You are on page 1of 180



7HPSHUDPHQWR \ YRFDFLyQ FXOWXUD \


H[SHULHQFLD VRQ DOJXQRV GH ORV HOHPHQWRV TXH
FRQMXJDGRV SHUPLWHQ DO DFWRU H[SUHVDUVH HVWR
HV VHU HO SHUVRQDMH FRQ WRGDV ODV VXWLOH]DV
UHTXHULGDVSRUHOSDSHOUHSUHVHQWDGRSHURVLQSRU
HOORGHMDUGHVHUpOPLVPR(VWDH[WUDxDSDUDGRMD
TXH \D IXH GHVWDFDGD SRU 'LGHURW HQ REUD
PHPRUDEOH LOXVWUD OD GLILFXOWDG HVHQFLDO GHO
DQiOLVLV GHO SUREOHPD \ SRU FRQVLJXLHQWH ORV
REVWiFXORV TXH LPSLGHQ VX H[SRVLFLyQ
6WDQLVODYVN\ TXH SRU FLHUWR QR QHFHVLWD
SUHVHQWDFLyQ RIUHFH HQ3UHSDUDFLyQGHO$FWRUXQ
HMHPSOR PDJQtILFR VLQJXODU H LQVXVWLWXLEOH GH XQ
HTXLOLEULR DGPLUDEOHPHQWH ORJUDGR HQWUH LQWXLFLyQ
\UD]RQDPLHQWRTXHHVHQHOIRQGRODWUDQVIHUHQFLD
D RWUR SODQR GH OD RSRVLFLyQ HQWUH OD QDWXUDOH]D \
DUWH

&RQVWDQWLQ6WDQLVODYVN\


3UHSDUDFLyQGHO$FWRU


7tWXORRULJLQDO$QDFWRUSUHSDUHV

&RQVWDQWLQ6WDQLVODYVN\

7UDGXFFLyQ5LFDUGR'HEHQHGHWWL





&DStWXOR,
/D3ULPHUD3UXHED


(VWiEDPRV LQTXLHWRV PLHQWUDV HVSHUiEDPRV
HOFRPLHQ]RGHODSULPHUDOHFFLyQFRQHOGLUHFWRU
7RUWVRY SHUR pVWH HQWUy HQ OD FODVH
VRUSUHQGLpQGRQRV FRQ HO LQHVSHUDGR DQXQFLR GH
TXH SDUD IDPLOLDUL]DUVH FRQ QRVRWURV GHEtDPRV
LQWHUSUHWDUDOJ~QSDSHOGHQXHVWUDHOHFFLyQHQXQD
UHSUHVHQWDFLyQTXHVHHIHFWXDUtD6XSURSyVLWRHUD
YHUQRV HQ HO HVFHQDULR FRQ ORV FRUUHVSRQGLHQWHV
WHORQHV FRPR IRQGR FDUDFWHUL]DGRV WUDV ODV
FDQGLOHMDV HQ XQD SDODEUD FRQ WRGRV ORV
DFFHVRULRV 6yOR DVt GLMR OH VHUtD SRVLEOH MX]JDU
QXHVWUDVFRQGLFLRQHVGUDPiWLFDV
$OSULQFLSLRVyORXQRVSRFRVVHPDQLIHVWDURQ
GH DFXHUGR FRQ OD SUXHED SURSXHVWD (QWUH HOORV
XQPXFKDFKyQIXHUWH\UXGR*ULVKD*RYRUNRYTXH
\D KDEtD DFWXDGR HQ WHDWURV SHTXHxRV XQD UXELD
DOWD \ KHUPRVD OODPDGD 6RQLD 9HOLDPLQRYD \ XQ
DOHJUH\UXLGRVRFRPSDxHUR9DQ\D9\XQWVRY
*UDGXDOPHQWHQRVDFRVWXPEUDPRVWRGRVDOD

LGHD /DV EULOODQWHV FDQGLOHMDV VH KLFLHURQ PiV \


PiV DWUDFWLYDV \ OD UHSUHVHQWDFLyQ QRV SDUHFLy
LQWHUHVDQWH~WLO\KDVWDQHFHVDULD
$O KDFHU QXHVWUD HOHFFLyQ \R \ GRV GH PLV
DPLJRV 3DXO 6KXVWRY \ /HR 3XVKFKLQ QRV
LQFOLQDPRV SRU OD PRGHVWLD SHQVDPRV HQ HO
YDXGHYLOOHRHQODFRPHGLDOLJHUD3HURDQXHVWUR
DOUHGHGRUVyORRtDPRVPHQFLRQDUJUDQGHVQRPEUHV
*RJRO 2VWURYVN\ &KHMRY \ RWURV
,PSHUFHSWLEOHPHQWH QRV HQFRQWUDPRV GLVFXWLHQGR
WHPDVURPiQWLFRVFRQWUDMHVGHpSRFD\HQYHUVR
$PtPHWHQWyODILJXUDGH0R]DUW/HRHOLJLy
D 6DOLHUL \ 3DXO SHQVy HQ 'RQ &DUORV /XHJR
QXHVWUD FRQYHUVDFLyQ JLUy DOUHGHGRU GH
6KDNHVSHDUH \ PL HOHFFLyQ UHFD\y HQ 2WHOR SHUR
OD GHFLVLyQ ILQDO VH SURGXMR DO DFHSWDU 3DXO HO
SDSHOGH<DJR$OVDOLUGHOWHDWURVHQRVLQIRUPy
TXHHOSULPHUHQVD\RVHHIHFWXDUtDDOGtDVLJXLHQWH
(QFXDQWROOHJXpDFDVDEDVWDQWHWDUGHWRPp
OD SDUWH GH2WHOR PH VHQWp FyPRGDPHQWH HQ XQ

VRIi \ DEULHQGR HO OLEUR LQLFLp OD OHFWXUD$SHQDV


KDEtD OHtGR GRV SiJLQDV VH DSRGHUy GH Pt XQ
LQFRQWHQLEOH
GHVHR
GH
UHSUHVHQWDU
,QYROXQWDULDPHQWH PLV PDQRV EUD]RV SLHUQDV
P~VFXORV IDFLDOHV\ DOJR HQ PL LQWHULRU HPSH]y D
PRYHUVH'HFODPpHOWH[WR'HSURQWRGHVFXEUtXQ
FRUWDSDSHOGHPDUILO\ORVXMHWpDPLFLQWXUyQFRPR
XQD GDJD +LFH XQ WXUEDQWH FRQ XQD WRDOOD \ FRQ
ViEDQDV\PDQWDVGHODFDPDLPSURYLVpXQDW~QLFD
8Q SDUDJXDV VH FRQYLUWLy HQ FLPLWDUUD PDV QR
HQFRQWUp HQ HO SULPHU PRPHQWR HO LPSUHVFLQGLEOH
HVFXGR3HURPLIDQWDVtDSURQWRUHPHGLyODIDOWDDO
UHFRUGDU TXH HQ HO FRPHGRU FRQWLJXR D PL
GRUPLWRULR KDEtD XQD JUDQ EDQGHMD <D FRQ HO
HVFXGR HQ HO EUD]R PH VHQWt FRQYHUWLGR HQ XQ
JXHUUHUR $ SHVDU GH PL DVSHFWR JHQHUDO D~Q PH
VHQWtD GHPDVLDGR PRGHUQR \ FLYLOL]DGR PLHQWUDV
TXHHOSHUVRQDMHTXHSUHWHQGtDUHSUHVHQWDU2WHOR
HUD GH RULJHQ DIULFDQR OR TXH H[LJtD DOJ~Q
SRUPHQRU TXH VXJLULHUD OD YLGD VDOYDMH DOJR DVt
FRPR XQ WLJUH LQWHULRU 3DUD UHFRUGDU R PiV ELHQ
LPLWDU HO SDVR GHO DQLPDO FRPHQFp XQD VHULH GH
HMHUFLFLRVGHPRYLPLHQWR

(Q PXFKRV LQVWDQWHV PH SDUHFLy KDEHU


DOFDQ]DGR XQ JUDGR GH SHUIHFFLyQ DFHSWDEOH
7UDEDMp FDVL FLQFR KRUDV VLQ WHQHU VHQVDFLyQ GHO
WLHPSR WUDQVFXUULGR 3DUD PL PDQHUD GH YHU HVWR
GHPRVWUDEDODDXWHQWLFLGDGGHPLLQVSLUDFLyQ



0H GHVSHUWp PXFKR PiV WDUGH TXH GH
FRVWXPEUH PH YHVWt DSUHVXUDGDPHQWH \ FRUUt DO
WHDWUR&XDQGRHQWUpHQHOVDOyQGHHQVD\RVGRQGH
PH HVSHUDEDQ PH VHQWt WDQ WXUEDGR TXH HQ OXJDU
GHGLVFXOSDUPHGLMH
3DUHFHTXHKHOOHJDGRWDUGH
5DMPiQRY HO DVLVWHQWH GHO GLUHFWRU PH
GLULJLy XQD ODUJD PLUDGD OOHQD GH UHSURFKHV \
ILQDOPHQWHGLMR
+HPRV HVWDGR DTXt HVSHUDQGR FRQ

GHKR\VHKDEtDDUUXLQDGRSRUPLGHVSUHRFXSDFLyQ
HUD GH HVSHUDU TXH HO GH PDxDQD IXHUD GLJQR GH
UHFRUGDU




(VD QRFKH SHQVp DFRVWDUPH WHPSUDQR SXHV
WHPtD WUDEDMDU HQ HO SDSHO HOHJLGR 3HUR PLV RMRV
GHVFXEULHURQ XQD IXHQWH FRQ FUHPD GH FKRFRODWH
/DPH]FOpFRQPDQWHFD\REWXYHXQDSDVWDGHFRORU
SDUGR8QWDUPHODFDUDFRQHOODIXpFRVDIiFLOFRQ
OR TXH ORJUp DGRSWDU HO DVSHFWR GH XQ PRUR
6HQWDGRIUHQWHDOHVSHMRDGPLUpGXUDQWHODUJRUDWR
OD EODQFXUD GH PLV GLHQWHV \ FRQ XQ SRFR GH
SUiFWLFD DSUHQGt D VRQUHtU \ KDFHU YLVDMHV SDUD
GHVWDFDUHOFRQWUDVWHGHOFRORUGHPLGHQWDGXUD\HO
EODQFR GH PLV RMRV 3DUD SRGHU MX]JDU FRQ
SUHFLVLyQ HO HIHFWR GH PL FDUDFWHUL]DFLyQ PH
FRORTXpHOLPSURYLVDGRGLVIUD]\XQDYH]YHVWLGR

QXHVWURVQHUYLRVHQWHQVLyQGLVJXVWDGRV\SDUHFH
TXH KH OOHJDGR XQ SRFR WDUGH 7RGRV KHPRV
OOHJDGR DTXt OOHQRV GH HQWXVLDVPR SRU HO WUDEDMR
TXH GHEtDPRV UHDOL]DU \ DKRUD JUDFLDV D XVWHG
HVH DPELHQWH KD VLGR GHVWUXLGR (V GLItFLO
GHVSHUWDU HO GHVHR FUHDGRU SHUR HOLPLQDUOR HV
H[WUDRUGLQDULDPHQWH IiFLO 6L \R REVWDFXOL]R PL
SURSLR WUDEDMR HV FRVD PtD SHUR TXp GHUHFKR
WHQJR GH LPSHGLU HO WUDEDMR GH WRGR XQ JUXSR" (O
DFWRU FRPR HO VROGDGR GHEH VRPHWHUVH D XQD
GLVFLSOLQDGHKLHUUR
5DMPiQRYGLMRTXHSRUVHUODSULPHUDIDOWD
VyOR VH OLPLWDUtD D UHSUHQGHUPH QR KDFLpQGROD
FRQVWDU HQ PL OHJDMR SHUR TXH GHEtD SHGLU
GLVFXOSDV D WRGRV \ WUDWDU HQ OR IXWXUR GH OOHJDU
SRU OR PHQRV FRQ XQ FXDUWR GH KRUD GH
DQWLFLSDFLyQ D WRGRV ORV HQVD\RV$XQ GHVSXpV GH
KDEHUPH H[FXVDGR SRU PL WDUGDQ]D 5DMPiQRY QR
SHUPLWLy TXH FRPHQ]iUDPRV HO WUDEDMR SXHV GLMR
TXH HO SULPHU HQVD\R GHEtD VHU XQD RFDVLyQ
PHPRUDEOH HQ OD YLGD GH WRGR DUWLVWD \ TXH VH
GHEtDJXDUGDUGHpOODPHMRULPSUHVLyQ(OHQVD\R

VHDSRGHUyGHPtHOGHVHRGHUHSUHVHQWDUSHURQR
VH PH RFXUULy QDGD QXHYR UHSHWt OR TXH KDEtD
KHFKRHOGtDDQWHULRU\PHFDXVyODLPSUHVLyQGH
KDEHU SHUGLGR PXFKR YDORU 6LQ HPEDUJR SHQVp
TXH DOJR KDEtD DGHODQWDGR SRU OR PHQRV HQ PL
RSLQLyQVREUHHODVSHFWRH[WHULRUGH2WHOR



+R\ IXp QXHVWUR SULPHU HQVD\R /OHJXp ELHQ
WHPSUDQR(ODVLVWHQWHGHOGLUHFWRUVXJLULyODLGHD
GHTXHFDGDXQRGHQRVRWURVSODQHDUDVXVSURSLDV
HVFHQDV
\
DUUHJOiUDPRV
OD
XWLOHUtD
$IRUWXQDGDPHQWH 3DXO DSUREy WRGR OR TXH
SURSXVH SXHV VyOR OH LQWHUHVDED OD SHUVRQDOLGDG
LQWHULRU GH<DJR 3DUD Pt OR H[WHULRU HUD GH JUDQ
LPSRUWDQFLDSXHVHUDQHFHVDULRTXHPHUHFRUGDVH
PL SURSLD KDELWDFLyQ 6LQ HVWD GLVSRVLFLyQ GH ORV
GLVWLQWRV HOHPHQWRV QR KXELHUD SRGLGR UHFXSHUDU
Pt LQVSLUDFLyQ 6LQ HPEDUJR WRGRV ORV HVIXHU]RV

TXHKDFtDSDUDFRQYHQFHUPHGHTXHPHKDOODEDHQ
PLFXDUWRUHVXOWDEDQLQIUXFWXRVRV\DTXHFRQHOOR
VyORFRQVHJXtDHVWRUEDUPtDFWXDFLyQ
3DXO\DVDEtDVXSDSHOGHPHPRULDSHUR\R
WXYH TXH UHFXUULU DO OLEUHWR R UHFLWDU PL SDUWH HQ
IRUPD DSUR[LPDGD 0H VRUSUHQGt DO GDUPH FXHQWD
GH TXH ODV SDODEUDV QR PH SUHVWDEDQ QLQJXQD
D\XGDDOFRQWUDULRPHDEUXPDEDQGHPDQHUDTXH
KXELHVH SUHIHULGR DFFLRQDU VRODPHQWH R UHGXFLU D
OD PLWDG OD SDUWH TXH GHEtD UHSUHVHQWDU 1R VyOR
ODV SDODEUDV VLQR WDPELpQ ORV SHQVDPLHQWRV GHO
SRHWD PH UHVXOWDEDQ H[WUDxRV KDVWD OD DFFLyQ WDO
FRPRKDEtDVLGRSODQHDGDWHQGtDDHOLPLQDUGHPt
HVDVROWXUDTXHKDEtDH[SHULPHQWDGRHQPLFDVD
3HRU D~Q QR UHFRQRFtD HO VRQLGR GH PL
SURSLD YR]$GHPiV QL OD XWLOHUtD QL HO SODQ TXH
KDEtD WUD]DGR GXUDQWH PL DSUHQGL]DMH HQ FDVD
DUPRQL]DEDQFRQODPDQHUDGHUHSUHVHQWDUGH3DXO
3RU HMHPSOR FyPR SRGtD KDFHU SDUD LQFOXLU HQ
XQD HVFHQD UHODWLYDPHQWH WUDQTXLOD HQWUH 2WHOR \
<DJR DTXHOORV YLVDMHV \ VRQULVDV TXH GHEtDQ

KDFHU WRGR OR YLHMR VLQ ORJUDU DOJR PHMRU R


QRYHGRVR3RUTXpFRQWLQXpUHSLWLHQGRODVPLVPDV
HVFHQDV\PpWRGRV"3RUTXpPLUHSUHVHQWDFLyQGH
KR\ HV LGpQWLFD D OD GH D\HU \ OR VHUi D OD GH
PDxDQD" 6H KD DJRWDGR PL LPDJLQDFLyQ R VH KD
WHUPLQDGRWRGRORTXHGHDFWRUWHQtDGHQWUR"3RU
TXp PL WUDEDMR SURJUHVy WDQ UiSLGDPHQWH DO
SULQFLSLR\VHKDHVWDFLRQDGRGHSURQWR"0LHQWUDV
SHQVDEDHQWRGDVHVWDVFRVDVDOJXQDVSHUVRQDVVH
LQVWDODURQ HQ HO FXDUWR FRQWLJXR SDUD WRPDU Wp$
ILQ GH QR DWUDHU VX DWHQFLyQ PH YL REOLJDGR D
GHVDUUROODUPLVDFWLYLGDGHVHQXQOXJDUGLVWLQWRGH
ODKDELWDFLyQGLFLHQGRPLSDUWHORPiVVXDYHPHQWH
SRVLEOHSDUDTXHQRPHR\HUDQ
0H VRUSUHQGLy HVWH SHTXHxR FDPELR PL
iQLPR VH WUDQVIRUPy \ GHVFXEUt XQ VHFUHWR HO GH
QR SHUPDQHFHU GHPDVLDGR WLHPSR HQ XQ OXJDU
GHWHUPLQDGR UHSLWLHQGR FRQVWDQWHPHQWH OR TXH \D
QRVHVGHPDVLDGRIDPLOLDU


GHVWDFDUODEODQFXUDGHPLVGLHQWHV\GHPLVRMRV
WDOFRPR\RKDEtDSUR\HFWDGR"

6LQ HPEDUJR QR SRGtD GHVKDFHUPH GH PL
LGHD ILMD UHVSHFWR GH OD PDQHUD GH DFWXDU TXH \R
FRQFHEtDSDUDXQVDOYDMHQLWDPSRFRGHODPELHQWH
TXH KDEtD SUHSDUDGR HQ FDVD 3UREDEOHPHQWH OD
UD]yQHVWDEDHQTXHQRKDEtDWHQLGRDOJRTXHSRQHU
HQ OXJDU GH PL FRPSDxHUR GH DFWXDFLyQ 3RU XQD
SDUWH KDEtD OHtGR HO SDSHO VRODPHQWH \ SRU RWUD
KDEtD UHSUHVHQWDGR HO SHUVRQDMH DLVODGR VLQ
UHODFLRQDUXQRFRQRWUR/DVSDODEUDVSHUWXUEDEDQ
ODDFFLyQ\pVWDHVWRUEDEDDODVSDODEUDV




+R\ PLHQWUDV HVWXGLDED HQ FDVD YROYt D


(Q HO HQVD\R GH KR\ FRPHQFp D LPSURYLVDU
GHVGH HO SULQFLSLR (Q YH] GH DQGDU GH DTXt SDUD
DOOiPHVHQWpHQXQDVLOOD\UHSUHVHQWpVLQJHVWRV
PRYLPLHQWRV R YLVDMHV 4Xp VXFHGLy"
,QPHGLDWDPHQWHPHFRQIXQGtROYLGpHOWH[WR\PLV
HQWRQDFLRQHV XVXDOHV 7XYH TXH LQWHUUXPSLU PL
SHQVDPLHQWR1RKDEtDPiVUHPHGLRTXHYROYHUD
PLDQWLJXDPDQHUDGHUHSUHVHQWDUDXQDODDQWHULRU
WpFQLFD GH JHVWLFXODFLyQ 1R SRGtD FRQWURODU PLV
PpWRGRVSXHVHOORVPHFRQWURODEDQDPt



1DGD QXHYR QRV WUDMR HO HQVD\R GH KR\ 6LQ
HPEDUJRFDGDYH]PHDFRVWXPEURPiVDOOXJDUHQ
TXHGHEHPRVWUDEDMDU\DODSLH]D$OSULQFLSLRPL
PDQHUD GH SHUVRQLILFDU DO PRUR HUD LPSRVLEOH GH
DUPRQL]DUFRQHO<DJRGH3DXO

+R\PHSDUHFHTXHFRQVHJXtKDFHUFRLQFLGLU
QXHVWUDV HVFHQDV 3RU OR PHQRV VLHQWR TXH ODV
GLVFUHSDQFLDVKDQSHUGLGRVXYLROHQFLD



+R\HOHQVD\RVHKL]RHQHOHVFHQDULRJUDQGH
&RQWDED\RFRQODLQIOXHQFLDGHVXDWPyVIHUDSHUR
TXp VXFHGLy" (Q OXJDU GH OD EULOODQWH] GH ODV
FDQGLOHMDV \ GH ORV EDVWLGRUHV GHO HVFHQDULR
FXELHUWRV GH WHORQHV PH HQFRQWUp HQ XQ OXJDU
GHVLHUWR \ PDODPHQWH LOXPLQDGR /D WRWDOLGDG GHO
JUDQ HVFHQDULR HVWDED GHVQXGR VyOR MXQWR D ODV
FDQGLOHMDV KDEtD DOJXQDV VLOODV GH FDxD TXH
GHOLPLWDEDQ HO HVFHQDULR$ OD GHUHFKD KDEtD XQD
VHULH GH OXFHV $SHQDV SHQHWUp HQ HO UHFLQWR GHO
HVFHQDULR DSDUHFLHURQ DQWH Pt HO LQPHQVR KXHFR
GHO DUFR GHO SURVFHQLR \ GHWUiV GH pO XQD
LQWHUPLQDEOH\QHJUDSHQXPEUD(VWDIXpODSULPHUD
LPSUHVLyQTXHUHFLEtGHOHVFHQDULRSRUGHQWUR

HVFHQDULR JUDQGH /OHJXp WHPSUDQR \ GHFLGt


SUHSDUDUPH HQ OD HVFHQD PLVPD TXH HVWDED
DUUHJODGDGHPDQHUDEDVWDQWHGLVWLQWDDODGHD\HU
6HRtDHOUXPRUGHOWUDEDMRPLHQWUDVVHFRORFDEDQ
ORV WHORQHV \ OD DUWLOOHUtD +XELHUD VLGR LQ~WLO HQ
PHGLR GH VHPHMDQWH FDRV WUDWDU GH HQFRQWUDU OD
WUDQTXLOLGDG D TXH HVWDED DFRVWXPEUDGR HQ PL
FDVD$QWH WRGR HUD QHFHVDULR DGDSWDUVH DO QXHYR
DPELHQWH 0H GLULJt DO IUHQWH GHO HVFHQDULR \
FRQWHPSOp HO KRUULEOH KXHFR OLPLWDGR D PLV SLHV
SRUODVFDQGLOHMDVWUDWDQGRGHDFRVWXPEUDUPHDpO
\ D OLEHUDUPH GH VX DWUDFFLyQ SHUR FXDQWR PiV
WUDWDED GH QR GDUOH LPSRUWDQFLD PiV SHQVDED HQ
pO (Q HVH PRPHQWR XQ KRPEUH TXH SDVDED D PL
ODGR GHMy FDHU XQ SDTXHWH GH FODYRV /R D\XGp D
UHFRJHUORV \ PLHQWUDV OR KDFtD H[SHULPHQWp OD
DJUDGDEOH VHQVDFLyQ GH VHQWLUPH FyPRGR HQ HO
JUDQ HVFHQDULR 3HUR UiSLGDPHQWH ORV FODYRV
IXHURQ UHFRJLGRV \ OD RSUHVLyQ DQWHULRU YROYLy D
DSRGHUDUVHGHPt
0H GLULJt UiSLGDPHQWH D OD SODWHD /RV
HQVD\RV GH RWUDV HVFHQDV FRPHQ]DURQ SHUR \R QR

&RPLHQFHQRUGHQyDOJXLHQ
<R GHEtD HQWUDU HQ OD KDELWDFLyQ GH 2WHOR
GHOLQHDGD SRU ODV VLOODV \ WRPDU PL SXHVWR 0H
VHQWp SHUR HO OXJDU UHVXOWy PDO HOHJLGR $SHQDV
SRGtDUHFRQRFHUHOSODQGHQXHVWUDHVFHQD'XUDQWH
ODUJRUDWRPHIXpLPSRVLEOHDGDSWDUPHDORTXHPH
URGHDED QL FRQFHQWUDU PL DWHQFLyQ HQ OR TXH
VXFHGtDDPLDOUHGHGRU+DVWDPHUHVXOWDEDGLItFLO
PLUDU D 3DXO TXH HVWDED GH StH D PL ODGR 0L
PLUDGDSDVDEDGHODQWHGHpO\VHILMDEDHQODSODWHD
RHQODSDUWHSRVWHULRUGHODHVFHQDGRQGHDOJXQRV
KRPEUHV WUDEDMDEDQ \HQGR GH DFi SDUD DOOi
OOHYDQGRREMHWRVRWURVPDUWLOODQGRRFRQYHUVDQGR
HQWUHVt6LQRKXELHVHVLGRSRUPLVODUJRVHQVD\RV
HQ FDVD TXH PH KDEtDQ FUHDGR KiELWRV PHWyGLFRV
PHKXELHVHLQWHUUXPSLGRHQODVSULPHUDVSDODEUDV



+R\ KLFLPRV QXHVWUR VHJXQGR HQVD\R HQ HO

YHtDQDGD
(VWDED GHPDVLDGR H[FLWDGR HVSHUDQGR PL
WXUQR(VWHSHUtRGRGHHVSHUDWLHQHVXODGREXHQR
/ROOHYDDXQRDXQHVWDGRWDOTXHWRGRORTXHXQR
DWLQDHVDGHVHDUTXHOOHJXHSURQWRHOPRPHQWRGH
DFWXDUSDUDWHUPLQDUGHXQDYH]FRQORTXHFDXVD
WDQWRWHPRU
&XDQGROOHJyQXHVWURWXUQRVXEtDOHVFHQDULR
GRQGH VH KDEtD DUPDGR XQ ERFHWR GH HVFHQD FRQ
HOHPHQWRV GH YDULDV REUDV $OJXQRV WHORQHV
HVWDEDQ FRORFDGRV FDEH]D DEDMR \ HO PREODMH HUD
YDULDGtVLPR 6LQ HPEDUJR HO DVSHFWR JHQHUDO DO
LOXPLQDUVH HUD JUDWR \ PH VHQWt FyPRGR HQ HVD
KDELWDFLyQSUHSDUDGDSDUD2WHOR&RQXQHVIXHU]R
GHODLPDJLQDFLyQSXGHUHFRQRFHUFLHUWDVLPLOLWXG
FRQ PL FXDUWR 3HUR HQ HO PRPHQWR HQ TXH VH
OHYDQWyHOWHOyQ\ODVDODDSDUHFLyIUHQWHDPtPH
VHQWt SUHVR SRU VX DWUDFFLyQ $O PLVPR WLHPSR
VXUJLHURQ HQ PL LQWHULRU ODV PiV LQHVSHUDGDV
VHQVDFLRQHV(OHVFHQDULRHQFLHUUDDODFWRU&RUWD
HO HVSDFLR SRVWHULRU GH OD HVFHQD 6REUH pO KD\

JUDQGHV YDFtRV RVFXURV D ORV FRVWDGRV HVWiQ ORV


EDVWLGRUHV TXH GHOLPLWDQ HO HVSDFLR (VWH
VHPLDLVODPLHQWRHVDJUDGDEOHSHURORPDORHVTXH
SUR\HFWD KDFLD Vt OD DWHQFLyQ GHO S~EOLFR 2WUD
QXHYDDQVLHGDGHUDTXHPLVWHPRUHVPHLQGXMHUDQ
D OD REOLJDFLyQ GH LQWHUHVDU DO HVSHFWDGRU (VWH
VHQWLGR GH REOLJDFLyQ VH LQWHUSRQtD HQWUH Pt \ OD
QHFHVLGDGGHHQWUHJDUPHSRUHQWHURDORTXHHVWDED
KDFLHQGR &RPHQFp D GDUPH FXHQWD TXH HVWDED
DSXUDQGR OD DFFLyQ \ ODV SDODEUDV 0LV OXJDUHV
SUHIHULGRV SDVDEDQ SRU PL LPDJLQDFLyQ FRPR
SRVWHV GH WHOpIRQR YLVWRV GHVGH XQ WUHQ (O PHQRU
WLWXEHR\KXELHUDVLGRLQHYLWDEOHXQDFDWiVWURIH



&RPR GHEtD SUHSDUDUPH SDUD PL
FDUDFWHUL]DFLyQKR\OOHJXpDOWHDWURPiVWHPSUDQR
TXHGHFRVWXPEUH0HGLHURQXQEXHQFDPDUtQXQD
YLVWRVD W~QLFD TXH HV XQD YHUGDGHUD SLH]D GH

SLQWyGHQXHYR&XDQGRYHtDTXHORVFRORUHVHUDQ
IXHUWHV VXPHUJtD HO FHSLOOR HQ DFHLWH 7DPELpQ
SRQtDDFHLWHHQPLFDUD\DVtVREUHHVDVXSHUILFLH
HO FHSLOOR SRGtD HVWLUDU ORV FRORUHV VXDYHPHQWH
)LQDOPHQWHPHSDVySRUWRGRHOURVWURXQDVRPEUD
QHJUDDSURSLDGDSDUDVHPHMDUHOFXWLVGHXQPRUR
&DVL HFKp GH PHQRV OD VRPEUD PiV RVFXUD TXH
GDED HO FKRFRODWH SXHV FRQWULEXtD D KDFHU EULOODU
PLVRMRV\GLHQWHV
&XDQGRHVWXYRWRGROLVWRSLQWXUD\WUDMHPH
PLUpHQHOHVSHMR\TXHGpHQFDQWDGRFRQHODUWHGH
PL PDTXLOODGRU DVt FRPR GH PL DVSHFWR JHQHUDO
/RV iQJXORV GH PLV EUD]RV \ GH PL FXHUSR
GHVDSDUHFtDQ HQ ODV IORWDQWHV YHVWLGXUDV \ ORV
JHVWRVTXHKDEtDHQVD\DGRHVWDEDQGHDFXHUGRFRQ
HOODV3DXO\DOJXQRVRWURVHQWUDURQHQHOFDPDUtQ\
PHIHOLFLWDURQSRUPLDVSHFWR(VWDDFWLWXGGHPLV
DPLJRV PH GHYROYLy PL DQWLJXD FRQILDQ]D SHUR
FXDQGR OOHJXp DO HVFHQDULR PH FRQIXQGLHURQ ORV
FDPELRVGHSRVLFLyQGHORVPXHEOHV8QVLOOyQGH
EUD]RVKDEtDVLGRFRORFDGRDH[DJHUDGDGLVWDQFLD
GH OD SDUHG FDVL HQ OD PLWDG GH OD HVFHQD \ OD

PXVHR OD XVDGD SRU HO SUtQFLSH GH 0DUUXHFRV HQ


(OPHUFDGHUGH9HQHFLD 0HVHQWpHQHOWRFDGRU
GRQGH KDEtD GHVSDUUDPDGDV YDULDV SHOXFDV SRWHV
GH EDUQL] SLQWXUDV SROYRV \ FHSLOORV &RPHQFp
SRU SLQWDUPH GH XQ FRORU PDUUyQ RVFXUR FRQ XQ
FHSLOOR SHUR OD SLQWXUD VH HQGXUHFtD PX\
UiSLGDPHQWH \ QR GHMDED FDVL KXHOODV ,QWHQWp
SLQWDUPH FRQ ORV GHGRV SHUR QR REWXYH p[LWR
H[FHSWR FRQ HO D]XO FODUR HO ~QLFR FRORU PH
SDUHFLyTXHQRSRGtDWHQHUXWLOLGDGDOJXQDSDUDOD
FDUDFWHUL]DFLyQGH2WHOR0HSXVHEDUQL]\WUDWpGH
SHJDUPH D OD FDEH]D XQ SRFR GH SHOR SHUR HO
EDUQL]PHSURGXFtDHVFR]RU\HOSHORVHPHSHJDED
D OD FDUD 3UREp XQD SHOXFD WUDV RWUD TXH
FRORFDGDV VLQ DIHLWHV HQ OD FDUD UHVXOWDEDQ
GHPDVLDGR HYLGHQWHV 3RU ILQ WUDWp GH VDFDUPH HO
UHVWR GH SLQWXUD TXH PH TXHGDED HQ OD FDUD SHUR
QRWHQtDODPHQRULGHDGHFyPRKDFHUOR
(QHVHPRPHQWRHQWUyDOFDPDUtQXQKRPEUH
DOWR\GHOJDGRYHVWLGRFRQXQDODUJDEDWDEODQFD\
FRPHQ]y D WUDEDMDU HQ PL FDUD /LPSLy SULPHUR
FRQ YDVHOLQD WRGR OR TXH PH KDEtD SXHVWR \ PH

PHVDVHKDOODEDGHPDVLDGRDGHODQWH
3DUHFtDQ FRORFDGRV SDUD XQD H[SRVLFLyQ HQ
HO OXJDU PiV GHVWDFDGR 'HELGR D OD QHUYLRVLGDG
FDPLQDEDGHXQODGRSDUDRWURHQUHGDQGRPLGDJD
HQORVSOLHJXHVGHOWUDMH\JROSHDQGRFRQHOODORV
PXHEOHV R ORV WHORQHV 3HUR HVWR QR PH LPSLGLy
GHFLUPLSDSHODXWRPiWLFDPHQWHQLGHVDUUROODUXQD
LQFHVDQWHDFWLYLGDGHQHVFHQD6HPHDQWRMDEDTXH
D SHVDU GH WRGR KDEtD GH OOHJDU DO ILQDO GH OD
HVFHQD PDV DO OOHJDU HO PRPHQWR FXOPLQDQWH PH
DVDOWy HVWH SHQVDPLHQWR $KRUD PH YR\ D
FRQIXQGLU(OSiQLFRVHDSRGHUyGHPt\FHVpGH
KDEODU 1R Vp TXp IXp OR TXH PH JXLy SDUD
FRQWLQXDU FRQ PL SDSHO DXWRPiWLFDPHQWH SHUR GH
QXHYR HVR IXp OR TXH PH VDOYy 6yOR XQ
SHQVDPLHQWRRFXSyGHVSXpVPLPHQWHWHUPLQDUOR
PiVSURQWRSRVLEOHTXLWDUPHODVSLQWXUDV\HOWUDMH
\ VDOLU GHO WHDWUR < DTXt HVWR\ HQ FDVD VROR \
QDGD VDWLVIHFKR $IRUWXQDGDPHQWH KD YHQLGR D
YHUPH/HR0HKDEtDYLVWRHQODSODWHD\GHVHDED
VDEHUORTXH\RRSLQDEDGHVXUHSUHVHQWDFLyQSHUR
QR SXGH GHFLUOH QDGD SRUTXH D SHVDU GH KDEHU

PLUDGR VX DFWXDFLyQ QR KDEtD YLVWR QL RtGR QDGD


SRVHtGR FRPR HVWDED SRU OD QHUYLRVLGDG GH OD
HVSHUD
+DEOy DPDEOHPHQWH GH OD SLH]D \ GHO SDSHO
GH 2WHOR (VWXYR HVSHFLDOPHQWH LQWHUHVDQWH HQ VX
H[SOLFDFLyQ GHO GUDPD OD FRQPRFLyQ OD VRUSUHVD
GHO PRUR DO SHUFLELU HQ OD KHUPRVD 'HVGpPRQD
SHFDGRVHPHMDQWH
'HVSXpV GH LUVH /HR UHSDVp DOJXQDV SDUWHV
GHO SDSHO LQWHUSUHWiQGRODV \ FDVL OORUp GH SHQD
SRUHOPRUR



/OHJy HO GtD GH OD UHSUHVHQWDFLyQ 0H
SDUHFLy TXH HUD FDSD] GH SUHYHU WRGR OR TXH
VXFHGHUtD 0H VHQWtD DEVROXWDPHQWH LQGLIHUHQWH
KDVWD TXH HQWUp HQ PL FDPDUtQ SHUR XQD YH]
GHQWUR PL FRUD]yQ HPSH]y D SDOSLWDU

YLROHQWRVPHDYHUJRQ]DEDGHFDGDPRYLPLHQWRGH
FDGD SDODEUD PH VRQURMp DSUHWp PLV PDQRV XQD
FRQWUD RWUD \ PH DSR\p FRQ IXHU]D HQ HO UHVSDOGR
GHOVLOOyQ(UDXQIUDFDVR\DQWHPtLPSRWHQFLDPH
VHQWt DUUHEDWDGR SRU OD LUD 'XUDQWH DOJXQRV
LQVWDQWHV PH ROYLGp GH FXDQWR PH URGHDED /DQFp
ODV FpOHEUHV SDODEUDV 6DQJUH<DJR VDQJUH \
VHQWtHQHOODVWRGRHOGRORUGHODOPDGHXQKRPEUH
FRQILDGR
/D LQWHUSUHWDFLyQ TXH /HR KLFLHUD GH 2WHOR
VXUJLy GH SURQWR HQ PL PHPRULD \ GHVSHUWy PL
HPRFLyQ 0H SDUHFLy SRU XQ PRPHQWR TXH ORV
HVSHFWDGRUHVVHLQFOLQDEDQKDFLDGHODQWH\TXHXQ
UXPRUFRUUtDSRUHQWUHHODXGLWRULR
$OHVFXFKDUHVWDDSUREDFLyQXQDHVSHFLHGH
HQHUJtD KLUYLy GHQWUR PtR 1R SXHGR UHFRUGDU
FyPRWHUPLQyODHVFHQDSRUTXHODVFDQGLOHMDV\HO
DJXMHURQHJURGHVDSDUHFLHURQGHPLFRQFLHQFLD\
PH VHQWt OLEUH GH WRGR HO WHPRU 5HFXHUGR TXH
3DXODOSULQFLSLRVHDVRPEUyGHPLFDPELROXHJR
VXIULy VX LQIOXHQFLD \ UHSUHVHQWy FRQ QDWXUDOLGDG

YLROHQWDPHQWH\FDVLOOHJXpDVHQWLUQiXVHDV
/RSULPHURTXHPHWXUEyHQHOHVFHQDULRIXp
ODH[WUDRUGLQDULDVROHPQLGDGODTXLHWXG\HORUGHQ
TXH UHLQDEDQ HQ pO $O SDVDU GH OD RVFXULGDG GH
HQWUH EDVWLGRUHV DO FHQWUR GH OD HVFHQD ODV OXFHV
DOWDV ORV IRFRV \ ODV FDQGLOHMDV PH FHJDURQ /D
FODULGDG HUD WDQ LQWHQVD TXH SDUHFtD IRUPDU XQ
WHOyQGHOX]HQWUHODVDOD\\R0HVHQWtSURWHJLGR
GHOS~EOLFR\SRUXQPRPHQWRUHVSLUpOLEUHPHQWH
SHUR SURQWR PLV RMRV VH DFRVWXPEUDURQ D OD OX] \
SXGHYHUORVGHWDOOHVHQODRVFXULGDG\HOPLHGR\
ODDWUDFFLyQGHOS~EOLFRPHSDUHFLHURQPiVIXHUWHV
TXH QXQFD (VWDED SURQWR D H[WUDHU WRGR OR TXH
WHQtD GHQWUR \ EULQGiUVHOR SHUR QXQFD PH KDEtD
VHQWLGRPiVYDFtR(OHVIXHU]RSRUPDQLIHVWDUPiV
HPRFLyQTXHODTXHVHQWtDODLPSRWHQFLDGHKDFHU
OR LPSRVLEOH PH OOHQDURQ GH XQ WHPRU TXH
FRQYLUWLyPLFDUD\PLVPDQRVHQSLHGUD\JDVWDED
WRGDV PLV IXHU]DV HQ HVIXHU]RV IDOVRV H
LQIUXFWXRVRV 0L JDUJDQWD VH FRQWUDMR PL YR]
SDUHFtD KDEHUVH HOHYDGR GH WRQR PLV PDQRV PLV
SLHVPLVJHVWRV\PLPDQHUDGHKDEODUVHKLFLHURQ

(O WHOyQ FD\y GHO RWUR ODGR VH R\HURQ DSODXVRV \


PHVHQWtOOHQRGHIHHQPtPLVPR
&RQ HO DLUH GH XQ DVWUR YLVLWDQWH FRQ
DIHFWDGD LQGLIHUHQFLD EDMp D OD SODWHD GXUDQWH HO
LQWHUYDOR (OHJt XQ OXJDU GRQGH SXGLHVH VHU YLVWR
SRU HO GLUHFWRU \ VX D\XGDQWH \ WRPp DVLHQWR
SHQVDQGR TXH SRGtDQ OODPDUPH \ KDFHU DOJ~Q
FRPHQWDULRDPDEOH6HHQFHQGLHURQODVFDQGLOHMDV
VH OHYDQWy HO WHOyQ H LQVWDQWiQHDPHQWH XQD GH ODV
DOXPQDV 0DUtD 0DOROHWNRYD EDMy UiSLGDPHQWH
XQD HVFDOHUD &D\y DO VXHOR FRQWUDtGD \ JULWy
2K D\XGDGPH GH XQD PDQHUD TXH PH KHOy HO
FRUD]yQ /XHJR VH OHYDQWy \ GLMR DOJXQDV OtQHDV
SHUR WDQ UiSLGDPHQWH TXH HUD LPSRVLEOH
HQWHQGHUODV 'H SURQWR HQ PHGLR GH XQD SDODEUD
FRPRVLKXELHVHROYLGDGRVXSDSHOVHLQWHUUXPSLy
VH FXEULy OD FDUD FRQ ODV PDQRV \ GHVDSDUHFLy
FRUULHQGRHQWUHORVEDVWLGRUHV3RFRGHVSXpVFD\y
HOWHOyQSHURHQPLVRtGRVVHJXtDDTXHOJULWR8QD
HQWUDGDXQDSDODEUD\HOVHQWLPLHQWRSDVD
0H SDUHFLy TXH HO GLUHFWRU HVWDED

HPRFLRQDGR SHUR DFDVR QR KDEtD KHFKR \R OR


PLVPRFRQDTXHOODIUDVH6DQJUH<DJRVDQJUH
FXDQGRKDEtDWHQLGRDODVDODHQWHUDHQPLSRGHU"


+R\IXLPRVOODPDGRVSDUDHVFXFKDUODFUtWLFD
GHQXHVWUDDFWXDFLyQHOGLUHFWRUGLMR
$QWH WRGR EXVTXHQ OR TXH HV SXUR HQ HO
DUWH \ WUDWHQ GH HQWHQGHUOR 3DUD HVWR
FRPHQ]DUHPRV SRU UHYLVDU ORV HOHPHQWRV
FRQVWUXFWLYRV GH OD SUXHED +D\ VyOR GRV
PRPHQWRV GLJQRV GH QRWDU HO SULPHUR FXDQGR
0DUtDVHDUURMyHVFDOHUDVDEDMR\ODQ]yDTXHOJULWR
GHVRODGR 2K D\XGDGPH \ HO VHJXQGR PiV
H[WHQVR FXDQGR .RVW\D 1D]YDQRY GLMR 6DQJUH
<DJR VDQJUH HQ DPEDV FLUFXQVWDQFLDV XVWHGHV
ORV TXH UHSUHVHQWDEDQ \ QRVRWURV ORV TXH
REVHUYiEDPRV QRV HQWUHJDPRV SRU FRPSOHWR D OR
TXH VXFHGtD HQ HO HVFHQDULR 7DOHV PRPHQWRV
IHOLFHV HQ Vt PLVPRV SRGHPRV FRQVLGHUDUORV
FRPRSHUWHQHFLHQWHVDODUWHGHYLYLUXQSHUVRQDMH
<FXiOHVHVHDUWH"SUHJXQWp
8VWHG OR KD H[SHULPHQWDGR 7UDWH GH

&DStWXOR,,
&XDQGR$FWXDU(V8Q$UWH

H[SOLFiUQRVOR
1L OR Vp QL SXHGR UHFRUGDUOR GLMH
GHVFRQFHUWDGRSRUHOHORJLRGH7RUWVRY
&yPR QR UHFXHUGD VX SURSLD tQWLPD
H[FLWDFLyQ"1RUHFXHUGDTXHVXVPDQRVVXVRMRV
\ VX FXHUSR HQWHUR WUDWDEDQ GH ODQ]DUVH KDFLD
GHODQWHFRPRSDUDDVLUDOJR"1RUHFXHUGDFyPR
PRUGLyVXVODELRV\TXHDSHQDVSRGtDFRQWHQHUODV
OiJULPDV"
$KRUDTXHXVWHGVHxDODORVSRUPHQRUHVGH
OR VXFHGLGR PH SDUHFH UHFRUGDU PLV DFWRV
FRQIHVp
3HURHQWRQFHVVLQPLVREVHUYDFLRQHVQR
KXELHUDFRPSUHQGLGRODIRUPDHQTXHVXH[SUHVLyQ
WUDGXMRVXVVHQWLPLHQWRV"
1RDGPLWRTXHQRKXELHUDSRGLGR
$FWXDED
FRQ
VX
VXEFRQVFLHQWH
LQWXLWLYDPHQWHHQWRQFHVFRQFOX\y

3UREDEOHPHQWH 1R OR Vp 3HUR HV pVWR


EXHQRRPDOR"
0X\EXHQRVLODLQWXLFLyQOROOHYDSRUOD
EXHQD VHQGD \ PX\ PDOR VL HOOD VH HTXLYRFD
H[SOLFy 7RUWVRY 'XUDQWH OD UHSUHVHQWDFLyQ GH
SUXHED QR VH HQFDPLQy XVWHG PDO \ OR TXH QRV
EULQGy HQ HVRV SRFRV PRPHQWRV IHOLFHV IXp
H[FHOHQWH
5HDOPHQWH"SUHJXQWp
6tSRUTXHORPHMRUTXHSXHGHVXFHGHUHV
TXH HO DFWRU VH YHD FRPSOHWDPHQWH DUUDVWUDGR SRU
ODREUD(QWRQFHVVLQLQWHUYHQFLyQGHVXYROXQWDG
YLYHHOSHUVRQDMHVLQQRWDUFyPRVLHQWHVLQSHQVDU
VREUH OR TXH KDFH \ WRGR VH HMHFXWD
DUPyQLFDPHQWHHQIRUPDVXEFRQVFLHQWHHLQWXLWLYD
6DOYLQL KD GLFKR (O JUDQ DFWRU GHEH HVWDU OOHQR
GHVHQWLPLHQWR\HVSHFLDOPHQWHGHEHVHQWLUORTXH
HVWiUHSUHVHQWDQGR'HEHH[SHULPHQWDUHPRFLyQQR
XQDRGRVYHFHVPLHQWUDVHVWXGLDVXSDSHOVLQRHQ
PD\RURPHQRUJUDGRFDGDYH]TXHORUHSUHVHQWH

([LJH HVWR XQ WUDEDMR FUHDGRU VXPDPHQWH


FRPSOLFDGR 6H OOHYD D FDER HQ SDUWH EDMR HO
FRQWUROGHQXHVWUDFRQFLHQFLDSHURXQDSURSRUFLyQ
PXFKR PiV LPSRUWDQWH HV VXEFRQVFLHQWH H
LQYROXQWDULD
3DUDRULJLQDUHQHOVXEFRQVFLHQWHHOWUDEDMR
FUHDGRU H[LVWH XQD WpFQLFD HVSHFLDO 'HEHPRV
GHMDU WRGR DTXHOOR TXH HV GH QDWXUDOH]D
VXEFRQVFLHQWH HQ HO PiV HVWULFWR VHQWLGR GH OD
SDODEUD \ KDFHU XVR GH OR TXH VH HQFXHQWUD D
QXHVWUR DOFDQFH &XDQGR HO VXEFRQVFLHQWH OD
LQWXLFLyQ SDUWLFLSDQ GH QXHVWUR WUDEDMR GHEHPRV
VDEHUFyPRQRLQWHUSRQHUQRV
1R
VH
SXHGH
FUHDU
VLHPSUH
VXEFRQVFLHQWHPHQWH \ FRQ LQVSLUDFLyQ (Q WRGR HO
PXQGR QR H[LVWH XQ JHQLR FDSD] GH HOOR 3RU HVR
QXHVWUR DUWH QRV HQVHxD SULPHUR D FUHDU
FRQVFLHQWHPHQWH \ HQ IRUPD FRQFUHWD SRUTXH DVt
SUHSDUDPRV PHMRU HO IORUHFLPLHQWR GHO
VXEFRQVFLHQWH TXH HV LQVSLUDFLyQ &XDQWRV PiV
PRPHQWRV FUHDGRUHV FRQVFLHQWHV ORJUHPRV HQ

QRLPSRUWDTXHVHDODSULPHUDRPLOpVLPDYH]TXH
OR KDJD 'HVJUDFLDGDPHQWH HVWR QR HVWi EDMR
QXHVWUR FRQWURO 1XHVWUR VXEFRQVFLHQWH HV
LQDFFHVLEOH D QXHVWUD FRQFLHQFLD 1R SRGHPRV
SHQHWUDU HQ VX GRPLQLR \ VL SRU FXDOTXLHU UD]yQ
FRQVHJXLPRV DSRGHUDUQRV GH pO KDEUDVH
WUDQVIRUPDGR HQ FRQFLHQFLD \ SRU HQGH
GHVDSDUHFLGR
(OUHVXOWDGRHVXQSUREOHPDVHVXSRQHTXH
FUHDPRV SRU LQVSLUDFLyQ VyOR QXHVWUR
VXEFRQVFLHQWH QRV GD LQVSLUDFLyQ SHUR
DSDUHQWHPHQWH SRGHPRV KDFHU XVR GH QXHVWUR
VXEFRQVFLHQWH VyOR PHGLDQWH OD FRQFLHQFLD TXH
DFDEDFRQpO
)HOL]PHQWH KD\ XQD VROXFLyQ 'HEHPRV
EXVFDUOD SRU XQ FDPLQR LQGLUHFWR HQ OXJDU GH
HQIUHQWDUOD GLUHFWDPHQWH (Q HO DOPD GHO VHU
KXPDQR KD\ FLHUWRV HOHPHQWRV TXH HVWiQ VXMHWRV D
OD FRQFLHQFLD \ D OD YROXQWDG (VWDV SDUWHV
DFFHVLEOHV VRQ FDSDFHV GH DFWXDU VREUH SURFHVRV
SVtTXLFRVTXHHQVtVRQLQYROXQWDULRV

QXHVWUD UHSUHVHQWDFLyQ PiV SUREDELOLGDGHV


WHQGUHPRVGHDOFDQ]DUODLQVSLUDFLyQ
6H SXHGH UHSUHVHQWDU ELHQ R PDO OR
LPSRUWDQWH HV DFWXDU VLQFHUDPHQWH HVFULEtD
6KFKHSNLQDVXGLVFtSXOR6KXPVNL
,QWHUSUHWDUILHOPHQWHVLJQLILFDVHUFRUUHFWR
OyJLFR FRKHUHQWH SHQVDU HVIRU]DUVH VHQWLU \
DFWXDUDXQtVRQRFRQHOSDSHO
6LWRPDPRVWRGRVHVWRVSURFHVRVLQWHULRUHV
\ORVDGDSWDPRVDODYLGDItVLFD\HVSLULWXDOGHOD
SHUVRQDTXHUHSUHVHQWDPRVSRGUHPRVOODPDUDHVR
YLYLUHOSHUVRQDMH(VWRHVGHVXPDLPSRUWDQFLDHQ
HOWUDEDMRFUHDGRU$SDUWHGHOKHFKRGHDEULUSDVR
DODLQVSLUDFLyQYLYLUVXSHUVRQDMHOOHYDDODUWLVWD
D FXPSOLU XQR GH VXV REMHWLYRV SULQFLSDOHV 6X
PLVLyQ QR FRQVLVWH VyOR HQ UHSUHVHQWDU OD YLGD
H[WHUQD GHO SHUVRQDMH GHEH DGDSWDU VXV SURSLDV
FXDOLGDGHVKXPDQDVDODYLGDGHHVDRWUDSHUVRQD
\YROFDUHQHOORWRGDVXDOPD/DPHWDIXQGDPHQWDO
GH QXHVWUR DUWH HV ORJUDU OD FUHDFLyQ GH HVD YLGD

LQWHULRUGHOHVStULWXKXPDQRVXH[SUHVLyQHQIRUPD
DUWtVWLFD
3RUHVWRFRPHQ]DPRVSRUSHQVDUHQODSDUWH
LQWHUQDGHOSDSHO\HQODPDQHUDGHFUHDUVXYLGD
HVSLULWXDOSRUPHGLRGHOSURFHVRtQWLPRGHYLYLUHO
SHUVRQDMH 'HEHQ YLYLUOR H[SHULPHQWDQGR
DXWpQWLFDPHQWH ORV VHQWLPLHQWRV TXH OHV VHDQ
SURSLRVFDGDYH]\VLHPSUHTXHUHSLWDQHOSURFHVR
GHFUHDUOR
3RU TXp HO VXEFRQVFLHQWH GHSHQGH HQ
IRUPDWDQDEVROXWDGHODFRQFLHQFLD"GLMH
0H SDUHFH QDWXUDO IXp OD UHVSXHVWD
/DXWLOL]DFLyQGHOYDSRUODHOHFWULFLGDGHOYLHQWR
HO DJXD \ RWUDV IXHU]DV LQYROXQWDULDV GH OD
QDWXUDOH]D GHSHQGHQ GH OD LQWHOLJHQFLD GHO
LQJHQLHUR 1XHVWUD IXHU]D VXEFRQVFLHQWH QR SXHGH
PDQLIHVWDUVH VLQ VX FRUUHVSRQGLHQWH LQJHQLHUR
QXHVWUDWpFQLFDFRQVFLHQWH 6yORVLHQWHFXDQGRHO
DFWRU VLHQWH TXH VX YLGD LQWHULRU \ H[WHUQD HQ HO
HVFHQDULR IOX\H QDWXUDOPHQWH \ HQ IRUPD QRUPDO

GHQWURGHODVFLUFXQVWDQFLDVTXHORURGHDQTXHODV
PiV SURIXQGDV IXHQWHV GH VX VXEFRQVFLHQWH VH
DEUHQ \ GH HOODV VXUJHQ VHQWLPLHQWRV TXH QR
VLHPSUH VH SXHGHQ DQDOL]DU <D VHD SRU FRUWR R
ODUJR HVSDFLR GH WLHPSR VH SRVHVLRQDQ GH
QRVRWURV FDGD YH] TXH XQ LQVWLQWR LQWHULRU OR
UHFODPD 'DGR TXH QR SRGHPRV HQWHQGHU HVWH
SRGHU UHFWRU \ TXH QRVRWURV ORV DFWRUHV QR
SRGHPRV HVWXGLDUOR OR OODPDPRV VLPSOHPHQWH
QDWXUDOH]D
3HUR VL LQIULQJLPRV DOJXQD OH\ GH OD YLGD
RUJiQLFD QRUPDO \ FHVDPRV GH IXQFLRQDU
FRUUHFWDPHQWH HQWRQFHV HO VXEFRQVFLHQWH
H[WUDRUGLQDULDPHQWHVHQVLEOHVHDODUPD\VHUHWLUD
3DUD LPSHGLU HVWR SULPHUR VH GHEH SODQHDU HO
SDSHO FRQVFLHQWHPHQWH \ OXHJR UHSUHVHQWDUOR
ILHOPHQWH (Q HVWH SXQWR HO UHDOLVPR \ KDVWD HO
QDWXUDOLVPR VRQ HVHQFLDOHV HQ OD SUHSDUDFLyQ
tQWLPD GHO SDSHO SRUTXH SRQH HQ PDUFKD HO
VXEFRQVFLHQWH\SURGXFHUDSWRVGHLQVSLUDFLyQ
3RU OR TXH WHUPLQD GH GHFLU SLHQVR TXH

SDUD HVWXGLDU QXHVWUR DUWH GHEHPRV DVLPLODU XQD


WpFQLFD SVLFROyJLFD GH YLYLU HO SHUVRQDMH \ TXH
HVWR QRV D\XGDUi D FXPSOLU QXHVWUR SULQFLSDO
REMHWLYR HV GHFLU FUHDU OD YLGD GH XQ HVStULWX
KXPDQRGLMR3DXO6KXVWRY

REOLJDGRDWUDEDMDUPXFKRPiVTXHRWURVWDQWRHQ
VX FDXGDO LQWHULRU TXH FUHD OD YLGD GHO SHUVRQDMH
FRPR WDPELpQ HQ OD FRQILJXUDFLyQ ItVLFD H[WHUQD
TXH GHEH UHSURGXFLU FRQ SUHFLVLyQ ORV UHVXOWDGRV
GHOWUDEDMRFUHDGRUGHVXVHPRFLRQHV

&RUUHFWR DXQTXH QR HV FRPSOHWR GLMR


7RUWVRY 1XHVWUR REMHWLYR QR HV VyOR FUHDU OD
YLGD GH XQ HVStULWX KXPDQR VLQR WDPELpQ
H[SUHVDUORHQIRUPDKHUPRVDDUWtVWLFD(ODFWRU
HVWi HQ OD REOLJDFLyQ GH YLYLU HO SHUVRQDMH
LQWHULRUPHQWH \ GDU HQWRQFHV D VX H[SHULHQFLD XQD
SHUVRQLILFDFLyQ H[WHUQD 3LGR TXH QRWHQ
HVSHFLDOPHQWHTXHSDUDQXHVWUDHVFXHODGHDUWHHV
SDUWLFXODUPHQWH LPSRUWDQWH OD GHSHQGHQFLD GHO
FXHUSR FRQ UHVSHFWR DO DOPD 3DUD H[SUHVDU XQD
YLGD VXEFRQVFLHQWH GHOLFDGD HV QHFHVDULR SRVHHU
HO FRQWURO GH XQ DSDUDWR YRFDO \ ItVLFR
SDUWLFXODUPHQWHGyFLO\H[FHOHQWHPHQWHSUHSDUDGR
(VWH DSDUDWR GHEH HVWDU OLVWR HQ VHJXLGD \ VHU
H[DFWR SDUD UHSURGXFLU ORV PiV GHOLFDGRV \ FDVL
LQWDQJLEOHV VHQWLPLHQWRV FRQ JUDQ VHQVLELOLGDG \
MXVWH]D 3RU HVR XQ DFWRU GH QXHVWUD HVFXHOD HVWi

+DVWDODH[WHULRUL]DFLyQGHXQSHUVRQDMHVH
YH JUDQGHPHQWH LQIOXLGD SRU HO VXEFRQVFLHQWH (V
XQKHFKRTXHQRH[LVWHWpFQLFDWHDWUDODUWLILFLDOTXH
SXHGD VLTXLHUD FRPSDUDUVH FRQ ODV PDUDYLOODV GH
TXHHVFDSD]ODQDWXUDOH]D
/HV KH SXQWXDOL]DGR KR\ HQ XQ HVTXHPD
JHQHUDO OR TXH FRQVLGHUDPRV LQGLVSHQVDEOH
HVHQFLDO 1XHVWUD H[SHULHQFLD QRV KD OOHYDGR DO
ILUPH FRQYHQFLPLHQWR TXH VRODPHQWH HVWH QXHVWUR
WLSR GH DUWH LPSUHJQDGR FRPR HVWi GH ODV
YLYHQFLDV GH ORV VHUHV KXPDQRV HVWi FDSDFLWDGR
SDUD UHSURGXFLU DUWtVWLFDPHQWH ODV LPSDOSDEOHV
WRQDOLGDGHV \ SURIXQGLGDGHV GH OD YLGD 6yOR XQ
DUWHVHPHMDQWHHVFDSD]GHDEVRUEHUDOHVSHFWDGRU
SRU FRPSOHWR \ KDFHUOH HQWHQGHU \ VHQWLU
tQWLPDPHQWH ORV VXFHVRV TXH YH HQ HO HVFHQDULR

HQULTXHFLHQGR VX YLGD LQWHULRU \ GHMiQGROH


LPSUHVLRQHV TXH QR VH ERUUDUiQ FRQ HO WUDQVFXUVR
GHOWLHPSR
0iVD~Q\HVWRHVGHYLWDOLPSRUWDQFLDODV
EDVHV RUJiQLFDV GH ODV OH\HV QDWXUDOHV HQ TXH
QXHVWURDUWHHVWiIXQGDGRORVSURWHJHUiQGHORV
FDPLQRV H[WUDYLDGRV 4XLpQ VDEH EDMR TXp
GLUHFFLyQ R HQ TXp WHDWUR WUDEDMDUiQ" 1L HQ WRGDV
SDUWHVQLFRQFXDOTXLHUDKDOODUiQWUDEDMRFUHDGRU
EDVDGRHQODQDWXUDOH]D(QODPD\RUSDUWHGHORV
WHDWURV ORV DFWRUHV \ SURGXFWRUHV YLRODQ
FRQVWDQWHPHQWH OD QDWXUDOH]D GH OD PDQHUD PiV
GHVFDUDGD 3HUR VL XVWHGHV VH HQFXHQWUDQ VHJXURV
GH FRQRFHU ORV OtPLWHV GHO YHUGDGHUR DUWH \ ODV
OH\HV RUJiQLFDV QDWXUDOHV QR SRGUiQ H[WUDYLDUVH
HVWDUiQ FDSDFLWDGRV SDUD FRPSUHQGHU ORV HUURUHV
TXH FRPHWDQ \ FRUUHJLUORV 3RU HOOR VH KDFH
LPSUHVFLQGLEOH HO FRQRFLPLHQWR GH ODV EDVHV GH
QXHVWUR DUWH FRPR SULQFLSLR GHO WUDEDMR GH FDGD
HVWXGLDQWH
$VtHVH[FODPp0HVLHQWRVDWLVIHFKR

IRU]DGDGHILQLyHOGLUHFWRU
4Xp VH HQWLHQGH SRU UHSUHVHQWDFLyQ
IRU]DGD"GLMHSHUSOHMR
&XDQGR VH UHSUHVHQWD FRPR XVWHG OR KD
KHFKR H[SOLFy KD\ PRPHQWRV HQ ORV TXH GH
SURQWR H LQHVSHUDGDPHQWH DOFDQ]D XQR JUDQGHV
DOWXUDV GH FDOLGDG DUWtVWLFD \ HPRFLyQ HQ HO
S~EOLFR(QHVRVPRPHQWRVVHFUHDGHDFXHUGRDOD
LQVSLUDFLyQLPSURYLVDQGRWDOFRPRVXFHGLySHUR
SRGUtD VHQWLUVH FDSD] R VXILFLHQWHPHQWH IXHUWH
WDQWRItVLFDFRPRHVSLULWXDOPHQWHSDUDUHSUHVHQWDU
ORV FLQFR ODUJRV DFWRV GHO GUDPD FRQ HO PLVPR
HPSXMH TXH GHVDUUROOy DFFLGHQWDOPHQWH SDUD VX
DFWXDFLyQHQHVDFRUWtVLPDHVFHQD"
1RORVpGLMHVLQWLpQGRORDVt
<RVtQRFDEHGXGDDOJXQDTXHVHPHMDQWH
SURH]DHVWDUtDPXFKRPiVDOOiGHODIXHU]DQRVyOR
GH XQ JHQLR GRWDGR GH H[WUDRUGLQDULR
WHPSHUDPHQWR VLQR WDPELpQ GH XQ YHUGDGHUR

GH KDEHU VLGR FDSD] GH GDU XQ SDVR DXQTXH KD\D
VLGRSHTXHxRTXHPHOOHYHHQHVDGLUHFFLyQ
1R WDQWR HQWXVLDVPR GLMR 7RUWVRY R
VXIULUi OD PiV DPDUJD GH ODV GHVLOXVLRQHV 1R
PH]FOH HO KHFKR GH YLYLU HO SHUVRQDMH FRQ OR TXH
QRVKDPRVWUDGRGHVGHHOHVFHQDULR
&yPR < TXp HV OR TXH KH KHFKR
HQWRQFHV"
<D KH GLFKR TXH GXUDQWH WRGD OD ODUJD
HVFHQD GH 2WHOR KXER VyOR DOJXQRV SRFRV
PRPHQWRV HQ ORV FXDOHV FRQVLJXLy YLYLU VX SDSHO
/RV XWLOLFp SDUD LOXVWUDU D XVWHG \ D ORV GHPiV
FRPSDxHURVVREUHORVIXQGDPHQWRVGHQXHVWURWLSR
GH DUWH 6LQ HPEDUJR VL WRPiUDPRV HQ
FRQVLGHUDFLyQODWRWDOLGDGGHODHVFHQDHQWUH2WHOR
\<DJRQRODSRGUtDPRVFRQVHJXULGDGLQFOXLUHQ
QXHVWURWLSRDUWtVWLFR
<TXpHVHQWRQFHV"
(V OR TXH OODPDPRV UHSUHVHQWDFLyQ

+pUFXOHV FRQWHVWy 7RUWVRY 3DUD FXPSOLU


QXHVWURV SURSyVLWRV GHEHPRV SRVHHU DGHPiV GH
ODVFRQGLFLRQHVQDWXUDOHVXQDWpFQLFDSVLFROyJLFD
ELHQ WUDEDMDGD XQ HQRUPH WDOHQWR \ XQD JUDQ
UHVHUYDQHUYLRVD\ItVLFD1RWLHQHXVWHGWRGDVHVDV
FRQGLFLRQHV FRPR WDPSRFR ODV WLHQHQ ORV DFWRUHV
GH SHUVRQDOLGDG TXH QR DGPLWHQ OD WpFQLFD (OORV
FRPR XVWHG OR KL]R FRQItDQ SRU HQWHUR HQ OD
LQVSLUDFLyQ< VL OD LQVSLUDFLyQ QR OOHJD QL XVWHG
QL HOORV SRVHHQ DOJR FRQ TXp OOHQDU ORV HVSDFLRV
YDFtRV 6H H[SHULPHQWDQ ODUJRV SHUtRGRV GH
GHFDLPLHQWRQHUYLRVRDOUHSUHVHQWDUXQSDSHOXQD
LPSRWHQFLD DUWtVWLFD FRPSOHWD \ XQD LQJHQXD
PDQHUD GH DFWXDU GH DILFLRQDGR 'XUDQWH HVRV
SHUtRGRV OD DFWXDFLyQ HV DUWLILFLDO GXUD (Q
FRQVHFXHQFLD ORV PRPHQWRV FXOPLQDQWHV DOWHUQDQ
FRQORVH[DJHUDGRV


+R\7RUWVRYFRQWLQXyKDEODQGRVREUHQXHVWUD
UHSUHVHQWDFLyQ&XDQGROOHJyDODFODVHVHGLULJLy
D3DXO\OHGLMR
7DPELpQ XVWHG QRV KD SURSRUFLRQDGR
PRPHQWRVLQWHUHVDQWHVSHURPiVELHQHUDQWtSLFRV
GHO DUWH GH UHSUHVHQWDU \ \D TXH XVWHG ORJUy
GHPRVWUDU HVWD RWUD PDQHUD GH DFWXDU TXLHUH
UHODWDUQRVFyPRFUHyHOSDSHOGH<DJR"VXJLULy
HOGLUHFWRU
7RPp HO SDSHO GHVGH XQ SULQFLSLR SRU VX
YDORULQWHULRU\ORHVWXGLpDVtODUJRWLHPSRGLMR
3DXO(VWDQGRHQFDVDPHSDUHFLyTXHUHDOPHQWH
ORJUDED YLYLU HO SHUVRQDMH \ HQ DOJXQRV GH ORV
HQVD\RVKXERSDVDMHVHQTXHFUHtVHQWLUPLSDSHO
'H DKt TXH QR HQWLHQGD TXp UHODFLyQ SXHGH WHQHU
FRQHVRHODUWHGHODUHSUHVHQWDFLyQ
(Q pO HO DFWRU WDPELpQ YLYH HO SDSHO TXH
UHSUHVHQWD GLMR 7RUWVRY (VWD LGHQWLILFDFLyQ
SDUFLDOFRQQXHVWURPpWRGRHVORTXHKDFHSRVLEOH
TXHVHFRQVLGHUHHVWHRWURWLSRWDPELpQFRPRDUWH

1R LQVLVWLy 7RUWVRY HQ QXHVWUR DUWH


VH GHEH YLYLU HO SHUVRQDMH HQ FDGD PRPHQWR \
VLHPSUH TXH VH OR HVWp UHSUHVHQWDQGR &DGD YH]
TXH VH OR YXHOYD D FUHDU GHEH YLYLU \ HVWDU
HQFDUQDGR FRQ IUHVFXUD (VWR GHILQH ORV SRFRV
PRPHQWRVIHOLFHVGHODDFWXDFLyQGH.RVW\DSHUR
HQ HO WUDEDMR GH 3DXO QR SXGH QRWDU IUHVFXUD GH
LPSURYLVDFLyQ R VHQWLPLHQWR HQ HO SDSHO $O
FRQWUDULR PH VRUSUHQGLy HQ XQD FDQWLGDG GH
RSRUWXQLGDGHV SRU OD H[DFWLWXG \ WHUPLQDFLyQ
DUWtVWLFD GH OD IRUPD \ HO PpWRGR GH DFWXDU TXH
HVWiSHUPDQHQWHPHQWHILMR\TXHHVSURGXFLGRSRU
FLHUWDIULDOGDGLQWHULRU6LQHPEDUJRPHGLFXHQWD
HQHVRVPRPHQWRVGHTXHHORULJLQDOGHOFXDOHVWR
HUDVyORXQDFRSLDDUWLILFLRVDKDEtDVLGREXHQR\
DXWpQWLFR(VWHHFRGHXQSURFHVRDQWHULRUKL]RGH
VX DFWXDFLyQ HQ FLHUWRV PRPHQWRV XQ SHUIHFWR
HMHPSORGHODUWHGHUHSUHVHQWDU
&yPRKHSRGLGROOHJDUDODUWHGHVLPSOH
UHSURGXFFLyQ"3DXOQRORHQWHQGtD
7UDWHPRV GH GDUQRV FXHQWD FRQ DOJR PiV

UHDO
6LQHPEDUJRVXREMHWLYRHVGLVWLQWR(QpO
YLYLU HO SHUVRQDMH HV VyOR XQ PHGLR SDUD
SHUIHFFLRQDU OD IRUPD H[WHUQD 8QD YH] TXH VH KD
ORJUDGR VDWLVIDFWRULDPHQWH HO DFWRU OD UHSURGXFH
FRQ OD D\XGD GH ORV P~VFXORV HMHUFLWDGRV
PHFiQLFDPHQWH3RUORWDQWRHQHVWDRWUDHVFXHOD
YLYLU HO SHUVRQDMH QR HV HO SULQFLSDO PRPHQWR GH
FUHDFLyQ FRPR OR HV HQ QRVRWURV VLQR TXH
FRQVWLWX\HXQRGHORVHVWDGRVSUHSDUDWRULRVSDUDHO
IXWXURWUDEDMRDUWtVWLFR

3HUR3DXOXWLOL]yVXVSURSLRVVHQWLPLHQWRV
HQODUHSUHVHQWDFLyQDILUPp
$OJXLHQ PiV DVLQWLy \ GLMR TXH HQ OD
DFWXDFLyQ GH 3DXO DVt FRPR HQ OD PtD KDEtD
KDELGR DOJXQRV PRPHQWRV DLVODGRV GH DXWpQWLFD
YLGDHQORVSHUVRQDMHVPH]FODGRVFODURHVWiFRQ
XQDJUDQSURSRUFLyQGHUHSUHVHQWDFLyQLQFRUUHFWD

TXHQRVUHODWHDFHUFDGHFyPRSUHSDUyVXSDSHOGH
<DJRVXJLULyHOGLUHFWRU
3DUD DVHJXUDUPH GH TXH PLV VHQWLPLHQWRV
VHUHIOHMDEDQH[WHULRUPHQWHXWLOLFpXQHVSHMR
(VR HV SHOLJURVR DQRWy 7RUWVRY 6H
GHEH WHQHU PXFKR FXLGDGR DO XVDU XQ HVSHMR
SRUTXH OH HQVHxD DO DFWRU D REVHUYDU FRQ
SUHIHUHQFLD OR H[WHUQR HQ FRQWUDSRVLFLyQ FRQ OR
tQWLPR GH VX DOPD WDQWR HQ Vt PLVPR FRPR HQ VX
SDSHO
6LQ HPEDUJR PH IXp ~WLO SDUD SRGHU YHU
FyPR PL H[WHULRU UHIOHMDED PLV VHQVDFLRQHV
LQVLVWLy3DXO
6XV SURSLDV VHQVDFLRQHV
VHQVDFLRQHVSUHSDUDGDVSDUDVXSDSHO"

R

ODV

0LV SURSLDV VHQVDFLRQHV SHUR DSOLFDEOHV


DOSHUVRQDMHGH<DJRH[SOLFy3DXO
(QFRQVHFXHQFLDPLHQWUDVWUDEDMDEDIUHQWH

DOHVSHMRORTXHOHLQWHUHVDEDHUDQRWDQWRODSDUWH
H[WHUQD HQ Vt OD DSDULHQFLD ORV JHVWRV VLQR
SULQFLSDOPHQWH OD PDQHUD FyPR VH H[WHULRUL]DEDQ
VXVVHQWLPLHQWRVGLMR7RUWVRY
([DFWDPHQWHH[FODPy3DXO
7DPELpQ HVR HV WtSLFR KL]R QRWDU HO
GLUHFWRU
5HFXHUGR OR VDWLVIHFKR TXH PH VHQWt
FXDQGRYLUHIOHMDGRFRUUHFWDPHQWHORTXH\RVHQWtD
FRQWLQXy3DXO
4XLHUH GHFLU TXH ILMy HQ IRUPD
SHUPDQHQWH HVRV PpWRGRV SDUD H[SUHVDU VXV
VHQWLPLHQWRV"SUHJXQWy7RUWVRY
6H ILMDURQ SRU Vt VRORV D WUDYpV GH
IUHFXHQWHVUHSHWLFLRQHV
(QWRQFHV DO ILQDO KDEtDQ IRUPDGR XQD
PDQHUD H[WHUQD GHILQLGD GH LQWHUSUHWDFLyQ SDUD
FLHUWDVSDUWHVIHOLFHVGHVXSDSHO\IXpFDSD]GH

ORV PRYLPLHQWRV H[WHUQRV ODV HQWRQDFLRQHV \


H[SUHVLRQHVTXHHODERUDURQDOSULQFLSLRKDFLHQGR
HVWDUHSHWLFLyQVLQHPRFLyQDOJXQD$PHQXGRVRQ
H[WUDRUGLQDULDPHQWH SUHFLVRV HQ OD WpFQLFD \ VRQ
FDSDFHV GH UHVROYHU XQD VLWXDFLyQ FRQ VyOR HVH
UHFXUVRVLQGHVJDVWHGHIXHU]DQHUYLRVD(VPiVD
PHQXGRRSLQDQTXHQRHVFRQYHQLHQWHVHQWLUOXHJR
GH KDEHU GHFLGLGR TXp PROGH VH KD GH DGRSWDU
3LHQVDQ TXH HV PiV VHJXUR SDUD HMHFXWDU XQD
DFFLyQ FRUUHFWD UHFRUGDU H[DFWDPHQWH OR TXH
KLFLHURQ OD SULPHUD YH] TXH FRQVLJXLHURQ KDFHUOR
ELHQ7RGRHVWRHVDSOLFDEOHHQFLHUWRJUDGRDORV
PRPHQWRV TXH OODPDURQ QXHVWUD DWHQFLyQ HQ VX
SDSHO GH <DJR 7UDWH GH UHFRUGDU TXp VXFHGLy
FXDQGRFRQWLQXyFRQVXWUDEDMR
3DXO GLMR TXH QR HVWDED VDWLVIHFKR GH VX
WUDEDMR HQ RWUDV SDUWHV GH VX SDSHO R FRQ HO
DVSHFWRGHVXYHUVLyQGH<DJRHQHOHVSHMR\TXH
ILQDOPHQWH WUDWy GH FRSLDU D XQ FRQRFLGR VX\R
FX\DV FDUDFWHUtVWLFDV SDUHFtDQ VXJHULU XQ EXHQ
HMHPSORGHSHUYHUVLGDG\DVWXFLD

FRQVHJXLU OD H[SUHVLyQ H[WHUQD SRU PHGLR GH OD


WpFQLFD"SUHJXQWy7RUWVRYFRQLQWHUpV
(YLGHQWHPHQWHVtDGPLWLy3DXO
<XWLOL]yHVWDIRUPDFDGDYH]TXHUHSHWtD
HOSDSHO"LQWHUURJyHOGLUHFWRU
6tDVtORKLFH
%LHQ \ DKRUD GtJDPH HVD IRUPD H[WHUQD
DSDUHFtD HQ 8VWHG FDGD YH] SRU PHGLR GH XQ
SURFHVR LQWHULRU R XQD YH] REWHQLGD OD UHSHWtD
PHFiQLFDPHQWHVLQSDUWLFLSDFLyQGHODHPRFLyQ"
0H SDUHFtD YLYLUOD FDGD YH] TXH OD KDFtD
GHFODUy3DXO
1RHVDQRIXpODLPSUHVLyQTXHOOHJyDORV
HVSHFWDGRUHV GLMR 7RUWVRY /RV DFWRUHV
SHUWHQHFLHQWHVDODHVFXHODGHTXHWUDWDPRVKDFHQ
OR TXH XVWHG $O SULQFLSLR VLHQWHQ HO SDSHO SHUR
XQD YH] TXH OR KDQ ORJUDGR GH PDQHUD TXH QR OR
QHFHVLWDQVHQWLUGHQXHYRVyORUHFXHUGDQ\UHSLWHQ

$VtTXHSHQVyTXHSRGUtDDGDSWDUODSDUD
VXSURSLRXVR"SUHJXQWy7RUWVRY
6tFRQWHVWy3DXO
%LHQ SHUR HQWRQFHV TXp SHQVDED KDFHU
FRQVXVSURSLDVFXDOLGDGHV"
$ GHFLU YHUGDG VyOR SHQVDED FRSLDU ODV
FDUDFWHUtVWLFDV H[WHUQDV GH HVD SHUVRQD DGPLWLy
3DXOIUDQFDPHQWH
)XpXQJUDQHUURUUHSOLFy7RUWVRY(Q
HVHSXQWRHQWUyGHOOHQRHQODLPLWDFLyQVHUYLOTXH
QRWLHQHUHODFLyQDOJXQDFRQODLQYHQWLYD
3DXO

<TXpGHEtDKDFHUHQWRQFHV"SUHJXQWy

$QWH WRGR DVLPLODU HO PRGHOR (VWR HV


PX\FRPSOLFDGR\GHEHHVWXGLDUVHGHVGHHOSXQWR
GH YLVWD GH OD pSRFD HO WLHPSR HO SDtV OD
FRQGLFLyQGHYLGDDPELHQWHOLWHUDWXUDSVLFRORJtD
DOPD PDQHUD GH YLYLU SRVLFLyQ VRFLDO \

DSDULHQFLD H[WHULRU DXQ PiV VH GHEH HVWXGLDU HO


FDUiFWHUHQVXVFRVWXPEUHVPDQHUDVPRYLPLHQWRV
YR]GLFFLyQHQWRQDFLyQ7RGRHVWHWUDEDMRGHORV
PHGLRV LQWHUSUHWDWLYRV GH FDGD XQR D\XGDUiQ D
LQWURGXFLU HO SHUVRQDMH HQ QXHVWURV SURSLRV
VHQWLPLHQWRV6LQWRGRHVWRHODUWHHVLPSRVLEOH
&XDQGR GH WRGR HVWH PDWHULDO VXUJH OD
LPDJHQ YLYD GH XQ SHUVRQDMH HO DUWLVWD GH OD
HVFXHODGHUHSUHVHQWDFLyQODWUDQVILHUHDVtPLVPR
(VWH WUDEDMR HVWi GHVFULWR FRQFUHWDPHQWH SRU XQR
GHORVDFWRUHVPiVUHSUHVHQWDWLYRVGHHVDHVFXHOD
HO IUDQFpV &RTXHOLQ HO YLHMR (O DFWRU FUHD VX
PRGHOR HQ OD LPDJLQDFLyQ \ OXHJR WDO FRPR OR
KDFH HO SLQWRU WRPD FDGD XQR GH ORV FDUDFWHUHV \
ORVWUDQVSRUWDQRDODWHODVLQRDVLPLVPR9H
ODLQGXPHQWDULDGH7DUWXIR\ODYLVWHQRWDVXSRUWH
\ORLPLWDGHVFXEUHVXILVRQRPtD\ODDGRSWD\D
pO DGDSWD VXV SURSLDV IDFFLRQHV +DEOD FRQ OD
PLVPDYR]TXHKDRtGRD7DUWXIRGHEHKDFHUDHVWD
SHUVRQD TXH KD FRPSXHVWR PRYHUVH FDPLQDU
JHVWLFXODU HVFXFKDU \ SHQVDU FRPR OR KDUtD
7DUWXIR HQ RWUDV SDODEUDV GHMDU HO DOPD HQ VXV

PDQRV(VWDQGR\DOLVWRVyORQHFHVLWDPDUFRHVWR
HV OOHYDUOR DO HVFHQDULR \ HQWRQFHV HO HVSHFWDGRU
GLUi(V7DUWXIRR(ODFWRUQRKDKHFKRXQEXHQ
WUDEDMR
3HUR WRGR HVWR HV WHUULEOHPHQWH GLItFLO \
FRPSOLFDGRGLMHFRQVHQWLPLHQWR
$Vt HV HO PLVPR &RTXHOLQ OR DGPLWH \
GLFH(ODFWRUQRYLYHUHSUHVHQWD'HEHGLULJLUVH
FRQIULDOGDGKDFLDHOREMHWRGHVXUHSUHVHQWDFLyQ
SHURVXDUWHGHEHVHUSHUIHFWR<SRUFLHUWR
DJUHJy 7RUWVRY HO DUWH GH UHSUHVHQWDU H[LJH
SHUIHFFLyQVLGHVHDVHJXLUVLHQGRDUWH
/D UHVSXHVWD VHJXUD GH OD HVFXHOD GH
UHSUHVHQWDFLyQHVTXHHODUWHQRHVODYLGDUHDOQL
VLTXLHUDVXUHIOHMR(ODUWHHQVtHVFUHDGRUFUHDVX
SURSLDYLGDKHUPRVDHQVXDEVWUDFFLyQPiVDOOiGH
ORVOtPLWHVGHOWLHPSR\GHOHVSDFLR1DWXUDOPHQWH
QRVRWURV QR SRGHPRV HVWDU GH DFXHUGR FRQ
VHPHMDQWHSUHVXQWXRVRGHVDItRDHVDDUWLVWD~QLFD
SHUIHFWD H LQDFFHVLEOH QXHVWUD QDWXUDOH]D

FUHDGRUD

RSRUHOVHQWLPLHQWRSLQWRUHVFR

/RV DUWLVWDV GH OD HVFXHOD GH &RTXHOLQ


UD]RQDQ GH HVWD PDQHUD HO WHDWUR HV XQD
FRQYHQFLyQ\HOHVFHQDULRHVGHPDVLDGRSREUHHQ
UHFXUVRV FRPR SDUD FUHDU OD LOXVLyQ GH OD YLGD
UHDO SRU OR WDQWR HO WHDWUR QR GHEH HYLWDU ODV
FRQYHQFLRQHV (VWH WLSR GH DUWH HV PHQRV
SURIXQGR TXH KHUPRVR HV GH HILFDFLD PiV
LQPHGLDWD TXH YHUGDGHUDPHQWH YLJRURVR HQ pO OD
IRUPD HV PiV LQWHUHVDQWH TXH VX FRQWHQLGR$FW~D
PiVVREUHORVVHQWLGRVGHORtGR\GHODYLVWDTXH
VREUH HO DOPD (Q FRQVHFXHQFLD HV PiV SUREDEOH
TXH GHOHLWH HQ OXJDU GH OOHJDU LQWHQVDPHQWH DO
HVSHFWDGRU

3HUR ORV VHQWLPLHQWRV KXPDQRV GHOLFDGRV \


SURIXQGRVQRHVWiQVXMHWRVDHVDWpFQLFDUHTXLHUHQ
HPRFLyQ QDWXUDO HQ HO SUHFLVR LQVWDQWH HQ TXH
DSDUHFHQ HQFDUQDGRV HQ QRVRWURV 5HTXLHUHQ
FRRSHUDFLyQ GLOHFWD GH OD QDWXUDOH]D PLVPD 6LQ
HPEDUJR UHSUHVHQWDU HO SDSHO GDGR TXH VLJXH HQ
SDUWHQXHVWURSURFHVRSXHGHVHUFRQVLGHUDGRDUWH
FUHDGRU

$ WUDYpV GH HVH DUWH SXHGHQ UHFLELUVH


JUDQGLRVDV LPSUHVLRQHV 3HUR HOODV QR ORJUDUiQ
LQIODPDU HO DOPD QL FRQVHJXLUiQ SHQHWUDU
SURIXQGDPHQWH HQ HOOD 6XV HIHFWRV VRQ DJXGRV
SHURQRGXUDGHURV'HVSLHUWDPiVDVRPEURTXHIH
'HQWUR GH VXV OtPLWHV VyOR HQFLHUUD OR TXH SXHGH
ORJUDUVHSRUPHGLRGHODEHOOH]DWHDWUDOVRUSUHVLYD


(QODOHFFLyQGHKR\*ULVKD*RYRUNRYGLMR
TXH VLHPSUH VLHQWH SURIXQGDPHQWH OR TXH KDFH HQ
HOHVFHQDULR
$HVWRUHVSRQGLy7RUWVRY
7RGDSHUVRQDHQFXDOTXLHUPRPHQWRGHVX
YLGD GHEH VHQWLU DOJR 6yOR ORV PXHUWRV QR WLHQHQ

VHQVDFLRQHV (V LPSRUWDQWH VDEHU TXp VLHQWH HQ HO


HVFHQDULR SXHV D PHQXGR VXFHGH TXH KDVWD ORV
DFWRUHVPiVH[SHULPHQWDGRVSUHSDUDQHQVXVFDVDV
\OOHYDQDODHVFHQDDOJRTXHQRHVQLLPSRUWDQWHQL
HVHQFLDO SDUD VXV SDSHOHV $OJXQRV HVWXGLDQWHV
KLFLHURQ DODUGH GH VXV YRFHV HQWRQDFLRQHV
HIHFWLYDV\WpFQLFDGHDFWXDFLyQRWURVKLFLHURQUHtU
D ORV HVSHFWDGRUHV FRQ VX YLYtVLPD DFWLYLGDG
VDOWRV GH EDOOHW UHSUHVHQWDFLyQ H[DJHUDGD \ VH
DGRUQDEDQ FRQ JHVWRV \ SRVWXUDV KHUPRVDV HQ
SRFDVSDODEUDVORTXHWUDMHURQDOHVFHQDULRQRHUD
ORQHFHVDULRSDUDORVSDSHOHVTXHUHSUHVHQWDEDQ
(Q FXDQWR D XVWHG *RYRUNRY QR VH
SRVHVLRQy GHO SDSHO SRU VX FRQWHQLGR LQWHUQR QR
OR YLYLy QL OR UHSUHVHQWy VLQR TXH KL]R DOJR
FRPSOHWDPHQWHGLVWLQWR
4Xp KLFH" VH DSUHVXUy D SUHJXQWDU
*ULVKD
$FWXDFLyQ PHFiQLFD (Q VX FODVH QR IXp
PDOD SXHV FRQWHQtD PpWRGRV PiV R PHQRV ELHQ

LGHQWLILFDUORV HQ HO FDXGDO GH OD SURSLD


H[SHULHQFLD 3HUR FRPR ORV DFWRUHV PHFiQLFRV QR
H[SHULPHQWDQ VHQVDFLRQHV VRQ LQFDSDFHV GH
UHSURGXFLUVXVUHVXOWDGRVH[WHUQRV
&RQODD\XGDGHVXFDUDPtPLFD\JHVWRVHO
DFWRUPHFiQLFRRIUHFHDOS~EOLFRVyORXQDPiVFDUD
PXHUWD GH VHQWLPLHQWRV LQH[LVWHQWHV &RQ HVWH
SURSyVLWR VH KD HODERUDGR XQ YDULDGR VXUWLGR GH
HIHFWRV SLQWRUHVFRV TXH SUHWHQGHQ UHWUDWDU WRGD
FODVHGHVHQWLPLHQWRVSRUPHGLRVH[WHUQRV
$OJXQRVGHHVWRVFOLFKpVILMRVVHKDQKHFKR
WUDGLFLRQDOHV\SDVDQGHJHQHUDFLyQDJHQHUDFLyQ
FRPRSRUHMHPSOROOHYDUODPDQRDOFRUD]yQSDUD
H[SUHVDUHODPRURDEULUH[DJHUDGDPHQWHODERFD
SDUDGDUODLGHDGHODPXHUWH2WURVVHORVFRSLD
\D IRUPDGRV GH FRQWHPSRUiQHRV WDOHQWRVRV WDO
FRPR SDVDU HO GRUVR GH OD PDQR SRU OD IUHQWH
FRPR OR KDFtD 9HUD .RPLVVDU]KHYVND\D HQ ORV
PRPHQWRVWUiJLFRV $OJXQRVRWURVVRQLQYHQWDGRV
SRUORVDFWRUHVPLVPRV

WUDEDMDGRV SDUD SUHVHQWDU


LOXVWUDFLRQHVFRQYHQFLRQDOHV

HO

SDSHO

FRQ

2PLWLUp OD ODUJD GLVFXVLyQ VXVFLWDGD SRU


*ULVKDSDUDHQWUDUGLUHFWDPHQWHHQODH[SOLFDFLyQ
GH 7RUWVRY DFHUFD GH ORV OtPLWHV TXH VHSDUDQ HO
YHUGDGHURDUWHGHODDFWXDFLyQPHFiQLFD
1R SXHGH KDEHU DUWH YHUGDGHUR VLQ OD
FRQGLFLyQ GH YLGD &RPLHQ]D FXDQGR HO
VHQWLPLHQWRHQWUDDIRUPDUSDUWHGHpO
< OD DFWXDFLyQ PHFiQLFD" SUHJXQWy
*ULVKD
&RPLHQ]D GRQGH WHUPLQD HO DUWH FUHDGRU
(Q OD DFWXDFLyQ PHFiQLFD QR HV QHFHVDULR XQ
SURFHVR YLYLHQWH \ pVWH DSDUHFH VyOR
DFFLGHQWDOPHQWH
/RFRPSUHQGHUiPHMRUFXDQGRGHVFXEUDORV
RUtJHQHV\PpWRGRVGHODDFWXDFLyQPHFiQLFDTXH
QRVRWURV FODVLILFDPRV FRPRHVWHUHRWLSLDV 3DUD
UHSURGXFLU ORV VHQWLPLHQWRV VH GHEH VHU FDSD] GH

+D\PDQHUDVHVSHFLDOHVGHUHFLWDUXQSDSHO
PpWRGRV GH GLFFLyQ \ OHQJXDMH 3RU HMHPSOR HO
WUpPROR HVSHFtILFDPHQWH WHDWUDO R FRQ
HPEHOOHFLPLHQWRGHFODPDWRULRGHODYR] 7DPELpQ
KD\ PpWRGRV ItVLFRV ORV DFWRUHV PHFiQLFRV QR
FDPLQDQ VH WUDVODGDQ SRU HO HVFHQDULR  PpWRGRV
SDUD JHVWRV \ DFFLyQ WDPELpQ SDUD PRYLPLHQWRV
SOiVWLFRV +D\ PpWRGRV SDUD H[SUHVDU WRGD FODVH
GH VHQWLPLHQWRV R SDVLRQHV KXPDQDV PRVWUDU ORV
GLHQWHV R KDFHU JLUDU ORV RMRV FXDQGR VH HVWi
FHORVR R FXEULU ORV RMRV \ OD FDUD FRQ ODV PDQRV
HQOXJDUGHOORUDUPHVDUVHORVFDEHOORVFXDQGRVH
TXLHUH GDU LGHD GH GHVHVSHUDFLyQ  +D\ PDQHUDV
GH LPLWDU WRGD FODVH GH JHQWH YDULDV FODVHV GH OD
VRFLHGDG ORV FDPSHVLQRV HVFXSHQ HQ HO VXHOR VH
OLPSLDQ ODV QDULFHV FRQ ODV IDOGDV ORV PLOLWDUHV
MXQWDQORVWDORQHVKDFLHQGRVRQDUODVHVSXHODVORV
DULVWyFUDWDV MXHJDQ FRQ ORV OHQWHV  $OJXQRV
FDUDFWHUL]DQpSRFDV JHVWRVGHySHUDSDUDOD(GDG
0HGLD FRUWRV SDVRV SDUD HO VLJOR ;9,,,  (VWRV
PpWRGRV PHFiQLFRV HVWHUHRWLSDGRV VH DGTXLHUHQ
IiFLOPHQWH SRU PHGLR GH FRQVWDQWH HMHUFLFLR GH
PDQHUD WDO TXH VH FRQYLHUWHQ HQ XQD VHJXQGD

QDWXUDOH]D
(O WLHPSR \ HO KiELWR FRQVWDQWH KDFHQ TXH
KDVWDODVFRVDVGHIRUPDGDV\VLQVHQWLGRSDUH]FDQ
GLJQDVGHVHUPDQWHQLGDVHQQXHVWUDHVWLPD&RPR
SRUHMHPSORHODQWLJXRPRYLPLHQWRGHKRPEURVGH
OD 2SHUD &RPLTXH YLHMDV GDPDV TXH WUDWDQ GH
SDUHFHU MyYHQHV SXHUWDV TXH VH DEUHQ \ FLHUUDQ
VRODV DO SDVR GHO KpURH GH OD REUD (O EDOOHW OD
ySHUD\HVSHFLDOPHQWHODVWUDJHGLDVVHXGRFOiVLFDV
HVWiQ SODJDGDV GH HVWDV FRQYHQFLRQHV 3RU PHGLR
GH HVWRV PpWRGRV LQYDULDEOHV WUDWDQ GH UHSURGXFLU
ODV PiV FRPSOLFDGDV \ HOHYDGDV DFFLRQHV GH ORV
KpURHV GHO WHDWUR 3RU HMHPSOR DUUDQFDUVH HO
FRUD]yQ HQ PRPHQWRV GH GHVHVSHUDFLyQ DJLWDU HO
SXxRHQVHxDOGHYHQJDQ]DRHOHYDUODVPDQRVDO
FLHORHQRUDFLyQ
6HJ~Q HO DFWRU PHFiQLFR HO REMHWR GHO
SDUODPHQWRWHDWUDO\GHORVPRYLPLHQWRVSOiVWLFRV
WDOHV FRPR H[DJHUDGD GXO]XUD HQ ORV PRPHQWRV
OtULFRVGLFFLyQPRQyWRQD\HQWRQDFLyQDEXUULGDDO
OHHU SRHVtD pSLFD SURQXQFLDGR FHFHR \ YR] EDMD

HVSHFWDGRUHV 'HEH SRVHHU RWURV PHGLRV


VXSOHPHQWDULRV SDUD GHVSHUWDU VXV VHQWLPLHQWRV \
SDUD HOOR VH UHIXJLD HQ OR TXH QRVRWURV OODPDPRV
HPRFLRQHV WHDWUDOHV (VWDV VRQ XQD HVSHFLH GH
LPLWDFLRQHV DUWLILFLDOHV GH OD SHULIHULD GH ODV
VHQVDFLRQHVItVLFDV
6L VH FLHUUDQ ORV SXxRV FRQ IXHU]D \ VH
SRQHQ HQ WHQVLyQ ORV P~VFXORV GHO FXHUSR R VH
UHVSLUD HVSDVPyGLFDPHQWH VH SXHGH OOHJDU D XQ
HVWDGR GH JUDQ LQWHQVLGDG ItVLFD $ PHQXGR HO
S~EOLFR SLHQVD TXH HVWR HV OD H[SUHVLyQ GH XQ
SRGHURVRWHPSHUDPHQWRDUUDVWUDGRSRUODSDVLyQ
/RVDFWRUHVGHFRQVWLWXFLyQQHUYLRVDSXHGHQ
GHVSHUWDU HPRFLRQHV WHDWUDOHV H[FLWDQGR
DUWLILFLDOPHQWH VXV QHUYLRV HVWR SURGXFH KLVWHULD
WHDWUDOXQp[WDVLVIDOVRTXHJHQHUDOPHQWHFRLQFLGH
FRQIDOWDGHFRQWHQLGRLQWHUQR


SDUDUHSUHVHQWDUHORGLRIDOVDVOiJULPDVHQODYR]
SDUD HO DEDWLPLHQWR  HV GDU pQIDVLV D OD YR] OD
GLFFLyQ\ORVPRYLPLHQWRVSDUDKHUPRVHDUDODFWRU
\GDUPD\RUSRGHUDVXHIHFWLYLGDGWHDWUDO
'HVJUDFLDGDPHQWH HQ HO PXQGR KD\ PXFKR
PiV PDO JXVWR TXH EXHQR (Q OXJDU GH QREOH]D VH
KD FUHDGR XQD HVSHFLH GH RVWHQWDFLyQ OLQGH]D HQ
OXJDU GH KHUPRVXUD HIHFWR WHDWUDO HQ OXJDU GH
H[SUHVLYLGDG
/R PiV JUDYH HV TXH ORV FOLFKpV VRQ
FDSDFHV GH OOHQDU FXDOTXLHU HVSDFLR YDFtR GH XQ
SDSHOTXHHVWiYDFtRSRUIDOWDGHVHQWLPLHQWRYLWDO
$XQPiVDPHQXGRORVFOLFKpVVHDGHODQWDQDORV
VHQWLPLHQWRV\FLHUUDQHOFDPLQRSRUHVRHODFWRU
GHEH SURWHJHUVH HVFUXSXORVDPHQWH FRQWUD HVRV
UHFXUVRV < HVWR HV FLHUWR KDVWD HQ ORV DFWRUHV
FDSDFHVGHYHUGDGHUDFUHDFLyQ
1R LPSRUWD OR PLQXFLRVR TXH SXHGD VHU HO
DFWRU HQ OD HOHFFLyQ GH FRQYHQFLRQHV HVFpQLFDV
SRUTXH QXQFD SRGUi HPRFLRQDU FRQ HOODV D ORV

(Q QXHVWUD OHFFLyQ GH KR\ HO GLUHFWRU


FRQWLQXy OD FUtWLFD GH QXHVWUD UHSUHVHQWDFLyQ GH
SUXHED(OSREUH9DQ\D9\XQWVRYIXpHOTXHOOHYy
OD SHRU SDUWH 7RUWVRY QR UHFRQRFLy VX WUDEDMR QL
VLTXLHUDFRPRUHSUHVHQWDFLyQPHFiQLFD
4XpIXpHQWRQFHV"GLMH
/D IRUPD PiV DERUUHFLEOH GH H[DJHUDFLyQ
FRQWHVWy
6XSRQJR TXH SRU OR PHQRV \R QR KDEUp
FRPHWLGRHVHHUURUPHDWUHYtDLQVLQXDU
&ODURTXHVLPHUHVSRQGLy
&XiQGR"H[FODPp8VWHGPLVPRGLMR
TXHGXUDQWHPLDFWXDFLyQ
<D KH H[SOLFDGR TXH VX WUDEDMR VH
FRPSXVR GH YHUGDGHUD FUHDFLyQ DOWHUQDGD FRQ
PRPHQWRV
'H DFWXDFLyQ PHFiQLFD" IXp Pt

SUHJXQWDLQYROXQWDULD
(VR VyOR VH SXHGH ORJUDU SRU PHGLR GH
LQWHQVRWUDEDMRFRPRHQHOFDVRGH*ULVKD\XVWHG
QRSXGRKDEHUWHQLGRQXQFDWLHPSRVXILFLHQWHSDUD
FUHDUOR 3RU HVR VX LPLWDFLyQ GHO VDOYDMH IXp
H[DJHUDGDIXpXQDFROHFFLyQGHFOLFKpVVLQUDVJR
DOJXQRGHWpFQLFD+DVWDODDFWXDFLyQPHFiQLFDHV
LPSRVLEOHVLQODDSOLFDFLyQGHODWpFQLFD
3HURGyQGHKHDGTXLULGR\RHVRVFOLFKpV
VL pVWD HV OD SULPHUD YH] TXH KH HVWDGR HQ ODV
WDEODVGLMH
/HD0L YLGD HQ HO DUWH (V OD KLVWRULD GH
GRV QLxDV TXH QXQFD KDEtDQ YLVWR XQ WHDWUR R XQD
UHSUHVHQWDFLyQ QL VLTXLHUD XQ HQVD\R \ VLQ
HPEDUJRUHSUHVHQWDURQXQDWUDJHGLDXWLOL]DQGRORV
FOLFKpVPiVYLFLRVRV\WULYLDOHV$IRUWXQDGDPHQWH
XVWHGPLVPRSRVHHYDULRVGHHOORV
3RUTXpDIRUWXQDGDPHQWH"SUHJXQWp
3RUTXHVRQPiVIiFLOHVGHFRPEDWLUTXHOD

ORV RMRV \ PRVWUDED ORV GLHQWHV &yPR LPDJLQy


VHPHMDQWHV HOHPHQWRV EiVLFRV SDUD FRPSRQHU VX
SHUVRQDMH"
+LFHXQUHODWRGHWDOODGRGHFDVLWRGRORTXH
KDEtD DQRWDGR HQ PL 'LDULR VREUH OD JHVWDFLyQ GH
PLSDSHOHQFDVD3DUDH[SOLFDUPHPHMRUFRORTXp
DOJXQDV VLOODV DOUHGHGRU GH DFXHUGR FRQ OD
GLVWULEXFLyQ GH ORV PXHEOHV GH PL KDELWDFLyQ
'XUDQWH FLHUWRV PRPHQWRV GH PL UHODWR 7RUWVRY
UHtDFRQJDQDV
$Kt WLHQH WRGR HVR GHPXHVWUD FyPR
FRPLHQ]D OD SHRU FODVH GH UHSUHVHQWDFLyQ WHDWUDO
GLMR FXDQGR WHUPLQp0LHQWUDV SUHSDUDED VX
SDSHOVHJXLyVyORSRUODSUREDEOHLPSUHVLyQTXH
SRGtDQ UHFLELU ORV HVSHFWDGRUHV < FRQ TXp OR
KL]R" &RQ DXWpQWLFRV VHQWLPLHQWRV RUJiQLFRV TXH
FRUUHVSRQGtDQ D OD SHUVRQD TXH WUDWDED GH
UHSUHVHQWDU"1RSRVHtDQLQJXQR1LVLTXLHUDWHQtD
SDUDFRSLDUDXQTXHPiVQRIXHVHH[WHULRUPHQWHOD
FRPSOHWD LPDJHQ YLYLHQWH 4Xp OH TXHGDED
HQWRQFHV SRU KDFHU" $IHUUDUVH D OD SULPHUD LGHD

DFWXDFLyQ PHFiQLFD IXHUWHPHQWH DUUDLJDGD GLMR


HO GLUHFWRU 3ULQFLSLDQWHV FRPR XVWHG VL WLHQHQ
WDOHQWR SXHGHQ DFFLGHQWDOPHQWH \ GXUDQWH FRUWR
WLHPSRFXPSOLUFRQHOSDSHOHQEXHQDIRUPDSHUR
QROHVHVSRVLEOHUHSURGXFLUORGHPDQHUDDUWtVWLFD
VRVWHQLGD OR TXH VLHPSUH KDFH UHFXUULU DO
H[KLELFLRQLVPR $O SULQFLSLR HV LQRIHQVLYR SHUR
QRVHGHEHROYLGDUTXHOOHYDFRQVLJRODVHPLOODGH
XQ JUDQ SHOLJUR 6H OH GHEH FRPEDWLU GHVGH HO
SULPHULQVWDQWHGHPDQHUDWDOTXHQRVXVFLWHPDORV
KiELWRVTXHORLQYDOLGDUtDQFRPRDFWRU\RFXSDUtDQ
HOOXJDUGHVXVGRWHVLQQDWDV
7RPHPRV HQ FRQVLGHUDFLyQ VX SURSLR
HMHPSOR XVWHG HV XQD SHUVRQD LQWHOLJHQWH \ VLQ
HPEDUJR SRU TXp HQ OD UHSUHVHQWDFLyQ D
H[FHSFLyQ KHFKD GH DOJXQRV SRFRV SDVDMHV HVWXYR
DEVXUGR" 3XHGH UHDOPHQWH FUHHU TXH ORV PRURV
TXLHQHVHQVXpSRFDIXHURQFRQRFLGRVSRUVXJUDQ
FXOWXUD VHPHMDEDQ EHVWLDV VDOYDMHV FDPLQDQGR
LPSDFLHQWHV GH XQ ODGR D RWUR GH XQD MDXOD" (O
VDOYDMH TXH UHSUHVHQWy KDVWD HQ VX WUDQTXLOD
FRQYHUVDFLyQ FRQ VX DQWHSDVDGR UXJtD UHYROYtD

TXHDSDUHFLHVHHQVXPHQWH/DPHQWHHVWiSURYLVWD
GH LQILQLGDG GH HVDV LGHDV OLVWDV SDUD FXDOTXLHU
RFDVLyQ7RGDLPSUHVLyQ\DVHDHQXQDIRUPDRHQ
RWUDHVUHWHQLGDSRUQXHVWUDPHPRULD\ODSRGHPRV
XWLOL]DU D QXHVWUR DQWRMR (Q WDOHV GHVFULSFLRQHV
JHQHUDOHV \ IXJDFHV QRV LPSRUWD PX\ SRFR VL OR
TXH WUDQVPLWLPRV UHVSRQGH D OD UHDOLGDG 1RV
VDWLVIDFHUQRV FRQ FXDOTXLHU FDUDFWHUtVWLFD JHQHUDO
R LOXVRULD 3DUD GDU YLGD D ODV LPiJHQHV OD
SUiFWLFD GLDULD QRV KD SURYLVWR GH SDWURQHV R
VHxDOHV H[WHULRUHV GHVFULSWDV SHUR DEVROXWDPHQWH
FRQYHQFLRQDOHVTXHJUDFLDVDVXFRQVWDQWHXVRVH
KDFHQLQLQWHOLJLEOHVDWRGRHOPXQGR
(VWR HV OR TXH OH VXFHGLy 6H YLR WHQWDGR
SRUODDSDULHQFLDH[WHULRUGHXQQHJURHQJHQHUDO\
VH DSXUy D UHWUDWDUOR VLQ GHWHQHUVH D SHQVDU
VLTXLHUDHQORTXH6KDNHVSHDUHHVFULELy7UDWyGH
ORJUDU XQD FDUDFWHUL]DFLyQ H[WHUQD TXH OH SDUHFLy
HIHFWLYD YLYLGD \ IiFLO GH UHSURGXFLU (VWR HV OR
TXHVLHPSUHVXFHGHFXDQGRXQDFWRUQRWLHQHDVX
GLVSRVLFLyQXQFDXGDOGHPDWHULDOYLYRWRPDGRGH
OD YLGD PLVPD 3XHGH GHFLU D FXDOTXLHUD GH

QRVRWURV 5HSUHVHQWHQ LQPHGLDWDPHQWH VLQ


SUHSDUDFLyQ DOJXQD \ HQ IRUPD JHQHUDO XQ
VDOYDMH 0H DWUHYR D DVHJXUDU TXH OD PD\RUtD
SURFHGHUtD FRPR XVWHG OR KL]R SRUTXH DQGDU GH
DTXt SDUD DOOi UXJLU PRVWUDU ORV GLHQWHV \ KDFHU
JLUDUODVSXSLODVHVGHVGHWLHPSRLQPHPRULDOHO
FRQMXQWR GH HOHPHQWRV TXH QXHVWUD LPDJLQDFLyQ
SRVHHFRPRLGHDIDOVDGHXQVDOYDMH7RGRVHVWRV
PpWRGRV GH UHSUHVHQWDU ORV VHQWLPLHQWRV HQ
JHQHUDOH[LVWHQHQWRGRVQRVRWURV<VRQXWLOL]DGRV
VLQUHODFLyQDOJXQDFRQHOSRUTXpHOFyPRRODV
FLUFXQVWDQFLDV HQ TXH OD SHUVRQD ODV KD
H[SHULPHQWDGR

DILFLRQDGR VH FRQYLHUWH IiFLOPHQWH HQ OD SHRU


HVSHFLHGHDFWXDFLyQPHFiQLFD

0LHQWUDV OD DFWXDFLyQ PHFiQLFD XWLOL]D


FOLFKpV HODERUDGRV SDUD UHHPSOD]DU DXWpQWLFRV
VHQWLPLHQWRV OD H[DJHUDFLyQ HQ OD UHSUHVHQWDFLyQ
WRPD ODV SULPHUDV FRQYHQFLRQHV KXPDQDV GH
FDUiFWHU JHQHUDO TXH DSDUHFHQ \ ODV XWLOL]D VLQ
VLTXLHUDDILQDUODVRSUHSDUDUODVSDUDHOHVFHQDULR
/R TXH OH KD VXFHGLGR HV FRPSUHQVLEOH \
SHUGRQDEOHHQXQSULQFLSLDQWH3HURWHQJDFXLGDGR
HQ OR IXWXUR SRUTXH OD H[DJHUDFLyQ GHO WLSR GH

8QD YHUGDG DUWtVWLFD HV GLItFLO GH


H[WHULRUL]DUSHURQRVHGHVDOLHQWDQXQFD&DGDYH]
VH KDFH PiV DJUDGDEOH SHQHWUD PiV
SURIXQGDPHQWHKDVWDTXHVHDGXHxDGHWRGRHOVHU
GHODUWLVWD\WDPELpQGHORVHVSHFWDGRUHV8QSDSHO
FRPSXHVWR VREUH OD YHUGDG VH DILDQ]DUi PLHQWUDV
TXH HO FRQVWUXLGR FRQ HVWHUHRWLSLDV GHEH
QHFHVDULDPHQWHIUDFDVDU

/DV FRQYHQFLRQHV TXH GHVFXEULy SURQWR


IXHURQLQVHUYLEOHV1RIXHURQFDSDFHVGHFRQWLQXDU
LPSXOViQGROR FRPR OR KLFLHURQ DO SULQFLSLR
FXDQGRODVFRQIXQGLyFRQODLQVSLUDFLyQ

DFWXDFLyQ PHFiQLFD EDVWDQWH DFHSWDEOH \ OD SDUWH


PDOD GH VX UHSUHVHQWDFLyQ OD GHILQt FRPR
H[DJHUDFLyQGHDILFLRQDGR

/XHJRDJUHJXHDWRGRHVWRODVFRQGLFLRQHV
GH QXHVWUDV DFWLYLGDGHV WHDWUDOHV OD SXEOLFLGDG
LQGLVSHQVDEOH GH OD DFWXDFLyQ GH ORV DFWRUHV
QXHVWUDGHSHQGHQFLDSDUDHOp[LWRGHOS~EOLFR\GHO
GHVHR TXH QDFH GH HVDV FRQGLFLRQHV GH XWLOL]DU
FXDOTXLHU PHGLR SDUD FDXVDU LPSUHVLyQ (VWRV
HVWtPXORV SURIHVLRQDOHV VH SRVHVLRQDQ D PHQXGR
GHODFWRUDXQFXDQGRHVWiUHSUHVHQWDQGRXQSDSHO
ELHQ ORJUDGR 1R PHMRUDQ OD FDOLGDG GH VX
DFWXDFLyQ SRU OR FRQWUDULR VX LQIOXHQFLD VH
PDQLILHVWD HQ H[KLELFLRQHV \ HQ OD DSDULFLyQ GH
PpWRGRVHVWHUHRWLSDGRV
(Q HO FDVR GH *ULVKD VXV FOLFKpV HVWDEDQ
UHDOPHQWHELHQWUDEDMDGRVFRQHOUHVXOWDGRGHTXH
ORV PLVPRV IXHURQ PiV R PHQRV EXHQRV SHUR ORV
VX\RV IXHURQ PDORV SRUTXH QR ORV WUDEDMy OR
VXILFLHQWH 3RU HVR HV TXH OODPp D VX WUDEDMR XQD

$QWH WRGR WUDWH GH HYLWDU FXDOTXLHU


HTXLYRFDFLyQ HQ HO FDPLQR TXH GHEH WRPDU SDUD
OOHJDU DO ILQ SHUVHJXLGR \ SDUD HOOR HVWXGLH ELHQ
ODVEDVHVGHQXHVWUDHVFXHODGHUHSUHVHQWDFLyQTXH
HV OD EDVH SDUD YLYLU VX SDSHO (Q VHJXQGR OXJDU
QR UHSLWD HVH WUDEDMR VLQ VHQWLGR TXH DFDED GH
H[SOLFDUQRV\TXH\RKHFULWLFDGR7HUFHURQXQFD
HPSUHQGD OD UHSUHVHQWDFLyQ GH XQ SDSHO TXH QR
KD\DH[SHULPHQWDGRLQWHULRUPHQWH\TXHQLVLTXLHUD
OHUHVXOWHLQWHUHVDQWH

(Q FRQVHFXHQFLD PL WUDEDMR IXp XQD


PH]FOD GH OR PHMRU \ OR SHRU TXH KD\ HQ QXHVWUD
SURIHVLyQ"
1R QR IXp OR SHRU GLMR 7RUWVRY /R
TXH KLFLHURQ ORV RWURV IXp DXQ SHRU 6XV GHIHFWRV
GHDILFLRQDGRVRQFXUDEOHVSHURODVIDOODVGHORV
RWURVGHPXHVWUDQXQSULQFLSLRFRQVFLHQWHTXHHVWi
PX\ OHMRV GH SRGHUVH FDPELDU R HOLPLQDU FRQ
IDFLOLGDGGHXQDUWLVWD
4XpHVHVR"
/DH[SORVLyQGHODUWH
<HQTXpFRQVLVWH"SUHJXQWyXQRGHORV
HVWXGLDQWHV
&RQVLVWH
9HOLDPLQRYD

HQ

OR

TXH

KL]R

6RQ\D

<R /D SREUH PXFKDFKD VDOWy GH VX


DVLHQWRVRUSUHQGLGD4XpKLFH"
1RV PRVWUy VXV SHTXHxDV PDQRV VXV
OLQGRV SLHV VX SHUVRQD tQWHJUD SRUTXH VH ORV
SXHGH YHU PHMRU HQ HO HVFHQDULR FRQWHVWy HO
GLUHFWRU
4XpWHUULEOH<\RQRPHKHGDGRFXHQWD
(VRHVORTXHVXFHGHVLHPSUHTXHVHILMDQ
VHPHMDQWHVKiELWRV
3RUTXpPHSRQGHUyXVWHG"
SLHV

3RUTXH WLHQH KHUPRVDV PDQRV \ KHUPRVRV


<HQWRQFHVTXpKD\GHPDORHQHOOR"

/RPDORHVTXHIOLUWHyFRQHOS~EOLFR\QR
UHSUHVHQWy HO SDSHO GH &DWDOLQD 6KDNHVSHDUH QR
HVFULELy/D ILHUHFLOOD GRPDGD SDUD TXH XQD
HVWXGLDQWH OODPDGD 6RQ\D 9HOLDPLQRYD SXGLHUD

FRQWUDHOORV\VLQRSXHGHQVHUUHIRUPDGRVVHORV
GHEH H[SXOVDU GH ODV WDEODV 'H PDQHUD TXH
GLULJLpQGRVH D 6RQ\D FRQWLQXy GHEH GHFLGLUVH
GHXQDYH]SRUWRGDVKDYHQLGRDTXtSDUDVHUYLU
DO DUWH \ SDUD KDFHU VDFULILFLRV SRU pO R SDUD
H[SORWDUORHQSURYHFKRSURSLR"
6LQHPEDUJRGLMR7RUWVRYGLULJLpQGRVHD
WRGRV HQ JHQHUDO VyOR WHyULFDPHQWH SRGHPRV
GLYLGLUHODUWHHQFDWHJRUtDV3UiFWLFDPHQWHWRGDV
ODV HVFXHODV HVWiQ PH]FODGDV 'HVJUDFLDGDPHQWH
HV FLHUWR TXH YHPRV FRQ IUHFXHQFLD JUDQGHV
DUWLVWDV TXH GHELGR D OD GHELOLGDG KXPDQD VH
UHEDMDQ \ DFW~DQ PHFiQLFDPHQWH \ WDPELpQ D
DFWRUHV PHFiQLFRV TXH DOFDQ]DQ HQ FLHUWRV
PRPHQWRVORVSHOGDxRVGHOYHUGDGHURDUWH
9HPRV XQRV MXQWR D RWURV PRPHQWRV GH
DXWpQWLFDUHSUHVHQWDFLyQGHXQSHUVRQDMHYtYLGROD
PHUD UHSUHVHQWDFLyQ GHO SDSHO OD DFWXDFLyQ
PHFiQLFD \ WDPELpQ PRPHQWRV HQ TXH HO DUWH HV
H[SORWDGR3RUHVRHVWDQQHFHVDULRDORVDUWLVWDVHO
FRQRFHUORVOtPLWHVGHODUWH

PRVWUDU DO S~EOLFR VX KHUPRVXUD R SDUD TXH


SXGLHUDIOLUWHDUFRQVXVDGPLUDGRUHV6KDNHVSHDUH
SHUVHJXtD RWUR ILQ XQ REMHWLYR TXH TXHGy H[WUDxR
SDUD XVWHG \ SRU OR WDQWR GHVFRQRFLGR SRU
QRVRWURV
'HVJUDFLDGDPHQWHQXHVWURDUWHHVXWLOL]DGR
FRQ ILQHV SHUVRQDOHV 8VWHG OR KDFH SDUD PRVWUDU
VX EHOOH]D RWURV SDUD ORJUDU SXEOLFLGDG R p[LWR
H[WHUQR R SDUD WHQHU XQD FDUUHUD (Q QXHVWUD
SURIHVLyQ HVWRV IHQyPHQRV VRQ FRPXQHV \ OHV
UXHJRVHDEVWHQJDQGHHOORV
< DKRUD WUDWHQ GH UHFRUGDU VLHPSUH OR TXH
YR\ D GHFLUOHV HO WHDWUR GHELGR D VX QHFHVDULD
SXEOLFLGDG\DVXODGRHVSHFWDFXODUDWUDHDPXFKD
JHQWH TXH VyOR SUHWHQGH FDSLWDOL]DU VX EHOOH]D R
KDFHUXQDFDUUHUD6HDSURYHFKDQGHODLJQRUDQFLD
GHO S~EOLFR VX JXVWR SHUYHUWLGR IDYRULWLVPRV
LQWULJDVIDOVRp[LWR\PXFKRVRWURVPHGLRVTXHQR
WLHQHQ UHODFLyQ DOJXQD FRQ HO DUWH FUHDGRU (VRV
H[SORWDGRUHV VRQ ORV HQHPLJRV PRUWDOHV GHO DUWH
'HEHPRVHFKDUPDQRGHODVPHGLGDVPiVH[WUHPDV

/XHJRGHHVFXFKDUD7RUWVRYPHSDUHFLyYHU
FODUDPHQWH TXH OD UHSUHVHQWDFLyQ GH SUXHED QRV
KDEtDKHFKRPiVPDOTXHELHQ
1R SURWHVWy HO GLUHFWRU FXDQGR OH KLFH
FRQRFHU PL RSLQLyQ /D UHSUHVHQWDFLyQ OHV KD
PRVWUDGR D XVWHGHV SUiFWLFDPHQWH OR TXH QR VH
GHEHKDFHUHQHOHVFHQDULR
$OWHUPLQDUODFODVHHOGLUHFWRUDQXQFLyTXH
PDxDQD DGHPiV GH QXHVWUD FODVH FRQ pO
FRPHQ]DUHPRV ODV DFWLYLGDGHV UHJXODUHV TXH
WLHQHQ HO SURSyVLWR GH GHVDUUROODU QXHVWUDV
FRQGLFLRQHVYRFDOHV\ItVLFDVOHFFLRQHVGHFDQWR
JLPQDVLD EDLOH \ HVJULPD (VWDV FODVHV VHUiQ
GLDULRVSRUTXHHOGHVDUUROORGHORVP~VFXORVGHO
FXHUSR KXPDQR UHTXLHUH XQ HMHUFLFLR LQWHQVR
VLVWHPiWLFR\SURORQJDGR

&DStWXOR,,,
$FFLyQ


4XpGtDHOGHKR\1XHVWUDSULPHUDOHFFLyQ
FRQ HO GLUHFWRU 1RV UHXQLPRV HQ OD HVFXHOD XQ
WHDWUR SHTXHxR SHUR SHUIHFWDPHQWH HTXLSDGR
7RUWVRY HQWUy QRV PLUy D WRGRV FRQ DWHQFLyQ \
GLMR
0DUtDVXEDSRUIDYRUDOHVFHQDULR
/DSREUHPXFKDFKDVHDVXVWy0HUHFRUGyD
XQ FRFKHUR WHPHURVR OD PDQHUD HQ TXH FRUULy D
HVFRQGHUVH $O ILQ OD DOFDQ]DPRV \ OD OOHYDPRV
IUHQWH DO GLUHFWRU TXH UHtD FRPR XQ QLxR (OOD VH
FXEUtD OD FDUD FRQ ODV PDQRV \ UHSHWtD VXV
H[FODPDFLRQHVIDYRULWDV
'LRV PtR QR SXHGR 2K TXp PLHGR
WHQJR
&iOPHVHOHGLMRPLUiQGRODILMDPHQWH
\ WUDWHPRV GH UHSUHVHQWDU XQD SHTXHxD REUD (O
DUJXPHQWRHVpVWH1RSUHVWDEDDWHQFLyQDOJXQD

DODDJLWDFLyQGHODMRYHQ6HOHYDQWDHOWHOyQ\
XVWHG VH HQFXHQWUD VHQWDGD \ VLJXH VHQWDGD
ILQDOPHQWHHOWHOyQFDH(VRHVWRGR1RVHSRGUtD
LPDJLQDUDOJRPiVVLPSOHQRHVFLHUWR"
0DUtD QR FRQWHVWy GH PRGR TXH HO GLUHFWRU
OD WRPy GHO EUD]R \ VLQ GHFLU SDODEUD OD OOHYy
KDVWD HO HVFHQDULR PLHQWUDV WRGRV QRVRWURV
UHtDPRV
(OGLUHFWRUVHYROYLy\GLMRWUDQTXLODPHQWH
$PLJRV PtRV VH HQFXHQWUDQ HQ FODVH
0DUtD HVWi DWUDYHVDQGR XQ PRPHQWR PX\
LPSRUWDQWHGHVXYLGDDUWtVWLFD7UDWHQGHDSUHQGHU
DUHtUFXDQGRVHDRSRUWXQR\HOSRUTXpKDFHUOR
/D OOHYy KDVWD OD PLWDG GHO HVFHQDULR 1RV
VHQWDPRVHQVLOHQFLR\HVSHUDPRVTXHVHOHYDQWDUD
HO WHOyQ 6H OHYDQWy VXDYHPHQWH (OOD HVWDED
VHQWDGD HQ HO FHQWUR PLVPR FHUFD GH ODV
FDQGLOHMDVFXEULpQGRVHD~QODFDUDFRQODVPDQRV
6HKLFLHURQVHQWLUODVROHPQLGDGGHODDWPyVIHUD\

HOODUJRVLOHQFLR6HGLRFXHQWDGHTXHHUDSUHFLVR
KDFHUDOJR
3ULPHURDSDUWyXQDPDQRGHODFDUD\OXHJR
ODRWUD\DJDFKyODFDEH]DWDQSURIXQGDPHQWHTXH
VyORSRGtDPRVYHUHOQDFLPLHQWRGHODQXFD2WUD
SDXVD/DWHQVLyQ\DHUDGRORURVDSHURHOGLUHFWRU
HVSHUDEDHQVLOHQFLR
'iQGRVH FXHQWD GH OD FUHFLHQWH WHQVLyQ
0DUtD PLUy DO S~EOLFR SHUR LQPHGLDWDPHQWH
YROYLy D VX SRVLFLyQ DQWHULRU 1R VDELHQGR KDFLD
GyQGH PLUDU R TXp KDFHU FRPHQ]y D PRYHUVH HQ
VX DVLHQWR D FDPELDU GH SRVLFLyQ \ DGRSWDU
DFWLWXGHV ULGtFXODV VH HVWLUDED \ VH HQFRJtD VH
DJDFKDEDRWLUDEDQHUYLRVDPHQWHGHVXFRUWDIDOGD
ODUJRUDWRVHTXHGyPLUDQGRILMDPHQWHXQSXQWRHQ
HO VXHOR 'XUDQWH FLHUWR WLHPSR HO GLUHFWRU VH
PDQWXYR LQPXWDEOH SHUR OXHJR KL]R OD VHxDO SDUD
TXHVHEDMDVHHOWHOyQ0HDFHUTXpUiSLGDPHQWHD
pO SRUTXH GHVHDED TXH PH VRPHWLHUD DO PLVPR
HMHUFLFLR

0H FRORFy HQ PHGLR GHO HVFHQDULR (Q


UHDOLGDG QR VH WUDWDED GH XQD UHSUHVHQWDFLyQ VLQ
HPEDUJR PH VHQWt OOHQR GH LPSXOVRV
FRQWUDGLFWRULRV 3RU HVWDU HQ HO HVFHQDULR PH
HQFRQWUDED HQ H[KLELFLyQ \ VLQ HPEDUJR XQD
VHQVDFLyQ tQWLPD H[LJtD VROHGDG 8QD SDUWH GH PL
VHUWUDWDEDGHGLYHUWLUDORVHVSHFWDGRUHVSDUDTXH
QR VH DEXUULHUDQ RWUD PH LPSXOVDED D QR
SUHRFXSDUPH SRU HOORV /DV SLHUQDV EUD]RV
FDEH]D \ WRUVR DXQTXH HMHUFLWDEDQ ORV
PRYLPLHQWRVTXH\RGHVHDEDDJUHJDEDQGHSRUVt
DOJRVXSHUIOXR0XHYHXQRHOEUD]RRODSLHUQDHQ
OD IRUPD PiV VLPSOH LPDJLQDEOH \ GH SURQWR VH
HQFXHQWUD WRGR UHWRUFLGR \ FRQ OD VHQVDFLyQ GH
HVWDUSRVDQGRSDUDXQUHWUDWR

FXOSDEOHILQDOPHQWHFRPRVLSLGLHUDGLVFXOSDV(O
GLUHFWRUVHOLPLWDEDDHVSHUDU/XHJRKL]RHMHFXWDU
HOPLVPRHMHUFLFLRDORVGHPiV
0X\ ELHQ GLMR FRQWLQXHPRV 0iV
DGHODQWH YROYHUHPRV D HVWRV HMHUFLFLRV \
DSUHFLDUHPRVFyPRHVWDUVHQWDGRVHQHOHVFHQDULR
< QR HV HVWR OR TXH KHPRV HVWDGR
KDFLHQGR"SUHJXQWDPRV
2K QR FRQWHVWy 1R HVWXYLHURQ
VHQWDGRV
4XpHVORTXHGHELPRVKDFHU"

4Xp H[WUDxR<R KDEtD HVWDGR VyOR XQD YH]


HQ XQ HVFHQDULR \ VLQ HPEDUJR PH HUD
LQILQLWDPHQWHPiVIiFLOHVWDUVHQWDGRDIHFWDGDPHQWH
TXH HQ XQD DFWLWXG VLPSOH 1R SRGtD SHQVDU HQ OR
TXH GHEtD KDFHU 0iV WDUGH ORV FRPSDxHURV PH
GLMHURQ TXH KDEtD GDGR VXFHVLYDPHQWH OD
LPSUHVLyQ GH HVW~SLGR JUDFLRVR SUHRFXSDGR

(Q OXJDU GH UHVSRQGHU FRQ SDODEUDV VH


OHYDQWy UiSLGDPHQWH VXELy DO HVFHQDULR GH OD
PDQHUD PiV QDWXUDO GHO PXQGR \ VH VHQWy
FyPRGDPHQWHDGHVFDQVDUHQXQVLOOyQWDOFRPRVL
HVWXYLHUD HQ VX FDVD 1R WUDWy GH KDFHU QDGD VLQ
HPEDUJR OD VLPSOH SRVLFLyQ GH VHQWDGR UHVXOWDED
VRUSUHQGHQWH/RREVHUYDPRVDWHQWDPHQWHWUDWDQGR
GH FRPSUHQGHU OR TXH SHQVDED HQ HVH PRPHQWR

6RQULy \ QRVRWURV WDPELpQ 3DUHFtD SHQVDWLYR \


QRVRWURVDQVLiEDPRVVDEHUORTXHHQHVHPRPHQWR
SDVDED SRU VX PHQWH 'LULJLy ILMDPHQWH VX YLVWD
KDFLD XQ SXQWR \ QRVRWURV VHQWLPRV OD QHFHVLGDG
GHVDEHUTXpOHKDEtDOODPDGRODDWHQFLyQ

&XDQWRVXFHGDHQHOHVFHQDULRGHEHWHQHUXQ
SURSyVLWR +DVWD HO KHFKR GH HVWDU VHQWDGR GHEH
WHQHUVXILQXQILQHVSHFtILFRQRVyORHOGHHVWDUD
OD YLVWD GHO S~EOLFR 6H GHEH JDQDU HO GHUHFKR D
SRGHUVHQWDUVHDOOt\QRHVFRVDIiFLO

(Q OD GLDULD H[LVWHQFLD QDGLH VH KXELHUD


VHQWLGRHVSHFLDOPHQWHLQWHUHVDGRHQVXPDQHUDGH
VHQWDUVH R TXHGDUVH VHQWDGR 3HUR SRU DOJXQD
UD]yQFXDQGRVHWUDWDGHOHVFHQDULRVHOHREVHUYD
DWHQWDPHQWH \ TXL]iV YHUOR VLPSOHPHQWH HQ HVD
SRVLFLyQUHVXOWDSODFHQWHUR

$KRUD UHSLWDPRV HO H[SHULPHQWR GLMR


VLQ EDMDU GHO HVFHQDULR 0DUtD VXED YDPRV D
UHSUHVHQWDUMXQWRV

(VWRQRVXFHGLyFXDQGRORVRWURVHVWXYLHURQ
VHQWDGRV HQ HO HVFHQDULR 1R WHQtDPRV LQWHUpV HQ
REVHUYDUORVQLHQORTXHSRGtDQHVWDUSHQVDQGR6X
LPSRWHQFLD\VXVGHVHRVGHDJUDGDUHUDQULGtFXORV
6LQHPEDUJRDSHVDUGHTXHHOGLUHFWRUQRSDUHFLy
SUHVWDUQRV OD PHQRU DWHQFLyQ QRV VHQWtDPRV
IXHUWHPHQWHDWUDtGRVSRUpO

2WUD YH] VH VHQWy HQ HO VLOOyQ HQ PHGLR GHO
HVFHQDULR \ HVSHUy QHUYLRVDPHQWH YROYLpQGRVH \
WLUDQGRGHVXIDOGDFRPRORKDEtDKHFKRDQWHV

&XiO HUD HO VHFUHWR" (O PLVPR QRV OR


UHYHOy

-XQWRV H[FODPy 0DUtD \ FRUULy DO


HVFHQDULR

(O GLUHFWRU HVWDED GH SLH FHUFD GH HOOD DO


SDUHFHU EXVFDQGR DOJR FRQ VXPR FXLGDGR HQ XQD
OLEUHWD0LHQWUDVWDQWR0DUtDJUDGXDOPHQWHVHIXp
WUDQTXLOL]DQGR FRQFHQWUiQGRVH KDVWD TXH
ILQDOPHQWHTXHGyLQPyYLOFRQORVRMRVILMRVHQpO
7HPtD PROHVWDUOR \ VH OLPLWDED D HVSHUDU VXV

LQGLFDFLRQHV 6X SRVWXUD HQ HVH PRPHQWR HUD


DEVROXWDPHQWH QDWXUDO &DVL SDUHFtD KHUPRVD (O
HVFHQDULR GHVWDFDED VXV PHMRUHV UDVJRV 3DVy
DOJ~QWLHPSRGHHVDPDQHUD\HOWHOyQFD\y
&yPR VH VLHQWH" SUHJXQWy HO GLUHFWRU
FXDQGRUHJUHVDEDQDVXVVLWLRVHQODSODWHD
<R"
UHSUHVHQWDGR"

3RU

TXp"

$FDVR

KHPRV

1DWXUDOPHQWH
2K 3HUR \R SHQVDED TXH VyOR HVWXYH
VHQWDGD HVSHUDQGR TXH XVWHG HQFRQWUDUD HQ VX
OLEUHWDORTXHEXVFDED\PHLQGLFDUDORTXHGHEtD
KDFHU1RKHGHVHPSHxDGRQLQJ~QSDSHO
<HVRIXpORPHMRUGLMRpO6HVHQWy
HVWXYRHVSHUDQGR\QRDFWXy
6HYROYLyHQWRQFHVDQRVRWURV

SUHJXQWy (VWDU HQ HO HVFHQDULR PRVWUDQGR ORV


SHTXHxRV SLHV FRPR 6RQ\D R OD ILJXUD HQWHUD
FRPR *ULVKD R HVWDU VHQWDGR HQ HO HVFHQDULR FRQ
XQ SURSyVLWR HVSHFtILFR DXQTXH VHD WDQ VLPSOH
FRPR HO GH HVSHUDU TXH DOJR VXFHGD" 3XHGH QR
WHQHU LQWHUpV LQWUtQVHFR HQ Vt PLVPR SHUR HV OD
YLGD PLHQWUDV TXH HVWDU H[KLELpQGRVH QRV DSDUWD
GHOGRPLQLRGHODUWHYLYR
(Q HO HVFHQDULR VH GHEH HVWDU VLHPSUH
UHSUHVHQWDQGRDOJ~QSDSHODFFLyQPRYLPLHQWRHV
ODEDVHGHODUWHDTXHHVSHUDHODFWRU
3HUR LQWHUUXPSLy *ULVKDDFDED XVWHG
GHGHFLUTXHHVQHFHVDULRDFWXDU\TXHHOPRVWUDU
ORVSLHV\ODILJXUDWDOFRPR\RORKHKHFKRQRHV
DFFLyQ 3RU TXp HQWRQFHV HV DFFLyQ HVWDUVH
VHQWDGR VLQ PRYHU XQ GHGR FRPR DFDED XVWHG GH
KDFHUOR"3DUDPLPRGRGHYHUHVRHVDEVROXWDIDOWD
GHDFFLyQ
<RORLQWHUUXPStDXGD]PHQWH

4Xp OHV KD SDUHFLGR PiV LQWHUHVDQWH"

1RVpVLHUDDFFLyQRLQDFFLyQSHURWRGRV
HVWDPRV GH DFXHUGR HQ TXH IXp PXFKR PiV
LQWHUHVDQWH VXIDOWDGHDFFLyQFRPRW~ODOODPDV
TXHWXSURSLDUHSUHVHQWDFLyQ
/D LQPRYLOLGDG H[WHUQD GLMR HO GLUHFWRU
WUDQTXLODPHQWH GLULJLpQGRVH D *ULVKDGH TXLHQ
VH HQFXHQWUD VHQWDGR HQ HO HVFHQDULR QR LPSOLFD
SDVLYLGDG 3XHGH HVWDU VHQWDGR VLQ PRYHUVH HQ
DEVROXWR\DOPLVPRWLHPSRHQFRQWUDUVHHQSOHQD
DFWLYLGDG < HVR QR HV WRGR )UHFXHQWHPHQWH OD
LQPRYLOLGDG HV HO UHVXOWDGR GLUHFWR GH OD
LQWHQVLGDG LQWHUQD \ VRQ SUHFLVDPHQWH HVDV
DFWLYLGDGHV tQWLPDV ODV TXH SRVHHQ PD\RU
LPSRUWDQFLD DUWtVWLFD /D HVHQFLD GHO DUWH QR VH
HQFXHQWUD HQ VX IRUPD H[WHULRU VLQR HQ VX
FRQWHQLGR HVSLULWXDO 'H PRGR TXH FDPELDUp OD
IyUPXOD TXH OHV GLFWp KDFH XQ PRPHQWR \ OD
H[SRQGUp DVt(Q HO HVFHQDULR HV LQGLVSHQVDEOH
DFWXDUVHDH[WHUQDVHDLQWHUQDPHQWH



5HSUHVHQWHPRV HVWD REUD GLMR HO
GLUHFWRUD0DUtDDOLQLFLDUODFODVHGHKR\+H
DTXt OD WUDPD OD PDGUH KD SHUGLGR VX WUDEDMR \
SRU VXSXHVWR QR WLHQH PHGLRV QL SRVHH QDGD SDUD
YHQGHUTXHOHSHUPLWDFRQVHJXLUHOGLQHURFRQTXp
SDJDU VXV HVWXGLRV HQ OD DFDGHPLD GH DUWH
HVFpQLFR (Q FRQVHFXHQFLD VH YHUi SUHFLVDGD D
GHMDU VXV HVWXGLRV PDxDQD 3HUR XQD DPLJD KD
DFXGLGRHQVXD\XGD1RSRVHHGLQHURHQHIHFWLYR
SHUR OH KD WUDtGR XQ EURFKH FRQ SLHGUDV YDOLRVDV
6X DFWR JHQHURVR OD KD HPRFLRQDGR 3XHGH
DFHSWDUVHPHMDQWHVDFULILFLR"1RSXHGHGHFLGLUVH
7UDWD GH UHKXVDU OD RIHUWD 6X DPLJD SUHQGH HO
EURFKHHQXQDFRUWLQD\VDOH8VWHGODVLJXHKDVWD
HOFRUUHGRUGRQGHWUDQVFXUUHXQDODUJDHVFHQDGH
SHUVXDVLyQ QHJDWLYDV OiJULPDV \ JUDWLWXG$O ILQ
DFHSWD VX DPLJD SDUWH \ XVWHG YXHOYH D OD
KDELWDFLyQ SDUD WRPDU HO EURFKH 3HUR GyQGH
HVWi"3XGRKDEHUHQWUDGRDOJXLHQ\OOHYiUVHOR(Q
XQD FDVD GH SHQVLyQ WDO SRVLELOLGDG QR HV GLItFLO

&RPLHQ]DXQDFXLGDGRVD\GHVHVSHUDGDE~VTXHGD
9D\D \ VXED DO HVFHQDULR<R DVHJXUDUp HO
EURFKH HQ XQR GH ORV SOLHJXHV GH HVWD FRUWLQD \
XVWHGGHEHHQFRQWUDUOR
3RFRGHVSXpVDQXQFLyTXHWRGRHVWDEDOLVWR
0DUtDVXELyDOHVFHQDULRFRQXQDUDSLGH]WDO
TXH SDUHFtD TXH OD SHUVLJXLHUDQ &RUULy KDVWD ODV
FDQGLOHMDV \ OXHJR KDFLD HO IRQGR GHO HVFHQDULR
DSUHWDQGRVXFDEH]DFRQODVGRVPDQRV\JLPLHQGR
GHWHUURU/XHJRYROYLyDOSURVFHQLRUHSLWLHQGRVX
DFWLWXG DQWHULRU GH UHWLUDGD DO IRQGR SHUR HQ
VHQWLGR FRQWUDULR &RUULHQGR VH DFHUFy D OD
FRUWLQD DVLy ORV SOLHJXHV \ ORV VDFXGLy
GHVHVSHUDGDPHQWHKXQGLHQGRILQDOPHQWHODFDEH]D
HQWUHHOORV&RQHVWDDFWLWXGWUDWDEDGHUHSUHVHQWDU
VX E~VTXHGD $O QR HQFRQWUDUOR VH YROYLy
EUXVFDPHQWH\DWUDYHVyFRUULHQGRHOHVFHQDULR\D
DVLpQGRVHODFDEH]DFRQODVPDQRV\JROSHiQGRVH
HO SHFKR DSDUHQWHPHQWH FRQ HO SURSyVLWR GH
UHSUHVHQWDU OR WUiJLFR GH OD VLWXDFLyQ /RV TXH

UHYLVDQGRORVSOLHJXHVGHODFRUWLQD
1R ROYLGH HVWR GLMR HO GLUHFWRU HQ WRQR
GH DGYHUWHQFLD Vt HQFXHQWUD HO EURFKH HVWi
VDOYDGD3RGUiVHJXLUFRQFXUULHQGRDHVWDVFODVHV
3HURVLQRORHQFXHQWUDVHYHUiHQODQHFHVLGDGGH
GHMDUVXVHVWXGLRV
,QPHGLDWDPHQWH VX FDUD VH SXVR WHQVD
/LWHUDOPHQWH SHJy OD YLVWD D ORV SOLHJXHV GH OD
FRUWLQD \ ORV UHYLVy DQVLRVD \ FXLGDGRVDPHQWH GH
DUULED DEDMR VLVWHPiWLFDPHQWH (VWD YH] VX
E~VTXHGD IXp PiV OHQWD SHUR WRGRV WHQtDPRV OD
VHJXULGDG GH TXH QR SHUGtD XQ LQVWDQWH GH VX
WLHPSR\WDPELpQGHTXHVHKDOODEDVLQFHUDPHQWH
DOWHUDGD DXQTXH QR KLFLHUD HVIXHU]R DOJXQR SRU
SDUHFHUOR
2K 'yQGH HVWi" /R KH SHUGLGR
(VWDYH]ODVSDODEUDVVDOLHURQDSHQDVPXUPXUDGDV
 1R HVWi DTXt H[FODPy FRQ GHVHVSHUDFLyQ
FRQVWHUQDGD XQD YH] TXH KXER UHYLVDGR FDGD XQR
GHORVSOLHJXHV

HVWiEDPRV VHQWDGRV HQ ODV SULPHUDV ILODV GH OD


SODWHDDSHQDVSRGtDPRVDJXDQWDUODULVD1RSDVy
PXFKR WLHPSR KDVWD TXH 0DUtD FRQ VRQULVD GH
WULXQIR \ PLUDGD EULOODQWH EDMDUD GHO HVFHQDULR \
VHUHXQLHUDFRQQRVRWURV
&yPR VH VLHQWH" OH SUHJXQWy HO
GLUHFWRU
2K PDUDYLOORVDPHQWH 1R SXHGR
H[SUHVDU PL DOHJUtD GLMR PRYLpQGRVH HQ VX
DVLHQWR0HVLHQWRFRPRVLDFDEDUDGHKDFHUPL
GHEXWUHDOPHQWHFyPRGDHQHOHVFHQDULR
0X\ ELHQ GLMR 7RUWVRY DQLPiQGROD
SHURGyQGHHVWiHOEURFKH"(QWUpJXHPHOR
2OYLGpHVR
4XpUDUR/REXVFDEDWDQDIDQRVDPHQWH\
ORKDROYLGDGR
$SHQDVWXYLPRVWLHPSRGHYROYHUODFDEH]D\
\D0DUtDVHHQFRQWUDEDGHQXHYRHQHOHVFHQDULR

6X URVWUR HUD WRGR WULVWH]D \ SUHRFXSDFLyQ


4XHGRVH LQPyYLO FRPR VL VXV SHQVDPLHQWRV OD
OOHYDUDQPX\OHMRVGHDOOt(UDIiFLOQRWDUFXiQWROD
KDEtDDIHFWDGRODSpUGLGDGHOEURFKH
1RVRWURV REVHUYiEDPRV FRQWHQLHQGR OD
UHVSLUDFLyQ
)LQDOPHQWHKDEOyHOGLUHFWRU
&yPR VH VLHQWH GHVSXpV GH VX VHJXQGD
E~VTXHGD"SUHJXQWy
4XH FyPR PH VLHQWR" 1R OR Vp 6X
DFWLWXG HUD OiQJXLGD HQFRJLDVH GH KRPEURV
PLHQWUDV
DUWLFXODED
VX
UHVSXHVWD
H
LQFRQVFLHQWHPHQWH VXV RMRV VHJXtDQ ILMRV HQ HO
SLVR GHO HVFHQDULR +H EXVFDGR WDQWR
H[FODPyDOFDERGHXQLQVWDQWH
(VYHUGDG(VWDYH]KDEXVFDGRUHDOPHQWH
GLMR HO GLUHFWRU 3HUR TXp KL]R OD SULPHUD
YH]"

2K OD SULPHUD YH] HVWDED HPRFLRQDGD


VXIUtD

2KH[FODPy3RUSRFRHQIHUPRHVD
SULPHUDYH]

4Xp VHQVDFLyQ IXp PiV DJUDGDEOH OD


SULPHUD FXDQGR FRUUtD DWURSHOOiQGROR WRGR \
WLURQHDED VLQ REMHWR GH OD FRUWLQD R OD VHJXQGD
FXDQGREXVFyFXLGDGRVDPHQWH"

(VR QR FXHQWD GLMR 7RUWVRY 6yOR


VLUYLy SDUD HVWRUEDU OD E~VTXHGD DXWpQWLFD (Q HO
HVFHQDULRQRVHGHEHFRUUHURVXIULUSRUTXHVLVLQ
UD]yQ DOJXQD 1R VH GHEH DFWXDU HQ JHQHUDO SRU
DFWXDUVLHPSUHGHEHKDFHUVHFRQXQSURSyVLWR

/DSULPHUDSRUVXSXHVWRFXDQGREXVFDED
HOEURFKH
1R QR WUDWH GH KDFHUQRV FUHHU TXH OD
SULPHUD YH] OR EXVFDED GLMR 1L VLTXLHUD
SHQVy HQ pO 6yOR EXVFy VXIULU SRU HO JXVWR GH
KDFHUOR
(Q FDPELR OD VHJXQGD YH] Vt TXH EXVFy
7RGRV QRV GLPRV FXHQWD GH HOOR FRPSUHQGLPRV
FUHtPRV SRUTXH VX FRQVWHUQDFLyQ \ VX LQWHUpV
H[LVWLHURQ UHDOPHQWH 6X SULPHUD E~VTXHGD IXp
PDODODVHJXQGDEXHQD
(OYHUHGLFWRODVRUSUHQGLy

UHSUHVHQWDU WUDJHGLD 3DXO VH VHQWy HQ XQD VLOOD


DGRSWDQGR SRVH KDPOHWLDQD FRPR TXHULHQGR
UHSUHVHQWDUGRORURGHVLOXVLyQ6RQ\DFDPLQDEDGH
XQODGRDRWUR\DVXODGR*ULVKDOHGHFODUDEDVX
DPRUHQHOPiVPDQLGRHVWLORWHDWUDO&XDQGRSRU
FDVXDOLGDGUHSDUpHQ1LFKRODV8PQRY\NK\'DVKD
'\PNRYDTXLHQHVFRPRGHFRVWXPEUHVHKDEtDQ
HVFRQGLGR HQ XQ ULQFyQ FDVL PH HQIXUHFLHURQ ODV
PLUDGDV ILMDV \ ODV SRVWXUDV WLHVDV \ HVWiWLFDV TXH
DGRSWDEDQ SDUD UHSUHVHQWDU XQD HVFHQD GHO%UDQG
GH,EVHQ
5HVXPLHQGRORTXHKDEpLVUHSUHVHQWDGR
GLMR HO GLUHFWRU (PSH]DUp SRU XVWHG GLMR
VHxDOiQGRPH \ DO PLVPR WLHPSR FRQ XVWHG \
XVWHG SURVLJXLy GLULJLpQGRVH D 0DUtD \ D 3DXO
 6LpQWHQVH DTXt HQ HVWDV VLOODV GRQGH SXHGD
YHUORVPHMRU\FRPLHQFHQXVWHGWHQGUiTXHVXIULU
SRU ORV FHORV XVWHG SRU GRORU \ XVWHG SRU
WRUPHQWR &DGD XQR GHEHUi UHSUHVHQWDU HVRV
HVWDGRVGHiQLPRFRQHOVyORILQGHKDFHUOR
1RV

VHQWDPRV

\

GH

LQPHGLDWR

<VLQFHUDPHQWHDJUHJXp
6tDVLQWLy\DKRUDVXEDQDOHVFHQDULR
\KiJDQOR
6XELPRV SHUR GXUDQWH XQ WLHPSR EDVWDQWH
ODUJR QR VXSLPRV TXp KDFHU 6HQWtDPRV TXH HUD
QHFHVDULR FDXVDU DOJXQD LPSUHVLyQ SHUR SRU PL
SDUWHQRVHPHRFXUUtDQDGDTXHSXGLHVHUHFODPDU
OD DWHQFLyQ GH XQ S~EOLFR &RPHQFp D VHU 2WHOR
SHURSURQWRORLQWHUUXPSt/HRHQVD\ySRUWXUQRXQ
DULVWyFUDWD XQ JHQHUDO \ XQ FDPSHVLQR 0DUtD
FRUUtD GH DTXt SDUD DOOi DVLHQGR VX FDEH]D \
SRQLHQGR OD PDQR VREUH HO FRUD]yQ SDUD

H[SHULPHQWDPRV OR DEVXUGR GH QXHVWUD VLWXDFLyQ


&DPLQDED GH XQ ODGR D RWUR FRQWRUVLRQiQGRPH
FRPR XQ VDOYDMH QR HUD SRVLEOH LPDJLQDU XQ
VHQWLGR D OR TXH KDFtD 3HUR VHQWDGR HQ XQD VLOOD
SULYDGR GH PRYLOLGDG FRPSUHQGt OR GLVSDUDWDGR
GHPLUHSUHVHQWDFLyQ
< TXp SLHQVDQ DKRUD" SUHJXQWy HO
GLUHFWRU6HSXHGHHVWDUVHQWDGRHQXQDVLOOD\
VXIULU GH FHORV VLQ PRWLYR DOJXQR" 2 VXIULU" 2
DWRUPHQWDUVH"'HVGHOXHJRTXHHVLPSRVLEOH)LMHQ
HVWR HQ VXV PHPRULDV SDUD VLHPSUH HQ HO
HVFHQDULR QR SXHGH KDEHU HQ QLQJXQD
FLUFXQVWDQFLD DFFLyQ DOJXQD HQFDPLQDGD D
GHVSHUWDU XQ VHQWLPLHQWR SRU HO VyOR KHFKR GH
KDFHUOR (O LJQRUDU HVWD UHJOD VyOR FRQGXFH D OD
PiV RGLRVD DUWLILFLDOLGDG &XDQGR HOLMDQ DOJXQD
SDUWHGHODDFFLyQGHMHQDXQODGRHOVHQWLPLHQWR\
HO FRQWHQLGR HVSLULWXDO 1R WUDWHQ QXQFD GH HVWDU
FHORVRV R GH KDFHU HO DPRU R GH VXIULU SRU HO
KHFKRHQVt7DOHVVHQWLPLHQWRVVRQHOUHVXOWDGRGH
DOJRTXHVHKDGHVDUUROODGRDQWHV3HQVDUiQHQHOOR
WDQ LQWHQVDPHQWH FRPR VHD SRVLEOH (Q FXDQWR DO

UHVXOWDGR KDEUi GH SURGXFLUVH SRU Vt PLVPR /D


IDOVD LQWHUSUHWDFLyQ GH ODV SDVLRQHV GH ORV
SHUVRQDMHV R HO PHUR XVR GH JHVWRV
FRQYHQFLRQDOHV VRQ HUURUHV FRPXQHV HQ QXHVWUD
SURIHVLyQ3HURXVWHGHVGHEHQPDQWHQHUVHDOHMDGRV
GHHVWDVLUUHDOLGDGHV1RGHEHQLPLWDUSDVLRQHVQL
SURWRWLSRV GHEHQ YLYLUORV /D UHSUHVHQWDFLyQ GH
HOORVGHEHSURYHQLUGHOYLYLUGHQWURGHHOORV
9DQ\D VXJLULy HQWRQFHV TXH TXL]i
DFWXDUtDPRV PHMRU VL HO HVFHQDULR QR HVWXYLHUD
YDFtR VL KXELHUD DOJXQRV PXHEOHV XQD FKLPHQHD
FHQLFHURV
0X\ ELHQ FRQVLQWLy HO GLUHFWRU$TXt
WHUPLQyODOHFFLyQ



1XHVWUR WUDEDMR GH KR\ HVWDED WDPELpQ
SODQHDGR SDUD HO HVFHQDULR GH OD HVFXHOD PDV DO

/RPLVPRTXHD\HUIXpODUHVSXHVWD
1RQRVPRYLPRV
4XpVXFHGH"SUHJXQWp
)Xp3DXOTXLHQFRQWHVWy
5HDOPHQWHQRVp'HLPSURYLVRVLQUD]yQ
DOJXQD SRQHUVH D DFWXDU VH GHWXYR
VLQWLpQGRVHSHUGLGR
6L OHV UHVXOWD PROHVWR DFWXDU VLQ UD]yQ
EXVTXHQHQWRQFHVDOJXQDGLMR7RUWVRY1ROHV
SRQJR UHVWULFFLyQ DOJXQD VyOR TXH QR FRQWLQ~HQ
LQPyYLOHVFRPRHVWDFDV
3HUR QR VHUtD HVR UHSUHVHQWDU QDGD PiV
TXHSRUHOKHFKRGHKDFHUOR"DYHQWXUyDOJXLHQ
1R UHSOLFy HO GLUHFWRU 'HVGH DKRUD
HQDGHODQWHKDEUiGHUHSUHVHQWDUVHVyORFRQDOJ~Q
SURSyVLWR7LHQHQXVWHGHVDKRUDORVDPELHQWHVTXH
SLGLHURQD\HUQRSXHGHQVXJHULUDOJXQDVUD]RQHV

OOHJDU HQFRQWUDPRV FHUUDGD OD HQWUDGD GH OD VDOD


VLQ HPEDUJR HVWDED DELHUWD RWUD SXHUWD TXH GDED
GLUHFWDPHQWHVREUHHOHVFHQDULR&XDQGRHQWUDPRV
QRV DVRPEUy KDOODUQRV GH SURQWR HQ XQ YHVWtEXOR
VHJXLGR SRU XQD FRQIRUWDEOH VDOD SURYLVWD GH GRV
SXHUWDVXQDTXHDEUtDDOFRPHGRU\GHVGHDOOtDXQ
SHTXHxR GRUPLWRULR OD RWUD D XQ FRUUHGRU ODUJR
TXH FRQGXFtD D XQ VDOyQ GH EDLOH EULOODQWHPHQWH
LOXPLQDGR (O GHSDUWDPHQWR WRGR KDOOiEDVH
FRQIHFFLRQDGRSRUGHFRUDFLRQHVGHGLVWLQWDVREUDV
GHO UHSHUWRULR (O WHOyQ SULQFLSDO HVWDED EDMR \
REVWUXLGRSRUEDUULFDGDVGHPXHEOHV
)DOWiEDQRVODVHQVDFLyQGHKDOODUQRVVREUHHO
HVFHQDULR GH PRGR TXH QRV FRQGXMLPRV FRPR VL
HVWXYLpUDPRVHQQXHVWUDSURSLDFDVD&RPHQ]DPRV
SRU H[DPLQDU ODV KDELWDFLRQHV OXHJR QRV
GLYLGLPRVHQJUXSRVSDUDFRQYHUVDU$QLQJXQRVH
OHRFXUULySHQVDUTXHKDEtDFRPHQ]DGRODOHFFLyQ
)XpHOGLUHFWRUTXLHQILQDOPHQWHQRVUHFRUGyTXH
KDEtDPRVYHQLGRSDUDWUDEDMDU
4XpKDUHPRV"SUHJXQWyDOJXLHQ

LQWHULRUHV TXH UHVXOWHQ HQ VLPSOHV DFWRV ItVLFRV"


3RUHMHPSORVLOHSLGRD9DQ\DTXHYD\D\FLHUUH
ODSXHUWDQRORKDUtD"
&HUUDU OD SXHUWD" 1DWXUDOPHQWH <
9DQ\DKDFLDHOODVHGLULJLyFHUUiQGRODGHXQJROSH
\ UHJUHVDQGR HQ VHJXLGD VLQ GDUQRV WLHPSR GH
YHUOR
(VR QR HV OR TXH VH HQWLHQGH SRU FHUUDU
XQD SXHUWD GLMR HO GLUHFWRU &RQ OD SDODEUD
FHUUDU TXLHUR H[SUHVDU HO GHVHR GH TXH OD SXHUWD
VHD FHUUDGD GH PDQHUD TXH SHUPDQH]FD FHUUDGD
SDUDTXHQRKD\DFRUULHQWHGHDLUHRELHQSDUDTXH
ODV SHUVRQDV TXH HVWiQ HQ HO FXDUWR FRQWLJXR QR
RLJDQ OR TXH HVWDPRV GLFLHQGR 8VWHG VH OLPLWy
VRODPHQWHDGDUOHXQJROSHVLQSURSyVLWRDOJXQR\
GHIRUPDWDOTXHPX\ELHQSXHGHYROYHUVHDDEULU
FRPRHQUHDOLGDGKDVXFHGLGR
1RFLHUUDELHQGHYHUGDGQRVHSXHGH
GLVFXOSyVH9DQ\D

6L UHVXOWD GLItFLO FHUUDUOD PL SHGLGR


UHTXLHUH HQWRQFHV PiV WLHPSR \ PiV FXLGDGR
GLMRHOGLUHFWRU
(VWDYH]9DQ\DODFHUUyFRUUHFWDPHQWH
0iQGHPHKDFHUDOJROHURJXp
1R SXHGH SHQVDUOR XVWHG" $OOt KD\ XQD
FKLPHQHD\OHxD9D\D\HQFLHQGDXQIXHJR
7DOFRPRPHSLGLHUDHPSHFpSRUFRORFDUOD
OHxD HQ HO KRJDU PDV QR HQFRQWUp IyVIRURV QL HQ
PLVEROVLOORVQLVREUHODUHSLVD$VtHVTXHYROYtD
7RUWVRY \ OH H[SOLTXp OD GLILFXOWDG HQ TXH PH
KDOODED
3RU WRGRV ORV FLHORV 3DUD TXp TXLHUH
IyVIRURV"SUHJXQWy
3DUDHQFHQGHUHOIXHJR
/D FKLPHQHD HV GH SDSHO 4XLHUH
LQFHQGLDUHOWHDWUR"

TXH PH VHQWt LPSXOVDGR D SHQVDU HQ KDFHU RWUD


FRVD&RPHQFpDPRYHUORVPXHEOHVDFRQWDUORV
REMHWRV GHO FXDUWR SHUR FRPR QR KDEtD UD]yQ
DOJXQDGHWUiVGHHVWRVDFWRVUHVXOWDEDQWRWDOPHQWH
PHFiQLFRV
1R KD\ QDGD VRUSUHQGHQWH HQ HVR
H[SOLFy HO GLUHFWRU 6L XQD DFFLyQ QR WLHQH
IXQGDPHQWR LQWHULRU QR SXHGH UHWHQHU OD DWHQFLyQ
1RWRPDWLHPSRHOHPSXMDUODVVLOODVGHXQODGRD
RWURSHURVLHVWXYLHUDREOLJDGRDDUUHJODUDOJXQDV
VLOODVGHGLVWLQWDVFODVHVFRQXQILQSUHFLVRFRPR
SDUD ORV LQYLWDGRV D XQD FRPLGD TXH GHEHQ
VHQWDUVHGHDFXHUGRDVXFDWHJRUtDHGDG\VLPSDWtD
SHUVRQDOHVWDUtDRFXSDGRFRQHOODVEXHQWLHPSR
3HURVHPHKDEtDDFDEDGRODLPDJLQDFLyQ
7DQ SURQWR YLR TXH WDPELpQ ORV RWURV VH
VHQWtDQDEDWLGRVQRVUHXQLyHQODVDOD
1R VH DYHUJHQ]DQ" 6L KXELHUD WUDtGR
XQD GRFHQD GH FKLTXLOORV \ OHV KXELHUD GLFKR TXH

6yOR LED D VLPXODU TXH OR HQFHQGtD OH


H[SOLTXp
3DUDVLPXODUTXHVHHQFLHQGHXQIXHJRVRQ
VXILFLHQWHVORVIyVIRURVGHODIDQWDVtD&RPRVLOR
LPSRUWDQWHHVWXYLHUDHQHQFHQGHUHOIyVIRUR
&XDQGR OH OOHJXH HO PRPHQWR GH
SHUVRQLILFDUD+DPOHWDEULpQGRVHSDVRDWUDYpVGH
VXLQWULQFDGDSVLFRORJtDKDVWDHOPRPHQWRHQTXH
PDWD DO UH\ VHUtD GH PXFKD LPSRUWDQFLD SDUD
XVWHGWHQHUHQVXPDQRXQDHVSDGDYHUGDGHUD"<VL
QR OD WXYLHUD VH VHQWLUtD LQFDSD] GH WHUPLQDU OD
UHSUHVHQWDFLyQ" 3XHGH PDWDU DO UH\ VLQ HVSDGD
FRPRSXHGHHQFHQGHUHOIXHJRVLQIyVIRURV/DTXH
QHFHVLWDDUGHUHVVXLPDJLQDFLyQ
&RQWLQXp ILQJLHQGR TXH HQFHQGtD HO IXHJR
3DUD DODUJDU OD DFFLyQ KLFH GH PRGR TXH ORV
IyVIRURVLPDJLQDULRVVHDSDJDUDQYDULDVYHFHVQR
REVWDQWHPLSUHWHQGLGRHVIXHU]RGHSURWHJHUORVFRQ
ODVPDQRV7DPELpQWUDWpGHYHUHOIXHJRGHVHQWLU
VXFDORUSHURIUDFDVp\SURQWRPHDEXUUtGHPRGR

pVWHHUDVXQXHYRKRJDUKDEUtDQYLVWRTXpEULOORHO
GH VXV LPDJLQDFLRQHV TXp MXHJRV ORV VX\RV" 1R
SXHGHQVHUFRPRHOORV"
(VR HV IiFLO GH GHFLU UHEDWLy 3DXO
3HUR QR VRPRV QLxRV (OORV GHVHDQ MXJDU SRU
QDWXUDOH]DSHURORQXHVWURGHEHVHUIRU]DGR
3RU VXSXHVWR FRQWHVWy HO GLUHFWRU 6L
XVWHGHVQRSXHGHQRQRVDEHQHQFHQGHUHVDFKLVSD
LQWHULRUQRWHQJRPiVTXHGHFLU7RGDSHUVRQDTXH
HQUHDOLGDGHVXQDUWLVWDGHVHDFUHDUHQVXLQWHULRU
XQD YLGD PiV KRQGD H LQWHUHVDQWH TXH OD TXH OH
URGHDHQODUHDOLGDG
*ULVKDLQWHUYLQR
6L HO WHOyQ HVWXYLHUD DO]DGR \ HO S~EOLFR
DOOtVXUJLUtDHOGHVHR
1RUHSOLFyHQpUJLFDPHQWHHOGLUHFWRU
6L HQ UHDOLGDG VRQ DUWLVWDV VHQWLUiQ HO GHVHR VLQ
HVRV DFFHVRULRV$KRUD VHDQ IUDQFRV TXp HV HQ
YHUGDGORTXHOHVLPSLGHDFWXDU"

([SOLTXp TXH SRGtD HQFHQGHU IXHJR PRYHU


PXHEOHV DEULU \ FHUUDU SXHUWDV SHUR TXH WRGRV
HVRV DFWRV QR VRQ OR EDVWDQWH SURORQJDGRV FRPR
SDUD DWUDHU PL DWHQFLyQ (QFLHQGR HO IXHJR R
FLHUUR OD SXHUWD \ HVH HV HO ILQDO GH WRGR 6L XQ
DFWR FRQGXMHUD D RWUR \ GLHUD RULJHQ D XQ WHUFHUR
QDFHUtDQHOLPSXOVRQDWXUDO\ODWHQVLyQ
(Q UHVXPHQ GLMR OR TXH FUHHQ
QHFHVLWDU QR VRQ DFFLRQHV FRUWDV H[WHULRUHV R
VHPLPHFiQLFDV VLQR DOJR TXH WHQJD XQD
SHUVSHFWLYD PiV DPSOLD PiV SURIXQGD \ PiV
FRPSOLFDGD"
1R FRQWHVWp SHUR GHQRV DOJR TXH
DXQTXHVLPSOHVHDLQWHUHVDQWH
4XLHUHQ GHFLU TXH WRGR GHSHQGH GH Pt"
H[FODPy SHUSOHMR (V LQGXGDEOH TXH OD
H[SOLFDFLyQ GHEH VHU EXVFDGD \ KDOODGD HQ ORV
PRWLYRV LQWHULRUHV HQ ODV FLUFXQVWDQFLDV HQWUH ODV
FXDOHV \ D FDXVD GH ODV FXDOHV XVWHGHV DFW~DQ

ODVFKLFDVHQWUDURQJULWDQGRDORWURFXDUWR<RPH
HQFRQWUp GHEDMR GH XQD PHVD HVJULPLHQGR XQ
FHQLFHURGHEURQFHHQODPDQR
(O WUDEDMR QR KDEtD WHUPLQDGR /D SXHUWD
HVWDED FHUUDGD SHUR VLQ OODYH SXHV QR OD KDEtD
3RUORWDQWRORPiVVHJXURTXHSRGtDPRVKDFHUHUD
XQD EDUULFDGD FRQ VRIiV PHVDV \ VLOODV OXHJR
OODPDUDOKRVSLWDO\DUUHJODUSDUDTXHWRPDVHQODV
PHGLGDVQHFHVDULDVSDUDUHFXSHUDUODFXVWRGLDGHO
LQVDQR
(O p[LWR GH HVWD LPSURYLVDFLyQ GHYROYLy
EUtRV D PL HVStULWX 0H DFHUTXp DO GLUHFWRU \ OH
URJXp PH GLHUD RWUD RSRUWXQLGDG GH HQFHQGHU
IXHJR
6LQWLWXEHDUPHLQIRUPDTXH0DUtDDFDEDGH
KHUHGDU XQD IRUWXQD 4XH KD WRPDGR HVWH
GHSDUWDPHQWR \ TXH FHOHEUD VX EXHQD VXHUWH FRQ
XQD WHUWXOLD D OD TXH KD LQYLWDGR D WRGRV VXV
FRQGLVFtSXORV 8QR GH HOORV TXH HV DPLJR GH
.DFKDORY 0RVNYLQ \ /HRQLGRY KD SURPHWLGR

7RPHQ SRU HMHPSOR HO FHUUDU R DEULU XQD SXHUWD


3XHGHQGHFLUTXHQRKD\QDGDPiVVLPSOHRPHQRV
LPSRUWDQWHRPiVPHFiQLFR3HURVXSRQJDQTXHHQ
HVH GHSDUWDPHQWR GH 0DUtD YLYtD XQ KRPEUH TXH
HQORTXHFLy GH UHSHQWH \ IXp OOHYDGR D XQD VDOD
SVLFRSiWLFD6LHVFDSDUDGHDOOt\HVWXYLHUDGHWUiV
GHHVDSXHUWDTXpKDUtDQ"
+HFKDODSUHJXQWDHQHVDIRUPDWRGRQXHVWUR
LQWHULRU VH DOWHUy WDO FRPR OR KDEtD GHVFULWR HO
GLUHFWRU 1R SHQVDPRV PiV HQ FyPR H[WHQGHU
QXHVWUD DFWLYLGDG QL WHPLPRV SRU VX IRUPD
H[WHULRU1XHVWUDVPHQWHVHVWDEDQFRQFHQWUDGDVHQ
HVWLPDU HO YDORU R SURSyVLWR GH pVWH R DTXHO DFWR
HQ UHODFLyQ FRQ HO SUREOHPD SUHVHQWDGR 1XHVWUD
YLVWDFRPHQ]yDPHGLUODGLVWDQFLDGHODSXHUWD\D
YHU GH DFHUFDUQRV D HOOD VLQ SHOLJUR 1XHVWUR
LQVWLQWR GH FRQVHUYDFLyQ SHUFLEtD HO SHOLJUR \
VXJHUtDORVPHGLRVGHHVTXLYDUOR
$FFLGHQWDOPHQWH R D SURSyVLWR 9DQ\D TXH
PDQWHQtD OD SXHUWD FHUUDGD FRQ VX FXHUSR GLR GH
UHSHQWH XQ VDOWR \ WRGRV FRUULPRV GHWUiV GH pO \

WUDHUORV D OD ILHVWD 3HUR HO GHSDUWDPHQWR HV PX\


IUtR\ODFDOHIDFFLyQQRKDVLGRHQFHQGLGDWRGDYtD
DXQTXH DIXHUD KDFH PXFKR IUtR 'yQGH VH SXHGH
HQFRQWUDUOHxDSDUDHQFHQGHUIXHJR"
8Q YHFLQR SUHVWD XQDV DVWLOODV 6H HQFLHQGH
XQSHTXHxRIXHJRSHURKDFHPXFKRKXPR\GHEH
DSDJDUVH 0LHQWUDV WDQWR VH KD KHFKR WDUGH 6H
HQFLHQGH RWUR IXHJR SHUR OD OHxD HVWi YHUGH \ QR
SUHQGH(QSRFRVPLQXWRVOOHJDUiQORVLQYLWDGRV
$KRUD SURVLJXLy GpMHPH YHU TXp HV
OR TXH KDUtD VL PLV VXSRVLFLRQHV IXHUDQ
YHUGDGHUDV
&XDQGRWHUPLQyWRGRHOGLUHFWRUGLMR
+R\ SXHGR GHFLU TXH KDQ DFWXDGR FRQ XQ
ILQ +DQ DSUHQGLGR TXHWRGD DFFLyQ HQ HO WHDWUR
GHEH WHQHU VX MXVWLILFDFLyQ LQWHULRU VHU OyJLFD
FRKHUHQWH \ UHDO  6HJXQGR HOVL DFW~D FRPR
SDODQFDSDUDHOHYDUQRVGHOPXQGRUHDODODUHJLyQ
GHODLPDJLQDFLyQ


(O GLUHFWRU SURVLJXLy KR\ HQXPHUDQGR ODV
IXQFLRQHVYDUtDVGHOVL
(VWD SDODEUD WLHQH XQD FXDOLGDG SHFXOLDU
FLHUWR SRGHU TXH XVWHGHV KDQ SHUFLELGR \ TXH OHV
KDSURGXFLGRXQLQVWDQWiQHRHVWtPXORLQWHULRU
1RWHQ WDPELpQ FRQ FXiQWD IDFLOLGDG \
VLPSOLFLGDGDSDUHFLy(VDSXHUWDTXHIXpHOSXQWR
LQLFLDO GH QXHVWUR HMHUFLFLR VH FRQYLUWLy HQ PHGLR
GHGHIHQVD\YXHVWURSURSyVLWREiVLFRHOREMHWRGH
YXHVWUD DWHQFLyQ FRQFHQWUDGD IXp HO GHVHR GH OD
SURSLDFRQVHUYDFLyQ
/D VXSRVLFLyQ GHO SHOLJUR HV VLHPSUH
HPRFLRQDQWH HV XQD HVSHFLH GH OHYDGXUD TXH
IHUPHQWDUi HQ FXDOTXLHU PRPHQWR HQ WDQWR TXH OD
SXHUWD\ODFKLPHQHDREMHWRVLQDQLPDGRVVyORQRV
FRQPXHYHQ FXDQGR HVWiQ OLJDGRV D DOJR GH PiV
LPSRUWDQFLDSDUDQRVRWURV

FRQVLQFHULGDG\GHFLVLyQ
(Q FRQVHFXHQFLD HO VHFUHWR GHO HIHFWR GHO
VL \DFH SULQFLSDOPHQWH HQ HO KHFKR GH TXH QR
XWLOL]DQLODIXHU]DQLHOWHPRUQLREOLJDDODFWRUD
KDFHU QDGD 3RU OR FRQWUDULR OH RWRUJD FRQILDQ]D
PHGLDQWH VX KRQHVWLGDG \ OR HVWLPXOD D FRQILDU HQ
XQDVXSXHVWDVLWXDFLyQ(VDHVODUD]yQSRUODFXDO
HQ QXHVWUR HMHUFLFLR HO HVWtPXOR VH SURGXMR FRQ
WDQWDQDWXUDOLGDG
(VWR PH OOHYD D RWUD FXDOLGDG GHOVL
'HVSLHUWD XQD DFWLYLGDG LQWHULRU \ YHUGDGHUD \
OR KDFH FRQ PHGLRV QDWXUDOHV 3RUTXH XVWHGHV VRQ
DFWRUHV QR UHVSRQGLHURQ FRQ VHQFLOOH] D OD
SUHJXQWD6LQWLHURQTXHGHEtDQFRQWHVWDUHOGHVDItR
HQDFFLyQ
(VWD LPSRUWDQWH FDUDFWHUtVWLFD GHOVL OR
DFHUFDDXQRGHORVIXQGDPHQWRVGHQXHVWUDHVFXHOD
GH DFWXDFLyQODDFWLYLGDGHQODFUHDFLyQ\HQHO
DUWH

&RQVLGHUHQ WDPELpQ TXH HVH HVWtPXOR


LQWHULRU IXp UHDOL]DGR VLQ HVIXHU]R QL HQJDxR 1R
OHVGLMHTXHKDEtDXQORFRGHWUiVGHODSXHUWDSRU
OR FRQWUDULR DO XVDU OD SDODEUDVL UHFRQRFtD
IUDQFDPHQWH HO KHFKR GH RIUHFHUOHV VyOR XQD
KLSyWHVLV 7RGR OR TXH TXLVH ORJUDU IXp KDFHUOHV
GHFLU TXp KXELHUDQ KHFKR VL OD VXSRVLFLyQ DFHUFD
GHO ORFR KXELHUD VLGR XQ KHFKR UHDO GHMiQGROHV
VHQWLUORTXHKXELHUDVHQWLGRFXDOTXLHUDHQDQiORJD
FLUFXQVWDQFLD(QFDPELRXVWHGHVQRVHHVIRU]DURQ
QL DFHSWDURQ OD VXSRVLFLyQ FRPR UHDOLGDG VLQR
VyORFRPRXQDVXSRVLFLyQ4XpKXELHUDVXFHGLGR
VL HQ YH] GH HVWD IUDQFD FRQIHVLyQ OHV KXELHUD
MXUDGRTXHGHWUiVGHODSXHUWDKDEtDUHDOPHQWHXQ
ORFR"
1RKXELHUDFUHtGRHQJDxRWDQHYLGHQWH
IXpPLUHDFFLyQ
&RQ HVWD FXDOLGDG HVSHFLDO GHOVL
H[SOLFyHOGLUHFWRUQDGLHORVREOLJDDFUHHURQR
XQD FRVD 7RGR HV FODUR VLQFHUR \ IUDQFR 6H OHV
KDKHFKRXQDSUHJXQWD\VHHVSHUDTXHODFRQWHVWHQ


$OJXQRV GH XVWHGHV HVWiQ LPSDFLHQWHV SRU
SRQHUHQSUiFWLFDGHLQPHGLDWRORTXHOHVKHGLFKR
GLMR KR\ HO GLUHFWRU 0H SDUHFH PX\ ELHQ \
PH DOHJUR GH HVWDU GH DFXHUGR FRQ HVRV GHVHRV
$SOLTXHPRVHOXVRGHOVLDXQSDSHO6XSRQJDQTXH
HVWiQ SRU UHSUHVHQWDU OD GUDPDWL]DFLyQ GH XQ
FXHQWR GH &KHMRY TXH WUDWD GH XQ LQRFHQWH
FDPSHVLQRTXHGHVHQURVFyXQDWXHUFDGHXQYDJyQ
GHOIHUURFDUULOSDUDXWLOL]DUODFRPRSORPDGDHQVX
VHGDO GH SHVFDU 3RU WDO FDXVD IXp MX]JDGR \
FDVWLJDGR VHYHUDPHQWH (VWH VXFHVR LPDJLQDULR VH
DKRQGDUiHQODFRQFLHQFLDGHDOJXQRVSHURSDUDOD
PD\RUtD GH OD JHQWH QR GHMDUi GH VHU XQFXHQWR
JUDFLRVR1LVLTXLHUDWUDWDUiQGHHFKDUXQYLVWD]R
DODWUDJHGLDGHODVFRQGLFLRQHVOHJDOHV\VRFLDOHV
RFXOWDV GHWUiV GH OD ULVD 3HUR HO DFWRU TXH
UHSUHVHQWD XQR GH ORV SDSHOHV HQ HVWD HVFHQD QR
SXHGH UHtU 'HEH MX]JDU WRGR SRU Vt PLVPR \ OR

TXHHVPiVLPSRUWDQWHGHEHYLYLUtQWHJUDPHQWHVX
SDSHO FXDOTXLHUD TXH VHD OD FDXVD TXH LQGXMR DO
DXWRUDHVFULELUHOUHODWR&yPRORKDUtDQXVWHGHV"
/RVHVWXGLDQWHVSHUPDQHFLHURQSRUXQWLHPSR
HQVLOHQFLR\SHQVDWLYRV
(Q ORV PRPHQWRV GH GXGD FXDQGR VXV
SHQVDPLHQWRV VHQWLPLHQWRV H LPDJLQDFLyQ HVWpQ
PXGRV UHFXHUGHQ HOVL(ODXWRUFRPHQ]yWDPELpQ
VX WUDEDMR GH HVD PDQHUD 6H GLMR 4Xp KXELHUD
VXFHGLGR VL XQ VLPSOH FDPSHVLQR DO VDOLU GH
SHVFD KXELHUD VDFDGR XQD WXHUFD GH XQD YtD"
3ODQWpHQVH DKRUD HO PLVPR SUREOHPD \ DJUHJXHQ
4XpKDUtD\RVLPHWUDMHUDQHOFDVRSDUDMX]JDUOR"
&RQGHQDUtD DO FULPLQDO FRQWHVWp VLQ
YDFLODU
3RUTXp"6yORSRUXQDSORPDGDSDUDHO
VHGDO"
3RUHOURERGHODWXHUFD

6LQWLy XVWHG HO PLVPR LPSXOVR LQWHULRU


TXHSUREDEOHPHQWHH[SHULPHQWyHOMXH]PLVPR6L
UHSUHVHQWD HVH SDSHO DQiORJRV VHQWLPLHQWRV OR
DFHUFDUiQ DO SHUVRQDMH 3DUD ORJUDU HVWD XQLyQ
HVSLULWXDO HQWUH HO DFWRU \ OD SHUVRQD D TXLHQ
SHUVRQLILFD DJUHJXH DOJ~Q GHWDOOH FRQFUHWR TXH
FRPSOHWDUi
OD
UHSUHVHQWDFLyQ
GiQGROH
SHFXOLDULGDG \ DFFLyQ LQWHUHVDQWH /DV
FLUFXQVWDQFLDVTXHVHDILUPDQHQHOVLVRQWRPDGDV
GHRUtJHQHVFHUFDQRVDORVSURSLRVVHQWLPLHQWRV\
WLHQHQ XQD SRGHURVD LQIOXHQFLD HQ OD YLGD LQWHULRU
GHO DFWRU 8QD YH] TXH KD\D HVWDEOHFLGR HVWH
FRQWDFWR HQWUH VX YLGD \ VX SDSHO VHQWLUi HVH
LPSXOVR R HVWtPXOR LQWHULRU $JUHJXH D HVR XQD
VHULH GH FRQWLQJHQFLDV EDVDGDV HQ VX SURSLD
H[SHULHQFLDGHODYLGD\YHUiFXiQIiFLOVHUiSDUD
XVWHG FUHHU VLQFHUDPHQWH HQ OD SRVLELOLGDG GH OR
TXHHVWiREOLJDGRDKDFHUHQHOHVFHQDULR(MHFXWH
GH HVWD PDQHUD WRGR XQ SDSHO \ FUHDUi XQD YLGD
QXHYD/RVVHQWLPLHQWRVDVtVXUJLGRVVHH[SUHVDUiQ
D Vt PLVPRV HQ ORV DFWRV GH HVWD SHUVRQD
LPDJLQDULD GH KDEHU VLGR FRORFDGD HQ ODV

3RU VXSXHVWR QR VH GHEH UREDU DVLQWLy


7RUWVRY3HURVHSXHGHFRQGHQDUFRQVHYHULGDG
D XQ KRPEUH SRU XQ FULPHQ FRPHWLGR
LQFRQVFLHQWHPHQWH"
'HEH KDFpUVHOH FRPSUHQGHU TXH SXGR VHU
OD FDXVD GHO GHVFDUULODPLHQWR GH XQ WUHQ \ GH OD
PXHUWHGHFLHQWRVGHSHUVRQDVUHSOLTXp
3RUFDXVDGHXQDSHTXHxDWXHUFD"-DPiV
FRQVHJXLUiTXHORFUHDVRVWXYRHOGLUHFWRU
(OKRPEUHHVWiILQJLHQGRSXHVFRPSUHQGH
SHUIHFWDPHQWHODQDWXUDOH]DGHVXDFWRGLMH
6L HO DFWRU TXH SHUVRQLILFD DO FDPSHVLQR
WLHQH WDOHQWR SUREDUi SRU PHGLR GH VX DFWXDFLyQ
TXHHVLQRFHQWHGLMRHOGLUHFWRU
&RPRODGLVFXVLyQVLJXLHUD7RUWVRYHPSOHy
WRGRV ORV DUJXPHQWRV SRVLEOHV SDUD MXVWLILFDU DO
DFXVDGR\DOILQDOWXYRp[LWRDOGHELOLWDUXQSRFR
PLV DILUPDFLRQHV (Q FXDQWR QRWy TXH YDFLODED
GLMR

FLUFXQVWDQFLDVILMDGDVSRUODREUD
6RQ FRQVFLHQWHV R LQFRQVFLHQWHV"
SUHJXQWp
+DJDODSUXHEDXVWHGPLVPR5HSDVHFDGD
SRUPHQRUGHOSURFHVR\MX]JXHTXpHVFRQVFLHQWH\
TXpLQFRQVFLHQWHHQVXRULJHQ1RGHVFLIUDUpQXQFD
HO HQLJPD SRUTXH QR UHFRUGDUi VLTXLHUD DOJXQRV
GH VXV PRPHQWRV PiV LPSRUWDQWHV (VWRV VXUJLUiQ
HVSRQWiQHDPHQWH HQ SDUWH R WRWDOPHQWH \ SDVDUiQ
LQDGYHUWLGRVSRUODUHJLyQGHOVXEFRQVFLHQWH3DUD
FRQYHQFHUVH SUHJXQWH D XQ DFWRU GHVSXpV GH XQD
JUDQ UHSUHVHQWDFLyQ FyPR VH VHQWtD PLHQWUDV
HVWDED HQ HO HVFHQDULR \ TXp KL]R DOOt 1R VHUi
FDSD]GHFRQWHVWDUSRUTXHQRHVWiHQWHUDGRGHOR
TXHYLYLy\QRUHFXHUGDPXFKRVGHORVPRPHQWRV
PiV VLJQLILFDWLYRV 7RGR OR TXH OH GLUi HV TXH VH
VHQWtDPX\FyPRGRVREUHHOHVFHQDULRTXHHVWXYR
HQIiFLOUHODFLyQFRQORVRWURVDFWRUHV0iVDOOiGH
HVRQRSRGUiGHFLUOHQDGD/RGHMDUiDWyQLWRFRQ
OD GHVFULSFLyQ TXH XVWHG OH KDUi GH VX PDQHUD GH
UHSUHVHQWDU\SRFRDSRFRVHGDUiFXHQWDGHFRVDV

DFHUFD GH VX DFWXDFLyQ TXH QR KDQ OOHJDGR D VX


FRQFLHQFLD 'H pVWR SRGHPRV LQIHULU TXH HOVL HV
WDPELpQXQHVWtPXORSDUDHOVXEFRQVFLHQWHFUHDGRU
$GHPiV QRV D\XGD D IRUPXODU RWUR SULQFLSLR
IXQGDPHQWDOGHQXHVWURDUWHODIDFXOWDGFUHDGRUD
LQFRQVFLHQWHSRUPHGLRGHODWpFQLFDFRQVFLHQWH
+DVWD DTXt KH H[SOLFDGR ORV XVRV GHOVL HQ
FRQH[LyQ FRQ GRV GH ORV SULQFLSLRV GH PD\RU
LPSRUWDQFLD HQ QXHVWUR WLSR GH DFWXDFLyQ OLJDGR
PiV IXHUWHPHQWH D XQ WHUFHUR QXHVWUR JUDQ SRHWD
3XVKNLQ HVFULELy DFHUFD GH pO HQ VX DUWtFXOR
LQFRQFOXVRVREUHHOGUDPDHQWUHRWUDVFRVDV
6LQFHULGDG HQ ODV HPRFLRQHV VHQWLPLHQWRV
TXH SDUHFHQ YHUGDGHURV HQ FLUFXQVWDQFLDV GDGDV
HVORTXHH[LJLPRVGHXQGUDPDWXUJR
3LHQVHQSURIXQGDPHQWHHQHVWDDILUPDFLyQ
\PiVWDUGHOHVGDUpXQHMHPSORYLYLGRGHFyPRHO
VLQRVD\XGDDUHDOL]DUOR
6LQFHULGDGHQODVHPRFLRQHVVHQWLPLHQWRV

( OVL HV HO SXQWR GH SDUWLGD ODV


FLUFXQVWDQFLDV GDGDV HO GHVDUUROOR 1R SXHGH
H[LVWLU HO XQR VLQ HO RWUR VL GHEH FRQWDUVH FRQ OD
DFWLYLGDG HVWLPXODQWH QHFHVDULD 1R REVWDQWH VXV
IXQFLRQHV GLILHUHQ DOJR HOVL GD HO LPSXOVR D OD
LPDJLQDFLyQ ODWHQWH PLHQWUDV TXH ODV
FLUFXQVWDQFLDVGDGDVIRUPDQODVEDVHVGHOPLVPR
VL\DPERVMXQWD\VHSDUDGDPHQWHD\XGDQDFUHDU
XQHVWtPXORLQWHULRU
<FXiOHVHOVLJQLILFDGRGHVLQFHULGDGGH
ODVHPRFLRQHV"SUHJXQWy9DQ\DFRQLQWHUpV
([DFWDPHQWH OR TXH GLFH YLYLGDV
HPRFLRQHV KXPDQDV VHQWLPLHQWRV TXH HO PLVPR
DFWRUKDH[SHULPHQWDGR
%LHQ TXp VRQ HQWRQFHV ORVVHQWLPLHQWRV
TXHSDUHFHQYHUGDGHURV"SURVLJXLy9DQ\D
3RU YHUGDGHUD DSDULHQFLD QRV UHIHULPRV
QR D ORV YHUGDGHURV VHQWLPLHQWRV SRU Vt PLVPRV
VLQR D DOJR FDVL DQiORJR D HOORV D HPRFLRQHV

TXH HQ FLUFXQVWDQFLDV GDGDV SDUHFHQ YHUGDGHURV


UHSHWtFRQWRGDFODVHGHHQWRQDFLRQHV
$OWR GLMR HO GLUHFWRU (VWi
FRQYLUWLpQGROR HQ XQD IRUPXODFLyQ WULYLDO VLQ
GHVHQWUDxDU VX YHUGDGHUD HVHQFLD &XDQGR QR
FRPSUHQGD XQ SHQVDPLHQWR HQ VX WRWDOLGDG
GLYtGDOR HQ VXV SDUWHV FRPSRQHQWHV \ HVW~GLHODV
XQDSRUXQD
&XiO HV HO VLJQLILFDGR H[DFWR GH
FLUFXQVWDQFLDVGDGDV"SUHJXQWy3DXO
6LJQLILFD OD KLVWRULD GH OD REUD VXV
KHFKRVFRQVHFXHQFLDVpSRFDWLHPSR\OXJDUGHOD
DFFLyQODVFRQGLFLRQHVGHYLGDGHORVDFWRUHV\OD
LQWHUSUHWDFLyQ GHOUpJLVVHXU ODPLVHHQVFqQH OD
SURGXFFLyQ ORV GHFRUDGRV ORV WUDMHV ORV REMHWRV
QHFHVDULRV SDUD OD UHSUHVHQWDFLyQ LOXPLQDFLyQ \
HIHFWRV GH VRQLGR WRGDV ODV FLUFXQVWDQFLDV GDGDV
DODFWRUSDUDTXHODVWHQJDHQFXHQWDPLHQWUDVFUHD
VXSDSHO

UHSURGXFLGDV LQGLUHFWDPHQWH EDMR HO LPSXOVR GH


YHUGDGHURVVHQWLPLHQWRVLQWHULRUHV
(QODSUiFWLFDORTXHWHQGUiQTXHKDFHUHV
DSUR[LPDGDPHQWH OR VLJXLHQWH SULPHUR WHQGUiQ
TXHLPDJLQDUSRUFXHQWDSURSLDODVFLUFXQVWDQFLDV
GDGDV RIUHFLGDV SRU OD REUD OD SURGXFFLyQ
HVFpQLFD GHOUpJLVVHXU \ OD SURSLD FRQFHSFLyQ
DUWtVWLFD7RGRHVWHPDWHULDOSURSRUFLRQDUiXQSODQ
JHQHUDO SDUD OD YLGD GHO SHUVRQDMH TXH YDQ D
GHVHPSHxDU\ODVFLUFXQVWDQFLDVTXHORURGHDQ(V
QHFHVDULR TXH FUHDQ YHUGDGHUDPHQWH HQ ODV
SRVLELOLGDGHV GH WDO YLGD \ VH DFRVWXPEUHQ WDQWR
TXH VH VLHQWDQ XQLGRV D HOOD 6L FRQVLJXHQ HVWR
HQFRQWUDUiQ TXH ODVHPRFLRQHV VLQFHUDV R ORV
VHQWLPLHQWRV TXH SDUHFHQ YHUGDGHURV  VH
GHVDUUROODUiQHQXVWHGHVHVSRQWiQHDPHQWH
1RREVWDQWHFXDQGRKDJDQXVRGHHVHWHUFHU
SULQFLSLR GH DFWXDFLyQ ROYLGHQ ORV VHQWLPLHQWRV
SXHVVRQHQJUDQPDQHUDGHRULJHQVXEFRQVFLHQWH
\QRHVWiQVXMHWRVDPDQGDWRGLUHFWR'LULMDQWRGD
OD DWHQFLyQ DODVFLUFXQVWDQFLDVGDGDV TXH HVWiQ

VLHPSUHDQXHVWURDOFDQFH
+DFtDHOILQGHODOHFFLyQGLMR
$KRUD SXHGR FRPSOHWDU OR TXH GLMH DQWHV
VREUHHOVL6XSRGHUGHSHQGHQRVyORGHVXSURSLD
SHQHWUDFLyQ VLQR WDPELpQ GH OD DJXGH]D GHO SODQ
JHQHUDOGHODVFLUFXQVWDQFLDVGDGDV
3HUR TXp VH OH GHMD DO DFWRU VL WRGR HVWi
SUHSDUDGR SRU RWURV" 1DGD PiV TXH IUXVOHUtDV"
LQWHUUXPSLy*ULVKD
4Xp TXLHUH GHFLU FRQ IUXVOHUtDV" GLMR
LQGLJQDGRHOGLUHFWRU&UHHXVWHGTXHFUHDUHQ
ODILFFLyQLPDJLQDULDGHRWUDSHUVRQD\GDUOHYLGD
HV XQD IUXVOHUtD" 1R VDEH DFDVR TXH FRPSRQHU
VREUHXQWHPDVXJHULGRSRURWURHVPiVGLItFLOTXH
LQYHQWDUXQWHPDXQRPLVPR"6DEHPRVGHFDVRVHQ
TXHXQDREUDPDODREWXYRIDPDPXQGLDOSRUKDEHU
VLGR UHFUHDGD SRU XQ JUDQ DFWRU 6DEHPRV TXH
6KDNHVSHDUH UHFUHy KLVWRULDV GH RWURV (VR HV OR
TXHKDFHPRVFRQHOWUDEDMRGHOGUDPDWXUJRGDPRV

+R\ KLFLPRV XQD VHULH GH HMHUFLFLRV


FRQVLVWHQWHV HQ SRQHU HQ DFFLyQ QXHVWURV SURSLRV
SUREOHPDVWDOFRPRHVFULELUXQDFDUWDDUUHJODUXQ
FXDUWR EXVFDU XQ REMHWR SHUGLGR /RV
HQFXDGUiEDPRVHQWRGDFODVHGHFRQMHWXUDVPiVR
PHQRV H[FLWDQWHV \ HO SURSyVLWR HUD HMHFXWDUORV
EDMRODFLUFXQVWDQFLDTXHKDEtDPRVFUHDGR
(O GLUHFWRU DWULEXtD D WDOHV HMHUFLFLRV WDQWD
VLJQLILFDFLyQ TXH WUDEDMy HQ HOORV FRQ PXFKR
HQWXVLDVPR
'HVSXpVGHKDFHUXQHMHUFLFLRSRUWXUQRFRQ
FDGDXQRGHQRVRWURVGLMR
(VWHHVHOSULQFLSLRGHODEXHQDVHQGD\OD
KDQ HQFRQWUDGR D WUDYpV GH OD SURSLD H[SHULHQFLD
3RUHOPRPHQWRQRKDEUiRWURDFFHVRDOSDSHORD
OD REUD 3DUD FRPSUHQGHU OD LPSRUWDQFLD GH HVWH
SXQWRGHSDUWLGDFRPSDUHQORTXHDFDEDQGHKDFHU
FRQORTXHKLFLHURQHQODUHSUHVHQWDFLyQGHSUXHED
&RQH[FHSFLyQGHXQRVSRFRVPRPHQWRVSRURWUD
SDUWH PX\ HVSDFLDGRV \ DFFLGHQWDOHV HQ OD

YLGD D OR HVFRQGLGR HQ VXV SDODEUDV SRQHPRV


QXHVWURV SURSLRV SHQVDPLHQWRV HQ ODV OtQHDV GHO
DXWRU \ HVWDEOHFHPRV QXHVWUD SURSLD UHODFLyQ FRQ
ORVGHPiVSHUVRQDMHVGHODREUD\ODVFRQGLFLRQHV
GH VXV YLGDV ILOWUDPRV D WUDYpV QXHVWUR WRGRV ORV
PDWHULDOHVTXHUHFLELPRVGHODXWRU\GHOGLUHFWRU
ORV UHKDFHPRV UHIRU]iQGRORV FRQ QXHVWUD SURSLD
LPDJLQDFLyQ (VH PDWHULDO VH YXHOYH
HVSLULWXDOPHQWH \ DXQ ItVLFDPHQWH SDUWH GH
QRVRWURVQXHVWUDVHPRFLRQHVVRQVLQFHUDV\FRPR
UHVXOWDGR ILQDO WHQHPRV YHUGDGHUD DFWLYLGDG
SURGXFWLYD WRGR OR FXDO HVWi LQWHQVDPHQWH
YLQFXODGRFRQORTXHVXFHGHHQODREUD
<PHGLFHXVWHGTXHHVDHQRUPHWDUHDHV
IUXVOHUtD 1R SRU FLHUWR (VR HV IDFXOWDG
FUHDGRUD\DUWH
&RQHVWDVSDODEUDVWHUPLQyODOHFFLyQ


DFWXDFLyQGH0DUtD\GH.RVW\DWRGRVFRPHQ]DURQ
D WUDEDMDU SRU HO ILQDO HQ OXJDU GH KDFHUOR GHVGH
SRU HO SULQFLSLR 6H SURSXVLHURQ GHVGH XQ
FRPLHQ]R GHVSHUWDU HQ XVWHGHV PLVPRV \ HQ HO
S~EOLFR XQD JUDQ HPRFLyQ RIUHFHUOHV DOJXQDV
LPiJHQHVYLYLGDV\DOPLVPRWLHPSRH[KLELUWRGDV
ODVFXDOLGDGHVH[WHULRUHVHLQWHULRUHVGHTXHHVWiQ
GRWDGRV3RUVXSXHVWRHVWHDFFHVRHTXLYRFDGRORV
OOHYy D OD YLROHQFLD 3DUD HYLWDU WDOHV HUURUHV
UHFXHUGHQ VLHPSUH TXH FXDQGR HPSLHFHQ D
HVWXGLDU XQ SDSHO GHEHQ UHXQLU SULPHUR WRGRV ORV
PDWHULDOHV TXH WHQJDQ DOJXQD UHODFLyQ FRQ GLFKR
SDSHO\FRPSOHWDUORVFRQPiV\PiVLPDJLQDFLyQ
KDVWDKDEHUREWHQLGRXQDVLPLOLWXGWDOFRQODYLGD
TXH VHD IiFLO FUHHU HQ OR TXH HVWiQ KDFLHQGR
2OYLGHQDOSULQFLSLRORVVHQWLPLHQWRV&XDQGRODV
FRQGLFLRQHV LQWHULRUHV HVWiQ SUHSDUDGDV \ ELHQ
SUHSDUDGDV ORV VHQWLPLHQWRV DIORUDUiQ D OD
VXSHUILFLHHVSRQWiQHDPHQWH

&DStWXOR,9
,PDJLQDFLyQ


$ SHGLGR GHO GLUHFWRU KR\ GHELPRV LU D VX
GHSDUWDPHQWR SDUD GDU OD OHFFLyQ 1RV XELFy
FyPRGDPHQWHHQVXHVWXGLR\FRPHQ]y
6DEHQ DKRUD TXH QXHVWUR WUDEDMR HQ XQD
REUDFRPLHQ]DFRQHOXVRGHOVLFRPRSDODQFDSDUD
HO DYDQFH GH QXHVWUD YLGD GLDULD DO SODQR GH OD
LPDJLQDFLyQ /D REUD ODV SDUWHV GH TXH HVWi
FRPSXHVWD VRQ SURGXFWR GH OD LPDJLQDFLyQ GHO
DXWRUXQDVHULHFRPSOHWDGHVL\GHFLUFXQVWDQFLDV
GDGDVSHQVDGDVSRUpO1DGDKD\FRPRODUHDOLGDG
HQ HO HVFHQDULR (O DUWH HV HO SURGXFWR GH OD
LPDJLQDFLyQ WDO FRPR GHEH VHU HO WUDEDMR GHO
GUDPDWXUJR/DILQDOLGDGGHODFWRUGHEHVHUXWLOL]DU
VX WpFQLFD SDUD FRQYHUWLU OD REUD HQ XQD UHDOLGDG
WHDWUDO(QHVWHSURFHVRODLPDJLQDFLyQUHSUHVHQWD
ODSDUWHPiVLPSRUWDQWH
6HxDOy ODV SDUHGHV GH VX HVWXGLR FXELHUWDV
SRUWRGDODJDPDGHGLEXMRVSDUDGHFRUDGRV

0LUHQQRVGLMRWRGRHVRHVHOWUDEDMR
GH PL DUWLVWD IDYRULWR DKRUD PXHUWR (UD XQD
SHUVRQD H[WUDxD TXH JXVWDED GH KDFHU GHFRUDGRV
SDUDREUDVQRHVFULWDVWRGDYtD7RPHQSRUHMHPSOR
HVWH GLEXMR SDUD HO ~OWLPR DFWR GH XQD REUD TXH
&KHMRYSODQHDEDHVFULELUSRFRDQWHVGHVXPXHUWH
\ TXH GHEtD YHUVDU DFHUFD GH XQD H[SHGLFLyQ
SHUGLGDHQHO3ROR1RUWH

FRQGLFLRQHV GHO WLHPSR 0iV OHMRV VH YHtDQ ORV


PLVPRV SDLVDMHV HVWD YH] VLQ FDVDV FRQ VyOR XQ
FODURXQODJR\iUEROHVYDULDGRV(UDHYLGHQWHTXH
HO DUWLVWD KDOODED SODFHU HQ UHDFRPRGDU OD
QDWXUDOH]D \ HO PRGR GH YLYLU GH ORV VHUHV
KXPDQRV(QWRGRVVXVFXDGURVFRQVWUXtD\HFKDED
DEDMRFDVDV\YLOORUULRVFDPELDEDHODVSHFWRGHOD
ORFDOLGDG\PRYtDPRQWDxDV

4XLpQSRGUiFUHHUTXHHVWRIXpSLQWDGRSRU
XQ KRPEUH TXH QXQFD VDOLy GH 0RVF~" GLMR HO
GLUHFWRU +D SLQWDGR XQD HVFHQD GHO UWLFR
VDFDGDGHORTXHYLHUDHQLQYLHUQRHQWRUQRVX\R
GH FXHQWRV \ SXEOLFDFLRQHV FLHQWtILFDV GH
IRWRJUDItDV &RQ WRGR HVH PDWHULDO VX LPDJLQDFLyQ
SLQWyXQFXDGUR

<DTXtWLHQHQDOJXQRVERVTXHMRVSDUDXQD
REUD LQH[LVWHQWH VREUH OD YLGD GH ORV SODQHWDV
GLMR VHxDODQGR RWURV GLEXMRV \ DFXDUHODV 3DUD
SLQWDUHVRVFXDGURVHODUWLVWDQRVyORGHEHSRVHHU
LPDJLQDFLyQVLQRWDPELpQIDQWDVtD

/XHJRKL]RYROYHUQXHVWUDDWHQFLyQKDFLDRWUD
SDUHG VREUH OD FXDO KDEtD XQD VHULH GH SDLVDMHV
YLVWRV GH GLVWLQWDV PDQHUDV (Q FDGD XQR KDEtD OD
PLVPDKLOHUDGHFRVDVSHTXHxDV\DWUDFWLYDVMXQWR
D XQ ERVTXHFLOOR GH SLQRV YDULDEDQ HQ FDPELR
ODV HVWDFLRQHV GHO DxR ODV KRUDV GHO GtD \ ODV

4Xp GLIHUHQFLD KD\ HQWUH DPEDV"


SUHJXQWyXQRGHORVHVWXGLDQWHV
/DLPDJLQDFLyQFUHDFRVDVTXHSXHGHQVHU
RSXHGHQVXFHGHUPLHQWUDVTXHODIDQWDVtDLQYHQWD
FRVDVTXHQRSXHGHQH[LVWLUTXHQRSXGLHURQVHUQL
VHUiQ < VLQ HPEDUJR TXLpQ VDEH TXL]i SXHGDQ
VHU &XDQGR OD IDQWDVtD FUHy OD DOIRPEUD PiJLFD

TXLpQ KXELHUD FUHtGR TXH XQ GtD YRODUtDPRV D


WUDYpV GHO HVSDFLR 7DQWR OD IDQWDVtD FRPR OD
LPDJLQDFLyQOHVRQLQGLVSHQVDEOHVDOSLQWRU
<DODFWRU"SUHJXQWy3DXO
4XH OHV SDUHFH" 3URSRUFLRQD HO
GUDPDWXUJR WRGR OR TXH HO DFWRU QHFHVLWD VDEHU
VREUH OD REUD" 3XHGH XVWHG GDU HQ XQ FLHQWR GH
SiJLQDVXQLQIRUPHFRPSOHWRVREUHODYLGDGHORV
SHUVRQDMHV" 3RU HMHPSOR GD HO DXWRU GHWDOOHV
VXILFLHQWHV GH OR VXFHGLGR DQWHV TXH FRPLHQFH OD
REUD"'HMDHQWUHYHUORTXHVXFHGHUiDOILQDOROR
TXHSURVLJXHGHWUiVGHODVHVFHQDV"(OGUDPDWXUJR
HV SRU OR JHQHUDO DYDUR GH FRPHQWDULRV (Q VX
WH[WRWRGRORTXHHQFXHQWUDQSXHGHVHUpOPLVPR
\ 3HGUR R PXWLV GH 3HGUR 3HUR QR VH SXHGH
VDOLU GHO DLUH R GHVDSDUHFHU HQ pO 1R FUHHPRV
QXQFD HQ DFFLyQ DOJXQD WRPDGD HQ JHQHUDO VH
OHYDQWD FDPLQD SHUWXUEDGR GH DFi SDUD DOOi
UtHPXHUH+DVWDODVFDUDFWHUtVWLFDVVRQGDGDV
HQ IRUPD ODFyQLFD WDO FRUQR MRYHQ GH DJUDGDEOH
DSDULHQFLD IXPD VLQ SDUDU %DVHV HVFDVDPHQWH

LPDJLQDGRVVRQWDQVXSHUIOXRVFRPRQHFHVDULRVHQ
HOWHDWUR
+DEODQGR GH XQ JHQLR QR VH SXHGH GHFLU
TXHPLHQWHYHODVUHDOLGDGHVGHPRGRGLIHUHQWHD
QRVRWURV (V MXVWR HQWRQFHV FXOSDUOH SRUTXH VX
LPDJLQDFLyQOHKDJDYHUODVFRVDVFRQFULVWDOHVGH
FRORUURVDD]XOJULVRQHJUR"
'HER DGPLWLU TXH \R PLVPR WHQJR TXH
PHQWLUFRQIUHFXHQFLDFXDQGRFRPRDFWRURFRPR
GLUHFWRUGHERLQWHUYHQLUHQXQSDSHOXREUDTXHQR
PH DWUDHQ (Q WDOHV FDVRV VH SDUDOL]DQ PLV
IDFXOWDGHV FUHDGRUDV \ GHER WHQHU DOJ~Q
HVWLPXODQWHSRUHVRGLJRDWRGRVFXiQFRQPRYLGR
HVWR\FRQPLWUDEDMR(VWR\REOLJDGRDSURFXUDUPH
FXDOTXLHU FRVD GH LQWHUpV TXH SXHGD KDEHU \ D
KDFHURVWHQWDFLyQGHHOOR'HHVWDPDQHUDHVSROHR
OD LPDJLQDFLyQ 6L HVWXYLHUD VROR QR KDUtD HVWH
HVIXHU]R SHUR WUDEDMDQGR FRQ RWURV XQR GHEH
GHIHQGHU VXV PHQWLUDV VyOLGDPHQWH \ D PHQXGR
VXFHGH TXH HVDV PHQWLUDV SXHGHQ VHU XWLOL]DGDV
FRPRPDWHULDOSDUDXQSDSHORSURGXFFLyQ

VXILFLHQWHV SDUD FUHDU XQD LPDJHQ H[WHULRU


FRPSOHWDPRGDOHVRPRGRGHFDPLQDU
< DFHUFD GH ODV OtQHDV EDVWD FRQ
DSUHQGHUODV VLPSOHPHQWH" 'DUi OR GHVFULWR HO
FDUiFWHU GHO SHUVRQDMH \ ODV LPiJHQHV GH ORV
SHQVDPLHQWRVVHQWLPLHQWRVLPSXOVRV\DFWRV"1R
WRGR HVWR GHEH VHU KHFKR SOHQD \ KRQGDPHQWH SRU
HODFWRU
/D OHFFLyQ IXp LQWHUUXPSLGD DTXt SRU OD
LQHVSHUDGDOOHJDGDGHXQIDPRVRDFWRUH[WUDQMHUR
1RV KDEOy ODUJDPHQWH GH VXV WULXQIRV \ XQD YH]
TXHVHKXERLGRHOGLUHFWRUGLMRVRQULHQGR
3RU VXSXHVWR IDQWDVHD EDVWDQWH SHUR XQD
SHUVRQDLPSUHVLRQDEOHFRPRpOFUHHGHYHUGDGHQ
VXV HPEXVWHV /RV DFWRUHV HVWDPRV WDQ
DFRVWXPEUDGRVDWHMHUORVKHFKRVFRQSRUPHQRUHV
H[WUDtGRV GH QXHVWUD SURSLD LPDJLQDFLyQ TXH
OOHYDPRVHOKiELWRKDVWDODYLGDGLDULD
(Q HOOD SRU VXSXHVWR ORV GHWDOOHV

6L OD LPDJLQDFLyQ UHSUHVHQWD XQ SDSHO WDQ


LPSRUWDQWHHQODODERUGHODFWRUTXpSXHGHKDFHU
pVWH VL FDUHFH GH HOOD" SUHJXQWy 3DXO FRQ
WLPLGH]
'HEH GHVDUUROODUOD FRQWHVWy HO GLUHFWRU
RELHQGHMDUHOWHDWUR'HRWURPRGRFDHUiHQ
PDQRV GH GLUHFWRUHV TXH FRPSHQVDUiQ VX IDOWD GH
LPDJLQDFLyQXVDQGRODSURSLD\pVWHVHFRQYHUWLUi
HQ SHyQ GH DMHGUH] 1R VHUtD PHMRU SDUD pO
FRQVWUXLUXQDLPDJLQDFLyQSURSLD"
0HWHPRTXHHVRGLMHVHDPX\GLItFLO
7RGRGHSHQGHGHODFODVHGHLPDJLQDFLyQ
TXHXVWHGSRVHDGLMRHOGLUHFWRU/RTXHWLHQH
LQLFLDWLYD SURSLD SXHGH GHVDUUROODUVH VLQ HVIXHU]R
HVSHFLDO \ WUDEDMDUi FRQVWDQWH H LQFDQVDEOHPHQWH
WDQWRVLHVWiXVWHGGRUPLGRFRPRVLHVWiGHVSLHUWR
(VWiOXHJRODFODVHTXHFDUHFHGHLQLFLDWLYDSHUR
pVWDVXUJHFRQIDFLOLGDG\FRQWLQ~DWUDEDMDQGRWDQ
SURQWR FRPR VH OH VXJLHUH DOJR /D FODVH TXH QR
UHVSRQGHDODVVXJHVWLRQHVUHSUHVHQWDXQSUREOHPD

PiV GLItFLO $TXt HO DFWRU FRPSUHQGH ODV


VXJHVWLRQHV HQ IRUPD VyOR H[WHULRU \ IRUPDO &RQ
VHPHMDQWH HTXLSDMH HO GHVDUUROOR HVWi OOHQR GH
GLILFXOWDG\VyORH[LVWHXQDSHTXHxDHVSHUDQ]DGH
p[LWRDPHQRVTXHHODFWRUKDJDXQJUDQHVIXHU]R




7LHQHLQLFLDWLYDPLLPDJLQDFLyQ"
VROD"

$FHSWDVXJHVWLRQHV"6HGHVHQYROYLySRUVt

(VWDV SUHJXQWDV QR PH GHEDQ SD]<D WDUGH


IXLDHQFHUUDUPHHQHOGRUPLWRULRDFRPRGiQGRPH
HQ HO VRIi HQWUH EODQGRV DOPRKDGRQHV &HUUp ORV
RMRV \ FRPHQFp D LPSURYLVDU VLQ HPEDUJR PL
DWHQFLyQ VH GLVWUDtD FRQ PDQFKDV UHGRQGDV GH
FRORUTXHWUDVSDVDEDQPLVSiUSDGRVFHUUDGRV

(VWDED WDQ GHVFRQFHUWDGR SRU HO IUDFDVR GH


PLV WHQWDWLYDV SDUD HMHUFLWDU OD LPDJLQDFLyQ HQ
FDVD TXH HQ OD OHFFLyQ GH KR\ VH OR GLMH DO
GLUHFWRU
1RREWXYRp[LWRSRUTXHFRPHWLyXQDVHULH
GHHUURUHVH[SOLFy(QSULPHUOXJDUIRU]yOD
LPDJLQDFLyQ HQ YH] GH DFXFLDUOD WUDWy OXHJR GH
SHQVDU VLQ WHQHU QLQJ~Q REMHWR LQWHUHVDQWH (O
WHUFHUHUURUIXpTXHVXVSHQVDPLHQWRVHUDQSDVLYRV
/DDFWLYLGDGHQODLPDJLQDFLyQHVGHLPSRUWDQFLD
ODDFFLyQLQWHULRUGHEHSUHFHGHUDODH[WHULRU
6HxDOpTXHHQXQVHQWLGRHVWXYHDFWLYRSXHV
LPDJLQDED YRODU VREUH ORV ERVTXHV D JUDQ
YHORFLGDG
&XDQGR HVWi UHFRVWDGR FyPRGDPHQWH HQ
XQ WUHQ H[SUHVR HVWi HQ DFWLYLGDG" SUHJXQWy HO
GLUHFWRU(OPDTXLQLVWDHVWiWUDEDMDQGRSHURHO
SDVDMHURHVSDVLYR0LHQWUDVTXHVLHVWDQGRHQHO
WUHQ VH GHGLFDUD D XQ WUDEDMR LPSRUWDQWH D XQD
FRQYHUVDFLyQRGLVFXVLyQRDHVFULELUXQLQIRUPH

$SDJXp OD OX] FUH\pQGROD FDXVDQWH GH WDOHV


VHQVDFLRQHV
(Q TXp SHQVDUp" 0L LPDJLQDFLyQ KDEtD
KHFKR VXUJLU XQ HQRUPH SLQDU PHFLpQGRVH
VLOHQFLRVR\UtWPLFDPHQWHDOLQIOXMRGHODEULVD6L
KDVWDPHSDUHFtDROHUHODLUHIUHVFR
0HKDEtDGRUPLGR
%XHQR PH GLMH OD LPDJLQDFLyQ GHEH
DFRPSDxDUVHGHDOJ~QPRWLYR
3RU HVR VXEt D XQ DYLyQ YROp VREUH ORV
iUEROHV VREUH ORV FDPSRV ORV UtRV \ ODV
FLXGDGHV HO UHORM KDFtD WLFWDF 4XLpQ URQFD"
<R QR FRQ VHJXULGDG PH TXHGp GRUPLGR
KDEUpGRUPLGRPXFKRHOUHORMGDODVRFKR


WHQGUtD HQWRQFHV DOJXQD EDVH SDUD KDEODU GH


DFFLyQ /R PLVPR RFXUUH FRQ VX YXHOR HQ
DHURSODQRHOSLORWRWUDEDMDEDSHURXVWHGQRKDFtD
QDGD 6L KXELHUD HVWDGR HQ ORV FRQWUROHV R
WRPDQGRIRWRJUDItDVWRSRJUiILFDVSRGUtDGHFLUTXH
HVWXYRHQDFWLYLGDG
4XL]i SXHGD H[SOLFiUVHOR PHMRU
GHVFULELHQGRHOMXHJRIDYRULWRGHPLVREULQD
4XpHVWiVKDFLHQGR"SUHJXQWDODQLxD
(VWR\WRPDQGRWpFRQWHVWR
3HUR VL IXHUD DFHLWH GH FDVWRU FyPR OR
WRPDUtDV"GLFH
0HHVIXHU]RSRUUHFRUGDUHOVDERUGHODFHLWH
DILQGHPRVWUDUOHHOGLVJXVWRTXHVLHQWR\FXDQGR
ORORJURODQLxDHVWDOODHQFDUFDMDGDV
'yQGHHVWiVVHQWDGR"SUHJXQWD
(QXQDVLOODFRQWHVWR

3HURVLHVWXYLHUDVVHQWDGRHQXQDKRUQDOOD
FDOLHQWHTXpKDUtDV"
0HYHRREOLJDGRDSHQVDUHQORTXHKDUtDGH
HVWDUVREUHODKRUQDOODFDOLHQWH\WUDWRGHKDOODUOD
PDQHUDGHVDOYDUPHGHODVTXHPDGXUDV&XDQGROR
ORJUR OD QLxD VH DSHQD SRU Pt \ JLPH QR TXLHUR
MXJDUPiV6LFRQWLQ~RWHUPLQDVROOR]DQGR
3RU TXp QR SLHQVD HQ DOJ~Q MXHJR
VHPHMDQWH FRPR HMHUFLFLR SDUD HVWLPXODU OD
DFWLYLGDG"
$TXt LQWHUYLQH SDUD GHFLU TXH FRQVLGHUDED
HOHPHQWDO HVH SURFHGLPLHQWR \ SUHJXQWDU FyPR
SRGUtD GHVDUUROODUVH OD LPDJLQDFLyQ GH PDQHUD
PiVVXWLO
1R VH DSXUH GLMR HO GLUHFWRU <D
KDEUi WLHPSR GH VREUD 3RU DKRUD QHFHVLWDPRV
HMHUFLFLRV YLQFXODGRV FRQ ODV FRVDV VHQFLOODV TXH
QRVURGHDQHQODUHDOLGDG

UHDO 6XSRQJDQ TXH ODV FRVDV TXH QRV URGHDQ HO


SURIHVRU ORV HVWXGLDQWHV SHUPDQHFHQ LJXDOHV
$KRUD FRQ PL PiJLFRVLPHFRORFDUpHQHOSODQR
GHODILFFLyQFDPELDQGRVyORXQDFLUFXQVWDQFLDOD
KRUDGHOGtD'LUpTXHQRVRQODVWUHVGHODWDUGH
VLQRODVWUHVGHODPDGUXJDGD
8WLOLFHQ OD LPDJLQDFLyQ SDUD MXVWLILFDU XQD
OHFFLyQ TXH GXUH KDVWD WDQ WDUGH 7UDV HVD VLPSOH
FLUFXQVWDQFLD VLJXH XQD VHULH tQWHJUD GH
FRQVHFXHQFLDV (Q FDVD GH FDGD XQR OD IDPLOLD
HVWDUi LQTXLHWD SRU XVWHG \ FRPR QR KD\ WHOpIRQR
QRSXHGHQDYLVDU2WURHVWXGLDQWHQRSRGUiDVLVWLU
D XQD UHXQLyQ HQ OD TXH HV HVSHUDGR 8Q WHUFHUR
YLYH HQ ODV DIXHUDV \ QR WLHQH LGHD GH FyPR KDUi
SDUD OOHJDU D VX FDVD GHWHQLGD OD FLUFXODFLyQ ORV
WUHQHVQRIXQFLRQDQ
7RGR HVWR WUDH FDPELRV H[WHULRUHV FRPR
LQWHULRUHV\GDHQWRQDFLyQDORTXHKDFHQ
(QIyTXHQOREDMRRWURiQJXOR

7RPHQHVWDFODVHSRUHMHPSOR(VXQKHFKR

/DKRUDGHOGtDHVODPLVPDORVWUHVGHOD
WDUGH SHUR VXSRQJDQ TXH OD HVWDFLyQ GHO DxR KD
FDPELDGR(QYH]GHLQYLHUQRHVSULPDYHUDHODLUH
HVGLiIDQR\HODLUHHVWLELRDXQHQODVRPEUD
2EVHUYR TXH VH HVWiQ VRQULHQGR 'HVSXpV
GH OD OHFFLyQ WHQGUiQ WLHPSR SDUD XQ SDVHR
'HFLGDQ OR TXH SLHQVDQ KDFHU MXVWLILTXHQ VX
GHFLVLyQ FRQ ODV VXSRVLFLRQHV QHFHVDULDV \ RWUD
YH]WHQGUiQORVIXQGDPHQWRVGHXQHMHUFLFLR
(VWH QR HV PiV TXH XQR GH ORV LQFRQWDEOHV
HMHPSORV GH FyPR SXHGHQ XWLOL]DU ODV IXHU]DV TXH
WLHQHQGHQWURSDUDFDPELDUODVFRVDVPDWHULDOHVGH
VXDOUHGHGRU1RWUDWHQGHGHVKDFHUVHGHHOODVSRU
ORFRQWUDULRLQFO~\DQODVHQODYLGDLPDJLQDULD
(VD HVSHFLH GH WUDQVIRUPDFLyQ RFXSD XQ
YHUGDGHUROXJDUHQQXHVWUDFODVHGHHMHUFLFLRPiV
tQWLPD 3RGHPRV XWLOL]DU VLOODV FRPXQHV SDUD
GHOLQHDU FXDOTXLHU FRVD TXH OD LPDJLQDFLyQ GHO
DXWRURGHOGLUHFWRUQRVSLGDQTXHFUHHPRVFDVDV
SOD]DV EDUFRV ERVTXHV 1R KDUi GDxR DOJXQR VL

QRVHQFRQWUDPRVLQFDSDFHVGHFUHHUTXHHVWDVLOOD
HVXQREMHWRSDUWLFXODUSRUTXHDXQVLQODFUHHQFLD
SRGHPRVWHQHUHOVHQWLPLHQWRTXHHOODGHVSLHUWD



$O FRPHQ]DU OD OHFFLyQ GH KR\ GLMR HO
GLUHFWRU
+DVWD DKRUD QXHVWURV HMHUFLFLRV SDUD HO
GHVDUUROORGHODLPDJLQDFLyQKDQWUDWDGRHQPD\RU
RPHQRUJUDGRVREUHKHFKRVPDWHULDOHVFRPRORV
PXHEOHV R UHDOLGDGHV GH OD YLGD FRPR ODV
HVWDFLRQHV 7UDVODGDUp DKRUD QXHVWUD ODERU D XQ
SODQR GLIHUHQWH 'HMHPRV D XQ ODGR HO WLHPSR HO
OXJDU \ OD DFFLyQ HQ FXDQWR FRQFLHUQH D VX
DFRPSDxDPLHQWR H[WHULRU \ KDJDQ WRGD OD ODERU
GLUHFWDPHQWH FRQ OD PHQWH 'yQGH OH JXVWDUtD
HVWDU DKRUD" < D TXp KRUD" SUHJXQWy
YROYLpQGRVHDPt

(QPLGRUPLWRULRGHQRFKHFRQWHVWp
%LHQ GLMR 6L IXHUD WUDQVSRUWDGR D
HVRV DOUHGHGRUHV PH VHUtD DEVROXWDPHQWH
QHFHVDULR SULPHUR DSUR[LPDUPH D OD FDVD VXELU
ORV HVFDORQHV GH OD HQWUDGD \ WRFDU HO WLPEUH HQ
UHVXPHQ SDVDU SRU XQD VHULH GH DFWRV TXH PH
FRQGXFHQDPLGRUPLWRULR
9HODSXHUWD"6LHQWHJLUDUVXPDQLMD"6H
DEUHODSXHUWD"4XpHQFXHQWUDIUHQWHDXVWHG"

4XpYHDODL]TXLHUGD"

(VDHVXQDREVHUYDFLyQVHQVDWDGLMRFRQ
DSUREDFLyQ 9DPRV D VXSRQHU TXH VRQ ODV RQFH
GHODQRFKH
/D PHMRU KRUD GLMH FXDQGR WRGD OD
FDVDGXHUPH

3DUD FRQYHQFHUPH TXH VR\ XQ DFWRU


GUDPiWLFR

0LVRIi\XQDPHVD
7UDWHGHFDPLQDUGHXQODGRDRWURFRPR
VLYLYLHUDHQODSLH]D(QTXpHVWiSHQVDQGR"
(QFRQWUp XQD FDUWD UHFXHUGR TXH HVWi VLQ
FRQWHVWDU\PHVLHQWRWXUEDGR

4XpSDSHO2WHOR"
2K QR H[FODPp 1R SXHGR
UHSUHVHQWDU 2WHOR HQ PL GRUPLWRULR &DGD ULQFyQ
HVWi OOHQR GH UHFXHUGRV YLQFXODGRV D OD
UHSUHVHQWDFLyQ GH SUXHED \ VyOR PH OOHYDUtD D
FRSLDUORTXH\DKLFH
UHSUHVHQWDUi

'HSHQGHGHODKRUDTXHVHDGLMH

3RUTXpGHVHDHQSDUWLFXODUHVDTXLHWXG"
SUHJXQWy

8QDUPDULR\XQDFyPRGD

4Xp
SUHJXQWy

(V HYLGHQWH TXH HVWi HQ VX GRUPLWRULR


UHFRQRFLyHOGLUHFWRU4XpYDDKDFHUDKRUD"

HQWRQFHV"

PH

1R FRQWHVWp SRUTXH D~Q QR PH KDEtD


GHFLGLGR3RUHVRGLMR
<DKRUDTXpKDFH"
0LUR D PL DOUHGHGRU TXL]i DOJ~Q REMHWR
DOJXQDFRVDDFFLGHQWDOPHVXJLHUDXQWHPDFUHDGRU
<ELHQDJXLMRQHyQRKDSDVDGRQDGD
WRGDYtD"
&RPHQFpDSHQVDUHQYR]DOWD

1R PH SDUHFH ELHQ TXH TXLHUD SDVDU HO


WLHPSRSHQVDQGRHQDOJRWDQLQVLJQLILFDQWHFyPR
VHODVDUUHJODSDUDFRQYHQFHUVH"
5HSUHVHQWDUp SDUD PL PLVPR DOJ~Q SDSHO
GUDPiWLFR

(Q HO IRQGR GH PL JDELQHWH HQ XQ ULQFyQ


RVFXURKD\XQJDQFKRMXVWRSDUDXQDSHUVRQDTXH
TXLVLHUDDKRUFDUVH6L\RTXLVLHUDFROJDUPHFyPR
ORKDUtD"
6L"PXUPXUyHOGLUHFWRU
3RUVXSXHVWR\DQWHVTXHQDGDQHFHVLWDUtD
HQFRQWUDUXQDVRJDXQFLQWXUyQXQDFRUUHD
4XpKDFHDKRUD"
(VWR\ UHFRUULHQGR PLV FDMRQHV UHSLVDV \
DUPDULRVSDUDHQFRQWUDUXQDFRUUHD
1RHQFXHQWUDQDGD"
6LWHQJRODFRUUHDSHURGHVJUDFLDGDPHQWH
HOJDQFKRHVWiEDMR\PLVSLHVWRFDUtDQHOVXHOR
(VR HV XQ LQFRQYHQLHQWH DVLQWLy HO
GLUHFWRU%XVTXHDVXDOUHGHGRURWURJDQFKR
1RKD\RWURTXHPHSXHGDVRVWHQHU

3RVLEOHPHQWH KDUtD PHMRU HQ SHUPDQHFHU


YLYR\RFXSDUVHHQDOJRPiVLQWHUHVDQWH\PHQRV
H[FLWDQWH
6HPHKDDJRWDGRODLPDJLQDFLyQGLMH
1R KD\ HQ HOOR QDGD VRUSUHQGHQWH GLMR
6XSODQQRHUDOyJLFR+XELHUDVLGRGHORPiV
GLItFLOOOHJDUDXQDFRQFOXVLyQOyJLFDSXHVHVWXYR
FRQVLGHUDQGRXQFDPELRHQODDFWXDFLyQ6yORHUD
UD]RQDEOH TXH VX LPDJLQDFLyQ VH GHVEDUDWDUD DO
H[LJtUVHOH TXH WUDEDMDUD GH XQD SUHPLVD GXGRVD D
XQDFRQFOXVLyQHVW~SLGD
1R REVWDQWH HVWH HMHUFLFLR VLUYLy SDUD
GHPRVWUDU XQD PDQHUD QXHYD GH XWLOL]DU OD
LPDJLQDFLyQHQXQOXJDUGRQGHWRGROHHVIDPLOLDU
3HURTXpKDUiFXDQGRVHOHH[LMDTXHLPDJLQHXQD
YLGDTXHQROHHVIDPLOLDU"
6XSRQJD TXH KDFH XQ YLDMH DOUHGHGRU GHO
PXQGR 1R GHEH SHQVDU HQ pO FRPR GH DOJ~Q
PRGR R HQ JHQHUDO R DSUR[LPDGDPHQWH

HVWRUHVSRQGHUiLQWHULRUPHQWHSRUTXHXVWHGHVXQD
SDUWHUHDOGHHOOR



(O GLUHFWRU LQLFLy KR\ VXV REVHUYDFLRQHV
GLFLpQGRQRVORTXHGHEHPRVKDFHUFXDQGRHODXWRU
HO GLUHFWRU \ ORV GHPiV TXH WUDEDMDQ HQ XQD
SURGXFFLyQRPLWHQFRVDVTXHQHFHVLWDPRVVDEHU
'HEHPRV SRVHHU DQWHV TXH QDGD XQD VHULH
FRPSOHWDGHFLUFXQVWDQFLDVVXSXHVWDVHQPHGLRGH
ODV FXDOHV HVWi UHSUHVHQWDGR QXHVWUR HMHUFLFLR (Q
VHJXQGR OXJDU GHEHPRV WHQHU XQD OtQHD VyOLGD GH
YLVLyQ LQWHULRU OLJDGD D DTXHOODV FLUFXQVWDQFLDV
SXHVWR TXH HOODV VHUiQLOXVWUDGDV SDUD QRVRWURV
6LHPSUH TXH HVWHPRV HQ HO HVFHQDULR GXUDQWH
FDGD PRPHQWR GHO GHVDUUROOR GH OD DFFLyQ GH OD
REUD GHEHPRV HVWDU HQWHUDGRV GH ODV
FLUFXQVWDQFLDVH[WHULRUHVTXHQRVURGHDQ WRGRHO
GHFRUDGR PDWHULDO GH OD SURGXFFLyQ  R GH XQD

SRUTXHWRGRVHVRVWpUPLQRVQRSHUWHQHFHQDODUWH
'HEHKDFHUORFRQSRUPHQRUHVSURSLRVGHHPSUHVD
WDQJUDQGH3HUPDQH]FDVLHPSUHHQtQWLPRFRQWDFWR
FRQ OD OyJLFD \ OD FRKHUHQFLD (VWR OH D\XGDUi D
PDQWHQHU ORV VXHxRV YROXEOHV H LQVXEVWDQFLDOHV
SUy[LPRVDORVKHFKRVILUPHV\VyOLGRV
$KRUD TXLHUR H[SOLFDUOH FyPR SXHGH
XWLOL]DU ORV HMHUFLFLRV TXH KHPRV KHFKR HQ
FRPELQDFLRQHV YDULDGDV 3XHGH GHFLUVH VHUp XQ
VLPSOH HVSHFWDGRU \ YLJLODUp OR TXH PL
LPDJLQDFLyQFUHDSDUDPtPLHQWUDVQRWRPRSDUWH
HQHVDYLGDLPDJLQDULD
2VLGHFLGHXQLUVHDODVDFWLYLGDGHVGHHVD
YLGD LPDJLQDULD GLEXMDUi PHQWDOPHQWH VXV
UHFXHUGRV \ D XVWHG PLVPR FRQ HOORV \ VHUi RWUD
YH]XQHVSHFWDGRUSDVLYR
$OILQDOVHFDQVDUiGHVHUXQREVHUYDGRU\
GHVHDUiDFWXDU(QWRQFHVFRPRSDUWLFLSDQWHDFWLYR
HQHVDYLGDLPDJLQDULDGHMDUiGHYHUVHDVtPLVPR
\VHUiHQFDPELRVRODPHQWHORTXHORURGHD\D

FDGHQD LQWHULRU GH FLUFXQVWDQFLDV TXH QRVRWURV


KHPRV LPDJLQDGR D ILQ GH LOXVWUDU QXHVWUDV
SDUWHV
)XHUDGHHVWRVPRPHQWRVVHIRUPDUiQVHULHV
LQWDFWDV GH LPiJHQHV DOJR DVt FRPR XQD SHOtFXOD
FLQHPDWRJUiILFD PLHQWUDV HVWDPRV DFWXDQGR
FUHDQGR HVD SHOtFXOD VH GHVSOHJDUi \ VH
SUR\HFWDUiHQODSDQWDOODGHQXHVWUDYLVLyQLQWHULRU
KDFLHQGR YLYLGDV ODV FLUFXQVWDQFLDV HQWUH ODV
FXDOHV QRV PRYHPRV $GHPiV HVWDV LPiJHQHV
LQWHULRUHV FUHDQ XQ iQLPR VLPLODU \ GHVSLHUWDQ
HPRFLRQHV PLHQWUDV QRV UHWLHQHQ GHQWUR GH ORV
OtPLWHVGHODREUD
&RQ UHVSHFWR D HVDV LPiJHQHV LQWHULRUHV
HVFRUUHFWRGHFLUTXHODVVHQWLPRVGHQWURQXHVWUR"
SUHJXQWyHOGLUHFWRU3RVHHPRVODIDFXOWDGGH
YHU FRVDV TXH DOOt QR H[LVWHQ KDFLHQGR XQ GLEXMR
PHQWDOGHHOODV
7RPHQ HVWD DUDxD FRPR HMHPSOR ([LVWH
IXHUDGHPt/DPLUR\WHQJRODVHQVDFLyQGHHVWDU

H[WHQGLHQGR KDFLD HOOD OR TXH XVWHGHV SRGUtDQ


OODPDUWHQWiFXORVYLVXDOHV&LHUURDKRUDORVRMRV\
YHR RWUD YH] OD DUDxD VREUH OD SDQWDOOD GH PL
YLVLyQLQWHULRU

GH FRQWURODU OR TXH KDQ YLVWR HV PXFKR PiV


VXEVWDQFLDO /DV LPiJHQHV VH ILMDQ HQ QXHVWUDV
PHPRULDV YLVXDOHV \ SXHGHQ VHU UHFRUGDGDV
FRQIRUPHDQXHVWURVGHVHRV

(O PLVPR SURFHVR RFXUUH VL HQIRFDPRV ORV


VRQLGRV 2tPRV UXLGRV LPDJLQDULRV FRQ XQ RtGR
LQWHULRU\VLQHPEDUJRVHQWLPRVTXHODFDXVDGH
ORVVRQLGRVHQODPD\RUtDGHORVFDVRVHVWiIXHUD
GHQRVRWURV

(QWRQFHV WRGR HO SUREOHPD FRQVLVWH HQ


FUHDUXQDGHVFULSFLyQFRPSOHWD"GLMH

3XHGHQ FRPSUREDUOR GH YDULDV PDQHUDV \


XQDGHHOODVHVKDFHUXQUHODWRFRKHUHQWHGHODYLGD
SDVDGD VLUYLpQGRVH GH ODV LPiJHQHV TXH
UHFXHUGHQ (VWR SDUHFH GLItFLO SHUR FUHR TXH
HQFRQWUDUiQ TXH HVWD ODERU QR HV HQ UHDOLGDG WDQ
FRPSOLFDGD
3RU TXp" SUHJXQWDURQ D OD YH] YDULRV
HVWXGLDQWHV
3RUTXH DXQTXH QXHVWURV VHQWLPLHQWRV \
H[SHULHQFLDV HPRWLYDV VRQ YDULDEOHV H LPSRVLEOHV

%LHQ GLMR 3DXO FRQ GHFLVLyQ VR\ XQ


YLHMRUREOH1RREVWDQWH\DXQTXHORKHGLFKRHQ
UHDOLGDGQRORFUHR
(Q HVH FDVR LQVLQXy HO GLUHFWRU SRU
TXp QR VH GLFH D Vt PLVPR <R VR\ \R SHUR VL
IXHUD XQ YLHMR UREOH FRORFDGR HQ GHWHUPLQDGDV
FLUFXQVWDQFLDV FLUFXQGDQWHV TXp KDUtD" \ HOLMD
GRQGH HVWi HQ XQ ERVTXH HQ XQD IORUHVWD HQ OD
FLPD GH XQD PRQWDxD HQ HO OXJDU TXH PiV OH
SOD]FD
)UXQFLy 3DXO HO HQWUHFHMR \ ILQDOPHQWH
GHFLGLyTXHHVWDEDHQXQYHUGHSUDGRFHUFDGHORV
$OSHV$ODL]TXLHUGDHQORDOWRVHYHXQFDVWLOOR
4Xp YH HQ WRUQR VX\R" SUHJXQWy HO
GLUHFWRU
6REUHPtSHUFLERXQDHVSHVDFREHUWXUDGH
KRMDVTXHVXVXUUDQ
(Q YHUGDG OR KDFHQ DVLQWLy HO GLUHFWRU
$OOiDUULEDORVYLHQWRVVXHOHQVHUIXHUWHV

(VH SUREOHPD FRQWHVWy HO GLUHFWRU


PLHQWUDV VH OHYDQWDED SDUD LUVHOR GLVFXWLUHPRV
ODSUy[LPDYH]



+DJDPRV XQD SHOtFXOD LPDJLQDULD GLMR
KR\HOGLUHFWRUHQFXDQWRHQWUyHQODFODVH9R\
D HOHJLU XQ WHPD SDVLYR SRUTXH UHTXHULUi PiV
WUDEDMR 3RU DKRUD QR WHQJR WDQWR LQWHUpV HQ OD
DFFLyQPLVPDFRPRHQODDSUR[LPDFLyQDHOOD3RU
HVR VXJLHUR TXH XVWHG 3DXO YLYD OD YLGD GH XQ
iUERO

(Q PLV UDPDV FRQWLQXy 3DXOYHR


YDULRVQLGRVGHSiMDURV
(O GLUHFWRU OH LPSXOVy HQWRQFHV D GHVFULELU
FDGDSRUPHQRUGHVXYLGDLPDJLQDULDFRPRUREOH
&XDQGR OH OOHJy HO WXUQR D /HR KL]R XQD
HOHFFLyQPHQRVLQVSLUDGD'LMRTXHHUDXQFRWWDJH
XELFDGRHQPHGLRGHXQSDUTXH
4XpYH"SUHJXQWyHOGLUHFWRU
(OSDUTXHIXpODUHVSXHVWD
3HUR QR SXHGH YHU WRGR HO SDUTXH DO
PLVPR WLHPSR 'HEH GHFLGLUVH SRU XQ OXJDU
GHWHUPLQDGR 4Xp KD\ SUHFLVDPHQWH IUHQWH GH
XVWHG"
8QDYHUMD
4XpFODVHGHYHUMD"

/HR FDOOy REOLJDQGR DO GLUHFWRU D VHJXLU


SUHJXQWDQGR
'HTXHHVWiKHFKDODYHUMD"
'HTXpPDWHULDO"'HKLHUURIXQGLGR
'HVFUtEDOD&XiOHVVXGLEXMR"
/HR SDVy HO GHGR SRU OD PHVD GXUDQWH XQ
WLHPSREDVWDQWHODUJRFRPRTXHULHQGRGHVFULELUHO
GLEXMR SHUR HUD HYLGHQWH TXH QR WHQtD LGHD GH OR
TXHKDEtDGLFKR
1R HQWLHQGR GHEH GHVFULELUOD FRQ PiV
FODULGDG
(VWDED FODUR TXH /HR QR KDFtD HVIXHU]R
DOJXQRSDUDGHVSHUWDUVXLPDJLQDFLyQ4XLVHVDEHU
TXpXWLOLGDGSRGUtDWHQHUWDOSHQVDPLHQWRSDVLYR\
IRUPXOpODSUHJXQWDDOGLUHFWRU
(Q PL PpWRGR GH KDFHU WUDEDMDU OD
LPDJLQDFLyQ GHO HVWXGLDQWH H[SOLFy KD\

UHFXHUGH PiV KRQGDPHQWH VH JUDEDUi HQ VX


PHPRULD\YLYLUiHQpOPiVSURIXQGDPHQWH
1R REVWDQWH D YHFHV GHEHPRV WUDWDU FRQ
LPDJLQDFLRQHV SHUH]RVDV TXH QL VLTXLHUD
UHVSRQGHUiQ D ODV SUHJXQWDV PiV VHQFLOODV
(QWRQFHV VyOR TXHGD XQ FDPLQR 1R VyOR KDJR OD
SUHJXQWDVLQRTXHWDPELpQVXJLHURODUHVSXHVWD6L
HOHVWXGLDQWHSXHGHXWLOL]DUHVDUHVSXHVWDFRQWLQ~D
GHVGHDOOt6LQRODFDPELD\FRORFDDOJXQDRWUDHQ
VXOXJDU'HFXDOTXLHUPRGRVHKDYLVWRREOLJDGR
DKDFHUXVRGHVXSURSLDYLVLyQLQWHULRU$OILQDOVH
KD FUHDGR DOJR GH XQD H[LVWHQFLD LOXVRULD DXQTXH
HO HVWXGLDQWH KD FRQWULEXLGR FRQ HO PDWHULDO VyOR
SDUFLDOPHQWH (O UHVXOWDGR QR VHUi GHO WRGR
VDWLVIDFWRULRSHURDOJRVHORJUD
$QWHVGHKDFHUHVWDSUXHEDHOHVWXGLDQWHQR
WHQtD XQD LPDJHQ IRUPDGD HQ VX PHQWH R ELHQ OD
WHQtD YDJD \ FRQIXVD 'HVSXpV GH HVWH HVIXHU]R
SXHGHYHUDOJRGHILQLGR\D~QYLYLGR(OWHUUHQRKD
VLGRSUHSDUDGR\HOPDHVWURRHOGLUHFWRUSXHGHQ
VHPEUDUHQWRQFHVQXHYDVVHPLOODV(VWDVHUiODWHOD

FLHUWRV SXQWRV TXH GHEHUtDQ VHU REVHUYDGRV 6L OD


LPDJLQDFLyQ GHO HVWXGLDQWH HVWi LQDFWLYD OH KDJR
XQDSUHJXQWDVHQFLOOD\WHQGUiTXHFRQWHVWDUSXHVWR
TXHVHOHKDSUHJXQWDGR6LFRQWHVWDVLQSHQVDUQR
DFHSWR OD UHVSXHVWD (QWRQFHV \ D ILQ GH GDU XQD
FRQWHVWDFLyQ PiV VDWLVIDFWRULD GHEH DJX]DU OD
LPDJLQDFLyQRSRUORPHQRVWUDWDUGHDSUR[LPDUVH
DO DVXQWR D WUDYpV GH OD PHQWH SRU PHGLR GH
UD]RQDPLHQWRV OyJLFRV (O WUDEDMR GH OD
LPDJLQDFLyQ D PHQXGR VH SUHSDUD \ GLULJH GH HVD
PDQHUD FRQVFLHQWH H LQWHOHFWXDO (O HVWXGLDQWH YH
HQWRQFHV DOJR R HQ VX PHPRULD R HQ VX
LPDJLQDFLyQ FLHUWDV LPiJHQHV YLVXDOHV GHILQLGDV
HVWiQGHODQWHGHpO3RUEUHYHPRPHQWRYLYHHQXQ
VXHxROXHJRRWUDSUHJXQWD\VHUHSLWHHOSURFHVR
$Vt FRQ XQD WHUFHUD \ XQD FXDUWD SUHJXQWD KDVWD
TXH \R KD\D SURORQJDGR \ DODUJDGR HVH EUHYH
PRPHQWR HQ DOJR DSUR[LPDGR D XQD GHVFULSFLyQ
FRPSOHWD$OSULQFLSLRTXL]iHVWRQRLQWHUHVH/D
SDUWH YDOLRVD GH HVH SURFHVR HV TXH OD LOXVLyQ KD
VLGR WUDPDGD IXHUD GH ODV SURSLDV LPiJHQHV
LQWHULRUHVGHOHVWXGLDQWH8QDYH]UHDOL]DGRSXHGH
UHSHWLUVH XQD GRV R PiV YHFHV &XDQWR PiV OR

HQ OD TXH VH SLQWDUi HO FXDGUR $GHPiV HO


HVWXGLDQWH KD DSUHQGLGR HO PpWRGR SRU HO FXDO
SXHGH XWLOL]DU OD LPDJLQDFLyQ \ HPSOHDUOD FRQ
SUREOHPDV TXH VX SURSLD LPDJLQDFLyQ KDEUi GH
VXJHULU 6H IRUPDUi HO KiELWR GH OXFKDU
GHOLEHUDGDPHQWH FRQWUD OD SDVLYLGDG \ OD LQHUFLD
GH OD LPDJLQDFLyQ \ pVWH HV XQ JUDQ SDVR KDFLD
DGHODQWH



+R\ FRQWLQXDPRV ORV PLVPRV HMHUFLFLRV GH
GHVDUUROORGHODLPDJLQDFLyQ
(Q QXHVWUD ~OWLPD OHFFLyQ GLMR HO
GLUHFWRU D 3DXOPH GLMR XVWHGTXLpQ HUD GyQGH
HVWDED \ OR TXH YHtD FRQ VX YLVWD LQWHULRU
'HVFUtEDPH DKRUD OR TXH R\H VX RtGR LQWHULRU
FRPRXQDxRVRUREOHLPDJLQDULR
3DXODOSULQFLSLRQDGDSXGRRtU

1R R\H QDGD D VX DOUHGHGRU HQ OD


SUDGHUD"
3DXOGLMRHQWRQFHVTXHSRGtDRtUODVRYHMDV\
ODVYDFDVHOVXVXUURGHODKLHUEDHOWLQWLQHRGHORV
FHQFHUURV GH ODV YDFDV OD FKLVPRJUDItD GH ODV
PXMHUHVTXHGHVFDQVDQGHVSXpVGHODIDHQDHQORV
FDPSRV
'tJDPH DKRUDFXiQGRVXFHGHWRGRHVRHQ
VXLPDJLQDFLyQGLMRHOGLUHFWRUFRQLQWHUpV
3DXOHOLJLyHOSHUtRGRIHXGDO
(QWRQFHV\VLHQGRVLHPSUHXQYLHMRUREOH
R\H VRQLGRV TXH VRQ SDUWLFXODUPHQWH
FDUDFWHUtVWLFRVGHDTXHOORVWLHPSRV"
3DXO UHIOH[LRQy SRU XQ LQVWDQWH \ GLMR TXH
SRGtDRtUDXQWURYDGRUHUUDQWHFDPLQRDXQDILHVWD
HQHOFDVWLOORPiVSUy[LPR
3RUTXpHVWiXVWHGVRORHQHOFDPSR"
SUHJXQWyHOGLUHFWRU

(O UREOH HV HO SXQWR PiV DOWR GH ORV


DOUHGHGRUHV 3RU OR WDQWR VLUYH FRPR PLUDGRU \
RIUHFHSURWHFFLyQFRQWUDORVDWDTXHV
$KRUD GLMR HO GLUHFWRU TXH VX
LPDJLQDFLyQ KD DFXPXODGR JUDGXDOPHQWH XQ
Q~PHUR VXILFLHQWH GH FLUFXQVWDQFLDV GDGDV
FRPSDUHPRV QXHVWUDV REVHUYDFLRQHV FRQ HO
SULQFLSLR GH HVWD SDUWH GHO WUDEDMR 7RGR OR TXH
HQWRQFHV SXGR SHQVDU IXp TXH HUD XQ UREOH HQ
PHGLR GH XQD SUDGHUD /D YLVLyQ GH VX PHQWH
HVWDED OOHQD GH JHQHUDOLGDGHV QXEODGD FRPR XQ
QHJDWLYRPDOUHYHODGR$KRUDSXHGHVHQWLUODWLHUUD
EDMRVXVUDtFHVSHURHVWiGHVSRMDGRGHODDFFLyQ
QHFHVDULD SDUD HO HVFHQDULR 3RU HVR KD\ TXH GDU
XQ SDVR PiV 'HEH HQFRQWUDU DOJXQD VLPSOH
FLUFXQVWDQFLD QXHYD TXH OR FRQPXHYD
HPRFLRQDOPHQWH\ORLQFLWHDODDFFLyQ
3DXOWUDWyGHKDFHUORSHURQDGDFRQVLJXLy
(QHVHFDVRGLMRHOGLUHFWRUWUDWHPRV
GH UHVROYHU HO SUREOHPD LQGLUHFWDPHQWH 3ULPHUR

3DXOGLyODVLJXLHQWHH[SOLFDFLyQ
/D ORPD VREUH OD TXH VH HOHYD HO UREOH
VROLWDULR DQWHULRUPHQWH KDOOiEDVH SREODGD SRU
HVSHVR ERVTXH PDV HO EDUyQ GHO FDVWLOOR HQ
FRQVWDQWHSHOLJURGHVHUDWDFDGR\WHPHURVRGHTXH
HVH ERVTXH SXGLHUD RFXOWDU ORV PRYLPLHQWRV
HQHPLJRVORKDEtDKHFKRWDODUGHMDQGRVRODPHQWH
HQ SLH DO IURQGRVR \ UHFLR UREOH SRUTXH SUHVWDED
VRPEUD D XQ PDQDQWLDO TXH VXUWtD GH DJXD D VXV
UHEDxRV
(OGLUHFWRUREVHUYyHQWRQFHV
+DEODQGR HQ JHQHUDO HVWD SUHJXQWD SRU
TXp UD]yQ"  HV GH VXPD LPSRUWDQFLD 2EOLJD D
DFODUDU HO REMHWR GH ODV PHGLWDFLRQHV VXJLHUH OR
IXWXUR H LPSXOVD D OD DFFLyQ 8Q iUERO SRU
VXSXHVWR QR SXHGH WHQHU XQ ILQ DFWLYR VLQ
HPEDUJRSXHGHWHQHUDOJXQDVLJQLILFDFLyQDFWLYD\
VHUYLUSDUDDOJ~QILQ
$TXtLQWHUYLQR3DXO\VXJLULy

GtJDPHTXpHVORTXHPiVOHHPRFLRQDHQODYLGD
UHDO 4Xp GHVSLHUWD VX VHQVLELOLGDG PiV D
PHQXGR HO WHPRU R OD DOHJUtD" 3UHJXQWR HVWR DO
PDUJHQGHOWHPDGHVXYLGDLPDJLQDULD&XDQGRVH
FRQRFHQODVLQFOLQDFLRQHVGHODSURSLDQDWXUDOH]D
QR HV GLItFLO DGDSWDUODV D FLUFXQVWDQFLDV
LPDJLQDUtDV 3RU HVR QRPEUH DOJ~Q UDVJR
FXDOLGDGRLQWHUpVWtSLFRHQXVWHG
0HH[FLWRSRUFXDOTXLHUFODVHGHOXFKD
GLMR3DXOGHVSXpVGHUHIOH[LRQDUXQPRPHQWR
(Q HVH FDVR OR TXH QHFHVLWDPRV HV XQD
LQYDVLyQHQHPLJD/DVIXHU]DVHQHPLJDVGHOGXTXH
YHFLQRWUHSDQ\DSRUODSUDGHUDHQGRQGHVHKDOOD
XVWHG FRPR YHWXVWR UREOH LPDJLQDULR /D OXFKD
FRPHQ]DUiDTXtGHXQPRPHQWRDRWUR8QDOOXYLD
GHIOHFKDVHQHPLJDV\DOJXQDFDHUiVREUHXVWHGHQ
OODPDV 7UDQTXLOR DKRUD GHFLGD DQWHV GH TXH VHD
GHPDVLDGR WDUGH TXp KDUtD VL HQ UHDOLGDG OH
VXFHGLHUDHVR"
3HUR 3DXO VyOR SRGtD OXFKDU HQ VX LQWHULRU

LQFDSD]GHKDFHUQDGD)LQDOPHQWHH[FODPy
4Xp SXHGH KDFHU XQ iUERO SDUD VDOYDUVH
FXDQGRHVWiDUUDLJDGRDODWLHUUDHLPSRVLELOLWDGR
GHPRYHUVH"
3DUDPLVXH[FLWDFLyQHVVXILFLHQWHGLMR
HO GLUHFWRU FRQ HYLGHQWH VDWLVIDFFLyQ
3UHFLVDPHQWH HVWH SUREOHPD HV LQVROXEOH \ QR
SXHGHFXOSiUVHOHDXVWHGVLHOWHPDHQVtFDUHFHGH
DFFLyQ
(QWRQFHV SRU TXp VH OR GLR" OH
SUHJXQWDURQ
3DUD SUREDUOHV TXH KDVWD XQ WHPD SDVLYR
SXHGHSURGXFLUXQHVWtPXORLQWHULRU\GHVDILDUDOD
DFFLyQ(VWHHVXQHMHPSORGHFyPRWRGRVQXHVWURV
HMHUFLFLRV SDUD GHVDUUROODU OD LPDJLQDFLyQ OHV
HQVHxDUiQ D SUHSDUDU HO PDWHULDO ODV LPiJHQHV
LQWHULRUHVSDUDVXSDSHO


FRQWHVWDU WRGDV ODV SUHJXQWDV GyQGH FXiQGR SRU


TXp \ FyPR  TXH VH KDFH D Vt PLVPR FXDQGR
LPSXOVDDVXVIDFXOWDGHVLQYHQWLYDVDSURGXFLUXQD
GHVFULSFLyQ PiV GHILQLGD GH XQD H[LVWHQFLD
ILFWLFLD $ YHFHV QR QHFHVLWDUi KDFHU WRGR HVH
HVIXHU]R FRQVFLHQWH H LQWHOHFWXDO 6X LPDJLQDFLyQ
SXHGH WUDEDMDU LQWXLWLYDPHQWH 3HUR KDQ YLVWR SRU
XVWHGHV PLVPRV TXH QR VH SXHGH FRQILDU HQ HOOR
,PDJLQDUHQJHQHUDOVLQXQWHPDELHQGHILQLGR\
ELHQIXQGDGRHVXQDRFXSDFLyQHVWpULO
3RU RWUD SDUWH DFHUFDUVH D OD LPDJLQDFLyQ
SXUDFRQVFLHQWH\UD]RQDGDSURGXFHDPHQXGRXQ
UHIOHMRGHVFDUQDGR\IDOVRGHODYLGD(VRQRVLUYH
HQ HO WHDWUR 1XHVWUR DUWH H[LJH TXH OD QDWXUDOH]D
WRWDO GHO DFWRU WRPH SDUWH DFWLYD GH PRGR TXH VH
GpWRGDHQFXHUSR\DOPDDVXSDSHO'HEHVHQWLU
HO GHVDItR D OD DFFLyQ WDQWR ItVLFD FRUQR
LQWHOHFWXDOPHQWH SRUTXH OD LPDJLQDFLyQ TXH QR
SRVHH VXEVWDQFLD QL FXHUSR SXHGH DIHFWDU
UHIOH[LYDPHQWH QXHVWUD QDWXUDOH]D ItVLFD \ KDFHUOD
DFWXDU (VWD IDFXOWDG HV GH JUDQ LPSRUWDQFLD SDUD
QXHVWUDWpFQLFDHPRWLYD


$O FRPHQ]DU OD OHFFLyQ GH KR\ HO GLUHFWRU
KL]RDOJXQDVREVHUYDFLRQHVDFHUFDGHOYDORUGHOD
LPDJLQDFLyQDOUHQRYDU\UHWRFDUDOJRTXHHODFWRU
\DKDSUHSDUDGR\XWLOL]DGR
1RV HQVHxy FyPR LQWURGXFLU XQD VXSRVLFLyQ
QXHYDHQQXHVWURHMHUFLFLRFRQHOORFRGHWUiVGHOD
SXHUWDTXHFDPELySRUFRPSOHWRVXRULHQWDFLyQ
$GiSWHQVH D ODV QXHYDV FRQGLFLRQHV
HVFXFKHQORTXHHOODVOHVVXJLHUHQ\DFW~HQ
$FWXDPRVFRQYHUGDGHUDH[FLWDFLyQ\IXLPRV
IHOLFLWDGRV
(OILQDOGHODOHFFLyQIXpGHGLFDGRDUHVXPLU
ORTXHKDEtDPRVUHDOL]DGR
7RGDLQYHQFLyQTXHLPDJLQHHODFWRUGHEH
VHUSOHQDPHQWHHODERUDGD\VyOLGDPHQWHFRQVWUXLGD
VREUH OD EDVH GH ORV KHFKRV 'HEH VHU FDSD] GH

3RUORWDQWR7RGRPRYLPLHQWRTXHVHKDJD
HQ HO HVFHQDULR WRGD SDODEUD TXH VH GLJD HV HO
UHVXOWDGR GH OD YHUGDGHUD YLGD GH OD
LPDJLQDFLyQ
6L GLFHQ XQD VROD OtQHD R KDFHQ FXDOTXLHU
FRVDPHFiQLFDPHQWHVLQVDEHUSOHQDPHQWHTXLpQHV
VRQ GH GyQGH YLHQHQ SRU TXp TXp HV OR TXH
TXLHUHQ DGyQGH YDQ \ TXp KDUiQ FXDQGR DKt
OOHJXHQ HVWDUiQ DFWXDQGR VLQ LPDJLQDFLyQ (VH
WLHPSRVHDFRUWRRODUJRFDUHFHUiGHVLQFHULGDG\
XVWHGHV QR VHUiQ PiV TXH XQD PiTXLQD
GHVFRPSXHVWDDXWyPDWDV
6L OHV KLFLHUD DKRUD XQD SUHJXQWD
SHUIHFWDPHQWH VHQFLOOD +R\ KDFH IUtR DIXHUD"
DQWHVGHFRQWHVWDUPH\DVHDFRQXQVLPSOHVtR
QRKDFHIUtRRQRORQRWpGHEHQYROYHUFRQOD
LPDJLQDFLyQDODFDOOH\UHFRUGDUFyPRFDPLQDURQ
RYLDMDURQ'HEHQSRQHUDSUXHEDODVVHQVDFLRQHV
UHFRUGDQGR GH TXp PRGR LED DEULJDGD OD JHQWH
FyPROHYDQWDEDQORVFXHOORVGHVXVDEULJRV\FyPR
FUXMtD OD QLHYH EDMR ORV SLHV 5HFLpQ HQWRQFHV

SRGUiQFRQWHVWDUDPLSUHJXQWD
6L REVHUYDQ HVWULFWDPHQWH HVWD UHJOD HQ
WRGRVVXVHMHUFLFLRVVLQTXHLPSRUWHDTXpVHFWRU
GHO SURJUDPD FRUUHVSRQGDQ YHUiQ FyPR OD
LPDJLQDFLyQVHOHVGHVDUUROOD\DXPHQWDVXYLJRU

&DStWXOR9
&RQFHQWUDFLyQ'H/D$WHQFLyQ


5HDOL]iEDPRVKR\DOJXQRVHMHUFLFLRVFXDQGR
GHUHSHQWHFD\yXQDGHODVVLOODVTXHHVWDEDQDOR
ODUJR GH ODV SDUHGHV 1RV VRUSUHQGLPRV HQ XQ
SULPHU PRPHQWR SHUR OXHJR QRV GLPRV FXHQWD GH
TXH DOJXLHQ HVWDED OHYDQWDQGR HO WHOyQ (Q WDQWR
SHQViEDPRV KDOODUQRV HQ OD VDOD GH 0DUtD
QXQFDLPDJLQDPRVODSRVLELOLGDGGHTXHKXELHUDXQ
ODGREXHQRRPDORHQHOFXDUWR(QFXDOTXLHUDGH
HOORV QRV KDOOiEDPRV ELHQ 3HUR DELHUWD DTXHOOD
FXDUWD SDUHG FRQ VX JUDQGH \ QHJUR SURVFHQLR VH
VLHQWHTXHXQRGHEHUHDMXVWDUVHFRQVWDQWHPHQWH6H
SLHQVD HQ OD JHQWH TXH PLUD VH EXVFD VHU YLVWR \
RtGRSRUHOORV\QRSRUORVTXHHVWiQFRQQRVRWURV
HQHOOXJDU1RKDFHXQPRPHQWRHOGLUHFWRU\VX
D\XGDQWH SDUHFtDQ XQ HOHPHQWR QDWXUDO DTXt HQ OD
VDOD SHUR DKRUD WUDQVSRUWDGRV D OD SODWHD VH
FRQYLHUWHQ HQ DOJR PX\ GLIHUHQWH HO FDPELR QRV
DIHFWy D WRGRV 3RU PL SDUWH VHQWt TXH KDVWD TXH
DSUHQGLpUDPRVDVREUHSRQHUQRVDOHIHFWRGHDTXHO
KXHFR QHJUR QR DGHODQWDUtDPRV XQD SXOJDGD HQ

QXHVWURWUDEDMR3DXOQRREVWDQWHFRQILDEDHQTXH
OR KDUtDPRV PHMRU FRQ XQ HMHUFLFLR QXHYR \
HVWLPXODQWH/DUHVSXHVWDGHOGLUHFWRUIXppVWD
0X\ ELHQ 3RGHPRV SUREDU +H DTXt XQD
WUDJHGLD TXH HVSHUR KD GH DSDUWDU GH YXHVWUDV
PHQWHVHOS~EOLFR
6H GHVDUUROOD DTXt HQ HVWH GHSDUWDPHQWR
0DUtD HVWi FDVDGD FRQ .RVW\D WHVRUHUR GH XQD
RUJDQL]DFLyQ S~EOLFD 7LHQHQ XQ QHQH HQFDQWDGRU
DO TXH VX PDGUH EDxD HQ XQ FXDUWR OHMRV GHO
FRPHGRU (O PDULGR HVWi UHYLVDQGR SDSHOHV \
FRQWDQGR GLQHUR 1R HV GLQHUR VX\R VLQR VXPDV
FRQILDGDV D VX FXLGDGR UHFLpQ WUDtGR GHO %DQFR
8Q DOWR GH SDTXHWHV GH ELOOHWHV VH KD
GHVSDUUDPDGR VREUH OD PHVD )UHQWH D .RVW\D VH
KDOODGHSLHHOKHUPDQRPHQRUGH0DUtD9DQ\DXQ
SREUH WLSR GH GpELO PHQWDO TXH OR YH UDVJDU ODV
FRORUHDGDVHQYROWXUDVGHORVSDTXHWHV\WLUDUODVDO
IXHJR GRQGH VH HQFLHQGHQ FRQ KHUPRVR
UHVSODQGRU

<D HVWi FRQWDGR WRGR HO GLQHUR 0DUtD


FXDQGR FRQVLGHUD TXH HO PDULGR KD WHUPLQDGR OD
WDUHDOROODPDDGHQWURSDUDTXHFRQWHPSOHDOQHQH
EDxiQGRVH(OSREUHUHWDUGDGRLPLWDQGRORTXHKD
YLVWR WLUD DOJXQRV SDSHOHV DO IXHJR \ FRPR
GHVFXEUH TXH ORV SDTXHWHV tQWHJURV SURGXFHQ XQD
OODPDUDGD PD\RU FRQ XQ IUHQpWLFR GHOHLWH ORV
DUURMDWRGRVDOIXHJRORVGLQHURVS~EOLFRVUHFLpQ
UHWLUDGRV GHO %DQFR SRU HO WHVRUHUR (Q HVH
PRPHQWRYXHOYH.RVW\D\DOFDQ]DDYHUHO~OWLPR
SDTXHWH HQ OODPDV )XHUD GH Vt FRUUH KDFLD HO
IXHJR\GHUULEDGHXQJROSHDOLQIHOL]TXHFDHFRQ
XQTXHMLGR\ODQ]DQGRXQDODULGRVDFDGHOIXHJR
HO~OWLPRSDTXHWHDPHGLRTXHPDU
/D HVSRVD DVXVWDGD HQWUD FRUULHQGR HQ HO
FXDUWR \ YH D VX KHUPDQR H[WHQGLGR HQ HO VXHOR
7UDWDGHOHYDQWDUORSHURQRSXHGH$OYHUVDQJUH
HQVXVPDQRVSLGHDOPDULGRTXHWUDLJDDJXDSHUR
pVWH QL OD HVFXFKD GH PRGR TXH HOOD PLVPD YD D
EXVFDUOD 'HVGH HO RWUR FXDUWR VH R\H XQ JULWR
GHVJDUUDGRU (O QLxR KD PXHUWR DKRJDGR HQ OD
EDxHUD

GLUHFWRUGLMR
$OSULQFLSLRDFWXDURQFRUUHFWDPHQWHSHUR
DOILQDOILQJLHURQDFWXDUIRU]DURQORVVHQWLPLHQWRV
GH PRGR TXH QR SXHGHQ FXOSDU GH WRGR DO KXHFR
QHJUR (VR QR HV OR ~QLFR TXH REVWDFXOL]y OD
DFFLyQHQHOHVFHQDULR\DTXHFRQHOWHOyQEDMRHO
UHVXOWDGRHVHOPLVPR
&RQ OD H[FXVD GH QR PROHVWDUQRV QRV
GHMDURQRVWHQVLEOHPHQWHVRORVSDUDUHSUHVHQWDUGH
QXHYRHOHMHUFLFLR(QUHDOLGDGIXLPRVHVSLDGRVD
WUDYpV GH XQ DJXMHUR GHO WHOyQ \ QRV GLMHURQ TXH
HVWD YH] KDEtDPRV HVWDGR PDO \ DO PLVPR WLHPSR
VHJXURVGHQRVRWURVPLVPRV
(O HUURU SULQFLSDO GLMR HO GLUHFWRU
SDUHFH UHVLGLU HQ OD LQFDSDFLGDG GH FRQFHQWUDU OD
DWHQFLyQODTXHWRGDYtDQRHVWiSUHSDUDGDSDUDHO
WUDEDMRFUHDGRU


1R OHV SDUHFH WUDJHGLD VXILFLHQWH FRPR


SDUDDOHMDUDOS~EOLFRGHQXHVWUDVPHQWHV"
(VWH QXHYR HMHUFLFLR QRV FRQPRYLy FRQ VX
UHQRYDGR PHORGUDPD \ VLQ HPEDUJR QDGD
ORJUDPRV
(YLGHQWHPHQWH H[FODPy HO GLUHFWRU
HOPDJQHWLVPRGHOS~EOLFRHVPiVSRGHURVRTXHOD
WUDJHGLDTXHWUDQVFXUUHHQHOHVFHQDULR3XHVWRTXH
HVDVtHQVD\HPRVGHQXHYRHVWDYH]FRQHOWHOyQ
EDMR
eO \ VX D\XGDQWH UHJUHVDURQ GH OD SODWHD D
QXHVWUD VDOD OD TXH YROYLy D SDUHFHU DPLJDEOH \
KRVSLWDODULD (PSH]DPRV D DFWXDU /DV SDUWHV
WUDQTXLODV GHO SULQFLSLR GHO HMHUFLFLR ODV KLFLPRV
ELHQPDVFXDQGROOHJDPRVDODVSDUWHVGUDPiWLFDV
PH SDUHFLy TXH OR TXH DFDEDED GH UHSUHVHQWDU QR
HUDHQPRGRDOJXQRDGHFXDGR\TXLVHKDFHUPXFKR
PiVGHORTXHPLVVHQWLPLHQWRVSRGtDQH[SUHVDU
(VWH MXLFLR PtR IXp FRQILUPDGR FXDQGR HO


/DOHFFLyQGHKR\VHHIHFWXyHQHOHVFHQDULR
GH OD HVFXHOD SHUR HO WHOyQ HVWDED FRUULGR \ ODV
VLOODV KDEtDQ VLGR UHWLUDGDV 1XHVWUD SHTXHxD
HVWDQFLDVHDEUtDDKRUDKDFLDODSODWHDORTXHKL]R
TXHGHVDSDUHFLHUDWRGDVXDWPyVIHUDGHLQWLPLGDG
SDUD FRQYHUWLUOD HQ XQD RUGLQDULD GHFRUDFLyQ
WHDWUDO &DEOHV HOpFWULFRV FROJDEDQ GH OD SDUHG \
FRUUtDQ HQ YDULDV GLUHFFLRQHV FRQ ODV ODPSDULOODV
GLVSXHVWDV FRPR SDUD LOXPLQDU )XLPRV DOLQHDGRV
FHUFDGHODVFDQGLOHMDV7RGRHVWDEDHQVLOHQFLR
4XLpQ KD SHUGLGR HO WDFR GHO ]DSDWR"
SUHJXQWyGHSURQWRHOGLUHFWRU
/RV HVWXGLDQWHV H[DPLQDURQ SUHRFXSDGRV HO
FDO]DGR SURSLR \ GHO YHFLQR FXDQGR GH SURQWR HO
GLUHFWRULQWHUUXPSLy
4XpDFDEDGHRFXUULUHQHOYHVWtEXOR"
QRVSUHJXQWy

1RWHQtDPRVODPHQRULGHD
4XLHUHQ GHFLU TXH QR QRWDURQ TXH PL
VHFUHWDULR PH WUDMR HQ HVWH PLVPR PRPHQWR
DOJXQRVSDSHOHVSDUDILUPDU"
1LQJXQRORKDEtDYLVWR
<FRQHOWHOyQFRUULGR(OVHFUHWRSDUHFH
EDVWDQWH VHQFLOOR$ ILQ GH ROYLGDUVH GHO S~EOLFR
GHEHQ XVWHGHV LQWHUHVDUVH SRU DOJR HQ HO
HVFHQDULR
(VR PH LPSUHVLRQy SRUTXH FRPSUHQGt TXH
GHVGH HO PRPHQWR HQ TXH PH FRQFHQWUDUD HQ DOJR
VLWXDGRGHWUiVGHODVFDQGLOHMDVGHMDUtDGHSHQVDU
HQ OR TXH VXFHGH IUHQWH D HOODV 5HFRUGp KDEHU
D\XGDGR D XQ KRPEUH D UHFRJHU FODYRV
GHVSDUUDPDGRV HQ HO HVFHQDULR FXDQGR HQVD\DED
PLV SDVDMHV GH 2WHOR $EVWUDtGR HQWRQFHV SRU HO
VLPSOH DFWR GH UHFRJHUORV \ HQ PL FRQYHUVDFLyQ
FRQHOKRPEUHROYLGpSRUFRPSOHWRHOKXHFRQHJUR
GHPiVDOOiGHODVFDQGLOHMDV

EULOODQWH
(VWD ODPSDULWD H[SOLFy HO GLUHFWRU
EULOODQGR HQ OD RVFXULGDG HV XQ HMHPSOR GHO
2EMHWR 0iV &HUFDQR +DFHPRV XVR GH pO HQ ORV
PRPHQWRV GH PD\RU FRQFHQWUDFLyQ FXDQGR HV
QHFHVDULRUHFRJHUQRVHQDEVROXWDDWHQFLyQ\HYLWDU
TXHVHGLVLSHHQFRVDVGLVWDQWHV
(QFHQGLGDVQXHYDPHQWHODVOXFHVFRQWLQXy
&RQFHQWUDUVH HQ XQ SXQWR GH OX] HQ
FRPSOHWD RVFXULGDG HV FRPSDUDWLYDPHQWH IiFLO
5HSLWDPRVRWUDYH]HOHMHUFLFLRFRQODOX]
3LGLyDXQRGHORVDOXPQRVTXHH[DPLQDUDHO
UHVSDOGR GH XQ VLOOyQ (Q FXDQWR D Pt GHEt
HVWXGLDU OD LPLWDFLyQ GH XQ HVPDOWH VREUH OD
VXSHUILFLHGHXQDPHVD$XQWHUFHUROHDVLJQyXQD
SRUFHODQD D XQ FXDUWR XQ OiSL] D XQ TXLQWR XQ
WUR]R GH FXHUGD XQ IyVIRUR D XQ VH[WR \ DVt
VXFHVLYDPHQWH
3DXO FRPHQ]y D GHVHQUROODU OD FXHUGD SHUR

$KRUD FRPSUHQGHUiQ TXH XQ DFWRU GHEH


WHQHU XQ SXQWR GH DWHQFLyQ \ TXH HVWH SXQWR GH
DWHQFLyQ QR GHEH HVWDU HQ OD VDOD &XDQWR PiV
DWUDFWLYR VHD HO REMHWR PiV FRQFHQWUDUi OD
DWHQFLyQ (Q OD YLGD UHDO VLHPSUH KD\ P~OWLSOHV
REMHWRV TXH OODPDQ QXHVWUD DWHQFLyQ SHUR HQ HO
WHDWURODVFLUFXQVWDQFLDVVRQGLIHUHQWHV\HVWRUEDQ
ODYLGDQRUPDOGHODFWRUSRUHVRVHKDFHQHFHVDULR
XQHVIXHU]RSDUDILMDUODDWHQFLyQ6HFRQYLHUWHHQ
UHTXLVLWRHODSUHQGHUQXHYDPHQWHDPLUDUODVFRVDV
HQ HO HVFHQDULR \ D YHUODV$KRUD ELHQ HQ YH] GH
DOHFFLRQDUORV PiV VREUH HVR GDUp DOJXQRV
HMHPSORV
'HMHPRV TXH ORV SXQWRV GH OX] TXH GHQWUR
GH SRFR VH DGYHUWLUiQ ORV LOXVWUHQ DFHUFD GH
FLHUWRV DVSHFWRV GH ORV REMHWRV IDPLOLDUHV SDUD
XVWHGHV HQ OD YLGD RUGLQDULD \ QHFHVDULRV SRU OR
WDQWRHQHOHVFHQDULR
3RFRV VHJXQGRV PiV \ XQD OX] VH HQFHQGLy
VREUHODPHVDFHUFDGHODFXDOHVWiEDPRVVHQWDGRV
(Q OD RVFXULGDG DPELHQWH HVWD OX] HUD QRWRULD \

\R OR GHWXYH SRUTXH SHQVp TXH HO SURSyVLWR GHO


HMHUFLFLRHUDFRQFHQWUDUODDWHQFLyQ\QRDFWXDUGH
PRGRTXHGHEtDPRVH[DPLQDUORVREMHWRVGDGRV\
SHQVDU HQ HOORV &RPR 3DXO QR HVWDED GH DFXHUGR
FRQPLJROOHYDPRVQXHVWUDGLIHUHQFLDGHRSLQLyQDO
GLUHFWRUTXHGLMR
/D REVHUYDFLyQ LQWHQVD GH XQ REMHWR
GHVSLHUWDQDWXUDOPHQWHHOGHVHRGHKDFHUDOJRFRQ
pO(VWRLQWHQVLILFDDVXYH]ODREVHUYDFLyQ\HVWD
PXWXDUHDFFLyQLQWHULRUHVWDEOHFHXQFRQWDFWRPiV
IXHUWHFRQHOREMHWRGHQXHVWUDDWHQFLyQ
&XDQGR YROYt DO HVWXGLR GHO HVPDOWH
H[WHQGLGR VREUH OD VXSHUILFLH GH OD PHVD VHQWt HO
GHVHR GH OHYDQWDUOR FRQ DOJ~Q LQVWUXPHQWR DJXGR
(VWR PH REOLJy D PLUDUOR FRQ PiV DWHQFLyQ
0LHQWUDVWDQWR3DXOFRQWLQXDEDDEVRUWRHQODWDUHD
GH GHVHQUHGDU VX FXHUGD 7RGRV ORV GHPiV VH
RFXSDEDQ GH RWUDV FRVDV \ REVHUYDEDQ FRQ
DWHQFLyQORVYDULDGRVREMHWRV
)LQDOPHQWHHOGLUHFWRUGLMR

9HR TXH WRGRV HVWiQ FDSDFLWDGRV SDUD


FRQFHQWUDUVHHQHOREMHWRPiVFHUFDQRWDQWRHQOD
OX]FRPRHQODRVFXULGDG
/XHJR PRVWUy SULPHUR VLQ OXFHV \ GHVSXpV
FRQ HOODV DOJXQRV REMHWRV D XQD GLVWDQFLD
PRGHUDGD \ RWURV D PD\RU GLVWDQFLD 'HEtDPRV
FRQVWUXLU DOJXQD KLVWRULD LPDJLQDULD DFHUFD GH
HOORV\PDQWHQHUODHQHOFHQWURGHQXHVWUDDWHQFLyQ
WDQWR FRPR QRV IXHUD SRVLEOH (VWR SXGLPRV
KDFHUORFXDQGRODVOXFHVSULQFLSDOHVVHDSDJDURQ
7DQ SURQWR FRPR IXHURQ HQFHQGLGDV
QXHYDPHQWHGLMR
0LUHQDKRUDDVXDOUHGHGRUFRQFXLGDGR\
HOLMDQ FXDOTXLHU REMHWR FHUFD R OHMRV \
FRQFpQWUHQVHHQpO
+DEtD WDQWDV FRVDV H QXHVWUR DOUHGHGRU TXH
DO SULQFLSLR PLV RMRV FRUUtDQ GH XQD D RWUD
)LQDOPHQWHILMpODPLUDGDHQXQDILJXULOODVREUHOD
UHSLVD3HURQRSXGHPDQWHQHUODYLVWDILMDHQHOOD

FRUULMDPRV QRVRWURV PLVPRV \ DSUHQGDPRV GH


QXHYR D FDPLQDU PRYHUQRV VHQWDUQRV R
DFRVWDUQRV (V HVHQFLDO UHHGXFDUQRV SDUD PLUDU \
YHUHQHOHVFHQDULRSDUDHVFXFKDU\RtU


SRU PXFKR WLHPSR DWUDtGD SRU WDQWDV RWUDV FRVDV


GHODSRVHQWR
(YLGHQWHPHQWHDQWHVGHSRGHUGHWHUPLQDU
SXQWRV GH DWHQFLyQ D FXDOTXLHU GLVWDQFLD VHUi
QHFHVDULR DSUHQGHU D PLUDU \ D YHU FRVDV HQ HO
HVFHQDULR D FXDOTXLHU GLVWDQFLD GLMR HO GLUHFWRU
 (V GLItFLO KDFHUOR IUHQWH D OD JHQWH \ DO DUFR
RVFXURGHOSURVFHQLR
(Q OD YLGD RUGLQDULD XVWHGHV FDPLQDQ VH
VLHQWDQ KDEODQ \ PLUDQ SHUR HQ HO HVFHQDULR VH
SLHUGHQ WRGDV HVDV IDFXOWDGHV 6H VLHQWH OD
SUR[LPLGDG GHO S~EOLFR \ FDGD XQR VH SUHJXQWD
3RU TXp PH PLUDQ" (V PHQHVWHU SXHV
HQVHxDUOHV QXHYDPHQWH FyPR KDFHU WRGDV HVWDV
FRVDVHQS~EOLFR
5HFXHUGHQ HVWR WRGRV QXHVWURV DFWRV D~Q
ORV PiV VLPSOHV WDQ IDPLOLDUHV HQ QXHVWUD YLGD
GLDULD VH YXHOYHQ IRU]DGRV FXDQGR DSDUHFHPRV
GHWUiV GH ODV FDQGLOHMDV IUHQWH D XQ S~EOLFR
QXPHURVR 3RU HVR HV QHFHVDULR TXH QRV

&RQPiVDWHQFLyQRUGHQy
7RGRVQRVLQFOLQDPRVKDFLDDGHODQWH
7RGDYtD HV GHPDVLDGR PHFiQLFD HVD
PLUDGDLQVLVWLy\HVFDVDODDWHQFLyQ

)UXQFtHOHQWUHFHMR\PHSDUHFLyTXHFRQHOOR
PHPRVWUDUtDVXPDPHQWHDWHQWR

(VFRMDQ XVWHGHV DOJ~Q REMHWR QRV GLMR


KR\ HO GLUHFWRU XQD YH] VHQWDGRV HQ HO HVFHQDULR
DELHUWR 6XSRQJDPRV TXH WRPDQ FRPR SXQWR GH
REVHUYDFLyQ DTXHO PDQWHO ERUGDGR \D TXH VX
GLEXMRHVGLJQRGHDWHQFLyQ

(VWDU DWHQWR \ SDUHFHU HVWDUOR VRQ GRV


FRVDV PX\ GLIHUHQWHV GLMR +DJDQ OD SUXHED
XVWHGHV PLVPRV \ YHDQ FXiO HV OD YHUGDGHUD
PDQHUDGHPLUDU\FXiOHVODLPLWDFLyQ

/RPLUDPRVFRQHVPHURSHURLQWHUUXPSLy
(VRQRHVPLUDU(VILMDUODYLVWD
'LVLPXODPRVODWHQVLyQGHQXHVWUDVPLUDGDV
SHUR QR OR FRQYHQFLPRV GH TXH YHtDPRV OR TXH
PLUiEDPRV

'HVSXpV GH WUDWDU GH PLUDU FRUUHFWDPHQWH


FRQVHJXLPRVILMDUODYLVWDWUDQTXLORVEXVFDQGRQR
IRU]DUORVRMRVSDUDPLUDUHOERUGDGR
'HSURQWRVROWyXQDFDUFDMDGD\YROYLpQGRVH
DPtGLMR
6L SXGLHUD IRWRJUDILDUOR WDO FRPR HVWi
DKRUD 1XQFD FUHt TXH XQ VHU KXPDQR SXGLHUD

GREODUVH HQ HVD SRVWXUD WDQ DEVXUGD 3HUR VL ORV


RMRVVHOHHVWiQVDOLHQGRGHODVyUELWDV1HFHVLWD
WDQWR HVIXHU]R SDUD PLUDU VLPSOHPHQWH XQD FRVD"
0HQRV PHQRV 0XFKR PHQRV HVIXHU]R
'HVFDQVH 0iV 7DQWR OH DWUDH HVWD WHOD TXH
GHEH LQFOLQDUVH VREUH HOOD" eFKHVH KDFLD DWUiV
0XFKRPiV
)LQDOPHQWH FRQVLJXLy UHGXFLU XQ SRFR PL
WHQVLyQ SHUR D~Q DVt VLJQLILFy PXFKR SDUD Pt
1DGLHSXHGHWHQHULGHDGHHVWHDOLYLRDPHQRVTXH
KD\D HVWDGR HQ XQ HVFHQDULR DELHUWR VLQWLpQGRVH
WXOOLGRSRUODWHQVLyQPXVFXODU
8QDOHQJXDSDUODQFKLQDRORVPRYLPLHQWRV
PHFiQLFRV GH SLHV \ PDQRV QR SXHGHQ WRPDU HO
OXJDU GHO RMR FRPSUHQVLYR (O RMR GHO DFWRU TXH
PLUD \ YH XQ REMHWR DWUDH OD DWHQFLyQ GHO
HVSHFWDGRU \ SRU OR PLVPR OH LQGLFD OR TXH pVWH
GHEH YHU 5HFtSURFDPHQWH XQD PLUDGD GLVWUDtGD
GHMD TXH OD DWHQFLyQ GHO HVSHFWDGRU YDJXH SRU HO
HVFHQDULR

HO GLUHFWRU &RQFXUUH D XQ HVWUHQR D FDPELR GH


XQPRQWyQGHJHQWLOH]DV
/DV SHTXHxDV OXFHV FRPHQ]DURQ QXHYDPHQWH
D FHQWHOOHDU OXHJR VH H[WLQJXLHURQ \ RWUD YH] VH
KL]R YLVLEOH XQD OX] IXHUWH DKRUD VREUH HO DVLHQWR
GHODSXQWDGRU
+DEtDVH DSHQDV H[WLQJXLGR FXDQGR XQ
SHTXHxRGpELO\UHGXFLGRIRFRVHHQFHQGLyHQHO
HVFHQDULR

9ROYLy DTXt D VX GHPRVWUDFLyQ FRQ ODV


OiPSDUDVHOpFWULFDV
/HV KH PRVWUDGR XQD VHULH GH REMHWRV
FRPR ORV TXH WHQHPRV HQ OD YLGD UHDO 'LFKRV
REMHWRVKDQVLGRYLVWRVGHODPDQHUDTXHXQDFWRU
GHEHYHUORVHQHOHVFHQDULR/HVPRVWUDUpDKRUDGH
TXp PDQHUD QR GHEHQ VHU PLUDGRV QXQFD D SHVDU
GH TXH FDVL VLHPSUH OR VRQ /HV PRVWUDUH ORV
REMHWRV FRQ ORV TXH OD DWHQFLyQ GHO DFWRU HVWi
VLHPSUHRFXSDGDPLHQWUDVVHKDOODHQHVFHQD
6H DSDJDURQ ODV OXFHV RWUD YH] \ HQ OD
RVFXULGDG
YLPRV
SHTXHxDV
ODPSDULOODV
FHQWHOOHDQGR HQ WRUQR /DV OXFHV VH SUHQGtDQ \
DSDJDEDQ SRU WRGR HO HVFHQDULR \ OD SODWHD 'H
SURQWRGHVDSDUHFLHURQ\XQDOX]IXHUWHVHHQFHQGLy
VREUHXQRGHORVDVLHQWRVGHODSODWHD
4Xp HV HVR" SUHJXQWy XQD YR] HQ OD
RVFXULGDG
(VRHVHO6HYHUR&UtWLFR'UDPiWLFRGLMR

FRQFHQWUDUPHHQDOJ~QREMHWRFHUFDQR
(VWi FODUR TXH HO DFWRU GHEH HVFRJHU HO
REMHWR GH VX DWHQFLyQ GHO HVFHQDULR OD REUD HO
SDSHO \ OD GHFRUDFLyQ" SUHJXQWy HO GLUHFWRU
+HDTXtHOGLItFLOSUREOHPDTXHGHEHQUHVROYHU


$OOtHVWiGLMRFRQLURQtDODFRPSDxHUD
SREUH GHO DFWRU D OD TXH pVWH SUHVWD PX\ SRFD
DWHQFLyQ

+R\5DMPiQRYHOD\XGDQWHGHOGLUHFWRUQRV
QRWLILFyTXHDSHGLGRGHOGLUHFWRUWRPDUtDVXOXJDU
HQODFODVHSUiFWLFD

$FWR VHJXLGR ODV SHTXHxDV OXFHV EULOODURQ


RWUD YH] SRU WRGRV ODGRV \ ORV IRFRV IXHUWHV VH
HQFHQGtDQ \ DSDJDEDQ D YHFHV VLPXOWiQHDPHQWH \
RWUDV SRU VHSDUDGR XQD RUJtD GH OXFHV (VWR PH
KL]R UHFRUGDU OD UHSUHVHQWDFLyQ GH 2WHOR FXDQGR
PL DWHQFLyQ UHFRUUtD WRGR HO WHDWUR \ FXDQGR VyOR
DFFLGHQWDOPHQWH \ HQ HVFDVRV PRPHQWRV SRGtD

&RQFHQWUHQ WRGD VX DWHQFLyQ GLMR FRQ


WRQR VHJXUR \ HQpUJLFR (O HMHUFLFLR VHUi FRPR
VLJXH6HOHFFLRQDUpXQREMHWRSDUDTXHFDGDXQROR
REVHUYH 'HEHUiQ HVWXGLDU VX IRUPD OtQHDV
FRORUHV GHWDOOHV \ FDUDFWHUtVWLFDV 7RGR HVWR
GHEHUiQ UHDOL]DUOR PLHQWUDV FXHQWR KDVWD WUHLQWD
/XHJR VH DSDJDUiQ ODV OXFHV GH PRGR TXH QR
SXHGDQYHUHOREMHWR\OXHJRORVOODPDUpSRUWXUQR

SDUDTXHORGHVFULEDQ(QODRVFXULGDGPHGLUiQOR
TXH OD PHPRULD YLVXDO GH FDGD XQR KD UHWHQLGR
9HULILFDUp FRQ ODV OXFHV HQFHQGLGDV \ FRPSDUDUp
ORGLFKRFRQHOREMHWR(VFXFKHQDWHQWDPHQWH9R\
DHPSH]DU0DUtDHOHVSHMR
2KYiOJDPH'LRV(VpVWH"

6LQ SUHJXQWDV LQQHFHVDULDV (Q HO FXDUWR
KD\ XQ HVSHMR XQR VROR (O DFWRU GHEH VHU EXHQ
DGLYLQDGRU
/HR HO FXDGUR *ULVKD OD DUDxD 6RQ\D HO
iOEXPGHUHFRUWHV
(O GH FXHUR" SUHJXQWy FRQ VX YR]
DOPLEDUDGD
<DORVHxDOp1RORUHSLWR(ODFWRUGHEH
WRPDUODVFRVDVDOYXHOR.RVW\DODDOIRPEUD
+D\YDULDVGLMH

1R SXGH SHUFLELU HO WHPD GH OD SLQWXUD


SRUTXHHVWiPX\OHMRV\VR\FRUWRGHYLVWD7RGROR
TXHYLIXpXQWRQRDPDULOORVREUHXQIRQGRURMR
/XFHV 1R KD\ URMR QL DPDULOOR HQ OD
SLQWXUD*ULVKD
/D DUDxD HV GRUDGD 8Q DUWtFXOR EDUDWR
&RQFROJDMRVGHYLGULR
/XFHV /D DUDxD HV XQD SLH]D GH PXVHR
XQD SLH]D GHO SDODFLR LPSHULDO 8VWHG GRUPtD
FXDQGR VH DSDJDURQ ODV OXFHV /XFHV .RVW\D
GHVFULEDVXDOIRPEUDRWUDYH]
/R VLHQWR SHUR QR VDEtD TXH PH LED D
SHGLUTXHORKLFLHUDGHQXHYR
1XQFDVHVLHQWHVLQKDFHUQDGDQLXQVROR
PRPHQWR<OHVSUHYHQJRTXHORVH[DPLQDUpGRVR
PiVYHFHVKDVWDTXHFRQVLJDODLGHDH[DFWDGHVXV
LPSUHVLRQHV/HR
(VWHGLRXQJULWRGHVRUSUHVD\GLMR

(Q FDVR GH LQFHUWLGXPEUH GHFLGD XVWHG


PLVPR 3XHGH HTXLYRFDUVH SHUR QR WLWXEHH (O
DFWRU GHEH WHQHU SUHVHQFLD GH iQLPR 1R VH
GHWHQJDDSUHJXQWDU9DQ\DHOIORUHUR1LFROiVOD
YHQWDQD 'DVKD OD DOPRKDGD 9DVVLOL HO SLDQR
8QR GRV WUHV FXDWUR FLQFR &RQWy GHVSDFLR
KDVWDWUHLQWD$SDJXHQODVOXFHV
)XLHOSULPHURTXHOODPy
8VWHG PH LQGLFy XQD DOIRPEUD \ QR SXGH
GHFLGLUPH DO PRPHQWR GH PRGR TXH SHUGt DOJ~Q
WLHPSR
6HDPiVEUHYH\DWpQJDVHDVXREOLJDFLyQ
/DDOIRPEUDHVSHUVD(OIRQGRJHQHUDOHV
FDVWDxR URML]R 8Q JUDQ ERUGH HQFXDGUD ORV
RULOORV 6HJXt OD GHVFULSFLyQ KDVWD TXH HO
D\XGDQWHGHOGLUHFWRUSLGLy
/XFHV 5HFRUGy WRGR PDO 1R UHWXYR OD
LPSUHVLyQ/HR

1RHVWDEDREVHUYDQGR
)LQDOPHQWH QRV REOLJDURQ D HVWXGLDU ORV
REMHWRV KDVWD HO ~OWLPR SRUPHQRU \ OXHJR D
GHVFULELUORV(QPLFDVRIXLOODPDGRFLQFRYHFHV
DQWHV GH KDFHUOR VDWLVIDFWRULDPHQWH (VWH WUDEDMR
LQWHQVR GXUy FDVL XQD KRUD 7HQtDPRV ORV RMRV
FDQVDGRV \ OD DWHQFLyQ IRU]DGD +XELHUD VLGR
LPSRVLEOH FRQWLQXDU FRQ LJXDO LQWHQVLGDG 3RU HVR
OD OHFFLyQ IXp GLYLGLGD HQ GRV SDUWHV GH PHGLD
KRUD FDGD XQD 'HVSXpV GH OD SULPHUD SDUWH
WRPDPRV XQD OHFFLyQ GH EDLOH /XHJR YROYLPRV H
KLFLPRVH[DFWDPHQWHORTXHKDEtDPRVKHFKRDQWHV
FRQH[FHSFLyQGHOWLHPSRGHREVHUYDFLyQTXHIXp
UHGXFLGRGHWUHLQWDVHJXQGRVDYHLQWH(OD\XGDQWH
GHOGLUHFWRUUHFDOFyTXHFRQHOWLHPSRHOSHUPLVR
GHREVHUYDFLyQVHUtDUHGXFLGRDGRVVHJXQGRV



(OGLUHFWRUFRQWLQXyKR\ODGHPRVWUDFLyQFRQ

ODVOXFHVHOpFWULFDV

GHHVWHFtUFXOR

+DVWDDKRUDGLMRQRVKHPRVHMHUFLWDGR
FRQ REMHWRV HQ IRUPD GH SXQWRV GH OX]$KRUD OHV
PRVWUDUp XQFtUFXORGHDWHQFLyQ&RQVLVWLUiHQXQ
VHFWRUFRPSOHWRJUDQGHRSHTXHxRHLQFOXLUiXQD
VHULHGHSXQWRVLQGHSHQGLHQWHV(ORMRSXHGHSDVDU
GHXQRDRWURGHHVWRVSXQWRVSHURQRGHEHLUPiV
DOOiGHOOtPLWHLQGLFDGRHQHOFtUFXORGHDWHQFLyQ

(O HIHFWR TXH PH SURGXMR IXp FDVL PiJLFR


7RGDVODVSHTXHxDVFKXFKHUtDVGHODPHVDDWUDtDQ
PLDWHQFLyQVLQHVIXHU]RDOJXQRGHPLSDUWH

$O SULQFLSLR KXER XQD RVFXULGDG FRPSOHWD


8Q PRPHQWR GHVSXpV VREUH OD PHVD FHUFD GH OD
FXDOHVWDEDVHQWDGRHQFHQGLHURQXQDJUDQOiPSDUD
TXHSUR\HFWDEDVXVUD\RVGHOX]VREUHPLVPDQRV\
PLFDEH]DHLOXPLQDEDSURIXVDPHQWHORVSHTXHxRV
REMHWRV GLVHPLQDGRV VREUH OD PHVD FRQ UHIOHMRV
PXOWLFRORUHV (O UHVWR GHO HVFHQDULR \ GH OD VDOD
HVWDEDQVXPLGRVHQODRVFXULGDG
(VWHHVSDFLRLOXPLQDGRGHODPHVDGLMR
HO GLUHFWRUOHV LOXVWUD XQ 3HTXHxR &tUFXOR GH
$WHQFLyQ8VWHGPLVPRRPHMRUGLFKRVXFDEH]D\
VXVPDQRVVREUHODVTXHFDHODOX]VRQHOFHQWUR

3~EOLFR (VWi XVWHG HQ S~EOLFR SRUTXH HVWDPRV


DTXtWRGRVQRVRWURV(VWiVRORSRUTXHORVHSDUDGH
QRVRWURV HO SHTXHxR FtUFXOR GH DWHQFLyQ 'XUDQWH
FXDOTXLHU UHSUHVHQWDFLyQ DQWH S~EOLFR QXPHURVR
SXHGHQHQFHUUDUVHVLHPSUHHQHVWHFtUFXORFRPRXQ
FDUDFROHQVXFRQFKD
'HVSXpV GH XQD SDXVD DQXQFLy TXH QRV
PRVWUDUtDXQ&tUFXOR0HGLRWRGRVHREVFXUHFLyHO
UHIOHFWRU LOXPLQy HQWRQFHV XQD VXSHUILFLH EDVWDQWH
DPSOLD FRQ YDULRV PXHEOHV XQD PHVD DOJXQDV
VLOODV FRQ DOJXQRV HVWXGLDQWHV VHQWDGRV XQD SXQWD
GHOSLDQRODFKLPHQHDFRQXQJUDQVLOOyQHQIUHQWH
1DWXUDOPHQWH QR SXGLPRV YHUOR WRGR HQ VHJXLGD
SHUR GHELPRV H[DPLQDU OD VXSHUILFLH SDUWH SRU
SDUWH REMHWR SRU REMHWR FDGD FRVD GHQWUR GHO
FtUFXORPDUFDEDXQSXQWRGLIHUHQWH
(O PD\RU LQFRQYHQLHQWH HVWDED HQ TXH OD
VXSHUILFLHPi[LPDGHOX]TXHSURGXFtDHOUHIOHFWRU
UHIOHMDEDPHGLRVWRQRVTXHFDtDQVREUHFHVDVIXHUD
GHO FtUFXOR DVt TXH OD PXUDOOD GH REVFXULGDG QR
DSDUHFtDLPSHQHWUDEOH

(Q XQ FtUFXOR GH OX] HQ PHGLR GH OD


RVFXULGDG VH WLHQH OD LPSUHVLyQ GH KDOODUVH VROR
0HVHQWtPiVFyPRGRHQHVWHFtUFXORGHOX]TXHHQ
PLSURSLDKDELWDFLyQ
(Q XQ HVSDFLR WDQ SHTXHxR FRPR HVWH
FtUFXOR SXHGH FRQFHQWUDUVH OD DWHQFLyQ HQ
H[DPLQDU YDULRV REMHWRV HQ VXV SRUPHQRUHV PiV
FRPSOLFDGRV \ HMHUFLWDUVH WDPELpQ HQ DFWLYLGDGHV
PiV FRPSOLFDGDV WDOHV FRPR OD GH SUHFLVDU
LPiJHQHV GHO VHQWLPLHQWR \ GHO SHQVDPLHQWR
(YLGHQWHPHQWH HO GLUHFWRU FRPSUHQGLy PL HVWDGR
GH iQLPR SXHV YLQR GHUHFKR DO ERUGH GHO
HVFHQDULR\GLMR
+DJD LQPHGLDWDPHQWH XQ DSXQWH VREUH VX
HVWDGR GH iQLPR HV OR TXH OODPDPRV 6ROHGDG HQ

$KRUD WLHQHQ HO &tUFXOR *UDQGH


FRQWLQXy /D HVWDQFLD IXp LQXQGDGD WRWDOPHQWH GH
OX]/DVRWUDVKDELWDFLRQHVHVWDEDQDRVFXUDVSHUR
SURQWR HQFHQGLHURQ OiPSDUDV WDPELpQ HQ HOODV (O
GLUHFWRU LQGLFy (VH HV HO PLVPR &tUFXOR 0iV
*UDQGH6XVGLPHQVLRQHVGHSHQGHQGHODOFDQFHGH
ODVPLUDGDV$TXtHQHVWDKDELWDFLyQKHH[WHQGLGR
HO FtUFXOR WDQWR FRPR HV SRVLEOH 3HUR VL
HVWXYLpVHPRVHQXQDSOD\DRHQXQOODQRHOFtUFXOR
VHUtD OLPLWDGR VyOR SRU HO KRUL]RQWH (Q HO
HVFHQDULR HVDV SHUVSHFWLYDV GLVWDQWHV VRQ
GLVLPXODGDVSRUODSLQWXUDHQHOWHOyQGHIRQGR
7UDWHPRV DKRUD GH UHSHWLU ORV HMHUFLFLRV
UHFLpQ UHDOL]DGRV VDOYR TXH HVWD YH] WHQGUHPRV
WRGDVODVOXFHVHQFHQGLGDV
1RV XELFDPRV WRGRV HQ HO HVFHQDULR D OR
ODUJR GH OD PHVD LOXPLQDGRV SRU OD OiPSDUD
JUDQGH <R HVWDED HQ HO PLVPR OXJDU SRVWHULRU \
H[SHULPHQWpSRUYH]SULPHUDODVHQVDFLyQGHHVWDU
VRORHQS~EOLFR$KRUDLPDJLQiEDPRVUHQRYDUHVWH
VHQWLPLHQWR D SOHQD OX] SHUR VyOR PHQWDOPHQWH

SDUDDOFDQ]DUHOFtUFXORGHDWHQFLyQ

HOPpWRGRSDUDPDQWHQHUHOFtUFXOR

$O QR ORJUDUOR FRQ QXHVWURV LQWHQWRV HO


GLUHFWRUQRVH[SOLFyODFDXVD

'HOLQHyHQWRQFHVODVXSHUILFLHSUHFLVDGDFRQ
XQDVHULHGHREMHWRVGHODKDELWDFLyQ

&XDQGR KD\ XQ SXQWR GH OX] URGHDGR GH


RVFXULGDGGLMRWRGRVORVREMHWRVGHQWURGHpO
DWUDHQODDWHQFLyQSRUTXHVLHQGRLQYLVLEOHWRGROR
GH DIXHUD QR KD\ HQ HOOR DWUDFFLyQ DOJXQD /RV
FRQWRUQRV GH HVH FtUFXOR VRQ WDQ HYLGHQWHV \ OD
VRPEUDDVXDOUHGHGRUWDQVyOLGDTXHQRVHVLHQWH
HOGHVHRGHVREUHSDVDUVXVOtPLWHV

3RU HMHPSOR OD PHVD UHGRQGD GHOLQHDED XQ


FtUFXOR HO PiV SHTXHxR HQ RWUD SDUWH GHO
HVFHQDULR XQD DOIRPEUD DOJR PiV JUDQGH TXH OD
PHVD TXH HVWDED VREUH HOOD IRUPDED XQ &tUFXOR
0HGLR\ODDOIRPEUDPiVJUDQGHGHOFXDUWRILMDED
HO&tUFXOR*UDQGH

&XDQGR ODV OXFHV HVWiQ HQFHQGLGDV HO


SUREOHPDUHVXOWDFRPSOHWDPHQWHGLVWLQWR&RPRQR
H[LVWH XQ FRQWRUQR HYLGHQWH SDUD HO FtUFXOR HVWiQ
REOLJDGRV D FRQVWUXLU XQR PHQWDOPHQWH \ D QR
SHUPLWLUVHPLUDUPiVDOOiGHpO/DDWHQFLyQGHEH
DKRUD UHHPSOD]DU D OD OX] PDQWHQLpQGRORV GHQWUR
GH FLHUWRV OtPLWHV \ HVWR D SHVDU GHO SRGHU GH
DWUDFFLyQ GH WRGD FODVH GH REMHWRV YLVLEOHV DKRUD
IXHUDGHpO3RUORWDQWRFRPRODVFRQGLFLRQHVFRQ
HOUHIOHFWRU\VLQpOVRQRSXHVWDVGHEHFDPELDUVH

DWHQFLyQ$ PHGLGD TXH HO FtUFXOR DXPHQWD GHEH


HQVDQFKDUVH OD VXSHUILFLH GH OD DWHQFLyQ (VWD
VXSHUILFLHQRREVWDQWHSXHGHFRQWLQXDUFUHFLHQGR
VyOR KDVWD HO SXQWR HQ TXH SXHGDQ UHWHQHUOD WRGD
GHQWURGHORVOtPLWHVGHODDWHQFLyQHQFHUUDGDSRU
XQD OtQHD LPDJLQDULD7DQ SURQWR FRPR VX OtPLWH
FRPLHQFH D YDFLODU GHEHQ UHWURFHGHU
UiSLGDPHQWH D XQ FtUFXOR PHQRU FDSD] GH VHU
DEDUFDGRSRUODDWHQFLyQYLVXDO
(Q HVWH SXQWR KDOODUiQ D PHQXGR
GLILFXOWDGHV /D DWHQFLyQ VH GHVOL]DUi \
GHVYDQHFHUi HQ HO HVSDFLR'HEHQ DWUDHUOD
QXHYDPHQWH \ GLULJLUOD WDQ SURQWR FRPR VHD
SRVLEOH D XQ VROR SXQWR X REMHWR WDO FRPR SRU
HMHPSOR OD OiPSDUD 1R SDUHFHUi WDQ EULOODQWH
FRPRFXDQGRWRGRDVXDOUHGHGRUHVWDEDRVFXUR\
QRREVWDQWHSRVHHUiHOSRGHUGHDWUDHUODDWHQFLyQ
&XDQGR KD\DQ HVWDEOHFLGR HO SXQWR
URGpHQOR FRQ XQ SHTXHxR FtUFXOR FRQ OD OiPSDUD
FRPR FHQWUR $JUiQGHQOR OXHJR D XQ &tUFXOR
0HGLR TXH LQFOXLUi YDULRV PiV SHTXHxRV FDGD

7RPHPRV DKRUD WRGR HO DPELHQWH YDOH


GHFLUHO&tUFXOR0iV*UDQGHGLMRHOGLUHFWRU
+DVWD DTXt WRGR OR TXH KDEtD D\XGDGR D
FRQFHQWUDUPHIUDFDVy\PHVHQWtLPSRWHQWH
3DUDDOHQWDUQRVGLMR
7LHPSR \ SUiFWLFD OHV HQVHxDUiQ HO PRGR
GHXWLOL]DUHOPpWRGRTXHDFDERGHVXJHULUOHV1R
OR ROYLGHQ \ PLHQWUDV WDQWR OHV HQVHxDUp RWUR
DUGLG WpFQLFR TXH ORV D\XGDUi D JREHUQDU OD

XQR GH ORV FXDOHV QR VHUi UHIRU]DGR SRU XQ SXQWR
FHQWUDOSHURVLHVHSXQWRHVQHFHVDULRHVFRMDQXQ
QXHYR REMHWR \ URGpHQOR FRQ RWUR FtUFXOR PiV
SHTXHxR$SOLTXHQHOPLVPRPpWRGRDXQ&tUFXOR
0HGLR
3HURDFDGDPRPHQWRODVXSHUILFLHGHQXHVWUD
DWHQFLyQ VH GLODWDED D WDO SXQWR TXH SHUGtDPRV VX
FRQWURO &RPR WRGRV ORV H[SHULPHQWRV IUDFDVDUDQ
HOGLUHFWRUKL]RQXHYRVHQVD\RV
'HVSXpVSDVyDRWUDIDVHGHODPLVPDLGHD
+DQ QRWDGR TXH KDVWD DKRUD KDQ HVWDGR
VLHPSUHHQHOFHQWURGHOFtUFXOR"GLMR<VLQ
HPEDUJR D YHFHV VH HQFRQWUDUiQ IXHUD GH pO 3RU
HMHPSORWRGRVHRVFXUHFLyOXHJRIXpHQFHQGLGD
XQD OX] HQ HO WHFKR GH OD KDELWDFLyQ FRQWLJXD
DUURMDQGRXQDPDQFKDVREUHHOPDQWHOEODQFR\ORV
SODWRV $KRUD HVWiQ IXHUD GH ORV OtPLWHV GHO
SHTXHxRFtUFXORGHDWHQFLyQ(OSDSHOTXHOHVWRFD
HV XQ SDSHO SDVLYR GH REVHUYDFLyQ$VL FRPR OD
VXSHUILFLHGHODOX]VHH[WLHQGH\HOiUHDLOXPLQDGR

HQHOFRPHGRUVHHQVDQFKDHOFtUFXORVHDJUDQGD\
DJUDQGD \ HO iUHD GH REVHUYDFLyQ DXPHQWD HQ OD
PLVPD SURSRUFLyQ 7DPELpQ SXHGHQ XWLOL]DU HO
PLVPR PpWRGR GH HVFRJHU SXQWRV GH DWHQFLyQ HQ
HVWRVFtUFXORVTXHVHHQFXHQWUDQIXHUDGHXVWHGHV



+R\ FXDQGR H[SUHVp PL GHVHR GH QR YHUPH
QXQFD IXHUD GHO FtUFXOR SHTXHxR HO GLUHFWRU PH
UHVSRQGLy
3XHGHOOHYDUORFRQXVWHGGRQGHTXLHUDTXH
YD\D HQ HO HVFHQDULR R IXHUD GH pO 6XED DO
HVFHQDULR \ FDPLQH SRU pO &DPELH GH DVLHQWR
&RQG~]FDVHFRPRVLHVWXYLHUDHQVXFDVD
6XEt \ GL DOJXQRV SDVHV HQ GLUHFFLyQ D OD
FKLPHQHD 7RGR VH RVFXUHFLy GH DOJ~Q OXJDU
VXUJLyGHVSXpVODOX]GHXQUHIOHFWRUTXHVHPRYtD
DOPLVPRWLHPSRTXH\R$SHVDUGHOPRYLPLHQWR

)XHJR RUGHQR HO FRPDQGDQWH GH ODV


WURSDV
'LVSDUDURQSHURVLQUHVXOWDGR
(VH HV XQ YHUGDGHUR PLQLVWUR GLMR HO
PDKDUDMi
1R R\y XVWHG ORV JULWRV" OH
SUHJXQWDURQ
1R
1RVHGLRFXHQWDGHODVWHQWDWLYDVTXHVH
KLFLHURQSDUDDVXVWDUOR"
1R
2\yORVGLVSDURV"
1R<RYLJLODEDODOHFKH
&RPR RWUD LOXVWUDFLyQ GHO FtUFXOR PRYLEOH
HVWDYH]HQIRUPDFRQFUHWDQRVGLHURQDFDGDXQR

PH VHQWt WDQ FyPRGR HQ HO FHQWUR GH HVH SHTXHxR
FtUFXOR FRPR HQ FDVD &DPLQp GH XQ ODGR DO RWUR
GH OD KDELWDFLyQ HO UHIOHFWRU PH VLJXLy )XL EDVWD
OD YHQWDQD \ pVWH WDPELpQ VH DFHUFy D HOOD 0H
VHQWp DO SLDQR WRGDYtD FRQ OD OX] (VWR PH
FRQYHQFLyGHTXHHVHSHTXHxRFtUFXORGHDWHQFLyQ
TXH FRQ XQR VH PXHYH HV OR PiV SUiFWLFR H
LPSRUWDQWH TXH KDEtD DSUHQGLGR 3DUD LOXVWUDUQRV
VREUHVXXVRHOGLUHFWRUQRVFRQWyXQFXHQWRKLQG~
DFHUFD GH XQ PDKDUDMi TXH D SXQWR GH HOHJLU XQ
PLQLVWUR DQXQFLy TXH WRUQDUtD ~QLFDPHQWH DTXHO
KRPEUHTXHSXGLHUDFDPLQDUVREUHHOERUGHGHODV
PXUDOODVGHODFLXGDGVRVWHQLHQGRXQSODWROOHQR
GH OHFKH KDVWD HO ERUGH VLQ GHUUDPDU XQD VROD
JRWD 9DUtHV FDQGLGDWRV YRFLIHUDURQ VH DVXVWDURQ
RGLVWUDtGRVHQRWUDVFRVDVGHUUDPDURQODOHFKH
(VRV GLMR HO PDKDUDMi QR VRQ
PLQLVWURV
/XHJRYLQRRWURTXHQRJULWyQLVHDVXVWy\
DTXLHQQDGDGLVWUDMRQLKL]RDSDUWDUODPLUDGDGHO
ERUGHGHOSODWR

XQDURGHPDGHUD$OJXQRVGHHVWRVDURVHUDQPiV
JUDQGHV RWURV PiV SHTXHxRV GH DFXHUGR FRQ HO
WDPDxRGHOFtUFXORTXHKDEtDTXHFUHDU+DOOpPiV
IiFLO DGDSWDUPH D OD LGHD GH FRQVWUXLU HO FtUFXOR
FRQ VHULHV GH REMHWRV \ SXGH GHFLUPH GHVGH OD
H[WUHPLGDG GH PL FRGR L]TXLHUGR SDVDQGR SRU HO
WRUVR KDVWD PL FRGR GHUHFKR LQFOX\HQGR PLV
SLHUQDV TXH VH DGHODQWDQ D PHGLGD TXH FDPLQR
VHUiPLFtUFXORGHDWHQFLyQ&RPSUHQGtTXHSRGUtD
IiFLOPHQWHOOHYDUORFRQPLJRLQFOX\pQGRPHHQpO\
HQFRQWUDU DVt OD VROHGDG HQ S~EOLFR +DVWD HQ HO
FDPLQRDFDVDHQODFRQIXVLyQGHODFDOOHEDMRHO
VROEULOODQWHHQFRQWUpPiVIiFLOOOHYDUHVDOtQHDHQ
WRUQR PtR \ SHUPDQHFHU HQ HOOD TXH HQ HO WHDWUR
PHGLDQWHHOUHFXUVRGHODVOXFHVGHORVUHIOHFWRUHV
\HODUR



+DVWDDKRUDQRVKHPRVRFXSDGRGHORTXH

OODPDPRV DWHQFLyQ LQWHULRU GLMR KR\ HO GLUHFWRU


 9DOH GHFLU UHIHUHQWH D ORV REMHWRV PDWHULDOHV
TXHVHHQFXHQWUDQIXHUDGHQRVRWURV
/XHJRFRQWLQXyH[SOLFDQGRORTXHVHHQWLHQGH
SRUDWHQFLyQLQWHULRUTXHVHFRQFHQWUDHQFRVDV
TXH YHPRV RtPRV WRFDPRV \ VHQWLPRV HQ
FLUFXQVWDQFLDV LPDJLQDULDV 1RV UHFRUGy OR TXH
KDEtD GLFKR DQWHULRUPHQWH VREUH OD LPDJLQDFLyQ \
FyPR KDEtDPRV QRWDGR TXH HO RULJHQ GH XQD
LPDJHQ GDGD HUD LQWHUQR \ TXH VLQ HPEDUJR HUD
SUR\HFWDGR PHQWDOPHQWH D XQ SXQWR GH QXHVWUR
H[WHULRU$O KHFKR GH TXH YHDPRV WDOHV LPiJHQHV
FRQ YLVLyQ LQWHULRU DxDGLy TXH HO PLVPR HUD
SURSLR GH QXHVWUR VHQWLGR GH RtGR ROIDWR WDFWR \
JXVWR
/RV REMHWRV GH ODDWHQFLyQ LQWHULRU VH
HVSDUFHQ SRU WRGD OD HVIHUD GH DFWLYLGDG GH ORV
FLQFR VHQWLGRV GLMR (O DFWRU YLYH HQ HO
HVFHQDULR GHQWUR R IXHUD GH Vt XQD YLGD UHDO R
LPDJLQDULD (VD YLGD DEVWUDFWD RIUHFH XQD IXHQWH
LQDJRWDEOH GH PDWHULDO SDUD QXHVWUD FRQFHQWUDFLyQ

(VWDQRFKHXQDYH]TXHVHKD\DQDFRVWDGR\
DSDJDGR OD OX] HMHUFtWHQVH HQ UHSDVDU HO GtD
FRPSOHWR \ WUDWHQ GH LQFOXLU HQ OR SRVLEOH WRGR
SRUPHQRUFRQFUHWR&XDQGRUHFXHUGHQXQDFRPLGD
QRORKDJDQVyORFRQORVDOLPHQWRVUHSUHVHQWHQHQ
VXV PHQWHV YtYLGDPHQWH ORV SODWRV HQ TXH IXp
VHUYLGD\VXGLVWULEXFLyQJHQHUDO
5HFXHUGHQ WRGRV ORV SHQVDPLHQWRV \
HPRFLRQHVLQWHUQDVTXHODFRQYHUVDFLyQGXUDQWHOD
FRPLGD OHV KD\D VXVFLWDGR 2WUDV YHFHV WUDWHQ GH
UHYLYLU UHFXHUGRV GH OD SULPHUD LQIDQFLD 2 ELHQ
KDJDQXQHVIXHU]RSRUDQDOL]DUPLQXFLRVDPHQWHODV
FDVDV ODV KDELWDFLRQHV R ORV OXJDUHV GRQGH OHV
KD\D WRFDGR HVWDU DVt FRPR ORV REMHWRV
LQGLYLGXDOHV YLQFXODGRV D HVRV OXJDUHV 7UDWHQ GH
UHFRUGDU WDPELpQ \ WDQ YLYDPHQWH FRPR OHV VHD
SRVLEOHQRVyORDORVDPLJRVVLQRDORVH[WUDxRV
LQFOXVLYHDJHQWHTXHKDGHMDGRHVWHPXQGR(VDHV
OD ~QLFD PDQHUD GH GHVDUUROODU XQ IXHUWH DJXGR \
VyOLGR SRGHU GH DWHQFLyQ LQWHULRU \ H[WHULRU 3DUD
ORJUDUOR VH UHTXLHUH XQ WUDEDMR SURORQJDGR \
VLVWHPiWLFR

HQDWHQFLyQLQWHULRU/DGLILFXOWDGSDUDYDOHUVHGH
HOOD HVWi HQ HO KHFKR GH TXH HV IUiJLO /DV FRVDV
PDWHULDOHV TXH HQ HO HVFHQDULR QRV URGHDQ H[LJHQ
HVPHUDGD DWHQFLyQ SHUR ORV REMHWRV LPDJLQDULRV
GHPDQGDQ XQ SRGHU GH FRQFHQWUDFLyQ PiV
GLVFLSOLQDGRWRGDYtD
/R TXH KH GLFKR VREUH HO WHPD GH OD
DWHQFLyQ H[WHULRU HQ OHFFLRQHV DQWHULRUHV VH
DSOLFDLJXDOPHQWHDODDWHQFLyQLQWHULRU
/D DWHQFLyQ LQWHULRU HV GH SDUWLFXODU
LPSRUWDQFLDSDUDHODFWRUSRUTXHJUDQSDUWHGHVX
YLGD WUDQVFXUUH HQ OD UHJLyQ GH ODV FLUFXQVWDQFLDV
LPDJLQDULDV
)XHUD GH OD ODERU GHO WHDWUR HVWD
HMHUFLWDFLyQGHEHKDFHUVHHQHOPDUFRGHQXHVWURV
YLGDV GLDULDV3DUDHVHILQSXHGHQYDOHUVHGHORV
HMHUFLFLRV TXH KHPRV GHVDUUROODGR SDUD OD
LPDJLQDFLyQ TXH VRQ LJXDOPHQWH HIHFWLYRV SDUD
ODFRQFHQWUDFLyQGHODDWHQFLyQ

/D ODERU GLDULD D FRQFLHQFLD VLJQLILFD TXH


GHEHQVHUWHVRQHURVGHFLGLGRV\SDFLHQWHV



(QODOHFFLyQGHKR\HOGLUHFWRUGLMR
+HPRV H[SHULPHQWDGR FRQ OD DWHQFLyQ
H[WHULRU H LQWHULRU \ KHFKR XVR GH ORV REMHWRV GH
PRGRPHFiQLFRIRWRJUiILFR\IRUPDO
/RKHPRVWHQLGRTXHKDFHUFRQXQDDWHQFLyQ
DUELWUDULD LQWHOHFWXDO HQ VX RULJHQ (VWR HV
QHFHVDULR SDUD ORV DFWRUHV SHUR QR FRQ WDQWD
IUHFXHQFLD(VSDUWLFXODUPHQWH~WLOSDUDFRQFHQWUDU
ODDWHQFLyQTXHVHKDSHUGLGR/DVLPSOHPLUDGDD
XQ REMHWR D\XGD D ILMDUOD SHUR QR VH OD SXHGH
VRVWHQHU SRU ODUJR WLHPSR 3DUD DSUHKHQGHU FRQ
ILUPH]DHOREMHWRFXDQGRVHDFW~DVHQHFHVLWDRWUD
FODVH GH DWHQFLyQ OD TXH FDXVD XQD UHDFFLyQ
HPRFLRQDO'HEHQWHQHUDOJRTXHORVKDJDLQWHUHVDU

SRUHOREMHWRGHODDWHQFLyQ\TXHOHVVHUYLUiSDUD
SRQHUHQPRYLPLHQWRWRGRHOVLVWHPDFUHDGRU
1DWXUDOPHQWHQRHVQHFHVDULRGRWDUDFDGD
REMHWR GH YLGD LPDJLQDWLYD SHUR HV SUHFLVR VHU
VHQVLEOH D OD LQIOXHQFLD TXH VREUH QRVRWURV
GHVSLHUWH
&RPR HMHPSOR GH OD GLIHUHQFLD HQWUH OD
DWHQFLyQ EDVDGD HQ HO LQWHOHFWR \ EDVDGD HQ HO
VHQWLPLHQWRGLMR
0LUHQHVWDDQWLJXDDUDxD'DWDGHORVGtDV
GHO(PSHUDGRU&XiQWRVEUD]RVWLHQH"&XiOHVVX
IRUPDVXGLVHxR"
3DUD PLUDU HVWD DUDxD KDQ XWLOL]DGR OD
DWHQFLyQLQWHOHFWXDOH[WHULRU$KRUDTXLHURTXHPH
GLJDQ HVWR OHV JXVWD" 6L HV DVt TXp OHV DWUDH
HVSHFLDOPHQWH"(QTXpSXHGHVHUXWLOL]DGD"
6HGLUiQHVWDDUDxDSXGRKDEHUHVWDGRHQOD
UHVLGHQFLD GH DOJ~Q PDULVFDO GH FDPSR FXDQGR
UHFLELy D 1DSROHyQ 2 ELHQ SXGR KDEHU HVWDGR

YLGDDOKDFHUOR
/DUD]yQSRUORTXHSXHGHKDFHUORHVTXHOD
DWHQFLyQHVWiIRUPDGDSRUPXFKDVFDSDVTXHQRVH
LQWHUSRQHQ HQWUH Vt $IRUWXQDGDPHQWH HO KiELWR
WRUQD DXWRPiWLFD JUDQ SDUWH GH OD DWHQFLyQ (O
SHUtRGRPiVGLItFLOHVWiHQODVSULPHUDVHWDSDVGHO
DSUHQGL]DMH
3RUVXSXHVWRVLKDVWDDKRUDKDQFUHtGRTXH
HODFWRUFXHQWDVyORFRQODLQVSLUDFLyQWHQGUiQTXH
FDPELDU GH RSLQLyQ (O WDOHQWR VLQ WUDEDMR QR HV
QDGDPiVTXHPDWHULDOHQEUXWRVLQSXOLU
6LJXLy OXHJR XQD GLVFXVLyQ FRQ *ULVKD
DFHUFDGHODFXDUWDSDUHGVHSUHVHQWyHOSUREOHPD
GH FyPR ILMDU OD YLVWD HQ XQ REMHWR VLQ PLUDU DO
S~EOLFR/DUHVSXHVWDGHOGLUHFWRUIXppVWD
6XSRQJDPRVTXHHVWiQPLUDQGRHVWDFXDUWD
SDUHG LQH[LVWHQWH (VWi PX\ FHUFD &yPR
FRQFHQWUDUODPLUDGD"&DVLHQHOPLVPRiQJXORTXH
VLHVWXYLHUDQPLUDQGRODSXQWDGHODQDUL](VWDHV

FROJDGD HQ HO SURSLR GRUPLWRULR GHO HPSHUDGRU


IUDQFpV FXDQGR ILUPy OD KLVWyULFD DFWD VREUH ORV
UHJODPHQWRVGHO7HDWUR)UDQFpVHQ3DUtV
(QHVWHFDVRHOREMHWRKDSHUPDQHFLGRVLQ
FDPELRSHURDKRUDVHVDEHTXHODVFLUFXQVWDQFLDV
LPDJLQDGDV SXHGHQ WUDQVIRUPDUOR \ DFUHFHQWDU OD
UHDFFLyQGHODHPRFLyQ



9DVVLOL GLMR KR\ TXH OH SDUHFtD QR VyOR
GLItFLO VLQR LPSRVLEOH SHQVDU D XQ PLVPR WLHPSR
HQ HO SDSHO ORV PpWRGRV WpFQLFRV HO S~EOLFR ODV
SDODEUDV GHO SDSHO \ VXJHVWLRQHV DGHPiV GH ORV
YDULRVSXQWRVGHDWHQFLyQ
6H VLHQWHQ LPSRWHQWHV SDUD HQFDUDU WDO
WDUHDGLMRHOGLUHFWRU\VLQHPEDUJRFXDOTXLHU
SUHVWLGLJLWDGRUHQXQFLUFRQRWLWXEHDUtDHQPDQHMDU
FRVDV PXFKR PiV FRPSOLFDGDV DUULHVJDQGR VX

OD~QLFDIRUPDHQTXHSXHGHILMDUVHODDWHQFLyQHQ
XQREMHWRLPDJLQDULRGHHVDFXDUWDSDUHG
< VLQ HPEDUJR TXp HV OR TXH KDFH OD
PD\RUtD GH ORV DFWRUHV" 3UHWHQGLHQGR PLUDU HVD
SDUHGLPDJLQDULDFRQFHQWUDQODPLUDGDHQDOJRGH
OD SODWHD 6X iQJXOR GH YLVLyQ HV FRPSOHWDPHQWH
GLVWLQWR GHO QHFHVDULR SDUD PLUDU XQ REMHWR
FHUFDQR &UHHQ XVWHGHV TXH HO DFWRU PLVPR OD
SHUVRQD MXQWR D OD FXDO DFW~D R HO HVSHFWDGRU
REWLHQH DOJXQD VDWLVIDFFLyQ GH VHPHMDQWH HUURU
ILVLROyJLFR"3XHGHHQJDxDUFRQp[LWRDVXSURSLD
QDWXUDOH]D R D OD QXHVWUD KDFLHQGR DOJR WDQ
DQRUPDO"
6XSRQJDQ TXH HO SDSHO H[LJH XQD PLUDGD
VREUHHOKRUL]RQWHHQSOHQRRFpDQRGRQGHODYHOD
GH XQD HPEDUFDFLyQ DOFDQ]D D YHUVH WRGDYtD
5HFXHUGDQ FyPR GHEHQ ILMDU OD PLUDGD SDUD
GLVWLQJXLUOD"'HEHQPLUDUHQOtQHDVFDVLSDUDOHODV
3DUDOOHYDUODDHVWDSRVLFLyQFXDQGRHVWiQGHSLH
HQ HO HVFHQDULR GHEHQ WUDVODGDU PHQWDOPHQWH OD
SDUHGDOOXJDUPiVUHFyQGLWRGHODVDOD\GHVFXEULU

PiVDOOiGHHOODXQSXQWRLPDJLQDULRGRQGHILMDUOD
DWHQFLyQ $TXt GH QXHYR XQ DFWRU ILMDUtD SRU OR
JHQHUDO OD YLVWD FRPR VL HVWXYLHUD PLUDQGR D
DOJXLHQGHODSODWHD

&XDQGR FRQ OD D\XGD GH OD WpFQLFD


QHFHVDULDDSUHQGDQFyPRFRORFDUXQREMHWRHQHO
OXJDUH[DFWRFXDQGRFRPSUHQGDQODUHODFLyQHQWUH
ODYLVWD\GLVWDQFLDQRKDEUiHQWRQFHVSDUDXVWHGHV
SHOLJUR GH PLUDU KDFLD OD VDOD SHUPLWLHQGR D OD
YLVWD SDVHDU SRU VREUH ORV HVSHFWDGRUHV R ELHQ
GHWHQHUVHKDFLDXQVHFWRU3RUHOPRPHQWRYXHOYDQ
ODVFDUDVDODGHUHFKDRDODL]TXLHUGDDUULEDRD
ORV FRVWDGRV 1R WHPDQ TXH QR OHV YHDQ ORV RMRV
$GHPiV FXDQGR VLHQWDQ OD QDWXUDO QHFHVLGDG GH
KDFHUOR KDOODUiQ TXH pVWRV VH YXHOYHQ
HVSRQWiQHDPHQWH KDFLD XQ REMHWR PiV DOOi GH ODV
FDQGLOHMDV &XDQGR HVWR VXFHGD VH KDUi QDWXUDO
LQVWLQWLYD\GLUHFWDPHQWH$PHQRVTXHVLHQWDQHVWD
QHFHVLGDG VXEFRQVFLHQWH HYLWHQ PLUDU HVD FXDUWD
SDUHGLQH[LVWHQWHRDODGLVWDQFLDKDVWDTXHKD\DQ
GRPLQDGRODWpFQLFDFRQTXHSXHGHKDFHUVH

(QQXHVWUDOHFFLyQGHKR\HOGLUHFWRUGLMR

2WUDV VRQ LQFDSDFHV GH GHVDUUROODU HVH


SRGHU QL DXQ OR VXILFLHQWHPHQWH FRPR SDUD
SUHVHUYDU VXV SURSLRV \ PiV VLPSOHV LQWHUHVHV
&XiQWR PHQRV FDSDFLWDGDV HVWDUiQ HQWRQFHV SDUD
KDFHUORFRQHOILQGHHVWXGLDUODYLGDPLVPD
(OWpUPLQRPHGLRGHODVSHUVRQDVQRWLHQHQ
LGHDGHFyPRREVHUYDUODH[SUHVLyQGHOURVWUROD
PLUDGD R HO WRQR GH YR] D ILQ GH FRPSUHQGHU HO
HVWDGR GH iQLPR GH ODV SHUVRQDV FRQ TXLHQHV VH
KDEOD1LORJUDQFDSWDUODVFRPSOHMDVYHUGDGHVGH
OD YLGD QL HVFXFKDQ GH PRGR TXH FRPSUHQGDQ OR
TXH R\HQ 6L SXGLHUDQ KDFHUOR OD YLGD VHUtD SDUD
HOODV PHMRU \ PiV IiFLO \ OD WDUHD FUHDGRUD
LQFRQPHQVXUDEOHPHQWH PiV ULFD PiV SXUD \ PiV
KRQGD 3HUR QR VH SXHGH SRQHU GHQWUR GH XQD
SHUVRQDORTXHpVWDQRSRVHHVyORVHSXHGHWUDWDU
GHGHVDUUROODUFXDOTXLHUDVHDODFDSDFLGDGGHTXH
SXGLHUDHVWDUGRWDGD(QHOFDPSRGHODDWHQFLyQ
HVH GHVDUUROOR H[LJH XQD WDUHD HQRUPH WLHPSR
GHVHRGHWULXQIDU\SUiFWLFDVLVWHPiWLFD
&yPRSRGHPRVHQVHxDUDSHUVRQDVTXHQR


(ODFWRUGHEHVHUXQREVHUYDGRUFRQVWDQWH
QRVyORHQODHVFHQDVLQRWDPELpQHQODYLGDUHDO
'HEH FRQFHQWUDUVH FRQ WRGR VX VHU HQ FXDQWR
DWUDLJD VX DWHQFLyQ PLUDU XQ REMHWR QR FRPR XQ
WUDQVH~QWHGLVWUDtGRVLQRFRQSHQHWUDFLyQSRUTXH
GH OR FRQWUDULR VX PpWRGR FUHDGRU QR UHVXOWDUi
HILFD]QLJXDUGDUiUHODFLyQFRQODYLGD
+D\ SHUVRQDV GRWDGDV SRU OD QDWXUDOH]D GH
SRGHUGHREVHUYDFLyQDOSXQWRGHTXHVLQHVIXHU]R
DOJXQRVHIRUPDQXQDLPSUHVLyQELHQGHILQLGDGHOR
TXH RFXUUH D VX DOUHGHGRU HQ HOORV PLVPRV \ HQ
ORV GHPiV 6DEHQ WDPELpQ FyPR HVFRJHU GH HQWUH
HVDV REVHUYDFLRQHV ODV FRVDV PiV VLJQLILFDWLYDV
WtSLFDVROOHQDVGHFRORULGR&XDQGRVHR\HKDEODU
D HVDV SHUVRQDV LPSUHVLRQD FRQVWDWDU OD FDQWLGDG
GHSRUPHQRUHVTXHSLHUGHDTXpOTXHQRREVHUYD

VDEHQ REVHUYDU D QRWDU OR TXH OD QDWXUDOH]D \ OD


YLGD WUDWDQ GH PRVWUDUOHV" 3ULPHUR GHEH
HQVHxiUVHOHV D PLUDU D HVFXFKDU \ D RtU OR EHOOR
7DOHV KiELWRV HOHYDQ \ GHVSLHUWDQ HQ VXV PHQWHV
VHQWLPLHQWRV TXH GHMDUiQ KRQGDV KXHOODV HQ VXV
UHFXHUGRV HPRWLYRV 1DGD HQ OD YLGD HV PiV
KHUPRVRTXHODQDWXUDOH]D\HOODGHELHUDVHUREMHWR
FRQVWDQWH GH DWHQFLyQ 3DUD HPSH]DU WRPHQ XQD
SHTXHxD IORU R XQR GH VXV SpWDORV XQD SHTXHxD
WHODUDxDRHOGLVHxRGHODHVFDUFKDHQHOYLGULRGH
OH YHQWDQD 7UDWHQ GH H[SUHVDU FRQ SDODEUDV
DTXHOOR TXH GHWHUPLQD HVH SODFHU GH OD
FRQWHPSODFLyQ(VWHHVIXHU]RLQGXFHDREVHUYDUHO
REMHWRFRQPiVDWHQFLyQFRQPiVHILFDFLDDILQGH
DSUHFLDUOR\GHILQLUVXVFXDOLGDGHV<QRHVTXLYHQ
HO ODGR PiV QHJUR GH OD QDWXUDOH]D %~VTXHQOR HQ
ORV SDQWDQRV HQ HO /LPR GHO PDU HQWUH ORV
LQVHFWRV\UHFXHUGHQTXHWUDVHVRVIHQyPHQRV\DFH
HVFRQGLGDODEHOOH]DDVtFRPRDODDOHJUtDVLJXHOD
WULVWH]D/RTXHGHYHUGDGHVKHUPRVRQDGDSXHGH
WHPHU GH OD GHVILJXUDFLyQ DQWHV ELHQ HVD PLVPD
GHIRUPLGDGDPHQXGRDFHQW~D\GHVWDFDODEHOOH]D

$SUHQGDQ D GHVFXEULU ORV GRV DVSHFWRV GH


OD EHOOH]D \ VHSDQ GHILQLUORV DSUHQGDQ D
FRQRFHUORV\DYHUORV'HRWURPRGRHOFRQFHSWR
TXH VH IRUPHQ GH OD EHOOH]D VHUi LQFRPSOHWR
DOPLEDUDGRDFLFDODGR\VHQWLPHQWDO
(QIRTXHQ OXHJR FXDQWR HO HVStULWX GHO
KRPEUHKDSURGXFLGRHQDUWHOLWHUDWXUD\P~VLFD
(Q HO IRQGR GH FDGD SURFHVR GH REWHQFLyQ
GHOPDWHULDOFUHDGRUSDUDQXHVWURWUDEDMRVLHPSUH
VH KDUiQ OD HPRFLyQ (O VHQWLPLHQWR QR REVWDQWH
QRUHHPSOD]DODLQPHQVDFDQWLGDGGHWUDEDMRHQOR
TXH FRQFLHUQH D QXHVWURV LQWHOHFWRV 4XL]i WHPHQ
TXH ORV SHTXHxRV WRTXHV TXH OD PHQWH SXHGD
DJUHJDU SRU FXHQWD SURSLD YD\DQ D GDxDU HO
PDWHULDO WRPDGR GH OD YLGD SHUR QR WHPDQ D
PHQXGRHVDVDGLFLRQHVRULJLQDOHVORDFUHFLHQWDQHQ
JUDQSDUWHVLHPSUHTXHVHDQVLQFHUDV
3HUPtWDQPH TXH OHV KDEOH GH XQD DQFLDQD
TXHFLHUWDYH]YLHPSXMDQGRXQFRFKHGHQLxRSRU
XQD DYHQLGD 'HQWUR KDEtD XQD MDXOD FRQ XQ

PDWHULDOHVGLItFLOGHREWHQHUSRUTXHHQJUDQSDUWH
HV LQWDQJLEOH YDJR \ VyOR SHUFHSWLEOH
LQWHULRUPHQWH 1R KD\ GXGD TXH PXFKDV
H[SHULHQFLDV HVSLULWXDOHV VH UHIOHMDQ HQ QXHVWUD
H[SUHVLyQ HQ OD PLUDGD HQ OD YR] HQ OD
FRQYHUVDFLyQ HQ ORV JHVWRV SHUR DXQ DVt QR HV
IiFLOSHUFLELUODQDWXUDOH]DtQWLPDGHRWURSRUTXH
ODV SHUVRQDV UDUD YH] DEUHQ ODV SXHUWDV GH VXV
DOPDV\SHUPLWHQDORVGHPiVYHUODVDOGHVQXGR
&XDQGR HO PXQGR LQWHULRU GH DTXHO TXH
XVWHGHV REVHUYHQ VH OHV DFODUD D WUDYpV GH DFWRV
SHQVDPLHQWRV H LPSXOVRV VLJDQ DWHQWDPHQWH VXV
DFWLWXGHV\HVWXGLHQHOHVWDGRHQTXHVHHQFXHQWUD
3RU TXp KDFH HVWR R DTXHOOR" 4Xp HV OR TXH
SLHQVD" 3RU OR JHQHUDO QR SRGHPRV OOHJDU SRU
PHGLRGHGDWRVSUHFLVRVDFRQRFHUODYLGDtQWLPD
GH OD SHUVRQD TXH HVWXGLDPRV \ VyOR OR KDFHPRV
PHGLDQWH OD LQWXLFLyQ 7UiWDVH DTXt GHO WLSR PiV
GHOLFDGR GH FRQFHQWUDFLyQ GH DWHQFLyQ \ GH
SRGHUHV GH REVHUYDFLyQ TXH HQ VX RULJHQ VRQ
VXEFRQVFLHQWHV1XHVWURWLSRFRP~QGHDWHQFLyQQR
WLHQH HO DOFDQFH VXILFLHQWH FRPR SDUD UHDOL]DU HO

FDQDULR 3UREDEOHPHQWH OD PXMHU KDEtD FRORFDGR


WRGRVVXVHQYROWRULRVHQHOFRFKHSDUDOOHYDUORVD
VX FDVD FRQ PiV IDFLOLGDG 3HUR \R TXLVH YHU ODV
FRVDV GH PRGR GLVWLQWR \ GHFLGt TXH OD SREUH
DQFLDQD KDEtD SHUGLGR WRGRV VXV KLMRV \ QLHWRV \
TXH OR ~QLFR TXH OH TXHGDED HUD HVH FDQDULR
3RUHVROROOHYDEDDGDUXQSDVHRSRUODDYHQLGD
GH OD PLVPD PDQHUD TXH OR KDEtD KHFKR SRFR
WLHPSRDQWHVFRQHOQLHWRDKRUDSHUGLGR7RGRHVR
HV PiV LQWHUHVDQWH \ DSURSLDGR SDUD HO WHDWUR TXH
ODYHUGDG3RUTXpQRSRGUtDJXDUGDUHVDLGHDHQ
HO GHSyVLWR GH PLV UHFXHUGRV" 1R VR\ XQ FHQVRU
FRQ OD UHVSRQVDELOLGDG GH UHFRJHU ORV KHFKRV
H[DFWRV VLQR XQ DUWLVWD TXH QHFHVLWD PDWHULDO TXH
GHVSLHUWHVXVHPRFLRQHV
'HVSXpV GH KDEHU DSUHQGLGR D REVHUYDU OD
YLGD TXH ORV URGHD \ DFHUFDUVH D HOOD SRU PHGLR
GHO WUDEDMR VH GHGLFDUiQ DO HVWXGLR GHO PDWHULDO
HPRFLRQDO PiV QHFHVDULR LPSRUWDQWH \ YLYLGR
IXQGDPHQWR GH OD IDFXOWDG FUHDGRUD 0H UHILHUR D
DTXHOODV LPSUHVLRQHV TXH VH REWLHQHQ GHO WUDWR
GLUHFWR \ SHUVRQDO FRQ ORV VHUHV KXPDQRV (VH

SURFHVRGHSHQHWUDUHQHOHVStULWXGHRWUDSHUVRQD
6L\ROHDDVHJXUDUDTXHODWpFQLFDKDEUiGH
FRQVHJXLUWDQWRFRPRHVRORVHVWDUtDHQJDxDQGR$
PHGLGDTXHSURJUHVHQLUiQDSUHQGLHQGRPiV\PiV
IRUPDV FRQ ODV TXH HVWLPXODU HO VXEFRQVFLHQWH
SDUD DFUHFHQWDU HVH SRGHU FUHDGRU SHUR GHEHPRV
DGPLWLUTXHQRHVSRVLEOHUHGXFLUHOHVWXGLRGHOD
YLGD LQWHULRU GH RWUR VHU KXPDQR D XQD PHUD
WpFQLFDFLHQWtILFD

&DStWXOR9,
5HODMDFLyQ'H/RV0~VFXORV


&XDQGR HO GLUHFWRU HQWUy HQ OD FODVH QRV
OODPyD0DUtDD9DQ\D\DPtSDUDUHSUHVHQWDUOD
HVFHQDGHORVELOOHWHVTXHVHTXHPDQ
6XELPRVDOHVFHQDULR\FRPHQ]DPRV
$O SULQFLSLR ODV FRVDV IXHURQ ELHQ 3HUR
FXDQGR OOHJDPRV D OD SDUWH WUiJLFD VHQWt TXH
GHQWUR PtR DOJR YDFLODED \ HQWRQFHV SDUD
D\XGDUPHFRQDOJRH[WHULRUDPtDSUHWpFRQWRGDV
PLVIXHU]DVXQREMHWRTXHVHQWtEDMRPLPDQR'H
SURQWR DOJR VH TXHEUy DO WLHPSR TXH VHQWtD XQ
GRORUDJXGR\TXHXQFiOLGROtTXLGRKXPHGHFtDPL
PDQR
1R HVWR\ VHJXUR GH FXiQGR PH GHVPD\p
5HFXHUGR XQD VHULH GH UXLGRV FRQIXVRV /XHJR
VHQWt DXPHQWDU PL GHELOLGDG HO YpUWLJR \ SRU ILQ
FDtGHVYDQHFLGR
0L LQIRUWXQDGR DFFLGHQWH PH KDEtD GDxDGR

XQDDUWHULD\ODKHPRUUDJLDVXEVLJXLHQWHPHREOLJy
DJXDUGDUFDPDSRUYDULRVGtDV OOHYyDOGLUHFWRUD
KDFHU XQ FDPELR HQ VX SODQ GH HVWXGLRV \
DGHODQWDUVH HQ SDUWH DO SURJUDPD GH QXHVWUD
HMHUFLWDFLyQItVLFD3DXOPHGLRXQUHVXPHQGHVXV
REVHUYDFLRQHV
7RUWVRYGLMR
6HUi QHFHVDULR LQWHUUXPSLU HO GHVDUUROOR
HVWULFWRGHQXHVWURSURJUDPDSDUDH[SOLFDUOHVDOJR
TXHHVWiPiVDGHODQWHHQHORUGHQXVXDOXQSXQWR
LPSRUWDQWH DO TXH OODPDPRV OLEHUDFLyQ GH
QXHVWURV P~VFXORV (O PRPHQWR QDWXUDO HQ TXH
GHEtD H[SOLFDUOHV HVWR KXELHUD VLGR DO OOHJDU D OD
SDUWH H[WHUQD GH QXHVWUR DSUHQGL]DMH 3HUR OD
VLWXDFLyQGH.RVW\DQRVREOLJDDWUDWDUORDKRUD
1RSXHGHQDOSULQFLSLRGHODODERUWHQHU
QLQJ~Q FRQFHSWR GHO PDO TXH UHVXOWD GH ORV
HVSDVPRV PXVFXODUHV \ GH OD FRQWUDFFLyQ ItVLFD
&XDQGRWDOFRVDRFXUUHHQODVFXHUGDVYRFDOHVGH
XQDSHUVRQDTXHQDWXUDOPHQWHSRVHHEXHQRVWRQRV

VHYXHOYHURQFDDOSXQWRGHTXHDYHFHVSLHUGHOD
YR] 6L WDO FRQWUDFFLyQ DWDUD ODV SLHUQDV HO DFWRU
FDPLQDFRPRXQSDUDOtWLFRVLHQODVPDQRVpVWDV
VH HQWXPHFHQ \ DFFLRQDQ FRPR JDUUDV /D PLVPD
FODVHGHHVSDVPRSXHGHDWDFDUODHVSLQDGRUVDOHO
FXHOOR R ORV KRPEURV (Q WRGRV ORV FDVRV GHMDQ
WXOOLGRDODFWRU\OHLPSLGHQDFWXDUHURORSHRUHV
FXDQGR HVWD VLWXDFLyQ DIHFWD HO URVWUR WRUFLHQGR
VXV JHVWRV SDUDOL]iQGROR R SHWULILFiQGROR /RV
RMRV VH HVFDSDQ GH ODV yUELWDV ORV P~VFXORV
FRQWUDtGRV GDQ DO DFWRU XQ DVSHFWR GHVDJUDGDEOH
KDFLpQGROHH[SUHVDUORFRQWUDUtRGHORTXHSDVDHQ
VXLQWHULRUVLQUHODFLyQDOJXQDFRQVXVHPRFLRQHV
/RV HVSDVPRV SXHGHQ DWDFDU HO GLDIUDJPD \ RWURV
yUJDQRV UHODFLRQDGRV FRQ OD UHVSLUDFLyQ
LQWHUUXPSLU OD UHVSLUDFLyQ QRUPDO \ GHWHUPLQDU OD
IDOWDGHDLUH(VDWHQVLyQPXVFXODUDIHFWDWDPELpQ
RWUDVSDUWHVGHOFXHUSR\QRSXHGHWHQHUPiVTXH
XQHIHFWRQRFLYRVREUHODVHPRFLRQHVTXHHODFWRU
HVWiH[SHULPHQWDQGRHQODH[SUHVLyQGHHOODV\HQ
HOHVWDGRJHQHUDOGHOVHQWLPLHQWR
3DUDFRQYHQFHUORVGHFyPRODWHQVLyQItVLFD

SDUDOL]DQXHVWUDVDFFLRQHV\HVWiOLJDGDDQXHVWUD
YLGDLQWHULRUKDJDPRVXQH[SHULPHQWR+D\DOOtXQ
JUDQSLDQR7UDWHQGHOHYDQWDUOR
/RVHVWXGLDQWHVSRUWXUQRKLFLHURQHQRUPHV
HVIXHU]RV \ VyOR ORJUDURQ OHYDQWDU XQD SXQWD GHO
SHVDGRLQVWUXPHQWR
0LHQWUDV VRVWLHQH HO SLDQR PXOWLSOLTXH
UiSLGDPHQWHSRUWUHLQWD\VLHWHGLMRHOGLUHFWRUD
XQR GH ORV HVWXGLDQWHV 1R SXHGH" %LHQ
HQWRQFHV XWLOLFH VX PHPRULD YLVXDO \ UHFXHUGH
WRGRV ORV QHJRFLRV GH OD FDOOH GHVGH OD HVTXLQD
KDVWD HO WHDWUR   7DPSRFR" &DQWH HQWRQFHV OD
FDYDWLQD GH)DXVWR 1DGD" %LHQ WUDWH GH
UHFRUGDUHOJXVWRGHXQSODWRGHULxRQHVJXLVDGRV
RHOWDFWRGHOWHUFLRSHORGHVHGDRHORORUGHDOJR
TXHVHTXHPD
3DUD REHGHFHU ODV yUGHQHV HO HVWXGLDQWH
VROWy OD SXQWD GHO SLDQR TXH VRVWHQtD FRQ JUDQ
HVIXHU]R GHVFDQVy XQ PRPHQWR UHFRUGy ODV
SUHJXQWDVTXHOHKLFLHURQGHMyTXHVHKXQGLHUDQHQ

GHVJUDFLD OHV VHUYLUi D pO \ D XVWHGHV GH OHFFLyQ


HIHFWLYDGHORTXHQRGHEHQKDFHUHQHOHVFHQDULR
3HURHVSRVLEOHOLEHUDUVHGHHVDWHQVLyQ"
SUHJXQWyDOJXLHQ
(OGLUHFWRUUHFRUGyHODFWRUGHVFULSWRHQ0L
YLGD HQ HO DUWH TXH VXIUtD GH IXHUWH WHQGHQFLD D
HVSDVPRV PXVFXODUHV $\XGDGR SRU KiELWRV
DGTXLULGRV\FRQVWDQWHFRQWUROSXGRORJUDUTXHHQ
FXDQWRSRQtDORVSLHVHQHOHVFHQDULRVXVP~VFXORV
VH UHODMDUDQ /R PLVPR OOHJy D VXFHGHUOH HQ ORV
PRPHQWRV FUtWLFRV GH OD FUHDFLyQ GH VX SDSHO
HVSRQWiQHDPHQWH VXV P~VFXORV WUDWDEDQ GH
OLEUDUVHGHWRGDWHQVLyQ
1R HV ~QLFDPHQWH XQ IXHUWH HVSDVPR
PXVFXODUJHQHUDOHOTXHLPSLGHHOIXQFLRQDPLHQWR
FRUUHFWR +DVWD OD PiV SHTXHxD SUHVLyQ HQ XQ
SXQWR GDGR SXHGH GHWHQHU OD IDFXOWDG FUHDGRUD
/HV GDUp XQ HMHPSOR &LHUWD DFWUL] SRVHHGRUD GH
XQ WDOHQWR PDUDYLOORVR VyOR SRGtD PRVWUDUOR HQ
UDUDV\DFFLGHQWDOHVRFDVLRQHV3RUORJHQHUDOVXV

VX FRQFLHQFLD \ OXHJR FRPHQ]y D UHVSRQGHUODV


UHFRUGDQGRWRGDVODVVHQVDFLRQHVSHGLGDV5HFLpQ
HQWRQFHVUHQRYyVXHVIXHU]RPXVFXODU\FRQPXFKD
GLILFXOWDGYROYLyDOHYDQWDUODSXQWDGHOSLDQR
<D YHQ GLMR 7RUWVRYTXH D ILQ GH
FRQWHVWDU D PLV SUHJXQWDV KD WHQLGR TXH VROWDU HO
SHVR \ UHODMDU ORV P~VFXORV VyOR HQWRQFHV SXGR
GHGLFDUVHtQWHJUDPHQWHDODRSHUDFLyQGHVXVFLQFR
VHQWLGRV
1R SUXHED HVR TXH OD WHQVLyQ PXVFXODU
LQWHUILHUH OD H[SHULHQFLD HPRWLYD LQWHULRU"
0LHQWUDV WHQJDQ HVD WHQVLyQ ItVLFD QR SRGUiQ QL
VLTXLHUD SHQVDU HQ ORV GHOLFDGRV PDWLFHV GHO
VHQWLPLHQWR R GH OD YLGD HVSLULWXDO GHO SDSHO GH
FDGDXQR(QFRQVHFXHQFLDDQWHVGHWUDWDUGHFUHDU
QDGDHVQHFHVDULRSDUDXVWHGHVWHQHUORVP~VFXORV
HQFRQGLFLRQHVDSURSLDGDVGHPDQHUDTXHpVWRVQR
OHVLPSLGDQORVPRYLPLHQWRV
8Q HMHPSOR FRQYLQFHQWH OR WHQHPRV HQ HO
DFFLGHQWH GH .RVW\D (VSHUHPRV TXH HVWD

HPRFLRQHVHUDQUHHPSOD]DGDVSRUXQHVIXHU]RELHQ
YLVLEOH 6H DJRWy WUDWDQGR SRU WRGRV ORV PHGLRV
SRVLEOHV GH UHODMDU ORV P~VFXORV SHUR VyOR ORJUy
XQ p[LWR SDUFLDO $FFLGHQWDOPHQWH HQ ODV SDUWHV
GUDPiWLFDV GH VX SDSHO VX FHMD GHUHFKD VH
FRQWUDtDDXQTXHOLJHUDPHQWHSRUHVROHVXJHUtTXH
FXDQGROOHJDVHDORVSDVDMHVGLItFLOHVGHVXSDSHO
WUDWDUD GH OLEHUDU HO URVWUR GH FXDOTXLHU WHQVLyQ
&XDQGRSXGRORJUDUORHOUHVWRGHORVP~VFXORVGH
VXFXHUSRVHUHODMyHVSRQWiQHDPHQWH(VDDFWUL]VH
WUDQVIRUPy VX FXHUSR VH DOLJHUy VXV IDFFLRQHV
DGTXLULHURQ PD\RU PRYLOLGDG \ H[SUHVDURQ VXV
HPRFLRQHV LQWHUQDV PiV LQWHQVDPHQWH 6XV
VHQWLPLHQWRV KDEtDQ KDOODGR XQD VDOLGD OLEUH D OD
VXSHUILFLH
3LHQVHQ HQ HVWR OD WHQVLyQ GH XQ VROR
P~VFXOR HQ XQ SXQWR ~QLFR KDEtD SHGLGR DOWHUDU
WRGR HO RUJDQLVPR WDQWR HVSLULWXDO FRPR
ItVLFDPHQWH



1LFROiVTXHYLQRKR\DYHUPHDILUPDTXHHO
GLUHFWRU GLMR TXH HV LPSRVLEOH OLEHUDU DO FXHUSR
SRU FRPSOHWR GH WRGD WHQVLyQ LQQHFHVDULD \ TXH
DGHPiVGHVHULPSRVLEOHHVWDPELpQVXSHUIOXR<
VLQ HPEDUJR 3DXO KDEtD VDFDGR OD FRQFOXVLyQ
SDUWLHQGRGHODVLQGLFDFLRQHVGH7RUWVRYGHTXH
OD UHODMDFLyQ GH QXHVWURV P~VFXORV HV FRVD
QHFHVDULD WDQWR FXDQGR VH HVWi HQ HO HVFHQDULR
FRPRHQODYLGDGLDULD
&yPR
SXHGHQ
FRQWUDGLFFLRQHV"

FRQFLOLDUVH

HVWDV

&RPR 3DXO YLQR GHVSXpV GH 1LFROiV GR\


DTXtVXH[SOLFDFLyQ
3RU VHU KXPDQR HO DFWRU HVWi
LQHYLWDEOHPHQWH VXMHWR D WHQVLyQ PXVFXODU TXH
VREUHYHQGUi FDGD YH] TXH DSDUH]FD HQ S~EOLFR
3RGUiGHVHPEDUD]DUVHGHODWHQVLyQPXVFXODUGHOD
HVSDOGD SHUR eVWD VH KDUi VHQWLU HQ HO KRPEUR

GHEH HVWDU WHQVR HQ ORV PRPHQWRV GH H[FLWDFLyQ"


H[FODPp
1R VyOR QR GHEHV HVWDU WHQVR H[SOLFy
3DXO VLQR TXH WHQGUiV TXH KDFHU HO PD\RU
HVIXHU]RSRUUHODMDUWH
&RQWLQXyUHSLWLHQGRORGLFKRSRUHOGLUHFWRU
UHIHUHQWH D TXH ORV DFWRUHV IUHFXHQWHPHQWH VH
SRQHQ WHQVRV HQ ORV PRPHQWRV GH H[FLWDFLyQ 3RU
ORWDQWRHQORVLQVWDQWHVGHJUDQWHQVLyQPXVFXODU
HV HVSHFLDOPHQWH QHFHVDULR REWHQHU XQD FRPSOHWD
OLEHUDFLyQ GH ORV P~VFXORV (Q UHDOLGDG HQ ORV
PRPHQWRVFXOPLQDQWHVGHXQSDSHOODWHQGHQFLDD
GHVFDQVDUGHEHUiVHUPiVQRUPDOTXHODWHQGHQFLD
DODFRQWUDFFLyQ
(VHQUHDOLGDGIDFWLEOH"SUHJXQWp
(O GLUHFWRU DVHJXUD TXH Vt GLMR 3DXO
$JUHJyTXHDXQTXHQRHVSRVLEOHOLEUDUVHGHWRGD
WHQVLyQHQXQPRPHQWRGHH[FLWDFLyQVHSXHGHVLQ
HPEDUJR DSUHQGHU FRQVWDQWHPHQWH D GHVFDQVDU

'HVDSDUHFHUi GH DOOt SHUR DSDUHFHUi HQ HO


GLDIUDJPD 6LHPSUH KDEUi WHQVLyQ HQ XQR X RWUR
OXJDUGHOFXHUSR
(QWUH ODV SHUVRQDV QHUYLRVDV GH QXHVWUD
JHQHUDFLyQODWHQVLyQPXVFXODUHVLQHOXGLEOH\HV
WDUHDLPSRVLEOHSUHWHQGHUGHVWUXLUODWRWDOPHQWHQR
REVWDQWH GHEHPRV OXFKDU FRQWUD HOOD VLQ FHVDU
1XHVWUR PpWRGR FRQVLVWH HQ GHVDUUROODU XQD
HVSHFLH GH FRQWURO DOJR DVt FRPR XQ REVHUYDGRU
(VWH GHEH FXLGDU SRU WRGRV ORV PHGLRV GH TXH QR
VHORFDOLFHHQQLQJ~QOXJDUGHOFXHUSRXQDFDQWLGDG
DGLFLRQDOGHFRQWUDFFLyQPXVFXODU(VWHPpWRGRGH
REVHUYDFLyQ SRU XQR PLVPR \ GH HOLPLQDFLyQ GH
WRGD WHQVLyQ LQQHFHVDULD VH SHUIHFFLRQDUi KDVWD
TXH VH FRQYLHUWD HQ XQ KiELWR PHFiQLFR
VXEFRQVFLHQWH < WDPSRFR HVWR VHUi VXILFLHQWH
'HEHVHUXQKiELWRQRUPDO\XQDQHFHVLGDGQDWXUDO
QR VyOR HQ ODV SDUWHV PiV VHUHQDV GHO SDSHO VLQR
HVSHFLDOPHQWH HQ ORV PRPHQWRV GH PD\RU
QHUYLRVLGDG\HVIXHU]RItVLFR
4Xp TXLHUHV GHFLU FRQ HVR GH TXH QR VH

'HMHQ TXH OD WHQVLyQ DSDUH]FD GLFH VL QR OD


SXHGHQ HYLWDU SHUR KDJDQ TXH GH LQPHGLDWR
LQWHUYHQJDHOFRQWURO\ODGHVDORMH
+DVWDTXHHVHFRQWUROVHFRQYLHUWDHQKiELWR
PHFiQLFRVHUiQHFHVDULRGHGLFDUOHJUDQSDUWHGHO
SHQVDPLHQWR \ HVR QRV DSDUWDUi GH QXHVWUD ODERU
FUHDGRUD 0iV WDUGH HVD UHODMDFLyQ GH ORV
P~VFXORVVHUiXQIHQyPHQRQRUPDO(VHKiELWRVH
GHVDUUROODUiDGLDULRFRQVWDQWH\VLVWHPiWLFDPHQWH
WDQWRGXUDQWHQXHVWURVHMHUFLFLRVHQFODVHFRPRHQ
FDVD 'HEHUi SURVHJXLU DO DFRVWDUQRV DO
OHYDQWDUQRV PLHQWUDV WUDEDMDPRV FDPLQDPRV R
GHVFDQVDPRV \ HQ ORV PRPHQWRV GH WULVWH]D R GH
DOHJUtD (O FRQWURO GH QXHVWURV P~VFXORV GHEH
VHUSDUWHGHQXHVWURDUUHJORItVLFRQXHVWUDVHJXQGD
QDWXUDOH]D 6yOR HQWRQFHV GHMDUi GH LQWHUSRQHUVH
FXDQGR HVWDPRV KDFLHQGR WUDEDMR FUHDGRU 6L
UHODMDPRV QXHVWURV P~VFXORV VyOR GXUDQWH ODV
KRUDV HVSHFLDOHV GHVWLQDGDV D HVH SURSyVLWR QR
REWHQGUHPRV UHVXOWDGR DOJXQR SRUTXH WDOHV
HMHUFLFLRV QR VRQ KDELWXDOHV QR SXHGHQ YROYHUVH
KiELWRVLQFRQVFLHQWHVPHFiQLFRV

&XDQGR GHPRVWUp TXH GXGDED GH OD


SRVLELOLGDG GH SRGHU KDFHU OR TXH 3DXO PH KDEtD
H[SOLFDGRGLRFRPRHMHPSORODVH[SHULHQFLDVGHO
SURSLR GLUHFWRU 3DUHFH TXH HQ VXV SULPHURV DxRV
GH DFWLYLGDG DUWtVWLFD OD WHQVLyQ PXVFXODU VH
GHVDUUROOyHQpOFDVLKDVWDHOSXQWRGHSURGXFLUHO
HQWXPHFLPLHQWR GH OD SDUWH DIHFWDGD \ VLQ
HPEDUJR GHVGH TXH KD GHVFXELHUWR HO FRQWURO
PHFiQLFR DQWH XQD H[FLWDFLyQ QHUYLRVD LQWHQVD
H[SHULPHQWD SUHIHUHQWHPHQWH OD QHFHVLGDG GH
UHODMDU ORV P~VFXORV \ QR KD GH VRPHWHUORV D XQD
WHQVLyQH[DJHUDGD


+R\ PH YLVLWy WDPELpQ 5DMPiQRY HO
D\XGDQWH GHO GLUHFWRU TXH HV XQD SHUVRQD PX\
DJUDGDEOH0HWUDMRVDOXGRVGH7RUWVRY\GLMRTXH
KDEtD VLGR HQYLDGR SDUD HQVHxDUPH DOJXQRV
HMHUFLFLRV
(OGLUHFWRUKDEtDGLFKR

'HEHUiKDFHUORTXHORVQLxRV\DQLPDOHV
KDFHQGLMRFRQILUPH]D
3DUHFH TXH VL DFRVWDPRV XQ QLxR R XQ JDWR
VREUHODDUHQDDGHVFDQVDURDGRUPLU\OXHJROR
OHYDQWDPRVFRQFXLGDGRVHYHUiODPDUFDGHWRGR
VX FXHUSR VREUH OD VXSHUILFLH EODQGD 3HUR VL VH
KDFH HO PLVPR H[SHULPHQWR FRQ XQD SHUVRQD GH
QXHVWUD QHUYLRVD JHQHUDFLyQ WRGR OR TXH VH YHUi
VREUHODDUHQDVHUiQODVPDUFDVGHORVKRPEURV\
GH OD SDUWH SRVWHULRU GHO FXHUSR PLHQWUDV TXH HO
UHVWR JUDFLDV D OD FUyQLFD WHQVLyQ PXVFXODU QR
WRFDUiQXQFDODDUHQD
$ ILQ GH SURGXFLU XQD LPSUHVLyQ HVFXOWXUDO
VREUH XQD VXSHUILFLH VXDYH FXDQGR HVWDPRV
HFKDGRVGHEHPRVGHVHPEDUD]DUQXHVWURFXHUSRGH
WRGDFRQWUDFFLyQPXVFXODU(VWRGDUiDODYH]XQD
PHMRUSRVLELOLGDGGHGHVFDQVRDOSXQWRGHTXHHQ
PHGLD KRUD R HQ XQD KRUD VH ORJUD PiV GHVFDQVR
TXHHQWRGDXQDQRFKHHQTXHHOFXHUSRKDHVWDGR
HQ SRVLFLyQ IRU]DGD 1R HV GH H[WUDxDU HQWRQFHV
TXH ORV FRQGXFWRUHV GH FDUDYDQDV XWLOLFHQ HVWH

.RVW\D QR SXHGH PLHQWUDV HVWi HQ FDPD


RFXSDUVH GH QDGD SRU HVR FRQYLHQH TXH SUXHEH
DOJXQDPDQHUDDSURSLDGDGHSDVDUHOWLHPSR
(O HMHUFLFLR FRQVLVWH HQ \DFHU GH HVSDOGDV
VREUHXQDVXSHUILFLHSODQD\GXUDDOJRDVtFRPRHO
VXHOR\WRPDUQRWDGHYDULRVJUXSRVGHP~VFXORV
GH SDUWH D SDUWH GHO FXHUSR TXH HVWiQ WHQVRV VLQ
QHFHVLGDG
6LHQWR XQD FRQWUDFFLyQ HQ HO KRPEUR
FXHOORRPySODWR\DOUHGHGRUGHODFLQWXUD
/DV SDUWHV VHxDODGDV GHEHUiQ UHODMDUVH DO
PRPHQWR \ GHVFXEULU RWUDV 7UDWp GH KDFHU HVWH
VHQFLOORHMHUFLFLRIUHQWHD5DMPiQRYVDOYRTXHHQ
YH] GH HVWDU HQ HO VXHOR HVWDED VREUH XQD FDPD
EODQGD 'HVSXpV GH UHODMDU ORV P~VFXORV WHQVRV \
GHMDUVyORORVQHFHVDULRVSDUDDJXDQWDUHOSHVRGHO
FXHUSRQRPEUpORVVLJXLHQWHVOXJDUHV
/RVGRVRPySODWRV\ODEDVHGHODHVSLQD
GRUVDO3HUR5DMPiQRYREMHWy

PpWRGR 1R SXGLHQGR SHUPDQHFHU HQ HO GHVLHUWR


PXFKRWLHPSRVyORSXHGHQGHGLFDUHVFDVDVKRUDV
DOGHVFDQVRGHPRGRTXHHQOXJDUGHXQGHVFDQVR
SURORQJDGRREWLHQHQLJXDOUHVXOWDGROLEHUDQGRHO
FXHUSRGHWRGDWHQVLyQPXVFXODU
(O D\XGDQWH GHO GLUHFWRU KDFH XVR FRQVWDQWH
GHHVWHVLVWHPDHQORVEUHYHVODSVRVGHGHVFDQVRD
VXVRFXSDFLRQHVGLDULDV'HVSXpVGHGLH]PLQXWRV
GH UHSRVR KHFKR GH HVWD PDQHUD VH VLHQWH FRPR
QXHYR<VLQHOORQROHVHUtDSRVLEOHFXPSOLUWRGDV
ODVREOLJDFLRQHVTXHUHFDHQVREUHpO
7DQSURQWRVDOLy5DMPiQRYKDOOpDOJDWRGH
FDVD\ORDFRVWpVREUHXQRGHORVDOPRKDGRQHVGH
PL VRIi$O FDER GH XQ PRPHQWR KDEtD GHMDGR OD
KXHOOD FRPSOHWD \ SHUIHFWD GH VX FXHUSR 'HFLGt
DSUHQGHUGHpODGHVFDQVDU
(OGLUHFWRUGLFH
(O DFWRU DO LJXDO TXH HO QLxR GHEH
DSUHQGHUFDGDFRVDGHVGHHOSULQFLSLRDPLUDUD

FDPLQDU D KDEODU HWFpWHUD 7RGRV VDEHPRV


FyPR KDFHU HVWDV FRVDV HQ OD YLGD FRP~Q SHUR
GHVJUDFLDGDPHQWH OD JUDQ PD\RUtD OR KDFHPRV
PDO 8QD GH ODV UD]RQHV HV TXH FXDOTXLHU GHIHFWR
HV PXFKR PiV YLVLEOH DO UHVSODQGRU GH ODV
FDQGLOHMDV \ OD RWUD HV TXH HO HVFHQDULR HMHUFH
PDOD LQIOXHQFLD HQ HO HVWDGR JHQHUDO GHO DFWRU
(YLGHQWHPHQWH HVWDV SDODEUDV GH 7RUWVRY VH
DSOLFDQ WDPELpQ DO PRPHQWR GH HVWDU DFRVWDGRV
3RUHVRDKRUDPHUHFXHVWRHQHOVRIiFRQHOJDWR
ORREVHUYRFyPRGXHUPH\WUDWRGHLPLWDUOR1RHV
FRVD IiFLO \DFHU GH PDQHUD TXH QLQJ~Q P~VFXOR
HVWpWHQVR\TXHWRGDVODVSDUWHVGHOFXHUSRWRTXHQ
ODVXSHUILFLH1RSXHGRGHFLUTXHVHDGLItFLOQRWDU
pVWHRDTXHOP~VFXORFRQWUDtGR\TXHHOUHODMDUORV
VHDXQDGHVWUH]DWDQQRWDEOHSHURODGLILFXOWDGHVWi
HQTXHWDQSURQWRVHOLEUDXQRGHXQP~VFXORWHQVR
HQ VHJXLGD DSDUHFH RWUR \ XQ WHUFHUR \ DVt
VXFHVLYDPHQWH3RUXQPRPHQWRORJUpOLEUDUPHGH
ODWHQVLyQHQODHVSDOGD\HQHOFXHOOR\QRSXHGR
GHFLU TXH GH HVWR KXELHUD UHVXOWDGR QLQJXQD
VHQVDFLyQGHYLJRUUHQRYDGRSHURPHGLFXHQWDGH
FyPR VLQ VDEHUOR HVWDPRV SHUPDQHQWHPHQWH

GLUHFWRUWXYRDORVHVWXGLDQWHVHFKDGRVHQHOVXHOR
H LQPyYLOHV OXHJR OHV KL]R WRPDU YDULDV
SRVLFLRQHV KRUL]RQWDO \ YHUWLFDOPHQWH VHQWDGRV D
PHGLR LQFRUSRUDUVH GH SLH GH URGLOODV GH
FXFOLOODV VRORV HQ JUXSRV FRQ VLOODV FRQ XQD
PHVD R FXDOTXLHU RWUR PXHEOH (Q FDGD SRVLFLyQ
GHEtDQDGYHUWLUORVP~VFXORVWHQVRV\QRPEUDUORV
(YLGHQWHPHQWH DOJXQRV GH ORV P~VFXORV HVWDUtDQ
WHQVRVHQWRGDVODVSRVWXUDVSHURVyORVHSHUPLWtD
SHUPDQHFHU FRQWUDtGRV D ORV UHODFLRQDGRV
GLUHFWDPHQWH FRQ HO HMHUFLFLR \ D QLQJ~Q RWUR
FHUFDQRDHOORV'HEHUHFRUGDUVHWDPELpQTXHKD\
YDULRVWLSRVGHWHQVLyQ8QP~VFXORQHFHVDULRDOD
SRVLFLyQGDGDSXHGHHVWDUFRQWUDtGRSHURVyORHQ
ODSURSRUFLyQTXHHVDSRVLFLyQUHTXLHUD
7RGRV HVRV HMHUFLFLRV REOLJDQ D XQD LQWHQVD
UHSUHVLyQ GH SDUWH GHO FRQWURO 1R HV WDQ
VHQFLOORFRPRSDUHFHUHTXLHUHHQSULPHUOXJDUXQ
SRGHUGHDWHQFLyQELHQHMHUFLWDGRFDSD]GHUiSLGD
DGDSWDFLyQ\GHGLVWLQJXLUHQWUHYDULDVVHQVDFLRQHV
ItVLFDV 1R HV IiFLO VDEHU HQ XQD SRVWXUD
FRPSOLFDGD TXp P~VFXOR GHEH FRQWUDHUVH \ FXiO

VXMHWRV D XQD WHQVLyQ VXSHUIOXD \ SHUMXGLFLDO \


FXDQGR VH SLHQVD HQ OD WUDLFLRQHUD FRQWUDFFLyQ GH
OD FHMD GH DTXHOOD DFWUL] VH HPSLH]D D WHPHU
VHULDPHQWHDODWHQVLyQItVLFD
0LPD\RUGLILFXOWDGSDUHFHVHUODGHTXHPH
FRQIXQGR HQWUH OD YDULHGDG GH ODV VHQVDFLRQHV
PXVFXODUHV(VWRGHFXSOLFDHOQ~PHURGHSXQWRVGH
WHQVLyQ \ DXPHQWD WDPELpQ OD LQWHQVLGDG GH FDGD
XQR GH HOORV 7HUPLQR VLQ VDEHU GyQGH WHQJR OD
FDEH]D\ODVPDQRV
4XpFDQVDGRHVWR\GHORVHMHUFLFLRVGHKR\
1R VH FRQVLJXH GHVFDQVR DOJXQR FRQ HVWD
PDQHUDGHGHVFDQVDU



/HRSROGRYLQRDFDVD\PHUHODWyWRGRORTXH
KLFLHURQ 5DMPiQRY VLJXLHQGR ODV yUGHQHV GHO

QR
7DQ SURQWR FRPR VH IXp /HR YROYt DO JDWR
&XDOTXLHU SRVWXUD TXH LQYHQWH SDUD pO UHVXOWD
LQGLIHUHQWH WDQWR VL OR SRQJR FDEH]D DEDMR FRPR
VL OR DFXHVWR GH FRVWDGR R GH ORPR 6H FXHOJD
VXFHVLYDPHQWH GH FDGD XQD GH VXV JDUUDV \ OXHJR
GHODVFXDWURDODYH](VIiFLOYHUTXHHQFDGDXQD
GHODVSRVWXUDVVHSOLHJDSRUXQVHJXQGRFRPRXQ
UHVRUWH\HQVHJXLGDFRQIDFLOLGDGH[WUDRUGLQDULD
DFRPRGDVXVP~VFXORVUHODMDORVTXHQRQHFHVLWD
\PDQWLHQHWHQVRVORVTXHXWLOL]D4XpDVRPEURVD
DGDSWDELOLGDG
0LHQWUDV HO JDWR PH RIUHFtD HVWD OHFFLyQ
DSDUHFLyQDGDPHQRVTXH*ULVKD1RHUDHQPRGR
DOJXQRODPLVPDSHUVRQDTXHGLVFXWtDVLHPSUHFRQ
HOGLUHFWRUVLQRTXHHVWXYRVXPDPHQWHLQWHUHVDQWH
HQVXUHODWRVREUHODVFODVHV$OKDEODUDFHUFDGH
OD UHODMDFLyQ GH ORV P~VFXORV \ GH OD WHQVLyQ
QHFHVDULD SDUD PDQWHQHU XQD SRVLFLyQ 7RUWVRY
FRQWyXQDH[SHULHQFLDGHVXSURSLDYLGD(Q5RPD
HQXQDFDVDSDUWLFXODUKDEtDWHQLGRODRSRUWXQLGDG

GHYHUXQDH[KLELFLyQSDUDSUREDUHOHTXLOLEULRGH
SDUWHGHXQDGDPDDPHULFDQDTXHVHLQWHUHVDEDSRU
OD UHVWDXUDFLyQ GH HVFXOWXUDV DQWLJXDV 5HXQLHQGR
ORVSHGD]RV\XQLpQGRORVWUDWDEDGHUHFRQVWUXLUOD
SRVWXUDRULJLQDOGHODHVWDWXD3DUDHVHWUDEDMRVH
REOLJDEDDKDFHUXQHVWXGLRFRPSOHWRGHOSHVRHQ
HO FXHUSR KXPDQR \ D DYHULJXDU SRU PHGLR GH
H[SHULPHQWRV FRQ VX SURSLR FXHUSR HO FHQWUR GH
JUDYHGDG SDUD FXDOTXLHU SRVWXUD 'H HVWH PRGR
KDEtD DGTXLULGR XQD QRWDEOH DSWLWXG SDUD
GHWHUPLQDU ORV FHQWURV TXH HVWDEOHFHQ HO
HTXLOLEULR$TXHOOD QRFKH ORV LQYLWDGRV OD KDEtDQ
FRORFDGR HQ SRVLFLRQHV DO SDUHFHU LPSRVLEOHV GH
FRQVHUYDUSHURHQWRGRVORVFDVRVKDEtDPRVWUDGR
VX H[WUDRUGLQDULD FDSDFLGDG GH PDQWHQHU HO
HTXLOLEULR (VD VHxRUD DGHPiV HUD FDSD] GH
WXPEDUDXQKRPEUHPiVELHQFRUSXOHQWRFRQVyOR
GRV GHGRV FRVD TXH WDPELpQ DSUHQGLHUD HQ HO
HVWXGLR GH ORV FHQWURV GH JUDYHGDG 3RGtD VLQ
GLILFXOWDG KDOODU ORV OXJDUHV TXH DPHQD]DEDQ HO
HTXLOLEULR GH VX FRQWHQGLHQWH \ YHQFHUOR VLQ
HVIXHU]RDOJXQRYXOQHUDQGRSUHFLVDPHQWHDTXHOORV
SXQWRV

7RUWVRY QR DSUHQGLy HO VHFUHWR GH VX DUWH


SHUR DO YHUOR FRPSUHQGLy OD LPSRUWDQFLD GH ORV
FHQWURV GH JUDYHGDG 9LR KDVWD TXp SXQWR GH
DJLOLGDG\IOH[LELOLGDGSXHGHHMHUFLWDUVHHOFXHUSR
KXPDQR \ FRPSUHQGLy TXH HQ HVH WUDEDMR ORV
P~VFXORVKDFHQORTXHHOVHQWLGRGHOHTXLOLEULROHV
H[LJH

\PHGLJR

&RQWLQXy/HRH[SOLFDQGRFLHUWRVHMHUFLFLRV\
SURFHGLHQGR D VX GHPRVWUDFLyQ (UD JUDFLRVR YHU
VX JUXHVD ILJXUD HFKDGD VREUH PL GLYiQ HQ OD
SULPHUD SRVWXUD TXH HQFRQWUy /D PLWDG GH VX
FXHUSR FROJDED IXHUD GHO ERUGH OD FDUD FDVL
WRFDED HO VXHOR \ SUR\HFWDED XQ EUD]R H[WHQGLGR
KDFtDDGHODQWH6HYHtDTXHQRHVWDEDPX\FyPRGR
\TXHQRVDEtDTXpP~VFXORFRQWUDHU\FXiOUHODMDU

6LHVWXYLHUDGHSLHGHHVWDPDQHUD\HQFLPD
PtR HQ XQD UDPD DOWD FROJDUD XQ GXUD]QR TXp
KDUtDSDUDDOFDQ]DUOR"
%DVWD FUHHU HQ HVWD ILFFLyQ \ GH LQPHGLDWR
XQDSRVWXUDVLQYLGDVHFRQYLHUWHHQXQDFWRUHDO\
DQLPDGR FRQ XQ YHUGDGHUR REMHWLYR DOFDQ]DU HO
GXUD]QR 6LHQWHQ OD UHDOLGDG GH HVWH DFWR OD
LQWHQFLyQ\ODVXEFRQVFLHQFLDYHQGUiQHQVXD\XGD
'HVDSDUHFHUi HQWRQFHV OD WHQVLyQ VXSHUIOXD ORV
P~VFXORV QHFHVDULRV HQWUDUiQ HQ DFFLyQ \ WRGR
VXFHGHUi VLQ TXH LQWHUYHQJD WpFQLFD FRQVFLHQWH
DOJXQD
1RGHEHKDEHUQXQFDHQHOHVFHQDULRSRVWXUD
DOJXQD TXH FDUH]FD GH IXQGDPHQWR (Q HO
YHUGDGHUR DUWH FUHDGRU R HQ FXDOTXLHU RWUR DUWH
VHULR QR KD\ OXJDU SDUD HO FRQYHQFLRQDOLVPR
WHDWUDO 6L IXHUD QHFHVDULR XWLOL]DU DOJXQD SRVWXUD
FRQYHQFLRQDO GHEH GiUVHOH DOJ~Q IXQGDPHQWR GH
PRGRTXHSXHGDVHUYLUDDOJXQDtQWLPDLQWHQFLyQ


+R\ YLQR /HR D FRQWDUPH ORV SURJUHVRV GHO
HMHUFLFLR 3DUHFH TXH DOJR LPSRUWDQWH VH KD
DJUHJDGR DO SURJUDPD (O GLUHFWRU LQVLVWLy HQ TXH
FDGD SRVWXUD VHD DFRVWDGD R GH SLH R FXDOTXLHU
RWUD GHEH HVWDU VXMHWD QR VyOR DO FRQWURO GH OD
REVHUYDFLyQ SURSLD VLQR TXH GHEH EDVDUVH HQ
DOJXQD LGHD LPDJLQDULD DFUHFHQWDGD SRU ODV
FLUFXQVWDQFLDVGDGDV&XDQGRVHORORJUDGHMDGH
VHU XQD PHUD SRVWXUD \ VH FRQYLHUWH HQ DFFLyQ
6XSRQJDQTXHOHYDQWRPLVPDQRVVREUHPLFDEH]D

'HSURQWRH[FODPy
$KtYDXQDPRVFDHQRUPH0tUDPHFyPR
ODFD]R
6H HVWLUy KDFLD XQ SXQWR LPDJLQDULR SDUD
DSODVWDUDOLQVHFWR\GHLQPHGLDWRWRGDVODVSDUWHV
GH VX FXHUSR WRGRV ORV P~VFXORV WRPDURQ VX
YHUGDGHUD SRVLFLyQ \ WUDEDMDURQ FRPR GHEtDQ 6X
SRVWXUDWHQtDXQDUD]yQVHSRGtDFUHHUHQHOOD
/D QDWXUDOH]D JRELHUQD XQ RUJDQLVPR YLYR
PHMRUTXHQXHVWUDWpFQLFDPHMRULQIRUPDGD
/RV HMHUFLFLRV TXH XWLOL]y HO GLUHFWRU KR\

WHQtDQ HO SURSyVLWR GH TXH ORV HVWXGLDQWHV


FRPSUHQGLHUDQ TXH HQ HO HVFHQDULR HQ FDGD
SRVWXUDRSRVLFLyQGHOFXHUSRKD\WUHVPRPHQWRV
3ULPHUR
WHQVLyQ
VXSHUIOXD
TXH
QHFHVDULDPHQWHVHSUHVHQWDDFDGDQXHYDSRVWXUD
\DQWHODH[FLWDFLyQGHKDFHUORHQS~EOLFR
6HJXQGR OD UHODMDFLyQ PHFiQLFD GH HVD
WHQVLyQ VXSHUIOXD EDMR OD GLUHFFLyQ GHO
FRQWURO
7HUFHURMXVWLILFDFLyQGHODSRVWXUDVLpVWD
SRUVtPLVPDQRFRQYHQFHDODFWRU
'HVSXpVTXH/HRVHIXpOHOOHJyHOWXUQRDO
JDWR GH D\XGDUPH D HQVD\DU HVRV HMHUFLFLRV \
FRPSUHQGHUVXVLJQLILFDGR
3DUDWRUQDUORGyFLOORFRORTXpDPLODGRHQ
ODFDPD\ORDFDULFLp3HURHQYH]GHSHUPDQHFHU
DOOtVDOWyDOVXHORSRUHQFLPDPtR\VHHVFDEXOOy
IHOLQDPHQWH KDFLD HO ULQFyQ GRQGH SRU OR YLVWR

SDUDFRQHOORVVHLQWURGXFtDXQDQXHYDWHQVLyQTXH
KDFtDGLItFLOUHSDUDUORVXSHUIOXRGHORQHFHVDULR
(Q VHJXLGD PH LQWHUHVp SRU XQD PDQFKD
RVFXUD TXH KDEtD HQ HO SLVR PH DJDFKp SDUD
WRFDUODSDUDVDEHUTXpHUD\UHVXOWyVHUXQGHIHFWR
GH OD PDGHUD $O KDFHU HO PRYLPLHQWR WRGRV PLV
P~VFXORV REUDURQ QDWXUDO \ FRUUHFWDPHQWH OR TXH
PHOOHYyDODFRQFOXVLyQGHTXHXQREMHWLYRYLYR\
XQD DFFLyQ YHUGDGHUD SXHGHQ VHU UHDOHV R
LPDJLQDULRV SHUR GHEHQ HVWDU DSURSLDGDPHQWH
IXQGDGRV HQ FLUFXQVWDQFLDV GDGDV HQ ODV TXH HO
DFWRUSXHGDFUHHUGHYHUGDG KDFHQWUDEDMDUDOD
QDWXUDOH]D QDWXUDO H LQFRQVFLHQWHPHQWH \ HV
VyOR pVWD OD TXH SXHGH FRQWURODU WRWDOPHQWH
QXHVWURV P~VFXORV SRQHUORV HQ FRUUHFWD WHQVLyQ
\UHODMDUORV



3DXOPHLQIRUPyTXHHOGLUHFWRUSDVyKR\GH

ROIDWHyDOJXQDSUHVD
2EVHUYp FRQ OD PD\RU DWHQFLyQ FDGD XQR GH
VXV PRYLPLHQWRV 3DUD HOOR GHEt DJDFKDUPH OR
FXDOPHUHVXOWDEDGLItFLOSRUHOYHQGDMHGHPRGR
TXH UHQXQFLp DO IODPDQWH FRQWURO GH P~VFXORV
SDUD SUREDU PLV SURSLRV PRYLPLHQWRV $O
SULQFLSLRODVFRVDVIXHURQELHQSRUTXHIOH[LRQDED
ORVP~VFXORVTXHHUDSUHFLVR\pVWRSRUTXHH[LVWtD
XQREMHWLYRUHDO3HURHQHOPRPHQWRTXHWUDQVIHUt
OD DWHQFLyQ GHO JDWR KDFLD PL SHUVRQD WRGR
FDPELy 6H HYDSRUy PL FRQFHQWUDFLyQ VHQWt OD
SUHVLyQPXVFXODUHQWRGDVODVSDUWHVGHOFXHUSR\
ORV P~VFXORV TXH GHEtD XWLOL]DU SDUD PDQWHQHU PL
SRVLFLyQ HVWDEDQ WDQ WHQVRV TXH SDUHFtDQ D SXQWR
GHDFDODPEUDUVHFRVDTXHVHKDFtDH[WHQVLYDDORV
P~VFXORVFHUFDQRV
5HSHWLUp DKRUD OD PLVPD SRVLFLyQ PH
GLMH \ DVt OR KLFH 3HUR FRPR HO YHUGDGHUR
REMHWLYRKDEtDGHVDSDUHFLGRODSRVWXUDFDUHFtDGH
YLGD $O YHULILFDU HO WUDEDMR GH ORV P~VFXORV
HQFRQWUpTXHFXDQWRPiVFRQVFLHQWHHUDPLDFWLWXG

ODVSRVWXUDVILMDVDORVJHVWRV
/DOHFFLyQWXYROXJDUHQXQDPSOLRUHFLQWR\
ORV HVWXGLDQWHV IXHURQ DOLQHDGRV FRPR SDUD XQD
LQVSHFFLyQ 7RUWVRY OHV RUGHQy OHYDQWDU OD PDQR
GHUHFKDORTXHKLFLHURQFRPRXQVRORKRPEUH
/HV KL]R DFRPRGDU ORV EUD]RV OHQWDPHQWH
FRPR ORV LQGLFDGRUHV GH FUXFHV \ 5DMPiQRY IXp
H[DPLQDQGRORVP~VFXORV\KDFLHQGRFRPHQWDULRV
1R WDQ GHUHFKR GHVFDQVH HO FXHOOR \ OD
HVSDOGD 7RGR VX EUD]R HVWi HQ WHQVLyQ \ DVt
VXFHVLYDPHQWH
(O WUDEDMR SDUHFtD VHQFLOOR \ VLQ HPEDUJR
QLQJXQR GH ORV HVWXGLDQWHV SXGR HMHFXWDUOR
FRUUHFWDPHQWH6yORVHOHVH[LJtDKDFHUHOOODPDGR
DFWRDLVODGRXVDUVyORODVHULHGHP~VFXORVTXH
DFW~DQHQORVPRYLPLHQWRVGHOKRPEUH\QRRWURV
QLHQHOFXHOORHVSDOGD\HQHVSHFLDOQLQJXQRGHOD
UHJLyQGHODFLQWXUD$PHQXGRpVWRVKDFHQTXHHO
FXHUSRVHGHVYtHHQGLUHFFLyQFRQWUDULDDOEUD]RHQ

DOWR SDUD FRPSHQVDU HO PRYLPLHQWR (VRV


P~VFXORVFHUFDQRVTXHVHFRQWUDHQKDFHQUHFRUGDU
ODV WHFODV IORMDV GH XQ SLDQR TXH DO JROSHDU XQD
HPSXMDQYDULDVHQWRUSHFLHQGRHOVRQLGRGHODQRWD
TXHVHGHVHD1RHVVRUSUHQGHQWHSRUORWDQWRTXH
QXHVWUDV DFFLRQHV QR VHDQ FODUDV 'HEHQ VHUOR
FRPRODVQRWDVGHXQLQVWUXPHQWR'HORFRQWUDULR
ORVPRYLPLHQWRVTXHDFRPSDxDQXQSDSHOQRVHUiQ
DSURSLDGRV\VXHMHFXFLyQVHUiSRUIXHU]DRVFXUD\
FDUHQWH GH DUWH &XDQWR PiV GHOLFDGR HO
VHQWLPLHQWR WDQWD PiV SUHFLVLyQ FODULGDG \
FXDOLGDGSOiVWLFDUHTXLHUHVXH[SUHVLyQItVLFD
3DXOFRQWLQXyGLFLHQGR
/D LPSUHVLyQ TXH FRQVHUYR GH OD OHFFLyQ
GHKR\HVTXHHOGLUHFWRUQRVGHVPRQWyDWRGRVHQ
SDUWHFRPRVLIXpUDPRVPDTXLQDULDVRUGHQyFDGD
XQRGHORVSHTXHxRVKXHVRVORVDFHLWyORVUHXQLy
\ GH QXHYR SURFHGLy OXHJR DO PRQWDMH 'HVGH HVH
SURFHVR PH VLHQWR GHFLGLGDPHQWH PiV IOH[LEOH
iJLO\H[SUHVLYR

FRUUHFFLyQ3RUORYLVWRQRVHUiSRVLEOHHVFDSDUD
OD WUDQVIRUPDFLyQ WRWDO VL HV TXH YDPRV D
DGDSWDUQRV D ODV H[LJHQFLDV GH QXHVWUR DUWH /RV
GHIHFWRVTXHHQODH[LVWHQFLDFRP~QSDVDQSRUDOWR
IiFLOPHQWH D OD OX] GH ODV FDQGLOHMDV UHVXOWDQ
PXFKR PiV YLVLEOHV \ KDFHQ HQ HO S~EOLFR XQD
IXHUWHLPSUHVLyQ
(OPRWLYRHVIiFLOGHKDOODUHQHOHVFHQDULR
OD YLGD VH PXHVWUD GH WDPDxR UHGXFLGR FRPR HQ
ODVOHQWHVGHODFiPDUD/DJHQWHPLUDKDFLDpOFRQ
FDWDOHMRV GH OD PLVPD PDQHUD TXH REVHUYDQ XQD
PLQLDWXUD FRQ OHQWH GH DXPHQWR 3RU FRQVLJXLHQWH
QL HO PiV OLJHUR SRUPHQRU HVFDSD D VX
REVHUYDFLyQ6LXQRVEUD]RVWRUSHVVRQDFHSWDEOHV
HQODYLGDGLDULDHQHOHVFHQDULRVRQVLPSOHPHQWH
LQWROHUDEOHV SXHV GDQ DO FXHUSR XQD ULJLGH] GH
SDOR \ ORV KDFH SDUHFHU XQ PDQLTXt &RPR
FRQVHFXHQFLD VXUJH OD LPSUHVLyQ GH TXH HO DOPD
GHODFWRUHVWDQUtJLGDFRPRVXVEUD]RV6LDHVWR
VHDJUHJDXQDHVSDOGDWLHVDTXHVyORVHGREODHQ
OD FLQWXUD \ HQ iQJXOR UHFWR VH WLHQH OD SLQWXUD
DFDEDGD GH XQD HVWDFD 4Xp HPRFLRQHV SXHGH

4XpRWUDFRVDVXFHGLy"SUHJXQWp
,QVLVWLyHQTXHFXDQGRXWLOLFHPRVXQJUXSR
DLVODGR GH P~VFXORV VHDQ GHO KRPEUR GHO
EUD]R GH OD SLHUQD R GH OD HVSDOGD WRGDV ODV
GHPiVSDUWHVGHOFXHUSRGHEHQSHUPDQHFHUOLEUHV
\ VLQ WHQVLyQ 3RU HMHPSOR DO OHYDQWDU XQ EUD]R
FRQ D\XGD GH ORV P~VFXORV GHO KRPEUR \
FRQWUD\HQGR ORV TXH VRQ QHFHVDULRV SDUD HO
PRYLPLHQWR VH GHEH GHMDU HO UHVWR GHO EUD]R HO
FRGR OD PXxHFD \ ORV GHGRV WRGDV ODV
DUWLFXODFLRQHV HQ XQD SDODEUD SHQGHU OD[DV SRU
FRPSOHWR
3XGLHURQKDFHUOR"SUHJXQWp
1R DGPLWLy 3DXO 3HUR WXYLPRV XQD
LGHDGHFyPRVHUiFXDQGROOHJXHPRVDHVHSXQWR
(V UHDOPHQWH WDQ GLItFLO" SUHJXQWp
SHUSOHMR
$O SULQFLSLR SDUHFH IiFLO \ VLQ HPEDUJR
QLQJXQR GH QRVRWURV IXp FDSD] GH KDFHUOR FRQ

UHIOHMDUVHPHMDQWHSDOR"
3RU OR YLVWR VHJ~Q 3DXO QR WXYLHURQ p[LWR
DOJXQR HQ OD OHFFLyQ GH KR\ FRQVLVWHQWH HQ XQ
VLPSOH \ ~QLFR HMHUFLFLR OHYDQWDU XQ EUD]R
XWLOL]DQGRORVP~VFXORVGHOKRPEURLQGLVSHQVDEOHV
SDUD HVD DFFLyQ FRPR WDPSRFR WXYLHURQ p[LWR HQ
ORV HMHUFLFLRV VLPLODUHV FRQ HO FRGR OD PXxHFD \
ODV GLVWLQWDV DUWLFXODFLRQHV GH OD PDQR SXHV
HQWUDED HQ MXHJR WRGD OD PDQR /R TXH SHRU
KLFLHURQIXpHOHMHUFLFLRGHPRYHUWRGDVODVSDUWHV
GHO EUD]R SRU WXUQR GHVGH HO KRPEUR KDVWD ODV
SXQWDVGHORVGHGRV\GHVGHpVWRVKDVWDHOKRPEUR
SRURHUDQDWXUDO6LQRKDEtDQORJUDGRp[LWRFRQHO
HMHUFLFLR SDUFLDO PDO SRGUtDQ WHQHUOR FRQ HO
HMHUFLFLRFRPSOHWRPXFKRPiVGLItFLOGHVGHOXHJR
(Q UHDOLGDG 7RUWVRY QR GHPRVWUy HVRV
HMHUFLFLRVFRQODLGHDGHTXHORVKLFLpUDPRVHQHO
DFWR6XSURSyVLWRIXpERVTXHMDUHOSODQGHWUDEDMR
JHQHUDO TXH HO DVLVWHQWH KDUi FRQ QRVRWURV HQ VX
FXUVR GHHMHUFLFLR \ GLVFLSOLQD 7DPELpQ HQVHxy
HMHUFLFLRV SDUD KDFHU FRQ HO FXHOOR HQ FXDOTXLHU

iQJXORFRQODHVSDOGDODFLQWXUDSLHUQDVHWF
0iVWDUGHYLQR/HR(VWXYREDVWDQWHELHQDO
KDFHUWRGRVORVHMHUFLGRVTXH3DXOKDEtDGHVFULSWR
HVSHFLDOPHQWHHOGHGREODU\HQGHUH]DUODHVSDOGD
DUWLFXODFLyQSRUDUWLFXODFLyQHPSH]DQGRFRQODGH
DUULEDHQODEDVHGHOFUiQHRSDUDEDMDUGHVSXpV
7DPSRFR HVR HV WDQ VHQFLOOR 6yOR IXL FDSD] GH
SHUFLELU WUHV OXJDUHV HQ ORV FXDOHV GREOp OD
HVSDOGD\WHQHPRVYHLQWLFXDWURYHUWHEUDV
'HVSXpV TXH 3DXO \ /HR VH IXHURQ HQWUy HO
JDWR\FRQWLQXpREVHUYiQGROHHQSRVWXUDVGLVWLQWDV
SRFR FRPXQHV H LQGHVFULSWLEOHV &XDQGR OHYDQWD
ODV ]DUSDV R GHVSOLHJD VXV JDUUDV WHQJR OD
VHQVDFLyQGHTXHHVWiXVDQGRJUXSRVGHP~VFXORV
HVSHFLDOPHQWHDGDSWDGRVDHVHPRYLPLHQWR<RQR
HVWR\ KHFKR GH HVD PDQHUD QR SXHGR QL VLTXLHUD
PRYHUHOFXDUWRGHGRSRUVtVRORSRUTXHHOWHUFHUR
\HOTXLQWRVHPXHYHQDOXQtVRQR
(O GHVDUUROOR DFDEDGR \ OD SUHFLVLyQ GH OD
WpFQLFD GHO P~VFXOR WDO FRPR H[LVWHQ HQ DOJXQRV

PXVFXODUHV QR SXHGH VHQWLU OLEHUWDG DOJXQD HQ HO


HVFHQDULRQLSXHGHWHQHUYLGDSURSLD6LHVGLItFLO
KDFHU XQD VHQFLOOD PXOWLSOLFDFLyQ PLHQWUDV VH
VRVWLHQH XQ SLDQR FXiQWR PiV LPSRVLEOH GHEH VHU
H[SUHVDU ODV GHOLFDGDV HPRFLRQHV GH XQ SDSHO
FRPSOLFDGR 4Xp EXHQD OHFFLyQ QRV GLR HO
GLUHFWRU HQ DTXHOOD UHSUHVHQWDFLyQ GH SUXHED
FXDQGRKLFLPRVWRGRORPDORFRQXQDVHJXULGDGWDQ
SHUIHFWD
)Xp XQD PDQHUD VDELD \ FRQYLQFHQWH GH
SUREDUVXSXQWRGHYLVWD

DQLPDOHV HV SDUD QRVRWURV LQDOFDQ]DEOH 1LQJXQD


WpFQLFD SXHGH ORJUDU WDO SHUIHFFLyQ HQ HO FRQWURO
PXVFXODU &XDQGR HVWH JDWR GD XQ ]DUSD]R D PL
GHGR SDVD LQVWDQWiQHDPHQWH GHO UHSRVR WRWDO DO
PiV UiSLGR GH ORV PRYLPLHQWRV \ PX\ GLItFLO GH
VHJXLU\VLQHPEDUJRTXpHFRQRPtDGHHQHUJtD\
FRQ FXiQWD DWHQFLyQ HVWi GLVWULEXLGD &XDQGR VH
SUHSDUDSDUDKDFHUXQPRYLPLHQWRSDUDVDOWDUSRU
HMHPSOR QR GHVSHUGLFLD IXHU]D DOJXQD HQ
FRQWUDFFLRQHV VXSHUIOXDV UHVHUYD WRGD VX HQHUJtD
SDUD ODQ]DUOD HQ XQ PRPHQWR GDGR KDFLD HO SXQWR
HQ TXH VHUi QHFHVDULD 3RU HVR VXV PRYLPLHQWRV
VRQWDQVHJXURVELHQGHILQLGRV\SRGHURVRV
3DUDSUREDUPHDPtPLVPRFRPHQFpDDQGDU
FRQ PRYLPLHQWRV TXH TXHUtDQ VHU IHOLQRV ORV
PLVPRVTXHXWLOLFpSDUDUHSUHVHQWDU2WHOR&XDQGR
KDEtD GDGR XQ SDVR WRGRV PLV P~VFXORV VH
HQGXUHFLHURQ\UHFRUGpFRQOXFLGH]FyPRPHKDEtD
VHQWLGR HQ OD UHSUHVHQWDFLyQ GH SUXHED \
FRPSUHQGt FXiO KDEtD VLGR HQ HVH PRPHQWR PL
SULQFLSDOHUURU8QDSHUVRQDWXOOLGDTXHVLHQWHOD
WRWDOLGDG GH VX FXHUSR HQ DJRQtD GH HVSDVPRV

&DStWXOR9,,
8QLGDGHV\2EMHWLYRV

KLMRV HVWiQ IDPLOLDUL]DGRV FRQ HVDV H[SUHVLRQHV


WpFQLFDV

&XDQGR OOHJDPRV KR\ DO DXGLWRULR QRV


HQIUHQWDPRV FRQ XQ OHWUHUR HQ GRQGH HVWDEDQ
HVFULWDV HVWDV SDODEUDV 81,'$'(6 <
2%-(7,926

0XFKDFKR GLMR VRQULHQGR FXDQGR OD


GRQFHOOD SXVR HQ IUHQWH GH pO XQ JUDQ SDYR
,PDJLQHQTXHHVWRQRHVXQSDYRVLQRXQDREUDGH
FLQFR DFWRV(O LQVSHFWRU JHQHUDO 3XHGHQ
GHVSDFKDUORGHXQERFDGR"1RSXHVQRVHSXHGH
DFDEDU GH XQ VROR ERFDGR FRQ XQ SDYR R FRQ XQD
REUDGHFLQFRDFWRV3RUORWDQWRGHEHQWULQFKDUOR
HQ JUDQGHV WUR]RV FRPR pVWH FRUWDQGR ODV
SDWDV ODV DODV \ SDUWHV WLHUQDV GHO DVDGR \
FRORFiQGRODVHQXQSODWRYDFtR 

(OGLUHFWRUQRVFRQJUDWXOySRUKDEHUOOHJDGR
D XQD QXHYD H LPSRUWDQWH IDVH GH QXHVWUD ODERU
H[SOLFDQGROXHJRHOVLJQLILFDGRTXHWHQtDSDUDpOHO
YRFDEORXQLGDGHV\FyPRXQDREUD\XQSDSHOVH
GLYLGHQ HQ VXV HOHPHQWRV 7RGR OR TXH GLMR IXp
FRPR VLHPSUH FODUR H LQWHUHVDQWH 1R REVWDQWH
DQWHV GH HVFULELU VREUH HVR TXLHUR DQRWDU OR TXH
VXFHGLyGHVSXpVTXHWHUPLQyODOHFFLyQSRUTXHPH
D\XGy D DSUHFLDU PiV SOHQDPHQWH OR TXH KDEtD
H[SOLFDGR
)XLLQYLWDGRSRUSULPHUDYH]DFRPHUHQOD
FDVDGHOWtRGH3DXOHOIDPRVRDFWRU6KXVWRY1RV
SUHJXQWy TXp KDFtDPRV HQ OD HVFXHOD \ 3DXO
UHVSRQGLy TXH KDEtDPRV OOHJDGR DO HVWXGLR GH
XQLGDGHV\REMHWLYRV1DWXUDOPHQWHTXHpO\VXV

SODWRUHFLWDEDODVSULPHUDVOtQHDVGH(OLQVSHFWRU
JHQHUDOFRQYR]XQSRFRJUDYHHLQVHJXUD
&DEDOOHURV ORV KH UHXQLGR SDUD GDUOHV
XQDQRWLFLDVXPDPHQWHGHVDJUDGDEOH
(XJHQLR GLMR HO VHxRU 6KXVWRY D VX
VHJXQGR KLMR DTXt HVWi OD HVFHQD FRQ HO
DGPLQLVWUDGRU GH &RUUHRV < DKRUD ,JRU \
7HRGRURODHVFHQDHQWUH%yEFKLQVNL\'yEFKLQVNL
8VWHGHVGRVFKLFDVSXHGHQKDFHUODSDUWHHQWUHOD
HVSRVD\ODKLMDGHOPD\RU
7UiJXHQORRUGHQy\HOORVVHDEDODQ]DURQ
VREUHODFRPLGDHPSXMDQGRJUDQGHVWUR]RVGHQWUR
GH VXV ERFDV DO SXQWR GH DWUDJDQWDUVH GH PDOD
PDQHUD 'HVSXpV GH OR FXDO HO VHxRU 6KXVWRY OHV
SUHYLQRTXHGHEtDQFRUWDUODVSUHVDVHQWUR]RVPiV
\PiVILQRVVLIXHUDQHFHVDULR4XpFDUQHGXUD\
VHFD H[FODPy GH SURQWR GLULJLpQGRVH D VX
HVSRVD
'DOH VDERU DJUHJDQGR XQ LQYHQWR GH OD

$KtWLHQHQODVSULPHUDVJUDQGHVGLYLVLRQHV
3HUR WRGDYtD QR SXHGHQ WUDJDU VHPHMDQWHV WUR]RV
3RU HVR GHEHQ FRUWDUORV HQ RWURV PiV SHTXHxRV
FRPR pVWH \ GHVFR\XQWy HO DYH PiV WRGDYtD
3DVDWXSODWRGLMRHOVHxRU6KXVWRYDOKLMRPD\RU
 +D\ SDUD WL XQ JUDQ WUR]R (VD HV OD HVFHQD
SULPHUD
$ OR TXH HO PXFKDFKR PLHQWUDV SDVDED HO

LPDJLQDFLyQGLMRXQRGHORVPXFKDFKRV
2 ELHQ GLMR RWUR SDViQGROH OD VDOVHUD
FRQXQDVDOVDGHPiJLFRVVtHV3HUPLWHDODXWRU
SUHVHQWDUVXVFLUFXQVWDQFLDVGDGDV
<DTXtDxDGLyXQDGHODVKLMDVGiQGROH
XQRVUiEDQRVDOJRGHSDUWHGHOUpJLVVHXU
0iVSLFDQWHTXHHOSURSLRDFWRUSRQH
LQWHUFDOyXQRGHORVPXFKDFKRVHVSROYRUHDQGROD
FDUQHFRQSLPLHQWD
$OJR GH PRVWD]D GH OD DUWLVWD GH OD
L]TXLHUGD"DxDGLyODPiVSHTXHxDGHODVQLxDV
7tR 6KXVWRY URFLy OD FDUQH FRQ VDOVD
SUHSDUDGDFRQORVRIUHFLPLHQWRVGHORVQLxRV
(VWRHVWiEXHQRGLMR+DVWDHVWDVXHOD
SDUHFH TXH HV FDUQH (VR HV OR TXH GHEHQ KDFHU
XVWHGHVFRQORVWUR]RVGHVXSDUWHHPSDSDUORVPiV
\ PiV HQ OD VDOVD GH ODV FLUFXQVWDQFLDV GDGDV
&XDQWRPiVVHFRHOSDSHOPiVVDOVDQHFHVLWD



'HMp D ORV 6KXVWRY FRQ OD FDEH]D OOHQD GH
LGHDVDFHUFDGHODVXQLGDGHV7DQSURQWRFRPRPL
DWHQFLyQ IXp GLULJLGD KDFtD HVWH SXQWR FRPHQFp D
EXVFDUPRGRVGHOOHYDUDFDERHVWDQXHYDLGHD
&XDQGR OHV GL ODV EXHQDV QRFKHV PH GLMH
8QD SDUWH %DMDQGR ODV HVFDOHUDV PH TXHGp
SHUSOHMRFRQWDUtDFDGDHVFDOyQFRPRXQDXQLGDG"
/RV 6KXVWRY YLYHQ HQ HO WHUFHU SLVR VHVHQWD
HVFDORQHV  VHVHQWD XQLGDGHV &RQ HVD EDVH
WHQGUtD TXH FRQWDU FDGD SDVR HQ HO FDPLQR \
GHFLGtTXHWRGRHODFWRGHEDMDUODHVFDOHUDHUDXQD
SDUWH\HOFDPLQDUDFDVDRWUD
< HO DEULU OD SXHUWD GH FDOOH VHUtD XQD R
YDULDV XQLGDGHV" 0H GHFLGt SRU YDULDV 3DUD
HPSH]DUEDMpODVHVFDOHUDVGRVXQLGDGHVWRPpHO

DFXPXODUtD XQ SURPHGLR GH YDULRV PLOHV GH


XQLGDGHV \ WRGR VHUtD XQ HPEUROOR SRU HVR GHEH
KDEHUDOJXQDPDQHUDGHOLPLWDUODVSHURFXiO"



+R\ OH KDEOp VREUH HVWR DO GLUHFWRU 6X
UHVSXHVWDIXp
6H OH SUHJXQWy D FLHUWR SLORWR VL GH XQD
JUDQ H[WHQVLyQ SRGtD UHFRUGDU WRGRV ORV
SRUPHQRUHV GH XQD FRVWD FRQ VXV DFFLGHQWHV
JROIRV\VDOLHQWHVDORTXHFRQWHVWy1DGDWHQJR
TXHYHUFRQHOORV\RVLJRHOFDQDO
(V SRU HVR PLVPR TXH HO DFWRU QR GHEH
DYDQ]DUSRUHQWUHXQDPXOWLWXGGHSRUPHQRUHVVLQR
SRU DTXHOODV XQLGDGHV LPSRUWDQWHV TXH FXDO
VHxDOHV GHOLPLWDQ HO FDQDO \ OR PDQWLHQHQ HQ OD
YHUGDGHUDOtQHDFUHDGRUD6LOHWRFDUHSUHVHQWDUVX
GHVSHGLGD GH ORV 6KXVWRY WHQGUi TXH GHFLUVH

SLFDSRUWH GH OD SXHUWD WUHV OR GL YXHOWD FXDWUR


DEUt OD SXHUWD FLQFR FUXFp HO XPEUDO VHLV FHUUp
ODSXHUWDVLHWHVROWpHOSLFDSRUWHRFKRIXLDFDVD
QXHYH
(PSXMp D DOJXLHQ QR HVR IXp XQ DFFLGHQWH
QRXQDXQLGDG 0HGHWXYHIUHQWHDXQDOLEUHUtD<
DKRUD" &RQWDUtD OD OHFWXUD GH FDGD XQR GH ORV
WtWXORV R HQJOREDUtD HVH PRPHQWR HQ XQD XQLGDG"
'HFLGtFRQVLGHUDUORFRPRXQDORTXHKL]RXQWRWDO
GHGLH]
0LHQWUDVPHGHVYHVWtD\DHQFDVDWRPDEDHO
MDEyQSDUDODYDUPHODVPDQRVFRQWDEDGRVFLHQWRV
VLHWH0HODYpODVPDQRVGRVFLHQWRVRFKRGHMpHO
MDEyQ GRVFLHQWRV QXHYH HQMXDJXp HO ODYDWRULR
GRVFLHQWRVGLH])LQDOPHQWHPHPHWtHQODFDPD\
PHFXEUtFRQODVFRELMDVGRVFLHQWRVGLHFLVpLV
3HUR\DKRUDTXp"7HQtDODFDEH]DOOHQDGH
SHQVDPLHQWRV (UD FDGD XQR XQD XQLGDG" 6L VH
GHELHUDLUGHVGHHOSULQFLSLRDOILQGHXQDWUDJHGLD
HQ FLQFR DFWRV FRPR2WHORVREUHHVWDVEDVHVVH

$QWH WRGR TXp HVWR\ KDFLHQGR" 6X UHVSXHVWD


\HQGR D FDVD OH GD OD FODYH SDUD HO REMHWLYR
SULQFLSDO
'XUDQWH HO UHJUHVR VLQ HPEDUJR KXER
SDUDGDV6HGHWXYRHQXQSXQWRHKL]RDOJR3RUOR
YLVWR HOPLUDU XQD YLGULHUD HV XQD XQLGDG
LQGHSHQGLHQWH DO UHWRPDU VX FDPLQR YROYLy D OD
SULPHUDXQLGDG
)LQDOPHQWH OOHJy D VX FDVD \ VH GHVYLVWLy
(VDIXpRWUDSDUWH&XDQGRVHDFRVWy\FRPHQ]yD
SHQVDUHPSH]yRWUDXQLGDG
+HPRV DFRUWDGR HO WRWDO GH XQLGDGHV GH
GRVFLHQWDVDFXDWUR6RQODVTXHPDUFDQVXFDQDO
FDVD

-XQWDVFUHDQXQREMHWLYRPiVDPSOLRHOLUD

,PDJLQH TXH HVWp UHSUHVHQWDQGR OD SULPHUD


SDUWH9DSDUDVXFDVD\QRKDFHPiVTXHFDPLQDU\
FDPLQDU 2 OD VHJXQGD SDUWH SDUDGR IUHQWH D XQD
YLGULHUDVHOLPLWDDHVWDUSDUDGR(QODWHUFHUDVH

ODYD\HQODFXDUWDVHDFXHVWD1DGDPiV6tKDFH
HVR VX DFWXDFLyQ VHUi SHVDGD PRQyWRQD SRU OR
TXH HO GLUHFWRU LQVLVWLUi HQ XQ GHVDUUROOR PXFKR
PiV GHWDOODGR GH FDGD SDUWH TXH OR REOLJDUi D
GLYLGLUFDGDXQLGDGHQSRUPHQRUHVPiVSHTXHxRV
\UHSURGXFLUORVPiVFODUD\PLQXFLRVDPHQWH
6L HVD" GLYLVLRQHV PiV SHTXHxDV UHVXOWDQ
WRGDYtDPX\PRQyWRQDVWHQGUiTXHUHGXFLUODVPiV
KDVWD TXH VX FDPLQDWD SRU OD FDOOH UHIOHMH ORV
SRUPHQRUHV WtSLFRV GH WDO DFWR HQFXHQWUR FRQ
DPLJRVXQVDOXGRREVHUYDFLyQGHORTXHRFXUUHD
VX DOUHGHGRU WUDQVH~QWH TXH HPSXMDQ DO FDPLQDU
HWFpWHUD

5HFXHUGHQ VLHPSUH DGYLUWLy TXH OD


GLYLVLyQ HV WHPSRUDULD (O SDSHO \ OD REUD QR
GHEHQ SHUPDQHFHU HQ IUDJPHQWRV 8QD HVWDWXD
TXHEUDGDRXQDWHODWUXQFDQXQFDFRQVWLWX\HQXQD
REUD GH DUWH SRU PiV EHOODV TXH VHDQ VXV SDUWHV
6yOR HQ OD SUHSDUDFLyQ GHO SDSHO VH XWLOL]DQ ODV
SHTXHxDV XQLGDGHV TXH GXUDQWH VX YHUGDGHUD
FUHDFLyQVHIXVLRQDQHQJUDQGHVXQLGDGHV&XDQWR
PHQRV \ PiV JUDQGHV VHDQ ODV GLYLVLRQHV PHQRV
WUDEDMR WHQGUiQ \ OHV VHUi PiV IiFLO PDQHMDU HO
SDSHOFRPSOHWR

$QDOL]yOXHJRHOGLUHFWRUODVFRVDVVREUHODV
TXH HO WtR GH 3DXO KDEtD KDEODGR \ QR SXGLPRV
GHMDUGHVRQUHtUDOUHFRUGDUHOSDYR

/RV DFWRUHV FRQTXLVWDQ FRQ IDFLOLGDG HVDV


JUDQGHVGLYLVLRQHVVLORKDFHQDIRQGR&RORFDGDV
DORODUJRGHODREUDWRPDQHOOXJDUGHODVER\DV
TXH PDUFDQ HO FDQDO TXH D VX YH] VHxDOD HO
YHUGDGHUR FDXFH GH OD FUHDFLyQ \ KDFH SRVLEOH
HYLWDUOHVOXJDUHVGHSRFRFDODGR\ORVHVFROORV

/DV SDUWHV PiV JUDQGHV VH UHGXFHQ D


WDPDxR PHGLDQR pVWDV D VX YH] VH KDFHQ
SHTXHxDV\ILQDOPHQWHPiVSHTXHxDVWRGDYtDSDUD
OXHJRLQYHUWLUHOSURFHVR\YROYHUDUHXQLUHOWRGR

'HVJUDFLDGDPHQWH PXFKRV DFWRUHV KDFHQ


FDVR RPLVR GH HVWH FDQDO 6RQ LQFDSDFHV GH
DQDOL]DU XQD REUD \ SRU HVR VH YHQ IRU]DGRV D
PDQHMDU SRUPHQRUHV VXSHUILFLDOHV TXH QR JXDUGDQ

UHODFLyQHQWUHVtGHWDOPDQHUDTXHORVFRQIXQGHQ\
OHVKDFHQSHUGHUHOVHQWLGRGHOWRGR

'H DFXHUGR GLMR HO GLUHFWRU SHUR QR


HVVXILFLHQWH'HEtKDEHUXQIRQGRDSURSLDGRSDUD
HVD RFXUUHQFLD WUDJLFyPLFD LPDJLQDGD SRU *RJRO
(VWH HV VXPLQLVWUDGR SRU SLFDURV GHO WLSR GHO
PD\RUORVVXSHULQWHQGHQWHVGHYDULRVLQVWLWXFLRQHV
S~EOLFDV HO SDU GH FKLVPRVDV HWFpWHUD 3RU OR
WDQWR HVWDPRV REOLJDGRV D LQIHULU TXH OD REUD QR
H[LVWLUtD VLQ .OHVWDNyY \ ORV LQJHQXRV KDELWDQWHV
GHOSXHEOR

1R WRPHQ D WDOHV DFWRUHV SDUD PRGHOR1R


GLYLGDQ XQD REUD PiV GH OR QHFHVDULR \ QR
XWLOLFHQ SRUPHQRUHV FRPR JXtD &UHHQ XQ FDQDO
GHOLQHDGRSRUJUDQGHVGLYLVLRQHVTXHKD\DQVLGR
WRWDOPHQWHORJUDGDV\UHDOL]DGDVKDVWDHO~OWLPR
SRUPHQRU
/D WpFQLFD GH OD GLYLVLyQ HV
FRPSDUDWLYDPHQWH VHQFLOOD 8VWHGHV VH SUHJXQWDQ
&XiO HV OD HVHQFLD GH OD REUD DTXHOOR VLQ OR
FXDO QR SXHGH H[LVWLU" 5HSDVDQ HQWRQFHV ORV
SXQWRV SULQFLSDOHV VLQ HQWUDU HQ SRUPHQRUHV
'LJDPRV TXH HVWDPRV HVWXGLDQGR OD REUD GH
*RJRO(OLQVSHFWRUJHQHUDO4XpHVORHVHQFLDOHQ
HOOD"
(OLQVSHFWRUJHQHUDOGLMR9DQ\D
2 WDO YH] HO HSLVRGLR FRQ .OHVWDNyY
FRUULJLy3DXO

4Xp PHV UHVXOWD QHFHVDULR SDUD OD REUD"


FRQWLQXy
(O URPDQWLFLVPR WRQWR \ ORV GHYDQHRV
SURYLQFLDQRVFRPRHOGHODHVSRVDGHOPD\RUTXH
DFHOHUy HO FRPSURPLVR GH VX KLMD \ WUDVWRUQy DO
SXHEORHQWHURVXJLULyDOJXLHQ
/DFXULRVLGDGGHOGLUHFWRUGH&RUUHRV\OD
FRUGXUD GH 2VVLS DxDGLy RWUR HVWXGLDQWH (O
VRERUQR OD FDUWD OD OOHJDGD GHO YHUGDGHUR
LQVSHFWRU

+DQ GLYLGLGR OD REUD HQ VXV SULQFLSDOHV


HSLVRGLRV RUJiQLFRV VXV XQLGDGHV PiV JUDQGHV
([WUDLJDQ DKRUD GH HVWDV XQLGDGHV VX FRQWHQLGR
HVHQFLDO\WHQGUiQODHVWUXFWXUDLQWHULRUGHODREUD
FRPSOHWD &DGD XQLGDG JUDQGH VH GLYLGH HQ
FDPELR HQ SDUWHV PHGLDQDV \ SHTXHxDV 3DUD
GHWHUPLQDUHVWDVGLYLVLRQHVDPHQXGRHVQHFHVDULR
FRPELQDUYDULDVXQLGDGHVSHTXHxDV
7LHQHQ DKRUD XQD QRFLyQ JHQHUDO GH FyPR
GLYLGLU XQD REUD HQ VXV XQLGDGHV FRPSRQHQWHV \
FyPRWUD]DUXQFDQDOTXHORVJXtHDWUDYpVGHHOOD
GLMR7RUWVRYFRQFOX\HQGR


&DGD REMHWLYR HV XQD SDUWH RUJiQLFD GH OD


XQLGDGHVGHFLUTXHFUHDODXQLGDGTXHORURGHD
(V WDQ LPSRVLEOH LQ\HFWDU REMHWLYRV
H[WUDxRV HQ XQD REUD FRPR SRQHU GHQWUR GH ODV
XQLGDGHVDOJRTXHQRVHUHODFLRQHFRQHOODSRUTXH
ORV REMHWLYRV GHEHQ IRUPDU XQD FRUULHQWH OyJLFD \
FRKHUHQWH'DGRHVWHPLWRGLUHFWR\RUJiQLFRWRGR
OR TXH VH KD GLFKR VREUH ODVXQLGDGHV VH DSOLFD
LJXDOPHQWHDORVREMHWLYRV
6LJQLILFD HVR TXH GHEHQ WDPELpQ
GLYLGLUVH HQ JUDGRV PD\RUHV \ PHQRUHV"
SUHJXQWp
6tUHDOPHQWHGLMR


/D GLYLVLyQ GH OD REUD HQ XQLGDGHV SDUD
HVWXGLDUVXHVWUXFWXUDWLHQHXQSURSyVLWRH[SOLFy
KR\ HO GLUHFWRU +D\ XQD UD]yQ LQWHULRU PXFKR
PiV LPSRUWDQWH (Q HO IRQGR GH FDGD XQLGDG \DFH
XQREMHWLYRFUHDGRU

SUHSDUDUOR (YLWDQGR OD DFFLyQ \ HQFDUDQGR HO


UHVXOWDGR GLUHFWDPHQWH REWLHQHQ XQ SURGXFWR
IRU]DGR TXH VyOR SXHGH OOHYDUORV D XQD PDOD
DFWXDFLyQ
7UDWHQGHHYLWDUHVIRU]DUVHSRUHOUHVXOWDGR
$FW~HQ FRQ ILGHOLGDG SOHQLWXG H LQWHJULGDG GH
SURSyVLWR3XHGHQGHVDUUROODUHVWHWLSRGHDFFLyQ
HOLJLHQGR REMHWLYRV YLYRV 3ODQWpHQVH DKRUD XQ
SUREOHPDDVt\HMHF~WHQORVXJLULy
0LHQWUDV 0DUtD \ \R OR SHQViEDPRV VH QRV
DFHUFy3DXOFRQODVLJXLHQWHSURSRVLFLyQ
6XSRQJDPRV TXH ORV GRV QRV KHPRV
HQDPRUDGR GH 0DUtD \ OH KHPRV SURSXHVWR
PDWULPRQLR4XpKDUtDPRV"
7UD]DPRV SULPHUR XQ SODQ JHQHUDO GHVSXpV
OR GLYLGLPRV HQ YDULDV XQLGDGHV \ REMHWLYRV FDGD
XQR GH ORV FXDOHV SRU WXUQR GDED RULJHQ D OD
DFFLyQ &XDQGR ODQJXLGHFtD QXHVWUD DFWLYLGDG
DxDGLPRV QXHYDV VXSRVLFLRQHV \ WXYLPRV QXHYRV

< TXp SDVD FRQ HO FDQDO" YROYt D


SUHJXQWDU
(O REMHWLYR VHUi OD OX] TXH OHV PXHVWUH HO
EXHQFDPLQRH[SOLFyHOGLUHFWRU(OHUURUTXH
PXFKRV DFWRUHV FRPHWHQ HV HO GH SHQVDU HQ HO
UHVXOWDGR HQ YH] GH SHQVDU HQ OD DFFLyQ TXH GHEH

SUREOHPDVTXHUHVROYHU%DMRODLQIOXHQFLDGHHVWD
FRQVWDQWHSUHVLyQQRVDEVRUELPRVWDQWRHQORTXH
HVWiEDPRV KDFLHQGR TXH QR QRWDPRV TXH HO WHOyQ
KDEtD VLGR OHYDQWDGR \ TXH HVWiEDPRV HQ HO
HVFHQDULRYDFtRGHWRGRGHFRUDGR
(OGLUHFWRUVXJLULyTXHFRQWLQXiUDPRVQXHVWUD
ODERU DOOt DVt OR KLFLPRV \ FXDQGR WHUPLQDPRV
GLMR
5HFXHUGDQ XQD GH QXHVWUDV SULPHUDV
OHFFLRQHV FXDQGR OHV SHGt TXH VXELHUDQ DO
HVFHQDULR YDFtR \ DFWXDUDQ" 1R VXSLHURQ TXp
KDFHU VLQR GDU WXPERV LPSRWHQWHV FRQ IRUPDV \
SDVLRQHVH[WHUQDV3HURKR\DSHVDUGHOHVFHQDULR
YDFtR VH VLQWLHURQ SRU FRPSOHWR OLEUHV \ VH
PRYLHURQFRQIDFLOLGDG4XpOHVD\XGyDHOOR"
/RV REMHWLYRV DFWLYRV LQWHUQRV GLMLPRV
3DXO\\R
$Vt HV DVLQWLy SRUTXH VRQ HOORV ORV
TXHGLULJHQDODFWRUSHUHOEXHQFDPLQR\OHHYLWDQ

DFWXDUHQIDOVR(VHOREMHWLYRHOTXHOHLQIXQGHIH
HQVXGHUHFKRGHOOHJDUDOHVFHQDULR\SHUPDQHFHU
HQpO

FRUUHFWRV

3RUGHVJUDFLDHOH[SHULPHQWRGHKR\QRKD
VLGR GHO WRGR FRQYLQFHQWH /RV REMHWLYRV TXH
DOJXQRV GH XVWHGHV KDQ HVWDEOHFLGR KDQ VLGR
HOHJLGRVSRUORTXHUHSUHVHQWDQ\QRSRUVXPRWLYR
LQWHULRUGHDFFLyQ(VRDFDEDHQHQJDxR\DODUGH
2WURV WRPDURQ REMHWLYRV SXUDPHQWH H[WHUQRV
UHODFLRQDGRV FRQ HO H[KLELFLRQLVPR 3RU OR TXH
UHVSHFWDD*ULVKDVXSURSyVLWRIXpFRPRVLHPSUH
HOGHKDFHUTXHVXWpFQLFDEULOODUD(VRHVVyORVHU
HVSHFWDFXODU \ QR SXHGH WHUPLQDU HQ QLQJ~Q
YHUGDGHURHVWtPXORSDUDODDFFLyQ(OREMHWLYRGH
/HR IXp PX\ EXHQR SHUR GHPDVLDGR H[FOXVLYLVWD
LQWHOHFWXDO\OLWHUDULR

'HILQLUtD ORV REMHWLYRV FRUUHFWRV GLMR


GHODPDQHUDVLJXLHQWH

(Q HO HVFHQDULR HQFRQWUDPRV LQQXPHUDEOHV


REMHWLYRV \ QR WRGRV HOORV VRQ QHFHVDULRV R
EXHQRVHQUHDOLGDGPXFKRVVRQSHUMXGLFLDOHV(O
DFWRU GHEH DSUHQGHU D UHFRQRFHU OD FDOLGDG SDUD
HYLWDU OR LQ~WLO \ HOHJLU REMHWLYRV HVHQFLDOPHQWH

&yPRSRGHPRVFRQRFHUORV"SUHJXQWp


  'HEHQ HVWDU GH HVWH ODGR GH ODV
FDQGLOHMDVGLULJLGRVDORVRWURVDFWRUHV\QRKDFLD
ORVHVSHFWDGRUHV
  'HEHQ VHU SHUVRQDOHV \ QR REVWDQWH
DQiORJRV D ORV GHO SHUVRQDMH TXH HVWiQ
UHSUHVHQWDQGR
 'HEHQVHUFUHDGRUHV\DUWtVWLFRVSXHVVX
IXQFLyQVHUiODGHUHDOL]DUHOILQPiVLPSRUWDQWHGH
QXHVWUR DUWH FUHDU OD YLGD GH XQ DOPD KXPDQD \
H[SUHVDUODHQIRUPDDUWtVWLFD
  6HUiQ UHDOHV YLYRV \ KXPDQRV QR
PXHUWRVFRQYHQFLRQDOHVRWHDWUDOHV

  6HUiQ YHUGDGHURV GH PRGR TXH XVWHGHV


PLVPRVORVDFWRUHVTXHFRQXVWHGHVUHSUHVHQWHQ\
HOS~EOLFRSXHGDQFUHHUHQHOORV

$GPLWLPRV WUHV WLSRV GH REMHWLYRV HO


H[WHULRURItVLFRHOLQWHULRURSVLFROyJLFR\HOWLSR
UXGLPHQWDULRSVLFROyJLFR

  'HEHUiQ WHQHU OD FXDOLGDG GH DWUDHU \


HPRFLRQDUDODFWRU

9DQ\D H[SUHVy VX FRQVWHUQDFLyQ DQWH HVWDV


H[SUHVLRQHVGLItFLOHVDORTXHHOGLUHFWRUH[SOLFy
VXVLJQLILFDGRFRQXQHMHPSOR

 'HEHUiQVHUQHWRV\WtSLFRVGHOSDSHOTXH
HVWiQ UHSUHVHQWDQGR 1R WROHUDUiQ YDJXHGDGHV
'HEHQ VHU QtWLGDPHQWH WHMLGRV GHQWUR GH OD
HVWUXFWXUDGHOSDSHOTXHOHVWRFDUHSUHVHQWDU
  'HEHUiQ WHQHU YDORU \ FRQWHQLGR SDUD
FRUUHVSRQGHU D OD HVHQFLD tQWLPD GHO SDSHO 1R
GHEHQVHUVXSHUILFLDOHVRKXHFRV
  6HUiQ DFWLYRV SDUD OOHYDU DGHODQWH HO
SDSHO\QRGHMDUORHVWDQFDGR
3HUPtWDQPH SUHYHQLUORV FRQWUD XQD IRUPD
SHOLJURVD GH REMHWLYR SXUDPHQWH PRWRU TXH
SUHGRPLQD HQ HO WHDWUR \ FRQGXFH D OD
UHSUHVHQWDFLyQPHFiQLFD

6XSRQJD TXH HQWUD HQ HVWH FXDUWR


FRPHQ]y \ PH VDOXGD FRQ XQD LQFOLQDFLyQ GH
FDEH]D\XQDSUHWyQGHPDQRV(VHHVXQREMHWLYR
PHFiQLFR RUGLQDULR \ QDGD WLHQH TXH YHU FRQ
SVLFRORJtD
(VWiPDO"LQWHUUXPSLy9DQ\D
(OGLUHFWRUVHDSUHVXUyDVDFDUORGHOHUURU
3RU VXSXHVWR SXHGH GHFLU FyPR HVWi
XVWHGSHURQRSXHGHDPDUVXIULURGLDURUHDOL]DU
QLQJ~Q REMHWLYR YLYR R KXPDQR HQ XQD IRUPD
SXUDPHQWH PHFiQLFD VLQ H[SHULPHQWDU QLQJ~Q
VHQWLPLHQWR

8Q FDVR GLIHUHQWH FRQWLQXyHV HO GH


VRVWHQHUODPDQR\WUDWDUGHH[SUHVDUVHQWLPLHQWRV
GHDPRUUHVSHWRRJUDWLWXGSRUPHGLRGHODSUHWyQ
GHPDQRV\ODPLUDGD$VtHVFRPRHMHFXWDPRVXQ
REMHWLYR RUGLQDULR \ VLQ HPEDUJR KD\ HQ pO XQ
HOHPHQWRSVLFROyJLFRSRUHVRQRVRWURVHQQXHVWUD
MHUJDORGHILQLPRVFRPRXQWLSRUXGLPHQWDULR
$TXt WHQHPRV XQ WHUFHU WLSR$\HU XVWHG \
\R WXYLPRV XQD GLVSXWD \ \R OH LQVXOWp
S~EOLFDPHQWH+R\DOHQFRQWUDUQRVGHVHRLUKDFLD
XVWHG \ RIUHFHUOH PL PDQR LQGLFDQGR FRQ HVWH
JHVWRTXHOHSLGRGLVFXOSDVDGPLWRTXHHVWXYHPDO
\ OH UXHJR TXH ROYLGH HO LQFLGHQWH (VWUHFKDU OD
PDQR GH PL HQHPLJR GH D\HU QR HV XQ SUREOHPD
VHQFLOOR 7HQGUp TXH SHQVDUOR FRQ GHWHQLPLHQWR
SDVDUSRUPXFKDVHPRFLRQHV\YHQFHUODVDQWHVGH
SRGHUKDFHUOR(VRHVORTXHOODPDPRVXQREMHWLYR
SVLFROyJLFR
2WURSXQWRLPSRUWDQWHDFHUFDGHXQREMHWLYR
HVTXHDGHPiVGHVHUFUHtEOHGHEHWHQHUDWUDFFLyQ
SDUDHODFWRUKDFHUOHGHVHDUOOHYDUORDFDER(VWH

3DUDHOS~EOLFR
2OYtGHVHGHOS~EOLFR\SLHQVHHQXVWHG
OHDFRQVHMy6LXVWHGHVWiLQWHUHVDGRHOS~EOLFR
OHVHJXLUi
3HURWDPSRFR\RHVWR\LQWHUHVDGRDGXMR
1LFROiV3UHIHULUtDDOJRSVLFROyJLFR
<D WHQGUi WLHPSR VXILFLHQWH SDUD HVR (V
GHPDVLDGR WHPSUDQR SDUD PH]FODUVH FRQ OD
SVLFRORJtD 3RU HO PRPHQWR OLPtWHVH D OR TXH HV
VHQFLOOR \ ItVLFR (Q FDGD REMHWLYR ItVLFR KD\
SVLFRORJtD\YLFHYHUVD1RODVSXHGHVHSDUDU3RU
HMHPSOR OD SVLFRORJtD GH XQ KRPEUH TXH YD D
VXLFLGDUVH HV H[WUHPDGDPHQWH FRPSOLFDGD (V
GLItFLO SDUD pO UHVROYHUVH D LU D OD PHVD VDFDU OD
OODYH GHO EROVLOOR DEULU HO FDMyQ WRPDU HO
UHYyOYHUFDUJDUOR\PHWHUVHXQDEDODHQODFDEH]D
7RGRV HVRV VRQ DFWRV ItVLFRV \ VLQ HPEDUJR
FXiQWD SVLFRORJtD FRQWLHQHQ 4XL]i IXHUD PiV
H[DFWR GHFLU TXH WRGRV VRQ DFWRV SVLFROyJLFRV
FRPSOLFDGRV 6LQ HPEDUJR FXiQWR GH ItVLFR KD\

PDJQHWLVPRHVXQGHVDItRSDUDVXGHVHRFUHDGRU
$ ORV REMHWLYRV TXH FRQWLHQHQ HVWDV
FXDOLGDGHVQHFHVDULDVORVOODPDPRVFUHDGRUHV(V
GLItFLO HVFRJHUORV /RV HQVD\RV VRQ GHGLFDGRV HQ
JUDQ SDUWH DO WUDEDMR GH HQFRQWUDU ORV REMHWLYRV
FRUUHFWRV D ORJUDU FRQWURODUORV \ YLYLU FRQ HOORV
(OGLUHFWRUVHYROYLyD1LFROiV
&XiOHVVXREMHWLYRHQHVDHVFHQDIDYRULWD
VX\DGH%UDQG"SUHJXQWy
6DOYDUDODKXPDQLGDGFRQWHVWy1LFROiV
*UDQ SURSyVLWR H[FODPy HO GLUHFWRU
FDVLULHQGR(VLPSRVLEOHFRPSUHQGHUORWRGRGH
XQD YH] 1RFUHH TXH SXGR KDEHU WRPDGR PiV
ELHQDOJ~QVLPSOHREMHWLYRItVLFR"
3HUR XQ REMHWLYR ItVLFR HV LQWHUHVDQWH"
SUHJXQWy1LFROiVFRQVRQULVDWtPLGD
,QWHUHVDQWH SDUD TXLpQ" GLMR HO
GLUHFWRU

HQHOORV
7RPHDKRUDXQHMHPSORGHOWLSRPiVVLPSOH
GH DFFLyQ FRUSRUDO VH DFHUFD D RWUD SHUVRQD \ OD
DERIHWHD 1R REVWDQWH VL OR YD D KDFHU FRQ
VLQFHULGDG SLHQVD HQ ODV LQWULQFDGDV VHQVDFLRQHV
SVLFROyJLFDV TXH GHEH H[SHULPHQWDU DQWHV GH VX
DFWR$SURYHFKHHOKHFKRGHTXHODGLYLVLyQHQWUH
HOORV HV YDJD 1R WUDWH GH GLEXMDU XQD OtQHD
GHPDVLDGR VXDYH HQWUH OD QDWXUDOH]D ItVLFD \ OD
HVSLULWXDO 5tMDVH SRU VXV LQVWLQWRV LQFOLQiQGRVH
VLHPSUHXQSRFRKDFLDORItVLFR
&RQYHQJDPRV HQ TXH SRU HO PRPHQWR QRV
OLPLWDUHPRV D ORV REMHWLYRV ItVLFRV 6RQ PiV
IiFLOHV DVHTXLEOHV \ RIUHFHQ PHMRUHV
SRVLELOLGDGHVGHHMHFXFLyQ$OKDFHUORUHGXFHQHO
ULHVJRGHFDHUHQXQDDFWXDFLyQIDOVD


(OSXQWRLPSRUWDQWHGHKR\IXpFyPRH[WUDHU
XQREMHWLYRGHXQDXQLGDGGHWUDEDMR(OPpWRGRHV
VLPSOH \ FRQVLVWH HQ HQFRQWUDU HO QRPEUH PiV
DSURSLDGR SDUD OD XQLGDG XQR TXH DOXGD D VX
tQWLPDHVHQFLD
3DUD TXp WRGRV HVWRV EDXWLVPRV"
SUHJXQWy*ULVKDFRQLURQtD
(OGLUHFWRUUHSOLFy
7LHQH LGHD GH OR TXH UHSUHVHQWD HQ
UHDOLGDG XQ QRPEUH FRUUHFWR SDUD XQD XQLGDG"
6LJQLILFD KDEHU KDOODGR VX FXDOLGDG HVHQFLDO \
SDUD REWHQHUOR GHEH VRPHWHU OD XQLGDG D XQ
SURFHVR GH FULVWDOL]DFLyQ 3DUD HVH FULVWDO XVWHG
KDKDOODGRXQQRPEUH
(O QRPEUH FRUUHFWR TXH FULVWDOL]D OD
HVHQFLD GH XQD XQLGDG GHVFXEUH VX REMHWLYR
IXQGDPHQWDO
3DUDGHPRVWUiUVHORVGHXQDPDQHUDSUiFWLFD
GLMR WRPHPRV ODV SULPHUDV GRV XQLGDGHV GH

5HVXPDQDKRUDHVWDVGRVSDUWHV\KDOOHQHO
QRPEUHTXHFRUUHVSRQGDDFDGDFXDOLGDGHVHQFLDO
9HPRV XQD PDGUH FDULxRVD TXH KDEOD D
ODVFRVDVGHVXKLMRFRPRVLOHKDEODUDDpOPLVPR
/D PXHUWH GH XQD SHUVRQD DPDGD HV HO PRWLYR
IXQGDPHQWDOGHODXQLGDGGLMHFRQGHFLVLyQ
7UDWHQ GH DOHMDUVH GHO GRORU GH OD PDGUH
SDUD KDFHU XQ HVWXGLR UHODFLRQDGR FRQ ODV SDUWHV
PD\RUHV\PHQRUHVGHODHVFHQDGLMRHOGLUHFWRU
 (VD HV OD PDQHUD GH GHVFXEULU HO VLJQLILFDGR
LQWHULRU &XDQGR VXV VHQWLPLHQWRV \ FRQFLHQFLD OR
KD\DQGRPLQDGREXVTXHQXQDSDODEUDTXHDEDUTXH
HOVLJQLILFDGRPiVtQWLPRGHODXQLGDGtQWHJUD(VWD
SDODEUDLQGLFDUiHOREMHWLYR
1R YHR GLILFXOWDG DOJXQD HQ WRGR HVR
GLMR *ULVKD 6LQ GXGD HO QRPEUH GHO SULPHU
REMHWLYRHVDPRUGHPDGUH\HOVHJXQGRGHEHUGH
IDQiWLFR
(Q SULPHU OXJDU FRUULJLy HO GLUHFWRU

ODHVFHQDGHODVURSDVGHOQHQHGH%UDQG
,QpVODHVSRVDGHOSDVWRU%UDQGKDSHUGLGR
VX~QLFRKLMR$WULEXODGDPLUDODVURSDVMXJXHWHV
\ RWUDV SUHFLRVDV UHOLTXLDV GHO QLxR %DxD HQ
OiJULPDVFDGDREMHWR\VXFRUD]yQVHGHVWUR]DFRQ
FDGDUHFXHUGR/DFDXVDGHODWUDJHGLDKDVLGRHO
FOLPDK~PHGRHLQVDOXEUHGHODORFDOLGDG&XDQGR
HO QLxR HQIHUPy OD PDGUH KDEtD LPSORUDGR DO
PDULGRTXHGHMDUDODSDUURTXLD3HUR%UDQGHUDXQ
IDQiWLFR QR SRGtD VDFULILFDU VX GHEHU GH SDVWRU
SRU OD VDOYDFLyQ GH VX IDPLOLD \ HVWD GHFLVLyQ
KDEtDPRWLYDGRODPXHUWHGHOKLMR
/D PpGXOD GH OD VHJXQGD XQLGDG HV HQWUD
%UDQG (O WDPELpQ VXIUH SRU ,QpV SHUR VX
FRQFHSFLyQ GHO GHEHU OH LQGXFH D VHU VHYHUR \ D
SHUVXDGLU D VX HVSRVD TXH GRQH HVDV VDJUDGDV
SUHQGDV GHO SHTXHxR D XQD JLWDQD SREUH FRQ HO
SUHWH[WR GH TXH HOODV OH LPSLGHQ FRQVDJUDUVH SRU
HQWHURDO6HxRU\OOHYDUDFDERHOSULQFLSLRPRWRU
GHVXVYLGDVD\XGDUDOSUyMLPR

ORTXHXVWHGWUDWDGHQRPEUDUHVODXQLGDG\QRHO
REMHWLYR TXH VRQ GRV FRVDV FRPSOHWDPHQWH
GLVWLQWDV 6HJXQGR QR WUDWDUi GH H[SUHVDU HO
VLJQLILFDGR GHO REMHWLYR FRQ VXEVWDQWLYRV (VR
SXHGH XWLOL]DUVH SDUD OD XQLGDG SHUR HO REMHWLYR
GHEHLQGLFDUVHVLHPSUHFRQXQYHUER
GLMR

([SUHVDPRV QXHVWUD VRUSUHVD \ HO GLUHFWRU

/HVD\XGDUpDHQFRQWUDUODUHVSXHVWD3HUR
SULPHUR UHDOLFHQ ORV REMHWLYRV UHFLpQ GHVFULSWRV
SRUORVVXEVWDQWLYRV (ODPRUGHPDGUH\ (O
GHEHUGHOIDQiWLFR
9DQ\D\6RQ\DORLQWHQWDURQeOSXVRFDUDGH
HQRMR UHYROYLHQGR ORV RMRV HQ VXV FXHQFDV \
SRQLpQGRVH UtJLGR FDPLQy FRQ ILUPH]D KDFLHQGR
VRQDU ORV WDFRV +DEOy FRQ YR] UXGD VH LUJXLy
FUH\HQGR GDU DVt OD LPSUHVLyQ GH SRGHU \ OD
GHFLVLyQ SHUVRQLILFDU H  GHEHU HQ XQD SDODEUD
6RQ\D SRU VX SDUWH KL]R XQ JUDQ HVIXHU]R SDUD
H[SUHVDUHQJHQHUDOWHUQXUD\DPRU

1R OHV SDUHFH TXH ORV VXEVWDQWLYRV TXH


XWLOL]DUHQFRPRQRPEUHVSDUDORVREMHWLYRVWLHQGHQ
D KDFHUOHV UHSUHVHQWDU HO FXDGUR GH XQ KRPEUH
IXHUWH \ OD LPDJHQ GH XQD SDVLyQ HO DPRU GH XQD
PDGUH" SUHJXQWy HO GLUHFWRU GHVSXpV GH
REVHUYDUORV SRU XQ PRPHQWR 0XHVWUDQ OR TXH
VRQ HO SRGHU \ HO DPRU SHUR QR VRQ XVWHGHV HVH
SRGHU\HVHDPRU<VHGHEHDTXHXQVXEVWDQWLYR
SHQH GH PDQLILHVWR HO FRQFHSWR LQWHOHFWXDO GH XQ
HVWDGR GH iQLPR XQD IRUPD XQ IHQyPHQR SHUR
VyOR SXHGH GHILQLU OR TXH HV SUHVHQWDGR SRU XQD
LPDJHQ VLQ LQGLFDU PRYLPLHQWR R DFFLyQ &DGD
REMHWLYRGHEHOOHYDUHQVtHOJHUPHQGHODDFFLyQ
*ULVKD VHxDOy TXH ORV VXEVWDQWLYRV SXHGHQ
VHULOXVWUDGRVGHVFULSWRV\UHSUHVHQWDGRVORFXDO
HVDFFLyQ
6tDGPLWLyHOGLUHFWRUHVRHVDFFLyQ
SHUR QR HV DFFLyQ UHDO tQWHJUD /R TXH GHVFULEHQ
HV WHDWUDO \ SURSLR GH OD UHSUHVHQWDFLyQ \ HVR QR
HV DUWH HQ HO VHQWLGR TXH QRVRWURV OH GDPRV D OD
SDODEUD

(VR VH DFHUFD PiV D OD DFFLyQ GLMR HO


GLUHFWRUSHURGHVJUDFLDGDPHQWHHVGHPDVLDGR
JHQHUDO \ QR SXHGH VHU HMHFXWDGR DO PRPHQWR
7UDWHGHVHQWDUVHHQHVDVLOOD\GHGHVHDUSRGHUHQ
JHQHUDO 'HEH WHQHU DOJR PiV FRQFUHWR UHDO
FHUFDQR SRVLEOH GH UHDOL]DU &RPR YHQ QR
FXDOTXLHU YHUER SRGUi KDFHUOR QL FXDOTXLHU
SDODEUDSXHGHGDULPSXOVRDXQDDFFLyQFRPSOHWD

&RQWLQXyOXHJRH[SOLFDQGR
6LHQOXJDUGHXQVXEVWDQWLYRXWLOL]DPRVXQ
YHUERYHDPRVTXpVXFHGH$xDGDQVyORGHVHR
RGHVHRKDFHUDVt\DVt
7RPHQ SRU HMHPSOR OD SDODEUD SRGHU
$QWHSRQJDQ D pVWD OD SDODEUD GHVHR \ WLHQHQ
GHVHRSRGHU3HURHVRHVGHPDVLDGRJHQHUDO6L
LQWURGXFHQ DOJR PiV GHILQLWLYDPHQWH DFWLYR SRU
HMHPSORXQDSUHJXQWDTXHUHTXLHUDXQDUHVSXHVWD
ORV OOHYDUi D DOJXQD DFWLYLGDG IUXFWtIHUD SDUD
ORJUDU HVH SURSyVLWR (Q FRQVHFXHQFLD GLFHQ
GHVHR KDFHU DVt \ DVt SDUD REWHQHU SRGHU 2 Vt
QRGHHVWDPDQHUD4XpGHERGHVHDUKDFHUSDUD
REWHQHU SRGHU" &XDQGR FRQWHVWHQ VDEUiQ TXp
DFFLyQGHEHQDGRSWDU
'HVHRVHUSRGHURVRVXJLULy9DQ\D
(OYHUERVHUHVHVWiWLFR\QRFRQWLHQHHO
JHUPHQDFWLYRQHFHVDULRSDUDXQREMHWLYR
'HVHRREWHQHUSRGHUDYHQWXUy6RQ\D

SUHSDUDWRULRV 1R SXHGH OOHJDUVH D XQ ILQ WDQ


IXQGDPHQWDOGHLQPHGLDWR7HQGUiTXHDFHUFDUVHD
pOJUDGXDOPHQWH5HSDVHHVRVSDVRV\HQXPpUHORV
<R GHVHR SDUHFHU DIRUWXQDGR \ VDELR HQ
ORVQHJRFLRVSDUDFUHDUFRQILDQ]D'HVHRJDQDUHO
DIHFWRGHOS~EOLFRSDUDVHUFRQVLGHUDGRSRGHURVR
GHVHR GLVWLQJXLUPH HOHYDUPH HQ FDWHJRUtD VHU
QRWDGRSRUORVGHPiV

'HVHR REWHQHU SRGHU D ILQ GH WUDHU OD


IHOLFLGDGDWRGDODKXPDQLGDGVXJLULyDOJXLHQ

(O GLUHFWRU YROYLy D OD HVFHQD GH%UDQG H


KL]RKDFHUDFDGDXQRXQHMHUFLFLRVLPLODU6XJLULy

(VXQDKHUPRVDIUDVHVHxDOyHOGLUHFWRU
 3HUR HV GLItFLO FUHHU HQ OD SRVLELOLGDG GH WDO
UHDOL]DFLyQ

6XSRQJDPRV TXH WRGRV ORV KRPEUHV VH


FRORFDQ HQ OD SRVLFLyQ GH %UDQG$SUHFLDUiQ FRQ
PiVIDFLOLGDGODSVLFRORJtDGHDTXHOTXHVHVLHQWH
HQSRVGHXQLGHDO'HMHPRVDODVPXMHUHVWRPDUOD
SDUWH GH ,QpV /D GHOLFDGH]D IHPHQLQD \ HO DPRU
PDWHUQDOHVWiQPiVFHUFDQRVDHOODV

'HVHR REWHQHU SRGHU SDUD GLVIUXWDU GH OD


YLGD SDUD HVWDU DOHJUH VHU GLVWLQJXLGR VDWLVIDFHU
PLVGHVHRV\PLDPELFLyQGLMR*ULVKD
(VR HV PiV UHDO \ IiFLO GH OOHYDU D FDER
SHUR SDUD ORJUDUOR QHFHVLWD XQD VHULH GH SDVRV

8QRGRVWUHV4XHFRPLHQFHODMXVWDHQWUH
KRPEUHV\PXMHUHV
'HVHR WHQHU SRGHU VREUH ,QpV D ILQ GH

SHUVXDGLUOD GH TXH KDJD XQ VDFULILFLR D ILQ GH


VDOYDUOD GH GLULJLUOD SRU HO EXHQ FDPLQR
$SHQDV KDEtDQ VDOLGR HVWDV SDODEUDV GH PL ERFD
FXDQGRODVPXMHUHVVHDGHODQWDURQFRQ
'HVHRUHFRUGDUDPLKLMRPXHUWR
pO

'HVHRHVWDUFHUFDGHpOFRPXQLFDUPHFRQ
'HVHRFXLGDUORDFDULFLDUORDWHQGHUOR

'HVHR TXH YXHOYD D PL ODGR 'HVHR


VHJXLUOR'HVHRVHQWLUORFHUFDPtR'HVHRYHUOR
FRQVXVMXJXHWHV'HVHRKDFHUORVDOLUGHVXWXPED
'HVHR YROYHU DO SDVDGR 'HVHR ROYLGDU HO
SUHVHQWHDKRJDUPLSHQD
0iVDOWRTXHQLQJXQDRtODYR]GH0DUtD
'HVHR HVWDU WDQ FHUFD GH pO TXH QR
SXHGDQVHSDUDUQRVQXQFD
(QHVHFDVRSURUUXPSLHURQORVKRPEUHV

'XUDQWH WRGR HVWH FDPELR GH SDODEUDV ORV


YHUERV VXVFLWDURQ SHQVDPLHQWRV \ SHQVDPLHQWRV
TXHDVXYH]HUDQGHVDItRVLQWHUQRVDODDFFLyQ
&DGD XQR GH ORV REMHWLYRV TXH HOLJLHURQ
HV HQ SDUWH YHUGDGHUR \ QHFHVLWD DOJ~Q JUDGR GH
DFFLyQ GLMR HO GLUHFWRU$TXHOORV GH XVWHGHV
TXHSRVHHQWHPSHUDPHQWRYLYRGHEHQKDOODUSRFD
FRVD TXH DSHOH D VXV VHQWLPLHQWRV HQ 'HVHR
UHFRUGDU PL KLMR PXHUWR 3UHIHULUiQ 'HVHR
HVWUHFKDUOR SDUD QR DEDQGRQDUOR QXQFD 4Xp"
/DV FRVDV ORV UHFXHUGRV ORV SHQVDPLHQWRV GHO
QLxR PXHUWR" 2WURV QL VH FRQPRYHUtDQ FRQ HVWR
'HDOOtODLPSRUWDQFLDGHTXHHOREMHWLYRWHQJDHO
SRGHUGHDWUDHU\FRQPRYHUDODFWRU
0HSDUHFHTXHXVWHGHVPLVPRVKDQKDOODGR
OD UHVSXHVWD D OD SUHJXQWD GH SRU TXp HQ OD
HOHFFLyQ GHO REMHWLYR HV QHFHVDULR XWLOL]DU XQ
YHUERHQOXJDUGHXQVXEVWDQWLYR
(VR VHUi WRGR SRU HO PRPHQWR DFHUFD GH
XQLGDGHV \ REMHWLYRV 0iV DGHODQWH DSUHQGHUiQ

OLQFKDUHPRV'HVHRTXH,QpVPHDPH'HVHR
DWUDHUOD KDFLD Pt 'HVHR KDFHUOH VHQWLU TXH
FRPSUHQGR VX VXIULPLHQWR 'HVHR GHVFXEULUOH HO
LQPHQVR JR]R TXH REWHQGUi GHO GHEHU FXPSOLGR
'HVHR TXH FRPSUHQGD HO GHVWLQR PiV JUDQGH GHO
KRPEUH
(QWRQFHV GLMHURQ ODV PXMHUHV GHVHR
FRQPRYHU FRQ PL GRORU D PL HVSRVR 'HVHR TXH
YHDPLVOiJULPDV
<0DUtDJULWy
'HVHRHVWUHFKDUPiVIXHUWHDPLQLxR\QR
GHMDUORLUMDPiV
/RVKRPEUHVUHSOLFDURQ
'HVHR LQFXOFDUOH HO VHQWLGR GH OD
UHVSRQVDELOLGDG KDFLD OD KXPDQLGDG 'HVHR
DPHQD]DUODFRQHOFDVWLJR\ODVHSDUDFLyQ'HVHR
H[SUHVDU PL GHVHVSHUDFLyQ DQWH OD LPSRVLELOLGDG
GHHQWHQGHUQRV

PiV VREUH OD WpFQLFD SVLFROyJLFD FXDQGR WHQJDQ


XQD REUD \ SDSHOHV TXH UHDOPHQWH SXHGDQ VHU
GLYLGLGRVHQXQLGDGHV\REMHWLYRV

&DStWXOR9,,,
)H<6HQWLGR'H/D9HUGDG


)(<6(17,'2'(/$9(5'$'OHtDKR\
XQJUDQOHWUHURVREUHODSDUHGGHODHVFXHOD
$QWHV GH HPSH]DU QXHVWUD ODERU HVWXYLPRV
VREUH HO HVFHQDULR HPSHxDGRV HQ XQD GH QXHVWUDV
SHULyGLFDV E~VTXHGDV GH OD FDUWHUD GH 0DUtD
,QHVSHUDGDPHQWHRtPRVODYR]GHOGLUHFWRUTXHVLQ
VDEHUOR QRVRWURV QRV KDEtD HVWDGR REVHUYDQGR
GHVGHODVSULPHUDVSODWHDV
4XpPDUFRH[FHOHQWHSDUDFXDQWRVTXLHUDQ
UHSUHVHQWDU OHV SURSRUFLRQDQ HO HVFHQDULR \ ODV
FDQGLOHMDV GLMR (UDQ VLQFHURV HQ OR TXH
KDFtDQ+DEtDXQVHQWLGRGHYHUGDGHQWRGRHOOR\
OD VHQVDFLyQ GH TXH FUHtDQ HQ WRGRV ORV REMHWLYRV
ItVLFRVTXHXVWHGHVPLVPRVHVWDEOHFLHURQ(VWDEDQ
ELHQGHILQLGRV\FODURV\VXDWHQFLyQDJXGDPHQWH
FRQFHQWUDGD 7RGRV HVRV HOHPHQWRV QHFHVDULRV
RSHUDEDQ FRQ SURSLHGDG \ DUPRQLRVDPHQWH SDUD
FUHDU SRGHPRV GHFLU DUWH" 1R 1R HUD DUWH
HUD UHDOLGDG 3RU HVR TXLHUR TXH UHSLWDQ OR TXH

DFDEDQGHKDFHU
&RORFDPRV QXHYDPHQWH OD FDUWHUD GRQGH
HVWDED\FRPHQ]DPRVDEXVFDUOD3HURHVWDYH]QR
QHFHVLWDPRVUHDOL]DUHVDRSHUDFLyQSXHVHOREMHWR
\DKDEtDVLGRHQFRQWUDGRXQDYH]\FRPRUHVXOWDGR
QRORJUDPRVQDGD
1R 1R YL REMHWLYRV QL DFWLYLGDG QL
YHUGDG HQ OR TXH OXFLHURQ IXp OD FUtWLFD GH
7RUWVRY<SRUTXp"6LORTXHHVWDEDQKDFLHQGR
HUD XQ KHFKR UHDO SRU TXp QR IXHURQ FDSDFHV GH
UHSHWLUOR" 8QR GHEHUtD VXSRQHU TXH SDUD KDFHUOR
QR VH QHFHVLWDUtD VHU DFWRU VLQR VLPSOHPHQWH XQ
VHUKXPDQR
7UDWDPRV GH H[SOLFDU D 7RUWVRY TXH OD
SULPHUD YH] HUD QHFHVDULR HQFRQWUDU OD FDUWHUD
SHUGLGDPLHQWUDVTXHODVHJXQGDYH]VDEtDPRVTXH
QRKDEtDQHFHVLGDGGHHOOR&RPRUHVXOWDGRHQOD
SULPDUDYH]WXYLPRVUHDOLGDG\HQODVHJXQGDVyOR
XQDIDOVDLPLWDFLyQ

%LHQ HQWRQFHV SURVLJDQ \ UHSUHVHQWHQ OD


HVFHQD FRQ ILGHOLGDG HQ YH] GH KDFHUOR FRQ
IDOVHGDGVXJLULy
3URWHVWDPRV\GLMLPRVTXHQRHUDWDQVLPSOH
FRPR SDUHFtD LQVLVWLPRV HQ TXH GHEtDPRV
SUHSDUDUQRVHQVD\DUYLYLUODHVFHQD
9LYLUOD" H[FODPy HO GLUHFWRU 3HUR
VLDFDEDQGHYLYLUOD
3DVR D SDVR FRQ D\XGD GH SUHJXQWDV \ GH
H[SOLFDFLRQHV 7RUWVRY QRV OOHYy D OD FRQFOXVLyQ
GHTXHKD\GRVFODVHVGHYHUGDG\VHQWLGRGHFUHHU
HQORTXHVHHVWiKDFLHQGR3ULPHURHVWiODTXHHV
FUHDGD DXWRPiWLFDPHQWH \ VREUH HO SODQR GHO
KHFKRUHDO FRPRHQHOFDVRGHQXHVWUDE~VTXHGD
GHODFDUWHUDGH0DOROHWNRYDFXDQGR7RUWVRYQRV
REVHUYy SRU SULPHUD YH]  \ VHJXQGR HVWi HOWLSR
HVFpQLFR LJXDOPHQWH YHUGDGHUR SHUR TXH VH
RULJLQDVREUHHOSODQRGHODILFFLyQLPDJLQDWLYD\
DUWtVWLFD

3DUD ORJUDU HVWH H[DFWR VHQWLGR GH OD


YHUGDG\UHSURGXFLUORHQODHVFHQDGHODE~VTXHGD
GH OD FDUWHUD GHEHQ XWLOL]DU XQD SDODQFD TXH ORV
HOHYHDOSODQRGHODYLGDLPDJLQDULDH[SOLFyHO
GLUHFWRU$OOt SUHSDUDUiQ XQD ILFFLyQ DQiORJD D
OR TXH KDQ KHFKR HQ OD UHDOLGDG 5HSUHVHQWDGDV
PHQWDOPHQWH FRQ SURSLHGDG ODV FLUFXQVWDQFLDV
GDGDV ORV D\XGDUiQ D VHQWLU \ FUHDU XQD YHUGDG
HVFpQLFDHQODTXHSXHGDQFUHHUPLHQWUDVHVWiQHQ
HO HVFHQDULR (Q FRQVHFXHQFLDHQ OD YLGD
RUGLQDULD OD YHUGDG HV OR TXH UHDOPHQWH H[LVWH
ORTXHXQDSHUVRQDUHDOPHQWHVDEH0LHQWUDVTXH
HQ HO HVFHQDULR FRQVLVWH HQ DOJR TXH HQ YHUGDG
QRH[LVWHSHURTXHSRGUtDH[LVWLU

GHFDUWyQHQOXJDUGHVHUGHDFHURGLMR7RUWVRY
HQWRQRFRQFLOLDWRULR7LHQHWRGRHOGHUHFKRGH
FRQVLGHUDUORXQDLPSRVWXUD3HURVLYDPiVDOOi\
FDOXPQLD D WRGR HO DUWH DILUPDQGR TXH HV XQD
PHQWLUD \ FRQVLGHUD WRGD OD YLGD HQ HO WHDWUR QR
PHUHFHGRUDGHIHWHQGUiTXHFDPELDUHQWRQFHVVX
SXQWRGHYLVWD/RTXHHQHOWHDWURFXHQWDQRHVHO
KHFKRGHTXHODGDJDGH2WHORVHDGHFDUWyQRGH
DFHUR VLQR HO VHQWLPLHQWR LQWHULRU GHO DFWRU TXH
SXHGHMXVWLILFDUVXVXLFLGLR/RLPSRUWDQWHHVFyPR
HO DFWRU XQ VHU KXPDQRKDEUtD DFWXDGR VL ODV
FLUFXQVWDQFLDV\FRQGLFLRQHVTXHURGHDEDQD2WHOR
KXELHUDQVLGRUHDOHV\ODGDJDFRQTXHVHKLULyGH
PHWDO

3HUGRQH DUJX\y *ULVKD SHUR QR YHR


FyPRSXHGHHQHOWHDWURKDFHUVHFXHVWLyQVREUHOD
YHUGDGGHVGHTXHQRKD\FRVDTXHQRVHDILFWLFLD
HPSH]DQGRFRQODVREUDVGHOPLVPR6KDNHVSHDUH
\ WHUPLQDQGR FRQ OD GDJD GHSDSLHU PDFKp TXH
XWLOL]D2WHOR

/R TXH QRV LQWHUHVD D QRVRWURV HV OR


VLJXLHQWH /D UHDOLGDG GH OD YLGD LQWHULRU GH XQ
HVStULWX KXPDQR SRU XQD SDUWH \ OD FUHHQFLD HQ
HVDUHDOLGDGSRUODRWUD1RQRVLQWHUHVDPRVSRU
ODYHUGDGHUDH[LVWHQFLDDOQDWXUDOGHORTXHHQHO
HVFHQDULR QRV URGHD OD UHDOLGDG GHO PXQGR
PDWHULDO(VWRHV~WLOSDUDQRVRWURVVyORHQFXDQWR
pVWH SURSRUFLRQD XQ IRQGR JHQHUDO D QXHVWURV

1R VH SUHRFXSH WDQWR SRUTXH OD GDJD VHD

VHQWLPLHQWRV
/R TXH HQ WHDWUR VH GHEH HQWHQGHU SRU
YHUGDG HV OD YHUGDG HVFpQLFD GH OD TXH HO DFWRU
GHEH KDFHU XVR HQ VXV PRPHQWRV GH FUHDFLyQ
7UDWHQ VLHPSUH GH HPSH]DU WUDEDMDQGR GHVGH OR
LQWHULRU WDQWR HQ ORV KHFKRV UHDOHV FRPR HQ ORV
LPDJLQDULRV GH OD REUD FRPR HQ VX GHFRUDFLyQ
3RQJDQYLGDHQWRGDVODVFLUFXQVWDQFLDV\DFFLRQHV
LPDJLQDGDV KDVWD TXH KD\DQ VDWLVIHFKR SRU
FRPSOHWR HO VHQWLGR GH OD YHUGDG \ KD\DQ
GHVSHUWDGR HQ OD UHDOLGDG GH ODV VHQVDFLRQHV XQ
VHQWLGR GH IH (VWH SURFHVR HV OR TXH OODPDPRV
MXVWLILFDFLyQGHXQDSDUWH
&RPRTXLVHHVWDUELHQVHJXURGHOVLJQLILFDGR
GHORTXHKDEtDGLFKRSHGtD7RUWVRYORUHVXPLHUD
HQXQDVSRFDVSDODEUDV6XUHVSXHVWDIXp
/D YHUGDG HQ OD HVFHQD HV WRGR DTXHOOR
HQ TXH SRGHPRV FUHHU FRQ VLQFHULGDG VHD HQ
QRVRWURV PLVPRV VHD HQ QXHVWURV FROHJDV  /D
YHUGDGQRSXHGHVHUVHSDUDGDGHODIHQLODIHGHOD

YHUGDG1LQJXQDGHHOODVSXHGHH[LVWLUVLQODRWUD
\ VLQ HOODV HV LPSRVLEOH YLYLU HO SDSHO R FUHDU
QDGD7RGRORTXHVXFHGHHQHOHVFHQDULRGHEHVHU
FRQYLQFHQWH SDUD HO DFWRU PLVPR VXV DVRFLDGRV \
HO S~EOLFR 'HEH LQVSLUDU IH HQ OD SRVLELOLGDG HQ
ODYLGDUHDOGHODVHPRFLRQHVDQiORJDVDODVTXH
VRQ H[SHULPHQWDGDV SRU HO DFWRU HQ HO HVFHQDULR
&DGD PRPHQWR \ WRGR PRPHQWR GHEH HVWDU
VDWXUDGRGHIHHQODYHUGDGGHODHPRFLyQVHQWLGD
\HQODDFFLyQOOHYDGDDFDERSRUHODFWR



(O GLUHFWRU FRPHQ]y QXHVWUD OHFFLyQ GH KR\
GLFLHQGR
/HV KH H[SOLFDGR HQ WpUPLQRV JHQHUDOHV
HO SDSHO TXH UHSUHVHQWD ODYHUGDG HQ HO SURFHVR
FUHDGRU+DEOHPRVDKRUDGHORRSXHVWR
8Q VHQWLGR GH OD YHUGDG FRQWLHQH WDPELpQ

GHQWUR GH Vt XQ VHQWLGR GH OR TXH HV IDOVR 'HEHQ
SRVHHU DPERV SHUR HQ SURSRUFLRQHV YDULDGDV
$OJXQRV SRVHHQ GLJDPRV XQ VHWHQWD \ FLQFR SRU
FLHQWR GHO VHQWLGR GH OD YHUGDG \ VyOR XQ
YHLQWLFLQFRSRUFLHQWRGHOVHQWLGRGHODIDOVHGDGR
HVWDV SURSRUFLRQHV LQYHUWLGDV R XQ FLQFXHQWD SRU
FLHQWR GH FDGD XQD GH HOODV /HV VRUSUHQGH TXH
GLIHUHQFLH \ RSRQJD HVRV GRV VHQWLGRV" /R KDJR
SRU HVWR DJUHJy \ YROYLpQGRVH HQWRQFHV D
1LFROiVGLMR+D\DFWRUHVTXHFRPRXVWHGVRQ
WDQHVWULFWRVFRQVLJRPLVPRVHQORTXHVHUHILHUHD
DGKHULUVH D OD YHUGDG TXH D PHQXGR \ VLQ WHQHU
FRQFLHQFLDGHHOOROOHYDQVXDFWLWXGDWDOH[WUHPR
TXH HTXLYDOH D XQD IDOVHGDG 1R GHEHUi H[DJHUDU
VX SUHIHUHQFLD SRU OD YHUGDG \ VX DERUUHFLPLHQWR
SRU ODV PHQWLUDV SRUTXH HVR WLHQGH D KDFHUOH
HMHFXWDU FRQ H[FHVR OD YHUGDG SRU OD YHUGDG
PLVPDORFXDOHVHQVtODSHRUGHODVPHQWLUDV3RU
HVR WUDWH GH VHU LQGLIHUHQWH H LPSDUFLDO (Q HO
WHDWUR VH QHFHVLWD GH OD YHUGDG KDVWD HO SXQWR HQ
TXHSXHGDFUHHUVHHQHOOD
+DVWD GH OD IDOVHGDG SXHGH REWHQHUVH

SURVHJXLU LQFHVDQWHPHQWH VLQ TXH HO DFWRU OR


DGYLHUWD VLTXLHUD SRQLHQGR D SUXHED FDGD SDVR
TXHGD&XDQGRVHOHVHxDODHODEVXUGRSDWHQWHGH
DOJXQD DFFLyQ IDOVD TXH KD\D HPSOHDGR HVWi PiV
GLVSXHVWRDFRUWDUODSHURTXpSXHGHKDFHUVLVXV
SURSLRV VHQWLPLHQWRV VRQ LQFDSDFHV GH
FRQYHQFHUOR" 4XLpQ SXHGH JDUDQWL]DU TXH
KDELHQGR GHVHFKDGR XQD DFFLyQ IDOVD QR OD
UHHPSODFHRWUDWDPELpQIDOVD"1RHODFHUFDPLHQWR
GHEHVHUGLVWLQWR8QDVLPLHQWHGHYHUGDGGHEHVHU
SODQWDGDGHEDMRGHODIDOVHGDGSDUDVXSODQWDUODVL
OOHJDUD HO FDVR GHO PLVPR PRGR TXH OD VHJXQGD
GHQWLFLyQGHOQLxRSUHVLRQDDODSULPHUD
(O GLUHFWRU IXp OODPDGR SRU DVXQWRV GHO
WHDWUR GH PRGR TXH ORV HVWXGLDQWHV TXHGDURQ D
FDUJR GHO DVLVWHQWH SDUD HIHFWXDU DOJXQRV
HMHUFLFLRV
&XDQGR XQ PRPHQWR PiV WDUGH YROYLy
7RUWVRY QRV KDEOy GH XQ DUWLVWD TXH SRVHtD XQ
H[WUDRUGLQDULRVHQWLGRGHODYHUGDGSDUDFULWLFDUHO
WUDEDMR GH ORV GHPiV \ TXH VLQ HPEDUJR FXDQGR

DOJXQD XWLOLGDG VL VH DFHUFD D HOOD FRQ


PRGHUDFLyQtQGLFDHOH[WUHPR\HQVHxDORTXHQR
GHEH KDFHUVH (Q WDOHV FLUFXQVWDQFLDV XQ OLJHUR
HUURU SXHGH VHU XWLOL]DGR SRU HO DFWRU SDUD
GHWHUPLQDU OD OtQHD GHPDUFDWRULD TXH QR GHEH
WUDQVJUHGLU
(VWH PpWRGR GH UHSULPLUVH D Vt PLVPR HV
DEVROXWDPHQWH HVHQFLDO VLHPSUH TXH HVWp
HPSHxDGR HQ OD DFWLYLGDG FUHDGRUD $ FDXVD GHO
JUDQ S~EOLFR HO DFWRU VH VLHQWH REOLJDGR TXLHUD
TXH QR D GHVSOHJDU XQD FDQWLGDG LQQHFHVDULD GH
HVIXHU]RV \ GH PRYLPLHQWRV TXH VH VXSRQH
UHSUHVHQWDQ ORV VHQWLPLHQWRV 1R REVWDQWH QR
LPSRUWD OR TXH KDJD PLHQWUDV SHUPDQHFH GHODQWH
GH ODV FDQGLOHMDV OH SDUHFH TXH WRGR HVR QR HV
EDVWDQWH (Q FRQVHFXHQFLD YHPRV HO H[FHVR GH
DFWXDFLyQ HOHYDUVH D WDQWR FRPR HO QRYHQWD SRU
FLHQWR3RUHVRGXUDQWHORVHQVD\RVPX\DPHQXGR
PHRLUiQGHFLU&RUWHQHOQRYHQWDSRUFLHQWR
6L WDQ VyOR FRQRFLHUDQ OD LPSRUWDQFLD GHO
SURFHVR GH HVWXGLDUVH D Vt PLVPRV 'HEH

HUD pO TXLHQ DFWXDED ROYLGDED SRU FRPSOHWR HVH


VHQWLGR
(V GLItFLO FUHHUOR GLMR TXH OD PLVPD
SHUVRQD TXH HQ XQ PRPHQWR GDGR PXHVWUD XQ
VHQWLGR WDQ DJXGR GH GLVFULPLQDFLyQ HQWUH OD
YHUGDG\ODPHQWLUDHQODDFWXDFLyQGHVXVFROHJDV
XQPRPHQWRGHVSXpVDFWXDQGRpOHVWDYH]FRPHWH
HUURUHVSHRUHV
(Q HVH FDVR VX VHQVLELOLGDG FRPR
HVSHFWDGRU SDUD OD YHUGDG \ OD IDOVHGDG HVWi
GLYRUFLDGDSRUFRPSOHWRGHVXVHQVLELOLGDGFRPR
DFWRU(VWHIHQyPHQRHVWiPX\GLIXQGLGR



+R\ SHQVDPRV XQ MXHJR QXHYR GHFLGLPRV
VXSULPLUODIDOVHGDGGHFDGDDFFLyQHMHFXWDGDSRU
RWURWDQWRHQODHVFHQDFRPRHQODYLGDRUGLQDULD

6XFHGLy TXH WXYLPRV TXH HVSHUDU HQ XQ


FRUUHGRU SRUTXH HO HVFHQDULR GH OD HVFXHOD QR
HVWDEDOLVWR'HSURQWR\PLHQWUDVHVWiEDPRVDOOt
QRV DODUPy HO JULWR TXH GLR 0DUtD SRUTXH KDEtD
SHUGLGR OD OODYH \ WRGRV QRV SUHFLSLWDPRV HQ VX
E~VTXHGD
*ULVKDFRPHQ]yDFULWLFDUOD

D 6RQ\D FDPLQHQ SRU HO SDVLOOR 1R DVt QR


3XHGHQ LPDJLQDU D DOJXLHQ FDPLQDQGR GH HVD
PDQHUD" (QWUHQ ORV WDORQHV \ VDTXHQ ODV SXQWDV
3RUTXpQRGREODQODVURGLOODV"3RUTXpQRGDQ
PiVPRYLPLHQWRDODVFDGHUDV"3UHVWHQDWHQFLyQ
&XLGHQ VXV FHQWURV GH HTXLOLEULR 1R VDEHQ
FDPLQDU" 3RU TXp VH WDPEDOHDQ" 0LUHQ SRU
GyQGHFDPLQDQ

1R FUHR TXH KD\D UD]yQ DOJXQD SDUD TXH


EXVTXHPRV /R KDFHV SRU QRVRWURV QR SDUD
HQFRQWUDUODOODYH$VXVFHQVXUDVVHDxDGLHURQ
ODVREVHUYDFLRQHVGH/HR9DVVLOL3DXO\DOJXQDV
PtDV GH PRGR TXH SURQWR OD E~VTXHGD OOHJy D
SXQWRPXHUWR

&XDQWRPiVFDPLQDEDQPiVODVUHSUHQGtD\
FXDQWR PiV ODV UHSUHQGtD PHQRV FRQWURO WHQtDQ
VREUHVtPLVPDV)LQDOPHQWHODVUHGXMRDXQHVWDGR
WDO TXH QR SRGtDQ GHFLU GyQGH WHQtDQ OD FDEH]D R
ORV SLHV GH PRGR TXH VH GHWXYLHURQ HQ HO FHQWUR
GHOSDVLOOR

&KLTXLOLQHV&yPRVHDWUHYHQJULWyHO
GLUHFWRU

&XDQGR PLUp DO GLUHFWRU PH DVRPEUp YHUOR


VRIRFDUODULVDFRQXQSDxXHOR

6XDSDULFLyQTXHQRVWRPyGHVSUHYHQLGRVHQ
PHGLRGHOMXHJRQRVGHMyFRQVWHUQDGRV

)Xp HQWRQFHV TXH FDtPRV HQ OD FXHQWD GH OR


TXHKDEtDHVWDGRKDFLHQGR

6LpQWHQVH HQ ORV EDQFRV D OR ODUJR GH OD


SDUHG\XVWHGHVGRVGLMREUXVFDPHQWHD0DUtD\

6H GDQ FXHQWD DKRUD GH TXH XQ FUtWLFR

PRUGD]SXHGHHQORTXHFHUDODFWRU\UHGXFLUORDOD
LPSRWHQFLD" SUHJXQWy D ODV GRV PXFKDFKDV
%XVTXHQ OD IDOVHGDG VyOR HQ OD PHGLGD TXH ORV
D\XGH D HQFRQWUDU OD YHUGDG 1R ROYLGHQ TXH OD
FUtWLFDTXH]DKLHUHSXHGHFUHDUPiVIDOVHGDGHQHO
HVFHQDULR TXH FXDOTXLHU RWUD SRUTXH HO DFWRU D
TXLHQVHFULWLFDVHGHWLHQHLQYROXQWDULDPHQWHHQHO
EXHQ FDPLQR \ FRPLHQ]D D H[DJHUDU OD YHUGDG
PLVPDKDVWDHOSXQWRGHFRQYHUWLUODHQIDOVHGDG
/RTXHGHEHQGHVDUUROODUHVODFUtWLFDVDQD
VHUHQDVDELDHLQWHOLJHQWHTXHHQODPHMRUDPLJD
GHO DFWRU 1R ORV UHJDxDUi SRU SHTXHxHFHV VLQR
TXH WHQGUi SXHVWRV ORV RMRV HQ OR VXEVWDQFLDO GH
YXHVWURWUDEDMR
2WUR FRQVHMR VREUH OD REVHUYDFLyQ GHO
WUDEDMR FUHDGRU GH ORV GHPiV (PSLHFHQ SRU
HMHUFLWDU HO VHQWLGR GH OD YHUGDG EXVFDQGR DQWHV
TXH QDGD ORV SXQWRV FRUUHFWRV $O HVWXGLDU HO
WUDEDMRGHRWUROLPtWHQVHDOSDSHOGHXQHVSHMR\
GLJDQKRQHVWDPHQWHVLFUHHQQRHQORTXHKDQYLVWR
\RtGR\VHxDOHQHQSDUWLFXODUORVPRPHQWRVPiV

FRQYLQFHQWHVSDUDXVWHGHV
6L HO S~EOLFR TXH IUHFXHQWD HO WHDWUR IXHUD
WDQHVWULFWRVREUHODYHUGDGHQHOHVFHQDULRFRPR
OR IXHURQ XVWHGHV KR\ HQ OD YLGD UHDO QRVRWURV
SREUHV DFWRUHV QR QRV DWUHYHUtDPRV MDPiV D
PRVWUDUODFDUD
3HURQRVRQVHYHURVORVHVSHFWDGRUHV"
SUHJXQWyDOJXLHQ
(QUHDOLGDGQR1RUHJDxDQFRPRXVWHGHV
3RUORFRQWUDULRHOS~EOLFRGHVHDPiVTXHQDGD
FUHHUHQWRGRORTXHVXFHGHHQHOHVFHQDULR



<DKHPRVWHQLGREDVWDQWHWHRUtDGLMRHO
GLUHFWRU FXDQGR FRPHQ]y HO WUDEDMR GH KR\
3RQJDPRVHQSUiFWLFDDOJRGHHOOD'HVSXpVGH
ORFXDOQRVOODPyD9DQ\D\DPtDOHVFHQDULRSDUD

UHSUHVHQWDU HO DFWR GH TXHPDU HO GLQHUR 1R


ORJUDQ XVWHGHV UHDOL]DU HO HMHUFLFLR HQ SULPHU
OXJDUSRUTXHHVWiQDQVLRVRVSRUFUHHUHQWRGDVODV
FRVDVWHUULEOHVTXHSXVHHQHODUJXPHQWR3HURQR
WUDWHQ GH KDFHUOR WRGR GH XQD VROD YH] HPSLHFHQ
SDUWHSRUSDUWHD\XGiQGRVHVLHPSUHFRQSHTXHxDV
YHUGDGHV )LMHQ VXV DFFLRQHV VREUH ODV EDVHV
ItVLFDVPiVVLPSOHVTXHVHDSRVLEOH
1R OHV GDUp GLQHUR GH YHUGDG QL REMHWR
DOJXQRSDUDODUHSUHVHQWDFLyQ(OWUDEDMDUFRQDLUH
ORVLQGXFLUiDSHQVDUHQPiVSRUPHQRUHV\DORJUDU
PHMRU HIHFWR 6L FDGD DFWR DX[LOLDU HV HMHFXWDGR
FRQ YHUDFLGDG WRGD OD DFFLyQ VH GHVHQYROYHUi
FRUUHFWDPHQWH
&RPHQFpDFRQWDUORVLQH[LVWHQWHVELOOHWHV
1R OR FUHR GLMR 7RUWVRY GHWHQLpQGRPH
MXVWRFXDQGRILQJtDDOFDQ]DUHOGLQHUR
4XpHVORTXHQRFUHH"
1L VLTXLHUD PLUDED HO REMHWR TXH HVWDED

SRUPHQRU UHDO SDUD FRQYHQFHU QXHVWUDV


QDWXUDOH]DVItVLFDVGHODYHUGDGGHORTXHVHHVWi
KDFLHQGRHQHOHVFHQDULR"
3URFHGLyOXHJRDGLULJLUPLVDFFLRQHVItVLFDV
PRYLPLHQWRSRUPRYLPLHQWRVHJXQGRSRUVHJXQGR
KDVWDOHJUDUXQHIHFWRFRKHUHQWH
0LHQWUDV FRQWDED HO GLQHUR LPDJLQDGR
UHFRUGpHOPpWRGRH[DFWR\HORUGHQHQTXHpVWRVH
KDFH HQ OD YLGD UHDO (QWRQFHV WRGRV ORV
SRUPHQRUHV OyJLFRV TXH PH VXJLULy HO GLUHFWRU
GHVDUUROODURQ HQ Pt XQD DFWLWXG FRPSOHWDPHQWH
GLIHUHQWHKDFLDHODLUHTXHPDQHMDEDFRPRGLQHUR
8QDFRVDHVPRYHUORVGHGRVHQHODLUH\RWUDPX\
GLVWLQWD PDQHMDU VXFLRV \ DMDGRV ELOOHWHV TXH XQR
YHGLVWLQWDPHQWHFRQHORMRGHOHVStULWX
(Q FXDQWR PH FRQYHQFt GH OD YHUGDG GH PLV
DFFLRQHV ItVLFDV PH VHQWt SHUIHFWDPHQWH FyPRGR
HQHOHVFHQDULR
)Xp HQWRQFHV FXDQGR VXUJLHUHQ SHTXHxDV

WRFDQGR
+DEtD PLUDGR ODV LPDJLQDULDV SLODV GH
ELOOHWHV SHUR VLQ YHU QDGD VLPSOHPHQWH KDEtD
HVWLUDGRHOEUD]RSDUDYROYHUOROXHJRKDFLDPt
$XQTXH QR VHD PiV TXH SRU ODV
DSDULHQFLDV GHEH DSUHWDU ORV GHGRV SDUD TXH HO
SDTXHWH QR FDLJD GH VXV PDQRV 1R OR DUURMH DVt
'HSRVtWHOR VREUH OD PHVD \ TXLpQ GHVKDFH XQ
SDTXHWHHQHVDIRUPD"
3ULPHUR EXVTXH HO H[WUHPR GHO OD]R 1R
DVt QR 1R SXHGH KDFHUVH WDQ HQ VHJXLGD /DV
SXQWDV HVWiQ DWDGDV FRQ FXLGDGR SDUD TXH QR VH
VXHOWHQ 1R HV WDQ IiFLO GHVDWDUODV (VR HV
DSUREyDOILQ&XHQWHDKRUDSULPHURORVGHFLHQ
HQXQSDTXHWHSRUORJHQHUDOKD\GLH]9iOJDPH
'LRV 4Xp SURQWR KL]R WRGR 1L VLTXLHUD HO PiV
H[SHUWR FDMHUR KXELHUD FRQWDGR HVRV ELOOHWHV WDQ
DMDGRV\VXFLRVFRQWDQWDUDSLGH]
9HQ DKRUD KDVWD TXp JUDGR HQWUD HO

LPSURYLVDFLRQHV DGLFLRQDOHV (QUROOp OD FXHUGD


FRQFXLGDGR\ODGHMpDOODGRGHODSLODGHELOOHWHV
VREUH OD PHVD (VD SHTXHxD SDUWH PH GLR YDORU \
PH FRQGXMR D RWUDV 3RU HMHPSOR DQWHV GH FRQWDU
ORVSDTXHWHVOHVVDFXGtVXDYHPHQWHVREUHODPHVD
YDULDVYHFHVDILQGHRUGHQDUODVSLODV
(VR HV OR TXH HQWHQGHPRV SRU DFFLyQ
ItVLFD MXVWLILFDGD FRPSOHWD \ WRWDOPHQWH< D HOOR
SXHGHHODFWRURWRUJDUXQDDEVROXWDIHRUJiQLFD
UHVXPLy7RUWVRY\FRQHOORTXLVRFRQFOXLUODODERU
GHOGtDPDV*ULVKDTXHUtDGLVFXWLU
&yPR SXHGH OODPDU DFWLYLGDGItVLFD X
RUJiQLFDDDOJRTXHVHEDVDVyORHQHODLUH"
3DXO DVLQWLy 6RVWXYR TXH ODV DFFLRQHV
FRQFHUQLHQWHV D REMHWRV UHDOPHQWH H[LVWHQWHV \ ODV
TXH FRQFLHUQHQ D REMHWRV LPDJLQDGRV HUDQ
QHFHVDULDPHQWHGHGRVWLSRVGLVWLQWRV
7RPH FRPR HMHPSOR OD DFFLyQ GH EHEHU
DJXDGLMR'HVDUUROODXQSURFHVRFRPSOHWRGH

YHUGDGHUDDFWLYLGDGItVLFD\RUJiQLFDHOOOHYDUHO
DJXDGHQWURGHODERFDODVHQVDFLyQGHOJXVWRHO
GHMDU TXH HO DJXD FRUUD SRU OD OHQJXD \ OXHJR
WUDJDUOD([DFWRLQWHUUXPSLyHOGLUHFWRUWRGRV
HVRV SRUPHQRUHV GHOLFDGRV GHEHQ VHU UHSHWLGRV
DXQ FXDQGR QR VH WHQJD DJXD SRUTXH GH OR
FRQWUDUtRQXQFDWUDJDUi
3HUR FyPR VH SXHGHQ UHSHWLU VL QR VH
WLHQHQDGDGHQWURGHODERFD"LQVLVWLy*ULVKD
7UDJXHVDOLYDRDLUH+D\HQHOORDOJXQD
GLIHUHQFLD"SUHJXQWy7RUWVRY6RVWHQGUiQTXH
QR HV OR PLVPR TXH WUDJDU DJXD R YLQR 'H
DFXHUGR+D\XQDGLIHUHQFLD3HURDXQDVtKD\XQD
FDQWLGDG VXILFLHQWH GH YHUGDG ItVLFD HQ OR TXH
KDFHPRVSDUDQXHVWURVSURSyVLWRV



&RQWLQXDUHPRV KR\ FRQ OD VHJXQGD SDUWH

(VR QR HV GLItFLO GLMH SRQLpQGRPH GH


SLHSDUDLUDODRWUDKDELWDFLyQ
2K QR GLMR HO GLUHFWRU PLHQWUDV PH
GHWHQtD &UHR TXH HVR HV OR PHQRV DSURSLDGR
TXH SXHGH KDFHU 3RU OR GHPiV XVWHG GLFH TXH
VXELUDOHVFHQDULRHQWUDUDXQGRUPLWRULR\VDOLUGH
pOQXHYDPHQWHHVFRVDIiFLOGHKDFHU6LDVtIXHUD
HVWDUtD DGPLWLHQGR HQ OD DFFLyQ XQD FDQWLGDG
HQRUPH GH HIHFWRV LQFRKHUHQWHV \ FDUHQWHV GH
OyJLFD
9HULILTXHXVWHGPLVPRFXiQWRVPRYLPLHQWRV
\YHUGDGHVItVLFDVSHTXHxDVFDVLLPSHUFHSWLEOHV
SHUR HVHQFLDOHV KD RPLWLGR HQ HVWH PLVPR
PRPHQWR 3RU HMHPSOR DQWHV GH DEDQGRQDU OD
KDELWDFLyQ HVWDED RFXSDGR HQ DVXQWRV GH QR SRFD
LPSRUWDQFLD KDOOiEDVH KDFLHQGR XQ WUDEDMR
LPSRUWDQWH FODVLILFDQGR ELHQHV S~EOLFRV \
UHJLVWUDQGRWtWXORV&yPRSXHGHGHSURQWRGHMDU
WRGR \ VDOLU GLVSDUDGR GH OD KDELWDFLyQ FRPR VL
SHQVDUDTXHHOWHFKRKDGHFDpUVHOHHQFLPD"1DGD
WHUULEOHKDRFXUULGR)XpVRODPHQWHHOOODPDGRGH

GHO HMHUFLFLR TXH UHDOL]DPRV D\HU \ WUDEDMDUHPRV


HQ OD PLVPD IRUPD HQ TXH OR KLFLpUDPRV DO
SULQFLSLRGLMRHOGLUHFWRUDOHPSH]DUODOHFFLyQ
(VWHHVXQSUREOHPDPXFKRPiVFRPSOLFDGR
0H DWUHYHUtD D GHFLU TXH QR ORJUDUHPRV
UHVROYHUOR REVHUYp PLHQWUDV PH UHXQtD FRQ
0DUtD\9DQ\DSDUDLUDOHVFHQDULR
1DGD VH SHUGHUi GLMR 7RUWVRY
DQLPiQGRQRV1ROHVGLHVHHMHUFLFLRSHQVDQGR
TXH SXGLHUDQ UHSUHVHQWDUOR )Xp PiV ELHQ SRUTXH
WRPDQGR DOJR IXHUD GHO DOFDQFH GH VXV IXHU]DV
IXHUDQ FDSDFHV GH HQWHQGHU PHMRU FXiOHV VRQ ORV
HUURUHV \ OR TXH QHFHVLWDQ SDUD WUDEDMDU 3RU HO
PRPHQWRHQVD\HQVRODPHQWHORTXHHVWiGHQWURGH
ORTXHVDEHQ&UHHQSDUDPtHOHIHFWRGHODDFFLyQ
ItVLFDH[WHULRU+DJDQTXHVLHQWDODYHUGDGHQHOOD
3DUDHPSH]DUHVFDSD]GHGHMDUVXWUDEDMR
SRUXQPRPHQWR\UHVSRQGLHQGRDOOODPDGRGHVX
HVSRVDLUDORWURGRUPLWRULR\REVHUYDUODPLHQWUDV
EDxDDOQLxR"

VXHVSRVD$GHPiVHVSRVLEOHTXHHQODYLGDUHDO
FRQFLED LU D YHU XQ QHQH UHFLpQ QDFLGR FRQ HO
FLJDUULOOR HQFHQGLGR HQ ORV ODELRV" < HV SRVLEOH
TXH OD PDGUH VH OR SHUPLWD" 3RU OR WDQWR GHEH
DQWHV TXH QDGD EXVFDU XQ OXJDU GRQGH GHMDU HO
FLJDUULOOR GpMHOR HQ HVWD KDELWDFLyQ \ HQWRQFHV
SRGUi LU &DGD XQR GH HVRV SHTXHxRV DFWRV
DX[LOLDUHVVRQIiFLOHVGHHMHFXWDU
+LFH FRPR PH GLMR GHMp HO FLJDUULOOR HQ OD
HVWDQFLD\VDOtGHOHVFHQDULRDORVEDVWLGRUHVSDUD
HVSHUDUPLSUy[LPDHQWUDGD
$KRUD GLMR HO GLUHFWRUKD HMHFXWDGR
FDGDSHTXHxRDFWRDOSRUPHQRU\ORVKDUHXQLGRHQ
XQDDFFLyQJUDQGHODGHLUDOGRUPLWRULRFRQWLJXD
0L UHJUHVR D OD HVWDQFLD HVWXYR VXMHWR D
LQQXPHUDEOHVFRUUHFFLRQHV(VWDYH]VLQHPEDUJR
IXpSRUTXHFDUHFtDGHVLPSOLFLGDG\WHQGtDDIRU]DU
WRGRORTXHKDFtD7DQWRpQIDVLVOOHYDWDPELpQDOD
IDOVHGDG

)LQDOPHQWH QRV DFHUFDPRV D OD SDUWH PiV


LQWHUHVDQWH \ GUDPiWLFD (QWUDU DFHUFDUPH D OD
PHVDGHWUDEDMRYHUTXH9DQ\DKDEtDTXHPDGRHO
GLQHUR SDUD HQWUHWHQHUVH FRPSODFLpQGRVH
HVW~SLGDPHQWHFRQORTXHKDEtDKHFKR
$O SHUFLELU XQD SRVLELOLGDG WUiJLFD PH
SUHFLSLWpHQODKDELWDFLyQ\GDQGRULHQGDVXHOWDD
PLWHPSHUDPHQWRPHKXQGtHQODH[DJHUDFLyQ
'HWpQJDVH +D WRPDGR HO FDPLQR
HTXLYRFDGRJULWy7RUWVRY<DTXHHVWiHQHVR
DSURYHFKH\UHSLWDORTXHDFDEDGHKDFHU
&XDQWRGHEtDKDFHUVHOLPLWDEDDFRUUHUKDFLD
OD FKLPHQHD \ OLEUDU GH ODV OODPDV DO ~OWLPR
SDTXHWHGHGLQHUR
1R REVWDQWH SDUD KDFHUOR GHEtD SODQHDU HO
FDPLQR\HPSXMDUDXQODGRDPLLQIHOL]FXxDGR$O
GLUHFWRUQROHFRQYHQFtDTXHHVHVDOYDMHHPSXMyQ
SXGLHUD VHU OD FDXVD GH XQD PXHUWH R WHUPLQDU HQ
FDWiVWURIH

VHHQFLHQGHLQVWDQWiQHDPHQWH3RUFRQVLJXLHQWHVL
YD D VDOYDUOR GHEH DFWXDU GH HVD PDQHUD
LQVWDQWiQHDPHQWH (VR IXp OR TXH QR KL]R \
QDWXUDOPHQWHVXVDFWRVFDUHFLHURQGHYHUGDG
'HVSXpVGHXQDSHTXHxDSDXVDGLMR
&RQWLQXHPRV
4XLHUHGHFLUTXHQRKDUHPRVQDGDPiVHQ
HVWDSDUWH"H[FODPp
4Xp PiV TXLHUH KDFHU" SUHJXQWy
7RUWVRY 6DOYy OR TXH SXGR \ OR GHPiV VH
TXHPy
3HUR\ODPXHUWH"
1RKXERWDOGLMR
4XLHUH GHFLU TXH QR KXER XQ PXHUWR"
SUHJXQWp
&ODUR TXH KXER 3HUR SDUD OD SHUVRQD

0HGHYDQpORVVHVRVSHQVDQGRFyPRKDFHU\
DODYH]MXVWLILFDUDFWRWDQUXGR
9HHVWDWLUDGHSDSHO"SUHJXQWH9R\
D SUHQGHUOH IXHJR \ DUURMDUOD GHQWUR GH HVWH
FHQLFHUR8VWHGVHDFHUFD\WDQSURQWRFRPRYHOD
OODPD FRUUH \ WUDWD GH VDOYDU OR TXH TXHGD VLQ
TXHPDUGHOSDSHO
(QFXDQWRYLTXHHQFHQGtDHOSDSHOFRUUtFRQ
WDQWDYLROHQFLDTXHFDVLOHURPSRHOEUD]RD9DQ\D
TXHHVWDEDHQHOFDPLQR
3XHGH GHFLU DKRUD Vt KD\ DOJ~Q SDUHFLGR
HQWUH OR TXH DFDED GH KDFHU \ VX UHSUHVHQWDFLyQ
DQWHULRU" 5HFLpQ DKRUD KXELpUDPRV WHQLGR HQ
UHDOLGDG XQD FDWiVWURIH SRUTXH OR DQWHULRU IXp
PHUDH[DJHUDFLyQ
1R GHEHQ VHFDU HQ FRQFOXVLyQ TXH OR TXH
UHFRPLHQGR HV URPSHU EUD]RV \ ODVWLPDUVH HQ HO
HVFHQDULR /R TXH GHVHR HV TXH FXLGHQ GH OD
FLUFXQVWDQFLD PiV LPSRUWDQWH D GH TXH HO GLQHUR

FX\D SDUWH XVWHG UHSUHVHQWD QR H[LVWH PXHUWH


DOJXQD (VWi WDQ GHSULPLGR SRU OD SpUGLGD GHO
GLQHUR TXH QL VLTXLHUD VH KD GDGR FXHQWD TXH KD
JROSHDGR D VX FXxDGR 6L DVt QR IXHUD QR HVWDUtD
FODYDGRHQHOVXHORVLQRTXHFRUUHUtDDD\XGDUDO
PRULEXQGR
/OHJDPRVDOSXQWRPiVGLItFLOSDUDPt(UDHO
GHSHUPDQHFHUTXLHWRFRPRFRQYHUWLGRHQSLHGUD
HQXQHVWDGRGHWUiJLFDLQDFFLyQ
/RWRPpFRQLQGLIHUHQFLD\VLQHPEDUJRPH
GLFXHQWDGHTXHHVWDEDH[DJHUDQGR
<DDKtHVWiQORVYLHMRVYLHMtVLPRVFOLFKpV
GHQXHVWURVDQWHSDVDGRVGLMR7RUWVRY
&yPRSXHGHUHFRQRFHUORVSUHJXQWp
/RV RMRV DJUDQGDGRV SRU HO KRUURU OD
PXHFDWUiJLFDGHOURVWURODFDEH]DVRVWHQLGDSRU
DPEDVPDQRVORVGHGRV


KXQGLGRV HQ HO FDEHOOR OD PDQR DSUHWDGD


FRQWUDHOFRUD]yQ&XDOTXLHUDGHHVRVJHVWRVWLHQH
SRUORPHQRVWUHVFLHQWRVDxRVGHDQWLJHGDG
$SDUWHPRVWRGRORTXHQRVLUYD/LPSLHPRV
/D REUD GH JHVWRV FRQ OD FDEH]D HO FRUD]yQ \ HO
FDEHOOR 'HPH XQD DFFLyQ DXQTXH VHD PX\
SHTXHxDHQODTXHVHSXHGDFUHHU
&yPRSXHGRRIUHFHUOHPRYLPLHQWRVLVH
VXSRQH TXH HVWR\ HQ HVWDGR GH LQDFFLyQ
GUDPiWLFD"SUHJXQWp
4XpFUHHXVWHG"UHSOLFyHOGLUHFWRU
3XHGHKDEHUDFWLYLGDGHQODLQDFFLyQGUDPiWLFDR
HQ FXDOTXLHU RWUD LQDFFLyQ" 6L HV DVt HQ TXp
FRQVLVWH"
(VDSUHJXQWDPHKL]RKXUJDUHQPLPHPRULD\
WUDWDU GH UHFRUGDU OR TXH KDUtD FXDOTXLHU SHUVRQD
HQ XQ SHUtRGR GH LQDFFLyQ GUDPiWLFD 7RUWVRY PH
UHFRUGy DOJXQRV SDVDMHV GH 0L YLGD HQ HO DUIH \
DJUHJy XQ LQFLGHQWH GHO TXH KDEtD WHQLGR

UHFLELU OD QRWLFLD GH OD PXHUWH GH VX PDULGR VH


DSURQWDED D VDOLU GH FRPSUDV SDUD pO 3HUR
VLHQGR TXH KDEtD PXHUWR HUD SUHFLVR FDPELDU GH
SODQ 4Xp KDUtD" 3HQVDQGR HQ VXV RFXSDFLRQHV
SDVDGDV \ SUHVHQWHV VX PHQWH KDEtD UHSDVDGR ORV
UHFXHUGRVGHVXYLGDKDVWDODUXSWXUDGHOPRPHQWR
DFWXDO FRQ VX JUDQ LQWHUURJDQWH 6H KDEtD
GHVPD\DGR DO VHQWLUVH WRWDOPHQWH LPSRWHQWH SDUD
UHVROYHUOR
&UHRTXHHVWDUiGHDFXHUGRHQTXHDTXHOORV
GLH]PLQXWRVGHWUiJLFDLQDFFLyQHVWDEDQEDVWDQWH
OOHQRV GH DFWLYLGDG 3LHQVH TXH FRQGHQVy WRGD VX
YLGD SDVDGD HQ VyOR GLH] PLQXWRV 1R HV HVR
DFFLyQ"
'HVGHOXHJRDVHQWtSHURQRHVDFFLyQ
ItVLFD
0X\ELHQGLMR7RUWVRY4XL]iQRVHD
ItVLFD 1R QHFHVLWDPRV SHQVDU FRQ GHPDVLDGD
SURIXQGLGDG HQ UXEULFDU OR TXH KDFHPRV QL HQ VHU
GHPDVLDGR FRQFLVRV (Q WRGR DFWR ItVLFR KD\ XQ

H[SHULHQFLDSHUVRQDO
(UD QHFHVDULR UHODWy GDUOH D XQD
PXMHU OD QRWLFLD GH OD PXHUWH GH VX HVSRVR
'HVSXpV GH XQ ODUJR \ FXLGDGRVR SUHiPEXOR
SURQXQFLpILQDOPHQWHODVSDODEUDVIDWDOHV/DSREUH
PXMHU TXHGy DWXUGLGD \ VLQ HPEDUJR HQ VX
ILVRQRPtDQRPRVWUyVHxDODOJXQDGHHVDH[SUHVLyQ
WUiJLFD TXH ORV DFWRUHV JXVWDQ GH PRVWUDU HQ HO
HVFHQDULR /D WRWDO DXVHQFLD GH H[SUHVLyQ HQ HO
URVWUR TXH HQ VX H[WUHPD LQPRYLOLGDG SDUHFtD
FDGDYpULFR HUD OR TXH PiV LPSUHVLRQDED )Xp
QHFHVDULR SHUPDQHFHU D VX ODGR FRPSOHWDPHQWH
LQPyYLO SRU PiV GH GLH] PLQXWRV D ILQ GH QR
LQWHUUXPSLU HO SURFHVR TXH GHQWUR GH HOOD VH
GHVDUUROODED 3RU ILQ KLFH XQ PRYLPLHQWR TXH OD
KL]R YROYHU GH VX HVWXSRU SDUD FDHU GHVYDQHFLGD
XQLQVWDQWHGHVSXpV
7LHPSR PiV WDUGH \ FXDQGR IXp SRVLEOH
KDEODUOH GHO KHFKR VH OH SUHJXQWy TXp KDEtD
SDVDGR SRU VX PHQWH HQ DTXHOORV PRPHQWRV GH
WUiJLFD LQPRYLOLGDG 3DUHFH TXH PLQXWRV DQWHV GH

HOHPHQWR SVLFROyJLFR \ XQR ItVLFR HQ WRGR DFWR


SVLFROyJLFR
/DV ~OWLPDV HVFHQDV HQ TXH YXHOYR GH PL
HVWXSRU\WUDWRGHUHYLYLUDPLFXILDGRIXHURQSDUD
PtLQILQLWDPHQWHPiVIiFLOHVGHUHSUHVHQWDUTXHOD
LQPRYLOLGDGFRQVXDFWLYLGDGSVLFROyJLFD
5HSDVHPRV DKRUD OR TXH DSUHQGLPRV HQ
QXHVWUDV GRV ~OWLPDV OHFFLRQHV GLMR HO GLUHFWRU
 3RUTXH OD JHQWH MRYHQ HV WDQ LPSDFLHQWH TXH
EXVFDSRVHVLRQDUVHGHLQPHGLDWRGHWRGDODYHUGDG
LQWHULRUGHXQDREUDRGHXQSDSHO\FUHHUHQHOOD
<DTXHHVLPSRVLEOHWHQHUVLPXOWiQHDPHQWH
HOFRQWUROGHOWRGRGHEHPRVGLYLGLUOR\RFXSDUQRV
GH FDGD SDUWH SRU VHSDUDGR 3DUD OOHJDU D OD
YHUGDG HVHQFLDO GH FDGD SDUWH \ VHU FDSDFHV GH
FUHHU HQ HOOD GHEHPRV VHJXLU HO PLVPR
SURFHGLPLHQWR TXH XWLOL]DPRV DO HOHJLU ODV
XQLGDGHV\ORVREMHWLYRV&XDQGRQRSXHGDQFUHHU
HQ OD DFFLyQ PD\RU GHEHQ UHGXFLUOD D
SURSRUFLRQHV PiV \ PiV SHTXHxDV KDVWD TXH

SXHGDQ FUHHU HQ HOOD 1R SLHQVHQ TXH pVWD HV XQD
ODERU WDQ LQVLJQLILFDQWH (V WUHPHQGD 1R KDQ
SHUGLGRHOWLHPSRFXDQGRHQPLVFODVHVRHQODVGH
SUiFWLFDGH5DMPiQRYFRQFHQWUDURQODDWHQFLyQHQ
SHTXHxDVDFFLRQHVItVLFDV4XL]iQRVHGHQFXHQWD
WRGDYtDGHTXHGHODFUHHQFLDHQODYHUGDGGHXQD
SHTXHxDDFFLyQHODFWRUSXHGHOOHJDUDVHQWLUVHD
VtPLVPRHQVXSDSHO\DWHQHUIHHQODUHDOLGDGGH
ODREUDFRPSOHWD
3XHGR FLWDU LQQXPHUDEOHV FDVRV TXH KDQ
VXFHGLGR HQ PL SURSLD YLGD GRQGH DOJR
LQHVSHUDGRVHKDLQWURGXFLGRHQODDQWLFXDGDUXWLQD
GH OD UHSUHVHQWDFLyQ GH XQD REUD 8QD VLOOD TXH
FDHXQDDFWUL]TXHGHMDFDHUHOSDxXHOR\GHEHVHU
OHYDQWDGR R HO DVXQWR VH DOWHUD GH SURQWR (VDV
FRVDV H[LJHQ QHFHVDULDPHQWH DFFLRQHV SHTXHxDV
SHURYHUGDGHUDVSRUTXHVRQLQWUXVLRQHVHPDQDGDV
GH OD YLGD UHDO /R PLVPR TXH XQD UiIDJD GH DLUH
IUHVFR DOLJHUD OD DWPyVIHUD HQ XQ FXDUWR PDO
YHQWLODGR HVDV HPRFLRQHV YHUGDGHUDV SXHGHQ GDU
YLGD D OD DFWXDFLyQ HVWHUHRWLSDGD 3XHGH KDFHU
UHFRUGDU DO DFWRU OD VHQGD GH OD YHUGDG TXH KD


(VWH YHUDQR SDVDGR GLMR HO GLUHFWRU
IXLSRUSULPHUDYH]GHVGHKDFtDPXFKRVDxRVDXQ
VLWLR GH OR FDPSLxD HQ HO TXH VROtD SDVDU ODV
YDFDFLRQHV /D FDVD HQ TXH PH DORMDED HVWDED D
FLHUWDGLVWDQFLDGHODHVWDFLyQIHUURYLDULD8QDWDMR
SDUDOOHJDUDODHVWDFLyQFRQGXFtDDWUDYpVGHXQD
EDUUDQFD DOJXQRV FROPHQDUHV \ XQ ERVTXH (Q OD
OHMDQDQLxH]KDEtDWUDQVLWDGRWDQWRSRUHVHFDPLQR
TXH\DKDEtDKHFKRGHpOXQVHQGHURWULOODGR0iV
WDUGHODKLHUEDORFXEULy(VWHYHUDQRYROYtSRUpO
$,SULQFLSLRQRPHIXpWDQIiFLOHQFRQWUDUORSHUGtD
D PHQXGR OD GLUHFFLyQ \ VDOtD D XQ FULPLQR
SULQFLSDO OOHQR GH EDFKHV \ DJXMHURV SURGXFLGRV
SRU VL WUiQVLWR SHVDGR )LQDOPHQWH PH HQFRQWUp
DQGDQGR HQ GLUHFFLyQ FRQWUDULD D OD HVWDFLyQ 3RU
HVR PH YL REOLJDGR D UHWRPDU HO FDPLQR KHFKR \
EXVFDU HO DWDMR 0H JXLDEDQ PLV YLHMRV UHFXHUGRV
GH VHxDOHV IDPLOLDUHV iUEROHV SRVWHV SHTXHxDV
HOHYDFLRQHV \ GHFOLYHV GHO VHQGHUR (VRV
UHFXHUGRV IXHURQ WRPDQGR IRUPR \ GLULJLHURQ PL

SHUGLGR 7LHQH HO SRGHU GH SURGXFLU XQ LPSXOVR


LQWHULRU\SXHGHFRQYHUWLUXQDHVFHQDFRPSOHWDHQ
XQDHWDSDPiVFUHDGRUD
3RU RWUR ODGR QR SRGHPRV GHMDU ODV FRVDV
OLEUDGDV DO DFDVR 3DUD HO DFWRU HV LPSRUWDQWH
VDEHUFyPRSURFHGHUEDMRFLUFXQVWDQFLDVFRPXQHV
&XDQGR XQ DFWR FRPSOHWR HV GHPDVLDGR JUDQGH
SDUD PDQHMDUOR GLYtGDQOR 6L XQ GHWDOOH QR HV
VXILFLHQWH SDUD FRQYHQFHUORV GH OD YHUGDG GH OR
TXHHVWiQKDFLHQGRDJUHJXHQRpORWURVKDVWDTXH
KD\DQREWHQLGRXQDPD\RUHVIHUDGHDFFLyQTXHORV
FRQYHQ]D
$TXt ORV D\XGDUi WDPELpQ XQVHQWLGR GH OD
PHGLGD
(V D HVWDV YHUGDGHV VHQFLOODV SHUR
LPSRUWDQWHVTXHKHPRVGHGLFDGRHOWUDEDMRGHODV
UHFLHQWHVOHFFLRQHV


E~VTXHGD$OILQDOORJUpHQFRQWUDUODEXHQDVHQGD
\ SXGH LU \ YROYHU D OD HVWDFLyQ &RPR HQ HVD
GLUHFFLyQ WHQtD TXH LU FRQ IUHFXHQFLD XWLOL]DED HO
DWDMR FDVL D GLDULR GH PRGR TXH SURQWR YROYtD D
FRQYHUWLUORHQXQVHQGHURELHQPDUFDGR
'XUDQWH QXHVWUDV ~OWLPDV OHFFLRQHV KHPRV
HVER]DGR XQD OtQHD GHDFFLRQHV ItVLFDV HQ HO
HMHUFLFLRGHOGLQHURTXHPDGR6HSDUHFHDOJRDPL
VHQGHUR GHO FDPSR /D UHFRQRFHPRV HQ OD YLGD
UHDO SHUR GHEHPRV UHFRUUHUOD QXHYDPHQWH HQ HO
HVFHQDULR
/DOtQHDFRUUHFWDSDUDXVWHGHVHVWiWDPELpQ
DVHGLDGD SRU PDORV KiELWRV TXH DPHQD]DQ
GHVYLDUORV D FDGD SDVR \ H[WUDYLDUORV KDFLD HO
FDPLQR DFFLGHQWDGR \ DUUXLQDGR SRU OD DFFLyQ
PHFiQLFDHVWHUHRWLSDGD3DUDHYLWDUORGHEHQKDFHU
OR TXH \R KLFH \ HVWDEOHFHU OD GLUHFFLyQ FRUUHFWD
SUR\HFWDQGR XQD VHULH GH DFFLRQHV ItVLFDV 'HEHQ
PDUFDUODV KDVWD TXH KD\DQ OHJUDGR ILMDU
SHUPDQHQWHPHQWH HO YHUGDGHUR FDPLQR GHO SDSHO
6XEDQDKRUDDOHVFHQDULR\UHSLWDQYDULDVYHFHVODV

DFFLRQHVItVLFDVTXHHMHFXWDUQRVOD~OWLPDYH]
7HQJDQ FXLGDGR VyOR DFFLRQHV ItVLFDV
YHUGDGHV ItVLFDV \ FUHHQFLD ItVLFD HQ HOODV 1DGD
PiV
5HDOL]DPRVWRGRHOHMHUFLFLR
1RWDURQ DOJXQDV VHQVDFLRQHV QXHYDV
FRPR UHVXOWDGR GH OD HMHFXFLyQ GH OD VHULH
FRPSOHWD GH DFWRV ItVLFRV VLQ LQWHUUXSFLyQ"
SUHJXQWy 7RUWVRY 6L IXp DVt ORV PRPHQWRV
UHSDVDGRVIOX\HQFRPRHVGHELGRHQSHUtRGRVPiV
ODUJRV\FUHDQGRXQDFRUULHQWHFRQWLQXDGHYHUGDG
+DJDQODSUXHEDUHSUHVHQWDQGRHOHMHUFLFLR
FRPSOHWR GHVGH HO SULQFLSLR KDVWD HO ILQ YDULDV
YHFHVXWLOL]DQGRVyORODVDFFLRQHVItVLFDV

0LHQWUDV UHSHWtDPRV HO HMHUFLFLR PH


PDQWXYHHQXQHUURUTXHFUHRGHERGHVFULELU&DGD
YH] TXH GHMDED OD HVFHQD \ VDOtD GHO HVFHQDULR
GHMDED GH DFWXDU &RPR FRQVHFXHQFLD OD OtQHD
OyJLFD GH OD DFFLyQ ItVLFD VH LQWHUUXPStD < QR
GHEHVHUDVt1LHQHOHVFHQDULRQLHQWUHEDVWLGRUHV
GHEH HO DFWRU DGPLWLU WDOHV LQWHUUXSFLRQHV HQ OD
FRQWLQXLGDG GH OD YLGD GH VX SDSHO SXHV SURGXFH
YDFtRV \ pVWRV HQ FDPELR VH OOHQDQ GH
SHQVDPLHQWRV\VHQWLPLHQWRVH[WUDxRVDOSDSHO
6LQRVHDFRVWXPEUDQDDFWXDUSDUDXVWHGHV
PLVPRV PLHQWUDV HVWiQ IXHUD GHO HVFHQDULR GLMR
HOGLUHFWRUFRQILQHQDOPHQRVVXVSHQVDPLHQWRV
D ORV TXH OD SHUVRQD TXH HVWiQ UHSUHVHQWDQGR
WHQGUtD VL HVWXYLHUD HQ FLUFXQVWDQFLDV DQiORJDV
(VWROHVD\XGDUiDPDQWHQHUVHHQHOSDSHO

6HJXLPRV VXV LQVWUXFFLRQHV \ VHQWLPRV HQ


UHDOLGDGTXHODVSDUWHVGHWDOODGDVFRUUHVSRQGtDQD
XQ WRWDO FRQWLQXDGR (VH HIHFWR IXp UHIRU]DGR SRU
FDGD UHSHWLFLyQ \ VH WXYR OD VHQVDFLyQ GH TXH OD
DFFLyQDGHODQWDEDFRQFUHFLHQWHLPSXOVR

'HVSXpVGHKDFHUDOJXQDVFRUUHFFLRQHV\GH
UHSHWLUHOHMHUFLFLRYDULDVYHFHVPiVPHSUHJXQWy

PDQHUD VyOLGD \ SHUPDQHQWH OD ODUJD VHULH GH


PRPHQWRV LQGLYLGXDOHV GH OD YHUGDGHUD DFFLyQ
ItVLFDGHHVWHHMHUFLFLR"

LPSRUWDQWH TXH HV ODFUHDFLyQ GHO DOPD KXPDQD


HQHOSDSHO

$ HVH HIHFWR FRQWLQXR OR OODPDPRV HQ


QXHVWUD MHUJD WHDWUDO OD YLGD GH XQ FXHUSR
KXPDQR (VWi FRPSXHVWR FRPR KDQ YLVWR GH
DFFLRQHV ItVLFDV YLYDV PRWLYDGDV SRU XQ VHQWLGR
LQWHULRU GH OD YHUGDG SRU OD IH HQ OR TXH HO DFWRU
HVWpKDFLHQGR(VWRYLGDGHOFXHUSRKXPDQRHQXQ
SDSHO QR HV DVXQWR GH SRFD LPSRUWDQFLD (V XQR
PLWDGGHODLPDJHQTXHKD\TXHFUHDUDXQTXHQROD
PiVLPSRUWDQWH



'HVSXpV GH UHSDVDU HO PLVPR HMHUFLFLR XQD
YH]PiVHOGLUHFWRUGLMR
$KRUDTXHKDQFUHDGRHOFXHUSRGHOSDSHO
SRGHPRV SHQVDU HQ HO SUy[LPR SDVR HO PiV

6HGDFXHQWDTXHKDORJUDGRHVWDEOHFHUGH

(QUHDOLGDG\DKDWHQLGROXJDUHQHOLQWHULRU
GHXVWHGHVVLQTXHVHKD\DQSHUFDWDGR/DSUXHED
HVWi TXH FXDQGR HMHFXWDURQ WRGDV ODV DFFLRQHV
ItVLFDV HQ OD UHFLHQWH HVFHQD QR OR KLFLHURQ GH
PDQHUDIUtD\IRUPDOVLQRFRQFRQYLFFLyQLQWHULRU
&yPRVHHIHFWXyHVHFDPELR"
'HPDQHUDQDWXUDOSRUTXHODXQLyQHQWUHHO
FXHUSR\HODOPDHVLQGLYLVLEOH/DYLGDGHXQDGD
YLGD DO RWUR 7RGR DFWR ItVLFR H[FHSWXDQGR ORV
VLPSOHPHQWH PHFiQLFRV WLHQHQ XQD IXHQWH LQWHULRU
GHVHQWLPLHQWR(QFRQVHFXHQFLDWHQHPRVHQFDGD
SRSHO HQWUHOD]DGRV XQ SODQR LQWHULRU \ RWUR
H[WHULRU 8Q REMHWLYR FRP~Q ORV DVHPHMD \
IRUWDOHFHVXXQLyQ
(O GLUHFWRU PH KL]R UHSHWLU OD HVFHQD GHO
GLQHUR0LHQWUDVORFRQWDEDVHPHRFXUULyPLUDUD
9DQ\D HO MRUREDGR KHUPDQR GH PL HVSRVD \ SRU

SULPHUD YH] PH SUHJXQWp SRU TXp HVWi VLHPSUH


DOUHGHGRU PtR" 6HQWt HQWRQFHV TXH QR SRGUtD
FRQWLQXDUKDVWDHVFODUHFHUODVUHODFLRQHVPtDVFRQ
PL FXxDGR &RQ D\XGD GHO GLUHFWRU XUGLPRV OR
VLJXLHQWHFRPREDVHVSDUDODUHODFLyQODEHOOH]D\
VDOXGGHPLHVSRVDKDEtDQVLGRORJUDGDVDFRVWDGH
OD GHIRUPLGDG GH VX KHUPDQR JHPHOR &XDQGR
QDFLHURQ KXER TXH HMHFXWDU XQD RSHUDFLyQ GH
HPHUJHQFLD\VHH[SXVRODYLGDGHOQLxRDILQGH
VDOYDU D OD PDGUH \ D OD QLxD 7RGRV
VREUHYLYLHURQ SHUR HO PXFKDFKR KDEtD FUHFLGR
WRQWR\MRUREDGR(VWDVRPEUDSHVyVLHPSUHVREUH
OD IDPLOLD \ VH KL]R VHQWLU /D LQYHQFLyQ FDPELy
SRUFRPSOHWRPLDFWLWXGKDFLDHOSREUHLQIHOL]0H
SRVH\yXQVLQFHURVHQWLPLHQWRGHWHUQXUDKDFLDpO
\H[SHULPHQWpFLHUWRUHPRUGLPLHQWRSRUORSDVDGR
'H LQPHGLDWR pVWR GLR YXHOWD D OD HVFHQD HQ
TXH OD LQIHOL] FULDWXUD ORJUD SODFHU TXHPDQGR HO
GLQHUR $GHPiV GH VHQWLU OiVWLPD SRU pO KLFH
DOJXQDVJUDFLDVDILQGHHQWUHWHQHUORJROSHDEDORV
SDTXHWHVHQODPHVDKDFtDJHVWRV\FDUDVFyPLFDV
PLHQWUDV DUURMDED HQ HO IXHJR ODV FRORUHDGDV

HQYROWXUDV 9DQ\D UHVSRQGtD ELHQ D HVDV


LPSURYLVDFLRQHV\UHDFFLRQDEDFRQDOHJUtDSRUOR
TXH PH VHQWt LQFOLQDGR D FRQWLQXDU FRQ PiV
LQYHQFLRQHV GHO PLVPR WLSR $Vt FUHDPRV XQD
HVFHQD WRWDOPHQWH QXHYD YLYLGD DOHJUH \ FiOLGD
5HFLELPRV GHO S~EOLFR XQD LQPHGLDWD UHVSXHVWD
DOHQWDGRUD TXH QRV DQLPy D FRQWLQXDU /OHJy HO
PRPHQWRGHSDVDUDOGRUPLWRULRFRQWLJXR3DUDLU
KDFLD TXLpQ" +DFLD PL HVSRVD" 4XLpQ HV" $OOt
KDEtD RWUR SUREOHPD TXH UHVROYHU 1R SRGtD
FRQWLQXDU KDVWD VDEHU WRGR OR FRQFHUQLHQWH D HVD
SHUVRQD FRQ TXLHQ VH VXSRQtD TXH HVWDED FDVDGR
0L UHODWR DFHUFD GH HOOD UHVXOWDED VHQWLPHQWDO HQ
H[WUHPR &RQ WRGR VHQWt UHDOPHQWH TXH VL ODV
FLUFXQVWDQFLDV KXELHUDQ VLGR ODV TXH LPDJLQDED
HVDHVSRVD\VXKLMRQRKDEUtDQVLGRLQILQLWDPHQWH
TXHULGRV
(Q WRGD HVD QXHYD YLGD LPDJLQDGD SDUD HO
HMHUFLFLR QXHVWURV YLHMRV PpWRGRV GH
UHSUHVHQWDFLyQSDUHFtDQLQGLJQRV
4XpIiFLO\DJUDGDEOHIXpSDUDPtREVHUYDU

DO QHQH HQ VX EDxR 1R QHFHVLWp TXH PH KLFLHUDQ
UHFRUGDU OR GHO FLJDUULOOR HQFHQGLGR WXYH JUDQ
FXLGDGRGHGHMDUORDQWHVGHVDOLUGHOFXDUWR

/D HVFHQD VLJXLHQWH HQ GRQGH VH LQWHQWD


KDFHU UHYLYLU DO PXFKDFKR VDOLy FDVL QDWXUDO
PRWLYDGDSRUPLDFWXDODFWLWXGSDUDFRQpO

0L YXHOWD D OD PHVD GRQGH HVWDED HO GLQHUR


HV DKRUD WDQ FODUD FRPR QHFHVDULD (V XQ WUDEDMR
TXH HVWR\ KDFLHQGR SDUD PL HVSRVD PL KLMR \ HO
LQIHOL]MRUREDGR

(O HMHUFLFLR TXH DQWHV PH SDUHFLHUD FDVL


DEXUULGRGHVSHUWDEDHQPtQXHYDVVHQVDFLRQHV(O
PpWRGR GH FUHDU WDQWR OD YLGD ItVLFD FRPR OD
HVSLULWXDO UHVXOWDED H[WUDRUGLQDULR 6HQWt VLQ
HPEDUJR TXH HO IXQGDPHQWR GHO p[LWR GH HVWH
PpWRGR \DFH HQ ORV PiJLFRV VtHV \ HQ ODV
FLUFXQVWDQFLDV GDGDV )XHURQ HOORV ORV TXH
SURGXMHURQ HQ Pt HO LPSXOVR LQWHULRU \ QR OD
FUHDFLyQ GH SRUPHQRUHV ItVLFRV 1R VHUtD PiV
VHQFLOORWUDEDMDUFRQHOORVHQYH]GHHPSOHDUWDQWR
WLHPSRHQREMHWLYRVItVLFRV"

(O GLQHUR TXHPDGR DGTXLHUH XQ DVSHFWR


WRWDOPHQWH GLVWLQWR 7RGR OR TXH QHFHVLWp GHFLUPH
IXp TXp KDUtD VL IXHUD UHDO" 0H KRUURUL]D OD
SHUVSHFWLYD GHO IXWXUR OD RSLQLyQ S~EOLFD PH
VHxDODUi QR VyOR FRPR ODGUyQ VLQR FRPR DVHVLQR
GH PL FXQDGR $GHPiV VHUp FRQVLGHUDGR
LQIDQWLFLGD 1DGLH SRGUi UHKDELOLWDUPH D ORV RMRV
GHOPXQGR1LVLTXLHUDVpORTXHPLPXMHUSHQVDUi
GHPtGHVSXpVGHKDEHUPDWDGRDVXKHUPDQR
0LHQWUDVPHKDFtDWRGDVHVDVFRQMHWXUDVHUR
QHFHVDULR TXH SHUPDQHFLHUD HQ FRPSOHWD
LQPRYLOLGDG SHUR HUD LQPRYLOLGDG SOHQD GH
DFFLyQ

/OHYpPLSUHJXQWDDOGLUHFWRU\DVLQWLy
'HVGH OXHJR GLMR \ HVR HV OR TXH OH
SURSXVH TXH KLFLHUD XQ PHV DWUiV FXDQGR
UHSUHVHQWyHOHMHUFLFLRSRUSULPHUDYH]
3HUR HQWRQFHV PH UHVXOWDED GLItFLO

GHVSHUWDU PL LPDJLQDFLyQ \ KDFHUOD DFWLYD


REVHUYp
$Vt HV \ DKRUD HVWi ELHQ GHVSLHUWD
(QFXHQWUD IiFLO QR VyOR LQYHQWDU PHQWLUDV VLQR
YLYLUODVSDUDVHQWLUVXUHDOLGDG
3RUTXpKDRFXUULGRHVHFDPELR"3RUTXHDO
SULQFLSLRSODQWyODVVHPLOODVGHODLPDJLQDFLyQHQ
WLHUUDHVWpULO/DVFRQWRUVLRQHVODWHQVLyQItVLFD\
OD YLGD ItVLFD LQFRUUHFWD VRQ PDODV WLHUUDV SDUD
KDFHU FUHFHU HQ HOODV OD YHUGDG \ HO VHQWLPLHQWR
7LHQH DKRUD XQD YLGD ItVLFD FRUUHFWD 6X FUHHQFLD
HQ HOOD HVWi EDVDGD HQ ORV VHQWLPLHQWRV GH VX
SURSLDQDWXUDOH]D<DQRLPDJLQDUiHQHODLUHRHQ
HO HVSDFLR R HQ JHQHUDO<D QR HV DEVWUDFWD 1RV
YROYHPRV DOHJUHPHQWH D ODV DFFLRQHV ItVLFDV
YHUGDGHUDV\DQXHVWUDVFUHHQFLDVHQHOODVSRUTXH
HVWiQDQXHVWURDOFDQFH
8WLOL]DPRVODWpFQLFDFRQVFLHQWHDOFUHDUHO
FXHUSRItVLFRGHXQSDSHO\FRQVXD\XGDORJUDPRV
OD FUHDFLyQ GH OD YLGD VXEFRQVFLHQWH GHO HVStULWX

ItVLFDVORFRQGXFHDWUDYpVGHODVLQWHULRULGDGHV\
H[WHULRULGDGHVGHODREUD(VWiVXFDPLQRWDQELHQ
WUD]DGRTXHQRVHORSXHGHGHVYLDU\VLQHPEDUJR
QR HV HO FDPLQR HQ Vt HO TXH DWUDH DO DFWRU 6X
LQWHUpV \DFH HQ ODV FLUFXQVWDQFLDV LQWHULRUHV \ HQ
ODV FRQGLFLRQHV GH YLGD D ODV TXH OD REUD OR KD
FRQGXFLGR *XVWD GH ODV EHOODV H LPDJLQDULDV
FLUFXQVWDQFLDV GH VX SDUWH \ GH OD HPRFLyQ TXH
GHVSLHUWDQHQpO
/RV DFWRUHV FRPR ORV YLDMHURV HQFXHQWUDQ
PXFKDVPDQHUDVGHOOHJDUDGHVWLQRHVWiQORVTXH
H[SHULPHQWDQ HO SDSHO UHDO \ ItVLFDPHQWH ORV TXH
UHSURGXFHQVXIRUPDH[WHUQDORVTXHVHDPDQHUDQ
\DFW~DQFRPRVLIXHUDXQRILFLRORVTXHKDFHQGHO
SDSHO XQD FRQIHUHQFLD OLWHUDULD \ SREUH \ SRU
~OWLPRORVTXHXWLOL]DQHOSDSHOSDUDKDFHUDODUGH
\VDFDUYHQWDMDDQWHVXVDGPLUDGRUHV
&yPR SXHGH HYLWDUVH HO VHJXLU XQD PDOD
GLUHFFLyQ" (Q FDGD FUXFH GHEHUiQ WHQHU XQ JXtD
ELHQ HMHUFLWDGR DWHQWR \ GLVFLSOLQDGR(V HO
VHQWLGRGHODYHUGDGTXHFRRSHUDFRQHOVHQWLGR

GHOPLVPR



&RQWLQXDQGRODGHVFULSFLyQGHVXPpWRGRHO
GLUHFWRU LOXVWUy KR\ VXV REVHUYDFLRQHV SRU PHGLR
GHXQSDUDQJyQHQWUHDFWXDU\YLDMDU
+DQKHFKRDOJXQDYH]XQYLDMHODUJR"
FRPHQ]y 6L HV DVt UHFRUGDUiQ ORV PXFKRV
FDPELRV VXFHVLYRV TXH RFXUUHQ WDQWR HQ HO
VHQWLPLHQWR FRPR HQ OR TXH VH YH /R PLVPR
VXFHGH HQ HO HVFHQDULR$YDQ]DQGR DFRPSDxDGRV
SRU XQD OtQHD ItVLFD QRV HQFRQWUDPRV
FRQVWDQWHPHQWH HQ VLWXDFLRQHV QXHYDV \ GLVWLQWDV
GLVSRVLFLRQHV GH iQLPR FRQWRUQRV LPDJLQDWLYRV \
ORV H[WHULRUHV GH OD SURGXFFLyQ (O DFWRU HQWUD HQ
FRQWDFWR FRQ QXHYDV SHUVRQDV \ FRPSDUWH VXV
YLGDV
(Q WRGR PRPHQWR VX PpWRGR GH DFFLRQHV

GH OD IH HQ OR TXH HVWiQ KDFLHQGR HO TXH ORV
PDQWHQGUiHQHOEXHQFDPLQR
/D SUHJXQWD VLJXLHQWH HV GH TXp PDWHULDO
QRVVHUYLUHPRVSDUDFRQVWUXLUQXHVWURFDPLQR"
$O SULQFLSLR SDUHFHUi TXH OR ~QLFR TXH
SRGHPRV KDFHU HV XWLOL]DU ODV HPRFLRQHV
YHUGDGHUDV \ VLQ HPEDUJR ODV FRVDV GHO HVStULWX
QR VRQ VXILFLHQWHPHQWH YHUGDGHUDV 3RU HVR
GHEHPRVUHFXUULUDODDFFLyQItVLFD
1R REVWDQWH PiV LPSRUWDQWH TXH ODV
DFFLRQHVPLVPDVVRQVXYHUGDG\QXHVWUDFUHHQFLD
HQ HOODV /D UD]yQ HV TXH VLHPSUH TXH SRVHDQ
YHUDFLGDG \ FUHHQFLD WHQGUiQ VHQWLPLHQWR \
H[SHULHQFLD 3XHGHQ FRPSUREDUOR HMHFXWDQGR HO
DFWR PiV SHTXHxR SHUR HQ HO TXH HQ UHDOLGDG
FUHDQ \ HQFRQWUDUiQ TXH OD HPRFLyQ VH GHVSLHUWD
LQVWDQWiQHDLQWXLWLYD\QDWXUDOPHQWH
(VRVPRPHQWRVSRUFRUWRVTXHVHDQGHEHQ
VHU PX\ DSUHFLDGRV (Q HO HVFHQDULR VRQ GH JUDQ

VLJQLILFDFLyQWDQWRHQODVSDUWHVPiVDSDFLEOHVGH
ODREUDFRPRHQODVTXHVHYLYHWUDJHGLD\GUDPD
1R QHFHVLWDQ LU PX\ OHMRV SDUD HQFRQWUDU XQ
HMHPSOR GH WRGR HVR HQ TXp HVWDED RFXSDGR
FXDQGR UHSUHVHQWDED OD VHJXQGD SDUWH GHO
HMHUFLFLR" &RUULy KDFLD OD FKLPHQHD \ VDFy HO
SDTXHWH GH ELOOHWHV WUDWy GH UHYLYLU DO MRUREDGR
FRUULy D VDOYDU DO QLxR TXH VH DKRJDED (VH HV HO
PDUFR GH VXV VLPSOHV DFFLRQHV ItVLFDV GHQWUR GH
ODVFXDOHVFRQVWUX\yQDWXUDO\OyJLFDPHQWHODSDUWH
ItVLFDGHOSDSHO
+H DTXt RWUR HMHPSOR (Q TXp VH RFXSDED
ODG\ 0DFEHWK DO OOHJDU DO SXQWR FXOPLQDQWH GH VX
WUDJHGLD"(QHOVLPSOHDFWRItVLFRGHTXLWDUVHGHOD
PDQRXQDPDQFKDGHVDQJUH
$TXt LQWHUUXPSLy *ULVKD SRUTXH QR SRGtD
FUHHU TXH XQ JUDQ HVFULWRU FRPR 6KDNHVSHDUH
FUHDUDXQDREUDPDHVWUDFRQHOILQGHKDFHUTXHVX
KHURtQD VH ODYDUD ODV PDQRV R UHSUHVHQWDUD DOJ~Q
DFWRQDWXUDOVLPLODUDDTXpO

FRQWUDODPXHUWH
1RVRWURVORVDUWLVWDVGHEHPRVFRPSUHQGHU
ODYHUGDGGHTXHKDVWDORVSHTXHxRVPRYLPLHQWRV
ItVLFRV FXDQGR VRQ LQWURGXFLGRV HQ ODV
FLUFXQVWDQFLDVGDGDVDGTXLHUHQJUDQVLJQLILFDGR
D WUDYpV GH VX LQIOXHQFLD VREUH OD HPRFLyQ /R
H[LVWHQFLD GHO DFWR GH OD OLPSLH]D GH OD VDQJUH
D\XGy D ODG\ 0DFEHWK D HMHFXWDU VXV DPELFLRVRV
GHVLJQLRV 1R HV IUXWR GH OD FDVXDOLGDG KDOODU D
WUDYpV GH WRGR VX PRQyORJR HO UHFXHUGR GH OD
PDQFKD GH VDQJUH HQ FRQH[LyQ FRQ HO FULPHQ GH
'XQFDQ 8Q SHTXHxR DFWR ItVLFR DGTXLHUH SXHV
HQRUPH VLJQLILFDGR LQWHULRU OD JUDQ OXFKD LQWHULRU
EXVFDHQODDFFLyQH[WHULRUXQDVDOLGD
3RU TXp HVD PXWXD XQLyQ HV GH WDQWD
LPSRUWDQFLD SDUD QRVRWURV HQ QXHVWUD WpFQLFD
DUWtVWLFR"3RUTXpHVTXHGR\WDQWDLPSRUWDQFLDD
HVWH PpWRGR HOHPHQWDO GH FRQPRYHU QXHVWURV
VHQWLPLHQWRV"
6L OH GLFHQ D XQ DFWRU TXH VX SDSHO HVWi

4Xp GHVLOXVLyQ GLMR HO GLUHFWRU FRQ


LURQtD1RKDEHUSHQVDGRHQODWUDJHGLD&yPR
SXGR SDVDU SRU DOWR WRGD OD WHQVLyQ GHO DFWRU VX
HVIXHU]R VHQWLPLHQWR H LQVSLUDFLyQ 4Xp
GLItFLOHVUHQXQFLDUDOHQRUPHEDJDMHGHIDOVHGDGHV
\ OLPLWDUVH WDQ VyOR D ORV SHTXHxRV PRYLPLHQWRV
ItVLFRV SHTXHxDV YHUGDGHV \ VLQFHUD FUHHQFLD HQ
VXUHDOLGDG
&RQ HO WLHPSR DSUHQGHUiQ TXH WDO
FRQFHQWUDFLyQ HV QHFHVDULD VL TXLHUHQ SRVHHU
YHUGDGHURVVHQWLPLHQWRV6DEUiQWDPELpQTXHHQOD
YLGD UHDO PXFKRV GH ORV JUDQGHV PRPHQWRV GH
HPRFLyQ VRQ VHxDODGRV SRU DOJXQRV PRYLPLHQWRV
FRPXQHV SHTXHxRV \ QDWXUDOHV /HV VRUSUHQGH"
3HUPtWDQPHTXHOHVUHFXHUGHORVWULVWHVPRPHQWRV
GHODDWHQFLyQGHXQDHQIHUPHGDGPRUWDOGHDOJ~Q
VHUTXHULGRSDUDXVWHGHV(QTXpHVWiQRFXSDGRV
HO DPLJR PiV tQWLPR R OD HVSRVD GHO PRULEXQGR"
&XLGDQTXHKD\DTXLHWXGHQHOGRUPLWRULRHMHFXWDQ
ODV yUGHQHV GHO PpGLFR WRPDQ OD WHPSHUDWXUD
DSOLFDQ FRPSUHVDV 7RGDV HVWDV DFFLRQHV
LQVLJQLILFDQWHVWLHQHQJUDQLPSRUWDQFLDHQODOXFKD

OOHQR GH DFFLyQ SVLFROyJLFD GH IRQGRV WUiJLFRV


FRPHQ]DUi GH LQPHGLDWR D FRQWRUVLRQDUVH D
H[DJHUDU VX SDVLyQ D KDFHUVH SHGD]RV D
DKRQGDUHQVXDOPD\DYLROHQWDUVXVVHQWLPLHQWRV
3HURVLHQFDPELROHGDQDUHVROYHUDOJ~QVHQFLOOR
SUREOHPD ItVLFR \ OR URGHDQ GH LQWHUpV \
FRQGLFLRQHV DIHFWLYDV FRPHQ]DUi SRU HMHFXWDUOR
VLQDODUPDUVHRVLQSHQVDUVLTXLHUDSURIXQGDPHQWH
VL OR TXH HVWi KDFLHQGR DFDEDUi HQ SVLFRORJtD
WUDJHGLDRGUDPD
$FHUFiQGRVH GH HVWD PDQHUD D OD HPRFLyQ
HYLWDQ WRGD YLROHQFLD \ HO UHVXOWDGR HV QDWXUDO
LQWXLWLYR\FRPSOHWR(QWRVHVFULWRVGHORVJUDQGHV
SRHWDVKDVWDORVDFWRVPiVVLPSOHVHVWiQURGHDGRV
GH FLUFXQVWDQFLDV LPSRUWDQWHV \ FRQFRPLWDQWHV \
HQHOODVHVWiQRFXOWRVWRGDFODVHGHUHFXUVRVSDUD
H[FLWDUQXHVWURVVHQWLPLHQWRV
([LVWH RWUD UD]yQ VHQFLOOD \ SUiFWLFD SDUD
DFHUFDUQRV R ODV GHOLFDGDV H[SHULHQFLDV
HPRFLRQDOHV\DORVPRPHQWRVWUiJLFRVSRUPHGLR
GHODYHUGDGGHODVDFFLRQHVItVLFDV3DUDDOFDQ]DU

JUDQGHV DOWXUDV WUiJLFD" HO DFWRU GHEH OOHYDU DO


Pi[LPR VX SRGHU FUHDGRU (VR HV VXPDPHQWH
GLItFLO GH OHJUDU &yPR SXHGH DOFDQ]DU HO HVWDGR
QHFHVDULRVLFDUHFHGHOUHTXHULPLHQWRQDWXUDOGHVX
YROXQWDG" (VH HVWDGR VyOR VH FRQVLJXH FRQ HO
IHUYRU FUHDGRU TXH QR SXHGH IRU]DUVH IiFLOPHQWH
6LVHXWLOL]DQPHGLRVDUWLILFLDOHVVHFRUUHHOULHVJR
GHVDOLUHQDOJXQDGLUHFFLyQIDOVD\GHGDUULHQGD
VXHOWDDODHPRFLyQWHDWUDOHQOXJDUGHODJHQXLQD
(O FDPLQR IiFLO HV IDPLOLDU KDELWXDO \ PHFiQLFR
(VODOtQHDGHPHQRUUHVLVWHQFLD
3DUDHYLWDUHVHHUURUGHEHQDIHUUDUVHDDOJR
VXEVWDQFLDO WDQJLEOH (O VLJQLILFDGR GH ORV DFWRV
ItVLFRV HQ ORV PRPHQWRV FXOPLQDQWHV WUiJLFRV R
GUDPiWLFRVVHDFHQW~DSRUHOKHFKRGHTXHFXDQWR
PiVVLPSOHVVRQPiVIiFLOHVGHDVLU\PiVIiFLOOD
FRQGXFFLyQ DO YHUGDGHUR REMHWLYR OHMRV GH OD
WHQWDFLyQGHODDFWXDFLyQPHFiQLFD
/OHJXHQ D OD SDUWH WUiJLFD GHO SDSHO VLQ
QHUYLRVLVPRVLQMDGHRVLQYLROHQFLD\VREUHWRGR
VLQ SULVD $FpUTXHQVH JUDGXDO \ OyJLFDPHQWH

0H JXVWD VX FRPSDUDFLyQ GLMR 7RUWVRY


VRQULHQGR0iVDGHODQWHKDEODUHPRVGHHOOR



(Q OD OHFFLyQ GH KR\ PH FRQYHQFt
DPSOLDPHQWH GH OD HIHFWLYLGDG GH QXHVWUR PpWRGR
GH SVLFRWpFQLFD SRU RWUD SDUWH YHUOR HQ OD
SUiFWLFD PH HPRFLRQy SURIXQGDPHQWH 'DVKD XQD
GHQXHVWUDVFRPSDxHUDVUHSUHVHQWyXQDHVFHQDGH
%UDQG OD GH OD QLxD DEDQGRQDGD 6X DVXQWR
SULQFLSDO HV HO GH XQD PXFKDFKD TXH OOHJD D VX
FDVD \ HQFXHQWUD TXH DOJXLHQ KD DEDQGRQDGR XQD
QLxD HQ HO XPEUDO $O SULQFLSLR HO KDOOD]JR OD
WXUED SHUR DO LQVWDQWH VH UHSRQH \ GHFLGH
DGRSWDUOD 0DV OD HQGHEOH FULDWXULWD PXHUH HQ VXV
EUD]RV
/D UD]yQ TXH LQFOLQD D 'DVKD SRU HVWD FODVH
GHHVFHQDVFRQQLxRVVHGHEHDTXHQRKDFHPXFKR
SHUGLy XQ KLMR QDWXUDO (VWR PH IXp UHIHULGR

OOHYDQGR D FDER FRUUHFWDPHQWH HO HIHFWR GH ODV


DFFLRQHV ItVLFDV H[WHULRUHV \ FUH\HQGR HQ HOODV
&XDQGR KD\DQ SHUIHFFLRQDGR OD WpFQLFD GH
DFHUFDUVHRORVVHQWLPLHQWRVODDFWLWXGGHXVWHGHV
SDUD FRQ ORV PRPHQWRV WUiJLFRV FDPELDUi SRU
FRPSOHWR\pVWRVGHMDUiQGHDODUPDUORV
(O DFFHVR DO GUDPD D OD WUDJHGLD R D OD
FRPHGLD \ DOYDXGHYLOOH GLILHUH VyOR HQ ODV
FLUFXQVWDQFLDVGDGDVTXHURGHDQODVDFFLRQHVGHOD
SHUVRQD TXH UHSUHVHQWDQ (Q ODV FLUFXQVWDQFLDV
HVWiQ HO SRGHU \ HO VLJQLILFDGR SULQFLSDO GH HVDV
DFFLRQHV (Q FRQVHFXHQFLD FXDQGR VH OHV H[LMD
H[SHULPHQWDUXQDWUDJHGLDQRSLHQVHQHQDEVROXWR
HQODVHPRFLRQHV3LHQVHQWDQVyORHQORTXHGHEHQ
KDFHU
&XDQGR 7RUWVRY WHUPLQy GH KDEODU KXER
VLOHQFLR SRU XQRV LQVWDQWHV KDVWD TXH *ULVKD
VLHPSUHSURQWRDGLVFXWLUGLMR
<RFUHRTXHORVDUWLVWDVQRFDEDOJDQVREUH
ODWLHUUDVLQRTXHYXHODQSRUHQWUHODVQXEHV

FRQILGHQFLDOPHQWH FRPR XQ UXPRU SHUR KR\


GHVSXpVGHYHUODUHSUHVHQWDUODHVFHQDQRGXGpXQ
PLQXWRPiVVREUHODYHUGDGGHODKLVWRULD'XUDQWH
WRGDODUHSUHVHQWDFLyQODVOiJULPDVOHFRUUtDQSRU
ODV PHMLOODV \ VX WHUQXUD KL]R TXH HO SDOR TXH
VRVWHQtD FREUDUD YLGD DQWH QXHVWUDV PLUDGDV
&XDQGROOHJyHOPRPHQWRGHODPXHUWHGHODQLxD
HO GLUHFWRU GHWXYR OD UHSUHVHQWDFLyQ SRU WHPRU D
ODVFRQVHFXHQFLDVTXHSRGtDWHQHUSDUD'DVKDXQD
FRQPRFLyQWDQSURIXQGD
7RGRVWHQtDPRVOiJULPDVHQORVRMRV
3DUD TXp HQWUDU D H[DPLQDU ODV YLGDV ORV
REMHWLYRV \ ODV DFFLRQHV ItVLFDV FXDQGR SRGtDPRV
YHUUHIOHMDGDHQVXVHPEODQWHODYLGDPLVPD"
$Kt WLHQHQ OR TXH OD LQVSLUDFLyQ SXHGH
FUHDU GLMR 7RUWVRY FRQ SODFHU 1R UHTXLHUH
WpFQLFDDOJXQDRSHUDHVWULFWDPHQWHGHDFXHUGRFRQ
ODVOH\HVGHQXHVWURDUWHSRUTXHVRQGLFWDGDVSRU
ODQDWXUDOH]DPLVPD3HURQRVHSXHGHFRQWDUFRQ
WDO IHQyPHQR WRGRV ORV GtDV 3XHGH TXH HQ DOJXQD

RFDVLyQQRSURGX]FDHIHFWR\HQWRQFHV
2KGHHVRHVWR\VHJXUDGLMR'DVKD
'HVSXpVGHORFXDO\FRPRVtWHPLHUDTXHOD
LQVSLUDFLyQ GLVPLQX\HUD FRPHQ]y D UHSHWLU OD
HVFHQDTXHXQLQVWDQWHDQWHVKDEtDUHSUHVHQWDGR$O
SULQFLSLR7RUWVRYVHVLQWLyLQFOLQDGRDSURWHJHUVX
MRYHQ VLVWHPD QHUYLRVR GHWHQLpQGROD SHUR QR IXp
PXFKR DQWHV TXH HOOD PLVPD VH GHWXYLHUD DO
VHQWLUVHFRPSOHWDPHQWHLQFDSD]GHSURVHJXLU
< DKRUD TXp YD D KDFHU" SUHJXQWy
7RUWVRY 8VWHG VDEH TXH HO HPSUHVDULR TXH OD
FRQWUDWD HQ OD FRPSDxtD LQVLVWLUi SDUD TXH
UHSUHVHQWHLJXDOPHQWHELHQQRVyORODSULPHUDVLQR
WRGDV ODV DFWXDFLRQHV VLJXLHQWHV 'H OR FRQWUDULR
ODREUDVHUip[LWRDOHVWUHQDUVH\OXHJRIUDFDVDUi
1R 7RGR OR TXH QHFHVLWR HV VHQWLU \
HQWRQFHVSXHGRDFWXDUELHQGLMR'DVKD
&RPSUHQGRTXHTXLHUDVHQWLUGLUHFWDPHQWH
VXVHPRFLRQHV3RUVXSXHVWRHVWiPX\ELHQ6HULD

(VWDYH]DFWXyELHQ\KDEtDYHUGDG\IHHQVX
UHSUHVHQWDFLyQ6LQHPEDUJRQRVHSXGRFRPSDUDU
FRQVXSULPHUDSUXHED
(OGLUHFWRUOHGLMR
$FWXy PX\ ELHQ SHUR QR HV OD PLVPD
HVFHQD &DPELy HO REMHWLYR /H SHGt TXH
UHSUHVHQWDUDODHVFHQDFRQXQQLxRGHYHUGDG\HQ
FDPELRORKDKHFKRFRQXQSDORLQHUWHHQYXHOWRHQ
XQ PDQWHO 7RGRV VXV DFWRV VH DMXVWDURQ D HVR
0DQHMy HO SDOR FRQ GHVWUH]D \ KDELOLGDG SHUR XQ
QLxR YLYR QHFHVLWDUtD XQ PRQWyQ GH PRYLPLHQWRV
GHWDOODGRV TXH HVWD YH] RPLWLy SRU FRPSOHWR /D
SULPHUDYH]DQWHVGHHQYROYHUHOQLxRLPDJLQDULR
H[WHQGLy VXV EUDFLWRV \ SLHUQDV UHDOPHQWH ORV
VHQWtD OR EHVy FRQ FDULxR PXUPXUy D VX RtGR
SDODEUDV GH WHUQXUD OH VRQULy D WUDYpV GH VXV
OiJULPDV)XpUHDOPHQWHFRQPRYHGRU3HURDKRUD
GHMyDXQODGRWRGRVHVWRVSRUPHQRUHVLPSRUWDQWHV
&ODUR SRUTXH XQ SHGD]R GH PDGHUD QR WLHQH
EUD]RVQLSLHUQDV

JUDQGLRVR VL SXGLpUDPRV REWHQHU XQ PpWRGR


SHUPDQHQWH SDUD UHSHWLU FRQ p[LWR QXHVWUDV
H[SHULHQFLDVHPRFLRQDOHV3HURQRVHSXHGHQILMDU
ORV VHQWLPLHQWRV VH HVFXUUHQ GH HQWUH QXHVWURV
GHGRV FRPR HO DJXD 3RU HVR OH JXVWH R QR HV
QHFHVDULR HQFRQWUDU PpWRGRV PiV VyOLGRV TXH
VXVFLWHQ\HVWDEOH]FDQODVHPRFLRQHV
3HUR QXHVWUD ,EVHQ UHFKD]y GH SODQR WRGD
LQVLQXDFLyQ GH TXH XWLOL]DUD PHGLRV ItVLFRV HQ VX
ODERU FUHDGRUD 5HSDVy WRGRV ORV SRVLEOHV
DFFHVRV SHTXHxDV XQLGDGHV REMHWLYRV LQWHUQRV
LQYHQWRVLPDJLQDWLYRVSHURQLQJXQRGHHOORVIXpOR
VXILFLHQWHPHQWH DWUD\HQWH SDUD HOOD $ GRQGH
TXLHUD TXH VH YROYLHUD \ IXHUD FXDO IXHUD WL
HVIXHU]R SDUD HYLWDUOR DO ILQDO VH YLR REOLJDGD D
DFHSWDUODVEDVHVItVLFDV\7RUWVRYODD\XGy
1R WUDWy GH HQFRQWUDU SDUD HOOD QXHYDV
DFFLRQHV ItVLFDV 6XV HVIXHU]RV VH HQFDPLQDEDQ D
FRQGXFLUODQXHYDPHQWHDVXVSURSLDVDFFLRQHVGR
ODVFXDOHVKDEtDKHFKRXVRLQWXLWLYDPHQWHHQIRUPD
EULOODQWH

/D RWUD YH] FXDQGR OH FXEULy OD FDEH]D


WXYRODSUHFDXFLyQGHQRSUHVLRQDUOHODVPHMLOODV
<GHVSXpVGHDUURMDUORORFRQWHPSOyFRQRUJXOOR\
OOHQDGHJR]R
7UDWH DKRUD GH FRUUHJLU VX HUURU 5HSLWD OD
HVFHQDFRQXQQLxRQRFRQXQSDOR
&RQ JUDQ HVIXHU]R 'DVKD SXGR ILQDOPHQWH
UHKDFHUFRQVFLHQWHPHQWHORTXHLQFRQVFLHQWHPHQWH
KDEtD VHQWLGR OD SULPHUD YH] TXH UHSUHVHQWDUD OD
HVFHQD8QDYH]TXHFUH\yHQODQLxDVXVOiJULPDV
URGDURQ OLEUHPHQWH &XDQGR WHUPLQy HO GLUHFWRU
DODEy VX ODERU FRPR HMHPSOR HIHFWLYR GH OR TXH
DFDEDEDGHHQVHxDU3HUR\RVHJXtDGHVLOXVLRQDGR
H LQVLVWt HQ TXH 'DVKD QR KDEtD ORJUDGR
FRQPRYHUQRV GHVSXpV GH DTXHOOD SULPHUD
H[SORVLyQGHVHQWLPLHQWR
1R LPSRUWD GLMR XQD YH] TXH HVWi
SUHSDUDGR HO WHUUHQR \ ORV VHQWLPLHQWRV GHO DFWRU
FRPLHQ]DQ D GHVSHUWDU FRQPRYHUi D ORV
HVSHFWDGRUHV WDQ SURQWR HQFXHQWUH HQ DOJXQD

VXJHVWLyQ LPDJLQDGD XQD VDOLGD DSURSLDGD SDUD


HOORV
1R TXLHUR ODVWLPDU ORV MyYHQHV QHUYLRV GH
'DVKDSHURVXSRQJDQTXHHIHFWLYDPHQWHKDVLGR
PDGUH GH XQ KHUPRVR QLxR DO TXH DPDED FRQ
GHYRFLyQ \ TXH GH SURQWR FXDQGR VyOR FRQWDED
SRFRVPHVHVKDPXHUWR1DGDHQHOPXQGRSXHGH
GDUOH FRQVXHOR KDVWD TXH LQHVSHUDGDPHQWH HO
GHVWLQRVHFRPSDGHFHGHVXGRORU\HOODHQFXHQWUD
HQODSXHUWDGHVXFDVDXQQLxLWRFDVLPiVKHUPRVR
TXHHOVX\R
(O JROSH GLR HQ HO EODQFR 1R KDEtD
WHUPLQDGR GH KDEODU FXDQGR 'DVKD SURUUXPSLy HQ
VROOR]RVVREUHHOWUR]RGHPDGHUDFRQUHGREODGD
HPRFLyQFRPSDUDGDFRQODSULPHUDYH]
5iSLGDPHQWH PH DFHUTXp D 7RUWVRY SDUD
H[SOLFDUOH TXH OD FDVXDOLGDG OR KDEtD OOHYDGR D
KXUJDU HQ OD WUiJLFD KLVWRULD GH OD YLGD GH 'DVKD
+RUURUL]DGRGLULJLyVHDOHVFHQDULRSDUDGHWHQHUOD
HVFHQD SHUR OD UHSUHVHQWDFLyQ OR KHFKL]y \ QR

UHYLYDVXVSURSLRVUHFXHUGRV\TXHORKDJDFRQOD
D\XGD GH RWUR /R LPSRUWDQWH HV TXH OD PHPRULD
UHWHQJD HVRV VHQWLPLHQWRV \ GDGR FLHUWR HVWtPXOR
VHSDGHYROYHUORV
(QWRQFHVQRSRGUiHYLWDUFUHHU
HQHOORVFRQFXHUSR\DOPD
'H DFXHUGR DUJt VLQ HPEDUJR
WRGDYtD FUHR TXH 'DVKD QR VH FRQPRYLy FRPR
UHVXOWDGR GHO SODQHDPLHQWR GH DFFLRQHV ItVLFDV
VLQRSRUORTXHXVWHGOHVXJLULy
1R OR QLHJR LQWHUUXPSLy HO GLUHFWRU
7RGR GHSHQGH GH OD VXJHVWLyQ 3HUR XVWHG GHEH
VDEHUHQTXpPRPHQWRLPSRQHUOD6XSRQJDTXHOH
SUHJXQWD D 'DVKD VL VH KXELHUD FRQPRYLGR GH
KDEHUKHFKR\RODVXJHVWLyQDQWHVGHORTXHORKLFH
HQ HO PRPHQWR TXH UHSUHVHQWDED OD HVFHQD SRU
VHJXQGD YH] DUURSDQGR OD PDGHUD VLQ QLQJ~Q
GHVSOLHJXH GH VHQWLPLHQWR DQWHV GH TXH VLQWLHUD \
EHVDUD ORV EUDFLWRV \ ODV SLHUQDV GHO H[SyVLWR \
DQWHVTXHRFXUULHUDODWUDQVIRUPDFLyQHQVXPHQWH\
ODPDGHUDIXHUDUHHPSOD]DGDSRUXQKHUPRVRQLxR
YLYR (VWR\ FRQYHQFLGR GH TXH HQ HVH LQVWDQWH OD

SXGRVREUHSRQHUVHSDUDLQWHUUXPSLUOD
0iVWDUGHPHDFHUTXpDpOSDUDFRQYHUVDU
1R HV YHUGDG TXH HVWD YH] 'DVKD VLQWLy
VX WUDJHGLD YHUGDGHUD \ SHUVRQDO" GLMH< HQ
HVHFDVRQRSXHGHXVWHGDWULEXLUHOp[LWRDWpFQLFD
DOJXQDQLDODUWHFUHDGRUVLQRDXQDFRLQFLGHQFLD
DFFLGHQWDO
4XLHUHGHFLUPHVLORTXHKL]RODSULPHUD
YH]HUDDUWH"DGXMR7RUWVRY
&ODURTXHVtDGPLWt
3RUTXp"
3RUTXH HOOD UHFRQRFLy LQWXLWLYDPHQWH VX
SURSLDWUDJHGLD\VHFRQPRYLyH[SOLTXp
(QWRQFHV HO LQFRQYHQLHQWH SDUHFH HVWDU
HQ HO KHFKR GH TXH OH VXJHUt XQ QXHYR Vt HQ OXJDU
GHHQFRQWUDUORSRUVtPLVPD"(QUHDOLGDGQRYHR
OD GLIHUHQFLD FRQWLQXy HQWUH TXH HO DFWRU

VXJHVWLyQ GH TXH DTXHO SDOR FRQ HVD PDQWD WRGD


PDQFKDGD HUD VX QLxR VyOR KDEUtD KHULGR VX
VHQVLELOLGDG&RQVHJXULGDGKXELHUDOORUDGRSRUOD
FRLQFLGHQFLDGHPLVXJHVWLyQFRQODWUDJHGLDGHVX
SURSLDYLGD3HURHOGRORUSRUHOTXHVHIXpQRHV
HO OODQWR TXH UHTXLHUH HVD HVFHQD HQ OD TXH HO
GRORUSRUORSHUGLGRHVUHHPSOD]DGRSRUODDOHJUtD
GHORKDOODGR
$GHPiV FUHR TXH 'DVKD KXELHUD VHQWLGR
UHSXOVLyQSRUHOWUR]RGHPDGHUD\KXELHUDWUDWDGR
GH DOHMDUVH GH pO 6XV OiJULPDV KDEUtDQ FRUULGR
OLEUHPHQWH SHUR PX\ OHMRV GH VHU SRU HO QLxR \
KXELHUDQVLGRLPSXOVDGDVSRUORVUHFXHUGRVGHVX
QLxR PXHUWR TXH QR HV OR TXH QHFHVLWDPRV QL OR
TXH QRV RIUHFLy OD SULPHUD YH] TXH DFWXy 6yOR
FXDQGR VH IRUPy OD ILJXUD PHQWDO GHO QLxR SXGR
OORUDUFRPRORKLFLHUDDOSULQFLSLR
<RSXGHGDUFRQHOPRPHQWRPiVSURSLFLR
SDUDFRORUHDUPLVXJHVWLyQTXHFDVXDOPHQWHIXpD
FRLQFLGLU FRQ VXV PiV HQWHUQHFHGRUHV UHFXHUGRV
(OUHVXOWDGRKDVLGRIUDQFDPHQWHFRQPRYHGRU

+DEtD VLQ HPEDUJR XQ SXQWR VREUH HO FXDO


QHFHVLWDED\RDFODUDFLyQGHPRGRTXHSUHJXQWp
$FDVR QR HVWDUtD 'DVKD HQ XQ HVWDGR GH
DOXFLQDFLyQPLHQWUDVDFWXDED"
3RU VXSXHVWR TXH QR UHVSRQGLy FRQ
pQIDVLV HO GLUHFWRU /R TXH VXFHGLy QR IXp TXH
HOOD FUH\HUD HQ OD WUDQVIRUPDFLyQ GHO SDOR GH
PDGHUD HQ XQD FULDWXUD YLYLHQWH VLQR HQ OD
SRVLELOLGDGGHTXHHOORVXFHGLHUDHQODREUDTXH
GH VXFHGHUOH D HOOD HQ OD YLGD UHDO VHUtD VX
VDOYDFLyQ (OOD FUHtD HQ VXV SURSLDV DFFLRQHV
PDWHUQDOHV HQ VX DPRU \ HQ WRGDV ODV
FLUFXQVWDQFLDVTXHODURGHDEDQ
'H PRGR TXH YHQ XVWHGHV TXH HVWH PpWRGR
GH DFHUFDUVH D ODV HPRFLRQHV HV YDOLRVR QR VyOR
FXDQGR FUHHQ XQ SDSHO VLQR FXDQGR TXLHUDQ
SURSRUFLRQDUQXHYDYLGDDXQSDSHO\DFUHDGR/HV
SURSRUFLRQD OD PDQHUD GH UHFRUGDU VHQVDFLRQHV
H[SHULPHQWDGDV SUHYLDPHQWH 'H QR VHU SRU HOODV
ORVPRPHQWRVGHLQVSLUDFLyQGHXQDFWRUEULOODUtDQ

TXHSXHGDLQIXQGLUYLGDKXPDQDHQXQSDSHOLQHUWH
(VD YHUGDG ILQJLGD GH XVWHGHV OHV D\XGD D
UHSUHVHQWDUVHLPiJHQHV\SDVLRQHV/DYHUGDGTXH
\RSLGRD\XGDDFUHDUHVDVLPiJHQHV\DGHVSHUWDU
YHUGDGHUDVSDVLRQHV/DGLIHUHQFLDHQWUHHODUWHGH
XVWHGHV \ HO PtR HV OD PLVPD TXH H[LVWH HQWUH ODV
SDODEUDVSDUHFHU \ VHU <R QHFHVLWR HVD YHUGDG
UHDO 8VWHGHV VH GDQ SRU FRQWHQWRV FRQ VX
DSDULHQFLD \R QHFHVLWR OD YHUGDGHUD HVHQFLD
8VWHGHV EXVFDQ OLPLWDUVH D OD FRQILDQ]D TXH HO
S~EOLFR OHV WHQJD &XDQGR ORV HVSHFWDGRUHV ORV
FRQWHPSODQ HVWiQ VHJXURV GH TXH XVWHGHV
HMHFXWDUiQ WRGRV ORV JHVWRV HVWDEOHFLGRV D OD
SHUIHFFLyQHOORVFRQItDQHQODKDELOLGDGGHODFWRU
FRPRHQODSHULFLDGHXQDFUyEDWD6HJ~QYXHVWUR
SXQWR GH YLVWD HO S~EOLFR QR SDVD GH VHU XQ
HVSHFWDGRU3DUDPtHQFDPELRLQYROXQWDULDPHQWH
VHWUDQVIRUPDHQWHVWLJRWRPDSDUWHWDPELpQGHPL
WUDEDMRFUHDGRU
*ULVKD HQ OXJDU GH UHSOLFDU FRPR HV VX
FRVWXPEUH UHSLWLy HQ WRQR FiXVWLFR DO SRHWD

DQWH QRVRWURV XQ LQVWDQWH SDUD OXHJR GHVDSDUHFHU


SDUDVLHPSUH



1XHVWUDOHFFLyQGHKR\IXpGHGLFDGDDSUREDU
QXHVWUR6(17,'2'(/$9(5'$'HQWUHYDULRV
HVWXGLDQWHV(OSULPHURIXp*ULVKD6HOHSLGLyTXH
UHSUHVHQWDUD FXDOTXLHU SDSHO GH VX DJUDGR GH
PRGR TXH HOLJLy D VX KDELWXDO FRPSDxHUD 6RQ\D
&XDQGRWHUPLQDURQHOGLUHFWRUGLMR
/R TXH XVWHGHV KDQ KHFKR UHFLpQ HVWDED
FRUUHFWR\DGPLUDEOHGHVGHYXHVWURSXQWRGHYLVWD
TXH HV HO GH WpFQLFRV VXPDPHQWH LQWHOLJHQWHV
LQWHUHVDGRVVRODPHQWHHQODSHUIHFFLyQH[WHULRUGH
XQDDFWXDFLyQ
3HUR PLV VHQWLPLHQWRV QR KDQ SRGLGR
VHJXLUORVDXVWHGHVSRUTXHORTXH\REXVFRHQHO
DUWH HV DOJR QDWXUDO DOJR RUJiQLFDPHQWH FUHDGRU

3XVKNLQHQXQFRQFHSWRTXHGLIHUtDGHORDQWHULRU
DFHUFDGHODYHUGDGHQHODUWH

8QD KXHVWH GH SHTXHxDV YHUGDGHV HV PiV
TXHULGD
TXHODVILFFLRQHVTXHQRVHOHYDQSRUHQFLPD
GHQRVRWURV

(VWR\GHDFXHUGRFRQXVWHG\FRQ3XVKNLQ
WDPELpQ UHSXVR 7RUWVRY SRUTXH pO KDEOD GH
ILFFLRQHVHQODVTXHSRGHPRVFUHHU(VQXHVWUDIH
HQ HOODV OR TXH QRV SHUPLWH HOHYDUQRV< HVWR HV
XQDIXHUWHFRQILUPDFLyQGHOSXQWRGHYLVWDGHTXH
HQHOHVFHQDULRFDGDFRVDGHEHVHUUHDOHQODYLGD
LPDJLQDULDGHODFWRU(VWRQRIXpORTXH\RVHQWt
HQVXUHSUHVHQWDFLyQ
9ROYLy OXHJR VREUH OD HVFHQD HQ GHWDOOH
FRUULJLpQGROD FRPR KLFLHUD FRQPLJR HQ HO

HMHUFLFLR GHO GLQHUR TXHPDGR 6XFHGLy GHVSXpV


DOJRTXHDFDEyHQXQDODUJDHLQVWUXFWLYDSROpPLFD
*ULVKD GHWXYR DEUXSWDPHQWH VX LQWHUSUHWDFLyQ
7HQtD HO URVWUR OtYLGR GH LUD ODELRV \ PDQRV OH
WHPEODEDQ OXFKy XQ LQVWDQWH FRQ VXV HPRFLRQHV
PDVOXHJRHVWDOOy
+DFH PHVHV TXH QR KDFHPRV PiV TXH
PRYHUVLOODVFHUUDUSXHUWDV\HQFHQGHUIXHJRV(VR
QRHVDUWHHOWHDWURQRHVXQFLUFR$OOtHVSUHFLVR
TXH ORV DFWRV ItVLFRV VHDQ SHUIHFWRV UHVXOWD
H[WUHPDGDPHQWH LPSRUWDQWH TXH XQR VHD FDSD] GH
FROJDUVH GHO WUDSHFLR R PHQWDU XQ FDEDOOR DO
JDORSH /D SURSLD YLGD GHSHQGH GH OD GHVWUH]D
ItVLFD 3HUR QR YD D GHFLUPH TXH ORV JUDQGHV
HVFULWRUHV GHO PXQGR KDQ FUHDGR VXV REUDV
PDHVWUDV SDUD TXH VXV KpURHV VH HQWUHJDUDQ D
VLPSOHV DFWRV ItVLFRV (O DUWH HV OLEUH 1HFHVLWD
HVSDFLR \ QR HVWDV ULGtFXODV YHUGDGHV ItVLFDV
1HFHVLWDPRV OLEHUWDG SDUD UHPRQWDU YXHOR \ QR
HVWDUQRVDUUDVWUDQGRFRPRDOLPDxDV
&XDQGRWHUPLQyHOGLUHFWRUOHUHSXVR

HQWRQDQGR UHWHQLHQGR QRWDV GHVDUUROODQGR VX


GLDIUDJPD \ EXVFDQGR QXHYDV UHVRQDQFLDV HQ VXV
WRQRV GH FDEH]D VL TXLHUH SRU OD QRFKH YROFDU VX
FRUD]yQHQHOFDQWR1LQJ~QDUWLVWDSXHGHHOXGLUOD
REOLJDFLyQGHHMHUFLWDUVXDSDUDWRItVLFRPHGLDQWH
HMHUFLFLRVWpFQLFRVIXQGDPHQWDOPHQWHQHFHVDULRV
3RUTXpVHFRQVLGHUDXVWHGXQDH[FHSFLyQ"
6L QRVRWURV HVWDPRV WUDWDQGR GH IRUPDU HO PiV
HVWUHFKR YtQFXOR HQWUH QXHVWUD QDWXUDOH]D ItVLFD \
HVSLULWXDO3RU4XpWUDWDXVWHGGHGHVHPEDUD]DUVH
GHO ODGR ItVLFR" 6LQ HPEDUJR OD QDWXUDOH]D OH KD
UHKXVDGR D XVWHG HVR PLVPR TXH DQKHOD
VHQWLPLHQWRVH[DOWDGRV\H[SHULHQFLDV(QFDPELR
OR KD GRWDGR GH OD WpFQLFD ItVLFD QHFHVDULD SDUD
PRVWUDUVXVFXDOLGDGHV
/RVTXHPiVKDEODQDFHUFDGHVHQWLPLHQWRV
H[DOWDGRVHQVXPD\RUSDUWHVRQORVTXHFDUHFHQ
GH DWULEXWRV SDUD HOHYDUORV D XQ SODQR PiV
HOHYDGR +DEODQ GH DUWH \ HPRFLyQ FRQ IDOVDV
HPRFLRQHV HQ IRUPD SRFR FODUD \ FRQIXVD /RV
YHUGDGHURV DUWLVWDV SRU HO FRQWUDULR VH H[SUHVDQ

6XV SURWHVWDV PH GHMDQ SHUSOHMR +DVWD


HVWH PRPHQWR OR KDEtD FRQVLGHUDGR XQ DFWRU FRQ
WpFQLFDH[WHUQDPX\QRWDEOH<KR\GHSURQWRQRV
HQFRQWUDPRVFRQTXHVXVDPELFLRQHVDSXQWDQDODV
QXEHV&RQYHQFLRQHVH[WHUQDV\PHQWLUDVHVRHV
OR TXH DSULVLRQD VXV DODV PLHQWUDV TXH OR TXH OH
SHUPLWLUi UHPRQWDU YXHOR VRQ SUHFLVDPHQWH OD
LPDJLQDFLyQ HO VHQWLPLHQWR \ HO SHQVDPLHQWR 6LQ
HPEDUJR VXV VHQWLPLHQWRV \ VX LPDJLQDFLyQ
SDUHFHQ HQFDGHQDGRV DTXt VLQ UHPHGLR D HVWH
DXGLWRULR
$PHQRVTXHVHYHDXVWHGWUDQVSRUWDGRSRU
XQDQXEHGHLQVSLUDFLyQTXHORHOHYHDODVDOWXUDV
XVWHGPiVTXHQLQJ~QRWURDTXtWHQGUiQHFHVLGDG
GHHVWHWUDEDMRSUHSDUDWRULRTXHHVWDPRVKDFLHQGR
< VLQ HPEDUJR SDUHFH XVWHG WHPHUOH FRPR Vt
IXHUDGHJUDGDQWHSDUDVXFRQGLFLyQGHDUWLVWD
8QD EDLODULQD MDGHD UHVRSOD \ WUDQVSLUD HQ
VXVGLDULRVHMHUFLFLRVDQWHVGHSRGHUDSDUHFHUHQ
S~EOLFR FRQ VXV JUDFLRVRV PRYLPLHQWRV 8Q
FDQWDQWH GHEH SDVDUVH ODV PDxDQDV YRFDOL]DQGR

HQIRUPDVLPSOH\FRPSUHQVLEOH3LHQVHVREUHHVWR
\ WDPELpQ VREUH HO KHFKR GH TXH HQ DOJXQRV
SDSHOHV SRGUi XVWHG FRQYHUWLUVH HQ XQ DFWRU
H[FHOHQWH\FRQWULEXLUDVtHQIRUPD~WLODODUWH
'HVSXpVGH*ULVKDOHWRFyHOWXUQRD6RQ\D
0H VRUSUHQGLy QRWDU TXH UHDOL]y WRGRV ORV
HMHUFLFLRVVHQFLOORVHQIRUPDSHUIHFWD(OGLUHFWRU
OD HORJLy \ OXHJR H[WHQGLpQGROH XQ FRUWDSDSHOHV
OHVXJLULyTXHVHKLULHUDFRQpO(QFXDQWRSHUFLELy
ODSRVLELOLGDGGHKDFHUWUDJHGLDKL]RWDODODUGHGH
JHVWRV \ WDQWR UXLGR DO OOHJDU DO PRPHQWR
FXOPLQDQWHTXHWRGRVQRVHFKDPRVDUHtU
(OGLUHFWRUOHGLMRHQWRQFHV
0LHQWUDVIXpFRPHGLDXVWHGOOHYyVXSDSHO
PX\ ELHQ \ \R FUHt HQ XVWHG 3HUR HQ HVWD SDUWH
GUDPiWLFD OD QRWD HUD IDOVD (YLGHQWHPHQWH VX
VHQWLGR GH OD YHUGDG DEDUFD XQ VROR IUHQWH
VHQVLEOH D OD FRPHGtD PLHQWUDV TXH HQ OR
GUDPiWLFR FDUHFH GH IRUPDFLyQ (V GH OD PD\RU
LPSRUWDQFLD HQ QXHVWUR DUWH TXH FDGD DFWRU

HQFXHQWUHVXWLSRSHFXOLDU



+R\ OH WRFDED HO WXUQR D 9DQ\D 5HSUHVHQWy
OD HVFHQD GHO GLQHUR TXHPDGR FRQ 0DUtD \
FRQPLJR0HSDUHFLyTXHQXQFDKDEtDLQWHUSUHWDGR
WDQ ELHQ OD SULPHUD SDUWH PH VRUSUHQGLy SRU VX
VHQWLGRGHODSURSRUFLyQ\PHFRQYHQFLyXQDYH]
PiVGHVXYHUGDGHURWDOHQWR
(OGLUHFWRUHORJLyVXDFWXDFLyQSHURDJUHJy

$KRUD ELHQ HQ OD REUD GH +DXSWUDDQQ


+DQQHOH HO QDWXUDOLVPR WLHQH VX UD]yQ GH VHU (V
HPSOHDGRFRQHOSURSyVLWRGHGDUUHOLHYHDOWHPD
IXQGDPHQWDOPHQWH HVSLULWXDO GH OD REUD &RPR
PHGLRSDUDXQILQSXHGHDFHSWDUVH'HRWURPRGR
QR KD\ QHFHVLGDG GH OOHYDU IRU]DGDPHQWH DO
HVFHQDULRODVFRVDVGHODYLGDUHDOTXHHVPXFKR
PHMRUTXHVHGHVFDUWHQ
'HHVWRFDEHFRQFOXLUTXHQRFXDOTXLHUWLSR
GH YHUGDG SXHGH VHU WUDQVIHULGR DO HVFHQDULR /R
TXH DOOt GHEHPRV XVDU HV ODYHUGDGWUDQVIRUPDGD
HQ HTXLYDOHQWH SRpWLFR PHGLDQWH OD LPDJLQDFLyQ
FUHDGRUD

3RUTXpH[DJHUDXVWHGODYHUGDGKDVWDWDO
SXQWR HQ OD HVFHQD GH OD PXHUWH" &DODPEUHV
QiXVHDV TXHMLGRV JHVWLFXODFLRQHV \ SDUiOLVLV
JUDGXDOSDUHFHUtDFRPRVLDTXtVHFRPSODFLHUD
XVWHG HQ HO QDWXUDOLVPR SRUTXH Vt QDGD PiV /H
LQWHUHVDED PiV TXH HO SDSHO HO KHFKR GH
UHSURGXFLU YLVXDOPHQWH OD PXHUWH YLROHQWD GH XQ
VHUKXPDQR

([DFWDPHQWH FyPR GHILQLUtD HVWR"


SUHJXQWy*ULVKDXQWDQWRDJULDPHQWH

GHGLFDUpWRGRHVWHFXUVR2SDUDVHUPiVH[DFWR
VH OHV UHYHODUi SRU Vt PLVPR XQD YH] TXH KD\DQ
HVWXGLDGR WRGR QXHVWUR VLVWHPD GH DFWXDFLyQ \
GHVSXpV TXH XVWHGHV PLVPRV KD\DQ SURFHGLGR D
HIHFWXDU HO H[SHULPHQWR GH LQLFLDU HVFODUHFHU
WUDQVIRUPDUFDGDVLPSOHYHUGDGKXPDQDFRWLGLDQD
HQ FULVWDOHV GH YHUGDG DUWtVWLFD (VWR QR VH SXHGH
REWHQHUHQXQPLQXWR8VWHGHVDEVRUEHQORHVHQFLDO
\ GHMDQ D XQ ODGR OR VXSHUIOXR \ DVt KDOODUiQ XQD
IRUPDKHUPRVD\XQDH[SUHVLyQDSURSLDGDSDUDHO
WHDWUR+DFLHQGRHVWRFRQODD\XGDGHODLQWXLFLyQ
GHO WDOHQWR \ HO JXVWR ORJUDUiQ XQ UHVXOWDGR
VDWLVIDFWRULR

FRPRVLKXELHUDROYLGDGRHQWHUDPHQWHHOKHFKRGH
TXH OR TXH WHQtD HQWUH VXV PDQRV HUD XQ SDOR GH
PDGHUD 'H SURQWR LQHVSHUDGDPHQWH SDUHFLy
FRPRVLODFULDWXUDKXELHUDGHMDGRGHUHVSRQGHUOH
3ULPHUR OD PLUy ILMDPHQWH SRU XQ LQVWDQWH
SURORQJDGR WUDWDQGR GH KDOODU OD UD]yQ /D
H[SUHVLyQ GH VX URVWUR FDPELy /D VRUSUHVD IXp
JUDGXDOPHQWHUHHPSOD]DGDSRUHOWHUURUVHODYLR
PiV\PiVFRQFHQWUDGDKDVWDTXHVHIXpDOHMDQGR
GH OD FULDWXUD &XDQGR VH KDEtD GLVWDQFLDGR
SUXGHQFLDOPHQWH SDUHFLy SHWULILFDUVH XQD HVWDWXD
HQWUiJLFRVXVSHQVR(VRIXpWRGR<VLQHPEDUJR
FXiQWR KDEtD SXHVWR DOOt GH IH MXYHQWXG
PDWHUQLGDG GH YHUGDGHUR GUDPD 4Xp GHOLFDGD
VHQVLELOLGDG KDEtD PRVWUDGR HQ VX SULPHU
HQFXHQWURFRQODPXHUWH

(O WXUQR VLJXLHQWH OH FRUUHVSRQGLy D 0DUtD


,QWHUSUHWy /D HVFHQD GH 'DVKD FRQ HO QLxR HQ
IRUPDQRWDEOH\EDVWDQWHGLVWLQWD
$O SULQFLSLR PRVWUy XQD VLQFHULGDG
H[WUDRUGLQDULD HQ VX JR]R SRU HO KDOOD]JR GH OD
FULDWXUD (UD FRPR VL UHDOPHQWH WXYLHUD XQD
PXxHTXLWD SDUD MXJDU /H KL]R GDU YXHOWDV OD
DEULJy YROYLy D GHVYHVWLUOD OD EHVy OD DFDULFLy

1R PH SURSRQJR IRUPXODU XQD GHILQLFLyQ


SDUDHOORUHVSRQGLyHOGLUHFWRU/RGHMRSDUD
ORV DFDGpPLFRV7RGR OR TXH \R SXHGR KDFHU HV
D\XGDUORV D VHQWLU OR TXH HV < SDUD HVR
VRODPHQWH VH QHFHVLWD JUDQ SDFLHQFLD \ D HOOR

&DGD LQVWDQWH GH VX UHSUHVHQWDFLyQ IXp


DUWtVWLFDPHQWH YHUGDGHUR H[FODPy HO GLUHFWRU
HQWXVLDVPDGR 3XGLPRV FUHHU HQ WRGR OR TXH
XVWHG UHSUHVHQWy SRUTXH OR EDVy HQ HOHPHQWRV
FXLGDGRVDPHQWH HOHJLGRV GH OD YLGD UHDO 1R
RIUHFLyHPRFLRQHVHQVXEDVWDVLQRTXHGtyORTXH

HUDQHFHVDULRQDGDPiV\QDGDPHQRV0DUtDVDEH
FyPR YHU OR TXH KD GH UHVXOWDU DJUDGDEOH \ WLHQH
VHQWLGR GH OD SURSRUFLyQ $PEDV VRQ FXDOLGDGHV
LPSRUWDQWHV

IUHQWH DO S~EOLFR (VWH VHQWLGR GHEH SHQHWUDU \


FRQWURODU HQ FDGD FRVD TXH HO DFWRU KDJD R YHD
&DGD SHTXHxR HMHUFLFLR VHD LQWHUQR R H[WHUQR
GHEHKDFHUVHEDMRVXVXSHUYLVLyQ\DSUREDFLyQ

&XDQGR OH SUHJXQWDPRV FyPR SRGtD VHU TXH


XQDDFWUL]MRYHQ\VLQH[SHULHQFLDSXGLHUDRIUHFHU
XQDUHSUHVHQWDFLyQWDQSHUIHFWDUHVSRQGLy

1XHVWUD ~QLFD SUHRFXSDFLyQ VHUi GH TXH


FXDQWR KDJDPRV HVWp HQFDX]DGR GHQWUR GHO
SULQFLSLRGHUREXVWHFHU\GHVDUUROODUHVWHVHQWLGR
(V XQD WDUHD GLItFLO SRUTXH HV PXFKR PiV IiFLO
PHQWLUFXQDGRVHHVWiHQHOHVFHQDULRTXHGHFLU\
DFWXDU FRQ OD YHUGDG 1HFHVLWDUiQ XQD JUDQ GRVLV
GHDWHQFLyQ\FRQFHQWUDFLyQSDUDD\XGDUDOGHELGR
FUHFLPLHQWR\GHVDUUROORGHOVHQWLGRGHODYHUGDG

'HSHQGH HQ OD PD\RU SDUWH GHO WDOHQWR


QDWXUDO SHUR HVSHFLDOPHQWH GH XQ VHQWLGR
H[FHSFLRQDOPHQWHDJXGR\VXWLOGHODYHUGDG
$OILQDOL]DUODOHFFLyQGLMRORVLJXLHQWH
/HV KH HQVHxDGR KDVWD DKRUD WRGR OR TXH
SXHGR DFHUFD GHOVHQWLGR GH OD YHUGDG OD
IDOVHGDG\ODIH(QWUDPRVDKRUDHQODFXHVWLyQGH
FyPRGHVDUUROODU\UHJXODUHVWHLPSRUWDQWHGRQGH
ODQDWXUDOH]D
+DEUi PXFKDV RSRUWXQLGDGHV SRUTXH QRV
DFRPSDxDUiHQFDGDSDVR\HQFDGDID]GHQXHVWUR
WUDEDMRVHDHQFDVDHQHOHVFHQDULRHQHQVD\RVR

VXFXPELU HVH DUFR WDQ WLHUQR GH OD YHUGDG 6HDQ


GHVSLDGDGRV HQ GHVDUUDLJDU GH XVWHGHV WRGD
WHQGHQFLD D OD H[DJHUDFLyQ \ D OD DFWXDFLyQ
PHFiQLFD 8QD HOLPLQDFLyQ FRQVWDQWH GH HVWDV
VXSHUIOXLGDGHV HVWDEOHFHUi XQ SURFHVR HVSHFLDO
TXHHVORTXHTXHUUpVLJQLILFDUOHVFXDQGROHVJULWH
&RUWHQHOQRYHQWDSRUFLHQWR

(YLWHQ OD IDOVHGDG HYLWHQ FXDQWR HVWp PiV


DOOi GH YXHVWUD FDSDFLGDG DFWXDO \ VREUH WRGR
HYLWHQ WRGR OR TXH YD\D FRQWUD OD QDWXUDOH]D OD
OyJLFD \ HO VHQWLGR FRP~Q (VR HQJHQGUD
GHIRUPLGDGHV YLROHQFLDV H[DJHUDFLRQHV \
PHQWLUDV&XDQWRPiVIUHFXHQWHPHQWHVHLQVLQ~HHQ
XVWHGHV PiV GHVPRUDOL]DGRU KDEUi GH VHU SDUD HO
VHQWLGRGHODYHUGDG'HPRGRTXHGHEHQHYLWDUHO
KiELWRGHIDOVLILFDU1RGHMHQTXHODVIOHFKDVKDJDQ

&DStWXOR,;
0HPRULD(PRWLYD

FRUULGRKDFLD'DVKDKDFLHQGRFDHUXQDOPRKDGyQ
(VWDYH]ORKL]RVLQHVHDOERURWR

1XHVWURWUDEDMRHPSH]yKR\FRQODUHSHWLFLyQ
GHOHMHUFLFLRFRQHOORFR1RVJXVWySRUTXHKDFtD
WLHPSRTXHQRKDFtDPRVHMHUFLFLRVGHHVWHWLSR

&XiO QR VHUtD QXHVWUD VRUSUHVD FXDQGR


7RUWVRY \ 5DMPiQRY QRV GLMHURQ TXH VL OD YH]
DQWHULRU QXHVWUD LQWHUSUHWDFLyQ KDEtD VLGR VLQFHUD
GLUHFWD IUHVFD YHUGDGHUD KR\ KDEtD VLGR IDOVD
IDOWD GH VLQFHULGDG \ DIHFWDGD 1RV GHVDOHQWy XQD
FUtWLFD WDQ LQHVSHUDGD H LQVLVWLPRV HQ TXH
UHDOPHQWHVHQWtDPRVORTXHKDFtDPRV

/R UHDOL]DPRV FRQ YLWDOLGDG DFUHFHQWDGD


FRVD TXH QR QRV VRUSUHQGLy SRUTXH FDGD XQR GH
QRVRWURV KDEtD DSUHQGLGRTXp KDFHU \ FyPR
KDFHUOR (VWiEDPRV WDQ VHJXURV GH QRVRWURV
PLVPRV TXH KDVWD OR WRPDPRV XQ SRFR D ULVD
&XDQGR 9DQ\D QRV DVXVWy FRUULPRV HQ GLUHFFLyQ
RSXHVWD FRPR OR KLFLpUDPRV DQWHV /D GLIHUHQFLD
VLQHPEDUJRHVWDEDHQHOKHFKRGHTXHHVWiEDPRV
SUHSDUDGRV SDUD OD DODUPD UHSHQWLQD \ SRU HVD
UD]yQ OD KXLGD IXp PiV GHILQLGD \ HO HIHFWR PiV
IXHUWH
5HSHWt H[DFWDPHQWH OR TXH DFRVWXPEUDED
KDFHUPHHVFRQGtGHEDMRGHODPHVDSHURHVWDYH]
QR DIHUUp XQ FHQLFHUR HQ OD KXLGD VLQR XQ OLEUR
SHVDGR /RV GHPiV KLFLHURQ PiV R PHQRV OR
PLVPR 6RQ\D SRU HMHPSOR OD SULPHUD YH] KDEtD

SUREDGR TXH WLHQHQ PHPRULDV SDUWLFXODUPHQWH


ILHOHVSDUDHODVSHFWRH[WHUQRGHXQSDSHO
< FRQ WRGR DFDVR WHQtD WDQWD LPSRUWDQFLD
ODIRUPDHQTXHVHDJUXSDUDQRVHPRYLHUDQ"3DUD
Pt FRPR HVSHFWDGRU HUD GH PXFKD PD\RU
LPSRUWDQFLDVDEHUORTXHSDVDEDGHQWURGHXVWHGHV
(VRV VHQWLPLHQWRV H[WUDtGRV GH QXHVWUD
H[SHULHQFLDDFWXDO\WUDQVIHULGRVDQXHVWURSDSHO
VRQ ORV TXH GDQ YLGD D OD REUD 8VWHGHV QR KDQ
GDGR HVRV VHQWLPLHQWRV 7RGD SURGXFFLyQ H[WHUQD
HV IRUPDO IUtD QR WLHQH XQD PRWLYDFLyQ tQWLPD
$OOt HVWi OD GLIHUHQFLD HQWUH ODV GRV DFWXDFLRQHV
$O SULQFLSLR FXDQGR \R OHV KLFH OD VXJHVWLyQ
DFHUFD GHO ORFR WRGRV XVWHGHV VLQ H[FHSFLyQ VH
FRQFHQWUDURQ LQGLYLGXDOPHQWH HQ HO SURSLR
SUREOHPDGHOUHVJXDUGRSHUVRQDO\UHFLpQGHVSXpV
FRPHQ]DURQ D DFWXDU (VH HUD HO SURFHVR UHFWR \
OyJLFRODH[SHULHQFLDLQWHUQDIXpDQWHULRU\OXHJR
IXp UHYHVWLGD FRQ IRUPDV H[WHULRUHV +R\ SRU HO
FRQWUDULR XVWHGHV HVWDEDQ WDQ HQFDQWDGRV FRQ OD
DFWXDFLyQ TXH QL SRU XQ PRPHQWR SHQVDURQ HQ
QDGD TXH QR IXHUD UHSHWLU \ FRSLDU WRGRV ORV

3RU VXSXHVWR TXH DOJR VHQWtDQ GLMR HO


GLUHFWRU 'H QR VHU DVt HVWDUtDQ PXHUWRV /D
FXHVWLyQ HVTXp VHQWtDQ 3HUR SUREHPRV D
GHVHQPDUDxDU ODV FRVDV \ FRPSDUDU OD SULPHUD
DFWXDFLyQFRQODGHKR\
1RKDUpFXHVWLyQDFHUFDGHODIRUPDHQTXH
XVWHGHV FRQVHUYDURQ ORV PRYLPLHQWRV ODV
DFWLWXGHVODVHFXHQFLD\FDGDSHTXHxRGHWDOOHGH
DJUXSDFLyQ HQ IRUPD UHDOPHQWH VRUSUHQGHQWH SRU
OR H[DFWD &XDOTXLHUD SHQVDUtD TXH KDQ
IRWRJUDILDGR OD SULPHUD DFWXDFLyQ &RQ HOOR KDQ

H[WHULRUHV GHO HMHUFLFLR /D SULPHUD YH] KXER XQ


VLOHQFLR VHSXOFUDO KR\ KXER MDUDQD \ H[FLWDFLyQ
7RGRVVHRFXSDURQHQDFRPRGDUODVFRVDV6RQ\D
FRQVXDOPRKDGyQ9DQ\DFRQVXOiPSDUD\.RVW\D
FRQVXOLEURHQOXJDUGHOFHQLFHUR
$FDVRODSULPHUDYH]ORKDEtDQSUHSDUDGR
WRGRFRQ DQWLFLSDFLyQ" 6DEtDQ TXH 9DQ\D OHV
JULWDUtD\OHVDVXVWDUtD"SUHJXQWyHOGLUHFWRUFRQ
FLHUWD LURQtD 3HUR Vt HV FXULRVR &yPR
KLFLHURQ SDUD SUHYHU KR\ TXH QHFHVLWDUtDQ HVRV
LPSOHPHQWRV"'HELHURQOOHJDUDYXHVWUDVPDQRVHQ
IRUPDDFFLGHQWDO\HVOiVWLPDTXHHVHWRTXHGHOR
LPSUHYLVWR QR SXGR UHSHWLUVH KR\ 2WUR GHWDOOH
RULJLQDULDPHQWH XVWHGHV QR GHMDURQ QL SRU XQ
LQVWDQWHGHPLUDUKDFLDODSXHUWDGHWUiVGHODFXDO
VH VXSRQtD TXH HVWDED HO ORFR +R\ HQ FDPELR
SUHVWDURQ PD\RU DWHQFLyQ D QXHVWUD SUHVHQFLD OHV
LQWHUHVy YHU OD LPSUHVLyQ TXH OR DFWXDFLyQ QRV
FDXVDED (Q OXJDU GH RFXOWDUVH GHO ORFR OR TXH
KLFLHURQIXpPRVWUDUVHDQRVRWURV/DSULPHUDYH]
IXHURQLPSHOLGRVDODDFFLyQSRUORVVHQWLPLHQWRV\
ODLQWXLFLyQSRUODKXPDQDH[SHULHQFLD3HURDKRUD

KDQ SDVDGR SRU HVDV HPRFLRQHV GH PRGR


PHFiQLFR 5HSLWLHURQ XQ HQVD\R H[LWRVR HQ OXJDU
GH YROYHU D FUHDU XQD HVFHQD QXHYD YLYLGD (Q
OXJDUGHWRPDUHOPDWHULDOGHUHFXHUGRVGHODYLGD
PLVPDORKDQWRPDGRGHORVDUFKLYRVWHDWUDOHVGH
YXHVWUDPHQWH/RTXHVXFHGLyGHQWURGHXVWHGHVHQ
ODSULPHUDYH]QDWXUDOPHQWHVHWUDGXMRHQDFFLyQ
+R\ HVD DFFLyQ IXH LQIODGD \ H[DJHUDGD SDUD
FDXVDUHOHIHFWRGHVHDGR

SHQDUHFRQVLGHUDUQXHYDPHQWHWRGDODHVFHQDDILQ
GHVHQWLUVHJXLDGRVSRUVXVHPRFLRQHV8QDIRUPD
H[WHUQD SUHSDUDGD GH DQWHPDQR HV XQD WHQWDFLyQ
WHUULEOH SDUD HO DFWRU 1R HV VRUSUHQGHQWH TXH
QRYLFLRVFRPRXVWHGHVODKD\DQH[SHULPHQWDGR\DO
SURSLR WLHPSR GH TXH KD\DQ SUREDGR WHQHU XQD
EXHQDPHPRULDSDUDODDFFLyQH[WHUQD(QFXDQWRD
PHPRULD HPRWLYD QR KXER KR\ QLQJXQD VHxDO GH
HOOD

6LQ HPEDUJR QR GHEHQ VHQWLUVH


GHVDOHQWDGRV7RGRHVWRHVWDEDSUHYLVWRHQODWDUFD
GHO GtD \ OHV H[SOLFDUp HO SRUTXp /RLQHVSHUDGR
HVFRQIUHFXHQFLDXQIDFWRUGHJUDQHIHFWLYLGDGHQ
HO WUDEDMR FUHDGRU (Q OD SULPHUD UHSUHVHQWDFLyQ
HVD FXDOLGDG IXp REYLD 8VWHGHV VH VLQWLHURQ
JHQXLQDPHQWHH[FLWDGRVSRUODLQ\HFFLyQGHODLGHD
GHXQSRVLEOHOXQiWLFR(QHVWDUHSHWLFLyQGHKR\
OR LQHVSHUDGR KDEtD FDGXFDGR SRUTXH XVWHGHV
VDEtDQGHDQWHPDQRWRGRORUHODWLYRDHVRWRGROHV
HUD IDPLOLDU \ FODUR KDVWD ODV IRUPDV H[WHULRUHV
PHGLDQWH ODV FXDOHV YROFDEDQ VX DFWLYLGDG (Q
HVWDV FLUFXQVWDQFLDV QR SDUHFLy TXH YDOLHUD OD

&XDQGR VH OH SLGLy TXH H[SOLFDUD HVD


GHQRPLQDFLyQGLMR

KDEtD VDOWDGR GyQGH KDEtD EDMDGR (O RWUR QR


UHFRUGDEDHQDEVROXWRHOOXJDU6yORWHQtDPHPRULD
GH ODVHPRFLRQHV TXH KDEtD H[SHULPHQWDGR 8QD
WUDV RWUDGHOHLWH WHPRU HVSHUDQ]D GXGD  \
ILQDOPHQWHSiQLFR

,QIRUWXQDGDPHQWH HVH HV HO SUREOHPD PiV


FRP~Q 3RU FRQVLJXLHQWH PH YHR REOLJDGR D VHU
PXFKRPiVPRGHVWRHQPLVH[LJHQFLDV$GPLWRTXH
SXHGHQHPSH]DUHOHMHUFLFLR\SHUPLWLUTXHHOSODQ
H[WHUQRORVFRQGX]FD3HURGHVSXpVGHHOORGHEHQ
SHUPLWLUOH TXH OHV UHFXHUGH VXV SULPHURV
VHQWLPLHQWRV\HQWUHJDUVHDHOORVFRPRDXQDIXHU]D
JXLDGRUDDWUDYpVGHOUHVWRGHODHVFHQD6LSXHGHQ
KDFHUORGLUpTXHSRVHHQXQDPHPRULDHPRWLYDQR
H[FHSFLRQDOSHURPX\EXHQD

/D SULPHUD YH] OHV VXFHGLy H[DFWDPHQWH OR


PLVPR TXH D HVWH VHJXQGR QiXIUDJR 5HFXHUGR
FODUDPHQWH HO DWRORQGUDPLHQWR HO SiQLFR TXH VH
LQWURGXMR DQWH OH VXJHVWLyQ GHO ORFR 7RGD OD
DWHQFLyQ HVWDED FHQWUDGD HQ HO REMHWLYR ILFWLFLR
GHWUiVGHODSXHUWD\XQDYH]TXHVHKLFLHURQFDUJR
GHO FDVR FRPHQ]DURQ D DFWXDU FRQ YHUGDGHUD
H[FLWDFLyQ
6L KR\ KXELHUDQ VLGR XVWHGHV FDSDFHV GH
KDFHU OR TXH HO VHJXQGR KRPEUH GHO FXHQWR GH
5LERW HV GHFLU UHYLYLU WRGDV ODV HPRFLRQHV TXH
H[SHULPHQWDURQ OD SULPHUD YH] \ DFWXDU VLQ
HVIXHU]R LQYROXQWDULDPHQWH HQWRQFHV \R KXELHUD
GLFKR TXH XVWHGHV SRVHtDQ XQD PHPRULD HPRWLYD
H[FHSFLRQDO

<R SRGUtD LOXVWUDUOHV HVWR FRPR KLFLHUD


5LERWTXHIXpODSULPHUDSHUVRQDTXHGHILQLyHVWH
WLSRGHPHPRULDFRQWiQGROHVXQFXHQWR
'RVQiXIUDJRVKDEtDQVLGRDUURMDGRVVREUH
XQDV URFDV SRU OD SOHDPDU 8QD YH] TXH IXHURQ
UHVFDWDGRV QDUUDURQ VXV LPSUHVLRQHV 8QR
UHFRUGDED KDVWD HO PiV tQILPR DFWR TXHKDEtD
KHFKR FyPR SRU TXp \ GyQGH KDEtD LGR GyQGH
KDEtD WUHSDGR GyQGH KDEtD GHVFHQGLGR GyQGH

6L GHER UHVWULQJLU D~Q PiV PLV H[LJHQFLDV


HQWRQFHVOHVGLUpDFW~HQFRQHOHVTXHPDItVLFRGHO
HMHUFLFLRDXQFXDQGRQROHVUHFXHUGHODVSULPHUDV
VHQVDFLRQHV \ DXQTXH QR VLHQWDQ HO LPSXOVR GH
PLUDUDODVFLUFXQVWDQFLDVGDGDVGHODUJXPHQWRFRQ
XQD PLUDGD IUHVFD \ QXHYD 3HUR HQWRQFHV GHMHQ
TXHYHDTXHVDEHQXWLOL]DUVXWpFQLFDSVtTXLFDSDUD
LQWURGXFLU QXHYRV HOHPHQWRV LPDJLQDWLYRV TXH
GHVSLHUWHQHVRVVHQWLPLHQWRVGRUPLGRV
6L ORJUDQ HVWR SRGUH HQWRQFHV UHFRQRFHU
HYLGHQFLDVGHPHPRULDHPRWLYDHQXVWHGHV+DVWD

DKRUD KR\ QR PH KDQ RIUHFLGR QLQJXQD GH HVWDV


SRVLEOHVDOWHUQDWLYDV

VLHQWD HVH LPSXOVR HQWXVLDVWD TXH H[SHULPHQWy


DTXHOODYH]"

4XLHUH GHFLU FRQ HVR TXH QR WHQHPRV


PHPRULDHPRWLYD"SUHJXQWp

4XL]i HO VHQWLPLHQWR QR VHD WDQ DJXGR


FRPR RWURUD OH UHSXVH SHUR FLHUWDPHQWH PH
FRQPXHYHPXFKRD~QKR\

1R 1R HV HVD OD FRQFOXVLyQ TXH GHEHQ


VDFDU +DUHPRV RWUDV SUXHEDV HQ OD SUy[LPD
OHFFLyQUHSXVR7RUWVRYFDOPRVDPHQWHPLHQWUDV
VHSRQtDGHSLHSDUDDEDQGRQDUHOVDOyQ



+R\IXL\RHOSULPHURHQSUREDUODPHPRULD
HPRWLYD
5HFXHUGD XVWHG SUHJXQWy 7RUWVRY
TXHXQDYH]PHFRQWyODJUDQLPSUHVLyQTXHOHKL]R
0RVNYLQ FXDQGR SDVy SRU VX FLXGDG" 5HFXHUGD
XVWHG VX DFWXDFLyQ FRQ OD VXILFLHQWH QLWLGH] FRPR
SDUDTXHGHVyORSHQVDUHQHOODVHLVDxRVGHVSXpV

7LHQH OD IXHU]D VXILFLHQWH FRPR SDUD


KDFHUORVRQURMDU\DFHOHUDUHOULWPRGHVXFRUD]yQ"
4XL]iVVtVLPHDEDQGRQDUDSRUHQWHURDO
UHFXHUGR
4Xp VLHQWH XVWHG \D VHD HVSLULWXDO R
ItVLFDPHQWHFXDQGRUHFXHUGDODWUiJLFDPXHUWHGHO
DPLJRTXHPHUHODWyFLHUWDYH]"
7UDWR GH HOXGLU HVH UHFXHUGR SRUTXH PH
GHSULPHPXFKR
(VH WLSR GH PHPRULD TXH OH KDFH D XVWHG
UHYLYLU ODV VHQVDFLRQHV TXH HQ XQD RFDVLyQ VLQWLy
YLHQGRDFWXDUD0RVNYLQRFXDQGRPXULyVXDPLJR
HV OR TXH QRVRWURV OODPDPRVPHPRULD HPRWLYD

([DFWDPHQWH FRPR VX PHPRULD YLVXDO SXHGH


UHFRQVWUXLU OD LPDJHQ LQWHULRU GH DOJ~Q REMHWR
ROYLGDGR OXJDU R SHUVRQD VX PHPRULD HPRWLYD
SXHGH KDFHU UHYLYLU VHQWLPLHQWRV TXH DQWHV KD
H[SHULPHQWDGR 4XL]i SDUH]FDQ LPSRVLEOHV GH
UHYLYLU FXDQGR GH SURQWR XQD VXJHVWLyQ XQ
SHQVDPLHQWRXQREMHWRIDPLOLDUORVGHYXHOYHFRQ
UHQRYDGR YLJRU$ YHFHV ODV HPRFLRQHV VRQ PiV
LQWHQVDV TXH QXQFD D YHFHV PiV GpELOHV \ HQ
RFDVLRQHVHOPLVPRVHQWLPLHQWRGHODSULPHUDYH]
SXHGHUHYLYLUDXQTXHEDMRXQDVSHFWRGLIHUHQWH

UHODFLyQFRQQXHVWURVFLQFRVHQWLGRV\ODPHPRULD
HPRWLYD 'LMR TXH HQ VX RSRUWXQLGDG KDEODUtD GH
HOOR\GHPRVWUDUtDFyPRFRUUHQSDUDOHODPHQWH

< GHVGH TXH XVWHG HV WRGDYtD FDSD] GH


HQURMHFHU R HPSDOLGHFHU DO UHFXHUGR GH XQD
H[SHULHQFLDGHVGHTXHVLJXHWHPLHQGRUHFRUGDUXQ
KHFKRWUiJLFRVDFDPRVODFRQFOXVLyQGHTXHXVWHG
SRVHHPHPRULDHPRWLYD3HURQRWLHQHHOVXILFLHQWH
HQWUHQDPLHQWR FRPR SDUD TXH OOHYH D FDER VLQ
D\XGDODOXFKDFRQHOHVWDGRWHDWUDOTXHVHDSRGHUD
GHXVWHGFXDQGRDSDUHFHHQHOHVFHQDULR

3DUDFRQWHVWDUHVWRWRPHPRVFDGDXQRSRU
WXUQR

7RUWVRY KL]R OXHJR OD GLVWLQFLyQ HQWUH


PHPRULD VHQVLWLYD EDVDGD HQ H[SHULHQFLDV HQ

(V XQ KHFKR ELHQ FRQRFLGR TXH DOJXQRV


SLQWRUHV SRVHHQ HO SRGHU GH OD YLVLyQ LQWHUQD DO
SXQWR GH TXH SXHGHQ SLQWDU UHWUDWRV GH SHUVRQDV

(VWR GLMR HV XQD GHVFULSFLyQ


FRQYHQLHQWH DXQTXH QR FLHQWtILFD GH VX UHODFLyQ
PXWXD
&XDQGR VH OD SUHJXQWy KDVWD TXp SXQWR XQ
DFWRUXVDVXPHPRULDVHQVLWLYD\FXiOODYDULDFLyQ
GHOYDORUGHFDGDXQRGHORVFLQFRVHQWLGRVGLMR

'H QXHVWURV FLQFR VHQWLGRV OD YLVWD HV HO


PiV UHFHSWLYR D ODV LPSUHVLRQHV /D DXGLFLyQ HV
WDPELpQH[WUHPDGDPHQWHVHQVLEOH'HDKtODUD]yQ
GH TXH ODV LPSUHVLRQHV VH KDFHQ UiSLGDPHQWH D
WUDYpVGHRMRV\RtGRV

TXHKDQYLVWRSHURTXH\DQRH[LVWHQ
$OJXQRV P~VLFRV WLHQHQ XQ SRGHU VLPLODU
SDUD UHFRQVWUXLU VRQLGRV LQWHULRUPHQWH 7RFDQ
PHQWDOPHQWHXQDVLQIRQtDFRPSOHWDTXHDFDEDQGH
RtU /RV DFWRUHV D VX YH] WLHQHQ HVWH PLVPR WLSR
GH FDSDFLGDG SDUD OD YLVWD \ HO VRQLGR < OR
XWLOL]DQ SDUD ILMDU HQ Vt PLVPRV \ UHFRUGDU
GHVSXpV WRGD VXHUWH GH LPiJHQHV YLVXDOHV \
DXGLWLYDV HO URVWUR GH XQD SHUVRQD VX H[SUHVLyQ
OD OtQHD GH VX FXHUSR VX DQGDU VXV JHVWRV
PRYLPLHQWRV YR] HQWRQDFLyQ YHVWLPHQWD
FDUDFWHUtVWLFDVUDFLDOHV
/R TXH HV PiV DOJXQDV SHUVRQDV
HVSHFLDOPHQWH DUWLVWDV VRQ FDSDFHV QR VyOR GH
UHFRUGDU \ UHSURGXFLU FRVDV TXH KDQ YLVWR X RtGR
HQ OD YLGD UHDO VLQR TXH SXHGHQ KDFHU OR PLVPR
FRQ FRVDV LQYLVLEOHV H LQDXGLEOHV VDOYR SDUD VXV
SURSLDV LPDJLQDFLRQHV /RV DFWRUHV FRQ PHPRULD
YLVXDOJXVWDQGHYHUORTXHGHHOORVVHUHTXLHUHGH
PRGR TXH VXV HPRFLRQHV UHVSRQGHQ IiFLOPHQWH
2WURV SUHILHUHQ PXFKR PiV RtU HO VRQLGR GH OD

(QXQDHVFHQDFRPRODTXHKDOODPRVHQHO
(GLSRHQTXHHOUH\HVFLHJR\XVDVXVHQWLGRGHO
WDFWRSDUDUHFRQRFHUDVXVKLMRVSRUHMHPSOR
< VLQ HPEDUJR OD WpFQLFD PiV
SHUIHFFLRQDGDQRSXHGHFRPSDUDUVHFRQHODUWHGH
OD QDWXUDOH]D +H YLVWR PXFKRV IDPRVRV DFWRUHV
WpFQLFRVGHWRGDVODVHVFXHODV\GHPXFKRVSDtVHV
\QLQJXQRGHHOORVSXGRDOFDQ]DUODFXPEUHDTXH
VHOOHJDFRQODLQWXLFLyQDUWtVWLFDEDMRODJXtDGHOD
QDWXUDOH]D 1R GHEH SDVDUVH SRU DOWR HO KHFKR GH
TXH PXFKDV IDFHWDV LPSRUWDQWHV GH QXHVWUDV
FRPSOHMDV QDWXUDOH]DV QRV VRQ GHVFRQRFLGDV R
ELHQ QR HVWiQ VXMHWHV D QXHVWUD GLUHFFLyQ
FRQVFLHQWH6yORODQDWXUDOH]DWLHQHDFFHVRDHOODV
$ PHQRV TXH DFHSWHPRV VX D\XGD GHEHPRV
FRQWHQWDUQRV FRQ XQ SDUFLDO GRPLQLR GH QXHVWUR
FRPSOLFDGRDSDUDWRFUHDGRU
<DXQTXHHVWRVVHQWLGRVGHOJXVWRHOWDFWR\
HO ROIDWR VRQ ~WLOHV \ D YHFHV LPSRUWDQWHV HQ
QXHVWURDUWHVXUROHVPHUDPHQWHDX[LOLDUWLHQHOD
ILQDOLGDG GH LQIOXHQFLDU QXHVWUD PHPRULD

YR] R OD HQWRQDFLyQ GH OD SHUVRQD TXH GHEHQ


SLQWDU &RQ OtRV HO SULPHU LPSXOVR KDFLD HO
VHQWLPLHQWRGHULYDGHODPHPRULDDXGLWLYD
< HQ FXDQWR D ORV RWURV VHQWLGRV"
SUHJXQWyDOJXQR/RVQHFHVLWDPRVWDPELpQ"
3RU VXSXHVWR TXH Vt GLMR 7RUWVRY
3LHQVHQHQODSULPHUDHVFHQDGH,YDQRYGH&KHMRY
FRQ ORV WUHV JORWRQHV R HQ/D SRVDGHUD GH
*ROGRQL HQ TXH GHEHQ FDHU HQ p[WDVLV DQWH XQ
UDJRXW TXH VH VXSRQH SUHSDUDGR FRQ H[TXLVLWR
DUWH FXOLQDULR 7LHQHQ TXH UHSUHVHQWDU HVD HVFHQD
GHPRGRTXHVHOHVKDJDDJXDODERFDDXVWHGHV\
DO HVSHFWDGRU 3DUD HOOR VH YHQ REOLJDGRV D WHQHU
XQ UHFXHUGR VXPDPHQWH YLYLGR GH DOJXQD FRPLGD
GHOLFLRVD 'H RWUR PRGR OD HVFHQD VDOGUi
VREUHFDUJDGD\QRH[SHULPHQWDUiQLQJ~QSODFHUGHO
SDODGDU
< GyQGH XVDUHPRV HO VHQWLGR GHO WDFWR"
SUHJXQWp

HPRWLYD



/DV OHFFLRQHV FRQ HO GLUHFWRU KDQ VLGR
VXVSHQGLGDV WHPSRUDOPHQWH GHELGR D TXH KD
VDOLGR HQ MLUD WHDWUDO (QWUHWDQWR GHGLFDUQRV HO
WLHPSR D EDLOH JLPQDVLD LPSRVWDFLyQ GH YR] \
GLFFLyQ$OJR LPSRUWDQWH PH KD VXFHGLGR HQ HVWH
ODSVRTXHPHKDDUURMDGRXQUD\RGHOX]VREUHHO
WHPDTXHHVWXYLPRVHVWXGLDQGRPHPRULDHPRWLYD
1R KDFH PXFKR FDPLQDED \R UXPER D FDVD
FRQ 3DXO $O OOHJDU D XQD SOD]ROHWD QRV
HQFRQWUDPRV DQWH XQD DELJDUUDGD PXOWLWXG 0H
JXVWDQ ODV HVFHQDV FDOOHMHUDV GH PRGR TXH PH
LQWURGXMH KDFLD HO FHQWUR GHO JUXSR \ DOOt YL XQ
KRUULEOHHVSHFWiFXOR$PLVSLHV\DFtDXQDQFLDQR
SREUHPHQWHYHVWLGRFRQODPDQGtEXODGHVWUR]DGD
VLQ EUD]RV HO URVWUR HQ KRUULEOH PXHFD ORV
GLHQWHVYLHMRV\DPDULOORVDUUDQFDGRVGHFXDMRHO

ELJRWH HQVDQJUHQWDGR 8Q YHKtFXOR OR KDEtD


DWURSHOODGR \ HO FRQGXFWRU VH DIDQDED SRU
GHPRVWUDU TXH HO DFFLGHQWH VH KDEtD GHELGR D XQ
GHVSHUIHFWR GH OD PiTXLQD SRU OR TXH QR WHQtD
FXOSDDOJXQD8QKRPEUHHQXQLIRUPHEODQFRFRQ
HOVREUHWRGRVREUHORVKRPEURVOOHYDEDDODQDUL]
GH OD SREUH YtFWLPD XQ DOJRGyQ HPSDSDGR HQ XQ
OtTXLGRTXHYHUWtDGHXQDERWHOOD(UDHOHPSOHDGR
GH OD IDUPDFLD YHFLQD 1R OHMRV GH DOOt DOJXQRV
FKLFRV MXJDEDQ 8QR GH HOORV DO WRSDUVH FRQ XQ
KXHVR DVWLOODGR GH OD PDQR GHO SREUH DQFLDQR QR
VDELHQGR FyPR GLVSRQHU GH pO OR DUURMy D XQ
FDQDVWR GH EDVXUDV 8QD PXMHU VROOR]DED SHUR HO
UHVWRGHODJHQWHVHOLPLWDEDDPLUDULQGLIHUHQWH\
FXULRVD
(O HVSHFWiFXOR FDXVy HQ Pt XQD SURIXQGD
LPSUHVLyQ 4Xp FRQWUDVWH HQWUH HVH KRUURU HQ HO
SDYLPHQWR \ HO SiOLGR D]XO GHO FLHOR FODUR
OtPSLGR 6DOt GH DOOt GHSULPLGR \ SDVy PXFKR
WLHPSRDQWHVGHTXHSXGLHUDVREUHSRQHUPH3RUOD
QRFKH GHVSHUWp FRQ OD PHPRULD YLVXDO GH OR TXH
SUHVHQFLDUD\VHPHSUHVHQWyPiVWHUULEOHWRGDYtD

FKDUFR GH VDQJUH DKRUD PH VHQWtD FRQPRYLGR


SRU HVH UHFXHUGR FRQMXQWR SHUR HQ IRUPD
GLIHUHQWH5HSHQWLQDPHQWHPHOOHQpGHLQGLJQDFLyQ
FRQWUD OD FUXHOGDG KXPDQD OD LQMXVWLFLD \ OD
LQGLIHUHQFLD
$OFDERGHXQDVHPDQDGHODFFLGHQWHYROYtD
SDVDUSRUHOHVFHQDULRGHODWUDJHGLDFDPLQRGHOD
HVFXHOD0HGHWXYHSRUXQRVPLQXWRVSDUDPHGLWDU
VREUH HOOR /D QLHYH HVWDED WDQ EODQFD HVH GtD
FRPR HQ DTXHO RWUR PRPHQWR (VR HUD YLGD
5HFRUGp OD ILJXUD FRQWUDKHFKD XQ SLQJDMR HQ HO
VXHOR HVR HUD PXHUWH< HQ WRUQR HQ EULOODQWH
FRQWUDVWH YL HO FLHOR HO VRO OD QDWXUDOH]D (VR
HV HWHUQLGDG /RV YHKtFXORV TXH SURVLJXHQ VX
PDUFKD SRU HO SDYLPHQWR FDUJDGRV GH SDVDMHURV
UHSUHVHQWDQ ODV JHQHUDFLRQHV HQ VX FRQVWDQWH
GHYHQLUKDFLDORGHVFRQRFLGR<WRGRHOSDQRUDPD
TXH DQWHV IXHUD WDQ KRUULEOH WDQ WHUURUtILFR
WURFiEDVH DKRUD HQ UHFLR PDMHVWXRVR
HVSHFWiFXOR


GH OR TXH PH SDUHFLHUD SRU OD WDUGH


3UREDEOHPHQWH KD\D VLGR SRUTXH GH QRFKH WRGDV
ODV FRVDV DVXPHQ WLQWHV PiV VRPEUtRV SHUR \R OR
DWULEX\R D PL PHPRULD HPRWLYD \ D VX SRGHU GH
DKRQGDULPSUHVLRQHV
3RFRV GtDV GHVSXpV YROYt D SDVDU SRU OD
HVFHQD GHO DFFLGHQWH H LQYROXQWDULDPHQWH PH
GHWXYHSDUDUHFRUGDUORVXFHGLGRWDQSRFRWLHPSR
DWUiV 7RGRV ORV UDVWURV KDEtDQ GHVDSDUHFLGR
+DEtDXQVHUKXPDQRPHQRVHQHOPXQGR\HVRHUD
WRGR 6LQ HPEDUJR XQD H[LJXD SHQVLyQ VHUtD
SDJDGD D OD IDPLOLD GHO PXHUWR GH PRGR TXH HO
VHQWLGR GH MXVWLFLD GH WRGRV TXHGDUtD HQ SD] SRU
FRQVLJXLHQWHWRGRHVWDEDFRPRGHEtDHVWDU<VLQ
HPEDUJR TXL]iV OD PXMHU \ ORV QLxRV SDVDUDQ
KDPEUH
0LHQWUDV DVt SHQVDED HO UHFXHUGR GH OD
FDWiVWURIH SDUHFLy WUDQVIRUPDUVH 6L DO SULQFLSLR
KDEtDVLGRUXGR\QDWXUDODXOWUDQ]DFRQWRGRVHVRV
KRUULEOHVGHWDOOHVItVLFRVODPDQGtEXODGHVWUR]DGD
ORV EUD]RV DPSXWDGRV ORV QLxRV SLVRWHDQGR HO


+R\ PH KD VXFHGLGR XQ H[WUDxR IHQyPHQR
3HQVDQGR QXHYDPHQWH HQ DTXHO DFFLGHQWH GH OD
SOD]ROHWD PH HQFXHQWUR FRQ TXH HV HO YHKtFXOR HO
TXH GRPLQD DKRUD OD ILJXUD 3HUR QR HV
SUHFLVDPHQWH HO TXH PRWLYDUD HO DFFLGHQWH VLQR
XQRTXHVHUHODFLRQDFRQXQDH[SHULHQFLDSHUVRQDO
DMHQDSRUFRPSOHWR
(ORWRxRSDVDGRFLHUWDQRFKHYROYLHQGRGH
XQ VXEXUELR D OD FLXGDG FRQ HO ~OWLPRWUROOH\ DO
SDVDU SRU XQ SDUTXH GHVLHUWR VDOLy GH VXV ULHOHV
7RGRV ORV SDVDMHURV GHELPRV FRPELQDU QXHVWUDV
IXHU]DVSDUDHQFDUULODUORQXHYDPHQWH4XpHQRUPH
\ SHVDGR PH SDUHFLy HQWRQFHV \ TXp GpELOHV H
LQVLJQLILFDQWHVQRVRWURVHQFRPSDUDFLyQ
3RU TXp HQWRQFHV HVWD PHPRULD VHQVLWLYD
UHVXOWDED PiV SRGHURVD TXH OD PiV UHFLHQWH" <
DTXt GHER H[SOLFDU RWUR DVSHFWR GHO DVXQWR &DGD
YH]TXHHPSLH]RDSHQVDUHQHODQFLDQRGHVYDOLGR
TXH IXHUD DWURSHOODGR OD PHPRULD PH HQFDPLQD

KDFLDRWURKHFKRWDPELpQDQWHULRU0XFKRWLHPSR
DWUiV PH HQFRQWUp HQ OD FDOOH FRQ XQ LWDOLDQR TXH
OORUDED VREUH XQ PRQR VX\R TXH KDEtD PXHUWR
/ORUDEDDOWLHPSRTXHWUDWDEDGHHPSXMDUXQJDMR
GHQDUDQMDHQODERFDGHODQLPDO3DUHFtDFRPRVt
HVWDHVFHQDPHKXELHUDDIHFWDGRPXFKRPiVTXHOD
PXHUWH GHO DQFLDQR KDOOiEDVH VHSXOWDGD PiV
SURIXQGDPHQWHHQPLPHPRULD<FUHRTXHGHWHQHU
TXH UHSUHVHQWDU OD HVFHQD GHO DFFLGHQWH EXVFDUtD
ODPDWHULDHPRFLRQDOSDUDPLSDUWHHQHOUHFXHUGR
GHODHVFHQDGHOLWDOLDQRFRQHOPRQRPXHUWRPiV
TXHHQODWUDJHGLDPLVPD
0HSUHJXQWRFXiOHVODUD]yQ



+R\ UHFRPHQ]DURQ ODV OHFFLRQHV FRQ HO
GLUHFWRU/HUHODWpHOSURFHVRGHHYROXFLyQGHPLV
VHQWLPLHQWRV DFHUFD GHO DFFLGHQWH FDOOHMHUR 'H
SULPHU PRPHQWR PH DODEy SRU PL SRGHU GH

'H DFXHUGR 3HUR QR OD IRWRJUDItDQ 6X


SURGXFWR SDVD D WUDYpV GH VXV SURSLDV
SHUVRQDOLGDGHV \ OR TXH pVWD OHV RIUHFH HV
VXSODQWDGR PHGLDQWH HO PDWHULDO YLYLHQWH TXH
WRPDQ GH ODV PHPRULDV HPRWLYDV TXH KDQ
DOPDFHQDGR6KDNHVSHDUHSRUHMHPSORDPHQXGR
WRPDED KpURHV \ KHURtQDV FRPR<DJR GH UHODWRV
DMHQRV \ KDFtD GH HOORV FULDWXUDV YLYLHQWHV
PHGLDQWH OD DGLFLyQ GH VXV SURSLRV UHFXHUGRV
HPRWLYRV FULVWDOL]DGRV (O WLHPSR KDEtD
FODULILFDGR \ SRHWL]DGR VXV LPSUHVLRQHV DO SXQWR
GHTXHVHWUDQVIRUPDEDQHQH[FHOHQWHPDWHULDOSDUD
VXVFUHDFLRQHV
&XDQGR OH KDEOp D 7RUWVRY GHO FDPELR GH
SHUVRQDMHV \ REMHWRV TXH KDEtD VXFHGLGR HQ PLV
UHFXHUGRVGHODFFLGHQWHKL]RQRWDU
1R KD\ QDGD GH VRUSUHQGHQWH HQ HOOR QR
SXHGH XVWHG FRQILDU HQ TXH KDEUi GH XVDU VX
PHPRULD VHQVLWLYD GHO PLVPR PRGR TXH FRQVXOWD
ORVOLEURVHQXQDELEOLRWHFD

REVHUYDFLyQ\OXHJRGLMR
(VWRHVXQDLOXVWUDFLyQPDJQtILFDGHORTXH
RFXUUHHQQRVRWURV&DGDXQRGHQRVRWURVKDYLVWR
PXOWLWXG GH DFFLGHQWHV 5HWHQHPRV OD PHPRULD GH
HOORV SHUR VyOR ODV FDUDFWHUtVWLFDV PiV
LPSRUWDQWHV TXHGDQ LPSUHVDV PLHQWUDV TXH
SHUGHPRVORVGHWDOOHV<FRQHVDVLPSUHVLRQHVVH
YD IRUPDQGR XQD PHPRULD VHQVLWLYD PiV YDVWD
FRQGHQVDGD PiV SURIXQGD \ PiV DPSOLD (V XQD
HVSHFLHGHVtQWHVLVGHPHPRULDHQODUJDHVFDOD(V
PiV SXUD PiV FRQGHQVDGD PiV FRPSDFWD
VXEVWDQFLDO\PiVDJXGDWDPELpQTXHORVKHFKRVHQ
Vt
(OWLHPSRHVXQHVSOpQGLGRILOWURSDUDORV
VHQWLPLHQWRV TXH UHFRUGDPRV DGHPiV HV XQ
JUDQ DUWLVWD 1R VyOR SXULILFD VLQR TXH WDPELpQ
WUDQVPXWD HQ SRHVtD KDVWD UHFXHUGRV
GRORURVDPHQWHUHDOLVWDV
6LQ HPEDUJR ORV JUDQGHV DUWLVWDV \ ORV
JUDQGHVSRHWDVVHLQVSLUDQHQODQDWXUDOH]D

3XHGH XVWHG IRUPDUVH XQD LGHD ILJXUDGD


TXH HTXLYDOJD D OD PHPRULD HPRWLYD" ,PDJLQH XQ
Q~PHURGHFDVDVFRQPXFKDVKDELWDFLRQHVHQFDGD
FDVD HQ FDGD KDELWDFLyQ LQQXPHUDEOHV DUPDULRV
FRQHVWDQWHV\FDMDV\HQDOJ~QOXJDULQGHILQLGRHQ
XQDGHHVDVFDMDVXQDSHTXHxDSHUOD(VEDVWDQWH
IiFLO GDU FRQ OD FDVD FRQ HO FXDUWR HO HVWDQWH
SHUR PiV GLItFLO VHUi KDOODU OD FDMD H[DFWD <
GyQGH KDOODU HVH RMR GH OLQFH TXH GDUi FRQ OD
SHUOLWDTXHURGyKR\EULOOySRUXQLQVWDQWH\OXHJR
GHVDSDUHFLy GH OD YLVWD" 6yOR HO D]DU SRGUi
UHHQFRQWUDUOD
(O DUFKLYR GH OD PHPRULD HV DOJR PX\
VHPHMDQWH 7LHQH WRGDV HVDV GLYLVLRQHV \
VXEGLYLVLRQHV$OJXQDVVRQPiVDFFHVLEOHVTXHODV
RWUDV (O SUREOHPD HVWi HQ UHFDSWXUDU OD HPRFLyQ
TXH HQ XQ PRPHQWR EULOOy FXDO PHWHRUR 6L
SHUPDQHFH FHUFD GH OD VXSHUILFLH \ YXHOYH KDFLD
XVWHGHV SXHGHQ GDU JUDFLDV DO &LHOR 3HUR QR
FXHQWHQ FRQ TXH VLHPSUH SRGUiQ UHFREUDU HVD
PLVPD LPSUHVLyQ 0DxDQD TXL]i DSDUH]FD HQ VX
OXJDU DOJR ELHQ GLVWLQWR GHQ JUDFLDV WDPELpQ SRU

HVWR \ QR HVSHUHQ OR RWUR 6L DSUHQGHQ D VHU


UHFHSWLYRV D HVWH WLSR GH UHFXHUGRV UHFXUUHQWHV D
PHGLGD TXH VH IRUPHQ ORV QXHYRV WHQGUiQ PD\RU
FDSDFLGDGGHFRQPRYHUORVXQD\RWUDYH]9XHVWUR
HVStULWX D VX YH] VDEUi UHVSRQGHU PHMRU \
UHDFFLRQDUiFRQQXHYRFDORUDODVSDUWHVGHOSDSHO
FX\DDWUDFFLyQVHKD\DGHELOLWDGRSRUODUHSHWLFLyQ
FRQVWDQWH
&XDQGR ODV UHDFFLRQHV GHO DFWRU VRQ PiV
SRGHURVDVODLQVSLUDFLyQSXHGHDSDUHFHU3RURWUD
SDUWH QR SLHUGDQ VX WLHPSR D OD FD]D GH XQD
LQVSLUDFLyQ TXH HQ XQD RSRUWXQLGDG KD FUX]DGR
YXHVWUR FDPLQR 1R KD\ SRVLELOLGDG GH
UHFXSHUDFLyQ FRPR QR OD KD\ HQ HO D\HU HQ ODV
DOHJUtDV GH OD QLxH] QL HQ HO SULPHU DPRU
&RQFHQWUHQVXVHVIXHU]RVHQFUHDUXQDLQVSLUDFLyQ
QXHYD\IUHVFDSDUDHOSUHVHQWH1RKD\UD]yQSDUD
VXSRQHU TXH VHUi PHQRV EXHQD TXH OD GHO D\HU
4XL]iQRVHDWDQEULOODQWH3HURVHWLHQHODYHQWDMD
GH SRVHHUOD HQ HO SUHVHQWH +D VXUJLGR HQ IRUPD
QDWXUDO GHVGH ODV SURIXQGLGDGHV GHO DOPD SDUD
HQFHQGHU OD FKLVSD FUHDGRUD HQ XVWHGHV 4XLpQ

VHFXQGDULR
$FDVRVHQWLPRVMDPiVHQHOHVFHQDULRODV
FRVDVSRUSULPHUDYH]"<RGHVHRVDEHUWDPELpQVL
HV EXHQR R QR WHQHU VHQWLPLHQWRV RULJLQDOHV
IUHVFRV PLHQWUDV VH HVWi HQ HO HVFHQDULR
VHQWLPLHQWRVTXHMDPiVVHKDQH[SHULPHQWDGRHQOD
YLGDUHDO
'HSHQGH GHO WLSR TXH VHDQ IXp VX
UHVSXHVWD 6XSRQJD TXH HVWiQ LQWHUSUHWDQGR OD
HVFHQDGHO~OWLPRDFWRGH+DPOHWGRQGHXVWHGVH
DUURMD FRQ OD HVSDGD VREUH VX DPLJR 3DXO TXH
HQFDUQD HO SDSHO GHO UH\ \ GH SURQWR XVWHG VH YH
PDQFKDGR SRU SULPHUD YH] HQ VX YLGD SRU XQ
ERUERWyQGHVDQJUH$XQTXHVXHVSDGDHVXQDUPD
EXUGDTXHSRUVtPLVPDQRSXHGHSURYRFDUKHULGD
GH VDQJUH SXHGH SUHFLSLWDU XQD WHUULEOH OXFKD \
GHWHUPLQDUTXHVHEDMHHOWHOyQ
3LHQVD XVWHG TXH HV FRQYHQLHQWH SDUD XQ
DFWRUGHMDUVHFDHUHQHPRFLRQHVHVSRQWiQHDVFRPR
HVD"

SXHGH GHFLU FXiO PDQLIHVWDFLyQ GH YHUGDGHUD


LQVSLUDFLyQHVPHMRU"7RGDVVRQHVSOpQGLGDVFDGD
XQD GHQWUR GH VX PRGDOLGDG VyOR SRUTXH HVWpQ
LQVSLUDGDV
&XDQGR LQVLVWt DQWH 7RUWVRY SDUD TXH PH
GLMHUDTXHGHVGHTXHHVRVJpUPHQHVGHLQVSLUDFLyQ
VHKDOODQSUHVHUYDGRVGHQWURGHQRVRWURV\QRQRV
OOHJDQ GHVGH HO H[WHULRU GHEHPRV FRQFOXLU TXH OD
LQVSLUDFLyQ HV GH RULJHQ VHFXQGDULR PiV TXH
SULPDULRUHKXVyFRPSURPHWHUVHHQXQDUHVSXHVWD
<R QR Vp /DV FXHVWLRQHV GHO
VXEFRQVFLHQWH QR HQWUDQ HQ PL FDPSR /R TXH HV
PiV QR PH SDUHFH TXH GHEDPRV GHVWUXLU HO
PLVWHULR GH TXH HVWDPRV DFRVWXPEUDGRV D URGHDU
QXHVWURV PRPHQWRV GH LQVSLUDFLyQ (O PLVWHULR HV
KHUPRVRHQVtPLVPR\UHSUHVHQWDXQJUDQHVWtPXOR
DODFUHDFLyQ
3HUR \R QR TXHUtD TXHGDUPH FRQIRUPH FRQ
HVR \ OH SUHJXQWp VL FXDQWR VHQWtDPRV PLHQWUDV
HVWiEDPRV HQ HO HVFHQD UtR QR HUD GH RULJHQ

$FDVRVLJQLILFDHVWRTXHHVSUHIHULEOHQR
WHQHUODVQXQFD"SUHJXQWp
3RUHOFRQWUDULRVRQVXPDPHQWHGHVHDEOHV
UHSXVR 7RUWVRY 3HUR HVWDV HPRFLRQHV
GLUHFWDV SRGHURVDV \ YLYLGDV QR KDFHQ VX
DSDULFLyQ HQ HO HVFHQDULR HQ OD IRUPD TXH XVWHG
SLHQVD 1R GXUDQ PXFKR WLHPSR QL VLTXLHUD XQ
VROR DFWR 6RQ FRPR UHOiPSDJRV TXH RFXSDQ
SHTXHxRV HSLVRGLRV PRPHQWRV LQGLYLGXDOHV (Q
HVWD IRUPD VRQ ELHQYHQLGRV 6yOR FDEH HVSHUDU
TXH DSDUH]FDQ D PHQXGR \ D\XGHQ D DJXGL]DU OD
SURIXQGLGDGGHQXHVWUDVHPRFLRQHVTXHHVXQRGH
ORVPiVYDOLRVRVHOHPHQWRVGHOWUDEDMRFUHDGRU/D
LQHVSHUDGD FXDOLGDG GH HVWDV HVSRQWiQHDV
HUXSFLRQHV GH VHQWLPLHQWRV HV XQD IXHU]D
LUUHVLVWLEOH \ FRQPRYHGRUD $TXt DJUHJy XQD
DGYHUWHQFLD/RTXHWLHQHQGHLQIRUWXQDGRVHVRV
LQVWDQWHVHVTXHQRSRGHPRVFRQWURODUODVVLQRTXH
HOODV QRV FRQWURODQ D QRVRWURV 3RU OR WDQWR QR
TXHGD RWUD DOWHUQDWLYD TXH GHMDU HO DVXQWR OLEUDGR
DOD]DU\GHFLUVLWLHQHQTXHYHQLUTXHYHQJDQ
6yORSRGHPRVWHQHUFRQILDQ]DHQTXHFRODERUDUiQ

FRQ HO SDSHO \ TXH QR VHUiQ DGYHUVRV 3RU


VXSXHVWR XQ WRTXH GH VHQWLPLHQWR LQHVSHUDGR H
LQFRQVFLHQWH HV UHDOPHQWH WHQWDGRU (V OR TXH
VRxDPRV \ FRQVWLWX\H HO DVSHFWR IDYRULWR GH OD
FUHDFLyQ HQ QXHVWUR DUWH 3HUR QR GHEH FRQFOXLUVH
GHHVWRTXHKD\GHUHFKRSDUDUHVWDULPSRUWDQFLDD
ODVLJQLILFDFLyQGHORVVHQWLPLHQWRVUHSHWLGRVTXH
GHWHUPLQDQ OD PHPRULD HPRWLYD 3RU HO FRQWUDULR
GHEHQ XVWHGHV HQWUHJDUVH D HOORV SRU FRPSOHWR
SRUTXHVRQHO~QLFRPHGLRSRUHOFXDOSRGUiQHQ
XQR\RWURJUDGRLQIOXHQFLDUDODLQVSLUDFLyQ
3HUPtWDQPH TXH OHV UHFXHUGH QXHVWUR
SULQFLSLR FDUGLQDO 3RU PHGLR GH UHFXUVRV
FRQVFLHQWHVVHOOHJDDOVXEFRQVFLHQWH
2WUD UD]yQ SRU OD FXDO XVWHGHV GHEHQ
YDORUDUHVDVHPRFLRQHVUHSHWLGDVHVTXHXQDUWLVWD
QR HODERUD VX SDSHO FRQ OD SULPHUD FRVD D PDQR
(O DUWLVWD VHOHFFLRQD FXLGDGRVDPHQWH GH HQWUH VXV
UHFXHUGRV \ HOLJH GH HQWUH VXV H[SHULHQFLDV
DTXHOODVTXHOHSDUHFHQPiVHORFXHQWHV(ODUWLVWD
HQWUHWHMH HO DOPD GH OD SHUVRQD TXH GHEH UHWUDWDU

WRGDVXHUWHSHURQRSXHGHWRPDUORVVHQWLPLHQWRV
GHRWUDSHUVRQD0LVVHQWLPLHQWRVVRQLQDOLHQDEOHV
\ ORV VX\RV OR VRQ LJXDOPHQWH SDUD XVWHG 3XHGH
XVWHGHQWHQGHUXQSDSHOVLPSDWL]DUFRQODSHUVRQD
DOOt GHVFULSWD SRQHUOH HQ HO OXJDU GH HOOD \
HQWRQFHV DFWXDUi FRPR OR KDUtD HVD SHUVRQD
SRUTXHGHVSHUWDUiHQXVWHGVHQWLPLHQWRVTXHVHUiQ
DQiORJRV D ORV TXH UHTXLHUH HO SDSHO 3HUR HVRV
VHQWLPLHQWRVSHUWHQHFHUiQQRDODSHUVRQDFUHDGD
SRUHODXWRUGHODREUDVLQRDOSURSLRDFWRU
1XQFDVHSLHUGDDVtPLVPRHQHOHVFHQDULR
$FW~H VLHPSUH HQ VX SURSLD SHUVRQD FRPR
DUWLVWD -DPiV SRGUi GHVHPEDUD]DUVH GH XVWHG
PLVPR (O PRPHQWR HQ TXH VH SLHUGD HQ HO
HVFHQDULR PDUFDUi HO DEDQGRQR GH OD YLGD
YHUGDGHUDLQIXQGLGDDOSDSHO\HOFRPLHQ]RGHOD
DFWXDFLyQH[DJHUDGD\IDOVD
(VWH HV HO PHMRU \ PiV JHQXLQR PDWHULDO
SDUD OD FUHDFLyQ LQWHULRU 8WLOtFHQOR 6tUYDQVH GH
pO\QRFRQItHQHQQLQJXQDRWUDIXHQWH

FRQODVHPRFLRQHVTXHOHVRQPiVTXHULGDVTXHVXV
VHQVDFLRQHV FRWLGLDQDV 3XHGHQ LPDJLQDU XVWHGHV
XQFDPSRPiVIpUWLOSDUDODLQVSLUDFLyQ"8QDUWLVWD
WRPDORPHMRUTXHWLHQHGHQWURGHVt\ORYXHOFDHQ
HOHVFHQDULR/DIRUPDKDEUiGHYDULDUGHDFXHUGR
FRQ ODV QHFHVLGDGHV GH OD REUD SHUR ODV
HPRFLRQHV KXPDQDV GHO DUWLVWD SHUPDQHFHUiQ
YLYDV\QRSRGUiQVHUUHHPSOD]DGDVSRUQDGDPiV
4XLHUH GHFLU XVWHG LQWHUSXVR *ULVKD
TXH HQ WRGD FODVH GH SDSHO GHVGH+DPOHW DO
3iMDUR D]XO WHQHPRV TXH HPSOHDU QXHVWURV
SURSLRVVHQWLPLHQWRVSUHYLRV"
<TXpRWUDFRVD"UHSXVR7RUWVRY2
FUHHXVWHGTXHXQDFWRUSXHGHLQYHQWDUWRGDVXHUWH
GH QXHYDV VHQVDFLRQHV R TXL]i XQ DOPD QXHYD
SDUDFDGDSDSHOTXHLQWHUSUHWD"&XiQWRVHVStULWXV
WHQGUtD HQWRQFHV TXH HQFHUUDU GHQWUR GHO VX\R"<
SRU RWUD SDUWH DFDVR SXHGH KDFHU WUL]DV VX DOPD
SDUDUHHPSOD]DUODSRURWUDTXHVHDPiVDSURSLDGD
SDUD XQ SDSHO GHWHUPLQDGR" 'yQGH HQFRQWUDUOD"
3XHGH XVWHG SUHVWDUVH URSDV XQ UHORM FRVDV GH

3HUR YROYLy D DUJLU *ULVKDGH


QLQJXQD PDQHUD SXHGR \R FRQWHQHU WRGRV ORV
VHQWLGRVSDUDWRGRVORVSDSHOHVGHOPXQGR
/RVSDSHOHVSDUDORVFXDOHVQRWLHQHXVWHG
VHQWLPLHQWRV DSURSLDGRV VHUiQ DTXHOORV HQ TXH
MDPiVDFWXDUiELHQH[SOLFy7RUWVRY<GHEHUi
H[FOXLUORV GH VX UHSHUWRULR /RV DFWRUHV
PD\RUPHQWHQRVHGLYLGHQSRUWLSRVVLQRTXHODV
GLIHUHQFLDV ODV GHWHUPLQDQ VXV SURSLDV tQWLPDV
FXDOLGDGHV
&XDQGR VH OH SUHJXQWy FyPR XQD PLVPD
SHUVRQD SRGtD VHU GRV SHUVRQDOLGDGHV
DELHUWDPHQWHFRQWUDVWDQWHVGLMR
3DUDHPSH]DUHODFWRUQRHVQLXQDQLRWUD
(O SRVHH HQ VX SURSLD SHUVRQD XQD tQWLPD
LQGLYLGXDOLGDG \ RWUD H[WHUQD \D VHD YLYDPHQWH
GHVDUUROODGD \D LQGLVWLQWD 3XHGH QR WHQHU HQ VX
QDWXUDOH]D QL OD YLOODQtD GH XQ FDUiFWHU QL OD
QREOH]D GHO RWUR 3HUR OD VLPLHQWH GH DPEDV
FXDOLGDGHVHVWDUiDOOtSRUTXHWHQHPRVHQQRVRWURV

ORVHOHPHQWRVGHWRGDVODVFDUDFWHUtVWLFDVKXPDQDV
EXHQDV \ PDODV 8Q DFWRU GHEH XVDU VX DUWH \ VX
WpFQLFD SDUD GHVFXEULU SRU PHGLRV QDWXUDOHV
DTXHOORV HOHPHQWRV QHFHVDULRV SDUD pO SDUD
GHVDUUROODU HQ VX SDSHO< GH HVWH PRGR HO DOPD
GH OD SHUVRQD TXH pO LQWHUSUHWD VHUi XQD
FRPELQDFLyQ GH ORV HOHPHQWRV YLYLHQWHV GH VX
SURSLRVHU
/D SULPHUD SUHRFXSDFLyQ GH XVWHGHV GHEH
VHU OD GH HQFRQWUDU OD IRUPD GH GHVSHUWDU HO
PDWHULDO HPRFLRQDO /D VHJXQGD GHVFXEULU ORV
PpWRGRV SDUD FUHDU XQ LQILQLWR Q~PHUR GH
FRPELQDFLRQHV GH ROPDV KXPDQDV FDUDFWHUHV
VHQWLPLHQWRVSDVLRQHVSDUDVXVSDSHOHV
< GyQGH KDOODUHPRV HVRV PHGLRV \ HVRV
PpWRGRV"
$QWHV TXH QDGD DSUHQGDQ D XVDU OD
PHPRULDHPRWLYD
&yPR"

TXHQRVKDQGHMDGRHQFDPELRORSRFRTXHSRGtDQ
\ORKDQDUUHJODGRGHODPHMRUPDQHUDTXHVDEtDQ
6LQROHVJXVWDDVtFiPELHQORFRPRFUHDQPHMRU
(VWR GHWHUPLQy XQ PRYLPLHQWR JHQHUDO \
SURQWRWRGRHVWXYRHQFRPSOHWRGHVRUGHQ
%DVWD JULWy 7RUWVRY \ GtJDQPH
DKRUD TXp UHFXHUGRV VHQVLEOHV OHV WUDH WRGR HVWH
FDRV
&XDQGR KD\ XQ WHUUHPRWR GLMR 1LFROiV
TXH RILFLDED GH VXSHUYLVRU OD JHQWH PXHYH ORV
PXHEOHVFRPRXVWHGHVDKRUD
0LHQWUDV HVWiEDPRV HQ OD WDUHD VXUJLHURQ
YDULDV GLVFXVLRQHV $OJXQRV EXVFDEDQ XQ HIHFWR
RWURV RWUR FRQIRUPH DO HIHFWR SURGXFLGR HQ VXV
PHPRULDV HPRWLYDV SRU GHWHUPLQDGR DUUHJOR GHO
PRELOLDULR )LQDOPHQWH OD GLVSRVLFLyQ SDUHFLy
DFHSWDEOH 3HUR VROLFLWDPRV PiV LOXPLQDFLyQ OR
TXH IXp SUHWH[WR SDUD GDUQRV XQD GHPRVWUDFLyQ
DFHUFDGHORVHIHFWRVGHODOX]\HOVRQLGR

3RU PHGLR GH XQD VHULH GH HVWtPXORV


LQWHUQRV\H[WHUQRV3HURpVWDHVXQDSUHJXQWDPX\
FRPSOLFDGDGHPRGRTXHODUHWRPDUHPRVODFODVH
SUy[LPD



1XHVWUD OHFFLyQ GH KR\ VH UHDOL]y FRQ HO
WHOyQ EDMR 6H VXSRQtD TXH HVWiEDPRV HQ HO
DSDUWDPHQWR GH 0DUtD SHUR QR SRGtDPRV
UHFRQRFHUOR (O FRPHGRU HVWDED GRQGH DQWHV
YHtDPRVODVDOD\ORTXHDQWHVIXHUDFRPHGRUKR\
HUD HO GRUPLWRULR /RV PXHEOHV HUDQ SREUHV \
YXOJDUHV 7DQ SURQWR SHUFLELPRV OD GLIHUHQFLD
UHFODPDPRV TXH ODV FRVDV YROYLHUDQ D VX DVSHFWR
RULJLQDO SRUTXH HO DFWXDO QRV GHSULPtD \ QR
SRGtDPRVWUDEDMDU
/DPHQWR QR SRGHU KDFHU QDGD GLMR HO
GLUHFWRU/RVRWURVPXHEOHVVHQHFHVLWDEDQSDUD
XQDREUDTXHVHHVWDGDQGRDFWXDOPHQWHGHPRGR

(QSULPHUOXJDUVHQRVGLRODLOXPLQDFLyQGH
XQGtDGHVRO\QRVVHQWLPRVPX\DOHJUHVDORTXH
VHVXPDEDORVUXLGRVGHODFDOOHWLPEUHVERFLQDV
VLUHQDV IDEULOHV \ KDVWD HO GLVWDQWH SLWDU GH XQD
ORFRPRWRUDHQILQWRGDVODVVHQVDFLRQHVDXGLWLYDV
GHXQGtDHQODFLXGDG
*UDGXDOPHQWH IXHURQ DWHQXiQGRVH ODV OXFHV
\ QRV UHVXOWy PX\ DJUDGDEOH FDOPR \ KDVWD XQ
WDQWR WULVWH 1RV VHQWLPRV LQFOLQDGRV D OD
PHGLWDFLyQ \ KXER TXLHQ VLQWLy VXHxR 'H SURQWR
VH R\y XOXODU HO YLHQWR VH GHVDWy XQD WRUPHQWD \
ORV VRQLGRV GH ODV FDOOHV IXHURQ DSDJiQGRVH 8Q
UHORM HQ HO FXDUWR YHFLQR GHMy RtU XQD SHVDGDV
FDPSDQDGDV $OJXLHQ VH SXVR D WRFDU HO SLDQR
SULPHUR HQ IRUWLVVLPR \ OXHJR FDGD YH] PiV
VXDYHPHQWHPiVWULVWHPHQWH$OOOHJDUODQRFKHVH
DSDJDURQ ODV OXFHV HO SLDQR GHMy GH VRQDU $
FLHUWD GLVWDQFLD XQ UHORM GHMy RtU ODV GRFH
FDPSDQDGDV 0HGLDQRFKH 6LOHQFLR HQ WRUQR 6H
R\H D XQ UDWyQ TXH URH HO SLVR \ DOJ~Q TXH RWUR
UXLGR DSDJDGR TXH OOHJD GH OD FDOOH )LQDOPHQWH
FHVD WRGR VRQLGR \ OD FDOPD \ OD RVFXULGDG VH

KDFHQ FRPSOHWDV 3RFR GHVSXpV VRPEUDV JULVHV


DQXQFLDQ OD PDGUXJDGD \ FXDQGR ORV SULPHURV
UD\RV GHO VRO VH )LOWUDQ HQ HO FXDUWR QR SRGHPRV
GHMDUGHVHQWLUXQJUDQDOLYLR
9DQ\D IXp HO PiV HQWXVLDVWD DQWH ORV HIHFWRV
ORJUDGRV
3HUR VL IXp PHMRU TXH HQ OD YLGD UHDO
QRVDVHJXUy
(VTXHHQODUHDOLGDGORVFDPELRVVRQWDQ
JUDGXDOHVDJUHJy3DXOTXHXQRQRDGYLHUWHODV
YDULDFLRQHV 3HUR FXDQGR VH FRPSULPHQ
YHLQWLFXDWURKRUDVHQSRFRVPLQXWRVVHVLHQWHWRGD
ODVXJHVWLyQGHORVYDULDGRVWRQRVGHOX]
&RPRKDEUiQQRWDGRGLMRHOGLUHFWRU
HO DPELHQWH TXH QRV URGHD WLHQH JUDQ LQIOXHQFLD
VREUH QXHVWURV VHQWLPLHQWRV < HVWR VXFHGH HQ HO
HVFHQDULRWDQWRFRPRHQODYLGDUHDO(QPDQRVGH
XQGLUHFWRUWDOHQWRVRHVWRVPHGLRVVHWUDQVIRUPDQ
HQHOHPHQWRVFUHDGRUHV\DUWtVWLFRV

RFDVLRQHVGHOSDSHO"
'HVJUDFLDGDPHQWH HVR VXFHGH FRQ
GHPDVLDGD IUHFXHQFLD FRQWHVWy 7RUWVRY \ HO
UHVXOWDGR HV VLHPSUH PDOR SRUTXH VX HUURU
FRQGXFH D ORV DFWRUHV HQ GLUHFFLyQ HUUDGD \
OHYDQWDEDUUHUDVHQWUHHOORV\VXVSDSHOHV
< TXp RFXUUH FXDQGR OD SURGXFFLyQ
H[WHULRUHVIUDQFDPHQWHPDOD"SUHJXQWyDOJXLHQ
3HRUWRGDYtD/RVDUWLVWDVTXHWUDEDMDQFRQ
HVH GLUHFWRU VXIULUiQ ORV HIHFWRV GH LQGLFDFLRQHV
GLDPHWUDOPHQWHRSXHVWDVDOHVStULWXGHVXVSDSHOHV
(QOXJDUGHDWUDHUODDWHQFLyQGHORVDFWRUHVKDFLD
HOHVFHQDULRKDEUiGHUHFKD]DUORVDUURMiQGRORVHQ
EUD]RV GHO DXGLWRULR IXHUD GH ODV FDQGLOHMDV (Q
FRQVHFXHQFLD OD SURGXFFLyQ H[WHUQD GH XQD REUD
HVXQDHVSDGDHQODVPDQRVGHOGLUHFWRUTXHWLHQH
GREOHILORSXGLHQGRKDFHUELHQ\PDOSRULJXDO
$KRUD SURVLJXLy HO GLUHFWRU TXLHUR
SURSRQHUOHVXQSUREOHPD&UHHQXVWHGHVTXHWRGR

&XDQGRODSURGXFFLyQH[WHUQDGHODREUDVH
KDOODtQWLPDPHQWHOLJDGDFRQODYLGDHVSLULWXDOGH
ORV DFWRUHV DGTXLHUH FRQ IUHFXHQFLD PD\RU
VLJQLILFDFLyQ HQ HO HVFHQDULR TXH HQ OD YLGD UHDO
6LOOHQDODVQHFHVLGDGHVGHODREUD\SURGXFHHVH
FOLPD FRUUHFWR D\XGD DO DFWRU D IRUPXODU HO
DVSHFWR LQWHUQR GH VX SDSHO LQIOXHQFLD WRGR VX
HVWDGRItVLFR\VXFDSDFLGDGGHVHQWLU%DMRHVWDV
FRQGLFLRQHVHODPELHQWHHVXQHVWtPXORSRGHURVR
SDUD QXHVWUDV HPRFLRQHV 3RU FRQVLJXLHQWH VL XQD
DFWUL] GHEH DFWXDU HQ HO SDSHO GH 0DUJDULWD
WHQWDGD SRU 0HILVWyIHOHV PLHQWUDV HVWi RUDQGR HO
GLUHFWRU GHEH RIUHFHUOH ORV PHGLRV SDUD SURGXFLU
HVDDWPyVIHUDGHODLJOHVLDFRQORFXDOODD\XGDUi
DVHQWLUVXSDSHO
<SDUDHODFWRUTXHLQWHUSUHWHD(JPRQWHQ
OD SULVLyQ GHEH FUHDU XQ DPELHQWH VXJHVWLYR GH
VROHGDG\FDXWLYHULR
< TXp VXFHGH SUHJXQWy 3DXO FXDQGR
XQ GLUHFWRU FUHD XQD HVSOpQGLGD SURGXFFLyQ
H[WHQVD TXH VLQ HPEDUJR QR OOHQD ODV tQWLPDV

DPELHQWH ELHQ ORJUDGR KDEUi GH DWUDHU \ D\XGDU D


OD PHPRULD HPRWLYD GHO DFWRU" 3RU HMHPSOR
LPDJLQHQ XQ H[WHULRU KHUPRVR GLVHxDGR SRU XQ
DUWLVWDPX\ELHQGRWDGRHQHOHPSOHRGHOFRORUOD
OtQHD \ OD SHUVSHFWLYD 6L VH PLUD HVH GHFRUDGR
GHVGH HO DXGLWRULR OD LOXVLyQ UHVXOWD SHUIHFWD<
VLQ HPEDUJR FXDQGR VH HVWi PX\ SUy[LPR
GHVHQFDQWD 3RU TXp" 3RUTXH VL XQ GHFRUDGR VH
UHDOL]D FRQIRUPH GHVGH HO SXQWR GH YLVWD GHO
SLQWRU HQ GRV \ QR HQ WUHV GLPHQVLRQHV QR WLHQH
YDORU SDUD HO WHDWUR 7LHQH DPSOLWXG \ ORQJLWXG
SHUR FDUHFH GH SURIXQGLGDG VLQ OD FXDO KDEUi GH
IDOWDUOHYLGDHQORTXHDOWHDWURVHUHILHUD
8VWHGHVVDEHQSRUSURSLDH[SHULHQFLDTXp
VHQVDFLyQSURGXFHDODFWRUXQHVFHQDULRYDFtRTXp
GLItFLOHVFRQFHQWUDUODDWHQFLyQHQpO\TXpGXUR
HV DFWXDU HQ pO DXQTXH PiV QR VHD HQ XQ EUHYH
HMHUFLFLR<TXpGHFLUVLWUDWDUDQGHDFWXDUWRGRHO
SDSHOGH+DPOHW2WHORR0DFEHWK(VPX\GLItFLO
KDFHUOR VLQ OD D\XGD GHO GLUHFWRU VLQ XQ HVTXHPD
GH ORV PRYLPLHQWRV VLQ HVRV REMHWRV VREUH ORV
FXDOHVXQRSXHGHDSR\DUVHRKDFLDORVTXHXQRVH

DFHUFD\DSDUDXWLOL]DUODV\DSDUDPRYHUORV(VR
RFXUUHSRUTXHFDGDVLWXDFLyQTXHVHSUHSDUDSDUD
HO DFWRU OR D\XGD D RWRUJDU XQD IRUPD SOiVWLFD
H[WHUQD DO tQWLPR VHQWLU 3RU FRQVLJXLHQWH
QHFHVLWDPRV LPSRVWHUJDEOHPHQWH HVD WHUFHUD
GLPHQVLyQ XQD IRUPD FRQ SURIXQGLGDG HQ OD TXH
SRGDPRVPRYHUQRVYLYLUDFWXDU



3RUTXpVHHVWiHVFRQGLHQGRHQHOULQFyQ"
SUHJXQWy KR\ HO GLUHFWRU D 0DUtD FXDQGR OOHJy
DOHVFHQDULR
<RTXHUtDVDOLUQRSXHGRVRSRUWDU
PXUPXUyFRQIXVDPLHQWUDVWUDWDEDGHDOHMDUVHGH
9DQ\DTXHHVWDEDGLVWUDtGR
3RU TXp HVWiQ VHQWDGRV MXQWRV WDQ
FyPRGDPHQWH" SUHJXQWy D XQ JUXSR GH
HVWXGLDQWHVHQWRPRGHXQVRIiSUy[LPRDODPHVD

$OJXQRV DSUR[LPDURQ ODV VLOODV SDUD HVWDU PiV


FHUFD\RtUORPHMRU<RPHLQVWDOpHQODPHVDSDUD
WRPDU QRWDV *ULVKD \ 6RQ\D YROYLHURQ D VHQWDUVH
MXQWRV GH IRUPD TXH SXGLHUDQ PXUPXUDU VXV
FRPHQWDULRV
'tJDQPH DKRUD SRU TXp FDGD XQR GH
XVWHGHV KD HOHJLGR HVH VLWLR GHWHUPLQDGR SLGLy
'H PRGR TXH QRV YLPRV REOLJDGRV QXHYDPHQWH D
GDUFXHQWDGHFDGDXQRGHQXHVWURVPRYLPLHQWRV<
OHVDWLVIL]RVDEHUTXHFDGDXQRKDEtDKHFKRXVRGHO
DPELHQWH FRQIRUPH D OR TXH GHVHDED KDFHU D VX
SDUWLFXODUPRGRGHVHQWLU
(O SUy[LPR SDVR IXp HO GH GLVHPLQDUQRV HQ
YDULRV VHFWRUHV GHO VDOyQ FRQ GHWHUPLQDGRV
PXHEOHV SDUD D\XGDUQRV D IRUPDU JUXSRV /XHJR
QRV SLGLy TXH SUHVWiUDPRV DWHQFLyQ D FXDOTXLHU
KXPRU PHPRULD HPRWLYD R VHQVDFLRQHV UHSHWLGDV
TXHQRVVXJLULHUDHVDGLVWULEXFLyQGHORVPXHEOHV
7DPELpQ WHQtDPRV TXH GHFLUOH EDMR TXp
FLUFXQVWDQFLDV XVDUtDPRV HVH WLSR GH DPELHQWH
/XHJRHOGLUHFWRUFRPELQyXQDVHULHGHDPELHQWHV

(VWH HVFXFKiEDPRV DOJXQDV DQpFGRWDV


WDUWDPXGHy1LFROiV
< TXp HVWiQ KDFLHQGR DOOt MXQWR D OD
OiPSDUD" SUHJXQWy GLULJLpQGRVH D 6RQ\D TXH
HVWDEDMXQWRD*ULVKD
6RQ\D VLQWLyVH FRQIXQGLGD \ QR VXSR TXp
GHFLU SHUR ILQDOPHQWH EDOEXFHy DOJR VREUH XQD
FDUWDTXHHVWDEDQOH\HQGR
'LULJLyVH OXHJR D QRVRWURV \ QRV SUHJXQWy
SRU TXp QRV SDVHiEDPRV WDQWR D OR TXH \R
UHVSRQGt
&KDUOiEDPRVVLPSOHPHQWH
(QXQDSDODEUDFRQFOX\yFDGDXQRKD
HOHJLGRODPDQHUDGHTXHHODPELHQWHFRUUHVSRQGD
D VX LQFOLQDFLyQ GH HVWH PRPHQWR 2 TXL]i HO
HVFHQDULR TXH KDQ KDOODGR OHV KD VXJHULGR OD
DFFLyQ"
6HQWyVHMXQWRDOIXHJR\QRVRWURVIUHQWHDpO

\ HQ FDGD FDVR GHELPRV GHFLUOH EDMR TXp


FLUFXQVWDQFLDVHPRWLYDVRFRQGLFLRQHVKDOODUtDPRV
HVH DPELHQWH FRQIRUPH FRQ QXHVWURV tQWLPRV
UHTXHULPLHQWRV(QRWUDVSDODEUDVPLHQWUDVTXHDO
SULQFLSLR KDEtDPRV HOHJLGR QRVRWURV HO DPELHQWH
SDUD TXH FRUUHVSRQGLHUD D QXHVWUR REMHWLYR \
PRGDOLGDG DKRUD pO KDFtD OR PLVPR \ QXHVWUR
SDSHOVHOLPLWDEDDSURGXFLUHOREMHWLYRFRUUHFWRH
LQGXFLUORVVHQWLPLHQWRVDSURSLDGRV
/D WHUFHUD SUXHED IXp OD GH UHVSRQGHU D XQ
DPELHQWH DUUHJODGR SRU DOJ~Q RWUR (VWH ~OWLPR
SUREOHPDVHSUHVHQWDFRQIUHFXHQFLDDODFWRU\HQ
FRQVHFXHQFLD GHEH HVWDU FDSDFLWDGR SDUD
UHVROYHUOR
5HDOL]y OXHJR DOJXQRV HMHUFLFLRV HQ TXH QRV
FRORFDED HQ SRVLFLRQHV TXH FRQWUDGHFtDQ
DELHUWDPHQWH QXHVWUDV LQFOLQDFLRQHV \ SURSyVLWRV
HMHUFLFLRVWRGRVTXHQRVOOHYDURQDDSUHFLDUPHMRU
FXDQWRVLJQLILFDSRUODVVHQVDFLRQHVTXHGHVSLHUWD
XQDPELHQWHEXHQR\FRQIRUWDEOH

$OLQWHQWDUUHVXPLUORTXHKDEtDPRVOOHYDGR
DFDERHOGLUHFWRUGLMRTXHHODFWRUEXVFDXQDPLVH
HQVFqQHTXHFRUUHVSRQGDDXQDPRGDOLGDGVX\D\
D VX REMHWLYR \ TXH DVLPLVPR HVRV HOHPHQWRV
FUHDQ HO DPELHQWH$PERV VRQ SRU RWUD SDUWH XQ
HVWtPXORSDUDODPHPRULDHPRWLYD

YXHOTXHKDFtDHVWHODGRGHODVFDQGLOHMDV3DUDTXH
HVWRQROHVVXFHGDDXVWHGHVWUDWHQGHDSUHQGHUD
YHU\PLUDUODVFRVDVGHOHVFHQDULRDUHVSRQGHU\
HQWUHJDUVHRORTXHVXFHGHHQWRUQRGHXVWHGHV(Q
XQD SDODEUD UHFXUUDQ D WRGR FXDQWR SXHGD
HVWLPXODUVXVVHQWLPLHQWRV

/D LPSUHVLyQ PiV FRP~Q HV TXH XQ


GLUHFWRU XWLOL]D WRGRV ORV PHGLRV PDWHULDOHV D VX
DOFDQFHFRPRVHUPXHEOHVOXFHVHIHFWRVVRQRURV
\GHPiVDFFHVRULRVSDUDHOSULPDULRSURSyVLWRGH
LPSUHVLRQDU DO S~EOLFR 3RU HO FRQWUDUtR 6H
XWLOL]DQ PiV TXH QDGD SRU HO HIHFWR TXH WLHQHQ
VREUH HO DFWRU 7UDWDPRV HQ WRGR PRPHQWR \ SRU
WRGRVORVPHGLRVGHIDFLOLWDUOHODFRQFHQWUDFLyQGH
VXDWHQFLyQHQHOHVFHQDULR

+DVWD HVWH PRPHQWR GLMR HO GLUHFWRU


GHVSXpV GH EUHYH SDXVD KHPRV HVWDGR
WUDEDMDQGR GHO HVWtPXOR DO VHQWLPLHQWR 6LQ
HPEDUJR FRQ IUHFXHQFLD HV QHFHVDULR HO
SURFHGLPLHQWR LQYHUVR< UHFXUULPRV D pO FXDQGR
GHVHDPRVILMDUH[SHULHQFLDVLQWHUQDVDFFLGHQWDOHV

< VLQ HPEDUJR DJUHJy KD\ WRGDYtD


PXFKRV DFWRUHV TXH GHVDILDQGR OD LOXVLyQ TXH
SRGHPRV FUHDU SRU PHGLR GH OXFHV VRQLGRV \
FRORUHV VLJXH VLQWLpQGRVH PiV LQWHUHVDGR HQ HO
DXGLWRULRTXHHQHOHVFHQDULR1LVLTXLHUDODREUDR
VX VHQWLGR SXHGHQ ORJUDU TXH VX DWHQFLyQ VH

QHXUiOJLFRHQODF~VSLGHGHWRGDODREUD
&DGD YH] TXH OOHJDED D HVWH SXQWR
SHOLJURVR SDUHFtD FRPR VL IUHQRV SRWHQWHV
DKHUURMDUDQ PLV VHQWLPLHQWRV < HVD KHVLWDFLyQ
GHWHQtD HO FXUVR OLEUH GHO JR]R FUHDGRU GH PL
SDSHO 'HVSXpV GHO PRQyORJR LQYDULDEOHPHQWH
VHQWtDPH FRPR HO FDQWDQWH TXH KD GDGR XQD QRWD
DOWDHQIDOVR
3DUD PL VRUSUHVD HVWD GLILFXOWDG
GHVDSDUHFLy D OD WHUFHUD R FXDUWD UHSUHVHQWDFLyQ
&XDQGR WUDWH GH KDOODU OD UD]yQ GHFLGt UHSDVDU
FXDQWRPHKDEtDVXFHGLGRHQODUHSUHVHQWDFLyQGHO
GtDDQWHULRU
/R SULPHUR TXH UHFRUGp IXp HO KDEHU
UHFLELGRXQDDEXOWDGDIDFWXUDGHOVDVWUHFRVDTXH
PH DOWHUy EDVWDQWH /XHJR KDEtD SHUGLGR OD OODYH
GH PL HVFULWRULR &RQ SpVLPR KXPRU PH KDEtD
VHQWDGR D OHHU ORV FRPHQWDULRV GH OD REUD
HQFRQWUiQGRPH FRQ TXH ODV SDUWHV PDODV KDEtDQ
VLGR HORJLDGDV PLHQWUDV TXH ODV EXHQDV HUDQ

&RPR HMHPSOR TXLHUR FRQWDUOHV OR TXH PH


SDVy HQ ODV SULPHUDV UHSUHVHQWDFLRQHV GH/RZHU
'HSWKV GH *RUNL (O SDSHO GH 6DWtQ KDEtDPH
UHVXOWDGR EDVWDQWH IiFLO FRQ OD H[FHSFLyQ GHO
PRQyORJRHQHO~OWLPRDFWR(VRUHTXHUtDGHPtOR
LPSRVLEOH YDOH GHFLU GDUOH XQD VLJQLILFDFLyQ
XQLYHUVDO D OD HVFHQD GHFLU PL SDSHO FRQ HVD
SURIXQGD LPSOLFDFLyQ GH XQ VLJQLILFDGR PiV
SURIXQGR GH PRGR TXH VH FRQYLUWLHUD HQ HO SXQWR

FULWLFDGDV (VWR PH KDEtD GHMDGR GHSULPLGR (O


UHVWR GHO GtD OR SDVp PHGLWDQGR VREUH OD REUD
FLHQWRV GH YHFHV WUDWp GH DQDOL]DU VX SURIXQGR
VLJQLILFDGR UHFRUGDQGR FDGD VHQVDFLyQ TXH PH
GHVSHUWDED FDGD SXQWR GH PL SDSHO \ HVWDED HQ
HOOR WDQ HQVLPLVPDGR TXH DO OOHJDU OD QRFKH HQ
OXJDU GH VHQWLUPH DOWHUDGR \ QHUYLRVR FRPR GH
FRVWXPEUH VHQWt LQGLIHUHQFLD KDFLD HO S~EOLFR \
KDFLDHOp[LWRRHOIUDFDVR0HOLPLWpDFXPSOLUPL
DFWXDFLyQ OyJLFD \ FRUUHFWDPHQWH \ GH SURQWR
DGYHUWt TXH KDEtD SDVDGR HO SXQWR QHXUiOJLFR GHO
PRQyORJRVLQVLTXLHUDQRWDUOR
&RQVXOWp HO FDVR FRQ XQ DFWRU
H[SHULPHQWDGR TXH HV WDPELpQ PX\ EXHQ
SVLFyORJR \ OH SHGt TXH PH DFODUDUD OR VXFHGLGR
SDUDSRGHUILMDUHVDH[SHULHQFLDGHODQRFKH(VWD
IXpVXUHVSXHVWD
8VWHG QR SXHGH UHSHWLU XQD VHQVDFLyQ
DFFLGHQWDOTXHSXGRKDEHUWHQLGRHQHOHVFHQDULR
GHO PLVPR PRGR TXH QR SXHGH UHYLYLU XQD IORU
PXHUWD (V PHMRU WUDWDU GH FUHDU DOJR QXHYR TXH

JDVWDU VXV HVIXHU]RV HQ FRVDV PXHUWDV &yPR


SURFHGHU"$QWHV TXH QDGD QR VH SUHRFXSH SRU OD
IORU OLPtWHVH D UHJDU ODV UDtFHV R SODQWH PHMRU
QXHYDV VLPLHQWHV /D PD\RUtD GH ORV DFWRUHV
HQFDPLQDQ VXV HVIXHU]RV HQ GLUHFFLyQ RSXHVWD 6L
ORJUDQDOJ~Qp[LWRDFFLGHQWDOHQXQSDSHOTXLHUHQ
UHSHWLUOR \ VH GLULJHQ GLUHFWDPHQWH D VXV
VHQWLPLHQWRV 3HUR HVR HV FRPR WUDWDU GH FXOWLYDU
IORUHV VLQ OD FRRSHUDFLyQ GH OD QDWXUDOH]D \ QR
SXHGH KDFHUOR D PHQRV TXH VH Gp SRU VDWLVIHFKR
FRQSLPSROORVDUWLILFLDOHV
<HQWRQFHV"
1R SLHQVH HQ HO VHQWLPLHQWR SRU Vt
PLVPR VLQR TXH KDJD WUDEDMDU VX PHQWH VREUH OR
TXH ORV KDFH VXUJLU VREUH ODV FRQGLFLRQHV TXH
GHWHUPLQDURQHVDH[SHULHQFLD
<HOVDELRDFWRUFRQFOX\yGLFLpQGRPH
1XQFD HPSLHFH SRU ORV UHVXOWDGRV(OORV
DSDUHFHUiQDVXGHELGRWLHPSRFRPROyJLFRIUXWR

(PSH]yKR\HOGLUHFWRUGLFLHQGR
&XDQWR PiV DPSOLD VHD OD PHPRULD
HPRWLYDPiVULFRVHUiHOPDWHULDOSDUDODFUHDFLyQ
LQWHUQD(VRFUHR\RQRUHTXLHUHXQDHODERUDFLyQ
SRVWHULRU 6LQ HPEDUJR UHVXOWD QHFHVDULR TXH
DGHPiV GH OD ULTXH]D GH OD PHPRULD HPRWLYD
GLVWLQJDPRV DOJXQDV RWUDV FDUDFWHUtVWLFDV \
HVSHFtILFDPHQWH VX SRGHU VX ILUPH]D OD FDOLGDG
GHO PDWHULDO TXH UHWLHQH OD SURSRUFLyQ HQ TXH
DIHFWDQXHVWURWUDEDMRSUiFWLFRHQHOWHDWUR
7RGDV QXHVWUDV H[SHULHQFLDV FUHDGRUDV VRQ
YtYLGDV\FRPSOHWDVHQSURSRUFLyQGLUHFWDFRQHO
SRGHU OD DJXGH]D \ OD H[DFWLWXG GH QXHVWUD
PHPRULD 6L HV GpELO ORV VHQWLPLHQWRV TXH
GHVSLHUWD VHUiQ SXOLGRV LQWDQJLEOHV \
WUDQVSDUHQWHV<FDUHFHQGHYDOHUHQHOHVFHQDULR
SRUTXHQRSDVDUiQPiVDOOiGHODVFDQGLOHMDV
'HODVREVHUYDFLRQHVTXHVLJXLyKDFLHQGRVH
GHVSUHQGHTXHH[LVWHQPXFKRVJUDGRVGHSRGHUHQ
OD PHPRULD HPRWLYD \ TXH VXV HIHFWRV \

GHORTXHVHKDKHFKRDQWHV
6HJXt VX FRQVHMR 7UDWp GH OOHJDU D ODV
YHUGDGHUDVUDtFHVGHOPRQyORJRGHFDSWDUODLGHD
IXQGDPHQWDO GH OD REUD 0H GL FXHQWD GH TXH PL
YHUVLyQ QR KDEtD WHQLGR HQ UHDOLGDG DILQLGDG
DOJXQD FRQ OD REUD HVFULWD SRU *RUNL \ TXH PLV
HUURUHVKDEtDQOHYDQWDGRXQDEDUUHUDLQIUDQTXHDEOH
HQWUH\R\ODLGHDSULQFLSDO
(VWD H[SHULHQFLD LOXVWUD HO PpWRGR GH
WUDEDMDU HV GHFLU GHVGH ODV HPRFLRQHV KDFLD HO
HVWtPXOR RULJLQDO 0HGLDQWH HO HPSOHR GH HVWH
PpWRGR XQ DFWRU SXHGH
 UHSHWLU D GHVHR FXDOTXLHU
VHQVDFLyQ SRUTXH SXHGH VHJXLU OD SLVWD GHO
VHQWLPLHQWR DFFLGHQWDO KDVWD OD PRWLYDFLyQ
SULPHUD GH PDQHUD TXH SXHGD YROYHU D WUD]DU HO
VHQGHUR GHVGH HO HVWtPXOR DO VHQWLPLHQWR HQ Vt
PLVPR


FRPELQDFLRQHVVRQYDULDGRV$,OOHJDUDTXtGLMR
,PDJLQHQ TXH KDQ UHFLELGR XQ LQVXOWR HQ
S~EOLFRGLJDPRVXQDERIHWDGDHQHOURVWURTXHOHV
KDFHDUGHUODPHMLOODFDGDYH]TXHSLHQVDQHQHOOR
(VWH FKRTXH LQWHUQR KD VLGR WDQ LQWHQVR TXH KD
ERUUDGR WRGRV OHV GHWDOOHV GHO LQJUDWR LQFLGHQWH
3HURFXDOTXLHUFRVDLQVLJQLILFDQWHKDEUiGHUHYLYLU
LQVWDQWiQHDPHQWH HO UHFXHUGR GHO LQVXOWR \ OD
HPRFLyQ YROYHUi FRQ UHGREODGD YLROHQFLD /D
PHMLOOD YROYHUi D DUGHUOHV R XVWHGHV VH SRQGUiQ
SiOLGRV\HOFRUD]yQOHVODWLUiPiVGHSULVD
6LXVWHGHVSRVHHQXQPDWHULDOHPRFLRQDOGH
HVD IXHU]D \ DJXGH]D OHV VHUi IiFLO WUDQVIHULUOR DO
HVFHQDULR H LQWHUSUHWDU XQD HVFHQD DQiORJD D OD
H[SHULHQFLDTXHKDQWHQLGRHQODYLGDUHDOTXHOHV
KD GHMDGR XQ UDVWUR WDQ YLYR 3DUD KDFHU HVWR
HQWRQFHV QR QHFHVLWDUiQ GH QLQJXQD WpFQLFD
SRUTXH VH GHVDUUROODUi VROD OD QDWXUDOH]D VHUi OD
PHMRUD\XGD
<DTXtWLHQHQRWURHMHPSORWHQJRXQDPLJR

TXHHVWHUULEOHPHQWHGLVWUDtGR$OPRU]yFLHUWDYH]
FRQXQRVDPLJRVTXHQRYHtDGHVGHKDFtDXQDxR\
HQHOWUDQVFXUVRGHODFRPLGDKL]RUHIHUHQFLDDOD
VDOXG GHO KLMLWR GHO GXHxR GH FDVD XQD DGRUDEOH
FULDWXUD
6XV SDODEUDV IXHURQ UHFLELGDV HQ PHGLR GH
XQVLOHQFLRVHSXOFUDO\ODGXHxDGHFDVDSHUGLyHO
FRQRFLPLHQWR (O SREUH KRPEUH KDEtD ROYLGDGR
SRUFRPSOHWRTXHHOSHTXHxRKDEtDPXHUWRHQHVH
DxR TXH QR KDEtD YLVWR D ORV DPLJRV 'LFH TXH
PLHQWUDV YLYD QR SRGUi ROYLGDU OD FRQVWHUQDFLyQ
TXHVLQWLyHQHVHLQVWDQWH

KRPEUH VHQWDGR IUHQWH D pO HQ OD PHVD OD PLUDGD


JODFLDOGHODPXMHUVHQWDGDDVXGHUHFKD\HOJULWR
TXHEUDGRHQODJDUJDQWDTXHSDUWLyGHODFDEHFHUD
GHODPHVD
(Q HO FDVR GH XQD PHPRULD HPRWLYD GpELO
OD WDUHD SVLFRWpFQLFD UHVXOWD UHDOPHQWH H[WHQVD \
FRPSOLFDGD
8QDGHODVPXFKDVIDFHWDVGHHVWDIRUPDGH
PHPRULD WLHQH HVSHFLDO LPSRUWDQFLD \ XVWHGHV
GHEHQ HQWUDU D FRQRFHUOD SRU OR TXH KDEODUp GH
HOODGHWDOODGDPHQWH

< FRPSUHQGDQ XVWHGHV TXH ODV VHQVDFLRQHV


GH PL DPLJR HUDQ SURIXQGDPHQWH GLIHUHQWHV D ODV
GHODSHUVRQDTXHKDVLGRDERIHWHDGDHQHOURVWUR
TXHDGHPiVKDEtDROYLGDGRWRWDOPHQWHORVGHWDOOHV
UHIHUHQWHV DO LQFLGHQWH 0t DPLJR HQ FDPELR
UHWXYR HO UHFXHUGR H[DFWR QR VyOR GH VXV
VHQWLPLHQWRV VLQR GHO KHFKR HQ Vt \ GH ODV
FLUFXQVWDQFLDV TXH OR URGHDURQ 5HFXHUGD
DVLPLVPR QtWLGDPHQWH OD H[SUHVLyQ GH VXVWR GH XQ

7HyULFDPHQWHTXL]iVVXSRQJDQXVWHGHVTXH
HO WLSR LGHDO GH PHPRULD HPRWLYD HV DTXHO TXH
SXHGH UHWHQHU \ UHSURGXFLU LPSUHVLRQHV HQ WRGRV
ORV GHWDOOHV H[DFWRV GH VX SULPHU PRPHQWR HV
GHFLU TXH SXHGH UHYLYLU HO PRPHQWR WDO FRPR VH
KD H[SHULPHQWDGR < VLQ HPEDUJR VL WDO IXHUD HO
FDVR TXp VHUtD GH QXHVWUR VLVWHPD QHUYLRVR"
&yPR SRGUtD WROHUDU OD UHSHWLFLyQ GH HVRV
KRUURUHV FRQ WRGRV ORV SHQRVRV GHWDOOHV

RULJLQDOHV" /D QDWXUDOH]D KXPDQD QR SRGUtD


VRSRUWDUOR

OD TXH GHWHUPLQDGD VLWXDFLyQ KD VXFHGLGR VHDQ


PHUDPHQWH HVSHFWDGRUHV 8QD FRVD HV UHFLELU XQ
LQVXOWRHQS~EOLFR\RWUDPX\GLVWLQWDYHUTXHHVWR
OH VXFHGH D DOJ~Q RWUR VHQWLUVH FRQPRYLGR SRU
HOORWRPDUODGHIHQVDGHODJUHVRURGHODJUHGLGR

3RU IRUWXQD ODV FRVDV QR VXFHGHQ DVt


1XHVWUDPHPRULDHPRWLYDQRHVH[DFWDFRSLDGHOD
UHDOLGDG RFDVLRQDOPHQWH SXHGH VHU PiV YLYLGD
SHURKDELWXDOPHQWHHVPiVGpELOTXHODRULJLQDO$
YHFHVODVLPSUHVLRQHVTXHVHKDQUHFLELGRXQDYH]
FRQWLQ~DQ YLYLHQGR HQ QRVRWURV FUHFHQ \ VH
DKRQGDQ /R TXH HV PiV HVWLPXODQ QXHYRV
SURFHVRV \ OOHQDQ GHWDOOHV LQFRPSOHWRV R ELHQ
VXJLHUHQ RWURV QXHYRV (Q XQ FDVR GH HVWD
QDWXUDOH]D XQD SHUVRQD SXHGH PDQWHQHUVH
SHUIHFWDPHQWHVHUHQDHQXQDVLWXDFLyQSHOLJURVD\
SHUGHU HO VHQWLGR DO UHFRUGDUOD PiV WDUGH $Kt
WLHQHQ XQ HMHPSOR GHO SRGHU DFUHFHQWDGR GH OD
PHPRULD VREUH HO KHFKR RULJLQDO \ WDPELpQ GHO
DFUHFHQWDPLHQWRSRVWHULRUGHXQDLPSUHVLyQTXHVH
KDWHQLGRXQDYH]
4XHGDDKRUDSRUWUDWDU DGHPiVGHOSRGHUH
LQWHQVLGDG GH HVWDV PHPRULDV  VX FXDOLGDG
6XSRQJDQTXHHQOXJDUGHVHUXVWHGHVODSHUVRQDD

3RU VXSXHVWR QR KD\ PRWLYRV FRPR SDUD


TXH HO HVSHFWDGRU QR H[SHULPHQWH XQD IXHUWH
HPRFLyQ 4XL]i VH VLHQWD PiV DIHFWDGR TXH
FXDOTXLHUDGHODVSDUWHV3HURQRHVHVRORTXHPH
LQWHUHVDWUDWDUDKRUD/R~QLFRTXHTXLHURVHxDODU
SRU HO PRPHQWR HV TXH VXV VHQWLPLHQWRV VRQ
GLVWLQWRV
([LVWH RWUD SRVLELOLGDG OD GH TXH VLQ VHU
SDUWH QL SUHVHQFLDU HO LQFLGHQWH VH HQWHUH GH pO
PHGLDQWHODOHFWXUDRSRUFRQYHUVDFLRQHV<QLD~Q
DVtVHYHUiOLEUHGHUHFLELULPSUHVLRQHVSURIXQGDV
\ YLYDV 7RGR GHSHQGHUi GH OD IXHU]D GH OD
LPDJLQDFLyQ GH OD SHUVRQD TXH KD HVFULWR R UHODWD
ODGHVFULSFLyQ\WDPELpQGHODLPDJLQDFLyQGHOD
SHUVRQDTXHODOHHRODHVFXFKD

<QXHYDPHQWHODVHPRFLRQHVGHXQR\RWUR
GLIHULUiQHQFDOLGDGGHODGHOTXHKDWRPDGRSDUWH
RKDSUHVHQFLDGRODHVFHQD
8Q DFWRU GHEH WUDWDU FRQ WRGRV HVWRV WLSRV
GHPDWHULDOHPRWLYRHODERUDUORV\DMXVWDUORVDODV
QHFHVLGDGHVGHOSHUVRQDMHTXHGHEHUHSUHVHQWDU
6XSRQJDPRV DKRUD TXH XVWHGHV KDQ VLGR
WHVWLJRV FXDQGR XQ KRPEUH IXp DERIHWHDGR HQ
S~EOLFR \ TXH HO LQFLGHQWH KD GHMDGR KXHOODV
SURIXQGDV HQ YXHVWUD PHPRULD 6HUtD PiV IiFLO
HQWRQFHV UHSUHVHQWDU HO SDSHO GHO WHVWLJR VL OHV
WRFD XQD HVFHQD VLPLODU HQ HO HVFHQDULR 3HUR
LPDJLQHQ TXH HQ FDPELR VH OHV SLGLHUD TXH
UHSURGXMHUDQHOSDSHOGHXQKRPEUHDERIHWHDGRHQ
S~EOLFR &yPR SRGUtDQ DGDSWDU OD HPRFLyQ
H[SHULPHQWDGD FRPR WHVWLJRV DO SDSHO GHO KRPEUH
LQVXOWDGR"
(O TXH KD VXIULGR OD DIUHQWD KD VHQWLGR HO
LQVXOWRSHURHOWHVWLJRVyORSXHGHSDUWLFLSDUHQOD
PHGLGD GH VXV VLPSDWtDV SDUD FRQ OD YtFWLPD GHO

VHQWLPLHQWRVTXHLQYROXFUDQRVHYHGLVPLQXLGD
9HQ HQWRQFHV TXH QR VyOR XVDPRV QXHVWUDV
SURSLDV HPRFLRQHV SDVDGRV FRQ PDWHULDO FUHDGRU
VLQR TXH XWLOL]DPRV WDPELpQ VHQWLPLHQWRV TXH
KHPRV WHQLGR DO VLPSDWL]DU FRQ ODV HPRFLRQHV
DMHQDV (V IiFLO SURFODPDU D SULRUL TXH HV
WRWDOPHQWH LPSRVLEOH TXH WHQJDPRV PDWHULDO
HPRWLYRVXILFLHQWHHQQRVRWURVPLVPRVFRPRSDUD
VXSOLUODVQHFHVLGDGHVGHWRGRVORVSDSHOHVTXHHQ
HOFXUVRGHWRGDQXHVWUDYLGDQRVWRTXHLQWHUSUHWDU
HQHOHVFHQDULR1LQJXQDSHUVRQDSRGUiVHUHODOPD
XQLYHUVDOGH/DJDYLRWDGH&KHMRYTXHKDSDVDGR
SRUWRGDVODVKXPDQDVH[SHULHQFLDVLQFOX\HQGRHO
DVHVLQDWR \ OD SURSLD PXHUWH < VLQ HPEDUJR
GHEHPRV YLYLU WRGDV HVWDV FRVDV HQ HO HVFHQDULR
GH PRGR TXH GHEHPRV HVWXGLDU D RWURV VHUHV
DFHUFDPRV D HOORV HPRFLRQDOPHQWH WDQWR FRPR
SRGDPRV KDVWD TXH OD VLPSDWtD SRU HOORV VH
WUDQVIRUPHHQVHQWLPLHQWRVSURSLRV
$FDVR QR HV HVR OR TXH QRV RFXUUH FDGD
YH]TXHHPSH]DPRVDHVWXGLDUXQQXHYRSDSHO"

LQVXOWR 6LQ HPEDUJR OD VLPSDWtD SXHGH


WUDQVIRUPDUVH HQ UHDFFLyQ GLUHFWD < HVR
H[DFWDPHQWHHVORTXHRFXUUHFXDQGRWUDEDMDPRVHQ
XQSDSHO'HVGHHOPRPHQWRHQTXHHODFWRUVLHQWH
TXH HVH FDPELR VH RSHUD HQ pO VH WUDQVIRUPD HQ
SDUWH DFWLYD \ YHUGDGHURV VHQWLPLHQWRV QDFHQ HQ
p O FRQ IUHFXHQFLD HVWD WUDQVIRUPDFLyQ GH OD
VLPSOH VLPSDWtD KXPDQD HQ YHUGDGHUR
VHQWLPLHQWR KXPDQR SRU HO SHUVRQDMH GHO SDSHO
VXFHGHHVSRQWiQHDPHQWH
(O DFWRU SXHGH VHQWLU OD VLWXDFLyQ GHO
SHUVRQDMHGHOSDSHOWDQDJXGDPHQWH\UHVSRQGHUD
pO WDQ DFWLYDPHQWH TXH HQ YHUGDG VH SRQH HQ HO
OXJDUGHHVDSHUVRQD'HVGHHVHSXQWRGHYLVWDYH
HQWRQFHVORTXHVXFHGHDWUDYpVGHORVRMRVGHOD
SHUVRQDTXHKDVLGRDERIHWHDGD'HVHDLQWHUSUHWDU
SDUWLFLSDUGHODVLWXDFLyQUHVHQWLUVHSRUHOLQVXOWR
GHO PLVPR PRGR TXH OR KDUtD VL VH WUDWDUD GH XQ
DVXQWR GH KRQRU SHUVRQDO (Q WDO FDVR OD
WUDQVIRUPDFLyQGHODVHPRFLRQHVGHOWHVWLJRHQODV
GHOSDUWLFLSDQWHHQHOKHFKRVHSURGXFHHQIRUPD
WDQ FRPSOHWD TXH OD IXHU]D \ OD FDOLGDG GH ORV


 6LUHFXHUGDQHOHMHUFLFLRFRQHOORFR
GLMRHOGLUHFWRUOHVYROYHUiQDODPHPRULDWRGDV
ODV VXJHVWLRQHV LPDJLQDGDV &DGD XQD FRQWHQtD XQ
HVWLPXOR SDUD OD PHPRULD HPRWLYD \ OHV RWRUJDED
XQtPSHWXLQWHUQRSDUDVLWXDFLRQHVTXHMDPiVDQWHV
OHV KDEtDQ VXFHGLGR HQ OD YLGD UHDO 7DPELpQ
VLQWLHURQHOHIHFWRGHOHVWtPXORH[WHUQR
  5HFXHUGDQ XVWHGHV FyPR GHVJORVDPRV
HVD HVFHQD GHO %UDQG HQ XQLGDGHV \ REMHWLYRV \
FyPRKRPEUHV\PXMHUHVGHODFODVHVHGLYLGLHURQ
HQ HQFDUQL]DGRV EDQGRV" (VH IXp RWUR WLSR GH
HVWtPXOR
  6L XVWHGHV UHFXHUGDQ QXHVWUD
GHPRVWUDFLyQ GH ORV REMHWRV GH OD DWHQFLyQ HQ HO
HVFHQDULR \ HQ HO DXGLWRULR VH GDUiQ FXHQWD
HQWRQFHVGHTXHORVREMHWRVYLYRVWDPELpQSXHGHQ
VHUYHUGDGHURVHVWtPXORV

 2WUDIXHQWHLPSRUWDQWHGHHVWtPXORGHOD
HPRFLyQ HV OD YHUGDGHUD DFFLyQ ItVLFD \ VX
FUHHQFLDHQHOOD
  $ PHGLGD TXH WUDQVFXUUD HO WLHPSR
HQWUDUiQ D IDPLOLDUL]DUVH FRQ PXFKDV QXHYDV
IXHQWHV GH LQVSLUDFLyQ /D PiV SRGHURVD GH HOODV
UHVLGHVLQHPEDUJRHQHOWH[WRGHODREUD\HQODV
LPSOLFDFLRQHVGHSHQVDPLHQWR\VHQWLPLHQWRTXHGH
HOOD VXUJHQ \ DIHFWDQ OD UHODFLyQ PXWXD HQWUH ORV
DFWRUHV
  (VWiQ XVWHGHV WDPELpQ DGYHUWLGRV GH
WRGRV ORV HVWtPXORV H[WHUQRV TXH ORV URGHDQ HQ HO
HVFHQDULREDMRODIRUPDGHGHFRUDGRVDUUHJORGH
PRELOLDULR OXFHV VRQLGRV \ RWURV HIHFWRV
FDOFXODGRV SDUD FUHDU XQD LOXVLyQ GH YLGD
YHUGDGHUD\VLWXDFLRQHVUHDOHV
6L XVWHGHV VXPDQ WRGR HVWR \ OH DJUHJDQ
DTXHOOR TXH WRGDYtD GHEHQ DSUHQGHU HQFRQWUDUiQ
TXH FXHQWDQ FRQ JUDQ SRUFLyQ GH HVWtPXORV (OORV
UHSUHVHQWDQ HO GHSyVLWR SVLFRWpFQLFR GH ULTXH]DV

&XDQWR PiV SUXHEH VXV HIHFWRV \ DQDOLFH VXV


UHVXOWDGRV HQ ODV HPRFLRQHV TXH GHVSLHUWD SRGUi
MX]JDUPHMRUORTXHVXPHPRULDVHQVLWLYDUHWLHQH\
HVWDUiHQPHMRUSRVLFLyQSDUDGHVDUUROODUOD
$O PLVPR WLHPSR QR GHEHPRV SDVDU SRU
DOWRHOSUREOHPDGHODFDQWLGDGGHUHVHUYDVDHVWH
UHVSHFWR7HQGUiTXHUHFRUGDUTXHGHEHUiHQJURVDU
FRQVWDQWHPHQWH VX UHVHUYD 3DUD HOOR WHQGUi
QDWXUDOPHQWH TXH DFHUFDUVH SULQFLSDOPHQWH D VXV
SURSLDV LPSUHVLRQHV VHQWLPLHQWRV \ H[SHULHQFLDV
'HEHUiWDPELpQREWHQHUPDWHULDOGHODYLGDTXHOR
URGHDYHUGDGHUDHLPDJLQDULDGHUHPLQLVFHQFLDV
OLEURV DUWH FLHQFLDV FRQRFLPLHQWRV GH WRGDV
FODVHV GH YLDMHV PXVHRV \ VREUH WRGR GH OD
UHODFLyQFRQRWURVVHUHVKXPDQRV
6H GD FXHQWD DKRUD TXH VDEH WRGR OR TXH
VH OH H[LJH DO DFWRU SRU TXp XQ YHUGDGHUR DUWLVWD
GHEH OOHYDU XQD YLGD FRPSOHWD LQWHUHVDQWH
KHUPRVD YDULDGD H[FLWDQWH H LQVSLUDGD" 7HQGUp
TXH VDEHU QR VyOR OR TXH RFXUUH HQ ODV JUDQGHV
FLXGDGHVVLQRWDPELpQHQODVSURYLQFLDVSXHEORV

GH WRGR DFWRU FX\D XWLOL]DFLyQ GHEHQ WRGDYtD


DSUHQGHU
&XDQGROHGLMHDOGLUHFWRUTXHPLGHVHRHUD
SUHFLVDPHQWHKDFHUHVRPLVPRDSUHQGHUSHURTXH
QRVDEtDFyPRVXFRQVHMRIXp
+DJD FRPR KDFH HO FD]DGRU 6L HO DYH QR
YXHOD SRU YROXQWDG SURSLD QXQFD SRGUi
HQFRQWUDUOD HQWUH ODV KRMDV GHO ERVTXH 'HEH
D]X]DUOD VLOEDUOH UHFXUULU D YDULRV WUXFRV
1XHVWUDV HPRFLRQHV DUWtVWLFDV VRQ DO SULQFLSLR
FRPR WtPLGRV DQLPDOHV VDOYDMHV \ VH RFXOWDQ HQ
ODVSURIXQGLGDGHVGHQXHVWUDDOPD6tQRVDOHQDOD
VXSHUILFLH HVSRQWiQHDPHQWH QR SRGUi XVWHG LU
GHWUiVGHHOODVDEXVFDUODV&XDQWRSXHGHKDFHUHV
FRQFHQWUDU OD LPDJLQDFLyQ HQ OD PDQHUD PiV
HIHFWLYD GH DWUDHUODV < HO PLVPR ILQ WLHQHQ ORV
HVWtPXORV SDUD OD PHPRULD HPRWLYD TXH KHPRV
HVWDGRWUDWDQGR
(O OD]R HQWUH HO HQJDxR \ HO VHQWLPLHQWR HV
QDWXUDO \ QRUPDO \ GHEH HPSOHDUVH DPSOLDPHQWH

OHMDQRV IiEULFDV \ HQ ORV JUDQGHV FHQWURV


FXOWXUDOHVGHOPXQGR'HEHUiHVWXGLDUODYLGD\OD
SVLFRORJtD GH OD JHQWH TXH OR URGHD GH FXDOTXLHU
FODVH VRFLDO WDQWR HQ VX SDtV FRPR HQ HO
H[WUDQMHUR
1HFHVLWDPRVXQDPSOLRSXQWRGHYLVWDSDUD
DFWXDUHQODVREUDVGHQXHVWURWLHPSR\GHPXFKD
JHQWH 6H QRV H[LJH LQWHUSUHWDU OD YLGD GH VHUHV
KXPDQRVGHWRGRHOPXQGR(ODFWRUFUHDQRVyOROD
YLGDGHVXVWLHPSRVVLQRWDPELpQGHOSDVDGR\GHO
IXWXUR 3RU HVR QHFHVLWD REVHUYDU FRQMHWXUDU
H[SHULPHQWDU WUDQVSRUWDUVH SRU OD HPRFLyQ (Q
DOJXQRV FDVRV VX SUREOHPD HV D~Q PiV FRPSOHMR
6L VX FUHDFLyQ HV LQWHUSUHWDU OD YLGD FRUULHQWH
SXHGH REVHUYDU D VX DOUHGHGRU 3HUR VL GHEH
LQWHUSUHWDU HO SDVDGR HO IXWXUR R XQD pSRFD
LPDJLQDULDGHEHUHFRQVWUXLURUHFUHDUHOSDSHOHQ
VXLPDJLQDFLyQSURFHVRKDUWRFRPSOLFDGR
1XHVWUR LGHDO GHEHUi VHU OD E~VTXHGD
FRQVWDQWH GH OR HWHUQR HQ HO DUWH HVR TXH QXQFD
PRULUiTXHSHUPDQHFHUiVLHPSUHMRYHQ\SUy[LPR

DORVFRUD]RQHVKXPDQRV
1XHVWUD PHWD GHEH VHU DOFDQ]DU OD FXPEUH
GH SHUIHFFLyQ ORJUDGD SRU ORV JUDQGHV FOiVLFRV
HVWXGLDUORV \ DSUHQGHU D XWLOL]DU HO PDWHULDO
HPRWLYRYLYRFRQHOFXDOSRGHUSODVPDUORV

&DStWXOR;
&RPXQLyQ

/HVKHGLFKRFXDQWRKDVWDHVWHPRPHQWRHV
SRVLEOH DFHUFD GH OD PHPRULD HPRWLYD
$SUHQGHUiQ PXFKR PiV D PHGLGD TXH SURVLJDPRV
FRQQXHVWURSURJUDPD


&XDQGRHOGLUHFWRUHQWUyVHYROYLyD9DVVLOL
\OHSUHJXQWy
&RQ TXLpQ R FRQ TXp HVWi XVWHG HQ
FRPXQLyQHQHVWHPRPHQWR"
9DVVLOL HVWDED WDQ DEVRUWR HQ VXV SURSLRV
SHQVDPLHQWRV TXH QR VH GLR FXHQWD GHO VHQWLGR GH
ODSUHJXQWD
<R" FRQWHVWy FDVL PHFiQLFDPHQWH
&RQQDGDQLFRQQDGLH
'HEH VHU XQD PDUDYLOOD IXp OD EXUORQD
REVHUYDFLyQGHOGLUHFWRUVLSXHGHFRQWLQXDUHQ
HVHHVWDGRSRUPXFKRWLHPSR
9DVVLOLVHH[FXVyDVHJXUDQGRD7RUWVRYTXH
FRPRQDGLHORPLUDEDQLVHGLULJtDDpOQRSRGtD
HVWDUHQFRQWDFWRFRQQDGLH

/HWRFyHOWXUQRD7RUWVRYGHVRUSUHQGHUVH
4XLHUH GHFLU TXH DOJXLHQ GHEH PLUDUOH R
KDEODUOH SDUD HQWUDU HQ FRPXQLyQ FRQ XVWHG"
GLMR&LHUUHORVRMRV\WiSHVHORVRtGRVJXDUGH
VLOHQFLR \ WUDWH GH GHVFXEULU FRQ TXLpQ HVWi HQ
UHODFLyQ PHQWDO 7UDWH GH HQFRQWUDU XQ VyOR
VHJXQGR HQ TXH QR HVWp HQ FRQWDFWR FRQ DOJ~Q
REMHWR
7UDWp \R PLVPR GH KDFHUOR \ QRWp OR TXH
VXFHGtDGHQWURGHPt
5HFRUGp OD WDUGH DQWHULRU HQ TXH R\HUD XQ
IDPRVR FXDUWHWR GH FXHUGDV \ VHJXt PLV
PRYLPLHQWRV SDVR D SDVR $O HQWUDU HQ HOIR\HU
VDOXGp D DOJXQRV DPLJRV EXVTXp PL DVLHQWR \
REVHUYp D ORV P~VLFRV TXH DILQDEDQ ORV
LQVWUXPHQWRV &RPHQ]DURQ D WRFDU \ HVFXFKp QtDV
QR ORJUp DOFDQ]DU XQ HVWDGR GH UHODFLyQ HPRWLYD
FRQHOORV
'HEH KDEHU VLGR FRQFOXt XQ HVSDFLR

HQEODQFRHQODFRUULHQWHGHFRPXQLyQHQWUHORTXH
PHURGHDED\\R
3HURHOGLUHFWRUH[SUHVyVXILUPHGHVDFXHUGR
FRQHVWDFRQFOXVLyQ
&yPRSXHGHFRQVLGHUDUFRPRHVSDFLRHQ
EODQFR XQ WLHPSR HQ TXH HVWXYR DEVRUWR SRU OD
P~VLFD"GLMR
3RUTXH DXQTXH HVFXFKDED LQVLVWt HQ
UHDOLGDG QR RtD OD P~VLFD \ DXQTXH WUDWp GH
SHQHWUDU VX VLJQLILFDGR QR OR ORJUp 3RU HVR VHQWt
TXHQRVHKDEtDHVWDEOHFLGRQLQJ~QFRQWDFWR
6X DVRFLDFLyQ FRQ OD P~VLFD \ OD
DFHSWDFLyQ GH OD P~VLFD QR KDEtD HPSH]DGR
WRGDYtD SRUTXH HO SURFHVR SUHFHGHQWH QR KDEtD
VLGR ORJUDGR \ GLVWUDtD VX DWHQFLyQ &XDQGR OR
ORJUy SXGR KDEHUVH HQWUHJDGR tQWHJUDPHQWH D OD
P~VLFD R LQWHUHVDGR HQ DOJXQD RWUD FRVD 3HUR QR
KXERQLQJ~QURPSLPLHQWRDOJXQRHQODFRQWLQXLGDG
GHVXUHODFLyQFRQDOJR

QHFHVLGDG VHD GH FRPSDUWLU PLV SHQVDPLHQWRV \


VHQWLPLHQWRVFRQORVREMHWRVGHPLPHGLWDFLyQVHD
GHDOHMDUORVGHHVRVREMHWRV
)LQDOPHQWH PL DWHQFLyQ IXp DWUDtGD SRU ODV
OXFHV GH XQD DUDxD TXH SHQGtD GHO WHFKR \ PH
GHGLTXp H[WHQVDPHQWH D VX FRQWHPSODFLyQ (VWDED
FRQYHQFLGR GH TXH KDEtD VLGR XQ PRPHQWR HQ
EODQFR SRUTXH VLQ QHFHVLGDG GH IRU]DU OR
LPDJLQDFLyQ QR VH SXHGH OODPDU HO PLUDU D HVDV
OXFHVXQDIRUPDGHFRPXQLFDFLyQ
&XDQGR OH FRQWp WRGR D 7RUWVRY H[SOLFy PL
HVWDGRGHHVWDPDQHUD
7UDWDED GH VDEHUFyPR \ GH TXp HVWDED
KHFKR HO REMHWR $EVRUELy VX IRUPD VX DVSHFWR
JHQHUDO \ WRGD FODVH GH SRUPHQRUHV UHODFLRQDGRV
FRQODDUDxD$FHSWyHVDVLPSUHVLRQHVODVOOHYyD
VXPHPRULD\SURFHGLyDSHQVDUHQHOODV6LJQLILFD
TXH DOJR H[WUDMR GH VX REMHWR \ QRVRWURV ORV
DFWRUHVORFRQVLGHUDPRVQHFHVDULR6HDVXVWDSRU
OD FXDOLGDG LQDQLPDGD GH VX REMHWR &XDOTXLHU

4XL]i KD\D VLGR DVt DGPLWt \ FRQWLQXp


WUDWDQGR GH UHFRUGDU 'LVWUDtGR KDEtD KHFKR XQ
PRYLPLHQWR TXH VH PH RFXUULy TXH KDEtD OODPDGR
OD DWHQFLyQ GH ORV TXH HVWDEDQ VHQWDGRV FHUFD GH
Pt'HVSXpVGHHVRPHVHQWpPX\VLOHQFLRVDPHQWH
\VLPXOpHVWDUR\HQGRODP~VLFDSHURODYHUGDGHV
TXH QR OD RtD SRUTXH REVHUYDED FXDQWR SDVDED D
PtDOUHGHGRU
3DVHDED OD YLVWD \ OD ILMp OXHJR HQ 7RUWVRY
QRWpTXHQRVHKDEtDSHUFDWDGRGHPLPRYLPLHQWR
DFFLGHQWDO %XVTXp SRU HO YHVWtEXOR DO PD\RU GH
ORV 6KXVWRY SHUR QL pO QL QLQJ~Q RWUR GH ORV
DFWRUHV GH QXHVWUR WHDWUR HVWDED DOOt 7UDWp
HQWRQFHVGHYHUODVFDUDVGHODJHQWHSHURHVWDYH]
PLDWHQFLyQVHGLVSHUVyGHWDOPDQHUDTXHQRSXGH
FRQWURODUOD/DP~VLFDPHOOHYDEDHQSRVGHWRGR
WLSR GH LPDJLQDFLRQHV 3HQVp HQ PLV YHFLQRV HQ
PLVSDULHQWHVTXHYLYHQHQRWUDVFLXGDGHVOHMDQDV\
HQPLDPLJRPXHUWR
(OGLUHFWRUPHGLMRPiVWDUGHTXHWRGDVHVDV
FRVDV KDEtDQ DFXGLGR D PL PHQWH SRUTXH VHQWtD

FXDGURHVWDWXDIRWRJUDItDGHXQDPLJRRXQREMHWR
GH PXVHR HV LQDQLPDGR \ VLQ HPEDUJR FRQWLHQH
DOJXQD SDUWH GH OD YLGD GHO DUWLVWD TXH OR FUHy
+DVWD XQD DUDxD SXHGH HQ FLHUWR PRGR
FRQYHUWLUVH HQ XQ REMHWR GH LQWHUpV YLYR DXQTXH
PiVQRVHDSRUQXHVWUDFRQFHQWUDFLyQHQHOOD
(QHVHFDVRDUJtSRGHPRVHVWDUHQ
DVRFLDFLyQ FRQ FXDOTXLHU REMHWR DQWLJXR VREUH HO
TXHUHFDLJDQXHVWUDPLUDGD"
'XGR TXH WXYLHUD WLHPSR GH DEVRUEHU R
GDU DXQTXH PiV QR VHD XQD SDUWtFXOD GH XVWHG
PLVPR R FXDOTXLHU FRVD TXH SDVD YHOR]PHQWH SRU
VXYLVWD6LQHPEDUJRVLQDEVRUEHUGHRWURVRVLQ
GDU D RWURV QR SXHGH KDEHU UHODFLyQ HQ HO
HVFHQDULR'DURUHFLELUDOJRGHXQREMHWRDXQTXH
VHDSRUEUHYHVLQVWDQWHVFRQVWLWX\HXQPRPHQWRGH
UHODFLyQHVSLULWXDO
+H GLFKR PXFKDV YHFHV TXH HV LPSRVLEOH
WDQWR PLUDU \ YHU FRPR PLUDU \ QR YHU (Q HO
HVFHQDULRSXHGHQPLUDUYHU\VHQWLUORTXHVXFHGH

3HUR WDPELpQ HV SRVLEOH PLUDU OR TXH RFXUUH HQ


WRUQR GH HVWH ODGR GH ODV FDQGLOHMDV PLHQWUDV ORV
VHQWLPLHQWRV H LQWHUpV HVWiQ FHQWUDGRV HQ HO
S~EOLFR R HQ DOJ~Q OXJDU DMHQR D ODV SDUHGHV GHO
WHDWUR
([LVWHQ WUXFRV PHFiQLFRV TXH ORV DFWRUHV
XWLOL]DQ SDUD FXEULU OD IDOWD LQWHULRU SHUR VyOR
FRQVLJXHQDFHQWXDUODYDFLHGDGGHVXVPLUDGDV1R
QHFHVLWR GHFLUOHV TXH HVR HV WDQ LQ~WLO FRPR
QRFLYR /D PLUDGD HV HO HVSHMR GHO DOPD /D
PLUDGD YDFtD HV HVSHMR GHO DOPD YDFtD (V
LPSRUWDQWH TXH ORV RMRV GHO DFWRU VX PLUDGD
UHIOHMHQHOKRQGRFRQWHQLGRLQWHUQRGHVXDOPDSRU
OR TXH GHEH FUHDU JUDQGHV PHGLRV LQWHULRUHV SDUD
FRUUHVSRQGHU D OD YLGD GH XQ VHU KXPDQR HQ HO
SDSHO7RGRHOWLHPSRTXHHVWpVREUHHOHVFHQDULR
WHQGUi TXH FRPSDUWLU HVRV UHFXUVRV HVSLULWXDOHV
FRQORVRWURVDFWRUHVGHODREUD
1RREVWDQWHHODFWRUQRHVPiVTXHXQVHU
KXPDQR\FXDQGROOHJDDOHVFHQDULRHVQDWXUDOTXH
WUDLJD FRQ pO VXV SHQVDPLHQWRV GLDULRV VXV

DFWXDFLyQ" 6L OD FRPXQLFDFLyQ HQWUH ODV SHUVRQDV


UHVXOWDLPSRUWDQWHHQODYLGDUHDOHQHOHVFHQDULR
ORHVGLH]YHFHVPiV
(VWD YHUGDG GHULYD GH OD QDWXUDOH]D GHO
WHDWUR TXH HVWi EDVDGD HQ ODV LQWHUUHODFLRQHV GH
ORV SHUVRQDMHV GUDPiWLFRV 1R SRGUtD FRQFHELUOR
XQ GUDPDWXUJR SUHVHQWDQGR VXV SHUVRQDMHV HQ
HVWDGR LQFRQVFLHQWH R GRUPLGRV R HQ FXDOTXLHU
PRPHQWRHQTXHVXYLGDLQWHULRUQRIXQFLRQH
1L VH SXHGH FRQFHELU TXH WUDLJD DO
HVFHQDULRGRVSHUVRQDVTXHQRVyORQRVHFRQRFHQ
VLQR TXH UHK~VDQ WUDEDU FRQRFLPLHQWR FDPELDU
LGHDV \ VHQWLPLHQWRV R TXH TXLVLHUDQ HVFRQGHU
HVRVVHQWLPLHQWRVVHQWiQGRVHHQVLOHQFLRFDGDXQR
HQXQH[WUHPRRSXHVWRGHOHVFHQDULR
(QHVDVFLUFXQVWDQFLDVQRKDEUtDUD]yQSDUD
TXHHOHVSHFWDGRUHQWUDUDDOWHDWURGHVGHTXHQRVH
OHRIUHFHORTXHpOKDYHQLGRDEXVFDUYDOHGHFLU
VHQWLU ODV HPRFLRQHV \ D GHVFXEULU ORV
SHQVDPLHQWRVGHODJHQWHTXHSDUWLFLSDHQORREUD

VHQWLPLHQWRV SHUVRQDOHV VXV UHIOH[LRQHV \ VXV


UHDOLGDGHV 6t OR KDFH OD OtQHD GH VX SURSLD YLGD
SHUVRQDO \ PRQyWRQD QR VH LQWHUUXPSH 1R VH
HQWUHJDUiGHOOHQRDVXSDSHODPHQRVTXHpVWHOR
WUDQVSRUWH &XDQGR HVR VXFHGH VH LGHQWLILFD SRU
FRPSOHWRFRQpO\VHWUDQVIRUPD3HURHQFXDQWRVH
GLVWUDLJD\FDLJDEDMRHOLQIOXMRGHVXSURSLDYLGD
SHUVRQDO VHUi WUDQVSRUWDGR D WUDYpV GH ODV
FDQGLOHMDVKDFLDHOS~EOLFRRIXHUDGHODVSDUHGHV
GHO WHDWUR D FXDOTXLHU OXJDU GRQGH HO REMHWR
PDQWHQJD XQD UHODFLyQ FRQ pO 0LHQWUDV WDQWR
UHSUHVHQWDUi VX SDUWH GH PDQHUD SXUDPHQWH
PHFiQLFD &XDQGR HVRV ODSVRV VRQ IUHFXHQWHV \
VXMHWRV D LQWHUSRODFLRQHV GH OD YLGD SHUVRQDO GHO
DFWRU DUUXLQDQ OD FRQWLQXLGDG GHO SDSHO SRUTXH
FDUHFHQGHUHODFLyQFRQpO
LPDJLQDQXQFROODUYDOLRVRHQHOTXHFDGD
WUHVHVODERQHVGHRURKD\DXQRGHODWD\OXHJRGRV
GH RUR VXMHWRV FRQ XQD VRJD" 4XLpQ TXHUUi
VHPHMDQWH FROODU" < TXLpQ SXHGH DVSLUDU D XQD
OtQHD GH FRPXQLFDFLyQ HQ HO HVFHQDULR
FRQVWDQWHPHQWH TXHEUDGD TXH GHIRUPD R DQXOD OD

4Xp GLVWLQWR HV FXDQGR HVWRV PLVPRV


DFWRUHV YLHQHQ DO HVFHQDULR FDGD XQR TXHULHQGR
KDFHU SDUWtFLSH GH VXV VHQWLPLHQWRV DO RWUR R
FRQYHQFHUORGHDOJRTXHFUHHPLHQWUDVTXHHORWUR
KDFHWRGRVORVHVIXHU]RVSRVLEOHVSRUFRPSUHQGHU
HVRVVHQWLPLHQWRV\SHQVDPLHQWRV
&XDQGR HO HVSHFWDGRU HVWi SUHVHQWH HQ
LQWHUFDPELR WDQ HPRWLYR H LQWHOHFWXDO HV FRPR HO
WHVWLJR GH XQD FRQYHUVDFLyQ 7LHQH XQ SDSHO
VLOHQFLRVRHQHOLQWHUFDPELRGHVHQWLPLHQWRV\VH
H[FLWDSRUORPLVPRTXHORVDFWRUHVH[SHULPHQWDQ
3HUR HO HVSHFWDGRU GHO WHDWUR SXHGH HQWHQGHU H
LQGLUHFWDPHQWH SDUWLFLSDU HQ OR TXH RFXUUH HQ HO
HVFHQDULR VyOR FXDQGR HVH LQWHUFDPELR FRQWLQ~D
HQWUHORVDFWRUHV
6L ORV DFWRUHV TXLHUHQ UHDOPHQWH PDQWHQHU
OD DWHQFLyQ GH XQ JUDQ S~EOLFR GHEHQ KDFHU WRGD
FODVH GH HVIXHU]RV SDUD PDQWHQHU HQWUH HOORV XQ
LQWHUFDPELR LQLQWHUUXPSLGR GH VHQWLPLHQWRV
SHQVDPLHQWRV \ DFFLRQHV < HO PDWHULDO LQWHULRU
SDUD HVH LQWHUFDPELR WHQGUi TXH VHU OR

VXILFLHQWHPHQWH LQWHUHVDQWH SDUD PDQWHQHU OD


DWHQFLyQ GHO HVSHFWDGRU /D LPSRUWDQFLD
H[FHSFLRQDO GH HVH SURFHVR KDFH TXH ORV LQYLWH D
GHGLFDUOH HVSHFLDO DWHQFLyQ \ D HVWXGLDU FRQ
FXLGDGRVXVYDULDVIDVHVVREUHVDOLHQWHV



&RPHQ]DUp SRU ODFRPXQLyQ FRQ XQR
PLVPRGLMR7RUWVRY&XiQGRQRVKDEODPRVD
QRVRWURVPLVPRV"
6LHPSUH TXH HVWDPRV WDQ H[FLWDGRV TXH QR
SRGHPRV FRQWHQHUQRV R FXDQGR OXFKDPRV FRQ
DOJXQDLGHDGLItFLOGHDVLPLODURFXDQGRKDFHPRV
DOJ~Q HVIXHU]R SRU UHFRUGDU DOJR \ WUDWDPRV GH
LPSULPLUORHQQXHVWUDVFRQFLHQFLDVGLFLpQGRORHQ
DOWDYR]RFXDQGRDOLYLDPRVQXHVWURVVHQWLPLHQWRV
DOHJUHVRWULVWHVSURFODPiQGRORV

SHUR IUHFXHQWHV HQ HO HVFHQDULR &XDQGR HQ HO


HVFHQDULR WHQJR RFDVLyQ GH FRPXOJDU FRQ PLV
SURSLRV VHQWLPLHQWRV HQ VLOHQFLR HVWR\ FRQWHQWR
(VXQHVWDGRSDUDPLIDPLOLDUIXHUDGHOHVFHQDULR
\ PH HQFXHQWUR HQ pO VXPDPHQWH FyPRGR 3HUR
FXDQGR PH YHR REOLJDGR D SURQXQFLDU ODUJRV \
HORFXHQWHV PRQyORJRV QR WHQJR QRFLyQ GH OR TXH
KDJR
&yPRSXHGRHQFRQWUDUXQDEDVHSDUDKDFHU
HQHOHVFHQDULRORTXHQRKDJRIXHUDGHpO"&yPR
SXHGR KDEODUPH D Pt PLVPR" (O KRPEUH HV XQD
FULDWXUDJUDQGH'HEHXQRKDEODUOHDOFHUHEURDO
FRUD]yQ D OD LPDJLQDFLyQ D ODV PDQRV R D ORV
SLHV" 'HVGH GyQGH KDVWD GyQGH FRUUHUi HVD
FRUULHQWHGHFRPXQLFDFLyQ"
3DUDGHWHUPLQDUORGHEHPRVHOHJLUXQVXMHWR
\ XQ REMHWR 'yQGH HVWiQ" $ PHQRV TXH SXHGD
HQFRQWUDU HVRV GRV FHQWURV LQWHULRUHV FRQHFWDGRV
VHUp LPSRWHQWH SDUD GLULJLU PL DWHQFLyQ HUUDQWH
VLHPSUHOLVWDDVHUDWUDSDGDSRUHOS~EOLFR

(VWDV RFDVLRQHV VRQ UDUDV HQ OD YLGD UHDO

+HOHtGRORTXHORVKLQG~HVGLFHQDFHUFDGH
HVWH WHPD &UHHQ HQ OD H[LVWHQFLD GH XQD FODVH GH
HQHUJtDYLWDOOODPDGD3UDQDTXHGDYLGDDQXHVWUR
FXHUSR 'H DFXHUGR FRQ VXV FiOFXORV HO FHQWUR
YLWDO GH GLFKR3UDQD HV HO SOH[R VRODU (Q
FRQVHFXHQFLD DGHPiV GH QXHVWUR FHUHEUR TXH HV
DFHSWDGR JHQHUDOPHQWH FRPR HO FHQWUR QHUYLRVR \
SVtTXLFRGHQXHVWURVHUWHQHPRVFHUFDGHOFRUD]yQ
XQDIXHQWHVLPLODUHQHOSOH[RVRODU
+H WUDWDGR GH HVWDEOHFHU FRPXQLFDFLyQ
HQWUH HVRV GRV FHQWURV FRQ HO UHVXOWDGR TXH QR
VyOR VHQWt TXH H[LVWtDQ VLQR WDPELpQ TXH HQ
UHDOLGDG HQWUDQ HQ FRQWDFWR XQR FRQ HO RWUR (O
FHQWUR FHUHEUDO SDUHFH VHU HO DVLHQWR GH OD
FRQFLHQFLD\HOFHQWURQHUYLRVRGHOSOH[RVRODUHO
DVLHQWRGHODHPRFLyQ
/D VHQVDFLyQ IXp GH TXH PL FHUHEUR
PDQWHQtD FRPXQLFDFLyQ FRQ PLV VHQWLPLHQWRV 0H
DOHJUp SRUTXH KDEtD HQFRQWUDGR HO VXMHWR \ HO
REMHWR TXH DQGDED EXVFDQGR 'HVGH TXH KLFH HO
GHVFXEULPLHQWRSXGHFRPXOJDUFRQPLJRPLVPRHQ

HOHVFHQDULRWDQWRHQYR]DOWDFRPRHQVLOHQFLR\
FRQSHUIHFWRGRPLQLRGHPtPLVPR
1R WHQJR HO PHQRU GHVHR GH LQGDJDU VL HO
3UDQD H[LVWH HQ UHDOLGDG R QR 0LV VHQVDFLRQHV
SXHGHQ VHU SXUDPHQWH LQGLYLGXDOHV WRGR HVWH
DVXQWR SXHGH VHU HO IUXWR GH PL LPDJLQDFLyQ 1R
WLHQH WUDVFHQGHQFLD DOJXQD VDOYR TXH SXHGR
XWLOL]DUORHQSURYHFKRSURSLR\HVRPHD\XGD6L
HVWH PpWRGR PtR SUiFWLFR \ SRFR FLHQWtILFR OHV
UHVXOWDUD ~WLO PHMRU DVt &DVR FRQWUDULR QR
LQVLVWLUpHQpO
'HVSXpVGHXQDSDXVD7RUWVRYFRQWLQXy
(OSURFHVRGHFRPXQLFDFLyQPXWXDFRQHO
FRPSDxHURGHOHVFHQDULRHVPiVIiFLOGHUHDOL]DU
3HUR DTXt HQFDUDPRV XQD QXHYD GLILFXOWDG
6XSRQJDQTXHXQRGHXVWHGHVHVWiHQHOHVFHQDULR
FRQPLJR \ HVWDPRV HQ UHODFLyQ GLUHFWD 3HUR \R
VR\ PX\ DOWR 0tUHQPH 7HQJR QDUL] ERFD
EUD]RV SLHUQDV \ XQ FXHUSR JUDQGH 3XHGHQ
FRPXQLFDUVHGHXQDVRODYH]FRQWRGDVHVWDVSDUWHV

GHPLFXHUSR"6LQRHOLMDQDOJXQDHQHVSHFLDODOD
TXHGHVHHQGLULJLUVH
/RV RMRV VXJLULy DOJXLHQ DJUHJDQGR
SRUTXHVRQHOHVSHMRGHODOPD
9HQ XVWHGHV FXDQGR TXLHUHQ FRPXQLFDUVH
FRQ XQD SHUVRQD EXVFDQ SULPHUR HO DOPD VX
PXQGRLQWHULRU7UDWHQDKRUDGHHQFHQWUDUPLDOPD
YLYDODYHUGDGHUD
&yPR"SUHJXQWp
(OGLUHFWRUVHDVRPEUy
1R KD H[WHQGLGR QXQFD VXV DQWHQDV
HPRWLYDV SDUD SDOSDU HO DOPD GH RWUD SHUVRQD"
0tUHPHFRQDWHQFLyQ7UDWHGHHQWHQGHU\VHQWLUPL
GLVSRVLFLyQLQWHULRU$VtDVtHVODPDQHUD$KRUD
GLJDFyPRPHHQFXHQWUD
*HQHURVR FRQVLGHUDGR DPDEOH YLYD]
DOHUWDFRQWHVWp

RWUD SDUD TXH OD UHHPSODFH +XELHUD IUDFDVDGR DO


TXHUHUREWHQHUFRPXQLFDFLyQFRQHVHHVStULWXYLYR
\ HQ HVH FDVR FRQ TXLpQ KDEUtD HVWDGR HQ
FRQWDFWR"
(UD SUHFLVDPHQWH OR TXH PH VRUSUHQGtD SRU
HVRPHSXVHDSHQVDUORTXHSDVySRUPLVSURSLRV
VHQWLPLHQWRVFXDQGRPtREMHWRIXpWUDQVIRUPDGRGH
7RUWVRY HQ )DPXVRY FRPR SDVDURQ GHO UHVSHWR
TXHXQRGHHOORVLQVSLUDDODLURQtD\ODFDUFDMDGD
ELHQ KXPRUDGD TXH HO RWUR SURGXFH 1DWXUDOPHQWH
TXHGHEtHVWDUHQFRQWDFWRFRQVXHVStULWXGHSDUWH
DSDUWH\VLQHPEDUJRQRSRGtDDFODUDUOR
(VWXYH HQ FRQWDFWR FRQ XQ QXHYR VHU
H[SOLFy DO TXH SXHGH OODPDU )DPXVRY7RUWVRY
R 7RUWVRY)DPXVRY &RQ HO WLHPSR FRPSUHQGHUi
HVWDPLODJURVDPHWDPRUIRVLVGHXQDUWLVWDFUHDGRU
(V VXILFLHQWH DKRUD TXH FRPSUHQGD TXH ODJHQWH
WUDWD VLHPSUH GH DOFDQ]DU HO HVStULWX YLYR GH VX
REMHWR\QRVHRFXSDGHODVQDULFHVGHORVRMRVR
GH ORV ERWRQHV FRPR DOJXQRV DFWRUHV KDFHQ HQ HO
HVFHQDULR

<DKRUD"SUHJXQWy
/RPLUpGHFHUFD\GHSURQWRHQFRQWUpQRD
7RUWVRYVLQRD)DPXVRY HOIDPRVRSHUVRQDMHGHO
FOiVLFR GH/D GHVJUDFLD GHO LQJHQLR  FRQ WRGDV
VXV
VHxDV
IDPLOLDUHV
DTXHOORV
RMRV
H[WUDRUGLQDULDPHQWH FiQGLGRV OD ERFD DQFKD ODV
PDQRV UHJRUGHWDV \ ORV JHVWRV VXDYHV GHO KRPEUH
YLHMRHLQGXOJHQWH
<DKRUDFRQTXLpQHVWiHQFRPXQLFDFLyQ"
SUHJXQWy 7RUWVRY FRQ OD IDPRVD YR] GH
)DPXVRY
&RQ)DPXVRYQDWXUDOPHQWHFRQWHVWp
< TXp VH KD KHFKR GH 7RUWVRY" GLMR
YROYLHQGR LQVWDQWiQHDPHQWH D VX YHUGDGHUD
SHUVRQDOLGDG6LQRKXELHUDGLULJLGRVXDWHQFLyQ
D OD QDUL] R D ODV PDQRV GH )DPXVRY TXH
WUDQVIRUPpSRUXQPpWRGRWpFQLFRVLQRDOHVStULWX
KXELHUD KDOODGR TXH pVWH QR KDEtD FDPELDGR 1R
SXHGR H[SXOVDU PL DOPD GH PL FXHUSR \ DOTXLODU

7RGR OR TXH GRV SHUVRQDV QHFHVLWDQ HV


OOHJDU D WHQHU FRQWDFWR HQWUH HOODV \ HQWRQFHV HO
LQWHUFDPELR PXWXR RFXUULUi GH PDQHUD QDWXUDO
7UDWRGHGLVWULEXLUPLVLGHDV\XVWHGHVVHHVIXHU]DQ
SRU DEVRUEHU DOJR GH Pt FRQRFLPLHQWR \
H[SHULHQFLD
3HUR HVR QR LPSOLFD TXH HO LQWHUFDPELR
VHDPXWXRDUJX\y*ULVKD8VWHGHOVXMHWRQRV
WUDQVPLWH VXV VHQVDFLRQHV SHUR FXDQWR KDFHPRV
QRVRWURVORVREMHWRVHVUHFLELUODV'yQGHHVWiOD
UHFLSURFLGDGHQHVR"
'tJDPH OR TXH HVWi KDFLHQGR HQ HVWH
PRPHQWR UHSOLFy 7RUWVRY 1R PH HVWi
FRQWHVWDQGR" 1R HVWi GLFLHQGR VXV GXGDV \
WUDWDQGRGHFRQYHQFHUPH"(VDHVODFRQIOXHQFLDGH
VHQWLPLHQWRVTXHXVWHGEXVFD
(VRHVDKRUDSHURORIXpPLHQWUDVXVWHG
KDEODED"LQVLVWLy*ULVKD
1R YHR OD GLIHUHQFLD FRQWHVWy 7RUWVRY

 (VWXYLPRV FDPELDQGR LGHDV \ VHQWLPLHQWRV \


DKRUD OR VHJXLPRV KDFLHQGR (YLGHQWHPHQWH HO
FRPXQLFDUVH FRQ RWUR HO GDU \ HO UHFLELU VXFHGH
DOWHUQDGDPHQWH 3HUR DXQ FXDQGR \R HVWDED
KDEODQGR \ XVWHG HVFXFKDQGR \R FRQRFtD GH
DQWHPDQRVXVGXGDV6XLPSDFLHQFLDVXDVRPEUR\
VXH[FLWDFLyQOOHJDEDQKDVWDPt
3RU TXp DEVRUEtD \R HVRV VHQWLPLHQWRV GH
XVWHG" 3RUTXH XVWHG QR ORV SRGtD FRQWHQHU $XQ
HVWDQGRHQVLOHQFLRKDEtDHQWUHQRVRWURVHQFXHQWUR
GH VHQWLPLHQWRV 1DWXUDOPHQWH QR IXp H[SOtFLWR
KDVWD TXH XVWHG FRPHQ]y D KDEODU 6LQ HPEDUJR
HVR SUXHED OR FRQVWDQWH TXH HV OD FRUULHQWH GH
LQWHUFDPELR GH ODV LGHDV \ GH ORV VHQWLPLHQWRV<
VH KDFH HVSHFLDOPHQWH QHFHVDULR HQ HO HVFHQDULR
PDQWHQHU LQLQWHUUXPSLGD HVD FRUULHQWH SRUTXH ODV
OtQHDV VRQ FDVL VLHPSUH H[FOXVLYDPHQWH
GLDORJDGDV
'HVJUDFLDGDPHQWH
HVD
FRUULHQWH
LQLQWHUUXPSLGDHVGHPDVLDGRUDUD0XFKRVDFWRUHV
VL HV TXH HQ UHDOLGDG OD FRQRFHQ OD XWLOL]DQ

DODVOtQHDVGHOFRPSDxHURDXQTXHODVKD\DQRtGR
UHSHWLU PXFKDV YHFHV HQ HQVD\RV \
UHSUHVHQWDFLRQHV (VWD FRQH[LyQ VH GHEH KDFHU
FDGD YH] TXH DFW~DQ MXQWRV \ UHTXLHUH XQD JUDQ
FRQFHQWUDFLyQ GH DWHQFLyQ WpFQLFD \ GLVFLSOLQD
DUWtVWLFD
'HVSXpVGHXQDOLJHUDSDXVDHOGLUHFWRUGLMR
TXHSDVDUtDPRVDXQDQXHYDIDVHODFRPXQLyQFRQ
XQ REMHWR LPDJLQDULR LQPDWHULDO \ QR H[LVWHQWH
DOJRDVtFRPRXQDDSDULFLyQ
$OJXQDV SHUVRQDV WUDWDQ GH HQJDxDUVH
SHQVDQGRTXHUHDOPHQWHODYHQ\GHELOLWDQWRGDVX
HQHUJtD \ DWHQFLyQ HQ WDO HVIXHU]R 3HUR HO DFWRU
H[SHULPHQWDGR VDEH TXH OD FXHVWLyQ QR HVWi HQ OD
DSDULFLyQ PLVPD VLQR HQ VX tQWLPD UHODFLyQ FRQ
HOOD 3RU OR WDQWR WUDWD GH GDU XQD UHVSXHVWD
KRQHVWDDVXSURSLDSUHJXQWD4XpKDUtDVLVHPH
DSDUHFLHUDXQIDQWDVPD"
+D\ DOJXQRV DFWRUHV HVSHFLDOPHQWH ORV
SULQFLSLDQWHV TXH XWLOL]DQ XQ REMHWR LPDJLQDULR

VRODPHQWH FXDQGR GLFHQ VXV SURSLDV OtQHDV 3HUR


HQFXDQWRHORWURDFWRUFRPLHQ]DDGHFLUODVVX\DV
HOSULPHURQLHVFXFKDQLLQWHQWDDEVRUEHUORTXHHO
VHJXQGRHVWiGLFLHQGR&HVDGHDFWXDUKDVWDTXHOH
YXHOYH D FRUUHVSRQGHU (VH KiELWR URPSH HO
FRQVWDQWH LQWHUFDPELR SRUTXH GHSHQGH GH ODV
FRQFHVLRQHV PXWXDV GH ORV VHQWLPLHQWRV WDQWR
GXUDQWHODGHFODPDFLyQGHODVOtQHDVFRPRWDPELpQ
GXUDQWH OD UpSOLFD D OR TXH VH KD GLFKR \ KDVWD
GXUDQWHORVVLOHQFLRVFXDQGRORVRMRVFRQWLQ~DQOD
ODERU
(VD FRQH[LyQ IUDJPHQWDGD HV HUUyQHD
&XDQGR VH KDEOD D OD SHUVRQD FRQ OD TXH VH HVWi
UHSUHVHQWDQGR GHEHQ DSUHQGHU D VHJXLU KDVWD HO
ILQ KDVWD TXH HVWpQ VHJXURV GH TXH VXV
SHQVDPLHQWRVKDQSHQHWUDGRHQVXFRQFLHQFLD6yOR
GHVSXpV TXH HVWpQ FRQYHQFLGRV GH HVWR \ KD\DQ
FRPSOHPHQWDGR FRQ ORV RMRV OR TXH QR KD\DQ
SRGLGR GHFLU FRQWLQXDUiQ FRQ HO UHVWR GH ODV
OtQHDV $ VX YH] GHEHQ ORJUDU DSUHKHQGHU
SDODEUDV \ SHQVDPLHQWRV GHO FRPSDxHUR FDGD XQD
GHODVYHFHVFRQIUHVFXUDUHQRYDGD'HEHQDWHQGHU

FXDQGR HVWiQ WUDEDMDQGR HQ VXV FDVDV SRUTXH


FDUHFHQGHXQRUHDO6XDWHQFLyQVHGLULJHKDFLDHO
FRQYHQFLPLHQWR GH OD H[LVWHQFLD GH XQD FRVD
LQH[LVWHQWH HQ YH] GH FRQFHQWUDUVH HQ OR TXH
SRGUtD VHU VX REMHWLYR LQWHULRU &XDQGR DGTXLHUHQ
HVH PDO KiELWR OOHYDQ LQFRQVFLHQWHPHQWH HVH
PpWRGR DO HVFHQDULR \ FRQ HO WLHPSR VH
GHVDFRVWXPEUDQ DO REMHWR YLYR &RORFDQ HQWUH
HOORV \ VXV FRPSDxHURV XQ REMHWR LQDQLPDGR \
IDOVR (VH KiELWR SHOLJURVR D PHQXGR VH DUUDLJD
WDQWRTXHSXHGHGXUDUWRGDODYLGD
4Xp WRUWXUD DFWXDU IUHQWH D XQ DFWRU TXH OH
PLUDDXQR\VLQHPEDUJRYHDDOJ~QRWURTXHVH
DMXVWDFRQVWDQWHPHQWHDODRWUDSHUVRQD\QRDXQR
7DOHV DFWRUHV HVWiQ VHSDUDGRV GH ODV PLVPDV
SHUVRQDV FRQ ODV TXH GHELHUDQ HVWDU HQ tQWLPD
UHODFLyQ 1R SXHGHQ HQWHQGHU ODV SDODEUDV
HQWRQDFLRQHVRFXDOTXLHURWUDFRVDGHOTXHOHVHVWi
KDEODQGR 6XV RMRV HVWiQ YHODGRV PLHQWUDV OR
PLUDQ (YLWHQ HVWH PpWRGR SHOLJURVR \ PRUWtIHUR
TXHFRUURH\HVGLILFLOtVLPRH[WLUSDU

4Xp KDUHPRV FXDQGR QR WHQJDPRV XQ


REMHWRYLYR"SUHJXQWp
(VSHUDU KDVWD TXH HQFXHQWUHQ XQR
FRQWHVWy 7RUWVRY 7HQGUiQ XQD FODVH HQ OD TXH
SRGUiQ HMHUFLWDUVH HQ JUXSRV GH GRV R PiV
3HUPtWDQPH TXH OHV UHSLWD LQVLVWR HQ TXH QR
UHDOLFHQQLQJ~QHMHUFLFLRGHFRPXQLFDFLyQVLQRHV
FRQREMHWRVYLYRV\EDMRXQDVXSHUYLVLyQH[SHUWD
(V PiV GLItFLO D~Q OD FRPXQLFDFLyQ PXWXD
FRQ XQ REMHWR FROHFWLYR HQ RWUDV SDODEUDV HO
S~EOLFR
1DWXUDOPHQWH QR VH SXHGH KDFHU
GLUHFWDPHQWH/DGLILFXOWDGHVWiHQHOKHFKRGHTXH
HVWDPRV HQ UHODFLyQ FRQ QXHVWUD SDUHMD \
VLPXOWiQHDPHQWH FRQ HO HVSHFWDGRU &RQ HO
SULPHUR QXHVWUR FRQWDFWR HV GLUHFWR \ FRQVFLHQWH
FRQ HO ~OWLPR HV LQGLUHFWR H LQFRQVFLHQWH /R
QRWDEOH HV TXH FRQ DPERV QXHVWUD UHODFLyQ HV
PXWXD

WUDQTXLOL]DUOR \ HO SHTXHxXHOR VH DFHUFy D ODV


FDQGLOHMDVSDUDSUHYHQLUGHOSHOLJURDORVDFWRUHV
TXHUHSUHVHQWDEDQODVSDUWHVGHORVQLxRV
1RHVpVDXQDYHUGDGHUDUHVSXHVWD"
6LTXLHUHDSUHQGHUDDSUHFLDUORTXHREWLHQH
GHO S~EOLFR SHUPtWDPH VXJHULUOH TXH UHSUHVHQWH
DQWH XQD VDOD FRPSOHWDPHQWH YDFtD /H JXVWDUtD
KDFHUOR" 1R 3RUTXH DFWXDU VLQ S~EOLFR HV FRPR
FDQWDU HQ XQ OXJDU VLQ DF~VWLFD $FWXDU SDUD XQ
S~EOLFRDPDEOHHVORPLVPRTXHFDQWDUHQXQOXJDU
FRQ SHUIHFWD DF~VWLFD (O S~EOLFR FRQVWLWX\H OD
DF~VWLFDHVSLULWXDOSDUDQRVRWURV1RVGHYXHOYHOR
TXH UHFLEH GH QRVRWURV HQ IRUPD GH HPRFLRQHV
YLYDVKXPDQDV
(QORVWLSRVGHDFWXDFLyQFRQYHQFLRQDOHV\
DUWLILFLDOHV HVH SUREOHPD GH UHODFLyQ FRQ XQ
REMHWR FROHFWLYR VH UHVXHOYH PX\ VHQFLOODPHQWH
7RPHQSRUHMHPSOR/DVDQWLJXDVIDUVDVIUDQFHVDV
(Q HOODV ORV DFWRUHV KDEODQ FRQVWDQWHPHQWH FRQ HO
S~EOLFR /OHJDQ DO IUHQWH GHO HVFHQDULR \ VH

3DXOSURWHVWy\GLMR
(QWLHQGR FyPR OD UHODFLyQ HQWUH ORV
DFWRUHVSXHGHVHUPXWXDSHURQRODXQLyQHQWUHORV
DFWRUHV\HOS~EOLFR'HEHUtDQFRQWULEXLUFRQDOJR
SRUTXH HQ UHDOLGDG TXp REWHQHPRV GH HOORV"
$SODXVRV\IORUHV<VyORORVUHFLELPRVFXDQGROD
REUDWHUPLQD
7RUWVRYGLMR
2OYLGD ODV ULVDV ODV OiJULPDV \ ORV
DSODXVRVGXUDQWHODUHSUHVHQWDFLyQORVVLOELGRVHO
VXVSHQVRDFDVRQRORVFXHQWD"
/HV UHODWDUp XQD KLVWRULD TXH LOXVWUD OR TXH
TXLHUR GHFLU (Q ODPDWLQpH SDUD QLxRV GH(O
SiMDUR D]XO GXUDQWH HO MXLFLR GH ORV QLxRV SRU
iUEROHV\DQLPDOHVVHQWtTXHDOJXLHQPHFRGHDED
(UDXQQLxRGHGLH]DxRV'tJDOHVTXHHOJDWRHVWi
HVFXFKDQGR )LQJH TXH VH HVFRQGH SHUR SXHGR
YHUOR PXUPXUy XQD DJLWDGD YRFHFLWD WUpPXOD GH
DQVLHGDG SRU 0\W\O \ 7\OW\O 1R SXGH

FRQVDJUDQDREVHUYDFLRQHVFRUWDVLQGLYLGXDOHVRD
ODUJDVDUHQJDVTXHH[SOLFDQHOFXUVRGHODREUD\
KDFHQHVWRFRQLPSRQHQWHSUHVXQFLyQVHJXULGDG\
DSORPR5HDOPHQWHVLTXLHUHQSRQHUVHHQFRQWDFWR
GLUHFWR FRQ HO S~EOLFR HV PHMRU TXH OR GRPLQHQ
+D\WRGDYtDRWURDVSHFWRFyPRHQFDUDUHVFHQDV
GH PXFKHGXPEUH (VWDPRV REOLJDGRV D HQWUDU HQ
UHODFLyQ GLUHFWD H LQPHGLDWD FRQ XQ REMHWR HQ
PDVD $OJXQDV YHFHV QRV YROYHPRV D LQGLYLGXRV
GH HVD PXOWLWXG HQ RWUDV GHEHPRV DEDUFDU OD
WRWDOLGDGHQIRUPDTXHVHH[WLHQGDHOLQWHUFDPELR
PXWXR (O KHFKR GH TXH OD PD\RUtD GH WRGRV ORV
TXHKDFHQXQDHVFHQDGHFRQMXQWRVRQQDWXUDOPHQWH
GLVWLQWRV SRU FRPSOHWR XQR GH RWUR \ TXH
FRQWULEX\HQ FRQ ODV PiV YDULDGDV HPRFLRQHV \
SHQVDPLHQWRVDHVHLQWHUFDPELRPXWXRLQWHQVLILFD
QRWDEOHPHQWH HO SURFHVR 7DPELpQ OD FDOLGDG GHO
JUXSR H[FLWD HO WHPSHUDPHQWR GH FDGD PLHPEUR
FRPSRQHQWH\GHWRGRVHOORVHQFRQMXQWR([FLWDD
ORV SURWDJRQLVWDV \ KDFH JUDQ LPSUHVLyQ HQ ORV
HVSHFWDGRUHV
'HVSXpV 7RUWVRY WUDWy OD DFWLWXG LQGHVHDEOH

GHORVDFWRUHVPHFiQLFRVSDUDFRQHOS~EOLFR
6H SRQHQ HQ FRQWDFWR GLUHFWR FRQ HO
S~EOLFRSDVDQGRSRUVREUHORVDFWRUHVTXHDFW~DQ
FRQ HOORV (V OD OtQHD GH PHQRU UHVLVWHQFLD (Q
UHDOLGDG QR HV QL PiV QL PHQRV TXH
H[KLELFLRQLVPR &UHR TXH SXHGR FRQILDU HQ TXH
VDEUiQ GLVWLQJXLU HQWUH HVR \ HO VLQFHUR HVIXHU]R
SDUD LQWHUFDPELDU VHQWLPLHQWRV KXPDQRV LQWHUQRV
FRQ RWURV DFWRUHV +D\ XQD GLIHUHQFLD HQWUH HVH
HOHYDGR SURFHVR FUHDGRU \ ORV JHVWRV WHDWUDOHV
FRPXQHV \ PHFiQLFRV 6RQ WDQ RSXHVWRV FRPR
FRQWUDGLFWRULRV
/R SRGHPRV DGPLWLU WRGR PHQRV HO WLSR
WHDWUDO\KDVWDORWHQGUiQTXHHVWXGLDUDXQTXHPiV
QRVHDSDUDFRPEDWLUOR
3DUD WHUPLQDU XQD SDODEUD DFHUFD GHO
SULQFLSLR DFWLYR TXH IXQGDPHQWD HO SURFHVR GH
FRPXQLFDFLyQ $OJXQRV FUHHQ TXH QXHVWURV
PRYLPLHQWRV H[WHUQRV YLVLEOHV VRQ XQD
PDQLIHVWDFLyQ GH DFWLYLGDG \ TXH ORV DFWRV

LQH[LVWHQWHVDODEXHQDPDQHUDWHDWUDODQWLJXD
(V PXFKR PiV DUGXR FRPXOJDU
YHUGDGHUDPHQWH FRQ HO FRPSDxHUR TXH
UHSUHVHQWDUVHFRPRHVWDQGRHQHVDUHODFLyQFRQpO
/RV DFWRUHV JXVWDQ GH VHJXLU OD OtQHD GHO PHQRU
HVIXHU]R SRU OR TXH UHHPSOD]DQ FRQ SODFHU OD
YHUGDGHUD FRPXQLyQ SRU ODV LPLWDFLRQHV FRPXQHV
GHHOOD
0HUHFHTXHORFRQVLGHUHPRVSRUTXHTXLHUR
TXHFRPSUHQGDQYHDQ\VLHQWDQTXpHVORTXHFRQ
PiV JXVWR SUREDEOHPHQWH HQYLDPRV DO S~EOLFR
EDMR HO GLVIUD] GH LQWHUFDPELR GH SHQVDPLHQWRV \
VHQWLPLHQWRV
$TXt HO GLUHFWRU VXELy DO HVFHQDULR \
UHSUHVHQWyXQDHVFHQDFRPSOHWDFRQPXFKRWDOHQWR
\ PDHVWUtD GH WpFQLFD WHDWUDO &RPHQ]y UHFLWDQGR
XQD SRHVtD FRQ SURQXQFLDGD UDSLGH] SHUR PXFKD
HIHFWLYLGDG PDV GH PDQHUD WDQ LQFRPSUHQVLEOH
TXHQRSXGLPRVHQWHQGHUQLXQDVRODSDODEUD

LQYLVLEOHV LQWHULRUHV GH OD FRPXQLyQ HVSLULWXDO QR


ORVRQ(VDLGHDHUUyQHDHVGHORPiVODPHQWDEOH
SRUTXHFDGDPDQLIHVWDFLyQGHDFWLYLGDGLQWHULRUHV
LPSRUWDQWH \ YDOLRVD 3RU OR WDQWR DSUHQGDQ H
DSUHFLDU HVD FRPXQLyQ LQWHULRU SRUTXH HV XQD GH
ODVIXHQWHVPiVLPSRUWDQWHVGHDFFLyQ



6LGHVHDQLQWHUFDPELDUVXVSHQVDPLHQWRV\
VHQWLPLHQWRV FRQ DOJXLHQ GHEHQ RIUHFHU DOJR TXH
\D KD\DQ H[SHULPHQWDGR XVWHGHV PLVPRV
FRPHQ]y HO GLUHFWRU (VWH PDWHULDO FUHFH HQ
QRVRWURV HVSRQWiQHDPHQWH \ GHULYD GH ODV
FRQGLFLRQHVTXHQRVURGHDQ
(QHOWHDWURHVGLVWLQWR\pVWHSUHVHQWDXQD
QXHYD GLILFXOWDG 6H VXSRQH TXH XWLOL]DPRV ORV
VHQWLPLHQWRV\SHQVDPLHQWRVFUHDGRVSRUHODXWRU
(VPiVGLItFLODEVRUEHUHVHPDWHULDOHVSLULWXDOTXH
UHSUHVHQWDU HQ IRUPDV H[WHUQDV SDVLRQHV

&yPRPHHVWR\FRPXQLFDQGRFRQXVWHGHV
DKRUD"SUHJXQWy
1R QRV DWUHYLPRV D FULWLFDUOH SRU OR TXH pO
PLVPRFRQWHVWyDVXSUHJXQWD
'H QLQJXQD PDQHUD GLMR %DOEXFt
DOJXQDV SDODEUDV ODV HVSDUFt FRPR Vt IXHUDQ
JXLVDQWHV VLQ VLTXLHUD VDEHU OR TXH HVWDED
GLFLHQGR
(V HO SULPHU WLSR GHO PDWHULDO TXH PX\ D
PHQXGR VH RIUHFH DO S~EOLFR FRPR EDVH GH OD
UHODFLyQ DLUH 1R VH OH GD LGHD GHO VHQWLGR GH
FDGDSDODEUDQLGHORTXHHOODVLPSOLFDQ(O~QLFR
GHVHRHVVHUHIHFWLYR
/XHJR DQXQFLy TXH KDUtD HO PRQyORJR GHO
~OWLPRDFWRGH)tJDUR(VWDYH]VXDFWXDFLyQIXpXQ
PLODJUR
GH
PRYLPLHQWRV
PDUDYLOORVRV
HQWRQDFLRQHV FDPELRV ULVD FRQWDJLRVD GLFFLyQ
FULVWDOLQDOHQJXDMHOLJHUREULOODQWHVLQIOH[LRQHVGH
YR] FRQ XQ WLPEUH HQFDQWDGRU $SHQDV SXGLPRV

FRQWHQHUQRVGHKDFHUOHXQDRYDFLyQ7RGRIXpWDQ
WHDWUDOPHQWH HIHFWLYR 6LQ HPEDUJR QR WHQtDPRV
LGHD GHO FRQWHQLGR GHO PRQyORJR \D TXH QR
KDEtDPRVFDSWDGRQDGDGHORTXHKDEtDGLFKR
'tJDQPHDKRUDHQTXpUHODFLyQHVWXYHFRQ
XVWHGHVHVWDYH]SUHJXQWyQXHYDPHQWH
<QXHYDPHQWHQRSXGLPRVFRQWHVWDU
0HKHPRVWUDGRDXVWHGHVHQXQSDSHO
FRQWHVWy 7RUWVRY SRU QRVRWURV \ XWLOLFp HO
PRQyORJR GH)tJDURFRQHVHSURSyVLWRFRQWRGDV
VXV SDODEUDV \ VXV JHVWRV 1R OHV PRVWUp HO SDSHO
HQ Vt VLQR TXH PH PRVWUp D Pt PLVPR \ D PLV
DWULEXWRV PL IRUPD FDUD JHVWRV SRVWXUDV
PDQHUDV PRYLPLHQWRV DQGDU YR] GLFFLyQ
OHQJXDMH HQWRQDFLRQHV WHPSHUDPHQWR WpFQLFD
WRGRPHQRVVHQWLPLHQWRV
3DUD ORV TXH SRVHHQ XQ H[SUHVLYR DSDUDWR
H[WHUQRORTXHKLFHUHFLpQQRVHUtDGLItFLO'HMHQ
TXH UHVXHQH OD YR] OD OHQJXD HPLWH SDODEUDV \

LPSRUWDQWH JHQHUDO VH HQFXHQWUD DFFLGHQWDOPHQWH


VROR HQ VX FDVD VLQ KDFHU QDGD 'H SXUR
DEXUULPLHQWR DOLQHy ODV VLOODV GH PDQHUD TXH
SDUHFLHUDQ VDOGDGRV GHVILODQGR /XHJR KL]R
SUROLMDV SLODV GH WRGR OR TXH KDEtD VREUH ODV
PHVDV0iVWDUGHSHQVyHQDOJRPiVELHQSLFDQWH
GHVSXpV PLUy HVWXSHIDFWR XQD SLOD GH
FRUUHVSRQGHQFLD FRPHUFLDO )LUPy DOJXQDV FDUWDV
VLQ OHHUODV ERVWH]y VH HVWLUy \ UHFRPHQ]y VXV
WRQWDVDFWLYLGDGHV
(QWRGRHOWLHPSR7RUWVRYLEDGDQGRHOWH[WR
GHOPRQyORJRFRQH[WUDRUGLQDULDFODULGDGVREUHOD
QREOH]D GH ODV SHUVRQDV GH SRVLFLyQ HOHYDGD \ OD
GHQVD LJQRUDQFLD GH WRGRV ORV GHPiV /R KL]R HQ
IRUPD IUtD H LPSHUVRQDO LQGLFDQGR HO
GHOLQHDPLHQWR H[WHUQR GH OD HVFHQD
 VLQ QLQJ~Q
HVIXHU]RSRUGDUOHYLGDRSURIXQGLGDG(QDOJXQRV
SDVDMHVLQWHUSUHWDEDHOWH[WRFRQIUDJLOLGDGWpFQLFD
HQ RWURV PDUFDED VX SRVWXUD JHVWR \ HMHFXFLyQ R
DFHQWXDED DOJ~Q SRUPHQRU HVSHFLDO GH VX
FDUDFWHUL]DFLyQ 0LHQWUDV WDQWR REVHUYDED D VX
S~EOLFR FRQ HO UDELOOR GHO RMR SDUD YHU VL OR TXH

IUDVHV FRQ FODULGDG OD SRVWXUD HV SOiVWLFD \ HO


HIHFWR WRWDO VHUi DJUDGDEOH$FWXp FRPR XQD GLYD
HQ
XQ
FDIpFRQFLHUWR
REVHUYiQGRORV
FRQVWDQWHPHQWH SDUD YHU VL OR HVWDED KDFLHQGR
ELHQ PH VHQWt XQD PHUFDQFtD IUHQWH D ORV
FRPSUDGRUHVTXHHUDQXVWHGHV
(VXQVHJXQGRHMHPSORGHFyPRQRDFWXDUD
SHVDU GHO KHFKR GH
 TXH HVWD IRUPD GH
H[KLELFLRQLVPR HV DPSOLDPHQWH XWLOL]DGD H
LQPHQVDPHQWH SRSXODU &RQWLQXy FRQ XQ WHUFHU
HMHPSOR
<DPHKDQYLVWRSUHVHQWDUPHDPtPLVPR
$KRUD OHV PRVWUDUp XQ SDSHO FRPR VL HO SURSLR
DXWRU OR SUHVHQWDUD SHUR HVWR QR VLJQLILFD TXH
YLYLUpHOSDSHO(OREMHWLYRGHHVWDUHSUHVHQWDFLyQ
QR HVWDUi HQ PLV VHQWLPLHQWRV VLQR HQ OD
SHUVRQLILFDFLyQ ODV SDODEUDV H[SUHVLRQHV
IDFLDOHVJHVWRV\DVXQWR1RFUHDUpHOSDSHO6yOR
ORSUHVHQWDUpGHPDQHUDH[WHUQD
5HSUHVHQWy XQD HVFHQD HQ OD TXH XQ

KDFtD HUD DFHSWDEOH &XDQGR HUD QHFHVDULR KDFHU


DOJXQDVSDXVDVODVDODUJDED'HODPLVPDPDQHUD
TXH ORV DFWRUHV KDFHQ FXDQGR H[SUHVDQ XQD SDUWH
ELHQ KHFKD SRU OD TXLQFXDJpVLPD YH] 3RGtD PX\
ELHQ KDEHU VLGR XQ IRQyJUDIR R XQ RSHUDGRU
FLQHPDWRJUiILFRPRVWUDQGRODPLVPDSHOtFXODKDVWD
HOLQILQLWR
$KRUD FRQWLQXy TXHGD SRU LOXVWUDU OD
PDQHUD \ PHGLRV FRUUHFWRV SDUD HVWDEOHFHU
FRQWDFWRHQWUHHOHVFHQDULR\HOS~EOLFR
0H OR KDQ YLVWR GHPRVWUDU PXFKDV YHFHV
6DEHQ TXH WUDWR VLHPSUH GH HVWDU HQ UHODFLyQ
GLUHFWD FRQ PL FRPSDxHUR GH WUDQVPLWLUOH PLV
SURSLRV VHQWLPLHQWRV DQiORJRV DO SHUVRQDMH TXH
UHSUHVHQWR (O UHVWR OD FRPSOHWD IXVLyQ GHO DFWRU
FRQVXSDSHORFXUUHDXWRPiWLFDPHQWH
$KRUD ORV SUREDUp +DUp QRWDU OD
FRPXQLFDFLyQ LQFRUUHFWD HQWUH XVWHGHV \ VXV
SDUHMDV WRFDQGR XQ WLPEUH 3RU LQFRUUHFWR TXLHUR
GHFLU TXH QR HVWiQ HQ FRQWDFWR GLUHFWR FRQ HO

REMHWR TXH HVWiQ KDFLHQGR DODUGH FRQ HO SDSHO R


FRQ XVWHGHV PLVPRV R TXH HVWiQ GHFODPDQGR VXV
OtQHDV LPSHUVRQDOPHQWH 7RGRV HVRV IHQyPHQRV
VHUiQVHxDODGRVSRUPHGLRGHXQWLPEUH
5HFXHUGHQ TXH KD\ VyOR WUHV WLSRV TXH
ORJUDUiQPLVLOHQFLRVDDSUREDFLyQ
  &RPXQLFDFLyQ GLUHFWD FRQ HO REMHWR GHO
HVFHQDULR\FRPXQLFDFLyQLQGLUHFWDFRQHOS~EOLFR
 &RPXQLyQFRQXVWHGHVPLVPRV
  &RPXQLFDFLyQ FRQ XQ REMHWR DXVHQWH R
LPDJLQDULR
/DSUXHEDFRPHQ]y
3DXO \ \R DFWXDPRV FRPR PHMRU FUHtPRV
SHUR QRV VRUSUHQGLy TXH HO WLPEUH VRQDUD SDUD
QRVRWURVFRQWDQWDIUHFXHQFLD
7RGRV ORV GHPiV IXHURQ SUREDGRV GH OD
PLVPDPDQHUD*ULVKD\6RQ\DIXHURQORV~OWLPRV

IXp FDSD] GH ORJUDU HO SURFHVR GH FRPXQLyQ


$OJXQRV VH MXVWLSUHFLDUiQ PiV DOWR HQ VXV
UHODFLRQHV FRQ VXV SDUHMDV RWURV HQ VX KDELOLGDG
SDUDFRPXOJDUFRQXQREMHWRLPDJLQDULRRFRQVLJR
PLVPRV
 \ VHUiQ pVWRV ORV TXH VH DFHUTXHQ DO
LGHDO
(Q HO VHFWRU QHJDWLYR DOJXQRV WLSRV GH
UHODFLyQHQWUHVXMHWR\REMHWRUHVXOWDQPHQRVPDORV
TXHRWURV(VSRUHMHPSORPHQRVPDORH[KLELUOD
SHUVRQLILFDFLyQ
SVLFROyJLFD
GHO
SDSHO
LPSHUVRQDOPHQWH TXH H[KLELUVH R GDU XQD
UHSUHVHQWDFLyQPHFiQLFD
,QILQLWRHVHOQ~PHURGHFRPELQDFLRQHV(Q
FRQVHFXHQFLDHVPHMRUSDUDXVWHGHVKDFHUSUiFWLFD
GH   HQFRQWUDU HQ HO HVFHQDULR HO YHUGDGHUR
REMHWR\HQWUDUHQDFWLYDFRPXQLFDFLyQFRQpO\
UHFRQRFHUORVREMHWRVIDOVRVODVUHODFLRQHVIDOVDV
\ FRPEDWLUODV 6REUH WRGR SUHVWHQ HVSHFLDO
DWHQFLyQDODFDOLGDGGHOPDWHULDOHVSLULWXDOVREUH
HOTXHEDVHQODFRPXQLFDFLyQFRQRWURV

\SHQVDPRVTXHHOGLUHFWRUWRFDUtDLQFHVDQWHPHQWH
\ VLQ HPEDUJR OR KL]R PXFKR PHQRV GH OR TXH
HVSHUiEDPRV
&XDQGROHSUHJXQWDPRVODUD]yQH[SOLFy
(VR TXLHUH GHFLU TXH ORV TXH PXFKR
DODUGHDQ HVWiQ HTXLYRFDGRV \ TXH ORV RWURV D
TXLHQHV VH FULWLFD SUXHEDQ VHU PiV FDSDFHV GH
HVWDEOHFHU HQWUH HOORV HO FRQWDFWR FRUUHFWR (Q
DPERV FDVRV HV XQ DVXQWR GH SRUFHQWDMH 3HUR OD
FRQFOXVLyQ TXH VH GHEH VDFDU HV TXH QR KD\
UHODFLyQWRWDOPHQWHFRUUHFWDQLWRWDOPHQWHHUUyQHD
(O WUDEDMR GHO DFWRU HV PL[WR KD\ HQ pO EXHQRV \
PDORVPRPHQWRV
6LIXHUDQDKDFHUXQDQiOLVLVGLYLGLUtDQORV
UHVXOWDGRV HQ SRUFHQWDMHV FHGLHQGR DO DFWRU WDQWR
SRUFRQWDFWRFRQVXSDUHMDWDQWRSRUFRQWDFWRFRQ
HOS~EOLFRWDQWRSRUGHPRVWUDUODSHUVRQLILFDFLyQ
GHO SDSHO \ WDQWR SRU PRVWUDUVH D Vt PLVPR /D
UHODFLyQ HQWUH HVRV SRUFHQWDMHV HQ HO WRWDO
GHWHUPLQD HO JUDGR GH H[DFWLWXG FRQ TXH HO DFWRU


3UREDUHPRV KR\ HO HTXLSR H[WHUQR GH
LQWHUFRPXQLFDFLyQ DQXQFLy HO GLUHFWRU 'HER
VDEHU VL HQ UHDOLGDG DSUHFLDQ ORV PHGLRV TXH
WLHQHQDGLVSRVLFLyQ3RUIDYRUVXEDQDOHVFHQDULR
VLpQWHQVH HQ SDUHMDV \ HVWDEOH]FDQ DOJ~Q
DUJXPHQWR
&RQVLGHUp TXH *ULVKD VHUtD OD SHUVRQD PiV
LQGLFDGD SDUD HQWDEODU XQD GLVFXVLyQ SRU HVR PH
VHQWpMXQWRDpO\QRSDVyPXFKRWLHPSRDQWHVGH
OHJUDUPLSURSyVLWR
7RUWVRY QRWy TXH DO H[SRQHU PLV SXQWRV D
*ULVKD XWLOL]DED ODV PDQRV FRQ PXFKD OLEHUWDG \
RUGHQyTXHPHODVYHQGDUDQ
3RUTXp"SUHJXQWp
3DUD TXH HQWLHQGD FXDQ D PHQXGR

IUDFDVDPRV DO DSUHFLDU QXHVWURV LQVWUXPHQWRV


4XLHURTXHVHFRQYHQ]DGHTXHPLHQWUDVORVRMRV
VRQHOHVSHMRGHODOPDODVPDQRVVRQORVRMRVGHO
FXHUSRH[SOLFy
$O QR SRGHU XWLOL]DU ODV PDQRV DXPHQWp OD
HQWRQDFLyQ3HUR7RUWVRYPHSLGLyTXHKDEODUDVLQ
HOHYDU OD YR] R DxDGLU LQIOH[LRQHV GH PiV 7XYH
TXHXWLOL]DUORVRMRVODH[SUHVLyQIDFLDOODVFHMDV
HOFXHOORODFDEH]D\HOWRUVR7UDWpGHUHHPSOD]DU
ORV PHGLRV GH TXH KDEtD VLGR SULYDGR )XL DWDGR
HQWRQFHVDODVLOOD\VyORPHTXHGDURQHQOLEHUWDG
ODERFDORVRtGRVODFDUD\ORVRMRV
0X\ SURQWR KDVWD pVWRV IXHURQ YHQGDGRV \
WRGR OR TXH SXGH KDFHU IXp JUXxLU OR TXH QR PH
VLUYLyGHQDGD
$ HVWD DOWXUD HO PXQGR H[WHULRU FHVy GH
H[LVWLUSDUDPt1DGDPHTXHGyH[FHSWRODYLVLyQ
LQWHULRUPLRtGRLQWHUQRPLLPDJLQDFLyQ
)XL PDQWHQLGR HQ HVH HVWDGR SRU XQ WLHPSR

$OILQKDEODFRPRXQDUWLVWDTXHDSUHFLDHO
YHUGDGHUR YDORU GH FDGD XQR GH ORV yUJDQRV GH
FRPXQLFDFLyQ 2MDOi YHDPRV DO ILQ GHVDSDUHFHU
SDUD VLHPSUH HVRV RMRV HQ EODQFR GHO DFWRU HVD
FDUD\HVDIUHQWHLQPyYLOHVHVDYR]PRQyWRQDHVH
GHFLU VLQ LQIOH[LyQ HVH FXHUSR FRQWRUVLRQDGR FRQ
OD HVSDOGD \ HO FXHOOR UtJLGR HVRV EUD]RV GH
PDGHUDHVDVPDQRV\HVRVGHGRVWLHVRVHVHDQGDU
HQFRJLGR\HVHDPDQHUDPLHQWR
(VSHUHPRV TXH QXHVWURV DFWRUHV GHGLTXHQ
WDQWR FDULxR D VXV HTXLSRV FUHDGRUHV FRPR HO
YLROLQLVWDDVXDPDGR6WUDGLYDULXVRDVX$PDWL


2tOXHJRXQDYR]TXHSDUHFLyPX\GLVWDQWH
(UD7RUWVRYTXHPHGHFtD
'HVHD TXH OH GHYXHOYD DOJ~Q yUJDQR GH
FRPXQLFDFLyQ"6LHVDVtFXiO"
7UDWpGHLQGLFDUTXHORSHQVDUtD
&yPR SRGUtD HOHJLU HO yUJDQR PiV
QHFHVDULR" /D YLVWD H[SUHVD ORV VHQWLPLHQWRV OD
SDODEUDORVSHQVDPLHQWRV/RVVHQWLPLHQWRVGHEHQ
LQIOXLU HQ ORV yUJDQRV YRFDOHV SRUTXH OD
HQWRQDFLyQGHODYR]H[SUHVDODHPRFLyQLQWHULRU\
HO RtGR WDPELpQ HV XQ JUDQ HVWtPXOR SDUD HOODV
$GHPiVGLULJHQHOXVRGHODFDUD\GHODVPDQRV
)LQDOPHQWHH[FODPpHQRMDGR
(O DFWRU QR SXHGH HVWDU OLVLDGR 'HEH
WHQHUWRGRVVXVyUJDQRV
(OGLUHFWRUPHIHOLFLWy\GLMR

0LGLILFXOWDGHVWiHQTXHGHERKDEODUOHVGH
DOJRTXHVLHQWRSHURTXHQRFRQR]FR(VDOJRTXH
KHH[SHULPHQWDGRSHURVREUHORFXDOWRGDYtDQRKH
SRGLGR IRUPXODU XQD WHRUtD 1R SRVHR IUDVHV
KHFKDVGHDQWHPDQRSDUDDOJRTXHSXHGRH[SOLFDU
VyOR SRU XQD VXJHVWLyQ \ SDUD KDFHUOHV VHQWLU SRU
XVWHGHVPLVPRVODVVHQVDFLRQHVTXHVHGHVFULEHQ
HQXQWH[WR

+HWRRNPHE\WKHZULVWDQGKHOGPHKDUG
7KHQJRHVKHWRWKHOHQJWKRIDOOKLVDUP
$QGZLWKKLVRWKHUKDQGWKXVR
HUKLVEURZ


+DVWD DKRUD KHPRV HVWDGR FRQ HO SURFHVR
GH FRPXQLyQ H[WHUQR YLVLEOH \ ItVLFR FRPHQ]y
GLFLHQGR HO GLUHFWRU 3HUR KD\ RWUR DVSHFWR
LPSRUWDQWHTXHHVLQWHUQRLQYLVLEOH\HVSLULWXDO

+HIDOOVWRVXFKSHUXVDORIP\IDFH
$VKHZRXOGGUDZLW/RQJVWD\HGKHVR
$WODVWDOLWWOHVKDNLQJRIPLQHDUP
$QG WKULFH KLV KHDG WKXV ZDYLQJ XS DQG

GRZQ
+HUDLVHGDVLJKVRSLWHRXVDQGSURIRXQG
$VLWGLGVHHPWRVKDWWHUDOOKLVEXON
$QGHQGKLVEHLQJ7KDWGRQHKHOHWVPHJR
$QGZLWKKLVKHDGRYHUKLVVKRXOGHUWXUQHG
+HVHHPHGWRILQGKLVZD\ZLWKRXWKLVH\HV
)RU RXW R
 GRRUV KH ZHQW ZLWKRXW WKHLU
KHOSV
$QGWRWKHODVWEHQGHGWKHLUOLJKWRQPH>@

3XHGHQ VHQWLU HQ HVDV OtQHDV OD FRPXQLyQ
VLQ SDODEUDV HQWUH +DPOHW \ 2IHOLD" 1R OR KDQ
H[SHULPHQWDGRHQFLUFXQVWDQFLDVVLPLODUHVFXDQGR
DOJREURWyGHXVWHGHVDOJXQDFRUULHQWHGHORVRMRV
GHODVSXQWDVGHORVGHGRVRDWUDYpVGHORVSRURV"

XQR GHO RWUR (OOD KDVWD ILQJtD QR YHUOR SHUR OR


KDFtD GH PDQHUD GH DWUDHU VX DWHQFLyQ (O
SHUPDQHFtD LQPyYLO \ OD REVHUYDED FRQ PLUDGD
VXSOLFDQWH 7UDWDED GH TXH YLHUD VX PLUDGD GH
PRGRTXHDGLYLQDUDVXVVHQWLPLHQWRVVHHVIRU]DED
SRUWRFDUVXDOPDFRQODDQWHQDLQYLVLEOH3HUROD
MRYHQRSRQtDUHVLVWHQFLDDWRGRVORVHVIXHU]RVTXH
KDFtD SRU FRPXQLFDUVH )LQDOPHQWH DOFDQ]y XQD
PLUDGD GH HOOD FXDQGR pVWD VH YROYLy XQ LQVWDQWH
KDFLDHVDGLUHFFLyQ
1R KXER SDODEUDV QL H[FODPDFLRQHV QL
H[SUHVLRQHV IDFLDOHV JHVWRV R DFFLRQHV (VR HV
FRPXQLyQ GLUHFWD LQPHGLDWD HQ VX IRUPD PiV
SXUD
/RVKRPEUHVGHFLHQFLDTXL]iWHQJDQDOJXQD
H[SOLFDFLyQ VREUH OD QDWXUDOH]D GH HVH SURFHVR
LQYLVLEOH7RGRORTXH\RSXHGRKDFHUHVGHVFULELU
ORTXHSDUWLFXODUPHQWHVLHQWR\FyPRXWLOL]RHVWDV
VHQVDFLRQHVHQPLDUWH
'HVJUDFLDGDPHQWH DO OOHJDU DTXt GHELy

4Xp QRPEUH SRGHPRV GDUOH D HVDV


FRUULHQWHV LQYLVLEOHV TXH XWLOL]DPRV SDUD
FRPXQLFDUQRV XQRV D RWURV" $OJ~Q GtD HVWH
IHQyPHQR VHUi WHPD GH LQYHVWLJDFLyQ FLHQWtILFD
0LHQWUDV WDQWR OODPpPRVODV UD\RV 9HDPRV DKRUD
TXp SRGHPRV DYHULJXDU DFHUFD GH HOODV SRU HO
HVWXGLR\DQRWDQGRQXHVWUDVSURSLDVVHQVDFLRQHV
&XDQGR HVWDPRV LQDFWLYRV HVWH SURFHVR GH
LUUDGLDFLyQ HV DSHQDV SHUFHSWLEOH 3HUR HQ HVWDGR
GH JUDQ HPRFLyQ HVWRV UD\RV WDQWR ORV HQYLDGRV
FRPR ORV UHFLELGRV VH YXHOYHQ PXFKR PiV
GHILQLGRV \ WDQJLEOHV 7DO YH] DOJXQR GH XVWHGHV
KD\D H[SHULPHQWDGR HVWDV FRUULHQWHV LQWHUQDV
GXUDQWH ORV PRPHQWRV LPSRUWDQWHV GH OD SULPHUD
UHSUHVHQWDFLyQ SUXHED FRPR HMHPSOR FXDQGR
0DUtDSLGLyD\XGDRFXDQGR.RVW\DJULWy6DQJUH
<DJR VDQJUH R GXUDQWH FXDOTXLHUD GH ORV WDQWRV
HMHUFLFLRVTXHKDQKHFKR
$\HUQRPiVIXLWHVWLJRGHXQDHVFHQDHQWUH
XQD MRYHQ \ VX QRYLR +DEtDQ GLVSXWDGR QR VH
KDEODEDQ \ HVWDEDQ VHQWDGRV OR PiV OHMRV SRVLEOH

LQWHUUXPSLUODOHFFLyQ



)XLPRV GLYLGLGRV HQ SDUHMDV \ \R PH VHQWp
FRQ *ULVKD $O LQVWDQWH HPSH]DPRV D HQYLDUQRV
PLUDGDVIXOPLQDQWHVHQIRUPDPHFiQLFD
(OGLUHFWRUQRVGHWXYR
<DHVWiQXVDQGRPHGLRVYLROHQWRVFXDQGR
HVR HV OR TXH SUHFLVDPHQWH GHELHUDQ HYLWDU HQ
SURFHVR WDQ GHOLFDGR \ VXVFHSWLEOH /DV
FRQWUDFFLRQHV PXVFXODUHV LPSHGLUiQ FXDOTXLHU
SRVLELOLGDGGHORJUDUHOSURSyVLWR
6LpQWHQVH GLMR DXWRULWDULR 0iV
7RGDYtD PiV 0iV PXFKR PiV 6LpQWHQVH HQ
SRVLFLyQ FyPRGD QDWXUDO 1R HV EDVWDQWH
GHVFDQVDGR 7DPSRFR $FRPyGHQVH FRQ
WUDQTXLOLGDG $KRUD PtUHQVH /ODPDQ D HVR

PLUDUVH" /RV RMRV VH OHV VDOHQ GH ODV yUELWDV


6XDYLFHQODPLUDGD0iV6LQWHQVLyQ
4XpHVORTXHKDFH"7RUWVRYOHSUHJXQWy
D*ULVKD
DUWH

7UDWRGHFRQWLQXDUQXHVWUDGLVFXVLyQVREUH

(VSHUD H[SUHVDU WDOHV SHQVDPLHQWRV FRQ


ODPLUDGD"8WLOLFHODVSDODEUDV\GHMHTXHORVRMRV
D\XGHQ D VX YR] 4XL]iV HQWRQFHV VHQWLUiQ ODV
PLUDGDVIXOPLQDQWHVTXHVHHVWiQODQ]DQGR
&RQWLQXDPRV FRQ QXHVWUR DUJXPHQWR (Q XQ
PRPHQWRGDGR7RUWVRYPHGLMR
'XUDQWH HVD SDXVD QRWp TXH ODQ]DED
PLUDGDV IXOPLQDQWHV < TXH XVWHG *ULVKD HVWDED
SUHSDUDGR SDUD UHFLELUODV 5HFXHUGHQ RFXUULy
GXUDQWHHVHODUJRVLOHQFLR
([SOLTXp TXH QR KDEtD SRGLGR FRQYHQFHU D
PL FRPSDxHUR GH PL SXQWR GH YLVWD \ TXH HVWDED

SUHSDUDQGRXQQXHYRDUJXPHQWR
'tJDPH 9DQ\D GLMR 7RUWVRY SXGR
VHQWLUHVDPLUDGDGH0DUtD"(VRVHUDQYHUGDGHURV
UD\RV
'LVSDURV HVR HUDQ IXp VX DJULD
UHVSXHVWD
(OGLUHFWRUVHYROYLyDPt
$GHPiV GH RtU TXLHUR TXH WUDWH GH
DEVRUEHU DOJR YLWDO GH VX FRPSDxHUR$GHPiV GH
OD FRQFLHQFLD GLVFXVLyQ H[SOtFLWD H LQWHUFDPELR
LQWHOHFWXDO GH LGHDV SXHGH VHQWLU XQ LQWHUFDPELR
SDUDOHOR GH FRUULHQWHV DOJR TXH DEVRUEH XVWHG HQ
ODPLUDGDGHpO\DVXYH]XVWHGHQYtD"
(V FRPR XQ UtR VXEWHUUiQHR TXH FRUUH
FRQWLQXDPHQWH EDMR OD VXSHUILFLH WDQWR GH ODV
SDODEUDVFRPRGHORVVLOHQFLRV\IRUPDXQDXQLyQ
LQYLVLEOHHQWUHHOVXMHWR\HOREMHWR
$KRUDTXLHURTXHKDJDXQH[SHULPHQWRPiV

6H SRQGUi HQ FRPXQLFDFLyQ FRQPLJR GLMR


WRPDQGR HO -XJDU GH *ULVKD 3yQJDVH FyPRGR
QRVHDOWHUHQRVHDSXUH\QRVHHVIXHUFH$QWHVGH
WUDWDU GH WUDQVPLWLU DOJR D RWUD SHUVRQD GHEH
SUHSDUDUHOPDWHULDO

SRUHOODSRUTXHHVLQWHOLJHQWHDFWLYDWUDEDMDGRUD
GHHVStULWXHOHYDGR

+DFHXQPRPHQWRHVWHHMHUFLFLROHSDUHFtD
FRPSOLFDGR $KRUD OR KDFH FRQ IDFLOLGDG
([DFWDPHQWH OR PLVPR SDVDUi FRQ HO SUREOHPD
SUHVHQWH'pMHPHFRPSUHQGHUVXVVHQWLPLHQWRVVLQ
SDODEUDVVyORSRUVXVRMRVRUGHQy

1R OR Vp QL PH LQWHUHVD IXp VX


UHVSXHVWD

3HURQRSXHGRSRQHUWRGRVORVPDWLFHVGH
PLV VHQWLPLHQWRV HQ OD H[SUHVLyQ GH OD PLUDGD
H[SOLTXp
6REUH HVR QDGD SRGHPRV KDFHU GLMR
SRUORWDQWRGHMHDXQODGRORVPDWLFHV
4XpTXHGDUi"SUHJXQWpGHVFRQFHUWDGR
6HQWLPLHQWRGHVLPSDWtDGHUHVSHWR3XHGH
WUDQVPLWLUORV VLQ SDODEUDV 3HUR QR SXHGH KDFHU
TXHODRWUDSHUVRQDVHSDTXHXVWHGVLHQWHVLPSDWtD

4Xp HV OR TXH WUDWR GH FRPXQLFDUOH"


SUHJXQWpD7RUWVRYPLHQWUDVORPLUDED

3RUTXpQR"
3RUTXHXVWHGILMDODYLVWDHQPt6LTXLHUH
TXH FRPSUHQGD HO VHQWLGR JHQHUDO GH VXV
VHQWLPLHQWRV GHEH H[SHULPHQWDU OR TXH WUDWD GH
WUDQVPLWLUPH
3XHGH HQWHQGHU DKRUD" 1R SXHGR
H[SUHVDU PLV VHQWLPLHQWRV FRQ PiV FODULGDG
GLMH
8VWHG PH HVWi PLUDQGR SRU DOJXQD UD]yQ
1RSXHGRVDEHUODFDXVDH[DFWDVLQSDODEUDV3HUR
DSDUWH GH HVWR VLHQWH XVWHG TXH XQD FRUULHQWH
PDQDGHXVWHGOLEUHPHQWH"

4XL]i OR KD\D H[SHULPHQWDGR HQ PLV RMRV


UHVSRQGt WUDWDQGR GH UHSHWLU OD PLVPD
VHQVDFLyQ
1R HVWD YH] XVWHG HVWi SHQVDQGR
VRODPHQWH HQ FyPR KDFHU TXH HVD FRUULHQWH IOX\D
GHXVWHG6XVP~VFXORVHVWiQWHQVRV6XFXHOOR\VX
EDUELOODHVWiQUtJLGRV\ORVRMRVHVWiQHPSH]DQGR
D GHVRUELWDUVH /R TXH \R TXLHUR GH XVWHG SXHGH
FXPSOLUOR PXFKR PiV VLPSOH \ QDWXUDOPHQWH 6L
XVWHGTXLHUHKDFHUSDUWtFLSHDRWUDSHUVRQDGHDOJR
TXH OH VXFHGH QR QHFHVLWD XVDU VXV P~VFXORV /D
VHQVDFLyQ ItVLFD GH HVWD FRUULHQWH VHUi DSHQDV
SHUFHSWLEOH SHUR OD IXHU]D TXH XVWHG SRQH GHWUiV
GH HOOD VHUi FDSD] GH DFHOHUDU HO ODWLGR GH RWUR
FRUD]yQ
0L SDFLHQFLD WHQtD XQ OtPLWH \ ILQDOPHQWH
H[FODPp
%XHQRSXHV\RQRHQWLHQGRQDGDGHORTXH
GHVHD

IDPLOLDU \ HQ WRGR FDVR GH HVR VH WUDWD HQ HVWH
PRPHQWR

(VWi ELHQ GHVFDQVH DKRUD XQ SRFR \ \R


WUDWDUp GH GHVFULELUOH OD FODVH GH VHQVDFLyQ TXH
TXLHUR TXH H[SHULPHQWH 8QR GH PLV DOXPQRV OD
FRPSDUy FRQ OD IUDJDQFLD GH OD IORU 2WUR FRQ OD
LULGLVFHQFLD GH XQ GLDPDQWH <R OR KH VHQWLGR
HVWDQGR HQ HO FUiWHU GH XQ YROFiQ FXDQGR HO DLUH
FiOLGRGHODVPDVDVtJQHDVGHOFHQWURGHODWLHUUD
OOHJDEDKDVWDPt1DGDOHVXJLHUHWRGRHVWR"
1DGDHQDEVROXWRUHSXVHREVWLQDGR
(QWRQFHV WUDWDUp GH OOHJDU KDVWD XVWHG SRU
HO PpWRGR LQYHUVR GLMR 7RUWVRY SDFLHQWHPHQWH
(VF~FKHPH
&XDQGR YR\ D XQ FRQFLHUWR \ OD P~VLFD QR
PH HPRFLRQD SLHQVR HQ RWUD IRUPD GH
HQWUHWHQLPLHQWR (OLMR XQD SHUVRQD FXDOTXLHUD GH
HQWUH HO S~EOLFR \ WUDWR GH KLSQRWL]DUOH 6L PL
YtFWLPDHVXQDKHUPRVDPXMHUWUDWRGHWUDQVPLWLUOH
PL HQWXVLDVPR 6t HO URVWUR HV GHVDJUDGDEOH OH
HQYtR Pt DYHUVLyQ (Q HVRV FDVRV SHUFLER XQD
VHQVDFLyQItVLFDELHQGHILQLGDTXL]iOHVHDDXVWHG

4Xp HV OR TXH WUDWR GH LUUDGLDUOH"


SUHJXQWp

<XVWHGORH[SHULPHQWDFDGDYH]TXHWUDWD
GHKLSQRWL]DUDRWUDSHUVRQD"SUHJXQWy3DXO

'HVSUHFLRRWUDYH]
<DKRUD"

6t SRU VXSXHVWR \ VL DOJXQD YH] WUDWy GH


UHFXUULU D OD KLSQRVLV VDEUi H[DFWDPHQWH OR TXH
TXLHURGHFLUFRQWHVWy7RUWVRY
(VR Vt PH UHVXOWD VHQFLOOR \ IDPLOLDU
GLMH\RDOLYLDGR
$FDVR \R GLMH TXH IXHUD H[WUDRUGLQDULR"
IXpODUHVSXHVWDVRUSUHQGLGDGH7RUWVRY
<R FUHt TXH VH WUDWDED GH DOJR PX\
HVSHFLDO
(VRHVORTXHVLHPSUHRFXUUHKL]RQRWDU
HOGLUHFWRU%DVWDXVDUODSDODEUDFUHDFLyQSDUD
TXH WRGRV VH SRQJDQ D DQGDU HQ ]DQFRV< DKRUD
UHSLWDPRVHOH[SHULPHQWR

4XLVLHUDDFDULFLDUPH
<DKRUD"
2WUDYH]XQVHQWLPLHQWRDPLVWRVRSHURFRQ
XQWRTXHGHLURQtD
0H VHQWt HQFDQWDGR GH YHU FyPR DFHUWDED
PLVLQWHQFLRQHV
XQtD"

3HUFLELy XVWHG HVD FRUULHQWH TXH QRV


&UHRTXHVtUHSXVHXQWDQWRLQGHFLVR

(Q QXHVWUD MHUJD OODPDPRV D HVR


LUUDGLDFLyQ(OKHFKRGHDEVRUEHUHVRVUD\RVHVHO

SURFHVRLQYHUVR9HDPRVFyPRVDOH

VXWLO\PiVSDOSDEOH

&DPELDPRVORVSDSHOHV\IXppOTXLHQWUDWy
GHFRPXQLFDUPHVXVVHQWLPLHQWRV\\RTXLHQWUDWy
GHDGLYLQDUORV

&XDQGR VH OH SLGLy TXH H[SOLFDUD PiV


GHWDOODGDPHQWHORTXHHQWHQGtDSRUJDUUDGLMR

,QWHQWH GHILQLU FRQ SDODEUDV VX VHQVDFLyQ


VXJLULyDOWHUPLQDUHOH[SHULPHQWR
7HQGUtD TXH H[SUHVDUOR UHFXUULHQGR D XQD
FRPSDUDFLyQ (V FRPR XQ WUR]R GH KLHUUR DWUDtGR
SRUXQLPiQ
(O GLUHFWRU DSUREy /XHJR PH SUHJXQWy VL
KDEtDWHQLGRFRQFLHQFLDGHOOD]RHVWDEOHFLGRHQWUH
QRVRWURVGXUDQWHHVDVLOHQFLRVDFRPXQLyQ
0HSDUHFLyTXHVtUHVSRQGt
6LXVWHGORJUDHVWDEOHFHUXQDFDGHQDODUJD
\ FRQVLVWHQWH GH VHPHMDQWHV VHQVDFLRQHV KDEUi
XVWHG FRQVHJXLGR HVR TXH OODPDPRV QRVRWURV
JDUUD < HQWRQFHV VX IDFXOWDG GH GDUVH \ GH
DEVRUEHU D OD YH] VH UREXVWHFHUi \ VH KDUi PiV

YLGDGLDULDQRQHFHVLWDPRVFRQVWDQWHPHQWHGHHVD
IXHU]D SHUR HQ HO HVFHQDULR \ VREUH WRGR FXDQGR
VH LQWHUSUHWDQ WUDJHGLDV HV XQD QHFHVLGDG +DJDQ
VLQR HVWD FRPSDUDFLyQ OD PD\RU SDUWH GH OD YLGD
HVWi GHGLFDGD D DFWLYLGDGHV VLQ LPSRUWDQFLD
OHYDQWDUVHDFRVWDUVHVHJXLUXQDUXWLQDHQVXPD\RU
SDUWHPHFiQLFD(VHQRHVPDWHULDOSDUDHOWHDWUR
0DV VH GDQ HVRV PRPHQWRV FXOPLQDQWHV GH JR]R
GHM~ELORGHSDVLyQ7DOHOPDWHULDOTXHSRGHPRV
XVDUHQHOWHDWURVLSDUDVXH[SUHVLyQWHQHPRVHVD
JDUUDLQWHUQD\H[WHUQD'HQLQJ~QPRGRTXLHUR
VLJQLILFDU XQ GHVSOLHJXH ItVLFR VLQR XQD LQWHQVD
DFWLYLGDGLQWHUQD
8Q DFWRU GHEH DSUHQGHU D VHQWLUVH
DEVRUELGR SRU DOJ~Q SUREOHPD GH FUHDFLyQ
LQWHUHVDQWHHQHOWHDWUR<VLSXHGHGHGLFDUWRGDVX
DWHQFLyQ \ VXV IDFXOWDGHV FUHDGRUDV D HOOR
FRQVHJXLUiHVDYHUGDGHUDJDUUD
< DKRUD TXLHUR FRQWDUOHV XQD DQpFGRWD GH
XQ GRPHVWLFDGRU GH DQLPDOHV 7HQtD OD FRVWXPEUH
GHYLDMDUDOIULFDSDUDWUDHUPRQRVDORVFXDOHV

(VORPLVPRTXHWLHQHXQSHUUREXOOGRJHQ
VX PDQGtEXOD /RV DFWRUHV QHFHVLWDPRV GH HVH
PLVPRSRGHUGHDWUDHUFRQODPLUDGD\FRQWRGRV
QXHVWURV VHQWLGRV 6L XQ DFWRU GHEH HVFXFKDU TXH
OR KDJD FRQ WRGD LQWHQFLyQ VL ROHU GHEH KDFHUOR
FRQ WRGD FDSDFLGDG ROIDWLYD VL PLUDU GHEH
HPSOHDU i IRQGR VXV RMRV FODUR TXH WRGR HVWR
GHEH OOHYDUVH D FDER VLQ WHQVLyQ PXVFXODU
VXSHUIOXD
&XDQGR LQWHUSUHWp DTXHOOD HVFHQD GH
2WHORWXYHDOJRGHJDUUD"SUHJXQWp
+XER XQR R GRV PRPHQWRV DGPLWLy
7RUWVRY SHUR VRQ GHPDVLDGR SRFRV 7RGR HO
SDSHOQHFHVLWDHVDIXHU]D\VLELHQSDUDXQSDSHO
VHQFLOORHVDIXHU]DSXHGHQRSDVDUGHFRP~QSDUD
XQDREUDGH6KDNHVSHDUHGHEHVHUDEVROXWD(QOD

OXHJRDPDHVWUDED6HFD]DEDXQDEXHQDSRUFLyQGH
PRQRV \ OXHJR HOHJtD GH HQWUH HOORV ORV PiV
SURPLVRULRV SDUD VX WUDEDMR < FyPR HIHFWXDED
HVDVHOHFFLyQ"7RPDEDXQPRQRSRUYH]\WUDWDED
GH LQWHUHVDUOR HQ DOJ~Q REMHWR XQ SDxXHOR
EULOODQWH SRU HMHPSOR TXH KDFtD RQGHDU DQWH VX
YLVWD R DOJ~Q MXJXHWH TXH SXGLHUD OODPDUOH OD
DWHQFLyQ SRU HO FRORULGR R HO VRQLGR &XDQGR OD
DWHQFLyQGHODQLPDOVHKDEtDFHQWUDGRHQHOREMHWR
HO GRPHVWLFDGRU WUDWDED GH GLVWUDHUOR
SUHVHQWiQGROH RWURV REMHWRV FRPR FLJDUULOORV R
QXHFHV 6L FRQVHJXtD TXH HO PRQR WUDQVILULHUD VX
DWHQFLyQGHXQREMHWRDRWURORGHVFDUWDED6LSRU
HOFRQWUDULRKDOODEDTXHHUDLPSRVLEOHGLVWUDHUDO
DQLPDOGHOSULPHUREMHWRTXHPRWLYDEDVXLQWHUpV
\ TXH KDFtD XQ HVIXHU]R SRU UHWHQHU HO REMHWR
FXDQGR VH OR TXLWDEDQ HQWRQFHV OR FRPSUDED 6X
HOHFFLyQ HYLGHQWHPHQWH HVWDED EDVDGD HQ OD
IDFXOWDG GHO PRQR GH DSUHKHQGHU XQ REMHWR \
PDQWHQHUORGHQWURGHVXDWHQFLyQ
$Vt HV FRPR FRQ IUHFXHQFLD QRVRWURV
SURFHGHPRV D MX]JDU OD FDSDFLGDG GH ORV

HVWXGLDQWHV HQ FXDQWR D DWHQFLyQ \ KDELOLGDG SDUD


PDQWHQHUVHHQFRQWDFWRXQRVFRQRWURVPHGLDQWHOD
IXHU]D\ODFRQWLQXLGDGGHVXDWUDFFLyQ



(O GLUHFWRU HPSH]y VX OHFFLyQ GH KR\
GLFLHQGR 6LHQGR HVWDV FRUULHQWHV WDQ
LPSRUWDQWHV SDUD OD UHODFLyQ HQWUH DFWRUHV
SXHGHQDFDVRFRQWURODUVHWpFQLFDPHQWH"3XHGHQ
SURGXFLUVHFRQIRUPHDQXHVWURVGHVHRV"
$TXt QXHYDPHQWH HVWDPRV DQWH OD VLWXDFLyQ
GHWHQHUTXHWUDEDMDUGHVGHDIXHUDFXDQGRQXHVWURV
GHVHRV QR OOHJDQ HVSRQWiQHDPHQWH GHVGH DGHQWUR
$IRUWXQDGDPHQWH H[LVWH XQ OD]R RUJiQLFR HQWUH
FXHUSR\HVStULWX\VXOD]RHVWDQJUDQGHTXHWRGR
OR SXHGH VDOYR GHYROYHU OD YLGD D ORV PXHUWRV
3LHQVHQ HQ XQ KRPEUH TXH DSDUHQWHPHQWH PXHUH
SRU DVIL[LD 6X SXOVR VH KD GHWHQLGR \ QR WLHQH
FRQRFLPLHQWR0HGLDQWHHOHPSOHRGHPRYLPLHQWRV

&XDQGR GRPLQp HO HMHUFLFLR UHVWULQJLy XQR WUDV


RWUR PLV PHGLRV GH H[SUHVLyQ SDODEUDV JHVWRV
HWFpWHUD KDVWD TXH PH YL REOLJDGR D FRQWLQXDU PL
FRPXQLyQFRQpOPHGLDQWHHOHQYtR\ODUHFHSFLyQ
GHUD\RV
'HVSXpV PH KL]R UHSHWLU HO SURFHVR GH
PDQHUD SXUDPHQWH PHFiQLFD \ ItVLFD VLQ SHUPLWLU
TXH SDUWLFLSDUD QLQJ~Q VHQWLPLHQWR 0H OOHYy
WLHPSR VHSDUDUORV XQR GH RWUR \ FXDQGR OR ORJUp
PHSUHJXQWyFyPRPHVHQWtD
&RPR XQD ERPED TXH WUDEDMD SDUD HFKDU
DLUH\QDGDPiVGLMH6HQWtDODVFRUULHQWHVTXH
PDQDEDQ KDFLD XVWHG SULQFLSDOPHQWH D WUDYpV GH
PLV RMRV \ WDO YH] GH OD SDUWH GH PL FXHUSR PiV
SUy[LPRDXVWHG
&RQWLQ~HHQWRQFHVYROFDQGRHVDFRUULHQWH
GH PDQHUD SXUDPHQWH ItVLFD \ PHFiQLFD WDQWR
FRPROHVHDSRVLEOHRUGHQy
3RFRWLHPSRGHVSXpVUHQXQFLDED\RDORTXH

PHFiQLFRV VH IXHU]D D VXV SXOPRQHV D IXQFLRQDU


FRQORTXHVHUHPLGDODFLUFXODFLyQGHODVDQJUH\
ORV yUJDQRV UHWRPDQ VXV KDELWXDOHV IXQFLRQHV GH
PRGR TXH OD YLGD HV GHYXHOWD D HVWH KRPEUH
SUiFWLFDPHQWHPXHUWR
0HGLDQWHHOHPSOHRGHPHGLRVDUWLILFLDOHV
QRVRWURV KDFHPRV XVR GHO PLVPR SULQFLSLR
$\XGDVH[WHULRUHVHVWLPXODQHOSURFHVRLQWHUQR<
DKRUD SHUPtWDQPH TXH OHV PXHVWUH FyPR HPSOHDU
HVWRVUHFXUVRV
7RUWVRY VHQWyVH IUHQWH D Pt \ PH SLGLy TXH
HOLJLHUD XQ REMHWR FRQ EDVH LPDJLQDWLYD
DSURSLDGD\TXHVHORWUDQVPLWLHUD3HUPLWLySDUD
HOOR HO HPSOHR GH SDODEUDV JHVWRV \ H[SUHVLRQHV
IDFLDOHV
(VWR OOHYy PXFKR WLHPSR KDVWD TXH
ILQDOPHQWH FRPSUHQGt OR TXH TXHUtD \ ORJUp
FRPXQLFDUPH FRQ pO 3HUR PH UHWXYR SRU DOJ~Q
WLHPSR REVHUYDQGR \ DFRVWXPEUiQGRPH DO
DFRPSDxDPLHQWR GH ODV VHQVDFLRQHV ItVLFDV

OODPpXQSURFHGLPLHQWRSHUIHFWDPHQWHGHVSURYLVWR
GHVHQWLGR
3RU TXp HQWRQFHV QR SXVR DOJ~Q VHQWLGR
HQpO"SUHJXQWy1RHVWDEDQVXVVHQWLPLHQWRV
FODPDQGR SRU YHQLU HQ VX D\XGD \ VX PHPRULD
HPRWLYDVXJLULHQGRDOJXQDH[SHULHQFLDTXHSXGLHUD
XWLOL]DUFRPRPDWHULDOSDUDODFRUULHQWHTXHHVWDED
HQYLDQGR"
(V FODUR TXH VL HVWXYLHUD REOLJDGR D
FRQWLQXDUFRQHVWHHMHUFLFLRPHFiQLFRVHUtDGLItFLO
QR XWLOL]DU DOJR TXH PRWLYDUD PL DFFLyQ
1HFHVLWDUtDSDUDHOORDOJXQDVEDVHV
3RUTXpQRWUDQVPLWHORTXHVLHQWHHQHVWH
PLVPR PRPHQWR GHVHVSHUDFLyQ LPSRWHQFLD R
EXVFDDOJXQDRWUDVHQVDFLyQ"VXJLULy7RUWVRY
7UDWpGHWUDQVPLWLUOHTXHPHVHQWtDYHMDGR\
H[DVSHUDGR
0LVRMRVSDUHFtDQGHFLU

'pMHPH WUDQTXLOR TXLHUH" 3RU TXp


SHUVLVWLU"3RUTXpWRUWXUDUPH"
&yPR VH VLHQWH DKRUD" SUHJXQWy
7RUWVRY
(VWD YH] PH VLHQWR FRPR VL OD ERPED
H[SHOLHUDDOJRPiVTXHDLUH
'H PRGR TXH VX HPDQDFLyQ ItVLFD GH
UD\RVWDQVLQVHQWLGRDGTXLULyGHVSXpVGHWRGRXQ
VLJQLILFDGR\XQSURSyVLWR
/XHJRFRQWLQXyFRQRWURVHMHUFLFLRVEDVDGRV
HQ ORV UD\RV UHFHSWRUHV (UD HO SURFHGLPLHQWR
LQYHUVR \ GHVFULELUp VyOR XQ SXQWR QXHYR DQWHV
TXHSXGLHUDDEVRUEHUQDGDGHpOWHQtDTXHVHQWLU
SRU PHGLR GH PLV RMRV OR TXH TXHUtD TXH \R
H[WUDMHVHGHpO(VWRH[LJLyXQDE~VTXHGDDWHQWD
WDQWHDQGR PL FDPLQR HQ VX HVWDGR GH iQLPR \
HQWUDQGRHQFLHUWRPRGRHQFRQWDFWRFRQpO
1R HV WDQ VHQFLOOR KDFHU SRU PHGLRV
WpFQLFRVORTXHHQODYLGDGLDULDVHUHDOL]DQDWXUDO

(VWiQ ORV GRV WLSRV GH HMHUFLFLRV TXH


DFDEDPRV GH KDFHU HO SULPHUR OHV HQVHxD D
HVWLPXODU XQ VHQWLPLHQWR TXH XVWHGHV WUDQVPLWHQ D
RWUD SHUVRQD 0LHQWUDV KDFHQ HVWR QRWDQ ODV
VHQVDFLRQHV ItVLFDV TXH OR DFRPSDxDQ
6LPLODUPHQWH DSUHQGHQ D UHFRQRFHU OD VHQVDFLyQ
GHDEVRUEHUVHQWLPLHQWRVGHRWURV
(O VHJXQGR FRQVLVWH HQ XQ HVIXHU]R SRU
VHQWLU OD PHUD VHQVDFLyQ ItVLFD GH ODQ]DU \
DEVRUEHU VHQWLPLHQWRV VLQ DFRPSDxDPLHQWR GH OD
H[SHULHQFLD HPRWLYD 3DUD pVWD HV LPSHUDWLYD XQD
JUDQ FRQFHQWUDFLyQ GH DWHQFLyQ 'H RWUR PRGR
SRGUtDQIiFLOPHQWHFRQIXQGLUHVDVVHQVDFLRQHVFRQ
ODV FRQWUDFFLRQHV PXVFXODUHV FRPXQHV 6L DVt
RFXUUH HOLMDQ DOJ~Q VHQWLPLHQWR LQWHULRU TXH
GHVHHQ LUUDGLDU 3HUR VREUH WRGR HYLWHQ OD
YLROHQFLD\ODFRQWRUVLyQItVLFD/DLUUDGLDFLyQROD
DEVRUFLyQGHODVHPRFLRQHVGHEHWHQHUOXJDUIiFLO
OLEUH \ QDWXUDOPHQWH \ VLQ QLQJXQD SpUGLGD GH
HQHUJtD
3HURQRKDJDQHVRVHMHUFLFLRVVRORVRFRQ

H LQWXLWLYDPHQWH GLMR 7RUWVRY 1R REVWDQWH


SXHGRGDUOHVHOFRQVXHORGHTXHFXDQGRHVWpQHQHO
HVFHQDULRUHSUHVHQWDQGRXQSDSHOHVWHSURFHVRVH
ORJUDUiPXFKRPiVIiFLOPHQWHTXHHQXQHMHUFLFLR
HQODFODVH
/D UD]yQ HV TXH SDUD QXHVWUR SURSyVLWR
DFWXDO GHEH MXQWDUVH PDWHULDO GLVSHUVR SDUD
XWLOL]DU PLHQWUDV TXH HQ HO HVFHQDULR WRGDV ODV
FLUFXQVWDQFLDV GDGDV KDQ VLGR SUHSDUDGDV \ OLVWDV
SDUDTXHDXQDVHxDOVDOJDQDODVXSHUILFLH7RGR
OR TXH VH QHFHVLWD HV XQ OLEUH HVWtPXOR \ ORV
VHQWLPLHQWRVSUHSDUDGRVSDUDHOSDSHOEURWDUiQHQ
FRUULHQWHFRQWLQXD\HVSRQWiQHD
&XDQGR KDFHQ XQ VLIyQ SDUD YDFLDU DOJ~Q
UHFLSLHQWH H[WUDHQ HO DLUH GH XQD YH] \ HO DJXD
VXEHSRUVtVROD/RPLVPROHVSDVDDXVWHGHVGHQ
ODVHxDODEUDQHOFDPLQR\ORVUD\RV\FRUULHQWHV
IOXLUiQ
&XDQGR OH SHGLPRV TXH GHVDUUROODUD HVD
KDELOLGDGSRUPHGLRGHHMHUFLFLRVGLMR

XQDSHUVRQDLPDJLQDULD8WLOLFHQVLHPSUHXQREMHWR
YLYRTXHHQUHDOLGDGHVWHFRQXVWHGHV\TXHDVX
YH] GHVHH FDPELDU VHQWLPLHQWRV FRQ XVWHGHV /D
FRPXQLyQ GHEH VHU PXWXD 7DPSRFR SUXHEHQ HVRV
HMHUFLFLRV H[FHSWR EDMR OD VXSHUYLVLyQ GH PL
DVLVWHQWH 1HFHVLWDQ GH VX PLUDGD H[SHUWD SDUD
YLJLODUTXHQRVHHTXLYRTXHQ\FRUUDQHOSHOLJURGH
FRQIXQGLU OD WHQVLyQ PXVFXODU FRQ HO SURFHVR
FRUUHFWR
4XpGLItFLOSDUHFHH[FODPp
'LItFLO KDFHU DOJR TXH HV QRUPDO \
QDWXUDO" GLMR 7RUWVRY (VWiQ HTXLYRFDGRV
7RGR OR QRUPDO SXHGH VHU KHFKR IiFLOPHQWH (V
PXFKR PiV GLItFLO KDFHU DOJR FRQWUDULR D OD
QDWXUDOH]D(VWXGLHQVXVOH\HV\QRWUDWHQGHKDFHU
QDGDTXHQRVHDQDWXUDO
7RGDVODVSULPHUDVHWDSDVGHQXHVWUDODERU
OHV SDUHFLHURQ GLItFLOHV OD UHODMDFLyQ GH ORV
P~VFXORV OD FRQFHQWUDFLyQ GH OD DWHQFLyQ \ HO
GHVFDQVR\VLQHPEDUJRDKRUDVHKDQFRQYHUWLGR

HQXQDVHJXQGDQDWXUDOH]DGHXVWHGHV
'HELHUDQ VHQWLUVH IHOLFHV SRU KDEHU
HQULTXHFLGR HO HTXLSR WpFQLFR PHGLDQWH HVH
LPSRUWDQWHHVWtPXORSDUDODFRPXQLyQ


/D SULPHUD VXJHVWLyQ TXH HO GLUHFWRU KL]R
GHVSXpVGHYHUHOJUDQOHWUHUR$'$37$&,1TXH
VX DVLVWHQWH KDEtD FRORFDGR IXp SDUD 9DQ\D 'Ly
HVWHSUREOHPD

&DStWXOR;,
$GDSWDFLyQ

WUXFRV 3HUR GHVSXpV TXH KXER HMHFXWDGR DOJXQDV


WUDYHVXUDV WURSH]y \ ODQ]y XQ JULWR GH GRORU 6H
GHWXYR FRPR FODYDGR HQ HO VXHOR FRQ XQD SLHUQD
HQDOWR\ODFDUDHQFRJLGDSRUHOGRORU

6XJHUt TXH ILQJLHUD HVWDU WULVWH SHQVDWLYR


GHSULPLGR R HQIHUPR (QWRQFHV WRGRV OH
SUHJXQWDUtDQ4XpWHRFXUUH"<HVROHRIUHFHUtD
OD RSRUWXQLGDG GH WUDPDU DOJXQD KLVWRULD TXH QRV
REOLJDUtDDFUHHUTXHHQUHDOLGDGHVWDEDHQIHUPR\
DGHMDUOHLUVHDVXFDVD

$OSULQFLSLRFUHtPRVTXHHVWDEDKDFLpQGRQRV
XQD EURPD \ TXH HVR HUD SDUWH GH VX DUJXPHQWR
3HUR ODV DSDULHQFLDV LQGLFDEDQ XQ GRORU WDQ
JHQXLQR TXH FUHt HQ pO \ HVWXYH D SXQWR GH LU D
D\XGDUOR FXDQGR VHQWt XQD SHTXHxD GXGD \ FUHt
SHUFLELU HQ OD IUDFFLyQ GH XQ VHJXQGR XQ JXLxR
PDOLFLRVRHQVXPLUDGDSRUORTXHSHUPDQHFtFRQ
HO GLUHFWRU PLHQWUDV WRGRV ORV RWURV LEDQ HQ VX
D\XGD 6H QHJy D SHUPLWLU TXH DOJXQR GH HOORV OH
WRFDUDODSLHUQD7UDWyGHDSR\DUODSHURJLPLyFRQ
WDQWR GRORU TXH 7RUWVRY \ \R QRV PLUDPRV FRPR
GLFLHQGRHVpVWRFLHUWRRHVEURPD")LQDOPHQWH
D\XGDURQ D 9DQ\D D VDOLU GHO HVFHQDULR FRQ JUDQ
GLILFXOWDG VRVWHQLpQGROR SRU ODV D[LODV PLHQWUDV
pVWHVHDSR\DEDHQODSLHUQDVDQD

(VR HV H[FODPy 9DQ\D DOHJUHPHQWH \


SURFHGLy D H[DPLQDU GHWHQLGDPHQWH XQD VHULH GH

'H SURQWR 9DQ\D VH HFKy D EDLODU


YHUWLJLQRVDPHQWH

'HVHD LU D XQ GHWHUPLQDGR OXJDU (O WUHQ


VDOHDODVFDWRUFHKRUDVIDOWDXQDKRUD&yPRVH
DUUHJODUiSDUDVDOLUDQWHVGHTXHODFODVHWHUPLQH"
6XGLILFXOWDGHVWDUiHQODQHFHVLGDGGHHQJDxDUQR
VyORDPtVLQRDWRGRVVXVFRPSDxHURV&yPROR
KDUtD"

4Xp JUDQGH 4XH PDQHUD GH VXIULU


GLMRVRQULHQGR
)Xp SUHPLDGR FRQ XQD RYDFLyQ \ XQD YH]
PiV PH FRQYHQFt GH VXV YHUGDGHUDV GRWHV GH
DUWLVWD
6DEHQ SRU TXp OR KDQ DSODXGLGR"
SUHJXQWy HO GLUHFWRU 3RUTXH HQFRQWUy OD
FRUUHFWD DGDSWDFLyQ D ODV FLUFXQVWDQFLDV
HVWDEOHFLGDV \ OOHYy D OD SUiFWLFD SOHQD \
H[LWRVDPHQWHVXSURSyVLWR
8WLOL]DUHPRV HVWD SDODEUDDGDSWDFLyQ GH
DKRUDHQDGHODQWHSDUDVLJQLILFDUWDQWRORVPHGLRV
KXPDQRV LQIHUQRV FRPR ORV H[WHUQRV TXH OD
JHQWH XWLOL]D SHUD DMXVWDUVH XQRV D RWURV HQ
YDULHGDG GH UHODFLRQHV \ WDPELpQ FRPR D\XGD
SDUDDOFDQ]DUXQREMHWR
0iV WDUGH H[SOLFy OR TXH TXHUtD GHFLU SRU
DMXVWDUVHRFRQIRUPDUVHDXQSUREOHPD
(VORTXH9DQ\DDFDEDGHKDFHU$ILQGH

WDPELpQGHREWHQHUVXD\XGD"
'HERDVHJXUDUPHVXDWHQFLyQ\FRQWURODUOD
&yPR SXHGR UHIRU]DUOD \ DXPHQWDUOD \ VDFDU
SDUWLGRGHOHVFDVRFRQWDFWRHQWUHQRVRWURV"&yPR
SXHGRLQIOXLUHQXVWHGDILQGHTXHWRPHXQDDFWLWXG
IDYRUDEOH KDFLD Pt" &yPR SXHGR OOHJDU KDVWD VX
PHQWH VXV VHQWLPLHQWRV VX DWHQFLyQ H
LPDJLQDFLyQ" &yPR SXHGR WRFDU HO DOPD PLVPD
GHSHUVRQDWDQLQIOX\HQWH"
6tWDQVyORSXGLHUDVXVFLWDUHQVXPHQWHXQ
FXDGUR TXH GH DOJXQD PDQHUD VH DSUR[LPDUD D OD
WHUULEOH UHDOLGDG GH PLV FLUFXQVWDQFLDV Vp
SRVLWLYDPHQWH TXH VX LQWHUpV VH GHVSHUWDUtD 0H
PLUDUtD FRQ PiV DWHQFLyQ VX FRUD]yQ VH
FRQPRYHUtD 3HUR SDUD DOFDQ]DU HVWR GHER
SHQHWUDU HQ HO VHU GH HVD RWUD SHUVRQD VHQWLU VX
YLGDDGDSWDUPHDHOOD
$ OR TXH DVSLUDPRV HQ SULPHU OXJDU DO
XWLOL]DU WDOHV PHGLRV HV D H[SUHVDU QXHVWURV
HVWDGRV GH iQLPR \ GH FRUD]yQ HQ IRUPD PiV

VDOLU GH VXV FODVHV PiV WHPSUDQR KD XVDGR GH XQ


DUGLG XQ HQJDxR SDUD D\XGDUVH D UHVROYHU OD
VLWXDFLyQHQTXHVHHQFRQWUDED
6LJQLILFD HQWRQFHV TXH OD DGDSWDFLyQ HV
XQHQJDxR"SUHJXQWy*ULVKD
(Q FLHUWR PRGR Vt HQ RWUR HV OD LQWHQVD
H[SUHVLyQGHVHQWLPLHQWRVRSHQVDPLHQWRVLQWHUQRV
WHUFHURSXHGHOODPDUKDFLDXVWHGODDWHQFLyQGHOD
SHUVRQDFRQTXLHQGHVHDHVWDUHQFRQWDFWRFXDUWR
SXHGH SUHSDUDU D VX FRPSDxHUR SRQLpQGROR HQ
HVWDGR GH iQLPR GH UHVSRQGHUOH TXLQWR SXHGH
WUDQVPLWLU FLHUWRV PHQVDMHV LQYLVLEOHV TXH VyOR VH
SXHGHQ VHQWLU SHUR QR WUDGXFLU HQ SDODEUDV <
SRGUtDFLWDUPXFKDVSRVLEOHVIXQFLRQHVSRUTXHVX
YDULHGDG\H[WHQVLyQVRQLQILQLWDV
7RPHQ HVWH HMHPSOR 6XSRQJDQ TXH XVWHG
.RVW\DWLHQHXQDJUDQSRVLFLyQ\\RGHERSHGLUOH
XQIDYRU'HERFRQVHJXLUVXD\XGD3HURXVWHGQR
PH FRQRFH &yPR SXHGR KDFHU SDUD TXH PH
GLVWLQJD GH HQWUH ORV PXFKRV RWURV TXH WUDWDQ

HORFXHQWH +D\ VLQ HPEDUJR FLUFXQVWDQFLDV


FRQWUDVWDQWHVHQODVTXHKDFHPRVXVRGHHOORVSDUD
HVFRQGHU R GLVIUD]DU QXHVWUDV VHQVDFLRQHV 7RPHQ
SRUHMHPSORXQDSHUVRQDVHQVLWLYD\RUJXOORVDTXH
WUDWD GH DSDUHFHU DPDEOH SDUD HVFRQGHU VXV
VHQWLPLHQWRV KHULGRV 2 XQ ILVFDO TXH VH HPER]D
PX\LQWHOLJHQWHPHQWHWUDVYDULRVVXEWHUIXJLRVSDUD
YHODU VX YHUGDGHUR REMHWR GH H[DPLQDU D XQ
FULPLQDO
3RGHPRV UHFXUULU D PpWRGRV GH DGDSWDFLyQ
GH WRGDV ODV IRUPDV GH FRPXQLyQ KDVWD FRQ
QRVRWURVPLVPRVSRUTXHQHFHVDULDPHQWHGHEHPRV
WHQHUHQFXHQWDHOHVWDGRGHiQLPRHQTXHHVWDPRV
HQFXDOTXLHUPRPHQWRGDGR
3HURGHVSXpVGHWRGRDUJX\y*ULVKD
ODV SDODEUDV H[LVWHQ SDUD H[SUHVDU WRGDV HVDV
FRVDV
6XSRQH XVWHG TXH ODV SDODEUDV SXHGHQ
H[SUHVDUSOHQDPHQWHORVPDWLFHVPiVVXWLOHVGHODV
HPRFLRQHVTXHH[SHULPHQWD"1R&XDQGRHVWDPRV

HQ FRPXQLyQ FRQ RWUR ODV SDODEUDV QR EDVWDQ 6L


TXHUHPRV SRQHU YLGD HQ HOODV GHEHPRV SURGXFLU
VHQWLPLHQWRV /OHQDQ ORV HVSDFLRV HQ EODQFR
GHMDGRV SRU ODV SDODEUDV \ FRPSOHWDQ OR TXH KD
TXHGDGRVLQGHFLU
(QWRQFHV FXDQWR PD\RU VHD OD FDQWLGDG
GHPHGLRVXWLOL]DGDPiVLQWHQVD\FRPSOHWDVHUiOD
FRPXQLyQFRQODRWUDSHUVRQD"VXJLULyDOJXLHQ
1R HV FXHVWLyQ GH FDQWLGDG VLQR GH
FDOLGDGH[SOLFyHOGLUHFWRU
<R SUHJXQWp TXp FXDOLGDGHV VH DGDSWDEDQ
PHMRUHQHOHVFHQDULR
+D\ PXFKRV WLSRV IXp VX UHVSXHVWD
&DGD DFWRU WLHQH VXV DWULEXWRV HVSHFLDOHV 6RQ
RULJLQDOHV GH pO VXUJHQ GH GLVWLQWDV IXHQWHV \ VX
YDORU YDUtD +RPEUHV PXMHUHV DQFLDQRV QLxRV
JHQWH RVWHQWRVD PRGHVWD FROpULFRV DPDEOHV
LUULWDEOHV \ WUDQTXLORV WRGRV SRVHHQ VXV WLSRV
SHFXOLDUHV &DGD FDPELR GH FLUFXQVWDQFLD

&RQRFHUiQ D DFWRUHV TXH D SHVDU GH HVWDU


GRWDGRV GH PDJQtILFRV SRGHUHV GH H[SUHVLyQ HQ
WRGDVODVIDVHVGHODVHPRFLRQHVKXPDQDV\GHORV
PHGLRVGHXWLOL]DUORVGHPDQHUDEXHQD\FRUUHFWD
VyOR VRQ FDSDUHV GH WUDQVPLWLU WRGR HVWR IUHQWH D
SRFDV SHUVRQDV HQ OD LQWLPLGDG GH ORV HQVD\RV
PLHQWUDVTXHIUHQWHDOS~EOLFRHQTXHVXVPHGLRV
GHELHUDQ DFUHFHQWDUVH HQ LQWHQVLGDG SDOLGHFHQ \
GHFDHQ \ QR OOHJDQ D ODV FDQGLOHMDV HQ IRUPD
VXILFLHQWHPHQWHHIHFWLYD\WHDWUDO
+D\ RWURV DFWRUHV TXH SRVHHQ HO SRGHU GH
KDFHU DGDSWDFLRQHV LQWHQVDV SHUR QR PXFKDV <
SRUTXH FDUHFHQ GH YDULHGDG VXV HIHFWRV SLHUGHQ
IXHU]D\DJXGH]D
)LQDOPHQWH KD\ DFWRUHV D TXLHQHV OD
QDWXUDOH]D KD PDOWUDWDGR GRWiQGRORV GH SRGHUHV
GH DGDSWDFLyQ PRQyWRQRV H LQVtSLGRV DXQTXH
FRUUHFWRV1XQFDSRGUiQDOFDQ]DUODSULPHUDOtQHD
HQVXSURIHVLyQ
6L WRGD OD JHQWH HQ ORV FDUULOHV RUGLQDULRV

GHFRUDFLyQ OXJDU GH DFFLyQ WLHPSR WUDH VX


FRUUHVSRQGLHQWH DGDSWDFLyQ < HVD DGDSWDFLyQ HV
GLVWLQWD FXDQGR FDH OD QRFKH \ VH HVWi VROR D
FXDQGRHVSOHQRGtD\VHHVWiHQS~EOLFR&XDQGR
VHOOHJDDXQSDtVH[WUDQMHURVHEXVFDQODVIRUPDV
GH DGDSWDFLyQ DSURSLDGDV DO DPELHQWH
FLUFXQVWDQFLDO
&DGDVHQWLPLHQWRTXHH[SUHVDQPLHQWUDVVH
HVWiH[SUHVDQGRUHTXLHUHXQDIRUPDLQWDQJLEOHGH
DGDSWDFLyQ WRWDOPHQWH SURSLD 7RGRV ORV WLSRV GH
UHODFLyQ FRPR SRU HMHPSOR FRPXQLFDFLyQ GH XQ
JUXSRFRQXQREMHWRLPDJLQDULRSUHVHQWHRDXVHQWH
UHTXLHUH DGDSWDFLRQHV SHFXOLDUHV D FDGD XQR
8WLOL]DPRV QXHVWURV FLQFR VHQWLGRV \ WRGRV ORV
HOHPHQWRV GH QXHVWUR FDUiFWHU LQWHUQR \ H[WHUQR
SDUD FRPXQLFDUQRV (QYLDPRV UD\RV \ ORV
UHFLELPRV XVDPRV QXHVWURV RMRV \ H[SUHVLyQ
IDFLDO YR] \ HQWRQDFLyQ QXHVWUDV PDQRV QXHVWURV
GHGRV WRGR QXHVWUR FXHUSR \ HQ FDGD FDVR
KDFHPRVFXDOTXLHUDGDSWDFLyQFRUUHVSRQGLHQWHTXH
VHDQHFHVDULD

GH OD YLGD QHFHVLWD \ XWLOL]D JUDQ YDULHGDG GH


DGDSWDFLRQHVORVDFWRUHVQHFHVLWDQPD\RUQ~PHUR
WRGDYtD SRUTXH GHEHQ HVWDU HQ FRQVWDQWH FRQWDFWR
FRQ ORV GHPiV \ SRU OR WDQWR HVWDU DGDSWiQGRVH
LQFHVDQWHPHQWH (Q WRGRV ORV HMHPSORV TXH KH
GDGR OD FDOLGDG GH OD DGDSWDFLyQ MXHJD XQ JUDQ
SDSHO LQWHQVLGDG FRORULGR DXGDFLD GHOLFDGH]D
PDWLFHV\JXVWR
/R TXH 9DQ\D KL]R SDUD QRVRWURV IXp
LQWHQVR DO SXQWR GH TXH SXHGH FDOLILFDUVH GH
DXGDFLD 3HUR KD\ RWURV PHGLRV GH DGDSWDFLyQ
9HDPRV 6RQ\D *ULVKD \ 9DVVLOL VXEDQ DO
HVFHQDULR \ UHSUHVHQWHQ SDUD Pt HO HMHUFLFLR GHO
GLQHURTXHPDGR
6RQ\D VH SXVR GH SLH PiV ELHQ
OiQJXLGDPHQWH FRQ H[SUHVLyQ GHSULPLGD HQ HO
VHPEODQWH DJXDUGDQGR DSDUHQWHPHQWH D TXH ORV
GRV KRPEUHV VLJXLHUDQ VX HMHPSOR 3HUR HOORV
SHUPDQHFLHURQ VHQWDGRV 6LJXLy XQ VLOHQFLR
HPEDUD]RVR

4XpSDVD"SUHJXQWy7RUWVRY
1LQJXQRFRQWHVWy\pOHVSHUySDFLHQWHPHQWH
$OILQ6RQ\DQRSXGRVRSRUWDUSRUPiVWLHPSRHO
VLOHQFLR \ VH GHFLGLy D KDEODU 3DUD VXDYL]DU VXV
REVHUYDFLRQHV XWLOL]y DOJXQRV VXEWHUIXJLRV
IHPHQLQRV VDEHGRUD GH TXH JHQHUDOPHQWH
FRQPXHYHQDORVKRPEUHV%DMyODYLVWD\VHTXHGy
IURWDQGR OD SODFD GHO Q~PHUR GHO DVLHQWR VREUH
FX\R UHVSDOGR VH DSR\DED FRPR TXHULHQGR DVt
GLVLPXODU VX FRQIXVLyQ 3RU ODUJR WLHPSR QR SXGR
DUWLFXODU SDODEUD \ ILQDOPHQWH TXHULHQGR RFXOWDU
VX UXERU FXEULyVH OD FDUD FRQ HO SDxXHOR
YROYLHQGRODHVSDOGD
/DSDXVDSDUHFLyLQWHUPLQDEOH\SDUDOOHQDU
HOYDFtR\GLVPLQXLUHOHPEDUD]RTXHODVLWXDFLyQ
OHRFDVLRQDEDFRPRDVLPLVPRSDUDGDUOHXQWRTXH
KXPRUtVWLFRGHMyRtUXQDULVLWDIRU]DGD
(VWDPRV WDQ DEXUULGRV GH HVD HVFHQD
UHDOPHQWHGLMR

'HEHQ DSUHQGHU D DGDSWDUVH D ODV


FLUFXQVWDQFLDVDOWLHPSR\DFDGDLQGLYLGXR6tVH
OHV H[LJH WUDWDU FRQ XQD SHUVRQD WRQWD GHEHQ
DMXVWDUVHDVXPHQWDOLGDG\EXVFDUORVPHGLRVPiV
VLPSOHV FRQ TXH DOFDQ]DU VX PHQWH \
HQWHQGLPLHQWR 3HUR VL VX KRPEUH HV DVWXWR
GHEHUiQ SURFHGHU FRQ PiV FDXWHOD \ XWLOL]DU WRGD
FODVHGHVXEWHUIXJLRVGHPDQHUDTXHQRDOFDQFHD
SHUFLELUYXHVWUDVDUJXFLDV
3DUD SUREDUOHV FXDQ LPSRUWDQWHV VRQ HQ
QXHVWUD ODERU FUHDGRUD HVDV DGDSWDFLRQHV
SHUPtWDQPH DJUHJDU TXH PXFKRV DFWRUHV GH
FDSDFLGDG HPRWLYD OLPLWDGD SURGXFHQ PD\RUHV
HIHFWRV D WUDYpV GH VXV LQWHQVRV SRGHUHV GH
DGDSWDFLyQ TXH ORV TXH VLHQWHQ PiV SURIXQGD \
SRGHURVDPHQWH \ TXH VLQ HPEDUJR QR SXHGHQ
WUDQVPLWLU VXV HPRFLRQHV PiV TXH FRQ HVFDVD
LQWHQVLGDG


1RVpFyPRGHFtUVHORSHURSRUIDYRUGHQRV
DOJ~QRWURHMHUFLFLR\DFWXDUHPRV
%UDYR'HDFXHUGR<DKRUDQRQHFHVLWR
KDFHUHVHHMHUFLFLRSRUTXH\DPHKDGDGRORTXH
\REXVFDEDH[FODPyHOGLUHFWRU
4XpOHPRVWUy"SUHJXQWDPRV
0LHQWUDV TXH 9DQ\D QRV KL]R XQD
DGDSWDFLyQDWUHYLGD6RQ\DIXpPiVH[TXLVLWDPiV
ILQD \ XWLOL]y HOHPHQWRV LQWHUQRV \ H[WHUQRV
3DFLHQWHPHQWH UHFRUULy WRGD OD JDPD GH VXV
SRGHUHVGHSHUVXDVLyQSDUDKDFHUPHVHQWLUSLHGDG
SRUHOOD(PSOHyFRQHIHFWRVXUHVHQWLPLHQWR\VXV
OiJULPDV'RQGHSXGRSXVRXQWRTXHGHFRTXHWHR
SDUD ORJUDU VX REMHWLYR 1R GHMy GH DGDSWDUVH
FRQWLQXDPHQWH D ILQ GH KDFHUPH VHQWLU \ DFHSWDU
WRGRVORVPDWLFHVGHODVHPRFLRQHVFDPELDQWHVTXH
HVWDED H[SHULPHQWDQGR 6L QR WHQtD p[LWR FRQ XQR
SUREDED RWUR R XQ WHUFHUR FRQILDQGR KDOODU OD
PDQHUDPiVFRQYLQFHQWHGHKDFHUPHSHQHWUDUHQHO
IRQGRGHVXSUREOHPD

9DQ\D RUGHQy HO GLUHFWRU VXED DO


HVFHQDULR FRQPLJR \ UHSUHVHQWH XQD YDULDFLyQ GH
ORTXHKL]ROD~OWLPDYH]
1XHVWURYLYDUDFKR\MRYHQDPLJRGLRXQVDOWR
DO HVFHQDULR \ 7RUWVRY OH VLJXLy OHQWDPHQWH
PLHQWUDVLEDGLFLpQGRQRV
2EVpUYHQPHFyPRORHFKR(QYR]DOWD
DJUHJy 'H PRGR TXH TXLHUH UHWLUDUVH GH OD
HVFXHOD WHPSUDQR HV VX REMHWLYR SULQFLSDO \
IXQGDPHQWDO9HDPRVFyPRORORJUD
6HVHQWyHQXQDVLOODFHUFDGHODPHVDWRPy
GHVXEROVLOORXQDFDUWD\VHDEVRUELyHQVXOHFWXUD
9DQ\D SHUPDQHFLy GH SLH D VX ODGR FRQ WRGD OD
DWHQFLyQ FRQFHQWUDGD HQ GDU FRQ OD PDQHUD PiV
LQJHQLRVDSRVLEOHGHVXSHUDUORHQSHQHWUDFLyQ
3UREyWRGDVODVDUWLPDxDVTXHLPDJLQySHUR
7RUWVRYFRPRVLORKLFLHUDDGUHGHQROHSUHVWDED
QLQJXQDDWHQFLyQ9DQ\DVLJXLyLQIDWLJDEOHPHQWHHQ
VXVHVIXHU]RV3RUODUJRWLHPSRVHQWyVHHQDEVROXWD

LQPRYLOLGDG \ FRQ H[SUHVLyQ DJRQL]DQWH 6L DO


PHQRV 7RUWVRY OR KXELHUD PLUDGR DXQTXH PiV QR
IXHUH VHJXUDPHQWH VH KXELHUD DSLDGDGR GH pO 'H
SURQWR 9DQ\D VH OHYDQWy \ FRUULy KDFLD ORV
EDVWLGRUHV 8Q LQVWDQWH GHVSXpV YROYtD FDPLQDQGR
FRQHOSDVRLQVHJXURGHOLQYiOLGR\VHFiQGRVHOD
IUHQWHFRPRVLXQVXGRUKHODGREURWDUDGHHOOD6H
VHQWy SHVDGDPHQWH FHUFD GH 7RUWVRY TXH
FRQWLQXDED LJQRUiQGROR 1R REVWDQWH DFWXDED
YHUGDGHUDPHQWH \ QRVRWURV DSUREiEDPRV FXDQWR
KDFtD
$JRWDGR SRU HO FDQVDQFLR 9DQ\D TXLVR
VHQWDUVH HQ XQD VLOOD SHUR FD\y DO VXHOR 7RGRV
UHtPRV DO YHU VX H[DJHUDFLyQ 0DV HO GLUHFWRU
SHUPDQHFtDLQPXWDEOH
9DQ\D LQYHQWy QXHYDV FRVDV SDUD VHJXLU
KDFLpQGRQRVUHtU6yOR7RUWVRYJXDUGDEDVLOHQFLR
VLQ SUHVWDUOH DWHQFLyQ &XDQWR PiV H[DJHUDED
9DQ\D PiV QRV UHtDPRV GH PRGR TXH QXHVWUD
DOHJUtD OR LPSXOVDED D LPDJLQDU DFWLWXGHV PiV \
PiVJUDFLRVDVKDVWDTXHODFDUFDMDGDIXpJHQHUDO

ILQDOLGDG TXH WLHQHQ (VD FODVH GH DFWXDFLyQ


HUUyQHD VH YH HQ HO HVFHQDULR FRQ PXFKD
IUHFXHQFLD &RQR]FR JUDQ Q~PHUR GH DFWRUHV TXH
HVWiQ FDSDFLWDGRV SDUD KDFHU EULOODQWHV
DGDSWDFLRQHV \ TXH VLQ HPEDUJR XWLOL]DQ HVRV
PHGLRV SDUD HQWUHWHQHU D VX S~EOLFR HQ YH] GH
WUDQVPLWLUOHVXVVHQWLPLHQWRV&DPELDQVXVSRGHUHV
GH DGDSWDFLyQ GH OD PLVPD PDQHUD TXH OR KL]R
9DQ\D HQ Q~PHURV LQGLYLGXDOHV GHYDXGHYLOOH(O
p[LWR GH HVRV Q~PHURV LQGLYLGXDOHV ORV PDUHD \
SRU HOORV HVWiQ GLVSXHVWRV D VDFULILFDU VX SDSHO
FRPR XQ WRGR D FDPELR GH OD H[FLWDFLyQ GH
REWHQHU XQD H[SORVLyQ GH DSODXVRV \ FDUFDMDGDV
0X\ D PHQXGR HVRV PRPHQWRV SDUWLFXODUHV QDGD
WLHQHQTXHYHUFRQODREUD\QDWXUDOPHQWHHQHVDV
FLUFXQVWDQFLDV WDOHV DGDSWDFLRQHV SLHUGHQ WRGR
VLJQLILFDGR
3RUORTXHYHQSXHGHQOOHJDUDVHUSDUDHO
DFWRU XQD WHQWDFLyQ SHOLJURVD +D\ SDSHOHV TXH
HVWiQ OOHQRV GH RSRUWXQLGDGHV SDUD DEXVDU GH ODV
DGDSWDFLRQHV 7RPHQ SRU HMHPSOR OD REUD GH
2VWURYVN\+D\ EDVWDQWH HVWXSLGH] HQ WRGR

(VRHUDMXVWDPHQWHORTXHHVSHUDED7RUWVRY
6HGDQFXHQWDGHORTXHKDVXFHGLGR"
SUHJXQWyWDQSURQWRORJUyFDOPDUQRV(OREMHWLYR
FHQWUDO GH 9DQ\D GHELy VHU GHMDU OD HVFXHOD DQWHV
GH WLHPSR 7RGDV VXV DFFLRQHV SDODEUDV \
HVIXHU]RVSRUSDUHFHUHQIHUPR\DWUDHUPLDWHQFLyQ
IXHURQPHGLRVTXHXWLOL]ySDUDORJUDUVXSURSyVLWR
SULQFLSDO$OSULQFLSLRORTXHKL]RIXpDSURSLDGR
DVXILQDOLGDG3HURD\WDQSURQWRR\yODULVDGHO
S~EOLFRFDPELyGHGLUHFFLyQ\FRPHQ]yDDGDSWDU
VXVDFFLRQHVQRDPtTXHQROHSUHVWDEDDWHQFLyQ
VLQRDXVWHGHVTXHIHVWHMDEDQVXVPRQHUtDV
6XREMHWLYRSDVyDVHUHOGHHQWUHWHQHUDORV
HVSHFWDGRUHV 4Xp EDVHV SXGR KDOODU SDUD HVR"
'yQGHEXVFDUtDVXDUJXPHQWR"&yPRSXGRFUHHU
\YLYLUHQpO"6X~QLFRUHFXUVRGHELyVHUORWHDWUDO
\SRUHVRHVTXHIUDFDVy
(Q HVH PRPHQWR VXV PHGLRV VH YROYLHURQ
IDOVRVDFDXVDGHTXHORVXWLOL]DEDSRUVtPLVPRV
HQ OXJDU GH KDFHUOR FRPR DX[LOLDUHV TXH HV OD

KRPEUH VDELR \ HO SDSHO GHO DQFLDQR 0DPD\HY


3RUTXH QR WLHQH RFXSDFLyQ VH SDVD WRGR HO GtD
GDQGRFRQVHMRVDOSULPHURTXHSHVFD1RHVIiFLO
DSHJDUVH D XQ REMHWLYR D WUDYpV GH XQD REUD GH
FLQFR DFWRV SUHGLFDU \ SUHGLFDU D RWURV \
WUDQVPLWLUOHV FRQVWDQWHPHQWH ORV PLVPRV
VHQWLPLHQWRV \ SHQVDPLHQWRV (Q HVDV
FLUFXQVWDQFLDV UHVXOWD IiFLO HQ H[WUHPR FDHU HQ OD
PRQRWRQtD 3DUD HYLWDUOR PXFKRV DFWRUHV
FRQFHQWUDQ VXV HVIXHU]RV HQ WRGD FODVH GH
DGDSWDFLRQHV YDULDQWHV GH OD LGHD SULQFLSDO GH
SUHGLFDU DO SUyMLPR (VD LQILQLWD YDULHGDG GH
DGDSWDFLRQHVHVYDOLRVDQDWXUDOPHQWHSHURSXHGH
VHU QRFLYD VL VH DFHQW~D HO pQIDVLV HQ ODV
YDULDFLRQHVHQYH]GHKDFHUORHQHOREMHWLYR
6LHVWXGLDQORVWUDEDMRVLQWHUQRVGHODPHQWH
GHXQDFWRUHQFRQWUDUiQTXHORTXHVXFHGHHVTXH
HQOXJDUGHGHFLUVHDVtPLVPRHQFDUDUpWDO\FXDO
REMHWLYRSRUPHGLRGHXQWRQRVHYHURORTXHHQ
UHDOLGDGGLFHHVTXLHURVHUVHYHUR3HURFRPR
XVWHGHV VDEHQ QR GHEHQ VHU VHYHURV QL QDGD
SDUHFLGRVLPSOHPHQWHSRUTXHVt

6L OR KDFHQ ORV YHUGDGHURV VHQWLPLHQWRV \


ODV YHUGDGHUDV DFFLRQHV GHVDSDUHFHUiQ \ VHUiQ
UHHPSOD]DGRV SRU ODV DUWLILFLDOHV \ WHDWUDOHV (V
KDUWRWtSLFRHQORVDFWRUHVTXHHQSUHVHQFLDGHORV
SHUVRQDMHVTXHODVREUDVOHVGDQSDUDFRPXQLFDUVH
FRQ HOORV EXVFDQ IXHUD DOJ~Q RWUR REMHWR SDUD VX
DWHQFLyQ GHO RWUR ODGR GH ODV FDQGLOHMDV \
SURFHGHQ D DGDSWDUVH D HVH RWUR REMHWR 6X
FRPXQLFDFLyQ H[WHULRU SXHGH SDUHFHU TXH VH
HVWDEOHFHFRQODVSHUVRQHVGHOHVFHQDULRSHURVXV
YHUGDGHUDV DGDSWDFLRQHV VRQ KHFKDV SDUD ORV
HVSHFWDGRUHV
6XSRQJDQ TXH XQR GH XVWHGHV YLYH HQ HO
~OWLPR SLVR GH XQD FDVD \ TXH DO RWUR ODGR GH OD
FDOOH YLYH HO REMHWR GH VXV DIHFWRV &yPR OH
H[SUHVDUiVXDPRU"3XHGHHQYLDUOHEHVRVDSUHWDU
OD PDQR FRQWUD HO FRUD]yQ HQ ILQ TXH SDUHFHUi
KDOODUVH HQ HVWDGR GH p[WDVLV WULVWH]D R QRVWDOJLD
3XHGH XWLOL]DU JHVWRV SDUD LQTXLULU VL SXHGH
YLVLWDUODRQRHWFpWHUD7RGDVHVDVDGDSWDFLRQHVD
VX SUREOHPD GHEHQ VHU H[SUHVDGDV FRQ FRORUHV
IXHUWHVSRUTXHGHRWURPRGRQXQFDSRGUiVDOYDUHO

SXOPyQSDODEUDVGHDPRU
0XFKRV DFWRUHV KDFHQ FRQVWDQWH H
LPSXQHPHQWH OR TXH PLUDUtDPRV FRPR DEVXUGRV
LQH[SOLFDEOHVHQXQVHUKXPDQRFRP~Q(VWiQHQHO
HVFHQDULR IUHQWH D VXV FRPSDxHURV \ VLQ
HPEDUJR DMXVWDQ VXV H[SUHVLRQHV IDFLDOHV YRFHV
JHVWRV\DFFLRQHVDXQDGLVWDQFLDTXHQRHVODTXH
PHGLD HQWUH HOORV \ ORV GHPiV DFWRUHV VLQR HQWUH
HOORV \ TXLHQTXLHUD RFXSH OD ~OWLPD ILOD GH OD
SODWHD
(Q UHDOLGDG \R WHQGUtD FRQVLGHUDFLyQ GHO
SREUH GLDEOR TXH QR SXHGH SURSRUFLRQDUVH XQ
DVLHQWRHQODVSULPHUDVILODVGRQGHSXHGHRtUWRGR
VDOWy*ULVKD
6X SULPHU GHEHU FRQWHVWy 7RUWVRY HV
DGDSWDUVH DO FRPSDxHUR (Q FXDQWR D OD SREUH
JHQWH GH ODV ~OWLPDV ILODV WHQHPRV XQD PDQHUD
HVSHFLDOGHOOHJDUKDVWDHOOD1XHVWUDVYRFHVHVWiQ
HGXFDGDV DSURSLDGDPHQWH \ XWLOL]DPRV PpWRGRV
PX\HILFDFHVGHSURQXQFLDFLyQSDUDODVYRFDOHV\

HVSDFLRLQWHUPHGLR
9LHQH
DKRUD
XQD
RSRUWXQLGDG
H[FHSFLRQDOPHQWHIDYRUDEOHHQODFDOOHQRKD\XQD
VROD DOPD HOOD HVWi VROD HQ VX YHQWDQD HQ WRGDV
ODV GHPiV YHQWDQDV ODV SHUVLDQDV HVWiQ FHUUDGDV
1DGD KD\ TXH LPSLGD KDEODUOH SHUR WHQGUi TXH
HOHYDUODYR]SDUDVDOYDUODGLVWDQFLD
/D SUy[LPD YH] TXH OD HQFXHQWUD HVWi
SDVHDQGR SRU OD DFHUD GHO EUD]R GH VX PDGUH
&yPR DSURYHFKDU HVH IXJD] FRQWDFWR \
PXUPXUDUOHXQDSDODEUDRWDOYH]SHGLUOHXQDFLWD"
3DUD HVWDU GH DFXHUGR FRQ ODV FLUFXQVWDQFLDV GHO
HQFXHQWUR DSHQDV SRGUi UHFXUULU D DOJ~Q JHVWR
H[SUHVLYRGHODPDQRFDVLLPSHUFHSWLEOHRTXL]iV
VH OLPLWDUi D PLUDUOD 6L ODV SDODEUDV IXHUDQ
SRVLEOHVKDEUiTXHPXUPXUDUODVDSHQDV
<D HVWi FDVL D SXQWR GH DFWXDU FXDQGR GH
SURQWRSHUFLEHOOHJDQGRGHGLUHFFLyQRSXHVWDDVX
ULYDO6HDSRGHUDGHXVWHGHOGHVHRGHGHPRVWUDUOH
VX p[LWR 2OYLGD D OD PDGUH \ SURFODPD D WRGR

ODV FRQVRQDQWHV &RQ OD GLFFLyQ FRUUHFWD SXHGHQ


KDEODU WDQ VXDYHPHQWH FRPR VL HVWXYLHUDQ HQ XQD
SHTXHxD KDELWDFLyQ \ DTXHOODV SREUHV SHUVRQDV
ORV RLUiQ PHMRU TXH VL JULWDUDQ HVSHFLDOPHQWH VL
KDQ GHVSHUWDGR VX LQWHUpV SRU OR TXH HVWiQ
GLFLHQGR \ OHV KDQ KHFKR SHQHWUDU HQ HO
VLJQLILFDGR LQWHULRU GH ODV OtQHDV 6L JULWDQ HVDV
tQWLPDV SDODEUDV TXH GHELHUDQ VHU WUDQVPLWLGDV HQ
WRQR VXDYH SHUGHUiQ HO YDORU \ ORV HVSHFWDGRUHV
QRSRGUiQSHQHWUDUHQVXVLJQLILFDGR
'H WRGRV PRGRV HO HVSHFWDGRU WLHQH TXH
YHUORTXHVXFHGHLQVLVWLy*ULVKD
&RQ HVH SURSyVLWR KDFHPRV XVR GH OD
DFFLyQ VRVWHQLGD HMHFXWDGD FRQ OLPSLH]D \
H[DFWLWXGFRKHUHQFLD\OyJLFD(VRHVORTXHKDFH
TXH HO HVSHFWDGRU HQWLHQGD OR TXH RFXUUH 3HUR VL
ORV DFWRUHV YDQ D FRQWUDGHFLU VXV SURSLRV
VHQWLPLHQWRV LQWHULRUHV FRQ JHVWLFXODFLRQHV \
SRVWXUDV TXH SXHGHQ VHU DWUDFWLYDV SHUR TXH QR
VRQ YHUGDGHUDPHQWH PRWLYDGDV HQWRQFHV HO
S~EOLFRVHFDQVDUiGHVHJXLUORVSRUTXHQRWLHQHQ

UHODFLyQ YLWDO QL FRQ ORV HVSHFWDGRUHV QL FRQ ORV


SHUVRQDMHV GH OD REUD \ FRQ VHJXULGDG DFDEDUi
DEXUULpQGRVH GH ODV UHSHWLFLRQHV 'LJR WRGR HVWR
SDUD H[SOLFDUOHV TXH HO HVFHQDULR FRQ WRGD VX
SXEOLFLGDG WLHQGH D OOHYDU DO DFWRU IXHUD GH ODV
DGDSWDFLRQHV QDWXUDOHV \ KXPDQDV D ODV
VLWXDFLRQHVWHQWiQGRORVKDFLDORFRQYHQFLRQDO\OR
WHDWUDO (VDV VRQ SUHFLVDPHQWH IRUPDV FRQWUD ODV
TXH GHEHPRV OXFKDU FRQ WRGRV ORV PHGLRV D
QXHVWUD GLVSRVLFLyQ KDVWD TXH ODV KD\DPRV
H[SXOVDGRGHOWHDWUR

LQWXLWLYDFRPRH[SUHVLyQGHVXSUHPRGRORU(Q0L
YLGD HQ HO DUWH KD\ XQD GHVFULSFLyQ GH FyPR XQD
PDGUHUHFLEHODQRWLFLDGHODPXHUWHGHVXKLMR(Q
ORVSULPHURVPRPHQWRVQRH[SUHVyQDGDVLQRTXH
FRPHQ]yDYHVWLUVHFRQDSXUR/XHJRFRUULyKDFLD
ODSXHUWD\JULWy6RFRUUR

/DV DGDSWDFLRQHV VRQ KHFKDV FRQVFLHQWH


HLQFRQVFLHQWHPHQWH

8QDDGDSWDFLyQGHHVDQDWXUDOH]DQRSXHGH
VHU UHSURGXFLGD LQWHOHFWXDOPHQWH QL FRQ OD D\XGD
GHWpFQLFDDOJXQD(VFUHDGDQDWXUDOHVSRQWiQHDH
LQFRQVFLHQWHPHQWH HQ HO PLVPR PRPHQWR HQ TXH
ODV HPRFLRQHV HVWiQ HQ SOHQR DSRJHR 6LQ
HPEDUJR HVH WLSR WDQ GLUHFWR LQWHQVR \
FRQYLQFHQWH UHSUHVHQWR HO PpWRGR HIHFWLYR TXH
QHFHVLWDPRV (V ~QLFDPHQWH SRU HVRV PHGLRV TXH
FUHDPRV \ WUDQVPLWLPRV D 8Q S~ELFR GH PLOHV GH
SHUVRQDV WRGRV ORV PDWLFHV PiV GHOLFDGRV GHO
VHQWLPLHQWR DSHQDV SHUFHSWLEOHV 3HUR SDUD WDOHV
H[SHULHQFLDV OD DSUR[LPDFLyQ SXHGH UHDOL]DUVH
~QLFDPHQWH D WUDYpV GH OD LQWXLFLyQ \ GH OD
VXEFRQVFLHQFLD

+H DTXt OD LOXVWUDFLyQ GH XQD DGDSWDFLyQ

&yPRVHPDQWLHQHQHVRVVHQWLPLHQWRVHQHO

HVFHQDULR4XpLPSUHVLyQLPERUUDEOHKDFHQHQOD
PHPRULDGHOHVSHFWDGRU

VXEFRQVFLHQWHV WDQ QHFHVDULDV HQ QXHVWUR DUWH


HQWUDUpHQDOJXQRVSRUPHQRUHVDOGLVFXWLUODV


7RUWVRY FRPHQ]y KR\ VXV REVHUYDFLRQHV
PDQLIHVWDQGRORVLJXLHQWH

(QTXpFRQVLVWHVXSRGHU"
(QVXDEUXPDGRUDFDOLGDGGHLQHVSHUDGR
6L VLJXHQ D XQ DFWRU D WUDYpV GH WRGR XQ
SDSHOSDVRDSDVRSXHGHQHVSHUDUTXHHQFLHUWR
PRPHQWR LPSRUWDQWH GLJD VXV OtQHDV HQ WRQR GH
YR] DOWR FODUR \ VHULR 6XSRQJDQ TXH HQ YH] GH
HVRLQHVSHUDGDPHQWHXWLOL]DXQWRQROLJHURDOHJUH
\PX\VXDYHFRPRPDQHUDRULJLQDOGHPDQHMDUVX
SDSHO (O HOHPHQWR VRUSUHVD HV WDQ LQWULJDQWH \
HIHFWLYR TXH XVWHGHV VH SHUVXDGHQ GH TXH HVWD
QXHYD PDQHUD HV OD ~QLFD HQ TXH SXHGH DFWXDUVH
HVDSDUWH6HGLFHQ&yPRHVTXHQXQFDSHQVpR
QR LPDJLQp TXH DTXHOODV OtQHDV IXHUDQ WDQ
LPSRUWDQWHV"4XHGDQVRPEUDGRV\FRQWHQWRVSRU
HVDLQHVSHUDGDDGDSWDFLyQKHFKDSRUHODFWRU
1XHVWUR VXEFRQVFLHQWH WLHQH VX SURSLD
OyJLFD 'HVGH TXH HQFRQWUDPRV DGDSWDFLRQHV

/DVDGDSWDFLRQHVPiVSRGHURVDVLQWHQVDV\
FRQYLQFHQWHVVRQORVSURGXFWRVGHHVDSURGLJLRVD
DUWLVWDODQDWXUDOH]D6RQFDVLWRWDOPHQWHGHRULJHQ
VXEFRQVFLHQWH \ KDOODPRV TXH ORV PiV JUDQGHV
DUWLVWDV ODV XWLOL]DQ 6LQ HPEDUJR DXQ HVD JHQWH
H[FHSFLRQDO QR SXHGH SURGXFLUODV HQ FXDOTXLHU
PRPHQWR 6yOR OOHJDQ D HOODV HQ UDSWRV GH
LQVSLUDFLyQ (Q RWURV PRPHQWRV VXV DGDSWDFLRQHV
VRQ VXEFRQVFLHQWHV VyOR HQ SDUWH 7RPHQ HQ
FRQVLGHUDFLyQ HO KHFKR GH TXH PLHQWUDV
SHUPDQHFHPRV HQ HO HVFHQDULR HVWDPRV HQ
FRQWDFWR SHUPDQHQWH FRQ ORV GHPiV SRU OR WDQWR
QXHVWUDV DGDSWDFLRQHV D FDGD XQR GHEHQ VHU
FRQVWDQWHV 3LHQVHQ HQWRQFHV FXiQWDV DFFLRQHV \
PRYLPLHQWRV VLJQLILFD \ TXp SURSRUFLyQ GH
PRPHQWRVVXEFRQVFLHQWHVSXHGHQLQFOXLU
'HVSXpVGHXQDSDXVDHOGLUHFWRUFRQWLQXy
(O VXEFRQVFLHQWH QR LQWHUYLHQH VRODPHQWH

FXDQGR HVWDPRV LQWHUHVDGRV HQ HO FRQVWDQWH


LQWHUFDPELR GH LGHDV \ GH VHQWLPLHQWRV VLQR TXH
DFXGH HQ QXHVWUD D\XGD HQ RWURV PRPHQWRV
3UREHPRV HQ QRVRWURV PLVPRV SURSRQJR TXH SRU
FLQFRPLQXWRVQRKDEOHQQLKDJDQQDGD
'HVSXpV GH HVH ODSVR GH VLOHQFLR 7RUWVRY
SUHJXQWy D FDGD HVWXGLDQWH TXp KDEtD VXFHGLGR HQ
VX LQWHULRU TXp KDEtD SHQVDGR \ H[SHULPHQWDGR
GXUDQWHHVHWLHPSR
$OJXQR GLMR TXH SRU DOJXQD UD]yQ KDEtD
UHFRUGDGRGHSURQWRHOUHPHGLRTXHGHEtDLQJHULU
4Xp WLHQH HVR TXH YHU FRQ QXHVWUD
OHFFLyQ"LQTXLULy7RUWVRY
1DGDHQDEVROXWR
7DO YH] VLQWLy DOJ~Q GRORU TXH OH KL]R
UHFRUGDUVXHQIHUPHGDG"LQVLVWLy

&yPRVHOHRFXUULyVHPHMDQWHLGHD"
1RKXERFRQWHVWDFLyQ
8QDGHODVMyYHQHVKDEtDHVWDGRSHQVDQGRHQ
XQDVWLMHUDV
4Xp UHODFLyQ WLHQH FRQ OR TXH HVWDPRV
KDEODQGR"SUHJXQWy7RUWVRY
4XH\RYHDQLQJXQD
7DOYH]QRWyDOJ~QGHIHFWRHQVXYHVWLGR
GHFLGLy UHPHGLDUOR \ HVR OH KL]R SHQVDU HQ ODV
WLMHUDV"
1R PLV URSDV HVWiQ HQ RUGHQ 3HUR GHMp
PLV WLMHUDV HQ XQD FDMD FRQ DOJXQDV FLQWDV \ FHUUp
FRQ OODYH OD FDMD GHQWUR GH PL ED~O 'H SURQWR
VXUJLy HQ PL PHPRULD OD LGHD GH TXH QR GHEtD
ROYLGDUGyQGHODVKDEtDJXDUGDGR

1RQRVHQWtQLQJ~QGRORU

(QWRQFHV SHQVy SULPHUR HQ ODV WLMHUDV \


OXHJRUD]RQySRUTXpKDEtDVXFHGLGR"

$VtHVSHQVpSULPHURHQODVWLMHUDV

VXEFRQVFLHQWH6RQFRPRHVWUHOODVIXJDFHV

3HURWRGDYtDVLJXHLJQRUDQGRGHGyQGHOH
YLQRODLGHDHQSULPHUOXJDU"

'HVSXpV GH UHIOH[LRQDU SRU XQ LQVWDQWH VH


YROYLyD9DVVLOL\GLMR

3URVLJXLHQGR VXV LQYHVWLJDFLRQHV 7RUWVRY


HQFRQWUy TXH 9DVVLOL GXUDQWH HO SHUtRGR GH
VLOHQFLRKDEtDHVWDGRSHQVDQGRHQXQDQDQi\VH
OHRFXUULyTXHVXVKRMDVGHVXSHUILFLHHVFDPRVD\
HQSXQWDHUDQPX\VLPLODUHVDODVGHFLHUWRWLSRGH
SDOPHUDV

1RFRPSUHQGRWRGDYtDSRUTXpFXDQGRQRV
FRQWDED VX LGHD GHO DQDQi VH FRQWRUVLRQDED HQ
H[WUDxDV SRVLFLRQHV ItVLFDV 1R DJUHJDURQ QDGD D
VX KLVWRULD VREUH HO DQDQi \ OD SDOPHUD
([SUHVDEDQ DOJR PiV TXp HUD" $ TXp VH GHEtD
HVDH[SUHVLyQLQWHQVDPHQWHUHIOH[LYDGHVXVRMRV\
OD VRPEUD TXH HPSDxDED VX URVWUR" &XiO IXp HO
VLJQLILFDGRGHOGLEXMRTXHERVTXHMyHQHODLUHFRQ
ORVGHGRV"3RUTXpQRVPLUyDWRGRVSRUWXUQRWDQ
VLJQLILFDWLYDPHQWH \ VDFXGLy ORV KRPEURV" 4Xp
UHODFLyQWLHQHWRGRHVRFRQHODQDQi"

4Xp SXVR DO DQDQi HQ VX PHQWH" /R KD


FRPLGRUHFLHQWHPHQWH"
1R
'H GyQGH VDFDURQ HVDV LGHDV VREUH
UHPHGLRVWLMHUDV\DQDQiV"

4XLHUH GHFLU TXH \R HVWXYH KDFLHQGR


WRGDVHVDVFRVDV"SUHJXQWy9DVVLOL

&XDQGR DGPLWLPRV TXH QR OR VDEtDPRV HO


GLUHFWRUGLMR

&ODUR TXH Vt \ TXLHUR VDEHU TXp


VLJQLILFDEDQ

7RGDV

HVDV

FRVDV

EURWDQ

GHO

'HERKDEHUPHVHQWLGRVRUSUHQGLGRGLMR

9DVVLOL
6RUSUHQGLGRGHTXp"'HORVPLODJURVGH
ODQDWXUDOH]D"
4XL]i
(QWRQFHVVHUiQODVDGDSWDFLRQHVDODLGHD
VXJHULGDSRUVXPHQWH"
3HUR9DVVLOLFDOOy
3XHGH VHU TXH VX PHQWH TXH HQ UHDOLGDG
HV PX\ LQWHOLJHQWH SXGLHUD VXJHULU WDQWRV
DEVXUGRV" GLMR 7RUWVRY 2 IXHURQ VXV
VHQWLPLHQWRV" (Q HVH FDVR GLy XQD IRUPD ItVLFD
H[WHULRUDODVXJHVWLyQKHFKDSRUVXVXEFRQVFLHQWH"
&RPRTXLHUDTXHVHDWDQWRFXDQGRWXYRODLGHDGHO
DQDQiFRPRFXDQGRVHDGDSWyDHOODDWUDYHVyHVD
LJQRUDGDUHJLyQGHOVXEFRQVFLHQWH
3RUXQRXRWURHVWtPXORODLGHDYLHQHDVX
PHQWH (Q HVH PRPHQWR FUX]D HO VXEFRQVFLHQWH
'HVSXpV FRQVLGHUD HVD LGHD \ PiV WDUGH FXDQGR

FRPSOHWDPHQWH FRQVFLHQWHV (VWDV VRQ ODV PXOHWDV


GHODFWRU/DVHQFXHQWUDQHQWRGRVORVSDSHOHVTXH
VHKDQUHSUHVHQWDGRKDVWDHOFDQVDQFLR&DGDJHVWR
HVDIHFWDGRHQHOPiVDOWRJUDGR
'HEHPRV LQIHULU TXH QR DSUXHED XVWHG
QLQJXQDDGDSWDFLyQFRQVFLHQWHHQHOHVFHQDULR"
SUHJXQWp
1R ODV TXH OHV KH PHQFLRQDGR \ TXH VH
FRQYLHUWHQHQPHURVPROGHV<VLQHPEDUJRGHER
DGPLWLU TXH QR LJQRUR ORV FDUDFWHUHV FRQVFLHQWHV
GHFLHUWDVDGDSWDFLRQHVFXDQGRKDQVLGRVXJHULGDV
SRU IXHQWHV H[WUDxDV FRPR HO GLUHFWRU RWURV
DFWRUHV DPLJRV R FRQVHMRV RIUHFLGRV EXVFDGRV R
QR 7DOHV DGDSWDFLRQHV WHQGUiQ TXH VHU XWLOL]DGDV
FRQJUDQFXLGDGRHLQWHOLJHQFLD
1XQFD ODV DFHSWHQ HQ OD IRUPD TXH VH ODV
SUHVHQWDQ 1R VH SHUPLWDQ D XVWHGHV PLVPRV
OLPLWDUVH D FRSLDUODV 'HEHQ DGDSWDUODV D VXV
SURSLDV QHFHVLGDGHV KDFHUODV VX\RV SURSLDV
YHUGDGHUD SDUWH GH XVWHGHV PLVPRV 5HDOL]DU HVWR

OD LGHD FRPR VXV SHQVDPLHQWRV VREUH HOOD VRQ


FRORFDGRV HQ IRUPD ItVLFD WDQJLEOH SDVD XVWHG
QXHYDPHQWHSRUXQODSVRLQILQLWHVLPDOGHWLHPSR
DWUDYpVGHOVXEFRQVFLHQWH(QFDGDPRPHQWRXVWHG
KDFH TXH VXV DGDSWDFLRQHV HQ WRGR R HQ SDUWH
DEVRUEDQDOJRHVHQFLDOGHpO
(Q WRGR SURFHVR GH LQWHUFRPXQLFDFLyQ ODV
DGDSWDFLRQHVQHFHVDULDPHQWHLQYROXFUDGDVWDQWRHO
VXEFRQVFLHQWH FRPR OD LQWXLFLyQ UHSUHVHQWDQ XQ
JUDQ SDSHO Vt QR HO SULQFLSDO (Q HO WHDWUR VX
VLJQLILFDGRVHDFUHFLHQWDH[WUDRUGLQDULDPHQWH
1RVpORTXHODFLHQFLDGLFHVREUHHVHWHPD
6yOR SXHGR FRPSDUWLU FRQ XVWHGHV OR TXH KH
VHQWLGR \ REVHUYDGR HQ Pt PLVPR 'HVSXpV GH
SURORQJDGDV LQYHVWLJDFLRQHV SXHGR DKRUD DILUPDU
TXH HQ OD YLGD FRP~Q QR HQFXHQWUR QLQJXQD
DGDSWDFLyQFRQVFLHQWHVLQDOJ~QHOHPHQWRSRUOHYH
TXH VHD GHO VXEFRQVFLHQWH (Q HO HVFHQDULR SRU
RWUD SDUWH HQ GRQGH XQR GHEHUtD VXSRQHU TXH
SUHGRPLQDQ ODV DGDSWDFLRQHV VXEFRQVFLHQWHV
LQWXLWLYDV VH GD OD SHUVLVWHQFLD GH DGDSWDFLRQHV

HV HPSUHQGHU XQD ODERU DUGXD URGHDGD SRU XQD


VHULH FRPSOHWDPHQWH QXHYD GH FLUFXQVWDQFLDV
GDGDV\GHHVWtPXORV
<ODOOHYDUiQDFDERHQLJXDOIRUPDTXHHO
DFWRU FXDQGR YH HQ OD YLGD UHDO DOJXQD
FDUDFWHUtVWLFD SHFXOLDU TXH GHVHD LQFRUSRUDU D XQ
SDSHO6LVHOLPLWDQDFRSLDUFDHUiQHQHOHUURUGH
ODDFWXDFLyQVXSHUILFLDO\UXWLQDULD
4XpRWURVWLSRVGHDGDSWDFLRQHVH[LVWHQ"
SUHJXQWp
$GDSWDFLRQHV PHFiQLFDV R DGDSWDFLRQHV
PRWULFHVFRQWHVWy7RUWVRY
6HUHILHUHDPROGHV"
1R QR KDEOR GH HOORV 'HEHUtDQ VHU
H[WHUPLQDGRV/DVDGDSWDFLRQHVPRWULFHVVRQHQVX
RULJHQ VXEFRQVFLHQWHV VHPLFRQVFLHQWHV R
FRQVFLHQWHV6RQDGDSWDFLRQHVQRUPDOHVQDWXUDOHV
\ KXPDQDV OOHYDGDV D XQ SXQWR HQ TXH DGTXLHUHQ
FDUiFWHUSXUDPHQWHPHFiQLFR

3HUPtWDQPHGDUOHVXQHMHPSOR6XSRQJDPRV
TXH DO UHSUHVHQWDU FLHUWR SDSHO KDFHQ XVR GH
DGDSWDFLRQHV YHUGDGHUDV \ KXPDQDV HQ VXV
UHODFLRQHV FRQ ORV GHPiV TXH HVWiQ HQ HO
HVFHQDULR 6LQ HPEDUJR XQD JUDQ SDUWH GH HVDV
DGDSWDFLRQHV SURYLHQHQ GHO SHUVRQDMH TXH HVWiQ
UHSUHVHQWDQGR \ QR GLUHFWDPHQWH GH XVWHGHV (VDV
DGDSWDFLRQHV VXSOHPHQWDULDV KDQ DSDUHFLGR
HVSRQWiQHD LQYROXQWDULD H LQFRQVFLHQWH PHQWH
SHURHOGLUHFWRUVHODVKDVHxDODGR'HVSXpVGHOR
FXDO \D ODV FRQRFHQ VH YXHOYHQ FRQVFLHQWHV \
KDELWXDOHV &UHFHQ HQ OD FDUQH PLVPD \ HQ OD
VDQJUHGHOSHUVRQDMHTXHUHSUHVHQWDQFDGDYH]TXH
YLYHQ HO SDSHO )LQDOPHQWH HVDV DGDSWDFLRQHV
VXSOHPHQWDULDVVHYXHOYHQDFWLYLGDGHVPRWULFHV
6RQ HQWRQFHV HVWHUHRWLSRV" SUHJXQWy
DOJXLHQ
1R 5HSHWLUp /D PDQHUD GH DFWXDU
HVWHUHRWLSDGD HV FRQYHQFLRQDO IDOVD FDUHFH GH
YLGD 7LHQH VX RULJHQ HQ OD UXWLQD WHDWUDO 1R

OR TXH D VX YH] FUHD LQHYLWDEOHPHQWH OD


LQWHUUHODFLyQ \ ODV DGDSWDFLRQHV FRQVFLHQWHV R
LQFRQVFLHQWHV(VHHVHODFFHVRLQGLUHFWR
4Xp PiV VH SUHJXQWDQ XVWHGHV SRGHPRV
UHDOL]DUHQHVDUHJLyQHQTXHQXHVWUDFRQFLHQFLDQR
SXHGHSHQHWUDU"1RVDEVWHQHPRVGHLQWHUIHULUFRQ
ODQDWXUDOH]D\HYLWDPRVFRQWUDYHQLUVXVOH\HV(Q
FXDOTXLHU SDUWH TXH QRV FRORTXHPRV HQ XQ HVWDGR
WRWDOPHQWH QDWXUDO \ GHVFDQVDGR EURWD GHQWUR
QXHVWURXQDFRUULHQWHFUHDGRUDTXHFLHJDDQXHVWUR
S~EOLFRFRQVXEULOOR
$O
SURFHGHU
FRQ
DGDSWDFLRQHV
VHPLFRQVFLHQWHV ODV FRQGLFLRQHV VRQ GLIHUHQWHV
$TXt WHQHPRV FyPR HPSOHDU HQ DOJXQD PHGLGD
QXHVWUD SVLFRWpFQLFD < GLJRDOJXQD SRUTXH D~Q
DTXtQXHVWUDVSRVLELOLGDGHVVRQUHVWULQJLGDV
7HQJR XQD VXJHVWLyQ SUiFWLFD TXH KDFHU \
FUHR TXH OD SXHGR H[SOLFDU PHMRU LOXVWUiQGROD
5HFXHUGDQ FXDQGR 6RQ\D PH LQVWy D TXH QR OH
OXFLHUDKDFHUHOHMHUFLFLRFyPRUHSLWLyODVPLVPDV

WUDQVPLWH VHQWLPLHQWRV LGHDV QL LPDJHQ DOJXQD


SURSLD GH ORV VHUHV KXPDQRV /DV DGDSWDFLRQHV
PRWULFHV SRU OR FRQWUDULR VRQ LQWXLWLYDV
RULJLQDOHV SHUR VH KDQ YXHOWR PHFiQLFDV VLQ
VDFULILFDU VX FDOLGDG GH QDWXUDOHV 3RUTXH
SHUPDQHFHQ RUJiQLFDV \ KXPDQDV VRQ OD DQWtWHVLV
GHODDFWXDFLyQVHJ~QPROGHVUtJLGRV



(O SUy[LPR SDVR VHUi OD FXHVWLyQ GH
UHVROYHU ORVPHGLRV WpFQLFRV TXH SRGHPRV
HPSOHDUSDUDHVWLPXODUODVDGDSWDFLRQHVDQXQFLy
HO GLUHFWRU HQ FXDQWR FRPHQWy OD FODVH /XHJR
SURFHGLyDH[SRQHUHOSURJUDPDGHWUDEDMRSDUDOD
OHFFLyQ &RPHQ]DUp FRQ ODVDGDSWDFLRQHV
LQWXLWLYDV
1R KD\DFHUFDPLHQWR GLUHFWR  D QXHVWUR
VXEFRQVFLHQWHSRUORWDQWRKDFHPRVXVRGHYDULRV
HVWtPXORVTXHLQGXFHQDOSURFHVRGHYLYLUHOSDSHO

SDODEUDV FLHQWRV GH YHFHV XWLOL]DQGR JUDQ


YDULHGDG GH DGDSWDFLRQHV" 4XLHUR TXH KDJDQ OR
PLVPRFRPRWLSRGHHMHUFLFLRSHURQRXWLOLFHQODV
PLVPDVDGDSWDFLRQHV+DQSHUGLGRVXDIHFWLYLGDG
4XLHUR TXH EXVTXHQ RWUDV QXHYDV FRQVFLHQWHV R
LQFRQVFLHQWHVSDUDTXHWRPHQVXOXJDU
(QJHQHUDOUHSHWLPRVHOPDWHULDOYLHMR
&XDQGR 7RUWVRY QRV UHSURFKy HO VHU WDQ
PRQyWRQRVQRVTXHMDPRVGHTXHQRVDEtDPRVTXp
PDWHULDO XWLOL]DU FRPR EDVH SDUD FUHDU
DGDSWDFLRQHVQXHYDV
(QOXJDUGHFRQWHVWDUVHYROYLyDPt\GLMR
8VWHGHVFULEHWDTXLJUDItD7RPHQRWDGHOR
TXHYR\DGLFWDUOH&DOPDH[FLWDFLyQEXHQKXPRU
LURQtD EXUOD SHWXODQFLD UHSURFKH FDSULFKR
GHVSUHFLR GHVHVSHUDFLyQ DPHQD]D JR]R
EHQLJQLGDGGXGDDVRPEURDQWLFLSDFLyQMXLFLR
1RPEUy WRGRV HVRV HVWDGRV GH iQLPR
HPRFLRQHV\PXFKDVPiV

/XHJRGLMRD6RQ\D
3RQJDVXGHGRVREUHFXDOTXLHUSDODEUDGH
HVDOLVWD\VHDODTXHVHDXWLOtFHODFRPREDVHSDUD
XQDQXHYDDGDSWDFLyQ
+L]RORTXHVHOHRUGHQDED\ODSDODEUDIXp
EHQLJQLGDG
8WLOLFH DKRUD XQ FRORULGR QRYHGRVR HQ
OXJDUGHODFRVWXPEUDGRVXJLULyHOGLUHFWRU
/RJUy ILQDOPHQWH GDU HQ OD WHFOD \ HQFRQWUDU
HO PRWLYR DSURSLDGR 3HUR /HR OD HFOLSVy 6X
YR]DUUyQ IXp SRVLWLYDPHQWH ]DODPHUR \ VX FDUD
DQFKD\VXFXHUSRWRGRWUDVXQWDURQERQGDG
7RGRVUHtPRV

6RQ\DHOLJLyDOD]DURWUDSDODEUDGHODOLVWD
(VWD YH] OD HOHFFLyQ UHFD\y VREUH SHQGHQFLHUR
&RQ FDSDFLGDG QHWDPHQWH IHPHQLQD SDUD
HQIXUUXxDUVH FRPHQ]y OD WDUHD (VWD YH] IXp
YHQFLGDSRU*ULVKD1DGLHSXHGHFRPSHWLUFRQpO
FXDQGR OOHJD HO FDVR GH UHEDWLU \ DUPDU
GLVFXVLRQHV
+HDKtXQDQXHYDSUXHEDGHODHILFDFLDGH
PLPpWRGRGLMR7RUWVRYFRQVDWLVIDFFLyQ/XHJR
SURFHGLy D FRQWLQXDU FRQ HMHUFLFLRV VLPLODUHV FRQ
WRGRVORVGHPiVHVWXGLDQWHV3RQJDQHQHVDOLVWD
FXDOTXLHUFDUDFWHUtVWLFDKXPDQDRHVWDGRGHiQLPR
TXH VH OHV RFXUUD \ YHUiQ TXp ~WLOHV VRQ DO
SURYHHUOHV GH FRORUHV QXHYRV \ PDWLFHV SDUD FDVL
WRGRV ORV LQWHUFDPELRV GH SHQVDPLHQWRV \
VHQWLPLHQWRV /RV FRQWUDVWHV DJXGRV \ ORV
HOHPHQWRVLQHVSHUDGRVVRQWDPELpQ~WLOHV

&UHR TXH HV XQD GHPRVWUDFLyQ VXILFLHQWH


GHORGHVHDEOHTXHHVLQWURGXFLUQXHYRVHOHPHQWRV
HQXQSUREOHPDJDVWDGRGLMR7RUWVRY

(VWHPpWRGRHVH[WUHPDGDPHQWHHIHFWLYRHQ
ODV VLWXDFLRQHV GUDPiWLFDV \ WUiJLFDV 3DUD GDU
PD\RU IXHU]D D OD LPSUHVLyQ HQ XQ PRPHQWR
SDUWLFXODUPHQWH WUiJLFR SXHGHQ GH SURQWR UHtU

FRPRVLGLMHUDQ(VWDPDQHUDGHSHUVHJXLUPHGHO
GHVWLQR QR GHMD GH VHU ULGtFXOD R ELHQ (Q
VHPHMDQWH GHVHVSHUDFLyQ QR SXHGR OORUDU VyOR
SXHGRUHtU

WHOyQ \ YLPRV OD KDELWDFLyQ GH 0DUtD WRGD


GHFRUDGD&XDQGRVXELPRVDOHVFHQDULRSDUDYHUOD
GHFHUFDHQFRQWUDPRVHQODVSDUHGHVOHWUHURVTXH
GHFtDQ

3LHQVHQWDQVyORHQORTXHFRQHVWRVHH[LJH
DO DSDUDWR IDFLDO YRFDO \ ItVLFR SDUD UHVSRQGHU D
ORV PDWLFHV PiV VXWLOHV GH ORV VHQWLPLHQWRV
VXEFRQVFLHQWHV 4Xp IOH[LELOLGDG GH H[SUHVLyQ
TXp VHQVLELOLGDG TXp GLVFLSOLQD 6XV SRGHUHV GH
H[SUHVLyQFRPRDUWLVWDVVHUiQSUREDGRVHQWRGRVX
DOFDQFHHQHOHVFHQDULRSRUODVDGDSWDFLRQHVTXH
GHEHQKDFHUHQVXUHODFLyQFRQRWURVDFWRUHV3RU
HVDUD]yQGHEHQSUHSDUDUDGHFXDGDPHQWHFDUDYR]
\FXHUSR\ORPHQFLRQRGHSDVRSRUHOPRPHQWR
SRUTXHHVSHURTXHFRPSUHQGDQPHMRUODQHFHVLGDG
GHORVHMHUFLFLRVGHFXOWXUDItVLFDFXDQGRHVWXGLHQ
EDLOH HVJULPD \ HPSOHR GH OD YR] $ VX WLHPSR
HQWUDUHPRV GH OOHQR HQ HO FXOWLYR GH ORV DWULEXWRV
H[WHUQRVGHODH[SUHVLyQ
-XVWRFXDQGRODOHFFLyQWHUPLQDED\7RUWVRY
VHOHYDQWDEDSDUDUHWLUDUVHQRWDPRVTXHVXEtDQHO


 7LHPSRUtWPLFRLQWHULRU
 &DUDFWHUL]DFLyQLQWHUQD
 &RQWURO\WpUPLQR
 eWLFD\GLVFLSOLQDLQWHUQD
 (QFDQWRGUDPiWLFR
 /yJLFD\FRKHUHQFLD

+DQYLVWRSRUDTXtXQDVHULHGHOHWUHURV
GLMR 7RUWVRY SHUR SRU HO PRPHQWR PLV
REVHUYDFLRQHV GHEHQ VHU EUHYHV 4XHGDQ WRGDYtD

SRU WUDWDU PXFKRV HOHPHQWRV QHFHVDULRV HQ HO


SURFHVR FUHDGRU 0L SUREOHPD HV FyPR SXHGR
KDEODU GH HOORV VLQ DOHMDUPH GH PL PpWRGR
KDELWXDO TXH FRQVLVWH SULPHUR HQ KDFHUOHV VHQWLU
OR TXH HVWiQ DSUHQGLHQGR FRQ HMHPSORV
SUiFWLFDPHQWHSDUDUHFLpQGHVSXpVFRQYHUWLUORVHQ
WHRUtDV" &yPR GLVFXWLU FRQ XVWHGHV DKRUD HO
LQYLVLEOH WLHPSR UtWPLFR LQWHULRU R ODLQYLVLEOH
FDUDFWHUL]DFLyQ LQWHULRU" 4Xp HMHPSOR SXHGR
GDUOHVSDUDLOXVWUDUPLH[SOLFDFLyQHQODSUiFWLFD"
0H SDUHFH TXH VHUtD PXFKR PiV VHQFLOOR
HVSHUDU KDVWD TXH QRV GHGLTXHPRV DOWLHPSR
UtWPLFR H[WHULRU \ D ODFDUDFWHUL]DFLyQ SRUTXH
XVWHGHV SXHGHQ GHPRVWUDUORV FRQDFFLRQHVItVLFDV
\DOPLVPRWLHPSRH[SHULPHQWDUORVLQWHULRUPHQWH

1L PXFKR PHQRV WHQHPRV SRU DKRUD XQ


SXQWRDOTXHSRGDPRVDSOLFDUODpWLFDHQHODUWHR
O DGLVFLSOLQD HQ HO HVFHQDULR GXUDQWH HO WUDEDMR
FUHDGRUFXDQGRPXFKRVGHXVWHGHVQRKDQHVWDGR
GHWUiV GH ODV FDQGLOHMDV PiV TXH HO GtD GH OD
UHSUHVHQWDFLyQGHSUXHED
)LQDOPHQWH FyPR SXHGR KDEODUOHV GHO
HQFDQWR FXDQGR QXQFD KDQ H[SHULPHQWDGR VX
SRGHU QL VX HIHFWR HQ XQ S~EOLFR GH PLOHV GH
SHUVRQDV
6yORTXHGDGHODOLVWDOyJLFD\FRKHUHQFLD
6REUH HVH WHPD FUHR \R KH KDEODGR ODUJR \
WHQGLGR /D WRWDOLGDG GH QXHVWUR SURJUDPD HVWi
LPSUHJQDGRHQHVHWHPD

2 QXHYDPHQWH FyPR SXHGR KDEODU


FRQFUHWDPHQWH VREUHFRQWUROFXDQGRQRWLHQHQXQD
REUDQLXQDSDUWHTXHH[LMDXQFRQWUROVRVWHQLGRHQ
VX SUHVHQWDFLyQ" 3RU OR PLVPR FyPR SXHGR
KDEODU DFHUFD GHOILQDO FXDQGR QR WHQHPRV QDGD
SDUDGDUOHILQDO"

&XiQGR OR WUDWy" SUHJXQWp FRQ


VRUSUHVD

VREUH pO FXDQGR HVWXYLPRV HVWXGLDQGRPiJLFRV


VtHV FLUFXQVWDQFLDV GDGDV FXDQGR UHDOL]DEDQ
SUR\HFWRV HQ ODDFFLyQItVLFD \ HVSHFLDOPHQWH DO
HVWDEOHFHUORVREMHWRVSDUDODFRQFHQWUDFLyQGHOD
DWHQFLyQ DO HOHJLUREMHWLYRV GHULYDGRV GH
XQLGDGHV$FDGDSDVRKHH[LJLGRHQHOWUDEDMRGH
XVWHGHVODOyJLFDPiVULJXURVD

QHFHVDULRV SDUD HO SURFHVR FUHDGRU GHO DFWRU


$JUHJDUpVRODPHQWHTXHORVHOHPHQWRVTXHKR\KH
SXHVWR HQ OLVWD VRQ WDQ LPSRUWDQWHV FRPR
QHFHVDULRV SDUD VXVFLWDU HO HVWDGR LQWHULRU
HVSLULWXDO FRUUHFWR OR PLVPR TXH DTXHOORV VREUH
ORV FXDOHV WUDEDMDPRV DQWHULRUPHQWH \ FRQ PiV
SRUPHQRUHV

/R TXH VREUH HVH WHPD TXHGD SRU GHFLU VH


WUDWDUiSDXODWLQDPHQWHDPHGLGDTXHQXHVWUDODERU
SURJUHVH 3RU HVR DKRUD QR KDUp PDQLIHVWDFLRQHV
HVSHFLDOHV (Q UHDOLGDG WHPR KDFHUOR 7HQJR
PLHGR GH DFDEDU ILORVRIDQGR \ GH DOHMDUPH GH OD
VHQGDGHODVGHPRVWUDFLRQHVSUiFWLFDV
3RU HVR HV TXH KH PHQFLRQDGR PHUDPHQWH
HVRV HOHPHQWRV D ILQ GH KDFHU OD OLVWD FRPSOHWD
&RQ HO WLHPSR OOHJDUHPRV D HOORV \ WUDEDMDUHPRV
HQ HOORV GH PDQHUD SUiFWLFD \ ILQDOPHQWH
SRGUHPRVH[WUDHUWHRUtDVGHHVHWUDEDMR
(VWR QRV OOHYD WHPSRUDULDPHQWH DO ILQDO GH
QXHVWUR HVWXGLR GH ORV HOHPHQWRV LQWHUQRV

4XpTXLHUHGHFLUHVHFXiQGR"H[FODPy
7RUWVRYDVRPEUDGRDVXYH]+HKDEODGRVREUH
pO HQ WRGDV ODV RFDVLRQHV SRVLEOHV +H LQVLVWLGR

&DStWXOR;,,
)XHU]DV0RWULFHV,QWHUQDV


$KRUD TXH KHPRV H[DPLQDGR WRGRV ORV
HOHPHQWRV \ PpWRGRV GH OD SVLFRWpFQLFD
SRGHPRVGHFLUTXHQXHVWURLQVWUXPHQWRLQWHUQRHVWi
OLVWR7RGRORTXHQHFHVLWDPRVHVXQYLUWXRVRTXH
ORHMHFXWH4XLpQHVHVHPDHVWUR"
1RVRWURVFRQWHVWDURQYDULRVHVWXGLDQWHV
4XLpQHV VRQ QRVRWURV" 'yQGH
HQFRQWUDUHVDFRVDLQYLVLEOHOODPDGDQRVRWURV"
1XHVWUD LPDJLQDFLyQ QXHVWUD DWHQFLyQ \
QXHVWURV VHQWLPLHQWRV OD FRQVWLWX\HQ
UHVSRQGLPRV
6HQWLPLHQWRV (VR HV OR PiV LPSRUWDQWH
H[FODPy9DQ\D
'H DFXHUGR 6LHQWDQ VX SDSHO \ GH
LQPHGLDWRWRGDVVXVFXHUGDVLQWHUQDVDUPRQL]DUiQ\
WRGRVXDSDUDWRGHH[SUHVLyQFRUSyUHRFRPHQ]DUi

D IXQFLRQDU 3RU OR WDQWR KHPRV HQFRQWUDGR HO


SULPHUPDHVWUR\HOPiVLPSRUWDQWHHOVHQWLPLHQWR
GLMRHOGLUHFWRU
/XHJRDJUHJy
'HVJUDFLDGDPHQWH QR HV PX\ WUDWDEOH QL
GLVSXHVWR D UHFLELU yUGHQHV < FRPR QR SRGUtDQ
HPSH]DU HO WUDEDMR D PHQRV TXH ORV VHQWLPLHQWRV
HQWUDUDQHQIXQFLyQHVSRQWiQHDPHQWHHVQHFHVDULR
UHFXUULUDDOJ~QRWURPDHVWUR4XLpQHV"
/DLPDJLQDFLyQGHFLGLy9DQ\D
0X\ ELHQ,PDJLQH DOJR \ KiJDPH YHU VX
DSDUDWRFUHDGRUHQIXQFLyQ
4XpLPDJLQDUp"
&yPRYR\DVDEHUOR"
'HER WHQHU DOJ~Q REMHWLYR DOJXQD
VXSRVLFLyQ

'HGyQGHORVVDFDUi"
6XPHQWHVHORVVXJHULUiDxDGLy*ULVKD
(QWRQFHV OD PHQWH HV HO VHJXQGR PDHVWUR
TXHEXVFDPRV,QLFLD\GLULJHODFUHDFLyQ
$FDVR OD LPDJLQDFLyQ HV LQFDSD] GH VHU
HMHFXWDQWHSRUVtVROD"
3XHGH YHU SRU XVWHG PLVPR TXH QHFHVLWD
XQDJXtD
<ODDWHQFLyQ"SUHJXQWy9DQ\D
(VWXGLpPRVOD&XiOHVVRQVXVIXQFLRQHV"
)DFLOLWDODODERUGHORVVHQWLPLHQWRVGHOD
PHQWH GH OD LPDJLQDFLyQ \ GH OD YROXQWDG
DxDGLHURQDOJXQRVHVWXGLDQWHV
/DDWHQFLyQHVFRPRXQUHIOHMRDJUHJXp
 $UURMD VXV UD\RV VREUH HO REMHWR HOHJLGR \
GHVSLHUWD HQ pO HO LQWHUpV GH QXHVWUR

SHQVDPLHQWRVVHQWLPLHQWRV\GHVHRV
4XLpQ VHxDOD HO REMHWR" SUHJXQWy HO
GLUHFWRU
/DPHQWH
/DLPDJLQDFLyQ
/DVFLUFXQVWDQFLDVGDGDV
/RVREMHWLYRV
(Q HVH FDVR WRGRV HVRV HOHPHQWRV HOLJHQ
HO REMHWR H LQLFLDQ OD WDUHD PLHQWUDV TXH OD
DWHQFLyQGHEHOLPLWDUVXDFFLyQDXQSDSHODX[LOLDU
6L OD DWHQFLyQ QR HV XQR GH ORV PDHVWURV
TXpHVHQWRQFHV"SHUVLVWt

HVWXGLDQWHVTXHGDURQHQVLOHQFLRPLUiQGRVHXQRVD
ORVRWURV\WUDWDQGRGHGHFLGLUVHDSRQHUVHGHSLH
)LQDOPHQWH XQR GHWUiV GH RWUR QRV OHYDQWDPRV \
IXLPRV KDFLD HO HVFHQDULR FRQ OHQWLWXG 3HUR
7RUWVRYYLJLODEDQXHVWURVPRYLPLHQWRV
0H DOHJUD TXH VHSDQ FRQWURODUVH SHUR
DXQTXH HYLGHQFLDURQ SRVHHU GHFLVLyQ HQ VXV
DFFLRQHV QR EDVWD SDUD PL SURSyVLWR 'HER
VXVFLWDUHQXVWHGHVDOJRPiVYLYRPiVHQWXVLDVWD
DOJRSDUHFLGRDODYROXQWDGDUWtVWLFDGHVHRYHUORV
LPSDFLHQWHV SRU LU DO HVFHQDULR OOHQRV GH
H[FLWDFLyQ\DQLPDFLyQ
1XQFD ORJUDUi HVR GH QRVRWURV FRQ HVH
YLHMRHMHUFLFLRUHODWy*ULVKD

(Q YH] GH GDPRV XQD UHVSXHVWD GLUHFWD


7RUWVRY SURSXVR TXH IXpUDPRV DO HVFHQDULR \
UHSUHVHQWiUDPRV HVH HMHUFLFLR GHO TXH HVWiEDPRV
WDQ FDQVDGRV HO GHO ORFR $O SULQFLSLR ORV

1RREVWDQWHHQVD\DUpGLMR7RUWVRYFRQ
GHFLVLyQ 6DEHQ TXH PLHQWUDV XVWHGHV
HVSHUDEDQ TXH HO ORFR IXJDGR LUUXPSLHUD SRU OD
SXHUWD GHO IUHQWH pO HQ UHDOLGDG VH KD HVFXUULGR
KDFLD OD HVFDOHUD GHO IRQGD \ HVWi JROSHDQGR OD
SXHUWD WUDVHUD" (V ELHQ VHQFLOOR \ XQD YH] TXH

FHGD4XpKDUiQHQHVWDVQXHYDVFLUFXQVWDQFLDV"
'HFLGDQ

WUDEDMR'tJDQPHDKRUDTXLpQIXpHOPDHVWURTXH
OHVKL]RHMHFXWDUHQHOLQVWUXPHQWRGHODFUHDFLyQ"

/RV HVWXGLDQWHV TXHGDURQ SHQVDWLYRV


FRQFHQWUDGRV HQ OD FRQVLGHUDFLyQ GH HVH QXHYR
SUREOHPD \ OD VROXFLyQ GHO PLVPR PHGLDQWH OD
HUHFFLyQGHXQDVHJXQGDEDUULFDGD

8VWHGIXpODGHFLVLyQGHORVHVWXGLDQWHV

&RUULPRV HQWRQFHV DO HVFHQDULR \ FRPHQ]y


XQD DFWLYLGDG IHEULO PX\ SDUHFLGD D OD GH ORV
SULPHURVGtDVGHOFXUVRFXDQGRUHSUHVHQWDPRVHO
PLVPRHMHUFLFLRSRUSULPHUDYH]
7RUWVRYORUHVXPLyFRPRVLJXH
&XDQGR OHV VXJHUt TXH UHSUHVHQWDUDQ HVWH
HMHUFLFLRVHREOLJDURQDKDFHUORFRQWUDVXVGHVHRV
SHUR QR SXGLHURQ REOLJDUVH D VHQWLUVH H[FLWDGRV
SRUpO
,QWURGXMR HQWRQFHV XQD QXHYD VXSRVLFLyQ
6REUH HVDV EDVHV FUHDURQ SDUD XVWHGHV XQ QXHYR
REMHWLYR (VH QXHYR GHVHR R GHVHRV IXp
DUWtVWLFR HQ FDUiFWHU \ SXVR HQWXVLDVPR HQ HO

3DUD VHU PiV H[DFWR IXp PLPHQWH


FRUULJLy7RUWVRY3HURVXVPHQWHVSXHGHQKDFHU
ORPLVPR\VHUXQDIXHU]DPRWLYDGRUDHQVXVYLGDV
SVtTXLFDV SDUD HO SURFHVR FUHDGRU GH WRGRV
XVWHGHV
3RUORWDQWRKHPRVSUREDGRTXHHOVHJXQGR
PDHVWURHV OD PHQWH R HO LQWHOHFWR FRQFOX\y
7RUWVRYKD\XQWHUFHUR"
3RGUtD VHU HOVHQWLGR GH OD YHUGDG \
QXHV WU DFUHHQFLD HQ pO" 6L DVt IXHUD VHUtD
VXILFLHQWHFUHHUHQDOJR\WRGDVQXHVWUDVIDFXOWDGHV
FUHDGRUDVFRQGXFLUtDQDDFFLyQ
&UHHUHQTXp"VHOHSUHJXQWy
&yPR YR\ D VDEHUOR" (VR HV DVXQWR GH
XVWHGHV

'HEHPRV FUHDU SULPHUR OD YLGD GH XQ


HVStULWXKXPDQR\UHFLpQHQWRQFHVSRGHPRVFUHHU
HQHVRKL]RQRWDU3DXO
3RUORWDQWRQXHVWURVHQWLGRGHODYHUGDG
QR HV HO PDHVWUR TXH EXVFDPRV 3RGHPRV
HQFRQWUDUOR HQ ODFRPXQLyQ R HQ ODDGDSWDFLyQ"
SUHJXQWyHOGLUHFWRU
6L YDPRV D WHQHU FRPXQLFDFLyQ FRQ DOJ~Q
RWUR GHEHPRV SDUWLFLSDU GH SHQVDPLHQWRV \
VHQWLPLHQWRV
0X\ELHQ
(VWi HQ ODV XQLGDGHV \ ORV REMHWLYRV
FRQWULEX\y9DQ\D

&ODURTXHSXHGHQGLMLPRVDFRUR
(Q HVH FDVR KHPRV KDOODGR QXHVWUR WHUFHU
PDHVWUROD YROXQWDG (Q FRQVHFXHQFLD WHQHPRV
HQ QXHVWUD YLGD SVtTXLFD WUHV LPSXOVRUHV WUHV
PDHVWURV TXH HMHFXWDQ VREUH HO LQVWUXPHQWR GH
QXHVWUDVDOPDV
&RPR GH FRVWXPEUH *ULVKD WXYR TXH
SURWHVWDU6HTXHMyGHTXHKDVWDDKRUDQRVHKDEtD
DFHQWXDGRUD SDUWH TXH ODPHQWH \ ODYROXQWDG
UHSUHVHQWDQ HQ HO WUDEDMR FUHDGRU PLHQWUDV TXH
KDEtDPRVRtGRGHPDVLDGRDFHUFDGHOVHQWLPLHQWR
4XLHUHGHFLUTXHGHEHUtDKDEHUUHSDVDGR
ORV PLVPRV SRUPHQRUHV UHVSHFWR D FDGD XQD GH
HVDVWUHVIXHU]DVPRWULFHV"SUHJXQWyHOGLUHFWRU

(VHQRHVXQHOHPHQWR6yORUHSUHVHQWDXQ
PpWRGR PHFiQLFR SDUD GHVSHUWDU ORV tQWLPRV
GHVHRV \ ODV DVSLUDFLRQHV H[FODPy 7RUWVRY
6LHVRVGHVHRVSXGLHUDQSRQHUHODSDUDWRFUHDGRU
HQPDUFKD\GLULJLGRHVSLULWXDOPHQWHHQWRQFHV

1R FODUR TXH QR 3RU TXp GLFH ORV


PLVPRVSRUPHQRUHV"LQVLVWLy*ULVKD

QHFHVDULDPHQWH VH UHILHUH D ODV RWUDV GRV /H


KXELHUD JXVWDGR RtU HVD UHSHWLFLyQ" 6XSRQJD TXH
HVWXYLHUD WUDWDQGR FRQ XVWHG ORV REMHWLYRV
FUHDGRUHV FyPR GLYLGLUORV HOHJLUORV \
QRPEUDUORV" 1R SDUWLFLSDQ GH HVWD ODERU ORV
VHQWLPLHQWRV"

'HEHQ HVWDUPH DJUDGHFLGRV SRUTXH QR KH


DEXVDGRGHODSDFLHQFLDGHXVWHGHV\SRUKDEHUOHV
DKRUUDGRHOWLHPSR6LQHPEDUJRKD\XQDSL]FDGH
UD]yQHQHOUHSURFKHGH*ULVKD

(VFODURTXHVtUHFRQRFLyHOHVWXGLDQWH
(VWi OD YROXQWDG DXVHQWH" SUHJXQWy
7RUWVRY
1RWLHQHGLUHFWDUHODFLyQFRQHOSUREOHPD
GLMLPRV
(QWRQFHV SUiFWLFDPHQWH KXELHUD WHQLGR
TXHGHFLUORPLVPRVGRVYHFHVPiV<ODJHQWH"
7RPD SDUWH WDQWR HQ OD GLYLVLyQ GH ORV
REMHWLYRVFRPRHQVXGHQRPLQDFLyQUHSOLFDPRV
(QWRQFHV KXELHUD WHQLGR TXH UHSHWLU OR
PLVPRXQDWHUFHUDYH]

&yPRSRGUtDVHUGHRWUDPDQHUD"'HVGH
TXHHVDVWUHVIXHU]DVIRUPDQXQWULXQYLUDWR\HVWpQ
XQLGDV LQH[WULFDEOHPHQWH OR TXH VH GLFH GH XQD

$GPLWR TXH PH LQFOLQR KDFLD HO ODGR


HPRWLYR GH OD FUHDFLyQ \ OR KDJR GH LQWHQWR
SRUTXH VRPRV PX\ SURSHQVRV D RPLWLU HO
VHQWLPLHQWR
7HQHPRVFRQFUHFHVDFWRUHVFDOFXODGRUHV\
SURGXFFLRQHVHVFpQLFDVGHRULJHQLQWHOHFWXDO0X\
UDUDPHQWH YHPRV XQD FUHDFLyQ YHUGDGHUD YLYD
HPRFLRQDO



(O SRGHU GH HVDV IXHU]DV PRWULFHV HV
UHDOL]DGRSRUVXLQWHUDFFLyQ6HVRVWLHQHQHLQFLWDQ
HQWUHVtFRQHOUHVXOWDGRGHTXHVLHPSUHDFW~DQDO
PLVPR WLHPSR \ HQ UHODFLyQ tQWLPD &XDQGR

OODPDPRV D OD DFFLyQ D QXHVWUD PHQWH FRQ OD


PLVPD VHxDO SURPRYHPRV QXHVWUD YROXQWDG \
VHQWLPLHQWR\VyORFXDQGRHVWDVIXHU]DVFRRSHUDQ
DUPyQLFDPHQWHSRGHPRVFUHDUFRQHQWHUDOLEHUWDG
&XDQGR XQ YHUGDGHUR DUWLVWD HVWi GLFLHQGR
HO PRQyORJR 6HU R QR VHU DFDVR HVWi
PHUDPHQWHH[SRQLHQGRORVSHQVDPLHQWRVGHODXWRU
\ HMHFXWDQGR HO WUDEDMR LQGLFDGR SRU VX GLUHFWRU"
1R SRQH HQ ODV OtQHDV PXFKR GH VX SURSLD
FRQFHSFLyQGHODYLGD

GH OD YLGD SVtTXLFD HVWiQ XQLGDV HQ DFFLyQ \


GHSHQGHQXQDGHRWUD(VWDIXHU]DFRPELQDGDHVGH
VXPD LPSRUWDQFLD SDUD QRVRWURV ORV DFWRUHV \
HVWDUtDPRV JUDYHPHQWH HTXLYRFDGRV VL QR OD
XWLOL]iUDPRV SDUD QXHVWURV ILQHV SUiFWLFRV3RU OR
WDQWR QHFHVLWDPRV GHVDUUROODU XQD SVLFRWpFQLFD
DSURSLDGD6XSULQFLSLRIXQGDPHQWDOVHYDOGUiGH
OD DFFLyQ UHFtSURFD GH ORV PLHPEURV GH HVWH
WULXQYLUDWR D ILQ QR VyOR GH GHVSHUWDUORV SRU
PHGLRVQDWXUDOHVVLQRWDPELpQSDUDXWLOL]DUORVD
LQFLWDUDRWURVHOHPHQWRVFUHDGRUHV

7DO DUWLVWD QR HVWi KDEODQGR HQ OD SHUVRQD


GH XQ LPDJLQDULR +DPOHW +DEOD FRQ GHUHFKR
SURSLR FRPR FRORFDGR HQ ODV FLUFXQVWDQFLDV
FUHDGDV SRU OD REUD /RV SHQVDPLHQWRV
VHQWLPLHQWRV FRQFHSFLRQHV \ UD]RQDPLHQWRV GHO
DXWRUVRQWUDQVIRUPDGRVHQVX\RVSURSLRV<QRHV
VX ~QLFR SURSyVLWR HMHFXWDU ODV OtQHDV GH PDQHUD
TXH VHDQ FRPSUHQGLGDV 3DUD pO HV QHFHVDULR TXH
ORVHVSHFWDGRUHVVLHQWDQVXUHODFLyQLQWHUQDFRQOR
TXHHVWiGLFLHQGR'HEHQVHJXLUVXSURSLDYROXQWDG
FUHDGRUD \ VXV GHVHRV$TXt ODV IXHU]DV PRWULFHV

$ YHFHV HQWUDQ HQ DFFLyQ HVSRQWiQHD \


VXEFRQVFLHQWHPHQWH (Q RFDVLRQHV WDQ IDYRUDEOHV
GHEHUHPRVHQWUHJDUQRVDHVHIOXLUGHVXDFWLYLGDG
3HURTXpKDUHPRVFXDQGRQRUHVSRQGDQ"

DFHUFD
GH
HOODV
TXH
DIHFWDUi
FRUUHVSRQGLHQWHPHQWH HQ ORV VHQWLPLHQWRV \ HQ OD
YROXQWDGGHXVWHGHV

XWLOL]DU" (O HVWtPXOR GLUHFWR SDUD OD PHQWH OR


SRGHPRV HQFRQWUDU HQ ORV SHQVDPLHQWRV WRPDGRV
GHO WHVWR GH OD REUD 3DUD ORV VHQWLPLHQWRV
GHEHPRV EXVFDU HO PRYLPLHQWR UtWPLFR TXH
VRVWLHQH ODV HPRFLRQHV LQWHUQDV \ ODV DFFLRQHV
H[WHUQDVGHOSDSHO

+HPRV WHQLGR \D PXFKDV GHPRVWUDFLRQHV


SUiFWLFDVGHHVDYHUGDG5HFXHUGHQORVSULQFLSLRV
GHOHMHUFLFLRFRQHOORFR/DPHQWHSURSRUFLRQyHO
DUJXPHQWR \ ODV FLUFXQVWDQFLDV HQ TXH FRORFDUOR
(VWDVFUHDURQODFRQFHSFLyQGHODDFFLyQ\MXQWDV
DIHFWDURQORVVHQWLPLHQWRV\ODYROXQWDGGHXVWHGHV
&RPR UHVXOWDGR UHSUHVHQWDURQ OD HVFHQD
HVSOpQGLGDPHQWH (VH FDVR HV XQ HMHPSOR
DGPLUDEOH GHO SDSHO GH ODPHQWH DO LQLFLDUVH HO
SURFHVR FUHDGRU 3HUR HV SRVLEOH DFHUFDUVH D XQ
SDSHO X REUD SRU OD ID] VHQWLPHQWDO VL ODV
HPRFLRQHVUHVSRQGHQGHLQPHGLDWR&XDQGRHVDVt
WRGR FDO]D HQ VX OXJDU HQ RUGHQ QDWXUDO XQD
FRQFHSFLyQTXHOOHJDXQDIRUPDUD]RQDGDTXHVH
HOHYD \ OD FRPELQDFLyQ GH DPEDV LQFLWDQGR OD
YROXQWDG
6LQ HPEDUJR FXDQGR HO VHQWLPLHQWR QR
DFXGH DO VHxXHOR TXp HVWtPXOR GLUHFWR SRGHPRV

(QHVRVFDVRVSRGHPRVYROYHUQRVDXQRGH
ORV PLHPEURV GHO WULXQYLUDWR WDO YH] D OD PHQWH
SRUTXHUHVSRQGHFRQPiVUDSLGH]DODVyUGHQHV(O
DFWRU WRPD ORV SHQVDPLHQWRV GH ODV OtQHDV GH VX
SDSHO \ OOHJD D XQD FRQFHSFLyQ GH VX VLJQLILFDGR
$ VX YH] HVD FRQFHSFLyQ OOHYDUi D XQD RSLQLyQ

3RU DKRUD PH HV LPSRVLEOH GLVFXWLU HVD


LPSRUWDQWH FXHVWLyQ SRUTXH SULPHUR GHEHQ WHQHU
FLHUWD SUHSDUDFLyQ FDSD] GH SHUPLWLUOHV HQWHQGHU
FRQSURIXQGLGDGVXILFLHQWHORTXHHVVLJQLILFDWLYR\
QHFHVDULR $GHPiV QR SRGHPRV SDVDU GH
LQPHGLDWRDOHVWXGLRGHHVHSUREOHPDSRUTXHHVR
UHTXHULUtDGDUXQJUDQVDOWR\SRGUtDDVtLQWHUIHULU
HQHORUGHQGHOGHVDUUROORGHQXHVWURSURJUDPD(V
SRU HVR TXH GHMDUp HVH SXQWR \ WRPDUp HO PpWRGR
GHGHVSHUWDUODYROXQWDGHQODDFFLyQFUHDGRUD
(Q FRQWUDVWH FRQ OD PHQWH OD TXH HV
DIHFWDGD GLUHFWDPHQWH SRU HO SHQVDPLHQWR \ FRQ
ORV VHQWLPLHQWRV TXH UHVSRQGHQ GH LQPHGLDWR DO
PRYLPLHQWRUtWPLFRQRKD\HVWLPXODGLUHFWRSRUHO
TXHSRGDPRVLQIOXHQFLDUODYROXQWDG

< XQ REMHWLYR" VXJHUt 1R LQIOX\H


VREUH HO GHVHR FUHDGRU \ SRU OR WDQWR VREUH OD
YROXQWDG"
'HSHQGH 6L QR HV OR VXILFLHQWHPHQWH
WHQWDGRU QR OR KDUi 0HGLRV DUWLILFLDOHV GHEHUiQ
VHUXWLOL]DGRVSDUDDJX]DUORLQWHQVLILFDUOR\GDUOH
LQWHUpV3RURWURODGRXQREMHWLYRIDVFLQDQWHDIHFWD
GHPDQHUDGLUHFWDHLQPHGLDWDPDVQRVREUHOD
YROXQWDG 6X DWUDFFLyQ FHQWUD HQ ODV HPRFLRQHV
3ULPHURVRQXVWHGHVOOHYDGRVSRUORVVHQWLPLHQWRV
ORV GHVHRV VRQ VXEVLJXLHQWHV 3RU OR WDQWR VX
LQIOXHQFLDVREUHODYROXQWDGHVLQGLUHFWD

YROXQWDG R HO GHVHR (Q FRQVHFXHQFLD DOJXQRV


REMHWLYRV LQIOX\HQ VREUH OD YROXQWDG PiV TXH HO
VHQWLPLHQWR \ RWURV DFUHFLHQWDQ ODV HPRFLRQHV D
H[SHQVDV GHO GHVHR 'H XQD PDQHUD R GH RWUD
GLUHFWDRLQGLUHFWDPHQWHHOREMHWLYRHVXQHVWtPXOR
PDJQtILFRTXHDQVLDPRVHPSOHDU
'HVSXpV GH XQRV PLQXWRV GH VLOHQFLR
7RUWVRYGLMR

3HURXVWHGQRVKDGLFKRTXHODYROXQWDG\
HOVHQWLPLHQWRVRQLQVHSDUDEOHVGHPDQHUDTXHVL
XQ REMHWLYR DFW~D VREUH XQR GH HOORV DIHFWD DO
PLVPR WLHPSR \ GH PDQHUD QDWXUDO DO RWUR GLMR
*ULVKDDQVLRVRSRUGHVWDFDUODGLVFUHSDQFLD

/RV
DFWRUHV
FX\RV
VHQWLPLHQWRV
SUHSRQGHUDQ VREUH VXV LQWHOHFWRV DFHQWXDUiQ DO
UHSUHVHQWDU 5RPHR X 2WHOR HO ODGR HPRWLYR /RV
DFWRUHV HQ ORV TXH OD YROXQWDG HV HO DWULEXWR PiV
SRGHURVR UHSUHVHQWDUiQ 0DFEHWK R %UDQG \
H[DJHUDUiQ OD DPELFLyQ R HO IDQDWLVPR (O WHUFHU
WLSR DFHQWXDUi LQFRQVFLHQWHPHQWH PiV GH OR
QHFHVDULR ORV PDWLFHV LQWHOHFWXDOHV GH XQ SDSHO
FRPR+DPOHWR1DWiQHO6DELR

(VWi PX\ HQ OR FLHUWR /R YROXQWDG \ HO


VHQWLPLHQWR WLHQHQ GRV FDUDV FRPR HO -DQR
ELIURQWH$YHFHVODHPRFLyQSUHSRQGHUDRWUDVOD

6LQ HPEDUJR HV QHFHVDULR QR SHUPLWLU TXH


QLQJXQR GH ORV WUHV HOHPHQWRV VREUHSXMH D
FXDOTXLHUD GH ORV RWURV SRUTXH DVt VH GHVWUX\H OD

FRRUGLQDFLyQ\ODDUPRQtDQHFHVDULDV1XHVWURDUWH
UHFRQRFHORVWUHVWLSRV\HQVXODERUFUHDGRUDODV
WUHV IXHU]DV UHSUHVHQWDQ LPSRUWDQWHV SDSHOHV (O
~QLFRWLSRTXHUHFKD]DPRVSRUVHUGHPDVLDGRIUtR
\ UD]RQDGR HV HO QDFLGR GH XQD iULGD
HVSHFXODFLyQ

&DStWXOR;,,,
/D/tQHD,QTXHEUDQWDEOH

3RU XQ PRPHQWR KXER VLOHQFLR \ HQWRQFHV


7RUWVRY FRQFOX\y OD OHFFLyQ FRQ OD VLJXLHQWH
REVHUYDFLyQ
$KRUD VRQ ULFRV 7LHQHQ D VX GLVSRVLFLyQ
JUDQ Q~PHUR GH HOHPHQWRV SDUD XWLOL]DU HQ OD
FUHDFLyQ GH OD YLGD GH XQ DOPD KXPDQD HQ VX
SDSHO
(VXQDJUDQDGTXLVLFLyQ\ORVIHOLFLWR


(O LQVWUXPHQWR LQWHUQR GH WRGRV XVWHGHV
HVWiOLVWRSDUDHOFRQFLHUWRDQXQFLyHOGLUHFWRU
DO FRPHQ]DU OD OHFFLyQ ,PDJLQHQ TXH KHPRV
GHFLGLGR KDFHU XQD REUD HQ OD TXH D FDGD XQR GH
XVWHGHV VH OH KD SURPHWLGR XQ SDSHO HVSOpQGLGR
4Xp KDUtDQ DO OOHJDU R VXV FDVDV GHVSXpV GH OD
SULPHUDOHFWXUD"
$FWXDUH[FODPy9DQ\DDOLQVWDQWH
/HR GLMR TXH WUDWDUtD GH LPDJLQDUVH HQ HO
SDSHO\0DUtDTXHVHHVFRQGHUtDHQDOJ~QULQFyQ\
WUDWDUtDGHVHQWLUHOVX\R
<R GHFLGt TXH FRPHQ]DUtD FRQ ODV
VXSRVLFLRQHV TXH SUHVHQWDUD OD REUD \ TXH PH
FRORFDUtD GHQWUR GH HOODV 3DXO GLMR TXH GLYLGLUtD
ODREUDHQSHTXHxDVXQLGDGHV
(QRWUDVSDODEUDVH[SOLFyHOGLUHFWRU
WRGRVXWLOL]DUtDQODVIXHU]DVLQWHUQDVSDUDVHQWLUHO

DOPDGHOSDSHO
7HQGUiQ TXH OHHU OD REUD PXFKDV YHFHV
6yOR HQ UDUDV RFDVLRQHV SXHGH XQ DFWRU DVLU GH
LQPHGLDWR OD VXEVWDQFLD GH XQ QXHYR SDSHO \ VHU
OOHYDGR SRU pO GH WDO PDQHUD TXH SXHGD FUHDU VX
HVStULWXWRWDOHQXQDVRODH[SORVLyQGHVHQWLPLHQWR
0iVDPHQXGRVXPHQWHFDSWDSULPHURHOWH[WRHQ
SDUWH VXV HPRFLRQHV VRQ HQWRQFHV OLJHUDPHQWH
FRQPRYLGDVHLQFLWDQYDJRVGHVHRV
$O SULQFLSLR VX HQWHQGLPLHQWR GHO
VLJQLILFDGRLQWHULRUGHODREUDHVREOLJDWRULDPHQWH
GHPDVLDGRJHQHUDO3RUORFRP~QQRDOFDQ]DUiHO
IRQGR GH HOOD KDVWD TXH OD KD\D HVWXGLDGR
FRQFLHQ]XGDPHQWH VLJXLHQGR ORV PLVPRV SDVRV
TXHHODXWRUGLHUDDOHVFULELUOD
&XDQGRODSULPHUDOHFWXUDGHOWH[WRQRGHMD
LPSUHVLyQQLQJXQDQLLQWHOHFWXDOQLHPRWLYDTXp
SXHGHKDFHUHODFWRU"
'HEH DFHSWDU FRQFOXVLRQHV DMHQDV \ KDFHU

XQ HVIXHU]R PD\RU SRU SHQHWUDU HO VHQWLGR GHO


WH[WR &RQ SHUVLVWHQFLD JHVWDUi XQD YDJD
FRQFHSFLyQ GHO SDSHO TXH OXHJR GHEH GHVDUUROODU
)LQDOPHQWH VXV IXHU]DV PRWULFHV LQWHUQDV OR
LQFOLQDUiQDODDFFLyQ

(QOXJDUGHFRQWHVWDUHOGLUHFWRUFRPHQ]yD
KDFHU FLHUWRV PRYLPLHQWRV LQFRQH[RV FRQ ORV
EUD]RVODFDEH]D\HOWRUVR/XHJRSUHJXQWy

+DVWD TXH VH DFODUH HO REMHWR OD GLUHFFLyQ


GH VXV DFWLYLGDGHV SHUPDQHFHUi LQIRUPH 6yOR
VHQWLUiHQVXSDSHOPRPHQWRVLQGLYLGXDOHV

&RQWHVWDPRV QHJDWLYDPHQWH (Q VHJXLGD


WRGDYtD VHQWDGR LQLFLy XQD VHULH GH PRYLPLHQWRV
TXHVHVHJXtDQDUPRQLRVDPHQWHHQJUDWDVHFXHQFLD

1R HV VRUSUHQGHQWH TXH HQ HVH SHUtRGR OD


FRUULHQWHGHVXVSHQVDPLHQWRVGHVHRV\HPRFLRQHV
DSDUH]FD \ GHVDSDUH]FD 6t IXpUDPRV D VHJXLU VX
FXUVR HQ XQ JUiILFR HO GLEXMR DSDUHFHUtD
GHVDUWLFXODGR \ TXHEUDGR QLFDPHQWH FXDQGR VH
OOHJDDXQSURIXQGRHQWHQGLPLHQWRGHOSDSHO\GHOD
UHDOL]DFLyQ GHO REMHWLYR IXQGDPHQWDO VXUJH
JUDGXDOPHQWH XQD OtQHD FRQWLQXDGD 5HFLpQ
HQWRQFHV WHQHPRV GHUHFKR D GHFLU TXH HO WUDEDMR
FUHDGRKDFRPHQ]DGR

6H SXHGH KDFHU FRQ HVR XQ EDLOH"


SUHJXQWy

3RUTXpUHFLpQHQWRQFHV"

3XHGHQGHFLUTXHHVWDEDEDLODQGR"

8QiQLPHPHQWH DFRUGDPRV TXH Vt /XHJR


FDQWyDOJXQDVQRWDVFRQODUJDVSDXVDVHQWUHVt
(VpVDXQDFDQFLyQ"
1RUHSOLFDPRV
< pVWD" \ GHMy RtU XQD KHUPRVD \
VRQRUDPHORGtD
6t

'HVSXpV WUD]y VREUH XQ WUR]R GH SDSHO


DOJXQDVOtQHDVLQFRQH[DV\FRPRDOD]DUSUHJXQWy
OXHJRVtSRGtDOODPDUVHDHVRXQGLEXMR&XDQGROR
QHJDPRVWUD]yXQDVFXUYDVODUJDV\SUHFLRVDVTXH
GH LQPHGLDWR DGPLWLPRV SRGtDQ GHVLJQDUVH FRPR
GLEXMRV
9HQ TXH HQ FDGD DUWH GHEHPRV WHQHU XQD
OtQHD LQTXHEUDQWDEOH" 3RU HVR HV TXH GLJR TXH
FXDQGRODOtQHDVXUJHFRPRXQDWRWDOLGDGODODERU
FUHDGRUDKDFRPHQ]DGR
3HUR SXHGH HQ OD UHDOLGDG H[LVWLU HVD
OtQHD QXQFD TXHEUDGD \ PXFKR PHQRV HQ HO
HVFHQDULR"REMHWy*ULVKD
(VSRVLEOHTXHHVDOtQHDH[LVWDH[SOLFy
HO GLUHFWRU SHUR QR HQ XQD SHUVRQD QRUPDO (Q
OD JHQWH VDQD GHEH KDEHU DOJXQD LQWHUUXSFLyQ 3RU
OR PHQRV DVt SDUHFH 6LQ HPEDUJR GXUDQWH HVRV
TXHEUDQWRV XQD SHUVRQD FRQWLQ~D H[LVWLHQGR 1R
PXHUH\SRUORWDQWRHVDOtQHDFRQWLQ~DHQFLHUWR
PRGR

(QQXHVWUD~OWLPDOHFFLyQKDOODPRVTXHHQ
QXHVWUR DUWH FRPR HQ FXDOTXLHU RWUR GHEHPRV
VHJXLU XQD OtQHD FRPSOHWD LQLQWHUUXPSLGD /HV
JXVWDUtDTXHOHVHQVHxDUDFyPRSURFXUDUOD"
&ODURTXHVtH[FODPDPRV
(QWRQFHV GtJDPH GLMR YROYLpQGRVH D
9DQ\DTXpKL]RKR\GHVGHHOPRPHQWRHQTXH
VHOHYDQWyKDVWDTXHYLQRDTXt"
1XHVWURFDPDUDGDKL]RWHQDFHVHVIXHU]RVSRU
FRQFHQWUDUVH HQ OD SUHJXQWD SHUR KDOOy GLItFLO
UHWURWUDHUVXDWHQFLyQ3DUDD\XGDUORHOGLUHFWRUOH
GLRHOVLJXLHQWHFRQVHMR
$OUHFRUGDUORSDVDGRQRWUDWHGHDYDQ]DU
KDFLDHOSUHVHQWH(VPiVIiFLOYROYHUKDFLDDWUiV
HVSHFLDOPHQWH FXDQGR VH HVWi WUDWDQGR FRQ XQ
SDVDGRUHFLHQWH
&RPR 9DQ\D QR FDSWy OD LGHD GH LQPHGLDWR
HOGLUHFWRUVLJXLyD\XGiQGROR

&RQYHQJDPRV HQ TXH HQ ODOtQHD QRUPDO


FRQWLQXDKD\DOJXQDVLQWHUUXSFLRQHVQHFHVDULDV
+DFLD HO ILQDO GH OD OHFFLyQ HO GLUHFWRU
H[SOLFy TXH QR VyOR QHFHVLWiEDPRV XQD VLQR
PXFKDV OtQHDV SDUD UHSUHVHQWDU OD GLUHFFLyQ GH
QXHVWUDVYDULDGDVDFWLYLGDGHVLQWHUQDV
(Q HO HVFHQDULR VL OD OtQHD LQWHULRU VH YH
TXHEUDGDHODFWRUGHMDGHHQWHQGHUORTXHVHGLFH
R KDFH \ FHVD GH WHQHU GHVHRV R HPRFLRQHV (O
DFWRU \ HO SDSHO KXPDQDPHQWH KDEODQGR FREUDQ
YLGDSRUPHGLRGHHVDVOtQHDVFRQWLQXDGDV6LHVDV
OtQHDV VH LQWHUUXPSHQ OD YLGD VH GHWLHQH VL VH
UHYLYH HO QH[R OD YLGD FRQWLQ~D 3HUR RFXUUH TXH
HVH HVSDVPyGLFR PRULU \ YLYLU QR HV QRUPDO (O
SDSHO GHEH VHU FRQWLQXR \ VX OtQHD GHEH
FRQVHUYDUVHLQWDFWD


$KRUD HVWi DTXt KDEODQGR FRQ QRVRWURV


4XpKL]RDQWHV"
0HFDPELpGHURSD
&DPELDUVH GH URSD HV XQ SURFHVR FRUWR H
LQGHSHQGLHQWH&RQWLHQHWRGDFODVHGHHOHPHQWRV\
FRQVWLWX\HORTXHSRGUtDPRVOODPDUXQDOtQHDFRUWD
+D\ PXFKDV HQ XQ SDSHO 3RU HMHPSOR 4Xp KL]R
DQWHVGHFDPELDUVH"
(VWXYH SUDFWLFDQGR HVJULPD \ KDFLHQGR
JLPQDVLD
<DQWHVGHHVR"
)XPpXQFLJDUULOOR
<DQWHV"
(VWXYHHQODFODVHGHFDQWR
(OGLUHFWRUFRQGXMRD9DQ\DPiV\PiVOHMRV
LQWHUQiQGROR HQ HO SDVDGR KDVWD TXH OOHJy DO

PRPHQWRGHOGHVSHUWDU
+HPRVUHXQLGRXQDVHULHGHOtQHDVFRUWDV
GHHSLVRGLRVGHVXYLGDGHVGHTXHVHKDOHYDQWDGR
EDVWD HO PRPHQWR SUHVHQWH 7RGRV HOORV KDQ VLGR
UHWHQLGRVHQVXPHPRULD$ILQGHILMDUORVVXJLHUR
TXH ORV UHSDVH HQ HVD VXFHVLyQ YDULDV YHFHV
VLJXLHQGRHOPLVPRRUGHQ
&XPSOLGR HVWR HO GLUHFWRU QR VyOR TXHGy
VDWLVIHFKRGHTXH9DQ\DVLQWLHUDHVDVSRFDVKRUDV
GH VX SDVDGR LQPHGLDWR VLQR TXH WDPELpQ ILMDUD
HVRVPRPHQWRVHQVXPHPRULD
+DJD DKRUD OR PLVPR SHUR HQ RUGHQ
LQYHUVRFRPHQ]DQGRSRUHOPRPHQWRHQTXHDEULy
ORVRMRVHVWDPDxDQD
$VtORKL]R9DQ\DWDPELpQUHSHWLGDVYHFHV
'tJDPH DKRUD HVWH HMHUFLFLR KD GHMDGR
HQ XVWHG XQD LPSUHVLyQ LQWHOHFWXDO R HPRWLYD TXH
SXHGD FRQVLGHUDU FRPR XQDOtQHD GH VX YLGD GH
KR\ FDVL LQLQWHUUXPSLGD" (V XQD OtQHD tQWHJUD

HPSLH]DXQDOtQHD
6L XQH HVD OtQHD FRQ OR TXH OH KD VXFHGLGR
KDVWD DKRUD FUHDUi XQDOtQHD FRPSOHWD H
LQLQWHUUXPSLGD TXH EURWDQGR GHO SDVDGR
DWUDYLHVDHOSUHVHQWHVHSUR\HFWDKDFLDHOIXWXUR
GHVGH HO PRPHQWR HQ TXH VH GHVSLHUWD SRU OD
PDxDQD KDVWD TXH FLHUUD ORV RMRV SRU OD QRFKH
$Vt HV FyPR ODV SHTXHxDV OtQHDV LQGLYLGXDOHV
FRUUHQDOXQtVRQR\IRUPDQXQDJUDQFRUULHQWHTXH
UHSUHVHQWDODYLGDGHXQGtDFRPSOHWR
$KRUD VXSRQJD TXH HVWi HQ XQD FRPSDxtD
SURYLQFLDO \ TXH VH OH KD GDGR HO SDSHO GH 2WHOR
SDUDTXHORSUHSDUHHQXQDVHPDQD3XHGHVHQWLU
TXHWHGDVXYLGDHQHVRVGtDVVHUiYROFDGDHQXQD
GLUHFFLyQLPSRUWDQWHSDUDVROXFLRQDUVXSUREOHPD
KRQHVWDPHQWH" 7HQGUi TXH KDEHU XQD LGHD
GRPLQDQWH TXH DEVRUED WRGR OR TXH FRQGX]FD DO
PRPHQWRGHHVDDWHUUDGRUDUHSUHVHQWDFLyQ
1DWXUDOPHQWHDGPLWt

FRPSOHWD DFDEDGD KHFKD GHDFWRV LQGLYLGXDOHV


GH VHQWLPLHQWRV SHQVDPLHQWRV \ VHQVDFLRQHV"
&RQWLQXy (VWR\ FRQYHQFLGR GH TXH FRPSUHQGH
FyPR YROYHU D FUHDU OD OtQHD GHO SDVDGR $KRUD
.RVW\D SHUPtWDPH YHU FyPR KDFH OR PLVPR SDUD
HOIXWXURWRPDQGRHOUHVWRGHOGtDGHKR\
&yPR SXHGR VDEHU OR TXH LUi D
VXFHGHUPHHQHOIXWXURLQPHGLDWR"SUHJXQWp
1R VDEH TXH GHVSXpV GH HVWD OHFFLyQ
WLHQH RWUDV RFXSDFLRQHV TXH GHEH LU D VX FDVD \
GHEHFRPHU"1RWLHQHQDGDSUR\HFWDGRSDUDHVWD
QRFKH YLVLWDV TXH KDFHU MXHJRV FLQH R OHFWXUD"
1R VDEH VL VXV SURSyVLWRV KDEUiQ GH FXPSOLUVH
SHURSXHGHVXSRQHUTXHVt3RUORWDQWRGHEHWHQHU
DOJXQD LGHD DFHUFD GHO UHVWR GHO GtD 1R VLHQWH
TXH HVD OtQHD WRPD FRQVLVWHQFLD D PHGLGD TXH VH
H[WLHQGH KDFLD HO IXWXUR FDUJDGD GH FXLGDGRV
UHVSRQVDELOLGDGHVJR]RV\SHQDV"
$O PLUDU KDFLD DGHODQWH VH QRWD FLHUWR
PRYLPLHQWR \ GRQGH KD\ PRYLPLHQWR VLHPSUH

6LHQWHODOtQHDPD\RUTXHYDDWUDYpVGH
WRGD HVD VHPDQD GH SUHSDUDFLyQ GHO SDSHO GH
2WHOR"PHDSUHPLyD~QPiVHOGLUHFWRU<VL
DTXtDFHSWDPRVODH[LVWHQFLDGHOtQHDVTXHFRUUHQ
DWUDYpVGHGtDV\VHPDQDVSRGHPRVVXSRQHUTXH
H[LVWDQWDPELpQHQWpUPLQRVGHPHVHVDxRV\KDVWD
GHXQDYLGD"
7RGDV HVDV OtQHDV JUDQGHV UHSUHVHQWDQ OD
XQLyQ GH ODV PiV SHTXHxDV (V OR TXH RFXUUH HQ
WRGDREUD\HQWRGRSDSHO(QODUHDOLGDGODYLGD
FUHD OD OtQHD SHUR HQ HO HVFHQDULR HV OD
LPDJLQDFLyQDUWtVWLFDGHODXWRUODTXHODFUHDHQOD
VHPHMDQ]D GH OD YHUGDG 1R REVWDQWH QRV OD GD
VyORHQIUDJPHQWRV\TXHEUDQWDGD
<SRUTXp"SUHJXQWp
<D KHPRV KDEODGR DFHUFD GHO KHFKR GH
TXHHODXWRUVyORQRVRIUHFHXQRVSRFRVPLQXWRVGH
ODYLGDWRWDOGHVXVSHUVRQDMHV2PLWHPXFKRGHOR
TXHVXFHGHIXHUDGHOHVFHQDULR0X\DPHQXGRQR
GLFHQDGDGHORTXHKDVXFHGLGRDVXVSHUVRQDMHV

PLHQWUDV KDQ HVWDGR HQWUH EDVWLGRUHV \ GH OR TXH


ORVKDFHDFWXDUGHODPDQHUDTXHORKDFHQFXDQGR
UHWRUQDQDOHVFHQDULR'HEHPRVOOHQDUORTXHGHMD
VLQGHFLU3RUTXHGHRWUDPDQHUDVyORWHQGUtDPRV
PLJDMDV \ WUR]RV TXH RIUHFHU GH OD YLGD GH ODV
SHUVRQDVTXHUHSUHVHQWDPRV7DOFRPRHQODYLGD
HVWR QR HV SRVLEOH GHEHPRV FUHDU SDUD QXHVWURV
SDSHOHVOtQHDVFRPSDUDWLYDPHQWHLQLQWHUUXPSLGDV



7RUWVRY FRPHQ]y KR\ SRU SHGLUQRV TXH QRV
LQVWDOiUDPRVHQODVDODGH0DUtDWDQFyPRGDPHQWH
FRPRQRVIXHUDSRVLEOH\TXHKDEOiUDPRVVREUHOR
TXHTXLVLpUDPRV$OJXQRVVHVHQWDURQDOUHGHGRUGH
OD PHVD RWURV D OR ODUJR GH OD SDUHG GRQGH VH
YHtDQDOJXQRVDFFHVRULRVHOpFWULFRV
5DMPiQRY HO DVLVWHQWH GHO GLUHFWRU HVWDED
WDQDWDUHDGRDFRPRGiQGRQRVTXHIXpHYLGHQWHTXH
WHQGUtDPRVRWUDGHVXVGHPRVWUDFLRQHV

0LHQWUDVFRQYHUViEDPRVQRWDPRVTXHYDULDV
OXFHVVHHQFHQGtDQ\DSDJDEDQ\HUDHYLGHQWHTXH
OR TXH VXFHGtD HVWDED HQ UHODFLyQ FRQ TXLHQ
KDEODED\FRQODSHUVRQDGHTXLHQKDEOiEDPRV6L
5DMPiQRYKDEODEDXQDOX]VHHQFHQGtDFHUFDVX\R
6L PHQFLRQiEDPRV DOJR GH VREUH OD PHVD HO
REMHWR HUD LOXPLQDGR LQVWDQWiQHDPHQWH $O
SULQFLSLRQRSXGHFRPSUHQGHUHOVLJQLILFDGRGHODV
OXFHV TXH DSDUHFtDQ \ GHVDSDUHFtDQ IXHUD GH
QXHVWUD KDELWDFLyQ SHUR ILQDOPHQWH OOHJXp D OD
FRQFOXVLyQ GH TXH VH UHIHUtDQ D ORV SHUtRGRV GH
WLHPSR 3RU HMHPSOR OD OX] HQ HO FRUUHGRU VH
HQFHQGtD FXDQGR QRV UHIHUtDPRV DO SDVDGR OD GHO
FRPHGRU FXDQGR PHQFLRQiEDPRV HO SUHVHQWH OD
GHO YHVWtEXOR FXDQGR KDEOiEDPRV GHO IXWXUR
7DPELpQ QRWp TXH WDQ SURQWR FRPR XQD OX] VH
DSDJDEDRWUDVHHQFHQGtD7RUWVRYH[SOLFyTXHHVR
UHSUHVHQWDED OD FDGHQD LQLQWHUUXPSLGD GH ORV
YDULRV REMHWRV VREUH ORV FXDOHV HQ OD YLGD UHDO
FRQFHQWUDPRV QXHVWUD DWHQFLyQ \D VHD
FRKHUHQWHPHQWH\DGHPDQHUDFDVXDO
(V VLPLODU D OR TXH RFXUUH GXUDQWH OD

UHSUHVHQWDFLyQ(VLPSRUWDQWHTXHODVHFXHQFLDGH
ORVREMHWRVVREUHORVFXDOHVVHFRQFHQWUDQIRUPHQ
XQD OtQHD VyOLGD(VD OtQHD GHEH SHUPDQHFHU GH
HVWHODGRGHODVFDQGLOHMDV\QRSHUGHUVHXQDYH]
TXHHVWpDQWHHOS~EOLFR

XQ UHPDWH HQ HO TXH VH YHQGHUiQ GRV 5HPEUDQGW


0LHQWUDV OOHJDQ ORV FRPSUDGRUHV PH VHQWDUp HQ
HVWDPHVDFRQXQH[SHUWRHQFXDGURV\OOHJDUHPRV
DXQDFXHUGRVREUHHOFXDGURTXHFRPHQ]DUHPRVOD
YHQWD3DUDHVRGHEHPRVH[DPLQDUODVGRVWHODV

/D YLGD GH XQD SHUVRQD R GH XQ SDSHO


H[SOLFyHOGLUHFWRUFRQVLVWHHQXQFDPELRVLQILQ
GH REMHWRV \ FtUFXORV GH DWHQFLyQ \D VHD HQ HO
SODQRGHODUHDOLGDG\DHQHOGHODLPDJLQDFLyQ\D
HQHOGRPLQLRGHORVUHFXHUGRVGHOSDVDGRRHQHO
GH ORV VXHxRV VREUH HO IXWXUR (O DWULEXWR GH HVWD
OtQHDGHVHULQTXHEUDQWDEOHUHVXOWDSDUDHODUWLVWD
GHPXFKtVLPDLPSRUWDQFLD\WHQGUiQTXHDSUHQGHU
D HVWDEOHFHUOD DVt HQ XVWHGHV PLVPRV 3RU PHGLR
GHOiPSDUDVHOpFWULFDVOHVYR\DLOXVWUDUGHFyPR
SXHGH WUD]DUVH VLQ QLQJXQD LQWHUUXSFLyQ GHVGH XQ
H[WUHPRDRWURGHODREUD

$ FDGD ODGR GHO HVFHQDULR VH HQFHQGLy \ VH


DSDJy XQD OX] \ OD TXH LOXPLQDED OD PDQR GH
7RUWVRYVHH[WLQJXLy

%DMHQDODSODWHDQRVGLMRSLGLpQGROHDO
PLVPRWLHPSRD5DMPiQRYTXHVHKLFLHUDFDUJRGH
ODV OODYHV GH OD OX] SDUR D\XGDUOR 6HJXLUp FRQ
ODVOXFHVHODUJXPHQWRGHODREUDYDPRVDHIHFWXDU

$KRUD KDFHPRV FRPSDUDFLRQHV PHQWDOHV


FRQRWURV5HPEUDQGWGHPXVHRVH[WUDQMHURV
8QD OX] HQ HO YHVWtEXOR TXH UHSUHVHQWD ORV
LPDJLQDULRVFXDGURVGHOH[WUDQMHURVHHQFHQGLy\
VHDSDJyDOWHUQDQGRFRQODVGRVOXFHVHQORDOWR
TXHUHSUHVHQWDQFXDGURVDYHQGHU
9HQ DTXHOODV OXFHFLWDV FHUFD GH OD
SXHUWD" 6RQ FRPSUDGRUHV VLQ LPSRUWDQFLD +DQ
DWUDtGR PL DWHQFLyQ \ ORV VDOXGR 1R REVWDQWH OR
KDJRVLQJUDQHQWXVLDVPR
6LQROOHJDQFRPSUDGRUHVPiVLPSRUWDQWHV

TXHpVWRVQRSRGUpVXELUHOSUHFLRGHORVFXDGURV
(VORTXHSUHRFXSDPLPHQWH
7RGDVODVGHPiVOXFHVVHDSDJDQH[FHSWRXQ
UHIOHFWRU DOUHGHGRU GH 7RUWVRY SDUD LQGLFDU HO
SHTXHxR FtUFXOR GH DWHQFLyQ 6H PXHYH FRQ pO
VLJXLpQGRORPLHQWUDVVHSDVHDQHUYLRVDPHQWH
9HDQ 7RGR HO HVFHQDULR \ ODV
KDELWDFLRQHV DG\DFHQWHV HVWiQ LQXQGDGDV GH OX]
6RQ ORV UHSUHVHQWDQWHV GH PXVHRV H[WUDQMHURV D
TXLHQHVVDOXGDUpFRQHVSHFLDOGHIHUHQFLD
3URFHGLy HQWRQFHV D UHSUHVHQWDU QR VyOR VX
HQFXHQWUR FRQ ORV GLUHFWRUHV GH ORV PXVHRV VLQR
WDPELpQ OD VXEDVWD 6X DWHQFLyQ HUD PiV DJXGD
FXDQGR DUUHFLDED OD SXMD \ OD H[FLWDFLyQ ILQDO VH
PDQLIHVWy PHGLDQWH XQD YHUGDGHUD RUJtD GH OXFHV
/RV JUDQGHV UHIOHFWRUHV VH HQFHQGtDQ FRQMXQWD \
VHSDUDGDPHQWH ODQ]DQGR XQ KHUPRVR GLEXMR DOJR
DVtFRPRXQDDSRWHRVLVGHIXHJRVDUWLILFLDOHV
3XGLHURQ VHQWLU LQWDFWD OD OtQHD YLYD GHO

7DQWR PHMRU GLMR FRQ VDWLVIDFFLyQ


+H TXHULGR GHPRVWUDUOHV OR TXH VLHPSUH HQ HO
HVFHQDULR GHEHUtD VXFHGHU$KRUD OHV PRVWUDUp OR
TXH QR GHEH VXFHGHU SHUR TXH VLQ HPEDUJR HV
PX\KDELWXDO
0LUHQ /DV OXFHV DSDUHFHQ HQ HO HVFHQDULR
VyORDLQWHUYDORVPLHQWUDVTXHHQODSODWHDEULOODQ
FRQVWDQWHPHQWH
'tJDQPH OHV SDUHFH QRUPDO TXH OD PHQWH
GHODFWRU\ORVVHQWLPLHQWRVGHDPEXOHQSRUODSVRV
HQ HO S~EOLFR \ IXHUD GH ORV OtPLWHV GHO WHDWUR"
&XDQGR YXHOYHQ DO HVFHQDULR HV VyOR SRU SRFRV
LQVWDQWHVSDUDOXHJRGHVYDQHFHUVHQXHYDPHQWH
(Q HVD FODVH GH DFWXDFLyQ VyOR
RFDVLRQDOPHQWH HO DFWRU \ VX SDSHO VH SHUWHQHFHQ
3DUD HYLWDUOR XWLOLFHQ WRGD OD IXHU]D LQWHULRU GH
TXH VRQ FDSDFHV SDUD FRQVWUXLU XQD OtQHD VLQ
TXHEUDQWRV


HVFHQDULR"QRVSUHJXQWy
*ULVKDVRVWXYRTXH7RUWVRYQRKDEtDORJUDGR
SUREDUORTXHGHVHDED
8VWHG PH SHUGRQDUi TXH OR GLJD SHUR
VHJ~QPLPRGRGHYHUXVWHGSUREyORFRQWUDULRGH
VX SURSyVLWR (VD LOXPLQDFLyQ QR QRV PRVWUy XQD
OtQHD LQWDFWD VLQR XQD FDGHQD VLQ ILQ GH SXQWRV
GLVWLQWRV
/DDWHQFLyQGHODFWRUSDVDFRQVWDQWHPHQWH
GH XQ REMHWR D RWUR (V HVH FRQVWDQWH FDPELR GH
IRFR OR TXH FRQVWLWX\H OD OtQHD LQWDFWD H[SOLFy
7RUWVRY 6L HO DFWRU VH DGKLULHUD D XQ REMHWR
GXUDQWH WRGR XQ DFWR R WRGD XQD REUD HVWDUtD
HVSLULWXDOPHQWH GHVHTXLOLEUDGR \ VHUtD OD YtFWLPD
GHXQDLGHDILMD
7RGRV ORV GHPiV HVWXGLDQWHV HVWXYLHURQ GH
DFXHUGR FRQ HO SXQWR GH YLVWD GHO GLUHFWRU \
FRQVLGHUDURQ TXH OD GHPRVWUDFLyQ KDEtD VLGR
LQWHQVD\OOHQDGRVXFRPHWLGR

&DStWXOR;,9
(O(VWDGR&UHDGRU,QWHULRU


&XDQGR \D KDQ UHXQLGR ODV OtQHDV D OR
ODUJRGHODVFXDOHVVHPXHYHQODVIXHU]DVLQWHUQDV
KDFLD GyQGH VH GLULJHQ" &yPR H[SUHVD VXV
HPRFLRQHV XQ SLDQLVWD" 9D KDFLD VX SLDQR < HO
SLQWRU" 7RPD VX WHOD VXV SLQFHOHV \ VXV FRORUHV
'H OD PLVPD PDQHUD HO DFWRU VH YXHOYH KDFLD VX
LQVWUXPHQWR FUHDGRU HVSLULWXDO \ ItVLFR /D PHQWH
OD YROXQWDG \ ORV VHQWLPLHQWRV VH FRPELQDQ SDUD
PRYLOL]DUWRGRVVXVHOHPHQWRVLQWHUQRV
([WUDHQODYLGDGHODILFFLyQTXHHVODREUD
\ OD KDFHQ SDUHFHU PiV UHDO VXV REMHWLYRV PHMRU
IXQGDGRV7RGRHVRORD\XGDDVHQWLUHOSDSHOVX
YHUGDGLQQDWDDFUHHUHQODSRVLELOLGDGUHDOGHOR
TXH HQ HO HVFHQDULR HVWi RFXUULHQGR (Q RWUDV
SDODEUDV HVH WULXQYLUDWR GH IXHU]DV LQWHUQDV WRPD
HO WRQR FRORU PDWLFHV \ PRGRV GH ORV HOHPHQWRV
TXH ULJHQ $EVRUEHQ VX FRQWHQLGR HVSLULWXDO
'LVWULEX\HQ WDPELpQ HQHUJtD SRGHU YROXQWDG
HPRFLyQ \ SHQVDPLHQWR 7UDQVILHUHQ HVDV LQWHQVDV
SDUWtFXODV GHO SDSHO D ORV HOHPHQWRV 'H HVDV

WUDQVIHUHQFLDVFUHFHJUDGXDOPHQWHORTXHOODPDPRV
ORVHOHPHQWRVGHODUWLVWDHQHOSDSHO

< HVR TXp HV" H[FODPy 9DQ\D \D


DODUPDGR

+DFLD GyQGH VH GLULJHQ" VH OH


SUHJXQWy

(V VHQFLOOR GLMH 1XHVWUDV IXHU]DV


PRWULFHV LQWHUQDV VH FRPELQDQ FRQ ORV HOHPHQWRV
SDUD ORJUDU ORV SURSyVLWRV GHO DFWRU 1R HV
FLHUWR"SUHJXQWpYROYLpQGRPHKDFLD7RUWVRY

$ DOJ~Q SXQWR GLVWDQWH KDFtD HO FXDO HO


DUJXPHQWR GH OD REUD ORV DWUDH 6H PXHYHQ KDFLD
ORV REMHWLYRV FUHDGRUHV HPSXMDGRV SRU ORV
DQKHORV LQWHULRUHV SRU OD DPELFLyQ \ SRU ORV
PRYLPLHQWRV LQKHUHQWHV HO SHUVRQDMH GH VXV
SDSHOHV 6RQ DWUDtGRV SRU ORV REMHWRV VREUH ORV
FXDOHV KDQ FRQFHQWUDGR VX DWHQFLyQ DO FRQWDFWR
FRQ ORV RWURV SHUVRQDMHV 6RQ IDVFLQDGRV SRU OD
YHUGDGDUWtVWLFDGHODREUD<QRWHQTXHWRGDVHVDV
FRVDVHVWiQHQHOHVFHQDULR
&XDQWRPiVOHMRVYDQMXQWRVPiVXQLILFDGD
VHUi OD OtQHD GH DYDQFH 'H HVD IXVLyQ GH
HOHPHQWRV VXUJH XQ LPSRUWDQWH HVWDGR LQWHULRU DO
TXH OODPDPRV DTXt VH GHWXYR 7RUWVRY SDUD
VHxDODU HO FDUWHO TXH FROJDED GH OD SDUHG \ OHHU
(OPRGRLQWHUQRGHFUHDFLyQ

6t FRQ GRV PRGLILFDFLRQHV /D SULPHUD


TXH HO REMHWLYR IXQGDPHQWDO FRP~Q HVWi WRGDYtD
OHMRV \ TXH FRPELQDQ IXHU]DV SDUD EXVFDUOR \
HQFRQWUDUOR /D VHJXQGD HV FXHVWLyQ GH WpUPLQRV
+DVWD DKRUD KHPRV XWLOL]DGR OD SDODEUD
HOHPHQWRV SDUD GHVLJQDU HO WDOHQWR DUWtVWLFR ODV
FXDOLGDGHV ORV GRQHV QDWXUDOHV \ ORV YDULRV
PpWRGRV GH OD SVLFRWpFQLFD $KRUD ORV SRGHPRV
OODPDU(OHPHQWRVGHOPRGRLQWHUQRGHFUHDFLyQ
(VR HVWi PiV DOOi GH PLV IXHU]DV
GHFLGLy 9DQ\D KDFLHQGR XQ JHVWR GH
GHVHVSHUDFLyQ
3RU TXp" (V FDVL HQWHUDPHQWH XQ HVWDGR

QRUPDO
&DVL"
(VPHMRUTXHHOHVWDGRQRUPDHQDOJXQRV
FDVRV\HQRWURVDOJRSHRU
3RUTXpDOJRSHRU"
$FDXVDGHODVFRQGLFLRQHVGHWUDEDMRGHO
DFWRU IRU]RVDPHQWH DQWH HO S~EOLFR VX PRGR
FUHDGRUVDEHDWHDWUR\DH[KLELFLRQLVPRORTXHQR
VXFHGHFRQHOWLSRQRUPDO
'HTXpPDQHUDHVPHMRU"
,QFOX\H HO VHQWLPLHQWR GHVROHGDG HQ
S~EOLFR TXH HQ OD YLGD RUGLQDULD QR FRQRFHPRV
(V XQD VHQVDFLyQ PDUDYLOORVD 8Q WHDWUR OOHQR GH
JHQWH HV SDUD QRVRWURV XQD HVSOpQGLGD FDMD
DUPyQLFD 3RU FDGD PRPHQWR GH YHUGDGHUR
VHQWLPLHQWR HQ HO HVFHQDULR KD\ XQD UHVSXHVWD
PLOHVGHFRUULHQWHVLQYLVLEOHVGHVLPSDWtDHLQWHUpV
YXHOYHQ D QRVRWURV 8QD PXOWLWXG GH HVSHFWDGRUHV

YD\D DO HVFHQDULR \ UHSUHVHQWH VyOR HO


UHYHVWLPLHQWRGHXQSDSHO
+D\ RWUD SRVLELOLGDG HO DFWRU SXHGH PX\
ELHQ KDEHUVH DOHMDGR GH VX WUDEDMR SRU KiELWRV
SHUH]RVRV IDOWD GH LQWHQFLyQ HQIHUPHGDGHV R
GLILFXOWDGHVSHUVRQDOHV
(Q FXDOTXLHUD GH HVRV FDVRV OD
FRPELQDFLyQVHOHFFLyQ\FDOLGDGGHORVHOHPHQWRV
VHUi HUUyQHD \ SRU YDULDV UD]RQHV 1R KD\
QHFHVLGDGGHHQWUDUHQHVRVFDVRVLQGLYLGXDOPHQWH
6DEHQ TXH FXDQGR HO DFWRU VDOH DO HVFHQDULR
GHODQWH GH XQ S~EOLFR SXHGH SHUGHU VX SUHVHQFLD
GH iQLPR SRU VXVWR HPEDUD]R WLPLGH] DJLWDFLyQ
SRU XQ VHQWLGR GH RSUHVLYD UHVSRQVDELOLGDG R GH
GLILFXOWDGHV LQVXSHUDEOHV (Q HVH PRPHQWR HVWi
LQFDSDFLWDGR SDUD KDEODU RtU PLUDU SHQVDU
GHVHDU VHQWLU FDPLQDU \ KDVWD GH PRYHUVH HQ OD
PDQHUD SURSLD GH ORV VHUHV KXPDQRV 6LHQWH XQD
QHUYLRVD QHFHVLGDG GH KDODJDU DO S~EOLFR GH
PRVWUDUVH D Vt PLVPR \ GH RFXOWDU VX SURSLR
HVWDGR

RSULPH\DVXVWDDODFWRUSHURWDPELpQGHVSLHUWDVX
YHUGDGHUD HQHUJtD FUHDGRUD$O FRPXQLFDUOH JUDQ
FDORUHPRWLYROHGDIHHQVtPLVPR\HQVXWUDEDMR
'HVJUDFLDGDPHQWHHOPRGRFUHDGRUQDWXUDO
HV PX\ SRFDV YHFHV HVSRQWiQHR 9LHQH HQ FDVRV
H[FHSFLRQDOHV \ HQWRQFHV HO DFWRU GDUi XQD
UHSUHVHQWDFLyQ PDJQtILFD (Q HO FDVR PiV
IUHFXHQWH FXDQGR HO DFWRU QR SXHGH HQWUDU HQ HO
YHUGDGHUR HVWDGR LQWHULRU GLFH 1R HVWR\ HQ
YHQD 6LJQLILFD TXH VX DSDUDWR FUHDGRU QR
IXQFLRQD FRQ SURSLHGDG R TXH QR IXQFLRQD HQ
PXGR DOJXQR R TXH KD VLGR UHHPSOD]DGR SRU ORV
KiELWRV PHFiQLFRV (V HO DELVPR GHO SURVFHQLR
TXH KD GHVRUGHQDGR VX IXQFLRQDPLHQWR" 2 VH KD
SUHVHQWDGR GHODQWH GHO S~EOLFR FRQ XQ SDSHO VLQ
WHUPLQDU FRQ OtQHDV \ DFFLRQHV HQ ODV TXH D~Q QR
SXHGHFUHHU"
(V WDPELpQ SRVLEOH TXH HO DFWRU QR KD\D
UHQRYDGRHOSDSHOTXHDXQTXHELHQSUHSDUDGRHV
YLHMR6LQHPEDUJRGHEHUtDKDFHUORFDGDYH]TXH
OR UHFUHD SRUTXH GH RWUR PRGR HV SRVLEOH TXH

(Q HVDV FLUFXQVWDQFLDV VXV HOHPHQWRV


FRPSRQHQWHV VH GHVLQWHJUDQ \ VHSDUDQ (VR
QDWXUDOPHQWHQRHVQRUPDO(QHOHVFHQDULRFRPR
HQ OD YLGD UHDO ORV HOHPHQWRV WHQGUiQ TXH VHU
LQGLYLVLEOHV/DGLILFXOWDGHVWiHQTXHHOWUDEDMRHQ
HO WHDWUR FRQWULEX\H D KDFHU LQHVWDEOH OD LQWXLFLyQ
FUHDGRUD(ODFWRUVHSRQHDDFWXDUVLQGLUHFFLyQ
(VWi HQ FRQWDFWR FRQ HO S~EOLFR HQ YH] GH HVWDUOR
FRQVXFRPSDxHURGHODERU6HDGDSWDDODQWRMRGH
ORVHVSHFWDGRUHV\QRDODODERUGHFRPSDUWLUVXV
SHQVDPLHQWRV \ VHQWLPLHQWRV FRQ VXV FRPSDxHURV
GHDFWXDFLyQ
'HVJUDFLDGDPHQWHORVGHIHFWRVLQWHUQHVQR
VRQYLVLEOHV/RVHVSHFWDGRUHVQRORVYHQVyORORV
VLHQWHQ QLFDPHQWH ORV H[SHUWRV HQ QXHVWUD
SURIHVLyQORVFRPSUHQGHQ3HURHVSRUHVRTXHORV
FRQFXUUHQWHVDVLGXRVQRUHVSRQGHQ\QRYXHOYHQ
(O SHOLJUR HV DXPHQWDGR SRU HO KHFKR GH
TXH Vt XQ HOHPHQWR GH OD FRPSRVLFLyQ HV
GHIHFWXRVRRHVWiHTXLYRFDGRHOWRGRVHUHVLHQWH
3XHGHQ SUREDU PLV SDODEUDV SXHGHQ FUHDU XQ

HVWDGR HQ HO TXH WRGDV VXV SDUWHV FRPSRQHQWHV


WUDEDMHQMXQWDVHQSHUIHFWDDUPRQtDORPLVPRTXH
ORKDFHXQDRUTXHVWDELHQHMHUFLWDGD3RQJDQHQpO
XQHOHPHQWRIDOVR\HOWRQRWRWDOVHDUUXLQD
6XSRQJDQTXHKDQHOHJLGRXQDUJXPHQWRHQ
HO TXH QR SXHGHQ FUHHU (V LQHYLWDEOH TXH VL VH
HVIXHU]DQ HO UHVXOWDGR VHUi OD SURSLD GHFHSFLyQ
TXH SXHGH GHVRUJDQL]DU WRGR HO HVWDGR GH iQLPR
GHXVWHGHV/RPLVPRVXFHGHFRQFXDOTXLHUDGHORV
GHPiVHOHPHQWRV
7RPHQ SRU HMHPSOR OD FRQFHQWUDFLyQ HQ XQ
REMHWR6LORPLUDQ\QRORYHQVHUiQDUUDVWUDGRV
SRU HO PDJQHWLVPR GH RWUDV FRVDV IXHUD GHO
HVFHQDULR\KDVWDIXHUDGHOWHDWUR
7UDWHQGHHOHJLUDOJRDUWLILFLDOHQYH]GHXQ
YHUGDGHUR REMHWLYR R GH XWLOL]DU HO SDSHO SDUD
H[KLELU HO WHPSHUDPHQWR (Q HO PRPHQWR TXH
LQWURGX]FDQ XQD QRWD IDOVDOD YHUGDG VH YXHOYH
XQDFRQYHQFLyQWHDWUDO/DFUHHQFLDVHFRQYLHUWH
HQ IH HQ OD DFWXDFLyQ PHFiQLFD /RV REMHWLYRV

GHKDFHUORFRQVHQFLOOH]FRPHQ]yDH[DJHUDU"$O
WLHPSR TXp H[FODPDED L 4Xp UDUR  6yOR KH
HVWDGR HQ HO HVFHQDULR XQD YH] \ HO UHVWR GHO
WLHPSRKHOOHYDGRXQDYLGDQRUPDO\VLQHPEDUJR
HQFXHQWURPiVIiFLOKDFHUODVFRVDVFRQDIHFWDFLyQ
TXH FRQ QDWXUDOLGDG /D UD]yQ HVWi HQ TXH QRV
YLPRVSUHFLVDGRVDFXPSOLUQXHVWUDODERUDUWtVWLFD
HQS~EOLFRGRQGHODDUWLILFLDOLGDGWHDWUDOFRQYLYH
FRQVWDQWHPHQWH FRQ OD YHUGDG &yPR QRV
SRGHPRV SURWHJHU FRQWUD OD XQD \ UREXVWHFHU OD
RWUD"(VRORGLVFXWLUHPRVHQODSUy[LPDOHFFLyQ



'HGLTXpPRQRV DO SUREOHPD GH FyPR
HYLWDU FDHU HQ ORV KiELWRV GH OR DUWLILFLDOLGDG
LQWHULRU \ ORJUDU XQ YHUGDGHUR HVWDGR FUHDGRU
LQWHUQR 3DUD HVH GREOH SUREOHPD KD\ XQD
UHVSXHVWD FDGD XQD GH HOODV LPSLGH OD H[LVWHQFLD
GHODRWUD$OFUHDUXQDVHGHVWUX\HODRWUD

FDPELDQ GH KXPDQRV VH FRQYLHUWHQ HQ


DUWLILFLDOHV OD LPDJLQDFLyQ VH HYDSRUD \ HV
UHHPSOD]DGDSRUODIDUDPDOODWHDWUDO
$JUHJXHQ HVDV FRVDV LQGHVHDEOHV MXQWR FRQ
OR DQWHULRU \ FUHDUiQ XQD DWPyVIHUD HQ OD TXH QL
SRGUiQYLYLUQLKDFHURWUDFRVDTXHFRQWRUVLRQDUVH
RLPLWDUDOJR
/RV SULQFLSLDQWHV HQ HO WHDWUR TXH FDUHFHQ
GH H[SHULHQFLD \ GH WpFQLFD VRQ ORV PiV
SUHGLVSXHVWRV D HTXLYRFDUVH &RQ IDFLOLGDG
DGTXLHUHQ XQD VHULH GH KiELWRV DUWLILFLDOHV \ VL
ORJUDQ XQ HVWDGR QRUPDO \ KXPDQR HV
DFFLGHQWDOPHQWH
3RU TXp QRV YROYHPRV DUWLILFLDOHV FRQ
WDQWD IDFLOLGDG FXDQGR KHPRV DFWXDGR HQ S~EOLFR
VyORXQDYH]"SUHJXQWp
/HFRQWHVWDUpFRQVXVSURSLDVSDODEUDV
UHSOLFy 7RUWVRY 5HFXHUGD OD SULPHUD YH] TXH
OHSHGtTXHVHVHQWDUDHQHOHVFHQDULR\TXHHQYH]

0XFKRV DFWRUHV DQWHV GH FDGD


UHSUHVHQWDFLyQVHFRORFDQWUDMHV\VHPDTXLOODQGH
PRGRTXHVXDSDULHQFLDH[WHULRUVHDSUR[LPHDOD
GHOSHUVRQDMHTXHYDQDUHSUHVHQWDU3HURROYLGDQ
OD SDUWH PiV LPSRUWDQWH TXH HV OD SUHSDUDFLyQ
LQWHUQD3RUTXpGHGLFDQWDQSDUWLFXODUDWHQFLyQD
VX DSDULHQFLD H[WHUQD" 3RU TXp QR YLVWHQ \
PDTXLOODQHODOPDWDPELpQ"
/D SUHSDUDFLyQ LQIHULRU GH XQ SDQHO HV OD
VLJXLHQWH HQ OXJDU GH FRUUHU DO FDPDUtQ D ~OWLPR
PRPHQWRHODFWRU HVSHFLDOPHQWHVLWLHQHXQSDSHO
LPSRUWDQWH  GHEHUi OOHJDU FRQ GRV KRUDV GH
DQWLFLSDFLyQDVXHQWUDGD\FRPHQ]DUDSRQHUVHHQ
FRQGLFLRQHV8VWHGHVVDEHQTXHHOHVFXOWRUDPDVD
ODDUFLOODDQWHVGHHPSH]DUDWUDEDMDUOD\TXHXQD
FDQWDQWH PRGXOD OD YR] DQWHV GHO FRQFLHUWR
1HFHVLWDPRV KDFHU DOJR VLPLODU SDUD HQWRQDU
QXHVWUDVFXHUGDVLQWHULRUHVSUREDUODVFODYLMDVORV
SHGDOHV\ORVIXHOOHV
<D FRQRFHQ HVH WLSR GH HMHUFLFLR D WUDYpV
GHODODERUUHDOL]DGD(OSULPHUSDVRQHFHVDULRHV

OD UHODMDFLyQ GH OD WHQVLyQ PXVFXODU /XHJR YLHQH


OD HOHFFLyQ GH XQ REMHWR (VH FXDGUR" 4Xp
UHSUHVHQWD" &XiO HV VX WDPDxR" &RORUHV"
7RPHQ XQ REMHWR GLVWDQWH $KRUD XQ SHTXHxR
FtUFXORQRPiVDOOiGHORVSLHVGHXVWHGHV(OLMDQ
DOJ~Q REMHWLYR ItVLFR $JUHJXHQ SULPHUR XQD \
OXHJR RWUDV ILFFLRQHV LPDJLQDWLYDV (MHFXWHQ OD
DFFLyQ FRQ WDQWD YHUDFLGDG TXH SXHGDQ FUHHU HQ
HOOD 3LHQVHQ YDULDV VXSRVLFLRQHV \ VXJLHUDQ
SRVLEOHV FLUFXQVWDQFLDV HQ TXH FRORFDUVH
&RQWLQ~HQ HVR KDVWD TXH KD\DQ LQWURGXFLGR HQ OD
REUD WRGRV ORV HOHPHQWRV \ HQWRQFHV HOLMDQ XQR
GHHOORV&XDOTXLHUDHVORPLVPR7RPHQHOTXHD
VX WLHPSR OHV OODPH PiV OD DWHQFLyQ 6L ORJUDQ
KDFHU HVD IXQFLyQ FRQFUHWDPHQWH VLQ
JHQHUDOLGDGHV DUUDVWUDUiQGHWUiVVX\RDWRGRVORV
GHPiV
'HEHUQRV SRQHU PXFKR FXLGDGR FDGD YH]
TXH WHQHPRV TXH KDFHU XQ WUR]R FUHDGRU HQ
SUHSDUDU ORV YDULRV HOHPHQWRV FRQ ORV FXDOHV
FRPSRQHU XQD YHUGDGHUD VLWXDFLyQ FUHDGRUD
LQWHUQD

/R TXH GHEHQ KDFHU HV SUHJXQWDUVH HVWR\


VHJXUR GH PL DFWLWXG KDFLD pVWH R DTXHO OXJDU
SDUWLFXODU" 6LHQWR YHUGDGHUDPHQWH HVWD DFFLyQ R
DTXHOOD"&DPELDUpRDJUHJDUpWDORFXDOSRUPHQRU
LPDJLQDULR" 7RGRV HVWRV HMHUFLFLRV SUHSDUDWRULRV
SUXHEDQHODSDUDWRH[SUHVLYR
6L HO SDSHO KD PDGXUDGR GH IRUPD TXH
SXHGHQ KDFHU WRGR HVR HO WLHPSR QHFHVDULR SDUD
UHDOL]DUOR VHUi FRUWR 'HVJUDFLDGDPHQWH QR WRGRV
ORVSDSHOHVOOHJDQDHVHJUDGRGHSHUIHFFLyQ
(Q FLUFXQVWDQFLDV PHQRV IDYRUDEOHV HVD
SUHSDUDFLyQ HV GLItFLO SHUR QHFHVDULD DXQ FXDQGR
LPSOLFDJDVWRGHWLHPSR\GHDWHQFLyQ$GHPiVHO
DFWRU GHEH SUDFWLFDU FRQVWDQWHPHQWH ORJUDU XQD
VLWXDFLyQ FUHDGRUD YHUGDGHUD HQ WRGR PRPHQWR
WDQWRVLHVWiUHSUHVHQWDQGRFRPRVLHVWiHQVD\DQGR
R WUDEDMDQGR HQ VX FDVD (OOD VHUi DO SULQFLSLR
LQHVWDEOH KDVWD TXH HO SDSHO VHD SHUIHFFLRQDGR \
GHQXHYRPiVWDUGHFXDQGRVHGHELOLWDSLHUGHVX
DJXGH]D

(VWDPRV FRQVWLWXLGRV GH PDQHUD TXH


QHFHVLWDPRV WRGRV QXHVWURV yUJDQRV \ PLHPEURV
FRUD]yQ HVWyPDJR ULxRQHV EUD]RV \ SLHUQDV 1R
QRVVHQWLPRVPX\FyPRGRVFXDQGRDOJXQRGHHOORV
HV H[WUDtGR \ UHHPSOD]DGR SRU DOJR DUWLILFLDO XQ
RMR GH YLGULR XQD QDUL] RUHMD R GLHQWHV SRVWL]RV
XQD SLHUQD R EUD]R GH SDOR 3RU TXp QR FUHHU OR
PLVPR GH QXHVWUR PDTXLOODMH LQWHULRU" /D
DUWLILFLDOLGDGHQFXDOTXLHUIRUPDTXHVHDHVVyOR
XQ GLVWXUELR SDUD OD QDWXUDOH]D LQWHUQD 3RU HVR
UHSDVHQORVHMHUFLFLRVFDGDYH]TXHYD\DQDKDFHU
DOJXQDFUHDFLyQ
3HUR FRPHQ]y *ULVKD HQ VX
DFRVWXPEUDGR WRQR DUJXPHQWDGRU VL OR
KLFLpUDPRV WHQGUtDPRV TXH SDVDU SRU GRV
UHSUHVHQWDFLRQHV FRPSOHWDV FDGD GtD 8QD SDUD
EHQHILFLRQXHVWUR\XQDVHJXQGDSDUDHOS~EOLFR
1R HVR QR HV QHFHVDULR GLMR 7RUWVRY
SDUD QXHVWUD WUDQTXLOLGDG 3DUD SUHSDUDUVH
UHSDVHQ ODV SDUWHV IXQGDPHQWDOHV GHO SDSHO 1R
QHFHVLWDQGHVDUUROODUORWRWDOPHQWH

(VH RQGXODU FRQVWDQWH KDFH QHFHVDULR HO


WHQHU XQ SLORWR TXH QRV JXtH $ PHGLGD TXH
DGTXLHUDQ PiV H[SHULHQFLD YHUiQ TXH OD ODERU GH
HVHSLORWRHVHQJUDQSDUWHPHFiQLFD
6XSRQJDQ TXH XQ DFWRU HVWi HQ SHUIHFWD
SRVHVLyQ GH VXV IDFXOWDGHV HQ HO HVFHQDULR DO
SXQWR GH TXH SXHGH DQDOL]DU ODV SDUWHV TXH OR
FRPSRQHQ VLQ VDOLUVH GH VX SDSHO 7RGDV HVWiQ
IXQFLRQDQGRSURSLDPHQWHIDFLOLWiQGRVHHQWUHVtODV
RSHUDFLRQHV H SURQWR VXUJH XQD OLJHUD
GLVFUHSDQFLD 'H LQPHGLDWR HO DFWRU LQYHVWLJD TXp
SDUWH HVWi IXHUD GH OXJDU (QFXHQWUD OD IDOOD \ OD
FRUULJH
SXGLHQGR
HQWUHWDQWR
FRQWLQXDU
UHSUHVHQWDQGR VX SDSHO DXQTXH VLJXH
REVHUYiQGRVHVLPXOWiQHDPHQWH
6DOYLQLKDGLFKR(ODFWRUYLYHOORUD\UtH
HQHOHVFHQDULR\WRGRHOWLHPSRHVWiYLJLODQGRVXV
SURSLDVOiJULPDV\VRQULVDV(VHVWDGREOHIXQFLyQ
HVWH EDODQFH HQWUH OD YLGD \ OD DFWXDFLyQ OR TXH
FRQVWLWX\HVXDUWH


$KRUD TXH FRQRFHQ HO VLJQLILFDGR GHO
HVWDGR FUHDGRU LQWHUQR PLUHPRV GHQWUR GHO DOPD
GHO DFWRU HQ HO PRPHQWR HQ TXH VH HVWi IRUPDQGR
HVHHVWDGR
6XSRQJDQ
TXHHVWiDSXQWRGHHPSUHQGHUHO
SDSHO VKDNHVSHDUHDQR PiV GLItFLO \ FRPSOHMR
+DPOHW $ TXp VH OH SXHGH FRPSDUDU" $ XQD
LQPHQVD PRQWDxD TXH HQFLHUUD WRGD FODVH GH
ULTXH]DV 6yOR SXHGHQ HVWLPDU VX YDORU EROODQGR
VXVGHSyVLWRVGHRURXKRUDGDQGRVXVHQWUDxDVHQ
EXVFD GH PHWDOHV SUHFLRVRV R GH PiUPRO 7DO
HPSUHVDHVWiPiVDOOiGHODVIDFXOWDGHVGHXQDVROD
SHUVRQD(OH[SORUDGRUGHEHVROLFLWDUODD\XGDGH
HVSHFLDOLVWDV HQ HTXLSR QXPHURVR \ ELHQ
RUJDQL]DGRDOSDUTXHGHEHUiFRQWDUFRQUHFXUVRV
ILQDQFLHURV\WLHPSR
&RQVWUX\H FDPLQRV FDYD SR]RV DEUH

'HVSXpVGHXQDSDXVDHOGLUHFWRUFRQWLQXy
8QD OXFKD VLPLODU D pVWD VH SURORQJD
GXUDQWH DQRV FXDQGR XQ DFWRU HVWi HODERUDQGR
+DPOHW SRUTXH ODV ULTXH]DV HVSLULWXDOHV GH HVH
SDSHO HVWiQ HVFRQGLGDV 'HEH FDYDU KRQGR SDUD
HQFRQWUDUODVIXHU]DVPRWULFHVGHORPiVUHFyQGLWR
GHODVDOPDVKXPDQDV

W~QHOHV\GHVSXpVGHXQDHVPHUDGDLQYHVWLJDFLyQ
OOHJD D OD FRQFOXVLyQ GH TXH OD PRQWDxD FRQWLHQH
LQFDOFXODEOHV ULTXH]DV 3HUR OD E~VTXHGD GL ODV
GHOLFDGDV\PLQXFLRVDVFUHDFLRQHVGHODQDWXUDOH]D
GHEH QDFHUVH HQ OXJDUHV LQHVSHUDGRV 6H QHFHVLWD
XQDHQRUPHFDQWLGDGGHWUDEDMRDQWHVGHHQFRQWUDU
HOWHVRUR(VRDFHQW~DODDSUHFLDFLyQGHVXYDORU\
FXDQWR PiV SHQHWUDQ ORV KRPEUHV PiV VH DJUDQGD
VXDVRPEUR&XDQGRPiVDOWRVXEHQDXQDPRQWDxD
PiVDPSOLRVHYXHOYHHOKRUL]RQWH
'H SURQWR DOJXLHQ JULWD 2UR 2UR (O
WLHPSR WUDQVFXUUH \ ORV SLFRV VH GHWLHQHQ /RV
WUDEDMDGRUHV VH UHWLUDQ GHVLOXVLRQDGRV D RWUR
OXJDU/DYHWDKDGHVDSDUHFLGRWRGRVVXVHVIXHU]RV
KDQ VLGR LQIUXFWXRVRV ODV HQHUJtDV GHFDHQ /RV
H[SORUDGRUHVHLQYHVWLJDGRUHVHVWiQSHUGLGRV\QR
VDEHQ D GyQGH YROYHUVH 'HVSXpV GH WUDQVFXUULGR
XQ WLHPSR VH R\H RWUR JULWR \ WRGRV VH SRQHQ HQ
PDUFKD FRQ HQWXVLDVPR KDVWD TXH OD DYHQWXUD OHV
PXHVWUD QXHYDPHQWH OD GHVLOXVLyQ (VWR VXFHGH
PXFKDVYHFHVDQWHVGHGDUILQDOPHQWHFRQHOILOyQ
DQVLDGR

GHEHQ VHU IXHUWHV VHQVLWLYDV \ SHQHWUDQWHV /RV


HOHPHQWRV GH VX HVWDGR FUHDGRU LQWHUQR GHEHQ VHU
SURIXQGRV
GHOLFDGRV
\
VRVWHQLGRV
'HVJUDFLDGDPHQWHYHPRVFRQIUHFXHQFLDDDFWRUHV
WRFDUOLJHUD\GHVSUHRFXSDGDPHQWHODVXSHUILFLHGH
ORVSDSHOHV\QRDKRQGDUHQSDSHOHVLPSRUWDQWHV
'HVSXpVGHRWUDEUHYHSDXVD7RUWVRYGLMR

8QD REUD PDHVWUD GH OD OLWHUDWXUD UHTXLHUH


E~VTXHGDVLQWULQFDGDVHLQILQLWDPHQWHGHWDOODGDV

+H GHVFULSWR HOHVWDGR FUHDGRU PD\RU


3HURWDPELpQH[LVWHHQXQDHVFDODPHQRU

3DUDDSUHKHQGHUODGHOLFDGH]DHVSLULWXDOGH
XQDOPDFRPSOHMDQRHVVXILFLHQWHXWLOL]DUODSURSLD
PHQWH R FXDOTXLHU RWUR HOHPHQWR SRU Vt VROR
5HTXLHUHWRFLRHOSRGHU\WDOHQWRGHODUWLVWDWDQWR
FRPR OD DUPRQLRVD FRRSHUDFLyQ GH PV IXHUDV
LQWHULRUHVXQLGDVDODVGHODXWRU

9DQ\D SRU IDYRU VXED DO HVFHQDULR \


EXVTXHXQDKRMLWDGHSDSHOFHOHVWHTXHQDGLHKD
SHUGLGRDOOt

&XDQGR KD\DQ HVWXGLDGR OD QDWXUDOH]D


HVSLULWXDOGHOSDSHOGHFDGDXQRSXHGHQGHFLGLU\
HQWRQFHVVHQWLUVXSURSyVLWRIXQGDPHQWDO3DUDWDO
ODERU ODV IXHU]DV PRWULFHV LQWHULRUHV GHO DFWRU

&yPRSXHGRKDFHUORVLHVDVt"
0X\ VHQFLOOR 3DUD ORJUDU VX SURSyVLWR
GHEHUiHQWHQGHU\VHQWLUORPLVPRTXHVLIXHUDHQ
OD YLGD UHDO 'HEH RUJDQL]DU WRGDV VXV IXHU]DV
LQWHUQDV\FUHDUHOREMHWLYRGHEHSURSRQHUFLHUWDV
FLUFXQVWDQFLDV GDGDV /XHJR FRQWHVWDU OD SUHJXQWD
GH FyPR EXVFDUtD HO SDSHO VL HQ UHDOLGDG OR

QHFHVLWDUD
6L XVWHG KXELHUD SHUGLGR HQ UHDOLGDG XQD
KRMD GH SDSHO \R OD HQFRQWUDUtD GLMR 9DQ\D
GHVSXpVGHORFXDOHMHFXWyODDFFLyQPX\ELHQ(O
GLUHFWRUDSUREy
9HQ OR IiFLO TXH HV 7RGR OR TXH SUHFLVy
IXp HO HVWtPXOR GH OD FODVH PiV VLPSOH GH
VXJHVWLyQ\pVWDOLEHUyWRGRHOSURFHVRDUPRQLRVR
GH HVWDEOHFHU VX HVWDGR FUHDGRU LQWHUQR HQ HO
HVFHQDULR (O SHTXHxR SUREOHPD X REMHWLYR OOHYD
GLUHFWDHLQPHGLDWDPHQWHDODDFFLyQSHURDXQTXH
ODHVFDODHVPHQRUORVHOHPHQWRVHQMXHJRVRQORV
PLVPRV TXH SDUD XQD HPSUHVD PD\RU \ PiV
FRPSOLFDGD FRPR OD GH UHSUHVHQWDU +DPOHW /DV
IXQFLRQHV GH ORV YDULRV HOHPHQWRV YDULDUiQ HQ
LPSRUWDQFLD \ GXUDFLyQ GH WLHPSR SDUD VX
HMHFXFLyQSHURWRGRVFRRSHUDQHQPD\RURPHQRU
JUDGRHQWUHVt
*HQHUDOL]DQGR OD FDOLGDG GHO SRGHU \
GXUDFLyQ GHO HVWDGR FUHDGRU LQWHUQR GH XQ DFWRU

(Q0LYLGDHQHODUWHVHFXHQWDODKLVWRULD
GHXQDDQFLDQDDFWUL]UHWLUDGDDKRUDIDOOHFLGDTXH
VROD HQ VX FDVD VROtD UHSUHVHQWDU SDUD HOOD WRGD
FODVH GH HVFHQDV SRUTXH WHQtD TXH VDWLVIDFHU HVH
VHQWLPLHQWR\GDUVDOLGDDVXVLPSXOVRVFUHDGRUHV
$
YHFHV
HO
REMHWLYR
H[LVWH
VXEFRQVFLHQWHPHQWH \ KDVWD HV UHDOL]DGR GH HVWD
PDQHUD VLQ HO FRQRFLPLHQWR R GHVHR GHO DFWRU$
PHQXGRVyORGHVSXpVVHGDFXHQWDFDEDOGHORTXH
KDVXFHGLGR

YDUtD HQ SURSRUFLyQ GLUHFWD D OD PHGLGD \


VLJQLILFDGRGHOREMHWLYR/RPLVPRVHSXHGHGHFLU
GHOHTXLSRXWLOL]DGRSDURORJUDUVXSURSyVLWR
7DPELpQ HO JUDGR GH SRGHU \ GXUDFLyQ
SXHGH VHU FODVLILFDGR HQ SHTXHxR PHGLDQR R
JUDQGH 3RU HVR WHQHPRV XQ Q~PHUR LQILQLWR GH
DVSHFWRVFXDOLGDGHV\JUDGRVGHPRGRVFUHDGRUHV
HQORVTXHSUHSRQGHUDXQHOHPHQWRXRWUR
(Q FLHUWDV FRQGLFLRQHV HVD YDULHGDG VH
DXPHQWD6LVHSRVHHXQREMHWLYRELHQGHILQLGRVH
DGTXLHUH UiSLGDPHQWH XQ HVWDGR LQWHULRU VyOLGR \
FRUUHFWR6LSRURWURODGRHVLQGHILQLGRYDJRHO
PRGR LQWHULRU VHUi SUREDEOHPHQWH IUiJLO (Q
FXDOTXLHUFDVRODFDOLGDGGHOREMHWLYRHVHOIDFWRU
GHWHUPLQDQWH
$ YHFHV VLQ UD]yQ DOJXQD WDO YH] KDVWD HQ
VXV SURSLDV FDVDV VLHQWHQ OD IXHU]D GH XQ HVWDGR
FUHDGRU \ EXVFDQ D VX DOUHGHGRU OD PDQHUD GH
SRQHUORHQXVR(QHVHFDVRpOPLVPRSURYHHUiVX
REMHWLYR

&DStWXOR;9
(O6XSHU2EMHWLYR


7RUWVRY FRPHQ]y OD OHFFLyQ GH KR\ FRQ ODV
VLJXLHQWHVREVHUYDFLRQHV

DUJXPHQWR/DXQLyQFRP~QGHEHVHUWDQIXHUWHTXH
KDVWD HO SRUPHQRU PiV LQVLJQLILFDQWH Vt QR HVWi
UHODFLRQDGR FRQ HOVXSHUREMHWLYR VH GHVWDFDUi
FRPRVXSHUIOXRRHTXLYRFDGR

'RVWRLHYVNL IXH LPSXOVDGR D HVFULELU/RV


KHUPDQRV.DUDPD]RYSRUVXSHUWLQD]E~VTXHGDGH
'LRV 7ROVWRL SDVy WRGD VX YLGD OXFKDQGR SRU OD
SHUIHFFLyQGHVXDOPD$QWyQ&KHMRYOXFKyFRQWUD
ODWULYLDOLGDGGHODYLGDEXUJXHVDHKL]RGHHOORHO
OHLW PRWLY GH OD PD\RUtD GH VXV SURGXFFLRQHV
OLWHUDULDV

7DPELpQHVHtPSHWXKDFLDHOVXSHUREMHWLYR
GHEH VHU FRQWLQXR R WUDYpV GH OD REUD &XDQGR VX
RULJHQHVWHDWUDORVXSHUILFLDOGDUiDODREUDXQD
GLUHFFLyQ VyOR DSUR[LPDGDPHQWH FRUUHFWD 6L HV
KXPDQR \ GLULJLGR KDFLD OD UHDOL]DFLyQ GHO
SURSyVLWREiVLFRGHODREUDVHUiFRPRXQDDUWHULD
LPSRUWDQWHTXHSURYHHGHDOLPHQWR\YLGDWDQWRD
ODREUDFRPRDORVDFWRUHV

3XHGHQVHQWLUFyPRHVRVJUDQGHV\YLWDOHV
SURSyVLWRV GH HVFULWRUHV JHQLDOHV WLHQHQ HO SRGHU
GH DUUDVWUDU WRGDV ODV IDFXOWDGHV FUHDGRUDV GHO
DFWRU\DEVRUEHUWRGRVORVSRUPHQRUHV\XQLGDGHV
PHQRUHVGHXQDREUDRGHXQSDSHO"

1DWXUDOPHQWH WDPELpQ FXDQWR PiV YDORU


WLHQH OD REUD OLWHUDULR PD\RU KD GH VHU OD
LQIOXHQFLDGHVXVXSHUREMHWLYR

(QXQDREUDODFRUULHQWHWRWDOGHREMHWLYRV
LQGLYLGXDOHV PHQRUHV WRGDV ODV LGHDV
LPDJLQDWLYDV VHQWLPLHQWRV \ DFFLRQHV GHO DFWRU
FRQYHUJHUiQ SDUD ORJUDU HOVXSHUREMHWLYR GHO

(O DFWRU GHEH HQWRQFHV VHxDODU SRU Vt


PLVPRHOVXSHUREMHWLYRDKRQGDQGR\DJXGL]DQGR
\DOKDFHUORWHQGUiJUDQLPSRUWDQFLDHOQRPEUHTXH
OHGp
6XEHQ \D FXDQ LPSRUWDUOH HV HOHJLU HO
QRPEUH FRUUHFWR SDWD HO REMHWLYR 5HFXHUGHQ TXH
HQFRQWUDPRV OD IRUPD GH YHUER UHIHULEOH SRUTXH
GD PiV tPSHWX D OD DFFLyQ /R PLVPR RFXUUH
H[DFWDPHQWH\HQJUDGRTXL]iPD\RUDOGHILQLUHO
VXSHUREMHWLYR
6XSRQJDPRV TXH HVWDPRV KDFLHQGR OD REUD
GH *ULEROpGRY/D GHVJUDFLD GHO LQJHQLR \
GHFLGLPRVTXHHOSURSyVLWRSULPRUGLDOGHODREUD
SXHGH VHU GHVFULSWR FRQ ODV SDODEUDV OXFKDU SRU
6RItD +D\ PXFKR HQ HO DUJXPHQWR TXH
FRQILUPDUtDWDOGHILQLFLyQ(OLQFRQYHQLHQWHHVWDUtD
HQ TXH DO PDQHMDU OD REUD GHVGH HVH iQJXOR HO
WHPD GH DFXVDFLyQ VRFLDO DSDUHFHUtD FRPR
WHQLHQGR VyOR XQ YDORU HSLVyGLFR \ DFFLGHQWDO
3HUR SXHGHQ GHVFULELU HO VXSHUREMHWLYR HQ ORV

3HURVLODREUDFDUHFHGHOWRTXHJHQLDO"
(QWRQFHV OD LQIOXHQFLD VHUi QRWDEOHPHQWH
GHELOLWDGD
<HQXQDREUDPDOD"

WpUPLQRVGHVHROXFKDUQRSRU6RItDVLQRSRUPL
SDtV (QWRQFHV HO DUGLHQWH DPRU GH &KDWVNL SRU
VXVXHORQDWDO\VXSXHEORSDVDUtDDSULPHUSODQR
$O PLVPR WLHPSR HO WHPD GH DFXVDFLyQ
VRFLDO UHVDOWDUtD PiV GDQGR D OD REUD tQWHJUD XQ
VLJQLILFDGRLQWHULRUPiVSURIXQGR3XHGHQDKRQGDU
PiVVXVLJQLILFDGRVLXWLOL]DQFRPRWHPDSULQFLSDO
GHVHR OXFKDU SRU OD OLEHUWDG 'H HVH PRGR ODV
DFXVDFLRQHV GHO KpURH VH YXHOYHQ PiV VHYHUDV \
WRGD OD REUD SLHUGH HO WRQR SHUVRQDO H LQGLYLGXDO
TXHWHQtDFXDQGRHOWHPDVHUHODFLRQDEDFRQ6RItD
WDPELpQGHMDGHVHUQDFLRQDOHQVXSURSyVLWRSDUD
KDFHUVH DPSOLDPHQWH KXPDQR \ XQLYHUVDO HQ VXV
LPSOLFDFLRQHV
(QPLSURSLDH[SHULHQFLDKHWHQLGRSUXHEDV
DXQ PiV LQWHQVDV GH OD LPSRUWDQFLD TXH WLHQH OD
HOHFFLyQ GHO QRPEUH FRUUHFWR SDUD HO VXSHUWHPD
3RU HMHPSOR FXDQGR UHSUHVHQWp(O HQIHUPR
LPDJLQDULR GH 0ROLqUH 1XHVWUR SULPHU
DFHUFDPLHQWR IXp HOHPHQWDO \ HOHJLPRV HO WHPD
GHVHR HVWDU HQIHUPR 3HUR FXDQWR PiV HVIXHU]R

SRQtD HQ pO \ FXDQGR PiV p[LWR ORJUDED PiV VH


HYLGHQFLDED TXH HVWiEDPRV FRQYLUWLHQGR XQD
FRPHGLD MRFRVD \ GLYHUWLGD HQ XQD WUDJHGLD
SDWROyJLFD 3URQWR YLPRV TXH KDEtDPRV
HTXLYRFDGR HO FDPLQR \ FDPELDPRV SRU GHVHR
TXHPHFUHDQHQIHUPR)XpHQWRQFHVTXHWRGRHO
ODGR FyPLFR SDVy D SULPHU SODQR \ VH SUHSDUy HO
WHUUHQR SDUD GHPRVWUDU OD PDQHUD FyPR ORV
FKDUODWDQHV GHO PXQGR FLHQWtILFR H[SORWDQ D ORV
QHFLRV$UJDQHVORFXDOKDEtDVLGRHOSURSyVLWRGH
0ROLqUH

HQWHUR 6LQ HPEDUJR VyOR GHVSXpV GH XQD


SURORQJDGD ODERU QRV GLPRV FXHQWD TXH OD 'XHxD
GH OD 3RVDGD HUD HQ UHDOLGDG 'XHxD GH QXHVWUDV
9LGDV R HQ RWUDV SDODEUDV/D 0XMHU \ UHFLpQ
HQWRQFHV OD YHUGDGHUD HVHQFLD LQWHULRU GH OD REUD
VHKL]RHYLGHQWH

(Q/D/RFFDQGLHUDGH*ROGRQtFRPHWLPRV
HO HUURU GH XWLOL]DU GHVHR VHU PLVyJLQR \
KDOODPRV TXH OD REUD VH QHJDED D VXPLQLVWUDU
KXPRU R DFFLyQ 5HFLpQ FXDQGR GHVFXEUt TXH HO
KpURHDPDEDHQUHDOLGDGDODVPXMHUHV\TXHVyOR
GHVHDED VHU FRQVLGHUDGR FRPR PLVyJLQR FDPELp
SRUGHVHRKDFHUPLJDODQWHRDKXUWDGLOODV\GH
LQPHGLDWRODREUDFREUyYLGD

(O WHPD SULQFLSDO GHEH HVWDU ILUPHPHQWH


ILMDGR HQ OD PHQWH GHO DFWRU GXUDQWH WRGD OD
UHSUHVHQWDFLyQ 6L GLR RULJHQ D OD HVFULWXUD GH OD
REUD GHEH VHU WDPELpQ OD IXHQWH SULQFLSDO GH OD
FUHDFLyQDUWtVWLFDGHODFWRU

(Q HVWH ~OWLPR HMHPSOR HO SUREOHPD


FRQFHUQtD D PL SDSHO FDVL PiV TXH D OD REUD

SULQFLSDOFRUULHQWHLQWHULRUGHXQDREUDSURGXFHXQ
HVWDGRLQWHUQRGHJDUUD\GHSRGHUHQTXHHODFWRU
SXHGHGHVDUUROODUWRGRVORVHQUHGRV\OXHJROOHJDU
DXQDFRQFOXVLyQFODUDDVXSURSyVLWRIXQGDPHQWDO
/DOtQHDLQWHULRUGHHVIXHU]RTXHJXtDDORV
DFWRUHVGHVGHHOFRPLHQ]RKDVWDHOILQGHODREUD
OD OODPDUHPRV ODFRQWLQXLGDG R ODDFFLyQ
FRQWLQXD (VWD OtQHD FRQWLQXD JDOYDQL]D WRGDV ODV
XQLGDGHV\REMHWLYRVGHODREUD\ORVGLULJHKDFLD
HO VXSHUREMHWLYR (Q DGHODQWH WRGRV HOORV VLUYHQ
DOSURSyVLWRFRP~Q
3DUD DFHQWXDU HO HQRUPH VLJQLILFDGR
SUiFWLFR GH ODDFFLyQ FRQWLQXD \ GHOVXSHU
REMHWLYR HQ QXHVWUR SURFHVR FUHDGRU OD SUXHED
PiVFRQYLQFHQWHTXHSXHGRRIUHFHUHVXQFDVRTXH
FRQRFtSHUVRQDOPHQWH&LHUWDDFWUL]TXHJR]DEDGH
PXFKR p[LWR VH LQWHUHVy SRU QXHVWUR VLVWHPD GH
DFWXDFLyQ \ GHFLGLy GHMDU SRU XQ WLHPSR HO WHDWUR
SDUDSHUIHFFLRQDUVHHQHVWHQXHYRPpWRGR7UDEDMy
FRQ YDULRV SURIHVRUHV \ GXUDQWH DOJXQRV DxRV
/XHJRUHWRUQyDODVWDEODV

$ PHQXGR QR VH OOHJD D XQD FRQFOXVLyQ


DFHUFD GH HVH WHPD SULQFLSDO KDVWD TXH QR
SRQHPRV OD REUD HQ HVFHQD $ YHFHV HO S~EOLFR
QRVD\XGDDFRPSUHQGHUVXYHUGDGHUDGHILQLFLyQ


(OGLUHFWRUFRPHQ]yKR\GLFLpQGRQRVTXHOD

3DUD VX DVRPEUR \D QR WXYR p[LWR (O


S~EOLFR HQFRQWUy TXH KDEtD SHUGLGR VX DWULEXWR
PiV YDOLRVR TXH HUD VX DUUDQTXH GLUHFWR GH
LQVSLUDFLyQ (VWH KDEtD VLGR UHHPSOD]DGR SRU OD
DULGH] HO SRUPHQRU QDWXUDOLVWD ODV PDQHUDV
VXSHUILFLDOHV GH DFWXDFLyQ \ RWURV GHIHFWRV
VLPLODUHV)iFLOPHQWHSXHGHQLPDJLQDUODVLWXDFLyQ
HQ TXH VH HQFRQWUDED OD DFWUL] &DGD YH] TXH
DSDUHFtDVHOHDQWRMDEDTXHLEDDSDVDUSRUDOJXQD
GXUD SUXHED (VWR LQWHUIHUtD HQ VX DFWXDFLyQ
DXPHQWDED VX FRQIXVLyQ \ HO GHVFRQFLHUWR OOHJDED
FDVL D OD GHVHVSHUDFLyQ (QVD\y HQ YDULRV WHDWURV
GH ODV DIXHUDV GH OD FLXGDG SHQVDQGR TXH WDO YH]
HO S~EOLFR GH OD FDSLWDO IXHUD KRVWLO R WXYLHUD
SUHMXLFLRV FRQWUD HO PpWRGR 3HUR HO UHVXOWDGR
HUD HQ WRGDV SDUWHV HO PLVPR /D SREUH DFWUL]
FRPHQ]yDPDOGHFLUHOQXHYRPpWRGR\DWUDWDUGH
GHVKDFHUVHGHpO+L]RGHVHVSHUDGRVHVIXHU]RVSRU
YROYHU D VX SULPHU HVWLOR GH DFWXDFLyQ SHUR QR
SXGR ORJUDGR +DEtD SHUGLGR VX DGDSWDFLyQ
DUWLILFLDO \ ORV DEVXUGRV GH VX DQWHULRU PDQHUD GH
DFWXDU VH OH KDFtDQ LQVRSRUWDEOHV DO FRPSDUDUORV
FRQ HO QXHYR PpWRGR TXH HUD HQ UHDOLGDG HO TXH

SUHIHUtD6HQWtDVHHQWUHODHVSDGD\ODSDUHG\VH
GLFH TXH WHQtD UHVXHOWR GHMDU HO WHDWUR
GHILQLWLYDPHQWH
3RU HVH WLHPSR WXYH SRU FDVXDOLGDG
RSRUWXQLGDG GH YHUOD WUDEDMDU 'HVSXpV GH OD
UHSUHVHQWDFLyQ\DVXSHGLGRIXLDVXFDPDUtQ1R
GHMyTXHPHIXHUDVLQRPXFKRGHVSXpVTXHODREUD
KDEtD WHUPLQDGR \ TXH WRGR HO S~EOLFR VH KDEtD
UHWLUDGR VXSOLFiQGRPH SUHVD GH YLYD HPRFLyQ
TXH OH GLMHUD OD FDXVD GH VX IUDFDVR 5HFRUULPRV
FDGD SRUPHQRU GH VX SDSHO FyPR KDEtD VLGR
SUHSDUDGR \ WRGR OR UHIHUHQWH DO HTXLSR WpFQLFR
TXH KDEtD DGTXLULGR D WUDYpV GH VX HVWXGLR GHO
PpWRGR7RGRHVWDEDFRUUHFWR+DEtDHQWHQGLGR
SHUIHFWDPHQWH FDGD SDUWH GHO PpWRGR
DLVODGDPHQWHPDVQRKDEtDDVLGRODEDVHFUHDGRUD
GHO VLVWHPD FRPR XQ WRGR &XDQGR OH SUHJXQWp
DFHUFDGHODOtQHDFRQWLQXDGHDFFLyQ\GHOVXSHU
REMHWR DGPLWLy TXH DOJR KDEtD RtGR DFHUFD GH
HOORV HQ JHQHUDO SHUR TXH QR KDEtD WHQLGR
FRQRFLPLHQWRSUiFWLFRGHORVPLVPRV

SXHGRGHVFULELUOHVORTXHVXFHGLyHVDQRFKHHQHO
WHDWUR(VWDWDOHQWRVDDFWUL]IXpUHFRPSHQVDGDSRU
WRGRV ORV VXIULPLHQWRV \ ODV GXGDV SDGHFLGDV
GXUDQWH DxRV 0H EHVy \ OORUy GH DOHJUtD \ PH
DJUDGHFLy HO KDEHUOH GHYXHOWR HO WDOHQWR 5Ly \
EDLOy\GHELyDFXGLULQFRQWDEOHVYHFHVDOOODPDGR
GHOS~EOLFRTXHQRFHVDEDGHDSODXGLUOD
(VROHVGHPXHVWUDODPLODJURVDFXDOLGDGGH
GDUYLGDDODOtQHDFRQWLQXDGHDFFLyQ\GHOVXSHU
REMHWLYR
GLMR

7RUWVRY UHIOH[LRQy XQRV LQVWDQWHV \ OXHJR

7DO YH] VHUtD PiV JUiILFR VL KLFLHUD XQ


GLEXMRSDUDXVWHGHV

6LDFW~DVLQODOtQHDFRQWLQXDGHDFFLyQOH
GLMH VyOR VHJXLUi FLHUWRV HMHUFLFLRV GHVXQLGRV
GH IUDJPHQWRV GHO VLVWHPD 6RQ ~WLOHV HQ OD ODERU
GHODFODVHSHURQRVLUYHQSDUDODUHSUHVHQWDFLyQ
GH XQ SDSHO +D GHMDGR GH ODGR HO KHFKR
LPSRUWDQWH GH TXH WRGRV HVRV HMHUFLFLRV WLHQHQ HO
SURSyVLWR SULQFLSDO GH HVWDEOHFHU OtQHDV
IXQGDPHQWDOHV GH GLUHFFLyQ 3RU HVR ORV
HVSOpQGLGRV WUR]RV GH VX SDSHO QR KDQ SURGXFLGR
HIHFWR DOJXQR 4XLHEUH XQD KHUPRVD HVWDWXD \ ORV
SHTXHxRV IUDJPHQWRV GH PiUPRO SHUGHUiQ VX
HIHFWRFDXWLYDQWH
$O GtD VLJXLHQWH HQ HO HQVD\R OH PRVWUp
FyPR SUHSDUDU VXV XQLGDGHV \ REMHWLYRV HQ
UHODFLyQ FRQ HO WHPD SULQFLSDO \ OD GLUHFFLyQ GHO
SDSHO
6H GHGLFy WL VX ODERU FRQ SDVLyQ \ SLGLy
YDULRV GtDV SDUD REWHQHU ILUPH GRPLQLR VREUH pO
3UREp VX ODERU GH FDGD GtD \ ILQDOPHQWH IXL DO
WHDWURSDUDYHUODDFWXDUQXHYDPHQWHHQHOSDSHOHQ
VX QXHYR HVStULWX 6X p[LWR IXp DEUXPDGRU 1R


7RGDV ODV OtQHDV PHQRUHV VRQ GLULJLGDV
KDFLDHOPLVPRILQH[SOLFy\VHIXQGHQHQXQD
FRUULHQWHSULQFLSDO
7RPHPRV HO FDVR VLQ HPEDUJR GHO DFWRU
TXHQRKDHVWDEOHFLGRVXSURSyVLWRIXQGDPHQWDO\
FX\R SDSHO HVWi FRPSXHVWR SRU OtQHDV PiV
SHTXHxDV GLULJLGDV HQ YDULDV GLUHFFLRQHV
(QWRQFHVWHQHPRV

(VWRIXpORTXHGLEXMy

6tWRGRVORVREMHWLYRVPHQRUHVGHXQSDSHO
VRQ GLULJLGRV HQ GLUHFFLRQHV GLVWLQWDV HV
QDWXUDOPHQWH LPSRVLEOH IRUPDU XQD OtQHD VyOLGD H
LQTXHEUDQWDEOH (Q FRQVHFXHQFLD OD DFFLyQ HV
IUDJPHQWDULDVLQFRRUGLQDFLyQQLUHODFLyQFRQXQ
WRGR 1R LPSRUWD OD H[FHOHQFLD GH FDGD SDUWH
DLVODGDQRWLHQHOXJDUHQODREUDVREUHHVDEDVH
/HVGDUpRWURHMHPSOR(VWDPRVGHDFXHUGR
QRHVDVt"HQTXHODOtQHDSULQFLSDOGHDFFLyQ\HO
WHPDSULQFLSDOVRQRUJiQLFDPHQWHSDUWHGHODREUD
\ QR SXHGHQ VHU GHVFXLGDGDV VLQ GHWULPHQWR GH OD
REUD PLVPD 3HUR VXSRQJDPRV TXH YDPRV D
LQWURGXFLU XQ WHPD H[WUDxR R SRQHU HQ OD REUD OR
TXH SRGUtDPRV OODPDU XQD WHQGHQFLD /RV RWURV
HOHPHQWRVVHUiQORVPLVPRVSHURVHYROYHUiQDXQ
ODGR D FDXVD GH HVD QXHYD DGLFLyQ 3XHGH VHU
H[SUHVDGRGHHVWDPDQHUD


8QD REUD FRQ HVWD FODVH GH IXQGDPHQWR
GHIRUPDGR\URWRQRSXHGHYLYLU
*ULVKD SURWHVWy YLROHQWDPHQWH HQ FRQWUD GH
HVHSXQWRGHYLVWD
3HURQRTXLWDDVtXVWHGDFDGDGLUHFWRU\D
FDGD DFWRU WRGD VX LQLFLDWLYD \ FDSDFLGDG
LQGLYLGXDO FUHDGRUD WDQWR FRPR WRGD SRVLELOLGDG
GHUHQRYDUREUDVDQWLJXDVDWUD\pQGRODVDOHVStULWX
GH ORV WLHPSRV PRGHUQRV" H[SUHVy FRQ
YLROHQFLD
/D UpSOLFD GH 7RUWVRY IXp WUDQTXLOD \
DFODUDWRULD

8VWHG\PXFKRVTXHSLHQVDQFRPRXVWHGD
PHQXGR FRQIXQGHQ \ QR LQWHUSUHWDQ HO VLJQLILFDGR
GH WUHV SDODEUDV HWHUQR PRGHUQR \ PRPHQWiQHR
'HEHQ VHU FDSDFHV GH KDFHU GLVWLQFLRQHV ELHQ
FODUDV HQ ORV YDORUHV HVSLULWXDOHV KXPDQRV VL
TXLHUHQDOFDQ]DUHOYHUGDGHURVLJQLILFDGRGHHVDV
WUHVSDODEUDV
/R PRGHUQR SXHGH VHU HWHUQR VL WUDWD GH
FXHVWLRQHVGHOLEHUWDGMXVWLFLDIHOLFLGDGHWFpWHUD
1R KDJR REMHFLyQ DOJXQD D HVD FODVH GH
PRGHUQLVPRHQHOWUDEDMRGHXQHVFULWRU
(Q FRQWUDVWH DEVROXWR VLQ HPEDUJR HV OR
WUDQVLWRULR OR TXH QXQFD SXHGH VHU HWHUQR 6yOR
YLYH HQ OR SUHVHQWH \ PDxDQD VHUi ROYLGDGR 3RU
HVRXQDODERUGHDUWHHWHUQDQRSXHGHWHQHUQDGDHQ
FRP~Q FRQ OR TXH HV PRPHQWiQHR DXQTXH HO
UpJLVVHXUVHDLQWHOLJHQWH\DFWRUWDOHQWRVR
/D YLROHQFLD HV VLHPSUH PDO UHFXUVR HQ OD
ODERUFUHDGRUDHLJXDOPHQWHWUDWDUGHUHQRYDUXQ
WHPDDQWLJXRXWLOL]DQGRXQpQIDVLVWUDQVLWRULRVyOR

SXHGH VLJQLILFDU OD PXHUWH SDUD DPERV REUD \


SDSHO 6LQ HPEDUJR HV YHUGDG TXH KDOODPRV PX\
UDUDV H[FHSFLRQHV 6DEHPRV TXH HO IUXWR GH XQD
FODVH SXHGH RFDVLRQDOPHQWH VHU LQMHUWDGR HQ HO
WURQFRGHRWUDFLDVH\SURGXFLUXQIUXWRQXHYR
$ YHFHV XQD LGHD WUDQVLWRULD SXHGH VHU
LQMHUWDGD QDWXUDOPHQWH HQ XQ FOiVLFR DQWLJXR \
UHMXYHQHFHUOR(QHVHFDVRODDGLFLyQHVDEVRUELGD
SRUHOWHPDSULQFLSDO



/D FRQFOXVLyQ TXH VH H[WUDH HV3UHVHUYHQ
VREUHWRGRHOVXSHUREMHWLYR\ODOtQHDFRQWLQXD
GH DFFLyQ (VWpQ SUHYHQLGRV FRQWUD WRGDV ODV

WHQGHQFLDV \ SURSyVLWRV H[WUDxRV DO WHPD


SULQFLSDO
0H GDUp SRU VDWLVIHFKR VL KH ORJUDGR
KDFHUOHV YHU FODUDPHQWH OD SULPRUGLDO \
H[FHSFLRQDOLPSRUWDQFLDGHHVDVGRVFRVDVSRUTXH
GH HVH PRGR VHQWLUp TXH KH ORJUDGR PL SURSyVLWR
SULQFLSDO FRPR SURIHVRU \ TXH KH H[SOLFDGR XQD
GHODVSDUWHVIXQGDPHQWDOHVGHQXHVWURVLVWHPD
'HVSXpV GH XQD SDXVD SURORQJDGD 7RUWVRY
FRQWLQXy
7 R G DDFFLyQ VH HQFXHQWUD FRQ XQD
UHDFFLyQODTXHDVXYH]LQWHQVLILFDODSULPHUD(Q
WRGDREUDDGHPiVGHORDFFLyQSULQFLSDOKDOODPRV
V XLPSHGLPHQWR RSXHVWR /R FRQVLGHUDPRV
DIRUWXQDGR SRUTXH VX UHVXOWDGR LQHYLWDEOH HV PiV
DFFLyQ1HFHVLWDPRVHVDRSRVLFLyQGHSURSyVLWRV
\ WRGRV ORV SUREOHPDV SDUD UHVROYHU TXH GH HOODV
VHRULJLQDQSRUTXHVXVFLWDQODDFWLYLGDGTXHHVOD
EDVHGHQXHVWURDUWH

6tDQDOL]RODSDUWHGH%UDQGHQODHVFHQDHV
IiFLO HQFRQWUDU VX UHODFLyQ FRQ HO WHPD SULQFLSDO
SRUTXH TXLHUH TXH VX HVSRVD VH GHVKDJD GH ODV
URSDV GH VX QLxR SDUD FRPSOHWDU VX VDFULILFLR DO
GHEHU &RPR IDQiWLFR H[LJH WRGR GH HOOD SDUD
ORJUDUPLLGHDOGHYLGD/DRSRVLFLyQGHHOODVyOR
LQWHQVLILFD VX DFFLyQ GLUHFWD $TXt WHQHPRV HO
FKRTXHGHGRVSULQFLSLRV
(OGHEHU GH %UDQG OXFKD FRQ HODPRU GH
PDGUH XQDLGHD OXFKD FRQ XQVHQWLPLHQWR HO
SDVWRU IDQiWLFR FRQ OD GROLHQWHPDGUH HO
SULQFLSLRPDVFXOLQRFRQWUDHOIHPHQLQR
3RUORWDQWRHQHVDHVFHQDODOtQHDFRQWLQXD
GH DFFLyQ HVWi HQ ODV PDQRV GH %UDQG \ OD GH
RSRVLFLyQHQODVGH,QpV
$KRUD SRU IDYRU GLMR 7RUWVRY
SUHVWHQ PXFKD DWHQFLyQ SXHV WHQJR DOJR
LPSRUWDQWHTXHGHFLU
7RGR OR TXH HQ HVWH SULPHU FXUVR OLHPRV

&RPRLOXVWUDFLyQWRPDUHPRVD%UDQG
6XSRQJDPRV TXH FRQYHQLPRV HQ TXH HO
OHPD GH %UDQG 7RGR R QDGD UHSUHVHQWD HO
REMHWLYRSULQFLSDOGHODREUD VLHVFRUUHFWRRQR
SRU HO PRPHQWR QR QRV LQWHUHVD  8Q SULQFLSLR
IDQiWLFR GH HVD FODVH FRPR EDVH IXQGDPHQWDO HV
WHUULEOH SRUTXH QR DGPLWH FRPSURPLVRV QL
FRQFHVLRQHVQLGHELOLGDGQLHMHFXWDUVXSURSyVLWR
LGHDOHQODYLGD
3HUPtWDQPHDKRUDXQLUHVHWHPDSULQFLSDOD
YDULDV XQLGDGHV SHTXHxDV GH OD REUD WDO YH] OD
PLVPDHVFHQDTXHUHSDVDPRVHQFODVHFRQ,QpV\
ODV URSDV GHO QLxR 6L WUDWR PHQWDOPHQWH GH
DUPRQL]DUHVDHVFHQDFRQHOWHPDSULQFLSDOWRGRR
QDGD SXHGR KDFHU XQ JUDQ HVIXHU]R FRQ OD
LPDJLQDFLyQ\UHVXPLUORVGHXQPRGRXRWUR
(V PXFKR PiV QDWXUDO VL WRPR HO SXQWR GH
YLVWDGHTXH,QpVODPDGUHUHSUHVHQWDODOtQHDGH
UHDFFLyQ R OD OtQHD GH RSRVLFLyQ (OOD VH UHEHOD
FRQWUDHOWHPDSULQFLSDO

KHFKRVHKDGLULJLGRKDFLDHOPRGRGHKDELOLWDUORV
SDUD REWHQHU HO FRQWURO GH ORV WUHV UDVJRV
LPSRUWDQWHVGHQXHVWURSURFHVRFUHDGRU
 *DUUDLQWHULRU
 /tQHDFRQWLQXDGHDFFLyQ
 6XSHUREMHWLYR

6H KL]R VLOHQFLR SRU DOJXQRV PRPHQWRV \
7RUWVRYWHUPLQyODFODVHGLFLHQGR
+HPRV DEDUFDGR WRGRV HVRV SXQWRV HQ
WpUPLQRVJHQpUDOHV$KRUD\DVDEHQTXpTXHUHUQRV
GHFLUFXDQGRKDEODPRVGHQXHVWURVLVWHPD



1XHVWURSULPHUFXUVRHVWiFDVLWHUPLQDGR+H
HVSHUDGR OD LQVSLUDFLyQ SHUR HO VLVWHPD KD
IUXVWUDGRPLVHVSHUDQ]DV
(VDVLGHDVURQGDEDQSRUPLFDEH]DPLHQWUDV
HVWDED GH SLH HQ HO YHVWtEXOR GHO WHDWUR
SRQLpQGRPH HO VREUHWRGR \ HQYROYLpQGRPH
OHQWDPHQWHODEXIDQGDHQWRUQRDOFXHOOR
'HSURQWRDOJXLHQPHWRFyFRQHOFRGR0H
GLYXHOWD\HQFRQWUpD7RUWVRY

DOOtWHQJRIHHQPLVDFFLRQHV\FUHRHQPLGHUHFKR
GHHVWDUHQHOHVFHQDULR
4XpPiVSLGH"&UHHTXHHVWiPDO"
(QWRQFHV OH FRQIHVp PL GHVHR GH VHQWLUPH
LQVSLUDGR
1RDFXGDDPtSDUDHVR0LVLVWHPDQR
IDEULFDUi QXQFD LQVSLUDFLyQ 6yOR SXHGH SUHSDUDU
HOWHUUHQRIDYRUDEOHDHOOD

+DEtD QRWDGR PL DEDWLPLHQWR \ TXHQD


GHVFXEULU VX FDXVD /H GL XQD UHVSXHVWD HYDVLYD
SHURQRVHGHMyFRQYHQFHU\PHDVDOWyDSUHJXQWDV

6L \R IXHUD XVWHG GHVLVWLUtD GH SHUVHJXLU


HVH IDQWDVPD OD LQVSLUDFLyQ 'pMHOR D HVD KDGD
PLODJURVDODQDWXUDOH]D\GHGtTXHVHDORTXHHVWi
GHQWUR GH OD UHJLyQ GHO FRQWURO FRQVFLHQWH GHO
KRPEUH

&yPR VH VLHQWH DKRUD FXDQGR HVWi HQ HO


HVFHQDULR" SUHJXQWy HQ XQ HVIXHU]R SRU
FRPSUHQGHUPLGHVDOLHQWRSRUHOVLVWHPD

&RORTXH HO SDSHO HQ OD VHQGD FRUUHFWD \


DQGDUiVROR&UHFHUiHQDPSOLWXG\SURIXQGLGDG\
DOILQDOORFRQGXFLUiDODLQVSLUDFLyQ

(VDHVODFRVD1RVLHQWRQDGDUDUR(VWR\
ELHQVpORTXHKDJRWHQJRXQSURSyVLWRSDUDHVWDU

&DStWXOR;9,
(Q(O8PEUDO'HO
6XEFRQVFLHQWH


(O GLUHFWRU FRPHQ]y UHILULpQGRVH D OD
DOHQWDGRUDREVHUYDFLyQGHTXH\DKDEtDPRVGHMDGR
DWUiV OD SDUWH PiV ODUJD GH QXHVWUD ODERU
SUHSDUDWRULDLQWHULRU
7RGD HVD SUHSDUDFLyQ HGXFD HO HVWDGR
FUHDGRULQWHUQRGHXVWHGHVORVD\XGDDHQFRQWUDU
HOVXSHUREMHWLYR\ODOtQHDFRQWLQXDGHDFFLyQ
FUHD XQD SVLFRWpFQLFD FRQVFLHQWH \ DO ILQDO ORV
OOHYD OR GLMR FRQ DOJR GH VROHPQLGDG D OD
UHJLyQ GHO VXEFRQVFLHQWH (O HVWXGLR GH HVD
LPSRUWDQWH UHJLyQ HV XQD GH ODV SDUWHV
IXQGDPHQWDOHVGHQXHVWURVLVWHPD
1XHVWUDPHQWHFRQVFLHQWHGLVSRQH\FRORFD
HQFLHUWRRUGHQORVIHQyPHQRVGHOPXQGRH[WHULRU
TXH QRV URGHDQ 1R KD\ OtQHD DOJXQD WUD]DGD
LQJHQLRVDPHQWHHQWUHODH[SHULHQFLDFRQVFLHQWH\OD
VXEFRQVFLHQWH 1XHVWUDV FRQFLHQFLDV LQGLFDQ D
PHQXGR OD GLUHFFLyQ HQ TXH QXHVWUDV
VXEFRQVFLHQFLDVFRQWLQ~DQODODERU3RUORWDQWRHO

REMHWLYR IXQGDPHQWDO GH QXHVWUD SVLFRWpFQLFD HV


FRORFDUQRV HQ XQ HVWDGR FUHDGRU HQ TXH QXHVWUR
VXEFRQVFLHQWHIXQFLRQDUDFRQQDWXUDOLGDG
(V MXVWR GHFLU TXH HVD WpFQLFD JXDUGD OD
PLVPD UHODFLyQ FRQ OD QDWXUDOH]D FUHDGRUD
VXEFRQVFLHQWH TXH OD JUDPiWLFD FRQ OD SRHVtD (V
XQD GHVJUDFLD TXH ODV FRQVLGHUDFLRQHV
JUDPDWLFDOHVGRPLQHQDODVSRpWLFDV\HVRVXFHGH
GHPDVLDGR D PHQXGR HQ HO WHDWUR VLQ HPEDUJR
QDGDSRGHPRVKDFHUVLQODJUDPiWLFD'HEHUtDVHU
XWLOL]DGD SDUD D\XGDU D GLVSRQHU HO PDWHULDO
FUHDGRU VXEFRQVFLHQWH SRUTXH HV ~QLFDPHQWH
FXDQGR KD VLGR ELHQ RUJDQL]DGR TXH SXHGH WRPDU
IRUPDDUWtVWLFD

VLJQLILFDGR &RQRFH QXHYRV VHQWLPLHQWRV


FRQFHSFLRQHV YLVLRQHV \ DFWLWXGHV WDQWR HQ VX
SDSHOFRPRHQpOPLVPR0iVDOOiGHOXPEUDOOD
YLGDLQWHULRUGHXQRGHSURSLRDFXHUGRWRPDXQD
IRUPD VLPSOH FRPSOHWD SRUTXH OD QDWXUDOH]D
RUJiQLFD GLULJH WRGRV ORV FHQWURV LPSRUWDQWHV GH
QXHVWUR DSDUDWR FUHDGRU /D FRQFLHQFLD QDGD VDEH
GH WRGR HVR QL DXQ QXHVWURV VHQWLPLHQWRV SXHGHQ
DEULUVH SDVR HQ HVD UHJLyQ \ VLQ HPEDUJR VLQ
HOORVODFUHDFLyQYHUGDGHUDHVLPSRVLEOH
1R OHV GR\ PpWRGRV WpFQLFRV SDUD REWHQHU
HO FRQWURO GHO VXEFRQVFLHQWH 6yOR SXHGR
HQVHxDUOHVHOPpWRGRLQGLUHFWRSDUDDFHUFDUVHDpO
\HQWUHJDUVHDVXSRGHU

(QHOSULPHUSHUtRGRGHODERUFRQVFLHQWHHQ
XQSDSHOHODFWRUVLHQWHTXHDYDQ]DHQODYLGDGHO
SDSHOVLQFRPSUHQGHUGHOWRGRORTXHVXFHGHDVX
DOUHGHGRUHQHOSDSHO\HQVtPLVPR&XDQGROOHJD
DODUHJLyQGHOVXEFRQVFLHQWHORVRMRVGHVXDOPD
HVWiQDELHUWRV\VHHQWHUDGHWRGRKDVWDGHORVPiV
PLQXFLRVRVSRUPHQRUHV\WRGRDGTXLHUHXQQXHYR

9HPRV RtPRV FRPSUHQGHPRV \ SHQVDPRV


GH PX\ GLVWLQWD PDQHUDDQWHV \ GHVSXpV TXH
KHPRV FUX]DGR HO XPEUDO GHO VXEFRQVFLHQWH
3UHYLDPHQWH
WHQHPRV
VHQWLPLHQWRV
DSDUHQWHPHQWH
YHUGDGHURVPiV
WDUGH
VLQFHULGDG HQ ODV HPRFLRQHV 'HHVWH ODGR
WHQHPRV OD VLPSOLFLGDG GH XQD IDQWDVtD OLPLWDGD

PiV DOOi OD VLPSOLFLGDG GH XQD DPSOLD


LPDJLQDFLyQ 1XHVWUD OLEHUWDG GH HVWH ODGR GHO
XPEUDO HVWi OLPLWDGD SRU OD UD]yQ \ ODV
FRQYHQFLRQHVPiVDOOi GH pO QXHVWUD OLEHUWDG HV
RVDGD YROXQWDULRVD DFWLYD DYDQ]DQGR VLHPSUH
$OOt HO SURFHVR FUHDGRU GLILHUH FDGD YH] TXH VH
UHSLWH

UHJLyQGHODVHPRFLRQHVQRGHODUD]yQ0iVTXH
FRPSUHQGHU OR TXH OHV GLJR SXHGHQ VHQWLUOR
IiFLOPHQWH3RUORWDQWRLUtDPHMRUDOJUDQRVtHQ
YH] GH SURORQJDGDV H[SOLFDFLRQHV OHV FRQWDUD XQ
HSLVRGLRGHPLSURSLDYLGDTXHPHD\XGyDVHQWLU
HOHVWDGRTXHOHVKHGHVFULSWR

0HKDFHSHQVDUHVRODSOD\DDORODUJRGHO
RFpDQR 2ODV JUDQGHV \ SHTXHxDV OOHJDQ KDVWD OD
DUHQD $OJXQDV MXJXHWHDQ HQ WRUQR GH QXHVWURV
WRELOORVRWUDVOOHJDQKDVWDQXHVWUDVURGLOODVRWUDV
SDUHFHQDUUDVWUDUQRVORVSLHVPLHQWUDVTXHODVPiV
JUDQGHV QRV HPSXMDQ PDU DGHQWUR SDUD OXHJR
ODQ]DUQRVQXHYDPHQWHDODSOD\D
$YHFHVODPDUHDGHOVXEFRQVFLHQWHDSHQDV
WRFDDODFWRU\VHYD2WUDVHQYXHOYHWRGRVXVHU
DUUDVWUiQGROR D VXV SURIXQGLGDGHV KDVWD TXH DO
ILQ OR DUURMD QXHYDPHQWH D OD SOD\D GH OD
FRQFLHQFLD
&XDQWROHVHVWR\GLFLHQGRDKRUDHVWiHQOD

8QDQRFKHHQXQDUHXQLyQHQFDVDGHXQRV
DPLJRV KLFLPRV DOJXQRV MXHJRV PDODEDUHV \
FRPREURPDGHFLGLHURQRSHUDUPH,QWURGXMHURQHQ
OD KDELWDFLyQ GRV PHVDV XQD SDUD OD RSHUDFLyQ \
RWUD SDUD FRORFDU ORV VXSXHVWRV LQVWUXPHQWRV
TXLU~UJLFRV 6H WUDMHURQ ViEDQDV YHQGDV
SDODQJDQDV\YDQDVYDVLMDV
/RV FLUXMDQRV VH FRORFDURQ FDPLVDV
EODQFDV\WDPELpQDPtHOVXSXHVWRHQIHUPR0H
WHQGLHURQ VREUH OD PHVD GH RSHUDFLRQHV \ PH
YHQGDURQ ORV RMRV (PSHFp D LQTXLHWDUPH SRU ORV
PRGDOHVH[WUHPDGDPHQWHVROtFLWRVGHORVGRFWRUHV
0H WUDWDEDQ FRPR VL PH HQFRQWUDUD HQ VLWXDFLyQ
GHVHVSHUDGD \ WRGR OR KDFtDQ FRQ OD PD\RU
VHULHGDG'HSURQWRXQDLGHDFUX]ySRUPLPHQWH

<VLPHFRUWDEDQGHYHUGDG"
/DLQFHUWLGXPEUH\ODHVSHUDPHDVXVWDURQ
0LVHQWLGRGHORtGRVHDJXGL]y\WUDWpGHQRSHUGHU
HO PtQLPR UXLGR $ PL DOUHGHGRU RtD VXV
PXUPXOORV YHUWHU HO DJXD HO VRQLGR GH ORV
LQVWUXPHQWRV 'H YH] HQ FXDQGR VRQDED XQD
SDODQJDQDFRPHFDPSDQDUHSLFDQGRDPXHUWR
&RPHQFHPRVPXUPXUyDOJXLHQ
8QR WRPy FRQ ILUPH]D PL PXxHFD GHUHFKD
6HQWtXQGRORUOHQWRSHURQRLQWHQVR\OXHJRWUHV
DJXGRVSXQWD]RVQRSXGHHYLWDUXQWHPEORU0H
IURWDURQ DOJR IXHUWH \ DJXGR FRQWUD OD PXxHFD
OXHJR PH YHQGDURQ PLHQWUDV OD JHQWH VHJXtD
PRYLpQGRVH HQ WRUQR DOFDQ]iQGROH FRVDV DO
FLUXMDQR
)LQDOPHQWH \ OXHJR GH XQD ODUJD SDXVD
HPSH]DURQ D KDEODU HQ YR] DOWD ULHURQ \ PH
IHOLFLWDURQ6DFDURQODYHQGDGHPLVRMRV\HQPL
EUD]R L]TXLHUGR KDEtD XQ QLxR UHFLpQ QDFLGR

6HQWt HQ GHWHUPLQDGRV PRPHQWRV TXH PLV


HPRFLRQHV HUDQ LJXDOHV D OR TXH KXELHUDQ VLGR HQ
UHDOLGDG0HUHFRUGDURQVHQVDFLRQHVIDPLOLDUHVHQ
OD YLGD UHDO +DVWD WXYH HO SUHVHQWLPLHQWR GH TXH
SHUGHUtDHOVHQWLGRDXQTXHVyORSRUXQRVPLQXWRV
'HVDSDUHFtDQ HVWRV VHQVDFLRQHV WDQ SURQWR
DVRPDEDQ D OD FRQFLHQFLD \ VLQ HPEDUJR OD
LOXVLyQ GHMD KXHOODV \ KDVWD HVWR\ FRQYHQFLGR GH
TXHORTXHPHVXFHGLyHVDQRFKHSXHGHVXFHGHUHQ
ODYLGDUHDO
(VD IXp PL SULPHUD H[SHULHQFLD GHO HVWDGR
TXH OODPDUQRV OD UHJLyQ GHO VXEFRQVFLHQWH
GLMRHOGLUHFWRUHQFXDQWRWHUPLQyVXKLVWRULD(V
XQHUURUFUHHUTXHHODFWRUH[SHULPHQWDXQVHJXQGR
HVWDGRGHUHDOLGDGFXDQGRHVWiUHDOL]DQGRVXODERU
FUHDGRUD HQ HO HVFHQDULR 6L DVt IXHUD QXHVWUR
RUJDQLVPRItVLFR\HVSLULWXDOQRSRGUtDVRSRUWDUHO
HQRUPHHVIXHU]RTXHVHOHH[LJH
&RPR \D VDEHQ HQ HO HVFHQDULR YLYLPRV
VREUH UHFXHUGRV HPRWLYRV GH ODV UHDOLGDGHV $
YHFHVHVRVUHFXHUGRVDOFDQ]DQXQJUDGRGHLOXVLyQ

IRUPDGR FRQ PL PDQR GHUHFKD WRGD HQYXHOWD HQ


JDVD(QHOUHYHUVRGHODPDQRKDEtDQSLQWDGRXQD
FiQGLGDFDUDLQIDQWLO
/D FXHVWLyQ HV pVWD ORV VHQWLPLHQWRV TXH
H[SHULPHQWp HUDQ YHUGDGHURV \ PL FUHHQFLD HQ
HOORVUHDORHUDQORTXHOODPDPRVDSDUHQWHPHQWH
YHUGDGHURV"
1DWXUDOPHQWH QR HUDYHUGDG UHDO \ XQ
VHQWLGRYHUGDGHURGHIH GLMR7RUWVRYPLHQWUDV
UHFRUGDEDVXVVHQVDFLRQHV$XQTXHGHELpUDPRV
FDVL GHFLU TXH SDUD ORV UHTXHULPLHQWRV GHO WHDWUR
YLYt YHUGDGHUDPHQWH HVDV VHQVDFLRQHV < VLQ
HPEDUFR QR KXER HVIXHU]R TXH SUHVLRQDUD OD
FUHHQFLD HQ OR TXH HVWDED SDGHFLHQGR VLQR XQ
FRQVWDQWHPRYLPLHQWRSHQGXODURVFLODQGRHQWUHOD
FUHHQFLD \ OD GXGD HQWUH ODV YHUGDGHUDV
VHQVDFLRQHV \ OD LOXVLyQ GH WHQHUODV 7RGR HO
WLHPSRVHQWtTXHVLHQUHDOLGDGKXELHUDWHQLGRTXH
RSHUDUPHSDVDUtDPRPHQWRVPX\VHPHMDQWHVDORV
GHHVDRSHUDFLyQGHEURPD&LHUWDPHQWHODLOXVLyQ
IXpORVXILFLHQWHPHQWHLQWHQVD

TXH ORV KDFH SDUHFHUVH D OD YLGD PLVPD$XQTXH


OOHJDU D ROYLGDUVH SRU FRPSOHWR GH Vt PLVPRV \
FUHHUILUPHPHQWHHQORTXHVXFHGHHQHOHVFHQDULR
HV SRVLEOH RFXUUH PX\ UDUD YH] 6DEHPRV GH
PRPHQWRVDLVODGRVODUJRVRFRUWRVHQVXGXUDFLyQ
FXDQGR HO DFWRU HVWi SHUGLGR HQ OD UHJLyQ GHO
VXEFRQVFLHQWH 3HUR GXUDQWH HO UHVWR GHO WLHPSR
ODYHUGDGDOWHUQDFRQODYHURVLPLOLWXGODIHFRQOD
SUREDELOLGDG
/D KLVWRULD TXH DFDER GH UHIHULUOHV HV XQ
HMHPSOR GH OD FRLQFLGHQFLD GH ORV UHFXHUGRV
HPRWLYRV FRQ ODV VHQVDFLRQHV H[LJLGDV SRU HO
SDSHO/DDQDORJtDTXHUHVXOWDGHHVDFRLQFLGHQFLD
DFHUFD HO DFWRU D OD SHUVRQD TXH HVWi
UHSUHVHQWDQGR (Q WDOHV FLUFXQVWDQFLDV HO DUWLVWD
FUHDGRU VLHQWH VX SURSLD YLGD HQ OD YLGD GH VX
SDSHO \ OD YLGD GH VX SDSHO LGpQWLFD D VX YLGD
SHUVRQDO (VWD LGHQWLILFDFLyQ FRQGXFH D XQD
PLODJURVDPHWDPRUIRVLV
'HVSXpV GH XQRV PRPHQWRV GH UHIOH[LyQ
7RUWVRYFRQWLQXy

2WUDV FRVDV DGHPiV GH WDOHV


FRLQFLGHQFLDV HQWUH OD YLGD UHDO \ HO SDSHO QRV
LQWURGXFHQ HQ OD UHJLyQ GHO VXEFRQVFLHQWH $
PHQXGR XQ VLPSOHDFRQWHFLPLHQWR H[WHULRU TXH
QDGD WLHQH TXH YHU FRQ OD REUD R FRQ HO SDSHO R
ODVFLUFXQVWDQFLDVSHFXOLDUHVGHODFWRULQ\HFWDQGH
SURQWR XQ SRFR GH YLGD UHDO HQ HO WHDWUR H
LQVWDQWiQHDPHQWH QRV DUUDVWUD D XQ HVWDGR GH
FUHDFLyQVXEFRQVFLHQWH
&XiOSRUHMHPSOR"OHSUHJXQWDURQ
&XDOTXLHUD+DVWDODFDtGDGHXQSDxXHOR
R GH XQD VLOOD 8Q DFFLGHQWH YLYR HQ OD DWPyVIHUD
DFRQGLFLRQDGDGHOHVFHQDULRHVFRPRXQDEULVDGH
DLUHIUHVFRHQXQDPELHQWHVRIRFDQWH(ODFWRUGHEH
OHYDQWDU HVSRQWiQHDPHQWH HO SDxXHOR R OD VLOOD
SRUTXHHVRQRKDVLGRHQVD\DGRHQODREUD1ROR
HMHFXWD FRPR DFWRU VLQR GH PDQHUD FRP~Q \
KXPDQD\FUHDXQSRFRGHYHUGDGHQODTXHGHEH
FUHHU(VDYHUGDGVHPDQWHQGUiHQDJXGRFRQWUDVWH
FRQ WRGR OR FRQGLFLRQDGR \ FRQYHQFLRQDO TXH OR
URGHD 4XHGD D VX DUELWULR HO LQFOXLU HVRV

VXEFRQVFLHQWH



/DSULPHUDREVHUYDFLyQGHKR\IXH
+DVWD DKRUD KHPRV WUDWDGR KHFKRV
DFFLGHQWDOHVTXHSXHGHQVHUYLUGHDSUR[LPDFLyQDO
VXEFRQVFLHQWH3HURQRSRGHPRVEDVDUVREUHHOORV
UHJODDOJXQD4XpSXHGHKDFHUHODFWRUVLQRHVWi
VHJXURGHOp[LWR"
1RWLHQHVDOLGDH[FHSWRODGHUHFXUULUDOD
D\XGD GH ODSVLFRWpFQLFD FRQVFLHQWH (VWD SXHGH
SUHSDUDUFDPLQRV\FRQGLFLRQHVIDYRUDEOHVSDUDOD
DSUR[LPDFLyQ D OD UHJLyQ GHO VXEFRQVFLHQWH
3HURWRGRHVRORFRPSUHQGHUiQPHMRUVLOHVGR\XQ
HMHPSORSUiFWLFR
.RVW\D \ 9DQ\D 3RU IDYRU UHSUHVHQWHQ
SDUD QRVRWURV OD HVFHQD SULPHUD GHO HMHUFLFLR GHO

PRPHQWRVDFFLGHQWDOHVGHUHDOLGDGHQVXSDSHOR
GHMDUORVLU3XHGHWUDWDUORVFRPRXQDFWRUSRUHVR
~QLFDRFDVLyQILMDUORVHQODSHUVRQLILFDFLyQGHVX
SDSHO 2 SXHGH SRU XQ PRPHQWR VDOLUVH GH VX
SDSHOGLVSRQHUGHODLQWUXVLyQDFFLGHQWDO\YROYHU
OXHJR D OD FRQYHQFLyQ GHO WHDWUR \ UHWRPDU VX
DFFLyQLQLQWHUUXPSLGD
6L FUHH WX YHUGDG HQ HVH DFDHFLPLHQWR
HVSRQWiQHR \ OR XWLOL]D HQ VX SDSHO pVWH OR
D\XGDUi /R FRORFDUi HQ HO FDPLQR TXH OOHYD DO
XPEUDOGHOVXEFRQVFLHQWH
7DOHV KHFKRV PHQXGRV DFW~DQ FRQ
IUHFXHQFLD FRPR GLDSDVyQ WRFDQ XQD QRWD YLYD \
QRV REOLJDQ D YROYHU GH OD IDOVHGDG \ OD
DUWLILFLDOLGDG D OD YHUGDG 8Q PRPHQWR GH HVRV
EDVWDSDUDGDUGLUHFFLyQDOUHVWRGHOSDSHO

3RU OR WDQWR DSUHQGDQ D DSUHFLDUORV QR
GHMHQ TXH VH SLHUGDQ $SUHQGDQ D XWLOL]DUORV
VDELDPHQWH FXDQGR RFXUUHQ HQ IRUPD HVSRQWiQHD
6RQ PHGLRV H[FHOHQWHV SDUD DFHUFDUORV DO

GLQHUR TXHPDGR 5HFRUGDUiQ TXH GHEHQ


FRPHQ]DU WRGR WUDEDMR FUHDGRU UHODMDQGR SULPHUR
ORV P~VFXORV GH PRGR TXH VLpQWHQVH FyPRGRV \
GHVFDQVHQFRPR
VLHVWXYLHUDQHQVXVFDVDV
1RVGLULJLPRVDOHVFHQDULR\FXPSOLPRVODV
LQVWUXFFLRQHV
1R HV VXILFLHQWH UHOiMHQVH PiV SLGLy
7RUWVRY GHVGH HO DXGLWyULXP 3yQJDQVH PiV
FyPRGRV 'HEHQ VHQWLU OD VHQVDFLyQ GH KDOODUVH
PiV D VXV DQFKDV TXH HQ VXV UHVSHFWLYRV KRJDUHV
\D TXH QR HVWDPRV WUDWDQGR FRQ OD UHDOLGDG VLQR
FRQ VROHGDG HQ S~EOLFR 'H PRGR TXH OLEHUHQ
PiV HVD WHQVLyQ PXVFXODU (OLPLQHQ HO QRYHQWD \
FLQFRSRUFLHQWRGHHVDWHQVLyQ
4XL]i SLHQVHQ TXH \R H[DJHUR HVD WHQVLyQ
GHXVWHGHVSHURQRHVDVt(OHVIXHU]RGHXQDFWRU
FXDQGR HVWi GHODQWH GHO S~EOLFR HV UHDOPHQWH
LQFRQPHQVXUDEOH < OR SHRU GH WRGR HV TXH HVH
HVIXHU]R VH UHDOL]D FDVL VLQ TXH HO DFWRU VH Gp
FXHQWDGHHOORQLORGHVHHQLSLHQVHVLTXLHUD

'H PRGR TXH VHDQ FDVL DXGDFHV HQ HVR GH


DUURMDU OHMRV GH XVWHGHV OD WHQVLyQ OR PiV TXH
SXHGDQ1RQHFHVLWDQSHQVDUQLSRUXQPRPHQWRHQ
TXHILQDOPHQWHWHQGUiQPHQRVGHORTXHQHFHVLWDQ
3RU PXFKD WHQVLyQ TXH UHGX]FDQ QXQFD VHUi
VXILFLHQWH
< GyQGH KDOODU HO OtPLWH" SUHJXQWy
DOJXLHQ
(OHVWDGRItVLFR\HVSLULWXDOGHXVWHGHVVH
OR GLUi FXDQGR HVWpQ HQ OR MXVWR 8VWHGHV PLVPRV
H[SHULPHQWDUiQ OR TXH HV YHUGDGHUR \ QRUPDO
HVSHFLDOPHQWH FXDQGR DOFDQ]DQ HO HVWDGR TXH
OODPDPRV\RVR\
3DUD HQWRQFHV VHQWtD \R TXH 7RUWVRY QR
SRGUtDSHGLUPHXQHVWDGRGHUHODMDFLyQPD\RUGHO
TXHPHKDOODED6LQHPEDUJRVLJXLyLQVLVWLHQGRHQ
HOOR
)LQDOPHQWH PH H[FHGt \ OOHJXp D XQ HVWDGR
GH SRVWUDFLyQ \ HQWXPHFLPLHQWR (V RWUR DVSHFWR

GH OD ULJLGH] PXVFXODU \ WXYH TXH OXFKDU SDUD


YHQFHUOR 2SWp SRU FDPELDU GH SRVLFLRQHV \ SRU
GHVKDFHUPHGHODSUHVLyQUHFXUULHQGRDODDFFLyQ
&DPELpGHXQULWPRUiSLGR\QHUYLRVRDRWUROHQWR
FDVLSHUH]RVR
(OGLUHFWRUQRVyORORQRWyVLQRTXHDSUREy
ORTXHHVWDEDKDFLHQGR
&XDQGR HO DFWRU HVWi KDFLHQGR GHPDVLDGR
HVIXHU]RHVDYHFHVXQDEXHQDLGHDLQWURGXFLUXQ
DFHUFDPLHQWR PiV IUtYROR D VX ODERU (V RWUD
PDQHUDGHWUDWDUODWHQVLyQ
3HUR WRGDYtD QR SRGtD ORJUDU OD YHUGDGHUD
VHQVDFLyQ GH GHVFDQVR TXH H[SHULPHQWR FXDQGR
HVWR\WHQGLGRHQHOVRIiGHFDVD
$O OOHJDU DTXt 7RUWVRY DGHPiV GH H[LJLU
PD\RUUHODMDFLyQQRVUHFRUGyTXHQRORGHEtDPRV
KDFHUSRUTXHVt\QRPiVPHQFLRQiQGRQRVORVWUHV
SDVRVWHQVLyQUHODMDFLyQ\MXVWLILFDFLyQ
(VWDED HQ OR FLHUWR SRUTXH \R PH KDEtD

ROYLGDGRGHHOORVSRUFRPSOHWR7RGRPLSHVRHUD
DUUDVWUDGRKDFLDHOVXHOR0HKXQGtHQHOVLOOyQHQ
HO TXH HVWDED FDVL HFKDGR$KRUD PH SDUHFLy TXH
OD PD\RU SDUWH GH OD WHQVLyQ KDEtD GHVDSDUHFLGR
3HURDXQDVtQRPHVHQWtWDQOLEUHFRPRHQODYLGD
RUGLQDULD 4Xp SDVDED" &XDQGR PH GHWXYH D
DQDOL]DU PL FRQGLFLyQ HQFRQWUp TXH PLDWHQFLyQ
HUDIRU]DGD\PHLPSHGtDODUHODMDFLyQ(OGLUHFWRU
GLMR

ILQDOPHQWHFRQVWUX\DQXQDEDVHSDUDOLEHUDUVHGHpO
HQXQDSRVLFLyQDSURSLDGD

/D DWHQFLyQ IRU]DGD ORV WUDED WDQWR FRPR


ORV HVSDVPRV PXVFXODUHV &XDQGR OD QDWXUDOH]D
LQWHULRUGHXVWHGHVFDHEDMRVXVJDUUDVHOSURFHVR
VXEFRQVFLHQWH
QR
SXHGH
GHVDUUROODUVH
QRUPDOPHQWH 'HEHQ ORJUDU OD OLEHUWDG LQWHULRU
WDQWRFRPRODUHODMDFLyQItVLFD

&RPHQFp D UHSDVDU ORV REMHWLYRV HQ QXHVWUR


HMHUFLFLR WRGDV VXV FLUFXQVWDQFLDV GDGDV
PHQWDOPHQWH UHFRUUt WRGDV ODV KDELWDFLRQHV
(QWRQFHV VXFHGLy OR LQHVSHUDGR 0H HQFRQWUp HQ
XQD KDELWDFLyQ SRFR IDPLOLDU HQ TXH QR KDEtD
HVWDGRDQWHV+DEtDHQHOODXQDSDUHMDGHHGDGORV
SDGUHVGHPLHVSRVD/DIDOWDGHSUHSDUDFLyQSDUD
HVD FLUFXQVWDQFLD PH DIHFWy \ SHUWXUEy SRUTXH
FRPSOLFDED PLV UHVSRQVDELOLGDGHV 'RV SHUVRQDV
PiVSDUDWUDEDMDUSRUHOODVFLQFRERFDVPiVSDUD
DOLPHQWDU VLQ FRQWDUPH \R PLVPR (VR KL]R PiV
VLJQLILFDWLYR PL WUDEDMR OD YHULILFDFLyQ GH ORV
YDORUHV IXWXURV \ HO HVWXGLR GH ORV DFWXDOHV 0H

&yPR SRGHPRV PDQHMDU ORV HVSDVPRV


LQWHUQRV"SUHJXQWyXQHVWXGLDQWH
'H OD PLVPD PDQHUD TXH FRQ ODV
FRQWUDFFLRQHV PXVFXODUHV %XVTXHQ SULPHUR HO
SXQWR GH WHQVLyQ OXHJR WUDWHQ GH PLWLJDUOR \

8WLOLFHQ HO KHFKR GH TXH HQ HVH FDVR D OD


DWHQFLyQ QR OH HVWi SHUPLWLGR YDJDU SRU WRGR HO
WHDWURVLQRTXHHVWiFRQFHQWUDGDGHQWURGHXVWHGHV
'HQOHDOJ~QREMHWRLQWHUHVDQWHDOJRTXHOHVD\XGH
HQ HO HMHUFLFLR 'LUtMDQOD D DOJ~Q REMHWLYR
DWUD\HQWHRDFFLyQ

VHQWpHQHOVLOOyQ\QHUYLRVDPHQWHUHWRUFtXQWUR]R
GHSLROtQFRQORVGHGRV

0HIXpIiFLOYROYHUKDFLDODKXHOOD6yORWXYH
TXHGHFLUPH

(VR Vt TXH HVWXYR ELHQ H[FODPy


7RUWVRY DSUREiQGRPH (VR IXp XQD YHUGDGHUD
OLEHUDFLyQ GH OD WHQVLyQ $KRUD SXHGR FUHHU HQ
FXDOTXLHU FRVD TXH HVWp KDFLHQGR R SHQVDQGR
DXQTXHQRVpH[DFWDPHQWHTXpHVORTXHWLHQHHQOD
PHQWH

6XSRQJDPRV TXH HQFXHQWUDQ XQ JUDQ


GpILFLW HQ ORV YDORUHV (VR VLJQLILFDUtD YROYHU D
YHULILFDU WRGRV ORV OLEURV \ ORV YDORUHV 4Xp
KRUULEOHWUDEDMR<WHQHUTXHKDFHUORWRGRVRORD
HVWDKRUDGHODQRFKH

(VWDEDHQORFLHUWR\FXDQGRUHSDUpHQHOOR
PLV P~VFXORV HVWDEDQ OLEUHV GH FRQWUDFFLyQ
(YLGHQWHPHQWH\RKDEtDDOFDQ]DGRHOWHUFHUHVWDGR
FRQQDWXUDOLGDGVHQWiQGRPHDOOt\HQFRQWUDQGRXQD
EDVHUHDOSDUDPLODERU
7LHQH YHUGDGHUD FUHHQFLD \ IH HQ VXV
DFFLRQHV HO HVWDGR TXH OODPDPRV \R VR\ (VWi
HQHOXPEUDOPHGLMRFRQVXDYLGDG6yORTXH
QR VH DSXUH 8WLOLFH VX YLVLyQ LQWHULRU SDUD YHU HO
ILQDO GH WRGR OR TXH KDFH 6L IXHUD QHFHVDULR
LQWURGX]FD DOJXQD QXHYD VXSRVLFLyQ 'HWpQJDVH
3RUTXpWLWXEHy"

(YLGHQWHPHQWHHOGLUHFWRUKDELHQGRORJUDGR
VX SURSyVLWR SHGDJyJLFR HVWDED SURQWR D
LQWHUUXPSLUPH SHUR \R HVWDED LPSDFLHQWH SRU
DGKHULUPHDPLHVWDGRGHiQLPR\VHJXtDGHODQWH
2K \D YHR OHV GLMR D ORV GHPiV (V
XQDJUDQROD<RQRHVWDEDVDWLVIHFKR'HVHDED
FRPSOLFDUPLVLWXDFLyQPXFKRPiV\DXPHQWDUPLV
HPRFLRQHV 3RU OR TXH DxDGt XQD QXHYD
FLUFXQVWDQFLD XQ LPSRUWDQWH GHVIDOFR HQ PLV
YDORUHV$ODGPLWLUWDOSRVLELOLGDGPHGLMH4Xp
KDUtD"6yORGHSHQVDUORPHVHQWtDKRUURUL]DGR
(O DJXD OH OOHJD DKRUD D OD FLQWXUD
FRPHQWy7RUWVRY
4Xp KDUp" GLMH FRQ H[FLWDFLyQ
'HER YROYHU D OD RILFLQD &RUUt KDFLD HO
YHVWtEXOR SHUR HQWRQFHV UHFRUGp TXH OD RILFLQD
HVWDED FHUUDGD YROYt \ PH SDVHp QHUYLRVDPHQWH
WUDWDQGR GH UHXQLU PLV SHQVDPLHQWRV 3RU ILQ PH
VHQWp HQ XQ ULQFyQ RVFXUR GH OD KDELWDFLyQ SDUD
MX]JDUODVFRVDV

0HFiQLFDPHQWH VDTXp HO UHORM (UDQ ODV


FXDWUR HQ SXQWR 'H OD WDUGH R GH OD PDGUXJDGD"
3RU HO PRPHQWR VXSXVH HVWR ~OWLPR (VWDED
H[FLWDGR H LQVWLQWLYDPHQWH PH ODQFp KDFLD HO
HVFULWRULR\FRPHQFpDWUDEDMDUFRQIXULD
$OFDQFp D RtU TXH 7RUWVRY KL]R DOJXQRV
FRPHQWDULRV DSUREDWRULRV \ H[SOLFy D ORV
HVWXGLDQWHVTXHHVHHUDHODFHUFDPLHQWRFRUUHFWRDO
VXEFRQVFLHQWH 3HUR QR SUHVWp DWHQFLyQ SRU PiV
WLHPSR D QLQJ~Q HVWtPXOR 1R OR QHFHVLWDED
SRUTXH HQ UHDOLGDG HVWDED YLYLHQGR HQ HO
HVFHQDULR\SRGtDKDFHUWRGRORTXHVHPHRFXUUtD

3XGHYHUFRQORVRMRVGHPLPHQWHDOJXQDV
VHYHUDVSHUVRQDVUHSDVDQGRORVOLEURV\FRQWDQGR
ODV DFFLRQHV KDFLpQGRPH SUHJXQWDV TXH QR VDEtD
FRQWHVWDU 8QD REVWLQDGD GHVHVSHUDFLyQ PH
LPSHGtDH[SUHVDUPHFRQFODULGDG(OGLFWDPHQIXp
IDWDO SDUD PL FDUUHUD IRUPDURQ JUXSRV VLHPSUH
PXUPXUDQGR PLHQWUDV \R SHUPDQHFtD D XQ ODGR
FRPRXQSURVFULSWR/XHJRHOH[DPHQHOMXLFLRHO
GHVSLGR OD FRQILVFDFLyQ GH SURSLHGDGHV OD
SpUGLGDGHPLFDVD
$KRUDHVWiHQHORFpDQRGHOVXEFRQVFLHQWH
GLMR HO GLUHFWRU /XHJR VH LQFOLQy VREUH ODV
FDQGLOHMDV\PHGLMRVXDYHPHQWH1RVHDSXUH
YD\DKDVWDHOILQ
6H YROYLy D ORV HVWXGLDQWHV QXHYDPHQWH \
VHxDOy TXH DXQTXH \R HVWDED LQPyYLO VH SRGtD
VHQWLU OD WRUPHQWD GH HPRFLRQHV TXH KDEtD HQ PL
LQWHULRU
2t WRGDV HVDV REVHUYDFLRQHV SHUR QR
LQWHUILULHURQ FRQ PL YLGD HQ HO HVFHQDULR QL PH

DUUDVWUDURQIXHUDGHpO$OOOHJDUDTXtVHQWtDTXHOD
FDEH]D PH JLUDED \D TXH PL SDSHO \ PL SURSLD
YLGD HVWDEDQ WDQ HQWUHPH]FODGDV TXH SDUHFtDQ
KXQGLUVH1RWHQtDLGHDGHGyQGHFRPHQ]DEDXQDR
WHUPLQDED OD RWUD &HVy PL PDQR GH HQURVFDU OD
FXHUGDDOUHGHGRUGHPLVGHGRV\PHTXHGpLQHUWH

GH VX SURSLD H[SHULHQFLD 3RGHPRV KDFHU


H[SHULPHQWRVDQiORJRVXWLOL]DQGRFXDOTXLHUDGHORV
HOHPHQWRV GHO PRGR FUHDGRU FRPR SXQWR GH
SDUWLGD LPDJLQDFLyQ \ VXSRVLFLRQHV GHVHRV \
REMHWLYRV VL HVWiQ ELHQ GHILQLGRV  HPRFLRQHV VL
VHGHVSLHUWDQHQIRUPDQDWXUDO 

(V OD PLVPtVLPD SURIXQGLGDG GHO RFpDQR


H[SOLFy7RUWVRY

3XHGH HPSH]DU FRQ YDULDV VXSRVLFLRQHV \


FRQFHSFLRQHV 6L HQ XQD REUD VLHQWH OD YHUGDG
VXEFRQVFLHQWHPHQWHHOHVWDGRGH\RVR\\VXIH
HQHOODVHJXLUiQQDWXUDOPHQWH/RLPSRUWDQWHTXHHV
SUHFLVRUHFRUGDUSDUDWRGDVHVDVFRPELQDFLRQHVHV
TXHFXDOTXLHUDTXHVHDHOHOHPHQWRTXHHOLMDQSDUD
HPSH]DU GHEHQ FRQGXFLUOR KDVWD HO OtPLWH GH VXV
SRVLELOLGDGHV<DVDEHQTXHDOOHYDQWDUFXDOTXLHUD
GH HVRV HVODERQHV GH OD FDGHQD FUHDGRUD ORV
DUUDVWUDQRWRGRV

1R Vp TXp VXFHGLy GHVSXpV 6yOR Vp TXH


HQFRQWUp IiFLO \ DJUDGDEOH HMHFXWDU WRGD FODVH GH
YDULDFLRQHV'HFLGtXQDYH]PiVTXHGHEtDLUDOD
RILFLQD OXHJR D PL DERJDGR R FDPELDQGR GH
RSLQLyQ GHEtD HQFRQWUDU FLHUWRV SDSHOHV SDUD
OLPSLDU PL QRPEUH \ FRPHQFp VX E~VTXHGD HQ
WRGRVORVFDMRQHV
&XDQGR WHUPLQp GH UHSUHVHQWDU HO GLUHFWRU
PHGLMRFRQJUDQVHULHGDG
$KRUD WLHQH GHUHFKR D GHFLU TXH KD
HQFRQWUDGRHORFpDQRGHODVXEFRQVFLHQFLDDWUDYpV

1R VDFD OD YHUGDGHUD FRQFOXVLyQ GH OD


OHFFLyQGHKR\$OJRPXFKRPiVLPSRUWDQWHGHOR
TXHSLHQVDWXYROXJDU/DOOHJDGDGHODLQVSLUDFLyQ
HV VyOR XQ DFFLGHQWH 1R SXHGH FRQWDU FRQ HOOD
3HURSXHGHFRQILDUHQORTXHHQUHDOLGDGVXFHGLy
/D FXHVWLyQ HV OD LQVSLUDFLyQ QR OH OOHJy D XVWHG
HVSRQWiQHDPHQWH/DH[LJLySUHSDUDQGRVXFDPLQR
(VWHUHVXOWDGRHVGHPXFKDPD\RULPSRUWDQFLD
/D FRQFOXVLyQ VDWLVIDFWRULD TXH SRGHPRV
LQIHULU GH OD OHFFLyQ GH KR\ HV TXH XVWHG SRVHH
DKRUD HO SRGHU GH FUHDU FRQGLFLRQHV IDYRUDEOHV
SDUDHOQDFLPLHQWRGHODLQVSLUDFLyQ3RUORWDQWR
SLHQVH HQ OR TXH GHVSLHUWD VXV IXHU]DV PRWULFHV
LQWHULRUHV OR TXH SURGXFH VX PRGR FUHDGRU
LQWHULRU3LHQVHHQVXVXSHUREMHWLYR\HQODOtQHD
FRQWLQXDGHDFFLyQTXHOOHYDKDFLDpO(QUHVXPHQ
WHQJD HQ VX PHQWH WRGR OR TXH SXHGH VHU
FRQVFLHQWHPHQWH FRQWURODGR \ TXH OR OOHYDUi D OD
VXEFRQVFLHQFLD (VD HV OD PHMRU SUHSDUDFLyQ
SRVLEOHSDUDODLQVSLUDFLyQ3HURQXQFDHQVD\HXQ
DFHUFDPLHQWRGLUHFWRDODLQVSLUDFLyQSRUTXHVtQR
PiV 3RGUtD UHVXOWDU XQD FRQWRUVLyQ ItVLFD \ OR

<RHVWDEDHQXQHVWDGRGHp[WDVLVQRSRUTXH
HOGLUHFWRUPHKXELHUDDODEDGRVLQRSRUTXHKDEtD
VHQWLGR QXHYDPHQWH OD LQVSLUDFLyQ FUHDGRUD
&XDQGROHFRQIHVpHVWRD7RUWVRYGLMR

RSXHVWRDFXDQWRXVWHGGHVHD
'HVJUDFLDGDPHQWH HO GLUHFWRU WXYR TXH
SRVSRQHU OD H[SOLFDFLyQ PiV GHWDOODGD GHO DVXQWR
KDVWDODOHFFLyQVLJXLHQWH



+R\ FRQWLQXy 7RUWVRY UHVXPLHQGR ORV
UHVXOWDGRVGHQXHVWUD~OWLPDOHFFLyQ&RPHQ]y
.RVW\D OHV RIUHFLy XQD GHPRVWUDFLyQ
SUiFWLFD GH OD PDQHUD HQ TXH OD SVLFRWpFQLFD
FRQVFLHQWH GHVSLHUWD OD FUHDFLyQ VXEFRQVFLHQWH GH
ODQDWXUDOH]D$OSULQFLSLRKDEUiQFUHtGRTXHQDGD
QXHYR KDEtDPRV ORJUDGR /D ODERU VH FRPHQ]y
FRPR GHEtD KDFHUVH FRQ OD OLEHUDFLyQ GH ORV
P~VFXORV /D DWHQFLyQ GH .RVW\D VH FRQFHQWUy HQ
VX FXHUSR PDV pO OD WUDQVILULy GLHVWUDPHQWH D ODV
VXSXHVWDV FLUFXQVWDQFLDV GHO HMHUFLFLR 1XHYDV
FRPSOLFDFLRQHV LQWHUQDV -XVWLILFDURQ VX HVWDU

VHQWDGR DOOt LQPyYLO HQ HO HVFHQDULR (Q pO HVD


EDVHSDUDVXLQPRYLOLGDGOLEHUySRUFRPSOHWRVXV
P~VFXORV /XHJR FUHy WRGD FODVH GH FRQGLFLRQHV
QXHYDVSDUDVXYLGDLPDJLQDULD(OODVUHDO]DURQOD
DWPyVIHUD GH WRGR HO HMHUFLFLR \ DJXGL]DURQ OD
VLWXDFLyQFRQSRVLEOHVLPSOLFDFLRQHVWUiJLFDV(VR
IXpODIXHQWHGHXQDYHUGDGHUDHPRFLyQ

+DQQRWDGRTXHFDGDYH]TXHHVDYHUGDG\
OD FUHHQFLD HQ HOOD VH RULJLQD LQYROXQWDULDPHQWH
LQWHUYLHQH HO VXEFRQVFLHQWH \ OD QDWXUDOH]D
FRPLHQ]D D IXQFLRQDU" 3XHV ELHQ FXDQGR OD
SVLFRWpFQLFD FRQVFLHQWH HV OOHYDGD D VX Pi[LPD
H[WHQVLyQ HO WHUUHQR HVWi SUHSDUDGR SDUD HO
SURFHVRVXEFRQVFLHQWHGHODQDWXUDOH]D

$KRUD SUHJXQWDUiQ 4Xp KD\ GH QXHYR HQ


WRGRHVR"/DGLIHUHQFLDHVLQILQLWHVLPDO\UHVLGH
HQ KDEHUOR REOLJDGR DOOHYDUKDVWDHOOtPLWHFDGD
DFWRFUHDGRU(VRHVWRGR

6L WDQ VyOR LQWX\HUDQ FXDQ LPSRUWDQWH HV


HVWDQXHYDDGLFLyQ

&yPRSXHGHVHUHVRWRGR"GLMR9DQ\D
DEUXSWDPHQWH
0X\ VHQFLOOR /OHYH WRGRV ORV HOHPHQWRV
GHO HVWDGD FUHDGRU LQWHUQR ODV IXHU]DV PRWULFHV
LQWHUQDV\ODOtQHDFRQWLQXDGHDFFLyQDOOtPLWHGH
OD DFWLYLGDG KXPDQD QR WHDWUDO  \ VHQWLUi
LQHYLWDEOHPHQWHODUHDOLGDGGHODYLGDLQWHULRU/R
TXHHVPiVQRSRGUiUHVLVWLUFUHHUHQHOOD

HOWUDEDMRFUHDGRUHQS~EOLFR
7UD\HQGR D SULQFLSLDQWHV FRPR XVWHGHV DO
XPEUDOGHOVXEFRQVFLHQWHWRPRXQSXQWRGHYLVWD
GLDPHWUDOPHQWH RSXHVWR DO GH PXFKRV PDHVWURV
&UHR TXH WHQGUiQ HVD H[SHULHQFLD \ OD XWLOL]DUiQ
FXDQGR HVWpQ WUDEDMDQGR VREUH ORV HOHPHQWRV
LQWHUQRV\HOHVWDGRFUHDGRULQWHUQRHQWRGRVORV
HMHUFLFLRV
4XLHUR TXH VLHQWDQ GHVGH HO FRPLHQ]R
DXQTXH PiV QR VHD HQ SHUtRGRV FRUWRV HVD
ELHQDYHQWXUDGD VHQVDFLyQ TXH ORV DFWRUHV SRVHHQ
FXDQGR VXV IDFXOWDGHV FUHDGRUDV IXQFLRQDQ
YHUGDGHUD\VXEFRQVFLHQWHPHQWH$GHPiVHVDOJR
TXH GHEHQ DSUHQGHU D WUDYpV GH VXV SURSLDV
HPRFLRQHV \ QR GH PDQHUD WHyULFD$SUHQGHUiQ D
DPDUHVHHVWDGR\DHVIRU]DUVHFRQVWDQWHPHQWHSRU
ORJUDUOR
)iFLOPHQWHVHSXHGHYHUODLPSRUWDQFLDGH
OR TXH QRV KD GLFKR GLMH 3HUR QR VH KD
H[WHQGLGR OR VXILFLHQWH 'HQRV DKRUD ORV PHGLRV

(VPX\DJUDGDEOHHOSHQVDUTXHFDGDWUR]R
GHFUHDFLyQHVWpOOHQyGHLPSDFLHQFLDH[DOWDFLyQ\
FRPSOHMLGDGHV(QUHDOLGDGKDOODPRVTXHKDVWDOD
DFFLyQ R VHQVDFLyQ PiV SHTXHxD ORV PHGLRV
WpFQLFRV PiV OLJHURV SXHGHQ DGTXLULU XQ KRQGR
VLJQLILFDGRHQHOHVFHQDULRVLVyORVRQLPSXOVDGRV
DVXOtPLWHGHSRVLELOLGDGDOOtPLWHGHODYHUGDG\
IH KXPDQD \ DO VHQWLGR GH \R VR\ &XDQGR HVH
SXQWR HV DOFDQ]DGR VX FDUDFWHUL]DFLyQ WRWDO
HVSLULWXDO \ ItVLFD IXQFLRQDUi QRUPDOPHQWH OR
PLVPRTXHORKDFHHQODYLGDUHDOVLQTXHHQWUHD
JUDYLWDU OD FRQGLFLyQ HVSHFLDO GH WHQHU TXH KDFHU

WpFQLFRV FRQ ORV FXDOHV SRGHU DJRWDU FXDOTXLHU


HOHPHQWR
&RQ PXFKR JXVWR 3RU XQ ODGR GHEHQ
SULPHUDPHQWH GHVFXEULU FXiOHV VRQ ORV REVWiFXORV
\ DSUHQGHU D WUDWDU FRQ HOORV 3RU HO RWUR GHEHQ
GHVFXEULU FXDOTXLHU FRVD TXH IDFLOLWH HO SURFHVR
7UDWDUpSULPHURODVGLILFXOWDGHV
/D PiV LPSRUWDQWH FRPR VDEHQ HV OD
FLUFXQVWDQFLD DQRUPDO GH OD ODERU GHO DFWRU GHEH
VHUKHFKDHQS~EOLFR/RVPpWRGRVGHOXFKDFRQWUD
HVH SUREOHPD VRQ IDPLOLDUHV SDUD XVWHGHV 'HEHQ
ORJUDU XQ HVWDGR FUHDGRU DSURSLDGR +iJDQOR
DQWHVTXHQDGD\FXDQGRVLHQWDQTXHODVIDFXOWDGHV
LQWHUQDV HVWiQ OLVWDV GHQ D OD QDWXUDOH]D FUHDGRUD
HO OLJHUR HVWtPXOR TXH QHFHVLWD SDUD FRPHQ]DU D
IXQFLRQDU
(V MXVWDPHQWH OR TXH QR HQWLHQGR &yPR
ORKDFH"H[FODPy9DQ\D
,QWURGXFLHQGR DOJ~Q LQFLGHQWH LQHVSHUDGR

\HVSRQWiQHRXQWRTXHGHUHDOLGDG1RLPSRUWDVL
HV ItVLFR R HVSLULWXDO HQ VX RULJHQ
 /D ~QLFD
FRQGLFLyQ HV TXH GHEH VHU DSOLFDEOH DO VXSHU
REMHWLYR \ D OD OtQHD FRQWLQXD GH DFFLyQ /R
LQHVSHUDGR GHO LQFLGHQWH ORV H[FLWDUi \ VXV
QDWXUDOH]DVVHODQ]DUDQDODODERUFUHDGRUD
3HUR GyQGH HQFRQWUDUp HVH OLJHUR WRTXH
GHYHUGDG"LQVLVWLy9DQ\D
(QWRGDVSDUWHVHQORTXHVXHxDRSLHQVD
R VXSRQH R VLHQWH HQ VXV HPRFLRQHV GHVHRV
SHTXHxDV DFFLRQHV LQWHUQDV R H[WHUQDV HQ VX
KXPRU HQ ODV HQWRQDFLRQHV GH OD YR] HQ DOJ~Q
SRUPHQRU LPSHUFHSWLEOH GH OD SURGXFFLyQ HQ ORV
PRYLPLHQWRV
<HQWRQFHVTXpVXFHGHUi"
6HQWLUi YpUWLJRV D FDXVD GH OD H[FLWDFLyQ
GH OD UiSLGD \ FRPSOHWD IXVLyQ GH OD YLGD FRQ HO
SDSHO 3RGUi QR GXUDU PXFKR WLHPSR SHUR
PLHQWUDV GXUH VHUi LQFDSD] GH GLVWLQJXLU HQWUH

VHGDQFXHQWDFDEDOGHODVUHVWULFFLRQHVSXHVWDVHQ
HOORVSRUODQDWXUDOH]D$FRPHWHQVROXFLRQHVSDUD
VXV SUREOHPDV TXH HVWiQ IXHUD GH VX DOFDQFH (O
FRPHGLDQWHTXLHUHUHSUHVHQWDUWUDJHGLDVHODQFLDQR
VHUXQMHXQHSUHPLHUHOWLSRVLPSOHDQKHODSDUWHV
KHURLFDV \ HO FyPLFR ODV GUDPiWLFDV (VR DFDED
LQGHIHFWLEOHPHQWH HQ XQD DFFLyQ IRU]DGD
LPSRWHQWH HVWHUHRWLSDGD PHFiQLFD (O ~QLFR
PHGLR GH HYLWDUOR HV HVWXGLDU HO DUWH \ D XVWHGHV
PLVPRVHQUHODFLyQFRQpO
2WUDGLILFXOWDGIUHFXHQWHVHGHEHDOWUDEDMR
GHPDVLDGR FRQFLHQ]XGR DO HVIXHU]R H[FHVLYR (O
DFWRU VH HQYDQHFH VH HVIXHU]D SRU GDU H[SUHVLyQ
H[WHULRUDDOJRTXHHQUHDOLGDGQRVLHQWH7RGROR
TXH XQR SXHGH KDFHU HQ HVH FDVR HV DFRQVHMDUOH
TXHQRVHHVIXHUFHWDQWR
7RGRV HVRV VRQ REVWiFXORV TXH GHEHQ
DSUHQGHU D UHFRQRFHU (O ODGR FRQVWUXFWLYR OD
GLVFXVLyQ VREUH OR TXH ORV D\XGD D DOFDQ]DU HO
XPEUDO GHO VXEFRQVFLHQWH HV XQ DVXQWR
FRPSOLFDGR SDUD HO TXH KR\ QR WHQHPRV WLHPSR

XVWHGPLVPR\ODSHUVRQDTXHHVWiUHSUHVHQWDQGR
<OXHJR"
/XHJRFRPR\DOHVKHGLFKRODYHUGDG\
OD IH ORV LQWURGXFLUiQ HQ OD UHJLyQ GHO
VXEFRQVFLHQWH \ ORV SRQGUiQ HQ PDQRV GHO SRGHU
GHODQDWXUDOH]D
'HVSXpVGHFRUWDSDXVDHOGLUHFWRUFRQWLQXy
([LVWHQ RWURV REVWiFXORV HQ VX FDPLQR
8QRGHHOORVHVODYDJXHGDG(OWHPDFUHDGRUGH
OD REUD SXHGH VHU YDJR R HO SODQ GH OD
SURGXFFLyQ SXHGH QR HVWDU ELHQ GHILQLGR 8Q
SDSHOSXHGHHVWDUHMHFXWDGRHUUyQHDPHQWHRVXV
REMHWLYRVSXHGHQVHULQGHILQLGRV(ODFWRUSXHGH
HVWDULQGHFLVRVREUHORVPHGLRVGHH[SUHVLyQTXH
KDHOHJLGR6LVXSLHUDQFyPRSXHGHDEUXPDUORVOD
GXGD\ODLQGHFLVLyQ(O~QLFRPHGLRGHWUDWDUFRQ
HVDVLWXDFLyQHVGHVHPEDUD]iQGRVHGHWRGRORTXH
FDUHFHGHSUHFLVLyQ
3LH DTXt RWUD DPHQD]D DOJXQRV DFWRUHV QR

VXILFLHQWH



/OHJDPRVDKRUDDOODGRSRVLWLYRGLMRHO
GLUHFWRU DO FRPHQ]DU QXHVWUD OHFFLyQ GH KR\$
ODVFRQGLFLRQHV\PHGLRVTXHD\XGDQDODFWRUHQVX
ODERUFUHDGRUD\OROOHYDQDODWLHUUDSURPHWLGDGHO
VXEFRQVFLHQWH (V GLItFLO KDEODU VREUH HVD UHJLyQ
SRUTXHQRVLHPSUHVHVRPHWHDUD]RQDPLHQWR4Xp
SRGDPRV KDFHU" 3RGHPRV SDVDU D OD GLVFXVLyQ
VREUH HO VXSHUREMHWLYR \ OD OtQHD FRQWLQXD GH
DFFLyQ
3RUTXpDHOORV"3RUTXpHOLJHHVRVGRV"
&XiO HV OD FRQH[LyQ" LQTXLULHURQ YDULRV
HVWXGLDQWHVSHUSOHMRV
3ULQFLSDOPHQWH
SRUTXH
VRQ
SUHGRPLQDQWHPHQWH FRQVFLHQWHV HQ VX FDUiFWHU \
HVWiQVRPHWLGRVDODUD]yQ2WURVPRWLYRVSDUDHVD

UHODFLyQDSDUHFHUiQHQQXHVWUDOHFFLyQGHKR\
1RVOODPyD3DXO\DPtSDUDUHSUHVHQWDUODV
SULPHUDVOtQHDVGHODSULPHUDHVFHQDHQWUH<DJR\
2WHOR
1RV SUHSDUDPRV \ OD UHSUHVHQWDPRV FRQ
FRQFHQWUDFLyQ\FRUUHFWRVVHQWLPLHQWRVLQWHUQRV
&XiO HV HO SURSyVLWR TXH OR JXtD HQ HVWH
PLVPRPRPHQWR"SUHJXQWy7RUWVRY
0L SULPHU REMHWR HV DWUDHU OD DWHQFLyQ GH
.RVW\DFRQWHVWy
<R PH KDEtD FRQFHQWUDGR HQ OR TXH 3DXO
HVWDED GLFLHQGR \ WUDWDED GH YLVXDOL]DU
LQWHULRUPHQWHVXVREVHUYDFLRQHVH[SOLTXp
(Q FRQVHFXHQFLD XQR GH XVWHGHV DWUDtD OD
DWHQFLyQGHORWURD
ILQ
GHOODPDUVXDWHQFLyQ\HO
RWUR WUDWDED GH SHQHWUDU \ YLVXDOL]DU ODV
REVHUYDFLRQHV TXH VH OH KDFtDQ D ILQ GH
SHQHWUDUODV\YLVXDOL]DUODV

5HSLWDQDKRUDWRGR\DJUHJXHQWRGDYtDRWUR
WUR]RORVSULPHURVLQGLFLRVGHFHORV
+LFLPRVORTXHVHQRVRUGHQDED\GHILQLPRV
QXHVWURREMHWLYRWRUSHPHQWHFRPREXUOiQGRQRVGH
ORDEVXUGRGHODVROHPQHSURPHVDGH<DJR
<DKRUDGyQGHKDQTXHGDGRORVSULPHURV
REMHWLYRV"LQGDJy7RUWVRY
,ED D GHFLU TXH HOORV WDPELpQ KDEtDQ VLGR
DEVRUELGRV SRU HO SURSyVLWR VXEVLJXLHQWH \ PiV
LPSRUWDQWH SHUR SHQVp PHMRU PL UHVSXHVWD \
SHUPDQHFtHQVLOHQFLR
4XpVXFHGH"4XpORVSHUWXUED"
(OKHFKRGHTXHHQHVWHSXQWRGHODREUDHO
WHPDGHODGLFKDHVGHMDGRDXQODGR\FRPLHQ]DHO
QXHYRWHPDGHORVFHORV
1R VH VHSDUD FRUULJLy 7RUWVRY
&DPELD FRQ ODV FLUFXQVWDQFLDV YDULDEOHV GH OD
REUD /D OtQHD SDVD SULPHUR SRU XQ SHUtRGR GH

1R FLHUWDPHQWH SURWHVWDPRV FRQ


YLJRU
3HUR HVR HV WRGR OR TXH SXGR RFXUULU HQ
DXVHQFLD GH XQ VXSHUREMHWLYR \ GH OD OtQHD
FRQWLQXD GH DFFLyQ SDUD OD REUD FRPSOHWD 1R
SXHGH KDEHU QDGD PiV TXH DFFLRQHV LQGLYLGXDOHV
VLQUHODFLyQHQWUHVtWRPDGDVSRUTXHVt
5HSLWDQ DKRUD OR PLVPR TXH DFDEDQ GH
KDFHU \ DJUHJXHQ OD HVFHQD VLJXLHQWH HQ OD TXH
2WHOREURPHDFRQ<DJR
&XDQGR WHUPLQDPRV 7RUWVRY QRV YROYLy D
SUHJXQWDUFXiOKDEtDVLGRQXHVWURREMHWLYR
'ROFHIDUQLHQWHIXpPLUHVSXHVWD
4Xp VH KL]R GH VX REMHWLYR SUHYLR GHO
TXHUHUFRPSUHQGHUDVXFROHJD"
)Xp DEVRUELGR SRU HO SDVR VLJXLHQWH PiV
LPSRUWDQWH

IHOLFLGDGSDUDHO2WHORUHFLpQFDVDGREURPHDFRQ
<DJRYLHQHOXHJRODVRUSUHVDODGHVHVSHUDFLyQOD
GXGD 5HSHOH OD HPEHVWLGRUD WUDJHGLD FDOPD VXV
FHORV\YXHOYHDVXHVWDGRIHOL]
(VWDPRV IDPLOLDUL]DGRV HQ OD UHDOLGDG FRQ
WDOHV FDPELRV GH HVWDGRV GH iQLPR /D YLGD
WUDQVFXUUH OODQDPHQWH GH SURQWR OD GXGD OD
GHVLOXVLyQRODSHQDVHLQWURGXFHQ\VLQHPEDUJR
PiVWDUGHVHGLVLSDQ\WRGRYXHOYHDEULOODU
1DGDGHEHQWHPHUGHWDOHVFDPELRVSRUOR
FRQWUDULR VDTXHQ HO PHMRU SDUWLGR SRVLEOH GH
HOORVSDUDLQWHQVLILFDUORV(QHOHMHPSORSUHVHQWH
HVRHVIiFLOGHKDFHU6yORWLHQHQTXHUHFRUGDUODV
SULPHUDV HWDSDV GHO URPDQFH GH 2WHOR FRQ
'HVGpPRQD HO UHFLHQWH SDVDGR IHOL] \ OXHJR
FRQWUDVWDUWRGRHVWRFRQHOKRUURU\ODWRUWXUDTXH
<DJRHVWiSUHSDUDQGRDOPRUR
1RFRPSUHQGR4XpGHEHPRVUHFRUGDUGH
VXSDVDGR"SUHJXQWy9DQ\D

3LHQVHQ HQ DTXHOORV PDUDYLOORVRV


SULPHURV HQFXHQWURV HQ OD FDVD GH %UDEDQFLR HQ
ORVUHODWRVGH2WHORODVFLWDVVHFUHWDVHOVHFXHVWUR
GH OD QRYLD \ HO PDWULPRQLR OD VHSDUDFLyQ HQ OD
QRFKHGHODERGDHOHQFXHQWURHQ&KLSUHEDMRHO
VRO PHULGLRQDO OD LQROYLGDEOH OXQD GH PLHO \
OXHJR FHUQLpQGRVH VREUH HO IXWXUR HO UHVXOWDGR
GHODHQGLDEODGDLQWULJDGH<DJRHOTXLQWRDFWR
$KRUDFRQWLQ~HQ
5HSUHVHQWDPRVWRGDODHVFHQDKDVWDOOHJDUDO
IDPRVRYRWRGH<DJRSRUHOFLHOR\ODVHVWUHOODV
GH FRQVDJUDU VX PHQWH YROXQWDG \ VHQWLPLHQWRV
WRGRVXVHUDOVHUYLFLRGHOXOWUDMDGR2WHOR
6LVHDEUHQFDPLQRDWUDYpVGHODREUDGH
HVD PDQHUD ORV REMHWLYRV PiV SHTXHxRV VHUiQ
DEVRUELGRVQDWXUDOPHQWHSRUSURSyVLWRVPD\RUHV\
PHQRVQXPHURVRVORVTXHTXHGDUiQFRPRPHMRUHV
LQGLFDGRUHVDORODUJRGHWRGDODOtQHDFRQWLQXDGH
DFFLyQ
(VWH
REMHWLYR
PD\RU
UH~QH
VXEFRQVFLHQWHPHQWHWRGRVORVPiVSHTXHxRV\FRQ

VH WUDWDED" 1DGLH OR VDEH 3RU TXp WUDWDU GH


VDEHUORFXDQGRHVWiSHUIHFWDPHQWHFODURTXH2WHOR
HVWi HQDPRUDGR TXH QR SLHQVD VLQR HQ HOOD \ QR
KDEODUi GH QLQJXQD RWUD 3RU OR WDQWR WRGDV ODV
SUHJXQWDV \ SHQVDPLHQWRV DFHUFD GH HOOD VRQ
QHFHVDULRV\OHDJUDGDQ
7RPHPRV OXHJR QXHVWUR VHJXQGR REMHWLYR
GROFH IDU QLHQWH <D QR HV PiV QHFHVDULR QL
FRUUHFWR$OKDEODUGHHOODHOPRURHVWiHPSHxDGR
HQ DOJR LPSRUWDQWH \ YLWDO SDUD pO \ QXHYDPHQWH
SRUODUD]yQGHTXHGHVHDLGHDOL]DUOD
'HVSXpV GHO SULPHU YRWR GH <DJR PH
LPDJLQR TXH 2WHOR VH ULy (UD DJUDGDEOH SDUD pO
SHQVDU TXH QLQJXQD PDQFKD SRGUtD WRFDU VX
GLYLQLGDG GH FULVWDO SXUR (VWD FRQYLFFLyQ OR
FRORFyHQXQHVWDGRGHiQLPRIHOL]HLQWHQVLILFyVX
DGRUDFLyQSRUHOOD3RUTXp"3RUODPLVPDUD]yQ
GH DQWHV &RPSUHQGt PHMRU TXH QXQFD FXDQ
JUDGXDOPHQWHVHSRVHVLRQDURQGHpOORVFHORVFXDQ
LPSHUFHSWLEOHPHQWHVHGHELOLWyVXIHHQVXLGHDO\
IXp UREXVWHFLpQGRVH OD FRQYLFFLyQ GH TXH EDMR VX

HOWLHPSRIRUPDODOtQHDFRQWLQXDGHDFFLyQSDUDOD
REUDWRWDO
/D GLVFXVLyQ SDVy VHJXLGDPHQWH D WUDWDU HO
QRPEUH FRUUHFWR SDUD HO SULPHU JUDQ REMHWLYR
1LQJXQR QL VLTXLHUD HO GLUHFWRU PLVPR SXGR
GHFLGLUODFXHVWLyQ1DWXUDOPHQWHQRVRUSUHQGLyD
QDGLH\DTXHXQREMHWLYRUHDOYLYR\DWUD\HQWHQR
SXHGHHQFRQWUDUVHGHLQPHGLDWR\SRUPHGLRGHXQ
SURFHVR SXUDPHQWH LQWHOHFWXDO 1R REVWDQWH
FDUHFLHQGR GH XQR PHMRU QRV GHFLGLPRV SRU XQ
QRPEUH SRFR IHOL] 'HVHR LGHDOL]DU D
'HVGpPRQDGHGLFDUWRGDPLYLGDDVXVHUYLFLR
0LHQWUDVUHIOH[LRQDEDDFHUFDGHHVHREMHWLYR
PD\RUKDOOpTXHPHD\XGDEDDLQWHQVLILFDUWRGDOD
HVFHQDDVtFRPRWDPELpQRWUDVSDUWHVGHPLSDSHO
6HQWtD HVWR FDGD YH] TXH FRPHQ]DED D GHOLQHDU
FXDOTXLHU DFFLyQ KDFLD HO ILQ IXQGDPHQWDO OD
LGHDOL]DFLyQ GH 'HVGpPRQD 7RGRV ORV GHPiV
REMHWLYRV LQWHULRUHV SHUGLHURQ VX VLJQLILFDGR 3RU
HMHPSOR WRPHPRV HO SULPHUR WUDWDU GH
FRPSUHQGHUORTXHHVWiGLFLHQGR<DJR'HTXLpQ

IRUPDDQJHOLFDOVHRFXOWDEDODPDOGDG\ODDVWXFLD
GHODVHUSLHQWH
'yQGHHVWiQORVREMHWLYRVDQWHULRUHV"
SUHJXQWyHOGLUHFWRU
+DQ VLGR WRGRV DEVRUELGRV SRU QXHVWUR
LQWHUpVHQHOLGHDOSHUGLGR
4XpFRQFOXVLyQVDFDQGHQXHVWUDODERUGH
KR\" SUHJXQWy \ SDVDQGR OXHJR D FRQWHVWDU VX
SURSLD SUHJXQWD +LFH TXH ORV DFWRUHV TXH
UHSUHVHQWDEDQ OD HVFHQD HQWUH 2WHOR \ <DJR
VLQWLHUDQ SRU HOORV PLVPRV HQ OD SUiFWLFD HO
SURFHVR SRU HO FXDO ORV REMHWLYRV PD\RUHV
DEVRUEHQDORVPiVSHTXHxRV$KRUD.RVW\D\3DXO
VDEHQ WDPELpQ TXH HO SURSyVLWR PiV GLVWDQWH ORV
DOHMDGHOPiVFHUFDQR
7DO SURFHVR HV IiFLO GH FRPSUHQGHU
&XDQGRHODFWRUVHGHGLFDDODSHUVHFXFLyQGHXQ
REMHWLYR PD\RU OR KDFH SRU HQWHUR (Q WDOHV
RFDVLRQHV OD QDWXUDOH]D WLHQH OLEHUWDG SDUD

IXQFLRQDUGHDFXHUGRFRQVXVSURSLDVQHFHVLGDGHV
\ GHVHRV (Q RWUDV SDODEUDV .RVW\D \ 3DXO
FRQRFHQ DKRUD D WUDYpV GH VX SURSLD H[SHULHQFLD
TXHODODERUFUHDGRUDGHODFWRUPLHQWUDVHVWiHQHO
HVFHQDULR HV HQ UHDOLGDG HQ WRGR R HQ SDUWH XQD
H[SUHVLyQGHVXVVXEFRQVFLHQWHVFUHDGRUHV

FRUUHQ GHQWUR GH OD OtQHD FRQWLQXD GH DFFLyQ D


PHGLGD TXH DYDQ]D OD REUD GiQGROH XQ SRGHU
HVWLPXODQWHSDUDLQIOXLULQGLUHFWDPHQWHHQQXHVWURV
VXEFRQVFLHQWHV

(O GLUHFWRU UHIOH[LRQy SRU XQRV LQVWDQWHV \


OXHJRDJUHJy

9HUiQ D HVRV REMHWLYRV PD\RUHV SDGHFHU


XQD WUDQVIRUPDFLyQ VLPLODU D OD GH ORV PiV
SHTXHxRVFXDQGRHOVXSHUREMHWLYRORVUHHPSODFH
'LVPLQX\HQ FRPR SDVRV TXH VH DSUR[LPDQ D OD
PHWD SDVRV TXH HQ JUDQ SDUWH VHUiQ GDGRV
VXEFRQVFLHQWHPHQWH

/DIXHU]DFUHDGRUDGHODOtQHDFRQWLQXDGH
DFFLyQHVWiHQSURSRUFLyQGLUHFWDFRQHOSRGHUGH
DWUDFFLyQGHOVXSHUREMHWLYR(VRQRVyOROHGDDO
VXSHUREMHWLYRXQOXJDUGHSULPRUGLDOLPSRUWDQFLD
HQ QXHVWUR WUDEDMR WDPELpQ QRV REOLJD D GHGLFDU
SDUWLFXODUDWHQFLyQDVXFDOLGDG

/D OtQHD FRQWLQXD GH DFFLyQ VH FRPSRQH


FRPRVDEHQGHXQDVHULHGHJUDQGHVREMHWLYRV6H
KDFHQ FDUJR GH FXiQWRV \ FXiQWRV REMHWLYRV PiV
SHTXHxRV
WUDQVIRUPDGRV
HQ
DFFLRQDV
VXEFRQVFLHQWHV FRQWLHQHQ \ FRQVLGHUDQ OXHJR OD
H[WHQVLyQ GH ODV DFWLYLGDGHV VXEFRQVFLHQWHV TXH

([LVWHQ
PXFKRV
GLUHFWRUHV
H[SHULPHQWDGRV TXH SXHGHQ GHILQLU XQ VXSHU
REMHWLYRDRMRSRUTXHHOORVVDEHQHOMXHJR\VRQ
GXFKRV SDUD HVR 3HUR QR QRV SUHVWDQ VHUYLFLR
DOJXQR

XQ WHPD SULQFLSDO SXUDPHQWH LQWHOHFWXDO 6HUi


LQWHOLJHQWH\FRUUHFWRSHURSDUDHODFWRUFDUHFHUi
GHHQFDQWR3XHGHVHUYLUFRPRJXtDSHURQRFRPR
IXHU]DFUHDGRUD

LQWHUHVDGRHVHVHQFLDO

$ ILQ GH GHWHUPLQDU OD FODVH GH VXSHU


REMHWLYR HVWLPXODQWH TXH QHFHVLWHPRV SDUD
GHVSHUWDU QXHVWUDV QDWXUDOH]DV LQWHUQDV KDUp XQ
Q~PHURGHSUHJXQWDV\ODVFRQWHVWDUp
3RGHPRV XWLOL]DU XQ VXSHUREMHWLYR TXH
GHVGHHOSXQWRGHYLVWDGHODXWRUQRHVFRUUHFWR\
VLQ HPEDUJR SDUD QRVRWURV ORV DFWRUHV UHVXOWH
IDVFLQDGRU"
1R 1R VyOR HV LQ~WLO VLQR WDPELpQ
SHOLJURVR 6yOR DOHMDUi D ORV DFWRUHV GH VXV
SDSHOHV\GHODREUD
3RGHPRV XVDU XQ OHPD SULQFLSDO TXH HV
VRODPHQWHLQWHOHFWXDO"1RQRXQSURGXFWRVHFRGH
OD UD]yQ SXUD < VLQ HPEDUJR XQ VXSHUREMHWLYR
FRQVFLHQWH TXH GHULYD GHO SHQVDPLHQWR FUHDGRU H

+D\ RWURV GLUHFWRUHV \ DXWRUHV TXH H[WUDHQ

< XQ REMHWLYRHPRWLYR" (V SDUD QRVRWURV


DEVROXWDPHQWHQHFHVDULRQHFHVDULRFRPRHODLUH\
HOVRO
< XQ REMHWLYR EDVDGR HQ ODYROXQWDG TXH
HQYXHOYH WRGR QXHVWUR VHU ItVLFR \ HVSLULWXDO" (V
QHFHVDULR
4Xp VH SXHGH GHFLU GH XQ VXSHUREMHWLYR
TXH DWUDH OD LPDJLQDFLyQ FUHDGRUD TXH DEVRUEH
WRGD OD DWHQFLyQ VDWLVIDFH HO VHQWLGR GH YHUGDG \
GH IH \ WRGRV ORV HOHPHQWRV GHO HVWDGR GH iQLPR
LQWHULRU"&XDOTXLHUWHPDTXHSRQJDHQPDUFKDODV
IXHU]DVPRWULFHVLQWHUQDVHVDOLPHQWR\EHELGDSDUD
XVWHGHVFRPRDUWLVWDV
(Q FRQVHFXHQFLD OR TXH QHFHVLWDPRV HV XQ
VXSHUREMHWLYR TXH HVWp HQ DUPRQtD FRQ ODV
LQWHQFLRQHV GH OD REUD \ TXH DO PLVPR WLHPSR
GHVSLHUWH XQD UHVSXHVWD HQ HO DOPD GH ORV
DFWRUHV (VR VLJQLILFD TXH GHEHPRV EXVFDUOR QR

VyORHQODREUDVLQRHQORVDFWRUHVPLVPRV
$GHPiVHOPLVPRWHPDHQODPLVPDSDUWH
HVWDEOHFLGR SDUD WRGRV ORV DFWRUHV TXH OD
UHSUHVHQWDQWUDHUiXQDH[SUHVLyQGLIHUHQWHHQFDGD
XQRGHHOORV7RPHQDOJ~QREMHWLYRSHUIHFWDPHQWH
VLPSOHUHDOLVWDWDOFRPRGHVHRVHUULFR3LHQVHQ
HQ OD YDULHGDG GH PRWLYRV LQJHQLRVRV PpWRGRV \
FRQFHSFLRQHV TXH SXHGHQ SRQHU GHQWUR GH ODV
LGHDV GH ULTXH]D \ VX REWHQFLyQ +D\ PXFKR
WDPELpQ TXH HV LQGLYLGXDO HQ HVH SUREOHPD \ QR
SXHGH VHU VXMHWR D DQiOLVLV FRQVFLHQWHV 7RPHQ
HQWRQFHV XQ VXSHUREMHWLYR PiV FRPSOLFDGR WDO
FRPRHOTXHHVWiHQODUDt]GHXQDREUDVLPEyOLFD
GH ,EVHQ R HQ XQD REUD LPSUHVLRQLVWD GH
0DHWHUOLQFN \ HQFRQWUDUiQ TXH HO HOHPHQWR
VXEFRQVFLHQWH HQ HOOD HV LQFRPSDUDEOHPHQWH PiV
SURIXQGRFRPSOHMRHLQGLYLGXDO
7RGDV HVDV UHDFFLRQHV LQGLYLGXDOHV VRQ GH
JUDQ VLJQLILFDGR 'DQ YLGD \ FRORU D OD REUD 6LQ
HOODV HO WHPD SULQFLSDO VHUtD HVWpULO H LQDQLPDGR
4XpHVORTXHGDHVHHQFDQWRLQWDQJLEOHDXQWHPD

(V LPSRVLEOH KDFHUOR VLQ SUHSDUDFLyQ


LQWHULRU /D SUiFWLFD FRP~Q VLQ HPEDUJR HV PX\
GLIHUHQWH (O GLUHFWRU VH VLHQWD HQ VX HVWXGLR \
UHSDVDODREUD&DVLHQHOSULPHUHQVD\RDQXQFLDD
ORV DFWRUHV HO WHPD SULQFLSDO TXLHQHV WUDWDQ GH
VHJXLU VX GLUHFFLyQ $OJXQRV DFFLGHQWDOPHQWH
SRGUiQ HQWHQGHU OD HVHQFLD LQWHUQD GH OD REUD
2WURVVHDSUR[LPDUiQGHPDQHUDIRUPDO\H[WHUQD
3RGUiQ XWLOL]DU VX WHPD DO SULQFLSLR SDUD GDUOH DO
WUDEDMR OD GLUHFFLyQ FRUUHFWD SHUR PiV WDUGH OR
LJQRUDQ 6LJXHQ HO WHPD GH OD SURGXFFLyQ HO
DVXQWR R YDQ GHWUiV GHO DUJXPHQWR \ GH XQD
HMHFXFLyQPHFiQLFDGHODDFFLyQ\ODVOtQHDV
1DWXUDOPHQWHXQVXSHUREMHWLYRTXHOOHYDD
WDOHVUHVXOWDGRVKDSHUGLGRWRGRVXVLJQLILFDGR(O
DFWRU GHEH HQFRQWUDU HO WHPD SULQFLSDO SRU VL
PLVPR 6L SRU DOJXQD UD]yQ RWUR VH OR GD GHEH
ILOWUDUOR D WUDYpV GH VX VHU KDVWD TXH VXV SURSLDV
HPRFLRQHVVHDQDIHFWDGDVSRUpO
3DUDKDOODUHOWHPDSULQFLSDOHVVXILFLHQWH

GH PRGR TXH FRQWDJLD D WRGRV ORV DFWRUHV TXH


UHSUHVHQWDQXQD\ODPLVPDSDUWH"(QJUDQSDUWHHV
DOJR TXH QR SRGHPRV DQDOL]DU HOHYiQGRVH GHO
VXEFRQVFLHQWH FRQ HO TXH GHEH HVWDU HQ tQWLPD
DVRFLDFLyQ
9DQ\DQXHYDPHQWHDIOLJLGRSUHJXQWy
<FyPROOHJDUHPRVDpO"
'HODPLVPDPDQHUDTXHORKDFHQFXDQGR
WUDWDQ FRQ ORV HOHPHQWRV YDULRV /R HPSXMDQ DO
OtPLWH H[WUHPR GH OD YHUGDG \ GH OD VLQFHUD
FUHHQFLD HQ pO KDVWD HO SXQWR HQ TXH OD
VXEFRQVFLHQFLDHQWUDHVSRQWiQHDPHQWH
$TXt QXHYDPHQWH GHEHQ KDFHU HVD
SHTXHxD SHUR H[WUDRUGLQDULDPHQWH LPSRUWDQWH
DGLFLyQFRPRKLFLHURQDOWUDWDUHOGHVDUUROORGH
ODVIXQFLRQHVGHORVHOHPHQWRV\WDPELpQFXDQGR
WUDWDPRVHODVXQWRGHODOtQHDFRQWLQXDGHDFFLyQ
1RGHEHVHUPX\IiFLOHQFRQWUDUXQVXSHU
REMHWLYRWDQLUUHVLVWLEOHGLMRDOJXLHQ

HPSOHDU QXHVWURV PpWRGRV FRPXQHV GH


SVLFRWpFQLFD SDUD RULJLQDU XQ HVWDGR FUHDGRU
LQWHUQR DSURSLDGR \ OXHJR DJUHJDU HO WRTXH TXH
OOHYDDODUHJLyQGHOVXEFRQVFLHQWH"
$SHVDUGHOJUDQYDORUTXHGR\DHVDODERU
SUHSDUDWRULD GHER FRQIHVDU TXH QR FUHR TXH HO
HVWDGR LQWHUQR TXH FUHD VHD FDSD] GH DFRPHWHU OD
E~VTXHGD GHO VXSHUREMHWLYR 1R SXHGHQ LU HQ VX
EXVFD IXHUD GH OD REUD PLVPD 3RU HVR HV TXH
GHEHQ DXQTXH VHD HQ SHTXHxD HVFDOD VHQWLU OD
DWPyVIHUDGHVXH[LVWHQFLDLPDJLQDULDHQODREUD\
YROFDU HQWRQFHV HFRV VHQWLPLHQWRV HQ VX HVWDGR
LQWHULRU \D SUHSDUDGR /R PLVPR TXH OD OHYDGXUD
SURGXFH OD IHUPHQWDFLyQ HVWH VHQWLGR GH YLGD HQ
XQD REUD OOHYDUi ODV IDFXOWDGHV FUHDGRUDV GH
XVWHGHVDVXSXQWRGHHEXOOLFLyQ
&yPR LQWURGXFLPRV OD OHYDGXUD HQ
QXHVWUR HVWDGR FUHDGRU" GLMH FRQIXQGLGR
&yPR SRGHPRV KDFHU SDUD VHQWLU OD YLGD GH OD
REUDDQWHVGHKDEHUODHVWXGLDGR"

*ULVKDPHDSR\yGLFLHQGR
1DWXUDOPHQWH GHEHV HVWXGLDU OD REUD \ VX
WHPDSULQFLSDOSULPHUR
6LQ SUHSDUDFLyQ DOJXQD D)URLG"
LQWHUUXPSLyHOGLUHFWRU<DOHVKHH[SOLFDGRTXp
UHVXOWDGR GD \ KH SURWHVWDGR FRQWUD HVH WLSR GH
DFHUFDPLHQWRDXQDREUDRSDSHO
0LSULQFLSDOREMHFLyQVLQHPEDUJRHVTXH
SRQH D XQ DFWRU HQ XQD SRVLFLyQ LPSRVLEOH 1R
GHEH DOLPHQWDUVH IRU]RVDPHQWH GH ODV LGHDV
FRQFHSFLRQHV\PHPRULDVHPRWLYDVRVHQWLPLHQWRV
GHRWURV&DGDSHUVRQDGHEHYLYLUDWUDYpVGHVXV
SURSLDVH[SHULHQFLDV(VLPSRUWDQWHTXHVHDQSDUD
pOLQGLYLGXDOHV\DQiORJDVDODVGHODSHUVRQDTXH
YD D UHSUHVHQWDU (O DFWRU QR SXHGH VHU FHEDGR
FRPR XQ FRSyQ 6X DSHWLWR GHEH VHU H[FLWDGR
&XDQGR pVWH VH GHVSLHUWH HO DFWRU SHGLUi HO
PDWHULDO TXH QHFHVLWD SDUD VLPSOHV DFFLRQHV \
DEVRUEHUiHQWRQFHVORTXHVHOHGD\ORKDUiVX\D
(O WUDEDMR GHO GLUHFWRU HV REWHQHU TXH HO DFWRU

RWRUJDQDWPyVIHUDGHYLGD
$QWHV GH TXH KD\DQ KHFKR XQ HVWXGLR
PLQXFLRVDGHODREUDRGHOSDSHOHMHFXWHQDOJXQD
SHTXHxDDFFLyQQRLPSRUWDTXHVHDPX\SHTXHxD
\KiJDQORFRQVLQFHULGDG\YHUGDG
'LJDPRV SRU HMHPSOR TXH XQD GH ODV
SHUVRQDV GH OD REUD WLHQH TXH HQWUDU HQ XQD
KDELWDFLyQ3XHGHHQWUDUHQXQFXDUWR"SUHJXQWy
7RUWVRY
3XHGRFRQWHVWy9DQ\DFRQSURQWLWXG
0X\ELHQHQWRQFHVHQWUH3HURSHUPtWDPH
DVHJXUDUOHTXHQRORSXHGHKDFHUKDVWDTXHQRVHSD
TXLpQ HV GH GyQGH YLHQH D TXp KDELWDFLyQ HQWUD
TXLpQ YLYH HQ OD FDVD \ XQ PRQWyQ GH RWUDV
FLUFXQVWDQFLDV GDGDV TXH GHEHQ LQIOXLU HQ VX
DFFLyQ3DUDOOHYDUDFRERWRGRHVRGHPRGRTXH
SXHGD HQWUDU HQ OD KDELWDFLyQ FRPR GHEH OR
REOLJDUi D DSUHQGHU DOJR DFHUFD GH OD YLGD GH OD
REUD

SLGD\EXVTXHORVSRUPHQRUHVTXHGDUiQYLGDDVX
SDSHO 1R ORV QHFHVLWDUi SDUD XQ DQiOLVLV
LQWHOHFWXDO GH VX SDSHO VLQR TXH ORV TXHUUi SDUD
ORJUDUORVREMHWLYRVYHUGDGHURV
$GHPiV FXDOTXLHU LQIRUPDFLyQ \ PDWHULDO
TXH QR QHFHVLWH GH LQPHGLDWR SDUD SURFXUDU VXV
SURSyVLWRV VyOR SRQH HQ GHVRUGHQ VX PHQWH \ VH
LQWHUSRQH HQ VX WUDEDMR 7HQGUi TXH WUDWDU GH
HYLWDUOR FRQ FXLGDGR HVSHFLDOPHQWH GXUDQWH HO
SULPHUSHULRGRGHFUHDFLyQ
4XpSRGHPRVKDFHUHQWRQFHV"
6tGLMR*ULVKDKDFLpQGROHHFRD9DQ\D
 8VWHG QRV GLFH TXH QR GHEHPRV HVWXGLDU OD
REUD\TXHVLQHPEDUJRGHEHPRVVDEHUOD
1XHYDPHQWHOHVUHFXHUGRTXHODODERUTXH
HVWDPRVGLVFXWLHQGRHVWiEDVDGDHQODFUHDFLyQGH
OtQHDVIRUPDGDVGHREMHWLYRVSHTXHxRVDFFHVLEOHV
\ ItVLFRV GH SHTXHxDV YHUGDGHV GH FUHHQFLD HQ
HOODVTXHVRQWRPDGDVGHODREUDPLVPD\TXHOH

$GHPiV HO DFWRU GHEH UHVROYHU HVDV


VXSRVLFLRQHV SRU Vt PLVPR \ GDUOHV VX SURSLD
LQWHUSUHWDFLyQ 6L HO GLUHFWRU WUDWD GH KDFpUVHODV
HQWHQGHU SRU OD IXHU]D HO UHVXOWDGR VHUi OD
YLROHQFLD (Q PL PDQHUD GH KDFHU HVR QR SXHGH
VXFHGHU SRUTXH HO DFWRU SLGH DO GLUHFWRU OR TXH
QHFHVLWD D PHGLGD TXH OR QHFHVLWD (V pVWD XQD
FRQGLFLyQ LPSRUWDQWH SDUD OD FUHDFLyQ OLEUH H
LQGLYLGXDO
(O DUWLVWD GHEH WHQHU XVR FRPSOHWR GH VX
PDWHULDO HVSLULWXDO \ KXPDQR SRUTXH HV OR ~QLFR
FRQTXHSXHGHLGHDUXQDDOPDYLYDSDUDVXSDSHO
$XQTXH VX FRQWULEXFLyQ VHD OLJHUD HV PHMRU
SRUTXHHVVX\D
6XSyQJDVHGHVDUUROODQGRHODUJXPHQWRTXH
FXDQGR HQWUD HQ HVD KDELWDFLyQ HQFXHQWUD D XQ
DFUHHGRU\TXHXVWHGHVWiPX\DWUDVDGRHQHOSDJR
GH OR TXH OH DGHXGD 4Xp KDUi" 1R OR Vp
H[FODPy9DQ\D
'HEH VDEHU GH RWUR PRGR QR SRGUi

UHSUHVHQWDU HO SDSHO 'LUi ODV OtQHDV


PHFiQLFDPHQWH \ DFWXDUi FRQ DIHFWDFLyQ HQ OXJDU
GH KDFHUOR ELHQ 'HEH FRORFDUOH HQ SRVLFLyQ
DQiORJD D OD GHO SHUVRQDMH 6L IXHUD QHFHVDULR
DxDGLUi QXHYDV VXSRVLFLRQHV 7UDWH GH UHFRUGDU
TXp KL]R FXDQGR XVWHG PLVPR HVWXYR HQ SRVLFLyQ
VLPLODU 6L QXQFD OR HVWXYR FUHH XQD VLWXDFLyQ HQ
VX LPDJLQDFLyQ $ YHFHV SXHGH YLYLUVH PiV
LQWHQVDPHQWH PiV DJXGDPHQWH HQ OD LPDJLQDFLyQ
TXHHQODYLGDUHDO6LKDFHWRGRVORVSUHSDUDWLYRV
SDUDVXWUDEDMRGHPDQHUDKXPDQDYHUGDGHUD\QR
PHFiQLFDPHQWH VL HV OyJLFR \ FRKHUHQWH HQ VXV
SURSyVLWRV \ DFFLRQHV \ Vt FRQVLGHUD WRGDV ODV
FRQGLFLRQHVFRQFRPLWDQWHVGHODYLGDGHVXSDSHO
QR GXGH QL XQ PRPHQWR TXH VDEUi FyPR DFWXDU
&RPSDUHORTXHKDGHFLGLGRFRQHODUJXPHQWRGH
OD REUD \ VHQWLUi FLHUWR SDUHQWHVFR FRQ HOOD HQ
PHQRU R PD\RU JUDGR 6HQWLUi TXH GDGDV ODV
FLUFXQVWDQFLDV ODV RSLQLRQHV \ OD SRVLFLyQ VRFLDO
GHO SHUVRQDMH TXH GHEH UHSUHVHQWDU HVWDUi
REOLJDGRDDFWXDUFRPRpOORKL]R
$ HVD LQWLPLGDG FRQ HO SDSHO OD OODPDPRV

UHIRU]DGDV SRU VX FUHHQFLD HQ HOODV 'HQWUR VX\R


SDUDOHOD D OD OtQHD GH ODV DFFLRQHV ItVLFDV SRVHH
XQD OtQHD LQLQWHUUXPSLGD GH HPRFLRQHV TXH VH
DFHUFDQDOVXEFRQVFLHQWH1RSXHGHXVWHGVHJXLUOD
OtQHD GH DFFLyQ H[WHUQD VLQFHUD \ GLUHFWDPHQWH \
QRWHQHUODVHPRFLRQHVFRUUHVSRQGLHQWHV
9DQ\DKL]RXQJHVWRGHGHVHVSHUDFLyQ
9HR TXH \D VH HVWR PDUHDQGR (V XQD
EXHQD VHxDO SRUTXH LQGLFD TXH JUDQ SDUWH GH VX
SDSHOVHKDPH]FODGRGHQWURGHXVWHGPLVPRGHWDO
PDQHUD TXH SRVLEOHPHQWH QR SXHGD GHFLU GyQGH
WUD]DU OD OtQHD HQWUH XVWHG \ VX SDSHO$ FDXVD GH
HVH HVWDGR ORJUDUi VHQWLUVH PiV SUy[LPR TXH
QXQFDDVXSDSHO
6LUHSUHVHQWDWRGDXQDREUDGHHVDPDQHUD
WHQGUi XQD YHUGDGHUD FRQFHSFLyQ GH OD YLGD
LQWHULRUGHHOOD$XQFXDQGRHVDYLGDHVWpWRGDYtD
HQHPEULyQHVYLWDO$GHPiVSXHGHKDEODUSRUHO
SHUVRQDMHHQVXSURSLDSHUVRQD(VWRHVGHPXFKD
LPSRUWDQFLD PLHQWUDV GHVDUUROOD OD ODERU

SHUFHSFLyQGHXVWHGPLVPRHQHOSDSHO\GHOSDSHO
HQXVWHG
6XSRQJD TXH UHSUHVHQWD OD REUD WRWDO FRQ
WRGDV VXV HVFHQDV SDUWHV \ REMHWLYRV \ TXH KDOOD
ODV DFFLRQHV FRUUHFWDV \ VH DFRVWXPEUD D
HMHFXWDUODV GH SULQFLSLR D ILQ +DEUi HQWRQFHV
HVWDEOHFLGR XQD IRUPD H[WHUQD GH DFFLyQ D OD TXH
OODPDPRV OD YLGD ItVLFD GHO SDSHO $ TXLpQ
SHUWHQHFHQHVWDVDFFLRQHVDXVWHGRDOSDSHO"
$PtQDWXUDOPHQWHGLMR9DQ\D
(O DVSHFWR ItVLFR HV VX\R \ ODV DFFLRQHV
WDPELpQ3HURORVREMHWLYRVODEDVHIXQGDPHQWDO\
ODV FLUFXQVWDQFLDV GDGDV VRQ PXWXDV 'yQGH
WHUPLQDXVWHG\GyQGHFRPLHQ]DVXSDSHO"
(VR HV LPSRVLEOH GH GHFLU FRQWHVWy
9DQ\DSHUSOHMR
&XDQWRGHEHUHFRUGDUHVTXHODVDFFLRQHV
TXH KD HMHFXWDGR QR VRQ VLPSOHPHQWH HWHUQDV
(VWiQ EDVDGDV HQ VHQWLPLHQWRV LQWHUQRV HVWiQ

VLVWHPiWLFDPHQWH \ DO SRUPHQRU 7RGR OR TXH


DJUHJXHGHRULJHQLQWHUQRHQFRQWUDUiVXYHUGDGHUR
OXJDU 3RU OR WDQWR GHEH DQLPDUVH DO SXQWR GH
WRPDU SRVHVLyQ GH XQ QXHYR SDSHO FRQFUHWDPHQWH
FRPR VL pVWH IXHUD VX SURSLD YLGD &XDQGR VLHQWD
HVH YHUGDGHUR SDUHQWHVFR FRQ VX SDSHO SRGUi
YHUWHU VHQWLPLHQWRV HQ VX HVWDGR FUHDGRU LQWHUQR
TXH OLQGD FRQ HO VXEFRQVFLHQWH \ FRPHQ]DU FRQ
WRGDWUDQTXLOLGDGHOHVWXGLRGHODREUD\GHVXWHPD
SULQFLSDO
$KRUDVHGDUiSHUIHFWDFXHQWDGHORODUJD\
DUGXD TXH HV OD WDUHD GH HQFRQWUDU XQ VXSHU
REMHWLYRDPSOLRSURIXQGR\H[FLWDQWH\XQDOtQHD
FRQWLQXD GH DFFLyQ TXH VHD FDSD] GH OOHYDUOR DO
XPEUDO GHO VXEFRQVFLHQWH \ GHQWUR GH VXV
SURIXQGLGDGHV 6DEH WDPELpQ DKRUD FXDQ
LPSRUWDQWHHVGXUDQWHODE~VTXHGDHOVHQWLUORTXH
HODXWRUGHODREUDWHQtDHQODPHQWH\HQFRQWUDUHQ
XVWHGPLVPRXQDFXHUGDVHQVLEOH
&XiQWRV WHPDV GHEHQ VHU UHFRUWDGRV D ILQ
GH TXH RWURV FUH]FDQ &XiQWDV YHFHV GHEHPRV

GLVSDUDUDQWHVGHDFHUWDU
7RGR
YHUGDGHUR
DUWLVWD
GHEHUtD
FRQFHQWUDUVH PLHQWUDV HVWi HQ HO HVFHQDULR HQ
ORJUDU DOFDQ]DU HO VXSHUREMHWLYR \ OD OtQHD
FRQWLQXDGHDFFLyQHQVXVLJQLILFDGRPiVDPSOLR\
SURIXQGR 6L VRQ FRUUHFWRV WRGR HO UHVWR OR
HIHFWXDUiODQDWXUDOH]DGHPDQHUDVXEFRQVFLHQWH\
PLODJURVD (VWR VXFHGHUi D FRQGLFLyQ GH TXH HO
DFWRU YXHOYD D FUHDU VX ODERU FDGD YH] TXH UHSLWD
VX SDSHO FRQ VLQFHULGDG YHUGDG \ FRUUHFFLyQ
6yORFRQHVDFRQGLFLyQSRGUiOLEHUDUVXDUWHGHOD
DFFLyQ PHFiQLFD \ HVWHUHRWLSDGD GH ODV
PXOHWLOODV \ GH WRGDV ODV IRUPDV GH
DUWLILFLDOLGDG 6L OR ORJUD WHQGUi HQ HO HVFHQDULR
HQ WRUQR VX\D YHUGDGHUD JHQWH \ YLGD UHDO \ DUWH
YLYRSXULILFDGRGHWRGRVORVHOHPHQWRVIDOVRV



,UHPRV WRGDYtD PiV OHMRV H[FODPy HO

FRQWDUpXQLQFLGHQWHGHPLSURSLDYLGD
+DFH PXFKR WLHPSR FXDQGR QXHVWUD
FRPSDxtD HVWDED HQ MLUD SRU 6DQ 3HWHUVEXUJR PH
UHWXYR HQ HO WHDWUR XQ HQVD\R SRFR H[LWRVR \ PDO
SUHSDUDGR (VWDED WXUEDGR SRU OD DFWLWXG GH
DOJXQRV GH PLV FROHJDV &XDQGR VDOt PH VHQWtD
FDQVDGR\PDOKXPRUDGR'HSURQWRPHHQFRQWUpHQ
PHGLR GH XQD PXFKHGXPEUH HQ OD SOD]D IUHQWH DO
WHDWUR $UGtDQ JUDQGHV IRJDWDV PXFKRV HVWDEDQ
VHQWDGRV HQ
 EDQTXLOORV VREUH OD QLHYH PHGLR
GRUPLGRVRWURVVHKDEtDQDSHxXVFDGRMXQWRDXQD
LPSURYLVDGDFDUSDTXHORVSURWHJtDGHOIUtR\GHO
YLHQWR (O H[WUDRUGLQDULR Q~PHUR GH SHUVRQDV
KDEtD PLOHV DJXDUGDED OD OX] GHO GtD \ HO
PRPHQWRHQTXHVHDEULHUDODEROHWHUtD
0H VHQWp KRQGDPHQWH FRQPRYLGR 3DUD
DSUHFLDU OR TXH HVWD JHQWH HVWDED KDFLHQGR WXYH
TXH SUHJXQWDUPH 4Xp VXFHVR TXp SHUVSHFWLYD
JORULRVD TXp DVRPEURVR IHQyPHQR TXp IDPRVR
JHQLRPXQGLDOSRGUtDLQGXFLUPHDWHPEODUGHIUtR
QRFKH WUDV QRFKH HVSHFLDOPHQWH FXDQGR HVH

GLUHFWRUDOFRPHQ]DUODOHFFLyQ,PDJLQHQDOJ~Q
$57,67$,'($/TXHKDGHFLGLGRGHGLFDUVXYLGD
DXQSURSyVLWRVLPSOH\JUDQGHHOHYDU\HQWUHWHQHU
DO S~EOLFR PHGLDQWH XQD HOHYDGD IRUPD GH DUWH D
H[SRQHU D ODV EHOOH]DV HVSLULWXDOHV HVFRQGLGDV HQ
ORV HVFULWRV GH ORV JHQLRV OLWHUDULRV 'DUi QXHYDV
LQWHUSUHWDFLRQHVGHREUDV\SDSHOHV\DIDPRVRVGH
PRGR FDOFXODGR SDUD UHYHODU VXV FXDOLGDGHV PiV
HVHQFLDOHV 7RGD VX YLGD HVWDUi FRQVDJUDGD D HVD
DOWDPLVLyQFXOWXUDO
2WUR WLSR GH DUWLVWD SRGUi XWLOL]DU VX p[LWR
SHUVRQDO SDUD WUDQVPLWLU VXV SURSLDV LGHDV \
VHQWLPLHQWRV D ODV PDVDV /RV JUDQGHV HVStULWXV
SXHGHQWHQHUJUDQYDULHGDGGHQREOHVSURSyVLWRV
(Q HVWRV FDVRV HO VXSHUREMHWLYR GH
FXDOTXLHU SURGXFFLyQ VHUi XQ PHUR SDVR HQ OD
UHDOL]DFLyQGHXQLPSRUWDQWHSURSyVLWRYLWDODOTXH
OODPDUHPRVHOVXSUHPRREMHWLYR\DVXHMHFXFLyQ
ODVXSUHPDOtQHDFRQWLQXDGHDFFLyQ
3DUD LOXVWUDU OR TXH TXLHUR GHFLU OHV

VDFULILFLR QR PH GDUtD QL VLTXLHUD HO EROHWR


GHVHDGR VLQR XQ WDOyQ TXH PH DXWRUL]DUtD D
SHUPDQHFHU HQ ILOD FRQ OD SRVLELOLGDG GH REWHQHU
XQDVLHQWRHQHOWHDWUR"
1R SXGH FRQWHVWDU OD SUHJXQWD SRUTXH QR
KDOOp VXFHVR DOJXQR TXH SXGLHUD LQGXFLUPH D
DUULHVJDU OD VDOXG \ WDO YH] OD YLGD SRU VX FDXVD
3LHQVHQ OR TXH HO WHDWUR VLJQLILFDED SDUD HVD
JHQWH'HELpUDPRVWHQHUKRQGDFRQFLHQFLDGHHOOR
4XpKRQRUSDUDQRVRWURVHOSRGHUOOHYDUHVDFODVH
GH IHOLFLGDG D PLOHV GH SHUVRQDV$O LQVWDQWH PH
DFRPHWLyHOGHVHRGHHVWDEOHFHUXQDPHWDVXSUHPD
SDUD Pt PLVPR GH ORJUDU OR TXH FRQVWLWXLUtD OD
VXSUHPD OtQHD FRQWLQXD GH DFFLyQ \ HQ OD TXH
HVWXYLHUDQ FRPSUHQGLGRV WRGRV ORV REMHWLYRV
PHQRUHV
(O SHOLJUR HVWDUtD HQ GHMDU D OD SURSLD
DWHQFLyQ FHQWUDUVH SRU PXFKR WLHPSR HQ DOJ~Q
SHTXHxR SUREOHPD SHUVRQDO 4Xp VXFHGHUtD
HQWRQFHV"

/R PLVPR TXH OH VXFHGH D XQ QLxR FXDQGR


DWDXQSHVRDODSXQWDGHXQDFXHUGD\ORHQURVFD
HQXQSDOR&XDQWRPiVODHQURVFDPiVVHDFRWDOD
FXHUGD \ PiV SHTXHxR VH KDFH HO FtUFXOR TXH
GHVFULEH )LQDOPHQWH FKRFD FRQ HO SDOR 3HUR
VXSRQJDQTXHRWURQLxRODQ]DVXSDORGHQWURGHOD
yUELWDGHOSHVR6XPRYLPLHQWRKDUiTXHVXFXHUGD
VHHQURVTXHHQHOVHJXQGRSDOR\DUUXLQDUiHOMXHJR
GHOSULPHUQLxR
1RVRWURV ORV DFWRUHV WHQHPRV WHQGHQFLD D
GHVYLDUQRV HQ OD PLVPD IRUPD \ D FLIUDU QXHVWUD
HQHUJtD HQ SUREOHPDV DMHQRV D QXHVWUR SURSyVLWR
SULPRUGLDO (VR HV SHOLJURVR H LQIOX\H
SHUMXGLFLDOPHQWHHQQXHVWUDODERU



'XUDQWH HVWDV ~OWLPDV OHFFLRQHV PH KH
VHQWLGR GHVDQLPDGR DO RtU WDQWR UD]RQDPLHQWR
DFHUFD GHO VXEFRQVFLHQWH (O VXEFRQVFLHQWH HV

TXp HVH SDUWLFXODU REMHWR VXUJLy GHO IRQGR GH VX


PHQWH
/HKL]RRWUDSUHJXQWDD9DQ\D
(Q TXp HVWi SHQVDQGR \ TXp HV OR TXH
VLHQWH"
<R" 9DQ\D WLWXEHy OXHJR VH SDVy ORV
GHGRVSRUHOFDEHOORVHSXVRGHSLHDEUXSWDPHQWH
YROYLy D VHQWDUVH UHVWUHJyVH ODV PXxHFDV FRQWUD
ODVURGLOODVOHYDQWyXQWUR]RGHSDSHOGHOVXHOR\
ORGREOyVLQGHFLGLUVHDUHVSRQGHU
7RUWVRYULyFRQJDQDV
3HUPtWDPH YHUOR UHSHWLUFRQVFLHQWHPHQWH
FDGDOHYHPRYLPLHQWRTXHDFDEDGHKDFHUDQWHVGH
HVWDU OLVWR SDUD FRQWHVWDU D PL SUHJXQWD 6yOR VX
VXEFRQVFLHQWHSXHGHUHVROYHUHOHQLJPDGHOSRUTXp
GHHVRVPRYLPLHQWRV
,QPHGLDWDPHQWHVHYROYLyKDFLDPt\GLMR

LQVSLUDFLyQ&yPRVHSXHGHUD]RQDUDFHUFDGHpO"
)XpDXQPiVFKRFDQWHHOVHUREOLJDGRDFRPSOHWDU
HO VXEFRQVFLHQWH FRQ SHTXHxRV WUR]RV \ PLJDMDV
3RU HVR PH GLULJt DO GLUHFWRU \ OH H[SUHVp PL
SDUHFHU
4Xp OH KDFH SHQVDU TXH HO VXEFRQVFLHQWH
SHUWHQHFHHQWHUDPHQWHDODLQVSLUDFLyQ"GLMR
6LQ SRQHUVH D SHQVDU HQ VHJXLGD GHQPH HO
QRPEUHGHDOJXQDFRVD
GLMR

6H YROYLy DEUXSWDPHQWH KDFLD 9DQ\D TXLHQ


8QDIOHFKD

3RUTXpXQDIOHFKDSRUTXpQRXQDPHVD
TXH HVWi HQ IUHQWH VX\R R XQD DUDxD TXH FXHOJD
DUULEDGHVXFDEH]D"
1RVpFRQWHVWy9DQ\D
1L \R GLMR 7RUWVRY$GHPiV Vp TXH
QDGLHVDEH6yORVXVXEFRQVFLHQWHSXHGHGHFLUSRU

1RWyTXHWRGRORTXH9DQ\DKL]RFDUHFtD
GH LQVSLUDFLyQ \ VLQ HPEDUJR FRQWHQtD JUDQ
SRUFLyQ GH VXEFRQVFLHQWH" /R PLVPR KDOODUi HQ
PD\RURPHQRUJUDGRHQORVDFWRVPiVVLPSOHVHQ
VXV GHVHRV VXV SUREOHPDV VXV VHQWLPLHQWRV \ VXV
SHQVDPLHQWRV2UGLQDULDPHQWHYLYLPRVPX\FHUFD
GH pO /R KDOODPRV HQ FDGD SDVR TXH GDPRV
'HVJUDFLDGDPHQWHQRSRGHPRVDGDSWDUWRGRVHVRV
PRPHQWRV GH VXEFRQVFLHQFLD D QXHVWURV XVRV \
WDPELpQ KD\ PX\ SRFRV GH HOORV GRQGH PiV ORV
QHFHVLWDPRV FXDQGR HVWDPRV HQ HO HVFHQDULR
7UDWHQ GH HQFRQWUDU DOJR GH VXEFRQVFLHQWH HQ
FXDOTXLHU SURGXFFLyQ ELHQ SXOLGD PRQWDGD \
WULOODGD 1DGD KDEUi HQ HOOD H[FHSWR KiELWRV
HVWDEOHFLGRVWLHVRVILMRVPHFiQLFRV
3HUR ORV KiELWRV PHFiQLFRV VRQ HQ SDUWH
VXEFRQVFLHQWHVLQVLVWLy*ULVKD
6t SHUR QR GH OD FODVH GH VXEFRQVFLHQWH
TXH HVWDPRV WUDWDQGR UHSOLFy 7RUWVRY
1HFHVLWDPRVXQVXEFRQVFLHQWHFUHDGRUKXPDQR\
HO OXJDU SDUD EXVFDUOR HVWi VREUH WRGR HQ HO

REMHWLYR FRQPRYHGRU \ HQ VX OtQHD FRQWLQXD GH


DFFLyQ $OOt OD FRQFLHQFLD \ OD VXEFRQVFLHQFLD
HVWiQGHOLFDGD\PDUDYLOORVDPHQWHOLJDGDV&XDQGR
HO DFWRU HV DEVRUELGR WRWDOPHQWH SRU DOJ~Q
SURIXQGRREMHWLYRGHPDQHUDTXHODQFHFRQSDVLyQ
WRGRVXVHUDVXHMHFXFLyQDOFDQ]DXQHVWDGRDOTXH
OODPDPRV LQVSLUDFLyQ (Q pO FDVL WRGR OR TXH
UHDOL]D HV VXEFRQVFLHQWH \ HO DFWRU QR WLHQH
FRQFLHQFLDGHFyPRKDORJUDGRVXSURSyVLWR
3RU OR TXH YHQ HVRV SHUtRGRV GH
VXEFRQVFLHQFLDHVWiQGLVHPLQDGRVDWUDYpVGHWRGD
QXHVWUD YLGD 1XHVWUR SUREOHPD HV VHSDUDU
FXDOTXLHU FRVD TXH VH LQWHUSRQJD HQWUH HOORV \
UHIRU]DU FXDOTXLHU HOHPHQWR TXH IDFLOLWH VX
IXQFLRQDPLHQWR
1XHVWUD OHFFLyQ GH KR\ IXp FRUWD SXHV HO
GLUHFWRU GHEtD DSDUHFHU HQ XQD UHSUHVHQWDFLyQ GH
ODQRFKH



+DJDPRVXQUHSDVRSURSXVRHOGLUHFWRU
PLHQWUDVHQWUDEDDFODVHSRUVHUQXHVWUD~OWLPD
OHFFLyQ
'HVSXpVGHFHUFDGHXQDxRGHODERUFDGD
XQRGHXVWHGHVVHKDEUiIRUPDGRXQDLGHDGHILQLGD
GHO SURFHVR FUHDGRU GUDPiWLFR 7UDWHPRV GH
FRPSDUDU HVWH FRQFHSWR FRQ HO TXH WHQtDQ FXDQGR
OOHJDURQDTXt
0DUtD VH DFXHUGD KDEHU EXVFDGR XQ
EURFKH HQ ORV SOLHJXHV GH OD FRUWLQD SRUTXH GH
KDOODUORGHSHQGtDODFRQWLQXDFLyQGHVXVHVWXGLRV
HQ QXHVWUD HVFXHOD" 3XHGH UHFRUGDU FRQ FXiQWD
DQVLHGDG WUDWy GH HQFRQWUDUOR FyPR FRUULy GH XQ
ODGRDRWURVLPXODQGRGHVHVSHUDFLyQ\FyPRJR]y
FRQHOOR"/HVDWLVIDUtDDKRUDHVDDFWXDFLyQ"
0DUtD OR SHQVy XQ PRPHQWR \ OXHJR XQD
VRQULVD LOXPLQy VX URVWUR 3RU ~OWLPR VDFXGLy OD
FDEH]D HYLGHQWHPHQWH GLYHUWLGD SRU HO UHFXHUGR

GHVXVSULPHUDVPDQHUDVFiQGLGDVHLQJHQXDV

FUHDGRUD

<D YHQ VH UtH < SRU TXp" 3RUTXH


DFWXDEDHQJHQHUDOWUDWDQGRGHDOFDQ]DUVXPHWD
SRU XQD DUUHPHWLGD IXULRVD 1R VRUSUHQGH TXH
FXDQWR ORJUDUD IXHUD GDU XQD PXHVWUD H[WHULRU \
HUUyQHD GH ORV VHQWLPLHQWRV GH OD SHUVRQD TXH
UHSUHVHQWDED

3HURGHEHVDEHUFyPRLQGXFLUDHVHHVWDGR
GUDPiWLFR /D WpFQLFD VROD QR SXHGH FUHDU XQD
LPDJHQHQODTXHXVWHGSXHGDFUHHU\DODTXHWDQWR
XVWHG FRPR ORV HVSHFWDGRUHV VH SXHGDQ HQWUHJDU
SRU FRPSOHWR (V SRU HVR TXH DKRUD VH GD FXHQWD
GHTXHODHUHFFLyQQRHVXQDDUWLPDxDWpFQLFD1R
HVXQUHWUDWRH[WHUQRGHLPiJHQHV\SDVLRQHVFRPR
XVWHGSHQVDED

5HFXHUGH DKRUD OR TXH H[SHULPHQWy DO


UHSUHVHQWDU OD HVFHQD FRQ HO QLxR H[SyVLWR TXH
PXHUHHQVXVEUD]RV'tJDPHFXDQGRFRPSDUDVX
HVWDGRGHiQLPRLQWHULRUHQHVFHQDFRQVXSULPHUD
H[DJHUDFLyQ VL HVWi VDWLVIHFKD FRQ OR TXH KD
DSUHQGLGRGXUDQWHHVWHFXUVR
<D QR UtH GLMR 7RUWVRY (Q YHUGDG HO
UHFXHUGR GH HVD HVFHQD FDVL KD WUDtGR OiJULPDV D
VXV RMRV 3RU TXp" 3RUTXH DO FUHDU HVD HVFHQD
XVWHGVLJXLyXQFDPLQRFRPSOHWDPHQWHGLVWLQWR1R
DVDOWy GLUHFWDPHQWH ORV VHQWLPLHQWRV GH ORV
HVSHFWDGRUHV 3ODQWy ODV VHPLOODV \ ODV GHMy TXH
IUXFWLILFDUDQ 6LJXLy ODV OH\HV GH OD QDWXUDOH]D

1XHVWURWLSRGHFUHDFLyQHVODFRQFHSFLyQ
\QDFLPLHQWRGHXQQXHYRVHUHOSHUVRQDMHHQHO
SDSHO (V XQ DFWR QDWXUDO VHPHMDQWH DO
QDFLPLHQWRGHXQVHUKXPDQR
6L VLJXH FDGD FRVD TXH VXFHGH HQ HO DOPD
GHODFWRUGXUDQWHHOSHUtRGRHQTXHHVWiYLYLHQGR
VXSDSHODGPLWLUiTXHPLFRPSDUDFLyQHVFRUUHFWD
&DGD LPDJHQ GUDPiWLFD \ DUWtVWLFD FUHDGD HQ HO
HVFHQDULR HV ~QLFD \ QR SXHGH VHU UHSHWLGD OR
PLVPRTXHHQODQDWXUDOH]D

&RPR FRQ ORV VHUHV KXPDQRV H[LVWH XQ


HVWDGRHPEULRQDULRDQiORJR
(Q HO SURFHVR FUHDGRU HVWi HO SDGUH HO
DXWRUGHODREUDODPDGUHHODFWRUSUHxDGRFRQHO
SDSHO\HOQLxRHOSDSHOTXHKDGHQDFHU
(VWi OD SULPHUD LQIDQFLD FXDQGR HO DFWRU
SURFXUD VDEHU VX SDUWH /XHJR LQWLPDQ PiV
GLVSXWDQVHUHFRQFLOLDQVHFDVDQ\FRQFLEHQ

6HGHVYLDUiQ~QLFDPHQWHVLQRFRPSUHQGHQ
HVDYHUGDGVLQRFRQItDQHQODQDWXUDOH]DVLWUDWDQ
GH LQYHQWDU QXHYRV SULQFLSLRV QXHYDV EDVHV
QXHYR DUWH /DV OH\HV GH OD QDWXUDOH]D HVWiQ
OLJDGDV XQDV D ODV RWUDV VLQ H[FHSFLyQ \
GHVGLFKDGRVORVTXHLQWHQWHQURPSHUODV


(QWRGRHVWHSURFHVRHOGLUHFWRULQWHUYLHQH
FRPRXQDHVSHFLHGHFDVDPHQWHUR
/RVDFWRUHVHQHVWHSHUtRGRHVWiQLQIOXLGRV
SRU VXV SDSHOHV OR FXDO DIHFWD VX YLGD GLDULD
,QFLGHQWDOPHQWH HO SHUtRGR GH JHVWDFLyQ GH XQD
SDUWHHVSRUORPHQRVWDQODUJRFRPRHOGHXQVHU
KXPDQR\DPHQXGRFRQVLGHUDEOHPHQWHPiVODUJR
6LDQDOL]DQHVHSURFHVRVHFRQYHQFHUiQGHTXHODV
OH\HV UHJXODQ OD QDWXUDOH]D RUJiQLFD WDQWR VL FUHD
XQ
QXHYR
IHQyPHQR
ELROyJLFR
FRPR
LPDJLQDWLYDPHQWH

1RWDV

>@

0H WRPy SRU OD PXxHFD DSUHWiQGRPH


IXHUWHPHQWHDSDUWyVHGHVSXpVDODGLVWDQFLDGHVX
EUD]R \ FRQ OD RWUD PDQR SXHVWD DVt VREUH VX
IUHQWH HVFXGULxy FRQ WDQWD DWHQFLyQ PL URVWUR
FRPR VL TXLVLHUD UHWUDWDUOR 3HUPDQHFLy DVt ODUJR
WLHPSR +DVWD TXH VDFXGLpQGRPH VXDYHPHQWH HO
EUD]R\PRYLHQGRDVtWUHVYHFHVGHDUULEDDEDMROD
FDEH]DH[KDOyXQVXVSLURWDQSURIXQGR\GRORURVR
TXHSDUHFtDGHVKDFpUVHOHHQSHGD]RVWRGRVXVHU\
KDEHU OOHJDGR HO ILQ GH VX H[LVWHQFLD +HFKR HVWR
PH GHMy \ FRQ OD FDEH]D YXHOWD DWUiV SDUHFtD
KDOODU VX FDPLQR VLQ YDOHUVH GH ORV RMRV SXHV VH
DOHMySRUODSXHUWDVLQVHUYLUVHGHHOORV\KDVWDHO
~OWLPRLQVWDQWHWXYRVXOXPEUHILMDHQPL

&2167$17,1
67$1,6/$96.,
6HXGyQLPRGH&RQVWDQWLQ6HUJXHLHYLFK$OH[HLHY
DFWRU GLUHFWRU HVFpQLFR \ SHGDJRJR WHDWUDO QDFLy
HQ 0RVF~ HO  GH PDU]R GH  \ PXULy HQ OD
PLVPD FLXGDG HQ  7UDV SDUWLFLSDU HQ YDULRV
PRYLPLHQWRV GH YDQJXDUGLD HQ  FRQ
1HPLURYLFK'DQFKHQNR IXQGy HO 7HDWUR GH $UWH
GH 0RVF~ TXH SXVR HQ HVFHQD ODV JUDQGHV REUDV
GH&KpMRY3URQWRHPSH]yDGHVDUUROODUVXVLVWHPD
GH LQWHUSUHWDFLyQ TXH SUHWHQGtD TXH HO PXQGR
HPRWLYR GH ORV SHUVRQDMHV IXHUD SUR\HFWDGR DO
HVSHFWDGRU GH IRUPD YHUtGLFD \ DOHMDGR GH WRGD
DUWLILFLDOLGDG HQ XQ HIHFWR GH UHDOLVPR
SVLFROyJLFR 'HVSXpV GH OD UHYROXFLyQ VRYLpWLFD
VH GHGLFy H[FOXVLYDPHQWH D VX WUDEDMR GH
LQYHVWLJDFLyQ H[SXHVWR HQ VXV OLEURV 8Q DFWRU VH
SUHSDUD\/DFRQVWUXFFLyQGHOSHUVRQDMHDPERVGH
LQIOXHQFLD GHWHUPLQDQWH HQ HO WHDWUR HXURSHR \
HVWDGRXQLGHQVH \ HQ ORV TXH GHVDUUROOD VX WHRUtD
GH OD DFWXDFLyQ FRPR VXPD GUDPiWLFD HQWUH
WpFQLFDLQWHULRU\H[WHULRU
+LMR GH XQ LQGXVWULDO DSDVLRQDGR SRU HO

WHDWUR \ DILFLRQDGR D RUJDQL]DU HQ VX SURSLD FDVD


HVSHFWiFXORV HQ ORV TXH SDUWLFLSDED WRGD OD
IDPLOLD.RQVWDQWLQ6WDQLVODYVNLVHGHGLFyDOWHDWUR
GHVGH PX\ MRYHQ SURQWR RUJDQL]y FRPSDxtDV GH
DILFLRQDGRV ODPiVLPSRUWDQWHIXHOD6RFLHGDGGHO
$UWH\/LWHUDWXUDIXQGDGDHQ GHODVTXHIXH
DQLPDGRUGLUHFWRU\DFWRUSULQFLSDO
(Q  LQDXJXUy HQ FRODERUDFLyQ FRQ HO
DXWRU WHDWUDO 9ODGLPLU 1HPLURYLFK'DQFKHQNR HO
7HDWUR GH $UWH GH 0RVF~ TXH WHQtD FRPR
REMHWLYRV OD UHQRYDFLyQ HQ VHQWLGR UHDOLVWD GH ODV
WpFQLFDVLQWHUSUHWDWLYDV\GHODSXHVWDHQHVFHQD\
OD UHVWLWXFLyQ D OD ODERU WHDWUDO GH VX FDUiFWHU GH
DXVWHUD GLVFLSOLQD DUWtVWLFD (O p[LWR GH ODV REUDV
GH &KpMRY *RUNL \ RWURV HVFULWRUHV
FRQWHPSRUiQHRV OD SHUIHFWD HILFLHQFLD GH OD
FRPSDxtD OD PDJLD GH OD SXHVWD HQ HVFHQD TXH
HYROXFLRQy GH PDQHUD JUDGXDO GHVGH HO
QDWXUDOLVPR KDVWD XQ UHDOLVPR SVLFROyJLFR
VHQVLEOH D ODV HQVHxDQ]DV GHO VLPEROLVPR  \ HO
VLQJXODU WDOHQWR GH 6WDQLVODYVNL FRPR GLUHFWRU
FRQYLUWLHURQ HVWH WHDWUR HQ XQR GH ORV PiV

LPSRUWDQWHVGHVXpSRFD
/D EUHYH FULVLV GH ORV DxRV SRVWHULRUHV D OD
5HYROXFLyQ VH YLR VXSHUDGD WUDV HO p[LWR GH XQD
JLUD DPHULFDQD GXUDQWH OD FXDO 6WDQLVODYVNL
UHFRJLyVXVH[SHULHQFLDVHQHOOLEUR0LYLGDHQHO
DUWH  (O7HDWURGHO$UWHUHFXSHUyVXSDSHO
SULYLOHJLDGR HQ OD YLGD FXOWXUDO (Q VXV ~OWLPRV
DxRV 6WDQLVODYVNL VH GHGLFy VREUH WRGR D OD
GLUHFFLyQ GHO WHDWUR OtULFR \ DO HVWXGLR GHO RILFLR
GHDFWRU/DPHWRGRORJtDGLGiFWLFDTXHGHVDUUROOy
H[SXHVWDHQORVGRVYRO~PHQHVGH(OWUDEDMRGHO
DFWRUVREUHVtPLVPRGHGLFDGRVUHVSHFWLYDPHQWHD
OD SVLFRORJtD \ D OD WpFQLFD GH OD LQWHUSUHWDFLyQ
HVWDED GHVWLQDGD D VXVFLWDU JUDQGHV SROpPLFDV
SHUR TXH VLJXH VLHQGR SXQWR GH UHIHUHQFLD
LQGLVSHQVDEOHSDUDFXDOTXLHUHVWXGLRVRRLQWpUSUHWH
GHWHDWUR
(O WUDEDMR GHO DFWRU VREUH Vt PLVPR VH
SUHVHQWD HQ IRUPD GH XQ GLDULR TXH HO DXWRU ILQJH
HVFULWR FDGD GtD SRU XQ DOXPQR GH HVFHQD HO
GLiORJR YLYR \ DJXGtVLPR HQWUH HO SHUVRQDMH

ILFWLFLR GHO PDHVWUR $UFDGLR 1LNRODLHYLFK  \ VXV


DOXPQRV HVWi HQWUHYHUDGR SRU HSLVRGLRV \
DQpFGRWDVDSURSLDGDV HOGHOFUtWLFRHQHOFDStWXOR
VREUH OD FDUDFWHUL]DFLyQ HV SRU HMHPSOR XQR GH
ORV PiV KHUPRVRV  0LHQWUDV HQ OD SHUVRQD GHO
PDHVWURHODXWRUHQXQFLDVXVSURSLDVWHRUtDVDFHUFD
GHO WHDWUR HQ HO DOXPQR VH UHSUHVHQWD
LQGLUHFWDPHQWHDVtPLVPRHQORVFRPLHQ]RVGHVX
FDUUHUDGHDFWRUGHWDOPDQHUDTXHHOOLEURTXHHV
QRWDEOH LQFOXVR OLWHUDULDPHQWH GD XQ UHWUDWR
FRPSOHWR \ VXE\XJDGRU GH VX H[WUDRUGLQDULD
SHUVRQDOLGDG6HFRPSUHQGHDOFDERGHODOHFWXUD
GH VXV VHLVFLHQWDV SiJLQDV TXH OD LQIOXHQFLD GH
6WDQLVODYVNL UHVXOWDVH LQVXSHUDEOH HQ HO WHDWUR
FRQWHPSRUiQHR
$XQTXHODREUDFRQVWDGHGRVSDUWHVWLWXODGDV
(O PpWRGR SDUD H[SUHVDU ORV VHQWLPLHQWRV \ (O
PpWRGR SDUD FUHDU ORV SHUVRQDMHV 6WDQLVODYVNL
H[SRQHHQUHDOLGDGVXFRQFHSFLyQWRWDOGHOWHDWUR
,QDGHFXDGDPHQWH VH KDEOD GH VXV LGHDV FRPR
VLVWHPD GH KHFKR HO DXWRU QHJy VLHPSUH WRGD
QRUPD DFDGpPLFD SUHILMDGD \ OOHJy FRQVLGHUDU

FUHDUHQODHVFHQDODYLGDLQWHULRUGHOSHUVRQDMH\
GHOGUDPDDGDSWDQGRDHVWDYLGDH[WUDxDQXHVWURV
VHQWLPLHQWRV SHUVRQDOHV \ WRGRV ORV HOHPHQWRV
YLWDOHV GH QXHVWUD DOPD 6yOR XQ DUWH OOHQR GH
H[SHULHQFLDV GLUHFWDV \ YLWDOHV GHO DFWRU SXHGH
WUDQVPLWLU ORV PDWLFHV LPSDOSDEOHV \ WRGD OD
SURIXQGLGDG GH OD YLGD LQWHULRU GH XQ SHUVRQDMH
6yOR XQ DUWH DVt SXHGH HQULTXHFHU OD H[SHULHQFLD
HVSLULWXDOGHOHVSHFWDGRU
)LJXUD D FDEDOOR HQWUH GRV VLJORV HV DO
FRPSDUDU HO HVWDGR GH ODV DUWHV LQWHUSUHWDWLYDV HQ
HO PRPHQWR GH VX QDFLPLHQWR \ GH VX PXHUWH
FXDQGR PHMRU VH DSUHFLD OD UHQRYDFLyQ R FDVL
UHYROXFLyQTXHVXSXVRODODERUGH6WDQLVODYVNL\
HODOFDQFHLOLPLWDGRGHVXLQIOXHQFLDHQHOHVSDFLR
\ HQ HO WLHPSR (Q HO WHDWUR GHO VLJOR ;,; OD
GHFODPDFLyQ \ ORV JHVWRV KLVWULyQLFRV HUDQ
SUiFWLFDPHQWH ORV ~QLFRV UHFXUVRV H[SUHVLYRV
XWLOL]DGRV FRP~QPHQWH SRU HO DFWRU /D VLWXDFLyQ
FDPELy UDGLFDOPHQWH FXDQGR 6WDQLVODYVNL SODQWHy
VXULJXURVRUHDOLVPRSVLFROyJLFRODQHFHVLGDGGH
TXH HO DFWRU IXHVH WDQ FRQYLQFHQWH FRPR XQD

FRPR LQGLVSHQVDEOH OR LPSUHYLVWR 6L KD\ DOJ~Q


PpWRGR HV LQGLYLGXDOPHQWH OLEUH SXHV
6WDQLVODYVNL HVWLPXODED D VXV DOXPQRV SDUD TXH
OOHJDUDQ VREUH WRGR D FRQRFHUVH D Vt PLVPRV \
SRU OR WDQWR D FRQWURODU \ PHGLU ORV PRYLPLHQWRV
OLEUHV GH VX VXEFRQVFLHQWH SRU PHGLR GH XQ
FRQRFLPLHQWRYLJLODQWH\ULJXURVR6XREMHWLYRHUD
KDFHU VXUJLU GHO KRPEUH DO DFWRU LGHQWLILFDQGR VX
H[SUHVLyQ FRQ OD VLQFHULGDG \ HO DUWH FRQ OD
YHUGDG1RVHDVSLUDDXQDLQWHUSUHWDFLyQYHULVWD
VLQRDXQDLQWHUSUHWDFLyQYHUGDGHUDQRVHWUDWDGH
UHSUHVHQWDU ORV VHQWLPLHQWRV VLQR GH
H[SHULPHQWDUORV UHDOPHQWH HQ OD HVFHQD FRQ OD
D\XGDGHODOODPDGDPHPRULDHPRWLYD
(O SURIXQGR LQIOXMR GH VX WHDWUR SURFHGH
SUHFLVDPHQWHGHODLQWHULRULGDGGHOMXHJRHVFpQLFR
GHORVDFWRUHVDORVFXDOHVOHVHQVHxDEDDLQYHQWDU
GHVGHVXIRQGRPiVtQWLPRSDUDHOWHDWURXQDYLGD
ILFWLFLDQRPHQRVYHUGDGHUDIHUYRURVDDUGLHQWH\
HVSRQWiQHD TXH OD RWUD (O DFWRU GHEH FRQVHJXLU
HQFRQWUDUVH HQ XQ DPELHQWH GH DXWpQWLFD YHUGDG
LQWHULRU(OSUREOHPDFDSLWDOSDUDQRVRWURVHVWiHQ

SHUVRQDUHDOHLQGXMRDORVDFWRUHVDEXVFDUHQVXV
SURSLDVH[SHULHQFLDVYLWDOHVODVPRWLYDFLRQHV\ODV
WpFQLFDV GH HVWLPXODFLyQ SVLFROyJLFD TXH ORV
OOHYDUDQDHQFDUQDUVHHQVXSHUVRQDMH/DJLUDSRU
(VWDGRV 8QLGRV TXH HO 7HDWUR GHO$UWH GH 0RVF~
UHDOL]y HQWUH  \  HPSH]y D GLYXOJDU VXV
LGHDV IXHUD GH 5XVLD KHFKR DO TXH FRQWULEX\y
GHFLVLYDPHQWH OD IXQGDFLyQ GHO *URXS 7KHDWUH HQ
 LPSXOVDGR SRU WUHV PLHPEURV GH OD
FRPSDxtD GHO 7HDWUR GHO $UWH TXH ILMDURQ VX
UHVLGHQFLDHQ(VWDGRV8QLGRV
&RPRQRSRGtDVHUGHRWURPRGRPX\SURQWR
HO FLQH ILMy VX DWHQFLyQ HQ HVD PDQHUD GH
LQWHUSUHWDU UHDOLVWD WDQ DGHFXDGD SDUD XQ DUWH TXH
SUHWHQGtDUHIOHMDUVLWXDFLRQHVUHDOHVFRQWRGRVORV
PHGLRV TXH WHQtD D VX DOFDQFH (O SULPHU
UHDOL]DGRUTXHDSOLFDUtDODVWHRUtDVGH6WDQLVODYVNL
DO FLQH VHUtD 9VLpYRORG 3XGRYNLQ (Q 
VLJXLHQGRODVHQVHxDQ]DVGH6WDQLVODYVNLVHIXQGy
HQ 1XHYD <RUN HO $FWRU
V 6WXGLR OD IDPRVD
HVFXHOD GH LQWHUSUHWDFLyQ GLULJLGD SRU /HH
6WUDVEHUJ FDQWHUD GH JUDQGHV DFWRUHV

FLQHPDWRJUiILFRV FRPR 0DUORQ %UDQGR 3DXO


1HZPDQ-DPHV'HDQR0DULO\Q0RQURH

You might also like