#HDMBH@ėXė&% BNMUTKRH´MėėDMėėK@Rėė@TK@R ¢(VOD%LEOLDXQOLEURDQWLFLHQWtILFR"¢'HTXpWUDWDHO*pQHVLV"¢3RUTXpHOHQIUHQWDPLHQWRHQHOVLV WHPDHGXFDWLYRGH((88"¢4XpWXYRTXHYHUOD%LEOLDHQODUHYROXFLyQFLHQWtILFD"¢&XiQWRGH SUHMXLFLRKD\HQQXHVWUDVFRQFOXVLRQHVDOUHVSHFWR" $PSOLDFLyQ\ELEOLRJUDItDGHODFRQIHUHQFLD RUJDQL]DGDSRU'HOLUDQWHRUJHLPSDUWLGDSRU 3DEOR GH )HOLSH )HUQiQGH] 'RFWRU HQ %LR TXtPLFD\%LRORJtD0ROHFXODUTXLHQKDSXEOL FDGRQXPHURVRVWUDEDMRVGHLQYHVWLJDFLyQHQ UHYLVWDV FLHQWtILFDV QDFLRQDOHV H LQWHUQD FLRQDOHV$XWRUGHREUDVFRPR'HOD&iEDOD D(OFyGLJRVHFUHWRGHOD%LEOLDGRQGH UHVSRQGH FRQ DUJXPHQWRV FLHQWtILFRV D ODV WHVLV H[SXHVWDV HQ HO EHVWVHOOHU PXQGLDO (O FyGLJRVHFUHWRGHOD%LEOLD7UDEDMDFRPRLQ YHVWLJDGRUHQOD8QLYHUVLGDG6DLQW$QGUHZVGH(VFRFLD5HLQR8QLGR$XWRUGH%DVHVFLHQWtILFDVGH ODFORQDFLyQ\FXHVWLRQHVpWLFDVHVSURIHVRUHQ0DGULGGHODDVLJQDWXUD&LHQFLD\IHHQ6(87 6X~OWLPROLEURHVXQDELRJUDItDGH&6/HZLVHODXWRUGH/DVFUyQLFDVGH1DUQLD\DFWXDOPHQWH SUHSDUDXQDELRJUDItDVREUH*DOLOHR*DOLOHL (OSUREOHPDGHORVRUtJHQHVXQDSUHRFXSDFLyQFRQVWDQWHGHVGHODVSULPHUDVFLYLOL]DFLRQHV (O*pQHVLV\ORVGHEDWHVFRQWHPSRUiQHRVVREUHFLHQFLD\IH (O*pQHVLVFRPRWH[WRDQWLPtWLFRODVHSDUDFLyQFUHDGRUFUHDFLyQFRQOOHYDXQ'LRV&UHDGRU GHWRGRORH[LVWHQWHIUHQWHDODQDWXUDOH]DGLYLQL]DGDGHORVDQWLJXRV &RQVHFXHQFLDVSUiFWLFDVGHODQWLPLWREtEOLFR ¢<HQWRQFHVTXpIXHGHOFRQIOLFWRKLVWyULFRFLHQFLD\IH"¢4XpSDVyFRQ*DOLOHR" 3HUVSHFWLYDVXQDYLVLyQGHIXWXURSDUDODVUHODFLRQHVFLHQFLD\IH ³>@(QUHDOLGDGHO*pQHVLVSUHSDUyHOFDPLQRSDUDQXHVWUDpSRFDPHGLDQWHVXSURSLRSURJUDPD GHGHVPLWLILFDFLyQ0HGLDQWHODHOLPLQDFLyQGHWRGRVORVGLRVHV\GLRVDVGHOFRVPRVHOUHODWRGHOD FUHDFLyQGHO*pQHVLVµGHVGLYLQL]y¶ODQDWXUDOH]D(OXQLYHUVRQRWLHQHUHJLRQHVRVHUHVGLYLQRVTXH WHQJDQTXHVHUWHPLGRVRDSODFDGRV/DLQWHQVDIHPRQRWHtVWDGH,VUDHOGHVPLWLILFyFRPSOHWDPHQWH HOPXQGRQDWXUDODEULHQGRSDVRDXQDFLHQFLDTXHSXHGHH[DPLQDU\HVWXGLDUWRGRVORVULQFRQHVGHO XQLYHUVRVLQPLHGRQLGHLQWUXVLyQQLGHUHWULEXFLyQ´ (OSUREOHPDGHORVRUtJHQHVXQDSUHRFXSDFLyQFRQVWDQWHGHVGHODVSULPHUDV FLYLOL]DFLRQHV 7RGDVODVFXOWXUDVVHKDQSUHRFXSDGRSRUHOSUREOHPDGHORVRUtJHQHV3HURHVWRJHQHUDO PHQWHQRKDVLGRIUXWRVLPSOHPHQWHGHODFXULRVLGDGSRUHOSDVDGR(OSDVDGRHOSUHVHQWH\HOIXWXUR HVWiQVLHPSUHtQWLPDPHQWHOLJDGRVHQFXDOTXLHUFRVPRYLVLyQKXPDQD3RUHVRORVPLWRVGHORVRUt JHQHVLQIOX\HQHQODYLVLyQTXHGHOPRPHQWRSUHVHQWHWLHQHXQDGHWHUPLQDGDVRFLHGDGDVtFRPRHQ VXVHVSHUDQ]DV\PLHGRVGHFDUDDOIXWXUR ´>@$FWXDOO\*HQHVLVSUHSDUHGWKHZD\IRURXUDJHE\LWVRZQSURJUDPRIGHP\WKRORJL]LQJ%\SXUJLQJWKHFRVPLF RUGHURIDOOJRGVDQGJRGGHVVHVWKH*HQHVLVFUHDWLRQDFFRXQW¶GHGLYLQL]HG·QDWXUH7KHXQLYHUVHKDVQRGLYLQHUHJLRQVRU EHLQJVZKRQHHGWREHIHDUHGRUSODFDWHG,VUDHO·VLQWHQVHO\PRQRWKHLVWLFIDLWKWKRURXJKO\GHP\WKRORJL]HGWKHQDWXUDO ZRUOGPDNLQJZD\IRUDVFLHQFHWKDWFDQSUREHDQGVWXG\HYHU\SDUWRIWKHXQLYHUVHZLWKRXWIHDULQJHLWKHUWUHVSDVVRUUHWUL EXWLRQµ&KDUOHV(+XPPHO7KH*DOLOHR&RQQHFWLRQUHVROYLQJFRQIOLFWVEHWZHHQVFLHQFHWKH%LEOH,93'RZQHUV*URYH ,OOLQRLV86$S )LJ )LJ )LJ )LJ0DUGXN\7LDPDW 9LDMHPRVSXHVDODFXQDGHODFLYLOL]DFLyQD,UDN&HUUHPRVORVRMRVLPDJLQDRVYLYLHQGRHQ %DELORQLDKDFHDxRVDODVRULOODVGHOUtR7LJULVHQODFDSLWDOGHOLPSHULRPiVJUDQGHTXHKDEtD H[LVWLGRKDVWDDTXHOPRPHQWR(VDxRQXHYR\YDLVDOWHPSORGHOJUDQGLRV0DUGXNMXQWRDODLQPHQVD SLUiPLGHHVFDORQDGD),*85$6RQGRFHGtDVGHFHOHEUDFLRQHVHQODVTXHVHFRQPHPRUDHORUL JHQGHOPXQGR),*85$,PDJLQDGTXHTXHUpLVVDEHUODVUHVSXHVWDVDODVJUDQGHVSUHJXQWDVGH ODYLGD¢GHGyQGHYLHQHHOXQLYHUVR"¢&yPRKDOOHJDGRDVHUORTXHYHPRVDKRUD"¢'HGyQGH YHQJR"¢3RUTXpHVWR\DTXt"¢$GyQGHYR\"$OOtRLUpLVODVUHVSXHVWDVGHORVVDELRVGHODpSRFD 8QRGHHOORVVDFDXQDVWDEOLOODVGHDUFLOODFXELHUWDVGHHVFULWXUD),*85$\HPSLH]DDUHODWDUOD IRUPLGDEOHEDWDOODFRQODTXHGLRFRPLHQ]RQXHVWURXQLYHUVR(QODVLPiJHQHVSRGHPRVYHUDORV FRQWHQGLHQWHV),*85$DODL]TXLHUGD7LDPDWODYLHMDGLRVDPDGUHDFXiWLFDHQIUHQWDGDDXQOH MDQRGHVFHQGLHQWHVX\R0DUGXNDODGHUHFKDXQMRYHQ\VDELRGLRVGLVSXHVWRDDFDEDUFRQOD WLUDQtDPDWULDUFDO (OVDFHUGRWHOHH ³$ORtU7LDPDWHVWDVSDODEUDV VHSXVRIXHUDGHVt\SHUGLyVXUD]yQ /DQ]yXQJULWRHQHOSDUR[LVPRGHVXIXURU GHDEDMRDUULEDSRUWRGRVODGRVVXVH[WUHPLGDGHVVHDJLWDURQ PXUPXUyHQWRQFHVVXVHQFDQWDPLHQWRV\QRFHVyGHODQ]DUVXVFRQMXURV 0LHQWUDVWDQWRVXVGLRVHVSUHSDUDGRVSDUDODEDWDOODDILODEDQVXVDUPDV \KDELpQGRVHDFHUFDGR7LDPDW\0DUGXNHOPiV6DELRGHORVGLRVHV VHODQ]DURQDOFRPEDWH\VHHQ]DU]DURQHQXQFXHUSRDFXHUSR 3HURHO6HxRU>0DUGXN@GHVSOHJDQGRVXUHGODHQYROYLyFRQHOOD OXHJRVROWyFRQWUDHOODHO9LHQWRPDORTXHOHVHJXtDGHWUiV <FXDQGR7LDPDWDEULyVXERFDSDUDHQJXOOLUOR pOKL]RSHQHWUDUHQHOODHO9LHQWRPDORSDUDLPSHGLUOHFHUUDUVXVODELRV (QWRQFHVWRGRVORV9LHQWRVIXULRVDPHQWHOOHQDURQVXYLHQWUH \VXFXHUSRTXHGyKLQFKDGR\VXERFDGHVPHVXUDGDPHQWHDELHUWD eOGLVSDUyVXIOHFKD\OHDWUDYHVyVXYLHQWUH FRUWyVXFXHUSRSRUODPLWDG\OHDEULyHOYLHQWUH $VtWULXQIyGHHOODDFDEDQGRFRQVXYLGD 'HVSXpVHFKyDEDMRVXFDGiYHU\VHSXVRGHSLHVREUHpO >@(O6HxRU>0DUGXN@SXVRVXVSLHVVREUHODSDUWHLQIHULRUGH7LDPDW \FRQVXGHVSLDGDGDPD]DDSODVWyVXFUiQHR 'HVSXpVFRUWyORVFRQGXFWRVGHVXVDQJUH TXHKL]RTXHIXHUDQOOHYDGRVDOXJDUHVVHFUHWRVSRUHO9LHQWRGHO1RUWH $OYHUHVWRVXVSDGUHVVHDOHJUDURQJR]RVRV \HOORVPLVPRVOHOOHYDURQUHJDORV\SUHVHQWHV &RQODFDEH]DUHSRVDGDHO6HxRU>0DUGXN@FRQWHPSODEDHOFDGiYHUGH7LDPDW 'LYLGLyOXHJRODFDUQHPRQVWUXRVDSDUDIDEULFDUPDUDYLOODV ODSDUWLyHQGRVSDUWHVFRPRVLIXHUDSHVFDGRGHVWLQDGRDOVHFDGHUR \GLVSXVRGHXQDPLWDGTXHODDERYHGyDPDQHUDGHFLHOR (FKyHOFHUURMR\SXVRXQRVJXDUGLDQHV PDQGiQGROHVTXHQRSHUPLWLHUDQVDOLUVXVDJXDV´2a ³eOSUHSDUyVXVPRUDGDVSDUDORVJUDQGHVGLRVHV \GLVSXVRHQFRQVWHODFLRQHVODVHVWUHOODVTXHVRQVXVLPiJHQHV 'HWHUPLQyHODxRGHOLPLWDQGRVXVVHFFLRQHV HVWDEOHFLyWUHVHVWUHOODVSDUDFDGDXQRGHORVGRFHPHVHV >@HQHOKtJDGRGH7LDPDWFRORFyODVUHJLRQHVVXSHULRUHVGHOFLHOR >@&XDQGROHKXERDV>LJQDGRHOGtDD6KDPDVK@ >\FRQILDGRD@ODJXDUGDGHODQRFKH\GHOGtD >0DUGXNUHXQLy@ODEDEDGH7LDP>DW@ \0DUGXNFUHy>ODQLHEODTXHDVLJQyD$GDG@ +DELpQGRODFRQGHQVDGRHQ>QXEHV@ODKL]RIORWDUHQHOILUPDPHQWR (OVXUJLUGHOYLHQWROD>FDtGD@GHODJXDFHUR HOYDKRGHODQLHEODHODPRQWRQDPLHQWRGHODHVSXPDGH7LDPDW KHDTXtORTXHOHDVLJQyHQSHUVRQD\TXHOHKL]RWRPDUDVXFDUJR <KDELHQGRGLVSXHVWRVXFDEH]DDPRQWRQyVREUHHOODXQD0RQWDxD HQGRQGHDEULyXQDIXHQWHHQODFXDOWHPEOyXQDROD KL]RIOXLUGHVXVRMRVHOeXIUDWHV\HO7LJULV \WDSyVXVQDULFHVTXHUHVHUYy>SDUDODVFUHFLGDV@ VREUHVXVSHFKRVDPRQWRQyODVOHMDQDVPRQ>WDxDV@ \GHQWURGHHOODVKL]RQDFHUPDQDQWLDOHVSDUDTXHVHGHVOL]DUDQHQFDVFDGD 5HWRUFLyVXFROD\ODDQXGy>DO@*UDQ&DEOH SRUGHEDMRGHOFXDO>@HODSVX >'LVSXVRODJUX@SDSDUDVRVWHQHUHOFLHOR \>FRQODRWUDPLWDG@WHFKy\ILMyODWLHUUD >5HPDWDGDDVtVX@REUDpOODHTXLOLEUyHQHOLQWHULRUGH7LDPDW >GHVSXpVGHVSOH@JDQGRVXUHGODGHVHQYROYLySRUWRGDVSDUWHV IRUPDQGRDVtXQD>HQYROWXUD@SDUDHOFLHOR\ODWLHUUD \DVHJXUDQGR>SHUIHFWDPHQWH@VXFRKHVLyQ HQVHJXLGDGHWHUPLQyODVUHJODVGHVXEXHQDPDUFKD\DJHQFLyORVHVWDWXWRVGHIXQFLRQDPLHQWR HVWDEOHFLyORVSRGHUHVGHOHJDGRVGHORVGLRVHV\FRQHOORVLQYLVWLyD(D´ (O*pQHVLV\ORVGHEDWHVFRQWHPSRUiQHRVVREUHFLHQFLD\IH (QORVGHEDWHVVREUHFLHQFLD\IH\HVSHFtILFDPHQWHHQUHODFLyQFRQORVRUtJHQHVHYROX FLRQLVPRFUHDFLRQLVPR),*85$VHVXHOHVDFDUOD%LEOLDGHOFRQWH[WRHQHOTXHIXHUHGDFWDGD 2a Enuma Elish IV:87-104, 129-140. Traducción de Federico Lara Peinado. Editorial Trotta, Madrid (España), 1994. (QXPD(OLVK9 /DWHRUtDGHO%LJ%DQJ 'HEHV(VWDU%URPHDQGR )LJ )LJ )LJ (QQXHVWURVGtDVDVLVWLPRVHQSDUWLFXODUHQORV((88),*85$DXQTXHORVHFRVOOHJDQ WDPELpQD(XURSDLQFOXLGD(VSDxDDXQUHEURWHGHORVDWDTXHVFRQWUDODHQVHxDQ]DGHODHYROXFLyQ ELROyJLFDSRUSDUWHGHOFUHDFLRQLVPRHQSDUWLFXODUHQODIRUPDGHORTXHOODPDQGLVHxRLQWHOLJHQWH (QHOIRQGRHVWRQRSURGXFHPiVTXHXQHQFRQDPLHQWRHQODVSRVLFLRQHV),*85$SXHVPXFKRV FLHQWtILFRVVLHQWHQTXHVRQODSURSLDFLHQFLD\ORVFLHQWtILFRVORTXHVHDWDFD6LDOJ~QFLHQWtILFRSUR IHVLRQDOTXLHUHFULWLFDUHOHYROXFLRQLVPRKR\HQGtDORWLHQHPX\GLItFLOSXHVVXVFROHJDVVRVSHFKDUiQ ³FUHDFLRQLVPR´GHVGHHOSULPHUPRPHQWR3HURHOFUHDFLRQLVPRKDWHQLGRWRGDYtDRWURHIHFWRPiV SHUYHUVRTXHDWHRVPLOLWDQWHVFRPR5LFKDUG'DZNLQVXWLOLFHQODHYROXFLyQFRPREDVHGHXQD ILORVRItD³HYROXFLRQLVWD´DQWLUHOLJLRVDTXHSUHWHQGHWLUDUGHODVEDUEDVDOGLRVEtEOLFRFRQFHELGRFRPR XQYHMHWHERQDFKyQGHKLVWRULHWDVHQWDGRHQXQDQXEHTXHVDFDD(YDGHODFRVWLOODGH$GiQPLHQ WUDVTXHpVWHURQFDGHEDMRGHXQiUERO (QORVWLHPSRVEtEOLFRVHOGHEDWHGHORVRUtJHQHVQRHUDDGLIHUHQFLDGHKR\XQSUREOHPD FLHQWtILFRVLQRUHOLJLRVRHQHOTXHOD%LEOLDWRPDSDUWH/D%LEOLDQRHVXQPRQyORJRXQPHQVDMHODQ ]DGRSRU'LRVKDFLDHOYDFtRRKDFLDXQVHUKXPDQRSXUDPHQWHSDVLYRVLQWHQHUHQFXHQWDQLQJ~Q FRQWH[WR7RGRORFRQWUDULROD%LEOLDHVXQOLEURGLQiPLFRHQFRQWUDVWHFRQWLQXRFRQHOPXQGRKX PDQR3HUR¢KDFLDTXLpQHVRFRQWUDTXLHQHVVHGLULJH"(OSDVRGHORVPLOHQLRVKDGHMDGRHOFRQWH[WR EtEOLFRHQHOROYLGR6DEHPRVTXHORVSURIHWDVGHOD%LEOLDDWDFDEDQORVVDFULILFLRVGHQLxRVD%DDO \TXHHODSyVWRO3DEORGHQXQFLDEDQXPHURVRVFXOWRVUHOLJLRVRVSDJDQRV3HUR¢HQTXpFRQVLVWtDQ HVDVUHOLJLRQHV"¢4XpVDEHPRVQRVRWURVKR\VREUHWRGRHVR")UHQWHDORVTXHEXVFDQODFRPSUHQ VLyQGHO*pQHVLVHQODFLHQFLD\RSLHQVRTXHGHEHEXVFDUVHHQODWHRORJtD\HQODKLVWRULD5DURWDO YH]VREUHWRGRSURYLQLHQGRGHXQFLHQWtILFR 3HURGHORTXHVHGLVFXWtDFXDQGRVHKDEODEDGHRUtJHQHVKDFHWUHVPLODxRVQRHUDGHORV GHWDOOHVFLHQWtILFRVTXHGRPLQDQDKRUDHOGHEDWHHQUHODFLyQFRQHO*pQHVLV\ORVRUtJHQHV(OSURE OHPDYHUGDGHURHQODpSRFDGHOD%LEOLDHUDHOSDSHOGHORVGLRVHVHQODFUHDFLyQ¢4XpGLRVKDEtD FUHDGRHOPXQGR"¢&yPRKDEtDQUHDFFLRQDGRORVGHPiVGLRVHV\FXiOKDEtDVLGRVXSDUWLFLSDFLyQ HQHVDDFFLyQ"¢'HGyQGHKDEtDVDFDGRHOFUHDGRUHOSRGHUSDUDVHPHMDQWHKD]DxD"¢4XpFRQWURO HMHUFtDHVHGLRVVREUHORFUHDGR"/RVPLWRVGHORVRUtJHQHVFRPRHOTXHDFDEDPRVGHOHHUQRHUDQ EURPDVHUDQORTXHVHFUHtD\PX\VHULDPHQWHHQHOPXQGRTXHURGHDEDD,VUDHOHQODpSRFDGHO $QWLJXR7HVWDPHQWR<IUHQWHDHVWROD%LEOLDWHQtDTXHGHFLUDOJR (QOXJDUGHLQWHQWDUFRQFLOLDUDPDUWLOOD]RVFLHQFLD\%LEOLDRHQIUHQWDUODVLQQHFHVDULDPHQWH VLWHQHPRVHVWDVSUHJXQWDVHQPHQWHYHPRVTXHHOWH[WREtEOLFRDGTXLHUHPXFKRPiVVHQWLGR(O *pQHVLVTXHPDODPHQWHUHVSRQGHDQXHVWUDVFDGDYH]PiVVRILVWLFDGDVSUHJXQWDVFLHQWtILFDVHV DVtPLUDQGRDVXFRQWH[WRPXFKRPiVLQWHOLJLEOH1RUHVSRQGHDQXHVWUDVSUHJXQWDVSHURUHVSRQGH PDJQtILFD\DMXVWDGDPHQWHDWRGDV\FDGDXQDGHODVDQWLJXDVSUHJXQWDVGHVXpSRFDTXHFXULRVD PHQWHFRPRYHUHPRVWDPELpQQRVFRQFLHUQHQDTXt\DKRUDDWRGRVQRVRWURV (O*pQHVLVFRPRWH[WRDQWLPtWLFRODVHSDUDFLyQFUHDGRUFUHDFLyQFRQOOHYDXQ 'LRV&UHDGRUGHWRGRORH[LVWHQWHIUHQWHDODQDWXUDOH]DGLYLQL]DGDGHORVDQWLJXRV 7RGDOD%LEOLDXWLOL]DODLGHDGHFUHDFLyQSDUDH[DOWDUD'LRV6LHO'LRVGHOD%LEOLDHVDOJR HV'LRV&UHDGRU<VLOD%LEOLDDWDFDSRUDOJRDORVGLRVHVSDJDQRVDORVtGRORVHVSRUTXHQLH[LVWHQ QLKDQKHFKRQDGD3HURORIXQGDPHQWDOQRHVTXHHOPXQGRKD\DVLGRFUHDGRSRU'LRVQLVLTXLHUD TXHH[LVWD'LRVVLQRODVHSDUDFLyQHQWUH'LRV\VXFUHDFLyQTXHHVORTXHQLHJDHOFDUiFWHUGLYLQR DOXQLYHUVR(OFRQWH[WRGHO*pQHVLVHVSXHVHOGHORVPLWRVGHORVRUtJHQHV)UHQHDHOORVHO*p QHVLVVHOHYDQWDFRPRXQDXWpQWLFRDQWLPLWR),*85$ 3RUHVROODPDQSRGHURVDPHQWHODDWHQFLyQORVSURIHWDVGHOD%LEOLDDTXHOORVSHUVRQDMHV JHQHUDOPHQWHVROLWDULRVGRWDGRVGHWDQWDIXHU]DHVSLULWXDOHLQWHOHFWXDOTXHIXHURQFDSDFHVGHGH VDILDUDORVSRGHURVRVGLRVHV\VDFHUGRWHVTXHKDELWDEDQHQ7LUR%DELORQLD8U.DUQDN/X[RUHWF )LJ )LJ$Vt´HUDµ/D7LHUUD )LJ0DUGXN )LJ6LQ &XDQGRYHPRVORLPSRQHQWHGHODVUXLQDVTXHD~QKR\YDULRVPLOHQLRVGHVSXpVVXEVLVWHQ HQHVWRVOXJDUHVPiVDSUHFLDPRVODIRUWDOH]DGHORVTXHGHVSUHFLDURQWRGRDTXHOORSDUDVHJXLUD XQ'LRVTXHQRKDELWDHQWHPSORVKHFKRVGHPDQRVKXPDQDV ¢&yPRGHVPLWLILFDOD%LEOLDDWUDYpVGHORVUHODWRVGHODFUHDFLyQGHO*pQHVLV"6L'LRVHVHO &UHDGRUHOWLSRGH&UHDGRUTXHOD%LEOLDSURSRQHORVtGRORVQRKDQFUHDGRQDGD(QDTXHOPXQGR DILUPDUDO'LRVEtEOLFRHUDQHJDUDO%DDOIHQLFLRGHVSUHFLDUDO0DUGXNEDELOyQLFRRLJQRUDUDO$PyQ 5DHJLSFLR<HVRQRVHFRQVLJXHVRODPHQWHQRPHQFLRQiQGRORVVLQRGHQXQFLiQGRORVGLUHFWDPHQWH \PiVD~QFUHDQGRDELHUWDPHQWHXQVLVWHPDDOWHUQDWLYRSURSLR3HURSDUDHOOROD%LEOLDGHELyHQ IUHQWDUVHDXQDHODERUDGDFXOWXUDTXHVHEDVDEDHQXQRVFRPSOHMRVFLFORVPtWLFRV/RVUHODWRVGH ORVRUtJHQHVQRHUDQPHURVDGRUQRVHQHVRVHVTXHPDVUHOLJLRVRVVLQRWH[WRVFODYH(QHOORVVH WUD]DEDHORULJHQJHQHDOyJLFRGHORVGLRVHVWHRJRQtDVHUHODWDEDODIRUPDFLyQGHOPXQGRFRV PRJRQtD\ILQDOPHQWHVHGHVFULEtDODHVWUXFWXUD\VLWXDFLyQDFWXDOWDQWRGHOPXQGRPDWHULDOFRPR GHOGLYLQRFRVPRORJtD(QDTXHOORVWH[WRVDSDUHFtDQLQWHJUDGRVJUDQSDUWHGHORVFRQRFLPLHQWRV ³FLHQWtILFRUHOLJLRVRV´GHODpSRFD),*85$(OHVTXHPDGHOPXQGRSODQRFRQXQWHFKRF~SXOD URGHDGRGHXQRFpDQRDSDUHFtDMXQWRDPLQXFLRVDVJHQHDORJtDVGLYLQDVRDODVLWXDFLyQJHRSROtWLFD GHODpSRFD ¢4XpLEDQDKDFHUORVSURIHWDVKHEUHRVDQWHHVDVLWXDFLyQ"$EUDKDP0RLVpVHOSXHEORKH EUHRHQWHURKDEtDQVDOLGRGHOSDJDQLVPRGHHVHSDJDQLVPRTXHORVHVWXYRVLHPSUHURGHDQGR< IUHQWHDHVR¢TXp"/RVUHODWRVGHO*pQHVLVVREUHORVRUtJHQHV\PX\HQHVSHFLDOHO*pQ\VRQ ODUHVSXHVWD1RVRQPLWRVQRVRQEHOODVIDQWDVtDVQRVRQPHURVFiQWLFRVHVSLULWXDOHVWDPSRFRVRQ GHVFULSFLRQHVFLHQWtILFDVTXHHQWUHYpQVHFUHWDPHQWHODFLHQFLDGHQXHVWURVLJOR;;,6RQWH[WRV SROpPLFRV6RQFRPRJUDQSDUWHGHOD%LEOLDXQDWDTXHXQDGHQXQFLDXQFODPRUFRQWUDORVtGRORV 6HSXHGHQHQFRQWUDUWUDGXFFLRQHVGHORVSULQFLSDOHVWH[WRVVREUHORVRUtJHQHVGHORVSXHEORVTXHURGHDEDQD,VUDHOHQ 0-6HX[\RWURV/DFUHDFLyQGHOPXQGR\GHOKRPEUHHQORVWH[WRVGHO3Uy[LPR2ULHQWH$QWLJXR(GLWRULDO9HUER'LYLQR(V WHOOD1DYDUUD(VSDxD )LJ )LJ/DVOXPEUHDVGHODQRFKH\HOGtD )LJ )LJ )LJ%DDO )LJ /DSULPHUDSiJLQDGHOD%LEOLDHOLPLQDODEDWDOODGHORVRUtJHQHVHQWUHODWHUULEOH7LDPDWHO DELVPRSULPLJHQLRTXHKDEtDVLGRYHQFLGRSRUHOKiELO0DUGXN\FRQFX\RFXHUSRGLYLGLGRHQGRV KDEtDKHFKRHOFLHOR\ODWLHUUDTXHDVtVLHPSUHFRQVHUYDUtDQDOJRGLYLQR),*85$ 'LRVGRPLQDODPDWHULDFRQVXSDODEUDHQ*pQ \QRKD\DOOtQDGLHSDUDRSRQHUUHVLVWHQFLD ³'LMR'LRV<IXHDVt´*pQ6tHO*pQHVLVHVXQDGHQXQFLDFRQWUDORVSRGHURVRVGLRVHVOXQDUHV PHVRSRWiPLFRVFRPR6LQDGRUDGRHQODSDWULDGH$EUDKDP),*85$<FRQWUDHOSRGHURVR 6RO5DGH(JLSWR),*85$/HHPRVHQJpQHVLV),*85$³GLMR'LRVµ+D\DOXPEUHUDVHQ ODEyYHGDGHOFLHORSDUDGLVWLQJXLUHOGtDGHODQRFKH(KL]R'LRVODVGRVJUDQGHVOXPEUHUDVODOXP EUHUDPD\RUSDUDGRPLQDUHQHOGtD\ODOXPEUHUDPHQRUSDUDGRPLQDUHQODQRFKH´*pQ £<QRVKDEtDQGLFKRTXHHOIDUDyQHVHOKLMRGH5D¢'HTXp"¢'HXQDOiPSDUDTXHQLVLTXLHUD PHUHFH XQ QRPEUH SURSLR" (O *pQHVLV LJQRUD GHOLEHUDGDPHQWH D ODV SRGHURVDV HVWUHOODV TXH DIDQRVDPHQWHREVHUYDQORVDVWUyORJRVEDELORQLRVSDUDHQWUHYHUHOGHVWLQRKXPDQR),*85$(O *pQHVLVODVGHMDFDVLROYLGDGDV\FRPRFRQXQSHOtQGHLURQtDODVUHFRJHDOILQDO³+L]RWDPELpQODV HVWUHOODV´*pQ<WDPSRFRVHOLEUDQGHODGHVPLWLILFDFLyQORVDWHUUDGRUHVPRQVWUXRVPDULQRV FRPRHO/HYLDWiQTXHDWHPRUL]DEDQDORVKDELWDQWHVGHODFRVWDPHGLWHUUiQHD),*85$(QHO *pQHVLVVRQVLPSOHVFULDWXUDVFUHDGDVSRU'LRV³<FUHy'LRVORVJUDQGHVDQLPDOHVDFXiWLFRV´*pQ 6XFODVLILFDFLyQVLVWHPiWLFDHQHOFRQWH[WRGHO*pQHVLVOHVUHVWDJUDQGH]DVHUHVDFXiWLFRV GHVWLQDGRVDRFXSDUODVDJXDV\FUHDGRVHOTXLQWRGtD1LPiVQLPHQRV/DGHQXQFLDDOFDQ]DWDP ELpQDTXtD%DDO),*85$\DWRGRVORVGLRVHVGHODIHUWLOLGDGWDQDGRUDGRVHQ)HQLFLDH,VUDHO /DIHUWLOLGDGYHJHWDODQLPDO\KXPDQDWDQFDUDGHREWHQHUDOSUHFLRGHVDFULILFLRV\SURVWL WXFLyQVDJUDGDHVDTXtUHJDODGDJUDWLVDWRGRVORVVHUHVYLYRVSRUHO&UHDGRU³6HGIHFXQGRV\PXO WLSOLFDRV´*pQ &RQVHFXHQFLDVSUiFWLFDVGHODQWLPLWREtEOLFR (QORVWLHPSRVEtEOLFRV 8QPHQVDMHWDQUHYROXFLRQDULRFRPRHOTXHKHPRVH[SXHVWRQRSRGtDSDVDUGHVDSHUFLELGR /RVSURSLRVSURIHWDVLQGLFDURQDOJXQDVGHODVSULQFLSDOHVFRQVHFXHQFLDV 'HVDFUDOL]DFLyQGHODQDWXUDOH]DORVGLRVHVVRQHOLPLQDGRV\DHQHOSULPHUYHUVtFXOR³(Q HOSULQFLSLR'LRV´*pQ<DOWHUPLQDUHVHEUHYHFDStWXORSULPHURGH*pQHVLVHOVHUKX PDQR*pQHVWiVRORGHODQWHGH'LRV),*85$6tSRUTXHWRGRVORVHO HPHQWRVFRQVWLWX\HQWHVGHOXQLYHUVRHODELVPRDFXRVRODOX]ODWLHUUDHOPDUHOILUPDPHQWRORV DVWURV\ORVVHUHVYLYRVWRGRVKDQVLGRGHVSRMDGRVGHFXDOTXLHUYHVWLJLRGLYLQR /DVFLWDVEtEOLFDVHVWiQWRPDGDVGHODWUDGXFFLyQ5HLQD9DOHUD$FWXDOL]DGD(GLWRULDO0XQGR+LVSDQR(O3DVR7H[DV ((88 (VSRUHOORTXHOD%LEOLDFRQGHQDODDGRUDFLyQGHODQDWXUDOH]D\VHPXHVWUDFRQWUDULDDOD PDJLD\DODDVWURORJtDPLOHQLRVDQWHVGHTXHODFLHQFLDPRGHUQDFULWLFDUDHVWDVDFWLYLGDGHV1LOD QDWXUDOH]DHVGHFDUiFWHUGLYLQRQLWDPSRFRHVSUHVDGHORVFDSULFKRVGHHQWLGDGHVGLYLQDVVXSHU SXHVWDV(QHO(QXPD(OLVKWUDVODYLFWRULDGH0DUGXNpVWHUHSDUWHDORVGLRVHVYHQFHGRUHVSRUHO XQLYHUVR ³0DUGXNHOUH\UHSDUWLyDORVGLRVHV DWRGRVORV$QXQQDNXHQORDOWR\HQOREDMR /RVDVLJQyD$QXSDUDTXHJXDUGDUDQVXVLQVWUXFFLRQHV \HVWDEOHFLyFRPRJXDUGLDQHVDWUHVFLHQWRVHQHOFLHOR \RWURVWDQWRVSDUDUHJXODUHOIXQFLRQDPLHQWRGHODWLHUUD (QWUHFLHOR\WLHUUDHVWDEOHFLySXHVVHLVFLHQWRV´ (QHO*pQHVLVHVRVGLRVHVKDQVLGRH[SXOVDGRVGHODQDWXUDOH]D(VPiVSDUDORVSUR IHWDVODFUHHQFLDHQHVDVGLYLQLGDGHVUHVXOWDWDQLQH[SOLFDEOHTXH³GHVDUUROODQ´PiVGHGRVPLOHQLRV DQWHVTXH0DU[ODLGHDGH³DOLHQDFLyQ´SDUDSRGHUFRPSUHQGHUOR&RPRUHFRQRFLyXQSURSLRDXWRU PDU[LVWD(ULFK)URPPORVSURIHWDVEtEOLFRVIXHURQSLRQHURVHQFRQVLGHUDUDORVGLRVHVFRPRXQSUR GXFWRKXPDQRFHQWUDQGRVXVFUtWLFDVHQHOSURFHVRGHFRQVWUXFFLyQGHVXVHVWDWXDVFRPRHQ,V &RQHOUHODWRGHO*pQHVLVHQODPDQRODLGRODWUtDFDUHFHGHVHQWLGR1RKD\VLWLRSDUDQLQJ~Q DxDGLGRGLYLQRVDJUDGRHWF7RGRVORVGLRVHVGLRVHFLOORV\VHPLGLRVHVTXHDWHUUDEDQDOPXQGRDQ WLJXRKDQVLGRHFKDGRVDSDWDGDVGHOXQLYHUVR/D%LEOLDSXHVUHFRQRFHXQDGLIHUHQFLDWDMDQWHHQWUH HO&UHDGRU\VXFUHDFLyQTXHWHQGUiJUDQGHVFRQVHFXHQFLDVHQHOIXWXURHQHVSHFLDOSDUDODFLHQ FLD /DHVWDELOLGDGGHODQDWXUDOH]D\VXVOH\HV/RVSURIHWDVEtEOLFRVYLYLHURQVLJORVDQWHVGH TXHHOFRPSRUWDPLHQWRGHODQDWXUDOH]DSXGLHUDVHUH[SOLFDGRGHDFXHUGRDOH\HVPDWHPiWLFDVSUH FLVDV6LQHPEDUJR\HVWRUHVXOWDWRGDYtDPXFKRPiVLQWHUHVDQWHVRVWXYLHURQWHQD]PHQWHODH[LV WHQFLDGHXQRUGHQFX\DLQPXWDELOLGDGVHEDVDEDHQODSURSLDLQPXWDELOLGDGGHO&UHDGRU$SHVDU GHODFXLGDGRVDREUDGHFUHDFLyQGH0DUGXNDOTXHVHDWULEXtDHOHVWDEOHFLPLHQWRGHXQDVXHUWHGH OH\HV QDWXUDOHV ³GHWHUPLQy ODV UHJODV GH VX EXHQD PDUFKD \ DJHQFLy ORV HVWDWXWRV GH IXQ FLRQDPLHQWR´GLFHHO(QXPD(OLVKODYHUGDGHVTXHORVDQWLJXRVEDELORQLRVQRFUHtDQTXHDTXHO XQLYHUVRGLYLQRSXGLHUDVHUPX\HVWDEOH3RUHVRUHSHWtDQFRPSOHMRVULWXDOHVGXUDQWHODFHOHEUDFLyQ GHODxRQXHYRDOJRIUHFXHQWHHQPXFKDVGHODVFXOWXUDVDQWLJXDVSDUDDVHJXUDUHOIXQFLRQDPLHQWR GHOXQLYHUVR\HYLWDUSRUXQDxRPiVTXHHOFRVPRVYROYLHUDDVHUSUHVDGHOFDRVSULPLJHQLRFRPR VHLQGLFDEDKDFLDHOILQDOGHOSURSLRWH[WRGHO(QXPD(OLVK (QXPD(OLVK9, (ULFK)URPP$OLQHDFLyQ\&DSLWDOLVPR(Q/DVROHGDGGHOKRPEUHYDULRVDXWRUHV0RQWHÉYLOD(GLWRUHV&DUDFDV 9HQH]XHODVIS (QXPD(OLVK9 6REUHODFHUHPRQLDGHO$xR1XHYREDELOyQLFRHODNLWXHOKLVWRULDGRUGHODVUHOLJLRQHV0LUFHD(OLDGHQRVFRPHQWD ´>@6XLGHRORJtD\VXHVWUXFWXUDULWXDOH[LVWtDQ\DHQODpSRFDVXPHULD\VHKDSRGLGRLGHQWLILFDUHOVLVWHPDGHODNLWXGHVGH ODpSRFDDFDGLD>@VHWUDWDGHGRFXPHQWRVGHODPiVDQWLJXDFLYLOL]DFLyQ©KLVWyULFDªHQODFXDOHOVREHUDQRGHVHP SHxDEDXQSDSHOFRQVLGHUDEOHSXHVWRTXHVHOHFRQVLGHUDEDKLMR\YLFDULRGHODGLYLQLGDGHQODWLHUUDFRPRWDOHUDUH VSRQVDEOHGHODUHJXODULGDGGHORVULWPRVGHODQDWXUDOH]D\GHOEXHQHVWDGRGHODVRFLHGDGHQWHUD>@DpOOHLQFXPEtDOD PLVLyQGHUHJHQHUDUHOWLHPSR(QHOFXUVRGHODFHUHPRQLDDNLWXTXHGXUDEDGRFHGtDVVHUHFLWDEDVROHPQHPHQWH\ YDULDVYHFHVHOSRHPDOODPDGRGHODFUHDFLyQ(QXPDHOLVKHQHOWHPSORGH0DUGXN$VtVHUHDFWXDOL]DEDHOFRPEDWH HQWUH0DUGXN\HOPRQVWUXRPDULQR7LDPDWFRPEDWHTXHVHGHVDUUROOyLQLOORWHPSRUH\TXHSXVRILQDOFDRVSRUODYLFWRULD ILQDOGHOGLRV/RPLVPRHQWUHORVKLWLWDVGRQGHHOFRPEDWHHMHPSODUHQWUHHOGLRVGHOKXUDFiQ7HVKXS\ODVHUSLHQWH,O OX\DQNDVKHUDUHFLWDGR\UHDFWXDOL]DGRGHQWURGHOPDUFRGHODILHVWDGH$xR1XHYR>@(OFRPEDWHHQWUH7LDPDW\0DU GXNHUDLPLWDGRHQXQDOXFKDHQWUHGRVJUXSRVGHILJXUDQWHVFHUHPRQLDOTXHVHHQFXHQWUDHQORVKLWLWDVVLHPSUHHQHO FXDGURGHOHVFHQDULRGUDPiWLFRGHODxR1XHYRHQWUHORVHJLSFLRV\HQ8JDULW/DOXFKDHQWUHGRVJUXSRVGHFRPSDUVDVQR FRQPHPRUDEDVyORHOFRQIOLFWRSULPRUGLDOHQWUH0DUGXN\7LDPDWUHSHWtDDFWXDOL]DEDODFRVPRJRQtDHOSDVDMHGHOFDRV DOFRVPRV(ODFRQWHFLPLHQWRPtWLFRHVWDEDSUHVHQWH©£TXHSXHGDVHJXLUYHQFLHQGRD7LDPDW\DFRUWDUVXVGtDVªH[FODP DEDHORILFLDQWH(OFRPEDWHODYLFWRULD\ODFUHDFLyQRFXUUtDQHQHVHPLVPRLQVWDQWH 7DPELpQGHQWURGHOPDUFRGHOFHUHPRQLDOGHODNLWXFHOHEUiEDVHODILHVWDOODPDGD©ILHVWDGHODV6XHUWHVª]DKPXN HQODTXHVHGHWHUPLQDEDQORVSUHVDJLRVSDUDFDGDXQRGHORVGRFHPHVHVGHODxRORTXHHTXLYDOtDDFUHDUORVGRFH PHVHVSRUYHQLU>@(QILQFHUUiEDVHHOFLFORSRUODKLHURJDPLDGHOGLRVFRQ6DUSDQLWXPKLHURJDPLDUHSURGXFLGDSRUHO UH\\SRUXQDKLHUyGXODHQODKDELWDFLyQGHODGLRVD\DODFXDOFRUUHVSRQGtDFLHUWDPHQWHXQLQWHUYDORGHRUJtDFROHFWLYDµ 0LUFHD(OLDGH(OPLWRGHOHWHUQRUHWRUQR$OLDQ]D(GLWRULDO0DGULG(VSDxD ´&LHUWDPHQWHKDDILUPDGRHO PXQGR\QRVHUiPRYLGRµ /D%LEOLD&UyQLFDV6DOPRV )LJ )LJ )LJ ³(OTXHLQIDWLJDEOHPHQWHFUX]D\YXHOYHDFUX]DUSRUHOLQWHULRUGH7LDPDW>@ £4XHSXHGDWHUUDSOHQDUD7LDPDW\TXHHOVRSORGHpVWDVHGHELOLWH\H[WLQJD 4XHDORODUJRGHODVIXWXUDVJHQHUDFLRQHVFXDQGRORVGtDVKD\DQHQYHMHFLGR (OODKX\DVLQTXHVHODUHWHQJD\GHVDSDUH]FDSDUDVLHPSUH´ )UHQWHDHVWRHO*pQHVLVUHSLWHPDFKDFRQDPHQWHTXH'LRVGHFODUD³EXHQD´DODFUHDFLyQ KDVWDVLHWHYHFHVHOQ~PHURSHUIHFWRHQOD%tEOLD(QRWURVWH[WRVEtEOLFRVVHLQVLVWHHQODHVWDELOLGDG GHOXQLYHUVR),*85$³&LHUWDPHQWHKDDILUPDGRHOPXQGR\QRVHUiPRYLGR´&UR ³7DPELpQDILUPyHOPXQGR\QRVHPRYHUi´6DO³eOIXQGyODWLHUUDVREUHVXVFLPLHQWRVQR VHUiMDPiVUHPRYLGD´6DO³&LHUWDPHQWHKDDILUPDGRHOPXQGR\QRVHUiPRYLGR´6DO (VWDHVODEDVHSDUDODFRQILDQ]DHQODHVWDELOLGDGGHOXQLYHUVRPDWHULDOTXH\DQRHVYtFWLPD GHQLQJ~QFDSULFKRLQFRPSUHQVLEOH(LQFOXVRPiVDOOiHVODEDVHSDUDXQDFRQFHSFLyQOLQHDOGHO WLHPSRHQODTXHQRVRQQHFHVDULRVULWRVFtFOLFRVSDUDPDQWHQHUODFRQWLQXLGDGGHOXQLYHUVRTXH DEUHODKLVWRULDKDFLDHOIXWXUR\ODHVSHUDQ]D 'LJQLILFDFLyQGHOVHUKXPDQRWRGRVHVWRVORJURVVHFXOPLQDQFRQORTXHUHVXOWDPiVTXH VRUSUHQGHQWHXQDYLVLyQUDGLFDOPHQWHGLIHUHQWHGHOVHUKXPDQRDODTXHDSDUHFHHQORVPLWRV(Q HO*pQHVLVXQDYH]TXHORVGLRVHVKDQVLGROLTXLGDGRVDKtTXHGDQHOKRPEUH\ODPXMHUKHFKRVOL EUHVSRU'LRV\HQFDUJDGRVGHGLVIUXWDU\FXLGDUODFUHDFLyQGH'LRV¢4XHUpLVYHUHOFRQWUDVWHFRQ ODPLWRORJtDPHVRSRWiPLFD" /DGLIHUHQFLDIXQGDPHQWDOSURYLHQHGHODFDXVDTXHVHLQYRFDHQDPERVWH[WRVSDUDOD FUHDFLyQGHOVHUKXPDQR(QHO(QXPDHOLVKORVKXPDQRVVRQFUHDGRVSRU0DUGXNSDUDGHVFDUJDU DORVGLRVHVGHVXVWUDEDMRV3HRUD~QDOLJXDOTXHHOXQLYHUVRIXHFRQVWUXLGRFRQORVGHVSRMRVGH XQVHUGLYLQR7LDPDWORVVHUHVKXPDQRVIXHURQIRUPDGRVFRQORVGHVSRMRVGHRWUDGLYLQLGDGPDO YDGD.LQJXSULQFLSDOD\XGDQWHGH7LDPDW(OUHODWRHVHOVLJXLHQWH ³&XDQGR>0DUGXN@R\yODVSDODEUDVGHORVGLRVHV VXFRUD]yQOHHPSXMyDFUHDUPDUDYLOODV \>DEULHQ@GRVXERFDGLULJHVXSDODEUDD(D SDUDFRPXQLFDUOHHOSODQTXHKDEtDFRQFHELGRHQVXFRUD]yQ ©£9R\DFRQGHQVDUVDQJUH\IRUPDUKXHVRV KDUpVXUJLUXQSURWRWLSRKXPDQRTXHVHOODPDUiµKRPEUH¶ £9R\DFUHDUHVWHSURWRWLSRHVWHKRPEUH SDUDTXHOHVHDQLPSXHVWRVORVVHUYLFLRVGHORVGLRVHV\TXHHOORVHVWpQGHVFDQVDGRV 'HQXHYR\RWUDQVIRUPDUpEHOODPHQWHVXH[LVWHQFLD >@ª (QXPD(OLVK9,, /HUHVSRQGLy(DGLULJLpQGROHHVWDVSDODEUDV FRQODVTXHOHFRPXQLFDEDVXSODQSDUDODWUDQTXLOLGDGGHORVGLRVHV ©4XHPHVHDHQWUHJDGRXQRGHVXVKHUPDQRVpVWHSHUHFHUiSDUDTXHVHDQIRUPDGRVORVKRPEUHV >@ª 0DUGXNKDELHQGRUHXQLGRDORV*UDQGHVGLRVHV EHQpYRODPHQWHGLRVXVyUGHQHV\OHVFRPXQLFyVXPDQGDWR ©>@¢4XLpQIXHHOTXHWUDPyHOFRPEDWH \PRYLyDUHEHOLyQD7LDPDW\RUJDQL]yODEDWDOOD >@ª /RV,JLJXORV*UDQGHVGLRVHVOHUHSOLFDURQ >@©)XH.LQJXHOTXHWUDPyHOFRPEDWH \PRYLyDUHEHOLyQD7LDPDW\>RU@JDQL]yODEDWDOODª /HDWDURQ\OHPDQWXYLHURQFRJLGRGHODQWHGH(D 6HOHLQIOLJLyVXFDVWLJRVHOHFRUWyODVDQJUH <FRQVXVDQJUH(DIRUPyODKXPDQLGDG ,PSXVRVREUHHOODHOVHUYLFLRGHORVGLRVHVOLEHUDQGRDpVWRV´ (VFXULRVRTXHODLGHDGHORVGLRVHVFDQVDGRVGHWUDEDMDU\XQGLRVSULQFLSDOFUHDQGRDOKRP EUHSDUDGHVFDUJDUOHVGHVXWUDEDMRVHUHSLWHHQGLIHUHQWHVGHWH[WRVDQWLJXRV+D\YDULRVWH[WRVTXH UHFRJHQHVWDLGHDSHURGRQGHPiVFODURVHYHHVWRWDOYH]HVHOSRHPDVXPHULR³(QNL\1LQPDK´ HQHOTXHVHKDEODGHFyPRORVGLRVHV³SUHSDUDEDQVXFRPLGD´³HVWDEDQHQHOWDMR´³FDYDEDQ FDQDOHVDPRQWRQDEDQODWLHUUD´\ILQDOPHQWH³VHTXHMDEDQGHVXYLGD´ORTXHOOHYyDTXHHOOtGHUGH ORVGLRVHVHQHVWHUHODWR(QNLSURSXVLHUDDVX0DGUHODFUHDFLyQGHOVHUKXPDQRSDUDDOLYLDUODYLGD GHORVGLRVHV3RUHOFRQWUDULRHQHO*pQHVLVQRVRODPHQWHVHQLHJDTXH'LRVQHFHVLWHDOLPHQWRV \TXHHOKRPEUHKD\DVLGRFUHDGRSDUDVHUHVFODYRGH'LRVVLQRTXHVHVXEUD\DHOFXLGDGRGH'LRV SDUDFRQHOKRPEUHDOTXHFXLGD\DOLPHQWDFRPRDXQKLMR1DGDPiVFUHDUORVHRFXSDGHVXV QHFHVLGDGHVEiVLFDVUHODFLyQFUHDQGR³KRPEUH\PXMHU´*pQUHSURGXFFLyQ³6HGIHFXQGRV \PXOWLSOLFDRV´*pQ\QXWULFLyQ³RVKHGDGRWRGDSODQWD´*pQ$ORODUJRGHOD%LEOLD 'LRVVHSUHVHQWDUiFRPRHOTXHSURYHHSDUDWRGRVORVVHUHVSH6DO(QHO1XHYR7HV WDPHQWR-HVXFULVWRYXHOYHDUHWRPDUHVWDLPDJHQ0W/F (QORVPLWRVEDELOyQLFRVGHODFUHDFLyQKXPDQDODPRUDOHMDHUDTXHDKRUDORVKRPEUHV GHEHQWUDEDMDUSDUDGDUDORMDPLHQWR\FRPLGDDORVGLRVHVHQORVWHPSORV),*85$(O'LRVGH OD%LEOLDVHEXUODGHVHPHMDQWHVLGHDV\GHPDQGDXQFRPSRUWDPLHQWRPRUDOPiVDOOiGHORVULWRV UHOLJLRVRVGLFLHQGR³¢'HTXpPHVLUYHODPXOWLWXGGHYXHVWURVVDFULILFLRV"+DVWLDGRHVWR\GHKROR FDXVWRVGHFDUQHURV\GHOVHERGHDQLPDOHVHQJRUGDGRV1RGHVHRODVDQJUHGHWRURVGHFRUGHURV \GHPDFKRVFDEUtRV>@$SUHQGHGDKDFHUHOELHQEXVFDGHOGHUHFKRUHSUHQGHGDORSUHVRUGH IHQGHGDOKXpUIDQRDPSDUDGDODYLXGD´,V (QXPD(OLVK9, 9pDQVHOtQHDV7RPDGRGH0-6HX[\RWURVRSFLWSS ([LVWHQFLDGHXQPXQGR PDWHULDOQRGLYLQR ([LVWHQFLDGHOH\HV QDWXUDOHV &DSDFLGDGGHFRQRFHU HVDVOH\HVHVWXGLDQGRHO PXQGRPDWHULDO )LJ&RSHUQLFR.HSOHU\*DOLOHR )LJ $GHPiVORVSURIHWDVEtEOLFRVLQVLVWLHURQTXH'LRVQRSRGtDVHUFRQILQDGRHQORVOtPLWHVGH XQWHPSORHQODRUDFLyQGHGHGLFDFLyQGHOSURSLRWHPSORMXGtRHQ-HUXVDOpQHOPLVPRUH\6DORPyQ GLFH³+HDTXtORVFLHORV\ORVFLHORVGHORVFLHORVQRWHSXHGHQFRQWHQHU£&XiQWRPHQRVHVWHWHPSOR TXHKHHGLILFDGR´5&UR $XQTXHQRQRVFHQWUDUHPRVHQHOORGHEHPRVVHxDODUTXHWRGRHVWRSURGXFtDXQDDXWpQWLFD UHYROXFLyQVRFLRSROtWLFDGLULJLGDFRQWUDHOPLVPRIXQGDPHQWRGHXQDVVRFLHGDGHVFRQWURODGDVGHVGH ORVWHPSORVFRPRODPHVRSRWiPLFDRODHJLSFLD(VPiVORVUHODWRVEtEOLFRVKDFHQIUHQWHDOORFDO LVPRGHORVUHODWRVSDJDQRVGHORVRUtJHQHVHQORVTXHHOGLRV³FUHDGRU´HVHOGLRVMHIHORFDOTXH FUHDGHVGHODORFDOLGDGGHODXWRUGHOWH[WR\TXHVXHOHSRQHUDFDUJRGHOPXQGRDVXVGLRVHV³DPL JRV´\GHODKXPDQLGDGDOSDtVDOTXHSHUWHQHFHHOHVFULWRU\DVXUH\MXVWLILFDQGRUHOLJLRVDPHQWH DOLPSHULRGHWXUQR3XHVELHQIUHQWHDHVWRORVUHODWRVEtEOLFRVQRSUHVHQWDQQLQJ~QUDVWURORFDOLVWD QLQLQJXQDSUHWHQVLyQLPSHULDOLVWD1L-HUXVDOpQQLODWLHUUDGH,VUDHOQLVLTXLHUDHOQRPEUHGHO'LRV GH,VUDHO<DKYpDSDUHFHQHQHOUHODWR(VXQUHODWRXQLYHUVDOOHMRVGHWRGDLQVWUXPHQWDOL]DFLyQ SROtWLFDFRQXQPHQVDMHOLEHUDGRUSDUDWRGDODKXPDQLGDG(VWDVPLVPDVLGHDVVHUHSLWHQHQHO 1XHYR7HVWDPHQWRGRQGHFRPRHMHPSORSRGHPRVFLWDUDODSyVWRO3DEORGLFLHQGR³(VWHHVHO'LRV TXHKL]RHOPXQGR\WRGDVODVFRVDVTXHKD\HQpO<FRPRHV6HxRUGHOFLHOR\GHODWLHUUDpOQR KDELWDHQWHPSORVKHFKRVGHPDQRVQLHVVHUYLGRSRUPDQRVKXPDQDVFRPRVLQHFHVLWDVHDOJR SRUTXHpOHVTXLHQGDDWRGRVYLGD\DOLHQWR\WRGDVODVFRVDV'HXQRVRORKDKHFKRWRGDUD]DGH ORVKRPEUHVSDUDTXHKDELWHQVREUHWRGDODID]GHODWLHUUD´+HFK (QOD%LEOLDHOVHUKXPDQRGHMDGHVHUXQVLHUYRSDUDVHUOD³PDQRGHUHFKD´GHO&UHDGRUD FX\RFDUJRGHMDVXFUHDFLyQ),*85$(O*pQHVLVLQFOXVRPXHVWUDD'LRVHVWLPXODQGRDOVHU KXPDQRDFRQRFHUODFUHDFLyQSDVDQGRUHYLVWDDORVDQLPDOHV(VPiVHOVHUKXPDQRHVHO~QLFR VHUGHOTXHVHGLFHTXHHVFUHDGRD³LPDJHQ\VHPHMDQ]D´GHO'LRV&UHDGRU6HPHMDQWHLGHDUDGLFDO KDHMHUFLGRXQDSURIXQGtVLPDLQIOXHQFLDHQODJpQHVLV\GHVDUUROORGHORTXHDKRUDOODPDPRV³GHUH FKRVKXPDQRV´DOJRGHORTXH0DUGXN\VXVVDFHUGRWHVVHKDEUtDQUHtGR3HURODVUHSHUFXVLRQHV TXHHVDLGHDKDWHQGLGRSDUDODFLHQFLDKDQVLGRWDPELpQHQRUPHVGDGRTXHDOLHQWDODHVSHUDQ]D GHTXHHOVHUKXPDQRSXHGDHQWHQGHUHVDVOH\HVQDWXUDOHVTXHGLMLPRVDQWHVTXH'LRVKDEtDGDGR DOXQLYHUVR (QWLHPSRVSRVWHULRUHV $XQTXHORVUHODWRVTXHKHPRVFRPHQWDGRWHQtDQHOJHUPHQGHWDQWDVLGHDVUHYROXFLRQDULDV VXVHIHFWRVWDUGDURQVLJORVHQKDFHUVHUHDOLGDG+D\TXHUHFRUGDUTXHORVSURIHWDVEtEOLFRVHUDQVR ODPHQWHXQDGHHQWUHODVPXFKDVYRFHVGHQWURGHODQWLJXRSXHEORGH,VUDHO/DPD\RUtDGHOD SREODFLyQSUHIHUtDVHJXLULGHDV³SDJDQDV´FRPRODVGHO(QXPD(OLVK3RUHOORHQOD%LEOLDVLHPSUH VHGHVFULEHDORVSURIHWDVFRPRFUtWLFRVGHODVRFLHGDGGHVXWLHPSR 7XYLHURQTXHSDVDUVLJORVSDUDTXHVXVLGHDVIXHUDQDGRSWDGDVPD\RULWDULDPHQWHSRUORV SURSLRVMXGtRV<D~QDVt,VUDHOQRHUDPiVTXHXQSHTXHxRHVWDGRGpELOHLQHVWDEOHHQODFRVWD PHGLWHUUiQHD1RIXHKDVWDTXHHOFULVWLDQLVPRVHH[SDQGLySRUHO,PSHULR5RPDQRTXHHVWDVLGHDV VHGLYXOJDURQDPSOLDPHQWH$VtGXUDQWHHOOHQWRPDGXUDUGHOD(GDG0HGLDPXFKDVGHHVDVLGHDV SDVDURQGHVHUUHYROXFLRQDULDVDVHUDVXPLGDVFRPRHVHQFLDOHVSRUORVSHQVDGRUHVHXURSHRVTXH ODVLQFRUSRUDURQDVXKHUHQFLDJUHFRODWLQD'DGRTXHHOWHPDGHHVWDFRQIHUHQFLDHVFLHQFLD\%LEOLD YR\DFHQWUDUPHPiVHQODVFRQVHFXHQFLDVTXHODYLVLyQEtEOLFDGHOPXQGRWUDMRSDUDODFLHQFLD $XQTXHJHQHUDOPHQWHVHQRVGLFHTXHODFLHQFLDPRGHUQDIXHXQPRYLPLHQWRTXHVHHV WDEOHFLyFRQIURQWDGRDOFULVWLDQLVPRSHUPLWLGPHTXHRVGLJDTXHHVRHVXQ³PLWRFRQWHPSRUiQHR´ GHOVLJOR;,; 1RHQYDQRXQGRFXPHQWRWDQVLJQLILFDWLYRHLQIOX\HQWHKLVWyULFDPHQWHFRPRODGHFODUDFLyQGHLQGHSHQGHQFLDGHORV ((88HPSH]DEDDVt´6RVWHQHPRVFRPRHYLGHQWHVHVWDVYHUGDGHVTXHWRGRVORVKRPEUHVVRQFUHDGRVLJXDOHVTXH VRQGRWDGRVSRUVX&UHDGRUGHFLHUWRVGHUHFKRVLQDOLHQDEOHVTXHHQWUHpVWRVHVWiQODYLGDODOLEHUWDG\ODE~VTXHGDGHOD IHOLFLGDGµ'HFODUDFLyQGHLQGHSHQGHQFLDGHORV((88GHMXOLRGH7RPDGRGHODSiJLQDZHEGHO'HSDUWDPHQWR GH(VWDGRGHORV((88 KWWSXVLQIRVWDWHJRYHVSKRPHWRSLFVXVBVRFLHW\BYDOXHVIXQGDPHQWDOBGRFXPHQWVGHFODUDWLRQBRIBLQGHSKWPO /DUHDOLGDGHVTXHHQFXDQWRXQRVHSRQHDOHHUGLUHFWDPHQWHDORVSDGUHVGHODUHYROXFLyQ FLHQWtILFDGHORVVLJORV;9,\;9,,),*85$&RSpUQLFR%UDKH*DOLOHR.HSOHU%DFRQ3DVFDO 1HZWRQHWFXQRVHWRSDDERFDMDUURFRQXQ³LQHVSHUDGR´DQGDPLDMHEtEOLFR(VWRVSHUVRQDMHV KHUHGDURQGHOD%LEOLDDWUDYpVGHVXVSUHGHFHVRUHVPHGLHYDOHVXQDFRVPRYLVLyQHQODTXHODVWUHV LGHDVTXHKHPRVPHQFLRQDGRDQWHVHVWDEDQFRPSOHWDPHQWHFODUDV),*85$ /DH[LVWHQFLDGHXQPXQGRPDWHULDOGHFDUiFWHUQRGLYLQR /DH[LVWHQFLDEDMRHOFRPSRUWDPLHQWRDSDUHQWHPHQWHFDyWLFRGHORVIHQyPHQRVQDWXUDOHV GHXQRUGHQSURIXQGRTXHGHDOJXQDPDQHUDXQLILFD\GDFRKHUHQFLDDODQDWXUDOH]DSXHVWRGDHOOD HVREUDGHO&UHDGRU /DFDSDFLGDGLQWHOHFWXDOGHOVHUKXPDQRSDUDPHGLDQWHHOHVWXGLRGHODQDWXUDOH]DGHOD REUDGH'LRVLUVHDSUR[LPDQGRDOFRQRFLPLHQWRGHHVHRUGHQQDWXUDOSXHVWRSRU'LRV/DDFWLYLGDG FLHQWtILFDOOHJDDVtDFRQYHUWLUVHHQXQDWDUHDFDVLUHOLJLRVD &DUO)ULHGULFKYRQ:HL]VlFNHUXQGHVWDFDGRItVLFR\ILOyVRIRGHOVLJOR;;SLRQHURHQHOHV WXGLRGHODVUHDFFLRQHVQXFOHDUHVHQODVHVWUHOODVSHURWDPELpQPX\FRQRFLGRSRUVXVREUDVHQ WHPDVGHUHOLJLyQ\FLHQFLDORH[SOLFDEDDVt ³>@HOFRQFHSWRGHOH\HVPDWHPiWLFDVH[DFWDVGHODQDWXUDOH]DGpELOPHQWHSUHVHQWHHQHOSHQ VDPLHQWR JULHJR DOFDQ]y XQ SRGHU PXFKR PiV FRQYLQFHQWH JUDFLDV DO FRQFHSWR FULVWLDQR GH FUHDFLyQ&UHRSXHVTXHFRQVWLWX\HXQGRQGHOFULVWLDQLVPRDOSHQVDPLHQWRPRGHUQR $KRUDYHPRVTXHHVHGRQVHXVDFRQWUDODUHOLJLyQGHODTXHSURFHGH<HVHDVHVLQDWRGHOSURSLR SDGUHFRQHODUPDKHUHGDGDGHpOVHKDFHFDGDYH]PiVLQJHQXR.HSOHUIXHXQVLQFHURFULVWLDQR TXHDGRUDEDD'LRVHQHORUGHQPDWHPiWLFRGHOPXQGR*DOLOHR\D~QPiV1HZWRQTXHHUDPiV UHOLJLRVRIXHURQVLQFHURVFULVWLDQRVLQWHUHVDGRVHQODREUDGH'LRV>@VHUiEXHQRYHUTXHHOiUERO GHOTXHKDVDOLGRHVDQXHYDVHPLOODWUDVKXPDQWHGHODFLHQFLDHVHOiUEROGHOFULVWLDQLVPRIXHXQ FRPRUDGLFDOLVPRFULVWLDQRORTXHKL]RTXHODQDWXUDOH]DHQWHQGLGDDQWHVFRPRFDVDGHORVGLRVHV SDVDUDDHQWHQGHUVHFRPRHOUHLQRGHODOH\´ 6RODPHQWHDPRGRGHHMHPSORTXLVLHUDPHQFLRQDUDOJXQDVPDQLIHVWDFLRQHVGHGRVGHORV IXQGDGRUHVGHODFLHQFLDPRGHUQD .HSOHU ³$KRUDDPLJROHFWRUQRROYLGHVHOILQGHWRGRHVWRTXHHVHOFRQRFLPLHQWRDGPLUDFLyQ\ YHQHUDFLyQGHO$UWtILFH6DSLHQWtVLPR3XHVGHQDGDVLUYHKDEHUSURJUHVDGRGHVGHORVRMRVKDVWDOD PHQWHGHVGHODYLVLyQDODFRQWHPSODFLyQGHVGHHOFXUVRREVHUYDEOHKDVWDHOSODQPiVSURIXQGR GHO&UHDGRUVLGHVHDVTXHGDUWHHQHVWR\QRHOHYDUWHHQXQVRORLPSXOVR\FRQWRGDODGHYRFLyQGHO DOPDKDFLDHOFRQRFLPLHQWRDPRU\FXOWRGHO&UHDGRU3RUHOORFRQHVStULWXSXUR\iQLPRDJUDGHFLGR HQWRQDFRQPLJRHOVLJXLHQWHKLPQRDO$UTXLWHFWRGHODREUDPiVSHUIHFWD´ *DOLOHR ³>@(OSURKLELUWRGDODFLHQFLD¢TXpRWUDFRVDVHUtDTXHFRQGHQDUFHQWHQDUHVGHSDVDMHVGH ODV6DJUDGDV(VFULWXUDVTXHQRVHQVHxDQFyPRODJORULD\ODJUDQGH]DGHOVXPR'LRVDGPLUDEOHVH GHVFXEUHHQWRGDVVXVREUDV\GLYLQDPHQWHVHOHHHQHOOLEURDELHUWRGHOFLHOR">@´),*85$ &)YRQ:HL]VlFNHU/DLPSRUWDQFLDGHODFLHQFLD(GLWRULDO/DERU%DUFHORQD(VSDxDS -RKDQQHV.HSOHU(OVHFUHWRGHOXQLYHUVR(GLFLRQHV$OWD\D%DUFHORQD(VSDxDS *DOLOHR*DOLOHL&DUWDD&ULVWLQDGH/RUHQD(Q&DUWDD&ULVWLQDGH/RUHQD\RWURVWH[WRVVREUHFLHQFLD\UHOLJLyQ 7UDGXFLGRSRU0RLVpV*RQ]iOH]$OLDQ]D(GLWRULDO0DGULG(VSDxDS (OSURKLELUWRGDODFLHQFLD¢TXpRWUD FRVDVHUtDTXHFRQGHQDUFHQWHQDUHVGH SDVDMHVGHODV6DJUDGDV(VFULWXUDVTXH QRVHQVHxDQFyPRODJORULD\OD JUDQGH]DGHOVXPR'LRVDGPLUDEOHVH GHVFXEUHHQWRGDVVXVREUDV\GLYLQD PHQWHVHOHHHQHOOLEURDELHUWRGHO FLHOR"µ L L *DOLOHL*DOLOHR&DUWDD&UVWQDGH/RUHQD )LJ )LJ )LJ ´>@<RDTXtGLUpDTXHOORTXHRtD XQDSHUVRQDHFOHVLiVWLFDGHPX\ HOHYDGRUDQJR>QRWDGH*DOLOHR >(O&DUGHQDO%DURQLR@HVWRHVTXH ODLQWHQFLyQGHO(VStULWX6DQWRHUD HQVHxDUQRVFyPRVHYDDOFLHOR \QRFyPRYDHOFLHORµ *DOLOHR*DOLOHL&DUWDD&ULVWLQDGH /RUHQD )LJ )LJ )LJ ¢<HQWRQFHVTXpIXHGHOFRQIOLFWRKLVWyULFRFLHQFLD\IH"¢4XpSDVyFRQ*DOLOHR" $ODVSULPHUDVJHQHUDFLRQHVGHFULVWLDQRVORVSUREOHPDVFLHQFLD\IHQROHVSUHRFXSDEDQGH PDVLDGR3HUVHJXLGRVFRPRDWHRVSRUQRDGRUDUDORVGLRVHVGH5RPDHQOtQHDFRQORTXHORVDQ WLJXRVSURIHWDVKHEUHRVHQVHxDEDQ\SHUVHJXLGRVFRPRWUDLGRUHVSRUQRDGRUDUDOHPSHUDGRU URPDQRFRPRXQGLRVPiVQRHVWDEDQSDUDVRILVWLFDGRVGHEDWHV 3HURFRQODOLEHUWDGSDUDHOFULVWLDQLVPRHQHOVLJOR,9VXVLPSOLFDFLRQHVLQWHOHFWXDOHVHP SH]DURQDVHUHVWXGLDGDVFRQGHWDOOH<DDQWHVGH&ULVWRORVFLHQWtILFRVILOyVRIRVJULHJRVKDEtDQFRQ FOXLGRTXHODWLHUUDHUDXQDHVIHUDLQPyYLOHQHOFHQWURGHOXQLYHUVR\HVDLGHDKDEtDVLGRDGPLWLGD VLQJUDQGHVGHEDWHVSRUORVVDELRVGXUDQWHVLJORV),*85$(QXQSULQFLSLRORVFULVWLDQRVQRWX YLHURQSUREOHPDVFRQHOOR3HURQRWDUGDURQHQDSDUHFHUTXLHQHVHQXQDHVSHFLHGH³UHYDQFKD´ FRQWUDWRGRHOSHQVDPLHQWRGHO³SDJDQLVPR´TXHWDQWROHVSHUVLJXLyLQWHQWDURQVXSULPLUWRGDODFXO WXUDGHOSDVDGRSDUDSDUWLUGHFHUR<DOKDFHUHVWRQRVHGLHURQFXHQWDTXHDQLTXLODEDQPXFKDV FRVDVFLHUWDV\EXHQDVGHODKHUHQFLDFOiVLFD$VtSRUXQDILGHOLGDGPDOHQWHQGLGDDOD%LEOLDDOJXQRV OOHJDURQDH[WUHPRVGLVSDUDWDGRV(Q(JLSWRHQHOVLJOR9,XQRGHHVWRVKRPEUHVDWDFyIHUR]PHQWH ODLGHDGHODHVIHULFLGDGGHODWLHUUDXWLOL]DQGRDOJXQDVGHODVDQWLJXDVUHIHUHQFLDVEtEOLFDVDXQD WLHUUDSODQD\XQFLHORHQIRUPDGHF~SXODTXHHUDQFRUULHQWHVPLODxRVDQWHVFRPRKHPRVYLVWRDO FLWDUHO(QXPD(OLVKDVtFRPRKDFLHQGRSDUDOHORVHQWUHODHVWUXFWXUDGHOWHPSORMXGtR\DOJXQRV GHVXVREMHWRVFRQODHVWUXFWXUDGHOPXQGR3DUD&RVPDV,QGLFRSOHXVWHVHOPXQGRHUDFRPRXQ JUDQDUFyQ),*85$6LQHPEDUJRDXQTXHPXFKRVKDQFUHtGRHQORV~OWLPRVVLJORVTXHpVWD HUDODRSLQLyQFRUULHQWHHQWUHORVFULVWLDQRVGHODpSRFDHVRHVWRWDOPHQWHIDOVRFRPRVHSXHGHYHU HQORVGXURVDWDTXHVGH&RVPDVDRWURVFULVWLDQRVTXHQRHUDQGHVXPLVPDRSLQLyQ(VPiVXQR GHORVPiVGHVWDFDGRVFLHQWtILFRVILOyVRIRVGHOPXQGRPHGLWHUUiQHRHQHVDpSRFD-XDQ)LORSyQTXH WDPELpQHUDFULVWLDQRFULWLFyGXUDPHQWHODVLGHDVGH&RVPDV/DPD\RUtDGHORVWHyORJRVFULVWLDQRV UHFKD]DURQWDPELpQHVDVHVSHFXODFLRQHV\HOOLEURGH&RVPDVGHVDSDUHFLyFDVLSRUFRPSOHWRKDVWD VX³UHGHVFXEULPLHQWR´HQHOVLJOR;9,,FRPRXQDUDUH]DGHDQWLFXDULR )LORSyQHVXQSHUVRQDMHVXPDPHQWHLQWHUHVDQWHSXHVQRVRODPHQWHVXSRFULWLFDUORVH[ WUHPRVIXQGDPHQWDOLVWDVGHDOJXQRVGHVXVFRPSDxHURVFULVWLDQRVVLQRTXHFRPEDWLyORVUHVWRVGH PLWRORJtDTXHTXHGDEDQHQFLHUWRViPELWRVFLHQWtILFRVHQXQDOtQHDILHODODWUDGLFLyQEtEOLFD8Q HMHPSORHUDODFRVPRORJtDFLHQWtILFDGH$ULVWyWHOHVHQODTXHVHFRQVLGHUDEDTXHORVDVWURVHVWDEDQ KHFKRVGHXQPDWHULDOHVSHFLDOFDVLGLYLQRODTXLQWDHVHQFLDDOTXHQRVHDSOLFDEDQODVOH\HVTXH UHJtDQHQODWLHUUD)LORSyQHVFDQGDOL]yDRWURVFLHQWtILFRVILOyVRIRVGHODDQWLJHGDGDODSR\DULGHDV WHQLGDVFRPRKHWHURGR[DVFRPSDUDQGRDO6ROFRQXQIXHJRRUGLQDULRWHUUHVWUHSRGUtDPRVDKtUHFRU GDUOD³OiPSDUD´GH*pQHVLV\DOSURSRQHUTXHHOPRYLPLHQWRGHORVDVWURVQRVHGHEtDDVXFDUiF WHUPiVRPHQRV³VREUHQDWXUDO´VLQRDOLPSXOVRDOJRDVtFRPRDODLQHUFLDTXHOHVKDEtDVLGRGDGR HQXQSULQFLSLRHQHOPRPHQWRGHODFUHDFLyQ(VWHSULPLWLYR\WRVFRFRQFHSWRGHODLQHUFLDVHUtDUHF KD]DGRSRUORVFLHQWtILFRVILOyVRIRVDULVWRWpOLFRVTXHGRPLQDUtDQHOSDQRUDPDHXURSHRKDVWDILQDOHV GHOD(GDG0HGLD3HURODLGHDGHXQDDOWHUQDWLYDSRVLEOHD$ULVWyWHOHVVHUtDUHFRJLGDSRUORViUDEHV WUDVFRQTXLVWDU(JLSWR\SDVDUtDGHVSXpVDORVHVWXGLRVRVGHOD(GDG0HGLDHQ(XURSD$VtFXDQGR HO SHQVDPLHQWR GH $ULVWyWHOHV HPSH]y D UHVTXHEUDMDUVH HQ HO VLJOR ;9, &RSpUQLFR *DOLOHR 'HVFDUWHVHWFWXYLHURQDKtXQDIXHQWHGHLQVSLUDFLyQDXQTXHQRVLHPSUHORUHFRQRFLHVHQDELHUWD PHQWH /D(XURSDPHGLHYDODFHSWyODHVIHULFLGDGGHODWLHUUDVLQSUREOHPDV\ORVLQWHOHFWXDOHVPH GLHYDOHVDEVRUELHURQFRQHQWXVLDVPRJUDQGtVLPDVGRVLVGHODDQWLJXDFLHQFLDJULHJD$XQTXHVH VLJXLyGHEDWLHQGRODPDQHUDSUHFLVDGHFRPSDWLELOL]DUODVHQJHQHUDOODDOLDQ]DFLHQFLD\IHIXQFLRQy GXUDQWHPLODxRV3HURODVFRVDVVHFRPSOLFDURQLQHVSHUDGDPHQWHDPHGLDGRVGHOVLJOR;9,FXDQGR HOFOpULJR1LFROiV&RSpUQLFRKL]RXQDSURSXHVWDHQXQOLEURVXPDPHQWHWpFQLFR),*85$ODVRE VHUYDFLRQHVDVWURQyPLFDVGHORVSODQHWDVVHH[SOLFDUtDQPXFKRPHMRUVLVXSRQHPRVTXHHOVROHVWi LQPyYLOHQHOFHQWURGHOVLVWHPDVRODU\ODWLHUUDVHPXHYHVREUHVtPLVPDFDGDGtD\GDXQDYXHOWD DOUHGHGRUGHOVROFDGDDxR-XVWRORFRQWUDULRTXHORVFLHQWtILFRVILOyVRIRVYHQtDQFUH\HQGRKDVWDHQ WRQFHV /DILORVRItD\FLHQFLDJULHJDVLQFOXtDQODDILUPDFLyQGHODLQPRYLOLGDG\FHQWUDOLGDGGHODWLHUUD FRPRSLHGUDDQJXODUGHWRGRHOVLVWHPD<PXFKRGHOSHQVDPLHQWRPHGLHYDOILORVyILFRFLHQWtILFR WHROyJLFR\£KDVWDSROtWLFRVHKDEtDFRQVWUXLGRDVXPLHQGRTXHWRGDDTXHOODKHUHQFLDJULHJDQR SRGtDVHULQFRUUHFWD3DUDHPSHRUDUODVFRVDVKDEtDDOJXQDVDILUPDFLRQHVEtEOLFDVUHODWLYDVDOD ILUPH]DGHODWLHUUDTXHDXQTXHGHVWLQDGDVDUHIRU]DUODFRQILDQ]DHQODHVWDELOLGDGGHODQDWXUDOH]D IUHQWHDORVPLWRV\QRDHQVHxDU³FLHQWtILFDPHQWH´ODLGHDGHTXHODWLHUUDHUDHOFHQWURLQPyYLOGHO XQLYHUVRVHLQWHUSUHWDURQIiFLOPHQWHHQHVWHVHQWLGR<HVDVVRQODVGRVSULQFLSDOHVUDtFHVGHOSURE OHPDFRQ*DOLOHRHOPiVFRQRFLGRVHJXLGRUGH&RSpUQLFR),*85$ /RVWHyORJRV\FLHQWtILFRVDORVTXH*DOLOHRVHHQIUHQWyWHQtDQQXHYDPHQWHXQDILGHOLGDGDO WH[WREtEOLFRPDOHQWHQGLGDLQWHQWDQGRGHVFXEULUVLJQLILFDGRVFLHQWtILFRVGRQGHQRORVKDEtD3HUR HQHVWHFDVRORSHRUIXHTXHFUHtDQFLHJDPHQWHTXHODFLHQFLDOHVGDEDODUD]yQHQVXUHFKD]RGH *DOLOHR\HVRLPSHGtDDVXYH]TXHSXGLHUDQIOH[LELOL]DUVXLQWHUSUHWDFLyQGHOD%LEOLD 66DPEXUVN\(OPXQGRItVLFRDILQDOHVGHOD$QWLJHGDG$OLDQ]D(GLWRULDO0DGULG(VSDxD ´&XDQGR>@KD\DQSURFODPDGRTXH GHFLUTXHODWLHUUDVHPXHYHHVKHUHMtDVL ODVGHPRVWUDFLRQHVODVREVHUYDFLRQHV\ODV QHFHVDULDVYHULILFDFLRQHVGHPXHVWUDQTXH VHPXHYH¢HQTXpGLILFXOWDGVHKDEUiQ SXHVWRDVtPLVPRV\KDEUiQ FRORFDGRDOD6DQWD,JOHVLD"µ *DOLOHR*DOLOHL&DUWDD(OLD'LRGDWL )LJ )LJ &XDQGRORVWHyORJRVPHGLHYDOHVLJQRUDURQODWLHUUDSODQDGH&RVPDVSHQVDQGRTXHODFLHQ FLDDSR\DEDGHFLGLGDPHQWHXQDWLHUUDHVIpULFDHLQPyYLODFHUWDURQHQORGHODHVIHULFLGDG6LQHP EDUJRFXDQGRPLODxRVPiVWDUGHORVWHyORJRVGHOVLJOR;9,,GHVSUHFLDURQORVDUJXPHQWRVGH*DOLOHR DIDYRUGHOPRYLPLHQWRGHODWLHUUDVXILUPHFUHHQFLDHQDTXHOODFLHQFLDJULHJDOHVFRQGXMRDOGHVDV WUH3HQVDURQTXH&RSpUQLFRR*DOLOHRHUDQOXQiWLFRVHQYH]GHLQYHVWLJDGRUHVVHULRVFX\DVLGHDV GHEtDQVHUWRPDGDVHQFXHQWD3RUHOORDOFRQGHQDUHQODWHRUtDGH&RSpUQLFRQRORKLFLHURQ VRODPHQWHHQEDVHDOD%LEOLDVLQRTXHODHWLTXHWDURQFRPR³QHFLD\DEVXUGDGHVGHHOSXQWRGH YLVWDGHODILORVRItDDODYH]TXHIRUPDOPHQWHKHUpWLFDSXHVWRTXHFRQWUDGLFHH[SUHVDPHQWHHQPX FKRVOXJDUHVODVDILUPDFLRQHVGHODV6DJUDGDV(VFULWXUDV´7RGRVORVHVIXHU]RVGH*DOLOHRSDUDLQ IOXLUVREUHODMHUDUTXtDFDWyOLFD\HYLWDUHVWDFRQGHQDIXHURQHQYDQR$VtFXDQGR*DOLOHRLJQRUyHVD FRQGHQD\VLJXLyHQVHxDQGRHOPRYLPLHQWRGHODWLHUUDVXSURSLDFRQGHQDSHUVRQDOHQHUD\D LQHYLWDEOH &XULRVDPHQWHDXQTXHVHVXHOHLJQRUDU&RSpUQLFR\VXVVHJXLGRUHVHVFULELHURQYDULDVREUDV HQODVTXHHVER]DURQIRUPDVEDVWDQWHVLPLODUHVGHLQWHUSUHWDFLyQGHORVWH[WRVEtEOLFRVSDUDVROX FLRQDUORVSUREOHPDVFRQODWHRORJtDFULVWLDQDTXHHOORVFRPSDUWtDQ5HVXPLHQGRPXFKRVHSXHGH GHFLUTXHOOHJDURQDODFRQFOXVLyQGHTXHORVWH[WRVHQORVTXHOD%LEOLDKDEODUHVSHFWRDODQDWXUDOH]D VRQPHUDVGHVFULSFLRQHVHPStULFDV6XVDXWRUHVQRGHIHQGtDQQLQJXQDWHRUtDFLHQWtILFD6LPSOH PHQWHGHVFULEtDQODQDWXUDOH]DWDO\FRPRDSDUHFHDVXVVHQWLGRVVLQSUHRFXSDUVHSRUEXVFDUH[SOL FDFLRQHVFLHQWtILFDVSURIXQGDV\DKHPRVYLVWRFXiOHVHUDQORVYHUGDGHURVSUREOHPDVHQORVWLHPSRV EtEOLFRV(VSRUHOORTXHVHJ~QHVWRVFLHQWtILFRVGHORVVLJORV;9,\;9,,OD%LEOLDQRSRGtDFRQVLG HUDUVHXQDIXHQWHGHGDWRVFLHQWtILFRV3DUDHOORVQRKDEtDFRQIOLFWR1RKDEtDWDPSRFRQDGDTXHUHF RQFLOLDU7DQVyORKDEtDTXHFRPSUHQGHUODQDWXUDOH]DUHDOGHOD%LEOLD\GHMDUTXHODFLHQFLDKLFLHUD VXWUDEDMRGHVFXEULHQGRODHVWUXFWXUDGHOPXQGR*DOLOHRORH[SUHVyPDJQtILFDPHQWHHQFDUWDVSUL YDGDV\S~EOLFDV ³<RPiVELHQFUHRTXHODDXWRULGDGGHODV6DJUDGDV(VFULWXUDVKD\DWHQLGRVRODPHQWHODLQ WHQFLyQGHHQVHxDUDORVKRPEUHVDTXHOORVDUWtFXORV\SURSRVLFLRQHVTXHVLHQGRQHFHVDULRVSDUD VXVDOYDFLyQ\VXSHUDQGRWRGDUHIOH[LyQKXPDQDQRSRGtDQKDFHUVHFUHtEOHVSRURWUDFLHQFLDQLSRU RWURPHGLRDQRVHUSRUERFDGHO(VStULWX6DQWR3HURTXHDTXHOPLVPR'LRVTXHQRVKDGRWDGRGH VHQWLGRVGHUD]RQDPLHQWR\GHLQWHOLJHQFLDKD\DTXHULGRSRVSRQLHQGRHOXVRGHpVWRVGDUQRVSRU RWURPHGLRORVFRQRFLPLHQWRVTXHSRGtDPRVFRQVHJXLUSRUDTXpOORVQRSLHQVRTXHVHDQHFHVDULR FUHHUOR\VREUHWRGRDSURSyVLWRGHDTXHOODVFLHQFLDVDODTXHVHUHILHUHOD(VFULWXUDVyORHQXQD PtQLPDSDUWH\GHIRUPDGLVSHUVDpVWHHVSUHFLVDPHQWHHOFDVRGHODDVWURQRPtDGHODTXHVH KDEODWDQSRFRTXHQRVHHQFXHQWUDQQLVLTXLHUDQRPEUDGRVORVSODQHWDV3HURVLORVSULPHURVHV FULWRUHVVDJUDGRVKXELHVHQWHQLGRODLQWHQFLyQGHHQVHxDUDOSXHEORODVGLVSRVLFLRQHV\PRYLPLHQWRV GHORVFXHUSRVFHOHVWHVQRKDEUtDQWUDWDGRWDQSRFRGHHOORVTXHHVFRPRQDGDHQFRPSDUDFLyQ GHODVLQILQLWDVSURIXQGtVLPDV\DGPLUDEOHVHQVHxDQ]DVTXHHQWDOFLHQFLDVHFRQWLHQHQ´ ³>@(Q6DQ$JXVWtQVHOHHQODVVLJXLHQWHVSDODEUDV©7DPELpQVHVXHOHSUHJXQWDUFXiOGHEH FUHHUVHTXHHVODIRUPD\ILJXUDGHOFLHORGHDFXHUGRFRQOD6DJUDGD(VFULWXUDSXHVPXFKRVGLV FXWHQDFDORUDGDPHQWHVREUHHVWDVFRVDVTXHSRUSUXGHQFLDQXHVWURVHVFULWRUHVVDJUDGRVRPLWLHURQ >@HO(VStULWXGH'LRVTXHKDEODEDSRUHOORVQRKDTXHULGRHQVHxDUDORVKRPEUHVODVFRVDVTXHQR OHVVHUYLUiQSDUDODVDOYDFLyQª´ ³>@<RDTXtGLUpDTXHOORTXHRtDXQDSHUVRQDHFOHVLiVWLFDGHPX\HOHYDGRUDQJR>QRWDGH *DOLOHR(O&DUGHQDO%DURQLR@HVWRHVTXHODLQWHQFLyQGHO(VStULWX6DQWRHUDHQVHxDUQRVFyPRVH YDDOFLHOR\QRFyPRYDHOFLHOR´),*85$ *DOLOHR*DOLOHL&DUWDD'%HQHGHWWR&DVWHOOL(Q&DUWDD&ULVWLQDGH/RUHQD\RWURVWH[WRVVREUHFLHQFLD\UHOLJLyQ 2SFLWS *DOLOHR*DOLOHL&DUWDD&ULVWLQDGH/RUHQD(Q&DUWDD&ULVWLQDGH/RUHQD\RWURVWH[WRVVREUHFLHQFLD\UHOLJLyQ 2SFLWSS *DOLOHR*DOLOHL,GHPS 3HURQRWRGRVORHQWHQGLHURQDVt/RVPi[LPRVGLULJHQWHVGHODLQTXLVLFLyQSRUYRWRVD GHFLGLHURQFRQGHQDUD*DOLOHRDSULVLyQSHUSHWXDFRQHOEHQHSOiFLWRHLQVWLJDFLyQGHOSDSD£SUHYL DPHQWHDGPLUDGRU\DPLJRGH*DOLOHR/DKLVWRULDGHHVWDFRQGHQDKDVLGRFRQWDGDPXFKDVYHFHV $XQTXHORVKLVWRULDGRUHVFRQRFHQFDGDYH]PiVGHWDOOHVGHDTXHOSURFHVRSRSXODUPHQWHHO UHODWRGHODVSHQDOLGDGHVGH*DOLOHRVLJXHGDQGRPiVFDORUTXHOX]UHGXFLGRDODFRQIURQWDFLyQVLP SOLVWDFLHQFLDIHFULVWLDQD/RVPRWLYRVVLQHPEDUJRIXHURQP~OWLSOHVVHKDQLQYRFDGRSRUORVKLV WRULDGRUHVPXFKDVH[SOLFDFLRQHVLQWHUHVHVSROtWLFRVLQWULJDVGLSORPiWLFDVULYDOLGDGHVFLHQWtILFDV DPLVWDGHVWUDLFLRQDGDVRGLRVSHUVRQDOHV/RPiVSRVLEOHHVTXHWRGDVHVDVUD]RQHVVHVRODSDVHQ \FRQWULEX\HVHQDOHQGXUHFLPLHQWRGHODDFWLWXGGHODLQTXLVLFLyQFRQ*DOLOHR /DVFRVDVVHYHQDKRUDPX\GLIHUHQWHVGHKDFHDxRV/DSURSDJDQGDDQWLFULVWLDQDGH ORVVLJORV;9,,,\;,;YLRHQ*DOLOHRXQPRPHQWRHVWHODUGHXQVXSXHVWRFRQIOLFWRHWHUQRHQWUHODFLHQ FLD\ODIHFULVWLDQD6LQHPEDUJRODYHUGDGHUDSROpPLFDIXHHQWUHGRVJUXSRVDPERVFULVWLDQRV\ HQORVFXDOHVKDEtDDVWUyQRPRVILOyVRIRV\WHyORJRV/RVTXHGHVSXpVKDQGDGRODYXHOWDDODKLV WRULD\DWDFDQDOFULVWLDQLVPRFRPRDOJRUHWUyJUDGRDQWLFLHQWtILFR\RVFXUDQWLVWDHQQRPEUHGHOTXH FRQVLGHUDQFRPRJUDQPiUWLUGHODFLHQFLD*DOLOHRKDFHQDOJRTXHDpOOHKXELHUDHVSDQWDGR3XHV QRVHFDQVyGHGHFLUTXHVXOXFKDHUDSRUHOELHQIXWXURGHOFULVWLDQLVPR(VPiV*DOLOHROOHJyDSU HYHUFRQPXFKDSUHRFXSDFLyQORTXHSRGUtDRFXUULUHQFDVRGHTXHVHDGRSWDVHODSRVLFLyQFRQWUDULD SRUSDUWHGHORVFULVWLDQRV\WULVWHPHQWHHOWLHPSROHKDGDGRODUD]yQ ³>@FXDQGRDSR\iQGRQRVVRODPHQWHVREUHDTXHOTXHDQRVRWURVQRVSDUHFHVHUHOYHUGDGHUR\ VHJXUtVLPRVHQWLGRGHODV(VFULWXUDVFRQGHQiUDPRVXQDWDOSURSRVLFLyQVLQH[DPLQDUHOYDORUGHODV GHPRVWUDFLRQHV ¢TXp HVFiQGDOR QR RFXUULUtD FXDQGR ODV H[SHULHQFLDV VHQVLEOHV \ ODV UD]RQHV GHPRVWUDVHQORFRQWUDULR"¢<TXLpQKDEUtDLQWURGXFLGRFRQIXVLyQHQOD6DQWD,JOHVLD"¢DTXHOORV TXHSURSRQtDQXQPi[LPRDQiOLVLVGHODVGHPRVWUDFLRQHVRPiVELHQDTXHOORVTXHODVKDEtDQGH VSUHFLDGR"9pDVHSXHVFXiOHVHOFDPLQRPiVVHJXUR >@ 6LODWLHUUD©GHIDFWRªVHPXHYHQRSRGUHPRVFDPELDUODQDWXUDOH]D\KDFHUTXHQRVH PXHYDSHURVtSRGHPRVIiFLOPHQWHHYLWDUODFRQWUDGLFFLyQFRQOD(VFULWXUDVLPSOHPHQWHFRQIHVDQGR QRKDEHUGHVFXELHUWRVXYHUGDGHURVHQWLGR3RUWDQWRHOFDPLQRVHJXURSDUDQRHTXLYRFDUQRVHVHO GHFRPHQ]DUSRUODVLQYHVWLJDFLRQHVDVWURQyPLFDV\QDWXUDOHV\QRSRUODVEtEOLFDV´ ³&XDQGR)URPRQGRXRWURVKD\DQSURFODPDGRTXHGHFLUTXHODWLHUUDVHPXHYHHVKHUHMtDVLODV GHPRVWUDFLRQHVODVREVHUYDFLRQHV\ODVQHFHVDULDVYHULILFDFLRQHVGHPXHVWUDQTXHVHPXHYH¢HQ TXpGLILFXOWDGVHKDEUiQSXHVWRDVtPLVPRV\KDEUiQFRORFDGRDOD6DQWD,JOHVLD"´),*85$ /DSRVWHULRUFRQILUPDFLyQGHOVLVWHPDGH&RSpUQLFRHQORVVLJORV;9,,\;9,,,KDUtDTXHHO PRGHORGHUHODFLRQHVFLHQFLDIHFULVWLDQDHODERUDGRSRUVXVVHJXLGRUHVIXHVHFDGDYH]PiVDFHS WDGRSRUORVWHyORJRVVREUHWRGRSRUDTXHOORVTXHWDPELpQHUDQFLHQWtILFRV7UDVODREUDGH1HZWRQ DILQDOHVGHOVLJOR;9,,ORVWHyORJRVFULVWLDQRVDSR\DEDQ\DPDVLYDPHQWHHOPRYLPLHQWRGHODWLHUUD DXQTXHQRIXHUDVLHPSUHDELHUWDPHQWH(VWRGHEHUtDKDEHUVLGRHOILQDOGHODKLVWRULDVLQHPEDUJR GRVVLJORVPiVWDUGHODWHRUtDGHODHYROXFLyQGH'DUZLQYLQRDUHPRYHUORTXHSDUHFtDXQHVWDQTXH QXHYDPHQWHHQFDOPD0XFKRVQRDSUHQGLHURQGHODKLVWRULDDQWHULRU\QXHYDPHQWHYROYLHURQD FRPHWHUORVPLVPRVHUURUHV3RUHOORFRQYLHQHGHVHPSROYDUHOPpWRGRGHORVSLRQHURVFULVWLDQRVGH ODFLHQFLDPRGHUQDSDUDUHSODQWHDUODLQWHUSUHWDFLyQGHOD%LEOLDHQWHPDVGHFLHQFLD\IHSRUTXH LQGHSHQGLHQWHPHQWHGHORTXHORVOLEURVGHFLHQFLDGLJDQVREUH'DUZLQ\ODHYROXFLyQGHQWURGH YDULRVVLJORVKD\SULQFLSLRVVREUHFLHQFLD\IHTXHGHELHUDQWHQHUVHHQFXHQWDHQWRGRPRPHQWR *DOLOHR*DOLOHL$SXQWHVSUHYLRVDOSURFHVRGH(Q&DUWDD&ULVWLQDGH/RUHQD\RWURVWH[WRVVREUHFLHQFLD\UH OLJLyQ2SFLWSS *DOLOHR*DOLOHL&DUWDD(OLD'LRGDWL&LWDGRHQ/XGRYLFR*H\PRQDW*DOLOHR*DOLOHL(G3HQtQVXOD%DUFHORQD(V SDxDS 3HUVSHFWLYDVXQDYLVLyQGHIXWXURSDUDODVUHODFLRQHVFLHQFLD\IH),*85$ /DFRVPRYLVLyQEtEOLFD\ODFLHQFLD ODFLHQFLDQHFHVLWDGHXQVRSRUWHGHLGHDVEiVLFDVTXH SHUPLWHQTXHODLQYHVWLJDFLyQWHQJDVHQWLGR\TXHOD%LEOLDDSR\DGHHVWDPDQHUD D(OPXQGRFRPRXQDUHDOLGDGFUHDGDSUHVHQWHDQWHQRVRWURV\DELHUWDDODLQYHVWLJDFLyQ E(OPXQGRFRPRODREUDGHXQ&UHDGRUTXHOHKDGDGRXQDVOH\HVSDUDIXQFLRQDU F(OVHUKXPDQRFRPRLPDJHQGHO&UHDGRUTXHOHGDXQDPHQWHFDSD]GHHVWXGLDUODVSUR IXQGLGDGHVGHODFUHDFLyQVLQQLQJ~QPLHGR /D%LEOLD\ODFLHQFLD PXFKRVGHORVFRQIOLFWRVVHHYLWDUtDQWRPDQGRHQFXHQWDHVWRV SULQFLSLRV D/DLGHDEiVLFDSDUDHQWHQGHUVXVUHODFLRQHVHVODGH³ORVGRVOLEURV´TXH\DHVER]DURQ &RSpUQLFR*DOLOHR\RWURVSHUVRQDMHVGHOD5HYROXFLyQ&LHQWtILFDGHORVVLJORV;9,\;9,,\TXHVH UHPRQWDDORVWHyORJRVPHGLHYDOHV\GHSULQFLSLRVGHQXHVWUDHUD6RQGRVFDPSRVSHFXOLDUHVTXH GHEHQHVWXGLDUVHUHVSHWDQGRVXVFDUDFWHUtVWLFDVSURSLDVVLQVLPSOLILFDFLRQHV\UHGXFFLRQLVPRV E/D%LEOLDHVHQSDUWHEDVHGHODFLHQFLDHQFXDQWRDVXFRVPRYLVLyQSHURQRHV XQOLEURGHFLHQFLD\KD\TXHWHQHUFXLGDGRFRQODLQWHUSUHWDFLyQGHODVSDUWHVDSDUHQWHPHQWH ³FLHQWtILFDV´GHOD%LEOLD3RUHVWRQRGHEHXVDUVHOD%LEOLDFRPRXQDUJXPHQWRSDUDUHFXUULU HQGLVFXVLRQHVFLHQWtILFDV/DFLHQFLDGHEHVROYHQWDUVXVSUREOHPDVSRUVXVSURSLRVPHGLRV FRQLQGHSHQGHQFLDGHOD%LEOLD F'HIRUPDSDUDOHODWHQHPRVTXHGHFLUTXHWDPSRFRODQDWXUDOH]DHVXQOLEURGH WHRORJtDSRUORTXHKD\TXHVHUFXLGDGRVRVQREDVDULGHDVUHOLJLRVDVHQODFLHQFLD\QRXWL OL]DUODFLHQFLDHQDUJXPHQWDFLRQHVWHROyJLFDV /DLJOHVLD\ODFLHQFLD FRPRFRQVHFXHQFLDGHODDSOLFDFLyQGHODQWHULRUSXQWRQRVRODPHQWH VHSRGUiQHYLWDUORVFRQIOLFWRVVLQRTXHVHSRGUiOOHJDUDXQDVLWXDFLyQKDUPRQLRVD\GHFRPSUHQVLyQ PXWXDHQWUHDPEDV D/DLJOHVLDQRGHEHLQPLVFXLUVHHQGLVFXVLRQHVFLHQWtILFDV'HEHFHQWUDUVHHQ&ULVWR \HQOD%LEOLDLQGLFDQGRDODVRFLHGDGTXpFRQVHFXHQFLDVVHGHVSUHQGHQGHODHQVHxDQ]D FULVWLDQDVLQFRQYHUWLUVHHQXQJUXSRGHSUHVLyQHQWHPDVFLHQWtILFRV E/DFLHQFLDWLHQHTXHLQVFULELUVHHQXQDGLQiPLFDGHSURJUHVRSRUORTXHHVWiHQ FRQVWDQWHUHQRYDFLyQLQFUHPHQWDQGRORVGDWRVGLVSRQLEOHV\UHQRYDQGRODVLQWHUSUHWDFLRQHV GHHOORVSDUDSHUPLWLUQRVXQDFRPSUHQVLyQPD\RUGHODUHDOLGDG(OFRPSURPLVRGHODLJOHVLD FRQGHWHUPLQDGDVWHRUtDVFLHQWtILFDVQROOHYDPiVTXHDWRGRWLSRGHGHVDVWUHVHQHOIXWXUR HVSHFLDOPHQWHSDUDODLJOHVLDTXHHVODTXHPiVWLHQHTXHSHUGHUFRPRVHYLRHQHO³FDVR *DOLOHR´ F(OHVWXGLRGHODQDWXUDOH]DQRULYDOL]DFRQODIHVLQRTXHHVLQFOXVRXQDHVSHFLH GHWDUHD³UHOLJLRVD´SXHVSHUPLWHFRQRFHUODFUHDFLyQGH'LRV\DFHUFDUVHDOSHQVDPLHQWR GH'LRVH[SUHVDGRHQODFUHDFLyQFRPRKHPRVLQGLFDGRDQWHV3RUHVWRHOFLHQWtILFRQR GHEHVHUXQVHUH[WUDxRQLH[WUDxDGRHQODLJOHVLDVLQRTXHWLHQHTXHVHUFRQVLGHUDGRFRPR XQFUH\HQWHPiV 3DUDWHUPLQDU\FRPRUHVXPHQSRGHPRVGHFLUTXHHO*pQHVLVOHMRVGHVHUODUHOLTXLD PtWLFDGHXQWLHPSRSDVDGRFRPRDOJXQRVFUHHQHVDOJRDVtFRPRODSULPHUDSLHGUDGHOR PHMRUGHODPRGHUQLGDGODFLHQFLD\ORVGHUHFKRVKXPDQRV3RUVXSXHVWRTXHKD\RWUDV FRVDVQHJDWLYDVGHODPRGHUQLGDGTXHQXHVWUDVRFLHGDGSRVWPRGHUQDLQWHQWDVDFXGLUVH FRPRODGHVWUXFFLyQGHOPHGLRDPELHQWH\ODSREUH]DHQGpPLFDTXHDWHQD]DJUDQGHVSDUWHV GHOSODQHWD3DUDDERUGDUHVWRVSUREOHPDVWDPELpQSRGHPRVHQFRQWUDUFLHUWDVFODYHVHQ HO*pQHVLV\DORODUJRGHOD%LEOLDDXQTXHHVRHV\DRWUDKLVWRULDSDUDRWURGtD 3DEORGH)HOLSH 'RFWRUHQ&LHQFLDV4XtPLFDV%LRORJtD0ROHFXODU,QYHVWLJDGRUHQOD8QLYHUVLGDGGH6W $QGUHZV(VFRFLD3URIHVRUGHFLHQFLD\IHHQHOVHPLQDULR6(870DGULG 7H[WRDPSOLDGRGHODVFRQIHUHQFLDVRUJDQL]DGDVSRUODDJUXSDFLyQ'HOLUDQWHHLPSDUWLGDV HQOD8QLYHUVLGDGGH$OFDOiGH+HQDUHV\HO&HQWUR&XOWXUDO9DOOH,QFOiQ HOOXQHVGH$EULOGHZZZGHOLUDQWHRUJ %LEOLRJUDItD 5HODWRVPtWLFRVVREUHORVRUtJHQHV 6HX[0-\RWURV/DFUHDFLyQGHOPXQGR\GHOKRPEUHHQORVWH[WRVGHO3Uy[LPR2UL HQWH$QWLJXR9HUER'LYLQR (QXPD(OLVK7UDGXFFLyQGH)HGHULFR/DUD3HLQDGR(G7URWWD &LHQFLD\IHVREUHORVRUtJHQHV 9DULRV(QHOSULQFLSLR8QDSHUVSHFWLYDHYDQJpOLFDGHOGHEDWHVREUHORVRUtJHQHV &/,($QGDPLR $UDQD3HGUR3URJUHVRWpFQLFD\KRPEUH(GLFLRQHV(YDQJpOLFDV(XURSHDV )ORUL-HDQ*qQHVHRXO¶DQWLP\WKH(GLWLRQV9LHHW6DQWp([LVWHWUDGXFFLyQHV SDxROD/RVRUtJHQHV6DIHOL] 5RVV+XJK&UHDWLRQDQGWLPH$ELEOLFDODQGVFLHQWLILFSHUVSHFWLYHRQWKHFUHDWLRQGDWH FRQWURYHUV\1DYSUHVV 5DPP%HUQDUG(YROXFLyQELRORJtD\%LEOLD&HUWH]D 9DULRV&XDWURSHUVSHFWLYDVVREUHORVRUtJHQHV$OpWKHLD 'H)HOLSH3DEOR6REUH³HOGHEDWHGHORVRUtJHQHV´$OpWKHLD *LEVRQ-RKQ&/*pQHVLVWRPR,(G/D$XURUD .LGQHU'HUHN*pQHVLV(G&HUWH]D 'H)HOLSH3DEOR$SXQWHVSDUDHOGHEDWHKLVWyULFRGHODFRVPRORJtDEtEOLFD$OpWHKHLD &LHQFLD\IHHQORVVLJORV;9,\;9,, *DOLOHL*DOLOHR&DUWDD&ULVWLQDGH/RUHQD\RWURVWH[WRVVREUHFLHQFLD\UHOLJLyQ 7UDGXFFLyQGH0RLVpV*RQ]iOH]$OLDQ]D(GLWRULDO +RR\NDDV55HOLJLRQDQGWKHULVHRIPRGHUQVFLHQFH6FRWWLVK$FDGHPLF3UHVV FRQFRUUHFFLRQHVHQ 9RQ:HL]VlFNHU&)/DLPSRUWDQFLDGHODFLHQFLD(G/DERU (VWHOLEURWDPELpQVLUYHSDUDORVGHPiVDSDUWDGRV