0DWHRVHOSDUDOHORHVHYLGHQWH
QXHVWUDVPDQRVQRKDQGHUUDPDGRHVWDVDQJUHQLQXHVWURVRMRVODKDQYLVWR
6R\LQRFHQWHGHODVDQJUHGHHVWHMXVWRYRVRWURVORYHUpLV
(O FODPRU GH LQRFHQFLD GHO $QWLJXR 7HVWDPHQWR VH EDVD HQ XQD SHUVRQD TXH QR KD FRPHWLGR QL YLVWR XQ
DVHVLQDWRDTXtWHQHPRVD3LODWRGLFLHQGRTXHQRHVFXOSDEOHGHUHDOL]DUODDFFLyQ\VRQORVMXGtRVTXLHQHVOD
YHQ(VVHJXURTXHTXLHQTXLHUDTXHHVFULELHUDSRUSULPHUDYH]HVWDYHUVLyQGHORVDFRQWHFLPLHQWRVVDEtDGH
ODVSDODEUDVGH6DQWLDJRGHVSXpVGHODFUXFLIL[LyQ\FRQVWUX\yHVWDUHIHUHQFLD\DFXVDFLyQGHFXOSDSDUFLDO
KDFLDODPXOWLWXGUHXQLGD6DQWLDJRQRSRGUtDKDEHUDGLYLQDGRFyPRSURQWRVHUtDQUHWRUFLGDVVXVSDODEUDVSRU
ORVJHQWLOHVDODFXVDUGHOFDUJRGHWHRFLGLRDWRGDODQDFLyQMXGtDSRUWRGRVORVWLHPSRV/DLGHDGHTXHOD
PXOWLWXG UHXQLGD VH PDOGLMR D Vt PLVPD FRQ ODV SDODEUDV 4XH UHFDLJD VX VDQJUH VREUH QRVRWURV \ VREUH
QXHVWURVKLMRVHVXQDPHQWLUDSHUYHUVDUHVSRQVDEOHGHGRVPLODxRVGHDQWLVHPLWLVPR
/DWUDQVFULSFLyQGH6DQWLDJRHQHO7RVHIWD6KHEXRWHVLPSRUWDQWHSRUTXHFRQILUPDHOSDSHOGHpVWH
HQ HO PRYLPLHQWR \ VX DFWLWXG KDFLD VX KHUPDQR HQ HO PRPHQWR GH OD FUXFLIL[LyQ \ DGHPiV H[SOLFD ODV
VXSXHVWDVDFFLRQHVGH3LODWR/DRPLVLyQGHODVSDODEUDVGH6DQWLDJRHQHO1XHYR7HVWDPHQWRIXHXQDGHJUD
GDFLyQGHOLEHUDGDGHODSURPLQHQWHSRVLFLyQGHOPLVPRFRQUHVSHFWRD-HV~V
([DPLQDQGRFRQPiVSURIXQGLGDGHVWDREUDUDEtQLFDHQFRQWUDPRVXQDUHIHUHQFLDHQ0LVKQDU6RWDQTXH
XQDYH]PiVDWUDMRQXHVWUDVPLUDGDV
&XDUHQWD DxRV DQWHV GH OD GHVWUXFFLyQ GHO 7HPSOR OD OX] RFFLGHQWDO VH DSDJy OD KHEUD FDUPHVt
SHUPDQHFLyFDUPHVt\ODSDUWHSDUDHO6HxRUVLHPSUHDSDUHFtDHQODPDQRL]TXLHUGD
&XDUHQWDDxRVHUDXQDFDQWLGDGHVSHFLDOSDUDORVMXGtRVGHODpSRFDSHURWDPELpQIXHPiVRPHQRVHQHVWH
SHULRGR DQWHULRU D OD GHVWUXFFLyQ GHO WHPSOR FXDQGR -HV~V PXULy /D OX] TXH VH DSDJy IXH HO PHVtDV UHDO
VLPEROL]DGRSRUHOFRORUUHDO²FDUPHVt²\ODSDUWHGHO6HxRUTXHDSDUHFtDHQODPDQRL]TXLHUGDVHUHILHUH
DODGHFLVLyQGHODPXOWLWXGODSDUWHGHYRWDUSRU6DQWLDJRODFROXPQDGHUHFKD\QRSRU-HV~VODFROXPQD
L]TXLHUGD/DKHEUDFDUPHVtTXHSHUPDQHFHFDUPHVtVLJQLILFDTXH6DQWLDJRIXHHOTXHKHUHGyHOGHUHFKRGHVX
KHUPDQRPXHUWRDVHUFRQVLGHUDGRGHODOtQHDUHDOGH'DYLGDVtFRPRHO0DHVWURGHOD5HFWLWXG
6LHPSUH VH KD GLVFXWLGR VREUH VL -HV~V PXULy HQ OD FUX] R IXH UHHPSOD]DGR SRU RWUD SHUVRQD /RV
PXVXOPDQHVVRVWLHQHQTXH-HV~VQRHVWDEDHQODFUX](Q6XUDHO&RUiQGLFH
'LMHURQSUHVXPLHQGR0DWDPRVD&ULVWR-HV~VHOKLMRGH0DUtDHODSyVWROGH$OiSHURQROR
PDWDURQQLORFUXFLILFDURQVLQRTXHDVtVHORVKLFLHURQFUHHU\DTXHOORVTXHGLILHUHQHVWiQOOHQRVGH
GXGDVLQQLQJ~QFRQRFLPLHQWRFHUWHURVLQRVyORFRQMHWXUDVDVHJXLUSHURFRQVHJXULGDGTXHQROR
PDWDURQ
¢3RUTXpHVTXHDOJXQDVSHUVRQDVHVWiQFRQYHQFLGDVGHTXH-HV~VIXHFUXFLILFDGR\VLQHPEDUJRRWUDVHVWiQ
LJXDOGHFRQYHQFLGDVGHTXHQRIXHDVt"/DUHVSXHVWDHVEDVWDQWHVLPSOHDPERVJUXSRVHVWiQFRQYHQFLGRV
SRUTXHDPERVHVWiQHQORFRUUHFWR'RVKLMRVGH0DUtDIXHURQMX]JDGRVMXQWRV\DPERVKDEtDQSURFODPDGR
UHFLHQWHPHQWHVHUHOVDOYDGRURHOPHVLDVDPERVSRUORWDQWROOHYDEDQHOQRPEUHGH-HV~V8QRPXULyHQOD
FUX] \ HO RWUR QR $TXHO TXH QR PXULy HUD 6DQWLDJR HO PHQRU GH ORV GRV SHUR HO PiV UHFRQRFLGR 1R HV
QLQJXQDVRUSUHVDTXHDOJXQDVSHUVRQDVSHQVDUDQTXHKL]RWUDPSD\HVFDSyGHODFUX]
/RVVtPERORVGH-HV~V\6DQWLDJR
(Q OD DFWXDOLGDG VH DFHSWD SRU FRPSOHWR D OD HVWUHOOD GH 'DYLG FRPR HO VtPEROR GHO MXGDLVPR SHUR HO
KH[DJUDPDHQUHDOLGDGFRQVLVWHGHGRVVtPERORVVXSHUSXHVWRVSDUDFUHDUXQQXHYRVLJQLILFDGRFRPSXHVWR\
VXRULJHQQRHVMXGtRHQDEVROXWR/RVSXQWRVVXSHULRUHLQIHULRUGHHVWDHVWUHOODVRQHOiSLFHGHGRVSLUiPLGHV
VXSHUSXHVWDV /D SLUiPLGH TXH DSXQWD KDFLD DUULED HV XQ VtPEROR DUFDQR GHO SRGHU GH XQ UH\ \ VX EDVH
GHVFDQVDVREUHOD7LHUUD\VXFLPDVHDODUJDKDFLDHO&LHOR(QHVWDIRUPDVXSHUSXHVWDHVODPDUFDGHOGREOH
PHVLDVHOPHVLDVVDFHUGRWDORWVHGHT\HOPHVLDVUHDORPLVKSDW&RPRWDOHVHO~QLFRVLJQRYHUGDGHURGH
-HV~VHLQFOX\HHOVLJQLILFDGRDGLFLRQDOGHVHUUHSUHVHQWDWLYRGHODEULOODQWHHVWUHOODGHODOtQHDGH'DYLGTXH
DSDUHFtDSRUODPDxDQD
6H OH FRQRFH FRPR OD (VWUHOOD GH 'DYLG QR SRUTXH pVWH OD KD\D LQYHQWDGR VLQR SRUTXH -HV~V OD
XWLOL]DED\VHOODPDEDDVtPLVPROD(VWUHOODGH'DYLGTXHKDEtDVLGRSURIHWL]DGD1RHVVRUSUHQGHQWHSRUOR
WDQWRTXHHVWHVtPERORQRDSDUH]FDHQQLQJ~QOLEURKHEUHRDQWLJXRVREUHODYLGDUHOLJLRVD\VX~QLFRXVRHQ
HOSDVDGRGLVWDQWHGHOMXGDLVPRHUDFRPRPRWLYRGHFRUDWLYRRFDVLRQDOMXQWRFRQRWUDVLPiJHQHVGHO0HGLR
2ULHQWH LQFOX\HQGR LUyQLFDPHQWH OD VYiVWLFD 6X XVR SRSXODU VH LQLFLy HQ XQD JUDQ FDQWLGDG GH LJOHVLDV
FULVWLDQDVHQOD(GDG0HGLD\QRVVRUSUHQGLPRVDOGHVFXEULUTXHORVSULPHURVHMHPSORVVRQODVFRQVWUXFFLR
QHVHULJLGDVSRUORVWHPSODULRV6XXVRHQODVVLQDJRJDVDSDUHFLyPXFKRGHVSXpV$OIUHG*URWWHXQIDPRVR
FRQVWUXFWRUGHVLQDJRJDVGHSULQFLSLRVGHOVLJOR[[HVFULELyORVLJXLHQWHFRQUHVSHFWRDOD(VWUHOODGH'DYLG
&XDQGR HQ HO VLJOR [L[ FRPHQ]y OD FRQVWUXFFLyQ GH VLQDJRJDV GH LPSRUWDQFLD
DUTXLWHFWyQLFDORVDUTXLWHFWRVHQVXPD\RUtDQRMXGtRVVHHVIRU]DURQSRUFRQVWUXLUHVWDV
FDVDVGHFXOWRGHDFXHUGRFRQHOPRGHORGHFRQVWUXFFLyQGHLJOHVLDV&UHtDQTXHWHQtDQTXH
EXVFDU XQ VtPEROR TXH FRUUHVSRQGLHUD DO VtPEROR GH ODV LJOHVLDV \ GHVFXEULHURQ HO
KH[DJUDPD (Q YLVWD GH OD WRWDO IDOWD GH D\XGD LQFOXVR GH WHyORJRV MXGtRV HQ OR
FRQFHUQLHQWH DO PDWHULDO GHO VLPEROLVPR MXGtR VH H[DOWy D OD (VWUHOOD GH 'DYLG FRPR OD
LQVLJQLDYLVLEOHGHOMXGDLVPR'HELGRDTXHVXIRUPDJHRPpWULFDVHDGDSWDEDFRQIDFLOLGDG
DWRGRVORVSURSyVLWRVHVWUXFWXUDOHV\RUQDPHQWDOHVKR\GtDHVXQKHFKRHVWDEOHFLGRGHVGH
KDFHPiVGHWUHVJHQHUDFLRQHVTXHODPHJDQ'DYLG\DVDQWLILFDGDSRUODWUDGLFLyQHVSDUD
ORV MXGtRV HO PLVPR WLSR GH VtPEROR VDJUDGR TXH OD &UX] \ OD OXQD FUHFLHQWH OR VRQ SDUD
RWUDVIHVPRQRWHtVWDV
£1RSXGLPRVHYLWDUPDUDYLOODUQRVSRUODPDQHUDHQTXHODKLVWRULDVXHOHFRQVLVWLUHQXQDIDQWiVWLFDVHULHGH
PDOHQWHQGLGRV\HUURUHV
3RGHPRVYHUTXHVLVHUHWLUDQODVGRVOtQHDVODWHUDOHVGHOD(VWUHOODGH'DYLGGHMDQGRODVIOHFKDVGHO
VDFHUGRWH \ HO UH\ TXH DSXQWDQ KDFLD DUULED \ KDFLD DEDMR HO UHVXOWDGR HV OD HVFXDGUD \ HO FRPSiV GH ORV
IUDQFPDVRQHV /D SLUiPLGH VDFHUGRWDO R FHOHVWLDO VH FRQYLHUWH HQ OD HVFXDGUD GHO PDVyQ XQ LQVWUXPHQWR
XWLOL]DGRSDUDPHGLU\GHWHUPLQDUODYHUDFLGDG\UHFWLWXGGHODVFRQVWUXFFLRQHV\HQ PRGRILJXUDGRGHOD
ERQGDGKXPDQDODFXDOLGDGTXHORVHJLSFLRVOODPDEDQ0DDWFRPRYLPRVDQWHV/DSLUiPLGHUHDORWHUUHQDO
VHUHWUDWDFRQHOFRPSiV\pVWHGHDFXHUGRFRQODIUDQFPDVRQHUtDPDUFDHOFHQWURGHOFtUFXORGHVGHHOFXDO
QLQJ~Q0DHVWUR0DVyQSXHGHHUUDUPDWHULDOPHQWHHVWRHVODH[WHQVLyQGHOSRGHUGHOUH\RJREHUQDQWH
3RUORWDQWRVLOD(VWUHOODGH'DYLGHVXQVtPERORGHODPHVLDQLGDGXQLILFDGDGH-HV~VGHEHUtDVHUODPDUFD
GLVWLQWLYDGHOFULVWLDQLVPR(QWRQFHVODSUHJXQWDREOLJDGDHV¢FXiOHVHOVtPERORGHOMXGDLVPR"/DUHVSXHVWD
ODFUX]
/DFUX]HVODPDUFDGHOWDX\WLHQHODIRUPDGHODFUX]HQODTXHIXHFUXFLILFDGR-HV~VHQYH]GHODVXSXHVWD
FUX]GHFXDWUREUD]RVFRQXQDVHFFLyQLQIHULRUDODUJDGDVREUHODEDUUDHQFUX]9LPRVDQWHVTXHHOWDXHUDOD
PDUFDGH<DKYp\TXHORVNHQLWDVODOOHYDEDQHQODIUHQWHPXFKRDQWHVGHTXH0RLVpVVHORVHQFRQWUDUDHQORV
SDUDMHVGHVpUWLFRVGHO6LQDtWDPELpQHVHOVtPERORPiJLFRTXHVHSLQWDEDHQODVSXHUWDVGXUDQWHOD3DVFXD
1RVLQWULJyGHVFXEULUTXHODFUX]HVWLORFUXFLILMRXWLOL]DGRSRUOD,JOHVLDFULVWLDQDHUDXQDQWLJXRMHURJOtILFR
HJLSFLR \ TXHGDPRV HVWXSHIDFWRV DO VDEHU TXH LQYROXFUDED XQ VLJQLILFDGR PX\ SUHFLVR VDOYDGRU TXH VH
WUDGXFHDOKHEUHRFRPR-RVKXD\TXHDVXYH]VHWUDGXFHDOJULHJRFRPR-HV~V£(QSRFDVSDODEUDVODIRUPD
GHOFUXFLILMRQRHVHOVtPERORGH-HV~VHVHOQRPEUHHQVt
(VWRQRVFRQGXFHGHYXHOWDDODIUDQFPDVRQHUtD(OVtPERORPiVLPSRUWDQWHGHO*UDGRGHO$UFR5HDOHVOD
7ULSOH7DXTXHSXHGHREVHUYDUVHHQHOSHQGyQSULQFLSDOVREUHODWDEODGHWUD]RHQWUHORVSHQGRQHVGH5XEpQ
\ GH -XGi (VWDV WUHV WDXV LQWHUFRQHFWDGDV UHSUHVHQWDQ HO SRGHU GHO UH\ HO VDFHUGRWH \ HO SURIHWD (VWR VH
H[SOLFDHQOD2UGHQFRPRVLJXH
/RVYDULRViQJXORVGHORV&HWURVGHQRWDQORV2ILFLRV5HDO3URIpWLFR\6DFHUGRWDOWRGRVORVFXDOHV
IXHURQ \ D~Q GHEHQ VHU FRQIHULGRV GH PDQHUD HVSHFLDO DFRPSDxDGRV FRQODSRVHVLyQ GH VHFUHWRV
SDUWLFXODUHV
(O~OWLPRVtPERORTXHTXHUHPRVUHYLVDUHQHVWDHWDSDHVHOVLJQRGHOSH]TXHHQDxRVUHFLHQWHVKDYXHOWRD
FRQVLGHUDUVHXQVLJQRGHOFULVWLDQLVPR
$XQTXHVHOHFRQVLGHUDXQVtPERORFULVWLDQRVHWUDWDGHXQDLQVLJQLDPX\DQWLJXDGHOVDFHUGRFLR\IXHVLQ
GXGDDOJXQDHOVtPERORGHOSDUWLGRQD]DUHQR\FXDQGRORVFULVWLDQRVORXWLOL]DURQSDUDLGHQWLILFDUVXVOXJDUHV
VDJUDGRVHQ-HUXVDOpQKDFLDHOILQDOGHOVLJORLG&HUDOD~QLFDPDUFDTXHH[LVWtDSDUDHOORV%LHQSRGUtD
KDEHU VLGR DGRSWDGD SRU -XDQ HO %DXWLVWD \ FRPR \D DQDOL]DPRV OD SDODEUD QD]DUHQR HV XQD IRUPD GH OD
SDODEUDQD]UDQLTXHVLJQLILFDWDQWRSHFHFLWRVFRPRFULVWLDQRVHQHOiUDEHPRGHUQRLJXDOTXHHQHODUDPHRGH
KDFHGRVPLODxRV
6DELDPRVTXH6DQWLDJRHO-XVWRVHFRQYLUWLyHQHOSULPHURELVSRRHQKHEUHR0HEDNNHU\TXHXWLOL]DED
XQD PLWUD FRPR VtPEROR GH VX RILFLR /D PLWUD HV XWLOL]DGD DKRUD SRU WRGRV ORVRELVSRV \ QR SXHGH KDEHU
QLQJXQDGXGDVREUHVXRULJHQYLQRFRQ0RLVpVGHVGH(JLSWR
/DDVFHQVLyQGHOPHQWLURVR
'HVSXpVGHODPXHUWHGH-HV~V6DQWLDJRHO-XVWRVHUHWLUyD4XPUDQSDUDFRQVLGHUDUVXIXWXUR\DTXHDKRUD
pOHUDHO~QLFRPHVtDVFRQODUHVSRQVDELOLGDGGHVHUDPEDVFROXPQDVODVDFHUGRWDO\ODUHDO6DQWLDJRSDUHFH
KDEHU VLGR XQ OtGHU IXHUWH \ IDQiWLFR HQ OR UHIHUHQWH D YLYLU XQD YLGD UHFWD SRU FRPSOHWR VH DEVWHQtD GH
DEVROXWDPHQWHWRGRFRVDRSHUVRQDORTXHSXGLHUDFRQWDPLQDUVXSXUH]D7DQOLEUHGHSHFDGR\GHLPSXUH]D
HUDTXHDGLIHUHQFLDGHWRGRVORVGHPiVTXPUDQRVHVWDEDH[HQWRGHOODYDGRULWXDO6HQRVGLFHTXHQXQFDVH
ODYDEDSHURSHQVDPRVTXHHVWRVyORVHUHILHUHDOXVRULWXDOGHODJXD\TXHVtVHODYDEDGHODPDQHUDXVXDOSRU
UD]RQHVGHKLJLHQHSHUVRQDO(Q+HFKRVVHFRQILUPDTXH6DQWLDJRHUDLPSRUWDQWHGXUDQWHORVSULQFLSLRV
GHOD,JOHVLDGRQGH3HGURHQYtDQRWLFLDVGHVXOLEHUDFLyQGHODSULVLyQD6DQWLDJR\VXVGLVFtSXORV
3HURpOKDFLpQGROHVDGHPDQHVFRQODPDQRSDUDPDQWHQHUORVHQSD]OHVGLMRFyPRHO6HxRUORKDEtD
VDFDGRGHODSULVLyQ<GLMRYD\DQ\GLJDQHVWDVFRVDVD6DQWLDJR\DVXVGLVFtSXORV<SDUWLyGLULJLpQGRVHD
RWUROXJDU
/DPXHUWHGHOUH\GHORVMXGtRVSRUXQSURFXUDGRUURPDQRJHQHUyXQDHQRUPHSXEOLFLGDGSRUWRGR
,VUDHO\PiVDOOiODJHQWHVHLQWHUHVyHQHOPRYLPLHQWRPHVLiQLFR8QDGHHVWDVSHUVRQDVIXHXQFLXGDGDQR
URPDQRGHQRPEUH6D~OTXHYLQRGHVGHXQiUHDTXHDKRUDSHUWHQHFHDOVXUGH7XUTXtD6XVSDGUHVVHKDEtDQ
FRQYHUWLGR HQMXGtRV GHOD'LiVSRUD \ pO HUD XQ KRPEUHMRYHQ FULDGR FRPRMXGtR SHUR VLQ ODFXOWXUD \ OD
DFWLWXG GH ORV VHJXLGRUHV SXURV GH <DKYp FRPR OD FRPXQLGDG TXPUDQD /D LGHD GH TXH VX WUDEDMR HUD
SHUVHJXLU FULVWLDQRV HV XQD LQVHQVDWH] HYLGHQWH \D TXH HVH FXOWR QR H[LVWtD HQ HVH WLHPSR /RV QD]DUHQRV
GLULJLGRV DKRUD SRU 6DQWLDJR HUDQ ORV MXGtRV PiV MXGtRV TXH SXHGD LPDJLQDUVH \ OD WDUHD GH 6D~O HUD
VLPSOHPHQWHVRIRFDUFXDOTXLHUPRYLPLHQWRUHPDQHQWHGHLQGHSHQGHQFLDHQUHSUHVHQWDFLyQGHORVURPDQRV
/RVPDQGHDQRVGHOVXUGH,UDNFRPR\DDQDOL]DPRVVRQQD]DUHQRVTXHIXHURQH[SXOVDGRVGH-XGi\FX\D
HPLJUDFLyQSXHGHIHFKDUVHFRQSUHFLVLyQHQHODxRG&SRUORWDQWRSDUHFHFDVLVHJXURTXHHOKRPEUHTXH
ORVSHUVHJXtDIXHVHHOPLVPR6D~ODOLDV3DEOR
6D~OIXHVHJXUDPHQWHHOIODJHORGHOPRYLPLHQWRGHOLEHUWDGMXGtDGXUDQWHEXHQDSDUWHGHXQODSVRGH
GLHFLVLHWHDxRV\DTXHHQHODxRG&VHTXHGyFLHJRHQHOFDPLQRGH'DPDVFR$KRUDVHFUHHTXH6D~OQR
KDEUtDWHQLGRODDXWRULGDGGHDUUHVWDUDFWLYLVWDVHQ'DPDVFRDXQVLORVKXELHUDKDELGRORTXHSDUHFHPX\
GXGRVR\ODPD\RUtDGHORVHVWXGLRVRVFRQVLGHUDTXHVXGHVWLQRHQUHDOLGDGHUD4XPUDQDODTXHDPHQXGR
VHUHIHUtDQFRPR'DPDVFR6XFHJXHUD\SRVWHULRUUHFXSHUDFLyQGHODYLVWDVLPEROL]DQVXFRQYHUVLyQDXQD
SDUWHGHODFDXVDQD]DUHQD(OKHFKRGHTXHHOGHVWLQRGH6D~OHUDHQHIHFWR4XPUDQVHGHVSUHQGHGH+HFKRV
GRQGHVHOHGLFHTXHVHUiSUHVHQWDGRFRQHO-XVWRXQDUHIHUHQFLDREYLDD6DQWLDJR
/XHJRGLMRpO(O'LRVGHQXHVWURVSDGUHVWHKDHOHJLGRSDUDFRQRFHUVXYROXQWDG\YHUDO-XVWR\
RtUODYR]GHVXERFD
3DEOR HVFXFKy OD KLVWRULD GH ORV QD]DUHQRV GLUHFWDPHQWH GH ODELRV GH 6DQWLDJR SHUR VLHQGR XQ MXGtR
H[WUDQMHUR\XQFLXGDGDQRURPDQRQRSXGRFRPSUHQGHUHOPHQVDMHTXHVHOHGLR\GHLQPHGLDWRGHVDUUROOy
XQDIDVFLQDFLyQKHOpQLFDSRUODKLVWRULDGHODPXHUWHGH-HV~V\VXSDSHOFRPRFRUGHURGHVDFULILFLR&LHUWRHV
TXH 3DEOR QR IXH DGPLWLGR D ORV VHFUHWRV GH 4XPUDQ SRUTXH VyOR SDVy XQD FRUWD WHPSRUDGD DKt FRPR
VDEHPRVSDUDFRQYHUWLUVHHQKHUPDQRVHUHTXHUtDQWUHVDxRVGHHQWUHQDPLHQWR\H[iPHQHV/DUHODFLyQHQWUH
HOUHFLpQOOHJDGR\6DQWLDJRSURQWRVHOOHQyGHWHQVLRQHV
3DEORWHQtDGLHFLVLHWHDxRVGHFD]DUMXGtRVUHEHOGHVHQSRWHQFLD\QXQFDVHFRQYLUWLyDODFDXVDGH
-XDQ HO %DXWLVWD -HV~V \ 6DQWLDJR (Q FDPELR LQYHQWy XQ QXHYR FXOWR DO FXDO GLR HO QRPEUH JULHJR GH
FULVWLDQRVXQDWUDGXFFLyQGHODSDODEUDKHEUHDPHVtDV/ODPyD-HV~VXQKRPEUHTXHMDPiVFRQRFLy&ULVWR
\ FRPHQ]y D FRQVWUXLUVH XQD FRQJUHJDFLyQ 'HELGR D TXH 3DEOR QR FRPSUHQGtD OD WHUPLQRORJtD GH ORV
QD]DUHQRVIXHODSULPHUDSHUVRQDHQDSOLFDUHOOLWHUDOLVPRDODDOHJRUtDGHODVHQVHxDQ]DVGH-HV~V\VHFUHy
XQGLRVKRPEUHPLODJURVRDSDUWLUGHXQMXGtRSDWULRWD&ODPDEDWHQHUHODSR\RGH6LPyQ3HGURSHURpVWDHUD
VyORXQDGHWRGRXQPDUFRGHPHQWLUDV6LPyQ3HGURKL]RXQDDGYHUWHQFLDFRQWUDFXDOTXLHURWUDDXWRULGDGTXH
QRIXHUDHOOLGHUD]JRQD]DUHQR
2EVHUYDGFRQHOPD\RUFXLGDGRTXHQRFUHDQHQQLQJ~QPDHVWURDPHQRVTXHWUDLJDGH-HUXVDOpQ
HOWHVWLPRQLRGH6DQWLDJRHOKHUPDQRGHO6HxRU 'HVSXpVGHOHHUODVLQWHUSUHWDFLRQHVGH5REHUW(LVHQPDQGHORVWH[WRVGH4XPUDQQRWXYLPRVGXGDVREUHOD
LGHQWLGDG GH 3DEOR FRPR HO 0DQDQWLDO GH ODV 0HQWLUDV TXH FRPEDWLy FRQWUD 6DQWLDJR HO 0DHVWUR GH OD
5HFWLWXG(OXVRGHODSDODEUDPDQDQWLDOHVXQMXHJRGHSDODEUDVWtSLFDPHQWHTXPUDQRTXHVHUHILHUHDORV
SURFHGLPLHQWRVEDXWLVPDOHVUHODFLRQDGRVFRQHVWHDGYHUVDULR(O+DEDFXF3HVKHUDFODUDTXHHVWHLQGLYLGXR
GHUUDPDVREUH,VUDHOODVDJXDVGHOD0HQWLUD\ORVJXtDVLQUXPERHQWLHUUDVEDOGtDVVLQXQ&DPLQR(O
MXHJRGHSDODEUDVFRQFDPLQRVHUHODFLRQDFRQODHOLPLQDFLyQGHODVPDUFDVGHIURQWHUDGHODOH\ &UHHPRVTXHHO0HQWLURVR\HOHQHPLJRGH6DQWLDJRHUD3DEORHOKRPEUHTXHPLQWLyVREUHVXHQWUHQDPLHQWR
FRPR IDULVHR PLQWLy VREUH OD PLVLyQ GH &ULVWR SUHGLFy TXH OD OH\ GH ORV MXGtRV QR WHQtD LPSRUWDQFLD \
DGPLWLy D ORV QR FLUFXQFLVRV (VWiFODUR D SDUWLU GH ODV HStVWRODV GH 3DEOR TXHVH HQYLDURQ DSyVWROHV GHVGH
-HUXVDOpQDVXVWHUULWRULRVSDUDGHVSOD]DUVXDXWRULGDG\FRQWUDGHFLUVXVHQVHxDQ]DV3DEORKDEODGHRSRQHQWHV
GH SUHVWLJLR LQFXHVWLRQDEOH TXLHQHV WHQtDQ UHSXWDFLyQ GH VHU DOJR \ GH VHU FROXPQDV SUHVWLJLDGDV \
GHFODUD TXH pO QR GHSHQGH GH ORV DSyVWROHV DO PDQGR /RV GHVFULEH FRPR VLUYLHQWHV GH 6DWDQiV IDOVRV
DSyVWROHV\GLVFtSXORVPDOLJQRV6HDVRPEUDGHVDEHUTXHVXVFRQYHUVRVJDODWHRVVHHVWiQFRQYLUWLHQGRDXQ
HYDQJHOLR GLIHUHQWH \ OHV GLFH 6L FXDOTXLHUD HVWi SUHGLFiQGROHV XQ (YDQJHOLR FRQWUDULR DO TXH UHFLELHURQ
PDOGLWRVHD/ODPDDORVHPLVDULRVGH6DQWLDJRIDOVRVGLVFtSXORVWUDtGRVSDUDHVSLDUQXHVWUDOLEHUWDGHQ
-HVXFULVWRSDUDWHQHUQRVHVFODYL]DGRV
$OJXQRV FRPHQWDULVWDV FRPR +\DP 0DFFRE\ KDQ SUHVHQWDGR HO VyOLGR DUJXPHQWR GH TXH 3DEOR
QXQFD IXH XQ UDELQR IDULVHR VLQR XQ VLPSOH DYHQWXUHUR GH RVFXURV DQWHFHGHQWHV /RV WH[WRV HERQLWDV
FRQILUPDQTXH3DEORQRWHQtDQLQJ~QUHJLVWURRHQWUHQDPLHQWRIDULVHRHUDXQFRQYHUVRDOMXGDLVPRQDFLGR
GH SDGUHV JHQWLOHV HQ 7DUVR /OHJy D -HUXVDOpQ VLHQGR DGXOWR \ VH KL]R VHJXLGRU GHO 6XPR 6DFHUGRWH
&XDQGR VH VLQWLy GHVLOXVLRQDGR FRQ UHVSHFWR D VXV HVSHUDQ]DV GH DYDQFH VH VHSDUy GHO 6XPR 6DFHUGRWH \
IXQGyVXSURSLD\QXHYDUHOLJLyQ
3DEORUHFRQRFHTXHKD\GRVYHUVLRQHVRSXHVWDVGHODYLGD\PLVLyQGH&ULVWRODVIDOVDVHQVHxDQ]DV
GH 6DQWLDJR HO KHUPDQR GH &ULVWR \ VX SURSLR PLVWHULR URPiQWLFR \ KHOHQtVWLFR TXH VH DOHMDED GH ODV
FUHHQFLDVIXQGDPHQWDOHVGHOMXGDLVPR(Q&RULQWLRVQRHVWtPLGRDODGPLWLUVXVHSDUDFLyQGHOD
,JOHVLDGH-HUXVDOpQ\DGPLWHDELHUWDPHQWHTXHHVXQPHQWLURVRVLQHVFU~SXORV
0HKHKHFKRDORVMXGtRVFRPRMXGtRSDUDJDQDUDORVMXGtRVDORVTXHHVWiQVXMHWRVDODOH\DXQTXH
\RQRHVWpVXMHWRDODOH\FRPRVXMHWRDODOH\SDUDJDQDUDORVTXHHVWiQVXMHWRVDODOH\DWRGRVPHKHKHFKR
GHWRGR$VtTXH\RGHHVWDPDQHUDQRFRPRDODYHQWXUDGHHVWDPDQHUDSHOHRQRFRPRTXLHQJROSHDHO
DLUH
(VWD DELHUWD GHVDWHQFLyQ GH OD /H\ \ OD YROXQWDG GH GHFLU \ KDFHU FXDOTXLHU FRVD SDUD ORJUDU VXV
SURSLRV REMHWLYRV H[WUDxRV PXHVWUDQ SRU TXp 6DQWLDJR \ OD FRPXQLGDG TXPUDQD OODPDURQ D 3DEOR HO
0DQDQWLDO GH 0HQWLUDV (Q 5RPDQRV \ HQ WRGDV SDUWHV 3DEORH[WHULRUL]D VX GHVHR GH HQFRQWUDU XQD
FRPXQLGDGTXHQRKLFLHUDGLVWLQFLRQHVHQWUHMXGtRV\JULHJRV(VpVWHSUHFLVDPHQWHHOWLSRGHDPELFLyQTXH
FDUDFWHUL]yDODIDPLOLDGH+HURGHV\DVXVVHJXLGRUHV3DEORVHVDOLyGHVXFDPLQRSDUDOHJLWLPDUODVIXHU]DV
GH RFXSDFLyQ TXH H[SXOVDURQ D OD UDPD GH 'DYLG GH -HUXVDOpQ \ DVHVLQDURQ D VX UH\PHVtDV eO
UD]RQDED'HEHQ REHGHFHU D ODV DXWRULGDGHV JREHUQDQWHV <D TXH WRGR JRELHUQR SURYLHQH GH 'LRV ODV
DXWRULGDGHVFLYLOHVIXHURQQRPEUDGDVSRU'LRV
/DFLXGDGDQtDURPDQDGH3DEORHUDDWRGDVOXFHVPHUHFLGD
(VWH VHFXHVWUDGRU GHO FXOWR WLHQH TXH KDEHU HQJHQGUDGR XQ JUDQ RGLR \ PLHGR 6X IiFLO DFFHVR DO
FtUFXOR GHO SRGHU KHURGLDQR HQ -HUXVDOpQ HVWi FODUR HQ ORV +HFKRV \ VH VHxDOD D 3DEOR FRPR XQ SUREDEOH
FRQVSLUDGRU FRQWUD 6DQWLDJR (O SHOLJUR GHELy GH KDEHU VLGR FODUR SDUD 6DQWLDJR \D TXH WRPy JUDQGHV
SUHFDXFLRQHVSDUDHYLWDUGLULJLUD3DEORHOPLVPRWLSRGHFDOXPQLDVTXHVHOHGLULJtDQDpO3DEORFRQWLQXy
UREDQGR ORV VHFUHWRV GH OD FRPXQLGDG TXPUDQD SDUD VXV SURSLDV HQVHxDQ]DV (Q &RULQWLRV II 3DEOR
XWLOL]DODVHULHGHLPiJHQHVGHOHGLILFLR\GHFRORFDUORVFLPLHQWRVGHO+DEDFXF3HVKHUFXDQGRGHVFULEHVX
FRPXQLGDG FRPR HO HGLILFLR GH 'LRV UHILULpQGRVH D Vt PLVPR FRPR HO DUTXLWHFWR \ D -HVXFULVWR FRPR OD
SLHGUDDQJXODUREDVH!eVWRVVRQSRUVXSXHVWRWpUPLQRVXWLOL]DGRVSRU-HV~V\SRUWRGRVORVQD]DUHQRVTXH
KDQVLGRKHUHGDGRVDODIUDQFPDVRQHUtD
<DDQDOL]DPRVODLUDHQWUHORVQD]DUHQRVGH4XPUDQRULJLQDGDSRUODRSRVLFLyQGH3DEORKDFLD6DQWLDJRHO
-XVWR FRPR HO PHVtDV LQGLVFXWLEOH \ SRU VX IDOVD GHFODUDFLyQ GH TXH 3HGUR HUD HO OtGHU GH OD ,JOHVLD GH
-HUXVDOHQ6LQGXGD3DEORKDEtDLQWHQWDGRWRPDUHOOLGHUD]JRSDUDVtPLVPRFRQVXVIDOVDVSURFODPDFLRQHVGH
HQWUHQDPLHQWRFRPRIDULVHRFRQ*DPDOLHOXQJUDQGRFWRUGHODOH\SHURWHQtDHOLQVWLQWRSROtWLFRSDUDVDEHU
TXH pO QR SRGUtD ORJUDUOR 6X JUDGR GH LPSRSXODULGDG HQWUH OD JHQWH GH -HUXVDOHQ VH KDFH HYLGHQWH HQ HO
FDStWXORGHORV+HFKRV$TXt3DEORMX]JD PDOVXDXWRULGDG\HQWUDDOWHPSORSHURHVDUUDVWUDGRDIXHUD
SDUDVXOLQFKDPLHQWRSRUODPXOWLWXGUHXQLGDTXHORUHFRQRFHFRPRHOKRPEUHTXHSUHGLFyFRQWUDOD$OLDQ]D
GHOD&RPXQLGDG\FRQWUDOD/H\FXDQGRHVWDEDHQeIHVR(OGLVWXUELRTXHVHVXVFLWyWXYRTXHKDEHUVLGRGH
XQDHVFDODHQRUPH\DTXHOD%LEOLDQRVGLFHTXHWRGD-HUXVDOHQVHOHYDQWyHQXQUXJLGR\TXHYDULRVFLHQWRV
GHWURSDVURPDQDVIXHURQOODPDGRVGHODIRUWDOH]D$QWRQLD\SRUIRUWXQDSDUD3DEORDSDUHFLHURQHQHOSDWLR
GHOWHPSOR
&KULVYLVLWyHODQILWHDWURHQeIHVRGRQGH3DEORVHGLULJLyDODVPXOWLWXGHV\GRQGHVHODVDUUHJOySDUD
VXEHVWLPDU OD RFDVLyQ (Q HVD pSRFD eIHVR WHQtD XQD SREODFLyQ FRVPRSROLWD TXH LQFOXtD XQD GH ODV
FRPXQLGDGHVMXGtDVPiVJUDQGHVIXHUDGH,VUDHO,JXDOTXHORVMXGtRVGH$OHMDQGUtDPXFKRVHUDQWHUDSLVWDV
XQD VHFWD GH VDQDGRUHV HVWUHFKDPHQWH UHODFLRQDGRV FRQ ORV HVHQLRV GH 4XPUDQ (Q ODV UXLQDV WRUSHPHQWH
UHFRQVWUXLGDV &KULV HQFRQWUy XQD SLHGUD JUDQGH LQVFULWD FRQ OD PDUFD GH7KHUDSHXWDL XQD YDUD \ XQD
VHUSLHQWH TXH VH KD FRQYHUWLGR HQ HO VtPEROR GH OD PHGLFLQD HQ WRGR HO PXQGR (VWRV MXGtRV GH JUDQ
LQWHOLJHQFLD\ELHQLQIRUPDGRVQRWHQtDQWLHPSRSDUD3DEOR\VXVWRQWHUtDV\HODXWRSURFODPDGRSUHGLFDGRU
IXHHQFDUFHODGRHQXQSHTXHxRHGLILFLRVREUHXQD\HUPDFROLQDDSHQDVYLVLEOHGHVGHHODQILWHDWUR&KULVQR
SXGRPHQRVTXHSUHJXQWDUVHTXpWDQWRPHMRUVHUtDHOPXQGRVLKXELHUDQUHWHQLGRDOKRPEUHDKt
3DEORHVFDSyGHODUHYXHOWDHQ-HUXVDOpQYLYRSHURHQHODxRG&IXHHOWXUQRGH6DQWLDJRSDUD
VHU DWDFDGR HQ HO 7HPSOR GH -HUXVDOpQ /RV HVFULWRV GH (SLIDQLR 2ELVSR GH &RQVWDQFLD D G&
UHODWDQTXHWHVWLJRVYLVXDOHVGLMHURQTXH6DQWLDJROOHYDEDODSODFDSHFWRUDO\ODPLWUDGHXQVXPRVDFHUGRWH\
TXH SURFODPy FRPR SULPHU 2ELVSR GH -HUXVDOpQ HO GHUHFKR GH HQWUDU DO 6DQWR GH 6DQWRV XQD YH] DO DxR
3DUHFHSUREDEOHTXH6DQWLDJRLQWHQWDUDVHJXLUORVSDVRVGHVXKHUPDQRPD\RU\VHDEULHUDSDVRDIXHU]DKDFLD
HOWHPSORVLQDQXQFLDUVH\IXHUDDUUHVWDGRGHLQPHGLDWR(O1XHYR7HVWDPHQWRIXHDUUHJODGRSDUDH[FOXLUORV
GHWDOOHV GHO DVHVLQDWR SHUR XQ HYDQJHOLR UHFKD]DGR SRU HO SDJDQR HPSHUDGRU &RQVWDQWLQR 7KH 6HFRQG
$SRFDO\SVHRI-DPHV6HJXQGR$SRFDOLSVLVGH6DQWLDJRFRQWLHQHHOVLJXLHQWHUHJLVWURGHODFRQWHFLPLHQWR
ORVVDFHUGRWHVORHQFRQWUDURQGHSLHDXQODGRGHODVFROXPQDVGHOWHPSORMXQWRDODJUDQGLRVD
SLHGUD EDVH< GHFLGLHURQ WLUDUOR GHVGH HVD DOWXUD \ OR WLUDURQ < OR VXMHWDURQ \ >JROSHDURQ@
PLHQWUDV OR DUUDVWUDEDQ KDFLD OD WLHUUD /R HVWLUDURQ \ FRORFDURQ XQD SLHGUD VREUH VX
DEGRPHQ7RGRVSXVLHURQORVSLHVVREUHpOGLFLHQGR£+DVHUUDGR'HQXHYROROHYDQWDURQ\DTXH
pOVHJXtDYLYR\ORKLFLHURQFDYDUXQKR\R/RKLFLHURQPHWHUVHHQpO'HVSXpVGHKDEHUORFXELHUWR
KDVWDHOYLHQWUHORDSHGUHDURQ
3DUWHV GHO WHPSOR HVWDEDQ WRGDYtD HQ FRQVWUXFFLyQ \ OD SLHGUD FRORFDGD HQ HO DEGRPHQ GH 6DQWLDJR
VHJXUDPHQWHHVWDUtDHQSUHSDUDFLyQSDUDVXSURSyVLWRGHQWURGHODFRQVWUXFFLyQFRPRWDOELHQSRGUtDKDEHU
VLGRXQVLOODUHQEUXWRTXHHVHOWpUPLQRXWLOL]DGRSDUDGHVFULELUXQEORTXHGHIRUPDDSUR[LPDGDVDFDGRGHOD
FDQWHUD (V LQWHUHVDQWH REVHUYDU TXH HQ XQ 3DEHOOyQ 0DVyQLFR VH FRORFD XQ VLOODU HQ EUXWR HQ OD HVTXLQD
QRUHVWH
7DPELpQ H[LVWH XQD KLVWRULD FRQFHUQLHQWH D OD PXHUWH GH 6DQWLDJR TXH SXGLHUD WHQHU YtQFXORV
PDVyQLFRV+HJHVLSRDXWRULGDGFULVWLDQDGHOVLJORQG&HVFULELy
$VtTXHDUURMDURQD6DQWLDJRHO-XVWR\FRPHQ]DURQDDSHGUHDUOR\DTXHpOQRPXULySRUODFDtGD
SHUR pO VH DUURGLOOy GLFLHQGR2K 6HxRU 'LRV PL 3DGUH WH UXHJR ORV SHUGRQHV SRUTXH QR VDEHQ OR TXH
KDFHQ(QWDQWRTXHDVtORDSHGUHDEDQXQRGHORVVDFHUGRWHVGHORVKLMRVGH5HFKDEGHOFXDO-HUHPtDVHO
SURIHWDGDWHVWLPRQLRJULWy£'HWpQJDQVH¢4XpKDFHQ"(O-XVWRHVWiRUDQGRSRUXVWHGHV3HURXQRGHHOORV
TXHHUDEDWDQHURJROSHyODFDEH]DGHO-XVWRFRQVXJDUURWH
1RVHFUHHTXHHOJROSHPRUWDODVHVWDGRSRUHOJDUURWHGHEDWDQHURDODFDEH]DGH6DQWLDJRVHDXQ
KHFKRKLVWyULFRSHURVHQRVRFXUULyTXHTXL]iKD\DVLGRXQDWUDGLFLyQDJUHJDGDSRUORVTXPUDQRVSDUDFUHDU
XQD LPDJHQ H[DFWD GH +LUDP $ELI 'H HVWD PDQHUD HO PDUWLULR GH 6DQWLDJR HO 0DHVWUR GH OD 5HFWLWXG VH
FRQVLGHUDUtDXQDUHSHWLFLyQGHODPXHUWHGHODUTXLWHFWRGHOSULPHU7HPSORGH6DORPyQ\SRUORWDQWRGH
6HTHQHQUH7DR 8Q JROSH HQ OD IUHQWH PDWy D +LUDP $ELI FXDQGR HVWDED HQ HO SULPHU WHPSOR UHFLpQ
FRPHQ]DGR\RWURJROSHPDWyD6DQWLDJRHQHO~OWLPRWHPSORFDVLWHUPLQDGR/RVSDUDOHORVVRQGHPDVLDGR
IXHUWHVSDUDTXHHVWRVHDXQDFRLQFLGHQFLD
-RVHIR UHJLVWUy TXH ORV KDELWDQWHV GH -HUXVDOpQ VH RIHQGLHURQ HQ JUDQ PHGLGD SRU OD PXHUWH GH
6DQWLDJR\TXHHQVHFUHWRFRQWDFWDURQDOUH\$JULSDLQVWiQGRORDFDVWLJDUDOVXPRVDFHUGRWH$QDQXVSRUVXV
DFFLRQHVSHUYHUVDVHLOHJDOHV/RVMXGtRVDSDUHQWHPHQWHVHVDOLHURQFRQODVX\D\$QDQXVIXHGHSXHVWR
/D~QLFDSDUWHLPSRUWDQWHGHQXHVWUDLQYHVWLJDFLyQTXHKDSHUPDQHFLGRHQHOPLVWHULRHVHORULJHQGH
ORV QRPEUHV PDVyQLFRV GH ORV DVHVLQRV GH +LUDP $ELI TXH VH QRV GDQ FRPR -XEHOR -XEHOD \ -XEHOXP
$SDUWH GHO KHFKR DSDUHQWHPHQWH VLQ UHODFLyQ GH TXH MXEDO VLJQLILFD PRQWDxD HQ iUDEH SRGHPRV GHWHFWDU
PX\SRFRVLJQLILFDGR6LQHPEDUJRDOUHYLVDUFRQFXLGDGRODPXHUWHGH6DQWLDJRHO0DHVWURGHOD5HFWLWXG
GHVFXEULPRV XQ LQVWUXFWLYR DQiOLVLV GHO SURIHVRU (LVHQPDQ 5HILULpQGRVH DO +DEDFXF 3HVKHU HQFRQWUDGR HQ
4XPUDQGLFH
(O 3HVKHU TXH VH FRQYLHUWH HQ UHIHUHQFLD GH OD LUD \ ORV GtDV GH ILHVWD HQ ORV WH[WRV VXE\DFHQWHV
DQDOL]DFyPRHO6DFHUGRWH0DOYDGRSHUVLJXLyDO0DHVWUR-XVWRKDVWDFRQIXQGLUORRSDUDGHVWUXLUOR
FRQVXLUDHQVXFDVDGHUHWLURRHQODFDVDGRQGHIXHGHVFXELHUWRHOWpUPLQROpYDORQRDSDUHFHHQHO
WH[WRVXE\DFHQWHSHURLQGLFDXQDDFFLyQIXHUWH\VHXWLOL]DHQXQFRQWH[WRHQDSDUHQFLDYLROHQWR\
SUREDEOHPHQWHVLJQLILFDGHVWUXLU
(LVHQPDQFRQWLQ~DFRQODREVHUYDFLyQ
'DGR TXH OD DSDULFLyQ GH OD DOXVLyQ D OD FRSD GH LUD GHO 6HxRU UHSUHVHQWD OD YHQJDQ]D GLYLQD \ OD
UHWULEXFLyQSRUODGHVWUXFFLyQGHO0DHVWUR-XVWR\DTXHHOPLVPRSHVKHUKDFHODSURSRVLFLyQHQODVLJXLHQWH
VHFFLyQUHILULpQGRVHDODGHVWUXFFLyQGHORV3REUHV\DTXHpOPLVPRFRQVSLUyFULPLQDOPHQWHSDUDGHVWUXLUD
ORV3REUHVDVt'LRVORFRQGHQDUiDODGHVWUXFFLyQVHUiUHPXQHUDGRFRQODUHFRPSHQVDGDGDDORV3REUHV
DTXt HO VHQWLGR GH WHYDO
HQX FRPR FRQVHFXHQFLD GH ORV OHYDO
ROHYDO
DP DQWHULRUHV HV FLHUWDPHQWH HO GH OD
GHVWUXFFLyQ
¢(VSRVLEOHTXHODVWUHVSDODEUDVGHOSHVKHUTXHWUDWDEDQGHODPXHUWHGH6DQWLDJRHQORV5ROORVGHO
0DU0XHUWROHYDOROHYDO
DP\WHYDO
HQXKD\DQVLGRHORULJHQGH-XEHOR-XEHOD\MXEHOXP"
(OWHVRURGHORVMXGtRV
3DUHFtDSUREDEOHTXHODJXHUUDMXGtDGHORVDxRVG&KXELHUDVLGRFDXVDGDSRUODVWHQVLRQHVFUHDGDV
SRUHODVHVLQDWRGH6DQWLDJRHO-XVWR\HQFRQWUDPRVTXHpVWDHVXQDLGHDGH-RVHIR$XQTXHHOGRFXPHQWR
RULJLQDO\DQRH[LVWHVDEHPRVGHpOJUDFLDVDOSDGUHGHOD,JOHVLDGHOVLJORQL2UtJHQHVTXLHQVHUHILHUHDODV
REVHUYDFLRQHVGH-RVHIRSRUTXHORFRQIXQGHQ2UtJHQHVHVFULELy
$XQTXHQRFUHtDTXH-HV~VHUDHO&ULVWR-RVHIRDOEXVFDUODYHUGDGHUDFDXVDGHODFDtGDGH-HUXVDOpQ
GHEHGHKDEHUGLFKRTXHODSHUVHFXFLyQGH-HV~VIXHODFDXVDGHVXUXLQDSRUTXHODJHQWHKDEtDGDGR
PXHUWHDOPHVtDVSURIHWL]DGR6LQHPEDUJRFDVLFRQWUDVXYROXQWDG\VLQHVWDUOHMRVGHODYHUGDGGLFH
TXHODGHVJUDFLDFD\yVREUHORVMXGtRVHQYHQJDQ]DSRU6DQWLDJRHO-XVWRTXHHUDKHUPDQRGH-HV~V
HOVXSXHVWR&ULVWRSRUTXHORPDWDURQDXQTXHHUDXQKRPEUHSHUIHFWDPHQWHUHFWR
+R\PXFKRVFULVWLDQRVLJQRUDQPXFKDVFRVDVVREUHHOWHPDDOFXDOHVWiQWDQDSHJDGRVSHURFXDQGRXQRVH
SHUFDWDGHTXHHOPLQLVWHULRGH-HV~VGXUyVyORXQDxR\TXHHOGH6DQWLDJRGXUyYHLQWHHVREYLRTXHpVWHHUD
OD ILJXUD PiV SRSXODU HQ HO PRPHQWR /D SRVLFLyQ H LQIOXHQFLD GH 6DQWLDJR FRPR KHUPDQR GH -HV~V VH
HVWDEOHFHQHQORVUHJLVWURVDQWLJXRVSHURVHVXSULPHQHQODVHQVHxDQ]DVFDWyOLFDVGHPDQHUDTXHDORVOHJRV
\DXQDORVFOpULJRVVHOHVQLHJDLQIRUPDFLyQVREUHHOWHPD /DJXHUUDTXHHVWDOOyHQHODxRG&IXHHOSULQFLSLRGHFXDWURDxRVGHVDOYDMHIHURFLGDGFRQDFWRV
WHUULEOHVFRPHWLGRVSRUORVMXGtRVFRQWUDORVURPDQRVORVURPDQRVFRQWUDORVMXGtRV\ORVMXGtRVFRQWUDORV
MXGtRV/RVKRUURUHVTXHWXYLHURQOXJDUIXHURQWDQWHUULEOHVFRPRORVSHRUHVTXHVHKD\DQYLVWRHQHOPXQGR
D OD SDU FRQ OR SHRU GH ODV UHYROXFLRQHV IUDQFHVD \ UXVD -RVHIR HO KLVWRULDGRU GH ORV MXGtRV IXH HO
FRPDQGDQWH MXGtR HQ *DOLOHD +DVWD TXH FDPELy GH EDQGR \ GLR FD]D D VXV DQWLJXRV RILFLDOHV FRQ JUDQ
SDVLyQ$OSULQFLSLRORVMXGtRVORKLFLHURQELHQGHUURWDQGRDODOHJLyQVLULDTXHPDUFKDEDKDFLD-HUXVDOpQ
SHURQXQFDSXGLHURQVXSHUDUHOSRGHUGHOHMpUFLWRURPDQR
/RV QD]DUHQRV TXH FUHtDQ HQ HO SRGHU GH OD HVSDGD SDUD UHVWDXUDU ODV UHJODV GH 'LRV VH OODPDEDQ
]HORWHV\HVVHJXURTXHWRPDURQ-HUXVDOpQ\HOWHPSORHQQRYLHPEUHGHODxRG&*XLDGRVSRU-XDQGH
*LVFKDODORV]HORWHVGHVFXEULHURQTXHPXFKRVGHORVVDFHUGRWHVGHOWHPSOR\ORVOtGHUHVGHODFLXGDGTXHUtDQ
KDFHU OD SD] FRQ 5RPD 7DO SHQVDPLHQWR QR IXH WROHUDGR \ GH LQPHGLDWR VH HMHFXWy D WRGR DTXHO TXH
DOEHUJDUDHVDLGHD/DVIXHU]DVURPDQDVVHDFHUFDEDQFDGDYH]PiV\VHKL]RHYLGHQWHKDVWDSDUDHO]HORWH
PiVIHUYLHQWHTXHHOILQQRSRGtDHVWDUGHPDVLDGROHMRV(QODSULPDYHUDGHODxRG&VHWRPyODGHFLVLyQGH
HVFRQGHUORVWHVRURVGHOWHPSORORVSHUJDPLQRVVDJUDGRVODVYDVLMDV\ORVGLH]PRVGHIRUPDTXHQRFD\HUDQ
HQ PDQRV JHQWLOHV $FWXDURQ MXVWR D WLHPSR SRUTXH SDUD MXQLR ORV URPDQRV GHVWUX\HURQ -HULFy \ OD
FRPXQLGDG 4XPUDQ 'RV DxRV GHVSXpV -HUXVDOpQ FD\y HQ PDQRV GH 7LWR \ ORV ]HORWHV IXHURQ PXHUWRV R
WRPDGRVSULVLRQHURV\SRUILQPXULyHO~OWLPRGHORVMXGtRVTXHVDEtDORVVHFUHWRVGHORVQD]DUHQRVFXDQGROD
SREODFLyQHQWHUDGH0DVDGDVHVXLFLGyDQWHVGHUHQGLUVHDORVURPDQRV
/RV VHFUHWRV KHUHGDGRV D ORV QD]DUHQRV GHVGH 0RLVpV IXHURQ GHSRVLWDGRV FRPR HO SURIHWD KDEtD
GLFKRHQXQDEyYHGDEDMRORVFLPLHQWRVGHOWHPSORWDQFHUFDGHO6DQWRGH6DQWRVFRPRHUDSRVLEOH2WUDV
REUDVVHHVFRQGLHURQHQSRUORPHQRVRWUDVFLQFRXELFDFLRQHVGHORVDOUHGHGRUHVLQFOX\HQGRODVFXHYDVHQ
ODVFROLQDVTXHURGHDEDQ4XPUDQ8QRGHORVSHUJDPLQRVKDOODGRHQHVDVFXHYDVHVWDEDKHFKRGHXQDKRMD
GHFREUHGHXQRVGRV\PHGLRPHWURVGHODUJR\WUHLQWDFHQWtPHWURVGHDQFKRHQUROODGRGHORVERUGHVKDFLDHO
FHQWURIRUPDQGRXQUROORGREOHTXHDKRUDVHKDEtDSDUWLGRDODPLWDGHQGRVWXERV(QXQSULQFLSLRHOHTXLSR
GHLQYHVWLJDFLyQQRSXGROHHUORSRUTXHHVWDEDR[LGDGRSRUFRPSOHWRSHURHQXQHTXLSRGHO0DQFKHVWHU
&ROOHJH RI 7HFKQRORJ\ OR DEULy FRUWiQGROR HQ WLUDV \ OR UHFRQVWUX\y -RKQ $OOHJUR H[SOLFy VX HPRFLyQ DO
DFODUDUVHHOFRQWHQLGRGHOUROORGHFREUH
&RQIRUPHVHGHVFLIUDEDFDGDSDODEUD\VHKDFtDHYLGHQWHODLPSRUWDQFLDGHOGRFXPHQWRFRPSOHWR
DSHQDVSRGtDFUHHUORTXHYHtDQPLVRMRV&ODURPHUHKXVDEDSRUFRPSOHWRDGDUFUpGLWRDORHYLGHQWHKDVWD
TXH VH KXELHUDQ UHWLUDGR \ OLPSLDGR PiV WLUDV 6LQ HPEDUJR GHVSXpV GH TXH VH GHVFLIUDURQ XQD R GRV
FROXPQDVPiVGHOHVFULWRPHDSUHVXUpDHQYLDUFDUWDVD+DUGLQJFRQODQRWLFLDGHTXHODVFXHYDVGH4XPUDQ
KDEtDQ SURGXFLGR OD PD\RU VRUSUHVD GH WRGDV XQ LQYHQWDULR GHO WHVRUR VDJUDGR GH RUR SODWD \ MDUUDV GH
RIUHQGDVFRQVDJUDGDVDVtFRPRYDVLMDVVDJUDGDVGHWRGRWLSR !
/D LQWHUSUHWDFLyQ GH -RKQ $OOHJUR GHO 5ROOR GH &REUH LQGLFDED TXH KDEtD SRU OR PHQRV XQD FRSLD
PiVGHSRVLWDGDHQHOPLVPRWHPSOR
(QHO3R]R6KLWKTXHVHXQHSRUHOQRUWHHQXQDJXMHURTXHVHDEUHKDFLDHOQRUWH\HQWHUUDGRHQODERFD
XQDFRSLDGHHVWHGRFXPHQWRFRQXQDH[SOLFDFLyQ\ODVPHGLGDV\XQLQYHQWDULRGHFDGDFRVD\GHRWUDV
FRVDV
¢3RGUtDVHUpVWHHOUROORTXHORVWHPSODULRVKDOODURQSULPHUR"'HVHUDVtHOORVKDEUtDQVLGRFDSDFHV
GHSURGXFLUXQPDSDGHWHVRURSHUIHFWR(QVXVGHWDOODGDVQRWDV$OOHJURVHGHGLFyDGHPRVWUDUTXHHO6KLWK
TXHVLJQLILFDSR]RRFXHYDHVWDEDGLUHFWDPHQWHSRUGHEDMRGHODOWDUGHOWHPSORODFXHYDTXHFRQRFtDPRV
HVWDEDWDSDGDFRQHOEORTXHGHPiUPROFRQHODQLOORHQHOFHQWUR
(O 5ROOR GH &REUH FRQWLHQH OLVWDV GH HQRUPHV FDQWLGDGHV GH RUR SODWD REMHWRV SUHFLRVRV \ SRU OR
PHQRV YHLQWLFXDWUR SHUJDPLQRV GHQWUR GHO WHPSOR 6H GDQ LQVWUXFFLRQHV SDUD HQFRQWUDU VHVHQWD \ XQ
HVFRQGULMRVGLIHUHQWHVHOVLJXLHQWHHVXQHMHPSORGHGLFKDVOLVWDV
(QODFiPDUDLQWHULRUGHODVFROXPQDVJHPHODVTXHVRSRUWDQHODUFRGHODGREOHSXHUWDPLUDQGRKDFLDHOHVWH
HQODHQWUDGDHQWHUUDGDDWUHVFXELWRVHVFRQGLGDDKtKD\XQDMDUUDGHQWURGHHOODXQUROOREDMRWRGRHVWR
FXDUHQWD\GRVWDOHQWRV
(QODFLVWHUQDTXHHVWiDGLHFLQXHYHFXELWRVIUHQWHDODHQWUDGDRULHQWDODGHQWURKD\YDVLMDV\HQHO
KXHFRKD\GLH]WDOHQWRV
(Q OD &RUWH GH >"@ QXHYH FXELWRV EDMR HO H[WUHPR VXU YDVLMDV GH RUR \ SODWD SDUD HO GLH]PR
MRIDLQDVFRSDVWD]RQHVGHVDFULILFLRYDVLMDVGHOLEDFLyQHQWRGDVHLVFLHQWDVQXHYH
(QHOSR]R>"@TXHHVWiHQHO0/+0DOQRUWHYDVLMDVGHGLH]PR\YHVWLPHQWDV6XHQWUDGDHVWiEDMR
HOH[WUHPRRFFLGHQWDO
(QORVSDVDMHVVXEWHUUiQHRVGHORV$JXMHURVHQHOTXHPLUDKDFLDHOVXUHQWHUUDGRHQ\HVRDGLHFLVpLV
FXELWRVYHLQWLGyVWDOHQWRV
(QODERFDGHOPDQDQWLDOGHOWHPSORYDVLMDVGHSODWD\YDVLMDVGHRURSDUDHOGLH]PR\GLQHURVLHQGR
HQWRWDOVHLVFLHQWRVWDOHQWRV "
6DEtDPRVTXHHQG&ORVWHPSODULRVRULJLQDOHVHQFRQWUDURQDOJXQRVUROORV\DKRUDHQWHQGLPRV
SRUTXpKDEtDQSDVDGRRWURVRFKRDxRVH[FDYDQGREDMRODVUXLQDVGHOWHPSOR£/DH[SOLFDFLyQGHODV~ELWD
IDPD\IRUWXQDGHODRUGHQ\DQRHUDXQPLVWHULR
'HVSXpV GH TXH ORV MXGtRV SHUGLHURQ OD JXHUUD \ HO WHPSOR IXH GHVWUXLGR SRU ~OWLPD YH] ORV
SHUJDPLQRV HQWHUUDGRV SHUPDQHFLHURQ HQ HO ROYLGR \ ODV HQVHxDQ]DV GH -HV~V \ GH ORV QD]DUHQRV IXHURQ
UHHPSOD]DGDV SRU HO FULVWLDQLVPR TXH VHUtD PHMRU GHVFULWR FRPR HO SDXOLVPR 3HUR HO KHFKR GH TXH OD
WHRORJtDFULVWLDQDQRUHIOHMHHOFRQWHQLGRGHODVHQVHxDQ]DVVREUHYLYLHQWHVGH-HV~VPiVELHQVXJLHUHTXHHO
GRJPDHVXQDDGLFLyQPX\SRVWHULRU(VWDVGRFWULQDVTXH3DEORLQYHQWyHUDQSRUFRPSOHWRGLIHUHQWHVGHODV
LGHDVLJXDOLWDULDV\UHYROXFLRQDULDVGH-HV~V #
-HV~VIXHXQUHYROXFLRQDULR\XQSLRQHURGHOSHQVDPLHQWRGHPRFUiWLFR*UDFLDVD3DEOR\DOFXOWR
MHUiUTXLFRQRMXGtRTXHGHVDUUROOyODVHQVHxDQ]DVGH-HV~VVHHQWHUUDURQ\ROYLGDURQ3HURQRVRWURVVDEtDPRV
TXHGHEtDQUHVXFLWDU
$KRUD KDEtDPRV UHXQLGR ODV SLH]DV GH OD KLVWRULD GH FyPR IXHURQ VHSXOWDGRV ORV SHUJDPLQRV \
GHVDUUROODGR XQD KLSyWHVLV VXVWDQFLDO VREUH VX SUREDEOH FRQWHQLGR $ SDUWLU GH QXHVWUR UHFRUULGR SRU OD
KLVWRULDWHQtDPRVXQDKHEUDFRQWLQXDTXHYHQtDGHVGHHODVHVLQDWRGH6HTHQHQUH7DRYtDHOGHVDUUROORGHOD
QDFLyQMXGtDDOIORUHFLPLHQWRGHORVFRQFHSWRVGH0D
DWGHQWURGHODFRPXQLGDGTXPUDQD(QOD$VXQFLyQGH
0RLVpVHQFRQWUDPRVODVLQVWUXFFLRQHVSDUDHVFRQGHUORVSHUJDPLQRVVHFUHWRVHQHO6DQWRGH6DQWRVEDMRHO
WHPSOR\OHtPRVORVUHODWRVGHODGHVWUXFFLyQGHORVHVHQLRV\GHOWHPSORTXHUHFODPDEDQ(VWRD~QGHMDED
XQDEUHFKDGHPiVGHPLODxRVSRUOOHQDU
(Q HVWH SXQWR GHFLGLPRV UHYLVDU GH QXHYR ORV ULWXDOHV PDVyQLFRV TXH FRQRFtDPRV GHVGH HO $UFR
5HDOKDVWDORV5LWRVGHO*UDGR4XL]iORJUHPRVHQFRQWUDUPiVSUXHEDVSDUDQXHVWUDE~VTXHGDHQODYDVWD
SUROLIHUDFLyQ GH OLWHUDWXUD PDVyQLFD \ GH YDULDFLRQHV GH ORV ULWXDOHV (Q XQD HWDSD LQLFLDO GH QXHVWUD
LQYHVWLJDFLyQH[DPLQDPRVWDPELpQFRQJUDQDWHQFLyQODLJOHVLDFHOWDODFXDOWXYRXQDSRGHURVDLQIOXHQFLDHQ
HO GHVDUUROOR GH OD VRFLHGDG HVFRFHVD HQ HVH HQWRQFHV SHQVDPRV TXH TXL]i SRGUtD KDEHU LQIOXLGR HQ HO
5HQDFLPLHQWRGHORV&HOWDVGH5REHUWR%UXFHHOFXDOFRLQFLGLyFRQODFDtGDGHORVWHPSODULRV(VWHWUDEDMR
WDPELpQ SUHFLVDUtDGH XQDUHYLVLyQ SDUD YHU VL SRGtDPRV OOHQDU HVWD HQRUPH EUHFKD GH PLO DxRVHQ QXHVWUD
UHFRQVWUXFFLyQ GH OD KLVWRULD 'HFLGLPRV TXH QXHVWUD LQYHVWLJDFLyQ GHEHUtD FRQWLQXDU FRQ XQ HVWXGLR PiV
GHWDOODGRGHORTXHRFXUULyDOUHPDQHQWHGHOD,JOHVLDGH-HUXVDOpQGHVSXpVGHODGHVWUXFFLyQGHO7HPSORSRU
ORVURPDQRVSDUDYHUFyPRVHUHODFLRQDED²VLHVTXHVHUHODFLRQDED²FRQOD,JOHVLDFHOWD
&21&/86,Ï1
(VWXGLDU OD YLGD GH -HV~V WRPDQGR HQ FXHQWD OD LQIRUPDFLyQ UHFRSLODGD GH OD %LEOLD ORV 5ROORV GHO 0DU
0XHUWRODIUDQFPDVRQHUtDHOVHFUHWRUHFRQVWUXLGRGHODVFROXPQDV\RVFXURVWH[WRVMXGtRVKDGHPRVWUDGRVHU
LQFUHtEOHPHQWHIUXFWtIHUR'HVFXEULPRVTXH-HV~VR<DKRVKXDEHQ-RVHSKFRPRVHOHFRQRFtDWXYRXQPL
QLVWHULR DFWLYR GH VyOR XQ DxR SHULRGR GXUDQWH HO FXDO IXH PX\ SRFR SRSXODU WDQWR HQ 4XPUDQ FRPR HQ
-HUXVDOpQSXHVVHDXWRSURFODPyFRPRDPEDVFROXPQDV
&RQILUPDPRV TXH -HV~V Vt FRQWDED FRQ XQD pOLWH TXH JXDUGDED VHFUHWRV HVSHFLDOHV \ XWLOL]DED
H[SUHVLRQHV FRPR FRQYHUWLU HO DJXD HQ YLQR FRPR PHWiIRUDV SDUD DFRQWHFLPLHQWRV FRPXQHV 2WUDV GHV
FULSFLRQHVTXHDKRUDFRPSUHQGHPRVLQFOXtDQWpUPLQRVFRPRSHFDGRUHV\UDPHUDVERUUDFKRV\SURVWLWXWDV
TXHVLPSOHPHQWHVLJQLILFDEDQJHQWHTXHVHPH]FODEDFRQORVURPDQRV,QFOXVRIXHSRVLEOHWUDGXFLUHOPLVPR
3DGUH1XHVWURDVXYHUGDGHURVLJQLILFDGR
(VWDEOHFLPRV TXH ORV TXPUDQRV XVDEDQ OD UHVXUUHFFLyQ VLPXODGD FRPR SUXHED GH DGPLVLyQ D VX
JUDGRPiVDOWRGHVLJQDQGRDORVLQLFLDGRVFRPRORVYLYRV\DWRGRVORVGHPiVFRPRORVPXHUWRV8QEXHQ
HMHPSORGHODPDQHUDHQTXHORVVHJXLGRUHVGH-HV~VXWLOL]DEDQHVWDUHVXUUHFFLyQHQYLGDFRPRHQWUDGDDVX
FtUFXORLQWHULRUHVODKLVWRULDGH$QDQtDV\6DILUDTXHGHPRVWUyTXHODPHPEUHVtDHQHVWDpOLWHHUDUHYHUVLEOH
/DKLVWRULDGH/i]DURGHPRVWUyTXHXQDSHUVRQDSRGtDXQLUVHLUVH\YROYHUVHDXQLUHODEDQGRQRVHGHVFULEtD
FRPRPXHUWHWHPSRUDO
(OSDSHOGHODVFROXPQDVIXHDEVROXWDPHQWHFHQWUDOHQWRGRORTXH-HV~VKL]R\FXDQGRORDUUHVWDURQ
HQHO+XHUWRGH*HWVHPDQtHVWDEDGLULJLHQGRXQDFHUHPRQLDGHUHVXUUHFFLyQYLYDDWDQVyORWUHVFLHQWRVYHLQWH
PHWURV GH ODV FROXPQDV JHPHODV GHO 7HPSOR GH -HUXVDOpQ (QFRQWUDPRV RWUR YtQFXOR GLUHFWR FRQ OD
IUDQFPDVRQHUtD HQ OD LPDJHQ GH OD HVWUHOOD PDWXWLQDOD (VWUHOOD VH HOHYDUi GH 6DQWLDJR XQ &HWUR SDUD
JREHUQDUHOPXQGR
1XHVWUDKLSyWHVLVDQWHULRUGHTXHKXERGRV-HVXFULVWRVTXHGDEDGHPRVWUDGD\DKRUDVDEtDPRVTXHHO
TXH PXULy HUD <DKRVKXD EHQ -RVHSK ²HO UH\ GH ORV MXGtRV² \ TXH VX KHUPDQR 6DQWLDJR <DFRE EHQ
-RVHSKHUD-HV~V%DUUDEiVGHVLJQDGRHVHGtDFRPRHOKLMRGH'LRV'HVFXEULPRVHOGLVFXUVRGH6DQWLDJR
SHUGLGR ODUJR WLHPSR DWUiV HPLWLGR GHVSXpV GH OD FUXFLIL[LyQ HQ HO 3DWLR GH ORV *HQWLOHV PLVPR TXH IXH
GHIRUPDGRSRUORVFULVWLDQRVSRVWHULRUHVSDUDFUHDUODEDVHGHODQWLVHPLWLVPRTXHGXUDUtDFDVLGRVPLODxRV
$KRUDFUHtDPRVFRPSUHQGHUHORULJHQGHDTXHOFXULRVRFRQFHSWRFULVWLDQRGHOD6DQWD7ULQLGDGTXH
GHVFULEHDO3DGUHDO+LMR\DO(VStULWX6DQWRFRPRWUHVSHUVRQDVHQXQVROR'LRV3DUDQRVRWURVHVWHIRUPDWR
GH WUHV GLRVHV VLHPSUH KD GHPRVWUDGR TXH HO FULVWLDQLVPR QR HV XQD UHOLJLyQ PRQRWHtVWD $GHPiV QR
SRGtDPRV FRPSUHQGHU TXLpQ HUD HO (VStULWX 6DQWR VL HUD -HV~V R HUD DOJXLHQ PiV /RV FULVWLDQRV HYLWDQ
PHGLWDU GHPDVLDGR VREUH OD 7ULQLGDG SRUTXH QR WLHQH VHQWLGR (O RULJHQ GH OD 7ULQLGDG GHEH HVWDU HQ HO
SDUDGLJPDGHODVFROXPQDV'LRV3DGUHHVODSLHGUDDQJXODUREDVHVKDORPHO KLMRGH'LRVHVODFROXPQD
WVHGHT \ HO UH\ GH ORV MXGtRV HV OD FROXPQD PLVKSDW /DV GRV FROXPQDV VRQ FRPSOHWDPHQWH WHUUHQDOHV \
FXDQGRHODUFRRGLQWHOFHOHVWLDOHVWpHQVXOXJDUVHORJUDUiODSHUIHFWDDUPRQtDHQWUH'LRV\6XVVXEGLWRV
(OXVRGHODVFROXPQDV\GHGHVFULSFLRQHVFRPR-HVXFULVWROD3LHGUD$QJXODUWLHQHQSRGHURVDVFRQH[LRQHV
FRQODIUDQFPDVRQHUtDSHURGHLJXDOPDQHUDGHVFXEULPRVHFRVHYLGHQWHVGHORULJHQHJLSFLRGHORVVHFUHWRV
MXGtRV(OVtPERORGHODFUX]FULVWLDQDUHVXOWDQRWHQHUHOPHQRUSDUHFLGRFRQODHVWUXFWXUDHQODTXH-HV~V
PXULyHQFDPELRWLHQHODIRUPDGHXQDQWLJXRMHURJOtILFRHJLSFLRTXHVLJQLILFDVDOYDGRU/DLQVLJQLDGHXQ
RELVSR XWLOL]DGD SRU 6DQWLDJR \ XVDGD KDVWD KR\ UHVXOWD VHU RWUR MHURJOtILFR TXH VLJQLILFD $PyQ HO GLRV
FUHDGRUGH7HEDV
'HVFXEULPRVTXHHOQRPEUH4XPUDQVLJQLILFDEDXQDUFRVREUHGRVFROXPQDVORTXHFRQILUPDTXH
HVWDLPDJHQHUDEiVLFDHQODYLVLyQGHOPXQGRGHODFRPXQLGDG
,QYHVWLJDPRVTXHHOFRPLHQ]RGHOD,JOHVLDFULVWLDQDQRHVWXYRUHODFLRQDGDFRQ-HV~VIXHODLQYHQFLyQGHXQ
IRUDVWHUROODPDGR6D~OSRVWHULRUPHQWH3DEOR(VWDPRVVHJXURVGHTXHpOHVHOSHUVRQDMHLGHQWLILFDGRHQORV
5ROORV GHO 0DU0XHUWR FRPR HO 0DQDQWLDOGH0HQWLUDV \ TXH IXHpO TXLHQ FRPEDWLy FRQWUD 6DQWLDJR SDUD
DSRGHUDUVH GHO FXOWR QD]DUHQR< IXH 3DEOR MXQWR FRQ VXV VHJXLGRUHV HO TXH QR SXGR FRPSUHQGHU HO
SDUDGLJPDGHODVFROXPQDV\WHUPLQyLQWHQWDQGRUDFLRQDOL]DUHOSHQVDPLHQWRMXGtRLQYHQWDQGRODSHFXOLDU\
SRUFRPSOHWRDQWLMXGtDLGHDGHOD6DQWD7ULQLGDG
0iVLPSRUWDQWHD~QDKRUDVDEHPRVTXHORVQD]DUHQRVGH4XPUDQFUHtDQTXHKDEtDOOHJDGRHOILQGH
VXpSRFDDVtTXHRFXOWDURQVXVSHUJDPLQRVPiVVHFUHWRVHQXQDEyYHGDEDMRORVFLPLHQWRVGHOWHPSORWDQ
FHUFDGHO6DQWRGH6DQWRVFRPRSXGLHURQ(QODJXHUUDTXHVLJXLyODPD\RUSDUWHGHORVMXGtRVTXHYLYtDQ
FHUFDGH-HUXVDOpQPXULHURQRKX\HURQ\ORVSHUJDPLQRVHQWHUUDGRVSHUPDQHFLHURQHQHOROYLGRKDVWDTXHXQ
SLFRWHPSODULRVHDEULySDVRSDUDUHVFDWDUORV
1RWDV
*:%XFKDQDQHV0VWKH.LQJDQG+LV.LQJGRP
,ELG
5REHUW(LVHQPDQHQHOSURJUDPD+RUL]RQGHOD%%&HOGHPDU]RGH
0RUWRQ6PLWK7KH6HFUHW*RVSHO
*:%XFKDQDQRSFLW
+XJK6FKRQILHOG7KRVH,QFUHGLEOH&KULVWLDQV
5REHUW(LVHQPDQ7KH+DEDNNXN3HVKHU
+\DP0DFFRE\7KH0\WKPDNHU
5REHUW(LVHQPDQRSFLW
5REHUW(LVHQPDQ+DEDNNXN3HVKHU7H[WXDO([HJHVLV
+XJK6FKRQILHOG7KH(VVHQH2G\VVH\
-RKQ$OOHJUR7KH'HDG6HD6FUROOV
-RKQ$OOHJUR7KH7UHDVXUHRIWKH&RSSHU6HUROt
5XSHUW)XUQHDX[7KH2WKHU6LGHRIWKH6WRU\
&DStWXOR
/DUHVXUUHFFLyQ
/RVYHVWLJLRVGHOD,JOHVLDGH-HUXVDOpQ
(OGHVDUUROORGHOIDOVRFUHGRGHO&ULVWRFRQVXPLyODVHQVHxDQ]DVQD]DUHQDVGH-HV~VSHURHQFRQWUDPRVFODUD
HYLGHQFLD GH TXH KXER DOJXQRV VREUHYLYLHQWHV GH OD JXHUUD MXGtD GH ORV DxRV D G&\ TXH pVWRV
FRPXQLFDURQ OD HVHQFLD GHO PHQVDMH GH -HV~V D SDtVHV H[WUDQMHURV HQWUH HOORV ODV ,VODV %ULWiQLFDV YtD
$OHMDQGUtD HQ (JLSWR 8QD VHFWD OODPDGD HELRQLWDV HUD GHVFHQGLHQWH GLUHFWD GH OD ,JOHVLD GH 6DQWLDJR HO
PLVPR QRPEUH TXHORV TXPUDQRV XVDEDQSDUD Vt PLVPRV HELRQLP TXHFRPR \D VDEtDPRV VLJQLILFDEDORV
SREUHV(VWDVHFWDFRQVHUYyFRQJUDQUHVSHWRODVHQVHxDQ]DVGH6DQWLDJRHO-XVWR\FUHtDTXH-HV~VIXHXQ
JUDQPDHVWURSHURXQKRPEUHPRUWDOQRXQGLRV$~QVHFRQVLGHUDEDQMXGtRV\FUHtDQTXH-HV~VIXHHO0HVtDV
GHVSXpVGHVXFRURQDFLyQFRQ-XDQ/RVUHJLVWURVLQGLFDQTXHHVWDVHFWDRGLDEDD3DEORDTXLHQFRQVLGHUDED
HOHQHPLJRGHODYHUGDG'XUDQWHXQODUJRWLHPSRGHVSXpVGHODPXHUWHGH-HV~V\GH6DQWLDJRORVWpUPLQRV
HELRQLWD \ QD]DUHQR VLJQLILFDEDQ QDGD PHQRV TXH OR PLVPR \ HVWDV SHUVRQDV HVWXYLHURQ FRQGHQDGDV SRU
DPERVQRPEUHVSRUOD,JOHVLDGH5RPDFRPRKHUHMHV6LQHPEDUJRWRGRVORVGHVFHQGLHQWHVGHOD,JOHVLDGH
-HUXVDOpQ H[FHSWR OD GHVYLDGD GLYLVLyQ SDXOLQD FUHtDQ TXH -HV~V IXH XQ KRPEUH \ QR XQ GLRV DVt TXH ORV
YHUGDGHURVSDJDQRV\KHUHMHVVRQHOHQMR\DGR9DWLFDQR\VXVVHJXLGRUHV
5REHUW FUHFLy HQ XQ DPELHQWH GH KDEOD JDOHVD \ GXUDQWH ODUJR WLHPSR KD HVWDGR LQWHUHVDGR HQ OD
,JOHVLD &HOWD \ HQ OD PLWRORJtD GH VXV DQWHSDVDGRV &UHFLy FRQ OD FUHHQFLD GH TXH HO FULVWLDQLVPR OOHJy D
,UODQGDGHVGH$OHMDQGUtDYtD(VSDxDSRVLEOHPHQWHHQHODxRG&\TXHHODLVODPLHQWRGHHVHSDtVGHOD
(XURSDURPDQL]DGD SHUPLWLy HO GHVDUUROOR GH XQ WLSRGLVWLQWLYR GHFULVWLDQLVPR (Q D& 3DWULFLRIXHD
,UODQGD \ HQ FLHUWR PRPHQWR SRVWHULRU GH VX YLGD VH GLFH TXH QDXIUDJy KDFLD OD FRVWD QRUWH GH $QJOHVH\
GRQGHEXVFyUHIXJLDUVHGHODWRUPHQWDHQXQDFXHYDGHXQDSHTXHxDLVODQRPX\OHMRVGHOKRJDUDFWXDOGH
5REHUW 6HJ~Q OD OH\HQGD FXDQGR HO VDQWR ORJUy OOHJDU D WLHUUD HQ HO FDER FRQVWUX\y OD LJOHVLD GH
/ODQEDGULJSDUD GDU JUDFLDV D 'LRV SRU VX VDOYDFLyQ +D\ RWUD LJOHVLD SRVWHULRU GHGLFDGD D 3DWULFLR 6DQW
3DGULJ HQ JDOHV HQ OD FLXGDG 6HJ~QODV YHUVLRQHVFDWyOLFDVGHOD KLVWRULDVHVXSRQHTXH YHQtDGH 5RPD
SHURHVWDOH\HQGDQXQFDIXHDFHSWDGDSRUORVHVWXGLRVRVFHOWDVSRUTXHORVHVFULWRVGH3DWULFLRTXHVHVDOYDURQ
GHPXHVWUDQTXHIXHVHJXLGRUGHOD+HUHMtD$UULDQDSXHVQRFUHtDHQHOQDFLPLHQWRYLUJLQDO\WDPSRFRFUHtD
TXH-HV~VIXHUDDOJRPiVTXHXQPRUWDO
(VWDV LGHDV IXHURQ SHUVHJXLGDV GH PDQHUD DFWLYD SRU OD ,JOHVLD 5RPDQD SHUR QR WXYLHURQ SRGHU
DOJXQRHQORVPXFKRVUHLQDGRVGH,UODQGD(VFRFLD\HOQRUWHGH,QJODWHUUDKDVWDHO6tQRGRGH:KLWE\HQ
G&6XWUDGLFLyQGH6DQ3DWULFLRSURSRQHTXHpOLQWURGXMRODFRUULHQWHSULQFLSDOGHOFULVWLDQLVPRURPDQRDO
SDtV HQ HO VLJOR Y G& SHUR HO VLVWHPD GH RELVSRV FRQ GLyFHVLV WHUULWRULDOHV EDVDGR HQ HO VLVWHPD
DGPLQLVWUDWLYR GHO ,PSHULR 5RPDQR VLPSOHPHQWH QR H[LVWtD HQ HVH HQWRQFHV (VWD YHUVLyQ GH OD OH\HQGD
SDUHFHVHUXQLQWHQWRFDUDFWHUtVWLFRGHOD,JOHVLDURPDQDGHDSRGHUDUVHGHXQVDQWRORFDO\FDPELDUVXKLVWRULD
SDUDUHIOHMDUVXYHUVLyQSUHGLOHFWDGHODPLVPD/DYHUGDGHVTXHGXUDQWHORVVLJORVY\YLORVPRQDVWHULRV
LUODQGHVHVVHFRQYLUWLHURQHQJUDQGHVFHQWURVGHDSUHQGL]DMHEDMRORVDXVSLFLRVGHOD,JOHVLDFHOWDHQYLDQGR
PLVLRQHURVFRPRORVVDQWRV&ROXPED,OWXW\'XEULFLRDOD]RQDFHOWDGH(XURSD
/RTXHIXHSDUDODPD\RUSDUWHGH(XURSDHO2VFXUDQWLVPRSDUD,UODQGDIXHXQSHULRGRGRUDGRDO
FRQYHUWLUVHHQHOOXJDUGHPD\RUFRQRFLPLHQWRGHOPXQGRFULVWLDQR(ODUWHUHOLJLRVRFRPRHO$UGDJE&KDOLFH
&iOL]GH$UGDJK\HO%RRNRI.HOOVOLEURGH.HOOV\RWURVLOXPLQDGRVPDQXVFULWRVIORUHFLHURQMXQWRDORV
ORJURVDUWtVWLFRVLQFOXVRSDJDQRVFRPRHOGH7DUD%URRFK\ODJUDQpSLFDLUODQGHVD7DLQ%R&XLODQJH/D
,JOHVLDFHOWDVHH[WHQGLyGH,UODQGDD*DOHVD(VFRFLD\DOQRUWHGH,QJODWHUUD\VXVHUPLWDxRV\VDFHUGRWHV
FRQVWUX\HURQPXFKDVLJOHVLDVSHTXHxDVHQODVSDUWHVPiVDJUHVWHVGHORHVWHGH%UHWDxD1RVHFRQVWUX\HURQ
LJOHVLDV SDUD VHUYLU ODV QHFHVLGDGHV GH DGRUDFLyQ GH OD SREODFLyQ ORFDO GDGR TXH ORV HVWXGLRV JHRJUiILFRV
PRGHUQRVGHPXHVWUDQTXHPXFKDVGHHVWDVPX\SULPLWLYDVLJOHVLDVQRVHHQFRQWUDEDQHQDEVROXWRHQFHQWURV
SREODFLRQDOHV (UDQFRPR4XPUDQSXHVWRVDLVODGRVHQSDUDMHVVROLWDULRVGRQGHORVVDQWRVSXGLHUDQUHILQDU
VXUHFWLWXG\FRPRFRQVHFXHQFLDDOIXQGDGRUGHFDGDPRQDVWHULRRFRQYHQWRVHOHFRQVLGHUDEDVDQWR
(QXQDHWDSDSUHYLDGHQXHVWUDLQYHVWLJDFLyQQRVGLPRVFXHQWDGHODLPSRUWDQFLDGHOYtQFXORHQWUH
ORVFHOWDV\ODWHRORJtDGHORVVXPHULRV\HVWXGLDPRVORVGLVHxRVDQXGDGRV\HQWUHOD]DGRVGHORVFHOWDVTXH
PXHVWUDQXQDIXHUWHUHODFLyQFRQHODUWHGH0HGLR2ULHQWH&RPR\DGLMLPRVQRKD\GXGDDOJXQDGHORULJHQ
GH HVWRV HXURSHRV GHO QRUWH SXHV ORV DQiOLVLV GHO $'1 GH DOJXQRV FHOWDV GH ORV WLHPSRV PRGHUQRV GH
FRPXQLGDGHVUHPRWDVFRPRDTXHOODHQODTXH5REHUWKDGHFLGLGRYLYLUPXHVWUDQXQDFRUUHVSRQGHQFLDFRQ
DOJXQRVJUXSRVWULEDOHVGHOQRUWHGHÈIULFD$GHPiVKD\XQSXQWRHVHQFLDOGHOSHQVDPLHQWRFHOWDTXHWLHQH
XQDDILQLGDGQDWXUDOFRQHOMXGDLVPR\SRUORWDQWRFRQHOFULVWLDQLVPRGH6DQWLDJRHOFXDOKDEtDFUHFLGR
GHVGHODWLHUUDVXPHULD\HQODWUDGLFLyQFHOWDKD\IXHUWHVVLPLODULGDGHVFRQODUHOLJLyQVXPHULD
&XDQGR VH OH FRQWy OD KLVWRULD GH -HV~V XQ UH\ FHOWD OD DFHSWy GH LQPHGLDWR GLFLHQGR TXH HO
FULVWLDQLVPR ORV KD DFRPSDxDGR GXUDQWH PLO DxRV! /D QXHYD UHOLJLyQ VH IXVLRQy FRQ DOJXQDV GH ODV
FUHHQFLDVGUXLGDV\FUHFLyDEDUFDQGR,UODQGD(VFRFLD*DOHV\HOQRUWH\HOVXURHVWHGH,QJODWHUUD/D,JOHVLD
FHOWDGLIHUtDJUDQGHPHQWHGHOWLSRURPDQRGHFULVWLDQLVPRTXHKDEtDLQYDGLGRHOUHVWRGH(XURSD1RFUHtDHQ
/D9LUJHQ0DUtD/DGLYLQLGDGGH-HV~V
4XHHO1XHYR7HVWDPHQWRVXVWLWXtDDO$QWLJXR4XHHO3HFDGR2ULJLQDOHUDLQHYLWDEOHSHURTXHSRGtD
VHUH[SLDGRSRUYROXQWDGLQGLYLGXDO\EXHQDVREUDV6tFUHtDHQ
/DWRQVXUDGUXLGDVHUDVXUDEDQODPLWDGIURQWDOGHODFDEH]D)HFKDUOD3DVFXDGHDFXHUGRFRQOD/XQD/OHQD
\HOFDOHQGDULRMXGtR
3RUILQGHVSXpVGHXQGHEDWHGHFLQFXHQWDDxRVOD,JOHVLDURPDQDRILFLDOPHQWHDEVRUELyDODFHOWDHQ
HO 6tQRGR GH :KLWE\ UHDOL]DGR HQ G& SHUR OD RFXOWD FRUULHQWH GHO SHQVDPLHQWR QD]DUHQR FRQWLQXy
IRPHQWiQGRVHSRUGHEDMRGHODVXSHUILFLHFDWyOLFDTXHVHJ~QQRVRWURVPiVWDUGHSURSRUFLRQDUtDODFXQDSDUD
ODVUHQDFLGDVHQVHxDQ]DVGH-HV~V
6L ELHQ KDEtD EDVHV ILUPHV SDUD TXH FUH\pUDPRV TXH HO FULVWLDQLVPR FHOWD HVWDED FRQHFWDGR FRQ OD
YHUGDGHUD ,JOHVLD DOLDV HO PRYLPLHQWR QD]DUHQR QR H[SOLFDED OD SXUH]D \ HO GHWDOOH FRQWHQLGRV HQ ORV
ULWXDOHVGHODIUDQFPDVRQHUtD(QHVWHSXQWRHPSH]iEDPRVDVHQWLUSRUSULPHUDYH]TXHSRGtDPRVKDEHUQRV
WRSDGRFRQXQFDOOHMyQVLQVDOLGD\VLQXQVLJXLHQWHSDVRREYLRSRUGDU3HURHVWRQRGXUyPiVTXHXQGtDR
GRVSRUTXHGXUDQWHVXYLVLWDDRWUDORJLD5REHUWVHODVLQJHQLySDUDFRQVHJXLUXQSHTXHxR\PX\UHYHODGRU
OLEUR9HUGHHLQVLJQLILFDQWHQRWHQtDPiVGHGLH]SRUVLHWHFHQWtPHWURVSHURSDUDQRVRWURVYDOtDVXSHVRHQ
RUR\PXFKRPiV
<D HUD SDVDGD OD PHGLDQRFKH FXDQGR &KULV IXH GHVSHUWDGR SRU HO WLPEUH GH OD SXHUWD VHJXLGR GH
XQRVIXHUWHVWRTXLGRV6XLUULWDFLyQLQLFLDOSURQWRVHFDOPyFXDQGRDEULHURQHOOLEURVREUHODIUDQFPDVRQHUtD
GHO$UFR5HDO\H[DPLQDURQVXFRQWHQLGR(VWDHGLFLyQVHLPSULPLyGHIRUPDSULYDGDHQ/RQGUHVHQ\
SRU FRQVLJXLHQWH HUD DQWHULRU D ORV FDPELRV TXH VH KDQ KHFKR DO ULWXDO GHO 6DJUDGR $UFR 5HDO GHELGR D
SUHVLRQHV D OD *UDQ /RJLD SRU SDUWH GH IXHQWHV DMHQDV D OD PDVRQHUtD 7HQtDPRV DQWH QRVRWURV HO ULWXDO
RULJLQDO UHJLVWUDGR DQWHV GH WRGRV ORV FDPELRV H LQQRYDFLRQHV UHFLHQWHV UHDOL]DGRV SRU KRPEUHV TXH QR
FRPSUHQGtDQODLPSRUWDQFLDGHODWUDGLFLyQTXHPRGLILFDURQFRQWDQWDOLJHUH]D
(Q ODV SiJLQDV GH HVWH OLEUR HQFRQWUDPRV QDGD PHQRV TXH £OD KLVWRULD FRPSOHWD H LQDOWHUDGD GHO
GHVHQWHUUDPLHQWRGHORVUROORVGHOWHPSOR
/HtPRV TXH HO FDQGLGDWR SDUD HVWH JUDGR HV SXHVWR D SUXHED FRQ UHVSHFWR D ODV SUHJXQWDV GH ORV
SULPHURVWUHVJUDGRVGHOD&LHQFLDDQWHVGHVHUDGPLWLGRDOVDOyQGHODORJLD/DKDELWDFLyQDODTXHHQWUDHV
PX\GLIHUHQWHGHODORJLDTXHKDFRQRFLGRHQORVYDULRVJUDGRVGHODFLHQFLDPDVyQLFD\VXVGLJQDWDULRVQR
VRQ HO 0DHVWUR 9HQHUDEOH \ VXV GRV 9LJLODQWHV VLQR ORV 7UHV 3ULQFLSDOHV TXH IRUPDQ OR TXH VH OODPD XQ
6DQHGUtQQRPEUHMXGtRGHOFRQVHMRGHDQFLDQRVGHO6HJXQGR7HPSORTXHUHSUHVHQWDODSRGHURVDWHUQDGH
6DFHUGRWH5H\\3URIHWD(OORVDILUPDQWHQHUHOQRPEUHGHORVWUHVSULQFLSDOHVTXHVHJ~QODRUGHQWXYLHURQ
ORTXHVHOODPDODWHUFHUDR*UDQGH\5HDO/RJLDHQHOVHJXQGRWHPSORGHVSXpVGHOUHJUHVRGHOFDXWLYHULRHQ
%DELORQLD
&RQWLQXDQGRFRQODOHFWXUDGHVFXEULPRVTXHHVWDWHUQDHVWDEDFRPSXHVWDSRU+DJJDLHO3URIHWD-RVXpKLMRGH
-RVHGHFKHO VXPR VDFHUGRWH \ KHUHGHUR GH ODV WUDGLFLRQHV GH $DUyQ \ ORV OHYLWDV \ =RUREDEHO UH\
SHUWHQHFLHQWHDODFDVDGH'DYLG/DVGRVORJLDVDQWHULRUHVHUDQOODPDGDVOD3ULPHUDR6DQWD/RJLDDELHUWDSRU
0RLVpV$KROLDE\%H]DOHHODOSLHGHOPRQWH+RUHEHQHOGHVLHUWRGHO6LQDt\ODVHJXQGDROD/RJLD6DJUDGD
GH6DORPyQUH\GH,VUDHO+LUDPUH\GH7LURH+LUDP$ELIHQODVHQWUDxDVGHOPRQWH0RULDK
$O OHHU OD GHVFULSFLyQ GH OD HVWUXFWXUD GHO $UFR 5HDO IXLPRV GH VRUSUHVD HQ VRUSUHVD 6L QRV
KXELpUDPRV HQWHUDGR GH HVWD RUGHQ GHVGH HO SULQFLSLR FRQ VHJXULGDG OD KDEUtDPRV LJQRUDGR GH LQPHGLDWR
FRPRXQDWRQWHUtDURPiQWLFDSHURDODOX]GHQXHVWURWUDEDMRKDVWDHVHGtDSRGtDPRVWRPDUODFRQPXFKD
VHULHGDG
(O0DHVWUR0DVyQTXHGHVHDVHUH[DOWDGRDO6XSUHPR*UDGRGHO6DJUDGR$UFR5HDOGHEHSUREDUVH
SULPHURFRQWHVWDQGRODVSUHJXQWDVGHO7HUFHU*UDGRGHOD&LHQFLDDQWHVGHTXHVHOHGpXQDSUHWyQGHPDQRV
\XQDFRQWUDVHxDHOVLJQLILFDGRGHODFXDOHVPLSXHEORKDREWHQLGRPLVHULFRUGLDSDUDSHUPLWLUOHODHQ
WUDGD (O FDQGLGDWR SRUWD VX GHODQWDO GH 0DHVWUR 0DVyQ \ OH YHQGDQ ORV RMRV FRQ XQD SLH]D GH WHOD TXH
DPDUUDQDVXFLQWXUD$QWHVGHTXHVHOHSHUPLWDODHQWUDGDDODVDODGHODORJLDTXHHQHVWHJUDGRVHOODPD
&DStWXORVHFXEUHHOWURQRTXHPiVDGHODQWHIRUPDSDUWHGHODFHUHPRQLD6HSUHJXQWDDOFDQGLGDWRVREUHVXV
UD]RQHV SDUD GHVHDU HQWUDU DO &DStWXOR \ OXHJR VH OH SLGH TXH VH DUURGLOOH PLHQWUDV VH GLFH XQD RUDFLyQ
OODPDQGR DO 7RGRSRGHURVR \ DO 3DGUH (WHUQR GHO XQLYHUVR D EHQGHFLU ORV SURFHGLPLHQWRV \ DSR\DU DO
FDQGLGDWRHQVXSURFHVRGHH[DOWDFLyQ(O3ULPHU3ULQFLSDOFRPSUXHEDTXHHOFDQGLGDWRFUHDHQHOYHUGDGHUR
\YLYR'LRVHO0iV$OWRDQWHVGHSHGLUOHTXHDYDQFHKDFLDHOSHGHVWDOFXELHUWRHQXQDVHFXHQFLDGHVLHWH
SDVRVTXHHPXODQODVDFFLRQHVGHXQVDFHUGRWHMXGtRGH<DKYpTXHVHDFHUFDDO6DQWRGH6DQWRVHQHO3ULPHU
7HPSOR'HVSXpVGHKDFHUORVHGLFHDOFDQGLGDWRTXHKDOOHJDGRDODFLPDGHXQDEyYHGDKDFLDODFXDOGHEH
GHVFHQGHU3DUDHOORHVQHFHVDULRKDFHUDXQODGRXQDSLHGUDDQJXODUGHVSXpVVHOHKDFHSRQHUVHGHURGLOODV
PLHQWUDVVHOHHQORV3URYHUELRV\
(QVHJXLGDVHOHGLFHTXHGHEHEXVFDUHQODRVFXULGDGVLQRVHKDHVFRQGLGRDOJRDKt6HFRORFDHQVXV
PDQRVXQUROORGHSHUJDPLQR\VHOHSUHJXQWDTXpKD\HQpOSHURpOWLHQHTXHUHVSRQGHUTXHSULYDGRGHODOX]
QRSXHGHYHU
(VWR HUD LQFUHtEOH 0XFKR PiV DOOi GH QXHVWUDV HVSHUDQ]DV PiV RVDGDV 8QD GHVFULSFLyQ FODUD QR
VyORGHXQDH[FDYDFLyQGHODVEyYHGDVHQWHUUDGDVGHO7HPSORVLQRXQDGHVFULSFLyQDEVROXWDPHQWHSUHFLVD
GHOGHVFXEULPLHQWRGHXQSHUJDPLQRQRXQWHVRURQRXQDUWHIDFWRVLQRMXVWRORTXHQRVRWURVSUHGLMLPRVXQ
UROOR
6HJXLPRVOH\HQGR\HQFRQWUDPRVTXHGHQXHYRVHKDFHGHVFHQGHUDOFDQGLGDWRDODEyYHGD\VHOH
OHH +DJJDL SDVDMH VREUH OD UHFRQVWUXFFLyQ GHO WHPSOR \ FRPR WDO OD HVHQFLD YHUGDGHUD GH OD
FRPXQLGDGTXPUDQD(O~OWLPRYHUVtFXORGLFH
/DJORULDGHHVWDFDVDSRVWHULRUVHUiPD\RUTXHODDQWHULRUGLMRHO6HxRUGHORVDQILWULRQHV\HQHVWH
OXJDUOHVGDUpSD]VKDORPGLMRHO6HxRUGHORVDQILWULRQHV
(QHVWDHWDSDVHMXUDPHQWDDOFDQGLGDWRTXLHQVHOODVXMXUDPHQWRFRQVXVODELRVVREUHOD%LEOLDFXDWURYHFHV
6HOHTXLWDODYHQGDGHORVRMRV\VHOHSLGHTXHOHDHOFRQWHQLGRGHOUROORTXHHQFRQWUyHQODEyYHGD/HH
HQWRQFHV*pQHVLVVLJXLHQGRORTXHGLFHHO3ULPHU3ULQFLSDO
eVWDV&RPSDxHURUHFLpQH[DOWDGRVRQODVSULPHUDVSDODEUDVGHO6DJUDGR9ROXPHQTXHFRQWLHQHORV
WHVRURV GH OD YROXQWDG UHYHODGD GH 'LRV 2UHPRV \ PDJQLILTXHPRV 6X 1RPEUH 6DJUDGR SRU HVH
FRQRFLPLHQWRGH6tPLVPRTXHQRVKDWUDQVPLWLGR\FDPLQHPRVKDFLpQGRQRVPHUHFHGRUHVDHVDOX]
TXHKDKHFKREULOODUDQXHVWURDOUHGHGRU
/DFHUHPRQLDDSDUHQWHPHQWHFRQWLQ~DFRQXQULWXDOHQHOTXHVHGLFHODKLVWRULDGHFyPRVHHQFRQWUyHOUROOR
(OFDQGLGDWRVDOHGHO&DStWXOR\HVDGPLWLGRGHQXHYRYHVWLGRFRPR0DVyQGHO$UFR5HDOVHXQHQDpORWURV
GRV&RPSDxHURV\DORVWUHVVHOHVOODPDORVWUHVUHVLGHQWHVFRQRFLGRVFRPRORVWUHV0DHVWURV0DVRQHVGH
%DELORQLD 6KDGUDFK 0HVKHFK \ $EHGQHJR$O HQWUDU WRPDQ SDUWH HQ XQD FHUHPRQLD FRQRFLGD FRPR HO
3DVDMHGHORV9HORVTXHUHSUHVHQWDDXQ6DFHUGRWHGHO7HPSORTXHVHDFHUFDDO6DQWRGH6DQWRVGHO7HPSOR
GH6DORPyQ7HUPLQDGRHVWHULWXDOVHSUHVHQWDQDO3ULPHU3ULQFLSDOGHVFULELpQGRVHFRPRORVWUHVKLMRVGHO
FDXWLYHULRTXHHVFXFKDURQTXHpOHVWiDSXQWRGHUHFRQVWUXLUHO7HPSORGH-HUXVDOpQ\OHVROLFLWDQVXSHUPLVR
SDUD D\XGDU HQ OD WDUHD (O 3ULPHU 3ULQFLSDO OHV KDFH SUHJXQWDV VREUH VXV VXSXHVWRV RUtJHQHV D ODV FXDOHV
FRQWHVWDQTXHVRQGH%DELORQLD\TXHDILUPDQKDEHUQDFLGRQREOHVGHVFHQGLHQWHVGHXQDUD]DGHSDWULDUFDV\
UH\HVTXHIXHURQFRQGXFLGRVDOFDXWLYHULRSRU1HEX]DUDGDQFDSLWiQGHODJXDUGLDGH1DEXFRGRQRVRUKDVWD
TXHIXHURQOLEHUDGRVSRUHOUH\&LURGH3HUVLD&LURYHQFLyDORVEDELORQLRV\GHVSXpVSURFODPy
(O6HxRU'LRVGHORVFLHORVPHKDGDGRWRGRVORVUHLQRVGHODWLHUUD\PHKDHQFDUJDGRGHFRQVWUXLUOHXQD
FDVDSDUDeOHQ-HUXVDOpQTXHVHHQFXHQWUDHQ-XGi¢4XLpQHV6XSXHEORHQWUHWRGRVXVWHGHV"4XHVX'LRV
HVWpFRQpO\TXHVHGLULMDD-HUXVDOpQTXHHVWiHQ-XGi\FRQVWUX\DODFDVDGHO6HxRU'LRVGH,VUDHOeOTXH
HV'LRVTXHHVWiHQ-HUXVDOpQ
/RV UHVLGHQWHV H[SOLFDQ TXH WDQ SURQWR HVFXFKDURQ HVWR UHJUHVDURQ D -HUXVDOpQ SDUD RIUHFHU VXV
VHUYLFLRV =RUREDEHO ORV IHOLFLWD GHVSXpV SRU VX QDFLPLHQWR QREOH \ ORV UHFRQRFH FRPR KHUHGHURV GH VXV
WULEXV DQWHV GH SUHJXQWDU FyPR GHVHDQ TXH VH OHV XWLOLFH /RV WUHV UHVSRQGHQ TXH VH VHQWLUiQ D JXVWR
WUDEDMDQGRHQFXDOTXLHUPDQHUDTXHD=RUREDEHOOHFRPSOD]FD7RPDQGRHVWRFRPRXQDLQGLFDFLyQVHJXUDGH
TXHVHJXUDPHQWHHVWiQFDOLILFDGRVSDUDODERUHVGHLPSRUWDQFLD=RUREDEHOOHVGLFHTXHVyORTXHGDQSRUOOHQDU
WDUHDVLQIHULRUHV\TXHHOORVWHQGUiQODGHSUHSDUDUORVFLPLHQWRVGHOOXJDUPiVVDJUDGRSURSyVLWRSDUDHOFXDO
ORVGRWDGHODVKHUUDPLHQWDVQHFHVDULDV7DPELpQVHOHVDGYLHUWHTXHVLDOUHPRYHUODVUXLQDVKLFLHUDQDOJ~Q
GHVFXEULPLHQWR GH LPSRUWDQFLD GHEHUiQ FRPXQLFiUVHOR VyOR D ORV WUHV 3ULQFLSDOHV TXH IRUPDQ SDUWH GHO
FRQVHMR8QDYH]PiVVHUHWLUDQGHO&DStWXOR
(QODSDUWHVLJXLHQWHGHODFHUHPRQLDORVWUHVPDVRQHVGH%DELORQLDSLGHQGHQXHYRSHUPLVRSDUD
HQWUDUDO&DStWXORWUD\HQGRFRQVLJRQRWLFLDVGHXQGHVFXEULPLHQWRGHLPSRUWDQFLDTXHSLGHQFRPSDUWLUFRQHO
DXJXVWR 6DQHGUtQ +DELpQGRVHOHV DGPLWLGR HO 3ULPHU 3ULQFLSDO OHV SLGH TXH QDUUHQ VX KLVWRULD TXH HV OD
VLJXLHQWH
7HPSUDQRHVDPDxDQDDOUHDQXGDUQXHVWUDVODERUHVGHVFXEULPRVXQSDUGHFROXPQDVGHH[TXLVLWD
EHOOH]D\VLPHWUtDFRQWLQXDPRVFRQQXHVWURWUDEDMR\GHVFXEULPRVRWURVVHLVSDUHVGHLJXDOEHOOH]D
ORVFXDOHVSRUVXVLWXDFLyQSDUHFtDQVHUORVYHVWLJLRVGHODJDOHUtDVXEWHUUiQHDTXHOOHYDDO6LWLR0iV
6DJUDGRDOKDFHUDXQODGRORVIUDJPHQWRV\ODEDVXUDTXHREVWUXtDQQXHVWURDYDQFHOOHJDPRVDDOJR
TXHSDUHFtDURFDVyOLGDSHURTXHDOJROSHDUORDFFLGHQWDPHQWDOPHQWHFRQPLSDODHPLWLyXQVRQLGR
KXHFR (QWRQFHVOLPSLDPRV PiV GHODWLHUUD VXHOWD \ OD EDVXUD\ HQFRQWUDPRV TXH HQ OXJDU GH XQD
URFDVyOLGDVHWUDWDEDGHXQDVHQHGHSLHGUDVFRQODIRUPDGHXQDUFR\VDELHQGRTXHHODUTXLWHFWRGH
ODHVWUXFWXUDSUHYLDQRGLVHxyQLQJXQDSDUWHHQYDQRGHFLGLPRVH[DPLQDUORSDUDHOORTXLWDPRVGRV
GHODVSLHGUDV\HQWRQFHVGHVFXEULPRVXQDEyYHGDGHWDPDxRFRQVLGHUDEOHGHLQPHGLDWRGHMDPRVD
ODVXHUWHTXLpQGHEHUtDGHVFHQGHU
(OD]DUPHHOLJLyDPtHQFDVRGHTXHDOJ~QYDSRUWy[LFRRSRUFXDOTXLHURWUDFDXVD\RQR
HVWXYLHUDDVDOYRPLVFRPSDxHURVDPDUUDURQPLFXHUSRFRQXQDFXHUGD\PHEDMDURQGHELGDPHQWHD
ODEyYHGD$OOOHJDUDOSLVRGLXQDVHxDOSLHFRQFHUWDGD\PLVFRPSDxHURVDODUJDURQODFXHUGDSDUD
TXH \R SXGLHUD DWUDYHVDU OD EyYHGD (QWRQFHV GHVFXEUt DOJR FRQ IRUPD GH SHGHVWDO FRQ FLHUWDV
PDUFDV R FDUDFWHUHV JUDEDGRV SHURSRU OD IDOWD GH OX] QR HVWDED VHJXUR GH TXp HUDQ 7DPELpQ
HQFRQWUp HVWH SHUJDPLQR SHUR SRU OD PLVPD FDXVD QR SXGH OHHU VX FRQWHQLGR 3RU OR WDQWR GL RWUD
VHxDO \ IXL VDFDGR GH OD EyYHGD MXQWR FRQ HO SHUJDPLQR (Q HVH PRPHQWR GHVFXEULPRV SRU OD
SULPHUDIUDVHTXHVHWUDWDEDGHORVUHJLVWURVGHOD/H\0iV6DJUDGDTXHIXHSURPXOJDGDSRUQXHVWUR
'LRVDOSLHGHO0RQWH6LQDt
(VWH SUHFLDGR WHVRUR QRV HVWLPXOy D VHJXLU WUDEDMDQGR 4XLWDPRV RWUD SLHGUD \ GH QXHYR
GHVFHQGtDODEyYHGD3DUDHQWRQFHVHOVROHVWDEDHQWRGRORDOWR\EULOODQGRHQWRGRVXHVSOHQGRU
ODQ]y GH LQPHGLDWR VXV UD\RV D OD DEHUWXUD OR TXH PH SHUPLWLy GLVWLQJXLU ORV REMHWRV TXH DQWHV
GHVFXEULHUD DXQTXH GH PDQHUD LPSHUIHFWD (Q HO FHQWUR GH OD EyYHGD YL XQ SHGHVWDO GH PiUPRO
YLUJHQSXURFRQFLHUWRVFDUDFWHUHVPtVWLFRVJUDEDGRV\XQYHORTXHFXEUtDODSDUWHVXSHULRUGHODOWDU
$FHUFiQGRPHFRQUHVSHWR\UHYHUHQFLDDOFpHOYHOR\FRQWHPSOpORTXHFRQKXPLOGDGVXSXVHHUDOD
SURSLD3DODEUD6DJUDGD&RORTXpGHQXHYRHOYHORVREUHHOVDJUDGRSHGHVWDO\GHQXHYRIXLVDFDGR
GH OD EyYHGD (QWRQFHV FHUUDPRV OD DEHUWXUD \ QRV DSUHVXUDPRV D LQIRUPDU D VXV ([FHOHQFLDV GHO
GHVFXEULPLHQWRTXHKLFLPRV
(OPRPHQWRSUHFLVRGHOGHVFXEULPLHQWRKDGHKDEHUVLGRDODVGRFHODKRUDHQTXH6HTHQHQUHGHGLFDEDVXV
GHYRFLRQHV ILQDOHV D $PyQ5D \ HO VRO HVWDED HQ VX PHULGLDQR GHO TXH VLHPSUH VH GLFH HV SDUD ORV
IUDQFPDVRQHV(VWHDVXQWRGHODKRUDVLQGXGDHVVLPEyOLFRSHURHOVLPEROLVPRHVLQWULJDQWH
=RUREDEHOSUHJXQWDGHVSXpVDOUHVLGHQWHTXHSDODEUDHQFRQWUy\UHFLEHHVWDIDVFLQDQWHUHVSXHVWD
(VR GHEHPRV URJDUOH TXHQRV H[FXVH GHFRQWHVWDUSRUTXH FRQ QXHVWURV RtGRVKHPRV HVFXFKDGR \
QXHVWURVDQWHSDVDGRVKDQGHFODUDGRHQVXWLHPSR\HQORVWLHPSRVDQWLJXRVDQWHVGHHOORVTXHQRHV
OtFLWRSDUDQDGLHH[FHSWRHO6XPR6DFHUGRWHSURQXQFLDUHOQRPEUHGHO9HUGDGHUR\9LYR'LRVHO0iV
$OWR\HVRVyORXQDYH]DODxRFXDQGRpOVRORHQWUDEDDO6DQWRGH6DQWRV\VHGHWHQtDDQWHHODUFDGH
ODDOLDQ]DSDUDKDFHUVDFULILFLRVSRUORVSHFDGRVGH,VUDHO
'HVSXpVGXUDQWHODFHUHPRQLDDOFDQGLGDWRVHOHGDXQDH[SOLFDFLyQGHHVWDSDODEUDTXHVHHQFRQWUy
HQHOSHGHVWDO
(VXQDSDODEUDFRPSXHVWD\VXVFRPELQDFLRQHVIRUPDQHOYRFDEOR-DK%XO2Q/DSULPHUD
SDUWH-DKHVHOQRPEUHFDOGHRVXPHULRGH'LRV\VLJQLILFDVXHVHQFLD\PDMHVWDGLQFRPSUHQVLEOHHV
WDPELpQ OD SDODEUD KHEUHD TXH VLJQLILFD \R VR\ \ VHUp H[SUHVDQGR GH HVWD IRUPD OD H[LVWHQFLD
SUHVHQWHIXWXUD\HWHUQDGHO0iV$OWR%XOHVXQDSDODEUDDVLUODTXHVLJQLILFD6HxRUR3RGHURVR\HQ
VtPLVPDHVXQYRFDEORFRPSXHVWRTXHTXLHUHGHFLUHQRVREUH\%XOVLJQLILFD&LHORHQODV$OWXUDV
SRUORTXHODSDODEUDTXLHUHGHFLU6HxRUGHO&LHORRHQODV$OWXUDV2QHVXQDSDODEUDHJLSFLDTXH
VLJQLILFD3DGUHGH7RGRV\HVWDPELpQXQDSDODEUDKHEUHDTXHLPSOLFDIXHU]DRSRGHU\H[SUHVDOD
RPQLSRWHQFLDGHO3DGUHGH7RGRV(QFRQVHFXHQFLDWRGRVORVVLJQLILFDGRVGHHVWDVSDODEUDVSXHGHQ
FRQMXQWDUVHDVt<RVR\\VHUpHO6HxRUGHO&LHOR3DGUHGH7RGRV
'HVSXpV GH KRUDV GH GLJHULU HO FRQWHQLGR GH HVWHOLEUR UHYHODGRU QRV GHVSHGLPRV SRFR DQWHV GH OD
PDGUXJDGD\&KULVGHGLFyODPD\RUSDUWHGHODPDxDQDVLJXLHQWHDHYDOXDUQXHVWURVKDOOD]JRV
1XHVWUREORTXHRSDUHFtDKDEHUVHGHVKHFKR¢(UDWHPSODULRHORULJHQGHHVWDKLVWRULDGHO$UFR5HDO"
1R ORJUiEDPRV GDU FRQ RWUD H[SOLFDFLyQ \ VLQ HPEDUJR VHQWtDPRV OD QHFHVLGDG GH FRQWURODU QXHVWUR
HQWXVLDVPR
&KULVSHQVDEDTXHODH[SOLFDFLyQGHODSDODEUD-DK%XO2QHUDXQDFRQVWUXFFLyQLQWHUHVDQWHSHURTXH
QRVHH[SOLFDEDFRQSUHFLVLyQSRUORV0DVRQHVGHO$UFR5HDO/DSULPHUDSDUWH-DQHVODSDODEUDKHEUHDFRQ
TXHQRPEUDQDVXGLRVPX\SUREDEOHPHQWHFRQXQDFRQH[LyQVXPHULD3XHGHVHUYLVWDHQHVWDIRUPDHQHO
QRPEUH GHO SURIHWD (OLMDQTXH GH KHFKR HV (OLMDKTXH VLJQLILFD <DKYp HV PL GLRV (O HVOD SDODEUD PiV
DQWLJXDSDUDQRPEUDUDXQGLRV/DVHJXQGDSDUWHHVFDVLFRUUHFWDHQHODVSHFWRIRQpWLFRSHURSRUORJHQHUDO
VHHVFULELUtD%DDOHOJUDQGLRVFDQDQHRFX\RQRPEUHHQHIHFWRTXLHUHGHFLU'LRVHQORDOWR+DVWDGRQGH\R
VpODSDODEUDHJLSFLDDQWLJXDSDUDSDGUHHUDLW\QRRQFRPRVHGLFHDTXtSHUR2QIXHHOQRPEUHRULJLQDOGH
+HOLySROLVODFLXGDGGH5DHOGLRVGHOVROGRQGHQDFLyGHODQDGDDQWHVGHFUHDUODSULPHUDWLHUUDDKt'HVGH
HVWHSXQWRGHYLVWDPHSDUHFLySRVLEOHDFHSWDUODGHILQLFLyQFRPRYiOLGD7DPELpQIXHLPSRUWDQWHREVHUYDU
TXHORVJULHJRVLGHQWLILFDEDQD%DDOFRQ+HOLRVVXGLRVGHOVRO\FRQVXFLXGDG+HOLySROLV6LQHPEDUJROD
GHILQLFLyQILQDOGHHVWDFDGHQDGHSDODEUDVGDGDFRPR <RVR\ \VHUpHO6HxRUGHO&LHOR3DGUHGHWRGRV
SDUHFtDQRWHQHUVHQWLGRDOJXQR0LVHQVDFLyQHUDTXH-DK%DDO2QHUDQVLPSOHPHQWHORVQRPEUHVGHORVWUHV
JUDQGHVGLRVHVGHORVMXGtRVORVFDQDQHRV\ORVHJLSFLRVDWRGRVORVFXDOHVVHOODPDEDORV0iV6XSUHPRV6L
HVWRHQHIHFWRHVWDEDJUDEDGRHQXQDSLHGUDHQFRQWUDGDHQHOFHQWURGHO7HPSORGH-HUXVDOpQVXVFUHDGRUHV
PH]FODURQGHPDQHUDGHOLEHUDGDODVWUHVIRUPDVGH'LRVHQXQDGHLGDG~QLFD
'HVGHOXHJRODLGHDGHXQ~QLFR\PLVPR'LRVFRQPXFKRVQRPEUHVQRHVUDUD£HVODHVHQFLDGHO
FUHGRGHODIUDQFPDVRQHUtD
6HLEDQDFODUDQGRQXHYRVVLJQLILFDGRVSHURQRVVRUSUHQGLyTXHODIUDQFPDVRQHUtDGHO$UFR5HDODO
HPEUROODUWDQWRODH[SOLFDFLyQGHVXSURSLRULWXDOLQGLFDEDTXHQRHUDQORVIUDQFPDVRQHVORVFUHDGRUHVGHOD
KLVWRULD\TXHpVWDVHOHVWUDQVPLWLyVLQTXHVHOHVH[SOLFDUDFRQFODULGDGVXVLJQLILFDGRRULJLQDO
(O UHODWR HQWHUR VH QDUUD FRPR VL DTXHOORV TXH UHDOL]DURQ OD H[FDYDFLyQ KXELHUDQ VLGR MXGtRV GH
%DELORQLDTXHH[FDYDEDQHQODVUXLQDVGHOSULPHUWHPSORSHURQRVRWURVFUHHPRVTXHHQUHDOLGDGGHVFULEHORV
GHVFXEULPLHQWRV GH ORV &DEDOOHURV 7HPSODULRV HQ ODV UXLQDV GHO ~OWLPR WHPSOR 6yOR SXHGH UHIHULUVH DO
7HPSORGH+HURGHVSRUTXHHOWLSRGHDUFRGHVFULWRHQODFHUHPRQLDHVXQFRQMXQWRGHSLHGUDVTXHVHVRSRUWDQ
HQWUH Vt HQ FRPSUHVLyQ SDUD IRUPDU XQD HVWUXFWXUD FXUYD \ GH FDUJD GHVFRQRFLGD HQ ORV WLHPSRV GH
=RUREDEHO3DUDHODUFRFXUYRVHHPSOHDURQSLHGUDVHQIRUPDGHFXxDFRUWDGDVFRQSUHFLVLyQTXHUHTXHUtDQ
SRFD R QLQJXQD DUPDJDVD \ SXHVWR TXH HVWH WLSR GH DUFR FRQ WUHV SLHGUDV DQJXODUHV UHSUHVHQWD XQD SDUWH
SULPRUGLDOHQODFHUHPRQLDGHO$UFR5HDOHVVHJXURTXHHOHVFHQDULRGHODKLVWRULDUHSUHVHQWDGDHQHOULWXDO
HVHO7HPSORGH+HURGHVHOFXDOVHFRQVWUX\yXWLOL]DQGRORVSULQFLSLRVURPDQRVGHLQJHQLHUtD
6HQWtDPRV\DTXHHVWDOH\HQGDPDVyQLFDELHQSRGUtDKDEHUPDQWHQLGRFRQYLGDODKLVWRULDGHFyPR
ORV SULPHURV WHPSODULRV EDMR HO PDQGR GH +XJXHV GH 3D\HQ HQFRQWUDURQ ORV UROORV R SHUJDPLQRV TXH
OOHYDURQDODFUHDFLyQGHODRUGHQ/DSDUWHPiVVLJQLILFDWLYDGHODKLVWRULDHVTXHSDUDSRGHUOOHJDUDODEy
YHGD RFXOWD ORV KiELOHV YLVLWDQWHV PDVRQHV KLFLHURQ D XQ ODGR ODV SLHGUDV DQJXODUHV GH XQ DUFR \ GHVSXpV
SHUPDQHFLHURQ GHEDMR GH pVWH VLQ DSXQWDODUOR GH QLQJXQD PDQHUD 0RVWUDURQ JUDQ SUHRFXSDFLyQ SRU OD
SRVLELOLGDGGHDVSLUDUYDSRUHVWy[LFRVGHQWURGHOHVWUHFKRHVSDFLRDOJUDGRGHEDMDUVXMHWRVSRUXQDFXHUGD
GHVHJXULGDGSHURQROHVSUHRFXSDEDHOGDxRTXHFDXVDURQDODLQWHJULGDGHVWUXFWXUDOGHOWHFKReVWDVQRHUDQ
ODV DFFLRQHV GH QLQJ~Q FRQVWUXFWRU GH QLQJ~Q WLSR \D QR GLJDPRV GH DTXHOORV GH ORV TXH VH VXSRQtD HUDQ
DOWDPHQWHHVSHFLDOL]DGRVHQORTXHDDUTXLWHFWXUDVHUHILHUHSHURVtDGTXLHUHPXFKRVHQWLGRFRPRXQUHJLVWUR
GHODVDFFLRQHVGHXQDEDQGDGHFDEDOOHURVEXVFDGRUHVGHWHVRURVTXHUHDOL]DQVXWDUHDHQEyYHGDVVXEWH
UUiQHDVEDMRODVUXLQDVGHO7HPSORGH+HURGHV
$O HVWXGLDU SRU SULPHUD YH] OD KLVWRULD GH ORV &DEDOOHURV 7HPSODULRV DYHULJXDPRV TXH H[LVWH
HYLGHQFLD GH HVWDV H[FDYDFLRQHV VX\DV \ GHFLGLPRV LQWHQWDU GDU FRQ PD\RUHV GHWDOOHV 5HFLpQ KDEtDPRV
GHVFXELHUWRTXHVHGHSRVLWyXQGXSOLFDGRGHOUROORTXPUDQRGHFREUHHQOD6KtWKRFXHYDGLUHFWDPHQWHDEDMR
GHODOWDUGHOWHPSORODFXHYDWDSDGDFRQHOEORTXHGHPiUPROFRQXQDQLOORHQVXFHQWUR¢)XHpVWDODSLHGUD
TXHORVWHPSODULRVOHYDQWDURQSDUDGHVFHQGHUDODEyYHGDLQWHUQD"
/RVWHPSODULRVKDEUtDQVLGRORVSULPHURVHQH[FDYDUEDMRHO7HPSORGH-HUXVDOpQSHURQRIXHURQORV
~OWLPRV$QWHV PHQFLRQDPRV TXH XQ JUXSR GH RILFLDOHV GH OD DUPDGD EULWiQLFD FRQ XQ SUHVXSXHVWR GHVyOR
TXLQLHQWDVOLEUDVVHSURSXVRWUD]DUXQPDSDGHODVEyYHGDVEDMRODVUXLQDVGHO7HPSORGH+HURGHV(OFRQWLQ
JHQWH GH ORV ,QJHQLHURV 5HDOHV GLULJLGR SRU HO WHQLHQWH &KDUOHV :LOVRQ UHDOL]y XQ WUDEDMR H[FHOHQWH EDMR
FRQGLFLRQHV PX\ DGYHUVDV \ SXGLHURQ FRQILUPDU TXH ODV FiPDUDV \ SDVDMHV TXH HQFRQWUDURQ D PHQXGR VH
DERYHGDEDQFRQDUFRVGHSLHGUDVDQJXODUHV7DPELpQFRQILUPDURQTXHQRHUDQORVSULPHURVYLVLWDQWHVGHODV
JDOHUtDV VXEWHUUiQHDV FXDQGR GLHURQ FRQ DUWHIDFWRV WHPSODULRV GHVFDUWDGRV XQRV VHWHFLHQWRV FXDUHQWD DxRV
DWUiVeVWRVFRQVLVWtDQHQSDUWHGHXQDHVSDGDXQDHVSXHODSDUWHGHXQDODQ]D\XQDSHTXHxDFUX]WHPSODULD\
DKRUD HVWiQ D FDUJR GH 5REHUW %U\GRQ HO $UFKLYLVWD 7HPSODULR GH (VFRFLD (O ULWXDO GHO $UFR 5HDO \ ORV
GHVFXEULPLHQWRVGHOJUXSRGH:LOVRQQRVKLFLHURQVHQWLUQRYHQWD\QXHYHSRUFLHQWRVHJXURVGHTXHQXHVWUD
KLSyWHVLV WHPSODULD HUD FRUUHFWD HQWRQFHV RWUR JROSH GH VXHUWH DxDGLy HO ~OWLPR XQR SRU FLHQWR TXH
WUDQVIRUPyXQDKLSyWHVLVHQXQDFHUWLGXPEUH
8QRV DxRV DQWHV DO GHVDUUROODU SRU YH] SULPHUD OD WHRUtD GH TXH ORV &DEDOOHURV 7HPSODULRV
HQFRQWUDURQDOJREDMRODVUXLQDVGHOWHPSORDOFRQVLGHUDUXQYDFtRGHPiVGHPLODxRVQRVSUHJXQWiEDPRV
TXpSXGRKDEHUVHSXHVWRDKtSDUDTXHHOORVORHQFRQWUDUDQ$KRUDKDEtDPRVUHFRQVWUXLGRXQSDVDGRGHYDULRV
PLOHQLRV \ OR ~QLFR TXH QRV IDOWDED HUD XQD SUXHED ILGHGLJQD GH TXH TXLHQHV HQFRQWUDURQ ORV SHUJDPLQRV
IXHURQ HQ HIHFWR ORV QXHYH FDEDOOHURV FRPDQGDGRV SRU +XJXHV GH 3D\HQ< OD SUXHED FD\y GHO OLEUHUR DO
UHJD]RGH&KULV
(OUROORGHOD-HUXVDOpQ&HOHVWLDO
%XVFDQGR XQD SHTXHxD UHIHUHQFLD WpFQLFD HQWUH ORV PXFKRV OLEURV HQ VX HVWXGLR GH SURQWR &KULV YLR XQD
LOXVWUDFLyQTXHGHLQPHGLDWROHSDUHFLyIDPLOLDU\OHSURGXMRXQHVFDORIUtR/OHYDEDHOWtWXORGHOD-HUXVDOpQ
&HOHVWLDOFLUFDG&\VHGHFtDTXHVHHQFRQWUDEDHQOD*HQW8QLYHUVLW\/LEUDU\&XDQWRPiVPLUDEDOD
LOXVWUDFLyQ PiV YHtD PRVWUDED XQD YLVLyQ GH XQ -HUXVDOpQ UHFRQVWUXLGR VyOR TXH QR VH WUDWDED GH OD
LPSUHVLyQGHXQDUWLVWDHUDXQGLDJUDPDVXPDPHQWHVLPEyOLFRGLVHxDGRSDUDGDUDHQWHQGHUXQVLJQLILFDGRD
DTXHOORVTXHVXSLHUDQTXpHVWDEDQYLHQGR
/D HVWLOL]DGD FLXGDG PXHVWUD GRFH WRUUHV XQD WRUUH FHOHVWLDO SULQFLSDO GRV WRUUHV JUDQGHV TXH VH
OHYDQWDQGHODVFROXPQDVFHQWUDOHVWUHVWRUUHVPHQRUHVFRQVXVSURSLRVSLODUHV\VHLVWRUUHVHQHOIRQGR/DV
WRUUHV TXH VH OHYDQWDQ GH ODV GRV FROXPQDV SULQFLSDOHV VRSRUWDQ XQ DUFR FXUYR \ OD WRUUH FHOHVWLDO FHQWUDO
DPEDV VH LGHQWLILFDQ FRQ -DFRE R FRPR QRVRWURV OR FRQRFHPRV £6DQWLDJR )XH XQ GHVFXEULPLHQWR
HPRFLRQDQWHSXHVFRQILUPDEDQXHVWUDSHUFHSFLyQSUHYLDGHTXHGHVSXpVGHODPXHUWHGH-HV~V6DQWLDJRVH
FRQYLUWLyWDQWRHQODFROXPQDPLVKSDWFRPRHQHOWVHGHT&RPRODVFROXPQDVUHDO\VDFHUGRWDOFRPELQDGDV
6DQWLDJRDGRSWyHOSDSHOFRQMXQWRGHOPHVtDVTXHVXKHUPDQRFUHDUDRULJLQDOPHQWH
1RREVWDQWHODLPSRUWDQFLDGHHVWDFRQILUPDFLyQGHOSRVLFLRQDPLHQWRGH6DQWLDJRQRIXHHVWRORTXH
DWUDMR HQ SULPHU OXJDU OD DWHQFLyQ GH &KULV ORV PRWLYRV PiV LPSDFWDQWHV GH WRGR HO GLEXMR HUDQ
LQFRQIXQGLEOHV£WUHVHVFXDGUDV\FRPSDVHVPDVyQLFRV
&KULV QHFHVLWDED FRQRFHU PiV GHO RULJHQ GH HVWH IDQWiVWLFR PDQXVFULWR \ UiSLGDPHQWH VH SXVR HQ
FRQWDFWRFRQODGRFWRUD0DUWLQHGH5HXFRQVHUYDGRUDGHORVPDQXVFULWRV\OLEURVUDURVGHOD8QLYHUVLWHLWV
ELEOLRWKHHN TXLHQ SURSRUFLRQy ORV DQWHFHGHQWHV GH OD LOXVWUDFLyQ PLVPRV TXH QR GHMDURQ OXJDU D GXGD GH
TXH HQ HIHFWR HVWiEDPRV YLHQGR XQD FRSLD GH XQR GH ORV UROORV HQWHUUDGRV SRU OD ,JOHVLD GH 6DQWLDJR \
HQFRQWUDGRSRUORVWHPSODULRV
/DLQIRUPDFLyQGHODGRFWRUD'H5HXIXHPX\HVWLPXODQWH\DMXVWDEDSHUIHFWRHQQXHVWUDKLVWRULDHQ
GHVDUUROOR/DKLVWRULDFRPSOHWDGHOPDQXVFULWR\DQRVHFRQRFHSHURQXHVWUDLQYHVWLJDFLyQOOHQDODVEUHFKDV
$KRUDSRGHPRVFRPSOHPHQWDUODFRQODKLVWRULDFRQRFLGDGHO5ROORGHO-HUXVDOpQ&HOHVWLDO
$OUHGHGRUGHG&+XJXHVGH3D\HQ\VXSHTXHxDEDQGDGHSULPLWLYRVDUTXHyORJRVDEULHURQXQD
EyYHGD GHEDMR GH ORV HVFRPEURV GHO 7HPSOR GH +HURGHV \ HQFRQWUDURQ ORV SHUJDPLQRV VHFUHWRV GH OD
FRPXQLGDGTXPUDQDHVFULWRVHQJULHJRRHQDUDPHRRHQXQDFRPELQDFLyQGHDPERVLGLRPDV6LKXELHUDQ
HVWDGRHVFULWRVHQIUDQFpVQRKDEUtDKDELGRGLIHUHQFLDDOJXQDSRUTXHHVWRVFDEDOOHURVHUDQXQRVFRPSOHWRV
DQDOIDEHWDVSHURHVWDEDQOHMRVGHVHUHVW~SLGRV6DEtDQTXHKDEtDQHQFRQWUDGRDOJRGHLQPHQVRVLJQLILFDGR\
TXHSUREDEOHPHQWHHUDVDJUDGRSRUORTXHGHFLGLHURQPDQGDUORVWUDGXFLU(QWUHORVQXHYHHYDOXDURQTXLpQ
SRGUtDFRPSUHQGHUODH[WUDxDHVFULWXUD\PiVD~QHQTXLpQSRGUtDQFRQILDUTXHQRLQWHUILULHUDFRQVXWUDEDMR
RVHFRPSRUWDUDGHDOJXQDRWUDPDQHUDLQGLVFUHWD4XLHQGLRFRQODVROXFLyQIXH*HRIIUH\GH6W2PHUHO
VHJXQGRGHDERUGRGH+XJXHVGH3D\HQ*HRIIUH\FRQRFtDDXQDQFLDQRFDQyQLJROODPDGR/DPEHUWPDHVWUR
UHWLUDGRGHOD&DSLOODGH1XHVWUD9LUJHQHQ6W2PHUTXLHQHUDHOKRPEUHPiVVDELR\FRQRFHGRULPDJLQDEOH
TXHGHGLFyPXFKRVDxRVDFRPSLODUXQDHQFLFORSHGLDGHOFRQRFLPLHQWRKXPDQR
&RQ XQD VHOHFFLyQ GH ORV SHUJDPLQRV FRQVLJR *HRIIUH\ GH 6W 2PHU HPSUHQGLy HO ODUJR YLDMH GH
UHJUHVRDVXFLXGDGQDWDO&RPRVHHVSHUDED/DPEHUWHQWHQGLyPXFKRGHORTXHOH\y(ODQFLDQRGHELyGH
KDEHUVHVHQWLGRFRPSODFLGRDOYHUWDQIDEXORVRVGRFXPHQWRVHQVXV~OWLPRVDxRV0XULyHQSRUGHV
JUDFLDVLQFRPSOHWDUVXHQFLFORSHGLDA
+R\XQDGHODVPiVIDPRVDVREUDVGH/DPEHUWGH6W2PHUHVVXDSUHVXUDGDFRSLDGHXQDLOXVWUDFLyQ
GHO -HUXVDOpQ FHOHVWLDO HQ OD TXH VH REVHUYD TXH ODV GRV FROXPQDV SULQFLSDOHV VH OODPDQ -DFRE \ TXH
DSDUHQWHPHQWH PXHVWUD TXH HO IXQGDGRU HV -XDQ HO %DXWLVWD 1R KD\ PHQFLyQ DOJXQD GH -HV~V HQ HVWH
GRFXPHQWROODPDGRFULVWLDQR1RHVXQDLPDJHQFRP~Q\FUHHPRVTXHSXGRKDEHUYHQLGRGHVyORXQOXJDU
ODVEyYHGDVGHO7HPSORGH+HURGHV(OVLPEROLVPRGHHVWRHVHQH[WUHPRPDVyQLFR\FRQILUPDTXH6DQWLDJR
UHSUHVHQWyODVGRVFROXPQDVGHORVQD]DUHQRV
(V REYLR TXH /DPEHUW KL]R OD FRSLD GH SULVD FRPR VL VH OH KXELHUD GDGR PX\ SRFR WLHPSR SDUD
WUDEDMDU (V SRVLEOHLPDJLQDUORSLGLHQGR D *HRIIUH\ OD RSRUWXQLGDG GH FRSLDUHO SHUJDPLQR D FDPELR GH VX
WUDGXFFLyQ \ H[SOLFDFLyQ GHO FRQWHQLGR SHUR HO WHPSODULR WHQtD XUJHQFLD GH UHJUHVDU D 7LHUUD 6DQWD /RV
WUD]RVGHODSOXPDPXHVWUDQVHxDOHVGHUDSLGH]LQGHELGD\HVFODURTXHKD\HUURUHVGHGLVHxRTXHLQGLFDQTXH
TXLHQKL]RODFRSLDVHYLRREOLJDGRDWUDEDMDUDXQDYHORFLGDGLQFyPRGDYpDQVHODVILJXUDV\
(OGRFXPHQWRGDWDGHTXLQLHQWRVDxRVDQWHVGHTXHHOVtPERORPDVyQLFRGHHVFXDGUDV\FRPSDVHVVH
XVDUDGHPDQHUDRILFLDO\VLQHPEDUJRHODVSHFWRGRPLQDQWHGHODVLPiJHQHVGHFRQVWUXFFLyQORFRPSRQH
HVWHGLVSRVLWLYR1RKD\OXJDUDHUURUSRUTXHQRKD\XQDUD]yQSRVLEOHSDUDLQFOXLUODVHVFXDGUDVHQHOGLEXMR
(VWRQRVGLMRTXHHVWHVtPERORGHODIUDQFPDVRQHUtDKDGHKDEHUVLGRXWLOL]DGRSRUOD,JOHVLDGH-HUXVDOpQ(Q
ODFRSLDGH/DPEHUWpOHVFULELyHQODWtQORVQRPEUHVGHGRFHFROXPQDVGHODPtVWLFDFLXGDG\SRGHPRVYHU
HOGH-DFRE6DQWLDJRHQDPEDVFROXPQDV\HOGH6LyQ,VUDHOVREUHHODUFRTXHpVWDVVRSRUWDQ&UHHPRVTXH
HVWHGREOHXVRGH6DQWLDJRUHPRQWDODFUHDFLyQGHORULJLQDODORVGLHFLQXHYHDxRVWUDQVFXUULGRVHQWUHODFUXFL
IL[LyQGH-HV~V\HOHQWLHUURGH6DQWLDJR
/DLOXVWUDFLyQPXHVWUDODVWUHVHQRUPHVHVFXDGUDVDSUHWXMDGDVHQIRUPDLQFRQJUXHQWHHQEDOFRQHV\D
ORVFRPSDVHVFRUUHVSRQGLHQWHVGLUHFWDPHQWHHQFLPDHQODSXQWDGHFDGDWRUUH(VWHWUtRHVWiDVHQWDGREDMR
ODV GRV FROXPQDV JHPHODV GH 6DQWLDJR LQGLFDQGR VX SRVLFLyQ VXERUGLQDGD 7LHQHQ QRPEUH \ DXQTXH QR
ORJUDPRVGLVWLQJXLUHOGHODL]TXLHUGDHOGHODGHUHFKDVHLGHQWLILFDFRPR$QGUpV\HOGHODSDUWHGHOFHQWUR
FRPR3HGUR3RUGHVJUDFLDSDUDOD,JOHVLD&DWyOLFD\SDUDVXSURFODPDFLyQGHVHUORVGHVFHQGLHQWHVGLUHFWRV
GHODDXWRULGDGGH-HVXFULVWRYtD3HGURHVWHSHUJDPLQRFRQILUPDFRQFODULGDGTXH6DQWLDJRIXHHOOtGHUGHOD
,JOHVLDGH-HUXVDOpQ\TXH3HGURHUDXQOtGHUSHURVHFXQGDULR
(ODOLQHDPLHQWRGHODVWUHVWRUUHVFDGDXQDFRQVXHVFXDGUD\VXVFRPSDVHVHVWiSRUFRPSOHWRDWRQR
FRQ OD IUDQFPDVRQHUtD PRGHUQD SXHV KD\ WUHV ILJXUDV FODYH HQ XQD ORJLD IUDQFPDVyQLFD ²HO 0DHVWUR
9HQHUDEOH\VXVGRV9LJLODQWHV²TXLHQHVUHSUHVHQWDQDOVRO5DODOXQD7KRWK\DOPDHVWURGHODORJLD
+D\ XQ ~OWLPR LQGLFDGRU GH TXH ORV UROORV IXHURQHQFRQWUDGRV SRU ORV WHPSODULRV HQ HO7HPSOR GH
-HUXVDOpQ TXH SURYLHQH GHO ULWXDO PDVyQLFR PLVPR FXDQGR HO 0DHVWUR 9HQHUDEOH \ VXV GRV YLJLODQWHV
DQDOL]DQHOWHPDGHORVVHFUHWRVSHUGLGRVGHODIUDQFPDVRQHUtD
+HUPDQR6HJXQGR9LJLODQWH¢SRUTXpGHMDUHOHVWHSDUDGLULJLUVH
DORHVWH"
(QEXVFDGHORTXHVHKDSHUGLGR0DHVWUR9HQHUDEOH+HUPDQR3ULPHU9LJLODQWH¢TXpHUDHVRTXHVH
KDSHUGLGR !/RVVHFUHWRVJHQXLQRVGHXQ0DHVWUR0DVyQ0DHVWUR9HQHUDEOH
+HUPDQR3ULPHU9LJLODQWH¢FyPROOHJDURQDSHUGHUVH
3RUODLQRSRUWXQDPXHUWHGHQXHVWUR*UDQ0DHVWUR+LUDP$ELI0DHVWUR9HQHUDEOH
+HUPDQR3ULPHU9LJLODQWH¢FyPRHVSHUDXVWHGHQFRQWUDUORV
"
3RUHOFHQWUR0DHVWUR9HQHUDEOH
+HUPDQR6HJXQGR9LJLODQWH¢TXpHVXQFHQWUR"
(VHSXQWRGHQWURGHXQFtUFXORGHVGHHOFXDOFDGDSDUWHGHODFLUFXQIHUHQFLDHVHTXLGLVWDQWH
(VWDVSDODEUDVQRWLHQHQVLJQLILFDGRSDUDODPD\RUtDGHORVIUDQFPDVRQHVTXHODVUHSLWHQXQD\RWUDYH]SHUR
SDUDQRVRWURVDKRUDUHYHODEDQWRGR(QODpSRFDGHODVFUX]DGDVWRGRFDUWyJUDIRGHOPXQGRFULVWLDQRWUD]DED
PDSDVTXHFRORFDEDQD-HUXVDOpQHQHOFHQWURGHOPXQGR(OWHPSORVHHQFRQWUDEDHQHOFHQWURGHODDQWLJXD
FLXGDG\HQHOFHQWURGHOWHPSORPLVPRHVWDEDHO6DQWRGH6DQWRV/DVGRVFROXPQDVPRVWUDGDVHQHOGLEXMR
GH /DPEHUW HVWDEDQ WDPELpQ HQ HO FHQWUR GH OD QXHYD -HUXVDOpQ HO VLWLR H[DFWR GRQGH VH HQFRQWUDURQ ORV
VHFUHWRVGH-HV~V\GH0RLVpV3DUDORVWHPSODULRVHUDVLQGXGDDOJXQDHOSXQWRFHQWUDOGHODWLHUUD
1RVHQWHUiEDPRVUiSLGDPHQWHGHFRVDV\DGTXLULPRVHOKiELWRGHUHYLVDUGHYH]HQFXDQGRQXHVWUR
PDWHULDO GH UHIHUHQFLD SUHYLR SDUD FRPSUREDU VL QXHVWUR PD\RU HQWHQGLPLHQWR JHQHUDUtD QXHYDV
SHUFHSFLRQHV)XHVREUHHVWDEDVHTXHUHOHtPRVDOJXQDVGHODVWUDGXFFLRQHVGHORV5ROORVGHO0DU0XHUWR
KHFKDV SRU 5REHUW (LVHQPDQ \ HQFRQWUDPRV TXH HO FRQFHSWR GH XQD -HUXVDOpQ &HOHVWLDO R XQD 1XHYD
-HUXVDOpQVHGHVFXEULyHQORVUROORVUHFXSHUDGRVHQFLQFRGLIHUHQWHVFXHYDVGH4XPUDQ\WRGRVVHEDVDQHQ
ODYLVLyQGH(]HTXLHOHQODTXHVHGHVFULEHFRQGHWDOOHODQXHYDFLXGDGFRQPLOTXLQLHQWDVWRUUHVFDGDXQD
GHWUHVPHWURVGHDOWXUD
&RPRWRGRVORVJUDGRVPDVyQLFRVHO*UDGRGHO$UFR5HDOWLHQHORTXHVHOODPDXQDWDEODGHWUD]R
YpDVHLOXVWUDFLyQGHODSiJLQDVLJXLHQWHTXHHVXQDUHFRSLODFLyQYLVXDOGHOWHPDGHODRUGHQ'HLQPHGLDWR
SXHGHYHUVHTXHHVWiUHODFLRQDGDSRUFRPSOHWRFRQODH[FDYDFLyQGHOWHPSOR$OIRQGRVHREVHUYD-HUXVDOpQ\
ODVUXLQDVGHOWHPSORHVSDUFLGDV\DOIUHQWHODHQWUDGDH[FDYDGDDODEyYHGDVXEWHUUiQHD'HQWURGHXQSDQHO
FHQWUDOKD\VLHWHHVFDORQHVTXHOOHYDQDXQSDYLPHQWRDELJDUUDGRVREUHHOFXDOVHHQFXHQWUDQKHUUDPLHQWDVGH
H[FDYDFLyQDVtFRPRKHUUDPLHQWDVGHFRQVWUXFFLyQXQDHVFXDGUD\FRPSDVHV\XQSHUJDPLQR$ODRULOODGH
HVWH SDQHO HVWiQ ODV LQVLJQLDV GH ODV GRFH WULEXV GH ,VUDHO \ HQFLPD ORV TXH VH GLFH TXH VRQ ORV FXDWUR
SULQFLSDOHV HVWDQGDUWHV GH -XGi XQ OHyQ \ XQD FRURQD 5XEpQ XQ KRPEUH (IUDtQ XQ EXH\ \ 'DQ XQ
iJXLOD
&RQHOGHVFXEULPLHQWRGHO5ROORGHOD-HUXVDOpQ&HOHVWLDO\ODKLVWRULDQDUUDGDHQHO*UDGRGHO$UFR
5HDOHVWiEDPRV\DVHJXURVGHTXHORVWHPSODULRVHQHIHFWRHQFRQWUDURQORVVHFUHWRVGHVXRUGHQLQVFULWRVHQ
ORV UROORV HQWHUUDGRV SRU ORV QD]DUHQRV \ TXH Vt UHDOL]DEDQ FHUHPRQLDV GH LQLFLDFLyQ EDVDGDV HQ XQD UHVX
UUHFFLyQYLYDFRPRODGH-HVXFULVWR
(OLPSDFWRGHORVUROORVQD]DUHQRV
/RV QXHYH FDEDOOHURV TXH GHVFXEULHURQ ORV UROORV QD]DUHQRV HQFRQWUDURQ XQ WHVRUR TXH VREUHSDVDED VXV
VXHxRV SHUR TXH HUD XQ WHVRUR TXH QR SRGtDQ FRPSDUWLU FRQ WRGR HO PXQGR (O KDOOD]JR WXYR XQ LPSDFWR
LQPHGLDWRHQVXSDtVQDWDO)UDQFLD/DRUGHQLQLFLDGDSRU+XJXHVGH3D\HQ\VXVFRIXQGDGRUHVHQG&
QHFHVLWy YDULDV GpFDGDV SDUD FRQYHUWLUVH HQ XQD GH ODV IXHU]DV PiV SRGHURVDV GHO FULVWLDQLVPR 3HUR HQ
FLQFXHQWDDxRVDOJRH[WUDRUGLQDULRVXFHGHUtDHQ)UDQFLD
$SDUWLUGHHQXQVRORVLJORVHFRQVWUX\HURQQRPHQRVGHRFKHQWDFDWHGUDOHV\FDVLTXLQLHQWDV
DEDGtDVWDQVyORHQ)UDQFLDORFXDOLPSOLFyPiVWUDEDMRVGHFRQVWUXFFLyQGHORTXHQXQFDVHUHDOL]yHQHO
DQWLJXR(JLSWR (VWRVHGLILFLRVVHFRQVWUX\HURQGHDFXHUGRFRQXQVRUSUHQGHQWHQXHYRSODQHQXQDHVFDOD
QXQFDDQWHVYLVWD8QHMHPSORFOiVLFRGHHVWRVVXSHUHGLILFLRVHVODFDWHGUDOGH&KDUWUHVTXHVHHOHYDKDFLDHO
FLHORHQXQDFRPSRVLFLyQGHSLODUHVGHRUQDWR\GHFULVWDO/RVFRQVWUXFWRUHVGHHVWHHGLILFLR\GHRWURVHQ
WRGRHOSDtVIXHURQGLULJLGRVSRUORV&DEDOOHURV7HPSODULRVFX\DPLVLyQVHH[SUHVyFRPREXVFDUUHFRQVWUXLU
-HUXVDOpQHQXQJORULRVR\QXHYRHVWLORDUTXLWHFWyQLFRGHSLODUHVWRUUHV\HVSLUDOHVTXHVHHOHYDUDQKDVWDHO
FLHOR
$QWHVQRSRGtDPRVHQFRQWUDUXQDH[SOLFDFLyQSUHYLDDSRUTXpORVWHPSODULRVGHSURQWRDVXPLHURQ
ODUHVSRQVDELOLGDGGHFRQYHUWLUVHHQORVPDHVWURVFRQVWUXFWRUHVGHXQD-HUXVDOpQ&HOHVWLDOHQVXSDtVQDWDO
SHURDKRUDWRGRFREUDEDVHQWLGR/DVLQVWUXFFLRQHVTXHORVQXHYHFDEDOOHURVUHFXSHUDURQGHODVEyYHGDVGHO
7HPSORGH-HUXVDOHQIXHURQGHMDGDVSRUORVQD]DUHQRVMXVWRDQWHVGHTXHpVWRVIUDFDVDUDQHQVXSURSLDPLVLyQ
GHFRQVWUXLUHO&LHORHQOD7LHUUD6DQWLDJR\VXVVHJXLGRUHVPXULHURQVLQWUDHUHO5HLQRGHO&LHORTXH-HV~V
SURPHWLHUDDVXVVHJXLGRUHVSHURHOORVGHMDURQWUDVGHVtXQFODURPHQVDMH
/RV UROORV QD]DUHQRV QR SRGUtDQ KDEHU VLGR HQFRQWUDGRV SRU JHQWH PiV GLOLJHQWH /RV WHPSODULRV
WRPDURQORVDQWLJXRVVHFUHWRVHVSHFXODWLYRVHLQVSLUDGRVHQ0D
DWGH-HV~V\GH6DQWLDJRSDUDVXVSURSLRV
SURSyVLWRVGHLQLFLDFLyQ\SURFHGLHURQDGDUDOPXQGRXQQLYHOQXHYR\VXSUHPRGHFRQVWUXFFLyQRSHUDWLYD
£/DUHVXUUHFFLyQHQWRGRVXHVSOHQGRU
3RUHOGHVFXEULPLHQWRGHOUROORGHOD-HUXVDOHQ&HOHVWLDO\RWURVDKRUDSHUGLGRVVDEtDPRV\DTXHORV
WHPSODULRVVHKDEtDQFRQYHUWLGRHQPDHVWURVGHODPDVRQHUtDHVSHFXODWLYD\GHODFRQVWUXFFLyQRPDVRQHUtD
RSHUDWLYD D OD YH] $KRUD QHFHVLWiEDPRV H[SORUDU OD GHVWUXFFLyQ GH ORV WHPSODULRV \ HQWHQGHU FyPR XQ
YHVWLJLRGHODRUGHQVHWUDQVIRUPyHQDOJRTXHVHFRQYLUWLyHQODPRGHUQDIUDQFPDVRQHUtD
&21&/86,Ï1
$OHVWXGLDUOD,JOHVLDFHOWDHQFRQWUDPRVTXHGLIHUtDPXFKRGHODYDULHGDGURPDQDGHOFULVWLDQLVPRGDGRTXH
UHFKD]DED GRJPDV WDQ IXQGDPHQWDOHV FRPR HO QDFLPLHQWR YLUJHQ \ OD GLYLQLGDG GH -HVXFULVWR $XQTXH OD
,JOHVLDFHOWDIXHDEVRUELGDDODIXHU]DSRUODLJOHVLDFDWyOLFDURPDQDDPHGLDGRVGHOVLJOR9,,SHQVDPRVTXH
PXFKR GHO DQWLJXR SHQVDPLHQWR VREUHYLYLy FRPR XQD FRUULHQWH VXEWHUUiQHD TXH KDUtD D (VFRFLD PX\
UHFHSWLYDFRQUHVSHFWRDOSHQVDPLHQWRQD]DUHQRFXDQGRFRQHOWLHPSRDUULEDURQORVWHPSODULRV
(O KDOOD]JR GHO ULWXDO RULJLQDO GHO *UDGR GHO $UFR 5HDO GH OD IUDQFPDVRQHUtD IXH PX\ LPSRUWDQWH
SRUTXHSURSRUFLRQDODKLVWRULDFRPSOHWDGHOGHVHQWHUUDPLHQWRGHORVSHUJDPLQRV8QSUREOHPDTXHD~QQR
UHVROYtDPRVHUDSRUTXpGHVFULEtDORVHYHQWRVFRPRVLKXELHUDQWHQLGROXJDUHQHO7HPSORGH=RUREDEHO\QR
HQHOGH+HURGHV1RFDEtDGXGDGHTXHVHUHIHUtDDOGHVFXEULPLHQWRTXHKLFLHURQORVWHPSODULRVDSULQFLSLRV
GHOVLJOR[LSRUTXHODVSLHGUDVDQJXODUHV\ORVDUFRVDERYHGDGRVQRVHLQYHQWDURQKDVWDHOSHULRGRURPDQR
/D LPDJHQ XWLOL]DGD HQ HO WUD]DGR GHO *UDGR GHO 6DJUDGR $UFR 5HDO QRV PRVWUDED HQ GHWDOOH OD
H[FDYDFLyQGHOWHPSOR\ODGLVSRVLFLyQGHODEyYHGDEDMRORVHVFRPEURVTXHFRQWHQtDQORVUROORV(QHOIRQGR
YHPRV-HUXVDOpQ\ODVUXLQDVGHOWHPSOR
7HQGUtDPRV TXH FRQWLQXDU QXHVWUDV LQYHVWLJDFLRQHV \ HVSHUDU TXH HQ DOJ~Q PRPHQWR VXUJLHUD XQD
H[SOLFDFLyQ SDUD HVWD SDUDGRMD $ SHVDU GH HVWH SHTXHxR SUREOHPD DKRUD HQWHQGtDPRV FyPR HVWD OH\HQGD
PDVyQLFDSXGRKDEHUPDQWHQLGRYLYDODKLVWRULDGHFyPRORVSULPHURVWHPSODULRVFRPDQGDGRVSRU+XJXHV
GH3D\HQHQFRQWUDURQORVSHUJDPLQRVTXHFRQGXMHURQDODFUHDFLyQGHODRUGHQ
/D LGHQWLILFDFLyQ GH OD -HUXVDOpQ &HOHVWLDO FRPR XQD FRSLD GH XQR GH ORV UROORV TXH *HRIIUH\ 6W
2PHUOHGLRD/DPEHUWHQODFDSLOODGH1XHVWUD9LUJHQGH6W2PHUIXHRWURHQRUPHGHVFXEULPLHQWR(OXVR
GHODHVFXDGUD\ORVFRPSDVHVPDVyQLFRVHQHVWHGLEXMRHVHYLGHQWH\VXLGHQWLILFDFLyQGH6DQWLDJRFRPRODV
GRVFROXPQDVFHQWUDOHVGHODQXHYD-HUXVDOpQFRQILUPDURQQXHVWUDVGHGXFFLRQHVDQWHULRUHV
1RWDV
(*%RZHQ6HWWOHPHQWVRIWKH&HOWLF6DLQWVLQ:DOHV
&0DWWKHZV7KH(OHPHQWVRIWKH&HOWLF7UDGLWLRQ
&RUUHVSRQGHQFLDSULYDGDFRQHOHQFDUJDGRGHOD%LEOLRWHFDGHOD*HQW8QLYHUVLW\
&)UD\OLQJ6WUDQJH/DQGVFDSH
/DSURIHFtDVHKDFHUHDOLGDG
&DStWXLR
/DYHUGDGVHOLEHUD
(Q QXHVWUDV LQYHVWLJDFLRQHV GH OD OLWHUDWXUD GH OD SRVJXHUUD MXGtD QRV WRSDPRV FRQ XQD FUHHQFLD EDVWDQWH
GLVHPLQDGDFRQRFLGDFRPR%HUHVKLW5DEEDWLTXHGHFtDTXHHOSRGHUGHODSURIHFtDUHJUHVDUtDD,VUDHOHQHO
DxRG&\TXHSRFRGHVSXpVHO0HVtDVVXUJLUtDGHVXHVFRQGLWHHQHO*UDQ0DUGH5RPD 3DUDQXHVWUD
VRUSUHVDHVWRIXHORTXHDSDUHQWHPHQWHVXFHGLy
(QMXVWRWUHLQWD\FXDWURDxRVGHVSXpVGHTXHHOSRGHUGHODSURIHFtDGHEtDOOHJDUD,VUDHOQDFLy
XQLQIDQWHHQHOVHQRGHXQDIDPLOLDGHQREOHVGHEDMRUDQJRHQHOHVWHGH)UDQFLDVXQRPEUHHUD-DFTXHVGH
0ROD\(OMRYHQFDEDOOHURWHQtDXQFODURVHQWLGRGHVXPLVLyQ\VHXQLyDORV&DEDOOHURV7HPSODULRVDODHGDG
PtQLPDUHTXHULGDORVYHLQWL~QDxRV/HIXHELHQ\GHVDUUROOyODUHSXWDFLyQGHVHURUJDQL]DGRTXHVHEDVDED
HQ XQD GLVFLSOLQD ULJXURVD \ OOHJy D VHU 0DHVWUR GHO 7HPSOR GH ,QJODWHUUD DQWHV GH VHU QRPEUDGR *UDQ
0DULVFDOFRQODUHVSRQVDELOLGDGGHOOLGHUD]JRPLOLWDUGHODRUGHQ&XDQGR7LEDOG*DXGLQHOJUDQ0DHVWURGH
ORV7HPSODULRVPXULyHQ-DFTXHVGH0ROD\ILLHHOHJLGRSDUDHVHSXHVWRTXHHUDHOPiVDOWR
3DUD HQWRQFHV ORV WHPSODULRV KDEtDQ SHUGLGR HO FRQWURO GH OD 7LHUUD 6DQWD ORV PXVXOPDQHV
PDPHOXFRVKDEtDQWRPDGR$FUHHODxRDQWHULRUSUiFWLFDPHQWHDFDEDQGRFRQHOUHLQRFULVWLDQRGH-HUXVDOHQ
6LQ HPEDUJR 0ROD\ HUD XQ KRPEUH PX\ SRGHURVR HQ FRQWURO GH XQ JUDQ Q~PHUR GH SURSLHGDGHV HQ WRGR
(XURSDDVtFRPRXQEXHQHMpUFLWRXQDIORWDGHEDWDOODVXVWDQFLDO\XQVLQGLFDWRLQWHUQDFLRQDOGHFRPHUFLR\
EDQFDULR 'HVGH VXV KXPLOGHV LQLFLRV FLHQWR VHWHQWD \ FXDWUR DxRV DWUiV FXDQGR +XJKHV GH 3D\HQ \ VX
SHTXHxDEDQGDGHFDEDOOHURVFRPHQ]DURQDH[FDYDUHQODVUXLQDVGHO7HPSORODRUGHQVHKDEtDFRQYHUWLGR
FRQUD]yQHQODIXHU]DPiVSRGHURVDGHOFULVWLDQLVPRULYDOL]DQGRHLQFOXVRVREUHSDVDQGRDOSURSLR9DWLFDQR
6RVSHFKDPRVTXHORVSULPHURVWHPSODULRVKDOODURQHORURODSODWD\RWURVWHVRURVHQWHUUDGRVSRUORVMXGtRV
DQWHVGHVHUDUUDVDGRVSRUORVURPDQRVGXUDQWHODJXHUUDGHD&\DTXHODUDSLGH]\HOGHVDUUROORGHVX
ULTXH]DSDUHFHQGHPDVLDGRQRWRULRVSDUDVHUUHVXOWDGRGHXQFUHFLPLHQWRRUJiQLFR(VUD]RQDEOHSHQVDUTXH
VLHQFRQWUDURQORVWHVRURVQRORKXELHUDQGLFKRDQDGLHSRUORTXHODKLVWRULDQRORKDEUtDUHJLVWUDGR
7DQSURQWRFRPR0ROD\DFFHGLyDOSRGHULPSXVRGHQXHYRXQDSHJRHVWULFWRDWRGRVORVUHJODPHQWRV
\ PDQWXYR XQD GLVFLSOLQD DEVROXWD HQ WRGD OD RUGHQ 6LHQGR WRWDOPHQWH LOHWUDGR SURKLELy DO UHVWR GH ORV
FDEDOOHURVSHUGHUHOWLHPSRHQOHFWXUDVSUHILULHQGRGHMDUHVDVWDUHDVDORVFOpULJRV/RVWHPSODULRVUHSRUWDEDQ
GLUHFWDPHQWH DO 3DSD SRUTXH HUDQ XQD RUGHQ IUDQFRSDUODQWH \ OD PD\RUtDGHVXV UHODFLRQHV HVWDEDQHQHVH
SDtV (Q HVRV WLHPSRV )UDQFLD WHQtD XQ UH\ DPELFLRVR \ TXH VH GDED SDUWLFXODU LPSRUWDQFLD )HOLSH
,9FRQRFLGR FRPR )HOLSH HO +HUPRVRTXLHQ EXVFDED PDQLSXODU DO 3DSD SDUD VX SURSLR EHQHILFLR SHUR
%RQLIDFLR9,,,QRHUDXQKRPEUHIiFLOGHLQWLPLGDU6XVSURSyVLWRVVHGHUUXPEDURQFXDQGRHO3DSDVHUHKXVy
D SHUPLWLU TXH )HOLSH UHFDXGDUD LPSXHVWRV GH OD ,JOHVLD IUDQFHVD \ HQ %RQLIDFLR GHFODUy TXH OR
HVSLULWXDOHUDPiVLPSRUWDQWHTXHORWHPSRUDO\TXHRSRQHUVHDO3DSDHUDRSRQHUVHD'LRV)HOLSHDQXQFLy
DOPXQGRTXH%RQLIDFLRQRHUDDSWRSDUDRFXSDUHOWURQRGH3HGURDFXVDQGRDOSRQWtILFHGHWRGRFULPHQ
LPDJLQDEOH LQFOX\HQGR EODVIHPLD KHUHMtD DVHVLQDWR H LQFOXVR VRGRPtD 6X GHVHR GH FRQGHQDU DO 3DSD QR
WHQtD OtPLWHV \ SXVR D SUXHED ORV H[WUHPRV GH OD FUHGXOLGDG PHGLHYDO FXDQGR DFXVy D %RQLIDFLR GH KDEHU
WHQLGRXQDUHODFLyQVH[XDOVHFUHWDFRQXQGHPRQLRTXHYLYtDGHQWURGHOFtUFXORGHO3DSD1RHVGHVRUSUHQGHU
TXHHO3DSDVHHQIXUHFLHUD\TXHVXUHVSXHVWDIXHUDODLPSRVLFLyQGHOPiVDOWRQLYHOGHH[FRPXQLyQVREUHOD
SHUVRQDGH)HOLSHPiVTXHVREUHVXUHLQR3HUR)HOLSHORJUyHQFRQWUDUDSR\RLPSRUWDQWHSRUWRGDVSDUWHVGH
)UDQFLD \ %RQLIDFLR UHSOLFy FRQ OD DPHQD]D GH SURFODPDU DO SDtV HQ XQ HVWDGR GH LQWHUGLFFLyQ OR FXDO
DXQTXH PHQRV WHUULEOH TXH OD H[FRPXQLyQ QDFLRQDO GHMDED OD VLWXDFLyQ QDFLRQDO HQ PDO HVWDGRSRUTXH
PLHQWUDV VH PDQWXYLHUD YLJHQWH OD LQWHUGLFFLyQ HO SXHEOR GH )UDQFLD QR VHUtD EDXWL]DGR QR UHFLELUtD OD
FRPXQLyQQRVHUtDDEVXHOWRQLVLTXLHUDHQWHUUDGRFRQORVULWRVFULVWLDQRVFRPSOHWRV
)HOLSHVDEtDTXHXQDVDQFLyQGHHVWHWLSRORGHUURFDUtD\GHFLGLyHQYLDUDKRPEUHVGHVXFRQILDQ]DD
KDFHUOHDO3DSDXQDRIHUWDTXHQRSXGLHUDUHKXVDU(OGHVHSWLHPEUHGH*XLOOHUPRGH1RJDUHW\VX
HTXLSR HQWUDURQ DO SDODFLR GH $QDJQL HQ ,WDOLD \ VHFXHVWUDURQ DO HQYHMHFLGR 3DSD PDOWUDWiQGROR \
DPHQD]iQGRORFRQKDFHUOHXQJUDQGDxR$ORVKRPEUHVGH)HOLSHQROHVIXHSRVLEOHHVFDSDUFRQHO3DSD\D
VDELHQGDV GH TXH PDWDUOR VHUtD IDWDO SDUD HOORV GHFLGLHURQ GHMDUOR PLHQWUDV PXVLWDEDQ WHUULEOHV DPHQD]DV
%RQLIDFLRQXQFDVHUHFXSHUyGHOVXIULPLHQWR\PXULyFLQFRVHPDQDVGHVSXpVDOJXQRVGLFHQTXHDPDQRVGH
)HOLSHGHELGRDOHVWUpVSURYRFDGRSRUHODWDTXH
(OQXHYR3DSD%HQHGLFWR;,FRPHQ]yVXUHODFLyQFRQ)HOLSHHQWpUPLQRVDPLJDEOHVSHURHQFXDQWR
HOUH\IUDQFpVFRPHQ]yDLQFUHPHQWDUVXVH[LJHQFLDVODUHODFLyQVHDJULyUiSLGDPHQWHDOSXQWRTXHHO3DSD
DFXVy HQ S~EOLFR D )HOLSH GH KDEHU RUGHQDGR HO DWDTXH HQ $QDJQL HQ FRQWUD GH %RQLIDFLR 0X\ SURQWR
%HQHGLFWRPRUtDHQYHQHQDGRSRU)HOLSHHO+HUPRVR(OUH\HQFRQWUyXQVXVWLWXWRHILFD]%HUQDUGRGH*RWK
DU]RELVSRGH%XUGHRVTXLHQHUDXQHQHPLJRGHFODUDGRGHOUH\DXQTXHFRQWURODEOH\DTXHVXGHVHRSRUHO
WURQRGH3HGURHUDDXQPD\RUTXHVXUHSXGLRD)HOLSH'HV~ELWRHQHOPHJDORPDQLDFRUH\GH)UDQFLD
WHQtD FRQWURO VREUH HO 9LFDULR GH &ULVWR \ SRU HQGH VREUH HO FULVWLDQLVPR RFFLGHQWDO &DVL VLQ VROYHQFLD
HFRQyPLFD)HOLSHLPSXVRGHLQPHGLDWRXQLPSXHVWRGHOSRUFLHQWRDOFOHURIUDQFpV&XDWURDxRVGHVSXpV
HO 3DSD WtWHUH WUDQVIHUtD HILFD]PHQWH OD VHGH GHO SRGHU GHO 9DWLFDQR D $YLxyQ VLWXDFLyQ TXH SHUGXUy WUHV
FXDUWDVSDUWHVGHOVLJOR
&RQ ODGHVLJQDFLyQ GHO PDOHDEOH 3DSD &OHPHQWH9 )HOLSH HO +HUPRVR WHQtDHOSRGHUTXH GHVHDED
SHURDKRUDQHFHVLWDEDGLQHUR*XLOOHUPRGH1RJDUHWTXHFRQWLQXDEDVLHQGRHOKRPEUHGHFRQILDQ]DGHOUH\
HUD XQ KRPEUH PX\ KiELO \ HMHFXWy D LQVWDQFLDV GH pVWH XQ DFWR GH URER D JUDQ HVFDOD WDQ DVWXWR FRPR
PDOpYROR'HVSXpVGHGLVHxDUXQSODQGHWDOODGR\KiELOHQH[WUHPRODVWURSDVGHOUH\IXHURQPRYLOL]DGDVHQ
SHTXHxRVJUXSRVSRUWRGRHOSDtVHQODPDxDQDGHOGHMXOLRGH\DUUHVWDURQDWRGRVORVMXGtRV/RV
GHVDIRUWXQDGRV MXGtRV IXHURQ HQYLDGRV DO H[LOLR QDWXUDOPHQWH VLQ VXV SURSLHGDGHV ODV FXDOHV IXHURQ GH
LQPHGLDWRWUDQVIHULGDVDODFRURQD
(VSRFRDVRPEURVRHQWRQFHVTXHHODPELFLRVRUH\KD\DGLULJLGRVXDWHQFLyQDO0DHVWUR7HPSODULR
-DFTXHVGH0ROD\\DWRGDODULTXH]DGHO7HPSORGH3DUtV\VXVSURSLHGDGHVHQWRGRHOSDtV6LQHPEDUJRQL
VLTXLHUD)HOLSHSRGtDVDOLUVHFRQODVX\DUREDQGRDELHUWDPHQWHDXQDRUGHQGHWDQDOWRQLYHO(VWRV&DEDOOHURV
7HPSODULRVQRUHVSRQGtDQDQDGLHTXHQRIXHUDHO3DSD\HVWDEDQIXHUDGHODOFDQFHGHODVOH\HVGHFXDOTXLHU
SDtV3HURHOUH\HUDXQKRPEUHFRQUHFXUVRVFXDQGRVHWUDWDEDGHLQFUHPHQWDUVXULTXH]D\SRGHUGHPDQHUD
TXHLQVWUXPHQWyODVFLUFXQVWDQFLDVQHFHVDULDVSDUDTXHVXSODQDOFDQ]DUDHOp[LWRVLQQLQJXQDLQWHUIHUHQFLD
'HVGH ORV LQLFLRV GH OD 2UGHQ VH KD FUHtGR TXH ORV WHPSODULRV SDUWLFLSDEDQ HQ ULWRV VHFUHWRV SRFR
XVXDOHVSHURFRPRODIXHU]DPi[LPD\PiVUHVSHWDGDGHOFULVWLDQLVPRSHUPDQHFLHURQLQPXQHVDFXDOTXLHU
WLSR GH HVSHFXODFLyQ 3RU GHVJUDFLD OD QDWXUDOH]D PLVPD GH VXV SURFHGLPLHQWRV VHFUHWRV SURYH\y XQD
H[FHOHQWHUD]yQSDUDTXHLPSXWDFLRQHVIDOVDVSDUHFLHUDQILGHGLJQDV*XLOOHUPRGH1RJDUHWLPSOHPHQWRFRQ
FXLGDGRXQSODQSDUDGHVWUXLUDORVWHPSODULRV\DUUHEDWDUOHVVXULTXH]D'HELySRUORPHQRVWHQHUXQHVStD
GHQWURGHODRUGHQWHPSODUtDTXHOHUHSRUWDUDODQDWXUDOH]DGHVXVULWXDOHVVHFUHWRV$XQDVtHVDLQIRUPDFLyQ
SRU Vt PLVPD QR VHUtD VXILFLHQWHPHQWH VHQVDFLRQDO SDUD GHUULEDU D OD RUGHQ PiV FHOHEUDGD GHO PXQGR \
SHUPLWLUOHD)HOLSHDSRGHUDUVHGHVXVELHQHV$VtTXHSDUDFRPSHQVDUODDXVHQFLDGHHYLGHQFLDFRQGHQDWRULD
VyOLGD *XLOOHUPR GH 1RJDUHW DUUHJOy HO GHVFXEULPLHQWR GH QXHYD LQIRUPDFLyQ +XER WHVWLJRV IDOVRV TXH
ILOWUDURQKLVWRULDVGHKHFKRVKRUULEOHV\HQHOPRPHQWRRSRUWXQRHOUH\)HOLSHVHVLQWLyREOLJDGRDLQIRUPDU
DO3DSDGHODJUDYHVLWXDFLyQ
(O UH\ VDEtD TXH OD ULYDOLGDG HQWUHODV PiV LPSRUWDQWHV yUGHQHV GH FDEDOOHURV ORV WHPSODULRV \ ORV
KRVSLWDODULRVHUDSURIXQGD\JHQHUDOL]DGD\VXJLULyDO3DSD&OHPHQWHTXHHVFULELHUDDORV*UDQGHV0DHVWURV
GHDPEDVLQYLWiQGRORVDGLVFXWLUXQSODQSDUDDSR\DUDORVUH\HVGH$UPHQLD\&KLSUH1RHUDXQVHFUHWRTXH
HO3DSDGHVHDEDIXVLRQDUHQXQDVRODRUGHQDORV&DEDOOHURVGHO7HPSORGH6DORPyQ\DORV&DEDOOHURVGHO
+RVSLWDOGH-HUXVDOpQTXHVHOODPDUtDORV&DEDOOHURVGH6DQ-XDQ-HUXVDOpQ\HVRIXHORTXH0ROD\SHQVy
VHUtDODYHUGDGHUDDJHQGD3DUDpOWDOIXVLyQHUDSRUFRPSOHWRLPSRVLEOH\TXL]iSHQVyTXHGDGDODULTXH]D\
HO SRGHU GH ORV WHPSODULRV pO SRGUtD SUHYHQLU XQ FDVDPLHQWR WDQ LQGHVHDEOH 3RU RWUD SDUWH FRQ WRGD
SUREDELOLGDGHO3DSDWDOYH]IRU]DUtDWDOIXVLyQ\DKDEtDGHFODUDGRVXSUHIHUHQFLDSRUORVKRVSLWDODULRVSDUD
GHVHPSHxDUHOSDSHOSULQFLSDO(QWUHWDQWRHOUH\)HOLSHQRKDEtDORJUDGRFRQYHQFHUDQDGLHGHTXHVXSODQGH
KDFHUVHOtGHUGHODRUGHQIXVLRQDGDHUDODPHMRUVROXFLyQ
*XLOOHUPRGH9LOOHUHWHO*UDQ0DHVWURGHOD2UGHQ+RVSLWDODULDQRSXGRSDUWLFLSDUHQHOHQFXHQWUR
SXHV HVWDED WRWDOPHQWH RFXSDGR FRQ XQ DWDTXH FRQWUD ORV VDUUDFHQRV GH 5RGDV 'H 0ROD\ TXLHQ VH
HQFRQWUDEDHQ,LPDVVRO&KLSUHDOUHFLELUODRUGHQSDSDOGHYLDMDUD)UDQFLDSDUDXQDUHXQLyQFRQHO3DSD
MXQWy D VHVHQWD FDEDOOHURV HPSDFy FLHQWR FLQFXHQWD PLO IORULQHV GH RUR \ VH KL]R D OD PDU FRQ UXPER D
0DUVHOOD'H0ROD\WHQtDWRGRHOGHUHFKRGHHVSHUDUXQDPDJQtILFDELHQYHQLGDGHSDUWHGHOUH\)HOLSH\DTXH
ORVWHPSODULRVOHKDEtDQKHFKRPXFKRVJUDQGHVVHUYLFLRVOHSUHVWDURQHOGLQHURTXHUHTXHUtDSDUDODGRWHGH
VX KLMD OD SULQFHVD ,VDEHO \ HO 7HPSOR GH 3DUtV OH VLUYLy GH UHIXJLR SRU YDULRV GtDV FXDQGR KXER XQD
VXEOHYDFLyQS~EOLFDTXHVHVDOLyGHOFRQWURO(QHOiPELWRSHUVRQDOHO*UDQ0DHVWURVHJXUDPHQWHFUHtDTXH
HOUH\HUDXQDXWpQWLFRDPLJRSXHVWRTXHSLGLyDGH0ROD\TXHIXHUDHOSDGULQRGHVXKLMR5REHUW
6RVSHFKDQGR TXH HO 3DSD FRPHQWDUD VREUH HO DVXQWR GH OD IXVLyQ FRQ ORV KRVSLWDODULRV GH 0ROD\
WRPy OD SUHFDXFLyQ GH PDQGDU UHGDFWDU XQ GRFXPHQWR TXH H[SXVLHUD OD FRQYHQLHQFLD GH OD FRQWLQXDFLyQ
LQGHSHQGLHQWHGHODRUGHQ7LWXODGR'H8QLRQH7HPSOLHW+RVSLWDOLV2UGLQXPDG&OHPHQWH3DSDP-DFRELGH
0ROD\R5HOHQWLRHOGRFXPHQWROHIXHHQWUHJDGRDO3DSDHQ3RLWLHUV(QFXDQWRGH0ROD\OOHJyD3DUtVIXH
ELHQYHQLGR FRQ KRQRUHV SRU HO UH\ SHUR HO *UDQ 0DHVWUR SURQWR VH VLQWLy SURIXQGDPHQWH SUHRFXSDGR DO
FRPHQ]DUDHVFXFKDUUXPRUHVVREUHGHOLWRVHIHFWXDGRVSRUORVWHPSODULRV
(OSODQVHFUHWRGHVDUUROODGRSRUGH1RJDUHWWHQtDHOSURSyVLWRGHWRPDUHQFXVWRGLDDWRGDODIXHU]D
WHPSODUtDHQIRUPDVLPXOWiQHD7RPDQGRHQFXHQWDTXHKDEtDDOUHGHGRUGHPLOWHPSODULRVHQWRGR)UDQFLD
HQ HVRV WLHPSRV OD WDUHD HUD FRQVLGHUDEOH SHUR GH 1RJDUHW WHQtD OD H[SHULHQFLD GH ORV DUUHVWRV PDVLYRV
VLPXOWiQHRVGHODxRDQWHULRUFXDQGRWRPyDODFRPXQLGDGMXGtDSRUFRPSOHWR/DIHFKDGHODUUHVWRGHORV
WHPSODULRVIXHHOYLHUQHVGHRFWXEUHGH6HHQYLDURQyUGHQHVVHOODGDVDORVVHQHVFDOHVUHDOHVFRQWUHV
VHPDQDVGHDQWLFLSDFLyQ\FRQLQVWUXFFLRQHVHVWULFWDVGHTXHQRGHEtDQVHUDELHUWDVDQWHVGHOMXHYHVGH
RFWXEUH/DVyUGHQHVHPSH]DEDQFRQXQDRUDFLyQSRGHURVDPHQWHHVFULWDVLELHQDOJRSURORQJDGDGLVHxDGD
SDUDLPSHGLUFXDOTXLHUUHFKD]RGHORVVHQHVFDOHVDOOHYDUDFDERHODUUHVWRGHWDQIDPRVRVFDEDOOHURV
+D VXFHGLGR XQ KHFKR XQ KHFKR ODPHQWDEOH XQ KHFKR TXH HV KRUULEOH GH SHQVDU \ WHUULEOH GH
HVFXFKDU XQ FULPHQ GHWHVWDEOH XQ KHFKR H[HFUDEOH \ GLDEyOLFR XQD REUD DERPLQDEOH XQD GHVJUDFLD
GHWHVWDEOHXQKHFKRWRWDOPHQWHLQKXPDQRDMHQRDWRGDODKXPDQLGDGTXHJUDFLDVDORVLQIRUPHVGHYDULDV
SHUVRQDV GLJQDV GH IH KD OOHJDGR KDVWD QXHVWURV RtGRV QR VLQ SURYRFDUQRV JUDQ DVRPEUR \ FDXVDQGR TXH
WHPEOHPRV FRQ KRUURU YLROHQWR \ \D TXH FRQVLGHUDPRV VX JUDYHGDG QRV LQYDGH XQ LQPHQVR GRORU WDQWR
PD\RU OD FUXHOGDG SRUTXH QR FDEH GXGD TXH OD HQRUPLGDG GHO FULPHQ HV WDO TXH OOHJD DO SXQWR GH VHU XQD
RIHQVDDODPDMHVWDGGLYLQDXQDYHUJHQ]DSDUDODKXPDQLGDGXQHMHPSORSHUQLFLRVRGHOPDO\XQHVFiQGDOR
XQLYHUVDO
/RVSULQFLSDOHVFDUJRVKHFKRVFRQEDVHHQHOWHVWLPRQLRGHXQH[WHPSODULR6TXLQGH)OD[LDQHUDQ
7RGRV ORV WHPSODULRV DO VHU DGPLWLGRV MXUDURQ MDPiV GHMDU OD RUGHQ \ EHQHILFLDU VXV LQWHUHVHV SRU
FXDOTXLHUPHGLRGHELGRRLQGHELGR
4XH ORV OtGHUHV GH OD RUGHQ PDQWLHQHQ XQD DOLDQ]D VHFUHWD FRQ ORV VDUUDFHQRV \ TXH WLHQHQ PiV
LQILGHOLGDGPDKRPHWDQDTXHIHFULVWLDQDUHTXLULpQGROHDFDGDQRYLFLRTXHHVFXSD\SLVRWHHODFUX]
/RV OtGHUHV GH OD RUGHQ VRQ KRPEUHV KHUHMHV FUXHOHV \ VDFULOHJRV TXH PDWDQ R DSULVLRQDQ D DTXHO
QRYLFLRTXHDOGHVFXEULUODLQLTXLGDGGHODRUGHQWUDWDGHDEDQGRQDUOD4XHPiVD~QHQVHxDQDODV
PXMHUHVSUHxDGDVGHHOORVFyPRSURFXUDUVHXQDERUWR\VHFUHWDPHQWHDVHVLQDUDORVUHFLpQQDFLGRV
4XHHVWiQLQIHFWDGRVGHORVHUURUHVGHORV)UDWHFHOOLGHVSUHFLDQDO3DSD\ODDXWRULGDGGHOD,JOHVLD\
TXHPDOGLFHQORVVDFUDPHQWRVHQHVSHFLDODTXHOORVGHSHQLWHQFLD\FRQIHVLyQ
4XH VRQ DGLFWRV GH ORV H[FHVRV PiV LQIDPHV GH GHVPHVXUD 6L DOJXLHQ H[SUHVD VX UHSXJQDQFLD HV
HQFDUFHODGRDSHUSHWXLGDG
/DVFDVDVGHORVWHPSODULRVVRQUHFHSWiFXORVGHFDGDFULPHQ\DERPLQDFLyQTXHSXHGDFRPHWHUVH
4XHODRUGHQWUDEDMDSDUDTXHOD7LHUUD6DQWDTXHGHHQPDQRVGHORVVDUUDFHQRV
4XHHO0DHVWURHVLQVWDODGRHQVHFUHWR\PX\SRFRVGHORVKHUPDQRVPiVMyYHQHVHVWiQSUHVHQWHV\
TXHpOUHSXGLDVXIHFULVWLDQDDOKDFHUDOJRFRQWUDULRDORGHELGR
4XHPXFKRVGHORVHVWDWXWRVGHODRUGHQVRQLOHJDOHVSURIDQRV\FRQWUDULRVDOFULVWLDQLVPR6LHQGR
TXHDORVPLHPEURVVHOHVSURKLEHEDMRSHQDGHFDGHQDSHUSHWXDUHYHODUORVDDOJXLHQ
4XHQLQJ~QYLFLRRFULPHQFRPHWLGRHQKRQRUREHQHILFLRGHODRUGHQHVFRQVLGHUDGRXQSHFDGR
(ODUUHVWRGHXQRVTXLQFHPLOWHPSODULRVLQFOX\HQGRD0ROD\VHFRPSOHWyHQHOWUDQVFXUVRGHODPDxDQDGHO
YLHUQHV (O SULQFLSDO WHVWLJR IDOVR IXH )OH[LDQ TXLHQ KDEtD VLGR H[SXOVDGR EDMR ORV FDUJRV GH KHUHMtD \
RWUDVRIHQVDV-XQWRFRQXQIORUHQWLQRGHQRPEUH1RIIR'HLSUHVHQWyHYLGHQFLDFRQWUDODRUGHQDFDPELRGH
XQ SHUGyQ \ VX OLEHUDFLyQ GH OD SULVLyQ$ OD ,QTXLVLFLyQ VH OH RUGHQy H[WUDHU FRQIHVLRQHV \ TXH QR VH
HVFDWLPDUD HQ PpWRGRV GH WRUWXUD SDUD ORJUDU WDO REMHWLYR (VWRV KiELOHV WRUWXUDGRUHV HUDQ JHQHUDOPHQWH
H[SHUWRV HQ LQIOLJLU GRORU Pi[LPR VLQ FDXVDUOH D OD YtFWLPD OD PXHUWH WDQ VyOR WUHLQWD \ VHLV WHPSODULRV
PXULHURQ HQ OD ]RQD GH 3DUtV GXUDQWH ODV SULPHUDV HWDSDV GH ORV LQWHUURJDWRULRV &RQ OD JUDQ DIOXHQFLD GH
SULVLRQHURV OD ,QTXLVLFLyQ WXYR TXH HIHFWXDU DUUHJORV HVSHFLDOHV \D TXH QR KDEtD OD FDQWLGDG VXILFLHQWH GH
FDODER]RVHLQVWUXPHQWRVGHWRUWXUD(UDQKRPEUHVLQJHQLRVRV\PX\SURQWRWXYLHURQLGHDVLPDJLQDWLYDVSDUD
H[WUDHUFRQIHVLRQHV8QEXHQHMHPSORIXHHOKRUQRSDUDORVSLHVTXHWDQVyORUHTXHUtDGHXQDSODWDIRUPDDOD
FXDOVHDWDEDDOVXMHWRXQSRFRGHDFHLWHSDUDVXVSLHV\XQEUDVHUR(VWHDUWHIDFWRIiFLOGHKDFHUSUREyVHU
DOWDPHQWH HILFD] SDUD FRQYHQFHU D ORV WHPSODULRV GH GHFLU OD YHUGDG D ORV LQTXLVLGRUHV 8Q KRPEUH IXH
DUUDVWUDGRDQWHODFRUWHSDUDFRQIHVDUFDUJDQGRHQVXVPDQRVXQDFDMDFRQORVKXHVRVDFKLFKDUUDGRVGHVXV
SLHVTXHFD\HURQDOVXHORPLHQWUDVVHLQFLQHUDEDQ
3HVHDORVHVIXHU]RVGHOD,QTXLVLFLyQODVFRQIHVLRQHVVHFRQVLJXLHURQFRQOHQWLWXGSHURSURQWRKXER
VXILFLHQWHVSDUDKRUURUL]DUDOS~EOLFRFXDQGRVHOHVLQIRUPyTXHORVRWURUDSURPLQHQWHVWHPSODULRVDGPLWLHURQ
KDEHUQHJDGRD'LRVD&ULVWRDOD9LUJHQ0DUtD\TXHGXUDQWHVXLQLFLDFLyQHOORVGDEDQHO2VFXOXP,QIDPH
HOEHVRGHODYHUJHQ]DTXHLQYROXFUDEDEHVDUDOLQLFLDGRUHQODERFDHORPEOLJRHOSHQH\HOWUDVHUR&RQ
ORVEHQHILFLRVGHORVFRQRFLPLHQWRVDFWXDOHVHVIiFLOGHVFDUWDUHVWRVFDUJRVLQYHQWDGRVFRPRUHVXOWDGRGHOD
LPDJLQDFLyQGHORVDFXVDGRUHVSHURDOJXQDVGHODVDFXVDFLRQHVTXHVXUJLHURQGHEHQWRPDUVHPiVHQVHULR
0XFKRVSDtVHVWDUGDURQHQSHUVHJXLUDORVWHPSODULRVSHVHDODVyUGHQHVGHO3DSDGHDUUHVWDUORVH
LQWHUURJDUORV3RUWXJDO,UODQGD(VFRFLDH,QJODWHUUDVHFXHQWDQHQWUHORVTXHQRHVWDEDQVDWLVIHFKRVHQOOHYDU
OD RUGHQ D FDER (Q ,QJODWHUUD HO 5H\ (GXDUGR ,, DFFHGLy SRU ILQ D FXPSOLU OD RUGHQ SDSDO SHUR VXV WRU
WXUDGRUHVQRWXYLHURQPXFKRp[LWR\OD,QTXLVLFLyQGH3DUtVVHRIUHFLyDD\XGDUORVSRQLHQGRDVXGLVSRVLFLyQ
KRPEUHVFRQDPSOLDVKDELOLGDGHVGHVDUUROODGDV\JXVWRSRUVXRILFLRHOHJLGR(QMXQLRGHOD,QTXLVLFLyQ
LQJOHVDVHWRSyFRQODLQWHUHVDQWHLQIRUPDFLyQGHXQWHPSODULRGHQRPEUH6WHSKHQGH6WUDSHOEUXJJHTXLHQ
DGPLWLy TXH GXUDQWH VX LQLFLDFLyQ VHOH GLMR TXH-HV~V HUD XQ KRPEUH \ QR XQ GLRV 2WUR WHPSODULR FRQ HO
QRPEUHGH-RKQGH6WRNHDILUPyTXH-DFTXHVGH0ROD\RUGHQyTXHVHOHHQVHxDUDTXH-HV~VQRHUDPiVTXH
XQKRPEUHTXHGHEtDFUHHUHQHOJUDQ'LRVRPQLSRWHQWHTXLHQIXHHODUTXLWHFWRGHOFLHOR\ODWLHUUD\QRHQ
OD FUXFLIL[LyQ (VWR KD VRUSUHQGLGR D PXFKRV H[SHUWRV SRUTXH OD DILUPDFLyQ QR HQFXDGUD FRQ QLQJXQD
FUHHQFLDWHROyJLFDGHDTXHOWLHPSRLQFOX\HQGRODVGHODVVHFWDVKHUHMHVFRPRORHUDQORVFDWDURVTXLHQHVWDO
YH]VtHVWDEDQHQFRQWDFWRFRQODRUGHQ&ODURHVWiTXHHVWRQRQRVFDXVyVRUSUHVD\DTXHODVSDODEUDVVRQ
H[DFWDPHQWH ODV TXH HVSHUDUtDPRV HVFXFKDU GH XQ KRPEUH TXH KD VLGR LQLFLDGR HQ OD UHFLHQWH RUGHQ GH
QD]DUHQRVFRQEDVHHQORVPHQVDMHVGHOD,JOHVLDGH6DQWLDJRHQ-HUXVDOpQKDOODGRVHQORVUROORVGHO7HPSOR
(OSXQWRGHYLVWDH[SUHVDGRSRUHO*UDQ0DHVWURSURYLHQHGHODVYHUGDGHUDVHQVHxDQ]DVGH-HV~V\SUHFHGHDO
FXOWRGHODFUXFLIL[LyQGH3DEORTXHIXHDGRSWDGRSRUORVURPDQRV(VWRVSXQWRVGHYLVWDDWULEXLGRVDO*UDQ
0DHVWUR SDUHFHQ YHUGDG QR UHFKD]DQ D -HV~V WDQ VyOR UHFXHUGDQ D OD JHQWH TXH VyOR KD\ XQ 'LRV XQ VHU
VXSUHPR
3DUHFHVHJXURTXHWDOHVSHQVDPLHQWRVGHULYHQGHOD,JOHVLDGH6DQWLDJRHQODTXHODVHQVHxDQ]DVGH
-HV~V VH UHYHUHQFLDEDQ SHUR GRQGH VH FRQVLGHUy TXH OD FUXFLIL[LyQ HUD XQ VtPEROR SRGHURVR GH ILGHOLGDG
KDVWDODPXHUWHDOHVWLORGH+LUDP$ELIQDGDPiV3DUDORVWHPSODULRVODFUX]HUDXQDPDUFDGHOPDUWLULRPiV
TXHODIXHQWHGHPDJLDTXHHOFXOWRGH3DEORDODFUXFLIL[LyQFUHtDTXHHUD
3RUODLQIRUPDFLyQTXHKHPRVUHFDEDGRSHQVDPRVTXHVLELHQORVFDEDOOHURVGHOUDQJRPiVDOWRKDQ
WHQLGRSXQWRVGHYLVWDUDGLFDOPHQWHDWtSLFRVVREUHODGLYLQLGDGGH-HVXFULVWRORVWHPSODULRVIXHURQGXUDQWH
WRGDVXH[LVWHQFLDXQDILHORUGHQFDWyOLFD(OORVSRGUtDQKDEHUHVWDEOHFLGRXQQXHYRWLSRGHFULVWLDQLVPRVL
DVtORKXELHUDQTXHULGR\DTXHFRQWDEDQFRQODULTXH]DODVSRVHVLRQHVHOSRGHUDUPDGR\ODOHMDQtDGH5RPD
SDUDWDOHIHFWR(UDFODURTXHHVWDEDQFRQWHQWRVPDQWHQLHQGRVXFRQRFLPLHQWRHVSHFLDOSDUDVt\FRQGXFLHQGR
VXV SURSLDV FHUHPRQLDV VHFUHWDV TXH DO LJXDO TXH ORV IUDQFPDVRQHV DFWXDOHV FRQVLGHUDEDQ TXH HUDQ
FRPSOHPHQWDULDVDVXIHFULVWLDQD/RV&DEDOOHURV7HPSODULRVIXHURQWUDLFLRQDGRVSRUXQDLJOHVLD\XQ3DSDD
ORVTXHKDEtDQVHUYLGRELHQ
/DFUXFLIL[LyQ
'H TXH -DFTXHV GH 0ROD\ KD\D VLGR WRUWXUDGR KRUULEOHPHQWH KD\ GXGDV SRUTXH HVWH JXHUUHUR SRGHURVR VH
TXHEUDQWy\FRQIHVyORVFUtPHQHVTXHQRFRPHWLyDXQTXHVtVHUHWUDFWyGHHOORVDQWHVGHVHUTXHPDGRHQOD
KRJXHUD VLHWH DxRV GHVSXpV /DV IRUPDV GH SHUVXDVLyQ QR IXHURQ UHJLVWUDGDV SRU OD ,QTXLVLFLyQ SHUR GH
PDQHUDH[WUDxDHQFRQWUDUtDPRVHYLGHQFLDHQXQDFRQVWUXFFLyQHVFRFHVDWHPSODUtDTXHQRVD\XGDUtDDVDEHU
TXpHVORTXHHQUHDOLGDGDFRQWHFLy&UHHPRVSRGHUUHFRQVWUXLUORTXHOHVXFHGLyDO*UDQ0DHVWURHQDTXHOORV
FDODER]RVKDFHVLHWHVLJORVJUDFLDVDXQDSLH]DGHHYLGHQFLDH[WUDRUGLQDULD/RVXFHGLGRHOYLHUQHV\HO
ViEDGRGHRFWXEUHGHVHUtDDVt
(O *UDQ ,QTXLVLGRU GH )UDQFLD *XLOOHUPR ,PEHUW WRPy HVSHFLDO LQWHUpV HQ OD FRQIHVLyQ GHO KHUHMH
PiV JUDQGH GH WRGRV -DFTXHV GH 0ROD\ &RPR XQ VDFHUGRWH WRUWXUDQGR D RWUR ,PEHUW KXELHUD
SUHIHULGRHYLWDUHOGHUUDPDPLHQWRGHVDQJUHHODEUDVDPLHQWRODURWXUDGHKXHVRV\HOHVWLUDPLHQWR
DSOLFDGRGHPDQHUDLPDJLQDWLYDHUDQSRUORUHJXODUDOWHUQDWLYDVHILFDFHV3HURHQHVWHFDVR,PEHUW
HVWDUtDHVFDQGDOL]DGRSRUODVDFWLYLGDGHVGHOPDOpYRORDQWLFULVWRTXHDOJXQDYH]IXHKRPEUHSULQFLSDO
GH'LRV8QRSXHGHLPDJLQiUVHORYLVLWDQGRHO7HPSORGH3DUtVMXQWRFRQORVRILFLDOHVGHDUUHVWR\
WRPDQGRFRQWUROLQPHGLDWRGHO*UDQ0DHVWUR6HSDVHDSRUHOHVSOpQGLGRHGLILFLREXVFDQGRHYLGHQ
FLDVGHKHFKRVGHOLFWLYRVSDUDFRQIURQWDUORVFRQHODFXVDGR\DUULEDHQFXHQWUDXQDSXHUWDFRQXQD
OiPLQD GH EURQFH HQ HO FHQWUR \ DO DEULUOD QR YH PiV TXH RVFXULGDG (Q HO 7HPSOR LQWHULRU VLQ
YHQWDQDVHQFLHQGHXQDGHODVODUJDVYHODVTXHVHHQFXHQWUDQHQHOSULPHUSHGHVWDO\VXVRMRVUHYLVDQ
OHQWDPHQWHODVH[WUDxDVFRVDVTXHSRGtDQYLVOXPEUDUFRQODOX]GHODOODPDYDFLODQWH7RGRHUDHQ
H[WUHPRSDJDQRFRQRUQDPHQWRVPDUFDGDPHQWHDQWLFULVWLDQRVSLUiPLGHVFRQXQRMRHQHOFHQWURXQ
WHFKR DGRUQDGR FRQ HVWUHOODV \ OD HVFXDGUD \ HO FRPSiV $VRPEUDGR \ HQHUYDGR SRU OD VHQVDFLyQ
LPStDGHOOXJDUGHSURQWRHVWiVHJXURGHTXHODVKLVWRULDVVRQYHUGDGHUDV\VXSULVLRQHURWLHQHTXH
VHUHOKHUHMHPiVGLDEyOLFRTXHMDPiVKD\DSLVDGRODWLHUUD$OGLULJLUVHDOH[WUHPRHVWHVHSDUDIUHQWH
DGRVFROXPQDV\XQSHGHVWDOSULQFLSDO\PLUDQGRKDFLDDEDMRGHVFXEUHXQDFDMDGHPDGHUDVHQFLOOD
HQ OD TXH VH HQFXHQWUDQ XQ VXGDULR GH PiV GH FXDWUR PHWURV GH ODUJR XQ FUiQHR KXPDQR \ GRV
IpPXUHV(VWRUD]RQDGHEHVHUODPRUWDMDTXHVHJ~QHVFXFKyGHVXVHVStDVVHXWLOL]DSDUDUHVXFLWDUD
ORVPXHUWRV(O*UDQ,QTXLVLGRUVHKRUURUL]DDOFRQILUPDUTXHGH0ROD\FLHUWDPHQWHVHKDEXUODGRGHO
VXIULPLHQWR \ OD VDQWLGDG GH OD SDVLyQ GH -HVXFULVWR DO HIHFWXDU FHUHPRQLDV GH UHVXUUHFFLyQ FRQ
LQLFLDGRV WHPSODULRV (Q HVH PRPHQWR VH OH RFXUUH WRGD XQD QXHYD OtQHD GH LQWHUURJDWRULRV
SDUWLFXODUPHQWHDSURSLDGRVSDUDHOYLOGHVFDURGHOVDFHUGRWHFDtGR
(VDQRFKHHQODVFHOGDVGHEDMRGHOWHPSORGH3DUtVGH0ROD\VHHQFXHQWUDGHVSRMDGRGHVXV
KiELWRV \ GHVQXGR EDMR OD EXUGD FDSD GH XQ KHUHMH DFXVDGR LQFOX\HQGR XQ QXGR FRUUHGL]R HQ OD
JDUJDQWD,PEHUWOHLQIRUPDDGH0ROD\TXHDGPLWLUiVXVFUtPHQHVHQVXGHELGRWLHPSRDVtTXH¢SRU
TXp QR DKRUUDUVH DOJR GH GRORU \ KDFHU XQD FRQIHVLyQ FRPSOHWD" 3DUD WUDQTXLOLGDG GHO LQGLJQDGR
,PEHUWHO*UDQ0DHVWURVHQLHJD,PEHUWFRPLHQ]DDFLWDUORV(YDQJHOLRV
(QWRQFHV3LODWRWRPyD-HV~V\ORIODJHOy
/RV EUD]RV GH GH 0ROD\ VRQ VXMHWDGRV HQ OR DOWR GHO PXUR \ OD EDWD HFKDGD VREUH VX FDEH]D 'RV
DVLVWHQWHV OH D]RWDQ OD HVSDOGD GHVQXGD FRQ OiWLJRV SDUD FDEDOORV HQ FX\DV SXQWDV KD\ FDQLFDV GH
PHWDOGREOHV(OWRUWXUDGRUGHODGHUHFKDTXHHVPiVOLVWR\DOWRTXHVXFRPSDxHURFDXVDGDxRDVXV
SLHUQDV\DODHVSDOGDSHURQRDORVDQWHEUD]RV
<ORVVROGDGRVWUHQ]DURQXQDFRURQDGHHVSLQDV\VHODSXVLHURQVREUHODFDEH]D
8QD FRURQD GH HVSLQDV \D SUHSDUDGD HV FRORFDGD FRQ ILUPH]D VREUH OD FDEH]D GH GH 0ROD\
KDFLpQGROHVDQJUDUGHOFXHURFDEHOOXGR\GHODIUHQWH
3HURHOORVFODPDURQGLFLHQGRFUXFLItTXHQORFUXFLItTXHQOR
< HO *UDQ 0DHVWUR HV DWDGR D XQD FUX] EXUGDPHQWH HQVDPEODGD OH VRQ FODYDGRV HQ ODV PXxHFDV
FODYRV GHFRQWRUQRFXDGUDGR /D IXHU]D GHO LPSDFWRGHO FODYR HQ OD HVWUXFWXUDLQWHUQD GHVX PDQR
GHUHFKDFDXVDTXHVXSXOJDUYLUHDORODUJRGHVXSDOPDGHXQDPDQHUDWDQYLROHQWDTXHODFR\XQWXUD
VH GLVORFD \ OD XxD GHO SXOJDU VH HQFDMD HQ OD FDUQH GH OD SDOPD GH OD PDQR /D SODQWD GH VX SLH
L]TXLHUGR VH SUHVLRQD FRQWUD HO VRSRUWH GH OD FUX] \ XQ ODUJR FODYR HV SUR\HFWDGR H[DFWDPHQWH D
WUDYpV GHO VHJXQGR \ WHUFHU PHWDWDUVR7DQ SURQWR FRPR HO FODYR DSDUHFH GHO RWUR ODGR GHO SLH ORV
WRUWXUDGRUHVFRORFDQHOSLHL]TXLHUGRVREUHHOGHUHFKRGHPDQHUDTXHHOPLVPRFODYRSXHGDSHUIRUDU
DPERVSLHV'HWDOIRUPDVXFXHUSRHVVXVSHQGLGRGHVyORWUHVSXQWRVGHGRORUDUGLHQWH/DSpUGLGD
GHVDQJUHHVPtQLPD\pOSHUPDQHFHWRWDOPHQWHFRQVFLHQWH
3DUDGH0ROD\HOGRORUUHVXOWDLQGHVFULSWLEOHHOSHVRGHVXFXHUSRWUDEDMDLQVWDQWiQHDPHQWH
HQVXFRQWUDSXHVFDXVDTXHVHUHVEDOHKDFLDDEDMR\OHSURGXFHWHQVLyQWUDXPiWLFDHQORVP~VFXORV
GHEUD]RVKRPEURV\SHFKR/DFDMDWRUiFLFDHVHPSXMDGDKDFLDDUULEDGHPDQHUDTXHVXSHFKRVH
PDQWHQJDHQXQDSRVLFLyQTXHLPSLGHODH[KDODFLyQ\SDUDLPSHGLUDVIL[LDUVHHO*UDQ0DHVWURQR
WLHQHPiVDOWHUQDWLYDTXHHPSXMDUVHKDFLDDUULEDFRQORVSLHVKHULGRVSDUDHOHYDUVXFXHUSR\SHUPLWLU
TXH VXV SXOPRQHV VDTXHQ HO DLUH \ UHVSLUDU XQD ERFDQDGD PiV (O SiQLFR GH QR UHVSLUDU VH
LQWHUFDPELDPRPHQWiQHDPHQWHFRQHOWUHPHQGRGRORUGHHVWDUVRVWHQLGRSRUODFDUQHDWUDYHVDGD(O
HIHFWR JHQHUDO GH HVWH UHSHWLGR GLOHPD HV OD FUHFLHQWH DQR[LD IDOWD GH R[tJHQR OD FXDO SURGXFH
WHUULEOHVFDODPEUHV\XQLQFUHPHQWRGUDPiWLFRGHOULWPRPHWDEyOLFR
$LQWHUYDORVGHOLQWHUURJDWRULR,PEHUWVLJXHHOSDWUyQEtEOLFR\RIUHFHDGH0ROD\XQWUDSR
KXPHGHFLGRHQYLQDJUHSDUDTXHVDFLHVXVHGFLWDQGRGHQXHYRODVHVFULWXUDV
< DOJXLHQ FRUULy \ OOHQy XQD HVSRQMD FRQ YLQDJUH \ OD FRORFy HQ XQ FixDPR \ OH GLR GH EHEHU
PLHQWUDVGHFtD'pMHQORYHDPRVVL(OLDVYLHQHSRUpO\OREDMD
/DV KRUDV SDUHFHQ VHPDQDV \ OD UHVLVWHQFLD GH GH 0ROD\ FRPLHQ]D D DEDQGRQDUOR \ OH
SUHJXQWDD,PEHUWTXpHVORTXHWLHQHTXHGHFLUSDUDTXHOREDMHQGHODFUX],PEHUWFLWD
3HURXQRGHORVVROGDGRVOHSHUIRUyXQFRVWDGR\GHDKtPDQDURQVDQJUH\DJXD
,PEHUWKXQGHXQDGDJDHQXQFRVWDGRGHGH0ROD\QRWDQSURIXQGRFRPRSDUDFDXVDUOHXQ
GDxRPRUWDOSHURORVXILFLHQWHSDUDFRPSOHWDUODUHFRQVWUXFFLyQGHOLEHUDGDGHOVXSOLFLRGHOKLMRGH
'LRV
-DFTXHVGH0ROD\FRQILHVDDKtPLVPRHQODFUX]VXIULHQGRODPLVPDDJRQtDYLOTXHFDXVy
TXH-HV~VSHUGLHUDVXIHPRPHQWiQHDPHQWHPLOGRVFLHQWRVRFKHQWDDxRVDWUiV'H0ROD\HVEDMDGR
GHODFUX]
(O WUDXPD PDVLYR TXH VXIUH VX FXHUSR KD FDXVDGR OD SURGXFFLyQ GH JUDQGHV FDQWLGDGHV GH
iFLGR OiFWLFR HQ HO WRUUHQWH VDQJXtQHR OOHYiQGROR D XQ HVWDGR TXH VH FRQRFH FRPR DFLGRVLV
PHWDEyOLFD VXV P~VFXORV VH KDQ SHWULILFDGR HQ XQ HVWDGR GH FDODPEUH SHUPDQHQWH OD SUHVLyQ
VDQJXtQHDKDFDtGRDXQQLYHOPtQLPR\VXFRUD]yQSDOSLWD'H0ROD\HVEDMDGRGHODFUX]MXVWRXQRV
PLQXWRVDQWHVGHOGXOFHDOLYLRGHODPXHUWH
*XLOOHUPR ,PEHUW HVWi FRPSODFLGR FRQ HO p[LWR REWHQLGR \ YLVOXPEUD XQ GLYHUWLGR JLUR
DGLFLRQDO0DQGDFRORFDUDGH0ROD\VREUHODPRUWDMDTXHXWLOL]ySDUDEXUODUVHGHO0HVtDV0LHQWUDV
ORVWRUWXUDGRUHVORDFXHVWDQERFDDUULEDVREUHHOVXGDULR\ODVHFFLyQVREUDQWHHVSDVDGDSRUHQFLPD
GHVXFDEH]DSDUDFXEULUHOIUHQWHGHVXFXHUSR,PEHUWQRSXHGHUHVLVWLUFLWDUSRU~OWLPDRFDVLyQXQ
SDVDMHGHODKLVWRULDGHOD3DVLyQ
<FXDQGR-RVpVHOOHYyHOFXHUSRORHQYROYLyHQXQVXGDULRGHOLQROLPSLR
'DQGRSDOPDGLWDVDODPRUWDMDFRQODTXHHVWiHQYXHOWRHOFXHUSRJUDYHPHQWHKHULGRGHGH0ROD\
,PEHUW OH VXJLHUH DO KRPEUH DSHQDV FRQVFLHQWH TXH LQWHQWH OHYDQWDUVH VL HV TXH VH VLHQWH WDQ
LPSRUWDQWHFRPRHOYHUGDGHUR&ULVWR
/D,QTXLVLFLyQWHQtDyUGHQHVHVWULFWDVGHQRPDWDUDO*UDQ0DHVWURGHORVWHPSODULRVSHURQRWHQtDODPHQRU
LQWHQFLyQGHFXLGDUDOKHUHMHFRQIHVRSDUDTXHUHFXSHUDUDODVDOXG'H0ROD\QRWHQtDIDPLOLDUHVHQODUHJLyQ
TXH VH KLFLHUDQ FDUJR GH pO SHUR *HRIIUH\ GH &KDUQH\ HO SUHFHSWRU GH 1RUPDQGtD WDPELpQ VXMHWR D
LQWHUURJDWRULRVLWHQtD/RVIDPLOLDUHVGHGH&KDUQH\IXHURQOODPDGRV\VHOHVGLMRTXHVHRFXSDUDQGHDPERV
KRPEUHV ORV FXDOHV HVWDEDQ GHVWLQDGRV D PRULUMXQWRV VLHWH DxRV GHVSXpV FXDQGR DPERV VH UHWUDFWDURQ HQ
S~EOLFRGHVXVFRQIHVLRQHV\IXHURQURVWL]DGRVOHQWDPHQWHVREUHFDUEyQSRUKDEHUUHFDtGRHQODKHUHMtD
/DHYLGHQFLDItVLFD
3XGLPRVUHFRQVWUXLUODVFLUFXQVWDQFLDVGHODLQWHUURJDFLyQGHGH0ROD\SRUTXHD~QVXEVLVWHXQDLPSRUWDQWH
SLH]D GH HYLGHQFLD (O VXGDULR GH HVWLOR TXPUDQRPDVyQLFR TXH IXH WRPDGR GHO WHPSOR GH 3DUtV GH ORV
FDEDOOHURVWHPSODULRV\XWLOL]DGRSDUDHQYROYHUHOFXHUSRODFHUDGRGHO*UDQ0DHVWURYLDMyFRQGH0ROD\DO
KRJDUGH*HRIIUH\GH&KDUQH\GRQGHIXHODYDGRGREODGR\JXDUGDGRHQXQFDMyQ([DFWDPHQWHFLQFXHQWD
DxRV GHVSXpV HQ HVWD SLH]D GH WHOD GH FXDWUR PHWURV GH ODUJR IXH VDFDGD GH VX DOPDFHQDPLHQWR \
H[KLELGDHQS~EOLFR1RSRGHPRVHVWDUVHJXURVHQFXDQWRDTXHVLIXHH[KLELGDSRUTXHFXPSOtDPHGLRVLJOR
SHURHVWiEDPRVFLHUWRVHQFXDQWRDOSRUTXpGHOLQWHUpVS~EOLFR
(OFXHUSRDUGLHQWHGHGH0ROD\IXHEDMDGRGHODFUX]\WUDQVSRUWDGRDXQFDODER]RIUtR\K~PHGR
GRQGH ORV IOXLGRV SDWROyJLFRV GHO KRPEUH KHULGR ²VXGRU PH]FODGR FRQ VDQJUH FRQ XQ DOWR FRQWHQLGR GH
iFLGROiFWLFR²PDQDURQOLEUHPHQWHGHWRGRVXFXHUSRPDQFKDQGRODPRUWDMDHQORVOXJDUHVGRQGHHOFRQ
WDFWR FRQ OD WHOD HUD PiV ILUPH (O WUDXPD GH OD FUXFLIL[LyQ SURYRFy TXH HO FXHUSR GH -DFTXHV GH 0ROD\
SLQWDUDODLPDJHQGHVXVXIULPLHQWRVREUHVXSURSLDPRUWDMDPDVyQLFD
/DIDPLOLDGHGH&KDUQH\TXLWyHOVXGDULRGHOFXHUSR\FXUyODVKHULGDV\WXYLHURQTXHSDVDUPXFKRV
PHVHVDQWHVGHTXHFRQVLJXLHUDQTXHGH0ROD\UHFREUDUDXQFLHUWRJUDGRGHVDOXG(OVXGDULRIXHJXDUGDGRHQ
HOKRJDUGHODIDPLOLDVLQSHQVDUPiVHQHODVXQWR(OVREULQRGH*HRIIUH\GH&KDUQH\WDPELpQOODPDGRDVt
KDEtD VLGR PXHUWR SRU ORV LQJOHVHV HQ OD EDWDOOD GH 3RLWLHUV HQ HO DxR DQWHULRU D VX H[KLELFLyQ GHO
VXGDULR\SDUHFHSUREDEOHTXHHOFRQRFLPLHQWRVREUHHOYHUGDGHURRULJHQGHOVXGDULRPXULyFRQpO
/DLPDJHQTXHDSDUHFHHQODPRUWDMDHUDDVRPEURVDPHQWHFODUDODVFDUDFWHUtVWLFDVGHOFXHUSRGHGH
0ROD\IXHURQGHOLQHDGDVHQHOODGHELGRDOiFLGROiFWLFRVHFUHWDGRSRUVXVDQJUHFDXVDQGRXQDUHDFFLyQHQ
FRQMXQWRFRQHOROtEDQRXWLOL]DGRFRPRDJHQWHEODQTXHDGRUULFRHQFDUERQDWRGHFDOFLR/DODUJDQDUL]HO
FDEHOORPiVDOOiGHOKRPEUR\SDUWLGRSRUODPLWDGODEDUEDFHUUDGDTXHVHELIXUFDEDHQVXEDVH\HOPDUFR
GH XQ PHWUR RFKHQWD FHQWtPHWURV GH VX FXHUSR HQFDMDQ D OD SHUIHFFLyQ FRQ OD LPDJHQ FRQRFLGD GHO *UDQ
0DHVWURGHORV&DEDOOHURV7HPSODULRVYpDQVHODVILJXUDV\
/DVSULPHUDVSHUVRQDVHQYHUODPRUWDMDSHQVDURQUHFRQRFHUODLPDJHQSRUTXHpVWDHQFDMDEDFRQVX
LGHDGHXQKRPEUHTXHVXIULyXQGHVWLQRVLPLODUMXVWRPLOWUHVFLHQWRVDxRVDWUiVSHQVDURQTXHYHtDQODFDUD
GH-HV~V\pVDHVODPRUWDMDFRQRFLGDKR\FRPRHO6XGDULRGH7XUtQ
/DLPDJHQTXHHOPXQGRFULVWLDQRKDOOHJDGRDDPDUFRPRODFDUDGH'LRVHVGHKHFKRODFDUDGHXQ
KRPEUHTXHIXHWRUWXUDGR\DVHVLQDGRHQQRPEUHGH'LRVQRSRUORVURPDQRVVLQRSRUXQDPELFLRVRUH\
IUDQFpVFRQHODSR\RGHOD,JOHVLDFDWyOLFDURPDQD
0XFKDJHQWHKDLQYHVWLJDGRODSURFHGHQFLDGHO6XGDULRGH7XUtQQRVRWURVFUHHPRVKDEHUHQFRQWUDGR
ODVROXFLyQSUHFLVDPHQWHSRUTXHQRODEXVFDPRV7RGDVODVWHRUtDVH[SXHVWDVFRQDQWHULRULGDGQLHJDQDOJ~Q
DVSHFWRGHODHYLGHQFLDFRPSLODGDSHURHQQXHVWUDE~VTXHGDGH+LUDPHOVXGDULRVyORUHSUHVHQWyXQDSLH]D
SDVDMHUDPiVGHOURPSHFDEH]DVTXHD\XGyDFRPSOHWDUXQFXDGURWRWDO(QHO9DWLFDQRSHUPLWLyTXHVH
FRQGXMHUDQ SUXHEDV GH FDUERQR FDWRUFH HQ WUHV HVWDEOHFLPLHQWRV HVSHFLDOL]DGRV GLVWLQWRV OD FRQFOXVLyQ IXH
TXH HO VXGDULR QR SRGtD VHU DQWHULRU D G& \ GDGR TXH VH OH XVy DOJXQRV DxRV HVR QRV FRORFD
GLUHFWDPHQWHHQHOEODQFR
'HPDQHUDPX\H[WUDxDGRVUHVXOWDGRVGHOFDUERQRFDWRUFHIXHURQGDGRVDFRQRFHUHOGHRFWXEUH
HOPLVPRGtDHQTXH0ROD\IXHDUUHVWDGR\FUXFLILFDGR([LVWHXQDSRVLELOLGDGHQWUHVFLHQWDVGHTXHHVWRVHD
XQDFRLQFLGHQFLDSHURQRSXGLPRVHYLWDUSUHJXQWDUQRVVLQRKDEtDPiVHQHVRGHORTXHSDUHFtD(O9DWLFDQR
VLHPSUHKDQHJDGRTXHHOVXGDULRVHDXQDUHOLTXLDVDJUDGDSXHVWRTXHOD,JOHVLDFRQRFHVXVRUtJHQHV¢SRGUtD
VHUTXHFRQVLGHUyDSURSLDGRSUREDUHOSXQWRHOPLVPRGtDGHODQLYHUVDULRGHODFUHDFLyQGHOVXGDULR"
/DVHQVHxDQ]DVGH-HV~VPXULHURQGHKHFKRFRQpOSDUDVHUUHHPSOD]DGDVSRUIyUPXODVKHOpQLFDVGH
PLVWHULRV FUHDGRV SRU 3DEOR HO 0DQDQWLDO GH ODV 0HQWLUDV $XQ DVt ODV HQVHxDQ]DV UHVXFLWDGDV IXHURQ
WUDQVPLWLGDVGHQXHYRDOPXQGRSRUPHGLRGHODFUXFLIL[LyQGH-DFTXHVGH0ROD\'XUDQWHORVPLOGRVFLHQWRV
VHWHQWD \ FXDWUR DxRV WUDQVFXUULGRV HQWUH DPEDV FUXFLIL[LRQHV ODV YHUGDGHUDV HQVHxDQ]DV GH -HV~V
SHUPDQHFLHURQPXHUWDV\HQWHUUDGDVEDMRHO7HPSORGH-HUXVDOpQ3HURXQDYH]TXHVHKLFLHURQS~EOLFDVORV
FRQFHSWRVGHHTXLGDGUHVSRQVDELOLGDGVRFLDO\SRGHUGHOFRQRFLPLHQWRKXPDQRUHVXUJLHURQSDUDGDUILQDO
YDFtRGHODELHQOODPDGDeSRFDGHO2VFXUDQWLVPR
(OSRGHUSROtWLFRTXHHO,PSHULR5RPDQRYHQtDSHUGLHQGRHQORVSULPHURVWUHVVLJORVG&VHPDQWXYR
JUDFLDV D OD SODQLILFDFLyQ GH &RQVWDQWLQR TXLHQ FRPR \D VHxDODPRV PDQGy WHMHU XQD FRPSOLFDGD UHG GH
VXSHUVWLFLyQSDUDHQYROYHUFRQHOODODVPHQWHVGHODVPDVDV\PDQWHQHUODVHQVXOXJDU6XYLVLyQGHODJHQWH
FRP~QHUDXWLOL]DUODSDUDODSURGXFFLyQGHELHQHV\GHULTXH]DHQWLHPSRVGHSD]\SURYHHUXQHMpUFLWRHQ
WLHPSRV GH JXHUUD OD UHFRPSHQVD D FDPELR GH VXV SREUHV H LJQRUDQWHV YLGDV HUD OD SURPHVD GH VX SURSLD
UHVXUUHFFLyQ\XQDPDUDYLOORVDYLGDGHVSXpVGHODPXHUWH/D,JOHVLDGH5RPDFRQVLGHUDEDDODIHFLHJDXQD
YLUWXG\FDWDORJDEDDODOLWHUDWXUDFULVWLDQDTXHVHUHIHUtDDOFRQRFLPLHQWRGHOLQGLYLGXRFRPRJQyVWLFD\D
HVWRHOORVOHOODPDEDQPDOGDG(QJULHJRJQyVWLFRVLJQLILFDFRQRFLPLHQWR1RHVFRLQFLGHQFLDTXHHOSHULRGR
OODPDGR 2VFXUDQWLVPR FRUUHVSRQGD HQ HO WLHPSR DO ODSVR HQWUH HO VXUJLPLHQWR GH OD ,JOHVLD 5RPDQD \ OD
FUXFLIL[LyQGH-DFTXHVGH0ROD\3RUIRUWXQDGHELGRDODVYHUGDGHUDVHQVHxDQ]DVGH-HV~VOD(GDGGHODV
7LQLHEODV TXH SHUGXUy PLO GRVFLHQWRV FLQFXHQWD DxRV FRPHQ]y D GHVSHMDUVH DQWH OD OX] LOXPLQDGRUD GH OD
UD]yQ
(OPHQVDMHVHGLIXQGH
0LHQWUDVHO*UDQ0DHVWURHUDFUXFLILFDGRPXFKRVWHPSODULRVHVFDSDURQGHODWUDPSD8QDJUDQSDUWHGHOD
IORWDWHPSODUtDHVWDEDDQFODGDHQHOSXHUWRDWOiQWLFRGH/D5RFKHOOH\WDOYH]VHOHVDGYLUWLyRHVFXFKDURQ
UXPRUHVSRUTXHDOVDOLUHOVROHOGtDYLHUQHVGHRFWXEUHORVJXDUGLDVHQFDUJDGRVGHDUUHVWDUORVVyORYLHURQ
DJXDGRQGHODIORWDHVWDEDDQFODGDODQRFKHDQWHULRU(VWRVEDUFRVGHODRUGHQMDPiVIXHURQYLVWRVRWUDYH]
SHURVXEDQGHUDGHEDWDOODXQFUiQHR\GRVKXHVRVFUX]DGRVVt
$KRUDQHFHVLWiEDPRVDYHULJXDUTXpOHVVXFHGLyDHVRVWHPSODULRVTXHORJUDURQHVFDSDUGHODVJDUUDV
GHO UH\ )HOLSH $ SDUWLU GH QXHVWUDV LQYHVWLJDFLRQHV GHWHFWDPRV VX SUHVHQFLD HQ GRV OXJDUHV SRFR WLHPSR
GHVSXpVGHTXHHVFDSDURQ(VFRFLD\$PpULFD
1R SRGHPRV HVWDU VHJXURV FRQ EDVH HQ OD HYLGHQFLD H[LVWHQWH SHUR SHUVLVWHQ ORV UHODWRV VREUH
HPEDUFDFLRQHVWHPSODUtDVFRQUXPERD(VFRFLD\3RUWXJDO(VSRVLEOHTXHYLVLWDUDQDPERVUHIXJLRVMXQWDV
SHURQRVSDUHFHPiVSUREDEOHTXHVHKD\DQVHSDUDGRHQFXDQWROHYDURQDQFODV\TXHXQDSDUWHVHGLULJLHUDD
(VFRFLD \ OD RWUD D OD SXQWD QRUWH GHO DPLVWRVR 3RUWXJDO SDUD DEDVWHFHUVH GH SURYLVLRQHV 'H DKt
HPSUHQGLHURQXQYLDMHTXHVHKDEtDGLVFXWLGRFRQIUHFXHQFLDSHURTXHGHELGRDORVFRPSURPLVRVHQOD7LHUUD
6DQWDQXQFDOOHYDURQDFDER$SXQWDURQVXVYHODVKDFLDHORHVWH\VHKLFLHURQDODPDUHQORTXHDKRUDVH
FRQVLGHUDHOSDUDOHORHQEXVFDGHOSDtVPDUFDGRSRUODHVWUHOODTXHSRUORVUROORVQD]DUHQRVVDEtDQTXHVH
OODPDED0HULFD\TXHHVWRVFDEDOOHURVIUDQFHVHVOODPDEDQOD0HULFDQRPEUHTXHFRQHOWLHPSROOHJyDVHU
$PpULFD 6HJXUDPHQWH HQFDOODURQ HQ OD UHJLyQ GH 1XHYD ,QJODWHUUD OODPDGD &DSH &RG R HQ 5KRGH ,VODQG
GXUDQWH ODV SULPHUDV VHPDQDV GH SRQLHQGR SLH HQ HO 1XHYR 0XQGR PiV GH XQ VLJOR DQWHV GH TXH
&ULVWyEDO&ROyQQDFLHUD
(VWD DILUPDFLyQ HV IXHUWH SHUR H[LVWH HYLGHQFLD LUUHIXWDEOH GH TXH ORV WHPSODULRV Vt OOHJDURQ D
$PpULFD VH HVWDEOHFLHURQ \ HIHFWXDURQ YLDMHV D \ GH (VFRFLD (Q HO SHTXHxR SREODGR GH :DVWIRUG
0DVVDFKXVHWWVKD\XQDLPDJHQGHXQUH\JUDEDGDFRQXQDVHULHGHSHTXHxDVSHUIRUDFLRQHVVREUHXQDURFD
(ODKRUDIDPRVRFDEDOOHURSRUWDXQFDVFR\HOKiELWRGHXQDRUGHQPLOLWDU\ODHVSDGDTXHPXHVWUDODILJXUD
ODEUDGDWLHQHXQDHPSXxDGXUDDSRPSDGDDOHVWLORGHORVFDEDOOHURVHXURSHRVGHOVLJOR[LY3HURSDUDQRVRWURV
OD FDUDFWHUtVWLFD PiV IDVFLQDQWH HV HO HVFXGR TXH SUHVHQWD XQ GLVHxR FODUR \ VHQFLOOR UHSUHVHQWD XQD QDYH
PHGLHYDOGHXQVRORPiVWLOFRQUXPERDORHVWHVLJXLHQGRXQDHVWUHOOD
(Q 1HZSRUW 5KRGH ,VODQG KD\ XQ VHJXQGR PRQXPHQWR HXURSHR XQD WRUUH GHVFRQFHUWDQWH FRQVWUXLGD DOD
XVDQ]D GH ODV LJOHVLDV WHPSODUtDV UHGRQGDV 7LHQH GHWDOOHV DUTXLWHFWyQLFRV URPDQHVFRV HQ VXV FROXPQDV \
DUFRV6XGDWDGRVLW~DDHVWDFRQVWUXFFLyQMXVWRHQHOVLJORHQTXHGHVDSDUHFLyODIORWDWHPSODUtD6HJXUDPHQWH
VHWUDWDGHXQDHGLILFDFLyQGHXVRVP~OWLSOHVSDUDORVQXHYRVFRORQL]DGRUHVTXHVHUYtDFRPRLJOHVLDWRUUHGH
YLJLODQFLD\IRUR1RFDEHGXGDGHTXHHOHGLILFLRHVH[WUHPDGDPHQWHDQWLJXRSRUTXHHQXQPDSDGH
TXH UHJLVWUD HO GHVFXEULPLHQWRHXURSHRGHHVD OtQHD FRVWHUD HO QDYHJDQWH LWDOLDQR *LRYDQQL GD 9HUUD]]DQR
PDUFyODXELFDFLyQGHOD7RUUHGH1HZSRUWFRPRXQDDOGHDQRUPDQGD
(VWRVKDOOD]JRVUHSUHVHQWDQIXHUWHVLQGLFDGRUHVGHODSUHVHQFLDWHPSODUtDHQHO1XHYR0XQGRSHUR
DLVODGRVQRVRQFRQFOX\HQWHV6LQHPEDUJR\DVDEtDPRVTXHOD&DSLOODGH5RVVO\QRIUHFHHYLGHQFLDPiVDOOi
GHFXDOTXLHUGLVFXVLyQFRPRYLPRVDQWHV%LHQFRQRFLGRFRPRHOOXJDUGRQGHVHFRQJUHJDURQORVWHPSODULRV
GHVSXpVGHODWDTXHGHOUH\)HOLSH\HO3DSDHVWHHGLILFLRGHWDOODGDPHQWHWDOODGRVHWRPyFXDUHQWDDxRVHQVHU
FRQVWUXLGR\IXHFRPSOHWDGRHQODGpFDGDGHSRU2OLYHU6W&ODLUPXFKRVDxRVDQWHVGHODOOHJDGDGH
&ULVWyEDO&ROyQD$PpULFD&ROyQKL]RVXSULPHUYLDMHDO1XHYR0XQGRHQ\SLVyWLHUUDODPDxDQDGHO
GHRFWXEUHGHHVHDxRHQXQDLVODGHODV%DKDPDVDODFXDOOODPy6DQ6DOYDGRUVXOOHJDGDDWLHUUDILUPHQR
VXFHGLyVLQRKDVWDHOORGHDJRVWRGHFXDQGROOHJyD6XGDPpULFD
$OFRQVLGHUDUHVWRVGDWRVFRPSDUDWLYRVHVPX\LQVWUXFWLYRREVHUYDUORVWDOODGRVGHODGHFRUDFLyQGH
ODFDSLOODSRUTXHORDSDUHQWHPHQWHLPSRVLEOHVHKDFHHYLGHQWH&RPR\DGLMLPRVORVDUFRV\HOWHFKRGHOD
&DSLOODGH5RVVO\QWLHQHQWDOODGRVGHPD]RUFDV\FDFWiFHRVGH]DELODFRPRLQVWUXPHQWRVGHFRUDWLYRVVHWUDWD
GH GRV WLSRV GH SODQWDV TXH ORV HVFRFHVHV QR WHQtDQSRU TXp FRQRFHU PHQRV DXQ SDUDLOXVWUDUODV FRQ WDQWD
SUHFLVLyQ(OPDt]HUDFXOWLYDGRHQWRGDVVXVIRUPDVSRUORVLQGLRVGHOQRUWH\VXUGH$PpULFDSHURVHFUHH
TXHQRVHOHFRQRFtDIXHUDGHO1XHYR0XQGRSRUORPHQRVDQWHVGH
'HDFXHUGRFRQODKLVWRULDRILFLDOORVH[SORUDGRUHVGHOVLJOR[YLOOHYDURQD(XURSD\ÈIULFDVHPLOODV
GH PDt] SRU SULPHUD YH] ODV FXDOHV VH H[WHQGLHURQ SRU WRGR HO PXQGR (VWDV SODQWDV WDOODGDV VRQ SDUWH
LQWHJUDOGHODFRQVWUXFFLyQGHODFDSLOOD\WLHQHQTXHKDEHUVHFRPHQ]DGRXQRVDxRVDQWHVGHODWHUPLQDFLyQ
GHOHGLILFLRSRUORTXHFRQWDPRVFRQHYLGHQFLDGHTXHORVKRPEUHVTXHLQVWUX\HURQDORVFRQVWUXFWRUHVGHOD
&DSLOODGH5RVVO\QYLVLWDURQ$PpULFDDOPHQRVXQFXDUWRGHVLJORDQWHVTXH&ROyQ
$ODOX]GHWDQVyOLGDVSUXHEDVSRGHPRVDFHSWDUODLPDJHQGHOFDEDOOHURGH:HVWIRUG\OD7RUUHGH
1HZSRUWSRUORTXHVRQYHVWLJLRVWHPSODULRVHQHOSDtVKR\OODPDGR(VWDGRV8QLGRV
(OSDtVGHODHVWUHOODOODPDGDOD
0HULND
$QWHVGHDEDQGRQDUHOWHPDGHORVSULPHURVHXURSHRVTXHDUULEDURQDO1XHYR0XQGRTXLVLpUDPRVH[SOLFDU
SRUTXpOOHJDPRVDODILUPHFRQYLFFLyQGHTXHHOFRQWLQHQWHGH$PpULFDWRPyVXQRPEUHQRGHOH[SORUDGRU
$PpULFR9HVSXFLRVLQRGHODHVWUHOODGHORHVWHOODPDGD0HULNDTXHORVQD]DUHQRVFRQVLGHUDEDQODPDUFDGH
XQWHUULWRULRSHUIHFWRGHORWURODGRGHORFpDQRGRQGHVHSRQHHOVRO1RVyORFRQWiEDPRVFRQODHYLGHQFLDGHO
YHUGDGHURRULJHQGHOQRPEUHWDPELpQHQFRQWUDPRVTXHODYLHMDH[SOLFDFLyQHUDIiFLOGHUHEDWLU
/DOtQHDKLVWyULFDWUDGLFLRQDODGXFLGDFRQUHVSHFWRDORULJHQGHOQRPEUHGHO1XHYR0XQGRSURYLHQH
GHOWRQWRPDOHQWHQGLGRGHXQRVFXURFOpULJRTXHMDPiVVHDYHQWXUyPiVDOOiGHXQRVNLOyPHWURVGHGLVWDQFLD
GHO PRQDVWHULR GH 6W 'HRGDWR HQ ODV 0RQWDxDV 9RVJDV XELFDGDV HQ HO GXFDGR GH /RUUDLQH HQ OD IURQWHUD
IUDQFRDOHPDQD(VWHHQWXVLDVWDVDFHUGRWHHUDXQDSDVLRQDGRGHODJHRJUDItD\GHORVQRPEUHVSURIXQGDPHQWH
VLJQLILFDWLYRVeOPLVPRVHGLRHOFUHDWLYRVHXGyQLPRGH+\ODFRP\OXVTXHSURYLHQHGHOJULHJRERVTXHGHO
ODWtQODJR\GHOJULHJRPROLQR\HOFXDOSRUILQVHWUDGXMRDODOHPiQFRPR:DOGVHHPOOHU(VWHKRPEUHXQ
WDQWR H[FpQWULFR OLGHUDED XQ SHTXHxR HTXLSR TXH WHQtD DFFHVR D XQD LPSUHQWD \ TXH UHFRSLOy WRGD OD
LQIRUPDFLyQSRVLEOHVREUHHOPXQGRLQFOX\HQGRORVGHVFXEULPLHQWRVGHOJUDQFRQWLQHQWHPLVWHULRVRDORWUR
ODGR GHO RFpDQR GHO RHVWH (Q DEULO GH HO SHTXHxR JUXSR SURGXMR H LPSULPLy XQ YROXPHQ GH SiJLQDVDOFXDOOODPDURQ&RVPRJUDSKLDH,QWURGXFWLR(VWDSXEOLFDFLyQFXEUtDORVSULQFLSLRVWUDGLFLRQDOHVGH
OD FRVPRJUDItD LQFOX\HQGR ODV GLYLVLRQHV GH ORV SODQHWDV ODV GLVWDQFLDV HQWUH XELFDFLRQHV FODYH \ GHWDOOHV
VREUH YLHQWRV \ FOLPDV SHUR TXH WDPELpQ IXH OD IXHQWH GH XQ HUURU TXH KDUtD IDPRVR SDUD VLHPSUH D XQ
QDYHJDQWHDILFLRQDGR:DOGHVHHPOOHUHQFRQWUyGLYHUVDVUHIHUHQFLDVGHGLVWLQWRVPDULQHURVFRQUHVSHFWRDOD
PDVD FRQWLQHQWDO GHO WHUULWRULR GHO RHVWH GHVFULELpQGROD FRPR $PpULFD $VLPLVPR HQFRQWUy XQ UHODWR
VRUSUHQGHQWHGHORVYLDMHVGHXQH[SORUDGRULWDOLDQROODPDGR$PpULFR9HVSXFLR2EYLDPHQWHPH]FOyODVGRV
LQIRUPDFLRQHVQRUHODFLRQDGDV\HVFULELy
$KRUDHVWDVSDUWHVGHODWLHUUD(XURSDÈIULFD\$VLDKDQVLGRH[SORUDGDVPiVH[WHQVDPHQWH\XQD
FXDUWD SDUWH KD VLGR GHVFXELHUWD SRU $PpULFR 9HVSXFLR FRPR VH GHWDOODUi D FRQWLQXDFLyQ (Q WDQWR TXH
(XURSD \ $VLD UHFLELHURQ VXV QRPEUHV GH PXMHUHV QR YHR UD]yQ SRU OD TXH DOJXLHQ SXGLHUD REMHWDU FRQ
MXVWLFLD TXH VH OODPH D OD FXDUWD SDUWH $PHULJH GHO JULHJR JH TXH VLJQLILFD WLHUUD GH HV GHFLU WLHUUD GH
$PHULJRR$PpULFDHQQRPEUHGH$PHULJRVXGHVFXEULGRUXQKRPEUHGHJUDQKDELOLGDG:DOGVHHPOOHU
LPSULPLy VX OLEUR \ XQ PDSD JLJDQWHVFR PDUFDQGR HO QXHYR FRQWLQHQWH FRPR $PpULFD \ VLHPSUH VH KD
VXSXHVWRTXHpOIXHHOFDXVDQWHGHHVWRSRUTXHVXREUDIXHHOSULPHUUHJLVWURLPSUHVRTXHFRQWLHQHHOQRPEUH
GH$PpULFD/DVSDODEUDVGHOPRQMHTXHDTXtVHUHSURGXFHQVHKDQWRPDGRFRPRLQGLFDGRUHVGHVXSURFHVR
GHSHQVDPLHQWRVREUHODIRUPDHQTXHGHEHXWLOL]DUVHHOQRPEUH$PpULFR9HVSXFLRSHURQRHVDVt/pDQODV
FRQ GHWHQLPLHQWR \ SRGUiQ YHU TXH HVWDED SRQGHUDQGR SRU TXp HO QRPEUH \D H[LVWHQWH GH $PpULFD HV WDQ
DSURSLDGR)XHXQQRPEUHTXHHQVXRSLQLyQSXGRKDEHUVLGR$PHQJHSHURSRGtDHQWHQGHUPX\ELHQSRUTXp
$PpULFD HUD XQD FRQVWUXFFLyQ VLJQLILFDWLYD \ DFHSWDEOH (VWH OLEUR VH HVFULELy TXLQFH DxRV GHVSXpV GHO
GHVFXEULPLHQWRRILFLDOGHO1XHYR0XQGRSRU&ROyQ\H[DFWDPHQWHGRVFLHQWRVDxRVGHVSXpVGHTXHORVWHP
SODULRVDUULEDUDQDKt(QFXDOTXLHUFDVRSDUHFHUtDWRQWRVXSRQHUTXHQDGLHOHKXELHUDSXHVWRXQQRPEUHDHVWH
FRQWLQHQWHDQWHVGHTXHHVHPRQMHDOHPiQFRPHQ]DUDDHVFULELUVXOLEURRTXHXQKRPEUHTXHMDPiVYLDMySRU
PDUWXYLHUDODDXGDFLDGHEDXWL]DUDXQQXHYRFXDGUDQWHGHOJORER
:DOGVHHPOOHUREWXYRELHQHOQRPEUHSHURQRODH[SOLFDFLyQ6XLQFOLQDFLyQSHUVRQDOSRUHQFRQWUDU
QRPEUHV VLJQLILFDWLYRV OR FRQGXMR D XQ HUURU\ HO SRGHU GH OD SUHQVD LPSUHVD DVHJXUy TXH HVH HUURU IXHUD
WUDQVPLWLGRDPSOLDPHQWHHQXQUHGXFLGRHVSDFLRGHWLHPSR3RFRGHVSXpVGHKDEHUHVFULWRHVDVSDODEUDVHO
PRQMH VH UHWUDFWy HQ S~EOLFR SRU VX DILUPDFLyQ GH TXH $PpULFR 9HVSXFLR KDEtD GHVFXELHUWR HO 1XHYR
0XQGRSHURSDUDHVHHQWRQFHVHUDGHPDVLDGRWDUGHODJHQWHFRQWDEDFRQXQDH[SOLFDFLyQTXHSDUHFtDWHQHU
DOJ~QWLSRGHVHQWLGR)XHXQFDVRWtSLFRGRQGHODKLVWRULDSRUFLWDUD+HQU\)RUGVHFRQYLHUWHHQWRQWHUtDV
8QD YH] DFHSWDGD XQD FRQYHQFLyQ VH UHTXLHUH GH GLQDPLWD LQWHOHFWXDO SDUD FDPELDUOD (O PLWR
DFFLGHQWDOGH9HVSXFLRQRHVPiVTXHIROFORUHFXOWXUDOHQHOVLVWHPDHGXFDWLYRDPHULFDQR3HURDTXHOORVTXH
HQUHDOLGDGGHVHDQHQWHQGHUD$PpULFD\ODVIXHU]DVTXHKLFLHURQDODFWXDO(VWDGRV8QLGRVGHEHQVHJXLUOD
OtQHDHYROXWLYDGHOSHQVDPLHQWRQD]DUHQR
&21&/86,Ï1
(O GHUURFDPLHQWR GH ORV &DEDOOHURV 7HPSODULRV IXH HO ILQDO GH XQD JUDQ RUGHQ SHUR VX GHIXQFLyQ DEULy HO
FDPLQR SDUD TXH VH GHVDUUROODUD XQ QXHYR RUGHQ PXQGLDO EDVDGR HQ OD REUD GH -HV~V VREUH 0D
DW$O
UHFRQVWUXLUODFUXFLIL[LyQGH-DFTXHVGH0ROD\\VHJXLUORVSDVRVGHODIXJDGHORVFDEDOOHURVQRVVHQWLPRV
PiV FHUFDQRV D HQFRQWUDU HO YtQFXOR ILQDO FRQ OD IUDQFPDVRQHUtD 3RU TXp ORV WHPSODULRV SURYH\HURQ VXV
VHFUHWRVSDUDIRUPDUXQDQXHYDRUGHQOODPDGDIUDQFPDVRQHUtDD~QQRHUDFODURSHURSRUORPHQRVVDEtDPRV
GyQGHEXVFDUODVUHVSXHVWDVDHVWDVEUHFKDVGHQXHVWURFRQRFLPLHQWR
&RQIRUPHUHYLVDPRVORTXHGHVFXEULPRVVREUHORVDFRQWHFLPLHQWRVUHODFLRQDGRVFRQODFUXFLIL[LyQ
GH -DFTXHV GH 0ROD\ QR SRGtDPRV HYLWDU YHUOR FRPR HO VXFHVR FHQWUDO GH XQ HSLVRGLR GH OD KLVWRULD TXH
VLQJXODUL]y OD PiV JUDQGH GLYLVLyQ HQ HO FXUVR GH OD KLVWRULD GHO GHVDUUROOR VRFLDO GHO RFFLGHQWH (O DWDTXH
FRQWUD OD RUGHQ WHPSODUtD SHUSHWUDGR SRU XQ UH\ VLQ LPSRUWDQFLD \ DPELFLRVR UHVXOWy VHU HO SULPHU SDVR
UHOHYDQWH HQ HO SURFHVR GH OD OLEHUDFLyQ GHO PXQGR FULVWLDQR GHO SULQFLSLR SUHYDOHFLHQWH GH OD FDVWUDFLyQ
LQWHOHFWXDO HMHUFLGD SRU HO 9DWLFDQR $GHPiV SHUPLWLy TXH FRQVWUX\HUD XQD FLYLOL]DFLyQ LPSXOVDGD SRU HO
GHVHR GH FRQRFLPLHQWR \ HO UHFRQRFLPLHQWR GHO YDORU GHO LQGLYLGXR (VWH FDXFH GH OD DXWRFUDFLD D OD
GHPRFUDFLD HQ HO JRELHUQR \ OD DULVWRFUDFLD D OD PHULWRFUDFLD HQ OD HVWUXFWXUD VRFLDO GHQWUR GHO PDUFR
WHROyJLFRGHWROHUDQFLDHQQLQJ~QODGRVHKDSURFXUDGRFRQWDQWDDSHUWXUD\ORJUDGRHQSDUWHFRPRHQORV
(VWDGRV8QLGRVGH$PpULFD
1RWDV&DUWDGH0DLPyQLGHVDORVMXGtRVHQ<HPHQ
&DSLWXOR
5HGHVFXEULPLHQWRGHORVUROORVSHUGLGRV
¢3RU TXp QRV SUHJXQWDPRV H[LVWHQ ORV (VWDGRV 8QLGRV GH $PpULFD" (VWH SDtV QR WHQtD UD]yQ GH H[LVWLU \
GXGDPRVTXHVLQHOEHQHILFLRGHODUHWURVSHFWLYDPXFKRVREVHUYDGRUHVPRGHUQRVOHKXELHUDQGDGRDOJXQD
RSRUWXQLGDGGHWHQHUp[LWRHQFRQYHUWLUVHHQHOHMHGHODFXOWXUDPXQGLDO\HQODQDFLyQPiVSRGHURVDGHOD
7LHUUDHQPHQRVGHGRVVLJORV(OSODQSDUD(VWDGRV8QLGRVQRHUDHOGHVDUUROORGHDOJRREYLRTXHKXELHUD
WHQLGR OXJDU DQWHV HQ (XURSD HUD DOJR DSDUHQWHPHQWH EDVWDQWHQRYHGRVR \ UDGLFDO SHUR OD LQVSLUDFLyQ SRU
WHQHUXQSDtVQXHYRGRQGHWRGRVORVLQGLYLGXRVFXHQWDQGRQGHODVSHUVRQDVVHFRQVLGHUDQUHVSRQVDEOHVGHO
(VWDGR\GRQGHUHVSRQGHQGHPDQHUDSHUVRQDODVX'LRVWXYRTXHYHQLUGHDOJXQDSDUWH(VWiEDPRVFDGDYH]
PiV VHJXURV GH TXH YLQRYtD OD IUDQFPDVRQHUtD \ ORV WHPSODULRV GHO KRPEUH TXH FRQRFHPRV FRPR-HV~V
TXLHQ WDPELpQ YLYLy HQ XQD pSRFD GH RSUHVLyQ HQ OD TXH EXVFDED LJXDOGDG MXVWLFLD H LOXPLQDFLyQ SDUD VX
SXHEOR6XSHUVSHFWLYDQRSRGtDLUPiVDOOiGHODVIURQWHUDVGHVXSURSLRSDtV\GHKHFKRQRORKL]RSHURFRQ
HOWLHPSRHOPHQVDMHTXHWUDQVPLWLyDOPXQGRVHHVFXFKy\VHSUDFWLFy
1RVLQWHUHVyHQHVSHFLDOHVWHGLVFXUVR
2EVHUYDUODEXHQDIH\ODMXVWLFLDKDFLDWRGDVODVQDFLRQHVFXOWLYDUODSD]\ODDUPRQtDFRQWRGRV
ÒQDQVH D HVWD FRQGXFWD ODUHOLJLyQ \ OD PRUDOLGDG \ ¢SRGUi VHU TXH OD EXHQD SROtWLFD QR SDUWLFLSH
WDPELpQ" 6HUi PHUHFHGRU GH XQ SDtV OLEUH LOXPLQDGR \ HQ XQ SHULRGR QR PX\ GLVWDQWH JUDQGH
EULQGDUDODKXPDQLGDGHOPDJQiQLPR\GHPDVLDGRQRYHGRVRHMHPSORGHXQSXHEORVLHPSUHJXLDGR
SRUXQDH[DOWDGDMXVWLFLD\EHQHYROHQFLD eVWHIXHHOGLVFXUVRGHGHVSHGLGDGH*HRUJH:DVKLQJWRQ\ODVSDODEUDVHOHJLGDVFRQILUPDQFRQFODULGDGOR
TXH \D VH VDEH HO SULPHU SUHVLGHQWH GH (VWDGRV 8QLGRV IXH IUDQFPDVyQ WRGD VX YLGD 7DPELpQ VXHQDQ
H[WUDxDPHQWHVLPLODUHVDODVGHODVHQVHxDQ]DVSHUGLGDVGH-HV~V\DTXHKDEODQVREUHODLPSRUWDQFLDGHOD
OLEHUWDGODLOXPLQDFLyQODSD]ODEXHQDIHODMXVWLFLD\ODEHQHYROHQFLDDVtFRPRGHODDVSLUDFLyQGHFRQVWUXLU
XQDJUDQQDFLyQ\GHODYLQFXODFLyQGHODUHOLJLyQ\ODPRUDO/DVFDUDFWHUtVWLFDVH[SUHVDGDVSRU:DVKLQJWRQ
SRGUtDQSDUHFHUHQHVWDpSRFDPRGHUQDHOWLSRGHSDODEUDVTXHXQRXWLOL]DUtDHQWDOHVRFDVLRQHVSHURHQHO
WLHPSRHQHOTXHVHSURQXQFLDURQUHVXOWDURQVHUEDVWDQWHQRWDEOHV
/DDFHSWDFLyQGHTXHHQODFRVWDHVWHGH(VWDGRV8QLGRVH[LVWDQDUWHIDFWRVGHRULJHQWHPSODULRQR
H[SOLFDFyPR HVWD RUGHQIUDQFHVD GH SUyIXJRV SXGR KDEHUOOHJDGR DLQIOXLUHQ ORV SULQFLSLRV HQ ORV TXH VH
IXQGDHVHSDtV3DUDFRPSUHQGHUODVHFXHQFLDFRPSOHWDGHORVDFRQWHFLPLHQWRVGHFLGLPRVTXHSULPHURHUD
QHFHVDULRHFKDUXQYLVWD]RDORWURSXHVWRDYDQ]DGRWHPSODULRDFDVLFLQFRPLONLOyPHWURVDWUDYpVGHO2FpDQR
$WOiQWLFRHQODFRVWDRHVWHGH(VFRFLD
(VWiELHQGRFXPHQWDGRTXHPXFKRVWHPSODULRVVHHVWDEOHFLHURQHQ(VFRFLDGHVSXpVGHOFRODSVRGHOD
RUGHQHQHOFRQWLQHQWHHXURSHR\ODHYLGHQFLDVDOWDDODYLVWDLQFOXVRKR\GtD/DLJOHVLDGH.LOPDUWLQFHUFD
GH /RFK $ZH HQ $UJ\OO FRQWLHQH PXFKRV HMHPSORV GH WXPEDV \ WDOODGRV PRUWXRULRV WHPSODULRV TXH
UHSUHVHQWDQILJXUDVWHPSODUtDVDGHPiVH[LVWHQHQHOFHPHQWHULRXQEXHQQ~PHURGHWXPEDVPDVyQLFDV$O
YLVLWDUHOVLWLRHQGHLQPHGLDWROODPyQXHVWUDDWHQFLyQXQPRQXPHQWRPDUtWLPRHQXQRGHORVPXURV
GHO FHPHQWHULR GH OD LJOHVLD GHGLFDGR D XQ FDSLWiQ TXH VH SHUGLy HQ HO PDU D SULQFLSLRV GH /R
DVRPEURVR GHO PRQXPHQWR HV TXH FRQVLVWH GH GRV FROXPQDV TXH HQWUDPDQ D XQ FUiQHR \ GRV KXHVRV
FUX]DGRVODEDQGHUDGHODIORWDGHEDWDOODGHORVWHPSODULRV\HOVtPERORGHOPDHVWURPDVyQHQPDUFDGRSRU
HO PRWLYR TXH YLQFXODED D ORV IUDQFPDVRQHV FRQ 6HTHQHQUH 7DR (VWR HUD PX\ HPRFLRQDQWH SHUR PiV
HPRFLRQDQWH IXH YHU OD JUDQ FDQWLGDG GH WXPEDV \ WDOODGRV WHPSODULRV HQ HO FHPHQWHULR GH OD LJOHVLD $O
DQDOL]DU HVWRV KDOOD]JRV QRV SDUHFLy TXH VL XQ FRQWLQJHQWH GH WHPSODULRV OR VXILFLHQWHPHQWH JUDQGH KDEtD
KXLGR D $UJ\OO HQWRQFHV SRGtDPRV HVSHUDU HQFRQWUDU PiV GH XQD XELFDFLyQ FRQ WXPEDV GH WHPSODULRV
'XUDQWH ODV VLJXLHQWHV VHPDQDV QRV GLULJLPRV GHVGH .LOPDUWLQ D H[SORUDU WRGRV ORV FDPSRVDQWRV GH ODV
DQWLJXDVLJOHVLDV\FHPHQWHULRVGHODVFHUFDQtDV3URQWRGHVFXEULPRVPiVVLWLRVTXHFRQWHQtDQSRUORPHQRV
XQDWXPEDWHPSODUtD\DXQTXHQRHVWiEDPRVSDUWLFXODUPHQWHLQWHUHVDGRVHQEXVFDUODVWDPELpQHQFRQWUDPRV
WXPEDVPX\DQWLJXDVFRQVtPERORVPDVyQLFRV'HVGHWLHPSRDWUiVVDEtDPRVTXHH[LVWtDXQHVWUHFKRYtQFXOR
HQWUHORVWHPSODULRV\HVWD]RQDGH(VFRFLDGHVGHHOPRPHQWRHQTXH+XJKHVGH3D\HQVHFDVyFRQ&DWDOLQD
GH6W&ODLU'HKHFKRODSULPHUDSUHFHSWRUtDWHPSODUtDIXHUDGH7LHUUD6DQWDVHFRQVWUX\yHQWLHUUDVGH6W
&ODLUHQXQVLWLRDOVXUGH(GLPEXUJRFRQRFLGRFRPR7HPSOH3DUDSULQFLSLRVGHOVLJOR[YLORVWHPSODULRV
SRVHtDQPXFKDVSURSLHGDGHVHQ(VFRFLD\XQJUDQUHVSHWR\DGPLUDFLyQSRUSDUWHGHOSXHEOR
(OVDQWXDULRHVFRFpV
(VFRFLD VLHPSUH IXH XQD XELFDFLyQ LPSRUWDQWH SDUD OD RUGHQ WHPSODUtD SHUR GHVFXEULPRV TXH ODV
FLUFXQVWDQFLDVSROtWLFDVGH(VFRFLDODKLFLHURQXQVDQWXDULRSDUWLFXODUPHQWHHVSHFLDO\DSURSLDGRGHVSXpVGHO
DWDTXHGHOUH\)HOLSH\HO3DSDHQVXFRQWUD$ODPXHUWHGHOUH\$OHMDQGUR,,,HQODOtQHDDQWLJXDGH
UH\HV FHOWDV OOHJy D XQ WpUPLQR DEUXSWR SRUTXH QR GHMy KLMRV QL WXYR KHUPDQRV R KHUPDQDV 6X ~QLFD
KHUHGHUDGLUHFWDIXH0DUJDUHW'RQFHOODGH1RUXHJDSHURpVWDPXULyFDPLQRD(VFRFLDGHMDQGRODVXFHVLyQ
HQGLVSXWD(OSDtVVHGHELOLWyGHELGRDOXFKDVLQWHUQDV\HOUH\(GXDUGR,GH,QJODWHUUDDSURYHFKyODVLWXDFLyQ
\EULQGyVXDSR\RD-RKQGH%DOOLROTXLHQHUDXQRGHORVDVSLUDQWHVDOWURQRSLGLHQGRDFDPELRTXH%DOOLRO
VH FRQYLUWLHUD HQ YDVDOOR GHO UH\ LQJOpV \ OH ULQGLHUD KRPHQDMH SRU VX UHLQR HVFRFpV (O SXHEOR QR VH GHMy
HQJDxDU \ %DOOLRO VH FRQYLUWLy HQ XQUH\ SRFR TXHULGR FRQRFLGR FRPR7RRP 7DEDUGTXHVHWUDGXFH FRPR
$WDYtRYDFtRSHURGHPDQHUDPiVSUHFLVD0DULRQHWDGH(GXDUGR,(OUH\LQJOpVWDPSRFRWHQtDUHVSHWR
DOJXQRSRUDTXHOKRPEUH\ORWUDWyVLHPSUHFRPRDXQYDVDOORFRP~Q\FRUULHQWHLQFOXVRKXPLOOiQGRORHQ
S~EOLFR HQ XQD RFDVLyQ DO LQVLVWLU TXH %DOOLRO IXHUD D MXLFLR SRU XQD VXSXHVWD GHXGD FRQWUDtGD FRQ XQ
LPSRUWDGRUGHYLQRVORQGLQHQVH%DOOLRODFDEySRURSRQHUVHD(GXDUGRHQFXDQGRVHQHJyDVHJXLUODV
yUGHQHV GHO UH\ GH D\XGDU D FRPEDWLU D ORV IUDQFHVHV (GXDUGR UHVSRQGLy WRPDQGR %HUZLFN \ GHVSXpV GH
GHSRQHU D %DOOLRO OR PDQGy H[LOLDGR D )UDQFLD \ UHFODPy HO JRELHUQR GH (VFRFLD SDUD pO %XVFDQGR
DVHJXUDUVHGHTXHQLQJ~QFHOWDKLFLHUDXQDFRQWUDGHPDQGDHOLQJOpVVHOOHYyHOVtPERORGHODLQGHSHQGHQFLD
HVFRFHVD OD DQWLJXD 3LHGUD GHO 'HVWLQR R OD 3LHGUD GH 6FRQH FRPR WDPELpQ VH OH FRQRFH (VWH SHTXHxR
EORTXH UHFWDQJXODU \ EXUGDPHQWH WDOODGR VREUH HO FXDO ORV UH\HV GH (VFRFLD KDEtDQ VLGR FRURQDGRV SRU
JHQHUDFLRQHV QXQFD IXH GHYXHOWR \ D~Q VH HQFXHQWUD EDMR HO UHVJXDUGR GHO WURQR LQJOpV HQ OD $EDGtD GH
:HVWPLQVWHU
'HVSXpV GH UREDU HO VtPEROR GH LQGHSHQGHQFLD GH ORV HVFRFHVHV HO UH\ LQJOpV GLVSXVR TXH VH
QRPEUDUDDXQJREHUQDGRUGH(VFRFLDSDUDTXHULJLHUDHQVXQRPEUHGHMDQGRDVtDORVHVFRFHVHVIXHUWHPHQWH
RSULPLGRVEDMRVXOLGHUD]JRGLFWDWRULDO
/RV SULPHURV EURWHV GH QDFLRQDOLVPR HVFRFpV VXUJLHURQ UiSLGDPHQWH HQFHQGLGRV FXDQGR HO QREOH
:LOOLDP :DOODFH DVHVLQy DO DOJXDFLO GH /DQDUN FRPR YHQJDQ]D SRU HO DVHVLQDWR GH VX HVSRVD HQ PD\R GH
(UDXQDRIHQVDGLUHFWDDOUH\GH,QJODWHUUD\:DOODFHKXELHUDVLGRFDVWLJDGRFRQVHYHULGDGGHQRVHU
SRUTXH HO DSR\R SRSXODUIXH PX\ IXHUWH &RPR FRQVHFXHQFLDHO GH VHSWLHPEUH GH VH JHQHUy XQD
EDWDOODFDPSDOHQHO3XHQWH6WLUOLQJGRQGHHOHMpUFLWRGH(GXDUGRIXHGHUURWDGR
(GXDUGR,KL]RODVSDFHVFRQ)UDQFLD\GHVSXpVGLULJLyVXFRPSOHWDDWHQFLyQKDFLDHOSUREOHPiWLFR
:DOODFHDTXLHQYHQFLyHQ,LQOLWKJRZDODxRVLJXLHQWH:DOODFHHVFDSyGHVHUFDSWXUDGR\GHLQPHGLDWRYLDMy
D)UDQFLDEXVFDQGRHODSR\RSDUDVXFDXVDGHORVRWURUDHQHPLJRVGH(GXDUGR6HUHSRUWDTXHUHFLELyFDUWDV
GHO UH\ )HOLSH HO +HUPRVRGRQGH OH LQIRUPD TXH VX FDXVD KD VLGR HQFRPHQGDGD DO 3DSD &OHPHQWH \ HV
VHJXURTXHFRQHODSR\RTXHUHFLELyGHODIDPLOLD0RUD\FX\RQRPEUHVHKDYLQFXODGRFRQWLQXDPHQWHFRQ
ORVWHPSODULRV\ORVIUDQFPDVRQHVFRQWDFWyDORVWHPSODULRVGXUDQWHHVHSHULRGR&RQVLJXLyDSR\RSRUTXHHQ
5RVOLQ HQ KXER XQD EDWDOOD HQWUH HVFRFHVHV H LQJOHVHV OD FXDO IXH JDQDGD FRQ HO DSR\R GH ORV
FDEDOOHURVWHPSODULRVOLGHUDGRVSRUXQ6W&ODLU:DOODFHFRQWLQXyFRPRSUyIXJRSHUVHJXLGRSRUODFRURQD
LQJOHVD GXUDQWH VLHWH DxRV KDVWD TXH HQ IXH WUDLFLRQDGR OOHYDGR D /RQGUHV \ DKRUFDGR GHVWULSDGR \
GHVFXDUWL]DGR'HVSXpVGHVXHMHFXFLyQ\GHVPHPEUDPLHQWRVHFROJDURQSDUWHVGHVXFXHUSRHQ1HZFDVWOH
RQ7\QH%HUZLFN6WLUOLQJ\3HUWK
'XUDQWH HVWD pSRFD GH GLVWXUELRV KXER GRV HVFRFHVHV FRQ XQ GHUHFKR JHQXLQR DO WURQR DXQTXH QR
LQGLVFXWLEOH5REHUWR%UXFHRFWDYR0DUTXpVGH&DUULFN\-RKQ&RP\Q5REHUWRHUDXQKRPEUHDPELFLRVR\
IXHHOSULPHURHQEXVFDUODFRURQDFLyQFRODERUDQGRFRQ(GXDUGR,SHURHODSR\RTXHRIUHFLyDOLQJOpVSURQWR
VHGHELOLWyDOFRPHQ]DUDVHQWLUTXHQRVHOHHOHYDUtDFRPRpOGHVHDED&XDQGR5REHUWRFRPHQ]yDEXVFDU
RWUDVDOWHUQDWLYDVSDUDDVFHQGHUDOWURQRGH(VFRFLDVXRSRVLWRU&RP\QWRPyYHQWDMDGHODVLWXDFLyQGLFLHQGR
D(GXDUGRTXH%UXFHWUDPDEDDOJRHQVXFRQWUD(OUH\VHKDEUtDGHVKHFKRGHWDOLUULWDFLyQVLQSHQVDUORGRV
YHFHV SHUR XQ SDUWLGDULR LQIRUPy D 5REHUWR %UXFH GHO LQPLQHQWH SHOLJUR \ pO UHDFFLRQy FRQ UDSLGH] 6XV
RSFLRQHV VH YLHURQ GH UHSHQWH PiV UHGXFLGDV \ GHFLGLy WRPDU XQ JUDQ ULHVJR 6DEtD TXH KDEtD XQ MRYHQ
UHVXUJLPLHQWRGHFHOWDV\TXHORVHVFRFHVHVQRDFHSWDUtDQSRUUH\DDOJXLHQTXHSRUVLHPSUHIXHUDXQYDVDOOR
GHOUH\LQJOpVDVtTXHGHFLGLyFRQYHUWLUVHHQODPHFKDTXHHQFHQGLyHOEDUULOGHSyOYRUD
6DEtDTXH&RP\QHUDIDYRULWRGHO3DSD\ELHQDSUHFLDGRSRU(GXDUGR,DVtTXHFRQVSLUySRODUL]DQGR
VX SRVLFLyQ DO LQVXOWDU HQ S~EOLFR DO 3DSD \ DO UH\ PLHQWUDV L]DED HO HVWDQGDUWH GH EDWDOOD GHO FUHFLHQWH
UHVXUJLPLHQWR FHOWD (VWR OR ORJUy FRQ EDVH HQ XQ SODQ SUHFRQFHELGR FXDQGR DWUDMR D &RP\Q D OD LJOHVLD
IUDQFLVFDQD HQ 'XPIULHV GRQGH OR DWDFy HQ ORV HVFDORQHV IUHQWH DO DOWDU PLVPR 0LHQWUDV &RP\Q \DFtD
GHVDQJUiQGRVH5REHUWRQRSHUPLWLyTXHORVPRQMHVDVLVWLHUDQDOPRULEXQGR\VHTXHGyDVXODGRKDVWDHVWDU
VHJXURGHTXHKXELHUDPXHUWR(VWHDFWREUXWDOFRPHWLGRHQVXHORVDJUDGRHVFDQGDOL]yD(GXDUGR\DO3DSD
SHUR ORV HVFRFHVHV SDWULRWDV OR WRPDURQ FRPR XQ GHVDItR DELHUWR FRQWUD ORV LQJOHVHV \D TXH &RP\Q KDEtD
KHUHGDGR HO GHUHFKR GH -RKQ GH %DOOLRO DO WURQR \ DGHPiV HUD DSR\DGR SRU (GXDUGR , (O 3DSD UHVSRQGLy
H[FRPXOJDQGRD5REHUWR%UXFHDSDUWLUGHOGHIHEUHURGH3HVHDOH[WUHPRFDVWLJRGHOSDSDWUHFH
PHVHVGHVSXpV%UXFHREWXYRHODSR\RGHORVORUHVFHOWDV\IXHFRURQDGRUH\GH(VFRFLDSRUOD&RQGHVDGH
%XFKDQHQ6FRQHVLQHOEHQHILFLRGHOD3LHGUDGHO'HVWLQR
eVDHUDODVLWXDFLyQHQ(VFRFLDFXDQGRSDUWHGHODIORWDWHPSODUtDGHFLGLyWRPDUUXPERKDFLD$UJ\OO
\HO(VWXDULRGH)RUWKGRQGHVDEtDQTXH5REHUWR%UXFHOLEUDEDXQDEDWDOODFRQWUD,QJODWHUUD(OKHFKRGHTXH
%UXFHIXHUDH[FRPXOJDGRFRPELQDGRFRQORVYLHMRVYtQFXORVGHODIDPLOLD6W&ODLUFRQ5RVVO\QKDFtDQGH
(VFRFLDHOPHMRUUHIXJLRSXHVHUDXQRGHORVSRFRVOXJDUHVGHOSODQHWDGRQGHHO3DSDQRSRGUtDOOHJDUDHOORV
/RV WHPSODULRV VDEtDQ WDPELpQ TXH GHELGR D OD JXHUUD FRQ ORV LQJOHVHV VHUtDQ UHFLELGRV FRQ ORV EUD]RV
DELHUWRVSRUVHUJXHUUHURVFDSDFHV
6yORWUHV PHVHV DQWHV GH TXH )HOLSHHO +HUPRVR WHQGLHUDODWUDPSD DORV WHPSODULRV (GXDUGR , GH
,QJODWHUUDPXULySDUDVHUVXFHGLGRSRUVXGpELOHLQHILFD]KLMR(GXDUGR,,TXLHQFDVLGHPDQHUDLQVWDQWiQHD
VHUHWLUyKDFLD,QJODWHUUDGHMDQGRD5REHUWR,ODWDUHDGHSRQHUHQVXOXJDUDVXVHQHPLJRVHQ(VFRFLD
/RV UHJLVWURV KLVWyULFRV LQGLFDQ TXH %UXFH QR WXYR PiV TXH VHULRV FRQWUDWLHPSRV GH D SHURGHVSXpVORJUyYHQFHUXQDVLWXDFLyQHQDSDULHQFLDSHUGLGD\FRPHQ]yDUHFXSHUDUVLVWHPiWLFDPHQWHVX
UHLQRGHPDQRVGHORVLQJOHVHV(OPD\RUWULXQIRGHORVHVFRFHVHVIXHOD%DWDOODGH%DQQRQFNEXUQHOGH
QRYLHPEUHGH6HDQRWyTXHDOSULQFLSLRGHODEDWDOODHOHMpUFLWRGH%UXFHHVWDEDPX\GHVIDYRUHFLGR
KDVWDTXHLQWHUYLQRODUHVHUYDGHXQDVIXHU]DVDUPDGDVGHVFRQRFLGDVTXHFRQUDSLGH]LQYLUWLHURQODVLWXDFLyQ
DVHJXUDQGRDVtODYLFWRULDGHORVHVFRFHVHV/DKLVWRULDGHTXHHVWRVJXHUUHURVPLVWHULRVRVOOHYDEDQFRQVLJRHO
HVWDQGDUWHGH%HDXVDQWODEDQGHUDGHEDWDOODGHORVWHPSODULRVVHGLVHPLQyHQVHJXLGD'HKHFKROD~QLFD
H[SOLFDFLyQSRVLEOHHVTXHORVWHPSODULRVKD\DQLQWHUYHQLGR$VtHQHOPLVPRDxRHQTXH-DFTXHVGH0DOR\\
*HRIIUH\ GH &KDUQH\ IXHURQ LQPRODGRV YLYRV HQ 3DUtV VH JDQDED OD %DWDOOD GH %DQQRFNEXUQ JUDFLDV D OD
OOHJDGD GH ODV IXHU]DV DUPDGDV WHPSODUtDV OLGHUDGDV SRU HO *UDQ 0DHVWUR GH ORV WHPSODULRV HVFRFHVHV 6LU
:LOOLDP6W&ODLU&RQHVWDYLFWRULDHQ%DQQRFNEXUQVHGHFODUy\UHFXSHUyODOLEHUWDGGHOUHLQDGRGH%UXFH
HQ(VFRFLD/DSDUWHGHODYLFWRULDTXHFRUUHVSRQGtDDORV6W&ODLUIXHDPSOLDPHQWHUHFRPSHQVDGD\DTXHVH
OHVFRQFHGLyXQRELVSDGR\WLHUUDVDGLFLRQDOHVTXHSXGLHURQVXPDUDOUHVWRGHVXVSURSLHGDGHVHQ5RVVO\Q (VWDJUDQYLFWRULDVLJQLILFyXQJUDQSDVRSDUDDVHJXUDUODLQGHSHQGHQFLDSHUPDQHQWHGH(VFRFLD\HO
UH\5REHUWR,SDVyHOUHVWRGHVXYLGDOXFKDQGRFRQWUDORVLQJOHVHVHQ,UODQGD\DORODUJRGHODVIURQWHUDV
HVFRFHVDVKDVWDTXHGHPDQHUDJUDGXDOHQ,QJODWHUUDUHFRQRFLyGHPDQHUDIRUPDOD(VFRFLDFRPRXQD
QDFLyQLQGHSHQGLHQWH8QSXQWRGHLQWHUpVPDVyQLFRUHODWLYRDOD%DWDOODGH%DQQRFNEXUQHVTXHVHUHDOL]yHQ
HOGtDPiVODUJRGHODxRHOGtDTXHORVIUDQFPDVRQHVWRGDYtDFHOHEUDQFRPRODILHVWDGH6DQ-XDQ%DXWLVWD
3DUHFHVHUTXHORVWHPSODULRVHQFRQWUDURQXQEXHQUHIXJLRHQ(VFRFLDSHURPiVELHQVHWUDWDEDGH
XQDUHODFLyQVLPELyWLFDFRQVXUH\TXLHQVHEHQHILFLDEDFRQODVKDELOLGDGHVGHHVWRVJXHUUHURVSURIHVLRQDOHV
HQ XQ SULQFLSLR TXL]i HQ WpUPLQRV GH SODQHDFLyQ HVWUDWpJLFD SHUR PiV WDUGH WDPELpQ HQ D\XGD GLUHFWD HQ
FRPEDWHV0LHQWUDV5REHUWR,HVWXYRH[FRPXOJDGRORVWHPSODULRVHVWXYLHURQDVDOYRSHURHVWDFRQGLFLyQHQ
WDQWR TXH HUD YHQWDMRVD SDUD ORV WHPSODULRV QR OR HUD SDUD (VFRFLD SRUTXH XQ UHLQR FX\R UH\ HVWDED
H[FRPXOJDGRVHFRQVLGHUDEDXQWHUULWRULRSDJDQR\FXDOTXLHUJREHUQDQWHFULVWLDQRHUDOLEUHGHHIHFWXDUXQD
FUX]DGDHQVXFRQWUD$PHQRVTXHVHUHVWDXUDUDQODVEXHQDVUHODFLRQHVHQWUHHOUH\HVFRFpV\HO2ELVSRGH
5RPD (VFRFLD SRGUtD HQFRQWUDUVH HQ XQ JUDQULHVJR GHIXWXUDVLQYDVLRQHVLOHJDOHV (Q HO SDSD-XDQ
;;,, WUDWy GH LPSRQHU XQD WUHJXD HQWUH HVFRFHVHV H LQJOHVHV \ VH GLFH TXH VH HQIXUHFLy FXDQGR %UXFH
UHVSRQGLyWRPDQGRSRUVRUSUHVDHOSREODGRIURQWHUL]RGH%HUZLFN/DVUHODFLRQHVHQWUHHOSDSDGR\(VFRFLD
VHGHWHULRUDURQD~QPiVFXDQGRORVLQJOHVHVDOHJUHPHQWHFRQWDEDQKLVWRULDVHQODFRUWHSDSDOVREUHODPDQHUD
GHKDFHUODJXHUUD\ODREVWLQDFLyQGHORVHVFRFHVHV\HQHOSDSDHQYLyDGRVOHJDGRVPiVSDUDTXH
HQWUHJDUDQXQDVHQWHQFLDGHH[FRPXQLyQDGLFLRQDOHQFRQWUDGH%UXFH-DPHVHO1HJUR'RXJODV\HO&RQGH
GH 0RUD\ /D GHIHQVD GH HVWRV FDUJRV DGLFLRQDOHV VH HQIUHQWy FRQ OD 'HFODUDFLyQ GH $UEURDWKOD FXDO IXH
SXEOLFDGDSRUORV%DURQHV(VFRFHVHVHOGHDEULOGH(VGHQDWXUDOH]DPDVyQLFD\HQORTXHFRQFLHUQHD
5REHUWR%UXFHDILUPDQTXH
7RGRVHVWDEDQYLQFXODGRVFRQpOSRUGHUHFKR\SRUHOVHUYLFLRTXHOHSURSRUFLRQyDVXSXHEOR/RV
QREOHVGLMHURQTXHQRSHOHDURQSRUODJORULDRODVULTXH]DVRORVKRQRUHVVLQRVyORSRUODOLEHUWDG
ODFXDOQLQJ~QYHUGDGHURKRPEUHVHUtDFDSD]GHFHGHUPiVTXHFRQVXSURSLDYLGD
7DPELpQGDQVXGHILQLFLyQGHUHLQDGR
HO GHELGR \ OHJDO FRQVHQWLPLHQWR GH WRGR HO SXHEOR OR KL]R QXHVWUR UH\ \ SUtQFLSH$ pO HVWDPRV
REOLJDGRV \ UHVXHOWRV D DGKHULUQRV HQ WRGR PHQHVWHU WDQWR SRU FXHQWD GH VX GHUHFKR FRPR SRU VX
SURSLR PpULWR FRPR OD SHUVRQD TXH UHVWDXUy OD VHJXULGDG GHO SXHEOR HQ GHIHQVD GH VXV OLEHUWDGHV
3HUR GHVSXpV GH WRGR HVWR VL HVWH SUtQFLSH GHMDUD HVWRV SULQFLSLRV TXH WDQ QREOHPHQWH VLJXLy \
FRQVLQWLHUDTXHQRVRWURVRQXHVWURUHLQRVHVRPHWLHUDQDOUH\RDOSXHEORGH,QJODWHUUDGHLQPHGLDWR
QRVGDUHPRVDODWDUHDGHH[SXOVDUORFRPRQXHVWURHQHPLJR\FRPRXQVXEYHUVLYRWDQWRGHVtFRPR
GHQXHVWURVGHUHFKRV\QRPEUDUHPRVDRWURUH\TXHGHILHQGDQXHVWUDVOLEHUWDGHV
/RVORUHVSULQFLSDOHVGH(VFRFLDHUDQWHPSODULRVRFRQJpQHUHVGHORVWHPSODULRV\QRHVGHVRUSUHQGHUTXHHO
HVWLORGHSHQVDPLHQWRQD]DUHQRHVWpSUHVHQWHHQHVWHGRFXPHQWRLQXVXDOPHQWHGHPRFUiWLFRTXHFRQYLHUWHOD
ILJXUD GHO UH\ HQODGHXQSUHVLGHQWH (QHIHFWR XQRGH ORVVLJQDWDULRV GHO GRFXPHQWR IXH /RUG +HQU\ 6W
&ODLUGH5RVVO\Q
3HQVDPRVTXHWHQtDTXHVHUVLJQLILFDWLYRTXHHOSHQVDPLHQWRQD]DUHQRWHPSODULRPDVyQLFRHVWXYLHUD
SUHVHQWH HQ PXFKRV VXFHVRV GH LPSRUWDQFLD HQ OD KLVWRULD GH RFFLGHQWH FXDQGR ORV WHPDV VREUH OLGHUD]JR
SRSXODU\YROXQWDGGHOSXHEORHUDQORVIDFWRUHVSULQFLSDOHV(Q,QJODWHUUDFLHQDxRVDQWHVGHOD'HFODUDFLyQ
GH $UEURDWK OD &DUWD 0DJQD IXH ILUPDGD SRU HO UH\ -XDQ EDMR OD SHUVXDVLyQ GH XQ JUXSR TXH LQFOXtD D
WHPSODULRV +DVWD HVWH GtD HV HO ~QLFR GRFXPHQWR HQ OD FRQVWLWXFLyQ LQJOHVD TXH SXHGH FRPSDUDUVH FRQ HO
$FWDGH'HUHFKRVGH(VWDGRV8QLGRVXQGRFXPHQWRTXHFRPRGHPRVWUDUHPRVPiVDGHODQWHVHLQVSLUyHQ
VXWRWDOLGDGHQODPDVRQHUtD
(QRFWXEUHGHGHELGRDUD]RQHVSROtWLFDVTXHQRVRQLPSRUWDQWHVSDUDQXHVWUDKLVWRULDHO3DSD
-XDQ ;;,, UHWLUy OD H[FRPXQLyQ GH 5REHUWR , SHUR HO DKRUD OHJtWLPR UH\ HVFRFpV PXULy D ORV FLQFXHQWD \
FLQFR DxRV GH HGDG HO GH MXQLR GH MXVWR GLH] GtDV DQWHV GH TXH HO 3DSD -XDQ ;;,, SXEOLFDUD XQD
SURFODPDGRQGHUHFRQRFtDVXGHUHFKRDOWURQRGH(VFRFLD5REHUWRIXHVXFHGLGRSRUVXKLMR'DYLG,,GHVyOR
FLQFRDxRVGHHGDG\/RUG5DQGROSKPLHPEURGHODIDPLOLD0RUD\\WtRGHO&RQGHGH0RUD\IXHQRPEUDGR
UHJHQWH/DPXHUWHGH5REHUWR%UXFHQRVLJQLILFyHOILQGHORVYtQFXORVFRQORVWHPSODULRV$QWHVGHPRULU
KL]RODSURPHVDGHLUD-HUXVDOHQ\OXFKDUFRQWUDORVVDUUDFHQRV\FRPRVtPERORGHUHVSHWR6LU:LOOLDPGH
6W&ODLU\6LU-DPHV'RXJODVOOHYDURQVXFRUD]yQHPEDOVDPDGRHQXQD~OWLPDFUX]DGDD-HUXVDOpQSHURSRU
GHVJUDFLDIXHURQPXHUWRVGXUDQWHHOWUD\HFWRHQXQDEDWDOODHQ$QGDOXFtD(OFRUD]yQGH%UXFHMDPiVOOHJyD
OD&LXGDG6DJUDGD\IXHGHYXHOWRSDUDVHUHQWHUUDGRHQOD$EDGtDGH0HOURVHHQWDQWRTXHHOFXHUSRGH6LU
:LOOLDPIXHHQWHUUDGRHQ5RVVO\Q
7DQ SURQWR FRPR (VFRFLDYROYLy D IRUPDU SDUWH RILFLDO GHOFULVWLDQLVPR UHVXOWyLPSHUDWLYR TXH ORV
WHPSODULRV GHVDSDUHFLHUDQ GH OD YLVWD GHO S~EOLFR FRQYLUWLpQGRVH HQ XQD VRFLHGDG VHFUHWD \D TXH DKRUD HO
SRGHUGHO9DWLFDQRSRGtDGHQXHYRSHUVHJXLUDVXVHQHPLJRVSRUWRGR(XURSD3RUIRUWXQDGXUDQWHHOSHULRGR
GH WUDQVLFLyQ HO UHJHQWH HUD XQ PLHPEUR GH OD IDPLOLD WHPSODUtD 0RUD\ TXLHQ JREHUQDED HQ YH] GHO UH\
LQIDQWH'DYLG,,\HVWROHVSHUPLWLyHOQLYHOGHFRQWUROQHFHVDULRSDUDSODQLILFDUODIXWXUDRUJDQL]DFLyQTXH\D
KDEtDUHHPSOD]DGRDVXRUGHQFRQGHQDGD\SRGHUJXDUGDUORVJUDQGHVVHFUHWRVTXHVHOHVKDEtDQFRQILDGR
(OUHJUHVRD5RVVO\Q
8QDQXHYDRUGHQVHFUHWDDVHJXUDUtDODVXSHUYLYHQFLDGHORVULWRV\HOSHQVDPLHQWRWHPSODULRV\ORVSODQHV
SDUDWDOWUDQVIRUPDFLyQGHEHQGHKDEHUVHGHVDUUROODGRHQIRUPDSDUDOHODFRQODVQHJRFLDFLRQHVSDSDOHVGH
PDQHUDTXHSDUDHOWLHPSRHQTXH(VFRFLDQXHYDPHQWHUHQGtDWULEXWRDO3DSDORVWHPSODULRVHVFRFHVHV\D
HUDQLQYLVLEOHVDORVRMRVGHDTXHOORVTXHQRVDEtDQGyQGHEXVFDU\XQRGHORVOXJDUHVSDUDKDFHUORHUDOD
IDPLOLD6W&ODLU
&RPRPHQFLRQDPRVHQHOFDStWXOROD&DSLOODGH5RVVO\QFRQVWUXLGDSRU:LOOLDP6W&ODLUUHVXOWyGHJUDQ
LPSRUWDQFLDSDUDQXHVWUDVLQYHVWLJDFLRQHVSRUTXHODFRQVWUXFFLyQGHHVHHGLILFLRIXHODTXHSURSRUFLRQyOD
WUDQVLFLyQ GH ORVWHPSODULRV D ORV IUDQFPDVRQHV (O XVR GH SODQWDV GHFRUDWLYDVGH RULJHQ DPHULFDQR HQ ORV
WDOODGRV GHO UHFLQWR ]DELOD \ PDt] TXH KDQ GH KDEHU VLGR SRU FRPSOHWR GHVFRQRFLGDV HQ HVRV WLHPSRV
UHVXOWDURQXQDHYLGHQFLDLQQHJDEOHTXHDOJXLHQYLQFXODGRFRQORV6W&ODLUDWUDYHVyHO$WOiQWLFRHQWLHPSRV
DVRPEURVDPHQWHOHMDQRV
+DFtD \D FXDWUR DxRV TXH YLVLWDPRV OD FDSLOOD FRQVWUXLGD SRU HO FRQGH :LOOLDP 6W &ODLU \ FRPR
GXUDQWHHVHWLHPSRFRPSLODPRVPXFKDLQIRUPDFLyQGHFLGLPRVUHJUHVDUDHVDLPSRUWDQWHFRQVWUXFFLyQ8QD
YH]PiVQRVGLULJLPRVDOVLWLRDODVVLHWH\PHGLDGHODPDxDQD/OHJDPRVSRFRGHVSXpVGHOPHGLRGtDKDFtD
FDORUSHURXQDFDSDGHQXEHVVHFFLRQDGDVKDFtDQTXHHOVROSUR\HFWDUDVXVOXFHVDTXt\DOOiDORODUJRGHODV
FROLQDVIRUUDGDVGHYHUGHLOXPLQDQGRORVSLQiFXORVGHOD&DSLOODGH5RVVO\QGHODPDQHUDPiVGUDPiWLFD
(QWUDUDODFDSLOODHUDFRPRVDOXGDUDXQDYLHMDDPLJD(UDIDPLOLDU\DWUDFWLYDSHURDOPLVPRWLHPSR
LQWHUHVDQWH\H[FLWDQWH\HVSHUiEDPRVTXHQRVDSRUWDUDXQDEXHQDFDQWLGDGGHQXHYDLQIRUPDFLyQ1RVRWURV
WHQtDPRVXQF~PXORGHGHVFXEULPLHQWRVSDUDSRQHUDSUXHEDDKt
$O HQWUDU DOHGLILFLR QRV GLR JXVWR TXHHVWXYLHUDGHVLHUWR GH PDQHUD TXH SXGLpUDPRV GLVIUXWDU GHVX IXHUWH
SHUVRQDOLGDG VLQ GLVWUDFFLRQHV /D &DSLOOD GH 5RVVO\Q SUR\HFWD XQD VHQVDFLyQ GH YLYD HVSLULWXDOLGDG XQ
VHQWLPLHQWRGHODTXt\DKRUDFRPELQDGRFRQHOSDVDGRLQILQLWR$PERVWHQHPRVXQJUDQFDULxRSRUODVFRQV
WUXFFLRQHV GH LJOHVLDV SHUR WRGDV ODV TXH FRQRFHPRV WLHQHQ XQ FDUiFWHU VLQ YLGD \ YDFtR FRPSDUDGDV FRQ
5RVVO\Q(VGLItFLOGHVFULELUODFDOXURVDVHQVDFLyQTXHWHDEUD]DHQHVWDFRQVWUXFFLyQPHGLHYDOVLQWHQHUTXH
SDUHFHUSUHVXQWXRVRSHUR5REHUWODVLQWHWL]yDOREVHUYDUTXHpVWDHUDOD~QLFDFDSLOODRLJOHVLDGRQGHSRGUtD
SDVDUODQRFKH
3DVHDPRVSRUODQDYHGLVIUXWDQGRHOOXJDU\OXHJRGLULJLPRVQXHVWUDDWHQFLyQHQSULPHUOXJDUDORV
WDOODGRV GH PDt] \ ]DELOD EXVFDQGR GH PDQHUD LQFRQVFLHQWH DVHJXUDUQRV GH TXH OR TXH YLPRV HQ QXHVWUD
SULPHUD YLVLWD QR HUD SURGXFWR GH QXHVWUD LPDJLQDFLyQ 1R WHQtDPRV QHFHVLGDG GH SUHRFXSDUQRV QR KDEtD
GXGD GH OR TXH YHtDPRV 0LHQWUDV H[DPLQiEDPRV HO GLQWHO GH FDFWXV XQD YLFDULR VH QRV DFHUFy GHVGH OD
HQWUDGDDOQRUWH\FRQXQDDPLJDEOHVRQULVDQRVSUHJXQWyVLKDEtDPRVYLVWRHOPDt]&RQWHVWDPRVTXHVt\
HOODFRPHQ]yDKDEODUVREUHHOWHPD
5HVXOWy VHU TXH OD 5HYHUHQGD -DQHW '\HU WLHQH HVWXGLRV GH ERWiQLFD \ VX PDULGR HV ERWiQLFR GH
SURIHVLyQ
(OFDFWXVGH]DELODHVVRUSUHQGHQWH¢QRFUHHQ"GLMRPLUDQGRKDFLDHOIULVR6XSRQJRTXHSRGUtD
VHURWUDFRVDSHURHQUHDOLGDGQRVDEUtDTXpHVVLQRIXHUD]DELOD*LUyXQSRFRKDFLDODL]TXLHUGD\DSXQWy
KDFLDHODUFRGRQGHHVWDEDHOPDt]0LHVSRVRGLFHTXHODUHSUHVHQWDFLyQGHOPDt]HVFRUUHFWDSUREDEOHPHQWH
XQDSODQWDMRYHQ
&RQWLQXy FRQ VXV ~WLOHV FRPHQWDULRV UHILULpQGRVH D OD HYLGHQFLD GRFXPHQWDGD GH TXH HO SUtQFLSH
+HQU\6LQFODLUHOSULPHU&RQGH6W&ODLUGHORV2UNQH\VWXYRDELHQJUDFLDVDOGLQHURWHPSODULRFRPLVLRQDU
XQD IORWD GH GRFH HPEDUFDFLRQHV SDUD HIHFWXDU XQ YLDMH DO 1XHYR 0XQGR /D IORWD EDMR HO FRPDQGR GH
$QWRQLR=HQROOHJyD1XHYD(VFRFLD\H[SORUyODFRVWDGHOHVWHGHORTXHDKRUDVRQ(VWDGRV8QLGRVDQWHV
GH/DIHFKDHVVHJXUDSRUTXH+HQU\6LQFODLUIXHDVHVLQDGRHOPLVPRDxRGHVSXpVGHVXUHJUHVR
3DUHFHOyJLFRSHQVDUTXHVHKD\DQSHUGLGRYLGDVHQXQDH[SHGLFLyQFRPRpVD\ODIDPLOLDGH6LQFODLU
DILUPD TXH XQ FDEDOOHURFRQ HO QRPEUH GH 6LU-DPHV*XQQ PXULy HQODV $PpULFDV \ IXH HQWHUUDGRDKt /D
LPDJHQGHOFDEDOOHURPHGLHYDOHQFRQWUDGDHQ:HVWIRUG0DVVDFKXVHWWVHVDVHJXUDQODOiSLGDTXHVHOHKL]R
GH PDQHUD SUHFLSLWDGD (QFRQWUDPRV HYLGHQFLD SDUD DSR\DU OR DQWHULRU HQ XQD FULSWD GHEDMR GH OD FDSLOOD
GRQGHXQSHTXHxRHVFXGRGHDUPDVHQHOPXURPXHVWUDHQVXODGRL]TXLHUGRVREUHOD&UX]GHO*ULDOGHOD
IDPLOLD6LQFODLUXQDHPEDUFDFLyQGHXQVRORPiVWLOLGpQWLFDDODHQFRQWUDGDHQHOHVFXGRGHOFDEDOOHURGH
:HVWIRUG7DPELpQVHPXHVWUDDSXQWDQGRDORHVWHSHURHQYH]GHWHQHUODVYHODVUHFRJLGDVEDMRODHVWUHOODGH
RFFLGHQWHODVWLHQHOHYDQWDGDV
0LHQWUDV REVHUYiEDPRV HO LQWHULRU GH OD FDSLOOD 5REHUW QR SRGtD TXLWDU OD PLUDGD GHO yUJDQR
+DPLOWRQ XELFDGR HQ OD DPSOLDFLyQ YLFWRULDQD GHO PXUR RHVWH ¢3RGUtD HFKDUOH XQ YLVWD]R DO yUJDQR SRU
IDYRU"SUHJXQWyDODUHYHUHQGD-DQHW
6HJXUR TXH Vt 6X UHVSXHVWD IXH WDQ DPLVWRVD \ UHODMDGD TXH 5REHUW VH DWUHYLy D LU XQ SRFR PiV
OHMRV
¢/HLPSRUWDUtDVLORWRFR"6R\HORUJDQLVWDGHOD,JOHVLDGH&ULVWRHQPLSXHEOR
$OREWHQHUSHUPLVR5REHUWVXELySRUODHVFDOHUDHVSLUDOKDFLDODJDOHUtDGHOyUJDQR\XQRVPLQXWRV
GHVSXpVODQDYHUHVRQDEDDOVRQGH&ZQ5KRQGGDPLHQWUDV&KULVILOPDEDXQDYDULHGDGGHREMHWRVGHLQWHUpV
&RPHQ]DPRVDLQVSHFFLRQDUORVGHWDOOHVGHOHGLILFLR\QXHVWUDDWHQFLyQVHGLULJLyUiSLGDPHQWHDODVFROXPQDV
DXWRHVWDEOHV GH ODV FXDOHV KD\ FDWRUFH HQ WRWDO GRFH VRQ LGpQWLFDV HQ IRUPD \ KD\ GRV HVSHFLDOHV \
HVSOpQGLGDVDOILQDOGHODSDUWHHVWHGHODFDSLOOD/DFROXPQDDPDQRL]TXLHUGDHVFRQRFLGDFRPROD&ROXPQD
GHO &RQVWUXFWRU 0DVyQ \ HV HOHJDQWH \ EHOODPHQWH SURSRUFLRQDGD /D GHO ODGR GHUHFKR HV PX\ GLVWLQWD
FRQRFLGDFRPROD&ROXPQDGHO$SUHQGL]HVWiVXQWXRVDPHQWHGHFRUDGDFRQFXDWUREDQGDVIORUDOHVTXHEDMDQ
HQHVSLUDO\URGHDQODDFDQDODGXUDFHQWUDOGHVGHODVHVTXLQDVGHOFDSLWHOKDVWDHQFRQWUDUODEDVHGHVGHVXODGR
RSXHVWR
(OVLJQLILFDGRGHHVRVVtPERORVHUDGHJUDQLPSRUWDQFLDSDUDORVFRQVWUXFWRUHVGHHVHFDSLWHOSHURVH
SHUGLy KDFH PXFKR WLHPSR 6LQ HPEDUJR QXHVWUD UHFRQVWUXFFLyQ GHO SDVDGR QRV SHUPLWLy HQWHQGHU OR TXH
HVWiEDPRV PLUDQGR /D OODPDGD &ROXPQD GHO 0DVyQ HV HQ UHDOLGDG XQD FRSLD GH OD FROXPQD VDFHUGRWDO
FRQRFLGDSRUORVIUDQFPDVRQHVFRPR-DFKLQ\SRUORVQD]DUHQRVFRPR7VHGHT\OD&ROXPQDGHO$SUHQGL]HV
ODFROXPQDUHDOOODPDGD%RD]TXHUHSUHVHQWDHOSRGHUGH0LVKSDWYpDQVHODVILJXUDV\
8QD FRVD TXH GHEtDPRV HQFRQWUDU HQ HVD HQLJPiWLFD FRQVWUXFFLyQ HUD DOJXQD UHIHUHQFLD D +LUDP
$ELIHVWDUtDPRVVRUSUHQGLGRVVLHVDHGLILFDFLyQWHPSODULRPDVyQLFDQRFRQWXYLHUDXQDILJXUDFRQXQKR\RHQ
OD IUHQWH OD KHULGD GLVWLQWLYD HQ OD FDEH]D TXH DKRUD VDEtDPRV IXH WUDQVPLWLGD SRU 6HTHQHQUH 7DR < SRU
VXSXHVWRODHQFRQWUDPRV(QORDOWRGHODHVTXLQDGRQGHFRQYHUJHQORVPXURVGHOVXU\RHVWH\HQHOQLYHO
GRQGHHVWiHOyUJDQRHVWiXQDFDEH]DFRQXQDFXFKLOODGDHQODVLHQGHUHFKDYpDVHODILJXUD\HQHOODGR
RSXHVWR GHO PXUR RHVWH HVWi OD FDEH]D GH OD SHUVRQD TXH OR PDWy (VWDV FDEH]DV KDQ VLGR FRQRFLGDV SRU
FLHQWRV GH DxRV SHUR VX VLJQLILFDGR DXWpQWLFR VH KD SHUGLGR UHHPSOD]DGR SRU XQD KLVWRULD LQRIHQVLYD SHUR
LPSUREDEOH
3DUDSRGHUREVHUYDUODPHMRUVXELPRVSRUODHVFDOHUDHVSLUDOTXHFRQGXFtDDOyUJDQR\XQD YH]DKt
SXGLPRVDSUHFLDUODHVSOpQGLGDYLVWDGHODFDSLOODGHVGHORTXHRULJLQDOPHQWHIXHHOPXURRHVWHDQWHVGHTXH
HQVHHPSRWUDUDHOEDXWLVWHULR'HVGHHVHSXQWRSULYLOHJLDGRSXGLPRVDFHUFDUQRVDODFDEH]DGH+LUDP
$ELI\ORJUDPRVYHUODKHULGDHQODFDEH]DFRQWRGDFODULGDG
(VWDKHULGDKDVLGRREVHUYDGDGHVGHKDFHPXFKRWLHPSR\ODKLVWRULDDFHSWDGDGHPDQHUDJHQHUDOHV
TXHODFDEH]DHVODGHXQDSUHQGL]DVHVLQDGR\ODRWUDHVODGHOPDHVWURTXHORPDWy'HDFXHUGRFRQHVWD
OH\HQGDXQPDHVWURFRQVWUXFWRUFDQWHURIXHD5RPDSDUDHQFRQWUDULQVSLUDFLyQSDUDHOGLVHxRGHODFROXPQD
UHDOSHURPLHQWUDVHVWDEDDXVHQWHVXDSUHQGL]GLVHxy\FRQVWUX\yODFROXPQDTXHD~QVHFRQVHUYDDKt'HELGR
DTXHHUDPXFKRPHMRUTXHFXDOTXLHUFRVDTXHHOPDHVWURMDPiVKXELHUDKHFKRRSXGLHUDKDEHUKHFKRDQWHV
DVXUHJUHVRD5RVVO\QOHDWL]yXQJROSHDOMRYHQFRQVXPD]RPDWiQGRORDOLQVWDQWH
(VWD KLVWRULD VXHQD FRPR XQD YHUVLyQ GHVYLDGD GH OD OH\HQGD GHO FRQVWUXFWRU +LUDP $ELI \ SXHGH
GHVFDUWiUVHOH FRPR OD UD]yQ GH OD SUHVHQFLD GH OD FDEH]D KHULGD 6DEHPRV HVWR SRUTXH :LOOLDP 6W &ODLU
PLVPRSODQHyODFRQVWUXFFLyQFRPSOHWDGHVGHHOSULQFLSLRKDVWDVXPXHUWHHQMXVWRGRVDxRVDQWHVGH
WHUPLQDUODREUDPiVD~QpOVXSHUYLVyFDGDGHWDOOHGHODREUD&XDOTXLHUWDOODGRSRUSHTXHxRTXHVHDVH
KDFtD SULPHUR HQ PDGHUD \ VH VRPHWtD SDUD VHU DSUREDGR \ GH VHU DVt HQWRQFHV VH OH WDOODED HQ SLHGUD
:LOOLDP6W&ODLUWUDMRD(VFRFLDDOJXQRVGHORVPHMRUHVFRQVWUXFWRUHVSDUDHVWHJUDQSUR\HFWRFRQVWUX\HQGR
OD DOGHD GH 5RVVO\Q SDUD DOEHUJDUORV \ SDJy D ORV PDHVWURV DOEDxLOHV OD FXDQWLRVD FDQWLGDG GH OLEUDV
DQXDOHV\DORVGHPHQRUQLYHOODWDPELpQFRQVLGHUDEOHVXPDGHOLEUDVDODxR/DLGHDGHTXHGHVSXpVGH
XQDSUHSDUDFLyQGHVHPHMDQWHPDJQLWXG\FRVWRVHKXELHUDSHUPLWLGRDXQVLPSOHDSUHQGL]HODERUDUODSLH]D
FHQWUDOGHWRGRHOHGLILFLRHVHQH[WUHPRLPSUREDEOH
/RVDFWXDOHVHQFDUJDGRVGHOD&DSLOODGH5RVVO\QQRORVDEtDQSHURODFDEH]DHQORDOWRGHODHVTXLQD
QRUHVWHGHODFDSLOODHVXQDUHSUHVHQWDFLyQGH6HTHQHQUH7DRHO~OWLPRDXWpQWLFRUH\GH(JLSWR
4XHVHKDJDODOX]
0LHQWUDVFRQYHUViEDPRVVREUHHOYHUGDGHURVLJQLILFDGRGHODVFROXPQDV\ODFDEH]DKHULGD\GHOKHFKRGH
TXHODVUD]RQHVRULJLQDOHVGHpVWDVVHKDEtDQSHUGLGRGHPDQHUDOHQWDSHURVHJXUDFRPHQ]yDOHYDQWDUVHXQ
YHOR GH RVFXULGDG GH QXHVWURV RMRV ¢(VWXYLPRV FLHJRV" /D JUDQ OX] GH OD YHUGDG VREUH OD FRQVWUXFFLyQ
SDUHFLyFHJDGRUDPHQWHREYLDOD&DSLOODGH5RVVO\QQRHUDXQDFDSLOODQLVLTXLHUDHUDHQUHDOLGDGFULVWLDQD
3DUDHPSH]DUQRH[LVWHXQDOWDU3DUDTXHIXQFLRQHFRPRFDSLOODVHGLVSXVRXQDPHVDDOFHQWURGHOHGLILFLR
SRUTXHQRKD\XQHVSDFLRDOHVWHGRQGHVHXELFDQODVFROXPQDV'HWUiVGH%RD]\-DFKLQVHHQFXHQWUDQWUHV
SHGHVWDOHVGHSLHGUDFRQWUDHOPXURSHURQRVRQDOWDUHV
(VDHVWUXFWXUDQRIXHGLVHxDGDFRPRXQOXJDUGHDODEDQ]DFULVWLDQD
6DEtDPRVTXHXQ:LOOLDP6W&ODLUSRVWHULRUTXLHQVHFRQYLUWLyHQHOSULPHU*UDQ0DHVWURHOHFWRGHOD*UDQ
/RJLDGH(VFRFLDVHPHWLyHQSUREOHPDVFRQOD,JOHVLDSRUKDEHUEDXWL]DGRDVXVKLMRVHQHOUHFLQWRSHURQR
KDEtDPRV HQWHQGLGR OD LPSRUWDQFLD GH HVWH SXQWR 'HVSXpV GH UHYLVDUOD KLVWRULD RILFLDO HQFRQWUDPRV TXH
5RVVO\Q GHELy VHU UHFRQVDJUDGR HQ DQWHV GH HVD IHFKD QR KD\ FHUWH]D HQ FXDQWR D VX HVWDGR GH
FRQVDJUDFLyQ'HKHFKRXQDGHODVREMHFLRQHVGHO5H\-DFRER9,KHFKDVDO&RQGHGH5RVVO\QFRPR*UDQ
0DHVWURGHORV0DVRQHVIXHTXHKXELHUDEDXWL]DGRDVXVKLMRVHQ5RVVO\QTXHQRHUDXQVLWLRFULVWLDQRGH
DGRUDFLyQ
&XDQWRPiVLQYHVWLJDPRVPiVREYLRVHKL]RHVWHKHFKR(OVLPEROLVPRHVULFRHQWHPDVHJLSFLRV
FHOWDV MXGtRV WHPSODULRV \ PDVyQLFRV XQ WHFKR UHSOHWR GH HVWUHOODV SODQWDV TXH VDOHQ GH ODV ERFDV GH
KRPEUHVYHUGHVFHOWDVSLUiPLGHVHQUHGDGDVLPiJHQHVGH0RLVpVWRUUHVGHO-HUXVDOpQ&HOHVWLDOFUXFHVGHO
JULDODVtFRPRHVFXDGUDV\FRPSDVHVYpDVHODILJXUD/DV~QLFDVLPiJHQHVFULVWLDQDVVRQDOWHUDFLRQHV
GHOSHULRGR9LFWRULDQRODVYHQWDQDVGHYLGULRHPSORPDGRHOUHSXOVLYREDXWLVWHULR\XQDHVWDWXDGHOD9LUJHQ
\HOQLxR$OJXQRVHOHPHQWRVGHODGHFRUDFLyQKDQVLGRGHVFULWRVFRPRFULVWLDQRVSRUOD,JOHVLD(SLVFRSDO
SHURDOYHUORVPiVGHFHUFDHQUHDOLGDGQRVRQORTXHSDUHFHQ
(Q HO iUHD GHO PXUR QRUWH VH DSUHFLD XQ IULVR SHTXHxR TXH PXHVWUD XQ FUXFLILMR SHUR KD\ EXHQDV
UD]RQHVSDUDFUHHUTXHQRVHWUDWDGHODFUXFLIL[LyQGH-HVXFULVWRVLQRGHODWRUWXUDGHO*UDQ0DHVWURGHORV
&DEDOOHURV7HPSODULRV-DFTXHVGH0ROD\7RGRVORVSHUVRQDMHVHVWiQDWDYLDGRVFRQLQGXPHQWDULDPHGLHYDO
LQFOX\HQGRORVPLHPEURVHQFDSXFKDGRVGHOD,QTXLVLFLyQ/RVGHWDOOHVVRQFRUUHFWRVHQFXDQWRDTXHODFUX]
UHSUHVHQWDXQWDXRIRUPDGH7\HQTXHORVFODYRVKDQSHUIRUDGRODVPXxHFDVGRVGHWDOOHVTXHORVDUWLVWDV
PHGLHYDOHVVLHPSUHLQWHUSUHWDURQPDODPHQRVTXHVXSLHUDQORTXHHQYHUGDGOHVXFHGLyDGH0ROD\2WUD
VHFFLyQPXHVWUDDWHPSODULRVDOODGRGHXQYHUGXJR\ORPiVDVRPEURVRHVTXHHQFRQWUDPRVXQWDOODGRGH
XQDVILJXUDVTXHVRVWLHQHQHO6XGDULRGH7XUtQFRQODFDUDGHGH0ROD\FODUDPHQWHYLVLEOH(UDGHHVSHUDUVH
TXHORVWHPSODULRVGH(VFRFLDVXSLHUDQVREUHHOVXIULPLHQWRGHVXPDHVWURSHURDKRUDWDPELpQVDEtDPRVTXH
HVWDEDQ FRQVFLHQWHV GH OD KLVWRULD GH TXH VX LPDJHQ DSDUHFLy HQ IRUPD PLODJURVD VREUH VX SURSLD PRUWDMD
ULWXDO
2EWXYLPRVXQDFRQILUPDFLyQDGLFLRQDOGHTXHHVHHGLILFLRQRHVORTXHWRGRPXQGRLPDJLQDFXDQGR
OHtPRV TXH LQFOXVR DQWHV GH VX FRQFOXVLyQ QXQFD IXH XVDGR FRPR XQD FDSLOOD SRUTXH KDEtD XQD FDSLOOD
IDPLOLDU HQ HO FDVWLOOR D PX\ SRFD GLVWDQFLD GH DKt /RV PLVPRV HQFDUJDGRV DFWXDOHV UHFRQRFHQ TXH IXH
LQXVXDOGHGLFDUFXDUHQWD\FLQFRDxRVDFRQVWUXLUXQDFDSLOOD\OXHJRQXQFDXVDUOD(VWRSDUHFHLQWULJDUORV\D
TXHQRSXGLHURQGDUVXJHUHQFLDVHQFXDQWRDOSRUTXp
(PSH]iEDPRV D YHU OR REYLR \ DPERV FRPHQ]DPRV D VHQWLU HVFDORIUtRV GH PDQHUD VLPXOWiQHD
5RVVO\QQRHUDXQWHPSORVHQFLOORHUDXQVDQWXDULRSRVWHPSODULRFRQVWUXLGRSDUDDOEHUJDUORVUROORVKDOODGRV
SRU +XJXHV GH 3D\HQ \ VX HTXLSR GHEDMR GHO 6DQWR GH 6DQWRV HQ HO ~OWLPR 7HPSOR GH -HUXVDOpQ %DMR
QXHVWURVSLHVVHHQFRQWUDEDHOPiVSUHFLDGRWHVRURGHOFULVWLDQLVPR&RPSDUDGRVFRQpVWHORV5ROORVGHO0DU
0XHUWR VRQ SLH]DV KXPLOGHV $OUHGHGRU GH D& ORV QD]DUHQRVTXPUDQRV UHFLELHURQ LQVWUXFFLRQHV SRU
PHGLRGHOD$VXQFLyQGH0RLVpVGHTXHFRORFDUDQORVUROORVPiVSUHFLDGRVEDMR(O6DQWRGH6DQWRV\HO
PDWHULDO PiV PXQGDQR FRPR HO 0DQGDPLHQWR &RPXQLWDULR VH GHSRVLWDUD SRU WRGR -XGHD HQ OXJDUHV WDQ
KXPLOGHV FRPR ODV FXHYDV GH 4XPUDQ 6LJXLHQGR HVRV HMHPSORV OD &DSLOOD 5RVVO\Q IXH XQD UpSOLFD
GHOLEHUDGDGHOOXJDUGHGHVFDQVRGHORVUROORVVHFUHWRV/DH[FDYDFLyQGHORV5ROORVGHO0DU0XHUWRFDXVy
JUDQVHQVDFLyQQRSRGtDPRVGHMDUGHSUHJXQWDUQRVFyPRUHVSRQGHUtDHOPXQGRDHVWHGHVFXEULPLHQWR
3HQVDPRV TXH HV SRVLEOH TXH HVWRV UROORV HVWpQ UHODFLRQDGRV FRQ OD KLVWRULD GH OD OXFKD GH ORV
QD]DUHQRV OD KLVWRULD GH -HVXFULVWR OD FHUHPRQLD VHFUHWD GH UHVXUUHFFLyQ GH ORV YLYRV \ OD LPSRUWDQFLD GH
FRQVWUXLUHOHVStULWXFRPRVLIXHUDXQWHPSOR(OORVQRVGLUiQDOJRVREUHODYLGDGH-HV~V\FRPRWDOGHEHUi
VHUHOHYDQJHOLRSHUGLGRGH4HOHYDQJHOLRTXHIXHODIXHQWHGHPDWHULDOSDUD0DWHR0DUFRV/XFDV\-XDQ
1RVVHQWDPRVHQXQEDQFR\PLUDPRVHOVXHORGHSLHGUDJUXHVDKRQUDGRV\HPRFLRQDGRVDOPi[LPRSRUTXH
GH SURQWR VDEtDPRV FRQ FHUWH]D TXH QRV HQFRQWUiEDPRV D XQRV PHWURV GH WRGR OR TXH KDEtDPRV HVWDGR
EXVFDQGRODUD]yQ\HOSURSyVLWRGHODIUDQFPDVRQHUtD
1RV WRPy GLH] PLQXWRV UHFXSHUDUQRV OR VXILFLHQWH SDUD FRQWLQXDU FRQ OD E~VTXHGD GH KHFKRV
%XVFDPRV LQIRUPDFLyQ KLVWyULFD SDUD REWHQHU PiV SLVWDV TXH QR WDUGDURQ HQ DSDUHFHU +DELHQGR GHFLGLGR
TXH ORV UROORV QD]DUHQRV HVWDEDQ DEDMR GH 5RVVO\Q QR WDUGDPRV HQ GDUQRV FXHQWD GH TXH VH HQFRQWUDEDQ
GHQWURGHFXDWURFRIUHV/RVXSLPRVDOOHHUODQDUUDFLyQGHOLQFHQGLRRFXUULGRHQXQDxRGHVSXpVGH
TXHVHFRORFDUDODSULPHUDSLHGUDGHODFLPHQWDFLyQ
:LOOLDP6W&ODLUWXYRPXFKRVWtWXORVLQFOX\HQGRHOGH3UtQFLSHGH2UNQH\\ODVLJXLHQWHQDUUDFLyQ
XWLOL]DWDOGHVFULSFLyQ
3RUHVHWLHPSRKXERXQLQFHQGLRHQHOSHUtPHWURGHODSURSLHGDGGHO&DVWLOOR5RVVO\QHQ
FX\D RFDVLyQ ORV RFXSDQWHV IXHURQ IRU]DGRV D KXLU GHO HGLILFLR $O YHU HVWR HO FDSHOOiQ GHO SUtQFLSH
UHFRUGDQGRWRGRVORVHVFULWRVGHVXDPRSDVyDOFDODER]RGRQGHWRGRVHOORVVHHQFRQWUDEDQ\VDFyFXDWUR
JUDQGHVFRIUHVGRQGHHVWDEDQ/DQRWLFLDGHTXHHOIXHJRVHDSUR[LPDEDGDGDDOSUtQFLSHSRUFRQGXFWRGHORV
JULWRVGHODPHQWRGHODVVHxRUDV\ORVFDEDOOHURV\ODYLVLyQTXHVHOHSURGXMRGHVGHGRQGHHVWDEDVLWXDGR
VREUHODFROLQDGH&ROOHGJHQRVHODPHQWyGHQDGDTXHQRIXHUDODSpUGLGDGHVXV7tWXORV\RWURVHVFULWRV
SHUR FXDQGR HO FDSHOOiQ TXH VH KDEtD VDOYDGR EDMDQGR SRU OD FXHUGD GH OD FDPSDQD DPDUUDGD D XQD YLJD
GHFODUyFyPRIXHURQVDOYDGDVVXVOtWXORV\(VFULWRV ! \SRQLpQGRVHDOHJUHUHJUHVyDFRQIRUWDUDVXSULQFHVD\
GDPDV
¢4XpSXGRVHUWDQLPSRUWDQWHHQHOFRQWHQLGRGHHVRVFRIUHVTXH:LOOLDP6W&ODLUVyORSRGtDSHQVDUHQHOORV
GXUDQWH HO LQFHQGLR \ QR HQ VX HVSRVD \ RWUDV GDPDV" 1R SRGtD VHU WDQ GHVDOPDGR H LQVHJXUR FRPR SDUD
SUHRFXSDUVH SULPHUR GH XQD VHQFLOOD GRFXPHQWDFLyQ FLYLO GH VXV SURSLHGDGHV \ WtWXORV (Q WRGR FDVR ORV
FRIUHVPHGLHYDOHVVRQREMHWRVEDVWDQWHSHVDGRV\WDOHVGRFXPHQWRVWDQVyOROOHQDUtDQXQDFXDUWDSDUWHGHXQ
FRIUHQRLPDJLQHPRVFXDWUR1RHVRVFRIUHVFRQWHQtDQORVUROORVGH-HUXVDOpQTXHIXHURQWUDtGRVD(VFRFLD
SRUORVFDEDOOHURVWHPSODULRV\OHIXHURQHQFDUJDGRVFRPRHOWHVRURPiVJUDQGHGHWRGRHOPXQGR6LHVRV
UROORV VH KXELHUDQ GHVWUXLGR DQWHVGH TXHHOVDQWXDULR SDUD UHVJXDUGDUORVVHWHUPLQDUD pO VH KDEUtDVHQWLGR
WHUULEOHPHQWHGHVHVSHUDGR
:LOOLDP6W&ODLUGHGLFyVXYLGDDODFRQVWUXFFLyQGHOVDQWXDULRGHORVSHUJDPLQRV\HVWDPRVVHJXURV
GHTXHHVRVFXDWURFRIUHVD~QVHHQFXHQWUDQDKtGHEDMRGHFDVLXQPHWURGHURFDVyOLGD
$O SURIXQGL]DU HQ QXHVWUD LQYHVWLJDFLyQ GH OD KLVWRULD GH 5RVVO\Q REWXYLPRV PiV FRQILUPDFLRQHV
$SDUHQWHPHQWH VH FRQVLGHUD TXH HO HGLILFLR VH FRQVWUX\y HQ IRUPD UiSLGD SHUR OR TXH HV FXULRVR VXV
FLPLHQWRVUHTXLULHURQXQDJUDQFDQWLGDGGHWLHPSR'HVGHHOSULQFLSLRGHODVREUDVKDVWDODFXOPLQDFLyQGH
ORV FLPLHQWRV ODV ODERUHV WRPDURQ FXDWUR DxRV XQ WLHPSR ULGtFXOR \D TXH OD FDSLOOD HV XQ HVSDFLR
UHODWLYDPHQWH SHTXHxR FRQ XQD FULSWD D~Q PiV SHTXHxD HQ XQ QLYHO LQIHULRU GHO ODGR HVWH (VWH KHFKR KD
LQWULJDGRPXFKRDORVKLVWRULDGRUHV
/D PLVLyQ GH :LOOLDP 6W &ODLU HUDUHFUHDU ODV EyYHGDV VXEWHUUiQHDV GHO7HPSOR GH +HURGHV WDO \
FRPR +XJXHV GH 3D\HQ \ RWURV RFKR FDEDOOHURV ODV HQFRQWUDURQ PiV GH WUHVFLHQWRV DxRV DxRV DWUiV
6RVSHFKDPRVTXHHOVLVWHPDVXEWHUUiQHRHUDPXFKRPiVJUDQGHTXHODFRQVWUXFFLyQHQODVXSHUILFLH\TXHORV
UROORV HQFRQWUDURQ XQ OXJDU GH GHVFDQVR ILQDO HQ XQD UHFRQVWUXFFLyQ GH VX KRJDU RULJLQDO )XH HQ HVH
PRPHQWR TXH VH UHVROYLy QXHVWUD PD\RU LQFRQVLVWHQFLD DKRUD VDEtDPRV SRU TXp HO *UDGR GHO $UFR 5HDO
GHVFULEHODXELFDFLyQGHODH[FDYDFLyQGHO7HPSORGH=RUREDEHO\QRODGHO7HPSORGH+HURGHV
$TXHOORVTXHHQXQSULQFLSLRFUHDURQHO*UDGRGHO$UFR5HDO\DIXHUDQDQFLDQRVWHPSODULRVSULYDGRV
GHVXVGHUHFKRVRVXVGHVFHQGLHQWHVHQ(VFRFLDVHEDVDURQHQQDUUDFLRQHVTXHVHOHVWUDQVPLWLHURQGHIRUPD
WUDGLFLRQDO RUDO GH +XJXHV GH 3D\HQ \ ODV FXDOHV GHVFULEtDQ TXH OD XELFDFLyQ GH OD H[FDYDFLyQ HUD OD
GHO7HPSORGH=RUREDEHO$KRUDVHVDEHTXHORVFUX]DGRVFUHtDQTXHOD&~SXOD0XVXOPDQDVREUHOD5RFDTXH
GDWDGHOVLJOR9,,HUDHO7HPSORGH+HURGHV\TXHODVUXLQDVGHEDMRGHpVWHVRQODVGHO7HPSORGH=RUREDEHO
'HVGHHOH[WHULRU5RVVO\QHVXQDUHSUHVHQWDFLyQHQSLHGUDGHO-HUXVDOpQ&HOHVWLDOFRPRORGHVFULEH
OD FRSLD GH /DPEHQ FRQ WRUUHV \ XQ WHFKR FHQWUDO FXUYHDGR YpDVH OD ILJXUD 'HQWUR GHO VDQWXDULR GH
5RVVO\Q HO GLVHxRHVXQDUHFRQVWUXFFLyQ GH ODVUXLQDV GHO7HPSORGH +HURGHVGHFRUDGRFRQ VLPEROLVPRV
QD]DUHQRV\WHPSODULRV(QODHVTXLQDGHOQRUHVWHHQFRQWUDPRVXQDVHFFLyQGHOPXURWDOODGDFRQODVWRUUHVGHO
-HUXVDOpQ &HOHVWLDO FRPSOHWD FRQ ORV FRPSDVHV PDVyQLFRV \ HO HVWLOR H[DFWR PRVWUDGR HQ HO UROOR GH
/DPEHUW ([DPLQDQGR FRQ PD\RU GHWDOOH ODV EDVHV TXH DOJXQD YH] SRUWDURQ HVWDWXLOODV QRV SHUFDWDPRV GH
TXHODLPDJHQGHO-HUXVDOpQ&HOHVWLDODSDUHFtDHQYDULDVRFDVLRQHV
9LHQGRKDFLDDUULEDGHVGHHOGHVYiQGRQGHVHHQFXHQWUDHOyUJDQRDSUHFLDPRVTXHHOWHFKRDUTXHDGR
WLHQHXQDVHULHFRUULGDGHSLHGUDVDQJXODUHVDORODUJRGHVXH[WHQVLyQLJXDOHVDODVTXHGHVFULEHHO*UDGRGHO
$UFR 5HDO FRPR GHVFXELHUWDV HQ ODV UXLQDV GHO 7HPSOR GH +HURGHV 'H FDVL XQ PHWUR GH HVSHVRU HQ URFD
VyOLGDHVDVSLHGUDVDQJXODUHVHQFHUUDEDQHQWUHVtXQJUDQSHVR7DOODGRHQODSDUWHLQIHULRUGHOWHFKRVREUH
QRVRWURV VH HQFRQWUDED XQ ILUPDPHQWR HVWUHOODGR VLPLODU DO TXH VH DSUHFLD HQ ODV SLUiPLGHV \ ORJLDV
PDVyQLFDV \ DJUXSDGRV HQWUH HOODV HVWiQ HO VRO OD OXQD XQD FRUQXFRSLD XQD SDORPD \ FXDWUR FULDWXUDV
FHOHVWLDOHV
3HQVDQGR HQ HO *UDGR GHO $UFR 5HDO QRV GLPRV FXHQWD GH TXH VL QXHVWUD LGHD GH TXH HO HGLILFLR
5RVVO\Q HUD XQD UHFRQVWUXFFLyQ GH ODV UXLQDV GHO 7HPSOR GH +HURGHV HQWRQFHV SRGUtDPRV HVSHUDU TXH VX
GLVHxRVHFRQIRUPDUDDODGHVFULSFLyQGDGDHQHOULWXDO5HFRUGDPRVODVSDODEUDVUHOHYDQWHVSURQXQFLDGDVHQ
HVHJUDGR
7HPSUDQRHVWD PDxDQDDOUHDQXGDU QXHVWUDVODERUHVGHVFXEULPRV XQ SDUGH FROXPQDV GH EHOOH]D \
VLPHWUtDH[TXLVLWDVFRQWLQXDQGRFRQQXHVWURWUDEDMRGHVFXEULPRVVHLVSDUHVPiVGHLJXDOEHOOH]DODV
FXDOHVGHVGHVXXELFDFLyQSDUHFtDQVHUORVYHVWLJLRVGHODJDOHUtDVXEWHUUiQHDTXHOOHYDEDDO/XJDU
0iV6DJUDGR
&DWRUFHFROXPQDVHQWRWDO WDO \ FRPR ODV YLPRV HQ5RVVO\Q :LOOLDP 6W&ODLUVLJXLy HO JXLyQ DO SLH GHOD
OHWUD&RQVXOWDPRVHOULWXDOGHO$UFR5HDOSDUDYHUVLKDEtDPiVUHTXLVLWRVTXHSXGLHUDQSUHGHFLUHOGLVHxRGHO
VDQWXDULR +D\ XQD UHIHUHQFLD GH ODV OODPDGDV OXFHV GH OD RUGHQ ODV FXDOHV HQ GHILQLWLYD VH UHILHUHQ D XQD
IRUPDFLyQSODQLILFDGD
(VWDVOXFHVHVWiQVLWXDGDVHQIRUPDGHXQWULiQJXORHTXLOiWHURFDGDXQRGHORVPHQRUHVFRUWDHQGRV
ODOtQHDIRUPDGD SRU ORV GRV TXH GLYLGHQ HO JUDQ WULiQJXOR HQ WUHV WULiQJXORV PHQRUHV HQ ODV
H[WUHPLGDGHVTXHSRUVX
XQLyQ IRUPDQ XQ FXDUWR WULiQJXOR HQ HO FHQWUR \ WRGRV HOORV VRQ
LJXDOHV \ HTXLOiWHURV HPEOHPiWLFRV GH ORV FXDWUR SXQWRV R GLYLVLRQHV GH OD 0DVRQHUtD /D
FRPSRVLFLyQVLPEyOLFDFRUUHVSRQGHDODPLVWHULRVD7ULSOH7DX
5HFRUGDPRVTXHHUDODPDUFDGHODWDXODTXHORVNHQLWDVOOHYDEDQHQODIUHQWHFXDQGR0RLVpVORVYLRSRU
SULPHUD YH] \ OD IRUPD GH OD FUX] HQ OD TXH WDQWR -HV~V FRPR 0ROD\ VXIULHURQ HO PDUWLULR (Q 5RVVO\Q
REVHUYDPRV TXH ODV FDWRUFH FROXPQDV VH GLVHxDURQ GH WDO IRUPD TXH ODV RFKR GHO HVWH LQFOX\HQGR %RD] \
-DFKLQ HVWDEDQ GLVSXHVWDV HQ OD PLVPD IRUPD GH OD7ULSOH7DX /D IRUPDFLyQ \ ODV SURSRUFLRQHV HUDQ
H[DFWDPHQWHLJXDOHVDOGLVSRVLWLYRTXHVHGHVFULEHKR\GtDHQHO*UDGRGHO$UFR5HDO
(VWR QR SXHGH VHU XQD FRLQFLGHQFLD WRGRV ODV FROXPQDV GH 5RVVO\Q HVWiQ GLVSXHVWDV HQ XQ SODQ
SUHFLVRGHDFXHUGRFRQODDQWLJXDVDELGXUtD\FRPRVHGDQHQHOULWXDOGHO$UFR5HDO
2WURDVSHFWRTXHKDLQWULJDGRDORVKLVWRULDGRUHVIXHHOKHFKRGHTXHODFDSLOODQXQFDIXHFRQFOXLGD\
HVWDED FODUDPHQWH LQWHQFLRQDGD FRPR OD SULPHUD VHFFLyQ GH XQD FRQVWUXFFLyQ VXSHULRU \ PiV JUDQGH XQD
FDWHGUDO SULQFLSDO 1R KD\ UD]yQ FRQRFLGD GHO SRUTXp OD IDPLOLD 6W &ODLU VH YLR REOLJDGD D SDUDU UH
SHQWLQDPHQWHODFRQVWUXFFLyQ\ROYLGDUXQSUR\HFWRGHFXDUHQWD\FLQFRDxRVVLVXLQWHQFLyQHUDFRQVWUXLU
XQDLJOHVLDFROHJLDGD<VLQHPEDUJRHOPXURGHOHVWHHVHQRUPHSRUFRPSOHWRLQFRPSDWLEOHFRQHOUHVWRGH
ODHVWUXFWXUD\REYLDPHQWHLQFRPSOHWR7LHQHGHFRUDFLRQHVHQODSDUWHH[WHUQDORTXHKDOOHYDGRDSHQVDUTXH
HVDSDUWHHVWDEDGHVWLQDGDDVHUHOPXURLQWHUQRGHXQDFRQVWUXFFLyQPD\RUTXHQROOHJyDH[LVWLU3DUDWRGDV
LQWHQFLRQHV\SURSyVLWRVVHYHFRPRXQDUXLQDGHXQDHVWUXFWXUDPiVDPSOLDH[FHSWRTXHVHVDEHTXHQXQFD
KXERWDO
3HURQRVRWURVVDEHPRVTXHVtKXERXQD3HQVDQGRDOUHVSHFWRKXELHUDVLGRH[WUDxRFRPSOHWDUXQD
FDSLOODSHTXHxDVLODLQWHQFLyQHUDFRQVWUXLUXQDLJOHVLDPHGLHYDO\XQDFDWHGUDOHQPHGLRGHODQDGDSDUDHVH
FDVR(OPXURRHVWHHVWiFRPSOHWDGR\ODFRQFOXVLyQREYLDHVTXHQXQFDIXHWHUPLQDGDSHURKD\RWUDUD]yQ
GHOSRUTXpSUHYDOHFHQPXURVVRORVVRQORVYHVWLJLRVGHXQDFDWHGUDOHQUXLQDVRORTXHHVPiVH[DFWRHQHVWH
FDVRGHXQWHPSORHQUXLQDV1RSRGtDPRVROYLGDUTXH+XJXHVGH3D\HQ\VXHTXLSRHQFRQWUDURQORVUROORV
PLHQWUDVLQYHVWLJDEDQUXLQDV\HOULWXDOGHO$UFR5HDOQRVUHFXHUGDORVVLJXLHQWHVKHFKRV
DOUHWLUDUORVIUDJPHQWRV\ODEDVXUDTXHREVWUXtDQQXHVWURDYDQFHOOHJDPRVKDVWDDOJRTXHSDUHFtD
SLHGUD VyOLGD SHUR DO JROSHDUOD FRQ PL PD]R DFFLGHQWDOPHQWH HPLWLy XQ VRQLGR KXHFR (QWRQFHV
UHWLUDPRVPiVWLHUUD\EDVXUD
(OVDQWXDULRGH5RVVO\QVHWHUPLQyH[DFWDPHQWHGHDFXHUGRFRQHOSODQQXQFDKXERODLQWHQFLyQGHFRQVWUXLU
PiV SRUTXH HVH HQRUPH PXUR RHVWH HV XQD UHFRQVWUXFFLyQ GH ODV UXLQDV GHO7HPSOR GH +HURGHV D ODV TXH
HQWUDURQORVFDEDOOHURVWHPSODULRVGXUDQWHVXVH[SORUDFLRQHVHQMHUXVDOpQHQG&
(QWRQFHVUHFRUGDPRVODVLJXLHQWHSDUWHGHOULWXDOTXHGLFH
FXDQGRHQFRQWUDPRVTXHHQYH]GHXQDURFDKDEtDXQDVHULHGHSLHGUDVFRQODIRUPDGHXQDUFR\
VDELHQGRTXHHODUTXLWHFWRGHODREUDDQWHULRUQRGLVHxySDUWHDOJXQDHQYDQR
$VtFRPRHODUTXLWHFWRGHODREUDDQWHULRUQRGLVHxySDUWHDOJXQDHQYDQRWDPSRFRORKL]R:LOOLDP
6W&ODLU&DGDIDFHWDGHHVDIDVFLQDQWHHVWUXFWXUDHVWDEDDKtSDUDFRQWDUXQDKLVWRULD+R\ODHQWUDGDRULJLQDO
GHO ODGR RHVWH KD SHUGLGR HO LQWHQFLRQDGR HIHFWR GUDPiWLFR GH OD UXLQD KHUyGLFD UHFRQVWUXLGD SRUTXH ORV
9LFWRULDQRV OH SHJDURQ XQ EDXWLVWHULR GLUHFWDPHQWH EDMR OD HQWUDGD &XDQWR PiV UiSLGR OH VHD UHWLUDGR HVH
IXU~QFXORDHVWHPDUDYLOORVRVDQWXDULRPHMRU
5HGHVFXEULPLHQWRGHOVHFUHWRSHUGLGRGHODPDVRQHUtDGLVWLQJXLGD
(QGHILQLWLYDQRKDEtDQDGDDFFLGHQWDOFRQUHVSHFWRDOHGLILFLR&DGDGHWDOOHIXHSHQVDGRFRQFXLGDGR\HUD
LPSRUWDQWHSDUDODJUDQKLVWRULDTXHVHKDOODEDFRQJHODGDGHQWURGHOVDQWXDULRGH5RVVO\Q(OKHFKRGHTXH
WRGRV ORV WDOODGRV KD\DQ VLGR SULPHUR FUHDGRV HQ PDGHUD \ SUHVHQWDGRV SDUD OD DSUREDFLyQ GH UHYLVRUHV \
ILQDOPHQWH D ORV 6W &ODLU QRV UHFRUGy HO ULWXDO XVDGR SRU HO JUDGR PDVyQLFR FRQRFLGR FRPR OD 0DVRQHUtD
'LVWLQJXLGD0DUWH /D FHUHPRQLD VH UHODFLRQD FRQ DFRQWHFLPLHQWRV TXH VXSXHVWDPHQWH VXFHGLHURQ GXUDQWH OD
FRQVWUXFFLyQGHO7HPSORGH6DORPyQ\HOFDQGLGDWRUHSUHVHQWDHOSDSHOGHXQ&RPSDxHUR)UDQFPDVyQHO
UDQJR GH XQ &RPSDxHUR 0DVyQ GH 6HJXQGR *UDGR \ VH SDVHD SRU WRGD OD ORJLD FRPR HO ~OWLPR GH WUHV
REUHURV TXLHQHV PXHVWUDQ VX ODERU SDUD VHU DSUREDGD SRU VXSHUYLVRUHV PHQRUHV VXSHULRUHV \ HO PDHVWUR
TXLHQHVVHXELFDQUHVSHFWLYDPHQWHDOVXURHVWH\HVWHGHORVSRUWDOHV
/RV WUHV SHGHVWDOHV VRQ YLVLWDGRV HQ VX PRPHQWR \ HQ FDGD XQR VH UHYLVD HO WUDEDMR GH ORV SULPHURV GRV
REUHURV ORV GLiFRQRV GH OD ORJLD FRQ UHVSHFWR DO SODQ \ VH OHV GD OD DSUREDFLyQ &XDQGR HO FDQGLGDWR
SUHVHQWDVXREUDpVWDUHSUHVHQWDXQDSHTXHxDSLHGUDDQJXODU\QROOHQDORVUHTXLVLWRV/RVUHYLVRUHVPHQRUHV
\VXSHULRUHVGLFHQTXHHVXQDFXULRVDSLHGUDWDOODGDTXHQRFXPSOHFRQORVUHTXLVLWRVGHOSODQSHURGHELGRD
VXILQDHODERUDFLyQSHUPLWHQTXHHOREUHURSDVHDOVLJXLHQWHSRUWyQ3RU~OWLPRHO$SUHQGL]OOHJDDOSHGHVWDO
GHO0DHVWUR6XSHUYLVRUTXLHQPRQWDHQFyOHUDSRUTXHHOFDQGLGDWRKDWHQLGRODDXGDFLDGHSUHVHQWDUOHXQD
SLHGUDTXHQRHVUHTXHULGDSDUDHOHGLILFLR\RUGHQDTXHpVWDVHDDUURMDGDFRQHOUHVWRGHOFDVFDMR
/RVREUHURVVRQHQWRQFHVUHWLUDGRVSDUDTXHYD\DQD UHFLELUVXVVDODULRVHQHOFHQWURGHODFiPDUD
GHO7HPSORGHO5H\6DORPyQ\HO&DQGLGDWRVHXQHDODILOD\PHWHODPDQRHQXQRULILFLRFRQRFLGRFRPRHO
SRUWLOORSDUDUHFLELUVXVDODULR'HLQPHGLDWRORWRPDQGHODPDQRORGHQXQFLDQFRPRXQLPSRVWRU\VHEDMD
XQKDFKDFRPRSDUDFRUWDUOHODPDQRDODDOWXUDGHODPXxHFD3RUIRUWXQDVHOHSHUGRQD
'HVSXpVVHGHWHFWDTXHODREUDVHKDGHWHQLGRSRUTXHIDOWDXQDSLHGUDDQJXODUSDUDWHUPLQDUHODUFR
/RV UHYLVRUHV DILUPDQ UHFRUGDU TXH DOJXLHQ OHV WUDMR XQD SLHGUD FRPR pVDV \ VH LQLFLD XQD E~VTXHGD GH OD
SLHGUD DQJXODU SHUGLGD TXH OOHQDUi HO KXHFR GHO DUFR /D HQFXHQWUDQ FRQ HO FDQGLGDWR TXLHQ HV HQWRQFHV
FRQYHUWLGRHQ0DVyQ'LVWLQJXLGR\VHOHSURYHHFRQXQSHTXHxRVtPERORPDUNTXHVHFRQYLHUWHHQVXVHOOR
SHUVRQDO
(OVDQWXDULR5RVVO\QWLHQHFLHQWRVGHHVRVVHOORVWDOODGRVHQVXVPXURV
&KULV IXH FRQYHUWLGR HQ 0DVyQ 'LVWLQJXLGR \ HQ HVH WLHPSR ORV DVSHFWRV GH VX LQLFLDFLyQ QR OH
TXHGDURQFODURVQLDpOQLDORVTXHORLQLFLDURQSHURDKRUDHOPLVWHULRVHGHVSHMDEDFRQUDSLGH](VSRVLEOH
SDUDQRVRWURVHQWHQGHUFyPRSXGRGHVDUUROODUVHHQ5RVVO\QODOH\HQGDGHODSUHQGL]DVHVLQDGRKDFLHQGRXQD
FRPELQDFLyQ GH OD KLVWRULD GH +LUDP $ELI \ OD KLVWRULD GHO 0DVyQ 'LVWLQJXLGR:LOOLDP 6W &ODLU WHQtD XQ
REYLRSUREOHPDGHVHJXULGDGORVFRQVWUXFWRUHVGHVXVDQWXDULRSDUDORVUROORVWHQtDQTXHVDEHUODGLVWULEXFLyQ
GHODEyYHGDVXEWHUUiQHD\VDEtDQWDPELpQTXHHVDFRQVWUXFFLyQH[WUDxDGHEtDUHVJXDUGDUDOJRGHJUDQYDORU
6W&ODLUHUDXQKRPEUHEULOODQWH\WDOHQWRVR\FUHHPRVTXHpOIXHTXLHQSODQHyHOSULPHUJUDGRGHOD&LHQFLD
PDVyQLFD \ HO JUDGR GH 0DVyQ 'LVWLQJXLGR SDUD GDU D VXV FRQVWUXFWRUHV XQ FyGLJR GH FRQGXFWD \ FLHUWD
SDUWLFLSDFLyQHQORVVHFUHWRVVLQWHQHUTXHGHFLUOHVHOJUDQVHFUHWRGHODUHVXUUHFFLyQHOFXDOHVWDEDUHVHUYDGR
SDUDORVPDVRQHVHVSHFXODWLYRV6HVDEHTXHWHQtDGRVJUDGRVGHREUHURVORVRUGLQDULRVRDSUHQGLFHVTXH
UHFLEtDQOLEUDVDODxR\ORVPDVRQHVGLVWLQJXLGRVTXHREWHQtDQOLEUDV\HUDQKRQUDGRVFRQODSRVHVLyQ
GHXQVHOORSHUVRQDODODXVDQ]DFRQWLQHQWDO$PEDVFODVHVGHDOEDxLOHVVDEtDQTXHSRUDOJXQDH[WUDxDUD]yQ
HVWDEDQUHFRQVWUX\HQGRHO7HPSORGH6DORPyQDXQTXHHQUHDOLGDGVHWUDWDEDGHO7HPSORGH+HURGHV
&XDQGR6LU:LOOLDP6W&ODLUSODQHySRUSULPHUDYH]ODFRQVWUXFFLyQGHOVDQWXDULRSDUDORVUROORV
KXER GH HVWDU VHJXUR GH TXH FRQWDED FRQ OD OHDOWDG \ ILGHOLGDG GH VXV FRQVWUXFWRUHV SDUD TXH DVt HOORV
SXGLHUDQ PDQWHQHU VXV VHFUHWRV OHJtWLPRV WDQ VHJXURV FRPR ORV SURSLRV 3DUD ORJUDUOR WHQtD TXH
MXUDPHQWDUORV\FUHHPRVTXHSRUHVRHO*UDGRGH,QLFLDGRGHODIUDQFPDVRQHUtDFRQRFLGRDKRUDFRPRHOGHO
$SUHQGL]IXHGHVDUUROODGRSRU6LU:LOOLDPDOLQLFLDUVHODFRQVWUXFFLyQXWLOL]DQGRREMHWRVVHOHFFLRQDGRVGHOD
FHUHPRQLD WHPSODUtD GH LQLFLDFLyQ SDUD DVt DVHJXUDU TXH ORV VHFUHWRV TXH WXYLHUD TXH FRQILDU D HVD JHQWH
HVWXYLHUDQ GHQWUR GH XQ VLVWHPD GH REOLJDFLyQ 3DUD PDQWHQHU ODV GLVWLQFLRQHV GHEtD SURYHHU D ORV
FRQVWUXFWRUHVGHQLYHOVXSHULRUTXHSHUFLEtDQOLEUDVXQVHFUHWRDGLFLRQDOSDUDTXHWXYLHUDQDOJRPiVTXH
ORVGHQLYHOLQIHULRU
&UHHPRVTXHDDPERVJUDGRVVHOHVGLRHOVHFUHWRGHODFROXPQDUHDOR%RD]\VHOHVOODPyFRPR
KDVWDKR\DSUHQGLFHV\DORVGHUDQJRVXSHULRUVHOHVKDEOyGHODLPSRUWDQFLDGHODSLHGUDDQJXODUGHODUFR
SRUTXH HUDQ PDVRQHV GLVWLQJXLGRV$ QLQJXQR GH ORV GRV UDQJRV OH IXH SHUPLWLGR VDEHU HO VHFUHWR GH OD
FROXPQDVDFHUGRWDORHOVLJQLILFDGRGHODFRPELQDFLyQGHODVFROXPQDVJHPHODV\ODSLHGUDDQJXODU
!"#$%&'
+ ,)&-
+ /+&0
'#()*
+ #&.),(+'&+ 1&.%"2
)#'&/"-"(&(
2GHPDQHUDPiVVHQFLOOD)257$/(=$(67$%/(&,0,(172 (67$%,/,'$'
/D JUDQ IyUPXOD TXH DVHJXUDED OD HVWDELOLGDG HQ HO DQWLJXR (JLSWR GHEtD SUHVHUYDUVH \ UHVHUYDUVH SDUD ORV
ILOyVRIRVORVPDVRQHVHVSHFXODWLYRV+RPEUHVFRPRHOSURSLR:LOOLDP6W&ODLU
/RV DOEDxLOHV TXH WUDEDMDEDQ OD SLHGUD VDEtDQ VHFUHWRV HQ XQ QLYHO DSURSLDGR SHUR QLQJXQR IXH
HOHYDGRSRUPHGLRGHODUHVXUUHFFLyQHQYLGDDOUDQJRGHPDHVWURPDVyQHVSHFXODWLYR
$KRUDSRGtDPRVHVWDUVHJXURVVLQGXGDDOJXQDTXHHOSXQWRGHSDUWLGDGHODIUDQFPDVRQHUtDIXHOD
FRQVWUXFFLyQGH5RVVO\QDPHGLDGRVGHOVLJOR[YORVGHVDUUROORVKLVWyULFRVSRVWHULRUHVFRQILUPDQHVWHSXQWR
GHYLVWDSRUTXHODIDPLOLD6W&ODLUGH5RVVO\QVHFRQYLUWLyHQODKHUHGHUDGHORVWtWXORVGH*UDQ0DHVWURGH
ODV&LHQFLDV\ORV*UHPLRV\ODVÏUGHQHVGH(VFRFLD\PiVWDUGHFRQVHUYyHOSXHVWRGH0DHVWURGH0DVRQHV
GH(VFRFLDKDVWDILQDOHVGH
&RPRELHQVDEHPRVORVIUDQFPDVRQHVPRGHUQRVFUHHQTXHVXRUJDQL]DFLyQHVGHVFHQGLHQWHGHODV
SUiFWLFDV ULWXDOHV VHPLDQDOIDEHWDV GH OD FODVH WUDEDMDGRUD GH ORV JUHPLRV PHGLHYDOHV GH DOEDxLOHV (V XQD
WHRUtD VREUH HO RULJHQ TXH HVWi SODJDGD GH SUREOHPDV SHUR DXQ DVt SDUHFtD H[SOLFDUODV UHIHUHQFLDV ELHQ
GRFXPHQWDGDV GH ODV SULPHUDV ORJLDV RSHUDWLYDV GH (VFRFLD /D YHUGDGHUD UD]yQ HV PiV ELHQ OR FRQWUDULR
IXHURQ ORV PDVRQHV HVSHFXODWLYRV ORV WHPSODULRV ORV TXH DGRSWDURQ D ORV PDVRQHV RSHUDULRV DOEDxLOHV R
FRQVWUXFWRUHV\ORVLQWURGXMHURQDORVVHFUHWRVGHPHQRUQLYHOFRQFHUQLHQWHVDO7HPSORGH6DORPyQ
3HQVDPRV TXH ORV 0DVRQHV 'LVWLQJXLGRV \ VXV $SUHQGLFHV HVWDEDQ HPRFLRQDGRV SRU VHU SDUWH GHO
VHFUHWRGH5RVVO\Q\QRWHQtDQLGHDGHOIDEXORVRWHVRURTXHVHJXDUGDUtDDKt1RFXHVWLRQDEDQODDXVHQFLDGH
LPiJHQHV HFOHVLiVWLFDV QRUPDOHV SRUTXH VDEtDQ TXH HUD VHFUHWD \ HVSHFLDO /D ~QLFD LPDJHQ TXH SRGtDQ
LGHQWLILFDUHQIRUPDFRQFOX\HQWHHUDODWDOODGH0RLVpVTXHSRUWDEDXQILQRSDUGHFXHUQRV6LELHQFRQEDVH
HQQXHVWURVHVWXGLRVVREUHHOe[RGRFUHHPRVTXHHVWHIDQiWLFRGHODPXHUWHORVPHUHFtDQRVDEHPRVSRUTXp
ORVWHPSODULRVORKXELHUDQYLVWRGHHVDPDQHUD3RUXQWLHPSRSHQVDPRVKDEHUHQFRQWUDGRVyORXQSHUVRQDMH
GHO1XHYR7HVWDPHQWRGHILQLWLYRHQXQDGLPLQXWDHVWDWXLOODGH6DQ3HGURSHURSURQWRQRVSHUFDWDPRVGHTXH
QRHUDHOGLVFtSXORHQDEVROXWR
'XUDQWHHOULWXDOPDVyQLFRVHGLFHTXHORVREUHURVLEDQDUHFRJHUVXVDODULRDODFiPDUDFHQWUDOGHO
7HPSOR GHO 5H\ 6DORPyQ SHUR FRQ ORV FRQRFLPLHQWRV DGTXLULGRV SRU QXHVWURV KLVWRULDGRUHV DFWXDOHV
VDEHPRVTXHHOWHPSORRULJLQDOQRWHQtDXQDFiPDUDFHQWUDOVLQHPEDUJRHOVDQWXDULR5RVVO\QVt/DFULSWD
GHODVXSXHVWDFDSLOODHVWiHQHOVXUHVWHFRQHVFDORQHVTXHFRQGXFHQKDFLDDEDMRLQPHGLDWDPHQWHDODGHUHFKD
GHODFROXPQDUHDO(VWDVHVFDOLQDWDVHVWiQEDVWDQWHJDVWDGDV\VXVSHOGDxRVDUTXHDGRVGLILFXOWDQHODVFHQVR\
HOGHVFHQVR/DJXtDRILFLDOGHOVLWLRGLFHORVLJXLHQWHFRQUHVSHFWRDORVHVFDORQHV
(VWRVHVFDORQHVELHQJDVWDGRVLQGLFDQTXHKXERPXFKRVSHUHJULQRVTXHYLVLWDURQODFDSLOODGXUDQWH
ORV QRYHQWD R FLHQ DxRV HQWUH VX FRQFOXVLyQ \ OD 5HIRUPD /DV UD]RQHV H[DFWDV GHO SRUTXp HO SHUHJULQDMH
KDVWDDKRUDVRQSRFRFODUDVSHURHVPX\SRVLEOHTXHORVFDEDOOHURVWHPSODULRVKD\DQGHSRVLWDGRDOJ~QWLSR
GHUHOLTXLDVDJUDGDGHDQWLJXDYHQHUDFLyQ 3HUR¢TXpHUDHVDDQWLJXDUHOLTXLD"
$ODPLWDGGHOGHVFHQVRKD\XQDSXHUWDFRQELVDJUDVTXHQRVUHFRUGyODVELVDJUDVHQODSXHUWDTXHPXHVWUDHO
GLEXMRGHO-HUXVDOHQ&HOHVWLDOGHODFRSLDGH/DPEHUW8QDYH]GHQWURGHODFiPDUDLQIHULRUORSULPHURTXH
QRWDPRVIXHTXHHUDPX\SHTXHxD1RKDEtDQDGDDKtH[FHSWRDOJXQDVGHFRUDFLRQHVHQHOPXURXQFXDUWR
D~Q PiV SHTXHxR DO QRUWH \ XQD FKLPHQHD HPSRWUDGD HQ HO PXUR VXU SULQFLSDO GHO HGLILFLR /RV SHOGDxRV
JDVWDGRVQRVGHFtDQTXHXQDJUDQFDQWLGDGGHJHQWHXWLOL]DEDHVWHFXDUWRXQDEXHQDFDQWLGDGGHYHFHV\OD
SUHVHQFLD GH XQD FKLPHQHD TXH IXH GLVHxDGR SDUD VHU XWLOL]DGR GXUDQWH SHULRGRV SURORQJDGRV 'H QR VHU
SRUTXHXQDSHUVRQDIXHUDDSDVDUDOJXQDVKRUDVHQHVHOXJDUQRKDEUtDVLGRQHFHVDULDXQDFKLPHQHDSDUDORV
IXHUWHVFDEDOOHURVGHPHGLDGRVGHOVLJOR[Y
)XHSUHFLVDPHQWHDOODGRGHHVDFKLPHQHDTXHHQFRQWUDPRVODILJXUDGHORTXHSHQVDPRVTXHHUD6DQ
3HGURSRUTXHOOHYDEDXQDOODYHFRQVLJR3DUHFtDDOJRH[WUDxRSRUTXHPiVTXHQLQJXQDRWUDLPDJHQpVWDHV
ODPiVFDWyOLFD\PHQRVQD]DUHQDWHPSODUtDGHWRGDVODVLPiJHQHVHQODVTXHSXGLpUDPRVSHQVDUVLHQGRTXH
UHSUHVHQWDODDILUPDFLyQIDOVDGHOD,JOHVLDVREUHODVHQVHxDQ]DVGH-HV~V'HVSXpVQRVGLPRVFXHQWDGHTXH
ODILJXUDVyORWLHQHXQDOODYHHQODPDQRPLHQWUDVTXH6DQ3HGURVXHOHOOHYDUYDULDV\HOPDQJRGHODOODYHHV
XQD HVFXDGUD SHUIHFWD XQD VHxDO DXWpQWLFD SDUD UHFRQRFHU D XQ IUDQFPDVyQ 'H SURQWR VXSLPRV TXH HVWR
PDUFDEDODHQWUDGDDODVEyYHGDVGHORVUROORVHVWDSHTXHxDWDOODHQHOPXURFRQWHQtDQDGDPHQRVTXHOD
&ODYH+LUDP
&UHHPRVTXHpVDHUDODFiPDUDPHGLDGHHVWHVDQWXDULRWHPSODULRSRUTXHKDVWDODFRQFOXVLyQGHOSUR\HFWRHO
PXURRHVWHGHODFULSWDHVWDEDDELHUWRSHUPLWLHQGRHODFFHVRDOODEHULQWRTXHVHHQFRQWUDEDPiVDGHODQWH/RV
UROORV QD]DUHQRV PLVPRV SUREDEOHPHQWH HVWDEDQ UHVJXDUGDGRV GHWUiV GH XQD SXHUWD FHUUDGD GHQWUR GH ODV
EyYHGDVGHPDQHUDTXHORV6W&ODLU\VXVFRPSDxHURVPDVRQHVUHVXFLWDGRVSRGtDQUHIHULUVHDHOORVKDVWDTXH
SRUILQIXHURQVHOODGRVKDVWDHOILQDOGHORVWLHPSRV/DKDELWDFLyQTXHDSDUWLUGHDKRUDVHOODPDUDODFULSWD
HUDODFiPDUDPHGLDGHOWHPSORUHFRQVWUXLGR\DTXHFRPXQLFDEDDODJDOHUtDGHODVXSHUILFLHFRQODEyYHGD
VXEWHUUiQHD TXH FRQWHQtD ORV UROORV VDJUDGRV )XH DTXt GRQGH ORV FRQVWUXFWRUHV UHFLEtDQ VXV VDODULRV \ VLQ
OXJDU D GXGDV HUD DTXt GRQGH ORV LQLFLDEDQ \ VH OHV KDFtD MXUDU JXDUGDU HO VHFUHWR HQ FDOLGDG GH 0DHVWURV
0DVRQHV'LVWLQJXLGRVR$SUHQGLFHV
$QWHV GH TXH ODV EyYHGDV VH VHOODUDQ DO FRQFOXLU OD FRQVWUXFFLyQ D PXFKRV GH ORV WHPSODULRV GH
WLHPSRVSRVWHULRUHVVHOHVFRQFHGLyHOGHUHFKRGHVHUHQWHUUDGRVMXQWRFRQORVUROORVVDJUDGRV3RUUHJLVWURV
KLVWyULFRV VH VDEH TXH DKt KD\ FDEDOOHURV HQWHUUDGRV QR HQ DWD~GHV VLQR YHVWLGRV FRQ VXV DUPDGXUDV
SULYLOHJLR TXH SRU OR UHJXODU VH UHVHUYDED SDUD ORV UH\HV 6LU :DOWHU 6FRWW LQPRUWDOL]y HVWD SUiFWLFD HQ VX
SRHPD7KH/D\RIWKH/DVW0LQVWUHO
(VWDED HQ OODPDV DTXHOOD FDSLOOD RUJXOORVD 'RQGH ORV MHIHV GH 5RVVO\Q \DFtDQ VLQ DWD~GHV &DGD
EDUyQHQYXHOWRHQXQDPRUWDMD(QIXQGDGRHQVXWUDMHGHPHWDO+D\YHLQWHEDURQHVGH5RVVO\QTXH
DOGHVFXELHUWR<DFHQHQWHUUDGRVGHQWURGHHVDRUJXOORVDFDSLOOD
$OUHYLVDUODJDOHUtDSULQFLSDOUHIOH[LRQDPRVVREUHFXDQLQIRUWXQDGRHUDTXHWRGDVODVHVWDWXDVSULQFLSDOHVTXH
DOJXQD YH] VH HQFRQWUDURQ HQ ORV RUORV GH ORV PXURV KD\DQ GHVDSDUHFLGR 'H WRGR FRUD]yQ KXELpUDPRV
TXHULGRVDEHUDTXLpQHVUHSUHVHQWDEDQ¢TXL]iD'DYLG\D6DORPyQ\DFDVRLQFOXVRD+XJXHVGH3D\HQ\
-DFTXHVGH0ROD\"
'HVSXpV HQFRQWUDPRV XQD LQVFULSFLyQ TXH ELHQ SRGUtD DxDGLU PiV SHVR D QXHVWUD LQWHUSUHWDFLyQ
LQLFLDOGHOSULPHUVHOORWHPSODULRTXHUHSUHVHQWDEDDGRVUH\HVVREUHXQFDEDOOR&KULVDGHODQWyODVXJHUHQFLD
WHQWDWLYD GH TXH OD LQWHQFLyQ GH HVH PRWLYR HUD UHSUHVHQWDU D ORV GRV QLYHOHV GH OD PHPEUHVtD GH OD RUGHQ
DQWLJXDDTXHOORVTXHIXHURQHOHYDGRVRUHVXFLWDGRVDORVVHFUHWRVPRQWDQGRDOIUHQWHGHOFDEDOOR\HQODSDUWH
SRVWHULRUDTXHOORVTXHQRHUDQSDUWHLQWHJUDOGHOFRQRFLPLHQWRGHORVVHFUHWRV(Q5RVVO\QHQFRQWUDPRVXQD
HVFXOWXUDSHTXHxDTXHHUDXQD UHSUHVHQWDFLyQ WULGLPHQVLRQDO GHOVHOOR H[FHSWRTXH HOUH\ HQHOIUHQWH HVWi
HPSXMDQGR DO FDEDOOHUR GH OD SDUWH DQWHULRU SDUD EDMDU GH OD PRQWXUD ¢3RGUtD VHU TXH HVWR LOXVWUDUD FyPR
GHVSXpV GH OD FDtGD GH OD RUGHQ DTXHOORV GHO UDQJR VHFXQGDULR IXHURQ ODQ]DGRV GH HOOD SDUD PDQWHQHU OD
VHJXULGDG Pi[LPD GH DTXHOORV TXH HUDQ SDUWtFLSHV GH ORV VHFUHWRV SULQFLSDOHV" (V XQD UHVSXHVWD DOJR
HVSHFXODWLYDSHURHPERQDFRQORVKHFKRV
(OVHxRUSURWHFWRUTXHFXVWRGLyD5RVVO\Q
4XL]iODHYLGHQFLDPiVDVRPEURVDSDUDDSR\DUQXHVWURSXQWRGHYLVWDVREUH5RVVO\QHVTXHD~QVHHQFXHQWUH
DKt GHVSXpV GH WRGR 'XUDQWH OD *XHUUD &LYLO ,QJOHVD &URPZHOO \ VXV IXHU]DV SDUODPHQWDULDV SDVDURQ SRU
,UODQGD *DOHV \ (VFRFLD DVt FRPR SRU ,QJODWHUUD KDFLHQGR GDxR D ODV SURSLHGDGHV UHDOHV \ FDWyOLFDV SRU
GRQGHTXLHUDTXHSXGLHUDQ&URPZHOOPLVPRHVWXYRHQ5RVVO\Q\HQWDQWRTXHGHVWUX\yFDGDLJOHVLDSDSDO
TXHYHtDDVXSDVRQLVLTXLHUDUDVJXxyHVHHGLILFLR/DH[SOLFDFLyQRILFLDOFRPRQRVGLMROD5HYHUHQGD'\HU
HV TXH &URPZHOO HUD XQ IUDQFPDVyQ GH DOWR JUDGR \ VDEtD TXH 5RVVO\Q HUD XQ VDQWXDULR PDVyQLFR \ SRU
SULPHUD YH] HVWXYLPRV GH DFXHUGR SRU FRPSOHWR FRQ ORV DFWXDOHV HQFDUJDGRV GHO UHFLQWR /D HYLGHQFLD
FLUFXQVWDQFLDO TXH WHQtDPRV LQGLFDED TXH HO 6HxRU 3URWHFWRU HUD XQ IUDQFPDVyQ GH QLYHO VXSHULRU \ VX
VDOYDFLyQGHOLEHUDGDGH5RVVO\QSDUHFHFRPSUREDUOR
&RPRHVQDWXUDOORV6W&ODLUR6LQFODLUFRPRVHYLQRDGHOHWUHDUPiVDGHODQWHHVWDEDQGHOODGRGH
OD UHDOH]D \ HO FDVWLOOR 5RVVO\Q IXH GHYDVWDGR SRU HO JHQHUDO 0RQN HQ SHUR GH QXHYR OD FDSLOOD GH
5RVVO\QQRUHVXOWyGDxDGDVLODKXELHUDQFRQVLGHUDGRXQDFDSLOODFDWyOLFDKDEUtDVLGRGHUULEDGDDOLQVWDQWH
YpDVHODILJXUD
'HMDPRV HO VDQWXDULR GH 5RVVO\Q FRQ JUDQ UHQXHQFLD SRUTXH QRV GLMR PXFKtVLPR HQ PX\ SRFR
WLHPSR \ YLDMDPRV OD FRUWD GLVWDQFLD TXH KD\ DO OXJDU OODPDGR VHQFLOODPHQWH7HPSOH $TXt HVWDEDQ ORV
FXDUWHOHV JHQHUDOHV GH ORV WHPSODULRV GH (VFRFLD DXQTXH ODV SLQWRUHVFDV UXLQDV TXH DKt VH XELFDQ VRQ XQD
HVWUXFWXUD GH pSRFDV PiV UHFLHQWHV FRQVWUXLGD FRQ ODV SLHGUDV GH OD DQWLJXD SUHFHSWRUtD (Q HO FHPHQWHULR
HQFRQWUDPRV QXPHURVDV WXPEDV PDVyQLFDV OD PD\RUtD FRQ HO VLPEROLVPR GHO *UDGR GHO $UFR 5HDO \
PXFKDVFRQORVPRWLYRVGHODVFROXPQDVJHPHODV\HOGLQWHO
/DVWXPEDVVRQPX\DQWLJXDV\QRKDQVLGRUHVWDXUDGDVRSURWHJLGDVGHPDQHUDDOJXQDDVtTXHIXH
GLItFLOFDOFXODUVXVIHFKDVH[DFWDV(QXQDTXL]iPiVUHFLHQWHSRGtDYHUVHODIHFKDGH\DOLJXDOTXH
PXFKDVRWUDVWHQtDHOSLFR\ODSDODGHO$UFR5HDOTXHFRQPHPRUDODH[FDYDFLyQGHORVUROORVDVtFRPRHO
FUiQHR \ ORV KXHVRV FUX]DGRV HO VtPEROR WHPSODULR GH UHVXUUHFFLyQ TXH VH FRQYLUWLy HQ VX HPEOHPD GH
EDWDOOD/DIHFKDVLJQLILFDTXHORVUHVWRVHQWHUUDGRVDKtSHUWHQHFHQDXQKRPEUHTXHIXHIUDQFPDVyQGHO$UFR
5HDODOPHQRVFLHQDxRVDQWHVGHODIXQGDFLyQRILFLDOGHODIUDQFPDVRQHUtDHQ,QJODWHUUDHQ
&ODURHVWiTXHHOULWXDOGHO$UFR5HDOHVHOTXHQDUUDHOGHVFXEULPLHQWRWHPSODULRGHORVUROORVHQODV
UXLQDVGHO7HPSORGH+HURGHVSRUORTXHFUHHPRVTXHGHEHGDWDUGHXQWLHPSRDQWHULRUDOGH5RVVO\Q\OD
0DVRQHUtD'LVWLQJXLGD\HO6HJXQGR*UDGRGHOD&LHQFLDHOFXDODKRUDFUHHPRVVHGHVDUUROOyFRQEDVHHQHO
JUDGR GLVWLQJXLGR \ QR DO UHYpV FRPR VXHOH FUHHUVH /RV KRPEUHV TXH IXHURQ 0DVRQHV GHO $UFR 5HDO D
ILQDOHVGHOVLJOR[YELHQSXGLHURQKDEHUVLGRGHVFHQGLHQWHVGHORVWHPSODULRV
$OUHJUHVDUGH5RVVO\QD,QJODWHUUDHVHGtDUHIOH[LRQDPRVVREUHODHQRUPHFDQWLGDGGHUHYHODFLRQHV
\GHLQIRUPDFLyQYLWDOGHVFXELHUWDVODVTXHOOHQDURQORVKXHFRVHQDOJXQDVSDUWHVGHQXHVWUDE~VTXHGD$O
OHHUODJXtDQRVHPRFLRQyGHVFXEULUTXH:LOOLDP6W&ODLUWXYRPXFKRVWtWXORVLQFOX\HQGRHOGH&DEDOOHUR
GHO&DVFDUyQ\HO9HOORFLQRGH2UR(VWRFDSWXUyQXHVWUDDWHQFLyQGHLQPHGLDWR\DTXHODIUDQFPDVRQHUtDVH
DXWRGHVFULEHFRPRPiVDQWLJXDTXHHO9HOORFLQRGH2URRHOÈJXLOD5RPDQD3XHVWRGHPDQHUDVHQFLOODHVWR
OHGHFtDDORVIUDQFPDVRQHVGHORVSULPHURVDxRVGHODRUGHQTXHHOULWXDOQRIXHXQDLQYHQFLyQGHORV6W
&ODLUGHKHFKRQRVyORORVSUHFHGtDVLQRTXHWDPELpQSUHFHGtDDO,PSHULR5RPDQR$OOHHUPiVVREUHOD
SRVLFLyQRILFLDOGH5RVVO\QHQFRQWUDPRVXQSDUGHFRPHQWDULRVLQWULJDQWHVTXHDSXQWDEDQKDFLDODVYHUGDGHV
TXHGHVFXEULPRV(OSULPHURGHFtD
/DV EyYHGDV PLVPDV SXHGHQ VHU PiV TXHXQDWXPED HV SRVLEOHTXHFRQWHQJDQRWURV DUWHIDFWRV HQ
HOODV8QDGHODVDFFLRQHVUHJLVWUDGDVGHORV6LQFODLUTXHDSDUHQWHPHQWHFRQWUDGLFHVXELHQFRQRFLGD
UHSXWDFLyQGHFDEDOOHURVLGDG\OHDOWDGWDPELpQSXHGHH[SOLFDUVHVLODVEyYHGDVVHDEUHQSRUTXHHV
SRVLEOH TXH VH HQFXHQWUH XQD SLVWD HQ FXDQWR DO SDUDGHUR GH FLHUWRV WHVRURV GH JUDQ LPSRUWDQFLD
KLVWyULFD
&XDQ FLHUWR (O DXWRU QR VDEtD TXp VHFUHWR WDQ JUDQGH VH UHVJXDUGD HQ 5RVVO\Q \ D SHVDU GH HOOR
VLHPSUH VH KD VDELGR TXH OD FRQVWUXFFLyQ FRQWLHQH PiV GH OR TXH D SULPHUD YLVWD VH DSUHFLD 2WURV FR
PHQWDULRVSDUHFtDQSUHPRQLFLRQHVGHQXHVWUDGHFRGLILFDFLyQ
'HEHPRV UHFRQRFHU HVWR FXDQGR LQWHQWDPRV HQWHQGHU OD PRWLYDFLyQ WDQWR GHO FRQVWUXFWRU GH HVWD
FDSLOOD~QLFD\PDJQtILFD\ODGHORVDUWLVWDV\DUWHVDQRVTXHHMHFXWDURQVXGLVHxR/RVIUXWRVGHWDOPpWRGRGH
PHQWDOLGDGDELHUWDQRVOOHYDUiQGHPDQHUDLQHYLWDEOHDKLSyWHVLVTXHQRVGLULJLUiQDXQHVWXGLRPiVDPSOLR
SDUD ORFDOL]DU HYLGHQFLDV TXH SRU OR PHQRV HQ HO SUHVHQWH SXGLHUDQ HVWDU RFXOWDV R LJQRUDGDV SRU XQD
YDULHGDGGHUD]RQHV
&RQILDPRVHQTXHFXDQGRUHTXLUDPRVIRUPDOPHQWHTXHVHDEUDQ\VHLQYHVWLJXHQODVEyYHGDVGHEDMR
GH OD &DSLOOD GH 5RVVO\Q VHDPRV UHFLELGRV FRQ WDO UD]RQDPLHQWR \ SHQVDPLHQWR PDGXUR 1R UHYLVDU ODV
EyYHGDVSRGUtDVHJXLUSULYDQGRDOPXQGRGHXQDJUDQVDELGXUtDDQWLJXDTXHQRVGLUiDOJRDFHUFDGH-HV~V\
VXVFRQWHPSRUiQHRV\QRVJXLDUiDOWHUFHUPLOHQLRG&FRQFLHUWRFRQRFLPLHQWRGHORTXHHQYHUGDGVXFHGLy
DOSULQFLSLRGHODHUDFULVWLDQD
(QODFDSLOOD5RVVO\QHQFRQWUDPRVXQDLQVFULSFLyQHQODWtQ\SHQVDPRVTXHHUDXQFRPHQWDULRPX\DSURSLDGR
HQXQGLFKRVHQFLOOR6XSRQHPRVTXHSURYHQtDGHORVUROORVQD]DUHQRV
(/ 9,12 (6 )8(57( (/ 5(< (6 0È6 )8(57( /$6 08-(5(6 621 $Ò1 0È6
)8(57(63(52/$9(5'$'&2148,67$$72'26
'HEDMRGHO6HOORGH6DORPyQ
8QD WDUGH XQD VHPDQD GHVSXpV GH QXHVWUD YLVLWD D 5RVVO\Q KDEODQGR GHO JUDQ GHWDOOH GH VLPEROLVPR TXH
:LOOLDP6W4DLUSXVRHQHOVDQWXDULRGHORVUROORVSDUDLJXDODUODVGHVFULSFLRQHVSURSRUFLRQDGDVHQHO*UDGR
GHO$UFR5HDOEXVFDPRVODGHILQLFLyQGHOD7ULSOH7DX9LPRVTXHODVFROXPQDVSULQFLSDOHVGHOHVWHGHOD
FRQVWUXFFLyQ IRUPDEDQ XQD7ULSOH7DX SRUTXH VDEtDPRV TXH HUD HO HPEOHPD GHO $UFR 5HDO GH OD
IUDQFPDVRQHUtD DVt FRPR XQD PDUFD DQWLJXD TXH SUHFHGtD D 0RLVpV 6LQ HPEDUJR QR SHQVDPRV VREUH VX
GHILQLFLyQSUHFLVDFRPRVHGDHQHOULWXDORULJLQDOGHOJUDGR
&KULVOH\yODVSDODEUDVHQYR]DOWD
4XHHQWUHRWUDVFRVDVGHORRFXOWROD7ULSOH7DXVLJQLILFDED7HPSOXP+LHURVRO\PD
HO7HPSORGH
-HUXVDOpQ
7DPELpQ VLJQLILFDED &ODYLV FLG 7KHVDXUXP ²
OD OODYH D XQ WHVRUR
²\ 7KHFD XEL UHV
SUHWLRVDGHSRQLWXU²
8QOXJDUGRQGHVHHVFRQGHXQDFRVDSUHFLRVD
²R5HVLSVDSUHWLRVD
ODFRVD
SUHFLRVDHQVt
'HUHSHQWHVHDFODUyFRPRHODJXDSRUTXp:LOOLDP6W&ODLUDFRPRGyODVFROXPQDVHQHVDIRUPDHODUUHJOR
FHQWUDOGHODVFROXPQDVGHODFDSLOODHUDXQPRGRVLPEyOLFRGHGHFLUTXHODHVWUXFWXUDUHSUHVHQWDEDDO7HPSOR
GH-HUXVDOpQ\TXHHVHOOXJDUGRQGHVHHVFRQGHXQWHVRURGHJUDQYDORU
)XHXQGHVFXEULPLHQWRPDUDYLOORVRHQODPLVPDSiJLQDGHODH[SOLFDFLyQ&KULVYLRHOVLJQLILFDGRGHO
VHOORGHOUH\6DORPyQOD(VWUHOODGH'DYLGGHQWURGHO*UDGRGHO$UFR5HDO8QDYH]PiVOH\yHQYR]DOWD
/D MR\D DFRPSDxDQWH GHO $UFR 5HDO HV XQ WULiQJXOR GREOH DOJXQDV YHFHV OODPDGR HO 6HOOR GH
6DORPyQ GHQWUR GH XQ FtUFXOR GH RUR DO IRQGR KD\ XQ UROOR TXH OOHYD ODV SDODEUDV 1LO QLVL FODYLV
GHHVW ²
1R VH QHFHVLWD QDGD PiV TXH OD /ODYH
² \ VREUH HO FtUFXOR DSDUHFH OD OH\HQGD 6L WDWOLD
MXQJHUHSRVVLVVLW8ELVFLUHSRVVHA6LSRGpLVFRPSUHQGHUHVWDVFRVDVVDEpLVVXILFLHQWH
5REHUW VLOEy FRQ VXDYLGDG HVWDV UHIHUHQFLDV SDUHFtDQ FUHDGDV FRPR SLVWDV SDUD DTXHOORV TXH XQ GtD
GHVFLIUDUtDQ HO PLVWHULR GH 5RVVO\Q /DV SDODEUDV QR WHQtDQ VHQWLGR HQ QLQJ~Q RWUR FRQWH[WR SHUR DKRUD
FRQOOHYDEDQXQDLPSRUWDQFLDSUHFLVD
(O~QLFRSUREOHPDHUDTXHQLQJXQRGHORVGRVUHFRUGDEDKDEHUYLVWRHO6HOORGH6DORPyQHQQLQJ~Q
VLWLRGH5RVVO\QSRUORTXHQRVGHGLFDPRVDHVWXGLDUQXHVWUDVIRWRJUDItDVYLGHRV\SODQRVGHOWHUUHQRSDUD
YHUVLKDEtDDOJRTXHKXELpUDPRVSDVDGRSRUDOWR<DVtIXH
&KULVWUD]yXQDOtQHDDWUDYpVGHODVFROXPQDVLQIHULRUHVGHOD7ULSOH7DX\XWLOL]DQGRXQFRPSiVODV
GLVSXVRDORODUJRGHOHGLILFLRHQHOSODQR\WUD]yXQDUFRGHVGHFDGDPXUR/RVGRVDUFRVVHLQWHUFHSWDEDQ
H[DFWDPHQWHHQWUHODVFROXPQDVXELFDGDVDOH[WUHPRRHVWHIRUPDQGRXQWULiQJXORHTXLOiWHUR7UD]yRWUDOtQHD
DORODUJRGHODQFKRGHOHGLILFLRHQWUHODVVHJXQGDVGRVFROXPQDVGHODSXHUWDRHVWH\GHOLQHyGRVDUFRVPiV
HQ GLUHFFLyQ HVWH pVWRV VH LQWHUFHSWDURQ H[DFWDPHQWH HQ HO FHQWUR GH OD FROXPQD FHQWUDO GH OD 7ULSOH 7DX
IRUPDQGRXQSHUIHFWR6HOORGH6DORPyQ,QFOXVRODVGRVFROXPQDVGHQWURGHOVtPERORHVWDEDQVLWXDGDVHQHO
SXQWRSUHFLVRGRQGHVHFUX]DQODVOtQHDVGHODVHVWUHOODV
$O FHQWUR H[DFWR GH HVWH VHOOR LQYLVLEOH GH 6DORPyQ HVWi VXVSHQGLGR GHO WHFKR DUTXHDGR XQ JUDQ
FDQGHODEURFRQODIRUPDGHXQDSXQWDGHODQ]DGHFRUDGDTXHDSXQWDGLUHFWDPHQWHVREUHXQDSLHGUDDQJXODU
FRORFDGD HQ HO SLVR &UHHPRV TXH HVD SLHGUD HV OD TXH GHEH VHUUHPRYLGD SDUD WHQHU DFFHVR DODV EyYHGDV
UHFRQVWUXLGDVGHO7HPSORGH+HURGHV\DORVUROORVQD]DUHQRV
/DFRQILJXUDFLyQGH5RVVO\QQRHVFRLQFLGHQFLD6LXQRGHORVSDVLOORVKXELHUDVLGRPiVDQFKRRODV
FROXPQDV KXELHUDQ HVWDGR VLWXDGDV HQ XQD SRVLFLyQ OLJHUDPHQWH GLIHUHQWH QDGD GH HVD JHRPHWUtD KXELHUD
IXQFLRQDGR'HVGHHVHPRPHQWRVXSLPRVFRQFRPSOHWDFHUWH]DTXHHVWRVVtPERORVIXHURQHOSXQWRGHSDUWLGD
SDUDWRGRHOGLVHxRSDUDGLVWLQJXLUODXELFDFLyQGHHVWHPDJQtILFRWHVRURDEDMRHQODVPRQXPHQWDOHVEyYHGDV
GHSLHGUD
&RQVHJXULGDGODH[SOLFDFLyQGHORVVtPERORVIXHDxDGLGDDO*UDGRGHO$UFR5HDOSRU:LOOLDP6W
&ODLU GHVSXpV GH FRPSOHWDU HO GLVHxR SDUD DVt SURSRUFLRQDU XQD SLVWD D ODV IXWXUDV JHQHUDFLRQHV SDUD
HQFRQWUDUODFODYH
/DV SDODEUDV GHO ULWXDO GLFHQ 6L SXHGHV FRPSUHQGHU HVWDV FRVDV VDEUiV VXILFLHQWH DKRUD
FRPSUHQGtDPRV\GHKHFKRVDEtDPRVORVXILFLHQWHSDUDHVWDUVHJXURVGHKDEHUHQFRQWUDGRHOVLJQLILFDGRGHOD
IUDQFPDVRQHUtD
/DH[FDYDFLyQGHORVUROORVQD]DUHQRV
1RSRGHPRVFRQFHELUSUXHEDPiVSRGHURVDSDUDHOWRWDOGHQXHVWUDKLSyWHVLVTXHHOGHVFXEULPLHQWRGHTXH
5RVVO\QHVHOVDQWXDULRGHORVUROORV/DSUHJXQWDTXHKD\TXHSODQWHDUVHHV¢HVWiQORVUROORVD~QDKt"/D
UHVSXHVWDFDVLVHJXUDHVVtORHVWiQ1RH[LVWHHYLGHQFLDKLVWyULFDRItVLFDTXHLQGLTXHTXHORVFLPLHQWRVGHOD
FRQVWUXFFLyQKD\DQVLGRXOWUDMDGRVSHVHDODVJXHUUDV\EDWDOODVGHVDWDGDVDVXDOUHGHGRU
3UXHEDVGHXOWUDVRQLGRGHPRVWUDURQTXHVtKD\FDYLGDGHVEDMRHOVXHORGHODFDSLOODGH5RVVO\Q\QRV
SURSRQHPRVXWLOL]DUQXHVWUDVUHFLHQWHVHYLGHQFLDVFRQWRGDODIXHU]DSRVLEOHSDUDREWHQHUODDXWRUL]DFLyQGH
H[FDYDUEDMRHOHGLILFLRUHFXSHUDUORVUROORV\GHVSXpVSHGLUDORVDFDGpPLFRVTXHLQYHVWLJXHQODVDELGXUtD
TXHFRQWLHQHQXQDVDELGXUtDWDQHVSHFLDOTXH\DKDQFDPELDGRDOPXQGRLQFOXVRSHUPDQHFLHQGRHQWHUUDGRV
0LHQWUDV SHQViEDPRV HQ OD IOHFKD TXH DSXQWDED DO SLVR UHIOH[LRQDPRV VREUH ODV SDODEUDV GH ORV SULPHURV
7HPSODULRVFRPRVHSUHVHQWDQHQHO*UDGRGHO$UFR5HDO
GHFLGLPRVH[DPLQDUOD\FRQHVHSURSyVLWRTXLWDPRVGRVGHODVSLHGUDVHQWRQFHVGHVFXEULPRVXQD
EyYHGDGHFRQVLGHUDEOHPDJQLWXG\GHLQPHGLDWRHFKDPRVVXHUWHVSDUDYHUTXLpQEDMDUtD
/D VXHUWH PH HOLJLy D Pt SRU PLHGR D TXH YDSRUHV YHQHQRVRV X RWUDV FDXVDV SXGLHUDQ KDFHU PL VLWXDFLyQ
LQVHJXUD PLV FRPSDxHURV VXMHWDURQ XQD FXHUGD DOUHGHGRU GH PL FXHUSR \ IXL EDMDGR GHELGDPHQWH D OD
EyYHGD $O SLVDU HO IRQGR GL XQD VHxDO SUHFRQFHELGD \ PLV FRPSDxHURV DODUJDURQ OD FXHUGD OR TXH PH
SHUPLWLy DWUDYHVDU OD EyYHGD HQWRQFHV GHVFXEUt DOJR HQ IRUPD GH XQ SHGHVWDO \ VHQWt FLHUWDV PDUFDV R
FDUDFWHUHVVREUHpOSHURGHELGRDODIDOWDGHOX]QRSXGHSUHFLVDUTXpHUDQ7DPELpQHQFRQWUpHVWHUROORSHUR
SRUODPLVPDUD]yQQRSXGHOHHUVXFRQWHQLGR3RUHVRGLRWUDVHxDOSUHFRQFHELGD\IXLVDFDGRGHODEyYHGD
OOHYiQGRPHHOUROOR(QWRQFHVGHVFXEULPRVSRUODSULPHUDRUDFLyQTXHFRQWHQtDORVUHJLVWURVGHOD/H\0iV
6DJUDGDODFXDOIXHSURPXOJDGDSRUQXHVWUR'LRVDOSLHGHO0RQWH6LQDt
£6L WDQ VyOR IXHUD SRVLEOH 'HFLGLPRV TXH XQ GtD GHVFHQGHUtDPRV D ODV EyYHGDV GH 5RVVO\Q SDUD
HQFRQWUDUHOWHVRURTXHHVWiPiVDOOiGHFXDOTXLHUSUHFLR
/D XELFDFLyQ GHO OXJDU GH GHVFDQVR ILQDO GH ORV UROORV QD]DUHQRV HUD HO ~OWLPR YtQFXOR GH XQD FDGHQD TXH
FRQHFWD D ORV IUDQFPDVRQHV FRQ ORV PLVWHULRVRV ULWRV GH FRURQDFLyQ GH XQ UH\ GHO $QWLJXR (JLSWR 3DUD OD
PD\RUtDGHORVOHFWRUHVQRPDVyQLFRVpVWDHVODFRQFOXVLyQGHODQDUUDFLyQSRUORPHQRVKDVWDTXHVHUHDOLFH
XQDH[FDYDFLyQDUTXHROyJLFD\ORVFRQWHQLGRVGHORVUROORVVHGLYXOJXHQSRUILQDOPXQGR
3HURSDUDDTXHOORVFRQXQLQWHUpVHVSHFLDOHQFyPRODIUDQFPDVRQHUtDVHGHVDUUROOy\FyPRLPSDFWyDOPXQGR
HQORVVLJORV[YL;9,,\;9,,,HQHO$SpQGLFHFRQWLQXDPRVQXHVWUDKLVWRULD
1RWDV
:07KD\HU*HRUJH:DVKLQJWRQ
$QGUHZ6LQFODLU7KH6ZRUGDQGWKH*UDLO
<HDU%RRNRI*UDQG/RGJHRI$QWLHQW)UHHDQG$FFHSWHG0DVRQVRI6FRWODQG
7LP:DOODFH0XUSK\$Q,OOXVWUDWHG*XLGHWR5RVVO\Q&KDSHO
5REHUW%U\GRQ$+LVWRU\RIWKH*XLOGVWKH0DVRQVDQGWKH5RV\&URVV
7LP:DOODFH0XUSK\RSFLW
7LP:DOODFH0XUSK\RSFLW
&RPHQWDULRILQDO
1XHVWUDLQYHVWLJDFLyQVH LQLFLy HQ XQ QLYHO SRU FRPSOHWR SHUVRQDO \ QRV DFRVWXPEUDPRV D PDQWHQHUWRGRV
QXHVWURVGHVFXEULPLHQWRV GH PDQHUD FRQILGHQFLDOFRPSDUWLpQGRORV VyORFRQ XQ DQWLJXR 0DHVWUR PDVyQLFR
SDVWPDVWHUFRPRVHOHVFRQRFH\XQSDVWRUGHOD,JOHVLDGH,QJODWHUUD(OORVKDFtDQFRPHQWDULRVVREUHORV
DYDQFHV GH QXHVWUR WUDEDMR \ ORJUDURQ FRQYHQFHUQRV GH TXH OR TXH GHFtDPRV WHQtD PXFKR VHQWLGR (VWR OR
YDORUDPRV PXFKR SRUTXH HVWiEDPRV GHPDVLDGR LQYROXFUDGRV FRQ QXHVWUR WHPD FRPR SDUD VDEHU VL HQ
UHDOLGDGWUDQVPLWtDPRVODHPRFLyQ\ODLPSRUWDQFLDGHQXHVWURVKDOOD]JRVORVFXDOHVVHVXFHGtDQDXQULWPR
FUHFLHQWH
3RFRDQWHVGHODSUHVHQWDFLyQDQXHVWUDHGLWRULDO&HQWXU\GHFLGLPRVTXHHUDLPSRUWDQWHLQIRUPDUD
OD JHQWH DFWXDOPHQWH LQWHUHVDGD HQ 5RVVO\Q VREUH HO FRQWHQLGR GHO OLEUR DVt TXH HQ XQD WDUGH VROHDGD QRV
UHXQLPRVFRQODFXUDGRUD-XG\)LVNHQ\FRQ%RE%U\GRQKLVWRULDGRUWHPSODULR\PDVyQLFRYLQFXODGRFRQOD
&DSLOODTXLHQ GHPRVWUy VHU XQD PLQD GHLQIRUPDFLyQ /D HQWUHYLVWD GXUy FLQFRKRUDV SHUR DO ILQDO DPERV
H[SUHVDURQTXHKDEtDPRVKDOODGRDOJREDVWDQWHDVRPEURVRTXHWHQGUtDLPSOLFDFLRQHVVHULDVHQHOIXWXURGH
5RVVO\Q-XG\ FRQFHUWy XQD FLWD FRQ 1LYHQ 6LQFODLU HPSUHVDULR FRQ VHGH HQ /RQGUHV \ SUHVLGHQWH GH ORV
$PLJRV GH 5RVVO\Q 'RV VHPDQDV GHVSXpV DOPRU]DPRV FRQ 1LYHQ \ XQD YH] PiV H[SOLFDPRV QXHVWURV
GHVFXEULPLHQWRV(QDxRVUHFLHQWHV1LYHQKDGHGLFDGRXQDJUDQSDUWHGHVXWLHPSR \FXDQWLRVDVVXPDVGH
GLQHUR DO PDQWHQLPLHQWR \ OD SURPRFLyQ GH OD &DSLOOD GH 5RVVO\Q \ OD UHVROXFLyQ GH ORV PLVWHULRV GH OD
FRQVWUXFFLyQVHKDFRQYHUWLGRHQWRGDXQDSDVLyQLQVSLUDGRUDSDUDpO(VWHHVFRFpVIDVFLQDQWH\HQHUJpWLFRHUD
MXVWRHOKRPEUHTXHQHFHVLWiEDPRVGHQXHVWURODGR
6HRUJDQL]yXQQXHYRHQFXHQWURSDUDSUHVHQWDUQXHVWURVKDOOD]JRVDOJUXSROODPDGRORV$PLJRVGH
5RVVO\Q/OHJDURQSRUORPHQRVWUHLQWDSHUVRQDVDTXLHQHVH[SXVLPRVQXHVWUDKLVWRULDHQIRFiQGRQRVHQODV
SDUWHV HVHQFLDOHV UHODFLRQDGDV FRQ VX HGLILFLR(QWUH OD DXGLHQFLD KDEtD KLVWRULDGRUHVPLHPEURV GH OD *UDQ
/RJLDHVFRFHVDGRVFOpULJRVHOFDEDOOHURWHPSODULRGHPiVDOWRQLYHOHQ(VFRFLD\HOEDUyQ6W&ODLU%RQGH
GHVFHQGLHQWHGLUHFWRGH:LOOLDP6W&ODLU\TXLHQGHVGHHQWRQFHVKDVLGRXQJUDQDOLDGR1DGLHHQFRQWUy
UD]yQDOJXQDSDUDGXGDUGHQXHVWURSXQWRGHYLVWD\GHKHFKRYDULDVSHUVRQDVVHDFHUFDURQSDUDGHFLUQRVTXH
WHQtDQLQIRUPDFLyQLPSRUWDQWHTXHDSR\DUtDORTXHH[SXVLPRV
6LQHPEDUJRODQRFKHDQWHULRUDQXHVWUDSUHVHQWDFLyQKLFLPRVXQQXHYRGHVFXEULPLHQWRVREUHORV
VHFUHWRV HVFRQGLGRV HQ 5RVVO\Q $OJR LQWHUHVDQWH VXFHGLy PLHQWUDV &KULV SUHSDUDED ODV WUDQVSDUHQFLDV GH
DFHWDWR'HFLGLPRVDQWHVTXH5RVVO\QHUDXQDLQWHUSUHWDFLyQHVSLULWXDOGHO7HPSORGH+HURGHV\SDUDYHUVL
KDEtD XQ VLPLOLWXG VLJQLILFDWLYD HQWUH HOORV &KULV VREUHSXVR ORV GLEXMRV HQ DFHWDWR GH ORV FLPLHQWRV GH ODV
UXLQDVGHO7HPSORGH+HURGHVDOSODQRGHOD&DSLOOD
1RHUDQVLPLODUHV£(UDQLJXDOHV
5RVVO\Q QR HV XQD LQWHUSUHWDFLyQ OLEUH GH ODV UXLQDV GH -HUXVDOpQ HQ OR TXH FRQFLHUQH DO SODQ GH
FLPHQWDFLyQ HV XQD FRSLD UHDOL]DGD FRQ FXLGDGR /DV VHFFLRQHV LQFRQFOXVDV GHO JUDQ PXUR RHVWH HVWiQ
WUD]DGDV HQ HO SODQR ORV PXURV SULQFLSDOHV \ HO GLVHxR GH ODV FROXPQDV HPERQDQ FRPR XQ JXDQWH \ ODV
FROXPQDVGH%RD]\-DFKLQHVWiQHUJXLGDVDOILQDOGHOODGRHVWHGHORTXHVHUtDHOWHPSORLQWHULRU(OVLWLRTXH
LGHQWLILFDPRVFRPRHOFHQWURGHOVHOORGH6DORPyQUHVXOWyFRUUHVSRQGHUH[DFWDPHQWHFRQHOSXQWRFHQWUDOGHO
PXQGRPHGLHYDOHOFHQWURGHO6DQWRGH6DQWRVHOVLWLRGRQGHHO$UFDGHOD$OLDQ]DVHXELFyHQHOFHQWURGH
-HUXVDOpQ
/DV VLPLOLWXGHV FRQWLQXDEDQ HQ OD SDUWH H[WHULRU GHO HGLILFLR HO WHUUHQR DO ILQDO GHO ODGR HVWH GH
5RVVO\QOOHJDWDQVyORDXQRRGRVPHWURVGHGLVWDQFLDGHODVFROXPQDVSDUHDGDVHQIRUPDLGpQWLFDDORTXH
VHDSUHFLDHQHOWHPSORRULJLQDO(VWHGHVFXEULPLHQWRQRVOOHYyDH[DPLQDUFRQPD\RUGHWDOOHHOSDLVDMHTXH
URGHD D 5RVVO\Q \ HQFRQWUDPRV TXH OD ]RQD SDUHFtD KDEHU VLGR HVFRJLGD SRU UHIOHMDU OD WRSRJUDItD GH
-HUXVDOpQ$OHVWHVHXELFDHOYDOOH.LGUyQ\HQHOVXUVHXELFDHOYDOOHGH+DQQRQ
:LOODP6W&ODLUHIXHXQYHUGDGHURJHQLR
$SDUWLUGHHVWHQXHYRHQWHQGLPLHQWRGHOSDLVDMH\ORVWHUUHQRVFLUFXQGDQWHV\GHRWUDVFODYHVHQFRQWUDGDVHQ
HOHGLILFLRGH5RVVO\QFUHHPRVTXHSRUILQKHPRVGHVFLVIUDGRHOPHQVDMHHQFODYHTXHHO&RQGHGHMyWDOODGR
HQSLHGUD\HQWUHWHMLGRHQHOULWXDOPDVyQLFR$KRUDVDEHPRVFRQH[DFWLWXGGyQGHVHHQFXHQWUDRFXOWRHOUROOR
GHFREUHTXHHVHOPDSDGHOWHVRURGHORVHVHQLRV\ORVWHPSODULRV
$SpQGLFH
'HVDUUROORGHODIUDQFPDVRQHUtDPRGHUQD\VXLPSDFWRHQHOPXQGR
/D5HIRUPDLQJOHVD\ODVFRQGLFLRQHVSDUDVXVXUJLPLHQWR
'HVGHODWHUPLQDFLyQGHOD&DSLOOD5RVVO\QKDVWDODLQDXJXUDFLyQRILFLDOGHOD*UDQ/RJLDGH,QJODWHUUDHO
GHMXQLRGHODVRFLHGDGTXHDSDUWLUGHOD2UGHQGHORV7HPSODULRVVHFRQYLUWLHUDHQODIUDQFPDVRQHUtD
OOHYDEDDFDERVXVDVXQWRVHQVHFUHWR3RUUD]RQHVGHDXWRSUHVHUYDFLyQODRUJDQL]DFLyQSHUPDQHFLyRFXOWDGH
ODYLVWDGHOS~EOLFRHQJHQHUDOKDVWDTXHHQHOVLJOR[YLHOSRGHUGHO9DWLFDQRHPSH]yDGHFDHUFRQUDSLGH]
(VWRVHGHELyDOD5HIRUPDXQPRYLPLHQWRH[WHQGLGRHQWUHHOFULVWLDQLVPRRFFLGHQWDOSDUDSXUJDUDOD,JOHVLD
GHORVDEXVRVPHGLHYDOHVUHGXFLUHOFRQWUROSDSDO\UHVWDXUDUODVGRFWULQDV\SUiFWLFDVTXHORVUHIRUPDGRUHV
FUHtDQTXHVHDMXVWDEDQDOPRGHOREtEOLFRGHOD,JOHVLD/RVSDSDVGHOUHQDFLPLHQWRHUDQPXQGDQRVHQH[FHVR
\DEXVDEDQDELHUWDPHQWHGHVXSRVLFLyQSRUPHGLRGHODVLPRQtDHOQHSRWLVPR\HOGHVFXLGDGROLEHUWLQDMH
ILQDQFLHUR/D,JOHVLDPLVPDVHFRQVLGHUDEDOOHQDGHYHQDOLGDGHLQPRUDOLGDG\HVWRSURYRFyXQURPSLPLHQWR
HQWUH OD ,JOHVLD &DWyOLFD 5RPDQD \ ORV UHIRUPLVWDV FX\DV FUHHQFLDV \ SUiFWLFDV UHFLELHURQ HO QRPEUH GH
SURWHVWDQWLVPR
6H SXHGH GHFLU TXH OD 5HIRUPD FRPHQ]y HQ $OHPDQLD HO GH RFWXEUH GH FXDQGR 0DUWtQ
/XWHURSURIHVRUGHODXQLYHUVLGDGDJXVWLQDHQ:LWWHQEHUJSXEOLFyQRYHQWD\FLQFRWHVLVLQYLWDQGRDOGHEDWH
VREUHODOHJLWLPLGDGGHODYHQWDGHLQGXOJHQFLDV(O3DSDGHLQPHGLDWRYLRHVWRFRPRXQDDPHQD]DSROtWLFD
SDUD XQD OXFUDWLYD GLFWDGXUD LQWHUQDFLRQDO \ SURFHGLy D HWLTXHWDU DO OLEUHSHQVDGRU FRPR KHUHMH /RV WUHV
IDPRVRV WUDWDGRV GH /XWHUR GH $Q 2SHQ /HWWHU WR WKH &KULVWLDQ 1RELOLW\ RIWKH *HUPiQ 1DWLRQ
&RQFHUQLQJWKH5HIRUPRIWKH&KULVWLDQ(VWiWH7KH%DE\ORQLDQ&DSWLYLW\RIWKH&KXUFK\2QWKH)UHHGRP
RID&KULVWLDQOHJDQDURQDSR\RSRSXODUJHQHUDO/XWHURFUHtDTXHODVDOYDFLyQHUDXQGRQJUDWXLWRSDUDWRGDOD
JHQWHDWUDYpVGHOSHUGyQGHORVSHFDGRVWDQVyORSRUODJUDFLDGH'LRV\TXHSRUORWDQWRQRHUDQHFHVDULR
WHQHUXQ3DSD1RHVGHDGPLUDUVHTXHVHPHMDQWHSHQVDPLHQWRVLPLODUDOGH-HV~VQRKD\DVLGRELHQYHQLGR
SRUHOSDSDGRDVtTXHIXHH[FRPXOJDGRHQ3HUR/XWHURHUDXQKRPEUHPX\LQWHOLJHQWH\HQDEULOGHHVH
DxRVHSUHVHQWyDQWHHO6DJUDGR(PSHUDGRU5RPDQR&DUORV9\ORVSUtQFLSHVDOHPDQHVHQOD'LHWDGH:RUPV
\VHUHKXVyDUHWUDFWDUVHDPHQRVTXHVHOHGHPRVWUDUDTXHHVWDEDHTXLYRFDGRSRUPHGLRGHOD%LEOLDROD
UD]yQ
6L ELHQ ,QJODWHUUD WHQtD VX SURSLR PRYLPLHQWR GH UHIRUPD UHOLJLRVD EDVDGR HQ ODV LGHDV GH 0DUWtQ
/XWHUR OD 5HIRUPD LQJOHVD VH OOHYy D FDER QR SDUD RSRQHUVH D ORV H[FHVRV GHO 3DSD VLQR DSDUHQWHPHQWH
FRPRXQUHVXOWDGRGLUHFWRGHORVSUREOHPDVSHUVRQDOHVGHOUH\(QULTXH9,,,FRQUHVSHFWRDVXPDWULPRQLR
FRQ VX SULPHUDHVSRVD &DWDOLQD GH $UDJyQ (O GHVSUHQGLPLHQWR GHOSRGHU SDSDO xLH SODQHDGR SRU7KRPDV
&URPZHOOSULPHUPLQLVWURGHOUH\TXLHQHQDSUREyODOH\GH5HVWULFFLyQGH$SHODFLRQHVPHGLDQWHHO
3DUODPHQWRVHJXLGDSRUODOH\GH6XSUHPDFtDTXHGHILQLySRUFRPSOHWRHOFRQWUROUHDOGHOD,JOHVLD7KRPDV
&UDQPHU $U]RELVSR GH &DQWHUEXU\ DXWRUL]y OD WUDGXFFLyQ GH OD %LEOLD DO LQJOpV \ IXH HQ JUDQ SDUWH
UHVSRQVDEOHGHO/LEURGHOD2UDFLyQ&RP~Q
/D ,JOHVLD &DWyOLFD 5RPDQD IXH UHHPSOD]DGD SRU OD ,JOHVLD GH ,QJODWHUUD DXQTXH KXER XQ EUHYH
UHWURFHVR GXUDQWH HO UHLQDGR GH OD KLMD GH (QULTXH 9,,, \ &DWDOLQD GH $UDJyQ TXLHQ IXHUD UHSXGLDGD SRU
(QULTXHSRUQRKDEHUWHGDGRXQKHUHGHURYDUyQ/DUHLQD0DUtD,JREHUQyGHD8QDYH]HQHO
SRGHUODUHLQD0DUtDSURFHGLyDUHVWDXUDUHOFDWROLFLVPRUHVWDEOHFLHQGRORVULWRVUHOLJLRVRVWUDGLFLRQDOHV\OD
DXWRULGDGGHO3DSD\VHJDQyHOWtWXORGH0DUtDOD6DQJXLQDULDSRUODVHMHFXFLRQHVGHORVSURWHVWDQWHV(Q
VH FDVy FRQ HO 5H\ )HOLSH ,, GH (VSDxD KLMR GHO 6DJUDGR (PSHUDGRU 5RPDQR &DUORV 9 HO
DFRQWHFLPLHQWRGHVHQFDGHQyPXFKDVUHEHOLRQHVTXHVHDFDOODURQUiSLGDPHQWH\HQFRQVHFXHQFLDVHTXHPy
HQODKRJXHUDDSURWHVWDQWHVSRUVXVFUHHQFLDV%DMRVXVXFHVRUDODUHLQD,VDEHO,,QJODWHUUDVHFRQYLUWLy
HQXQDQDFLyQIXHUWH\SURWHVWDQWH
(OUH\TXHFRQVWUX\yHOVLVWHPDGHODVORJLDV
(QODDFWXDOLGDGODIUDQFPDVRQHUtDHVWiIRUPDGDSRUFDVLFLHQPLOFpOXODVLQGLYLGXDOHVOODPDGDVORJLDVFDGD
XQD GH ODV FXDOHV WLHQH XQ 0DHVWUR 9HQHUDEOH \ XQ HTXLSR FRPSOHWR GH RILFLDOHV D TXLHQHV VH OHV SHUPLWH
FRQGXFLU FHUHPRQLDV GH LQLFLDFLyQ \ DVFHQVR 6X GHVDUUROOR SXHGH UDVWUHDUVH GHVGH OD FRQVWUXFFLyQ GH OD
&DSLOOD5RVVO\QGHODIDPLOLD6W&ODLUKDVWDODPRGHUQLGDG
3DUHFHVHUTXHGHVSXpVGHODFRQVWUXFFLyQGH5RVVO\QHOFRQFHSWRGHORJLDVRSHUDWLYDVIRUPDGDVSRU
DOEDxLOHVFDSDFLWDGRVVLJXLHURQIORUHFLHQGRUHODFLRQDGDVGHFHUFDFRQODVPiVDQWLJXDVORJLDVHVSHFXODWLYDV
IRUPDGDV SRU DULVWyFUDWDVTXH KDEtDQ VLGRDGPLWLGRVPHGLDQWHODUHVXUUHFFLyQ HQ YLGD &RPR YLPRV XQD
YH]WHUPLQDGDODFRQVWUXFFLyQGHOVDQWXDULRGH5RVVO\QQRHUDSRVLEOHWDQVyORGLVROYHUODVRUJDQL]DFLRQHV
VHFUHWDVTXHVHOHVKDEtDQSURSRUFLRQDGRDHVWRVRUJXOORVRVDOEDxLOHV7HQtDQVXVSURSLRVULWRV\IRUPDEDQ
SDUWHGHXQDRUGHQTXHORVYLQFXODEDFRQVXVVHxRUHV\FRQHOPLVWHULRVRSDVDGRDQFHVWUDOGHOUH\6DORPyQ\
PiVD~Q
'XUDQWH ORV VLJXLHQWHV FLHQ DxRV ORV IUDQFPDVRQHV RSHUDWLYRV VH GHVDUUROODURQ HQ (VFRFLD FRPR
H[WHQVLyQ UHPRWD GH ORV HVSHFXODWLYRV SHUR FRQ HOWLHPSR ORV 6W &ODLU GHVDSDUHFLHURQ DSDUHQWHPHQWH \ HO
RULJHQGHOVLVWHPDVHSHUGLySDUDODPHPRULDGHORVYLYRV/DVFLUFXQVWDQFLDVPHMRUDURQOHQWDVSHURVHJXUDV\
ODVFHUHPRQLDVVHUHSHWtDQFRQRUJXOORSHURVLQHQWHQGHUVXVRUtJHQHV(OUH\-DFRER9,GH(VFRFLDPiVWDUGH
WDPELpQ-DFRER,GH,QJODWHUUDIXHHOKLMR~QLFRGH0DUtD(VWXDUGR\HOSULPHUUH\TXHJREHUQy,QJODWHUUD\
(VFRFLDWDPELpQIXHHOSULPHUUH\GHTXLHQVHVXSRTXHHUDIUDQFPDVyQKDELHQGRVLGRLQLFLDGRHQOD/RJLD
GH6FRRQ\3HUWKHQDORVWUHLQWD\FLQFRDxRVGHHGDG 1DFLGRHOGHMXQLRGH-DFRERVyOR
WHQtD TXLQFH PHVHV FXDQGR VXFHGLy D VX FDWyOLFD PDGUH HQ HO WURQR HVFRFpV SHUR QR FRPHQ]y VX UHLQDGR
SHUVRQDO GH (VFRFLD KDVWD 5HFLELy XQD H[FHOHQWH HGXFDFLyQ GH VX WXWRU SULQFLSDO *HRUJH %XFKDQDQ
TXLHQ VLQ GXGD WHQtD XQD IXHUWH LQIOXHQFLD HQ HOMRYHQ UH\ (O PLVPR %XFKDQDQ KDEtD VLGR HGXFDGRHQ ODV
XQLYHUVLGDGHVGH6DQ$QGUpVHQ(VFRFLD\HQ3DUtV\HUDXQKRPEUHGHJUDQLQWHOHFWR9LYLyWUHLQWDDxRVHQ
(XURSDFRQWLQHQWHHQGRQGHVHKL]RODUHSXWDFLyQGHVHUXQRGHORVOtGHUHVKXPDQLVWDVGHODpSRFD\GHVGH
HQWRQFHV VH OH KD FRQVLGHUDGR XQR GH ORV PiV JUDQGHV HVWXGLRVRV \ SRHWDV ODWLQRV GH ILQDOHV GHO 5HQD
FLPLHQWR
(OMRYHQUH\WHQtDEXHQDFDEH]D\EDMRODJXtDLQWHOHFWXDOGH%XFKDQDQ-DFRERGHIHQGLyFRQp[LWRVX
SRVLFLyQFRPRGLULJHQWHGHOD,JOHVLD\HO(VWDGRHQ(VFRFLDEXUODQGRDORVQREOHVTXHFRQVSLUDURQHQVX
FRQWUD $QVLRVR GH VXFHGHU D OD UHLQD VLQ KLMRV ,VDEHO , HQ HO WURQR GH ,QJODWHUUD DSHQDV KL]R XQD OLJHUD
SURWHVWDFXDQGRVXPDGUHIXHHMHFXWDGDSRUWUDLFLyQHQFRQWUDGH,VDEHOHQ
$ OD HGDG GH WUHLQWD \ VLHWH GRV DxRV GHVSXpV GH KDFHUVH IUDQFPDVyQ -DFRER VH FRQYLUWLy HQ HO
SULPHUUH\(VWXDUGRGH,QJODWHUUD\GHVGHHQWRQHVVHGHGLFyHQJUDQSDUWHDORVDVXQWRVLQJOHVHV$XQTXHIXH
HGXFDGRFRPRSUHVELWHULDQRGHLQPHGLDWRDQWDJRQL]yFRQHOHPHUJHQWHPRYLPLHQWRSXULWDQRDOUHFKD]DUXQD
SHWLFLyQSDUDODUHIRUPDGHOD,JOHVLDGH,QJODWHUUDHQOD&RQIHUHQFLDGHOD&RUWHGH+DPSWRQHQ/D
KRVWLOLGDG FDWyOLFD URPDQD KDFLD OD PRQDUTXtD SURWHVWDQWH VH KDEtD H[WHQGLGR \ HQ XQD FRQVSLUDFLyQ
FDWyOLFDGLULJLGDSRU*X\)DZNHVIDOOyHQXQDWHQWDGRFRQWUDHOUH\\HO3DUODPHQWR$SHVDUGHOLQWHQWRGH
DVHVLQDWRHQ,QJODWHUUDVHVRVSHFKDEDTXHHQVHFUHWR-DFRERHVWDEDDIDYRUGHORVFDWyOLFRVSRUTXHILUPyOD
SD]FRQ(VSDxDHQ-DFRERHUDXQPDVyQHVSHFXODWLYR\HVFULELyOLEURVDFHUFDGHOUHLQDGRODWHRORJtDOD
EUXMHUtDHLQFOXVRHOWDEDFRHVVLJQLILFDWLYRTXHWDPELpQFRPLVLRQyXQDQXHYDYHUVLyQDXWRUL]DGDGHOD%LEOLD
TXH OOHYD VX QRPEUH OD %LEOLD GHO 5H\ -DFRER OD YHUVLyQ TXH RPLWH ORV GRV OLEURV DQWLQD]DUHQRV GH ORV
PDFDEHRV/DLQWURGXFFLyQTXHD~QDSDUHFHDOIUHQWHGHHVWD%LEOLD3URWHVWDQWHQRUHYHODQLQJXQDDILQLGDG
FRQHOFDWROLFLVPRXQDVHFFLyQGLFH
$Vt TXH VL SRU XQ ODGR IXpUDPRV FDOXPQLDGRV SRU SHUVRQDV SDSDOHV GH DTXt R GHO H[WUDQMHUR
TXLHQHV SRU OR WDQWR QRV KXELHUDQ GLIDPDGR SRUTXH VRPRV SREUHV LQVWUXPHQWRV SDUD KDFHU TXH OD
VDJUDGD9HUGDGGH'LRVVHDD~QPiV\PiVFRQRFLGDHQWUHHOSXHEORDTXLHQGHVHDQPDQWHQHUHQOD
LJQRUDQFLD\ODRVFXULGDG!
(VWHSDVDMHGHMDYHUXQQXHYRWLSRGHSHUVSHFWLYDHQODTXHVHFRQVLGHUDTXHHOFRQRFLPLHQWR\HOSXHEORVRQ
GRVFRVDVDODVTXHVHGHEHUtDGHMDUDVRFLDUVHHQFRQWUDVWHFRQHOHJRtVPRSROtWLFR\VLJLORVRGHOD,JOHVLD
&DWyOLFDHQDTXHOORVWLHPSRV
/DIUDQFPDVRQHUtDPRGHUQDQRHVVHFWDULD\VHMDFWDGHQRKDEHUORVLGRQXQFDSHURSHQVDPRVTXH
KXER XQ SHULRGR GH DQWLFDWROLFLVPR TXH VH GHMD YHU HQ OD LQWURGXFFLyQ D OD %LEOLD GHO 5H\ -DFRER /DV
FLUFXQVWDQFLDV GH ORV FRPLHQ]RV GHO VLJOR ;9,, SURSRUFLRQDURQ ODV FRQGLFLRQHV SHUIHFWDV SDUD TXH OD
VRFLHGDGVHFUHWDGHPDVRQHVVDOLHUDDODOX]S~EOLFD6LHQGRHOSURSLRUH\XQPDVyQHVSHFXODWLYR\HVWDQGR
EORTXHDGR SDUD VLHPSUH HO SRGHU GHO 3DSD HQ (VFRFLD GH SURQWR GHVDSDUHFLy OD QHFHVLGDG GH JXDUGDU XQ
VHFUHWR WRWDO (O UH\ -DFRER HUD XQ SHQVDGRU \ XQ UHIRUPLVWD \ VHJXUDPHQWH VHQWtD TXH OD HVWUXFWXUD GHO
FUHFLHQWH PRYLPLHQWR PDVyQLFR QHFHVLWDED IRUPDOL]DUVH DVt TXH TXLQFH DxRV GHVSXpV GH KDEHU WRPDGR
FRQWURODFWLYRGHVXUHLQDGRHVFRFpVGRVDxRVGHKDEHUVLGRDFHSWDGRFRPRIUDQFPDVyQ\FLQFRGHKDEHUVH
FRQYHUWLGR HQHO PRQDUFD LQJOpV RUGHQy TXH VHOH GLHUD OLGHUD]JR\ RUJDQL]DFLyQ D ODHVWUXFWXUD PDVyQLFD
H[LVWHQWH 1RPEUy D XQ OtGHU IUDQFPDVyQ OODPDGR :LOOLDP 6FKDZ VX9LJLODQWH *HQHUDO GH OD &LHQFLD \ OR
LQVWUX\ySDUDTXHPHMRUDUDWRGDODHVWUXFWXUDGHODIUDQFPDVRQHUtD6FKDZHPSH]yHOLPSRUWDQWHSUR\HFWRHO
GH GLFLHPEUH GH DO UHGDFWDU ORV HVWDWXWRV \ RUGHQDQ]DV TXH GHEHQ REVHUYDU WRGRV ORV PDHVWURV
PDVRQHVGHQWURGHHVWHGRPLQLRILUPDQGRpOPLVPRFRPR9LJLODQWH*HQHUDOGHGLFKDFLHQFLD
6FKDZQRWRPyPXFKRHQFXHQWDHOKHFKRGHTXHHVWDVUHXQLRQHVIXHURQLQWURGXFLGDVHQXQLQLFLR
SRUODIDPLOLD6W&ODLUTXLHQHVSUHVLGLHURQORTXHVHFRQRFtDFRPRXQD&RUWHGH&LHQFLDVFDVLGRVFLHQWRV
DxRV DQWHVEDMR HO UHLQDGR GH 5REHUWR %UXFH 3DUHFH TXH SDUD ORV WLHPSRV GH 6FKDZ ORV 6W &ODLU KDEtDQ
SHUGLGRPXFKDLQIOXHQFLDSRUSUHWHQGHUREWHQHUJDQDQFLDVILQDQFLHUDVPHGLDQWHVXFRQWUROGHODDOEDxLOHUtD
RSHUDWLYD+DFLDHOILQDOGHODxRORVPDHVWURVGLiFRQRV\KRPEUHVOLEUHVGHORVPDVRQHVGH(VFRFLD
UHGDFWDURQ XQ QXHYR GRFXPHQWR \ OR SXEOLFDURQ EDMR HO FRQVHQWLPLHQWR GH :LOOLDP 6FKDZ D TXLHQ VH
GHVFULEHHQpOFRPRHO0DHVWURGH2EUDVGHO5H\(OGRFXPHQWRVHKL]RFRQRFLGRFRPRHO3ULPHU7tWXOR6W
&ODLU'LFH
'HpSRFDHQpSRFDVHKDREVHUYDGRHQWUHQRVRWURVVHDILUPDTXHORVVHxRUHVGH5RVVO\QVLHPSUHKDQ
VLGRORVSDWURQHV\SURWHFWRUHVGHQRVRWURV\QXHVWURVSULYLOHJLRVSHURGXUDQWHORV~OWLPRVDxRVSRU
QHJOLJHQFLD\SHUH]DHOFDUJRKDTXHGDGRIXHUDGHXVR(VWRKDSULYDGRDORVVHxRUHVGHVXVMXVWRV
GHUHFKRV\ODFLHQFLDGHVXVSDWURQHVSURWHFWRUHV\YLJLODQWHVFRQGXFLHQGRDPXFKDVFRUUXSFLRQHV
HQODFLHQFLD\DTXHYDULRVHPSOHDGRUHVSRWHQFLDOHVDEDQGRQHQPXFKDVJUDQGHVHPSUHVDV (VWR IXH ILUPDGR SRU 2ILFLDOHV GH ODV ORJLDV GH 'XQIHUPOLQH 6W $QGUHZV (GLPEXUJR +DGGLQJWRQ
\$LWFKLQVRQ
V+DYHQ$SHVDUGHHVWDGHVJUDFLDGHODIDPLOLD6W&ODLUORVPDVRQHVHVFRFHVHVFRQWLQXDURQOD
WUDGLFLyQ\QHJDURQHORIUHFLPLHQWRGH6FKDZGHXQ'HFUHWR5HDOSDUDODRUGHQVLDFHSWDEDQDOUH\-DFRER
FRPR*UDQ0DHVWUR$XQTXHORV6W&ODLUQRSRGtDQYHWDUTXH-DFRERVHDXWRQRPEUDUD*UDQ0DHVWURWHQtDQ
HODSR\RGHODVORJLDVHQVXFRQWUD
(O ULWXDO GH ODV ORJLDV GH 6FKDZ VH UHJXODUL]y SHUR D~Q VH EDVDED SRU FRPSOHWR HQ ODV $QWLJXDV
&RQVWLWXFLRQHV \ ODV SDODEUDV PDVRQDV \ ORV PHGLRV GH UHFRQRFLPLHQWR VHJXtDQ VLHQGR ORV GH OD YLHMD
WUDGLFLyQRUDODORTXHGHKHFKR6FKDZVHUHILHUHHQPXFKDVRFDVLRQHVeOOODPyORJLDVDODVUHXQLRQHVGH
PDVRQHVHVSHFXODWLYRV\GRVDxRVGHVSXpVGHTXHVXWUDEDMRFRPHQ]DUDODVDQWHVVHFUHWDVORJLDVGH(VFRFLD
HPSH]DURQDOOHYDUUHJLVWURVGHORVQRPEUHVGHVXVPLHPEURV\DHODERUDUPLQXWDVGHVXVMXQWDV7RGDYtDQR
GLIXQGtDQ VX H[LVWHQFLD SHUR DKRUD SRGHPRV LGHQWLILFDUODV FRQ IDFLOLGDG /D VLWXDFLyQ JHRJUiILFD GH ODV
SULPHUDV ORJLDV UHJLVWUDGDV PXHVWUD FyPR ORV ULWXDOHV LQVWLWXLGRV HQ 5RVVO\Q SRU :LOOLDP 6W &ODLU VH
FRQYLUWLHURQHQXQPRYLPLHQWRLPSRUWDQWHGXUDQWHHOUHLQDGRGH-DFRER9,
/D UHJXODFLyQ GH ODV PDVRQHUtDV WDQWR RSHUDWLYD FRPR HVSHFXODWLYD SRU SDUWH GH :LOOLDP 6FKDZ
9LJLODQWH*HQHUDOGHOD&LHQFLDGH-DFRER9,IRUPDOL]yHOULWXDOHQORTXHFRQRFHPRVDKRUDFRPRORVWUHV
JUDGRV GH OD &LHQFLD )UDQFPDVyQLFD +L]R HVWR UHVWDEOHFLHQGR D ORV PDVRQHV RSHUDWLYRV VHSDUDGRV FRPR
VXEVLGLDULRVPHQRUHVGHORVHVSHFXODWLYRV\FUHDQGRDVtLQFRUSRUDFLRQHVSDUDORVDOEDxLOHVFDGDXQRGHORV
FXDOHVVHDQH[DUtDDXQDORJLDGHPDVRQHVHVSHFXODWLYRV8QUHTXLVLWRLQGLVSHQVDEOHSDUDVHUPLHPEURGHXQD
ORJLD HVSHFXODWLYD HUD TXH HO FDQGLGDWR IXHUD XQ FLXGDGDQR GH KRQRU GHO GLVWULWR GRQGH OD ORJLD HVWXYLHUD
VLWXDGD\SURQWRHOPDVyQHVSHFXODWLYRHPSH]yDGLVWLQJXLUVHGHORSHUDWLYRSRUHOWtWXORGHIUDQFPDVyQ6H
UHTXHUtDTXHFDGDLQFRUSRUDFLyQHVWXYLHUDDQH[DGDDXQDORJLDSHURQRFDGDORJLDGHPDVRQHVHVSHFXODWLYRV
GHEtDWHQHUXQDLQFRUSRUDFLyQ
'H DTXt HQ DGHODQWH OD IUDQFPDVRQHUtD WHQGUtD XQD HVWUXFWXUD EDVDGD HQ ORJLDV TXH SURQWR VH
H[WHQGHUtDD,QJODWHUUD\FRQHOWLHPSRDWRGRHOPXQGRRFFLGHQWDO
/RV$UTXLWHFWRVGHO6HJXQGR*UDGR
&UHHPRVTXHHODFWXDOFRQWHQLGRGHORVWUHVJUDGRVGHOD&LHQFLD)UDQFPDVyQLFDHVWXYRSUHVHQWHSRUPXFKR
WLHPSR HQ VyOR GRV JUDGRV DQWHV GH OD UHRUJDQL]DFLyQ GH 6FKDZ TXLHQ DJUHJy XQ QLYHO DGLFLRQDO GH
PDVRQHUtD HVSHFXODWLYD HQWUH HO $SUHQGL] \ HO 0DHVWUR 0DVyQ RULJLQDOPHQWH FRQRFLGR FRPR OD 3DUWH GHO
0DHVWUR6HLQWURGXMRXQQXHYRJUDGRDOFXDOVHOHGHVLJQyHO&RPSDxHURGHULYDGRVHJ~QSHQVDPRVGHO
KHFKRGHTXHHVWRVPDVRQHVQRHUDQWDOODGRUHVGHSLHGUDVLQRTXHWUDEDMDEDQHQODFLHQFLDGHODPDVRQHUtD
HVSHFXODWLYD$KRUD HVWDPRV VHJXURV GH TXH HVWH QXHYR JUDGR VH GHVDUUROOy D SDUWLU GHO *UDGR GH 0DVyQ
'LVWLQJXLGR0DUN\QRDOUHYpVFRPRODPD\RUtDGHORVPDVRQHVFUHHQ
&XDQGR-DFRER9,GH(VFRFLDVHFRQYLUWLyHQ-DFRER,GH,QJODWHUUDHQXQRGHVXVSULPHURV
DFWRVIXHRWRUJDUOHHOUDQJRGHFDEDOOHURD)UDQFLV%DFRQTXHHUDXQRGHVXVSHQVDGRUHVIDYRULWRVDVtFRPR
VX &RPSDxHUR IUDQFPDVyQ 6HLV DxRV GHVSXpV %DFRQ IXH QRPEUDGR 3URFXUDGRU *HQHUDO GHO UH\ /RV
DVFHQVRVFRQWLQXDURQFXDQGR-DFRERVLJXLyGiQGROHSRVLFLRQHVD%DFRQFRPRODGH$ERJDGR*HQHUDO/RUG
*XDUGLiQ GHO *UDQ 6HOOR \ OXHJR /RUG &DQFLOOHU HQ PRPHQWR HQ HO FXDO WRPy HO WtWXOR GH %DUyQ
9HUXODP
(O KHUPDQR %DFRQ IXH XQR GH ORV ILOyVRIRV PiV UHILQDGRV GH OD KLVWRULD \ EXVFy SXUJDU OD PHQWH
KXPDQDGHORTXHOODPDEDtGRORVRWHQGHQFLDVDOHUURU3ODQHyXQDREUDH[WHQVDOD,QVWDXUDWLR0DJQDHQOD
TXHH[SRQGUtDVXVLGHDVSDUDODUHVWDXUDFLyQGHOGRPLQLRGHODKXPDQLGDGVREUHODQDWXUDOH]DTXHFRQWHQGUtD
VHLVSDUWHV
8QDFODVLILFDFLyQGHODVFLHQFLDV
8QDQXHYDOyJLFDLQGXFWLYD
8QDFRPSLODFLyQGHKHFKRVHPStULFRV\H[SHULPHQWDOHV
(MHPSORVSDUDPRVWUDUODHILFDFLDGHVXQXHYRHQIRTXH
*HQHUDOL]DFLRQHVGHULYDEOHVGHODKLVWRULDQDWXUDO
8QDQXHYDILORVRItDTXHVHUtDXQDFLHQFLDFRPSOHWDGHODQDWXUDOH]D
$O ILQDO VyOR VH ODV DUUHJOy SDUD WHUPLQDU GRV SDUWHV 7KH $GYDQFHPHQW RI /HDUQLQJ HQ PiV WDUGH
DXPHQWDGD\SXEOLFDGDFRPR2QWKH'LJQLW\DQG*URZWKRI6FLHQFHVHQ\7KH1HZ2UJDQRQHQ
TXHHUDXQDWDTXHDO2UJDQRQGH$ULVWyWHOHV(VWD~OWLPDREUDVHODSUHVHQWySHUVRQDOPHQWHDVXEHQHIDFWRU
-DFRER9,/DFXOPLQDFLyQGHOWUDEDMRGH%DFRQIXHXQDILORVRItDLQGXFWLYDGHODQDWXUDOH]DTXHSURSRQtD
HQFRQWUDU ODV IRUPDV R OH\HV QDWXUDOHV GH OD DFFLyQ GHO FXHUSR DVLPLVPR LGHy ODV OODPDGDV WDEODV GH
LQGXFFLyQ GH SUHVHQFLD DXVHQFLD \ JUDGRV GLVHxDGDV SDUD GHVFXEULU WDOHV IRUPDV FRQ HO REMHWLYR GH
GRPLQDUODQDWXUDOH]D
$XQTXHQXQFDVHSXGROODPDUD%DFRQXQJUDQFLHQWtILFRHVFRQVLGHUDGRLPSXOVRUGHOGHVDUUROORGH
ODFLHQFLDPRGHUQDLQGXFWLYD6XVWUDEDMRVIXHURQPX\HVWLPDGRVSRUGLYHUVRVSHQVDGRUHV\FLHQWtILFRVGHO
VLJOR ;9,, LQFOX\HQGR D 5REHUW %R\OH 5REHUW +RRNH 6LU ,VDDF 1HZWRQ \ 7KRPDV +REEHV 8Q VLJOR
GHVSXpVORVJUDQGHVILOyVRIRVIUDQFHVHV9ROWDLUH\'LGHURWGHVFULELHURQDHVWHSHQVDGRULQJOpVQDGDPHQRV
TXHFRPRHOSDGUHGHODFLHQFLDPRGHUQD
(VPX\SUREDEOHTXHHO+HUPDQR%DFRQKD\DVLGRODIXHU]DLPSXOVRUDGHWUiVGHOHVWDEOHFLPLHQWRGHO
QXHYRVHJXQGRJUDGRLQWURGXFLGRSRUVXFROHJD:LOOLDP6FKDZ1DGLHGHOJUXSRGHIUDQFPDVRQHVGHOUH\
WHQtD PiV SDVLyQ SRU HO DYDQFH GH OD FLHQFLD \ OD DSHUWXUD GHO SHQVDPLHQWR DFHUFD GH OD QDWXUDOH]D 6LQ
HPEDUJR%DFRQSHUPLWLyTXHVXSHQVDPLHQWRPDVyQLFRVHPH]FODUDFRQVXVDVSLUDFLRQHVS~EOLFDVFXDQGR
SXEOLFyVXOLEUR7KH1HZ$WODQWLVGRQGHKDEODEDDELHUWDPHQWHGHVXSODQGHUHFRQVWUXLUHO7HPSORGHO5H\
6DORPyQHQWpUPLQRVHVSLULWXDOHV(VWDYLVLyQSXUDPHQWHH]HTXHOLDQDGLMRVHUtDXQSDODFLRGHLQYHQFLyQ\
XQJUDQWHPSORGHFLHQFLDQRVHYLVXDOL]DEDWDQWRFRPRXQDFRQVWUXFFLyQVLQRFRPRXQQXHYRHVWDGRHQHO
TXHODE~VTXHGDGHOFRQRFLPLHQWRHQWRGDVVXVUDPDVGHEtDVHURUJDQL]DGDGHDFXHUGRFRQSULQFLSLRVGHOD
PiVDOWDHILFLHQFLD
(Q HVWD REUD VH VHPEUy FRQ ILUPH]D HO JHUPHQ GH OD VHPLOOD LQWHOHFWXDO GH OD &RQVWLWXFLyQ GH ORV
(VWDGRV8QLGRVGH$PpULFD
/DQXHYDKHUHMtD
(O*UDGR6HJXQGRRGH&RPSDxHURGHODIUDQFPDVRQHUtDSURSRUFLRQDDOFDQGLGDWRPX\SRFRVFRQRFLPLHQWRV
DGLFLRQDOHV SHUR LQWURGXFH OD LGHD GH PLVWHULRV RFXOWRV GH OD QDWXUDOH]D \ OD FLHQFLD \ KDFH XQD FODUD
UHIHUHQFLDDORTXHVHFRQRFHFRPROD+HUHMtD*DOLOHLFD$XQTXHHVWDPRVVHJXURVGHTXHHOWHPDFHQWUDOGH
HVWHJUDGRHVWDQDQWLJXRFRPRODIUDQFPDVRQHUtDHVHYLGHQWHTXHVHWUDWDGHXQDFRQVWUXFFLyQEDVWDQWHPiV
UHFLHQWHGHELGRHQJUDQSDUWHD)UDQFLV%DFRQ/DVSDUWHVTXHVHWRPDURQSDUDHVWDQXHYDFHUHPRQLDHVWDEDQ
UHODFLRQDGDVFRQODQDWXUDOH]D\HOGHUHFKRGHOKRPEUHGHLQYHVWLJDUOD\HQWHQGHUOD
7RGD OD LGHD GH HQWHQGHU ORV PLVWHULRV GH OD QDWXUDOH]D QRV UHFRUGDED OD HQFLFORSHGLD ERWiQLFD
HQFDSVXODGD HQ OD GHFRUDFLyQ GHO VDQWXDULR GH 5RVVO\Q &RPR PRVWUDPRV DQWHV VXV WDOODGRV ILQDPHQWH
WUDEDMDGRV UHJLVWUDQ GHWDOOHV GH FLHQWRV GH SODQWDV LQFOX\HQGR ODV LPSRVLEOHV FRPR ODV YDULHGDGHV
DPHULFDQDV
(OSHQVDPLHQWROLEHUDOTXHVHKDEtDH[WHQGLGRSURYRFyODLQYHQFLyQGHXQDQXHYDIRUPDGHKHUHMtD
SRUSDUWHGHO9DWLFDQRTXHDFHUWDGDPHQWHYHtDXQJUDQSHOLJURHQHVWDLGHDGHOSHQVDPLHQWRLQFRQWURODGR
/D,JOHVLD&DWyOLFD5RPDQDSHUVHJXtDDDTXHOORVTXHLQYHVWLJDUDQODFLHQFLD\VDOLHUDQFRQFRQFOXVLRQHVTXH
HVWXYLHUDQHQFRQIOLFWRFRQODYLVLyQGRJPiWLFDGHORVFDUGHQDOHVDFHUFDGHVXVHVFULWXUDV/DPiVLPSRUWDQWH
GHHVDVPDOYDGDVSHUVRQDVIXH*DOLOHRTXLHQXVyQXHYDVWpFQLFDVSDUDFRQILUPDUODWHRUtDGHTXHHOVRO\QR
OD7LHUUDHUDHOFHQWURGHOXQLYHUVR$XQTXHHVWHFRQFHSWR\DKDEtDVLGRGHVFULWRSRUHOHJLSFLR(UDWyVWHQHV
HQHOVLJORPD&VHFRQRFtDFRPRFRSHUQLFDQLVPRGHELGRDOPiVUHFLHQWHSURSRQHQWHGHODLGHD1LFROiV
&RSpUQLFR\DSHVDUGHWRGDVODVSURWHVWDVDSULQFLSLRVGHOD2ILFLQD6DQWDHQ5RPDHPLWLy
XQHGLFWRHQFRQWUDGHOFRSHUQLFDQLVPR/DKHUHMtDTXHUHFLELHUDVXQRPEUHGH*DOLOHR\TXHVHGHFODUyLOtFLWD
PHGLDQWHXQDEXODSDSDOVH
FLWDHQODUHVSXHVWDDXQDSUHJXQWDSDUDGyMLFDTXHIRUPDSDUWHGHOULWXDOGHDVFHQVRGHO3ULPHUDO
6HJXQGR*UDGRGHODIUDQFPDVRQHUtD/DVSUHJXQWDV\UHVSXHVWDVVRQ
3¢'yQGHIXLVWHKHFKRPDVyQ"
5(QHOFXHUSRGHODORJLDMXVWRSHUIHFWR\UHJXODU
3¢<FXiQGR"
5&XDQGRHOVROHVWDEDHQVXPHULGLDQR
3 &RPR HQ HVWH SDtV ODV ORJLDV GH IUDQFPDVRQHV SRU OR JHQHUDO VH UHDOL]DQ \ ORV FDQGLGDWRV VRQ
LQLFLDGRVHQODQRFKH¢FyPRH[SOLFDVHVRTXHDSULPHUDYLVWDSDUHFHXQDSDUDGRMD"
56LHQGRHOVROXQFXHUSRILMR\ODWLHUUDPRYLpQGRVHFRQWLQXDPHQWHDOUHGHGRUGHOPLVPRVREUHVX
SURSLRHMH\VLHQGRODIUDQFPDVRQHUtDXQDFLHQFLDXQLYHUVDOGLIXQGLGDSRUWRGRHOSODQHWDKDELWDGR
HVOyJLFRTXHHOVROVLHPSUHGHEHHVWDUHQVXPHULGLDQRFRQUHVSHFWRDODIUDQFPDVRQHUtD
(VLPSUREDEOHTXHHVWDUHIHUHQFLDVHKD\DLQVHUWDGRDQWHVGHOO2IHFKDHQODTXH*DOLOHRDQXQFLyHQS~EOLFR
VX FRQYLFFLyQ GH TXH &RSpUQLFR HVWDED HQ OR FRUUHFWR DO SHQVDU TXH OD WLHUUD JLUDED DOUHGHGRU GHO VRO
&UHHPRVTXH)UDQFLV%DFRQVHGLRGHLQPHGLDWRDODWDUHDGHLQFRUSRUDUHVWDQXHYDYHUGDGGHODQDWXUDOH]DD
VXUHFLpQFUHDGR6HJXQGR*UDGR
(VLPSRUWDQWHUHFRUGDUTXHHO*UDGRGH&RPSDxHURGHOD&LHQFLDQRIXHXQDLQYHQFLyQVHHODERUy
FRQVHFFLRQHVWRPDGDVGHODPDVRQHUtDGLVWLQJXLGD\SRVLEOHPHQWHGHORVGRVJUDGRVRULJLQDOHVHO*UDGRGH
,QLFLDGR\HOUDQJRGH0DHVWURDxDGLHQGRQXHYRVHOHPHQWRVGRQGHIXHUDDGHFXDGR(VWRKDGDGRRULJHQD
XQD FRQWUDGLFFLyQ PD\RU GHQWUR GH HVWH ULWXDO VH OH GLFH DO FDQGLGDWR TXH VH KDFH XQD VHxDO VHFUHWD
VRVWHQLHQGRODVPDQRVGHFLHUWDPDQHUDSRUHQFLPDGHODFDEH]DFRPRORKLFLHUD-RVXp
&XDQGR-RVXpSHOHyODVEDWDOODVGHO6HxRUHQHO9DOOHGH-RVDIDWpVWDIXHODSRVWXUDTXHPDQWXYR\
RUyIHUYLHQWHPHQWHDO6HxRUSDUDTXHHO6ROVHTXHGDUDHQVXFXUVR\H[WHQGLHUDODOX]GHOGtDKDVWDTXHeO
KXELHUDFRPSOHWDGRODGHUURWDGH6XVHQHPLJRV
+D\XQDREYLDFRQWUDGLFFLyQHQTXHVHGLJDSULPHURTXHOD7LHUUDJLUDDOUHGHGRUGHO6RO\OXHJRTXH
'LRVGHWXYRHOFXUVRGHO6RODOUHGHGRUGHOD7LHUUDSDUDD\XGDUD-RVXp&UHHPRVTXHODKLVWRULDVHFRQVHUYy
SRUTXHHUDGHPDVLDGRYLHMDHLPSRUWDQWHFRPRSDUDTXLWDUODRFDPELDUODDSHVDUGHVXFRQWUDGLFFLyQFRQHO
QXHYRPDWHULDO
/D H[SOLFDFLyQ GH OD VHxDO GHO &RPSDxHUR GH OD &LHQFLD SDUHFH DSOLFDUVH D -RVXp SHUR HVWH
YHUVR GH KHFKR VH UHILHUH DO 9DOOH GH$MDOyQQR DO GH -RVDIDW -RVXp FRPR UHFRUGDUiQ IXH HO OtGHU GH ORV
LVUDHOLWDV GHVSXpV GH 0RLVpV SHUR HO 9DOOH GH -RVDIDW VH FRQYLUWLy HQ WHUULWRULR LVUDHOLWD GHVSXpV GH ORV
WLHPSRV GH 'DYLG FRPR \D PHQFLRQDPRV -RVDIDW HV RWUR QRPEUH GHO 9DOOH .LGURQ DO VXU \ DO HVWH GH
-HUXVDOpQ $QWHV GLVFXWLPRV FyPR OD OH\HQGD GH -RVXp GHO $QWLJXR 7HVWDPHQWR GHVFULEH D HVWH SHUVRQDMH
FRPR XQ KDELUX DVHVLQR \ GDGR DO SLOODMH VLQ QLQJXQD UHOHYDQFLD REYLD SDUD ORV SULQFLSLRV GH OD
IUDQFPDVRQHUtD (O SDVDMH HQ HO $QWLJXR 7HVWDPHQWR DO TXH VH DWULEX\H OD FLWD HV XQR GH ORV PXFKRV
HVSDQWRVRV UHFXHQWRV GH ODV PDWDQ]DV PDVLYDV GH KRPEUHV PXMHUHV \ QLxRV LQRFHQWHV PRWLYDGRV SRU OD
UDSDFLGDGGHPHURGHDGRUHVFRPR-RVXp\ODDSDUHQWHGHPHQFLDGH-HKRYi(OSDVDMHVHMDFWDGHFyPREDMR
ODVyUGHQHVGH'LRVFLQFRUH\HV\WRGRVVXVVXEGLWRV\DQLPDOHVIXHURQDVHVLQDGRVSRUHOYHQWDMRVRKDELUX\
GHFyPRGHODGRDODGRGHOWHUULWRULRQRGHMyUHVWRVVLQRTXHGHVWUX\yWRGRORTXHUHVSLUDEDFRPRHO6HxRU
'LRVGH,VUDHORUGHQy
3XHVWRTXHHVWH-RVXpHUDWDQSRFRPDVyQFRPRHUDSRVLEOH\DQWHFHGHDO7HPSORGHO5H\6DORPyQ
QR SRGHPRV LPDJLQDU SRU TXp DOJXLHQ SRGUtD VXSRQHU TXH HVWD SLH]D GH ULWXDO PDVyQLFR VH UHILHUD D pO D
PHQRVTXHLJQRUDUDQHVWDRWUDH[SOLFDFLyQ
+DEtD VLQ HPEDUJR RWUD ILJXUD EtEOLFD EDVWDQWH PiV HVSHFLDO FRQRFLGD SRU HO QRPEUH GH -RVXp
-RVKXD R <DKRVKXD TXH WLHQH XQD LPSRUWDQFLD YLWDO HQ OD IUDQFPDVRQHUtD \ TXLHQ SHOHy OD PiV JUDQGH
EDWDOOD GHO 6HxRU HQ HO 9DOOH GH -RVDIDW (VH KRPEUH SRU VXSXHVWR HUD -HV~V TXLHQ VH GHWXYR FRQ VXV
VHJXLGRUHV HQ HO +XHUWR GH *HWVHPDQt HO FXDO HVWi HQ HO 9DOOH GH -RVDIDW GRQGH ILQDOPHQWH FRQIURQWy \
EXVFyODGHUURWDGHVXVHQHPLJRV&RPRFRQRFtDODDQWLJXDKLVWRULDGH6HTHQHQUH7DR+LUDP$ELIHVSUREDEOH
TXHKD\DLPSORUDGRD'LRVTXHGHPDQHUDPHWDIyULFDGHWXYLHUDHOVROHQVXPHULGLDQRORTXHHUDXQDIRUPD
GHSHGLUOHTXHODVIXHU]DVGHODRVFXULGDGSHUPDQHFLHUDQHQVXSXQWRPiVGpELO\ODVIXHU]DVGHODERQGDG
HVWXYLHUDQHQORPiVDOWRPLHQWUDVGXUDUDHOFRQIOLFWRTXHVHDYHFLQDED3RUGHVJUDFLDSHUGLyHVDEDWDOODSHUR
JUDFLDVDORVWHPSODULRVFRQHOWLHPSRJDQyODJXHUUD
(VWH FRQRFLPLHQWR DGTXLHUH XQ VHQWLGR DEVROXWR SRU XQD H[SOLFDFLyQ GH RWUD IRUPD SHFXOLDU GH OD
VHxDOGHO&RPSDxHURGHOD&LHQFLDRGHO6HJXQGR*UDGR(QHOFDStWXORPRVWUDPRVFyPRHOGLVFXUVRGH
6DQWLDJR HQ OD FUXFXIL[LyQ \ VX VXEVHFXHQWH OLGHUD]JR GH OD ,JOHVLD VLJQLILFy TXH HVWDED SURIXQGDPHQWH
LPSUHVLRQDGRSRUODVDFFLRQHVGHVXKHUPDQR\QRHVLOyJLFRSHQVDUTXHXQHSLVRGLRWDQLPSRUWDQWHFRPRODV
RUDFLRQHV HQ HO +XHUWR GH *HWVHPDQt QR VH KXELHUDQ UHJLVWUDGR HQ ORV SHUJDPLQRV TXH GHVFXEULHURQ ORV
WHPSODULRV 6DQWLDJR \ ORV RWURV TXPUDQRV KXELHUDQ YLVWR OR TXH -HV~V KL]R HQ HO 9DOOH GH -RVDIDW FRPR
SHVKHU GH -RVXp \ HVWD LQWHUSUHWDFLyQ GH OD VHxDO GHO 6HJXQGR *UDGR GD VHQWLGR D XQ ULWXDO DQWHV
LQH[SOLFDEOH
/RVDQWLJXRVFDUJRV
(VHYLGHQWHTXHORVFDPELRVDOFRQWHQLGRGHODQWLJXRULWXDOIXHURQPtQLPRV\TXHORV$QWLJXRV&DUJRVGHOD
WUDGLFLyQRUDOVHHVFULELHURQSULPHURSDUDDVHJXUDUTXHQRRFXUULHUDQLQJXQDGHVYLDFLyQ:LOOLDP6FKDZVH
KL]RFRQRFLGRSRULQWHQWDUSURWHJHUORVOLQHDPLHQWRVDQFHVWUDOHVGHODRUGHQ\HQODDFWXDOLGDGKD\HYLGHQFLD
HVFULWDGHODHVHQFLDGHODIUDQFPDVRQHUtDSUHYLDDODVPHMRUDVTXHRUGHQy-DFRER9,\TXHOOHYDURQDFDER
6FKDZ %DFRQ \ RWURV([LVWHQ PXFKRV GH HVWRV GRFXPHQWRVXQR GH ORV FXDOHV HV HO 0DQXVFULWR GH ,xLJR
-RQHVGH\DXQTXHKD\GXGDVFRQUHVSHFWRDTXLpQHVVXDXWRUVHOHKDDWULEXLGRDOIDPRVRDUTXLWHFWR\
IUDQFPDVyQ6LQHPEDUJRPXFKRVH[SHUWRVKDQVXJHULGRTXHSXGRKDEHUVHHVFULWRFLQFXHQWDDxRVGHVSXpV
SRVLEOHPHQWH SRU XQ PLHPEUR GH OD ORJLD GH ,xLJR -RQHV 8Q GRFXPHQWR PiV FRQILDEOH HV HO 0DQXVFULWR
:RRG HVFULWR HQ HO PLVPR DxR HQ TXH *DOLOHR GHFODUy SRU SULPHUD YH] VXV RSLQLRQHV VREUH OD
HVWUXFWXUDGHOVLVWHPDVRODUHQSHUJDPLQRHQIRUPDGHRFKRWLUDVGREODGDVSDUDTXHUHVXOWDUDQGLHFLVpLVKRMDV
FRQWUHLQWD\GRVSiJLQDV(PSLH]DSRULGHQWLILFDUODVFLHQFLDVFRQODVTXHODPDVRQHUtDVLHPSUHVHKDUHODFLR
QDGR JUDPiWLFD UHWyULFD OyJLFD DULWPpWLFD JHRPHWUtD P~VLFD \ DVWURQRPtD eVWDV VRQ PDWHULDV FOiVLFDV
DQWLJXDVSHUGLGDVHQHOPXQGRFULVWLDQRGXUDQWHHORVFXUDQWLVPRGHOD(GDG0HGLD$SDUWLUGHOVLJOR[HQ
DGHODQWHVHOHVKDEtDUHFRQRFLGRDWUDYpVGHOFRQWDFWRFRQDFDGpPLFRViUDEHVHQ(VSDxD6LFLOLD\HOQRUWHGH
ÈIULFD\ORVSHQVDGRUHVJULHJRVHQ&RQVWDQWLQRSOD(QWUHRWUDVFRVDVUHGHVFXEULHURQORVWUDEDMRVSHUGLGRVGH
$ULVWyWHOHV DGHPiV ORV WUDEDMRV iUDEHV FLHQWtILFRV \ PDWHPiWLFRV VH WUDGXMHURQ SDUD ORV OHFWRUHV
RFFLGHQWDOHV(QORVLQLFLRVGHOVLJOR[YQVHUtDQRWUDYH]PDWHULDVQRUPDOHVSDUDWRGDVODVSHUVRQDVHGXFDGDV
\QRHUDQGHQLQJXQDPDQHUDSHFXOLDUHVGHODIUDQFPDVRQHUtD
(OPDQXVFULWR:RRGH[SRQHTXHODJHRPHWUtDHVODPiVJUDQGHGHODVFLHQFLDV\TXHORKDVLGRGHVGH
ORVSULPHURVWLHPSRV5DVWUHDODKLVWRULDGHODRUGHQDSDUWLUGHODVGRVFROXPQDVHQFRQWUDGDVGHVSXpVGHO
GLOXYLRGH1RpXQDKHFKDGHXQPiUPROTXHQRVHTXHPDUtDFRQIXHJRODRWUDGHXQDVXVWDQFLDFRQRFLGDHQ
ODOH\HQGDPDVyQLFDFRPRODWHUXVTXHQRVHGLVROYHUtDVXPHUJLUtDRKXQGLUtDHQDJXDDOJXQD8QDGHHVWDV
FROXPQDVVHHQFRQWUy\VREUHHOODHVWDEDQJUDEDGRVORVPLVWHULRVGHODVFLHQFLDVFRQEDVHHQORVFXDOHVORV
VXPHULRVGHVDUUROODURQXQFyGLJRPRUDOTXHSDVyDORVHJLSFLRVDWUDYpVGHOVXPHULR$EUDKDP\VXHVSRVD
6DUD /D HVFULWXUD GHVFULEH D eXFOLGHV HQVHxiQGROHV JHRPHWUtD D ORV HJLSFLRV GH TXLHQHV ORV LVUDHOLWDV OD
OOHYDURQD-HUXVDOpQ\TXHGLRFRPRUHVXOWDGRODFRQVWUXFFLyQGHO7HPSORGHO5H\6DORPyQ
$OJXQRVGHHVWRVPDQXVFULWRVGHOVLJOR[YQQRKDFHQUHIHUHQFLDD+LUDP$ELIORTXHKDSURYRFDGR
TXHDOJXQRVFUHDQTXHHOSHUVRQDMHIXHXQDLQYHQFLyQGHHVWHUHODWLYDPHQWHUHFLHQWHSHULRGR6LQHPEDUJRHO
QRPEUH +LUDP $ELI HUD VyOR XQD GHVLJQDFLyQ SDUD OD ILJXUD FHQWUDO WDPELpQ VH UHILHUHQ D pO FRPR
$\PRQ$\PHQ$PQRQ$ 0DQ R $PHQ \ DOJXQDV YHFHV %HQQDLP 6H GLFH TXH $PHQ HV OD SDODEUD HQ
KHEUHRTXHVLJQLILFDHOTXHWLHQHFRQILDQ]DRHOILHOORFXDOHQFDMDDODSHUIHFFLyQFRQHOSDSHOGH+LUDP
$ELI3HURWDPELpQVDEHPRVTXH$PyQR$PHQHVHOQRPEUHGHODQWLJXRGLRVFUHDGRUGH7HEDVODFLXGDGGH
6HTHQHQUH7DR¢3RGUtDKDEHUHQHVWRXQYtQFXORDQFHVWUDO"3HQVDPRVTXHVt
(OQRPEUH$0DQQRVLQWHUHVyGHPDQHUDSDUWLFXODUSRUTXHQRVWUDMRDODPHQWHODGHVFULSFLyQGHORV
HVFULWRUHVGHO/LEURGHO*pQHVLVHQDOTXHQRVUHIHULPRVHQHOFDStWXOR&RPRUHFRUGDUiQSHQVDPRV
TXHSRGtDVHUXQDGHVFULSFLyQGHODVHVLQDWRGH6HTHQHQUH
2KDOPDPtDQROOHJDURQGHQWURGHVXVHFUHWRDVXDVDPEOHDKRQRUPtRQRRVXQiLVSRUTXHHQVX
LUDDVHVLQDURQDXQKRPEUHDPDQHQLQJOpV\SRUSURSLDYROXQWDGSHUIRUDURQXQPXUR
¢(VSRVLEOHTXHODYtFWLPDVLQQRPEUHDSDUHQWHGHKHFKRVHHVWXYLHUDQRPEUDQGRDOUHIHULUVHD$
0DQHOSULPHUQRPEUHPDVyQLFRGH+LUDP$ELI\HOQRPEUHGHOGLRVFUHDGRUGH7HEDV"<¢HVFRLQFLGHQFLD
TXH ORV FULVWLDQRV GLJDQ $PpQ DO ILQDO GH VXV RUDFLRQHV FRPR XQD V~SOLFD SDUD TXH VXV GHVHRV VH KDJDQ
UHDOLGDG"
(O RWUR QRPEUH %HQQDLP KD FDXVDGR DOJXQDV GLILFXOWDGHV D ORV LQYHVWLJDGRUHV PDVyQLFRV 6H
REVHUYDTXHODWHUPLQDFLyQLPHQKHEUHRFRQYLHUWHHOWpUPLQRDOSOXUDOFRPRHQSHVKHULPHQWDQWRTXHOD
SULPHUDSDUWHVLJQLILFDFRQVWUXFWRU3RGUtDPRVLUPiVDOOi\VXJHULUTXHVHEDVDHQHODQWLJXRWpUPLQRHJLSFLR
FRQTXHVHGHQRPLQDDXQDFROXPQDVDJUDGDTXHHVWDEDFRURQDGDSRUXQDSHTXHxDSLUiPLGHOODPDGDSLHGUD
EHQEHQORTXHHQHIHFWRWHQGUtDPXFKRVHQWLGRFRPRXQDGHVFULSFLyQOLWHUDOGH+LUDP$ELI\XQDPHWiIRUD
GH-HV~V
1RVSDUHFHTXHHQORVWLHPSRVHQORVTXHODIUDQFPDVRQHUtDHUDIRUPDOL]DGDSRUHOHTXLSRGHOUH\
-DFRERFRQODXQLyQGHODVORJLDVHVSHFXODWLYDV\ODVRSHUDWLYDVGHORVWHPSODULRVGH5RVVO\QVXVRUtJHQHVVH
KDEtDQFRQIXQGLGR\SHUGLGRHQSDUWH/RVIUDQFPDVRQHVGHOVLJOR[YQWHQtDQXQDOtQHDGLUHFWDTXHUHWURFHGtD
FDVL KDVWD ORVLQLFLRV GH OD KLVWRULD GH OD KXPDQLGDG SHUR WRGDV ODV HWDSDV SRU ODV TXHORV PRWLYRV KDEtDQ
SDVDGRRVFXUHFtDQJUDQSDUWHGHODKLVWRULD6LQHPEDUJRDXQTXHQRWHQtDQFODURGHGyQGHSURYHQtDVXRUGHQ
VtHQWHQGtDQHOYDORUGHODVDELGXUtDTXHFRQWHQtD\VHIRUWDOHFLHURQFRQODROHDGDGHHUXGLFLyQTXHVXUJLyHQ
HOVLJOR[YQ/RVIUDQFPDVRQHVHVWDEDQOLVWRVSDUDVDFDUOHSURYHFKR
(QODFHUHPRQLDGH6HJXQGR*UDGRVHOHSUHJXQWDDOFDQGLGDWR¢FXiOHVVRQORVSHFXOLDUHVREMHWRVGH
LQYHVWLJDFLyQGHHVWHJUDGR"/DUHVSXHVWDTXHGHEHGDUHVORVPLVWHULRVRFXOWRVGHODQDWXUDOH]D\ODFLHQFLD
&XDQGRWHUPLQDGHKDFHUVHQXHYR&RPSDxHURGHOD&LHQFLDVHOHGLFHDKRUDVHHVSHUDGHWLTXHKDJDV
GH ORV DUWHV \ KXPDQLGDGHV WXV IXWXURV HVWXGLRV eVWD HUD XQD LQYLWDFLyQ TXH ORV JUDQGHV
IUDQFPDVRQHVGHPHGLDGRVGHOVLJOR;9,,QRSRGtDQUHFKD]DU+DELHQGRDQDOL]DGRHOGHVDUUROORGHOD
PDVRQHUtD HQ GLFKR VLJOR QXHVWUD WDUHD ILQDO HUD HQWHQGHU FyPR IXH TXH OD IUDQFPDVRQHUtD VLJXLy
LPSULPLHQGRVXPDUFDHQHOPXQGRPRGHUQR
(Q PXULy HO UH\ IUDQFPDVyQ -DFRER 9, \ VX VHJXQGR KLMR &DUORV OR VXFHGLy HQ HO
WURQR HO SULPRJpQLWR HO 3UtQFLSH (QULTXH KDEtD PXHUWR HQ (VWiEDPRV VHJXURV GH TXH HO
QXHYRUH\KDEUtDVHJXLGRORVSDVRVGHVXSDGUHDOFRQYHUWLUVHHQIUDQFPDVyQ(VVLJQLILFDWLYRTXH
YDULDV WXPEDV ULFDV HQ VLPEROLVPR IUDQFPDVyQLFR VH KD\DQ FRQVWUXLGR HQ OD PXUDOOD QRUWH GH OD
$EDGtDGH +RO\URRGHQ (GLPEXUJROD FXDOUHVWDXUySDUDVXSURSLDFRURQDFLyQHVFRFHVD HQ
1R REVWDQWH &DUORV WXYR XQ FRPLHQ]R GHVIDYRUDEOH D ORV RMRV GH OD PD\RUtD SURWHVWDQWH GH VX
SXHEOR FXDQGR VH FDVy FRQ 0DUtD (QULTXHWD OD &DWyOLFD OD SULQFHVD KLMD GHO 5H\ (QULTXH ,9 GH
)UDQFLD$OLJXDOTXH-DFRER&DUORVHUDXQILHOFUH\HQWHHQHOGHUHFKRGLYLQRGHORVUH\HVORTXH
H[KLEtDFRQDUURJDQFLD\OHFDXVDEDFRQIOLFWRVFRQHOSDUODPHQWRHVWDVLWXDFLyQOOHYySRU~OWLPRD
ODJXHUUDFLYLO(OMRYHQUH\HVWDEDPX\LQIOXHQFLDGRSRUVXDPLJRFHUFDQR*HRUJH9LOOLHUVSULPHU
'XTXHGH%XFNLQJKDPDTXLHQQRPEUyVXSULPHUPLQLVWURDSHVDUGHODGHVDSUREDFLyQJHQHUDO
&DUORV HVWXYR HQ SHUPDQHQWH GHVDFXHUGR FRQ VXV 3DUODPHQWRV GLVROYLHQGR D WUHV GH HOORV HQ WDQ
VyORFXDWURDxRVSRUKDEHUVHQHJDGRDFXPSOLUFRQVXVDUELWUDULDVGHPDQGDV&XDQGRHOWHUFHURGH
HVWRV 3DUODPHQWRV VH UHXQLy HQ SUHVHQWy OD 3HWLFLyQ GH 'HUHFKR GHFODUDFLyQ HQ OD TXH VH
H[LJtD TXH HO UH\ KLFLHUD FLHUWDV UHIRUPDV D FDPELR GH IRQGRV &DUORV IXH REOLJDGR D DFHSWDU OD
SHWLFLyQ SHUR OXHJR GH KDFHU HVWD FRQFHVLyQ UHVSRQGLy GHVWLWX\HQGR GH QXHYR DO 3DUODPHQWR \
HQFDUFHODQGR D YDULRV GH VXV OtGHUHV $O UH\ OH KDFtD IDOWD OD VDJDFLGDG SDUD OD DGPLQLVWUDFLyQ
SROtWLFDTXHWHQtDVXSDGUH \VXVFRQWLQXDVFRQIURQWDFLRQHVFRQHO3DUODPHQWROROOHYDURQDUHLQDU
RQFHDxRVVLQpVWH'XUDQWHHVWHWLHPSRLQWURGXMRH[WUDRUGLQDULDVPHGLGDVILQDQFLHUDVSDUDDMXVWDUVH
DORVJDVWRVJXEHUQDPHQWDOHVORTXHLQWHQVLILFy VXSURIXQGDIDOWDGHSRSXODULGDG(OUHLQR HQWHUR
FRPHQ]y D GHVHVtDELOL]DUVH EDMR VX JRELHUQR DXWRFUiWLFR \ DXQTXH HQ FXDOTXLHU RWUR PRPHQWR VHPHMDQWH
WUDVWRUQR VRFLDO SXGR KDEHU VLGR VyOR XQ HSLVRGLR LQFRQYHQLHQWH ODV SHFXOLDUHV FLUFXQVWDQFLDV GH DTXHO
WLHPSRSDUDGyMLFDPHQWHORKLFLHURQXQSHULRGRGHRSRUWXQLGDG$EXQGDURQQXHYRVWLSRVGHSHQVDPLHQWR\OD
UXSWXUDFRQODFRQWLQXLGDGGHOYLHMRRUGHQGHFRVDVHVWDEOHFLGRFRPELQyWRGDVODVSRVLELOLGDGHV
3XHGH VRQDU H[WUDxR FXDQGR VH R\H SRU SULPHUD YH] SHUR HPSH]DPRV D VHQWLU FDGD YH] PiV TXH
KDEtDSDUDOHORVSHUWLQHQWHVHQWUHHVWHSHULRGRGHOVLJOR ;9,, HQ,QJODWHUUD\ODVFLUFXQVWDQFLDVSUHYDOHFLHQWHV
HQ ,VUDHO HQ ORV WLHPSRV GH -HV~V \ HO PRYLPLHQWR QD]DUHQR (VWDV VLPLOLWXGHV KDUtDQ TXH ODV HQVHxDQ]DV
KDOODGDVHQODIUDQFPDVRQHUtDIXHUDQGHSDUWLFXODUUHOHYDQFLDSDUDORVSULQFLSDOHVJUXSRVLQYROXFUDGRVHQOD
JXHUUD FLYLO LQJOHVD (O SULPHUR GH HVWRV SDUDOHORV HVWi UHODFLRQDGR FRQ XQ FRQIOLFWR HQ HO SURFHVR GH
HVWDEOHFHUFRQWDFWRFRQ'LRV$OLJXDOTXHORVMXGtRVPLOVHLVFLHQWRVDxRVDWUiVFDVLWRGRHOSDtVSHQVDEDTXH
'LRV HUD HO FHQWUR GH WRGRV ORV DVXQWRV SHUR KDEtD XQD FUHFLHQWH GLYHUVLGDG GH RSLQLRQHV VREUH OD PHMRU
IRUPDGHUHODFLRQDUVHFRQpO(QORVWLHPSRVGH-HV~VHVWDEDQORVVDQHGULQHVTXLHQHVFRQVWLWXtDQODDXWRULGDG
GHVLJQDGD GHO 7HPSOR TXH HUD OD ~QLFD UXWD RILFLDO KDFLD -HKRYi \ ORV VDGXFHRV TXLHQHV UHFRQRFtDQ HO
JRELHUQRGHOHPSHUDGRUURPDQR,QFOXVRORVVXSXHVWDPHQWHKRQUDGRVIDULVHRVIXHURQDFXVDGRVSRU-HV~VGH
KDEHUSHUGLGRGHYLVWDODEDVHPLVPDGHVXIH\-HV~VVHRSRQtDGHPDQHUDDELHUWDDVXSRGHU(QQXHVWUD
RSLQLyQ-HV~VQRHUDQDGDPHQRVTXHXQUHSXEOLFDQRTXHLQWHQWDEDHVWDEOHFHUHOJRELHUQRGHODJHQWHMXVWD
VLHQGRpOHOOtGHUOHJLVODWLYRTXHGHIHQGHUtDODVOH\HVGH'LRV(QHPLJRGHOEXURFUDWLVPRTXHUtDGHVWLWXLUD
ORV DUURJDQWHV \ HJRtVWDV TXH SUHWHQGtDQ FRQWURODU OD UXWD KDFLD 'LRV 6LQ GXGD HVWDED HQ FRQWUD GH OR
HVWDEOHFLGR\SHQVDPRVTXHQRVLQUD]yQSXHGHGHVFULEtUVHOHFRPRXQSXULWDQRSDUDVXVWLHPSRVXQKRPEUH
TXHVHHVIRU]ySRUODVHQFLOOH]HOULJRUUHOLJLRVR\ODOLEHUWDG\TXHQRWXYRPLHGRGHOXFKDUSRUHOOR(QORV
VLJORV[YL\[YQOD,JOHVLD&DWyOLFDHUDGLULJLGDSRUFRQVHUYDGRUHVDFRPRGDWLFLRVTXHKDEtDQSHUGLGRGHYLVWD
ODGHYRFLyQSRUVXVLQIODGRVHJRV\VXLQVLVWHQFLDHQTXHVyORHO3DSDWHQtDHOGHUHFKRGHKDEODUFRQ'LRV
SDUHFtD\DJDVWDGDDDTXHOORVTXHWHQtDQHOLQJHQLR\ODRSRUWXQLGDGGHSHQVDUSRUVtPLVPRV
$OJXQDVGHODVFUtWLFDVDORVIDULVHRVKDOODGDVHQODUHFRQVWUXFFLyQGHOHYDQJHOLRRULJLQDOFRQRFLGR
FRPR 4 VH SDUHFHQ PXFKR DO WLSR GH DFXVDFLRQHV TXH ORV SXULWDQRV GHO VLJOR ;9,, OH KDFtDQ D OD ,JOHVLD
&DWyOLFD 5RPDQD $OJXQDV GH ODV SDODEUDV TXH VH OH DWULEX\HQ D -HV~V HQ 46 GHO HYDQJHOLR 4
UHFRQVWUXLGRQRVOODPDURQODDWHQFLyQSRUDGHFXDUVHPX\ELHQDHVWRVWLHPSRV
£$YHUJpQFHQVHIDULVHRV3RUTXHOLPSLDQDIXHUDGHODFRSD\HOSODWRSHURGHQWURHVWiQOOHQRVGH
DYDULFLDHLQFRQWLQHQFLD£7RQWRVIDULVHRVOLPSLHQHOLQWHULRU\HOH[WHULRUHVWDUiOLPSLRWDPELpQ
£$YHUJpQFHQVHIDULVHRV3RUTXHDPDQORVDVLHQWRVGHODQWHURVHQODVDVDPEOHDV\ORVVDOXGRVHQHO
PHUFDGR £$YHUJpQFHQVH 3RUTXH VRQ FRPR WXPEDV KHUPRVDV SRU IXHUD SHUR OOHQDV GH FRQ
WDPLQDFLyQSRUGHQWUR
£$YHUJpQFHQVH DERJDGRV 3RUTXH OH KDQ TXLWDGR DO SXHEOR OD OODYH GHO FRQRFLPLHQWR 8VWHGHV
PLVPRVQRHQWUDQDOUHLQRGH'LRV\VHORLPSLGHQDDTXHOORVTXHVtHQWUDUtDQ
4Xp IiFLO VHUtD FDPELDU ODV SDODEUDV IDULVHRV R DERJDGRV SRU FDUGHQDOHV SDUD FUHDU XQ SDVDMH TXH VRQDUtD
WRWDOPHQWHSXULWDQR
1XHVWUD VHJXQGD FRQH[LyQ HQWUH ORV GRV SHULRGRV FRQFLHUQH D OD WHUPLQDFLyQ GHO SRGHU SDSDO HQ
,QJODWHUUD\ODFRPELQDFLyQGHODVDXWRULGDGHVVDFHUGRWDOHV\VHJODUHVHQODILJXUDVRODGHOUH\3RUSULPHUD
YH] GHVGH HO HVWDEOHFLPLHQWR GH OD ,JOHVLD VH ORJUy OD DPELFLyQ GH -HV~V GH XQLU DPEDV FROXPQDV OD
VDFHUGRWDO \ OD UHDO HQ XQD 0LHQWUDV WUDEDMiEDPRV HQ HVWH DSpQGLFH GHFLGLPRV UHYLVDU PDWHULDO TXH
UHFRSLODPRVVREUHODJXHUUDFLYLOLQJOHVD'LPRVFRQXQDLOXVWUDFLyQGHOVLJOR[YLLTXHFRQILUPyWRGRORTXH
KDEtDPRV GHWHFWDGR FRQ UHVSHFWR D XQ YtQFXOR FRQ OD ,JOHVLD GH -HUXVDOHQ$O SULQFLSLR GH QXHVWUD
LQYHVWLJDFLyQ FHOHEUDPRV HQ YDULDV RFDVLRQHV HO KDEHU HQFRQWUDGR LQIRUPDFLyQ YDOLRVD TXH HQFDMDUD HQ
DOJXQDSDUWHGHOURPSHFDEH]DV3DUDHVWDHWDSDHPSH]iEDPRVDDFHSWDUTXHVHJXLUtDPRVFRVHFKDQGRJUDQGHV
SLH]DVGHHYLGHQFLDSRUTXHQXHVWUDWHVLVFHQWUDOHUDFRUUHFWD\HVWiEDPRVH[WUD\HQGRXQDVHULHFRQWLQXDGH
YHUGDGHVKLVWyULFDV/RTXHHQFRQWUDPRVHQHVWHPRPHQWRIXHXQJUDEDGRGHOVLJOR[YQTXHPRVWUDEDFRQ
GHWDOOHVJUiILFRVODVFROXPQDVUHDO\VDFHUGRWDOGHPLVKSDW\WVHGHTH[DFWDPHQWHFRPRODVSHUFLELPRVDOOHHU
ORVDQWLJXRV WH[WRVMXGtRV1R VyOR HUD VLPLODUD OD IRUPD HQ TXH YLVXDOL]DPRV HVWDLPDJLQHUtD FHQWUDO HUD
LGpQWLFDRFDVLLGpQWLFD
/D~QLFDGLIHUHQFLDUHDOHUDODILJXUDTXHUHSUHVHQWDEDODSLHGUDDQJXODUHQHVWDYHUVLyQHOUH\&DUORV,KDEtD
DVXPLGRHOSDSHOGHDPEDVFROXPQDVLGHQWLILFiQGRVHDVtPLVPRFRPRODSLHGUDDQJXODUTXHODVHQOD]DED
$TXt OD FROXPQD L]TXLHUGD HV WVHGHT HQ OD IRUPD GH OD ,JOHVLD FRURQDGR SRU OD ILJXUD GH OD YHUGDG OD
FROXPQDGHUHFKDHVPLVKSDWHQODIRUPDGHO(VWDGRFRURQDGDSRUODMXVWLFLD$~QPiVLQWHUHVDQWHHVTXHHO
UH\&DUORV,,FRQVWUX\yHVWHGLVHxRDODHQWUDGDGHOD&DVD+RO\URRGFXDQGRODUHVWDXUyGHVSXpVGHODJXHUUD
FLYLOHQ
$OXVDUHVWHVLPEROLVPRHO5H\&DUORV,VHJXtDORVSDVRVGH-HV~VSHURDOUH\OHIDOWDEDQWDQWROD
JUDQ EULOODQWH] GHO OtGHU MXGtR FRPR VX FODULGDG UHSXEOLFDQD -HV~V FUH\y TXH FXDQGR HO RUGHQ VRFLDO VH
LPSDUWLHUDDWRQRFRQODVOH\HVGH-HKRYiQRKDEUtDQHFHVLGDGGHOSDSHOGHXQVXPRVDFHUGRFLRDFWLYRSRU
TXH 'LRV DFWXDUtD GH PDQHUD GLUHFWD D WUDYpV GH VX UH\ WHUUHQDO SDUD PDQWHQHU XQ HVWDGR GH VKDORP HQ
FRQWUDVWH HO UH\ LQJOpV VyOR YHtD XQ SDSHO FRQMXQWR SDUD pO \ 'LRV VLJQLILFDED XQD ILJXUD GLVWDQWH /D
IUDQFPDVRQHUtD HVWDED WUDQVPLWLHQGR XQ DQWLJXR PHQVDMH TXH \D KDEtD SHUGLGR DOJR GH VX WUDVFHQGHQWDO
VLJQLILFDGRRULJLQDO
(Q ,QJODWHUUD DTXHOORV TXH EXVFDEDQ XQ QXHYR RUGHQ VRFLDO WXYLHURQ TXH SHOHDU DQWHV GH
HQFRQWUDUXQDVROXFLyQ~QLFDDVXVGLIHUHQFLDVXQDVROXFLyQTXHVDOLyGHOD&LHQFLD\TXHDVHJXUDUtD
ODFRQWLQXLGDGGHODPRQDUTXtDHQHO5HLQR8QLGRFXDQGRODVQDFLRQHVYHFLQDVPDQGDUDQPDWDUDVXV
JREHUQDQWHV
(OVXUJLPLHQWRGHORVUHSXEOLFDQRV
7UHV DxRV GHVSXpV GH TXH &DUORV , DFFHGLHUD DO WURQR XQ MRYHQ SOHEH\R FRQ LGHDV UHSXEOLFDQDV HQWUy DO
3DUODPHQWRFRPRPLHPEURSRU+XQWLQJGRQ6XQRPEUHHUD2OLYHU&URPZHOO\VXIDPLOLDHUDRULJLQDULDGH
*DOHV \ OOHYDED HO DSHOOLGR GH :LOOLDPV /RV :LOOLDPV VDOLHURQ GH OD RVFXULGDG JUDFLDV D ORV IDYRUHV GHO
PLQLVWUR GH (QULTXH 9,,,7KRPDV &URPZHOO WtR GHO WDWDUDEXHOR GH 2OLYHU \ DGRSWDURQ HO QRPEUH GH VX
EHQHIDFWRUHQUHFRQRFLPLHQWRGHODD\XGDTXHOHVEULQGDUD/DIDPLOLDUHFLpQOODPDGD&URPZHOOSURQWRVH
KL]R SURPLQHQWH HQ HO SXHEOR GH +XQWLQJGRQ HQ &DPEULGJHVKLUHHQ GRQGH 2OLYHU QDFLy HO GH DEULO GH
/RV DKRUD DFRPRGDGRV &URPZHOO HGXFDURQ D VX KLMR HQ HO SXHEOR FRQ XQ OtGHU SXULWDQR OODPDGR
7KRPDV %HDUG XQ KRPEUH TXH H[SUHVDED VLQ WDSXMRV VX GHVHR GH SXULILFDU OD ,JOHVLD GH ,QJODWHUUD GH ORV
HOHPHQWRVUHPDQHQWHVGHOD,JOHVLD&DWyOLFD5RPDQD0iVWDUGH&URPZHOODVLVWLyDO6LGQH\6XVVH[&ROOHJH
SUHGRPLQDQWHPHQWH SXULWDQR \ D OD 8QLYHUVLGDG GH &DPEULGJH \ WDPELpQ HVWXGLy OH\HV HQ /RQGUHV (Q
DJRVWRGHVHFDVyFRQ(OL]DEHWK%RXUFKLHU\UHJUHVyD+XQWLQJGRQSDUDDGPLQLVWUDUODKHUHQFLDGHVX
SDGUH\KDFHUVHPLHPEURGHO3DUODPHQWRSRU+XQWLQJGRQRFKRDxRVPiVWDUGH
'XUDQWHODGpFDGDVLJXLHQWH&URPZHOOGHVDUUROOyXQHYLGHQWHHQIRTXHSXULWDQR\VXIRUWXQDSHUVRQDO
VH UHGXMR SDUD DXPHQWDU GH QXHYR FXDQGR KHUHGy FLHUWD SURSLHGDG HQ (O\ GHO WtR GH VX HVSRVD (Q &URPZHOOUHJUHVyDO3DUODPHQWRMXVWRFXDQGRODVUHODFLRQHVHQWUHHOUH\&DUORV,\ORVSXULWDQRVDOFDQ]DURQ
VXHWDSDGHFULVLV\HOFRQIOLFWRVHKL]RLQHYLWDEOH'RVDxRVPiVWDUGHHOGHDJRVWRGHHVWDOOyOD
JXHUUDFLYLOHQWUHHO3DUODPHQWRGRPLQDGRSRUSXULWDQRV\DTXHOORVTXHDSR\DEDQDOUH\/DDVWXWDPHQWH
PLOLWDUGH&URPZHOOSURQWRHQWHQGLyTXHODSDVLyQUHOLJLRVDSRGUtDSURGXFLUHOHVStULWXGHOXFKDTXHJDQDODV
EDWDOODV\UiSLGDPHQWHUHXQLyXQUHJLPLHQWRGHYROXQWDULRVRVMLQHWHVSDUDTXHSHOHDUDQDOODGRGHORVSDUOD
PHQWDULRV(QORVSULPHURVGRVDxRVGHJXHUUDOXHJRGHTXHDPERVODGRVDUPDURQVXVHMpUFLWRVORVUHDOLVWDV
R FDEDOOHURV FRPR VH OHV FRQRFtD DOFDQ]DEDQ FDGD YH] PiV YLFWRULDV 'HVSXpV GH XQD VDQJULHQWD SHUR
LQGHFLVLYDEDWDOODHQ(GJHKLOO:DUZLFNVKLUHHQRFWXEUHGHSDUHFtDTXHORVPRQDUTXLVWDVDYDQ]DUtDQ
KDFLD/RQGUHVSHURVHOHVORJUyGHWHQHU$OILQDOGHOSULPHUDxRGHJXHUUDORVUHDOLVWDVKDEtDQWRPDGRFDVL
WRGD ,QJODWHUUD H[FHSWR /RQGUHV \ HO ODGR HVWH GHO SDtV /D KDELOLGDG GH &URPZHOO FRPR FRPDQGDQWH VH
UHFRQRFLy\SDUDHVWHWHVWDUXGRVROGDGRVHFRQYLUWLyHQ7HQLHQWH*HQHUDOEDMRODVyUGHQHVGH(GZDUG
0RQWDJX&RQGHGH0DQFKHVWHU6XDVFHQVRIXHELHQPHUHFLGRSXHVFRQGXMRDODVIXHU]DVSDUODPHQWDULDV
FRQRFLGDVFRPRORV&DEH]DV5HGRQGDVDODYLFWRULDHQODFUXFLDOEDWDOODGH0DUVWRQ0RRUJDQiQGRVHpO\VX
UHJLPLHQWRHOQRPEUHGHKRPEUHVGHKLHUUR
(VWDYLFWRULDUHVXOWyVHUXQPRPHQWRFUXFLDOSDUDORVSDUODPHQWDULRV\ORVUHDOLVWDVIXHURQGHUURWDGRV
GH QXHYR SRUHO (MpUFLWR GHO 1XHYR0RGHORGH 6LU7KRPDV )DLUID[ HQ 1DVHE\/HLFHVWHUVKLUH /RVFDEH]DV
UHGRQGDVIXHURQJDQDQGREDWDOODWUDVEDWDOODKDVWDTXH2[IRUGODFDSLWDOGHORVUHDOLVWDVFD\yHOGHMXQLR
GH \ &DUORV TXLHQ VH KDEtD UHQGLGR DQWH ORV HVFRFHVHV IXH WUDVODGDGR DO 3DUODPHQWR \ KHFKR
SULVLRQHUR (O SREODGR GH 6WDIIRUGVKLUH HQ /LFKItHOG UHVLVWLy XQD FXDQWDV VHPDQDV SHUR OD SULPHUD \ PiV
LPSRUWDQWHSDUWHGHODJXHUUDFLYLOKDEtDWHUPLQDGR
0XFKRV REVHUYDGRUHV FUHHQ TXH HO PLVPR 2OLYHU &URPZHOO HUD IUDQFPDVyQ \ DXQTXH QR SDUHFH
H[LVWLUQLQJ~QUHJLVWURGHILQLWLYRTXHSUXHEHHVWHDUJXPHQWRHVEDVWDQWHSUREDEOH&LHUWDPHQWHVXVXSHULRU\
DPLJR FHUFDQR 6LU7KRPDV )DLUID[ HUD XQ PLHPEUR GH OD &LHQFLD \ HQ OD ILQFD GH VX IDPLOLD HQ ,ONOH\
<RUNVKLUHWRGDYtDKD\XQWHPSORPDVyQLFRDOFXDOVHHQWUDGHODELEOLRWHFDEDMDQGRXQDHVFDOHUDHQHVSLUDO
TXH FRQGXFH D XQ FXDUWR FRQ ORVHWDV EODQFDV \ QHJUDV \ GRV FROXPQDV DXWRHVWDEOHV (Q OD DFWXDOLGDG OD
FRQVWUXFFLyQHVODRILFLQDFHQWUDOGHXQDHPSUHVDGHFRQWUDWLVWDVHOpFWULFRVSHURDXQRVFXDQWRVNLOyPHWURV
HQODYLOODGH*XLVOH\D~QH[LVWHXQDORJLDOODPDGD)DLUID[
8QDGHODVPHMRUHVIXHQWHVGHLQIRUPDFLyQVREUHODIUDQFPDVRQHUtDGXUDQWHHVWHSHULRGRIXHHOGLDULR
GH(OLDV$VKPROHXQDIRUPLGDEOHFROHFFLyQGHVHLVYRO~PHQHV\XQRDGLFLRQDOGHtQGLFH(OELEOLRWHFDULRGH
ODXQLYHUVLGDGGH5REHUWVHVRUSUHQGLyDOYHUTXHpVWHWRPDEDORVVLHWHYRO~PHQHVGXUDQWHXQYHUDQRFRQOD
LQWHQFLyQ GH OHHUORV WRGRV +DEtDPRV GLVFXWLGR FyPR DYHULJXDU PiV DFHUFD GHO SHULRGR \ pUDPRV GH OD
RSLQLyQ GHTXHSXHVWR TXH IXH HO SHULRGR GHORV JUDQGHV GLDULVWDVXQD EXHQDIRUPD GH FRQRFHU PiV VREUH
DTXHOORV WLHPSRV VHUtD OHHUORV 1R VDEtDPRV OR TXH EXVFiEDPRV SRU OR TXH KXER GH OHHUVH WRGR 1R IXH
WUDEDMRSHUGLGRSRUTXHHQFRQWUDPRVGDWRVUHIHUHQWHVDFLHUWDVUHXQLRQHVPX\H[WUDxDVTXHDUURMDURQOX]VREUH
ORVVXFHVRVTXHFRQGXMHURQDODIRUPDFLyQGHOD6RFLHGDG5HDO\OD5HVWDXUDFLyQ
(OLDV$VKPROHHUDHO,QVSHFWRUGH$UWLOOHUtDGHO5H\HQ2[IRUGDOPRPHQWRGHODUHQGLFLyQ\WDPELpQ
XQDGHODVILJXUDVPiVLPSRUWDQWHVHQODKLVWRULDRILFLDOGHODIUDQFPDVRQHUtD&XDWURPHVHVGHVSXpVGHKDEHU
YLVWRDVXVFDPDUDGDVSHUGHUODJXHUUD$VKPROHYLDMyD:DUULQJWRQSDUDVHULQLFLDGRHQOD&LHQFLD/DSDUWH
GHVXGLDULRGHGLFDGDDOGHRFWXEUHGHGLFH
+30 )XL FRQYHUWLGR HQ IUDQFPDVyQ HQ :DUULQJWRQ /DQFDVKLUH FRQ HO &RURQHO +HQU\
0DLQZDULQJGH.DULQFKDPHQ&KHVKLUH
/RV QRPEUHV GH DTXHOORV TXH HQWRQFHV SHUWHQHFtDQ D OD ORJLD VRQ HO 6U 5LFK 3HQNHW :DUGHQ 6U -DPHV
&ROOLHU6U5LFK6DQNH\+HQU\/LWWOHUMRKQ(8DP5LFK(OODP\+XJK%UHZHU
6LELHQHQDTXHOORVGtDVWUDVODGDUVHGH2[IRUGD:DUULQJWRQVHJXUDPHQWHHUDXQDUGXR\ODUJRYLDMH
DOGtDVLJXLHQWHGHVXLQLFLDFLyQ$VKPROHSDUWLyGHQXHYRHVWDYH]KDFLDHOIXHUWHSDUODPHQWDULRGH/RQGUHV
+DFHUDOJRDVtHUDH[WUDxRSRUTXHODWHQVLyQWRGDYtDHUDDOWD\WRGRVORVRILFLDOHVH[UHDOLVWDVWHQtDQSURKLELGR
DFHUFDUVHDWUHLQWDNLOyPHWURVGHODFLXGDGGH/RQGUHV'DGRTXHKDFtDWDQSRFRTXH$VKPROHKDEtDVHUYLGR
FRPR,QVSHFWRUGH$UWLOOHUtDGHO5H\QRSRGtDHVSHUDUSDVDUVLQTXHORUHFRQRFLHUDQSRUORTXHGHELyKDEHU
WHQLGRXQDEXHQDUD]yQSDUDLUDVtFRPRXQDJDUDQWtDGHSURWHFFLyQ8QDQRWDFRQIHFKDGHOGHPD\RGH
HQORVGRFXPHQWRVGHOD2ILFLQDGHO5HJLVWUR3~EOLFR'RFXPHQWRV,QWHUQRVGHO(VWDGR,QWHUUHJQXP
$FRQILUPDQODH[WUDxDQDWXUDOH]DGHODYLVLWD\TXHQRVHWUDWyGHXQDUUHJORWHPSRUDO
eO$VKPROHHVWDEOHFLyVXUHVLGHQFLDHQ/RQGUHVQRREVWDQWHOD/H\GHO3DUODPHQWRHVWLSXODQGROR
FRQWUDULR
+D\EXHQDVUD]RQHVSDUDVXSRQHUTXHHOIUDQFPDVyQUHDOLVWDSXGRYLYLUDELHUWDPHQWHHQ/RQGUHVSRU
PXFKRVDxRV\TXHVHUHODFLRQyFRQSDUODPHQWDULRVGHDOWRUDQJR6LQGXGDHVWRVHGHELyDOKHFKRGHTXHHUD
IUDQFPDVyQ \ SRU OR WDQWR PLHPEUR GH OD ~QLFD RUJDQL]DFLyQ QR UHOLJLRVD QL SROtWLFD TXH RIUHFtD XQD
HVWUXFWXUD IUDWHUQDO HQ OD TXH XQ FDEDOOHUR SRGtD HQFRQWUDUVH FRQ XQ FDEH]D UHGRQGD \ XQ FDWyOLFR FRQ XQ
SXULWDQRVLQPLHGR\VLQPDOLFLD8QDYH]PiVHOGLDULRGH$VKPROHQRVSURSRUFLRQyYDOLRVDLQIRUPDFLyQ
(QODVHFFLyQGHOGHMXQLRGHVHOHH
++$0(OGRFWRU:LONLQV\HO6U:UHQYLQLHURQDYLVLWDUPHHQ%ODFNIULHUVeVWDIXHODSULPHUDYH]
TXHYLDOGRFWRU
(OVHxRU:UHQDOTXHVHUHILHUHHVHOJUDQDUTXLWHFWR6LU&KULVWRSKHU:UHQTXLHQFRQVWUX\yPXFKDVLJOHVLDV
KHUPRVDVLQFOX\HQGROD&DWHGUDOGH6DQ3DEOROXHJRGHTXHODFLXGDGGH/RQGUHVTXHGyGHVWUXLGDFDVLSRU
FRPSOHWRHQHOJUDQLQFHQGLRGH:UHQSXGRKDEHUVLGRIUDQFPDVyQSHURQRKD\HYLGHQFLDVDOUHVSHFWR
\ DOJXQDV VXJLHUHQ TXH QR OR HUD (O GRFWRU:GNLQV SRU RWUR ODGR HUD GHILQLWLYDPHQWH XQ PLHPEUR GH OD
&LHQFLD$OPRPHQWRGHHVWDUHXQLyQ-RKQ:LONLQVHUDGLUHFWRUGHO:DGKDP2[IRUG&ROOHJHGHOFXDO:UHQ
HUDPLHPEURSHURPiVWDUGHVHFRQYLUWLyHQ2ELVSRGH&KHVWHU\PLHPEURIXQGDGRUGHOD6RFLHGDG5HDO
:LONLQVHUDSURSDUODPHQWDULR\XQSXULWDQRGHPXFKRWLHPSRHUDHVSRVRGH5RELQDODKHUPDQDGH2OLYHU
&URPZHOO\FDSHOOiQGHOPLVPR&URPZHOO
3DUDFXDQGR$VKPROHFRQRFLyD:LONLQVWHQtDVHLVDxRVHQ/RQGUHV\PXFKRKDEtDSDVDGRHOUH\
KDEtDUHQRYDGRODJXHUUDFRQODD\XGDGHORVHVFRFHVHVSHURIXHGHUURWDGR\KHFKRSULVLRQHURHQ3UHVWRQ\
XQUH\IUDQFPDVyQDFDEySHUGLHQGRDQWHXQSDUODPHQWDULRIUDQFPDVyQ(OGHHQHURGH&DUORV,IXH
VRPHWLGRDMXLFLRHQ:HVWPLQVWHU+DOOHQ/RQGUHV(OUH\VHUHKXVyDUHFRQRFHUODOHJDOLGDGGHOWULEXQDO\QR
SUHVHQWyGHIHQVDDOJXQDHQUHVSXHVWDDORVFDUJRVGHWLUDQRDVHVLQR\HQHPLJRGHODQDFLyQ\XQDVHPDQD
PiVWDUGHIXHVHQWHQFLDGRDPXHUWH\GHJROODGRHQS~EOLFRHOGHHQHUR8QDYH]GHVDSDUHFLGDODPRQDUTXtD
\FRQ,QJODWHUUDEDMRVXFRQWUROODSULPHUDWDUHDGH&URPZHOOIXHHOVRPHWLPLHQWRGH,UODQGD\(VFRFLD/DV
PDWDQ]DV TXH VLJXLHURQ D OD FDSWXUD GH 'URJKHGD \ :H[IRUG IXHURQ WHUULEOHV \ H[FHVLYDV UHVXOWDGR GH VX
DUGLHQWHRGLRHQFRQWUDGHORVLUODQGHVHV\GHORVFDWyOLFRVURPDQRV(OQRPEUHGH2OLYHU&URPZHOOSURYRFD
D~QWHPRU\FRUDMHHQ,UODQGDWUHVFLHQWRVFLQFXHQWDDxRVGHVSXpVGHORVXFHGLGR
(VFRFLDIXHHOEODQFRGHODFyOHUDGH&URPZHOOHQGRQGHGHVWUX\yFDVWLOORVPRQiUTXLFRVHLJOHVLDV
FDWyOLFDV VLHPSUH TXH WXYR OD RSRUWXQLGDG &RPR YLPRV DQWHV HO VDQWXDULR PDVyQLFR GH 5RVVO\Q HUD
FRQRFLGR SRU OR TXH VLJQLILFDED WDQWR SDUD &URPZHOO FRPR SDUD HO JHQHUDO *HRUJH 0RQN \ SRU OR WDQWR
VREUHYLYLyLQWDFWRDODJXHUUD
$ SHVDU GHO WDOHQWR GH &URPZHOO SDUD OD YLROHQFLD VX p[LWR PiV LPSRUWDQWH IXH PDQWHQHU SD] \
HVWDELOLGDG UHODWLYDV \ SDUDGyMLFDPHQWH VX SURYLVLyQ GH XQD HVWUXFWXUD TXH SHUPLWLy FLHUWD WROHUDQFLD
UHOLJLRVD $XQTXH QR TXHUtD D ORV FDWyOLFRV SHUPLWLy D ORV MXGtRV H[SXOVDGRV GH ,QJODWHUUD GHVGH UHJUHVDUHQXQDDFFLyQGHULYDGDGHVXFRQRFLPLHQWRGHOULWXDOPDVyQLFR/DYLJRURVDSROtWLFDH[WHULRU
GH&URPZHOO\ORVORJURVGHVXHMpUFLWR\GHVXDUPDGDOHGLHURQD,QJODWHUUDXQSUHVWLJLRLQWHUQDFLRQDOTXH
QRKDEtDGLVIUXWDGRSRUPiVGHPHGLRVLJOR
&RQHOGHJROODPLHQWRGH&DUORVHOWURQRGH,QJODWHUUDTXHGyDEDQGRQDGR\HOSDtVVHFRQYLUWLyHQOD
SULPHUDUHS~EOLFDSDUODPHQWDULDGHOPXQGRHQXQSHULRGRFRQRFLGRFRPRHO&RPPRQZHDOWKRODUHS~EOLFD
(O VLJXLHQWH DxR HO KLMR GHO UH\ PXHUWR &DUORV DUULEy D (VFRFLD SDUD FRQWLQXDU OD JXHUUD HQ IXH
FRURQDGR UH\ GH HVH SDtV \ SURQWR LQYDGLy ,QJODWHUUD (O QXHYR UpJLPHQ SDUODPHQWDULR HVWDED PX\ ELHQ
HVWDEOHFLGR\RUJDQL]DGRFRPRSDUDVHUWUDVWRUQDGRSRUHVWHYDOLHQWHSHURPDOSODQLILFDGRDWDTXH\&DUORV
IXHGHUURWDGRHQ:RUFHVWHUWXYRVXHUWHGHSRGHUKXLUD)UDQFLD
(QWRGRHVWHWXPXOWXRVRWLHPSRHOH[,QVSHFWRUGH$UWLOOHUtDSDUDHODQWLJXRUH\YLYtDVLQSUREOHPDV
HQ HO /RQGUHV GH &URPZHOO \ VH DVRFLDED FRQ DOJXQRV GH ORV PiV LQWHOLJHQWHV H LQIOX\HQWHV KRPEUHV GH
DPERVODGRV(VREYLRTXH$VKPROHWHQtDSHUPLVRGHOQLYHOPiVDOWRSDUDLUWUDVXQDPLVLyQTXHWUDVFHQGtDOD
SROtWLFD\SXHVWRTXHORTXHFRQVWUXtDVHGHULYDEDSRUFRPSOHWRGHODIUDQFPDVRQHUtDVHHVWDEDFRQYLUWLHQGR
HQDOJRPX\QXHYRHLPSRUWDQWH
$VKPROH VH KL]R DPLJR \ FRQRFLGR GH DVWUyORJRV PDWHPiWLFRV ItVLFRV \ RWURV LQGLYLGXRV TXH
DXPHQWDEDQ VX FRQRFLPLHQWR GH ORV PLVWHULRV RFXOWRV GH OD QDWXUDOH]D \ OD FLHQFLD FRPR HO UHGHILQLGR
6HJXQGR *UDGR GH OD)UDQFPDVRQHUtD GH )UDQFLV %DFRQ UHTXHUtD (O DVXQWR \D VH VDEtD KDEtDXQ FROHJLR
LQYLVLEOH XQD VRFLHGDG GH FLHQWtILFRV TXH QR SRGtD VHU LGHQWLILFDGD FRPR JUXSR SHUR FX\D SUHVHQFLD HUD
HYLGHQWH
&URPZHOO PXULy GH IRUPD QDWXUDO HO GH VHSWLHPEUH GH \ IXH HQWHUUDGR HQ OD $EDGtD GH
:HVWPLQVWHU 6X KLMR 5LFDUGR D TXLHQ QRPEUy VX VXFHVRU HUD GpELO \ QR SXGR UHWHQHU HO SRGHU (O SDtV
SURQWR HPSH]y D VXPLUVH HQ OD DQDUTXtD SHUR GHWXYR OD FDtGD HO FRPDQGDQWH GHO HMpUFLWR HQ (VFRFLD HO
JHQHUDO*HRUJH0RQNTXLHQHQWUyD/RQGUHVFRQVXVWURSDVHQPD\RGH0RQNDQXOyDO3DUODPHQWRH
KL]R TXH VH UHVWDXUDUD OD PRQDUTXtD FRORFDQGR D &DUORV ,, HQ HO WURQR (O QXHYR UH\ QR WDUGy HQ EXVFDU
YHQJDUVHGHOKRPEUHTXHWDQWRGRORUOHFDXVyKL]RTXHGHVHQWHUUDUDQHOFXHUSRGH&URPZHOO\FROJDUDQVX
FXHUSRHQSXWUHIDFFLyQFRPRWUDLGRUDQWHVGHTXHVXFDEH]DIXHUDSXHVWDHQXQDVWDVREUH:HVWPLQVWHU+DOO
6XUJHOD6RFLHGDG5HDO
(O FDPELR GH OD UHS~EOLFDGH UHJUHVR D OD PRQDUTXtDELHQ SXGR KDEHU VLGR ELHQYHQLGR SRU $VKPROH HQ OR
SHUVRQDO SHUR WDPELpQ WUDMR EHQHILFLRV DO FROHJLR LQYLVLEOH (Q HO UH\ &DUORV ,, OH RWRUJy XQ GHFUHWR
UHDO FUHDQGR DVt OD 6RFLHGDG 5HDO OD SULPHUD DVDPEOHD PXQGLDO GH FLHQWtILFRV H LQJHQLHURV GHGLFDGRV DO
HQWHQGLPLHQWRGHODVPDUDYLOODVFUHDGDVSRUHO*UDQ$UTXLWHFWRGHO8QLYHUVR/DVOLEHUWDGHVKLOYDQDGDVHQHO
WHODUGHODIUDQFPDVRQHUtDIXQGDURQHQSULPHUDLQVWDQFLDXQDUHS~EOLFDMRYHQ\FXDQGRpVWDIUDFDVyGLHURQ
SDVR D OD RUJDQL]DFLyQ TXH LPSXOVDUtD ORV OtPLWHV GHO FRQRFLPLHQWR KXPDQR SDUD FUHDU XQD pSRFD GH
LOXPLQDFLyQ\FRORFDUORVFLPLHQWRVGHODVRFLHGDGLQGXVWULDOL]DGDGHORVVLJORV[L[\[[
(OEUHYHLQWHUYDORSRUHOTXHSDVy,QJODWHUUDFRPRUHS~EOLFDQRVHGHVSHUGLFLyDSDUWLUGHHQWRQFHV
ORVPRQDUFDVROYLGDURQODQRFLyQSULPLWLYDGHOGHUHFKRGLYLQRGHJREHUQDU\UHLQDURQDWUDYpVGHODIHFWRGHO
SXHEOR\ODDXWRULGDGGHOD&iPDUDGHORV&RPXQHVTXHDERJDEDSRUODYROXQWDGGHPRFUiWLFDGHODQDFLyQ
(QDxRVYHQLGHURVHOGHUHFKRGHPRFUiWLFRVHH[WHQGLyDORVSREUHV\FRQHOWLHPSRDODVPXMHUHVODYLVLyQ
GHOKRPEUHOODPDGR-HV~VWDUGyPXFKRHQOOHJDU
$HVWDVDOWXUDVGHQXHVWUDLQYHVWLJDFLyQQRWHQtDPRVGXGDGHTXHODIUDQFPDVRQHUtDOOHYDFRQVLJROD
VHPLOODGHODPHQWDOLGDGGHORVQD]DUHQRV\HQSDUWLFXODUODGH-HV~V\GHLJXDOIRUPDSRGHPRVHVWDUVHJXURV
GHTXHOD6RFLHGDG5HDOJHUPLQyGHXQDLQFXEDGRUDGHSHQVDPLHQWROLEHUDGDSRUODGHILQLFLyQGH%DFRQGHO
6HJXQGR*UDGRGHODIUDQFPDVRQHUtDPXFKRDQWHVGHTXHJHQWHFRPR$VKPROH\:LONLQVMXQWDUDQODVSLH]DV
GHVSXpVGHORVWUDXPDVGHODJXHUUDFLYLO-RKQ:DOOLVHPLQHQWHPDWHPiWLFRGHOVLJOR[YLLHVFULELyVREUHVXV
UHFXHUGRVGHORVLQLFLRVGHOD6RFLHGDG5HDO
&RQVLGHURTXHVXSULPHUDEDVH\FLPLHQWRVHGLRHQ/RQGUHVDOUHGHGRUGHODxRGHVLQRDQWHV
FXDQGRHOGRFWRU:LONLQVHQWRQFHVFDSHOOiQGHO3UtQFLSH(OHFWRU3DODWLQRHQ/RQGUHV\RWURVVHUHXQtDQHQ
XQ GtD \ KRUD GHWHUPLQDGRV EDMR XQD SHQDOLGDG GHWHUPLQDGD XQD FRQWULEXFLyQ VHPDQDO SRU FDUJRV \
H[SHULPHQWRV \ FLHUWRV UHJODPHQWRV DFRUGDGRV SRU QRVRWURV &XDQGR SDUD HYLWDU GLVWUDFFLRQHV KDFLD RWUDV
GLVHUWDFLRQHV \ SRU DOJXQDV RWUDV UD]RQHV H[FOXtDPRV WRGDV ODV FKDUODV VREUH OD GLYLQLGDG ORV DVXQWRV GH
(VWDGR\GHLQIRUPDFLyQGLVWLQWRVGHORFRQFHUQLHQWHDQXHVWURVWHPDVGHILORVRItD
(VWDGHVFULSFLyQGHODVUHXQLRQHVLQLFLDOHVGHORVQXHYRVSHQVDGRUHVHVVLQGXGDDOJXQDPDVyQLFD
/DVUHXQLRQHVVHPDQDOHVDXQDKRUDFRQRFLGDODVSHQDOLGDGHVFRQRFLGDV\ODDEVROXWDDEVWLQHQFLDGHWRGRV
ORVWHPDVUHIHUHQWHVDSROtWLFD\UHOLJLyQVLJXHQVLHQGRGLVWLQWLYRVGHXQDORJLDIUDQFPDVRQD
/D LQGLVFUHFLyQ TXH :DOOLV FRPHWLy IXH FRUUHJLGD SRU OD MHUDUTXtD PDVyQLFD GH OD 6RFLHGDG 5HDO
LQLFLDOTXHFRPLVLRQyD6SUDWWSDUDTXHHVFULELHUDODKLVWRULDRILFLDOGHGLFKDVRFLHGDG\HQODFXDOQR
KDFHPHQFLyQGHODVOH\HVPDVyQLFDVTXH:DOOLVUHYHOyGHPDQHUDLQFDXWD
8QR GH ORV FLHQWtILFRV FRQ PiV LQIOXHQFLD UHODFLRQDGR FRQ $VKPROH IXH 5REHUW +RRNH TXLHQ IXH
QRPEUDGRSULPHUFXUDGRUGHH[SHULPHQWRVGHOD6RFLHGDG5HDO6XVSUROtILFRVH[SHULPHQWRVGHPRVWUDFLRQHV
\GLVFXUVRVGHORVVLJXLHQWHVTXLQFHDxRVIXHURQXQIDFWRULPSRUWDQWHSDUDODVREUHYLYHQFLDGHODVRFLHGDG
GXUDQWHVXSULPHUSHULRGR+RRNHIXHXQRGHORVWUHVSULPHURVHQLQVSHFFLRQDUODFLXGDGGHVSXpVGHOJUDQ
LQFHQGLRGH/RQGUHV\WDPELpQXQRGHORVSULPHURVHQVXJHULUHOXVRGHOPLFURVFRSLRSDUDODLQYHVWLJDFLyQ
ELROyJLFDDFXxDQGRHOXVRGHODSDODEUDFpOXODHQODELRORJtDPRGHUQD
7RGRVORVJUDQGHVKRPEUHVGHODpSRFDEXVFDEDQXQLUVHDOD6RFLHGDG5HDO\TXL]iHOPiVJUDQGHGH
HOORV IXH 6LU ,VDDF 1HZWRQ TXLHQ REWXYR ORJURV GH HQRUPH LPSRUWDQFLD LQFOX\HQGR XQ DVRPEURVR \
GHWDOODGR DQiOLVLV GH OD HVWUXFWXUD JUDYLWDFLRQDO GHO XQLYHUVR (Q 1HZWRQ IXH HOHJLGR 0LHPEUR GH OD
6RFLHGDG5HDO\HQHOPLVPRDxRSXEOLFyVXSULPHUSHULyGLFRFLHQWtILFRVREUHVXQXHYDWHRUtDGHOX]\FRORU
HQ ODV 3KLORVRSKLFDO 7UDQVDFWLRQV RIWKH 6RFLHW\ 8Q FXDUWR GH VLJOR GHVSXpV GH TXH OD 6RFLHGDG 5HDO
REWXYLHUDVXGHFUHWRUHDO1HZWRQSXEOLFy3KLORVRSKLDH1DWXUDOLV3ULQFLSLD0DWEHPDWLFDR3ULQFLSLDFRPR
XPYHUVDOPHQWH VH OH FRQRFH (VWH WUDEDMR WDQ QRWDEOH HV GH FRP~Q DFXHUGR HO PiV JUDQGH GH ORV OLEURV
FLHQWtILFRVTXHMDPiVVHKD\DHVFULWR
6LELHQFDVLWRGRVORVPLHPEURVLQLFLDOHVGHOD6RFLHGDG5HDOIXHURQPDVRQHVFRQHOWUDQVFXUVRGHO
WLHPSR SDUHFH TXH OD IUDQFPDVRQHUtD SDVy D XQ VHJXQGR WpUPLQR FRQ UHVSHFWR D VX QXHYD GHVFHQGHQFLD
SRUTXHODVUHXQLRQHVGHORVLQWHOHFWXDOHV\DQRQHFHVLWDURQGHOFDUiFWHUVHFUHWR\ODSURWHFFLyQGHOD&LHQFLD
SDUDVREUHSRQHUVHDORVREVWiFXORVUHOLJLRVRV\SROtWLFRV
/D QXHYD 6RFLHGDG RFXSy JUDQ SDUWH GHO WLHPSR \ OD HQHUJtD GH (OLDV $VKPROH 5REHUW 0RUD\
UHJLVWUDGR FRPR HO SULPHU KRPEUH LQLFLDGR HQ OD IUDQFPDVRQHUtD HQ VXHOR LQJOpV HQ -RKQ :LONLQV
5REHUW +RRNH \ &KULVWRSKHU :UHQ QRPEUDGR SUHVLGHQWH HQ (VWRV KHFKRV WDQ ELHQ GRFXPHQWDGRV
KDFHQ PX\ HYLGHQWH TXH ORV IUDQFPDVRQHV HVWDEOHFLHURQ OD 6RFLHGDG 5HDO \ TXH HO HQIRTXH HQ OD
UHFRQVWUXFFLyQ GHO 6HJXQGR *UDGR VLUYLy D HVWH SURSyVLWR H LPSXOVy DO PXQGR D XQD QXHYD HUD FLHQWtILFD
8QRV DxRV GHVSXpV GXUDQWH OD SUHVLGHQFLD GH 6LU ,VDDF 1HZWRQ XQ FRQRFLGR IUDQFPDVyQ IUDQFpV FRQ HO
QRPEUH GH &KHYDOLHU 5DPVH\ VH FRQYLUWLy HQ PLHPEUR GH OD 6RFLHGDG 5HDO D SHVDU GH TXH FDUHFtD GH
FUHGHQFLDOHV FLHQWtILFDV 'HELGR D TXH OD PD\RUtD GH ORV SULPHURV LQWHOHFWXDOHV GH OD IUDQFPDVRQHUtD
GHGLFDEDQVXWLHPSR\HQHUJtDDODQXHYD6RFLHGDGSDUHFHTXHOD&LHQFLDHQ/RQGUHVVXIULyFLHUWRJUDGRGH
DEDQGRQR
/DIUDQFPDVRQHUtDDSUHQGHDGHVHQYROYHUVH
3DUDHODxRODIUDQFPDVRQHUtDHQ/RQGUHVHVWXYRHQVXQLYHOPiVEDMR6yORFXDWURORJLDVVHUHXQtDQFRQ
UHJXODULGDG
7KH*RRVHDQG*ULGLURQ(OJDQVR\ODSDUULOOD6W3DXO
V&KXUFK\DUG
7KH&URZQ/DFRURQDHQ3DUNHU/DxHFHUFDGH'UXU\/DxH
7KH$SSOHWUHH7DYHUQ7DEHUQDGHOPDQ]DQRHQ&KDUOHV6WUHHW&RYHQW*DUGHQ
7KH 5XPPHU DQG *UDSHV 7DYHUQ /D WDEHUQD GH OD FRSD \ ODV XYDV HQ &KDQQHO
5RZ:HVWPLQVWHU
1RKD\OXJDUDGXGDGHTXHODPDVRQHUtDGH/RQGUHVVXIUtDXQDFULVLVGHLGHQWLGDGWUDGLFLRQDO¢3RUTXpOHHUD
QHFHVDULR FRQWLQXDU H[LVWLHQGR" 'H XQ PRPHQWR D RWUR IXH YtFWLPD GH VX SURSLR p[LWR KDEtD VXSHUDGR OD
SURORQJDGD DPHQD]D TXH OD ,JOHVLD UHSUHVHQWy H LQLFLy HO PRYLPLHQWR GH GHPRFUDFLD \ XQ FOLPD GH
LQYHVWLJDFLyQFRQVWDQWH6LQHPEDUJRHQHOUHVWRGHOSDtVODVORJLDVPDVyQLFDVFRPHQ]DURQDVHUFRPXQHV\
VXSRSXODULGDGIXHHQDVFHQVR8QD*UDQ/RJLDIRUPDGDHQXQDIHFKDGHVFRQRFLGDDQWHULRUDVHUHXQtD
UHJXODUPHQWH HQ <RUN \ FRQ HO DSR\R FRQWLQXR GH OD QREOH]D UHFODPy HO WtWXOR GH *UDQ /RJLD GH 7RGD
,QJODWHUUD $OJR GHEtD KDFHUVH HQ /RQGUHV SRU OR TXH ODV FXDWUR ORJLDV SUHYLDPHQWH PHQFLRQDGDV VH
UHXQLHURQ HQ OD 7DEHUQD GHO 0DQ]DQR HQ IHEUHUR GH \ YRWDURQ SRU TXH HO PDVyQ SULQFLSDO SUHVHQWH
SUHVLGLHUDODUHXQLyQ(VWHPDVyQSULQFLSDOQRSDUHFHVHUPHQFLRQDGRHQQLQJXQDGRFXPHQWDFLyQSHURHQOD
UHXQLyQFLHUWDPHQWHVHUHVROYLyFRQYRFDUXQDDVDPEOHDJHQHUDOGHODVFXDWUR/RJLDVHQHO*DQVR\OD3DUULOOD
DHIHFWXDUVHHOGHMXQLRFRQHOSURSyVLWRGHHOHJLUXQJUDQPDHVWURTXHJREHUQDUDODRUGHQHQVXWRWDOLGDG
(QFRQFRUGDQFLDHOGtDGH6DQ-XDQ%DXWLVWDVHUHDOL]DURQODDVDPEOHD\ODIHVWLYLGDG\HOVHxRU$QWKRQ\
6D\HU IXH HOHJLGR SULPHU *UDQ 0DHVWUR SDUD HO DxR VLJXLHQWH (V LQWHUHVDQWH REVHUYDU TXH HQ HVH WLHPSR
HOLJLHURQHQWUHHOORVXQJUDQPDHVWURKDVWDTXHOOHJDUDHOPRPHQWRHQTXHWXYLHUDQHOKRQRUGHVHUGLULJLGRV
SRU XQ KHUPDQR QREOH (VWR ELHQ SRGUtD VHU XQD UHIHUHQFLD DO KHFKR GH TXH OD IUDQFPDVRQHUtD HVFRFHVD
GHVLJQDEDDXQ+HUPDQR1REOH*UDQ0DHVWURDSDUWLUGHODpSRFDGHO3ULPHU7tWXORGH6W&ODLUHQO /D
QXHYD*UDQ/RJLD,QJOHVDHPLWLyYDULDVRUGHQDQ]DV
4XHHOSULYLOHJLRGHFRQJUHJDUVHFRPRPDVRQHVTXHKDVWDDKRUDIXHLOLPLWDGRGHEHUtDVHULQYHVWLGR
HQ FLHUWDV ORJLDV R DVDPEOHDV GH PDVRQHV FRQYHQLGDV HQ OXJDUHV GHILQLGRV \ TXH FDGD ORJLD
FRQYHQLGD D SDUWLU GH DKRUD H[FHSWR ODV FXDWUR ORJLDV WUDGLFLRQDOHV TXH \D H[LVWHQ GHEHUtDQ VHU
OHJDOPHQWH DXWRUL]DGDV SDUD DFWXDU HQ IRUPD WHPSRUDO FRQ EDVH HQ XQD RUGHQ HPLWLGD SRU HO *UDQ
0DHVWURRWRUJDGDDDOJXQRVLQGLYLGXRVSRUSHWLFLyQFRQHOFRQVHQWLPLHQWR\DSUREDFLyQGHOD*UDQ
/RJLDTXHOHVFRUUHVSRQGH\TXHVLQHVDRUGHQQLQJXQDORJLDSRGUiDSDUWLUGHDKRUDVHUFRQVLGHUDGD
UHJXODURFRQVWLWXFLRQDO
4XH FDGD SULYLOHJLR GHO TXH JR]DQ GH PDQHUD FROHFWLYD HQ YLUWXG GH VXV GHUHFKRV LQPHPRUDEOHV
GHEHUiQ FRQWLQXDU GLVIUXWDQGR \ TXH QLQJXQD OH\ QRUPD R UHJODPHQWR TXH D SDUWLU GH DKRUD VHD
HPLWLGR R KD\D VLGR OHJLVODGR SRU OD *UDQ /RJLD GHEHUi SULYDUORV GH WDO SULYLOHJLR R XVDU SDUD
FXDOTXLHU OLQHDPLHQWR TXH KD\D VLGR HVWDEOHFLGR HQ DTXHO HQWRQFHV FRPR OD QRUPD GHO JRELHUQR
PDVyQLFR
/DQHFHVLGDGGHILMDUODFRQVWLWXFLyQRULJLQDOFRPRODQRUPDFRQEDVHHQODFXDOVHUHJXODUiQWRGDVODVOH\HV
IXWXUDVGHOD6RFLHGDGHUDWDQHQWHQGLGDSRUODIUDWHUQLGDGFRPSOHWDGHHVHPRPHQWRTXHHVWDEDHVWDEOHFLGD
FRPR XQD OH\ LQIDOLEOH HQ FDGD LQVWDODFLyQ S~EOLFDR SULYDGD SDUDFRPSURPHWHU DO *UDQ 0DHVWUR \ D ORV
0DHVWURV \ ORV 9LJLODQWHV GH FDGD ORJLD D DSR\DU VXV FRQVWLWXFLRQHV D OR FXDO FDGD PDVyQ HVWDED
FRPSURPHWLGRSRUPHGLRGHIXHUWHVYtQFXORVHQHOPRPHQWRGHODLQLFLDFLyQ $O IRUPDU XQD *UDQ /RJLD EDMR HO FRQWURO GH XQ *UDQ 0DHVWUR HOHFWR ODV FXDWUR ORJLDV SXGLHURQ
HVWDEOHFHUHILFD]PHQWHXQVLVWHPDGHFRQWUROSDUDODPDVRQHUtDTXHDVHJXUDEDTXHVRODPHQWHHOORVHVWXYLHUDQ
H[HQWRVGHVXVPDQGDWRVSHURWRGRVORVGHPiVPDVRQHVGHEtDQFRQIRUPDUVHDVXVHGLFWRV3RGtDQGHFODUDU
XQDORJLDFRPRUHJXODURHOLPLQDUODGHODOLVWDGHODVORJLDVUHJXODUHV(OGHUHFKRGHKDFHUHVRIXHLPSXJQDGR
SRURWURVPDVRQHVHQSDUWLFXODUORVGH<RUNTXLHQHVQRDFHSWDEDQODPLVLyQDXWRGHWHUPLQDGDGH/RQGUHV
SDUD HYLWDU TXH VXUJLHUDQ QXHYRV KHUHMHV UHQXHQWHV D DFHSWDU OD KHUHMtD UHJXODU \ DSUREDGD GH OD RUGHQ$O
WUDWDUGHIRUPDOL]DUVHFRPRXQDLQVWLWXFLyQUHJXODGODIUDQFPDVRQHUtDLQJOHVDFRPHQ]DEDDSHUGHUVXUXPER
6LQHPEDUJRODQXHYDHVWUXFWXUDORJUyODXQLGDGGHVSXpVGHXQSURORQJDGRSHULRGRGHSXJQDVLQWHUQDV\ORV
QLYHOHV VXSHULRUHV GH OD &LHQFLD IXHURQ SRFR D SRFR DVXPLGRV SRU OD IDPLOLD UHDO TXH EXVFy PDQWHQHU VX
LQIOXHQFLDHQODRUJDQL]DFLyQPiVUHSXEOLFDQDGHOPXQGR(VWDYLQFXODFLyQHQWUHODIUDQFPDVRQHUtD\ODID
PLOLDUHDOKDVLGRHQQXHVWUDRSLQLyQODSULQFLSDOUD]yQGHVREUHYLYHQFLDGHODPRQDUTXtDEULWiQLFD
+HPRVFUHDGRXQDOLVWDGH*UDQGHV0DHVWURVLQJOHVHVGHOSDVDGR\ODWHQGHQFLDKDFLDODDULVWRFUDFLD
\ODIDPLOLDUHDOHVHYLGHQWHYpDVHHODSpQGLFH6LVHFRPSDUDHVWDOLVWDFRQODGHORV*UDQGHV0DHVWURV
HVFRFHVHVGHOSDVDGRYpDVHHODSpQGLFHHVWiFODURTXHGHVGHVXVUHJLVWURVPiVDQWLJXRVODIUDQFPDVRQHUtD
HVFRFHVD KD HVWDGR SRU FRPSOHWR UHODFLRQDGD FRQ ORV ORUHV GHO WHUULWRULR DVt FRPR FRQ ORV PiV KXPLOGHV
DOEDxLOHV XQD WUDGLFLyQ TXH RUJXOORVDPHQWH VH PDQWLHQH KDVWD HO SUHVHQWH /D &LHQFLD VH GLVHPLQy FRQ
UDSLGH]HQWRGRHOPXQGR
/D LQIOXHQFLD IXQGDPHQWDO GH OD IUDQFPDVRQHUtD HQ ODV UHYROXFLRQHV HVWDGRXQLGHQVH \ IUDQFHVD
FRPELQDGDFRQODWHQGHQFLDGHODIUDQFPDVRQHUtDHVFRFHVDGHDSR\DUODFDXVDMDFRELWDSURYRFyTXHORVUH\HV
LQJOHVHVGHGHVFHQGHQFLDKDQRYHULDQDDGRSWDUDQOD&LHQFLDFRPRSURSLD(QFXDWURDxRVGHVSXpVGHOD
'HFODUDFLyQGH,QGHSHQGHQFLDGH(VWDGRV8QLGRVHOGXTXHGH&ODUHQVKHUPDQRGH-RUJH,,VHFRQYLUWLyHQ
*UDQ 0DHVWUR (Q HO DxR GH OD 5HYROXFLyQ )UDQFHVD HO SUtQFLSH GH *DOHV \ VXV GRV KHUPDQRV VH
LQLFLDURQHQOD&LHQFLD\GHVSXpVGHXQDxRHOSUtQFLSHGH*DOHVVHFRQYLUWLyHQ*UDQ0DHVWUR\UHFLELyODV
DGKHVLRQHVGHPDVRQHVGHWRGRHOPXQGRLQFOX\HQGRD*HRUJH:DVKLQJWRQHQDTXHOHQWRQFHV0DHVWURGHOD
/RJLD GH $OHMDQGUtD TXH HUD OD Q~PHUR HQ HO UHJLVWUR GH OD *UDQ /RJLD GH 1XHYD <RUN DVt FRPR GH
PXFKDVORJLDVIUDQFHVDV
3RU HVWH PHGLR ORV UH\HV KDQRYHULDQRV XWLOL]DURQ HO VLVWHPD PDVyQLFR SDUD RIUHFHU XQD UD]yQ
GHPRFUiWLFDSDUDPDQWHQHUODOHDOWDGGHVXVVXEGLWRVPDVyQLFRV/DPDVRQHUtDLQJOHVDTXHGDEDHQFDPLQDGD
SDUDFRQYHUWLUVHHQHOFtUFXORVRFLDOTXHHVHQODDFWXDOLGDG\FRPHQ]DEDDSHUGHUVXSURSyVLWRRULJLQDO/RV
VHFUHWRVDXWpQWLFRVGHKHFKRVHLEDQSHUGLHQGR
/DIUDQFPDVRQHUtDVHSURSDJD
3RFR GHVSXpV GH OD IRUPDFLyQ GH OD *UDQ /RJLD GH /RQGUHV HO VHJXQGR *UDQ 0DHVWUR*HRUJH 3D\QH
UHFRSLOyGLYHUVRVPDQXVFULWRVVREUHHOWHPDGHODPDVRQHUtDLQFOX\HQGRFRSLDVGHORV$QWLJXRV&DUJRV(Q
VH UHVROYLy SXEOLFDU HO OLEUR GH &RQVWLWXFLRQHV \ DKRUD VH UHFODPD TXH YDULRV YDOLRVRV \ DQWLJXRV
PDQXVFULWRVIXHURQLQFLQHUDGRVGHPDQHUDSUHFLSLWDGDSRUXQRVKHUPDQRVFRQPXFKRVHVFU~SXORVSDUDQR
GHMDUORVFDHUHQPDQRVGHXQHOHPHQWRRSRVLWRUGHQWURGHODRUGHQFRQRFLGRFRPR
ORVPRGHUQRV6HGLFH
TXHHORULJLQDOGHODFRSLDGHORV$QWLJXRV&DUJRVGH,xLJR-RQHVVHSHUGLyHQHVHWLHPSR(QHOPLVPRDxRVH
DFRUGyTXHHQHOIXWXURHOQXHYR*UDQ0DHVWURGHEtDVHUQRPEUDGRDQWHVGHODUHXQLyQDQXDO\TXHFDGD*UDQ
0DHVWURXQDYH]LQVWDODGRWHQGUtDHOSRGHUDEVROXWRGHGHVLJQDUDVXVXVWLWXWR\DVXVYLJLODQWHV(QHO
HQWRQFHV *UDQ 0DHVWUR HO GXTXH GH 5LFKPRQG HVWDEOHFLy HO SULPHU &RPLWp GH &DULGDG SDUD SURYHHU XQ
IRQGRJHQHUDOSDUDHODOLYLRGHORVPDVRQHVHQGHVJUDFLDHVWR\DORKDEtDVXJHULGRVXDQWHFHVRUHOGXTXHGH
%XFFOHXFK$OSDUHFHUpVWHHVHOSULPHUFDVRUHJLVWUDGRGHXQDRUJDQL]DFLyQPDVyQLFDSDUDODFDULGDGTXHHV
WDQLPSRUWDQWHSDUDODIUDQFPDVRQHUtDPRGHUQD
(QHQHURGHGHVSXpVGHVyORQXHYHPHVHVHQHOFDUJRHOGXTXHGH0RQWDJXUHQXQFLyFRPR
*UDQ0DHVWURDIDYRUGHOGXTXHGH:KDUWRQTXLHQHVWDEDWDQGHVHRVRGHFRQYHUWLUVHHQ*UDQ0DHVWURTXH
LQFOXVRWUDWyGHVHUHOHFWRGXUDQWHXQDUHXQLyQLUUHJXODUGHPDVRQHV3DUDHQWRQFHV\DHVWDEDHVWDEOHFLGDOD
VXFHVLyQQRUPDOGHORUHVGHOUHLQR\DVtFRQWLQXDUtD/DFODVHGHKRPEUHVFRPXQHVTXHKDEtDQVLGR*UDQGHV
0DHVWURV QXQFD YROYLHURQ D RFXSDU HVH SXHVWR QL HO GH *UDQ 0DHVWUR 6XVWLWXWR QREOHV GH PHQRU UDQJR
WRPDURQHVHSDSHOOOHYDQGRDFDERHOWUDEDMRDGPLQLVWUDWLYRGHO*UDQ0DHVWUR
/D FUHFLHQWH RUJDQL]DFLyQ VH HQFRQWUy FRQ OD QHFHVLGDG GH FRQWDU FRQ FHQWURV GH DGPLQLVWUDFLyQ
VHFXQGDULRV \ HQ " VH LQVWLWX\y OD 2ILFLQD GHO *UDQ 0DHVWUR 3URYLQFLDO FRQ HO ILQ GH D\XGDU HQ HO
JRELHUQRGHOD&LHQFLDTXHKDEtDFUHFLGR\VHKDEtDH[WHQGLGRJHRJUiILFDPHQWH(OGHPD\RGHVH
QRPEUyD+XJK:DUEXUWRQSULPHU*UDQ0DHVWUR3URYLQFLDOGHOQRUWHGH*DOHV\HOGHMXQLRGH6LU
(GXDUG 0DQVHOO %DUWIXHQRPEUDGRSULPHU JUDQ 0DHVWUR 3URYLQFLDOGHO VXU GH*DOHV7DPELpQ HQ OD
*UDQ/RJLDGH/RQGUHVHPLWLyHOSULPHUGHFUHWRUHJLVWUDGRGHXQDORJLDH[WUDQMHUDSDUD*LEUDOWDUVHJXLGDGH
FHUFDSRUHOSHUPLVRSDUDWHQHUXQDHQODFDOOHGH6DQ%HUQDUGRHQ0DGULG
/DIUDQFPDVRQHUtDVHSURSDJyFRPRXQLQFHQGLR\SDUDOD*UDQ/RJLDGH,QJODWHUUDFRPHQ]yD
HVWDEOHFHUVH HQ HO IXWXUR ,PSHULR %ULWiQLFR \D TXH VH FRQFHGLy XQD GHOHJDFLyQ SDUD TXH *HRUJH 3RPIUHW
HVWDEOHFLHUD XQD ORJLD HQ %HQJDOD (O SDQRUDPD GH FRQWURO SURYLQFLDO GH OD &LHQFLD VH LQFUHPHQWy FRQ HO
QRPEUDPLHQWRGH*UDQGHV0DHVWURV3URYLQFLDOHVSDUDOD%DMD6DMRQLD1XHYD-HUVH\HQ(VWDGRV8QLGRV\
%HQJDOD(QIXHLQLFLDGRHOSULPHUSUtQFLSHGHVDQJUHUHDO)UDQFLVGXTXHGH/RUUDLQHJUDQGXTXHGH
7RVFDQD TXH PiVWDUGHVHUtD HPSHUDGRUGH $OHPDQLD IXHLQLFLDGR SRU HO0DUTXpVGH &KHVWHUILHOG HQ XQD
ORJLDHVSHFLDOFRQYRFDGDHQ/D+D\DHOGXTXHUHFLELyORVSULPHURVGRVJUDGRVGHPDVRQHUtD\PiVWDUGHIXH
HOHYDGRDO7HUFHU*UDGRHQODFDVDGH6LU5REHUW:DOSROHHQODORJLDSUHVLGLGDGHQXHYRSRUHOFRQGHGH
&KHVWHUILHOG(QHOPLVPRDxRHOUDQJRGHPDVRQHUtDH[WUDQMHUDVHH[WHQGLyPiVGHELGRDORWRUJDPLHQWRGH
GHOHJDFLRQHVSDUDIRUPDUORJLDVHQ5XVLD(VSDxD3DUtV\)ODQGHV
3DUDHQWRQFHVODRUGHQVHFRQYHUWtDFRQUDSLGH]HQXQFOXEVRFLDOHVWLOL]DGRSDUDODQREOH]D\HQ
VRVWXYLHURQVXSULPHUHQFXHQWURQDFLRQDOGHODMXULVGLFFLyQGH/RQGUHVHQ+DPSVWHDGHOGHMXQLRSDUD
FX\R SURSyVLWR VH HQYLDURQ FDUWDV GH LQYLWDFLyQ D YDULRV PLHPEURV GH OD QREOH]D 3DUD \D KDEtD
FLQFXHQWD \ WUHV ORJLDVUHSUHVHQWDGDV HQHO LQIRUPH DQXDO GHOD *UDQ /RJLDSRUOR TXH HOUDQJR GH SRGHU H
LQIOXHQFLDGHOD*UDQ/RJLDGH/RQGUHVDXPHQWDED6HFRQILUPDURQYDULRVQXHYRVUHJODPHQWRVFRQUHVSHFWR
D ODV RSHUDFLRQHV GHO &RPLWp GH &DULGDG LQFOX\HQGR HO GHUHFKR GH HVFXFKDU VXV SURSLDV TXHMDV DQWHV GH
VRPHWHU DOJXQD DQWH OD *UDQ /RJLD (Q OD PLVPD UHXQLyQ VH KL]R XQD FROHFWD SDUD GLVWULEXLUVH HQWUH ORV
PDVRQHVHQGHVJUDFLD\SDUDPRWLYDUORVDIXQGDUXQDQXHYDFRORQLDHQ*HRUJLD'XUDQWHHVHDxRVHRWRUJDURQ
GHOHJDFLRQHV SDUD DEULU ORJLDV HQ +DPEXUJR \ HQ +RODQGD (Q -DPHV $QGHUVRQ HO HQWRQFHV *UDQ
6HFUHWDULRSXEOLFyXQ/LEURGH&RQVWLWXFLRQHVUHYLVDGR)XHHVWDREUDVREUHODKLVWRULDGHODFLHQFLDODTXH
SURYRFyTXHDOJXQRVDXWRUHVOHDWULEX\HUDQDpOODFUHDFLyQGHOD&LHQFLD0DVyQLFD$OUHGHGRUGHHVHWLHPSR
VHLQWURGXMHURQUHJODPHQWRVFRQHOILQGHTXHVLXQDORJLDGHMDEDGHUHXQLUVHSRUPiVGHGRFHPHVHVVHUtD
ERUUDGD GH OD OLVWD \ SHUGHUtD VX DQWLJXHGDG7DPELpQ HQ DTXHO WLHPSR VH ILMy TXH HQ HO IXWXUR WRGRV ORV
*UDQGHV0DHVWURVVHHOLJLUtDQGHOD/RJLDGHORV*UDQGHV$GPLQLVWUDGRUHVSDUDIRPHQWDUTXHORVFDEDOOHURV
RFXSDUDQHVHSXHVWR\VHGLFWDUDQIDOORVFRQUHVSHFWRDORTXHVHGHVFULELyFRPRFRQYHQFLRQHVLOHJDOHVGH
PDVRQHV (VWR HOLPLQy HO GHUHFKR GHPRFUiWLFR GH OD KHUPDQGDG GH HOHJLU D TXLHQ FRQVLGHUDUDQ DSWR SDUD
JREHUQDUORV6HXVXUSDURQORVGHUHFKRVGHOWHUULWRULRGHODJUDQ/RJLDGH<RUNDODXWRUL]DUHOHVWDEOHFLPLHQWR
GH ODV ORJLDV GH /DQFDVKLUH 'XUKDP \ 1RUWKXPEHUODQG OR TXH VH GLFH FDXVy TXH FHVDUD WRGD UHODFLyQ
DPLVWRVDHQWUHDPEDV*UDQGHV/RJLDV
3DUD HVH WLHPSR VH KDEtDQ HPLWLGR GHFUHWRV SDUD DEULU ORJLDV HQ $XELJQ\ HQ )UDQFLD /LVERD
6DYDQQDK HQ *HRUJLD HQ $PpULFD GHO 6XU *DPELD ÈIULFD GHO 2HVWH 6H QRPEUy D *UDQGHV 0DHVWURV
3URYLQFLDOHVSDUD1XHYD,QJODWHUUD&DUROLQDGHO6XU\&DSH&RDVW&DVWOHHQÈIULFD'XUDQWHHODxRGH
HO GRFWRU 'DVDJXOLHUV *UDQ 0DHVWUR 3DUFLDO LQLFLy D )HGHULFR 3UtQFLSH GH *DOHV HQ XQD ORJLD
FRQYRFDGDSDUDHVHSURSyVLWRHQ.HZHQHOPLVPRDxRGHGHVSXpVORHOHYyDO6HJXQGR*UDGR\OXHJR
DOJUDGRVXEOLPHGH0DHVWUR0DVyQ(QHOFRPXQLFDGRGHOD*UDQ/RJLDHVWXYLHURQUHSUHVHQWDGDVVHVHQWD
ORJLDV\VHQRPEUyDORVJUDQGHV0DHVWURV3URYLQFLDOHVGH0RQWVHUUDW*LQHEUDOD&RVWDGHÈIULFD1XHYD
<RUN\ODVLVODVGH$PpULFD
(Q VH HVWDEOHFLHURQ GRV SURYLQFLDV PiV OD GH ODV LVODV GHO &DULEH \ OD GH OD SURYLQFLD GH
<RUNVKLUH:HVWLGLQJTXHVHFRQVLGHUyXQDXVXUSDFLyQDGLFLRQDOGHORVGHUHFKRVGHOD*UDQ/RJLDGH<RUN
(VWRDPSOLyODEUHFKDRULJLQDOTXHH[LVWtDHQWUHODVGRVJUDQGHVORJLDV\SURYRFyXQURPSLPLHQWRWRWDOGHODV
UHODFLRQHV(OGHDJRVWRGHOD*UDQ/RJLD(VFRFHVDFRQVLJXLyXQDJUDQYLFWRULDHQODE~VTXHGDGHOD
VXSUHPDFtD HQWUH ODV *UDQGHV /RJLDV DO LQLFLDU D )HGHULFR HO *UDQGH GH 3UXVLD HQ XQD ORJLD SUHVLGLGD HQ
%UXQVZLFN FRQ HVH SURSyVLWR (O VLJXLHQWH SDVR GH )HGHULFR IXH HO HVWDEOHFLPLHQWR GH XQD *UDQ /RJLD HQ
%HUOtQVXVFULWDDOD&RQVWLWXFLyQ(VFRFHVD
(OGHVDUUROORGHODPDVRQHUtDHQ(VWDGRV8QLGRV
/RJUDPRVFXEULUODKLVWRULDUHJLVWUDGDGHOD&LHQFLD\GHDOJXQDPDQHUDQXHVWUDE~VTXHGDKDEtDWHUPLQDGR
SHURD~QWHQtDPRVXQDHQRUPHFXULRVLGDGVREUHHOGHVWLQRDODUJRSOD]RGHOSDtVGHODHVWUHOODGH0HULFD3DUD
FRPSOHWDUQXHVWURFXDGURGHFLGLPRVHFKDUXQEUHYHYLVWD]RDOGHVDUUROORGH(VWDGRV8QLGRV
1R HV XQ VHFUHWR TXH OD PDVRQHUtD KD\D VLGR XQD IXHU]D GH PRWLYDFLyQ SDUD OD 5HYROXFLyQ \ OD
IXQGDFLyQ GH OD 5HS~EOLFDGH ORV (VWDGRV 8QLGRV GH$PpULFD (Q ORV PLHPEURV GHOD /RJLD GH 6DQ
$QGUpV DOJXQRV GH HOORV IDPRVRV FRPR 6DPXHO $GDPV \ 3DXO 5HYHUp RUJDQL]DURQ OD PDQLIHVWDFLyQ HQ
FRQWUDGHORVLPSXHVWRVEULWiQLFRVFRQRFLGDFRPROD%RVWRQ7HD3DUW\0RWtQGHO7pGH%RVWRQ/DORJLD
TXH VH UHXQtD HQ %RVWRQ HQ OD 7DEHUQD GHO 'UDJyQ 9HUGH QR IXH HQ Vt OD RUJDQL]DGRUD PiV ELHQ VXV
PLHPEURV IXQGDURQ XQ FOXE OODPDGR &DXVXV 3UR %RQR 3XEOLFR GHO FXDO-RVHSK :DUUHQ HO0DHVWUR GH OD
ORJLD TXH GHVSXpV VHUtD *UDQ 0DHVWUR GH 0DVVDFKXVVHWWVIXH OD IXHU]D SULQFLSDO 6H UHSRUWy TXH +HQU\
3XUNHWW GLMR KDEHU HVWDGR SUHVHQWH HQ OD PDQLIHVWDFLyQ FRPR HVSHFWDGRU GHVREHGHFLHQGR DO 0DHVWUR GH OD
/RJLDGH6DQ$QGUpVTXLHQSDUWLFLSDEDGHPDQHUDDFWLYD
/RV IXQGDGRUHV GH (VWDGRV 8QLGRV IXHURQ IUDQFPDVRQHV R WHQtDQ XQ FRQWDFWR FHUFDQR FRQ HOORV
8WLOL]DEDQHOSHQVDPLHQWRGHVDUUROODGRHQ%UHWDxDGXUDQWHHOVLJORDQWHULRUFRPREORTXHVGHFRQVWUXFFLyQGH
VX SURSLD &RQVWLWXFLyQ 1R OR VDEtDQ SHUR PHGLDQWH VX GHYRFLyQ D ORV SULQFLSLRV PDVyQLFRV GH MXVWLFLD
YHUGDGHLJXDOGDGSDUDHOQXHYRSDtVHVWDEDQHPSUHQGLHQGRXQSUR\HFWRGHFUHDUXQSDtVTXHVHFRQGXFLUtD
SRU XQ 0D
DW UHGHVFXELHUWRXQ HVWDGR PRGHUQR TXH IXHUD HO KHUHGHUR DXWpQWLFR GH OD JUDQGH]D GHO DQWLJXR
(JLSWR'HDOJXQDPDQHUDORVDUTXLWHFWRVGH(VWDGRV8QLGRVWXYLHURQp[LWRSHURHQPXFKRVRWURVDVSHFWRV
KDQIUDFDVDGRKDVWDDKRUD)XHQHFHVDULDXQDWHUULEOHJXHUUDFLYLOSDUDWHUPLQDUFRQODHVFODYLWXGGHODSREOD
FLyQQHJUDGHOVXUGHOSDtVHLQFOXVRDKRUDHQPXFKRVHVWDGRVODSDODEUDLJXDOGDGVLJXHVLHQGRXQDPHWDGH
ODV SHUVRQDV VHQVDWDV HLUUHOHYDQWH SDUD ODV TXH QR OR VRQ $O LJXDO TXHOD PLVPD IUDQFPDVRQHUtD (VWDGRV
8QLGRVHVXQLGHDOLPSHUIHFWRTXHPHUHFHWULXQIDUSHURWLHQHODGHVYHQWDMDGHHVWDUFRPSXHVWDGHVLPSOHV
PRUWDOHV
'HORVKRPEUHVTXHILUPDURQOD'HFODUDFLyQGH,QGHSHQGHQFLDGHOGHMXOLRGHORVVLJXLHQWHV
IXHURQ PDVRQHV:LOOLDP +RRSHU %HQMDPtQ )UDQNOLQ 0DWWKHZ7KRUQWRQ:LOOLDP :KLSSOH-RKQ +DQFRFN
3KLOOLS /LYLQJVWRQ \7KRPDV 1HOVRQ (Q DTXHO WLHPSR VH GHFtD TXH FRQ VyOR VDFDU D FXDWUR KRPEUHV GH OD
KDELWDFLyQ OD DVDPEOHD TXH TXHGDUD HUD PiV TXH VXILFLHQWH SDUD OOHYDU D FDER XQD UHXQLyQ GH /RJLD
0DVyQLFD GH 7HUFHU *UDGR7DPELpQ SXGR KDEHU GDGR FDELGD D OD PD\RUtD GH OtGHUHV GHO HMpUFLWR $TXt VH
LQFOX\H WDPELpQ D ORV OtGHUHV IUDQFPDVRQHV FRPR *UHHQH 0DULyQ 6XOOLYDQ 5XIXV 3XWQDP (GZDUGV
-DFNVRQ*LVWHO%DUyQ6WHXEHQHO%DUyQGH.DOEHO0DUTXpVGH/DID\HWWH\HOPLVPR*HRUJH:DVKLQJWRQ
&XDQGR*HRUJH:DVKLQJWRQWRPyMXUDPHQWRSDUDVXFDUJRFRPRSULPHU3UHVLGHQWHGHOD5HS~EOLFDHOGH
DEULOGHORKL]RDQWHHO*UDQ0DHVWURGH1XHYD<RUN\MXUyVREUHOD%LEOLD0DVyQLFDODFXDOSRUOR
JHQHUDOVHXWLOL]DEDFRPRHOYROXPHQGHOD6DJUDGD/H\GHOD/RJLDGH6DQ-XDQQ~PHURXQRGHOSOLHJRGHOD
*UDQ/RJLDGH1XHYD<RUN)XHIUDQFPDVyQGXUDQWHWRGDVXYLGDDGXOWD\VHLQLFLyHQOD/RJLD0DVyQLFDGH
)UHGHULFNVEXUJFLQFRPHVHVDQWHVGHFXPSOLUYHLQWL~QDxRVHOYLHUQHVGHQRYLHPEUHGH3XHVWRTXH
VXORJLDPDGUHVHUHXQtDHOSULPHUYLHUQHVGHFDGDPHVDVFHQGLyDO6HJXQGR*UDGRHOGHPDU]RGH\
IXHHOHYDGRDOJUDGRVXEOLPHGH0DHVWUR0DVyQHOGHDJRVWRGHHQODPLVPDORJLD$OPRPHQWRGH
VX LQLFLDFLyQ DFDEDED GH WHUPLQDU HO GHVOLQGH GH ODV SURSLHGDGHV GH 9LUJLQLD GH /RUG )DLUID[ FX\RV
DQWHSDVDGRVLQWURGXMHURQD2OLYHU&URPZHOODODIUDQFPDVRQHUtD/RVPLHPEURVGHODIDPLOLD)DLUID[IXHURQ
IUDQFPDVRQHV DFWLYRV GH OD *UDQ /RJLD GH <RUN \ HO KHUPDQR PD\RU GH *HRUJH /DZUHQFH FRQ TXLHQ
:DVKLQJWRQ YLYtD HQ HVH WLHPSR IXH HGXFDGR HQ ,QJODWHUUD \ VH FDVy FRQ OD VREULQD GH /RUG )DLUID[ (V
SUREDEOHTXHODORJLDDODTXH:DVKLQJWRQDFXGtDKD\DVHJXLGRXQULWR\RUNLDQRDGKRF\QRXQRHVFRFpV
SHUR VHLV DxRV GHVSXpV GH VX LQLFLDFLyQ HQ OD ORJLD GH )UHGHULFNVEXUJ UHFLELy XQ WtWXOR GH OD *UDQ
/RJLD (VFRFHVD TXH IRUPDOL]y VX SRVLFLyQ &XDQGR :DVKLQJWRQ IXH HOHFWR SULPHU SUHVLGHQWH GH (VWDGRV
8QLGRV\DWHQtDFDVLWUHLQWD\VHLVDxRVGHSHUWHQHFHUDOD&LHQFLD\HUDHQHVHWLHPSRPLHPEURGHODORJLDGH
$OHMDQGUtDQ~PHUR
$OEXVFDUHQORVYLHMRVPDQXVFULWRVHQFRQWUDPRVXQUHJLVWURFRQWHPSRUiQHRGHOGLVFXUVRGH*HRUJH
:DVKLQJWRQGHVSXpVGHTXHORVIUDQFPDVRQHVGH%RVWRQOHREVHTXLDUDQXQ/LEURGH&RQVWLWXFLRQHVFRQXQD
GHGLFDWRULDHOGHGLFLHPEUHGH3RUODIHFKDGHOREVHTXLRVXSRQHPRVTXHHOPRWLYRHUDFHOHEUDUVXV
DxRVHQOD&LHQFLD$TXtODPRVWUDPRVWDOFRPRODKDOODPRVLQFOX\HQGRODVTXHVHSDUHFHDODIPRGHUQD
7$1$'8/$'25FRPRSXHGDVHUSDUDODPHQWHKXPDQD\HQYHUGDGHKRQRUDEOHHOUHFLELUGHQXHVWURV
FRPSDxHURVFLXGDGDQRVWHVWLPRQLRVGHDSUREDFLyQSRUORVDFWRVSDUDSURPRYHUHOELHQHVWDUS~EOLFRQRHV
PHQRV SODFHQWHUR VDEHU TXH ODV YLUWXGHV PiV PRGHUDGDV GHO FRUD]yQ VRQ DOWDPHQWH UHVSHWDGD SRU XQD
6RFLHGDGFX\RVSULQFLSLRVOLEpUDOHVHVWiQIXQGDGRVHQODVOHYHVLQPXWDEOHGHYHUGDG\MXVWLFLD
,QFUHPHQWDUHOiPELWRGHIHOLFLGDG6RFLDO²HOGLVHxREHQHYROHQWH²HVGLJQRGHXQD,QVWLWXFLyQ0DVyQLFD\
HV GH OR PiV IHUYLHQWH GHVHDU TXH OD FRQGXFWD GH FDGD PLHPEUR GH OD IUDWHUQLGDG DVt FRPR DTXHOODV
SXEOLFDFLRQHVTXHGHVFXEUHQORVSULQFLSLRVTXHORVLPSXOVDQSXHGHQWHQGHUDFRQYHQFHUDODKXPDQLGDGGH
TXHHOJUDQREMHWLYRGHODPDVRQHUtDHVSURPRYHUODIHOLFLGDGGHODUD]DKXPDQD
/HVUXHJRTXHDFHSWHQPLDJUDGHFLPLHQWRSRUHOOLEURGH&RQVWLWXFLRQHVTXHPHHQYLDURQ\SRUHOKRQRUTXH
PHKDQKHFKRHQOD'HGLFDWRULD\SHUPtWDQPHDVHJXUDUOHVTXHVLHQWRWRGDVHVDVHPRFLRQHVGHJUDWLWXGTXH
VXDIHFWXRVRWUDWR\VXVFRUGLDOHVGHVHRVSHQVDEDQLQVSLUDU\VLQFHUDPHQWHUXHJRSRUTXHHO*UDQ$UTXLWHFWR
GHO8QLYHUVRORVEHQGLJD\SRUORWDQWRORVUHFLEDHQVXWHPSORLQPRUWDO
)XHWDPELpQHQTXH:DVKLQJWRQFRORFyODSULPHUDSLHGUDGHORVFLPLHQWRVGHOD&DVD%ODQFDHOGH
RFWXEUH£GtDGHODQLYHUVDULRGHODFUXFLIL[LyQGH0DOR\(VHPLVPRDxRVHDGRSWyHOGyODUFRPRXQLGDGGH
PRQHGDGH(VWDGRV8QLGRV6XVtPERORHVXQD6FUX]DGDSRUGRVUD\DVYHUWLFDOHV\SDUDOHODVDXQTXHGDOD
LPSUHVLyQGHVHUXQDVRODOtQHDYHUWLFDO/D6VHWRPyGHXQDDQWLJXDPRQHGDHVSDxRODSHURODVGRVOtQHDV
YHUWLFDOHV UHSUHVHQWDQ ODV FROXPQDV QD]DUHQDV GH PLVKSDW \ WVHGHT PHMRU FRQRFLGDV SRU ORV IXQGDGRUHV
PDVyQLFRVGH(VWDGRV8QLGRVFRPR%RD]\-DFKLQODVFROXPQDVGHOSyUWLFRGHO7HPSORGHO5H\6DORPyQ
+R\GtDHOELOOHWHGHOGyODUOOHYDLPSUHVDODLPDJHQGHODSLUiPLGHFRQXQRMRHQODSXQWDTXHHVOD
PiVDQWLJXDGHWRGDVODVLPiJHQHVGHXVRFRWLGLDQRSRUTXHQRVKDVLGRWUDVPLWLGDGHVGHDQWHVGHODpSRFDGH
6HTHQHQUH7DR HVFDSDQGR GH OD OLPSLD GH ORV PRWLYRV HJLSFLRV GH OD FHUHPRQLD GH FRURQDFLyQ GHO UH\
FDXVDGDSRUHOSURIHWD(]HTXLHOGXUDQWHHOFDXWLYHULREDELORQLRGHORVMXGtRV(VWDILJXUDUHSUHVHQWDD'LRV
HQODIRUPDGH$PyQ5DFRQXQRMRVLHPSUHSUHVHQWHGLULJLHQGR6XPLUDGDD6XSXHEORSDUDMX]JDUFDGD
XQDGHVXVDFFLRQHVHQYLGD\SDUDTXHUHFLEDQVXMXVWRPHUHFLGRDODKRUDGHODPXHUWH(OIXQGDPHQWRWRWDO
GH0D
DWHUDXQDPHGLGDGHODERQGDGUHDOL]DGDHQYLGDYLVWDSRU'LRV(QHOUHYHUVRGHOELOOHWHGHXQGyODU
HVWiHO+HUPDQR*HRUJH:DVKLQJWRQ\HQHODKRUDGHVDSDUHFLGRELOOHWHGHGRVGyODUHVHVWDEDODLPDJHQGH
RWURIDPRVRIUDQFPDVyQHOKHUPDQR%HQMDPtQ)UDQNOLQ
(OGHVHSWLHPEUHGH*HRUJH:DVKLQJWRQFRORFyODSLHGUDDQJXODUSDUDODFRQVWUXFFLyQGHO
&DSLWROLRHQ:DVKLQJWRQ\pO\VXVFRPSDxHURVVHDWDYLDURQFRQVXVSUHQGDVPDVyQLFDV
(VWDGRV 8QLGRV HV D~Q XQ SDtV MRYHQ 3DUD HVWDU D OD DOWXUD GH OD ORQJHYLGDG GHO DQWLJXR (JLSWR
GHEHUi PDQWHQHU VX SRGHURVD SRVLFLyQ SRU OR PHQRV KDVWD HO DxR G& \ SDUD HVWDU D OD SDU FRQ OD
SULPHUD FLPD TXH DOFDQ]y GLFKR SDtV GHEHUiQ SDVDU XQRV DxRV PiV 3HUR VRVSHFKDPRV TXH HO
H[SHULPHQWR PDVyQLFR TXH IXQGy VX KRJDU HQ HO SDtV FRVPRSROLWD GHO RWUR ODGR GHO RFpDQR DO RHVWH
HQFRQWUDUiXQDFRQFOXVLyQD~QPD\RUSRUTXHHVWDQVyORRWURSHOGDxRGHXQYLDMHTXHVHLQLFLyHQHOVXUGH
,UDNGHVGHKDFHVHLVPLODxRV
1RWDV
<HDU%RRNRIWKH*UDQG/RGJHRI$QWLHQW)UHHDQG$FFHSWHG0DVRQVRI6FRWODQG
,QWURGXFFLyQDOD%LEOLDGHO5H\-DFRER
7KH)LUVW6FKDZ6WDWXWH/LEUDU\RI*UDQG/RGJHRI6FRWODQG
<HDU%RRNRIWKH*UDQG/RGJHRI$QWLHQW)UHHDQG$FFHSWHG0DVRQVRI6FRWODQG
3UHVWRQ,OOXVWUDWLRQVRI)UHHPDVRQU\
<HDU%RRNRI*UDQG/RGJHRI$QWLHQW)UHHDQG$FFHSWHG0DVRQVRI6FRWODQG
$SpQGLFH
/RJLDVPDVyQLFDVHQ(VFRFLDDQWHULRUHVDFRQIHFKDGHODSULPHUDPHQFLyQ
UHJLVWUDGD
GHHQHUR
$LWFKLVRQ
V+DYHQ
GHMXOLR
(GLPEXUJR
GHQRYLHPEUH
6W$QGUHZV
GHGLFLHPEUH
.LOZLQQLQJ
GHGLFLHPEUH6WLUOLQJ
GHGLFLHPEUH+DGGLQJWRQ
'XQIHUPOLQH
GHGLFLHPEUH*ODVJRZ
'XQGHH
GHPDU]R/LQOLWKJRZ
GHGLFLHPEUH6FRQH
3HUWK
$EHUGHHQ
GHGLFLHPEUH0HOURVH
GHGLFLHPEUH&DQQRQJDWH.LOZLQQLQJ
GHGLFLHPEUH,QYHUQHVV
GHPD\R'XPIULHV
GHPD\R/HLWK\&DQQRQJDWH
.LUNFXGEULJKW
GHPDU]R+DPLOWRQ
DEULO'XQEODQH
GHMXQLR.HOVR
GHGLFLHPEUH+DXJKIRRW
%DQII
GHGLFLHPEUH.LOPRO\PRFN
(GLQEXUJK-RXUQH\PHQ
$SpQGLFH
3ULPHURV*UDQGHV0DHVWURVGHODIUDQFPDVRQHUtDLQJOHVD
6HxRU$QWKRQ\6D\HU
6HxRU*HRUJH3D\QH
'RFWRU'HVDJOLHUV
6HxRU$QWKRQ\6D\HU
-RKQ'XTXHGH0RQWDJXH
'XTXHGH:KDUWRQ
'XTXHGH%XFFOHXFK
'XTXHGH5LFKPRQG
/RUG3DLVOH\&RQGHGH$EHUFRUQ
&RQGHGH,QFKLTXLQ
/RUG&ROHUDQH
/RUG.LQJVWRQ
'XTXHGH1RUIRON
/RUG/RYHO&RQGHGH/HLFHVWHU
/RUG7H\QKDP
/RUG0RQWDJXH
&RQGHGH6WUDWKPRUH
&RQGHGH&UDZIRUG
/RUG:H\PRXWK
&RQGHGH/RQGUHV
&RQGHGH'DUQOH\
0DUTXpVGH&DUQDUYRQ
/RUG5D\PRQG
&RQGHGH.LQWRUH
&RQGHGH0RUHWyQ/RUG:DUG
&RQGHGH6WUDWKPRUH
/RUG&UDQVWRXQ
/RUG%\URQ
/RUG&DU\VIRRW
0DUTXpVGH&DUQDUYRQ
/RUG$EHUGRXU
/RUG)HUUHUV
/RUG%ODQH\
'XTXHGH%HDXIRUW
/RUG3HWUH
'XTXHGH0DQFKHVWHU
'XTXHGH&XPEHUODQGKHUPDQRGHOUH\
3UtQFLSHGH*DOHV
$SpQGLFH
3ULPHURV*UDQGHV0DHVWURVGHODIUDQFPDVRQHUtDHVFRFHVD
:GOLDP6W&ODLUGH5RVOLQ5RVVO\Q
*HRUJHWHUFHU&RQGHGH&URPDUWLH
-RKQWHUFHU&RQGHGH.LQWRUH
-DPHVGHFLPRFXDUWR&RQGHGH0RUWRQ
7KRPDVRFWDYR&RQGHGH6WUDWKPRUH
$OH[DQGHUTXLQWR&RQGHGH/HYHQ\0HOYLOOH
:LOOLDPFXDUWR&RQGHGH.LOPDUQRFN
-DPHVTXLQWR&RQGHGH:HP\VV
-DPHVRFWDYR&RQGHGH0RUD\
+HQU\'DYLGGpFLPR&RQGHGH%XFKDQ
:LOOLDP1LVEHWGH'LUOHWRQ
+RQ)UDQFLV&KDUWHULV$PLVILHOG
+XJK6HWRQGH7RXFK
7KRPDV/RUG(VNLQH&RQGHGH0DU
$OH[DQGHUGpFLPR&RQGHGH(JOLQWRQ
-DPHV/RUG%R\G
*HRUJH'UXPPRQG/RUG$OFDOGHGH(GLPEXUJR
&KDUOHV+DPLOWRQ*RUGRQ
-DPHV0DHVWURGH)RUEHV
6KROWR&KDUOHV/RUG$EHUGRXU
$OH[DQGHUVH[WR&RQGHGH*DOORZD\
'DYLG,VH[WR&RQGHGH/HYHQ\0HOYLOOH
&KDUOHVTXLQWR&RQGHGH(OJLQ\QRYHQRGH.LQFDUGLQH
7KRPDVVH[WR&RQGHGH.HOOLH
-DPHV6WHZDUW/RUG$OFDOGHGH(GLPEXUJR
*HRUJHRFWDYR&RQGHGH'DOKRXVLH
7HQLHQWH*HQHUDO-DPHV$GRLSKXV2XJKWRQ
3DWULFNVH[WR&RQGHGH'XPIULHV
-RKQWHUFHU'XTXHGH$WKROO
'DYLG'DOU\PSOH
6LU:LOOLDP)RUEHVGH3LWVLOJR
-RKQFXDUWR'XTXHGH$WKROO
$OH[DQGHUVH[WR&RQGHGH%DOFDUUHV
'DYLGGHFLPRSULPHU&RQGHGH%XFKDQ
*HRUJH/RUG+DGGR
)UDQFLV/RUG(OFKR
)UDQFLV/RUG1DSLHU
*HRUJHGHFLPRVH[WR&RQGHGH0RUHWyQ
*HRUJH0DUTXpVGH+XQWO\
:LOOLDP&RQGHGH$QFUDP
)UDQFLV/RUG'RXQH
6LU-DPHV6WLUOLQJ%DUW/RUG$OFDOGHGH(GLPEXUJR
$SpQGLFH&URQRORJtD
D&
3ULPHUDHYLGHQFLDGHSUiFWLFDVUHOLJLRVDV
3LHGUDVGHPROHUSDUDODSURGXFFLyQGHKDULQD
6HGHVDUUROODODFULDQ]DGHDQLPDOHVHQ0HVRSRWDPLD
6HFXOWLYDWULJRFHEDGD\OHJXPEUHVHQFDPSRVDERQDGRV
&HUiPLFDSLQWDGD\FRFLGDDOIXHJRHQ6XPHULD
6LVWHPDVGHLUULJDFLyQFRQVWUXLGRVHQ6XPHULD
3ULPHURVDUDGRVXWLOL]DGRVHQ6XPHULD
3ULPHURVEDUFRVGHYHODHQ6XPHULD
3UREDEOHIHFKDGHOGLOXYLRGH1Rp
6HVDEHTXHSDUDHQWRQFHV6XPHULDWHQtDXQDHVWUXFWXUDVRFLDOFRPSOHWDODSULPHUDFLYLOL]DFLyQ
FRQRFLGD
3ULPHUDVFLXGDGHVDPXUDOODGDVHQ(JLSWR
3ULPHUDHVFULWXUDHQXVRFRQRFLGDHQ6XPHULD
6HFRQRFHHOFHUHPRQLDOVHFUHWRHJLSFLRSDUDODFRURQDFLyQGHXQUH\
6XUJHXQHVWDGRHJLSFLRXQLILFDGRFRQFDSLWDOHQ0HQILV
3ULPHURVMHURJOtILFRVHJLSFLRV
,QLFLRGHO$QWLJXR5HLQR(JLSFLR
6RQFRQVWUXLGDVHQ(JLSWRODVSULPHUDVSLUiPLGHVDXWpQWLFDV
*UDQ3LUiPLGHGH.KXIXHQ*L]D
6XUJLPLHQWRGHFLXGDGHVHVWDGRHQHOQRUWHGH0HVRSRWDPLD
8QLILFDFLyQ GH ODV FLXGDGHVHVWDGR GHO VXU GH 0HVRSRWDPLD SRU 6DUJyQ GH$NNDGH
&RODSVRGHO$QWLJXR5HLQR(JLSFLR
6HHVWDEOHFHHO5HLQR0HGLR(JLSFLR
/RVUH\HVKLFVRVLQLFLDQVXUHLQDGRVREUH(JLSWR
$EUDKDPYLDMDGHVGH8USDUDKDFHUVXSULPHUDYLVLWDD(JLSWR
1DFH,VDDFKLMRGH$EUDKDP
/RVKLFVRVVDTXHDQ0HQILV
1DFH-DFRERTXHPiVWDUGHVHUiQRPEUDGR,VUDHO
1DFH-RVp
-RVpHVQRPEUDGRYLVLUGHOUH\KLFVR$SRILV
6HTHQHQUH7DRVHFRQYLHUWHHQUH\GH(JLSWRSHURHVFRQILQDGRD7HEDVSRUORVKLFVRV
6HTHQHQUH7DRHVDVHVLQDGRHQHOWHPSOR6XMRYHQKLMR$KPRVHDVFLHQGHDOWURQR
,QLFLDHO1XHYR5HLQR(JLSFLREDMR.DPRVHVHJXQGRKLMRGH6HTHQHQUH
/RVKLFVRVVRQDUURMDGRVGH(JLSWR
3UREDEOHSHULRGRGHOe[RGRGH0RLVpV
6D~OVHFRQYLHUWHHQHOSULPHUUH\GH,VUDHO
'DYLGHVUH\GH,VUDHO
6DORPyQVHHULJHUH\GH,VUDHO\FRQVWUX\HXQWHPSORSDUD-HKRYi
6DORPyQPXHUHGHMDQGRXQFDRVUHOLJLRVR\ILQDQFLHURHQWRGR,VUDHO
(OQRUWHGHOUHLQRGH,VUDHOVHFRODSVD
3ULPHUFDXWLYHULREDELORQLR
'HVWUXFFLyQILQDOGHO7HPSORGH6DORPyQ
9LVLRQHVGH(]HTXLHOGXUDQWHVXFDXWLYHULR
,QLFLRGHOD&RQVWUXFFLyQGHOWHPSORGH=RUREDEHO
3ULPHUDIHFKDUHJLVWUDGDGHODFRPXQLGDGTXPUDQD
/D5HYXHOWDGH0DFDEHRHQ,VUDHO
-RQDWiQ0DFDEHRVHKDFH*UDQ6DFHUGRWH
6HFRQRFHODH[LVWHQFLDGHODFRPXQLGDGTXPUDQD
-RQDWiQ0DFDEHRHVDVHVLQDGR
3UREDEOHQDFLPLHQWRGH-HV~V
G&
-HV~VSDVDWUHVDxRVHQ4XPUDQHQHOGHVLHUWR
-HV~VGHMD4XPUDQ\VHVRVWLHQHTXHHVHOUH\GHORVMXGtRV
-XDQHO%DXWLVWDHVDVHVLQDGR-HV~VVHDVXPHPHVtDVVDFHUGRWDO\UHDO
&UXFLIL[LyQGH-HV~V
/RVPDQGHDQRVVRQFRQGXFLGRVD0HVRSRWDPLDSRU6D~O
6D~OVHFRQYLHUWHHQ3DEORHLQYHQWDHOFULVWLDQLVPR
$VHVLQDWRGH6DQWLDJRHO-XVWRHQHOWHPSOR
&RPLHQ]DODUHYXHOWDMXGtDHQ0DVDGD
'HVWUXFFLyQGH4XPUDQ-HUXVDOpQ\HO7HPSORGH+HURGHVSRUORVURPDQRV
&OHPHQWHVHFRQYLHUWHHQ2ELVSRGH$OHMDQGUtD
(OFULVWLDQLVPRFHOWDOOHJDD,UODQGDGHVGH$OHMDQGUtDYtD(VSDxD
(OHPSHUDGRU&RQVWDQWLQRHVWDEOHFHHO&RQVHMRGH1LFHD
0XHUH&RQVWDQWLQR
3DWULFLRYLDMDD,UODQGDSDUDHVWDEOHFHUOD,JOHVLDFHOWDHQ6ODQH\7DUD
&ROXPEDVHHPEDUFDHQ'HUU\SDUDHVWDEOHFHUXQDDEDGtDHQORQD
6DQ$JXVWtQOOHJDD,QJODWHUUDSDUDFRQYHUWLUDODSREODFLyQDOFDWROLFLVPR
(O6tQRGRGH:KLWE\VHULQGHDQWHOD,JOHVLD&DWyOLFD5RPDQD
HPSLH]DOD(GDG0HGLD
7H[WRVPiVDQWLJXRVTXHVREUHYLYHQGHOD%LEOLD+HEUHD
6HIXQGDOD2UGHQGHORV3REUHV&DEDOOHURVGH&ULVWR\GHO7HPSORGHO5H\6DORPyQ
/RVWHPSODULRVHQFXHQWUDQORVUROORVRFXOWRV
WHUPLQDOD(GDG0HGLD
(OUH\-XDQILUPDOD&DUWD0DJQD
1DFH-DFTXHVGH0DOR\
-DFTXHVGH0DOR\HVHOHJLGR~OWLPR*UDQ0DHVWURGHORV7HPSODULRV
5REHUWR%UXFHHVH[FRPXOJDGR
5REHUWR%UXFHHVFRURQDGRUH\GH(VFRFLD
(ODUUHVWRGHWRGRVORVMXGtRVHQ)UDQFLD
9LHUQHVGHRFWXEUHODGHVWUXFFLyQGHORVWHPSODULRVSRU)HOLSHHO+HUPRVR
-DFTXHVGH0DOR\HVFUXFLILFDGR\VHFUHDHO6XGDULRGH7XUtQ
$UULERGHODIORWDWHPSODUtDD$PpULFD
GHPDU]R-DFTXHVGH0DOR\HVTXHPDGRHQODKRJXHUDHQ3DUtV
%DWDOODGH%DQQRFNEXUQJDQDGDJUDFLDVDODLQWHUYHQFLyQGHXQDIXHU]DGHEDWDOODWHPSODUtD
,QJODWHUUDUHFRQRFHD(VFRFLDFRPRQDFLyQLQGHSHQGLHQWH
GHMXQLRHO3DSDDFHSWDD5REHUWR,\DVXVVXFHVRUHVFRPRUH\HVGH(VFRFLD
:LOOLDP6W&ODLUPXHUHOOHYDQGRHOFRUD]yQGH5REHUWR,D-HUXVDOpQ
3ULPHUDH[SRVLFLyQFRQRFLGDGHO6XGDULRGH7XUtQ
&RQVWUXFFLyQGHOD&DSLOODGH5RVVO\Q,QWURGXFFLyQGHO3ULPHU*UDGR\OD0DVRQHUtD'LVWLQJXLGD
0DUNSRU:LOOLDP6W&ODLU3ULPHU*UDQ0DHVWUR\)XQGDGRUGHODIUDQFPDVRQHUtD
6HSDUDFLyQLQJOHVDGHOD,JOHVLD&DWyOLFD5RPDQD
-DFRER(VWXDUGRVHFRQYLHUWHHQ-DFRER9,GH(VFRFLD
/RV3ULPHURV(VWDWXWRV6FKDZHVWDEOHFHQHO6LVWHPDGH/RJLDV
6HSXEOLFDQORV6HJXQGRV(VWDWXWRV6FKDZ
3ULPHUDVPLQXWDVGRFXPHQWDGDVGHXQDORJLD
PDVyQLFD
(O3ULPHU7tWXORGH6W&ODLUFRQILUPDDORV6W&ODLU
FRPR*UDQ0DHVWURGHORV0DVRQHV
-DFRER9,VHXQHDODORJLDGH6FRRQ\3HUWKQ~
PHURWUHVGHORVPLHPEURVDFWXDOHVGHOD*UDQ/RJLDGH(VFRFLDDODHGDGGHWUHLQWD\FLQFRDxRV
-DFRER9,GH(VFRFLDVHFRQYLHUWHHQ-DFRER,GH,QJODWHUUD
)UDQFLV%DFRQLQWURGXFHHO*UDGRGH&RPSDxHURGHOD&LHQFLDGHODIUDQFPDVRQHUtD
*X\)DZNHVFRQVSLUDSDUDGHVWUXLUDOUH\\DO3DUODPHQWR
0DQXVFULWRGH,xLJR-RQHV
*DOLOHRFRQILUPDHQS~EOLFRODHVWUXFWXUDGHOVLVWHPDVRODU
&DUORV,DVFLHQGHDOWURQR
(O6HJXQGR7tWXORGH6W&ODLUFRQILUPDDOFRQGHGH5RVVO\QFRPR*UDQ0DHVWUR0DVyQ
&DUORV,UHVWDXUDOD$EDGtDGH+RO\URRGSDUDVXFRURQDFLyQHVFRFHVDHLQFRUSRUDOiSLGDV
PDVyQLFDVHQVXPXUDOODQRUWHLQFOX\HQGRXQDSDUDHOFRQGHGH6XWKHUODQG
6LU5REHUW0RUD\HVLQLFLDGRHQOD)UDQFPDVRQHUtDHQ1HZFDVWOHSRUXQGHFUHWRGHOD/RJLDGH
OD&DSLOODGH6DQWD0DUtDGH(GLPEXUJR
&RPLHQ]DOD*XHUUD&LYLO,QJOHVD
(OILQDOGHODHWDSDSULQFLSDOGHOD*XHUUD&LYLO,QJOHVDHQ2[IRUG
(OLDV$VKPROHHVLQLFLDGRHQ:DUULQJWRQHQXQDORJLDDGKRF
(MHFXFLyQGH&DUORV,
(VWDEOHFLPLHQWRGHO&RPPRQZHDOWKRUHS~EOLFDEDMRHOPDQGDWRGH2OLYHU&URPZHOO
(OFDVWLOORGH5RVVO\QHVGHVWUXLGRSHURODFDSLOODHVFRQVHUYDGDSRU&URPZHOO\0RQN
3ULPHUHQFXHQWURHQWUH:LONLQV$VKPROH\:UHQ
&DUORV,,UHVWDXUDODPRQDUTXtD
)RUPDFLyQGHOD6RFLHGDG5HDOGHO$YDQFHGHOD&LHQFLDSRUORVIUDQFPDVRQHV
,VDDF1HZWRQHVHOHJLGRPLHPEURGHOD6RFLHGDG5HDO
&DUORV,,FRQVWUX\HOD6DJUDGD$UFD5HDOVtPERORGHOD&RURQDRULJLQDOPHQWHXWLOL]DGDSRUVX
SDGUH&DUORV,HQVXFDPSDxDHQFRQWUDGHO3DUODPHQWRDODHQWUDGDGHOD&DVD+RO\URRG
3ULPHUDVPLQXWDVUHJLVWUDGDVGHOD*UDQ/RJLDGH<RUN
)RUPDFLyQGHOD*UDQ/RJLD,QJOHVD
3ULPHU1REOH*UDQ0DHVWUR-RKQGXTXHGH0RQWDJXHHOHJLGRSDUDOD*UDQ/RJLD,QJOHVD
)RUPDFLyQGHOD*UDQ/RJLD,UODQGHVD
3ULPHUUHJLVWURGRFXPHQWDGRGHODFHUHPRQLDGHO7HUFHU*UDGR0DVyQLFRHQ(VFRFLD
)RUPDFLyQGHOD*UDQ/RJLD(VFRFHVD:LOOLDP6W&ODLUHVHOHJLGR*UDQ0DHVWUR
6HHPLWHODSULPHUD%XOD3DSDOFRQWUDOD)UDQFPDVRQHUtD
3ULPHUWtWXORSDUDXQDORJLDPLOLWDUYLDMHUDHPLWLGRSRUOD*UDQ/RJLDGH(VFRFLD
*HRUJH:DVKLQJWRQVHFRQYLHUWHHQIUDQFPDVyQHQODFLXGDGGH)UHGG+FNVEXUJHQODORJLD
)UHGHULFNVEXUJ
/DORJLD)UHGHULFNVEXUJUHFLEHXQWtWXORIRUPDOGHOD*UDQ/RJLD(VFRFHVD
%RVWRQ7HD3DUW\0RWtQGHO7pGH%RVWRQ
0XHUH:LOOLDP6W&ODLUSULPHU0DHVWUR(OHJLGRGHOD*UDQ/RJLDGH(VFRFLD
'HFODUDFLyQGH,QGHSHQGHQFLDGHORV(VWDGRV8QLGRVGH$PpULFD
*HRUJH:DVKLQJWRQVHFRQYLHUWHHQHOSULPHUSUHVLGHQWHGH(VWDGRV8QLGRVGH$PpULFD
(O3UtQFLSHKDQRYHULDQRGH*DOHVVHFRQYLHUWHHQ*UDQ0DHVWURGH,QJODWHUUD
*HRUJH:DVKLQJWRQUHFLEHHOOLEURGHODV&RQVWLWXFLRQHVHQ%RVWRQ
6HHQFXHQWUDOD3LHGUD5RVHWWDTXHSHUPLWHTXHVHOHDQORVMHURJOtILFRVHJLSFLRV
'HVFXEULPLHQWRGHOHVFRQGLWH1DJ+DPPDGLGHORV(YDQJHOLRV*QyVWLFRV
'HVFXEULPLHQWRGHORV5ROORVGHO0DU0XHUWRHQ4XPUDQ
&RPLHQ]DODH[FDYDFLyQGH4XPUDQ
6HDEUHHO5ROORGH&REUH\VHGHVFLIUDFRPRXQLQYHQWDULRGHWHVRURVRFXOWRV
/DSUXHEDGHOFDUERQRSDUDGHWHUPLQDUODIHFKDGHO6XGDULRGH7XUtQHVWDEOHFHTXHVXRULJHQ
PiVDQWLJXRSRVLEOHHV
3ULPHUDFFHVRS~EOLFRDODFROHFFLyQGHORV5ROORVGHO0DU0XHUWR
(QYtRFRUWHVtDGH
)RUXP
³0$621(6&8%$126´
![VWDGR 0H[LFDQR \ GHVFHQWUDOL]DFLyQ GH ORV](http://s2.studylib.es/store/data/004520641_1-784aade3613fe298a841d7876d2e6126-300x300.png)
