&(/(+,65HYLVWD GHO &HQWUR GH /HWUDV +LVSDQRDPHULFDQDV $xR 1UR 0DU GHO 3ODWD$5*(17,1$ SS =RQDXQHVSDFLRSDUDOD SRHVtDHQORV 0DULHOD%ODQFR 8QLYHUVLGDG1DFLRQDOGH0DUGHO3ODWD 5HVXPHQ (ODUWtFXORHVWXGLDORVFXDWURQ~PHURVTXHSXEOLFyODUHYLVWD=RQD GHODSRHVtDDPHULFDQDHQWUH\/DKLSyWHVLVHVTXHOD SXEOLFDFLyQ IXQFLRQy FRPR XQD ELVDJUD HQWUH ODV SRpWLFDV YDQJXDUGLVWDVTXHODDQWHFHGLHURQ\ODVSRVWHULRUHVSULQFLSDOPHQ WHODOtQHDGHQRPLQDGD³VHVHQWLVWD´/DVFDUDFWHUtVWLFDVDERUGDGDV TXHSHUPLWHQVXVWHQWDUHVWDKLSyWHVLVVRQODUHGHILQLFLyQGHODSUiF WLFD SRpWLFD D SDUWLU GH OD LPSRUWDQFLD RWRUJDGD D OD IXQFLyQ FRPXQLFDWLYD\ODUHYDORUL]DFLyQGHODH[SHULHQFLDDVtFRPRHOGLVH xRGHXQDWUDGLFLyQSRpWLFDQDFLRQDODWUDYpVGHOKRPHQDMHDFLHU WRVSRHWDVFRQVDJUDGRV\ODSURPRFLyQGHRWURVMyYHQHVHVFULWR UHV6HDQDOL]DURQODVGLVWLQWDVVHFFLRQHVTXHLQWHJUDURQODVUHYLV WDV WDQWR ODV FRQIRUPDGDV SRU DUWtFXORV FRPR SRU SURGXFFLyQ QHWDPHQWHFUHDWLYDSRHPDVFXHQWRVFRQIURQWDQGRHVWRVWH[WRV FRQRWURVHQVD\RVGHORVDXWRUHVHGLWRUHV&pVDU)HUQiQGH]0RUH QR-LWULN8URQGRSRUHMHPSOR\FRQRWUDVSXEOLFDFLRQHVUHOHYDQ WHVGHOFDPSRSRpWLFRGHODpSRFDSULQFLSDOPHQWH3RHVtD%XHQRV $LUHV6HFRQFOX\HTXHPiVDOOiGHPDWLFHVSHUVRQDOHVHOJUXSR =RQDFRQFLEHODSUiFWLFDSRpWLFDFRPRXQSURFHVRTXHLQWHJUDHO DFWRGHFRQRFLPLHQWRODH[SHULHQFLDFRPRXQDLQVWDQFLDTXHOH SHUPLWHDOVXMHWRHQWDEODUYtQFXORVFRQHOPXQGR\ODFRPXQLFD FLyQFRQODFRQVLJXLHQWHGLDJUDPDFLyQGHXQSURJUDPDTXHSUR &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV PXHYHHOFRORTXLDOLVPRFRQHOREMHWLYRGHFRQWULEXLUDIRUWDOHFHU HVWD~OWLPDIDVH 3DODEUDV FODYH 3RHVtDDUJHQWLQDYDQJXDUGLDFRORTXLDOLVPR $EVWUDFW 7KHDLPRIWKLVZRUNLVWRVWXG\WKHIRXULVVXHVRIWKH0DJD]LQH =RQDGHODSRHVtD$PHULFDQDSXEOLVKHGLQDQG7KH K\SRWKHVLVRIWKHDUWLFOHLVWKDWWKHSXEOLVKLQJZRUNHGDVDEULGJH EHWZHHQWKHSUHFHGLQJDYDQWJDUGSRHWU\DQGWKHSRVWHULRURQHV VSHFLDOO\WKHOLQHFDOOHG³VHVHQWLVWDV´7KHFKDUDFWHULVWLFVVWXGLHG ZKLFKDOORZWKLVDQDO\VLVDUHWKHUHGHILQLWLRQRIWKHSRHWLFSUDFWLFH IURP WKH LPSRUWDQFH JLYHQ WR WKH FRPPXQLFDWLRQ IXQFWLRQ WKH SRVLWLYH UHFRQVLGHUDWLRQ RI WKH H[SHULHQFH DQG WKH GHVLJQ RI D QDWLRQDOSRHWLFWUDGLWLRQWKURXJKWKHKRPDJHWRUHFRJQL]HGSRHWV DQGWKHSURPRWLRQRIRWKHU\RXQJZULWHUV'LIIHUHQWVHFWLRQVRIWKH PDJD]LQHZHUHDQDO\]HGDUWLFOHVVWRULHVDQGSRHPV7KHQWKHVH WH[WVZHUHFRQIURQWHGZLWKRWKHUHVVD\VZULWWHQE\DXWKRUHGLWRUV VXFKDV&pVDU)HUQiQGH]0RUHQR-LWULNDQG8URQGRDQGZLWKRWKHU UHOHYDQWSXEOLFDWLRQVDERXWSRHWU\SULQFLSDOO\3RHVtD%XHQRV$L UHV$VDFRQFOXVLRQLWFDQEHREVHUYHGWKDWEHVLGHVLQGLYLGXDO SHUVSHFWLYHV WKH =RQD JURXS FRQVLGHUV WKH SRHWLF SUDFWLFH DV D SURFHVVZKLFKLQFOXGHVNQRZOHGJHH[SHULHQFHDVDQLQVWDQFHZKLFK DOORZV WKH UHODWLRQVKLS EHWZHHQ WKH VXEMHFW DQG WKH ZRUOG DQG ILQDOO\FRPPXQLFDWLRQ7KLVFRQFHSWLRQVVWLPXODWHVFROORTXLDOLVP DVDZULWLQJSURJUDP .H\ZRUGV $UJHQWLQLDQSRHWU\DYDQWJDUGHFROORTXLDOLVP /DFRQVWLWXFLyQGHXQQXHYRHVSDFLR ( OREMHWRGHHVWHDUWtFXORKDVLGRDQWHULRUPHQWHFRQ VLGHUDGR SRU OD FUtWLFD SHUR VyOR GH IRUPD WDQJHQFLDOHVGHFLUFRPRSXQWRGHSDUWLGDSDUDFDUDFWHUL]DU GHWHUPLQDGDVOtQHDVSRpWLFDVGRPLQDQWHVHQORVVHVHQWD(VWH &H/H+LV 0DULHOD%ODQFR WUDEDMRVHSURSRQHUHYHUHVDRSHUDFLyQFUtWLFDDODERUGDUGH OOHQRHOHVWXGLRGHODUHYLVWD=RQDGHODSRHVtDDPHULFDQD HGLWDGDHQWUH\FRQODDSDULFLyQGHFXDWURQ~PH URVTXHFRPRORGHPXHVWUDQORV~OWLPRVHVWXGLRVVREUHOD SRHVtDGHOSHUtRGRVHHULJLHURQHQXQDELVDJUDTXHPDUFyOD HPHUJHQFLD GH QXHYRV DLUHV GHQWUR GHO FDPSR SRpWLFR VHVHQWLVWD/RVSULQFLSDOHVIDFWRUHVGHHVWDUHQRYDFLyQVRQ HOFRORTXLDOLVPRFRPRWHQGHQFLDGRPLQDQWHHQWUHODVSUR GXFFLRQHVGHOJUXSR=RQDODUHGHILQLFLyQGHOSURFHVRSRpWL FRDSDUWLUGHODUHIXQFLRQDOL]DFLyQGHDOJXQRVGHVXVFRPSR QHQWHVHQWUHORVTXHVHGHVWDFDQODIXQFLyQFRPXQLFDWLYD\ HOFRQFHSWRGHH[SHULHQFLD\HOGHVSOLHJXHGHFLHUWDVRSHUD FLRQHVWHQGLHQWHVDHULJLUXQDQXHYDWUDGLFLyQDWUDYpVGHOD UHFXSHUDFLyQGHGHWHUPLQDGRVSRHWDV\GHODSURPRFLyQGH RWURV <DFRQVWLWX\HXQDSDUWDGRFOiVLFRHQORVHVWXGLRVGHO SHUtRGRODDOXVLyQDODLPSRUWDQFLDGHODVUHYLVWDVHQHOFDP SRLQWHOHFWXDOEDVWDSHQVDUHQHODUWtFXORGH$GROIR3ULHWR ³/RVDxRVVHVHQWD´WDQWDVYHFHVFLWDGRHQGRQGHVHDQDOL ]DQODVWUDQVIRUPDFLRQHVVXIULGDVSRUORVFLUFXLWRVGHFLUFX ODFLyQ\FRQVXPROLWHUDULRVHQODGpFDGD\VHDOXGHDODLP SRUWDQFLDGHODVUHYLVWDVHQHOSURFHVRRHQHOFRQVLVWHQWH HVWXGLRGH2VFDU7HUiQHQ1XHVWURVDxRVVHVHQWDV TXHDERUGDODVLGHDVTXHOOHJDURQDFRQILJXUDUXQ³PRGHOR KHJHPyQLFR´HQHOFDPSRLQWHOHFWXDODWUDYpVGHODQi OLVLVGHODVSULQFLSDOHVUHYLVWDVGHOPRPHQWR(QODPLVPD OtQHDVHLQVFULEHQWUDEDMRVPiVUHFLHQWHVFRPRHOGLULJLGR SRU(OLVD&DODEUHVH\$\PDUiGH/ODQR$QLPDOHVIDEXOR VRV« \ GDGR D FRQRFHU HO DxR SDVDGR VREUH ODV UHYLVWDV GLULJLGDVSRU$EHODUGR&DVWLOOR(O*ULOORGH3DSHO(O(V FDUDEDMR GH 2UR \ (O 2UQLWRUULQFR HQ GRQGH VH WUD]DQ ODVUHGHVGHUHODFLyQHQWUHODVSXEOLFDFLRQHVDUJHQWLQDVPiV UHOHYDQWHV R OD SRUPHQRUL]DGD LQYHVWLJDFLyQ GH &ODXGLD &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV *LOPDQ HQ (QWUH OD SOXPD \ HO IXVLO HQ GRQGH D SDUWLU GH WHPDVUHOHYDQWHVFRPROD5HYROXFLyQ&XEDQDRHOIDPRVR ³FDVR3DGLOOD´VHFRQVWUX\HODFRQVWHODFLyQGHODVUHYLVWDV PiVLQIOX\HQWHVHQ/DWLQRDPpULFD &RQUHVSHFWRDODUHYLVWDTXHPHRFXSDHVWHWUDEDMR VHFHQWUDUiHQGHPRVWUDUTXHSRUXQODGRODUHYLVWD=RQDVH LQVFULEHGHQWURGHHVWDFRUULHQWHLQWHOHFWXDOGRPLQDQWHTXH FRPRUHFRQRFH7HUiQKDOODHQHOGHUURFDPLHQWRGHOOD ELVDJUDTXHSHUPLWLUiUHSHQVDUHOGHYHQLUGHODKLVWRULDQD FLRQDO\VV\SRURWURTXHKD\XQDOWRJUDGRGHKRPR JHQHLGDGHQWUHODVVHFFLRQHVTXHSRGHPRVDJUXSDUEDMRHO UyWXORGH³FUtWLFD´UHIOH[LRQHVHQWUHYLVWDVELEOLRJUiILFDVSRU FLWDUDOJXQDV\HOHVSDFLRGHVWLQDGRDODFUHDFLyQSRpWLFDHV GHFLUGRQGHVHGDQDFRQRFHUORVSRHPDVGHORVPLHPEURV HGLWRUHVRGHRWURVSRHWDV 'HVGHHVWDSHUVSHFWLYDQRUHVXOWDFDVXDOTXHFUtWLFRV UHFRQRFLGRVGHSRHVtDFRPR'DQLHO)UHLGHPEHUJ\'LHJR *DUFtD+HOGHUFRPLHQFHQ\HQWUHWHMDQVXV~OWLPRVHVWXGLRV VREUHODSRHVtDGHOVHVHQWDDSHODQGRDORVPHWDWH[WRVPiV UHOHYDQWHVGHOSHUtRGRSDUDDERUGDUOD³UHGHILQLFLyQGHOWUD EDMRSRpWLFR´RFXUULGDHQODFRQYXOVLRQDGDGpFDGD\PiV HVSHFtILFDPHQWHTXHHVRVHVFULWRVKD\DQVLGRSXEOLFDGRVHQ VXPD\RUtDHQ=RQDRSRUSRHWDVSHUWHQHFLHQWHVDOJUXSR 7DOHVDVtTXH)UHLGHPEHUJFRPLHQ]DXQRGHVXVPiVUHFLHQ WHVDUWtFXORVDVt DOLJXDOTXHHQFDVLWRGRVORVFDPSRVGHOD DFWLYLGDG FXOWXUDO HV IXHUWH HQWUH ORV SRHWDV HQHVHPRPHQWRODVHQVDFLyQGHHVWDUYLYLHQ GR XQD QXHYD HWDSD GH OD KLVWRULD GHO SDtV \ GHO PXQGR FDUJDGD GH LUUXSFLRQHV \ SHUV SHFWLYDVTXHGHEHVHUDVXPLGD\SRUORWDQ WR GHPDQGD XQD UHGHILQLFLyQ GHO WUDEDMR &H/H+LV 0DULHOD%ODQFR SRpWLFRTXpVHSXHGHHVSHUDUGHpOTXpIXQ FLyQ RFXSD HQ OD VRFLHGDG FXiOHV VRQ ORV SURFHGLPLHQWRV HVFULWXUDOHV TXH SHUPLWLUtDQ OOHYDUORDFDER < VHUi HQ HVWD UHYLVWD HQ GRQGH PXFKRV GH HVWRV LQWHUURJDQWHVKDOOHQODUHVSXHVWDTXHVHLPSRQGUiHQODGp FDGDWDOHVFRPRODGHPDQGDGHXQPD\RUFRPSURPLVRFRQ HOHQWRUQRHQFXDQWRDPDWHULDSRpWLFDODOODQXUDGHOOHQJXDMH FRPRPHGLRGHFRPXQLFDFLyQ\ODGHVPLWLILFDFLyQGHOSRHWD SDUDXQDPD\RUFHUFDQtDFRQHOOHFWRU /DLPSRUWDQFLDGHHVWDUHYLVLyQHQUHODFLyQFRQODOt QHDTXHVHLPSRQHHQHOSHUtRGRODUHPDUFD*DUFtD+HOGHU DO SURSRQHU D =RQD FRPR XQ HVSDFLR GH FRQYHUJHQFLD GH &RQWRUQR\3RHVtD%XHQRV$LUHVGRVGHODVPiVUHOHYDQ WHVSXEOLFDFLRQHVSUHGHFHVRUDVTXHSUHVHQWDQOtQHDVGLYHU JHQWHV (VVLJQLILFDWLYRDOUHVSHFWRTXHHVWHFUtWLFR VLHQWHODVEDVHVGHODLPSRUWDQFLDGHDERUGDUHVWHREMHWRDO VRVWHQHUTXH 6HSRGUtDDILUPDUSRUORWDQWRTXHODGLUHF FLyQ TXH VLJXH D PHGLDGRV GH ORV HO SUR FHVR GH OD SRHVtD DUJHQWLQD HV FRQVHFXHQ FLDSRUXQODGRGHHPSUHVDVFROHFWLYDVFRPR ODV GH HVWDV UHYLVWDV \ SRU RWUR GH OD TXH OOHYDQ D FDER REUDV LQGLYLGXDOHV HQWUH ODV TXH SXHGHQ PHQFLRQDUVH ODV GH GRV GH ORV LQWHJUDQWHVGHOJUXSR=RQDGHODSRHVtDDPH ULFDQD &pVDU )HUQiQGH] 0RUHQR \ )UDQFLV FR 8URQGR /RVFXDWURQ~PHURVGH=RQDVLJXHQXQDOtQHDKRPR JpQHDHQFXDQWRDORVPDWHULDOHVSXEOLFDGRV\VXGLVWULEX FLyQPiVFRQFUHWDPHQWHVHGDQDFRQRFHUREUDVGHSRHWDV &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV MyYHQHVFRQXQDWHQGHQFLDSRpWLFDHPSDUHQWDGDFRQODFXOWL YDGDSRUORVHGLWRUHV(GJDU%D\OH\0LJXHO%UDVFy5DPLUR GH &DVDVEHOODV &pVDU )HUQiQGH] 0RUHQR -XOLR ( /DUHX 1Rp-LWULN-RUJH6RX]D)UDQFLVFR8URQGR\$OEHUWR9DQDVFR DOJXQRVFXHQWRVTXHWDPELpQSXHGHQVHUDJUXSDGRVSRUSUH VHQWDU QRWDV HQ FRP~Q UHIOH[LRQHV VREUH OD IXQFLyQ GH OD SRHVtDFDVLVLHPSUHYHUWLGDVSRUHOFRQVHMRHGLWRUXQDVHF FLyQILMDTXHDSDUHFHHQORVWUHVSULPHURVQ~PHURV³3RHWDV GHKR\\GHPDxDQD´HQGRQGHFRH[LVWHQSRHPDVGHHVFUL WRUHV\DFRQVDJUDGRVFRQORVGHMyYHQHVSURPHVDVRWUDVHF FLyQGHGLFDGDDGDUDFRQRFHUSRHWDVODWLQRDPHULFDQRVTXH WDPELpQFRLQFLGHQFRQODOtQHDGRPLQDQWHHQODUHYLVWD\OD VLHPSUHSUHVHQWH³,QWHPSHULH´EDMRFX\RUyWXORVHDJUXSDQ PLVFHOiQHDVHQWUHODVTXHSRGHPRVGLVWLQJXLUWDQWRORVIDPR VRV³$PEDJHV´FUHDGRVSRU&pVDU)HUQiQGH]0RUHQR\TXH OXHJRDJUXSDUDEDMRHVHPLVPRWtWXORHQIRUPDWRGHOLEUR FRPRUHVHxDVELEOLRJUiILFDV\WHDWUDOHVDVtFRPRGLVFXUVRV SURQXQFLDGRVFRQPRWLYRGHODSXEOLFDFLyQGHDOJ~QOLEURHQWUH ORVTXHVHGHVWDFDQHOGH0LJXHO%UDVFyFRQPRWLYRGHOD SXEOLFDFLyQGH1RPEUHVGH)UDQFLVFR8URQGR1 \HOGH(PLU5RGUtJXH]0RQHJDODSURSyVLWRGHODSUHVHQWD FLyQ GH $UJHQWLQR KDVWD OD PXHUWH GH &pVDU )HUQiQGH] 0RUHQR10HQFLyQDSDUWHPHUHFHRWUDGHODV QRWDVTXHGLVWLQJXHORVFXDWURQ~PHURVGH=RQDDVDEHUODV OtQHDVRPQLSUHVHQWHVGHGLFDGDVDMXVWLILFDUODHOHFFLyQGHOD IRWRGHWDSDVHFFLyQDSDUWLUGHODFXDOHOJUXSRHGLWRULQWHQWD GLVWLQJXLUVHGHOUHVWRGHODVSXEOLFDFLRQHVDQWHULRUHVHQFXDQWR HVWH JHVWR VH GHOLQHD FRPR XQD RSHUDFLyQ GH UHVFDWH \ GH FRQVWUXFFLyQGHXQDHVSHFLHGHSDQWHyQSRpWLFRTXHGLVWLQ JXHHVWDDFWLWXGGHODVGHVXVSDUHVYDQJXDUGLVWDVFDUDFWHUL ]DGRVFRPRVHVDEHSRUXQDDFWLWXGSDUULFLGDHVSHFLDOPHQ WHHQORTXHFRQFLHUQHDODOLWHUDWXUDQDFLRQDO/RVSRHWDV KRPHQDMHDGRV VRQ VXFHVLYDPHQWH 2OLYHULR *LURQGR -XDQ &H/H+LV 0DULHOD%ODQFR /DXUHQWLQR2UWL]0DFHGRQLR)HUQiQGH]\(QULTXH6DQWRV 'LVFpSRORWDQWRFRPR*XLOODXPH$SROOLQDLUHDWUDYpVGHOD HOHFFLyQGHOWtWXORTXHFRPRVHVDEHUHPLWHDOFpOHEUHSRH PD³=RQD´FRQWHQLGRHQHOSRHPDULR$OFRKROHVGDQ GRFXHQWDDSDUWLUGHHVWDFRQMXQFLyQGHQRPEUHVGHODWUDGL FLyQQDFLRQDOHLQWHUQDFLRQDOGHOQHFHVDULRHTXLOLEULRHQWUH QDFLRQDOLVPR\HSLJRQLVPRTXHSUHJRQDUD-LWULNHQXQRGHORV DUWtFXORVFHQWUDOHVGHODUHYLVWD³3RHVtD$UJHQWLQDHQWUHGRV 5DGLFDOLVPRV´1 'HQWUR GH HVWD FDUDFWHUL]DFLyQ JHQHUDO FDEH GHVWD FDUTXHODQyPLQDGHHGLWRUHVVHPDQWLHQHLQDOWHUDGDHQORV FXDWURQ~PHURVFRQODH[FHSFLyQGHODLQFRUSRUDFLyQGHXQ VHFUHWDULR$OEHUWR&RXVWpHQHOFXDUWRQ~PHURUDVJRTXH UHVXOWDSRUGHPiVOODPDWLYRWHQLHQGRHQFXHQWDTXHXQDGH ODVSULQFLSDOHVFDUDFWHUtVWLFDVGHODVUHYLVWDVGHODpSRFDHUD OD YDULDFLyQ OD JUDQ PRYLOLGDG HQ HVWH DVSHFWR OD PLVPD 3RHVtD%XHQRV$LUHVSRUVyORFLWDUXQHMHPSORVLELHQPDQ WLHQHHOPLVPRGLUHFWRU5D~O*XVWDYR$JXLUUHDORODUJRGHO YDVWRSHUtRGRGHSXEOLFDFLyQTXHDEDUFyGHVGHD VLUYHFRPRPXHVWUDGHHVWDVIOXFWXDFLRQHV $FWXDOPHQWHODFUtWLFDHVSHFLDOL]DGDUHFRQRFHGRVOt QHDVGRPLQDQWHVHQHOFDPSRSRpWLFRDSDUWLUGHODVSURGXF FLRQHVGHODGpFDGDGHOVHVHQWD\VXVSURORQJDFLRQHVHQOD GHOVHWHQWDDXQTXHDPEDVVHLQVFULELUtDQHQXQDJHQHDORJtD FX\DSURFHGHQFLDVHVLW~DHQODVYDQJXDUGLDVKLVWyULFDV\ TXHLPSOLFDGRVPRGRVGLIHUHQWHVGHOHHUODUHODFLyQDUWH YLGDODWHQVLyQHQWUHDPERVWpUPLQRVSXHGHYROFDUVHDOD SHUPHDELOLGDGGHOGLVFXUVRSRpWLFRDORH[WUDWH[WXDOPiVFRQ FUHWDPHQWHDOD³UHDOLGDG´H[WHUQDDOSRHPDRSRUHOFRQ WUDULRHQXQPRYLPLHQWRUHIUDFWDULRDHVWDDSHUWXUDFRQGHQ VDUVHKDFLDHOOXJDUGHODSDODEUD/DSULPHUDGHHVWDVOtQHDV VXUJLGD HQWUH FRQ ³(O VROLFLWDQWH GHVFRORFDGR´ GH &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV /HyQLGDV/DPERUJKLQL\SURORQJDGDKDVWDORVFRQRFLGD FRPRODGHORV³VHVHQWLVWDV´VHLQVWDXUDHQSROpPLFDFRQOD tQGROHJUDWXLWD\HVWHWL]DQWHGHODUWH/DVHJXQGDVHLQLFLDHQ ORV DxRV FLQFXHQWD HQ WRUQR GH OD \D PHQFLRQDGD 3RHVtD %XHQRV$LUHV&DODEUHVH\6LQHPEDUJRVLELHQ ODVGLFRWRPtDVUHVXOWDQRSHUDWLYDVSDUDODPLUDGDFUtWLFDFUHR TXHFRQYLHQHDWHQGHUWDQWRODVGLYHUJHQFLDVFRPRODVFRQ YHUJHQFLDVDOPHQRVHQORTXHUHVSHFWDDGRVSXEOLFDFLRQHV YHUWHEUDQWHVHQHOSHUtRGRTXHDSULRULVHSHUILODUtDQFRPR HVWDQGDUWH GH HVWDV GRV SRVWXUDV DQWDJyQLFDV$O UHVSHFWR HVLQWHUHVDQWHVHxDODUTXH'DQLHO)UHLGHPEHUJVRVWLHQHTXH ³ODSURSLD3RHVtD%XHQRV$LUHV FRQWULEX\yPXFKRDFUHDU ODVSRVLELOLGDGHVSDUDTXHVXUJLHUDFDVLFRPRXQDH[SDQVLyQ GHVXVSURSLRVIODQFRVORTXHSRGUtDOODPDUVHCODSRpWLFDGH =RQDDGHPiVGHSRUHOKHFKRGHFRPSDUWLUGRV LQWHJUDQWHVGHVWDFDGRVFRPR%D\OH\\8URQGR\SRUODGLIX VLyQGHSRHWDVFRPR-XDQ/2UWL]0RQWDOH3DYHVH\&pVDU 9DOOHMRHQWUHRWURVEDVWLRQHVIXQGDPHQWDOHVTXHSHUPLWLHURQ HOFDPELRGHDFWLWXGVHDGYLHUWHQHVWUHFKRVOD]RVHQWUHDP EDVSXEOLFDFLRQHVHQORFRQFHUQLHQWHDDOJXQRVSRVWXODGRV VREUHODIXQFLyQGHOTXHKDFHUSRpWLFRHVSHFLDOPHQWHHQHO SULYLOHJLRGHODFRPXQLFDFLyQFRPRXQDGHVXVPLVLRQHV (V TXHFRPRHQIDWL]D0DUWtQ3ULHWRODDFWLWXGWDQWRGHOJUXSR =RQDFRPRGHVXVLQWHJUDQWHVQRHVRSRVLWLYDVLQRSRVLWLYD VHSRVLFLRQD³FRPRVXPD´WHQGLHQWHDLQWHJUDUGLVWLQWDVWHQ GHQFLDV 3RHVtDH[SHULHQFLDFRQRFLPLHQWR\ FRPXQLFDFLyQ 3RU HVWRV PRWLYRV FUHR TXH DQWHV GH DERFDUQRV GH OOHQRDODQiOLVLVGH=RQDXQEUHYHUHFRUULGRSRUVXSUHGHFH VRUD 3RHVtD %XHQRV$LUHV SXHGH UHVXOWDU SURGXFWLYR 3RU &H/H+LV 0DULHOD%ODQFR IDOWDGHHVSDFLRUHVXPRVXFLQWDPHQWHDOJXQRVLGHRORJHPDV IXQGDQWHV GH OD UHYLVWD TXH KH GHVDUUROODGR HQ RWUR OXJDU HQWUHORVTXHVHGHVWDFDQODSUHVHUYDFLyQGHOHVSDFLRGHOD SRHVtDFRPRDXWyQRPRLQFRQWDPLQDGR $SHVDUGHOLQWHQWR GHDFHUFDPLHQWRQRVHWUDWDGHSRQHUDODPLVPDDOWXUDGH ORJUDUXQLQWHUFDPELRVLQRGH³HOHYDU´ODYLGDDOOXJDUGHOD SRHVtDSDUDHQULTXHFHUDTXpOOD³4XHUHPRVDODKXPDQLGDG D OD DOWXUD GH OD SRHVtD´ GLUi 1LFROiV (VSLUR HQ HO TXLQWR Q~PHUR(OSRHWDSRUORWDQWRDTXHOFDSD]GHUHDOL]DUHVWD HOHYDFLyQWUDVFHQGHQWHGLYHUJHGHOPXQGRFRWLGLDQRFRQHO TXHVLQHPEDUJRVHSURSRQHHVWDEOHFHUXQYtQFXORFRPXQL FDWLYRHQDOJ~QVHQWLGR'HDKtTXHGHEDPRVUHFRQRFHU FRPR\DORKL]R'DQLHO)UHLGHPEHUJHQYDULDVRSRUWXQLGD GHVTXHODSUHRFXSDFLyQSRUODFRPXQLFDFLyQRFXSDXQOX JDUGHVWDFDGRHQODVUHIOH[LRQHVGHHVWHJUXSRGHSRHWDV $VtORHYLGHQFLDQODVSDODEUDVGH5D~O*XVWDYR$JXLUUHHQHO DUWtFXORWLWXODGR³/DYLROHQFLDGHODVSDODEUDV´ 1RKDUHPRVSRHVtDHQHOHVSDFLRGRQGHWRGD SDODEUD HV LQ~WLO /D SRHVtD SRU OD TXH WUD EDMDPRV WHQGUi VLHPSUH XQD LQH[RUDEOH DF FLyQ VREUH ODV UHODFLRQHV KXPDQDV /D SRH VtD D WUDYpV GH ORV TXH LGHQWLILFDQ FRQ VX YLGD HVH KDFHU KD GH OOHJDU WDPELpQ D ORV TXH QR FRPSUHQGHQ HO HVFULWR KD GH OOHJDU HQ DFWR \ HQ SUHVHQFLD < ODV FULDWXUDV VLQ ILGHOLGDG D VXV RMRV ORV FRQWLQXRV VDTXHD GRV VHUiQ DVt GHIHQGLGRV (O SRHWD KDUi SRVLEOH OD FRPXQLFDFLyQ ORV EHOORV JHVWRV OD FRQWLQXDFLyQ GH OD YLGD 9LHMR SHUUR VLQ DPR KDEUi JXVWDGR HO FXUVR GH YXHVWUDV SDODEUDVDFHOHUDGRSRUVXSUHVHQFLD(OPiV EHOOR DGHPiQ PDWDUi DO ~OWLPR GH ORV FDQD OODV &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV 6LELHQHVWHLPSHUDWLYRGHFRPXQLFDELOLGDGSDUHFLHUD SURSRQHUODUHDOL]DFLyQVLPXOWiQHDGHDPEDVGLUHFFLRQHVGH ODUHODFLyQDUWHYLGDHOSRVWXODGRVLJXHIXQFLRQDQGRGHIRU PDXQLGLUHFFLRQDOHQFXDQWRQRVHSHUILODXQDIRUPDGHHVFD SDUDODWLUDQtDGHODVDFUDOL]DFLyQGHODILJXUDGHSRHWDHVH LQWpUSUHWHGHODKXPDQLGDGHVHPHGLDGRUHQWUHORKXPDQR\ ORWUDVFHQGHQWH³HO~QLFRFDSD]GHFRPSUHQGHU´ËELGHP 3RUHVRORVKHFKRVGHPRVWUDURQTXHDOPHQRVSDUD ORVDxRVVLJXLHQWHVHOFDPLQRSURSXHVWRQRUHVXOWyVXILFLHQ WHPHQWHYLDEOH'HDKtODHPHUJHQFLDGHOJUXSRGHSRHWDV DUUHPROLQDGRHQWRUQRDODUHYLVWD=RQDGHODSRHVtDDPHUL FDQDXQRGHFX\RVGHVWDFDGRVH[SRQHQWHV&pVDU)HUQiQGH] 0RUHQRSRGUtDVHUFDWDORJDGRFRPRHOWHyULFRGHODFRPXQL FDFLyQSRpWLFDDOPHQRVHQORVWpUPLQRVHQTXHVtKDOODUtD FRQFUHFLyQHQODSRHVtDFRQYHUVDFLRQDORVHVHQWLVWDODTXH pOGHQRPLQDHQXQDSULPHUDHWDSDSRHVtDH[LVWHQFLDO /RV SRHWDV GH OD H[LVWHQFLD QR FRQVLGHUDQ TXH VX GLVFLSOLQD HVWp UHGXFLGD D OD VROD H[ SUHVLyQ YHUEDO EDMR IRUPDV OtULFDV 3RU HO FRQWUDULR OD DEDQGRQDQ FRPR HMHUFLFLR HV SHFLDOL]DGR \ H[FOX\HQWH OD FRQFLEHQ FRPR XQD DFWLYLGDG JHQHUDO GHO KRPEUH %XVFDQ YLYLU LQWHJUDQGR VL QR WRGDV ODV SRVLELOLGD GHV KXPDQDV SRU OR PHQRV ODV IRUPDV DUWtV WLFDV FRQ PD\RUHV SRVLELOLGDGHV GH FRPXQL FDFLyQ $FHSWDQ TXH ³OD SRHVtD HV SDUD WR GRV´ \ HVWH VORJDQ VH HVSHUDQ]D HQ OD DGH FXDFLyQ UHFtSURFD GH OD SRHVtD D WRGRV \ GH WRGRVDODSRHVtD (QHVWHFDVRODE~VTXHGDGHFRPXQLFDFLyQVHHQWLHQ GHHQWpUPLQRVQR\DGHXQD³H[SHULHQFLDGHXQYtQFXORHVHQ FLDOHQWUHORVKRPEUHV´VLQRGHVGHXQDSHUVSHFWLYDIXQFLR &H/H+LV 0DULHOD%ODQFR QDORULHQWDGDKDFLDODDPSOLDFLyQGHS~EOLFRSDUDODSRHVtD ³UHFXSHUDUHOGRQFRPXQLFDWLYR´GLUi1Rp-LWULNHQ³3RHVtD $UJHQWLQDHQWUHGRV5DGLFDOLVPRV´\GHHVHPRGRFDSD] GHLQFLGLUHQORVRFLDO (VWDVGRVYLVLRQHVSUHVHQWDQVLQRXQDGLVSXWDH[SOtFL WDVtHQFDPELRODSRODUL]DFLyQGHOiPELWRDOTXHVHWHQVDOD PLUDGDDODKRUDGHFRQFHELUODUHODFLyQHQWUHODSUD[LVYLWDO\ OD SUD[LV DUWtVWLFD DVt PLHQWUDV ORV SRVWXODGRV GH 3RHVtD %XHQRV$LUHVHQIDWL]DQHOLQWHQWRSRUKDFHUGHODPLVPDYLGD XQDLQVWDQFLDDUWtVWLFDGHYLYLUODJXLDGDSRUODSDVLyQHVWpWLFD \VXGHVSOLHJXHHVHQFLDOORVGH)HUQiQGH]0RUHQRSURSRQHQ HO FDPLQR LQYHUVR HV GHFLU DFHUFDU HO DUWH D OD YLGD WUDVYDVDQGR ORV HVWUHFKRV OtPLWHV TXH HVWDEOHFH HO FDPSR DUWtVWLFRDSDUWLUGHVXDXWRQRPtD\HQWURQDPLHQWR 8QLILFDGDV EDMR HO LPSHUDWLYR GH SULYLOHJLDU SDUD OD SRHVtDHOILQFRPXQLFDWLYRODVYRFHVGHORVHGLWRUHVGHOD UHYLVWDVHGHVWDFDQWDPELpQSRUORVPDWLFHVTXHODVGLIHUHQ FLDVWDOHVHOFDVRGHHVDHVSHFLHGHFRQWUDSXQWRSURGXFWLYR TXH SRGHPRV DGYHUWLU HQIUHQWDQGR ODV YLVLRQHV GH (GJDU %D\OH\\)UDQFLVFR8URQGR&DEHGHVWDFDUTXHHOSXQWRGH SDUWLGDSDUDODVUHIOH[LRQHVHQWRUQRDODIXQFLyQGHODSUiF WLFDSRpWLFDHVWiGDGRSRUODSURYRFDWLYDSUHJXQWDTXHHQFD EH]DXQDH[WHQVDHQFXHVWDHQHOVHJXQGRQ~PHURGHODUH YLVWD³¢/DSRHVtDVLUYHSDUDDOJR"´,QGXGDEOHPHQWHVHWUDWD GHXQHFRGHOUHQRPEUDGRLQWHUURJDQWHVDUWUHDQR³¢3DUDTXp VLUYHODOLWHUDWXUD"´FX\RGHVSOD]DPLHQWRVHPiQWLFRHQOD HQXQFLDFLyQGHOJUXSR=RQDFRUUHHOHMHGHODSUHJXQWDGHO REMHWR³SDUDTXp´DOVXMHWR³/DSRHVtD´SRQLpQGRORGH HVWHPRGRHQMDTXHPiVGLUHFWDPHQWHDGHPiVGHGHMDUWiFL WDPHQWHLPSOtFLWDODSRVLELOLGDGGHODQHJDWLYDODFXDOQRHV FRQWHPSODGDHQHOHQXQFLDGRVDUWUHDQR$GHPiVGHODKX PRUtVWLFDUHVSXHVWDGH0LJXHO%UDVFy\GHRWURVSHUVRQDMHV &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV TXHRFXSDQXQDPSOLRHVSHFWURTXHDEDUFDGHVGHHODPELHQ WHDUWtVWLFRKDVWDXQFDUSLQWHURPHLQWHUHVDFRQVLGHUDUHVSH FLDOPHQWHODUHIOH[LyQGH%D\OH\UHVSHFWRGHHVWHWHPDHQ ³/DSRHVtDHVHOSULQFLSDODOLPHQWRGHODUHDOLGDG´1\ GH8URQGRHQ³/DSRHVtDDUJHQWLQDHQORV~OWLPRVDxRV´ 1 6LHODFXHUGRJHQHUDOL]DGRFRPR\DHQIDWLFpHVTXH ODFRPXQLFDFLyQGHEHVHUHOSULQFLSDOREMHWLYRGHODSRHVtD %D\OH\VHHQFDUJDGHGDUOHIXQGDPHQWRDHVWDDILUPDFLyQ HQHIHFWRHOOHPD³9LYLUHVFRPXQLFDUVH´VHUHSLWHGHPRGR DQDIyULFRHQHODUWtFXOR<HQHOODVHVXVWHQWDXQRGHORVDV SHFWRV TXH SDUD HVWH SRHWD FRQIRUPDQ HO SURFHVR SRpWLFR /DFRPXQLFDFLyQHVODDFFLyQTXHSHUPLWHHOFRQWDFWRHQWUH HOKRPEUH\HOPXQGRHVGHFLUHQWUHHOKRPEUH\ORRWUR GLVWLQWRGHpODEDUFDQGRFRQHVWRWDQWRORLQWHUQRFRPROR H[WHUQR$SDUWLUGHHVWHFRQWDFWRHVTXHQDFHODSRHVtDGH XQDDFWLYLGDGTXHGHVGHHOPRPHQWRTXHLPSOLFDXQVXMHWR QRDGPLWHVHUSDVLYD\TXHGHVGHHOPRPHQWRHQTXHHVH VXMHWRTXLHUHHQWDEODUYtQFXORVFRQORTXHGLILHUHGHpO³SUR SRQHXQDQXHYDH[SHULHQFLDXQFRQRFLPLHQWRSURGXFWLYR´ 'HHVWHPRGRHQHVWDUHGHILQLFLyQOHMRVTXHGDHOSRHWD³UH YHODGRU´ GHO DEVROXWR GH UHDOLGDGHV VyOR DVHTXLEOHV D VXV GRWHV SHUVRQDOHV TXH FDUDFWHUL]D OD OtQHD WUDVFHQGHQWDOLVWD GHODSRHVtDGHODGpFDGDDQWHULRU%D\OH\RSRQHDHVWHPR GHORXQSRHWD³FUHDGRU´FX\DLPSRUWDQFLDWUDQVJUHGHORVOt PLWHVGHODPHUDFLUFXQVFULSFLyQDODWHRUtDLQYHQFLRQLVWDTXH pOPLVPRHODERUD\UHSUHVHQWD 3DUD%D\OH\ODSRHVtDSDUWHGHODH[SHULHQFLDTXHHO VXMHWR WLHQH GHO PXQGR FRPR PDWHULDO GHO TXH VH QXWUH OD SRHVtD\FRQVWLWX\HDOPLVPRWLHPSRXQDH[SHULHQFLDODGHO FRQRFLPLHQWR$VtODSRHVtDHVH[SHULHQFLDFRQWDFWRFRQOD UHDOLGDGSURSLD\FRPXQLFDFLyQFRQWDFWRFRQODUHDOLGDG &H/H+LV 0DULHOD%ODQFR DMHQD<SDUDTXHHVWDWUDQVIRUPDFLyQVHSURGX]FDHOSUR FHVRLPSOLFDXQDDFWLYLGDGGHFUHDFLyQFRQRFLPLHQWR\HO RUGHQDPLHQWRGHORTXHDSRUWDQORVVHQWLGRV'HHVWHPRGR VHREVHUYDFyPRHQHVWDWHRUtDVHYHUWHEUDQORVWUHVIDFWR UHV TXH SDUD HVWRV SRHWDV UHVXOWDQ FRQVXVWDQFLDOHV FRQ HO IHQyPHQR SRpWLFR H[SHULHQFLD FRQRFLPLHQWR \ FRPXQL FDFLyQ0HLQWHUHVDGHVWDFDUTXHHOFRQFHSWRGHH[SHULHQ FLDGHOTXHVHYDOHQWRGRVORVSRHWDVGHOJUXSRUHLQVWDODDO VXMHWRHQHOFHQWURLGHROyJLFRGHODUHYLVWDSHUPLWLHQGRXEL FDUODGHQWURGHODVWHQGHQFLDVKXPDQLVWDVTXHHQORVVHVHQWD VHUiQPD\RUtDHQFRQWUDSRVLFLyQFRQODVWHQGHQFLDVIRUPD OLVWDVTXHVHFRQYHUWLUiQHQXQRGHORVEODQFRVSULYLOHJLDGRV GHODUHYLVWD $JUDQGHVUDVJRVORVPLHPEURVGHOJUXSR=RQDFRLQ FLGHQHQFRQFHELUODH[SHULHQFLDFRPRFRQFHSWRPHGLDGRU HQWUHSRHVtD\UHDOLGDGHQFXDQWRDSRUWDPDWHULDOHVSDUDHO SRHPD\FRQVWLWX\HSHUVHXQDH[SHULHQFLDGHFRQRFLPLHQWR \GHFRPXQLFDFLyQFRQHOPXQGRTXHDWUDYLHVDDOVXMHWR SRHWDHOFXDOGHMDGHVHUXQUHYHODGRU\VHFRQYLHUWHHQXQ FRPXQLFDGRUGHH[SHULHQFLDVGHGLVWLQWDSURFHGHQFLD (Q JHQHUDOFRPRSXHGHDGYHUWLUVHDWUDYpVGHORVSRHPDVVH OHFFLRQDGRV\DQRVHWUDWDGHWUDQVPLWLUH[SHULHQFLDVGHOD H[FHOVLWXGGHODEVROXWRGHODKXPDQLGDGHQVHQWLGRJHQpUL FRRGHHWDSDVLGHDOL]DGDVFRPRODLQIDQFLDVLQRGHDSHODUD ODVH[SHULHQFLDVGHOKRPEUHGHWRGRVORVGtDV%DVWHFRPR HMHPSORHVWRVYHUVRVGH0LJXHO%UDVFy³&DGDPDxDQDHO GHVWLQRDEUHXQRMRDSR\DXQFRGRERVWH]DVHUDVFDHORP EOLJRSLHQVDHQQRVRWURV¢TXpOHPDQGRKR\DHVWH5DQGROIR DDTXHOPLJXHOH"´1 6LPLODU SHUVSHFWLYD RIUHFHQ ODV UHIOH[LRQHV GH )HUQiQGH]0RUHQRHQODFUtWLFD³9LHMDSRHVtDHQQXHYRWHD WUR´1HQGRQGHDERPLQDGHODSRHVtDH[SUHVDPHQWH &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV SROtWLFDSRUFRQVLGHUDUODXQD³WpFQLFD´HQFRQWUDSRVLFLyQFRQ HO³DUWH´TXHLPSOLFDHODFWRGHFRQRFLPLHQWRORFXDOQRFRQ OOHYDLJQRUDUTXHHOSRHWDHVXQ³PRGLILFDGRUGHODUHDOLGDG´ VLQRUHDILUPDUSUHFLVDPHQWHTXHHOFRQRFLPLHQWRTXHHQWUD xDODDFFLyQGHOVXMHWRWUDHLPSOtFLWDODRSHUDFLyQGHPRGLIL FDFLyQ GH OR UHDO GH PRGR TXH ³7RGR DUWH SRU WDQWR HV UHVXOWDVRFLDO\HOORHQGRVIRUPDVXQDLQPHGLDWD\RWUD PiVLQGLYLGXDOPHGLDWD([LJLUPiVRPHQRVLQPHGLDWH]DOD VRFLDELOLGDGGHODUWHQRHV\DDUWHVLQRSROtWLFD´ <GHQWURGHORVPDWLFHVTXHSHUPLWHQFDUDFWHUL]DUHVWD H[SHULHQFLDSRpWLFDTXHSHUPLWHHQWDEODUYtQFXORVFRQHODIXH UDFRPRDGYHUWtDPRVHQODWHRUtDGH%D\OH\SDUDODPLUDGD GH8URQGRHVWHFRQFHSWRUHVXOWDFHQWUDO\RSHUDWLYRHQFXDQWR DOSULYLOHJLRTXHHVWHSRHWDRWRUJDDORVOD]RVFRQHOFRQWH[WR \SRUHQGHSRUTXHSHUPLWHDERUGDUXQRGHORVFHQWURVUH IOH[LYRVTXHFDUDFWHUL]DUiHOSHUtRGRHOGHODVUHODFLRQHVHQ WUHSRHVtD\SROtWLFD3DUD8URQGRODH[SHULHQFLDKXPDQD WDPELpQFRQIRUPDODPDWHULDSRpWLFDGHPRGRTXHVHUHIXHU]D HOIXQGDPHQWRTXHSHUPLWLUtDHOLQJUHVRGHODUHDOLGDGDOSRH PDREMHWRTXHDVXYH]PRGLILFDODSURSLDUHDOLGDGGHPRGR TXHFRPSDUWHFRQVXVFRPSDxHURVHOLGHRORJHPDGHOSRHWD FRPRFUHDGRURPRGLILFDGRUGHORUHDO3HURLQWHUHVDGHVWD FDUTXHORVSDUiPHWURVGHDQiOLVLVTXHLQWURGXFHFRPRHO FRQWH[WRVRFLDO\SROtWLFRVRQORVTXHVLQJXODUL]DQVXSHUV SHFWLYDSXHVHOIDFWRUGHGLYHUJHQFLDHVWiGDGRSRUORTXH DPERVSRHWDVHQWLHQGHQSRUFRQWH[WRRUHDOLGDGLPSOLFDQGR SDUDHOFDVRGH%D\OH\DTXHOORSHUFHSWLEOHSRUORVVHQWLGRV FRQXQUHVFDWHGHORLQVWLQWLYR\ORLQFRQVFLHQWHDXQTXHQROR GLJDHQHVRVWpUPLQRV\HQHOVHJXQGRRULHQWiQGRVHSDXOD WLQDPHQWHKDFLDXQFRQWH[WRVRFLDOXQDUHDOLGDG³WDQJLEOH´ TXHVHYXHOYHFDGDYH]PiVLQWROHUDEOHXQHQWRUQRDOTXHVH KDFHFDGDYH]PiVLPSHUDWLYRPRGLILFDU3UHFLVDPHQWHHV WRVDUJXPHQWRVVRQORVTXHRULHQWDQVXVFUtWLFDVFRQWUDORV &H/H+LV 0DULHOD%ODQFR JUXSRVVXUUHDOLVWDVHLQYHQFLRQLVWDVTXHGDQYXHOWDODFDUDD ODUHDOLGDGVRFLDO /XHJRGHOULJXURVRWUD]DGRGHOHVWDGRGHODFXHVWLyQ TXHUHDOL]D8URQGRHQHVWHDUWtFXORFRPRHVGHHVSHUDUWRPD SDUWLGRSRUODSRHVtDVRFLDO\OHSURIHWL]DHOPHMRUGHVWLQR VLQHPEDUJRSUXHEDGHTXHVXYLVLyQD~QWLHQGHDOD LQWHJUDFLyQPiVTXHDOSULYLOHJLRGHXQSRORHQODUHODFLyQ SRHVtD\SROtWLFDHVHOUHVFDWHGHODSRHVtDGH%D\OH\FRPR HMHPSORGHOHTXLOLEULRGHVHDGR$Vt +R\ QXHVWUD SRHVtD D OR PHMRU VHD PHQRV SUHWHQFLRVD R WHQJD PHQRV YDOLGH] PHWDItVL FD SHUR UHVXOWD PiV WDQJLEOH PiV FRQFUHWD PiV FRQYLQFHQWH \ WDO YH] SRU VX PD\RU VRO YHQFLD 3DUHFLHUD TXH VH DOFDQ]D R VH WHQ GLHUD D DOFDQ]DU XQ HTXLOLEULR HQWUH ODV SR VLFLRQHV HVWpWLFDV H LGHROyJLFDV DPEDV QR HUDQ QR WHQtDQ SRU TXp VHUOR QR VXSRQtDQ SRVLFLRQHV H[FOX\HQWHV 'HPRGRTXHVLELHQHQDOJXQDVRFDVLRQHVHFORVLRQD HOWRQREHOLFRVRGH8URQGRHQDUWtFXORVFRPR³&RQWUDORV SRHWDV´HQGRQGHDUUHPHWHGHOOHQRFRQWUDODILJXUDFLyQGHO SRHWDFRPRYDWH1FRQWUDWDSDVXIRUPDGHFDUDFWHUL ]DU OD SUiFWLFD SRpWLFD VH HPSDUHQWD FRQ XQD FRQFHSFLyQ DPSOLDGHODVUHODFLRQHVHQWUHSRHVtD\UHDOLGDGHQGRQGHVH LQWHQWDFRPXQLFDUODVH[SHULHQFLDVGHORVKRPEUHVQRGHOD ³KXPDQLGDG´ WDQWDV YHFHV SUHFRQL]DGD HQ3RHVtD %XHQRV $LUHV 5HVFDWHV\DWDTXHV 6H VDEH TXH DPERV JHVWRV FRQVWLWX\HQ RSHUDFLRQHV &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV LQKHUHQWHVDOHQWUDPDGRGHODWUDGLFLyQVHOHFWLYDHQORVWpU PLQRVGH:LOOLDPVTXHXQJUXSROOHYDDFDERSDUDFRQVROL GDUVHGHQWURGHHQHVWHFDVRHOFDPSRSRpWLFRQDFLRQDO< HQHVHSURFHVRDGHPiVVHGHILQHQFRPRJUXSR $SHODQGRDVLPLODUHVSDUiPHWURVTXH8URQGR-LWULN HQ³3RHVtD$UJHQWLQDHQWUHGRV5DGLFDOLVPRV´GHVSOLHJDXQD HVSHFLHGHDUVHQDOEpOLFRSDUDOHHUODKLVWRULDGHQXHVWUDSRH VtD$OJXQDVGHHVDVDUPDVSURYLHQHQGHODDUWLOOHUtDPDU[LV WD\FRQVLVWHQSULQFLSDOPHQWHHQHQWDEODUXQSDUDOHOLVPRHQ WUH OR TXH RFXUUH HQ HO QLYHO GH OD HVWUXFWXUD \ GH OD VXSHUHVWUXFWUDHQGRQGHORVSDWURQHVGHDQiOLVLVVHUiQSULQ FLSDOPHQWHORVIHQyPHQRVHFRQyPLFRSROtWLFRVTXHVHDED WHQHQHOSDtV\VXVFRQVHFXHQFLDVHQHOSODQRFXOWXUDO\PiV HVSHFtILFDPHQWHHQHOiPELWROLWHUDULR'HDKtTXHORVSDWUR QHVGHDQiOLVLVVXUMDQSULQFLSDOPHQWHGHODGLYLVLyQFODVLVWDGH ODVRFLHGDGDUJHQWLQD\GHFDWHJRUtDVTXHOHVVRQVXEVLGLD ULDVFRPRODFRQVHFXHQWHVHSDUDFLyQHQWUHSRHVtDGHHOLWH\ SRHVtDSRSXODUTXHFXULRVDPHQWHTXHGDH[FOXLGDGHOIRFR GHDQiOLVLV7RGRHODUWtFXORVHHQWUHWHMHDSDUWLUGHOSDUDOHOLV PRHQWUHODGLPHQVLyQSROtWLFD\HVWpWLFDSHURDKtQRVHDJR WDQORVUHFXUVRVWHyULFRVGHTXLHQFRQHOWLHPSRVHFRQVWLWXL UiHQXQRGHORVPiVGHVWDFDGRVH[SRQHQWHVGHOFDPSRFUt WLFRDUJHQWLQRODKLSyWHVLVGHHVWDVUHIOH[LRQHVHPHUJHFRPR SURGXFWRGHOGHVSOLHJXHGHXQDLQFLSLHQWHWHRUtDGHODUHFHS FLyQGDGRTXHUHVXOWDHYLGHQWHTXHD~QQRVHKDLQFRUSRUDGR HOXWLOODMHTXHIDFLOLWDODWHRUtDGHODHVFXHODGH&RQVWDQ]D (VWDDWHQFLyQFRQIHULGDDODFRPXQLFDFLyQFRPRUDVJRLQKH UHQWHDODOLWHUDWXUDHVORTXHOHSHUPLWHFDUDFWHUL]DUODVGLV WLQWDV IRUPDFLRQHV GLVFXUVLYDV GH OD KLVWRULD GH OD QXHVWUD OLWHUDWXUDDVtSRUHMHPSORXQRGHORVIODQFRV³HQHPLJRV´ HOHJLGR HV OD YDQJXDUGLD KLVWyULFD \ SDUWLFXODUPHQWH HO XOWUDtVPRFRQ%RUJHVFRPR³LPSRUWDGRU´\FXOWRUSULYLOHJLD GRPRYLPLHQWRDOFXDOUHVSRQVDELOL]DGH³DEULUXQDEUHFKD &H/H+LV 0DULHOD%ODQFR GHILQLWLYDGHODSRHVtDFRQHOS~EOLFR´1/DVEXHQDV LQWHQFLRQHVQRDOFDQ]DQSDUDUHVFDWDUD%RHGRJUXSRKDFLD HOFXDO\DKDQOORYLGRUHLWHUDGDVFUtWLFDVSRUVXHVFDVRULJRU\ GLJDPRVFRQVHUYDGXULVPRIRUPDO$OJUXSR6XUFRPRQR SRGtDVHUGHRWURPRGRGHGLFDODUJRVSDVDMHVHQGRQGHVX ³HSLJRQLVPR´HPHUJHFDVLFRPRHOSHRUGHORVPDOHVVLQ HPEDUJRVXFRQVLGHUDFLyQHVIXQGDPHQWDOSDUDFRPSUHQGHU HOUHFODPRTXHUHFDHVREUHODJHQHUDFLyQGHOHQFXDQWRD ODSRVLELOLGDGGHKDEHUURWROD³LPSHUPHDELOLGDGSRpWLFD´TXH LPSLGLyHOLQJUHVRGHODH[SHULHQFLDSROtWLFDFRPRPDWHULD SRpWLFDGXUDQWHWDQWRWLHPSRHVSHFLDOPHQWHFRQVLGHUDQ GRORVLPSRUWDQWHVFDPELRVVRFLDOHVTXHVHHVWDEDQVXVFLWDQ GRFRQODVXELGDDOSRGHUGHOSHURQLVPR $VtFRPR8URQGRSURIHWL]DEDHOPHMRUIXWXURSDUDOD ³SRHVtDVRFLDO´-LWULNWDPELpQDOXGHDOSUHVHQWH\DOIXWXUROR FXDODWDxHGLUHFWDPHQWHDVHQWDUODVEDVHVGHOJUXSR=RQD /D SRHVtD VH VRFLDOL]D SDXODWLQDPHQWH \ VH GHVHSLJRQL]D FRPLHQ]D XQ UHVFDWH FDGD YH] PD\RU GH HOHPHQWRV SRSXODUHV HO WDQJR VH LQWHJUD HQ XQD SHUVSHFWLYD GH SRHVtD FXOWD \ VH SURGXFH XQD LQWHUDFFLyQ TXH QR SRUTXH VHD PLOLWDQWH GHMD GH SURGXFLU HIHFWRV SRpWL FRV GH LQWHUpV 3HUR QR HV VyOR HVR VLQR XQD PD\RU SURIXQGL]DFLyQ GH HOHPHQWRV WHPiWL FRV VLWXDFLRQHV VHQWLPHQWDOHV \ DXQ FODVLV WDV OD SRHVtD QR SXHGH VHU XQ LQVWUXPHQWR VRODSDGR R VLELOLQR GH RFXOWDPLHQWR VLQR TXH VLHQGR H[SUHVLyQ GHEH DIURQWDU GHEH LQFOXLU \ DXQ GHFODUDU D TXp VH DOXGH D TXLpQ OH HV GLULJLGDTXpSDSHOFUHHTXHMXHJDHQODYLGD GH ORV GHPiV TXLHQ OD DUWLFXOD &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV 6H WUDWD GH GHILQLU H LPSXOVDU HVD SRHVtD TXH )HUQiQGH]0RUHQRGDHQOODPDU³H[LVWHQFLDO´FX\ROHPDHO SRHWDVLQWHWL]DFRPR³ODSRHVtDHVSDUDWRGRV´1\TXH VHHULJHHQFRQWUDSRVLFLyQFRQIRUPDFLRQHVGLVFXUVLYDVTXH VHFRQVWLWX\HQHQEODQFRSUHGLOHFWRGHOJUXSR7RPHPRVSRU FDVRODYDQJXDUGLDSRUXQODGRFRPRLGHRORJHPDHQVHQWLGR JHQHUDOGHQRVWDGDSRUHODXWRUGH$UJHQWLQRKDVWDODPXHUWH SRUVHU³FUtWLFRKDVWDODGHVWUXFFLyQ\KHUPpWLFRKDVWDODFKD UDGD´ËEtGHP\WDPELpQSRU-LWULNDOGHVWDFDUHOFDUiFWHU PHVLiQLFR\ODWLUDQtDGHOJUXSRVREUHODOLEHUWDGFUHDWLYD1 SRURWURVLWXDGDWHPSRUDOPHQWHHQHODUWtFXORGH-LWULN HQGRQGHGLVWLQJXHHQWUHHOJUXSR0DUWtQ)LHUUR\HOGH3RH VtD%XHQRV$LUHVSRUFRQVLGHUDUTXHORVPLHPEURVGHO~OWL PR³LQDXJXUDQHOYHUGDGHURPRPHQWRYDQJXDUGLVWDHQQXHV WURSDtV´\TXHDOEHUJDURQODHVSHUDQ]DGH³UHFXSHUDUHO GRQFRPXQLFDWLYR´UD]RQHVSRUODVFXDOHVH[FOX\HHVWD IRUPDFLyQGHOJUXSRGHOD³SRHVtDRILFLDO´ $ SHVDU GH ODV GLIHUHQFLDV HYLGHQWHV D SDUWLU GH ODV FXDOHVVHFRQIRUPDHVWHJUXSRHQUHODFLyQFRQHOGLULJLGRSRU $JXLUUHFRPRODVGLIHUHQWHVIRUPDVGHHQFDUDUODUHODFLyQ SRHVtDUHDOLGDG TXH GHVWDFD9DQDVFR HQ HO DUWtFXOR ³&UHD FLyQ\FLUFXQVWDQFLDV´1HVWDHVSHFLHGHUHVFDWH TXHHPSUHQGH-LWULNHVXQDIRUPDGHUHFRQRFLPLHQWRDHVD UDt]FRP~QTXHPHQFLRQDUDDQWHULRUPHQWH /DRSHUDFLyQGHLPSXOVDUXQDSRHVtDQXHYDHQSURFH VRGHFUHFLPLHQWRVHPDQLILHVWDHQUHLWHUDGDVRSRUWXQLGD GHVEDVWDFLWDUFRPRHMHPSORODFUyQLFDTXHVLQWHWL]DOD³5H XQLyQGHORVSRHWDVGHOLQWHULRU´UHDOL]DGDHQMXOLRGH 1DSDUWLUGHODFXDOVHFRQFOX\H³HVSRVLEOHDILUPDU TXHODUHXQLyQGH&yUGREDKDPRVWUDGRODH[LVWHQFLDGHXQD SRHVtDYLYLHQWHHQWRGRHOSDtV0X\GLVWLQWDSRUFLHUWRGHOD SRHVtDCRILFLDO´<HVDSUiFWLFDLPSXOVDGDSRUHOJUXSR=RQD &H/H+LV 0DULHOD%ODQFR KDOODUHIHUHQWHVLQGLVFXWLGRVHQORVSRHWDVVtPERORTXHLOXV WUDQODVWDSDVGHORVFXDWURQ~PHURV$VtODRSHUDFLyQGH UHVFDWHVHLQDXJXUDFRQODIRWRGH2OLYHULR*LURQGRHQHO1 JHVWRTXHVHUHDILUPDHQOD~OWLPDSiJLQDGHODUHYLVWDFRQ ODSXEOLFDFLyQGHOSRHPD³,VODVVyORGHVDQJUH´EDMRHOVXE WtWXORGH³3RHWDVGHKR\´\HQFRPSDxtDGHXQSRHPDGHXQ MRYHQHVSDxRO$OEHUWR/RUHVFRQORFXDOVHVXJLHUHODYLJHQ FLDGHOSRHWDYDQJXDUGLVWD\VHWUD]DSRUORWDQWRXQDOtQHD GHSDUHQWHVFRDOPHQRVFRQVXSUR\HFWRSRpWLFR(O1 HVWiLOXVWUDGRFRQODIRWRGHXQ-XDQ/2UWL]TXHVHGLVWLQ JXHSRUVXHOHJDQWHERTXLOOD0DUFDUHJLVWUDGDGHOULJRUH[ SUHVLYR -XDQHOH KDEtD VLGR \D DVLGXDPHQWH SXEOLFDGR HQ 3RHVtD %XHQRV $LUHV HVWH SRHWD VH FRQYLHUWH HQ IRFR GH LUUDGLDFLyQHQYDULRVVHQWLGRVHQSULPHUWpUPLQRDWUDYpVGH OD\DFRQRFLGDLQIOXHQFLDTXHHMHUFHVREUHSRHWDVGHOOLWRUDO HQWUHORVTXHVHHQFXHQWUD3DFR8URQGRTXHFRLQFLGHQHQ GHVWDFDUODVGRWHVSDUDHOPDJLVWHULRSRpWLFRTXHVLQJXODUL]D URQDOHQWUHUULDQRHORWURDVSHFWRVHGHVSUHQGHGHODVSDOD EUDV TXH 5DPLUR GH &DVDVEHOODV OH GHGLFD HQ HVWH PLVPR Q~PHURTXHDSXQWDQDUHVDOWDUVXFRQGLFLyQGHSRHWDROYLGD GRDXVHQWHGHODVDQWRORJtDV\DOPLVPRWLHPSRFXOWRUGH XQDOtQHDTXHWLHQGHDQXWULUVHGHODPDWHULDSRpWLFDTXHSUR SRUFLRQDOD1DWXUDOH]D\ODUHIOH[LyQPHWDItVLFD³-XDQ/ 2UWL]HVGHDOJXQDPDQHUDHOH[SORUDGRUGHORDEVROXWRTXH TXHUtD6DLQW3RO5RX[XQKDELWDQWHSULYLOHJLDGRGHQXHVWUR SDtV´(QFXDQWRD0DFHGRQLR)HUQiQGH]WDSDGHO1 QRUHVXOWDFDVXDOTXHHOKRPHQDMHHVWpDFDUJRGH)HUQiQGH] 0RUHQRTXLHQWDQWDVSiJLQDVKDGHGLFDGRDODUHLYLQGLFDFLyQ GHHVWDILJXUDVRVOD\DGDSRUH[FHOHQFLDGHQXHVWUDVOHWUDV PXFKDV HVSHFXODFLRQHV VH KDQ KHFKR VREUH ODV FDXVDV GH HVWDUHFXUUHQWHRPLVLyQSHURORTXHLPSRUWDGHVWDFDUDFiHV ODKHUHQFLDGHHVHKXPRUFRUURVLYRGHFRQVWUXFWLYRGHWRGDV ODV FHUWH]DV \D VHDQ PHWDItVLFDV R FRWLGLDQDV TXH VHUi &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV UHSURFHVDGRHQODLUUHYHUHQFLDTXHFDUDFWHUL]DSRUHMHPSOR ODSRHVtDGHOPLVPR)HUQiQGH]0RUHQR3RU~OWLPRHOUHVFD WHGH'LVFpSRORDSXQWDDOHJLWLPDUFLHUWRVUDVJRVIRUPDOHV GHODSRHVtDTXHHQODUHYLVWDVHHVWiSURPRYLHQGRPHUHILH URDODDSHODFLyQGHOOXQIDUGLVPR\HOFRORTXLDOLVPRTXHVLQ JXODUL]DURQVXSUR\HFWRGHUHPHGRGHRUDOLGDGGHHMHUFLFLR GHORTXH$OEHUWR&RXVWpGHQRPLQDXQD³MXJODUtD´SRUHO FXOWLYRGHXQDSRHVtDSRSXODUSDUDWRGRV (QWUHORVSRHWDVMyYHQHV8URQGRYXHOYHDPRVWUDUVHU FRQVHFXHQWHFRQVXSRVWXUDDOUHVFDWDUDO-XDQ*HOPDQGH ³*RWiQ´\DTXHHVDSDUWLUGHHVWHSRHPDULRHQGRQGHFR PLHQ]DDDIORUDUFRPRUDVJRGLVWLQWLYRGHVXSRHVtDODFRQ MXQFLyQGHO³ULJRUH[SUHVLYR´FRQ³ODVH[SHULHQFLDVSROtWLFDV \VRFLDOHV´SRUODVTXHDWUDYHVy\DWUDYLHVDHOSDtV1 2WURVSRHWDV³MyYHQHV´TXHFLUFXODQSRUODVSiJLQDVGHOD UHYLVWDDGHPiVGHORVSURSLRVPLHPEURVGHOJUXSRVRQ)UDQ FLVFR 0DGDULDJD 0DQULTXH )HUQiQGH] 0RUHQR (GXDUGR 5RPDQR(QULTXH0ROLQD$OEHUWR&RXVWpHQWUHRWURVGDQGR FXHQWDQXHYDPHQWHDWUDYpVGHODHOHFFLyQGHHVWRVQRPEUHV TXHHPHUJHQGHGLVWLQWDVOtQHDVORVQRPEUHVGH0DGDULDJD \0ROLQDVRQSDUDGLJPiWLFRVGHODWHQGHQFLDLQWHJUDFLRQLVWD TXHGHVWDFD3ULHWR/RPLVPRSXHGHGHFLUVHHQFXDQWRDOD LQFOXVLyQGHOJpQHURQDUUDWLYRTXHPiVDOOiGHVXVGLYHUJHQ FLDVVHGLVWLQJXHSRUVXOLULVPRFX\RVSULQFLSDOHVFXOWRUHV VRQ-XDQ-RVp6DHU*HUPiQ5R]HQPDFKHU\HOSURSLR8URQGR 8QRGHORVHVSDFLRVSULYLOHJLDGRVHQGRQGHVHVLHQWDQ ODVEDVHVGHOJUXSRVRQWDQWRODVSUHVHQWDFLRQHVDPLVWRVDV HQSRHPDULRVTXH\DPHQFLRQpFRPRORVOLEURVODQ]DGRVSRU HOVHOORHGLWRULDOHQWUHORVTXHVHGHVWDFDQODFpOHEUH$QWROR JtD,QWHUQDTXHFRQWLHQHSRHPDVGHODPD\RUtDGHORVHGLWR UHVDJUXSDGRVEDMRFULWHULRVWHPiWLFRVHOSRHPDULR$GGLRD ODPDPPDGH1Rp-LWULNODQRYHOD/RVPXFKRVTXHQRYL &H/H+LV 0DULHOD%ODQFR YHQGH$OEHUWR9DQDVFR\1RPEUHVGH)UDQFLVFR8URQGR 2WUD RSHUDFLyQ GH FRQVROLGDFLyQ TXH KDFH KRQRU DO HQFODYHJHRJUiILFRGHOWtWXORGHODUHYLVWDHVODLQFOXVLyQHQ ORVGRV~OWLPRVQ~PHURVGHFUHDFLRQHVGHSRHWDVGH&KLOH\ 3HU~SRHVtDTXHVHGHVWDFDSRUSUHVHQWDUODPLVPDWHQGHQ FLD TXH OD UHYLVWD FDEH UHIHULU DSHQDV OD LQFOLQDFLyQ DO FRORTXLDOLVPR \ OD QDUUDWLYL]DFLyQ TXH HQFXHQWUD HQ OD DQWLSRHVtDGH1LFDQRU3DUUDHOPRGHORH[FOX\HQWH3RURWUR ODGREDMRHOWtWXOR³3RHWDVDFWXDOHVGHO3HU~´0%0LJXHO %UDVFySUHVHQWDORVSRHPDVGH/ROD7KRUQHSURSRQLHQGR XQDGLFRWRPtDHQWUHORV³SRHWDVYHUGDGHURV´\ORV³SRHWDV DSDULHQFLDOHV´pVWRV~OWLPRVHGHILQHQSRUODQHJDFLyQGH UDVJRVSRVLWLYRV³QRXWLOL]DQODSRHVtDFRPROHQJXDMHGHVWL QDGR D FRPXQLFDU GHWHUPLQDGDV H[SHULHQFLDV HQ XQ SODQR SURIXQGRVLQRTXHXVXUSDQODVIRUPDVH[WHULRUHV´(VLQWH UHVDQWHQRWDUTXHHOFRQFHSWRGHH[SHULHQFLDYXHOYHDHVWDU OLJDGRDOSODQRYLYHQFLDOGHOKRPEUHDVtORGHPXHVWUDHVWH IUDJPHQWRGHOSRHPD³3URSRUFLRQHVGLVWLQWDV´GHODDXWRUD SHUXDQDHQFXHVWLyQ³<QDGDPiVTXHHVRDTXtFRQPLJRXQ FXHUSRHQWHURGHKRPEUHFRQVXKXHVRVXHVTXHOHWRPDU FDGRHQFDGDSDUWHSURSRUFLRQDGDODFDUQHDVXHVTXHOHWR \ QDGD PiV TXH HVR \ VXV PDQHUDV VX PRGR GH SRUWDUVH GLDULDPHQWH´1 /DPLVPDWHQGHQFLDVHDGYLHUWHHQODSUHVHQWDFLyQGH 8URQGRDODSRHVtDGH-DYLHU+HUDXGMRYHQSURPHVDGHOD SRHVtDSHUXDQDDVHVLQDGRSRUODSROLFtDHQHOPHGLRGHXQD WUHJXDHQWUHHVWDIXHU]D\ODJXHUULOODGH+XJR%ODQFRGHOD TXH HO SRHWD IRUPDED SDUWH 1XHYDPHQWH ODV SDODEUDV GH 8URQGRGDQFXHQWDGHOGRQGHODVXWLOH]DSDUDDERUGDUODV FRPSOHMDVUHODFLRQHVSRHVtDUHDOLGDGHQXQFDVRWDQGHOLFDGR FRPRpVWHHQHIHFWRODYLYHQFLDSROtWLFDHVYiOLGDFRPRSDU WH GH OD H[SHULHQFLD HV GHFLU FRPR PDWHULD GH OD TXH VH &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV QXWUHODSRHVtDSHURQRUHVXOWDLJXDOPHQWHYiOLGRDSHODUD HVWRVYDORUHVSDUDLQWHUSUHWDUODSDUDFRQWH[WXDOL]DUODGHVGH DIXHUDFRQORFXDOFUHRTXHQXHYDPHQWH\GHIRUPDLPSOtFL WDVHDGYLHUWHVREUHORVSHOLJURVGHTXHODSRHVtDVRFLDOFDLJD HQHOSODQIOHWRVLROYLGDHVHHTXLOLEULRHQWUHHVWpWLFD\SROtWLFD TXHHOSRHWDVDQWDIHFLQRSURPXOJyWDQLQVLVWHQWHPHQWH /RV GLVWLQWRV DVSHFWRV DQDOL]DGRV GDQ FXHQWD GH ODV OtQHDVGHHQODFH\UXSWXUDGHOJUXSR=RQDFRQUHVSHFWRDODV IRUPDFLRQHVTXHORDQWHFHGHQ\TXHDOPLVPRWLHPSRPDU FDQODDSHUWXUDGHXQFDPLQRTXHVHUiUHFRUULGRSRUODSRH VtDVRFLDOTXHVHFRQYHUWLUiHQODSURWDJRQLVWDGHODGpFDGD 6L ELHQ ORV PLVPRV PLHPEURV UHFRQRFHQ TXH HO LPSXOVR YLWDOLVWD \ FRPXQLFDWLYR \D HVWi SUHVHQWH HQWUH ORV LQYHQFLRQLVWDV\VXUUHDOLVWDVXQFDPELRHQHOSURFHVRSRpWL FRDOWHUDHOUHVWRGHVXVIDFWRUHVDVtHOYHKtFXORSDUDFRQ FUHWDUODIXQFLyQFRPXQLFDWLYDHOOHQJXDMHLQWHQWDVHUPiV OODQRPiVGLUHFWRPiVDVHTXLEOHSDUDOOHJDUDXQS~EOLFR PiVDPSOLRUHFXUULHQGRSDUDHVRDOUHPHGRGHODHVSRQWD QHLGDGSURSLDGHODRUDOLGDGWHQGHQFLDTXHVHKDGDGRHQ OODPDUFRORTXLDOLVPR7DPELpQVHDGYLHUWHQUDVJRVGLVWLQWL YRVHQFXDQWRDODPDWHULDGHODFXDOSXHGHQXWULUVHODSRHVtD VLHQGRODUHODFLyQFRQHOFRQWH[WR\ORVFRQVHFXHQWHVGHED WHVHQWRUQRDODVUHODFLRQHVHQWUHSRHVtD\SROtWLFDXQDGHODV LQQRYDFLRQHV PiV IUXFWtIHUDV SDUD ORV JUXSRV SRVWHULRUHV 'HQWURGHHVDRSHUDFLyQFRJQRVFLWLYDTXHQDFHGHOFRQWDFWR HQWUHODSRHVtD\HOPXQGRHOFRQFHSWRGHH[SHULHQFLDFRPR PHGLDGRUDFRQIOX\HDOVLJQLILFDWLYRFDPELRHQODFRQFHSFLyQ GHSRHWDYDWHTXHGLVWLQJXHDODVYDQJXDUGLDVDQWHFHVRUDV SXHVFRPRFRQFOX\H)HUQiQGH]0RUHQR³'HVGHHOPRPHQ WRHQTXHHOSRHWDYXHOYHDVHUXQKRPEUHVHYXHOYHDGHV FXEULUTXHWRGRVORVKRPEUHVVRQSRHWDV´1 &H/H+LV 0DULHOD%ODQFR 1RWDV $JUDGH]FR OD GLVSRVLFLyQ GH 1Rp -LWULN SRU FHGHU JHQHURVDPHQWH HO PDWH ULDO SDUD UHDOL]DU HVWH WUDEDMR \ HVSHFLDOPHQWH OD FRODERUDFLyQ GH (UQHV WR GHO ,QVWLWXWR GH /LWHUDWXUD +LVSDQRDPHULFDQD GH OD 8%$ SRU UHDOL]DU ODV JHVWLRQHV QHFHVDULDV SDUD TXH HO PLVPR OOHJDUD D PLV PDQRV $ JUDQGHV UDVJRV *DUFtD +HOGHU VHxDOD TXH PLHQWUDV &RQWRUQR VH FHQWUy PiV HQ OD QDUUDWLYD \ HO HQVD\R LQWHQWDQGR \D GHVGH VX QRPEUH OD UHFX SHUDFLyQ GH ORV YtQFXORV GH OD SUiFWLFD OLWHUDULD FRQ HO FRQWH[WR VRFLDO 3RHVtD %XHQRV $LUHV FHQWUR GH FRQYHUJHQFLD GHO LQYHQFLRQLVPR \ HO VXUUHDOLVPR ³GHVDUUROOD SDUDOHODPHQWH GRV OtQHDV GH UHIOH[LyQ XQD LGHDOL]DQWH TXH LQVLVWH HQ DGXFLU VXEOLPLGDG D OD 3RHVtD \ DO 3RHWD FRQ PD\~VFXODV\RWUDPiVWpFQLFDTXHVHRFXSDGHORVSRUPHQRUHVGHORILFLR XQD YH] LPSXJQDGRV ORV SDUiPHWURV WUDGLFLRQDOHV´ GHIHQGLHQGR DO PLVPR WLHPSR OD DXWRQRPtD GH OD SUiFWLFD SRpWLFD FRQ UHVSHFWR D FXDOTXLHU FRQGLFLRQDPLHQWR H[WHUQR &RQ UHVSHFWR D OD HOHFFLyQ GH$SROOLQDLUH FRPR HPEOHPD GH OD UHYLVWD *DUFtD +HOGHU VRVWLHQH ³$SROOLQDLUH HV VLQyQLPR GH YLGD PRGHUQD GH FLXGDG JUDQGH GH XQD HVFULWXUD TXH QR WHPH DVXPLU IRUPDV DSDUHQWHPHQWH CSURVDLFDV R CQR SRpWLFDV \ GH XQD iYLGD DWHQFLyQ KDFLD HO HVFHQDULR GHO LQPHGLDWRPXQGRYLVLEOHHQWRGDVXGLYHUVLGDGDODPDQHUDGHXQDHPSUH VD GH GHVFXEULPLHQWR´ 0iV VRFDUURQD OD REVHUYDFLyQ GH -XDQ 6DVWXUDLQ DSXQWD D OD FRQIOXHQFLD GHO JHVWR GH UHEHOGtD LPSOtFLWR HQ ODV WDSDV GH FXDWUR KHWHURGR[RV GH OD OLWHUDWXUD QDFLRQDO FRQ OD QHFHVLGDG GH DSHODU DO OXJDU FRQVDJUDGR TXH RWRUJD OD DSHODFLyQ D$SROOLQDLUH (Q FXDQ WRDODUWtFXORGH-LWULNUHFRUGHPRVTXHUHDSDUHFHHQ (QVD\RV \ HVWXGLRV GH OLWHUDWXUD DUJHQWLQD (VWD DWtSLFD VtQWHVLV GH OtQHDV GLYHUJHQWHV HV GHVFULWD DWLQDGDPHQWH SRU 0DUWtQ 3ULHWR ³(VWR TXLHUH GHFLU TXH OD FRPEXVWLyQ TXH XQRV DxRV PiV WDUGH VH SURGXFLUi HQWUH OLWHUDWXUD YDQJXDUGLVWD SROtWLFD FXOWD \ SRSXODU LQDSUHQVLEOH GHVGH FXDOTXLHUD GH HVDV DGMHWLYDFLRQHV HQ VROLWDULR \ TXH YD DVHUFDUDFWHUtVWLFDGHODFXOWXUDGHORVDxRVVHVHQWDHQFXHQWUDVXSXQWRGH SDUWLGD VLPEyOLFR HQ HVDV FXDWUR WDSDV GH =RQD GH OD SRHVtD DPHULFDQD TXH IXQFLRQDQ D OD YH] FRPR XQ FLHUUH SRVLWLYR GH WRGDV ODV SUHRFXSDFLR QHV GH ORV DxRV FLQFXHQWD ODV GH ORV VXUUHDOLVWDV ODV GH ORV LQYHQFLRQLVWDV \ ODV GH ORV FRQYHUVDFLRQDOHV R DQWLSRHWDV´ &IU %ODQFR 0DULHOD 7DPELpQ UHVXOWD LQVRVOD\DEOH DO UHVSHFWR HO DUWtFXOR GH 0DULDQR &DOEL ³3URORQJDFLRQHV GH OD YDQJXDUGLD´ \D TXH DQDOL]D FRQ GHWHQLPLHQWR ODV LPSOLFDFLRQHV GH OD UHODFLyQ DUWH \ YLGD DVt FRPR ODV ILOLDFLRQHV GH HVWDV FRQFHSFLRQHV VREUH OR SRpWLFR /DV FLWDV GH ORV DUWtFXORV GH 3RHVtD %XHQRV $LUHV FRUUHVSRQGHQ D OD DQWR ORJtD /LWHUDWXUD DUJHQWLQD GH YDQJXDUGLD (O PRYLPLHQWR SRHVtD %XHQRV &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV $LUHV HGLWDGD SRU 5D~O *XVWDYR$JXLUUH (V LQWHUHVDQWH WRPDU HQ FXHQWD TXH XQR GH ORV LQWHQWRV SRU DEROLU HVWD FRQVDJUDFLyQ GH OD ILJXUD GH DXWRU VH PDWHULDOL]D SDUDGLJPiWLFDPHQWH HQ OD $QWRORJtD ,QWHUQD TXH HO JUXSR GH=RQD SXEOLFD HQ EDMR VX SURSLR VHOORHGLWRULDO\DTXHODRSHUDWRULDGHDJUXSDUORVSRHPDVGHDFXHUGRDVX WHPiWLFD \ VLQ XQD LQPHGLDWD UHIHUHQFLD DO DXWRU GLOX\H OD LPSRUWDQFLD GHO QRPEUH SURSLR FRPR GLVSRVLWLYR SURSLR GH HVD ILJXUDFLyQ GH VXMHWR &IU OD IDPRVD FRQIHUHQFLD ³4Xp HV XQ DXWRU´ GH 0 )RXFDXOW 'DQLHO )UHLGHPEHUJ GHVFULEH HVWD SULPHUD DFWLWXG D SDUWLU GH OD ³FRQFHS FLyQ YLWDOLVWD GH OD SRHVtD´ SUHVHQWH HQ 3RHVtD %XHQRV $LUHV ³HO SRHPD SRU FRQVLJXLHQWH VH FRQFLEH FRPR UHVXOWDGR \ D OD YH] GHVHQFDGHQDQWH GH XQ PRGR CSRpWLFR GH YLYLU´ &RQ UHVSHFWR D OD VHJXQGD VRVWLH QH ³%RUUDU ORV OtPLWHV R HVWDEOHFHU XQD FRQWLQXLGDG HQWUH OD YLGD FRQFUHWD \ OD SRHVtD HV XQD VXHUWH GH JUDQ XWRStD TXH DOLPHQWD HO FRORTXLDOLVPR GH ODGpFDGDGHO8QDE~VTXHGDGLFKRGHRWURPRGRGHRSHUDUXQDFRQWD PLQDFLyQ PXWXD OD YLGD SRGtD VHU YLYLGD SRpWLFDPHQWH R DO PHQRV VHU YLVWD SRpWLFDPHQWH \ OD SRHVtD SRGtD UHFRJHU ODV H[SHULHQFLDV GH OD YLGD FRQFUHWD KDFHUODV VX\DV \ VREUH WRGR XWLOL]DU OD HQHUJtD SURYHQLHQWH GH HVH FRQWDFWR´ $UWtFXOR TXH OXHJR IRUPDUi SDUWH GHO OLEUR 9HLQWH DxRV GH SRHVtD DUJHQWL QD TXH 8URQGR SXEOLFD HQ &IU GHVDUUROOR GH HVWD FRQWUDSRVLFLyQ HQ ORV SULQFLSDOHV ILOyVRIRV TXH GHGLFDURQ XQ FDStWXOR D OD (VWpWLFD HQ .RJDQ -DFRER /LWHUDWXUD \ FRQRFLPLHQWR %XHQRV$LUHV &($/ HVSHFLDOPHQWH FXDQGR RSRQH ODV SRVWXUDV PLPpWLFDV FRQ SRU OODPDUODV GH DOJ~Q PRGR ODV FUHDFLRQLVWDV \ VV %DVWD SHQVDU HQ ODV GXUDV FUtWLFDV TXH GLULJH -LWULN FRQWUD %RUJHV \ ODV YDQJXDUGLDV FRPR IRUPDFLRQHV GLVFXUVLYDV HQ OD VHFFLyQ ³,QWHPSHULHV´ 1 7HQWDWLYDPHQWH FUHR TXH HVWH FRQFHSWR GH H[SHULHQFLD VH DFHUFD DO SUR SXHVWR SRU :DOWHU %HQMDPtQ HQ FXDQWR ³LPSOLFD XQD UHODFLyQ FRQFUHWD HQWUH HO VXMHWR \ VX PXQGR´ TXH LPSOLFD DO PLVPR WLHPSR WDQWR HO SODQR LQGLYLGXDO FRPR HO FROHFWLYR -HGORZVNL %LEOLRJUDItD $JXLUUH 5D~O *XVWDYR 6HOHFFLyQ SUyORJR \ QRWDV (O 0RYLPLHQWR 3RHVtD %XHQRV $LUHV %V$V (G )UDWHUQD &H/H+LV 0DULHOD%ODQFR %ODQFR 0DULHOD ³&UtWLFDV VHVHQWLVWDV 0LUDGDV DXWRUUHIOH[LYDV VREUH OR SRpWLFR´ (Q $FWDV GHO 9, &RQJUHVR 1DFLRQDO GH OD $VRFLDFLyQ $UJHQ WLQD GH 6HPLyWLFD ³'LVFXUVRV FUtWLFRV´ (Q GLVFR FRPSDFWR &DODEUHVH (OLVD ³(O PLWR 3L]DUQLN \ OD FUtWLFD´ $FWXDO 8QLYHUVLGDG GH /RV$QGHV 1RV MXOLRGLFLHPEUH GH ²²²²²²²² ³*HQHDORJtDV VHVHQWLVWDV´ /LWHUDWXUD \ P~VLFD SRSXODU HQ +LVSDQRDPpULFD ÈQJHO (VWHEDQ *UDFLHOD 0RUDOHV \ ÈOYDUR 6DOYDGRU HGLWRUHV *UDQDGD 8QLYHUVLGDG GH *UDQDGD &DODEUHVH (OLVD \ 'H /ODQR$\PDUi HGV $QLPDOHV )DEXORVRV /DV UHYLVWDV GH $EHODUGR &DVWLOOR 0DU GHO 3ODWD 0DUWtQ &DOEL 0DULDQR ³3URORQJDFLRQHV GH OD YDQJXDUGLD´ (Q -LWULN 1Rp GLUHFWRU +LVWRULD FUtWLFD GH OD OLWHUDWXUD DUJHQWLQD 7RPR ; /D LUUXS FLyQ GH OD FUtWLFD %V$V (PHFp )HUQiQGH] 0RUHQR &pVDU /D UHDOLGDG \ ORV SDSHOHV 3DQRUDPD \ PXHVWUD GH OD SRHVtD DUJHQWLQD 0DGULG$JXLODU )UHLGHPEHUJ 'DQLHO ³'RVVLHU 3RHVtD %XHQRV$LUHV QRWDV DO SLH GH XQ PLWR´ (Q 3RHVtD %XHQRV $LUHV 1 YHUDQR GH ²²²²²²²² ³+HUHQFLDV \ FRUWHV 3RpWLFDV GH /DPERUJKLQL \ *HOPDQ´ (Q -LWULN 1Rp GLUHFWRU +LVWRULD FUtWLFD GH OD OLWHUDWXUD DU JHQWLQD 7RPR ; /D LUUXSFLyQ GH OD FUtWLFD %V$V (PHFp *DUFtD +HOGHU 'DQLHO ³3RpWLFDV GH OD YR] (O UHJLVWUR GH OR FRWLGLD QR´ (Q -LWULN 1Rp GLUHFWRU +LVWRULD FUtWLFD GH OD OLWHUDWXUD DUJHQWLQD 7RPR ; /D LUUXSFLyQ GH OD FUtWLFD %V$V (PHFp *LOPDQ &ODXGLD (QWUH OD SOXPD \ HO IXVLO 'HEDWHV \ GLOHPDV GHO HVFULWRU UHYROXFLRQDULR HQ $PpULFD /DWLQD$UJHQWLQD 6LJOR ;;, (GLWR UHV -HGORZVNL 3DROR ³6LPPHO VREUH OD PHPRULD$OJXQDV REVHUYDFLRQHV VREUH OD PHPRULD \ OD H[SHULHQFLD PRGHUQD´ (Q .DWDWD\ 5HYLVWD FUtWLFD GH OLWHUDWXUD ODWLQRDPHULFDQD $xR , 1UR MXQLR -LWULN 1Rp (QVD\RV \ HVWXGLRV GH OLWHUDWXUD DUJHQWLQD %V$V *DOHU QD .RJDQ -DFRER /LWHUDWXUD \ FRQRFLPLHQWR %XHQRV$LUHV &($/ 3ULHWR$GROIR ³/RV DxRV VHVHQWD´ 5HYLVWD ,EHURDPHULFQD 1 RFWXEUHGLFLHPEUH SS 3ULHWR 0DUWtQ %UHYH KLVWRULD GH OD OLWHUDWXUD DUJHQWLQD %XHQRV $LUHV 7DXUXV 6DVWXUDLQ -XDQ ³8URQGR PDUFDED HQ =RQD´ (Q 3iJLQD /XQHV GH DJRVWR GH HQ OtQHD KWWSZZZSDJLQDFRPDULPSULPLUGLDULR &H/H+LV =RQDXQHVSDFLRSDUDODSRHVtDHQORV FRQWUDWDSDLQGH[KWPO 3iJLQD FRQVXOWDGD HO 7HUiQ 2VFDU 1XHVWURV DxRV VHVHQWDV %V$V 3XQWRVXU 8URQGR )UDQFLVFR 9HLQWH DxRV GH SRHVtD DUJHQWLQD %V $V *DOHUQD &H/H+LV