ulr gh 5hodflrqhv ([whulruhv d ilq gh txh lqiruphq vreuh ho dofdqfh

&6
&É0$5$'(6(1$'25(6
´&É0$5$'(6(1$'25(6
&RPLVLyQGH+DFLHQGD
$&7$1ƒ
(Q0RQWHYLGHRHOGtDWUHFHGHRFWXEUHGHGRVPLO
RQFHDODKRUDGLH]\GLH]PLQXWRVVHUH~QHOD&RPL
VLyQGH+DFLHQGDGHOD&iPDUDGH6HQDGRUHV
$VLVWHQ ORV VHxRUHV 6HQDGRUHV PLHPEURV -RVp
$PRUtQ&DUORV%DUiLEDU-XDQ-RVp%HQWDFRU$OEHUWR
&RXULHO)UDQFLVFR*DOOLQDO5DIDHO0LFKHOLQL\'DQLHO
0RQWLHO
3 UHVLGHHOVHxRU6HQDGRU-RVp$PRUtQ9LFHSUHVL
GHQWHGHOD&RPLVLyQ
$FW~DQHQ6HFUHWDUtDODVVHxRUDV'LQRUDK$PDWR
6HFUHWDULDGHOD&RPLVLyQ\$OLFLD+DFNHQEUXFK3UR
VHFUHWDULD
$VXQWRVHQWUDGRV
35202&,Ð1'(/'(3257(6HFUHDXQUp
JLPHQGHEHQHILFLRVILVFDOHV3UR\HFWRGHOH\DSUREDGR
HQ QXHYD IRUPD SRU OD &iPDUD GH 5HSUHVHQWDQWHV
&DUSHWD1ƒ'LVWULEXLGR1ƒ
&$57$ '( '(5(&+26 '(/ &2175,%8
<(17( 0DUFR OHJDO 3UR\HFWR GH OH\ FRQ H[SRVL
FLyQ GH PRWLYRV SUHVHQWDGR SRU ORV VHxRUHV 6HQDGR
UHV 6HUJLR $EUHX )UDQFLVFR *DOOLQDO /XLV $ +HEHU
\ &DUORV 0RUHLUD &DUSHWD 1ƒ 'LVWULEXLGR
1ƒ
021275,%872 62&,$/ 0,'(6 &UHD
FLyQ 3UR\HFWR GH OH\ DSUREDGR SRU OD &iPDUD GH
5HSUHVHQWDQWHV &DUSHWD 1ƒ 'LVWULEXLGR
1ƒ
1RWDGHOD-XQWD'HSDUWDPHQWDOGH0DOGRQDGR
DGMXQWDQGRFRSLDGHODH[SRVLFLyQUHDOL]DGDSRUHOVH
xRU(GLO$JXVWtQ5RGUtJXH]WLWXODGD´(O8UXJXD\\HO
WLSRGHFDPELRµ
$VXQWRFRQVLGHUDGR
35202&,Ð1'(/'(3257(6HFUHDXQUpJL
PHQGHEHQHILFLRVILVFDOHV3UR\HFWRGHOH\DSUREDGR
HQ QXHYD IRUPD SRU OD &iPDUD GH 5HSUHVHQWDQWHV
&DUSHWD1ƒ'LVWULEXLGR1ƒ
/RVVHxRUHV6HQDGRUHVDQDOL]DQORVFDPELRVLQ
WURGXFLGRVSRUOD&iPDUDGH5HSUHVHQWDQWHV
6H DFHSWDQ ODV PRGLILFDFLRQHV 6H YRWD HQ $ILUPDWLYD81$1,0,'$'
6H GHVLJQD 0LHPEUR ,QIRUPDQWH DO VHxRU 6HQD
GRU&DUORV%DUiLEDUTXLHQORKDUiHQIRUPDYHUEDO
5HVROXFLRQHV
,QFOXLUHQHORUGHQGHOGtDGHODSUy[LPDVHVLyQ
HOSUR\HFWRGHOH\DSUREDGRSRUOD&iPDUDGH5HSUH
VHQWDQWHV SRU HO TXH VH FUHD HO 0RQRWULEXWR 6RFLDO
0LGHVHLQYLWDUDOJUXSRGHWUDEDMRTXHWUDEDMyHQOD
UHGDFFLyQGHOSUR\HFWR
$ VROLFLWXG GHO VHxRU 6HQDGRU 6HUJLR $EUHX
FRQYRFDU HQ IHFKD D FRRUGLQDU DO VHxRU 0LQLVWUR GH
(FRQRPtD \ )LQDQ]DV \ UHSUHVHQWDQWHV GHO 0LQLVWH
GHRFWXEUHGH
ULR GH 5HODFLRQHV ([WHULRUHV D ILQ GH TXH LQIRUPHQ
VREUH HO DOFDQFH GH ODV QHJRFLDFLRQHV UHDOL]DGDV SRU
ODVGLILFXOWDGHVGHDFFHVRDORVPHUFDGRVEUDVLOHxRV\
DUJHQWLQRVDVtFRPRODSRVLFLyQUHVSHFWRDODSROtWLFD
DXWRPRWUL]
$ VROLFLWXG GHO VHxRU 6HQDGRU -RVp $PRUtQ
FRQYRFDU HQ IHFKD D FRRUGLQDU DO 'LUHFWRU *HQHUDO
GH 5HQWDV SDUD TXH LQIRUPH VREUH ODV VROLFLWXGHV GH
OLVWDGRVUHDOL]DGDVDORVFROHJLRVSULYDGRV\FOXEHVGH
SRUWLYRV VREUH FXiQWR SDJD XQD SHUVRQD FRQ HO ILQ
GHFRQWURODUORVDSRUWHVDO,PSXHVWRDOD5HQWDDODV
3HUVRQDV)LVLFDV
(QYLDUDO0LQLVWHULRGH(FRQRPtD\)LQDQ]DVHO
SUR\HFWRGHOH\SUHVHQWDGRSRUORVVHxRUHV6HQDGRUHV
GHO3DUWLGR1DFLRQDOSRUHOTXHVHFUHDXQD&DUWDGH
'HUHFKRVGHO&RQWULEX\HQWH
$ OD KRUD GLH] \ FXDUHQWD PLQXWRV VH OHYDQWD OD
VHVLyQ
3DUDFRQVWDQFLDVHODEUDODSUHVHQWH$FWDTXHILU
PDQHOVHxRU9LFHSUHVLGHQWH\ODVHxRUD6HFUHWDULDGH
OD&RPLVLyQ
-RVp $PRUtQ 9LFHSUHVLGHQWH 'LQRUDK $PDWR
6HFUHWDULDµ
6(f25$35(6,'(17$/pDVHHOSUR\HFWR
6HOHH
(QGLVFXVLyQ
7LHQH OD SDODEUD HO 0LHPEUR ,QIRUPDQWH VHxRU
6HQDGRU%DUiLEDU
6(f25 %$5É,%$5 6HxRUD 3UHVLGHQWD HO SUR
\HFWRGHOH\HQFRQVLGHUDFLyQTXH\DIXHWUDWDGRHQ
HVWD&iPDUD\OXHJRUHPLWLGRDOD&iPDUDGH5HSUH
VHQWDQWHV GRQGH VH OH UHDOL]DURQ DOJXQDV PRGLILFD
FLRQHVTXHKR\DSUREDUHPRVRQRHVWiHQSRGHUGH
WRGRVORVVHxRUHV6HQDGRUHV/DGRFXPHQWDFLyQFRQV
WDGHOPHQVDMH\SUR\HFWRGHOH\GHO3RGHU(MHFXWLYR
GRQGHVHSODQWHDQODVOtQHDVJHQHUDOHVGHOPLVPR
&DEH GHVWDFDU TXH HQ RSRUWXQLGDG GH WUDWDUVH HO
SUR\HFWRGHOH\HQOD&iPDUDGH6HQDGRUHVOXHJRGH
XQH[KDXVWLYRHVWXGLRSDUDHOTXHIXHURQFRQYRFDGRV
HO0LQLVWURGH7XULVPR\'HSRUWHGRFWRU+pFWRU/HV
FDQRHO0LQLVWURGH(FRQRPtD\)LQDQ]DVHFRQRPLV
WD)HUQDQGR/RUHQ]RHO3UHVLGHQWHGHOD$8)GRFWRU
6HEDVWLiQ%DX]i\HO9LFHSUHVLGHQWHGHOD$8)VHxRU
0LJXHO 6HMDV VH SUHVHQWDURQ DOJXQRV DGLWLYRV VREUH
ORVTXHHOVHxRU0LQLVWURGH7XULVPR\'HSRUWHOXHJR
GHKDEHUOHtGRODYHUVLyQWDTXLJUiILFDGHOD&RPLVLyQ
GH OD &iPDUD GH 5HSUHVHQWDQWHV H[SUHVy DEVROXWD
FRQIRUPLGDG
(VWH SUR\HFWR GH OH\ FRQVWD GH TXLQFH DUWtFXORV
ORVTXHYR\DPHQFLRQDUPX\VXPDULDPHQWH
GHRFWXEUHGH
&É0$5$'(6(1$'25(6
(ODUWtFXORžVHUHILHUHDOLQWHUpVQDFLRQDOHOžDO
DVHVRUDPLHQWR FUHiQGRVH OD &RPLVLyQ GH 3UR\HFWRV
'HSRUWLYRV&20352'(HOžUHILHUHDORVSUR\HFWRV
TXH VH SXHGHQ SUHVHQWDU \ ORV UHTXHULPLHQWRV SDUD
REWHQHUORVEHQHILFLRVHOžHVWDEOHFHORVREMHWLYRVGHO
SUR\HFWR HO ž RWRUJD OD SRVLELOLGDG GH TXH HQ DOJX
QDV FLUFXQVWDQFLDV VH SXHGDQ VROLFLWDU ILGHLFRPLVRV
HODUWtFXORžHVSHFLILFDODVIDFXOWDGHVGHOD&RPLVLyQ
GH 3UR\HFWRV 'HSRUWLYRV \ HO ž WLHQH TXH YHU FRQ
HO DOFDQFH VXEMHWLYR GH ORV EHQHILFLDULRV 5HVSHFWR D
HVWH~OWLPRDUWtFXORPHQFLRQDGRFDEHGHFLUTXHHQOD
&iPDUDGH5HSUHVHQWDQWHVVHLQWURGXMRXQDJUHJDGR
TXHILJXUDFRPRDGLWLYRDOLQFLVR$HOTXHHVWDEOHFH
´/DV IHGHUDFLRQHV GHSRUWLYDV D TXH UHILHUH HO OLWHUDO
% GHO DUWtFXOR ž GH OD SUHVHQWH OH\ LQFOXLGD OD 2U
JDQL]DFLyQ GHO )~WERO GHO ,QWHULRUµ (VWD HV XQD GH
ODV WUHV VXJHUHQFLDV TXH KL]R OD &iPDUD GH 5HSUH
VHQWDQWHV7HQJRHQPLSRGHUODYHUVLyQWDTXLJUiILFD
GH OD &RPLVLyQ GH +DFLHQGD GH GLFKD &iPDUD HQ OD
TXH VH KD LQFOXLGR XQD FDUWD GH OD 2UJDQL]DFLyQ GHO
)~WEROGHO,QWHULRUSRUODTXHSLGHH[SUHVDPHQWHTXH
VHODLQFOX\DSRUTXHVLELHQSRGtDHVWDUFRQWHPSODGD
LPSOtFLWDPHQWH HQWLHQGH TXH QR HV VXILFLHQWH SDUD
SRGHUVHUUHFHSWRUDGHORVEHQHILFLRVGHODOH\
(ODUWtFXORžGHILQHDORVPHFHQDVGHSRUWLYRVHO
ž KDFH OR SURSLR FRQ ORV SDWURFLQDGRUHV HO HV
WDEOHFH ORV EHQHILFLRV WULEXWDULRV D ODV HQWLGDGHV R
LQVWLWXFLRQHV GHSRUWLYDV HO WLHQH TXH YHU FRQ ORV
EHQHILFLRV WULEXWDULRV D ORV PHFHQDV GHSRUWLYRV \ HO
DUWtFXOR GHWDOOD ORV EHQHILFLRV SDUD ORV SDWURFLQD
GRUHV(QHVWH~OWLPRDUWtFXORVHLQWURGXFHHOVHJXQ
GRDJUHJDGRDOILQDOGHOLQFLVR%GRQGHVHHVWDEOH
FH OR VLJXLHQWH ´/RV EHQHILFLRV HVWDEOHFLGRV HQ HVWH
DUWtFXORQRVHUiQGHDSOLFDFLyQFXDQGRHOSDWURFLQDQ
WHSXGLHUDGLIXQGLUHQDSOLFDFLyQGHORGLVSXHVWRSRU
HO DUWtFXOR ž GH OD SUHVHQWH OH\ SURGXFWRV R PDUFDV
GH EHELGDV DOFRKyOLFDV R HVWLPXODU VX FRQVXPR DVR
FLDGR D OD DFWLYLGDG GHSRUWLYDµ (VWR IXH LQWURGXFLGR
HQOD&iPDUDGH5HSUHVHQWDQWHV\HO&XHUSRGHEHUi
SURQXQFLDUVHDOUHVSHFWR
(ODUWtFXORGHWHUPLQDORVOtPLWHVGHORVEHQHIL
FLRVHVWDEOHFLHQGRTXHHO3RGHU(MHFXWLYRSRGUiILMDU
OtPLWHVDQXDOHVWDQWRHQHOPRQWRWRWDOGHORVEHQHIL
FLRVDRWRUJDUFRQDUUHJORDORGLVSXHVWRHQORVDUWtFX
ORV\GHODSUHVHQWHOH\FRPRHQORTXHUHVSHF
WDDOPRQWRTXHSRGUiVHUREMHWRGHH[RQHUDFLyQSRU
SDUWHGHFDGDXQRGHORVPHFHQDV\SDWURFLQDGRUHV
(ODUWtFXORSUHYpODVLWXDFLyQGHLQFXPSOLPLHQ
WR\HODUWtFXORTXHVHDJUHJDDHVWHSUR\HFWRGH
OH\ QR HVWDED HQ HO UHPLWLGR SRU HO 6HQDGR GLFH
´(O3RGHU(MHFXWLYRLQIRUPDUiHQFDGD5HQGLFLyQGH
&XHQWDVVREUHORVSUR\HFWRVLQFOXLGRVHQHOUpJLPHQ
SURPRFLRQDOSUHYLVWRHQODSUHVHQWHOH\LQGLFDQGROD
HQWLGDG R LQVWLWXFLyQ WLWXODU GH ORV PLVPRV ODV FD
UDFWHUtVWLFDVGHODSURSXHVWD\HOPRQWRGHODH[RQH
&6
UDFLyQ UHVSHFWLYD $VLPLVPR GHWDOODUi ORV SUR\HFWRV
SUHVHQWDGRV DQWH OD &RPLVLyQ GH 3UR\HFWRV 'HSRUWL
YRVTXHIXHURQUHFKD]DGRVRVHHQFXHQWUDQSHQGLHQ
WHVGHDSUREDFLyQµ
4XLHURDJUHJDUTXHHVWHSUR\HFWRGHOH\IXHUHPL
WLGR SRU HO 3RGHU (MHFXWLYR OXHJR GLVFXWLGR \ DQDOL
]DGR FRQ OD SUHVHQFLD GH DOWRV GLULJHQWHV YLQFXODGRV
DO WHPD \ DSUREDGR HQ OD &RPLVLyQ \ HQ HO 6HQDGR
3RVWHULRUPHQWH IXH HQYLDGR D OD &iPDUD GH 5HSUH
VHQWDQWHVGRQGHIXHDQDOL]DGRHQOD&RPLVLyQGH+D
FLHQGD GH GLFKR &XHUSR )LQDOPHQWH VH DSUREy SRU
XQDQLPLGDG HQ HO SOHQR GH OD &iPDUD GH 5HSUHVHQ
WDQWHV\DKRUDHO6HQDGRWLHQHTXHPDQLIHVWDUVLHVWi
GHDFXHUGRFRQORVDGLWLYRVTXHVHKDQLQWURGXFLGR
$QWHVGHWHUPLQDUFRQPLH[SRVLFLyQTXLVLHUDUH
FRUGDU SRUTXH GHVSXpV PXFKDV YHFHV VH SLHUGH OR
TXHRFXUUHHQODV&RPLVLRQHVDOJXQDVFRVDVTXHVH
GLHURQHQHVHiPELWRSRUTXHHQDTXHOPRPHQWRWX
YLHURQ VLJQLILFDFLyQ \ DO GtD GH KR\ OR WLHQHQ PXFKR
PiVVREUHWRGROXHJRGHORVKHFKRVRFXUULGRVSRUOD
ILUPD GHO FRQWUDWR HQWUH OD $VRFLDFLyQ 8UXJXD\D GH
)~WERO\ODHPSUHVD7HQILHOG9R\DOHHUXQDSDUWHGH
OD YHUVLyQ WDTXLJUiILFD GH XQD GH ODV VHVLRQHV GH OD
&RPLVLyQGH+DFLHQGDSRUTXHFUHRTXHYDOHODSHQD
TXHTXHGHUHJLVWUDGR\DTXHGHPXHVWUDXQPX\EXHQ
UHODFLRQDPLHQWR HQWUH HO SRGHU SROtWLFR TXH LQYROX
FUDDWRGRVORV3DUWLGRV\DO*RELHUQR\OD$VRFLDFLyQ
8UXJXD\DGH)~WEROTXHHVXQDHPSUHVDSULYDGD(Q
HVDRSRUWXQLGDGHQVXFRPSDUHFHQFLDHOVHxRU%DX
]iGLMR´&UHRTXHHVWHSUR\HFWRGHOH\YDDVHUPX\
LPSRUWDQWH SRUTXH GDUi OD SRVLELOLGDG GH TXH VSRQ
VRUVRPHFHQDVTXHYDQDWHQHUGHVFXHQWRVLPSRVL
WLYRVLPSRUWDQWHVSXHGDQDFHUFDUVHDORVFOXEHVKR\
SRUKR\QRWLHQHQQLQJXQDSRVLELOLGDGGHKDFHUORµ/XHJR
SLGHDO9LFHSUHVLGHQWHVHxRU6HMDVWDPELpQ3URVHFUHWD
ULRGHHVWH&XHUSRTXHORDFRPSDxDEDTXHVHUHIL
ULHUD D OD VLWXDFLyQ SODQWHDGD FRQ OD VXVFULSFLyQ GHO
FRQWUDWR FXDQGR WRGDYtD VH HVWDED EDVWDQWH OHMRV GH
OOHJDUDODVLQVWDQFLDVILQDOHVGHVXILUPDFRQODVFLU
FXQVWDQFLDVTXHWRGRVFRQRFLPRV(QWRQFHVHOVHxRU
6HMDVUHSLWR3URVHFUHWDULRGHO&XHUSR\DVXYH]9L
FHSUHVLGHQWHGHOD$8)H[SUHVy´3DUDQRVRWURVHVWH
HVXQWHPDPX\LPSRUWDQWH(O&RQVHMR(MHFXWLYRYH
FRQSURIXQGDSUHRFXSDFLyQODVLWXDFLyQTXHDWUDYLHVD
HOI~WEROTXHHVPX\FRPSOHMD0XFKDVLQVWLWXFLRQHV
WLHQHQ JUDQGHV SUREOHPDV LQFOXVR SDUD WHUPLQDU HO
DFWXDOWRUQHR\UHLWHURTXHHOFRQWUDWRTXHH[LVWHFRQ
ODHPSUHVD7HQILHOGKDVWDHOJHQHUDOLPLWDFLR
QHVUHDOHV\YHUGDGHUDVHQFXDQWRDORVSDWURFLQDGR
UHVTXHVHSXHGDQDFHUFDUDOI~WERO6LQSHUMXLFLRGH
HVR FUHHPRV TXH HVWD OH\ HV PX\ LPSRUWDQWH KDFLD
HOIXWXUR\HQFLHUWDPDQHUDYDHQHOPLVPRVHQWLGR
TXHORTXHSODQWHDDFWXDOPHQWHHO&RQVHMR(MHFXWLYR
(QUHDOLGDGH[LVWHXQSODQWHRSRUSDUWHGHODHPSUH
VD KDFLD ODV LQVWLWXFLRQHV SDUD H[WHQGHU HO FRQWUDWR
KDVWD HO DxR SHUR TXHUHPRV GHMDU FODUR SDUD
&6
&É0$5$'(6(1$'25(6
HODQiOLVLVGHHVWHSUR\HFWRGHOH\TXHHO&RQVHMR'L
UHFWLYRGHOD$8)QRFRPSDUWHHQDEVROXWRHVDLGHD\
WLHQHXQDSRVLFLyQPX\ILUPHUHVSHFWRDQRVXVFULELU
XQD H[WHQVLyQ GH GLFKRV GHUHFKRV KDVWD HVH DxR HQ
IXQFLyQGHORDEDUFDWLYRVTXHVRQHVRVFRQWUDWRV\GH
TXHWRGDYtDQRHVWDPRVHQFRQGLFLRQHVGHVDEHUTXp
YtDVWHFQROyJLFDVYDQDDFWXDUHQODWUDVPLVLyQGHOI~W
ERO \D QR HQ HO VLQR HQ HO $GHPiV PiV
DOOiGHODQiOLVLVTXHSXHGHVXUJLUGHODWHOHYLVLyQGLJL
WDOWHUUHVWUHTXHHVWiSRUOOHJDUGHODWUDVPLVLyQYtD
FHOXODUGHODXPHQWRGHODEDQGDDQFKDRODH[WHQVLyQ
GH OD ILEUD ySWLFD HV FODUR TXH WRGRV HVWRV DYDQFHV
YDQ D GHWHUPLQDU TXH HQ QR PiV GH FXDWUR R FLQFR
DxRVHOGHORVXUXJXD\RVWHQJDQDFFHVRDLQWHU
QHW &RPR WRGR HVWH WLSR GH WUDVPLVLRQHV MXVWDPHQ
WHVHUiQSRULQWHUQHWORVSRWHQFLDOHVFOLHQWHVSDUDOD
WUDVPLVLyQGHOI~WEROYDQDDXPHQWDUVXVWDQFLDOPHQWH
HQSRFRVDxRV3RUORWDQWRHO&RQVHMR(MHFXWLYRHQ
WLHQGHTXHHVWHSUR\HFWRGHOH\SXHGHD\XGDU\PX
FKRSDUDOOHYDUDGHODQWHHOIRPHQWRGHODVGLYLVLRQHV
MXYHQLOHV\HOSUR\HFWRGHODVVHOHFFLRQHVQDFLRQDOHV
1R REVWDQWH WDPELpQ TXHUHPRV GHMDU FRQVWDQFLD GH
TXH OD $8) WLHQH UHVSRQVDELOLGDG SRU FRQWUDWRV TXH
HVWiQILUPDGRVGHVGHKDFHPXFKRWLHPSRORTXHQRV
SODQWHD OLPLWDFLRQHV HQ FXDQWR D OD SHUVSHFWLYD GH D
TXpSRGHPRVOOHJDUµ
6HxRUD3UHVLGHQWDFUHRTXHHVWHHVXQWHVWLPRQLR
TXHYDOHODSHQDTXHTXHGHHQODYHUVLyQWDTXLJUiILFD
GHHVWD6HVLyQGHO6HQDGRHQPRPHQWRVHQTXHHVWH
SUR\HFWRGHOH\VHUiDSUREDGRSRUTXHHVXQWHVWLPR
QLR PX\ ILUPH \ VLJQLILFDWLYR HQ PRPHQWRV HQ TXH
WRGDYtDHVWDEDPX\GLVWDQWHODVXVFULSFLyQGHOFRQWUD
WRKHFKRTXHWRGRVFRQRFLPRVSRUTXHIXHGHS~EOLFD
QRWRULHGDG(VWDSRVLFLyQGHILUPH]DVHDPSDUyWDP
ELpQHQODVSRVLELOLGDGHVTXHJHQHUDHVWHSUR\HFWRGH
OH\\SRUHVRFRQVLGHURTXHIXHXQHSLVRGLRGHPXFKD
VLJQLILFDFLyQTXHYDOHODSHQDTXHVHDFRQRFLGR\UH
JLVWUDGRHQODYHUVLyQWDTXLJUiILFDGHHVWD6HVLyQGHO
6HQDGRGHOD5HS~EOLFD
/D &RPLVLyQ GH +DFLHQGD GHO VHQDGR DSUREy SRU
XQDQLPLGDGHVWHSUR\HFWRGHOH\FRQORVWUHVDJUHJD
GRV LQWURGXFLGRV HQ OD &iPDUD GH 5HSUHVHQWDQWHV D
VXVDUWtFXORVž\\SRUWDQWRUHFRPLHQGDVX
DSUREDFLyQ
GHRFWXEUHGH
MHUHV HQ HO HMHUFLFLR GHO GHSRUWH IXQGDPHQWDOPHQWH
HQORTXHWLHQHTXHYHUFRQODSURPRFLyQGHOGHSRUWH
HQ ODV QLxDV (Q ODV LQWHUYHQFLRQHV TXH VH H[SUHVDQ
FRPRIXQGDPHQWRGHOSUR\HFWRHQHVWD&iPDUDSDUH
FHGDUVHFXHQWDVRORGHXQRGHORVGHSRUWHVPiVDSR
\DGRSRUODFLXGDGDQtDXUXJXD\DHQVXFRQMXQWRWDQ
WRSRUKRPEUHVFRPRSRUPXMHUHVFRPRHVHOI~WERO
/D LQLFLDWLYD TXH HVWDPRV FRQVLGHUDQGR WLHQH
VLQ HPEDUJR XQ FRQFHSWR DPSOLDWRULR TXH UHILHUH D
GLVWLQWRV SUR\HFWRV GHSRUWLYRV GLUtD TXH OR DPSOtD D
GLVWLQWRV SUR\HFWRV GHSRUWLYRV (Q HVWH VHQWLGR PH
KXELHUD JXVWDGR TXH DGHPiV GHO GHVDUUROOR GHO GH
SRUWHLQIDQWLO\MXYHQLOHVSHFtILFDPHQWHVHLQFOX\HUD
HOLQFHQWLYRILVFDOGHOGHSRUWHHQODVQLxDVHQODVDGR
OHVFHQWHV\HQODVPXMHUHVDGXOWDV
4XHUtDGHMDUHVWDFRQVWDQFLDSRUTXHHQWLHQGRTXH
VHUtD LPSRUWDQWH TXH OD &RPLVLyQ GH 3UR\HFWRV 'H
SRUWLYRV FX\D FUHDFLyQ VH SURSRQH HQ HVWH SUR\HFWR
GHOH\WRPHHQFXHQWDHVWRDODKRUDGHFRPHQ]DUD
IXQFLRQDU SXHV GH DFXHUGR FRQ OD IRUPD HQ TXH ODV
FRVDVVHQRPLQHQVHHVWiLQGLFDQGRDORTXHVHDSXQ
WD3RUORWDQWRFUHRTXHVHUtDPX\LPSRUWDQWHTXHDO
KDEODU GH GHSRUWH HQ QXHVWUR SDtV VH HVWLPXOH WDP
ELpQDODVQLxDVDMXJDUPiVDOI~WEROHQODVFDQFKLWDV
DODVQLxDV\DGROHVFHQWHVDDSURSLDUVHQRVRORGHORV
GHSRUWHVTXHKDQVLGRWUDGLFLRQDOPHQWHPDVFXOLQRV
VLQR GH RWURV TXH OHV SHUPLWDQ RFXSDU PiV VX OXJDU
HQORVHVSDFLRVS~EOLFRVTXHOHVSHUWHQHFHQ(QWLHQGR
TXH GH HVWD IRUPD HVWDUtDPRV FRQWULEX\HQGR D DP
SOLDU\DKDFHUPiVLQFOXVLYRHOFRQFHSWRGHOGHSRUWH
1DGDPiV0XFKDVJUDFLDV
6(f250,&+(/,1,3LGRODSDODEUD
6(f25$ 35(6,'(17$ 7LHQH OD SDODEUD HO VH
xRU6HQDGRU
6(f250,&+(/,1,6HxRUD3UHVLGHQWDVROLFLWR
TXH OD YHUVLyQ WDTXLJUiILFD GH ODV SDODEUDV SURQXQ
FLDGDVSRUODVHxRUD6HQDGRUD%HUDPHQGLVHHQYtHDO
0LQLVWHULR GH 7XULVPR \ 'HSRUWH SRU HQWHQGHU TXH
HVPX\LPSRUWDQWHTXHHOVHxRU0LQLVWURWRPHFRQR
FLPLHQWRGHHOODV\GHTXHVHWUDWyHOWHPDGHJpQHUR
TXHQRIXHFRQWHPSODGRHQHOSUR\HFWRGHOH\
6(f25$%(5$0(1',3LGRODSDODEUD
0XFKDVJUDFLDV
6(f25$ 35(6,'(17$ 7LHQH OD SDODEUD OD VH
xRUD6HQDGRUD
6(f25$ %(5$0(1', 6HxRUD 3UHVLGHQ
WD TXLHUR VHxDODU PX\ EUHYHPHQWH TXH PH SDUHFH
RSRUWXQR TXH OD &RPLVLyQ GH 3UR\HFWRV 'HSRUWLYRV
&20352'(TXHVHFUHDUiDSDUWLUGHODDSUREDFLyQ
GH HVWH SUR\HFWR GH OH\ WHQJD HQ FXHQWD SDUWLFXODU
PHQWHODLJXDOGDGGHGHUHFKRVHQWUHKRPEUHV\PX
6(f25$52'5Ì*8(=3LGRODSDODEUD
6(f25$ 35(6,'(17$ 7LHQH OD SDODEUD OD VH
xRUD6HQDGRUD
6(f25$ 52'5Ì*8(= 6HxRUD 3UHVLGHQWD
FRPSDUWR OR H[SUHVDGR SRU OD VHxRUD 6HQDGRUD %H
UDPHQGL HQ HO VHQWLGR GH TXH HVWDV VRQ FRVDV TXH
GHRFWXEUHGH
&É0$5$'(6(1$'25(6
VHYLHQHQKDFLHQGRGHDSRTXLWRHQQXHVWURSDtV1R
REVWDQWH HOOR TXLHUR GHMDU FRQVWDQFLD HQ OD YHUVLyQ
WDTXLJUiILFD GH TXH HO SUR\HFWR GH OH\ TXH HVWDPRV
FRQVLGHUDQGR UHILHUH D WRGR HO GHSRUWH TXH VH GHVD
UUROODHQHO8UXJXD\\QRVRODPHQWHDOI~WERO\DOEiV
TXHWERO 3RU OR WDQWR WDPELpQ PH JXVWDUtD TXH HVWR
SXGLHUDVHUYLUSDUDSURPRYHURWURWLSRGHGHSRUWHV
$VLPLVPRHVWR\GHDFXHUGRFRQHODJUHJDGRUHDOL
]DGRSRUSDUWHGHOD&iPDUDGH5HSUHVHQWDQWHVSXHV
HVWDUtDGHMDQGRFODURFRQFXiQWRFRQWULEX\HHO(VWD
GR \ SRU HQGH WRGRV ORV FLXGDGDQRV GH HVWH SDtV DO
GHSRUWH$HVWHUHVSHFWRH[LVWHODWHQGHQFLDGHTXH
IUHQWHDODDSUREDFLyQGHH[RQHUDFLRQHVRIRUPDVGH
GHVFRQWDUGHORVLPSXHVWRVORVDSRUWHVTXHKDFHQORV
SULYDGRV D GHWHUPLQDGDV DFWLYLGDGHV HVR VH SLHUGD
\ QR VH WHQJD FRQFLHQFLD GH TXH HQ UHDOLGDG LQGL
UHFWDPHQWH VH WUDWD GH DSRUWHV TXH HO (VWDGR KDFH
D HVDV DFWLYLGDGHV TXH TXHGDQ FRQ SRVLELOLGDGHV GH
GHVFXHQWRRGHH[RQHUDFLyQ
(VFXDQWRTXHUtDPDQLIHVWDU
6(f25%25'$%(55<3LGRODSDODEUD
6(f25$ 35(6,'(17$ 7LHQH OD SDODEUD HO VH
xRU6HQDGRU
6(f25%25'$%(55<6HxRUD3UHVLGHQWDGHV
GHHO3DUWLGR&RORUDGRVDOXGDPRVODSUHVHQWDFLyQGH
HVWHSUR\HFWRGHOH\TXHFRQVLGHUDPRVYDHQHOFDPL
QRDGHFXDGR
6LHPSUH KHPRV HQWHQGLGR TXH HO (VWDGR WLHQH
FRPRIXQFLyQSULPRUGLDOHQHOGHSRUWHOOHJDUDTXLH
QHV KR\ QR OR SUDFWLFDQ DEDUFDQGR SULQFLSDOPHQWH
D DTXHOORV VHFWRUHV TXH QR DFFHGHQ DO PLVPR < HVR
VHKDFHDSRVWDQGRVLHPSUHDORTXHHVHOGHSRUWHGH
EDVHDOGHSRUWHMXYHQLO\IRUPDWLYR\QRLQPLVFX\pQ
GRVHHQODVUHODFLRQHVGHOVHFWRUSULYDGRTXHVtSXHGH
RUJDQL]DUVH \ ILQDQFLDUVH 3HQVDPRV TXH HO (VWDGR
WLHQH TXH FRQFHQWUDU VXV HVIXHU]RV HQ ORV VHFWRUHV
MXYHQLOHV \ IRUPDWLYRV TXH VRQ ORV TXH PiV VXIUHQ
OD IDOWD GH OD DFWLYLGDG GHSRUWLYD (O (VWDGR QR WLH
QH FRPR IXQFLyQ HQ PDWHULD GH SROtWLFD GHSRUWLYD
LQPLVFXLUVHHQORVFRQWUDWRVGHWHOHYLVLyQ\QHJRFLDU
RWURWLSRGHFRQWUDWRV5HSLWRQRWLHQHTXHRFXSDUVH
GHHVRSRUTXHORVTXHOOHYDQDGHODQWHHVWDVDFWLYLGD
GHVJR]DQGHGHUHFKRVFXHQWDQFRQUHFXUVRV\WLHQHQ
IRUPDV GH DVHVRUDUVH \ HVWiQ RUJDQL]DGRV (Q UHDOL
GDGGHTXLHQHVQRVWHQHPRVTXHDFRUGDUVLHPSUHHV
GH DTXHOORV TXH QR WLHQHQ GyQGH SDWHDU XQD SHORWD
GH DTXHOORV TXH QR WLHQHQ XQD SHORWD SDUD SDWHDU \
GLVIUXWDU
+DFHDOJXQDVVHPDQDVHVWXYHHQHOGHSDUWDPHQWR
GH6DOWR\FRQHODFWXDO,QWHQGHQWHUHFRUULPRVDOJX
QDVREUDVTXHVHHVWiQKDFLHQGRHQHOEDUULR$UWLJDV
&6
HQFX\DSOD]DGHGHSRUWHVVHHVWiFRQVWUX\HQGRXQD
SLVFLQDSDUDWRGRVDTXHOORVTXHQRWLHQHQDFFHVRDHOOD
HQ RWUR OXJDU $O OOHJDU ORV PXFKDFKRV TXH HVWDEDQ
SDWHDQGRXQDSHORWDTXHHVWDEDHQPX\PDOHVWDGR
OHSLGLHURQDO,QWHQGHQWHTXHOHVFRPSUDUDPiVSHOR
WDV$OLQVWDQWHUHFRUGpOD~OWLPDYLVLWDTXHKDEtDPRV
KHFKRFRQHO,QWHQGHQWHKDFHVLHWHXRFKRPHVHVDO
PLVPR EDUULR FXDQGR DO LQJUHVDU XQRV PXFKDFKRV
OH KDEtDQ VROLFLWDGR SDUD HO YLQR /H KLFH QRWDU
DO,QWHQGHQWHVREUHHOFDPELRSURGXFLGRHOFXDOQRV
LQGLFDODSROtWLFDDVHJXLUHQOXJDUGHSHGLUSDUD
HOYLQRVROLFLWDQXQDSHORWDSDUDSDWHDU&UHRTXHHVH
GHEH VHU HO REMHWLYR GH WRGD SROtWLFD GH GHSRUWH \ GH
LQYHUVLyQHQpO(VWHSUR\HFWRGHOH\DFHUWDGDPHQWH
YDSRUHVHFDPLQR
(QHODUWtFXORžVHGHFODUDGHLQWHUpVQDFLRQDOHO
IRPHQWR GHO GHSRUWH \ HQ HVSHFLDO HO GHVDUUROOR GHO
GHSRUWH LQIDQWLO \ MXYHQLO OD DFWLYLGDG GH ODV IHGHUD
FLRQHV GHSRUWLYDV TXH HVWpQ GHELGDPHQWH LQVFULSWDV
HQ HO 5HJLVWUR GHO 0LQLVWHULR GH 7XULVPR \ 'HSRUWH
ODDFWLYLGDGGHODVUHSUHVHQWDFLRQHVQDFLRQDOHVGHODV
IHGHUDFLRQHV\ODDFWLYLGDGGHODVGLYLVLRQHVIRUPDWL
YDVGHORVFOXEHVSURIHVLRQDOHVGHI~WERO\EiVTXHWERO
(ODUWtFXORžUHIHULGRDODOFDQFHVXEMHWLYRGHORV
EHQHILFLDULRVHVWDEOHFHTXHSRGUiQDFFHGHUDORVEH
QHILFLRV HVWDEOHFLGRV HQ OD SUHVHQWH OH\ OD 2UJDQL]D
FLyQGH)~WEROGHO,QWHULRUOD2UJDQL]DFLyQ1DFLRQDO
GH )~WERO ,QIDQWLO OD )XQGDFLyQ 'HSRUWH 8UXJXD\ \
OR TXH HV PiV LPSRUWDQWH QR ORV FOXEHV SURIHVLRQD
OHV GH I~WERO R EiVTXHWERO HQ JHQHUDO VLQR DTXHOORV
FOXEHVSURIHVLRQDOHVGHI~WEROREiVTXHWEROTXHHVWpQ
UHODFLRQDGRVFRQORVSUR\HFWRVYLQFXODGRVDVXVGLYL
VLRQHVIRUPDWLYDV1RVSDUHFHTXHHVDWLHQHTXHVHUOD
RULHQWDFLyQ $GHPiV VL QXHVWUD LQWHQFLyQ HV D\XGDU
DO GHSRUWH GH JUDQ FRPSHWHQFLD QR WHQJDQ GXGD DO
JXQDTXHVLVHWUDEDMDHQODEDVH\VLVRQPXFKRVPiV
ORVXUXJXD\RVTXHWLHQHQODRSRUWXQLGDGGHGHGLFDUVH
D pO D OD ODUJD UHGXQGDUi HQ PD\RU FDQWLGDG GH GH
SRUWLVWDVGHDOWRQLYHO\UHQGLPLHQWR
3RUORVPRWLYRVH[SXHVWRVVDOXGDPRV\IHOLFLWDPRV
SRUODLQLFLDWLYDGHHVWHSUR\HFWRGHOH\TXHYRWDUHPRV
FRQWRWDOFRQYHQFLPLHQWR
1DGDPiV0XFKDVJUDFLDV
6(f25*$1',1,3LGRODSDODEUD
6(f25$ 35(6,'(17$ 7LHQH OD SDODEUD HO VH
xRU6HQDGRU
6(f25 *$1',1, 6HxRUD 3UHVLGHQWD VLPSOH
PHQWH TXLHUR WUDVODGDU DOJXQRV DVSHFWRV VREUH HVWH
SUR\HFWRGHOH\TXHIXHURQGHEDWLGRVDQLYHOGHOD&i
PDUD GH 5HSUHVHQWDQWHV HQ OD TXH IXL 0LHPEUR ,Q
IRUPDQWH &RQYLHQH DFODUDU TXH OD LQLFLDWLYD VH FRQ
&6
&É0$5$'(6(1$'25(6
VLGHUyHQOD&RPLVLyQGH+DFLHQGDSRUTXHVLELHQOD
HVHQFLD WLHQH TXH YHU FRQ HO GHSRUWH HQ GHILQLWLYD
WUDWDGHXQDUHQXQFLDILVFDOTXHKDFHHO(VWDGRDID
YRUGHODSUiFWLFDGHSRUWLYD$HVWHUHVSHFWRGHEHPRV
GLVWLQJXLU OD SULPHUD SDUWH GHO SUR\HFWR GH OH\ HQ OD
TXH VH HVWDEOHFH OD GHFODUDFLyQ GH LQWHUpV QDFLRQDO
GHOGHSRUWH\GLUtDTXHHQJHQHUDO$VtSXHVVHKD
EODGHOGHVDUUROORGHOGHSRUWHLQIDQWLO\MXYHQLOGHOD
DFWLYLGDG GH ODV IHGHUDFLRQHV GH OD DFWLYLGDG GH ODV
UHSUHVHQWDFLRQHVQDFLRQDOHVGHODVIHGHUDFLRQHV\GH
ODDFWLYLGDGGHODVGLYLVLRQHVIRUPDWLYDVGHORVFOXEHV
SURIHVLRQDOHVGHI~WERO\EiVTXHWERO7RGRHVWRHQWUD
UtDGHQWURGHODFDWHJRUtDGHLQWHUpVQDFLRQDO\HYHQ
WXDOPHQWHSRGUtDQEHQHILFLDUVHGHHOOR
/XHJRHQHODUWtFXORžVHGHWHUPLQDTXpHQWLGD
GHV LQVWLWXFLRQHV GHSRUWLYDV R SHUVRQDV VHUiQ EHQH
ILFLDULDV GH OR FRQVDJUDGR HQ OD OH\ (OODV REWHQGUiQ
EHQHILFLRVHFRQyPLFRVWDQWRVHDSDUDODLQYHUVLyQHQ
LQIUDHVWUXFWXUD\SRUORWDQWRSDUDODLPSRUWDFLyQR
FRPSUDGHHTXLSDPLHQWRFRPRSDUDODFRQVWUXFFLyQ
GH ODV PLVPDV 7RGDV ODV HQWLGDGHV TXH VH GHWDOODQ
HQ OD QRUPD WHQGUiQ ORV PLVPRV EHQHILFLRV GH TXH
JR]DUiQORVPHFHQDVGHSRUWLYRVRORVSDWURFLQDGRUHV
(Q HVWH SXQWR TXH IXH PX\ GLVFXWLGRKXERTXHRSWDU
SRUTXHDOÀQDOWRGRVTXLHUHQHVWDUWRGRVTXLHUHQVHUSDUWH
FRPRORHVWDEOHFHHODUWtFXORGHO7H[WR2UGHQDGR
GHHVDSRVLELOLGDGGHFDSWDUUHFXUVRVGHODVHPSUHVDV
TXH HQ OXJDU GH VHU YROFDGRV D 5HQWDV *HQHUDOHV R
DO )LVFR ORV FDQDOL]DQ HQ WRGR R HQ SDUWH KDFLD XQD
DFWLYLGDGGHVXSUHIHUHQFLDTXHDGHPiVVHDOLQHDHQ
XQFRQFHSWRUHODWLYDPHQWHQXHYR\PX\SRVLWLYRTXH
HVHOGHODUHVSRQVDELOLGDGVRFLDOHPSUHVDULDO'HHVWD
IRUPD OD HPSUHVD SDJD VXV LPSXHVWRV SHUR ORV FD
QDOL]D FRQ XQ VHQWLGR VRFLDO TXH HQ PXFKRV FDVRV
FRLQFLGH FRQ VX YRFDFLyQ (VWRWDPELpQHVEXHQRSDUD
HO(VWDGRSRUTXHODVHPSUHVDVWLHQHQTXHDEULUVXVOLEURV
QRSXHGHQGRQDUVLQUHQGLUFXHQWDV\GHHVDIRUPD
HVWDPRV WUDQTXLORV GH TXH FXPSOHQ DGHFXDGDPHQWH
FRQVXVREOLJDFLRQHVWULEXWDULDV
6LELHQWRGDVODVLQVWLWXFLRQHVTXLHUHQHVWDUDEDU
FDGDV SRU HVWD QRUPD REYLDPHQWH QR SXHGHQ HVWDU
WRGDV \ KXER TXH RSWDU 6H LQFOX\HURQ ODV IHGHUD
FLRQHV \ ORV FOXEHV GH I~WERO \ GH EiVTXHWERO (VWR
TXLHUH GHFLU TXH SRU HMHPSOR SXHGHQ EHQHILFLDUVH
FRQHVWDQRUPDOD)HGHUDFLyQ&LFOLVWDGHO8UXJXD\\
ORVFOXEHVGHSRUWLYRVGHI~WEROREiVTXHWEROSHURQR
HO &OXE &LFOLVWD )pQL[ R DTXHOODV LQVWLWXFLRQHV TXH
SUDFWLFDQRWUDVGLVFLSOLQDV&RPRGLMHQRSRGtDPRV
LQFOXLUDWRGRV'HMDPRVODSXHUWDDELHUWDSDUDDQD
OL]DU HVWRV DVSHFWRV HQ HO IXWXUR SRUTXH TXL]iV GH
HVDIRUPDXQDFDQWLGDGGHLQVWLWXFLRQHVSXHGDQGH
VDUUROODUPXFKRPHMRUVXIXQFLyQQRVRORGHSRUWLYD
VLQRVRFLDO(VWR\DEVROXWDPHQWHFRQYHQFLGRGHTXH
QR KD\ PHMRU DXWRSLVWD SDUD OD LQFOXVLyQ VRFLDO TXH
HOGHSRUWH$WUDYpVGHXQDVDQD\ELHQGHVDUUROODGD
DFWLYLGDG GHSRUWLYD HQ HO SDtV SRGHPRV GHVDUUROODU
GHRFWXEUHGH
ODLQFOXVLyQVRFLDOHQXQWLHPSRGRQGHQXHVWURVMy
YHQHV WLHQHQ XQD RIHUWD PX\ DWUDFWLYD SDUD RFXSDU
VXWLHPSRHQFRVDVTXHGHUHSHQWHQRVRQPX\HGL
ILFDQWHV FXDQGR HO GHSRUWH Vt OR HV 6L HQ FDGD HV
TXLQDWXYLpUDPRVXQWDEOHURGHEiVTXHWERO\HQFDGD
EDUULRKXELHUDXQDFDQFKLWDFRPRODWXYLPRVQRVR
WURVSDUDSHORWHDUWRGRHOGtD\GHVDUUROODUFDVLVLQ
VDEHUORYDORUHVGHFRQYLYHQFLDGHHTXLSRGHWUDED
MR HQ FRQMXQWR GH VROLGDULGDG \ GHPiV \ VL KXELHUD
XQPRGRGHD\XGDUPiVGHORTXHVHKDFHDOI~WERO
LQIDQWLOHOYLHMREDE\I~WEROGRQGHVHGLFHTXHSDU
WLFLSDQPXFKDFKRVSRUILQGHVHPDQD\DWUiV
GHHOORVPLOHVGHSDGUHVTXL]iVHVWDUtDPRVORJUDQGR
SRU PHGLR GHO GHSRUWH PXFKR GH OR TXH VH TXLHUH
ORJUDUDWUDYpVGHSURJUDPDVS~EOLFRVTXHUHTXLHUHQ
PXFKR GLQHUR \ D YHFHV QR OOHJDQ HIHFWLYDPHQWH D
ORVGHVWLQDWDULRV3RUHVWDYtDQRVROROOHJDUtDQVLQR
TXHVHPXOWLSOLFDUtDQFDGDSHVRTXHXQDLQVWLWXFLyQ
FRQVLJXHFRQVDFULILFLRWHUPLQDPXOWLSOLFiQGRVHYD
ULDVYHFHVDWUDYpVGHOYROXQWDULDGRGHOHQWXVLDVPR
\ OD PRWLYDFLyQ \ HVWR HV DOJR TXH GLQDPL]D ORV UH
FXUVRVTXHODVRFLHGDGEULQGD
$KRUD ELHQ GHEHPRV UHFRUGDU TXH DTXt KD\ XQD
UHQXQFLDILVFDO3RUHVDUD]yQSDUDTXHHO3DUODPHQ
WRVHSDFXiQWRYDDGHMDUGHLQJUHVDUHQOD&iPDUDGH
5HSUHVHQWDQWHVVHLQFRUSRUyHO~OWLPRDUWtFXOR'HEH
PRV WUDWDU GH FXDQWLILFDU HVWH FRQFHSWR SRUTXH VRQ
PRQWRV TXH LQJUHVDQ \ VDOHQ DXQTXH HQ ORV KHFKRV
QRVHFRQWDELOLFHGHHVDPDQHUD$GHPiVFXDQGRHO
REOLJDGR D WULEXWDU RSWD SRU WUDQVIHULU HVH GLQHUR GL
UHFWDPHQWH D XQ VHFWRU FXPSOLHQGR GHWHUPLQDGDV
QRUPDV HO (VWDGR GHMD GH SHUFLELU \ D WUDYpV GH pO
HOUHVWRGHODVRFLHGDG7DPELpQTXLHURGHVWDFDUTXH
HVWH WLSR GH PHGLGDV QR HVWD H[FOXVLYDPHQWH SHUR
DTXtVHH[SUHVDFRQPXFKDFODULGDGVLUYHQSDUDGHIL
QLUILORVyILFDPHQWHTXHODVRFLHGDGFLYLOSXHGHFDSWDU
UHFXUVRVS~EOLFRV\DSOLFDUORVELHQORTXHPHSDUHFH
PX\IDYRUDEOH'LVFXWLPRVHVWHWHPDHQFDGD3UHVX
SXHVWR \ 5HQGLFLyQ GH &XHQWDV LQFOXLGD OD ~OWLPD
GRQGH VH PRGLILFDURQ ORV DUWtFXORV TXH HVWDEOHFHQ
FyPRVHGLVWULEX\HQORVUHFXUVRVTXHODVLQVWLWXFLRQHV
REWLHQHQDWUDYpVGHODUWtFXORGHO7H[WR2UGHQDGR
4XLHUR GHFLU HQWRQFHV TXH FRPSDUWR OD YLVLyQ TXH
KD\GHWUiVGHHVWR
(Q OD &iPDUD GH 5HSUHVHQWDQWHV VH KL]R RWUR
DSRUWH ELHQ LPSRUWDQWH /D GLIHUHQFLD HQWUH ORV SD
WURFLQDGRUHV \ ORV PHFHQDV HV OD VLJXLHQWH /RV PH
FHQDVSRQHQGHVLQWHUHVDGDPHQWHGLQHUR\GHWUiVGH
HVHDSRUWHQRKD\QLQJ~QRWURLQWHUpVTXHODOLEHUDOL
GDG3RUHVDUD]yQVHPRGLILFyORDSUREDGRSRUHO6H
QDGR\VHHVWDEOHFLyFRQFODULGDGTXHVRORSRGtDQVHU
PHFHQDVODVSHUVRQDVItVLFDV\QRODVMXUtGLFDV(QHO
FDVRGHOSDWURFLQDGRUVHSUHWHQGHXQUHVXOWDGRTXH
FRQVLVWHHQTXHVHVHSDTXHVXSURGXFWRRPDUFDFR
ODERUyFRQHVDDFWLYLGDGGHSRUWLYD\DSDUHFHUiHQORV
HTXLSRV GHSRUWLYRV HQ ODV SDUHGHV GH OD LQVWLWXFLyQ
GHRFWXEUHGH
&É0$5$'(6(1$'25(6
GHSRUWLYD R VH GLIXQGLUi GH DOJ~Q PRGR (Q OD &i
PDUDGH5HSUHVHQWDQWHVHVWDEOHFLPRVTXHQRSXHGH
VHU SDWURFLQDGRU DTXHO TXH TXLHUD GLIXQGLU R WHQJD
SURGXFWRVYLQFXODGRVDODOFRKROSRUTXHHQWHQGLPRV
TXHVHUtDXQDFRQWUDGLFFLyQTXHHO(VWDGRWUDWDUDGH
GHVHVWLPXODUHOFRQVXPRGHODOFRKROVLQSURKLELUOR
\ DO PLVPR WLHPSR OH GLHUD EHQHILFLRV WULEXWDULRV D
DTXHO TXH SRQH GLQHUR HQ XQD LQVWLWXFLyQ SDUD TXH
VHOX]FDHQXQDFDPLVHWDODPDUFDGHXQDEHELGDDO
FRKyOLFDQLWDPSRFRHVEXHQRTXHVHDVRFLHVXFRQ
VXPRDODVDQDDFWLYLGDGGHOGHSRUWH(VWRQRTXLHUH
GHFLUTXHGHMHPRVGHYHUODSURSDJDQGDGHODPDUFD
GHXQDFHUYH]DHQXQDFDQFKDSHURHVDHPSUHVDQR
SXHGHFDQDOL]DUVXVWULEXWRVDWUDYpVGHHVWDQRUPD
(VWDPHGLGDHVFRQVLVWHQWHFRQRWUDVTXHVHTXLHUHQ
OOHYDUDGHODQWH
3RU OR H[SXHVWR HQWLHQGR TXH HVWD HV XQD EXHQD
LQLFLDWLYD (Q FDGD 5HQGLFLyQ GH &XHQWDV HVWXGLDUH
PRV TXp PRQWRV GHVWLQD OD VRFLHGDG TXp PRQWRV HO
3RGHU(MHFXWLYRHQWLHQGHFRQYHQLHQWHTXHVHSXHGHQ
GHVWLQDUSXHGHSRQHUWRSHV\TXpUHVXOWDGRVVHRE
WLHQHQGHPRGRGHHYDOXDUODVLWXDFLyQ\VDEHUVLHVRV
GLQHURVTXHQRVRQGHODVHPSUHVDVVLQRTXHHO(VWD
GRGLVSRQHTXHYD\DQKDFLDDOOtVHXWLOL]DQELHQ(VR
HVORTXHVHGHEHUiHYDOXDUOXHJRSRUTXHHQDOJXQRV
PRPHQWRVKXERPHFDQLVPRVVLPLODUHVTXHVHXVDEDQ
SDUDGHIUDXGDUVHSHGtDXQDIDFWXUDSRUFLHQFXDQ
GR HQ UHDOLGDG VH GDED YHLQWH (Q HVWD LQLFLDWLYD VH
LQFRUSRUDURQ PHFDQLVPRV SDUD TXH HVWR QR VXFHGD
SHUR WRGRV VDEHPRV TXH OD LPDJLQDFLyQ HV LQILQLWD
(QWRQFHV HV EXHQR HVWDU DWHQWRV SDUD VDEHU VL ODV
LQVWLWXFLRQHVVHEHQHILFLDQFRQHVWRVUHFXUVRVTXHQR
GHMDQGHVHUS~EOLFRV
0XFKDVJUDFLDV
6(f25*$//23LGRODSDODEUD
6(f25$ 35(6,'(17$ 7LHQH OD SDODEUD HO VH
xRU6HQDGRU
6(f25*$//2,03(5,$/(6HxRUD3UHVLGHQWD
TXLHUR KDFHU XQRV EUHYHV FRPHQWDULRV (Q SULQFLSLR
FRQVLGHUR TXH HVWDPRV HQ SUHVHQFLD GH XQ SUR\HFWR
GH OH\ PX\ LPSRUWDQWH SHUR IXQGDPHQWDOPHQWH PH
TXLHURUHIHULUDODSDUWHGHODUWLFXODGRTXHKDEODGHO
PHFHQD]JRGHSRUWLYR(QQXHVWURSDtVVLQTXHH[LVWD
XQD OH\ TXH RWRUJD H[RQHUDFLRQHV \D KD\ PHFHQDV
GHSRUWLYRVTXHFRODERUDQHQSUR\HFWRVGHSURPRFLyQ
GHO GHSRUWH HQ WRGR HO SDtV (Q HVH VHQWLGR TXLHUR
GHVWDFDU GRV SUR\HFWRV TXH HQ GHILQLWLYD VH YDQ D
YHU EHQHILFLDGRV FRQ HVWD LQLFLDWLYD 8QR HV HO GH OD
)XQGDFLyQ &HOHVWH IRUPDGD SRU ORV LQWHJUDQWHV GHO
HTXLSR GH I~WERO TXH SDUWLFLSDURQ HQ HO PXQGLDO \
JDQDURQ OD &RSD $PpULFD (VWD )XQGDFLyQ ILQDQFLD
IXQGDPHQWDOPHQWH SUR\HFWRV GH LQIUDHVWUXFWXUD
SDUD HO GHSRUWH LQIDQWLO HQ WRGR HO SDtV VLQ FRQWDU
&6
FRQHVWDH[RQHUDFLyQTXHDKRUDSURSRQHHOSUR\HFWR
GHOH\VLQGXGDVHOORVVHYDQDYHUEHQHILFLDGRV(O
RWURSUR\HFWRHVHOGHOVHxRU'LHJR/XJDQRFDSLWiQGH
QXHVWUD VHOHFFLyQ TXH DFDED GH ILUPDU XQ FRQYHQLR
SDUDILQDQFLDUODFRQVWUXFFLyQGHXQDSLVFLQDFHUUDGD
HQHO&OXE$WOpWLFR/LEHUWDGGRQGHpOFRQFXUUtDHQ
OD FLXGDG GH &DQHORQHV (O VHxRU /XJDQR OOHYy DGH
ODQWH HVWD LQLFLDWLYD VLQ WHQHU FRQRFLPLHQWR GH TXH
SUREDEOHPHQWH VH DSUREDUD XQD OH\ HQ HVWH VHQWLGR
0H SDUHFH TXH HVWD QRUPD GD XQ SDVR PX\ LPSRU
WDQWH HQ HO DSR\R GH WRGRV DTXHOORV TXH HQ IRUPD
GHVLQWHUHVDGDFRODERUDQFRQHOGHSRUWH4XLHURGHV
WDFDU HO KHFKR GH TXH ORV SURSLRV GHSRUWLVWDV OOHYHQ
DGHODQWHHVWDDFFLyQTXHHVUHDOPHQWHHQDOWHFHGRUD
0XFKDVJUDFLDV
6(f25$35(6,'(17$6LQRVHKDFHXVRGHOD
SDODEUD VH YD D YRWDU HO SUR\HFWR GH OH\ TXH WLHQH
XQDYRWDFLyQ~QLFDSRUTXHUHWRUQDGHOD&iPDUDGH
5HSUHVHQWDQWHV
6HYRWD
HQ$ILUPDWLYD81$1,0,'$'
4XHGD VDQFLRQDGR HO SUR\HFWR GH OH\ TXH VH FR
PXQLFDUiDO3RGHU(MHFXWLYR
1RVHSXEOLFDHOWH[WRGHOSUR\HFWRGHOH\VDQFLR
QDGRSRUVHULJXDODOFRQVLGHUDGR
6(f25 0,&+(/,1, 3LGR OD SDODEUD SDUD XQD
FXHVWLyQGHRUGHQ
6(f25$ 35(6,'(17$ 7LHQH OD SDODEUD HO VH
xRU6HQDGRU
6(f250,&+(/,1,6ROLFLWRTXHVHSRQJDDYR
WDFLyQHOHQYtRGHODVSDODEUDVGHODVVHxRUDV6HQDGR
UDV%HUDPHQGL\5RGUtJXH]DO0LQLVWHULRUHVSHFWLYR
6(f25$ 35(6,'(17$ 'LVFXOSH 6HQDGRU KD
EtDROYLGDGRVXPRFLyQ
6H YD D YRWDU OD PRFLyQ GH RUGHQ SUHVHQWDGD SRU
HO VHxRU 6HQDGRU 0LFKHOLQL HQ HO VHQWLGR GH HQYLDU
ODYHUVLyQWDTXLJUiILFDGHODVSDODEUDVH[SUHVDGDVSRU
ODV 6HQDGRUDV %HUDPHQGL \ 5RGUtJXH] DO 0LQLVWHULR
GH7XULVPR\'HSRUWH
6HYRWD
HQ$ILUPDWLYD81$1,0,'$'
&6
&É0$5$'(6(1$'25(6
6(6,Ð1(;75$25',1$5,$
GHRFWXEUHGH
QDV 5HS~EOLFD GH &KLOH &DUS 1ž 5HS
1žµ
6(f25$'$/0É63LGRODSDODEUDSDUDXQDPR
FLyQGHRUGHQ
$QWHFHGHQWHV
6(f25$ 35(6,'(17$ 7LHQH OD SDODEUD OD VH
xRUD6HQDGRUD
´&DUSHWD1ž
5HS1ž
6(f25$'$/0É66HxRUD3UHVLGHQWDHQQRP
EUHGHOD%DQFDGDGHO)UHQWH$PSOLRUHDOL]RXQDPR
FLyQSDUDTXHVHOOHYHDFDERXQDVHVLyQH[WUDRUGLQD
ULDHOSUy[LPROXQHVDODKRUDDILQGHFRQVLGHUDU
FRPR ~QLFR SXQWR GHO 2UGHQ GHO 'tD HO UHVWDEOHFL
PLHQWRGHODSUHWHQVLyQSXQLWLYDGHO(VWDGRXQSUR
\HFWRGHOH\TXHLQJUHVyHQHOGtDGHD\HU
32'(5(-(&87,92
0LQLVWHULRGH'HIHQVD1DFLRQDO
0LQLVWHULRGH5HODFLRQHV([WHULRUHV
0LQLVWHULRGHO,QWHULRU
0RQWHYLGHRƒGHMXOLRGH
6(f25$35(6,'(17$6HYDDYRWDUODPRFLyQ
GHRUGHQSUHVHQWDGD
6HYRWD
HQ$ILUPDWLYD
'(6,*1$&,Ð1 '(/ &217$'25 -26e $
3,1, 0$57Ì1(= &202 ',5(&725 '(
/$ &25325$&,Ð1 '( 3527(&&,Ð1 '(/
$+2552%$1&$5,2
6(f25$ 35(6,'(17$ (Q OD VHVLyQ GH KR\ VH
YRWyODYHQLDGHOFRQWDGRU-RVp$3LQLSHURVLELHQVH
YRWy SRU XQDQLPLGDG KDEtD 6HQDGRUHV HQ 6DOD \
HVDGHVLJQDFLyQSUHFLVDSRUORPHQRVYRWRV
3RU WDQWR VH YD D YRWDU OD YHQLD SDUD GHVLJQDU DO
FRQWDGRU 3LQL FRPR 'LUHFWRU GH OD &RUSRUDFLyQ GH
3URWHFFLyQGHO$KRUUR%DQFDULR
6HYRWD
HQ$ILUPDWLYD81$1,0,'$'
&$03$f$ $17É57,&$ 23(5$
&,Ð1$17$5.26;;9,,,
6(f25$35(6,'(17$(O6HQDGRSDVDDFRQ
VLGHUDU HO DVXQWR TXH ILJXUD HQ TXLQWR WpUPLQR GHO
2UGHQGHO'tD´3UR\HFWRGHOH\SRUHOTXHVHDXWR
UL]DODVDOLGDGHOSDtVGHODSODQDPD\RU\WULSXODFLyQ
GHORVEXTXHVGHOD$UPDGD1DFLRQDO%XTXHGH$SR
\R528´*HQHUDO$UWLJDVµ%XTXHGH6DOYDPHQWR
528 ´9DQJXDUGLDµ \ %XTXH &LHQWtILFR 528 ´2\DUYLGHµ D HIHFWRV GH SDUWLFLSDU HQ OD &DPSDxD
$QWiUWLFD 2SHUDFLyQ ´$17$5.26 ;;
9,,,µ GHVGH HO GtD GH QRYLHPEUH GH KDVWD
HOGtDGHPDU]RGHFRQHVFDODVHQORVSXHU
WRV GH 8VKXDLD 5HS~EOLFD $UJHQWLQD \ 3XQWD $UH
6HxRU3UHVLGHQWHGHOD
$VDPEOHD*HQHUDO
&RQWDGRU'DQLOR$VWRUL
(O3RGHU(MHFXWLYRFXPSOHHQUHPLWLUDHVH&XHU
SR FRQIRUPH FRQ OR SUHFHSWXDGR HQ HO QXPHUDO GHO DUWtFXOR GH OD &RQVWLWXFLyQ GH OD 5HS~EOLFD
HO DGMXQWR SUR\HFWR GH OH\ SRU HO FXDO VH DXWRUL]D OD
VDOLGD GHO SDtV GH OD 3ODQD 0D\RU \ 7ULSXODFLyQ GH
ORV%XTXHVGHOD$UPDGD1DFLRQDO%XTXHGH$SR\R
528 ´*(1(5$/ $57,*$6µ 7ULSXODQWHV \
+HOLFySWHURHPEDUFDGR%XTXHGH6DOYDPHQWR528
´9$1*8$5',$µ7ULSXODQWHV\%XTXH&LHQWt
ILFR 528 ´2<$59,'(µ 7ULSXODQWHV D HIHF
WRVGHSDUWLFLSDUHQOD&DPSDxD$QWiUWLFD
2SHUDFLyQ $17$5.26 ;;9,,, GHVGH HO GtD GH
QRYLHPEUHGHKDVWDHOGtDGHPDU]RGH
FRQ HVFDODV HQ ORV SXHUWRV GH 8VKXDLD 5HS~EOLFD
$UJHQWLQD\3XQWD$UHQDV5HS~EOLFDGH&KLOH
/D UHDOL]DFLyQ GH OD &DPSDxD $QWiUWLFD FRQ HO
DSRUWH GH %XTXHV GH OD $UPDGD FRQVWLWX\H XQR GH
ORVHYHQWRVWUDGLFLRQDOHV\GHYLWDOLPSRUWDQFLDGHQWUR
GHODVDFWLYLGDGHVGHO3URJUDPD$QWiUWLFR1DFLRQDO\
DxRDDxROD$UPDGD1DFLRQDOSURFXUDLQFUHPHQWDUHO
DOLVWDPLHQWRGHVXV8QLGDGHVSDUDTXHVHFXPSODGH
OD PHMRU IRUPD SRVLEOH OD 0LVLyQ GH UHDEDVWHFHU SRU
PDUODVLQVWDODFLRQHVDQWiUWLFDVQDFLRQDOHV
$WUDYpVGHODV8QLGDGHVSDUWLFLSDQWHVHQODV&DP
SDxDV $QWiUWLFDV VH UHDOL]D XQ JUDQ HVIXHU]R SDUD
PDQWHQHUHODOWRJUDGRGHDOLVWDPLHQWRGHODV7ULSX
ODFLRQHVFRQGLFLyQLPSUHVFLQGLEOHSDUDQDYHJDFLRQHV
PiVDOOiGHO3DUDOHORƒ6XU
'XUDQWHODQDYHJDFLyQKDFLD\GHVGHOD$QWiUWLGD
ODV8QLGDGHVQDYDOHVWDPELpQSDUWLFLSDQHQDFWLYLGD
GHVGHFRQWUROGHODFRQWDPLQDFLyQ\SUHVHUYDFLyQGHO
PHGLR DPELHQWH GHQWUR GHO iUHD RSHUDWLYD 8QD YH]
DUULEDGRDOD%DVHOD7ULSXODFLyQSURSRUFLRQDDSR\RD
ODLQYHVWLJDFLyQFLHQWtILFDTXHDOOtVHGHVDUUROOD