/B4DSLIRĐĒµKCDIB (LKĐĒDKĐĒB &RQIHUHQFLD906DPDHO$XQ:HRU ´&XDQGRXQRHQWUDSRUHVWH&DPLQRGHVFXEUHTXHVHKDPHWLGRSRUOD 6HQGDGHOD5HYROXFLyQGHOD&RQFLHQFLD\OD5HYROXFLyQGHOD&RQFLHQ FLDHVWUHPHQGDSRUTXHWUDHGHKHFKRDSDUHMDGDOD5HYROXFLyQ,LQWH OHFWXDO\OD5HYROXFLyQ)tVLFD/D5HYROXFLyQGHOD&RQFLHQFLDSURYRFD XQDVHULHGHUHYROXFLRQHVLQWHOHFWXDOHVH[WUDRUGLQDULDV\DVXYH]FRPR UHVXOWDGRDSDUHFHOD5HYROXFLyQ)tVLFDµ / DUHYROXFLyQGHODFRQFLHQFLDXVWHGHVVDEHQ PX\ ELHQ WLHQH WUHV IDFWRUHV 1DFHU 0RULU \ 6DFULILFDUVH SRU OD KXPDQLGDG 1DFHU HV XQSUREOHPDFRPSOHWDPHQWHVH[XDO0RULU WDPELpQHQWUDHQIXQFLyQHOVH[RDKt\HO6DFULILFLRSRU OD KXPDQLGDG HV $PRU &ODUR HVWi TXH HO VDFULILFLR VH FXPSOH D WUDYpV GHO WUDEDMR HVRWpULFR HQ EHQHILFLR GH WRGRHOPXQGR 3ULPHUIDFWRU1DFHU (PSHFHPRV FRQ HO SULPHU IDFWRU 1DFHU 3XHV FLHU WDPHQWHHOKRPEUHHVXQVHUQRORJUDGRWRGDYtD7RGDV ODVFULDWXUDVQDFHQFRPSOHWDVPHQRVHOVHUKXPDQR8Q SHUUR QDFH VLHQGR SHUUR \ FRPR SHUUR HVWi FRPSOHWR 8QiJXLODQDFHVLHQGRiJXLODGLVSRQHGHJUDQGHVDODV\ XQDYLVWDPDUDYLOORVDTXHOHSHUPLWHFD]DUKDVWDODVVLHU SHV PiV OHMDQDV 1DFH FRPSOHWD SHUR HO SREUH DQLPDO LQWHOHFWXDO HTXLYRFDGDPHQWH OODPDGR ³KRPEUH´ QDFH LQFRPSOHWR 6XFHGHTXHQDFHVLQORVYHKtFXORVTXHGHEHUtDWHQHU QDFHVLQXQ&XHUSR$VWUDOQDFHVLQXQ&XHUSR0HQWDO QDFH VLQ XQ &XHUSR &DXVDO (QWRQFHV ¢TXp HV OR TXH QDFH"1DFHXQFXHUSRItVLFRXQ³FXHUSRSODQHWDULR´FRQ XQ$VLHQWR9LWDO\QDGDPiV¢4XpKD\PiVDOOiGHHVR" (O(JR\HVWHHVGHQDWXUDOH]DDQLPDO¢3RVHHXQDFRQ FLHQFLDHOSREUHDQLPDOLQWHOHFWXDO"6tVtODWLHQHSHUR HPERWHOODGDHQWUHHO(JRHVRHVWRGR8QD&RQFLHQFLD GRUPLGD XQD &RQFLHQFLD ±GLMpUDPRV± FRQGLFLRQDGD SRUVXSURSLRHPERWHOODPLHQWR $Vt TXH FRQFUHWDQGR QDFH LQFRPSOHWR (O JHUPHQ TXH SHQHWUD GLMpUDPRV HQ XQD PDWUL] SDUD VX FRQYH QLHQWHGHVDUUROORSRUHOKHFKRGHKDEHUQDFLGRQRVLJQL ILFDHQPRGRDOJXQRTXHKD\DWHUPLQDGRVXVSURFHVRV FRPSOHWRVGHGHVDUUROOR(OJHUPHQTXHVHJHVWyHQXQ YLHQWUHPDWHUQR\TXHQDFLyTXHYLQRDOPXQGRHVXQ JHUPHQLQFRPSOHWRHQWRGRVHQWLGR3RUTXHORXQRQR SRVHH ORV &XHUSRV ([LVWHQFLDOHV 6XSHULRUHV GHO 6HU OR RWUR SXHV QR KD WHUPLQDGR QL VLTXLHUD GH GHVDUUROODU VHHOPLVPRFXHUSRItVLFR(OGHVDUUROORWRWDOGHOFXHUSR ItVLFRVHSURFHVDWUDYpVGHODVHGDGHVGHORV\KDVWD ORVDxRV*UDFLDVDOD(QHUJtD&UHDGRUDHOFXHUSRIt VLFRSXGRJHVWDUVHHQWUHHOYLHQWUHPDWHUQRJUDFLDVDOD (QHUJtD&UHDGRUDHOFXHUSRItVLFRSXHGHFRQWLQXDUVXV GHVDUUROORVDWUDYpVGHORVORV\ORVDxRVGHHGDG 'HPDQHUDTXHHOPLVPRFXHUSRItVLFRSRUHOKHFKRGH QDFHUQRHVWiFRPSOHWRQHFHVLWDGHVDUUROODUVH 'HVJUDFLDGDPHQWHYHPRVFyPRORVDGROHVFHQWHVVLQ KDEHU FRPSOHWDGR WRGDYtD VX SURFHVR GH GHVDUUROOR \D HVWiQ IRUQLFDQGR OR FXDO HV PDQLILHVWDPHQWH DEVXUGR 3RUTXH HVD (QHUJtD &UHDGRUD TXH HOORV HVWiQ GHVSHUGL FLDQGR HV QHFHVDULD LQGLVSHQVDEOH SDUD FRPSOHWDU HO GHVDUUROOR GHO FXHUSR ItVLFR 'H PDQHUD TXH KRQUDGD PHQWHHOIXQFLRQDOLVPRVH[XDOGHEHUtDHPSH]DUDORV DxRVGHHGDGQRDQWHV3RUTXHDQWHVHOJHUPHQHVHTXH HQWUyHQHOYLHQWUHPDWHUQRQRKDFRPSOHWDGRWRGDYtD VXVSURFHVRVGHGHVDUUROOR\VRPHWHUORDODFySXODSXHV UHVXOWDDEVXUGR 0LUDQGRSXHVWRGDVHVWDVFRVDVPLVHVWLPDEOHVKHU PDQRVELHQYDOHODSHQDUHIOH[LRQDUXQSRFR'HORV DxRVHQDGHODQWHTXHGDODHQHUJtDVH[XDOOLEUHSDUDRWUDV DFWLYLGDGHV$QWHVGHORVDxRVODHQHUJtDVH[XDOWLHQH XQVRORREMHWLYRFRPSOHWDUHOGHVDUUROORGHOJHUPHQTXH QDFLy(VGHFLUFRPSOHWDUHOGHVDUUROORGHOFXHUSRItVLFR 'HVSXpVGHORVDxRVODHQHUJtDKDTXHGDGROLEUH (/É85(2)/25(&(51~PHUR0D\R /$5(92/8&,Ð1'(/$&21&,(1&,$ 3RGUtDXWLOL]DUVH±GHVSXpVGHORVDxRVGHHGDG±OD (QHUJtD&UHDGRUDSDUDIDEULFDUORV&XHUSRV([LVWHQFLD OHV 6XSHULRUHV GHO 6HU \ OOHJDU DO QDFLPLHQWR VH JXQGR 'HVJUDFLDGDPHQ WH OD JHQWH QR VDEH XWLOL ]DU OD HQHUJtD FUHDGRUD OD HQHUJtD TXH IHFXQGy DO YLHQWUH PDWHUQR OD HQHU JtD TXH SHUPLWLy DO IHWR TXH VH GHVDUUROODUD HQWUH HOPLVPRYLHQWUHTXHQD FLHUD\SDVDUDSRUODVHGD GHV GH ORV ORV \ ORV DxRV /D JHQWH QR VDEH XWL OL]DU HVD HQHUJtD &XDQGR \D TXHGD OLEUH HQ YH] GH XWLOL]DUOD SDUD VX 5HDOL]D FLyQ H LU FRPSOHWDQGR VX FRQVWUXFFLyQ ±SRUTXH HO VHU KXPDQR QDFH LQFRP SOHWR± OD HOLPLQD GH VX RUJDQLVPR %LHQ VDEHPRV QRVRWURVTXHODVJHQWHVH[ WUDHQ GH VX RUJDQLVPR HO ([LRKHKDUL±TXLHURGHFLU FRQ HVWR HO (VSHUPD 6D JUDGR±\HVRHVJUDYtVLPR $O WRFDU HVWD FXHVWLyQ UHODFLRQDGD FRQ HO 1DFL PLHQWR ±SULPHU IDFWRU GH OD 5HYROXFLyQ GH OD &RQFLHQFLD± GHEHPRV QRVRWURV FRPSUHQGHU TXH OD KXPDQLGDG HQ WRGR VHQWLGR PDUFKD LQYROXWL YDPHQWH %LHQ VDEHPRV QRVRWURV TXH ORV DGROHV FHQWHV QR VRODPHQWH JDV WDQ HO PDWHULDO VH[XDO OD HQHUJtDFUHDGRUDRGHO(V SHUPD 6DJUDGR FRQ OD FR SXODFLyQVLQRTXHDGHPiV DGTXLHUHQ YLFLRV FRPR HO GH OD PDVWXUEDFLyQ (VH YLFLR GHVJUDFLDGDPHQWH VH KD YXHOWR KR\ HQ GtD PiVFRP~QTXHODYDUVHODV PDQRV /RV MyYHQHV VHDQ HVWRV YDURQHV R KHPEUDV WLHQHQ HVH GHVJUDFLDGR YL FLR \ DVt DUUXLQDQ PLVHUD EOHPHQWHVXVFHUHEURV\VHLGLRWL]DQ £&XiQWDV YROXQWDGHV KXELHUDQ VLGR PDUDYLOORVDV \ VHDJRWDQFXiQWRVURVWURVKHUPRVRVVHPDUFKLWDQWRGR SRU IDOWD GH LQVWUXFFLyQ 3RUTXH UHDOPHQWH WDQWR YD (/É85(2)/25(&(51~PHUR0D\R URQHVFRPRKHPEUDVQRUHFLEHQHQODVHVFXHODVHQORV FROHJLRVODGHELGDLQVWUXFFLyQVREUHODFXHVWLyQVH[XDO \ FODUR HO LPSXOVR VH[XDO OHV KDFH VHQWLU OD QHFHVL GDGGHKDFHUXVRGHOVH[R SHURFRPRQRWLHQHQXQD RULHQWDFLyQ SRU OR FR P~Q ORV MyYHQHV DSHODQ D KDEODU FRQ VXV DPLJXLWRV ODV MyYHQHV FRQ VXV DPL JXLWDV \ SRU DKt VH LQLFLD HO YLFLR UHSXJQDQWH GH OD PDVWXUEDFLyQ < HVD HV OD GHVJUDFLD GH QXHVWUD pSR FD DPpQ GH RWURV WLSRV TXH GHVJUDFLDGDPHQWH VH KDQ YXHOWR WDPELpQ FR PXQHV FRPR VRQ HO GHO KRPRVH[XDOLVPR \ HO GHO OHVELDQLVPR 2EYLDPHQ WH ORV KRPRVH[XDOHV VRQ VHPLOODV GHJHQHUDGDV TXH QR VLUYHQ SDUD QDGD /DV OHVELDQDV VRQ LJXDOHV VRQ VHPLOODV GHJHQHUDGDV TXH QRSXHGHQJHUPLQDUQXQ FD $VtTXHORVYLFLRVTXH H[LVWHQDFWXDOPHQWHHQUH ODFLyQFRQHOVH[RVRQLQ VRSRUWDEOHV 6L SXGLHUDQ ORV YDURQHV \ ODV KHPEUDV OHYDQWDUVH OLPSLDPHQWH FRQXQDHGXFDFLyQVH[XDO SHUIHFWD FRPSOHWD WRGR VHUtD GLVWLQWR 6L HQ YHU GDG SXGLHUDQ ORV MyYHQHV ±KRPEUHV R PXMHUHV± OOH JDUKDVWDODHGDGGHORV DxRV UHVSHWDQGR HO VH[R FRQ SXUH]D UHDO SXHV VH UtDDGPLUDEOHWHQGUtDPRV XQD JHQHUDFLyQ QXHYD GH VHUHVPHMRUHV 'HVJUDFLDGDPHQWH OD SREUH KXPDQLGDG QR UH FLEH OD HGXFDFLyQ VH[XDO HQ HO PRPHQWR HQ TXH PiVODQHFHVLWDDVtOOHJDQ DODHGDGGHDxRVWRGRV GHJHQHUDGRV /R QRUPDO HV TXH VH OOHJDUD D ORV DxRV SHUR FRQ ORV FXHU SRVVDQRVIXHUWHV£VHUtDPDUDYLOORVR6LDORVDxRVHQ PRPHQWRVHQTXHODHQHUJtDVH[XDOTXHGDOLEHUDGDSDUD FXDOTXLHU FODVH GH DFWLYLGDGHV SXGLHUD XWLOL]DUVH FRQ HO /$5(92/8&,Ð1'(/$&21&,(1&,$ SURSyVLWRGHFUHDUORV&XHUSRV([LVWHQFLDOHV6XSHULRUHV GHO6HUHVRVHUtDIRUPLGDEOH 2EYLDPHQWHFUHRTXHXVWHGHV\DFRQRFHQODFODYHGH OD$OTXLPLDQRLJQRUDQHODGDJLRHQODWtQTXHGLFH³,Q PLVLXPPLHPEURYLULOLVLQYDJLQDPIDHPLQDVLQHH\DFXODWLRQ VHPLQLV´ (Q VtQWHVLV GLUtDPRV FRQH[LyQ GHO /LQJDP<R QLVLQGHUUDPDUMDPiVHO9DVRGH+HUPHV7ULVPHJLVWRHO WUHVYHFHVJUDQGH'LRV,ELVGH7KRW&RPRYHQXVWHGHV HVWR\GDQGRODFODYH±OLVD\OODQD±SHURHQXQOHQJXDMH GHFHQWH3RUTXHDOLQVWUXLUXQRDORVHVWXGLDQWHV\DOKD EODUGHORV0LVWHULRVGHO6H[RGHEHKDFHUORFRQPRGHV WLD\HQIRUPDYtYLGDMDPiVHQHVWLORYXOJDUSRUTXHHVR VHUtDPX\JUDYHGHVGHFLUtDPXFKRGHQRVRWURVODVJHQ WHVVHHVFDQGDOL]DUtDQ\VHIRUPDUtDQHUUyQHRVFRQFHSWRV VREUH QXHVWUDV HQVHxDQ]DV 2EYLDPHQWH HO GHVHR UHIUH QDGR WUDQVPXWDUi FRPSOHWDPHQWH HO (VSHUPD 6DJUDGR HQ(QHUJtD&UHDGRUD %LHQHVFRQYHQLHQWHTXHXVWHGHVVHSDQTXHOD(QHU JtD6H[XDOGHODFXDOVHKDEODWDQWRKR\HQGtDHQILVLR ORJtDHQSVLFRORJtDHQSVLFRDQiOLVLVHWFHWFHWFHVHO PLVPtVLPR0HUFXULRGHORVDOTXLPLVWDVPHGLHYDOHV(VD (QHUJtD &UHDGRUD WUDQVPXWDGD HV HO PLVPR 0HUFXULR GHORV6DELRV2EYLDPHQWHWDO0HUFXULRYLHQHDFRQGHQ VDURDFULVWDOL]DUPHGLDQWHODVQRWDV'25(0,)$ 62//$6,HQXQDRFWDYDVXSHULRUFRQODIRUPDPDUD YLOORVD\HVSOHQGHQWHGHO&XHUSR$VWUDO $VtTXHHO&XHUSR$VWUDOQRHVXQLPSOHPHQWRQHFH VDULRSDUDODYLGDGHOVHUKXPDQR/DVJHQWHVYLYHQVLQHO &XHUSR$VWUDO(O&XHUSR9LWDODVHJXUDFRPSOHWDPHQWH RJDUDQWL]DFRPSOHWDPHQWHODYLGDGHOFXHUSRItVLFRVLQ QHFHVLGDGGHSRVHHUXQ&XHUSR$VWUDO(O&XHUSR$VWUDO HVXQOXMRTXHPX\SRFRVSXHGHQGDUVHSHURTXHELHQ YDOHODSHQDGDUVHHVHOXMR 8QRVDEHTXHWLHQHXQ&XHUSR$VWUDOFXDQGR SXH GHXVDUORFXDQGRSXHGHFDPLQDUFRQpOFXDQGRSXHGH PRYHUVHHQHOHVSDFLRFRQpO7DOYHKtFXORSXHVVLXQR OR WLHQH GD LQPRUWDOLGDG HQ HO 0XQGR $VWUDO VH KDFH LQPRUWDOHQHVDUHJLyQ (QXQDVHJXQGDRFWDYDXQSRFRPiVDUULEDFRQODV QRWDV'25(0,)$62//$6,YLHQHDFULVWDOL]DU HO 0HUFXULR GH ORV 6DELRV FRQ HO IDPRVR \ HVSOHQGHQWH &XHUSR 0HQWDO &XDQGR XQR SRVHH XQ &XHUSR 0HQ WDOUHFLEHLOXPLQDFLyQGLUHFWD&RQXQ&XHUSR0HQWDO SRGHPRVDSUHKHQGHUFDSWXUDUWRGDVODVHQVHxDQ]DVGHO 8QLYHUVR 8QSRFRPiVDOOiWHQHPRVHO&XHUSRGHOD9ROXQWDG &RQVFLHQWH1DGLHQDFHFRQXQ&XHUSRGHOD9ROXQWDG &RQVFLHQWHSHURPHGLDQWHODWUDQVPXWDFLyQGHODOLELGR VH[XDOHO0HUFXULRGHORV6DELRVHQXQDRFWDYDPiVHOH YDGDYLHQHDFULVWDOL]DUFRQODVQRWDV'25(0,)$ 62//$6,HQODIRUPDH[WUDRUGLQDULDGH&XHUSR&DX VDO R &XHUSR GH OD 9ROXQWDG &RQVFLHQWH <D FRQ WDOHV YHKtFXORV )tVLFR $VWUDO 0HQWDO \ &DXVDO HV REYLR TXH YLHQHXQRDUHFLELUHQWRQFHVORV3ULQFLSLRV$QtPLFRV\ (VSLULWXDOHV\VHFRQYLHUWHHQ+RPEUH (O SULPHU QDFLPLHQWR FRPR YLHURQ XVWHGHV IXH HO GHO FXHUSR SODQHWDULR R FXHUSR ItVLFR (O QDFLPLHQWR VHJXQGRHVHOGHOQDFLPLHQWRGHO+LMRGHO+RPEUHHO QDFLPLHQWRGHO+RPEUH6tGHO+RPEUHFRQFUHWDPHQ WHKDEODQGR (/É85(2)/25(&(51~PHUR0D\R /$5(92/8&,Ð1'(/$&21&,(1&,$ 'HPDQHUDTXHXQRGHORVIDFWRUHVGHODUHYROXFLyQ GHODFRQFLHQFLDHVQDFHU1DFHUFRPR+RPEUH(QHOSUL PHUFDVRORTXHQDFHHVHODQLPDOLQWHOHFWXDOHQHOQDFL PLHQWRVHJXQGRQDFHHO+RPEUHHO+LMRGHO+RPEUHHO YHUGDGHUR+RPEUH 6HGLFHTXHHO+RPEUH9HUGDGHURHVHO+RPEUH&DX VDO¢3RUTXpVHOHOODPDDO+RPEUH9HUGDGHURHO+RP EUH&DXVDO"6HQFLOODPHQWHSRUTXHKDIDEULFDGRHO&XHU SR &DXVDO TXH HV HO ~OWLPR GH ORV FXHUSRV QHFHVDULRV SDUD KDFHUVH +RPEUH (QWRQFHV VX FHQWUR GH JUDYHGDG TXHGDHVWDEOHFLGRHQHO0XQGR&DXVDODOOtYLYHHQHVD UHJLyQ(O0XQGR&DXVDOWLHQHXQDWRQDOLGDGD]XOSUR IXQGDLQWHQVLYDHOpFWULFD(VHHVVXFRORUIXQGDPHQWDO REiVLFRHOGHO(WHUR$NDVK$NDVKDSXUR$OOtHQFXHQ WUDXQRTXHWRGRIOX\H\UHIOX\HYD\YLHQHVXEH\EDMD FUHFH \ GHFUHFH (Q HO 0XQGR GH ODV &DXVDV 1DWXUDOHV FRQRFHPRVWRGRHOHQFDGHQDPLHQWRGHHIHFWRV\FDXVDV GHFDXVDV\HIHFWRV7RGDFDXVDWLHQHVXHIHFWRWRGRHIHF WRVHFRQYLHUWHHQFDXVDDODYH]&DGDSDODEUDTXHGLJD PRVSXHGHRULJLQDUPXFKRVHIHFWRVWRGDXQDVHULHGH HIHFWRV (Q DOJXQD RFDVLyQ HVWDQGR HQ HO 0XQGR GR &DXVDO &DX XVDO XV HVFXFKDED D XQ KRPEUH TXH KDEODED TXH GLFWDED LFWDED XQD X FiWHGUD ,QWHQFLRQDOPHQWH LQWHUUXPSt D DTXHO KRPEUH HO KRP PEUH PE SDUDKDFHUXQDREMHFLyQDXQDGHVXVSDODEUDV(VHKRP (VHKR R RP EUHFDXVDOJXDUGyVLOHQFLRKL]RELHQGHVGHOXHJRSHURYL JRSHUR R RYL HQVHJXLGDFRPRDSDUHFLyXQUHVXOWDGRGHPLVSDODEUDV VSDODEUDV U GHPLREMHFLyQ7HUPLQDGDSXHVDTXHOODUHXQLyQGHLQ QLyQGHH H LQ PHGLDWR±SRUTXHHO+RPEUH&DXVDOVHUHWLUDED±\DOWHU ED±\DOWHU W U PLQDUDTXHOODUHXQLyQFDGDSHUVRQDVDOLyGLFLHQGRDOJR HQGRDOOJ OJR VXFRQFHSWR\ORVFRQFHSWRVDVXYH]SURGXMHURQRWURV HURQRWWU WURV UHVXOWDGRV \ HVRV RWURV UHVXOWDGRV SURGXMHURQ RQ RWURV RWUR RV RV \RWURV\RWURV7RWDOHQFRQWUpTXHODLQWHUUXSFLyQ XSFLyQ TXH\RKDEtDKHFKRKDEtDRULJLQDGRWRGDXQDVHULH DVHULH GHFRQVHFXHQFLDV/RKDEtDKHFKRLQWHQFLRQDOPHQ OPHQ WHFRQHOSURSyVLWRGHLQYHVWLJDUOD/H\GH&DXVD\ DXVD\ (IHFWRV\HOUHVXOWDGRIXHpVH (Q HO 0XQGR GH ODV &DXVDV 1DWXUDOHV YLHQH XQRDFRQRFHUORTXHHVOD/H\GH&DXVD\(IHFWR IHFWR &ODURDOOtVHPXHYHQORV6HxRUHVGHOD/H\FRQVXV QVXV SHVRV \ EDODQ]DV HVWiQ VLHPSUH DFWLYRV DQRWDQGR WDQGR SXHVHQORV$UFKLYRV$NiVLFRVHOGHEH\HOKDEHUGH EHUGH FDGDXQRGHQRVRWURV (Q DOJXQDV UHXQLRQHV GHO 0XQGR GH ODV &DXVDV &DXVDVV 1DWXUDOHVVHDVRPEUDXQREDVWDQWHGRQGHVHHQFXHQ HQFXHQ Q Q WUDDORVGLVWLQWRV$GHSWRVHQFDUQDGRVUHXQLGRVHQHO GRVHQ HO H iJRUD \ YHVWLGRV WRGRV FLYLOPHQWH FRPR QRV V YHVWLPRV YHVWLP P PRV DTXtHQHOPXQGRItVLFR1RTXLHURGHFLUTXHHVWRVHDDVt HVWRVHDD D DV DVt VLHPSUH&ODURTXHGHQWURGHORVWHPSORVORV$GHSWRVVH $GHSWR RVVH RV SRQHQVXVYHVWLGXUDVVDJUDGDVSHURHQFLHUWDVUHXQLRQHV UHXQLRQ Q QHV HQ FLHUWDV DVDPEOHDV GLMpUDPRV WRGRV HVWRV V 0DHVWURV 0DHVWWU WURV TXH HQ HO PXQGR ItVLFR WLHQHQ FXHUSR DVLVWHQ YHVWLGRV HQ YHVWL G GRV FLYLOPHQWHFRPRFDEDOOHURVGHFHQWHPHQWHFRPRVLHV FRPRVLL L HV WXYLHUDQHQHOPXQGRItVLFRXVDQFRUEDWDPXFKRWUDMH PXFKRWUUDMH ELHQDUUHJODGLWRPXFKRUHORMGHSXOVRHWFHWFHWF\ HWFHWFF F\ ³RWUDVWDQWDVKLHUEDV´¢$TXpVHGHEHHVR"3XHVDTXHHVD VDTXHHVD H HVODUHJLyQGHO+RPEUHGHO+RPEUH5HDOGHO+RPEUH HO+RP PEUH PE 9HUGDGHURODUHJLyQGHO+RPEUH&DXVDO (/É85(2)/25(&(51~PHUR0D\R 'H PDQHUD TXH HO QDFLPLHQWR VHJXQGR HV QDFHU FRPR+RPEUH&DXVDOFRPR+RPEUH9HUGDGHUR<HVH HVHOSULPHU)DFWRUGHOD5HYROXFLyQGHOD&RQFLHQFLD 1DFHU 6HJXQGR)DFWRU0RULU ³6LHOJHUPHQQRPXHUHODSODQWDQRQDFH´(VQHFHVDULR PRULU(VGHFLUHO(JR$QLPDOGHEHGHMDUGHH[LVWLUHQ QRVRWURVHQQXHVWUDSVLTXLVVLHVTXHTXHUHPRVJR]DUGH ODDXWpQWLFDLOXPLQDFLyQ 1RUPDOPHQWH ORV KHUPDQRV JQyVWLFRV ORV DVSLUDQ WHVQXHVWURVDILOLDGRVVXIUHQPXFKRSRUIDOWDGHLOXPL QDFLyQ 4XLVLHUDQ HOORV PRYHUVH HQ ODV UHJLRQHV LQHID EOHVYLVLWDUHO1LUYDQDHO0DKDSDUDQLUYDQDHVFXFKDUOD ³P~VLFD GH ODV HVIHUDV´ HWFpWHUD SHUR DO YHUVH PHWLGRV HVFODYL]DGRV HQ HVWD UHJLyQ WULGLPHQVLRQDO GH (XFOLGHV DOQRSRGHUSHUFLELUWRGDVHVDVPDUDYLOODVGHORVPXQGRV VXSHULRUHVVXIUHQORLQGHFLEOH<FODURVXVVXIULPLHQWRV VRQOyJLFRVWLHQHQUD]yQHQVXIULU VRQ VRQOyJLFRVWLHQHQUD]yQHQVXIULU VR OyJLFRV yJ FRV WWLHQHQ H H UD]yQ D y HQ H VXIULU VX /$5(92/8&,Ð1'(/$&21&,(1&,$ $OJXQRVTXLHUHQDGHODQWDUVHDORVKHFKRV+DEODQGR HQ OHQJXDMH YXOJDU OHV GLUtD TXH ³DOJXQRV TXLHUHQ HQVL OODUDQWHVGHWUDHUODVEHVWLDV´\³RUGHxDUODYDFDDQWHVGH FRPSUDUOD´LQWHQWDQVHUXQRVH[SORUDGRUHVGHOHVSDFLR VLQ KDEHU DGTXLULGR WRGDYtD ODV IDFXOWDGHV SDUD HVR $ YHFHV VH PHWHQ HQ OD ³HVSLULWLDGHUD´ \ WHUPLQDQ FRQYHU WLGRV HQ PHGLXPV HWF \ HQWUH SDUpQWHVLV HO UHVXOWDGR GHOPHGLXPQLVPRHVODHSLOHSVLD7RGRVORVHSLOpSWLFRV TXHKHPRVLQYHVWLJDGRIXHURQPHGLXPVGHOHVSLULWLVPR HQSDVDGDVH[LVWHQFLDV'HPDQHUDTXHQRHVQDGDDJUD GDEOHYROYHUVHHSLOpSWLFRHVRHVPX\GLItFLOPX\GXUR <ELHQFRQWLQXDQGRKDFLDDGHODQWHOHVGLUpDXVWH GHVTXHODLOXPLQDFLyQQRHVSRVLEOHVLQRVHGHVLQWHJUDHO(JR 1RUPDOPHQWH OD &RQFLHQFLD R GLJR DQRUPDOPHQWH SRUTXH D HVR QR OH OODPDUtD \R QRUPDOPHQWH HVWi HP ERWHOODGDHQWUHHO³PtPLVPR´HQWUHHO³\R´GHODSVLFR ORJtDH[SHULPHQWDO(VFODURTXHPLHQWUDVOD&RQFLHQFLD FRQWLQ~H HPERWHOODGD HQWUH HO (JR HQIUDVFDGD HQWUH HO ³Pt PLVPR´ SXHV HVWDUi GRUPLGD IXQFLRQDUi HQ YLUWXG GH VX SURSLR FRQGLFLRQDPLHQWR FRQG QG GLFLRQDPLHQWR GLFLRQDPLHQWR VHUiVXEMHWLYDLQFRKHUHQWHLPSUHFLVD HLPS SUHFLVD SUHFLVD +H HVFXFKDGR OR TXH PH PHH H KDQ K LQIRUPD GR SXHV HQ UHODFLyQ FRQ Q ORV O V DWDTXHV GH OR ORV WHQHEURVRV HQ *XDGDODMDUD ODMDDUD D D 3HUR OHV KH KH UHVSRQGLGR TXH WRGR HVR VH DO VXEMH VHH GHEH G WLYLVPRDO(JR4XHDOJXQRVKHUPDQRVUH XQR RV KHUPDQRVUH VXOWHQ SRVHVRV GH ORV GHPRQLRV ODV PRQ Q RV TXH ODV QLR EUXMDV GH PHGLD QRFKH PRQWDGDV PR R WDGDV HQ RQ HQ VXVHVFREDVYHQJDQDDWRUPHQWDUDORV UPHHQ HQWDUDORV EXHQRV KHUPDQLWRV TXH ORV OR RVV DWDTXHQ LQFHVDQWHPHQWH TXH ORV DP DPHQD]DVHQ PHQD]DVHQ PH GH PXHUWH \ PXFKDV RWUDV DV LQ LLQFRKHUHQ QFRKHUHQ FLDVPHKXHOHPiVELHQDVHFWDGHORV DVHF H WDGHORV ³9XGX´1DWXUDOPHQWHPHUHVXOWDQH PHUUHHVXOWDQH IDVWRHVRHQHOIRQGR3HURQR RQ Q QR VXFHGHUtDQLQJXQDGHHVDV V FXHVWLRQHV WDQ LQFRKH UHQWHV WDQ LPSUHFLVDV WDQYDJDVGHEUXMDVGH YDPSLURV GH FLQFXHQWD PLOFRVDVSRUHOHVWLORVL ORVDVSLUDQWHVQRWXYLHUDQ Q HO (JR /D FXHVWLyQ HVD VH VH GHEHDO(JR¢&XiQGRKDQ Q RtGR XVWHGHV KDEODU TXH H XQ *DXWDPD 6DNLDPXQL QL IXHUDDWDFDGRSRUODVEUXMDV DV GHODTXHODUUHTXHORLQYDGLH GLHH UDQTXHWRPDUDQSRVHVLyQGH QG GH GH pO TXH *DXWDPD GH SURQWR RQ QWWR \ FXDQGR VH SDUD KLULHUD D GH GH GH PXHUWH D RWUD SHUVRQD GLFLHQ LFLHHQ H GR³7HPDWRWHPDWRYHQJRD HQJJR R D PDWDUWH´ (VR QR VH KD YLVWR LVWR R MD R M PiVHQWUH,QLFLDGRV 'HPDQHUDTXHVLWRGDVHVDV GDV HVVDV FRVDV VXFHGHQ HV HQWUH SHUVRQDV HUVVR RQ QDV TXH WLHQHQ HO (JR QR KDELHQGR DELHHQ H GR (JRQRKD\QDGDGHHVR'HVWUX 'HHVWUUX UX \HQGRHO(JRVHDFDEDWRGRHVR3RUTXHFXDQGRXQRGHV WUX\HHO(JRFXDQGRXQRSDVDSRUODDQLTXLODFLyQEXGLV WDOD&RQFLHQFLDHQWRQFHVVHHPDQFLSDVHOLEHUDTXHGD DXWRGHVSLHUWDVHYXHOYHREMHWLYDODVLQFRKHUHQFLDVFRQ FOX\HQ QR YLHQH VLQR OD LOXPLQDFLyQ WRWDO OLPSLD VLQ PDQFKDVVLQYDJXHGDGHVGHQLQJ~QWLSR&XDQGRXQR WLHQH OD PHQWH REMHWLYL]DGD OD &RQFLHQFLD REMHWLYL]DGD OR~QLFRTXHUHLQDHQXQRHVODFODULGDGPHULGLDQDGHO (VStULWX VH PXHYH XQR HQWRQFHV HQ HO PXQGR GH ODV PDWHPiWLFDV\ODVSHUIHFFLRQHV0iVHVRQRVHUtDSRVLEOH VLDQWHVQRSDVDUDQSRUODDQLTXLODFLyQEXGLVWD 3RGUtDVLQWHWL]DUOHVDXVWHGHVODGLGiFWLFDGLMpUDPRV SDUD OD DQLTXLODFLyQ EXGLVWD HQ PX\ SRFDV SDODEUDV QHFHVLWDPRV YLYLU DOHUWDV \ YLJLODQWHV FRPR HO YLJtD HQ pSRFDGHJXHUUD(VHQHOWHUUHQRGHODYLGDSUiFWLFDHQ UHODFLyQFRQQXHVWUDVDPLVWDGHVHQODFDVDHQODFDOOH HQHOWUDEDMRGRQGHORVGHIHFWRVTXHQRVRWURVOOHYDPRV HVFRQGLGRV DIORUDQ HQ IRUPD HVSRQWiQHD 'HIHFWR GHV FXELHUWRGHEHVHUHQMXLFLDGRGHLQPHGLDWRVRPHWLGR FXELHUWRGHEHVHUHQMXLF LQPHGLDWDPHQWH 0HGLDQWH OD DXWRUH LQPHGLDWDPHQW DO DOO DQiOLVLV D IOH[LyQHYLGHQWHGHO6HUSRGHPRVQRVRWURVFRQR IOH[LyQ HYLGHQ IOH[LyQHYLGHQ QWHG QWH GHO FHUGLUHFWDPHQWHFXDOTXLHUGHIHFWR8QDYH]TXH FHUGLUHFWDPHHQWHH FX KHPRV FRPSUHQGLGR FRPS SUHQ QGLG QRVRWURV WDO R FXDO HUURU SVLFROyJLFR SVLFROyJLFR R LQGXELWDEOHPHQWH SRGHPRV GDUQRVHOOXMRGHGHVLQWHJUDUOR GDUQR RVHHOOOX < KHPRV KHP OOHJDGR D XQ SXQWR FUtWL K FRGLItFLOHQHVWDSOiWLFDTXHGDPRV FR RG GLLItF DTXt*XUGMLHII2XVSHQVN\1LFROO DTX Xt X \ \ PXFKRV RWURV DXWRUHV GH OD &XDUWD9tD±JQyVWLFRVWDPELpQ & FRPR QRVRWURV SRUTXH QRVR F WURV VRPRV GH OD &XDUWD 9tD R &XDUWR &DPLQR± SHQVD URQ TXH SRGtD GHVLQWHJUDU VH FXDOTXLHU ³DJUHJDGR SVt TXLFR LQKXPDQR´ HV GHFLU FXDOTXLHU GHIHFWR FXDOTXLHU ³\R´ D WUDYpV GH OD VLPSOH FRPSUHQVLyQ FUHDGRUD \ QDGD PiV *XUGMLHII FRPHWLy XQ XQ HUURU LPSHUGRQDEOH SRU HO FXDO FXDDOO QDWXUDOPHQWH VH KHFKy XQ JUDYH HQFLPD \ IXH KDEHUVH JUDDYH .DUPD . SURQXQFLDGR FRQWUD OD 'LYLQD 0DGUH SUR RQX XQ QF .XQGDOLQL .XQG GDDOLQ ¢4Xp OR KL]R SRU LJQRUDQ FLD"1RORQLHJRHVRHVDVt3HURGHWR FLD""1R ROR GDVPDQHUDVODLJQRUDQFLDGHOD/H\QR GDVPDDQ QH H[FOX\HVXFXPSOLPLHQWR&RQIXQGLyD H[FOOX\HH VX OD 6HUSLHQWH 6HUS 6 SLLHQ 6DJUDGD .XQGDOLQL FRQ HO DERPLQDEOH DERP PLQ QDE 2UJDQR .XQGDUWLJXDGRU \ Q OHDWULEX\yD'HYL.XQGDOLQLORVGHIHF OHDDWULLE EX\ WRVL]TXLHUGRV\WHQHEURVRVGHODERPL WRVVL]]T TXL QDEOH2UJDQR.XQGDUWLJXDGRU QDEOHH2 Q 3DUD 3DU TXH XVWHGHV PH HQWLHQGDQ 3 PHMRUOHVGLUpTXHKD\GRVVHUSLHQ PHHMMRU WHVODTXHVXEH\ODTXHEDMDOD6HU WHVVOD SLHQWHGH%URQFHTXHVDQDEDDORV SLHHQ QWH LVUDHOLWDV LVUUDDHOL HQ HO GHVLHUWR HQURVFDGD HQHO/LQJDQ*HQHUDGRUHQHO7DR\ HHQHHO/ (/É85(2)/25(&(51~PHUR0D\R /$5(92/8&,Ð1'(/$&21&,(1&,$ OD6HUSLHQWH3LW\yQTXHFRQVLHWHFDEH]DVVHDUUDVWUDSRU HOORGRGHODWLHUUD\TXH$SRORLUULWDGRKLULyFRQVXV GDUGRV/D6HUSLHQWHTXHDVFHQGtDSRUODYDUDGH(VFXOD SLRHOGLRVGHODPHGLFLQD\ODVHUSLHQWHTXHVHDUUDVWUD EDHQHOORGR/D6HUSLHQWHWHQWDGRUDGHO(GpQ+HDKt ODGREOHSDWDGHOJDOORGHORV$EUD[DVGHORVJQyVWLFRV $VtSXHVOD6HUSLHQWHTXHVXEHHVVDJUDGDOD.XQGD OLQLODTXHEDMDHVOD.XQGDUWLJXDGRU(OHUURUGH*XUG MLHIIIXHDWULEXLUOHDODVHUSLHQWHDVFHQGHQWHORVHIHFWRV KLSQyWLFRV WHQHEURVRV \ DERPLQDEOHV GH OD VHUSLHQWH GHVFHQGHQWH$KtIXHGRQGHIDOOy*XUGMLHII (QHOSDtV±0p[LFR±H[LVWHQHO³,QVWLWXWRSDUDHOGH VDUUROOR DUPRQLRVR GHO +RPEUH´ HVD HV OD HVFXHOD GH *XUGMLHII 3HUR \R PH SUHJXQWR ¢FXiO GH HOORV KD FRQ VHJXLGR HOLPLQDU ORV ³\RHV´" ¢&XiO HVWXGLDQWH KD ORJUD GR OLEHUDU VX &RQFLHQFLD UDGLFDOPHQWH" ¢&XiO GH HOORV KD OOHJDGR D OD LOXPLQDFLyQ REMHWLYD" £1LQJXQR ¢3RU TXp" 3RUTXH OD PHQWH SRU Vt PLVPD QR SXHGH DOWHUDU IXQGDPHQWDOPHQWHQLQJ~QGHIHFWR3XHGHVtURWXODUOR $KRUDELHQHOPi[LPRSRGHUGHOD9tERUDVDJUDGD GHOD&REUD'LYLQDOGHORVWHPSORVVHHQFXHQWUDHQOD ³IRUMD GH ORV FtFORSHV´ 6L XQD SDUHMD TXH WUDEDMDVH HQ OD³IRUMDGHORVFtFORSHV´LQYRFDUDGHYHUGDGDOD9tERUD 'LYLQDO HQ SOHQR WUDEDMR VH[XDOHVSLULWXDO REWHQGUi OD UHVSXHVWD 'HEH XQR SXHV DSHODU D HVH SRGHU WUDVFHQGHQWDO \ PDUDYLOORVR GH OD &REUD GH ORV 0LVWHULRV $QWLJXRV GH OD9tERUD'LYLQDO¢4XHQRWLHQHFRPSDxHUDRODPXMHU QR WLHQH FRQVRUWH" 7DPELpQ SXHGHQ DSHODU D OD &REUD 6DJUDGD HOOD GH WRGDV PDQHUDV WUDEDMDUi \ GHVLQWHJUDUi FXDOTXLHUGHIHFWR6RORTXLHURGHFLUTXHHOPi[LPXQGH VXSRGHUHVWiHQOD³IRUMDGHORVFtFORSHV´HQOD³IUDJXD HQFHQGLGDGH9XOFDQR´ /HVKDEORDXVWHGHVHQHVWHOHQJXDMHVHUSHQWLQRSRU TXH VRQ KHUPDQRV TXH KDQ KHFKR HO &XUVR GH 0LVLR QHURV \ SRU OR WDQWR WLHQHQ TXH HVWDU SUHSDUDGRV SDUD HQWHQGHU HVWH LGLRPD 3RUTXH FXDQGR VH KDEOD GH ORV 0LVWHULRV6H[XDOHVVHGHEHKDEODUFRQGHFHQFLDFRQGLJ FRQGLVWLQWRVQRPEUHVMXVWLILFDUORFRQGHQDUOREXVFDUOH HYDVLYDV R HVFDSDWRULDV SDUD HOXGLUOR SXHGH HVFRQGHUOR GH Vt PLVPD \ GH ORV GHPiV SHUR QXQFD GHVLQWHJUDUOR 1HFHVLWDPRVGHXQSRGHUTXHVHDVXSHULRUDODPHQWH\ *XUGMLHIIQRDSOLFyHVHSURFHGLPLHQWRVREUHVt/DPHQWR TXH*XUGMLHIIKD\DGHVYLDGRHOVHQWLGRGHODHQVHxDQ]D TXH\RPLVPROHGLSRUTXH*XUGMLHIIHVGLVFtSXORPtR /DPHQWR GLJR TXH KD\D FRPHWLGR HVH JUDYH HUURU 6H GHMyLQIOXLUSRURWUDVPHQWDOLGDGHV\HVRHVODPHQWDEOH $VtTXHPLUDQGRODVFRVDVGHIUHQWHVHQHFHVLWDGH XQSRGHUTXHVHDVXSHULRUDODPHQWH\HVWHQRHVRWUR VLQROD.XQGDOLQLOD6HUSLHQWHËJQHDGHQXHVWURVPiJL FRVSRGHUHV6RORHOODSRGUtDSXOYHUL]DUFXDOTXLHUDJUHJD GRSVtTXLFRLQKXPDQRVHDHVWHGHLUDGHFRGLFLDRGH OXMXULDRGHHQYLGLDHWFHWFHWF+D\TXHQDWXUDOPHQ WHSULPHURGHVFXEULUHOGHIHFWRTXHXQRTXLHUHHOLPLQDU \OXHJRKD\TXHWUDEDMDUORFRPSUHQGHUORFRPRVHJXQGR UHTXLVLWR\FRPRWHUFHUUHTXLVLWRHOLPLQDUOR<VHSXHGH HOLPLQDUFRQHOSRGHUGHOD'LYLQD0DGUH&yVPLFDFRQ HO SRGHU GH OD 'LYLQD 0DGUH .XQGDOLQL 3HUR KD\ TXH DSHODUD.XQGDOLQLD'HYL.XQGDOLQL6KDNW\$SHODUHQ HOPRPHQWRPLVPRHQTXHQHFHVLWHPRVHOLPLQDUHODJUH JDGRSVtTXLFRTXHKD\DPRVGHVFXELHUWR\FRPSUHQGLGR 6tKD\TXHDSHODUDHOOD\URJDUOHSXOYHULFHWDOGHIHFWR\ HOODDVtORKDUi QLGDGQXQFDHQOHQJXDMHYXOJDUVLHPSUHHQXQOHQJXDMH HVRWHULVWDHGLILFDQWH\HVHQFLDOPHQWHGLJQLILFDQWH 6LFRQVLJXHQXVWHGHVSDVDUSRUODDQLTXLODFLyQEXGLV WDVLFRQVLJXHQXVWHGHVPRULUUDGLFDOPHQWHGHVSHUWDUiQ DEVROXWDPHQWHDTXt\DKRUDHQWRQFHVVHKDUiQFRQVFLHQ WHV GH OD YLGD HQ ORV PXQGRV VXSHULRUHV 3HUR KD\ TXH PRULUSDUDGHVSHUWDUUHSLWRDTXt\DKRUD&XDQGRXQR GHVSLHUWDYHUGDGHUDPHQWHHOSUREOHPDHVHGHOGHVGREOD PLHQWR GHMD GH H[LVWLU <D TXHGD XQR FRQVFLHQWH WDQWR (/É85(2)/25(&(51~PHUR0D\R /$5(92/8&,Ð1'(/$&21&,(1&,$ HQ HO PXQGR ItVLFR FRPR HQ ORV PXQGRV VXSHULRUHV < VHDTXHVXFXHUSRHVWpGRUPLGRVHDTXHHVWpGHVSLHUWR VLHPSUHYLYHFRQVFLHQWH<DGHVDSDUHFHHQIRUPDGHILQL WLYD\SDUDVLHPSUHHOSUREOHPDGHOGHVGREODPLHQWR$V WUDO3RUTXHVLVXFXHUSRGXHUPHTXHGDFRQVFLHQWHHVWi FRQVFLHQWH HQ HO 0XQGR $VWUDO 9LYH FRQVFLHQWH DFW~D FRQVFLHQWHPHQWH DOOt \ UHJUHVD D YROXQWDG D VX FXHUSR ItVLFR D OD KRUD TXH OH Gp OD JDQD (QWRQFHV ¢(Q TXp TXHGD HO SUREOHPD GHO GHVGREODPLHQWR" &RPR SUREOH PDGHMDGHH[LVWLU/RLPSRUWDQWHHVGHVSHUWDU 7HUFHUIDFWRU ULWXDOPX\UHILQDGRTXHQRVLPSHGLUtDWRGRDYDQFHLQ WHULRU3XHVVLVRODPHQWHQRVSUHRFXSDPRVSRUQRVRWURV \ QDGD PiV TXH SRU QRVRWURV ROYLGiQGRQRV GH WDQWRV PLOORQHVGHVHUHVTXHSXHEODQHOPXQGRLQFXHVWLRQDEOH PHQWHQRVDXWRHQFHUUDPRVHQQXHVWURSURSLRHJRtVPR (QHVDIRUPDHO³\R´GHOHJRtVPRQRQRVSHUPLWLUtDOD LOXPLQDFLyQ (OHJRtVPRVHSXHGHSUHVHQWDUHQIRUPDVVXPDPHQWHUHILQD GDV\KD\TXHHOLPLQDUODV(QWDQWRWHQJDPRVHJRtVPR GHQWURGHQRVRWURVPLVPRVSXHVODLOXPLQDFLyQQRVHUi SRVLEOH (OHJRtVPRHVWiIRUPDGRSRUP~OWLSOHV³\RHV´GHQWUR GHORVFXDOHVVHKD\DHQIUDVFDGDOD&RQFLHQFLD¢4XpKD\ TXHGHVLQWHJUDUHVDPXOWLSOLFLGDGGH³\RHVHJRtVWDV´"£(V YHUGDG 3XHV VL QR OR KLFLpUDPRV OD &RQFLHQFLD FRQWL 6DFULILFLRSRUOD +XPDQLGDG -HV~VHO&ULVWRGLMR³(QTXHRVDPpLV ORVXQRVDORVRWURVSUREDUpLVTXHVRLVPLV VHJXLGRUHV´ 0DV QR VHUtD SRVLEOH FXP SOLU FRQ HVWH SUHFHSWR FUtVWLFR HQ WDQ WR FRQWLQ~HQ GHQWUR GH QRVRWURV ORV ³\RHV´ GHO UHVHQWLPLHQWR \ GHO DPRU SURSLR(VXUJHQWHLQDSOD]DEOHLPSRV WHUJDEOH HOLPLQDU GH QXHVWUD SVLTXLV WDOHVHOHPHQWRVLQGHVHDEOHV(O³\R´GHO UHVHQWLPLHQWR R GHO GHVHR UHYDQFKLV WDVLHPSUHKDRULJLQDGRHQHOPXQGR JUDQGHVIUDFDVRV (O 7HUFHU )DFWRU HV HO GHO 6DFULIL FLR SRU OD +XPDQLGDG (V QHFHVDULR DPDU D QXHVWURV VHPHMDQWHV SHUR HO DPRUKD\TXHGHPRVWUDUORFRQKHFKRV FRQFUHWRVFODURV\GHILQLWLYRV1REDVWD GHFLU TXH DPDPRV D QXHVWURV VHPHMDQWHV QR KD\ TXH GHPRVWUDUORFRQ KHFKRVKD\TXH HVWDUGLVSXHVWRVDVX ELUDODUDGHOVXSUHPRVDFULILFLRSRUODKXPDQLGDGKD\ TXHOHYDQWDUODDQWRUFKDGHODVDELGXUtDSDUDLOXPLQDUHO FDPLQRGHRWURVKD\TXHHVWDUGLVSXHVWRVDGDUKDVWDOD ~OWLPDJRWDGHVDQJUHSRUWRGRVQXHVWURVVHPHMDQWHVFRQ DPRUYHUGDGHURGHVLQWHUHVDGRSXUR 'HPDQHUDTXHHO7HUFHU)DFWRUGHOD5HYROXFLyQGH OD &RQFLHQFLD HV HO VDFULILFLR SRU QXHVWURV VHPHMDQWHV 1DFHUPRULU\VDFULILFDUQRVSRUODKXPDQLGDGVRQORV 7UHV)DFWRUHVTXHQRVFRQYLHUWHQDQRVRWURVHQYHUGDGH UDVHQFDUQDFLRQHVGHO&ULVWR&yVPLFR(VRV7UHV)DFWR UHVQRVYLHQHQDFRQYHUWLUHQGLRVHVDXQTXHWHQJDPRV FXHUSRVGHKRPEUHV(VRV7UHV)DFWRUHVYLHQHQDKDFHU GHQRVRWURVDOJRGLVWLQWRQRVWUDQVIRUPDQHQGHLGXVRV R GLRVHV LQHIDEOHV HORKLQHV GDLPRQHV HWF6LQRVRWURV WUDEDMiUDPRVFRQHOSULPHU\VHJXQGRIDFWRUHOGHQDFHU \PRULUSHURQRDPiUDPRVDQXHVWURVVHPHMDQWHVQRKL FLpUDPRVQDGDSRUOOHYDUODOX]GHOFRQRFLPLHQWRDRWUDV JHQWHVSXHEORV\OHQJXDVFDHUtDPRVHQXQHJRtVPRHVSL QXDUi HPERWHOODGD HVWUHFKD OLPLWDGD FRQGLFLRQDGD \ FXDOTXLHUSRVLELOLGDGGHLOXPLQDFLyQVHUtDDQXODGD 1RVRWURV GHEHPRV FRPSUHQGHU TXH WRGD OD KXPDQLGDG HV XQD JUDQ IDPLOLD 'HVJUDFLDGDPHQWH HVWDPRV HPERWH OODGRV HQ PXFKRV DIHFWRV \ FRQVLGHUDPRV ~QLFDPHQWH FRPRIDPLOLDDXQDVSRFDVSHUVRQDVTXHQRVURGHDQOR FXDO HV HJRtVPR SRUTXH WRGRV ORV VHUHV KXPDQRV VLQ H[FHSFLyQ GH UD]DV FUHGR FDVWD R FRORU VRPRV XQD VROD IDPLOLD(VDIDPLOLDVHOODPDKXPDQLGDG 6L ~QLFDPHQWH PLUDPRV FRPR KHUPDQRV D ORV TXH QRV URGHDURQ GHVGH OD FXQD YDPRV PX\ PDO 6L ~QL FDPHQWH TXHUHPRV UHGLPLU D HVDV JHQWHV TXH VH GLFHQ QXHVWURV IDPLOLDUHV PDUFKDPRV HJRtVWDPHQWH 6H KDFH LQGLVSHQVDEOH YHU HQ FDGD SHUVRQD XQ KHUPDQR (VWR TXHGLJRQRHVSRUPHURVHQWLPHQWDOLVPRVLQRSRUTXH HQYHUGDGWRGRVVRPRVKHUPDQRV1RHVXQDIUDVHPH UDPHQWH VHQWLPHQWDOLVWD HV UHDO WDO FRPR VH HVFXFKD VRPRVXQDIDPLOLDXQDVRODJUDQIDPLOLDTXHQRGHEHUtD HVWDUGLYLGLGDXQDIDPLOLDHQRUPHTXHSXHEODODWLHUUD\ TXHVHOODPDKXPDQLGDG (/É85(2)/25(&(51~PHUR0D\R /$5(92/8&,Ð1'(/$&21&,(1&,$ $ HVRV QXHVWURV KHUPDQRV QHFHVLWDPRV OOHYDUOHV HO &RQRFLPLHQWRPRVWUDUOHVOD6HQGDDILQGHTXHDOJ~Q GtDHOORVWDPELpQSXHGDQKROODUOD\OOHJDUDODOLEHUDFLyQ ILQDO 6L QRVRWURV TXHUHPRV OD IHOLFLGDG GHEHPRV OXFKDU SRUODIHOLFLGDGGHRWURV0LHQWUDVXQRPiVGDPiVUHFLEH SHURHOTXHQDGDGDKDVWDORTXHQRWLHQHOHVHUiTXLWDGR ¢&yPRSRGUtDPRVQRVRWURVDOFDQ]DUODDXWpQWLFDIH OLFLGDG 1LUYiQLFD R 3DUDQLUYiQLFD DTXt \ DKRUD VL QR WUDEDMDPRVSRUODIHOLFLGDGGHRWURV"/DDXWpQWLFDIHOLFL GDGGHO6HUQRSXHGHVHUHJRtVWDVHORJUD~QLFDPHQWH PHGLDQWHHOVDFULILFLRSRUQXHVWURVVHPHMDQWHV 6LDVtTXLHQHVKDQORJUDGRORVHVWDGLRVGHO6HUPiV HOHYDGRVTXLHQHVKDQ LQJUHVDGRHQORVPXQ GRV 3DUDQLUYiQLFRV 0DKDSDUDQLUYiQLFRV R HQ HO 0RQiGLFR R $GLFR R TXLHQHV DO ILQ KDQ FRQVHJXL GR IXVLRQDUVH FRQ HO (WHUQR 3DGUH &yV PLFR &RP~Q REYLD PHQWH VH VDFULILFDURQ HQ DOJXQD IRUPD SRU QXHVWURV VHPHMDQWHV HQ HO PXQGR \ HVWR OHV GLR PpULWRV VXIL FLHQWHV FRPR SDUD ORJUDU HQ YHUGDG OD GLFKDTXHQRWLHQHOt PLWHVQLRULOODVMDPiV $Vt TXH SDUD KD FHU HO &XUVR GH 0L VLRQHURV GHEHPRV SHQVDU HQ HO ELHQ FRP~Q HQ TXH GHEH PRV DPDU Vt GH XQD IRUPD H[WUDRUGLQDULD D WRGRV ORV VHUHV TXH SXHEODQODID]GHOD7LHUUD$PDUQRVRODPHQWHDORVTXH QRVDPDQSRUTXHHVRORKDUtDFXDOTXLHUDVLQRWDPELpQ D ORV TXH QRV RGLDQ $ ORV TXH QRV DPDQ SRUTXH QRV FRPSUHQGHQDORVTXHQRVRGLDQSRUTXHQRQRVFRP SUHQGHQ 1RGHEHH[LVWLUHQQRVRWURVHVRTXHVHOODPDRGLR +D\JHQWHVTXHGHVWLODQ\EHEHQVXSURSLRYHQHQR\VX IUHQ OR LQGHFLEOH < HVR HV JUDYH XQR QR GHEH VHU WDQ WRQWR$TXHOTXHHVWiGHVWLODQGR\EHELHQGRVXSURSLR YHQHQR SXHV HV XQ WRQWR $TXHO TXH VH KD IRUMDGR XQ ³LQILHUQLWR´HQVXPHQWH\TXHORTXHFDUJDDWRGDKRUD HVDHVH³LQILHUQLWR´HQVXHQWHQGLPLHQWRHVXQQHFLR 8QRWLHQHTXHSHQVDUTXHORPHMRUHVDPDUSXHVVLXQR KDFHGHVXPHQWHXQLQILHUQRQRHVGLFKRVRMDPiV /DVJHQWHVHVWiQWRGDVOOHQDVGHUHVHQWLPLHQWRV\HVR HVJUDYtVLPRSRUTXHGRQGHH[LVWHHO³\R´GHOUHVHQWLPLHQWR QRSXHGHIORUHFHUHODPRU1RKD\TXLHQQRWHQJDUHVHQWL PLHQWR7RGRHOPXQGRJXDUGDHQVXFRUD]yQSDODEUDV KHFKRVRVXFHVRVGRORURVRVDFRPSDxDGRVQDWXUDOPHQWH (/É85(2)/25(&(51~PHUR0D\R GHVXVVHFXHQFLDVRFRURODULRVTXHVRQORV\DFRQVDELGRV UHVHQWLPLHQWRV ¢4Xp JDQDUi HO TXH FDUJD FRQ HVR" (Q HVH VHQWLGR QRVDEHDPDUHVUHYDQFKLVWDQRVDEHDPDU(OTXHRGLD HVWiPX\FHUFDGHODPDOGLFLyQ +D\ TXH VDEHU FRPSUHQGHU D ORV GHPiV DSUHQGHU DPLUDUHOSXQWRGHYLVWDDMHQRVLHVTXHTXHUHPRVVD EHUDPDU/DVJHQWHVVRQLQFRPSUHQVLYDVODVJHQWHVQR TXLHUHQ HQWHQGHU D RWUDV JHQWHV VHQFLOODPHQWH SRUTXH QRVDEHQYHUHOSXQWRGHYLVWDDMHQR6LXQRVHVLW~DHQ HOSXQWRGHYLVWDDMHQRDSUHQGHDSHUGRQDUDSUHQGHD DPDU3HURVLXQRQRHVFDSD]GHSHUGRQDUDQDGLHQR VDEHDPDU $KRUD SHUGRQDU HQIRUPDPHFDQLFLVWD QR VLUYH SDUD QDGD 8QRSRGUtDSHUGRQDU VHQFLOODPHQWH SRUTXH DSUHQGLy HQ OD GRF WULQD JQyVWLFD TXH VH GHEH SHUGRQDU SHUR HVR HV DXWRPiWLFR QR VLUYH (Q HO IRQ GR FRQWLQXDUi FRQ HO PLVPRUHVHQWLPLHQWR FRQ HO PLVPR RGLR \ KDVWD FRQ HO PLVPR GHVHR UHYDQFKLVWD VR IRFDGRRUHSULPLGR &XDQGR VH GLFH ³SHUGRQDU´ HVWR LP SOLFD XQD HOLPLQD FLyQ 8QR QR SXHGH SHUGRQDU VL QR HOLPL QD HO ³\R´ GHO UHVHQ WLPLHQWR VL QR DQXOD HO ³\R´ GHO UHQFRU VL QRUHGXFHDSROYDUHGD FyVPLFD HO ³\R´ GH OD UHYDQFKD HO ³\R´ TXH TXLHUH ³VDFDUVH HO FODYR´ HWF 0LHQWUDV QR KD\D HOLPL QDGR WDOHV ³\RHV´ D WUDYpV GH OD FRPSUHQVLyQ \ FRQ HO DX[LOLRGH.XQGDOLQL6KDNW\QRHVSRVLEOHTXHGHYHUGDG SHUGRQH < VL GD SHUGyQ HVWH HV DXWRPiWLFR \ SHUGyQ DXWRPiWLFRQRHVSHUGyQ +D\ TXH VLQFHUDUQRV FRQVLJR PLVPRV VL TXHUHPRV VDEHUDPDU6LXQRQRVHVLQFHUDFRQVLJRPLVPRVLQR HVVLQFHURFRQVLJRPLVPRQRSXHGHDPDUMDPiV$PDU LPSOLFDXQWUDEDMRXQWUDEDMRGLVSHQGLRVRVREUHVtPLV PR¢&yPRSRGUtDXQRDPDUDRWURVLQRWUDEDMDVREUH VtPLVPRVLQRHOLPLQDGHVXLQWHULRUORVHOHPHQWRVGH ODGLVFRUGLDGHODUHYDQFKDGHOUHVHQWLPLHQWRGHORGLR HWF" &XDQGR WDOHV HOHPHQWRV LQIUDKXPDQRV H[LVWHQ HQ QXHVWUDSVLTXLVODFDSDFLGDGGHDPDUTXHGDDQXODGD 1RVRWURV QHFHVLWDPRV DPDU Vt D WRGRV QXHVWURV VH PHMDQWHV3HURUHSLWRHVWRLPSOLFDXQWUDEDMR8QRQR SXHGH DPDU PLHQWUDV H[LVWDQ ORV ³HOHPHQWRV GHO RGLR´ HQ Vt PLVPR 6L TXHUHPRV DPDU GHEHPRV VHU VLQFHURV /$5(92/8&,Ð1'(/$&21&,(1&,$ DXWRH[SORUDUQRVDXWRLQYHVWLJDUQRVSDUDGHVFXEULUHVRV HOHPHQWRVTXHQRVLQFDSDFLWDQSDUDDPDU +D\PXFKRDPRUILQJLGRHQODVGLVWLQWDVHVFXHODVGH WLSRSVHXGRHVRWpULFRSVHXGRRFXOWLVWD1RVRWURVORVJQyV WLFRVQRGHEHPRVDFHSWDUDPRUILQJLGRGHEHPRVVHUH[LJHQWHV FRQVLJRPLVPRV¢9DPRVDDPDUDQXHVWURVVHPHMDQWHVRQRORV YDPRVDDPDU"6HDPRVVLQFHURV1RVHWUDWDGHTXHQRVGH MHPRVOOHYDUSRUVHQWLPHQWDOLVPRVVXEOLPHV3RGUtDPRV FUHHU TXH Vt DPDPRV FXDQGR HQ UHDOLGDG QR HVWDPRV DPDQGR (ODPRUHVDOJRPX\VXEOLPH/HVYR\DSRQHUDXV WHGHV XQ HMHPSOR R DOJXQRV HMHPSORV VREUH DPRU (O IXQGDGRUGH1XHYD<RUNHUDXQKRPEUHPX\LQWHOLJHQ WH7HQtDSXHVXQDHVSRVD\PX\GLVWLQJXLGD&XDQGR IXQGyD1XHYD<RUNDTXHOORSDUHFtDXQDSDUDGRMDDOOt QR KDEtD VLQR YHJHWDFLyQ iUEROHV PRQWDxDV HWF HWF (O FRQFLELy OD LGHD GH XQD JUDQ FLXGDG DO FRQWHPSODU DTXHOODUHJLyQ3HURHUDOD³pSRFDGRUDGD´ODpSRFDHQ TXHODJHQWHWHQtDODVHGGHRURHQORV(VWDGRV8QLGRV DXQTXHVLHPSUHODKDWHQLGRSHURHQDTXHOODpSRFDHUD PX\ PDQLILHVWD OD FRGLFLD SRU HO RUR ItVLFR ODV PLQDV GH RUR HWF 6t pO \pQGRVH SRU HO PXQGR FRPHWLy XQ HUURUTXHORFRQVLGHURPX\JUDYHDEDQGRQDUDODPXMHU HQ SOHQD PRQWDxD 1R OD DEDQGRQy SRU QLQJXQD RWUD PXMHUQRVLQRSRUHORURSRULUDEXVFDUODVPLQDV$O ILQVXSRGHHOODDOJXLHQOHGLMRTXHHOODKDEtDPXHUWR(O QRVHSUHRFXSyPXFKRSRUHVRSRUTXHpOQRWHQtDVLQR DQVLDVVHGLQVDFLDEOHGHRUR0iVWDUGHFRQHOWLHPSR HQFRQWUyDXQDPXMHU\VHFDVyFRQHOODFRQRWUDPXMHU 0HWLyIHUURFDUULOHVWDEOHFLyEDQFRV &XDQGR \D HUD XQ JUDQ KRPEUH KDEODQGR DQWH XQ DXGLWRULRGHSURQWRGHVFXEULyHQWUHODVJHQWHVTXHKD EtDQ DOOt D DTXHOOD TXH pO KDEtD DEDQGRQDGR $TXHO KRPEUH\DQRSRGtDQLKDEODUWUDWyGHWUDEDUVHTXHGy FRQIXQGLGR SRUTXH SHQVDED TXH HVWDED PXHUWD < D HOODOHKDEtDQLQIRUPDGRTXHpOVHKDEtDFDVDGRRWUDYH] TXHWHQtDVHLVKLMRV(QHODXGLWRULRVHWRSy³GHPDQRV D ERFD´ FRQ HOOD pO QR KDOODED TXp KDFHU /H GLMR HOOD ³1RWHSUHRFXSHVVpTXHWHKDVFDVDGR´(OHVWDEDSHU SOHMR SRUTXH FODUR SRU UHJOD UHFRUGy VX SULPHU DPRU <ODDPDEDVRORTXHODVHGGHORURKDEtDKHFKRTXHOD DEDQGRQDUD1RKDOODEDTXpKDFHU'LMRHOOD³3XHGHV PDUFKDUWHVLJXHWXFDPLQR´HOODWDPELpQORDGRUDED(O LQWHQWyDOHMDUVH\QRSRGtDVHQWtDTXHOHHUDGLItFLOGHV SUHQGHUVHGHHOOD3HURHOODOHGLRYDORU³1RPLUHVKDFLD DWUiVOHGLMRPDUFKDKDFLDGHODQWHQRWHGHWHQJDVSRU PL'HEHVWULXQIDUWHDPRPXFKR\GHVHRWXWULXQIR´ (OVHIXHFDPLQDQGRFRPRXQVRQiPEXORKDVWDTXHHOOD VHPDUFKy(OODORDPDEDGHPDVLDGR(OKXELHUDSRGLGR GHMDUDODRWUDPXMHUGHLQPHGLDWRHLUVHFRQHVWDSHUR HOODSUHILULyVXIHOLFLGDG(VRHVDPRU ¢&XiOGHXVWHGHVVHVLHQWHFDSD]GHKDFHUHVRVHUFD SD]GHUHQXQFLDUDORPiVDPDGRSRUODIHOLFLGDGPLVPD GHORPiVDPDGR"(VTXHHODPRUQRTXLHUHUHFRPSHQVDVHV GiGLYD HQ Vt PLVPR WUDEDMR FRQ UHQXQFLD GH ORV IUXWRV QRTXLHUHVLQRHOELHQGHRWURVDXQDFRVWDGHODSURSLD IHOLFLGDG 3UHWHQGHU GHILQLU HO DPRU HV XQ SRFR GLItFLO 6L VH GHILQH VH GHVILJXUD (V PiV ELHQ FRPR XQD HPDQDFLyQ VXUJLGDGLMpUDPRVGHOIRQGRPLVPRGHOD&RQFLHQFLDXQIXQ FLRQDOLVPRGHO6HU +D\TXHHQWHQGHUKD\TXHFRPSUHQGHUSXHVODQH FHVLGDGGHDPDUDQXHVWURVVHPHMDQWHV3RUTXHPHGLDQWH HO DPRU SRGHPRV WUDQVIRUPDUQRV \ DPDQGR UHSDUWLU EHQGLFLRQHVOOHYDUODHQVHxDQ]DDWRGRVORVSXHEORVGH OD7LHUUDHQFDPLQDUDRWURVFRQHOPi[LPXPGHODSD FLHQFLDVDEHUSHUGRQDUORVGHIHFWRVDMHQRV ,QFXHVWLRQDEOHPHQWH DO OOHYDU XQR OD HQVHxDQ]D D RWURVHQFRQWUDUiPXFKDVUHVLVWHQFLDV,QGXELWDEOHPHQWH OHOORYHUiDXQRHQPXFKDVRFDVLRQHVSLHGUDVSHURKD\ TXHVDEHUDPDU\SHUGRQDUDWRGRVQRUHDFFLRQDUWDQWR /DVJHQWHVYLYHQUHDFFLRQDQGRDQWHORVLPSDFWRVTXH SURYLHQHQ GHO PXQGR H[WHULRU +D\ VLHPSUH XQD WHQ GHQFLDDUHDFFLRQDU<RPHKHILMDGRSXHVHQODVPHVDV GLUHFWLYDVGHORVOXPLVLDOHV(QSOHQDDVDPEOHDDOJXLHQ GLFHDOJRFRQUHODFLyQDDOJXLHQ\QXQFDIDOWDODUHDFFLyQ LQPHGLDWDGHODOXGLGR$OJXQDVYHFHVFRQLUDRWUDVFRQ LPSDFLHQFLDSHURHQDOJXQDIRUPDUHDFFLRQD0X\UDUD YH]KHYLVWRXQDPHVDGLUHFWLYDGRQGHXQVXMHWR;;SHU PDQH]FDLPSDVLEOHVLQUHDFFLRQDUDQWHORTXHRWURVGL JDQ +D\ HVD WHQGHQFLD GH WRGR HO PXQGR D UHDFFLR QDU FRQWUD WRGR HO PXQGR £0DV TXp FKLVWRVDV VRQ ODV JHQWHV %DVWD PRYHU XQ ERWyQ \ ³WUXHQDQ´ \ ³UHODPSD JXHDQ´<VLVHPXHYHRWURERWyQVRQUtHQGXOFHPHQWH /RVKXPDQRLGHVVRQPiTXLQDVTXHWRGRHOPXQGRPD QHMDDVXDQWRMRVRQFRPRXQLQVWUXPHQWRGHP~VLFD GRQGHFDGDFXDOWRFDVXSURSLDFDQFLyQ6LDOJXLHQTXLH UH TXH XVWHGHV VRQUtDQ EDVWD GHFLUOHV SDODEUDV GXOFHV \ GDUOHVSDOPDGLWDVHQHOKRPEURVRQUtHQGXOFHPHQWH6L TXLHUHQTXH³WUXHQHQ´R³UHODPSDJXHHQ´EDVWDGHFLUOHV (/É85(2)/25(&(51~PHUR0D\R /$5(92/8&,Ð1'(/$&21&,(1&,$ XQDV FXDQWDV SDODEUDV GXUDV \ \D VH SRQHQ FRQ HO HQWUHFHMR IUXQFLGR \ UHDFFLRQDQ LQPHGLDWDPHQWH <R PLVPR R DTXt HVWR\ SODWLFDQGR FRQ XVWHGHV \ ORV ORV YHRXQSRFRVRQULHQWHV6LHQHVWHPRPHQWROHV PHQWROHV HFKDUDXQUHJDxR¢TXpVXFHGHUtD"&DPELDUtDQGH PELDUtDQ GH LQPHGLDWR \D QR HVWDUtDQ WDQ VRQULHQWHV \D ODV FH MDVDSDUHFHUtDQIUXQFLGDV£4XpWULVWH]DSHURDVtHV¢3RU TXp" 6RQ PiTXLQDV XQ LQVWUXPHQWR TXH WRGR HO PXQ GRWRFD,QVWUXPHQWRVFRPRODJXLWDUUD(OTXHTXLHUD YHUORVFRQWHQWRVGLUiXQDVFXDQWDVSDODEUDVGXOFHV\\D HVWDPRVIHOLFHV3HURHOTXHTXLHUDYHUORVOOHQRVGHRGLR GLJDXQDVSDODEUDVGXUDV\\DHVWDUHPRVWHUULEOHV 'H PDQHUD TXH GHSHQGHPRV GH RWURV QR WHQHPRV OLEHUWDGQRVRPRVGXHxRVGHQXHVWURVSURSLRVSURFHVRV SVLFROyJLFRVFDGDFXDOKDFHGHQRVRWURVORTXHOHYHQJD HQJDQD8QDVFXDQWDVSDODEULWDVGHOLVRQMDHLQPHGLD WDPHQWH£DKVHQWLPRVDXWRLPSRUWDQFLDRWUDSDODEULWD GH KXPLOODFLyQ \ TXp WULVWHV \ SHTXHxRV QRV VHQWLPRV 6L FDGD FXDO KDFH GH QRVRWURV OR TXH TXLHUH HQWRQFHV ¢GyQGHHVWiQXHVWUDDXWRQRPtD"¢&XiQGRGHMDUHPRVGH VHU PiTXLQDV" (V REYLR TXH SDUD DSUHQGHU D DPDU KD\ TXHDGTXLULUDXWRQRPtDSRUTXHVLXQRQRHVGXHxRGH VXV SURSLRV SURFHVRV SVLFROyJLFRV MDPiV SXHGH DPDU ¢&yPR"6LRWURVVRQFDSDFHVGHVDFDUQRVGHOHVWDGRGH SD] DO HVWDGR GH GLVFRUGLD ¢FXiQGR SRGUtDPRV DPDU" 0LHQWUDVXQRGHSHQGDGHRWURV±SVLFROyJLFDPHQWH±QR HVFDSD]GHDPDU/DGHSHQGHQFLDREVWDFXOL]DHODPRU1H FHVLWDPRVQRVRWURVDFDEDUFRQODGHSHQGHQFLDKDFHUQRV DPRVGHVtPLVPRVGXHxRVGHQXHVWURVSURSLRVSURFHVRV SVLFROyJLFRV &XDQGR\RWXYHODUHHQFDUQDFLyQGH7RPiVGH.HP SLV HVFULEt HQ PL OLEUR ³,PLWDFLyQ GH &ULVWR´ HQ DTXHOOD DQWLJXDUHHQFDUQDFLyQXQDIUDVHTXHGLFH³<RQRVR\PiV SRUTXHPHDODEHQPLPHQRVSRU TXHPHYLWXSHUHQSRUTXH\RVLHP SUH VR\ OR TXH VR\´ 'H PDQH UD TXH GHEHPRV SHUPDQHFHU LPSDVLEOHV DQWH OD DODEDQ]D \ HO YLWXSHULR DQWH HO WULXQIR \ DQWH OD GHUURWD VLHPSUH VHUH QRV LPSDVLEOHV VLHPSUH GXH xRVGHVtPLVPRVGHQXHVWURV SURSLRVSURFHVRVSVLFROyJLFRV $Vt Vt PDUFKDQGR SRU HVHFDPLQROOHJDUHPRVDHVWDU VLHPSUH HVWDEOHV HQ HVR TXH VH OODPD ³$PRU´ 1HFHVLWD PRV QRVRWURV HVWDEOHFHUQRV HQ HO UHLQR GHO $PRU SHUR QR SRGUtDPRV KDFHUOR VL QR IXpVHPRV GXHxRV GH QXHVWURV SURSLRVSURFHVRVSVLFROyJLFRV 3XHV VL RWURV VRQ FDSDFHV GH KDFHUQRV UDELDU FDGD YH] TXH TXLHUDQ VL RWURV VRQ FDSDFHV GH KDFHUQRV VHQWLU RGLR VL RWURVVRQFDSDFHVGHKDFHUQRV VHQWLU HO GHVHR GH UHYDQFKD (/É85(2)/25(&(51~PHUR0D\R REYLDPHQWH QR VRPRV GXHxRV GH Vt PLVPRV (Q HVDV FRQGLFLRQHV MDPiV SRGUtDPRV QRVRWURV HVWDU HVWDEOHFLGRV HQ HO UHLQR GHO $PRU (VWDUtDPRV HQ HO UHLQR GHO GH RGLR HQ HO GH OD GLVFRUGLD HQ HO GHO HJRtVPR HJRtVPR HQ H HO GH OD YLROHQFLD SHUR MDPiV HQ HO UHLQRGHHVRTXHVHOODPD³$PRU´ 'HEHPRVSHUPDQHFHUHVWDEOHVHQHOUHLQRGHO$PRU WHQHPRVTXHKDFHUQRVGXHxRVGHQXHVWURVSURSLRVSUR FHVRV SVLFROyJLFRV 6L JROSHDPRV HQ XQD SXHUWD SRU HMHPSOR\QRVUHFLEHQDSLHGUDVSRUTXHYDPRVDGDUOD HQVHxDQ]DJQyVWLFD\VLQRVDOHMDPRVGHDOOtGLMpUDPRV FRQHOGHVHRGHUHYDQFKDRWHUULEOHPHQWHFRQIXQGLGRV HQWRQFHV QR VHUYLUtDPRV SDUD PLVLRQHURV JQyVWLFRV 6L OOHJDPRV D XQ SXHEOR D SUHGLFDU OD SDODEUD \ HO VHxRU ³FXUD´QRVFRUUH\HQWRQFHVQRVOOHQDPRVGHWHUURU¢VHU YLUtDPRVDFDVRSDUDPLVLRQHURVJQyVWLFRV" (OWHUURUQRVLQFDSDFLWDSDUDDPDU¢$TXpOHWHQHPRV PLHGR QRVRWURV" ¢$ OD PXHUWH" 6L SDUD PRULU QDFLPRV ¢HQWRQFHVTXp"4XHPXHUDXQRXQRVGtDVDQWHVRXQRV GtDVGHVSXpV¢TXp"6LHPSUHWLHQHXQRTXHPRULU(QWRQ FHV¢DTXpOHWHQHPRVPLHGR"$GHPiVODPXHUWHHVWDQ QDWXUDO FRPR HO QDFLPLHQWR 6L OH WHQHPRV PLHGR D OD PXHUWH WDPELpQ GHEHPRV WHQHU WHPRU DO QDFLPLHQWR SXHVVRQORVGRVH[WUHPRVGHXQPLVPRIHQyPHQRTXH VHOODPD³YLGD´ ¢7HQHUOHPLHGRDODPXHUWH"¢3RUTXpVLWRGRORTXH QDFH WLHQH TXH PRULU"/DV SODQWDVQDFHQ \PXHUHQ ORV PXQGRVQDFHQ\PXHUHQ(VWDPLVPD7LHUUDQDFLy\XQ GtD VHUi XQ FDGiYHU TXHGDUi FRQYHUWLGD HQ XQD QXHYD OXQD $VtSXHVWHPHUDODPXHUWH¢SRUTXp"/DPXHUWHHV ODFRURQDGHWRGRV\SRUFLHUWRTXHHVKDVWDPX\EHOOD 8QR QR GHEH PLUDU D OD PXHUWH MDPiV FRQ KRUURU KD\ TXH PLUDUOD FRPR HV 9HU XQ FDGiYHU HQ XQ IpUHWUR HQ OD PLWDG GH XQD VDOD QR HV KD EHU FRPSUHQGLGR HO 0LVWHULR GHOD0XHUWH(O0LVWHULRGHOD 0XHUWHHVPX\VDJUDGR-DPiVVH SRGUtD FRPSUHQGHU HO RULJHQ GH OD YLGD HO 0LVWHULR GH OD 9LGD VL DQWHV QR VH KD FRP SUHQGLGRDIRQGRHO0LVWHULR GH OD 0XHUWH &XDQGR XQR HQWLHQGHGHYHUGDGORTXHVRQ ORV 0LVWHULRV GH OD 0XHUWH HQWLHQGH ORV 0LVWHULRV GH OD 9LGD /D PXHUWH QRV GHSDUD SXHV GHOLFLRVRV PRPHQWRV &RQODPXHUWHYLHQHODSD] %LHQ YDOH OD SHQD SXHV QR WHQHU PLHGR DO PRULU < VLDOJXLHQPXULHUDHQHOFXP SOLPLHQWR GH VX GHEHU WUDED MDQGR SRU OD KXPDQLGDG HVH DOJXLHQ VHUtD SUHPLDGR FRQ FUHFHVHQORVPXQGRVVXSHULR UHV 'DU XQR OD YLGD SRU VXV /$5(92/8&,Ð1'(/$&21&,(1&,$ VHPHMDQWHVHVDOJRVXEOLPH(VRIXHORTXHKL]RHO GLYLQR5DEtGH*DOLOHDHVORTXHKDQKHFKRWRGRV ORV VDQWRV ORV PiUWLUHV 6DQ (VWHEDQ DSHGUHDGR SRUHQVHxDUOD3DODEUD3HGURFUXFLILFDGRFRQOD FDEH]DKDFLDDEDMR\ODVSLHUQDVKDFLDDUULEDSDUD LQGLFDU HO WUDEDMR HQ OD ³IRUMD GH ORV FtFORSHV´ (VR VRQ HOORV YHUGDGHURV PiUWLUHV (VRV VRQ ORV TXHGHVFROODQPiVWDUGHHQWUHHO0DKDQYDQWDUD FRPRGLRVHV $VtSXHVWHPHUHVDEVXUGR/RPiVTXHSRGUtD VXFHGHUQRV D QRVRWURV HV TXH QRV OOHYDUDQ DO SD UHGyQGHIXVLODPLHQWR¢<TXp"'HVSXpVGHWRGR ¢TXp" 0RULUVH XQR XQRV GtDV DQWHV R XQRV GtDV GHVSXpVHVDOJRTXHQRWLHQHODPHQRULPSRUWDQ FLD 9DOHODSHQDTXHSHQVHPRVHQWRGDVHVWDVFR VDV3RUWHPRUORVKRPEUHVVHDUPDQSDUDPDWDU DRWURV3RUWHPRUODVJXHUUDVHQWUHODVQDFLRQHV SXHV FDGD QDFLyQ WHPH TXH RWUD OD LQYDGD \ VH DUPD\YLHQHHOGHVDVWUH3RUWHPRUH[LVWHQORVOD GURQHVTXHOHWLHQHQPLHGRDODYLGD3RUWHPRU H[LVWHQODVSURVWLWXWDVTXHOHWLHQHQPLHGRDOKDP EUH3RUWHPRUXQKRPEUHPDWDDRWUR(OWHPRU SXHV HV OD UDt] GH PXFKDV PDOGLFLRQHV VREUH OD 7LHUUD 8QR WLHQH TXH DFDEDU FRQ HO ³\R´ GHO WHPRU (QHOXPEUDOGHOWHPSORGHEHPRVGHMDUHOWHPRU 'HVJUDFLDGDPHQWH KD\ GLVWLQWDV FODVHV GH WHPRU (OTXHWLHQHPLHGRMDPiVSRGUtDDIURQWDUODSUXH ED GHO *XDUGLiQ GH OD LQPHQVD UHJLyQ ¢&yPR SRGUtDDIURQWDUODVLWHPH"(OTXHWLHQHPLHGRDO YHUVHIXHUDGHOFXHUSRItVLFRUHVXOWD³FKLOODQGR´ ³4XHSDUHFHTXH\DVHROYLGyTXHGHMyDVXPDPi \DVXSDSLTXHDVXVKHUPDQLWRVTXHDODEXHOR TXHHQILQDKRUD¢TXpKDJR"3XHGHQHVWDUXVWH GHV VHJXURV TXH QRVRWURV VRPRV VRORV FDGD XQR GH QRVRWURV \ TXH OD ~QLFD IDPLOLD TXH WHQHPRV VHOODPD³KXPDQLGDG´8QRGHVSXpVGHPXHUWR WLHQHTXHOOHJDUDODFRQFOXVLyQGHTXHHVWiVROR /DEXHQDUHSXWDFLyQGHSDSi\GHPDPiHOFDUL xRGHVXVKHUPDQRVVXVDPLJRVWRGRHVRTXHGD DWUiV 6H HQFXHQWUD FRQ TXH XQR QR HV PiV TXH RWUD FULDWXUD GH OD 1DWXUDOH]D \ HVR HV WRGR VLQ QRPEUHV QL DSHOOLGRV WHUULEOHPHQWH VROD ¢3DSi PDPi \ KHUPDQLWRV" 6RQ WDQ VROR OD IDVFLQDFLyQ GHXQGtDQDGDGHHVRWHQHPRVVRPRVHVSDQWRVD PHQWHVRORV $ OD ODUJD OR ~QLFR TXH WHQHPRV TXH EXVFDU DGHQWURHVDO3DGUHTXHHVWiHQVHFUHWR\DQXHVWUD 0DGUH(WHUQD\VLHPSUH'LYLQDOD.XQGDOLQL\DO &ULVWR 6HxRU ¢< IDPLOLD" £7RGRV ORV PLOORQHV GH VHUHV KXPDQRV 1R GLJR VRODPHQWH ORV GH OD 7LH UUDVLQRORVGHWRGRVORVPXQGRVGHOHVSDFLR(VD HVODUHDOLGDGGHVFDUQDGDSRUTXHXVWHGHVTXLHUHQ PXFKRDVXVIDPLOLDUHV¢YHUGDG"$KRUDVLXQRQR WXYLHUDIDPLOLDGLUtDQ³%XHQRVLXVWHGQRODWLHQH SXHV¢TXpOHLPSRUWD"´1R\RODWHQJRWDPELpQ\ PH GR\ FXHQWD TXH HV YDQR WRGR HVR 1R TXLHUR GHFLUOHVTXH\RQRTXLHUDDPLVIDPLOLDUHV<RVtORV (/É85(2)/25(&(51~PHUR0D\R TXLHUR FRPR XVWHGHV ORV TXLHUHQ VRORTXH\R\DH[SHULPHQWpGLUHFWD PHQWH OD UHDOLGDG GH PL SURSLD ID PLOLD\OOHJXpDOFRQYHQFLPLHQWRGH TXHODIDPLOLDHVWRGDODKXPDQLGDG 1R JXDUGR UHVHQWLPLHQWRV FRQ WUD OD IDPLOLD 1R YD\DQ D FUHHU XV WHGHVTXHHVWR\KDEODQGRFRQDOJ~Q UHVHQWLPLHQWR1RFXDQGRGLJRTXH H[SHULPHQWpODUHDOLGDGGHORTXHHV OD IDPLOLD TXLHUR UHIHULUPH HQ IRU PDWUDVFHQGHQWDODOD(QVHxDQ]D )XHUD GHO FXHUSR ItVLFR VH PH HQVHxDURQ ORV 0LVWHULRV GH OD 9LGD \ GH OD 0XHUWH (Q DOJXQD RFDVLyQ VHPHKL]RVHQWLUODPXHUWHSRUDQ WLFLSDGR6HPHKL]RVDOLUGHOFXHUSR ItVLFR \D IXHUD GH OD IRUPD VH PH KL]R DGHODQWDU HQ HO WLHPSR SDUD YHUPHPXHUWR¢4XpYL"8QFDGiYHU ¢4Xp KDEtD HQ HVH DWD~G" 8Q FXHU SR¢&XiO"(OPtR¢4XLpQHVHVWDEDQ DQWH HVH DWD~G HQ OD VDOD OOHQD GH IORUHV \ FRURQDV GH GLIXQWRV" )DPL OLDUHV (QWUH PLV IDPLOLDUHV HVWDED DKt PL PDGUH 0H DFHUTXp D HOOD EHVpVXPDQR\GLMH³*UDFLDVSRUHO FXHUSRTXHPHGLVWHPXFKRPHVLU YLy HVH FXHUSR UHVXOWy PDUDYLOORVR £JUDFLDV´ 0H DFHUTXp D WRGRV ORV RWURV IDPLOLDUHV GHVSLGLpQGRPH GH HOORV $EDQGRQp DTXHOOD PRUDGD \ PH VXPHUJt HQWUH HO VHQR GH OD 1DWX UDOH]D FRQYHQFLGR GH TXH HVWDED GHVHQFDUQDGR ¢4Xp KDEtD" 1DWX UDOH]D YDOOHV SURIXQGRV PRQWDxDV RFpDQRV QXEHV DLUH VRO ¢< PLV ID PLOLDUHVTXp"(VRKDEtDTXHGDGRHQ HOSDVDGR\DQRWHQtDIDPLOLDUHV/RV QRPEUHV \ DSHOOLGRV PL OLQDMH PL SXHEOR PL OHQJXD ¢HQ TXp KDEtDQ TXHGDGR"£&RVDVGHOSDVDGR$KRUD HVWDEDVXPHUJLGRHQWUHXQD1DWXUD OH]D VDOYDMH DEVROXWDPHQWH VDOYDMH <HQWRQFHVPLTXHULGDIDPLOLD¢TXp" 6RODPHQWH SXGH H[FODPDU ³£<D QR WHQJRIDPLOLD´ ³¢< ORV VHUHV TXH PH URGHDURQ" (VR IXH HQ HO SDVDGR DKRUD HVWR\ VROR HVSDQWRVDPHQWH VROR 6R\ WDQ VyOR XQD FULDWXUD GH OD 1DWXUDOH]D XQD1DWXUDOH]D VDOYDMH£/R TXH KD\ VRQXQRVYDOOHVXQDVPRQWDxDVXQD WLHUUD K~PHGD SRU OD OOXYLD ¢< PL FDVD" ¢&XiO FDVD" <D QR WLHQHV FDVD (/É85(2)/25(&(51~PHUR0D\R ¢<ELHQHV"£0XFKRPHQRVELHQHVWH UUHQDOHV¢'HGyQGHORVYR\DVDFDU" (QWRQFHV¢TXLpQHUHV"8QDSDUWtFX OD GH OD 1DWXUDOH]D XQD 1DWXUDOH]D VDOYDMH TXH QDGD WLHQH TXH YHU FRQ FXHVWLRQHVIDPLOLDUHV´ &RQFOXVLyQ PL IDPLOLD HV WRGD OD KXPDQLGDG R WRGDV ODV KXPD QLGDGHV R WRGRV ORV PXQGRV ODV KXPDQLGDGHV SODQHWDULDV \ HVR HV WRGR6HQWtVLQHPEDUJRXQSRFR GH WULVWH]D DO GDUPH FXHQWD TXH WR GDYtDHO³FRUGyQGHSODWD´QRVHKD EtDURWR+XELHUDTXHULGRURPSHUOR SHUR SHUPDQHFtD LQWDFWR 1R PH TXHGy PiV UHPHGLR TXH UHJUHVDU <RSHQVDEDTXH\DHVWDEDGHVOLJDGR DEVROXWDPHQWHGHODIRUPDItVLFD\ PHWRFDEDYROYHURWUDYH]<YROYtVt HQWUpHQPLFXHUSR (VD HV OD UHDOLGDG SXHV HQ UH ODFLyQ FRQ IDPLOLDUHV SDULHQWHV DOOHJDGRV SULPRV KHUPDQRV WtRV VREULQRVQLHWRVELVQLHWRVWDWDUDQLH WRV<HQILQWRGRHVRQRVIDVFLQDHQ HO IRQGR 1RVRWURV QHFHVLWDPRV HOH YDUXQSRFRHOFRUD]yQFRQODIUDVH ³VXQVXQFRUGD´£$UULEDFRUD]RQHV\VD EHUTXHWRGRVVRPRVXQDJUDQIDPLOLDYHUHQFDGDSHUVR QDXQKHUPDQRVHQWLUDFDGDXQRGHQXHVWURVKHUPDQRV FRPR FDUQH GH QXHVWUD FDUQH FRPR VDQJUH GH QXHVWUD VDQJUHQRYHUDORVRWURVFRPRH[WUDxRVFRPRJHQWHGLV WLQWDSRUTXHHVRHVDEVXUGR7RGRVVRPRVXQDHQRUPH XQDLQPHQVDIDPLOLDTXHVHOODPD³KXPDQLGDG´ 1RVRWURV GHEHPRV VDFULILFDUQRV SRU HVD LQPHQVD IDPLOLDFRQYHUGDGHURDPRU6LDVtORKDFHPRVPDUFKD PRV FRQ HO 7HUFHU )DFWRU GH OD 5HYROXFLyQ GH OD &RQ FLHQFLDHQIRUPDSOHQD7UDEDMDQGRXQRSRUORVGHPiV WDPELpQHVUHFRPSHQVDGR$XQTXHXQRUHQXQFLHDORV IUXWRVGHODDFFLyQVLHPSUHHVUHFRPSHQVDGR7UDEDMDQ GRSRUORVGHPiVSRGHPRVFDQFHODUHO.DUPDYLHMRTXH WUDHPRVGHH[LVWHQFLDVDQWHULRUHV +HFRQRFLGRDPXFKDVSHUVRQDVTXHVXIUHQORVSUR EOHPDV GLYHUVRV GH OD YLGD HFRQyPLFRV SRU HMHPSOR $TXHOORV TXH WLHQHQ SUREOHPDV HFRQyPLFRV LQFXHVWLR QDEOHPHQWH RFDVLRQDURQ GDxRV HFRQyPLFRV D PXFKDV JHQWHV HQ HO SDVDGR \ DKRUD FRVHFKDQ OR PLVPR TXH VHPEUDURQ³WRPDQGHVXSURSLRFKRFRODWH´6LQHPEDU JRVHTXHMDQ\SURWHVWDQ\EODVIHPDQ\TXLHUHQPHMRUDU ODVLWXDFLyQHFRQyPLFDSHURQRUHPHGLDQHOPDOTXHKL FLHURQQRIRUPDQSDUWHGHDOJXQDFRRSHUDWLYDQRVRQ FDSDFHVGHSDUWLUVXSDQSDUDGDUODPLWDGDOKDPEULHQ WRQRVRQFDSDFHVGHTXLWDUVHXQDFDPLVDSDUDYHVWLUD XQGHVQXGRQRVRQFDSDFHVGHGDUXQFRQVXHORDQDGLH SHURTXLHUHQPHMRUDUHFRQyPLFDPHQWH&ODURVROLFLWDQ VHUYLFLRVSLGHQTXHOHVD\XGHPRVHQHOWUDEDMRGHFDP ELDUVXVLWXDFLyQSHURHOORVQRVHSUHRFXSDQSRUVHUYLUD QDGLHVRQSDUiVLWRVTXHH[LVWHQEDMRHO6RO (Q HVD IRUPD ¢FyPR VH SRGUtD PHMRUDU HFRQyPLFD PHQWH"7RGDFDXVDWUDHVXHIHFWR(O.DUPDHVHOHIHFWRGH XQDFDXVDDQWHULRU6LVHTXLHUHDQXODUHOHIHFWRKD\TXH HPSH]DUSRUDQXODUODFDXVDTXHORSURGXMR<VHDQXOD ODFDXVDFRQLQWHOLJHQFLDVDELHQGRDQXODUOD &RQWRGDVHVWDVFRVDVVHYDQDHQFRQWUDUXVWHGHVHQ HOFDPLQRXQRVTXHTXLHUHQTXHXVWHGHVORVFXUHQSHUR MDPiVVHSUHRFXSDQSRUFXUDUDQDGLHPXFKRVTXHWLH QHQJUDYtVLPRVSUREOHPDVHFRQyPLFRVSHURQXQFDSLHQ VDQ FRRSHUDU HQ DOJXQD IRUPD FRQ DOJXLHQ HWF &DGD FXDOWLHQHVXVSUREOHPDV\ORVSUREOHPDVORVFUHDHO(JR \ QDGD PiV TXH HO (JR GHVGLFKDGR 8QR SXHGH DQXODU WRGRVORVSUREOHPDVVLQRWLHQH(JR6LQRWLHQH(JRQR KD\SUREOHPDV¢3RUTXp"3RUTXHQRKD\TXLHQUHDFFLRQH GHQWURGHODPHQWHGHXQRQRKD\XQUHYDQFKLVWDTXH FRPSOLTXHODVLWXDFLyQQRKD\QDGLHTXHRGLHHQQRVR WURVRDWUDYpVGHQRVRWURV(QWRQFHVQRKD\SUREOHPDV ORVSUREOHPDVORVFUHDHO(JR\QDGDPiVTXHHO(JR 7UDEDMDQGRHQIDYRUGHORVGHPiVSXHVXQRFDQFHOD YLHMRVNDUPDV(OTXHVLUYHDRWURVVHVLUYHDVtPLVPR(O TXHGDUHFLEH\PLHQWUDVPiVGDPiVUHFLEHHVDHVOD/H\$O /HyQGHOD/H\VHFRPEDWHFRQOD%DODQ]D6LHQXQSODWLOOR GHOD%DODQ]DSXGLpUDPRVQRVRWURVSRQHUEXHQDVREUDV HQHOSODWLOORGHOELHQHLQFOLQDUHQWRQFHV OD%DODQ]DD QXHVWUR IDYRU TXHGDUtD DQXODGR HO .DUPD (Q YHUGDG TXHDO/HyQGHOD/H\KD\TXHGDUOHGXURFRQOD%DODQ]D (VD HV OD FODYH SDUD YHQFHU HO .DUPD &RPR GLFHQ ORV 6HxRUHVGHOD/H\³+D]EXHQDVREUDVSDUDTXHSDJXHVWXV GHXGDV´³(OTXHWLHQHFRQTXpSDJDUSDJD\VDOHELHQHQORV QHJRFLRVSHURHOTXHQRWLHQHFRQTXpSDJDUWLHQHTXHLUDOD FiUFHOSHUGHUWRGRVVXVELHQHV´+D\SXHVTXHKDFHUPXFKR ELHQSDUDSDJDUQXHVWUDVGHXGDVYLHMDV&RQHOFDSLWDOGH EXHQDVREUDVSRGHPRVSDJDUHO.DUPDYLHMRVLQQHFHVL GDGGHVXIULUQRKD\QHFHVLGDGGHDPDUJDUQRVODYLGD &RQR]FRDXQVXMHWR;;6XIUHORLQGHFLEOHVLHPSUH HQPDODVLWXDFLyQHFRQyPLFDVLHPSUHHQODPLVHULD(Q FXDQWR QHJRFLR KD\ IUDFDVD QR KD\ QHJRFLR GRQGH VH PHWDTXHQRIUDFDVH7LHQHPXMHUWLHQHKLMRVFRQHOORV ULxHLQFHVDQWHPHQWH(OHVGHOVLJQR/HRHOODWDPELpQ 1RGHEHUtDQUHxLUVHSHURSDUHFHTXHORVOHRQHVVRQDVt SHOHDQ LQFHVDQWHPHQWH QR HVWiQ FRQWHQWRV <R ORV KH YLVWRHQHOMDUGtQ]RROyJLFRGH&KDSXOWHSHNQRGHMDQGH SHOHDU/HRFRQ/HRSDUHFHTXHQRVHHQWLHQGHQ%XHQR ORFXULRVRGHOFDVRHVTXHHOVXMHWR;;FX\RQRPEUHQR PHQFLRQRVLHPSUHSLGHTXHVHOHD\XGHHFRQyPLFDPHQ WHTXHWUDEDMHPRVSRUpOHQHO0XQGRGHODV&DXVDV\ (IHFWRVSHURQROHKHYLVWRMDPiVKDFHUQDGDDIDYRUGH VXVVHPHMDQWHV3LGHSHURQRGD3LGH\SLGH\SLGHSHUR (/É85(2)/25(&(51~PHUR0D\R MDPiVGDQLGDQLGD<SLGH¢FRQTXpGHUHFKRSLGHVL QRGD"(VFRPRTXHUHUXQRTXHOHSHUGRQHQVXVGHXGDV \QRHVFDSD]GHSHUGRQDUDVXVVHPHMDQWHV 7RGRVGLFHQHQODRUDFLyQGHO³3DGUH1XHVWUR´³SHU GRQD QXHVWUDV GHXGDV DVt FRPR QRVRWURV SHUGRQDPRV D QXHV WURVGHXGRUHV´3HURVLXQRQRSHUGRQDDVXVGHXGRUHVD VXVHQHPLJRV¢FRQTXpGHUHFKRSLGHDO3DGUHTXHORSHU GRQH"¢4XpGHUHFKROHDVLVWHSDUDSHGLUSHUGyQFXDQGR QRHVFDSD]GHGDUSHUGyQ"¢&RQTXpGHUHFKRSLGHSLH GDGFXDQGRQRHVFDSD]GHHQWUHJDUSLHGDG"¢&RQTXp GHUHFKR SLGH FDULGDG VL QR HV FDSD] GH GDUOD" $Vt Vt VRQ WRGRVSLGHQSHURQRGDQ\HVRHVJUDYtVLPR (OPLVLRQHURJQyVWLFRGHEHGDU¢4XpYDD D GDU"6DELGXUtD\$PRUDVXVVHPHMDQWHV(VRYD D DGDUYDDVLVWLUYDDDX[LOLDUSHURFRQ$PRU 0HGLDQWH ODV FDGHQDV PiJLFDV VH SXHGH H D\XGDUDQXHVWURVVHPHMDQWHV/DVFDGHQDVVRQ Q PDUDYLOORVDV\DSDUDLUUDGLDU$PRU\DSDUDFX X UDUHQIHUPRV&RQODVFDGHQDVVHSXHGHLQYRFDU U DORV0DHVWURVGHOD&LHQFLDSDUDTXHHOORVDVLV V WDQDORVHQIHUPRV&RQODVFDGHQDVVHSXHGH H LQYRFDUSRUHMHPSORD5DIDHOTXHHVXQJUDQ Q VDQDGRU XQLYHUVDO HO PLVPR TXH VDQDUD DO SD D WULDUFD-REHOPLVPRTXHFXUDUDD7REtDV(VR R HVpOXQJUDQVDQDGRUPXQGLDORXQLYHUVDOXQ Q JUDQPpGLFR&RQODVFDGHQDVVHSXHGHQLQYR R FDUWDPELpQDPpGLFRVFRPR+LSyFUDWHVD*D D OHQRD)HOLSH7HRIDVWUR%RPEDVWURGH+RPKH H QHLP$XUHROD3DUDFHOVRHWF&RQODVFDGHQDV V VH SXHGHQ LQYRFDU D ODV 3RWHQFLDV GH OD /X] ] SDUD TXH QRV DVLVWDQ HQ XQ PRPHQWR GDGR R FRQMXUDU D ODV 3RWHQFLDV GH ODV 7LQLHEODV SDUD D TXHQRVGHMHQHQSD]HWF/DVFDGHQDVPiJLFDV V VRQIRUPLGDEOHVFRQODL]TXLHUGDVHUHFLEHFRQ Q ODGHUHFKDVHGD/DFDGHQDIRUPDFLUFXLWRVGH H IXHU]DVPDJQpWLFDVH[WUDRUGLQDULDV&RQODVFD D GHQDVVHSXHGHQKDFHUJUDQGHVREUDV (O0RYLPLHQWR*QyVWLFR&ULVWLDQR8QLYHU U U VDOPDUFKDYLFWRULRVRHQWRGRORVFDPSRVGHED D WDOODpOHVWDHVWDEOHFLGRHQWRGRHOKHPLVIHULR R (/É85(2)/25(&(51~PHUR0D\R RFFLGHQWDO \ DJOXWLQD D FLQFR PLOORQHV GH SHUVRQDV (Q HVWRVLQVWDQWHVVHSUHSDUDSXHVSDUDODQ]DUVHD(XURSD \ FODUR DQWHV GH SRFR VH KDEUi HVWDEOHFLGR HQ (XURSD 3RVWHULRUPHQWHQRVHVWDEOHFHUHPRVHQHO$VLDPDVWHQH PRVTXHWUDEDMDUSRUODKXPDQLGDG8QDYH]TXHKD\D PRVKHFKRQXHVWUDODERUHQ(XURSDQRVHVWDEOHFHUHPRV HQ-DSyQSDUDKDFHUQXHVWUDODERUHQWRGRHOFRQWLQHQWH DVLiWLFR 1RVRWURV HVWDPRV HQWUHJDQGR D OD KXPDQLGDG HO (YDQJHOLRGHODQXHYD(UDGH$FXDULR+DEUiXQJUDQFD WDFOLVPRFRQODOOHJDGDGH³+HUFyOXEXV´(VHHVXQPXQ WDFOLVP GR G JLJDQWH VHLV YHFHV PiV JUDQGH TXH -~SLWHU PLOHV GH YHFHV PiV JUDQGH TXH OD 7LHUUD 3HU P WHQHFHDO6LVWHPD6RODU7\ODUWRGRXQVLVWHPD W TXHYLHQHYLDMDQGRKDFLDQXHVWUR6LVWHPD6RODU T GH2UV<FODURHVWHPXQGR+HUFyOXEXVWLHQH G XQDyUELWDHQRUPHLQPHQVD&DGDYH]TXHVH X KDDFHUFDGR D OD7LHUUD KDSURGXFLGR XQD FD K WiVWURIH&XDQGRVHDFHUFyDOD7LHUUDHQpSRFDV W GHO G &RQWLQHQWH ³0~´ VH SURGXMHURQ JUDQGHV WHUUHPRWRVVXUJLHURQPXFKRVYROFDQHV\DOILQ W VH V KXQGLy OD /HPXULD HQWUH HO IRQGR GHO 3DFt ILFRDWUDYpVGHDxRV&XDQGRVHDFHU I Fy F HQ pSRFDV GH OD $WOiQWLGD VH KXQGLy HQ HO IRQGR GHO RFpDQR TXH OOHYD VX QRPEUH HQ HO I RFpDQR $WOiQWLFR 6H KXQGLy OD $WOiQWLGD FRQ R WRGRVVXVPLOORQHVGHKDELWDQWHV$KRUDYLHQH W RWUD R YH] +HUFyOXEXV \ SXHGR DVHJXUDUOHV TXH YD Y D SURGXFLU XQD UHYROXFLyQ WRWDO GH ORV HMHV GHOD7LHUUD&XDQGR\DHVWpGHPDVLDGRFHUFD G MDODUi FRQ IXHU]D HO IXHJR OtTXLGR GHO LQWHULRU M GHO G PXQGR HQWRQFHV EURWDUiQ SRU GRTXLHUD YROFDQHV HQ HUXSFLyQ DFRPSDxDGRV GH WHUUL Y EOHV E WHUUHPRWRV < DFXpUGHQVH XVWHGHV GH OR TXHGLMHURQORVDQWHSDVDGRVGH$QDZDNHVRHV T DOJRTXHSDUDQRVRWURVORVPH[LFDQRVWLHQHXQ D JUDQYDORU³/RVKLMRVGHO4XLQWR6ROSHUHFHUiQ J SRUHOIXHJR\ORVWHUUHPRWRV´ S $FDED GH KDEHU XQ JUDQ WHUUHPRWR HQ (X URSDTXHGLRFRPRUHVXOWDGRXQRVVLHWHPLO\ U SLFRGHPXHUWRVVHSXOWDGRV$O'LVWULWR)HGHUDODTXtHQ 0p[LFROHDJXDUGDRWURJUDQWHUUHPRWRTXHGHVWUXLUiDO 'LVWULWR)HGHUDO(VWHWHUUHPRWRDIHFWDUiWDPELpQWRGRHO 1RUWHGHQXHVWURSDtV0p[LFR\ORVPH[LFDQRVGHEHPRV HVWDUSUHSDUDGRVSDUDHVHJUDQWHUUHPRWR $Vt SXHV VH VXFHGHUiQ JUDQGHV DFRQWHFLPLHQWRV HQ HOIXWXUR&XDQGROOHJXH+HUFyOXEXVSRUGRQGHTXLHUD HOIXHJREURWDUiORVYROFDQHVDSDUHFHUiQORVWHUUHPRWRV DFDEDUiQFRQWRGRORTXHH[LVWHDFWXDOPHQWH6HUiHVHHO GtDGHO*UDQ,QFHQGLR8QLYHUVDOSURIHWL]DGRSRU3HGUR HQVX(StVWRODDORV5RPDQRVFXDQGRGLMR³<ORVHOHPHQ WRVDUGLHQGRVHUiQGHVKHFKRV\OD7LHUUD\WRGDVODVREUDVTXH HQ HOOD KD\ VHUiQ TXHPDGDV´ 3RVWHULRUPHQWH OR ~OWLPR TXHKDUi+HUFyOXEXVHQVXDFHUFDPLHQWRVXSUHPRVHUi SURGXFLUODUHYROXFLyQGHORVHMHVGHOD7LHUUD/RVRFpD QRV FDPELDUiQ GH OHFKR VH GHVSOD]DUiQ ORV PDUHV ODV WLHUUDVDFWXDOHVTXHGDUiQEDMRHOIRQGRGHODVDJXDVQR TXHGDUiQDGDQDGDQDGD GHHVWDSHUYHUVDFLYLOL]DFLyQ GHYtERUDVWRGRVHUiGHVWUXLGR &ODURKDEUiXQSHTXHxRJUXSRTXHVHUiVDOYDGRGH ODVDJXDV1RVRWURVHVWDPRVWUDEDMDQGRFRQHOREMHWRGH UHRUJDQL]DU HVH SHTXHxR JUXSR \ ORV PLVLRQHURV JQyVWL FRVWLHQHQHOGHEHUGHVHJXLUWUDEDMDQGR(VHJUXSRVHUi HO(MpUFLWRGH6DOYDFLyQ0XQGLDOHVHJUXSRVHUiVHOHFFLR QDGRHQVXPRPHQWR\HQVXKRUD$QWHVGHOFDWDFOLVPR ILQDOORV+HUPDQRVGHO7tEHWHQWUHORVFXDOHVHVWR\\R PLLQVLJQLILFDQWHSHUVRQDWUDEDMDUHPRVHQHTXLSRSDUD VDFDUGHHQWUHHVWDKRUULEOHFLYLOL]DFLyQGHYtERUDVDORV TXH KD\DQ WUDEDMDGR VREUH Vt PLVPRV D ORV TXH KD\DQ DOFDQ]DGRSXHVODGLJQLGDGTXHFRUUHVSRQGH $HVRVQRVORVOOHYDUHPRVDXQOXJDUVHFUHWRHQHO3D FtILFRXQOXJDUGRQGHQROHVVXFHGHUiQDGD(QHVRHVWD PRVGHDFXHUGRORVKHUPDQRVGHDOJXQDVDJUXSDFLRQHV VHFUHWDVGHORV+LPDOD\DV\\R<pVRVTXHVHUiQOOHYDGRV D HVD LVOD VH FRQYHUWLUiQ HQ HO Q~FOHR GH OD IXWXUD KX PDQLGDG3RUDTXHOORVGtDVGLJRGHVSXpVGHOFDWDFOLVPR OD7LHUUDTXHGDUiHQYXHOWDHQIXHJR\YDSRUGHDJXD\ ORVSRFRVTXHIRUPDUiQDTXHOQ~FOHRYLYLUiQSXHVHQ WUHODQLHEOD3RGUiQVHUFRQVLGHUDGRVFRPR³KLMRVGHOD QLHEOD´ FRPR ORV 1LEHOXQJRV GH ORV WLHPSRV DQWLJXRV &XDQGRUHVSODQGH]FDXQGREOHDUFRLULVHQHOD]XO\DKD EUiQWLHUUDVQXHYDVHPHUJLGDVGHOIRQGRGHORVPDUHV\ HQHVDVWLHUUDVQXHYDVYLYLUiXQDKXPDQLGDGQXHYDXQD KXPDQLGDG LQRFHQWH \ SXUD XQD KXPDQLGDG SHUIHFWD (QWRQFHVYHQGUiOD(GDGGH2URDQXQFLDGDSRU9LUJL OLRHOSRHWDGH0DQWXDFXDQGRGLMR³\DOOHJyOD(GDG GH2UR\XQDQXHYDSURJHQLHPDQGD´ 1RVRWURV HVWDPRV WUDEDMDQGR SDUD FUHDU HO (MpUFLWR GH6DOYDFLyQ0XQGLDO(VDHVQXHVWUDODERUHVDHVODOD ERUGHWRGRVORVPLVLRQHURV$EULUHPRV/XPLVLDOHVSRU WRGDVSDUWHVFRQHOSURSyVLWRGHLUFUHDQGRHVH(MpUFLWR GH6DOYDFLyQ0XQGLDO /RVWLHPSRVGHOILQ\DHPSH]DURQ\HVWDPRVHQHOORV +HUFyOXEXVHVWiDODYLVWDGHWRGRVORVREVHUYDWRULRVGHO PXQGR(QOD$VRFLDFLyQ*QyVWLFDGH0p[LFRWHQHPRV XQPDSDSURSLR¢'HGRQGHVDOLyHVHPDSD"6DOLyGHXQD KHPHURWHFD¢4XLpQORWUD]y"/RVDVWUyQRPRV(VDVXQ WRRILFLDOTXHVHFRQRFHHQWRGRVORVREVHUYDWRULRVGHO SODQHWD 7LHUUD(QWRQFHV VLORV VHxRUHV DVWUyQRPRV QR ORKDQSXEOLFDGR¢$TXpVHGHEH"$ODFHQVXUDOHVHVWi SURKLELGR OOHYDU D ORV SXHEORV DO HVWDGR GLMpUDPRV GH GHVHVSHUDFLyQSVLFROyJLFD(OORVHVWiQSURKLELGRVSRUOD OH\SHURQRORLJQRUDQORVDEHQ\ORVPDSDVORVWLHQHQ HQVXSRGHU$VtSXHVORTXH\RHVWR\KDEODQGRHVDOJR FRPSOHWDPHQWHRILFLDOTXH\DVHFRQRFH $KRUD FRPSUHQGHUiQ XVWHGHV SRUTXp PRWLYR QRV RFXSDPRVWDQWRHQHVWRVLQVWDQWHVSRUOOHYDUODHQVHxDQ ]D(VRHVFODURTXHQHFHVLWDPRVSXHVFRRSHUDUFRQHO 6RO(O6ROYDDDFDEDUFRQHVWDUD]D\YDDSODQWHDUVREUH HOPDSDGHOPXQGRXQDQXHYDUD]D\QRVRWURVQHFHVLWD PRVFRRSHUDUFRQHO6RO(VWDUD]D\DGLRVXVIUXWRVOR TXHWHQtDTXHGDU\DORGLR(VWDPRVHQODKRUDILQDOHO UHORMGHOGHVWLQRHVWiSDUDGRHOYLHMR6DWXUQRHQIRUPD GH HVTXHOHWR FRQ VX JXDGDxD HQ OD PDQR HVWi SDUDGR MXQWRDOUHORM'HXQPRPHQWRDRWURODFDWiVWURIH(VD HVODFUXGDUHDOLGDGGHORVKHFKRVPLVHVWLPDGRVKHUPD QRV\DKRUDGR\SRUFRQFOXLGDHVWDSOiWLFDFRQXVWHGHV £3D],QYHUHQFLDO (/É85(2)/25(&(51~PHUR0D\R (/É85(2)/25(&(51~PHUR0D\R El Arte Iniciático en el Antiguo Egipto Por Joaquín Albaladejo Tema presentado en el XIX CONGRESO GNÓSTICO INTERNACIONAL DE ANTROPOLOGÍA - EGIPTO 2009 / RSULPHURTXHQRVOODPDODDWHQFLyQ HQHO DUWH HJLSFLR HV VX H[WUDRUGLQDULD XQLGDG KDVWD HO H[WUHPR GH TXH VXV PiV WDUGtDV FUHDFLRQHVFRQHOSRGHUGHWHQWDGRSRUJULH JRV \ URPDQRV QRV UHVXOWDQ SUiFWLFDPHQWH LQGLVWLQJXL EOHV GH VXV FUHDFLRQHV PiV DQWLJXDV HVWDPRV KDEODQGR GH XQ SHULRGR VHJ~Q ODV IXHQWHV RILFLDOHV GH PiV GH DxRV« 1R REVWDQWH OD ULFD YDULHGDG GH IRUPDV GHQWUR GH HVWDXQLGDGGDYLGDDXQDUWHHVSRQWiQHR\OOHQRGHVLJ QLILFDGRVTXHUHIOHMDWRGRVORVDVSHFWRVGHXQDH[LVWHQFLD FRQVDJUDGDDODGLYLQLGDGFUHDGRUD 3RUHVRORSULPHURTXHKHPRVGHDGPLWLUHVQXHVWUD LJQRUDQFLDSXHVORTXHVHKDFRQVHUYDGRGHHVWDJUDQ GLRVDFLYLOL]DFLyQQRHVPiVTXHHOGHORTXHHUD ¢&yPR SXHGH HQWHQGHU OD PHQWDOLGDG GHO VLJOR HO VLJOR ;;,XQDUWH\WRGDXQDFLYLOL]DFLyQFRQVDJUDGDD GDDD ORV'LRVHV" 'H KHFKR OR TXH KR\ OODPDPRV DUWH QR R HUD WDO SDUD ORV HJLSFLRV (VWH FRQFHSWR HV V SRVWHULRU VLHQGR ORV URPDQRV ORV SULPHURV TXH HPSH]DURQ D GDUOH XQ VLJQLILFDGR PiV SUy[LPR DO DFWXDO 2ULJLQDULDPHQWH OD SDODEUDODWLQD´DUWLV´YHQtDDGHVLJQDUXQD WpFQLFD\IXHHOJXVWRGHODpOLWHURPDQDSRU DWHVRUDU SLH]DV KHUPRVDPHQWH HODERUDGDV OR TXH HPSH]y D GDUOH VX VHQWLGR GH DOJR EHOORHQVtPLVPR (Q HO DQWLJXR (JLSWR VLQ HPEDUJR OD EHOOH]D QR HUD PiV TXH HO UHIOHMR GH XQ DWULEXWR GLYLQR \ OR TXH DKRUD OODPDPRV DUWHHJLSFLRQRHVVLQRHOHVIXHU]RGHWRGRXQ SXHEOR SRU SODVPDU HQ HVWH PXQGR ItVLFR D ODPLVPDGLYLQLGDG+DVWDODUHSUHVHQWDFLyQ GH HVFHQDV FRWLGLDQDV QR WHQtD RWUR REMHWR TXH ³FULVWDOL]DU´ HO ELHQHVWDU GH OD VRFLHGDG KXPDQD TXH QR GHEtD VHU RWUD FRVD TXH OD FRQWLQXLGDG\H[WHQVLyQGHODREUDGLYLQD &RPR OD SDUWH PiV HOHYDGD GH OD FUHD FLyQ GLYLQD HO KRPEUH WLHQH OD SRVLELOLGDG \VHQWtDQORVHJLSFLRVHOGHEHUGHFRQWLQXDU ODREUDGH'LRV\SRUHVRWRGDVVXVDFWLYLGDGHVKDVWDODV PiV SURVDLFDV WLHQHQ TXH VHU XQ UHIOHMR HQ WRGRV VXV DVSHFWRVGHODPDQLIHVWDFLyQGHO&UHDGRU 3RUHVRPROGHDUXQDILJXUDHQEDUURGHOGLRV2VLULV HUDWUDHUDODYLGDD2VLULVSXHVKDVLGRFUHDGRHQHVWH PXQGR 3RU HVH PLVPR PRWLYR VH JXDUGDEDQ GH UHSUHVHQWDU DOPDO\FXDQGRORKDFtDQVHFXLGDEDQGHQHXWUDOL]DUOR PHGLDQWH GLYHUVRV VXEWHUIXJLRV FRPR UHSUHVHQWDU SRU HMHPSOR D ORV HVFRUSLRQHV VLQ VX DJXLMyQ R SLVRWHDGRV EDMRXQRVSLHV (OIDUDyQDODFDEH]DGHODVRFLHGDGKXPDQDHUDHO JDUDQWH GH OD FRQWLQXLGDG GHO RUGHQ FyVPLFR HQ OD WLH UUD 0DDW \ D OD YH] HO SXHQWH R QH[R GH XQLyQ FRQ ORV'LRVHV'HEDMRGHpOODFDVWDVDFHUGRWDOFRQWLQXDED HVDODERU$HOORVOHVFRUUHVSRQGtDSRUHMHPSORHO HVDODE PDQWHQHUFRQYLGDDO'LRVDOTXHHVWDEDQFRQVD PDQ JUDGRV9HDPRVODVLJXLHQWHGHVFULSFLyQ JUDD ³/DFHUHPRQLDPiVLPSRUWDQWHOOHYDGDDFDER HQHOWHPSORDORODUJRGHOGtDHUDHODVHRGLDULRGHO HHQ GLRV&RPRVLVHWUDWDUDGHXQDSHUVRQDODHVWD G WXDGHOGLRVWLWXODUGHOWHPSORUHTXHUtDGHXQD DVLVWHQFLDGLDULDeVWDWHyULFDPHQWHGHEtDVHU SUHVWDGDSRUHOSURSLRIDUDyQTXLHQSRUUD]R QHV PD\RUHV VROtD GHOHJDU HQ XQ VDFHUGRWH GH DOWRUDQJR 3ULPHUDPHQWHHOHQFDUJDGRGHWDQLOXVWUH WDUHDDEUtDODVSXHUWDVGHOVDQWDVDQFWRUXP 6XPLGRHQODPiVDEVROXWDRVFXULGDG\WRGD YtDFRQHODURPDGHODPLUUD\HOLQFLHQVRGHO GtDDQWHULRUIORWDQGRHQHODPELHQWHVHDEUtD ODQDRVTXHFRQWHQtDODSHTXHxDHVWDWXDGHO GLRVOXJDUDGRQGHHVWHGHVFHQGtDFXDQGRVH HQFRQWUDEDHQODWLHUUDHQWUHORVKRPEUHV(O VDFHUGRWH SRQH ODV PDQRV VREUH OD HVWDWXD GH RUR\DTXHHQHVWHPDWHULDOFRQVLVWHODSLHOGH ORVGLRVHV\H[FODPDXQDVDODEDQ]DVPiJLFDV TXHOHKDUiQGHVSHUWDU /D HVWDWXD HV ODYDGD FRQ DJXD SXUD \ VDJUDGDRIUHFLpQGROHGHVSXpVFXDWUREDQGDVGH (/É85(2)/25(&(51~PHUR0D\R WHODEODQFDURMD D]XO \ YHUGH D PRGR GHYHVWLPHQWD $QWH OD LPDJHQ GHO GLRV VH FRORFDQ GLIHUHQWHV EDQGHMDV GH FRPLGD SDUD VX DOLPHQWR \ VH UHQXHYDQ ORV UHFLSLHQWHV GH LQFLHQVR LPSUHVFLQGLEOHV SDUD SXULIL FDUHODLUHGHODHVWDQFLD)LQDOPHQWHHO VDFHUGRWHDSOLFDFRQHOGHGRPHxLTXHGH OD PDQR GHUHFKD XQ XQJHQWR VREUH OD IUHQWHGHODHVWDWXD $FDEDGR HO ULWXDO HO VDFHUGRWH FLH UUDHOQDRVGHOGLRV\UHWURFHGHVREUHVXV SDVRV FDPLQDQGR VLQ GDU OD HVSDOGD D ODGLYLQLGDG\ERUUDQGRVXVKXHOODVFRQ DJXDVDJUDGD\XQDSHTXHxDHVFRELOOD´ 7RGR YHVWLJLR HJLSFLR WUDQVPLWH ODFRQFLHQFLDFODUD\ODFRQILDQ]DSOH QDHQORVGLRVHV /RV HJLSFLRV FRQVWUX\HQ VXV FD VDV GRQGH SDVDQ VX YLGD FRQ DGR EHSRUORTXHDSHQDVKDQTXHGDGR UHVWRV(QFDPELRDODVFDVDVGHORV GLRVHV ORV WHPSORV OHV GHGLFDQ LQ JHQWHV HVIXHU]RV \ D WUDEDMDUODV HQ SLHGUD SXHV HV GXUDGHUD« (O RUR FRPRPHWDOLQDOWHUDEOHHVODVXVWDQ (/É85(2)/25(&(51~PHUR0D\R 'LRVGHO1LOR +DSL FLDGHODTXHHVWiQKHFKRVORV'LRVHV HWHUQRV 'HVSXpV GH DxRV OD FLHQFLD RILFLDO QR KD VLGR FDSD] GH VLVWHPD WL]DU HO DUWH HJLSFLR FRPR VL pVWH HVFDSDUDDORVHVWUHFKRVOtPLWHVTXH OHTXLHUHLPSRQHUODPHQWHKXPDQD FRQVXVFODVLILFDFLRQHV\VyORH[LVWHQ HVWXGLRVFRQFLHUWDSURIXQGLGDGVR EUHPRQXPHQWRVDLVODGRV (JLSWRHVHO1LOR\DORODUJRGH VXV RULOODV VH GLVWULEX\HQ ODV FRQV WUXFFLRQHV TXH OHYDQWDURQ SDUD OD 9LGD\OD0XHUWH/DVSULPHUDVHQOD RULOODGHUHFKDODGHO6ROQDFLHQWHHO (VWHFRQVXVFLXGDGHV\VXVWHPSORV /DV VHJXQGDV HQ OD RULOOD L]TXLHUGD ODGHO6ROSRQLHQWHHO2HVWHFRQVXV QHFUySROLV\WHPSORVIXQHUDULRV« (VWDLGHQWLILFDFLyQHVWDOTXHHQ ODOHQJXDHJLSFLDPRULUHV³DERUGDUOD RWUDRULOOD´« /DV SLQWXUDV \ UHOLHYHV GH WXP EDV\WHPSORVVRQXQDGHODVIXHQWHV PiV PDUDYLOORVDV TXH WHQHPRV SDUD FRQRFHUHOPRGRGHYLGDGHORVDQWL (/$57(,1,&,É7,&2(1(/$17,*82(*,372 JXRVHJLSFLRV(VWDJUDQFDQWLGDGGHHVFHQDVHVWiWRGDUHSUHVHQWDGDHQODVWXPEDVODVPRUDGDVGHODPXHUWH\HVWRQR REHGHFHDXQJXVWRPDFDEURVLQRTXHUHIOHMDVHUHQDPHQWHHOVDQRRSWLPLVPREDMRODVXDYHSURWHFFLyQGHORVGLRVHV H[SUHVDODFRQILDQ]DLQWHULRUGHOTXHFXPSOHFRQVXGHEHUSDUDFRQVLJRPLVPR\FRQVXVVHPHMDQWHV /DUD]yQ~OWLPDGHVHUGHODUWHHJLSFLRHVVHUXQDREUD~WLODOKRPEUH\HWHUQDFRPRORVGLRVHV\DTXHVHGLULJHDOD PLVPDHVHQFLDGLYLQDGHOVHUKXPDQR(ODUWHHJLSFLRHVODFRQWLQXLGDGQDWXUDOGHODFUHDFLyQLQLFLDGDSRUODPLVPD GLYLQLGDG /DVFRQVWUXFFLRQHVVDJUDGDVGHEHQSXHVUHVSRQGHUDODDUPRQtDTXHFDUDFWHUL]DODEHOOH]DGLYLQD\TXHH[SUHVDQODV WUHVFLHQFLDVGHO7ULYLXPPHGLHYDO *HRPHWUtD'LRVFRPRDUTXLWHFWRGHO8QLYHUVRHVWDEOHFHXQDVOH\HVTXHHOVDFHUGRWHPDHVWURGHREUDVGHEHFRQR FHU\YLYLUSDUDSRGHUDSOLFDUDWRGDREUDDUTXLWHFWyQLFDTXHHVVDJUDGDSRUVXVPHGLGDV\SURSRUFLRQHVDUPyQLFDV $VWURQRPtD6RORPX\UHFLHQWHPHQWHVHHVWiQGHVFXEULHQGRODVLPSOLFDFLRQHVDVWURQyPLFDVGHORVPRQXPHQWRV 6RORPX\UHFLHQWHPHQWHVHHVWiQGHVFXEULHQGRODVLPSOLFDFLRQHVDVWURQyPLFDVGHORVPRQXPHQWRV HJLSFLRVSHURQRKD\GXGDTXHHOFRQRFLPLHQWRGHOFLHOR\ORVFLFORVGHORVFXHUSRVFHOHVWHVHUDGHYLWDOLPSRUWDQFLD RKD\GXGDTXHHOFRQRFLPLHQWRGHOFLHOR\ORVFLFORVGHORVFXHUSRVFHOHVWHVHUDGHYLWDOLPSRUWDQFLD D\GXGDTXHHOFRQRFLPLHQWRGHOFLHOR\ORVFLFORVGHORVFXHUSRVFHOHVWHVHUDGHYLWDOLPSRUWDQFLD SDUDODYLGDItVLFD\HVSLULWXDOGHODQWLJXR(JLSWR\DVtIXHUHIOHMDGRHQWRGDVVXVFRQVWUXFFLRQHV D\HHVSLULWXDOGHODQWLJXR(JLSWR\DVtIXHUHIOHMDGRHQWRGDVVXVFRQVWUXFFLRQHV 0~VLFD/DPHQWDEOHPHQWH\GHELGRDVXQDWXUDOH]DQRQRVKDOOHJD PHQWDEOHPHQWH\GHELGRDVXQDWXUDOH]DQRQRVKDOOHJD GR OD P~VLFD GHO WLHPSR O WLH HPSR GH ORV IDUDRQHV 6X LPSRUWDQFLD GHELy VHU H[ [ WUDRUGLQDULD\VHFRQVHUYDQQXPHURVRVLQVWUXPHQWRVHQGLYHUVRVPXVHRV FRQ QVHUYDQQXPHURVRVLQVWUXPHQWRVHQGLYHUVRVPXVHRV DVtFRPRUHOLHYHV\SLQWXUDVGHP~VLFRVFDQWRUHV\EDLODULQDV/DFXOWXUD V\S SLQWXUDVGHP~VLFRVFDQWRUHV\EDLODULQDV/DFXOWXUD \ODP~VLFDKHUHGHUDGHHVHOHJDGR\SRUORWDQWRODPiVSUy[LPDHVOD GHUDDGHHVHOHJDGR\SRUORWDQWRODPiVSUy[LPDHVOD GH ORV FULVWLDQRV FRSWRV V FRS SWRV /D LQYHVWLJDFLyQ SDUD FRQRFHU OD P~VLFD GHO DQWLJXR(JLSWRDXQSRUUHDOL]DUHQSURIXQGLGDGGHEHGLULJLUVHHQHVD DXQ SRUUHDOL]DUHQSURIXQGLGDGGHEHGLULJLUVHHQHVD GLUHFFLyQ /D FRUUHVSRQGHQFLD LQGLVROXEOH QGHQ QFLD HQWUH HVWRV WUHV DVSHFWRV \ VX XQLyQ LQGLVROXEOH WRGDYtDQRKDVLGRFRPSUHQGLGDSRUODFLHQFLDRILFLDOSHURQRKD\GXGD LGRFFRPSUHQGLGDSRUODFLHQFLDRILFLDOSHURQRKD\GXGD GHTXHKD\HVSHUDQ]DVGHSRGHUOOHJDUDFDSWDUODLQWHQFLRQDOLGDGGHODJHR UDQ]]DVGHSRGHUOOHJDUDFDSWDUODLQWHQFLRQDOLGDGGHODJHR PHWUtDVDJUDGDVXVRQLGRRYLEUDFLyQ\ODVHVWUHOODVFRQODVTXHVHUHODFLRQDXQ VXVR RQLGRRYLEUDFLyQ\ODVHVWUHOODVFRQODVTXHVHUHODFLRQDXQ WHPSOR /$$7/È17,'$ È1 17,'$ (QUHODFLyQDORULJHQDWODQWHGHODFXOWXUDHJLSFLDFDEHUHFRU DORUULJHQDWODQWHGHODFXOWXUDHJLSFLDFDEHUHFRU U QFX XDQGRVHxDODHQORVGLiORJRV&ULWLDV\7L GDUDTXtD3ODWyQFXDQGRVHxDODHQORVGLiORJRV&ULWLDV\7L UPDFLyQTXHGDVREUHHOFRQWLQHQWHSHUGLGR PHRTXHODLQIRUPDFLyQTXHGDVREUHHOFRQWLQHQWHSHUGLGR VDELLRVHJLSFLRV VHUHFLELyGHORVVDELRVHJLSFLRV ³(QHOYLHMR(JLSWRGHORV)DUDRQHVORV6DFHUGRWHVGH6DLV (JLSWRRGHORV)DUDRQHVORV6DFHUGRWHVGH6DLV GLMHURQD6ROyQTXHOD$WOiQWLGDKDEtDVLGRGHVWUXLGD XHODD$WOiQWLGDKDEtDVLGRGHVWUXLGD (/É É8 85(2 85 5(2) )//25 /25(&(5 /2 2 25 5(&(51~PHUR 1 1~~PHHU 1~P HUR UR UR 0D\R 0 0 0D\ 0D DD\\R DxRV DQWHV GH FRQYHUVDU FRQ pO ´ GLFH HO DxRVDQWHVGHFRQYHUVDUFRQpO´GLFHHO 906DPDHO /D PRGHUQD HJLSWRORJtD TXH GD FRPR YiOLGDV ODV OLVWDV FRQVHUYDGDV GH ORV JREHUQDQWHV HJLSFLRV LJQRUD GHOLEHUDGDPHQWH WUDVODGiQGRODV DO UHLQRLPSUHFLVRGHOPLWRDORVSUR SLRVGLRVHV\DORV6HPVKX+RUORV KLMRV R VHJXLGRUHV GH +RUXV TXH JREHUQDURQ(JLSWRGXUDQWHPLOHVGH DxRVDQWHVTXHORKLFLHUDQODVGLQDV WtDV KXPDQDV GH ORV IDUDRQHV WDO \ FRPRUHIOHMDQHVDVPLVPDVOLVWDVUHD OHVGHODSLHGUDGH3DOHUPR9GLQDV WtDHO&DQRQUHDOGH7XUtQ;,;GL QDVWtDR0DQHWyQHQHOVLJOR,,,$& 7RPHPRV WDPELpQ FRPR HMHP SOR ORV DQWLTXtVLPRV WHPSORV FRPR HO DWULEXLGR D .HIUpQ HQ OD PHVHWD GH*L]HKKHFKRGHJUDQGHVEORTXHV VLQ RUQDPHQWDFLyQ \ TXH VRQ PiV SDUHFLGRV D ODV FRQVWUXFFLRQHV SUH KLVSiQLFDVGHO3HU~TXHDOFDUDF WHUtVWLFRDUWHHJLSFLR« 6HJ~Q 6HJ~Q HO HO 9 9 0 0 6DPDHO 6DPDHO OD OD VRFLH GDG $NDOGDQD RULJHQ GH OD FLYLOL]D FLyQHJLSFLDHUDXQDVRFLHGDGDWODQ WHTXHVREUHYLYLyDODJUDQFDWiVWURIH TXHDFDEyFRQOD$WOiQWLGD 7DPELpQQRVGLFHTXHORVVDELRV DWODQWHV LQIXQGLHURQ YLGD PHGLDQWH HOHPHQWDOHV D ODV PiTXLQDV TXH KD EtDQ FUHDGR ³/D FLHQFLD DWODQWH WXYR ODWUHPHQGDYHQWDMDGHHVWDUXQLGDDOD 0DJLDVHIDEULFDURQURERWVH[WUDRUGLQD ULRVFLHUWRWLSRGHHOHPHQWDOHVVXSHULRUHV FRQWURODEDQ GLFKRV URERWV (VRV URERWV GRWDGRVDVtGHLQWHOLJHQFLDSDUHFtDQVH UHV KXPDQRV \ VHUYtDQ ILHOPHQWH D VXV DPRV´ $Vt QR QRV GHEH UHVXOWDU H[WUD xR HO KHFKR PiJLFR GH GDU YLGD D WRGRREMHWRFUHDGRSRUHOKRPEUHD WUDYpV GH ULWRV \ VREUH WRGR GHO XVR GH OD SDODEUD \ VX PDWHULDOL]DFLyQ ORVMHURJOtILFRV (/É85(2)/25(&(51~PHUR0D\R ³7RGRVORVVtPERORV\ORVMHURJOtILFRV GHORV(JLSFLRV\GHORV0D\DVSURYLHQHQ GHODPLVPDIXHQWHDWODQWH«´ 7DPELpQ KD\ RWUR KHFKR FLWDGR SRUHO0DHVWURTXHH[SOLFDHODVRP EURVRWDPDxRGHODVPRQXPHQWDOHV FRQVWUXFFLRQHV HJLSFLDV GH KDVWD WRQHODGDV ³/RV DWODQWHV DSUHQGLHURQ D GHVJUD YLWDUORVFXHUSRVDYROXQWDG&RQXQSH TXHxRDSDUDWRTXHFDELDHQODSDOPDGH ODPDQRSRGtDQKDFHUOHYLWDUFXDOTXLHU FXHUSRSRUSHVDGRTXHIXHVH´ (Q GHILQLWLYD OD H[LVWHQFLD GH XQD FLYLOL]DFLyQ VXSHULRU H[SOLFD FODUDPHQWH HO RULJHQ GH ORV FRQRFL PLHQWRV PDWHPiWLFRV DUTXLWHFWy U QLFRV DVWURQyPLFRV UHOLJLRVRV \ DU G O WtVWLFRVGHORVHJLSFLRVDVtFRPRVX SRVWHULRU IORUHFLPLHQWR V~ELWR \ VX SRVWHULRU GHFDGHQFLD /26-(52*/Ë),&26 'HOJULHJR³KLHURVJOLSKRV´PDUFD VDJUDGD VX YHUGDGHUR QRPEUH HQ HJLSFLR DQWLJXR HV PHGX QHWHU FRQ XQ FXULRVR GREOH VLJQLILFDGR ³ODV SDODEUDVEDVWRQHV GH ORV GLRVHV´ 3DUD ORV HJLSFLRV OD YLGD HV XQ FDPLQR TXH GHEHPRV VDEHU UHFRUUHU FRQ VDELGXUtD \ OD JXtD GH ORV GLRVHV HV SRUWDQWRXQEDVWyQTXHQRVD\XGD D WUDQVLWDU FRUUHFWDPHQWH SRU HO FD PLQRTXHOOHYDGHUHJUHVRDQXHVWUR YHUGDGHUR KRJDU HQ HO UHLQR GH ORV 'LRVHV (VH HV HO FDPLQR TXH HO 9 0 6DPDHO GHILQH FRPR ³/D ,QLFLD FLyQHVWXPLVPDYLGD´ DUULED /DXQGpFLPD KRUD (O´YLDMHµVH UHDOL]DGXUDQWH ODVGRFHKRUDV GHODQRFKH (OUHFRUULGR HVWiOOHQRGH SHOLJURVFRPR ODVHUSLHQWH $SRILV(Q HVWDHVFHQDVH SXHGHYHUOD XQGpFLPDKRUD GHOYLDMH(O IDUDyQVXEHDO FLHOR\ODEDUFD GH5DQDYHJD DORODUJRGHOD IUDQMDFHQWUDO PLHQWUDVORV FRQGHQDGRV VHHQFXHQWUDQ HQODIUDQMDGH DEDMRGRQGH QROOHJDHOVRO GFKD/LEUR GHO 'XDW 'LYLQLGDGHV GHODV UHJLRQHV LQIHUQDOHV $Vt SXHV OD HVFULWXUD MHURJOtILFD HVODSDODEUDRVDELGXUtDGHORVGLR VHV TXH QRV D\XGD D FDPLQDU SRU HO VHQGHURLQLFLiWLFR6XXVR\OHFWXUD UHVHUYDGRDORVVDFHUGRWHV\HVFULEDV WHQtDXQSRGHUTXHKR\OODPDUtDPRV PiJLFR SXHV FULVWDOL]DED HO SRGHU FUHDGRUGHODSDODEUDGLYLQD3RUWDO PRWLYR VH HPSOHDED HQ WRGD UHSUH VHQWDFLyQ \D IXHUD XQD HVWDWXD XQ UHOLHYH XQ PRQXPHQWR R XQ VHQFL OORREMHWRSDUDGDUOHQRPEUH\RWRU JDUOHODYLGD (O WH[WR UHOLJLRVR PiV DQWLJXR TXHVHFRQVHUYDOODPDGRDFWXDOPHQ WH³/LEUR(JLSFLRGHORV0XHUWRV´HVWi HVFULWR HQ OHQJXD MHURJOtILFD HQ HO LQWHULRUGHODSLUiPLGHGH8QDV(V ODEDVHGHODFLYLOL]DFLyQHJLSFLD\HV XQ FRQMXQWR GH LQVWUXFFLRQHV SDUD VREUHYLYLUHQHO0iV$OOiGHVSXpVGH OD PXHUWH ItVLFD DXQTXH UHDOPHQWH VHUHILHUHDODPXHUWHSVLFROyJLFD\DO FRQRFLPLHQWRHVRWpULFRTXHSHUPLWH DODOPDDOFDQ]DUODLQPRUWDOLGDG $OJR TXH SXHGH VRUSUHQGHUQRV HVHOKHFKRGHTXH ORV UHOLHYHV SLQ WXUDV\HVFXOWXUDVHJLSFLRVVRQDVX YH]MHURJOtILFRVDWDPDxRQDWXUDOGH IRUPDTXHODVSRVWXUDVTXHDGRSWDQ ORV SHUVRQDMHV LQFOX\HQ VX VLJQLILFD GR FRPR OHWUDV MHURJOtILFDV GDQGR SURIXQGLGDGDOFRQWHQLGRGHORTXH WUDQVPLWHQ 9HDPRV DOJXQRV HMHP SORV (O VLJQR KHQX DODEDQ]D FRQVWL WX\H HO JHVWR ILQDO GHO DFWR GH UHFL WDFLyQ GH ODV JORULILFDFLRQHV SDUD OD DGRUDFLyQGHXQGLRV (OMHURJOtILFRKDLDOHJUtDDSDUHFH HQHVFHQDVWUDVHOMXLFLRGHODOPDGH FHOHEUDFLyQ GH YLFWRULDV R ELHQ WUDV UHFLELUUHFRPSHQVDVXKRQRUHV 6HEL HO SULVLRQHUR DUURGLOODGR \ FRQORVEUD]RVDWDGRVDODHVSDOGDHV WDPELpQPX\FRP~QHQHODUWHHJLS FLR$XQTXHWLHQHPXFKDVYDULDQWHV VX SRVLFLyQ PiV JHQHUDOL]DGD HV OD GHVFULWD \ JXDUGD UHODFLyQ FRQ HO PRGRFRPRVHVXMHWDQODVDYHVDWUD SDGDV(QHOWHPSORGH5DPVpV,,HQ 0HGLQHW$EXVHSXHGHOHHUMXQWRD HVWDV LPiJHQHV ³DWDGRV LJXDO TXH Si MDURV´ &RPR GHWHUPLQDWLYR IRUPD SDUWH GH ODV SDODEUDV VHEL UHEHOGH \ MHIWL HQHPLJR 6X VLJQLILFDGR HV ELHQ FODUR VXPLVLyQ 6H VXHOH HQ FRQWUDU HQ FRQWH[WRV IXQHUDULRV LQGLFDQGRTXHVHOOHJyDOILQDOGHOD YLGDFRQPXFKRVHQHPLJRVGRPLQD GRVRELHQHQODVEDVHVGHSHGHVWD OHV WURQRV UHDOHV \ SDUWHV LQIHULRUHV GHUHOLHYHVPRVWUDQGRTXHVREUHOR TXHVHGHEHOHYDQWDUXQDSHUVRQDHV VREUHHOQ~PHURGH³HQHPLJRV´DED WLGRV (O MHURJtILFR QLV OODPDGD VH XVD HQ SDODEUDV FRPR VLUYLHQWH \ WDPELeQ LQYRFDFLyQ $Vt SRGHPRV YHUOR HQ IDUDRQHV OODPDQGR D GLJ QDWDULRV UHDOHV R HQ SHUVRQDMHV TXH LQYRFDQDORV'LRVHV 'HUHS RIUHQGD HV WDPELpQ XQ KHUPRVR VLJQR PX\ XWLOL]DGR HQ HO DUWHHJLSFLR3DUWHGHODLGHDGHXQ DQWHEUD]R H[WHQGLGR TXH SRUWD XQ FXHQFRSDUDOLEDFLRQHVGHDJXDYLQR R OHFKH RIUHFLGDV DO 'LRV 7DPELpQ VH DSOLFy D ORV LQFHQVDULRV QRUPDO (/É85(2)/25(&(51~PHUR0D\R PHQWHGHOWDPDxRGHODQWHH PHQWHGHOWDPDxRGHODQWHEUD]RFRQ XQFXHQFRSDUDTXHPDUHOLQFLHQVR XQFXHQFRSDUDTXHPDUHO O (OPiVFRQRFLGRHVGXDTXHVLJ (OPiVFRQRFLGRHVGX X XQD QLILFD DGRUDFLyQ \ HV XQD D VHxDO GH UHVSHWRKDFLDORVGLRVHV\ODUHDOH]D UHVSHWRKDFL F DORVGLRVHV\OO 2WUR HMHPSOR GH VXSHUSRVLFLyQ VXSH SXHGH GH VLJQLILFDGRV VH SXHG G DSUHFLDU HQ OD HVWDWXD GH 5DPVpV 5DPVpp ,, QLxR GHODGLQDVWtD;,;2EVHUYDPRV GHODGLQDVWtD;,;2 E LQLFLDOPHQWH DO QLx QLxR x 5DPVpV VREUHXQSHGHVWDO\SURWHJLGR VREUHXQSHGHVWDO\ \ SRU VX GLRV LQWHULRU LQWHULL +RUXV 6LQ HPEDUJR HO G GLVFR VRODU 5DHOQLxRVHQWDGRFRQ 5DHOQLxRVHH HOGHGRHQODERFDPHV HOGHGRHQODE E \HOWDOORGHSODQWDTXH \HOWDOORGHS S VRVWLHQH HQ VX PDQR VX IRUPDQ IRUPDQ Q ORV WUHV MHURJOtILFRV GHO QRP G EUH HJLSFLR GHO G IDUDyQ 5DPHVX$VtODPLVPD 5DPHVX$Vt HVWDWXD QR VROR VR R HVWiUH SUHVHQWDQGR ItVLFDPHQ WHDOUH\VLQRTXHIRUPD WHDOUH\VLQR VXQRPEUHHVFULWR VXQRPEUU ( (/É85(2) )/25(&(51~PHUR 1~PHUR0D\R /$0$*,$+(.$ (VWHQRHVXQDVSHFWRDLVODGRGH OD FLYLOL]DFLyQ HJLSFLD %LHQ DO FRQ WUDULRODPDJLDLPSUHJQDODYLGDGHO DQWLJXR (JLSWR HQ WRGRV VXV DVSHF WRV LQFOXVR ORV PiV LQYHURVtPLOHV SDUDQXHVWUDFXOWXUDDFWXDO +DVWDDKRUDQRVKHPRVUHIHULGR DODPDJLDHQUHODFLyQDORVMHURJOtIL FRVSXHVHVWRVFULVWDOL]DQODVIXHU]DV VXSHULRUHVTXHVHTXLHUHQHYRFDU(Q HVWH VHQWLGR KD\ TXH VDEHU TXH HO DUWH HJLSFLR QRV GHMy XQD FDQWLGDG HQRUPH GH REMHWRV WDOLVPiQLFRV HV GHFLU FDUJDGRV GH IXHU]DV LQYLVLEOHV \TXHWLHQHQODIXQFLyQGHSURWHJHU DVXVSRVHHGRUHVGHVDQDUSRUFRQ WDFWR R GH FXDOTXLHU RWUR VHUYLFLR 8QEXHQHMHPSORORWHQHPRVHQOD HVWDWXDGH5DPVpV,,,FRQXQDGLRVD HQFRQWUDGDHQHOGHVLHUWR\UHFXELHU WD GH FRQMXURV FRQWUD ORV HVFRUSLR QHV\VHUSLHQWH6HFUHHTXHORVYLD MHURV WRFDEDQ HVWD HVWDWXD DQWHV GH HPSUHQGHUHOYLDMHRLQFOXVRSRGtDQ VDQDU DO FRQWDFWR FRQ OD HVFXOWXUD VDJUDGD $OJXQRVREMHWRVPiJLFRVGHXVR WDQWRSHUVRQDOFRPRIXQHUDULRVRQ (OHVFDUDEDMRSHORWHUR.KHSHUR -HSULTXHUHSUHVHQWDDOFRUD]yQ\OD YLGD SXHV VH FRQVLGHUDED D HVWH yU JDQRHODVLHQWRYLWDO (/$57(,1,&,É7,&2(1(/$17,*82(*,372 (O FLQWXUyQ R QXGR GH ,VLV 7LHW TXH DVHJXUD OD SURWHFFLyQ PiJLFD GH OD GLRVD \SRUWDQWRVHDVRFLDDOELHQHVWDU&RPR UHSUHVHQWD D ,VLV HQ PXFKDV RFDVLRQHV DSDUHFHFRPELQDGRFRQHOSLODU'\HGTXH VLPEROL]DD2VLULV (ORMRGH+RUXV8G\DWTXHVLJQLILFD³HO TXHHVWiFRPSOHWR´TXHFRQILHUHIXHU]D\VDOXG6X 6X QRPEUHGHULYDGHOKHFKRVXFHGLGRGXUDQWHORV FRPEDWHVGH6HWK\+RUXVFXDQGRHVWH~OWLPRSLHU GHHORMRL]TXLHUGR\7KRWFUHDHVWHRMRPiJLFRGRWDGRGH SRGHUHVSDUDUHVWLWXLUODLQWHJULGDGGH+RUXV(VXQRGH ORVDPXOHWRVPiVSRGHURVRV(QORVWH[WRVGHODSLUiPLGH GH8QDVVHSXHGHOHHU³£6XPDOHVH[SXOVDGR6HKDSXULILFD GRFRQHO2MRGH+RUXV´ $GHPiV ORV HJLSFLRV XVDURQ FDGD XQD GH VX SDUWHV SDUDUHSUHVHQWDUXQDIUDFFLyQQXPpULFD (O SLODU '\HG VtPEROR GH 2VL ULV GH OD FROXPQD YHUWHEUDO \ GH OD HVWDELOLGDG 6H XVy WDPELpQ HQ HO IRQGR GH ORV VDUFyIDJRV HQ tQWLPR FRQWDFWR FRQ OD FROXPQD YHUWHEUDO GHO IDOOHFLGR \ WDPELpQ GXUDQWH OD FHUHPRQLD GH HQWURQL]DFLyQ GH XQ QXHYRPRQDUFD /RVEDVWRQHVPiJLFRVGHVLJQLIL FDGRPLVWHULRVR\DTXHQRVHVDEHD FLHQFLDFLHUWDVXXVRSHURGDGRTXH PXFKRV WLHQHQ XQ H[WUHPR GHWHULR UDGR VH SLHQVD TXH SXGLHURQ VHUYLU SDUDWUD]DUFtUFXORVPiJLFRV /RVREMHWRVGHSRGHUGHXVRFR OHFWLYRHUDQHVWDWXDV\HVWHODVTXHVH FRORFDEDQHQODVSOD]DVGHODVSREOD FLRQHV HQ ORV OtPLWHV FUXFHV GH FD PLQRV HWF 0XFKDV GH HOODV WHQtDQ GLVSRVLWLYRV TXH SHUPLWtDQ OD FLUFX ODFLyQGHODJXD TXH XQD YH] KDEtD SDVDGR SRU OD HVFXOWXUD OOHQD GH MH URJOtILFRV KDEtD UHFRJLGR HO SRGHU FXUDWLYRGHOGLRV\VDQDEDDTXLHQODFRQVXPtD ,JXDOPHQWHKHPRVYLVWRFRPRODDUTXLWHFWXUDVDJUDGD WDPELpQ VH FRUUHVSRQGH FRQ OD FULVWDOL]DFLyQ \ FRQGXF FLyQ GH IXHU]DV GHVFRQRFLGDV KDELWXDOPHQWH FRQ ILQHV HVSLULWXDOHVHLQLFLiWLFRV6LREVHUYDPRVODHVWUXFWXUDGH ORV WHPSORV YHUHPRV FyPR ODV FRQVWUXFFLRQHV GHFUHFHQ HQWDPDxR\DTXHFXDQGRPiVDOLQWHULRUVHSHQHWUDED PHQRV SHUVRQDV WHQtDQ DFFHVR DO VLJXLHQWH UHFLQWR TXH FDGD YH] HUD PiV VDJUDGR KDVWD FXOPLQDU HQ HO 6DQFWD 6DQFWRUXPGRQGHKDELWDHOGLRV +D\ TXH DxDGLU TXH OD IXHU]D PiJLFD SRU H[FHOHQFLD HV OD GH OD OX] GHO VRO 5D \D TXH WLHQHHOSRGHUGHGDUODYLGD7RGDODODERUGHO VDFHUGRWHDUWLVWD FRQVLVWH HQ FRPSUHQGHU PD QHMDU\PDWHULDOL]DUODHQHUJtDPiJLFDGHODYLGD HQWRGDVVXVFUHDFLRQHV &XDQGRKR\HQGtDSHQHWUDPRVHQODVUXL QDV GH XQ WHPSOR HJLSFLR HVWDPRV KDFLHQGR DOJRTXHVRORKDFtDQORVVDFHUGRWHV\IDUDRQHV 7RGRV ORV UHOLHYHV H LPiJHQHV TXH DSUHFLD PRV HVWDEDQ KHFKRV SDUD VHU FRQWHPSODGRV SRUODSDUWHPiVHOHYDGDHVSLULWXDOPHQWHGH OD VRFLHGDG HJLSFLD (O SXHEOR DSHQDV WHQtD DFFHVR D ODV SDUWHV PiV H[WHUQDV WDOHV FRPR ORVSDWLRVGHORVSULPHURVSLORQRV+DEtDTXH HVWDUSUHSDUDGRSDUDUHFLELUODVDELGXUtDLQLFLi WLFDSODVPDGDHQODVSDUHGHV\HVFXOWXUDVDVtFRPR WLF HQODPLVPDGLVSRVLFLyQDUTXLWHFWyQLFDGHORVWHP SORV /R TXH VH UHIOHMD HQ HVRV OXJDUHV HV EiVLFDPHQWH GHFDUiFWHUULWXDO(PSOHDIyUPXODVDQWLTXtVLPDVTXHVH FRQVHUYDURQLQWDFWDVGDGRHOYDORULQPXWDEOHGHODVSDOD EUDVDOOtUHIOHMDGDV1DGDSRGtDVHUFDPELDGRSXHVORTXH DOOtVHUHIOHMDHVHWHUQR\VLUYHSDUDHVWDEOHFHUXQSXHQWH HQWUHORVGLRVHV\ORVKRPEUHVGHOFXDOVHGHULYDHOELHQ SDUWLFXODU\FRP~Q (O ULWXDO PiV FRQRFLGR VHD TXL]i HO GH OD $SHUWXUD GH OD %RFD *UDFLDV DO HVWXGLR GHO HJLSWyORJR ( 2WWR VH FRQRFHQ ORV SDVRV R HVFHQDV GH HVWH ULWXDO FX\R DFWR FHQWUDO FRQVLVWH HQ VLPX ODUODDSHUWXUDGHODERFDGHODPR PLDFRQXQREMHWRTXHHVXQDD]XHOD XVDGDSRUORVHVFXOWRUHV\DVLPLODGD HQ HVWH ULWR 7RGR HO FRQMXQWR YH QtD D UHSUHVHQWDU ORV DFWRV SURSLRV GHOQDFLPLHQWRItVLFRFRPRLPDJHQ GH GDU OD YLGD QR DO FXHUSR PRPL ILFDGR VLQR DO ND GHO GLIXQWR SDUD TXH QDFLHUD D XQD QXHYD YLGD (Q SDUWLFXODUHODFWRGHOLPSLDUODERFD GHORVUHFLpQQDFLGRVSDUDUHWLUDUOD PXFRVLGDG\SHUPLWLUODUHVSLUDFLyQ HVHOTXHLQVSLUDODHVFHQDSULQFLSDO TXH GD QRPEUH DO ULWR (O HVWXGLR GHWDOODGRGHHVWHULWXDOQRVOOHQDUtD GH VRUSUHVD 3RU HMHPSOR OD D]XHOD QHWFKHUW\ XVDGD SDUD DEULU OD ERFD GHO GLIXQWR HV OD HPSOHDGD SRU ORV HVFXOWRUHVSDUDGDUIRUPD\WDPELpQ ODYLGDDODVHVWDWXDV« /DVHVFXOWXUDVTXHKR\FRQVLGHUDPRVUHWUDWRVVHVDEH TXHORHUDQSRUTXHODHVWDWXDHUDHOKDELWiFXORPDWHULDO GHONDGHOGLIXQWR\SRUWDQWRGHEtDVHUFDSD]GHUHFR QRFHUOR« (VWH ULWXDO H[LJtD OD SUHVHQFLD GH YDULRV VDFHUGRWHV HVWDEDHQSULPHUOXJDUHOVDFHUGRWHOHFWRUTXHHUDHOTXH GLULJtD HO DFWR FRQ OD OHFWXUD H[DFWD GH WRGR OR TXH GH EtDQ KDFHU \ GHFLU ORV SDUWLFLSDQWHV 'HVSXpV HVWDED HO VDFHUGRWH6HPTXHHMHFXWDEDSURSLDPHQWHHOULWR V 7DPELpQ SDUWLFLSDEDQ RWURV VDFHUGRWHV DX[LOLDUHV TXH GHVHPSHxDEDQ FDGD FXDO VX SDSHO FRPR HO TXH SRUWDED OD PiVFDUD GH $QXELV \ VXMHWDED OD PRPLD« (O REMHWLYR ~OWLPR WLHQH FODUDPHQWH TXH YHU FRQ GHVSHUWDU OD FRQFLHQFLD GHO GLIXQWR HQ ORV PXQGRVVXSHULRUHVSDUDTXHVHGpFXHQWDGHVX QXHYRHVWDGR« (/É85(2)/25(&(51~PHUR0D\R (/$57(,1,&,É7,&2(1(/$17,*82(*,372 /$63,5È0,'(6 ³(OKRPEUHWHPHDOWLHPSRSHURHO WLHPSR WHPH D ODV SLUiPLGHV´ GLFH XQ SURYHUELRiUDEH 1R H[LVWH XQD YHUGDGHUD HYR OXFLyQ FRPR VH SUHWHQGH KDFHU FUHHUTXHOOHYHDODFRQVWUXFFLyQGH ODV SLUiPLGHV (Q FRQFUHWR ODV PiV SHUIHFWDVODVGHODPHVHWDGH*L]HK DSHQDVWLHQHQDQWHFHGHQWHV\HQODV OHYDQWDGDV SRVWHULRUPHQWH UiSLGD PHQWH GHVFLHQGH VX FDOLGDG KDVWD GHMDUGHFRQVWUXLUVHHQSRFRVDxRV« 3DUDKDFHUQRVXQDLGHDGHOPLV WHULR TXH HQYXHOYHQ ODV SLUiPLGHV GDUHPRV XQRV IUtRV SHUR HVFODUHFH GRUHVGDWRVVREUHODDFWLYLGDGFRQV WUXFWLYDHQHODQWLJXR(JLSWR 6HJ~Q GDWRV RILFLDOHV VRODPHQWH GXUDQWH ODV GLQDVWtDV ,,, D ;,, VH FRQVWUX\HURQ SLUiPLGHV HQ (JLSWR XQDV \ FRQWDELOL]DQGR VROR ODV SLUiPLGHV GH .HRSV .HIUHQ \ ODV WUHV GH 6QHIUX VH OHYDQWDURQ RFKR PLOORQHV GH PHWURV F~ELFRV GH SLH GUDPiVGHOGREOHTXHWRGRORTXH VHFRQVWUX\yHQHOUHVWRGHODKLVWRULD GH(JLSWR« /D HGDG GH OD *UDQ SLUiPLGH HV RWUR GH ORV JUDQGHV HQLJPDV VLQ UHVROYHU 6H DFHSWD TXH IXH HULJLGD GXUDQWHOD,9GLQDVWtDSRUHOIDUDyQ .HRSVKDFHDxRV3HURVLHVWD IHFKD \D UHVXOWD DVRPEURVD SDUD XQ HGLILFLR GH HVWDV FDUDFWHUtVWLFDV KD\ GDWRV TXH DSXQWDQ D IHFKDV PXFKR PiV UHPRWDV \ QR VRQ GHVSUHFLD EOHV« (QHVDpSRFDQRVHFRQRFtDQLOD UXHGD QL ODV SROHDV QL PiTXLQD GH QLQJXQD FODVH SDUD OHYDQWDU GRV PL OORQHVGHEORTXHVFRQSHVRVGHD WRQHODGDV 1RH[LVWtDODEU~MXODSHURRULHQ WDURQ FRQ SHUIHFFLyQ DVRPEURVD ODV FXDWUR FDUDV KDFLD ORV SXQWRV FDUGL QDOHV 7RGDYtDQRVHFRQRFtDHOKLHUUR SHUR WDODGUDURQ SLHGUDV GXUtVLPDV (/É85(2)/25(&(51~PHUR0D\R FRQXQREMHWRTXHVHJ~QODVPXHV FDV TXH GHMy DYDQ]y GRVFLHQWDV YH FHV PiV TXH OR TXH SRGHPRV KDFHU KR\HQGtDFRQXQWDODGURGHSXQWD GHGLDPDQWH 6LQ LQVWUXPHQWRV ySWLFRV RULHQ WDURQ SHUIHFWDPHQWH FDQDOHV KDFLD HVWUHOODVFRPR6LULR\RWUDVFRQVWHOD FLRQHV GH JUDQ LPSRUWDQFLD SDUD OD UHOLJLyQHJLSFLD /D KRUL]RQWDOLGDG GH OD EDVH GH OD *UDQ SLUiPLGH HV RWUR HQLJPD SXHV QLQJXQD FXHUGD HQ ODV FRQGL FLRQHVGHOGHVLHUWRSXHGHMXVWLILFDU OD PLVWHULRVD SHUIHFFLyQ VXSHULRU D OD TXH XWLOL]DPRV DFWXDOPHQWH HQ QXHVWUDVPRGHUQDVHGLILFDFLRQHV (OWDOODGRGHORVEORTXHVGHOUH YHVWLPLHQWR GHVPDQWHODGR SRU ORV iUDEHVHQHOVLJOR;,,,\GHOTXHVH FRQVHUYDQXQDVILODVHQODFDUDQRUWH SURWHJLGDVSRUODDUHQDGHOGHVLHUWR HVGHXQDSUHFLVLyQySWLFDVXSHULRU DO GH ODV OHQWHV TXH DFWXDOPHQWH VH XVDQ SDUD ORV PRGHUQRV WHOHVFR SLRV« 3DUHFH VHU TXH OD OX] TXH UH IOHMDED HUD YLVLEOH D NLOyPHWURV GH GLVWDQFLD« $ODVKRUDVGHOHTXLQRFFLROD FDUD QRUWH VH GLYLGH HQ GRV \D TXH XQDOtQHDLPSHUFHSWLEOHDVLPSOHYLV WDUHFRUUHYHUWLFDOPHQWHHVDFDUD« 3RU H[WUDxR TXH QRV SXHGD SD UHFHUQRVHKDHQFRQWUDGRQLQJXQD PRPLD HQ HO LQWHULRU GH QLQJXQD SLUiPLGH,QFOXVRFXDQGRVHKDHQ FRQWUDGRDOJXQDLQWDFWDHOVDUFyIDJR HVWDEDYDFtRORTXHLQGLFDFODUDPHQ WHTXHODVSLUiPLGHVQRVRQWXPEDV QL PRQXPHQWRV IXQHUDULRV HQ HO VHQWLGRDFWXDOGHOWpUPLQR7DPELpQ VHKDQHQFRQWUDGRVGRV\KDVWDWUHV WXPEDV GLIHUHQWHV SDUD XQ PLVPR IDUDyQ SRU HMHPSOR 6QHIUX SDGUH GH.HRSV«2WUDFRVDHVTXHVXVFi PDUDVVLUYLHUDQSDUDILQHVHVSLULWXD OHV LQLFLiWLFRV UHODFLRQDGRV FRQ OD PXHUWH \ UHVXUUHFFLyQ SVLFROyJLFD« ¢3RUTXp"$QDGLHVHOHHVFDSDTXHVH WUDWDGHOXJDUHVHVSHFLDOHVGRQGHOD HQHUJtDTXHYLEUDKDSRGLGRVHUPH GLGDHPStULFDPHQWH (QWUH ORV HMHPSORV TXL]i SUR VDLFRV SHUR FRPSUREDGRV HPStULFD PHQWH HQFRQWUDPRV ORV HVWXGLRV GHOFKHFR.DUO'UEDOVREUHOD*UDQ 3LUiPLGH (VWXGLDQGR OD FRQFHQWUD FLyQGHHQHUJtDVTXHVHSURGXFHDOD DOWXUDGHODFiPDUDGHOUH\DOSDUH (/$57(,1,&,É7,&2(1(/$17,*82(*,372 FHU SURFHGHQWHV GH FDGD XQD GH ODV FLQFR DULVWDV GH OD SLUiPLGH\SRUWDQWRDXQDQGRHQHUJtDVWDQWRWHUUHVWUHV FRPRSURFHGHQWHVGHOFRVPRVFRPSUREyFRPRFRQSL UiPLGHVDHVFDODFRQODVPLVPDVSURSRUFLRQHVVHSXHGH FRQVHUYDUPDWHULDRUJiQLFDHYLWDQGRORVSURFHVRVGHSX WUHIDFFLyQ2WUDGHVXVFRPSUREDFLRQHVOHOOHYyDSDWHQ WDU £XQD PiTXLQD UHJHQHUDGRUD GH FXFKLOODV GH DIHLWDU 4XH QR HV RWUD FRVD TXH XQD SLUiPLGH D HVFDOD FRQ OD SURSLHGDG GH PXOWLSOLFDU OD FDSDFLGDG GH UHJHQHUDFLyQ GHO DFHUR GH ODV FX FKLOODVGHDIHLWDU« 7UDQVFULELPRV D FRQWLQXDFLyQ HO WHVWLPRQLR GHO 90 6DPDHO DO UHVSHFWR GH OD ILQDOLGDG LQL FLiWLFDGHODVSLUiPL GHV ³8QD WDUGH FXDO TXLHUD QR LPSRUWD FXDO FDPLQDQGR OHQ WDPHQWHSRUODVDUHQDV GHO GHVLHUWR EDMR ORV DUGLHQWHV UD\RV GHO VRO WURSLFDODWUDYHVpVLOHQ WHFRPRXQVRQiPEXOR XQD FDOOH PLVWHULRVD GH HVILQJHV PLOHQDULDV DQWHODPLUDGDH[yWLFD GH XQD WULEX QyPDGD TXH GHVGH VXV WLHQGDV PHREVHUYDED $ OD VRPEUD YHQH UDQGD GH XQD DQWLTXt VLPD SLUiPLGH KXEH GH DFHUFDUPH XQ PR PHQWR SDUD GHVFDQVDU EUHYHPHQWH \ DUUHJODU FRQ SDFLHQFLD ODV FR UUHDV GH XQD GH PLV VDQGDOLDV 'HVSXpV GLOLJHQWH EXVTXp FRQ DQVLD OD DXJXVWDHQWUDGDDQKH ODED UHWRUQDU DO FDPL QRUHFWR (O JXDUGLiQ FRPR VLHPSUH HVWDED HQ HO XPEUDO GHO PLVWHULR ,PSRVLEOHROYLGDUDTXHOODILJXUDKLHUiWLFDGHURVWURGHEURQFH \VDOLHQWHVSyPXORV (VWHKRPEUHHUDXQFRORVR«(QVXGLHVWUDHPSXxDEDFRQ KHURtVPRODWHUULEOHHVSDGDVXFRQWLQHQWHHUDWRGRIRUPLGDEOH \QRKD\GXGDGHTXHXVDEDFRQSOHQRGHUHFKRHOPDQGLOPD VyQLFR (O LQWHUURJDWRULR IXH PX\ VHYHUR ³¢4XLpQ HUHV"´ ³6R\ XQ VXSOLFDQWH TXH YHQJR FLHJR HQ EXVFD GH OX]´ ³¢4Xp GHVHDV"´ ³/X]´ « 'HVSXpV HQ IRUPD TXH \R FDOLILFR GH YLROHQWD VH PHGHVSRMyGHWRGRREMHWRPHWiOLFR\KDVWDGHODVVDQGDOLDV\ GHODW~QLFD /RPiVLQWHUHVDQWHIXHDTXHOLQVWDQWHHQTXHDTXHOKRPEUH KHUF~OHRPHWRPySRUODPDQRSDUDPHWHUPHGHQWURGHO6DQ WXDULRLQROYLGDEOHVIXHURQDTXHOORVLQVWDQWHVHQTXHODSHVDGD SXHUWDJLUyVREUHVXVJR]QHVGHDFHURSURGXFLHQGRHVH'2PLV WHULRVRGHOYLHMR(JLSWR /R TXH VXFHGLy GHVSXpV HO HQFXHQWUR PDFDEUR FRQ HO ³+(50$127(55,%/(´ODVSUXHEDVGHIXHJRDLUHDJXD\ WLHUUDSXHGHVHUHQFRQ WUDGRSRUFXDOTXLHULOX PLQDGR HQ ODV PHPR ULDVGHODQDWXUDOH]D´ 1R TXHUHPRV WDPSRFRDKRUDGHMDU GH QRPEUDU DO 'U -RUJH$GRXP0DJR -HID TXH WDPELpQ UHODWD HQ VX REUD OD LQLFLDFLyQHJLSFLD (QHOLQJH QLHUR5REHUW%DXYDO FRQILUPy FRQ XQ GHVFXEULPLHQWR PD UDYLOORVR DOJR TXH \D VH GLMR HQ pSRFD GHO GRPLQLR JULHJR GH (JLSWR ³¢(V TXH DFDVR QR VDEHV TXH (JLSWRHVODLPDJHQHQ OD WLHUUD GHO &LHOR"´ ODVWUHVJUDQGHVSLUi PLGHV GH OD PHVHWD GH *L]HK VH GLVSR QHQ GH XQD PDQHUD QR DOLQHDGD VLQR ³FDSULFKRVDPHQWH´ GHVYLDGD« HQ UHDOL GDG WDO \ FRPR VH HQFXHQWUDQ ODV WUHV HVWUHOODVTXHIRUPDQ HO OODPDGR FLQWXUyQ GH 2ULyQ 3DUD ORV DQWLJXRV HJLSFLRV HVWD FRQVWHODFLyQ QR UHFLEtD XQ QRP EUH GH OD PLWRORJtD JULHJD VLQR TXH HUD HO PLVPR 2VLULV GL YLQLGDGFUtVWLFD\VRODUFX\DYLGDPXHUWH\UHVXUUHFFLyQ VRQ OD FROXPQD YHUWHEUDO GH OD FLYLOL]DFLyQ HJLSFLD« (O FLQWXUyQHUDHO'XDWODSXHUWDGHOKHUPRVR$PHQWLHO 0iV$OOiORVPXQGRVVXSHULRUHVGHFRQFLHQFLD 'LULJLpQGRVH HQ HVD GLUHFFLyQ ODV ~OWLPDV LQYHVWLJD FLRQHVQRKDFHQPiVTXHFRUURERUDUTXHODVSLUiPLGHV VRQ SURGLJLRVDV PiTXLQDV DVWURQyPLFDV GDGDV VXV SHU IHFWDVDOLQHDFLRQHVFRQORVFXHUSRVFHOHVWHVTXHPiVOOD PDURQ OD DWHQFLyQ GH VXV FRQVWUXFWRUHV 6L VH WRPDURQ (/É85(2)/25(&(51~PHUR0D\R (/$57(,1,&,É7,&2(1(/$17,*82(*,372 WDO PROHVWLD SRVLEOHPHQWH WDPELpQ VHDQ LPSRU WDQWHVSDUDQRVRWURV« 6X SUHFLVLyQ PDWHPiWLFD VH HQFXHQWUD HQ OD EDVHGHWRGRVORVPLVWHULRV(OQ~PHUR3L¶ TXHJXDUGDHOVHFUHWRGHODVSURSRUFLRQHVGHOFtUFXOR O SHUIHFWRVHREWLHQHDOGLYLGLUHOSHUtPHWURGHODJUDQ SLUiPLGHHQWUHHOGREOHGHVXDOWXUDPHWURV« (Q VH GHVFXEULy HO TXH SDUHFH VHU HO ~OWLPR HQLJPDGHOD*UDQ3LUiPLGHVHLQWURGXMRXQURERWFRQ XQDFiPDUDHQXQSDVDGL]RGH[FHQWtPHWURV\TXH SDUWH GH OD FiPDUD GH OD 5HLQD \ D XQRV PHWURV VH HQFRQWUyXQDSXHUWDFRQGRVSRPRVGHFREUHTXHVHOOD OD~OWLPDFiPDUDLQWDFWDGHOPRQXPHQWR (/É85(2)/25(&(51~PHUR0D\R /$(6),1*( (VWD PRQXPHQWDO HVFXOWXUD GH OD PHVHWD GH *L ]DKPLGHXQRVPHWURVGHODUJRSRUGHDQFKR\ K XQRVGHDOWXUDGHORVFXDOHVSHUWHQHFHQDOURVWUR 6HDWULEX\HVXFRQVWUXFFLyQDOIDUDyQ.HIUpQGHOD,9GL QDVWtDHQHOVLJOR;;9,$&6HDSURYHFKyXQDHOHYDFLyQ URFRVDQDWXUDOSDUDVXHUHFFLyQ\VHVXSRQHTXHUHSUHVHQ WDDOIDUDyQTXHODFRQVWUX\yFRQFXHUSRGHOHyQ(VWDED SLQWDGDGHYLYRVFRORUHVURMRHOURVWUR\HOFXHUSR\DPD ULOOR\D]XOHOQHPHVRWRFDGRUHDO $OJXQRVHVWXGLRVRVSRQHQHQGXGDTXHIXHUDOHYDQ WDGDSRU.HIUpQ\FRQVLGHUDQTXHHOURVWURUHSUHVHQWDGR QRFRLQFLGHFRQRWUDVHVWDWXDVFRQVHUYDGDVGHOIDUDyQ6L TXHRSLQDQHQFDPELRTXHODFDEH]DSXGRVHUUHWRFDGD FRQHVDIRUPDORTXHH[SOLFDUtDVXPHQRUWDPDxRHQUH ODFLyQDOFXHUSR /DHQLJPiWLFDHVILQJHDFXPXODXQEXHQQ~PHURGH J J PLVWHULRVHQWUHORVFXDOHVVRUSUHQGHODSUXHEDJHROyJLFD TXHLQGLFDTXHODHURVLyQGHODILJXUD\VREUHWRGRGHO TXHLQGLFDTXHODHURVLyQGHODILJXUD\VREUHWRGRGHO UHFLQWRGHSLHGUDTXHODURGHDVHGHEHDODJXDGHOOXYLDV UHFLQWRGHSLHGUDTXHODURGHDVHGHEHDODJXDGHOOXYLDV WRUUHQFLDOHV\QRDOYLHQWRWDO\FRPRVHUtDOyJLFRHQHO FOLPDGHOGHVLHUWR6HDGPLWHTXHHO6iKDUDIXHIpUWLO\ WXYRXQUpJLPHQSOXYLRPpWULFRFDSD]GHHURVLRQDUGH HVDPDQHUDODSLHGUDKDFHPiVGHDxRV« 6X FRQVWUXFFLyQ HVWi DVRFLDGD D OD $WOiQWLGD \ D XQD FiPDUD VHFUHWD TXH WRGDYtD QR KD VLGR GHVFXELHUWD\TXHHQFLHUUDODVDELGXUtDGHOD&L YLOL]DFLyQSHUGLGD (O906DPDHOQRVGLFH (O906DPDHOQRVGLFH ³/D HVILQJH TXH KD UHVLVWLGR HO FXUVR GH ORV ORV VLJORVHVWDQVRORODLPDJHQGHODGLRVD1DWXUD OH]D(VWDHVILQJHHOHPHQWDOHVODVXSUHPD0DHV WUDGHWRGDODPDJLDHOHPHQWDOGHOD1DWXUDOH]D «(QHOFROHJLRGHODHVILQJHSRGHPRVHVWXGLDUORV «(QHOFROHJLRGHODHVILQJHSRGHPRVHVWXGLDUORV JUDQGHV0LVWHULRVGHODPDJLDHOHPHQWDOGHOD1DWX UDOH]D´ /$3$/(7$'( 1$50(5 6H KDQ FRQVHUYDGR YDULDV GH HVWDV SDOHWDV TXH VRQ GH QDWXUDOH]D YRWLYD6HVDEHTXHODVSDOHWDVTXHVH XVDEDQSDUDPROHUHOPLQHUDOXWLOL]D GRSDUDHODERUDUHOFRVPpWLFRSURWHF WRUGHRMRVHUDQPiVSHTXHxDV(VWD HVODUHODFLyQTXHWHQtDQFRQHOVRO\ SRUWDQWRVHXVDEDQFRPRRIUHQGDV SDUDODVGLYLQLGDGHVVRODUHV(QHVWRV FDVRVHUDQGHPD\RUWDPDxR\HVWD EDQJUDEDGDVFRQEDMRUUHOLHYHV /D SDOHWD GHO UH\ 1DUPHU WLHQH ODSDUWLFXODULGDGGHTXHVHFRQVLGH UDDHVWHIDUDyQFRPRHOSULPHURGH ODKLVWRULDGH(JLSWR(VWHUH\XQLIL FyHO$OWRDO6XUHOFXUVRGHO1LOR KDVWD 1XELD \ HO %DMR (JLSWR DO 1RUWH OD ]RQD GHO GHOWD GHO 1LOR /RV VtPERORV TXH XWLOL]D VLHQGR GH pSRFD SUHGLQiVWLFD DxR $& \D PXHVWUDQ HO FDUDFWHUtVWLFR HVWLOR SURSLRGHODUWHHJLSFLR 'HVGHHOSXQWRGHYLVWDHVRWpULFR OD SLH]D FREUD XQ YDORU PXFKR PiV UHOHYDQWH (O DQYHUVR HVWi GLYLGLGR HQ FXDWUR UHJLVWURV (O VXSHULRU WLH QH GRV FDEH]DV GH YDFD FRQ URVWUR KXPDQR VLJQLILFDQGR D OD GLYLQD 0DGUH FRPR GLRVD +DWKRU 6RQ ODV UHSUHVHQWDFLRQHV PiV DQWLJXDV GH HVWD GLRVD \ FRPELQDQ HOHPHQWRV KXPDQRV \ DQLPDOHV DOJR TXH VHUi XQDFRQVWDQWHHQODFLYLOL]DFLyQHJLS FLD (Q HO FHQWUR HVWi HO QRPEUH MH URJOtILFRGHOUH\HQHOLQWHULRUGHXQ SDODFLR UHSUHVHQWDGR SRU OD IDFKD GDHOSH]QDU\ODPD]DPHU/D FDSDFLGDG GH YLYLU HQWUH ODV DJXDV \ ODYROXQWDG (O VHJXQGR QLYHO HV XQD SDUDGD PLOLWDU 6H YH DO UH\ FRQ OD FRURQD GHO %DMR (JLSWR GRV GLJQDWDULRV \ FXDWURSRUWDHVWDQGDUWHV\GRVKLOHUDV GH HQHPLJRV DWDGRV \ GHFDSLWDGRV IUHQWHDHOORV7RGRVWLHQHQVXVQRP EUHVHVFULWRVHQMHURJOtILFR0iVDOOi GH VX VLJQLILFDGR PLOLWDU SRGHPRV HQWHQGHUHOHMHUFLFLRGHODVREHUDQtD VREUH VXV SURSLDV SDVLRQHV \ EDMRV HOHPHQWRVSVLFROyJLFRV(OSHUVRQDMH PiV FXULRVR HV HO TXH VH HQFXHQWUD WUDVHOIDUyQXQSRUWDVDQGDOLDV6X LPSRUWDQFLDHVWULEDHQTXHUHSUHVHQ WDDODIXHU]D WDDODIX IXHU]D TXH H D\XGD D\\XG X D D FDPLQDU FDPLQDDU DO FD DOO VR EHUDQR EHUDDQR OOHYD OOHYYD HO DJXD SXULILFDGR DJJXD XD SXU X LIILF L DGR UD UD SDUD SDUD PDQWHQHU PDQWHQHU OLPSLRV HO OLPSLRV VXV VXV SLHV SLHV \ SL \ HO FDO]DGRSDUDSRGHUDQGDU FRUUHFWDPHQWHHO&DPLQR(V SLULWXDO (OVLJXLHQWHQLYHOHVHOPiVJUDQ GH \ UHSUHVHQWD D GRV OHRQHV FRQ HO FXHOOR ³VHUSHQWLQR´ TXH VH HQWUHOD ]DQSDUDIRUPDUXQGLVHxRIDPLOLDU XQ RFKR R FDGXFHR 6X VLPEROLVPR HV HYLGHQWH \ JXDUGD UHODFLyQ FRQ OD FRQPHPRUDFLyQ GHO HTXLOLEULR LQWHULRUGHIXHU]DVDQWDJyQLFDV\UH ODFLRQDGDVDGHPiVFRQHOIXHJRORV OHRQHV (O GHWDOOH PiV OODPDWLYR HV TXH D SHVDU GHO QRWDEOH HTXLOLEULR DOFDQ]DGRGRV³H[WUDQMHURV´VXMHWDQ DORVOHRQHVLQGLFDQGRODH[LVWHQFLD GHHOHPHQWRVVXEFRQVFLHQWHVSRUGR PLQDU (O QLYHO LQIHULRU FRQWLHQH XQ WRURHOPLVPR1DUPHUVLPEROL]DQ GR HO YLJRU \ OD IXHU]D FRQ OD TXH GHUULED ORV PXURV GH XQD IRUWDOH]D VLPEyOLFD\SLVRWHDDOHQHPLJRLQWH ULRU &XDQGR HO 90 6DPDHO KDEOD GHO DQiOLVLV DQiiOLVLV HVWUXFWXUDO HVV WU W XFWX XU D \ \ GHO GHHO DQiOLVLV DQiiOLVLV WUDQVDFFLRQDO WUDQVDFFLR RQD VH UHILHUH UHI H LHUH DO DOO HV HV WXGLR WXGL G R GH HVWRV HHVWRV DVSHFWRV DVSH DV VSH SHFW FWRV ILMRV FWRV ILMRV LMRV OD OD HVWUXFWXUD GH OD IRUWD OH]D \ PyYLOHV HO HQHPLJR ³H[WUDQMHUR´ GH QXHVWUR VXEFRQV FLHQWH (O UHYHUVR WLHQH WUHV QLYHOHV GH OHFWXUD FRPR ORV DUFDQRV GHO WDURW HJLSFLR(OVXSHULRUHVVLPLODUDOGHO DQYHUVRFRQODGLYLQD0DGUH+DWKRU SURWHJLHQGRODVHVFHQDVLQIHULRUHV (Q HO UHJLVWUR SULQFLSDO GHVWDFD HO IDUDyQ XVDQGR OD PD]D SDUD VR PHWHU DO HQHPLJR GRPLQDGR XQ H[WUDQMHUR (VWD KD]DxD HQWHQGLGD GHVGH HO SXQWR GH YLVWD GHO WUDEDMR LQWHULRU QR HV GHVSUHFLDEOH DOJXLHQ FDSD]GHYHQFHUDORVHOHPHQWRV³H[ WUDxRV´ TXH QRV VHSDUDQ GHO 6HU HV GLJQR GH JREHUQDU D WRGR XQ SXH EOR(OUH\OOHYDODFRURQDEODQFDGHO $OWR(JLSWRLQGLFDQGRTXHVHWUDWD GHXQWUDEDMRUHDOL]DGRHQHODVSHFWR HVSLULWXDO (VWD HVFHQD TXH DSDUHFH SRU SULPHUD YH] HQ HO DUWH HJLSFLR VHUiUHSHWLGDLQQXPHUDEOHVYHFHVHQ (/É85(2)/25(&(51~PHUR0D\R ODVUHSUHVHQWDFLRQHVGHWRGRVORVID UDRQHVTXHOHVXFHGLHURQVHJDUDQWL ]DHOSRGHUGHOIDUDyQGHGRPLQDUVH DVtPLVPR\SRUWDQWRGHJREHUQDU DRWURV\VHUFDSD]GHPDQWHQHUHORU GHQFyVPLFRHQOD7LHUUD0DDW )UHQWH D pO HO KDOFyQ VDJUDGR +RUXV VRPHWH D XQ H[WUDxR SHUVR QDMHWDPELpQH[WUDQMHURFRQFDEH]D QDMHWDPELpQH[WUDQMHURFRQFDEH]D KXPDQD\H[WUDxRFXHUSRUHFWDQJX ODUGHOTXHVDOHQWDOORVGHSDSLUR ODUGHOTXHVDOHQWDOORVGHSDSLUR 6H FUHH TXH VLPEROL]D HO WULXQIR VR GHO GHOWD SHUR QR EUH ORV SXHEORV S S QR FDEHGXGDGHTXHUHSUHVHQWDODD\X GD GLYLQD SURFHGHQWH GH OR DOWR HQ HQ HOGRPLQLRGHODQDWXUDOH]DLQIHULRU GHO VHU KXPDQR 7UDV HO UH\ HQFRQWUDPRV GH QXHYR DOILHOODYDGRUGHSLHV (Q HO UHJLVWUR LQIHULRU GRV HQH PLJRV³\DFHQDSODVWDGRVSRUWLHUUD´ LGHQWLILFDGRVFRQVXMHURJOtILFR(VWD SDUWH TXH UHSUHVHQWD HO VXEFRQV FLHQWH UHFXHUGD TXH WRGDYtD KD\ WUDEDMR SRU UHDOL]DU $PERV SHUVR QDMHVHVWiQGHVQXGRVSHURVRORXQR PXHVWUD HO VH[R OR TXH SXHGH LQGL FDUORVGLYHUVRVJUDGRVGHGLVROXFLyQ GH ORV HOHPHQWRV VXEFRQVFLHQWHV VXEFRQVFLHQWHV SXHV DOJXQRV WRGDYtD WLHQHQ IXHU]D IXHU]D SDUD³UHSURGXFLUVH´ ( (/É É85 85(2 8 5(2) )//2 /25(&(5 /25 25(&(51~P 25 1~PHUR 1~ 1 ~~P PHU HHUR UURR 0D\R 0 0DD\ 0D\ D\RR R 6$44$5$+ 6DTTDUDK HV OD QHFUySOLV PiV FHUFDQD D OD DQWLJXD FDSLWDO 0HQ ILV $OEHUJD OD IDPRVD SLUiPLGH HV FDORQDGD FRQVLGHUDGD OD SULPHUD SULPHUD GH (JLSWR (O FRPSOHMR IXQHUDULR GH 6DTTDUDK FRQVWLWX\H OD SULPHUD SULPHUD JUDQ HGLILFDFLyQ SpWUHD GH OD KLVWR ULDRILFLDOHQWRGRHOPXQGRHV ULDRILFLDOHQWRGRHOPXQGRHV YHFHV PiV JJUDQGH TXH T HO PD\RU \ GH ORV FHQRWDILRV GH OD ,, GLQDVWtD HQ HQ $E\GRV6HFRQRFHHOQRPEUHGHVX $E\GRV6HFRQRFHHOQRPEUHGHVX FRQVWUXFWRU,PKRWHSDOVHUYLFLRGHO FRQVWUXFWRU,PKRWHSDOVHUYLFLRGHO IDUDyQ=yVHU,,,GLQDVWtD&RQV WLWX\H XQD UHSURGXFFLyQ HQ HQ SLHGUDGHOFRQMXQWRFLXGD GDQR \ SDODFLHJR GH GH 0HQILV (VWi (VWi URGHDGD GH XQD HQRU U P H H (/$57(,1,&,É7,&2(1(/$17,*82(*,372 (VWD ILHVWD GHO 6HG VH FHOHEUDED HQ OD HQWURQL]DFLyQ GHO UH\ \ VH UHSHWtD FDGD DxRV/RPiVVRUSUHQGHQWHGHWRGRHVWRHV TXH=yVHUVRORUHLQyGXUDQWHDxRVSRU ORTXHVHVXSRQHTXHQRFHOHEUyQLQJ~QMX ELOHRHQYLGD(OVHQWLGRPiJLFRGHODHQRU PHFRQVWUXFFLyQVHSDOSDFXDQGRVHREVHU YD TXH WRGRV ORV WHPSORV \ HGLILFDFLRQHV TXHURGHDQORVSDWLRVGHOMXELOHRVRQVROR IDFKDGDVWUDVORVFXDOHVVRORKD\PRQWRQHV GH HVFRPEURV 6H OOHJy D LPLWDU HQ SLHGUD SXHUWDVVHPLDELHUWDVRFHUUDGDVFRQVXVFH UURMRVJR]QHVOLVWRQHVFRPRVLIXHUDQGH PDGHUDRLQFOXVRYDOODVGHHVWDFDVSDUDLP SHGLUHOSDVR$GHVWDFDUWDPELpQHQHVWH VHQWLGR ORV DOPDFHQHV SDUD SURYLVLRQHV WDQWRVXEWHUUiQHRVEDMRODSLUiPLGHFRPR VXSHUILFLDOHV HQ OD ]RQD RFFLGHQWDO FRQ PiVGHYDVLMDVGHSLHGUD 0HQRV FRQRFLGD UHVXOWD OD PLVWHULRVD SUHVHQFLDGHXQDVHULHGHWXPEDVGHODGL QDVWtD , SHUWHQHFLHQWHV D UH\HV FX\DV WXP EDV £\D KDEtDQ VLGR H[FDYDGDV HQ $E\GRV +HFKRWRGDYtDVLQH[SOLFDUSRUODPRGHUQD HJLSWRORJtD« 3RU~OWLPRFLWDUODHVWDWXDHQFRQWUDGD HQHO6HUGDEFiPDUDDQH[DDOWHPSORPRU WXRULRGRQGHVHDEULHURQGRVERTXHWHVHQ OD SDUHG SDUD TXH OD ³HVWDWXD´ SXGLHUD YHU ODVRIUHQGDV\ROHUHOLQFLHQVRGHODDGRUDFLyQ 787$1.$021 PXUDOODTXHLPLWDODIDFKDGDGHOSDODFLRUHDOGHPiVGHNPVGH SHUtPHWUR FRQ FDWRUFH SXHUWDV VLPXODGDV \ XQD ~QLFD HQWUDGD ItVLFD (VWDV ³IDOVDV´ SXHUWDV HV REYLR TXH VHUYtDQ SDUD FHUUDU HO SDVR D ORV SURIDQRVRLQFDSDFHVGHWUDVFHQGHUODPDWHULDSHURVRQHQWUDGDVSDUD DTXHOORVFDSDFHVGHPRYHUVHHQRWUDVGLPHQVLRQHVGHFDUiFWHUHVSLUL WXDORPHWDItVLFR« +DEtD YDULDV WXPEDV GH ODV FXDOHV GRV SHUWHQHFtDQ DO IDUDyQ /D PiV LPSRUWDQWH HV OD FRQRFLGD SLUiPLGH HVFDORQDGD UHVXOWDGR GH OD VXSHUSRVLFLyQGHYDULDVPDVWDEDV«/DGXSOLFLGDGH[LVWHQWHHQHOPR QXPHQWRVHGHEHDODFDOLGDGGHOIDUDyQFRPRUH\GHO1RUWH\GHO6XU HLQFOXtDYHVWLPHQWDVGLIHUHQWHVSDUDFDGDFHUHPRQLD$VtH[LVWHQGRV JUDQGHVSDWLRVGHOMXELOHRWDPELpQUHSURGXFFLyQGHORVTXHXVyHOUH\ HQYLGD$WUDYpVGHXQDPDJQLILFDJDOHUtDVHDFFHGHDOSDWLRGRQGHHO .DGHOIDUDyQHIHFWXDEDORVDFWRVULWXDOHVGHOMXELOHRTXHUHQRYDEDQHO YLJRUGHOIDUDyQLQFOXVRWUDVODPXHUWHItVLFD (Q OD (VWHOD GH OD 5HVWDXUDFLyQ TXH JORULILFDDHVWHIDUDyQSRGHPRVOHHU ³/RVWHPSORVGHORVGLRVHV\GHODVGLRVDV« HVWDEDQ HQ GHFDGHQFLD \ VXV VDQWXDULRV GHVWUR ]DGRV « (O SDtV HVWDED UHYXHOWR \ ORV GLRVHV ORKDEtDQLJQRUDGR«6LVHUH]DEDDXQGLRV SDUD SHGLU DOJR SDUD pO QR VH FRQVHJXtD QDGD 6XVFRUD]RQHVHVWDEDQDLUDGRV´ (VWR QRV GD XQD LGHD GHO VHQWLGR GH OD H[LVWHQFLDSDUDHOSXHEORHJLSFLRWRGRELHQ LQFOXLGD OD SURVSHULGDG PDWHULDO SURYLHQH GH ORV GLRVHV \ FXDQGR HO KRPEUH ROYLGD HVWRODVFRQVHFXHQFLDVVHKDFHQSDWHQWHV (Q UHODFLyQ D ODPDJLDKD\TXH FLWDUOD OHJHQGDULD ³PDOGLFLyQ GH ORV IDUDRQHV´ FX\R FDVR PiV OODPDWLYR HV SUHFLVDPHQWH HOGH7XWDQNDPRQFRQVXWXPED\WHVRURV LQWDFWRVGHVFXELHUWRVHQSRU+RZDUG &DUWHU 6HLV DxRV GHVSXpV GH VX GHVFXEUL PLHQWR \D VH KDEtDQ FRQWDELOL]DGR PiV GH PXHUWHV LQHVSHUDGDV R HQ H[WUDxDV FLU FXQVWDQFLDV UHODFLRQDGDV FRQ HO IDPRVR ID UDyQ (/É85(2)/25(&(51~PHUR0D\R 'H OD PDUDYLOORVD FROHFFLyQ GH REMHWRV FDVL GHJUDQFDOLGDGDUWtVWLFDTXHFRPSRQHQHOWHVRURYDPRV DFHQWUDUQRVHQHOWURQRUHFXELHUWRGHRUR\SLHGUDVVH PLSUHFLRVDV /D LPSRUWDQFLD GHO WURQR HPSLH]D SRU FRPSUHQGHU TXHHVWiUHSUHVHQWDQGRHQVtPLVPRDOD'LYLQD0DGUH ,QWHULRUFX\RQRPEUHHJLSFLRHV$VWR$VHW\TXHKDOOH JDGRDQRVRWURVHQVXIRUPDKHOHQL]DGDGH,VLV1RGHMD GH UHVXOWDU VRUSUHQGHQWH TXH HVWD UDt] VH KD\D WUDQVPL WLGR DO ODWtQ VHGLV VHGH \ VLJD SUHVHQWH HQ HO HVSDxRO VHGHDVLHQWRRLQJOpVVHDW(VWDDVRFLDFLyQQRVLQYLWD DSHQVDUHQOD0DGUH8QLYHUVDOFRPREDVHRDVLHQWRGH WRGRORFUHDGRGHWRGDVODVFULDWXUDV\WDPELpQHQVX DVSHFWRDPRURVR\GHVLQWHUHVDGR (QHOUHVSDOGRVHHQFXHQWUDODSDUHMDUHDO7X WDQNDPRQ\$QNHVDPRQFRPRORVGRVSRORVGH ODQDWXUDOH]DKXPDQDTXHGHEHQUHXQLUVHEDMRHO LPSXOVRVDJUDGRGHO$PRU3UHFLVDPHQWHHO'LRV 5DSUHVLGHODHVFHQDDFDULFLDQGRDODSDUHMDFRQ VXV UD\RV DFDEDGRV HQ IRUPD GH PDQR PiJLFR VtPERORGHOGDUFRQJHQHURVLGDG6HWUDEDMDFRQ (/É85(2)/25(&(51~PHUR0D\R ODVIXHU]DVVRODUHV\FRPRRSXHVWRVHOHOHPHQWRSD VLYRHVWiHQSLH\XQJHDO5H\FRQDFHLWHVVDJUDGRV\ HO HOHPHQWR DFWLYR SHUPDQHFH VHQWDGR HQ HO WURQR 6LQHPEDUJRHOKRPEUH\ODPXMHUVHQHFHVLWDQDWDO H[WUHPRTXHQRSXHGHQWUDQVLWDUSRUVHSDUDGRHOFD PLQR GH OD 9LGD SRU HVR D 7XWDQNDPRQ OH IDOWD OD VDQGDOLDGHUHFKD\D$QNHVDPRQODL]TXLHUGD /RVUHSRVDEUD]RVFRQWLHQHQDGHPiVGHOQRPEUH VDJUDGRGHOIDUDyQDODFREUDGLYLQDOHYDQWDGD\FR URQDGDFRQODGREOHFRURQDGHOUHLQRGH(JLSWRTXH DGHPiVUHSUHVHQWDHOHVWDGRHVSLULWXDOGHOIDUDyQKD FRQTXLVWDGR\UHXQLGRVXQDWXUDOH]DPDWHULDORFXHU SRItVLFR%DMR(JLSWRFRQVXSDUWHHVSLULWXDOHO6HU HO$OWR(JLSWR 3DUDILQDOL]DUHVWDUHDOL]DFLyQVHDOFDQ]D D EDVH GH OXFKDV FRQVFLHQWHV OR TXH TXH GD UHIOHMDGR HQ ODV SDWDV TXH VRVWLHQHQ HO WURQR /DV JDUUDV SDWDV \ FDEH]DV GH OHyQ VLJQLILFDQ HO VRPHWLPLHQWR \ GRPLQLR GHO IXHJRDQLPDOTXHDQLPDQXHVWUDVEDMDVSD VLRQHV« (/É É85( 85(2 8 85 5(2) )/25 /25(&(5 / /2 25 5(&(51~PHUR 1 1~~P 1~P ~PHUR PHHUR URR R 0D\R 0D 0D\\R R PSICOFISIOLOGÍA y GNOSIS Dr. Bernard Morin Tema presentado en el XIX CONGRESO GNÓSTICO INTERNACIONAL DE ANTROPOLOGÍA - EGIPTO 2009 ¡<`ËP^WL;^TNZ^TZWZRÏL*0^_P_Ë]XTYZP^`YYPZWZRT^ XZNZX[`P^_ZOPWL^[LWLM]L^[^TNZWZRÏLd^TZWZRÏL7L;^T NZWZRÏLP^WLNTPYNTL\`PP^_`OTLY`P^_]Z^Q`YNTZYLWT^XZ^ XPY_LWP^dPXZNTZYLWP^PY_LY_Z\`PWL1T^TZWZRÏL_TPYP[Z] ZMUP_ZPWP^_`OTZOPWQ`YNTZYLXTPY_ZOPWZ^Õ]RLYZ^dNËW` WL^OPWN`P][ZQÏ^TNZ7L;^TNZ^TZWZRÏLP^[`P^PWP^_`OTZOP WL^]PWLNTZYP^PY_]PWZ^SPNSZ^[^Ï\`TNZ^d^TZWÕRTNZ^ (/É85(2)/25(&(51~PHUR0D\R 36,&2),6,2/2*Ì$<*126,6 +,6725,$ /D 3VLFRILVLRORJtD FRPHQ]y D GHVDUUROODUVH D SDUWLU GHO VLJOR ;,; JUDFLDV D ODV REVHUYDFLRQHV GH ODV UHSHU FXVLRQHVGHHPRFLRQHVFRPRHOPLHGRRHOVWUHVVVREUH ODWHQVLyQDUWHULDOODIUHFXHQFLDFDUGLDFD\UHVSLUDWRULD 'HVSXpV D SDUWLU GH OD PHGLFLyQ GH OD DFWLYLGDG HOpFWULFD GHO FHUHEUR PHGLDQWH HO HOHFWURHQFHIDORJUDPD KD SHUPLWLGR REMHWLYDU ORV HIHFWRV GH QXHVWURV HVWDGRV SVLFROyJLFRV VREUH OD DFWLYLGDG FHUHEUDO 6HJXLGDPHQWH HQORVDxRVQRYHQWDODVLPiJHQHVIXQFLRQDOHVGHOFHUH EURREWHQLGDVSRUUHVRQDQFLDPDJQpWLFDQRVKDQPRV WUDGRHQWLHPSRUHDOODV]RQDVGHOFHUHEURLPSOLFDGDVHQ ORV HVWDGRV HPRFLRQDOHV 3DUDOHODPHQWH ORV SURJUHVRV KHFKRVGXUDQWHODVHJXQGDPLWDGGHOVLJOR;;HQ%LRTXt PLFDQRVGDQDKRUDODSRVLELOLGDGGHGRVLILFDUGLYHUVDV KRUPRQDV \ QHXURWUDQVPLVRUHV SUHVHQWHV HQ OD VDQJUH &RQ OD D\XGD GH WRGD HVWD WHFQRORJtD FRQWHPSRUiQHD SRGHPRV DFWXDOPHQWH REMHWLYDU \ FXDQWLILFDU GH IRUPD SUHFLVDORVHIHFWRVItVLFRVGHQXHVWURVHVWDGRVLQWHULRUHV +HDTXtRWUDFLWDGHO906DPDHO$XQ:HRU ³/DPiTXLQDRUJiQLFDHVPX\LQWHUHVDQWHSRUHVWDUD]yQ PHUHFH OD SHQD FRQRFHUOD (O FXHUSR KXPDQR HQ Vt PLVPR \ SRUVtPLVPRWLHQHVXELRORJtDVXDQDWRPtDVXSDWRORJtDHWF \FDGD]RQDGHOFHUHEURWLHQHLQGXELWDEOHPHQWHPXFKRVSRGH UHVYLWDOHVHQUHVHUYD´&RQIHUHQFLDWLWXODGD³(OHTXLOLEULR GHORVFHQWURVGHHQHUJtD´6$: YpVGHWRGRHORUJDQLVPR/D]RQDGHFRQWDFWRHQWUHODV GHQGULWDV \ ORV D[RQHV VH OODPD VLQDSVLV +D\ PLOORQHV GHVLQDSVLVHQQXHVWURVLVWHPDQHUYLRVR\FDGDQHXURQD GHQXHVWURFHUHEURSXHGHWHQHUKDVWDGHQGULWDV 6HWUDWDSXHVGHXQDYHUGDGHUDUHG/DWUDQVPLVLyQGHO LPSXOVRQHUYLRVRVHOOHYDDFDERHQWUHODVVLQDSVLVGHIRU PDHOpFWULFDSHURWDPELpQDWUDYpVGHXQRVPHGLDGRUHV TXtPLFRVOODPDGRVQHXURWUDQVPLVRUHV+D\SRUORWDQWR GRVWLSRVGHVLQDSVLVODHOpFWULFD\ODTXtPLFD 9HDPRVFyPRIXQFLRQDODVLQDSVLVTXtPLFD$OSULQFL SLR ODV YHVtFXODV TXH FRQWLHQHQ ORV QHXURWUDQVPLVRUHV HVWiQDOPDFHQDGDVHQODQHXURQDSUHVLQiSWLFD/DOOHJD GDGHOLPSXOVRQHUYLRVRGHVHQFDGHQDODOLEHUDFLyQGHORV QHXURWUDQVPLVRUHVHQODVLQDSVLVORVFXDOHVYDQDDFWLYDU ORVUHFHSWRUHVHQODQHXURQDSRVWVLQiSWLFDSDUDWUDQVPL WLUGHQXHYRHOLPSXOVRQHUYLRVR8QDYH]WUDQVPLWLGDOD VHxDOORVQHXURWUDQVPLVRUHVJUDFLDVDXQSURFHVRGHUH FDSWDFLyQVRQDOPDFHQDGRVGHQXHYRHQODVYHVtFXODVGH ODVQHXURQDVSUHVLQiSWLFDV7DPELpQSXHGHQVHUGHVWUXL GRVSRUFLHUWDVHQ]LPDVRVHUOLEHUDGRVHQODVDQJUH/RV QHXURWUDQVPLVRUHV VRQ SXHV ORV YHUGDGHURV PHQVDMHURV TXtPLFRVDOSHUPLWLUODWUDQVPLVLyQGHOLPSXOVRQHUYLR VRHQWUHODVQHXURQDVRXQDUHVSXHVWDELROyJLFDGHXQyU JDQRSUHGHWHUPLQDGRFRPRSRUHMHPSORXQP~VFXOR $KRUDYDPRVDSDVDUUHYLVWDUiSLGDPHQWHDORVSULQ FLSDOHV WLSRV GH QHXURWUDQVPLVRUHV \D TXH KD\ PiV GH VHVHQWD 1(852),6,2/2*Ë$ 3DUD FRPSUHQGHU PHMRU OD 3VLFRILVLRORJtD KDEODUH PRV DKRUD GHO IXQFLRQDPLHQWR GHO VLVWHPD QHUYLRVR (VWi GLYLGLGR HQGRV SDUWHV OD SULPHUD HO VLVWHPD QHU YLRVR FHQWUDO FRQVWLWXLGR SRU HO FHUHEUR HO FHUHEHOR \ ODPpGXODHVSLQDODVtFRPRSRUHOVLVWHPDQHUYLRVRSH ULIpULFR TXH HVWi IRUPDGR SRU ORV QHUYLRV +D\ WUHV UH GHVGHQHUYLRVTXHVRQFRPSDUDEOHVDFDEOHVHOpFWULFRV RUJDQL]DGRVDYHFHVHQSOH[RV(OSULPHURHVHOVLVWHPD VRPiWLFRTXHHVWiUHODFLRQDGRFRQODUHFHSFLyQ\WUDQV PLVLyQGHVHxDOHVTXHSURYLHQHQGHOHQWRUQRDWUDYpVGH ORVFLQFRVHQWLGRV6XSDUWHYROXQWDULDFRQWURODWDPELpQ OD DFWLYLGDG GH ORV P~VFXORV (O VHJXQGR HV HO VLVWHPD VLPSiWLFR\HOWHUFHURHVHOVLVWHPDSDUDVLPSiWLFR(VWRV ~OWLPRV FRRUGLQDQ OD DFWLYLGDG GH ODV IXQFLRQHV YLWDOHV FRPRODUHVSLUDFLyQODGLJHVWLyQODIUHFXHQFLDFDUGtDFD \IXQFLRQDQGHPDQHUDLQYROXQWDULD\DXWyQRPD /D XQLGDG IXQGDPHQWDO GHO VLVWHPD QHUYLRVR HV OD QHXURQD/DQHXURQDFRQWLHQHXQDVH[WHQVLRQHVFRUWDV\ UDPLILFDGDVOODPDGDVGHQGULWDVDVtFRPRXQDSURORQJD FLyQ~QLFDPiVODUJDOODPDGDD[yQODFXDOSXHGHPHGLU KDVWDXQPHWURHQHOVHUKXPDQR8QDJUXSDPLHQWRGH D[RQHVFRQVWLWX\HXQQHUYLR/DVGHQGULWDV\ORVD[RQHV SHUPLWHQODFRQH[LyQHQWUHODVGLIHUHQWHVQHXURQDVSDUD FRQGXFLUHOLPSXOVRQHUYLRVRGHQWURGHOFHUHEUR\DWUD (/É85(2)/25(&(51~PHUR0D\R 36,&2),6,2/2*Ì$<*126,6 6(52721,1$ '23$0,1$ /D VHURWRQLQD HV VLQWHWL]DGD HQ ODV QHXURQDV D SDUWLU GH XQ DPL QRiFLGR HVHQFLDO HO WULSWyIDQR 6H HQFDUJDGHODUHJXODFLyQGHGLYHUVDV IXQFLRQHVFRPRHODSHWLWRHOVXHxR ODVH[XDOLGDGHOiQLPR\ODVHPRFLR QHV8QGHVHTXLOLEULRGHODVHURWRQL QD SXHGH FRQOOHYDU GHVyUGHQHV GHO VXHxR DQVLHGDG VtQWRPDV GHSUHVL YRV LGHDV VXLFLGDV DJUHVLYLGDG DVt FRPR REVHVLRQHV R FRPSXOVLRQHV &LHUWRVPHGLFDPHQWRVTXHWLHQHQOD SURSLHGDG GH DXPHQWDU ORV QLYHOHV GH VHURWRQLQD EORTXHDQGR VX UH FDSWDFLyQRVXGHJUDGDFLyQHQODVL QDSVLVVRQXWLOL]DGRVGHVGHORVDxRV FLQFXHQWDSDUDWUDWDUHVWDGRVGHSUH VLYRVDQVLRVRVXREVHVLYRFRPSXOVL YRVFRPELQDGRVFRQSVLFRWHUDSLD /D GRSDPLQD HV XQ QHXURWUDQV PLVRU VLQWHWL]DGR D SDUWLU GH XQ DPLQRiFLGROD/WLURVLQDeVWDHVOD SUHFXUVRUD GH OD QRUDGUHQDOLQD \ OD DGUHQDOLQD 7LHQH P~OWLSOHV IXQFLR QHV HQ HO RUJDQLVPR KXPDQR (VWL PXODHOFRUD]yQHLQFUHPHQWDODWHQ VLyQDUWHULDO(VWiUHODFLRQDGDFRQHO FRQWUROGHOPRYLPLHQWR\GHODSRV WXUD GH PDQHUD TXH OD GHVWUXFFLyQ GHFLHUWDVQHXURQDVGHOFHUHEUROOD PDGDV GRSDPLQpUJLFDV YD D RFDVLR QDUODULJLGH]TXHHQFRQWUDPRVHQOD HQIHUPHGDGGH3DUNLQVRQ (V WDPELpQ FRQVLGHUDGD FRPR HO DJHQWH GHO SODFHU SXHV WLHQH XQ SDSHOGHHVWLPXODFLyQHQHOFHUHEUR 3RUHVWRVHODUHODFLRQDFRQODGHSHQ GHQFLDDODVGURJDVFRPRODFRFDtQD R OD QLFRWLQD TXH VH HQFXHQWUD HQ HO WDEDFR 6X IXQFLyQ HQ HO SURFH VR GH DWHQFLyQ HV LPSRUWDQWtVLPD \ XQPDOIXQFLRQDPLHQWRDHVWHQLYHO FRQOOHYD GHVyUGHQHV GH DWHQFLyQ \ GH KLSHUDFWLYLGDG FDXVDQGR IUDFDVR HVFRODU\SURIHVLRQDOeVWHSUREOHPD YDHQDXPHQWRKR\HQGtDFRQXQD WDVDTXHDVFLHQGHKDVWDHOFLQFRSRU FLHQWRHQQLxRV\DGXOWRV(OXVRGH SVLFRHVWLPXODQWHV FRPR HO PHWLOIH QLGDWR5LWDOtQ\ODGH[WURDQIHWDPL QD'H[LGULQDUHVXOWDDPHQXGRVHU QHFHVDULRHQHVWHFDVRSDUDFRPSHQ VDUODVGLVIXQFLRQHVGRSDPLQpUJLFDV 125$'5(1$/,1$ /D QRUDGUHQDOLQD HV XQ QHXUR WUDQVPLVRU FRQVLGHUDGR WDPELpQ FRPR XQD KRUPRQD SRUTXH HV VLQ WHWL]DGR SRU ODV JOiQGXODV PpGXOR VXSUDUUHQDOHV (V SURGXFLGD WDP ELpQ SRU ODV QHXURQDV GHO FHUHEUR OD PpGXOD HVSLQDO \ SRU HO VLVWHPD QHUYLRVR VLPSiWLFR -XHJD XQ SDSHO LPSRUWDQWHHQODDWHQFLyQHODSUHQ GL]DMH HO iQLPR HO VXHxR ORV VXH xRV\ODVHPRFLRQHV (QODUHDFFLyQGHHVWUpVDXPHQ WDODWHQVLyQDUWHULDO\ODIUHFXHQFLD FDUGtDFD SDUD SUHSDUDUQRV D DIURQ WDU XQ SHOLJUR 6X LPSOLFDFLyQ HQ OD DWHQFLyQ KD SHUPLWLGR HO XVR GH XQ PHGLFDPHQWR TXH EORTXHD GH IRUPD VHOHFWLYD OD UHFDSWDFLyQ GH OD QRUDGUHQDOLQDHQODVLQDSVLVDItQGH WUDWDU ORV GHVyUGHQHV GH DWHQFLyQ \ ODKLSHUDFWLYLGDGHQQLxRV\DGXOWRV &LHUWRV PHGLFDPHQWRV TXH DF W~DQ D OD YH] VREUH OD VHURWRQLQD \ OD QRUDGUHQDOLQD VH HPSOHDQ SDUD FXUDU ORV GHVyUGHQHV GH DQVLHGDG R GHSUHVLyQ (/É85(2)/25(&(51~PHUR0D\R $&(7,/&2/,1$ /D DFHWLOFROLQD HV XQ QHXURWUDQVPLVRU TXH DF W~D VREUH PXFKRV yUJD QRV GHO FXHUSR KXPDQR 3URYRFD OD FRQWUDFFLyQ PXVFXODU UDOHQWL]D HO FR UD]yQ FRQWUDH ORV EURQ TXLRV \ KDFH GHVFHQGHU OD WHQVLyQ DUWHULDO (V HO DJHQWH GHO VLVWHPD QHU YLRVRVSDUDVLPSiWLFRTXH SHUPLWH DWHPSHUDU DO VLV WHPD VLPSiWLFR GXUDQWH XQD UHDFFLyQ GH HVWUpV PHGLDQWH XQ FRQWURO YROXQWDULR GH OD UHVSLUD FLyQ (VWi SXHV UHODFLR QDGDFRQODVSUiFWLFDVGH UHODMDFLyQ \ PHGLWDFLyQ -XHJDDVtPLVPRXQSDSHO SULPRUGLDO HQ ORV SURFH VRVGHPHPRUL]DFLyQ\GH DSUHQGL]DMH $GHPiV VH HQFDUJD GHO GHVSHUWDU OD DWHQFLyQ ODLUDODDJUHVLyQODVH[XDOLGDG\OD VHG /D HQIHUPHGDG GH $O]KHLPHU VHDVRFLDDXQD IDOWDGH DFHWLOFROLQD HQ FLHUWDV ]RQDV GHO FHUHEUR &LHU WRV PHGLFDPHQWRV TXH LPSLGHQ OD GHJUDGDFLyQGHODDFHWLOFROLQDHQOD VLQDSVLVSHUPLWHQUHWDUGDUWHPSRUDO PHQWHODHYROXFLyQGHHVWDHQIHUPH GDG $TXt ILQDOL]R OD HQXPHUDFLyQ GH ORV SULQFLSDOHV QHXURWUDQVPLVR UHV GHO VLVWHPD QHUYLRVR VDELHQGR FRPR \D KH GLFKR DQWHULRUPHQWH TXH KD\ PiV GH VHVHQWD (O REMHWL YR GH HVWDV H[SOLFDFLRQHV SUHWHQGH VREUH WRGR KDFHUQRV FRPSUHQGHU FyPRHOGHVHTXLOLEULRGHFXDOTXLHUD GH HVWRV QHXURWUDQVPLVRUHV SXHGH WHQHU FRQVHFXHQFLDV SDUD QXHVWURV FHQWURV LQWHOHFWXDO HPRFLRQDO PR WRULQVWLQWLYRRVH[XDO 7RGRV QRVRWURV VDEHPRV TXH HO RUJDQLVPR KXPDQR HV XQD PiTXL QD PDUDYLOORVD FRQ FLQFR FHQWURV &RPRVHWUDWDGHXQDPiTXLQDFRQ OD TXH WHQHPRV TXH UHODFLRQDUQRV WRGDQXHVWUDYLGDHVQHFHVDULRWHQHU XQ FLHUWR FRQRFLPLHQWR EiVLFR GH HOODTXHQRVSHUPLWDYLYLUFRQVDOXG \PXFKRWLHPSR 'HPDVLDGDV SHUVRQDV PXHUHQ D FDXVDGHXQRVPDORVKiELWRVGHYLGD R SRU QR UHVSHWDU ODV OLPLWDFLRQHV GHOFXHUSRItVLFR3RUTXHHQHIHFWR QXHVWURFXHUSRItVLFRWLHQHFLFORVGH DFWLYLGDG\FLHUWDVOLPLWDFLRQHV(VWR KD TXHGDGR ELHQ GHPRVWUDGR FRQ ORV ELRUULWPRV 1XHVWURV FLQFR FHQ WURV WLHQHQ FLFORV FRQ SHUtRGRV GH DOWRV \ EDMRV GRQGH VX SURSLD HQHU JtDHVPiVRPHQRVLQWHQVD6HWUDWD SXHVGHODOH\GHOSpQGXOR&RQYLH QH SXHV DKRUUDU QXHVWUDV HQHUJtDV FXDQGRHVWiQHQVXQLYHOPiViOJLGR SDUD QR HQFRQWUDUQRV FRQ XQD LQ WHQVD IDWLJD GXUDQWH HO SHULRGR GH GHVFHQVR (QVXVOLEURVHO0DHVWUR6DPDHO QRV GLFH TXH HO DEXVR HPRFLRQDO SUR YRFD HQIHUPHGDGHV FDUGtDFDV < ELHQ XQ IHQyPHQR SHFXOLDU YLHQH D FR UURERUDU HVWD DILUPDFLyQ VH WUDWD GHO³EURNHQKHDUWV\QGURPH´R³VtQGUR PHGHOFRUD]yQURWR´(QHIHFWRVHKD REVHUYDGRTXHDOJXQDVSHUVRQDVTXH KDQVXIULGRODSpUGLGDGHXQVHUTXH ULGRSUHVHQWDEDQFULVLVFDUGtDFDVFRQ XQ LQWHQVR GRORU HQ HO FHQWUR GHO FRUD]yQ 6LQ HPEDUJR HVWDV SHUVR QDV QR WHQtDQ QLQJXQD HQIHUPHGDG FDUGtDFD SUHYLD QL EORTXHR DOJXQR GH ODV DUWHULDV FDUGtDFDV /D WULVWH]D \ HO HVWUpV LQWHQVR FRQOOHYDURQ XQD VHFUHFLyQ GH DGUHQDOLQD \ GH RWURV QHXURWUDQVPLVRUHV TXH YHUGDGHUD PHQWH SURYRFDURQ XQ HVSDVPR GH SHTXHxDVDUWHULDVGHOFRUD]yQ\FDX VDQGRDVtXQDWDTXHFDUGtDFR 1XHVWUDPiTXLQDKXPDQDHVGH XQDFRPSOHMLGDGH[WUDRUGLQDULD\OD FLHQFLD DFWXDO QR KD FRQVHJXLGR WR GDYtD FRQRFHUOD SHUIHFWDPHQWH 6LQ HPEDUJRVHVDEHTXHKDVLGRSURJUD PDGD SDUD PDQWHQHU XQ HVWDGR GH HTXLOLEULRTXHOHSHUPLWDUHDFFLRQDU IUHQWHDWRGRORTXHSXHGDDPHQD]DU ODVDOXG 7LHQH PDUDYLOORVRV SURFHVRV ELRTXtPLFRVGHORVFXDOHV\DKHPRV KDEODGR TXH VH SRQHQ HQ IXQFLR QDPLHQWR DQWH FXDOTXLHU SHOLJUR R IUHQWH DO HVWUpV SHUR WDPELpQ SDUD TXH VLQWDPRV XQ ELHQHVWDU ItVLFR PHQWDO \ HPRFLRQDO (O FHQWUR LQV WLQWLYR IXQFLRQD VHJ~Q HO ELQRPLR SODFHU \ PDOHVWDU 6L WHQHPRV KDP EUHVHQWLPRVXQDPROHVWLD6LFRPH PRV VHQWLPRV SODFHU (O FDQVDQFLR JHQHUD HQ QRVRWURV OD QHFHVLGDG GH UHSRVR R VXHxR 7RGDV HVWDV VHQVD FLRQHVVRQFDXVDGDVSRUORVGLIHUHQ WHVQHXURWUDQVPLVRUHV (OSUREOHPDHVTXHQRVRWURVQR VLHPSUH UHVSHWDPRV ORV PHQVDMHV TXHQXHVWURFXHUSRQRVHQYtDRORV LQWHUSUHWDPRV HUUyQHDPHQWH /R TXH QRV OOHYD D DEXVDU GH ORV FLQFR FHQWURV3RUVXSXHVWRQXHVWURFXHU SRWLHQHUHVHUYDVSDUDVXSHUDUVHDVt PLVPR HQ VLWXDFLRQHV H[WUDRUGLQD ULDVVDOYRTXHFXDQGRODVSHWLFLRQHV VRQ SURORQJDGDV R GHPDVLDGR IUH FXHQWHVFRPRSRUHMHPSORGHVSXpV GHXQDSULYDFLyQGHVXHxR HOFXHU (/É85(2)/25(&(51~PHUR0D\R 36,&2),6,2/2*Ì$<*126,6 SR TXHGD DJRWDGR \ QRV YROYHPRV YXOQHUDEOHVDODVHQIHUPHGDGHV 6XFHGH OR PLVPR FRQ HO HVWUpV SURORQJDGRTXHFRQOOHYDXQDH[DJH UDGD VHFUHFLyQ GH DGUHQDOLQD KDVWD HOSXQWRHQHOTXHQRVHQWLPRVPiV HOFDQVDQFLRVLQRPiVELHQXQHVWD GR GH VREUHH[FLWDFLyQ 7RGR DEXVR SURORQJDGRSURYRFDODGHJHQHUDFLyQ GH ODV FpOXODV \ HO HQYHMHFLPLHQWR SUHPDWXUR /R SHRU HV TXH QR VyOR SRQH PRVQXHVWUDPiTXLQDDOOtPLWHVLQR TXHDGHPiVKDFHPRVXVRGHQHXUR HVWLPXODQWHVDEXVDQGRSRUHMHPSOR GH OD FDIHtQD SDUD VHU PiV FRPSHWL WLYRV /D FDIHtQD WLHQH HO HIHFWR GH EORTXHDUORVUHFHSWRUHVGHXQQHXUR WUDQVPLVRU OODPDGR DGHQRVLQD FX\R SDSHO HV SURYRFDU OD VHQVDFLyQ GH VXHxR eVWD JHQHUD WDPELpQ OD OLEH UDFLyQ GH DGUHQDOLQD OR TXH LQFUH PHQWD QXHVWUR QLYHO GH DWHQFLyQ \ QRV GD XQ DOWR GH HQHUJtD 6H VDEH TXH XQ QLYHO HOHYDGR GH DGUHQDOLQD HVHOUHVSRQVDEOHGHODVSDOSLWDFLRQHV FDUGtDFDV)LQDOPHQWHODFDIHtQDSUR YRFD OD OLEHUDFLyQ GH OD GRSDPLQD TXHQRVGDXQDVHQVDFLyQGHSODFHU 1RHVSXHVGHH[WUDxDUTXHHO 1RHVSXHVGHH[WUDxDUTXHHO GHORVDGXOWRV DPHULFDQRV GHORVDGXOWRV DPHULFDQRV Q FDIp /D EHEDQ /D FD IHtQD HVWi FRQVLGHUDGD YHUGDGHUD PHQWHFRPRXQDGURJDSRUTXHFDX VDGHSHQGHQFLDFXDQGRVHFRQVXPH FRQUHJXODULGDG\FRQXQVtQGURPH GH DEVWLQHQFLD FXDQGR VH GHMD TXH VHFDUDFWHUL]DSRUGRORUHVGHFDEH]D VRPQROHQFLD \ XQD IDWLJD LQWHQVD 3RUWDQWRHVPHMRUKDFHUXVRGHHOOD GH IRUPD RFDVLRQDO \ HYLWDUOD HYLWDU HVSH FLDOPHQWHDOILQDOGHOGtDSRUTXHVX FLDOPHQWHDOILQDOGHOGtDSR FRQVXPRUHJXODUEORTXHDORVVLJQRV FRQVXPRUHJXODUEORTXHDOR GHIDWLJDTXHQXHVWURFXHUSRQRVHQ GHIDWLJDTXHQXHVWURFXHUSR YtDORTXHQRVFRQGXFHDODEXVRFRQ YtDORTXHQRVFRQGXFHDODE WRGDV VXV FRQVHFXHQFLDV QHIDVWDV SDUDODVDOXG 7HQHPRV TXH JR]DU GH G VDOXG SDUD UHDOL]DU QXHVWUR WUDED WUDEDMR SVLFR OyJLFR $SUHQGDPRV D UHVSHWDU ODVVHxDOHVTXHQXHVWURFXHU ODVVHxDOHVTXHQXHVW SRItVLFRQRVHQYtDDItQGH SRItVLFRQRVHQYtD SURORQJDU QXHVWUD QXHVWU YLGD VLQFDHUFODURHVWiHQOD VLQFDHUFODURHVW SHUH]D (V QHFHVDULR UHVSHWDU HO FDQVDQFLR VDELHQGR VDELHQ TXH WDPELpQ SXHGH VHU VH FDXVD GR SRU XQD HHQIHUPH GDG ItVLFD (Q HVWH ~OWLPR FDVR HV SUHIHULEOH S FRQVXOWDU D FRQVXO XQ PpGLFR SDUD TXH QRV T UHDOLFH XQD XQ HYD OXDFLyQ FRPSOHWD FR 6L QR KD\ QLQJXQD Q HQIHUPHGDG ItVLFD VXE\DFHQWH VXE HQWRQFHV HV SRVLEOH TXH QR HVWH ( (/É85(2) )/25(&(51~PHUR 1~PHUR0D\R PRVHQIRUPDHVGHFLUTXHVHDXQD IDOWD GH HMHUFLFLR ItVLFR RFDVLRQDGR SRUXQDYLGDVHGHQWDULD +HPRVPHQFLRQDGRTXHXQDEX VR GH ORV FHQWURV HV QHIDVWR SDUD OD VDOXG SHUR OD LQDFWLYLGDG WDPELpQ ORHV/RTXHQRVHXVDVHDWURILD(O FHQWURPRWRUQHFHVLWDXQPtQLPRGHDF WLYLGDG 7RGRV ORV HVWXGLRV SUXHEDQ TXH OD DFWLYLGDG ItVLFD SUDFWLFDGD UHJXODUPHQWH SUHYLHQH ODV HQIHUPH GDGHV FDUGtDFDV OD GLDEHWHV \ OD KL SHUWHQVLyQDUWHULDOTXHHVWiQFRQVL GHUDGDV HQWUH ODV SULQFLSDOHV FDXVDV GHPRUWDOLGDG 7DPELpQ VDEHPRV TXH HO HMHUFL FLR ItVLFR LQFUHPHQWD ORV QLYHOHV GH VHURWRQLQD \ GH GRSDPLQD GH ORV FXDOHV GHSHQGH QXHVWUR ELHQHVWDU ItVLFR\HPRFLRQDO$GHPiVXQHVWX GLRUHFLHQWHGHXQDVSHUVRQDV FX\DPHGLDGHHGDGHVWDEDHQORV DxRVKDGHPRVWUDGRTXHODSUiFWLFD UHJXODU GH DFWLYLGDGHV ItVLFDV GH LQ WHQVLGDGHOHYDGDUHWDUGDHOHQYHMHFL PLHQWRGHORVJHQHVHQDSUR[LPDGD PHQWHDxRV 9ROYDPRV GH QXHYR DKRUD D ORV HIHFWRV ItVLFRV GH QXHVWURV HVWDGRV SVtTXLFRV +HPRV YLVWR TXH pVWRV HVWiQ FDXVDGRV SRU ORV GLIHUHQWHV QHXURWUDQVPLVRUHV /RTXHHVLQWHUHVDQWHHVHOKHFKR GH TXH HVWDV VXVWDQFLDV TXtPLFDV VHJUHJDGDV SRU QXHVWUDV QHXURQDV DFW~DQEDMRHOPLVPRSULQFLSLRTXH ODV GURJDV SDUD FDXVDUQRV SODFHU (VWR QRV SHUPLWH FRQFOXLU TXH ORV HVWDGRV HUUyQHRV GH ORV FLQFR FHQWURVKDFHQGHQRVRWURVSHUVRQDV LQWR[LFDGDV 1XHVWUDV QHXURQDV VH YXHOYHQ GHSHQGLHQWHV GH ORV H[FHVRVGHVHFUHFLRQHVGHORVQHXUR WUDQVPLVRUHV 6H GHVDUUROOD WDPELpQ XQ IHQyPHQR GH WROHUDQFLD TXH FRQOOHYDXQDQHFHVLGDGPiVHOHYDGD GH HPRFLRQHV GH SHQVDPLHQWRV R GH VHQWLPLHQWRV SDUD REWHQHU HO PLVPRHIHFWR 1XHVWURV GLIHUHQWHV HJRV FULVWDOL ]DQSXHVHQQXHVWURFXHUSRItVLFRHQ IRUPD GH GHSHQGHQFLD D ORV QHXUR WUDQVPLVRUHV DVt FRPR HQ OD PHPR ULD GH QXHVWUDV QHXURQDV &RQVH FXHQWHPHQWH SRGHPRV FRQVWDWDU TXH OD UHVLVWHQFLD D OD HOLPLQDFLyQ GH QXHVWURV GHIHFWRV QR HV VROR SVL FROyJLFD VLQR WDPELpQ ItVLFD GHELGR DOVtQGURPHGHDEVWLQHQFLDFRPRVH REVHUYDHQORVGURJDGLFWRV/DSULYD FLyQ GH XQD GURJD RFDVLRQD QXPH URVRVVtQWRPDVItVLFRV\SVLFROyJLFRV FRPR DQVLHGDG LUULWDELOLGDG LPSD FLHQFLD\GHSUHVLyQ+HDTXtSRUTXp QR VLHPSUH HV IiFLO HOLPLQDU ODV GLV WLQWDVVHQVDFLRQHVTXHHOHJREXVFD (OWUDEDMRVREUHVtPLVPRVHVGH KHFKR WDPELpQ XQ HQWUHQDPLHQWR SDUD HO GRPLQLR GHO FXHUSR ItVLFR PHGLDQWH OD LPSRVLFLyQ GH ORV SD GHFLPLHQWRV YROXQWDULRV FRPR OR PHQFLRQD HO 0DHVWUR 6DPDHO 0H GLDQWH OD PXHUWH GHO HJR QRV DSDU WDPRVSURJUHVLYDPHQWHGHOSODFHUGH ORV FLQFR VHQWLGRV \ DEDQGRQDPRV HO DEXVR GH ORV FLQFR FHQWURV (VWR UHVWDEOHFH HO HTXLOLEULR GH QXHVWUR FXHUSRItVLFRGiQGRQRVVDOXG\ELHQ HVWDU VLQ ROYLGDU HO GHVSHUWDU GH OD FRQFLHQFLD /LEHUiQGRQRV GH OD HV FODYLWXGGHORVVHQWLGRVDFWLYDPRVHO FUHFLPLHQWRGHQXHVWUD$OPD ¢&XiOHVSXHVHOHIHFWRGHQXHV WUDV SUiFWLFDV GH PHGLWDFLyQ \ FRQ FHQWUDFLyQ HQ QXHVWUR FHUHEUR \ HQ HOUHVWRGHOFXHUSR"¢(OGHVSHUWDUGH ¢ OD D FRQFLHQFLD PRGLILFD FD QXHVWUR FHUHEUR" HUHEUR" 8QD H[FHOHQWH UHYLV UHHYLV WD D TXH KD SXEOLFDGR SXEOLFDGR R HQWUH QWUH \ PiV GH HVWX GLRV VREUH OD PH GLWDFLyQ WLWXODGD ³7KH 7KH SK\VLFDO DQG V\FKRORJLFDO HIIHFW SV\FKRORJLFDO RI PHGLWDWLRQ´ I PHGLWDWLRQ´ ³(O ³(O HIHFWR ItVLFR \ SVLFROyJLFR GH OD D PHGLWDFLyQ´ PHGLWDFLyQ´ KDSRGLGRGHPRV WUDUTXHODPHGLWD UDUTXHODPHGLWD FLyQ LyQ DSRUWD QXPH URVRVEHQHILFLRVSDUD RVRVEHQHILFLRVSDUD HO O FHUHEUR \ HO FXHUSR FXHUSR R ItVLFRHQVXWRWDOLGDG tVLFRHQVXWRWDOLGDG 3HUR VREUH WRGR WRGR PHJXVWDUtDKDEODUOHV GHO PHJXVWDUtDKDEODUOHVGHO FRQFHSWR RQFHSWR GH OD SODVWLFLGDG SODVWLLFLGDG GHO HO FHUHEUR 3RU SODVWLFLGDG SODVWLFFLGDG HQ WHQGHPRVODSRVLELOLGDGTXHWLHQHHO FHUHEUR SDUD UHJHQHUDUVH $QWHV GHO GHVDUUROOR GH ODV WpFQLFDV GH LPDJL QHUtD IXQFLRQDO GHO FHUHEUR HVWDED FRP~QPHQWHDFHSWDGRTXHODVQHX URQDVQRWHQtDQQLQJXQDSRVLELOLGDG GH UHJHQHUDUVH 3HUR DKRUD KHPRV SUREDGR OR FRQWUDULR 'H KHFKR ODV LPiJHQHVKDQHYLGHQFLDGRTXHFLHU WDV]RQDVGHOFHUHEURTXHVHKDEtDQ DWURILDGR HQ SHUVRQDV GHSULPLGDV GHVSXpV GH XQ WUDWDPLHQWR \ XQD PHMRUDFOtQLFDODVPLVPDV]RQDVUH FXSHUDURQVXYROXPHQQRUPDO 3RGHPRV GHGXFLU GH HVWR TXH ORV SHQVDPLHQWRV QHJDWLYRV VRQ GDxLQRV SDUDHOFHUHEUR\HVWRHVORTXHVLHP SUHKDVRVWHQLGRHO0DHVWUR6DPDHO HQ VXV REUDV $KRUD \D WHQHPRV OD SUXHED $GHPiV VDEHPRV TXH HO DEXVR GH FXDOTXLHUD GH ORV FHQWURV HV SHUMXGLFLDO SDUD HO FHUHEUR 3HUR ORTXHHVLQWHUHVDQWHHVTXHPHGLDQ WH HO XVR HTXLOLEUDGR GH ORV FLQFR FHQWURV WHQHPRV OD SRVLELOLGDG GH UHJHQHUDUQXHVWUDVFpOXODVFHUHEUDOHV GDxDGDVSRUTXHHOVLVWHPDQHUYLRVR WLHQHSODVWLFLGDG\HVWRHVWi\DSURED GRFLHQWtILFDPHQWH (O 0DHVWUR 6DPDHO KDEODED \D GH HVWR HQ ORV DxRV FLQFXHQWD (Q HIHFWR pO GHFtD TXH HO FHUHEUR GHO VHUKXPDQRDFWXDOHVWiGHJHQHUDGR TXHPXFKDV]RQDVGHOFHUHEUR\DQR (/É85(2)/25(&(51~PHUR0D\R IXQFLRQDQ\TXHPHGLDQWHHOWUDEDMR VREUH Vt PLVPR \ OD WUDQVPXWDFLyQ VHSRGtDUHJHQHUDU 9ROYDPRV DKRUD D ODV LQYHVWLJD FLRQHV GH HVWD IDPRVD UHYLVWD GH OL WHUDWXUD HQ PDWHULD GH PHGLWDFLyQ %LHQ XQD GH ODV FRQFOXVLRQHV PiV LQWHUHVDQWHV HV HO KHFKR GH TXH OD PHGLWDFLyQ DXPHQWD HO JURVRU GHO FyUWH[ FHUHEUDO \ UHWDUGD HO SURFHVR GH HQYHMHFLPLHQWR GHO FHUHEUR (Q WRQFHVKHDTXtODVSUXHEDVGHOIHQy PHQR GH OD QHXURSODVWLFLGDG DFWLYDGD SRUODPHGLWDFLyQ$QLYHOHPRFLRQDO ODPHGLWDFLyQGLVPLQX\HODDQVLHGDGOD GHSUHVLyQ \ HO LQVRPQLR $XPHQWD ODV HPRFLRQHVSRVLWLYDV0HMRUDODPHPRULD \ODLQWHOLJHQFLD<WDPELpQDFW~DVR EUH ORV VXHxRV IDYRUHFLHQGR XQ PH MRUUHFXHUGR 2WUR HVWXGLR GH LPDJLQHUtD IXQ FLRQDO KHFKR HQ HO GHPXHV WUD TXH GXUDQWH OD PHGLWDFLyQ GH WLSR ³PLQGIXOQHVV´ HV GHFLU HQ XQ HVWDGR GH SURIXQGD DOHUWD \ VLQ MX]JDU GHVSOD]DPRVODDFWLYLGDGFHUHEUDOGH ODV]RQDVIURQWDOHVTXHVRQHODVLHQ WR GHO SHQVDPLHQWR KDFLD ODV ]RQDV VHQVLWLYDV (O FHUHEUR VH YXHOYH PiV SDVLYR\UHFHSWLYR9LYLUGHLQVWDQWH HQ LQVWDQWH HQ XQ HVWDGR GH DOHUWD FRQVWDQWHWLHQHHOPLVPRHIHFWRVR EUHHOFHUHEUR /DV ]RQDV UHFHSWLYDV GHO FHUHEUR VH GHVDUUROODUiQ SDUD KDFHUQRV PiV FRQVFLHQWHV GH ORV IHQyPHQRV TXH QRVURGHDQDODYH]TXHGLVPLQX\HOD DFWLYLGDGGHODV]RQDVSHQVDQWHVTXH VRQHODVLHQWRGHODGLVSHUVLyQPHQ WDO OD SUHRFXSDFLyQ \ OD LQTXLHWXG $VtSXHVPHGLDQWHXQDDWHQFLyQFRQV WDQWHHQHVWDGRGHDXWRREVHUYDFLyQQR IRUPDPRV UHSUHVHQWDFLRQHV PHQWDOHV 5HFLELPRVODVLPSUHVLRQHVGHIRUPD FRQVFLHQWH VLQ FULVWDOL]DFLRQHV GHO HJR7DPELpQGHMDPRVGHDOLPHQWDU D QXHVWURV HJRV \ FRQ OD D\XGD GH QXHVWUD0DGUH'LYLQDSRGHPRVHOL PLQDUORV'HHVWDPDQHUDSRGHPRV PRULU SVLFROyJLFDPHQWH GH LQVWDQWH HQLQVWDQWHFRPRQRVGLFHHO0DHV WUR 6DPDHO 0HGLDQWH OD SVLFRORJtD UHYROXFLRQDULD WUDQVIRUPDPRV FRPSOH WDPHQWHQXHVWURFHUHEURORUHJHQHUDPRV SDUDTXHXQGtDQXHVWUR6HUSXHGDXWL OL]DUOR (/É85(2)/25(&(51~PHUR0D\R (1'2&5,12/2*Ë$ /D HQGRFULQRORJtD HV OD FLHQFLD TXH HVWXGLD HO GHVDUUROOR ODV IXQ FLRQHV \ ODV HQIHUPHGDGHV GH ODV JOiQGXODVHQGRFULQDV/DVJOiQGXODV VH OODPDQ HQGRFULQDV SRUTXH YLHU WHQ GLUHFWDPHQWH VXV VHFUHFLRQHV X KRUPRQDVDODVDQJUH'HKHFKRHO VLVWHPD HQGRFULQR \ HO VLVWHPD QHU YLRVRFRQVWLWX\HQORVGRVSLODUHVTXH ULJHQ HO IXQFLRQDPLHQWR GH WRGR HO RUJDQLVPR /DHQGRFULQRORJtDKDVLGRREMHWR GHQXPHURVRVHVFULWRVSRUSDUWHGHO 9 0 6DPDHO $XQ :HRU +H DTXt KD\DOJXQDVIUDVHVH[WUDtGDVGHOOLEUR ³(O0DWULPRQLR3HUIHFWR´FDS ³/D HQGRFULQRORJtD HVWi OODPDGD D SURGXFLU XQD YHUGDGHUD 5HYROXFLyQ &UHDGRUD´ ³/D3VLFRORJtDSDUHFtD\DHVWDQFDGD $IRUWXQDGDPHQWHDSDUHFLyODFLHQFLDGH OD (QGRFULQRORJtD $KRUD OD 3VLFRORJtD WRPyXQDQXHYDYLGD´ ³/RVFDUDFWHUHVSVLFROyJLFRVHVWiQGH WHUPLQDGRVSRUODVJOiQGXODVHQGRFULQDV \ORVFDUDFWHUHVVH[XDOHVSULPDULRV´ 36,&2),6,2/2*Ì$<*126,6 3DUWLHQGR GH HVWDV DILUPDFLRQHV HV LQQHJDEOH \ KR\HQGtDSUREDGRFLHQWtILFDPHQWHTXHDOD3VLFR ILVLRORJtDFRPSHWHWDPELpQQXHVWUDVP~OWLSOHVVHFUH FLRQHVKRUPRQDOHVLQWHUQDVTXHHQWUDxDQPRGLILFD FLRQHVGHQXHVWURFRPSRUWDPLHQWR\iQLPR 3HURDQWHVGHGHVDUUROODUHVWHWHPDKDEODUHPRV EUHYHPHQWH GHO IXQFLRQDPLHQWR GHO VLVWHPD HQGR FULQR /DV SULQFLSDOHV JOiQGXODV GHO FXHUSR ItVLFR VRQODJOiQGXODWLURLGHVODVJOiQGXODVVXSUDUUHQDOHV \ODVJyQDGDVHVGHFLUORVRYDULRVHQODPXMHU\ORV WHVWtFXORVHQHOKRPEUHDVtFRPRODKLSyILVLV(VWD ~OWLPD JUDFLDV D VXV VHFUHFLRQHV HMHUFH XQ FRQWURO VREUH ODV RWUDV JOiQGXODV \ HVWi EDMR HO FRQWURO GHO iUHDGHOFHUHEUROODPDGDKLSRWiODPR $KRUDWHQHPRVODHYLGHQFLDFDGDYH]PD\RUGH TXHODJOiQGXODSLQHDOVLWXDGDHQHOFHQWURGHOFHUH EURFRRUGLQDHOIXQFLRQDPLHQWRGHOFRQMXQWRGHODV JOiQGXODV PHGLDQWH XQD FRQH[LyQ FRQ HO KLSRWiOD PR\ODJOiQGXODKLSyILVLV(VWRHVORTXHDILUPDEDHO 0DHVWUR+XLUDFRFKD6HVDEHTXHODJOiQGXODSLQHDO VHJUHJDODPHODWRQLQDTXHHVODUHVSRQVDEOHGHQXHV WURV ULWPRV ELROyJLFRV /D VHFUHFLyQ GH PHODWRQLQD VHDFWLYDSRUODRVFXULGDG\HVWiDVRFLDGDDOVXHxR $Vt SXHV UHVXPLHQGR OD JOiQGXOD SLQHDO HV HO FHQWURGHOFRQWUROGHODDFWLYLGDGGHOKLSRWiODPR\ GH OD KLSyILVLV OD FXDO D VX YH] UHJXOD HO IXQFLRQD PLHQWR GH OD WLURLGHV GH ODV VXSUDUUHQDOHV \ GH ODV JyQDGDV/DVVXEVWDQFLDVVHJUHJDGDVSRUODVJOiQGX ODVVHOODPDQKRUPRQDVeVWDVVHYLHUWHQHQODVDQJUH HLQIOX\HQVREUHODWRWDOLGDGGHORVWHMLGRV\yUJDQRV 8QRGHORVyUJDQRVTXHVHYHDIHFWDGRSRUQXHV WUDV VHFUHFLRQHV KRUPRQDOHV HV SRU VXSXHVWR HO FH UHEUR8QDFDUHQFLDKRUPRQDOSXHGHDIHFWDUDOIXQ FLRQDPLHQWR GHO FHUHEUR FRPR OR REVHUYDPRV HQ OD PHQRSDXVLDIHPHQLQD/DIDOWDGHHVWUyJHQRDGHPiV GHFDXVDUIDWLJD\VRIRFRVSXHGHFRQOOHYDUPRGLILFD FLRQHVGHOiQLPRFRPRLUULWDELOLGDGDQVLHGDGVtQWR PDVGHSUHVLYRVDVtFRPRWDPELpQLQVRPQLR$QLYHO LQWHOHFWXDO SXHGH KDEHU GHVRUGHQHV GH FRQFHQWUD FLyQ\SpUGLGDVGHPHPRULD 2FXUUHORPLVPRFRQHOKRPEUH\DTXHODGLVPL QXFLyQGHWHVWRVWHURQDTXHVHFRQRFHFRPRDQGUR SDXVLDSXHGHFDXVDUORVPLVPRVVtQWRPDVTXHHQOD PXMHU\HVWRDXQDHGDGWDQWHPSUDQDFRPRORVFXDUHQWD DxRV8QHVWXGLRUHFLHQWHKDGHPRVWUDGRTXHHOGH ORVKRPEUHVPD\RUHVGHDxRVSUHVHQWDQVtQWRPDVGH DQGURSDXVLD $~Q QR FRPSUHQGHPRV WRGRV ORV PHFDQLVPRV GH DFFLyQGHODVKRUPRQDVHQHOFHUHEURSHURODKLSyWHVLV HVTXHODVKRUPRQDVVH[XDOHVDFW~DQVREUHHOFHUHEURD WUDYpVGHORVGLIHUHQWHVQHXURWUDQVPLVRUHV\DPHQFLRQD GRV$GHPiVGHDOWHUDUODVIXQFLRQHVHPRFLRQDOHVHLQWH OHFWXDOHVODPHQRSDXVLD\ODDQGURSDXVLDRFDVLRQDQXQ GHVFHQVRGHGHVHRVH[XDODFRPSDxDGRGHLPSRWHQFLDHQ HOKRPEUH 7RGD HVWD VLQWRPDWRORJtD SXHGH SHUMXGLFDU HQRUPH PHQWHDDOJXQRVKRPEUHV\PXMHUHVHQVXIXQFLRQDPLHQ WRGLDULRGHPDQHUDTXHODWHUDSLDKRUPRQDOVHFRQYLHUWH HQXQDQHFHVLGDGSDUDFRUUHJLUHVWDVLWXDFLyQ/DDGPL QLVWUDFLyQ GH VXSOHPHQWRV KRUPRQDOHV VH OOHYD D FDER PHGLDQWH SDVWLOODV GH IRUPD RUDO GH SDUFKHV R JHO SDUD OD SLHO 7RGR HO SURFHVR GH GLDJQyVWLFR LQYHVWLJDFLyQ \ WUDWDPLHQWRVHGHEHUHDOL]DUEDMRVXSHUYLVLyQPpGLFD 7RGRVQRVRWURVLQFOXVRFRPRJQyVWLFRVQRHVWDPRV H[HQWRVGHHVWDVPRGLILFDFLRQHVILVLROyJLFDVTXHDSDUHFHQ HVSHFLDOPHQWH KDFLD ORV FLQFXHQWD DxRV 1R GHEHPRV DWULEXLUSRUFRPSOHWRDOHJRHVWRVFDPELRVHQQXHVWUR iQLPR \D TXH SXHGHQ HVWDU FDXVDGRV SRU GHILFLHQFLDV KRUPRQDOHV/RPHMRUHVFRQVXOWDUXQPpGLFR +HPRVSRGLGRGHPRVWUDUTXHJUDFLDVDORVGHVFXEUL PLHQWRVFLHQWtILFRVGHODV~OWLPDVGpFDGDVKD\YtQFXORV LQQHJDEOHVHQWUHORVQHXURWUDQVPLVRUHVODVKRUPRQDV\ QXHVWURVHVWDGRVPHQWDOHV\HPRFLRQDOHV 8QGHVHTXLOLEULRGHDOJXQRGHORVGLIHUHQWHVQHXUR WUDQVPLVRUHVRXQDFDUHQFLDKRUPRQDOSXHGHRFDVLRQDU QXPHURVRV VtQWRPDV HQ OD HVIHUD PHQWDO \ HPRFLRQDO 6DEHPRVTXHQXHVWURVHVWDGRVLQWHULRUHVSXHGHQVHUPR GLILFDGRVSRUHOWUDEDMRSVLFROyJLFR /D3VLFRILVLRORJtDQRVSHUPLWHDILUPDUTXHVLPHMRUD PRVQXHVWURVHVWDGRVSVtTXLFRVWHQGUHPRVXQDUHSHUFX VLyQSRVLWLYDVREUHQXHVWUDVDOXG/RVGLIHUHQWHVHJRVTXH WHQHPRVSURYRFDQHQQRVRWURVGLYHUVRVWLSRVGHDEXVRV FRPSDUDEOHVDOIHQyPHQRGHODLQWR[LFDFLyQSRUGURJDV TXHGHVHQFDGHQDODVHFUHFLyQGHGLIHUHQWHVQHXURWUDQV PLVRUHV(OIHQyPHQRGHODQHXURSODVWLFLGDGGHOFHUHEUR TXH HV DFWXDOPHQWH ELHQ FRQRFLGR GHPXHVWUD TXH ODV QHXURQDVWLHQHQODFDSDFLGDGGHUHJHQHUDUVHFRPRVHYH FRQODPHGLWDFLyQ)LQDOPHQWHKD\XQDUHODFLyQGHFDX VD\HIHFWRHQWUHHOHVWDGRGHQXHVWURVLVWHPDQHUYLRVR\ HQGRFULQRSRUXQDSDUWH\QXHVWURVHVWDGRVSVLFROyJLFRV SRURWUDGHPDQHUDTXHHQDOJXQDVVLWXDFLRQHVFRPROD PHQRSDXVLDRODDQGURSDXVLDSXHGHVHUQHFHVDULRSDOLDU ODGHILFLHQFLDKRUPRQDOSDUDPHMRUDUHOELHQHVWDUItVLFR \SVLFROyJLFR 7HUPLQRHVWDFRQIHUHQFLDFRQODVLJXLHQWHFLWDGHO9 06DPDHO$XQ:HRU ³(Q OD HUD GH $FXDULR HO KRPEUH KDUi PDUDYLOODV HQ HO FDPSRGHODHQGRFULQRORJtDODItVLFDDWyPLFDODTXtPLFDOD DVWURQRPtDODDVWURORJtDODPHGLFLQDODDYLDFLyQHWF´ 0HQVDMHGH1DYLGDG±6$: *OiQGXOD3LQHDODOPLFURVFRSLR (/É85(2)/25(&(51~PHUR0D\R Budismo tibetano 0W M`OT^XZ_TMP_LYZOPYZXTYLOZ_LXMTËYWLXLÏ^XZ NZX[]PYOPPWM`OT^XZOP^L]]ZWWLOZPYWZ^3TXLWLdL^ ?LXMTËYNZYZNTOZNZXZALU]LdLYLdM`OT^XZ_ÃY_]TNZ 0^_LQZ]XLOPM`OT^XZP^^PR`TOL[Z]PW!OP_ZOZ^WZ^M`OT^_L^ OPWX`YOZ^TPYOZ`YLOPWL^P^N`PWL^M`OT^_L^XÃ^[]LN_TNLOL^PYWL LN_`LWTOLOdP^`YLOPWL^XPUZ]NZYZNTOL^PY:NNTOPY_P ( (/É85(2) )/25(&(51~PHUR 1~PHUR0D\R %8',6027,%(7$12 %XGLVPR9DMUD\DQD 0WM`OT^XZ_TMP_LYZ ZWLXLÏ^_LP^ XLdZ]T_L]TZPY -`_ÃY8ZYRZWTL 7LOLVS4YOTLd ?ÏMP_L^ÏNZXZ SLdTX[Z]_LY_P^ XTYZ]ÏL^M`OT^_L^ WLXLÏ^_L^PY>TVVTX 4YOTLPY9P[LW dPYWL^]PRTZYP^ OPP_YTLXZYRZW OP=`^TLNZXZ -`]TL_TL6LWX`VTL ?`aÃdDLV`_TL dPY8ZYRZWTL 4Y_P]TZ].STYL -Ã^TNLXPY_PP^_L QZ]XLOPM`OT^XZ P^WL]PWTRTÕY []POZXTYLY_P OPWZ^[`PMWZ^ XZYRZWP^d _TMP_LYZ^_ZOZ^WZ^ N`LWP^]PNZYZNPY LW/LWÃT7LXL NZXZ^`WÏOP] P^[T]T_`LW,W_PYP] `YZ^XTWWZYP^ OP^PR`TOZ]P^ XLdZ]T_L]TZ^ PYOTQP]PY_P^ [LÏ^P^d]PRTZYP^ L`_ÕYZXL^P^ `YLOPWL^]LXL^ XÃ^R]LYOP^P TX[Z]_LY_P^OPW M`OT^XZ ( OEXGLVPR0DKD\DQDHQWUyHQ HO7tEHWJUDFLDVDOJXU~LQGLR 3DGPDVDPEKDYDHQHOVLJOR9,,, +DVWDHVHPRPHQWRH[LVWtDHQ HO7LEHWXQDUHOLJLyQGHFDUiFWHU DQLPLVWD\PiJLFROODPDGD%|Q &RQHODXJHGHOEXGLVPRODUHOLJLyQ %|QQRGHVDSDUHFHUiSHURVH LQLFLDUiXQDWUDQVIRUPDFLyQGHOD PLVPD3DUWHGHODFUHHQFLD%|Q LQIOX\yWDPELpQHQHOEXGLVPR WLEHWDQR (OEXGLVPRWLEHWDQRGHVDUUROOyFRQ UDSLGH]ODHQWUDGDGHODHQVHxDQ]D WiQWULFDGHOQRUWHGHOD,QGLDGHVGH OD]RQDGH%HQJDOD\*X\DUDW\ TXHVHH[WHQGLySRU7LEHW6UL /DQND\&KLQD\RWURVOXJDUHV(VWD HQVHxDQ]DTXHGDUiLQWHJUDGDHQ XQEXGLVPROODPDGR9DMUD\DQD REXGLVPRWiQWULFR(OEXGLVPR WLEHWDQRFRQVLGHUDDO9DMUD\DQDXQ WHUFHUYHKtFXORDGHPiVGHORVGRV UHIHULGRVHQODWUDGLFLyQEXGLVWD HO+LQD\DQDR7KHUDYDGD\HO 0DKD\DQD(OEXGLVPR9DMUD\DQD HVSDUWHGHOFDPLQR0DKD\DQDVLQ HPEDUJRVXVSUDFWLFDQWHVQRVyOR EXVFDQODLOXPLQDFLyQSDUDOLEHUDU GHOVXIULPLHQWRDWRGRVORVVHUHV DGHPiVGHVHDQDOFDQ]DUHOHVWDGRGH %XGGKDORDQWHVSRVLEOHLQFOXVRHQ HVWDPLVPDYLGD (O9DMUD\DQDVyORVHFRQVHUYDUi HQHO7LEHWVXUGH&KLQD\-DSyQ 0LHQWUDVTXHHQ&KLQD\-DSyQVRQ XQDHVFXHODHQWUHRWUDVHQHO7LEHW HVWHWLSRGHEXGLVPRVHFRQYHUWLUi HQHOSULQFLSDO(VWRVHGHEHUiHQWUH RWUDVFRVDVDTXHHQHOGHVDUUROOR GHOEXGLVPR0DKD\DQDHQHO7LEHW VHGDUiSUHHPLQHQFLDGRFWULQDOD SDUWLUGHOVLJOR9,,,DORVWUDEDMRV SURYHQLHQWHVGH,QGLDHQIUHQWHGH DTXHOORVSURYHQLHQWHVGH&KLQD 3RUWDQWRHOEXGLVPR9DMUD\DQD WLHQHHQHO7LEHWVXOXJDUSULQFLSDO \QDWXUDO(O7LEHW\VXFDSLWDO /KDVDVHFRQYHUWLUiQSRUHOORHQXQ HSLFHQWUREXGLVWDGHSHUHJULQDFLyQ SDUDPXFKRVEXGLVWDVGHWRGD$VLD (QHOEXGLVPRWLEHWDQRVXUJHQ GLYHUVDVHVFXHODV\HQIRTXHV GRFWULQDOHVSHURYDULDVGHHOODV GHVDSDUHFHUiQRVHYHUiQDVLPLODGDV $FWXDOPHQWHKD\FXDWURHVFXHODV SULQFLSDOHV\UHFLHQWHPHQWHOD SUiFWLFDGHODUHOLJLyQ%|QKDVLGR LQWHJUDGDSRUHOODPDtVPRFRPR SDUWHGHOOHJDGRGHOEXGLVPRGHO 7LEHW +LVWRULD (OSURSLR7tEHWH[WHQGLyVX LQIOXHQFLDFXOWXUDO\UHOLJLRVDSRU ORV+LPDOD\DVVLHQGRGHJUDQ LPSRUWDQFLDHQ]RQDVFRPRHO 1RUWHGH,QGLD1HSDO\%XWiQ %DMRHOUHLQDGRGH$OWDQ.KDQ HPSHUDGRUGHO,PSHULRPRQJROHO EXGLVPRWLEHWDQRVHFRQYLUWLyHQ ODUHOLJLyQRILFLDOGHO,PSHULRFRQ 7tEHWFRPRVXFDSLWDOHVSLULWXDO +DVWDODIHFKDORVSXHEORVPRQJROHV VRQHQVXPD\RUSDUWHEXGLVWDV ODPDtVWDV (OOtGHUHVSLULWXDOGHOEXGLVPR ODPDtVWDPRQJROVHGHQRPLQD -HEWVXQGDPED.KXWXNWX\HOOtGHU HVSLULWXDOGHOODPDtVPRGH%XWiQVH GHQRPLQD-H.KHQSR\VHOHVHOLJH GHIRUPDVLPLODUDFRPRVHHOLJH DO'DOiL/DPD\DO3DQFKHQ/DPD VLHQGRFRQVLGHUDGRVXQDHPDQDFLyQ GHXQDGLYLQLGDGUHSUHVHQWDQGROD MHUDUTXtDORFDOGHOODPDtVPR (/É85(2)/25(&(51~PHUR0D\R %8',6027,%(7$12 (Q%XWiQHVODUHOLJLyQRILFLDOGHO(VWDGRWHQLHQGR JUDQLQFLGHQFLDSROtWLFD0LQRUtDVEXGLVWDVODPDtVWDV DEXQGDQHQWUHORVSXHEORVGHHWQLDWLEHWDQDGH6LNNLP \1HSDO\HQWUHORVSXHEORVPRQJROHVGHOVXUGH5XVLD GHKHFKRHOEXGLVPRHVXQDGHODVFXDWURJUDQGHV UHOLJLRQHVGH5XVLD\FDVLWRGRVORVEXGLVWDVUXVRVVRQ ODPDtVWDV $XQTXHHQ,QGLDSDUWLFXODUPHQWHHOiUHDGH ORV+LPDOD\DVLQGLRV\1HSDOKDEtDQH[LVWLGRV FRPXQLGDGHVODPDtVWDVGHPXFKRVVLJORVHQHOSDVDGR ODOOHJDGDGHPLOHVGHUHIXJLDGRVWLEHWDQRVTXH HVFDSDEDQGHODLQYDVLyQFKLQDDXPHQWyVXQ~PHUR $FWXDOPHQWHHO'DODL/DPD\ODPiVJUDQGHFRPXQLGDG WLEHWDQDHQHOH[LOLRUHVLGHQHQ'KDUDPVDOD,QGLD(Q %XWiQWDPELpQKD\XQDJUDQFDQWLGDGGHUHIXJLDGRV WLEHWDQRV 7UDVODLQYDVLyQGH&KLQDD7tEHWHQHOEXGLVPR WLEHWDQRKDDIURQWDGRXQDGXUDFULVLV\DTXHODV SROtWLFDVFKLQDVKDQSURKLELGRODSUiFWLFDGHODUHOLJLyQ EXGLVWDWLEHWDQDGHVWUXLGRPRQDVWHULRVHQFDUFHODGRV PRQMHV\VRVSHFKRVRVGHGLVLGHQWHVWLEHWDQRV\XQD VHULHGHYLRODFLRQHVDORVGHUHFKRVKXPDQRVGHOSXHEOR WLEHWDQR$VXYH]HOEXGLVPRWLEHWDQRVHKDH[WHQGLGR DWUDYpVGH2FFLGHQWHHQSDUWHJUDFLDVDODFWLYLVPR SROtWLFRSRUODLQYDVLyQ &XDWURHVFXHODVGHOEXGLVPRWLEHWDQR (QHO%XGLVPRWLEHWDQRH[LVWHQFXDWURJUDQGHVOLQDMHV SULQFLSDOHV\PXFKRVRWURVPHQRUHV(OOLQDMHHVPX\ LPSRUWDQWHHQHOEXGLVPRWLEHWDQR\DTXHJDUDQWL]D TXHODVHQVHxDQ]DVHVWiQYLYDVHVGHFLUTXHVHKDQ WUDQVPLWLGRGHPDHVWURDGLVFtSXORGHVGHWLHPSRV GH%XGD\TXHVLHPSUHVHKDKHFKRGHIRUPDSXUD UHDOL]DQGRFRPSOHWDPHQWHVXFRPSUHQVLyQ (QHOVLJOR9,,,VXUJHODHVFXHOD1\LQJPDR³GHORV 1\LQJPDSDV´OLWHUDOPHQWHVLJQLILFD³DQWLJXR´WDPELpQ OODPDGD³GHORVJRUUDVURMDV´)XQGDGDHQHO69,,, DSDUWLUGHOOHJDGRGHORVSULPHURVLQWURGXFWRUHVGHO EXGLVPRHQHO7tEHW(OPDHVWURLQGLR3DGPDVDPEKDYD IXHHOSULPHURTXHVHJ~QODWUDGLFLyQWLEHWDQDVRPHWLy DODVGHLGDGHVGHODQDWXUDOH]DGHO7tEHW\RWUDVIXHU]DV KDFLHQGRDOEXGLVPRUHOLJLyQRILFLDO (QHOVLJOR,;DSDUHFLyODWUDGLFLyQ.DJ\X³WUDGLFLyQR OLQDMHRUDO´WDPELpQFRQRFLGDFRPR³JRUUDVQHJUDV´ )XQGDGDSRU*DPSRSDXQRGHORVGLVFtSXORVGHOVDQWR \SRHWDWLEHWDQR0LODUHSDDSDUWLUGHODV HQVHxDQ]DVHVRWpULFDV\FRQWHPSODWLYDVGHULYDGDVGHORV PDKDVLGDVLQGLRV7LORSD\1DURSDOOHYDGDVDO7LEHWSRU 0DUSDHOPDHVWURGH0LODUHSD/D(VFXHODNDJ\XGHORV .DUPD.DJ\XHVWiGLULJLGDSRU66.DUPDSD (QHOVLJOR;,VXUJLyODHVFXHOD6DN\DGHQRPLQDGDDVt SRUVXPRQDVWHULRGHRULJHQIXQGDGDSRU.RQFKRN *\DOSR6XVSULQFLSDOHVPDHVWURVGHVFLHQGHQGH ORVSULPHURVGLVFtSXORVGHORVPDHVWURVLQGLRV 3DGPDVDPEKDYD\6KDQWDUDNVKLWD\SURFHGtDQGHXQD (/É85(2)/25(&(51~PHUR0D\R IDPLOLDGHODVFODVHVGLULJHQWHVORV.K|QGHODUHJLyQ PHULGLRQDOGH7VDQJ (QHOVLJOR;,9\DUDt]GHODUHIRUPDHVSLULWXDOGH/DPD 7VRQJNKDSDFRQVLGHUDGRXQDHPDQDFLyQGHO%XGDGH OD6DELGXUtD0DQMXVKULQDFLyDSDUWLUGHODWUDGLFLyQ NDGDPSDODRUGHQGHORV*HOXJR*HOXNSDOODPDGRVORV ³JRUURVDPDULOORV´-H7VRQJNKDSDIXHXQ UHQRYDGRUGHODVHQVHxDQ]DVGHOJUDQPDHVWUREHQJDOt GHO6;,$WLVKD-H7VRQJNKDSDKL]RWRGRVORVHVIXHU]RV SRVLEOHVSDUDDJOXWLQDUXQHQIRTXHPiVRUWRGR[R\ DJUXSDGRUGHODVHQVHxDQ]DVGHO7LEHW (QXQDJHRJUDItDGLItFLOHQGRQGHORVPRQDVWHULRVD YHFHVHVWDEDQPX\VHSDUDGRV\DPHQXGRFRQHVFDVR FRQWDFWRODHVFXHOD*HOXJSDVXSXVRKLVWyULFDPHQWH ODFHQWUDOLGDGRILFLDOGHOODPDtVPRWLEHWDQR\GHHOOD SDUWHQORVHVIXHU]RV\HOFDUiFWHUUHIRUPDGRUPLHQWUDV TXHODVRWUDVHVFXHODVVHKDQHVSHFLDOL]DGRHQUHWHQHU\ DGPLQLVWUDUVXSURSLROHJDGRGHHQVHxDQ]DV /DVHVFXHODV*HOXJSD\.DJ\XVRQODVPiVH[WHQGLGDV HQRFFLGHQWH(O'DOiL/DPDOtGHUSROtWLFRGHO7LEHW WXYRTXHH[LOLDUVHHQMXVWRDQWHVGHODPDVDFUHGHO GHPDU]R/RVSULQFLSDOHVOtGHUHVGHODVGLIHUHQWHV HVFXHODVOHVLJXLHURQ(O.DUPDSDMHIHHVSLULWXDOGHOD (VFXHOD.DJ\XSDGHORV.DUPD.DJ\XVHH[LOLyKDFH QRGHPDVLDGRVDxRV6X6DQWLGDG6DN\D7UL]LQMHIH HVSLULWXDOVDN\DSDWDPELpQVHHQFXHQWUDHQHOH[LOLR 3RURWUDSDUWHORV'DODL/DPDGXUDQWHODHUDDQWHULRU DSURKLELHURQRWUDVFRUULHQWHVSDUDOHODVTXH SXGLHVHQKDFHUOHVRPEUD'HVSXpVGHVXH[LOLRGLFWDURQ ODH[SXOVLyQGHWRGRVORVPRQMHVSHUWHQHFLHQWHVDOD UDPDGHO'RUMH6KXJGH %8',6027,%(7$12 *5$1'(60$(675267,%(7$126 &217(0325È1(26 '8'-205,032&+( & `OUZX=TX[ZNSPQ`P`Y?`WV`9dTYRXLNL^LOZd`YLTX[Z]_LY_P L`_Z]TOLOOT]TRPY_POPWL?]LOTNTÕY9dTYRXL9LNTÕPYPWLÓZ$PY WL]PRTÕYOP;PXL6ØO^T_`LOLLW^`]OP?ÏMP_>`PYNL]YLNTÕYLY_P]TZ] /`OUZX7TYR[LSLMÏLOTNSZ^`^OT^NÏ[`WZ^%xLSZ]LPYP^_LPOLOOPRPYP]LOLTO LWL_TP]]L^PN]P_LOP;PXL6ØO<`TPY\`TP]L\`PNZYQÏPPYXÏOPMPT]PYP^L OT]PNNTÕY,Y_P^OP\`P`^_POP^WZ^UÕaPYP^NZY^TRLYWWPRL]LWWÏdZPWaTPUZP^_L]Ë dLLWWÏy 0^_Z^`NPOTÕPcLN_LXPY_P^PRÜYWZ[]POTNSZ>`>LY_TOLO_PYÏL_]P^LÓZ^N`LYOZ ]PNZYZNTP]ZY^`]PPYNL]YLNTÕY;`P^_Z\`P>>P]L`YLPXLYLNTÕYOT]PN_LOP /`OUZX7TYR[L[ZOÏL]PNZ]OL]^`^ÜW_TXL^aTOL^NWL]LXPY_P 1`P`YYTÓZP^[T]T_`LWXPY_P_LWPY_Z^Z\`PPX[PeÕLOP^N`M]T]_P]XL^_Pc_Z^ _P^Z]ZOPWL^PY^PÓLYeL^OP;LOXL^LXMSLaLP^NZYOTOZ^PYWLRZ^N`PaL^NZWTYL^dMZ^\`P^OPWL]PRTÕYOPW3TXLWLdLL[L]_T] OPWZ^NTYNZLÓZ^dOTZ4YTNTLNTZYP^d0Y^PÓLYeL^OP^OPWZ^NL_Z]NPLÓZ^/P^[`Ë^OPaTaT]PYPW?TMP_^PP^_LMWPNTÕPYWL4YOTL `YLÓZLY_P^OPWLTYaL^TÕYOPW?ÏMP_[Z]WZ^NSTYZ^?`aZX`NSZ^^PR`TOZ]P^dOT^NÏ[`WZ^&P^N]TMTÕ[]ZOTRTZ^LXPY_P^ZM]PPW /SL]XLdQ`YOÕX`NSZ^_PX[WZ^dXZYL^_P]TZ^ >>/`OUZX=TY[ZNSPNZYX`NSL^X`P^_]L^XTWLR]Z^L^d^PÓLWP^PY_]ÕPY8LSL[L]TYT]aLYLPW"OPPYP]ZOP$#" '8'-205,032&+( /$-2<$'(/&25$=Ï1'(/$)25781$'2 @YLTY_]ZO`NNTÕYLWL2]LY;P]QPNNTÕY& .ZY^PUZ^OPXT.Z]LeÕY 3ZXPYLUPLXTXLP^_]Z 0W2]LY8LP^_]ZOP:OOTdLYLOTUZ`YLaPe% 9ZTYaP^_TR`P^WL^]LÏNP^OPWL^NZ^L^ 4YaP^_TRLWL]LÏeOPWL8PY_P @YLaPe\`PSLdL^PYNZY_]LOZLWL]LÏeOPWL8PY_P >LM]Ã^^ZWZ`YLNZ^LYZZM^_LY_P_ZOZ^P]ÃL^ÏWTMP]LOZ ;P]Z^TYZWZR]L^PYNZY_]L]WL]LÏeOPWL8PY_P .ZYZNP]Ã^_ZOZ[P]ZYZPY_PYOP]Ã^YLOL (/É85(2)/25(&(51~PHUR0D\R %8',6027,%(7$12 &XDQGRFRPLHQFHVDPHGLWDUHQ ODPHQWHVLpQWDWHFRQWXFXHUSR GHUHFKR\SHUPLWHTXHWXUHVSLUDFLyQ HQWUH\VDOJDHQIRUPDQDWXUDO &RQWHPSODHOHVSDFLRIUHQWH DWLFRQORVRMRVQLFHUUDGRVQL WRWDOPHQWHDELHUWRV3LHQVDTXH SRUHOELHQHVWDUGHWRGRVORVVHUHV TXLHQHVKDQVLGRWXVPDGUHVYDVD REVHUYDUDODFRQFLHQFLDHOURVWUR GH6DPDQWDEKDGUD%RGKLVDWWYD GHOD9LUWXG8QLYHUVDO5XHJD IHUYRURVDPHQWHDWXPDHVWUR UDt]TXLHQHVLQVHSDUDEOHGH 3DGPDVDPYDEKDHO*XU~GH 2GGL\DQD\OXHJRPH]FODWXPHQWH FRQODVX\D$VLpQWDWHHQXQHVWDGR PHGLWDWLYRHTXLOLEUDGR 6LQHPEDUJRXQDYH]TXHKD\DV DVHQWDGRWXPHQWHQRSRGUiV GHVFDQVDUSRUPXFKRWLHPSRHQHVH HVWDGRYDFtR\FODURGHFRQFLHQFLD SXUD\SUtVWLQD7XPHQWH SXUD\SUtVWLQD7XPHQWH FRPHQ]DUiDPRYHUVH FRPHQ]DUiDPRYHUVH \DDJLWDUVH 'HPDQHUD LQTXLHWD FRUUHUiGH FRUUHUiGH DTXtSDUDDOOiSRUWRGDVSDUWHV FRPRXQFKDQJR/RTXHHVWiV H[SHULPHQWDQGRHQHVWHPRPHQWRQR HVODQDWXUDOH]DGHODPHQWHVLQR VyORSHQVDPLHQWRV6LSHUPDQHFHV FRQHOORV\ORVVLJXHVWHHQFRQWUDUiV UHFROHFWDQGRWRGRWLSRGHFRVDV SHQVDQGRDFHUFDGHWRGDFODVHGH QHFHVLGDGHVSODQHDQGRGLYHUVDV DFWLYLGDGHV(VSUHFLVDPHQWHHVWH WLSRGHDFWLYLGDGPHQWDOHOTXHWH KDODQ]DGRHQHOSDVDGRDORVFXUR RFpDQRGHO6DPVDUD\QRFDEH GXGDTXHORKDUiHQHOIXWXUR6HUtD PXFKRPHMRUVLSXGLHUDVFRUWDU FRQODVLHPSUHH[SDQVLYD\QHJUD FRQIXVLyQGHWXVSHQVDPLHQWRV ¢4XpSDVDUtDVLSXGLHUDVOLEHUDUWH GHODVFDGHQDVGHWXVSHQVDPLHQWRV" ¢&yPRHVODFRQFLHQFLD SXUD\SUtVWLQD"£(VYDFtD ( ( (/É É85 85(2 8 5(2) )//2 /25(&(5 25(&(51~ 1~PHUR 1 ~~P PHHUUR 0D\R 0 0DDD\\R 0D\ 0 GHVOXPEUDQWHPHQWHOtPSLGDOLJHUD OLEUH\OOHQDGHJR]R1RHVDOJRTXH HVWpHQFDGHQDGRQLGHPDUFDGRSRU VXSURSLDFROHFFLyQGHDWULEXWRV 1RKD\QDGDHQODWRWDOLGDG GHOVDPVDUD\HOQLUYDQDTXHQR ORDEUDFH'HVGHHOWLHPSRVLQ SULQFLSLRHVWiGHQWURGHQRVRWURV LQQDWD1XQFDKHPRVHVWDGRVLQ HOOD\VLQHPEDUJRHVWiSOHQDPHQWH IXHUDGHQXHVWURFDPSRGHDFFLyQ HVIXHU]RHLPDJLQDFLyQ 3HUR¢FyPRSUHJXQWDUiVHV UHFRQRFHUODFRQFLHQFLDSXUD\ SUtVWLQDODFDUDGH5LJSDOD QDWXUDOH]DPiVtQWLPDGHOD PHQWH"$XQTXHORH[SHULPHQWHV VLPSOHPHQWHQRSRGUiVGHVFULELUOR VHUtDFRPRXQPXGRWUDWDQGRGH GHVFULELUVXVVXHxRV(VLPSRVLEOH GLVWLQJXLUHQWUHW~TXHGHVFDQVDV HQODFRQFLHQFLDSXUD\SUtVWLQD\ ODFRQFLHQFLDSXUD\SUtVWLQDTXH HVWiVH[SHULPHQWDQGR&XDQGR HVWiVH[SHULPHQWDQGR&XDQGR GHVFDQVDVGHPDQHUD QDWXUDOGHVQXGDHQHO QDWXUDOGHVQXGDHQHO HV VWDGRLOLPLWDGRGH HVWDGRLOLPLWDGRGH ODFRQFLHQFLD SXUD\ SUtVWLQD SUtVWLQD %8',6027,%(7$12 WRGRVHVRVSHQVDPLHQWRVPROHVWRV\YHORFHVTXHQRVH TXHGDQFDOODGRVQLVLTXLHUDSRUXQLQVWDQWHWRGDV HVDVPHPRULDVWRGRVHVRVSODQHVTXHWHFDXVDQWDQWRV SUREOHPDVSLHUGHQVXSRGHU'HVDSDUHFHQHQHOFLHOR HVSDFLRVRVLQQXEHVGHODFRQFLHQFLDSXUD\SUtVWLQD6H TXLHEUDQVHGHVPRURQDQ\GHVDSDUHFHQ7RGDVXIXHU]D VHSLHUGHHQODFRQFLHQFLDSXUD\SUtVWLQD 'HKHFKRWLHQHVHVWDFRQFLHQFLDSXUD\SUtVWLQDGHQWUR GHWL(VODVDELGXUtDFODUD\GHVQXGDGHO'KDUPDND\D 3HUR¢4XLpQWHSXHGHLQWURGXFLUDHOOD"¢(QGyQGH SXHGHVDVHQWDUVXEDVH"¢'HTXpSXHGHVHVWDUVHJXUR" 3DUDHPSH]DUHVWXPDHVWURTXLHQWHPXHVWUDHOHVWDGR GHODFRQFLHQFLDSXUD\SUtVWLQD<FXDQGRODUHFRQRFHV SRUWLPLVPRHVFXDQGRKDVVLGRLQWURGXFLGRDWXSURSLD QDWXUDOH]D7RGDVODVDSDULHQFLDVWDQWRGHO6DPVDUD FRPRGHO1LUYDQDVRQVLPSOHVGHVSOLHJXHVGHWXSURSLD FRQFLHQFLDSXUD\SUtVWLQDWRPDFRPRSXQWRGH UHIHUHQFLDWXYLGDGHPDQHUDILUPHWDQVROROD FRQFLHQFLDSXUD\SUtVWLQD$VtFRPRODVRODVTXHVH OHYDQWDQ\VXUJHQGHORFpDQR\UHJUHVDQDpODVtWRGRV ORVSHQVDPLHQWRVTXHVXUJHQPRUDQ\VHGLVXHOYHQHQHVD FRQFLHQFLDSXUD\SUtVWLQD&RQYpQFHWHGHVXGLVROXFLyQ\ DVtWHHQFRQWUDUiVHQXQHVWDGRWRWDOPHQWHOLEUHWDQWRGH PHGLWDGRUFRPRGHREMHWRGHPHGLWDFLyQPiVDOOiGHOD PHQWHPHGLWDGRUD ³£$KHQHVHFDVR´SRGUtDVSHQVDU³QRKD\QHFHVLGDGGH PHGLWDU´%XHQR\RSXHGRDVHJXUDUWHTXHVtHVQHFHVDULR PHGLWDU(OPHURUHFRQRFLPLHQWRGHODFRQFLHQFLDSXUD \SUtVWLQDQRWHOLEHUD$WUDYpVGHWXVYLGDVGHVGHHO WLHPSRVLQSULQFLSLRWHKDVYLVWRHQYXHOWRHQFUHHQFLDV IDOVDV\KiELWRVHQJDxRVRV'HVGHHQWRQFHVKDVWD DKRUDKDVJDVWDGRFDGDPRPHQWRFRPRXQPLVHUDEOH\ SDWpWLFRHVFODYRGHWXVSHQVDPLHQWRV<FXDQGRPXHUDV QRVHVDEHDFLHQFLDFLHUWDDGRQGHLUiV6HJXLUiVDWX NDUPD\WHQGUiVTXHVXIULU(VSRUHVWDUD]yQTXHGHEHV PHGLWDUSDUDSUHVHUYDUGHPDQHUDFRQWLQXDHOHVWDGRGH FRQFLHQFLDSXUD\SUtVWLQDDOTXHVHWHKDLQWURGXFLGR (ORPQLVFLHQWH/RQJFKHQSDKDGLFKR³3XHGHVUHFRQRFHU WXSURSLDQDWXUDOH]DSHURVLQRPHGLWDV\WHIDPLOLDUL]DV FRQHOODVHUiVFRQXQUHFLpQQDFLGRDEDQGRQDGRHQ XQFDPSRGHEDWDOODVHUiVWRPDGRSRUHOHQHPLJR HOHMpUFLWRKRVWLOGHWXVSURSLRVSHQVDPLHQWRV´ (QWpUPLQRVJHQHUDOHVPHGLWDFLyQVLJQLILFD IDPLOLDUL]DUQRVFRQHOHVWDGRGHGHVFDQVDUHQOD QDWXUDOH]DSULPRUGLDO\OLEUHGHHODERUDFLRQHV DWUDYpVGHODDWHQFLyQHVSRQWiQHDFRQVWDQWH \QDWXUDO6LJQLILFDDFRVWXPEUDUQRVDGHMDUHQ SD]HOHVWDGRGHODFRQFLHQFLDSXUD\SUtVWLQD GHVSRMDGRGHWRGDGLVWUDFFLyQRDIHUUDPLHQWR ¢&yPRQRVDFRVWXPEUDUHPRVDPRUDUHQODQDWXUDOH]D GHQXHVWUDPHQWH"&XDQGRVXUMDQSHQVDPLHQWRVPLHQWUDV PHGLWDVGpMDORVTXHVXUMDQQRKD\QHFHVLGDGGH FRQVLGHUDUORVWXVHQHPLJRV&XDQGRVXUMDQUHOiMDWHHQVX VXUJLPLHQWR3RURWURODGRVLQRVXUJHQQRWHSUHJXQWHV QHUYLRVRVLDFDVRYDQDVXUJLURQR6LPSOHPHQWH GHVFDQVDHQVXDXVHQFLD6LDSDUHFHQGHPDQHUDV~ELWD SHQVDPLHQWRVJUDQGHV\ELHQGHILQLGRVGXUDQWHWX PHGLWDFLyQHVIiFLOUHFRQRFHUORV3HURFXDQGRRFXUUHQ PRYLPLHQWRVVXWLOHVHVGLItFLOGDUVHFXHQWDTXHHVWiQ DKtKDVWDPXFKRGHVSXpV(VWRHVDORTXHOODPDPRV QDPWRNZRJ\XODFRUULHQWHVXEWHUUiQHDGHOD GLVWUDFFLyQPHQWDO(VHOODGUyQGHWXPHGLWDFLyQ DVtTXHHVLPSRUWDQWHPDQWHQHUORYLJLODGR6L SXHGHVHVWDUDWHQWRHQIRUPDFRQVWDQWHWDQWRHQOD PHGLWDFLyQFRPRGHVSXpVGHHOODPLHQWUDVFRPHV GXHUPHVFDPLQDVRHVWiVVHQWDGRHVMXVWDPHQWHHVR £HVWDVHQORFRUUHFWR 0WR]LYXLP^_]Z2`]`=TX[ZNSËOTUZ% .TPYNZ^L^^P[`POPYPc[WTNL]XTW^P[`POPYOPNT] ;P]Z^ÕWZ`YLOPMP^PY_PYOP] .ZYZNP`YLNZ^Ld_ZOZ^PWTMP]L% ;P]XLYPNPPY_`YL_`]LWPeLTY_P]TZ]&_ÜNZYNTPYNTL [`]Ld[]Ï^_TYL 7DPELpQVHGLFHTXHVLQRPHGLWDVQRHQFRQWUDUiV ODFHUWLGXPEUHVLORKDFHVODFRQVHJXLUiV3HUR¢TXp WLSRGHFHUWLGXPEUH"6LPHGLWDVFRQXQHVIXHU]R IXHUWH\JR]RVRDSDUHFHUiQVHxDOHVGHFyPRWH KDVDFRVWXPEUDGRDPRUDUHQWXQDWXUDOH]D7X DIHUUDPLHQWRIHUR]DH[SHULPHQWDUORVIHQyPHQRV GHPDQHUDGXDOLVWDJUDGXDOPHQWHVHDIORMDUi\ WXREVHVLyQFRQODIHOLFLGDG\HOVXIULPLHQWRODV HVSHUDQ]DV\PLHGRVHWFJUDGXDOPHQWHVHLUiQ GHELOLWDQGR$XPHQWDUiODGHYRFLyQSRUWXPDHVWUR \WXFRQILDQ]DVLQFHUDHQVXVLQVWUXFFLRQHV'HVSXpV GHXQWLHPSRWXVDFWLWXGHVGXDOLVWDV\WHQVDVVH HYDSRUDUiQ\OOHJDUiVDOSXQWRHQGRQGHHORUR\ODV SLHGUDVODFRPLGD\ODEDVXUDORVGLRVHV\GHPRQLRV ODYLUWXG\ODQRYLUWXGWRGRVHUiORPLVPRSDUDWL HVWDUiVLPSRVLELOLWDGRSDUDHVFRJHUHQWUHHOSDUDtVR \HOLQILHUQR3HURKDVWDTXHOOHJXHVDHVHSXQWR PLHQWUDVHVWpVD~QDWUDSDGRHQODVH[SHULHQFLDV GHODSHUFHSFLyQGXDOYLUWXG\QRYLUWXGWLHUUDV E~GLFDVHLQILHUQRVIHOLFLGDG\GRORUDFFLRQHV\VXV UHVXOWDGRVWRGRHVWRHVODUHDOLGDGSDUDWL&RPR ORGLFHHO*UDQ*XU~3DGPDVDPEKDYD$XQTXH PL9LVLyQVHDWDQYDVWDFRPRHOFLHORPLVDFWRV\ PLUHVSHWRSRUODOH\GHFDXVD\HIHFWRVRQWDQILQRV FRPRJUDQRVGHKDULQD (VHVHQFLDOTXHWHQJDVXQDEDVHHVWDEOHGHGHYRFLyQ SXUD\6DPD\DXQLGRVDXQHQWXVLDVPRIXHUWH\ JR]RVRTXHHVWpELHQHTXLOLEUDGRQLPX\WHQVRQL PX\VXHOWR6LHUHVFDSD]GHPHGLWDUDOHMiQGRWHSRU FRPSOHWRGHWRGDVODVDFWLYLGDGHV\SUHRFXSDFLRQHVGH HVWDYLGDHVFHUWHURTXHREWHQGUiVODVH[WUDRUGLQDULDV FXDOLGDGHVGHOSURIXQGRFDPLQRGHO']RJFKHQ *UDQ3HUIHFFLyQ¢3RUTXpHVSHUDUDYLGDV IXWXUDV"3XHGHVWRPDUSRUDVDOWRDWXFLXGDGHOD SULPRUGLDOKR\PLVPRHQHOSUHVHQWH (VWRVFRQVHMRVVRQODVDQJUHPLVPDGHPLFRUD]yQ £0DQWHQORVFHUFD\QXQFDORVGHMHVLU (/É85(2)/25(&(51~PHUR0D\R %8',6027,%(7$12 /$48,17$(6(1&,$ '(/266$1726 2UDFLyQTXHFRQWLHQHORVSXQWRV HVHQFLDOHVGHODHQVHxDQ]D 8`d[]PNTZ^ZdMZYOLOZ^Z2`]Ü=LÏe >PÓZ]OPW8LYOLWLÜYTNZ[P]XLYPY_PP TYQLWTMWP]PQ`RTZ^`^_PY_LNZY_`NZX[L^TÕY LL\`PWWZ^\`P[]PZN`[ÃYOZYZ^ÜYTNLXPY_P OPWLaTOL[]P^PY_Pd^TYLWMP]RL]PW [PY^LXTPY_ZOPWLX`P]_POP^[P]OTNTLXZ^ Ë^_PYLNTXTPY_ZS`XLYZWTM]PdMTPY QLaZ]PNTOZ 9`P^_]LPcT^_PYNTLP^PRP^_ZPQÏXP]Z [L]PNTOZL`Y^`PÓZ^TP^OTNSZ^LP^_à X`dMTPY&[P]Z^TP^OP^R]LNTLOL_LXMTËY P^_ÃMTPY&^TYNZ]]P]PY[Z^OPWLLWPR]ÏLYT _]L_L]OPS`T]OPWL_]T^_PeL[]LN_T\`PXZ^ ^TYNP]LXPY_PPW/SL]XL^`[]PXZ 0^_LaTOLS`XLYLN`LWWÃX[L]LOP XLY_P\`TWWLPc[`P^_LLWaTPY_Z^TP^WZYRPaL P^_ÃX`dMTPY[P]Z^TP^M]PaP_LXMTËY P^_ÃMTPY&^TYNZY^_]PÓT]L`YXÃ^PWWLeZOPW PRZ[]LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL ^`[]PXZ 7LPcT^_PYNTLOPOTNLOLLW[WLNP]NZXZ `YL_PY_LOZ]LL[L]TNTÕYXÃRTNL^T_TPYP ËcT_ZP^_ÃX`dMTPY&[P]Z^TQ]LNL^L _LXMTËYP^_ÃMTPY=PNSLeLYOZWZ^ZNSZ TY_P]P^P^X`YOLYZ^NZXZ^TQ`P^PYML^`]L []LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL ^`[]PXZ 7LNZX[LÓÏLN`LWMLYOLOLOP[ÃUL]Z^ ^ZM]PWLNZ[LOP`YÃ]MZW^T^PXLY_TPYP `YTOLP^_ÃX`dMTPY[P]Z^T^POT^[P]^L _LXMTËYP^_ÃMTPY&^TY[P]XT_T]\`PWZ^Z_]Z^ YZ^L]]L^_]PYOPWLYL]Te[]LN_T\`PXZ^ ^TYNP]LXPY_PPW/SL]XL^`[]PXZ 0^_PN`P][ZTW`^Z]TZN`LW]`TYLNPY_PYL]TL^T ^PXLY_TPYPPY[TPP^_ÃX`dMTPY&[P]Z^T NLP]PO`NTOZLW[ZWaZ_LXMTËYP^_ÃMTPY>TY []PZN`[L]YZ^[Z]PWaP^_TOZPWLWTXPY_ZZ WLXPOTNTYL[]LN_T\`PXZ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ 7Z^TY^_]`XPY_Z^OPWOPaZ_ZN`LWU`R`P_P^ OP`YYTÓZ^T^PR`L]OLYP^_ÃX`dMTPY [P]Z^T^P[TP]OPY_LXMTËYP^_ÃMTPY >TYXZWP^_L]YZ^[Z]OP_LWWP^NL]PY_P^OP TX[Z]_LYNTL[]LN_T\`PXZ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ /TZ^P^dOPXZYTZ^N`LW]PPUZ^PY`Y P^[PUZ^T^ZYQLaZ]LMWP^P^_ÃX`dMTPY&[P]Z ^TYZ^^ZYLOaP]^Z^_LXMTËYP^_ÃMTPY>TY _ZXL]NZXZPYPXTRZ^LY`P^_]L^[]Z[TL^ aT^TZYP^TW`^Z]TL^[]LN_T\`PXZ^^TYNP]LXPY_P PW/SL]XL^`[]PXZ 7LNZYQ`^L[LWLM]P]ÏLNZXZ`YPNZ TYL^TMWP^TYZL_]LPY`P^_]LL_PYNTÕYP^_à X`dMTPY&[P]Z^TYZ^TY_P]P^L_LXMTËYP^_à MTPY?ZXLYOZNZXZ_P^_TRZ^ÜYTNLXPY_P LWL^?]P^5ZdL^dLY`P^_]LNZYNTPYNTL []LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL ^`[]PXZ ,\`PWWL^NZ^L^\`PN`LWNZ]YLXPY_L OPNTP]aZ[`POPYXZ^_]L]^PTYÜ_TWP^PY XZXPY_Z^OPYPNP^TOLO^TYZSLNPXZ^ NL^ZOPPWWL^P^_ÃX`dMTPY&[P]Z^TYZWL^ TRYZ]LXZ^_LXMTËYP^_ÃMTPY>TYOP[Z^T_L] Y`P^_]LNZYLYeLPYWL^L]_P^dWL^NTPYNTL^ X`YOLYL^[]LN_T\`PXZ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ 7L^ZQ]PYOL^dPWOTYP]ZOPWZ^OPaZ_Z^ N`LWaPYPYZWP_LW^TWZ^]PNTMTXZ^P^_ÃX`d MTPY[P]Z^TYZWZ^NZY^PR`TXZ^_LXMTËY P^_ÃMTPY>TYNZY^LR]L]Y`P^_]LaTOLL LN`X`WL]XÃ^YPRL_TaTOLOP^[]LN_T\`PXZ^ ^TYNP]LXPY_PPW/SL]XL^`[]PXZ 7L[Z^TNTÕYPYN`XM]LOLN`LWPcN]PXPY_Z OP[P]]Z]PaP^_TOZOPM]ZNLOZ^^TWL LWNLYeLXZ^P^_ÃX`dMTPY[P]Z^T YZWWPRLXZ^LPWWL_LXMTËYP^_ÃMTPY ;P]NTMTPYOZOT]PN_LXPY_PY`P^_]L[]Z[TL [ZO]PO`XM]P[]LN_T\`PXZ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ 7Z^LXTRZ^d[L]TPY_P^N`LWaTLYOLY_P^\`P ^PN]`eLYPYPWXP]NLOZ^T^ZYL]XZYTZ^Z^ P^_ÃX`dMTPY[P]Z^T^ZYSZ^_TWP^ _LXMTËYP^_ÃMTPY.Z]_LYOZPWL[PRZOP WL_PY^LN`P]OL\`PL_LY`P^_]ZNZ]LeÕY []LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL ^`[]PXZ ?ZOL^WL^[Z^P^TZYP^XL_P]TLWP^NZXZ`Y _P^Z]ZOP^N`MTP]_ZPY`Y^`PÓZ^T`YZWL^ [Z^PPP^_ÃX`dMTPY[P]Z^TYZN`PY_LNZY PWWL^_LXMTËYP^_ÃMTPY>TYSLNP]RT]L]SLNTL YZ^Z_]Z^WLNLMPeLOPWZ^OPXÃ^M`^NLYOZ SLWLRZ^[]LN_T\`PXZ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ 7Z^[]TaTWPRTZ^dPW]LYRZ\`P]PN`P]OLY LW[LUL]TWWZPYNL]LXLOZPYWLNZ[LOP`Y Ã]MZW^T^ZYPWPaLOZ^P^_ÃX`dMTPY[P]Z ^T^ZYTYQP]TZ]P^_LXMTËYP^_ÃMTPY>TY _Z]YL]YZ^XÃ^XPe\`TYZ^LWOP^PL]`YL [Z^TNTÕYXPUZ][]LN_T\`PXZ^^TYNP]LXPY_P PW/SL]XL^`[]PXZ 7Z^^Z]_TWPRTZ^NZYNPMTOZ^[L]LNL`^L]OLÓZ N`LWL]XLOPOZMWPWZ^T^ZXZ^NL[LNP^ OP`_TWTeL]WZ^P^_ÃX`dMTPY[P]Z^TYZ [ZOPXZ^SLNP]WZ_LXMTËYP^_ÃMTPY>TY M`^NL]WLP^[LOL\`P^PRL]ÃY`P^_]L[]Z[TL (/É85(2)/25(&(51~PHUR0D\R %8',6027,%(7$12 aTOL[]LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL ^`[]PXZ 7L]PNT_LNTÕYOPWL^[WPRL]TL^NZXZWLWP_LYÏL OP`YWZ]Z^T`YZWL[ZYPPY[]ÃN_TNLP^_à X`dMTPY[P]ZPYNL^ZOPYZSLNP]WZ _LXMTËYP^_ÃMTPY>TYLWL]OPL]OP_ZOZWZ \`PSLNPXZ^[]LN_T\`PXZ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ 7L^[]ËOTNL^]PWTRTZ^L^\`P]PN`P]OLYLW ]`TOZOPWL^NL^NLOL^OPXZY_LÓL^T^ZY PWZN`PY_P^P^_ÃX`dMTPY[P]Z^TYZWZ^ZY _LXMTËYP^_ÃMTPY>TYNZYQ`YOT]WLXP]L [LWLM]P]ÏLNZYWLL`_ËY_TNLPY^PÓLYeL []LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL ^`[]PXZ 0WTY_PWPN_Z\`PU`eRL]Ã[TOLXPY_PN`LW NP]OZZWT^\`PÃYOZWZ_ZOZ^TP^[P]^[TNLe P^_ÃX`dMTPY[P]Z^TP^_ÃPXMZ_LOZ _LXMTËYP^_ÃMTPY>TY[P]XT_T]\`P^P NWLaPYPYYZ^Z_]Z^WZ^OL]OZ^OPWL[PRZd PW]PNSLeZ[]LN_T\`PXZ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ 7L^Pc[P]TPYNTL^XPOT_L_TaL^NZXZPW _Z]]PY_P_]L^`YL_Z]XPY_LOPaP]LYZ^T L`XPY_LYP^_ÃX`dMTPY[P]Z^TOT^XTY`dPY _LXMTËYP^_ÃMTPY>TYTXT_L]LWZ^YTÓZ^ \`P[P]^TR`PYPWL]NZT]T^[]LN_T\`PXZ^ ^TYNP]LXPY_PPW/SL]XL^`[]PXZ 7L^aT^TZYP^[`]L^N`LWWWZaTeYLPYWLN`XM]P OP`YLXZY_LÓL^T^`]RPYP^_ÃX`dMTPY [P]Z^TYZL[L]PNPY_LXMTËYP^_ÃMTPY>TY _ZXL][Z]]PLWP^WL^Pc[P]TPYNTL^TW`^Z]TL^ []LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL ^`[]PXZ 7L^WTMP]_LOP^dWL^NZYOTNTZYP^QLaZ]LMWP^ NZXZ`YLRPXL\`PZ_Z]RL_ZOZ^WZ^ OP^PZ^]P^`W_LYTYOT^[PY^LMWP^[L]L[ZOP] []LN_TNL]PW^LY_Z/SL]XL,^Ï[`P^^TY L]]ZUL]L\`PWWZ\`PdL_PYPXZ^PYY`P^_]L^ XLYZ^[]LN_T\`PXZ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ PWQ`_`]Z;Z]PWWZNZULXZ^Q`P]_PWLN`P]OL OPWLNZX[L^TaL?]T[WP5ZdLd[]LN_T\`PXZ^ ^TYNP]LXPY_PPW/SL]XL^`[]PXZ >TYZSLWWLXZ^LWRWZ]TZ^ZXLP^_]Z\`P P^WLWÃX[L]L\`PTW`XTYLPW^PYOP]Z LWLWTMP]LNTÕYYZSLM]ÃXZOZOP\`P ]PNZYZeNLXZ^Y`P^_]LaP]OLOP]LYL_`]LWPeL ,^Ï[`P^`YLaPe\`P^LMPXZ^[Z]OZYOP _]LY^N`]]PPW^PYOP]ZYZ^LW_PXZ^LWLMT^XZ d[]LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL ^`[]PXZ >TYZP^N`NSLXZ^PW^LR]LOZ/SL]XL\`P P^NZXZWLXPOTNTYLNL[LeOPN`]L]WL PYQP]XPOLOYZ_PYO]PXZ^Z[Z]_`YTOLO OP^LMP]\`ËSLNP]d\`ËPaT_L],^Ï[`P^ N`LYOZNZYZNPXZ^WLOTQP]PYNTLPY_]PPW MTPYdPWXLWYZYZ^LMLWLYNPXZ^^ZM]P PWaPYPYZd[]LN_T\`PXZ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ >TYZL[]PNTLXZ^WLLW_P]YLYNTLPY_]P [WLNP]dOZWZ]\`PPaZNLLWL^`NP^TÕY OPWL^P^_LNTZYP^YZ[ZO]PXZ^]PY`YNTL] LW^LX^L]L,^Ï[`P^OLOZ\`PP^^PR`]Z \`PPW^`Q]TXTPY_Z^TPX[]PYZ^LWNLYeL]à []LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL ^`[]PXZ >TYZ[ZOPXZ^WTMP]L]YZ^LSZ]LOPY`P^_]L ^T_`LNTÕY^LX^Ã]TNL\`P^P[L]PNPL `YL[TPO]LNLÏOLPYPWQZYOZOP`YWLRZ _LX[ZNZ^P]PXZ^NL[LNP^OPSLNP]WZPY >TTRYZ]LXZ^WL^aT]_`OP^OPWLWTMP]LNTÕY \`PP^NZXZ`YLT^WL^L_`]LOLOPUZdL^YZ SLM]ÃQZ]XLOPOP^L]]ZWWL]OP_P]XTYLNTÕY d[P]^PaP]LYNTL3LMTPYOZ]PNZYZNTOZ WL^aPY_LUL^OP`YLaTN_Z]TLOPYT_TaL []LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL ^`[]PXZ >TYZ^LMZ]PLXZ^PWYËN_L]OPWL^aTOL^OP WZ^R]LYOP^XLP^_]Z^YZ[ZO]PXZ^RPYP]L] ^`NTPY_PNZYLYeL,^Ï[`P^^T^ZXZ^ NL[LNP^OPOTQP]PYNTL]PY_]PWLaTN_Z]TLdWL OP]]Z_LYZP^NZULXZ^WLL`_ZOP^_]`NNTÕY d[]LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL ^`[]PXZ >TYZN`W_TaLXZ^PWQË]_TWNLX[ZOPWL -ZOSTNT__LYZ_PYO]PXZ^YTYR`YL[Z^TMTWTOLO OPLWNLYeL]WLTW`XTYLNTÕY/PË^_PXZOZ ^TYNPOP]LWLSZWRLeLYP]ÏLN`LYOZSLd `YLR]LYXP_L\`PLWNLYeL][]LN_T\`PXZ^ ^TYNP]LXPY_PPW/SL]XL^`[]PXZ >TYZXLY_PYPXZ^MLUZNZY_]ZWL Y`P^_]L[]Z[TLXPY_P\`PP^NZXZ `YXZYZTY\`TP_ZYZ[ZO]PXZ^PaT_L] WL^PXZNTZYP^NZYTN_TaL^;Z]PWWZ^TY LN_`L]_LYT]]PPcTaLXPY_PNZXZ`YWZNZ []LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL ^`[]PXZ >TYZ]PNSLeLXZ^LWPRZ\`PP^NZXZ`YL ^ZXM]L\`PYZ^^TR`PL_ZOL^[L]_P^YZ SLM]ÃXLYP]LOP\`PL]]TMPXZ^LW=PTYZOPW (/É85(2)/25(&(51~PHUR0D\R 2]LY2ZeZ,^Ï[`P^N`LYOZPWPYPXTRZ^PSLWWLLY`P^_]ZLWNLYNP YZWZ_]L_PXZ^NZXZL`YLXTRZd[]LN_T\`PXZ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ >TYZPc_TYR`TXZ^WZ^NTYNZaPYPYZ^\`P^ZYNZXZWL^M]L^L^ ZN`W_L^PY_]PWL^NPYTeL^YZ[ZO]PXZ^]P[Z^L]PYPWP^_LOZYL_`]LW ,^Ï^TYN]TL]aÏMZ]L^PYY`P^_]Z^MZW^TWWZ^[]LN_T\`PXZ^^TYNP]LXPY_P PW/SL]XL^`[]PXZ >TYZLMWLYOLXZ^Y`P^_]ZNL]ÃN_P]\`P^P[L]PNPLWN`P]Z PYO`]PNTOZOP`Y^LNZOPXLY_P\`TWWLYZ[ZO]PXZ^XPeNWL]ULXÃ^ Y`P^_]LXPY_PNZYPW/SL]XL/PË^_PXZOZ^TY]ZML]LY`P^_]Z []Z[TZSTUZ[]LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL^`[]PXZ >TYZWZR]LXZ^NZ]_L]WL^_PYOPYNTL^YPRL_TaL^[P]^T^_PY_P^d WZ^XLWZ^SÃMT_Z^\`P^ZYNZXZPWN`]^Z[]TYNT[LWOP`Y]ÏZ YZ[ZO]PXZ^PaT_L]LN_`L]PYNZY_]LOPW/SL]XL;Z]PWWZ^TY [ZYP]L]XL^PYWL^XLYZ^OPY`P^_]Z^PYPXTRZ^[]LN_T\`PXZ^ ^TYNP]LXPY_PPW/SL]XL^`[]PXZ >TYZYZ^WTM]LXZ^OPWL^NZY^_LY_P^ZWL^OPWLOT^_]LNNTÕYYZ [ZO]PXZ^WZR]L]P^_LMTWTOLO,^Ï[`P^^T[ZOPXZ^SLNP]WZ\`P \`P]LXZ^YZPWTULXZ^PW^LX^L]Ld[]LN_T\`PXZ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ >TYZ]PNTMTXZ^WL^MPYOTNTZYP^OPWXLP^_]ZNZXZWL[]TXLaP]L \`PNLWTPY_LPW^`PWZdWL^LR`L^YZ[ZO]PXZ^^P]TY_]ZO`NTOZ^LWL aP]OLOP]LYL_`]LWPeLOPWLXPY_P>TOT^[ZYPXZ^OP`YL_LUZ^TXTWL] ^OP`YL_LUZ^TXTWL] YZPX[]PYOLXZ^`YR]LY]ZOPZd[]LN_T\`PXZ^^TYNP]LXPY_PPW ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ >TYZ^ZXZ^NL[LNP^OP[P]XLYPNP]PYPW]P_T]ZPYWL ZPYWL ^ZWPOLOOPWLYL_`]LWPeL\`PP^NZXZPWaP]LYZPY ZPY `YW`RL]Pc`MP]LY_POZYOPN]PNPYWL^Z]P^YZSLM]à SLM]à XZOZOP\`PPXP]ULYWL^M`PYL^N`LWTOLOP^,^Ï ^Ï [`P^^TYZ^SLWWLXZ^PYWLN`XM]POPWLXZY_LÓLYZ ÓLYZ OP^NPYOLXZ^LXP]ZOPL][Z]WZ^[`PMWZ^Z^N`]Z^d ]Z^d []LN_T\`PXZ^^TYNP]LXPY_PPW/SL]XL^`[]PXZ >TYZYZ^LWPULXZ^OPWLYSPWZOPWZ^[WLNP]P^\`P `P P^N`LWP^[Ï]T_`\`PL_]LPPWTYQZ]_`YTZLY`P^_]Z SZRL]ULXÃ^[ZYO]PXZ^YLY`P^_]LLN_TaTOLOOP OP ^`Q]TXTPY_Z>TYSLNP]ZQ]PYOL^LP^Z^P^[Ï]T_`^ÃaTOZ^ aTOZ^ NZXZ^TQ`P]LYY`P^_]LOPTOLO[P]^ZYLW[]LN_T\`PXZ^ `PXZ^ ^TYNP]LXPY_PPW/SL]XL^`[]PXZ >TYZN`W_TaLXZ^WL[WPYLL_PYNTÕYNZXZ`YaTRÏLLWL ÏLLWL PY_]LOLOP`YLQZ]_LWPeLYZ[ZO]PXZ^[ZYP]YLW YLW XZaTXTPY_ZOPWLTW`^TÕY>T^LMPXZ^LNTPYNTLNTP]_L P]_L \`PPWWLO]ÕYaLLaPYT]YZOPUPXZ^PW[P^_TWWZOP P Y`P^_]L[`P]_LLMTP]_Zd[]LN_T\`PXZ^^TYNP]LXPY_PPW PY_PPW /SL]XL^`[]PXZ >TYZ]PNZYZNPXZ^Y`P^_]LaP]OLOP]LYL_`]LWPeL\`P L\`P P^_LYTYX`_LMWPNZXZPWNTPWZYZ[ZO]PXZ^]P^ZWaP] ^ZWaP] OPYT_TaLXPY_PWL^O`OL^^ZM]PWLaT^TÕY,^Ï[`P^^TY P^^TY OPUL]YZ^PYNLOPYL][Z]WLXP]L_PZ]ÏL[]LN_T\`PXZ^ PXZ^ ^TYNP]LXPY_PPW/SL]XL^`[]PXZ >TYZNZY_PX[WLXZ^OT]PN_LXPY_PWLNZYNTPYNTL []TXZ]OTLWN`LWN]T^_LWTYXLN`WLOZYZ[ZO]PXZ^ Z^ _]L^NPYOP]WLXPOT_LNTÕYTY_PYNTZYLW/PË^_PXZOZ ZOZ ^TdLOT^[ZYPXZ^OP`YLXTRZPWYZYZ^WLYNPXZ^ XZ^ LWLMÜ^\`POLOPY`PaL^NZX[LÓÏL^d[]LN_T\`PXZ^ XZ^ ^TYNP]LXPY_PPW/SL]XL^`[]PXZ >T^ZXZ^TYNL[LNP^OP]PNZYZNP]WLXPY_P Z]OTYL]TLNZXZ`YaTPUZLXTRZ_ZOZWZ \`PSLRLXZ^^ÕWZNZY_]TM`T]ÃLL`XPY_L] Y`P^_]LNZYQ`^TÕY>TYM`^NL]L_TPY_L^NZYWZ^ ZUZ^NP]]LOZ^[]LN_T\`PXZ^^TYNP]LXPY_PPW /SL]XL^`[]PXZ 0Y]P^`XPY^TYZLMLYOZYLXZ^WL^ []PZN`[LNTZYP^OPP^_LaTOLYZSLM]à XZOZOP[ZYP]PY[]ÃN_TNLWL^^LR]LOL^ PY^PÓLYeL^PYPWXZXPY_ZOPWLX`P]_P 3LMTPYOZ]P^`PW_Z[`P^^P]MZYOLOZ^Z^ [L]LNZYYZ^Z_]Z^XT^XZ^\`P_ZOL^ (/É85(2)/25(&(51~PHUR0D\R Y`P^_]L^LN_TaTOLOP^^PPYNLXTYPYSLNTLPW/SL]XL<`P[ZOLXZ^ [P]XLYPNP]WTM]P^OPWL^aT^TZYP^P]]ÕYPL^SLNTLPW7LXL\`PYZ^ _]LY^XT_PWLPY^PÓLYeLOPW/SL]XL<`PNZY^P]aPXZ^WLQPPY PWdTOLXN`LYOZ^ZM]PaPYRLPWTYQZ]_`YTZ<`P[ZOLXZ^^PR`T] []LN_TNLYOZY`P^_]L^LOSLYLL[P^L]OPWL^NT]N`Y^_LYNTL^OTQÏNTWP^ <`P[ZOLXZ^^`[P]L]_ZOZ^WZ^ZM^_ÃN`WZ^\`PYZ^TX[TOPYZM_PYP] WL]PLWTeLNTÕY ?ZOL^WL^LN_TaTOLOP^_TPYPY_LY[ZNZ^PY_TOZNZXZT]LOL]`Y [L^PZ[Z]PWOP^TP]_Z?ZOZ^WZ^P^Q`P]eZ^^ÕWZNZY_]TM`dPYLW PYO`]PNTXTPY_ZOPY`P^_]ZNL]ÃN_P]?ZOZ^Y`P^_]Z^[PY^LXTPY_Z^YZ SLNPY^TYZLÓLOT]NZYQ`^TÕYLWLNZYQ`^TÕY?ZOZWZ\`PWL^[P]^ZYL^ Z]OTYL]TL^_ZXLY[Z]]PWTRTÕY^ÕWZP^NL`^LOPXLdZ]P^NWLaT_`O 9Z^LNL]PXZ^YLOLOPWPcNP^ZOPLN_TaTOLO&YZ_TPYP^PY_TOZ [PY^L]OPXL^TLOZ&dYZSLd_TPX[Z[L]L\`P^PN`X[WLYY`P^_]L^ Pc[PN_L_TaL^3LMTPYOZOP^PNSLOZ_ZOZP^Z\`P[ZOLXZ^XPOT_L] OPLN`P]OZLWL^TY^_]`NNTZYP^Z]LWP^ >TOP^PLXZ^PX[]PYOP]LWR`YLLNNTÕY[ZYRLXZ^[Z]_P^_TRZ^LW -`OLdWL^PY^PÓLYeL^>TOP^PLXZ^SLNP]LWRZXPeNWPXZ^Y`P^_]Z NZY_TY`ZXPY_LWNZYPW/SL]XL>T\`P]PXZ^ZM_PYP]LWRZ_ZXPXZ^ NZXZPUPX[WZWL^aTOL^OPWZ^XLP^_]Z^OPW[L^LOZ¡<`Ë^PY_TOZ _TPYPTY_PY_L]LWRZOTQP]PY_P* 9TÓZ^NZY^PY_TOZ^WTMP]ËXZYZ^OPWL^ZNSZ[]PZN`[LNTZYP^ X`YOLYL^dLOZ[_PXZ^`YL[Z^TNTÕYS`XTWOP[Z]\`PP^_L] ^L_T^QPNSZ^P\`TaLWPL[Z^PP]`Y_P^Z]Z<`PWL^MPYOTNTZYP^OPW 8LP^_]Z[PYP_]PYPY_ZOZ^YZ^Z_]Z^<`PY`P^_]L]PLWTeLNTÕY 8LP^_]Z[PYP_]PYPY_ZOZ^YZ^Z_]Z^<`PY`P^_]L]PLWTeLNTÕY ^PL_LYaL^_LNZXZPWNTPWZ<`P[ZOLXZ^LWNLYeL]PW]PTYZOP ^PL_LYaL^_LNZXZPWNTPWZ<`P[ZOLXZ^LWNLYeL]PW]PTYZOP >LXLY_LMSLO]L (/É É85 85(2 8 5(2) 5( )/25 /25(&(5 / 25 5(&(5 1~PHUR 1~ 1~P 1~P PHUR UR 0D\R 0D\ 0DD\R D\R R ( ( (/É É85 85(2 8 (2) )/25 /25(&(5 25(&(51~ 1~PHUR 1 ~~P PHHUR UURR 0D\R 0D\ 0D\ 0D D\R R LA PROFECÍA DEL REY DEL MUNDO 0 RVGLFHHO0DHVWUR6DPDHO$XQ:HRUHQVXOLEUR/D'RFWULQD 6HFUHWD GH $QDKXDF TXH 0HOTXLVHGHF HO *HQLR GH OD 7LHUUD HO5H\GHO0XQGRKL]RXQDSURIHFtDHQXQDODPDVHUtDGHO$VLD &HQWUDOHQODTXHDQXQFLDEDHOILQGHQXHVWUDFLYLOL]DFLyQFRQ WHPSRUiQHD (VWD SURIHFtD HVWi UHJLGD GHO OLEUR GHO 'U )HUGLQDQG 2VVHQGRZVNL LOXVWUH YLDMHURSRODFRKRPEUHGHFLHQFLD\HVFULWRU³%HVWLDV+RPEUHV\'LRVHV´SXEOL FDGRHQ(QHVWHOLEUR2VVHQGRZVNLQDUUDTXHFXDQGRYLVLWyHOPRQDVWHULR GH1DUDEDQFKLDSULQFLSLRVGHODxRHODEDGR+XWXNWXGHGLFKRPRQDVWHULR OHFRQWyTXH³ODYH]TXHHO5H\GHO0XQGRVHDSDUHFLyDORVODPDVGHQXHVWURPR QDVWHULRIDYRUHFLGRVSRU'LRVKDFHWUHLQWDDxRVKL]RXQDSURIHFtDUHODWLYDDORV FLQFXHQWDDxRVLQPHGLDWD\FRUUHODWLYDPHQWHYHQLGHURV+HODDTXt´ ³/RVKRPEUHVFDGDYH]PiVROYLGDUiQVXVDOPDVSDUDRFXSDUVHVyORGHVXVFXHUSRV/D PD\RUFRUUXSFLyQYDDUHLQDUVREUHOD7LHUUD´ ³/RVKRPEUHVVHDVHPHMDUiQDODVEHVWLDVIHURFHVVHGLHQWRVGHODVDQJUHGHVXVKHUPD QRV´ ³/D0HGLD/XQDVHDSDJDUiFD\HQGRVXVDGHSWRVHQODJXHUUDSHUSHWXD&DHUiQVREUH HOORVODVPD\RUHVGHVJUDFLDV\DFDEDUiQOXFKDQGRHQWUHVt´ ³/DVFRURQDVGHORVUH\HVJUDQGHV\SHTXHxRVFDHUiQ8QRGRVWUHVFXDWURFLQFRVHLV VLHWHRFKRHVWDOODUiXQDWHUULEOHJXHUUDHQWUHWRGRVORVSXHEORV´ ³/RVRFpDQRVUXJLUiQODWLHUUD\HOIRQGRGHORVPDUHVVHFXEULUiQGHRVDPHQWDV GHVDSDUHFHUiQ UHLQRV PRULUiQ SXHEORV HQWHURV HO KDPEUH OD HQIHUPHGDG FUtPHQHV QR SUHYLVWRVHQODVOH\HVQRYLVWRVQLVRxDGRVD~QSRUORVKRPEUHV´ ³9HQGUiQHQWRQFHVORVHQHPLJRVGH'LRV\GHO(VStULWX'LYLQRORVFXDOHV\DFHQHQORV SURSLRVKRPEUHV$TXHOORVTXHOHYDQWHQODPDQRVREUHRWURSHUHFHUiQWDPELpQ´ ³/RVROYLGDGRVORVSHUVHJXLGRVVHHUJXLUiQGHVSXpV\DWUDHUiQODDWHQFLyQGHOPXQGR HQWHUR´ ³+DEUiHVSHVDVQLHEODVWHPSHVWDGHVKRUULEOHV0RQWDxDVKDVWDHQWRQFHVVLQYHJHWDFLyQ VHFXEULUiQGHIORUHVWDV´ ³/D 7LHUUD WRGD VH HVWUHPHFHUi 0LOORQHV GH KRPEUHV FDPELDUiQ ODV FDGHQDV GH OD HVFODYLWXG\ODVKXPLOODFLRQHVSRUHOKDPEUHODSHVWH\ODPXHUWH´ ³/DVFDUUHWHUDVVHOOHQDUiQGHPXOWLWXGGHSHUVRQDVFDPLQDQGRDODFDVRGHXQODGR SDUDRWUR´ ³/DVPD\RUHVODVPiVEHOODVFLXGDGHVGHVDSDUHFHUiQSRUHOIXHJR8QRGRVWUHV 'HFDGDGLH]PLOKRPEUHVVREUHYLYLUiXQRHOFXDOTXHGDUiGHVQXGRGHVWLWXLGRGHWRGRHO HQWHQGLPLHQWRVLQIXHU]DVSDUDFRQVWUXLUVXYLYLHQGDREXVFDUDOLPHQWRV<HVWRVKRPEUHV VREUHYLYLHQWHVDXOODUiQFRPRORERVIHURFHVGHYRUDUiQFDGiYHUHV\PRUGLHQGRVXSURSLD FDUQHGHVDILDUiQD'LRVSDUDFRPEDWH´ (/É85(2)/25(&(51~PHUR0D\R ³/D 7LHUUD WRGD TXHGDUi GHVLHUWD \ KDVWD 'LRV KXLUi GH HOOD6REUHOD7LHUUDYDFtDODQRFKH\ODPXHUWH´ ³(QWRQFHV\RHQYLDUpXQSXHEORGHVFRQRFLGRKDVWDDKRUD HOFXDOFRQPDQRIXHUWHDUUDQFDUiODVPDODVKLHUEDVGHOWHUUH QRGHOFXOWLYR\GHOYLFLR\FRQGXFLUiDORVSRFRVTXHSHUPDQH FHQILHOHVDOHVStULWXGHOKRPEUHHQODEDWDOODFRQWUDHOPDO )XQGDUiQ XQD QXHYD YLGD VREUH OD 7LHUUD SXULILFDGD SRU OD PXHUWHGHODVQDFLRQHV´ +DVWDDTXtHOWH[WRGHOD3URIHFtDGHO5H\GHO0XQGR TXH HO 0DHVWUR 6DPDHO LQFOX\y HQ OD 'RFWULQD 6HFUHWD GH$QDKXDFFRQFOX\pQGRODFRQODVVLJXLHQWHVSDODEUDV ³(VWDSURIHFtDHVDFHSWDGDSRUORVJQyVWLFRVORVFXDOHVODLQWHU SUHWDQFRPRHOILQGHOD(GDG1HJUDR.DOL\XJD'HVSXpVVH J~QHOORVKDEUiXQDQXHYDFLYLOL]DFLyQ\XQDQXHYD&XOWXUD´ 3RUDOJXQDUD]yQHO0DHVWUR6DPDHOQRTXLVRLQFOXLU HQVXOLEURODSDUWHILQDOGHOD3URIHFtDWDOFRPR2VVHQ GRZVNLODGHMyHVFULWDHQ%HVWLDV+RPEUHV\'LRVHVSR VLEOHPHQWHSRUTXHHO0DHVWUR6DPDHOQRHUDSDUWLGDULR GHGDUIHFKDVSDUDORVDFRQWHFLPLHQWRVGHOILQDOGHO.D OL\XJDKDFLHQGRFDVRDODVSDODEUDVGH-HV~VHQHO(YDQ JHOLR FXDQGR UHILULpQGRVH D ORV WLHPSRV GHO ILQ GHFtD ³3HURGHOGtD\ODKRUDQDGLHVDEHQLDXQORViQJHOHVGH ORVFLHORVVLQRVyORPL3DGUH´0DWHR (OILQDOGHOD3URIHFtDHVHVWH ³'HQWURGHFLQFXHQWDDxRVQRKDEUiPiVTXHWUHVJUDQGHV UHLQRV QXHYRV TXH YLYLUiQ IHOLFHV GXUDQWH VHWHQWD \ XQ DxRV (QVHJXLGD YHQGUiQ GLHFLRFKR DxRV GH JXHUUD \ FDWDFOLVPRV« /XHJR ORV SXHEORV GH $JKDUWL VDOGUiQ GH VXVFDYHUQDVVXEWHUUiQHDV\DSDUHFHUiQHQ ODVXSHUILFLHGHODWLHUUD´ 6RQFXULRVDVODVIHFKDVTXHVHGDQ DO ILQDO GH OD SURIHFtD \ YDOH OD SHQD GHWHQHUVH SDUD UHIOH[LRQDU HQ HOODV (/É85(2)/25(&(51~PHUR0D\R ³'HQWURGHDxRVQRVGLFHQRKDEUiPiVTXHWUHVJUDQGHV UHLQRVQXHYRVTXHYLYLUiQIHOLFHV´ 7HQLHQGR HQ FXHQWD TXH OD SURIHFtD IXH GDGD HQ VLVXPDPRVDxRVDHVWDIHFKDQRVGDUiHODxR GHMXVWRDOLQLFLRGHOD6HJXQGD*XHUUD0XQGLDO FRPRXQDIHFKDDSDUWLUGHODFXDO\SRUVXSXHVWRWUDV OD WHUULEOH FRQIODJUDFLyQ PXQGLDO VH DEULUtD XQ WLHPSR GH³UHODWLYDSD]\IHOLFLGDG´1RSRGHPRVHVSHFXODUVREUH HVWRV³WUHVJUDQGHVQXHYRVSXHEORV´SHURWRGRGDDHQWHQ GHU WUHV JUDQGHV SRWHQFLDV GH 2FFLGHQWH TXH KDQ JR]D GRGXUDQWHODVHJXQGDPLWDGGHOVLJOR;;GHELHQHVWDU\ WUDQTXLOLGDG 'HVSXpV GH HVH SHULRGR GH ³FLHUWD IHOLFLGDG´ GH DxRVTXHVXPDGRVDODxRQRVGDODIHFKDGH HVHOPRPHQWRHQHOTXHVHDEUHXQSHULRGRGHDxRV HVGHFLUKDVWDHODxRGH³JXHUUD\FDWDFOLVPRV´« 2WUDSDUWHGHODPLVPDSURIHFtDTXHSDUHFHUHIHULUVH DHVWHSHUtRGRGH³JXHUUD\FDWDFOLVPRV´HQWUHHO\HO LQGLFD ³/DVFLXGDGHVPHMRUHV\PiVKHUPRVDVSHUHFHUiQSRUHOIXH JRXQDGRVWUHV(OSDGUHOXFKDUiFRQHOKLMRHOKHUPDQR FRQHOKHUPDQRODPDGUHFRQODKLMD(OYLFLRHOFULPHQODGHV WUXFFLyQGHORVFXHUSRV\GHODVDOPDVLPSHUDUiQVLQIUHQRV6H GLVSHUVDUiQODVIDPLOLDV'HVDSDUHFHUiQODILGHOLGDG\HODPRU 'HKRPEUHVXQRVRORVREUHYLYLUi>@6HGHVSREODUiOD 7LHUUD>@6REUHHOODHVSDUFLUiQWDQVyOR VXVIUXWRVODQRFKH\ODPXHUWH´ ³(QWRQFHV VXUJLUi XQ SXHEOR KDVWD DKRUD GHVFRQRFLGR TXH FRQ SXxR IXHUWH DUUDQFDUiODVPDODVKLHUEDVGHODORFXUD\ GHOYLFLR\FRQGXFLUiDORVTXHKD\DQSHU PDQHFLGRILHOHVDO(VStULWXGHO+RPEUHD OD EDWDOOD FRQWUD HO PDO )XQGDUiQ XQD 1XHYD 9LGD HQ OD 7LHUUD SXULILFDGD SRU ODPXHUWHGHODV1DFLRQHV´ /$352)(&Ì$'(/5(<'(/081'2 (O5HLQRGHO5H\GHO0XQGR 9 LVLWDQGR FRQ DOJXQRV HVWXGLDQWHV JQyVWLFRV XQDVIDPRVDVJUXWDVHQ0p[LFRHO0DHVWUR 6DPDHO$XQ:HRUOHVGHFtD ³<ROHVGLJRDXVWHGHVPLVDPLJRVTXHHQYHUGDG H[LVWHXQ5H\GHO0XQGR4XLHURUHIHULUPHHQIRUPD HQIiWLFD D 0HOTXLVHGHF ³5H\ GH 6DOHP VLQ SDGUH QL PDGUH QL OLQDMH DOJXQR FRQRFLGR HO FXDO SHUPDQHFH VDFHUGRWH SRU VLHPSUH´ (VH KRPEUH YLYH HQ $JDUWKD GHQWURGHOLQWHULRUGHOD7LHUUD« (VWDVHULHGHJUXWDVTXHXVWHGHVYHQHVWDVFDYHUQDV TXHQRWLHQHQOtPLWHVRQXQDSXHUWDGHHQWUDGDDHVH 5HLQR GH 0HOTXLVHGHF /RV FLHQWtILFRV GH OD 1$6$ TXLHUHQFRQTXLVWDURWURVPXQGRVRWURVSODQHWDVFXDQ GR QL VLTXLHUD FRQRFHQ HO SODQHWD 7LHUUD 1DGD VDEHQ VREUH0HOTXLVHGHF« 1RVRWURV DTXt HVWDPRV SUHFLVDPHQWH HQ HVWDV JUX WDV 6H KDQ GHVFXELHUWR PXFKRV VDORQHV KR\ YDPRV D OOHJDU KDVWD XQ OtPLWH DSDUHQWH SRUTXH GH DKt SDUD DOOiKD\PXFKRVVDORQHVFRPRpVWHVLQGHVFXEULU+DFH SRFRVHGHVFXEULHURQGRVVDORQHVSHURVLJXHQPLOHVGH VDORQHV\HVRORVDEHQ\DORVJHyORJRV /DFLHQFLDGHEHUtDOOHJDUKDVWDHO5HLQRGH0HOTXL VHGHF5H\GH6DOHP4XHFRQVHUYDQDQWLJXDVUHOLTXLDV GH /HPXULD \ $WOiQWLGD ORV KDELWDQWHV GH $JDUWKD HV DOJRTXHELHQVDEHPRV(QSLHGUDHVWiQUHJLVWUDGDVHQ HVDVFDYHUQDVWRGRVORVFRQRFLPLHQWRVGHOD/HPXULD\ GHOD$WOiQWLGD\GHODVpSRFDV+LSHUEyUHD\3RODU/RV FRQRFLPLHQWRVGHORVDQWLJXRVQRVHKDQSHUGLGRHVWiQ UHJLVWUDGRVHQOLEURVGHSLHGUD£H[LVWHQPDVODJHQWH GHHVWDVpSRFDVLJQRUDWRGRHVR 1RVRWURV ORV JQyVWLFRV QR GHEHPRV LJQRUDU WDOHV FXHVWLRQHV 8Q GtD FDGD XQR GH XVWHGHV VL KD SHUVH YHUDGR UHDOPHQWH WUDEDMDQGR VREUH Vt PLVPR VL KD FRQVHJXLGRODDQLTXLODFLyQEXGLVWDOD GHVWUXFFLyQ GH WRGRV HVRV HOHPHQWRV LQKXPDQRV TXH HQ QXHVWUR LQWHULRU SRUWDPRV SRGUi HQWUDU HQ HO 5HLQR GH0HOTXLVHGHF\YHULILFDUSRUVtPLV PR OD FUXGD UHDOLGDG GH OR TXH DTXt HVWR\GLFLHQGR /RV SRGHURVRV FRQRFLPLHQWRV GH ODV FLYLOL]DFLRQHV DUFDLFDV WRGDYtD H[LVWHQ FRPR GLMH UHJLVWUDGRV HQ ODV SLHGUDV GH ODV JUDQGHV FULSWDV VXE WHUUiQHDV /D &LHQFLD GH /HPXULD \ $WOiQWLGD H[LVWH PDV HV GHVFRQRFLGD SDUDODVJHQWHVTXHYLYHQVREUHVODVX SHUILFLHGHOD7LHUUD(O5HLQRGH0HO TXLVHGHFHVXQ5HLQRGH6DSLHQFLD $OJXQD YH] 2VVHQGRZVNL HO JUDQ H[SORUDGRU 3RODFR FRQRFLy DO 5H\ GHO0XQGR(VWHKRPEUHOOHJyDXQD /DPDVHUtD GH ODV WLHUUDV VDJUDGDV GHO 7tEHW HUD GH QRFKH HO FLHOR HVWDED HQFDSRWDGR FRQ GHQVRV QXEDUURQHV UD\RV WUXHQRV \ UHOiPSDJRV TXH KDFtDQHVWUHPHFHUODVQLHYHVSHUSHWXDV$OJXLHQJROSHy HQWUHODVWLQLHEODVQRFWXUQDV/RVPRQMHVGLHURQKRV SLWDOLGDGDORVMLQHWHVTXHOOHJDURQ7RGRVVHVHQWDURQ HQODVDODSULQFLSDOGRQGHKDEtDXQWURQR\DFDHFLyGH SURQWRDOJRLQVyOLWR$OJXLHQGHHQWUHORVGHODFRPLWL YDOOHJDGDVHVHQWyHQDTXHOWURQR /RV PLHPEURV GH DTXHOOD /DPDVHUtD OR UHFRQRFLH URQ (UD 0HOTXLVHGHF HO *HQLR GH OD 7LHUUD 2EYLD PHQWH WHQtDQ TXH SRVWUDUVH \ DVt OR KLFLHURQ (UD GH DGPLUDU HQ HVRV LQVWDQWHV OD YHQHUDFLyQ TXH WRGRV DTXHOORV/DPDVVHQWtDQSRUHO5H\GHHVWHSODQHWD 2VVHQGRZVNLHVWDEDDVRPEUDGRpOQRVDEtDHQYHU GDGQDGDGHHVWDVFXHVWLRQHV9LRDO*HQLRGHOD7LHUUD KRPEUHIXHUWHSRGHURVRSyPXORVVDOLHQWHV\PLUDGD SHQHWUDQWH VX QDUL] UHFWD FRPR OD 7RUUH GH 6LyQ VX IUHQWHDPSOLDFRPRORVPXURVLQYLFWRVGHODDQWLJXD-H UXVDOpQVXVGLHQWHVILUPHVFRPRGHOHyQWRGRVXFXHU SRPDMHVWXRVR%HQGLMRDODFRQFXUUHQFLD\VHGHVSLGLy VLQGHFLUPiV(QVHJXLGDORVUHFLpQOOHJDGRVFRPSUHQ GtDQTXHGHEtDQUHWLUDUVHVHIXHURQFRQpO $Vt TXH 0HOTXLVHGHF HO *HQLR GH OD 7LHUUD GH FXDQGR HQ FXDQGR VDOH D ODV FLXGDGHV D SURIHWL]DU GH ORTXHYDDYHQLUDHVWHSODQHWD7LHUUDKDKDEODGRGH ODVFDWiVWURIHVTXHVHDYHFLQDQ\WDPELpQKDFLWDGRDOD *UDQ&DWiVWURIH /DVJHQWHVSURIDQDVGHHVWRVWLHPSRVQRVRODPHQWH LJQRUDQ VLQR DGHPiV LJQRUDQ TXH LJQRUDQ 6L DOJ~Q SURIDQRQRVHVFXFKDVHSRGUtDPX\ELHQUHtUVHGHQR VRWURVSRUTXHFXHVWLRQHVFRPRpVWDVQRVRQDFFHVLEOHV DO ³DQLPDO LQWHOHFWXDO´ HTXLYRFDGDPHQWH OODPDGR ³+RPEUH´« (/É É8 85(2 85 5 5( (2) )/2 /25(&(5 / /25 2 25 5(&(51~PHUR 1 1~~P 1~P ~PHHU HUR UR UR 0D\R 0 0DD\ 0D\ D\RR (/É85(2)/25(&(51~PHUR0D\R LA LLAMADA DE SHAMBHALA ?Pc_Z^Pc_]LÏOZ^OPWWTM]Zx>SLXMLWL:L^T^OP7`eyOP,YO]Pb?ZXL^ / RVSXHEORVGHOD,QGLDORPLVPRTXHORVFKL QRVFUHHQHQODUHDOLGDGGHXQDPRUDGDGH KRPEUHVSHUIHFWRVTXHGHQRPLQDQ.DODSDR .DWDSD/D%KDJDYDWD3DUDQD\ODHQFLFORSH GLD 9DFKDVSDWW\D VLW~DQ HVWD UHJLyQ HQ HO IODQFR QRUWH GHO+LPDOD\DHVGHFLUHO7tEHW/DOHJHQGDULDWLHUUDGH $U\DYDUVKDGHGRQGHHVSHUDQORVKLQG~HVODDSDULFLyQ GHOIXWXUR6DOYDGRU.DONL$YDWDUVHHQFXHQWUDDOQRUWH GHOPRQWH.DLODVHQHO7tEHW2FFLGHQWDO\VHFUHHTXHHO 9DOOHGHOD,QLFLDFLyQGH%XGDHVWiVLWXDGRHQODPLVPD ]RQD 6HJ~QOD.XUPD3XUDQDKDEtDXQDYH]HQHOPDUVHS WHQWULRQDOXQDLVODOODPDGD6ZHWDGYLSDR,VOD%ODQFD TXHHUDODPRUDGDGHORVJUDQGHV\RJXLV7UDGLFLRQDOPHQ WHHOGHVLHUWRGH*RELHVHOIRQGRGHHVWHPDUSULPLWLYR \ODLVODHVDKRUDXQLPSRQHQWHPDFL]RGHDOWDVPRQWD xDVFRUWDGRSRUSURIXQGRVYDOOHV1RHVLPSUREDEOHTXH ORVVDELRV\RJXLVVHKDOOHQDXQHVWDEOHFLGRVHQHVWHRDVLV SHUGLGRHQHOFRUD]yQGHORVODEHULQWRVPRQWDxRVRVGH $VLD /DOLWHUDWXUDSXUiQLFDGHVFULEHOD,VODGH6KDPEKDOD VLWXDGDHQPHGLRGHXQODJRGHQpFWDUFRQVXOXMXULDQWH IROODMH \ VX SDODFLR 3DUD DOFDQ]DU OD LVOD KDEtD TXH VHU WUDQVSRUWDGRSRUODVDODVGHXQDYHGHRUR(QORVGRFX PHQWRVWLEHWDQRVHVWHPLVWHULRVRFHQWUROOHYDDVLPLVPR HO QRPEUH GH 6KDPEKDOD R 'HMXQJ (O SDGUH (VWHEDQ &DFHOODPLVLRQHURMHVXLWDSRUWXJXpVVHxDODODH[LVWHQFLD GHHVWH©IDEXORVRSDtVªHQORVLQIRUPHVTXHUHGDFWy \DTXHYLYLyDxRVHQ6KLJDWVp7tEHWGRQGHPX ULyHQ/RVODPDVVHQWtDQWDOUHVSHWRSRUHVWHVD FHUGRWHTXHOHSURSXVLHURQLQFOXVRVXVVHUYLFLRVSDUD FRQGXFLUORDHVWHOXJDUVHFUHWRGH&KDQJ6KDPEKD ODR6KDPEKDODGHO 1RUWH 6X FRPSDxHUR HO SDGUH -XDQ &DEUDO HVFULEtD HQ ©6HJ~Q PL SDUHFHU 6KDPEKDODQRHV&DWKD\DQWLJXDGHQRPLQDFLyQGH &KLQDVLQRORTXHHQQXHVWURVPDSDVVHOODPD*UDQ 7DUWDULDª(VWRVGRVPLVLRQHURVIXHURQORVSULPHURV HXURSHRVTXHGLHURQXQLQIRUPHGRFXPHQWDGRVREUH HO'RPLQLRGH6KDPEKDOD (OUHLQRYLHQHDVLPLVPRLQGLFDGRHQXQPDSDGHO VLJOR ;9,, SXEOLFDGR HQ $PEHUHV SRU ODV DXWRULGD GHVFDWyOLFDV&VRPDGH.RURVILOyORJRK~QJDURTXH SDVy FXDWUR DxRV HQ XQ PRQDVWHULR EXGLVWD GHO 7tEHW GHDVLW~DLQFOXVRODSRVLFLyQJHRJUiILFDGH 6KDPEKDODHQWUHHO\HOGHODWLWXG1RUWHPiVDOOi GHOUtR6\U'DULD *UDQQ~PHURGHREUDVVREUHODDQWLJXDUHOLJLyQ%|Q GHO7tEHWIXHURQWUDGXFLGDV\SXEOLFDGDVHQOD,QGLDSRU ORVHPLJUDGRVWLEHWDQRVHQHOFXUVRGHORVDxRVVHVHQWD 8QRGHHVWRVOLEURVVDJUDGRVFRQWLHQHXQPDSDHQHOTXH HVWiQ LQGLFDGRV PXFKRV SDtVHV GH OD $QWLJHGDG WDOHV FRPR 3HUVLD %DFWULDQD %DELORQLD -XGHD \ (JLSWR 3RU WDQWRHVSRVLEOHIHFKDUHOHVWDEOHFLPLHQWRGHHVWHPDSD HQHOVLJOR,GHQXHVWUD(UD (QWUH ORV UHLQRV UHSUHVHQWDGRV HQ HVWH GRFXPHQWR XQROOHYDHOQRPEUHGH3DWVGH6KDPEKDODUHLYLQGLFDGR FRPRODFXQDGHOFXOWR%|Q$VtODJUDQDQWLJHGDGGH HVWD FDUWD JHRJUiILFD DWHVWLJXD OD JUDQ DQFLDQLGDG GH OD WUDGLFLyQVKDPEKDOHDQD +DFHFLQFXHQWDDxRVXQILOyORJRDOHPiQHOGRFWRU$ +)UDQFNHQRWLWXEHyHQPHQFLRQDUHVWDUHJLyQHQVXV SXEOLFDFLRQHVFLHQWtILFDV6HODPHQWDEDLQFOXVRGHTXHOD UHDOLGDGGH6KDPEKDODHVWXYLHVHWDQYLYDHQHOHVStULWXGH VXVJXtDVTXHHQFLHUWRVOXJDUHVHQHOFXUVRGHXQDH[SOR UDFLyQSRU$VLDVHQHJDUDQDVHJXLUHOFDPLQRSUHYLVWR\ FRJLHUDQ RWUR SRU WHPRU D YLRODU ODV IURQWHUDV VDJUDGDV GHOWHUULWRULRSURKLELGR ,QFLGHQWHVVLPLODUHVIXHURQGHVFULWRVKDFHFLHQDxRV SRUHOH[SORUDGRUUXVR3ULHYDOVNL\KHDTXtORTXHHVFUL (/É85(2)/25(&(51~PHUR0D\R /$//$0$'$'(/6+$0%+$/$ ELy D SURSyVLWR GH 6KDPEKDOD ©2WUR FXHQWR PX\ LQWHUH VDQWHVHUHILHUHD6KDPEKDOLQJXQDLVODVLWXDGDHQORVFRQILQHV GHOPDUQyUGLFR$EXQGDHQHOODHORUR\HOWULJRFUHFHKDVWD XQDDOWXUDSURGLJLRVD/DSREUH]DVHGHVFRQRFHHQHVWHSDtV(Q UHDOLGDGODOHFKH\ODPLHOPDQDQHQ6KDPEKDOLQJª (VWDQGDUWHVWLEHWDQRVGHXQDJUDQUDUH]D²FRPRORV TXHVHUHSURGXFHQHQHVWHOLEUR²UHSUHVHQWDQODFLXGDG GH6KDPEKDOD(VWDVSLQWXUDVDUWtVWLFDVQRVODPXHVWUDQ HQ HO FHQWUR GH XQ RDVLV FLUFXQGDGR GH PRQWDQDV GH FXPEUHVQHYDGDV/DVDJXDVGHXQUtRRGHXQODJREDxDQ OD7LHUUD6DJUDGDORFXDOH[SOLFDXQRGHORVQRPEUHVGHO 5HLQRGHORV'LRVHV,VODGH6KDPEKDOD /DVLQYHVWLJDFLRQHVVLVWHPiWLFDVGHOWLEHWyORJRLWDOLDQR *LXVHSSH 7XFFL FRORFDQ OD FRPDUFD GH 6KDPEKDOD HQ ORVSDUDMHVGHOUtR7DULPTXHWRPDVXIXHQWHGHOPDFL]R GH$OW\Q7DJK(OHVWXGLRGHORVPDQXVFULWRVWLEHWDQRV H[DPLQDGRVSRUHOSURIHVRU7XFFLUHYHODHOKHFKRGHTXH GHVGH WLHPSRV LQPHPRULDOHV XQD GLQDVWtD GH MHIHV OOHQRV GHVDELGXUtDGHRULJHQ FHOHVWHULJH HO 5HLQR GH6KDPEKDOD\ FRQVHUYDORVLQHVWLPDEOHVOHJDGRVGHOD.DODFKDNUDODFLHQFLD PtVWLFDGHOHVRWHULVPRE~GLFR (O .DQMXU FRQMXQWR GH PiV GH FLHQ OLEURV TXH IRU PDQ SDUWH GHO FDQRQ EXGLVWD WLEHWDQR HQ HO OLEUR 9,, KDEODGHHVWH3DtVGH6KDPEKDODVLWXiQGRORHQHO1RUWH 8QRGHORVOLEURV.DQMXUHQFLHUUDLQFOXVRXQWH[WRTXH HVFRQVLGHUDGRFRPRODFRSLDGHXQPDQXVFULWRUHFLEL GRGLUHFWDPHQWHGH6KDPEKDOD6XWLWXORViQVFULWRHVGH XQD LPSUHVLRQDQWH ORQJLWXG %KDJDYDQYDMUDSDQLJLWK\D EOULGHVKDWDQWUDUDMD (O7DQMXU.DODSDUMXJSDHQXPHUDORVKLWRVGHOFDPL QRTXHFRQGXFHD6KDPEKDODHQWDQWRTXHORV$QDOHV $]XOHV RWURV WH[WRV DQWLJXRV WLEHWDQRV PHQFLRQDQ ©HO SDODFLRHVSLULWXDOGH6KDPEKDODGHO1RUWHª/RPLVPRTXH ODVSLH]DVGHXQURPSHFDEH]DVWRGRVHVWRVH[WUDFWRVMXQ WRVIRUPDQHOPDUFRGHXQOXJDUTXHIXHFRQVLGHUDGR LQMXVWDPHQWHFRPRXQVLPSOHPLWR3HURQRROYLGHPRV ORTXHRFXUULyFRQODOHJHQGDULDFLXGDGGH7UR\D\FRPR IXHGHVFXELHUWDSRU6FKOLHPDQQ6KDPEKDODSRGUtDVHU RWUD7UR\D \ (/É85(2)/25(&(51~PHUR0D\R 7DO YH] FRQYHQJD UHFDOFDU DTXt TXH OD 'RFWULQD GH 6KDPEKDODHVWXYRUHODFLRQDGDFRQHOPRQDVWHULRGH7DV KL/KXQSRIXQGDGRFHUFDGH6KLJDWVHHQ$QWHVGH OD LUUXSFLyQ GH ORV PDRtVWDV HQ HO 7tEHW HVWD ODPDVHUtD WHQtDWHPSORVVDODVGHHVWXGLR\DORMDPLHQWRVSDUD PRQMHVORFXDOGDXQDLGHDGHVXLPSRUWDQFLD(Q HO9,3DQFKHQR7DVKL/DPDMHIHGHOEXGLVPRHVRWpULFR WLEHWDQRTXHRFXSDEDHOVROLRHQODFLXGDGHODPRQiVWLFD GH7DVKL/KXQSRWXYRTXHKXLUD&KLQDSRUUD]RQHVSR OtWLFDV(VFRQVLGHUDGRFRPRHO~QLFRDOWRODPDGHO7tEHW TXHWXYRDXWRULGDGSDUDH[SHGLU©SDVDSRUWHVSDUD6KDP EKDODªDORVODPDVPiVGLJQRV (VWH 3DQFKHQODPD HUD XQD SHUVRQDOLGDG QRWDEOH D SURSyVLWRGHOFXDO6LU&KDUOHV%HOOXQH[SHUWRHQFXHV WLRQHVWLEHWDQDVGLMRFLHUWRGtD©(VXQDVXHUWHTXHH[LVWD XQKRPEUHDVtHQHO7tEHWª6XGRPLQLRGHODFLHQFLDRFXOWD HUD JHQHUDOPHQWH UHFRQRFLGR \ DFHUFD GH VXV PLODJURV FRUUtDQ VRUSUHQGHQWHV UHODWRV 7UDV KDEHU DFDEDGR HQ XQWHPSORTXHKDEtDGHDOEHUJDUXQDFRORVDOHVWD S T J /$//$0$'$'(/6+$0%+$/$ WXDGH0DLWUH\DHOIXWXUR%XGDWRGRHOYDOOHGHO7VDQJ3R EHQHILFLRVHGHH[FHSFLRQDOHVFRVHFKDV3RUHOFRQWUDULR FXDQGRHO3DQFKHQDEDQGRQRHO7tEHWHQWHUULEOHV QHYDGDVDVRODURQWRGRHOSDtVDUUXLQDQGRDODSREODFLyQ (QHOFXUVRGHXQDYLVLWDHIHFWXDGDDOD,QGLDSUHJXQ WyVHOHDO3DQFKHQODPDVLHVWDEDMXVWLILFDGDODUHSXWDFLyQ GHORVSRGHUHVSVtTXLFRVGHORVDOWRVODPDVWLEHWDQRV6X 6DQWLGDGQRUHVSRQGLyQDGD\VHOLPLWRDVRQUHtU/XHJR GHUHSHQWHGHVDSDUHFLy\UHVXOWDURQYDQRVWRGRVORVLQ WHQWRVSRUHQFRQWUDUOR)XHXQUHFLpQOOHJDGRHOTXHD GLVWDQFLDVHEHQHILFLyGHXQDYLVLyQLQVyOLWDHO3DQFKHQ ODPD HVWDED VHQWDGR EDMR XQ iUERO GHO MDUGtQ DXQTXH SHUPDQHFtDLQYLVLEOHDORVRMRVGHVXVKXpVSHGHV (QVXOLEUR%HWHV+RPLQHVHW'LHX[%HVWLDV+RP EUHV \'LRVHV HO GRFWRU )HUGLQDQG 2VVHQGRZVNL VH UH ILHUHDO7XVKHJXQ/DPDGH0RQJROLDHOFXDOOHH[SOLFy ODVPDUDYLOODVUHDOL]DGDVSRUHO3DQFKHQODPDDFX\DVyU GHQHVODVOiPSDUDV\EXMtDVVHHQFHQGtDQSRUVLVRODVHQ ORV WHPSORV \ ODV LPiJHQHV HQ ODV WDQNDV HVWDQGDUWHV UHOLJLRVRVKDEODEDQ\SURIHWL]DEDQ 7UDV OD OOHJDGD GHO 3DQFKHQODPD D &KLQD VH RUJDQL ]DURQ HQ PXFKDV FLXGDGHV LPSUHVLRQDQWHV SURFHVLRQHV (Q PL MXYHQWXG YL D 6X 6DQWLGDG HQ HO FXUVR GH HVWDV IHVWLYLGDGHV\DXQUHFXHUGRHOFDQWRGHORVPRQMHVHOWLQ WLQHRGHODVFDPSDQLOODVHQPHGLRGHORVDXWRPyYLOHVORV ULFNVKDZV\ODVELFLFOHWDV0LODUJDHVWDQFLDHQ([WUHPR 2ULHQWHPHKDD\XGDGRJUDQGHPHQWHDFDSWDUHOHVStULWX DVLiWLFR6LQRKXELHVHYLYLGRHVWDVH[SHULHQFLDVSHUVRQD OHVMDPiVKDEUtDWHQLGRODDXGDFLDGHHVFULELUHVWHOLEUR (O SURIHVRU 1LFRODV 5RHULFK DO TXH VLHPSUH KH FRQ VLGHUDGRFRPRPLPDHVWURGHVGHTXHORYLSRUSULPHUD YH] HQ 6KDQJKDL HQ HVFULEtD ODV OtQHDV VLJXLHQWHV HQVX+HDUWRI$VLD&RUD]RQGH$VLD©6LTXLHUHXVWHG FRPSUHQGHU$VLD\DFHUFDUVHDHOODFRPRYLVLWDQWHIDYR UDEOHPHQWHDFRJLGRVDOXGHDVXKXpVSHGFRQODSDODEUD PiVVDJUDGDL6KDPEKDODª $OH[DQGUD'DYLG1HHOTXHYLYLyYDULRVDxRVHQHO7t EHWUHFXHUGDWDPELpQ6KDPEKDODHQVX9LGD6REUHQDWX UDOGH*HVVDUGH/LQJ $O DERUGDU XQ WHPD VLWXDGR HQWUH OD KLVWRULD \ OD OH \HQGD OR WDQJLEOH \ OR LQWDQJLEOH HV HVHQFLDO TXH SUH FLVHPLVIXHQWHV&RPR\DVHLQGLFDHQHOSUyORJRHVWD LQYHVWLJDFLyQ VH DSR\D SULQFLSDOPHQWH HQ ODV HVFULWXUDV GHOEXGLVPR0DKD\DQD6LQHPEDUJRUHEDVDORVOtPLWHV GHOEXGLVPRWLEHWDQRDILQGHGHVFXEULUVREUHOD&LXGDG GH ORV ,OXPLQDGRV WUDGLFLRQHV SDUDOHODV QR VyOR HQ ODV UHVWDQWHV SDUWHV GH $VLD FRPR ,QGLD R OD &KLQD VLQR LQFOXVRHQ(XURSD /RVOLEURV\ODVWHODVGHOJUDQSLQWRUTXHIXH5RHULFK PHVLUYLHURQGHJXtDVSDUDYHULILFDUODH[DFWLWXGGHPLV FRQVWDWDFLRQHV/RVWUDEDMRVGHVXKLMRHOGRFWRU*HRU JH5RHULFKRULHQWDOLVWDTXHREWXYRHQOD6RUERQD\HQ +DUYDUGODVPiVDOWDVGLVWLQFLRQHVPHD\XGDURQDDFOD UDUPiVGHXQSXQWRGXGRVR0HVLUYLHURQWDPELpQGH JUDQD\XGDORVHVFULWRV\ODFRUUHVSRQGHQFLDGH0DGDPH +HOHQD5RHULFKGLVFtSXODDVXYH]GHORV0DHVWURVGHO +LPDOD\D/DIDPLOLD5RHULFKYLYLyHQHOYDOOHKLPDOi\LFR GHO.XOXPX\FHUFDGHODIURQWHUDGHO7tEHW2FFLGHQWDO (ODXWRUYLYLyDVLPLVPRHQHOFLWDGRYDOOH$OOL²GRQGH HQRWURWLHPSRIXHHVFULWRHO0DKDEKDUDWD²ORV5RHULFK VLUYLHURQ GH LQWHUPHGLDULDV D XQ VDELR GH 2ULHQWH FR QRFLGR FRQ HO QRPEUH GH 0DKDWPD 0RU\D FLWDGR SRU SULPHUDYH]KDFHFLHQDxRVSRU0DGDPH%ODYDWVN\(VWH 0DHVWURGHO+LPDOD\DFRPSXVRXQDVHULHGHREUDVVREUH $JQL<RJDHO<RJDGH)XHJR8QRGHORVOLEURVWHUPLQD SRpWLFDPHQWH\UHYHODHOOXJDUGHUHVLGHQFLDGHHVWHSUR IHWDGHOD$QWLJXD6DELGXUtD©'DGRHQHO9DOOHGHO%UDPD SXWUDTXHWLHQHVXIXHQWHHQHO/DJRGHORV*UDQGHV1DJDVª (OWH[WRVDQVFULWRRULJLQDOQRSODQWHDSUREOHPDDOJXQRDO ILOyORJR*HRUJH5RHULFK /DV&DUWDVGHORV0DKDWPDVGLULJLGDVD$36LQQHWW\ HVFULWDVDILQDOHVGHOVLJORSDVDGRUHSUHVHQWDQRWUDIXHQWH GHSULPHUDPDQRTXHSURFHGHGLUHFWDPHQWHGHOFtUFXOR FHUUDGRGHORV6DELRVGH2ULHQWH /D LPDJHQ GHO PLVWHULRVR UHLQR GH 6KDPEKDOD VH SUHFLVDWUDVHOH[DPHQGHORTXHHVFULELHURQVREUHpOORV 0DKDWPDV(QXQDFDUWDGLULJLGDD6LQQHWWHQHO YHQHUDEOH0DKDWPDGHVFULELyXQSULRUDWRVHFUHWR ©(QFLHUWROXJDUTXHQRVHSXHGHLQGLFDUDORVSURIDQRVH[LV WH XQD EDUUDQFD FX\RV ODGRV HVWiQ XQLGRV SRU XQD OLJHUD SD VDUHODGHILEUDVYHJHWDOHVWUHQ]DGDV8QWRUUHQWHLPSXOVDDOOi DEDMRVXVLPSHWXRVDVDJXDV/RVPLHPEURVPiVDJXHUULGRVGH YXHVWURV FOXEV DOSLQRV DSHQDV VH DWUHYHUtDQ D DYHQWXUDUVH HQ HVWHSDVDMH\DTXHHVWiVXVSHQGLGRFRPRXQDWHODGHDUDxD\ SDUHFHYHWXVWRHLQIUDQTXHDEOH6LQHPEDUJRQRORHV\HOTXH VHDWUHYH\ORFRQVLJXH²\ORFRQVHJXLUiVLHVMXVWRHOTXHOROOHYD DFDER²OOHJDDXQDJDUJDQWDGHLQFRPSDUDEOHEHOOH]DDXQR GHQXHVWURVOXJDUHV\KDFLDDOJXQRVRWURVVREUHORVFXDOHVQRGDQ LQIRUPDFLyQDOJXQDORVJHyJUDIRVHXURSHRV$XQWLURGHSLHGUD (/É85(2)/25(&(51~PHUR0D\R /$//$0$'$'(/6+$0%+$/$ GH OD DQWLJXD ODPDVHUtD VH HQFXHQWUD OD YLHMD WR R UUH FX\R LQWHULRU HQJHQGUD JHQHUDFLRQHV GH %RG KLVDWWYDVª (Q HO 6KDPEKDODODP\LJ R &DPLQR GH H 6KDPEKDODUDUROLEURWLEHWDQRGHOVLJOR;9,,, ,,, HO,,,3DQFKHQODPDHVFULELyTXHHOUHLQRGH6KDP KDP EKDOD HVWi VLWXDGR HQ XQD UHJLyQ PRQWDxRVD URGHDGD G G SRUGRTXLHUGHSRGHURVRVPDFL]RVGHQHYDGDVFXPEUHV (VWH3DQFKHQODPDHUDWHQLGRHQJUDQHVWLPDSRU*HRUJH %RJOHGHOD&RPSDxtDGHODV,QGLDV2ULHQWDOHVTXHIXH HOSULPHUFLXGDGDQREULWiQLFRTXHSHQHWURHQHO7tEHW(O OLEURWUDGXFLGRDODOHPiQSRUHOSURIHVRU$*ULLQHZDOG FRQWLHQHXQDODUJDOLVWDGHKLWRVJHRJUiILFRV\QRPEUHV GHODPDVHUtDVYROXQWDULDPHQWHLQGLFDGRVGHPDQHUDFRQ IXVDDILQGHTXHVRORWLEHWDQRVPX\HUXGLWRVYHUVDGRV HQHOFRQRFLPLHQWRGHORVQRPEUHVDQWLJXRV\PRGHUQRV GHORVOXJDUHVSXHGDQDFODUDUHVWDFKDUDGD\MDORQDUHQ VXVPDSDVHOFDPLQRGH6KDPEKDOD3HURODOH\SHUPDQH FHIRUPDOSDUDWRGRV©£(OLQGHVHDEOHQRODDOFDQ]DUDMDPiVª 6RORDTXHOTXHKDRtGR.DODJL\DODOODPDGDGH6KDPEKD ODHQYLDGD©SRUHOYLHQWRªRWHOHSiWLFDPHQWHSRUORV*UDQ GHV0DHVWURVSXHGHHVSHUDUOOHJDUFRQWRGDVHJXULGDGDO 9DOOHGHORV+RPEUHVPiVVDELRVGHOD7LHUUD 1LFRODV 5RHULFK QRV RIUHFH HO HSLVRGLR GH XQ ODPD VLEHULDQR TXH KXER GH WUHSDU SRU XQD HVWUHFKD JDOHUtD VXEWHUUiQHDSDUDOOHJDUDXQOXJDUVDJUDGR0HQFLRQDDVL PLVPRPRQXPHQWRVWLEHWDQRVTXHPDUFDQODVIURQWHUDV GHODWLHUUDSURKLELGD ²©£/DPD(Q7XUIDQ\7XUTXHVWiQQRVPRVWUDURQFDYHUQDV VXUFDGDVSRUODUJRVSDVDMHVLQH[SORUDGRV¢6HSXHGHQDOFDQ]DU ORVDVKUDPVVDQWXDULRVGH6KDPEKDODSRUHVWRVFDPLQRV"ª² SUHJXQWy5RHULFK ORFDOLGDGH FRPR VL KXELHVHQ VLGR DOFDQ]DGRV ORFDOLGDGHV SRUUD\RVLQYLVLEOHV SRUUD\RV /RVKDELWDQWHVGHHVWDVFRPXQLGDGHVFRQ /RVK YHQtDQFRQTXHQDGLHSRGtDSDVDUSRUDOOtVLQ YHQtDQF SHUPLVR SHUPLVVR ©<DKDRtGRXVWHGGHFLUSRUYLDMHURVILGHGLJQRV ©< <DKD TXHORVJXtDVVHQLHJDQDFRQGXFLUORVHQFLHUWDVGLUHFFLR O t QHV6HGHMDUtDQPDWDUDQWHVTXHOOHYDUORVPiVDGHODQWH$VtHV ORVJXtDVKDQVLGRSVLFROyJLFDPHQWHFRQGLFLRQDGRVSRUQRVRWURV 1RREVWDQWHVLXQYLDMHURVHREVWLQDHQSURVHJXLUHOFDPLQRVH SURGXFHDQWHpOXQGHUUXPEDPLHQWR<VLHOYLDMHURVXSHUDHVWH REVWiFXORXQGLOXYLRGHSLHGUDVORDQLTXLODUiGHILQLWLYDPHQWH \DTXHHOLQGHVHDEOHQRGHEHDOFDQ]DUVXGHVWLQRª (VWDEDUUHUDSURWHFWRUDHVSRVLEOHJUDFLDVDODVJLJDQWHV FDVFDGHQDVPRQWDxRVDVORVJODFLDUHV\ORVLQPHQVRVGH VLHUWRVGH$VLD6LQHPEDUJRORV0DKDWPDVDVHJXUDURQ D6LQQHWWTXH©ORVTXHGHVHDQFRQRFHUVRQDFRJLGRVSRUHOORV HQODVIURQWHUDVª 6RQ HQRUPHV ODV GLVWDQFLDV TXH VHSDUDQ D HVWDV FR PXQLGDGHV GH LQLFLDGRV 6H H[WLHQGHQ GHVGH OD FDGHQD GH.DUDNRUDPKDVWD.DOJDQFHUFDGH3HNLQ\GHVGH HO ODJRWLEHWDQR0DQDVDURZDUHQHO/RE1RUGHVLHUWRGH *REL +HFKRV H[WUDxRV VH KDQ SURGXFLGR HQ HVWH YDVWR WHUULWRULR ORV FXDOHV LQGLFDQ OD SUHVHQFLD GH HVWRV VHUHV VXSHULRUHV (Q HO FXUVR GH ORV ~OWLPRV YHLQWLFLQFR DxRV &KLQD KDVLGRVLVWHPiWLFDPHQWHH[SORUDGD\H[SORWDGD/DSUR YLQFLD GH &KLQJKDL SULPLWLYDPHQWH GHVRODGD HVWD KR\ FXELHUWD SRU PLOHV GH SR]RV GH SHWUyOHR (Q OD UHJLyQ GHOODJR/RE1RUVHOOHYDURQDFDERODVSUXHEDVDWyPLFDV FKLQDV&DGDXQRGHHVWRVOXJDUHVHVWiLQFOXLGRHQHOWH UULWRULRGH6KDPEKDOD6LQHPEDUJRORVSULPHURVVDELRV /RVODPDVOHUHVSRQGLHURQTXHORVVDQWRVKRPEUHVQR GHVHDQVHUPROHVWDGRVSRUH[SORUDGRUHVRFXULRVRVSRU ORFXDOODVIURQWHUDVGHVXVFRORQLDVVHKDOODQSURWHJLGDV PHGLDQWHGLYHUVRVPpWRGRV6HXWLOL]DEDQLQFOXVRFRPR SDQWDOODV GH SURWHFFLyQ JDVHV HQYHQHQDGRV TXH EURWD EDQGHILVXUDVQDWXUDOHV6HVDEHGHDQLPDOHV\SHUVRQDV TXHHPSH]DURQDWHPEODUDQWHODSUR[LPLGDGGHFLHUWDV GHO PXQGR VRQ FDSDFHV GH SURWHJHUVH GH HVWRV SHOLJURV UHWLUiQGRVHDVXVPRQWDxRVDVFDWDFXPEDV /RVH[SORUDGRUHVGH$VLDWDOHVFRPR5RHULFKQRV KDQHQVHxDGRTXHH[LVWHQYDOOHVLQVRVSHFKDGRVHQPHGLR GHFRORVDOHVPRQWDxDVQHYRVDVGHODPHVHWDWLEHWDQD6X H[SHGLFLyQHQFRQWUyIXHQWHVGHDJXDFDOLHQWHTXHPDQWH QtDQXQDOXMXULDQWHYHJHWDFLyQHQHVWRVYDOOHVGHVFRQRFL GRVHQWRUQRDORVFXDOHVVHH[WHQGtDQVRORLQPHQVLGDGHV (/É85(2)/25(&(51~PHUR0D\R /$//$0$'$'(/6+$0%+$/$ URFRVDV \ KHODGDV (YLGHQ WHPHQWH UHVXOWD GLItFLO HQ HVWH YDVWR SDtV PRQWDxRVR HQ FRQWUDUHOOXJDUGHOD)UDWHUQLGDG 8Q SHUHJULQR SXHGH FDPLQDU SRU HO GHVLHUWRGH*RELKDFLDXQDFLXGDGGHORV&HQ WLQHODVGHOD+XPDQLGDGPLHQWUDVTXHRWURFRQOD PLVPDILQDOLGDGDVFLHQGHSRUHOPDMHVWXRVR+LPD OD\D+DQUHQXQFLDGRDWRGRSHURSRVHHQHOPXQ GR3REUHPHQWHYHVWLGRVVRQPiVULFRV\PiVQREOHV TXHORVUDMDVGHOD,QGLD(OGLVFtSXORGHO&RUD]yQ DUGH GH FRPSDVLyQ SRU OD +XPDQLGDG VX HVStULWX HVWiLOXPLQDGRSRUXQDOX]LQYLVLEOHTXHOOHJDGHODV SURIXQGLGDGHV FyVPLFDV 8Q FHUHEUR IUtR XQ FRUD ]yQFDOLHQWH\XQDYROXQWDGDUGLHQWHVRQODVFRQVLJ QDVSDUDHOSDVHKDFLD6KDPEKDODGRPLQLRGH.XDQ <LQGLRVDGHODPLVHULFRUGLD 'HVGH WLHPSRV LQPHPRULDOHV ORV SXHEORV GH $VLDWLHQHQODFRQYLFFLyQGHTXHHOWHUULWRULRSURKLEL GRHVWiELHQJXDUGDGR+DFHQXPHURVRVGHFHQLRVHO GLDULRLQGLR6WDWHVPDQSXEOLFyODKLVWRULDGHXQPD \RUEULWiQLFRTXHREVHUYDEDHQXQDFLPDHVFDUSDGD DXQKRPEUHGHDOWDWDOODODUJRVFDEHOORV\OLJHUDPHQWH YHVWLGR$SR\DGRVREUHXQJUDQDUFRHVFUXWDEDHOYDOOH $OREVHUYDUODSUHVHQFLDGHOPD\RUGHVGHODSDUHGYHUWLFDO HQTXHVHKDOODEDGLRXQVDOWRYHUWLJLQRVR\GHVDSDUHFLy ©(O6DKLEKDYLVWRDXQRGHORVKRPEUHVGHODVQLHYHVTXH JXDUGDQOD7LHUUDVDJUDGDª²H[SOLFDURQORVLQGtJHQDV (QXQDGHVXVWHODV1LFROiV5RHULFKQRVGDHOUHWUDWR GHXQD0XFKDFKDGHODV1LHYHVHQPHGLRGHXQGHFRUD GRGHURFDVQHYDGDV7DPELpQOOHYDXQDUFR3HVHDORV JODFLDUHV TXH OD URGHDQ HVWi FDVL GHVQXGD FRPR VL XQ KDORGHFDORUODSURWHJLHUDGHOIUtR $KRUDSRGHPRVH[DPLQDUODSRVLELOLGDGGHTXHHVWDV FRORQLDV GH FXOWXUDVXSHULRUSRVHDQ XQD WHFQRORJtD (V OyJLFRDGPLWLUTXHORVTXHKDQGHGLFDGRXQDODUJDSDUWH GHVXYLGDDODFLHQFLDPiVWDUGHRPiVWHPSUDQRGHVFX EUDQDSOLFDFLRQHVWpFQLFDV 1XPHURVDVUD]RQHVKDFHQSHQVDUTXHOD)UDWHUQLGDG XWLOL]DXQDYDVWDUHGGHJDOHUtDVGHFDYHUQDV\GHFDWDFXP EDV6REUHHVWHSXQWRKHDTXtHOWHVWLPRQLRGH5RHULFK ©(QORVFRQWUDIXHUWHVGHO+LPDOD\DH[LVWHQPXFKDVJUXWDV \VHGLFHTXHGHHVWDVFDYHUQDVSDUWHQSDVDMHVVXEWHUUiQHRV TXH VH DGHQWUDQ SURIXQGDPHQWH EDMR .LQFKLQMXQJD $OJXQRVKDQYLVWRLQFOXVRODSXHUWDGHSLHGUDTXH MDPiVKDVLGRDELHUWD\DTXHD~QQRKDOOHJDGRHO WLHPSRGHHOOR(VWRVSURIXQGRVSDVDMHVFRQGX FHQDOHVSOpQGLGRYDOOHª 6HJ~Q ODV SDODEUDV GHO JUDQ H[SORUDGRU GH $VLD HV HYLGHQWH TXH HO ©HVSOpQGLGRYDOOHªHVHO9DOOH GHORV,QPRUWDOHVR6KDPEKDOD (O GRFWRU 2VVHQGRZVNL GHVFXEULy KHFKRV LQWHUHVDQWHV GXUDQWH VX SHOLJURVR YLDMH SRU HO $VLD&HQWUDO8QODPDPRQJROOHKDEOyQRVROR GH XQD YDVWD UHG GH W~QHOHV VLQR WDPELpQ GH Ui SLGRV \ H[WUDxRV YHKtFXORV TXH FLUFXODUtDQ SRU ODV DUWHULDV VXEWHUUiQHDV 6ROR XQD WHFQRORJtD PX\ DYDQ]DGD TXH GLVSRQJD GH XQD SRWHQWH HQHUJtD SXHGHKDEHUSHUPLWLGRODFRQVWUXFFLyQGHHVWDUHG GHW~QHOHVTXHVHJ~QFLHUWRVLQIRUPHVVHH[WHQGH UtDVREUHFHQWHQDUHVGHNLOyPHWURV(QFXDQWRDORV YHKtFXORVTXHVHGHVSOD]DQEDMRWLHUUDDJUDQYHORFL GDGVXH[LVWHQFLDVXJLHUHXQGRPLQLRWHFQROyJLFR GHXQQLYHOVXSHULRU (QXQDUWtFXORHVFULWRHQ$VLD&HQWUDOHQ 1LFROiV5RHULFKUHODWDVXVHQFXHQWURVFRQORVLQGt JHQDVTXHOHKDEODURQGHORV*XDUGLDQHV©&XDQGR VXUJHQ HQ SOHQR GHVLHUWR ²OH GLMHURQ² VH SUHJXQWD XQR HQSULPHUOXJDUGyQGHVHKDOODHOSXQWRGHSDUWLGDGHHVWH ODUJR YLDMH HQ HVWD LQPHQVD UHJLyQ VLQ DJXD \ FRPR SX GLHURQ UHDOL]DUOR SHUR OR FLHUWR HV TXH VH KDQ GHVFXELHUWR ODUJXtVLPDVFDYHUQDVVLQILQª(QHIHFWRVLQODH[LVWHQFLDGH HVWRVW~QHOHVFRQVWLWXLUtDXQHQLJPDODDSDULFLyQGHORV JXDUGLDQHVHQHOFRUD]yQGH*REL +DEODUGHYHKtFXORVTXHFLUFXODQDWUDYpVGHJDOHUtDV H[FDYDGDVEDMRORVGHVLHUWRV\ODVPRQWDxDVKDFHSHQVDU HQODFLHQFLDILFFLyQ3RURWUDSDUWHHVWDWUDGLFLyQVHUH PRQWDDODpSRFDHQTXHHOPXQGRRFFLGHQWDOQRSRVHtD PiTXLQDDOJXQD0HQFLRQDUODVQDYHVDpUHDVYLVWDVHQOD ]RQD GH 6KDPEKDOD SDUHFtD DVLPLVPR IDQWDVtD SHUR OR FLHUWRHVTXHFXDQGRODH[SHGLFLyQGH5RHULFKDYDQ]DED SRUODVSUR[LPLGDGHVGHODVPRQWDxDVGH.DUDNRUDPHQ VXVPLHPEURVYLHURQGHSURQWRHQHOFODURFLHORGH ODPDxDQDXQGLVFRTXHEULOODEDSRUHQFLPDGHHVWD]RQD GHVpUWLFD 6X YXHOR IXH REVHUYDGR FRQ OD D\XGD GH WUHV SRWHQWHVJHPHORV'HSURQWRHOLQJHQLRFDPELRGHUXP ER GHO 6XU DO 6XGHVWH SDUD GHVDSDUHFHU WUDV ODV FLPDV QHYDGDVGHODFDGHQDGH+XPEROGW+XPEROGW5DQJH 1LQJ~Q DYLyQ QLQJ~Q JORER KDEUtD SRGLGR HQ VREUHYRODU HVWD SDUWH DLVODGD GH OD &KLQD 2FFLGHQWDO 6ROR PiTXLQDV YRODQWHV GH XQ WLSR GHVFRQRFLGR VHULDQ FDSDFHVGHUHDOL]DUODVPDQLREUDVDpUHDVGHODVTXHQRV KDEOD5RHULFK$ODYLVWDGHOGLVFRHQHOFLHORORV ODPDVTXHSDUWLFLSDEDQHQODH[SHGLFLyQH[FOD PDURQ©£(VHO6LJQRGH6KDPEKDODª (O DOSLQLVWD LQJOHV )UDQN 6P\WKH WXYR XQD H[SHULHQFLD LGpQWLFD HQHOPRQWH(YHUHVWHQ $ (/É É8 85(2 5(2) )//2 /25(&(5 25(&(51~PHUR 1 1~P 1~ ~~P PHUR PH HUR HU UR 0D\R 0D\ 0DDD\\RR 0 /$//$0$'$'(/6+$0%+$/$ PHWURV GH DOWLWXG YLR GRV REMHWRV RVFXURV HYROX FLRQDUHQHOFLHOR8QRWHQtDGRVJUXHVDVDODV\HORWUR XQDHVSHFLHGHSLFR/DVGRVQDYHVDpUHDVRHVSDFLDOHV HVWDEDQ DXUHRODGDV GH XQ KDOR 6P\WKH TXHGy SURIXQ GDPHQWHLQWULJDGR6LQHPEDUJRWUDVKDEHULGHQWLILFDGR ORVSLFRV\ORVJODFLDUHVTXHORURGHDEDQTXHGyFRQYHQ FLGRGHTXHQRKDEtDVLGRYtFWLPDGHXQDDOXFLQDFLyQ /RV REMHWRV YRODQWHV YLVWRV SRU 5RHULFK \ 6P\WKH ¢HUDQLQJHQLRVDpUHRVRHVSDFLDOHVOOHJDGRVGH6KDPEKD OD"(VWDHVSRUORPHQRVODH[SOLFDFLyQTXHSURSXVHHQ 6KDQJKDLHQ\D~QVLJXHVLHQGRYiOLGDDIDOWDGH XQDFRQFOXVLyQPiVVDWLVIDFWRULD (QFHUFDGH6KLOORQJSURYLQFLDGH$VVDP IXHREVHUYDGRXQGLVFRTXHVHDUUHPROLQDEDVHPHMDQWH DO TXH KDEtD GHVFULWR 5RHULFK (YROXFLRQy D XQRV PHWURV SRU HQFLPD GHO VXHOR \ VH VXPHUJLy GH SURQWR HQXQUtRSURGXFLHQGRHQHODJXDXQHQRUPHUHPROLQR DFRPSDxDGRGHJUDQUXLGR$FRQWLQXDFLyQVHUHPRQWR YRODQGRHQ]LJ]DJSRUHQFLPDGHODMXQJODSDUDGHVDSD UHFHUHQHOFLHOR /DVOH\HQGDVUHODWLYDVDO9DOOHGHORV,QPRUWDOHV\DOD ,VODGH6KDPEKDODWRPDQFXHUSRSRFRDSRFRSDUWLHQGR GHODVGHVFULSFLRQHVGHVXVFDUDFWHUtVWLFDVJHRJUiILFDVHLQ FOXVRODVKXHOODVGHXQDWHFQRORJtDDYDQ]DGD6LQHPEDU JRORTXHDGTXLHUHXQDLPSRUWDQFLDGHFLVLYDHVHOKHFKR GH TXH GLVSRQHPRV GH LQIRUPHV UHIHUHQWHV D ODV YLVLWDV TXHUHFLEHHVWDIDEXORVD&LXGDGGHO6DEHU(QVX+HDUW RI$VLD&RUD]yQGH$VLD1LFROiV5RHULFKKDFHDOXVLyQ DXQDSHUHJULQDFLyQHPSUHQGLGDSRUXQPHGLFRFKLQR\ XQ\RJXLQHSDOpVDO9DOOHGH6KDPEKDOD ©1RKDFHPXFKRWLHPSRTXHHO6KDQJKDL7LPHV\SRV WHULRUPHQWH HQ RWURV PXFKRV SHULyGLFRV DSDUHFLy XQ JUDQ DU WtFXOR ILUPDGR SRU HO GRFWRU /DR7VLQ H[SOLFDQGR VX YLDMH DO 9DOOHGH6KDPEKDOD(QHVWHUHODWRGHH[WUHPDLPSRUWDQFLD (/É85(2)/25(&(51~PHUR0D\R HO GRFWRU /DR7VLQ GD DEXQGDQWHV GHWDOOHV VREUH VX GLItFLO FD PLQDWDFRQHO\RJXLQHSDOpVDWUDYpVGHORVGHVLHUWRV\ODVDOWDV PHVHWDVGHO9DOOHGRQGHHQFRQWUyXQRGHORVOXJDUHVHQTXHQX PHURVRV\RJXLVHVWXGLDQOD$OWD6DELGXUtD6XGHVFULSFLyQGHORV ODERUDWRULRVGHORVWHPSORV\GHODIDPRVDWRUUHHVGHPDQHUD VRUSUHQGHQWHDQiORJDDODVGHVFULSFLRQHVGHHVWHQRWDEOHOXJDU SURFHGHQWHV GH RWUDV IXHQWHV +DEOD GH QXPHURVDV PDUDYLOODV FLHQWtILFDV\GHFRPSOHMDVH[SHULHQFLDVGHIXHU]DSVtTXLFD\GH WHOHSDWtDUHDOL]DGDVDPX\JUDQGHVGLVWDQFLDVª (O FRQFHSWR GH XQD FRPXQLGDG GH LGHDOLVWDV DLVODGD HQHOFRUD]yQGH$VLDIXHH[SORWDGRFRQp[LWRSRU-DPHV +LOWRQHQVXEHVWVHOOHU+RUL]RQWHV3HUGLGRV/RVW+RUL ]RQWREUDTXHLQVSLUyQXPHURVDVSHOtFXODV(OPpULWRGH HVWHHVFULWRUFRQVLVWHHQKDEHUKHFKRGHVXFRORQLDGHIL OiQWURSRVXQDUHDOLGDGWDQJLEOHD~QFXDQGRVX6KDQJUL /DHVVyORXQDDSUR[LPDFLyQGH6KDPEKDOD\DTXH+LO WRQVHROYLGyGHFRPSXOVDUODVDQWLJXDOH\HQGDVDVLiWLFDV /DVIXHQWHVPiVUHFLHQWHVWDOHVFRPRORVOLEURGH2V VHQGRZVNL\GH5RHULFKRIUHFHQQRWDEOHVGHWDOOHVVREUH ODRUJDQL]DFLyQPDWHULDOGHODFRORQLDVROLWDULD(OGRFWRU 2VVHQGRZVNLGDFXHQWDGHXQGLiORJRVRVWHQLGRFRQXQ ODPDHUXGLWRGH0RQJROLDVHJ~QHOFXDOQXPHURVRVYL VLWDQWHVKDQHVWDGRHQHOUHLQRSURKLELGRGH$JKDUWKD 6LQHPEDUJRQLQJXQRGHHOORVUHYHOyORTXHYLRHQDTXHO OXJDU\DTXHDOOtVHLPSRQHHOYRWRGHOVLOHQFLR 2VVHQGRZVNLH[SOLFDODKLVWRULDGHXQFD]DGRUTXHHQ WUyHQXQDFXHYDOOHQDGHKXPR\WXYRDFFHVRDFiPDUDV VXEWHUUiQHDV$VXUHJUHVR\FXDQGRLEDDHPSH]DUDGHV FULELUORTXHKDEtDYLVWRORVODPDVOHFRUWDURQLQPHGLD WDPHQWHODOHQJXDDILQGHSUHYHQLUWRGDGLYXOJDFLyQGHO PLVWHULRGHORVPLVWHULRV1RFDEHODPHQRUGXGDGHTXH HOKRPEUHFRQVHUYDEDLQROYLGDEOHVUHFXHUGRVGHVXYLVLWD \DTXHHQVXYHMH]UHJUHVyDODFXHYDGHVDSDUHFLyHQHOOD \\DQRYROYLyDGDUVHxDOHVGHYLGD (Q 0RQJROLD ODPDV LQLFLDGRV DVHJXUDURQ DO VDELR SRODFRTXHJUDQGHVFRQWLQHQWHVKDEtDQVLGRGHVWUXLGRV SRUXQFDWDFOLVPRJHROyJLFRHQHO$WOiQWLFR\HO3DFLILFR 4XHGyVRUSUHQGLGRDORtUTXHOHGHFtDQTXHXQDSDUWHGH ORV VHUHV YLYRV TXH SHUWHQHFLHURQ D FLYLOL]DFLRQHVGHVFR QRFLGDVKDEtDQVREUHYLYLGRJUDFLDVDLQPHQVRVUHIXJLRV VXEWHUUiQHRV SUHYLDPHQWH DUUHJODGRV H LOXPLQDGRV SRU XQD EULOODQWH OX] DUWLILFLDO 3RU WDQWR HV SRVLEOH TXH OD OH\HQGDFpOWLFDGHORV©'XHxRVGHODVFROLQDVKXHFDVªVHD XQUHFXHUGRIRONOyULFRGHXQSXHEORTXHIXHUHVSHWDGR SRUODFDWiVWURIHDWOiQWLFD ©(QODVPRUDGDVVXEWHUUiQHDVH[LVWHXQDOX]SDUWLFXODU TXHKDFHFUHFHUORVJUDQRV\ODVOHJXPEUHV\GLVSHQVDDORVRFX SDQWHVXQDYLGDODUJD\VLQHQIHUPHGDGHVªHVFULEtDHOGRFWRU 2VVHQGRZVNL WUDV VX DJRWDGRU YLDMH SRU $VLD &HQWUDO GRQGH KDEtD YLVWR D PXFKRV ODPDV VDELRV 6H GLFH TXH ORVDGPLQLVWUDGRUHVGHHVWDVFRORQLDVVXEWHUUiQHDVFRPR /$//$0$'$'(/6+$0%+$/$ ORV+LMRVGHO6ROGH(JLSWRRGH$PpULFDGHO6XUGHEtDQ MXUDPHQWRGHILGHOLGDGDORV'XHxRVGH6KDPEKDOD /DH[LVWHQFLDGHODVQDJDV²XQDYDULHGDGGHVHUSLHQWHV TXHYLYHHQODVIDEXORVDVFDYHUQDVTXHLOXPLQDHOEULOOR GHODVSLHGUDVSUHFLRVDV²KDVLGRIXHUWHPHQWHHVWDEOHFLGD SRUODWUDGLFLyQLQGLD(VWRVUHSWLOHVGHURVWURVKXPDQRV GHXQDJUDQEHOOH]DSRVHHQODIDFXOWDGGHYRODUSRUHOFLH ORFXDQGRHPHUJHQGH3DWDODHOPXQGRLQIHULRU(VWiQ GRWDGDVGHXQDSURIXQGDVDELGXUtD/DVQDJDV²PDFKRV \KHPEUDV²VHDFRSODQFRQODUD]DKXPDQDFDVLVLHPSUH FRQJUDQGHVUH\HVUHLQDV\VDELRVSHURHQJHQHUDOVRQ SRFRLQFOLQDGDVDWHQHUWUDWRVFRQORVKXPDQRVDPHQRV TXH SRVHDQ XQD HOH YDGDHVSLULWXDOLGDG /DFDSLWDOGHO3DtV GHODV1DJDVHV%KR JDZDWL GRQGH ORV UXEtHV HVPHUDOGDV \ GLDPDQWHV IXHQWHV GH OX] HQ ODV FDWD FXPEDV EULOODQ SRU GRTXLHU6HFUHHTXH HO SUtQFLSH $UMXQD GLVFtSXOR GH .ULVK QDYLVLWyHO3DWDOD (O HVFULWR E~GLFR 3UDMQDSDUDPLWD 6X WUD3HQVDPLHQWRVGH *DXWDPDHO%XGDVH FRQVHUYy HQ HO 3DOD FLRGHODV6HUSLHQWHVKDVWDTXHHOJUDQSXQGLW1DJDUMXQD IXQGDGRUGHO0DKD\DQDPXHUWRKDFLDHOGHQXHVWUD (UDGHVFHQGLy DOUHLQRGH ODVQDJDVSDUDUHFXSHUDU ORV WH[WRVE~GLFRV\KDFHUORVS~EOLFRV 0XFKRVKLQG~HV\WLEHWDQRVKDQWHQLGRHOSULYLOHJLR GHHQWUDUHQODVYDVWDVFDYHUQDVGHODVQDJDVXQLGDVHQWUH VtFRPRORVKRUPLJXHURVSRUJDOHUtDVTXHVHH[WLHQGHQ FHQWHQDUHVGHNLORPHWUHVEDMRODVFDGHQDVPRQWDxRVDV (OODJR0DQDVDURZDUHQODSDUWHRFFLGHQWDOGHYDOOH GHO7VDQJ3RHVFRQRFLGRFRQHOQRPEUHGH/DJRGHODV *UDQGHV 1DJDV (V HO ODJR GH DJXD GXOFH PiV DOWR GHO PXQGR\DTXHHVWiVLWXDGRXQRVPHWURVVREUHHO QLYHOGHOPDU/RVKDELWDQWHVGHHVWDWLHUUDGHVRODGDKD EODQGHJUDQGHVIORUHV\GHKRMDVGHORWRIORWDQGRHQOD VXSHUILFLHGHHVWHODJRH[WUHPDGDPHQWHIUtR\GHODDSDUL FLyQUHSHQWLQDGHILJXUDVVHQWDGDVHQHVWDVIORUHVXKRMDV FRQ OD FDEH]D QLPEDGD SRU XQD UDGLDQWH DXUHROD ¢8Q HVSHMLVPR"3RGUtDVHUXQDH[SOLFDFLyQSHURORVWLEHWDQRV SUHILHUHQSHQVDUTXHVRQODVILJXUDVGHVDQWRVGHO3DtVGH ODV1DJDV /DFUHHQFLDHQXQ5HLQR6HFUHWRGH+RPEUHV6DELRV VHKDSHUSHWXDGRHQ$VLDHQHOFXUVRGHODVHGDGHV([LV WHQSUXHEDVTXHSRGUtDQWUDQVIRUPDUHQXQKHFKRUHDO HVWDVOH\HQGDVPtWLFDV /DV FRPXQLGDGHV GH ,QLFLDGRV DVLiWLFRV TXH WLHQHQ HXURSHRV HQWUH HOODV QR VRQ QXPHURVDV \ D YHFHV XWLOL ]DQ VXV DQWLJXDV FDWDFXPEDV FRQ DLUH DFRQGLFLRQDGR FRQVWUXLGDVHQOD(UDSUHFDWDFOtVPLFD/D)UDWHUQLGDGGH 6KDPEKDOD HVWi SUHVLGLGD SRU XQD MHUDUTXtD UHVWULQJLGD GHVHUHVVXSHULRUHVDORVFXDOHVVHDOXGHDPHQXGRFRQHO QRPEUHGH0DKDWPDVORFXDOHQVDQVFULWRVLJQLILFDODV JUDQGHVDOPDV6RQVHUHVVREUHKXPDQRVGRWDGRVGHSR GHUHVVREUHQDWXUDOHVTXHKDQDFDEDGRVXHYROXFLyQHQ HVWHSODQHWDSHURTXHYLYHQFRQOD+XPDQLGDGDOREMHWR GH IDFLOLWDU VX SUR JUHVRHVSLULWXDO /D ILORVRItD E~GLFD WLHQH GHIL QLFLRQHV SUHFLVDV SDUD HVWRV JUDQGHV HVStULWXVDORVTXH OODPD $UKDWV HQ ViQVFULWRR/RKDQ HQFKLQR(O$UKDW HV XQ KRPEUH TXH HQ HO FXUVR GH VX ODUJDHYROXFLyQSOD QHWDULD VH KD OLEH UDGRGHWRGRDSHJR D OD H[LVWHQFLD \ GHVSUHQGLGRGHWR GRVORVGHEHUHVGHO .DUPD+DOOHYDGRDFDERHVWDHYROXFLyQHQFXDWURIDVHV GLVWLQWDVTXHVRQ6URWDSDWWLHOTXHHQWUDHQODFRUULHQWH 6DNULGDJDPLQHOTXHUHQDFHXQDYH]$QDJDPLQHOTXHQR YXHOYH\$UKDWHOLOXPLQDGR 6HJ~QORVWH[WRVWLEHWDQRVORVGRVPDQGDPLHQWRVGHO $UKDWVRQHOEXVFDUOD%RGKLR,OXPLQDFLyQ\HOWUDEDMDU SRUHOSHUIHFFLRQDPLHQWRGHOSXHEOR&XDQGRHO$UKDW SHQHWUDHQODFRUULHQWHTXHOOHYDDO1LUYDQD²HORFpDQR GH OD FRQVFLHQFLD FyVPLFD² UHFLEH SRGHUHV WUDVFHQGHQ WHVJUDFLDVDORVFXDOHVSRGUiKDFHUVXFXHUSRPiVOLJHUR R PiV GHQVR PiV SHTXHxR R PiV JUDQGH 6H KDFH DVL PLVPRGXHxRGHODPDWHULDGHOWLHPSR\GHOHVSDFLR\ SXHGHDSDUHFHUHQWRGROXJDU(O$UKDWFRQRFHWRGDVODV FRVDV\JXDUGDHOUHFXHUGRGHVXVH[LVWHQFLDVDQWHULRUHV 8QDYH]FXPSOLGRHOFLFORWHUUHVWUHGHODHYROXFLyQQR WHQGUiTXHUHQDFHUGHQXHYRHQHVWHSODQHWD (O $UKDW TXH HOLJH SHUPDQHFHU HQ OD 7LHUUD VDFULIL FiQGRVHDVtHQEHQHILFLRGHOD+XPDQLGDGVHFRQYLHUWH DXWRPiWLFDPHQWH HQ XQ %RGKLVDWWYD XQ 6DOYDGRU TXH YLVLEOH R LQYLVLEOH D\XGDUi DO KRPEUH HQ YLVWDV D VX DV FHQVLyQ HVSLULWXDO 0HGLDQWH HO SRGHU GH .UL\DVKDNWL YROXQWDGHO%RGKLVDWWYDSXHGHFUHDUSRUVtPLVPRXQ (/É85(2)/25(&(51~PHUR0D\R FXHUSRYLVLEOHWRUQDGRGHODPDWHULDDWyPLFDHOHPHQWDO TXH SRGUi SDUHFHU VyOLGR \ UHDO SHUR TXH SXHGH HOHJLU WDPELpQHOSHUPDQHFHULQYLVLEOH\DJUHJDUVHDO©SXHEORGH ODQLHEODGHIXHJRª (VWRVVHUHVVXSHULRUHVKDQVLGRYLVWRVHQUHDOLGDGLQ FOXVR SRU ORV HXURSHRV 6LU +XJK 5K\V 5DQNLQ XQ ED UyQHVFRFpVTXHHVWXGLRHQHOFROHJLRGH+DUURZ\VLUYLy FRPR RILFLDO HQ ORV 5R\DO 'UDJRRQV IXH GXUDQWH PX FKRVDxRVXQEXGLVWD0DKD\DQDSUDFWLFDQWH+HDTXtOR TXHGLMRHQ ©)RUPD SDUWH GH QXHVWUDV FUHHQFLDV FRQRFLGDV TXH &LQFR %RGKLVDWWYDVKRPEUHVSHUIHFWRVFRQWURODQORVGHVWLQHVGHOPXQ GR6HHQFXHQWUDQXQDYH]DODxRHQXQDJUXWDGHO+LPDOD\D SDUDWRPDUVXVGHFLVLRQHV8QRGHHOORVYLYHSHUPDQHQWHPHQWH HQODVDOWXUDVGHO+LPDOD\D2WURUHVLGHHQORVPRQWHVHVFRFHVHV GH&DLUQJRUP0LHVSRVD\\RYLPRVFODUDPHQWHDHVWH%RGKL VDWWYDKDFHXQRVGRFHDxRVDODWUDYHVDUHO/DULJ*KUX3DVVª &LHUWRQ~PHURGHHVWRV$UKDWVVHKDUHHQFDUQDGRGH IRUPDFRP~QSDUDDVHJXUDUXQHVWUHFKRFRQWDFWRFRQOD +XPDQLGDGWHUUHVWUHSHURHVWHJUXSRHVH[WUHPDGDPHQ WHUHVWULQJLGR/DGXUDFLyQGHH[LVWHQFLDGHVXVFXHUSRV HVFDVLLQILQLWD\DTXHSDUDHOORVVHKDGHWHQLGROD5XHGD GHO 5HQDFLPLHQWR (O FRQMXQWR GH ODV FRPXQLGDGHV GH 6KDPEKDODVHFRPSRQHGHFHQWHQDUHVGHLQLFLDGRVGHV GHHOJUDGRGH©(OTXHHQWUDHQODFRUULHQWHªDOGH$UKDW 3XHGHQ VHUFRQVLGHUDGRV FRPR UHVLGHQWHV SHUPDQHQWHV FXDQGR VRQ KXpVSHGHV WHPSRUDOHV HO SHTXHxR Q~PHUR GHFRODERUDGRUHVTXHYLHQHQGHOPXQGRH[WHULRUSDUDUH FLELULQVWUXFFLRQHVSODQHVGHDFWLYLGDGHVILODQWUySLFDVR SDUDHVWXGLDUHQORVFRQVHUYDWRULRVDUFDLFRV /D WHUPLQRORJtD EXGLVWD HPSOHDGD SDUD KDEODU GH 6KDPEKDODVHH[SOLFDSRUXQDUD]yQPX\VLPSOHODSUR[L PLGDGJHRJUiILFDGHO7tEHWFRQODFRORQLDGHORV0DJRV\ ORVQH[RVWUDGLFLRQDOHVGHORVVDQWRVODPDVFRQHVWHKRJDU HVSLULWXDO$XQTXHSXHGHQFRQWDUVHSRUPLOODUHVQRVRQ QXPHURVRVORVFRSDUWtFLSHVH[WHULRUHVGH6KDPEKDODORV GLVFtSXORVGHODV(VFXHODVGHO%ODQFR0LVWHULRGH2ULHQ WH\2FFLGHQWHFX\RHVStULWXHVWiDSXQWRGHFRQFRUGDU (/É85(2)/25(&(51~PHUR0D\R FRQHOGHORV*UDQGHV 'XHxRV&yVPLFRV )LOyORJRV\RULHQ WDOLVWDVHVWiQHQFRQGL FLRQHV GH SURYHHUQRV GH LQIRUPDFLRQHV Yi OLGDV VREUH HO IRONORUH GH 6KDPEKDOD (Q VX REUDGHXQDJUDQHUX GLFLyQ SXEOLFDGD SRU OD8QLYHUVLGDGGH<DOH EDMRHOWLWXOR7UDLOVWR ,QPRVW $VLD HO GRF WRU *HRUJH 5RHULFK H[DPLQD OD YDOLGH] GH ODWUDGLFLyQVKDPEKD OHDQD ©6KDPEKDOD ²HV FULEH²QRHVFRQVLGHUDGR VyORFRPRHO&HQWUR%~ GLFR GHO VDEHU RFXOWR HV DVLPLVPRHOSULQFLSDOUHFWRUGHO.DOSDGHOSRUYHQLUGHODHGDG FyVPLFD/RVPRQMHVVDELRVORVODPDVPHGLWDWLYRVHVWDUtDQHQ FRPXQLFDFLyQFRQVWDQWHFRQHVWDIUDWHUQLGDGPtVWLFDTXHJXtD ORVGHVWLQRVGHOPXQGREXGLVWD8QREVHUYDGRURFFLGHQWDOVHLQ FOLQDDPLQLPL]DUODLPSRUWDQFLDGHHVWHQRPEUHRDUHOHJDUOD YROXPLQRVDOLWHUDWXUDUHODWLYDD6KDPEKDOD\ODWUDGLFLyQRUDO PiVYDVWDD~QHQODFODVHGHOIRONORUHRGHODPLWRORJtD3HUR ORVTXHKDQHVWXGLDQGRDODYH]HOEXGLVPROLWHUDULR\SRSXODU FRQRFHQ OD WUHPHQGD IXHU]D TXH SRVHH HVWH QRPEUH HQWUH ODV PXOWLWXGHVEXGLVWDVGHOD$OWD$VLDª (Q RWUR OLEUR GH HVWXGLR SXEOLFDGR HQ OD 8QLyQ 6R YLpWLFD EDMR ORV DXVSLFLRV GH OD $FDGHPLD GH &LHQFLDV HO GRFWRU *HRUJH 5RHULFK DOXGH D XQ WH[WR GHO .DQMXU UHVSHFWRDOFXDOVHFRQVLGHUDTXHSURYLHQHGHODSURSLD 6KDPEKDOD \ HQ HO TXH HVWi HVFULWR TXH GXUDQWH VLJORV ORVVDQWRVKRPEUHVGHO7tEHWKDQDVSLUDGRDXQDFRPX QLyQHVSLULWXDOFRQHO5H\GH6KDPEKDOD(VWRVSXQGLWV GHMDURQWH[WRVHQORVTXHVHFLWDQDDOJXQRVODPDVHPL QHQWHV TXH ©IXHURQ D 6KDPEKDOD HQ EXVFD GHO VDEHU GH ORV %RGKLVDWWYDVª FRQVFLHQWHV GH OD H[WUHPD GLILFXOWDG TXH SUHVHQWDEDHOFDPLQR 3XHGHVHUH[DPLQDGDRWUDIXHQWH²TXHVHFRQVLGHUD FRPRDXWRULGDG²SDUDPRVWUDUODVLQFHULGDGGHORVVHQ WLPLHQWRV TXH HO FOHUR EXGLVWD VLHQWHQ SRU 6KDPEKDOD HOOLEUR7tEHWHVFULWRSRU7KXEWHQ-LJPH1RUEXKHUPD QRPD\RUGHODFWXDO'DODL/DPD(VWDLQWHUHVDQWHREUD HGLWDGDSRU&7XUQEXOOFRUURERUDORVDQWLJXRVHVFULWRV WLEHWDQRV UHODWLYRV DO SDtV GH 6KDPEKDOD VLWXDGR HQ HO FRUD]yQGHORVPDFL]RVQHYDGRVHQDOJXQDSDUWHDOQRUWH GH /KDVVD (VWD DQWLJXD WUDGLFLyQ VH KD H[WHQGLGR KDV WDORVFRQILQHVGH0RQJROLD(QVX0RGHUQ+LVWRU\RI 0RQJROLD&5%DZGHQKDEODGHODFUHHQFLDSRSXODUHQ HOUHLQRGH6KDPEKDODTXHKDHQFRQWUDGRHQHVWHSDtV (VWDPRUDGDVHKDFHFDGDYH]PHQRVOHJHQGDULDVLWR PDPRVHQFXHQWDORVUHODWRVGHVXH[LVWHQFLDSUDFWLFDUH GDFWDGRVSRUORV$GHSWRVTXHUHVLGHQHQHOOD(O0DKDW PD0RU\DQRVRIUHFHHOERVTXHMRGHXQDWDOFRPXQLGDG /$//$0$'$'(/6+$0%+$/$ ©1XHVWUR DPLJR HO TXtPLFR 9 GHVHD RFXSDUVHGHXQQXHYRDQiOLVLVGHORVUD\RV QDGLHVHRSRQHDHOOR1XHVWURDPLJR.GHVHD SHUIHFFLRQDUODUDGLRXWLOL]DQGRQXHYDVRQGDVOX PLQRVDVQDGLHVHORLPSLGH1XHVWUDKHUPDQD3VHRFXSDGHO SUREOHPDVRFLDOGHXQSDtVYHFLQRQRHQFXHQWUDREVWUXFFLyQDO JXQD1XHVWUDKHUPDQD8VHLQWHUHVDSRUODDJULFXOWXUD\SUR SRQHYDULDVPHMRUDVQDGLHFRQWUDULDVXVLQYHVWLJDFLRQHV$OD KHUPDQD2OHJXVWDQODVSODQWDVPHGLFLQDOHV\ORVSUREOHPDV GHODHGXFDFLyQQDGLHODFRQWUDULD(OKHUPDQR+KDLGHDGR XQLQJHQLRVRRILFLR\WUDEDMDDVLPLVPRHQODUHRUJDQL]DFLyQGH ODVFRPXQLGDGHV(OKHUPDQR0VHRFXSDGHLQYHVWLJDFLRQHV KLVWyULFDV 1XHVWUR ]DSDWHUR HVFULEH QRWDEOHV WUDWDGRV ILORVyIL FRVª (VWDXQLGDGHQODGLYHUVLGDG²HTXLOLEULRHQWUHODOL EHUWDGLQGLYLGXDO\HOFROHFWLYLVPR²FUHDXQDXWRStDTXH QRVRWURVVyORSRGHPRVHVSHUDULPLWDU(QRWUROLEURHO 0DKDWPDGHILQHORVREMHWLYRVGHVXFRPXQLGDGDODTXH pOOODPDOD©&LXGDGGHODV&LHQFLDVª©6HSXHGHLPDJLQDU ²HVFULEH²ORVGHVFXEULPLHQWRVTXHVHSURGXFLUiQHQXQDFRRUGL QDFLyQFRP~QGHWRGDVODVUDPDVGHODLQYHVWLJDFLyQFLHQWtILFDª 4XL]iQRHVWpQGHVSURYLVWDVGHIXQGDPHQWRODVDOXVLRQHV DORVYHKtFXORVUiSLGRV\DODVPiTXLQDVYRODQWHV (O0DKDWPD0RU\DFRQHVDSL]FDGHLURQtDTXHFDUDF WHUL]DVXHVWLORHVFULEH©(OJHyJUDIRSXHGHHVWDUWUDQTXLOR 1RVRWURVRFXSDPRVHQOD7LHUUDXQOXJDUGHILQLWLYR(OLQYHVWL JDGRUSXHGHHVWDUWUDQTXLORHQODVGLYHUVDVSDUWHVGHOPXQGR WHQHPRVXQDFDQWLGDGVXILFLHQWHGHSDUWLFLSDQWHVª'HODPLV PD IXHQWH RWUR GHWDOOH LPSRUWDQWH TXHGD GHVYHODGR D ILQGHTXH©HQQXHVWUDFRPXQLGDGFDGDXQRSXHGDHQFRQWUDU QXPHURVDVQDFLRQDOLGDGHV\GLIHUHQWHVSURIHVLRQHVª (O 6DELR KDFH DOXVLyQ D OD SUHVHQFLD HQ VXV UHWLURV GHHGLILFLRVPX\DQWLJXRV\GHLPSRUWDQWHVELEOLRWHFDV (VWDV ELEOLRWHFDV HVWiQ VLWXDGDV EDMR WLHUUD HQ EyYHGDV LQDFFHVLEOHVSDUDPDQWHQHUORVWHVRURVFXOWXUDOHVDODEUL JR QR VyOR GH ORV SLOODMHV VLQR WDPELpQ GH FDWDFOLVPRV JHROyJLFRV1RUHVXOWDVXSHUIOXRGHFLUDTXtTXHHOPXQ GRRFFLGHQWDOKDHPSH]DGRDUHXQLUJUDQGHVELEOLRWHFDV VyORGHVGHKDFHWUHVFLHQWRVDxRV&RQVXVELEOLRWHFDVTXH H[LVWHQ GHVGH KDFH PLOHV GH DxRV £TXH DYDQFH GHEH GH WHQHUVREUHQRVRWURVHVWHSHTXHxRFHQWURGHFLYLOL]DFLyQ 6L HO OHJDGR GH OD $WOiQWLGD VXPHUJLGD KD VLGR FRQ VHUYDGR SRU FRORQLDV GH VXSHUYLYLHQWHV EDMR HO FRQWURO GH 6KDPEKDOD QR SXHGH KDEHU GXGD DOJXQD DFHUFD GH ORV FRQWLQXRV SURJUHVRV TXH KDEUiQ UHDOL]DGR HVWDV FR PXQLGDGHVFHUUDGDVDODEULJRGHODVHQRUPHVFDGHQDVGH PRQWDxDVGH$VLD\$PpULFD(OORMXVWLILFDUtDSOHQDPHQ WHODVHYHUDDGYHUWHQFLDGHO0DKDWPD.XW+XPLGLULJLGD D6LQQHWW©6RLVXQRVEiUEDURVFRQWRGDYXHV WUDHVW~SLGDFLYLOL]DFLyQª 6HQRVDEUHXQFDPSRGHLQYHVWLJDFLyQ LQWHUHVDQWH6HUHILHUHDODLGHRORJtDGHHVWD PLVWHULRVDFRPXQLGDGTXHH[SOLFDUtDVXVPRWLYDFLRQHV\ VXVREMHWLYRV©&DGDGLDPDQWHFDGDFULVWDO\FDGDHVWUHOODSR VHHFRPRHOKRPEUH\HODQLPDOVXDOPDLQGLYLGXDOªHVFULEH DXQHO0DKDWPD.XW+XPL(VWDDILUPDFLyQVHKDOODPX\ SUy[LPDDODILORVRItDGLDOpFWLFDTXHFRQVLGHUDODPDWHULD FRPRODIXHQWHIXQGDPHQWDOGHODYLGD\GHODFRQVFLHQ FLD&RPRTXLHUDTXHDGPLWHODH[LVWHQFLDHQHOHVSDFLR LQILQLWRGHXQDPXOWLWXGGHVHUHVVXSHULRUHVHVWHODUHV\ SODQHWDULRVHOYHQHUDEOH0DKDWPDHQRWUDFDUWDQLHJD FODUDPHQWH OD SUHVHQFLD GH XQ 'LRV DQWURSRPRUIR 1R KHPRVGHROYLGDUTXHPLOORQHVGHEXGLVWDVQRUHFRQRFHQ ODH[LVWHQFLDGHXQ&UHDGRURGHXQDGLYLQLGDGSHUVRQDO \ TXH HQ HO KLQGXLVPR 3DUDEUDKPDQ HV HO LQGHILQLEOH $EVROXWR©6DEHPRVTXHODPDWHULDHVHWHUQD²GLFHOD6DELGX UtDGH2ULHQWH²\DTXHODPDWHULDHVODSURSLD1DWXUDOH]Dª $OJXQRVGHHVWRVSRVWXODGRVFRLQFLGHQFRQHOPDWHULDOLV PRGLDOpFWLFRSHURGLYHUJHQHQORWRFDQWHDODFXHVWLyQ GHODVXSHUYLYHQFLDGHOHVStULWX /RV+RPEUHV6DELRVDILUPDQTXHHOREMHWLYRHVHQFLDO GHOD)UDWHUQLGDGFRQVLVWHHQOLEHUDUDORVKXPDQRVGHOD SHVDGLOODGHODVXSHUVWLFLyQ\DPDUODYLUWXGSRUVtPLVPD QRSRUTXHVHHVSHUHGHHOODXQDUHFRPSHQVD/DV0DKDW PDV/HWWHUVSUHFLVDQFRQIXHU]DTXHORV$GHSWRVQRVRQ QLDWHRVQLDJQyVWLFRVVLQRSDQWHtVWDVHQHOVHQWLGRPiV DPSOLR GHO WpUPLQR 1yWHVH TXH HQ QXHVWURV GtDV VRQ QXPHURVRVORVFLHQWtILFRV\SHQVDGRUHVTXHOOHJDQDXQD FRQFOXVLyQVHPHMDQWHIUHQWHDODLQPHQVLGDGGHO8QLYHU VR/RVLGHDOHVpWLFRVGHORV,QLFLDGRVVRQUHVXPLGRVHQ HVWDVSDODEUDVSRUXQRGHVXVDGHSWRV©(OWpUPLQR)UDWHU QLGDG8QLYHUVDOQRHVXQDIUDVHYDQDHVOD~QLFDEDVHFLHUWDGH ODPRUDOLGDGXQLYHUVDOª /DVXSHUVWLFLyQHOHJRFHQWULVPR\ODFUXHOGDGVRQ ORVWHUULEOHVPRQVWUXRVTXHDUUDVWUDQDOKRPEUHKDFLDHO DELVPRGHOROYLGRHVSLULWXDO7RGRVKDQQDFLGRGHODLJ QRUDQFLD GH OD 8QLFLGDG GH OD 9LGD &XDQGR HQWLHQGD HVWRHOKRPEUHGHMDUiGHVHUXQGHVWUXFWRU(O+RPEUH 6DELRGHO+LPDOD\DGHVYHODVXFRQFHSFLyQGHXQD+XPD QLGDG6XSHULRUTXHVHSURGXFLUi©FXDQGRWRGRVVHFRQYLHU WDQ HQ FRRSHUDGRUHV GH OD 1DWXUDOH]Dª (O KRPEUH FRPHWH DFWXDOPHQWHHOJUDQFULPHQGHFRQWDPLQDU\GHVWUXLUOD WRWDOLGDG GHO SODQHWD 7LHUUD ¢&XDQGR VH FRQYHUWLUi HQ DPLJRGHOD1DWXUDOH]D" (OFRQFHSWRGHODHYROXFLyQFyVPLFDHVODEDVHGHOD 'RFWULQD6HFUHWD1RKD\QDGDGHVRUSUHQGHQWHHQTXH (/É É8 85(2 85 5(2) )//2 /25(&(5 /25 25 2 5(&(51~PHUR 1 1~~~P 1~P PHHUR HUUURR 0D\R 0D\ 0DD\\R R OD LGHD GH OD UHHQ HQ FDUQDFLyQ IRUPH H SDUWHGHODILORVR ItD GH ORV *XDU GLDQHV GH OD +XP DQLGDG /D HQVHxDQ]D GH HVWH SULQFL SLR HVWi LQFRU SRUDGD D ORV $QWLJXRV 0LV WHULRV /D DGRS WDURQ JUDQGHV ILOyVRIRV FRPR R 3LWiJRUDV (PSp Sp GRFOHV 3ODWyQ R 3OR 3OR R WLQR /RV GRV SULPHURV LPHHURV DVHJXUDURQ LQFOXVR XVR R TXH TXH UHFRUGDEDQ VXV YLGDV YLG GDV DQWH ULRUHV(UDQWDPELpQIDYRUDEOHVD ELpQ QIDYRUDEOHVD HVWDFRQFHSFLyQ$SRORQLRGH7LDQD\ $SRORQLR GH 7LDQD \ ORVSULPHURV3DGUHVGHOD,JOHVLDFRPR2Ut JHQHV\&OHPHQWHGH$OH[DQGULD (QORVWLHPSRVPRGHUQRVXQRGHORVHQXQFLDGRVPDV SRpWLFRVGHHVWDGRFWULQDGHUHQDFLPLHQWRVHGHEHD%HQ MDPtQ)UDQNOLQTXLHQFRPSXVRHOHSLWDILRVLJXLHQWHSDUD VXWXPEDHQ)LODGHOILD ©(OFXHUSRGH%HQMDPtQ)UDQNOLQFRPRODFXELHUWDGHXQ YLHMROLEURFX\RFRQWHQLGRVHKDDUUDQFDGR\GHVSRMDGRGHVX WH[WR\GHVXGRUDGRUHSRVDDTXtYtFWLPDGHORVYHUVRV3HURHO WUDEDMRQRVHKDEUiSHUGLGRSXHVpOFUHHTXHUHQDFHUiXQDYH] PiVHQXQDQXHYDHGLFLyQPiVHOHJDQWHUHYLVDGD\FRUUHJLGD SRUHO$XWRUª (QODFULVWLDQGDGODFUHHQFLDHQODUHHQFDUQDFLyQIXH GHFODUDGDKHUpWLFDVyORHQHOVLJOR9,SHURKDVWDHQWRQ FHVIXHVRVWHQLGDSRUORV3DGUHVGHOD,JOHVLD(Q$VLD²\D VHDHQ%LUPDQLDHQOD,QGLDRHQ-DSyQ²HOFRQFHSWR GH UHHQFDUQDFLyQ HV SDUWH LQWHJUDQWH GH OD FRQVFLHQFLD QDFLRQDO /D ILORVRItD GH OD HYROXFLyQ FyVPLFD ²GHO SURJUHVR LQFHVDQWHGHODLQWHOLJHQFLD\GHODFRQVFLHQFLDHQHOXQL YHUVR LQILQLWR² FUHD OD LPDJHQ GH XQD HVFDOD MHUiUTXLFD GH ORV VLVWHPDV GH YLGD VREUHKXPDQRV 6X UHDOL]DFLyQ LPSOLFDUtD XQ VHQWLGR GH ODV UHVSRQVDELOLGDGHV UHVSHFWR DODVIRUPDVLQIHULRUHVGHODYLGD'HODHQVHxDQ]DIXQGD PHQWDOGHOD8QLGDG&yVPLFDGHOD9LGDEURWDOD'RF WULQDGHO&RUD]yQFRQVXPDQGDPLHQWRGH$PRUKDFLD WRGDOD1DWXUDOH]D3RUVXSXHVWRTXHHVWDDFWLWXGVHKDOOD PX\OHMRVGHOFRPSRUWDPLHQWRDQWURSRFpQWULFR\HJRFpQ WULFRGHOKRPEUHHQQXHVWURSODQHWD 3HURODSVLFRORJtDGHQXHVWURV+HUPDQRV0D\RUHV HUPDQRV0D\RUHV HV PiV DPSOLD TXH OD QXHVWUD (O LQWHUpV QWHUpV GHO KRP EUHJUDYLWDVRORHQWRUQRDOKRPEUH/RV$UKDWVOR /RV$UKDWVOR FRQVLGHUDQVRORFRPRXQHVODEyQHQHOLQILQLWRGH QHOLQILQLWRGH ODHYROXFLyQFyVPLFDGRQGHFRH[LVWHQODVIRUPDV HQODVIRUPDV PiV GLYHUVDV 'XUDQWH PLOORQHV GH DxRV QXHVWURSODQHWDKDH[LVWLGRVLQXQVROR ROR +RPRVDSLHQVPDVSDUDODPD\RUtDGH GH ORV VHUHV KXPDQRV TXH QR WLHQHQ HVWD VWD (/É85(2)/25(&(51~PHUR0D\R YYLV YLVLyQ GH OD 9LGD 8QLYHUVDOHVWHUUL 8 EOH E SHQVDU TXH OD 7LHUUD SXHGD H[LVWLUVLQHOORV $SHQDV SXHGH LPDJLQDUVH OD HQRUPH ODERU TXH UHDOL]D OD &RQIUDWHU QLGDG R +HU PDQGDG GH 6KDPEKDOD 6XV $UKDWVVHSDUHFHQ $ PiV Pi D ORV VROGDGRV HQVXVEDWDOODVFRQWUD HQ QVX OD ,J ,JQRUDQFLD HO 2VFX JQR UDQWLVPR UDQWLVP PR \ HO (JRtVPR TXHDORVFDQWRUHVGHKLPQRV TXHDORVFDQ VDFURV $QWH HOO HOORV VH H[WLHQGH OD PDVD TXH PDVD HVWiWLFD HVWiWLFD GH GH OD OD +XPDQLGDG + GHEH VHU UHPRGHODGD HQ IRUPDV VXSHULRUHV SRU OD OH\ GH OD HYROXFLyQ (PSOHDQ XQD DSUR[LPDFLyQ SRVLWLYDLQVSLUiQGRVHHQLGHDOHVHQWRGRVORVWHUUHQRVGH OD FUHDFLyQ DUWH FLHQFLD UHOLJLyQ P~VLFD R VRFLRORJtD &RPR TXLHUD TXH ODV JUDQGHV UHDOL]DFLRQHV FXOWXUDOHV FRQVLGHUDQ SRU HQFLPD GH WRGR HO ELHQ FRP~Q pVWDV IXHURQLQVSLUDGDVRVRVWHQLGDVSRUORV(VStULWXV&yVPL FRV6LQHPEDUJRHVPHQRVGLItFLOSUHVHQWDUQREOHVLGHDV D OD +XPDQLGDG TXH GLVLSDU HO HQWRUSHFLPLHQWR GH ORV FHUHEURVDSiWLFRVHOPDOJXVWR\ORVIDOVRVYDORUHV(OSUR EOHPDPiVGLItFLOHVHOUHODWLYRDDFODUDUXQDYLVLyQRVFX UHFLGDSRUORVSUHMXLFLRV\ODLQFRPSUHQVLyQ /RV*XDUGLDQHV3ODQHWDULRVWLHQHQXQSURJUDPDGH ILQLGR GH DFXHUGR FRQ ORV REMHWLYRV D DOFDQ]DU HQ HVWH FLFORSDUWLFXODUGHODHYROXFLyQ1LHW]VFKHWHQtDVLQGXGD UD]yQ FXDQGR GLMR ©/HMRV GH ORV MHIHV \ OLEUHV GH WRGR QH[RYLYHQORVKRPEUHVVXSHULRUHVTXHWLHQHQVXVLQVWUX PHQWDOHQORVMHIHVª /RVSUREOHPDVGHOD-HUDUTXtDGH/X]VRQLQILQLWD PHQWHPiVFRPSOHMRVTXHFXDOTXLHU*RELHUQRGHOPXQ GR DFWXDO )XQFLRQDQ HQ IUHFXHQFLD GHVFRQRFLGDV SRU QXHVWUDFLHQFLD\HQWUHVXVPLVLRQHVWLWiQLFDVILJXUDODGH OD REVHUYDFLyQ \ QHXWUDOL]DFLyQ SDUFLDO GHO DXUD PHQWDO QHJDWLYDGHOD7LHUUDTXHURGHDHVWHSODQHWD\HQFLHUUDODV HPLVLRQHV GH SHQVDPLHQWRV QRFLYRV DFXPXODGRV GHVGH ORVLQLFLRVGHOD+LVWRULD+XHOJDVXEUD\DUTXHHVWDUDGLD FLyQHVH[WUHPDGDPHQWHEDMD(QHVWHFDPSRGHIXHU]DVH R\HQ D~Q ORV FODPRUHV GHVHVSHUDGRV ODV LPSUHFDFLRQHV GHORVKHULGRV\GHORVPRULEXQGRVGHWRGDVODVJXHUUDV FUXHOHVHQSUHQGLGDVSRUOD+XPDQLGDG/DVYLEUDFLR FUXHOHVHQSUHQGLG QHVGHQDWXUDOH]DDOWDPHQWHHVSLULWXDOQREDVWDQSDUD QHVGHQDWXUDOH]D FRQWUDSHVDU ODV ODV RQGDV QHJDWLYDV /D PHPRULD GH QXHVWUD0DGUH1DWXUDOH]D²TXHORVDQWLJXRVOLEURV QXHVWUD0DGUH LQGLRV OODPDQ OODPDQ $NDVD² UHJLVWUD WRGR OR TXH SDVD \ QDGD QDG VH SXHGH ERUUDU (V WHUULEOH OD YL VLyQGHHVWHPDOpILFRHQYROWRULR6ROROD VLyQ +XPDQLGDGHVFDSD]GHQHXWUDOL]DUORV +X RVFXURV QXEDUURQHV GH ODV YLEUDFLRQHV RVFX /$//$0$'$'(/6+$0%+$/$ PHQWDOHVTXHKDSURGXFLGR/RV*XDUGLDQHVGH DUGLDQHVGH OD7LHUUDQRVSLGHQTXHQRDxDGDPRVPDVLQPXQ VLQPXQ GLFLD \ VDQJUH D HVWH SODQHWD \D WDQ HQIHUPR IHUPR \ VRPEUtR /RV TXH HQFXHQWUHQ GLVFXWLEOHV V HVWDV HVWDV FRQFOXVLRQHV GHEHUiQ HVWXGLDU ORV ~OWLPRV ~OWLPRV GHVFXEULPLHQWRV FLHQWtILFRV UHODWLYRV D OD O VHQVL QL ELOLGDGGHODVSODQWDV\DVXVUHDFFLRQHVDOSHQVDPLHQWR KXPDQR6LXQDIORUSXHGHPDUFKLWDUVHHQSUHVHQFLDGH OD FyOHUD HO FRQMXQWR GHO SODQHWD ¢QR SXHGH FDHU LUUH PHGLDEOHPHQWHHQIHUPREDMRHOHIHFWRGHOUHQFRUJOREDO PHQWHH[WHQGLGR" /D FLHQFLD HVRWpULFD GH 2ULHQWH KDEOD GH XQD FR OLVLyQGHO.DPDGXURHOIXHJRVXEWHUUiQHRFRQHO)XH JR&yVPLFRORFXDOHQJHQGUDUtDFDWDFOLVPRVJHROyJLFRV GHYDVWDGRUHVVLDPERVIXHJRVQRVHKDOODQHTXLOLEUDGRV /RVSURSLRV5RHULFKYLHURQHQXQRGHORVODERUDWRULRV GH6KDPEKDODORVLQVWUXPHQWRVTXHVLUYHQSDUDPHGLU ODSUHVLyQGHHVWRVIXHJRV/DHQHUJtDSVtTXLFDHVODTXH SXHGH\GHEHSXULILFDUHODXUDGHOSODQHWDFXELHUWRSRU ODVQXEHVGHHVWDVHPDQDFLRQHVGHRGLRGHHJRtVPRGH FRGLFLD\GHSDVLyQ /RV$UKDWVFUHHQTXHHOKRPEUHSXHGHFRQYHUWLUVHHQ HO FULPLQDO DUWLILFLHUR GH HVWH SODQHWD VLQ QHFHVLGDG GH UHFXUULUDODUHDFFLyQQXFOHDUHQFDGHQD6RORODQHXWUD OL]DFLyQGHODVFRUULHQWHVGHSHQVDPLHQWRQHJDWLYR\GH ODVQXEHVPHGLDQWHHPLVLRQHVJOREDOHVGHSD]\GHDPRU SXHGHGLVLSDUHODXUDPDOVDQDGHOD7LHUUD6LOD+XPD QLGDGSXGLHUDFRQFHGHUGLDULDPHQWHDOJXQRVPLQXWRVD XQD PHGLWDFLyQ VLQFURQL]DGD VREUH OD SD] \ OD IUDWHUQL GDGDOHMDUtDHOSHOLJURGHXQDFDWiVWURIH 6RQQXPHURVRVORVFRODERUDGRUHVGHORV$UKDWVTXH VHLQTXLHWDQPiVSRUODLQWHJULGDGGHOSODQHWDTXHSRUOD VXSHUYLYHQFLDGHODUD]DKXPDQD\DTXHQXHVWUD0DGUH 1DWXUDOH]DQHFHVLWyXQRVFLQFRPLOPLOORQHVGHDxRVSDUD IRUPDU OD 7LHUUD \ DSHQDV VyOR DOJXQRV PLOORQHV SDUD SURGXFLUDOKRPEUH(QWUHHVWRVDVRFLDGRV%UDKPD-R\WL GH 'HOKL HQ OD ,QGLD HVWXYR HQ FRQWDFWR SHUPDQHQWH FRQ ORV VHUHV VXSHULRUHV GHO +LPDOD\D TXH FRQWURODQ HO PXQGRPHGLDQWHHOSRGHUGHOSHQVDPLHQWR(VWLPDTXH HV WDQ PDOR HO .DUPD FROHFWLYR GH OD +XPDQLGDG TXH VyORODGHVDSDULFLyQGHODPLWDGGHODSREODFLyQPXQGLDO SRGUtDSXUJDUHODLUHGHODVYLEUDFLRQHVHPSRQ]RxDGDV\ SURWHJHUHOSODQHWD/RVSXHEORVGHOD,QGLD\HVSHFLDO PHQWHORVEUDKPDQHVHUXGLWRVFUHHQVLQFHUDPHQWHHQOD H[LVWHQFLDG H[LVWHQFLDGHORV*UDQGHV5LVKLVVDELRVJXDUGLD QHVGHOD+XPDQLGDGTXHGHVYtDQHQSDUWHD QHVGHOD VHPHMDQ]DGHORVSDUDUUD\RVODFyOHUDGH1p VHPHMDQ PHVLV6LQHPEDUJRQRSXHGHQFRQVHJXLUOR PHVLV6 LPSRVLEOH LPSRVLE (QHVWH.DOL<XJDHVWDHGDGVRPEUtDHQ (Q TXHYLYLPRVODVIXHU]DVGHOPDOSURVSHUDQHQODV TX L LP FLXGDGHVPHWURSROLWDQDVGRQGHUHEDMDQYLFWRULRVDPHQWH DOKRPEUHDQLYHOGHODEHVWLD6RQODVUHVSRQVDEOHVGHOD SROXFLyQPHQWDOGHODDWPyVIHUDGHTXHKDEODODPtVWLFD LQGLD6HJ~QKHPRVGLFKRDQWHULRUPHQWHHVWiELHQFODUR TXHORVSUREOHPDVFRQTXHVHHQIUHQWDQORV$GHSWRVWLH QHQXQDGLPHQVLyQSODQHWDULD (VIiFLOFRPSUHQGHUHOHVFHSWLFLVPRGHOOHFWRULQWHOL JHQWHDOFRQVLGHUDUHOKHFKRGHTXHXQDDQWLJXDFRPXQL GDGGHFLHQWtILFRV\GHILOiQWURSRVKD\DSRGLGRHVFDSDUD ODDWHQFLyQGHORVH[SORUDGRUHV6LQHPEDUJRGHEHFRP SUHQGHU TXH QLQJ~Q LQYHVWLJDGRU GHVFXEULUi MDPiV HVWD FRPXQL¤GDGFHUUDGDDPHQRVTXHHVWHDOXQtVRQRFRQ ORVJUDQGHVHVStULWXVTXHYLYHQHQHOOD\QRUHFRQR]FDQHO GHVLQWHUpVGHVXVDFWLYLGDGHV 3RUVXSDUWHHOKLVWRULDGRUHVWiHQSRVHVLyQGHQX PHURVRVGDWRVVREUHORVFXDOHVSXHGHWUDEDMDU\HVWHOLEUR OHRIUHFHEDVWDQWHVSUXHEDVTXHGHPXHVWUDQODDXWHQWL FLGDG GH HVWD FRORQLD &XDQGR VH HQFXHQWUHQ ²\ HOOR DQWHVGHILQHVGHVLJOR²EDMROD(VILQJH\ODVSLUiPLGHV GH*L]HKORVPX\DQWLJXRVHVFRQGULMRVTXHHQFLHUUDQDU WHIDFWRVFLHQWtILFRVGHXQDIDFWXUDD~QLQVRVSHFKDGDVH SODQWHDUD XQD FXHVWLyQ ¢4XLHQ HVFRQGLy HVWRV REMHWRV" $VtVHGHPRVWUDUDODSUHVHQFLDGHFLHQWtILFRVHQODpSRFD SUHKLVWyULFD\ODLGHDGHVXH[LVWHQFLDLQLQWHUUXPSLGDHQ ORVFHQWURVVHFUHWRVVHUiVHULDPHQWHWRPDGDHQFRQVLGH UDFLyQ (VPX\IXHUWHHQ$VLDODWUDGLFLyQGHORVWHVRURVHVFRQ GLGRV(OSLODUGHOEXGLVPRWLEHWDQR3DGPD6XPEKDYD KDSURPHWLGRTXH©ORVWHVRURVHVFRQGLGRVVHUiQHQFRQWUDGRV XQRWUDVRWURFXDQGRVXGHVFXEULPLHQWRVHDQHFHVDULRSDUDHO SURJUHVRGHOD+XPDQLGDGª(QODDQWLJXDVDJDGH*KHVVDU -DQ VH GLFH ©7HQJR PXFKRV WHVRURV SHUR VROR DO OOHJDU HO GtD ILMDGR ORV UHSDUWLUp HQWUH PL SXHEOR /D YHUGDGH UDULTXH]DYHQGUiVRORFRQHOSXHEORGH6KDPEKDODGHO 1RUWHª (QHOVLJOR;,;HOYHQHUDEOH$UKDW'MXDO.XORIUHFLy D 0DGDPH %ODYDWVN\ HO GLEXMR D SLQFHO GH XQ DVKUDP VDQWXDULRGHORV'XHxRVGHO7tEHWGHO6XU5HSUHVHQWD (/É85(2)/25(&(51~PHUR0D\R /$//$0$'$'(/6+$0%+$/$ ORV DFFHVRV GH XQ PXVHR VXEWHUUi Ui QHRHQHOTXHVHH[SRQHODHYROXFLyQ yQ KXPDQDHQHVWHSODQHWDHQHOFXUVRGHPLOORQHV RGHPLOORQHV GHDxRV(QODSDUWHL]TXLHUGDGHODSLQWXUDHO ODSLQWXUDHO 0DKDWPDHVWiUHSUHVHQWDGRDFDEDOORPLHQWUDVTXHHO DOORPLHQWUDVTXHHO SURSLR0DKDWPD'MXDO.XOVHKDOODGHSLHHQHODJXD OODGHSLHHQHODJXD GHXQUtR $XQTXH UHVXOWH KDUWR LPSUREDEOH EDEOH TXH QXHVWURV VDELRVVHDQDGPLWLGRVDYLVLWDUHVWHPXVHRVLQ¤JXODU WHPXVHRVLQ¤JXODU SDUWLFXODUPHQWH GHVWLQDGR D OD LQVWUXFFLyQ GH ORV ORV DOXPQRVHQFLHQFLDVRFXOWDVWDQWRGH2ULHQWHFRPR RGH2ULHQWHFRPR GH2FFLGHQWHWHQGUiQDFFHVRDOGHSyVLWRVXEWHUUiQHR HSyVLWRVXEWHUUiQHR TXHFRQWLHQHDQWLJHGDGHVHJLSFLDV\ORTXHYHDQDOOt DV\ORTXHYHDQDOOt VHUiPiVTXHVXILFLHQWHSDUDGHMDUORVHVWXSHIDFWRV ORVHVWXSHIDFWRV /DVREVHUYDFLRQHVGLULJLGDVSRUHOSURIHVRU5RHULFK UHOSURIHVRU5RHULFK DXQODPDWLEHWDQRUHYHODQXQFRQRFLPLHQWRGLUHFWRGH RFLPLHQWRGLUHFWRGH 6KDPEKDOD©6DEHPRV²GLMR²TXHFLHUWRVDOWRVODPDVIXHURQ LHUWRVDOWRVODPDVIXHURQ D6KDPEKDOD\TXHGXUDQWHHOFDPLQRREVHUYDURQORVGHWDOOHV QRREVHUYDURQORVGHWDOOHV JHRJUiILFRV KDELWXDOHV $GHPiV QRVRWURV PLVPRV KHPRV RWURV PLVPRV KHPRV YLVWR YLVWR XQRGHORVWUHVSRVWHVEODQFRVTXHLQGLFDQODIURQWHUDGH6KDP EKDODª ¢3XHGHQGDUVHSUHFLVLRQHVGHHVWHWLSRVREUHXQOXJDU ILFWLFLR"(QHOFXUVRGHXQDH[SHGLFLyQSRUHO$VLD&HQ WUDOXQODPDHUXGLWRGLRDHQWHQGHUD5RHULFK\DVXKLMR TXHH[LVWtDQHQ/KDVVDJDOHUtDVVHFUHWDVEDMRHO3RWDOD\ TXH EDMR HO WHPSOR SULQFLSDO VH HQFRQWUDED XQD JUXWD FRQ XQ ODJR ~QLFDPHQWH DFFHVLEOH D ORV JUDQGHV ODPDV LQLFLDGRV 7RGRV HVWRV OXJDUHV VHFUHWRV WLHQHQ UHODFLyQ FRQ6KDPEKDOD (QRWUDRFDVLyQXQODPDGLVWLQJXLGRGHOPRQDVWH ULRGH.XPEXPVHHQFRQWUyFRQ1LFROiV5RHULFKHQHO 7tEHWGHO1RUWH\ORVDOXGyFRQHOVLJQRGH6KDPEKDOD .XPEXP HV HO OXJDU GHO TXH SDUWLy 7VRQJ.KDSD SDUD UHIRUPDUHOEXGLVPRHQHO7tEHW\FRQVWUXLUODJLJDQWHVFD ODPDVHUtDGH7DVKL/KXQSRUHGXFWRGHO\RJDWLEHWDQR (Q RWUD RFDVLyQ 5RHULFK WXYR HQ VXV PDQRV XQ OLEURWLEHWDQRHGLWDGRSRUHO3DQFKHQODPDHQWHUDPHQWH GHGLFDGRDODVSOHJDULDVSRU6KDPEKDOD'XUDQWHODUJRV VLJORV$VLDKDVLGRSURIXQGDPHQWHFRQVFLHQWHGHODYHU GDG GH 6KDPEKDOD GHO 1RUWH ©(O 'XHxR GH 6KDPEKDOD YLYH \ UHVSLUD HQ HO FRUD]yQ GHO VROª HVFULELy XQ 0DKDWPD KLPDOD\R (/É85(2)/25(&(51~PHUR0D\R 6L WRGDV ODV IXHQWHV GH LQIRU PDFLyQ TXH KD\ HVSDUFLGDV UHODWLYDV PDF D 6KDPEKDOD SXGLHUDQ UHXQLUVH WHQGUtDPRV XQ S FODURPDUFRTXHQRVPRVWUDUtDODH[LVWHQFLDUHDOGH FODURPDUFRTXHQ HVWDPRUDGDGHORVVHUHVVXSHULRUHVSDUDORVFXDOHV HVWDPRUDGDGHOR HOWLHPSR\HOHVSDFLRQRVRQREVWiFXORV3RUGHVJUD HOWLHPSR\HOHVSDF FLDODVDOXVLRQHVVRQ FLDODVDOXVLRQHVV WtPLGDVSHURVXVLJQLILFDFLyQ HVSRGHURVD(VWDRVFXULGDGHVUHVSRQVDEOHGHODVGL HVSRGHURVD(VWDR ILFXOWDGHV TXH VH HQ HQFXHQWUDQ SDUD GHVFXEULU WRGD OD YHUGDGVREUH6KDPEKDODFLXGDGGHORV%RGKLVDWWYDV YHUGDGVREUH6KDPE (VWDRVFXULGDGYLHQHLQFUHPHQWDGDD~QSRUODUHSXJ (VWDRVFXULGDGYLHQ QDQFLDGHORVVDELRVODPDtVWDVHQORWRFDQWHDGLVFXWLU QDQFLDGHORVVDELRV HOPLVWHULRTXHHVXQDGHODVWUDGLFLRQHVPiVVDJUDGDV HOPLVWHULRTXHHVX GHOHVRWHULVPRE~GLFR GHOHVRWHULVPRE~GL (QHOFXUVRGHORVDxRVYHLQWHVHSRGtDRtUFRPR (QHOFXUVRGH ORV MLQHWHV PRQJROHV PRQJROHV GH 8UJD R 8ODQ %DWRU 0RQJR OLDFDQWDEDQXQDLUHPDUFLDOFX\RWHPDHUDODJXHUUDGH OLDFDQWDEDQXQDLUHP 6KDPEKDODGHO1RUWH&XDQGR5RHULFKRIUHFLyVXSLQWX 6KDPEKDODGHO1RUWH UD5LJGHQ-\HSR'XHxRGH6KDPEKDODDO*RELHUQRGH UD 5LJGHQ -\HSR 'XHx 0RQJROLDIXHUHFLELGDFRQXQDSURIXQGDDGPLUDFLyQH LQFOXVRVHKDEORGHODSRVLELOLGDGGHFRQVWUXLUXQWHPSOR HVSHFLDO SDUD JXDUGDU HO OLHQ]R $XQTXH VLPSOHV PLWRV VHDQFRQRFLGRVSRUKDEHULQIOXLGRHQODVQDFLRQHVWRGRV HVWRVGHWDOOHV¢QRD\XGDQDGDUFRQVLVWHQFLDDXQDFUHHQ FLDDPSOLDPHQWHDFHSWDGDHQ$VLD" (QHOSDVDGRXQ'DODL/DPDSDUWLyGH/KDVVDKD FLD0RQJROLD(QFLHUWRSXQWRGHOFDPLQRODVSHUVRQDV \ DQLPDOHV GH OD FDUDYDQD HPSH]DURQ D WHPEODU VLQ UD ]yQ DSDUHQWH 3HUR HO 'DODL /DPD H[SOLFy HO IHQyPHQR GLFLHQGRTXHODH[SHGLFLyQDWUDYHVDEDOD]RQDSURKLELGD GH6KDPEKDODFX\DVYLEUDFLRQHVSDUWLFXODUHVHUDQGHPD VLDGRIXHUWHVSDUDORVYLDMHURV 6HFUHHTXHDOJXQRVHXURSHRVOOHJDURQD6KDPEKDOD +DFLDXQVDELRPLHPEURGHXQD6RFLHGDG1DFLR QDOGH*HRJUDItDYLVLWyOD,QGLD$VXUHJUHVRD(XURSD IXHSUHVHQWDGRHQXQDFHUHPRQLDUHDO\OXHJRSDUWLyGH QXHYRKDFLD2ULHQWHGRQGHGHVDSDUHFLy¢5HFLELyXQSD VDSRUWHSDUD6KDPEKDODGHO3DQFKHQ/DPDTXHUHVLGtD HQHOPRQDVWHULRGH7DVKL/KXQSRFHUFDGH6KLJDWVH" 7RGRVHVWRVLQIRUPHVWDOYH]QRVHDQVXILFLHQWHVSDUD HVWDEOHFHUODYHUDFLGDGGHODKLVWRULDGH6KDPEKDODGHO 1RUWHSHURVLQGXGDFRQWULEX\HQDGDUIRUPD\FRORUDOD LPDJHQSUHFLVDGHXQOXJDUFX\DH[LVWHQFLDUHDOHVFRQRFL GDVRORSRULQLFLDGRVGH2ULHQWH\2FFLGHQWH (OSULRUGHOIDPRVRPRQDVWHULR:X7DL6KDQHQ &KLQD HV FRQRFLGR SRU KDEHU HVFULWR (O &DPLQR 5RMR GH6KDPEKDODREUDGHODTXHQRH[LVWHQLQJXQDWUDGXF FLyQ,QWHJUD/RVPRQMHVPDVHVFODUHFLGRVGHODODPDVHUtD 0RUXOLQJGH/KDVVDWHQtDQODFRVWXPEUHGHKDFHUYLVLWDV UHJXODUHVDXQUHWLURGHO+LPDOD\DGHOTXHQRUHJUHVDEDQ DOJXQRV 6RQGLYHUVDVODVFLUFXQVWDQFLDVGDGDVDTXtUHODWLYDVD 6KDPEKDODVHUHILHUHQDGLVWLQWRVSXHEORV\FXEUHQGL IHUHQWHVORFDOLGDGHV0RQJROLD7tEHW,QGLD\&KLQD(O FDPSR GH LQIOXHQFLD GH 6KDPEKDOD HV HYLGHQWHPHQWH PX\DPSOLR\VXHGDGPX\DQWLJXD(OOREDVWDSDUDGDU XQPDUFRFRQFUHWRDHVWDWUDGLFLyQ9HURVtPLOPHQWHXQ UHODWR SRSXODU IDOVLILFDGR QR SXHGH GDU WDQWRV GHWDOOHV UHDOLVWDVFRPRHVWDFUHHQFLD