You are on page 1of 299

&8(17263$5$/(/26

,6$$&$6,029
$.DWH0HGLQD\-HQQLIHU%UHKOODV~OWLPDVGHODODUJDFDGHQDGHUHGDFWRUHVTXHPH
KDQJXLDGRVROtFLWDPHQWH HLQWLPLGDGRDOJXQDVYHFHV DWUDYpVGHODVFRPSOHMLGDGHVGHO
RILFLRGHHVFULWRU0X\GHYH]HQFXDQGRHVFULERXQOLEURTXHQRHVLGHDPtDeVWHHVXQR
GHHOORV7HQJRGHVHRVHVSHFLDOHVGHKDFHUVDEHUDWRGRVORVOHFWRUHVTXHODLGHDGHHVWD
REUDQRHVPtD\SRUWDQWRSHUPtWDQPHH[SOLFDUOHVFyPRHPSH]yWRGR
(QHOGRFWRU+RZDUG*RWOLHEGHOD%LEOLRWHFDGHOD8QLYHUVLGDGGH%RVWRQWXYR
OD LGHD GH UHFRSLODU PLV HVFULWRV (VWD ELEOLRWHFD HVWDED HVSHFLDOL]DGD HQ DXWRUHV
QRUWHDPHULFDQRVGHOVLJORYHLQWHWtWXORFRQHOTXH\RFXDGUDED<ORTXHHVPiV\RHUD
\VLJRVLHQGR PLHPEURGHODIDFXOWDGGHOD8QLYHUVLGDGGH%RVWRQSRUORTXHSDUHFtD
PX\FRQYHQLHQWHLQFOXLUPH

(VWR OR MX]JXp SRU DTXHO HQWRQFHV FRPR XQD LGHD JURWHVFD &RQVLGHUDED TXH PLV
HVFULWRVHUDQWUDVWRVLQ~WLOHV \ORVLJRFUH\HQGRHQODDFWXDOLGDGHQORPiVUHFyQGLWR
GH PL FRUD]yQ  &XDQGR ORVSDSHOHV VH DFXPXODEDQKDVWDHO SXQWR GH VHU PROHVWRV \R
ORV TXHPDED HQ HO IRJyQ SDUD EDUEDFRDV GH PL FDVD GH 1HZWRQ 0DVVDFKXVHWWV 1R
XVDEDHVHIRJyQSDUDRWUDFRVD
&XDQGROHH[SOLTXpHVWRHOGRFWRU*RWOLHEVHKRUURUL]y0HFRPHQWyODLPSRUWDQFLD
TXH WLHQHQ ORV GRFXPHQWRV FRQWHPSRUiQHRV GH ILJXUDV OLWHUDULDV LPSRUWDQWHV \ DO
SDUHFHU pO VH UHIHUtD D Pt FXDQGR XWLOL]y HVD IUDVH  7DPELpQ PH KDEOy GHO HQRUPH
Q~PHURGHHVWXGLDQWHVGHOLWHUDWXUDTXHREWHQGUiQVXDQVLDGRWtWXORJUDFLDVDOHVWXGLR
PHWLFXORVR GH PLV SULPHURV PDQXVFULWRV \ FXiQ ~WLO VHUtD HOOR SDUD ORV HVFULWRUHV HQ
FLHUQHVGHVLJORV\PLOHQLRVYHQLGHURV

1RFUHtQLXQDVRODSDODEUDSHURHOGRFWRU*RWOLHEHUD \HV XQRGHORVKRPEUHVPiV


DWHQWRV \ DJUDGDEOHV MDPiV FUHDGRV SRU XQD GHLGDG FUHDWLYD VXSRQLHQGR TXH H[LVWD
XQD  \ QR WXYH YDORU SDUD GHVLOXVLRQDUOH /H HQWUHJXp WRGR HO PDWHULDO TXH ORJUp
HQFRQWUDUHOTXHVHKDEtDVDOYDGRGHODTXHPD\SRVWHULRUPHQWHOHHQYLpPiVSDSHOHV
FRQIRUPHLEDQDFXPXOiQGRVH*RWOLHEUHFLELyHMHPSODUHVGHWRGRVORVOLEURVSXEOLFDGRV
SRU PtHQWRGDV ODV HGLFLRQHV GLVSRQLEOHV FOXE GHO OLEUREROVLOOR H[WUDQMHURHWF  /H
HQYLp PDQXVFULWRV WDQWR ERUUDGRUHV FRPR FRSLDV GHILQLWLYDV /H HQYLp WRGD PL
FRUUHVSRQGHQFLD \ FDUWDV GH DGPLUDGRUHV /H HQYLp XQ HMHPSODU LQWDFWR GH WRGDV ODV
UHYLVWDVTXHFRQWHQtDQXQHQVD\RRXQUHODWRILUPDGRSRUPtGHWDOIRUPDTXH*RWOLHE
GLVSRQHDFWXDOPHQWHSRUHMHPSORGHXQDFROHFFLyQGHYHLQWHDxRVGH7KH0DJD]LQHRI
)DQWDV\DQG6FLHQFH)LFWLRQRWUDGHGLH]DxRVGH$PHULFDQ:D\\WRGRVORVQ~PHURVGH
,VDDF$VLPRY
V6FLHQFH)LFWLRQ0DJD]LQH7RGRHOORSHUPDQHFHJXDUGDGRHQXQDEyYHGD
HVSHFLDO
(O PDWHULDO DFXPXODGR GXUDQWH HVWRV ~OWLPRV YHLQWH DxRV \ SLFR HV JLJDQWHVFR \
FUHFH VLQ FHVDU &DGD TXLQFH GtDV FDUJR FRQ XQ PRQWyQ GH SDSHOHV UHYLVWDV \ OLEURV
KDVWDODHGLWRULDO'RXEOHGD\TXHPX\DPDEOHPHQWHORHQYtDSRUFRUUHRDODEyYHGDGH
,VDDF

0H HVIXHU]R HQ QR SHQVDU HQ HOOR $OJ~Q SREUH GLDEOR GHO GHVSDFKR GHO GRFWRU
*RWOLHE GHEH YHUVH REOLJDGR D UHYLVDU RUGHQDU \ FODVLILFDU WRGR HO PDWHULDO \ D
DUFKLYDUOR GH PRGR UDFLRQDO SDUD TXH VHD SRVLEOH HQFRQWUDU FRQ UDSLGH] FXDOTXLHU
GRFXPHQWRVROLFLWDGR /RVp$YHFHVKHQHFHVLWDGRDOJR\HOORVORKDQHQFRQWUDGRGH
LQPHGLDWR

7DPELpQWHPRODVFRQVHFXHQFLDVILQDOHV(VDEyYHGDWLHQHXQDFDSDFLGDGOLPLWDGD
$OJ~QGtDH[SORWDUi\\DLPDJLQRORVWLWXODUHVGH7KH%RVWRQ*OREH([SORWDOD%yYHGD
GH$VLPRY/RVDOUHGHGRUHVHQUXLQDV9HLQWHPXHUWRV\FHQWHQDUHVGHKHULGRV
<ODEyYHGD\ODFXOSDVHUiQPtDV

&RQ OR GLFKR WLHQHQ \D HO SULPHU IUDJPHQWR GH OD KLVWRULD GH HVWH OLEUR &RQWLQ~HQ
OH\HQGR

(QORV~OWLPRVFLQFRDQRVPiVRPHQRVPHKHDILFLRQDGRDSXEOLFDUDQWRORJtDVGH
GLYHUVDV FODVHV \ HQ JUDQ FDQWLGDG 7HQJR HQ PL KDEHU HQ HVWH PRPHQWR PiV GH
RFKHQWDGHWDOHVDQWRORJtDV

&RPRHVOyJLFRHVWDDFWLYLGDGDWUR]VXSHUDFRQPXFKRPLFDSDFLGDG3RUWDQWRQR
OHV VRUSUHQGHUi VDEHU TXH HQ FDVL WRGRV ORV FDVRV KH FRQWDGR FRQ OD D\XGD GH RWURV
FRQVSLUDGRUHV/RVGRVPiVOHDOHV\VHUYLFLDOHVVRQ0DUWLQ+DUU\*UHHQEHUJ\&KDUOHV*
:DXJK(OSULPHURYLYHHQ:LVFRQVLQHOVHJXQGRHQ0DLQH\\RHQ0DQKDWWDQGHIRUPD
TXH HVWDPRV PX\ DOHMDGRV 1RV PDQWHQHPRV HQ FRQWDFWR PHGLDQWH FDUWDV OODPDGDV
WHOHWyQLFDV\YLVLWDVHVSRUiGLFDV (OORVKDFHQODVYLVLWDV<RQRYLDMR
6HWUDWDGHXQDFRQVSLUDFLyQDQWROyJLFDLGHDO&KDUOHVSRVHHXQDLQPHQVDFROHFFLyQ
GHSXEOLFDFLRQHV\XQDPHPRULDLQIDOLEOHSDUDWRGRORTXHOHH\VHKDOODSURIXQGDPHQWH
HQDPRUDGR GH XQD IRWRFRSLDGRUD 'H DKt TXH SXHGD IDFLOLWDUQRV FXDOTXLHU FODVH GH
UHODWR TXH QRV LQWHUHVD (Q FXDQWR D 0DUWLQ OH DSDVLRQD LUUHIUHQDEOHPHQWH VROLFLWDU
DXWRUL]DFLRQHVRFXSDUVHGHWRGRHOSDSHOHR\UHFLELU\UHPLWLUFKHTXHV$GHPiVYLVLWD
D ORV HGLWRUHV FRQ HO SURSyVLWR GH KLSQRWL]DUORV SDUD TXH VH DYHQJDQ D SXEOLFDU PiV \
PiVDQWRORJtDV

&RQHVWRVyORPHTXHGDODWDUHDGHOHHUHOPDWHULDOTXHPHHQYtDQWRPDUGHFLVLRQHV
UHVSHFWR D GyQGH YDFDGD FRVD UHGDFWDU LQWURGXFFLRQHV Y DOJXQDV QRWDV \ HQWUHJDUORV
PDQXVFULWRV D ORV GLYHUVRV HGLWRUHV \D TXH VL KDFH EXHQ GtD D FDVL WRGRV SXHGR LU D
YHUORVDQGDQGR 
1DWXUDOPHQWH0DUW\\&KDUOHVKDQDFDEDGRWHQLHQGRXQLQWHUpVSRVHVLYRSRUPt

<SRUWDQWRFRPSUHQGHUiQXVWHGHVTXHKDFHXQSDUGHDxRVFXDQGR&KDUOHVYLVLWy
%RVWRQXQRGHORVPRQXPHQWRVTXHpOTXLVRYHUIXHODEyYHGDGHO GRFWRU$VLPRY
&KDUOHVHVODTXLQWDHVHQFLDGHODQJORVDMyQSURWHVWDQWH\QXQFDPHOODPDSRUPLQRPEUH
GH SLOD D SHVDU GH TXH \R OH LQVWR D KDFHUOR HQ UHSHWLGDV RFDVLRQHV 0DUW\ WDQ
DQJORVDMyQ\SURWHVWDQWHFRPR\RHVPiVOLEHUDO
1R Vp FXiQWR WLHPSR SDVy &KDUOHV HQ HO VyWDQR LQKDODQGR HO IRUWDOHFLHQWH RORU D
SDSHO YLHMR \ HVFUXWDQGR FDGXFRV IUDJPHQWRV GH HVFULWRV DVLPRYLDQRV SHUR DO SDUHFHU

WRSyFRQFLHUWRPDWHULDOWRWDOPHQWHROYLGDGRSRUPt1RHVWR\VHJXURGHTXHHOPDWHULDO
PHUH]FDHODSHODWLYRGHFXULRVLGDGSHURHUDFLHUWDPHQWHFXULRVR/RTXHLQWHUHVyHQ
HVSHFLDO D &KDUOHV IXH TXH HQFRQWUy YHUVLRQHV DQWLJXDV GH DOJXQDV REUDV IDPRVDV PtDV
TXH SRU XQD X RWUD UD]yQ VRQ QRWDEOHPHQWH GLVWLQWDV GH ODV SXEOLFDGDV FRQ
SRVWHULRULGDG &KDUOHV FRQVLGHUy TXH DOJ~Q OHFWRU SRGUtD HVWDU LQWHUHVDGR SRU HVWDV
YHUVLRQHVDQWLJXDV,QFOXVRSUHSDUyDWDOHIHFWRXQDOLVWDGHORVUHODWRV

0HQFLRQy HO WHPD OD VLJXLHQWH YH] TXH KDEOy FRQ 0DUW\ \ pVWH PH OR PHQFLRQy OD
VLJXLHQWH YH] TXH KDEOy FRQPLJR 0DUW\ LQFOXVR WHQtD XQ WtWXOR SDUD HO OLEUR &XHQWRV
SDUDOHORV
0LUHDFFLyQIXHLQPHGLDWD\HQWXVLiVWLFD
0DUW\GLMHHVWiVORFR

3XHGRPHQFLRQDUORD'RXEOHGD\"SUHJXQWypO
$GHODQWHUHVSRQGtULHQGRGHEXHQDJDQD

(VWDEDFRQYHQFLGRGHTXHORHFKDUtDQDSDWDGDVGHOGHVSDFKRDFRPSDxDGRSRUXQ
WRUUHQWHGHOHQJXDMHLJQRPLQLRVR6HORWLHQHPHUHFLGRSHQVp

3HURR VXEHVWLPp OD SHUVXDVLyQ GH 0DUW\ R QR WXYH HQ FXHQWDHO EXHQ FDUiFWHU GH
.DWH0HGLQDSRUHQWRQFHVUHVSRQVDEOHHGLWRULDOGH'RXEOHGD\RDPEDVFRVDVDODYH]
SRUTXHODVLJXLHQWHYH]TXHVXUJLyHOWHPDPHHQFRQWUpPLUDQGRXQFRQWUDWR
6LQGHMDUGHSURQXQFLDUPDOGLFLRQHVHQYR]EDMDHVFULEtDOEXHQRGH+RZDUGGHOD
%LEOLRWHFDGHOD8QLYHUVLGDGGH%RVWRQ\ORVLJXLHQWHTXHVXSHIXHTXHWHQtDPRQWRQHV
GHSDSHOHVYLHMRVHQPLHVFULWRULRXQDPXHVWUDGHORVHVFULWRVPHQFLRQDGRVSRU&KDUOHV

&RPSUHQGHUiQ SXHV SRU TXp UHQLHJR GH HVWH OLEUR $OJXQRV GH XVWHGHV WDO YH]
SLHQVHQ%XHQRDTXtHVWi$VLPRY\VXH[DJHUDGDYDQLGDGSHQVDQGRTXHDOJXLHQYDD
LQWHUHVDUVH SRU HVWDV WRQWHUtDV DQWLJXDV 3HUR QR HV DVt /D FXOSD FRUUHVSRQGH SRU
HQWHURD+RZDUG*RWOLHE&KDUOHV:DXJK0DUWLQ*UHHQEHUJ\.DWH0HGLQD
'H WRGDV IRUPDV \D TXH XVWHG KD RMHDGR KDVWD DTXt GH SLH HQ OD OLEUHUtD QDGD
SLHUGHSDJDQGR\OOHYiQGRVHHOOLEURDFDVD+RZDUG&KDUOHV0DUWLQ\.DWHSLHQVDQTXH
HOOLEURLQWHUHVDUi\QRPHJXVWDUtDGHVLOXVLRQDUORV

(QYHMHFHFRPQLJR
3UHiPEXOR
$KRUDTXH\DWLHQHHOOLEURHQVXFDVDSHUPtWDPHSUHVHQWDUOHHOSULPHUUHODWRPL
QRYHODFRUWD(QYHMHFHFRQPLJR
(OGHPD\RGHHOGLUHFWRUGH6WDUWOLQJ6WRULHV PHSLGLyTXHHVFULELHUDXQD
REUDGHSDODEUDVSDUDODUHYLVWD3RUDTXHOHQWRQFHV\ROOHYDEDFDVLYHLQWHDxRV

YHQGLHQGR UHODWRV D ODV UHYLVWDV GH FLHQFLD ILFFLyQ \ \D KDEtD HVFULWR REUDV GH HVD
ORQJLWXG'RVDxRVDQWHVKDEtDHVFULWR7KH0XOHSDUD$VWRXQGLQJ6FLHQFH)LFWLRQXQ
UHODWRGHSDODEUDV

6WDUWOLQJ SHGtD HQ FRQFUHWR XQ UHODWR WLSR $VWRXQGLQJ SRU OR TXH OD WDUHD PH
SDUHFLyVHQFLOOtVLPD

6LQ HPEDUJR WDUGp HO YHUDQR HQWHUR HQ HVFULELUOR SRUTXH WDPELpQ WHQtD TXH
SUHSDUDUPLWHVLVGRFWRUDO$FDEpHOGHVHSWLHPEUHGH/DREUDWHUPLQyVLHQGR
QRWDEOHPHQWH PiV ODUJD TXH OR VROLFLWDGR 2 SDODEUDV  SHUR HVH GHWDOOH QR PH
SUHRFXSySXHVWRTXHODVUHYLVWDVSDJDQSRUSDODEUDHVRVLJQLILFDEDPiVGLQHUR

(OKWXORGHODQRYHODORFRSLpGHOSULPHUYHUVRGHODREUD5DEt%HQ(]UDGH5REHUW
%URZQLQJ TXH HV XQ KLPQR D OD YHMH] (VR FRQIHUtD DO WtWXOR XQ VLJQLILFDGR LUyQLFR HQ
YLVWD GHODUJXPHQWR GH OD QRYHOD <R VyORWHQtD HQWRQFHV YHLQWLVLHWHDxRV \D~QSRGtD
FRQVLGHUDUFRQGHVSUHRFXSDFLyQHOWHPDGHODYHMH]
3HUR SDUD PL VRUSUHVD \ SDUD PL FyOHUD  6WDUWOLQJ WUDV UHWHQHU OD QRYHOD WUHV
VHPDQDVODUHFKD]y0HVHQWtKXPLOODGR\DTXHQRKDEtD

(VWHUHODWR\RWURWLWXODGR(OJHQHUDOFRQVWLWX\HQODQRYHOD)XQGDFLyQH,PSHULR
VHJXQGDSDUWHGHODOODPDGDVHULHGHOD)XQGDFLyQ 1GHO7 VXIULGRXQUHFKD]RHQORV
~OWLPRVFLQFRDQRV6XIULUXQRSRUSDUWHGHXQDUHYLVWDGHVHJXQGDFDWHJRUtDGHVSXpVGH
SDVDU HO YHUDQR HQWHUR HVFULELHQGR \ WUDV KDEHU UHFLELGR OD DSUREDFLyQ GH OD UHYLVWD
FXDQGR D VROLFLWXG GH OD PLVPD  PH KDEtDQ SHGLGR YHU IUDJPHQWRV GH OD QRYHOD
FRQIRUPH LED HVFULELpQGROD PH SDUHFLy LQVRSRUWDEOH 7HQJR OD FRVWXPEUH GH VHQWLUPH
GHVLOXVLRQDGRFXDQGRVXIURUHFKD]RV \VXIURDOJXQRVLQFOXVRHQODDFWXDOLGDG SHURORV
VRSRUWRILORVyILFDPHQWH$TXpOODIXHODSULPHUD\OD~QLFDYH]TXHPHHQFROHULFp
+LFH HO LQWHQWR HQ $VWRXQGLQJ \ OD QRYHOD IXH UHFKD]DGD GH QXHYR $OLPHQWp OD
HVSHUDQ]D GH TXH XQD HGLWRULDO VHPLSURIHVLRQDO HQ SURFHVR GH FUHDFLyQ SDUD SXEOLFDU
REUDV GH FLHQFLD ILFFLyQ TXLVLHUD TXHGDUVH FRQ PL QRYHOD SUiFWLFDPHQWH VLQ SDJDU XQ
FHQWDYRSHURLQFOXVRHVDHVSHUDQ]DVHGHVYDQHFLy
(UD HO SHRU IUDFDVR OLWHUDULR GH PL YLGD KDVWD HQWRQFHV \ OR H[WUDxR HV TXH \R QR
WLUDUD D OD EDVXUD HO FRQGHQDGR PDQXVFULWR 3RU IRUWXQD D~Q IDOWDED XQD GpFDGD SDUD
TXH FRPSUDUD OD FDVD FRQ HO IRJyQ SDUD EDUEDFRDV HQ HO SDWLR R GH RWUR PRGR KDEUtD
TXHPDGRODQRYHOD3HUR\RUHVLGtDHQXQSLVRVLQSRVLELOLGDGGHSUHSDUDUEDUEDFRDVHQ
HOVDOyQGHPRGRTXHPHWtHOPDQXVFULWRHQXQFDMyQHLQWHQWpROYLGDUHODVXQWR

6LQHPEDUJRHQ'RXEOHGD\HVWDEDSODQHDQGRLQLFLDUXQDFROHFFLyQGHFLHQFLD
ILFFLyQ FRQ HQFXDGHUQDFLyQ GH OXMR TXH VHUtD OD SULPHUD GH XQD HGLWRULDO QR
HVSHFLDOL]DGD0LDPLJR)UHGHULN3RKOWDPELpQHVFULWRUGHFLHQFLDILFFLyQVHHQWHUyGH
HOOR YLQR D YHUPH \ PH VXJLULy TXH RIUHFLHUD (QYHMHFH FRQPLJR D 'RXEOHGD\ 3XVH
PXFKtVLPRVUHSDURV\DTXHQRWHQtDLQWHQFLyQDOJXQDGHVXIULUQXHYDVKXPLOODFLRQHVSRU
FDXVD GHO ILDVFR TXH KDEtD HVFULWR SHUR )UHG IXH PX\ SHUVXDVLYR \ OH UHVSRQGt TXH OR
SHQVDUtD

(O,GHPDU]RGHGHFLGtTXHVHUtDSRFRSURIHVLRQDOSRUPLSDUWHGHWHUPLQDUHQ
QRPEUHGHXQHGLWRUTXHXQDQRYHODHUDLQVHUYLEOH(QFRQVHFXHQFLDIXLDOSLVRGH)UHG

3RKO (QDTXHOORVKHPSRV\RHUDGHPDVLDGRSREUHSDUDLUHQWD[L\GHPDVLDGRLQJHQXR
SDUD SHQVDU HQ XQD OODPDGD WHOHIyQLFD D ILQ GH FRPSUREDU VL PL DPLJR HVWDED HQ VX
FDVD  &RPR HUD GH HVSHUDU )UHG VH KDEtD DXVHQWDGR \ IXH VX KLMDVWUD XQD QLxD GH
RFKR DxRV TXH HVWDED VROD HQ HO SLVR OD TXH DEULy OD SXHUWD (Q DTXHOORV WLHPSRV ORV
QLQRVGHRFKRDxRVD~QQRHVWDEDQILUPHPHQWHDGRFWULQDGRVSDUDTXHMDPiVDEULHUDQOD
SXHUWDDGHVFRQRFLGRV 
'HEHQ VDEHU TXH SRU OR JHQHUDO WUDWR PLV PDQXVFULWRV FRPR VL HVWXYLHUDQ
WDFKRQDGRVGHGLDPDQWHV6LHPSUHTXHHVSRVLEOHORVOOHYRSHUVRQDOPHQWHDODHGLWRULDO
\ ORV SRQJR GLUHFWDPHQWH HQ PDQRV UHVSRQVDEOHV &XDQGR OD SHUVRQD UHVSRQVDEOH KD
VDOLGR GH YLDMH PH YHR REOLJDGR D PDQGDU ORV PDQXVFULWRV SRU FRUUHR SHUR VLHPSUH
WHOHIRQHRDOFDERGHXQWLHPSRUD]RQDEOHSDUDDVHJXUDUPHGHTXHKDQOOHJDGR$TXHOOD
YH]QRREVWDQWHPHLPSRUWDEDWDQSRFR(QYHMHFHFRQPLJRTXHGLHOPDQXVFULWRDOD
QLxD FRQ DLUH LQGLIHUHQWH HQ OD PLVPD SXHUWD \ OH RUGHQp TXH VH OR HQWUHJDUD D VX
SDGUH
< PiV WDUGH QR VLQ FLHUWR DVRPEUR SRU PL SDUWH :DOWHU / %UDGEXU\ UHVSRQVDEOH
HGLWRULDO GH 'RXEOHGD\ GLR VX DSUREDFLyQ D OD QRYHOD \ PH GLMR TXH VL SURORQJDED HO
WH[WR KDVWD  SDODEUDV DSUR[LPDGDPHQWH VX HGLWRULDO OR SXEOLFDUtD < OR TXH HV
PiV PH SDJy  GyODUHV VyOR SRU KDFHU HVR SURPHWLpQGRPH RWURV  XQD YH]
HVWXYLHUD FRPSOHWDGD OD WDUHD 3RVWHULRUPHQWH FRPR HV OyJLFR HO OLEUR SRGUtD UHQGLU
GHUHFKRV GH DXWRU 4XHGp DWXUGLGR DQWH WDQWD HVSOHQGLGH] \ OD YLVLyQ GH XQ HVSOHQGRU
RULHQWDOHQHOIXWXUR

7DUGp VHLV VHPDQDV \ PHGLD HQ FRUUHJLU \ SURORQJDU HO WH[WR \ WHUPLQp HO  GH
PD\R GH  'RXEOHGD\ OR DFHSWy DXQTXH PH URJy HOLJLHUD RWUR WtWXOR <R HVWDED
DQVLRVRSRUDQXODUHOWtWXORDQWHULRUTXH VyORSRGtDDVRFLDUFRQGHVJUDFLD\WXUEDFLyQ\
VXJHUtHOGH8QJXLMDUURHQHOFLHOR

8QJXLMDUURHQHOFLHORIXHSXEOLFDGRHOGHHQHURGH)XHHOSULPHUOLEURGH
ODVHULHTXHDFWXDOPHQWHVXSHUDORVGHHOORVPiVGHHGLWDGRVSRU'RXEOHGD\
'HVSXpV GH WRGR HVWR FRQVHUYp XQD FRSLD KHFKD FRQ SDSHO FDUEyQ GHO (QYHMHFH
FRQPLJRRULJLQDOHOWLHPSRVXILFLHQWHSDUDSRGHUHQWUHJDUODMXQWRFRQRWURPDWHULDOD
+RZDUG*RWOLHEGHOD%LEOLRWHFDGHOD8QLYHUVLGDGGH%RVWRQ&RPRHVOyJLFR\RWHQtD
XQPRQWyQGHPDQXVFULWRVDQKLJXRVHQXQDFDMDTXHJXDUGDEDHQHOGHVYiQGHPLFDVD
GH 1HZWRQ \ QR LQVSHFFLRQp FRQ GHWDOOH ORV SDSHOHV SRU OR TXH QR VXSH TXH DTXHO
PDQXVFULWRFRQFUHWRLEDLQFOXLGRHQHOHQYtRKDVWDTXH&KDUOHV:DXJKPHFRPXQLFyTXH
ORKDEtD YLVWRHQHOVyWDQRGHODELEOLRWHFD
$TXt HVWi DKRUD OD QRYHOD H[DFWDPHQWH FRPR IXH FRQFHELGD SDUD 6WDUWOLQJ VL VH
H[FH'W~DODFRUUHFFLyQaRUHV\URVaGHVDWLQRVVHFXQGDULRV
(QYHMHFHFRQPLJR
3UyORJR

&RPRFXDOTXLHUSHUVRQDTXHORKD\DLQWHQWDGRVDEHXQUHODWR
SXHGHQDUUDUVHGHGRVIRUPDV3XHGHVHPSH]DUSRUHOSULQFLSLR\
DYDQ]DUKDFLDHOILQDORHPSH]DUSRUHOILQDO\DYDQ]DUKDFLDHO

SULQFLSLR(QHVWHFDVRFRQFUHWRHOSULQFLSLRHV-RVHSK6FKZDUW]
VDVWUHMXELODGRGH&KLFDJR(VWDGRV8QLGRV$QQR'RPLQLHQ
WDQWRTXHHOILQDOHV%HO$UYDUGDQDUTXHyORJRQRMXELODGRGH%D
URQQVHFWRUGH6LULRDxRGHOD(UD*DOiFWLFD

(QUHDOLGDGH[LVWHXQDWHUFHUDIRUPDGHFRQWDUXQFXHQWR\
FRQVLVWHHQHPSH]DUSRUDPERVH[WUHPRV\DYDQ]DUKDFLDHO FHQWUR<
SXHVWRTXHLRKJHQWLOOHFWRU DSURSyVLWRFXDQGRVHXVDEDKDFH
VLJORVHVWDIUDVHQRKDiDUHIHUHQDDDODDPDELOLGDGGHOOHFWRUVLQRD
VXVXSXHVWDFDOLGDGGHJHQWLOKRPEUHYDOHGHFLUQREOHDILQGH
GLIHUHQFLDUORGHOSRSXODFKRTXHFDUHiDHQRSLQLyQGHODXWRUGHO
LQJHQLR\HOJXVWRVHOHFWLYRQHFHVDULRVSDUDOHHUVXVREUDV 

3HURFRPRtEDPRVGLFLHQGR

<SXHVWRTXHRKJHQWLOOHFWRUHOPpWRGRGHORVGRVH[WUHPRV
KDFLDHOFHQWURSDUHFHXQSRFRFRQIXVRYDPRVDHQVD\DUOR\DGHPRV
WUDUTXHQRHVWDOFRVD
(O~QLFRSUREOHPDHVTXHWHQGUHPRVTXHVHJXLUORVGRVH[WUHPRV
SRUVHSDUDGR\DTXHQLQXHVWURQRPEUHGHSLODHV*HUWUXGHQLQXHV
WURDSHOOLGR6WHLQ'HVSXHVGHODQ]DUODPRQHGDQRVGHFLGLPRVSRU
-RVHSK6FKZDUW]
OD3$57(-26(3+6&+:$57=
,(QWUHGRVSDVRVFRQVHFXWLYRV

-RVHSK6FKZDUW]VDVWUHMXELODGRHWFDXQTXHIDOWRGHORTXHORV
PXQGDQRVGHKR\GHQRPLQDQHGXFDFLyQIRUPDOKDEtDJDVWDGR
EXHQDSDUWHGHVXQDWXUDOH]DLQTXLVLWLYDHQOHHUDODYHQWXUD6LPSOH
PHQWHDIXHU]DGHLQGLVFULPLQDGDYRUDFLGDGKD:DREWHQLGRQRFLRQHV
VXSHUILFLDOHVGHSUiFWLFDPHQWHFXDOTXLHUWHPD\JUDFLDVDVXPDxRVD
PHPRULDKDEtDORJUDGRUHWHQHUORWRGRFRQFODULGDG

6LUYDHVWRSDUDH[SOLFDUSRUTXpHQHVWHGtDPX\VROHDGR\EUL
OODQWHGHSULQFLSLRVGHOHVWtRGH6FKZDUW]SRGtDSDVHDUVHSRUODV
SODFHQWHUDVFDOOHVGHODVDIXHUDVGH&KLFDJR\FLWDUPHQWDOPHQWHD
%URZQLQJ(QFRQFUHWRHVWDEDUHFRUGDQGRHOSRHPD5DEt%HQ
(]UDTXHFRQRiDGHPHPRULDWUDVKDEHUOROHtGRGRVYHFHVFXDQGR
HUDPiVMRYHQ\TXHQRUHSHWLUHPRVSRUHQWHURSDUDQRDEXUULUDO
OHFWRU(QUHDOLGDGHUDQORVGRVSULPHURVYHUVRVORVTXHOHDWUDtDQ D
pO\DQRVRWURV \GLFKRVYHUVRVHUDQpVWRV
(QYHMHFHFRQPLJR
/RPHMRUD~QQRKDYHQLGR

6FKZDUW]VHQWtDHVRLQWHQVDPHQWH7UDVODVOXFKDVGHVXMXYHQWXG
HQ(XURSD\ODVVRVWHQLGDVFRPRDGXOWRHQORV(VWDGRV8QLGRVHO
VRVLHJRGHXQDPDGXUH]SUyVSHUDUHVXOWDEDSODFHQWHUR&RQFDVD\

GLQHURSURSLRV6FKZDUW]SRGtDUHWLUDUVH\DVtORKL]R&RQXQDHV
SRVDTXHJR]DEDGHEXHQDVDOXGXQDKLMDIHOL]PHQWHFDVDGDXQQLHWR
SDUDVXDYL]DUHVWRV~OWLPRVDxRVORVPHMRUHVTXpFRVDSRGtD
SUHRFXSDUOH"
(VWDEDODERPEDDWyPLFDGHVGHOXHJR\ODVKDEODGXUtDVHQFLHUWR
PRGRODVFLYDVVREUHODWHUFHUDJXHUUDPXQGLDOSHUR6FKZDUW]FUHtD
HQODERQGDGGHODQDWXUDOH]DKXPDQD1RRSLQDEDTXHSXGLHUD
OOHJDURWUDJXHUUDSRUORTXHVRQULyWROHUDQWHPHQWHDORVQLxRVTXH
SDVDEDQDVXODGR\OHVGHVHyHQVLOHQFLRXQUHFRUULGRUiSLGR\QR
GHPDVLDGRGLItFLOGHODMXLHQWXGKDVWDODSD]GHORPHMRUTXHLEDD
YHQLU

<HQRWUDSDUWHGH&KLFDJRVHHULJtDHO,QVWLWXWRGH(VWXGLRV
1XFOHDUHVGRQGHORVKRPEUHVQRWHQtDQWHRUaDVVREUHHOYDORUHVHQ
FLDOGHODQDWXUDOH]DKXPDQD\DTXHD~QQRVHKDEtDLQYHQWDGRXQ
LQVWUXPHQWRFXDQWLWDWLYRSDUDPHGLUGLFKRYDORU6LSHQVDEDQHQHOOR
DOJXQDYH]HUDVLPSOHPHQWHSDUDGHVHDUTXHDOJXQDPDQLREUDFHOHVWH
LPSLGLHUDDOPDOGLWRLQJHQLRGHODUD]DKXPDQDFRQYHUWLUWRGRVORV
GHVFXEULPLHQWRVLQRFHQWHVHLQWHUHVDQWHVHQDUPDVPRUWtIHUDV
6LQHPEDUJRHQFDVRQHFHVDULRHOPLVPRKRPEUHPHQWDOPHQWH
LQFDSD]GHFRQWHQHUVXFXULRVLGDGSRUHVWXGLRVQXFOHDUHVTXHDOJ~Q
GtDSRGUtDQH[WHUPLQDUPHGLRPXQGRHVHPLVPRKRPEUHDUULHVJDGD
VXYLGDSDUDVDOYDUODGHVXFDPDUDGD
)XHHOIXOJRUD]XOGHWUiVGHOTXtPLFRHOSULPHU GHWDOOHTXHDWUDMR
ODDWHQFLyQGHOGRFWRU6PLWK

/RDWLVEyDOSDVDUMXQWRDODSXHUWDHQWUHDELHUWD(OTXtPLFRXQ
DQLPDGRMRYHQ]XHORHVWDEDVLOEDQGRPLHQWUDVHPSDOPDEDGRVFD
EOHV1RKXERUHDFDyQGXUDQWHXQRVLQVWDQWHV\GHVSXpVXQLQVWLQWR
H[WUDxRVHGHVSHUWy

(OGRFWRU6PLWKHQWUyUiSLGDPHQWH\FRQIUHQpWLFRVPRYLPLHQWRV
GHXQDYDUDTXHKDEtDFRJLGRWLUyDOVXHORWRGRORTXHKDEtDHQOD
PHVD6HSURGXMRHOPRUWtIHURVLOELGRGHPHWDOTXHVHIXQGH\HO
GRFWRU6PLWKQRWyTXHXQDJRWDGHVXGRUUHVEDODEDKDFLDODSXQWDGH
VXQDUL]\TXHGDEDVXVSHQGLGDDOOL
(OMRYHQVHWRPyWLHPSRSDUDUHFREUDUHOHQWHQGLPLHQWRGHVWUR
]DGRSRUODSUHFLSLWDFLyQGHORWURKRPEUH0LUyLQH[SUHVLYDPHQWHHO
VXHORGHFHPHQWRGRQGHHOPHWDOSODWHDGRVHKDEtDIXQGLGR\DGH
MDQGRILQDVVDOSLFDGXUDVTXHWRGDYtDGHVSHGtDQLQWHQVRFDORU
4XpKDSDVDGRDTXt"SUHJXQWyFDVLVLQDOLHQWRHOGRFWRU
6PLWK

1RKDSDVDGRQDGDJUXxyHOTXtPLFR(UDXQDPXHVWUDGH
XUDQLRLPSXUR(VWR\HIHFWXDQGRXQDGHWHUPLQDFLyQHOHFWUROtWLFDGH

FREUH4XpSRGtDKDEHUSDVDGR"

1RORVp+DEtDHVHKDORD]XO8UDQLRGLFH"

8UDQLRLPSXUR\HVRQRHVSHOLJURVR/DSXUH]DHVXQRGHORV
UHTXLVLWRVPiVLPSRUWDQWHVGHODILVLyQ$GHPiVQRVHWUDWDGHSOXWR
QLR\QRHVWDEDVLHQGRERPEDUGHDGR
<GLMRSHQVDWLYDPHQWHHOGRFWRU6PLWKVHKDOODEDSRUGH
EDMRGHODPDVDFUtWLFD&RQWHPSOyODUHEODQGHFLGDPHVDODSLQ
WXUDTXHPDGD\OOHQDGHEXUEXMDVGHORVDUPDULRV3HURHOXUDQLR
IXQGHDPLORFKRFLHQWRVJUDGRVFHQWtJUDGRV\HVWHOXJDUGHEHHVWDU
VDWXUDGRGHWRGDFODVHGHUDGLDFLRQHV\HPDQDFLRQHVGLVSHUVDV(Q
FXDQWRVHHQIQHHOPHWDOMRYHQORPHMRUVHUiDUUDQFDUOR\UHFRJHUE
\DQDOL]DUORPHWLFXORVDPHQWH
6HDFHUFyDODSDUHGRSXHVWD\WRFySHQVDWLYDPHQWHXQSXQWR
VLWXDGRDODDOWXUDGHVXKRPEUR
4XpHVHVR"SUHJXQWyDOTXtPLFR6LHPSUHKDHVWDGR
DTXt"
(OTXpVHxRU"

(OMRYHQVHDFHUFyQHUYLRVDPHQWH\FRQWHPSOyFRQORVRMRVPX\




&XHQWRaSDUDOHORa
DELHUWRVHOSXQWRLQGLFDGRSRUHOKRPEUHGHPiVHGDG(UDXQDJX
MHURGLPLQXWRFRPRHOKHFKRSRUXQFODYRILQRDUUDQFDGRGHODSDUHG
GHVSXpVGHFODYDGRSHURFODYDGRHQ\HVR\ODGULOORHQWRGRHO
JURVRUGHOPXURGHOHGLILDR\DTXHDWUDYpVGHpOVHYHtDODOX]GHO
VRO(OTXtPLFRPHQHyODFDEH]D
1XQFDORKDEtDYLVWRSHURWDPSRFRORKDEtDEXVFDGR

%LHQVDOJDPRVGHDTXI+DUHPRVYHQLUDORVGHUDGLDDRQHV
SDUDTXHLQVSHFDRQHQODVDOD\XVWHG\\RSDVDUHPRVXQDWHPSRUDGD
HQODHQIHUPHUtD
4XHPDGXUDVSRUUDGLDFLyQVHUHILHUHDHVR"
(OTXtPLFRVHSXVRSiOLGR
/RDYHULJXDUHPRV

1RKXERLQGLFLRVGHTXHPDGXUDVSRUUDGLDFLyQ/RVDQiOLVLVGH
VDQJUHIXHURQQRUPDOHV\HOHVWXGLRGHODVUDtFHVGHOFDEHOORQRUHYHOy
QDGD7DPSRFRVXUJLHURQVtQWRPDVGHQLQJ~QWLSR<HQWRGRHO
,QVWLWXWRQRVHHQFRQWUyDQDGLHQLHQWRQFHVQLHQODpSRFDSRVWHULRU

FDSD]GHH[SOLFDUSRUTXpXQFULVROGHXUDQLRLPSXURPX\SRUGHEDMR
GHODPDVDFUtEFD\VLQHVWDUVRPHWLGRDERPEDUGHRQHXWUyQLFRGL
UHFWRKDEtDSRGLGRSRQHUVHDOURMRYLYR\IXQGLUVHUHSHQWLQDPHQWH
/D~QLFDFRQFOXVLyQIXHTXHODItVLFDQXFOHDUWHQWDD~QJULHWDV
H[WUDxDV\SHOLJURVDV

1LQJXQDUHODFLyQVHHVWDEOHFLyHQWUHWRGRHVWR\HOKHFKRGHTXH
GXUDQWHORVGtDVVLJXLHQWHVKXERDUWtFXORVHQORV SHQyGLFRVTXHLQIRU
PDEDQGHGHVDSDULFLRQHV1RHVWDEDLPSOLFDGDQLQJXQDSHUVRQDLP
SRUWDQWHQLQJXQDGHUHODWLYDLPSRUWDQFLDQLQJXQDGHLQWHUpV
SDUDQDGLHH[FHSWRSDUDQRVRWURV
3RUTXHXQDGHODVGHVDSDULFLRQHVTXHGyUHJLVWUDGDDVt

-RVHSK6FKZDUW](VWDWXUDXQRVHVHQWD\FLQFR3HVRVHWHQWD\
FXDWURNLORV3DUFLDOPHQWHFDOYR\FRQFDQDV'HVDSDUHFLGRGHVGH
KDFHWUHVGtDV/D~OWLPDYH]TXHVHOHYLRYHVED
1RKXERPiVLQIRUPDFLRQHVVREUHHOWHPD

3DUD-RVHSK6FKZDUW]HODFFLGHQWHRFXUULyHQWUHGRVSDVRVFRQVH
FXWOYRV+DEtDOHYDQWDGRHOSLHGHUHFKRFXDQGRVLQWLyXQPDUHRPR
PHQWiQHRFRPRVLHQODIUDFFLyQGHWLHPSRPiVPLQ~VFXODSRVLEOHXQ
WRUEHOOLQROHKXELHUDDO]DGR\YXHOWRGHOUHYpV<FXDQGRDSR\yGH
QXHYRHOSLHWRGRHODLUHVDOLyGHVXFXHUSRHQXQMDGHR\QRWyTXHVH
GHUUXPEDEDSRFRDSRFR\FDtDVREUHODKLHUED
$JXDUGyODUJRWLHPSRFRQORVRMRVFHUUDGRV\ILQDOPHQWHORV
DEQy

(UDFLHUWR6HKDOODEDVHQWDGRVREUHKLHUEDFXDQGRDQWHQRU
PHQWHKDEtDSLVDGRFHPHQWR/DV FDVDVKDEtDQGHVDSDUHFLGR/DV
FDVDVEODQFDVFRQVXVFpVSHGHVH[WHQGLGDVSRUORVDOUHGHGRUHVKL
OHUDWUDVKLOHUD7RGDVKDEtDQGHVDSDUHFLGR

<pOQRHVWDEDVHQWDGRHQHOFpVSHGGHXQDFDVDSRUTXHODKLHUED
FUHiDHVSHVDGHVDWHQGLGD\KDEtDiUEROHVDOUHGHGRUPXFKRViUER
OHV\PXFKRVPiVHQHOKRUL]RQWH

(QHVHPRPHQWRVHSURGXMRODSHRUFRQPRFLyQ\DTXHDOJXQDV
GHODVKRMDVGHDTXHOORViUEROHVHUDQGHFRORUURML]R\6FKZDUW]QRW
HQHOKXHFRGHVXPDQRODUHVHFDIUDJLOLGDGGHXQDKRMDPXHUWDeO
HUDXQKRPEUHGHFLXGDGSHURFRQRFtDHORWRxRFXDQGRORYHtD
2WRxR3HURFXDQGRpOKDEtDOHYDQWDGRHOSLHGHUHFKRHUDXQGtD
GHMXQLRFRQWRGRGHXQUHVSODQGHFLHQWHFRORUYHUGH

6FKZDUW]KDEOyVRORSXHVWRTXHKDVWDHOVRQLGRGHVXYR]HUDXQ
HOHPHQWRWUDQTXLOL]DGRUHQXQPXQGRSRUORGHPiVWRWDOPHQWH

H[WUDxR<HVDYR]IXHEDMDWHQVD\MDGHDQWH

3DUDHPSH]DUGLMRQRHVWR\ORFR0HVLHQWRFRPRVLHPSUH
PHKHVHQWLGR'HEHGHKDEHURWUDSRVLELOLGDG
8QVXHxR"&yPRSXHGRVDEHUVLHVRQRHVXQVXHxR"
6HSHOOL]Fy\QRWHOGRORUSHURVDFXGLyODFDEH]D

3RGUtDHVWDUVRxDQGRTXHQRWRHOSHOOL]FR(VRQRSUXHEDQDGD

0LUyDOUHGHGRUFRQDLUHFRQIXVR3RGtDQORVVXHxRVVHUWDQQW
WL
GRVWDQGHWDOODGRVWDQSURORQJDGRV"(QFLHUWDRFDVLyQKDEtDOHtGR
TXHFDVLWRGRVORVVXHxRVGXUDQPHQRVGHFLQFRVHJXQGRVTXHORV
SURYRFDQPROHVWLDVLQVLJQLILFDQWHVSDUDHOGXUPLHQWH\TXHODGXUD
FLyQDSDUHQWHGHORVVXHxRVHUDXQDLOXVLyQ
'HVHVSHUDGRHFKyKDFLDDUULEDHOSXxRGHVXFDPLVD\PLUyHO
UHORMGHSXOVHUD/DVHJXQGHUDJLUDED\JLUDED\JLUDED6LVHWUDWDED
GHXQVXHxRORVFLQFRVHJXQGRVLEDQDSURORQJDUVHWHUULEOHPHQWH
$SDUWyORVRMRVGHOUHORM\VHHQMXJyLQ~WLOPHQWHODIQ
DKXPHGDGGH
VXIUHQWH
<VLIXHUDDPQHVLD"

1RVHUHVSRQGLyVLQRTXHSRFRDSRFRKXQGLyODFDEH]DHQWUHODV
PDQRV6LHQWUHDO]DUXQSLH\YROYHUDDSR\DUORODPHQWHVHGHVOL]D
WUHVPHVHVRXQDxR\WUHVPHVHVRGLH]DxRV\WUHVPHVHV6LWHSDVD
HVRHQMXQLRGH\DFDEDHQVHSWLHPEUHXRFWXEUHGH'LRVVDEH
FXiQGRFyPRVDEHUOR"
3HURHUDLPSRVLEOH6FKZDUW]FRQWHPSOyVXFDPLVD(UDODTXHVH
KDEtDSXHVWRHVDPLVPDPDQDQDRODTXHGHEHUtDKDEHUVLGRHVD
PDxDQD\VHWUDWDEDGHXQDFDPLVDOLPSLD5HIOH[LRQKXQGLyHO
SXxRHQHOEROVLOORGHOSDQWDOyQ\H[WUDMRXQDPDQ]DQD

/DPRUGLVTXHyDORFDGDPHQWH(UDIUHVFD\WRGDYtDFRQVHUYDED
FLHUWDIULDOGDGGHODQHYHUDTXHODKDEtDFRQWHQLGRKDiDGRVKRUDV
RORTXHGHEHQ
DQKDEHUVLGRGRVKRUDV
'HVSXpVGHHVRVOHTXHGDEDHOVXHxRWDOYH]

6HOHRFXUULyTXHODKRUDKDEtDFDPELDGR(VWDEDDWDUGHFLHQGRR
FRPRPtQLPRODVVRPEUDVLEDQDODUJiQGRVH/DVLOHQFLRVDGHVRODFLyQ
GHOOXJDUHPSH]DLQTXLHWDUOHUHSHQWLQDPHQWH
'HXQVDOWRVHSXVRHQSLH(UDREYLRWHQGUtDTXHEXVFDUSHU
VRQDVFXDOTXLHUSHUVRQD(LJXDOPHQWHREYLRWHQGUtDTXHHQFRQ
WUDUXQDFDVD\HOPHMRUPHGLRSDUDKDFHUORHUDEXVFDUXQDFDUUH
WHaD

,QVWLQWLYDPHQWHVHYROYLKDFLDHOSXQWRGRQGHORViUEROHVSDUH
FtDQPHQRVDEXQGDQWHV\HPSUHQGLHOFDPLQR

(OVXDYHIQ
RGHODWDUGHFHUDWUDYHVDEDOHQWDPHQWHVXFDPLVD\ODV
FRSDVGHORViUEROHVLEDQYROYLpQGRVHRVFXUDV\DPHQD]DGRUDV
FXDQGR6FKZDUW]WRSFRQDTXHOODIUDQMDUHFWDHLQGHILQLGDGHPDFD
GDP6HODQ]yKDDDHOOD\QRWODGXUH]DEDMRVXVSLHV
(QDPEDVGLUHFFLRQHVKDEtDXQYDiRWRWDO\6FKZDUW]YROYLyD
SHUFLELUSRUXQPRPHQWRODPLVPDIULDOGDG+DEtDHVSHUDGRYHUFR
FKHV+DEUtDVLGRIDDOLVLPRSDUDUORVKDFLHQGRJHVWRV\GHFLU ORGLMR
HQYR]DOWDWDOHUDVXDQVLHGDG 
(VSRVLEOHTXHYDYDD&KLFDJR"

<VLQRVHHQFRQWUDEDFHUFDGH&KLFDJR"%LHQFXDOTXLHUFLXGDG
LPSRUWDQWH6yORWHQtDFXDWURGDUHV\VHWHQWD\FLQFRFHQWDYRVHQ
ORVEROVLOORVSHURVLHPSUHSRGtDUHFXUULUDODSROLiD
(FKyDDQGDUSRUODFDUUHWHUDSRUHOFHQWURGHODPLVPDVLQGHMDU
GHPLUDUHQDPEDVGLUHFFLRQHV/DSXHVWDGHVROQROHFDXVyLPSUH
VLyQDOJXQDQLHOKHFKRGHTXHODVSULPHUDVHVWUHOODVHVWXYLHUDQ
VDOLHQGR
1LQJ~QDXWRPyYLO1DGD<SURQWRHVWDUtDWRGRPX\RVFXUR

&UH\yTXHODVHQVDFLyQLQLFLDOGHPDUHRHVWDEDSUHVHQWiQGRVHGH
QXHYR\DTXHHOKRUL]RQWHGHVXL]TXLHUGDFHQWHOOHDED$EUDYpVGH
ODVEUHFKDVGHORViUEROHVVHYHtDXQGpELOEULOORD]XODGR1RHUDGHO
URMRLQTXLHWRTXHpOLPDJLQDEDTXHWHQGUtDXQLQFHQGLRIRUHVWDOVLQR
XQIXOJRUVXDYHTXHSDUHiDGHVOL]DUVHOHQWDPHQWH<HOPDFDGDPTXH
WHQtDEDMRORVSLHVDSDUHQWDEDFKLVSHDUFRQLGpQWLFDVXDYLGDG6H
DJDFKySDUDWRFDUHOILUPH\ORQRWyQRUPDO3HURKDEtDDTXHOFHQWH
OOHRGHELOLVLPRTXHDOFDQ]DEDODVFRPLVXUDVGHVXVSiUSDGRV
(VWDEDKDPEULHQWR\PX\PX\DVXVWDGRFXDQGRYLRDTXHOODOX]D
ODGHUHFKD

(UDXQDFDVD6FKZDUW]JULWyDORFDGDPHQWH\QDGLHUHVSRQGLy
SHURHUDXQDFDVD(ODJX]DGRLQVWLQWRGHOPLHGRHOKDPEUH\OD
VROHGDGDVtVHORDVHJXUDEDQSRUORTXHVDOLyGHODFDUUHWHUD\IXH
FDPSRDWUDYpVGDQGRWXPERVFUX]y]DQMDVHVTXLYyiUEROHVDWUD
YHVyPDWRUUDOHV\XQULDFKXHOR\SRUILQOOHJyDOOtFRQODVPDQRV
H[WHQGLGDVSDUDWRFDUODHVWUXFWXUDGXUD\EODQFD
1RHUDODGULOORQLSLHGUDQLPDGHUDSHURQLSRUXQPRPHQWROH
SUHVWyDWHQFLyQDHVHGHWDOOH3DUHFtDSRUFHODQDSHURDpOQROH
LPSRUWyHQDEVROXWR6FKZDUW]VHOLPLWyDEXVFDUODSXHUWD\DOOOHJDU
DHOOD\QRYHUWLPEUHDOJXQRODSDWHy\DXOOyFRPRXQORFR
2\yPRYLPLHQWRHQHOLQWHULRU\HOVRQLGRGHXQDYR]KXPDQD

*ULWyRWUDYH]
(KORVGHODFDVD
+XERXQ]XPELGRWHQXH\EODQGR\ODSXHUWDVHDEULy3RUHOOD
VDOLyXQDPXMHUFRQXQDFKLVSDGHDODQPDHQODPLUDGD(UDDOWD
IXHUWH\GHOJDGD\WUDVHOODVHYHtDODHQMXWDVLOXHWDGHXQKRPEUHGH
UHFLDVIDFFLRQHVYHVLGRFRQURSDGHWUDEDMR
3DUD6FKZDUW]DPERVHUDQWDQEHOORVFRPREHOODSXHGHVHUSDUD
XQKRPEUHODYLVLyQGHXQRVDPLJRV
/DPXMHUKDEOy\VXYR]HUDDXQTXHOtTXLGDDXWRULWDULD\
6FKZDUW]H[WHQGLyODPDQRKDFLDODSXHUWDSDUDVRVWHQHUVHHQSLH6XV
ODELRVVHPRYLHURQLQ~WLOPHQWH\GHSURQWRORVWHPRUHVPiVVREUH
FRJHGRUHVREVWUX\HURQGHQXHYRVXJDUJDQWD\DVIL[LDURQVXFRUD]yQSUHJXQWD
3RUTXHODPXMHUKDEODEDHQXQLGLRPDTXH6FKZDUW]MDPiVKDEtD
RtGR
/DDFRPRGDFyQGHXQH[aUDQR

/RD0DUHQ\VXLPSDVLEOHHVSRVRHVWDEDQMXJDQGRDFDUWDVHVH
IUHVFRDQRFKHFHUPLHQWUDVHODUURSDGRSHUVRQDMHGHOULQFQTXHRFX
SDEDODVLOODHOpFWULFDGHUXHGDVGRQQLWDEDVREUHVXOLEURILOPH(UD
XQDHVFHQDDQRUPDOHOEUHYHLQWHUYDORHQWUHHOEDEDMR\ODKRUDGH
DFRVWDUVH
$UELQ0DUHQSDVyORVGHGRVFXLGDGRVDPHQWHSRUORVUHFWiQJXORV
ILQRV\OLVRVPLHQWUDVPHGLWDEDODVLJXHQWHMXJDGD<OHQWDPHQWH
PLHQWUDVVHGHDGtDVRQDURQEUXVFRVJROSHV\EURQFRVJULWRVHQOD
SXHUWDXQRVJULWRVTXHQRDFDEDEDQGH FRQYHUWLUVHHQSDODEUDV

6XPDQRVHDO]yGHSURQWR\VHGHWXYRMXVWRHQDPDGHODFDUWD
TXHLEDDH[WUDHUGHOJUXSRTXHVRVWHPD/RVRMRVGH/RDUHIOHMDEDQ
WHPRU\XQLQVWDQWHGHVSXpVODPXMHUPLUyDVXHVSRVRVLQSFGHU
FRQWHQHUORVWHPEORUHVGHVXODELR LQIHULRU
6DFDGHDTXtD*UHZ'HSULVDGLMR$UELQ

/RDQRUHVSRQGLy(VWDEDMXQWRDODVLOODGHUXHGDVHPLWLyVRQL
GRVWUDQTXLOL]DGRUHVFRQVXOHQJXD

(OSHUVRQDMHGRUPLGRDEULyODERFD\GHVSHUWFRQJHVWRVGH
DWXUGLPLHQWR,UJXLyVXUHFOLQDGDFDEH]D\EXVFDWLHQWDVHOOLEUR
ILOPHTXHKDEtDFDtGRHQODPDQWDTXHFXEUtDVXVSLHUQDV
4XpSDVD"SUHJXQWyLUULWDGR

&KLV1RSDVDQDGDPXVLWyYDJDPHQWH/RD\OOHYyODVLOODD
ODKDELWDDyQFRQWLJXD

'HVSXpVFHUUyODSXHUWD\DSR\VXHVSDOGDHQHOOD6XILQRSHFKR
VXEtD\EDMDEDPLHQWUDVVXVRMRVEXVFDEDQORVGHVXPDULGR/RV

JROSHVYLROHQWRVVHJXtDQVRQDQGR

6HPDQWXYLHURQPX\MXQWRVHQHOPRPHQWRGHDEULUODSXHUWDFDVL
DODGHIHQVLYD\ODKRVWLOLGDGDVRPyHQVXVPLUDGDVDOHQFDUDUVHFRQ
HOKRPEUHEDMLWR\UHJRUGHWHTXHOHVVRQUHtD
3RGHPRVD\XGDUOHHQDOJR"GLMR/RD

(LQUQHGLDWDPHQWHVHHFKyKDDDDWUiVDOYHUTXHHOGHVFRQRDGR
DEUtDODERFD\H[WHQGtDXQDPDQRSDUDQRFDHUDOVXHOR
(VWDUiHQIHUPR"SUHJXQWyWRQWDPHQWH$UELQ9DPRV
D\~GDPHDHQWUDUOR

)XHURQSDVDQGRODVKRUDVGHVSXpVGHOLQFLGHQWH\HQHOVLOHQDR
GHVXGRUPLWRULR/RD\$UELQIXHURQSUHSDUiQGRVHOHQWDPHQWHSDUD
DFRVWDUVH
$UELQGLMRODPXMHU
4XpTXLHUHV"
(VVHJXUR"
6HJXUR"

$O'DUH&HU$UELQHOXGtDGHOLEHUDGDPHQWHHOVLJQLILFDGRGHOD

(VHKRPEUH(OKRPEUHTXHKHPRVHQWUDGRHQODFDVD
4XLpQHV"

&yPRYR\DVDEHUOR"IXHODLUULWDGDUHVSXHVWD3RGHPRV
QHJDUOHFRELMR"0DxDQDVLpOQRSXHGHLGHQWLILFDUVHLQIRQPDUHPRV
DO&XHUSR5HJLRQDOGH6HJXULGDG\DKtDFDEDUiWRGRODWUDQTXLOL]y
3HURVXHVSRVDURPSLyHOVLOHQFLRSRVWHULRUFRQPiVXUJHQFLDHQ
VXILQDYR]
1RFUHHVTXHSRGUtDVHUDJHQWHGHOD6RFLHGDGGH$QWLJXRV"
(VWi*UHZ\DVDEHV

1RHVDJHQWHSROLDDO/RD2OYLGDHVR6XSRQHVTXHUHFXUUL
UtDQDXQDDUWLPDxDWDQFRPSOLFDGDSRUXQSREUHYLHMRFRQILQDGRDOD
VLOODGHUXHGDV"1RSRGQ
DQSUHVHQWDUVHDODOX]GHOGtD\FRQDXWRUL
]DFLyQOHJDOGHUHJLVWUR"3RUIDYRUQRIDQWDVHHV$GHPiVSRUTXp
LEDQDVRVSHFKDUDOJR"1XHVWUDSURGXFFLyQHVWDWHPSRUDGDVHUiOD
FDQWLGDGH[DFWDTXHQRVH[LJHQVHJ~QHOFXSRILMDGRSDUDQXHVWUDV
WLHUUDVVXSRQLHQGRXQDIXHU]DODERUDOGHWUHVSHUVRQDV

6tVt3HURHVTXH$UELQKHHVWDGRSHQVDQGR6LpOQRHV
SROLiDQRSXHGHVHUGHOD7LHUUD

4Xp"3UHWHQGHVGHDUTXHSURFHGHGHORVPXQGRVH[WHULRUHV"
(VRHVPiVULGtFXORWRGDYtD3RUTXpYDDYHQLUDHVWHSODQHWD
PXHUWRXQKDELWDQWHGHO,PSHULR"

([DFWR3RUTXHQDGLHOREXVFDUiDTXt1RKDEODHOLGLRPD
YHUGDG"%DOEXFHD(UHVFDSD]GHFRPSUHQGHUOH"8QDVRODSDOD
EUD"1RYHVTXHSXHGHVHUQRV~WLO"6LHVXQH[WUDQMHURHQOD7LHUUD
QRHVWDUiLQVFULWRHQOD aILFLQDGHO&HQVR\OHDOHJUDUiPXFKtVLPRQR
WHQHUTXHSUHVHQWDUVHDQWHHOORV3RGHPRVHPSOHDUORHQODJUDQMDHQ
OXJDUGHPLSDGUH\YROYHUiQDVHUWUHVSHUVRQDVQRGRVODVTXH
GHEDQVDWLVIDFHUHOFXSRGHWUHVODSUy[LPDWHPSRUDGD
/RDPLUyDQVLRVDPHQWHHOLQFLHUWRVHPEODQWHGHVXHVSRVRTXH
PHGLWyPXFKRDQWHVGHUHVSRQGHU
'XHUPH/RD6HJXLUHPRVKDEODQGRFRQHOVHQWLGRFRP~QTXH
SURSRUFLRQDODOX]GHOGtD
/RVFXFKLFKHRVDFDEDURQVHDSDJyODOX]\SRUILQHOVXHxRVH
DGXHxyGHODKDELWDFLyQ\GHODFDVD

/DPDxDQDVLJXLHQWHFRUUHVSRQGLyD*UHZFRQVLGHUDUHODVXQWR(UD
XQKRPEUHTXHKDEtDVLGRIXHUWH\DFWLYR6XHVSDOGDHUDDPSOLDVXV
EUD]RVPX\PXVFXORVRV1LQJ~QUDVJRLQGLFDEDFLQFXHQWD\FLQFRDxRV
1RREVWDQWHVXVSLHUQDVGRVPDVDVFLKQGULFDVGHPDWHULDHQHUYDGDLEDQ
PDUFKLWiQGRVH\FRQVXPLpQGRaHSRFRDSRFRGHWDOIRUPDTXHVHJ~QODV
FRVWXPEUHVGHOD7LHUUD*UHZGHEtDVHUSUHVHQWDGRSDUDVHUHOLPLQDGRVLQ
GRORU\VXOXJDURFXSDGRSRUXQKRPEUHPiVMRYHQ\FDSDFLWDGR
&XDQGRKDEOyORKL]RPLUDQGRFRQSHQDDTXHOODVSLHUQDVPXHUWDV
GHVGHKDiDGRVDxRV

7XVSUREOHPDV$UELQSURYLHQHQDOSDUHFHUGHOKHFKRGHTXH
\RHVWR\LQVFULWR FRPRWUDEDMDGRUSRUORTXHHOFXSRGHSURGXFFLyQ
VHILMDSDUDWUHV(VWHHVHOVHJXQGRDQRTXHKHVREUHYLYLGRDPLKRUD
(VVXILFLHQWH
1RYDPRVDGLVFXWLUHVR$UELQHVWDEDSUHRFXSDGR+HPRV
SURGXFLGRVXILDHQWH

'HQWURGHGRVDQRVKDEUiHOFHQVR\ PHLUpGHWRGRVPRGRV

7HQGUiVRWURVGRVDQRVGHOLEURV\GHVFDQVR3RUTXpKDEQDV
GHYHUWHSULYDGRGHHVR"

3RUTXHRWURVVHYHQSULYDGRV<TXpPHGLFHVGH/RD"'X
UDUiRWUDWHPSRUDGD"&UHHVTXHQRODKHYLVWRFXDQGRHVWiWDQ

FDQVDGDTXHQRSXHGH DQGDUFXDQGRQRWLHQHPIXHU]DVSDUDOORUDU"
'HTXpPHVLUYHODYLGDVLHVDFRVWDGHODPXHUWHGHPLKLMD"
(VWiHVHKRPEUHVXJLULyDQVLRVDPHQWH$UELQ4XpWHSD
UHFH"

8QGHVFRQRFLGRPXVLWy*UHZ6HSUHVHQWDGDQGRJROSHV
HQODSXHUWDVXUJLGRGH ODQDGDHVLPSRVLEOHHQWHQGHUORTXHGLFH
4XLpQHV"
(OJUDQMHURVHHQFRJLyGHKRPEURV

(VDSDDEOH\HVWiPRUWDOPHQWHDVXVWDGR%DOEXFHDVLQFHVDU\
GHVSXpVVHTXHGDDFXUUXFDGRVLQPRYHUVHSHUGLGRHQDOJXQDSDUWH
GHVXPHQWH
<VLHVWiORFR" <VLHVWiHVTXLYDQGRDODVDXWRULGDGHVFRPR
\RPLVPR"
(VRQRSDUHFHSUREDEOH

3HUR$UELQVHUHPRYLyPX\QHUYLRVR

/RGLFHVSRUTXHTXLHUHVDSURYHFKDUWHGHpO%LHQDVtSXHVHO
SUREOHPDHVFyPRGLVSRQHUGHHVWHGHVFRQRDGRSDUDREWHQHUQRVR
WURVHOPi[LPRSURYHFKR6DEHVTXpKDGD\R"/ROOHYDGDDODDX
GDG
B$&KLFD"$UELQVHVHQWtDKRUURUL]DGR(VRVHGDODUXLQD

1LPXFKRPHQRVGLMRWUDQTXLODPHQWH*UHZ5HFXHUGDVHO
YLGHRQRWLDDULRGHODVHPDQDSDVDGD"(O,QVWLWXWRGH,QYHVWLJDDLRQHV
1XFOHDUHVSRVHHXQLQVWUXPHQWRTXHDOSDUHFHUFRQVLJXHTXHODJHQWH
DSUHQGDFRQPD\RUIDDOLGDG4XLHUHQYROXQWDULRV3UHVHQWDDHVH
KRPEUH
$UELQVDFXGLyODFDEH]DGHVHVSHUDGR

1RVpQDGDGHHVR3HUR*UHZSHGLUiQHOQ~PHURGHUHJLV
WUR\VDEHVTXHWHQHUODVFRVDVHQGHVRUGHQHVXQDLQYLWDDyQDTXH
LQYHVWLJXHQ(QHVHFDVRDYHULJXDQ
DQORWX\R

aHHTXLYRFDV$UELQ(O,QVWLWXWRTXLHUHYROXQWDULRVSRUTXHOD
PiTXLQDHVWDD~QHQIDVHH[SHULPHQWDO(VWR\VHJXURGHTXHQR
KDUiQSUHJXQWDV6LHOGHVFRQRFLGRPXHUHVHJXUDPHQWHQRHVWDUi
SHRUTXHDKRUD9HQJD$UELQSiVDPHHOSUR\HFWRUGHOLEURV\SRQ
ODVHxDOHQHOUROORVHLV
&XDQGRDTXHOODPDxDQD6FKZDUW]DEULyORVRMRVIXHSDUDVHQWLU
HVHGRORUDSDJDGRHVHGRORUTXHDVIL'DHOFRUD]yQ\VHQXWUHGHVt

PLVPRHOGRORUGHXQPXQGRIDPLOLDUSHUGLGR

(QRWUDRFDVLyQORKDEtDVHQWLGR\VHSURGXMRXQGHVWHOORPR
PHQWiQHRTXHGLREULOORPX\YLYRDXQDHVFHQDROYLGDGDeOXQ
PR]DOEHWHHQODQLHYHGHOSXHEORLQYHUQL]RFRQHOWULQHRHVSHUiQ
]

GROH\HOWUHQDOILQDOGHHVHWUD\HFWR\GHVSXpVGHHVRHOJUDQ
EDUFR

(OWHPRUHQSDUWHQRVWiOJLFRHQSDUWHIUXVWUDQWHDOPXQGRGHOR
IDPLOLDUOHXQLyPRPHQWiQHDPHQWHFRQDTXHOMRYHQGHYHLQWHDQRV
TXHKDEtDHPLJUDGRDORV(VWDGRV8QLGRV6LQVDEHUFyPRKDEtDGH
FLGLGRTXHWRGRHVWRQRSRGtDVHUXQVXHxR

6HLQFRUSRUyEUXVFDPHQWHHQHOLQVWDQWHTXHODOX]VLWXDGDHQFLPD
GHODSXHUWDVHHQFHQGLy\VHDSDJy\VRQyODLQFRPSUHQVLEOHYR]GH
EDGWRQRGHVXDQILWULyQ'HVSXpVVHDEULyODSXHUWD\OOHJyHOGHVD
\XQRXQSXUpKDULQRVRTXHQRUHFRQRFLyDXQTXHWHQtDFLHUWRVDERU
DJDFKDVGHPDt] FRQXQDVDEURVDGLIHUHQFLD \OHFKH
*UDFLDVGLMR\DVLQWLyYLJRURVDPHQWH

(OJUDQMHURGLMRDOJRFRPRUHVSXHVWD\FRJLyODFDPLVDGH
6FKZDUW]FROJDGDHQHOUHVSDOGRGHODVLOOD/DH[DPLQyDWHQWDPHQWH
SRUWRGDVSDUWHVSUHVWDQGRDWHQDQHVSHFLDODORVERWRQHV$FWR
VHJXLGRWUDVGHMDUODGHQXHYRHQODVLOODDEULODSXHUWDFRUUHGL]DGH
XQDUPDULR\6FKZDUW]SRUSULPHUDYH]SHUFLELYLVXDOPHQWHHOFi
OLGRDVSHFWROHFKRVRGHODVSDUHGHV
3OiVWLFRSHQVyHPSOHDQGRHVHWpUPLQRJHQHUDOFRQODLUUHYRFD
ELOLGDGXVXDOHQORVSURIDQRV2EVHUYDGHPiVTXHQRKDEtDULQFRQHV
RiQJXORVHQODKDELWDDQWRGRVORVSODQRVVHHQOD]DEDQIRUPDQGR
XQDVXDYHFXUYD
3HURHORWURKRPEUHHVWDEDPRVWUiQGROHREMHWRV\KDFLHQGRJHV
WRVLQFRQIXQGLEOHV(UDREYLRTXH6FKZDUW]GHEtDODYDUVH\YHVWLUVH

&RQD\XGDHLQVWUXFDRQHVREHGHFLy3HURQRHQFRQWUyQDGD
SDUDDIHLWDUVH\VXVJHVWRVWRFiQGRVHHOPHQWyQQRSURYRFDURQPiV
UHDFDyQTXHXQVRQLGRLPFRPSUHQVLEOHDFRPSDxDGRSRUXQDPLUDGD
GHFODUDUHSXJQDQDDSRUSDUWHGHORWURKRPEUH6FKZDUW]VHUDVFyVX
EDUEDFHUGRVD\JULViFHD\VXVSLUGHIRUPDDXGLEOH
<OXHJROROOHYDURQDXQYHKtFXORSHTXHQRDODUJDGR\SURYLVWRGH
GRVUXHGDVDOTXHOHRUGHQDURQHQWUDUPHGLDQWHJHVWRV(OVXHOR
HPSH]yDPRYHUVHEDMRHOORV\ODGHVLHUWDFDUUHWHUDUHWURFHGLD
DPERVODGRVKDVWDTXHVHDO]DURQDQWH6FKZDUW]HGLILFLRVEDMRVGH
FRORUEODQFRFKLVSHDQWH<PiVDOOiDSDUHFLyHOWRQRD]XOGHODJXD

6FKZDUW]VHxDOyDQVLRVDPHQWH
&KLFDJR"

(UDHO~OWLPRMDGHRGHHVSHUDQ]DTXHOHTXHGDEDSRUTXHHYLGHQ
WHPHQWHQDGDGHORTXHKDEtDYLVWRVHSDUHiDPHQRVDHVDFLXGDG
(OJUDQMHURQRGLRUHVSXHVWDDOJXQD
(OJREHUQDQWH\HOJREHPDGR

(QQLXVFXPSaDVXFXDUWRDxRFRPRSURFXUDGRUGHODPLQ~VFXOD
SURYLQFLDGH7HUUD(QFDOLGDGGHUHSUHVHQWDQWHGLUHFWRGHOHPSHUDGRU
VXSRVLFLyQVRDDOHVWDEDDODSDUKDVWDDHUWRSXQWR FRQODGHEV
YLUUH\HVGHORVLQPHQVRVVHFWRUHVJDOiFWLFRVTXHH[WHQGtDQLUUHJXODU
PHQWHVXVUHOXDHQWHVPROHVRFXSDQGRDHQWRVGHSDUVHFVF~ELFRVGH
HVSDDR(VHHUDTXL]iVXQFRQVXHORDFDGpPLFRSDUDVXHVSRVD\VXKLMD


3HURHQUHDOLGDGHOFDUJRGHSURFXUDGRUGH7HUUDHUDDSHQDV
PHMRUTXHHOH[LOLR1LULTXH]DVQLHVSOHQGRUDTXt1LQJXQDVROHPQL
GDGUHJLDHQODTXHEULOODU\WDPSRHRH[LVWtDHOEXOOLFLRGHOFRPHUFLR\
ODYLGD(QOXJDUGHHVRKDEtDSDODDRVGHVLHUWRVHQODVODGHUDVGHODV
PRQWDxDVFRQWLQHQWDOHV~QLFRVOXJDUHVGRQGHODUDGLDHWLYLGDGDWPRV
IpULFDHUDOREDVWDQWHEDMDSDUDSHUPLWLUKDELWDFLyQFRQWLQXDGD(VR\
XQDSREODFLyQSHQGHQDHUDTXHRGLDEDDOSURFXUDGRU\DO,PSHULR\
FX\DHQHPLVWDGLQYHWHUDGDHWHUQDPDOLFLRVD\PRUWtIHUDKDEtDTXH
MX]JDU\VRSHVDU
/DVHYDVLRQHVGH(QQLXVHUDQUDUDV\HVFDVDV'HEtDQGHVHUHVFD
VDVSRUTXHHQ&KLFDJRWUDQTXLODSRUHOPRPHQWRHUDQHFHVDULR
YHVWLUURSDLPSUHJQDGDGHSEPRVLHPSUHLQFOXVRHQODFDPD\
WRPDUPHWDEROLQDGHIRUPDFRQWLQXD

6HKDOODEDSODWLFDQGRVREUHHVHPLVPRKHFKRHQHODQWLJXR,QVWL
WXWRGH,QYHVWLJDFLRQHV1XFOHDUHVHQGRQGHHVWDEDYLVLWDQGRDO~QLFR
WHUUHVWUHGHOSODQHWDDOTXHSRGtDWUDWDUFRPRLJXDO
/DPHWDEROLQDGLMRPLHQWUDVOHYDQWDEDODSOGRUDGHFRORU
EHUPHOOyQSDUDH[DPLQDUODHVWDOYH]HOVtPERORDXWpQWLFRGHWRGR
ORTXHVXSODQHWDVLJQLILFDSDUDPtDPLJRPtR6XIXQFLQHVUHIRU]DU
WRGRVORVSURFHVRVPHWDELFRVPLHQWUDV\RSHUPDQH]FRLQPHUVRHQ
ODQXEHUDGLDFWLYDTXHPHURGHD\TXHXVWHGHVQLVLTXLHUDSHUDEHQ
7UDJyODStOGRUD<DHVWi$KRUDPLFRUD]QODWLUiFRQPiV
UDSLGH]PLUHVSLUDFLyQHPSUHQGHUiXQDFDUUHUDSRUVXFXHQWDPL
KtJDGRKHUYLUi\VHGHVKDUiHQHVDVVtQWHVLVTXtPLFDVTXHPHLQIRU
PDQORVH[SHUWRVPpGLFRVFRQVWLWX\HQODIiEULFDPiVLUQSRUWDQWHGHO
RUJDQLVPR<HVRORSDJRGHVSXpVFRQXQFHUFRGHGRORUHVGH
FDEH]D\ODVLWXG

(OGRFWRU6KHNWOHHVFXFKDEDFRQFLHUWRDLUHGHGLYHUVLyQ1RU
PDOPHQWHVHUHIHGDQDpOFRPR6KHNWHOTXHWRGRORPLUDGHFHUFD
QRSRUTXHOOHYDUDJDIDVRIXHUDPLRSHVLQRWDQVHSRUTXHHOKiELWR
SURORQJDGROHKDEtDOOHYDGRDODSUiFWLFDLQFRQVFLHQWHGHFRQVLGHUDU
DWHQWDPHQWHWRGDVODVFRVDVGHVRSHVDUDQVLRVDPHQWHWRGRVORVKH
FKRVDQWHVGHRSLQDU(UDDOWR\HQWUDGRHQDxRV\VXPDUFKLWD
VLOXHWDVHHQFRUYDEDIRUPDQGRXQLQWHUURJDQWH
3HURHVWDEDPX\LQVWUXLGRHQFXOWXUDJDOiFWLFD\VHKDOODEDUHODWL
YDPHQWHDVDOYRGHOKiELWRGHODKRVWLOLGDG\ODVRVSHFKDXQLYHUVDOHV
TXHKDiDQWDQUHSXJQDQWHDOWHUUHVWUHWtSLFRSDUDDTXHOKRPEUHGHO
,PSHULR(QQLXV
(VWR\VHJXURGHTXHQRODQHFHVLWDGLMR6KHNW/DPHWDER
OLQDHVVLPSOHPHQWHXQDGHVXVVXSHUVWLDRQHVFRQILpVHOR6LODFDP
ELDUDSRUSDVWLOODVGHD]~FDUVLQTXHXVWHGORVXSLHUDQRVHVHQWLGD
SHRUQLPXFKRPHQRV
/RGLFHHQODFRPRGLGDGGHVXDPELHQWH9DDQHJDUTXHVX
PHWDEROLVPREiVLFRHVVXSHULRUDOPtR"

6pTXHHVXQDVXSHUVWLFLyQGHO,PSHULR(QQLXVTXHQRVRWURV
ORVKRPEUHVGHOD7LHUUDVRPRVGLVWLQWRVGHOUHVWRGHVHUHVKXPDQRV
SHURODYHUGDGQRHVpVD+DYHQLGRDTXtFRPRPLVLRQHURGHORVDQ
WLWHUUHVWUHV"
(QQLXVJUXxy
3RUODYLGDGHOHPSHUDGRUVXVFDPDUDGDVGHOD7LHUUDVRQORV
PHMRUHVPLVLRQHURVHQHVHVHQWLGR$OYLYLUDTXtHQMDXODGRVHQVX
PRUWtIHURSODQHWDHPSRQ]RxDGRVSRUVXSURSLDUDELDVRQVLPSOH
PHQWHXQD~OFHUDFUyQLFDHQODJDOD[LD

+DEORHQVHULR4XpKDELWDQWHVGHRWURSODQHWDWLHQHQWDQWR
ULWXDOHQVXVYLGDVFRWLGLDQDVFRPRSDUDDGKHULUVHDpOFRQXQDIXULD
WDQPDVRTXLVWD"1RSDVDXQGtDVLQTXH\RQRUHFLEDGHOHJDFLRQHVGH
XQDXRWUDGHVXVLQVWLWXFLRQHVH[LJLpQGRPHODSHQDGHPXHUWHSDUD
SREUHVGLDEORVFX\R~QLFRGHOLWRKDVLGRHQWUDUHQXQD]RQDSURKL
ELGDHOXGLUHO6HVHQWDRVLPSOHPHQWHFRPHUPiVGHORTXHOHVFR
UUHVSRQGH
$KSHURXVWHGVLHPSUHFRQFHGHODSHQDGHPXHUWH6XDYHUVLyQ
LGHDOLVWDSDUHFHUHDFLDDRSRQHUVH

/DVHVWUHOODVVRQWHVWLJRVGHTXHPHHVIXHU]RSDUDGHQHJDUOD
PXHUWH3HURTXpSXHGHKDFHUXQR"(OHPSHUDGRURUGHQDTXHWRGDV
ODVVXEGLYLVLRQHVGHO,PSHULRVLJDQVLQLQWURPLVLRQHVHQVXVFRVWXUQ
EUHVORFDOHV<HVRHVFRUUHFWR\VHQVDWR\DTXHUHVWDDSR\RSRSX
ODUDORVQHFLRVTXHGHRWURPRGREXVFDGDQUHYXHOWDVPDUWHV\MXHYHV
DOWHUQRV$GHPiVVLPHPRVWUDUDWHUFRFXDQGRFRQVHMRVVHQDGRV\

FiPDUDVLQVLVWHQHQODPXHUWHVHDO]DGDWDOJULWHGR\KDEGDWDQWRV
FKLOOLGRV\GHQXQFLDVGHO,PSHULR\WRGDVVXVREUDVTXH\RSUHIHULQD
GRUPLUHQWUHXQDOHJLyQGHGLDEORVGXUDQWHYHLQWHDxRVDQWHVTXH
HQIUHQWDUPHGLH]PLQXWRVDXQD7LHUUDHQHVDVFRQGLDRQHV
6KHNWVXVSLUy\VHUDVFyHOHVFDVRFDEHOORGHVXFDEH]D

aMDOiSXGLHUDQHJDUVXVDILUPDDRQHVSURFXUDGRUSHURQR
SXHGR6LQHPEDUJRQRVRPRVGLVWLQWRVGHXVWHGHVORVGHORVPXQ
GRVH[WHULRUHV6LPSOHPHQWHVRPRVPiVGHVDIRUWXQDGRV(VWDPRV
DSLULDGRVDTXtHQXQPXQGRSUiFWLFDPHQWHPXHUWRLQPHUVRHQXQ
PDUGHUDGLDFLyQTXHQRVHQFDUFHODURGHDGRVSRUXQDJDOD[LDLQ
PHQVDTXHQRVUHFKD]D4XpSRGHPRVKDFHUFRQWUDODVHQVDFLyQGH
IUXVWUDFLyQTXHQRVFRUURH"'HVHDGDXVWHGSURFXUDGRUTXHHQYLi
UDPRVDOH[WHULRUQXHVWURH[FHVRGHSREODFLyQ"
(QQLXVVHDO]yGHKRPEURV

0HSUHRFXSDGDHVRDPt"3UHRFXSDUtDDODVSREODFLRQHV$
HOODVQROHVLQWHUHVDGDFDHUYtFWLPDGHHQIHUPHGDGHVWHUUHVWUHV
(QIHUPHGDGHVWHUUHVWUHV6KHNWIUXQFLyHOFHxR6HWUDWD
GHXQDEVXUGRTXHGHEHUGDHUUDGLFDUVH1RVRPRVSRUWDGRUHVGH
PXHUWH+DPXHUWRXVWHGSRUHVWDUHQWUHQRVRWURV"
$GHFLUYHUGDGGLMR(QQLXVVRQULHQWHKDJRWRGRFXDQWR
SXHGRSDUDHYLWDUFRQWDFWRVLQGHELGRV

(VRHVSRUTXHWDPELpQXVWHGWHPHODSURSDJDQGDFUHDGDDOILQ
\DOFDERSRUODHVWXSLGH]GHVXVIDQiWLFRV
9D\D6KHNWQRWLHQHEDVHDHQIIILFDDOJXQDODWHRGDGHTXH
ORVWHUUHVWUHVVRQUDGLDFWLYRVSRUVtPLVPRV"

6tFLHUWDPHQWHORVRQ&yPRLEDQDHYLWDUOR",JXDOTXHXVWHG
,JXDOTXHFXDOTXLHUSHUVRQDHQFXDOTXLHUDGHORVFLHQPLOORQHVGH
SODQHWDVGHO,PSHULR1RVRWURVVRPRVPiVUDGLDFWLYRVHQHVRHVWR\
GHDFXHUGRFRQXVWHGaSHURDSHQDVOREDVWDQWHSDUDFDXVDUGDxRD
DOJXLHQ
3HURHOKRPEUHPHGLRGHODJDOD[LDFUHHORFRQWUDULRPHWHPR
\QRVLHQWHGHVHRVGHDYHULJXDUORH[SHULPHQWDOPHQWH$GHPiV

$GHPiVYDXVWHGDGHFLUQRVRWURVVRPRVGLVWLQWRV1RVRPRV
VHUHVKXPDQRV\DTXHPXWDPRVFRQPiVUDSLGH]DFDXVDGHODUDGLD
FLyQDWyPLFD\SRUORWDQWRKHPRFDUQELDGRHQPXFKRVDVSHFWRV
7DUQSRFRHVWiGHPRVWUDGR
3HURODJHQWHORFUHH

<HQWDQWRORFUHDSURFXUDGRU\HQWDQWRORVWHUUHVWUHVVHDPRV
WUDWDGRVFRPRSDULDVGHVFXEULUiHQQRVRWURVODVFDUDFWHGVWLFDVDODV
TXHXVWHGREMHWD6LQRVSUHVLRQDQGHPRGRLQWROHUDEOHKD\TXH
H[WUDQDUVHGHTXHQRVGHIHQGDPRV"2GLiQGRQRVFRPRQRVRGLDQ
WLHQHQGHUHFKRDTXHMDUVHGHTXHQRVRWURVWDPELpQRGLHPRV"1R
QRQRVRWURVWHQHPRVPXFKRPiVGHRIHQGLGRVTXHGHRIHQVRUHV

(QQLXVVHVHQWtDPRUWLILFDGRSRUODLUDTXHKDEtDVXVDWDGR+DVWD
HOPHMRUGHDTXHOORVWHUUHVWUHVWHQtDHOPLVPRSXQWRGpELOODPLVPD
VHQVDFLyQGHOD7LHUUDFRQWUDHOXQLYHUVRHQWHUR

6KHNWSHUGRQHPLJURVHGDSRUIDYRUGLMRFRQVXPRWDFWR
$FHSWHPLMXYHQWXG\PLKDVWtRFRPRHaFXVDV7LHQHDQWHXVWHGDXQ
SREUHKRPEUHXQMRYHQGHFXDUHQWD \FXDUHQWDDxRVHVODHGDGGH
XQEHEpHQODDGPLQLVWUDFLyQFLYLOSURIHVLRQDO TXHHVWiDIDQiQGRVH
HQVXDSUHQGL]DMHHQOD7LHUUD3RGULDQSDVDUDxRVDQWHVGHTXHORV
QHFLRVGHOQHJRDLDGRGH3URYLQDDV(aWHULRUHVPHUHFXHUGHQOREDV
WDQWHSDUDSURPRYHUPHDXQFDUJRPHQRVPRUWtIHUR'HIRUPDTXH
DPERVVRPRVSULVLRQHURVGHOD7LHUUD\DXGDGDQRVGHOJUDQPXQGR
GHODPHQWHHQGRQGHQRHaLVWHQGLVWLQDRQHVQLGHSODQHWDQLGH
FDUDFWHGVWLFDVIIVLFDV'pPHODPDQRSXHV\VHDPRVDPLJRV

/DVDUUXJDVGHOURVWURGH6KHNWVHDOLVDURQRPiVH[DFWDPHQWH
IXHURQVXVWLWXLGDVSRURWUDVPiVLQGLFDWLYDVGHEXHQKXPRU(OGRFWRU
VHHFKyDUHtUDELHUWDPHQWH
(VDVSDODEUDVVRQODVGHXQVXSOLFDQWHSHURHOWRQRVLJXH
VLHQGRHOGHOGLSORPiWLFRLPSHULDOGHFDUUHUD(VXQPDODFWRUSUR
FXUDGRU
(QHVHFDVRGHVTXtWHVHFRQPLJRVLHQGRXQEXHQSURIHVRU\
KiEOHPHGHHVHVLQDSVLILFDGRUVX\R

9D\DKDRtGRKDEODUGHOLQVWUXPHQWR"(VODIIVLFDRWUDGHVXV
DILDLRQHV"
&XDOTXLHUFRQRDUQLHQWRHVGHPLLQFXPEHQDD(QVHULR6KHNW
PHJXVWDQDPXFKRFRQRFHUORVGHWDOOHV

(OItVLFRH[DPLQy DWHQWDPHQWHDORWUR\HQVXURVWURVHUHIOHMOD
GXGD6HOHYDQWy\VXPDQRQXGRVDVHDO]yKDVWDVXODELRTXHSH
OOL]FyPLHQWUDVPHGLWDED
aDVLQRVpSRUGyQGHHPSH]DU

%LHQSRUODVHVWUHOODVVLHVWiFRQVLGHUDQGRSRUTXpSXQWRGHOD
WHRGDPDWHPiWLFDYDDHPSH]DUROYLGHORVWRGRV1RVpQDGDGHVXV
IDFWRUHVGHSUREDELOLGDGHQQHXURTXtPLFDHOHFWUQLFD
/RVRMRVGH6KHNWFKLVSHDURQ

6LQHPEDUJRVDEHFRUUHFWDPHQWHHOQRPEUHGHHVDUDPDGHODV
PDWHPiWLFDV
8QHUURU+DVLGRHOSULPHURTXHPHKDYHQLGRDODPHQWH\VL
QRPHKXELHUDSDUHDGRXQJDOLPDWtDVQRORKDEGDSURQXQFLDGR
4XpHVVXVLQDSVLILFDGRU"

%LHQHQHVHQFLDVHWUDWDGHXQGLVSRVLWLYRSDUDLQFUHPHQWDUOD
FDSDFLGDGGHDSUHQGHUGHXQVHUKXPDQR
1RPHGLJD<IXQDRQD"

2MDOiORVXSLpUDPRV/RVGHWDOOHVEiVLFRVVRQpVWRVHOVLVWHPD
QHUYLRVRGHOKRPEUH\GHORVDQLPDOHVHVWiIRUPDGRSRUQHXURSURWHO
QDVTXHQRVRQPiVTXHPROpFXODVHQRUPHVHQHTXLOLEULRHOpFWULFR
PX\SUHFDULR(OPHQRUHVWtPXORH[FLWDDXQDPROpFXODTXHDVXYH]
H[FLWDDODVLJXLHQWHTXHDVXYH]UHSLWHHOSURFHVRKDVWDTXHVHOOHJD
DOFHUHEUR(OPLVPRFHUHEURHVXQDJUXSDPLHQWRLQPHQVRGHPROp
FXODVVLPLODUHVFRQHFWDGDVHQWUHVtHQWRGDVODVIRUPDVSRVLEOHV
3XHVWRTXHKD\DSUR[LPDGDPHQWHGLH]HOHYDGRDODYLJpVLPDSRWHQ
FLDHVGHDUXQXQRVHJXLGRGHYHLQWHFHURVGHWDOHVQHXURSURWHtQDV
HQHOFHUHEURHOQ~PHURGHSRVLEOHVFRPELQDFLRQHVHVGHORUGHQGH
GLH]IDFWRULDOHOHYDGRDODYLJpVLPDSRWHQFLDXQQ~PHURWDQLPSUH
VLRQDQWHTXHVLWRGRVORVHOHFWURQHV\SURWRQHVGHOXQLYHUVRIXHUDQ
XQLYHUVRVHOORVPLVPRV\WRGRVORVHOHFWURQHV\SURWRQHVGHHVRV
XQLYHUVRVYROYLHUDQDVHUXQLYHUVRVHQHVHFDVRWRGRVORVHOHFWURQHV\
SURWRQHVGHWRGRVORVXQLYHUVRVDVtFUHDGRVVHJXLQDQVLHQGRQDGD
FRPSDUDGRVFRQHOQ~PHURGHOTXHOHKDEOR0HFRPSUHQGH"
1LXQDSDODEUDJUDDDVDODVHVWUHOODV$XQTXHLQWHQWDUDKD
FHUORODGUDGDFRPRXQSHUURSRUSXURGRORUGHOLQWHOHFWR

+XP%LHQHQFXDOTXLHUFDVRORTXHGHQRPLQDPRVLPSXOVRV
QHUYLRVRVHVVLPSOHPHQWHHOGHVHTXLOLEULRHOHFWUyQLFRSURJUHVLYRTXH
VHGHVSOD]DSRUORVQHUYLRVKDVWDHOFHUHEUR\OXHJRGHVGHHOFHUHEUR
KDVWDORVQHUYLRV(QWLHQGHHVR"
6t

%LHQOHIHOLFLWRDXVWHGSRUVHUXQDOXPEUHUD0LHQWUDVHVH
LPSXOVRUHFRUUHXQDFpOXODQHUYLRVDORKDFHDYHORFLGDGUiSLGD\D
TXHODVQHXURSURWHtQDVHVWiQSUiFWLFDPHQWHHQFRQWDFWR6LQHP
EDUJRODVFpOXODVQHUYLRVDVSRVHHQXQDH[WHQVLyQOLPLWDGD\HQWUH
XQD\ODVLJXLHQWHH[LVWHXQDSHTXHxDVHSDUDFLyQGHWHMLGRQRQHU
YLRVR(QRWUDVSDODEUDVGRVFpOXODVQHUYLRVDVFRQWLJXDVQRHVWiQ
UHDOPHQWHFRQHFWDGDV
$KGLMR(QQLXV\HOLPSXOVRQHUYLRVRGHEHVDOWDUODED
UUHUD"

([DFWDPHQWH/DVHSDUDFLyQGLVPLQX\HODIXHU]DGHOLP
SXOVR\DPLQRUDODYHORFLGDGGHVXWUDQVPLVLQHQXQDFDQWLGDG
LJXDODOFXDGUDGR GHVXDQFKXUD<HVWRHVYiOLGRLJXDOPHQWHSDUD
VXFHUHEUR,PDJLQHDKRUDTXHSXGLHUDGHVFXEULUVHDOJ~QPHGLR
SDUDUHGXFLUODFRQVWDQWHGLHOpFWULFDGHHVWDVHSDUDFLQHQWUHODV
FpOXODV
/DFRQVWDQWHGLHTXp"

/DFDSDDGDGGHDLVODPLHQWRGHODVHSDUDFLyQ(OLPSXOVRVDOWD


GDODEUHFKDFRQPiVIDDOLGDG/DSHUVRQDSHQVDGDPiVUiSLGDPHQWH
\DSUHQGHGDPiVUiSLGDPHQWH
%LHQIXQDRQD"

+HHQVD\DGRHOLQVWUXPHQWRFRQDQLPDOHV
<FRQTXpUHVXOWDGR"

&DUDPEDTXHFDVLWRGRVPXHUHQSRUGHVQDWXUDOL]DDyQGHOD
SURWHtQDFHUHEUDOSRUFRDJXODFLyQHQRWUDVSDODEUDVFRPRSUHSD
UDUXQKXHYRGXUR
(QQLXVVHVREUHVDOWy

+D\DOJRLQHIDEOHPHQWHFUXHOHQODVDQJUHIGDGHODDLHQDD<
TXpPHGLFHGHORVTXHQRKDQPXHUWR"

1DGDFRQFOX\HQWHSXHVWRTXHQRVRQVHUHVKXPDQRV(OSHVR
GHODHYLGHQFLDSDUHFHIDYRUDEOH3HURQHFHVLWRKRPEUHV0LUH
WRGRUHVLGHHQODVSURSLHGDGHVHOHFWUyQLFDVQDWXUDOHVGHOFHUHEURGH
XQLQGLYLGXR7RGRVORVFHUHEURVSURGXFHQPLFURFRUULHQWHVGHXQ
WLSRHVSHFLDO1LQJXQDHVH[DFWDPHQWHLJXDOFRUQRODVKXHOODVGDFWL
ODUHVRODFRQILJXUDDyQGHYDVRVVDQJXtQHRVGHODUHWLQD(QWRGR
FDVRHVDVPLFURFRUULHQWHVVRQPiVLQGLYLGXDOL]DGDV(OWUDWDPLHQWR
FUHRGHEHWRPDUHQFXHQWDHVR\VLQRPHHTXLYRFRQRVHSURGXDUi
PiVGHVQDWXUDOL]DFLyQ3HURQRWHQJRVHUHVKXPDQRVFRQORVTXH
H[SHULPHQWDU+HSHGLGRYROXQWDULRVSHUR
([WHQGLyODVPDQRV

1RYR\DFXOSDUORVKRPEUH<(QQLXVVRQUL3HURKD
EODQGRHQVHULRVLHOLQVWUXPHQWRHVWXYLHUDSHUIHFDRQDGRTXpKD
GDXVWHG FRQpO"
(OItVLFRVHHQFRJLyGHKRPEURV

1RPHFRUUHVSRQGHDPtGHDUOR'HSHQGHUiGHO*UDQ&RQVHMR
1RFRQVLGHUDUiODSRVLELOLGDGGHSRQHUORDGLVSRVLDyQGHO,P
SHULR"
(O*UDQ&RQVHMR9D\DDYLVLWDUORV
(QQLXVPHQHyODFDEH]D

(OORVQRFRQVHQWLQDQTXHVDOLHUDGHOD7LHUUDXQDVRODFRVD
4XHUUiKDEODUXVWHGFRQHOORV"
<R"4XpSXHGRGHFLU\R"

+RPEUHTXHVLOD7LHUUDHVFDSD]GHLGHDUXQVLQDSVLILFDGRU
TXHKDJDORTXHXVWHGGLFH\ORSRQHDGLVSRVLFLQGHODJDODaLDWDO
YH]VHDQXOHQDOJXQDVOLPLWDFLRQHVHQODHPLJUDDyQDRWURVSODQHWDV
&yPR"UHSXVRLURQLFDPHQWH6KHNW<DUULHVJDUVHDHSL
GHPLDVDQXHVWUDVUDUH]DV\DQXHVWUDDQWLKXPDQLGDG"

,QFOXVRHVSRVLEOHTXHORVWUDVODGHQHQPDVDDRWURSODQHWD
GLMR(QQLXVVLQDOWHUDUVH0HGtWHOR

/DOX]GHDYLVRFHQWHOOHDORFDGDPHQWH\6KHNWDFFLRQyHOFRQ
PXWDGRU
4XpSDVD"

'RFWRU6KHNWWHQHPRVXQYROXQWDULR
8QTXp"

8QYROXQWDULRGRFWRU$TXtKD\DOJXLHQGHVHRVRGHRIUHFHUVH
SDUDHOH[SHULPHQWR

(OVHPEODQWHGHOItVLFRVHWRUQyPDFLOHQWR

,UpDKRUDPLVPR'LRODYXHOWDHQVXVLOOD7HQGUiTXHH[
FXVDUPHSURFXUDGRU
3RUVXSXHVWR&XiQWRGXUDODRSHUDDyQ"
(VFXHVWLyQGHKRUDV'HVHDYHUOD"

1RSXHGRLPDJLQDUDOJRPiVKRUURURVRPLTXHULGR6KHNW
(VWDUpHQ ODPDQVLyQGHO(VWDGRKDVWDPDxDQD0HLQIRUPDUiGH
UHVXOWDGR"

6KHNWSDUHFLyUHIOHMDUDOLYLR
6tGHVGHOXHJR

3HUIHFWR<SLHQVVHQORTXHKHGLFKR

(QFXDQWRVHPDUFKy(QQLXVHOGRFWRU6KHNWWUDQTXLOR\FDXWH
ORVRWRFyHOFRPXQLFDGRU\XQMRYHQWpFQLFRHQWUyFRUULHQGRFRQVX
EDWDEODQFDUHVSODQGHDHQWHPHQWHOLPSLD\HOSHORFDVWDxR\ODUJR
UHFRJLGRHQODQXFD
+D\UHDOPHQWHXQYROXQWDULR"SUHJXQWy6KHNW8QYR
OXQWDULRQRRWURKRPEUHHQYLDGRFRPRGHFRVWXPEUH"

6tIXHODHQIiWLFDUHVSXHVWD$FWRVHJXLGRDVRPyXQWRQRGH
SUHFDXFLyQ&UHHTXHVHGDSUHIHULEOHGHVHPEDUD]DUQRVGHpO"
1R9R\DYHUOR

3HURODPHQWHGH6KHNWHUDXQIQRWRUEHOOLQR+DVWDODIHFKDHO
VHFUHWRKDEtDVLGRWRWD/(OVLPSOHKHFKRGHTXHVHSUHVHQWDUDXQ
YROXQWDULRHUDLQTXLHWDQWH(LQPHGLDWDPHQWHGHVSXpVGHODYLVLWD
GH(QQLXV(OPLVPR6KHNWSRVHtDORVFRQRFLPLHQWRVPiVYDJRVSRVL
EOHVVREUHODVIXHU]DVHQRUPHV\QHEXORVDVTXHLEDQDGHVDWDUVHDOR
ODUJR\DORDQFKRGHODDMDGDID]GHOD7LHUUDSHURVDEtDOREDVWDQWH
SDUDVHQWLUVHDPHUFHGGHHOODV
(OYROXQWDURHQFRQWUDGHVXYROXQWDG

$UELQHVWDEDQHUYLRVRHQ&KLFD6HVHQE
DURGHDGR(QDOJXQD
SDUWHGH&KLFDXQDGHODVPD\RUHVFLXGDGHVGHOD7LHUUD GHiDQTXH
DOEHUJDEDDVHUHVKXPDQRV HQ DOJXQDSDUWHGHODFLXGDG
KDEtDUHSUHVHQWDQWHVGHO,PSHULRH[WHULRUeOMDPiVKDEtDYLVWRXQ
KRPEUHGHODJDOD[LDSHURHQ&KLFDVXFXHOORVHUHWRUFtDFRQWLQXD
PHQWHSRUWHPRUDYHUOR6LOHKXELHUDQREOLJDGRDH[SOLFDUVHQR
KDEUtDSRGLGRDFODUDUFyPRLEDDLGHQWLILFDUDXQQRWHUUHVWUHHQFDVR
GHTXHORYLHUDSHURFUHHUTXHHUDQGLVWLQWRVHQDOJRHUDXQDVHQVD
FLyQDUUDLJDGDLQFOXVRHQVXVPLVPRVWXpWDQRV

$OHQWUDUHQHO,QVWLWXWRPLUyKDFLDDWUiVSRUHQDPDGHOKRPEUR
6XELFLFORVHKDOODEDDSDUFDGRHQXQD]RQDDODLUHOLEUHFRQXQFXSyQ
GHVHLVKRUDVDVHJXUiQGROHXQVLWLROLEUHSDUDHOYHKtFXOR HUDVRVSH
FKRVDODPLVPDH[WUDYDJDQDD" 7RGROHDWHUURUL]DED(ODPELHQWH
HVWDEDFDUJDGRGHRMRV\RUHMDV
6LSRUORPHQRVHOKRPEUHH[WUDQMHURVHDFRUGDEDGHSHUPD
QHFHURFXOWRHQHOVXHORGHOFRPSDUWLPLHQWRWUDVHUR(OGHVFR
QRFLGRKDEtDDVHQWLGRHQpUJLFDPHQWHSHURORKDEtDFRPSUHQ
GLGa"

<VLQVDEHUFyPRODSXHUWDHVWDEDDELHUWDDQWHpO\XQDYR]KDEtD
LQWHUUXPSLGRVXVSHQVDPLHQWRV
4XpGHVHD"

(OWRQRHUDGHLPSDFLHQFLD4XL]iVHVDYR]OHKDEtDKHFKROD
PLVPDSUHJXQWDYDULDVYHFHV

$UELQUHVSRQGLyFRQYR]URQFDODVSDODEUDVVHDWDVFDURQHQVX
JDUJDQWDFRPRVLIXHUDQSROYRUHVHFR
(VDTXtGRQGHSXHGHDSXQWDUVHXQRSDUDHOVLQDSVLILFDGRU"
/DUHFHSFLRQLVWDD/]yODFDEH]DEUXVFDPHQWH
)LUPHDTXtGLMR

$UELQVHOOHYyODVPDQRVDODHVSDOGD

'yQGHSXHGHQGDUPHGHWDOOHVGHOVLQDSVLILFDGRU"UHSLWLy
URQFDPHQWH

*UHZOHKDEtDGLFKRHOQRPEUHGHOLQVWUXPHQWRSHURHOWpUPLQR
EURWyGHVXVODELRVGHXQPRGRH[WUDxRFRPRVLIXHUDXQJDOLPDWtDV

3HUROHHQWHQGLHURQ\DTXHODPXMHUMRYHQTXHDWHQGtDHOPRVWUD
GRUDSUHWyORVODELRV\GHXQDSDWDGDPRYLyYLROHQWDPHQWHODSDODQFD
GHDYLVRVLWXDGDMXQWRDVXVLOOD
$UELQHVWDEDKDFLHQGRGHVHVSHUDGRVHVIXHU]RVSDUDQRKDFHUVH
QRWDU\REWHQLHQGRXQIUDFDVRPLVHUDEOHHQVXRSLQLyQ$TXH/ODFKLFD
OHPLUDEDILMDPHQWH6HDFRUGDQ
DGHpOPLODxRVPiVWDUGH<GLR
PHGLDYXHOWDFRQHODORFDGRGHVHRGHSRQHUILQDOPDOGLWRDVXQWR\
PDUFKDUVH3HURDOJXLHQKDEtDVDOLGRUiSLGDPHQWHGHRWUDVDOD\OD
UHFHSFORQLVWDHVWDEDVHxDODQGRD$UELQ
8QYROXQWDULRSDUDHOVLQDSVLILFDGRUHVWDEDGLFLHQGR1R
TXLHUHGDUVXQRPEUH
$UELQVHYROYLySDUDPLUDUDOUHFLpQOOHJDGR
(VXVWHGHOHQFDUJDGR"

/HOOHYDUpDYHUOR<HQWRQRGHDQVLHGDGDJUHJy'HVHD
RIUHFHUVHFRPRYROXQWDULRSDUDHOVLQDSVLILFDGRU"

4XLHURYHUDODSHUVRQDTXHHVWiDFDUJRGHOLQVWUXPHQWRUH
SXVRWHUFDPHQWH$UELQ

(ORWURKRPEUHIUXQFLyHOFHxR\VHIXH+XERXQDHVSHUD<SRU
ILQXQGHGRVHPRYLySDUDLQGLFDUOHTXHHQWUDUD

(OGRFWRU6KHNWHVFXGULQyHQYDQRDOFDPSHVLQRGHSLHOUXJRVDDO
RWURODGRGHVXHVFULWRULR6XHGDGSHQVy6KHNWGHEtDGHVHULQIHULRU
DFXDUHQWDDxRVSHURDSDUHQWDEDWHQHUGLH]PiV6XVPHMLOODVWHQtDQ
XQWRQRURML]REDMRDTXHOFRORUFDVWDQRFRUUHRVR\KDEtDFODURV
YHVWLJLRVGHVXGRUHQHOSHUILOGHOFXHURFDEHOOXGR\HQODVVLHQHV
DXQTXHKDiDIQ
RHQODVDOD(VWDEDUHVWUHJiQGRVHODVPDQRV
%LHQPLTXHULGRVHxRUGLMR6KHNWQHUYLRVRQRFRPSUHQ
GRSRUTXpLQVLVWHHQHVWDVFRQGLFLRQHVSHURTXHVHDFRPRXVWHG
TXLHUH3XHGHRFXOWDUVXQRPEUH\VXUHVLGHQFLD\WRGRVORVGHWDOOHV
SHUVRQDOHV([SOtTXHPHWDQWDVFRVDVFRPRFRQVLGHUHSUHFLVR\QDGD
PiV$GHODQWH
(OFDPSHVLQRDJDFKyODFDEH]DFRPRHQXQJHVWRUXGLPHQWDULR
GHUHVSHWR
*UDFLDV/DFRVDHVDVtVHxRU7HQHPRVXQKRPEUHHQOD
JUDQMDXQXQSDULHQWHOHMDQRTXHQRVD\XGDVDEHXVWHG"
$UELQKDEODEDFRQGLILFXOWDG\6KHNWDVLQWLyJUDYHPHQWH

(VXQWUDEDMDGRUPX\GLVSXHVWR\PX\EXHQWUDEDMDGRU7H
QtDPRVXQKLMRVDEH"SHURPXULy\ODEXHQDGHPLPXMHU\\R
VDEH"QHFHVLWiEDPRVD\XGD(OODQRHVWiELHQ&DVLQRKDEUtD
PRVSRGLGRFRQWLQXDUVLQpO
3HQVyTXHHOUHODWRGHEtDGHSDUHFHUXQDDXWpQWLFDFRQIXVLyQ
3HURHOHQMXWRFLHQWtILFRDVLQWLy
(VDHVHSDULHQWHVX\RDOTXHGHVHDSRQHUHQWUDWDPLHQWR"

2KVtFUHtDKDEHUORGLFKR\D3HURWHQGUiTXHSHUGRQDUPHVL
HVWRPHFXHVWDXQSRFR0LUHHVHSREUHKRPEUHQRQRHVWi
SUHFLVDPHQWHELHQGHODFDEH]D3URVLJXLyUDELRVDPHQWH1R
HVWiHQIHUPRFRPSUpQGDPH1RHVWiWDQPDOFRPRSDUDTXHWHQJDQ
TXHOOHYiUVHOR(VPX\OHQWRpVHHVHOSUREOHPD1RKDEODVDEH"
1RVDEHKDEODU"6KHNWVHDVRPEUy

aKVDEHKDEODU3HURQROHJXVWDKDFHUOR1RKDEODELHQ
(OItVLFRSDUHiDGXGDU

<XVWHGTXLHUHHOVLQDSVLILFDGRUSDUDPHMRUDUVXPHQWDOLGDG
QRHVHVR"
$UELQDVLQWLyPX\GHVSDFLR

6LpOVXSLHUDXQSRFRPiVVHxRUEXHQRSRGUtDKDFHUSDUWHGHO
WUDEDMRTXHPLPXMHUQRSXHGHKDFHUFRPSUHQGH"
(OSRGUtDPRULUFRPSUHQGHXVWHGHVR"

$UELQGHVHVSHUDGRPLUyDOItVLFR\VXVGHGRVVHUHWRUFLHURQ
IXULRVDPHQWH
1HFHVLWDUpHOFRQVHQWLPLHQWRGHHVHKRPEUHGLMR6KHNW
(OFDPSHVLQRPHQHyODFDEH]DOHQWDWHUFDPHQWH

(OQROHHQWHQGHUiGRFWRU<DFWRVHJXLGRFDVLHQYR]EDMD
DxDGLyHQWRQRGHDSUHPLR2KPLUHVHxRUHVWR\VHJXURGHTXH
XVWHGORHQWHQGHUi8VWHGQRSDUHFHXQKRPEUHTXHVHSDFyPRHV
XQDYLGDGXUD(VWHKRPEUHHVWiKDFLpQGRVHYLHMR1RHVSUREOHPD
GHO6HVHQWDFRPSUHQGDSHUR\VLHQHOVLJXLHQWHFHQVRDOJXLHQ
RSLQDTXHpOHVWRQWR\VHOROOHYDQ"1RTXHUHPRVSHUGHUOH3HUR
<ORVRMRVGH$UELQJLUDURQGHIRUPDLQYROXQWDULDKDFLDODVSDUH
GHVFRPRVLTXLVLHUDQDWUDYHVDUODVSRUVLPSOHIXHU]DGHYROXQWDG
SDUDGHWHFWDUFXiQWDVSHUVRQDVSRGtDQHVWDUHVFXFKDQGRDORWUR
ODGR3HUR\VLDORV$QWLJXRVQROHVJXVWDHVR",QWHQWDUVDOYDUD
XQKRPEUHHQIHUPRSXHGHLUHQFRQWUDGHODVFRVWXPEUHVSHUROD
YLGDHVGXUDVHxRU\XVWHGHVSXHGHQEHQHILFLDUVH8VWHGHVKDQ
VROLFLWDGRYROXQWDULRV"
6tVtQRWLHQHPRWLYRSRUHOTXHSUHRFXSDUVHQRVRFXSDUH
PRVGHXVWHG6XSRQJDTXHOOHYDVXFRFKHDODSDUWHWUDVHUD<ROH
D\XGDUpDHQWUDUDVXSDULHQWH

(OEUD]RGHOGRFWRUEDMyHQIRUPDDPLVWRVDKDVWDHOKRPEURGH
$UELQTXHVRQULyHVSDVPyGLFDPHQWH$UELQSHQVyTXHHVHEUD]RHUD
XQDFXHUGDTXHVHDIORMDEDGHVXFXHOOR

6KHNWEDMyORVRMRVKDFLDODVLOXHWDUHJRUGHWD\FDOYDTXHRFXSDED
HOVRIi(OSDFLHQWHGRUPtDUHVSLUDEDSURIXQGD\UHJXODUPHQWH+D
EtDKDEODGRGHIRUPDLQFRPSUHQVLEOHQRKDEtDFRPSUHQGLGRQDGD
6LQHPEDUJRQRPRVWUDEDQLQJXQRGHORVHVWLJPDVIIVLFRVGHODGHEL
OLGDGPHQWDO6XVUHIOHMRVHUDQFRUUHFWRVWUDWiQGRVHGHXQKRPEUH
HQWUDGRHQDxRV
(QWUDGRHQDxRV+XP

6KHNWPLUyD$UELQTXHQRSHUGtDGHWDOOH

/HLQWHUHVDUtDTXHKLFLpUDPRVXQDQiOLVLVyVHR"

1RH[FODPy$UELQ<HQYR]PiVFDOPDGDDxDGLy1RPH
LQWHUHVDQDGDTXHSXHGDVHUYLUFRPRLGHQWLILFDFLyQ

1RVUHVXOWDUtDGHJUDQD\XGDFRQRFHUODHGDGGHOSDFLHQWHGL
MR6KHNW
7LHQHFLQFXHQWDDQRVUHSXVRODFyQLFDPHQWH$UELQ

(OItVLFRVHHQFRJLyGHKRPEURV1RWHQtDLPSRUWDQFLD9ROYLyD
PLUDUDOGXUPLHQWH(QHOPRPHQWRGHHQWUDUHOSDDHQWHKDEtD
HVWDGRRKDEtDSDUHFLGRHVWDUDEDWLGRVXPLGRHQVXVSHQVDPLHQWRV
FRPRVLQROHLPSRUWDUDQDGD$OSDUHFHUQLVLTXLHUDODVSDVWLOODV
KLSQyWLFDVKDEtDQGHVSHUWDGRVRVSHFKDV6HODVKDEtDQRIUHFLGRHO
GHVFRQRFLGRKDEtDHVER]DGRXQDEUHYH\HVSDVPyGLFDVRQULVD\KDEtD
HQJXOOLGRODVStOGRUDV
(OWpFQLFRVHKDOODED\DPRQWDQGRODV~OWLPDVXQLGDGHVGHDV
SHFWRPiVELHQWRVFRTXHFRPSRQtDQHOVLQDSVLILFDGRU'HVSXpVGH
DSUHWDUXQERWyQHOYLGULRSRODUL]DGRGHODVYHQWDQDVGHKVDODGH
RSHUDFLRQHVVXIULyXQUHRUGHQDPLHQWRPROHFXODU\VHKL]RRSDFR/D
~QLFDOX]HUDODEODQFDTXHKQ]DEDVXIQREULOORVREUH HOSDFLHQWH
VXVSHQGLGRHQXQFDPSRGLDPDJQpWLFRDFLQFRFHQWtPHWURVSRUHQFL
PDGHODPHVDGHRSHUDFLRQHVDODTXHORKDEtDQWUDVODGDGR

$UELQFRQWLQXDEDVHQWDGRHQODSHQXPEUDVLQHQWHQGHUQDGD
SHURLPSODFDEOHPHQWHUHVXHOWRDLPSHGLUFRPRIXHUDPHGLDQWHVX
SUHVHQFLDODVQRFLYDVDUWLPDQDVTXHpOPLVPRVDEtDQRSRGtDLPSHGLU
SRUFDUHFHUGHFRQRFLPLHQWRV
/RVItVLFRVQROHSUHVWDEDQDWHQFLyQ/RVHOHFWURGRVIXHURQDMXVWD
GRVDOFUiQHRGHOSDFLHQWH)XHXQDWDUHDODUJD(QSULPHUOXJDUXQ
HVWXGLRGHOD HVWUXFWXUDFUDQHDODFDUJRGHOH[SHUWRLUODQGpVTXH
SHUPLWLyORFDOL]DUILVXUDVVLQXRVDV\PX\DSUHWDGDV6KHNWVRQULy
VRPEUtDPHQWHHQVXLQWHULRU/DVILVXUDVFUDQHDOHVQRHUDQXQDPH
GLGDFXDQWLWDWLYDLQDOWHUDEOHGHODHGDGSHURVtEDVWDQWHVLJQLILFDWL
YDV(OSDFLHQWHWHQtDPiVDxRVTXHORVVXSXHVWRVFLQFXHQWD
<DOFDERGHXQRVLQVWDQWHV6KHNWGHMyGHVRQUHtU$UUXJyOD
IUHQWH+DEtDRWURUDVJRHQODVILVXUDV3DUHiDQUDUDVQRGHO
WRGR(VWXYRDSXQWRGHMXUDUTXHODHVWUXFWXUDFUDQHDOHUDSULPL
WLYDXQDUHYHUVLyQSHURFODUR(OSDFLHQWHHUDVXEQRUPDOPHQWDO
3RUTXpQR"
3RQJDORVFRQWDFWRVDTXtDTXt\DTXtGLMRHQWRQRGHKDVWtR
DOD\XGDQWH3LQFKD]RVPLQ~VFXORVHLQVHUFLyQGHORVFDSLODUHVGH
SODWLQR$TXtDTXt
8QDGHFHQDGHFRQH[LRQHVDWUDYHVDQGRODSLHOKDVWDODVILVXUDVD




aa8aS/,UGO&aORa
WUDYpVGHFX\RHVSHVRUSRGGDQFDSWDUVHORVHFRVGHELOtVLPRVGHODV
PLFURFRUULHQWHVTXHDSDUHFtDQFpOXODWUDVFpOXODHQHOFHUHEUR

2EVHUYDURQDWHQWDPHQWHORVDPSHUtPHWURVGHSUHFLVLyQYLHURQ
FyPRODVDJXMDVVHDJLWDEDQ\EULQFDEDQFRQIRUPHVHHIHFWXDEDQH
LQWHUUXPStDQODVFRQH[LRQHV/RVGLPLQXWRVUHJLVWUDGRUHVWUD]DURQ
GHOLFDGDPHQWHWHODUDxDVHQHOSDSHOPLOLPHWUDGRIRUPDQGRSLFRV\
VHQRV,UUHJXODUHV
$FRQWLQXDFLyQVDFDURQORVJUiILFRV\ORVFRORFDURQHQHOFULVWDO
RSDOLQRLOXPLQDGR6LQGHMDUGHVXVXUUDUORVH[SHUWRVVHDJDFKDURQ
SDUDFRQWHPSODUORV
$UELQR\yIUDJPHQWRVLQFRQH[RV

QRWDEOHPHQWHUHJXODUItMHQVHHQODDOWXUDGHHVWHSLFR
TXLQWHUQDULRFUHRTXHKDEUtDTXHDQDOL]DUOREDVWDQWHFODURD
VOPSOHYLVWD

<GHVSXpVGXUDQWHORTXHSDUHFLHURQODUJDVKRUDVKXERHOWH
GLRVRDMXVWHGHOVLQDSVLILFDGRU/RVPDQGRVIXHURQVLWXDGRVHQSRVL
FLyQGHPLFUyPHWURGHSUHFLVLyQOXHJRILMDGRV\ILQDOPHQWHJUDEDGDV
VXVOHFWXUDV8QD\RWUDYH]ORVGLYHUVRVHOHFWUyPHWURVIXHURQFRP
SUREDGRV\VXUJLyODQHFHVLGDGGHHIHFWXDUQXHYRVDMXVWHV
7RGRDFDEDUiPX\SURQWRGLMR6KHNWGLULJLpQGRVHD$UELQ
PLHQWUDVOHVRQUHtD

/DHQRUPHPiTXLQDIXHDFHUFDGDDOGXUPLHQWHFRPRXQPRQVWUXR
KDPEULHQWRGHOHQWRVPRYLPLHQWRV/RVWpFQLFRVVXVSHQGLHURQFXDWUR
FDEOHVDODUJDGRVVREUHODVSXQWDVGHODVH[WUHPLGDGHVGHOSDFLHQWH\
SXVLHURQHQVXQXFDXQDDOPRKDGLOODQHJUDGHXQPDWHULDOVLQEULLOR
SDUHFLGRDFDXFKRHQGXUHFLGRFX\DLQPRYLOLGDGDVHJXUDURQFRQJUD
SDVDJDUUDGDVDORVKRPEURV3RUILQLJXDOTXHGRVPDQGtEXODVJLJDQ
WHVFDVVHSDUDURQORVGRVHOHFWURGRV\ORVEDMDURQKDFLDDTXHOURVWUR
SiOLGR\UHFKRQFKRGHWDOPRGRTXHDSXQWDEDQDODVVLHQHV
6KHNWPDQWXYRORVRMRVILMRVHQHOFURQyPHWURHQVXRWUDPDQR
VRVWHQtDHOLQWHUUXSWRU6XSXOJDUVHPRYLy1RRFXUULyQDGDYLVLEOH
LQFOXVRSDUDORVDJXGL]DGRVVHQWLGRVSRUHOPLHGRGHODWHQWR$UELQ
'HVSXpVGHORTXHWDOYH]IXHUDQKRUDVSHURTXHHQUHDOLGDGIXHURQ
PHQRVGHWUHVPLQXWRVHOSXOJDUGH6KHNWDFWXyGHQXHYR
6XD\XGDQWHVHLQFLLQyUiSLGDPHQWHVREUH6FKZDUW]WRGDYtDGRU
PLGR\DO]yODFDEH]DFRQDLUHGHWULXQIR
9LYH

4XHGDEDQ WRGDYtDKRUDVSRUGHODQWHGXUDQWHODVFXDOHVWRPDURQ
GDWRVVXILFLHQWHVSDUDOOHQDUODVHVWDQWHUtDVGHXQDELEOLRWHFDHQYR]
EDMD\FDVLFRQODH[FLWDFLyQGHXQRVORFRV<DHUDPiVGHPHGLDQR
FKHFXDQGRODKLSRGpQQLFDFXPSOLyVXPLVLyQ\ORVRMRVGHOGXUPLHQ

WHVHDJLWDURQ

6KHNWGLRXQSDVRDWUiVSiOLGR\IDWLJDGR6HHQMXJyODIUHQWHFRQ
HOGRUVRGHODPDQR
7RGRYDELHQ6HYROYLyDQVLRVDPHQWHKDFLD$UELQ4XH
UUtDGHMDUORFRQQRVRWURVDOJXQRVGtDVSDUDTXHKDJDPRVPiVFRP
SUREDFLRQHV"1ROHFDXVDUHPRVQLQJ~QGDxR
3HURODPLUDGDGHDODUPDGHORWURKRPEUHHOLQVWDQWiQHREURWH


GHVRVSHFKDHQODVDUUXJDVGHVXFDUDHUDQ\DGHSRUVtUHVSXHVWDVX
ILFLHQWH
6KHNWKL]RXQJHVWRGHUHVLJQDFLyQ\H[WHQGLyODPDQRGHUHFKD
$UELQODHVWUHFKyPXGDSHURIHUYLHQWHPHQWH
O


,

(OGRFWRU6KHNWQRGXUPLyHVDQRFKH(OVROQDFLHQWHOHVRUSUHQ
GLy ROHKDEUtDVRUSUHQGLGRVLODVYHQWDQDVKXELHUDQHVWDGRDMXVWDGDV
HQWUDQVSDUHQFLD WRGDYtDVHQWDGRHQODVDODGHRSHUDFLRQHVVXPLGR
HQUHIOH[LRQHVOHQWDV\DQJXVWLRVDV
/DH[FLWDFLyQ\ODHPRFLyQGHODRSHUDFLyQKDEtDWHUPLQDGR\GH
QXHYRKDEtDOXJDUSDUDORVKRUURUHV\GXGDVGHOSHQVDPLHQWR
/HLQWHUHVDEDGLVSRQHUGHYROXQWDULRV"+DEtDUHFLELGRyUGHQHV
GHDEVWHQHUVHGHGLVSRQHUGHHOORV

6XVSHQVDPLHQWRVHPSUHQGLHURQXQDLUyQLFDFDUUHUD$GHFLUYHU
GDGRILFLDOPHQWHpOQRVDEtDQDGDVREUHORVREMHWLYRVHVWUDWpJLFRVGH
OD6RFLHGDGGH$QWLJXRV\GHOSULPHUPLQLVWURGHOD7LHUUD3HUR
SRGtDGHGXFLUPXFKDVFRVDVGHVXDFWLWXGKDFLDHOVLQDSVLILFDGRU
(OLQVWUXPHQWRKDEtDHVWDGRVRPHWLGRDSUXHEDGXUDQWHGRVDxRV
\KDEtDQHQWRUSHFLGRODVSUXHEDVFRQODEUXVTXHGDGWtSLFDGHODV
SUHFDXFLRQHVRILFLDOHVVLQQLQJ~QUHFDWR<HOVHFUHWRLEDHQFRQWUD
GHO,PSHULR*DOiFWLFR

6KHNWGLVSRQtDGHVLHWHXRFKRDUWtFXORVTXHWDOYH]SRGtDQVHU
SXEOLFDGRVHQOD5HYLVODGH1HXURILVLRORJtDGH6LULR'LFKRVGRFXPHQ
WRVVHHQPRKHFtDQHQVXHVFULWRULR1DWXUDOPHQWHQRH[LVWtDHOVHFUHWR
DEVROXWR(VDFODVHGHVHFUHWRVHH[SRQtDDODLQYHVWLJDFLyQ\SRGLD

DFDEDUVLHQGRLQWROHUDEOHPHQWHVRVSHFKRVRWDQWRFRPRXQDDFWLYL
GDG(QYH]GHHVRVHGLYXOJDEDLQIRUPDFLyQHQXQDPELHQWHGH
VHQFLOODIUDQTXH]DVLELHQXQDLQIRUPDFLyQVXWLOPHQWHGLVWRUVLR
QDGD(OVLQDSVLILFDGRUVHKDEtDFRQYHUWLGRHQXQGLVSRVLWLYRFLHQWtILFR
YDJR\QDGDSUiFWLFRGHHQRUPHYDORUFRPRVXHxRSHURGHHVFDVRXVR
6LQHPEDUJR(QQLXVHVWDEDLQWHUHViQGRVH6RVSHFKDEDDOJRGHO
LQVWUXPHQWRRGHDOJRPiVLPSRUWDQWH"(VWDEDHO,PSHULRVRVSH
FKDQGRORTXHHOPLVPR6KHNWVRVSHFKDED\WHPtDTXHOD7LHUUD
SODQHDEDRWUDGHVXVLQ~WLOHVUHEHOLRQHV"

/D7LHUUDVHKDEtDVXEOHYDGRWUHVYHFHVHQGRVVLJORV7UHVYHFHV
EDMRODEDQGHUDGHXQDVXSXHVWDJUDQGH]DHQHOSDVDGR ORVKRPEURV
GH6KHNWVHHVWUHPHFLHURQHQXQJHVWRGHGLYHUVLyQDPDUJD\VLOHQ
FLRVDDOSHQVDUHQHVWR OD7LHUUDVHKDEtDDO]DGRFRQWUDODVJXDUQLFLR
QHVLPSHULDOHV7UHVYHFHVKDEtDQIUDFDVDGRSRUVXSXHVWR\OD7LH
UUDGHQRKDEHUVLGRSRUODFODULYLGHQFLDGHO,PSHULR\SRUTXHHQNaV
&RQVHMRV*DOiFWLFRVLPSHUDEDQORVHVWDGLVWDVKDEUtDVLGRHOXPLQDGD
VDQJULHQWDPHQWHGHODOLVWDGHSODQHWDVKDELWDGRV
3HURXQDFXDUWDYH]",PSRVLEOH

(QHVHFDVRSRUTXpHVDDFWLWXGKDFLDHOVLQDSVLILFDGRU"<FXiO
HUDHOPRWLYRGHRWURVKHFKRV"/DVHFWDGHORV]HORWHVHVWDEDDFWXDQ
GRGHQXHYRWRFDQGRXQDYH]PiVORVWDPERUHVGHOPtWLFRSDVDGRLP
SHULDOGHOD7LHUUDGLIXQGLHQGRRWUDYH]VXRGLRDORVKDELWDQWHVGHO
HVSDFLRH[WHULRU<HO&RQVHMRGH$QWLJXRVORWROHUDED

(VWDEDQORFRV"2IDQWiVWLFDPHQWHFXHUGRV"3HQVDEDQXVDUHO
VLQDSVLILFDGRUSDUDFUHDUXQDUD]DGHVXSHULQWHOHFWRV"(UDXQDLGHD
JUDQGLRVDXQPXQGRGHJHQLRVDUWLILFLDOHVYHQJiQGRVHGHORVDJUD
YLRVGHKDFtDPLOVLJORV
a

3HURQRHVRFRVWDUtDWLHPSR4XLpQLEDDVDEHUORPHMRUTXHpO"
4XL]iVRPHWHUDWUDWDPLHQWRDFLHUWRVKRPEUHVFODYHORVTXHLEDQ
DVHULPSRUWDQWHV
/RVSHQVDPLHQWRVGH6KHNWGHVFHQGLHURQDOD7LHUUD<DTXHO
KRPEUHDOTXHDFDEDEDGHRSHUDU"(VHYROXQWDULRTXHVHKDEtDSUH
VHQWDGRSHVHDODGpELOFDPSDxDSXEOLFLWDULDLGHDGDWDQWRSDUDQR
GHVSHUWDUVRVSHFKDVFRPRSDUDGLVXDGLUDSRVLEOHVYROXQWDULRVGH
PRGRTXHVyORSDVDUDQODSUXHEDORVYROXQWDULRVGHFRQILDQ]DHQ
YLDGRVSRUHOSULPHUPLQLVWUR

4XL]iTXL]iGHEtDLQIRPPDUGHHOORDOSULPHUPLQLVWUR7DOYH]
GHEtDKDEHUOHFRQVXOWDGRDQWHVGHDFWXDU8QHVSDVPRGHPLHGROH
VREUHFRJLy7HQtDFLQFXHQWD\RFKRDxRV(OSUy[LPRFHQVRVHUtDVX
ILQDPHQRVTXHHOSULPHUPLQLVWURRUGHQDUDORFRQWUDULR\6KHNW
GHVHDEDYLYLUDXQTXHIXHUDHQDTXHOODPLVHUDEOH\DUGLHQWHERODGH

EDUURTXHHUDOD7LHUUD

6XPDQRVHH[WHQGLyKDFLDHOFRPXQLFDGRU\6KHNWWHFOHyODFRP
ELQDFLyQTXHOHSRQGUtDHQFRQWDFWRGLUHFWRFRQODVKDELWDFLRQHV
SULYDGDVGHOSULPHUPLQLVWUR
'HODYD\URFD

(OSULPHUPLQLVWURHUDXQKRPEUHGHODYD\VXVHFUHWDULRHUDXQ
KRPEUHGHURFD'RVKRPEUHVHQXQDFiVFDUDDXQTXHODVQXHFHV
HVWXYLHUDQIRUPDGDVGHPHWiIRUD(OFRQWUDVWHTXL]iQRHUDGHPD
VLDGRDQRUPDOFRPRVHYHUi

(OSULPHUPLQLVWURHUDHOWHUUHVWUHPiVLPSRUWDQWHGHOD7LHUUD
JREHUQDQWHUHFRQRFLGRGHOSODQHWDPHGLDQWHGHFUHWRGLUHFWR\GHIL
QLGRGHOHPSHUDGRUGHWRGDODJDOD[LDOyJLFDPHQWHVRPHWLGRDODV
yUGHQHVGHOSURFXUDGRULPSHULDO(OVHFUHWDULRQRHUDQDGLHHQUHDOL
GDGWDQVyORXQPLHPEURPiVGHOD6RFLHGDGGH$QWLJXRVGHVLJQDGR
SRUHOSULPHUPLQLVWURSDUDHQFDUJDUVHGHFLHUWRVGHWDOOHV\HQWHRUtD
GHVWLWXLEOHDYROXQWDG
(OSULPHUPLQLVWURHUDUHFRQRFLGRHQOD7LHUUDHQWHUD\FRQVLGH
UDGRFRPRHOiUELWURVXSUHPRHQFXHVWLRQHVGHKiELWRVeODQXQFLDED
TXLpQTXHGDED OLEUHGHO6HVHQWD\pOMX]JDEDDORVLQIUDFWRUHVGHO
ULWXDODTXLHQHVGHVDILDEDQORVSURJUDPDVGHUDFLRQDPLHQWR\SUR
GXFFLyQDORVLQYDVRUHVGHWHUULWRULRVSURKLELGRVHWFpWHUDHWFpWHUD
(OVHFUHWDULRQRHUDFRQRFLGRSRUQDGLHQLVLTXLHUDGHRtGDVH[FHSWR
SRUOD6RFLHGDGGH$QWLJXRV\QDWXUDOPHQWHSRUHOPLVPRSULPHU
PPLVWUR

(OSULPHUPLQLVWURGRPLQDEDHOOHQJXDMH\SURQXQFLDEDGLVFXUVRV
FRQIUHFXHQFLDGLVFXUVRVGHFRQWHQLGRPX\HPRWLYR\FRQXQFRSLRVR
IOXMRGHVHQWLPLHQWRV(OVHFUHWDULRSUHIHUtDODVSDODEUDVFRUWDVDODV
ODUJDVXQJUXxLGRDXQDSDODEUD\HOVLOHQFLRDXQJUXxLGR

3RUWRGRHOORSRGUtDSDUHFHUUDURTXHHQHOFDVRGHOUHODWRHV
GHFLUFXDQGRHOGRFWRU6KHNWVHHQIUHQWyDORVGRVIXHUDHOVHFUHWDULR
DOTXHGLULJLHUDVXIpUUHDPLUDGD
$SUR[LPDGDPHQWHKDEtDWUDQVFXUULGRXQPHVGHVGHHOH[SHUL
PHQWRFRQHOYROXQWDULR HQHOSHQVDPLHQWRGH6KHNWHOLQFLGHQWH
HUDFRQVLGHUDGRDVtVLQH[FOXLUODVFRPLOODV \GXUDQWHHVHWLHPSRHO
ItVLFRKDEtDQRWDGRFyPRLEDDXPHQWDQGRODSUHVLyQVREUHVXJDU
JDQWD

<HOSULPHUPLQLVWURHVWDEDVHQWDGRHQHOULFRWHMLGRGHVXVLOOyQ\
WRFDEDVXDYHPHQWHFRQVXEODQGDPDQRXQRGHORVEUD]RVWDSL]DGRV
(OVHFUHWDULRVHKDOODEDGHSLHGHWUiVGHpOFRQORVRMRVYHODGRV\
WRWDOPHQWHLQPyYLO

/DPHQWDPRVPiVTXHQXQFDTXHRFXUULHUDHVHLQFLGHQWHGRF
WRU6KHNWGLMRHOSULPHUPLQLVWUR

(OItVLFRVLQWLyTXHSHUGtDODUHVSLUDFLyQ)XHLQFDSD]GHHVER]DU
QLWDQVLTXLHUDXQDIRU]DGDVRQULVDRXQDPLUDGDGHLQH[SUHVLYDHFXD
QLPLGDG
+D\SUXHEDVSXHVGHODVVRVSHFKDVGHYXHVWUDVDELGXUtD"
SUHJXQWyGpELOPHQWH

&DUDPEDSUXHEDVTXHFRQVLGHUDPRVOREDVWDQWHLPSRUWDQWHV
FRPRSDUDQRSRGHUFRQFLOLDUHOVXHxR+HPRVORFDOL]DGRDVXKRP
EUH5HVLGHFHUFDGHVXFLXGDG8QFDPSHVLQReOVXHVSRVD
HVHIDPLOLDU6HJ~QORVDUFKLYRVVRQWUHV8QKLMRPXHUWRWDOFRPRpO
PLVPRGHFODUy(OWHUFHUKRPEUHWLHQHPiVGHFLQFXHQWDDxRVFRPR
WDPELpQGHFODUy$O]yODPLUDGDKDFLDHOVHFUHWDULR1RHVDVt"
<HOVHFUHWDULREDMy\VXELyODFDEH]DXQDVRODYH]
6KHNWDO]yXQDPDQRDQWHVGHKDEODU
3HURHQHVHFDVR

$KVt3HURVRQGHHXQSRFRPiV(VSUREDEOHTXHHO,PSHULR
HQVXVSODQHVUHVSHFWRDQRVRWURVXWLOLFHIDOVHGDGHVWRVFDPHQWHIDO
VDV"0iVELHQHVSHUDTXHHVDVIDOVHGDGHVVHDQORPiVSDUHFLGRDOD
YHUGDG+HPRVLQYHVWLJDGRPiVDWHQWDPHQWHORVDUFKLYRV\HO
FDPSHVLQRFXDGUDFRQODGHVFULSFLyQ\VXHVSRVDWDPELpQ3HURHO
WHUFHUKRPEUHHOKRPEUHQR(OLQGLYLGXRGHQXHVWURVDUFKLYRVHVHO
SDGUHGHODPXMHU(VDOWRPRUHQRQRHVFDOYR\GLVSRQHPRVGHVX
IRWRJUDItDWULGLPHQVLRQDOODIRUPDGHVXUHWLQD\ODFRQIRUPDFLyQGH
VXVDQJUH(OKRPEUHGHXVWHGFRPRVDEHHVEDMLWRJUXHVRFDOYR\
VXURVWUR\DWULEXWRVSHUVRQDOHVQRFRQVWDQHQQXHVWURVDUFKLYRV
$O]yORVRMRVRWUDYH]1RHVDVt"
(OVHFUHWDULRDVLQWLyXQDVRODYH]

3HURHQWRQFHVTXLpQHV"SUHJXQWy6KHNW

7DPELpQXVWHGVLHQWHFXULRVLGDGHK"&DUDPEDHVDOJRGLJQR
GHGHVSHUWDUODFXULRVLGDGDFXDOTXLHUDQR"7HQJDHQFXHQWDTXH
HVHKRPEUHQRFRQVWDHQQLQJXQRGHQXHVWURVDUFKLYRVVREUHKRP
EUHVYLYRV

6KHNWVHUHPRYLyHQODVLOODLQFyPRGDPHQWHGXUDUHVHUYDGDSDUD
ODVSHUVRQDVTXHWHQtDQHOKRQRUGHXQDDXGLHQFLD\D~QWHQtDQYDOtD
VXILFLHQWHSDUDUHFLELUFLHUWDFRQVLGHUDFLyQ
9D\DVXVDELGXUtDGHGX]FRXQDH[SOLFDFLyQTXHQRLPSOLFD
QDGDGHPDVLDGRDQRUPDO

0HJXVWDUtDHVFXFKDUOD

3RGUtDVHUTXHHOSDGUHSROLWLFRGHHVWHKRPEUHHVGHFLUHO
FDPSHVLQRPXULHUDKDFHSRFR\TXHVXPXHUWHQRIXHUDGDGDD
FRQRFHU(ORWURHOTXHSDVyHOH[SHULPHQWRXQGHVFRQRFLGRXQ
SDULHQWHOHMDQRXQDPLJRRORTXHVHDSRGtDYHUVHH[SXHVWRDO
6HVHQWD3DUDHOXGLUDOPHQRVHOSUy[LPRFHQVRHVWDUiRFXSDQGRHO
OXJDUGHOSDGUHSROtWLFR
(OUHGRQGHDGRVHPEODQWHGHOSULPHUPLQLVWURHVER]yODVRQULVD
VXDYH\FtQLFDWtSLFDGHOKRPEUHTXHHVWXGLDODYLUWXGKXPDQD\
DYHULJXDTXHHTXLYDOHDFHUR
$VtSXHVHOFDPSHVLQR\VXHVSRVDDUULHVJDURQVXVYLGDVDO
TXHEUDQWDUODVFRVWXPEUHV

$KtSRGUtDHQWUDUHQMXHJRHOVLQDSVLILFDGRU3UHVHQWDQGRYR
OXQWDULRDHVHKRPEUHHVSHUDEDQOLEUDUORGHO6HVHQWD\DVHJXUDUVH
LQPXQLGDGSRUVXGHOLWR
(OVHFUHWDULRDEULyODERFD\HPLWLyXQVRQLGRVLPLODUDOGHXQD
UDQDFURDQGR(OSULPHUPLQLVWURVHDSUHVXUyDYROYHUODFDEH]D
4XpRFXUUH"

(OVHFUHWDULRKDEOyFRQYR]IUtD\FRQFLVD

3HURKHPRVORFDOL]DGRDOSDGUHSROtWLFRYLYRSDUDOtWLFRWDP
ELpQLQWHQWDQGRHOXGLUHO6HVHQWD
(QHVHFDVRGHEtDQHVSHUDUWDPELpQODH[HQFLyQGHpOUHSOLFy
SUHVWDPHQWH6KHNW

(QHOPHVWUDQVFXUULGRGHVGHHOH[SHULPHQWRGLMRHOSULPHU
PLQLVWUR HQWRQRGXOFHPLHQWUDVVHLQFOLQDEDKDFLDGHODQWHQDGDVH
KDVDELGRGHHVWDVSHUVRQDVSRUORTXHUHVSHFWDDH[HQFLRQHVLQPXQL
GDGHVRFRVDVSDUHFLGDV
(QHVHFDVROR~QLFRTXHGHEHQTXHUHUHVRWURWUDEDMDGRUHQOD
JUDQMD\OHVIDOWDYDORUSDUDIRUPXODUFXDOTXLHUFODVHGHVROLFLWXG
(OGRFWRU6KHNWH[SHULPHQWyXQDUHSHQWLQDGHVHVSHUDFLyQ6X
VDELGXUtDFUHRVLQFHUDPHQWHTXHHVWDVSHUVRQDVVRQWHUUHVWUHVKRQUD
GRV6LLQWHQWDQHQJDxDUHVSRUVDOYDUODYLGD/HVGLPLSDODEUDGH
TXHHVWDUtDQSURWHJLGRV
/DSDODEUDGHXVWHGQRPHFRPSURPHWHDQDGDHVSHWyHOSUL
PHUPLQLVWUR4XLpQOHKDFRQFHGLGRHOGHUHFKRDRIUHFHUSURWHF
FLyQ"(VWiOXFKDQGRSRUODYLGDGHHVDVSHUVRQDVRSRUODGHXVWHG"
/RVRMRVGH6KHNWGHVFHQGLHURQLQYROXQWDULDPHQWH KDFLDHOVXHOR

DQWHODPLUDGDGHLUDGHORWURKRPEUH

6LQHPEDUJRGLMRHOH[SHULPHQWRUHIRU]yPLVFRQRFLPLHQ
WRVVREUHHOVLQDSVLILFDGRU\HVRGHEHUtDVHU~WLOSDUDOD7LHUUDHQWHUD
(VGLJQRGHUHFRPSHQVD
7DPELpQHVGLJQRGHUHFRPSHQVDSRUSDUWH GHO,PSHULR
6KHNWVHVROLYLDQWy

3UHWHQGHGHFLUTXHKHWHQLGRDOJ~QWUDWRFRQHO,PSHULRDOUHV
SHFWR"
(QQLXVIXHDYHUOH6HWUDWDGHXQKHFKRSUREDGR

<DOHKDEOpGHHVRaLMR6KHNWSDFLHQWH(OLQYHQWRGHEtD
LQWHUHVDUDO,PSHULR(QQLXVIXHEDVWDQWHIUDQFR0HSUHJXQWVLQ
DPEDJHVVL\RHVWDEDGLVSXHVWRDSRQHUHOLQVWUXPHQWRDGLVSRVLFLyQ
GHOJRELHUQRFHQWUDO<DOHFRPXQLTXpVXRIHUWDOLEHUWDGSDUDOD
7LHUUDWUDVODGDUQRVDRWURSODQHWD
8QDYH]PiVHOVHFUHWDULRFURy\6KHNWVHVREUHVDOWy3HQVyTXH
DTXHOKRPEUHDOFURDUSUHWHQGtDUHtUVH(OSULPHUPLQLVWURIUXQFLy
XQODELR

6taHO,PSHULRHVJHQHURVRHQVXVSURPHVDVSHURKDEODGH
OLEHUWDGFRQFHGLGDOLEUHPHQWHSRUHODPRDOHVFODYR"(VWiVRxDQGR"
/HVHQWUHJDPRVHOVLQDSVLILFDGRU\HOORVTXpFRVDWDQH[WUDQDTXp
FRVDWDQPLVWHULRVDROYLGDUiQXQDYH]PiVTXHH[LVWHXQD7LHUUD
4XpPHGLFHGHODVSURPHVDVGHDOLPHQWRVGXUDQWHODpSRFDGH
KDPEUHTXHVXIULPRVKDFHFLQFRDQRV"/RVHPEDUTXHVIXHURQUHFKD
]DGRVSRUTXHQRWHQHPRVFUpGLWRVLPSHULDOHV\QDGLHKDEUtDDFHS
WDGRSURGXFWRVWHUUHVWUHV\DTXHHVWiQFRQWDPLQDGRVUDGLDFWLYD
PHQWH<ORVFUpGLWRVLPSHULDOHV"&LHQUQLOSHUVRQDVPXULHURQGH
KDPEUH
6KHNWUHVSLUDEDFRQGLILFXOWDG

6LQRVRWURVQRKXELpUDPRVVLGRWDQWHUFRV\KXELpUDPRVOOHJDGR
DXQDFXHUGRHQODFXHVWLyQGHGLMRHQWRQRVRIRFDGR

(OSULPHUPLQLVWURGHMyFDHUVXSXQRVREUHHOHVFULWRULRTXHVH
LQWHUSRQtDHQWUHpO\HOIIVLFR\VHOHYDQWyUHOXFLHQWHFRQVXFDSDURMD
6LOHQFLR3UHWHQGHOLEUDUDO,PSHULR *DOiFWLFRGHOVHQWLPLHQWR
GHFXOSDELOLGDGSRUODVYLGDVWHUUHVWUHVSHUGLGDV"7HQJDFXLGDGR
GRFWRU6KHNW(VHVHQWLPLHQWRGHFXOSDELOLGDGWHQGUiSURQWDUHFRP
SHQVD\WDPELpQUHFDHUiODYHQJDQ]DVREUHODVFDEH]DVGHORVWHUUHV
WUHVUHQHJDGRVTXH

4XL]iVHOVHFUHWDULRWRVLyFDVLLQDXGLEOHPHQWHRWDOYH]GLRXQ
FRGD]RDVXVXSHULRU)XHUDFRPRIXHUDVHSURGXMRXQDSDXVD\DFWR
VHJXLGRXQFDPELRGHWRQR

6XSRQJDSURVLJXLyIQDPHQWHHOSULPHUPLQLVWURTXHHVH
(QQLXVYDDYHUOH\PHWHVXQDUL]GHSDWULFLRGHORVPXQGRVH[WHULRUHV
HQHOVLQDSVLILFDGRU<SLHQVHTXHPLHQWUDVpOKDFHWDOFRVDXQFDP
SHVLQRVHSUHVHQWDFRQFODUDVSUXHEDVGHDJLWDFLyQ\SUHVHQWDFRPR
VXMHWRGHXQDSUXHEDXQKRPEUHTXHQRHVGHOD7LHUUD6tSRU
TXpVHILQJHERTXLDELHUWR"8QKRPEUHTXHQRFRQVWDHQQXHVWURV
DUFKLYRVQRHVGHOD7LHUUD1RYHQLQJXQDUHODFLyQ"
6KHNWQRFRQWHVWy

8VWHGSXEOLFDUiXQDUWtFXORGLMRHOSULPHUPLQLVWURFRQILUPH
DXWRULGDG+DVWDFLHUWRSXQWRHOVLQDSVLILFDGRUFRQVWLWX\HXQp[LWR
+DORJUDGRUHVXOWDGRVGpELOPHQWHSRVLWLYRVFRQXQVRORKRPEUHUH
VXOWDGRVQRGHFLVLYRVFRQRWURVKDFDXVDGRODPXHUWHDXQRVFXDQWRV
3URSRUFLRQHGHWDOOHVSRFRLPSRUWDQWHVWDQWRVFRPRTXLHUDPLHQWUDV
WUDQVPLWDQFRQYLFFLyQVLQLQIRUPDFLyQ5HFXHUGHQRKD\TXH VXVFLWDU
H[FHVLYRLQWHUpV<VL(QQLXVRFXDOTXLHUKDELWDQWHGHODJDOD[LD
YXHOYHDYLVLWDUOHQRVHYD\DGHODOHQJXD5HFXHUGHTXHHO6HVHQWD
OHDIHFWDUiGHQWURGHSRFR\TXHQRHVWDPRVVDWLVIHFKRVFRQXVWHG

6KHNWSiOLGR\HQFRJLGREDMyODFDEH]D\QRFRQWHVWy(UDHO
ILQDOGHODHQWUHYLVWD

<HOSULPHUPLQLVWUR\HOVHFUHWDULRTXHGDURQDVRODV\HOVHJXQGR
WRPyDVLHQWRGHVFXLGDGDUQHQWHHQODVLOODRFXSDGDKDVWDHQWRQFHVSRU
HOGRFWRU6KHNW(OEULOOR\HOIXHJRVHKDEtDQDSDJDGRGHPRPHQWR
HQHOVHPEODQWHGHOSULPHUPLQLVWUR6XDVSHFWRHUDVLPSOHPHQWHHO
GHXQDSHUVRQDSUHRFXSDGD
&UHHVTXHHVHKRPEUHHVGHFRQILDQ]DKHUPDQR"(K"

(OVHFUHWDULRVHDO]yGHKRPEURV\JUXxyVLQHOUHVSHWR\ODDGPL
UDFLyQTXHSRUIXHU]DPHUHFtDXQSULPHUPLQLVWUR(VHWUDWDPLHQWR
KHUPDQRHUDSUXHEDVXILFLHQWHGHSHUWHQHQFLDDODSRGHURVD6RFLH
GDGGHORV$QWLJXRV
8QDSDODEUDD(UPLXVKHUPDQR\SRGUtDQDQLTXLODUQRVFRQ
WLQXyHOSULPHUPLQLVWUR(VWH6KHNWHVXQLQWHJUDFLRQLVWD<DKDV
RtGRVXVREVHUYDFLRQHVVREUHHOKDPEUH/RVFREDUGHVTXHFUHHQHQ
ODFRQFLOLDFLyQVRQSHOLJURVRV
/DIQ
DLPSDVLELOLGDGGHOVHPEODQWHGHOVHFUHWDULRLPSLGLyODH[
SUHVLyQGHPiVGXGDV

6KHNWQRVDEHQDGDGHQXHVWURVSODQHVGLMR6KHNWHV
FRPRW~GLFHVXQFREDUGH\HQFRQVHFXHQFLDSXHGHDUGHUSRUGHQWUR
SHURJXDUGDUiVLOHQFLR\WRGDYtDQRVKDFHIDOWD(OVHFUHWDULR
SURVLJXLyHQWRQRGHFLGLGR$GHPiVQRFRQVWLWXYHQLODPLWDGGH
SHOLJURTXHHVRVQHFLRVGHORVDOWRVFDUJRVORVTXHYLHUWHQWRUUHQWHV
GHSDODEUHQ
DTXHQRFRQWLHQHQPiVTXHJRWLWDVGHVHQWLGRFRP~Q
/RVSyPXORVGHOSULPHUPLQLVWURVHHQFHQGLHURQ
$TXpWHUHILHUHV"

0HUHILHURDWXGLVFXUVRVREUHVHQWLPLHQWRVGHFXOSDELOLGDG\
YHQJDQ]D1XHVWUDDUPDSULQFLSDOHVTXHQDGLHSRGUtDFRQFHELUXQD
YLFWRULDGHOD7LHUUDVREUHODJDOD[LD1XHVWUDGHELOLGDGFODUDHLQ
PHQVDHVQXHVWUDIXHU]DSRUTXHHOORVQRQRVYLJLODQ'HMpPRVORDVt
VXVXSXHVWDVDELGXUtD1RDPHQDFHV<QRWHSUHRFXSHVSRUHOVLQDS
VLILFDGRU,QFOXVRHVHWHPDHVVHFXQGDULR

(OSULPHUPLQLVWURWUDJyVDOLYD\HOEULOORGHRGLRGHVXVRMRVVLVH
KXELHUDWUDQVIRUPDGRHQDFWRVKDEQ
DVLGRODUXLQDSDUDHOVHFUHWDULR
3HURHVRHUDLPSRVLEOH\WRGDVODVSHUVRQDVLPSOLFDGDVORVDEtDQ
%LHQ\HVHHVSUD"SUHJXQWyHOSULPHUPLQLVWUR(VH
DJHQWH7FRPRW~ORGHQRPLQDV

1DGD9LJLODUHPRV\DJXDUGDUHPRV)XHGHPDVLDGRIiFLOORFDK
]DUOR1RKDFHHVIXHU]RDOJXQRSDUDRFXOWDUVHQLSDUDSRQHUVHHQ
FRQWDFWRFRQ(QQLXV

(OSULPHUPLQLVWURPHGLWyXQRVLQVWDQWHV6XVGHGRVODUJRV \PX\
FXLGDGRVVHDO]DURQKDFLDHOODELRLQIHULRU\ORSHOOL]FDURQ
3UHWHQGHVGHFLUTXHHVSHUDQTXHDWUDSHPRVDOHVStD

$K<HOVHFUHWDULRFURyVHFDPHQWH(VWiVDEVRUELHQGR
VDELGXUtD1RKD\GXGD<SRUWDQWRQRKDUHPRVHVR9LJLODUHPRV
\DJXDUGDUHPRV
&XiQWRWLHPSR"

+DVWDTXH(QQLXVKDJDODVLJXLHQWHMXJDGDRKDVWDTXHHVWH
PRVSUHSDUDGRVHQFX\RFDVRQXHVWUDMXJDGDVHUiOD~OWLPD
<HVER]yXQDH[WUDRUGLQDULDVRQULVD\DTXHWHQtDWDQWRKXPRU
FRPRGXO]XUDWLHQHXQOLUQyQ

<HOVHFUHWDULRTXHGyDVRODV6HGHMyFDHUSHUH]RVDPHQWHHQHO
VLOOyQEODQGR\PDJQtILFRRFXSDGRDQWHULRUPHQWHSRUHOSULPHUPLQLV
WUR6XPLUDGDGLVWDQWHVHFHQWUyHQHOWHFKRVXVPDQRVTXHGDURQ
FUX]DGDVVXDYHPHQWHHQVXUHJD]R\VXVSHQVDPLHQWRVHUUDURQFRQ

VXPDDJXGH]D

/DQDWXUDOH]DH[DFWDGHHVRVSHQVDPLHQWRVQRVHUtDSUHFLVDPHQWH
FRUUHFWDHQODQDUUDFLyQRUGHQDGDGHODKLVWRULDSHURGLFKRVSHQVD
PLHQWRVJXDUGDEDQHVFDVDUHODFLyQFRQHOGRFWRU6KHNWHOSULPHU
PLQLVWURHLQFOXVR(QQLXV

(QOXJDUGHHVRV SHUVRQDMHVDSDUHFLyODLPDJHQGHXQSODQHWD
7UDQWRUGHVGHFX\DPHWUySROLLQPHQVDWDQJUDQGHFRPRXQSODQHWD
VHJREHUQDEDODJDOD[LDHQWHUD<WDPELpQODLPDJHQGHXQSDODFLR
FX\RVFKDSLWHOHV\H[WHQVRVDUFRVHOVHFUHWDULRMDPiVKDEtDYLVWRTXH
QLQJ~QRWURWHUUHVWUHKDEtDYLVWR(OVHFUHWDULRSHQVyHQODVOLQHDV
LQYLVLEOHVGHSRGHU\JORULDTXHLEDQGHVROHQVROIRUPDQGRFRUGHOHV
FXHUGDV\FDEOHVKDVWDOOHJDUDOSDODFLRFHQWUDO\DTXHOODDEVWUDFFLyQ
HOHPSHUDGRUTXHDOILQ\DOFDERHUDVLPSOHPHQWHXQKRPEUH
6XPHQWHVHFRQFHQWUyHQHVDLGHDODLGHDGHXQSRGHUTXHWDQ
VyORSRGtDFRQIHULUXQDGLYLQLGDGHQHOWUDQVFXUVRGHODYLGDVH
FRQFHQWUyHQXQSHUVRQDMHTXHHUDVLPSOHPHQWHKXPDQR
6LPSOHPHQWHKXPDQR&RPRpOPLVPR
/DPHQWHTXHFDPEaR

(OPRPHQWRGHOFDPELRSDUHFtDGLIXVRHQORVUHFXHUGRVGH-RVHSK
6FKZDUW]3ULPHURDTXHOPLHGRDQLTXLODGRUWDQH[WUDxR\UDURHQVX
PHQWHFRPRODLUQDJHQGHODPLVPD&KLFDJR(OYLDMHD&KLFD\HO
ILQDOLQVyOLWR\HQUQDUDxDGR6FKZDUW]SHQVDEDHQHVRFRQIUHFXHQFLD
(QSULPHUOXJDUDTXHOYLDMHKDEtDVLGROD~QLFDYH]TXHKDEtD
DEDQGRQDGRODJUDQMDGXUDQWHHOPHGLRDxRWUDQVFXUULGRGHVGHHO
LQFLGHQWHLQLFLDO(QVHJXQGROXJDUHOUHFXHUGRSDUHiDGHWHQHUVH
EUXVFDPHQWH

(QPXFKDVRFDVLRQHVKDEtDLQWHQWDGRUDVWUHDUDTXHOUHFXHUGR
SDVRDSDVRFHQWtPHWURDFHQWtPHWURGHVSDFLRFRPRSDUDFDSWDU
SRUPHUDLQVLVWHQFLDODFODYHGHOFDPELRTXHVHKDEtDSURGXFLGRD
SDUWLUGHHQWRQFHV

(QPXFKDVRFDVLRQHVHQVXSHQVDPLHQWRHOKRPEUHGHOJDGRD
FDUJRGHDTXHOORFDOOHKDEtDRIUHFLGRODStOGRUDEODQFD\HOLSVRLGDO
eOODKDEtDFRJLGR\WUDJDGRFRQUDSLGH]8QDGURJDGHVGHOXHJR
3DUDFXUDUSDUDPDWDUSDUDQDGD$pOQROHLPSRUWDEDHQWRQFHV
<GHVSXpV

%LHQ\GHVSXpV

$KtFRQFOXtDODFODULGDG\HPSH]DEDQDPRIDUVHGHpOORVUHWXHU
GRVLUUHJXODUHV\IUDJPHQWDGRV$SDUWLUGHHVHLQVWDQWHQRUHFRUGDED

QDGDDSDUWHGHOFDPSHVLQR\ORVGRORUHVGHFDEH]D1RHQUHDOL
GDGQRHUDQGRORUHVGHFDEH]D3DOSLWDFLRQHVPiVELHQFRPRVLXQD
GLQDPRRFXOWDHQVXFHUHEURVHKXELHUDSXHVWRHQPDUFKD\FRQVX
IXQFLRQDPLHQWRGHVDFRVWXPEUDGRSURYRFDUDODYLEUDFLyQGHWRGRV
ORVKXHVRVGHVXFUiQHR

$OOtHVWDED*UHZHQVXVLOODGHUXHGDVMXQWRDODFDPDGH
6FKZDUW]UHSLWLHQGRSDODEUDV\VHxDODQGRRKDFLHQGRJHVWRV<XQ
GtDHOGHVFRQRFLGRGHMyGHGHFLUWRQWHUtDV\HPSH]yDKDEODULQJOpV
2PHMRUGLFKRpO-RVHSK6FKZDUW]KDEtDGHMDGRGHKDEODULQJOpV
SDUDHPSH]DUDGHFLUWRQWHUtDVTXHFRQHOWLHPSRGHMDURQGHVHUK
3RVWHULRUPHQWHFXDQGRHORWRxRWLQyWRGRGHGRUDGRODVFRVDV
YROYtDQDVHUFODUDV\6FKZDUW]HVWDEDHQHOFDPSRWUDEDMDQGR(UD
VRUSUHQGHQWHFyPRKDEtDDSUHQGLGRHORILFLR-DPiVFRPHWtDXQ
HUURU+DEtDPiTXLQDVFRPSOLFDGDVTXHpOORJUyPDQHMDUVLQGLILFXO
WDGWUDVXQDVLPSOHH[SOLFDFLyQ

6FKZDUW]HVSHUyODOOHJDGDGHOWLHPSRIUtR\HOIQRQXQFDVH
SUHVHQWy(OLQYLHUQRORSDVyGHVEUR]DQGRWHUUHQRVIHUWLOL]DQGRSUH
SDUDQGRGHPXFKDVIRUPDVODVLHPEUDSULPDYHUDO

3UHJXQWyD*UHZWUDWyGHH[SOLFDUOHTXpHUDODQLHYHSHURHO
LQYiOLGRVHOLPLWyDPLUDUOHILMDPHQWH\OHGLMR$JXDKHODGDTXHFDH
FRPRODOOXYLDHK"$KQLHYH(QRWURVSODQHWDVGLFHQ$TXt
QR

6FKZDUW]YLJLOyODWHPSHUDWXUDDSDUWLUGHHQWRQFHV\GHVFXEULy
TXHDSHQDVYDULDEDGHXQGtDDRWUR\VLQHPEDUJRORVGtDVVH
DFRUWDEDQSULPHUR\VHDODUJDEDQGHVSXpVFRPRSRGtDHVSHUDUVHHQ
XQOXJDUVHSWHQWULRQDOSRUHMHPSORWDQVHSWHQWULRQDOFRPR&KLFDJR
<6FKZDUW]GXGyTXHHVWXYLHUDHQOD7LHUUD

,QWHQWyOHHUDOJXQRVGHORVILEURILOPHVGH*UHZSHURGHVLVWLy/DV
SHUVRQDVVHJXtDQVLpQGRORDSHVDUGHWRGRPDVODVPLQXFLDVGHOD
YLGDFRWLGLDQDFX\RFRQRFLPLHQWRVHGDEDSRUVXSXHVWRODVDOXVLRQHV
KLVWyULFDV\VRFLROyJLFDVTXHFDUHFtDQGHVHQWLGRSDUDpOWRGRHVWR
OHKL]RGHVLVWLU
/RVDFHUWLMRVVHVXFHGLHURQODV OOXYLDVXQLIRUPHPHQWHFiOLGDVODV
EUXVFDVyUGHQHVTXHUHFLEtDSDUDPDQWHQHUVHDSDUWDGRGHFLHUWDV
]RQDV3RUHMHPSORXQDWDUGHDFDEyVLQWLpQGRVHLQWULJDGtVLPRSRU
HOEULOORGHOKRUL]RQWHHOIXOJRUD]XOTXHDSDUHFtDKDFLDHOVXU

6HHVFDEXOOyGHVSXpVGHFHQDU\FXDQGRKDEtDUHFRUULGRPHQRV
GHGRVNLOyPHWURVHO]XPELGRFDVLLQDXGLEOHGHXQYHKtFXORGHGRV
UXHGDVVRQyWUDVpOMXQWRFRQORVIXULRVRVJULWRVGH$UELQ6HGHWXYR
\pVWHOROOHYyGHQXHYRDODFDVD
'HVSXpVPLHQWUDVPHGtDODKDELWDFLyQFRQVXVSDVRV$UELQOH

GLMRTXHQRVHDFHUFDUDDQLQJ~QEULOORQRFWXUQR6FKZDUW]SUHJXQWy
VLQDOWHUDUVH3RUTXp"<REWXYRXQDUHVSXHVWDYLYDPHQWHPRU
GD]3RUTXHHVWiSURKLELGR

3HURHVDQRFKHIXHPX\LPSRUWDQWHSDUD6FKZDUW]SXHVWRTXH
GXUDQWHDTXHOORVGRVNLOyPHWURVHVFDVRVKDFLDHOUHVSODQGRUFRQRFLy
HOFRQWDFWRPHQWDO-DPiVKDEtDVLGRFDSD]GHGHVFULELUORDRWUD
SHUVRQD1RKDEtDYLVWRDQDGLHQRKDEtDRtGRDQDGLHQRKDEtDVLGR
SUHFLVDPHQWHXQFRQWDFWR
1R+DEtDVLGRDOJRSDUHFLGRDXQFRQWDFWRSHURQRHQSDUWH
DOJXQDGHVXRUJDQLVPR(QVXFHUHEUR1RH[DFWDPHQWHXQFRQ
WDFWRPiVELHQXQDSUHVHQFLDDOJRTXHKDEtDDOOt
<ODUDUH]DVHUHSLWLyFDGDYH]FRQPiVIUHFXHQFLD

7DQVyORGHVGHKDFtDXQPHVVHKDEtDGDGRFXHQWDGHTXHVLHPSUH
VDEtDFXiQGR$UELQR/RDHVWDEDQHQODFDVDLQFOXVRFXDQGRQRWHQtD
PRWLYRVOyJLFRVSDUDVDEHUOR(UDPX\GLItFLOFRQVLGHUDUDQRUPDOHO
FDVR\DTXHSDUHFtDWDQQDWXUDO
6FKZDUW]KL]RSUXHEDV\GHVFXEULyTXHpOVDEtDFRQH[DFWLWXG
GyQGHHVWDEDQORVPLHPEURVGHODIDPLOLDHQFXDOTXLHUPRPHQWR
3RGtDGLVWLQJXLUORV\DTXHHOFRQWDFWRPHQWDOGLIHUtDVHJ~QODSHU
VRQD
1RFRPHQWyQDGDDOUHVSHFWR
$OHPSH]DUODSULPDYHUDSHUFLELyHOFRQWDFWRGXUDQWHODVLHPEUD
HOFRQWDFWRRULJLQDOHOTXHQRWyGXUDQWHHOEUHYHSDVHRKDFLDHO
UHVSODQGRU(VDWDUGHIXHDEXVFDUD$UELQ
4XpKDFHPRVFRQHVD]RQDGHERVTXHVDORWURODGRGH6RXWK
+LOOV$UELQ"SUHJXQWy
1DGDIXHODiVSHUDUHVSXHVWD(VWHUUHQRPLQLVWHUa
4XpHVHVR"Ia
$UELQVH PRVWUyLUULWDGRaaE
3HUWHQHFHDOSULPHUPLQLVWURa
U
3HURQRHVWiFXOWLYDGR
1RHVWiSUHYLVWRSDUDFXOWLYR$UELQKDEODEDHQWa 2HVFDQ a
GDOL]DGR)XHXQJUDQFHQWURHQRWURVWLHPSRVaaaI
0X\DQWLJXR"&yPRVHOODPDED"BBL

/DVSUHJXQWDVEURWDURQFRQUDSLGH]FRPRODUHVSXUDFLyQGH
6FKZDUW]
3HUR$UELQLPSDFLHQWHUHVWyLPSRUWDQFLDDOWHPD

1RVpGHTXppSRFD<VyORORVKRPEUHVLQVWUXLGRVOD6RFLHGDG
GH$QWLJXRVFRQRFHQORV QRPEUHVGHORVFHQWURVDQWLJXRV'HWRGDV
IRUUQDVDWLTXpWHLPSRUWD"0LUD-RVHSKVLTXLHUHVVHJXLUDTXtVLQ

SUREOHPDVQRVHDVWDQFXULRVR$WLHQGHWXIDHQD
9LYHDOJXLHQDOOL"
1R

$UELQVHIXH

3HURHOFRQWDFWRPHQWDOH[WUDxRSURFHGtDGHDOOL\SRVHtDXQ
UDVJRDPHQD]DGRUTXHLQWUDQTXLOL]yD6FKZDUW]

3RUHQWRQFHVpOVHVHQWtDPiVMRYHQ1RHQVHQWLGRIIVLFRDGHFLU
YHUGDG7HQtDPHQRVEDUULJD\PiVKRPEURV6XVP~VFXORVHUDQPiV
GXURV\HOiVWLFRV\VXGLJHVWLyQKDEtDPHMRUDGR7RGRHOORFRPR
UHVXOWDGRGHOWUDEDMRDODLUHOLEUHSHURKDEtDDOJRPiV6XIRUPDGH
SHQVDU

/RVKRPEUHVHQWUDGRVHQDKRVWLHQGHQDROYLGDUFyPRSHQVDEDQ
HQVXMXYHQWXGROYLGDQODUDSLGH]GHOVDOWRPHQWDOODRVDGtDGHOD
LQWXLFLyQMXYHQLOODDJLOLGDGGHVXHQWHQGLPLHQWR6HDFRVWXPEUDQD
ODVYDULHGDGHVPiVODERULRVDVGHODUD]yQSHURSXHVWRTXHHVWHGHWD
OOHHVWiPiVTXHFRPSHQVDGRSRUODDFXPXODFLyQGHH[SHULHQFLDEV
YLHMRVVHFRQVLGHUDQPiVLQWHOLJHQWHVTXHORVMyYHQHV
0DV6FKZDUW]FRQVHUYDEDODH[SHULHQFLD\DGHPiVGHVFXEULyFRQ
JUDQSODFHUTXHSRGtDHQWHQGHUORWRGRUiSLGDPHQWH3RFRDSRFR
SDVyGHVHJXLUODVH[SOLFDFLRQHVGH$UELQDSUHYHUODVDGDUXQVDOWR
PiVDOOi<HQFRQVHFXHQFLDVHVHQWtDMRYHQGHXQPRGRPXFKRPiV
VXWLOTXHHOTXHSRGUtDKDEHUOHSURSRUFLRQDGRFXDOTXLHUPHGLGDGH
H[FHOHQFLDItVLFD
<FRQODVLHPEUD\DWHUPLQDGD6FKZDUW]SHQVyTXHQHFHVLWDED
DYHULJXDUFLHUWDVFRVDV3RUILQXQDQRFKHGHSULPDYHUDPLHQWUDV
MXJDEDXQDSDUWLGDGHDMHGUH]FRQ*UHZHQODJORULHWDORKL]R

(ODMHGUH]FXULRVDPHQWHQRKDEtDFDPELDGRDSDUWHGHOQRPEUH
GHODVSLH]DV*UHZOHKDEOyGHYDULDQWHVWDOHVFRPRHODMHGUH]SDUD
FXDWURMXJDGRUHVHQHOTXHFDGDFRQWHQGLHQWHGLVSRQtDGHXQWDEOHUR
FRPXQLFDGRFRQORVGHPiVSRUODVHVTXLQDVFRQXQTXLQWRWDEOHUR
SDUDOOHQDUHOKXHFRFHQWUDODPRGRGHWLHUUDFRP~QGHQiGLH([LVWtD
HODMHGUH]WULGLPHQVLRQDORFKRWDEOHURVWUDQVSDUHQWHVFyORFDGRVXQR
HQFLPDGHRWURODVSLH]DVVHPRYtDQHQWUHVGLPHQVLRQHVHQOXJDUGH
ODVGRVDQWHULRUHVVXQ~PHURHUDGREOH\OD YLFWRULDDFXUUtDDOSURGX
FLUVHXQMDTXHVLPXOWiQHRGHDPERVUH\HVHQHPLJRV,QFOXVRH[LVWtDQ
YDULDQWHVSRSXODUHVHQODVTXHODSRVLFLyQRULJLQDOGHORVWUHEHMRVVH
GHFLGtDWLUDQGRORVGDGRVFRQFDVLOODVHVSHFLDOHVTXHFRQIHUtDQYHQWD
MDVRGHVYHQWDMDV DODVSLH]DVTXHODVRFXSDEDQFRQQXHYDVSLH]DVGH
H[WUDxDVSDUWLFXODULGDGHVHWFpWHUD
3HURHODMHGUH]HQVtHOSULPLWLYRHLQDOWHUDEOHHUDHOPLVPR\

HOHQIUHQWDPLHQWRHQWUH6FKZDUW]\*UHZKDEtDFRPSOHWDGRODVFXD
WURSULPHUDVSDUWLGDV

&XDQGRHPSH]yDMXJDU6FKZDUW]WHQtDHVFDVRVFRQRFLPLHQWRVGH
ODVMXJDGDV\SHUGLyODVSULPHUDVSDUWLGDV3HURODVLWXDFLyQYDULy\ODV
SDUWLGDVIXHURQFDGDYH]PiVGLVWLQWDVHQDXDQWR6FKZDUW]HPSH]yD
JDQDU'HPRGRJUDGXDOHOMXHJRGH*UHZVHKL]ROHQWR\ SUHFDYLGR
\HOLQYiOLGRVHKDELWXyDGHMDUHOWDEDFRGHVXSLSDUHGXFLGRD
UHOXFLHQWHVDVFXDVHQORVLQWHUYDORVHQWUHMXJDGDVKDVWDTXHOD
SDUWLGDFRQFOXtDHQHVWUXHQGRVD\ODPHQWDEOHGHUURWD

*UHZFRQGXFtDODVEODQFDV\VXSHyQHVWDED\DHQ56FKZDUW]
WRPyDVLHQWR\VXVSLUyPLHQWUDVHOFUHS~VFXORSURJUHVDED&RQIRUPH
pOLEDHQWHQGLHQGRFDGDYH]PiVODQDWXUDOH]DGHODVMXJDGDVGHOULYDO
LQFOXVRDQWHVGHTXHODVHMHFXWDUDODVSDUWLGDVKDEtDQLGRSHUGLHQGR
LQWHUpV(UDFRPRVL*UHZWXYLHUDXQDYHQWDQDHQHOFUiQHR
8WLOL]DEDQXQWDEOHURQRFWXUQRTXHHQODRVFXULGDGHPLWtDXQ
UHVSODQGRUHVFDTXHDGRGHWRQRVD]XOHV\DQDUDQMDGRV/RVWUHEHMRV
ILJXUDVRUGLQDULDV\GHIRQPHVGHEDUURURML]RDODOX]GHOGtDVXIUtDQ
XQDPHWDPRUIRVLVSRUODQRFKH/DPLWDGHVWDEDQVXPLGRVHQXQD
EODQFXUDFUHPRVDTXHOHVFRQIHUtDHODVSHFWRGHSRUFHODQDIQD\
UHOXFLHQWH\HOUHVWRGHVSHGtDPLQ~VFXORVUHVSODQGRUHVFKLVSHDQWHV
GHFRORUURMR

/DVSULPHUDVMXJDGDVIXHURQUiSLGDV(OSHyQGHUH\GH6FKZDUW]
VHVLWXyGHODQWHGHOSHyQHQHPLJR*UHZVDFyHOFDEDOORGFUH\D$
6FKZDUW]UHSOLFyOOHYDQGRHO&'D$'HVSXpVHODOILOEODQFRVDOWyD
6&'\HO37'QHJURRFXSyODWHUFHUDFDVLOODSDUDKDFHUUHWURFHGHUD
7DODSLH]DULYDO$FWRVHJXLGRDYDQ]yHORWURFDEDOORD$
/DVEULOODQWHVSLH]DVVHGHVOL]DEDQSRUHOWDEOHURFRQHVSHFWUDO
YROXQWDGSURSLD\DTXHORVGHGRVTXHODVDIHUUDEDQGHVDSDUHFtDQHQ
ODQRFKH
(QHVHPRPHQWR6FKZDUW]KDEOyEUXVFDPHQWHFRQYR]WHQVD
'yQGHHVWR\"

*UHZDO]yODFDEH]DPLHQWUDVVLWXDEDHOFDEDOORGHGDPDHQ$
&yPR"

4XpSODQHWDHVpVWH"SUHJXQWy6FKZDUW]MXJDQGR$5

a7LHUUDIQHOaKUHYHFRQWHFWDFLa6QYa
OUHZFHHQURFyFRQ
JUDQFHUHPRxLD

3ULPHURVHPRYLyODDOWDILJXULOODTXHHUDHOUH\\OXHJRODSHVDGD
WRUUHSDVySRUHQFLPDGHODDQWHQRU\VHSRVyDORWURODGR

(UDXQDUHVSXHVWDWRWDOPHQWHLQVDWLVIDFWRULD6FKZDUW]WUDGXMR
PHQWDOPHQWH7LHUUDHOWpUPLQRHPSOHDGRSRU*UHZ3HURTXp
HUD7LHUUD"&XDOTXLHUSODQHWDHV7LHUUDSDUDRVTXHORKDELWDQ
$YDQ]yGRVSDVRVHOSHyQGHFDEDOORGHGDPD\GHQXHYRHODOILOGH
*UHZWXYRTXHUHWLUDUVHHQHVWDRFDVLyQD&$FRQWLQXDFLyQDPERV
MXJDGRUHVDSURYHFKDQGRVXWXUQRDYDQ]DURQXQDILODHOSHyQGH
GDPDORVGRVGDQGROLEHUWDGGHDFFLyQDVXRWURDOILOSDUDODEDWDOOD
TXH SURQWRVHLQLFLDUtDHQHOFHQWUR
(QTXpDxRHVWDPRV"SUHJXQWy6FKZDUW]FRQWDQWDFDOPD\
QDWXUDOLGDGFRPRSXGR
*UHZKL]RXQDSDXVD7DOYH]HVWXYLHUDVRUSUHQGLGR

4XpWLHQHVHQODFDEH]DKR\"1RTXLHUHVMXJDU"(VWDPRVHQ
HODxRGHOD(*(VWiVVDWLVIHFKRFRQHVR"

&RQWHPSOyHOWDEOHURFRQDLUHFHxXGR\GHVSOD]yEUXVFDPHQWHVX
FDEDOORGHGDPDD6' HOSULPHUDWDTXH6FKZDUW]ORHOXGLyFRQ
UDSLGH]OOHYDQGRD7VXFDEDOORGHGDPDDPRGRGHFRQWUDDWDTXH
<ODUHIULHJDFREUyLPSRUWDQFLD(O FDEDOORGH*UHZFDSWXUyHODOILO
TXHEULQFyKDFLDDUULEDHQXQEDxRGHIXHJRURMRSDUDFDHUHPLWLHQGR
XQEUXVFRFOLFHQODFDMDGRQGHSHUPDQHFHUtDFXDOJXHUUHURHQWH
UUDGRKDVWDODSUy[LPDSDUWLGD<HOFDEDOORFRQTXLVWDGRUFD\yDO
LQVWDQWHDQWHODGDPDQHJUD(QXQPRPHQWRGHH[WUHPDGDVSUHFDX
FLRQHVHODWDTXHGH*UHZYDFLOy\ODVEODQFDVPRYLHURQHORWUR
FDEDOORDODEULJRGHO5GRQGHHUDUHODWLYDPHQWHLQ~WLO(OFDEDOORGH
GDPDGH6FKZDUW]UHSLWLyHOSULPHUFDPELRFDSWXUDQGRHODOILO\
FD\HQGRSUHVDDVXYH]GHOSHyQGHWRUUH
4XpHV(*"LQTXLULyWUDQTXLODPHQWH6FKZDUW]GHVSXpVGH
RWUDSDXVD
&yPR"VHH[WUDxyHOPDOKXPRUDGR*UHZ$~QVLJXHV

(VREYLRTXH$VLPRYROYLGDFRQVWDWDUXQDMXJDGD\DTXHFRUUHVSRQGtD
MXJDUD6FKYDUW]3RUHOSRVWHULRUGHVDUUROORGHODSDUWLGDQRKD\GXGDGH
TXHODVQHJUDVVHKDQHQURFDGR 1GHO7

VLQVDEHUHQTXpDxRHVWDPRV"%LHQHVHOGHOD(UD*DOiFWLFD
DxRVGHVGHODIXQGDFLyQGHO,PSHULR*DOiFWLFRDxRVGHVGHOD
FRURQDFLyQGH)UDQNHQQ,7HWRFDFRQFOX\yHVWUXHQGRVDPHQWH
3HURHOFDEDOORTXH6FKZDUW]VRVWHQtDHVWDEDHQJXOOLGRSRUOD
SUHVDGHVXPDQR6HVHQWtDIXULRVDPHQWHIUXVWUDGR

3RUIDYRUGLMR\GHMyHOFDEDOORHQ'&RQRFHVDOJXQR
GHHVWRVQRPEUHV$VLD$PpULFDORV(VWDGRV8QLGRV5XVLD(XUR

SD"

(VWDEDEXVFDQGRLGHQWLILFDFLyQDWLHQWDV

'HSURQWRHQODRVFXULGDGODSLSDGH*UHZVHWUDQVIRUPyHQXQ
IXOJRUURMR\ODGLIXVDVRPEUDGHOLQYiOLGRVHLQFOLQyVREUHHOUHOX
FLHQWHWDEOHURFRPRVLIXHUDHOOD GHODVGRVODTXHWXYLHUDPHQRV
YLGD
6FKZDUW]ORLQWHQWyGHQXHYR

6DEHVGyQGHSRGQ
DHQFRQWUDUXQPDSD"

1RKD\PDSDVaUXxy*UHZDPHQRVTXHGHVHHVDUULHVJDU
HOFXHOORHQ&KLFD1RVR\JHyJUDIR-DPiVKDEtDRtGRORVQRPEUHV
TXHKDVPHQFLRQDGR
2WUDYH]ODYDJDDPHQD]DTXHSDUHFtDSHQGHUVLHPSUHVREUHpO
DUULHVJDUHOFXHOOR
(OVROWLHQHQXHYHSODQHWDVQRHVFLHUWR"SUHJXQWyFRQDLUH
GHGXGD
'LH]IXHODLQIOH[LEOHUHVSXHVWD

6FKZDUW]YDFLOy%LHQSRGtDQKDEHUGHVFXELHUWRRWURSODQHWD
&RQWyFRQORVGHGRVDQWHVGHIRUPXODUODVLJXLHQWHSUHJXQWD
4XpPHGLFHVGHOVH[WRSODQHWD"7LHQHDQLOORV"

*UHZHVWDEDDYDQ]DQGRGRVFDVLOODVHOSHyQGHDOILOGHUH\\
6FKZDUW]KL]RORSURSLRDOLQVWDQWH
7HUHILHUHVD6DWXUQR"UHSOLFy*UHZ1DWXUDOPHQWHTXH
WLHQHDQLOORV

(VWDEDFDOFXODQGR3RGtDFDSWXUDUHOSHyQGHDOILORHOGHUH\\ODV
FRQVHFXHQFLDVGHDPEDVUpSOLFDVQRHUDQGHPDVLDGRFODUDV

3HURSRUORTXHD6FKZDUW]LQFXPEtDVHJXUR\DGHODLGHQWLGDGGH
OD7LHUUDODSDUWLGDGHDMHGUH]QLVLTXLHUDHUDXQDPHQXGHQFLD/DV
SUHJXQWDVWHPEODEDQHQODVXSHUILFLHLQWHUQDGHVXFUiQHR\XQDGH
HOODVVHHVFDSy
<WXVOLEURILOPHVVRQUHDOHV"([LVWHQRWURVPXQGRV"&RQ
JHQWH"

*UHZOHYDQWyODYLVWDGHOWDEOHUR\VXVRMRVHVFXGULxDURQHQYDQR
HQODSHQXPEUD

+DEODVHQVHULR"
([LVWHQ"

3RUODJDOD[LD&UHRTXHQRORVDEHVUHDOPHQWH
6FKZDUW]VHVLQWLyKXPLOODGRSRUVXLJQRUDQFLD
3RUIDYRU

1DWXUDOPHQWHTXHH[LVWHQRWURVPXQGRV0LOORQHV7RGDVODV
HVWUHOODVTXHYHVWLHQHQSODQHWDV\WRGDYtDKD\PiVTXHW~QRYHV
7RGRVIRUPDQSDUWHGHO,PSHULR

0X\VXDYHHQVXLUOWHULRU6FKZDUW]FDSWyHOHFRWHQXHGHODV
YLYDVSDODEUDVGH*UHZFRQIRUPHLEDQSDVDQGRFKLVSHDQWHVGHXQD
PHQWHDRWUD1RWDEDTXHORVFRQWDFWRVPHQWDOHVLEDQUHIRU]iQGRVH
FRQHOSDVRGHORVGtDV3URQWRWDOYH]VHUtDFDSD]GHHVFXFKDU
PHQWDOPHQWHHVDVVXDYtVLPDVSDODEUDVLQFOXVRFXDQGRODSHUVRQDTXH
ODVSHQVDEDQRHVWXYLHUDKDEODQGR
&XiQWRWLHPSRKDSDVDGRGHVGHTXHRFXUULyWRGRHVR*UHZ"
SUHJXQWyURQFDPHQWH&XiQWRWLHPSRGHVGHTXHVyORH[LVWtDXQ
SODQHWD"
4XpSUHWHQGHVGHFLU"*UHZVHPRVWUyUHSHQWLQDPHQWHSUH
FDYLGR(UHVPLHPEURGHORV$QWLJXRV"
'HTXp"1RVR\PLHPEURGHQDGDSHUROD7LHUUDIXHHO
~QLFRSODQHWDKDFHWLHPSRQR"%LHQQRHVFLHUWR"

(VRGLFHQORV$QWLJXRVGLMR*UHZFRQWRQRVHYHUR3HUR
TXLpQORVDEH"4XLpQORVDEHUHDOPHQWH"3RUORTXH\RVpHVRV
PXQGRVGHDKtDUULEDKDQHVWDGRDKtDUULEDDORODUJRGHWRGDOD
KLVWRULD
3HURFXiQWRVDxRVUHSUHVHQWDHVR"

0LOHVGHDxRVVXSRQJR&LQFXHQWDPLOFLHQPLO1RSXHGR
DVHJXUDUOR

0LOHVGHDxRV6FKZDUW]QRWyXQJRUJRWHRHQVXJDUJDQWD\OR
UHSULPLyDWHUURUL]DGR7DQWRWLHPSRHQWUHGRVSDVRV"8QVXVSLUR
XQPRPHQWRXQDGpFLPDGHVHJXQGRYpOKDEtDVDOWDGRPLOHVGH
DxRV"

3HUR*UHZHVWDEDMXJDQGR\D&DSWXUyHOSHyQGHDOILOHQHPLJR\
6FKZDUW]FDVLFRPRXQDXWyPDWDDQRWRPHQWDKPHQWHHOKHFKRGH
TXHHVDRSFLyQHUDODLQFRUUHFWD/DVMXJDGDVHQFDMDEDQHQVXFHUHEUR
VLQQLQJ~QHVIXHU]RFRQVFLHQWH6XWRUUHGHUH\VHODQ]yKDFLDGHODQWH

SDUDWRPDUHOSHyQGREODGR(OFDED8REODQFRVHVLWXyGHQXHYRHQ
$(ODOILOGH6FKZDUW]DYDQ]yD&TXHGDQGRHQOLEHUWDGGHDF
FLyQ*UHZUHVSRQGLyDOLQVWDQWHFRORFDQGRVXDOILOHQ'
6FKZDUW]KL]RXQDSDXVDDQWHVGHODQ]DUHODWDTXHILQDO
/D7LHUUDVLJXHVLHQGRODGXHxD"SUHJXQWy
/DGXHxDGHTXp"
'HO,PS

3HUR*UHZOHYDQWyODFDEH]DFRQXQUXJLGRTXHKL]RWHPEODUORV
WUHEHMRV
(VFXFKDW~DGyQGHTXLHUHVLUDSDUDU"/RV$QWLJXRVDILUPDQ
TXHORIXHKDFHWLHPSRSHURORSDUHFH"

6HR\yXQVXDYH]XPELGRPLHQWUDVODVLOODGHUXHGDVGH*UHZ
GDEDODYXHOWDDODPHVD6FKZDUW]QRWyXQRVGHGRVTXHDIHUUDEDQVX
EUD]R
0LUD0LUDDOK/DYR]GH*UHZHUDXQFKLUULGRPXVLWD
GR9HVHOKRUL]RQWH"9HVFyPREULOOD"
6t

(VRHVOD7LHUUDOD7LHUUDHQWHUD([FHSWRHQDOJXQRVVLWLRV
GRQGHH[LVWHQ]RQDVFRPRpVWD
1RORHQWLHQGR


a

/DFRUWH]DWHUUHVWUHHVUDGLDFWLYD(OVXHORUHVSODQGHFHVLHP
SUHORKDKHFKRVLHPSUHORKDUi1RSXHGHFUHFHUQDGD1DGLHSXHGH
YLYLU'HYHUGDGQRVDEHVHVR"3RUTXpVXSRQHVTXHWHQHPRVHO
6HVHQWD"
(OSDUDOtWLFRVHFDOPy6XVLOODGLRODYXHOWDDODPHVDHQVHQWLGR
FRQWUDULR
7HWRFDMXJDU

(O6HVHQWD2WUDYH]DTXHOODIUDVH\VLHPSUHFRQHOFRQWDFWR
PHQWDOGHDPHQD]DLQGHILQLGD/DVSLH]DVGHDMHGUH]GH6FKZDUW]VH
PRYLHURQVRODVPLHQWUDVpOVHIRUPXODEDSUHJXQWDVFRQHOFRUD]yQ
HQFRJLGR6XSHyQGHUH\FDSWXUyHOGHDOILOGHOULYDO*UHZVLWXyHO
FDEDOORHQ'\ODWRUUHGH6FKZDUW]HOXGLyHODWDTXHHQ&(O
FDEDOOREODQFRVLJXLyDWDFDQGRGHVGH$\ODVQHJUDVHYLWDURQOD
FDSWXUDOOHYDQGRODWRUUHD&3HURHOSHyQGHWRUUHUH\GH*UHZ

DYDQ]yWtPLGDPHQWHXQDFDVLOOD\ODWRUUHGH6FKZDUW]VHODQ]yDO
DWDTXH&DSWXUyHOSHyQGHFDEDOOREODQFRGDQGRMDTXHDOUH\*UHZ
VHDSUHVXUyDWRPDUODSLH]DPDVODGDPDHQHPLJDFXEULyODEDMDDO
LQVWDQWHGHVSOD]iQGRVHD&\GDQGRMDTXH(OUH\EODQFRVHHVFDEX
OOyHQO7\6FKZDUW]DYDQ]yVXFDEDOORVLWXiQGRORHQ5*UHZ
FRORFyODGDPDHQ5HQYLJRURVDWHQWDWLYDGHPRYLK]DUVXVGHIHQVDV
\6FKZDUW]UHSOLFySRQLHQGRODGDPDGRVFDVLOODVPiVDGHODQWHHQ
&GHWDOPRGRTXHODOXFKDHUD\DFXHUSRDFXHUSR*UHZQRWHQtD
HOHFFLyQFRORFyODGDUQDHQ&\ODVGRVVREHUDQDVTXHGDURQIUHQWHD
IUHQWH(OFDEDOORQHJURGLRHQORYLYRDOWRPDUHOGHOULYDOHQ$\
FXDQGRHODWDFDGRDOILOEODQFRVHFRORFyUiSLGDPHQWHHQ$HOFDED
OORYROYLyD6'*UHZGXGyXQRVLQVWDQWHV\OXHJRVXGDPDVHGHV
SOD]ySRUODJUDQGLDJRQDOSDUDWRPDUHODOILOFRQWUDULR

<*UHZKL]RXQDSDXVD\VXVSLUyGHDOLYLR6XDVWXWRULYDOWHQtDOD
WRUUHHQSHOLJURFRQXQMDTXHHQSHUVSHFWLYDPLHQWUDVODGDPDEODQFD
HVWDEDOLVWDSDUDKDFHUHVWUDJRV<WHQtDYHQWDMDGHXQDWRUUHSRU
SHyQ
7~MXHJDVGLMRFRQVDWLVIDFFLyQ

4XpTXpHVHO6HVHQWD"SUHJXQWySRUILQ6FKZDUW]
(OWRQRGH*UHZIXHGHYLYDKRVWLOLGDG

3RUTXpORSUHJXQWDV"$GyQGHTXLHUHVLUDSDUDU"

3RUIDYRUIXHODKXUQLOGHUHVSXHVWD6R\XQKRPEUH VLQPD
OLFLD1RVpTXLpQVR\QLTXpPHKDRFXUULGR7DOYH]VR\XQFDVRGH
DPQHVLD
0X\SUREDEOHIXHODGHVGHxRVDUpSOLFD(VWiVKX\HQGR
GHO6HVHQWD"'LODYHUGDG
3HURVLWHDVHJXURTXHGHVFRQR]FRTXpHVHO6HVHQWD

/DYR]WUDQVPLEDFRQYLFFLyQ6HSURGXMRXQVLOHQFLRSURORQJDGR
6FKZDUW]SHQVyTXHHOFRQWDFWRPHQWDOGH*UHZHUDRPLQRVR
DXQTXHIXHLQFDSD]WRWDKPHQWHLQFDSD]GHFDSWDUSDODEUDV

(O6HVHQWDGLMRPX\GHVSDFLR*UHZHVWXDxRVH[DJpVLPR
/D7LHUUDFRELMDYHLQWHPLOORQHVGHSHUVRQDVQDGDPiV3DUDYLYLU
GHEHVSURGXFLU6LQRSXHGHVSURGXFLUQRSXHGHVYLYLU&XDQGR
SDVDVGHO6HVHQWDQRSXHGHVSURGXFLU
<SRUORWDQWRODERFDGH6FKZDUW]TXHGyDELHUWD
7HHKPLQDQ1RKDFHQGDxR

2VPDWDQ"

1RHVDVHVLQDWR<FRQYR]WHQVDDxDGLy'HEHVHUDVt/RV
GHPiVSODQHWDVQRTXLHUHQDFRJHPRV\GHEHPRVDUUHJODUQRVSDUD
KDFHUVLWLRDORVQLQRV/DJHQHUDFLyQGHPiVHGDGGHEHKDFHUVLWLRD
ORVMyYHQHV
6XSRQJDPRVTXHQRLQIRUPDVTXHWLHQHVVHVHQWDDxRV

3RUTXpKDFHUWDOFRVD"/DYLGDGHVSXpVGHORVVHVHQWDQRHV
GLYHUWLGD<KD\XQFHQVRFDGDGLH]DxRVDILQGHDWUDSDUDFXDOTXLHU
SHUVRQDOREDVWDQWHQHFLDSDUDLQWHQWDUYLYLU$GHPiVWXHGDGHVWi
HQORVDUFKLYRV
1RODPtD/DVSDODEUDVVHOHHVFDSDURQ6FKZDUW]IXHLQFD
SD]GHFRQWHQHUODV3RURWUDSDUWHVyORWHQJRFLQFXHQWDORV
SUy[LPRVTXHFXUQSOD
1RLPSRUWD3XHGHQFRPSUREDUORPHGLDQWHWXHVWUXFWXUDyVHD
1RORVDEtDV"(VLPSRVLEOHRFXOWDUODHGDG/DSUy[LPDYH]PH
FRJHUiQ9HQJDW~MXHJDV
6FKZDUW]KL]RFDVRRPLVRGHODSUHPLR
3UHWHQGHVGHFLUTXH"

1DWXUDKPHQWH6yORWHQJRFLQFXHQWD\FLQFRSHURItMDWHHQPLV
SLHUQDV1RSXHGRWUDEDMDUQRHVFLHUWR"(QQXHVWUDIDPLOLDKD\
WUHVSHUVRQDVUHJLVWUDGDV\QXHVWURFXSRVHGHWHUPLQDSDUWLHQGRGH
WUHVWUDEDMDGRUHV&XDQGRVXIQHODWDTXH\TXHGpLQYiOLGRVLQUHPH
GLRHVWiEDPRVREOLJDGRVDGDUSDUWH\HQHVHFDVRKDEUtDQUHGXFLGR
HOFXSR3HUR$UELQ\/RDQRTXLVLHURQKDFHUORSRUTXHVRQWRQWRV\
HVWRKDVLJQLILFDGRPXFKRWUDEDMRSDUDORVGRVKDVWDTXHW~OOH
JDVWH3HURPHFRJHUiQHODxRTXHYLHQH7HWRFD
(OFHQVRHVHODxRTXHYLHQH"
([DFWR7~MXHJDV

(VSHUDH[FODPy6FKZDUW]HQWRQRDSUHPLDQWH(OLPLQDQ
DFXDOTXLHUSHUVRQDGHVSXpVGHORVVHVHQWD"6LQQLQJXQDH[FHSFLyQ"

1RSRUORTXHDWL\DPtQRVLQFXPEH(OSULPHUPLQLVWURWLHQH
XQDYLGDSURORQJDGD\ORVPLHPEURVGHOD6RFLHGDGGH$QWLJXRV
FLHUWRVFLHQWtILFRV\SHUVRQDVTXHUHDOL]DQVHUYLFLRVPX\LPSRUWDQWHV
1RGHPDVLDGDVSHUVRQDVHVWiQFDSDFLWDGDVSDUDVXSHUDUHVD HGDG
$QXDOPHQWHWDOYH]XQDGHFHQD7~MXHJDV
4XLpQGHFLGHODVH[FHSFLRQHV"

(OSULPHUPLQLVWURSRUVXSXHVWR9DVDMXJDU"
3HUR6FKZDUW]VHOHYDQWy

1RLPSRUWD(VPDWHHQFLQFRMXJDGDV0LGDPDFDSWXUDUiWX
SHyQFRQMDTXHWHQGUiVTXHSRQHUHOUH\HQXQRFDEDOORWHGDUp
MDTXHFRQHOFDEDOORHQVLHWHUH\MXJDUiVUH\GRVDOILOPLGDPDGDUi
MDTXHHQVHLVUH\W~SRQHVHOUH\HQGRVFDEDOORMXHJRGDPDVHLV
FDEDOLR\FRPRQRWLHQHVPiVUHPHGLRTXHLUDXQRWRUUHWHGR\PDWH
HQVHLVWRUUH
%XHQDSDUWLGDDxDGLyGHIRUPDPHFiQLFD

*UHZFRQWHPSOyGXUDQWHXQEXHQUDWRHOWDEOHUR\GHVSXpVGLRXQ

XHQWRaSDUDLHORa
JULWR\ORHFKyYLROHQWDPHQWHIXHUDGHODPHVD/DVUHOXFLHQWHVSLH]DV
URGDURQDEDWLGDPHQWHSRUHOVXHOR
3HUR6FKZDUW]QRVHHQWHUyGHQDGDGHQDGDH[FHSWRGHOD
DEUXPDGRUDQHFHVLGDGGHKXLU3RUTXHVLELHQ%URZQLQJKDEtDGLFKR
(QYHMHFHFRQUQLJR
,RPHMRUD~QQRKDYHQLGR

ORKDEtDGLFKRHQXQD7LHUUDSREODGDSRUPLOORQHV\PLOORQHVGH
EXOOLFLRVRVKDELWDQWHV\FRQDOLPHQWRVVLQOtPLWH/RPHMRUTXHYHQ
GUtDDKRUDVHUtDHO6HVHQWD\ODPXHUWH
3RUTXH6FKZDUW]ODYHUGDGVHDGLFKDWHQtDVHVHQWD\GRVDxRV

(QHVRVPRPHQWRV6FKZDUW]FRPSUHQGLyGRVFRVDV/DSULPHUD
HUDVHQFLOODHLQHYLWDEOH7HQtDTXHYLYLUGHDOJ~QPRGRFRPRIXHUD
/DPXHUWHSRGtDSUHVHQWDUVHGHXQDIRUPDWUDQTXLOD\QDWXUDOSDUD
ORVTXHGXUDQWHWRGDVXYLGDHVWDEDQDFRVWXPEUDGRVDHVDLGHDSHUR
QRSDUDpO
/DVHJXQGDFRVDTXH6FKZDUW]FRPSUHQGLyQRREVWDQWHHUDPiV
VXWLO/RSHQVyHQXQPRPHQWRGHSHUVSLFDFLDQRGHULYDGRGHPDV
OyJLFDTXHODVDJXGL]DGDVSHUFHSFLRQHVSURSLDVGHOPLHGR(VHGHWDOOH
HUDTXHHOH[WUDxRFRQWDFWRPHQWDOGHOWHUUHQRPLQLVWHULDO HOTXH
SRVHtDXQDFRUULHQWHRFXOWDGHKRVWLOLGDGHOTXHKDEtDGHWHFWDGRHQ
VXIUXVWUDGRSDVHRKDFLDHOEULOORGHOKRUL]RQWH HVWDEDYLJLOiQGROH
9LJLOiQGROHFRQHOSURSyVLWRGHILQLGRGHPDQWHQHUOHGRQGHHVWDED
GHQRSHUPLWLUOHKXLU
1RKDEtDGXGDHVWDEDDWUDSDGR

$WUDSDGRHQODH[WUDxH]DGHORVFXURIXWXUR\FRQGHQDGR\DD
PXHUWH

,17(50(',2

'HMDPRVD-RVHSK6FKZDUW]HQODGLItFLOVLWXDFLyQDQWHVGHVFULWD
WHPSRUDOPHQWHGHDFXHUGRFRQODSURPHVDKHFKDHQODVSULPHUDV
OtQHDVGHHVWHUHODWR/DFRQWLQXDFLyQSXHGHHQWHQGHUVHPHMRUSD
VDQGRYHOR]PHQWHDRWURH[WUHPRGHODQDUUDFLyQDKRUD PLVPR\
\HQGRKDFLDDWUiVKDVWDHOSXQWRDGHFXDGRRQR\HQGRH[DFWD
PHQWHKDFLDDWUiVWDPSRFRHVRVLQRPiVELHQGHVFULELHQGRXQiQ
JXORGHFLHQWRYHLQWHJUDGRV
7RGRDFDEDUiDFODUiQGRVHVHORSURPHWR

<FRPRVHLQGLFDHQHOPLVPRSULQFLSLRGHEHPRVKDFHUFLHUWDV
FRQVLGHUDFLRQHVVREUH%HO$UYDUGDQDUTXHyORJRGH%DURQQVHFWRU
GH6LULRFLXGDGDQRGHO,PSHULR*DOiFWLFR
VR

D3$57(%(/$59$5'$1

8QVRORPXQGRRPXFKRV

(QHODxR(*DKRUDFRQVLGHUDGR$UYDUGDQFRQWDED
WUHLQWD\FLQFRDxRVGHHGDGHUDXQKRPEUHUXGDPHQWHDWUDFWLYR
KDVWDWDOSXQWRTXHSRGUtDMX]JDUVHUDURHQXQFLHQWtILFR3HUROD
DUTXHRORJtDHVXQDFLHQFLDGHSXHUWDVDIXHUDHQVXVDVSHFWRVRSHUDWL
YRV\$UYDUGDQKDEtDYLDMDGRSRUPiVUHJLRQHVGHO,PSHULRTXHQX
PHURVRVYLDMHURVSURIHVLRQDOHVGHVXHGDG
'DGRVXDVSHFWRItVLFRSRGUtDSDUHFHUH[WUDxR RQRGHSHQGHGHO
FLQLVPRGHOREVHUYDGRU TXHD~QHVWXYLHUDVROWHUReOPLVPRORQH
JDEDDILUUQDEDTXHHVWDEDFDVDGRFRQVXWUDEDMRSHURODYHUGDGQRV
IXHU]DDGHFODUDUTXHSRFDVPXMHUHVRQLQJXQDVHVHQWtDQLPSUHVLR
QDGDVSRUODOHJDOLGDGGHXQFRQWUDWRPDWULPRQLDOGHHVHWLSR&RPR
PLQLPRODVPXMHUHVKDiDQJUDQGHVHVIXHU]RVHQFRQYHUWLUHQEtJDPR
DODUTXHyORJR
3HURELHQSHQVDGRWRGRHVWRHVLQFLGHQWDO'H KHFKRQRWLHQH
QDGDTXHYHUFRQHOUHODWRH[FHSWRHQFLHUWRVHQWLGR

/RTXHVLJXHVLELHQPHQRVLQWHUHVDQWHTXL]iVHVPiVSHUWLQHQWH
%HO$UYDUGDQREWXYRHOWtWXORGHGRFWRUHQDUTXHRORJtDDODHGDG
IUDQFDPHQWHLQVyOLWDGHYHLQWLWUpVDxRVHQOD(VFXHODGH$UTXHRORJtD
GHOD8QLYHUVLGDGGH$UWXUR6XWHVLVGRFWRUDOVHWLWXODED6REUHOD
DQWLJXHGDGGHDUWHWDFWRVGHOVHFWRUGH6LULRFRQFRQVLGHUDFLRQHVVR
EUHODDSOLFDFLyQVXEVLJXLHQWHDODKLSyWHVLVGHODLUUDGLDFLyQSDUD
H[SOLFDUHORQJHQKXPDQR
'LFKDGLVHUWDFLyQVHxDOyHOSULQFLSLRGHXQDFDUUHUDLFRQRFODVWD

'HVGHHOSULPHUPRPHQWR$UYDUGDQDGRSWyFRPRVX\DVODVKLSyWHVLV
SURSXHVWDVDQWHULRUPHQWHSRUFLHUWRVJUXSRVGHPtVWLFRVPiVSUHRFX
SDGRVSRUODPHWDILVLFDTXHSRUODDUTXHRORJtDDVDEHUTXHODKXPD
QLGDGKDEtDWHQLGRVXRULJHQHQXQVRORSODQHWDDQWHVGHLUUDGLDUVH
JUDGXDOPHQWHDWRGDODJDOD[LD(UDODWHRUtDIDYRULWDGHORVHVFULWRUHV
GHIDQWDVtDGHODpSRFD\HOPRWLYRIDYRULWRGHPRIDGHFDVLFXDOTXLHU
DUTXHyORJRUHVSHWDEOHGHO,PSHULR
3HUR$UYDUGDQFRQVWLWXtDXQDIXHU]DDVHUWHQLGDHQFXHQWDLQ
FOXVRSRUORVPiVUHVSHWDEOHV<DTXHDQWHVGHXQDGpFDGDOOHJyDVHU
XQDDXWRULGDGHQODVUHOLTXLDVGHODVFLYLOL]DFLRQHVSUHLPSHULDOHVTXH
D~QVXEVLVWtDQHQORVUHPROLQRV\UHEDOVDVGH ODJDOD[LD

3RUHMHPSOR$UYDUGDQKDEtDHVFULWRXQDPRQRJUDILDVREUHOD
FLYLOL]DFLyQPHFiQLFDGHOVHFWRUGH5LJHOHQODTXHHOGHVDUUROORGHOD
DXWRPRFLyQFUHyXQDFXOWXUDGLVWLQWDTXHSHUVLVWLyYDULRVVLJORVKDVWD
TXHODPLVPDSHUIHFFLyQGHODVPiTXLQDVUHGXMRODLQLFLDWLYDKXPDQD
GHWDOPRGRTXHODVSRWHQWHVIORWDVGHOWLUDQR0RUD\VHLPSXVLHURQ
IiFLOPHQWH6LELHQODDUTXHRORJtDRUWRGR[DDWULEXtDODDSDULFLyQGH
FXOWXUDVWDQDWtSLFDVDGLIHUHQFLDVGHUD]DWRGDYtDQRHOLPLQDGDVPH
GLDQWHXQLRQHVHQWUHPLHPEURVGHORVGLVWLQWRVSXHEORV$UYDUGDQ
GHPRVWUyTXHODFLYLOL]DFLyQDXWRPDWL]DGDIXHUHVXOWDGRQDWXUDOGHODV
IXHU]DVHFRQyPLFDV\VRFLDOHVGHDTXHOODpSRFD\GHDTXHOODUHJLyQ

(VWDEDQWDPELpQORVPXQGRVEiUEDURVGH2ILXFRTXHODRUWRGR
[LDKDEtDFRQVLGHUDGRGHVGHDQWLJXRFRPRHMHPSORVGHKXPDQLGDG
SULPLWLYDOHMRVD~QGHODIDVHGHOYLDMHLQWHUHVWHODU7RGRVORVOLEURVGH
WH[WRFLWDEDQHVWRVPXQGRVFRPRSUXHEDGHODWHRUtDGHOD)XVLyQD
VDEHUTXHODKXPDQLGDGKDEtDWHQLGRRULJHQLQGHSHQGLHQWHHQQXPH
URVRVSODQHWDVHQORVTXHSUHGRPLQDEDQUHODFLRQHVTXtPLFDVDJXD
R[tJHQR\SRVHtDQLQWHQVLGDGHVDGHFXDGDVGHWHPSHUDWXUD\JUDYLWD
FLyQSRUHIHFWRGHODDFFLyQLQHYLWDEOHGHODVOH\HVELROyJLFDV\TXH
FRQIRUPHIXHGHVFXEULpQGRVHHOYLDMHLQWHUHVWHODUODVGLYHUVDVUD]DVVH
FRQRFLHURQ\IXQGLHURQ
$UYDUGDQQRREVWDQWHGHVFXEULyUHVWRVGHODFLYLOL]DFLyQSQPL
WLYDDQWHULRUDORVPLODxRVGHEDUEDULHGH2ILXFR\GHPRVWUyTXHORV
GDWRVPiVDQWLJXRVVREUHHOSODQHWDLQGLFDEDQYHVWLJLRVGHFRPHUFLR
LQWHUHVWHODU\TXHHOKRPEUHKDEtDHPLJUDGRDODUHJLyQHQXQDIDVH
\DFLYLOL]DGD
<ILQDOPHQWHHOHVIXHU]RGHODUTXHyORJRSRUGHPRVWUDUVXWHRUtD
IDYRULWDORKDEtDFRQGXFLGRDOSODQHWDSUREDEOHPHQWHPHQRVLPSRU
WDQWHGHO,PSHULRXQSODQHWDOODPDGR7LHUUD(QHVWHSXQWRQRV
XQLPRVD%HO$UYDUGDQ

(QFRQWUDPRVD$UYDUGDQHQHO~QLFRSDUDMHLPSHULDOGHWRGDOD
7LHUUDODVGHVRODGDVHOHYDFLRQHVGHODVPHVHWDVVLWXDGDVDOQRUWHGHO
+LPDOD\D$OOLGRQGHQLHQWRQFHVQLQXQFDKDEtDH[LVWLGRUDGLDFWLYL
GDGUHVSODQGHFtDXQOXJDUTXHQRHUDGHDUTXLWHFWXUDWHUUHVWUH(Q

HVHQFLDHUDFRSLDGHORVSDODFLRVYLUUHLQDOHVTXHH[LVWtDQHQPXQGRV
PiVDIRUWXQDGRV/DVXDYHIURQGRVLGDGGHORVWHUUHQRVKDEtDVLGR
FUHDGDDUWLILFLDOPHQWHSRUFRPRGLGDG/DVURFDVLPSUHVLRQDQWHVKD
EtDQVLGRFXELHUWDVFRQKXPXVUHJDGDVLQPHUVDVHQXQFOLPDDUWLIL
FLDO\FRQYHUWLGDVHQGLH]NLOyPHWURVFXDGUDGRVGHSUDGRV\MDU
GLQHV

6HJ~QFiOFXORVWHUUHVWUHVHOFRVWHHQHUJpWLFRHUDDVRPEURVRSHUR
ODVREUDVKDEtDQFRQWDGRFRQHOUHVSDOGRGHORVUHFXUVRVIUDQFDPHQWH
LQFUHtEOHVGHGRVFLHQWRVPLOORQHVGHPXQGRV\ODFLIUDQRFHVDEDGH
DXPHQWDU 6HVXSRQHTXHHQHODxRGHOD(UD*DOiFWLFDXQD
PHGLDGHFLQFXHQWDQXHYRVSODQHWDVGLDULRVREWHQtDQODFDWHJRUtD
SURYLQFLDOSDUDORTXHHUD LQGLVSHQVDEOHDOFDQ]DUXQDSREODFLyQGH
PLOORQHVGHKDELWDQWHV

(QHVWHUHWD]RGHDSDULHQFLDQRWHUUHVWUHYLYtDHOSURFXUDGRUTXH
DOJXQDVYHFHVHQHVWHOXMRDUWLILFLDOSRGtDROYLGDUTXHORHUD\DFRU
GDUVH~QLFDPHQWHGHVXFRQGLFLyQGHDULVWyFUDWDFRQJUDQGHVKRQRUHV
\IDPLOLDYHWXVWD

6XHVSRVDVHHQJDxDEDVHJXUDPHQWHFRQPHQRVIUHFXHQFLDVREUH
WRGRFXDQGRWUDVWUHSDUDXQDORPDFXELHUWDGHKLHUEDYHtDDOROHMRV
OD8QHDGHILQLGD\WHUPLQDQWHTXHVHSDUDEDORVWHUUHQRVGHODVHOYD
EUXWDOTXHHUDOD7LHUUD(QHVRVPRPHQWRVODVIXHQWHVGHFRORUHV
OXPLQLVFHQWHVSRUODQRFKHSURGXFLHQGRODLPSUHVLyQGHIXHJROt
TXLGR\IUtR ODVVHQGDVURGHDGDVGHIORUHV\ODVDUEROHGDVLGtOLFDVQR
EDVWDEDQSDUDFRPSHQVDUHOFRQRFLPLHQWRGHVXH[LOLR
7DOYH]SRUHVR$UYDUGDQIXHUHFLELGRFRQPiVDWHQFLRQHVGHODV
HVWULFWDPHQWHVHxDODGDVSRUHOSURWRFROR3DUD(QQLXVSRUHMHPSOR
$UYDUGDQIXHXQDHPDQDFLyQGHO,PSHULRGHHVSDFLRVLGDGGHFDUHQ
FLDGHOLPLWHV
$UYDUDDQSRUVXSDUWHGHVFXEULyPXFKDVFRVDVTXHDGPLUDU

(OOXJDUHVWiELHQFRQVWUXLGRGLMR\FRQJXVWR(VDVRP
EURVRFyPRXQWRTXHGHFXOWXUDFHQWUDOLPSUHJQDORVGLVWULWRVPiV
GLVWDQWHVGHQXHVWUR,PSHULR
(QQLXVVRQULy

1RHVFRPR\RGHVHDUtD0HSDUHFHXQFDSDUD]yQTXHVXHQDD
KXHFRFXDQGRORWRFR'HVSXpVGHFRQVLGHUDUPLSHUVRQDOODJXDUQL
FLyQLPSHULDOWDQWRDTXtFRPRHQORVFHQWURVLPSRUWDQWHVGHOSOD
QHWD\DOJXQDYLVLWDHVSRUiGLFDFRPRODVX\DVHDJRWDWRGRHOWRTXH
GHFXOWXUDFHQWUDOGHOTXHXVWHGKDEOD$SDUHQWDVHUPX\HVFDVR

7RPDURQDVLHQWRHQODFROXPQDWDPLHQWUDVPRUtDODWDUGHHO
PRPHQWRGHOGtDHQHOTXHHOVROULHODEDHQVXGHVFHQVRKDFLDODV
PXHVFDVGHQLHEODSXUS~UHDGHOKRUL]RQWH\FXDQGRHODPELHQWHSDUH

FtDWDQFDUJDGRGHODURPDDSODQWDVHQFUHFLPLHQWRTXH ORVPRYLPLHQ
WRVGHODLUHHUDQVLPSOHVVXVSLURVGHHVIXHU]R
1DWXUDOPHQWHQRHUDPX\FRUUHFWRQLVLTXLHUDSDUDHOSURFXUD
GRUPRVWUDUH[FHVLYDFXULRVLGDGSRUORVDFWRVGHXQLQYLWDGRSHUR
KD\TXHWHQHUHQFXHQWDODLQKXPDQLGDGTXHUHSUHVHQWDHODLVODPLHQ
WRFRQVWDQWHGHO,PSHULR
3LHQVDTXHGDUVHDOJ~QWLHPSRGRFWRU$UYDUGDQ"SUHJXQWy
(QQLXV

2KGLItFLOPHQWHSXHGRDVHJXUDUOR7DQWRWLHPSRFRPRFRQVL
GHUHSUHFLVRTXHHVXQDUHVSXHVWDLQGHILQLGDPHWHPR&RP
SUHQGDFXDQGRVHEXVFDDOJRGHQDWXUDOH]DGHVFRQRFLGD\TXHQR
HVWDPRVVHJXURVGHUHFRQRFHUFXDQGRORHQFRQWUHPRVRGHLQWHUSUH
WDUORGHVSXpVGHUHFRQRFHUORRGHFRQYHQFHUDRWURVGHODFRUUHFFLyQ
GHQXHVWUDVLGHDVR3HURFyPRPHKHPHWLGRHQHVWHDWROODGHUR
SURFXUDGRU"
0HSDUHFHGHGXFLUFLHUWDFRQIXVLyQGLMR(QQLXVVRQULHQWH

<ODKD\0XFKDFRQIXVLyQ7DOYH]XQDSDUWHVHDFODUHHQ
FXDQWRSXHGDPHWHUODVQDULFHVHQHOSDVDGRSUHKLVWyULFRGHHVWH
SODQHWD
(QQLXVDO]yODVFHMDV

3RUTXpHVWHSODQHWD"6LDOJ~QSXQWRGHODJDOD[LDFDUHFHGH
KLVWRULDHVpVWH

3XHGHSDUHFHUORSHURFUHRTXHORHQWLHQGHXVWHGDOUHYpV(VWH
PXQGRHVIUDQFDPHQWHH[WUDRUGLQDULR

(QDEVROXWRGLMRWHQVDPHQWHHOSURFXUDGRUHVXQPXQGR
IUDQFDPHQWHYXOJDU0iVRPHQRVXQDSRFLOJDGHPXQGRRXQDJX
MHURWHUULEOHRXQOXJDULQPXQGRRFDVLFXDOTXLHUSDODEUDGHVSUHFLD
WLYDTXHTXLHUDXVDUVH<SHVHDWDQWRUHILQDPLHQWRGHODVFRHO
SODQHWDQLVLTXLHUDSXHGHGHVWDFDUHQYLOODQtDVLPSOHPHQWHVLJXH
VLHQGRXQPXQGRFDPSHVLQRRUGLQDULRWRVFR
3HURREMHWy$UYDUGDQKDVWDFLHUWRSXQWRVRUSUHQGLGRSRUHO
YLJRUGHODVDILUPDFLRQHVLQFRKHUHQWHVFRQODVTXHHOSURFXUDGRUOH
DFRVDEDHOSODQHWDHVUDGLDFWLYR
%LHQ\TXp"9DULRVPLOHVGHSODQHWDVGHODJDOD[LDVRQUDGLDF
WLYRV\DOJXQRVPXFKRPiVTXHOD7LHUUD

(QHVWHSUHFLVRPRPHQWRHOPRYLPLHQWRVXDYH\GHVOL]DQWHGHOD
YLWULQDPyYLOTXHVHGHWXYRDODOFDQFHGHODPDQRGHORVGRVKRP
EUHVDWUDMRVXDWHQFLyQ(QQLXVVHxDOyODYLWULQD

4XpSUHILHUH"SUHJXQWy

1RVR\H[LJHQWH 8QUHIUHVFRGHOLPDVLSXHGHVHU

(VRSXHGHDUUHJODUVH/DYLWULQDWHQGUiORVLQJUHGLHQWHV&RQ
RVLQ&KHQVH\"
6yORXQDSL]FDGLMR$UYDUGDQ\DO]y\FDVLMXQWyORVGHGRV
SXOJDUHtQGLFHGHXQDPDQR
/RWHQGUiGHQWURGHXQPRPHQWR

(QDOJXQDSDUWHGHODVHQWUDxDVGHODYLWULQDHQWUyHQDFFLyQHO
SURGXFWRPHFiQLFRTXL]iPiVXQLYHUVDOPHQWHSRSXODUGHOLQJHQLR
KXPDQRXQFDPDUHURQRKXPDQRFX\DDOPDHOHFWUyQLFDQRPH]FODED
LQJUHGLHQWHVXVDQGRYDVLWRVJUDGXDGRVVLQRFRQWDQGRiWRPRVFX\DV
SURSRUFLRQHVHUDQVLHPSUHSHUIHFWDV\DOTXHQLWRGDODDUWHVDQtDPiV
LQVSLUDGDGHDOJXLHQPHUDPHQWHKXPDQRSRGtDLJXDODU
/RVYDVRVDOWRVVXUJLHURQFRPRGHODQDGDDOPHQRVDVtORSDUH
FLy\DTXHHVWDEDQDJXDUGDQGRHQODVFDYLGDGHVDSURSLDGDV

$UYDUGDQFRJLyHO YHUGH\GXUDQWHXQLQVWDQWHSUREyODIULDOGDG
GHOYDVRHQVXPHMLOOD/XHJRVHOOHYyHOERUGHDORVODELRV\EHELy

3HUIHFWRGLMR'HMHOYDVRHQHOVRSRUWHGHOEUD]RGHVX
VLOOyQ\DxDGLy0LOHVGHSODQHWDVUDGLDFWLYRVSURFXUDGRUWDOFRPR
XVWHGGLFHSHURVyORXQRGHHOORVHVWiKDELWDGReVWHSURFXUDGRU
%LHQ(QQLXVFKDVTXHyORVODELRVSRUHQFXPDGHOYDVR\SD
UHFLySHUGHUSDUWHGHVXEUXVTXHGDGFRQODVXDYLGDGGHODEHELGD
7DOYH]VHDH[WUDRUGLQDULRHQHVHVHQWLGR(VXQDGLVWLQFLyQQDGDHQ
YLGLDEOH

6XVLQJXODULGDGQRUHVLGHVRODPHQWHHQHVHGHWDOOH$UYDUGDQ
KDEODEDDQLPDGDPHQWHHQWUHWUDJR\WUDJR(VDOJRPiV/RVELyOR
JRVKDQGHPRVWUDGRRDILUPDQKDEHUORKHFKRTXHODYLGDQRVH
GHVDUUROODUiHQSODQHWDVGRQGHHOQLYHOUDGLDFWLYR GHODDWPyVIHUD\
ORVPDUHVVXSHUHGHWHUPLQDGRSXQWR/DUDGLDFWLYLGDGGHOD7LHUUD
VXSHUDGLFKRSXQWRSRUXQPDUJHQFRQVLGHUDEOH

,QWHUHVDQWH1RORVDEtD<RGLUtDTXHHVDHVODSUXHEDGHILQLGD
GHTXHODYLGDWHUUHVWUHHVIXQGDPHQWDOPHQWHGLVWLQWDGHODGHOUHVWR
GHODJDOD[LD

1LPXFKRPHQRVIXHODYHKHPHQWHUHVSXHVWDeVHHVHO
SXQWRGHYLVWDDQWLJXRWRWDOPHQWHUHIXWDGRSURFXUDGRU7RGDIRUUQD
GHYLGDHVHQHVHQFLDLGpQWLFDSRUFXDQWRVHEDVDHQFRPSOHaRV
SURWHtQLFRVHQGLVSHUVLyQFRORLGDO/RGHQRPLQDPRVSURWRSODVPD<

HOHIHFWRGHODUDGLDFWLYLGDGDOTXHDFDERGHUHIHULUPHVHEDVDHQOD
PHFiQLFDFXiQWLFDGHODPROpFXODGHSURWHtQD7RGRHOORHVYiOLGR
SDUDXVWHGSDUDPtSDUDORVWHUUHVWUHVODVDUDxDV\ORVJpUPHQHV
9HUiODVSURWHtQDVFRPRVHJXUDPHQWHQRKDUiIDOWDTXHOHH[


SOLTXHVRQDJUXSDPLHQWRVPX\FRPSOHMRVGHDPLQRiFLGRV\RWURV
FRPSXHVWRVHVSHFLDOL]DGRVRUGHQDGRVHQLQWULQFDGDVHVWUXFWXUDVWUL
GLPHQVLRQDOHVWDQLQHVWDEOHVFRPRORVUD\RVGHOVROHQXQGtDQX
EODGR/DYLGDHVSUHFLVDPHQWHHVDLQHVWDELLLGDGSXHVWRTXHVLHPSUH
FDPELDVXSRVLFLyQHVIRU]iQGRVHHQFRQVHUYDUVXLGHQWLGDGLJXDO
TXHXQDYDUDODUJDVXVSHQGLGDHQODQDUL]GHXQDFUyEDWD

3HURHVWDPDUDYLOORVDSURWHtQDGHEHVXUJLUDQWHVGHPDWHULDLQRU
JiQLFDSDUDTXHDVtVHDSRVLEOHODYLGD'HVGHHOSULQFLSLRPLVPR
SRUODLQIOXHQFLDGHODHQHUJtDUDGLDQWHGHOVRO\HQODVLQPHQVDV
VROXFLRQHVTXHGHQRPLQDPRVRFpDQRVODVPROpFXODVRUJiQLFDVDX
PHQWDQJUDGXDOPHQWHVXFRPSOHMLGDGSDVDQGRGHPHWDQRDIRUPDO
GHKtGRD]~FDUHV\IpFXODVHQXQDGLUHFFLyQ\GHXUHDDDPLQRiFLGRV
\SURWHtQDVHQRWUD(VFXHVWLyQGHD]DUGHVGHOXHJR\HOSURFHVRHQ
XQSODQHWDSXHGHWDUGDUPLOORQHVGHDxRV\HQRWURFLHQWRV6HKD
GHPRVWUDGRTXHPLOORQHVHVFRQPXFKRODFLIUDSUREDEOH

%LHQORVTXtPLFRVHVSHFLDOL]DGRVHQILVLFRTXtPLFDRUJiQLFDKDQ
DYHULJXDGRFRQJUDQH[DFWLWXGHOSURFHVRDOUHVSHFWR\HQSDUWLFXODU
ODHQHUJpWLFDGHOPLVPR\VHVDEHDFLHQFLDFLHUWDTXHYDULDVHWDSDV
FUXFLDOHVUHTXLHUHQDXVHQFLDGHHQHUJtD UDGLDQWH6LHOOROHSDUHFH
UDURSURFXUDGRUVyORSXHGRGHFLUOHTXHODIRWRTXtPLFDODTXtPLFD
GHODVUHDFFLRQHVSURYRFDGDVSRUODHQHUJtDUDGLDQWHHVXQDUDPD
PX\GHVDUUROODGDGHODFLHQFLD\H[LVWHQLQQXPHUDEOHVFDVRVGHUHDF
FLRQHVPX\VHQFLOODVTXH VLJXHQXQDGLUHFFLyQGHODVGRVSRVLEOHV
VHJ~QVLVHSURGXFHQHQSUHVHQFLDRDXVHQFLDGHFXDQWRVGHHQHUJtD
OXPLQRVD

(QSODQHWDVQRUPDOHVHOVROHVOD~QLFDIXHQWHGHHQHUJtDUD
GLDQWH$ODEULJRGHODVQXEHVRSRUODQRFKHORVFRPSXHVWRVGH
FDUERQR\QLWUyJHQRVHFRPELQDQ\UHFRPELQDQHQODVIRUPDVSRVLEL
OLWDGDVSRUODDXVHQFLDGHHVDVPLQ~VFXODVIUDFFLRQHVGHHQHUJtDODQ]D
GDVHQWUHHOORVSRUHOVROFRPRERODVHQWUHXQQ~PHURLQILQLWRGH
ERORVLQILQLWHVLPDOHV
3HURHQORVPXQGRVUDGLDFWLYRVFRQVRORVLQpOFXDOTXLHUJRWD
GHDJXDLQFOXVRHQODQRFKHPiVRVFXUDLQFOXVRDGLH]NLOyPHWURVGH
SURIXQGLGDGFXDOTXLHUJRWDGHDJXDFKLVSHD\UHERVDGHYHORFHV
UD\RVJDPPDH[FLWDORViWRPRVGHFDUERQRORVDFWLYDVHJ~QGLFHQ
ORVTXtPLFRV\IXHU]DDODVUHDFFLRQHVDSURVHJXLUVyORGHFLHUWDV
IRUPDVIRUPDVTXHMDPiVSURGXFHQYLGD<ORFUHDRQRH[LVWHQ
SUXHEDVPDWHPiWLFDVULJXURVDV\WDPELpQH[SHULPHQWDOHVGHWRGRLR

DQWHULRU

/DEHELGDGHODUTXHyORJRVHKDEtDDFDEDGR$UYDUGDQGHMyHO
YDVR YDFtRHQODLQPyYLOYLWULQD(OYDVRGHVDSDUHFLyDOLQVWDQWH
2WUR"SUHJXQWy(QQLXV

3UHJ~QWHPHORGHVSXpVGHFHQDUGLMR$UYDUGDQ'HPR
PHQWR\DWHQJREDVWDQWH

<(QQLXVWRTXHWHyFRQXQDUHOXFLHQWHXxDHOEUD]RGHVXVLOOyQ

/RJUDTXHHOSURFHVR SDUH]FDUHDOPHQWHIDVFLQDQWHGLMR
SHURVLWRGRHVFRPRXVWHGDILUPDTXpPHGLFHGHODYLGDHQOD
7LHUUD"&yPRVHRULJLQyHVDYLGD
"

O
%LHQSXHV)tMHVHKDVWDXVWHGHPSLH]DDH[WUDxDUVH3RUHVR
HOWHPDHVWDQIDVFLQDQWH

$PHQRVGLMR(QQLXVPLHQWUDVVHDO]DEDGHKRPEURVTXH
ODVSUXHEDVPDWHPiWLFDVULJXURVDVTXHXVWHGPHQFLRQDVHDQOLJHUD
PHQWHHUUyQHDV(VVRUSUHQGHQWHFXiQWDULJXURVLGDGFLHQWtILFDKD
IDOODGRHQHOSDVDGR
0X\FLHUWR3HURODPDWHPiWLFDULJXURVDKDUHVLVWLGRPXFKR
PiVTXHIUDFDVDGR\HQHOFDVRGHOD7LHUUDKD\XQDH[SOLFDFLyQ
PX\IDFWLEOH
$KGHEtLPDJLQiPPHOR7LHQHXQDKLSyWHVLVIDYRULWD

([DFWRFRQYLQR$UYDUGDQ\HVVHQFLOOD/DUDGLDFWLYLGDG
TXHVXSHUDHOPtQLPRUHTXHULGRKDVWDLPSHGLUODDSDULFLyQGHYLGDQR
EDVWDSDUDGHVWUXLUYLGD\DIRUPDGD3RGUtDPRGLILFDUODSHURQROD
GHVWUXLUiH[FHSWRVLHOQLYHOUDGLDFWLYRHVHQRUPHPHQWHDOWR9HUiODV
UHDFFLRQHVTXtPLFDVDOUHVSHFWRVRQGLVWLQWDV(QHOSULPHUFDVRKD\
TXHHYLWDUTXHVHIRUPHQPROpFXODVVLPSOHV\ HQHOVHJXQGRKD\TXH
GHVFRPSRQHUPROpFXODVFRPSOHMDV\DIRUPDGDV1RHVORPLVPRQL
PXFKRPHQRV
1RYHRODDSOLFDFLyQGHWRGRHOORGLMR(QQLXV

1RHVREYLR"/DYLGDHQOD7LHUUDVHIRPPyDQWHVGHTXHHO
SODQHWDIXHUDUDGLDFWLYR0LTXHULGRSURFXUDGRUVHWUDWDGHOD~QLFD
H[SOLFDFLyQTXHQRLPSOLFDQHJDUODUHDOLGDGGHODYLGDHQOD7LHUUDQL
QHJDUWHRUtDVTXtPLFDVHQFDQWLGDGVXILFLHQWHSDUDWUDVWRUQDUODPLWDG
GHODFLHQFLD
(QQLXVFRQWHPSOyKRUURUL]DGRDODUTXHyORJR

3HURQRSXHGHKDEODU HQVHULR
3RUTXpQR"

3RUTXHFyPRSXHGHKDFHUVHUDGLDFWLYRXQSODQHWD"/DYLGDGH
ORVHOHPHQWRVTXtPLFRVUDGLDFWLYRVGHODFRUWH]DGHOSODQHWDHVGH
PLOORQHVGHDxRV'HEHQGHKDEHUH[LVWLGRLQGHILQLGDPHQWHHQHOSD
VDGR

3HURH[LVWHDOJROODPDGR UDGLOFWLYLGDGDUWLILFLDOSURFXUDGRU
LQFOXVRHQSURSRUFLRQHVLQPHQVDV+D\PLOHVGHUHDFFLRQHVQXFOHDUHV
FRQHQHUJtDVXILFLHQWHSDUDFUHDUWRGDFODVHGHLVyWRSRVUDGLDFWLYRV6L
VXSRQHPRVTXHORVVHUHVKXPDQRVSXHGHQDSOLFDUDOJ~QWLSRGHUHDF
FLyQQXFOHDUHQODLQGXVWULDVLQFRQWURODGHFXDGRRLQFOXVRHQOD
JXHUUDVLXVWHGHVFDSD]GHLPDJLQDUXQDJXHUUDTXHDFRQWHFHHQXQ
VRORSODQHWDODPD\RUSDUWHGHOVXHORVHFRQYHUWLUtDHQPDWHULDO
DUWLILFLDOPHQWHUDGLDFWLYR4XpRSLQDGHHVR"
(OVROKDEtDH[SLUDGRVDQJULHQWDPHQWHHQODVPRQWDxDV\ODHQMXWD
FDUDGH(QQLXVDSDUHFtDURML]DDFDXVDGHORVUHIOHMRV6RSODEDOD
VXDYHEULVDGHODWDUGHFHU\HQORVWHUUHQRVSDODFLHJRVHODGRUPHFLGR
PXUPXOORGHODVYDULHGDGHVGHLQVHFWRVFXLGDGRVDPHQWHVHOHFFLRQD
GDVHUDPiVVHGDQWHTXHQXQFD

7RGRPHSDUHFHPX\DUWLILFLDOGLMR(QQLXV8QDKLSyWHVLV
XGKRFLGHDGDSDUDH[SOLFDUKHFKRVSHURPX\LPSUREDEOH3RUHMHP
SORPHUHVXOWDLPSRVLEOHLPDJLQDUHOXVRGHUHDFFLRQHVQXFOHDUHVHQ
ODJXHUUDRSHUPLWLUTXHHVFDSHQDOFRQWUROKXPDQRKDVWDHVHSXQWR
GHQLQJXQDPDQHUD%LHQVLXVWHGKXELHUDKDEODGRGHUDGLDFLRQHV
VXEHWpULFDV
8VWHGVXEHVWLPDODVUHDFFLRQHVQXFOHDUHVSRUTXHYLYHHQHO
SUHVHQWH3DUDXVWHGODVUHDFFLRQHVQXFOHDUHVVRQFRPRFRPRHO
IXHJR'HVWUXFWLYDVSHURFRQWURODEOHV(QHOFDVRGHOIXHJRHQOD
FRQVWUXFFLyQSXHGHQXVDUVHPDWHULDOHVDSUXHEDGHLQFHQGLR3RGH
PRVHPSOHDUDJXDWLHUUDGLy[LGRGHFDUERQRWHWUDFORUXURGHFDU
ERQRQLWUyJHQRHWFpWHUD3HUR\VLDOJXLHQRDOJ~QHMpUFLWR XVDUD
HOIXHJRVLQVDEHUFyPRGRPLQDUOR"%LHQDSOLTXHHVRDODVUHDFFLR
QHVQXFOHDUHV
+XPUHSXVR(QQLXVXVWHGKDEODFRPR6KHNW
4XLpQHV6KHNW"

$UYDUGDQDO]yODPLUDGDUiSLGDPHQWH

8QWHUUHVWUH%LyORJR(QFLHUWDRFDVLyQPHH[SOLFyTXHOD
7LHUUDSRGUtDQRKDEHUVLGRVLHPSUHUDGLDFWLYD

$K%LHQQRHVDQRUPDO\DTXHODWHRUtDQRHVPtDFLHUWD

PHQWH$SDUHFHHQ(OOLEURGHORV$QWLJXRVODKLVWRULDWUDGLFLRQDOR
PtWLFDGHOD7LHUUDSUHKLVWyULFD<RHVWR\UHILULpQGRPHDORTXHH[
SOLFDHOOLEURFRQODH[FHSFLyQGHTXHWUDGX]FRVXIUDVHRORJtDEDV
WDQWHHOtSWLFDSRUIUDVHVFLHQWtILFDVHTXLYDOHQWHV
(OOLEURGHORV$QWLJXRV"(QQLXVUHIOHMDEDVRUSUHVD\
FLHUWDLQTXLHWXG'yQGHORFRQVLJXLy"

1RIXHIiFLOSHURORFRQVHJXt$OJXQRVFDStWXORVDOPHQRV
3RUTXpORSUHJXQWD"

(VXQOLEURYHQHUDGRSRUXQDVHFWDUDGLFDOGHWHUUHVWUHV\ORVQR
DILOLDGRVWLHQHQSURKLELGDVXOHFWXUD1RPHJXVWDUtDWHQHUTXHLQIRU
PDUGHOKHFKRGHTXHXVWHGOROH\yDOPHQRVQRPLHQWUDVVHHQFXHQ
WUHDTXt+D\JHQWHGHIXHUDGHOD7LHUUDTXHKDVLGROLQFKDGDSRU
PXFKRPHQRVTXHHVR
/RGLFHFRPRVLHOSRGHUMXGLFLDOGHO,PSHULRIXHUDGHIHFWXRVR
DTXL
/RHVHQFDVRVGHVDFULOHJLR$EXHQHQWHQGHGRUFRQSRFDV
SDODEUDVEDVWDQSURIHVRU$UYDUGDQ

'HXQPHORGLRVRFDULOOyQEURWyXQDQRWDYLEUDQWHTXHSDUHFLy
DUPRQL]DUFRQORVVXVXUURVGHORViUEROHV(OVRQLGRVHDSDJySRFRD
SRFRSHUVLVWLyFRPRVLHVWXYLHUDHQDPRUDGRGHODPELHQWH
(QQLXVVHOHYDQWy

&UHRTXHHVKRUDGHFHQDU6LWLHQHODERQGDGGHDFRPSD
xDUPHFDEDOOHURUHFLELUiODSRFDKRVSLWDOLGDGTXHHVWDFiVFDUDGH
,PSHULRHQOD7LHUUDSXHGHRIUHFHU
,DRFDVLyQGHFHOHEUDUXQEDQTXHWHVHSUHVHQWDEDFRQSRFDIUH
FXHQFLD&XDOTXLHUH[FXVDSRULQVLJQLILFDQWHTXHIXHVHVHDSURYH
FKDED/RVSODWRVIXHURQQXPHURVRVHODPELHQWHHVSOpQGLGR\ODV
PXMHUHVHQFDQWDGRUDV<KD\TXHDxDGLUTXHHOSURIHVRU%HO$UYDU
GDQGH%DURQQIXHDODEDGRKDVWDHOSXQWRGHODHPEULDJXH]
(OLQYLWDGRVDFySURYHFKRGHVXDXGLHQFLDUHSLWLHQGRJUDQSDUWH
GHORTXH \DOHKDEtDGLFKRD(QQLXV6XVSDODEUDVIXHURQDFRJLGDV




FRQDJUDGHFLGDVSDOSLWDFLRQHVGHH[FLWDFLyQPXFKRVVXVXUURV\H[FOD
PDFLRQHVWRGRHOORDFRPSDxDGRGHSUHJXQWDVSURIXQGDVVLELHQDP
SXORVDVSRUSDUWHGHORVYDURQHV\FKLOOLGRV\VREUHVDOWRVSRUSDUWHGH
ODVGDPDV

)XHXQp[LWRFRPSOHWRVLVHH[FHSW~DTXH(QQLXVSHUPDQHFLy
VHQWDGRGXUDQWHWRGDODFHQDFRQXQDVRQULVDIRU]DGDHQORVODELRVXQ

JHVWRGHQHUYLRVLVPRPiVFODURLQFOXVRTXHODVVXDYHVDUUXJDVGHVX
IUHQWH
<PiVWDUGHXQDGDPDHVPHUDOGLQDVHGLULJLyDOLQYLWDGR

3HURSURIHVRU$UYDUGDQGLMRPLHQWUDVVXSHFKRVHDO]DED
FRPRXQFRMtQURVDGR\EODQFRUHDOPHQWHHVSHUDGHPRVWUDUVX
WHRUtDDTXt"

(V SRVLEOHUHSOLFyDOHJUHPHQWHHODOXGLGR9R\DLQYHVWLaDU
ODV]RQDVUDGLDFWLYDV6LGHVFXEURUHOLTXLDV\DUWHIDFWRVKXPDxRV
DTXtTXpRWUDGHGXFFLyQH[WUDHUVLQRODH[LVWHQFLDGHYLGDDQWHVGH
ODUDGLDFWLYLGDG"
3UHFLVDPHQWHGXUDQWHHVWDEUHYHDORFXFLyQVHDSDJyODH[FLWDFLyQ
a\ODFKiFKDUDGHPRGRTXHDOILQDOHODUTXHyORJRPLUyDOUHGHGRU
H[WUDxDGRSRUHOIQ
R\UHSHQWLQRVLOHQFLR
&UHHTXHHVRHVSUXGHQWHFDEDOOHUR"SUHJXQWyODFyQLFD
PHQWHXQKRPEUHTXHYHVWtDXQLIRQPHPLOLWDU
$UYDUGDQDO]yODVFHMDV

%LHQODUDGLDFWLYLGDGQRHVWDQSHOLJURVD,UHPRVFRQH[WUHPD
SURWHFFLyQ\KDUHPRVXVROLEHUDOGHGLVSRVLWLYRVPHFiQLFRVGHODUJR
DOFDQFHHVSHFLDOHVSDUDLQYHVWLJDFLRQHVDUTXHROyJLFDV(OULHVJRVHUD
HVFDVR
(QQLXVVHLQFOLQyKDFLDpO

(VWR\VHJXURGHTXHHOFRURQHOQRVHUHIHUtDDODUDGLDFWLYLGDG
OHGLMRHQWRQRVLJQLILFDWLYR6HUHIHUtDDTXHHOSULPHUPLQLVWUR
QRSHUPLWLUiQLQJXQDYLRODFLyQGHODV]RQDVSURKLELGDVTXHVRQWRGDV
ODVUDGLDFWLYDV\DOJXQDVPiV
$UYDUGDQIUXQFLyHOFHxR

%LHQQRFUHRTXHHVRGHEDSUHRFXSDUQRVSURFXUDGRU7HQJR
XQPDQGDWRGHDXWRUL]DFLyQGHOHPSHUDGRU\PLLQYHVWLJDFLyQHVGH
JUDQYDORUSDUDODFLHQFLD
3HURHOSURFXUDGRUPHQHyODFDEH]D

8QPDQGDWRGHDXWRUL]DFLyQQRVHUYXUiGHQDGD1LHOPLVPR
HPSHUDGRUSRGUtDHQWUDUHQODV]RQDVUDGLDFWLYDVVLQSHUPLVRGHO
SULPHUPLQLVWURRVLQGHFODUDUODJXHUUDDORVIDQiWLFRVGHOD7LHUUD
6HSURGXMRXQPXUPXOORJHQHUDOGHDFXHUGR

(QUHDOLGDGFRQWLQXy(QQLXVVLTXLHUHDFHSWDUPLPX\XU

JHQWHDYLVRUHQXQFLHDODLGHD\PiUFKHVH

'HHVHPRGRODFHQDFRQFOX\yFRQXQWRQRPX\DSDJDGR
2VFXUHFLPLHQWRDODGHUHFKD

3RUODVQRFKHVHOSDODFLRGHOSURFXUDGRUVHJXtDVLHQGRSUiFWLFD
PHQWHHOPLVPRPXQGRPDUDYLOORVR/DVIORUHVQRFWXUQDV QLQJXQD
RULJLQDULDGHOD7LHUUD DEUtDQVXVJUXHVRVSpWDORVEODQFRVIRUPDQGR
IHVWRQHVTXHH[WHQGtDQVXGHOLFDGDIUDJDQFLDKDVWDORVPLVPRVPXURV
GHOSDODFLR&RQODOX]GHODOXQDSRODUL]DGDODVKHEUDVGHVLOLFDWR
DUWLILFLDOWUDPDGDVGLHVWUDPHQWHHQODLQPDFXODGDDOHDFLyQGHDODEDV
WURGHODHVWUXFWXUDGHOSDODFLRGHVSHGtDQGHVWH8RVGHVXDYHFRORU
YLROHWDVREUHHOIRQGROHFKRVRGHORVDOUHGHGRUHV
(QQLXVFRQWHPSOyODVHVWUHOODV3DUDpOHUDQODDXWpQWLFDEHOOH]D
SXHVWRTXHFRQVWLWXtDQHO,PSHULR

(OFLHORWHUUHVWUHHUDGHWLSRLQWHUPHGLR1RSRVHtDODJORULDLUUH
VLVWLEOHGHORVFLHORVGHORVPXQGRVFHQWUDOHVGRQGHODVHVWUHOODVVH
FRGHDEDQHQULYDOLGDGWDQFHJDGRUDTXHHOQHJURGHODQRFKHFDVLVH
SHUGtDHQODFRUXVFDQWHH[SORVLyQOXPLQRVD<WDPSRFRSRVHtDOD
VROLWDULDJUDQGH]DGHORVFLHORVGHODSHULIHULDGRQGHODQHJUXUDXQL
IRUPHTXHGDEDLQWHUUXPSLGDDJUDQGHVLQWHUYDORVSRUODOX]PRUWH
FLQDGHDOJXQDHVWUHOODKXpUIDQDFRQODOHFKRVDIRUPDOHQWLFXODUGHOD
JDOD[LDH[WHQGLGDDWUDYpVGHOFLHORODVHVWUHOODVVROLWDULDVVHSHUGtDQ
HQHOSROYRGLDPDQWLQR
(QOD7LHUUDHUDQYLVLEOHVGRVPLOHVWUHOODV(QQLXVUHFRQRFLy6L
ULRDOUHGHGRUGHODFXDOJLUDEDXQRGHORVGLH]SODQHWDVPiVJUDQGHV
GHL,PSHULR<$UWXURQDWXUDOPHQWHFDSLWDOGHOVHFWRUGRQGHKDEtD
QDFLGRpO(OVROGH7UDQWRUPXQGRFHQWUDOGHO,PSHULRHVWDED
SHUGLGRHQDOJXQDSDUWHGHOD9tD/iFWHD,QFOXVRREVHUYiQGRORFRQ
XQWHOHVFRSLRVHJXtDIRQPDQGRSDUWHGHOUHVSODQGRUJHQHUDO
(OSURFXUDGRUQRWyXQDEODQGDPDQRHQVXKRPEUR\ODVX\DVH
DO]ySDUDWRPDUOD
)ORUD"PXVLWy

2UGHQRTXHWUDLJDQHOGHVD\XQRDTXt(QQLXV"VRQyODYR]
HQSDUWHGLYHUWLGDGHVXHVSRVD6DEHVTXHHVWiDSXQWRGHDPD
QHFHU"

'HYHUGDG"(OSURFXUDGRUOHVRQULyFDULQRVDPHQWH\EXVFy
DWLHQWDVHQODRVFXULGDGHODUHWHPDUUyQVXVSHQGLGRFHUFDGHOD
PHMLOODGH)ORUD/HGLRXQVXDYHWLUyQ<GHEHVHVSHUDQPHOHYDQ
WDGD\RVFXUHFHUORVRMRVPiVKHQPRVRVGHODJDOD[LD"
)ORUDDSDUWyODFDEH]DDQWHVGHUHSOLFDU

7~PLVPRWUDWDVGHRVFXUHFHUORVFRQWXVOLVRQMDVGLMRGXO
FHPHQWHSHUR\DWHKHYLVWRDVtRWUDVYHFHV4XpWHSUHRFXSDHVWD
QRFKHTXHULGR"
(QQLXVPHQHyODFDEH]DHQODRVFXULGDG

1RORVpUHVSRQGLy&UHRTXHORTXHILQDOPHQWHPHDEXUUH
HVODDFXPXODFLyQGHSHTXHxRVGHWDOOHV3ULPHURIXHHODVXQWRGH
6KHNW\VXVLQDSVLILFDGRU\DKRUDHVDWRUSH]D\HVWXSLGH]WRWDOSRU
SDUWHGHOJRELHUQR<RWUDVFRVDVRWUDVFRVDV2KSDUDTXp
)ORUD"$TXtQRKDJRQDGDEXHQR
,QGXGDEOHPHQWHHVWDKRUDGHODPDxDQDQRHVPRPHQWRSDUD
SRQHUDSUXHEDWXPRUDO
3HUR(QQLXV\DHVWDEDKDEODQGRFRQORVGLHQWHVDSUHWDGRV

(VWRVWHUUHVWUHV3RUTXpWDQSRFRVKRPEUHVVRQXQDFDUJD
WDQJUDQGHSDUDHO,PSHULR"6RQSHQGHQFLHURV\WHUFRV\DOPLVPR

O
WLHPSRDVWXWDPHQWHSUHFLVRVDODKRUDGHLUQSRUWXQDUFRPRVLVXSLH
UDQSRULQVWLQWRFXiOHVVRQQXHVWUDVGHELOLGDGHV)ORUDWHDFXHUGDV
FXDQGRPHQRPEUDURQSURFXUDGRUORVFRQVHMRVTXHUHFLEtGHOYLHMR
)DURXOHOTXHPHSUHFHGLyVREUHODGLILFXOWDGGHOFDUJR"eOHVWDED
HQORFLHUWR7RWDOPHQWH+L]RXQDSDXVDVHVXPLyHQVXVSHQVD
PLHQWRV\ILQDOPHQWHVLJXLyKDEODQGRGHXQWHPDTXHHQDSDULHQFLD
QDGDWHQtDTXHYHU3HURVLKD\DOJRFODURHVTXHHOUHVHQWLPLHQWR
GHHVWRVWHUUHVWUHVORVKDOOHYDGRDVXHxRVGHUHEHOLyQ0LUyD
)ORUD6DEHVFXiOHVODGRFWULQDGHOD6RFLHGDGGH$QWLJXRVGHOD
7LHUUD"OHSUHJXQWy4XHOD7LHUUDIXHKDFHWLHPSRHO~QLFR
KRJDUGHODKXPDQLGDGTXHHVHOFHQWURGHODUD]D\TXHDOJ~QGtD
YROYHUiDVHUOR
6tGLMRHOODHQWRQRWUDQTXLOL]DGRU/RVp

(QRFDVLRQHVFRPRpVWDVLHPSUHHUDPHMRUGHMDUTXH(QQLXVVH
GHVIRJDUD(OODWDPELpQVDEtDHVR

<HQUHDOLGDGH[LVWHQJUXSRVUDGLFDOHVSURVLJXLyHOSURFXUD
GRUTXHDILUPDQTXHHVWHPtWLFR6HJXQGR5HLQRGHOD7LHUUDHVWi
FHUFDTXHSUHYpQODGHVWUXFFLyQGHO,PSHULRHQXQDFDWiVWURIHJHQH
UDOTXHGHMDUiDOD7LHUUDWULXQIDQWH\FRQWRGDODJORULDSULPLWLYD
VXYR]VHTXHEUyGHXQPXQGRUHWUDVDGREiUEDURHLQPXQGR
3HURHQORVGRV~OWLPRVDxRVQRKHPRVWHQLGRQRWLFLDGHHVRVJUXSRV
$KHVRHVEXHQR

1RHVRHVPDOR(VHOSULPHUSHTXHxRGHWDOOHTXHPHQFLRQR

0LHQWUDVORVIDQiWLFRVSXHGDQYHUWHUOLEUHPHQWHVXVDJXDVFORDFDOHV
QDGLHORVWRPDUiHQVHULR1LQRVRWURVQLODSREODFLyQQRUPDOGHOD
7LHUUD3HURVLGHSURQWRORVVLOHQFLDQPLRSLQLyQHVTXHHOSULPHU
PLQLVWURGHVHDTXHVXVGRFWULQDVQRDWUDLJDQODDWHQFLyQ\TXHHVR
VyORSRGUiRFXUULUFXDQGRODVGRFWULQDVVHDQRILFLDOHV
2K(QQLXVQRHVXQUD]RQDPLHQWRPX\WRUWXRVR"$GHPiV
TXpSXHGHQKDFHUHVRVGHVJUDFLDGRV"+D\TXHWRPDUORVWDQHQ
VHULR"6HWUDWDGHVX~QLFDIXHQWHGHGLYHUVLyQHVHVXHxRIDQWiVWLFR
TXHWLHQHQHOORVGHGRPLQDUHOPXQGR3RUTXpSULYDUORVGHHVH
VXHxR"
%LHQHVRQRHVWRGR3RUHMHPSORTXpSDVDFRQHOVLQDSVLIL
FDGRU"(QQLXVPLUySHQVDWLYDPHQWHODGpELOOX]TXHHVWDEDFRQ
TXLVWDQGRODSXOLGDQHJUXUDGHOFLHORWHUUHVWUH6KHNWPHDVHJXUD
TXHVXSURSyVLWRHVDXPHQWDUODFDSDFLGDGPHQWDOGHORVVHUHVKX
PDQRV'LFHODYHUGDG"(LQFOXVRVLHVRIXHUDWRGRQRHVWDUi
IXQFLRQDQGR\DHOLQVWUXPHQWRFRQWHUUHVWUHVDILQGHTXHGRVFLHQ
WRVPLOORQHVGHSODQHWDVQRGLVIUXWHQGHODVLQPHQVDVSRVLELOLGDGHV
GHXQRVROR"
$XPHQWDQGRODLQWHOLJHQFLDGHWRGRVORVWHUUHVWUHV"6LQRPH
HTXLYRFRGLMLVWHTXHHVRQRGDUtDUHVXOWDGR

/RGLMR6KHNWQR\R<DKRUDpOHVWiLQWHUHVDGRHQUHKXLUPH
/DVFDUWDVTXHOHHQYtRODVFRQWHVWDGHXQDIRUPDLPSHUVRQDO\FUHR
TXHFRQODFHQVXUDGHSRUPHGLR6RQFDUWDVPX\H[WUDxDV,QWHQWH
YLVLWDUOHKDFHXQPHVHQ&KLFDSHURIXHLPSRVLEOHORFDOL]DUORa0X\
FXULRVR<WRGRHVWRHVPX\HQLJPiWLFR\PX\ SUHRFXSDQWH
<GLFKRHVWRVHYROYLyKDFLD)ORUD\DODGpELOOX]GHODVHVWUHOODV
EXVFyDWLHQWDVVXVPDQRV

(VF~FKDPH)ORUD6XYR]HUDDSUHPLDQWH(VDEVXUGRVH
JXLUHVWDGLVFXVLyQ+D\PXFKDVFRVDVTXHQRVDEHV0XFKDVFRVDV
TXHQRGHEHVVDEHU 3HURWHGLUpHVWRKDEUiXQDUHEHOLyQHQOD
7LHUUDVLPLODUDOOHYDQWDPLHQWRGHVDOYRTXHVHJXUDPHQWHVHUi
SHRU3RUHVRHVWR\VHQWDGRDTXtDJXDUGDQGRODVDOLGDGHOVRO
3HURVLHVWiVWDQVHJXUR(VWDPRVSUHSDUDGRV"

L3UHSDUDGRV/DULVDGH(QQLXVIXHPiVELHQXQODGULGR
<RORHVWR\/DJXDUQLFLyQHVWiDOHUWDGD\ELHQSHUWUHFKD7RGR
FXDQWRHUDSRVLEOHKDFHUFRQHOPDWHULDOGLVSRQLEOHORKHKHFKR
3HUR)ORUDQRPHLQWHUHVDTXHKD\DXQDUHEHOLyQ1RTXLHURTXHPL
SURFXUDGXUtDTXHGHUHJLVWUDGDHQODKLVWRULDFRPRODSURFXUDGXUtDGH
ODUHEHOLyQ1RTXLHURYHUPLQRPEUHYLQFXODGRDPXHUWH\FDQQLFH
UtD0HFRQGHFRUDUiQSRUHOORSHURGHQWURGHXQVLJORORVOLEURVGH
KLVWRULDPHGHQRPLQDUiQWLUDQRVDQJULHQWR4XpPHGLFHVGHOYLUUH\
GH6DQWDQQLHQHOVLJORVH[WR"3RGtDKDFHUDOJRPiVTXHORTXHKL]R"

5HFLELyKRQRUHVHQWRQFHVSHURDKRUDTXLpQWLHQHXQDSDODEUDGH
HORJLRSDUDpO"3UHIHULQ
DTXHPHFRQRFLHUDQFRPRHOKRPEUHTXHHYL
WyXQDVXEOHYDFLyQ\VDOYyODVGHVSUHFLDEOHVYLGDVGHHVWRVORFRV
6XWRQRHUDSRFRHVSHUDQ]DGR

(VWiVVHJXURGHTXHDSHVDUGHWRGRQRSXHGHVKDFHUQDGD
(QQLXV"
)ORUDVHVHQWyMXQWRDpO\OHDFDULFLyFRQODVXxDVHOERUGHGHO
PHQWyQ
(QQLXVOHFRJLyODVPDQRV\ODVDSUHWyFRQIXHU]D

&yPR"'HOLEHUDGDPHQWHHOJRELHUQRLPSHULDOKDHPSUHQGL
GRHOSHRUFDPLQR3DUDTXpPDQGDQDTXtDHVHORFRD$UYDUGDQ"
<DQRSXHGRKDFHUQDGD

3HURTXHULGRQRFUHRTXHHVHDUTXHyORJRYD\DDKDFHUDOJR
WDQWHUULEOH$GPLWRTXHSDUHFHXQPDQLiWLFRSHURTXpGDxRSXHGH
KDFHU"
1RHVWiFODUR"4XLHUHTXHOHDXWRULFHQDHQWUDUHQODV]RQDV
SURKLELGDV6HORLPSHGLUiQ
%LHQ

3HURQRVHORLPSHGLUp\R<RQRSXHGRKDFHUHVR&DVLWRGRHO
PXQGRWLHQHODHVW~SLGDWHRUtDGHTXHORVYLUUH\HVSXHGHQKDFHU
FXDOTXLHU FRVDSHURVHQFLOODPHQWHQRHVDVt(VHKRPEUHWLHQHXQ
PDQGDWRGHDXWRUL]DFLyQGHOQHJRFLDGRGH3URYLQFLDV([WHULRUHV\
DSUREDGRSRUHOHPSHUDGRU&RQHVRTXHGRDQXODGR1RSXHGR
KDFHUQDGDVLQDSHODUDO&RQVHMR&HQWUDO\HVROOHYDULDPHVHV<
TXpUD]RQHVLEDDRIUHFHUOHV"<VLLQWHQWRGHWHQHUSRUODIXHU]DDO
DUTXHyORJRHVWDUtDFRPHWLHQGRXQDFWRGHUHEHOGtD\\DVDEHVE
GLVSXHVWRTXHHVWiHO&RQVHMR&HQWUDODGHVWLWXLUDFXDOTXLHUIXQFLR
QDULRGHOTXHSLHQVHQTXHHVWiSDViQGRVHGHODUD\DDVtKD VLGR
VLHPSUHGHVGHODJXHUUDFLYLOGHORVDxRVRFKHQWD'HTXpPHVHUYL
UtDHVRSRUWDQWR"0HVXVWLWXLUtDQSRUDOJXLHQTXHGHVFRQRFLHUDWRWDa
PHQWHODVLWXDFLyQ\$UYDUGDQSRGUtDVHJXLUDGHODQWHGHWRGRVPRGRV

+DVGLFKRTXHVHORLPSHGLUiQ



/RKDUiHOSULPHUPLQLVWUR<HQHVHFDVRFyPRYR\DFRQ
YHQFHUORGHTXHQRVHWUDWDGHXQSODQRUJDQL]DGRSRUHOJRELHUQR
TXHHO,PSHULRQRFRQVLHQWHVDFULOHJLRVGHOLEHUDGRV"
aKLPSRVLEOHTXHpOVHDWDQTXLVTXLOORVR

,PSRVLEOH"(QQLXVVHHFKyKDFLDDWUiV\PLUyILMDPHQWHDVX
HVSRVD/DQRFKHKDEtDFREUDGRXQFRORUDSL]DUUDGR\HQSDUWH
)ORUDHUDYLVLEOH7LHQHVXQDLQJHQXLGDGFRQPRYHGRUD1DWXUDO
PHQWHTXHpOSXHGHVHUWDQTXLVTXLOORVR6DEHVTXHOD7LHUUDSRU
HMHPSORQRWROHUDVLJQRVH[WHULRUHVGHGRPLQLRLPSHULDOHQVXSOD
QHWDSRUTXHLQVLVWHQHQTXHOD7LHUUDHVSRUGHUHFKRHOJREHUQDQWH
GHODJDOD[LD"(QFLHUWDRFDVLyQODLQVLJQLDGHOHPSHUDGRUVHKDOODED
GHVSOHJDGDHQ:DVKHQQODVHGHGHODFiPDUDGHOFRQVHMRWHUUHVWUH
WDOFRPRHVWiSUHVHQWHHQWRGDVODVFiPDUDVGHFRQVHMRVGHODJDOD[LD
FRPRVtPERORGHXQLGDGLPSHULDO6DEHVTXpRFXUULy"7HORH[SOL
FDUp/RVOXQiWLFRVODGHVJDUUDURQ\SRUODQRFKHWRGDHVDPLVHUDEOH
FLXGDGVHKDEtDDO]DGRHQDUPDVFRQWUDQXHVWURVVROGDGRV$OILQDO
WXYLPRVTXHFHGHU
4XLHUHVGHFLUTXHQRYROYLHURQDSRQHUODLQVLJQLDLPSHULDO"
SUHJXQWyHOODFRQDLUHGHLQFUHGXOLGDG

-DPiVORKLFLHURQ3RUODVHVWUHOODVQR/D7LHUUDHVHO~QLFR
SODQHWDHQWUHGRVFLHQWRVPLOORQHVTXHQRWLHQHLQVLJQLDHQVXFiPDUD
GHOFRQVHMR<DKRUD$UYDUGDQLQWHQWDUiHQWUDUHQODV]RQDVSURKL
ELGDV4XpHVWDUiQSHQVDQGRGHHVWRHQ7UDQWRU"<SHRUWRGDYtD
HVHDUTXHyORJRHVWiSUHGLFDQGRODPLVPDGRFWULQDUDGLFDOTXHORV
IDQiWLFRV(VHSURIHVRUFKLIODGRFUHHVLQFHUDPHQWHTXHOD7LHUUDHVHO
SODQHWDQDWDOHOSODQHWDQDWDOGHODUD]DKXPDQD$YLYDUHOIXHJRGH
HVDIRUPDLPDJtQDWH7HJDUDQWL]RTXHpOHVVLQFHURSHURDXQTXH
QRWXYLHUDWRGDODUD]yQ)ORUDTXpSXHGHQHVWDUSHQVDQGRHVRV
YDJRVGHOQHJRFLDGRGH3URYLQFLDV([WHULRUHV"
4XLHUHVH[SOLFDQPHVLQFHUDPHQWHXQDFRVD(QQLXV"
6LSXHGR

4XpHVSHUDVHQUHDOLGDG"1RHVWiVVLPSOHPHQWHSUHRFXSDGR
FDULQRHVWiVDOERUGHGHOSiQLFR(VSHUDVXQDH[SORVLyQH[SHULPHQ
WDO"2DOJRSHRU"
(QQLXVHYLWyPLUDUDVXHVSRVD

1RWHQJRPRWLYRVSDUDHVSHUDUDOJRSHRU

3HURORVWLHQHV)ORUDOHPLUyDQVLRVDPHQWHDODOX]GHODOED
1RGHEHUtDVRFXOWDQPHQDGD1RHVLQFRUUHFWRHVSHRUHVLQ~WLO7~
HVSHUDVDOJRSHRU

)ORUDQRKHKDEODGRGHHVWRFRQQDGLH+DEtDXQYLVRGH
WRUWXUDHQVXVRMRV1LVLTXLHUDHVXQDFRUD]RQDGD&XDWURDxRV
HQHVWHSODQHWDSXHGHVHUGHPDVLDGRWLHPSRSDUDFXDOTXLHUKRPEUH
TXHHVWpFXHUGR3HUR\RGLUtDTXHQLQJ~QSODQHWDFXHUGRSHQVDUtDHQ
UHEHODUVHFRQWUDXQLPSHULRGHGRVFLHQWRVPLOORQHVGHPXQGRV

/RKDQKHFKRDQWHULRUPHQWH

6tSHURHVWDYH]SDUHFHQPX\FRQILDGRV$O]yODFDEH]DFRQ
YLYDVRUSUHVDFRPRVLDFDEDUDGHHQFRQWUDUODFODYHGHDOJRTXH
KDEtDHOXGLGRVXFRPSUHQVLyQ<UHSLWLyHQpUJLFDPHQWH(VRHV
SDUHFHQFRQILDGRV3RUODVHVWUHOODVFUHHQUHDOPHQWHTXHSXHGHQ
VDOLUVHFRQODVX\D0iVTXHHVR&UHHQTXHSXHGHQREOLJDUQRV
&RPR\DVDEHV)ORUDHVWDJHQWHWLHQHVXVPLVWLFLVPRV'HEHQWHQHU
ORVSDUDVRSRUWDUODUHDOLGDG(VSRVLEOHTXHHVWpQWDQDSHJDGRVDVX
IHHQXQGHVWLQRRDOJXQDIXHU]DHQDOJRTXHVyORWLHQHVLJQLILFDGR
SDUDHOORVDOJRTXHSXHGHSURSRUFLRQDUOHVODYLFWRULD"
(VLPSRVLEOH0LUDDXQGDQGRSRUVXSXHVWRTXHHOWHUUHVWUH
RUGLQDULRFUHDTXHDOJ~QGtDHOGHVWLQRGHYROYHUiDOD7LHUUDVXVX
SXHVWDVXSUHPDFtDVREUHODJDOD[LDORVJREHUQDQWHVGHOD7LHUUDQR
SXHGHQSHQVDUDVtLPSRVLEOH&RPRPtQLPRFRQRFHQODQHFHVLGDGGH
GLVSRQHUGHODUPDPHQWREpOLFRWDQSURVDLFRTXHKDVWDHOGHVWLQR
MX]JD~WLOHQVXVGHFLVLRQHV(VSRVLEOHTXL]iTXL]i
4XL]iTXp(QQLXV"

4XL]i\DWHQJDQDUPDV

<HVRSHUPLWLUiTXHXQSODQHWDGHUURWHDGRVFLHQWRVPLOORQHV"
(VWiVDWHUURUL]DGR
3HURHOORVVHPXHVWUDQWDQFRQILDGRV

2KFyPRORVDEHV"6HKDQVXEOHYDGRROUDVYHFHV4XL]iV
HQWRQFHVWHQtDQODPLVPDFRQILDQ]D<HVSRVLEOHTXHDKRUDQRHVWpQ
WDQFRQILDGRVTXHWXLPDJLQDFLyQHQIHUPL]DGHVHHDWULEXLUOHVHVD
FXDOLGDG)tMDWHHOVROYDDVDOLUGHQWURGHSRFR'HVFDQVDPRVXQ
UDWRHQVLOHQFLR"/XHJRWHVHQWLUiVPHMRU\SRGUiVPHGLWDU\DFODUDU
ODVFRVDV
'XUDQWHPHGLDKRUDKXERSD]DOPHQRVHQHVD]RQDGHODJDOD
[LD<HOVROGHVSXpVGHVDOLULOXPLQyURML]DPHQWHXQDJORULHWDHQ
ODTXHGRUPtDQDEUD]DGRVHOUHSUHVHQWDQWHLPSHULDOHQOD7LHUUD\VX
HVSRVD
1LQJXQRGHORVGRVOOHJyDYHUODVDOLGDGHOVRO
2VFXUHFLPLHQWRHQHOFHQOUR

%HO$UYDUGDQVHHPEDUFyHQHOPD\RUDYLyQHVWUDWRVIpULFRGHOD
&RPSDxtDGH7UDQVSRUWH$pUHRGHOD7LHUUDTXHKDFtDHOUHFRUULGR
HQWUH(YHUHVW\ODFDSLWDOWHUUHVWUH:DVKHQQ9LDMyVRORWUDVKDEHU
GHMDGRVXQDYHYDORVPLHPEURVGHODH[SHGLFLyQHQIUDVFDGRVHQORV
SUHSDUDWLYRVGH~OWLPDKRUD

/RKL]RGHOLEHUDGDPHQWHPRYLGRSRUODFXULRVLGDGOyJLFDTXH
VLHQWHXQDUTXHyORJRTXH DGHPiVHVH[WUDQMHURSRUODYLGDRUGLQDULD
GHORVKDELWDQWHVGHXQSODQHWDFRPROD7LHUUD
<WDPELpQWHQtDRWURPRWLYRYHUSRUVtPLVPRDORVWHUUHVWUHV
GHVSXpVGHODVH[WUDxDVLQVLQXDFLRQHVTXHOHKDEtDKHFKRHOSURFX
UDGRU

$UYDUGDQSURYHQtDGHO VHFWRUGH6LULRHOVHFWRUGHODJDOD[LDTXH
HVWDEDSRUHQFLPDGHWRGRVORVGHPiVGRQGHORVSUHMXLFLRVDQWLWH
UUHVWUHVHVWDEDQPiVDUUDLJDGRV3HURpOQRFUHtDKDEHUVXFXPELGRD
ORVSUHMXLFLRV/RJLFDPHQWHKDEtDDGTXLULGRHOKiELWRGHLPDJLQDUD
ORVWHUUHVWUHVFRPRSHUVRQDMHVFDULFDWXUHVFRVHVSHFLDOHVLQYDULDEOHV
HLQFOXVRHOWpUPLQRWHUUHVWUHOHSDUHFtDGHVDJUDGDEOHSHURHQ
UHDOLGDGQRWHQtDSUHMXLFLRV
$OPHQRVpOQRORFUHtDDVt3RUHMHPSORVLDOJXQDYH]XQWHUUHVWUH
KXELHUDGHVHDGRSDUWLFLSDUHQDOJXQDGHVXVH[SHGLFLRQHVRWUDEDMDU
DVXVyUGHQHVHQFXDOTXLHUDFWLYLGDG\VLWHQtDH[SHULHQFLD\FDSDFL
GDGVXILFLHQWHV$UYDUGDQORKDEUtDDFHSWDGR'HKDEHUH[LVWLGRDO
J~QKXHFRSDUDpODVXQWRDUUHJODGR(ODUTXHyORJRPHGLWyHODVXQWR
\GHFLGLyTXHOOHJDGRHOFDVRFRPHUtDFRQXQWHUUHVWUHRVHDORMDUtD
HQFDVDGHDOJXQRRORVWUDWDQ
DHQWRGRVORVDVSHFWRVFRPRDFXDO
TXLHURWUDSHUVRQD6LQHPEDUJR$UYDUGDQVLHPSUHWHQtDHQFXHQWD
HOKHFKRGHTXHXQWHUUHVWUHHUDXQWHUUHVWUHQRSRGtDHYLWDUOR(UD
FRQVHFXHQFLDOyJLFDGHXQDLQIDQFLDLQPHUVDHQXQDPELHQWHGHLQWR
OHUDQFLDWDQDEVROXWDTXHFDVLHUDLPSHUFHSWLEOHKDVWDTXHHOREVHU
YDGRUVDOtDGHGLFKRDPELHQWH\GLULJtDODYLVWDDWUiV
6LQHPEDUJRHODUTXHyORJRVHHQFRQWUDEDDKRUDHQXQDYLyQHQHO
TXHVyORKDEtDWHUUHVWUHVDVXDOUHGHGRU\VHVHQWtDIUDQFDPHQWHFy
PRGR

3HURTXpWHQtD(QQLXVFRQWUDHOORV"+DEtDKHFKRHQRUPHVHV
IXHU]RVSDUDHYLWDUFRQUD]RQDPLHQWRVODLQYHVWLJDFLyQHQODV]RQDV
UDGLDFWLYDV<KDEtDSUHWHQGLGRGDUDHQWHQGHUDOJRDOJRVLQLHVWUR\
DPHQD]DGRUUHODFLRQDGRFRQORVWHUUHVWUHVVLQPRVWUDUVHFODUR\FRQ
FUHWR

$UYDUGDQFRQWHPSOyGHQXHYRODVFDUDVYXOJDUHV\QRUPDOHVGH
VXVFRPSDxHURVGHYLDMH6HVXSRQtDTXHHVRVKRPEUHVHUDQGLVWLQWRV
3HURSRGUtDpOGLVWLQJXLUORVHQXQDPXOWLWXG"$UYDUGDQQRORFUHtD

(OPLVPRDYLyQHUDDMXLFLRGHODUTXHyORJRXQFDVRPHQRUGH
FRQVWUXFFLyQLPSHUIHFWD(VWDEDGRWDGRGHPRWRUDWyPLFRSRUVX
SXHVWRSHURODDSOLFDFLyQGHOSULQFLSLRGLVWDEDPXFKRGHVHUHIL
FLHQWH(QSULPHUOXJDUODXQLGDGGHSRWHQFLDQRVHKDOODEDELHQ
SURWHJLGD\$UYDUGDQSHQVyTXHODSUHVHQFLDFDVXDOGHUD\RVJDPPD
FRPELQDGDFRQHOHYDGDGHQVLGDGQHXWUyQLFDHQODDWPyVIHUDSRGtD
VHUSDUDORVWHUUHVWUHVXQSUREOHPDPHQRVLPSRUWDQWHTXHSDUDRWURV

<HQHVHPRPHQWRDOJROHDWUDMRVXDWHQFLyQ'HVGHDTXHOOD
UHJLyQGHFRORUYLQRVRGHODHVWUDWRVIHUDVXSHULRUOD7LHUUDSUHVHQ
WDEDXQDVSHFWRIDEXORVR/DV]RQDVFRQWLQHQWDOHVLQPHQVDV\FXELHU
WDVGHQLHEODTXHHODUTXHyORJRYHtDEDMRpO RVFXUHFLGDVHQDOJXQRV
SXQWRVSRUJUXSRVGHQXEHVTXHUHIOHMDEDQHOVROPRVWUDEDQXQ
GHVRODGRWRQRDQDUDQMDGR3RUGHWUiVDOFDQ]DQGRFRQUDSLGH]DO
YHOR]YHKtFXORHVWUDWRVIpULFRDSDUHFtDHOVXDYH\GLIXVRKRUL]RQWH
QRFWXUQRHQFX\DRVFXUDVRPEUDVHYHtDHOGHVWHOORGHODV]RQDVUD
GLDFWLYDV
/DDWHQFLyQGH$UYDUGDQVHYLRGHVYLDGDGHODYHQWDQLOODSRUODV
ULVDVGHORVSDVDMHURVFHQWUDGDVHQXQPDWULPRQLR\DPDGXURORV
GRVFyQ\XJHVPX\UREXVWRV\WRGRVRQULVDV(ODUTXHyORJRWRFyHO
EUD]RGHVXYHFLQRGHDVLHQWR
4XpRFXUUH"

(ORWURKRPEUHGHMyGHUHtUSDUDFRQWHVWDU

/OHYDQFDVDGRVFXDUHQWDDxRV\HVWiQKDFLHQGRHOJUDQYLDMH
(OJUDQYLDMH"

6tKRPEUHODYXHOWDDOPXQGR

(OHVSRVR\DHQWUDGRHQDxRVUXERUL]DGRGHSODFHUHVWDEDQD
UUDQGRVXVH[SHULHQFLDVHLPSUHVLRQHVFRQDEXQGDQFLDGHGHWDOOHV
PLHQWUDVVXHVSRVDLQWHUYHQtDGHYH]HQFXDQGRFRQHOPHMRUGHORV
KXPRUHV/DDPLJDEOHDXGLHQFLDHVFXFKDEDWRGRFXDQWRGHFtDODSD
UHMDFRQHQRQPHVDWLVIDFFLyQSRUORTXH$UYDUGDQSHQVyTXHORV
WHUUHVWUHVHUDQWDQFRUGLDOHV\KXPDQRVFRPRFXDOTXLHUKDELWDQWHGH
ODJDOD[LD(QHVHPRPHQWRDOJXLHQKL]RXQDSUHJXQWD
<FXiQGROHWRFDHO6HVHQWD"

'HQWURGHXQPHVIXHODUiSLGD\MRYLDOUHVSXHVWD(OGLHFL
VpLVGHDEULO
%XHQRGLMRHOTXH KDEtDSUHJXQWDGRHVSHURTXHOHYD\D
ELHQ

(OODPHDFRPSDxDUiUHSOLFyHOHVSRVRVHxDODQGRFRQHOSXO
JDUDVXDIDEOHPXMHU1ROHWRFDKDVWDGHQWURGHWUHVPHVHVSHUR
HOODRSLQDTXHODHVSHUDHVDEVXUGDDVtTXHQRVLUHPRVMXQWRV1RHV
DVtUHJRUGHWD"

2KVtGLMRHOOD\GHMyHVFDSDUXQDDJUDGDEOHULVLWD1XHV
WURVKLMRVVHKDQFDVDGR\WLHQHQVXSURSLDFDVD\\RVHUtDXQHVWRUER
SDUDHOORV$GHPiVQRSRGUtDGLVIUXWDUHVRVPHVHVVLQPLPHGLDQD

UDQMD3RUHVRQRVLUHPRVMXQWRV

$UYDUGDQLQWHUUXPSLyHODOERURWRJHQHUDOSDUDDFODUDUXQSXQWR
TXHOHSDUHFtDFODUDPHQWHVRVSHFKRVR
4XpHVHVRGHO6HVHQWD"SUHJXQWyDVXYHFLQRGHDVLHQWR
1RVHUHIHULUiDHXWDQDVLDYHUGDG"

$UYDUGDQFRQRFtDODFRVWXPEUHDXQTXHVyORGHXQPRGRWHyULFR
6yORHQHVHPRPHQWRSHQVyTXHVHDSOLFDEDUHDOPHQWHDVHUHVKX
PDQRV
(ORWURKRPEUHREVHTXLyDODUTXHyORJRFRQXQDPLUDGDSURORQ
JDGD\VXVSLFD]
%XHQRTXpRSLQDXVWHG"GLMR

/DSUHJXQWDHUDXQDUHVSXHVWDPiVTXHVXILFLHQWH$UYDUGDQFRQ
FLHUWDFRQVWHUQDFLyQFRQWHPSOyODDOJDUDEtDJHQHUDOTXHXQWHPD
FRPRDTXHOSRGtDSURYRFDU

$OSDUHFHUWRGDODOLVWDGHSDVDMHURVHVWDEDHQIUDVFDGDHQXQ
FiOFXORDULWPpWLFRVLPXOWiQHRGHOWLHPSRTXHOHVTXHGDEDDWRGRV
SURFHVRTXHLPSOLFDEDODFRQYHUVLyQGHIDFWRUHVGHPHVHVDGtDV\TXH
RFDVLRQyYDULDVGLVSXWDV
8QLQGLYLGXREDMLWRFRQODURSDPX\DMXVWDGD\ODH[SUHVLyQ
UHVXHOWDLQWHUYLQRIXULRVDPHQWH

0HTXHGDQH[DFWDPHQWHGRFHDxRVWUHVPHVHV\FXDWURGtDV
'RFHDxRVWUHVPHVHV\FXDWURGtDV1LXQGtDPiVQLXQGtDPHQRV
(OFiOFXORIXHDSUREDGRSRURWURSDVDMHURFRQXQDREVHUYDFLyQ
OyJLFD
6LQRWHPXHUHVDQWHVFODUR

7RQWHUtDVIXHODUpSOLFDLQPHGLDWD1RWHQJRLQWHQFLyQGH
PRULUPHDQWHV7HQJRHODVSHFWRGHDOJXLHQTXHPRULUtDDQWHV"9R\
&XHQWRaSDUDOHORa
DYLYLUGRFHDxRVWUHVPHVHV\FXDWURGtDV\DTXtQRKD\QLQJXQ
KRPEUHTXHVHDWUHYDDQHJDUOR
<HQUHDOLGDGVXDVSHFWRHUDPX\IXULRVR

8QPR]DOEHWHDSDUWyGHVXVODELRVXQFLJDUULOORDODUJDGRPX\
HOHJDQWHSDUDGHFLUFRQYR]VHULD

(VWiPX\ELHQTXHORSXHGDQFDOFXODUFRQWDQtDH[DFWLWXG+D\

PiVGHXQRTXHHVWiYLYLHQGRPiVGHORTXHOHWRFD
$KFODURGLMRRWUR

+XERXQDVHQWLPLHQWRJHQHUDO\VHFUHyXQDPELHQWHGHLQGLJQD
FLyQPiVELHQSURYRFDGR

<QRYHRSURVLJXLyHOMRYHQTXHPLHQWUDVIXPDEDKDFtD
JHVWRVFHUHPRQLRVRVFRQODLQWHQFLyQGHHOLPLQDUODFHQL]DQDGD
REMHWDEOHHQTXHXQKRPEUHRXQDPXMHUGHVHHFRQWLQXDUGHVSXpV
GHVXFXPSOHDxRVKDVWDHOVLJXLHQWHGtDGHDVDPEOHDJHQHUDOHQ
HVSHFLDOVLWLHQHQDOJ~QDVXQWRTXHUHVROYHU6RQHVRVVLQYHUJXHQ]DV
HVRVSDUiVLWRVTXHLQWHQWDQOOHJDUPiVDOOiGHOSUy[LPRFHQVRORVTXH
VHFRPHQHODOLPHQWRGHODVLJXLHQWHJHQHUDFLyQ
3DUHiDWHQHUXQPRWLYRSHUVRQDOGHTXHMD

3HURLQWHUUXPSLyVXDYHPHQWH$UYDUGDQQRHVWiUHJLV
WUDGDODHGDGGHWRGRVORVKDELWDQWHV"1RHVSRVLEOHTXHSXHGDQLU
PX\OHMRVGHVSXpVGHVXFXPSOHDxRVQRHVFLHUWR"
6HSURGXMRXQVLOHQFLRJHQHUDOFRPELQDGRFRQGHVSUHFLRSRUHO
HVW~SLGRLGHDOLVPRH[SUHVDGR
1RSDUHFHPX\OyJLFRYLYLUGHVSXpVGHO6HVHQWDVXSRQJRGL
MRSRUILQDOJXLHQHQWRQRGLSORPiWLFR

1RVLHUHVWUDEDMDGRURFDPSHVLQRHVSHWyRWURHQpUJLFDPHQ
WH3HURTXpSDVDFRQORVDGPLQLVWUDGRUHVORVIXQFLRQDULRVPX
QLFLSDOHV"

<SRUILQHOKRPEUHFDVLVHVHQWyQFX\RFXDGUDJpVLPRDQLYHUVD
ULRGHERGDKDEtDLQLFLDGRODFRQYHUVDFLyQDYHQWXUyVXRSLQLyQWDO
YH]HQYDOHQWRQDGRSRUHOKHFKRGHTXHpOYtFWLPDDFWXDOGHO6HVHQWD
QRWHQtDQDGDTXHSHUGHU
(QFXDQWRDHVRGLMRGHSHQGHGHTXLHQXVWHGHVVDEHQ
<JXLQyXQRMRHQJHVWRGHWtPLGDDOXVLyQ&RQRiDXQWLSRTXH
FXPSOLyORVVHVHQWDXQDxRGHVSXpVGHOFHQVRRFKRFLHQWRVGLH]\YLYLy
KDVWDTXHHOFHQVRRFKRFLHQWRVYHLQWHORGHVFXEULy&XPSOLyORVVH
VHQWDaUQXHYHDQWHVGHLUVH6HVHQWD\QXHYH
3HURFyPRSXGRKDFHUHVR"

7HQtDDOJ~QGLQHUR\VXKHUPDQRHUDXQ$QWLJXR1DGDHVLP
SRVLEOHVLSXHGHVFRQVHJXLUXQDFRPELQDFLyQFRPRpVD
<KXERDSUREDFLyQJHQHUDODHVHVHQWLPLHQWRUHIRU]DGDSRUHO
MRYHQFLWRGHOFLJDUULOOR

3HURVLQRWLHQHVGLQHURFRQWDQWH\VRQDQWH \DSXHGHVPDU
FKDUWHODPDQDQDGHWXFXPSOHDxRVRYHLQWH$QWLJXRVYHQGUiQD
EXVFDUWHDFDVDDOGtDVLJXLHQWH
<HVPX\SUREDEOHTXHOHVSRQJDQXQDPXOWDDWXVKLMRVDxD
GLRRWUR

$UYDUGDQHVFXFKyWRGRHVWRFRQHQRUPHDVRPEUR<WDOYH]SDUWH


GHHVHDVRPEURDVRPDUDHQVXVHPEODQWH\DTXHVXYHFLQRGH
DVLHQWRTXHKDEtDHVWDGRPLUiQGROHFHxXGDPHQWHGHVGHODSUHJXQWD
VREUHHO6HVHQWDOHLQWHUSHOyEUXVFDPHQWH
7LHQHXQDIRUPDH[WUDxDGHKDEODU3URFHGHGHORVFRQWLQHQ
WHVRFFLGHQWDOHV"

$UYDUGDQQRWyTXHWRGDVODVPLUDGDVOHDSXQWDEDQWRGDVFRQ
YLVRVUHSHQWLQRVGHVRVSHFKD3HQVDEDQTXHpOHUDPLHPEURGHHVD
6RFLHGDGGH$QWLJXRV"$FDVRVXVSUHJXQWDVUHIOHMDEDQHOHQJDWXVD
PLHQWRGHXQDJHQWSURYRFDWHXU"
1RVR\GHQLQJXQDSDUWHGHOD7LHUUDUHSOLFyHQXQDUUDQTXH
GHIUDQTXH]D0HOODPR%HO$UYDUGDQ\VR\GH%DURQQVHFWRUGH
6LULR
)XHLJXDOTXHVLKXELHUDDUURMDGRXQDFiSVXODDWyPLFDH[SORVLYD
HQPHGLRGHODYLyQ

(OKRUURUPXGRLQLFLDOGHWRGRVORVVHPEODQWHVVHWUDQVIRUPy
UiSLGDPHQWH HQFyOHUDDPDUJDKRVWLOLGDGTXHOODPHyDQWHHODUTXHy
ORJR(OKRPEUHTXHFRPSDUWtDDVLHQWRFRQpOVHOHYDQWyFRQDLUH
RIHQGLGR\RFXSyRWUROXJDUGHVSXpVGHTXHODVGRVSHUVRQDVVHQWD
GDVDOOLVHDSUHWDUDQPXFKRSDUDGHMDUOHVLWLR
/DVFDUDVVHYROYLHURQ(ODUTXHyORJRTXHGyURGHDGRGHKRP
EURVHQMDXODGRHQHVSDOGDV'XUDQWHXQPRPHQWR$UYDUGDQDUGLy
GHLQGLJQDFLyQ4XHORVWHUUHVWUHVORWUDWDUDQDVtDpO<OXHJRVH
FDOPy(UDREYLRTXHDTXHOODLQWROHUDQFLDMDPiVKDEtDVLGRXQLODWH
UDOTXHHORGLRHQJHQGUDEDRGLR
&RPSOHWyHOYLDMHHQVLOHQFLR\DVRODV
2VFXUHFLPLHQWRDODL]TXLHUGD

/DVLQVWDODFLRQHVGHOFROHJLRGH$QWLJXRVGH:DVKHQQVRQVLPSOH
PHQWHIRUPDOHV$XVWHULGDGHVODSDODEUDFODYH\KD\XQDLUHIUDQFD
PHQWHJUDYHHQORVDSUHWDGRVJUXSRVGHQRYLFLRVTXHGDQVXSDVHRGH
ODWDUGHHQWUHORViUEROHVGHOSDWLRGRQGHQDGLHH[FHSWRORV$QWLJXRV

SXHGHHQWUDU'HYH]HQFXDQGRODILJXUDFRQW~QLFDYHUGHGHXQ
$QWLJXRGHFDQRDWUDYLHVDHOFpVSHG\UHFLEHJUDFLRVDVUHYHUHQFLDV
<HQ UDUDVRFDVLRQHVSXHGHKDFHUDFWRGHSUHVHQFLDHOPLVPR
SULPHUPLQLVWUR

3HURQRFRPRHQHVWHPRPHQWRFDVLFRUULHQGRFDVLVXGRURVR
KDFLHQGRFDVRRPLVRGHORVTXHUHVSHWXRVDPHQWHDO]DQODVPDQRV
GHVDWHQWRDODVPLUDGDVSUHFDYLGDVTXHOHVLJXHQDODV PLUDGDVLQH[
SUHVLYDVTXHVHFUX]DQDODVFHMDVOLJHUDPHQWHDUTXHDGDV

6HLQWURGXMRHQOD6DOD/HJLVODWLYDSRUODHQWUDGDSDUWLFXODU\HFKy
DFRUUHUUDPSDDEDMRHQWUHHOUHVRQDUGHVXV]DQFDGDV/DSXHUWDDOD
TXHVHGLULJtDFRPRXQUD\RVHDEULyPHGLDQWHODSUHVLyQGHXQSLHGHO
~QLFRRFXSDQWH\HOSULPHUPLQLVWURHQWUy
(OVHFUHWDULRDSHQDVDO]yODPLUDGDGHVXHVFULWRULRSHTXHxR\
VHQFLOORGRQGHHVWDEDLQFOLQDGRVREUHXQWHOHYLVRUGLPLQXWRFX\R
VRQLGRHVFXFKDEDFRQDWHQFLyQPLHQWUDVVXVRMRVHUUDEDQSRUPiVR
PHQRVXQDPDQRGHSDSHOGHFRPXQLFDFLRQHVDOSDUHFHURILFLDOHV
DSLODGDVDQWHpO(OSULPHUPLQLVWURJROSHyEUXVFDPHQWHHOHVFUL
WRULR
4XpHVHVWR"4XpRFXUUH"

/RVRMRVGHOVHFUHWDULRPLUDURQEUHYH\IUtDPHQWHDOSULUQHUPLQLV
WUR\HOWHOHYLVRUTXHGyDSDJDGR
6DOXGRVYXHVWUDVDELGXUtD

1RPHGHVVDOXGRVUHSOLFyFRQLPSDFLHQFLDHOSULPHUPLQLV
WUR4XLHURVDEHUTXpHVWiSDVDQGR
(QXQDSDODEUDQXHVWURKRPEUHKDKXLGR

+DEODVGHOKRPEUHTXH6KHNWVRPHWLyDOVLQDSVLILFDGRUHOTXH
SDUORWHDEDHQXQLGLRPDUDURHOGHODJUDQMDFHUFDGH&KLFDJR"
(VLQFLHUWRHOQ~PHURGHGHWDOOHVTXHHOSULPHUPLQLVWURKDEUtD
UHFLWDGRVLHOVHFUHWDULRQRORKXELHUDLQWHUUXPSLGRHQWRQRLQGLIH
UHQWH
([DFWR

3RUTXpQRKHVLGRLQIRUPDGR"3RUTXpQRVR\LQIRUPDGR
QXQFD"

(UDQSUHFLVDVPHGLGDVLQPHGLDWDV\W~HVWDEDVRFXSDGR<RWH
KHVXVWLWXLGRFRQWRGDPLFDSDFLGDG

6tWHSUHRFXSDVPXFKRGHPLVRFXSDFLRQHVFXDQGRGHVHDVDF
WXDUVLQPt%LHQQRORWROHUDUp1RFRQVHQWLUpTXH VHDFW~HVLQPt
TXHVHPHGHMHGHODGR1RSLHQVR
(VWDPRVUHWUDViQGRQRVIXHODUpSOLFDHQHOWRQRGHYR]QRU
PDO\ODFDVLJULWHUtDGHOSULPHUPLQLVWURFHVy
(OUHFLpQ'HJDGRFDUUDVSHy\YDFLOyDQWHVGHVHJXLUKDEODQGR
4XpGDWRVWHQHPRV"

$SHQDVQLQJXQR$OFDERGHVHLVPHVHVGHSDFLHQWHHVSHUDVLQ
QDGDTXHLQGLFDUDWDOFRVDHVHLQGLYLGXRHODJHQWH7FRPRORGHQR
PLQDQORVLQIRUPHVVHPDUFKy
/RVLJXLHURQ"

1DWXUDOPHQWH&XDWURKRUDVSRUODDXWRSLVWDKDFLDHOHVWH
'HVSXpVVHHVIXPy
6HHVIXPy"

(VHHVHOGHWDOOHPLVWHULRVR\DTXHQRH[LVWHH[SOLFDFLyQOy
JLFD

'HTXpKDEODVTXpHVHVRGHTXHQRH[LVWHH[SOLFDFLyQOyJLFD"
&yPRHVSRVLEOH"&yPRYDPRVDORJUDUQXHVWURVILQHVVLHQPR
PHQWRVFUXFLDOHVQRH[LVWHH[SOLFDFLyQ OyJLFD"

+HPRVLQWHUURJDGRDQXHVWURDJHQWH+DEODGHGRORUGHFD
EH]DGRORUFHJDGRUOXFHVPX\EULOODQWHVDQWHVXVRMRVPDUHR1R
HVWiVHJXURGHFXiQWRWLHPSRVXIULyHODWDTXH0HGLDKRUDWDOYH]
,PSRVLEOH/RKDQVRERUQDGR

aORDWDFDURQGLMRHO VHFUHWDULRVLQSHUGHUODFRPSRVWXUD
1RVRPRVORV~QLFRVTXHSRVHHPRVPpWRGRVGHDWDTXHGHVFRQRFLGRV
(OSULPHUPLQLVWURSDOLGHFLyGHIRUPDSHUFHSWLEOH
<TXpKDUHPRVDKRUD"

(QFRQWUDUDODJHQWH7(VHYLGHQWHTXHHO,PSHULRWLHQHXQD
RUJDQL]DFLyQHQOD7LHUUDGHODTXHQRVDEHPRVQDGD(ODJHQWH7
XQDYH]ORFDOL]DGRQRVGDUiSLVWDVSDUDGHVFXEULUODDPHQRVTXHpO
PLVPRVHDXQSH]JRUGR&RVDTXHWRGDYtDVHUtDPHMRU
(OSULPHUPLQLVWURYROYLyODFDEH]D\VHPRUGLyHOODELRPLHQWUDV
VXFHUHEURHPSUHQGtDXQDFDUUHUD6XVLJXLHQWHSUHJXQWDODKL]RGH
HVSDOGDV

4XpKD\GHOFDPSHVLQRFRQHOTXHHVWDEDYLYLHQGRHODJHQWH7"
1DGD/RLQWHUURJDURQ\ORGHMDURQPDUFKDU8QDVLPSOHKH
UUDPLHQWDGHQLQJ~QYDORUQLSDUDHOORVQLSDUDQRVRWURV
$FWRVHJXLGRSRUSULPHUDYH]HOVHFUHWDULRWRPyODLQLFLDWLYD

7LHQHVXQDFLWDFRQHOSURIHVRU%HO$UYDUGDQGHQWURGHFXDWUR
KRUDV

(ORWURKRPEUHDJLWyODPDQRHQXQJHVWRGHLUULWDGDQHJOLJHQFLD
$Q~ODOD

B'HQLQJ~QPRGR6HUiPHMRUTXHKDEOHVFRQpO

3RUTXp"SUHJXQWyGDQGRPHGLDYXHOWD4XLpQHVHVH
FRPRVHOODPH"4XpGHVHD"

'HEHUtDVKDEHUORSUHJXQWDGRDQWHV(VDUTXHyORJRGHO,P
SHULR

<TXpWHQJRTXHYHU\RFRQODDUTXHRORJtDSRUODJDOD[LD"2
FRQORVDUTXHyORJRV"

1DGD3HURXQUHSUHVHQWDQWHGHO,PSHULRGHVHDYHUWHHOPLVPR
GtDTXHHODJHQWH7VHQRVHVFDSD
$K<HOSULPHUPLQLVWURFRPRVLGHSURQWRHVWXYLHUDFDQ
VDGRVHGHMyFDHUHQODVLOODGHUHVSDOGRUHFWRTXHKDEtDHQXQ
ULQFyQ(VWRVXSHUDPLFRPSUHQVLyQ0HKHSHUGLGR

&LHUWRPXUPXUyHOVHFUHWDULR\GHMyTXHXQDWHQXHVRQULVD
DSDUHFLHUDHQVXVODELRV(QQLXVQXHVWURUHVSHWDEOHSURFXUDGRU
QRVKDHQYLDGRXQDQRWDDYLViQGRQRVGHODOOHJDGDGHODUTXHyORJR
7DPSRFRKHUHFLELGRHVDQRWD7HORDVHJXURQRVHPHLQIRUPD
GHQDGDGHORTXHRFXUUH(VYHUJRQ]RVR

%XHQR\RWHLQIRUPDUpDKRUDYXHVWUDVDELGXUtD(QQLXVDILUPD
H[SUHVDPHQWHTXHHVWH$UYDUGDQQRHVUHSUHVHQWDQWHRILFLDOQLGHpO
QLGHO,PSHULR\TXHGHVFRQRFHSRUFRPSOHWRQXHVWUDVFRVWXPEUHV
<HVSHUDTXHORWUDWHPRVFRQWROHUDQFLD\FRPSUHQVLyQGDGDVX
LJQRUDQFLD$KVt(QQLXVQRVPDQGDVDOXGRVIUDWHUQDOHV
3DUHFHGHPDVLDGRDQVLRVRGLMRHOSULPHUPLQLVWUR1RFUHR
XQDVRODSDODEUD
7XPLVLyQVHUiMX]JDUHVR1RVDEHPRVTXLpQRTXpHV$UYDU

GDQSHURQXHVWURREMHWLYRHVDYHULJXDUOR\QRSHUGHUOHGHYLVWD
KDVWDFRQVHJXLUOR
&XDQGRHOSULPHUPLQLVWURHVWDEDDSXQWRGHPDUFKDUVHHOVHFUH
WDULROHYDQWyXQGHGR

9XHVWUDVDELGXUtD(ODOXGLGRVHYROYLy6REUH$UYDUGDQ
RWUDYH]GLMRHOVHFUHWDULR6HUtDSUHIHULEOHTXHQRHQVD\DUDV
HVWUDWHJLDVSURIXQGDV0XHVWUDQDWXUDOLGDG\VpWDQHORFXHQWHFRPR
TXLHUDVVLHPSUHTXHQRGLJDVQDGD/LPtWDWHDXQDPLVLyQGHFRQIX
LyQ\GHPRUD<VRQUtH7XDFWXDOH[SUHVLyQWHGHODWDUtD
%HO$UYDUGDQOOHJySXQWXDOPHQWH\WXYRWLHPSRGHFXULRVHDU
3DUDXQKRPEUHPX\IDPLOLDUL]DGRFRQORVWULXQIRVDUTXLWHFWyQLFRV
GHODJDOD[LDHQWHUDHO&ROHJLRGHORV$QWLJXRVDSHQDVHUDPiVTXH
XQWULVWHEORTXHGHJUDQLWRFRQUHIXHU]RVGHDFHURPROGHDGRFRQXQ
HVWLORDUFDLFR3DUDXQKRPEUHTXHDGHPiVHUDDUTXHyORJRODFRQV
WUXFFLyQSRGtDFRQVWLWXLUFRQVXDXVWHULGDGOyEUHJD\FDVLVDOYDMHHO
KRJDUDSURSLDGRSDUDXQDIRUPDGHYLGDOyEUHJD\FDVLVDOYDMH6X
PLVPRFDUiFWHUSULPLWLYRLQGLFDEDTXHORVRMRVHVWDEDQYXHOWRVKDFLD
HOSDVDGROHMDQR

(QFXDQWRDOSULPHUPLQLVWURVXW~QLFDHUDQXHYD\GHELGRDHOOR
UHOXFtD6XIUHQWHQRPRVWUDEDVHxDODOJXQDGHSULVDRGXGDHOVXGRU
TXL]iIXHUDDOJRGHVFRQRFLGRSDUDHOOD
<ODFRQYHUVDFLyQIXHIUDQFDPHQWHDPLVWRVD$UYDUGDQVHDIDQy
HQPHQFLRQDUORVEXHQRVGHVHRVGHDOJXQRVJHQWLOKRPEUHVGHO,PSH
ULRDOSXHEORGHOD7LHUUD(OSULPHUPLQLVWURPRVWUyLJXDOFXLGDGRDO
H[SUHVDUODHQRUPHJUDWLWXGTXHGHEtDVHQWLUOD7LHUUDHQWHUDSRUOD
JHQHURVLGDG\ODVDSLHQFLDGHOJRELHUQRLPSHULDO
$UYDUGDQVHH[SOD\yVREUHODXPSRUWDQFLDGHODDUTXHRORJtDHQOD
ILORVRItDLPSHULDOVREUHVXFRQWULEXFLyQDODJUDQFRQFOXVLyQGHTXH
WRGRVORVKXPDQRVGHFXDOTXLHUSODQHWDGHODJDOD[LDHUDQKHUPD
QRV\HOSULPHUPLQLVWURFRQYLQRHQHOORLQVXOVDPHQWH\REVHUYy
TXHOD7LHUUDVRVWHQtDHVDRSLQLyQGHVGHKDFtDPXFKRWLHPSR\VyOR
SRGtDHVSHUDUODSURQWDOOHJDGDGHOPRPHQWRHQTXHHOUHVWRGHOD
JDOD[LDFRQYLUWLHUDODWHRUtDHQSUiFWLFD
$UYDUGDQVRQULyIXJD]PHQWHDORtUODREVHUYDFLyQ

3UHFLVDPHQWHSRUHVHPRWLYRYXHVWUDVDELGXUtDKHYHQLGRD
YHUOHV/DVGLIHUHQFLDVHQWUHOD7LHUUD\DOJXQDVYHFLQGDGHVGHORV
GRPLQLRVLPSHULDOHVUHVLGHQEiVLFDPHQWHFUHR\RHQODIRUPDGLV
WLQWDGHSHQVDU6LQHPEDUJRVHUtDSRVLEOHHOLPLQDUPXFKDVIULFFLR
QHVVLSXGLHUDGHPRVWUDUVHTXHORVWHUUHVWUHVQRVRQGLVWLQWRVHQ
VHQWLGRUDFLDOGHRWURVFLXGDGDQRVJDOiFWLFRV
<FyPRVHSURSRQHKDFHUWDOFRVDFDEDOOHUR"

%LHQQRHVIiFLOH[SOLFDUORHQSRFDVSDODEUDV&RPRTXL]iVHSD
YXHVWUDVDELGXULDODVGRVFRUULHQWHVSULQFLSDOHVGHOSHQVDPLHQWRDU
TXHROyJLFRUHFLEHQODGHQRPLQDFLyQFRP~QGHWHRUtDGHOD)XVLyQ
\WHRUtDGHOD,UUDGLDFLyQ

(VWR\IDPLOLDUL]DGRFRQHOSXQWRGHYLVWDGHXQOHJRHQODPDWHULD

3HUIHFWR%LHQODWHRUtDGHOD)XVLyQLPSOLFDOyJLFDPHQWHOD
QRFLyQGHTXHORVGLYHUVRVWLSRVGHKXPDQLGDGDOHYROXFLRQDUGH
PRGRLQGHSHQGLHQWHFUX]DURQVXVFDPLQRVHQEVWLHPSRVSULPLWLYRV
\DSHQDVGRFXPHQWDGRVGHOYLDMHHVSDFLDO8QDFRQFHSFLyQFRPRpVD
GHEHH[SOLFDUIRU]RVDPHQWHSRUTXp DFWXDOPHQWHORVKXPDQRVVRQWDQ
SDUHFLGRV
6tFRPHQWyVHFDPHQWHHOSULPHUPLQLVWUR\XQDFRQFHS
FLyQFRPRpVDLPSOLFDWDPELpQODQHFHVLGDGGHTXHYDULRVFHQWHQDUHV
GHVHUHVGHWLSRPiVRPHQRVKXPDQR\TXHKDQVXIULGRGLVWLQWDV
HYROXFLRQHVHVWpQWDQUHODFLRQDGRVHQORTXtPLFR\HQORELROyJLFR
FRPRSDUDSRVLELOLWDUODIXVLyQ

&LHUWRH[FODPyHQWXVLDVPDGR$UYDUGDQ8QSXQWRWHUUL
EOHPHQWHGpELO6LQHPEDUJRJaDQSDUWHGHORVDUTXHyORJRVORLJQRUD
\VHDGKLHUHILUPHPHQWHDODWHRQDGHOD)XVLyQTXHLPSOLFDQDOD
SRVLEOHH[LVWHQFLDGHVXEHVSHFLHVKXPDQDVHQSRUFLRQHVDOVODGDVGHOD
JDOD[LDTXHVLJXLHURQVLHQGRGLVWLQWDVTXHQRVHHQWUHFUX]DURQ
6HUHILHUHDOD7LHUUDFRPHQWyHOSULPHUPLQLVWUR

/D7LHUUDHVFRQVLGHUDGDXQHMHPSOR/DWHRUtDGHOD,UUDGLD
FLyQSRURWUDSDUWH

&RQVLGHUDTXHWRGRVVRPRVGHVFHQGLHQWHVGHXQVRORJUXSRSOD
QHWDULRGHKXPDQRV
([DFWDPHQWH

0LSXHEORGLMRHOSULPHUPLQLVWURGHELGRDODHYOGHQFODGH
QXHVWUDKLVWRULD\DFLHUWRVHVFULWRVTXHFRQVLGHUDPRVVDJUDGRV\TXH
QRSXHGHQPRVWUDUVHDORVH[WUDQMHURVVRVWLHQHODRSLQLQGHTXHOD
7LHUUDHVHOKRJDURULJLQDOGHODKXPDQLGDG
<HVRFUHR\RWDPELpQ\VROLFLWRVXD\XGDSDUDGHPRVWUiUVHORD
WRGDODJDOD[LD
(VXVWHGRSWLPLVWD4XpKDFHIDOWDSDUD HOOR"

(VWR\FRQYHQFLGRYXHVWUDVDELGXUtDGHTXHHVSRVLEOHORFDOL]DU
PXFKRVDUWHIDFWRVSULPLWLYRV\UHVWRVDUTXLWHFWyQLFRVHQODV]RQDVGH
VXSODQHWDTXHDFWXDOPHQWHSRUGHVJUDFLDHVWiQHQYXHOWDVHQUDGLDF
WLYLGDG/DHGDGGHORVUHVWRVSRGUtDGHGXFLUVHFRQSUHFLVLyQGHOD

GHFDGHQFLDUDGLDFWLYDDFWXDO\FRPSDUDUOD

3HURHOSULPHUPLQLVWURHVWDEDPHQHDQGRODFDEH]D
3RUIDYRU1RGHEHKDEODUPiVGHHVWHWHPD
3HURSRUTXpQR"

$UYDUGDQIUXQFLyHOFHxRWRWDOPHQWHSHUSOHMR

(QSULPHUOXJDUGLMRHOSULPHUPLQLVWURHQWRQRUD]RQDEOH
TXpHVSHUDORJUDU"6LGHPXHVaUDVXKLSyWHVLVLQFOXVRSDUDVDWLVIDF
FLyQGHWRGRVORVSODQHWDVTXpLPSRUWDQFLDWLHQHTXHKDFHXQPOOOyQ
GHDxRVWRGRVXVWHGHVIXHUDQWHUUHVWUHV"$OILQ\DOFDERKDFHPLO
PLOORQHVGHDxRVWRGRVpUDPRVPRQRV\VLQHPEDUJRQRDGPLEPRV
FRPRSDULHQWHVDORVPRQRVDFWXDOHV
aKSRUIDYRUYXHVWUDVDELGXUtDQRVRPRVWDQLUUD]RQDEOHV

1RKD\QDGDGHLUUDFLRQDOHQHOORFDEDOOHUR1RHVUD]RQDEOH
VXSRQHUTXHORVWHUUHVWUHVGDGRVXDLVODPLHQWRKDQFDPELDGRWDQWR
GHVXVSDULHQWHVHPLJUDGRVHQHVSHFLDOSRULQIOXHQFLDGHODUDGLDFWLYL
GDGFRPRSDUDIRQPDUDKRUDXQDUD]DGLVWLQWD"
$UYDUGDQVHPRUGLyHOODELRLQIHULRU

$UJXPHQWDELHQHQIDYRUGHVXVHQHPLJRVUHSXVRDUHJDxD
GLHQWHV

3RUTXHPHSUHJXQWRTXpRSLQDUiQPLVHQHPLJRV'HPRGRTXH
XVWHGQRORJUDUiQDGDFDEDOOHURFRPRQRVHDH[DFHUEDUHORGOR
FRQWUDQRVRWURVDOSUREDUQXHVtUDSDVDGDJUDQGH]D
3HURGLMR$UYDUGDQTXHGDHOSUREOHPDGHORVLQWHUHVHVGH
ODFLHQFLDSXUDHODYDQFHGHOFRQRFLPLHQWR

(OSULPHUPLQLVWURHQDUFyODVFHMDVHQXQJHVWRGHSHVDGXPEUH
FDVLKXPRUtVWLFR
^ GLDUtDVHUXQREVWiFXORSDUDHOOR/HKDEORDKRUDFDEDOOHUR
FRPRKDEODUtDXQJHQWLOKRPEUHGHO,PSHULRDRWUR<RPLVPROH
D\XGDUtDJXVWRVDPHQWH SHURPLSXHEORHVXQDUD]DRUJXOORVD\REVWL
QDGDTXHDORODUJRGHORVVLJORVVHKDDLVODGRHQHOODPLVPDGHELGRD
ODHKODPHQWDEOHDFWLWXGKDFLDHOODSRUSDUWHGHODJDOD[LD
7LHQHQFLHUWRVWDE~HVFRVWXPEUHVILMDVGHWHUPLQDGDVTXHQL\R
PLVPRPHRIUHFHUtDSDUDTXHEUDQWDUODV
<ODV]RQDVUDGLDFWLYDV

(VXQRGHORVWDE~HVPiVLPSRUWDQWHV,QFOXVRVXSRQLHQGRTXH
OHFRQFHGLHUDSHUPLVR\FLHUWDPHQWHVLHQWRHOLPSXLVRGHKDFHUOR

HOORVyORSURYRFDUtDDOERURWRV\GLVWXUELRVTXHQRVyORSRQGUtDQHQ
SHOLJURODVYLGDVGHXVWHG\ORVPLHPEURVGHVXH[SHGLFLyQVLQRTXH
DGHPiVDWUDHUtDQVREUHOD7LHUUDDODODUJDODVPHGLGDVGLVFLSOLQDULDV
GHO,PSHULR1RVHUtDGLJQRGHPLFDUJR\WUDLFLRQDUtDODFRQILDQ]DGH
PLSXHEORVLORSHUPLWLHUD
3HUR\RWRPDUpJXVWRVDPHQWHWRGDVODVSUHFDXFLRQHVOyJLFDV6
GHVHDTXHPHDFRPSDxHQREVHUYDGRUHV<QDWXUDOPHQWHHVREYLR
GHFLUTXH\ROHFRQVXOWDUtDDQWHVGHKDFHUS~EOLFRFXDOTXLHUGDWRRE
WHQLGR
(OSULPHUPLQLVWURVHDO]yGHKRPEURV

0HWLHQWDFDEDOLHUR6HWUDWDGHXQSUR\HFWRLQWHUHVDQWH3HUR
VREUHYDORUDPLDXWRULGDGDXQTXHGHMiUDPRVDOSXHEORDXQODGR1R
VRYXQJREHUQDQWHDEVROXWR'HKHFKRPLSRGHUHVOLPLWDGtVLPR\
WRGRVORVDVXQWRVGHEHQVRPHWHUVHDODFRQVLGHUDFLyQGHOD6RFLHGDG
GH$QWLJXRVDQWHVGHTXHVHDSRVLEOHXQDGHFLVLyQGHILQLWLYD
$UYDUGDQVDFXGLyODFDEH]D

aXpGHVJUDFLDWDQJUDQGH(OSURFXUDGRUPHDGYLUWLyGHODV
GLILFXOWDGHVSHUR\RFRQILDEDHQTXH&XiQGRSRGUiFRQVXOWDU
FRQVXOHJLVODWXUDYXHVWUDVDELGXUtD"

(O3UHVLGLXPGHOD6RFLHGDGGH$QWLJXRVVHUHXQLUiGHQWURGH
WUHVGtDV$OWHUDUHORUGHQGHOGtDHVWiPiVDOOiGHPLVSRVLELOLGDGHV
SRUORTXHSRGUtDQSDVDUXQRVGtDVPiVDQWHVGHTXHVHGLVFXWDHO
WHPD'LJDPRVTXHXQDVHPDQD
$UYDUGDQDVLQWLySHQVDWLYDPHQWH

%LHQTXpUHPHGLR$SURSyVLWRYXHVWUDVDELGXUtD
6t"

(OSURFXUDGRUPHQFLRQyGHSDVDGDDXQFLHQWtILFRWHUUHVWUH
XQWDOGRFWRU6KHNW'HVSXpVKHWHQLGRQRWLFLDVGHXQVLQDSVLILFDGRU
LQYHQWDGRSRUpOXQDPiTXLQDUHODFLRQDGDFRQODQHXURTXtPLFDGHO
FHUHEUR6DEHGyQGHSRGUtDORFDOL]DUOR"
(OSULPHUPLQLVWURVHKDEtDSXHVWRYLVLEOHPHQWHUtJLGR\WDUGy
XQRVLQVWDQWHVHQUHVSRQGHU
&UHRFRQRFHUDOKRPEUHGHOTXHPHKDEOD3DUDTXpTXLHUH
YHUOR"

%LHQKHHVWDGRWUDEDMDQGRXQ SRFRHQXQSUR\HFWRSDUDFODVLIL
FDUODKXPDQLGDGHQJUXSRVHQFHIDLRJUi6FRVHQWLSRVVHJXQODVFR
UULHQWHVFHUHEUDOHV\DPHHQWLHQGH

(OLQVWUXPHQWRSRUORTXHWHQJRHQWHQGLGRQRKDWHQLGRp[LWR
%LHQWDOYH]QRSHURSXHGHKDEHULQIRQPDFLyQTXHPHUHVXLWH
~WLO(VH6KHNWQRHVWDUiHQ:DVKHQQYHUGDG"

&UHRTXHSRGUiHQFRQWUDUORHQHO,QVWLWXWRGH(VWXGLRV1XFOHD
UHVGH&KLFD1DWXUDOPHQWHQRGHEHUiPHQFLRQDUVXVLQWHQFLRQHV
UHVSHFWRDODV]RQDVSURKLELGDV
(VRHVHYLGHQWHYXHVWUDVDELGXUtD6HOHYDQWy/HDJUD
GH]FRVXFRUWHVtD\VXDPDENHDFWLWXG\GHVHRTXHHO&RQVHMRGH
$QWLJXRVVHDOLEHUDOHQHVWHFDVR

8QDYH]PiVHQFXDQWRVHIXH$UYDUGDQHOSULPHUPLQLVWUR
PRVWUyVXFDSDFLGDGSDUDHOFDPELR3HUPDQHFLyODUJRUDWRHQSDUDOL
]DGRHVWDGRPHQWDO
'RVPHVHV

'RVPHVHVHUDHOWLHPSRSURJUDPDGRDQWHVGHOGtD/RVSUR\HFWL
OHVHVSDFLDOHVQRHVWDUtDQOLVWRVKDVWDHQWRQFHV<ODVIXHU]DVGHOD
JDOD[LDSDUHFtDQHVWDUFRQYHUJLHQGRHODJHQWH7HVHDUTXHyORJRHO
WUDLGRU6KHNW
/D7LHUUDFRQWUDWRGDODJDOD[LD

/DVPDQRVGHOSULPHUPLQLVWURWHPEODEDQOLJHUDPHQWH
6XGHVDJUDEOHSHUVRQDa

'XUDQWHHOPHGLRDxRWUDQVFXUULGRGHVGHHOGtDHQHOTXHHOVLQDS
VLILFDGRUGHOGRFWRU6KHNWIXHUDXVDGRFRQ-RVHSK6FKZDUW] RHO
DJHQWH7GHSHQGHGHOSXQWRGHYLVWD HOIIVLFRKDEtDH[SHULPHQWDGR
XQFDPELRWRWDO1RPXFKRHQHODVSHFWRIIVLFRDXQTXHTXL]iVHVWDED
XQSRFRPiVHQFRUYDGRXQDSL]FDPiVGHOJDGR(OFDPELRHVWDEDHQ
VXIRUPDGHVHUDEVWUDtGDWHPHURVD9LYtDHQFRPXQLyQLQWHUQD
DSDUWDGRLQFOXVRGHVXVFROHJDVPiVDOOHJDGRV\GHHVHHVWDGRVDaD
FRQXQDGHVJDQDHYLGHQWHSDUDHOREVHUYDGRUPiVFLHJR

$UYDUGDQOyJLFDPHQWHQRWHQtDRSRUWXQLGDGGHFRPSDUDUVX
HVWDGRFRQHOGHO6KHNWDQWHULRU\HQFRQVHFXHQFLDMX]JyODDFWLWXG
GHORWURKRPEUHSRUORTXHDSDUHQWDEDVHUUXGH]DDEUXSWD\H[WUDxD
(QODDQWHVDODGHOSLVRFXLGDGRVDPHQWHRVFXUHFLGRVHVLQWLyWXU
EDGRHUDXQLQWUXVRREYLDPHQWHPDOUHFLELGR0HGLWyVXVSDODEUDV
-DPiVKDEUtDVRxDGRHQLPSRQHUOHPLVGHVHRVKDVWDHOSXQWRGH
YLVLWDUVXKRJDUGRFWRUGHQRKDEHUVLGRSRUTXHHOSURFXUDGRUPH
DGYLUWLyGHVXJUDQDPDELOLGDGUHVSHFWRDORVFLXGDGDQRVGHODJD

OD[LD

$OSDUHFHUKDEtDVLGRXQDIUDVHSRFRIHOL]\DTXHHOGRFWRU6KHNW
UHDFFLRQyEUXVFDPHQWH

(VFXFKHpOKDFHPDODOLPSXWDUDPDELOLGDGHVHVSHFLDOHVKDFLD
H[WUDQMHURVGHHVDFODVH1LWHQJRVLPSDWtDVQLWHQJRDQWLSDWtDV6R\
WHUUHVWUH6LWLHQHODERQGDGGHVROLFLWDUXQDFLWDIRQPDODPLVHFUHWD
ULDHQHO,QVWLWXWR
/RVODELRVGH$UYDUGDQVHDSUHWDURQ\HODUTXHyORJRKL]RDGH
PiQGHYROYHUVH

&RPSUpQGDORGRFWRU$UYDUGDQ/DVSDODEUDVEURWDURQDSUH



VXUDGDPHQWH\HQXQVXVXUUR/DPHQWRSDUHFHUUXGRSHURHQ
UHDOLGDGQRSXHGR
/RFRPSUHQGRSHUIHFWDPHQWHGLMRIQ
DPHQWHHODUTXHyORJR
DXQTXHQRHQWHQGtDQDGD%XHQRVGtDVFDEDOOHUR
(OGRFWRU6KHNWHVERa6XQDVRQULVD
6LWLHQHODERQGDGGHVROLFLWDUXQDHQWUHYLVWD
(VWR\PX\RFXSDGRGRFWRU6KHNW

6HYROYLyKDFLDODSXHUWDLQWHULRQPHQWHVHQWtDXQDJUDQLUULWDFLyQ
FRQWRGDODWULEXGHWHUUHVWUHVHVFXFKDQGRVLQTXHUHUORDOJXQRVGHORV
LQVXOWRVLQWHUFDPELDGRVFRQWDQWDQDWXUDOLGDGHQVXSODQHWDQDWDO
3RUHMHPSORORVSURYHUELRV/DFRUWHVtDHQOD7LHUUDHVFRPROD
VHTXHGDGHQHORFpDQR\8QWHUUHVWUHWHGDUiFXDOTXLHUFRVDVLHP
SUHTXHQRFXHVWHQDGD\YDOJDD~QPHQRV
6XEUD]R\DKDEtDLPWHUUXPSLGRHOUD\RIRWRHOpFWULFRTXHDEUtDOD
SXHUWDSULQFLSDOFXDQGR$UYDUGDQR\yUiSLGRV\UHSHQWLQRVSDVRV
GHWUiVGHpO\XQ&KLVGHDYLVR/HPHWLHURQHQODPDQRXQWUR]R
GHSDSHO\FXDQGRVHYROYLyYLRGHVDSDUHFHUHOFHQWHOOHRURMRGHXQD
VLOXHWD
6HHQFRQWUDED\DHQHOYHK~FXORDOTXLODGRFXDQGRGHVHQYROYLyHO
SDSHOGHVXPDQR+DEtDSDODEUDVJDUDEDWHDGDV
3UHJXQWHGyQGHHVWiHO*UDQ7HDWUR\SUHVpQWHVHDODVRFKR
GHODQRFKH$VHJ~UHVHGHTXHQROHVLJXHQ

0LUyFHxXGDPHQWHHOPHQVDMH\ORUHOH\yPiVGHFLQFRYHFHV
'HVSXpVORH[DPLQyGHDUULEDDEDMRFRPRVLHVSHUDUDODUHSHQWLQD
DSDULFLyQGHRWURPHQVDMHHVFULWRHQWLQWDLQYLVLEOH(QXQJHVWR

LQYROXQWDULRPLUyGHWUiVGHpO/DFDaOHHVWDEDGHVLHUWD(PSH]yD
OHYDQWDUODPDQRSDUDHFKDUORVHVW~SLGRVJDUDEDWRVSRUODYHQWDQLOOD
YDFLOy\PHWLRHOSDSHOHQHOEROVLOORGHVXFKDOHFR
,QGXGDEOHPHQWHVLHODUTXHyORJRKXELHUDWHQLGRXQDVRODFRVD
TXHKDFHUHVDQRFKHDSDUWHGHORTXHORVJDUDEDWRVVXJHQDQHVH
KDEUtDVLGRHOILQDOGHWRGR\TXL]iGHYDULRVELOORQHVGHSHUVRQDV
3HURHQUHDOLGDG$UYDUGDQQRWHQtDQDGDTXHKDFHU
$ODVRFKRHQSXQWRVHKDOODEDDYDQ]DQGROHQWDPHQaHIRU
PDQGRSDUWHGHXQDODUJDFRODGHYHKtFXORVGHVXSHUILFLHDORODUJR
GHODUXWDTXHDOSDUHFHUFRQGXFtDDO*UDQ7HDWUR6yORKDEtDSUH
JXQWDGRXQDYH]\HOWUDQVH~QWHOHKDEtDPLUDGRFRQUHFHOR WDO
SDUHFtDTXHQLQJ~QH[WUDQMHURTXHGDEDOLEUHGHDTXHOODVRVSHFKD
WDQDUUDLJDGD DQWHVGHUHVSRQGHUOH/LPtWHVHDVHJXLUDORVGHPiV
YHKtFXORV

$OSDUHFHUWRGRVORVYHKtFXORVLEDQDOWHDWUR\DTXHDOOOHJDUDO
OXJDUYLRTXHODVHQRUPHVIDXFHVGHODSDUFDPLHQWRVXEWHUUiQHRORV
LEDQGHYRUDQGRXQRWUDVRWUR6HVDOLyGHODKLOHUD\OOHJyOHQWDPHQWH
DORWURODGRGHOWHDWURDILQGHHVSHUDUQRVDEtDTXp
8QDVLOXHWDGHOJDGDVDOLyFRUULHQGRGHODUDPSDSDUDSHDWRQHV\
VHSHJyDODYHQWDQLOOD$UYDUGDQPLUyILMDPHQWHDOUHFLpQOOHJDGR
VRUSUHQGLGRSHURHORWUR\DKDEtDDELHUWRODSXHUWD\VHKDEtDLQWUR
GXFLGRUiSLGDPHQWHHQHOYHKtFXOR
/HDJUDGHFHUtDXQDH[SOLFDFLQGLMRHODUTXHyORJR

^ KVLOHQFLR(ORWURVHDFXUUXFyHQHODVLHQWR/HKDQVH
JXLGR"
7HQtDQTXHVHJXLUPH"

1RVHKDJDHOJUDFLRVR$YDQFHHQOtQHDUHFWD*LUHFXDQGRVH
ORGLJD'LRVPtRDTXpHVSHUD

(OWRQRHUDGHVRSUDQR/DFDSXFKDEDMDGDKDVWDORVKRPEURV
GHMyYHUXQFDEHOORFDVWDQRFODUR8QRVRMRVD]XOHVVHDO]DURQKDFLD
HOFLHQWtILFR
$GHODQWHRUGHQyFDWHJyULFDPHQWHODPXMHU

$UYDUGDQREHGHFLy\GXUDQWHXQFXDUWRGHKRUDDSDUWHGHDOJXQD
RUGHQHQDSDJDGDSHUREUXVFDYR]ODGHVFRQRFLGDQRGLMRQDGD(O
DUTXHyORJROHODQ]yIXUWLYDVPLUDGDV\SHQVyFRQUHSHQWLQRGHOHLWH
TXHHUDJXDSDSHURHOODQRWHQtDRMRVSDUDRWUDFRVDTXHQRIXHUD
ODFDUUHWHUD
<QRGHMDEDGHPLUDUKDFLDDWUiV

'HWXYLHURQHOFRFKHRORKL]R$UYDUGDQVLJXLHQGRODVLQVWUXFFLR
QHVGHODPXMHUHQXQDHVTXLQDGHXQEDUULRUHVLGHQFLDOGHVSREODGR
'HVSXpVGHXQDSDXVDSUHFDXWRULDODPXMHUOHLQGLFyTXHVLJXLHUD
DGHODQWH\VHDGHQWUDURQGHVSDFLRHQXQFDPLQRGHDFFHVRTXHDFD
EDEDHQODVXDYHUDPSDGHXQJDUDMHSDUWLFXODU
/DSXHUWDVHFHUUyHQFXDQWRHQWUDURQ\ODOX]GHOYHKtFXORIXHOD
~QLFDIXHQWHGHLOXPLQDFLyQ

$KRUDHVF~FKHPHELHQaLMRHOODFRQYR]JUDYH1RFUHR
TXHDOJXLHQQRVKD\DVHJXLGRSHURVLR\HDOJ~QUXLGRDEUiFHPHPX\
IXHUWH\\\DVDEH
$UYDUGDQDVLQWLyVHULDPHQWH

^,UHRTXHSRGUpLPSURYLVDUVLQSUREOHPDV(VQHFHVDULRDJXDU
GDUDOJ~QUXLGR"
/DPXMHUVHUXERUL]y

1REURPHH(VXQWUXFRSDUDHYLWDUVRVSHFKDVVREUHQXHVWUDV
LQWHQFLRQHVUHDOHV8VWHGGHEHUaDHQWHQGHUOR
$UYDUGDQGHVHVSHUDGRGHMyFDHUODVPDQRVHQVXUHJD]R\
DUUXJyXQDFRPLVXUDGHVXODELR

0LTXHULGDVHxRULWDOHMXURTXHQRHQWLHQGRQDGD1RHVWR\
IDPLOLDUL]DGRFRQODVFRVWXPEUHVGHOD7LHUUD\VLDTXtVHFRQVLGHUD
QRUUQDOTXHXQDMRYHQVHDWDQDJUHVLYDHQVXVDWHQFLRQHVDPRURVDV
VXSRQLHQGRTXHVHWUDWHGHHVRHVSHURTXHSHUGRQHPLLJQRUDQFLD\
PHH[SOLTXHH[DFWDPHQWHTXpGHVHD
/DPXMHUVXVSLUyEUXVFDPHQWH\VXVRMRVVHRVFXUHFLHURQGHRU
JXOOR

(VWiFRPSRUWiQGRVHGHXQDIRUPDPX\RGLRVD\HQFXDQWRKD
\DPRVWHUPLQDGRDTXtSLHQVRGHVSHGD]DUOR0LHQWUDVWDQWRGHMHGH
GLVLPXODU6pTXHXVWHGHVDJHQWHLPSHULDO
<R"UHSXVR$UYDUGDQFRQV~ELWRYLJRU
1DWXUDOPHQWH3RUHVROHKHWUDtGRDTXt(OORVQRFRQRFHQHVWH
OXJDU\GHVFRQRFHQPLH[LVWHQFLD
4XLpQHVVRQHOORV"

/RV$QWLJXRVSRUVXSXHVWR1ROHFXOSRSRUQRFRQILDUHQPt
SHURSLpQVHORELHQ7LHQHTXHFRQILDUHQDOJXLHQ\\RVR\ODSHUVRQD
LGyQHDQR"(VWR\MXJiQGRPHODYLGDSDUDVRVWHQHUHVWDFRQYHUVD
FLyQFRQXVWHG

$UYDUGDQODPLUyFRQFXULRVLGDG'HSURQWROHSDUHFtDPX\MR
YHQWDOYH]D~QQRKDEtDFXPSILGRORVYHLQWLXQRSHURHUDPiVTXH
JXDSD1RWyTXHHVWDEDGHULYDQGRKDFLDDVXQWRVVHFXQGDULRV\YROYLy
DOWHPDFHQWUDO
3XHGRSHQVDUOR"GLMRHQYR]VXDYH6HWUDWDGHXQDGHFL
VLyQWHUULEOHPHQWHLPSRUWDQWHHVWHDVXQWRGHFRQILDUHQODJHQWH
QROHSDUHFH"
/DMRYHQDVLQWLy

%LHQOHGR\TXLQFHPLQXWRVDXQTXHHOWLHPSRHVPX\LPSRU
WDQWH$OFDERGHHVHWLHPSRGHEHUiKDEHUWRPDGRODGHFLVLyQGH
FRQILDUHQPt1RGLUpXQDVRODSDODEUD
&UX]yODVPDQRVHQVXUHJD]R\ILMyODPLUDGDDOIUHQWHPiVDOOi
GHOSDUDEULVDVTXHVyORGHMDEDYHUODSDUHGOLVDGHOJDUDMH

(ODUTXHyORJRODFRQWHPSODVXDQWRMR/DVXDYHKQHDGHOD
EDUEL'DFRQWUDGHFtDHOHVIXHU]RGHILUUQH]DDTXHH8DODIRU]DED\VX
QDUL]HUDUHFWD\ILQD6XWH]SRVHtDHOULFRYLVRWDQFDUDFWHUtVWLFRHQOD
7LHUUD\QRREVWDQWHVXVIDFFLRQHVFDUHFtDQGHORVUDVJRVJURWHVFRV
WDQIDPRVRVHQODFDULFDWXUDVGHWHUUHVWUHVKHFKDVHQ6LULR
$UYDUGDQQRWyTXHH'DHVWDEDPLUiQGROHSRUHOUDEL'RGHORMR/D
MRYHQVHDSUHVXUDFRUUHJLUVXJHVWR\PLUyGHQXHYRDOIUHQWH
DQWHVGHYROYHUORVRMRVFRQWtPLGDFXULRVLGDG
4XpRFXUUH"GLMRHOFLHQWtILFR

(OODVHYROYLyKDFLD$UYDUGDQ\VHPRUGLyHOODELRLQIHULRU
(VWDEDPLUiQGROH

6t\DORKHQRWDGR7HQJRXQDPDQFKDHQODQDUL]"

$KDK6XFDEH'RSDUHiDIORWDU\UHYRORWHDUVXDYHPHQWHHQ
FXDQWRPRYtDODFDEH]D$SDUWHGHOSURFXUDGRUXVWHGHVHOSULPHU
KRPEUHGHODJDOD[LDTXHFRQR]FR\pOVLHPSUHYDHQYXHOWRHQ
WDQWDURSDGHSORPRTXHSDUHFHXQVDFRGHSDWDWDV
6R\GLVWLQWR"

2KVt1RWHPHODUDGLDFWLYLGDGGHODPELHQWH"9LVWHURSD
RUGLQDULD

%LHQLJXDOTXHXVWHGFRQODH[FHSFLyQGHTXHVXURSDWLHQH
XQDVSHFWRPDJQtILFRFXDQGRXVWHGODYLVWH

$SDUHFLHURQKR\XHORVHQODVPHML'DVGHODMRYHQ

1DiDTXt3HURFUHtDTXHORVJDOiFWLD VHUDQGLVWLQWRV

3XHVELHQQRVRQWDQGLVWLQWRVFRPRVXSRQH1RFUHRTXHOD
UDGLDFWLYLGDGVHDWDQSHOLJURVDWRGDYtDQRPHVLHQWRHQIHUPR1RVH
PHHVWiFD\HQGRHOSHOR/HGLRXQWLUyQ1RWHQJRHOHVWyPDJR
HQFRJLGR\VHJXUDPHQWHWHQGUpKLMRVDOJ~QGtDVLORLQWHQWRHQOD
IRUPDFRUUHFWD
3URQXQFLyJUDYHPHQWHOD~OWLPDIUDVH\ORVRMRVGHODMRYHQVH
HQWUHFHUUDURQSDUDPLUDUOH'HVSXpVHOODVHHFKyDUHtU
(VWiORFR

+XP/HVRUSUHQGHUtDVDEHUFXiQWRVDUTXHyORJRVLQWHOLJHQWHV\
IDPRVRVKDQGLFKRORPLVPR\DGHPiVHQODUJRVGLVFXUVRV
%LHQHVWiORFR1RVHSDUHFHDORVWHUUHVWUHV

8VWHGHVVLHPSUHGLFHQHVR3RUTXpVR\GLVWLQWR"
(VFRUGLDO/RVWHUUHVWUHVVLHPSUHUHFHODQ

(KDOWRHVRHVDGXODFLyQVLPSORQD1RSXHGHHQJDxDUDXQ
YLHMR]RUURFRPR\R$~QQRKHGLFKRTXHFRQItHHQXVWHG

$KORKDUi\ODPXMHUDVLQWLyFRQILDGDPHQWHSRUTXHVLQR
SHQVDUDKDFHUORQRVHJXLQDVHQWDGRDTXt

2SLQDTXHWHQJRTXHKDFHUJUDQGHVHVIXHU]RVSDUDVHJXLUVHQ
WDGRDVXODGR"6LHV DVtVHHTXLYRFDVDEH"$GHPiV\RSRGUtD
WHQHUHOPX\DVWXWRSODQGHVRQVDFDUOHWRGRVVXVVHFUHWRVVLQGH
ODWDUPH
3RUTXp"1RVR\HQHPLJDGHXVWHGQLGHO,PSHULR

3HURFyPRSXHGRVDEHUHVR"7DOYH]VHDDJHQWHHQHPLJD
SUHSDUDQGRWRGRSDUDDWUDSDUPHFRQVXPDOpILFRHQFDQWR4XpPH
GLFHGHHVR"
/DMRYHQUHFREUyVXDLUHDOWDQHUR
1RVR\HVHWLSRGHPXMHU

6XDVSHFWRLQGLFDORFRQWUDULR$XQTXHODVDJHQWHVHQHPLJDV
VHGXFWRUDVVLHPSUHVHILQJHQLQRFHQWHV(VRVVRQVXVPDOLFLRVRVPp
WRGRV
/DDOWDQHUtDGHVDSDUHFLy\ODMRYHQGHMyHVFDSDUXQDULVLWD

8VWHGHVWiORFRHQWRGRVORVVHQWLGRV<DFWRVHJXLGRIXH
WRGDDFWLYLGDG(QILQORVTXLQFHPLQXWRVKDQSDVDGR(VWiGLV
SXHVWRDFRQILDUHQPt"

%LHQ$UYDUGDQHQDUFyODVFHMDVDSR\yXQR GHVXVPRUHQRV
EUD]RVHQHOPHFDQLVPRGHFRQGXFFLyQ\REVHUYySHQVDWLYDPHQWHDOD
PXMHU1RFRPSUHQGRFyPRSXHGRUHVSRQGHUVLQLVLTXLHUDVp
TXLpQHVXVWHG&yPRVH'DPD"
/DMRYHQTXHGyERTXLDELHUWD
2KQRQRVHORKHGLFKR

1RHVFLHUWR<QDWXUDOPHQWHHVRPHKDFHSHQVDUTXHQRFRQ
ItDHQPt/DFRQILDQ]DKDGHVHUPXWXD
3HURXVWHGPHYLRHQFDVDGHOGRFWRU6KHNW

9LXQGHVWHOORGHURSDVURMDVFUHRSHURQDGDPiV(UDXVWHG"
(OODDVLQWLy

$Mi6R\KLMDGHOGRFWRU6KHNW0H'DPR3RK6KHNW

%LHQ<RVR\%HO$UYDUGDQ4XpWDO3ROD"7HQGLyXQD
PDQRHQODTXHGHVDSDUHFLyPRPHQWiQHDPHQWHODGHODPXMHU\KXER
XQVHULRDSUHWyQGHPDQRV1RWHQGUpTXH'DPDUODVHxRULWD6KHNW
HK"3RODDUUXJyODIUHQWH/RSUHIHULUtD"$UYDUGDQKL]RXQD
PXHFD&UHRTXHHVRVHQDHVSDQWRVRXVWHGQR"
3XHVOOiPHPH3ROD'HEROODPDUOR%HO"
1RUHVSRQGRDRWURQRPEUHVDEH"
(VWDPRV/LVWRVSDUDHQWUDUHQPDWHULD"

(QFXDOTXLHUFODVHGHPDWHULDGLMRpOFRQIHUYRU

(/ODOHVRQULy\FRQHOEUL/ORGHOD VRQULVD$UYDUGDQH[SHULUQHQWy
GHSURQWRXQH[WUDxRWLSRGHVKRFNHOpFWULFRTXHDIHFWDEDyUJDQRV
LQWHUQRVGHH[LVWHQFLDGHVFRQRFLGDSDUDpO
$KRUDH[SOLTXHPHORWRGRGLMR

%LHQGHVFRQR]FRFXiQWRVDEHXVWHGVLHQGRDJHQWHLPSHULDO
SHURGHWRGDVIRUPDV SXHGRH[SOLFDUOHXQDFRVD(OGHVWLQRGHOD
JDOD[LDHQWHUDHVWiHQMXHJR(VWR\FRQYHQFLGD

(OSULPHULPSX/VRGH$UYDUGDQIXHHFKDUVHDUHtU(OODKDEODED
PX\HQVHULR\HOPHORGUDPDEURWDEDFRQVXPDGX/]XUDGHVXVOD

ELRV<HQWUHHOLPSXOVR\HODFWRHODUTXHyORJRUHFRUGyDOJXQRV
GHWD/OHV/DVLQVLQXDFLRQHVYDJDV\DPHQD]DGRUDVGH(QQLXVHORGLR
\ODPRUWtIHUDDQLPRVLGDGGHORVYLDMHURVGHODYLyQFXDQGRFRQRFLH
URQVXRULJHQJDOiFWLFRHOSULPHUPLQLVWUR\VXVUHFHORVHOGRFWRU
6KHNW\VXUDUH]D$UYDUGDQUHVROYLyQRUHtUDOPHQRVGXUDQWHXQ
UDWR
$GHODQWHGLMRFRQDLUHVROHPQH([S/tTXHPHORVGHWDOOHV
/D7LHUUDYDDVXEOHYDUVH

/DYR]GH3RODVHUHGXMRDXQDSDJDGRVXVXUUR

$UYDUGDQQRSXGRUHVLVWLUVHDXQLQVWDQWHGHGLYHUVLyQ

1RH[FODPyFRQORVRMRVPX\DELHUWRV/D7LHUUDHQ
WHUD"
3HUR3RODPRVWUyHQVXPLUDGDXQDIXULDLQVWDQWDQHD

0LUHQRVHDWDQFKLVWRVR(VWRHVPX\VHULRSRUTXHSRGUtD
GHVWUXLUWRGRHO,PSHULR

/D7LHUUDKDUiWRGRHVR"$UYDUGDQFRQWXYRXQHVWD/OLGRGH
ULVD\DxDGLyVXDYHPHQWH3RODTXpWDOYDVXJDODFWRJUDItD"

7DQELHQFRPRODGHFXDOTXLHUDPDHVWUR\GHWRGDVIRUPDV
TXpWLHQHTXHYHUHVR"

7LHQHPXFKRTXHYHU/DJDOD[LDWLHQHXQYROXPHQGHYDULRV
PLOORQHVGHDxRVOX]F~ELFRV&RQWLHQHGRVPLOORQHVGHSODQHWDVKDEL
WDGRV\XQDSREODFLyQDSUR[LPDGDGHTXLQLHQWRVPLOELOORQHVGHSHU
VRQDV'HDFXHUGR"
6XSRQJRTXHVt

%LHQOD7LHUUDHVXQVRORSODQHWDFRQXQDSREODFLyQGHYHLQWH
PL/ORQHV\DGHPiVVLQUHFXUVRV(QRWUDVSDODEUDVKD\YHLQWLFLQFRPLO
PL/ORQHVGHFLXGDGDQRVJDOiFWLFRVSRUWHUUHVWUH4XpGDxRSXHGH
FDXVDUOD7LHUUD"
(VWiVHJXUR"'XUDQWHXQPRPHQWRODMRYHQSDUHFLyVXPLGD
HQGXGDVSHURVHUHFXSHUy3XHVHVODYHUGDG0LSDGUHHVWi
FRQYHQFLGR\pOHVWiELHQLQIRUPDGR

/D7LHUUDVHKDVXEOHYDGRRWUDVYHFHVOHUHFRUGy$UYDUGDQ
7UHVYHFHV\QRFDXVyHQHVSHFLDOQLQJ~QGDxR
(VWDYH]HVGLVWLQWR

4XHULGDPtDGLMR$UYDUGDQ&DVLSRUVtVRODVXPDQRVH
KDEtDH[WHQGLGRSDUDWRFDUODPHMLOODGHODMRYHQGHXQPRGRQR
GHPDVLDGRIUDWHUQDOSHURHODUTXHyORJRGHVYLyHOFXUVR\VHWLUyGHOD
RUHMD4XHULGDPtDDGPLWRTXHODHQWUHYLVWDHVIDVFLQDQWH3RVHH
HOHPHQWRVGHPLVWHULRLQWULJD\VREUHWRGRXQDFRQYHUVDGRUDSUH
FLRVD3HURQRFRPSUHQGRTXpWUDWDGHGHFLUPH
2KH[FODPyHOOD&UHRTXHQRHVWiVDOLHQGRWDOFRPROR
SODQHp3HQVDEDTXHVLXVWHGHUDDJHQWHLPSHULDOHVWDUtDDOFRUULHQWH
GHFDVLWRGR\SRGUtDPRVWUDEDMDUMXQWRVFRQPLSDGUH

6XSDGUH"LQTXLULyVHFDPHQWH$UYDUGDQ6HUHILHUHDO
GRFWRU6KHNWWDQDQVLRVRGHYHUPHTXHQRPHGHMySDVDUGHODSXHUWD
GHVXFDVD"
1RSRGtDGLMRVHULDPHQWH3ROD1RORFRPSUHQGH"(O
SULPHUPLQLVWURORKDHVWDGRYLJLODQGR\VLJXLpQGRORGHVGHKDFHPH
VHV\PLSDGUHQRVHDWUHYLyDKDEODUFRQXVWHG3RUTXp VXSRQHTXH
OHKHKHFKRYHQLUDTXt"0HORGLMRPLSDGUHpOSUHSDUyWRGR
$K%LHQGyQGHHVWipOSXHV"$TXt"
+DQGDGRODVGLH]"
6L

(QWRQFHVGHEHGHHVWDUDUULEDVLQREKDQDWUDSDGR0LUy
DOUHGHGRUHVWUHPHFLpQGRVHLQYROXQWDULDPHQWH3RGHPRVHQWUDUHQ
ODFDVDSRUHOPLVPRJDUDMH\XVWHGYHQGUiFRQPLJR
7HQtD\DODPDQRHQHOERWyQTXHFRQWURODEDODSXHUWDGHOFRFKH
FXDQGRVHTXHGyLQPyYLO6XYR]IXHXQVXVXUURURQFR
9LHQHDOJXLHQ2KGHSULVD

/DVGHPiVSDODEUDVTXHGDURQDSDJDGDV$UYDUGDQQRWXYR
SUREOHPDDOJXQRSDUDUHFRUGDUODRUGHQLQLFLDOGHODMRYHQ6XV
EUD]RVODURGHDURQFRQQDWXUDOLGDG\GHLQPHGLDWR3RODHVWXYR
FRUGLDO\EODQGDFRQWUDVXFXHUSR/RVODELRVGHHOODWHPEODURQ
VREUHORVGHODUTXHyORJR'XUDQWHFHUFDGHGLH]VHJXQGRV$UYDU
GDQIRU]yORVRMRVDOPi[LPRSDUDYHUHOSULPHUUD\RGHOX]R
HVFXFKDUHOSULPHUSDVRSHURGHVSXpVVHVLQWLyDQHJDGR\EDUULGR
SRUODGXO]XUDGHODVLWXDFLyQ3DVyEDVWDQWHUDWRDQWHVGHTXH
HOODVHVHSDUDUD\DPERVGHVFDQVDURQXQLQVWDQWHPLHQWUDVPDQWH
QtDQXQLGDVVXVPHMLOODV
'HEHGHKDEHUVLGRXQUXLGRGHOWUiILFRGLMR$UYDUGDQFRQ
HQVRxDGRUGHOHLWH

/RVXSRQJRPXUPXUyHOOD\GHSURQWRVHDSDUWyVHDUUHJOy

HOSHORYUHWRFyHOFXHOORGHVXYHVWLGRFRQJHVWRVIRUPDOHV\SUH
FLVRV&UHRTXHVHUiPHMRUHQWUDUDKRUDHQODFDVD$SDJXHODV
OXFHVGHOFRFKH7HQJRXQDSHTXHxDOLQWHUQD

$UYDUGDQEDMyGHOYHK~FXORGHVSXpVTXH3ROD\HQODRVFXULGDG
HOODOHSDUHFLyXQDVRPEUDVXWLOtVLPDFRQODSHTXHxDPDQFKDGHOX]
TXHEURWDEDGHODOLQWHUQD
6HUiPHMRUTXHPHGpODPDQRGLMR3ROD7HQHPRVTXHVX
ELUXQDHVFDOHUD

$KRUDQRVHR\HQLQJ~QUXLGRYHUGDG3ROD"/DYR]GHO
DUTXHyORJRHUDXQVXVXUURGHWUiVGHODMRYHQ6LVLUYHGHDOJR\R
PLVPRKDUpDOJ~QUXLGR
3RODVHGHWXYR\ GLRPHGLDYXHOWD$UYDUGDQQRSRGtDYHUODSHUR
FDSWyODGHOLFLRVDDOWDQHUtDGHVXYR]
2KQRSLHQVHTXHXVWHGSXHGHFRQVHJXLUORWRGRGRFWRU$UYDU
GDQ&DVXDOPHQWH\RQRRtQLQJ~QUXLGRDQWHV
<ODMRYHQVHGLVSXVRDVHJXLUVXELHQGRSHURODPDQRGH$UYDU
GDQODUHWXYRFRQIXHU]D
%LHQHQHVHFDVRGLMRVHULDPHQWH$UYDUGDQ

<3RODWDUGyXQRVLQVWDQWHVHQUHVSRQGHUFRQXQDYR]UDUDVR
IRFDGD
+DFRQVHJXLGRTXHVHPHFDLJDODOLQWHUQD

(VWDEDHQHOVXHORHQXQPLQ~VFXORFKDUFRGHOX](ODUTXHyORJR
ODUHFRJLy\ODPDQWXYRHQIRFDGDXQPRPHQWRVREUHODUXERUL]DGD
FDUDGH3ROD
6XSRQJRTXHFUHHKDEHUKHFKRDOJRPX\LQJHQLRVR

0X\LQJHQLRVRUHSOLFyWUDQTXLODPHQWH$UYDUGDQ<PX\
DJUDGDEOH
2KYHQJDSRUIDYRU

3HURPLHQWUDVVXEtDODHVFDOHUDDODEULJRGHODRVFXULGDG3ROD
VRQUHtD
/DVSRVLELOLGDGHVHQFRQWUDTXHVHHVIXPDURQ

6HUHXQLHURQHQXQDKDELWDFLyQLQWHULRUGHOVHJXQGRSLVRGHOD
FDVDFRQODVYHQWDQDVFXLGDGRVDPHQWHSRODUL]DGDVSDUDORJUDURSDFL
GDGWRWDO3RODSHUPDQHFLyDEDMRDOHUWD\FRQORVRMRVELHQDELHUWRV
VHQWDGDHQXQVLOOyQGHVGHHOTXHSRGtDYLJLODUODFDOOHRVFXUD\

GHVLHUWDHQHVRVPRPHQWRV

/DHQFRUYDGDILJXUDGH6KHNWWHQtDXQDVSHFWRGLVWLQWRGHOTXH
$UYDUGDQKDEtDREVHUYDGRGLH]KRUDVDQWHV(OVHPEODQWHGHOItVLFR
FRQWLQXDEDRMHURVRLQILQLWDPHQWHFDQVDGRSHURORVUDVJRVDQWHULR
UHVGHDSDUHQWHLQFHUWLGXPEUH\WLPLGH]VHKDEtDQWUDQVIRUPDGRHQ
XQJHVWRGHIHUR]GHVDItR

'RFWRU$UYDUGDQGLMR\VXYR]HUDILUPHGHERSHGLUOH
H[FXVDVSRUHOWUDWDPLHQWRTXHOHRIUHFtHVWDPDxDQD(VSHUDEDTXH
XVWHGORHQWHQGHUtD
'HERDGPLWLUTXHQRORHQWHQGtFDEDOOHURSHURDKRUDHVGLV
WLQWR
6KHNWWRPyDVLHQWRDQWHODPHVD\VHxDNyODERWHOODGHYLQR
$UYDUGDQDJLWyODPDQRHQJHVWRGHGLVFXOSD

6LQROHLPSRUWDFRPHUpXQSRFRGHIUXWD4XpHVHVWR"1R
FUHRKDEHUYLVWRDOJRSDUHFLGR
(VXQDYDULHGDGGHQDUDQMDGLMR6KHNW6XSRQJRTXHQR
FUHFHIXHUDGHOD7LHUUD/DFRUWH]DVHTXLWDIiFLOPHQWH

+L]RXQDGHPRVWUDFLyQ\HODUTXHyORJRGHVSXpVGHROHUFRQ
FXULRVLGDGODIUXWDKLQFyORVGLHQWHVHQODSXOSDYLQRVD/DQ]yXQD
H[FODPDFLyQ
&DUDPEDHVGHOLFLRVDGRFWRU6KHNW1XQFDKDQLQWHQWDGR
H[SRUWDUHVWRVSURGXFWRV"

/RV$QWLJXRVQRJXVWDQGHFRPHUFLDUFRQHOH[WHULRUGLMR
VRPEUtDPHQWHHOItVLFR'HOPLVPRPRGRTXHQXHVWURVYHFLQRVQR
JXVWDQGHFRPHUFLDUFRQQRVRWURV(VXQVLPSOHDVSHFWRGHQXHVWUDV
GLILFXOWDGHVHQOD7LHUUD
<$UYDUGDQVHVLQWLyDEUXPDGRSRUXQEUXVFRHVSDVPRGHIXULD

/RPiVHVW~SLGRTXHKHRtGR6HORDVHJXURFDVLSLHUGROD
HVSHUDQ]DHQODLQWHOLJHQFLDKXPDQDFXDQGRYHRORTXHKD\HQODV
PHQWHVGHORVKRPEUHV
6KHNWVHDO]yGHKRPEURV7HQtDWUDVGHVtXQDYLGDHQWHUDGH
WROHUDQFLD

0HWHPRTXHIRUPDSDUWHGHOSUREOHPDFDVLLQVROXEOHGHODQWL
WHUUHVWULVPR

6LHVFDVLLQVROXEOHUHSOLFyFRQHQHUJtDHODUTXHyORJRVH
GHEHDTXHQDGLHSDUHFHGHVHDUVROXFLRQHV&XiQWRVWHUUHVWUHVUHV

SRQGHQDODVLWXDFLyQRGLDQGRVLQGLVFULPLQDFLyQDWRGRVORVFLXGDGD
QRVJDOiFWLFRV"'HVHDQLJXDOGDGWROHUDQFLDPXWXD"1R6yORGH
VHDQWHQHUVXRFDVLyQFRPRPDQGDPDVHV

(VSRVLEOHGLMRWULVWHPHQWH6KHNW3HURVHWUDWDGHXQ
HIHFWRVLPSOHPHQWHVXSHUILFLDO'HQRVODRSRUWXQLGDG\FUHFHUiXQD
JHQHUDFLyQGHKXPDQRVLJXDOTXHFXDOTXLHURWUD/RVLQWHJUDFLRQLV
WDVFRQVXWROHUDQFLD\VXFUHHQFLDHQHOFDUiFWHUXQLYHUVDOGHOD
KXPDQLGDGPiVGHXQDYH]KDQWHQLGRIXHU]DHQOD7LHUUD<RVR\
LQWHJUDFLRQLVWD3HURODRUJDQL]DFLyQHVWiHQPDQRVGH,46]HORWHVHV
GHFLUORVQDFLRQDOLVWDVUDGLFDOHVFRQVXVVXHxRVGHGRPLQLRSDVDGR\
GRPLQLRIXWXUR/RTXHSUHFLVDHO,PSHULRHVMXVWDPHQWHSURWHFFLyQ
FRQWUDHOORV
$UYDUGDQIUXQFLyHOFHxRHQJHVWRGHKDVWtR
/DUHYROXFLyQGHTXHKDEODED3ROD"

'RFWRU$UYDUGDQGLMR6KHNWHQWRQRJUDYHQRHVVXPD
PHQWHIiFLOFRQYHQFHUDXQDSHUVRQDGHODSRVLELOLGDGDSDUHQWHPHQWH
ULGtFXODGHTXHOD7LHUUDFRQTXLVWHODJDOD[LDSHURHVFLHUWR)tVLFD
PHQWHQRYDOJRQDGD\WHQJRPXFKDVJDQDVGHYLYLU,PDJLQHSXHVOD
FULVLVLQPHQVDTXHGHEHH[LVWLUDKRUDSDUDTXHPHYHDIRU]DGRD
FRUUHUHOULHVJRGHFRPHWHU XQDFWRGHWUDLFLyQFRQORVRMRVGHOD
DGPLQLVWUDFyQORFDOSXHVWRV\DVREUHPLSHUVRQD

%LHQUHVSRQGLy$UYDUGDQVLHODVXQWRYDHQVHULRVHUi
PHMRUTXHOHGLJDXQDFRVDDKRUDPLVPR1RVR\DJHQWHLUQSHULDO1R
WHQJRUHODFLyQDOJXQDFRQHOJRELHUQRLPSHULDO6R\H[DFWDPHQWHOR
TXHSDUH]FRVHUXQDUTXHyORJRDOPDQGRGHXQDH[SHGLFLyQFLHQWt
ILFDUHODFLRQDGD~QLFDPHQWHFRQPLVLQWHUHVHVSHUVRQDOHV(VWR\VH
JXURGHTXHSDUDHVWHDVXQWROHVHUtDPiVSUiFWLFRYHUDOSURFXUDGRU
(VRHVSUHFLVDPHQWHOR TXHQRSXHGRKDFHUGRFWRU$UYDUGDQ
/RV$QWLJXRVPHYLJLODQSDUDHYLWDUTXHWDOFRVDVHSURGX]FD
&XDQGRVHSUHVHQWyXVWHGHQPLFDVDSHQVpTXHSRGtDVHUXQLQWHU
PHGLDULR4XHpOVRVSHFKDED
7DOYH]VRVSHFKDQRVHORSXHGRDVHJXUDU3HURQRVR\XQ
LQWHUPHGLDULR/RVLHQWR

6LQHPEDUJRHVWiDTXt\HVFLXGDGDQRGHO,PSHULR3XHGHYLVL
WDUDOSURFXUDGRUPiVWDUGH
(QVXVHPEODQWHKaEtDXQDH[SUHVLyQGHLQILQLWDV~SOLFD






&XHQWRaSDUDOHORa
$UYDUGDQHVWDEDQHUYLRVR'HPRPHQWRQROHFDEtDQLQJXQDGXGD

GHTXHVHHQFRQWUDEDKDEODQGRFRQXQSDUDQRLFRHQWUDGRHQDxRV\
H[FpQWULFRTXL]iVLQRIHQVLYRSHURFRPSOHWDPHQWHFKLIODGR$SHVDU
GHWRGR$UYDUGDQVHJXtDDOK(ODUTXHyORJRQRDQDOL]yVXVPRWLYRV
DXQTXHXQREVHUYDGRUPDOLFLRVRKDEUtDVRVSHFKDGRTXHXQRVPHFKR
QHVGHFDEHOORFDVWDQRFODUR\XQRVRMRVD]XOHVSRUHQWRQFHVHQRWUD
KDELWDFLyQSRGLDQVHUSDUWHGHODH[SOLFDFLyQ
(QFXDOTXLHUFDVR$UYDUGDQVHUHFRVWyHQVXVLOOD

%LHQHOULHVJRORFRUUHXVWHG<ROHD\XGDUpVLSXHGRSHURQR
OHSURPHWRQDGD
(VF~FKHPHFRQDWHQFLyQ(VOR~QLFRTXHSLGR'RFWRU$UYDU
GDQKDRtGRKDEODUGHPLVLQDSVLILFDGRU"
(OSURFXUDGRUORPHQFLRQy3RUORGHPiVQRVpQDGD
<TXpGLMRHOSURFXUDGRU"

4XHHUDXQIUDFDVRLQWHUHVDQWHLGHDGRSDUDPHMRUDUODFDSDFL
GDGGHDSUHQGHUFUHR
6KHNWPRVWUyVXHQIDGR

6tVLQGXGDDOJXQD(QQLXVRSLQDTXHHOLQYHQWRHVXQIUDFDVR
eVDHVODSXEOLFLGDGTXHVHOHGLR\GHORV UHVXOWDGRVIUDQFDPHQWH
EXHQRVQRVHKDGLFKRQDGDGHOLEHUDGDPHQWH
+XP8QDPXHVWUDEDVWDQWHDQRUPDOGHpWLFDFLHQWtILFDGRFWRU
6KHNW

/RDGPLWR3HURWHQJRFLQFXHQWD\VHLVDxRVFDEDOOHUR\VL
VDEHDOJRVREUHODVFRVWXPEUHVGHOD7LHUUDVDEUiTXHQRPHTXHGD
PXFKDYLGDSRUGHODQWH
6HJ~QKHOHtGRVHKDFHQH[FHSFLRQHVHQWUHRWUDVSHUVRQDVFRQ
FLHQWtILFRVQRWDEOHV

'HVGHOXHJR3HURHVRORGLFHQHOSULPHUPLQLVWUR\HO&RQVHMRGH
$QWLJXRV\QRKD\SRVLELOLGDGGHDSHODUFRQWUDVXVGHFLVLRQHVQLVL
TXLHUDHOHPSHUDGRUSXHGHKDFHUOR6HPHFRPXQLFyTXHHOSUHFLRGHPL
YLGDHUDJXDUGDUHOVHFUHWRGHOVLQDSVLILFDGRU\HVIRU]DUPHHQPHMRUDUOR
(OItVLFRH[WHQGLODVPDQRVHQVHxDOGHGHVHVSHUDFLyQ&yPRLEDD
VDEHUHQWRQFHVHOUHVXOWDGRHO XVRTXHOHGDUtDQDODPiTXLQD"
<TXpXVRHVpVH"

$UYDUGDQVDFyXQFLJDUULOORGHODFDMHWLOODTXHJXDUGDEDHQOD
FDPLVD\RIUHFLyRWURDOItVLFRTXHORUHFKD]y

$JXDUGHXQPRPHQWRSRUIDYRU'HVSXpVGHTXHPLVH[SHUL
PHQWRVOOHJDURQKDVWDDOSXQWRHQHOTXHFRQVLGHUpTXHHOLQVWUX
PHQWRSRGtDHPSOHDUVHFRQVHUHVKXPDQRVVLQDUULHVJDUVXVYLGDV
FLHUWRVELyORJRVGHOD7LHUUDUHFLELHURQWUDWDPLHQWRXQRDXQR(Q
WRGRVORVFDVRVVHWUDWDEDGHKRPEUHVTXH\RVDEtDVLPSDWL]DEDQFRQ
ORV]HORWHVFRQORVH[WUHPLVWDVTXLHURGHFLU7RGRVVREUHYLYLHURQVL
ELHQKXERHIHFWRVVHFXQGDULRVDOFDERGHXQWLHPSR)LQDOPHQWH
YROYLHURQDWUDHUDXQRGHHVRVKRPEUHV1RSXGHVDOYDUORSHUR
PLHQWUDVGHOLUDEDDYHULJXpODYHUGDG
&DVLHUDPHGLDQRFKH/DMRUQDGDKDEtDVLGRODUJD\KDEtDQSD
VDGRPXFKDVFRVDV3HURDOJRHPSH]DEDDDJLWDUVHHQHOLQWHULRUGH
$UYDUGDQ
0HJXVWDQDTXHIXHUDDOJUDQRVHOLPLWyDGHFLU

/HUXHJRSDFLHQFLD'HERGDUOHXQDH[SOLFDFLyQORPiVFRP
SOHWDSRVLEOHSDUDTXHPHFUHD /yJLFDPHQWHXVWHGFRQRFHHOPHGLR
DPELHQWHHVSHFLDOGHOD7LHUUDVXUDGLDFWLYLGDG
6tWHQJREXHQRVFRQRFLPLHQWRVDOUHVSHFWR

<HOHIHFWRGHHVDUDGLDFWLYLGDGHQORVWHUUHVWUHV
6t

(QHVHFDVRQRPHH[SOD\DUpHQHOWHPD6yORSUHFLVRGHFLUTXH
ODLQFLGHQFLDGHODVPXWDFLRQHVHQOD7LHUUDHVPD\RUTXHHQHOUHVWR
GHODJDOD[LD'HPRGRTXHODLGHDGHQXHVWURVHQHPLJRVTXHORV
tHUUHVWUHVVRPRVGLVWLQWRVSRVHHFLHUWDEDVHGHYHUGDGIIVLFD'H
KHFKRODVPXWDFLRQHVVRQSRFRLPSRUWDQWHV\HQVX JUDQPD\RUtD
FDUHFHQGHSRWHQFLDOGHVXSHUYLYHQFLD6LDOJ~QFDPELRSHUPDQHQWH
VHKDSURGXFLGRHQWUHORVWHUUHVWUHVHV~QLFDPHQWHHQFLHUWRVDVSHFWRV
GHORVSURFHVRVTXtPLFRVLQWHUQRVFDPELRTXHSHUPLWHPRVWUDUPD
\RUUHVLVWHQFLDDOPHGLRDPELHQWHSDUWLFXODUPD\RUUHVLVWHQFLDDOD
UDGLDFLyQFXUDFLyQPiVUiSLGDGHORVWHMLGRVGDxDGRV
'RFWRU6KHNWHVWR\IDPLOLDUL]DGRFRQWRGRORTXHGLFH

<QRKDSHQVDGRQXQFDTXHHVRVSURFHVRVGHPXWDFLyQRFX
UUHQHQRWUDVHVSHFLHVYLYLHQWHVGHOD7LHUUDDGHPiVGHODKXPDQD"
6HSURGXMRXQEUHYHVLOHQFLRDQWHVGHTXH$UYDUGDQFRQWHVWDUD
3XHVQRQRORKDEtDSHQVDGRDXQTXH\DTXHORPHQFLRQDOy
JLFDPHQWHHVDOJRLQHYLWDEOH

([DFWR(VWiRFXUULHQGR1XHVWURVDQLPDOHVGRPpVWLFRVH[LVWHQ
HQYDULHGDGPX\VXSHULRUDODGHFXDOTXLHURWURPXQGRKDELWDGR/D
QDUDQMDTXHKDFRPLGRHVXQDYDULHGDGPXWDGDTXHQRVHKDOODHQ

QLQJ~QRWURVLWLR3RUHVHPRWLYRHQWUHRWURVODQDUDQMDHVWDQ
LQDFHSWDEOHSDUDODVH[SRUWDFLRQHV/RVH[WUDQMHURVUHFHODQGHODV
QDUDQMDVGHOPLVPRPRGRTXHUHFHODQGHQRVRWURV\QRVRWURVODV
SURWHJHPRVFRPRSURSLHGDGHVYDOLRVDVSHFXOLDUHVGHQXHVWURSOD
QHWD<GHVGHOXHJRORTXHHVGHDSOLFDFLyQDSODQWDV\DQLPDOHV
WLHQHLJXDOPHQWHYDOLGH]SDUDODYLGDPLFURVFySLFD
<$UYDUGDQVLQWLyHQHVHPRPHQWRODILQDSXQ]DGDGHOPLHGR
6HUHILHUHD,DVEDFWHULDV"GLMR

0HUHILHURDOGRPLQLRGHODYLGDSULPLWLYD3URWR]RRVEDFWH
ULDV\ODVSURWHtQDVDXWRUUHSURGXFWRUDVTXHDOJXQDVSHUVRQDVGHQR
PPDQYLUXV
4XpWUDWDGHGHFLU"

&UHRTXHXVWHGWLHQHDOJXQDQRFLyQDOUHVSHFWRGRFWRU$UYDU
GDQ'HSURQWRSDUHFHPX\LQWHUHVDGR0LUHHQWUHXVWHGHVORVJDOiF
WLFRVH[LVWHODFUHHQFLDGHTXHORVWHUUHVWUHVVRQSRUWDGRUHVGH
PXHUWHTXHUHODFLRQDUVHFRQXQWHUUHVWUHHTXLYDOHDPRULUTXH ORV
WHUUHVWUHVVRQSRUWDGRUHVGHGHVJUDFLDTXHSRVHHQXQDHVSHFLHGHRMR
PDOpILFR
(VWR\HQWHUDGRGHWRGRHVR6LPSOHVXSHUVWLFLyQ

1RGHOWRGR(VDHVODSDUWHPROHVWD&RPRWRGDVODVFUHHQFLDV
FRPXQHVDSHVDUGHVXVXSHUVWLFLyQGLVWRUVLyQRIDOVHGDGpVWDSRVHH
HQHOIRQGRDOJRGHYHUGDG9HUiDOJXQDVYHFHVXQWHUUHVWUHOOHYDHQ



VXRUJDQLVPRXQDIRUPDPXWDGDGHSDUiVLWRPLFURVFySLFRTXHQR
JXDUGDSDUHFLGRFRQORVFRQRFLGRVHQRWURVOXJDUHV\DOTXHORVH[
WUDQMHURVQRVRQHVSHFLDOPHQWHUHVLVWHQWHV/RTXHVLJXHHVSXUD
ELRORJtDGRFWRU$UYDUGDQ
(ODUTXHyORJRJXDUGyVLOHQFLR

3RUVXSXHVWRWDPELpQQRVRWURVSDGHFHPRVODVFRQVHFXHQFLDV
GHYH]HQFXDQGRSURVLJXLy6KHNW8QDQXHYDHVSHFLHGHJHUPHQ
ORJUDVDOLUGHODVQLHEODVUDGLDFWLYDV\XQDHSLGHPLDDVRODHOSODQHWD
SHURORVWHUUHVWUHVHQJHQHUDOQRKDQTXHGDGRDOD]DJD3DUDWRGDV
\FDGDXQDGHODVYDULHGDGHVGHaHUPHQHV\YLUXVHODERUDPRVJHQHUD
FLyQWUDVJHQHUDFLyQQXHVWUDVGHIHQVDV\VREUHYLYLPRV/RVH[WUDQMH
URVQRWLHQHQHVDRSRUWXQLGDG
3UHWHQGHGHFLULQWHUYLQR$UYDUGDQFRQXQDVHQVDFLyQUDUD
PHQWHYDJDTXHHOFRQWDFWRFRQXVWHGDKRUDPLVPR"
(FKyKDFLDDWUiVVXVLOOD

6KHNWVDFXGLyODFDEH]D

1DWXUDOPHQWHTXHQR1RVRWURVQRFUHDPRVODHQIHUPHGDG
VLPSOHPHQWHHQFRQGLFLRQHVPX\GHVIDYRUDEOHVVRPRVSRUWDGRUHV
GHHOOD6L\RYLYLHUDHQVXSODQHWDGRFWRUVHUtDXQSRUWDGRUGHO
JHUPHQWDQWRFRPRXVWHG(LQFOXVRDTXtVyORXQRGHFDGDPLO
ELOORQHVGHJpUPHQHVRXQRHQWUHXQFXDWULOOyQHVSHOLJURVR/D
SUREDELOLGDGGHTXHXVWHGVHFRQWDJLHDKRUDPLVPRHVLQIHULRUDOD
TXHWLHQHXQPHWHRULWRSDUDDWUDYHVDUHOWHFKRGHHVWDFDVD\FDHU
VREUHXVWHG$PHQRVTXHORVJpUPHQHVHQFXHVWLyQVHDQEXVFDGRV
DLVODGRV\FRQFHQWUDGRVGHOLEHUDGDPHQWH
'HQXHYRVHKL]RHOVLOHQFLRSHURPiVSURORQJDGRHVWDYH]

+DQHVWDGRKDFLHQGRHVR"SUHJXQWy$UYDUGDQFRQYR]DSD
JDGD

6t3RUUD]RQHVLQRFHQWHVDOSULQFLSLR/yJLFDPHQWHQXHVWURV
ELyORJRVVLHQWHQHVSHFLDOLQWHUpVSRUODVSHFXOLDULGDGHVGHODYLGD
WHUUHVWUH\QRKDFHPXFKRDLVODURQHOYLUXVGHODILHEUHFRP~Q
4XpHVODILHEUHFRP~Q"

8QDHQIHUPHGDGHQGpPLFDEHQLJQDWtSLFDGHOD7LHUUD(VGH
FLUVLHPSUHQRVDFRPSDQD&DVLWRGRVORVWHUUHVWUHVODSDGHFHQHQVX
LQIDQFLD\VXVVtQWRPDVUaVRQH[FHVLYDPHQWHaDYHV)LHEUHPRGH
UDGDHUXSFLRQHVWUDQVLWRULDVHKLQFKD]yQGHODVDUWLFXODFLRQHVMXQWR
FRQXQDPROHVWDVHQVDFLyQGHVHG&RPSOHWDVXFLFORHQXQSHUtRGR
GHFXDWURDVHLVGtDV\DSDUWLUGHHQWRQFHVTXHGDPRVLQPXQL]DGRV
<RODWXYH,JXDOTXH3ROD6LQHPEDUJRRFDVLRQDOPHQWHDOJ~Q
PLHPEURGHODJXDUQLFLyQLPSULDOVHFRQWDJLD\HVQRUPDOTXHID
OOH]FDDQWHVGHGRFHKRUDV'HVSXpVOHHQWLHUUDQORVWHUUHVWUHV\DTXH
FXDOTXLHUVROGDGRTXHVHDFHUFDUDPRULUtDWDPELpQ
(OYLUXVFRPRGHFtDIXHDLVODGRKDFHGLH]DxRV6HWUDWDGH
XQDQXFOHRSURWHtQDFRPRFDVLWRGRVORVYLUXVILOWUDEOHVTXHQR
REVWDQWHSRVHHODQRWDEOHSURSLHGDGGHFRQWHQHUXQDFRQFHQWUDFLyQ
DQRUPDOPHQWHHOHYDGDGHFDUERQRUDGLDFWLYR\QLWUyJHQR$OGHFLU
DQRUPDOPHQWHHOHYDGDPHUHILHURDOFLQFXHQWDSRUFLHQWR6HVX
SRQHTXHORVHIHFWRVGHORUJDQLVPRVREUHVXKXpVSHGVHGHEHQPiV
DVXVUDGLDFLRQHVTXHDVXVWR[LQDV1DWXUDOPHQWHSDUHFHOyJLFR
TXHORVWHUUHVWUHV DGDSWDGRVDODUDGLDFLyQJDPPDVXIUDQWDQVyOR
WUDVWRUQRVOLJHURV(OLQWHUpVLQLFLDOSRUHOYLUXVVHEDVyHQHOPp
WRGRTXHOHSHUPLWtDFRQFHQWUDUORVLVyWRSRVUDGLDFWLYRV&RPRXV
WHGVDEHQLQJ~QPHGLRTXtPLFRSXHGHVHSDUDULVyWRSRVFRPRWDP
SRFRSXHGHKDFHUORQLQJ~QRUJDQLVPRFRQRFLGRSHURODGLUHF
FLyQGHODLQYHVWLJDFLyQFDPELy
6HUpEUHYHGRFWRU$UYDUGDQ&UHRTXH\DLQPDJLQDHOUHVWR

3RGtDQHIHFWXDUVHH[SHULPHQWRVFRQDQLPDOHVH[WUDWHUUHVWUHVSHUR
QRFRQKRPEUHVH[WUDQMHURV(OQ~PHURGHpVWRVHQOD7LHUUDHUD
HVFDVRQRSRGtDWROHUDUVHTXHYDULRVGHVDSDUHFLHUDQVLQGHMDUUDVWUR
<WDPSRFRSRGtDWROHUDUVHTXHORVGHVFXEULHUDQDQWHVGHWLHPSR(Q
FRQVHFXHQFLDPDQGDURQDXQJUXSRGHEDFWHULyEJRVDOVLQDSVLILFD
GRUSDUDTXHYROYLHUDQFRQLQWHOLJHQFLDVPX\GHVDUUROODGDV(OORV
IXHURQORVTXHLGHDURQXQQXHYRHQIRTXHPDWHPiWLFRGHODTXtPLFD
GHODSURWHtQD\ODLQPXQRORJtDTXHILQDOPHQWHOHVSHUPLWLyIRUPDU
XQDFDGHQDDUWLILFLDOGHYLUXVFRQHOSURSyVLWRGHDIHFWDUWDQVyORD
VHUHVKXPDQRVJDOiFWLFRV$FWXDOPHQWHH[LVWHQWRQHODGDVGHYLUXV
FULVWDOL]DGR
$UYDUGDQVHVHQWtDFRQVXPLGR1RWyTXHODVJRWDVGHVXGRUUHVED
ODEDQSHUH]RVDPHQWHSRUVXVVLHQHV\VXVPHMLOODV

(QHVHFDVRHVWiGLFLpQGRPHFRPHQWyHQWRQRURQFRTXHOD
7LHUUDSUHWHQGHGHMDUVXHOWRHVWHYLUXVHQODJDOD[LDTXHYDQDLQLFLDU
XQDJLJDQWHVFDJXHUUDEDFWHULROyJLFD

8QDJXHUUDTXHQRVRWURVZSRGHPRVSHUGHU\TXHXVWHGHVQR
SXHGHQJDQDU([DFWR8QDYH]LQLFLDGDODHSLGHPLDPLOORQHVGH
SHUVRQDVPRULUiQDGLDULR\QDGDSRGUiFRQWHQHUOD/RVTXHLPSXOVD
GRVSRUHOSiQLFRKX\DQHQQDYHVHVSDFLDOHVVHUiQSRUWDGRUHVGHO
YLUXV\VLDOJXLHQLQWHQWDKDFHUHVWDOODUSODQHWDVHQWHURVVLHPSUHVHUi
SRVLEOHLQLFLDUGHQXHYRODHSLGHPLDHQQXHYRVFHQWURV1RH[LVWLUi
PRWLYRDOJXQRSDUDUHODFLRQDUHOSUREOHPDFRQOD7LHUUD&XDQGR
QXHVWUDVXSHUYLYHQFLDHPSLHFHDVHUVRVSHFKRVDHOHVWUDJRKDEUi
SURJUHVDGRWDQWRODGHVHVSHUDFLyQGHORVJDOiFWLFRVVHUiWDQKRQGD
TXHQDGDOHVLPSRUWDUi
<WRGRVPRULUiQ"

(OKRUURULPSUHVLRQDQWHQR FDODEDQRSRGtDKDFHUOR

7DOYH]QR1XHVWUDQXHYDFLHQFLDEDFWHULROyJLFDVLUYHHQDPERV
VHQWLGRV7DPELpQWHQHPRVODDQWLWR[LQD\N!VPHGLRVSDUDSURGX
FLUOD3RGUtDXVDUVHHQFDVRGHUHQGLFLyQWHPSUDQD

(QODKRUULEOHQHJUXUDTXHVLJXLyODYR]GH6KHNWVRQyGpELO\
IDWLJDGD'XUDQWHHVDQHJUXUD$UYDUGDQQRSHQVyQLSRUXQPR
PHQWRHQGXGDUUHVSHFWRDODYHUDFLGDGGHFXDQWRKDEtDHVFXFKDGR
ODKRUULEOHYHUGDGTXHGHXQVRORJROSHDQXODEDODVSRVLELOLGDGHVHQ
FRQWUDGHYHLQWLFLQFRPLOPLOORQHVFRQWUDXQR

1RHVOD7LHUUDODTXHHVWiKDFLHQGRHVWR8QSXQDGRGHOtGH
UHVGHSUDYDGRVSRUODSUHVLyQJLJDQWHVFDTXHEVH[FOX\yGHODJDOD
[LDTXHRGLDQDTXLHQHVORVGHMDURQIXHUDTXHGHVHDQFRPRORFRV
GHYROYHUHOJROSHFXHVWHORTXHFXHVWH
(QFXDQWRHPSLHFHQOD7LHUUDWHQGUiTXHVHJXLUORV4XpRWUD
FRVDSRGUiKDFHU"3RUVXWUHPHQGDVHQVDFLyQGHFXOSDELOLGDGWHQGUi

TXHFRQFOXLUODWDUHDHPSH]DGD3RGUiWROHUDUTXHVREUHYLYDJUDQ
SDUWHGHODJDOD[LD\DUULHVJDUVHDOFDVWLJR"<GHWRGDVIRUPDVSXHGH
HYLWDUOR"6HJXUDPHQWHDOJXQRVULQFRQHVDSDUWDGRVVHVDOYDUiQRWURV
SRGUtDQHVWDULQPXQL]DGRV6XILFLHQWHVSHUVRQDVSDUDUHFRUGDUHO
RGLRHWHUQRTXHVHSURGXFLUi\SDUDYHQJDUVH
<\RDQWHVTXHH[WUDWHUUHVWUHVR\KRPEUH'HEHQPRULUELOOR
QHVHQSURYHFKRGHPLOORQHV"'HEHGHUUXPEDUVHXQDFLYLOL]DFLyQ
H[WHQGLGDSRUODJDOD[LDHQSURYHFKRGHOUHVHQWLPLHQWRGHXQSOD
QHWDSRUPX\MXVWLILFDGRTXHHVWp"<TXHGDUHPRVHQPHMRUVLWXD
FLyQJUDFLDVDHVR"/DIXHU]DGHODJDOD[LDVHJXLUiUHVLGLHQGRHQORV
PXQGRVGRWDGRVGHORVU&FXUVRVQHFFVDULRV\QRVRWURVQRWHQHPRV
UH&XUVRV,QFOXVRHVSRVLEOHTXHORVWHUUHVWUHVJRELHUQHQHQ7UDQWRU
GXUDQWHXQDJHQHUD&LyQSHURVXVKLMRVVHUiQWUDQWRULDQRV\DVXYH]
GHVSUHFLDUiQDORVTXHSHUPDQH=FDQHQOD7LHUUD

<DGHPiVTXpYHQWDMDKD\SDUDODKXPDQLGDGVLFDPELDOD
WLUDQtDGHODJDOD[LDSRUODWLUDP
DGHOD7LHUUD"1RQRGHEHKDEHU
XQDVDOLGDSDUDWRGRVORVKRPEUHVXQFDPLQRKDFLDODMXVWLFLD\ODOL
EHUWDG
6XVPDQRVVHDO]DURQKDVWDVXFDUD\ODFDEH]DGH6KHNWVHPHFLy
VXDYHPHQWHWUDVORVQXGRVRVGHGRV
$UYDUGDQORKDEtDHVFXFKDGRWRGRVXPLGRHQXQDQLHEODGHHV
WXSRU

1RKD\WUDLFLyQHQORTXHXVWHGKDKHFKRGRFWRU6KHNWPXU
PXU2$OFRQWUDULRYHRHQXVWHGODXQLGDGGHODUD]DKXPDQD
&yPRSRGHPRVLPSHGLUHVWR"&yPR"
6HR\yUXLGRGHSDVRVDFHOHUDGRVXQDFDUDDVXVWDGDHQWUyGH
SURQWRHQODKDELWDFLyQ\ODSXHUWDTXHGyDELHUWD
3DGUH9LHQHQKRPEUHVSRUHOFDPLQRGHDFFHVR
(OGRFWRU6KHNWSDOLGHFLy

'HSULVDGRFWRU$UYDUGDQSRUHOJDUDMH(VWDEDGiQGROH
YLROHQWRVHPSXMRQHV9D\DDYHUD(QQLXV&XpQWHOHWRGRHVWR
/OpYHVHD3ROD\QRVHSUHRFXSHSRUPt<RORVIUHQDUp

3HURXQKRPEUHDWDYLDGRFRQXQDW~QLFDYHUGHOHVDJXDUGDED
FXDQGRVHYROYLHURQ(VER]DEDXQDVRQULVDDSHQDVYLVLEOH\HPSX
xDEDFRPRVLWDOFRVDXQOiWLJRQHXUyQLFRHODUPDTXHDWXUGtDFRQ
HOPi[LPRGRORUSRVLEOH6HR\yXQHVWUXHQGRGHSXQHWD]RVHQOD
SXHUWDSULQFLSDODOJRTXHVHGHUUXPEDED\UXLGRGHSLHVPRYLpQGRVH
SHVDGDPHQWH
(VHOVFFUHWDULRGHOSULPHUPLQLVWURPXUPXUyHOGHVHVSHUDGR

GRFWRU6KHNW

&LHUWR(OKRPEUHGHODW~QLFDYHUGHDYDQ]a<FDVLVHKD
VDOLGRFRQODVX\D3HURVyORFDVL+XPXQDPXMHUWDPELpQ3RFR
GLVFUHWR<QXHVWURDPLJRLPSHULDOHOLQRFHQWHDUTXHyORJR

6R\FLXGDGDQRJDOiFWLFRGLMRFRQILUPH]D$UYDUGDQ\QLHJR
VXGHUHFKRDGHWHQHUPHRORTXHHVLJXDODHQWUDUHQHVWDFDVDVLQ
DXWRULGDGOHJDO

<R\HOVHFUHWDULRWRFyVXDYHPHQWHVXSHFKRFRQODPDQRGH
VRFXSDGDVR\WRGRHOGHUHFKR\ODDXWRULGDGGHHVWHSODQHWD\
DQWHVGHXQPHVWDOYH]GHODJDOD[LD<DORVKHPRVFRJLGRDWRGRV
LQFOXVRDODJHQWH7
(ODJHQWH7"SUHJXQWyOODQDPHQWH$UYDUGDQ

(OKRPEUHTXHVHKDFHOODPDU-RVFSK6FKZDUW]7DPELpQpO
HVWiGHWHQLGR\OHHVWiHVSHUDQGR

/R~OWLPRTXHYLR$UYDUGDQIXHXQDVRQULVDTXHVHKDFtDPiV
DPSOLD\HOGHVWHOORGHOOiWLJR6HGHVSORPy\SHUGLyHOFRQRFL
PLHQWRGHVSXpVGHXQDOODPDUDGDFDUPHVtGHGRORU
,17(50(',2

<GHHVWHPRGRFRPR\DVFH[SOLFyFRQDQWHULRULGDGDPERV
H[WUHPRVVHXQHQHQ HOFHQWUR+HPRVVHJXLGRSULPHURD-RVHSK
6FKZDUW]\GHVSXpVD%HO$UYDUGDQ\DPERVDKRUDDFDEDQXQLGRV(Q
UHDOLGDGODVLWXDFLyQTXHFRPSDUWHQQRHVFyPRGDSXHVWRTXHOD
UHXQLyQWLHQHOXJDUHQFRQGLFLRQHVPiVELHQGHVHVSHUDGDVSDUDORVGRV
6LQHPEDUJRTXHGDODWHUFHUDSDUWHHQODTXHQRVRFXSDUHPRVGHOD
UHXQLyQ\VHJXLUHPRVORVUHVWDQWHVKHFKRVTXHLQWHUHVDQSRULJXDO\
VLPXOWiQHDPHQWHDDPERVSHUVRQDMHV
(QFRQVHFXHQFLDHOGLDJUDPDGHHVWHUHODWRSRGGDVHUHOVLJXLHQWH
7LHUUD

$&


_6LULR_
/a*,

3ULPHUDSa aJXQaGDSDUWH
-RVHSK6FKZDUW]?
%HO$UYDUGDQ
DWUDYpVGHOWLHPSR ?aa DWUDYpVGHOHVSDFLR

7LHUUD
(*

7HUFHUDSDUWH
-RVHSK6FKZDUW]\
%HO$UYDUGDQ
3RUWDQWRFRPRYHQKHKHFKRODQDUUDFLyQSDUWLHQGRGHDPERV
H[WUHPRVHQGLUHFFLyQDOFHQWURFRPRSURPHWt

(OPRWLYRGHWUDWDUHOWHPDFRQWDQWRGHWDOOHVXSRQJRHVTXHFDVL
WRGRVORVDXWRUHVWLHQHQQHFHVLGDGGHH[SOLFDUODHVWUXFWXUDIIVLFDGHVXV
UHODWRVDOJRGLVWLQWRGHSRUPHQRUHVVHFXQGDULRVFRPRDUJXPHQWRV\
FOtPD[)LQDOPHQWHKHGDGRVDWLVIDFFLyQDGLFKDQHFHVLGDG)DVFL
QDQWHQROHVSDUHFH"
D3$57(
-26(3+6&+:$57=<%(/$59$5'$1
&RDOHVFHQFD

'HPRPHQWR6FKZDUW]GHVFDQVDEDQHUYLRVDPHQWHHQHOGXUR
EDQFRGHXQDGHODVVDODVVXEWHUUiQHDVGHOHGLILFLRFRUUHFFLRQDOGH
&KLFD

(O(GLILFLRFRPRVHORGHQRPLQDEDQRUPDOPHQWHHUDHOJUDQ
VtPERORGHOSRGHUORFDOGHOSULPHUPLQLVWUR\VXFDPDULOOD$O]DEDVX
WpWULFDVRPEUDHQXQDHOHYDFLyQDQJXORVD\URFRVDTXHRVFXUHFtDORV
EDUUDFRQHVLPSHULDOHVVLWXDGRVHQODVFHUFDQtDVGHOPLVPRPRGRTXH
VXVRPEUDVHDIHUUDEDDOPDOKHFKRUWHUUHVWUHPXFKRPiVTXHODDXWR
ULGDGQRHMHUFLGDGHO,PSHULR
(QWUHVXVSDUHGHVPiVGHXQWHUUHVWUHHQVLJORVSDVDGRVKDEtD
DJXDUGDGRHOMXLFLRSUHYLVWRSDUDORVTXHIDOVLILFDEDQRQRFXPSOLDQ
ORVFXSRVGHSURGXFFLyQORVTXHYLYtDQPiVDxRVTXHORVOHJDOHVR
VLOHQFLDEDQORVGHOLWRVGHRWUDVSHUVRQDVRORVDFXVDGRVGHWHQWDWLYD
GHVXEYHUVLyQGHOJRELHUQRORFDO'HYH]HQFXDQGRVLORVSUHMXLFLRV
ORFDOHVGHODMXVWLFLDWHUUHVWUHUHVXOWDEDQHVSHFLDOPHQWHLOyJLFRVSDUD
HOJRELHUQRLPSHULDOGHODpSRFDS'UORJHQHUDOVRILVWLFDGRHLQGLIH
UHQWHHOSURFXUDGRUSRGtDDQXODUXQDFRQGHQDDXQTXHHOORGHULYDED
HQLQVXUUHFFLRQHVRFRPRPtQLPRDOERURWRVYLROHQWRV
1RUPDOPHQWHVLHO&RQVHMRVROLFLWDEDODSHQDGHPXHUWHHOSUR
FXUDGRUDFFHGtD

'HVGHOXHJR-RVHSK6FKZDUW]QRVDEtDQDGDGHHVWR3DUDpOHO
FRQRFLPLHQWRVHUHGXiDDXQDSHTXHxDKDELWDFLyQFRQODVSDUHGHV
LPSUHJQDGDVGHXQDOXPLQRVLGDGIUDQFDPHQWHGpELO\XQPRELOLDULR
IRUPDGRSRUGRVGXURVEDQFRV\XQDPHVDPiVXQDFDYLGDGHQOD
SDUHGTXHKDFtDODVYHFHVGHODYDER\UHWUHWHDOPLVPRWLHPSR1R

KDEtDYHQWDQDVSDUDHFKDUXQDRMHDGDDOFLHOR\ODFRUULHQWHGHDLUH
TXHOOHJDEDDODKDELWDFLyQSRUHOSR]RGH YHQWLODFLyQDSHQDVHUD
SHUFHSWLEOH

6FKZDUW]VHDFDULFLyHOFDEHOORTXHFLUFXQGDEDVXFDOYD\VHLUJXLy
FRQDLUHGHVFRQVRODGR6XWHQWDWLYDGHKXLGDDQLQJXQDSDUWH HQ
TXpOXJDUGHOD7LHUUDLEDDHVWDUDVDOYR" KDEtDVLGREUHYHQDGDIiFLO
\KDEtDWHUPLQDGRDOOt
6LQGXGDDOJXQDKDEtDVLGRXQDWHQWDWLYDHVW~SLGDHLQ~WLO


3HURVDEtDWDQSRFRVREUHDTXHOPXQGRKRUULEOH0DUFKDUVHGH
QRFKHRDFDPSRWUDYpVOHKDEUtDHQPDUDxDGRHQPLVWHULRVOHKDEUtD
ODQ]DGRKDFLDHOSHOLJURGHORVIRFRVUDGLDFWLYRVGHORVTXHpOQRVDEtD
QDGD<SRUHVRFRQHODUURMRGHODSHUVRQDTXHQRWLHQHHOHFFLyQ
KDEtDLQLFLDGRODPDUFKDSRUODDXWRSLVWDHQSOHQRPHGLRGtD

(QQLQJ~QPRPHQWRROYLGyODH[LVWHQFLDGHDTXHOFRQWDFWRPHQLDO
HQHPLJRTXHGXUDQWHVHLVPHVHVKDEtDHVWDGRYLJLOiQGROH\TXHOH
VLJXLyHQVXKXLGD-DPiVYLRDSHUVRQDDOJXQD(QUHDOLGDGQRVH
DWUHYtDDPLUDUDYROYHUODFDEH]DDGHPRVWUDUTXHGLVWDEDPXFKRGH
VHQWLUVHWUDQTXLOR3RUTXHDOSULQFLSLRFXDQGRPLUy\WUDWyGHHOLPL
QDUDOKRPEUHTXHOHVHJXtDHOFRQWDFWRPHQWDOVXIULyXQFDPELR
VXWLO'HODVLPSOHDPHQD]DSDVyDODSUHFDXFLyQGHODSUHFDXFLyQD
ODGXGD\6FKZDUW]VXSRTXHVX1pPHVLVHVWDEDDUPDGDTXHVLpO
-RVHSKGHPRVWUDEDVDEHUTXHVHKDOODEDHQSHOLJUROHDEDWLUtDQHQ
YH]GHSHUPLWLUOHKXLU
3RUHVRVLJXLyDQGDQGRVDELHQGRTXHVHJXtDGHQWURGHOUDGLRGH
DFFLyQGHXQDUPDPRUWtIHUD6XHVSDOGDSHUPDQHFLyUtJLGDDODHV
SHUDGHDOJ~QSHOLJURGHVFRQRFLGR4XpVHVLHQWHDOPRULU"4XpVH
VLHQWHDOPRULU"(VHSHQVDPLHQWRLEDGiQGROHHPSXMRQHVVLJXLHQ
GRHOFRPSiVGHVXVSDVRVGDEDWXPERVHQVXFHUHEURUHtDWRQWD
PHQWHHQVXVXEFRQVFLHQFLDKDVWDTXHVHKL]RLQVRSRUWDEOH

6HGLULJLyKDFLDHOERUGHFXELHUWRGHKLHUEDGHODDXWRSLVWD+DEtD
GHVFHQGLGRXQGHFOLYHVXDYH\FDVLXQNLOyPHWURGHWHUUHQRVHH[WHQ
GtDHQGLUHFFLyQDVFHQGHQWHKDVWDWHUPLQDUDEUXSWDPHQWHFRQVXFR
ORUYHUGH\JULVUHFRUWDGRVREUHHOIRQGRGHOFLHOR+DEtDXQDLQWH
UUXSFLyQHQODFDPSLQDDOOLDUULED"6HUtDXQUDVJRQXHYR\PRUWtIHUR
GHOFRQWDFWRPHQWDO"(VWDEDQOHYDQWDQGRXQDUPD"(VWDEDQDSXQ
WiQGROH"
&KLOOyDOYDFtRTXHFRQWHPSODEDDJLWyORVEUD]RVFRQIXULD

'pMDPHHQSD]SRUIDYRU4XpWHKHKHFKR\R"9HWH
9HWH

&RQFOX\yFRQXQTXHEUDGRDXOOLGRFRQODIUHQWHDFDQDODGDSRUHO
RGLR\HOPLHGRDODFULDWXUDTXHOHDFHFKDED\ODPHQWHUHERVDQWHGH
KRVWLOLGDG6XVSHQVDPLHQWRVVHODQ]DURQFRQWUDHOFRQWDFWRPHQWDO
SDUDWUDWDUGHHOXGLUVXSHJDMRVLGDGSDUDOLEUDUVHGHVXDOLHQWR
<HOFRQWDFWRPHQWDOGHVDSDUHFLy'HSURQWRGHVDSDUHFLySRU
FRPSOHWR6FKZDUW]FDSWyPRPHQWiQHDPHQWHXQGRORUDEUXPDGRU
QRHQpOVLQRHQHORWUR\OXHJRQDGDQLQJ~QFRQWDFWRPHQWDO
+DEtDGHVDSDUHFLGRFRPRODSUHVDGHXQSXxRTXHSLHUGHIXHU]D\
TXHGDLQHUWH
6FKZDUW]DJXDUGyODUJRUDWR

1DGDQLQJ~QFRQWDFWRPHQWDO

6HYROYLy\VL)XLyDQGDQGR(OFRQWDFWRPHQWDOQRUHDSDUHFLy

'HYH]HQFXDQGRSDVDEDDOJ~QYHKtFXOR1LQJXQRVHGHWXYRSDUD
UHFRJHUOH\6FKZDUW]VHDOHJUyGHHOOR'XUPLyDODLUHOLEUHDTXH'D
SULPHUDQRFKH\ODPDxDQDVLJXLHQWHOOHJyDODVDIXHUDVGH&KLFD

O
)XHXQHUURU

6FKZDUW]VHH[FXVySRUH'RGHPXFKDVIRUPDVPLHQWUDVSHUPDQH
iDVHQWDGRHQODGXUH]DGHOEDQFRGHODFHOGDeOHUDKRPEUHGH
FLXGDG+DEtDHVWDGRHQ&KLFDXQDYH]PLHQWUDVTXHHOUHVWRGHOD
7LHUUDOHUHVXOWDEDWRWDOPHQWHH[WUDQR3RGQDSHUGHUVHHQHODQRQL
PDWRGHODVPXOWLWXGHV,QFOXVRSRGQDFRQVHJXLUXQHPSOHR
3HURIXHXQHUURUDSHVDUGHWRGR

/OHJyDSULPHUDVKRUDVGHODPDxDQD\HOPRYLPLHQWRGHODPX
FKHGXPEUHHUDHVFDVR\HVSRUiGLFRSHURDXQDVtORVFRQWDFWRVPHQ
WDOHVSRUSULPHUDYH]HUDQQXPHURVRVGHWD'HTXHOHVRUSUHQGLy\
FRQIXQGLy

&XiQWRV$OJXQRVVXDYHV\GLIXVRVRWURVDJXGRVHLQWHQVRV
KRPEUHVTXHSDVDEDQFRQPLQ~VFXODVH[SORVLRQHVHQVXVPHQWHV
RWURVFRQQDGDGHQWURGHOFUiQHRH[FHSWRTXL]iVXQDVXDYHUHIOH[LyQ
VREUHHOGHVD\XQRUHFLpQFRPSOHWDGR

$OSULQFLSLR6FKZDUW]YROYtDODFDEH]D\GDEDXQEULQFRHQ
FXDQWRDOJaXHQSDVDEDFHUFDDOFRQVLGHUDUDWRGRVFRQWDFWRVSHUVRQD
OHV3HURDQWHVGHXQDKRUDDSUHQGLyDQRKDFHUOHVFDVR
(VFXFKySDODEUDVTXHMDPiVKDEtDRtGRHQODJUDQMDIUDVHVUDUDV
HVSHFWUDOHVLQFRQH[DV\IXVWLJDGDVSRUHOYLHQWRPX\GLVWDQWHVPX\
GLVWDQWHV<FRQHOODVHPRFLRQHVYLYDV\HVSHOX]QDQWHV\RWURV

GHWDOOHV VXWLOHVTXHHVLPSRVLEOHGHVFULELUGHWDOPRGRTXHHOPXQGR
HUDXQSDQRUDPDGHYLGDHQHEX'LFLyQYLVLEOHWDQVyORSDUD6FKZDUW]
'HVFXEULTXHSRGtDSHQHWUDUHQORVHGLILFLRVPLHQWUDVFDPLQDED
SUR\HFWDUVXPHQWHFRPRVLODWXYLHUDFRJLGDFRQXQDFRUUHDDOJR
FDSD]GHHVFXUULUVHSRUUHQGLMDVLQYLVLEOHVDVLPSOHYLVWD\H[WUDHUOD
HVHQFLDGHORVSHQVDPLHQWRVPiVUHFyQGLWRVGHODVSHUVRQDV

6HGHWXYRDQWHXQHGLILFLRHQRUPHFRQIDFKDGDGHSLHGUD\DTXH
DOOLVHHQFRQWUDEDXQOHMDQRFRQWDFWRPHQWDOTXHSRGtDVLJQLILFDU
HPSOHRSDUDpO(VWDEDQVROLFLWDQGRWUDEDMDGRUHV-XVWRHQHVHLQV
WDQWH6FKZDUW]GHVFXEULyTXHHVWDEDKDPEULHQWR

(QWUyHQHOHGLILFLRGRQGHQRWDUGyHQVHULJQRUDGRSRUWRGRVORV
SUHVHQWHV1RKDEtDWHQLGRRSRUWXQLGDGGHOHHUHOOHQJXDMHGHDTXH
8DQXHYD7LHUUDVyORKDEtDDSUHQGLGRDKDEODUOR\HQWHQGHUORGH
PRGRTXHORVOHWUHURVGHRULHQWDFLyQFDUHFtDQGHVLJQLILFDGRSDUDpO
7RFyHOKRPEURGHDOJaXHQ
'yQGHGHERVROLFLWDUHPSOHRSRUIDYRU"
(QDTXH'DSXHUWD

(OFRQWDFWRPHQWDOTXHOHOOHJyUHERVDEDGHLUULWDFLyQ\UHFHOR

6HPHWLySRUODSXHUWDTXHOHKDEtDQLQGLFDGR\HQFRQWUyDOWLSR
GHOJDGRGHOPHQWyQSXQWLDJXGRTXHOHODQ]yXQDDQGDQDGDGHSUH
JXQWDV\PDQHMDEDODPiTXLQDFODVLILFDGRUDHQODTXHWHFOHDEDODV
UHVSXHVWDV
6FKZDUW]WDUWDPXGHyPHQWLUDV\YHUGDGHVFRQLJXDOLQGHFLVLyQ
3HURSRUILQHODGPLQLVWUDWLYRHPSH]yFRQFODUDLQGLIHUHQFLD
/DVSUHJXQWDVVHVXFHGLHURQFRQUDSLGH]

(GDG&LQFXHQWD\GRV"+XP(VWDGRILOVLFR&DVDGR
&XiQWRVKLMRV([SHULHQFLD+DWUDEDMDGRFRQSURGXFWRVWH[WL

OHV
"%LHQGHTXpFODVH"7HUPRSOiVWLFRV"(ODVWyPHURV"
4XpTXLHUHGHFLUHVRGHTXHFUHHTXHFRQWRGRV"&RQTXLpQ
WUDEDMyOD~OWLPDYH]"'HOHWUHHHOQRPEUH1RHVGH&KLFDJR
YHUGDG"'yQGHHVWiQVXVGRFXPHQWRV"&XiOHVVXQ~PHURGH
UHJLVWUR"

6FKZDUW]HVWDEDUHWURFHGLHQGR1RKDEtDSUHYLVWRHVHILQDODO
SULQFLSLR<HOFRQWDFWRPHQWDOGHOKRPEUHTXHHVWDEDDQWHpOKDEtD
FDPELDGR5HIOHMDEDUHFHORKDVWDHOSXQWRGHQRYHUQDGD PiV\
WDPELpQSUHFDXFLyQ+DEtDXQDFDSDVXSHUILFLDOGHGXO]XUD\FRPSD
xHULVPRWDQGHOJDGD\RFXOWDQGRWDQSRFRODDQLPRVLGDGTXHUHVXO
WDEDPiVSHOLJURVDTXHFXDOTXLHURWURUDVJR

&UHRGLMR6FKZDUW]PX\QHUYLRVRTXHQRHVWR\FDSDFLWDGR
SDUDHVWHWUDEDMR

1RQRYXHOYD<HODGPLQLVWUDWLYROHKL]RJHVWRVSDUDTXHVH
DFHUFDUD7HQHPRVDOJRSDUDXVWHG'pMHPHPLUDUHQHVWRVDUFKL
YRV
(VWDEDVRQULHQGRSHURVXFRQWDFWRPHQWDOHUDPiVFODUR\PiV
KRVWLOWRGDYLD
+DEtDDSUHWDGRXQERWyQGHVXHVFULWRULR

6FKZDUW]V~ELWDPHQWHGRPLQDGRSRUHOSiQLFRVHODQ]yKDFLDOD
SXHUWD
&RJHGORJULWyHOHPSOHDGRDOLQVWDQWHPLHQWUDVDEDQGRQDED
DWRGDSULLLVDVXHVFULWRULR

6FKZDUW]DWDFyDOFRQWDFWRPHQWDOORJROSHyYLROHQWDPHQWHFRQ
VXSHQVDPLHQWR\HVFXFKyXQJHPLGRDVXHVSDOGD0LUyFRQUDSLGH]
SRUHQFLPDGHOKRPEUR(ODGPLQLVWUDWLYRVHHQFRQWUDEDVHQWDGRHQ
HOVXHORFRQHOURVWURFRQWUDLGR\ODVVLHQHVKXQGLGDVHQODVSDOPDVGH
ODVPDQRV2WURKRPEUHVHLQFOLLQyVREUHpO\WUDVXQJHVWRGHDSUH
PLRVHODQ]yKDFLD6FKZDUW]TXHQRHVSHUyQLXQPRPHQWRPiV
6DOLySRUILQDODFDOOHVDEHGRU\DGHTXHGHEtDH[LVWLUXQDRUGHQ
GHE~VTXHGD\FDSWXUD\TXHKDEUtDQGLIXQGLGRVXGHVFULSFLyQSHUVR
QDO\VDELHQGRLJXDOPHQWHTXHHOHPSOHDGRFRPRPtQLPROHKDEtD
UHFRQRFLGR

(FKyDFRUUHU\GREOyHVTXLQDVVLQYHUVLTXLHUDSRUGyQGHLED
$WUDMRODDWHQFLyQPiVWRGDYLDDHVDKRUD\DTXHODVFDOOHVHVWDEDQ
FDGDYH]PiV,WHQDVGHJHQWH5HFHORUHFHORSRUWRGDVSDUWHV
UHFHORSRUTXHpOHVWDEDFRUULHQGRUHFHORSRUTXHVXURSDHVWDEDDUUX
JDGD\QRHUDGHVXWDOODUHFHORSRUTXHVXFDUDSDUHFtDWHQHUSHORV
SHORVSHTXHxRV\JULVHV
6FKZDUW]GHMyHVFDSDUXQTXHMLGRDOFDSWDUHVHSHQVDPLHQWRHQ
EDVWDQWHVFRQWDFWRVPHQWDOHV$OSDUHFHUQLQJXQRGHDTXHOORVKRP
EUHVQXHYRVWHQLDQSHORVHQLODFDUD$UELQQRGLVSRQtDGHPDWHULDO
SDUDDIHLWDGR\6FKZDUW]KDEtDWHQLGRTXHLPSURYLVDUHOVX\RFRQXQD
HVSHFLHGHFRUWDGRUGHDFHUR3HURGyQGHVHDIHLWDULDDKRUD"<VL
QRVHDIHLWDEDODEDUEDOHGHODWDUtD
'DGDODPXOWLSOLLFLGDGGHFRQWDFWRVPHQWDOHV\ODFRQIXVLyQFDX
VDGDSRUVXPLHGR\VXGHVHVSHUR6FKZDUW]QRSRGtDLGHQWLILFDUDORV
HQHPLJRVYHUGDGHURVDTXHOORVTXHQRVyORUHIOHMDEDQUHFHORVLQR
O

t
WDPELpQFHUWLGXPEUH\SRUHOORQRSXGRGDUVHFXHQWDGHODSUHVHQ
FLDGHOOiWLJRQHXUyQLFR
6yORVLQWLyXQGRORUHVSDQWRVRTXHOOHJyFRPRHOVLOELGRGHXQ
ODWLJD]R\SHUGXUyFRPRVLOHKXELHUDFDLGRXQDURFDHQFLPD'XUDQWH
DOJXQRVLQVWDQWHVVHGHVOL]yFXHVWDDEDMRSRUODSHQGLHQWHGHODDJR
QtDDQWHVGHDGHQWUDUVHHQ
DQHJUXUD
<DKRUDHVWDEDVHQWDGRHQHOEDQFRGHODFHOGDFRQVXPHQWH
SUR\HFWDGD\SHUFLELHQGR~QLFDPHQWHSHOLJUR\PXHUWH

/DSXHUWDVHDEULy\6FKZDUW]VHSXVRHQSLHDOLQVWDQWHULJLGRD
FDXVDGHOPLHGR6XVURGLOODV\FDGHUDVOHSURGXMHURQXQDSXQ]DGDGH
GRORUDOHUJXLUVH\HVWXYRDSXQWRGHGHVSORPDUVH
(UDXQKRPEUHFRQXQLIRUPHYHUGH\FRQXQREMHWRPHWiOLFRHQ
XQDPDQRXQREMHWRTXH6FKZDUW]VDEtDTXHHUDSHOLJURVR
$FRPSixHPH

6FKZDUW]IXHWUDVHOGHVFRQRFLGRVLQGHMDUGHHVSHFXODU+DEtD
GHWHQLGRDOSULPHULQGLYLGXRTXHORVLJXLyHQODFDUUHWHUDGH&KLFD
&DVLKDEtDGHMDGRVLQFRQRFLPLHQWRDODGPLQLVWUDWLYRDTXHOODPD
xDQD&RQFXiQWRVSRGULDHQIUHQWDUVH"6HUtDSUHIHULEOHDJXDUGDU
DQWHV GHO~OWLPR\GHILQLWLYRHVIXHU]R
/HKLFLHURQSDVDUDXQDKDELWDFLyQPX\HVSDFLRVD(OJXDUGLiQ
FHUUyODSXHUWDDOPDUFKDUVH\VHVLWXyDORWURODGR
6FKZDUW]PLUyDOUHGHGRU

$FpUTXHVH-RVHSK6FKZDUW]

+DEtDXQDWDULPDHQHORWURH[WUHPRGHODKDELWDFLyQFRPRHO
HVWUDGRGHORVMXHFHVHQODVDODGHOWULEXQDO(QXQDOWRVLOOyQGH
FRPSOHMRGLVHxRVHKDOODEDVHQWDGRHOKRPEUHFRQODUJDW~QLFDYHUGH
TXHDFDEDEDGHKDEODU

6FKZDUW]VHDFHUFyPX\GHVSDFLR\UHSDUyHQSULPHUOXJDUHQORV
GRVKRPEUHV\ODPXMHUMRYHQTXHRFXSDEDQVHQFLOODVVLOODVGHPDGHUD
FRQEUD]RV\SLHUQDVH[WUDxDPHQWHUtJLGRV
5HFRQRFHDHVWDVSHUVRQDV-RVHSK6FKZDUW]"SUHJXQWyHO
KRPEUHGHODW~QLFD
6FKZDUW]ORVFRQWHPSOy\VHxDOyDXQRGHHOORV

$pVWHORYLXQDYH]

+DEtDVHxDODGRD6KHNW

/RVRPHWtDWUDWDUQLHQWRFRQHOVLQDSVLILFDGRUUHSXVRHQWRQR
GHKDVWtRHOItVLFR<HVHIXHHO~QLFRFRQWDFWRTXHWXYHFRQpO
8VWHGORVDEH3URWHVWRSRUHVWH
6LOHQFLR4XpGLFHXVWHGGRFWRU$UYDUGDQ"

1XQFDORKDEtDYLVWRIXHODUpSOLFDEUHYH\KRVWLO

(VR\DORYHUHPRVGHQWURGHXQUDWRIXHODVLQLHVWUDUHV
SXHVWD
&DtGDHQODGHVHVSHUDDRQ

(OVHFUHWDULRFRQWHPSOyDODVFXDWURSHUVRQDVTXHWHQtDDQWHpO
FRQEUXWDOVHQVDFLyQGHVDWLVIDFFLyQ6XSURSyVLWRHUDLJQRUDUD OD
PXMHUSHURSRUORGHPiVODFRVHFKDKDEtDVLGRIDEXORVD$OOtHVWDED
HOWUDLGRUWHUUHVWUHHODJHQWHLPSHULDO\ODPLVWHULRVDFULDWXUDTXH
KDEtDQHVWDGRYLJLODQGRGXUDQWHPHGLRDQR(UDGXGRVRTXHHQXQ
FDVRWDQXUJHQWH\FUXFLDODOJXLHQGHPHQRUSHVRHQODVILODVHQHPLJDV
VXSLHUDORVXILFLHQWHSDUDFRQVWLWXLUXQSHOLJUR
(QUHDOLGDGTXHGDED(QQLXV\HO,PSHULR/RVEUD]RVGHpVWRVa
HQODSHUVRQDGHHVStDV\WUDLGRUHVHVWDEDQPDQLDWDGRVSHURUHVWDED
XQDPHQWHDFWLYDHQDOJXQDSDUWHTXL]iSDUDHQYLDURWURVEUD]RV
(OVHFUHWDULRVHLQFOLQyKDFLDGHODQWHFRQODVPDQRVFUX]DGDV\
KDEOyHQWRQRUiSLGR\VXDYH

(VSUHFLVRGHMDUODVFRVDVWRWDOPHQWHFODUDV+D\JXHUUDHQWUH
OD7LHUUD\ODJDOD[LDWRGDYtDQRGHFODUDGDSHURJXHUUDDSHVDUGH
WRGR8VWHGHVVRQQXHVWURVSULVLRQHURV\VHUiQWUDWDGRVFRPRFR
UUHVSRQGHGDGDVODVFLUFXQVWDQFLDV&RPRHVQDWXUDOODSHQDMXVWD
HVODPXHUWH
6yORHQHOFDVRGHJXHUUDOHJtWLPD\GHFODUDGDOHLQWHUUXPSLy
HQpUJLFDPHQWH$UYDUGDQ

*XHUUDOHJtWLPD"VHEXUOyHOVHFUHWDULR4XpVLJQLILFD
JXHUUDOHJtWLPD"/D7LHUUDVLHPSUHKDHVWDGRHQJXHUUDFRQODJDOD[LD
FRQPHQFLRQHVGLSORPiWLFDVGHOKHFKRRVLQHOODV
1RVHH[FLWHVXVXUUy6KHNWD$UYDUGDQ'pMHORKDEODU1R
HVWDPRVHQVLWXDFLyQGHGLVFXWLU

$UYDUGDQQRWyTXHODYLGDHPSH]DEDDFRVTXLOOHDUHQODVSXQWDV

GHVXVGHGRV0RYLyHOEUD]RFRQXQHVIXHU]RJLJDQWHVFRTXHSURYRFy
VXGRUHQVXIUHQWHSHURFRQVLJXLyWRFDUHOFRGRGH3ROD/DMRYHQ
QRORQRWyGHHVRQRKXERGXGD3HURDOFDERGHXQRVLQVWDQWHVYLRHO
EUD]RGHODUTXHyORJR\ORPLUy\OHVRQULyGpELOPHQWHVLQPiVGHVWH
OORHQVXVRMRVTXHHOSURYRFDGRSRUODDSUHQVLyQ$UYDUGDQWUDWyGH
UHIOHMDUiQLPRHQVXH[SUHVLyQ\IUDFDVy(VWDEDKDEODQGRHOVH
FUHWDQR
&RPRLEDGLFLHQGRWRGDVODV YLGDVDTXtSUHVHQWHVHVWiQFRQGH
QDGDVSHURDSHVDUGHWRGRHVSRVLEOHFRPSUDUODV/HVLQWHUHVDHO
SUHFLR"
6KHNWORPLUyXQPRPHQWR
4XpHVWiSURSRQLHQGR"

(VWR(VREYLRTXHODQRWLFLDGHQXHVWURVSODQHVVHKDILOWUDGR
1RHVGLItFLOHQWHQGHUFyPROOHJyDOGRFWRU6KHNWSHURFyPROOHJyDO
,PSHULRHVXQKHFKRPLVWHULRVR1RVJXVWDUtDVDEHUSRUWDQWRTXp
VDEHH[DFWDPHQWHHO,PSHULR4XpRSLQD$UYDUGDQ"
6R\DUTXHyORJRUHSXVRFDWHJyULFDPHQWHHODOXGLGR1R
WHQJRODPHQRULGHDVREUHTXpVDEHHO,PSHULRDXQTXHFRQILRHQ
TXHVHSDQPXFKR
(VRVXSRQJR%LHQWDOYH]FDPELHGHRSLQLyQ3LHQVHQWRGRV
XVWHGHV

(QHOWUDQVFXUVRGHODFRQYHUVDFLyQ6FKZDUW]QRFRRSHUyGHQLQ
J~QPRGRFRPRWDPSRFRDO]yORVRMRV
(OVHFUHWDULRDJXDUGyXQUDWR\GHVSXpVLQWHUYLQRFRQFLHUWD
EUXVTXHGDG

(QHVHFDVRVHUp\RHOTXHILMHHOSUHFLRSRUODIDOWDGHFRRSHUD
FLyQGHWRGRVXVWHGHV(OGRFWRU6KHNW\ODMRYHQVXKLMDTXHSRU
GHVJUDFLDHVWiLQYROXFUDGDWHUULEOHPHQWHVRQFLXGDGDQRVGHOD7LH
UUD'DGDVODVFLUFXQVWDQFLDVVHUiPX\FRQYHQLHQWHVRPHWHUORVDO
VLQDSVLILFDGRU0HHQWLHQGHGRFWRU6KHNW"
/RVRMRVGHOItVLFRHUDQEDOVDVGHKRUURUSXUR

6tYHRTXHPHHQWLHQGHGLMRHOVHFUHWDULR1DWXUDOPHQWH
HVSRVLEOHTXHHOVLQDSVLILFDGRUGDxHORVWHMLGRVFHUHEUDOHVHOWLHPSR
VXILFLHQWHSDUDFUHDUXQLPEHFLOVLQFHUHEUR6HWUDWDGHXQHVWDGR
VXPDPHQWHGHVDJUDGDEOHHQHOTXHDOJXLHQGHEHUiGDUOHVGHFRPHUR
PRULUiQGHKDPEUHDVHDUOHVRYLYLULQPHUVRVHQVXFLHGDGUHFOXLUOHVR
VHUVLHPSUHXQHVWXGLRGHKRUURUSDUDWRGDVODVSHUVRQDVTXHOHVYHDQ
3RGQ
DVHUXQDOHFFLyQSDUDRWURVHQHOJUDQGtDTXHVHDYHFLQD

(OVHFUHWDULRVHGLULJLyD$UYDUGDQTXHSXJQDEDFRQIXULRVRYLJRU
SRUHOHYDUVXVEUD]RVVLQSRGHUORVOHYDQWDUGHPDVLDGR

(QFXDQWRDXVWHG\DVXDPLJR6FKZDUW]VRQFLXGDGDQRVLPSH
ULDOHV\SRUWDQWRDSURSLDGRVSDUDXQLQWHUHVDQWHH[SHULPHQWR
1XQFDKHPRVSUREDGRHOYLUXVGHILHEUHFRQFHQtUDGDFRQXVWHGHV
SHUURVJDOiFWLFRV6HUtDLQWHUHVDQWHGHPRVWUDUODFRUUHFFLyQGHQXHV
WURVFiOFXORV8QDGRVLVSHTXHxDFODURDILQGHTXHODPXHUWHQR
VHDLQVWDQWiQHD/DHQIHUPHGDGDYDQ]DUiKDFLDORLQHYLWDEOHGXUDQWH
XQSHUtRGRGHXQDVHPDQDVLGLOXLPRVODLQ\HFFLyQFRUUHFWDPHQWH
6HUiPX\SHQRVR
+L]RXQDSDXVD\ORVREVHUYyFRQORVRMRVHQWUHFHUUDGRV

7DOHVODDOWHUQDWLYDDXQDVFXDQWDVSDODEUDVELHQHOHJLGDVDKRUD
PLVPR<$UYDUGDQQRFUHDTXHOLEHUDUVHGHODSDUiOLVLVOHVHUYLUi
GHDOJR(VWR\DUPDGR\WHQJRHQODFDOOHPHGLRHMpUFLWRTXHHQWUDUi
HQDFFLyQHQFXDQWRXVWHGDEDQGRQHVXDVLHQWR
$UYDUGDQVHUHFRVWyFRQHOVHPEODQWHURMRFRPRXQODGULOORD
FDXVDGHOHVIXHU]R\ODIUXVWUDFLyQ
&yPRVDEHPRVPXUPXUyHOGRFWRU6KHNWTXHGHWRGRV
PRGRVQRQRVPDWDUiVLFRQVLJXHORTXHTXLHUHGHQRVRWURV"

7LHQHPLSURPHVDGHTXHPRULUiQGHXQDIRUPDKRUULEOHVLVH
QLHJDQ7HQGUiQTXHDUULHVJDUVH4XpGLFHQ"
1RSRGHPRVGLVSRQHUGHDOJ~QWLHPSR"

7LHPSR"1DWXUDOPHQWH'LVSRQHQGHGRVKRUDV

(OVHFUHWDULRHQODSOHQLWXGGHVXSRGHUYRPLWyODVSDODEUDVFRQ
HOPLVPRJHVWRFRQHOTXHKDEQ
DDUURMDGRXQKXHVRDXQSHUUR
3RGHPRVSHUPDQHFHUMXQWRV"

3RUTXpQR"<HOVHFUHWDULRHVER]yXQDVRQULVDWpWULFD
&RQODYLJLODQFLDFRQYHQLHQWHDORWURODGRGHODSXHUWD\RWUDUDFLyQ
GHSDUiOLVLVFUHRTXHQLQJXQRLQWHQWDUiKDFHUWRQWHUtDV<DJUHJy
GHVSXpVGHSHQVDUXQPRPHQWRKFKLFDYHQGUiFRQPLJRSDUDDVH
JXUDUPHGHODVEXHQDVLQWHQFLRQHVGHXVWHGHV

/DVDODHQTXHORVGHMDURQHUDHYLGHQWHPHQWHXQOXJDUHPSOHDGR
SDUDDVDPEOHDVGHYDULRVFLHQWRVGHSHUVRQDV'DGRVXWDPDxRORV
SULVLRQHURVVHVLQWLHURQSHUGLGRV\VROLWDULRV<DQRKDEtDQDGDTXH
GHFLU/DJDUJDQWDGH$UYDUGDQDUGtDVHFDPHQWH\HODUTXHyORJRQR
GHMDEDGHPRYHUODFDEH]DGHXQODGRDRWURFRQYDQRGHVDVRVLHJR
/RVRMRVGH6KHNWHVWDEDQFHUUDGRV\VXVODELRVVHYHtDQGHVFRORULGRV
\HVWUXMDGRV

6FKZDUW]SHUPDQHFLyDSDUWH6XHVWDGRGHDSDWtDHUDWRWDO1R
KDEtDKHFKRXQVRORJHVWRGHUHVLVWHQFLDQLVLTXLHUDFXDQGRDSUHWD
URQDVXVEUD]RV\SLHUQDVODVYDULOODVPDUURQHVSULPHURKDEtDSHUFL
ELGRXQFRVTXLOOHRHQVXVPLHPEURV\GHVSXpVSHUGLyHOGRPLQLR
VREUHHOORV/RVFRQWDFWRVPHQWDOHVGHORVRWURVGRVKRPEUHVUHSRVD
EDQFRQVXDYLGDGHQpO\6FKZDUW]ORVDJLWyFRQVXPRFXLGDGR
6KHNWPXVLWyIXULRVDPHQWH$UYDUGDa6KHNWYDPRVKRP
4Xp"4Xp"

4XpKDFH"3LHQVDGRUPLUVH"3LHQVHKRPEUHSLHQVH
3RUTXp"4XpWHQJRTXHSHQVDU"
4XLpQHVHVH-RVHSK6FKZDUW]"

1RPHFUHHXVWHG"0HORWUDMHURQSDUDVRPHWHUORDWUDWD
PLHQWRFRQHOVLQDSVLILFDGRU\DVtORKLFH1RVpQDGDPiV

3HURHQHVHFDVRSRUTXp"3RUTXpSDVySRUHOWUDWDPLHQWR"
$UYDUGDQQRWyVXDYLVLPDVDJLWDFLRQHVHQVXLQWHULRU3RGUtDVHU
DJHQWHLPSHULDO

<VLORHV")tMHVHHQpO(VWiWDQLQGHIHQVRFRPRQRVRWURV6L
OHGLpUDPRVXQDH[SOLFDFLyQGHFRP~QDFXHUGRHOORVWDOYH]DJXDUGD
UtDQ\SRGUtDPRV
/RVODELRVGHODUTXHyNRJRVHIUXQFLHURQ

9LYLUTXLHUHGHFLU&RQODJDOD[LDPXHUWD\ODFLYLOL]DFLyQHQ
UXLQDV"9LYLU"<RSUHIHULQ
DPRULU
(VWR\SHQVDQGRHQ3RODPXUPXUy6KHNW

<RWDPELpQGLMR$UYDUGDQSHURTXpKD\TXHKDFHU"1R
GHMHTXHVXVHVSHUDQ]DVOHHQJDQHQ(QQLQJ~QFDVRYLYLUHPRV<
DFWRVHJXLGRFRPRVLTXLVLHUDKXLUGHDTXHOODLGHDKXLUDFXDOTXLHU
SDUWHH[FODPy8VWHG&RPRVHOODPH6FKZDUW]
(LDOXGLGRDO]yODFDEH]D\GHMyTXHVXPLUDGDYDJDUDKDFLDHO
RWURKRPEUH1RUHVSRQGLy
4XLpQHVXVWHG"SUHJXQWy$UYDUGDQ&yPRVHPHWLyHQ
HVWHOLR"4XpSDSHOKDGHVHPSHxDGR"

<FRQHVDSUHJXQWDODLQMXVWLFLDGHODVLWXDFLyQVREUHFRJLyD
6FKZDUW]/DXQRFHQFLDGHVXSDVDGR\HOLQILQLWRKRUURUGHOSUHVHQWH
HVWDOODURQHQVXLQWHULRU\SRUHVHPRWLYRVXUpSOLFDIXHIXULRVD

<R"4XHFyPRPHPHEHQHVWHOtR"(VFXFKHVR\XQGRQ
QDGLH6R\XQKRPEUHKRQUDGRXQVDVWUHDFRVWXPEUDGRDWUDEDMDU
GXURKDVWDTXHPHMXELOp\QXQFDPROHVWpDQDGLH1RKLFHGDxRD
QDGLHWUDEDMpGXURPHSUHRFXSpSRUPLIDPLOLD<HQWRQFHVVLQ
QLQJ~QPRWLYRVLQQLQJ~QPRWLYR,OHJXpDTXt
$&KLFD"LQTXLULy$UYDUGDQ

1RQRD&KLFDJULWy6FKZDUW]HQVDOYDMHWRQRGHLURQtD
/OHJXpDHVWHPXQGRWRWDOPHQWHGHVWUR]DGR2KTXpPH LPSRUWD
VLPHFUHHRQR0LPXQGRHVWiHQHOSDVDGR0LPXQGRWHQtDWLHUUD
FRPLGD\GRVPLOPLOORQHVGHKDELWDQWHV\HUDHO~QLFRPXQGR
$UYDUGDQJXDUGyVLOHQFLRDQWHDTXHODWDTXHYHUEDO0LUyD6KHNW
(QWLHQGHORTXHGLFH"
6HKDILMDGR"UHSXVR6KHNWOLJHUDPHQWHH[WUDxDGR7LHQH
YHOORHQODHDUD

&LHUWRGLMR6FKZDUW]FRQDLUHGHVDILDQWH\WHQJRPXHODGHO
MXLFLR\XQDSpQGLFHYHUPLFXODU<RMDOiWXYLHUDXQDFRODTXHHQVH
xDUOHV3URFHGRGHOSDVDGR+HYLDMDGRHQHOWLHPSR<DKRUD
GpMHQPH HQSD]FRQFOX\yFDVLVROOR]DQGR
/RVGRVHLHQWtILFRVVHPLUDURQXQPRPHQWR$UYDUGDQEDMyOD
YR]

/RFRVXSRQJR1ROHFXOSR

(VH[WUDQR$KRUDUHFXHUGRODVILVXUDVGHVXFHUHEUR(UDQ
SULPLWLYDVPX\SULPLWLYDV
$UYDUGDQUHIOHMDEDDVRPEUR

3UHWHQGHGHFLUTXH"2KYDPRVHVLPSRVLEOH

6LHPSUHORVXSXVH(QHVHPRPHQWRODYR]GH6KHNWHUDXQD
SiOLGDLPLWDFLyQGHODQRUPDOLGDGFRPRVLHOVXUJLPLHQWRGHXQ
SUREOHPDFLHQWtILFRKXELHUDFRQHFWDGRVXPHQWHDOVXUFRLQGHILQLGR\
REMHWLYRHQHOTXHORVSUREOHPDVSHUVRQDOHVGHVDSDUHFHQ6HFDO
FXOyODHQHUJtDSUHFLVDSDUDGHVSOD]DUPDWHULDDORODUJRGHOHMHGHO
WLHPSR\VHOOHJyDXQYDORUPD\RUTXHHOLQILQLWRSRUORTXHHO
SUR\HFWRVLHPSUHKDVLGRFRQVLGHUDGRLPSRVLEOH3HURRWURVKDQKD
EODGRGHODSRVLELOLGDGGHIDOODVWHPSRUDOHVDQiORJDVDODVJHROyJL
FDV\DPHHQWLHQGH+DQGHVDSDUHFLGRQDYHVHVSDFLDOHVSRUHMHP
SORSUiFWLFDPHQWHDODOX]GHOGtD([LVWHHOIDPRVRFDVRGH+RU
'HYDOORZKDFHPXFKRWLHPSRTXHHQWUyHQFDVDXQGtD \MDPiV
YROYLyDVDOLU\WDPSRFRHVWDEDGHQWUR<KD\XQSODQHWDTXHDSD

UHFHHQORVOLEURVGHJDODFWRJUDItDGHOVLJORSDVDGRTXHIXHYLVLWDGR
SRUWUHVH[SHGLFLRQHV/RVH[SHGLFLRQDULRVUHJUHVDURQFRQGHVFULS
FLRQHVFRPSOHWDV\MDPiVKDVLGRYLVWRRWUDYH]

7DPELpQKD\FLHUWRVDYDQFHVGHODTXLPLFDQXFOHDUTXHSDUHFHQ
QHJDUODOH\GHFRQVHUYDFLyQGHODHQHUJtD6HKDLQWHQWDGRH[SOLFDU
HVRSRVWXODQGRODIXJDGHFLHUWDFDQWLGDGGHPDVDDORODUJRGHOHMH
WHPSRUDO/RVQ~FOHRVGHXUDQLRSRUHMHPSORFRPELQDGRVFRQFR
EUH\EDULRHQXQDSURSRUFLyQSHTXHU~VLPDSHURFRQFUHWDEDMROD
LQIOXHQFLDGHVXDYHVUDGLDFLRQHVJDPPDFUHDQXQVLVWHPDUHVR
QDQWH

(VSHUH$UYDUGDQIUXQFLyHOFHxRYLYDPHQWH1RLPSRUWD
WRGRHVR1RKD\WLHPSR'pMHPHKDFHUOHDOJXQDVSUHJXQWDV2LJD
6FKZDUW]
(ODOXGLGRDO]yODFDEH]DRWUDYH]

6XPXQGRHUDHO~QLFRGHODJDOD[LD"
6FKZDUW]DVLQWLy

3HURXVWHGHVVLPSOHPHQWHORSHQVDEDQ3UHWHQGRGHFLUTXHQR
FRQRFtDQHOYLDMHHVSDFLDO\HQFRQVHFXHQFLDQRSRGtDQFRPSUR
EDUOR
1R

<FRQRFLDQODHQHUJtDDWyPLFD"

7HQtDPRVXQDERPEDDWyPLFD8UDQLR6XSRQJRTXHSRU
HVRHVUDGLDFWLYRHVWHSODQHWD'HELyGHSURGXFLUVHXQDJXHUUDGHV
SXpVGHTXH\RPHIXHUDFRQERPEDVDWyPLFDV
7RGRHQFDMDKDVWDHOPRPHQWRPXUPXUy$UYDUGDQPX\
WHQVR'HDFXHUGR7HQGULDQXQLGLRPDVXSRQJR
0XFKRVLGLRPDV

&XiOHPSOHDEDXVWHG"
(OLQJOpV

%LHQGLJDDOJRHQHVHLGLRPD

'XUDQWHVHLVPHVHVRPiV6FKZDUW]QRKDEtDSURQXQFLDGRXQD
VRODSDODEUDHQLQJOpV3HURHQHVHPRPHQWRORKL]RFRQFDULQR\PX\
GHVSDFLR
4XLHURYROYHUDPLKRJDU\HVWDUFRQORVPtRV

$UYDUGDQPLUyD6KHNW

8VyHVHLGLRPDFXDQGRSDVySRUHOVLQDSVLILFDGRU"

1RSRGUtDDVHJXUDUORGLMR6KHNWSHUSOHMR6RQLGRVH[WUD
xRVHQWRQFHV\VRQLGRVH[WUDQRVDKRUD&yPRSXHGRUHODFLRQDUORV"
%LHQQRWLHQHLPSRUWDQFLD&yPRVHGLFHPDGUHHQVX
LGLRPD6FKZDUW]"
(ODOXGLGRSURQXQFLyODSDODEUD

$Mi<DKRUDGLJDSDGUHKHUPDQRXQRPHUH
ILHURDORVQXPHUDOHVGRVWUHVIXHJRPDQR

/DVSUHJXQWDVFRQWLQXDURQ\ODH[SUHVLyQGH$UYDUGDQFXDQGRVH
GHWXYRSDUDWRPDUDOLHQWRHUDGHSHUSOHMLGDG\DGPLUDFLyQ

6KHNWGLMRRHVWHKRPEUHHVDXWpQWLFRRVR\YtFWLPDGHOD
SHVDGLOODPiVORFDTXHVHSXHGHLPDJLQDU+DEODXQLGLRPDSUiFWLFD
PHQWHLJXDODOGHODVLQVFULSFLRQHVGHVFXELHUWDVHQORVHVWUDWRVGH
FLQFXHQWDPLODxRVGHDQWLJXHGDGGH6LULR$UWXUR$OID&HQWDXUR\
RWURVYHLQWHVHFWRUHV
(VWiVHJXUR"

6HJXUR"1DWXUDOPHQWHTXHVt6R\DUTXHyORJR0LWUDEDMR
FRQVLVWHHQVDEHUHVDVFRVDV+HWUDGXFLGRHOLGLRPDDQWLJXRGXUDQWH
DxRV\DTXtKD\XQKRPEUHTXHORKDEOD
'XUDQWHXQRVLQVWDQWHV6FKZDUW]VLQWLyTXHVHDJULHWDEDVXDUPD
GXUDGHUHWUDLPLHQWR3RUSULPHUDYH]FUHtDUHFREUDUODLQGLYLGXDOL
GDGSHUGLGD(OPLVWHULRKDEtDFRQFOXLGReOHUDXQKRPEUHGHO
SDVDGR\DTXHOORVKRPEUHVORDFHSWDEDQ(OORSUREDEDVXFRU
GXUDDQXODEDSDUDVLHPSUHDTXHOODGXGDLQTXLHWDQWH\6FKZDUW]VH
DOHJUy<VLQHPEDUJRVHPDQWXYRUHWUDtGR
(UDHOWXUQRGHSUHJXQWDVGH6KHNW\HOIIVLFRODVIRUPXOyYR
UD]PHQWH

+DQRWDGRHIHFWRVQRFLYRVDFRQVHFXHQFLDGHOVLQDSVLILFDGRU"
6FKZDUW]GHVFRQRFtDHOWpUPLQRSHURFDSWyHOSHQVDPLHQWRGH
6KHNW
1RaLMR

9HRTXHGHVSXpVGHHVRDSUHQGLyFRQUDSLGH]QXHVWUR OHQJXDMH
1ROHSDUHFLyDQRUPDO"

6LHPSUHKHWHQLGREXHQDPHPRULDIXHODIUtDUHVSXHVWD

$VtSXHVQRVHVLHQWHGLVWLQWRDFRPRHUDDQWHVGHOWUDWDPLHQWR
 XHQWRaSDUDOHORa
([DFWR

/RVRMRVGHOGRFWRU6KHNWHVWDEDQFODYDGRVHQ6FKZDUW]
4XpHVWR\SHQVDQGR"OHGLMRUiSLGDPHQWH

<WRWDOPHQWHDVRPEUDGR6FKZDUW]UHVSRQGLy

(VRSXHGRVDEHUOR6HLQWHUUXPSLyEUXVFDPHQWH&yPR
ORKDVDELGR"

3HUR6KHNW\DQROHGHGLFDEDVXDWHQFLyQ+DEtDYXHOWRVXURVWUR
SiOLGRHLQGHIHQVRKDFLD$UYDUGDQ
eOHVFDSD]GHFDSWDUORVSHQVDPLHQWRV$UYDUGDQ&XiQWDV
FRVDVSRGUtDKDFHUFRQpO<HVWDUDTXQ6LQSRGHUKDFHUQDGD
4XpTXpTXp"WDUWDPXGHy$UYDUGDQ

6FKZDUW]SXHGHOHHUHOSHQVDPLHQWR+DVLGRXQDGHPLVSUHR
FXSDFLRQHV GHVGHTXHWUDMHURQDDTXHOKRPEUH$UYDUGDQUH
FXHUGDHOEDFWHULyORJRGHOTXHOHKDEOpHOTXHIDLWOHFLyDFRQVHFXHQFLD
GHORVHIHFWRVGHOVLQDSVLILFDGRU"8QRGHORVSULPHURVVtQWRPDVGH
GHWHULRURPHQWDOIXHVXDILUPDFLyQGHTXHSRGtDOHHUHOSHQVD
PLHQWR<SRGtD/RDYHULJXpDQWHVGHTXHPXULHUD+DVLGRPL
VHFUHWR1RKHKDEODGRGHHOORFRQQDGLHSHURHVSRVLEOH$UYDU
GDQHVSRVLEOH0LUHDOGLVPLQXLUODUHVLVWHQFLDGHODVQHXURQDV
FHUHEUDOHVHOFHUHEURSXHGHFDSWDUORVFDPSRVPDJQpWLFRVLQFOXLGRV
SRUODVPLFURFRUULHQWHVGHORVSHQVDPLHQWRVGHRWUDVSHUVRQDV\UH
FRQYHUWLUORVHQYLEUDFLRQHVVLPLODUHV(VHOPLVPRSULQFLSLRTXHHO
GHODJUDEDGRUDRUGLQDULD6HUtDWHOHSDWtDHQWRGRVORVVHQWLGRVGHO
WpUPLQR
6FKZDUW]PDQWHQtDXQVLOHQFLRREVWLQDGR\KRVWLOFXDQGR$UYDU
GDQYROYLyOHQWDPHQWHODFDEH]DSDUDPLUDUOR

(VWiVHJXUR6KHNW"3RGUtDPRVDSURYHFKDUQRVGHHVR(V
FLHUWR6FKZDUW]"/DPHQWHGHODUTXHyORJRHUDXQWRUEHOOLQRFDOFX
ODQGRXPSRVLELOLGDGHV'HEHKDEHUXQDVROXFLyQ'HEHKDEHUXQD
VROXFLyQ
3HUR6FKZDUW]UHDFFLRQyFRQIULDOGDGDOWXPXOWRGHOFRQWDFWR
PHQWDOTXHSHUFLEtDFRQWDQWDFODULGDG

3DUDPtHVSRVLEOH<RVHUpYDOLRVRSDUDHOORV

3DUDHOORVH[FODPy$UYDUGDQFRQHQRUPHDYHUVLyQ
4XpHVWiGLFLHQGR"

(VWR\GLFLHQGRTXHVR\WHUUHVWUH\XVWHGH[WUDQMHUR(VtiFODUR
QR"
<DORKDEtDGLFKR\6FKZDUW]VHDOHJUy

$UYDUGDQWDUGyWLHPSRHQFRPSUHQGHUOR\HQFXDQWRORKL]RVH
UHYROYLyRWUDYH]HQYDQRFRQWUDODSDUiOLVLVTXHORLQPRYLOL]DED
6FKZDUW]FDSWyODRVFXUDDPHQD]DGHOFRQWDFWRPHQWDOTXH\DFtD
FRPRXQDPDQRVREUHVXPHQWH'LRXQHPSXMyQDHVDPDQWDFRQ
XQWDODQWHFDVLVDOYDMH\REWXYRHOSUHPLRGHYHUHOUHSHQWLQRUHVSLQJR
GHGRORUHQHOVHPEODQWHGH$UYDUGDQ
<RKHKHFKRHVROHGLMR4XLHUHPiV"
$UYDUGDQVHFDOPy

3HURORVWHUUHVWUHVWDPELpQTXLHUHQDFDEDUFRQXVWHG

3RFRDSRFR6FKZDUW]KDEtDLGRKDFLHQGRDFRSLRGHIXULD'X
UDQWHXQDKRUDKDEtDHVWDGRTXLHWRSHQVDQGR'XUDQWHXQDKRUDORV
UHFXHUGRVGHVXMXYaQWXGKDEtDQYXHOWRUHFXHUGRVTXHQRKDEtD
UHPHPRUDGRKDFtDDQRV/DH[WUDxDDPDOJDPDGHSDVDGR\SUHVHQWH
SURYRFyILQDOPHQWHVXLQGLJQDFLyQ3HURKDEOyFRQFDOPDFRQWHQLpQ
GRVH

(OORVTXLHUHQPDWDUPHSRUTXHFUHHQTXHVR\XQRGHXVWHGHV
HVRHVWRGR6XSRQJRTXHDXVWHGHVORVFRQVLGHUDQFXOSDEOHV6X
SRQJRTXHXVWHGHVSLHQVDQTXHHVXQGHOLWRTXHXQSXHEORRSULPLGR\
SHTXHxRWUDWHGHGHUURFDUDORVWLUDQRV1RWLHQHQXQDJDOD[LDSDUD
XVWHGHVVRORVFRQWRGDVODVHVWUHOODVGHOFLHORSDUDVXVMXHJRV"7DP
ELpQOHVKDFHIDOWDOD7LHUUD"/RVWHUUHVWUHVQRVRQELHQUHFLELGRVHQ
QLQJXQRGHVXVSODQHWDV1RSXHGHQFRQFHGHUOHVDOPHQRVORVUHVWRV
GHOD7LHUUD"
+DEODLJXDOTXHXQ]HORWHFRPHQWy$UYDUGDQGHVSUHFLDWLYD
PHQWH
6FKZDUW]DUGLyD~QPiVDORtUHOFRPHQWDULR

2KVtXVWHGHVXQPDJQtILFRHMHPSORGHORVSURGXFWRVTXHQRV
PDQGDODJDOD[LD(VWROHUDQWH\VXEXHQFRUD]yQHVXQDPDUDYLOOD\
VHDGPLUDDVtPLVPRSRUTXHHVFDSD]GHWUDWDUDOGRFWRU6KHNWGH
LJXDODLJXDO3HURHQHOIRQGRDXQTXHQRWDQHQHOIRQGRSDUDTXH\R
QRORYHDFRQFODULGDGHQVXPHQWHVHVLHQWHLQFyPRGRHQVXFRPSD
xtD1ROHJXVWDODIRUPDGHKDEODUGHOGRFWRUQROHJXVWDVXDVSHFWR

IIVLFR(QUHDOLGDGQROHJXVWD6KHNWDXQTXHpOTXLVLHUDWUDLFLRQDUD
OD7LHUUD<KDFHSRFREHVyDXQDPXMHUWHUUHVWUH\FRQVLGHUDHVR
FRPRXQDGHELOLGDG6HDYHUJXHQ]DGHHOOR

$UYDUGDQKDEtDOXFKDGRHQYDQRFRQWUDHOWRUUHQWHGHSDODEUDV\
HQHVHPRPHQWRVHFRQWXYRFRQODFDUDHQURMHFLGD\ODERFDDELHUWD
6FKZDUW]PLUyD6KHNWFRQLQFRQWHQLGDIXULD

<XVWHGTXpSUHWHQGH"(OPLHGRDODPXHUWHVHDIHUUDDVX
PHQWHDSHVWDDPLHGRVXFRQWDFWRPHQWDOHVWiOOHQRGHPLHGRDLD
PXHUWH3LHQVDTXHHOXGLUiHO6HVHQWDWUDLFLRQDQGRDVXSODQHWD
TXHVHJXLUiYLYLHQGRVREUHORVFDGiYHUHVGHVXVFRPSDWULRWDV"
3HUR6KHNWOHKL]RIUHQWHHQHVHPRPHQWRFRQODGLJQLGDGUHVXO
WDQWHGHODGHVHVSHUDFLyQWRWDO

6LHVFDSD]GHOHHUORVSHQVDPLHQWRVLQYHVWLJXHORVPtRV+i
JDOR,QYHVWLJXHDIRQGR(QFXHQWUHDOJRGHVKRQURVRVLHVTXH
SXHGH&RPSUXHEHVLQRHVFLHUWRTXH\RSRGUtDKDEHUPHVDOYDGRGHO
6HVHQWDFRRSHUDQGRFRQORVORFRVTXHGHMDUiQHQUXLQDVODJDLD[LD
&RPSUXHEHVLQRHVFLHUWRTXHYR\DSHUGHUODYLGDSRURSRQHUPHD
HOORV<FRPSUXHEHVLWHQJRDOJ~QGHVHRGHFDXVDUGDQRDOD7LHUUD
\DORVWHUUHVWUHV

(VWDVSDODEUDVIUHQDURQD6FKZDUW]\DTXHHQWDOHVDVXQWRVHUD
LPSRVLEOHHQJDxDUOR/DPHQWHGH6KHNWHVWDEDDELHUWDDQWHpO\
SDUD6FKZDUW]ORVSHQVDPLHQWRVHUDQSUXHEDVLQGLVSXWDEOHV(UDLP
SRVLEOHTXHXQDPHQWLUDQRGHMDUDVXLQHYLWDEOH KXHLODGHPH]FRODQ]D
\FRQIXVLyQ
<6KHNWQRPHQE
D

(OLL
VLFRVLJXLyKDEODQGRFRQVXVIDWLJDGRVRMRVFHUUDGRV
8VWHGSXHGHOHHUHOSHQVDPLHQWR+DLQYHVWLJDGRORVSHQVD
PLHQWRVGHOSULPHUPLQLVWUR"'HVXVHFUHWDULR"4XpVDEHGHVXV
SODQHV"
8QDVXEOHYDFLyQGLMRGHPDODJDQD6FKZDUW]/XFKDUiQ
SRUVXVGHUHFKRV+D\JpUPHQHVGHSRUPHGLR

*pUPHQHVUHFDOFyFRQDPDUJXUD6KHNW6DEHFXiQWDV
SHUVRQDVPRULUiQ"6FKZDUW]QRFRQWHVWy&UHRTXH\DORVDEH
1RFUHDHQPtVLTXLHUHSHURDQDOLFHORVSHQVDPLHQWRVGHOVHFUHWDULR
FXDQGRYXHOYD7DOYH]VHDGHPDVLDGRWDUGH6LXVWHGFRQVHUYDOD
YLGDYLYLUiHQXQDJDOD[LDHQUXLQDVFRQXQDKXPDQLGDGHQUXLQDV
7DOYH]HVHVRORTXHGHVHD
1RQR

7RGRHVWDEDFODUR,QFOXVRHOFRQWDFWRPHQWDOGHOVHFUHWDULRSDUH
FtDKDEHUVHDFODUDGRDKRUDGHUHSHQWH$QWHULRUPHQWH6FKZDUW]
KDEtDFUHtGRSHUFLELUXQKLPQRGHDYHUVLyQDODJDOD[LD/RVGHWDOOHV
HUDQYDJRVQRKDEtDSUHVWDGRODVXILFLHQWHDWHQFLyQ3HURDKRUD
(VWDEDKDEODQGR$UYDUGDQ

0X\ELHQ6FKZDUW]PtUHPH/HDPLVSHQVDPLHQWRV1DFtHQ
%DURQQVHFWRUGH6LULR&UHiHQXQDPELHQWHGHDQWLWHUUHVWULVPR
SRUIXHU]DKHGHWHQHUXPSHUIHFFLRQHVHLGHDVDORFDGDVHQODVUDtFHV
GHPLVXEFRQVFLHQFLD3HURREVHUYHODVXSHUILFLH\GtJDPHVLDOJXQD
YH]GHVGHTXHFXPSOtORVWUHFHDxRVKHVLGRLQWROHUDQWHHQDOJ~QDV
SHFWR

6FKZDUW]XVWHGQRFRQRFHQXHVWUDKLVWRULD1RVDEHQDGDGHORV
PLOHV\GHFHQDVGHPLOHVGHDxRVGHH[WHQVLyQGHOKRPEUHSRUWRGDOD
JDOD[LDODVJXHUUDV\ODPLVHULDTXHVHSURGXMHURQ1RVDEHQDGDGH
ORVSULPHURVVLJORVGHO,PSHULRFXDQGRD~QKDEtDVLPSOHFRQIXVLyQ\
DOWHUQDEDQHOGHVSRWLVPR\HOFDRV1XHVWURJRELHUQRJDOiFWLFRVyOR
KDVLGRUHSUHVHQWDWLYRHQORV~OWLPRVGRVFLHQWRVDxRV%DMRVXGLUHF
FLyQORVGLYHUVRVSODQHWDVWLHQHQDXWRQRPtDFXOWXUDOVHOHVSHUPLWH
SRVHHUJRELHUQRVSURSLRVWHQHUYR]HQHOJRELHUQRFRP~Q
(QQLQJXQDpSRFDGHODKLVWRULDKDHVWDGRODKXPDQLGDGWDQD
VDOYRGHODJXHUUD\ODSREUH]DFRPRHVWiDKRUDHQQLQJXQDpSRFD
KDQVLGRWDQEULOODQWHVVXVSHUVSHFWLYDVGHIXWXUR<TXLHUHTXH
XQRVFXDQWRVPHJDORPDQLDFRVGHVWUX\DQWRGRHVR"

/DVTXHMDVGHOD7LHUUDVRQOHJtWLPDV\VLODJDOD[LDYLYHVH
UHVROYHUiQDOJ~QGtD3HURORTXHHVWRVPHJDORPDQLDFRVKDUiQDKRUD
QRVROXFLRQDQDGDHVVLPSOHPHQWHODFDtGDHQODGHVHVSHUDFLyQ

6FKZDUW]VHVHQWtDLPSUHVLRQDGR7DQWRVPXQGRVTXHPRULUtDQ
TXHVHHPSRQ]RxDUtDQ\GHVKDUtDQDFDXVDGHXQDHQIHUPHGDGWHUUL
EOH(UDpOUHDOPHQWHXQWHUUHVWUH"6LPSOHPHQWHXQWHUUHVWUH"(Q
VXMXYHQWXGKDEtDSDQLGRGH(XURSDUXPERDORV(VWDGRV8QLGRV
1RHUDHOPLVPRKRPEUHDSHVDUGHHVR"<VLGHVSXpVORVKRPEUHV
KDEtDQDEDQGRQDGRXQD7LHUUDGHVJDUUDGD\KHULGDUXPERDORVPXQ
GRVHVSDFLDOHVDFDVRHUDQPHQRVWHUUHVWUHV"$FDVRODJDOD[LDQR
HVPtDWDPELpQ"SHQVy6FKZDUW]7RGRVWRGRVORVJDOiFWLFRVGHV
FHQGtDQGHpO\GHVXVKHUPDQRV
/HVDSR\R3XHGRKDFHUDOJR"
 a

+DVWDTXpGLVWDQFLDSXHGHFRQWDFWDUFRQXQDPHQWH"SUH
JXQWyDQVLRVDPHQWH$UYDUGDQFRQVXPDSUHFLSLWDFLyQFRPRVLWH
PLHUDTXHHORWURSXGLHUDFDPELDUGHLGHDV~ELWDPHQWH

1RORVp+D\PHQWHVDIXHUD*XDUGLDQHVVXSRQJR

3XHGHOOHJDUKDVWD3ROD,DMRYHQTXHHVWXYRDTXt"

1RVpFyPRHVVXFRQWDFWRH[SOLFy6FKZDUW]FDVLFRQWLPL
GH]
'HWHVWDEDUHYHODUVXVOLPLWDFLRQHV

%LHQE~VTXHODURJy$UYDUGDQ9HDVLSXHGHHQFRQWUDU
DOJRTXHVHDFRQRFLGR

6HSURGXMRXQODUJRVLOHQFLRGXUDQWHHOTXHORVGRVFLHQEILFRV
GHYRUDURQD6FKZDUW]FRQODPLUDGD$UYDUGDQVLJXLyWUDWDQGRGH
PRYHUVH(OKRUPLJXHRGHVXVSLHUQDVSRGtDVLJQLILFDUHOUHJUHVRGH
YLGD
<GHSURQWRVHR\yHQODVXDYHTXLHWXGODYR]EDMD\WHQVDGH
6FKZDUW]

&UHRTXHSXHGHVHUHOOD0LHGR\HQRMR(VXQDPHQWH
IHPHQLQDHVWR\VHJXUR3DUHFHSDUHFHWHQHUUDVJRVIHPHQLQRV
$O]yODFDEH]D1RVpH[SOLFDUOR
(VWiYLYD"SUHJXQWyDQJXVWLDGR6KHNW(VWiKHULGD"

1RSHUFLERQLQJ~QGRORU$KHVHOOD(VWiSHQVDQGRHQ
XVWHGGRFWRU6KHNW\3HUPDQHFLyDWyQLWRXQPRPHQWRDQWHVGH
PLUDUD$UYDUGDQ8VWHGQRHVSDULHQWHGHHOODYHUGDG"
$UYDUGDQPRYLyODFDEH]DGHXQODGRDRWUR
$PLJRtQWLPR"
$UYDUGDQYDFLOy

/DFRQRFtD\HUSRUODQRFKH

6FKZDUW]SDUHFLySUHVWDUDWHQFLyQ\GHVSXpVVHDO]yGHKRPEURV
1RKL]RPiVFRPHQWDULRVSHUR$UYDUGDQQRWyTXHHOFRUD]yQOHODWtD
FRQIXHU]DDOSHQVDUHQODV LPSOLFDFLRQHVGHDTXHOVLOHQFLR$YHUJRQ
]DGRGHEHVDUD3RODMD6LWDQVyORFRQVLJXLHUDVDOLUGHHVHHPEUROOR
6LWDQVyORSXGLHUDQYLYLUeO%HO$UYDUGDQGDUtDXQDOHFFLyQDDTXHO
FDUDSHOXGDTXHHUD6FKZDUW]
4XpKD\GHOVHFUHWDULRHOKRPEUH TXHQRVKDGHMDGRDTXt"
SUHJXQWy
8QDSDXVDPX\ODUJDGLH]PLQXWRVTXHVHSURORQJDURQLQVX
IULEOHPHQWH

/DVPHQWHVGHXVWHGHVPHREVWDFXOL]DQGLMR6FKZDUW]1R
PHYLJLOHQ3LHQVHQHQRWUDFRVD
/RLQWHQWDURQ2WUDSDXVD

1RQRSXHGRQR SXHGR

$UYDUGDQOXFKyFRQVXVSLHV<DSRGtDPRYHUORVXQSRFRDXQTXH
FXDOTXLHUPRYLPLHQWROHSURGXFtDXQDSXQ]DGDGHGRORUFDVLLQVRSRU
WDEOH
3XHGHFDXVDUPXFKRGDxRDXQDSHUVRQD"LQTXLULy0H
UHILHURDORTXHKL]RFRQUQLJRKDFHXQUDWR
3XHGRGHMDUVLQFRQRFLPLHQWRDXQKRPEUH

&yPRORKDFH"
1RORVp6LPSOHPHQWHORKDJR(VHVFRPRVL6FKZDUW]
UHIOHMyXQDGHVHVSHUDFLyQFDVLFyPLFDHQVXHVIXHU]RSRUH[SOLFDUOR
LQH[SOLFDEOH
3XHGHDWDFDUDPiVGHXQDSHUVRQDDOPLVPRWLHPSR"
1XQFDORKHSUREDGR7DOYH]QR
,QWHUYLQR6KHNW

(VWiSHQVDQGRHQDWDFDUDOVHFUHWDULRFXDQGRUHJUHVH$UYDU
GDQ"
3RUTXpQR"

&yPRVDOGUHPRV"$XQTXHVRUSUHQGDPRVVRORDOVHFUHWDULR\
ORPDWHPRV\QRFUHRTXH6FKZDUW]VHDFDSD]GHHVRKD\FLHQWRVGH
KRPEUHVHVSHUiQGRQRVDIXHUD<FRQXQDODULGRFDVLVDOYDMHDJUH
Jy(VLQ~WLOVHORDVHJXUR
<DORWHQJRLQWHUYLQRTXHGDPHQWH6FKZDUW]

$TXLpQ"SUHJXQWDURQORVGRVFLHQWtILFRVDOPLVPRWLHPSR
$OVHFUHWDULR(VVXFRQWDFWRPHQWDOORVp
1RORSLHUGD

$UYDUGDQFDVLGLRXQDYXHOWDFRPSOHWDDOWUDWDUGHXUJLUD
6FKZDUW]\FD\yGHODVL/ULDGHWDOIRUUQDTXHTXHGyWHQGLGRHQHO
VXHORFRQXQDSLHUQDPHGLRSDUDOL]DGDPRYLpQGRVHLQ~WLOPHQWHDILQ
GHDFWXDUFRPRSDODQFDSDUDOHYDQWDUVXFXHUSR

9DFtHOHODFDEH]D2EWHQJDWRGDODLQIRUPDFLyQSRVLEOH

6FKZDUW]VHHVIRU]yKDVWDTXHHPSH]yDGROHUOHODFDEH]D+DVWD
HVHPRPHQWRORVFRQWDFWRVPHQWDOHV/OHJDEDQDpOQRpODHOLRV1R
KDEtDSRGLGRHOXGLUORV3HURDKRUDWXYRTXHFHUUDUORVSXxRVDUDxDU
FRQORV]DUFLOORVGHVXPHQWHDFLHJDVFRQWRUSH]DLJXDOTXHXQQLQR
GHPHVHVTXHH[WLHQGHVXVGHGRVXQRVGHGRVTXHD~QQRVDEHXWLOL
]DUKDFLDXQREMHWRTXHQRSXHGHWRFDU&RQJUDQGHVHVIXHU]RV
6FKZDUW]FDSWyMLURQHV
7ULXQIReOHVWiVHJXURGHORVUHVXOWDGRV$OJRVREUHSUR\HF
WLOHVHVSDFLDOHV/RVKDDFWLYDGR1RQRORVKDDFWLYDGR(VRWUD
FRVD/HFRPSODFHQORVSUR\HFWLOHVHVSDFLDOHV
4XpVRQHVRVSUR\HFWLOHVHVSDFLDOHV"LQTXLULy$UYDUGDQ

1RORVpJLPLy6FKZDUW]+D\SUR\HFWLOHVHVSDFLDOHVHQVXV
SHQVDPLHQWRV1RFDSWRODLPDJHQ(VSHUHQHVSHUHQ1DYHV
SHTXHxDVQDYHVSHTXHxDVVLQWULSXODFLyQ1RYHRQDGDPiV
6KHNWODQ]yXQJUXxLGR

1RORFRPSUHQGHV$UYDUGDQ"6RQPLVLNHVJXLDGRVDXWRPiWL
FDPHQWHSDUDWUDQVSRUWDUHOYLUXV$SXQWDGRVDGLYHUVRVSODQHWDV
3HURGyQGHORVJXDUGDQ"LQVLVWLy$UYDUGDQ%XVTXH
KRPEUHEXVTXH

+D\XQHGLILFLR1RQRORYHRELHQ&LQFRSXQWDVXQD
HVWUH/OD\6ORR

<DHVWiLQWHUYLQRGHQXHYR6KHNW3RUWRGDVODVHVWUHOODV
GHODJDOD[LD\DHVWi(OWHPSORGH6HQORR(VWiURGHDGRSRUEROVDV
UDGLDFWLYDV1DGLHLUiQXQFDDO/tH[FHSWRORV$QWLJXRV(VWiHQXQ
ULR6FKZDUW]"
6O6L6L

&XiQGR6FKZDUW]FXiQGR"

1RYHRHOGtDSHURSURQWRSURQWR/DPHQWHGHOVHFUHWDULR
EXOOHFRQHVDLGHD6HUiPX\SURQWR
7DPELpQODFDEH]DGH6FKZDUW]SDUHiDEXOOLUDFDXVDGHOHV
IXHU]R

$UYDUGDQVHVHQWtDDJRWDGR\IHEULOHQWRFXDQGRSRUILQORJUy
DSR\DUVHHQPDQRV\URGL/ODVSHVHDTXHWDQWRXQDVFRPRRWUDV
WHPEODEDQ\FHGtDQEDMRHOSHVRGHOFXHUSR

6FKZDUW]DWLpQGDPHOHLQVWy4XLHURTXHKDJDXQDFRVD
3HUR6FKZDUW]HVWDEDWDUWDPXGHDQGR

6HDFHUFD9LHQHKDFLDDTXt<YDDRUGHQDUTXHQRVPD
WHQ 7LHQHHVDLGHDILMDHQORPiVSURIXQGRGHVXPHQWH

6XYR]VHDSDJyHLQWHUUXPSLyHQHOPRPHQWRHQHOTXHVHDEUtDOD
SXHUWD
<HQWRQFHV$UYDUGDQVHVLQWLyPX\PX\GHVHVSHUDGR



O

W
O

'XHORFRQ\VLQDUUQDV

(OVHFUHWDULRKDEOyHQWRQRIQR\EXUOyQ

'RFWRU$UYDUGDQ1RVHUaDSUHIHULEOHTXHYROYLHUDDVXDVLHQ
WR"

$UYDUGDQD/]yORVRMRVSDUDPLUDUORFRQVFLHQWHGHODFUXHOLQGLJ
QLGDGGHVXSRVWXUDSHURQRKDEtDQDGDTXHUHVSRQGHU\QRUHVSRQ
GLy3RFRDSRFRVXVGRORULGDVH[WUHPLGDGHVIXHURQOHYDQWiQGRORGHO
VXHOR$JXDUGyGRQGHHVWDEDUHVSLUDQGRFRQGLILFXOWDG\HVSHUDQGR
DQVLRVDPHQWHXQUHWUDVR6LVXVSLHUQDVSXGLHUDQJLUDUXQSRFRPiV
VLSXGLHUDODQ]DUVHVLSXGLHUDDVXVWDUDOIQ
RPDQLDFR\RE/LJDUED
XVDUHODUPD
1RHUDHOOiWLJRQHXUyQLFRHODUPDTXHSHQGtDVXDYHPHQWHGHO
FLQWROLVR\UHOXFLHQWHTXHVXMHWDEDODW~QLFDGHOVHFUHWDULR(UDXQ
GHVLQWHJUDGRUGHFRQVLGHUDEOHWDPDxRFDSD]GHGHVSHGD]DUHQiWR
PRVDXQDSHUVRQDHQXQLQVWDQWHGDGRXQDPXHUWHUiSLGDWRWDO
PHQWHLQVHQVLEOHSDUDODYtFWLPD
)XHH[WUDxRTXHHQHVHPRPHQWRORVSHQVDPLHQWRVHQ3RODVH
DIHUUDUDQDpOH[WUDxRTXHpOWXYLHUDWDQWRVGHVHRVGHYLYLU

7RGRVWLHQHQSHRUDVSHFWRSHVHDPLDXVHQFLD7LHQHQDOJR
TXHGHFLUPH"SUHJXQWyHOVHFUHWDULR

(UDHYLGHQWHTXHQRHLJXDOPHQWHREYLRTXHHOVHFUHWDULRQR
TXHGyFRPSODFLGRSRUH/OR

1RLPSRUWDSURVLJXLy6XLQIRUPDFLyQKDGHMDGRGHVHU
LPSRUWDQWH+HPRVDGHODQWDGRODKRUDGHODWDTXH+DEtDSHQVDGR
TXHODUHVHUYDGHYLUXVHUDPHQRU6RQDVRPEURVRVORVUHVXOWDGRVGH
ODSUHVLyQLQFOXVRHQSHUVRQDVTXHMXUDQTXHHVLPSRVLEOHPiVUD
SLGH]
(QHVWHPRPHQWRLQWHUYLQR6FKZDUW]FRQYR]URQFD

'RVGtDV0HQRV9HDPRV(OPDUWHVDODVVHLVGHOD
PDxDQDKRUDGH&KLFD

(OGHVLQWHJUDGRUHVWDEDHQODPDQRGHOVHFUHWDULReVWHVHDFHUFy
FRQEUXVFDV]DQFDGDV\VHVLWXyDPHQD]DGRUDPHQWHMXQWRDODHQFRU
YDGDILJXUDGH6FKZDUW]
&yPRORKDVDELGR"

6FKZDUW]VHSXVRWHQVR(QDOJ~QOXJDUGHVXFHUHEURXQRV]DUFL
OORVVHDJUXSDURQ\EXVFDURQVXSUHVD(QHODVSHFWRIILVLFRORVP~VFX
ORVGHODVPDQGtEXODVTXHGDURQYLJRURVDPHQWHDSUHWDGRV\ODVFHMDV
HQFRJLGDVKDFLDDEDMRSHURWRGRHOORFDUHFtDGHLPSRUWDQFLD(QHO
LQWHULRUGHOFHUHEURKDEtDDOJRTXHVHSUR\HFWy\DIHUUyFRQIXHU]DHO
FRQWDFWRPHQWDOGHORWURKRPEUH
3DUD$UYDUGDQODHVFHQDIXHLUUHOHYDQWHGXUDQWHXQRVVHJXQGRV
SUHFLRVRVXQRVVHJXQGRVPDOHPSOHDGRV(OUHSHQWLQRVLOHQFLR\OD
LQPRYLOLGDGGHOVHFUHWDULRQRHUDQVLJQLILFDWLYRV
<DORWHQJRPXUPXUyHOMDGHDQWH6FKZDUW]&yMDQOHHO
DUPDQRSRGUpUHVLVWLU
/DYR]VHDSDJyWUDVXQJRUMHR

<$UYDUGDQORFRPSUHQGLy&RQXQEUXVFRHVIXHU]RVHSXVRGH
QXHYRDJDWDV$FWRVHJXLGRPLHQWUDVVXVGLHQWHVUHFKLQDEDQVH
OHYDQWyVLPSOHPHQWHSRUTXHQROHTXHGDEDPiVUHPHGLR\ORJUy
SHUUQDQHFHUHUJXLGRDXQTXHWDPEDOHDQWH

(OVHFUHWDULRSDUHFtDSHWULILFDGRSRUODPLUDGDGH0HGXVD(QVX
IUHQWHOLVD\VLQDUUXJDVLEDIRUPiQGRVHVXGRU\VXVHPEODQWHLQH[SUH
VLYRQRUHIOHMDEDHPRFLyQDOJXQD6yORODPDQRGHUHFKDODTXH
VRVWHPDHOGHVLQWHJUDGRUPRVWUDEDVHxDOHVGHYLGD8QREVHUYDGRU
DWHQWRKDEULDYLVWRTXHHVDPDQRVHPRYtDDWLURQHVLQILQLWHVLPDOHV
KDEQ
DSHUFLELGRODH[WUDQDSUHVLyQTXHHMHUFtDXQGHGRVREUHHO
ERWyQGHGLVSDURXQDSUHVLyQVXDYHLQVXILFLHQWHSDUDFDXVDUGDxR
SHURSURJUHVLYDSURJUHVLYD

$JiUUHORFRQIXHU]DGLMR$UYDUGDQHQSOHQRHVIXHU]RFRQ
M~ELORIHUR]6HDSR\yHQHOUHVSDOGRGHODVLOOD\WUDWyGHUHFREUDUHO
DOLHQWR7HQJRTXHDFHUFDUPHDpO

6XVSLHVVHDUUDVWUDURQ(ODUTXHyORJRVHHQFRQWUyVXPLGRHQXQD
SHVDGLOODWXYRTXHYDGHDUXQUtRGHPLHOQDGDUHQDOTXLWUiQDYDQ]DU
WLUDQGRGHVXFXHUSRFRQODPDQRDSR\DGDHQORVUHVSDOGRVGHXQD
KLOHUDGHDVLHQWRVKDVWDVLWXDUORDODPLVPDDOWXUDH[WHQGHURWUDYH]
ODVPDQRVKDFLDRWUDKLOHUDGHVSDFLRPX\GHVSDFLR\YXHOWDDHP
SH]DU
'HVFRQRFtDHOWHUULEOHGXHORTXHHVWDEDWHQLHQGROXJDUDQWHpO

(OVHFUHWDULRVyORWHQtDXPDPHWDHMHUFHUFRQHOSXOJDUGHUHFKR
XQDIXHU]DPLQ~VFXODRFKHQWD\FLQFRJUDPRVH[DFWDPHQWH\DTXH
pVD HUDODSUHVLyQTXHSUHFLVDEDHOGHVLQWHJUDGRUSDUDIXQFLRQDU$
WDOILQVXPHQWH~QLFDPHQWHWHQtDTXHGDUODRUGHQDXQWHQGyQ
WHPEORURVR\DPHGLRFRQWUDtGR
6FKZDUW]VyORWHQtDXQDPHWDIUHQDUHVDSUHVLyQSHURFRQOD
UXGLPHQWDULDPDVDGHVHQVDFLRQHVTXHOHRIUHFtDHOFRQWDFWRPHQWDO
GHORWURKRPEUHQRSRGtDVDEHUTXp]RQDHQSDUWLFXODUHVWDEDUHODFLR
QDGDFRQDTXHOSXOJDU3RUHVRHVWDEDGLULJLHQGRVXVHVIXHU]RVDOD
SURGXFFLyQGHXQp[WDVLVXQp[WDVLVWRWDO
(OFRQWDFWRPHQWDOGHOVHFUHWDULRVHDJLWy\VHUHYROYLyFRQWUDOD

O

VXMHFLyQ(UDXQDPHQWHUiSLGD\GHLQWHOLJHQFLDWHPLEOHODTXHGHVD
ILDEDHOLQH[SHUWRFRQWUROGH6FKZDUW]'XUDQWHXQRVVHJXQGRVSHU
PDQHFHUtDHQUHSRVRDODHVSHUD/XHJRFRQXQHVIXHU]RWHUULEOH\
GHVJDUUDGRUWLUDUtDGHDOJ~QP~VFXOR
3DUD6FKZDUW]IXHLJXDOTXHVLKXELHUDHVWDGRKDFLHQGRXQFRP
EDWHGHOXFKDOLEUHFRQODREOLJDFLyQGHPDQWHQHUORDWRGDFRVWD
DXQTXHVXULYDOHVWXYLHUDKDFLpQGROHURGDULPSXOVDGR SRUHOIXURU

3HURQDGDGHHVWRHUDYLVLEOH6yORVHYHtDQORVQHUYLRVRVPRYL
PLHQWRVGHODPDQGtEXODGH6FKZDUW]DOFHUUDUVH\DEULUVHORVODELRV
WHPEORURVRVHQVDQJUHQWDGRVSRUORVGLHQWHV\XQOLJHURPRYL
PLHQWRRFDVLRQDOGHOSXOJDUGHOVHFUHWDULRWHQVRPX\WHQVR

$UYDUGDQKL]RXQDSDXVDSDUDGHVFDQVDU(OGHGRTXHWHQtDH[
WHQGLGRWRFDEDOLJHUDPHQWHHOWHMLGRGHODW~QLFDGHOVHFUHWDULR\HO

DUTXHyORJRQRSRGtDVHJXLUPRYLpQGRVH6XVDWRUPHQWDGRVSXOPRQHV
QRSRGtDQERPEHDUHOR[tJHQRTXH VXVSLHUQDVSDUDOL]DGDVSUHFLVD
EDQ6XVRMRVQRSRGtDQYHUDFDXVDGHODVOiJULPDVSURYRFDGDVSRUHO
HVIXHU]RVXPHQWHQRSRGtDSHQVDUHQWUHODQHEOLQDGHOGRORU
6yORXQRVVHJXQGRVPiV6FKZDUW]GLMRMDGHDQWH1RGHMH
TXHVHPXHYDQRGHMHTXHVHPXHYD
6FKZDUW]PHQHyODFDEH]DGHVSDFLRPX\GHVSDFLR
1RSXHGRQRSXHGR

<HQUHDOLGDGSDUD6FKZDUW]HOPXQGRHQWHURHVWDEDGHVOL]iQ
GRVHKDFLDXQFDRVQHEXORVRGHVHQIRFDGR/RV]DUFLOORVGHVXPHQWH
HVWDEDQFDGDYH]PiVUtJLGRV\IDOWRVGHHODVWLFLGDG

(OSXOJDUGHOVHFUHWDULRSUHVLRQyGHQXHYRHOERWyQGHFRQWDFWR
6XGHGRQRGHVFDQVDEDODSUHVLyQDXPHQWDEDHQSHTXHUOLVLPDVFDQWL
GDGHV
6FKZDUW]QRWyODKLQFKD]yQGHVXVJORERVRFXODUHVODVHUSHQ
WHDQWHH[SDQVLyQGHODVYHQDVGHVXIUHQWH3HUFLELyODHVSDQWRVD
VHQVDFLyQGHWULXQIRTXHLEDIRUPiQGRVHHQHOFHUHEURGHORWURKRP
EUH

<HQHVHPRPHQWR$UYDUGDQDWDFy6XFXHUSRUtJLGR\UHEHOGHVH
GHMyFDHUKDFLDGHODQWHFRQODVPDQRVH[WHQGLGDV\SUHSDUDGDVSDUD
DJDUUDU
(OVHFUHWDULRLQGHIHQVRDFDXVDGHODSUHVDPHQWDOTXHVXIUtD
FD\yMXQWRFRQ$UYDUGDQ(OGHVLQWHJUDGRUVDOLyGHVSHGLGRKDFLDXQ
ODGR\UHVRQyHQHOGXURVXHOR

6FKZDUW]QRWyTXHODPHQWHFDXWLYDVHOLEHUDEDFRQXQ~OWLPR
HVIXHU]R\FD\yGHHVSDOGDVFRQHOFHUHEURVXPLGRHQXQDHQPDUD
xDGDMXQJODGHFRQIXVLyQ

(OVHFUHWDULRVHGHEDWLyIXULRVDPHQWHEDMRHODIHUUDGRSHVR
PXHUWRGHOFXHUSRGHODUTXHyORJR/HKXQGLyXQDURGLOODHQODHQWUH
SLHUQDFRQXQDIXHU]DEUXWDOPLHQWUDVODQ]DEDHOSXxRKDFLDHOSy
PXORGH$UYDUGDQ/HYDQWyDpVWHJROSHy\$UYDUGDQURGySRUHO
VXHORVLQWLHQGRWRGDVXHUWHGHGRORUHV
(OVHFUHWDULRVHOHYDQWyGDQGRWXPERVMDGHDQWH\GHVDOLxDGR\
TXHGyLQPyYLORWUDYH]
)UHQWHDpOVHKDOODED6KHNWPHGLRUHFOLQDGR/DPaa

La
GHOItVLFRFRQHOWHPEORURVRDSR\RGHODL]TXLHUGDVRVWHQLODHOGHVLQ

WHJUDGRU\DSHVDUGHORVWHPEORUHVHODUPDDSXQWDEDDOVHFUHWDULR
3DQGLOODGHLPEpFLOHVFKLOOaLHOVHFUHWDULRVRIRFDGRSRUOD
FyOHUD4XpHVSHUDQFRQVHJXLU"66EWHQJRTXHDO]DUODYR]
<XVWHGFRPRPtQLPRPRULUiUHVSRQGLyGpELOPHQWH6KHNW

1RFRQVHJXLUiQDGDPDWiQGRPHGLMRFRQDPDUJXUDHOVHFUH
WDULR\XVWHGORVDEH1RVDOYDUiHO,PSHULRSRUHOTXHQRVKD
WUDLFLRQDGR\QLVLTXLHUDVHVDOYDUiQXVWHG\VXVDPLJRV(QWUp
JXHPHHVHDUPD\TXHGDUiHQOLEHUWDG
(OVHFUHWDULRH[WHQGLyXQDPDQRSHUR6KHNWVHHFKyDUHtU
1RHVWR\WDQORFRFRPRSDUDFUHHUOR

7DOYH]QRSHURHVWiSUiFWLFDPHQWHSDUDOL]DGR

<HOVHFUHWDULRVHGHVSOD]yGHSURQWRKDFLDODGHUHFKDFRQPXFKD
PiVFHOHULGDGTXHODGHELOLWDGDPXxHFDGHOItVLFRSDUDPRYHUHOGH
VLQWHJUDGRU

3HURHQHVHPRPHQWRODPHQWHGHOVHFUHWDULRPLHQWUDVpVWHVH
GLVSRQtDDGDUHOVDOWRGHILQLWLYRHVWDEDFRQFHQWUDGDSRUFRPSOHWRHQ
HOGHVLQWHJUDGRUFX\RGLVSDURSUHWHQGtDHOXGLU6FKZDUW]SUR\HFWyVX
PHQWHXQDYH]PiVSDUDGDUODHVWRFDGDILQDO\HOVHFUHWDULRUHVEDOy\
VHGHVSORPyLJXDOTXHVLOHKXELHUDQDSRUUHDGR
&RQJUDQHVIXHU]R$UYDUGDQKDEtDORJUDGRSRQHUVHHQSLH6X
PHMLOODHVWDEDHQURMHFLGDHKLQFKDGD\HO DUTXHyORJRFRMHyDODFHU
FDUVH
3XHGHPRYHUVH6FKZDUW]"

8QSRFRIXHODIDWLJDGDUHVSXHVWD

6FKZDUW]VHOHYDQWyOHQWDPHQWHGHODVLOOD

$UYDUGDQVHLQFOLQyVREUHHOSRVWUDGR$QWLJXR\OHHFKyODFDEH]D
KDFLDDWUiVFRQSRFDGHOLFDGH]D
9LYH"

%XVFyHQYDQRHOSXOVRFRQODVWRGDYLDHQWXPHFLGDVSXQWDVGHORV
GHGRV\OXHJRFRORFyODSDOPDGHODPDQREDMRODW~QLFDYHUGH
6XFRUD]yQODWHGLMR7LHQHXVWHGSRGHUHVSHOLJURVRV
6FKZDUW]4XpKDFHPRVDKRUD"

/DJXDUQLFLyQLPSHULDOGH)RUW'LEEXUQ HVWiDPHQRVGHXQ

NLOyPHWURGLMR6KHNW8QDYH]DOOLHVWDUHPRVDVDOYR\SRGUHPRV
LQIRUPDUD(QQLXV

8QDYH]DOOt'HEHGHKDEHUFLHQJXDUGLDQHVDIXHUD\FHQWHQD
UHVPiVHQWUHHVWHOXJDU\ODJXDUQLFLyQ
7RGDYtDWHQHPRVD6FKZDUW]

(OUROOL]RWHUUHVWUHDO]y\VDFXGLyODFDEH]DDORtUVXQRPEUH

1RORKDJRPX\ELHQ1RSXHGRWHQHULQPRYLOL]DGRDOVHFUHWD
ULRGHPDVLDGRWLHPSR

3RUTXHQRHVWiDFRVWXPEUDGRGLMRHQpUJLFDPHQWH6KHNW
(VFXFKHWHQJRFLHUWDVQRFLRQHVVREUHORTXHXVWHGKDFHFRQ VX
PHQWH(VXQDHVWDFLyQUHFHSWRUDSDUDODVRQGDVHOHFWURPDJQpWLFDV
GHOFHUHEUR&UHRTXHXVWHGWDPELpQSXHGHHPLWLU0HHQWLHQGH"
6FKZDUW]SDUHiDSHQRVDPHQWHLQVHJXUR

'HEHHQWHQGHUORLQVLVWLy6KHNW7HQGUiTXHFRQFHQWUDUVH

HQORTXHXVWHGGHVHDTXHKDJDpO\DQWHVGHYROYHUHPRVHOGHVLQWH
JUDGRUDOVHFUHWDULR
4Xp"

(OJULWRGHLQGLJQDFLyQIXHFODUDPHQWHDXGLEOH
6KHNWDO]yODYR]

eOQRVVDFDUiGHDTXt1RSRGHPRVVDOLUGHRWUDIRUPDQRHV
FLHUWR"<TXpIRUPDPHQRVVRVSHFKRVDTXHGHMDULUDUPDGRDOVH
FUHWDULR"
3HUR\VLQRFRQVLJRGRPLQDUOR"LQTXLULy6FKZDUW]

(VWDEDIOH[LRQDQGRORVEUD]RVGiQGROHVSDOPDGDVLQWHQWDQGR
UHFREUDUODVHQVDFLyQGHQRUPDOLGDG

(VHOULHVJRTXHFRUUHUHPRV3UXHEHDKRUD6FKZDUW]0XpYDOH
HOEUD]R
6XWRQRHUDGHV~SOLFD

(OVHFUHWDULRJLPLyGHVGHHOVXHOR\6FKZDUW]FDSWyHOFRQWDFWR
PHQWDOUHDYLYDGR(QVLOHQFLRFDVLFRQPLHGRGHMyTXHODPHQWHGHO
RWURFREUDUDIXHU]D\OHKDEOy)XHXQDDORFXFLyQVLQSDODEUDVOD
DORFXFLyQPXGDTXH XQDSHUVRQDHQYtDDVXEUD]RFXDQGRGHVHDPR
YHUORWDQPXGDTXHQLVLTXLHUDHOLQWHUHVDGRODR\H

<QRIXHHOEUD]RGH6FKZDUW]HOTXHVHPRYLyVLQRHOGHO
VHFUHWDULR(OWHUUHVWUHDO]yODFDEH]DFRQXQDVRQULVDIHUR]SHUR
6KHNW\$UYDUGDQVyORWHQtDQRMRVSDUDHOVHFUHWDULRXQFXHUSR
UHF FWDGRFRQODFDKH]DHOHYiQGRVHXQRVRMRVHQORVTXHLEDGHVD
SDUHFLHQGRHOUDVJRYLGULRVRGHOGHVPD\R\XQEUD]RTXHGHXQ
PRGRH[WUDxRHLQFRQJUXHQWHVHH[WHQGtDDWLURQHVIRUPDQGRXQ
iQJXORGHQRYHQWDJUDGRV
6FKZDUW]VHFHQWUyHQVXWDUHD

(OVHFUHWDULRVHSXVRHQSLHFRQHOFXHUSRLQFOLQDGRSUiFWLFD
PHQWHDXQTXHVyORHQDSDULHQFLDFRPRVLSHUGLHUDHOHTXLOLEULR<
DFWRVHJXLGRHPSH]yDGDQ]DUGHXQPRGRWDQFXULRVRFRPRLQYROXQ
WDULR

(OEDLOHFDUHFtDGHULWPROHIDOWDEDEHOOH]D3HURORVWUHVTXH
REVHUYDEDQVREUHWRGR6FKZDUW]SHQVDURQTXHHUDXQDFWRLQFUHL
EOHPHQWHDGPLUDEOH\DTXHHQHVHPRPHQWRHOFXHUSRGHOVHFUHWDULR
VHKDOODEDEDMRHOGRPLQLRGHXQDPHQWHQRXQLGDDpOPDWHULDOPHQWH
'HVSDFLRFRQSUHFDXFLyQ6KHNWVHDFHUFyDOURERWTXHHUDHO
VHFUHWDULR\QRVLQGHVDVRVLHJRH[WHQGLyODPDQR(QODSDOPD
DELHUWDVHKDOODEDHOGHVLQWHJUDGRUFRQODFXODWDKDFLDGHODQWH
aXHORFRMD6FKZDUW]GLMR6KHNW

/DPDQRGHOVHFUHWDULRVHH[WHQGLy\FRJLyWRUSHPHQWHHODUPD
eVWDVHPRYLyFRQUDSLGH]XQLQVWDQWH\IXHDIHUUDGDSDUDHQWUDUHQ
DFFLyQ+XERXQGHVWHOORYLYR\GHVWUXFWRUHQORVRMRVGHOVHFUHWDULR
<DOLQVWDQWHHOEULOORVHDSDJy'HVSDFLRPX\GHVSDFLRHOGHVLQWH
JUDGRURFXSyVXOXJDUHQHOFLQWR\ODPDQRVHDSDUWy
/DULVDGH6FKZDUW]WHQtDXQWRQRHVWULGHQWH
aDVLVHVDOHFRQODVX\D

3HURVXURVWURHVWDEDSiOLGRPLHQWUDVKDEODED

<ELHQ"3XHGHGRPLQDUOR"
O .
a

(VWiOXFKDQG4FRPRXQGLDEOR3HURQRYDWDQPDOFRPRDQ
WHV

(VRVHGHEHDTXHXVWHGVDEHTXpHVWiKDFLHQGRGLMR6KHNW
GiQGROHORViQLPRVTXHpOSUiFWLFDPHQWHQRWHQtD7UDQVPLWD
DKRUD1RLQWHQWHGRPLQDUDOVHFUHWDULROLPtWHVH DILQJLUTXHORHVWi
KDFLHQGRXVWHGPLVPR
3XHGHKDFHUOHKDEODU"SUHJXQWy$UYDUGDQ

+XERXQDSDXVD\GHVSXpVXQEURQFRJUXxLGRGHOVHFUHWDULR
2WUDSDXVDRWURVRQLGRiVSHUR
(VRHVWRGRGLMR6FKZDUW]MDGHDQWH

%LHQQRLPSRUWD3RGHPRVSDVDU VLQHVR

(OUHFXHUGRGHODVGRVKRUDVVLJXLHQWHVIXHLUUHSHWLEOHSDUDODV
GRVSHUVRQDVTXHWRPDURQSDUWHHQODVLQJXODURGLVHD(OGRFWRU
6KHNWSRUHMHPSORKDEtDDGTXLULGRXQDUDUDULJLGH]TXHOHSHUPL
WLyDKRJDUWRGRVVXVWHPRUHVHQVXDSR\RYDQR\HVWXSHIDFWRDLLD
OXFKDLQWHUQDGH6FKZDUW]'XUDQWHODDYHQWXUDVyORWXYRRMRVSDUD
ODFDUDUHGRQGHDGDTXHSRFRDSRFRLEDDUUXJiQGRVH\UHWRUFLpQ
GRVHDFDXVDGHOHVIXHU]R,QFOXVRFXDQGRVHUHXQLHURQFRQ3RODHO
ItVLFRDSHQDVWXYRWLHPSRSDUDGHGLFDUOH XQDPLUDGDIXJD]XQDSUH
WyQUiSLGRHQODPDQR

)XH$UYDUGDQHOTXHFRUULyKDFLDODMRYHQ$UYDUGDQHOTXHH[
SOLFyODVLWXDFLyQFRQIUDVHVH[WUDxDVHPEDUXOODGDV3RODQRVHHQ
FRQWUDEDPX\OHMRV\WDPSRFRKXERLQFLGHQWHVHQHOWUDVODGRGHVGH
ODVDODGHUHXQLRQHVDOSHTXHxRGHVSDFKRGRQGHHVWDEDGHWHQLGDOD
KLMDGHOItVLFR/RVJXDUGLDQHVTXHYLJLODEDQODSXHUWDKDEtDQVDOX
GDGREUXVFDPHQWHDOYHUDOVHFUHWDULRTXHFRUUHVSRQGLyFRQXQJHVWR
WRUSHLQVXOVR1DGLHOHVPROHVWy
3HURDOVDOLUGHOHGLILFLRFRUUHFFLRQDOVyORHQWRQFHV$UYDUGDQ
FRPSUHQGLyODORFXUDGHODWHQWDWLYD<QRREVWDQWHHODUTXHyORJR
VLJXLyDKRJDQGRVXVSHQDVHQORVRMRVGH3ROD)XHUDSRUODYLGDTXH
OHHVWDEDQDUUHEDWDQGRSRUHOIXWXURTXHHVWDEDQGHVWUX\pQGROHSRU
ODLPSRVLELOLGDGHWHUQDGHDOFDQ]DUODGXO]XUDTXHKDEtDVDERUHD
GRIXHUDSRUORTXHIXHVHQDGLHOHKDEtDSDUHFLGRQXQFDWDQ
DUUROODGRUDPHQWHGHVHDEOH
3RVWHULRUPHQWH3RODVHUtDHOFRPSHQGLRGHVXVUHFXHUGRV3HUROD
-RYHQ

/DMRYHQQRFRPSOHQGLDQDGD/DDFWLWXGUDUD\DEVWUDtGDGH
6FKZDUW]ODLQFOLQDFLyQSURSLDGHXQPXHUWRGHODQGDUGHOVHFUHWDULR
,DVFRVDVLQFUHtEOHVTXH$UYDUGDQKDEtDGLFKRTXHHOODDSHQDVKDEtD
FRPSUHQGLGRDPHGLDV(OVROHDGREULOORPDWXWLQRFHJDEDVXVRMRV
GHVDFRVWXPEUDGRVDODOX]SRUORTXHHOURVWURYXHOWRKDFLDDEDMRGHO
DUTXHyORJRHUDXQDPDQFKDDQWHHOOD3RODOHVRQULy\QRWyODIXHU]D\
ODGXUH]DGHOEUD]RVREUHHOTXHVHDSR\DEDPX\VXDYHPHQWHHOVX\R
eVHIXHHOUHFXHUGRTXHSHUGXUyGHVSXpVP~VFXORVOLVRV\ILUPHV
OLJHUDPHQWHFXELHUWRVSRUWHODSOiVWLFDGHWH[WXUDOXVWURVDILQD\IUtD
EDMRODPXxHFDGHODMRYHQ
6FKZDUW]VHKDOODEDVXPLGRHQVXGRURVDDQJXVWLD(OFXUYDGRFD
PLQRGHDFFHVRTXHVHDOHMDEDGHODHQWUDGDODWHUDOSRUODTXHKDEtDQ

VDOLGRHVWDEDIUDQFDPHQWHGHVLHUWR6FKZDUW]VLQWLyXQHQRUPHDOLYLR
SRUHOOR

6yORpOFRQRFtDHOFRVWHFRPSOHWRGHOIUDFDVR(QODPHQWHHQH
PLJDTXHHVWDEDFRQWURODQGRSRGtDFDSWDUODVHQVDFLyQGHKXPLOOD
FLyQLQVRSRUWDEOHHORGLRGHVFRPXQDOORVSURSyVLWRVVXPDPHQWH
KRUULEOHV7XYRTXHUHJLVWUDUHVDPHQWHHQEXVFDGHLQIRUPDFLyQTXH
OHRULHQWDUDODSRVLFLyQGHOFRFKHRILFLDOODUXWDPiVFRQYHQLHQWHD
VHJXLU<DOKDFHUWDOFRVDHQFRQWUyWDPELpQODLUULWDQWHDPDUJXUDGH
ODYHQJDQ]DTXHVHGHVDWDUtDVLVXFRQWUROYDFLODEDWDQVyORXQDGp
FLPDGHVHJXQGR
/DVIRUWDOH]DVVHFUHWDVGHODPHQWHTXHVHYHtDIRU]DGRDUHJLVWUDU
LEDQDVHUSRVHVLyQSHUVRQDOGH6FKZDUW]SDUDVLHPSUH3RVWHULRU
PHQWHOOHJDUtDQODVKRUDVJULVHVGHPXFKRVDPDQHFHUHVLQRFHQWHVHQ
ORVTXH pOJXLDUtDGHQXHYRORVSDVRVGHXQORFRSRUORVSHOLJURVRV
FDPLQRVGHXQDFLXGDGHODHQHPLJD
6FKZDUW]MDGHyPiVTXHKDEOyFXDQGROOHJDURQDOYHKtFXORGH
VXSHUILFLH1RVHDWUHYLyDUHODMDUVHXQSRFRSDUDSURQXQFLDUIUDVHV
FRQH[DV\GLMRUiSLGDPHQWHXQDV SDODEUDVFRPRVLVHDWUDJDQWDUD
,PSRVLEOHFRQGXFLUFRFKHLPSRVLEOHREOLJDUVHFUHWD
ULRFRQGXFLUFRPSOLFDGRQRSXHGR

6KHNWORWUDQTXLOL]yFRQXQVXDYHVRQLGR(OItVLFRQRRVyWRFDUOR
QRRVyKDEODUOHQRUPDOPHQWHQRRVyGLVWUDHUODPHQWHGH6FKZDUW]
XQVRORPRPHQWR
6yORWLHQHTXHPHWHUORHQHODVLHQWRWUDVHUR6FKZDUW]PX
VLWy<RFRQGXFLUpVpKDFHUOR$SDUWLUGHDKRUDOLPtWHVHDFRQWUR
ODUDOVHFUHWDULR
(QFXDQWRDOSDSHOGHOVHFUHWDULRGXUDQWHHVWRVKHFKRVQLVLTXLHUD
HVSRVLEOHHVSHFXODU&DXWLYRGHVXVSULVLRQHURVDUPDGRSHURLQGH
IHQVRIUHQWHDXQRVKRPEUHVGHVDUPDGRV,QYHVWLJDUHODVXQWRSR
GUtDVHULQFOXVRSRFRFRQYHQLHQWH

(OYHK~FXORGHVXSHUILFLHGHOVHFUHWDULRHUDXQPRGHORHVSHFLDO
3XHVWRTXHHUDHVSHFLDOHUDGLVWLQWR$WUDtDODDWHQFLyQ6XIDUR
GHODQWHURGHFRORUYHUGHJLUDEDDL]TXLHUGD\GHUHFKDFRQUtWPLFDV
RVFLODFLRQHVFRQIRUPHODOX]VHDSDJDED\HQFHQGtDSURGXFLHQGRGHV
WHOORVHVPHUDOGLQRV/DJHQWHVHGHWHQtDDPLUDU2WURVYHKtFXORVTXH
DYDQ]DEDQHQGLUHFFLyQFRQWUDULDVHDSDUWDURQFRQUHVSHWXRVDSUHFL
SLWDFLyQ

6LHOFRFKHKXELHUDVLGRPHQRVOODPDWLYRPHQRVVREUHVDOLHQWH
ORVWUDQVH~QWHVKDEUtDQWHQLGRWLHPSRGHUHSDUDUHQHOSiOLGRHLQPy
YLO$QWLJXRTXHRFXSDEDHODVLHQWRWUDVHURTXL]iVHKXELHUDQH[WUD
xDGRTXL]iVKXELHUDQROLGRHOSHOLJUR

3HURVyORUHSDUDURQHQHOFRFKH\HOWLHPSRIXHSDVDQGR

8QVROGDGRLPSHGtDHOSDVRDQWHODVUHOXFLHQWHVSXHUWDVGHDFHUR
FURPDGRTXHVHDO]DEDQDEUXSWDPHQWHFRQHOHVWLORHOHJDQWHHLPSUH
VLRQDQWHFDUDFWHUtVWLFRGHWRGDVODVHVWUXFWXUDVLPSHULDOHVHQYLYR
FRQWUDVWHFRQODDUTXLWHFWXUDSODQD\WULVWHGHOD7LHUUD/DHQRUPH
DUPDUHJODPHQWDULDGHOPLOLWDUVHVLWXyKRUL]RQWDOPHQWHHQXQJHVWR
GHREVWUXFFLyQ\HOYHKtFXORVHGHWXYR$UYDUGDQDVRPyODFDEH]D
6R\FLXGDGDQRGHO,PSHULRVROGDGR'HVHDUtDYHUDVXFRPDQ
GDQWH
7HQGUpTXHYHUVXGRFXPHQWDFLyQVHxRU

0HODKDQTXLWDGR6R\%HO$UYDUGDQGH%DURQQ7HQJRDVXQ
WRVTXHWUDWDUFRQHOSURFXUDGRU\PXFKDSULVD

(OVROGDGRDFHUFyXQDPXxHFDDVXVODELRV\KDEOyHQYR]EDMDSRU
HOWUDQVPLVRU+XERXQDSDXVDPLHQWUDVDJXDUGDEDODUHVSXHVWD\
OXHJREDMyHULIOH\VHKL]RDXQODGR/DVSXHUWDVIXHURQDEULpQGRVH
SRFRDSRFR
(OSOD]RTXHFXPSOtD

'HEtDGHVHUPHGLRGtDFXDQGRHOSULPHUPLQLVWURGHVGH:DV
KHQQLQWHQWyORFDOL]DUDVXVHFUHWDULRDWUDYpVGHOWHOHYLVRU\ODE~V
TXHGDGHO$QWLJXRQRGLRUHVXOWDGR(OSULPHUPLQLVWURUHDFFLRQR
FRQGLVJXVWRORVFDUJRVPHQRUHVGHOHGLILFLRFRUUHFFLRQDOH[SHULPHQ
WDURQLQTXLHWXG
+XERSUHJXQWDVGHVSXpV\ORVJXDUGLDQHVGHODVDODGHUHXQLRQHV
IXHURQSUHFLVRVDODVHJXUDUTXHHOVHFUHWDULRKDEtDVDOLGRFRQORV
SULVLRQHURVDODVGLH]\PHGLDGHODPDxDQD1RQRKDEtDGHMDGR
LQVWUXFFLRQHV1RVDEtDQDGyQGHKDEtDLGR,yJLFDPHQWHQRWHQtDQ
GHUHFKRDSUHJXQWDU

/DFKLFDWDPELpQVHKDEtDLGR2WURJUXSRGHJXDUGLDQHVPDQL
IHVWyODPLVPDIDOWDGHLQIRUPDFLyQ(ODPELHQWHJHQHUDOGHDQVLHGDG
IXHFUHFLHQGR\IRUPDQGRWRUEHOOLQRV
$ODVGRVGHODWDUGHOOHJyHOSULPHU LQIRUPHDVHJXUDQGRTXHHO
YHKtFXORGHVXSHUILFLHGHOVHFUHWDULRKDEtDVLGRYLVWRSRUODPDxDQD
1DGLHKDEtDYLVWRVLHOVHFUHWDULRLEDGHQWUR$OJXQDVSHUVRQDVFUHtDQ
KDEHUORYLVWRDOYRODQWHSHURVyORORVXSRQtDQpVDHUDODYHUGDG
$ODVGRV\PHGLDVHKDEtDGHWHUUQLQDGRTXHHOFRFKHKDEtDHQ
WUDGRHQ)XHUWH'LEEXUQ

3RFRDQWHVGHODVWUHVVHGHFLGLySRUILQOODPDUDOFRPDQGDQWH

5HVSRQGLyXQWHQLHQWH

6HJ~QVXSLHURQHQHVHPRPHQWRHUDLPSRVLEOHIDFLOLWDULQIRUQQD
FLyQVREUHHOWHPD6LQHPEDUJRORVRILFLDOHVGH6X0DMHVWDG,PSH
ULDOURJDEDQTXHVHPDQWXYLHUDHORUGHQ5RJDEDQDGHPiVTXHOD
QRWLFLDGHODDXVHQFLDGHXQPLHPEURGHOD6RFLHGDGGH$QWLJXRVQR
IXHUDGLIXQGLGDKDVWDQXHYDRUGHQ

(VRIXHVXILFLHQWH+RPEUHVLQYROXFUDGRVHQDFWRVGHDOWDWUDLFLyQ
QRSXHGHQFRUUHUULHVJRV\FXDQGRXQRGHORVPLHPEURVSULQFLSDOHV
GHXQDFRQVSLUDFLyQVHKDOODHQPDQRVGHOHQHPLJRHOORVyORSXHGH
LQGLFDUTXHKDVLGRGHVFXELHUWRRTXHKDWUDLFLRQDGRDORVVX\RV(VDV
HUDQODVGRVFDUDVGHHVWDPRQHGD&XDOTXLHUDGHHOODVVLJQLILFDEDOD
PXHUWH
/DQRWLFLDVHGLIXQGLy

/DSREODFLyQGH&KLFDHPSH]yDPRYHUVH/RVGHPDJRJRVSURIH
VLRQDOHVRFXSDURQODVHVTXLQDVGHODVFDOOHV/RVDUVHQDOHVVHFUHWRV
IXHURQDELHUWRVYLROHQWDPHQWH\PXFKDVPDQRVVDFDURQDUPDVGH
HOORV6HIRUPyXQDVHUSHQWHDQWHFROXPQDKDFLDHOIXHUWH\DODVVHLV
GHODWDUGHHOFRPDQGDQWHUHFLELyRWURPHQVDMHHQHVWDRFDVLyQ
PHGLDQWHHQYtRSHUVRQDO
(VWDDFWLYLGDGQRVHFRUUHVSRQGtDFRQORVKHFKRVTXHVHSURGXiDQ
HQHOLQWHULRUGHOIXHUWH7RGRKDEtDHPSH]DGRGHIRUPDGUDPiWLFD
FXDQGRHOMRYHQRILFLDOTXHVDOLyDUHFLELUDOYHKtFXORH[WHQGLyOD
PDQRKDFLDHOGHVLQWHJUDGRUGHOVHFUHWDULR
<RPHHQFDUJDUpGHHVRGLMRODFyQLFDPHQWH
'HMHTXHORFRMD6FKZDUW]RUGHQy6KHNW

/DPDQRGHO VHFUHWDULRFRJLyHOGHVLQWHJUDGRU\VHH[WHQGLy(O
DUPDDEDQGRQyODPDQR\6FKZDUW]VXSULUQLyVXFRQWURO\GHMyHV
FDSDUXQJHPLGRDFDXVDGHODLQVRSRUWDEOHWHQVLyQTXHVXIQD
$UYDUGDQHVWDEDSUHSDUDGR&XDQGRHOVHFUHWDULRUHDFFLRQyLJXDO
TXHXQUROORGHDFHURORFROLEUHGHODFRPSUHVLyQHODUTXHyORJRVH
HFKyVREUHpO\GHMyFDHUFRQIXHU]DVXVSXxRV

(ORILFLDOGLRyUGHQHVEUXVFDPHQWH9DULRVVROGDGRVVHDFHUFDURQ
FRUULHQGR&XDQGRXQDVPDQRVEXUGDVDJDUUDURQD$UYDUGDQSRUHO
FXHOORGHODFDPLVD\OHDUUDVWUDURQIXHUDGHOFRFKHHOVHFUHWDULR\DFtD
IOiFFLGRHQHODVLHQWR6DQJUHRVFXUDEURWDEDGpELOPHQWHGHODVFRPL
VXUDVGHVXVODELRV/DPHMLOODGH$UYDUGDQPDJXOODGD\DDQWHVGH
OOHJDUDOIXHUWHPRVWUDEDXPDKHULGD\VDQJUDED
(ODUTXHyORJRVHDUUHJOyHOFDEHOORFRQJHVWRVWHPEORURVRV'HV
SXpVVHxDOyDOVHFUHWDULRFRQXQGHGRGJLGR

$FXVRDHVWHKRPEUHGHFRQVSLUDUSDUDGHUURFDUDOJRELHUQR
LUQSHULDOJQWyFRQILUPH]D'HERYHULQPHGLDWDPHQWHDOFRPDQ
GDQWHHQMHIH
<DQRVRFXSDUHPRVGHHVRUHSXVRFRUWpVPHQWHHORILFLDa6L
WLHQHQODERQGDGVtJDQPHWRGRVXVWHGHV

<HQHVHSXQWRVHGHWXYRODDFWLYLGDGGXUDQWHKRUDV/DKDELWD
FLyQRFXSDGDSRUHOJUXSRHUDSDUWLFXLDU\HVWDEDEDVWDQWHOLPSLD3RU
SULPHUDYH]GHVGHKDFtDGRFHKRUDVWXYLHURQRSRUWXQLGDGGHFRPHU
FRVDTXHKLFLHURQFRQSURQWLWXG\HILFLHQFLDDSHVDUGHODVLWXDFLyQ
,QFOXVRWXYLHURQRSRUWXQLGDGGHVDWLVIDFHUHVDRWUDQHFHVLGDGGHLD
FLYLOL]DFLyQWRPDUXQEDQR
6LQHPEDUJRODKDELWDFaQHVWDEDYLJLODGD\FXDQGR HOVROGHVFHQ
GtDKDFLDHOKRUL]RQWH$UYDUGDQSHUGLySRUILQLDSDFLHQFLD
3HURVLWDQVyORKHPRVFDPELDGRGHFiUFHOH[FLDPy

/DUXWLQDLQVtSLGD\WULYLDOGHOFDPSDPHQWRPLOLWDULEDGHVDUUR
OOiQGRVHDOUHGHGRUGHOJUXSRKDFLHQGRFDVRRPLVRGHpVWH6FKZDUW]
HVWDEDGXUPLHQGR\ODPLUDGDGHODUTXHyORJRVHGLULJLyDpO6KHNW
PHQHyODFDEH]D
7RGDYtDQR'XHUPHSRUTXHHVWiGHVHVSHUDGR
3HURVyORTXHGDQWUHLQWD\QXHYHKRUDV
/RVpSHURKD\TXHHVSHUDU
6RQyXQDYR]IQ
D



4XLpQGHXVWHGHVDILUPDVHUFLXGDGDQRGHO,PSHULR"
$UYDUGDQVHOHYDQWyGHXQEULQFR
6tJDPHGLMRHOVROGDGR

(OFRPDQGDQWHHQMHIHGH)XHUWH'LEEXUQHUDXQFRURQHOHQ
PRKHFLGRWUDVDQRVGHVHUYLFLRDO,PSHULR(QODSURIXQGDSD]GHODV
~OWLPDVJHQHUDFLRQHVKDEtDSRFDJORULDREWHQLEOHSDUDXQRILFLDOGHO
HMpUFLWR\HOFRURQHOLJXDLTXHHOUHVWRGHRILFLDOHVQRKDEtDREWHQLGR
QLQJXQD3HURGXUDQWHHODVFHQVRODUJR\OHQWRGHVGHFDGHWHPLOLWDU
KDEtDVHUYLGRHQWRGDVSDUWHVGHODJDaLD[LDGHPRGRTXHLQFOXVRXQD
JXDUQLFLyQHQDTXHOPXQGRQHXUyWLFRTXHHUDOD7LHUUDUHSUHVHQWDED
SDUDpORWUDWDUHDPiV\VLPSOHPHQWHHVR(OFRURQHOVyORGHVHDEDODV
UXWLQDVWUDQTXLODVGHOVHUYLFLRQRUPDL 1RSHGtDQDGDPiVTXHOR
XVXDL\HQHVHPRPHQWRHVWDEDQQHJiQGRVHOR

3DUHFtDUHILHMDUFDQVDQFLRFXDQGRHQWUy$UYDUGDQ/OHYDEDDELHU
WRHOFXHOLRGHaLDFDPLVD\VXW~QLFDFRQHOOOLDPHDQWHFRORUDPDULOOR
GHOD1DYH(VSDFLDO\HO6ROGHO,PSHULRSHQGtDGHVFXLGDGDPHQWHHQ
HODVLHQWRGHVXVLOLD+L]RVRQDUORVQXGLOORVGHVXPDQRGHUHFKDFRQ
DLUHGLVWUDtGRPLHQWUDVPLUDEDVROHPQHPHQWHD$UYDUGDQ
8QDVXQWRPX\FRQIXVRWRGRHVWRGLMR0XFKR0HSHU
PLWHVDEHUVXQRPEUH"

%HO$UYDUGDQGH%DURQQVHxRU$UTXHyORJRDOPDQGRGHXQD
H[SHGLFLyQFLHQWtILFDDXWRUL]DGDHQOD7LHUUD

&RPSUHQGR0HLQIRUPDQTXHFDUHFHGHGRFXPHQWRVLGHQWLIL
FDWLYRV

0HORVDUUHEDWDURQSHURHOUHVWRGHODH[SHGLFLyQVHKDOODHQ
(YHUHVW(OPLVPRSURFXUDGRUSXHGHLGHQWPFDUPH
3HUIHFWDPHQWH(OFRURQHOFUX]yORVEUD]RV\VHEDLDQFHyHQ
ODVLOLD<VLPHRIUHFLHUDVXYHUVLyQGHORVKHFKRV"

7HQJRQRWLFLDGHXQDSHLLJURVDFRQVSLUDFLyQSRUSDUWHGHXQ
UHGXFLGRJUXSRGHWHUUHVWUHVTXHSUHWHQGHQGHUULEDUSRUODIXHU]DHO
JRELHUQRLPSHULDOLQWHQFLRQHVTXHGHQRVHUGDGDVDFRQRFHUGH
LQPHGLDWRDLDVDXWRULGDGHVFRQYHQLHQWHVSRGULDQDFDEDUFRQHOJR
ELHUQR\FRQJUDQSDUWHGHO,PSHULR
0HSDUHFHXQDDILUPDFLyQPX\WHPHUDULD\H[DJHUDGD3XHGR
FRQRFHUORVGHWDOOHV"

3RUGHVJUDFLDFRQVLGHURYLWDOH[SOLFiUVHORVDOSURFXUDGRUHQ
SHUVRQD3RUWDQWRVROLFLWRTXHVHPHSRQJDHQFRPXQLFDFLyQFRQpO
DKRUDPLVPRSRUIDYRU
+XP1RDFWXHPRVFRQWDQWDSULVD6DEHXVWHGTXHHOKRPEUH
TXHKDQWUDtGRDTXtHVHOVHFUHWDULRGHOSULPHUPLQLVWURGHOD7LHUUD"
'HVGHOXHJR

<pOHVXQLQVWLJDGRULPSRUWDQWHGHHVDFRQVSLUDFLyQTXHXVWHG
PHQFLRQD
/RHV

3UXHEDV

1RSXHGRGLVFXWLUODVSUXHEDVFRQRWUDSHUVRQDTXHQRVHDHO
SURFXUDGRU



(OFRURQHODUUXJyODIUHQWH\FRQWHPSOyODVXxDVGHVXVGHGRV
'XGDGHPLFRPSHWHQFLDHQHVWHFDVR"

(QDEVROXWRVHxRU3HURVyORHOSURFXUDGRUSRVHHDXWRULGDG
SDUDWRPDUODVPHGLGDVGHFLVLYDV\SUHFLVDVHQHVWHFDVR
$TXpPHGLGDVGHFLVLYDVVHUHILHUH"

+D\TXHERPEDUGHDU \GHVWUXLUSRUFRPSOHWRFLHUWRHGLILFLRGH
OD7LHUUDDQWHVGHWUHLQWDKRUDVRJUDQSDUWHGHODSREODFLyQGHO
,PSHULRSHUGHUiODYLGD
4XpHGLILFLR"SUHJXQWyHQWRQRGHKDVWtRHOFRURQHO

3XHGHSRQHUPHHQFRQWDFWRFRQHOSURFXUDGRUSRUIDYRU"
HVSHWy$UYDUGDQ

+XERXQDSDXVDGHHVWDQFDPLHQWR)LQDLPHQWHHOFRURQHOLQWHU
YLQRFRQYR]JUDYH

6HGDXVWHGFXHQWDGHTXHDOVHFXHVWUDUDXQWHUUHVWUHVHKD
KHFKRPHUHFHGRUGHMXLFLR\FRQGHQDSRUSDUWHGHODVDXWRULGDGHVGH
OD7LHUUD"1RUPDLPHQWHSRU SULQFLSLRVHO,PSHULRSURWHJHDVXV
FLXGDGDQRVHLQVLVWHHQODFHOHEUDFLyQGHXQMXLFLRJDOiFWLFR3HUROD
VLWXDFLyQHQOD7LHUUDHVGHLLFDGD\DPHQRVTXHXVWHGUHVSRQGD
VDWLVIDFWRULDPHQWHDPLVSUHJXQWDVPHYHUpIRU]DGRDHQWUHJDUOHVD
XVWHG\DVXVFRPSDxHURVDODVDXWRULGDGHVORFDOHV
3HURHVRVHUtDXQDVHQWHQFLDGHPXHUWH7DPELpQSDUDXVWHG
&RURQHOVR\FLXGDGDQRGHO,PSHULR\H[LMRTXHPHUHFLEDHOSUR
8Q]XPEDGRUGHOHVFULWRULRGHOFRURQHOOHLQWHUUXPSLy(OPLLLWDU
VHYROYLyKDFLDHODSDUDWR\DSUHWyXQERWyQ
6t"

6HxRU/DYR]VHRtDFRQFODULGDG8QJUXSRGHQDWLYRVKD
URGHDGRHOIXHUWH6HFUHHTXHYDQDUPDGRV
+DKDELGRDFWRVYLROHQWRV"
1RVHxRU

1RKDEtDPXHVWUDVGHHPRFLyQHQHOVHPEODQWHGHOFRURQHO

(VWDGR GHDOHUWDSDUDODDUWLOLHUtD\ODDYLDFLyQ7RGRVORVKRP
EUHVHQSRVLFLyQGHFRPEDWH4XHQRGLVSDUHQDGLHVLQRHVSRUPR

WLYRVGHIHQVLYRV(QWHQGLGR"

atVHxRU8QWHUUHVWUHFRQEDQGHUDGHSD]SLGHDXGLHQFLD

0iQGHPHOR<TXHYHQJDRWUDYH]HOVHFUHWDULRGHOSULPHUPL
QLVWUR
(OFRURQHOPLUyIQDPHQWHDODUTXHyORJR

&RQItRHQTXHFRPSUHQGDODLQFUHtEOHQDWXUDOH]DGHVXVDFWRV

([LMRHVWDUSUHVHQWHHQODHQWUHYLVWDH[FODPy$UYDUGDQDO
ERUGHGHODLQFRKHUHQFLDGDGDVXIXULD<H[LMRWDPELpQVDEHUHO
PRWLYRGHTXHKD\DWHQLGRTXHSXGULUPHGXUDQWHVHLVKRUDVEDMR
YLJLLDQFLDPLHQWUDVXVWHGFRQYHUVDEDDSXHUWDFHUUDGDFRQXQWUDLGRU
QDWLYR
(VWiIRUPXODQGRDFXVDFLRQHVFDEDOLHUR"LQTXLULyHOFRUR
QHO\WDPELpQVXWRQRLEDHQDXPHQWR

1RVHxRU3HURYR\DUHFRUGDUOHTXHVHUiUHVSRQVDEOHGHVXV
DFWRVDSDUWLUGHDKRUD\TXHSRGULDVHUIDPRVRHQHOIXWXURFRPRHO
KRPEUHTXHDQLTXLLyDVXSXHEOR


&XHQWRaSDUDOHLRa
6LLHQFLR(QFXD
LTXLHUFDVRQRVR\UHVSRQVDEOHDQWHXVWHG $
SDUWLUGHDKRUDODVFRVDVVHKDUiQFRPR\RGHFLGD+DHQWHQGLGR"

(OVHFUHWDULRHQWUySRUODSXHUWDTXHPDQWHQtDDELHUWDXQVRO
GDGR(QVXVLDELRVHQURMHFLGRVHKLQFKDGRVDVRPDEDXQDIQDVRQ
ULVD,QF)LLQyODFDEH]DDQWHHOFRURQHO\DSDUHQWHPHQWH QRGLRPXHV
WUDDLJXQDGHFRQRFHULDSUHVHQFLDGH$UYDUGDQ
&DEDOLHURGLMRHOFRURQHODOWHUUHVWUHKHFRPXQLFDGRDO
SULPHUPLQLVWURORVGHWDOLHVGHVXSUHVHQFLDDTXt\FyPRVHSURGXMH
URQORVKHFKRV6XGHWHQFLyQHVSRUVXSXHVWRWRWDLPHQWHHK
DQRUPDO\WHQJRODLQWHQFLyQGHGHMDUOHHQOLEHUWDGHQFXDQWRSXHGD
6LQHPEDUJRKD\DTXWXQFDEDOOHURTXHFRPR\DGHEHVDEHUXVWHG
KDIRUPXLDGRXQDDFXVDFLyQPX\JUDYHFRQWUDXVWHGXQDDFXVDFLyQ
TXHGDGDVLDVFLUFXQVWDQFLDVGHEHPRVLQYHVWLJDU
&RPSUHQGRFRURQHOGLMRWUDQTXLODPHQWHHOVHFUHWDULR
3HURFRPR\DOHKHH[SLLFDGRHVWHKRPEUHVyOROLHYDHQOD7LHUUD
FUHRWUHVRFXDWURGtDV\VXVFRQRFLPLHQWRVVREUHQXHVWUDSROtWLFD
LQWHUQDVRQQXORV6HWUDKGHXQDEDVHIUDQFDPHQWHIUiJLOSDUDKDFHU
FXDOTXLHUFLDVHGHDFXVDFLyQ
1RVR\HO~QLFRTXHIRUPXLDHVDDFXVDFLyQUHSOLFyFRQHQRMR

$UYDUGDQ

(OVHFUHWDULRQRPLUyDLDUTXHyORJRQLHQHVHPRPHQWRQLGHV
SXpV(VWDEDKDEODQGRH[FOXVLYDPHQWHFRQHOFRURQHO

8QFLHQWLILFRORFDLHVWiLQYROXFUDGRHQHVWRXQFLHQEILFRTXH
SRUHVWDUDFHUFiQGRVHDORVVHVHQWDDxRVQRUPDOHVGHYLGDSDGHFH
GHLLULRVGHSHUVHFXFLyQ<HORWURHVXQLQGLYLGXRGHDQWHFHGHQWHV
GHVFRQRFLGRV\XQKLVWRULDOGHLPEHFLLLGDG
$UYDUGDQVHSXVRHQSLHGHXQEULQFR
([LMRVHUHVFXFKDGR

6LpQWHVHGLMRHOFRURQHOFRQIULDOGDG\KRVWLOLGDG6HKD
QHJDGRDGLVFXWLUHODVXQWRFRQPLJR/DQHJDWLYDVLJXHVLHQGRYi
OLGD4XHWUDLJDQDOKRPEUHTXHOOHYDEDQGHUDGHSD]

6HWUDWDEDGHRWURPLHPEURGHOD6RFLHGDGGH$QWLJXRV7DQVyOR
HODOHWHRGHXQRGHVXVSiUSDGRVUHYHOyHPRFLyQSRUVXSDUWHDOYHUDO
VHFUHWDULR(OFRURQHOVHOHYDQWy
(VSRUWDYR]GHORVKRPEUHVTXHHVWiQDKLDIXHUD"SUHJXQWy
6tVHxRU

6XSRQJRHQWRQFHVTXHHVWDUHXQLyQWXPXLWXRVDHLOHJDOVHEDVD
HQODH[LJHQFLDGHUHFREUDUDVXFRPSDWULRWD
6LVHxRU'HEHTXHGDUHQOLEHUWDGLQPHGLDWDPHQWH

3RUVXSXHVWR1RREVWDQWHHQLQWHUpVGHODOH\\HORUGHQ\SRU
HOGHELGRUHVSHWRDORVUHSUHVHQWDQWHVGH6X0DMHVWDG,PSHULDOHQ
HVWHSODQHWDHO DVXQWRQRSXHGHGLVFXWLUVHPLHQWUDVKD\DKRPEUHV
DUPDGRVFRQJUHJDGRV\VXEOHYDGRVFRQWUDQRVRWURV'HEHRUGHQDUD
ORVVX\RVTXHVHGLVSHUVHQ
(OVHFUHWDULRLQWHUYLQRDIDEOHPHQWH

(OFRURQHOWLHQHWRGDODUD]yQKHUPDQR&RUL3RUIDYRUFDOPD
ODVLWXDFLyQ$TXtHVWR\SHUIHFWDPHQWHVHJXUR\QRKD\ULHVJRV
SDUDQDGLH&RPSUHQGHV"3DUDQDGLH'R\PLSDODEUDGH$QWL
JXR
0X\ELHQKHUPDQR0HDOHJUDTXHHVWpVDVDOYR
/RFRQGXMHURQDIXHUD

1RVRFXSDUHPRVGHTXHVDOJDGHDTXtVLQSUREOHPDVHQFXDQWR
ODVLWXDFLyQGHODFLXGDGUHFREUHODQRUPDOLGDGGLMREUHYHPHQWHHO

FRURQHO

$UYDUGDQHVWDEDHQSLHRWUDYH]

/RSURKtER9DDGHMDUVXHOWRDOIXWXURDVHVLQRGHODUD]D
KXPDQD([LMRXQDHQWUHYLVWDFRQHOSURFXUDGRUGHDFXHUGRFRQPLV
GHUHFKRVFRQVWLWXFLRQDOHVFRPRFLXGDGDQRJDOiFWLFR<HQHOSDUR
[LVPRGHODIUXVWUDFLyQDQDGLy9DDPRVWUDUPiVFRQVLGHUDFLyQD
XQSHUURWHUUHVWUHTXHDPt"
/DYR]GHOVHFUHWDULRVHDO]ySRUHQFLPDGHHVD~OWLPDIUDVHFDVL
LQFRKHUHQWHGHLUD

&RURQHOFRQJXVWRPHTXHGDUpDTXtKDVWDTXHPLFDVRVHD
DWHQGLGRSRUHOSURFXUDGRUVLHVRHVORTXHGHVHDHVWHKRPEUH8QD
DFXVDFLyQGHDOWDWUDLFLyQHVJUDYH\ODVVRVSHFKDVSRUPX\H[DJHUD
GDVTXHVHDQSRGUtDQEDVWDUSDUDTXH\RGHMDUDGHVHU~WLODPL
SXHEOR$JUDGHFHUtDHQRUPHPHQWHODRSRUWXQLGDGGHSUREDUDQWHHO
SURFXUDGRUTXHQDGLHFRPR\RHVWDQOHDODO,PSHULR

$GPLURVXVVHQWLPLHQWRVFDEDOOHURGLMRPX\HUJXLGRHOFR
URQHOYQRWHQSRLQFRQYHQLHQWHHQDGPLWLUTXHPLDFWLWXGGHHVWDU
\RHQVXLXJDUVHQDPX\ GLVWLQWD7UDWDUpGHFRPXQLFDUFRQHOSUR
FXUDGRU
$UYDUGDQQRGLMRQDGDKDVWDTXHYROYLHURQDOOHYDUORDODFHOGD

(YLWyODVPLUDGDVGHORVRWURV'XUDQWHODUJRWLHPSRSHUPDQHFLy
VHQWDGRHLQPyYLOFRQXQQXGLOORDWUDSDGRHQWUHVXVLQTXLHWRVGLHQ
WHV
)LQDOPHQWHLQWHQULQR6KHNW
<ELHQ"

$UYDUGDQVDFXGLyODFDEH]D

&DVLORKHHFKDGRWRGRDSHUGHU
4XpKDKHFKR"

3HUGHUODSDFLHQFLDRIHQGHUDOFRURQHOQRFRQVHJXLUQDGD
1RVR\GLSORPiWLFR6KHNW
(OIIVLFRHVWDEDGHSLHFRQVXVDUUXJDGDVPDQRVFUX]DGDVDOD
HVSDOGD
<(QQLXV"9DDYHQLU"

6XSRQJRTXHVt3HURDVROLFLWXGGHOVHFUHWDULRFRVDTXHQR

SXHGRFRPSUHQGHU

$VROLFLWXGGHOVHFUHWDULR(QHVHFDVRPXFKRPHWHPRTXH
6FKZDUW]HVWiHQORFLHUWR
&yPR"4XpKDGLFKR6FKZDUW]"

(OUROOL]RWHUUHVWUHVHKDOODEDVHQWDGRHQVXFDWUH6HDL]yGH
KRPEURVHQHOPRPHQWRTXHWRGDVODVPLUDGDVVHGLULJtDQKDFLDpO\
H[WHQGLyODVPDQRVHQXQJHVWRGHLPSRWHQFLD



&DSWpHOFRQWDFWRPHQWDOGHOVHFUHWDULRFXDQGRSDVDEDMXQWRD
QXHVWUDSXHUWDKDFHXQPRPHQWR<DKDEtDVRVWHQLGRXQDODUJD
FRQYHUVDFLyQFRQHVHRILFLDOTXHKDKDEODGRFRQXVWHG
/RVp4XpWLHQHHVRGHHVSHFLDO"

1RKD\SUHRFXSDFLyQRWHPRUHQVXPHQWH6yORRGLR<
DKRUDHVVREUHWRGRRGLRKDFLDQRVRWURVSRUFDSWXUDUOHSRUDUUDV
WUDUOHKDVWDDTXt+HPRVKHULGRVXYDQLGDGKDTXHGDGRPDO3UH
WHQGHGHVTXLWDUVH+HYLVWRHQVXPHQWHEUHYHVLPiJHQHVGHORV
VXHxRVTXHDOLPHQWD'HpOPLVPRVLQD\XGDHYLWDQGRTXHODJDOD[LD
KDJDDOJRSDUDIUHQDUOHLQFOXVRFXDQGRQRVRWURVFRQORTXHVDEHPRV
DFWXDPRVFRQWUDpO(OVHFUHWDULRHVWiGiQGRQRVRSRUWXQLGDGHV\
OXHJRQRVDSODVWDUiGHWRGDVPDQHUDV\WULXQIDUiVREUHQRVRWURV
3UHWHQGHGHFLUTXHYDQDSRQHUHQSHOLJURVXVSODQHVVXV
VXHxRVLPSHULDOHVSDUDWRPDUVHXQDPLVHUDEOHYHQJDQ]D"(VRHVGH
ORFRV

/RVpGLMR6FKZDUW]HQWRQRFDWHJyULFR(OVHFUHWDULRHVWi
ORFR
<SLHQVDpOTXHWULXQIDUi"
([DFWR

(QHVHFDVROHQHFHVLWDPRV6FKZDUW]1HFHVLWDPRVVXFHUHEUR
(VF~FKHPH
3HUR6KHNWHVWDEDPHQHDQGRODFDEH]D

1R$UYDUGDQHVRQRUHVXOWDUtD'HVSHUWpD6FKZDUW]FXDQGR
XVWHGVHIXH\KHPRVGLVFXWLGRHODVXQWR6XVIDFXOWDGHVPHQWDOHV
TXHpOVyORSXHGHGHVFULELUYDJDPHQWHQRHVWiQEDMRXQFRQWURO
SHUIHFWRGHHVRQRKD\GXGD(VFDSD]GHDWRQWDUDXQKRPEUH
SDUDOL]DUORGRPLQDUORVP~VFXORVYROXQWDULRVGHPD\RUWDPDxRLQ
FOXVRHQFRQWUDGHODYROXQWDGGHODYtFWLPDSHURDKLWHUPLQDWRGR

(QHOFDVRGHOVHFUHWDULR 6FKZDUW]QRORJUyKDFHUOHKDEODU/RV
SHTXHxRVP~VFXORVGHODVFXHUGDVYRFDOHVVXSHUDQVXFDSDFLGDG
7DPSRFRIXHFDSD]GHFRRUGLQDUORVPRYLPLHQWRVSDUDTXHHOFDQDOOD
FRQGXMHUDHOFRFKH\PLHQWUDVHVWXYRDQGDQGRWXYRGLILFXOWDGHVSDUD
PDQWHQHUORHQHTXLOLEULR(QFRQVHFXHQFLDHVREYLRTXHQRSRGUtD
PRVFRQWURODUD(QQLXVSRUHMHPSORKDVWDHOSXQWRGHREOLJDUOHD
FXUVDURUHGDFWDUXQDRUGHQ+HSHQVDGRHQHVRVDEH"
6KHNWVDFXGLyODFDEH]DPLHQWUDVVXYR]VHDSDJDED

$UYDUGDQVLQWLyTXHODDQJXVWLDGHODIXWLOLGDGOHVREUHFRJtD
'yQGHHVWi3ROD"

'XUPLHQGRHQODRWUDKDELWDFLyQ

+DEUtDDQVLDGRLUDGHVSHUWDUOD$QVLDGRRKKDEUtDDQVLDGR
WDQWDVFRVDV
$UYDUGDQPLUyVXUHORM6yORTXHGDEDQWUHLQWDKRUDV
(OSOD]RTXHFXPSOLy

$UYDUGDQPLUyVXUHORM6yORTXHGDEDQVHLVKRUDV

0LUyDOUHGHGRUGHXQPRGRQHEXORVR\VLQHVSHUDUQDGD7RGRV
HVWDEDQDOOtLQFOXVRHOSURFXUDGRUSRUILQ3RODVHKDOODEDMXQWRD
pOFRQVXVGHGRVFiOLGRV\ILQRVHQODPXxHFDGHODUTXHyORJR\
DTXHOODH[SUHVLyQGHPLHGR\DJRWDPLHQWRTXHHQIXUHFtDD$UYDUGDQ
PiVTXHFXDOTXLHURWUDFRVDKDVWDHOSXQWRGHRGLDUWRGDODJDOD[LD
4XL]iWRGRVPHUHFtDQODPXHUWHDTXHOORVHVW~SLGRVHVW~SLGRV
HVW~SLGRV

$SHQDVYHtDD6KHNW\6FKZDUW]/RVGRVHVWDEDQVHQWDGRVDVX
L]TXLHUGD<DOOtHVWDEDWDPELpQHOVHFUHWDULRFRQORVODELRVD~Q
KLQFKDGRV\XQDPHMLOODFRQPDJXOODGXUDVGHFRORUHQIHUPL]RGHEtD
GHGROHUOHKRUULEOHPHQWHFXDQGRKDEODED<ORVODELRVGH$UYDU
GDQXQDVRQULVDEUXWDODOSHQVDUHQHOOR\VXVPDQRVVHFHUUDURQ\UH
WRUFLHURQ
'HODQWHGHOJUXSRVHKDOODED(QQLXVFHxXGRLQVHJXURDWDYLDGR
FRQDTXHOODURSDSHVDGDGHIRUPHLPSUHJQDGDGHSORPR

7DPELpQpOHUDXQHVW~SLGR$UYDUGDQQRWyTXHXQHVWUHPHFL
PLHQWRGHRGLRUHFRUUtDVXFXHUSRDOSHQVDUHQDTXHOORVJREHUQDQWHV
JDOiFWLFRVTXHVyORGHVHDEDQSD]\WUDQTXLOLGDG'yQGHHVWDEDQORV
FRQTXLVWDGRUHVGHKDFtDWUHVVLJORV"'yQGH"
4XHGDEDQVHLVKRUDV

(QQLXVKDEtDUHFLELGRODOODPDGDGHODJXDUQLFLyQGH&KLFDGLHFLR
FKRKRUDVDQWHV\UHFRUULyPHGLRSODQHWDGHVSXpVGHVDEHUTXHVH
UHTXHUtDVXSUHVHQFLD/RVPRWLYRVTXHOHLQGXMHURQDHOORHUDQRVFX
URV(QHVHQFLDKDEtDSHQVDGRpOQDGDLPSRUWDQWHKDEtDHQHO
DVXQWRDSDUWHGHOVHFXHVWURODPHQWDEOHGHXQDGHODVFXULRVLGDGHa
YHVWLGDVGHYHUGHGHDTXHOSODQHWDVXSHUVWLFLRVR\REVHVLRQDGRSRU
ORVGXHQGHV(VR\ODVDFXVDFLRQHVYDJDV\QRGRFXPHQWDGDV1DGD
TXHHOFRURQHOQRSXGLHUDDERUGDUVREUHHOWHUUHQR
<VLQHPEDUJRHVWDEDQVXVSUHVDJLRVGHUHEHOLyQWHUUHVWUH\
HVWDED6KHNW6KHNWLPSOLFDGRHQHODVXQWR

(QHVHPRPHQWRHVWDEDVHQWDGRDQWHHOORVPHGLWDQWHFRQVFLHQWH
SRUFRPSOHWRGHTXHVXGHFLVLyQHQHOFDVRSRGtDSUHFLSLWDUODUH
YXHOWDTXL]iGHELOLWDUVXSRVLFLyQHQODFRUWHDQXODUVXVSRVLELOLGDGHV
GHPHMRUD (QFXDQWRDOODUJRGLVFXUVRGH$UYDUGDQVREUHDPHQD
]DVHQIRUPDGHYLUXV\HSLGHPLDVGHVHQIUHQDGDVKDVWDTXpSXQWR
GHEtDFRQVLGHUDUORHQVHULR"$OILQ\DOFDERVLWRPDEDPHGLGDV
EDViQGRVHHQHVRVGDWRVFXiQFUHtEOHSDUHFHUtDHODVXQWRDVXVVX
SHULRUHV"
<SRUWRGRHOORSRVSXVRHOSUREOHPDHQVXPHQWHHLQWHUURJyDO
VHFUHWDULR
6HJXUDPHQWHWHQGUiXVWHGDOJRTXHGHFLUDOUHVSHFWR

6RUSUHQGHQWHPHQWHSRFRUHSXVRHOVHFUHWDULRFRQHQRUPH
FRQILDQ]D7DQVyORSUHJXQWDUTXpSUXHEDVWLHQHHVHKRPEUH

6XH[FHOHQFLDGLMR$UYDUGDQRIHQGLGR\DOHKHGLFKRTXH
HVHKRPEUHORFRQIHVyFRQWRGRGHWDOOHDQWHD\HUFXDQGRHVWXYLPRV
GHWHQLGRV

7DOYH]GHFLGDXVWHGGDUFUpGLWRDHVDVSDODEUDVVXH[FHOHQFLD
UHVSRQGLyHOVHFUHWDULRSHURVHWUDWDVLPSOHPHQWHGHRWUDDILU
PDFLyQVLQIXQGDPHQWR(QUHDOLGDGORV~QLFRVKHFKRVTXHGLYHUVRV
REVHUYDGRUHVQHXWUDOHVSRGUiQFRQILUPDUVRQTXH\RIXLOD~QLFD
SHUVRQDKHFKDSULVLRQHUDSRUODIXHU]DQRHOORVTXHIXHPLYLGDOD
TXHHVWXYRHQSHOLJURQRODGHHOORV$KRUDPHJXVWDUtDTXHPL
DFXVDGRUH[SOLFDUDFyPRKDSRGLGRDYHULJXDUWRGRHVWRHQODPHGLD
VHPDQDTXHOOHYDHQHOSODQHWDFXDQGRXVWHGSURFXUDGRUHQDxRVGH
VHUYLFLRQRKDGHVFXELHUWRQDGDHQPLFRQWUD
+D\OyJLFDHQORTXHGLFHHOKHUPDQRDGPLWLy OHQWDPHQWH(Q
QLXV&yPRKDSRGLGRHQWHUDUVH"

$QWHVGHODFRQIHVLyQGHODFXVDGRIXLLQIRUPDGRGHODFRQVSLUD
FLyQSRUHOGRFWRU6KHNWGLMRJUDYHPHQWH$UYDUGDQ

(VFLHUWRGRFWRU6KHNW"<FRPRVHHQWHUyXVWHG"
/DPLUDGDGHOSURFXUDGRUVHGHVYLyKDFLDHOItVLFR

(OGRFWRU$UYDUGDQGLMRHODOXGLGRKDVLGRDGPLUDEOHPHQ
WHPLQXFLRVR\SUHFLVRHQVXGHVFULSFLyQGHOXVRTXHVHGLRDOVLQDSVL
ILFDGRU\DOUHIHULUVHDODVGHFODUDFLRQHVKHFKDVHQHOOHFKRPRUWXRULR
SRUHOEDFWHULyORJR)6PLWNR
3HURGRFWRU6KHNWODV~OWLPDVGHFODUDFLRQHVGHXQKRPEUHTXH
GHOLUDQRWLHQHQH[FHVLYRSHVR1RWLHQHRWUDSUXHED"
$UYDUGDQLQWHUUXPSLyODFRQYHUVDFLyQGHMDQGRFDHUVXSXxRVR
EUHHOEUD]RGHOVLOOyQ

(VHVWRXQWULEXQDOGHMXVWLFLD"EUDPy+D\DOJXLHQDFX
VDGRGHYLRODUODVQRUPDVGHWUiILFR"1RWHQHPRVWLHPSRSDUDVRSH
VDUODHYLGHQFLD6HORDVHJXURWHQHPRVKDVWDODVVHLVGHODPDxDQD

FLQFRKRUDV\PHGLDSDUDDQXODUHVWDHQRUPHDPHQD]D8VWHGFRQR
FLyHOGRFWRU6KHNWDQWHULRUPHQWH2SLQDGH pOTXHHVXQPHQWLURVR"
(OVHFUHWDULRLQWHUYLQRDOLQVWDQWH

1DGLHDFXVDDOGRFWRU6KHNWGHPHQWLUGHOLEHUDGDPHQWHVX
H[FHOHQFLD/RTXHRFXUUHHVTXHHOEXHQGRFWRUHVWiPX\SUHRFX
SDGR~OWLPDPHQWHSRUODSUR[LPLGDGGHVXVH[DJpVLPRFXPSOHDxRV
0XFKRPHWHPRTXHXQDPH]FODGHHGDG\PLHGROHKDSURYRFDGROL
JHUDVWHQGHQFLDVSDUDQRLFDVEDVWDQWHFRPXQHVHQOD7LHUUD1RKD
QRWDGRDOJ~QFDPELRHQHOGRFWRUHQORV~OWLPRVPHVHV"
(QQLXVKDEtDREVHUYDGRXQFDPELRGHVGHOXHJR3RUODVHVWUHOODV
TXpLEDDKDFHU"
3HURODYR]GH6KHNWIXHVRVHJDGDWRWDOPHQWHQRUPDO

3RGUtDGHFLUTXHGXUDQWHHO~OWLPRPHGLRDxRKHHVWDGREDMROD
YLJLODQFLDFRQWLQXDGHORV$QWLJXRVH[SXVRHOIIVLFRTXHODVFDU
WDVTXHXVWHGPHHQYLIXHURQDELHUWDVTXHPLVUHVSXHVWDVDXVWHG
IXHURQVRPHWLGDVDODFHQVXUDSHURHVREYLRTXHWDOHVTXHMDVVH
DWULEXLUtDQDODSDUDQRLD\DPHQFLRQDGD1RREVWDQWHWHQJRDTXtD
-RVHSK6FKZDUW]HOKRPEUHTXHVHVRPHWLyYROXQWDULDPHQWHDOVLQDS
VLILFDGRUXQGtDGHOSDVDGRRWRxRHOGtDTXHXVWHGPHYLVLWyHQHO
LQVWLWXWR
/RUHFXHUGR+DEtDXQVHQWLPLHQWRGpELOGHJUDWLWXGHQOD
PHQWHGH(QQLXVSRUHOFDPELRPRPHQWiQHRGHWHPD(VHVH
KRPEUH"
6tGLMR6KHNW(OWUDWDPLHQWRFRQHOVLQDSVLILFDGRUIXHXQ

p[LWRVLQSUHFHGHQWHV\DTXHpOSRVHtDXQDPHPRULDIRWRJUiILFD
GHWDOOHTXHKHDYHULJXDGRQRKDFHPXFKR(QFXDOTXLHUFDVR
6FKZDUW]SRVHHHQODDFWXDOLGDGXQFHUHEURVHQVLEOHDORVSHQVDPLHQ
WRVGHRWUDVSHUVRQDV
<(QQLXVVHLQFOLQyKDFLDGHODQWHHQVXVLOODPXFKRPiVGHORTXH
\DHVWDED
&yPR"H[FODPyFRQVXPDSHUSOHMLGDG(VWiGLFLpQGRPH
TXHHVHKRPEUHOHHORVSHQVDPLHQWRV"

3XHGHGHPRVWUDUVHVXH[FHOHQFLD3HURFUHRTXHHOKHUPDQR
UDWLILFDUiPLDILUPDFLyQ

(OVHFUHWDULRODQ]yXQDIXJD]PLUDGDGHRGLRD6FKZDUW]XQD
PLUDGDDEUDVDGRUDSRUVXLQWHQVLGDG\WDQYHOR]FRPRXQUD\RSRUE
SRFRTXHWDUGyHQHVIXPDUVH

(VPX\FLHUWRVXH[FHOHQFLDGLMRFRQXQWHPEORUSUiFWLFD
PHQWHLPSHUFHSWLEOHHQVXYR](OKRPEUHTXHHOORVKDQWUDtGR
DTXtSRVHHFLHUWDVIDFXOWDGHVKLSQyWLFDVDXQTXHQRVpVLHOORVHGHEH
RQRDOVLQDSVLILFDGRU3RGUtDDxDGLUTXHHOVRPHWLPLHQWRGHHVWH
KRPEUHDOVLQDSVLILFDGRUQRFRQVWDHQGRFXPHQWRDOJXQRGHWDOOHTXH
XVWHGDGPLWLUiHVPX\VRVSHFKRVR
1RFRQVWDHQQLQJ~QGRFXPHQWRUHSXVR6KHNWVLQDOWHUDUVH
GHDFXHUGRFRQODVQRUPDVHVWDEOHFLGDVSRUHOSULPHUPLQLVWUR
3HURHOVHFUHWDULRVHOLPLWyDHQFRJHUVHGHKRPEURV

4XpPHGLFHGH6FKZDUW]"LQTXLULyDXWRULWDULDPHQWH(Q
QLXV4XpUHODFLyQWLHQHQFRQHOFDVRVXVIDFXOWDGHVSDUDOHHU
SHQVDPLHQWRVVXVWDOHQWRVKLSQyWLFRVRORTXHVHD"

6KHNWSUHWHQGHGHFLUTXH6FKZDUW]HVFDSD]GHOHHUPLVSHQVD
PLHQWRVLQWHUYLQRHOVHFUHWDULR
(VFLHUWR"%LHQ\TXpHVWiSHQVDQGRpO"SUHJXQWyHO
SURFXUDGRUGLULJLpQGRVHD6FKZDUW]SRUSULPHUDYH]

(VWiSHQVDQGRTXHQRWHQHPRVIRUPDDOJXQDGHFRQYHQFHUOH
SDUDTXHGHILHQGDQXHVWUDSRVWXUDGLMR6FKZDUW]

0X\FLHUWRVHPRIyHOVHFUHWDULRDXQTXHHVDGHGXFFLyQQR
UHTXLHUHDSHQDVHVIXHU]RPHQWDO

<DGHPiVSURVLJXLy6FKZDUW]HVWiSHQVDQGRTXHXVWHG HV
XQSREUHLPEpFLOTXHWHPHDFWXDUTXHVyORDQVtDSD]TXHHVSHUD
JUDQMHDUVHODDPLVWDGGHORVWHUUHVWUHVJUDFLDVDVXWDODQWHMXVWRH
LPSDUFLDO\TXHHVWDQWRPiVQHFLRSRUFRQILDUHQHVR

(OVHFUHWDULRVHUXERUL]y

1LHJRHVDVDILUPDFLRQHV

3HUR(QQLXVUHVWyLPSRUWDQFLDDODVXQWR

<TXpHVWR\SHQVDQGR\R"OHSUHJXQWyD6FKZDUW]

4XHDXQVXSRQLHQGRTXH\RSXGLHUDYHUFRQFODULGDGHOLQWHULRU
GHODPHQWHGHXQKRPEUHUHSOLFy6FKZDUW]QRHVIRU]RVRTXH
GLJDODYHUGDGVREUHORTXHYHR
/DVFHMDVGHOSURFXUDGRUVHDUTXHDURQHQJHVWRGHVRUSUHVD

7LHQHUD]yQPXFKDUD]yQ&RQILUPDODYHUDFLGDGGHODV
GHFODUDFLRQHVHIHFWXDGDVSRUORVGRFWRUHV$UYDUGDQ\6KHNW"
+DVWDOD~OWLPDSDODEUD

+XP6LQHPEDUJRVHUtDSUHFLVRHQFRQWUDUDRWURKRPEUH
OO
FRPRXVWHGDOJXHQTXHQRHVWXYLHUDLQYROXFUDGRHQHODVXQWR'HOR
FRQWUDULRHVWDSUXHEDQRVHQ
DYiOLGDOHJDOPHQWHLQFOXVRVXSRQLHQGR
TXHVXVIDFXOWDGHVWHOHSiWLFDVIXHUDQDFHSWDGDVPD\RULWDULDPHQWH
3HURVLQRVHWUDWDGHXQSUREOHPDOHJDLH[FODPy$UYDU
GDQ6HWUDWDGHODVHJXULGDGGHODJDOD[LD

6XH[FHOHQFLD\HOVHFUHWDULRVHSXVRHQSLHWHQJRTXH
KDFHUXQDREVHUYDFLyQ0HJXVWDUtDTXHHVWHKRPEUH-RVHSK
6FKZDUW]VDOLHUDGHODKDELWDFLyQ
3RUTXpPRWLYR"

(VWHLQGLYLGXR DGHPiVGHOHHUORVSHQVDPLHQWRVSRVHHFLHUWDV
IDFXOWDGHVSDUDFRQWURODUODPHQWH)XLFDSWXUDGRJUDFLDVDXQDSDUi
OLVLVSURYRFDGDSRUHVWHKRPEUH0XFKRPHWHPRTXHSXHGDLQWHQWDU
DOJRVLPLODUDKRUDPLVPRFRQWUDPtRLQFOXVRFRQWUDXVWHGVXH[FH
OHQDD
$UYDUGDQVHSXVRHQSLHSHURHOVHFUHWDULRJULWyPiVTXHpO

1LQJ~QMXLFLRSXHGHVHUMXVWRVLVHKD/LLDSUHVHQWHXQKRPEUH
FDSD]GHLQIOXLUSRUPHGLRVVXWLOHVPHGLDQWHIDFXOWDGHVPHQWDOHV
UHFRQRFLGDVODRSLQLyQGHOMXH]

(QQLXVWRPyFRQUDSLGH] VXGHFLVLyQ(QWUyXQRUGHQDQ]D\-R
VHSK6FKZDUW]VDOLyGHODVDODVLQRIUHFHUUHVLVWHQFLDVLQUHIOHMDUOD
PiVOLJHUDPXHVWUDGHSUHRFXSDFLyQHQVXLQH[SUHVLYRVHPEODQWH

$UYDUGDQSHQVyTXHHUDHOJROSHGHILQLWLYR

(QFXDQWRDOVHFUHWDULRVHOHYDQWy\SHUPDQHFLyLQPyYLOXQPR
PHQWRXQSHUVRQDMHDOWR\WpWULFRYHVWLGRGHYHUGHLPSUHVLRQDQWH
GDGDVXFRQILDQ]D(PSH]yDKDEODUFRQHVWLORIRUPDOPX\VHULR

6XH[FHOHQFLDODVRSLQLRQHV\GHFODUDFLRQHVGHOGRFWRU$UYDU
GDQVHEDVDQSRUFRPSOHWRHQ HOWHVWLPRQLRGHOGRFWRU6KHNW$VX
YH]ODVRSLQLRQHVGHOGRFWRU6KHNWVHEDVDQHQORVGHOLULRVGHDJRQtD
GHXQKRPEUH<WRGRHVWRVXH[FHOHQFLDWRGRHVWRWXYROXJDU
GHVSXpVGHTXH-RVHSK6FKZDUW]IXHUDVRPHWLGRDWUDWDPLHQWRFRQHO
VLQDSVLILFDGRU
4XLpQHVSXHV-RVHSK6FKZDUW]"+DVWDTXHpODSDUHFLyHQ
HVFHQDHOGRFWRU6KHNWHUDXQKRPEUHQRUPDO\VLQSUREOHPDV8V
WHGPLVPRVXH[FHOHQFLDSDVyXQDWDUGHFRQpOHOGtDTXH6FKZDUW]
IXHVRPHWLGRDWUDWDPLHQWR(UDDQRUPDOHQWRQFHV"/HLQIRUPy
HQWRQFHVGHXQDWUDLFLyQTXHLEDDFRPHWHUVHFRQWUDHO,PSHULR"/H
SDUHFLySUHRFXSDGRUHFHORVR"(OGRFWRU6KHNWDILUPDDKRUDTXH
UHFLELyLQVWUXFFLRQHVGHOSULPHUPLQLVWURSDUDIDOVLILFDUORVUHVXOWDGRV
GHORVH[SHULPHQWRVFRQHOVLQDSVLILFDGRU/HLQIRUPyGHH/ORHQWRQ
FHV"2VRODPHQWHOHLQIRUPDDKRUDGHVSXpVGHOGtDGHODDSDULFLyQ
GH6FKZDUW]"

5HSLWRTXLpQHV-RVHSK6FKZDUW]"1RKDEODEDXQLGLRPDFR
QRFLGRFXDQGRDSDUHFLyHQHVFHQD7RGRHOORORDYHULJXDPRVQRVR
WURVPLVPRVSRVWHULRUPHQWH HQFXDQWRHPSH]DPRVDVRVSHFKDUGHOD
HVWDELOLGDGPHQWDOGHOGRFWRU6KHNW6FKZDUW]LEDDFRPSDxDGRSRU
XQFDPSHVLQRTXHQRWHQtDGDWRDOJXQRVREUHVXLGHQWLGDGTXHQR
VDEtDQDGDVREUHVXVDFWRV1DGDVHKDGHVFXELHUWRGHVGHHQWRQFHV

6LQHPEDUJRHVWHKRPEUHSRVHHH[WUDxRVSRGHUHVPHQWDOHV(V
FDSD]GHGHUULEDUDXQKRPEUHDFLHQPHWURVGHGLVWDQFLDVLPSOH
PHQWHSHQViQGROR<RPLVPRTXHGpSDUDOL]DGRSRUpO0DQLSXOyPLV
EUD]RV\PLVSLHUQDV3RGUtDKDEHUPDQLSXODGRPLPHQWHVLORKXELHUD
GHVHDGR

&UHRVLQHPEDUJRTXH6FKZDUW]PDQLSXOyORVSHQVDPLHQWRVGH
,RVDTXtSUHVHQWHV(/ORVDILUPDQTXH\RORVGHWXYHTXHORVDPHQDFp
FRQODPXHUWHTXHPHFRQIHVpFXOSDEOHGHDOWDWUDLFLyQ\TXHDPEL
FLRQDEDHO,PSHULR3HURIRUP~OHOHVXQDSUHJXQWDVXH[FHOHQFLD
1RKDQHVWDGRH/ORVWRWDOPHQWHH[SXHVWRVDODLQIOXHQFLDGH6FKZDUW]
HVGHFLUDODLQIOXHQFLDGHXQKRPEUHFDSD]GHFRQWURODUVXVPHQWHV"
1RVHUi6FKZDUW]HOWUDLGRU"'HORFRQWUDULRTXLpQHV6FKZDUW]"
(OVHFUHWDULRWRPyDVLHQWRFRQFDOPDFDVLFRQMRYLDOLGDG

$UYDUGDQVHVLQWLyLJXDOTXHVLVXFHUHEURVHKXELHUDFRORFDGRHQ

XQFLFORWUyQ\HVWXYLHUDJLUDQGRKDFLDDIXHUD\GHVFULELHQGRUHYROX
FLRQHVFDGDYH]PiVUiSLGDV4XpUHVSXHVWDSRGtDGDUVH"4XH
6FKZDUW]SURFHGtDGHOSDVDGR"'yQGHHVWDEDQODVSUXHEDV"4XHpO
KDEtDLGHQWLILFDGRXQOHQJXDMHJHQXLQDPHQWHSULPLWLYR"3HUROR
KDEtDKHFKRWHQLHQGRPDQLSXOLDGRVORVSHQVDPLHQWRV"$OILQ\DO
FDERFyPRSRGtDDVHJXUDUTXHQRKDEUWDQPDQLSXODGRVXFHUHEUR"
4XLpQHUD6FKZDUW]"4XpGHWD/OHOHKDEtDFRQYHQFLGRFRQWDQWD
UDSLGH]\VHJXULGDGGHDTXHOLPSUHVLRQDQWHSODQGHFRQTXLVWDJDOiF
WLFD"/DSDODEUDGHXQVRORKRPEUH"8QVROREHVRGHXQDPXMHU"
2ODLQWHUYHQFLyQGH-RVHSK6FKZDUW]"
1RSRGOODSHQVDU1RSRGLDSHQVDU

%LHQFDED/OHURV(QQLXVSDUHFtDLPSDFLHQWH7LHQHDOJR
TXHGHFLUGRFWRU6KHNW"8VWHGGRFWRU$UYDUGDQ"

3HURODYR]GH3RODVHDEULySDVREUXVFDPHQWHHQWUHHOVLOHQFLR

1RYHTXHWRGRHVPHQWLUD"1RYHTXHQRVHVWiLQPRYLOLL
]DQGRFRQVXOHQJXDGHYOL
MERUD"2KWRGRVYDPRVDPRULU\\DQRPH
LPSRUWD3HURSRGUtDPRVLPSHGLUORSRGQDPRVLUQSHGLUOR3HUR
VHJXLPRVVHQWDGRVDTXt\SHUGHUHPRVHOWLHPSRKDEODQGR
<ODMRYHQSURUUXPSLyHQVR/OR]RVLQFRQWHQLEOHV

'HPRGRTXHHVWDPRVVXMHWRVDORVFKLOOLLGRVGHXQDPXMHU
KLVWpULFDGLMRHOVHFUHWDULR6XH[FHNQFLDWHQJRXQDSURSXHVWD
TXHKDFHU0LVDFXVDGRUHVDILUPDQTXHWRGRHVWRHVHVXSXHVWRYLUXV
\FXDOTXLHURWUDFRVDTXHWHQJDQHQPHQWHHVWiSURJUDUQDGRSDUDXQD
KRUDFRQFUHWDODVVHLVGHODPDxDQDFUHR3URSRQJRSHUPDQHFHU
EDMRVXFXVWRGLDGXUDQWHXQDVHPDQD6LORTXHH/ORVGLFHQHVFLHUWR
ODQRWLFLDGHXQDHSLGHPLDHQODJDOD[LD/OHJDUiDOD7LHUUDDOFDERGH
SRFDVKRUDV6LWDOFRVDRFXUUHODVIXHU]DVLPSHULDOOHVVHJXLUiQFRQWUR
ODQGROD7LHUUD
8QEXHQFDPELRFLHUWDPHQWH/D7LHUUDSRUXQDJDOD[LDGH
VHUHVKXPDQRVPDVFX/OyHOSi/LGR6KHNW
9DORURPLYLGD\ODGHORVPtRV6RPRVUHKHQHVSDUDSUREDU
QXHVWUDLQRFHQFLD
(OVHFUHWDULRFUX]yORVEUD]RV

(QQLXVDO]yXQDPLUDGDTXHUHIOHMDEDSUHRFXSDFLyQ
1RHQFXHQWURFXOSDHQHVWHKRPEUH

,=2
O=,
<$UYDUGDQQRSXGRVRSRUWDUORPiV&RQVRVHJDGD\PRUWU
LIHUD
IHURFLGDGVHOHYDQWy\VHDFHUFyUiSLGDPHQWHDOSURFXUDGRU6XV

LQWHQFLRQHVQR/OLHJDURQDVDEHUVHQXQFD3RVWHULRUPHQWHQLpOODV
UHFRUGDUtD(QFXDOTXLHUFDVRHODVXQWRFDUHFtDGHLPSRUWDQFLD(Q
QLXVWHQtDXQOiWLJRQHXUyQLFR\ORXWLOL]y
7RGRVHFRQYLUWLyHQXQD/LLDPDGHGRORUHPSH]yDGDUYXHOWDV\
VHHVIXPyDOUHGHGRUGH$UYDUGDQ
/X]

/X]GLIXVD\VRPEUDVQHEXORVDVTXHVHFRQIXQGUODQ\UHWRUFtDQ\
ILQD/PHQWHKXERFODULGDG
8QURVWUR8QRVRMRVVREUHORVVX\RV

3ROD7RGRVHKL]RQtWLGR\FODURSDUD$UYDUGDQHQXQVROR
LQVWDQWH4XpKRUDHV"

/RVGHGRVGHODUTXHyEJRDSUHWDURQFRQWDQWDIXHU]DODPXxHFD
GHODMRYHQTXHpVWDUHVSLQJyGHIRUPDLQYROXQWDULD
0iVGHODVVLHWHPXVLWyH/ODHOSOD]RVHFXPS/Ly

$UYDUGDQPLUyDOUHGHGRUFRPRXQORFR\VHLQFRUSRUyHQHOFDWUH
GRQGH\DiDVLQSUHRFXSDUVHSRUHODUGRUTXHVHQELLDHQODVDUWLFXOD
FLRQHV6KHNWFRQVXFXHUSRGHOJDGRDFXUUXFDGRHQXQDVLOODOHYDQWy
ODFDEH]D\DVLQWLyEUHYH\WULVWHPHQWH
7RGRKDWHUPLQDGR$UYDUGDQ
'HPRGRTXH(QQLXV

(QQLXVQRTXLVRFRUUHUULHVJRVGLMR6KHNW1RHVH[WUDxR"
/DQ]yXQDFDUFDMDGDUDUDTXHEUDGDEURQFD1RVRWURVWUHVVLQ
D\XGDGHQDGLHGHVFXEULPRVXQDFRQVSLUDFLyQLQPHQVDFRQWUDWD
KXPDQLGDGVLQD\XGDGHQDGLHFDSWXUDPRVDOFDEHFL/LLD\ORHQWUHJD
PRVDODMXVWLFLD(VFRPRXQSURJUDPDWHOHYLVLYRQR"/RVVXSHUKp
URHVLQYHQFLEOHVVHDSUR[LPDQDWLHPSRDODYLFWRULD3HURQDGLHQRV
FUHH(VRQRRFXUUHHQORVWHOHILOPHVYHUGDG"$/OtWRGRWLHQHXQ
ILQDOIH/L]QRHVFLHUWR"&XULRVR
/DVSDODEUDVVHFRQYLUWLHURQHQVROOR]RVURQFRVVLQOiJULPDV

$UYDUGDQGHVYLyODPLUDGDPX\GLVJXVWDGR/RVRMRVGH3ROD
HUDQXQLYHUVRVD]XOHVK~PHGRVUHSOHWRVGHOiJULPDV6LQVDEHU
FyPRHODUTXHyORJRVHSHUGLyXQPRPHQWRHQH'LRV(UDQXQLYHUVRV
ULHQRVGHHVWUH/ODV<KDFLDHVDVHVWUH/ODVFRUUtDQYHOR]PHQWHXQDV
FDSVXOLWDVPHWi/LFDV\UHOXFLHQWHVTXHGHYRUDEDQDxRVOX]DOSHQHWUDU
HQHOKLSHUHVSDFLRFRQVDOWRVWDQFDOFXODGRVFRPRPRUWtIHURV3URQWR
TXL]iV\DKDEUtDVXFHGLGRVHDFHUFDUtDQDORVSODQHWDVDWUDYHVDUtDQ
DWPyVIHUDVHVWD/ODUtDQIRUPDQGRLQYLVLEOHVOOXYLDVGHYLUXVOHWDOHV

%LHQWRGRKDEtDWHUPLQDGR

'yQGHHVWi6FKZDUW]"SUHJXQWyGpELOPHQWH
3HUR3RODVH/LPLWyDPHQHDUODFDEH]D
1RYROYLyDHQWUDUHQODVDOD

/DVGLH]7UHVKRUDVGHVSXpVGHOSOD]R

+DEtDDPELHQWHGHDFWLYLGDGHQHOIXHUWH ULWRVGHORVVROGDGRV
XQDDWPyVIHUDGHWHQVLyQItVLFDILFLOPHQWHSHUFHSWLEOH


(QQLXVVHHQFRQWUDEDHQODSXHUWDHUJXLGRHQMXWRDQVLRVR

6HDEULyODSXHUWD(OSURFXUDGRUKL]RXQDVHxD'LMRDOJR3DUD
$UYDUGDQVXPLGRHQVXVI~WLOHVSHQVDPLHQWRVODVSDODEUDVFDUHiDQ
GHVLJQLILFDGR3HURVLJXLyD(QQLXVLJXDOTXHXQDXWyPDWD

<OOHJDURQDOGHVSDFKRGHOFRPDQGDQWHHQMHIH4XL]iYROYLtDD
UHSHWLUVHODQRFKHDQWHULRU(OVHFUHWDULR WDPELpQVHHQFRQWUDEDDOK
VHPEODQWHVRPEUtRRMRVDEROVDGRV
(QQLXVQRKDEtDGRUPLGRGHVGHKDiDYHLQWLFXDWURKRUDV6HGLUL
JLyDOVHFUHWDULR

&RQRFHXVWHGHOVLJQLILFDGRGHORTXHHVWiSDVDQGRDIXHUD"8Q
JUXSRGHQDWLYRVHVWiFHUFDQGRHOIXHUWHRWUDYH]1RGHVHDPRVWHQHU
TXHDEULUIXHJRFRQWUDHOORV1RSXHGHIUHQDUORV"
%DVWDFRQTXH\RORGHVHHVXH[FHOHQFLD
%LHQHQWDOFDVR

3HURQRORGHVHRVXH[FHOHQFLD<HOVHFUHWDULRVRQULy\
H[WHQGLyXQEUD]R6XYR]HUDGHEXUODIHUR]KDEtDHVWDGRUHSULPLGD
PXFKRWLHPSR\EURWDEDJXVWRVDPHQWH,PEpFLO+DHVSHUDGRGH
PDVLDGR0XHUDSRUHVR2YLYDFRPRXQHVFODYR
/DVDORFDGDVIUDVHVQRSURGXMHURQHIHFWRVGHPROHGRUHVHQ(Q
QLXV3HURVXDVSHFWRO~JXEUHVHLQWHQVLILFy

7DQWRKHSHUGLGRFRQPLVSUHFDXFLRQHV"(ODVXQWRGHOYLUXV
HUDFLHUWR"6XYR]UHIOHMDEDXQDVRPEURDEVWUDFWRFDVLLQGL
IHUHQWH3HUROD7LHUUDXVWHGPLVPRWRGRVVRQPLVUHKHQHV
1DGDGHHVRIXHHOJULWRLQVWDQWiQHRGHYLFWRULD8VWHG\

ORVVXYRVVRQPLUHKHQHV(OYLUXVTXHDKRUDVHSURSDJDSRUHOXQL
YHUVRQRKDGHMDGRLQPXQHDOD7LHUUD6DWXUD\DHQFDQWLGDGVXIL
FLHQWHODDWPyVIHUDGHWRGDVODVJXDUQLFLRQHVGHOSODQHWDLQFOX\HQGR
(YHUHVW/RVWHUUHVWUHVVRPRVLQPXQHVSHURFyPRVHVLHQWHXVWHG
SURFXUDGRU"'pELO"7LHQHUHVHFDODJDUJDQWD")HEULOHQWDODFD
EH]D"1ROHTXHGDPXFKRWLHPSRVDEH"<HODQEGRWRVyORSRGUi
REWHQHUORGHQRVRWURV
'HUHSHQWHVHYROYLy\PLUyIHUR]PHQWHD6KHNW\$UYDUGDQ

%LHQKHUHSUHVHQWDGRDGHFXDGDPHQWHPLSDSHO"+HWULXQ
IDGR"
<SURUUXPSLyHQEUXVFDVFDUFDMDGDV

'HVSDFLRPX\GHVSDFLR(QQLXVDSUHWyHOERWyQGHVXHVFULWRULR
'HVSDFLRPX\GHVSDFLRXQDSXHUWDVHDEULy\-RVHSK6FKZDUW]DOJR
FHxXGRWDPEDOHiQGRVHXQSRFRDFDXVDGHOFDQVDQFLRDSDUHFLyHQHO
XPEUDO'HVSDFLRPX\GHVSDFLRHOWHUUHVWUHHQWUyHQHOGHVSDFKR
/DULVDGHOVHFUHWDULRFHVy6XVRMRVFRQWHPSODURQDOKRPEUHGHO
SDVDGRFRQUHSHQWLQRUHFHOR

1RGLMRFRQORVGLHQWHVDSUHWDGRV1RSRGUiVRQVDFDUPHHO
VHFUHWRGHODQWtGRWR/RVKRPEUHVTXHORFRQRFHQ\SXHGHQXVDUOR
HVWiQVHJXURVOHMRVGHVXDOFDQFH
0X\VHJXURVFRQYLQR6FKZDUW]3HURQRQHFHVLWDPRVHODQ
WtGRWR1RKD\YLUXVTXHGHVWUXLU

/DIUDVHQRDFDEyGHTXHGDUFODUD$UYDUGDQQRWyTXHXQDLGHD


DVRPEURVDDSDUHiDGHSURQWRHQVXPHQWHSHURODGHVFDUWy1R7
SRGtDDUULHVJDUVHDODGHVLOXVLyQ
3HUR(QQLXVLQWHUYLQRGHQXHYR
W
([SOLTXHORVKHFKRV6FKZDUW]\KiJDORFRQFODULGDG4XLHUR
TXHHOKHUPDQRFRPSUHQGD SRUFRPSOHWRODVLWXDFLyQ
1RHVFRPSOLFDGRGLMR6FKZDUW]$\HUSRUODQRFKHPLHQ
WUDVHVWiEDPRVUHXQLGRVFRPSUHQGtTXHQRSRGtDKDFHUQDGDVLVH
JXtDVHQWDGR\HVFXFKDQGR$FWXpSUHFDYLGDPHQWHHQHOFHUHEURGHO
VHFUHWDULRGXUDQWHODUJRUDWR<ILQDOPHQWHpOVROLFLWyTXH\RVDKHUD
GHODKDELWDFLyQSRUVXSXHVWRHUDORTXH\RGHVHDED(OUHVWRIXH
IiFLO
'HMpDWXUGLGRDOYLJLODQWH\PHGLULJtDODHURSXHUWR(OIXHUWHVH
KDOODEDHQVLWXDFLyQGHDOHUWDFRQVWDQWH/RVDYLRQHVHVWDEDQDEDVWH
FLGRVGHFRPEXVWLEOHDUPDGRV\GLVSXHVWRVSDUDHPSUHQGHUHOYXHOR
/RVSLORWRVDJXDUGDEDQ(OHJtXQRDOD]DU\SDUWLPRVKDFLD6HQ
ORR

(OVHFUHWDULRSDUHiDTXHUHUGHFLUDOJR6XVPDQGtEXODVVHDJLWD
EDQTXHGDPHQWH3HURLQWHUYLQR6KHNW
6LQHPEDUJRXVWHGQRSRGtDREOLJDUDXQKRPEUHDSLORWDUXQ
DYLyQ6FKZDUW]+DFHUOHFDPLQDUHUDOR~QLFRTXHVDEtDKDFHU

&LHUWRVLWHQtDTXHKDFHUORFRQWUDVXYROXQWDG3HURJUDFLDVD
ORVSHQVDPLHQWRVGHOGRFWRU$UYDUGDQ\RVDEtDFXiQWRRGLDQORVGH
6LULRDORVWHUUHVWUHV3RUORWDQWREXVTXpDXQSLORWRQDFLGRHQHO
VHFWRUGH6LULR(QFRQWUpXQR2GLDEDDORVWHUUHVWUHVWDQWRTXHHV
GLIIFLOHQWHQGHUORLQFOXVRSDUDPt\PHLQWURGXMHHQVXPHQWHeO
GHVHDEDERPEDUGHDUDORVWHUUHVWUHV'HVHDEDGHVWUXLUORV6yOROD
GLVFLSOLQDOHKDFtDFRQWHQHUVHOHLPSHGtDSDUWLUFRQVXDYLyQLQ
PHGLDWDPHQWH

(VHWLSRPHQWDOHVGLVWLQWR8QSRFRGHVXJHVWLyQXQSRFRGH
SUHVLyQ\ODGLVFLSOLQDQREDVWDSDUDFRQWHQHU&UHRTXHpOQLVLTXLHUD
UHSDUyHQTXH\RVXEtDDODYLyQHQVXFRPSDUaLD
&yPRORFDOL]y6HQORR"PXVLWy6KHNW

(QPLpSRFDGLMR6FKZDUW]KDEtDXQDFLXGDGOODPDGD6DQ
/XLV6HKDOODEDHQODFRQIOXHQFLDGHGRVJUDQGHVUtRV/DHQFRQWUD
PRV(UDGHQRFKHSHURKDEtDXQDPDQFKDRVFXUDHQXQD]RQDGHUD
GLDFWLYLGDG\HOGRFWRU6KHNWKDEtDGLFKRTXHHOWHPSORHUDXQ
RDVLVDLVODGRGHWHUUHQRQRUPDO/DQ]DPRVXQDEHQJDODRORKLFLPRV
PHGLDQWHPLVXJHVWLyQPHQWDO\DSDUHFLyXQHGLILFLRGHFLQFRSXQWDV
EDMRQRVRWURV&RQFRUGDEDFRQODLPDJHQTXH\RKDEtDFDSWDGRHQ
ORVSHQVDPLHQWRVGHOVHFUHWDULR$KRUDVyETXHGDXQERTXHWHGH
WUHLQWDPHWURVGHSURIXQGLGDGHQHOOXJDUGRQGHHVWDEDHOHGLILFLR
(VRVXFHGLyDODVWUHVGHODPDGUXJDGD1LQJ~QYLUXVIXHODQ]DGR(O
XQLYHUVRHVWiOLEUH
)XHXQDXOOLGREHVWLDOORTXHEURWyGHORVODELRVGHOVHFUHWDULRHO
FKLOOLGRVREUHQDWXUDOGHXQGHPRQLR(OWHUUHVWUHSDUHFLyDSXQWRGH
VDOWDU\GHSURQWRVHGHVSORPy
8QILQRHVSXPDUDMRGHVDOLYDHPSH]yDVXUJLUPX\GHVSDFLRSRU
VXODELRLQIHULRU


1LORKHWRFDGRGLMRHQYR]EDMD6FKZDUW]'HVSXpVPLHQWUDV
FRQWHPSODEDSHQVDWLYDPHQWHHOFXHUSRSRVWUDGRDxDGLy&XDQGR
YROYtHOSURFXUDGRUVHKDEQDYXHOWRORFRVLQROOHJRDFRQYHQFHUOHGH
TXHDJXDUGDUDDTXHFXPSOLHUDHOSOD]R<RVDEtDTXHHOVHFUHWDULR
VHUtDLQFDSD]GHQRYDQDJORULDUVH/RVDEtDSRUVXVSHQVDPLHQWRV<
DKRUDDKtORWLHQHQ
(3,/2*2

(QUHDOLGDGHOUHODWRKDWHUPLQDGR\D\DxDGLUXQHStORJRHV
EDVWDQWHDQWLFXDGR'HWRGDVIRUPDVXQHStORJRWLHQHVXXWLOLGDG(V
XQQXGRVDEHQ"TXHDWDORVFDERVVXHOWRVGH ODWUDPD XQUHWUXp
FDQRVt HYLWDTXHVHGHVKDJDQ\ORVRFXOWDDODYLVWDSXOFUDPHQWH6L
GHVHDWHQHUXQDVHQVDFLyQGHFRQVXPDFLyQVLJDOH\HQGRSRUTXH
DTXtKDEUiHStORJRDSHVDUGHWRGR
1RVHUiPX\ODUJR

'HKHFKRHO~QLFRSHUVRQDMHTXHLQWHUYLHQHHV-RVHSK6FKZDUW]
7UHLQWDGtDVKDQWUDQVFXUULGRGHVGHTXHHPSUHQGLHUDYXHORHQOD
SLVWDGHDTXHODHURSXHUWRHQXQDQRFKHGHGLFDGDDODGHVWUXFFLyQGH
ODJDOD[LDFRQODVVHxDOHVGHDODUPDVRQDQGRDORFDGDPHQWHDVX
HVSDOGDYyUGHQHVUDGLDGDVSDUDTXHYROYLHUDSREODQGRHOFLHOR
+DEtDYXHOWRDVXKRUDFRQHOWHPSORGH6HQORRGHVWUXLGR\
PLHQWUDVHODWXUGLGRSLORWRHPSH]DEDDSUHJXQWDUVHTXpKDEtDVXFH
GLGRH[DFWDPHQWH
(OKHURLFRDFWRIXHGDGRDFRQRFHURILFLDOPHQWH6FKZDUW]OOHYDED
HQHOEROVLOORHO FRUGyQGHRURGHOD2UGHQGHOD1DYH(VSDFLDO\HO
6RO6yORRWUDVGRVSHUVRQDVGHODJDOD[LDKDEtDQUHFLELGRGLFKDFRQ
GHFRUDFLyQVLQKDEHUPXHUWRDQWHV$OJRLPSUHVLRQDQWHSDUDXQVDV
WUHUHWLUDGR

1DWXUDOPHQWHQDGLHDSDUWHGHORViUFXORVRILFLDOHVPiVRILFLDOHV
VDEtDFRQH[DFWLWXGTXpKDEtDKHFKR6FKZDUW]SHURHVHGHWDOOHFDUH
FtDGHLPSRUWDQFLD$OJ~QGtDHQORVOLEURVGHKLVWRULD
(QODVRVHJDGDQRFKH6FKZDUW]HVWDEDGLULJLpQGRVHDSLHKDFLDHO
GRPLFLOLRGHOGRFWRU6KHNW/DFLXGDGVHKDOODEDWUDQTXLODWDQWR
FRPRHOIXOJRUUXWLODQWHGHOFLHOR(QSXQWRVDLVODGRVGHOD7LHUUD
JUXSRVGH]HORWHVVHJXtDQFDXVDQGRSUREOHPDVSHURVXVOtGHUHVKD
EtDQPXHUWRRVHHQFRQWUDEDQSUHVRV\ORVWHUUHVWUHVPRGHUDGRVVH
EDVWDEDQSDUDKDFHUIUHQWHDOUHVWR

/RVSULPHURVFRQYR\HVGHWLHUUDQRUPDO\DHVWDEDQHQFDPLQR
(QQLXVKDEtDUHSHWLGRVXSURSXHVWDGHTXHODSREODFLyQGHOD7LHUUD
IXHUDWUDVODGDGDDRWURSODQHWDSHURHVRHVWDEDIXHUDGHOXJDU/D
7LHUUDQRGHVHDEDFDULGDG4XHORVWHUUHVWUHVWXYLHUDQRSRUWXQLGDG
GHUHKDFHUVXSODQHWD4XHSXGLHUDQUHFRQVWUXLUHOKRJDUGHVXV
SDGUHVHOPXQGRQDWLYRGHODKXPDQLGDG4XHSXGLHUDQWUDEDMDU
FRQVXVPDQRVHOLPLQDUODWLHUUDHQIHUPL]D\VXVWLWXLUODSRURWUD
VDOXGDEOH
6HWUDWDEDGHXULDWDUHDHQRUPHSRGtDGXUDUXQVLJORSHUR\
TXp"/DJDOD[LDSUHVWDUtDPDTXLQDULDHQYLDUtDDOLPHQWRVVXPLQLVWUD
UtDODWLHUUD3DUDVXVUHFXUVRVLQFDOFXODEOHVVHUtDXQDLQVLJQLILFDQ
FLD\KDEQ
DFRPSHQVDFLyQ

<DOJ~QGtDORVWHUUHVWUHVYROYHQ
DQDVHUXQSXHEORHQWUHRWURV
PXFKRVKDELWDUtDQXQSODQHWDHQWUHRWURVPXFKRV\FRQVLGHUDUtDQD
WRGDODKXPDQLGDGEDMRHOSXQWRGHYLVWDGHODGLJQLGDG\ODLJXDOGDG
(OFRUD]yQGH6FKZDUW]ODWLyFRQIXHU]DDOYDORUDUODPDUDYLOODGH
WRGRHOORPLHQWUDVHOWHUUHVWUHVXEtDORVHVFDORQHVGHODHQWUDGDSULQ
FLSDO'HQWURGHXQDVHPDQDSDUWLUtDHQFRPSDUaLDGH$UYDUGDQKDFLD
ORVJUDQGHVPXQGRVFHQWUDOHVGHODJDOD[LD4XpRWUDSHUVRQDGHVX
JHQHUDFLyQKDEtDDEDQGRQDGROD7LHUUD"
6HGHWXYRFRQODPDQRDSXQWRGHSRVDUVHHQODSXHUWD\DTXH
VRQDEDQSDODEUDVHQVXPHQWH&RQFXiQWDFODULGDGFDSWDED\DORV
SHQVDPLHQWRVFRPRVLIXHUDQFDPSDQLOODV
(UD$UYDUGDQSRUVXSXHVWRFRQWDQWDVFRVDVHQVXPHQWHTXHOD
SDODEUDHUDLQFDSD]GHH[SUHVDUODV
3LpQVDOR3RODYHUtDVFRVDVTXHMDPiVKDVYLVWRYLYLUtDVFRPR
QXQFDKDVYLYLGR
<ODUHVSXHVWDGH3RODFRQXQDPHQWHWDQDQVLRVDFRPRODGHO
DUTXHyORJR\SDODEUDVGHSXUDGHVJDQD
6LSLHQVDVTXHHVXQDJLUDSRUODJDOD[LDORTXH\RTXLHUR

3HURHVWDUtDVFRQPLJRHVGHFLU\RHVWDUtDFRQWLJR<VLWH
DUUHSLHQWHVUHJUHVDUtDUQRVGHVSXpVGHHVDFRQIHUHQFLDTXHWHQJRTXH
GDUHQ7UDQWRU
7XYLHMD6RFLHGDG$UTXHROyJLFD+XP

3HUROXHJRSRGUtDPRVYROYHU<PHTXHGDUpDTXtFRQWLJR1XQ
FDWHDEDQGRQDUp
3HURHVSRVLEOHTXH\RSUHILHUDYLDMDU

(QHVHFDVRLUHPRVDGRQGHWHDSHWH]FD
3HURVLVR\XQDSREUHFLOODWHUUHV

+XERXQDH[FODPDFLyQEUHYH\DSDJDGDSRUSDUWHGH$UYDUGDQ
VHJXLGDSRUXQJULWLWRPX\IHPHQLQR/DFRQYHUVDFLyQVHLQWHUUXP
SLy
3HUROyJLFDPHQWHORVFRQWDFWRVPHQWDOHVQRVHLQWHUUXPSLHURQ
\6FKZDUW]VHDSDUWySOHQDPHQWHVDWLVIHFKR\FRQFLHUWDYHU
JXHQ]D3RGtDHVSHUDU+DEtDWLHPSRGHVREUDSDUDPROHVWDUDOD
SDUHMDHQFXDQWRODVFRVDVVHDFODUDUDQXQSRFRPiV

6FKZDUW]DJXDUGyHQODFDOOHPLHQWUDVFHQWHOOHDEDQODVHVWUHOODV

XQDJDOD[LDHQWHUDGHHVWUHOODVXQDVYLVLEOHVRWUDVLQYLVLEOHV

<SDUDpO\SDUDODQXHYD7LHUUD\SDUDORVPLOORQHVGHSODQHWDV
GHOXQLYHUVR6FKZDUW]UHSLWLyHQYR]EDMDDTXHOSRHPDDQWLJXRTXH
VyORpOFRQRFtDHQWUHELOORQHVGHSHUVRQDV
(QYHMHFHFRQPLJR
/RPHMRUD~QQRKDYHQLGR


&RPHQWDULRILQDO

6XSRQJRTXHVLTXLVLHUDKDFHUGHHVWHOLEURXQDHVSHFLHGHHMHUFLFLR
SUiFWLFRVREUH&yPRUHYLVDUaORPHMRUVHUtDLQFOXLUODYHUVLyQSXEOL
FDGDGH8QJXLMDUURHQHOFLHORLQPHGLDWDPHQWHGHVSXpVGH(QYHMHFH
FRQPLJR'HHVHPRGRHOOHFWRUSRGUtDHVWXGLDUFRQSHQRVRGHWDOOH
IUDVHSRUIUDVHTXpKLFH\R
1DWXUDOPHQWHHVRHVLPSRVLEOH

(QSULPHUOXJDUKDFHUWDOFRVDGXSOLFDUtDODH[WHQVLyQ\HOFRVWH \
HOSUHFLR GHOOLEURSUiFKFDPHQWHDFDPELRGHQDGD

$OILQ\DOFDERORVOHFWRUHVTXHSRUVXHQRUPHLQWHUpVHQPLVREUDV
KDQFRPSUDGRHVWHOLEURWHQGUiQVHJXUDPHQWHXQHMHPSODUGH8Q
JXLMDUURHQHOFLHORHVFRQGLGRHQDOJXQDSDUWH,QFOXVRVLQRKDQOptGR
ODQRYHODRODKDQSHUGLGRRHFKDGRDODEDVXUDRVLKDQVLGRWDQ
WRQWRVTXHODKDQSUHVWDGR WRQWRVSRUTXHJUDFLDVDODVFDUWDVTXH
UHFLERKHDFDEDGRFRPSUHQGLHQGRTXHQDGLHTXHSLGHSUHVWDGDXQDGH
PLVREUDVODGHYXHOYH VLHPSUHSXHGHQDGTXLULUXQHMHPSODUHQDO
JXQDOLEUHUtDGHODQFHRFXDQGRVHUHHGLWH
<ILQDOPHQWHWDOYH]KD\DOHFWRUHVTXHVHGHOHLWHQKDVWDFLHUWR
SXQWRFRQ(QYHMHFHFRQPLJR\QRSLHQVHQQLSRUXQPRPHQWRHQ
OHHU8QJXLMDUURHQHOFLHOR(QHVHFDVRSDUD TXpPROHVWDUORVFRQ
XQDVHJXQGDGRVLVGHXQUHODWRTXHHQHVHQFLDHVHOPLVPR"
1RREVWDQWHYR\DGDUPHHOJXVWRGHKDFHUDOJXQRVFRPHQWDULRV
VREUHHOWHPD

$KRUDTXHKHYXHOWRDOHHU(QYHMHFHFRQPLJRSRUSULUQHUDYH]
GHVGHTXHKDFHWUHLQWD\VHLVDxRVORUHYLVDUDHOUHODWRQRPHSDUHFHWDQ
PDOR&UHRTXH6WDUWOLQJ6WRULHVKDKHFKRFRVDVSHRUHVTXHDFHSWDU\
SXEOLFDUHVWDREUD
8QGHWDOOHTXHDJUDGH]FRPXFKRQRREVWDQWHHVTXHHOLUQLQpHO
SUyORJRHVW~SLGRHOHStORJR\ORVLQWHUPHGLRV4XpWHQtD \RHQOD
FDEH]D\SRUTXpORVHVFULEt"1RORUHFXHUGR(QILQHQHOLQWHUYDORGH
GRVDxRVHQWUH\PLVHQWLGRFRP~QPHMRUyXQSRFR\

HOLPLQpORVDxDGLGRV$GHPiVDQXOpODGLYLVLyQHQWUHVSDUWHV\FRP
ELQpORVUHODWRVGH-RVHSK6FKZDUW]\%HO $UYDUGDQPH]FODQGRODV
SDUWHVGHXQPRGRTXHHQPLRSLQLyQWLHQHXQDFRPSOHMLGDGPiVLQ
WHUHVDQWH

$OUHSDVDUa(QYHMHFHFRQPLJRDGYHUWtFRQFLHUWRKRUURUVHQDOHV
GHOiSL]HQGLYHUVDVIUDVHV\SiUUDIRV(OORVyORSRGtDLQGLFDUTXHHQ
DTXHOKHPSR\RSODQHDEDDFRUWDUHOUHODWRWDOYH]SDUDTXHIXHUDPiV
DSURSLDGRSDUDVXSXEOLFDFLyQHQUHYLVWD6LHVDVtDTXHOSUR\HFWR
TXHGyDERUWDGRQRKD\GXGD\PHDOHJUR$OSDUHFHUPLLQWHQFLyQ
IXHHOLPLQDUODSDUWLGDGHDMHGUH]TXHHVPLIUDJPHQWRIDYRULWRGHOD
REUD

7HQtDODYDJDGHDGHTXHODSDUWLGDGHDMHGUH]ILJXUDEDHQ8Q
JXLMDUURHQHOFLHORFRPRPHGLRGHHODERUDU\DODUJDUHOUHODWR0H
FRPSODFLyPXFKRFRPSUREDUTXHGLFKDSDUWLGD\DDSDUHFtDHQ(QYH
MHFHFRQPLJR6DEHQXQDFRVD"6HPSUHKHGHVSUHFLDGRODVGHVFULa
FLRQHVILFWLFLDVGHSDUWLGDVGHDMHGUH]HVDVGHVFULSFLRQHVTXHQRRIUH
FHQGHWDOOHVUHDOHVVLQRTXHLQFOX\HQFRPHQWDULRVWRQWRVFRPRSRU
HMHPSORpVWH,QLFLyXQDWDTXHGHVSLDGDGRFRQODWRUUHGHUH\<DO
OHHUFRVDVFRPRpVWDPLUHDFFLyQHVVLHPSUHODPLVPD4XpXVyOD
WRUUHGHUH\XQDQDYDMDRXQDSLVWROD"

7RPpODGHFLVLyQGHRIUHFHUXQDSDUWLGDUHDOGHVFULELHQGRPHWLFX
ORVDPHQWHWRGDVODVMXJDGDV\XQDSHUVRQDFRPRPtQLPRPLHQWUDV
OptDHOOLEURSRUODQRFKHPX\WDUGHVH VLQKyOREDVWDQWHVRUSUHQGLGD\
HVWLPXODGDSDUDVDOLUGHODFDPDFRJHUHOWDEOHUR\UHSURGXFLUOD
SDUKGD(VWHKRPEUHODSXEOLFyHQXQDUHYLVWDGHDMHGUH]FRQHOKWXOR
/DSDUWLGDGH$VLPRY\GLMRTXHHUDH[FHOHQWH
%LHQODSDUKGDQRHUDPtD\HUDSUHIHULEOHTXHHOOHFWRUODFRQVLGH
UDUDPtD/DSDUWLGDUHDOTXHXWLOLFpVHGLVSXWyHQ0RVF~HQHQWUH
:HUOLQVNL EODQFDV \/RHZHQILVFK QHJUDV \REWXYRHOSUHPLRGH
EHOOH]DSRUVXEULOODQWH]
8QGHWDOOHGH(QYHMHFHFRQPLJRPHUHVXOWDPX\WXUEDGRU /R
HVFULEtUHFXHUGRHQVyORGRVDQRVGHVSXpVGHTXHODVERPEDV
GHILVLyQQXFOHDUFD\HUDQVREUH+LURVKLPD\1DJDVDNL(YLGHQWH
PHQWH\RGHVFRQRFtDHOJUDGRH[DFWRGHULHVJRTXHUHSUHVHQWDODJXH
UUDQXFOHDU\ODUDGLDFLyQ FRPRFDVLFXDOTXLHURWUDSHUVRQD 
'LDODIXWXUD7LHUUDXQDFRUWH]DUDGLDFWLYDDOPHQRVHQFLHUWDV
]RQDV\VLQHPEDUJRWHQtDUHVWRVGHYLGD\KXPDQLGDGDIHUUDGRVD
HOOD2EYLDPHQWHPLLQWHQFLyQHUDTXHHOOHFWRUORFRQVLGHUDUDFRPR
UHVXOWDGRGHXQDJXHUUDQXFOHDUHQQXHVWURIXWXUR HOSDVDGRGHOUH
ODWR 3HURXQDJXHUUDQXFOHDUWDQYLUXOHQWDTXHFRQYLHUWHJUDQGHV
H[WHQVLRQHVGHODFRUWH]DWHUUHVWUHHQ]RQDVGHUDGLDFWLYLGDGFRQWLQXD
SRUIXHU]DGHEHHOLPLQDUODYLGDHQOD7LHUUD
(Q(QYHMHFHFRQPLJR-RVHSK6FKZDUW]VXSRQHTXHODUDGLDFWLYLGDG

GHODFRUWH]DHVSURGXFWRGHXQDJXHUUDFRQERPEDVDWyPLFDVSHURSRU
IRUWXQDODVXSRVLFLyQQRHVFRUURERUDGDSRUQLQJ~QRWURSHUVRQDMH\SRU
ORTXHUHVSHFWDDOUHODWRQRSDVDGHVHUXQDHVSHFXODFLyQ
&RPRHVOyJLFRFRQVHUYpODFRUWH]DUDGLDFWLYDGHOD7LHUUDHQ8Q
JXLMDUURHQHOFLHOR7HQtDTXHKDFHUORSXHVHVHGHWDOOHHVGHFUXFLDO
LPSRUWDQFLDSDUDHODUJXPHQWR(QPLVHJXQGDQRYHOD7KH6WDUV
/LNH'XVW  ODVHVFHQDVLQLFLDOHVVHGHVDUUROODEDQHQOD7LHUUD\
GHQXHYRFRQVHUYpODFRUWH]DUDGLDFWLYD

&RQHOSDVRGHORVDQRVQRREVWDQWH\FRQIRUPHGHFUHFtDPL
LQJHQXLGDGFRQUHVSHFWRDODJXHUUDQXFOHDUHQHVSHFLDOFXDQGRHP
SH]yDH[SHULPHQWDUVHFRQERPEDVGHILVLyQGHKLGUyJHQRHOXRLOD
QRFLyQGHXQD7LHUUDUDGLDFWLYD3HURFXDQGRXQDJHQHUDFLyQPiV
WDUGHHVFULEt)RXQGDWLRQ
V(GJH  \HPSHFpDFRPELQDUPLV
GLYHUVDVQRYHODVHQXQDVRODYLVLyQJHQHUDOGHODKLVWRULDIXWXUDPH
HQFRQWUpDWDVFDGRFRQODFRUWH]DUDGLDFWLYDGHOD7LHUUD

7XYHTXHUHFXUULUDPLUHVHUYDGHLQJHQLR/DFRUWH]DUDGLDFWLYDQR
SRGtDVHUUHVXOWDGRGHXQDJXHUUDQXFOHDU4XpHUDSXHV"&RPR
FRQVHFXHQFLDGHPLVPHGLWDFLRQHVVREUHHOWHPDHVFULEt5RERWVDQG
(PSLUH  GHPRGRTXHXQDFRQIXVLyQDFDEyVLHQGRDOJRPX\~WLO

a(QODDUHQDHVWHODUSXEOLFDGDHQHOQ~PHURGHHVWDPLVPDFROHFFLyQ
(OILQGHODHWHUQLGDG
3UHiPEXOR

2WUDQRYHODPtDFUHFLyDSDUiUGHXQDYHUVLyQPiVSHTXHxD\HQ
HVWHVHJXQGRFDVRHODVXQWRIXHPiVFRPSOLFDGR8QJXLMDUURHQHO
FLHORHUDVyORYHFHVPiVODUJD TXH(QYHMHFHFRQPLJRSHURPL
QRYHOD(OILQGHODHWHUQLGDG HUDWUHVYHFHVPiVODUJDTXHHOUHODWRD
SDUWLUGHOFXDOVHKDEtDGHVDUUROODGR
6XFHGLyGHHVWHPRGR

(ODxRHUD\KDEtDQWUDQVFXUULGRFDVLFXDWURDxRVGHVGHOD
SXEOLFDFLyQGHPLSULPHUOLEUR8QJ8LMDUU2HQHOFLHOR'HVGHHQWRQ
FHVKDEtDSXEOLFDGRRFKROLEURVPiV LQFOX\HQGRXQOLEURGHWH[WR
VREUHELRTXtPLFD HVGHFLUOQXHYHHQWRWDO0LGpFLPROLEUR/XFN\
6WDUUDQGWKH3LUDWHVRIWKH$VWHURLGV 'RXEOHGD\ HVWDEDD
SXQWR GHDSDUHFHU\HOXQGpFLPR7KH&DYHVRI6WHHO 'RXEOHGD\
 HVWDEDVLHQGRSXEOLFDGRFRPRVHULDOHQ*DOD[\FRPRSUHSD
UDFLyQDODSXEOLFDFLyQHQOLEUR

(QDTXHOORVGtDVHVWDEDWHQLHQGRXQSURPHGLRGHWUHVOLEURVDODxR
ORTXHGDGRPLULWPRGHHVFULWXUDQRHUDJUDQFRVDSHURHQWRQFHVQR
WHQtDPXFKRWLHPSRSDUDHVFULELU0HGLRDxRDQWHVGHTXHDSDUHFLHVH
8QJXLMDUURHQHOFLHORKDEtDHPSH]DGRDHQVHxDUHQODIDFXOWDGGH

0HGLFLQDGHOD8QLYHUVLGDGGH%RVWRQ\HQPHKDEtDFRQYHUWLGR
HQSURIHVRUD\XGDQWHGHELRTXtPLFD0HKDOODEDWRGDYtDEDMRODIDOVD
LGHDGHTXHpVHHUDPLWUDEDMRYLWDO\TXHHOHVFULELUQRHUDVLQRXQD
3XEOLFDGDHQHOQ~PHURGHHVWDPLVPDFROHFFLyQ 1GHO7

aa%yYHGDVGHDFHURSXEOLFDGDHQHOQ~PHURGHHVWDPLVPDFROHFFLQ
1GHO7


a



&XHQWRVSDUDOHORV
RFXSDFLyQDFFHVRUXDSHURVHJXLDHVFULEHQGRLJXDODUDURVSHUGL
GRV

'HYH]HQFXDQGRPHHUDSUHFLVRYLVLWDUODELEOLRWHFDGHOD8QLYHUVa
GDGGH%RVWRQHQHOFDPSXVSULQFLSDO HVRVHUDQORVGtDVSUH&RWOLHE
\HOGHQRYLHPEUHGHPLHQWUDVFXULRVHDEDODVHVWDQWHUtDVPH
WRSpFRQXQDKLOHUDGHYRO~PHQHVHQFXDGHUQDGRVGHO7PH

(PSHFpDKRMHDUORVSULPHURV\QDWXUDOPHQWHPHGLYLUWLyHOFRP
SUREDUFRPR\RHUDPXFKRPiVLQWHOLJHQWHTXHORVHVFULaRUHVGH7LPH
FRQVXHVWLORFXLGDGRVDPHQWHFXOWLYDGRGHDUURJDQFLDVDEHORWRGR SRU
VXSXHVWRHUDSRUTXH\RWHQtDODYHQWDMDGHYHUODVFRVDVDSRVWHULRUL 
6LQGHPDVLDGDVHVSHUDQ]DVSUHJXQWpDORVELEOLRWHFDULRVVLHUDSRVLEOH
VDFDUHVRVYRO~PHQHVSDUDOHHUORVHQFDVD'HVFXEUtHQWRQFHVTXHORV
PLHPEURVGHODIDFXOWDGWHQtDQDOJXQRVSULYLOHJLRVH[WUDRUGLQDULRV
(OORVSRGtDQOOHYDUVHHVRVYRO~PHQHVDXQTXHORVHVWXGLDQWHVQRSR
GtDQ

0HOOHYpUiSLGDPHQWHHOSULPHURGHORVYRO~PHQHVGHVXFROHFFLyQ
TXHFXEUtDODSULPHUDPLWDGGH \VHJXtDYDQ]DQGRDEXHQULWPR
0HFRVWyFDVLXQDxRDEULUPHSDVRDWUDYpVGHWRGRVORVYRO~PHQHV\
ORVELEOLRWHFDULRVPHOODPDEDQHVSHURTXHFRQDIHFWXRVDGLYHUVLyQ
HOSURIHVRUGH7LUQH
7RGRHVHSURFHGLPLHQWRIXHPHUDPHQWHFXHVWLyQGHVDWLVIDFHUXQ
LPSXOVRH[FHSWRSRUHOKHFKRGHTXHHQXQRGHORVSULPHURVYRO~PH
QHVPHOODPyODDWHQFLyQXQGLEXMRHQXQSHTXHxRDQXQFLR/RSHUFLEt
SRU HOUDELOORGHORMR\WXYHODIXJD]LPSUHVLyQGHDOJRTXHVHSDUHiDD
ODDKRUDIDPLOLDUQXEHHQIRUPDGHKRQJRGHXQDERPEDQXFOHDU(VR
PHVRUSUHQGLySXHVHOYROXPHQGH7LPHGDWDEDGHXQRVTXLQFHDxRV
DQWHVGH+LURVKLPD/HHFKpRWUDPLUDGD(UDVRODPHQWHHOJpLVHU2OG
)DLWKIXOGHOSDUTXHQDFLRQDOGH<HOORZVWRQH\HODQXQFLRHUDGHOR
PiVFRUULHQWH

3HURGHTXpVLUYHVHUXQHVFULWRUGHFLHQFLDILFFLyQVLQRVDFDXQR
YHQWDMDGHSHTXHxDVFRVDVUDUDVFRPRpVD" 'HGyQGHVDFDXVWHGVXV
ORFDVLGHDV"PH SUHJXQWDQFRQIUHFXHQFXD8QDUHVSXHVWDSRGUtDVHU
a'HQ~PHURVDQWLJXRVGHODUHYLVWD7LUQH

'HVSXpVGHWRGR\VLHODQXQFLRIXHVHORTXH\RFUptTXHHUD
UHDOPHQWHODQXEHHQIRUPDGHKRQJR"3RGLDHOWH[WRGHODQXQFLRGDU
XQDVXWLOSLVWDHQFXDQWRDODDXWpQWLFDQDWXUDOH]DGHOGLEXMR"'HVHU
DVtFyPROOHJyKDVWDDKt"<SRUTXp"

(VWDEDFODURTXHHODVXQWRLPSDFDEDQHFHVDULDPHQWHHOYXDMHHQHO
WLHPSRORTXHHUDLQPHGXDWDPHQWHLQWHUHVDQWHSXHVQXQFDKDEtDHV
FULWRXQUHODWRODUJRHQHOTXHHOYXDMHWHPSRUDOHVWXYLHVHLPSOLFDGR
$VLSXHVHOGHGLFLHPEUHGHHPSHFpDHVFULELUXQDQRYHODFRUWD
DODTXHOODPp(OILQGHODHWHUQLGDG$OILQDOUHVXOWyWHQHUXQDV
SDODEUDV\DFDEpFRQHOODHOGHIHEUHURGH(VWDEDPX\
FRQWHQWR GHHOOD\VHODHQYLpLQPHGLDWDPHQWHSRUFRUUHRD*DOD[\
(OGHIHEUHUR+RUDFH*ROGPHOODPySRUWHOpIRQR6HWUDWDEDGH
XQUHFKD]RWRWDO+DEOyGHUHYLVLyQSHURGHXQDUHYLVLyQFRPSOHWD$O
ILQDOODFRVDKDEUtDVLGRDSURYHFKDUHOWtWXOR\SRQHUEDMR pOXQDQXHYD
KLVWRULD0HQHJXpURWXQGDPHQWH\HVRIXHWRGR

0HSDUHFHTXHHQWRQFHVGHEtSUREDUFRQ$VWRXQGLQJSHURQROR
KLFH<DQRUHFXHUGRODUD]yQ\QRWHQJRQLQJXQDLQGLFDFLyQHQPL
GLDULRHQFXDQWRDOSRUTXpQRORKLFH 0HKHGDGRFXHQWDPXFKDV
YHFHVGHTXHFXDQGRVXFHGHDOJRGHVDJUDGDEOHQRKDEORPXFKRGHHOOR
HQPLGLDULR3RUORWDQWRHVSRVLEOHTXHPLGLDULROHGpDPLYLGDXQ
DVSHFWRPiVIHOL]\GHVSUHRFXSDGRGHOTXHGHEHUtDWHQHUVHJ~QORV
KHFKRVDXQTXHODYHUGDGHVTXHPLYLGDKDVLGROREDVWDQWHIHOL]\QL
WDQVLTXLHUDVXHxRFRQTXHMDUPH
3XHGHVHU \DKRUDQRHVWR\VLQRKDFLHQGRVXSRVLFLRQHV TXHGH
PLFRQYHUVDFLyQWHOHIyQLFDFRQ*ROGVDFDVHODLGHDGHTXHSDVDEDQ
GHPDVLDGDVFRVDVHQODQRYHODFRUWD\GHTXHWHQtDHQWUHPDQRVXQD
QRYHODGHVKLGUDWDGD'DGRTXH'RXEOHGD\KDEtDSXEOLFDGRKDVWDHO
PRPHQWRFXDWURQRYHODVPtDV\WHQtDHQSUHQVDGRVPiVPHVHQ~D
FRPRXQHVFULWRUELHQHVWDEOHFXGRHQOD'RXEOHGD\TXHSRGtDKDFHU
XVRGHODVSUHUURJDWLYDVTXHOOHYDFRQVLJRHOSXHVWR(VSRVLEOHSRU
ORWDQWRTXHPHSDUHFLHVHUD]RQDEOHSHGLUOHD:DOWHU%UDGEXU\TXH
OH\HVHODQRYHOLWD\PHGLMHVHVLFUptDTXHHQHOODVHHVFRQGtDXQD
YHUGDGHUDQRYHOD

(OGHPDU]RGHPLHQWUDV\RHVWDEDHQ1XHYD<RUNOHGHMp
ODQRYHODFRUWDD%UDGEXU\HOFXDODPDEOHPHQWHDFFHGLyDPLSHWL
FLyQ(VWDYH]KDEtDMX]JDGRDFHUWDGDPHQWH%UDGEXU\GLMRTXHDKL
KDEtDXQDQRYHODYDOLRVD\HOGHDEULOPHOODPySDUDGHFLUPHTXH
WHQtDXQFRQWUDWRHQPDUFKD

)LUPpHOFRQWUDWRHO,GHDEULO\PHHQIUHQWpHQWRQFHVDODSHUVSHF
WLYDGHFRQWDUGHQXHYRODKLVWRULDFRQXQDORQJLWXGWULSOH0HOOHYy
H[DFWDPHQWHPHGLRDxRHOKDFHUOR\DFDEpHOGHGLFLHPEUHGH
8QDVHPDQDGHVSXpVVRPHWtHOUHVXOWDGRD'RXEOHGD\\HOGHDJRVWR
GHUHFLEtXQHMHPSODUGH SUXHEDGHOOLEUR

$TXtSXHVHVWiODQRYHODFRUWDRULJLQDODSDUWLUGHODFXDOVH
SUHSDUyODYHUGDGHUDQRYHOD
(OILQGHODHWHUQLGDG

/DVHFFLyQGHODHWHPLGDGHQWUHJDGDDOVLJORHVWiRULHQWDGD
KDFLDODPDWHULD/RVYyUWLFHVGHHQHUJtDGHOKDQGHVDSDUHFLGROD
GLQiPLFDGHFDPSRVGHOQRKDOOHJDGRD~Q(QORVYHLQWHPLOHQLRV
TXHYDQGHODSULPHUDDOD~OWLPDODPDWHULDVHXVDSDUDWRGRGHVGH
SDUHGHVKDVWDVDUWHQHV7DPSRFRORVFDPELRVUHJLVWUDGRVHQODUHDOL
GDGKDQDIHFWDGRHVR&RQVLGHUDGDFRPRXQWRGRHQODHWHUQLGDGOD
RULHQWDFLyQKDFLDODHQHUJtDKDVLGRVLHPSUHODH[FHSFLyQ

(OORQRTXLHUHGHFLUTXH%ULQVOH\6KHULGDQ&RRSHU VLJOR 
QDFLGRHQRWURWLHPSRRULHQWDGRKDFLDODPDWHULDVHHQFRQWUDVH
FRPRHQVXFDVDFXDQGRHQWUyHQOD DQWHVDODTXHVHH[WHQGtDGHVSXpV
GHXQDSXHUWDWUDQVSDUHQWHSDUDVHJXLUOXHJRLQGHILQLGDDWUDYpVGH
WRGRHO'HVSXpVGHWRGRWDPELpQHQODPDWHULDKD\PRGDV3DUD
XQHQHUJpWLFRODPDWHULDWLHQGHDVHUPDWHULD\QDGDPiV7RGDOD
PDWHULDHVWRVFDSHVDGD\EiUEDUD3DUDXQPDWULFLDOVLQHPEDUJR
H[LVWHODPDGHUDHOPHWDO VXEGLYLVLRQHVSHVDGR\OLJHUR HOSOiV
WLFRORVVLOLFDWRVHOFHPHQWR\HOFXHURHQLQQXPHUDEOHVFRPELQDFLR
QHV\YDULHGDGHV
$&RRSHUFX\DQRFLyQGHXQPXQGRHVWDEDFRQVWUXLGDDOUHGHGRU
GHHVWUXFWXUDVGHDOHDFLRQHVGHPHWDOHVOLJHURVODYLVLyQGHXQ
RFpDQRGHFULVWDO\SRUFHODQDPLUDVHGRQGHPLUDVH D~QPiVLPSUH
VLRQDQWHSRUTXHHQHVRVPRPHQWRVQRVHYHtDDQLQJ~QVHUKXPDQR 
OHKDEtDGHMDGRFRQODERFDDELHUWD
3HPPDQHFLyDVtKDVWDTXHXQDYR]iVSHUDFDUJDGDGHXQDFHQWR
GHOPLOHQLRFXDUHQWDGLMR
3UHVpQWHVHPDOGLWDVHD
&RRSHUSDUSDGHy

/RVLHQWRVHxRUSHURFUHRTXHQR

(QVXFRQIXVLyQXVyVXSURSLRGLDOHFWRGHOVLJOR

/DH[SUHVLyQDOJRDLUDGD GHVXLQWHUORFXWRUVHVXDYL]yDORtUOR\OD
QDUL]DTXLOLQDTXHDVRPDEDEDMRXQDVFHMDVJUXHVDV\DOJRFDQRVDVVH
KL]RXQSRFRPHQRVLPSUHVLRQDQWH/DSXHUWDTXHKDEtDWUDVpO\D
WUDYpVGHODTXHKDEtDHQWUDGRVHJXtDKDFLHQGRJLUDUVXDYHPHQWHVX
SHVDGRFULVWDOVREUHODELVDJUDIRPPDGDSRUXQFDPSRORQJLWXGLQDO
XQDFRQFHVLyQDODHQHUJpWLFDQRGHPDVLDGRH[WUDxDHQXQWLHPSR
RULHQWDGRKDFLDODPDWHULD

7HQGLyXQDDQFKDPDQRSDUDGHWHQHUODSXHUWD\GLMR

/RVLHQWRKLMR3HQVpTXHHUDVXQQDWLYRGHHVWH WLHPSR

1RVHxRUGLMR&RRSHULQWHQWDQGRSDUHFHUUHVXHOWR6R\
%6&RRSHUGHO0LVFUHGHQFLDOHV

6HKDEtDSDVDGR\DDODOHQJXDGHOPLOHQLRVHVHQWDTXHKDEtD
HVWDGRSUDFWLFDQGRGXUDQWHGtDV
/HDODUJyODFiSVXODSHUVRQDOSHURpOQRH[DPLQyODSHOLFXOD
SXHVWDDOGHVFXELHUWRVLQRTXHODDSDUWyDXQODGR\VHULy

0LVGLVFXOSDVGLMR(VWiEDPRVHVSHUDQGRDXQQDWLYRSDUD
TXHVHHQFDUJDVHGHOPRVWUDGRUGHUHFHSFLyQ\VDTXpFRQFOXVLRQHV
DSUHVXUDGDV(VWDPRVWHQLHQGRSUREOHPDVSDUDHQFRQWUDUDXQQXHYR
KRPEUH\DFDEDPRVFRQHODQWLJXRDOJRPiVSURQWRGHORTXHHVSHUi
EDPRV<DVDEHFyPRVRQHVWDVFRVDV

/RGLMRFRQXQDIDFLOLGDGGHYHWHUDQRTXH&RRSHULQWHQWyLPLWDU
HQVXJHVWRGHDVHQWLPLHQWR'HVSXpVGHWRGRORVQDWLYRVHUDQVXMH
WRVGHREVHUYDFLyQ\H[SHULPHQWRDSDUWHGHORVWUDEDMRVTXHSXGLHVHQ
GHVHPSHxDU7HQGUtDTXHDFRVWXPEUDUVHDHVR
(ORWURVLJXLyKDEODQGR

+D\TXHHVWDUVLHPSUHYLJLODQGRDORVQDWLYRV1XQFDHQWLHQGHQ
UHDOPHQWHODHWHPLGDGQXQFDVHOHVPHWHHQODFDEH]DTXHQRVH
SXHGHWUDWDUHOWLHPSRFRPRVLIXHUDXQDSHORWDGHI~WERO$YHFHV
WDUGDQVHJXQGRVDQWHVGHUHJLVWUDUVXHQWUDGD6LWLHQHQTXHUHJLVWUDU
VXVDOLGDORKDFHQ\OXHJRVHYDQDORVDVHRVDHVWHODGRGHODFRUWLQD
&XDQGRYXHOYHQDOWLHPSRVHHQFXHQWUDQHQHOODGRHTXLYRFDGRGH
XQDJXMHURGHGRVPLQXWRV\HQWRQFHVORVFRPSXWDGRUHVPRQWDQXQ
HVFiQGDOR'HGyQGHHUHV"
9HLQWLRFKR/XHJRDQVLRVDPHQWHOHSUHJXQWy(VXVWHG
GHDOJXQDpSRFDFHUFDQD"
6R\GHO4XpWHWUDHDTXtKLMR"

(OURVWURGH&RRSHUVHHQVRPEUHFLy3RGUtDKDEHUDGLYLQDGRHO
WLHPSRGHOKRPEUHSRUVXDFHQWRSHURGyQGHHVWiHO(WHPRTXHHQ
VXSULPHUDPLVLyQHQXQQXHYRVHFWRUGHODHWHPLGDGSXHGDUHVLVWLUVH
DSUHJXQWDUDJULWRV+D\DOJXLHQDTXtGHOYLHMRRGHVXWLHPSR
QDWDOVHDFXDOVHD"2VLHVGHPDVLDGRMRYHQ\WtPLGRRGHPDVLDGR
YLHMR\FRQVFLHQWHGHVXGLJQLGDGFRPRSDUDGHFLUORHQYR]DOWDDO
PHQRVSXHGHSHQVDUOR+D\DOJRHQHOFRPSDUWLUXQFRQMXQWRFRP~Q
GHWURSLVPRV\SUHMXLFLRVVRFLDOHVTXHQLWRGRHOODYDGR\HQWUHQD
PLHQWRGHODHVFXHODGHQRYDWRVSXHGHQHOLPLQDUSRUFRPSOHWR<OD
SHUVRQDPiVLQVRSRUWDEOHGHOPXQGRVLHVWiDWDYLDGDFRQXQWUDMH

TXHXQRUHFRQRFHFRPRHOWUDMHFRUUHFWRHOTXHHQORPiVKRQGRGHO
FRUD]yQGHXQRHVDSUHFLDGRWRGDODYLGDFRPRHO~QLFRWUDMHFR
UUHFWRVHFRQYLHUWHHQXQSUtQFLSH\XQFRPSDxHURDOTXHDSUHFLDU
3HURHUDVRODPHQWHXQQ~PHURSDUD&RRSHU(QHVHLQVWDQWH
QRSRGtDUHFRUGDUQDGDPiVUHVSHFWRDpOTXHHOVHUSDUWHGHXQ
PLOHQLRPDUFDGRSRUODVXESREODFLyQ\TXHH[SRUWDEDiUEROHV\VHPL
OODVDYDULRVVLJORVGHVSURYLVWRVGHERVTXHV$VtPLVPRORKDFtDHQ
YDVWDVFDQWLGDGHVGDGRTXHORViUEROHV\ODVVHPLOODVQRHUDQWDQ
VHQVLEOHVFRQUHVSHFWRDODUHDOLGDGFRPRORVVXHURVDQWLYLUDOHVORV
HPEULRQHVKXPDQRVRORVUHOpVGHYyUWLFH
7HQJRTXHYHUD/DEDQ7ZLVVHOOGLMR&RRSHUVLQSRGHUHYLWDU
VXELUXQSRFRHOWRQRGHYR]DOGHFLUHVR

/DVFHMDVGHORWURVHDO]DURQXQSRFR\UHFRJLyODFiSVXODSHUVRQDO
TXHDQWHVKDEtDSDVDGRSRUDOWRH[DPLQiQGRODFXLGDGRVDPHQWH
(OMHIHSURJUDPDGRU7ZLVVHOO"
(VRHV

%XHQR&RRSHUVLpQWHVH\\RPHSRQGUpHQFRQWDFWRFRQpO
3RUFLHUWRPLQRPEUHHV1HUR$WWUHOO

(OWRTXHDQWHULRUGHFRQGHVFHQGHQFLDKDEtDGHVDSDUHFLGRGHVX
YR]

&RRSHUWRPyDVLHQWR\VXVODELRVWHPEODURQXQSRFRDQWHHO
GHOHLWHUHSULPLGRTXHVHQWtD(VWDEDDTXtDSHWLFLyQGHOMHIHSURJUD
PDGRU/DEDQ7ZLVVHOO\7ZLVVHOOHUDXQPLHPEURGHO*UDQ&RQVHMR
3DQWHPSRUDO\HVWDEDFRQVLGHUDGRHQWRGDODHWHPLGDGFRPRHOPiV
JUDQGHGHORVHMHFXWRUHV

<HUD7ZLVVHOOTXLHQKDEtDSHGLGRTXH&RRSHUOHIXHVHDVLJQDGR
1RKDEtDGDGRUD]RQHVSDUDHOOR\FRQWRGR&RRSHUHVWDEDFRQYHQ
FLGRGHTXHFRQRFtDODUD]yQ1ROHKDEtDKDEODGRDQDGLHGHVX
FRQYLFFLyQQLWDQVLTXLHUDD*HQUR0DQILHOGVXLQVWUXFWRU\HOKRP
EUHD TXLHQKDVWDHOPRPHQWRPiVKDEtDUHVSHWDGRHQVXFRUWDYLGD
'HVSXpVGHWRGRGHVGHKDFtDEDVWDQWHWLHPSRKDEtDOOHJDGRDVHU
REYLRSDUDpOTXHVHOHHVWDEDSUHSDUDQGRSDUDXQDPLVLyQHVSHFLDO
+DEtDWHQLGRVXVSULPHURVDWLVERVGHORTXHGHEtDVHUWDOPLVLyQKDFtD

,



O
PiVGHXQILVLRDxR +DEtDTXHDSUHQGHUFDVLDOSULQFLSLRGHOD

HGXFDFLyQODGLIHUHQFLDHQWUHORVDxRVTXHQRH[LVWtDQHQODHWHPL
GDG\ORVILVLRDxRVTXHUHSUHVHQWDEDQPHUDPHQWHODPHGLGDGHO
HQYHMHFLPLHQWRGHOFXHUSRKXPDQR

+DEtDVXFHGLGRGHHVWHPRGR+DEtDFLQFRQRYDWRVHQODFODVH
GHOVLJORGRVGHODVHJXQGDGpFDGD\XQRGHODTXLQWDRWURGHOD
VpSWLPD\RWURGHODQRYHQDeOHUDHOHVWXGLDQWHGHODQRYHQDGp
FDGDKDELHQGRQDFLGRHQHO\HQWUDGRHQODHVFXHODHQHO
6LKXELHVHSHPPDQHFLGRHQHOWLHPSROOHYDQ
DDKRUDVLHWHDQRVSHUWH
QHFLHQGRDOVLJORSHURORVVLJORVVHFRQWDEDQVLHPSUHGHVGHHO
PRPHQWRHQTXHXQRDEDQGRQDEDHOWLHPSR\SDVDEDDOHQWUHQD
PLHQWR6HUtDGHOKDVWDHOGtDHQTXHPXULHVH 0HQWDOPHQWH
FDPELyODIUDVHSRUXQKDVWDTXHPXHUD!'HTXpVHUYLDKDEODUGH
GtDVHQODHWHPLGDGDXQTXHSRUVXSXHVWRWRGRVORKLFLHVHQ"'H
FtDQD\HU\SXHGH TXHHODxRSUy[LPRFRPRVLHVRVLJQLILFDVH
DOJR
3HURGHORVFLQFRQRYDWRVVyORpOVHHVSHFLDOL]y/HKLFLHURQSDVDU
DWUDYpVGHODVPDWHPiWLFDVGHFRPSXWDFLyQWRGRORGHSULVDTXHSXGR
\H[FHSWRSRUHVRWRGRHOUHVWRGHOHVIXHU]RIXHFRQVDJUDGRDOD
+LVWRULD3ULPLWLYD6HTXHMyXQDYH]/RVRWURVVHxDOyHVWDEDQUHFL
ELHQGRFXUVRVELHQHTXLOLEUDGRV
(OLQVWUXFWRU0DQILHOGVHKDEtDIURWDGRVXFDVWDxDFDEHOOHUDKDVWD
FRQYHUWLUODHQ8OFRQIXVRUHYROWLMR\KDEtDGLFKR
6RQyUGHQHVGLUHFWDVGHO*UDQ &RQVHMR3DQWHPSRUDOKLMR1R
VpHOSRUTXp

/DJHQWHWHQtDVLHPSUHWHQGHQFLDDOODPDUOHKLMRD&RRSHU
TXL]iVDFDXVDGHTXHVXFDEHOOHUD\VXVRMRVFODURVMXQWRFRQVXURVWUR
GHPHQWyQSRFRSURQXQFLDGROHKDFtDQSDUHFHUEDVWDQWHPiVMRYHQ
GHORTXHHUD
1RKDEtDQDGDTXHKDFHUVDOYRYROYHUDH[DPLQDUORVYLHMRVSHULy
GLFRV LPSUHVRVVREUHSDSHOHQORVGtDVDQWHULRUHVDSRQHUVHGHPRGD
ODSH8FXOD KDVWDTXHODVYLGDVORVKHFKRV\ORVQRPEUHVPXHUWRV
KDiDPXFKRIXHVHQSDUDDPERVFRVDVYLYDV
3HURFUH\yVDEHUORTXHOHHVWDEDVXFHGLHQGR\ODUD]yQ\DJXDU
GyFRQPiVRPHQRVLUQSDFLHQFLDODOODPDGDGH7ZLVVHOO+DEtDOOH
JDGR
$QWHVGHSDUWLUWXYRXQD~OWLPDFRQYHUVDFLyQFRQ0DQILHOG\IXH
LQFDSD]GHQRKDFHUDOXVLyQDHOOR&RQWRGDVHJXULGDG0DQILHOG
GHEtDVDEHUDOJR\&RRSHUGHVHDEDYHUFRUURERUDGDVVXVLGHDV/R
GHVHDEDHQRPPHPHQWH
3DUDTXpSXHGHTXHUHUYHPPHVHxRU"SUHJXQWy0HKH
HVWDGRHVSHFLDOL]DQGRHQ+LVWRULD3ULPLWLYD

/RVp/RVp0DQILHOGOHVRQULy0HWHPRTXHGXUDQWHORV
DxRVTXHKHPRVSDVDGRFRQHOODKDOOHJDGRDLQWHUHVDPPHGHPDVLDGR
3UREDEOHPHQWHFRQWLQXDUpHQHVHFDPSRGHVSXpVGHTXHWHKD\DV
LGR
&RRSHUVDEtDDTXpVHHVWDEDUHILULHQGR/DVUHYLVWDVGHQRWLFLDV
GHORVVLJORVSULPLWLYRVFRQVXVFUyQLFDVGHVDQJUHLQFRQWURODEOH
FULPHQ\SDVLyQGHMDEDQXQVHOORLQGHOHEOHHOGHXQDUHDOLGDGTXH
QRSRGtDVHUDOWHUDGDFRQVWLWX\HQGRXQDOHFWXUDIDVFLQDQWH(FKDUtD
GHPHQRVODVKRUDVTXHpO\0DQILHOGKDEtDQSDVDGRMXQWRVRFXSiQ
GRVHGHHOODV
&RRSHUVHDFHUFyXQSRFRPiVDORTXHHVWDEDVHJXURTXHHUDOD
YHUGDG

3HUR\RTXLHURWUDEDMDUVREUHORVVLJORVSULPLWLYRV4XLHURKD
FHUXQDLQYHVWLJDFLyQRULJLQDOVREUHHOORV7UDEDMDUVREUHORVQR
VHUtDH[DFWDPHQWHORTXHTXLHUR
(QHVHPRPHQWRVL0DQILHOGVDEtDDOJRQRSRGUtDUHVLVWLUOD
WHQWDFLyQGHKDFHUDOJXQDDOXVLyQ3HURR0DQILHOGQRVDEtDQDGDR
HUDGHPDVLDGROLVWRSDUDFDHUHQXQDWUDPSDR\HVWR&RRSHUOR
UHFKD]DEDFRQDPDUJXUDWRGDVODVHVSHFXODFLRQHVGH&RRSHUHVWD
EDQHTXLYRFDGDV
6LHPSUHKDEUiWLHPSROLEUHSDUDTXHSXHGDVGHGLFDUORDWX
DILFLyQKLMROHGLMR0DQILHOG

6RQULyGHQXHYRSHURKDVWDVXVVRQULVDVSDUHiDQHVFRQGHUXQ
PDWL]GHSHQD6XVHVWXGLDQWHVWRGRVORVFXDOHVOHTXHUtDQQRVDEtDQ
QDGDGHVXSDVDGR-DPiVKDEODEDGHpOQLWDQVLTXLHUDFRQ&RRSHU
TXHKDEtDSDVDGRFRQpOODPD\RUSDUWHGHVXWLHPSR'HDOJ~QPRGR
VHKDEtDILOWUDGRKDVWDORVHVWXGLDQWHVODLQIRUPDFLyQGHTXHKDEtD
QDFLGRHQORVPLOHQLRVPiVDGHODQWDGRV ORVFXDQGRVDOWRVFRPR
GHFtDODIUDVHKHFKD YORDFHSWDEDQVLQGHPDVLDGRLQWHUpVSRUEXVFDU
XQDSUXHEDGHHOOR6HGHiDTXHHQWLHPSRVKDEtDVLGRSURJUDPDGRU
XQPDWHPiWLFRPX\GHVWDFDGRXQEXHQFDQGLGDWRSDUDHO*UDQ&RQ
VHMR3DQWHPSRUDO\TXHORKDEtDWLUDGRWRGRSRUODERUGDSDUDFRQ
YHUWLUVHHQLQVWUXFWRUGHQRYDWRVHQORVOHMDQRVVLJORVGHORVFXDQGRV
EDMRV
&yPRWHHQFXHQWUDV"SUHJXQWy0DQILHOG

8QSRFRDVXVWDGR8QSRFRQHUYLRVRGLMR&RRSHUFRQVLQFH
ULGDG<DVDEHVTXHQXQFDKHHVWDGRHQQLQJ~QFXDQGRH[FHSWRHO
YLDMHGHHVWXGLRVDO\HVRIXH VRODPHQWHXQLQIRUPHGHGRVGtDV
DFHUFDGHODYLGDPXQLFLSDOEDMRFRQGLFLRQHVGHVFHQWUDOL]DGDV
/RTXHQRDxDGLyIXHTXHVyORPHGLDQWHPXFKDVV~SOLFDVFRQVL

JXLyTXHVHOHSHUPLWLHVHLUDXQTXHVHWUDWDEDGHXQWUDEDMRHOHPHQ
WDOSDUDHOUHVWRGHODFODVH

<DODPDxDQDVLJXLHQWH%ULQVOH\6KHULGDQ&RRSHUKDEtDFRJLGR
XQDSHTXHxDFDELQDFURQRPyYLOXQLSHUVRQDO\KDEtDSDVDGRHQVROL
WDULRSRUORVFRUUHGRUHVGHODHWHUQLGDG/DFDELQDQRFUX]DEDHO
HVSDFLRHQHOVHQWLGRXVXDOGHOWpUPLQR\SRUVXSXHVWRQRFUX]DEDHO
WLHPSR\DTXHODHWHUQLGDGFRUWRFLUFXLWDEDWRGRHOWLHPSRGHVGHHO
VLJOR HOSULPHUVLJORGHODHWHUQLGDGXQKHFKRTXHFRQVWLWXtDHO
WtWXORGHIDPDPiVJUDQGH\RUJXOORVDPHQWHSURFODPDGRSRUHO
KDVWDODLQVRQGDEOHPXHUWHHQWUySLFD TXHVHKDOODEDKDFLDGHODQWH
3HURVDQWR&URQRVODFDELQDFUX]DEDVREUHYRODEDRERUGHDED
DOJR&RRSHUVHJXtDFDUHFLHQGRGHOHQWUHQDPLHQWRQHFHVDULR\HUDOR
EDVWDQWHMRYHQFRPRSDUDSUHJXQWDUVHTXpHUDHVHDOJR
6XVSUHJXQWDVQROHD\XGDURQ)XHVHORTXHIXHVHVLJXLyVLQVDEHU




GHTXpVHWUDWDEDSHURSDVy\OXHJRKXERXQSXOFUR\SHTXHxR
FDUWHOHQHOTXHVHSRGtDOHHUHQHOVLVWHPDGHQXPHUDFLyQORFDODO
LJXDOTXHHQHVWiQGDUDWHPSRUDO +DEtDLQFOXVRXQDOHQJXDHVWiQGDU
DWHPSRUDOTXHIXHVHSRUORTXHIXHVHUDUDPHQWHVHXVDEDIXHUDGH
ORVLQIRUPHVRILFLDOHV/RVGLDOHFWRVORFDOHVSDUHFtDHUDQPiVVDWLV
IDFWRULRV\0DQILHOGVROtDH[SOLFDUHVRFDOLILFiQGROR GHXQDH[SUHVLyQ
LQFRQVFLHQWHGHOLPSXOVRGHYROYHUDOWLHPSR
8QRVLQVWDQWHVPiV\&RRSHUYHUtDD7ZLVVHOO7ZLVVHOO(OMHIH
SURJUDPDGRUPiVYLHMRGHWRGRVORVTXHYLYtDQHOKRPEUHTXHKDEtD
DXWRUL]DGRPiVFDPELRVFXiQWLFRVHQODUHDOLGDGTXHFXDOTXLHURWUR
MHIHSURJUDPDGRUTXHKXELHVHYLYLGRMDPiVHOKRPEUHTXHHUDOD
PD\RUDXWRULGDGVREUH+DUYH\0DOOLRQHOSULPLWLYRGHOVLJORTXH
KDEtDKHFKRSRVLEOHOD(WHUQLGDG
+DUYH\0DOORQODOOLDYHDVXSURSLR

/DYR]GH$WWUHOOLQWHUUXPSLyVXVGLYDJDFLRQHV

(OMHIHSURJUDPDGRU7ZLVVHOOHVWDUiGLVSXHVWRDUHFLELUOHSURQ
WRKLMR
*UDFLDVVHxRU

$&RRSHUQXQFDOHRIHQGpODODSDODEUDKLMR6LpO\$WWUHOOH[LV
WLHVHQHQHOWLHPSRpOWHQGUODXQRVFXDUHQWDPLODxRVPiVTXH$W
WUHOO3RGUtDVHUHOWDWDUDWDWDUDWDWDUDWDWDUDPXFKDVYHFHVWDWDUD
EXHORGH$WWUHO/3HURHVWRQRHUDHOWLHPSRHVWRHUDODHWHPLGDG
$TO~ODSDODEUDKLMRQRVLJQLILFDEDQDGD5HDOPHQWHQDGDGDGR
TXHQLQJ~QHWHUQRSRGtDWHQHUXQKLMR7RGRVORVHWHUQRVGHEtDQ
QDFHUHQHOWLHPSRGHSDGUHVSHUWHQHFLHQWHVDpO6yORGHHVHPRGR

SRGtDVHJXLUVHDVHJXUDQGRHOTXHORVHWHUQRVUHWHQGUtDQODFRQH[LyQ
HVSLULWXDOFRQODKXPDQLGDGTXHWDQQHFHVDULDHUDSDUDVXWUDEDMR
4XHORVHWHUQRVWXYLHVHQKLMRVSURSLRVHWHUQRVGHVGHHO QDFLPLHQWR
\PX\SURQWRVHIRUPDUtDQGLQDVELDVGLYRUFLDGDVGHOD7LHUUD'HVHU
ORVVDELRVGLUHFWRUHV\PROGHDGRUHVGHODKXPDQLGDGORVHWHUQRVVH
FRQYHUWLQLDQHQVXVWLUDQRV

&RRSHUVHJXtDVLHQGROREDVWDQWHMRYHQ\WHQODD~QHOUHFXHUGR
GHODHVFXHODOREDVWDQWHIUHVFRFRPRSDUDQRVHQWLUQLQJXQDSXQ]DGD
GHYDQLGDGSRUVHULGHDOLLVWD
/HJXVWDQDHFKDUOHXQDPLUDGDDO6LJORPLHQWUDVHVSHUD"SUH
JXQWy$WWUHOO
6tFRQWHVWy&RRSHUVRQULHQGRGHSURQWR3XHGH
DUUHJODUVH"

1RKD\SUREOHPD7LHQHQXQREVHUYDGRUWUXFDGRDTXtFXDQGR
/RXVDQFHQWUiQGRORHQHOLa\OXHJRFDPELDQDIRFRGHFDPSR
+D\XQRHQHOODERUDWRULRGHDOODGRTXHSXHGRVLQWRQL]DUSDUD
XVWHG
%XHQRJUDFLDV

1HUR$WWUH8LODQ]yXQDFDXWHORVDRMHDGDDOMRYHQTXHWHQtDDO
ODGR/OHYDEDYHLQWHILVLRDxRVVLHQGRXQHWHUQR\QRVHQWtDQLQJXQD
DILFLyQDGDUOHJXVWRDQRYDWRVTXHHQVXVSULPHUDVPLVLRQHVQDGD
EDQHQRFpDQRVGHVDOYDUPXQGRV
3HURGHDOJXQPRGRpVWHWHQtDTXHVHUGLVWLQWR7ZLVVHOOOHKDEtD
PDQGDGRDEXVFDU7ZLVVHOOHUDXQKRPEUHGLItFLOGHFRQRFHUSHUR
1HUR$WWUHOOKDEtDFRQRFLGREXHQDSDUWHGHODYLGDGHOYLHMRFDED
OOHURFRPRSDUDVDEHUFXiQGRHVWDEDQHUYLRVR
<7ZLVVHULHVWDEDQHUYLRVR

6yORXQRVLQVWDQWHVDQWHVVXYR]KDEtDJRUMHDGRVXDYHPHQWHHQHO
RtGRGH$WWUHOODWUDYpVGHOFRPXQR

6tKHHVWDGRHVSHUDQGRDHVHMRYHQ(VWDUpOLLVWRSURQWR0H
GDUpSULVD(VVRODPHQWHXQFDPELRFXiQWLFRGHOTXHGHERDVHJXUDU
PHDQWHV
(OQHUYLRVLVPRHUDREYLR6HKDOODEDHQODSDODEUDSULVD

7ZLVVHOOMDPiVVHKDEtDGDGRSULVDSRUORVGHPiV8QDYH]KDEtD
KHFKRHVSHUDUFLQFRKRUDVDXQFRPLWpGHO*UDQ&RQVHMR3DQWHPSR
UDO\MDPiVVHKDEtDWRPDGRODPROHVWLDGHGDUXQDH[SOLLFDFLyQ3HUR
DKRUDLEDDGDUVHSULVDSRUXQQRYDWRGHOJDGR\SiOLGRTXHHVWDED
DEUXPDGRSRUKDOODUVHHQXQRWURFXDQGRWDQOHMDQRGHVXKRJDU

7RGRHOORGRWDEDDOUHFLpQOOHJDGR&RRSHUGHXQH[WUDxRLQWHUpV
\$WWUHOOVHGHVFXEULyVLQWLHQGRHQVXLQWHULRUHOSULQFLSLRGHXQD
DPLVWDGKDFLDHOPXFKDFKR

$WWUHOOQRWDUGyGHPDVLDGRHQVLQWRQL]DUHOREVHUYDGRU(O
HUDSUHFLVRYOyJLFRHQVXVWpFQLFDV(OREVHUYDGRUSDUHFtDVROD
PHQWHXQDPHVDFRQODVXSHUILFLHGHFULVWDOSHURGHSURQWRHO
FULVWDOQRHVWDEDDOOt\HQVXOXJDUKDEtDXQDFLXGDGFRQHODVSHFWR
GHXQDH[FHOHQWHIRWRJUDItDWULGLPHQVLRQDOHQFRORU$WWUHOOVRQULy
OHYHPHQWHFXDQGRD&RRSHUVHOHHVFDSyXQDOHYHH[FODPDFLyQ
+DEtDHVWDGRHVSHUiQGROD6LHPSUHVXUJ)ODFXDQGRXQHVSHFWDGRU
GHVSUHYHQLGRQRWDEDSRUSULPHUDYH]TXHKDEtDPRYLPLHQWRGHQWUR
GHODIRWRJUDIID
(OQRYDWR VHLQFOLQyVREUHHOREVHUYDGRULQWHQWDQGRPHWHUORHQ
VXVRMRVWRGRDODYH]/XHJRUHWURFHGLyXQSDVRIUXQFLHQGRHO
FHxR
6LGHVHDYHUORPiVGHFHUFDGLMR$WWUHOOOHHQVHxDUpFyPR
IXQFLRQDQORVFRQWUROHV6RQPX\VHQFLOORV
(OQRYDWRPHQHyODFDEH]D

(VWiELHQ<RQRHVWDQGLIHUHQWHYHUGDG"3HQVpTXHGH
DOJ~QPRGRVHUtDGLVWLQWR
'LVWLQWRGHFXiQGR"

'HGHO'HFDVD\DVDEH
'HEHQDVHUOR"

%XHQRVRQFLQFXHQWDPLODxRVHQHOIXWXHKFLQFXHQWDPLO
DxRVHQXQFXDQGRPiVDOWR
$WWUHOOVRQULyFRQWROHUDQFLD

6DEHGLMRFUHRTXHQRVHKDLQYHQWDGRQXQFDDOQRYDWR
TXHQRKD\DWHQLGRODPLVPDVHQVDFLyQODSULPHUDYH]TXHYHtDHO
WLHPSRGHVXSULPHUDDVLJQDFLyQ6HDFRPRVHDODVFRVDVQXQFDVRQ
GLVWLQWDV
O
O

,
/RGLFHGHYHUDVVHxRU$WWUHUL"

%XHQRSXHGHTXHHVWpH[DJHUDQGRXQSRFR0LUHOHLPSRUWD

TXHOHH[SOLTXHDOLJR"

/RDJUDGHFHQDVHQLRU$WWUHOO

%XHQRSHQVy$WWUHU)LHVFRUWpV$PHQXGROHKDEtDQGLFKRD
$WWUHOO XQDYH]LQFOXVR7ZLVVHOOVHORKDEtDGLFKR TXHHUDXQKRP
EUHGHORVVLJOLRVVXESREODGRV\TXHSRUORWDQWRHVWDEDGHVWLQDGRD
QRKDOODUVHDJXVWRHQFRPSDQL)L
DGHGHVFRQRFLGRV3XHGHTXHIXHVH
DVtSHURHVWDEDHPSH]DQGRDVHQWLUVLPSDWtDSRUHOFKLFR

0X\ELHQHQWRQFHVHVWRHVORTXHTXLHURH[SOLFDUGLMRFRQ
DPDELOLGDG9DDHQFRQWUDUVHFRQTXHHOPRGHORKXPDQRGHOD
KLVWRULDQRHVXQDOtQHDHVXQDFXUYDVLQXVRLGDOLUUHJXODU(OSURJUHVR
QRFRQWLQ~DHQXQDVRODFXUYDGHPRGRTXHWRGRVORVWLHPSRVGLILH
UDQGHOVX\R8QDHUDGDGDHVSUREDEOHTXHVHDWDQSDUHFLGDDODVX\D
FRPRTXHVHDGLVWLQWD
0HKDQHQVHxDGRHVR

6tOHKDQHQVHxDGRHVR3HURDOJXLHQGHOQRORFUHHUHDO
PHQWHKDVWDTXHORYH1RPHHQWLHQGDPDOQRWHQJRQDGDFRQWUDHO
SHURGHEHDGPLWLUTXHHOHVVRODPHQWHHOSULPHUVLJORFRPSOHWR
GHODHWHUQLGDG&RUUHFWR"
&LHUWDPHQWH

<HOHVVLHPSUHPX\FRQVFLHQWHGHORVWLHPSRVSULPLWLYRVORV
VLJORVDQWHVGHTXHHPSLHFHODHWHUQLGDG
6t'HKHFKROD+LVWRULD3ULPLWLYDHVPLFDPSRGHHVSHFLDOL]D
FLyQ

$KtWLHQH(O~OWLPRPLOHQLRGHORVWLHPSRVSULPLWLYRVIXHXQD
HVSHFLHGHGHVDUUROORHQ,PHDUHFWDFRQXQDWHFQRORJtDHQSURJUHVR
FRQWLQXR1DWXUDOPHQWHVHFDHHQHOKiELWRGHSHQVDUTXHXQDOtQHD
UHFWDFRPRpVDFRQWLQXDUi1RWHQJRTXHGHFLUOHDXQJUDGXDGRHQ
+LVWRULD3ULPLWLYDTXHDYHFHVODUD]DKXPDQDQRSURJUHVDVLHVTXH
XQDSDODEUDWDOWLHQHDOJ~QVLJQLILFDGRDYHFHVUHWURFHGH

(VFLHUWRGLMR&RRSHUIUXQFLHQGRDOJRDIHFWDGDPHQWHORV
ODELRVGXUDQWHXQPLOHQLRGHVSXpVGHOSULPHUVLJORKXERXQGH
FOLYHWHFQROyJLFRWDOTXHORVHVWiQGDUHVGHOPHGLRPLOHQLRDQWHULRUDO
SULPHUVLJORQRVHUHFXSHUDURQUHDOPHQWHKDVWDTXH
$WWUHOOTXHKDEtDHVWDGRSUHVWDQGRDWHQFLyQDODVPDQHUDVOHYH
PHQWHSRPSRVDVFRQODVTXH&RRSHUH[KLEtDVXUHFLpQDGTXLULGR
VDEHUVXIULyXQUHSHQWLQRHVSDVPRGHVRVSHFKD$FDVRHUDpOTXLHQ
HVWDEDVLHQGRWRPDGRDEURPD"
(OPHGLRPLOHQLRDQWHULRUDOSULPHUVLJOR"SUHJXQWy

6t'HYHUDV(OSULPHUVLJORQRIXHHOSULPHUR
$VtTXHOROODPDQHOSULPHUVLJORVLQUD]yQ"

(VXQSRFRFRPSOLFDGR0LUHHVFRPRVL

%XHQRQRLPSRUWD$WWUHOOGHFLGLyTXHHOPXFKDFKRKDEODED
HQVHULR\QRVHQWtDGHVHRDOJXQRGHSURIXQGL]DUHQODVSDUDGRMDVGHO
WLHPSR(VVXHVSHFLDOLGDGDVtTXHDFHSWDUpVXSDODEUDGLMR
<RPHJUDGXp HQWUDPDVYLWDOHV/RTXHHVWR\LQWHQWDQGRGHMDUFODUR
HVORVLaXLHQWHODaHQWHVHPXHYHHQFtUFXORV3XHGHTXHHVWpQPXY
OHMRVHQXQFXDQGRDUULEDRHQXQFXDQGRDEDMR\SXHGHTXHVLJDQ
VLHQGRPX\SDUHFLGRVDXVWHG2SXHGHTXHHVWpQMXVWRHQHOFXDQGR
GHDOODGR\VHDQFRPSOHWDPHQWHGLVWLQWRV1RVHGHMHLPSUHVLRQDU
WDPSRFRSRUHVDGLIHUHQFLD/RTXHDXVWHGSXHGHSDUHFHUOHGHFDGHQ
FLDREDUEDULHSDUDRWUDVSHUVRQDVSXHGHVXSRQHUHOGHVFXEULPLHQWR
GHXQRVYDORUHVQXHYRV\PHMRUHV(VWiIDPLOLDUL]DGRFRQHO"
&RQWUDVXYROXQWDG$WWUHOOGHVFXEULyHQVXIXHURLQWHUQRTXH
HPSH]DEDDSRQHUVHDODGHIHQVLYDFDVLGHXQPRGREHOLJHUDQWH
&RRSHUPHQHyODFDEH]D
1RHQGHWDOOH

6yORWHQHPRVFLHQPLOORQHVGHSHUVRQDVHQpO(VXQEXHQ
WLHPSR

'HSURQWROHLQYDGLyODDxRUDQ]D+DEtDSDVDGRPXFKRWLHPSR
GHVGHTXHYLVLWyHO\HO3RGtDROHUHODLUHIUHVFRFRQVXDURPD
DSLQRV\YHUHOD]XOGHORVJODFLDUHVUHFRUWiQGRVHHQHOKRUL]RQWH
&DVLSRGtDVHQWLUHOHVSDFLRGHVSHMDGRODVYDVWDVH[WHQVLRQHVDELHUWDV
GHVXPXQGR
6XSRQJRTXHVXHVWiDOJRFRQJHVWLRQDGRGLMRPHODQFyOLFD
PHQWH
%DVWDQWH&LQFRPLOPLOORQHV

,JXDOTXHHVWH&RPRFDVLWRGRVORVFXDQGRV(QPLWLHPSR
KDEtDXQDSHTXHxDHUDJODFLDO\DVDEH/RVERVTXHVORFXEULHURQ
WRGR\ODVFLXGDGHVVHGLVJUHJDURQHQDJUXSDFLRQHVPiVSHTXHxDV
GRQGHODYLGDHUDPiVIiFLO1RVJXVWDED\DSXHGHVXSRQHUORSHUR
FDGDYH]TXHKD\XQFDPELRFXiQWLFRODVHUDVVXESREODGDVTXHGDQXQ
SRFRHQFRJLGDVeVHHVHO~QLFRQRPEUHTXHOHVGDHO*UDQ&RQVHMR
3DQWHPSRUDOODVHUDVVXESREODGDV!(QODVRWUDVHGDGHVJODFLDUHV
KDEtDFLXGDGHVVXEWHUUiQHDVRGHVDUUROODEDQODHQHUJtDVRODU/DPD
\RUSDUWHPDQWHQtDQDOWDODSREODFLyQ

3HUR\RFUHRTXHODVXESREODFLyQHVH[FHOHQWH1RODFRQVLGHUR
VXESREODFLyQODFRQVLGHURSREODFLyQLQWHOLJHQWH/DJHQWHGHFDVL
WRGRVORVFXDQGRVVHTXHGDKRUURUL]DGDDQWHHVR$KtWLHQH

$WWUHOOVHHVWDEDHPRFLRQDQGR\SRUVXSXHVWRFRPRVLHPSUHTXH
VHSRQtDDVtVHPRUGLyORVODELRV\KXERXQVLOHQFLRUHSHQWLQRTXH
GXUyXQODSVRLQFyPRGRGHWLHPSR
&XiQGRGLMRHOHMHFXWRU7ZLVVHOOTXHLEDDYHUPH"SUHJXQWy
ILQDOPHQWH&RRSHU

&RQ7ZLVVHOOQXQFDVHVDEHGLMR$WWUHOO/XHJRLQFDSD]GH
UHVLVWLUHOLPSXOVROHSUHJXQWy6XSRQJRTXHHVWiHQHOSUR\HFWR
+DUYH\0DOORQ"
$WWUHOOVHGLYLUWLyDOYHUFyPRVXUJtDODDODUPDHQORVRMRVGHO
MRYHQ(VRFRQILUPDEDWDPELpQXQDVRVSHFKD
4XpSUR\HFWR+DUYH\0DOORQ"SUHJXQWy&RRSHU1RVp
QDGDGHHVR

6LQRVDEHQDGD\DVHHQWHUDUi(VRHVWRGRORTXHOHLQWHUHVD
DKRUDD7ZLVVHOO'HYH]HQFXDQGRGDVHPLQDULRV\QRVKDEODGH
+DUYH\0DOORQKDVWDODPXHUWH7RGRORTXHKDFHWLHQHDOJRTXHYHU
FRQ0DOORQ
<SRUTXpQRSODQHDGRUDVRFLDGR"GLMRXQDYR]DPDEOH
a
(OMHIH
SURJUDPDGRUVHYROYLyKDFLDHOQRYDWR
TXLWiQGROHFXDOTXLHUpQIDVLVDOWtWXORTXHDFDEDEDGHPHQFLRQDU
6DEH
XVWHGDOJRVREUH+DUYH\0DOORQ"(VWiPiVFHUFDGHVX
$WWUHOOGLVLPXOyVXVRUSUHVD1RKDEtDRtGRHQWUDUD7ZLVVHOO
WLHPSR+D
HVWXGLDGRDORVSULPLWLYRV
3RUQDGDMHIHSURJUDPDGRU
+D\HVFDVD
GRFXPHQWDFLyQVREUHVXYLGDVHxRU
&RRSHUVHSXVRUtJLGR6XVSiOLGDVPHMLOODVVHUXERUL]DURQ\VXV7ZLVVHOO
VRQULy
GHOJDGRVUDVJRVSDUHFLHURQPiVDILODGRVTXHQXQFD
(VRHV
WRGRORTXHSXHGHGHFLUPXFKDFKR"
(OMHIHSURJUDPDGRU7ZLVVHOO"SUHJXQWyWDUWDPXGHDQGR
(O
FLJDUULOORTXHWHQtDHQWUHORVGHGRVVHKDEtDFRQVXPLGRKDVWDHO
$WWUHOOREVHUYyODUHDFFLyQGH&RRSHU\HQXQDFRPLVXUDGHVXV
SXQWR
TXHVyORTXHGDEDODFROLOOD\HQVXOXJDUDSDUHFLyRWURHQFHQ
ODELRVDOHWHySRUXQRVLQVWDQWHVODVRPEUDGHXQWHPEORU7HQtDXQD
GLGR
(OLQWHUFDPELRIXHUHDOL]DGRFRQODHQJDxRVDIDFLOLGDGTXH
LGHD EDVWDQWH EXHQD GH OR TXH VHQWtD &RRSHU +DEtD YLVWR XQD PLUDGD
UHYHODEDWRGDXQDYLGDGHSUiFWLFDSHURD$WWUHOOOHSDUHFLyFRPRVH
VLPLODU PLWDG LQFUHGXOLGDG \ PLWDG GHFHSFLyQ HQ ORV RMRV GH XQD                OR
SDUHFtDVLHPSUHXQDH[KLELFLyQJUDWXLWDGHKDELOLGDG
GRFHQDGHQRYDWRVFXDQGRVXVRMRVVHHQFRQWUDEDQSRUSULPHUDYH]
/H
RIUHFHUtDXQFLJDUULOOROHGLMR7ZLVVHOOD&RRSHUSHURVp

FRQHOJUDQKRPEUHGH ODHWHPLGDG
TXHQRIXPD
&DVLHQQLQJ~QFXDQGRGHODHWHUQLGDGHVWiELHQYLVWR
3HURFXDQGRODUHSXWDFLyQGHXQKRPEUHHVFRORVDO\VXQRPEUH
IXPDU
6yORHQHOKDFHQEXHQRVFLJDUULOORV\ ORVPtRVORVLPSRUWR
PiJLFR HV GLItFLO HQFDUDUVH FRQ OD UHDOLGDG IIVLFD GH XQD ILJXUD HQFRU


HVSHFLDOPHQWHGHVGHDOOL(VXQDSHQD/DVHPDQDSDVDGDWXYHTXH
YDGDXQURVWURSHTXHxR\UHJRUGHWHXQDFDOYDOLVD\SURQXQFLDGD
_ HVWDU
GRVGtDVHQHOVLQIXPDU(QHOQROHVLPSRUWDHOLQFHVWR
XQRVRMLOORVTXHVHSHUGtDQGHQWURGHXQPLOODUGHSHTXHxDVDUUXJDV
_ SHUR
VHKDEUtDQGHVPD\DGRFRPRVROWHURQDVVLKXELHVHVDFDGRXQ
XQD VRQULVD EHQHYROHQWH \ XQ FLJDUULOOR 3RU HQFLPD GH WRGR HO FL
,
FLJDUULOOR$YHFHVSLHQVRTXHGHEHUtDGLVSRQHUXQFDPELRFXiQWLFR\
JDUULOOR
a DFDEDUFRQWRGRVORVWDE~HV
VREUHHOQRIXPDUGHODHWHUQLGDGHQWHUD
&RRSHUWHQtDHODVSHFWRGHYHUSRUSULPHUDYH]HQVXYLGDXQ
a SHUR
FDGDYH]TXHLQWHQWRLPDJLQDUORPHHQFXHQWURTXHFDXVDJXH
FLJDUULOOR&XDQGRXQDQXEHFLOODGHKXPROHDOFDQ]yVHHQFRJLyYL
a UUDVHQ
HORXQDVRFLHGDGHVFODYLVWDHQHO6LHPSUHKD\DOJR
VLEOHPHQWH
, /HJXVWDUtDYHUXQ
FDPELRFXiQWLFRPXFKDFKR"SURVLJXLy
(VXVWHGPLPXFKDFKR"0LMRYHQFLWR"
FRQHOPLVPR
WRQRPRQyWRQRGHYR]+HGLVSXHVWRXQRSDUDXVWHG
7ZLVVHOO VH DFHUFy D &RRSHU DO]DQGR OD YLVWD KDFLD VX URVWUR   
a
&RJLyDOQRYDWRSRUHOFRGR\OHKL]RVDOLU
/RV RMRV GH $WWUHOO OHV
VLJXLHURQFRQJUDYHGDG1XQFDKDEtDYLVWR
D 7ZLVVHOO DFWXDU GH XQ PRGR
WDQH[FpQWULFRQLKDEODUWDQWR
6H HQFRJLy GH KRPEURV 1R
LEDDGHVFXEULUQDGDDVtTXHSDUD
TXp URPSHUVH OD FDEH]D"
9ROYLyDVXRILFLQD\WRPyDVLHQWRSDUD
WUD]DU PDSDV YLWDOHV GHO
PLVPRPRGRFRQFLHQ]XGRTXHKDEtDXVDGR
GXUDQWH ILVLRDxRV HQWHURV(Q
WLHPSRVKDEtDWUDPDGRODVUXWDVYLWDOHV
DOWHUQDWLYDV LQFOX\HQGR WRGDV
ODVGHSUREDELOLGDGVXSHULRUDO GH
 LQGLYLGXRV HQ FX\RV VLJORV
QRKDEtDQLQJ~QWLSRGHWUDWDPLHQWR
GHFHQWH SDUD HO FiQFHU (VR
LQFOXtDGHVGHHOKDVWDHOTXHQR
KDEtD ORJUDGR GHVDUUROODU XQD
WHFQRORJtDJHQpWLFDPDQHMDEOH\SDUWHV
GHORVEDVWDQWHH[FpQWULFRV
\TXHKDEtDQUHDFFLRQDGRYLROHQWD
PHQWH D OD PHGLFLQD ItVLFD
LQGX\HQGRHOXVRGHH[SORUDFLRQHVSVtTXL
FDV \ RWUDV D\XGDV ItVLFDV DO
SVLFRDQiOLVLV UHWURFHGLHQGRDXQWLSRGH

EDVWDQWHVSXQWRVGHFRQWDFWRFRQODFXUDFLyQ
YLWDOHVKDEtDWUDPDGRH[DFWDPHQWH

FRPRUHVXOWDGRGHHOOR2DOPHQRVOD

QRKDEtDLPSOLFDGRFDPELRVFXiQWLFRV

PXHUWHVSUHPDWXUDVGHFiQFHUKDEtDQVLGR
FDURSHURORVPLHPEURVGHORVJRELHUQRV

SLGLHQGRPiVDJULWRVPiVVXHURVDQWLFiQFHU
DOFRVWHTXHIXHVHPiVYLGDVTXHVDOYDU
ORVTXHVHVDOYDQ
DQVHUtDQPiVELHQ

7ZLVVH8FRQFDGDFDPELRFXiQWLFRHQ

SVLTXLDWUtD

TXH

WHQtD

PHGLDQWHODIH
'H WRGRV ORV  FX\DV UXWDV

 VH KDEtDQ EHQHILFLDGR

H[WHQVLyQ GH ODV YLGDV GH ORV

GH YDORU QHJDWLYR \ VXV

HYLWDGDV (O WUDWDPLHQWR HUD


GH

HVRV

VLJORV

VHJXtDQ

HQYLDGRV D WUDYpV GHO WLHPSR

$WWUHOO VDEtD PX\ ELHQ TXH

SRFRV (UDOD WHVLV IDYRULWD GH

FRPRVLLQWHQWDVHYHUFODURDWUDYpVGHODQHEOLQDFUHDGDSRUHOFLJDUUL
OORKDEODQGRFRQXQHVSDQWRVRDFHQWRGLDOHFWDOGHOWHUFHUPLOHQLR
B6R\%ULQVOH\6KHULGDQ&RRSHUVHxRUGLMR&RRSHUHQPL
VLyQ\HVSHUDQGRyUGHQHV

+DEOyHQOHQJXDGHOPLOHQLRVHVHQWDFRQODWUDEDMRVDOHQWLWXGGHO
TXHDFDEDGHVDOLUGHODHVFXHOD

2KIRUPDOLGDGHV(OMHIHSURJUDPDGRUDJLWyODPDQRTXH
VRVWHQtDHOFLJDUULOOR\XQDVFHQL]DVOLJHUDVFRPRSOXPDVFD\HURQ
VREUHHOVXHORSXOLPHQWDGR<QRVHWRPHODPROHVWLDGHKDEODUHQ
PLOHQLRVHVHQWD+HHVWXGLDGRPXFKRVXSURSLDOHQJXD/DKDEOR
PDUDYLOORVDPHQWHELHUL<DKRUDGtJDPHTXpWLHQHGH PDORHO
LQWHUpVHQ+DUYH\0DOORQSODQHDGRUDVRFLDGR$WWUHOO"

$WWUHOOODUHFRQRFLyFRPRORTXHHUDXQDSUHJXQWDUHWyULFD\GH
WRGRVPRGRVQRFUHtDTXHSXGLHVHKDEODUPLOHQLRWUHVFRQODIOXLGH]
VXILFLHQWHDVtTXHPDQWXYRXQVLOHQFLRHVWUDWpJLFR

$FDVRQRHVGLJQRGHHVWXGLR"GLMR7ZLVVHOOO(VXQSULPL
WLYRDVtTXHQRVHSXHGHOOHJDUSHUVRQDOPHQWHKDVWDpOHQXQDFDELQD
<FRQWRGRLQYHQWyHOFDPSRWHPSRUDOHQHO\HVRKL]RSRVLEOHV
ODVFDELQDVFXDWURFLHQWRVDQRVGHVSXpV$OODQyHOWHUUHQR SDUDOD
HWHUQLGDG\VHJXLPRVVLQVDEHUDFLHQFLDFLHUWDFXiQGRQDFLyRFXiQGR
PXULy3UHJXQWHPRVDPLPXFKDFKR
(VWD~OWLPDSDODEUDOD)RQXQFLyFRPRPXLVKDVKRFRQHO

DFHQWRHQODWHUFHUDVtODED\HQORVRtGRVGH$WWUHOOHVRVRQDEDFRPR
XQDYLOSHUYHUVLyQGHORTXHODSDODEUDGHEtDVHU



EHQHILFLRGHODKXPDQLGDGVHUtDPiVGLItFLOHQFRQWUDUHOVLJXLHQWH
1XQFDLPSRVLEOHSHURVLHPSUHPiVGLItFLO
$WWUHOOVXVSLUy/OHJDUtDHOGtDHQTXHQLQJXQDYLGDSXGLHVHVHU
DOWHUDGDHQWRGRHOWLHPSR"&XDQGRODKLVWRULDKXPDQDVLJXLHVH
ILQDOPHQWHVXFDPLQRLGHDO"

(O*UDQ&RQVHMR3DQWHPSRUDOGHFtDTXHQR1RSRGtDKDEHULGHDL
DOJXQRHQXQQ~PHURLQILQLWRGHFDPLQRV/R~QLFRTXHSRGtDKDFHU
VHHUDDSUR[LPDUVHDVLQWyWLFDPHQWHDpO$FHUFDUVHHWHUQDPHQWH
/OHJDUQXQFD
9ROYLyDLQFOLQDUVHVREUHODYLGDGH/\PDQ+XJK6KDSXUGHOVLJOR
\WUD]yRWUDYH]ODH[WUDxDELIXUFDFLyQGREOHTXHD~QQRKDEtD
FRQVHJXLGRLQWHUSUHWDUGHOWRGR9HDPRVVL

$QGHUV+RUHPPQDWLYRGHOVLJOR PX\UtJLGR\UHVWULFWLYRHQ
FXDQWRDODHQHUJtDDWyPLFDOHYHPHQWHU~VWLFRDPDQWHGHODPDGHUD
QDWXUDOFRPRPDWHULDOHVWUXFWXUDOH[SRUWDGRUHVGHFLHUWRVWLSRVGH
SRWDEOHVGHVWLODGRVDFDVLWRGRVORV FXDQGRVHLPSRUWDGRUHVGHWUp
ERO WRPyODFDELQDKDFLDHOVLJOR
6XURVWURFHWULQRFRQODVPHMLOODVSURQXQFLDGDV\ORVODELRVGHOJD
GRVHVWDEDWUDQTXLOR1RPRVWUDEDQHUYLRVLVPRDOJXQRIUHQWHDXQ
GHOLFDGRWUDEDMRHQHOTXHQRHUDSRVLEOHQLQJ~QHUURU-DPiVVHOH
KDEtDRFXUULGRTXHSXGLHVHFRPHWHUXQHUURUHQXQFDPELRFXiQWLFR
+DVWDHOPRPHQWRVXFRQILDQ]DHQVtPLVPRQRKDEtDHVWDGRIXHUDGH
OXJDU
+RUHPPKDEtDHPSH]DGRVXFDUUHUDHQODHWHUQLGDGFRPRREVHU
YDGRU(QWDQWRTXHORVSURJUDPDGRUHVSHUPDQHFtDQHQODDWPyVIHUD
UDULILFDGDGHVXVWUDEDMRVPDWHPiWLFRV\ORVSODQHDGRUHVGHYLGDVVH
LQWHUQDEDQHQODDJRWDGRUDHLQWHUPLQDEOHMXQJODGHODSRVLELOLGDG
LQILQLWD\ORVVRFLDOHVWHMtDQVXVIUiJLOHVWHRUtDVFRQFHUQLHQWHVDORV
KRPEUHV\ODVFRVDVHOREVHUYDGRUVDOtDGHFLGLGDPHQWHDOWLHPSR\
WUDtDGHYXHOWDORVGDWRVVLQDQDOL]DUTXHORVDOLPHQWDEDQDWRGRV

(OREVHUYDGRUQRREWLHQHJUDQUHFRQRFLPLHQWRSRUHOOR/DOLWHUD
WXUDGHODHWHUQLGDGUHVXHQDFRQORVDSODXVRVDODEULOODQWH]GHOD
FRPSXWDFLyQODVGHOLFDGH]DVGHOWUDPDGRODLQWHOLJHQFLDGHODVRFLD
OL]DFLyQSHURPX\SRFRVHGLFHGHOREVHUYDGRUTXHUHFRJHORVKHFKRV
\D~QPHQRVGHOWpFQLFRFX\DVPDQRVWLUDQGHODVFXHUGDVTXHFDP
ELDQPLOHVGHPLOORQHVGHYLGDV
+RUHPPOOHYDEDFLQFRDxRVVLHQGRXQWpFQLFR/DPD\RUSDUWHGH
HVHWLHPSRKDEtDWUDEDMDGRGLUHFWDPHQWHFRQ7ZLVVHOO7ZLVVHOOOH

KDEtDGLFKRORTXHGHEtDKDFHU\SRUHVR7ZLVVHOOUHFLEtDKRQRUHV
+RUHPPKDiDORTXH7ZLVVHOOOHGHFtD\SRUKDFHUORQRHUDDSUH
FLDGR(UDFRPRVLORVHWHUQRVLQFDSDFHVGHHYLWDUODFXOSDFROHFWLYD
TXHLPSOLFDEDHOKHFKRGHMXJDUDVHU'LRVFRQODVYLGDVGHJHQHUDFLR
QHVHQWHUDVODHYLWDVHQFRORFDQGRVREUHORVKRPEURVGHORVWpFQLFRV
HOSHVRGHGLFKDFXOSDELOLGDG
(QVXVREVHUYDFLRQHVGHODVVRFLHGDGHVTXHSUDFWLFDEDQODSHQD
FDSLWDO+RUHPPKDEtDQRWDGRODPLVPDGLVWLQFLyQVRFLDOHQWUHHO
UHVSHWDGRMXH]TXHRUGHQDEDTXHVHUHDOL]DVHODHMHFXFLyQ\HOHP
SOHDGRGHOJRELHUQRTXHOOHYDEDDFDERODRUGHQSDJDQGRHOSUHFLR
GHORVWUDFLVPRVRFLDO

+RUHPPQRVHQWtDDPDUJXUDSRUHVR6HQWtDXQDDXVWHUDDOHJQD
VLHQGRXQWpFQLFR\WUDEDMDQGRSDUD7ZLVVHOO1RKDEUtDFDPELDGRVX
SRVLFLyQSRUQDGD

3RUHQFLPDGHWRGRVHQWtDXQDH[WUHPDFRPSODFHQFLDDOWUDEDMDU
HQORTXH7ZLVVHOOOODPDEDHOPLVWHULR0DOORQ(UDHOPLVPR+R
UHPPTXLHQKDEtDSHQHWUDGRFLHUWDVHUDVGXUDQWHPLVLRQHVFX\RV
UHVXOWDGRVQRKDEtDQVLGRUHJLVWUDGRVHQQLQJ~QOLEURGHDFFHVRS~
EOLFR(UDpOTXLHQKDEtDVHJXLGRYLGDVTXH7ZLVVHOOQROHKDEUtD
FRQILDGRDQLQJ~QSODQHDGRUSURIHVLRQDO(UDpOHQSHUVRQDTXLHQ
KDEtDORFDOL]DGRSRUSULPHUDYH]D%ULQVOH\6KHULGDQ&RRSHU\VX
OHQWDVDQJUHVHKDEtDLQIODPDGRDOHQWHUDUVHGHTXHDTXtDOILQ
HVWDEDODSHUVRQDTXH7ZLVVHOOKDEtDEXVFDGReOSHUVRQDOPHQWH
KDEtDLGRKDFLDDEDMRHQHOFXDQGR WRGRORDWUiVHQODYLGDGH&RRSHU
TXH7ZLVVHOOKDEtDRVDGROOHJDU SDUDPHWHUD&RRSHUSULPHURHQOD
HVFXHODGHQRYDWRV\OXHJRHQODFODVHDGHFXDGDGHHQWUHQDPLHQWR
HVSHFLDOL]DGR/XHJRFXDQGRKDEtDWUDQVFXUULGRHOHQWUHQDPLHQWR
PtQLPRHUD+RUHPPTXLHQKDEtDHQYLDGRHOPHQVDMHHQQRPEUHGH
7ZLVVHOORUGHQDQGRD&RRSHUTXHIXHVHDO
7RGF HVWDEDKLHQ6L+RUHPPIXHVHXQKRPEUHGDGRDVRQUHtU
DKRUDKDEUtDVRQUHtGR(QHOKLSHUDLVODPLHQWRGHXQDFDELQDTXH
DVFHQGtDSRUORVFRUUHGRUHVLQWHUPLQDEOHVGHORVVLJORVKDVWDSRGUtD
KDEHUUHtGRHQYR]DOWD3HURVyORVHQWtDODIUtDVDWLVIDFFLyQGHXQD
ILVLRGpFDGDGHODERULRVRWUDEDMRTXHVHDFHUFDEDDVXFOtPD[PLHQWUDV
YHtDGHVYDQHFHUVHORVVLJORVDWUDYpV\PiVDOOiGHVXFDELQD
/DFDELQDVHGHWXYRDOILQVXDYHPHQWHGHPRGRDXWRPiWLFR\OD
UHDOLGDGVHVROLGLILFySDUWLHQGRGHODVERUURVDVQHEOLQDVTXHODKDEtDQ
URGHDGR
+RUHPPQRKL]RQLXQDSDXVDSDUDSHUFLELUODVQXHYDVIDFHWDVTXH
WRGRVLJOROHRIUHFHDXQRVRMRVQXHYRVLQFOXVRHQ HOSULPHUR\PiV
WULYLDOGHORVHQFXHQWURV/OHYDEDGHPDVLDGRWLHPSRHQVXSURIHVLyQ
FRPRSDUDSHUGHUHOWLHPSRFRQREVHUYDFLRQHVTXHQRIXHVHQGHXWL
OLGDGLQPHGLDWD

(QFXDOTXLHUFDVRVHKDOODEDVyORHQHVDVHFFLyQGHODHWHUQLGDG
HQWUHJDGDDO\QRHQHOWLHPSRSURSLDPHQWHGLFKR/DEDUUHUD
TXHVHSDUDEDODHWHUQLGDGGHOWLHPSRVHRVFXUHFtDFRQODVWLQLHEODVGHO
FDRVSULPLJHQLR\VXDWHUFLRSHODGDQROX]VHKDOODEDFDUDFWHUtVWLFD
PHQWHSXQWHDGDFRQORVKXLGL]RVSXQWRVGHOX]TXHUHIOHMDEDQLPSHU
IHFFLRQHVVXEPLFURVFySLFDVGHODPDWHULDTXHQRSRGtDQVHUHUUDGLFD
GDVHQWDQWRSHUGXUDVHHOSULQFLSLRGHLQFHUWLGXPEUH
+RUDPPDMXVWyFRQGHOLFDGH]DODSRVLFLyQGHODEDUUHUD\ODFUX]y
GHVSXpVHQHOVHJXQGRH[DFWRGHOWLHPSRLQGLFDGRSRUHODQiOLVLV
HVSDFLRWHPSRUDOFRPRySWLPRSDUDVXSURSL VLWR/DEDUUHUDOODPHy
FRQXQDEULOODQWH]LQWDQJLEOHPLHQWUDVODPDVDYLDMDEDDWUDYpVGH
HOODPRYLpQGRVHGHODHWHUQLGDGDOWLHP'R
8QPLOOyQGHWRQHODGDVGHPDWHULDVHGHVLQWHJUDEDQFDGDVHJXQGR
SDUDDOLPHQWDUODVEDUUHUDVTXHFLUFXQGDEDQDODHWHUQLGDGSHUROD
HQHUJtDQRHUDSUREOHPD$YHLQWHPLOPLOORQHVGHDxRVDVFHQGLHQGR
HQHOFXDQGRDUGtDODQRYDGHILQLWLYDTXHIXHXQDYH]HO6RO\OD
SRWHQFLDHQHUJpWLFDGHXQPLOOyQGHVROHVHVWDEDDOOtSDUDVHUWRPDGD
(VRDOPHQRVHUDFRQVWDQWH1LQJ~QFDPELRFRQFHELEOHGHOD
UHDOLGDGQLQJXQDDOWHUDFLyQSRVLEOHHQORVLQVLJQLILFDQWHVDVXQWRV
KXPDQRVGHOWLHPSRSRGUtDDOWHUDUMDPiVODOOHJDGDGHHVDQRYD

+RUHPPVHHQFRQWUyHQXQFXDUWRGHPiTXLQDV(VWDEDYDFtR \OR
VHJXLUtDHVWDQGRGXUDQWHGRVKRUDV\WUHLQWD\VHLVPLQXWRVEDMROD
UHDOLGDGSUHVHQWHSRUGRVPLQXWRVPiVEDMRODUHDOLGDGYHQLGHUD6X
SURSLDSUHVHQFLDDTXtFRPRKDEtDSUREDGRXQFXLGDGRVRFiOFXORHUD
QHXWUDO(QWDQWRTXHQLQJXQDHQWUDGDHQHOWLHPSRSRUFDVXDOTXH
IXHVHSRGtDGHMDUGHVXSRQHUXQDGLVWRUVLyQILQLWDHQODWH[WXUDGHOD
UHDOLGDGQRWRGDVODVGLVWRUVLRQHVOOHJDEDQDOQLYHOPtQLPRUHTXHULGR
FRPRSDUDTXHVHUHDOL]DVHXQFDPELRFXiQWLFR
/RTXH+RUHPPKL]ROXHJRIXHDSDUHQWHPHQWHD~QPiVWULYLDO
TXHHOVLPSOHKHFKRGHVXSUHVHQFLD&RJLyXQSHTXHxRUHFLSLHQWHGH
VXSRVLFLyQVREUHXQDHVWDQWHUtD\ORPRYLyKDVWDXQOXJDUYDFtRHQOD
HVWDQWHUtDTXHKDEtDGHEDMR
+DELHQGRKHFKRHVWRYROYLyDHQWUDUHQODHWHUQLGDGGHXQPRGR
TXHOHSDUHFLyWDQSURVDLFRFRPRKXELHVHSRGLGRVHUORHOFUX]DUXQD
SXHUWDFXDOTXLHUD3DUDXQREVHUYDGRUFODYDGRHQHOWLHPSRKDEUtD
VLGRFRPRVLKXELHVHGHVDSDUHFLGR

(OSHTXHxRUHFLSLHQWHSHUPDQHFLyDOOtGRQGHORKDEtDSXHVWR1R
MXJDEDXQSDSHOLQPHGLDWR HQODKLVWRULDGHOPXQGR/DPDQRGHXQ
KRPEUHVHWHQGLyKDFLDpO\QRORHQFRQWUy/DE~VTXHGDUHDOL]DGDOR
HQFRQWUyPHGLDKRUDGHVSXpVSHURHQWUHWDQWRXQFDPSRGHIXHU]D
VHKDEtDH[WLQJXLGR\XQKRPEUHKDEtDSHUGLGRORVHVWULERV8QD
GHFLVLyQTXHHQ XQDUHDOLGDGSUHYLDKDEUtDVHJXLGRVLQVHUDGRSWDGD
IXHWRPDGDDKRUDDFDXVDGHODLUD8QHQFXHQWURQRWXYROXJDUXQ
KRPEUHTXHKDEUtDPXHUWRYLYLyXQDxRPiV\XQRTXHKDEUtDYLYLGR

XQGtDPiVPXULyXQGtDPiVSURQWR

/DVRQGXODFLRQHVIXHURQHQVDQFKiQGRVH

'HVGHHOLQVWDQWHHQTXHHOUHFLSLHQWHKDEtDVLGRFDPELDGRGH
VLWLRKDVWDWRGRHOWLHPSRSRVWHULRUH[LVWLyXQDQXHYDUHDOLGDG(Q
DOJXQRVVLJORVHOFDPELRIXHPX\SURQXQFLDGRFRQFXOWXUDVHQWHUDV
VXWLOPHQWHDOWHUDGDV(QDOJXQRVVLJORVHOFDPELR IXHPX\OHYH(Q
QLQJ~QFDVRIXHGHFHUR

0DVSRUVXSXHVWRQLQJ~QVHUKXPDQRTXHVHKDOODVHHQHO
WLHPSRSRGtDVHUFRQVFLHQWHGHTXHDOJ~QFDPELRKXELHVHWHQLGR
OXJDU<DXQTXHPLOORQHVGHKRPEUHVTXHKXELHVHQYLYLGRQROOHJD
VHQDKDFHUORDFDXVDGHOJHVWRGH+RUHPPORVHWHUQRVFRPSUHQGtDQ
\H[FHSWRSRUXQLQVWLQWRLUUDFLRQDOQDGLHKDEUtDFRQVLGHUDGRD
+RUHPPXQDVHVLQR
([FHSWRSRUVXSXHVWRHOSURSLR+RUHPP

/DEDQ7ZLVVHOOKDEtDVLGRSDUWHGHOSDLVDMHGHODHWHUQLGDGWDQWR
WLHPSRTXHSRFDVHUDQODVSHUVRQDVFRQYLGDFDSDFHVGHUHFRUGDUXQD
HWHUQLGDGVLQpO(UDGHOGRPLQLRS~EOLFRTXHKDEtDHVWDGRWDQWR
WLHPSRVXPHUJLGRHQORVSUREOHPDVGHODKXPDQLGDGTXHKDEtDROYL
GDGRHOQ~PHURH[DFWRGHOVLJORHQTXHKDEtDQDFLGR6HGHFtDWDP
ELpQTXHDWHPSUDQDHGDGVHOHKDEtDDWURILDGRHOFRUD]yQ\TXHXQD
FRPSXWDGRUDPDQXDOVLPLODUDOPRGHORTXHOOHYDEDVLHPSUHHQHO
EROVLOORGHOSDQWDOyQKDEtDRFXSDGRVXOXJDU
7ZLVVHOOQRKDFtDQDGDSRUQHJDUHVRVUXPRUHV'HKHFKRWHQGtD
DFUHHUORVpOPLVPR/HKDEUtDPRUWLILFDGRTXHOHGLMHVHQTXHXQD
SDUWHGHVXQHUYLRVLVPRLQWHUQRHUDYLVLEOHTXHVXFRUD]yQFRPSXWD
GRUDTXL]iVHVWDEDODWLHQGRDXQULWPRLQDSURSLDGRFRPRVLGHVSXpV
GHWRGRQRIXHVHPiVTXHXQFRQMXQWRGHP~VFXORV\YiOYXODV
(VWDEDPLUDQGRD%ULQVOH\6KHULGDQ&RRSHU$OILQHVWDEDPLUiQ
GROH<QDGLHVDEtDVDOYRpOPLVPR\HVHWLSRUDUR+RUHPPTXH
HVWHMRYHQQHUYLRVR\FDUHQWHGHWRGDSDUWLFXODULGDGHUDWRGR

(VWDEDQVXELHQGRDODFDELQD6XVFRVWDGRVHUDQSHUIHFWDPHQWH
UHGRQGRV\HQFDMDEDQFyPRGDPHQWHHQHOSR]RYHUWLFDO7ZLVVHOO
GLVSXVRORVFRQWUROHVFRQXQDPDQRODRWUDSRUVXSXHVWRPDQLSX
ODEDVXFLJDUULOOR6HSURGXMRODOHYHFRQPRFLyQQRXQJLURQRXQ
PRYLPLHQWRTXHVLJQLILFDEDTXHODFDELQDHVWDEDPRYLpQGRVHDWUD
YpVGHODHWHUQLGDG
0LUyD&RRSHU\OHVRQULy
,QTXLHWRMRYHQFLWR"

/RVRMRVGH&RRSHUVHJXLDQHOGLVFXUULUGHORVQ~PHURVJLUDWRULRV

Ma$FXiQWRYDPRVVHxRU"

'RVVLHWHRFKRXQR1RPX\OHMRV8QSDVHR8QSHTXHxRSD
VHRGLMR7ZLVVHOO
(O"

1RKDHVWDGRQXQFDWDQOHMRV"

+DVWDHOGtDGHKR\HMHFXWRU7ZLVVHOOQXQFDKDEtDHVWDGRHQ
XQFXDQGRPiVDOWRTXHHO
<"(VWiDVXVWDGR"

&RRSHUVHUHPRYLyHQVXDVLHQWR

6RQXQRVGRVFLHQWRVPLODxRVGHGLVWDQFLDGHFDVD

8QHWHUQRQRWLHQHFDVD'HEHUtDDSUHQGHUHVRPXFKDFKR
GLMR7ZLVVHOOFRQVXDYLGDG
/RVQ~PHURVLEDQ\YHQtDQDXPHQWDQGRFDGDYH]PiV

+DVWDGyQGHKDUHPRQWDGRHQORVFXDQGRVVHxRU"GLMR
&RRSHU

&UHRTXHGRVFLHQWRVPLOVLJORVPiVRPHQRV1RYDOHODSHQD
LUPaiVOHMRVH[FHSWRORVLQJHQLHURVTXHVHDSURYLVLRQDQGHODQRYD
6RO3DUDHQWRQFHVKDFLDHOGRVFLHQWRVPLOODKXPDQLGDGDEDQGRQD
OD7LHUUD
(OYLHMRHMHFXWRUHVWXGLyHOURVWURLQWUDQTXLORGHORWUR

6XSRQJRTXHHVRQRVHORHQVHxDURQHQODHVFXHODQR"

 &XHQWRVSDUDOHORV
(VWDEDPX\HVSHFLDOL]DGRHQRWUDGLUHFFLyQVHxRUUHSOLFy
&RRSHUVRSHVDQGRVXVSDODEUDV
3HUR7ZLVVHOOQROHVSUHVWyDWHQFLyQ

3HURHOKRPEUHDFDEDSRUDEDQGRQDUHVWHYLHMRPXQGRGLMR
3RUTXp"

1RVHVDEHFRQH[DFWLWXG/DHQWUDGDHQHOWLHPSRVHGHWLHQH
DOJXQRVVLJORVDQWHVGHODSDUWLGD$OJXQRVGLFHQTXHHVODHYROXFLyQ
HOKRPEUHVHFRQYLHUWHHQDOJRGLVWLQWRDOKRPEUH$OJXQRVGLFHQTXH
HVODFLHQFLDORVKRPEUHVDSUHQGHQDOILQHOVHFUHWRGHOLPSXOVR
KLSHUHVSDFLDO\SXHGHQOOHJDUDODVHVWUHOODV

aRQWRGRQRKD\UD]yQSDUDTXHGHEDQDEDQGRQDUOD7LHUUD

$OJXQRVSLHQVDQTXHVHYDQSDUDHVFDSDUGHQRVRWURV\QXHVWURV
HWHUQRVPDQHMRVGHODUHDOLGDGGLMR7ZLVVHOO
1RSRGHPRVKDFHUTXHVHTXHGHQ"

3RUTXpGHEHUtDPRVKDFHUOR"1RKD\WUDEDMRVXILFLHQWHHQ
QXHVWURVGRVFLHQWRVPLOVLJORVGHHWHPLGDG"
4XpVXFHGHGHVSXpVGHTXHVHYDQ"

1DGD/DHWHUQLGDGFRQWLQ~DVLQVHUHVKXPDQRVKDVWDTXHHO6RO
HVWDOOD\OXHJRFRQWLQ~DVLQHO6ROKDVWDTXHODHQWURStDOOHJDDO
Pi[LPR\WRGDVODVHVWUHOODVHVWiQPXHUWDV\OXHJRVLPSOHPHQWH
FRQWLQ~D/DHWHUQLGDGQRWLHQHILQ
/RVQ~PHURVVHGHWXYLHURQ\7ZLVVHOOHQFDEH]yODPDUFKDKDFLD
XQDDQWHVDODFXELHUWDGHHVSHMRV
3HOtFXODVPROHFXODUHVPX\GHPRGDDTXtGLMR7ZLVVHOOFRQ
GLVJXVWR3VHXGROtTXLGRV

&RQGXMRD&RRSHUPiVDOOiGHXQRVUHVSHWXRVRVHWHUQRVDORVTXH
QRSUHVWyQLQJXQDDWHQFLyQ\HQWUyHQXQDSHTXHxDVDODGHREVHUYD
FLRQ
&RRSHUVHTXHGyPLUDQGRVXSURSLRUHIOHMRGXSOLFDGRFRQXQD
IUHFXHQFLDGHVFRQFHUWDQWH
7RGRVRQHVSHMRV"GLMR

&DVLWRGR8QDJHQHUDFLyQDODTXHOHHQFDQWDPLUDUVH6LQ
HPEDUJRSXHGHQDMXVWDUVHSDUDXQUHIOHMRPHQRU

&RQXQJHVWRGHVXPDQRVREUHXQRVFRQWUROHVELHQGLVLPXODGRV
PRGXOyORVHVSHMRVKDVWDXQGLIXVRWRQRJULVSL]DUUDHQHOFXDOpO\
&RRSHUDSHQDVVLHUDQPHUDVVRPEUDV
7RPyDVLHQWR\GLMR

$~QKHPRVGHHVSHUDUXQSRFR

&XDQGRHOFXHUSRGHOMHIHSURJUDPDGRUVHDFHUFyDOHVTXHOHWR
GHVQXGRGHODVLOODEURWyXQWDSL]DGRXQVXDYHWDSL]DGRURMRTXHVH
DPROGyKDVWD HQFDMDUHQODDQDWRPtDGH7ZLVVHOO
&RRSHUVHVHQWyFDXWHORVDPHQWH\HOWDSL]DGRFUHFLyLJXDOPHQWHD
VXHVSDOGD

/DDUUXJDGDPDQRGH7ZLVVHOOVHFHUUyDOUHGHGRUGHXQFRQWDFWRY
ODSDUHGPiVFHUFDQDVHGHUULWLyKDVWDFRQYHUWLUVHHQFULVWDO/DV
ILJXUDV\ORVREMHWRVVHIXHURQGHILQLHQGR
&RRSHUERTXHyVRUSUHQGLGR
4XpHVHVRVHxRU"

8QHVSDFLRSXHUWR1DYHVHVSDFLDOHVVDOHQGHDTXt\VHPXHYHQ
DWUDYpVGHOVLVWHPDVRODUDORODUJRGHOtQHDVHOHFWURJUDYtWLFDV7RWDO
PHQWHLQ~WLO
3HURHVPDJQtILFR

1DGDHVPDJQtILFRVLVHFRPSUDDOSUHFLRGHODPLVHULD(VWHHV
XQVLJORLQIHOL]\ORV~OWLPRV\HVFDVRVFDPELRVFXiQWLFRVKDQWHQGLGR
DKDFHUORPiVLQIHOL]$KRUDILQDOPHQWHKD\TXHKDFHUDOJR(VRV
SREUHVVHUHVYDQD0DUWHSHURQRKD\QDGDHQ0DUWH1XQFDOR
KXER1XQFDORKDEUi(QOD7LHUUDVHYXHOYHKDFLDODVGURJDV(O
WLHQHHOtQGLFHGHDGLFFLyQDODVGURJDVPiVDOWRGHWRGDOD
HWHUQLGDG
'HEHQGHHVWDUWUHPHQGDPHQWHDYDQ]DGRVHQVXWHFQRORJtD

8VWHGHVGHO7DPELpQXQVLJORWHFQROyJLFRDVtTXHHVWi
LPSUHVLRQDGR2LJDQLQRVDEHFXiQWDVYHFHVKDWHQLGROXJDUHO
YLDMHHVSDFLDODORODUJRGHORVVLJEV"9HLQWLVLHWH1XQFDGXUDPiVGH
XQRRGRVPLOHQLRV/DJHQWHVHFDQVD9XHOYHQDFDVD/DVFRORQLDV
VHYDQPXULHQGR(QWRQFHVRWURVFXDWURRFLQFRPLOHQLRVRFXDUHQWD
RFLQFXHQWD\YXHOYHQDLQWHQWDUOR&XDQGROOHJXpSRUSULPHUDYH]D
ODHWHUQLGDGKDEtDWUHLQWD\FXDWURSHGRGRVFRQYLDMHHVSDFLDO
$FDVRORVFRPSXWDGRUHVHVWiQHOLPLQDQGRPHGLDQWHORVFXiQ
WLFRVHOYLDMHHVSDFLDOGHODUHDOLGDG"

(QDEVROXWR3RUTXpGHEHUtDPRVKDFHUOR"+XERXQDpSRFD
HQODTXHVyORKDEtDFDWRUFHSHUtRGRVFRQYLDMHHVSDFLDO\OXHJROD
FLIUDYROYLyDVXELU(QODHWHUQLGDGQRV/LPLWDPRVDPHMRUDUODUHDOL
GDG6HJXLPRVODGLUHFFLyQHQODTXH QRVOOHYHHVDPHMRUD3XHGHTXH
XQDYH]EDUUDHOYLDMHHVSDFLDODTXtSXHGHTXHOXHJRORUHVWDXUHDKt

&RRSHUREVHUYyHOEULOODQWHPHWDOYHUGRVRGHORVKDQJDUHV\HO
UHOXFLHQWHGHVWHOORGHORVQDYtRVGHDFHURDO]iQGRVHVLOHQFLRVD\
VXDYHPHQWHVREUHODVKQHDVGHIXHU]DOLEUHVGHPDVDTXHDWDEDQORV
SODQHWDVHQWUHVt7ZLVVHOOREVHUYyPiVD&RRSHUTXHODHVFHQDTXH
WHQtDDQWHpO\GHMyTXHHOKXPRGHVXFLJDUULOORVHDO]DVHVXDYHPHQWH
SDUDTXHDVtQROHPROHVWDVH
$TXtVHHVWiWDQOHMRVGHOFXDQGRQDWDOGLMR&RRSHUODYR]

WUpPXOD<EUXVFDPHQWHDxDGLy$TXtPLPDGUHOOHYDPXHUWD
PiVGHXQFXDUWRGHPLOOyQGHDxRV
7ZLVVHOOPLUyVHFDPHQWHDOPXFKDFKR\GLMR
6XPDGUHH[LVWH"

&RRSHUVHHQFRJLyGHKRPEURV\GLMRFRQYR]DSDJDGD

1RORVp/RVFDPELRVFXiQWLFRVUDUDYH]VHDFHUFDQWDQWRDO
LQLFLRGHODHWHUQLGDG3XHGHTXHVtH[LVWD3HURGHVSXpVGHTXHOOHJXp
DODHWHUQLGDG0DQILHOGPHGLMRTXHQRORFRPSUREDVHQXQFD
0DQILHOGWHQtDWRGDODUD]yQ(VXVWHGXQWRQWRVyORSRUSHQVDU
HQHVDVFRVDV
/RVLHQWRVHxRU

%LHQHVWiSHUGRQDGR$KRUDPLUH7UHVVLJORVHQHODEDMR
FXDQGR+RUHPPHVWiGHVSOD]DQGRORVFULVWDOHVGHPH]ROLWD(OPR
PHQWRHQILVLRWLHPSRHVWiHQFLPDGHQRVRWURVHK"
(OHVSDFLRSXHUWRIXHHODJXGRJULWRGH&RRSHU

O


O
(OUHVSODQGRUKDEtDGHVDSDUHFLGRORVHGLILFLRVVHHQFRJtDQ8QD
QDYHHVSDFLDOVHR[LGy(OPRYLPLHQWRKDEtDFHVDGR
(VHVRORTXHHVSHUDEDVHxRU"SUHJXQWy&RRSHU

(QHIHFWR(OYLDMHHVSDFLDOGHFD\yXQVLJORPiVSURQWRGHOR
TXHORKDEUtDKHFKR3HURQRKD\GURJDV/DJHQWHHVPiVIHOL]
0HMRUDVHQRWUDViUHDVGHODVTXHXVWHGQRVDEHQDGD

,QFRQVFLHQWHPHQWH7ZLVVH/,KDEtDYXHOWRDVXSURSLRGLDOHFWR6H
GLRFXHQWDGHHOOR\YROYLyDODOHQJXDGH&RRSHU\VXLUULWDFLyQDQWH
HOGHV/L]KL]R PiVKLULHQWHVVXVSDODEUDV
,GLRWD'HUUDPD/iJULPDVSRUHOPHWDO"1ROHLPSRUWDOD
JHQWH"/HDGYLHUWRTXHVLYDORUDODPDWHULDSRUHQFLPDGHOKRPEUH
QRWLHQHXVWHGOXJDUHQODHWHUQLGDG
/XHJRFRQXQDUUHSHQWLPLHQWRLQVWDQWiQHRVXWRQRFDPELyGH
PRGRUDGLFDO
1RQR&RRSHUOHHVWR\GDQGRXQDUHSULPHQGDSRUDOJRTXH

QRSXHGHHYLWDU$KRUDYHQJDFRQPLJR4XHQ
DTXHYLHVHHVWRVyOR
SDUDGDUOHXQSRFRGHSHUVSHFWLYDSDUDTXHSXGLHVHHQWHQGHUPiV
3HURDKRUDYHQJD7HQHPRVSRUGHODQWHQXHVWURDVXQWRVPiVLPSRU
WDQWHVHODVXQWRPiVLPSRUWDQWHGHWRGDODHWHUQLGDG
$QGHUV+RUHPPUHJUHVDEDHQXQDFDELQDGHO

/DDQWHVDODGHODWUDYpVGHODTXHKDEtDSDVDGRSDUDLUGHOD
FDELQDDOWLHPSR\GHOWLHPSRDODFDELQDKDEtDHVWDGR/ODPDWLYD\
REYLDPHQWHYDFtD/RVHWHUQRVGHHVDVHFFLyQGHODHWHUQLGDGVDEtDQ
TXHKDEtDXQWpFQLFRWUDEDMDQGR\SUHIHUtDQQRYHUOHQLKDEODUFRQpO

&RQVXIULDOGDGKDELWXDO+RUHPPHQWHQGtDODVUD]RQHV1LQJXQR
GHORVHWHUQRVGHHVDVHFFLyQHUDQQDWLYRVGHO1DWXUD/PHQWH
8QDGHODVUHJODVSULPDULDVGHODHWHUQLGDGHUDTXHQLQJ~QKRPEUH
SRGtDHVWDURILFLD/PHQWHDVRFLDGRFRQVXFXDQGRQDWDO6LQRH[LVWLHVH
HVDUHJODODVSRVLELOLGDGHVGHFRUUXSFLyQHUDQGHPDVLDGRREYLDV
FRPRSDUDGLVFXWLUODV&RQWRGRHOSDVRGHXQWpFQLFRDWUDYpVGHXQD
EDUUHUDOHUHFRUGDUtDDJXGDPHQWHDWRGRVORVKRPEUHVTXHVXSURSLR
FXDQGRQDWDOSRGtDVXIULUHQHOVLJXLHQWHFDPELRFXiQWLFR<DXQTXH
ODVPHQWHVGHWRGRVORVHWHUQRVVHKD/ODEDQHGXFDGDVSDUDVDEHUTXHVL
H/ORRFXUUtDHUD LQHYLWDEOH\KDVWDGHVHDEOHORVFRUD]RQHV LQFOXVRORV
GHORVHWHUQRV QRHVWDEDQVLHPSUHGLVSXHVWRVDGHMDUVHHGXFDU
$PHQRVSRUVXSXHVWRTXHVHWUDWDVHGHOFRUD]yQGHXQKRPEUH
FRPRpOSHQVyHOWpFQLFR\DOSHQVDUORIUXQFLyHOFHxR0XFKDV
YHFHV OHKDEtDQSXHVWRFRPRHMHPSORDORVQRYDWRV/DGHYRFLyQDO
GHEHU\ODFRQFLHQFLDGHXQDPLVLyQTXHWUDVFHQGtDWRGDFRQVLGHUD
FLyQSHUVRQDOHUDQWRGRORTXHGHEtDHQWUDUHQODIRUPDFLyQGHXQ
HWHUQRVR/LDGHFLUVH

+RUHPPKDEtDYLYLGRHQWLHPSRVVLJXLHQGRFRQHQWXVLDVPRWDO
UHJODHQORVGtDVHQTXHHUDXQVLPSOHREVHUYDGRUDEDQGRQDQGR
FDXWHORVDPHQWHODHWHUQLGDGSDUDUHFRJHUGDWRVHQVLOHQFLRVLQKD
FHUVHQRWDUHILFLHQWHPHQWH&DGDYH]TXHHUDSRVLEOHXWLOL]DEDODV
FDVDVaORVHPSOHDGRVGHOWLHPSR HQODHWHQQLGDGFRPREDVH
&XDQGRQRHUDFRQYHQLHQWHKDFHUORUHVLGtDHQKRWHOHVVLORSHUPL
WtDQORVPDSDVHVSDFLRWHPSRUDOHV\VLLQVLVWtDQHQHOORGRUPtDGH
EDMRGHXQVHWR

(QFDGDSHQHWUDFLyQORVPDSDVHUDQVLHPSUHGHORPiVPHWLFX
ORVRDFHUFDGHGyQGHSRGtDLU\FXiQGRSRGtDKDFHUORORTXHSRGtD
KDFHU\ORTXHQR1XQFDFRQXQDHILFLHQFLDTXHDKRUDOHKDEtD
FRQYHUWLGRHQHOWpFQLFRPiVDSUHFLDGRSRU7ZLVVHOOKDEtDLQYDGLGR
iUHDVSURKLELGDVGHJHQWHHVSDFLRRWLHPSR(QQLQJ~QPRPHQWRGH
VXFDUUHUDODWH[WXUDGHODUHDOLGDGVHKDEtDWDPEDOHDGRSRUTXHpO
KXELHVHUHEDVDGRORVOtPLWHV

/RTXHDFDEDEDGHKDFHUHUDXQHMHPSOR6XVDFFLRQHVKDEtDQ
VLGRGHOLPLWDGDVHQHOHVSDFLRWLHPSRSDUDFRQVHJXLUUHVXOWDGRVySWL

PRV(UDHOHTXLYDOHQWHGHOD LQFLVLyQVHJXUDGHOFLUXMDQRHOGLHVWUR
JLURGHOLQJHQLHUR

(UDpOTXLHQRULJLQDEDOD&01 QLQJ~QHWHQQRSHQVDEDHQOD
&DXVD0tQLPD1HFHVDULDGHRWURPRGRTXHQRIXHVH&01 XVDQ
GRVXSURSLRPpWRGRGHVSXpVGHTXHHOFRPSXWDGRUKXELHVHLQGLFDGR
ODQDWXUDOH]DJHQHUDOGHOD&01UHTXHULGD(UD7ZLVVHOOWUHVVLJORV
GHVSXpVHQHOWLHPSRTXLHQREVHUYDEDHO056 0i[LPR5HVXOWDGR
6LJQLILFDWLYRWHHQVHxDEDQDGHFLUHQODHVFXHOD 
7tSLFR(OWpFQLFRSURGXFtDODSHTXHxD\GHVKRQURVDFDXVD(O
FRPSXWDGRUREVHUYDEDHOFRQVLGHUDEOH\KRQURVRUHVXOWDGR

1RLPSRUWDED1DGDWHQtDLPSRUWDQFLDH[FHSWRODJUDQREUDTXH
DKRUD\DVHKDOODEDPX\FHUFDGHOQRYDWR&RRSHUPiVFHUFDGHOR
TXHQXQFDKDEtDOOHJDGR
6LQWLyXQOHYtVLPRHVWUHPHFLPLHQWR'HSURQWRVLQTXHUHUKDEtD
SHQVDGRHQVXSULPHUILVLRDxRHQHO

1RVDEtDFyPRHUDODpSRFDDKRUD5HKXtDOHHUVREUHHOOD+DEtD
HYLWDGRODVPLVLRQHVHQVXSUR[LPLGDG3HURUHFRUGDEDFRQH[WUHPD
FODULGDGFyPRKDEtDVLGRFXDQGRWHUPLQyODHVFXHOD\UHFLELyVX
SULPHUDPLVLyQHQODHWHUQLGDG
2EVHUYDGRUHQHO\ORVVLJORVYHFLQRV

2EVHUYDGRUO2EMHWLYR\IQ
R,QFDSD]GHYHUQDGDGLVWLQWRD
FRPRHUDHQUHDOLGDG

2EVHUYDGRU(OKRPEUHFX\RWUDEDMRQRWHUPLQDEDQXQFDGDGR
TXHFDGDFDPELRFXiQWLFRYDFLDEDGHVHQWLGRHQPD\RURPHQRUPH
GLGDWRGRVORVGDWRVREVHUYDFLRQDOHVHQORVVLJORVLPSOLFDGRV

+DEtDYXHOWRFRQVXSULPHULQIRUPHVREUHHO\VHKDEtDDVHJX
UDGRGHFRQWLQXDUFRQVXDFWLWXGIQ
D\REMHWLYD6HDVHJXUyGHQR
SRQHUDOGHVFXELHUWRQLXQDIUDFFLyQGHODGHVDSUREDFLyQTXHVHQWtD
HQVXIXHURLQWHUQR(UDXQDHUDVLQpWLFDQLSULQFLSLRVWDO\FRPRpO
HVWDEDDFRVWXPEUDGRDFRQFHELUORV(UDKHGRQLVWDPDWHULDOLVWDFRQ
VLGHUDEOHPHQWHPDWULDUFDO(UDOD~QLFDHUDHQTXHKDEtDIORUHFLGRHO
QDFLPLHQWRHFWRJpQLFR\HQVXPRPHQWRFXPEUHHOSRUFLHQGHVXV
PXMHUHVGDEDQDOX]HQWUHJDQGRPHUDPHQWHXQyYXORIHUWLOL]DGRDORV
GHSyVLWRVGHyYXORV(OPDWULPRQLRVHKDFtD\GHVKDFtDSRUPXWXR
DFXHUGR\HUDFRQVLGHUDGRFRPRXQDFXHVWLyQSXUDPHQWHHPRFLRQDO



/DXQLyQGHVWLQDGDDHQJHQGUDUQLQRVVHKDOODEDSRUVXSXHVWRVHSD
UDGDGHODVIXQFLRQHVPHUDPHQWHVRFLDOHVGHOPDWULPRQLR\HUDGHFL
GLGDVREUHSULQFLSLRVSXUDPHQWHHXJHQpVLFRV

+RUHPPFUHtDTXHGHRWURVFLHQPRGRVGLVWLQWRVDTXHOODVRFLH
GDGHVWDEDHQIHUPD\DQKHODEDXQFDPELRFXiQWLFR6HOHHQGXUHFtD
ODPDQGtEXODFRQXQDH[FLWDGDDQWLFLSDFLyQDOSHQVDUHQORVPLOORQHV
GHPXMHUHVGHGLFDGDVDEXVFDUHOSODFHU ODYHUGDGHVTXHFRQORV
KRPEUHVQRKDEtDTXHFRQWDU TXHVHHQFRQWUDUtDQFRQYHUWLGDVHQ
DXWpQWLFDVPDGUHVGHFRUD]yQSXURHQRWUDUHDOLGDGFRQWRGRVORV
UHFXHUGRVTXHHOORLPSOLFDVHLQFDSDFHVGHGHFLUVRxDURLPDJLQDU
TXHDOJXQDYH]KXELHVHQVLGRDOJXQDRWUDFRVD0LOORQHVGHVHUHV
YLYLHQWHVMDPiVKDEUtDQYLYLGRHQXQLQVWDQWH\PLOORQHVGHRWURV
VHUHVHQWUDUtDQHQODH[LVWHQFLDFRQYHQFLGRVFRPRVLVHWUDWDVHGH
DOJRLQFXHVWLRQDEOHGHTXHSRVHtDQDQWHSDVDGRVHLQIDQFLDV<HQVX
UHDOLGDGVHUtDFLHUWR
3HUR VXVLQIRUPHVQRUHYHODEDQQLQJXQRGHVXVVHQWLPLHQWRVY
VDEtDTXHQRGHEtDQKDFHUOR/DGHVDSUREDFLyQTXHVHQWtDKDFLDOi
HUD\WRGDVXREUDQRVDOLyDODOX]KDVWDTXH1R\V/DPEHQWHQWUySRU
SULPHUDYH]HQVXVHFWRUGHODHWHUQLGDGFRPRVHFUHWDQDGHOSURJUD
PDGRU+REEH)LQJH

+RUHPPPLUDEDFRQFLHUWDVRVSHFKDDWRGRVORVHPSOHDGRVGHO
WLHPSR,GHDOPHQWHSHQVDEDHQODHWHUQLGDGVyORGHEHUtDQHVWDUORV
HaHUQRV/DSUHVHQFLDGHLQGLYLGXRVFRUULHQWHVGHOWLHPSRKDFtDSUHFL
VDVPLOSUHFDXFLRQHV3HURQDWXUDOPHQWHORVSURJUDPDGRUHVVLHP
SUHLQVLVWtDQHQTXHKDEtDPLOUD]RQHVSDUDVXXVR
1R\V/DPEHQWVLQHPEDUJRVXSHUDEDODVGLH]PLOUD]RQHVR
DVtOHSDUHFtDD+RUHPP

'RVGtDVGHVSXpVHQWUyGHFLGLGDPHQWHHQODRILFLQDGH+REEH
)LQJHSURJUDPDGRU DVRFLDGR )LQJHHVWDEDPXHUWR\DXQKRPEUH
VRQQHQWH\UHJRUGHWHDOJRPLRSHSURFHGHQWHGHXQVLJORFHQWUDGR
HQODHQHUJtDDOUHGHGRUGHOTXHVLHPSUHSDUHFtDVRUSUHQGLGRGH
KDOODUVHVHQWDGRHQDOJRKHFKRGHVLPSOH\IUiJLOPDWHULD\TXHSLVDED
FRQFDXWHODHOVXHORSRUPLHGRDTXHVHURPSLHVHEDMRVXSHVR
+RUHPPHQVHJXLGDGHMyFODURORTXHSUHWHQGtD

3URJUDPDGRU)LQJHSURWHVWRSRUTXHVHKD\DFRQWUDWDGRDODVH
xRULWD/DPEHQW

$K+RUHPP)LQJHDO]yODYLVWDVRQULHQGR6LpQWHVH6LpQ
WHVH(QFXHQWUDDODVHxRULWD/DPEHQWLQFRPSHWHQWHLQDGHFXDGD
1RSXHGRGHFLUVLHVLQFRPSHWHQWHRQRGLMRVHFDPHQWH+R
UHPP1RKHKHFKRXVRGHVXVVHUYLFLRVQLSLHQVRKDFHUOR(VVX
VHFUHWDULD3HURFLHUWDPHQWHHVLQDGHFXDGD

1RHUDPX\DGHFXDGRKDEODUOHDVtDXQVXSHQRUSHUR+RUHPP
HQVXMXYHQWXGKDEtDVLGRXQLGHDOLVWDHQORWRFDQWHDODHWHUQLGDG\
VHQWtDQHFHVDULRSURWHVWDUFRVWDVHORTXHFRVWDVH

)LQJHVHORTXHGyPLUDQGRFRQDVSHFWRGLVWDQWHFRPRVLVXPHQWH
GHSURJUDPDGRUVRSHVDVHDEVWUDFFLRQHVPiVDOOiGHODOFDQFHGHXQ
HWHUQRFRUULHQWH
(QTXpVHQWLGRHVLQDGHFXDGD+RUHPP"

0HDVRPEUDTXHGHEDXVWHGSUHJXQWDUORSURJUDPDGRU6XYHV
WLPHQWDHVDEVROXWDPHQWHODPHQWDEOH
2KYDPRV

1RKHSRGLGRHYLWDUHOQRWDUTXHOOHYDPX\SRFR SRUHQFLPDGH
ODFLQWXUD6XVPDQRVVHPRYLHURQYDJDPHQWHDODDOWXUDGHOSH
FKR$SDUWHGHHVRODOHYHGDGGHVXVPDQHUDVHVUHSXJQDQWH

+RUHPPHVWR\VHJXURGHTXHVXVURSDV\VXDFWLWXGVRQSDUWH
GHODVFRVWXPEUHVGHVXWLHPSR8VWHGFRPRREVHUYDGRUGHEHUtDVHU
FRQVFLHQWHGHHOOR
(QVXSURSLRDPELHQWHHQVXSURSLRPHGLRFXOWXUDOQRKDOODUtD
IDOWDDOJXQDHQVXFDUiFWHU6LQHPEDUJRDTXtHQODHWHUQLGDGXQD
SHUVRQDFRPRHOODHVWiIXHUDGHOXJDU
)LQJHVRQULy(IHFWLYDPHQWHVRQULy\VLD+RUHPPOHKXELHVH
TXHGDGRDOJ~QP~VFXORHQHOFXHUSRTXHQRHVWXYLHVHWHQVRORKD
EUtDWHQVDGRHQWRQFHV
/DFRQWUDWpGHOLEHUDGDPHQWHGLMR)LQJH(VWiGHVHPSH
xDQGRXQDIXQFLyQHVHQFLDO(VVyORWHPSRUDO,QWHQWHVRSRUWDUOD
PLHQWUDVWDQWR

$+RUHPPVH OHHQGXUHFLyODPDQGtEXOD+DEtDSURWHVWDGR\VX
SURWHVWDKDEtDVLGRUHFKD]DGD1RVHUYLUtDGHQDGDSUHJXQWDUFXiOHUD
HVDIXQFLyQHVHQFLDOa8QSURJUDPDGRUMDPiVGDEDH[SOLFDFLRQHV\
FLHUWDPHQWHPHQRVDXQREVHUYDGRU1RVHSRGtDPROHVWDUDODDULV
WRFUDFLDPHQWDOTXHJREHUQDEDODHWHUQLGDG
6HYROYLyHQYDUDGDPHQWH\FDPLQyKDFLDODSXHUWD/DYR]GH
)LQJHOHGHWXYR

2EVHUYDGRUKDWHQLGRXVWHGDOJXQDYH]GLMR)LQJHYDFL
ODQGRSDUHFLHQGRTXHUHUHVFRJHUFRQFXLGDGRVXVSDODEUDVXQD
DPLJD"
&RQODERULRVDHLQVXOWDQWHSUHFLVLyQ+RUHPPFLWy

&RQHOSURSyVLWRGHHYLWDUFRPSOLFDFLRQHVHPRFLRQDOHVFRQHO
WLHPSRXQHWHUQRQRSXHGHFDVDUVH&RQHVHPLVPRSURSyVLWRFRQ
UHVSHFWRDODIDPLOLDXQHWHUQRQRSXHGHWHQHUKLMRV

1ROHKHSUHJXQWDGRDFHUFDGHOPDWULPRQLRRORVKLMRVGLMR
JUDYHPHQWHHOSURJUDPDGRU
+RUHPPDPSOLyVXOLVWD

3XHGHQHVWDEOHFHUVHUHODFLRQHVWHPSRUDOHVFRQPRUDGRUHVGHO
WLHPSRVyORGHVSXpVGHKDEHUHQWUDGRHQFRQWDFWRFRQOD2ILFLQD
&DUWRJUiILFD&HQWUDOSDUDXQPDSDHVSDFLRWHPSRUDODGHFXDGR
7RWDOPHQWHFLHUWR6HKDSXHVWRDOJXQDYH]HQFRQWDFWRRE
VHUYDGRU"
1RSURJUDPDGRU

%LHQ+RUHPPTXL]iGHEHUtDKDFHUOR/HGDUtDXQDSHUVSHF
WLYDPiVDPSOLDGHODYLGD/HLQWHUHVDUtDQPHQRVEVGHWDOOHVLQGX
PHQWDULRVGHXQDPXMHU

+RUHPPVHIXHHQPXGHFLGRSRUODUDELD
'HVSXpVGHDTXHOORWUDEDMyFRQPiVDKtQFRTXHQXQFD\RGLy
D~QPiVDODHUD,JQRUyODRIHQVLYDSUHVHQFLDGHODHPSOHDGDSHUR
VLHPSUHHUDFRQVFLHQWHGHHOOD'HDOJ~QPRGRVLQSUHJXQWDUOR
QXQFDGLUHFWDPHQWHVHHQWHUyGHTXHVXQRPEUHHUD1R\V/DPEHQW\
TXHHUDOREDVWDQWHULFDFRPRSDUDVHULQGHSHQGLHQWHTXHQRWHQtD
TXHUHQGLUOHFXHQWDVDQDGLHTXHHQVXWLHPSRHUDXQDDULVWyFUDWD
(QWRQFHVSRUTXpLEDDGHVHDUWUDEDMDUHQODHWHUQLGDG"&yPR
SRGtDGHVHPSHxDUORVGHEHUHVGHXQDVHFUHWDULD"

7HQtDJUDQGHVVRVSHFKDVVREUH)LQJH)LQJHKDEODEDFRQGHVFDUR
GHUHODFLRQHVOOHJDEDLQFOXVRDUHFRPHQGDUODV/DHWHQQLGDGVLHPSUH
KDEtDVLGRFRQVFLHQWHGHODQHFHVLGDGGHOOHJDUDFRPSURPLVRVFRQORV
DSHWLWRVKXPDQRV SDUD+RUHPPODIUDVHLPSOLFDEDXQHVWUHPHD
PLHQWRGHUHSXOVLyQ SHURODVUHVWULFFLRQHVTXHFRQOOHYDEDHOHVFRJHU
DPDQWHVKDFtDQTXHHOFRPSURPLVRSXGLHVHFDOLILFDUVHGHWRGRH[
FHSWRGHJHQHURVR
(QWUHORVJUXSRVLQIHULRUHVGHHWHUQRVKDEtD VLHPSUHUXPRUHV
PHGLRHVSHUDQ]DGRVPHGLRUHVHQWLGRV VREUHPXMHUHVLPSRUWDGDV
VREUHXQDEDVHPiVRPHQRVSHQPDQHQWHSRUUD]RQHVREYLDV(O
UXPRUVHxDODEDVLHPSUHDORVSURJUDPDGRUHVFRPRHOJUXSREHQHIL
FLDGR(OORV\VyORHOORVSRGtDQGHFLGLUTXpPXMHUHVSRGtDQVHUDEV
WUDtGDVGHOWLHPSRVLQXQFDPELRFXiQWLFRGHODUHDOLGDG

/RVUXPRUHVVHJXtDQVLHQGRUXPRUHV(QQLQJ~QFDVRVHKDEtDQ
FRPSUREDGRQLHQFRQWUDGRDXQRVFXOSDEOHVGHWHQPLQDGRV\+R
UHPPKDEtDGHVFDUWDGRVLHPSUHHVDVFRVDVFRPRYDSRURVDVHVSHFXOD
FLRQHVGHPHQWHVRFLRVDV

3HURDKRUDVRVSHFKDEDGH)LQJH8QDPXMHUFRPRpVDVXVHFUH
WDULD"&RQRFtDRWUDVSDODEUDVSDUDFDOLILFDUOD

8QGtDVHWRSyFRQODPXMHUHQXQSDVLOOR\VHHFKyDXQODGRSDUD
GHMDUODSDVDU\DSDUWDQGRODYLVWD
3HURHOODVHTXHGyLQPyYLOPLUiQGROH

8VWHGHVHOREVHUYDGRU+RUHPPYHUGDG"
eODVLQWLyEUHYHPHQWHFRQIULDOGDG

0HKDQGLFKRTXHHVWRGRXQH[SHUWRHQQXHVWURWLHPSR
3RUIDYRUYDDGHMDUPHSDVDURSDVDXVWHG"

1RSXGRHYLWDUHOPLUDUOD\HOODOHVRQULyPRYLpQGRVHFRQXQOHQWR
EDODQFHRGHFDGHUDVTXHKL]RDVFHQGHUVXIQDVDQJUHFRQXQFRVTXL
OOHRKDFLDVXVPHMLOODVHQURMHFLGDVGHIXULD
)XULDKDFLDVtPLVPRSRUUXERUL]DUVHKDFLDHOODSRUKDEODUOH\
SRUHQFLPDGHWRGRSRUDOJXQDRVFXUDUD]yQKDFLD)LQJH

)LQJHOHOODPyGRVVHPDQDVGHVSXpV6REUHVXHVFULWRULRHVWDEDQ
ODVIDPLOLDUHVSHOLFXODVSHUIRUDGDVTXHHO*UDQ&RQVHMR3DQWHPSRUDO
HQYLDEDSHULyGLFDPHQWH%DMRODDGHFXDGDREVHUYDFLyQSRUHOXQVWUX
PHQWRGH+RUHPPVHFRQYHUWLUtDQHQHOPDSDHVSDFLRWHPSRUDOTXH
OHHQYLDUtDDOWLHPSR\DRWUDPLVLyQ
4XLHUHVHQWDUVH+RUHPP"GLMR)LQJH0tUHODVDKRUD
PLVPR

+RUHPPKL]RORTXHVHOHGHFtDVHGHWXYRDODPLWDG\VDFy


EUXVFDPHQWHODVSHOtFXODVGHVXREVHUYDGRUFRPRVLHVWXYLHVHQD
SXQWRGHH[SORWDU/DVVRVWXYRHQWUHORVGHGRVtQGLFH\SXOJDU
3URJUDPDGRU)LQJHKD\DOJ~QHUURU"

&UHRTXHQRGLMR)LQJH3RUTXpORGLFH"

&RQVHJXULGDGQRVHHVSHUDGHPtTXHXWLOLFHHOKRJDUGHHVD
PXMHU/DPEHQWFRPREDVH
(OSURJUDPDGRU IUXQFLyORVODELRV

(VRHVORTXHWHQJRHQWHQGLGR1RUPDOPHQWHREVHUYDGRUHV
SHUDULDGHXVWHGTXHOOHYDVHDFDERVXPLVLyQVLQKDFHUSUHJXQWDV(Q

HVWHFDVRGDGRTXHKDOOHJDGRKDVWDHOH[WUHPRGHH[SUHVDURILFLDO
PHQWHVXGHVDJUDGRKDFLDODVHQRULWD/DPEHQWFUHtPHMRUH[SOLFDUOH
DOJXQRVGHORVDVSHFWRVGHODFWXDOSUREOHPD
)LQJHKDEODEDFXLGDGRVDPHQWHFRQFLHUWDULJLGH]\+RUHPP
SHUPDQHFLyVHQWDGRHLQPyYLOVLQPLUDUDVXVXSHULRU1RVHOR
SRQJDVIiFLOSHQVy

1RUPDOPHQWHHORUJXOORSURIHVLRQDOKDEUtDREOLJDGRD+RUHPPD
UHFKD]DUWDODFODUDFLyQ1RHUDFRVDVX\DHOUHSOLFDUHODUJXPHQWDU\
WRGRORGHPiV3HURHQHVWHDVXQWRVHQWtDXQFLHUWRDIiQGHYHQJDQ]D
TXHOHVXJHUtDTXHXQDFLHUWDGHVYLDFLyQGHODKRQUDSURIHVLRQDO
SRGUtDKDOODUVHHQWRGRHVHDVXQWR

+RUHPPVHKDEtDTXHMDGRHVRHUDORTXHKDEtDKHFKR)LQJH
WHPtDTXHODTXHMDSXGLHVHLUPiVOHMRVTXHHO*UDQ&RQVHMR3DQ
WHPSRUDOSXGLHVHLQYHVWLJDUODIXQFLyQH[DFWDGHODDSDUDWRVDVHFUHWD
QDGH)LQJH)LQJHHVWDEDREOLJDGRDGDUOHD+RUHPPHVWDQXHYD
PLVLyQ\DTXH+RUHPPHUDVXPHMRUKRPEUH3HURVL+RUHPP
SHUPDQHFtDGHPDVLDGRFHUFDGHODPXFKDFKDTXL]iGHVFXEULHVHGH
PDVLDGDVFRVDV
)LQJHWHPtDHVRDVtTXHLQWHQWDUtDH[SOLFDUORWRGRGHDQWHPDQR
+RUHPPVLQWLHQGRXQDDXVWHUDGLYHUVLyQDQWHHVDSHUVSHFWLYDHV
WDEDGLVSXHVWRDHVFXFKDUSHURQRDFUHHU

3RUVXSXHVWRORVVLJORVVRQFRQVFLHQWHVGHODH[LVWHQFLDGHOD
HWHUQLGDGGLMR)LQJH6DEHQTXHVXSHUYLVDPRVHOFRPHUFLRLQWHU
WHPSRUDO\FRQVLGHUDQTXHHVDHVQXHVWUDIXQFLyQSULQFLSDOORFXDOHV
EXHQR7LHQHQXQOHYHFRQRFLPLHQWRGHTXHWDPELpQHVWDPRVDTXt
SDUDHYLWDUTXHOHRFXUUDQFDWiVWURIHVDODKXPDQLGDGORFXDOHVPiV
RPHQRVFRUUHFWR/HSURSRUFLRQDPRVDODVJHQHUDFLRQHVXQDLPDJHQ
SDWHUQDGHPDVDV\XQFLHUWRVHQWLPLHQWRGHVHJXULGDGDVtTXHHQ
QLQJ~QFDVRGHVHDPRVRFXOWDUQRVGHHOORV

&RQWRGRKD\FLHUWDVFRVDVTXHQRGHEHQVDEHU/DSULQFLSDOHV
QXHVWUDIXQFLyQGHDOWHUDUODUHDOLGDGPHGLDQWHFDPELRVFXiQWLFRV6H
HVWDEOHFLyKDFHPXFKRWLHPSRTXHODLQVHJXULGDGTXHVXUJLUtDGH
FXDOTXLHUWLSRGHFRQRFLPLHQWRGHTXHODUHDOLGDGSXHGHVHUDOWHUDGD
DYROXQWDGQRVSURGXFLUtDJUDQGHVGHVYHQWDMDV$VtSXHVVLHPSUH
KHPRVHOLPLQDGRWRGRFRQRFLPLHQWRSRVLEOHGHHVHWLSRGHODUHDOLGDG
\QXQFDKHPRVWHQLGRSUREOHPDVFRQpO
6LQHPEDUJRKD\RWUDVFUHHQFLDVLQGHVHDEOHVDFHUFDGHODHWHPL
GDGTXHEURWDQGHYH]HQFXDQGRHQXQVLJORXRWUR1RQPDOPHQWH
ODVFUHHQFLDVSHOLJURVDVVRQODVTXHVHFRQFHQWUDQSDUWLFXODUPHQWHHQ
O
L

L


ML
OL



a
a

ODVFODVHVJREHUQDQWHVGHXQDHUDODVFODVHVTXHWLHQHQXQFRQWDFWR
PD\RUFRQQRVRWURV\TXHYHKLFXODQHOLPSRUWDQWHSHVRGHORTXHVH
OODPDRSLQLyQS~EOLFD(VRHVVLHPSUHLQTXLHWDQWHSXHVDOHOLPLQDU
HVDVFUHHQFLDVUHOLJLRVDVGHEHPRVLQGXFLUFDPELRVHQODUHDOLGDGTXH
DPHQXGRQLHJDQDYDQFHVGXUDPHQWHJDQDGRVHQRWURVFDPSRVORV
FXDOHVGHEHQHQWRQFHVVHUUHFRQTXLVWDGRVSRUPHGLRVDYHFHVFRPSOL
FDGRV
)LQJHKL]RXQDSDXVDFRPRVLHVSHUDVHTXH+RUHPPKLFLHVHDOJ~Q
FRPHQWDULRRIRUPXODVHDOJXQDSUHJXQWD+RUHPPQRKL]RQLORXQR
QLORRWUR
)LQJHSURVLJXLy

'HVGHHO~OWLPRFDPELRFXiQWLFRTXHDIHFWyVHULDPHQWHDO
HO*UDQ&RQVHMR3DQWHPSRUDOKDVLGRFRQVFLHQWHGHFLHUWRVDVSHFWRV
LQGHVHDEOHVGHODQXHYDUHDOLGDGDTXtSUHVHQWH1RHUDQDGDGHXQD
QDWXUDOH]DOR VXILFLHQWHPHQWHJUDQGHFRPRSDUDKDFHUVHDSDUHQWH
LQFOXVRHQH[WUDSRODFLRQHVGHOTXLQWRRUGHQTXHHVWRGROROHMRVTXH
SRGHPRVLUHQHVWHFDVRVLQLQFUHPHQWDUHOHUURUGHSUREDELOLGDG
KDVWDXQJUDGRSURKLELWLYR3RUHVDUD]yQQRVKHPRVHVWDGRFRQFHQ
WUDQGRDTXtHQQXHYDVREVHUYDFLRQHV\SRUHVRKDHVWDGRXVWHGWDQ
RFXSDGR+RUHPP

3XHGRGHFLUOHTXHODVQXHYDVFRPSXWDFLRQHVPXHVWUDQTXHHO
IRFRGHODSHUWXUEDFLyQUHVLGHHQXQDDFWLWXGEDVWDQWHFDUHQWHGH
SUHFHGHQWHVGHODJHQWHGHOWLHPSRKDFLDODHWHUQLGDG/DKHPDQWH
QLGREDMRHVWUHFKDREVHUYDFLyQSDUDYHUVLHUDDGHFXDGDDQXHVWUR
SURSyVLWR
&RQFOX\HQWHREVHUYDFLyQ6tSHQVy+RUHPP

'HQXHYRVXLUDVHFHQWUyPiVVREUH)LQJHTXHVREUHODPXMHU
)LQJHVHJXtDKDEODQGR

'HVGHWRGRVORVSXQWRVGHYLVWDUHVXOWDPX\DGHFXDGD$KRUD
ODGHYROYHUHPRVDVXWLHUQSR8VDQGRVXUHVLGHQFLDFRPREDVHXVWHG

SRGUiHVWXGLDUODYLGDVRFLDOGHVXiUFXORSUHVWDQGRODGHELGDDWHQ
FLyQDODVSUHFDXFLRQHVVHxDODGDVHQHOPDSD1RSXHGRVLQRUHFDO
FDUOHTXH HVWiXVWHGREVHUYDQGRDOPHGLRFXOWXUDOGHXQFtUFXORSH
TXHxR\HVSHiILFR\TXHODVHxRULWD/DPEHQWUHVXOWDXQLQVWUXPHQWR
LGHDOSDUDHVHSURSyVLWR(QWLHQGHDKRUDVXIXQFLyQDTXt"
+RUHPPWHQtDXQDUHVSXHVWDSDUDXQDSUHJXQWDWDQGLUHFWD
/DHQWLHQGRSURJUDPDGRU

(VWiGLVSXHVWRDDFHSWDUODPLVLyQ"

+RUHPPQRSXGRUHVLVWLUODWHQWDFLyQGHODQ]DUOHXQ~OWLPRDJXL
MRQD]R
6R\XQREVHUYDGRU\WHQJRXQGHEHU0LPRGRGHOOHYDUORD
FDERHVLQGHSHQGLHQWHGHODVH[SOLFDFLRQHV

+RUHPPVHIXHFRQHOSHQVDPLHQWRFRQVRODGRUGHTXHHQWDQWR
TXHVHKDEtDH[SUHVDGRFRQHOHOHYDGRLGHDOLVPRTXHVHHVSHUDEDGH
XQHWHUQRFRQWRGRKDEtDORJUDGRGHMDUELHQFODURTXHODFRPSOL
FDGDH[SOLFDFLyQGH)LQJH FXiQWRWLHPSROHKDEtDOOHYDGRHOGHVD
UUROODUODSRUFRPSOHWR" QROHKDEtDFRQPRYLGRHQORPiVPtQLPR

&DVLHQWHUUDGRSRUHVHSHQVDPLHQWRKDEtDRWURTXHTXL]iVH
HVWXYLHVHDSUR[LPDQGRXQQXHYRFDPELRFXiQWLFRSDUVHOXQR
TXHTXL]iEDUULHVHWRGDODLQPRUDOLGDGGHHVRVWLHPSRVHLQVWDODVHOD
GHFHQFLDHQ VXOXJDU

/DFDVDGH1R\V/DPEHQWHVWDEDEDVWDQWHDLVODGDSHURVXDFFHVR
GHVGHXQDGHODVPD\RUHVFLXGDGHVGHOVLJORHUDVHQFLOOR+RUHPP
KDEtDPHPRUL]DGRHOPDSDGHODFLXGDGDOLJXDOTXHKDEtDPHPRUL
]DGRRWURV&RQRFtDVXVDYHQLGDV\HGLILFLRVVXVOLQHDVGHWUDQVSRUWH
ORVKiELWRVGHVXYLGD6DEtDTXpSDUWHVH[DFWDVGHEtDREVHUYDUHQ
FDGDXQRGHORVGtDVGHVXPLVLyQFXiQGRSRGtDUHDOL]DUFDGDYLDMH
FXiQGRGHEtDSHUPDQHFHUHQODEDVH
6XSULPHUDFRQYHUVDFLyQFRQ1R\V/DPEHQWHQVXSURSLRWLHPSR
VHSURGXMRFRPRUHVXOWDGRGHOQHUYLRVLVPRTXHHOODVLQWLyDOGHVFX
EULUVXOLJHURGHVSOD]DPLHQWRWHPSRUDO
6HOHDFHUFyFDVLVLQDOLHQWR

(VWDPRVHQMXQLRREVHUYDGRU+RUHPP

1RXVHPLWtWXORDTXtGLMRVHFDPHQWHpa<VLHVDVtTXp"

3HURFXDQGR RFXSpPLSXHVWRHUDIHEUHUR+L]RXQDODUJD
SDXVD0LSXHVWRHQHVHOXJDU\KDFHVyORXQPHVGHHOOR

+RUHPPIUXQFLyHOFHxR

(QTXpDxRHVWDPRVDKRUD"
2KHODxRHVHOPLVPR
(VWiVHJXUD"

$EVROXWDPHQWH

1R\VWHQtDODPDLDFRVWXPEUHGHSHUPDQHFHUPX\FHUFDGHpO
FXDQGRKDEODEDQ\VXOLJHURFHFHR XQUDVJRGHOVLJORDQWHVTXHGHVX
SURSLDSHUVRQDOLGDG KDFLDTXHSDUHFLHVHXQDQLxDSHTXHxD\PiV
ELHQLQGHIHQVD+RUHPPQRGHMyTXHHVROHHQJDxDVH6HDSDUWyXQ
SRFR
6XHOHSHUPDQHFHUHQHVWDFDVDGXUDQWHODSULPDYHUD"
1R7HQJRXQDUHVLGHQFLDHQHO0DU0HGLR

+RUHPPFRQRFtDODUHJLyQEDMRVXQRPEUHDQWLJXRGH0HGLWH
UUiQHR

(QWRQFHVVXVDPLJRVHVSHUDUtDQTXHHVWXYLHVHDXVHQWHGXUDQWH
HVHWLHPSRQR"GLMRpO
<DYHRUHVSRQGLyHOODSHQVDWLYDTXLHUHGHFLUTXHSDUHFH
UtDaDURTXHYROYLHVHHQDEULO

([DFWDPHQWH(QODHWHUQLGDGFXLGDPRVPXFKRGHHVDVFRVDV

/RGLMRFRQRUJXOORFRPRVLpOPLVPRIXHVHXQMHIHSURJUDPDGRU
3HURHQWRQFHVGLMRHOODKHSHUGLGRWUHVPHVHVGH PL
YLGD"

6XVPRYLPLHQWRVDWUDYpVGHOWLHPSRQDGDWLHQHQTXHYHUFRQVX
HGDGILVLROyJLFD
6LJQLILFDHVRTXHORVKHSHUGLGRRTXHQR"
1RORVKDSHUGLGR

3RUTXpHVWiVLHPSUHWDQHQIDGDGRFRQPLJR"OHSUHJXQWy
1R\V/DPEHQWODVHJXQGDWDUGH

/OHYDEDORVEUD]RV\ORVKRPEURVDOGHVFXELHUWR\VXVODUJDVSLHU
QDVSDUHFtDQEULOODUHQYXHOWDVHQODGpELOOXPLQLVFHQFLDGHOIRDPLWH


(OPDSDHVSDFLRWHPSRUDOFRQILQDEDD+RUHPPHQODFDVDGXUDQWH
ODV~OWLPDVKRUDVGHOGtD\HUDDOOLGRQGHKDEtDFRPLGR SLFRWHDQGR
VLQJUDQLQWHUpVORVSODWRVTXHKDEtDQILJXUDGRHQDQWHULRUHVLQIRUPHV
VX\RVVREUHODGLHWDGHODpSRFDSHURTXHKDVWDDKRUDVHKDEtDDEVWH
QLGRGHFRPHUHQSHUVRQD(QFRQWUDGHVXYROXQWDGOHJXVWDEDQ<
WDPELpQHQFRQWUDGHVXYROXQWDGHVWDEDGLVIUXWDQGRGHODEHELGD
HVSXPRVDOLJHUDPHQWHYHUGH\FRQVDERUDPHQWDTXHDFRPSDxDED
ORVDOLPHQWRV
1RHVWR\HQIDGDGRGLMR1RVLHQWRQDGDKDFLDXVWHG

(QHVHPRPHQWROHSDUHFtDTXHHVDIUDVHHUDWRWDOPHQWHFLHUWD

(VWDEDQVRORVHQODFDVD(QHVDHUDFRQODKHPEUDGHODHVSHFLH
HFRQyPLFDPHQWHLQGHSHQGLHQWH\FDSD]GHORJUDUODPDWHUQLGDGVLOR
GHVHDEDVLQQHFHVLGDGGHDFRJHUItVLFDPHQWHDOQLURHQVXVHQRODV
UHODFLRQHVHQWUHORVVH[RVQROOHYDEDQLPSOtFLWDVUHJODVGLJQDVGHWDO
QRPEUH1RKDEtDQDGDGHQRWDEOHHQTXHXQDPXMHUMRYHQDOEHUJDVH
KXpVSHGHVYDURQHVVLQRORKDFtDHUDPiVELHQGLJQDGHFRPSDVLyQ
+RUHPPVDEtDWRGRHVRSHUIHFWDPHQWHSHURFRQWRGRVHVHQWtD
FRPSURPHWLGR

/DFRPLGDKDEtDWHUPLQDGRHOODOHVLUYLyQXHYDPHQWHXQRGHORV
YDVRVDODUJDGRVTXHFRQWHQtDODEHELGDOLJHUDPHQWHHVSXPRVD7HQtD
XQSRFRGHFDORU\OHIDOWDEDOHYHPHQWHHODOLHQWR\VHUHPRYLyHQVX
EODQGRDVLHQWRLQWHQWDQGRKDOODUXQDSRVWXUDPiVFyPRGD
/DPXFKDFKDHVWDEDWHQGLGDHQHOVRIiGHHQIUHQWHDSR\iQGRVH
HQHOFRGR/DFXELHUWDGHFRUDGDGHOVRIiVHKXQGtDEDMRHOODFRPRVL
GHVHDVHiYLGDPHQWHDEUD]DUOD6HKDEtDTXLWDGRORVWUDQVSDUHQWHV
]DSDWRVTXHOOHYDED\ORVGHGRVGHVXVSLHVVHHQFRJtDQ\HVWLUDEDQ
FRPRVLIXHVHQODVVXDYHVJDUUDVGHXQDJDWDSHUH]RVD
7UDEDMDUSDUDODHWHUQLGDGIXHGLYHUWLGRGLMRVXVSLUDQGR\
HVWXYHHVSHUDQGRPXFKRWLHPSRSDUDSRGHUHQWUDUHQHOOD

/HHVWDEDREVHUYDQGR(QDOJ~QPRPHQWRGHODWDUGHVXRVFXUD
FDEHOOHUDVHKDEtDVROWDGRFD\HQGRVREUHVXFXHOOR\VXVKRPEURV
GHVQXGRVDORVTXHHOFRQWUDVWHKDFtDUHVDOWDUGiQGROHVXQDVSHFWR
FUHPRVR
eOQRUHVSRQGLy

&XiQWRVDxRVWLHQH"SUHJXQWyHOOD

&LHUWDPHQWHQRGHEtDKDEHUOHFRQWHVWDGR(UDXQDSUHJXQWDSHU
VRQDO\ODUHVSXHVWDQRHUDDVXQWRVX\R9HLQWLFLQFRDxRVVHR\y
GHFLU4XHGDGHFLUILVLRDxRVSRUVXSXHVWR

<RVyORWHQJRYHLQWLGyVGLMRHOODSHURXVWHGYLYLUi\YLYLUi
\VHUiMRYHQ\\RKDEUpGHVDSDUHFLGRPXFKRVDxRVDQWHV
'HTXpHVWiKDEODQGR"

6HDSUHWyODIUHQWHLQWHQWDQGRGHVSHMDUVH

8VWHGYLYHHWHUQDPHQWHGLMRHOOD(VXQHWHUQR
(UDXQDSUHJXQWDRXQDDILUPDFLyQ"

(VWiORFDGLMRpa(QYHMHFHPRV\PRULPRVFRPRFXDOTXLHU
RWUDSHUVRQD
3XHGHFRQWiUPHOR"LQTXLULyHOOD

+DEODEDHQYR]EDMDHQXQWRQROOHQRGHSURPHVDV/DOHQJXDGHO


PLOHQLRFLQFXHQWDTXHpOVLHPSUHKDEtDFUHtGRiVSHUD\GHVDJUDGDEOH
DKRUDOHSDUHFtDHXIyQLFD2HUDVLPSOHPHQWHTXHXQHVWyPDJR
OOHQR\HODLUHSHUIXPDGROHKDEtDQHPERWDGRHORtGR"
3XHGHYHUWRGRVORVWLHPSRVYLVLWDUWRGRVORVOXJDUHVaLMR
HOOD0HHQFDQWDUtDVHUXQDHWHUQD3RUTXpQRKD\PiVPXMHUHV
HWHUQDV"

1RVHDWUHYtDDKDEODU4XpSRGtDGHFLU"4XHORVPLHPEURVGHOD
HWHUQLGDGHUDQHOHJLGRVFRQWRGRFXLGDGR\DTXHGHEtDQFXPSOLUGRV
UHTXLVLWRV3ULPHURGHEtDQHVWDUHTXLSDGRV SDUDHOWUDEDMRVHJXQGR
VXUHWLUDGDGHOWLHPSRQRGHEtDWHQHUHIHFWRVGHOHWpUHRVVREUHODUHD
OLGDG
/DUHDOLGDG1RGHEtDPHQFLRQDUOD

&XDQWRVVXMHWRVTXHWHQtDQXQDH[FHOHQWHSHUVSHFWLYDKDEtDQGH
MDGRGHVHUFRQWDFWDGRVDFDXVDGHTXHOOHYDUORV DODHWHUQLGDGVLJQLIL
FDEDHOQRQDFLPLHQWRGHQLQRVODQRPXHUWHGHKRPEUHV\PXMHUHV
ORVQRPDWULPRQLRV\QRDFRQWHFLPLHQWRVODVQRFLUFXQVWDQFLDVTXH
KDEUtDQGHVYLDGRODUHDOLGDGHQGLUHFFLRQHVTXHHO*UDQ&RQVHMR
3DQWHPSRUDOQRSHUPLWtD
3RGtDGHFXUOHTXHODVPXMHUHVFDVLQXQFDORJUDEDQFDOLILFDUVH
SDUDODHWHUQLGDGSRUTXHSRUDOJXQDUD]yQTXHQRHQWHQGtD SXHGH
TXHORVSURJUDPDGRUHVODHQWHQGLHVHQSHURpOHUDPHUDPHQWHXQ
REVHUYDGRU VXDEVWUDFFLyQGHOWLHPSRLEDDGLVWRUVLRQDUSUREDEOH
PHQWHXQDVGLH]YHFHVPiVODUHDOLGDGTXHODDEVWUDFFLyQGHXQKRP
EUH"

/DVLGHDVVHFRQIXQGtDQHQVXPHQWHKDVWDTXHOHIXHLPSRVLEOH
GLVWLQJXLUXQDGHRWUD3DUHFtDQKDEHUVHSHUGLGRUHFXELHUWDVSRUXQ
FRQIXVR]XPELGRTXHQRHUDWRWDOPHQWHGHVDJUDGDEOH(OODVHKDEtD
DFHUFDGRPiVVRQULHQGR
2\yVXYR]FRPRXQDEULVDYDJDEXQGD

2KORVHWHUQRV&RQYLpUWDPHHQHWHUQD

4XHUtDGHFtUVHORDQKHODEDKDFHUORODHWHUQLGDGQRHVGLYHUWLGD
VHxRUD7UDEDMDPRV7UDEDMDPRVSDUDWUDPDUWRGRVORVGHWDOOHVGH
WRGRVORVFXDQGRVGHVGHHOLQLFLRGHODHWHUQLGDGKDVWDDTXHOHQTXH
OD7LHUUDTXHGDYDFtDHLQWHQWDPRVWUDPDUWRGDVODVLQILQLWDVSRVLELOL
GDGHVGHORTXHSRGUtDKDEHUVLGR\HVFRJHUXQSRGUtDKDEHUVLGR
PHMRUTXHHOH[LVWHQWH\GHFLGLUHQTXpOXJDUGHOWLHPSRSRGHPRV
KDFHUXQSHTXHxR\PLQ~VFXORFDPELRSDUDGHVYLDUHOHVKDFLDHO
SRGUtDVHU\WHQHPRVXQQXHYRHV\EXVFDPRVXQQXHYRSRGQDVHU
VLHPSUHVLHPSUHVLHPSUH
0HQHyODFDEH]DSHURHOWRUEHOOLQRGHSHQVDPLHQWRVVLJXLyJL
UDQGR/DEHELGD"
/DEHELGDFRQVDERUDPHQWD"

(VWDEDD~QPiVFHUFDQRSRGtDGLVWLQJXLUFODUDPHQWHVXURVWUR
3RGtDVHQWLUVXFDEHOORHQODPHMLOODODFiOLGD\OHYHSUHVLyQGHVX
DOLHQWR+XELHVHWHQLGRTXHDSDUWDUVHSHURTXpH[WUDxRTXpH[
WUDxRGHVFXEULyTXH QRTXHUtDKDFHUOR
6LPHFRQYLUWLHVHHQHWHUQDVXVXUUyHOODFDVLHQVXGGR
DXQTXHODVSDODEUDVVRQDEDQPX\OHMRVSRUHQFLPDGHOODWLUGHVX
O
,


O


FRUD]yQ(OODWHQtDORVODELRVK~PHGRV\HQWUHDELHUWRV6LIXHVH
XQDHWHUQD
eDODUJyORVEUD]RVFRQWRUSH]DWDQWHDQGRDFLHJDV(OODQRVH
UHVLVEySDUHFLHQGRGHUUHWLUVHHQVXDEUD]RIXQGLUVHFRQp

7RGRVXFHGLyFRPRHQXQVXHxRFRPRVLOHHVWXYLHVHRFXUULHQGR
DRWUDSHUVRQD

1RHUDORUHSXOVLYRTXHpOKDEtDLPDJLQDGRVLHPSUHTXHGHEtDVHU
<OXHJRHOODVHDSR\yHQpOORVRMRVEULOODQWHVPXVLWDQGRHWHU
QLGDGHWHUQLGDGXQD\RWUDYH]

(OPDSDHVSDFLRWHPSRUDOQRSHUPLEDHVWR3HURSRUDOJXQDUD
]yQOR~QLFRTXHHQHVRVPRPHQWRVGHVSHUWDEDXQDIXHUWHHPRFLyQ
HQHOSHFKRGH+RUHUQPHUDHOSHQVDUHQ)LQJH1RVHWUDWDEDGH
FXOSDELOLGDG(UDPiVELHQVDWLVIDFFLyQLQFOXVRWULXQIR
$FDEyYROYLHQGRDODHWHUQLGDGSHURDQWHVGHDEDQGRQDUD1R\V
EHVyVXVPDQRV\ODDEUD]yFRQIXHU]D

(VWXYRDSXQWRGHVRQUHtUD)PJHFXDQGROHSUHVHQWyVXLQIRUPH
)LQJHQRDO]yODYLVWD\VHOLPLWyDPLUDUODVOLQHDVGHOLQIRUPHFRPR
VLVXVRMRVELHQHQWUHQDGRVHVWXYLHVHQFRQYLUWLHQGRSDODEUDV\IUDVHV
HQVtPERORVFRPRVLHQDOJ~QOXJDUGHVXPHQWHPDWHPiWLFDHPSH
]DVHDFREUDUIRUPDHOHQWUDPDGRGHODVHFXDFLRQHV
6HFRPSUREDUiGLMRFRPRVLQGDUOHLPSRUWDQFLD<D
XVWHGTXpOHVXFHGLy+RUHPP"

$PtSURJUDPDGRU"PXUPXUy+RUHPPVXVHQVDFLyQGH
VHJXULGDGVHOHHVIXPyEUXVFDUQHQWH

6t3DVyXQDQRFKHDVRODVHQODFDVDGHODGDPD/RKL]R
YHUGDG"6LJXLyHOPDSD
/RKLFHVHxRU

%LHQ"(VWiQWRGRVORVGHWDOOHVSHUWLQHQWHVLQFOXLGRVHQVX
LQIRUPH"

/RVRMRVGH)LQJHVHFODYDEDQHQpO\ODFRVWXPEUHGHOGHEHU
WLUDEDGH+RUHPP8QREVHUYDGRUGHEHLQIRUPDUDFHUFDGHWRGR
,GHDOPHQWHXQREVHUYDGRUQRHUDPiVTXHXQSVHXGySRGRGRWDGRGH
SHUFHSFLyQVHQVRULDOH[WHQGLGRSRUODHWHUQLGDG&DUHFtDGHWRGD
LQGLYLGXDOLGDGSURSLDHQHOGHVHPSHxRGHVXGHEHU
(OODELRLQIHULRUGH+RUHPPWHPEOyXQLQVWDQWHQRDFDXVDGHOD
LUDHOPLHGRRHOHPEDUD]RVLQRDFDXVDGHOUHFXHUGRUHSHQWLQRGH
DTXHOODLQROYLGDEOHQRFKH
(PSH]yDFRQWDUORVDFRQWHFLPLHQWRVTXHKDEtDGHMDGRIXHUDGH
VXLQIRUPH
<OXHJR)LQJHOHYDQWyXQGHGR\GLMRVHFDPHQWH
*UDFLDV(VVXILFLHQWH

+RUHPPYROYLyDVXHVFULWRULRFROPDGRGHXQYLQRHVSLULWXDO3RU
VXSXHVWR)LQJHKDEtDWHQLGRTXHSUHJXQWiUVHOR\SRUVXSXHVWRQR
KDEtDSRGLGRVRSRUWDUHORtUE

)LQJHHVWDEDFHORVR3DUD+RUHPPHVRUHVXOWDEDREYLR\SRU
SULPHUDYH]HQVXYLGDVXSRTXHFRQWDEDFRQXQDPHWD PiVLPSRU
WDQWHSDUDpOTXHHOKHODGRFXPSOLPLHQWRGHORVGHEHUHVGHODHWHUQL
GDG+DUtDTXH)LQJHVLJXLHVHFHORVR\VLWHQtDTXHKDFHUORTXHOR
HVWXYLHVHWRGRHOPXQGRSRUTXHLEDDFRQVHUYDUD1R\VDXQTXH
WXYLHVHTXHHQIUHQWDUVHFRQ)LQJHFRQHO*UDQ&RQVHMR3DQWHPSRUDO
\FRQODHWHUQLGDGHQWHUD
(OSULPHUSHUPLVRVROLFLWDGRSRU+RUHPPSDUDYLVLWDUHOVLJOR
SDUDXQDVXQWRSDUWLFXODUIXHSUHVHQWDGRGRVGtDVGHVSXpV+DEtD
SUHWHQGLGRDJXDUGDUXQGLVFUHWRSHUtRGRGHFLQFRGtDVSHURIXHLQ
FDSD]
6XVROLFLWXGIXHUHFKD]DGD

(QFLHUWRPRGRORKDEtDHVSHUDGR(QWUyHQODRILFLQDGHOSURJUD
PDGRU)LQJHWHPEODQGRDFDXVDGHWRGRORTXHWHQtDTXHGHFLUOH

+DVLGRUHFKD]DGDXQDSHWLFLyQPtDSDUDYLVLWDUHOVLJORHP
SH]yDGHFLU
)LQJHOHLQWHUUXPSLyGHLQPHGLDWR

4XLHUHYHUDODVHxRULWD/DPEHQW
6t

3XVRHQHVHPRQRVtODERWRGRHOGHVDItRGHTXHHUDFDSD]

6HKDSURGXFLGRXQFDPELRFXiQWLFR3HQVpTXHVHKDEtDGDGR
FXHQWDGHHOOR
+RUHPPVHSXVROtYLGR/RKDEtDROYLGDGR
8QFDPELRFXiQWLFR"

3DUDTXpRWUDFRVDFUHHTXHQHFHVLWiEDPRVODLQIRUPDFLyQ"
8QFDPELRFXiQWLFR"

8QRSHTXHxRFRPSDUDWLYDPHQWHKDEODQGR
(QWRQFHV

3HURODVHxRULWD/DPEHQW\DQRH[LVWH([FHSWRHQODVPHQWHV
GHDTXHOORVGHQRVRWURVTXHODFRQRFLPRV HQODHWHUQLGDGQRH[LVWLy

MDPiV/DQXHYDUHDOLGDGODKDH[FOXLGR1XQFDQDFLy

+RUHPPUHWURFHGLyWDPEDOHiQGRVHKDVWDGHUUXPEDUVHHQXQDVL
OOD

6HORH[SOLTXpaLMR)LQJH/HKDEOpGHODVGLILFXOWDGHVTXH
WHQtDPRVFRQORVWLHPSRVHQTXHHVWDEDQGHVDUUROOiQGRVHLGHDVLQ
FRQYHQLHQWHVDFHUFDGHODHWHUQLGDG(OHUDXQRGHHOORV3RUOD
LQIRUPDFLyQTXHWHQtDPRVOOHJDPRVLQGLUHFWDPHQWHDODFRQFOXVLyQGH
TXHHQWUHODVFODVHVVXSHULRUHVGHODHUDSDUWLFXODUPHQWHHQWUHODV
PXMHUHVHVWDEDFUHFLHQGRODLGHDGHTXHORVHWHUQRVHUDQUHDOPHQWH
HWHUQRVTXHYLYtDQSDUDVLHPSUH
+RUHPPUHFRUGyODIUDVHGH1R\VEUHYH\GLUHFWD9LYtVSDUD
VLHPSUH3HURpOORKDEtDQHJDGR6yORXQWUHPHQGRHVIXHU]ROH
LPSLGLyJULWDU
)LQJHVHJXtDKDEODQGR

3HRUTXHHVRKDEtDVXUJLGRODVXSHUVWLFLyQGHTXHODLQWLPLGDG
FRQ8OOHWHUQRKDUtDDXQDPXMHUPRUWDOWDO\FRPRHOODVVHFRQFH
EtDQFDSD]GHYLYLUSDUDVLHPSUH

+RUHPPSRGtDRtUQXHYDPHQWHVXYR]FRQWDOFODULGDG6LIXHVH
XQDHWHUQD+D]PHHWHUQD /DVSDODEUDVVHYHtDQDKRJDGDVSRUHO
UHFXHUGRPXFKRPiVSRWHQWHGHVXVEHVRV

)LQJHSURVLJXLy

O6

(VRHUDGLItFLOGHFUHHU+RUHPP&DUHFtDGHSUHFHGHQWHV6L
HUDFLHUWRODFUHHQFLD\ODVFDXVDVTXHGDEDQRULJHQDHOODGHEtDQVHU
HOLPLQDGDV3HURDQWHVGHTXHSXGLpVHPRVDFWXDUQHFHVLWiEDPRVXQD
FRPSUREDFLyQGLUHFWD(VFRJLPRVDODVHxRULWD/DPEHQWFRPRXQ
EXHQHMHPSORGHVXFODVH/HHVFRJLPRVDXVWHGFRPRHORWURVXMHWR
+RUHPPVHLQFRUSRUyYDFLODQWH

0HHVFRJLHURQDPtFRPRVXMHWR

(UDDOJRIXHUDGHORQRUPDO/DQHFHVLGDG
0DOGLWDQHFHVLGDG(VWiPLQWLHQGR

<DQROHLPSRUWDEDORTXHSXGLHVHGHFLU

)LQJHDEULyGHVPHVXUDGDPHQWHORVRMRV6XVODELRV JRUGH]XHORVVH
HVWUHPHFLHURQ
2EVHUYDGRUFyPRVHDWUHYH"

'LJRTXHPLHQWHJULWy+RUHPP(VWiFHORVR7HQtDVXV
SURSLRVSODQHVSDUD1R\VSHURHOODPHHVFRJLyDPt$Pt(VWi
LQWHQWDQGRGHFLUPHTXHHOODTXHDFWXyFRPRORKL]RSRUTXHTXHUtD
YLYLUSDUDVLHPSUH\\ROHGLJRTXHQR1RIXHDVt\VXVPHQWLUDVQR
FRQVHJXLUiQHVWURSHDUOR\XVWHGQRSRGUiRFXOWDUOD([LVWH\\RLUp
DKLIXHUD\
/DVSDODEUDVSDUHFLHURQGHVYDQHFHUVHHQORVRtGRVGH+RUHPP
DXQTXHHVWDEDJULWDQGRFRQWRGDODSRWHQFLDGHTXHVXVSXOPRQHV
HUDQFDSDFHV/DQLHEODURMDTXHIORWDEDDQWHVXVRMRVVHKL]RPiV
RVFXUD\HPSH]yDJLUDU1RWyODSUHVLyQGHOVXHORHQVXPHMLOOD
DXQTXHHQORVSULPHURVLQVWDQWHVQRIXHFRQVFLHQWHGHOGRORU

/XHJROOHJyHOGRORU6XVGHGRVVHUHWRUFtDQHQHOVXHORFRPR
LQWHQWDQGRDIHUUDUOR/DRGLDGDYR]GH)LQJHVRQDEDHQVXVRtGRV
SHURODVSDODEUDVQRLEDQGLULJLGDVDpO)LQJHHVWDEDKDEODQGRSRUXQ
FRPXQR+RUHPPHUDFDSD]GHHQWHQGHUHVRLQFOXVRHQVXDFWXDO
HVWDGRGHLPSRWHQFLD
+RUHPP R\yORTXHGLMRVLQWHQHUIXHU]DVVXILFLHQWHVSDUDOHYDQ
WDUVHGHOVXHOR\HVWUDQJXODUOH
)LQJHHVWDEDGLFLHQGR

QLODPiVOLJHUDLGHDGHTXHSXGLHVHWHQHUWDOHIHFWR6tHUDOD
HOHFFLyQOyJLFDFDVLOD~QLFD,QKLELGRWtPLGRSRFRDWUDFWLYR(O
KHFKRGHTXHODPXFKDFKDGHOLEHUDGDPHQWH(OODORKL]R)XHLQHTXt
YRFDPHQWHGHOLEHUDGR6XLQIRUPHORGHMyPX\FODUR/HLQGLFRTXH
YHDODVDGLFLRQHV6tKRVSLWDOL]DFLyQ\UHKDELOLWDFLyQFLHUWDPHQWH$
VXPDQHUDHVXQRGHQXHVWURVPHMRUHVKRPEUHV1RTXHUUtDSHUGHUOH
+RVSLWDOL]DFLyQ\UHKDELOLWDFLyQ/OHYyPHVHVGHILVLRWLHPSR
SHURFXDQGRWHUPLQyFXDOTXLHUDTXHKXELHVHFRQRFLGRD+RUHPPKD
EUtDMXUDGRTXHYROYtDDVHUHOPLVPR
<SRGUtDKDEHUORVLGRH[FHSWRSRUHOKHFKRGHTXHDKRUDH[LVWtD
DOJRTXHQRKDEtDH[LVWLGRDQWHV1R\V

'HTXpVHUYLDGHFLUTXHQRH[LVWtD"([LVWtDHQVXPHQWH<HQ
WDQWRTXHpOYLYLHVHH[LVWLUtDVLHPSUHHQVXPHQWH\QRKDEUtDQLQ
JXQDRWUDPXMHU
1XQFDVHDSDUWyGHHVDGHFLVLyQ

$GXUDVSHQDVVDFyGHOIRQGRGHVXDOPDODIXHU]DVXILFLHQWHSDUD
TXHODHILFLHQFLDHQVXWUDEDMRIXHVHD~QPiVILUPHHLPSHUVRQDOGHOR
TXHKDEtDVLGRDQWHV7UHSyDWUDYpVGHORVYDULRVQLYHOHVGHODFODVLIL
FDFLyQGHREVHUYDGRUKDVWDODGHWpFQLFR

$WUDMRODDWHQFLyQQDGDPHQRVTXHGHOMHIHSURJUDPDGRU7ZLVVHOO
\DSHWLFLyQGHOSURSLR7ZLVVHOOOHIXHDVLJQDGRFRPRWpFQLFRSHZ
QDO(QORV~OWLPRVWUHVDxRVpOSHZQDOPHQWHKDEtDFDPELDGRGH
OXJDUREMHWRVKDEtDDSDJDGROXFHVPDQLSXODGRLQWHUUXSWRUHVVHKD
EtDDSRGHUDGRGHFRPXQLFDFLRQHVSHUVRQDOHV\KDEtDOOHYDGRDFDER
FLHQWRXQDFRVDVVLQLPSRUWDQFLDFDGDXQDGHODVFXDOHVKDEtDDFD
UUHDGRODQRH[LVWHQFLDGHPXFK~VLPDVSHZQDV\REMHWRV\ODQXHYD
H[LVWHQFLDGHPXFKtVLPRVRWURV

3HUR\DQROHLPSRUWDEDORTXHGHMDED GHH[LVWLUHQODUHDOLGDG\
GHWRGDVODVFRVDVTXHHQHOODDSDUHFtDQQLQJXQDHUD1R\V(QHO
SULPHUDxRSRVWHULRUDODFDWiVWURIHGHDOJ~QPRGRKDEtDORJUDGR
HQJDxDUVHDVtPLVPRFRQODHVSHUDUO]DGHTXHHQDOJ~QOXJDUGHO
WLHPSRDPHGLGDTXHVHVXFHGtDQORVFDPELRVFXiQWLFRV1R\V/DP
EHQWVHUtDQXHYDPHQWHUHFUHDGD3HURXQFRQRFLPLHQWRPiVSUR
IXQGROHGHFtDTXHQR\DPHGLGDTXHSDVDEDHOILVLRWLHPSRWXYRTXH
DGPLWLUHVHQR'HOLQILQLWRQ~PHURGHUHDOLGDGHVSRVLEOHVODRSRUWX
QLGDGGHTXHIXHVHHVFRJLGDXQDFRQ1R\VGHQWURGHHOODHUDXQD
HQWUHXQQ~PHURLQILQLWRR GLFKRVLQURGHRVGHXQPRGRKRUULEOH
FHUR
<HQWRQFHVFXDQGRHOSHVRGHODIXWLOLGDGSRGQDKDEHUKHFKRTXH
WRGRVHGHUUXPEDVHOHOOHJyXQDQXHYDPHWDYLWDO'HLQPHGLDWRQR
VHGLRFXHQWDGHFXiOHUD/DLGHDIXHFUHFLHQGROHQWDPHQWHSHUR
JUDFLDVDHOOD+RUHPPSXGRVRSRUWDUODYLGDHOWUDEDMR\DOHMHFXWRU
7ZLVVHOO$JXDQWyWRGDVODVQLPLHGDGHVWULYLDOHVGHOMHIHSURJUDPD
GRU7ROHUyWRGDVODVHVWXSLGHFHVDODVTXHSDUHFtDDXWRUL]DUOHOD
FDOLGDGGHJHQLR3RUHQFLPDGHWRGRDJXDQWyORVKXPHDQWHVFLOLQ
GURVGHSDSHO\KLHUEDTXHVHFRQVXQaLDQHQVXVPDQRVXQYLFLRGHO
TXHQXQFDKDEtDRtGRKDEODU\PHQRVD~QH[SHULPHQWDGRHQWRGRV
VXVDxRVGHYLGD5HVSLUyHOKXPRSHVWLOHQWHDWUDJDQWiQGRVH\DKR
JiQGRVHFRQpO\MDPiVWXYRXQDSDODEUDRXQDPLUDGDGHTXHMD \
PX\UDUDPHQWHVyORXQSHQVDPLHQWR 7RGRHQELHQGHOJUDQSUR
\HFWRGH7ZLVVHOO
+R\HVHPLVPRGtDPLHQWUDVYROYtDGHVXPLVLyQHQHOHVH
SUR\HFWRLEDDGDUIUXWR

+R\LEDDVXFHGHUFRQODOOHJDGDGHOMRYHQ%ULQVOH\6KHULGDQ
&RRSHUDTXLHQHOPLVPR+RUHPPKDEtDLGRUDVWUHDQGRHVIRU]DGD
PHQWHHQWUHORVLQFRQWDEOHVTXLQWLOORQHVGHSRVLELOLGDGHVFRQXQDU
GRU\XQDYRFDFLyQTXHWUDVFHQGtDQHOVLPSOH GHEHU

&RRSHUSHUPDQHFLyFDOODGRHQHOYLDMHGHYXHOWDGHO6HQWtD
FLHUWDLQFRPRGLGDGIIVLFD(VHHVSDFLRSXHUWRKDEtDHVWDGRUHSOHWRGH

a
XHQORaSDUDOHORa
JHQWH'HVSXpVHVWDEDYDiR(VRQRVLJQLILFDEDQHFHVDULDPHQWHTXH
KXELHVHQGHMDGRGHH[LVWLU(VWDEDQHQRWUROXJDUFRQYLGDV\UHFXHU
GRVGLVWLQWRV\VLDOJXQRVQXQFDKDEtDQH[LVWLGRKDEtDRWURVTXH

DFDEDEDQGHVXUJLUDODH[LVWHQFLD

7RGRHUDSDUDPHMRUDUVHGLMRSDUDPHMRUDU

/DFDELQDJLUyGHVFHQGLHQGRSRUORVFXDQGRVGHVOL]iQGRVHDWUD
YpVGHORVVLJORV

&XDQGRODFDELQDVHGHWXYR\HVWXYLHURQGHYXHOWDHQHOHO
YLHMRHMHFXWRUIUXQFLyHOFHxRFRQYLUWLHQGRVXIUHQWHHQXQDVXFHVLyQ
GHDUUXJDVKRUL]RQWDOHV\SUHJXQWy
1RVHHQFXHQWUDELHQMRYHQFLWR"

(VWR\ELHQVHxRUORJUyGHFLU&RRSHUDXQTXHVXWRQRUHVXOWy
PX\SRFRFRQYLQFHQWH
9HQJDDPLRILFLQDSRUDTXtGLMR7ZLVVHOO

3DVDURQMXQWRDJUXSRVTXHVHDSDUWDEDQSDUDGHMDUOHVSDVR6XV
VDOXGRVIRUPDEDQXQFRQWLQXRPXUPXOORSHUR7ZLVVHOOQRUHVSRQGLy
DQLQJXQR&RRSHULQFyPRGRPDQWXYRORVRMRVFODYDGRVHQHOVXHOR
\VHDSUHVXUyHQSRVGHORVWDORQHVGHOJUDQKRPEUH

$JUDGHFLyHOTXHHQWUDVHQHQXQDKDELWDFLyQ\XQDSXHUWDVH
FHUUDVHDVXVHVSDOGDV/tPSLGDVSRUFHODQDVIRUPDEDQXQUHFLQWR
DQWLVpSWLFR8QPXURGHOD RILFLQDHVWDEDDWLERUUDGRGHOVXHORKDVWD
HOWHFKRFRQODVSHTXHxDVXQLGDGHVGHFRPSXWDFLyQTXHMXQWDV
IRUPDEDQHOPD\RU&RPSXWDSOH[RSHUDGRSULYDGDPHQWHHQWRGDOD
HWHUQLGDG\UHDOPHQWHXQRGHORVPD\RUHVGHWRGDHOOD(OPXURGH
HQIUHQWHHVWDEDOOHQRGHSHOtFXODVGHFRQVXOWD(QWUHORVGRVORTXH
TXHGDEDGHODKDELWDFLyQHUDFDVLXQSDVLOORLQWHUUXPSLGRSRUXQ
HVFULWRULRGRVVLOODVHTXLSRGHSUR\HFFLyQ\JUDEDFLyQ\XQREMHWR
H[WUDxRSDUDHOTXH&RRSHUIXHLQFDSD]GHLPDJLQDUXVRDOJXQRKDVWD
TXHYLRFyPR7ZLVVHOODUURMDEDHQVXLQWHULRUORVPDOROLHQWHVUHVWRV
GHXQFLJDUULOOR
(OFLJDUULOORVHGHVYDQHFLyVLQXQVRORUXLGR\7ZLVVHOOFRQVXV
KDELWXDOHVPDQHUDVGHSUHVWLGLJLWDGRU\DHVWDEDVRVWHQLHQGRRWUR
HQWUHORVGHGRV

&RRSHUVHSUHJXQWyFyPRVHUtDHOTXHDOJ~QGtDVXSURSLRWUD
EDMRIXHVHXVDGRFRPRODEDVHSDUDXQFDPELRFXiQWLFR VLDOJ~QGtD
OOHJDUtDDGHFLU$TXt\DKRUD&DPELR3RGQ
DVRSRUWDUOR"
6XLQVWUXFWRU0DQILHOGOHVKDEtDDGYHUWLGRXQDYH]

1LQJ~QKRPEUHGLMRSXHGHFRQWURODUODVYLGDVGHWRGDOD
KXPDQLGDG\QRVHQWLUFXOSDELOLGDG3RUHVDUD]yQKDVWDORVPiV
JUDQGHVSURJUDPDGRUHVWLHQHQEXHQFXLGDGRGHVRPHWHUODVPiVVHQ
FLOODVH[WUDSRODFLRQHVDQDOyJLFDVDORVDQiOLVLVGHODPiTXLQD/DPi

TXLQDGHEHFDUJDUFRQWRGDODFXOSD\WRGDVODVUHVSRQVDELLLGDGHV(
PFOXVRHQWRQFHV
0DQILHOGSDUHFLyHQVLPLVPDUVH\QROOHJyDFRPSOHWDUODIUDVH

2WUDYH]HQXQDGHODVVHVLRQHVLQIRUPDOHVTXHFHOHEUDEDUHJXODU
PHQWHGHVSXpVGHFRPHUFRQVXVFLQFRPXFKDFKRV0DQILHOGGLMR

3RUTXpGHEHQVHUWDQUDGLFDOHVORVFDPELRVHQODUHDLLGDGHK"
3RUTXpQRDOWHUDFLRQHVXOWUDGHLLFDGDVTXHFDPELDVHQXQDYLGDDTXt
RWUDDOOi\QRPiV"3RUTXpGHEHQDUUDQFDUVHVLJORVHQWHURVGHVXV
FLPLHQWRV"
6XURVWURSOiFLGR\WULVWHVHHQURMHFLy\OOHJyDSDUHFHUVHH[WUDxD
PHQWHDOGHXQKRPEUHDSDVLRQDGRFRVDTXHQRHUD

3LHQVHQHQHOORFDEDOOHURVGLMR$OJ~QGtDUHFLWDUiQIyU
PXODVSDUDH[SOLFDUORSHURVHUiHVRVXILFLHQWH"&XDQGRGLH]JHQHUD
FLRQHVGHKRPEUHVKDQVLGRUHWRUFLGDV\YXHOWDVDPRGHODUDLQVWDQ
FLDVVX\DVSDUDGHVKDFHURYROYHUDKDFHUHOWUDEDMRGHPHGLDGRFHQD
GHLQGLYLGXRVEDVWDUiFRQPXVLWDUSLDGRVDPHQWHXQDHFXDFLyQ"
3RUORWDQWRGHEHQHQWHQGHUODQHFHVLGDGGHWRGRHOOR(VIiFLO
SHQVDUTXHFDGDSHTXHxR JHVWRLQWURGXFLGRHQODUHDOLGDGODFDP
ELDUiFDGDSDVRDGLFLRQDOFDGDPLUDGDFDGDWRVFDGDJHVWRGH
DVHQWLPLHQWR(VRVHVWtPXORVWDQGLPLQXWRVGHEHUtDQSURGXFLUFDP
ELRVLJXDOPHQWHPLQ~VFXORV3HURQRHVDVt

&DEDOOHURVQRHVDVt/DUHDOLGDGWLHQHVXSURSLDHVWDELOLGDG
(PS~MHQODXQSRFR\DOLJXDOTXHXQERWHGHUHPRVHQXQHVWDQTXH
SXHGHTXHRVFLOHXQSRFRSHURQRYROFDUi3DUDFDPELDUYHUGDGHUD
PHQWHODUHDOLGDGKD\TXHHPSXMDUODFRQODVXILFLHQWHIXHU]DFRPR
SDUDTXHGHVFDUULOHVLPHSHUPLWHQXWLOL]DUHVWDVPHWiIRUDV$OLJXDO
TXHODPDWHULD\ODHQHUJtDH[LVWHQHQIRUPDGHSDUWtFXODVGLVFUHWDVR
FXDQWRVORPLVPRVXFHGHFRQODUHDOLGDG

<ORVFDPELRVFXiQWLFRVVRQJUDQGHV'HEHQVHUOR$VtTXH
FDEDOOHURVMDPiVSRGUiQHVFRJHU6LYDQ DD\XGDUGHDOJ~QPRGRDOD
KXPDQLGDGGHEHQHVWDUSUHSDUDGRVSDUDLQWHUIHULUHQPLOHVGHPLOK`
QHVGHYLGDVGHXQJROSH/DEDUFDGHUHVGHEHYROFDUQRRVFLODU
VLPSOHPHQWH
(QWRQFHVGHSURQWR\VLQPLUDUDORVHVWXGLDQWHVVLQDJXDUGDUD
TXHOHKLFLHVHQSUHJXQWDVDEDQGRQyODKDELWDFLyQ/RVHVWXGLDQWHV
FRPHQWDURQiYLGDPHQWHHOKHFKRHQWUHHOORVSHURQROOHJDURQDQLQ
JXQDFRQFOXVLyQ0DQILHOGHUDXQEXHQSURIHVRU\HUDQGHODRSLQLyQ
GHTXHWRGRVORVEXHQRVSURIHVRUHVWHQtDQVXVSURSLDVPDQtDV

0DQILHOGYROYLyDOFDERGHPHGLDKRUDVHUHQR\XQSRFRSiOLGR
/DGLVFXVLyQSURVLJXLyFRQIUtDGHOLEHUDFLyQSHURVHFRQILQyHVWULFWD

PHQWHDODVPDWHPiWLFDV

$KGLMRGHUHSHQWH7ZLVVHOaDTXtHVWi+RUHPP

&RRSHUVDOLyGHVXVHQVXHxRVVHSXVRDSUHVXUDGDPHQWHHQSLH\
DJXDUGyUHVSHWXRVDPHQWHDVHUSUHVHQWDGR
0LWpFQLFR$QGHUV+RUHPPGLMR7ZLVVHOa(VWHHV%ULQV
OH\&RRSHUGHO<DxDGLyGLULJLpQGRVHD&RRSHU(OWpF
QLFR+RUHPPDUUHJOyHOFDPELRFXiQWLFRTXHDFDEDGHSUHVHQ
FLDU

/DPDQRTXH&RRSHUKDEtDH[WHQGLGRVHUHWLUyGHPRGRLQYROXQ
WDULR(VWHHUDHOKRPEUH"6LQWLyXQHVFDORIQRDOFRQWHPSODUODV
PDQRVDODUJDGDV\OOHQDVGHYHQDVTXHKDEtDQOOHYDGRDFDERDTXHOOD
DFFLyQ&RQVHJXULGDGTXHHOURVWURGHDTXHOKRPEUHGHEtDGHVHU
VLHPSUHDPDUJDGR\SRFRDWUDFWLYR\QRVHWUDWDEDVHQFLOODPHQWHGH
TXHVHORSDUHFLHVHDFDXVDGHVXWUDEDMR
O
9HQJDPXFKDFKRQRVHTXHGHDVtGLMR7ZLVVHOO1RWHQ
GUiXVWHGVXSHUVWLFLRQHVDFHUFDGHORVFDPELRVFXiQWLFRVYHUGDG"
1RQRVHxRUGLMR&RRSHU(QDEVROXWR0HFRPSODFH
PXFKRHOFRQRFHUOHVHxRUPXFKR
9ROYLyDWHQGHUVXPDQRHVWDYH]DQVLRVDPHQWH

(OWpFQLFRODHVWUHFKySRUXQLQVWDQWHOHPLUyFRQIULDOGDG\GLMR
(VWR\VHJXURGHTXHOHFRPSODFH1RKDFHIDOWDTXHH[DJHUH
&RRSHUVLQWLyTXHDFDEDEDGHUHFLELUXQGHVDLUH\SHQVyFRQ
UHEHOGtD%XHQRSXHVQRPHJXVWD

7ZLVVHOOVHIURWyODVPDQRVGHMDQGRTXHHOFLJDUULOOROHFROJDVHGH
XQDFRPLVXUDGHODERFD
7RGROLVWR+RUHPP"

3RUFRPSOHWRHMHFXWRU

7ZLVVHOOHVWDEDPLUDQGRD&RRSHU6HIURWDEDODVPDQRVFRQQHU
YLRVLVPR\WHQtDORVRMRVOOHQRVGHXQGHOHLWHDOJRPDOVDQRFRPRVL
HVWXYLHVHUHVHUYiQGRVHHOFOtPD[GHWRGDXQDYLGDVyORXQRVLQVWDQWHV
PDV
(VWHMRYHQKDHVWDGRHVWXGLDQGRORVWLHPSRVSULPLWLYRV+R
UHPPOHGLMRHOH[WUDxRWLHPSRDQWHULRUDODHWHUQLGDG(VWXGLy
VXLQPXWDEOHUHDOLGDGHO~QLFRHLQDOWHUDEOHFXUVRGHVXKLVWRULDVX

ORFXUDVXIULPLHQWRSREUH]DHQIHUPHGDGHVJXHUUD\KDPEUHTXH
QDGLHSXHGHFDPELDURPHMRUDU
&RRSHUPLUyFRQVRUSUHVDD +RUHPP(OODELRLQIHULRUGHpVWH
HVWDEDOOHQRGHPRUGHGXUDV\pOWHPEODED
<DORVpHMHFXWRU4XHGDSRFRWLHPSR
7ZLVVHOODJLWyODPDQRFRQLPSDFLHQFLD

6pFXiQWRWLHPSRKD\%LHQMRYHQFLWRWLHQHDOJXQDLGHD
DFHUFDGHHQTXpFRQVLVWHWRGRHVWR"

&RRSHUWHQtDODJDUJDQWDLUULWDGDDFDXVDGHOKXPRGHORVFLJDUUL
OORVGH7ZLVVHOO\QRWyTXHVXFRUD]yQHPSH]DEDDDFHOHUDUHOULWUQR
GHVXVODWLGRV(QFRQWUyODYR]VXILFLHQWHSDUDGHFLUFRQODILUPH]D
SUHFOVD
&UHRTXHVt

(QORVGtDVHQTXHVHHQWUHWHQtDSUHYH\HQGRXQDHVFHQDFRPR
pVWD&RRSHUVROtDLPDJLQDUVHSURQXQFLDQGRHVDIUDVH\D7ZLVVHOO
TXHGiQGRVHDWyUtLWR

3HURQRRFXUULyQDGDGHHVR\&RRSHUVLQWLyXQDFLHUWDGHFHSFLyQ
6HQFLOODPHQWHD7ZLVVHOOVHOHLOXPLQyHOURVWUR\GLMR
&XpQWHPHOR

&RRSHUOXFKDQGRFRQXQDVHQVDFLyQGHDQWLFOLPD[GLMR

0HHVSHFLDOLFpHQ+LVWRULD3ULPLWLYDFRPRXVWHGGLFH(OLQV
WUXFWRU0DQILHOGPHVHSDUyGHORVGHPiV\PHGLMRTXHDFWXDEDVL
JXLHQGRyUGHQHV0LVHVWXGLRVIXHURQSDUWLFXODUPHQWHFRQFLHQ]XGRV
UHVSHFWRDOVLJOR\HQHOVLJORYLYLy+DUYH\0DOORQ
%LHQELHQGLMR7ZLVVHOOVXURVWURFRQYHUWLGRDFDXVDGHXQ
PRKtQHQHOGHXQGXHQGHFLOOREHQpYROR
&RRSHUSURVLJXLyKDFLHQGRDFRSLRGHWRGRHOYDORUTXHOHIXH
SRVOEOH

(UDDVRPEURVRTXHVHVXSLHVHWDQSRFRDFHUFDGHOLQYHQWRUGHO
YLDMHWHPSRUDO(QXQRGHPLVWUDEDMRVPHHQFRQWUpFRQXQDUWtFXOR
VX\R0HLQWHUHVy\EXVTXpDOJXQRVRWURVHQPLWLHPSROLEUH0H
SDUHFLyTXHVXVLQYHVWLJDFLRQHVVyORSRGtDQOOHYDUDXQDFRQFOXVLyQ
DXQTXHXVWHGQXQFDODGHFODUyGHPRGRH[SOtFLWR
2\HHVR+RUHPP"OHLQWHUUXPSLy7ZLVVHOOGHOHLWDGR

/RRLJRGLMR+RUHPP

3DUHFtDTXHQRKDEtDPRGRGHHYLWDUODFRQFOXVLyQGHTXH
+DUYH\0DOORQQRSRGtDKDEHULQYHQWDGRGHQLQJ~QPRGRHOFDPSR
WHPSRUDOHQ HOVLJOR<QDGLHSRGUtDKDEHUORLQYHQWDGR1RH[LV
WtDQODVEDVHVPDWHPiWLFDVSDUDHOOR/DVHFXDFLRQHVIXQGDPHQWDOHV
GH/HIHEYUHQRH[LVWtDQQLSRGtDQH[LVWLUKDVWDODVLQYHVWLJDFLRQHVGH
-DQ9HUGHHUHQHOVLJOR
<VL0DOORQWURSH]yFDVXDOPHQWHFRQHOFDPSRWHPSRUDOVLQ
VHUFRQVFLHQWHGHVXMXVWLILFDFLyQPDWHPiWLFD"GLMR7ZLVVHOO<
VLIXHXQVLPSOHGHVFXEULPLHQWRHPStULFR"

3HURVLVXDQiOLVLVGHODVHVSHFLILFDFLRQHVRULJLQDOHVVREUHLQJH
QLHUtDGHOSULPHUFDPSRWHPSRUDOHVFRUUHFWRQRSRGtDVHUOR/DV
HFXDFLRQHVGH/HIHEYUHIXHURQXVDGDVGHFLHQPRGRVGLVWLQWRV/D
FRLQFLGHQFLDRODVXHUWHQRSRGtDQGHQLQJXQDGHODVPDQHUDVH[SOLFDU
HOPRGRHQTXH0DOORQGLVHxyODPiTXLQDFRQXQDHFRQRPtD\XQD
UDFLRQDOLGDGSHUIHFWDV
6t6t

/DFRQILDQ]DGH&RRSHUFUHFLy

6yORSXGRKDEHUXQPRGRSRUHOTXH0DOORQOOHJDVHDFRQRFHU
ODVHFXDFLRQHVGH/HIHEYUHGLMRFRQXQWRQRWULXQIDQWH6HODV
FRQWyXQKRPEUHGHOIXWXURDOJXLHQGHODHWHUQLGDG(VWR\HQOR
FLHUWRVHxRU"

7RWDOPHQWHPXFKDFKR&RQILDEDHQTXHOOHJDUtDDGHVFXEULUOR
SRUXVWHGPLVPRVREUHODEDVHGHORTXHKDEtDH[SHULPHQWDGR6LHUD
HOKRPEUHDGHFXDGRWHQtDTXHKDFHUOR(UDXQDSUXHEDQHFHVDULD
HK+RUHPP"
+RUHPPPLUyGHVRVOD\RD7ZLVVHOO\HQVXVRMRVRVFXURV\PHGL
WDEXQGRVKXERXQGHVWHOOR

8VWHGHVHOHMHFXWRUVHxRU3HURTXpRWUDUD]yQSRGtDKDEHU
SDUDQRDGYHUWLUOHQXQFDGXUDQWHHOHQWUHQDPLHQWRGHFXiOHUDVX
PLVLyQILQDO"&RQVHJXULGDGTXHQRSRGtDKDEHURWUDUD]yQ
3RUVXSXHVWRTXHQRODKD\UHVSRQGLyFRQEUXVTXHGDG7ZLV
VHOOLUULWDGR
7LUyDOVXHORVXFLJDUULOORDSODVWiQGRORFRQVX]DSDWRKDVWD
DSDJDUOR

+RUHPPVHLQFOLQyKXPLOGHPHQWHORFRJLyFRQGRVGHGRV\ORGHMy
FDHUHQHOUHFHSWiFXORGHODVFROLOODV/HQWDPHQWHGXUDQWHORVPLQXWRV
VLJXLHQWHVVHOLUQSLyORVGHGRVIURWiQGRVHORVXQD\RWUDYH]VLQFHVDU

&RRSHUVHGLRFXHQWDGHHOORSHURVXPHQWHQRHVWDEDLQWHUHVDGD
HQHVDVFRVDV$KRUDTXHSRUILQVHKDOODEDFDUDDFDUDFRQHOILQDOOH
LQYDGtDXQDHQIHUPL]DVHQVDFLyQGHPDUHR&RQRFtDHOQRPEUHGHHVD
VHQVDFLyQHUDHOPLHGR



(QWRQFHVHVFLHUWRGLMRKHGHVHU\RTXLHQYD\DDO

+DVLGRFRQFLHQ]XGDPHQWHHQWUHQDGRHQODFXOWXUDGHHVRV
VLJORVGLMR7ZLVVHOO6HUiFDSD]GHDFOLPDWDUVH\OOHYDUDFDERVX
WDUHD

3HUR\VLQRORKDJR"'HSURQWRFRPSUHQGLyFXiOHUDVX
LQVRSRUWDEOHUHVSRQVDELOLGDG\HVRKL]RTXHOHIODTXHDVHQODVSLHUQDV
KDFLpQGROHGHUUXPEDUVHHQXQDVLOOD6LFRPHWRXQHUURUVLWUDV
WRUQRODFUHDFLyQGHOFDPSRWHPSRUDO+DUpLPSRVLEOHVODVLQYHVWL
JDFLRQHVGH9HUGHHU,QYDOLGDUpWRGDODEDVHGHOGHVDUUROORGHOD
HWHUQL
/DYR]GH7ZLVVHOOOHXQWHUUXPSLyVXDYH\DPDEOH

1RSXHGHFRPHWHUXQHUURUKLMR1RKD\PiVTXHXQD UHDOLGDG
HQORVWLHPSRVSULPLWLYRV<DKDHVWDGRDOOL<DKDKHFKRVXWUDEDMR
\KDWULXQIDGR'HEHWHQHUHVRSUHVHQWHHQVXPHQWH9DDXQFXDQGR
PX\OHMDQRSDUDUHDOL]DUXQWUDEDMRTXH\DHVWiKHFKR$KRUD
WHQJRDTXtODVHVSHFLILFDFLRQHVGHLQJHQLHUtD GHOFDPSRWHPSRUDO
&RRSHUDO]yODYLVWD6HTXHGyPLUDQGRHOSHTXHxRUROORGHSHOL
FXODGHQWURGHVXUHFLSLHQWHWUDVO~FLGR
3HURpVHHVHOGH0DOORQ"GLMRDWXUGLGR

1RSRGtDVHURWUR+DEtDYLVWRHOREMHWRHQHO0XVHRGH&LHQFLD\
$UWH3ULPLWLYRHQVXSURSLDHUD(OUHFLSLHQWHWUDVO~FLGRFRQVXPDSD
JUDEDGRGHXQDSDUWHGH$PpULFDGHO1RUWH
(OPLVPRGH0DOORQ

3HURQRSXHGHVHU(VHOVX\R6LVHOROOHYRSDUDTXHORXVH\VL
QRVORGHMDSDUDTXHORFRMDPRV\VHOROOHYHPRVSDUDTXHOR XVH
&RRSHUULyGpELOPHQWH(VXQFtUFXOR1RSXHGHVHU4XLpQ
WUD]yORVSODQRVHQSULPHUOXJDU"'yQGHHPSLH]DWRGR"(VLPSRVL

(QHOWLHPSRQRKD\SDUDGRMDVKLMRGLMR7ZLVVHOO/RLUi
GHVFXEULHQGRSRFRDSRFRDPHGLGDTXHYD\DHQYHMHFLHQGR<R XQ
QDWLYRGHOVLJORKHRUGHQDGRFDPELRVFXaQWLFRVTXHSXHGHQ
KDEHUPDWDGRDPLDEXHORFXDQGRHUDXQEHEp\SHVHDWRGRDTXt
HVWR\7RGDVODVDSDUHQWHVSDUDGRMDVVRQHOUHVXOWDGRGHXQSHQVD
PLHQWRFHQWUDGRHQHOWLHPSRHQYH]GHHQODHWHUQLGDG /RVWLHPSRV

H[LVWHQWRGRVDODYH]DOLJXDOTXHHOHVSDFLR6RQVRODPHQWHQXHVWUDV
OLPLWDFLRQHVKXPDQDVLQFOXVRDTXtHQODHWHUQLGDGODVTXHQRVKD
FHQSHUVLVWLUHQFRQFHELUORFRPRVLVXFHGLHVHHQLQVWDQWHVFRQVHFXWL
YRV6XSRQJDTXHORVSODQRVGH0DOORQRVFLODQHQHOWLHPSRGHDKRUD
DHQWRQFHV\OXHJRGHYXHOWD<TXp"8QSpQGXORRVFLODHQHOHVSD
FLR<TXp"
/DPDQRGHOHMHFXWRUVHDSR\DEDPX\VXDYHPHQWHHQVXKRPEUR
&RRSHUDO]yODPLUDGD\HOURVWUROOHQRGHDUUXJDVTXHOHFRQWHPSODED
HVWDEDERUURVR(OMRYHQSHVWDxHySHURVLJXLyYLpQGRORERUURVR
+RUDGHLUDOKLMRGLMR7ZLVVHOO

(VWR\OLVWRGLMR&RRSHU<FRQXQDGpELOVRQULVDDxDGLy
7HQJRTXHHVWDUOR<DKHLGRDOOL
&RRSHUDSUHQGLyPXFKRHQGRVKRUDV

$SUHQGLyDOJRDFHUFDGH ODVKHUUDPLHQWDVGHODHWHUQLGDG$SUHQ
GLyTXHDGHPiVGHODVFDELQDVTXHVHPRYtDQGHQWURGHODHWHUQLGDG
KDEtDDOJRPiVTXHSRGtDVHUSURSXOVDGRIXHUDGHHOOD3DUHiDXQD
FDELQDSHUROOHYDEDXQLGRDHOODXQFRPSOHMRPHFDQLVPRFX\DVED
UUDVSDUHiDQFDSDFHVGHPDQLSXODUODWUDQVIHUHQFLDGHHQHUJtDDULW
PRVTXH&RRSHUQLWDQVLTXLHUDLQWHQWyLPDJLQDU
+RUHPPVHLQFOLQyVREUHODVHQWUDxDVGHOPHFDQLVPRFRPSUR
EDQGRKDFLHQGRDMXVWHVWRGRHOORVLQPRYHUQLXQRVRORGHORV
P~VFXORVGHVXFDUD

&RRSHUDSUHQGLyPXFKRVREUHVXPLVLyQ7ZLVVHOOKDEODEDUiSL
GDPHQWH\QRVLHPSUHGHXQPRGRFRKHUHQWH&RQWRGRLQYDULDEOH
PHQWHVXVSDODEUDVYROYtDQDODVSHOtFXODVTXHVRVWHQtD

6HKDOODUiHQXQSXQWRSURWHJLGR\DLVODGRHQHODxRTXHKDVLGR
FDOFXODGRFRPRySWLPR&RQXVWHGHQYLDUHPRVDOLPHQWRVDJXD\PH
GLRVSDUDFRELMDUVH\GHIHQGHUVH/DVSHOtFXODVFDUHFHUiQGHVLJQLIL
FDGRSDUDQDGLHH[FHSWRSDUDXVWHG6HOHGDUiQLQVWUXFFLRQHVPiV
GHWDOODGDV&XDQGROOHJXHHOPRPHQWRGHYROYHU
&XiQWR WDUGDUiVHxRU"SUHJXQWy&RRSHU
7ZLVVHOOYDFLOy

1RHVWR\VHJXUR'RVDxRV9HLQWHDxRV'RVGtDV6XWRQR
VHKL]RDOJRPiVVHFR-RYHQFLWROHGLJRTXHQRORVp&XDQGRKD\D
WHUPLQDGRFXDQGRUHJUHVHDODVFRRUGHQDGDVDODVTXHOOHJyFRPR
SDUWHGHVXHTXLSRWHQGUiXQORFDOL]DGRU%DUUGHSXQWRILMRHQWRQ
FHVVHDFWLYDUiHVWDFDELQD
6XYLHMD\FDQVDGDYR]GHDQFLDQRVLJXLyKDEODQGR\KDEODQGR

+RUHPPVHHQGHUH]ySXVRODGLHVWUDVREUHXQRGHORVGLDOHVGHSRU
FHODQD\HVSHUy
(OWRQRGH7ZLVVHOOVHKL]RFDGDYH]PiVDSUHPLDQWH

1RSRGHPRVLQWHQWDUIDOVLILFDUVXPHGLRGHFDPELRRQLQJXQR
GHVXVYDORUHVQHJRFLDEOHV/HSURYHHUHPRVGHRURHQIRUPDGH
SHTXHxDVSHSLWDV

&RRSHUFDGDYH]PiVDWXUGLGRSHQVy3RUTXpQRPHORGLMH
URQDQWHV"1RSXHGRKDFHUOR1RORKDUp

&RRSHUGHVFXEULyDOJRVREUHpOPLVPR'HVFXEULyTXHLPDJLQDU
DOJXQDJUDQKD]DxDURPiQWLFD\SHOLJURVDQRWHQtDQDGDTXHYHUFRQ
HQFRQWUiUVHODHQHOUHJD]RPLUiQGRWHILMDPHQWH'HVFXEULyTXHQR
HUDWDQYLHMRFRPRSHQVDED\TXHQRHUDWDQYDOLHQWHFRPRKDEtD
FUHtGR\TXHWDPSRFRHUDWDQGHYRWDPHQWHLGHDOLVWD
<GHVFXEULyWDPELpQTXHSHVHDWRGRVHODVDUUHJODUtDSDUD
KDFHUOR

7ZLVVHOOOHHVWDEDSUHYLQLHQGRVREUHHOGDULQIRUUQDFLyQTXHQR
GHEtDGDU\VREUHODLQIRUPDFLyQTXHGHEtDGDU\OXHJRFRQWUDGLFLpQ
GRVHSDUDDILUPDUTXHQRSRGtDKDFHUQDGDPDO\DTXHORVWLHPSRV
SULPLWLYRVQRSRGtDQYDULDU\TXH\DORKDEtDKHFKRWRGRELHQ

(QHVRVPRPHQWRV&RRSHUDSHQDVVLOHHVFXFKDED6HKDOODEDHQ
ODFDELQDILMiQGRVHFRQXQOHYHLQWHUpVHQODHFRQRPtDGHOHVSDFLR\
HOPRGRHQTXHSHVHDWRGRVHKDEtDORJUDGRFRORFDUODVSURYLVLRQHV
(VWiOLVWR"SUHJXQWyILQDOPHQWH7ZLVVHOOLQPyYLOGHODQWHGH
&RRSHUODVSLHUQDVVHSDUDGDVHOFLJDUULOORSRUXQDYH]LQPyYLOHQWUH
VXVGHGRVPDQFKDGRVHOKXPRDO]iQGRVHHQOHQWRVUHPROLQRV
&RRSHUGHSURQWRSHQVyPX\VRUSUHQGLGRTXHpOHVWDEDPX
FKRPiVDVXVWDGR
'HXQPRGRH[WUDxRHVROHGLRYDORU5HFREUyHOiQLPR\FRQ
WHVWy
(VWR\OLVWR

/R~OWLPRTXHYLRDQWHVGHTXHXQDH[WUDUOD\ERUURVDQHEOLQDJULV
VHFHUUDVHPRPHQWiQHDPHQWHVREUHVXVRMRVIXHODPDQRL]TXLHUGD
GH+RUHPPEDMDQGRXQLQWHUUXSWRUKDVWDODSRVLFLyQGHFRQWDFWRHQ
WDQWRTXHORVGHGRVGHVXPDQRGHUHFKDTXHHOWpFQLFRQLWDQVLTXLHUD
PLUDEDKDFtDQJLUDUEUXVFDPHQWHHOGLDOGHSRUFHODQDKDVWDHOPi
[OPR
(OMHIHSURJUDPDGRU7ZLVVHOOYHtDTXHOHWHPEODEDQODVPDQRV\
HVROHPROHVWDED(OPXFKDFKRVHKDEtDLGR7RGRHVWDEDKHFKR/D

PDQLSXODFLyQKDEtDVLGRSHUIHFWD6HKDEtDDFDEDGR

&XDQGRVHOOHYyODPDQRDODIUHQWHHQWRQFHVSRUTXpODWHQtD
SHJDMRVD\OOHQDGHVXGRU"$FDVRHUDXQSURJUDPDGRUQRYDWROOHQR
GHLQTXLHWXGDQWHVXSULPHUFDPELRFXiQWLFRRHUD7ZLVVHOO"6H
KDEtDDFDEDGRPDOGLWDVHDDFDEDGR
/RGLMRHQYR]DOWDLUULWDGR
6HDFDEy

6tSURJUDPDGRU7ZLVVHOOGLMR+RUHPP
7ZLVVHOOVHVREUHVDOWy
4Xp"

3RUORTXHIXHVHMDPiVKDEtDHVSHUDGRTXH+RUHPPOHFRQWHVWDVH
H[FHSWRDQWHXQDSUHJXQWDGLUHFWD&XDQGRKDEODED7ZLVVHOOVLHPSUH
WHQtDODVHQVDFLyQPRPHQWiQHDGHTXHXQDH[WHQVLyQGHVXSURSLRVHU
XQEUD]RXQDSLHUQDKDEtDQVLGRUHSHQWLQDPHQWHGRWDGRV FRPRHL
DVQRGH%DODDPHQHOYLHMRPLWR FRQHOPLODJURVRGRQGHOKDEOD
3HUR+RUHPPQRVHOLPLWDEDDKDEODU(VWDEDVRQULHQGR

'XUDQWHWRGRHOWLHPSRTXHKDFtDTXHORFRQRFtD7ZLVVHOOMDPiV
KDEtDYLVWRVRQUHtUD+RUHPP6HTXHGyPLUDQGRVRUSUHQGLGROD
ERFDDELHUWD\ORVGLHQWHVV~ELWDPHQWHSXHVWRVDOGHVFXELHUWRTXH
SDUHFtDQUHPHGDUXQDVRQULVDVLQHOPHQRUDWLVERGHODHPRFLyQTXH
SRGtDHVSHUDUVHGHHOOD3HUFLELyODPDOVDQDDOHJUtDTXHEULOODEDHQORV
R-RVGHOWpFQLFR
<FRQDVSHUH]D SXHVVHHQFRQWUDEDPX\FDQVDGR GLMR
4XpOHVXFHGH+RUHPP"

6HDFDEyGLMR+RUHPP7RGRVHDFDEy0HVLHQWRIHOL]

%LHQ<RWDPELpQPHVLHQWRIHOL]<DKRUDSRUIDYRUGHMH GH
PLUDUPHDVt7yPHVHXQRVGtDVGHUHSRVR6HORVKDJDQDGR
0iVGHORTXHXVWHGVHLPDJLQDHMHFXWRUGLMR+RUHPPTXH
VHJXtDVRQULHQGR


7ZLVVHOODVSLUyIHUR]PHQWHHOKXPRGHVXFLJDUULOORFRQVXPLpQ
GRORKDVWDTXHPDUVHFDVLODSXQWDGHORVGHGRVDQWHVGHWLUDUOR'HMy
TXHHOKXPROOHJDVHKDVWDORPiVKRQGRGHVXVSXOPRQHV\ORH[SHOLy
FRQIXHU]DSRUORVODELRV

4XpHVORTXHLJQRUR+RUHPP"

6HHVWDEDHQIDGDQGRSXHVQRVHHQFRQWUDEDGHKXPRUSDUDFRQ
YHUVDFLRQHVHVW~SLGDV
%XHQRHOTXHWRGRKDWHUPLQDGR(VWR8VWHG<R7RGDOD
HWHUQLGDG

(QHOQRPEUHGHOWLHPSRGHTXpHVWiXVWHGKDEODQGR"6DEH
GHTXpHVWiKDEODQGR"
/RVp

+RUHPPVHDFHUFyDpO

7ZLVVHOOVHDSUHVXUyDUHWURFHGHU&RQXQDUHSHQWLQD\DJXGD
LQFRPRGLGDGVHDFRUGyGHDOJRTXHQRUPDOPHQWHQRWHQtDSUHVHQWH
$TXHOKRPEUHWHQtDXQKLVWRULDOGHSUREOHPDVPHQWDOHV7ZLVVHOOOR
VDEtDFXDQGRUHTXLULyTXHVHOHDVLJQDVHD+RUHPPFRPRWpFQLFR
SHUVRQDOSHURQDWXUDOPHQWHODHILFDFLDGH+RUHPP\VXIDQiWLFD
GHYRFLyQDORVLGHDOHVGHODHWHUQLGDGGHEtDQEDVDUVHHQXQDQHXURVLV
VHPHMDQWH+RUHPPQHFHVLWDEDSDUDVXVSURSyVLWRVSHUVRQDOHVXQD
SHUVRQDOLGDGWDQUtJLGDPHQWHFRQVWUHxLGD<FLHUWDPHQWHHQVXV
DxRVFRQ7ZLVVHOO+RUHPPVHKDEtDSRUWDGRVLHPSUHGHOPRGRPiV
VDWLVIDFWRULRSRVLEOH(UDEDVWDQWHUDUR \VHSUHJXQWy7ZLVVHOO
TXLpQQRHUDUDUR" \QDGLHSHQVDUtDGHpOTXHIXHVHXQDSHUVRQD
HQFDQWDGRUDSHURVHJXtDVLHQGRFLHUWRTXHVLQVXDEVROXWDOHDOWDGHUD
PX\GXGRVRTXHHOSUR\HFWRKXELHVHSRGLGROOHJDUDEXHQILQ
3HURDKRUD7ZLVVHOOHUDLQFDSD]GHUHFRQRFHUDHVWH+RUHPP
FDGDYH]DFHUFiQGRVHPiVDpO\DODUJDQGRXQDGHOJDGDPDQRFRPR
DQVLRVRSRUWRFDUODFDPHGH7ZLVVHOOFRPRSDUDDVHJXUDUVHGHTXH
7ZLVVHOOVHHQFRQWUDEDUHDOPHQWHDKtGHTXHQRVHWUDWDEDGHXQ
VXHxR

6yORGHHVHPRGRSRGtDH[SOLFDUVH7ZLVVHOOODH[SUHVLyQGH+R
UHPP$TXHOKRPEUHHUDWDQIHOL]TXHDGXUDVSHQDVVLSRGtDFUHHUHQ
TXHVXSURSLDIHOLFLGDGIXHVHUHDO6HWUDWDEDDFDVRGHODOLEHUDFLyQ
ILQDOGHXQDSHUVRQDOLGDGGXUDQWHGHPDVLDGRWLHPSRFRQVWUHxLGDHQ
XQODUJRSUR\HFWR"
+RUHPPKDWUDEDMDGRGHPDVLDGRGLMR7ZLVVHOO
3HUR+RUHPPVHOLPLWyDQHJDUFRQODFDEH]D

4XLHURTXHORHQWLHQGDHMHFXWRU/DHWHUQLGDGVHKDWHUPLQDGR
6HDFDEy3LHQVDTXHODHWHUQLGDGQRSXHGHWHQHUILQ"4XHHV
UHDOPHQWHHWHUQD"3LpQVHORGHQXHYR3XHGHTXHODHWHUQLGDGFDUH]FD
GHILQDOHQHOWLHPSRSHURTXL]iWHQJDXQRHQODUHDOLGDG/RYHQRHV

FLHUWR"8VWHGHVXQSURJUDPDGRU8VWHGHVPX\LQWHOLJHQWH

7ZLVVHOOHVWDEDHPSH]DQGRDHQWHQGHUOR7RGR VXFXHUSRVHHV
WUHPHFLy
+RUHPPJULWy

$XQTXHODVRQULVDGH+RUHPPVHHVIXPyHOIHUR]EULOORGHDOH
JUtDHQVXVRMRVVLJXLySUHVHQWH

L
O
L
6t+RUHPP1DGDPiVTXHXQREVHUYDGRU\XQWpFQLFR$O
JXLHQFRQHOTXH)LQJHSXGLHVHH[SHULPHQWDU 8QPLOODUGHUHDOLGDGHV
KDQSDVDGRGHVGHTXHHUQSH]yODHWHUQLGDG3XHGHUHFRUGDUWRGDV
ODVUHDOLGDGHVTXHXVWHGKDKHFKRFDPELDUHMHFXWRU"<RSXHGRUH
FRUGDUXQD&DPELyHOKDFHGLH]ILVLRDxRV8VWHGILUPyHODQiOLLVLV
GH)LQJH$SUHQGtPXFKRVREUHHVHFDPELRFXiQWLFRGHVSXpVSHUR
PHSUHJXQWRVLORUHFXHUGDXVWHG)LQJHPXULy0DOGLWRVHDPXULy
GHPDVLDGRSURQWR3HURXVWHGYLYH8VWHGGHEHUHFRUGDU
7ZLVVHOOLQWHUUXPSLyHOMDGHDQWHWRUUHQWHGHSDODEUDVGHVXLQ
WHUORFXWRU
&yPRSXHGR"

/RTXHIDOWDEDGHODIUDVHQXQFDOOHJyDQDFHU

&yPRSXHGHUHFRUGDU"JULWy+RUHPP+XERWDQWRVFDP
ELRVTXHPLOPLOORQHVGHYLGDVPiVRPHQRVVRQDOJRGHPDVLDGR
PLQ~VFXORSDUDTXHVXPHQWHVHWRPHODPROHVWLDGHUHFRUGDUOR
4XpVRQODVJHQHUDFLRQHVGHOKRPEUHSDUDXQHMHFXWRUTXHSXHGH
ERUUDUODVGHODH[LVWHQFLDFRQXQVLPSOHVRSOLGR"+DJDQHVWR<D
HVWi1DGDHQOD7LHUUDSHUGXUDVLQFDPELRV4XLpQOHGLRHOGHUH
FKR"4XLpQOHGLRHOGHUHFKR"
(OWpFQLFRDO]yORVSXxRVDODLUH

7ZLVVHOOVHDFHUFyDODSXHUWD\+RUHPPEDMyORVEUD]RVPRYLpQ
GRVHUiSLGDPHQWHSDUDLPSHGLUOHODUHWLUDGD

7HQGUiTXHHVFXFKDUUQHHMHFXWRU<ROHHVFXFKpGXUDQWHFLQFR
DxRV\FRQWRGDVHJXULGDGXVWHGSXHGHFRQFHGHUPHFLQFRPLQXWRV
6HOHRFXUULyDOJXQDYH]TXHXQDYtFWLPDGHVXVPDQHMRVSRGUtD
DOJ~QGtDGHVHDUFREUDUVHVXGHXGD"
4XpKDKHFKR"SUHJXQWy7ZLVVHOOODYR]FRQYHUWLGDHQXQ
JUD]QLGR

+HFDPELDGRODUHDOLGDG\RVRORGLMR+RUHPP<QRVROD
PHQWHSDUDORVSREUHVVHUHVTXHYLYHQHQHOWLHPSR/DKHFDPELDGR
LQFOXVRSDUDQRVRWURV3LpQVHOR'HEHFRPSUHQGHUOR9LYDFRQHVD
LGHD3URQWRPDxDQDHODxRSUy[LPRSXHGHTXHGHQWURGHXQPL
QXWRODHWHUQLGDGOOHJDUiDVXILQ
(VLPSRVLEOHVXVXUUy7ZLVVHO

(VSRVLEOH(VFLHUWRJULWy+RUHPP0DQGyDHVHPXFKD
FKRDOSDUDTXHLQVSLUDVHHOLQYHQWRTXHFRQGXMRDODHWHUQLGDG
4XpVXFHGHUtDVLODLQVSLUDFLyQSDUDHVHLQYHQWRQROOHJDVH"([LVWL
UtDDOJXQDHWHUQLGDG"(OPXFKDFKRSUHJXQWyGHGyQGHSURFHGtDQORV
SODQRVGHOFDPSRWHPSRUDO8VWHGGLMRTXHRVFLODEDQHQHOWLHPSR
FRPRXQSpQGXORORKDFtDHQHOHVSDFLR<VLDOJXLHQFRUWDVHOD
FXHUGDGHOSpQGXORHK"4XpRFXUULQDVLDOJXLHQLQWHUILULHVHFRQODV
RVFLODFLRQHVWHPSRUDOHVGHHVRVSUHFLRVRVSODQRV"
4XpKDKHFKR"SUHJXQWyQXHYDPHQWH7ZLVVHOO

&UHRTXHSXHGHLPDJLQDUOR(QHOPLVPRLQVWDQWHHQTXHFHUUD
EDHOLQWHUUXSWRUTXHHQYLDEDD&RRSHUDWUiVHQHOWLHPSRKLFHJLUDU
HOFURQRFRQWURO1RIXHHQYLDGRDOVLQRDXQWLHPSRDQWHULRU
8QRVVLJORVDQWHV(ODxRHQFRQFUHWRQRORVp1LWDQVLTXLHUDHO
VLJOR1RPLUpORVFRQWUROHVDOKDFHUORVJLUDU\YROYtDKDFHUORVJLUDU


DQWHVGHVROWDUORV<HVRKL]RVDOWDUHOPHFDQLVPRUHWURDOLPHQWDGRU
DXWRPiWLFRGHODFDELQDDOPLVPRSXQWRHQHOWLHPSRTXHKDEUtD
WHQLGROXJDUVL\FXDQGR&RRSHU LQWHQWDVHUHWURDFWLYDUODSDUDXQYLDMH
GHUHJUHVR

(VWiSHUGLGRHMHFXWRUSHUGLGRSDUDVLHPSUHHQODHUDSULPLWLYD
<DODWH[WXUDGHODUHDOLGDGGHEHWHQVDUVHDFDGDLQVWDQWHTXH&RRSHU
SHUPDQHFHHQXQVLJORTXHQRHVHOVX\R0iVSURQWRRPiVWDUGHORV
FDPELRVTXHHVWiLQWURGXFLHQGRHQpOOOHJDUiQDOQLYHOFXDQWLFR8V
WHG\\RVDEHPRVDFHUFDGHORVFDPELRVFXiQWLFRVYHUGDGFRPSXWD
GRU"<WRGDODUHDOLGDGSHUGHUiVXVFLPLHQWRV6yORTXHpVWHQRVHUi
FRPRORVFDPELRVFXiQWLFRVTXHKDVWDDKRUDKDLGRXVWHGLQWURGX
FLHQGRHQHOOD(VWDYH]WRGRVHYHUiHQYXHOWRODHWHUQLGDGLQFOXLGD
SRUTXHHOFDPELRFXiQWLFRLPSOLFDUiODQRLQYHQFLyQGHOFDPSRWHP
SRUDO<HQWRQFHVDOILQHVWDUpHQSD]FRQXVWHG\FRQ)LQJH\\R
YLYLUpGHQXHYRHQODUHDOLGDGVLQFDPELRV\YROYHUpDHQFRQWUDUD
1R\V
7HQGLyORVEUD]RV\OXHJRVHGHMyFDHUDOVXHORULHQGRDJyQLFDH
LQWHUPLQDEOHPHQWHXQDURQFDFDUFDMDGDTXHVLJXLy\VLJXLyHQWDQWR
TXHVXVKRPEURVWHPEODEDQFRQYXOVLYDPHQWH
7ZLVVHOOVHOHTXHGyPLUDQGRGXUDQWHXQLQVWDQWHSDUDOL]DGRSRU

HOKRUURU/DULVDGH+RUHPPVHIXHTXHEUDQGRKDVWDGHWHQHUVH6H
TXHGyWHQGLGRLQPyYLO
7ZLVVHOOVDOLyFRUULHQGRGHOODERUDWRULR\VXDJXGDYR]HVWXYRD
SXQWRGHTXHEUDUVHPLHQWUDVJULWDED

4XHDOJXLHQEXVTXHDOLQVWUXFWRU0DQILHOGGHOHQHOFRPXQR
0DQILHOGGHO<XQDDPEXODQFLD0DOGLWDVHDPXpYDQVH
0DQILHOG,QVWUXFWRUGHO%~VTXHQOH


*HQUR0DQILHOGVHKDEtDGHVFULWRXQDYH]FRPRXQSDFLILVWD
DQWHQDGDPHQRVTXHXQJUXSRFRPRHO&RPLWpGH3HUVRQDOGHO*UDQ
&RQVHMR3DQWHPSRUDO+DEtDSHUPDQHFLGRHQSLHDQWHHOORVXQRV
QXHYHILVLRDxRVDQWHVFDPLQDQGRFRQXQSDVRQHUYLRVR\DOJRSDUH
FLGRDOGHXQRVRVXVDQFKRVKRPEURVHQFRUYDGRVVXVFDEHOORVPRUH
QRVGHVSHLQDGRVFRPRGHFRVWXPEUH\VXPDFL]RURVWURPDUFDGRFRQ
WR]XGDVDUUXJDVGHLQFRPRGLGDG
(VWDPRVOLEUDQGRXQDJXHUUDHQODHWHUQLGDGKDEtDGLFKR
PLHQWUDVH[SOLFDED\GHIHQGtDODSHWLFLyQTXHKDEtDSUHVHQWDGRKDFtD
XQPHVDOFRPLWp1RHVWR\H[DFWDPHQWHVHJXURGHFRQWUDTXpOD
HVWDPRVOLEUDQGR6XSRQJRTXHFRQWUDODUHDOLGDGRFRQWUDORVSXOL
GRV\PDTXLQDOHVFRQFHSWRVTXHWHQHPRVVREUHORTXHFRQVWLWX\HOD
PLVHULDKXPDQD&UHHPRVTXHQXHVWURVILQHVVRQEXHQRVSHURVpTXH
QXHVWURVPHGLRVVRQLPSODFDEOHV
(QWDQWRTXHSURJUDPDGRUKHVLGRRILFLDOHQHVDJXHUUDSRUE
TXHKHKHFKRKDVWDHOPRPHQWRFUHRTXHPHFRUUHVSRQGHHOJUDGR
GHFRURQHO

+DEODEDFRQOHQWLWXG\VXVSDODEUDVSDUHFtDQD~QPiVOHQWDVDO
UXPLDUVXPHQWHODDUFDLFDPHWiIRUDTXHKDEtDXWLOL]DGRPRYLpQGRVH
OXHJRSRUHWDSDVGHXQPRGRDXWRPiWLFR\FDUHQWHGHHVIXHU]RKDVWD
ORVLQLFLRVGHXQDFRQVLGHUDFLyQGHOD+LVWRULD3ULPLWLYDFX\RHVWXGLR
HUDVXGLYHUVLyQ\VXYtDGHHVFDSH
9ROYLyHQVtFRQXQHVIXHU]RYLVLEOHSDViQGRVHXQDYH]PiVOD
PDQRSRUHOSHOR

3RUWHPSHUDPHQWRHVHSDSHOQRHVDGHFXDGRSDUDPt6LORTXH
HVWDPRVOLEUDQGRHVXQDJXHUUDQRSXHGRVHJXLUSDUWLFLSDQGRHQHOOD
1RVLUYHGHQDGDTXHPHGLJDDPtPLVPRTXHVHWUDWDGHXQDJXHUUD
MXVWD\TXHGHEHVHUOLEUDGD6R\XQSDFLILVWD\QRSXHGRFRPEDWLU
(OSUHVLGHQWHGHOFRPLWpOHSUHJXQWyTXpSUHWHQGtDKDFHU&RQ
WRGDVHJXULGDGGHEtDVDEHUTXHDEDQGRQDUODHWHUQLGDG\YROYHUDVX
WLHPSRRULJLQDOHUDLPSRVLEOH2WRUJDUOHXQDSHQVLyQDORVFXDUHQWD
ILVLRDxRVGHHGDGVLJQLILFDUtDVHQWDUXQSUHFHGHQWHSHOLJURVR'H

VHDEDDFDVRUHWLUDUVXSHWLFLyQ\SHGLUXQSHUtRGRGHKRVSLWDOL]DFLyQ\
UHKDELOLWDFLyQ"
/DVREMHFLRQHVGH0DQILHOGIXHURQYLROHQWDV6DEtDPX\ELHQTXH
XQSURJUDPDGRUGHVXFDWHJRUtDQRWHQtDTXHVXMHWDUVHDXQSURJUDPD
WDOVLQSULPHURVXSURSLRFRQVHQWLPLHQWRRVHJXQGRXQSHOLJUR
FODUR\DFWXDOGHSVLFRVLV/RVHJXQGRHUDVLHPSUHGLItFLOGHSUREDU\
ORSULPHURQRLEDQDFRQVHJXLUORQXQFD
6HxDOyFRQXQJHVWRVXSHWLFLyQ\GLMR

1RHVWR\SLGLHQGRHOUHWLURFRPSOHWR PHUDPHQWHHOUHOHYR GH
ODOtQHDGHOIUHQWH8QDPLVLyQHQHOVLJORPHSHUPLWLUtDSURVHJXLU
HQSD]PLVLQYHVWLJDFLRQHV\PHFRORFDUtDHQXQVHFWRUWUDQTXLOR
GRQGHORVDVDOWRVGHODUHDOLGDGQRVRQQLIUHFXHQWHVQLVHULRV
1RSRGtDUHVLJQDUVHDDEDQGRQDUVXSURSLDPHWiIRUD

(OSUHVLGHQWHGHOFRPLWpOHLQWHUURJyDFHUFDGHVLVHGDEDFXHQWD
GHOYDORUTXHWHQtDHOHQWUHQDPLHQWRGHXQSURJUDPDGRU\VXVFRQRFL
PLHQWRVVLHUDFRQVFLHQWHGHODSpUGLGDTXHVXIULUtDODHWHUQLGDGVLpO
VHUHWLUDEDYROXQWDULDPHQWHGHODFDWHJRQ
DGHSURJUDPDGRUVLKDEtD
SHQVDGRHQODVGLILFXOWDGHVTXHLPSOLFDEDKDOODUDDOJXLHQTXHORUH
HPSOD]DVH

(QPLHVWDGRDFWXDOQRVR\GHQLQJXQDXWLOLGDGFRPRSURJUDPD
GRUGLMR0DQILHOG&RQWRGRHVWDUtDGLVSXHVWRDVHULQVWUXFWRU
&RQWRGDVHJXULGDGORVLQVWUXFWRUHVGHEHQVHUWDQYDOLRVRVSDUDOD
HWHUQLGDGFRPRFXDOTXLHURWUDFDWHJRUtD\XQRWDQFRPSHWHQWHFRPR
\RVHUtDGLIIFLOGHHQFRQWUDU

(VGXGRVRTXHHOFRPLWpKXELHVHOOHJDGRDDSUREDUQLWDQVLTXLHUD
GLFKRFRPSURPLVRGHQRVHUSRUTXH/DEDQ7ZLVVHOOTXHHQHVRVPR
PHQWRVVHKDOODEDHQHOFRPLWp\TXHKDVWDHQWRQFHVVHKDEtDOLPLWDGR
DIXPDU\SHUPDQHFHUHQVLOHQFLRQRKXELHVHH[SUHVDGRUHSHQWLQD
PHQWHVXDFXHUGRGHXQPRGRIUDQFDPHQWHH[SOtFLWR
$OGtDVLJXLHQWHGXUDQWHXQDHQWUHYLVWDFRQ7ZLVVHOO0DQILHOG
FRQaDQRWLILFDFLyQRILFLDOGHVXFDWHJRUtD\VXPLVLyQHQHOEROVLOOR
KL]RWRGRORTXHSXGRSDUDGDUOHODVJUDFLDV

7ZLVVHOOOHTXLWyLPSRUWDQFLDDODVXQWR/RVJHVWRVGHVXPDQR
YHORFHV\VHPHMDQWHVDORVGHXQSiMDURVXDQFKD\GHVSHMDGDIUHQWH\
VXVRMRVLQWHOLJHQWHV\YLYDFHVOHHUDQWDQIDPLOLDUHVD0DQILHOG
FRPRVHORHUDQ\DDWRGRVORVSURJUDPDGRUHVGHODHWHUQLGDG
7HQJRHOJHUPHQGHXQDLGHDGLMR7ZLVVHOaXQDJUDQLGHD
SXHGHTXHXQDLGHDULGtFXOD1ROHKDEODUpGHHOOD3HURPHJXVWDUtD
TXHKXELHVHDOJXLHQVyOLGR\GHFRQILDQ]DFRPRXVWHGHQORVOHMDQRV
FXDQGRVGHDEDMR<DGHPiVTXHIXHVHXQLQVWUXFWRU3XHGHTXHQR

OOHJXHDQDGDSHURFRQWRGR

0DQILHOGQRLQWHQWyFRPSUHQGHUGHOWRGRWDOHVREVHUYDFLRQHV
6yORWHQtDJDQDVGHPDUFKDUVH6XFDELQDFURQRPyYLOOHHVWDEDHVSH
UDQGR\TXHUtDDOHMDUVHWRGRORSRVLEOHDORVLQLFLRVGHODHWHUQLGDG
4XL]iGHQWURGHHVDTXLHWXGOHIXHVHSRVLEOHROYLGDUVXSURSLR\
HQRUPHFULPHQ
(VWDEDHQODFDELQDFRQ7ZLVVHOOHVWUHFKiQGROHODPDQRSRU~O
WLPDYH]\GLFLHQGR
6HDFRUGDUiYHUGDG"VLDOJXQDYH]OHQHFHVLWR

0HDFRUGDUpPXVLWyFRQDSHQDVXQPDWL]GHLPSDFLHQFLD
6LHPSUHOHHVWDUpDJUDGHFLGRHMHFXWRU
3HURORROYLGy

1RGHOWRGRQDWXUDOPHQWH$PHGLGDTXHWUDQVFXUUtDQORVILVLRD
xRVQRROYLGyTXHHQWLHPSRVKDEtDVLGRXQSURJUDPDGRU1RROYLGy
XQDQRFKHKRUULEOHXQDSHWLFLyQTXHKDEtDFXUVDGRDODPDxDQD
VLaXLHQWH1LWDQVLTXLHUDROYLGyTXH7ZLVVHOOOHKDEtDD\XGDGR

6LQHPEDUJRROYLGyODVYDJDVLQVLQXDFLRQHVGH7ZLVVHOODFHUFDGH
TXHHODSR\RTXHOHKDEtDSUHVWDGRQRHVWDEDPRWLYDGRSRUODVLPSD
WtDVLQRSRUXQDVSUHYLVLRQHVWRWDOPHQWHSUiFWLFDV2OYLGyRPHMRU
GLFKRQXQFDYROYLyDSHQVDUHQHOORTXHVHKDEtDFRORFDGRHQXQD
VLWXDFLyQGHGHXGDFRQ7ZLVVHOO
,QFOXVRFXDQGR7ZLVVHOOOHPDQGyODSHWLFLyQGHTXHDFHSWDVHHQ
VXFODVHD%ULQVOH\6KHULGDQ&RRSHUSLGLpQGROHDGHPiVTXHHOQR
YDWRVHHVSHFLDOL]DVHHQ+LVWRULD3ULPLWLYDHQVXPHQWHQRVHUHPR
YLyQLQJ~QUHFXHUGR1RVHOHRFXUULyD0DQILHOG TXHDTXHOORHUD
SDUWHGHORTXH7ZLVVHOO\DWHQtDHQPHQWHFXDQGROHD\XGyDFROR
FDUVHFRPRLQVWUXFWRUHQHO

0DQILHOGHUDXQUHFRQRFLGRH[SHUWRHQ+LVWRULD3ULPLWLYD\QR
FRQVLGHUyH[WUDxRTXHOHHQYLDVHQDXQHVWXGLDQWHSDUDTXHORHQWUH
QDVHHQ GLFKDGLVFLSOLQD
&XDQGR&RRSHUVHPDUFKyFRQGHVWLQRDO\DSHQDVXQDVGRFH
KRUDVGHVSXpVOOHJyODOODPDGDGH7ZLVVHOOVHGLULJLyWUDQTXLODPHQWH
DOFRPXQR

/OHJyLQFOXVRDSURWHVWDUFRQVLGHUDEOHPHQWHDJLWDGRFXDQGR7ZLV
VHOOOHSLGLySRUSULPHUDYH]TXHWRPDVHLQPHGLDWDPHQWHXQDFDELQDSDUD
HO(OQRHUDXQSURJUDPDGRUH[SOLFyLQGLJQDGR3UHIHULQDQR
L3RUHOJUDQ&URQRVKRPEUHKDEtDH[FODPDGRURQFDPHQWH
7ZLVVHOOD~QVHJXLUtDGHSURJUDPDGRUVLQRKXELHVHVLGRSRUPt

$KRUDOHQHFHVLWR

<HQWRQFHV0DQILHOGVHDFRUGy

(VWDUpDKtGLMRDSDJDGDPHQWH
0DQILHOGWDUGyPiVGHTXLQFHPLQXWRVHQWHQHUXQDYDJDLGHDGH
ORTXHLEDPDO$OSULQFLSLROHSDUHFLyTXH7ZLVVHOOWDQVyORVHHV
WDEDODPHQWDQGRSRUODSpUGLGDGHXQWpFQLFRPHQWDOPHQWH LQHVWD
EOH 0DQILHOGKDEtDRtGRKDEODUGH+RUHPPHOOODPDGRSUtQFLSH
GHORVWpFQLFRV 

2TXL]iWDUGDVHHQFRPSUHQGHUDFDXVDGHTXHQRVHHQFRQWUDEDD
JXVWRHQDTXHODPELHQWH(QWRGRVORVDxRVWUDQVFXUULGRVGHVGHTXH
KDEtDWRPDGRODFDELQDFURQRPyYLOHQGLUHFFLyQGHODEDMRFXDQGR
KDFLDHOQRKDEtDYXHOWRDXQFXDQGRPiVHOHYDGRTXHHOSHULyGLFR
YLDMHGHHVWXGLRVDO<DKRUDHVWDEDDTXtVXPHUJLGRHQHOPLOHQLR
VHVHQWDGHODHWHUQLGDGFRQWHPSODQGRDOKRPEUHTXHUHVXPtDHQVX
SHUVRQDHOSDSHO YLWDOTXHDpOOHSDUHFtDPiVUHSXOVLYR\DERUUHFLEOH
$PHQRVGHFLQFRVLJORVFLQFRVLJORV
&RQXQHVIXHU]RDUUDQFyGHVXPHQWHHOSR]RGHUHFXHUGRVHQHO
TXHVLHPSUHHVWDEDGLVSXHVWRDVXPHUJLUVH\WUDWyGHFRQFHQWUDUVHHQ
ORTXH7ZLVVHOOHVWDED GLFLHQGR
/DYR]GHOYLHMRHMHFXWRUVHIXHKDFLHQGRPiVIUtD\ILUPH\HO
DXWpQWLFRVLJQLILFDGRGHORTXHHVWDEDGLFLHQGRHPSH]yDSHQHWUDUHQ
VXFRQFLHQFLD/RVRMRVGH0DQILHOGVHHQWUHFHUUDURQ\VXDQVLHGDG
SRUYROYHUDO~WHURTXHVHKDEtDLGRFRQVWUX\HQGRHQHOGLVPLQX\y
DPHGLGDTXHHVFXFKDED
(MHFXWRUGLMRILQDOPHQWHHVWXYRGHDFXHUGRHO*UDQ
&RQVHMR3DQWHPSRUDOHQSHUPLWLUTXHVHPDQGDVHXQDFDELQDDOLQL
FLRGH"
7ZLVVHOOGLRXQDSDOPDGDLUULWDGR

4XpWLHQHHVRTXHYHUFRQWRGRHODVXQWR"(VDFDELQDOD
FRQVWUXLPRV+RUHPP\\RSDUDFXPSOLUFLHUWRSURSyVLWR3RUGHVJUD
FLDHOSURSyVLWRGH+RUHPPQRHUDHOPtR4XLHUHGHMDUGHSRQHU
HVDFDUD0DQILHOG"/DWHRUtDGHSHQHWUDUHQHOSDVDGRGHODHWHUQL
GDGHVGHVREUDFRQRFLGD3RUUD]RQHVREYLDVVHWUDWDGHPDWHULD
UHVWULQJLGDSHURGHWRGRVPRGRVORJUpDUUHJOiUPHODV0X\ELHQ
QRLQIRUPpDO*UDQ&RQVHMR3DQWHPSRUDO4XpVLJQLILFDGRWLHQHHVR
DKRUD"
(QWRQFHV\RGHEHUtDLQIRUPDUDFHUFDGHXVWHGGLMR0DQ
ILHOG

<GHTXpVHUYLQ
DHVRDKRUD"(QWLHQGHXVWHGORTXHHVWR\
GLFLHQGR"(VWDPRVHQIUHQWiQGRQRVFRQHOILQGHODHWHUQLGDG

6tODLGHDHVWDEDHPSH]DQGRDTXHGDUPX\FODUDSDUD0DQILHOG
(OILQGHODHWHUQLGDG"8QDLGHDH[WUDxDFDVLDJUDGDEOH$FDVRpO
\WRGRVORVHWHUQRVLEDQDVXIULUHOGHVWLQRTXHWDQIQ
DPHQWHOH
KDEtDQLQIOLJLGRDWDQWRVRWURV"'HSURQWRVHSUHJXQWy'XHOHXQ
FDPELRGHODUHDOLGDG"&DPELDQORVUHFXHUGRVGHXQPRGROLPSLR\
UiSLGR"1RTXHGDQDGD"1RTXHGDUtDHQQLQJXQDPHQWHHOIDQ
WDVPDGH XQDHWHUQLGDGGHVYDQHFLGD"
6RQULyOHYHPHQWH(UDFRPRVLILQDOPHQWHOHHVWXYLHVHQRIUH
FLHQGRXQDH[SLDFLyQSRUVXFULPHQ\VRQULy

1RVHTXHGHDK~VHQWDGRVRQULHQGR0DQILHOGH[FODPy7ZLV
VHOOFDVLDJULWRV1RHQWLHQGHORTXHHVWR\GLFLHQGR"


/RHQWLHQGRSHUR

3HURHVWiDWyQLWRSRUTXH\RKD\DGHMDGRGHODGRDO*UDQ&RQ
VHMR6HWUDWDGHHVR"2LJD0DQILHOGGLMRFRQYLROHQFLDWHQtD
TXHWUDEDMDUVLQHOORV(UDPLLGHDWRWDOPHQWHPtD1RSRGtDHVSHUDU
VXVFRQIDEXODFLRQHV\VXVUHWUDVRV$XQDVtWDUGpGLH]ILVLRDxRV
$KRUDWHQJRVHVHQWD\FLQFR3XHGHTXHD&RRSHUOHKDJDQIDOWDGLH]
DxRVLQFOXVRTXLQFHSDUDFRPSOHWDUVXPLVLyQ4XLHURHVWDUYLYR
FXDQGRUHJUHVH4XLHURVHUFDSD]GHGHFLUTXH\RKLFHSRVLEOHD
+DUYH\0DOORQ<R \VyOR\RIXLHODXWpQWLFRRULJLQDGRUGHODHWHUQL
GDG4XLHURGHFLUORTXLHURTXHORVHWHUQRVORVHSDQ(QWRQFHVSR
GUpPRULU
3HVHDWRGDVXDUGLHQWHHQHUJtDODDXWpQWLFDHGDGGHOFXHUSRGH
7ZLVVHOOQRSRGtDVHULJQRUDGD/HWHPEODEDQODVPDQRV\VXVSiOLGRV
\UHVHFRVODELRVVHHVWUHPHFtDQ0DQILHOGVREUHVDOWDGRSHQVy(V
YLHMRYLHMR
'HDOJ~QPRGRORJUyVHQWLUFRPSDVLyQ\VLQHVSHUDUXQDUHV
SXHVWDUD]RQDEOHGLMR
4XpTXLHUHGHPt"

&RQRFHD&RRSHU\FRQRFHORVWLHPSRVSULPLWLYRV(QFXpQWUH
PHOR
0DQILHOGPHQHyODFDEH]D

&yPRSXHGRKDFHUOR"'yQGHKHGHEXVFDU"&yPRKHGH
EXVFaU"0LUHHMHFXWRUSRUTXpQRDUUHJODHODVXQWRPDQGDQ
GRDDOJXLHQPiVGHYXHOWDDO"&RQVHJXULGDGGHEHKDEHUFR
SLDVGHOSODQRGH0DOORQSDUD HOFDPSRWHPSRUDO0LHQWUDVWDQWR
FXDQGR&RRSHUVHGpFXHQWDGHTXHHVWiHQXQVLJORHTXLYRFDGR\GH

TXHQRSXHGHYROYHUWHQGUiOREDVWDQWHGHSURJUDPDGRU\GHHWHUQR
SDUDFRPSUHQGHUORVSHOLJURVGHXQFDPELRFXiQWLFR\HYLWDU
7ZLVVHOOVHHQIXUHFLy

(VXVWHGXQWRQWRXQLGLRWD(OPXFKDFKRSRGUtDFDXVDUXQ
FDPELRFXiQWLFRLQYROXQWDULDPHQWHVLQVHUFRQVFLHQWHGHHOOR$GH
PiVHVLPSRVLEOHPDQGDUDQDGLHPiV
3RUTXp"

7ZLVVHOOPLUyD0DQILHOGFRQRMRVWRUWXUDGRV

3RUTXH&RRSHUQRHVXQPHQVDMHURSDUD0DOORQeOHV0DOORQ
4Xp

%ULQVOH\6KHULGDQ&RRSHUHV+DUYH\0DOORQHOLQYHQWRUGHO
FDPSRWHPSRUDO\HOSDGUHGHODHWHUQLGDG
3HURHVRHVLPSRVLEOH

(VRSLHQVD"(VRHVORTXHXVWHGSLHQVD6XFDPSRGHHVSHFLDOL
]DFLyQHVOD+LVWRULD3ULPLWLYD\SLHQVDGHHVHPRGR3RUTXpQR
OOHJyDHVWDEOHFHUVHMDPiVODIHFKDGHQDFLPLHQWRGH0DOORQ"1R
SRGtDVHUDFDVRSRUTXHQRKXELHVHQDFLGRHQHO"3RUTXpQDGLH
FRQRFHODIHFKDH[DFWDGHVXPXHUWHSRUTXpQRH[LVWHQUHJLVWURV"
1RSRGUtDVXFHGHUTXHKDELHQGRFRPSOHWDGRVXREUDYROYLHVHDOD
HWHUQLGDG"<QRPHKDEOHGHSDUDGRMDV
0DQILHOGVDFXGLyODFDEH]D

1RVR\XQQLaR1RKDEORGHSDUDGRMDV/HFRQWyHVRD&RRSHU"
7HQtDTXHFRQWDUOHDOJRDVtVt3HUROHFRQWpORPHQRVTXHSXGH
KDVWDHO~OWLPRLQVWDQWH3DUDREWHQHUXQRVUHVXOWDGRVySWLPRVHUD
QHFHVDULRTXHPDQWXYLHVHVXVLGHDVVREUHHODVXQWRORPiVIOXLGDV
SRVLEOH/DKLVWRULDHQORVWLHPSRVSULPLWLYRVHVWiILMDGDQRKD\PiV
TXHXQDUHDOLGDGDVtTXHGHEtDVHJXLUODOLEUHPHQWH6LVHORKXELHVH
FRQWDGRVLKXELHVHOOHJDGRDOFRQWRGRXQFRQMXQWRGHLGHDV\D
ILMDGDVTXL]iQRIXHVHFDSD]GHDGDSWDUVHFRQODUDSLGH]QHFHVDULD

(OSODQHUDKDFHUTXHEXVFDVHD0DOORQ\QROHHQFRQWUDVH1R
WDUGDUtDHQVHQWLUSiQLFR\HQVXGHVHVSHUDFLyQVHHVWDEOHFHUtDpO
PLVPRFRPR0DOORQUHYHODUtDORVSODQRVGHOFDPSR\FHUUDUtDHO
FtUFXOR'HEtDVXFHGHUGHHVHPRGR&DVLSRGHPRVGHGXFLUORGHOD
KLVWRULD8VWHGFRQRFHORVUHJLVWURV0DOORQH[KLELyVXPiTXLQDFRQ
ODPD\RUUHOXFWDQFLD\SXEOLFyVXVGRFXPHQWRVVRODPHQWHGHVSXpVGH
GRVDxRVGHUHWUDVRV6ROtDPRVOODPDUORODKXPLOGDGGHODXWpQWLFR
JHQLRSHURQRORHUD(UD&RRSHUSUHJXQWiQGRVHTXpGHEtDKDFHU

6LODUHDOLGDGSULPLWLYDHVWiILMDGDGLMR0DQILHOGHVWRGHEH
VHUSDUWHGHHOOD 3XHGHTXH0DOORQQRVHD&RRSHUVLQRVXWDWDUD
QLHWR3XHGHTXH&RRSHUWUDQVPLWLHVHORVSODQRV

1R1R1R(OSODQIXHPDOGHQWURGHODHWHUQLGDG+RUHPP
QRVHKDOODEDHQORVWLHPSRVSULPLWLYRVFXDQGRGHVYLyORVFRQWUROHV
(VWDEDDTXtHQODHWHUQLGDG\DTXtODUHDOLGDGSXHGHVHUIOXLGD
&RRSHUVHKDOODGRQGHQRGHEtDHVWDU(VRHVGHILQLWLYR<HQFXDO
TXLHULQVWDQWHHQFXDOTXLHUILVLRWLHPSRSXHGHSURGXFLUVHXQFDPKLR
FXiQWLFR\WRGRKDEUiDFDEDGR
0DQILHOGOHFRQWHVWyFRQOHQWLWXGSHQVDWLYR

<GHVHUDVtQRSRGUtDVHUHVRDOJREXHQRDOJRGHVHDEOH"
1RSXHGHKDEODUHQVHULRGLMR7ZLVVHOO

1R"7RGDODQRFLyQGHODHWHUQLGDGHVWiEDVDGDHQODDVXQFLyQ
GHTXHORVKRPEUHVORVKRPEUHVFRUULHQWHVSXHGHQWHQHUDVXFDUJR
ODVYLGDV\ODUHDOLGDGGHWRGDODKXPDQLGDG
1RVHWUDWDGHORVKRPEUHV1RKDFHPRVVLQRDWHQGHUDODV
PiTXLQDVGHFRPSXWDFLyQGLMR7ZLVVHOOWUDEDMRVDPHQWH

(VFLHUWRHVR")XHDFDVRXQDPiTXLQDGHFRPSXWDFLyQODTXH
VLJXLyXQSUR\HFWRGXUDQWHGLH]DQRVVLQHOSHUPLVRHOFRQRFLPLHQWR
RODFRRSHUDFLyQGHO*UDQ&RQVHMR3DQWHPSRUDO")XHXQDPiTXLQD
GHFRPSXWDFLyQODTXHGHVYLyORVFRQWUROHVGHXQDFDELQDFURQRPyYLO
VDELHQGRTXHHOORGHVWUXLUtDDODHWHUQLGDG"6LKRPEUHVFRPRXVWHG\
+RUHPPQRVRQGHILDUHMHFXWRUTXpHWHUQRHVGLJQRGHFRQILDQ]D"
<VLQRVHSXHGHFRQILDUHQQLQJ~QHWHUQRGHTXpVLUYHODHWHUQLGDG"
0DQILHOG0DQILHOGQRWHQHPRVWLHPSRSDUDILORVRItDVEDUDWDV
+D\PLOHVGHHWHUQRVTXHKDQFRQVDJUDGRVXVYLGDVDODHWHUQLGDGVLQ
GHVYLDUVHGHVXVLGHDOHV8VWHGSRUHMHPSOR8VWHGPLVPR
0DQILHOGPHQHyODFDEH]D\GLMR

<RQR6R\WDQFULPLQDOFRPRSXHGDVHUORFXDOTXLHUDHQODHWHU
QLGDG
/RVRMRVGH7ZLVVHOOVHFODYDURQHQpOILMRV\EULOODQWHV
'HTXpPRGR"'tJDPHOR3HURUiSLGR

<SRUTXH0DQILHOGSRGtDPLUDUFDUDDFDUDDRWURHWHUQR\VHQWLU
TXHpOWDPELpQFRPSDUWtDHOOD]RGHSDUHQWHVFRGHKDEHUREUDGRPDO
GHVFXEULyTXHDOILQSRGtDFRQIHVDUVXFULPHQ
(OFQPHQLJXDOTXHHOGH+RUHPPHPSH]yFRQXQDPXMHU1R

HUDXQDFRLQFLGHQFLD (UDFDVLLQHYLWDEOH(OHWHUQRTXHYHQGtDODV
VDWLVIDFFLRQHVQ*UPDOHVGHODYLGDIDPLOLDUSRUXQSXxDGRGHSHUIRUD
FLRQHVKHFKDVHQXQSDSHOHVWDEDPDGXURSDUDODLQIHFFLyQ2DO
LJXDOTXH7ZLVVHOOQRWDUGDUtDHQFDHUSUHVDGHXQDLQVHJXULGDG
EiVLFD\UHVSRQGHUtDFRQSHTXHxDVYDQLGDGHVFRPRVXLQFHVDQWH\
RVWHQWRVDH[KLELFLyQGHFLJDUULOORVHQXQDVRFLHGDGTXHQRIXPDEDR
ODPiVDPSOLDYDQLGDGGHEXVFDUVXUHQRPEUHSHUVRQDOKDFLHQGRTXH
ODHWHUQLGDGFRUULHVHWRGDVXHUWHGHULHVJRV
0DQILHOGUHFRUGDEDDHVDPXMHUFRQSHQD\DPRU(UDLQWHOLJHQWH
\EXHQD6LKXELHVHVLGRXQKRPEUHGHOWLHPSRKDEUtDHVWDGRRUJX
OORVRWHQLpQGRODFRPRHVSRVD1RWRGRVORVHWHUQRV TXHGHEtDQWR
PDUDVXVPXMHUHVVRODPHQWHFXDQGRORSHUPLWtDODFRPSXWDFLyQ
WHQtDQWDQWDVXHUWHFRPRpOHQHVHDVSHFWR

3HURVXVUHODFLRQHVFRQHOODHVWDEDQHPSDxDGDVSRUDOJRTXHpO
VDEtD\HOODSRUODPLVPDQDWXUDOH]DGHODVFRVDVQRSRGtDVDEHU(Q
ODUHDOLGDGGHHVHILVLRWLHPSRHOODPRULUtDMRYHQ,EDDPRULUGH
KHFKRSDVDGRXQDxRGHVGHTXHVXVUHODFLRQHVKXELHVHQHPSH]DGR
eOORVDEtDGHVGHHOSQQFLSLR/DSULPHUDYH]HQTXHVHVLQWLy
DWUDtGRSRUHOOD SULPHURXQLQGLYLGXRHQHOLQIRUPHVREUHHOGH
XQREVHUYDGRU\OXHJRLPSXOVDGRSRUODFXULRVLGDGFRPRUHVXOWDGR
GHKDEHUOD9OVWR\KDEODGRFRQHOODGXUDQWHXQYLDMHGHREVHUYDFLyQ
SHUVRQDOLUUHJXODUSHURSHUIHFWDPHQWHOHJDO KDEtDWUDPDGRVXYLGD
1RKDEtDGHMDGRHVDWDUHDSDUDHOGHSDUWDPHQWRGH7UDPDGR9L
WDO/DKDEtDUHDOL]DGRpOPLVPRSRUTXHVHQWtDFLHUWDWLPLGH]DOUHV
SHFWR6HHQWHUyGHVXSUy[LPDPXHUWH\DOSULQFLSLRFRPRUHFRU
GDEDDKRUDFRQYHUJXHQ]DHVROHFRPSODFLy6LJQLILFDEDTXHODV
RSRUWXQLGDGHVGHXQFDPELRFXiQWLFRSURGXFLGRDFRQVHFXHQFLDGH
VXUHODFLyQHUDQREYLDPHQWHPX\OHYHV/RFRPSUREy\DVtHUD

/DYLVLWyWDQDPHQXGRFRPRORSHUPLWtDQORVPDSDVHVSDFLRWHP
SRUDOHV6XFRPSDWLELOLGDGHUDPX\VXSHULRUDWRGRORTXHpOKXELHVH
SRGLGRHVSHUDU\GHVFXEULyODIHOLFLGDGFRQHOOD(O*UDQ&RQVHMR
3DQWHPSRUDOKDELHQGRVXSHUYLVDGRVXVFiOFXORVWDO\FRPRHUDGH
ELGRVHPRVWUyLQGLIHUHQWHDQWHDTXHODVXQWR
+DVWDHOPRPHQWRQRKDEtDFRPHWLGRFULPHQDOJXQR

3HURORTXHHPSH]yFRPRODVDWLVIDFFLyQGHXQDQHFHVLGDGHPR
FLRQDOVHFRQYLUWLyHQDOJRPiV6XPXHUWHLQPLQHQWHGHMyGHVHUDOJR
RSRUWXQR\VH FRQYLUWLyHQXQDFDWiVWURIH3RUWUHVYHFHVGLVWLQWDV
OOHJy\SDVyXQSXQWRGHOILVLRWLHPSRHQHOTXHDOJXQDVHQFLOODDFFLyQ
SRUSDUWHGHpOKDEUtDDOWHUDGRODUHDOLGDGSHUVRQDOGHHOOD3HURpO
VDEtDTXHXQFDPELRPRWLYDGRGHXQPRGRWDQSHUVRQDOHUDLPSRVL
EOHTXHIXHVHDXWRUL]DGR/DPXHUWHGHHOODVHFRQYLUWLyHQVXUHVSRQ
VDELOLGDGSHUVRQDO\DSUHQGLyFXiOHUDHOVLJQLILFDGRGHODFXOSDEL
OLGDG

(VRWDPSRFRHUDXQFULPHQDXQTXHVHWUDWDEDGHXQDGHELOLGDG
SHOLJURVD

a
XHQWRaSDUDOaORa

$VtGLMR7ZLVVHOOGHMDQGRFRQVXPLUVXFLJDUULOOROLJHUDPHQWH
DSDUWDGRGHVXSUHRFXSDFLyQDQWHHOSHOLJURLQPLQHQWH\DEUXPDGRU
TXHOHURGHDED0DQILHOGPHQHyODFDEH]D\GLMR1RSXHGRHQWHQ
GHUOR

1RKL]RQDGDFXDQGRHOODTXHGyHPEDUD]DGD6XWUDPDYLWDO
PRGLILFDGDSDUDLQFOXLUVXUHODFLyQFRQ0DQILHOGLQGLFDEDTXHHO
HPEDUD]RHUDXQDFRQVHFXHQFLDDOWDPHQWHSUREDEOH*HQHUDOPHQWH
VHHYLWDEDWDOHYHQWXDOLGDGSHURDYHFHVODVPXMHUHVGHOWLHPSRTXH
GDEDQHPEDUD]DGDVGHXQHWHUQR1RHUDDOJRLQDXGLWR 3HURGDGR
TXHQLQJ~QHWHUQRSRGtDWHQHUKLMRVORVHPEDUD]RVHUDQOOHYDGRVD
XQILQHILFLHQWHHLQGRORUR+DEtDPXFKRVPpWRGRV

0DQILHOGQRKL]RQDGD(OODHUDIHOL]FRQVXHPEDUD]R\pOTXHUtD
TXHVLJXLHVHVLpQGROR6DEtDTXHPRULQDDQWHVGHTXHpVWHOOHJDVHDVX
ILQDVtTXHVHOLPLWyDREVHUYDUODFRQORVRMRVYHODGRVSRUODSHQD\
FXDQGRHOODOHGHiDWULXQIDQWHTXHSRGtDVHQWLUFyPRVHDJLWDEDOD
YLGDHQVXLQWHULRUpOVRQUHtDFRQGRORU
(VWRVHJXtDVLQVHUXQFULPHQSUHPHGLWDGRSRUSDUWHGH0DQILHOG
SHURHUDXQDFWRGHLJQRUDQFLD\ODLJQRUDQFLDSXHGHVHUFDVLXQFUL
PHQ

3RUTXHHOODGLRDOX]SUHPDWXUDPHQWH(UDDOJRTXH0DQILHOGQR
KDEtDSUHYLVWR(UDXQDVSHFWRGHODYLGDDFHUFDGHOTXHWHQtDHVFDVD
H[SHULHQFLD\QRVHOHKDEtDRFXUULGRODSRVLELOLGDGGHXQQDFLPLHQWR
SUHPDWXUR
<FRQWRGRFyPRHUDSRVLEOHTXHODWUDPDYLWDOTXHpOKDEtD
KHFKRQRORLQGLFDVH"9ROYLyDWUDEDMDUHQHOOD\GHVFXEULyDOQLxR
YLYRHQXQDVROXFLyQDOWHUQDWLYDDXQDELIXUFDFLyQGHEDMDSURED
ELOLGDGTXHKDEtDSDVDGRSRUDOWR$XQSURIHVLRQDOQRVHOHKXELHVH
SDVDGRSRUDOWR
4XpSRGtDKDFHU0DQILHOGDKRUD"

1RSRGtDPDWDUDOQLQR$ODPDGUHOHTXHGDEDQGRVVHPDQDVGH
YLGD4XHODVYLYLHVHSHQVy'RVVHPDQDVGHIHOLFLGDGQRHVSHGLU
DOJRH[FHVLYR

/DPDGUHPXULyFRPRHVWDEDSUHYLVWRGHOPRGRSUHYLVWR
0DQILHOG GXUDQWHHOWLHPSRSHUPLWLGRSRUHOPDSDHVSDFLRWHPSRUDO
SHUPDQHFLyVHQWDGRHQVXKDELWDFLyQOOHQRGHGRORUFRQXQDSHQD
WDQWRPiVDJXGDSRUTXHODKDEtDHVWDGRHVSHUDQGRVDELHQGRORTXH

VXFHGHUtDGHVGHKDiDFDVLXQDxR6RVWHQtDHQVXVEUD]RVDOQLxRHO
KLMRGHpO\HOOD
'HMyTXHYLYLHVH"LQTXLULy7ZLVVHOOODYR]OOHQDGHKRUURU
1RSXHGHHQWHQGHUORGLMR0DQILHOG
3HURHUDXQFULPHQ

(UDXQFULPHQSHURQRHOFULPHQ

'HMyTXH YLYLHVH/RGHMyDOFXLGDGRGHXQDRUJDQL]DFLyQDGH
FXDGD\YROYLyFXDQGRSXGR GHQWURGHXQDHVWULFWDVHFXHQFLDWHPSR
UDODFRUGHLQFOXVRFRQHOILVLRWLHPSR SDUDKDFHUORVSDJRVQHFHVDULRV
\YHUFyPRFUHiDHOPXFKDFKR
3DVDURQGRVDxRV+DiDFRPSUREDFLRQHVSHULyGLFDVDVHJXUiQ
GRVHGHTXHODWUDPDYLWDOGHOPXFKDFKRQRLQGXFtDGHQLQJ~QPRGR


FDPELRVFXiQWLFRV(UDXQDEXHQDWUDPDYLWDO\0DQILHOGVHDOHJUDED
GHHOOR(OQLxRDSUHQGLyDFDPLQDU\DEDOEXFHDUDOJXQDVSDODEUDV
1ROHHQVHxDURQDOODPDUOHSDSiD0DQILHOG)XHVHQFXDOHVIXHVHQ
ODVHVSHFXODFLRQHVTXHODJHQWHGHOWLHPSRGHDTXHOODLQVWLWXFLyQSDUD
HOFXLGDGRGHQLQRVSXGLHVHQKDFHUHQORFRQFHUQLHQWHDOKRPEUHWyQ
TXHSDJDEDGHPRGRWDQUHJXODUVLJXLHURQVLHQGRHVRHVSHFXODFLR
QHV \QDGDPiV
/XHJRFXDQGRKXELHURQSDVDGRORVGRVDxRVODVQHFHVLGDGHVGH
XQFDPELRFXiQWLFRTXHLQFOXtDFRODWHUDOPHQWHDOIXHURQVRPHWL
GDVDO*UDQ&RQVHMR3DQWHPSRUDO\0DQILHOGSURPRYLGRUHFLHQWH
PHQWHDOUDQJRGHSURJUDPDGRUDVRFLDGRIXHSXHVWRDFDUJRGHpVWH
(ORUJXOORTXHVLQWLyHQDTXHOXQVWDQWHHVWDEDWHxLGRGHDSUHQVLyQ
7HQtDTXHHVWDUORGLMR7ZLVVHOO/RVQLQRVVRQORVUHKHQHV
GHOWLHPSR
0DQILHOGVDFXGLyODFDEH]DGLVJXVWDGRDQWHHODIRULVPR

7UDEDMyHQHOFDPELRFXiQWLFRHKL]RXQWUDEDMRLPSHFDEOH3HUR
VXDSUHQVLyQIXHHQDXPHQWR6XFXPELyDXQDWHQWDFLyQTXHHQVX
FRUD]yQKDEtDVDELGRTXHQXQFDVHUtDFDSD]GHUHVLVWLU0DQWXYR
UHWHQLGDVXVROXFLyQPLHQWUDVWUDPDEDXQQXHYRFXUVRYLWDOSDUDVX
KLMR
(VHHUDXQVHJXQGRFULPHQWDQJUDQGHFRPRHOSULPHURSHUR
VHJXtDVLQVHUHOFULPHQ

'XUDQWHYHLQWLFXDWURKRUDVVLQFRPHUQLGRUPLUSHUPDQHDLyVHQ
WDGRHQVXRILDQDOXFKDQGRFRQODWUDPDYLWDO\DFRPSOHWDGDKD
FLpQGRODSHGD]RVXQD\RWUDYH]HQXQLQWHQWRGHVHVSHUDGRGHKDOODU
XQHUURU
1RKDEtDQLQJ~QHUURU

$OGtDVLJXLHQWHUHWHQLHQGRD~QVXVROXFLyQSDUDHOFDPELRFXiQ
WLFRHODERUyXQPDSDHVSDDRWHPSRUDO\HQWUyHQHOWLHPSRHQXQ
SXQWRVLWXDGRPiVGHWUHLQWDDxRVDUULEDHQHOFXDQGRGHVGHHOQDFL
PLHQWRGHVX KLMR
(VHHUDXQWHUFHUFULPHQPD\RUTXHORVGRVSULPHURVSHURVHJXtD
VLQVHUHOFULPHQ

6XKLMRWHQtDWUHLQWD\FXDWURDxRVGHHGDGHUDWDQYLHMRDKRUD
FRPRHOPLVPR0DQILHOG1RFRQRFtDDVXSDGUHQRUHFRUGDEDDXQ
KRPEUHWyQTXHOHYLVLWDEDHQVXLQIDQFLD
(UDLQJHQLHURDHURQiXWLFR(OHUDH[SHUWRHQPHGLDGRFHQD
GHPRGRVGHYLDMHDpUHR\HOKLMRGH0DQILHOGHUDIHOL]\KDEtD
WULXQIDGRFRPRPLHPEURGHVXVRFLHGDG(VWDEDFDVDGRFRQXQD
MRYHQTXHOHDPDEDFRQDUGRUSHUR0DQILHOGVDEtDTXHQRLEDQD
WHQHUKLMRV
$OPHQRVHVRHUDDOJRGLMR7ZLVVHOO\SXVRODFROLOODGHVX
FLJDUULOORHQXQDXQLGDGGHHOLPLQDDLyQ

/HGLMHTXHKDEtDWUD]DGRVXFXUVRYLWDOHQEXVFDGHFDPELRV
FXiQWLFRV1RVR\WDQGHVFXLGDGR

0DQILHOGSDVyWRGRHOGtDFRQVX KLMR6HSUHVHQWyFRPRXQD
UHODFLyQGHQHJRFLRV\OHKDEOyFRQIRUPDOLGDGVRQULHQGRFRUWpV
PHQWHGHVSLGLpQGRVHFRQIULDOGDG3HURHQVHFUHWROHYLJLODED\DE
VRUEtDFDGDXQRGHVXVDFWRVOOHQiQGRVHFRQHOORVYLYLHQGRFRQIHUR]
LQWHQVLGDGHVH~QLFRGtDGHXQDUHDOLGDGTXHPDxDQD HQILVLRWLHPSR
QRKDEUtDH[LVWLGRQXQFD
9ROYLyDODHWHUQLGDG\SDVyXQD~OWLPD\KRUULEOHQRFKHOXFKDQGR
I~WLOPHQWHFRQORTXHGHEtDVHU$ODPDxDQDVLJXLHQWHHQWUHJyVXV
FRPSXWDFLRQHV\SUHSDUyXQDSHWLFLyQDO*UDQ&RQVHMR3DQWHPSRUDO
HQODTXHSHGtDXQFDPELRGHFDWHJRUtD
<XVWHGPHD\XGyHMHFXWRUFRQFOX\y0DQILHOG

6XSRQJRTXHVXKLMRQRYLYLyHQODQXHYDUHDOLGDGGLMR7ZLV
VHOO

^ KVtTXHYLYLyGLMR0DQILHOGOHQWDPHQWH([LVWLyFRPR
XQSDUDSLpMLFRGHVGHORVFXDWURDxRVGHHGDG&XDUHQWD\GRVDxRVHQ

FDPDEDMRFLUFXQVWDQFLDVTXHPHLPSLGLHURQLQFOXVRHOORJUDUTXHVH
DSOLFDVHQHQVXFDVRODVWpFQLFDVUHJHQHUDWLYDVGHQHUYLRVGHO
<ROHKLFHHVRDPLKLMR)XHURQPLPHQWH\ODVPiTXLQDVGH
FRPSXWDFLyQODVTXHFRPSXWDURQSDUDpOHVDQXHYDYLGD\IXHPL
SDODEUDODTXHRUGHQyHOFDPELR&RPHWtYDULRVFUtPHQHVSHURpVH
IXHHOFULPHQTXHDFDEyFRQPLJRFRPRSURJUDPDGRU,

7ZLVVHOOVHFXOSyDVtPLVPRGHVXSiQLFRLQLFLDODPHGLGDTXHpVWH
IXHGHVDSDUHFLHQGR+DEtDDFWXDGRFRQEDVWDQWHUDSLGH]DOKDFHUTXH
EXVFDVHQD0DQILHOGSHUROXHJRVHKDEtDGHMDGRWUDVWRUQDUSULPHUR
SRUODOHQWLWXGGH0DQILHOGHQFRPSUHQGHU\OXHJRSRUODUHOXFWDQFLD
QHXUyWLFDGHDTXHOKRPEUHDODKRUDGHD\XGDU
6yORFXDQGR7ZLVVHOOHQODQHJDWLYDDFRODERUDUGH0DQILHOG
UHFRQRFLyHOWRUEHOOLQRGHXQGRORU\XQDFXOSDELOLGDGHVFRQGLGDVIXH
QXHYDPHQWHFDSD]GHUHFREUDUODLQLFLDWLYD/RFRQVLJXLyGHMDQGR
KDEODUD0DQILHOG6LQWLyTXHHOVXHORLEDYROYLHQGRDHQGXUHFHUVH
EDMRVXV SLHV\UHFREUyHOHTXLOLEULR
1RLQWHQWyKDFHUTXH0DQILHOGVHDSUHVXUDVH'HMyTXHSDVDVHQ
ORVPLQXWRV&XDQGR0DQILHOGDFDEy7ZLVVHOOHVWDEDHPSH]DQGRD
HQFRQWUDUOHGHQXHYRVDERUDVXVFLJDUULOORV

1RVHDSUHVXUyDKDEODU$OFRQWUDULRGHMyTXHSDVDVHQGRV
PLQXWRVHQWDQWRTXHODFDWDUVLVGHODFRQIHVLyQSXUJDEDD0DQILHOG
GHVXFDUJDGHFXOSDELOLGDG

(QWDQWRTXHHMHFXWRU7ZLVVHOOWHQtDXQFLHUWRFRQRFLPLHQWR
QDWXUDOPHQWHGHODLQJHQLHUtDSVtTXLFD,QWHOHFWXDO\DTXHQRHPR
FLRQDOPHQWHSRGtDLUVLJXLHQGRHOIXQFLRQDPLHQWRGHODPHQWHGH
0DQILHOG/RTXHOHKDEtDRFXUULGRHUDHOHTXLYDOHQWHDUHYHQWDUXQ
DEVFHVR$OJ~QGtDSHQVy7ZLVVHOOODLQJHQLHUtDSVtTXLFDWHQGUtDTXH
VHUHOHYDGDDOUDQJRGHXQDFODVLILFDFLyQVHSDUDGDGHHVSHFLDOLGDG
GHQWURGHODHWHUQLGDG
3RUILQKDEOyVLQDO]DUODYR]

6LODHWHUQLGDGOOHJDDVXILQHOHTXLYDOHQWHGHVXWUDJHGLDOH
VXFHGHUiDXQQ~PHURLQFRQWDEOHGHKRPEUHV\PXMHUHV8VWHGSXH
GHHYLWDUOR
$JXDUGyXQRVLQVWDQWHV\OXHJRVLJXLyKDEODQGR

8VWHG FRQRFHOD+LVWRULD3ULPLWLYD6DEHFyPRHUD(UDXQD
UHDOLGDGTXHIOXtDFLHJDPHQWHVLJXLHQGRODOtQHDGHSUREDELOLGDGPi
[LPD(QORVVLJORVGHILVLRWLHPSRHQTXHKDH[LVWLGRODHWHUQLGDG
KHPRVHOHYDGRQXHVWUDUHDOLGDGDXQQLYHOGHELHQHVWDUTXHHVWi
PXFKRPiVDOOiGHWRGRORFRQRFLGRHQORVWLHPSRVSULPLWLYRVSHUR
WDPELpQDXQQLYHOTXHGHQRVHUSRUQXHVWUDLQWHUIHUHQFLDVHUtD

FLHUWDPHQWHGHXQDSUREDELOLGDGPX\HVFDVD

7ZLVVHOOREVHUYyDWHQWDPHQWHD0DQILHOGTXHVHJXtDFDOODGR\
FRQWLQXy

&RQ ODHWHUQLGDGGHVDSDUHFLGDXQPLOOyQGHDxRVGHKLVWRULD
KXPDQDUHYHUWLUiQGHQXHYRDXQDUHDOLGDGLQPXWDEOHGHLJQRUDQFLD
PDWDQ]DV\PLVHULD6XSURSLDH[SHULHQFLDGHEHUtDGDUOHXQDPD\RU
FDSDFLGDGSDUDFRPSUHQGHUHOVLJQLILFDGRGHHVR\ODQHFHVLGDGGH
HYLWDUORPXFKRPiVGHWRGRORTXH\RSXHGDGHFLUOH
0DQILHOGDO]yODFDEH]D

3HURTXpSXHGRKDFHU"

(UDXQDFWRGHUHQGLFLyQ\7ZLVVHOOORVDEtD$FWXyGHLQPHGLDWR
SDUDHYLWDUTXHVXLQWHUORFXWRUSXGLHVHUHFRQVLGHUDUVXSRVWXUD\VH
DFHUFyUiSLGDPHQWHDORVFRQWUROHVGHODFDELQDDWUDYpVGHODFXDO
&RRSHUKDEtDGHVDSDUHFLGRPiVDOOiGHOLQLFLRGHODHWHUQLGDG
9HQJDDTXt0DQILHOG

(QWRWDO7ZLVVHOOKDEtDSHUGLGRXQDKRUDSHURFRQHVDKRUDKDEtD
JDQDGRXQDRSRUWXQLGDG1RVHSHUPLWLySHQVDUORSHTXHxDTXHHUD
HVDRSRUWXQLGDG
(VWDEDPX\QHUYLRVR$OPHQRVHVWDEDKDFLHQGRDOJR

(VWRHVHOFURQRFRQWUROGLMRHOUHyVWDWRTXHFRQWURODOD
ORQJLWXGWHPSRUDOGHOLPSXOVRGHODFDELQD6LKXELHVHDxDGLGRXQ
VHJXURSDUDHYLWDUTXHVXVFRRUGHQDGDVSXGLHVHQYDULDUXQDYH]GLV
SXHVWDVSHURSRUVXSXHVWRGHWDOOHVDVtVHORVGHMDEDVLHPSUHD
+RUHPP
6RQULyDPDUJDPHQWH

+RUHPPHVWDEDHQHVDSRVLFLyQSURVLJXLy+L]RJLUDUHO
FRQWUROHQHOPLVPRLQVWDQWHHQTXHFHUUDEDHOFRQPXWDGRU(VRHVOR
TXH PHGLMR<VLSXHGRVHJXLUHOFXUVRGHVXVHPRFLRQHVHQHVRV
LQVWDQWHVPRYLyXQDVRODYH]ODPDQRHQHOFURQRFRQWUROSDUDKD
FHUORJLUDUXQDVRODYH]FRQXQLPSXOVRHVSDVPyGLFRGHRGLRHLUD
<DOGHFLUHVWR7ZLVVHOOVXSURSLRURVWURSDUHFLyUHIOHMDUHVDV
HPRFLRQHV\VXPDQRDIHUUDQGRHOGLDOGHSRUFHODQDORKL]RJLUDU
VDOYDMHPHQWH
&XiOHVODOHFWXUD"SUHJXQWyFDVLVLQDOLHQWR
0DQILHOGVHLQFOLQyVREUHHOGLDO

(QDOJ~QOXJDUFHUFDQRDO9HDPRVGLHFLQXHYH

1RVLUYHGHQDGDOHHUOR GHWDQFHUFDGLMR7ZLVVHOO1R
SXHGHVHUPiVTXHXQDDSUR[LPDFLyQ6HOOHYyHOFLJDUULOORDORV
ODELRVDWLVEDQGRDWUDYpVGHOKXPR<DxDGLy4XpVDEHGHO
0DQILHOG"
(OLQVWUXFWRUVHHQFRJLyGHKRPEURV

,
,

,
/RKDHVWXGLDGRSRUVXSXHVWRGLMR7ZLVVHOO
aKVt

0X\ELHQ3RQJiPRQRVHQHOOXJDUGH&RRSHU(VXQPXFKD
FKREULOODQWHLQWHOLJHQWHHLPDJLQDWLYRQRFUHHXVWHG"
8Q-RYHQPX\FDSD]

<XQHWHUQR(VRHVORLPSRUWDQWH7ZLVVHOODJLWyHOGHGR
(VRHVORLPSRUWDQWH(VWiDFRVWXPEUDGRDODLGHDGHFRPXQLFDUD
WUDYpVGHOWLHPSR1RHVSUREDEOHTXHVHULQGDDODLGHDGHKDEHU
TXHGDGRDEDQGRQDGRDODGHULYDHQpO6DEUiTXHOHYDPRVDEXVFDU
6tSHURHMHFXWRUTXpSXHGHKDFHUDOUHVSHFWR"

(ODVWXWR\DQFLDQRURVWURGH7ZLVVHOOFRQYHUWLGRHQXQDPDVLMR
GHDUUXJDVPLUyD0DQILHOGVLQYHUOHHQUHDOLGDG

+D\DOJXQDIXHQWHSDUWLFXODUTXHXVWHGXVDVHDOHVWXGLDUORV
"$OJ~QGRFXPHQWRDUFKLYRVSHOtFXODVREMHWRVREUDVGHUHIH
UHQFLD"0HUHILHURDIXHQWHVSULPDULDVTXHGDWDVHQGHHVHPLVPR
KHPSR
1DWXUDOPHQWH

<pOODVHVWXGLyFRQXVWHG"
6t

(QWRQFHVQRHVQDWXUDOLPDJLQDUTXHpOSXHGHWUDWDUGHLQVHU
WDUHQXQRGHHVRVREMHWRVXQREMHWRTXHpOVDEUtDTXHXVWHGWHQtDOD
FRVWXPEUHGHYHU\HVWXGLDUDOJXQDUHIHUHQFLDDVXSURSLDSHUVRQD"

(VRHVXQDFRQMHWXUDTXHVHVRVWLHQHGHXQILQtVLPRKLOR

^XL]iDFFHGLyUiSLGDPHQWH7ZLVVH'3HURTXpRWUDFRVD
SXHGHKDFHU"6LQRKDFHQDGDHVWDPRVDFDEDGRVVHWHUPLQyWRGRKD
WHUPLQDGR/D~QLFDRSRUWXQLGDGTXHWHQHPRVHVHOTXHKD\DKHFKR
DOJR\TXHSRGDPRVOOHJDUDHQWHQGHUORTXHKDSHQVDGRKDFHU3RU
HVROHQHFHVLWR(QSULPHUOXJDUXVWHGOHFRQRFHPHMRU'XUDQWH
FLQFRDxRVOHKDWHQLGRGHPRGRFRQWLQXREDMRVXFXLGDGR6HJXQGR
HVODSHUVRQDFRQTXLHQLQWHQWDUi DXWRPiWLFDPHQWHSRQHUVHHQFRQ
WDFWR6LFRQRFH\TXLHUHDDOJXLHQHQODHWHUQLGDGHVDXVWHG7HU
FHURXVWHG\VyORXVWHGVDEUiGyQGHPLUDUXVWHG\VyORXVWHGVHUi
FDSD]GHUHFRQRFHUVXPHQVDMH
3HURQRVpGyQGHPLUDUGLMR0DQILHOGVDFXGLHQGRDQVLRVD
PHQWHODFDEH]D

3UHJ~QWHVHORDVtPLVPRKDEtDDOJXQDIXHQWHTXHXVWHGFRQ
VXOWDVHFRQPD\RUIUHFXHQFLDTXHRWUDVUHVSHFWRDO"([LVWHDOJXQD
IRUPDSHFXOLDUGHUHJLVWURTXH&RRSHUDVRFLDVHDXWRPiWLFDPHQWHFRQ
HO"3LHQVHKRPEUH(VQXHVWUD ~QLFDRSRUWXQLGDG
<DJXDUGyDSUHWDQGRIXHUWHPHQWHORVODELRV

(VWDEDQODVUHYLVWDVGHQRWLFLDVGLMR0DQILHOG(UDQXQ
IHQyPHQRDQWHULRUDOVHJXQGRPLOHQLR8QDHQSDUWLFXODUHUDPX\
~WLO6XSULPHUQ~PHURVHUHPRQWDD3RUVXSXHVWRTXL]iVKD
VLGRHQYLDGRD~QPiVSURQWR
<TXL]iQR7HQHPRVTXHHPSH]DUSRUDOJXQDSDUWH0DQILHOG
3URVLJXLyKDVWDELHQDYDQ]DGRHO

0X\ELHQ6XSRQHXVWHGTXHKD\DOJ~QPRGRHQHOTXHSRGUtD
XVDUHVDUHYLVWDSDUDWUDQVPLWLUXQPHQVDMH"5HFXHUGHpOVDEUi TXH


XVWHGYDDOHHUORTXHHVWDUiIDPLOLDUL]DGRFRQpOTXHVDEUiFyPR
LQWHUSUHWDUOR

1RORVp0DQILHOGYROYLyDPHQHDUODFDEH]D/HJXVWDED
XWLOL]DUXQHVWLORDUWLILFLRVR/DUHYLVWDWHQGtDDVHUEDVWDQWHVHOHFWLYD
6HUtDGLItFLOLQFOXVRLPSRVLEOHFRQILDUHQTXHIXHVHDLPSULWQLUDOJR
TXHXVWHGKXELHVHSODQHDGRTXHLPSULPLHVHQ'LJDPRVTXHLQFOXVRVL
&RRSHUVHODVKXELHVHDUUHJODGRSDUDFRORFDUVHHQVXSHUVRQDOORFXDO
HVPX\LPSUREDEOHQRSRGQDHVWDUVHJXURGHTXHVXVHVFULWRVORJUD
VHQUHEDVDUDORVGLVWLQWRVHGLWRUHV1RVHPHRFXUUHQDGDHMHFXWRU

(QHOQRPEUHGH&URQRVSLHQVHGLMR7ZLVVH'&RQFpQ
WUHVHHQHVDUHYLVWD(VWiHQHOHVXVWHG&RRSHUFRQVXHGXFDFLyQ\

VXVDQWHFHGHQWHV0DQILHOGXVWHGHQVHxyDOPXFKDFKR<KDVLGRXQ
SURJUDPDGRUFRQHQWUHQDPLHQWRHQSVLFRLQJHQLHUtD4XpKDQ
DpO"
&yPRVHODVDUUHJODUtDSDUDFRORFDUDOJRHQODUHYLVWDDOJRFRQHO
WH[WRH[DFWRTXHGHVHD"
0DQILHOGDEULyXQSRFRPiVORVRMRV
8QDQXQFLR
4Xp"

8QDQXQFLR8QDYLVRSDJDGRTXHHVWDUtDQREOLJDGRVDLPSUL
PLUH[DFWDPHQWHWDO\FRPRpOSLGLHVH
$KVt7LHQHQDOJRSDUHFLGRHQHO

0HLPDJLQRTXHORWLHQHQHQPXFKDVHUDVSHURHO'HJyDO
Pi[LUQRHQHVHWHUUHQR'HKHFKRGLMR0DQILHOGDQLPiQGRVHUH
SHQWLQDPHQWHFRQHO WHPDHOHVHQPXFKRVDVSHFWRVODFXPEUH
GHORVWLHPSRVSULPLWLYRV(OPHGLRFXOWXUDO
$KRUDQR0DQILHOG9XHOYDDODQXQFLR'HTXpFODVHVHQ
D"
1RWHQJRQLODPHQRULGHDHMHFXWRU

7ZLVVHOOFRQWHPSOyHOH[WUHPRHQFHQGLGRGHVXFLJDUULOORFRPRVL
EXVFDVHHQpOODLQVSLUDFLyQ
1RSXHGHGHFLUQDGDGHXQPRGRGLUHFWR1RSXHGHGHFLU
&RRSHUGHOOODPDQGRDODHWHUQLGDG
3RGUtDGHFLUOR

6LORKLFLHVHVHUtDXQHVW~SLGR\QRFUHRTXHORVHD&RQHVR
HVWDUtDSLGLHQGRXQFDPELRFXiQWLFR

0iVSUREDEOHPHQWHHVWDQ
DSLGLHQGRTXHORGHWXYLHVHQ\E
SXVLHVHQEDMRREVHUYDFLyQSRUHQIHUPHGDGPHQWDO(QORVWLHPSRV
SULPLWLYRVFXDOTXLHULPSOLFDFLyQKHFKDVHULDPHQWHVREUHHOYLDMH
WHPSRUDOHUDXQDSXUDORFXUD

0X\ELHQ'HXQPRGRLQGLUHFWRDVtWHQGUiTXHVHU'HEH
SDUHFHUOHVSHUIHFWDPHQWHQRUPDODORVKRPEUHVGHOWLHPSR3HUIHFWD
PHQWHQRUPDO<FRQWRGRGHEHVHUREYLRSDUDQRVRWURV0X\
REYLR2EYLRDOSULPHUYLVWD]RSRUTXHWHQGUHPRVTXHHQFRQWUDUOR
HQWUHLQFRQWDEOHVDUWtFXORVLQGLYLGXDOL]DGRV0DQILHOGFXiOVXSRQH
TXHGHEHVHUVXWDPDxR"6RQFDURVHVRVDQXQFLRV"
<RGLQDTXHVRQPiVELHQPRGHUDGRV

<KDEODQGRGHXQPRGRLGHDOSDUDHYLWDUHOWLSRHUUyQHRGH
DWHQFLyQGLMR7ZLVVHOOGHEHUtDVHUPiVELHQSHTXHxR,PDJLQH
0DQILHOG4XpWDPDxR"

,
0DQILHOGH[WHQGLyODVPDQRV
0HGLDFROXPQD"

0X\ELHQ$KRUDWHQHPRV\DXQDSULPHUDDSUR[LPDFLyQ%XV
FDUXQDQXQFLRGHPHGLDFROXPQDTXHSUiFWLFDPHQWHDOSULPHUYLV
WD]RHYLGHQFLHTXHHOKRPEUHTXHORKL]RLQVHUWDUYLHQHGHRWUR
WLHPSR\TXHFRQWRGRVHDXQDQXQFLRWDQQRUUQDOTXHQLQJ~QKRP
EUHGHHVHWLHPSRYHDQDGDUDURHQpO
<VLQRORHQFXHQWUR"SUHJXQWyHOLQVWUXFWRU

(QWRQFHVSHQVDUHPRVHQRWUDDOWHPDWLYDSDUDTXHODLQYHVWL
JXH<VLHVRIUDFDVDLQWHQWDUHPRVRWUDFRVD\OXHJRRWUDPLHQWUDV
TXHVLJDPRVFRQYLGD\VLJDH[LVWLHQGRODHWHUQLGDG

7ZLVVHOOVHDFRUGDEDDKRUDGHVXSiQLFRVyORFRPRXQPDOVXHxR
LQGLJQRGHVHUUHFRUGDGR$KRUDHVWDEDKDFLHQGRDOJRHVWDEDDF
WXDQGR6XDJXGDPHQWHHVWDEDWRWDOPHQWHRFXSDGDFRQODHPRFLyQ
GHODFDFHUtD\QLHQORPiVPtQLPRFRQODVFRQVHFXHQFLDVGHOIUDFDVR
7ZLVVHOOFRQWHPSOyFRQFXULRVLGDGORVOLEURVGHODELEOLRWHFDGH
0DQILHOG'HYH]HQFXDQGRSRUTXHQRSRGtDVRSRUWDUHOSHUPDQH
FHUVLQKDFHUQDGDVDFDEDXQRGHVXOXJDUKRMHDQGRVXVSiJLQDV
TXHEUDGL]DV\SURQXQFLDQGRHQVLOHQFLRODVDUFDLFDVSDODEUDV6XFR
QRFLPLHQWRGHOGLDOHFWRGHOWHUFHUPLOHQLRDXQTXHQRHUDWRGROR
DPSOLRTXHOHKXELHVHJXVWDGRTXHFUH\HVHQORVGHPiVHUDHOVXIL
FLHQWHFRPRSDUDSHUPLWLUOHHQWHQGHUDOJXQDIUDVH\DYHFHVLQFOXVR
SiUUDIRVHQWHURV
(VWHHVHOLQJOpVGHOTXHVLHPSUHDQGDQKDEODQGRORVOLQJXLVWDV
QR"SUHJXQWyJROSHDQGRXQDSiJLQDFRQODSXQWDGHOGHGR
,QJOpVPXUPXUy0DQILHOG

7ZLVVHOOMDPiVKDEtDHVWDGRHQXQFXDQGRWDQDOHMDGRKDFLD
DEDMR$TXtWRGDODHWHUQLGDGSDUHFtDFRPRHQPRKHFLGDFRPRVLQR
VHWUDWDVHUHDOPHQWHGHODHWHUQLGDGVLQRGHXQDHUDSULPLWLYDDOJR
PiVDYDQ]DGDGHORKDELWXDO
4XL]iIXHVHODELEOLRWHFDORTXHOHSURGXFtDHVDVHQVDFLyQ7ZLVVHOO
HVWDEDIDPLOLDUL]DGRFRQYDULDVHUDVGRWDGDVGHOLEURV+DEtDRWUDV
HUDVFRPRODVGHODJUDEDFLyQPROHFXODU6XSURSLRVLJORQDWXUDO

PHQWH\FRPRRWURVPXFKRVVHWUDWDEDGHXQDHUDHQODTXHVHXVDEDQ
ODVSHOtFXODV6LQHPEDUJROLEURVFRPRpVRVDOPLVPRWLHPSRTXHHUDQ
SODFHQWHUDPHQWHH[yWLFRVQRHVWDEDQHQDEVROXWRSDVDGRVGHPRGD
3HURFXDQGRHVWDEDQDOLQHDGRVHQWDOHVFDQWLGDGHV

,QFOXVRHQODVVHFFLRQHVGHODHWHUQLGDGHQWUHJDGDVDODVHUDVGH
OLEURVORVTXHVHKDOODEDQHQODVELEOLRWHFDVGHODHWHPLGDGHUDQ
FRQYHUWLGRVDSHOtFXODVRPRGHORVPROHFXODUHVDXQTXHVyORIXHVHHQ
FRQVLGHUDFLyQDODKRUURGHHVSDFLR

7ZLVVHOOEXVFyFRQODPLUDGDD0DQILHOG/RVDQFKRVKRPEURVGHO
LQVWUXFWRUVHJXtDQHQFRUYDGRVVREUHHOLOXPLQDGRHVFULWRULR7RGROR
TXHVHYHtDGHVXFDEH]DHUDVXFDEHOOHUDFDVWDxDHQHOPiVDEVROXWR
GHVRUGHQ
&XOWLYDHODUFDtVPRSHQVy7ZLVVHOO3UHILHUHORVOLEURV6H
RFXOWDHQXQXQLYHUVRGHUHDOLGDGILMDGD(VDHVVXVHJXULGDG

3HURVHHQFRQWUDEDGHPDVLDGRLQTXLHWRFRPRSDUDFRQFHQWUDUVH
GHPDVLDGRWLHPSRHQXQDLGHDIXHVHODTXFIXHVH6DFyRWUROLEURGHO
HVWDQWHDEULpQGRORDOD]DU<VLVHQFLOODPHQWHYROYLHVHXQDSiJLQD\
DOOtDOOt
6HUXERUL]yLQWHULRUPHQWH\GHMyHOOLEUR

0DQILHOGSDVDEDODVSiJLQDVFRQUHJXODULGDGPRYLHQGRVyORXQD
PDQRHOUHVWRGHOFXHUSRFRQJHODGRHQXQDSRVWXUDGHUtJLGDDWHQ
FORQ

&RQORTXHSDUHFtDQHRQHVGHLQWHUYDOR0DQILHOGVHOHYDQWDED
JUXxHQGRHQEXVFDGHXQQXHYRYROXPHQ(QHVDVRFDVLRQHVKDGD
XQDSDXVDSDUDWRPDUXQFDIpXQ ERFDGLOORRDWHQGHUDRWUDVQHFH
VLGDGHV
(VLQ~WLOTXHXVWHGVHTXHGHGLMR0DQILHOGFDQVDGDPHQWH
/HPROHVWR"

3RUVXSXHVWRTXHQR

(QWRQFHVPHTXHGDUp

7ZLVVHOOVLQWLHQGRIQR\VROHGDGUHDQXGyVXGHOLFDGRHVSRUi
GLFRHLQ~WLODVDOWRDODV HVWDQWHUtDVGHOLEURVFRQODVFKLVSDVGHVX
FLJDUULOORTXHDUGtDIXULRVDPHQWHTXHPiQGROHODVSXQWDVGHORVGH
GRVVLQTXHpOOHVSUHVWDVHDWHQFLyQ
<SDVyXQILVLRGtD

+D\WDQWRGLMR7ZLVVHOOFRQLPSRWHQFLD7LHQHTXHKDEHU
XQPRGRPiVUiSLGR
'LJDFXiOUHVSRQGLy0DQILHOG1RSXHGRSDVDUSRUDOWRQL
XQDVRODSDJPD
&XiQWRVKDH[DPLQDGR"

1XHYHYRO~PHQHV&XDWURDxRV\PHGLR

+DEUiDWHUUL]DGRDOERUGHGHOGHVLHUWRGHOVXGRHVWHGH$PpULFD
GHO1RUWHGLMR7ZLVVHOO(VRIXHDOJRGHOLEHUDGR\DTXHHVWi
HVFDVDPHQWHSREODGRLQFOXVRHQHOFUHR
0DQILHOGDVLQWLyGHPRGRDXVHQWH\SDVyRWUDSiJLQD

3UHWHQGtDPRVTXHSDVDVHDOJ~QWLHPSRVLQVHUPROHVWDGRSDUD
TXHSXGLHVHDMXVWDUVH7HQtDXQDEXHQDSURYLVLyQGHDJXD\DOLPHQ
WRV7HQGUtDTXHDQGDUFRQFDXWHOD3DVDUtDQGtDVDQWHVGHTXHHQ
WUDVHHQFRQWDFWRFRQXQiUHDUHDOPHQWHSREODGD\FRUULHVHXQULHVJR
FRQVLGHUDEOHGHFDPELRFXiQWLFR3XHGHTXHWHQJDPRVVHPDQDVGH
WLHPSR1RHVWDEDGHPDVLDGRVHJXURGHORTXHFUHtDHQUHDOLGDG
SHURORGLMRGHQXHYR3XHGHTXHWHQJDPRVVHPDQDVGHWLHPSR
0HWyGLFDPHQWH0DQILHOGSDVyRWUDSiJLQD\OXHJRRWUD

$OILQDOGLMRODVKRMDVHPSLH]DQDYROYHUVHERUURVDV\HVR
TXLHUHGHFLUTXHHVKRUDGHGRUPLU
(OVHJXQGRILVLRGtDSDVy

<DODVGHOWHUFHUILVLRGtD0DQILHOGGLMRHQYR]EDMD\
DVRPEUDGD
(VWRHV

7ZLFF3,,QQ aUaPQU3QaORTXHKDEtDGLFKR
4Xp"SUHJXQWy

0DQILHOGDO]yODYLVWDHOURVWURGHPXGDGRSRUHODVRPEUR

6DEH\RQRORFUHtDHQUHDOLGDG3RU&URQRVTXHQRORFUHt
QXQFDUHDOPHQWHQLVLTXLHUDFXDQGRHVWiEDPRVWUDEDMDQGRFRQWRGDV
HVDVWRQWHUtDVVREUHODVUHYLVWDV\ORVDQXQFLRV
$KRUD7ZLVVHOOORKDEtDHQWHQGLGR
+DHQFRQWUDGRHODQXQFLR

6HSUHFLSLWyVREUHHOYROXPHQTXH0DQILHOGWHQtDHQODVPDQRV

DIHUUiQGRORFRQGHGRVWHPEORURVRV

3HUR0DQILHOGQRORVROWy'HSRVLWyHOYROXPHQVREUHODPHVDFRQ
XQJROSHVHFR\VHxDOyXQSHTXHxRDQXQFLRHQODHVTXLQDVXSHULRUGH
ODL]TXLHUGD
(UDEDVWDQWHVHQFLOOR'HiD
$/*248(
72'265(&20,(1'$1
2%-(7,9$0(17((1(/
0(5&$'2
2),&,$/

'HEDMRHQOHWUDVPiVSHTXHxDVGHFtD,QYHUVLRQHV1HZV/HWWHU
$SDUWDGRGH&RUUHRV'HQYHU&RORUDGR
0HUFDGR"SUHJXQWy7ZLVVHOOFRQIXQGLGR

/DEROVDHOPHUFDGRGHYDORUHVGLMR0DQILHOGFRQLPSDFLHQ
FLD8QVLVWHPDPHGLDQWHHOFXDOHOFDSLWDOSULYDGRHUDLQYHUWLGR
HQQHJRFLRV(VRQRHVORLPSRUWDQWH1RYHHOGLEXMRDOODGRGHO
DQXQFLR"
3RUVXSXHVWRTXHORYHRGLMR7ZLVVHOOIUXQFLHQGRHOFHxR

$TXLpQLEDDUHVXOWDUOHIDPLOLDUHOGLEXMRGHXQDQXEHHQIRUPD
GHKRQJRVLQRVHORHUD DXQSURJUDPDGRU"7UHVFXDUWDVSDUWHVGHORV
FDPELRVFXiQWLFRVHQODHWHUQLGDGIXHURQPRWLYDGRVSRUHOGHVHRGH
HOLPLQDUHOGHVDUUROORGHODVERPEDVGHILVLyQ\IXVLyQVLQPXWLODUSRU
FRPSOHWRODFLHQFLDQXFOHDU

(VXQDERPED$GLMRHOSURJUDPDGRU(VRHVWRGR"1R
WLHQHQDGDTXHYHUFRQHOWHPDGHODQXQFLRSHURVHJXUDPHQWHQRIXH
HVDLQFRQJUXHQFLDORTXHOHOODPyODDWHQFLyQ6HQWtDXQDDPDUJD
GHFHSFLyQ1RHVPiVTXHXQUHFODPR
5HFODPR"3RUHOJUDQ&URQRVHMHFXWRUPLUHODIHFKDGHO
Q~PHURGH ODUHYLVWD

6HxDOyODFDEHFHUDGHODSiJLQD'HFtDGHPDU]RGH/D
SiJLQDHUDOD
0LOQRYHFLHQWRVWUHLQWD\GRVGLMR0DQILHOG<ODSULPHUD
H[SORVLyQGHXQDERPED$WXYROXJDUHQMXOLRGH
(VWiVHJXUR"

&RQR]FRHVWDHUD(VWR\DEVROXWDPHQWHVHJXUR+DVWDMXOLRGH
QLQJ~QVHUKXPDQRYLRMDPiVODQXEHHQIRUPDGHKRQJRGHXQD

H[SORVLyQQXFOHDU1DGLHKXELHVHSRGLGRUHSURGXFLUODGHXQPRGR
WDQSUHFLVRH[FHSWR
1RHVPiVTXHXQGLEXMRGLMR7ZLVVHOOLQWHQWDQGRFRQVHUYDU
ODVHUHQLGDG3RGUtDSDUHFHUVHDODQXEHHQIRUPDGHKRQJRSRU
SXUDFDVXDOLGDG

3RGUtD"4XLHUHXVWHGPLUDURWUDYH]HOWH[WR"/RVGHGRVGH
0DQILHOGIXHURQJROSHDQGRODVOtQHDVXQDGHWUiVGHRWUD$OJRTXH
7RGRVUHFRPLHQGDQ2EMHWLYDPHQWHHQHO0HUFDGR2ILFLDO/DVLQL
FLDOHVHQPD\~VFXODVIRUPDQODSDODEUD$7202&RLQFLGHQFLD"1L
SRUFDVXDOLGDGL1RYHFyPRFXPSOHVXVSURSLDVFRQGLFLRQHV"(V
DOJRTXHDWUDMRDOLQVWDQWHPLDWHQFLyQ+DEUtDDWUDtGRODGHFXDOTXLHU
SURJUDPDGRUSHURHQSDUWLFXODUODPtDSRUTXH\RYHUtDFRQXQDVROD
PLUDGDTXHHUDXQDQXQFLRLPSRVLEOHTXHQDGLHKXELHVHSXHVWRDOOL
VDOYR&RRSHU<DOPLVPRWLHPSRFDUHFHUtDGHWRGRVLJQLILFDGRH[
FHSWRHOYLVXDOQRKDEUtDWHQLGRQLQJ~QVHQWLGRSDUDFXDOTXLHUKRP
EUHGHHVHWLHPSR(V&RRSHUHMHFXWRU7ZLVVHOO1RVHVWiOODPDQGR
\YR\DEXVFDUOH7HQHPRVODIHFKD7HQHPRVODGLUHFFLyQGHOFRUUHR
<HVWR\VXILFLHQWHPHQWHIDPLOLDUL]DGRFRQHVHSHUtRGRFRPRSDUD
DFWXDUFRQVHJXULGDGHQpO
7ZLVVHOOVHHQFRQWUDEDPX\GpELO6HDSR\yFRQDJUDGHFLPLHQWR
HQHOEUD]RGH0DQILHOGFXDQGRpVWHORH[WHQGLyGHSURQWRKDFLDpO
7HQJDFXLGDGRSURJUDPDGRU

(VWiELHQGLMR7ZLVVHOO9DPRV

/RVDFRQWHFLPLHQWRVGHOGtDVLJXLHQWHVHVDOLHURQGHORQRUPDOHQ
YDULRVDVSHFWRV1DGLHVDOYR7ZLVVHOO \XQ7ZLVVHOODFWXDQGRFRQOD
PiVDEVROXWDDUELWUDULHGDG KXELHVHSRGLGRVDOWDUVHGHWDOPRGRORV
FDQDOHVLQWURGXFLHQGRHQRUPHVKLOHUDVGHFiOFXORVDWRGDSULVDHQ
ODVPiTXLQDVGHFRPSXWDFLyQLJQRUDQGRGHWDOPRGRODVKRUURUL]D
GDVTXHMDVGHORVRSHUDGRUHVTXHYHtDQWUDVWRUQDGRVXWUDEDMR
1DGLHVDOYR7ZLVVHOOSRGUtDKDEHUORKHFKR\QDGLHVDOYR7ZLVVHOO
KDEUtDSRGLGRWHQHUOLVWDVXFDELQDFRQQXHYDVFRRUGHQDGDVHQXQ
SOD]RGHYHLQWLFXDWURKRUDV

3DUDFROPRGHWRGR7ZLVVHOOLJQRUySRUFRPSOHWRODFRVWXPEUH
HVWDEOHFLGDHQODHWHUQLGDGGHPDQWHQHUVHVLHPSUHDQLYHOFRQHOIL
VLRWLHPSR
6HORGLMRMDGHDQWHDXQ0DQILHOG\DDWDYLDGRFRQHOWUDMHDGH
FXDGRDODHUDTXHLEDDYLVLWDU
1RKHWHQLGRHQFRQVLGHUDFLyQHOODSVRGHILVLRWLHPSR+HGHV
FRQHFWDGRHOUDGLRFUyQ

0X\ELHQGLMRFRQFDOPD0DQILHOG

6HDMXVWyORVLQFyPRGRVSDQWDORQHVGHVXDWXHQGRGHOVLJOR
TXHKDEtDGHFLGLGRVHDSUR[LPDEDQORVXILFLHQWHDODYHUVLyQGHOVLJOR
2EDVWDQWHDOPHQRVFRPRSDUDKDFHULQQHFHVDULRFRQIHFFLRQDU
XQQXHYRWUDMHORFXDOKXELHVHSUHFLVDGRGHPDVLDGRWLHPSR
1RPHLPSRUWDVLQHFHVLWDXQGtDXQPHVRGLH]DxRVSDUD
HQFRQWUDUOHSURVLJXLy7ZLVVHOO1RPHLPSRUWDHOWLHPSRTXHpO
KD\DHVWDGRDKt9ROYHUiDOPLVPRLQVWDQWHHQTXHVHPDUFKyXQD


O

YH]TXHDFWLYHHOFDPSRWHPSRUDOHQHVHH[WUHPR1RSXHGRHVSHUDU
DTXHSDVHHOILVLRWLHPSR/RHQWLHQGH"

0DQILHOGDVLQWLy6LJQLILFDEDTXHVLODFDFHUtDOHRFXSDEDHOLPSUR
EDEOHHVSDFLRGHWLHPSRGHGLH]DxRVYROYHUtDDODHWHUQLGDGFRQGLH]
DxRVGHHQYHMHFLPLHQWRUHVSHFWRDORVGHPiVHWHUQRV3VLFROyJLFD
PHQWHVHUtDGHVDJUDGDEOH3HURDVLQWLy
6HDEURFKyXQ~OWLPRERWyQ\GLMR
(VWR\OLVWR

<DVtRFXUULyTXHFXDQGR7ZLVVHOOVXFRUD]yQODWLHQGRHQORTXH
FLGR\VXVVXGRURVDVPDQRVFDVLLQFDSDFHVGHKDFHUORTXHHUDQHFHVD
ULRFRQVLJXLyILQDOPHQWHPRYHUODSDODQFDODFDELQDQXQFDOOHJyD
PRYHUVH
2DOPHQRVVHIXH\UHJUHVyDOPLVPRLQVWDQWHFRQORTXHQR
KXERQLQJXQDSDXVDDSDUHQWHHQVXH[LVWHQFLD

'HKHFKRHO~QLFRFDPELRTXHWXYROXJDUIXHTXHHQODFDELQDDO
ODGRGHXQUHSHQWLQDPHQWHDJRWDGR0DQILHOGHVWDEDXQHQIODTXH
FLGRSHURQRPXFKRPiVYLHMR%ULQVOH\6KHULGDQ&RRSHU

<HQWRQFHV7ZLVVHOOKL]RDOJRWRWDOPHQWHIXHUDGHORQRUPDO
$OJRTXHHVWDEDSRUFRPSOHWRIXHUDGHVXFDUiFWHU$QWHORVRMRV
DVRPEUDGRVGHORVRWURVGRVGHSURQWRHLQHVSHUDGDPHQWHVHHFKyD
OORUDUGHSXURDOLYLR
&RRSHUSHUPDQHFLyDOJRPiVGHXQILVLRGtDHQODHWHUQLGDG'X
UDQWH WRGDVHVDVKRUDVVLJXLyHVWDQGRXQSRFRH[FLWDGRVLQVHUpO
PLVPRSDUHFtDTXHVLQDFRVWXPEUDUVHWRGDYtDDOKHFKRGHTXHILQDO
PHQWHKDEtDYXHOWRDODHWHUQLGDG
6LVXSLHVHQFyPRPHVHQWtFXDQGRFRQVHJXtXQSHULyGLFRSRU
SULPHUDYH]QRGHMDEDGHUHSHWLU4XHUtDVDEHUHOGtDH[DFWR\D
HQWLHQGHQ6yORTXHUHVXOWyVHUHODxR3HQVpTXHPHHVWDED
YROYLHQGRORFR

3HURTXpOHKL]RSHQVDUHQHODQXQFLRPXFKDFKR"SUHJXQ
Wy7ZLVVHOO)XHJHQLDO

7DUGyPHVHVHQRFXUQUVHPH6LVXSLHVHQORTXHLQWHQWpDOSULQ
FLSLR,QWHQWpHVFXOSLUSLHGUDVVyORTXHQRVDEtDFyPRKDFHUORVLQ
XQWXERSHUIRUDGRU0F,OYDLQ/XHJRLQWHQWpLPDJLQDUXQPRGRGH
LQWURGXFLUPHHQORVDUFKLYRV'XUDQWHGRVPHVHVWUDWpGHFRQVHJXLU
XQWUDEDMRHQXQDGHODVLPSUHQWDVGHOJRELHUQRSHURKDEtDDOJR
OODPDGR6HUYLFLR&LYLO\\RFDUHFtDGHFHUWLILFDGRGHQDFLPLHQWR
$GHPiVHVWDEDHQPHGLRGHXQDGHSUHVLyQHFRQyPLFD0LVSURYLVLR
QHVGHRURHQPHWiOLFRVHHVWDEDQDJRWDQGR
6LKXELHVHDWHUUL]DGRGRVDxRVPiVWDUGHGLMRVHFDPHQWH
0DQILHOGVXRURQROHKDEUtDVHUYLGRGHQDGD+XERXQSHUtRGRHQ
TXHODSRVHVLyQGHRURIXHLOHJDOSURVLJXLyH[SOLFiQGRVHORD7ZLV
VHOO

'HFXDOTXLHUPRGRGLMR&RRSHUILQDOPHQWHSHQVpHQOD
UHYLVWDFRQODTXHSDVDPRVWDQWRWLHPSRLQVWUXFWRU0DQILHOG$O
SULQFLSLRSHQVpSRQHUHQHOODDOJRHQGLDOHFWRGHOPLOHQLRVHVHQWD
SDUDHOHMHFXWRU7ZLVVHOO\DVDEH3HURQRKDEUtDQDFHSWDGRXQ
DQXQFLRTXHQRSXGLHVHQHQWHQGHUDVtTXHYROYtDLQWHQWDUORVLPSOH
PHQWHHQLQJOpVSULPLWLYR6DEtDTXHHOLQVWUXFWRU0DQILHOGORHQWHQ
GHUtD<HQWRQFHVHOPLVPRGtDHQTXHDSDUHFLyHOWHOHJUDPDGHO
LQVWUXFWRU0DQILHOGHVWDEDHQODRILFLQDGHFRUUHRV8I
0DxDQDWHQGUiTXHYROYHUDDEDQGRQDUODHWHUQLGDGGLMR
7ZLVVHOO/RHQWLHQGHYHUGDGMRYHQFLWR"6LJXHKDELHQGRXQWUD
EDMRTXHKDFHU

(VWiELHQGLMR&RRSHUH[XOWDQWH'HVSXpVGHWRGRORTXH
KHSDVDGRHVRQRHVQDGD&XDQGRGHVFXEUtTXHQRKDEtDQLQJ~Q
FDPSRWHPSRUDOTXHUHDFWLYDUSDUDHOUHJUHVRVXSHTXHKDEtDRFX
UULGRXQDFFLGHQWH0HVHQWtWDQSHUGLGR(QHODOPHQRVVpTXH
YROYHUp3RUHOJUDQ&URQRVPHVLHQWRWDQVHJXURGHPtPLVPRDKRUD
TXHVLQRHQFXHQWURGHLQPHGLDWRD+DUYH\0DOORQWHQJRPHGLR
SHQVDGRDVXPLUVHQFLOODPHQWHVXQRPEUH\GDUOH\RPLVPRDOD7LHUUD
HOFDPSRWHPSRUDO/RKDUpDSRFRTXHSXHGD
<SRUHQFLPDGHVXFDEH]DORVRMRVGH7ZLVVHOOVHHQFRQWUDURQ
FRQORVGH0DQILHOG
(VWDEDQVHQWDGRVMXQWRVORVGRV'HQXHYRVRORV

2XL]iGHVSXpVGHWRGRGHEtDRFXUULUDVtGLMR7ZLVVHOOPH
GLRSUHJXQWiQGRVHORDVtPLVPR
&yPRHVHVR"GLMR0DQILHOG

<DR\yORTXHGLMRVREUHWRPDUHOOXJDUGH0DOORQ<VDEHTXH
ORKDUi3HURKDEUtDHVWDGRGLVSXHVWRDKDFHUORKDEUtDWHQLGROD
KDELOLGDGSDUDKDFHUORVLSULPHURQRKXELHVHLGRDO"6HKDEUtD
FRPSOHWDGRHOFLFOR"
9DDERUUDUVXHUURUSHQVyPDOKXPRUDGR0DQILHOG9DD
FRQYHQFHUVHpOPLVPRGHTXHQRIXHXQHUURUGHQLQJ~QPRGRTXH
WRGRIXHVyORRWURJROSHGHJHQLRGH7ZLVVHOO
&yPRYDPRVDSRGHUVDEHUOR"GLMRHQYR]DOWD

/RQRWR+DVWDXQSURJUDPDGRUSXHGHWHQHU LQWXLFLRQHVGHYH]
HQFXDQGRVXSRQJR(VWR\FRQYHQFLGRGHTXH&RRSHUSHUWHQHiDDO
DOLJXDOTXHDO/DUHDOLGDGSULPLWLYDHVLQPXWDEOH
1RSHQVDEDDVtKDFHXQDVHPDQD'LMRTXHHOFDPELRKDEtDWH
QLGROXJDUGHQWURGHODHWHUQLGDGQRHQODHUDSULPLWLYD
7ZLVVHOOGHMyGHODGRHVRFRQXQJHVWRLUULWDGRGHVXVPDQRV
0DQILHOGLQVLVWLy

<GHWRGRVPRGRVFyPRSRGHPRVVDEHUOR"6XSRQJDTXH
&RRSHUKDFDPELDGRODUHDOLGDG+DEUtDPRVFDPELDGR\QXHVWURV
UHFXHUGRVWDPELpQ
7ZLVVHOOUHVRSOy

/HGLJRTXHQDGDKDFDPELDGR

3HURSRUTXpQR"+XERHOSULPHULQWHQWRGH&RRSHUGHSRQHU
XQDQXQFLRHQPLOHQLRVHVHQWD$FDVRHVRQRKDEUtDWHQVDGROD
WH[WXUDGHODUHDOLGDG"/XHJRHODQXQFLRTXHVtSXVR&XiQWDVRWUDV
SHUVRQDVSXHGHQKDEHUVHWURSH]DGRFRQpOHQWUHHO\HO\




SUHJXQWDUVHTXpHVWDEDKDFLHQGRXQDQXEHHQIRUPDGHKRQJRHQXQD
UHYLVWDGH"6XSRQJDTXHVHKLFLHURQSUHJXQWDVDFHUFDGHODV
OHWUDVLQLFLDOHVTXHGHOHWUHDEDODSDODEUDSULPLWLYDSDUDiWRPR&RR
SHUHVWXYRDOOtFDVLVHLVPHVHV<RHVWXYHDOKFDVLGRVGtDV(QHVH
WLHPSR
(OKHFKRHVGLMR7ZLVVHOODJXGDPHQWHTXHQRKDWHQLGR
OXJDUFDPELRDOJXQR3RUTXpLQVLVWHHQORFRQWUDULR"

/RVKRPEURVGH0DQILHOGVHDEDWLHURQ1RSRGtDHQJDxDUVHDVt
PLVPR6LHOHJRGH7ZLVVHOOHVWDEDHQFDGHQDGRDOKHFKRGHTXHQRVH
KDEtDSURGXFLGRFDPELRDOJXQRDOVX\ROHSUHRFXSDEDGHXQPRGR
LJXDOPHQWHtQWLPRHLQVLVWHQWHHOTXHVHKXELHVHSURGXFLGR

7HQtDODHVSHUDQ]DGLMR\VHGHWXYR
<ELHQ"

^aUHtTXHSXGRKDEHUDOJ~QSHTXHxRFDPELR8QPLFURFDPELR
SRUGHFLUORDVtFX\DVRQGXODFLRQHVIXHVHQH[SDQGLpQGRVHDORODUJR
GHWRGRHOIOXMRGHOWLHPSR
/RVFDPELRVFXiQWLFRVVRQJUDQGHVGLMR7ZLVVHOO

/RVFDPELRVFXiQWLFRVQRUPDOHVVt3HURTXLpQFRQRFHOD
PDWHPiWLFDGHODUHDOLGDGHQORVVLJORVSULPLWLYRV"6LQODSUHVHQFLDGH
ODHWHUQLGDGHOFDVRHVGLVWLQWR3RUTXpQRSXHGHH[LVWLUODSRVLELOL
GDGGHPLFURFDPELRV"
$GyQGHTXLHUHLUDSDUDU"SUHJXQWy7ZLVVHOO

3RUTXpQRSRGUtDH[LVWLUXQDQXHYDUHDOLGDGHQODTXHPLKLMR
HVWpVDQRRXQDHQODTXHQRH[LVWH"&XDOTXLHUFRVDPHQRVODDFWXDO
1RKD\PRGRDOJXQRGHTXHSXHGDFRPSUREDUVHHVRVHDSUH
VXUyDGHFLU7ZLVVHOO1RGHEHVHJXLUMXJDQGRFRQHOWLHPSR1L\R
WDPSRFR1L\RWDUQSRFR+HPRVWHUPLQDGRORVGRV

<SRUXQLQVWDQWHDVXVRMRVYROYLyHOKRUURUDOSHQVDUQXHYDPHQWH
HQFyPRVHKDEtDHQFRQWUDGRFRQWHPSODQGRHODELVUQR\HQpOHOILQ
GHWRGDODHWHUQLGDG
1XQFDLQWHQWDUp YHUORVXVXUUy0DQILHOG1RWHQJRHOYDORU
SDUDKDFHUOR

3UHRFXSDGRVHOOHYyXQFLJDUULOORDORVODELRV\ORHQFHQGLyDO
]DQGROXHJRODYLVWDVRUSUHQGLGRDQWHHODJXGRJULWRGH7ZLVVHOO
/tEUHVHGHHVDEDVXUDYHQHQRVDSRUHOJUDQ&URQRVGLMR
7ZLVVHOO1RSXHGRVRSRUWDUOD

0DQILHOGVHDSUHVXUyDDSDJDUHOFLJDUULOOR\PHQWDOPHQWHIUXQ
FLyHOFHxRVRUSUHQGLGR+DEtDLGRPX\OHMRVUHDNQHQWHDOHQFHQGHU
XQFLJDUULOORHQFRPSDxtDGHOPiVFRQRFLGR\IDQiWLFRHQHPLJRGHO
WDEDFRGHWRGDODHWHUQLGDG
7ZLVVHOODUUXJyODQDUL]DQWHHODFUHYiSRUTXHD~QIORWDEDHQHO
DLUH\GLMR
$FRVW~PEUHVHDHVDLGHD0DQILHOGGLMR1RKDKDELGR
FDPELRDOJXQRHQODHWHUQLGDG1LQJXQRHQDEVROXWR$FHSWHPL
SDODEUDGHHOOR
<FRQWHPSOyOOHQRGHUHSXOVLyQORVUHVWRVGHOFLJDUULOOR

&RPHQWDULRILQDO

0HKHOLPLWDGRDSUHVHQWDUODQRYHODFRUWDSRUTXHDOLJXDOTXH
DQWHVHVSRFRSUiFWLFRLQWHQWDUSUHVHQWDULJXDOPHQWHODQRYHOD6LOHV
LQWHUHVDXQDFRPSDUDFXyQGLUHFWD\QRWLHQHQXQHMHPSODUGHODQRYHOD
HVWDHGLWRULDOODKDSXEOLFDGRHQHVWDPLVPDFROHFFLyQ0LHQWUDVWDQWR
GLUpDOJXQDVFRVDVGHPLFRVHFKD
(QHOFDVRGH(QYHMHFHFRQPLJRKDEtDWHQLGRTXHDxDGLUFRP
SDUDWLYDPHQWHSRFRSDUDFRQYHUWLUODHQ8QJXLMDUURHQHOFLHOR(VWR
VLJQLILFDEDTXHSRGtDXVDUHODUJXPHQWRWDO\FRPRHVWDED\VHQFLOOD
PHQWHUHDUUHJODUOR\HQWUDUFRQPiVGHWDOOHHQDOJXQDVFRVDV
1RHUDDVtHQHOFDVRGH(OILQGHODHWHUQLGDG QRYHODFRUWD 
GRQGHWHQtDTXHWULSOLFDUODORQJLWXG$8tWXYHTXHWRPDUPHPXFKDV
PiVOLEHUWDGHVUHYLVDQGRHODUJXPHQWR
3RUVXSXHVWRKLFHDOJXQRVSHTXHxRVFDPELRV3DUDHPSH]DU
FDPELpHOQRPEUHGHPLSHUVRQDMH$QGHUV+RUHPPDOGH$QGUHZ
+DUODQ3RUTXp"1RHVWR\VHJXUR

$OJXQDVSHUVRQDVGHVSXpVGHOHHUODQRYHODPHKDQVXJHULGRTXH
XVpHOQRPEUHGH+DUODQFRPRXQDUHIHUHQFLDD+DUODQ(OOLVRQ(V
SRVLEOHSXHVKDEtDFRQRFLGRD+DUODQ(OOLVRQHQVHSWLHPEUHGH
\QDWXUDOPHQWHPHSURGXMRXQDKRQGDLPSUHVLyQFRPRVHODSUR
GXFHDWRGRHOPXQGR

1RPHKDEUtDVRUSUHQGLGRSXHVVLHQODQRYHODFRUWDRULJLQDO
KXELHVHEDXWL]DGRDOSHUVRQDMHFRPR$QGUHZ+DUODQ\DTXHODHP
SHFpGRVPHVHVGHVSXpVGHOHQFXHQWUR6LQHPEDUJRQRORKLFHOH
OODPp$QGHUV+RUHPP(QWRQFHVSRUTXpWXYHTXHKDFHUHOFDPELR
HQODQRYHOD"

(VWRHVORTXHDPtPHSDUHFHUD]RQDEOH+RUHPPKDEtDVLGRXQ
SHUVRQDMHPiVELHQPHQRUHQODQRYHODFRUWDSHURHQODQRYHODOH
FRQYHUWtHQHOKpURH\+RUHPPPHUHVXOWDXQQRPEUHSDUWLFXODUPHQWH
IHR(UDDGHFXDGRSDUDXQGHVDJUDGDEOHSHUVRQDMHPHQRUSHURQR
SDUDHOKpURH&XDQGRKDJRFDPELRVGHQRPEUHWLHQGRDKDFHUORV
WRGRORSHTXHxRVTXHSXHGR QRVpODUD]yQ DVtTXHFDPELp$QGHUV
SRU$QGUHZ\+RUHPPSRU+DUODQ

7DPELpQ0DQILHOGXQSHUVRQDMHLPSRUWDQWHHQODQRYHODFRUWD
GHVDSDUHFLyHQODQRYHODRPiVELHQVXSDSHOIXHFRPELQDGRFRQHO
GH7ZLVVHOO(QFXDQWRD1R\VVXSDSHOIXHFRQVLGHUDEOHPHQWHDX
PHQWDGR\ODKLVWRULDGHDPRUVHKL]RPXFKRPiVFHQWUDOHQHOGHVDUUR
OORGHODKLVWRULDGHORTXHKDEtDVGRHQODQRYHODFRUWD
&XDQGROptODVGRVYHUVLRQHVSDUDODSUHSDUDFyQGHHVWHOEURORTXH
UHDOPHQWHPHDVRPEUyHVTXHVHQFLOODPHQWHQRGLOXLODQRYHODFRUWD

'HVSXpVGHWRGRVLODQRYHODFRUWDHUDHQUHDOLGDGXQDQRYHODGHVKLGUD
WDGDSRGUDKDEHPOHOLPLWDGRDDxDGLUOHDJXDSRUGHFUORDVtDODUJDU
ODVGHVFUL SFLRQHVH[WHQGHUPiVHOGLiORJR\DWHQHUPHDODUJXPHQWR
1RORKLFH&RQODDODEDQ]DGH%UDGEXU\D~QHQORVytGRV\
KDOOiQGRPHUHSHQWLQDPHQWHFRQSDODEUDVPiVSDUDMXJDUFRQ
HOODVDxDGtLQFLGHQWHV\FRPSOLFDFLRQHVHKLFHODQRYHODWDQGHQVD
FRPRORKDEtDVLGRODQRYHODFRUWD




(QSDUWLFXODUHVWDEDHODVXQWRGHOILQDO$OUHOHHUODQRYHODFRUWD
SDUDHVWHOLEURPHDVRPEUyORGpELOTXHHUDHOILQDOTXH\RKDEtD
FUHDGR$OPHQRVPHSDUHFtDGpELODKRUDHQFRPSDUDFLyQDORTXH
KDEtDKHFKRFRPRILQDOGHODQRYHOD'HVSXpVGHWRGRKDEtDOODPDGR
DOUHODWR(OILQGHODHWHUQLGDG\FRQWRGRQRKDEtDWHQLGRHOFRUDMH
RSXHGHTXHHOFRUD]yQ GHDFDEDUILQDOPHQWHFRQOD HWHUQGDGHQOD
QRYHODFRUWD
(QODQRYHODPHGHFLGtDUHDOL]DUXQWUDEDMRPHMRUSXHGHTXHD
FDXVDGHTXH VLHQGRDKRUDXQDQRYHOD TXHUDFRQHFWDUODGHDOJ~Q
PRGRFRQDQWHULRUHVOLEURVPtRVTXHWUDWDEDQGHODDVFHQVLyQ\FDtGD
GHO,PSHULR*DOiFWFR 7HQJRODGHELOLGDGGHSUHWHQGHUTXHPLVQRYH
ODVGHFLHQFLDILFFLyQVHDQFRQVLVWHQWHVHQWUHVt\HVRLQIOX\HPLHVFUL
WXUDKDVWDHOGtDGHKR\

(QFXDOTXLHUFDVRHOIQDOGHODQRYHODHVPXFKRPiVFRPSOHMR\
GUDPiWLFRTXHHOGHODQRYHODFRUWD(QODQRYHODLQWHQWp FRPRVXHOR
KDFHUHQPLVQRYHODV UHYHODUYDULDVVRUSUHVDVXQDGHVSXpVGHODRWUD
KDVWDTXHWHQJRODLPSUHVLyQGHTXHHOOHFWRUFUHHKDEHUOOHJDGRDO
ILQDO\HQWRQFHVHQVHxDURWUDVRUSUHVDTXHKHPDQWHQLGRHQUHVHUYD
(VPX\GLYHUWLGRKDFHUORSHURQRHVIiFLO
(QHOFDVRGH(OILQGHODHWHUUaLGDGFRPRQRYHODODGHQVLGDGQR
WUDEDMyGHOWRGRDIDYRUVX\R/HHQVHxpODQRYHODD+RUDFH&ROG
SRUVLVHGDEDHOFDVRGHTXHOHSDUHFLHUDTXHKDEtDPHMRUDGRHO
UHODWR\SRUORWDQWRHVWXYLHVHGLVSXHVWRDSXEOLFDUORFRPRVHULDO
DQWHVGHVXHGLFLyQ 8QDVHULDOL]DFLyQDVtHQHVRVGtDVVLJQLILFDED
SDUDHODXWRUVLHPSUHSREUHXQRVGyODUHVDGLFLRQDOHV *ROG
VLQHPEDUJRUHFKD]yODQRYHODWDQUiSLGD\GHFLGLGDPHQWHFRPR
KDEtDUHFKD]DGRODQRYHODFRUWD7DPSRFR&DPSEH8ODDFHSWySDUD
$VWRXQGLQJ'RXEOHGD\LQWHQWyRIUHFHUODSDUDVXVHULDOL]DFLyQDDO
JXQDVGHODVUHYLVWDVQRHVSHFLDOL]DGDV\QRORJUyQDGDHQDEVROXWR
ORTXHQRHVVRUSUHQGHQWHHQFXDQGRODFLHQFLDILFFLyQHUD
YLUWXDOPHQWHXQDDEHUUDFLyQIXHUDGHODVSRFDVUHYLVWDVHVSHFLDOL]D
GDVFRQVDJUDGDVDHOOD 

(OUHVXOWDGRIXHTXH(OIQGHODHWHUQLGDGMDPiVYLRQLQJ~QWLSR
GHSXEOLFDFLyQHQUHYLVWD8QJXLMDUURHQHOFLHORDSDUHFLyWDPELpQHQ
IRUPDGHOLEURVLQQLQJXQDSXEOLFDFLyQHQUHYLVWDSHURGHVSXpVGHVX
DSDULFLyQFRPROLEURDSDUHFLyGRVYHFHVGHIRUPDOLJHUDPHQWHFRQGHQ

VDGD$SDUHFLyHQHOSULPHUQ~PHURGH7ZR&RPSOHWH6FLHQFH$G
YHQWXUH%RRNV\HQ*DOD[\6FLHQFH)LFWLRQ1RYHOV(OILQGHOD
HWHUQLGDGQRH[SHULPHQWyMDPiVWDOVHJXQGDVHULDOL]DFLyQ

<DOJXQRVGHORVFUtWLFRVWDPSRFRIXHURQSDUWLFXODUPHQWHDPD
EOHVFRQHOOD6XVREMHFLRQHVVR8DQDSR\DUVHHQVXGHQVLGDG'HPRQ
.QLJKWVHUHILULyDODQDWXUDOH]DFRQIXVDGHORVFDStWXORVLQLFLDOHV
SRUHMHPSORGHXQPRGREDVWDQWHFiXVWLFR

,QFOXVR$QWKRQ\%RXFKHUHQWRQFHVHGLWRUGH)DQWDV\DQG6FLHQFH
)LFWLRQTXHHUDXQKRPEUHGHUDUDDPDELOLGDG\XQEXHQDPLJRPtR
SHQVyTXHHUDGHPDVLDGRFRPSOLFDGD

5HFXHUGRTXHORVGRVQRVKDOOiEDPRVHQOD&RQYHQFLyQ0XQGLDO
GH&LHQFLD)LFFLyQHQ&OHYHODQGHQ HQODFXDOIXLHOLQYLWDGRGH
KRQRU\HOPDHVWURGHFHUHPRQLDV 1RVHVWDEDHQWUHYLVWDQGRDOJXLHQ
TXHPHSUHJXQWyFXiOHUDPLOLEURGHFLHQFLDILFFLyQPiVUHFLHQWH
8QDQRYHODKWXODGD7KH(QGRI(WHUQLW\FRQWHVWp\R
0HPHWLyHOPLFUyIRQRGHEDMRGHODQDUL]\GLMR

3XHGHGDUQRVXQDLGHDGHODUJXPHQWRHQXQDVFXDQWDVIUDVHV"

7DUWDPXGHp\HPSHFpDHQUHGDUPH\7RQ\%RXFKHUODQ]yXQDUL
VLWDYGLMR
&RQHVHOLEURQLVLTXLHUDW~SXHGHVKDFHUOR,VDDF

6tTXHSXHGR7RQ\GLMH6HQFLOODPHQWHPHFRJLyGHVRU
SUHVD9XHOYDDKDFHUPHODSUHJXQWDVHxRU

$VtORKL]RHOHQWUHYLVWDGRU\\ROHVROWpGHXQWLUyQYDULDVIUDVHV
PX\FODUDVHVER]DQGRHODUJXPHQWR

6XVYHQWDVIXHURQFRPSDUDEOHVDODVGHPLVRWUDVQRYHODVGHORV
DxRVFLQFXHQWD+DDSDUHFLGRHQIRUPDWRGHEROVLOORYDULDVYHFHV\KD
VLGRWUDGXFLGDDFDWRUFHLGLRPDVTXH\RVHSD LQFOX\HQGRHOUXVR\HO
KHEUHR DVtTXHQRODFRQVLGHURXQIUDFDVR

&RQWRGRFRQVLGHURTXHKDVLGRPHQRVDSUHFLDGDGHORTXHGHEH
UtDKDEHUORVLGR\WHQJRODLPSUHVLyQGHTXHOHKDFHQVRPEUDLQMXVWD
PHQWHPLVQRYHODVGHOD)XQGDFLyQ\GHORV5RERWV$OJ~QGtDSXHGH
TXHFXDQGR\DHVWpPXHUWRTXL]iFRQVLJDHODSUHFLRTXHVHPHUHFH

$QaHVGHTXHDEDQGaQHHOPXQGRGHPQDYHOHVTXOHURPHQFOD
QDUEUHYHPHQWHHOFDVRGHRWUDQRYHODFRUWDD~QPiVFRUWDTXHOD
YHUVLyQHQQRYHODFRUWDGH(OILQGHODHWHUQLGDGODFXXOaSDQGt
KDVWDVHUXQDQRYHODXQSRFRPiVODUJDTXHODYHUVLyQQRYHODGH(OILQ
GHODHWHUQLGDG

(QXQDFRQYHQFLyQGHFLHQFLDILFFLyQORFDOHOGHHQHURGH
DOJXLHQHQFLPDGHOHVFHQDULREXVFDQGREDMRSUHVLyQXQHMHPSORGHXQ
RVFXURLVyWRSRVHUHILULyDOSOXWRQLR0HGLYLUWLySRUTXHQR
H[LVWHQDGDTXHVHOODPHSOXWRQLR\QRSXHGHH[LVWLU
'HFLGtSRUORWDQWRHVFULELUXQUHODWRFRUWRVREUHHOWHPDGHO
SOXWRQLR\VRPHWHUORSDUDVXLQFOXVLyQHQXQDDQWRORJtDGHRULJL
QDOHVTXHLEDDVHUHGLWDGDSRUODSHUVRQDTXHKL]RWDOREVHUYDFLyQ\
SXEOLFDGDSRU'RXEOHGD\

'HVJUDFLDGDPHQWHODKLVWRULD PHVXSHUy\DODVSDODEUDV
SUREyTXHHUDXQDQRYHODFRUWD7HPtDTXHDKRUDIXHVHGHPDVLDGR
ODUJDSDUDODDQWRORJtD\SRUORWDQWRFRQVXOWpFRQ/DZUHQFH3
$VKPHDGVREUHHVHSXQWR(UDPLHGLWRUHQ'RXEOHGD\HQHVRVPR
PHQWRV\pOHUDWDPELpQTXLHQLEDDPDQHMDUODDQWRORJtD/DUU\OH\y
PLKLVWRULD\GLMRTXHQRODTXHUtDHQODDQWRORJtDTXHUtDTXHVDFDVHGH
H8DXQDQRYHOD
$VtORKLFHSHURQRWRTXpHQDEVROXWRODQRYHODFRUWDQLXQD
SDODEUD/DFRQVHUYpFRPRDOLQLFLR\DxDGtGRVQRYHODVFRUWDVPiV
TXHFRQWLQXDEDQODKLVWRULD7RGDVMXQWDVODVWUHVIRUPDEDQXQDQR
YHODGHSDODEUDV7KH*RGV7KHPVHOYHV 'RXEOHGD\ 

(QHVHFDVRQRKD\FXHQWRSDUDOHORSXHVODQRYHODFRUWDDSDUWLU
GHODFXDOFUHFLyHVWiH[DFWDPHQWHDKtHQHOOLEURFRPRODSULPHUDGH
VXVWUHVSDUWHV
&XHQWRVSDUDOHORV
&UHHQFLD
3ULPHUDYHUVLyQ
3UyORJR

4XpGHFLUGHDTXHOORVUHODWRVPtRVTXHHPSH]DURQFRPRUHODWRVR
QRYHODVFRUWDV\TXHIXHURQSXEOLFDGRVFRPRWDOHVHQODVUHYLVWDV
SHURVyORGHVSXpVGHUHYLVLRQHVWDQDPSOLDVTXHPLKLVWRULDRULJLQDO
SRGUtDVHUFDOLILFDGDFRPRXQ$VLPRYDOWHUQDWLYR"
1RKD\PXFKRVFDVRVSHURHFKHPRVXQYLVWD]R\YHDPRV

'XUDQWHPLVSULPHURVDxRVFRPRHVFULWRUGHFLHQFLDILF1yQHVFQEt
QXHYHUHDWRVTXHQXQFDYHQGtDQDGLH\TXHTXHGDURQWDQGHVDPSDUD
GRVTXHDSHQDVQDGLHVHDWUHYLyDVXVXUUDUXQDSDODEUDKDEODQGRGH
UHYLVXyQ)XHURQUHODWRVVLPSOHPHQWHPDORJUDGRV7DOHVUHODWRVVRQ
SRURUGHQFURQROyJLFR
&RVPLF&RUNVFUHZ 
7KLV,UUDWLRQDO3ODQHW 
3DWKVRI'HVWLQ\ 

.QRVVRVLQ,WV*ORU\ 
7KH'HFOLQHDQG)DOO 
/LIH%HIRUH%LUWK 
7KH%URWKHUV 
2DN 
0DVNV 

3RGUtDWHQHUODWHQWDFLyQGHLQFOXLUHVRVUHODWRVFRPRDOWHUQDWLYRV
DPLREUDSXEOLFDGD\FRPRFXULRVLGDGHVKLVWyULFDVRHUURUHVGH
FiOFXORGHXQHVFULWRUMRYHQDQWHORVTXHPLVOHFWRUHVSRGUtDQUptU


LQGXOJHQWHPHQWH$IRUWXQDGDPHQWHPHUHVXOWDIiFLOUHVLVWLUPHDHVD
WHQWDFLyQ/RVPDQXVFULWRV\DQRH[LVWHQ

0DVNVIXHHOUHODWRYLJpVLPRQRYHQRTXHHVFULEtGHPRGRTXHVL
QXHYHGHORVUHODWRVHVFULWRVKDVWDHQWRQFHVIXHURQIUDFDVRVWRWDOHVORV
RWURVYHLQWHTXHORJUpYHQGHUFRQILJXUDQXQtQGLFHGHIUDFDVRVGHO
WUHLQWDSRUFLHQWRLQFOXVRHQPLVDxRVPR]RV(QDOJXQDVRFDVLRQHV
VyORGHVSXpVGHFRQVLGHUDEOHVHVIXHU]RVORJUDEDYHQGHUDTXHOORVSUL
PHURVUHODWRVSHURODPD\RUtDGHHOORVIXHURQSXEOLFDGRV SDUDELHQR
SDUDPDO WDO\FRPRORVKDEtDHVFULWRGHPRGRTXHHQWDOHVFDVRVQR
H[LVWHWH[WRDOaHUQDaLYR

+XERVLQHPEDUJRXQDH[FHSFLyQ(QPDU]RGHHVFULEtXQ
UHODWRKWXODGR3LOJULPDJH$&DPSEHOOQROHJXVaySHURVHPRVWUy
GLVSXHVWRDSHUUQLWLUPHXQDUHYLVLyQSDUDHOLPLQDUDTXHOORTXHpOGHVD
SUREDED)LQDOPHQWHORUHYLVpWUHVYHFHVHQWUHJDQGRD&DPSEHOOFDGD
XQDGHODVQXHYDVYHUVLRQHVTXHpOUHFKD]yFDGDYH](OFXDUWR
UHFKD]RIXHHO~OWLPR

6HJXtUHYLVDQGRHOUHODWRFRQXQDGHWHUPLQDFLyQYDOHGHUDGH
PHMRUFDXVD\HOUHODWRVHSXEOLFyILQDOPHQWHHQODSULPDYHUDGH
HQ3ODQHW6WRULHVGHVSXpVGHXQWRWDOGHVLHWH , UHYLVLRQHV3ODQHW
6WRULHVORSXEOLFyEDMRHOWHUULEOHWtWXORGH%ODFN)ULDURIWKH
)ODPH\SDUDHQWRQFHV\R\DORRGLDED'HFLGtHQWRQFHVTXHQXQFD
PiVYROYHUtDDUHYLVDUXQUHODWRPiVGHXQDYH]\QXQFDORKLFH
6LQHPEDUJRQRH[LVWHQLQJXQDGHODVSULPHUDVYHUVLRQHVGH3LOJUL
PDJHDVtTXHQRSXHGRLQFOXLUODVDTXtTXHHVORPHMRUTXHSXH
GHKDEHUSDVDGR
0DVNVHOQRYHQR\~OWLPRUHODWRTXHQRSXGHYHQGHUIXH
HVFULWRDSULQFLSLRVGHIHEUHURGH$TXHOPLVPRPHVHVFULEt
RWURVGRVUHODWRVTXHIXHURQSXEOLFDGRVHQUHYLVWDVPHQRUHV'HV
SXpVHQPDU]RGHHVFULEt1LJKWIDOOTXHIXHPLWULJpVLPR
VHJXQGRUHODWR
1RPHH[SOLFRFyPRSXGHHVFULELU1LJKWIDOOaGHVSXpVGHKDEHU
HVFULWRWUHLQWD<XQUHODWRVGH XQDFDOLGDGWDQYDULDEOHTXHLEDGHVGHOR
EXHQRKDVWDOyPiVKRUULEOH'HVGHOXHJR\RQRVLW~R1LJKWIDOOHQ
XQOXJDUWDQHOHYDGRFRPRSDUHFHQKDFHUORODPD\RUtDGHOHFWRUHVGH

FLHQFLDILFFLyQSHURQRFDEHODPHQRUGXGDGHTXHIXHFRQVLGHUDGR
FDVLLQPHGLDWDPHQWHFRPRXQaFOiVLFR,QFOXVRKDVLGRYRWDGRFLHUWR
Q~PHURGHYHFHVFRPRHOPHMRUUHODWRRQRYHODFRUWDGHFLHQFLDILFFLyQ
HVFULWRMDPiV <RGHVDSUXHERHQpUJLFDPHQWHWDOHVWLPDFLyQ&UHRTXH
\RPLVPRKHHVFULWRXQDVHULHGHUHODWRVPHMRUHVTXH1LJKWIDOO<
WKDVWDHVPX\SRVLEOHTXHRWURVHVFULWRUHVWDPELpQ
(QFXDOTXLHUFDVRGHVSXpVGH1LJKWIDOO\DQRYROYtDHVFULELU
QLQJXQDRWUDKLVWRULDGHFLHQFLDILFFLyQTXHQRSXGLHUDYHQGHUKDEL
WXDOPHQWHDOSULPHULQWHQWR$UPDGRFRQXQDFUHFLHQWHFRQILDQ]DHQ
PtPLVPRIXLDGRSWDQGRXQDDFWLWXGFDGDYH]PHQRVVXPLVDDQWHOD
UHYLVLyQGUiVWLFD6LHPSUHVHPHSRGtDFRQYHQFHUSDUDTXHKLFLHUD
FDPELRVWULYLDOHVTXHLPSOLFDEDQODLQWURGXFFLyQRHOLPLQDFLyQGH
IUDVHVHLQFOXVRGHSiUUDIRVHQWHURVSHURUDUDPHQWHPHPRVWUDED
GLVSXHVWRDDOJRPiVTXHHVR
O


&ODURTXHUDUDPHQWHQRHVQXQFD\VLHPSUHKXERH[FHSFLR
QHV(QODVH[FHSFLRQHVTXHVHSURGXMHURQVHKDOODEDQLPSOLFDGRVKD
ELWXDOPHQWHRELHQ+RUDFH*ROGR-RKQ&DPSEH8$PERVHUDQH[FH
OHQWHVHVFULWRUHVGHFLHQFLDILFFLyQSRUGHUHFKRSURSLRDVtFRPRSHUVR
QDVLQVXIULEOHVTXHQXQFDTXHGDEDQVDWLVIHFKDVFRQQLQJ~QUHODWRTXH
QRHVWXYLHUDH[DDDPHQWHWDO\FRPRHOORVPLVPRVORKDEUtDQHVFULWR
/D~QLFDGLIHUHQFLDHQWUHDPERVHUDTXH&DPSEH8VHPRVWUDEDJHQLDO
\DJUDGDEOHPLHQWUDVTXH*ROGHUDDULVFR\DYHFHVDEUDVLYR

+DELWXDOPHQWHPLVURFHVFRQ*ROGHUDQWUDXPiWLFRV(Q
FXDQGRHVWDEDHVFULELHQGR7KH6WDUV/LNH'XVWaPLVHJXQGDQRYHOD
LQVLVWLyHQTXHLQWURGXMHUDXQDSHTXHQDWUDPDKDEODQGRGHOD&RQVWL
WXFLyQGHORV(VWDGRV8QLGRV0HRSXVHWHQD]PHQWHDUJXPHQWDQGR
TXHVHUtDLQDSURSLDGRLQWURGXFLUDOJRUHODFLRQDGRFRQXQDSHTXHQD
SDUWHGHOSODQHWDHQXQDQRYHODGHiPELWRJDOiFWLFR*ROGVLJXLyLQVLV
WLHQGR\\RWHUPLQpSRULQVHUWDUORHQIRUPDGHSiUUDIRVGLVSHUVRVTXH
SRGUtDQVHUHOLPLQDGRVIiFLOPHQWHVLQGDQDUSDUDQDGDODQRYHOD
&XDQGROHHQWUHJXpHOPDQXVFULWRD%UDGEXU\OHSHGtGLVFXOSDVSRU
DTXHOORVSiUUDIRVUHSXJQDQWHV\OHGLMHTXHHVWDEDGLVSXHVWRDHOLPLQDU
ORV3HURFXDQGR%UDGEXU\OH\yODQRYHODTXLVRPDQWHQHUORVGRQGH
HVWDEDQ1RSXHGHQLPDJLQDUVHORIQaVWUDGRTXHPHVHQWtSHURHO
FDVRHVTXHHVRVSiUUDIRVKDQVHJXLGRHQVXOXJDUGHVGHHQWRQFHV\HQ
FRQVHFXHQFLD7KH6WDUV/LNH'XVWVLJXHVLHQGRPLQRYHODPHQRV
IDYRULWD
0iVDGHODQWHFXDQGR*ROGVHULDOL]y7KH6WDUV/LNH'XVWHQORV
Q~PHURVGH*DOD[\FRUUHVSRQGLHQWHVDHQHURIHEUHUR\PDU]RGH
D~QHPSHRUyODVFRVDVDOWLWXODUOD7\UDQQ(Q PLRSLQLyQWHQtD
HOSHRUGHORVJXVWRVHQFXDQWRDWtWXORVVHUHILHUH

(QMXQLRGHOHYHQGtD*ROGa7KH0DUWLDQ:D\  0HSLGLy
QXPHURVDVUHYLVLRQHV\\RODGUp)LQDOPHQWHUHGXMRVXVH[LJHQFLDVD

XQDVRODHQODKLVWRUXDVyORKDEtDSHUVRQDMHV PDVFXOLQRV\PHSLGLy
TXHLQWURGXMHUDDXQDPXMHUFXDOTXLHUPXMHU

<RQRFRPSUHQGtDSRUTXpSXHVWRTXHHODUJXPHQWRQRH[LJtDOD
SUHVHQFLDGHQLQJ~QSHUVRQDMHIHPHQLQR\\RQRPHVHQiDDJXVWRFRQ
HOODV 4XLHURGHFLUFRPRSHUVRQDMHVGHXQUHODWRHQ ODYLGDUHDOPH
VLHQWRPX\DJXVWRFRQHOODVQRVHSUHRFXSHQ 3HURPHPRVWUpGH
DFXHUGRSRUTXHQRGHVHDEDSDUHFHULUUD]RQDEOH3RUORWDQWRUHYLVp
XQDVHFFLyQRGRVGHOUHODWRHLQWURGXMHFRPRSHUVRQDMHIHPHQLQRDOD
UHJDQRQDHVSRVDGHXQRGHORVKRPEUHV
(VRQRHUDORTXH*ROGGHVHDED\\RORVDEtDPX\ELHQFODUR
3HUR\RKDEtDFXPSOLGR+DEtDLQWURGXFLGRDXQSHUVRQDMHIHPHQLQR
*ROGVHYLRREOLJDGRDDFHSWDUHOUHODWRWDO\FRPRORKDEtDUHYLVDGR
)XHSXEOLFDGRHQQRYLHPEUHGHHQHOQPHURGH*DOD[\\PL
QRPEUHDSDUHFLyPDOLPSUHVRHQODSRUWDGD1RFUHRTXHpVDIXHUDOD
IRUPDTXHWXYR*ROGGHYHQJDUVHGHPtSHUROHVDVHJXURTXHHQ
DTXHOORVPRPHQWRVHVHSHQVDPLHQWRFUX]ySRUPLFDEH]D
LO(QODDUHQDHVWHODUQ~PHURGHHVWDFROHFFLyQ
a $ORPDUFLDQRQ~PHURGHHVWDFROHFFLyQ

1RWHQJRODYHUVLyQRULJLQDOGH7KH0DUWLDQ:D\(UDQWLHPSRV
DQWHQRUHVDODDSDULFLyQGH*RGLHE\ODEyYHGDGH,VDDF\PH
DWUHYHUtDDDVHJXUDUTXHHORULJLQDOIXHTXHPDGRHQODEDUEDFRD3HUR
QRLPSRUWDODGLIHUHQFLDH[LVWHQWHHQWUHODSULPHUDYHUVLyQ\ODTXH
ILQDOPHQWHVHSXEOLFyQRHUDOREDVWDQWHLPSRUWDQWHFRPRSDUDMXVWLIL
FDUODLQFOXVLyQGHODSULPHUDHQHVWHYROXPHQ

2WURLQFLGHQWHSHFXOLDURFXUULyFRQPLUHODWR+RVWHVVTXHOH
YHQGtD*ROGHQGLFLHPEUHGH$OSDUHFHU7KHRGRUH6WXUJHRQOH
KDEtDYHQGLGRDQWHULRUPHQWHXQUHODWRFX\RWHPDFHQWUDOHUDLJXDOTXH
HOPtRDXQTXHDPERVHUDQSRUORGHPiVWRWDOPHQWHGLIHUHQWHV*ROG
LQVLVWLyHQTXHLQWURGXMHUDDOJXQRVFDPELRVPHQRUHVHQODSDUWHILQDO
SDUDGLVPLQXLUDVtHOSDUHFLGRWRWDOPHQWHFRLQFLGHQWH/RKLFHDVtQR
VLQSURWHVWDUYHKHPHQWHPHQWHSRUTXHORVFDPELRVGHELOLWDUtDQQRWD
EOHPHQWHPLUHODWRSHURQRSXGHFRQYHQFHUD*ROGHQHVWDFXHVWLyQ
+RVWHVVVHSXEOLFyHQHOQ~PHURGH*DOD[\GHPD\RGH
SHURFXDQGRORLQFOXtHQPLUHFRSLODFLyQ1LJKWIDOODQG2WKHU6WRULHV
'RXEOHGD\ PHDVHJXUpGHTXHDSDUHFLHUDHQPLYHUVLyQRULJL
QDO$VtSXHVHORULJLQDOWHUPLQySRUVHUSXEOLFDGRGHPRGRTXHQR
KD\PRWLYRSDUDLQFOXLUORDTXt

<DSURSyVLWRPLKHUytQDHQ+RVWHVVVHOODPDEDRULJLQDOPHQWH
9HUD6PROOHWW*ROGVHQHJyUHVXHOWDPHQWHDDFHSWDUGLFKRQRPEUH
SRUTXHODUHGDFWRUDMHIHGHODUHYLVWD XQSXHVWRSXUDPHQWHQRPLQDO
SRUORTXHVp VHOODPDEDHQDTXHOODpSRFD9HUD&HUXWWL0HVHQWt
LQWULJDGRHQFXDQWRDTXpGLIHUHQFXDUHSUHVHQWDEDHVRSXHVWRTXHPL

9HUDHUDXQSHUVRQDMHWRWDOPHQWHVLPSiWLFRSHURVXSRQJRTXH*ROG
WXYRVXVUD]RQHVGHPRGRTXHFDPELpHOQRPEUHGH9HUDSRUHOGH
5RVH $OJRVLPLODUVyORPHRFXUULyHQRWUDRFDVLyQFXDQGRDXQRGH
ORVGRVSHUVRQDMHVGHXQUHODWRGHPLVWHULROHSXVHVLQ\RVDEHUORHO
PLVPRQRPEUHTXHHOGHODHVSRVD\DIDOOHFLGDGHOHGLWRUTXLHQPH
SLGLyTXHFDPELDUDHOQRPEUH0HDSUHVXUpDFRPSODFHUOH
(QXQDRFDVLyQ\VyORHQXQDVHUHVROYLyWRWDOPHQWHDIDYRUGH
*ROGDTXHOODUHODFLyQGLItFLOTXHH[LVWLyHQWUHDPERV

(QHORWRxRGHHVFULEtXQUHODWRWLWXODGR7KH8JO\/LWWOH
%R\6HORHQYLpD/DUU\6KDZGH,QILQLW\6FLHQFH)LFWLRQTXLHQPH
KDEtDSHGLGRXQUHODWR/RDFHSWyLQPHGLDWDPHQWHSHURODUHYLVWD\D
HVWDEDHQODV~OWLPDV VLQTXH\RORVXSLHUD \HOGHIHEUHURGH
DGPLWLyTXHQRWHQtDGLQHURSDUDSDJDUPH\PHGHYROYLyHOUHODWR

$TXHOORIXHSDUDPtXQDFRQWHFLPLHQWRGHVFRQFHUWDQWHSXHVWHQtDOD
LQWHQFLyQGHFRQYHUWLU7KH8JO\/LWWOH%R\HQHOUHODWRILQDOGHXQD
QXHYDDQWRORJtDTXHLEDDWLWXODUVH1LQH7RPRUURZVa/HKDEtDSUHVHQ
WDGRHOUHODWRD%UDGEXU\\pOVHPRVWUyGXELWDWLYR7XYHTXHFRQYHQ
FHUOHSDUDTXHORDFHSWDUDWDO\FRPRHVWDED\IXHDTXpOODODSULPHUD
YH]TXHXWLOLFpFRQpOPLHORFXHQFXDSDUDWDOSURSyVLWR$KRUDVLQR
HQFRQWUDEDUiSLGDPHQWHXQDUHYLVWDTXHSXEOLFDUDHOUHODWR%UDGEXU\
SRGUtDUHFRQVLGHUDUVXSURSyVLWRGHLQFOXLUORHQODDQWRORJtD
/RHQYLpD$VWRXQGLQJ\&DPSEHOOPHORGHYROYLyHOGHPDU]R
1XHYHIXWXURVQ~PHURGHHVWDFROHFFLyQ

OJ
FRQEDVWDQWHILUPH]D1LVLTXLHUDPHSLGLyTXHORUHYLVDUD'aPRGR
TXHGHPDODJDQDLQWHQWpFRORFiUVHORD+RUDFH*ROGSUHSDUiQGRPH
SDUDHOGXURUHFKD]RKDELWXDO

3HURQRORUHFKD]y(OGHPDU]RKDEODPRVSRUWHOpIRQR\PH
GLMRTXHORDFHSWDUtDVLHVWDEDGLVSXHVWRDKDFHUDOJXQDVUHYLVLRQHV6H
PRVWUySHVDURVRSRUHOORSRUTXHSRUDTXHOHQWRQFHV\DVDEtDTXHXQD
SHWLFLyQGHUHYLVLyQHQFRQWUDUtDODPiVGXUDUHVLVWHQFLDSRUPLSDUWH\
SRUTXHTXL]iWHQGUtDTXHHVSHUDUODUJRWLHPSRDQWHVGHTXHYROYLHUDD
LQWHQWDUOR0HERVTXHMyWUHVFXHVWLRQHVTXHGHVHDEDLQWURGXFLU\PH
GLMRTXHVHGDUtDSRUVDWLVIHFKRVL\RORDGDSWDEDSDUDFXPSOLUFRQXQD
GHHOODVVyORXQDGHODVWUHV

3HURPLHQWUDVpOKDEODEDPHGLFXHQWDGHTXHQRKDEtDSODQWHDGR
ELHQHOUHODWR1RHUDH[WUDQRTXH%UDGEXU\VHKXELHUDPRVWUDGR
UHDFLR\&DPSEHOOWRWDOPHQWHQHJDWLYR/DFUtWLFDGH&aROGPHSHUPLWLy
YHUORFRQFODULGDG
1RWHSUHRFXSHV+RUDFHaHGLMHSRUWHOpIRQR9ROYHUpD
HVFQELUWRGRHOFRQGHQDGRUHODUR

<ORKLFH(QWUHHOGHPDU]R\HO,GHDEULOGHHVFULEtXQD
YHUVLyQFRPSOHWDPHQWHQXHYDGHODKLVWRULD\WDQWR*ROGFRPR%UDG
EXU\ODDFHSWDURQGHEXHQDJDQD$SDUHFLySXEOLFDGDHQ*DOD[\GH
VHSWLHPEUHGHEDMRHODQRGLQRWWWXORGH/DVWERUQ6LQHP
EDUJRTXHGyLQFOXLGDHQ1LQH7RPRUURZV 'RXEOHGD\ FRQVX
WtWXORRULJLQDO\PiVVHQVLEOHGH7KH8JO\/LWWOH%R\aV

,aRWHQJRODYHUVLyQRULJLQDOGH7KH8JO\/LWWOH%R\\ORODPHQWR
DPDUJDPHQWH6LODWXYLHUDODKDEUtDLQFOXLGRDTXtM~QWRFRQODYHU
VLyQSXEOLFDGD\XVWHGHVSRGUtDQKDEHUYLVWRFRQVXVSURSLRVRMRV
FyPRXQHVFULWRUH[SHULPHQWDGRSXHGHSHUGHUHOWUHQ\QHFHVLWDUDOJXQ
FRUUHFKYRH[WHULRU3HURTXpOHYDPRVDKDFHUW8QDYH]WHUPLQDGD
ODVHJXQGDYHUVLyQLQILQLWDPHQWHVXSHQRU\VLQXQ+RZDUG&RWOLHE
SDUDGHFLUPHTXHGHEtDJXDUGDUORWRGRSUREDEOHPHQWHFRQYHUWtOD
SULPHUDYHUVLyQHQFRQIHWWL
1RREVWDQWHSXHGRSUHVHQWDUOHVXQUHODWRTXHQRWLHQHQDGDTXH
YHUFRQ*ROGVLQRFRQ&DPSEHOO(QGLFLHPEUHGH&DPSEH8
PHVXJLULyTXHHVFULELHUDXQUHODWRVREUHXQKRPEUHTXHGHVFXEQy
TXHSRGtDOHYLWDUSHURTXHQRHQFRQWUDEDDQDGLHTXHOHWRPDUDHQ
VHULR4XHUtDWLWXODUOR8SV\'DLV\(QDTXHOORVWLHPSRV&DPSEH8
VHVHQKDFDGDYH]PiVLQWHUHVDGRSRUODV]RQDVPDUJLQDOHVGHODFLHQ
FLD\QXQFDSHUGtDXQDRSRUWXQLGDGSDUDFRQVHJXLUTXHORVDXWRUHV
HVFULELHUDQKLVWRULDVVREUHWHOHSDWWDWHOHTXLQHVLVFODULYLGHQFLD\RWUDV
DSWLWXGHVPDUJLQDOHV

6LQHPEDUJROOHYp FXLGDGRSDUDTXHQRIXHUDXQDKLVWRULDPDUJL
QDO$QWHVELHQLQWHQWpDERUGDUHOWHPDGHODOHYLWDFLyQGHVGHHOHV
WULFWRSXQWRGHYLVWDGHODILVLFDDXQGiQGRPHFXHQWDGHTXHHOORSRGtD
VLJQLILFDUXQUHFKD]RSRUSDUWHGH&DPSEH83HURQRVXFHGLyDVL
&DPSEH8RSXVRDOJXQDyRMHFLyQDOILQDO\UQHFRQYHQFLySDUDTXHLD
UHWRFDUDXQSRFR
(QFRQVHFXHQFLDYROYtDHVFULELUHOWHUFLRILQDOGHOUHODWRTXHpO


DFHSWy\SXEOLFyHQHOQ~PHURGH$VWRXQGLQJGHRFWXEUHGH
'HELGRDHVWDUHYLVLyQQXQFDPHVHQGWRWDOPHQWHFRQWHQWRFRQ
&UHHQFLD1RREVWDQWHSHUPLWtTXHODYHUVLyQSXEOLFDGDDSDUHFLHUD
HQGLYHUVDVDQWRORJtDVLQFOX\pQGRODHQGRVGHODVPtDV7KURXJKD
*ODVV&OHDUO\ 1HZ(QJOLVK/LEUDU\ \7KH:LQGVRI&KDQJH
DQG2WKHU6WRULHVa 'RXEOHGD\ 
<RVLJRFRQVHUYDQGRQRREVWDQWHODYHUJLyQRULJLQDOTXHDKRUD
SRUSULPHUDYH]YHUiODOX]HQHOSUHVHQWHYROXPHQ
&UHHQFLD

+DVVRxDGRDOJXQDYH]TXHHVWDEDVYRODQGR"SUHJXQWyHO
GRFWRU5RJHU7RRPH\DVXHVSRVD
-DQH7RRPH\DO]yODYLVWD
3RUVXSXHVWR

6XVUiSLGRVGHGRVQRGHMDURQGHPDQLSXODUiJLOPHQWHHOKLORGHO
TXHHVWDEDVXUJLHQGRXQLQWULQFDGRHLQ~WLOWDSHWLWRSDUDODPHVD(O
DSDUDWRGHWHOHYLVLyQHPLWtDXQDSDJDGRPXUUQXOOR\ODVLPiJHQHVGH
ODSDQWDOODDSHQDVDWUDtDQOD DWHQFLyQ
7RGRHOPXQGRVXHxDFRQYRODUHQXQPRPHQWRXRWURGLMR
5RJHU(VDOJRXQLYHUVDO<RORKHKHFKRPXFKDVYHFHV(VRHVOR
TXHPHSUHRFXSD
/DPHQWRGHFtUWHORSHURQRVpDGyQGHTXLHUHVLUDSDUDUTXH
ULGRGLMR-DQH
)XHFRQWDQGRSXQWDGDVHQYR]EDMD

&XDQGRSLHQVDVXQSRFRHQHOORSURVLJXLypaKDFHTXHWH
PDUDYLOOHV1RHVUHDOPHQWHHQYRODUHQORTXHVXHxDV1RWLHQHVDODV
\RDOPHQRVQRODVKHWHQLGRQXQFD1RKD\QLQJ~QHVIXHQRLPSO
FDGRHQHOOR6LPSOHPHQWHHVWiVIORWDQGR(VRHV )ORWDQGR
^aXDQGRYXHORGLMR-DQHQRUHFXHUGRQLQJXQRGHORVGHWD
OOHV([FHSWRHQXQDRFDVLyQHQTXHDWHUULFpHQHOWHMDGRGHOD\XQWD
PLHQWR\QROOHYDEDQDGDGHURSD'HWRGRVPRGRVHQHOVXHxRQDGLH
SDUHFHSUHVWDUWHDWHQFLyQFXDQGRVXHxDVTXHHVWiVGHVQXGD1XQFD
WHKDVGDGRFXHQWDGHHVR"7HPXHUHVGHYHUJXHQ]DSHURODJHQWH
VLPSOHPHQWHSDVDSRUWXODGRVLQPLUDUWH
7LUyGHOKLOR\HORYLOORFD\yGHODFHVWD\URGySRUHOVXHOR1ROH
SUHVWyDWHQFLyQ

5RJHUDJLWyOHQWDPHQWHODFDEH]D6XURVWURHVWDEDSiOLGR\DE
VRUWRHQODGXGD3DUHFtDWRGRpOiQJXORVFRQVXVDOWRVSyPXORVVX
ODUJD\DILODGDQDUL]\ODVHQWUDGDVHQODIUHQWHTXHVHLEDQKDFLHQGR
PiVSURQXQFLDGDVFRQORVDxRV7HQtDWUHLQWD\FLQFR
1RWHKDVSDUDGRQXQFDDSHQVDUHQ ORTXHWHKDFHVRxDUTXH
HVWiVIORWDQGR"SUHJXQWy

aaRVYLHQWRVGHOFDPELRSXEOLFDGRSRUHVWDHGLWRULDOHQVXFROHFFLyQ
*UDQ6XSHU)LFFLyQ
1RQXQFD
-DQH7RRPH\HUDUXELD\PHQXGD6XEHOOH]DHUDGHOWLSRIUiJLO
GHHVDVTXHQRVHLPSRQHQDXQRVLQRTXHORYDQJDQDQGRLQFRQVFLHQ

WHPHQWH3RVHtDORVEULOODQWHVRMRVD]XOHV\ODVVRQURVDGDVPHMLOODVGH
XQDPXxHFDGHSRUFHODQD7HQtDWUHLQWDDxRV
0XFKRVVXHxRVVRQVyORODLQWHUSUHWDFLyQTXHODPHQWHUHDOL]D
GHXQHVWtPXORLPSHUIHFWDPHQWHFRPSUHQGLGRGLMR5RJHU/RV
HVWtPXORVVHYHQIRU]DGRVDXQFRQWH[WRUD]RQDEOHHQXQDIUDFFLyQGH
VHJXQGR
'HTXpHVWiVKDEODQGRTXHULGR"

0LUDHQXQDRFDVLyQVRxpTXHPHKDOODEDHQXQKRWHODVLV
WLHQGRDXQDFRQYHQFLyQGHILVLFD(VWDEDFRQYLHMRVDPLJRV7RGR
SDUHFtDDEVROXWDPHQWHQRUPDO'HSURQWRKXERXQDFRQIXVLyQGH
JULWRV\VLQQLQJXQDUD]yQPHYLSUHVDGHOSiQLFR(FKpDFRUUHU
KDFLDODSXHUWDSHURQRTXLVRDEULUVH8QRDXQRPLVDPLJRVGHVD
SDUHFLHURQ1RWXYLHURQSUREOHPDVSDUDDEDQGRQDUODKDELWDFLyQ
SHUR\RQRSXGHYHUFyPRORKDEtDQFRQVHJXLGR/HVJULWp\PH
LJQRUDURQ

(QPLLQWHULRUHPSH]yDFUHFHUODVHJXULGDGGHTXHHOKRWHOHUD
SDVWRGHODVOODPDV1RROtDDKXPR6LPSOHPHQWHVDEtDTXHKDEtD
XQLQFHQGLR(FKpDFRUUHUKDFLDODYHQWDQD\SXGHYHUXQDHVFDOHUD
GHLQFHQGLRVHQHOH[WHULRUGHOHGLILFLR&RUQDWRGDVODVYHQWDQDV
SHURQLQJXQDFRQGXFtDDODHVFDOHUDGHLQFHQGLRV$KRUDPHKDOODED
FRPSOHWDPHQWHVRORHQODKDELWDFLyQ0HDVRPpDODYHQWDQDOOD
PDQGRGHVHVSHUDGDPHQWH1DGLHPHR\y
(QWRQFHVOOHJDURQORVFRFKHVGHERPEHURVSHTXHxDVPDQFKDV
URMDVDWUDYHVDQGRODVFDOOHV5HFXHUGRHVRFODUDPHQWH/DVVLUHQDV
GHDODUPDUHVRQDEDQIXHUWHPHQWHSDUDGHVSHMDUHOWUiILFR3RGtD
RtUODVFDGDYH]PiVIXHUWHVKDVWDTXHHOVRQLGROOHJyDKHQGHUPL
FDEH]D0HGHVSHUWp\SRUVXSXHVWRHOGHVSHUWDGRUHVWDEDVR
QDQGR

$KRUDELHQQRSXGHKDEHUVRxDGRXQVXHxRWDQODUJRGHVWLQDGR
DOOHJDUDOPRPHQWRHQTXHHPSH]DUDDVRQDUODDODUPDGHOGHVSHUWD
GRUDILQGHTXHpVWDHQFDMDUDSHUIHFWDPHQWHHQODWUDPDGHOVXHxR
(VPXFKRPiVUD]RQDEOHVXSRQHUTXHHOVXHxRVHLQLFLyHQHOPR
PHQWRHQTXHODDODUPDHPSH]yDVRQDU\FRPSULPLyWRGDVXVHQVD
FLyQGHGXUDFLyQHQXQDIUDFFLyQGHVHJXQGR6HWUDWDEDVLPSOHPHQWH
GHXQGLVSRVLWLYRGHMXVWLILFDFLyQGHPLFHUHEURSDUDH[SOLFDUDTXHO
UHSHQWLQRVRQLGRTXHSHQHWUDEDHQHOVLOHQFLR
-DQHHVWDEDIUXQFLHQGRHOFHxR'HMyDXQODGRVXODERU

5RJHU7HKDVFRPSRUWDGRGHXQPRGRH[WUDxRGHVGHTXHKDV
YXHOWRGHODXQLYHUVLGDG1RKDVFHQDGRQDGD\DKRUDHVWDULGtFXOD
FRQYHUVDFLyQ1XQFDWHKHYLVWRWDQPRUERVR/RTXHQHFHVLWDVHV
XQDGRVLVGHELFDUERQDWR

1HFHVLWRDOJRPiVTXHHVRGLMRpOHQYR]EDMD9HDPRV
FyPRHPSLH]DXQVXHxRGHHVWDUIORWDQGR"
6LQRWHLPSRUWDFDPELHPRVGHWHPD

6HOHYDQWy\FRQGHGRVILUPHVVXELyHOYROXPHQGHOWHOHYLVRU8Q
MRYHQFDEDOOHURGHPHMLOODVKXQGLGDV\XQDVHQWLPHQWDOYR]GHWHQRU
OHPDQLIHVWyPHORGLRVDPHQWHVXHWHUQRDPRU
5RJHUYROYLyDEDMDUODYR]GHODSDUDWR\VHTXHGyGHSLHFRQOD
HVSDOGDFXEULHQGRODSDQWDOOD

/HYLWDFLyQH[FODPy(VRHV([LVWHDOJXQDIRUPDHQTXH
ORVVHUHVKXPDQRVSXHGHQFRQVHJXLUIORWDU7LHQHQODFDSDFLGDGSDUD
HOOR6LPSOHPHQWHVHWUDWDGHTXHQRVDEHQFyPRXVDUHVDFDSDFL
GDGH[FHSWRFXDQGRHVWiQGXUPLHQGR(QWRQFHVDYHFHVVHHOHYDQ
VyORXQSRTXLWRXQDGpFLPDGHPLOtPHWURTXL]i1RORVXILFLHQWH
SDUDTXHDOJXLHQVHGpFXHQWDGHHOORDXQTXHHVWpREVHUYDQGRSHURVt
SDUDGHVHQFDGHQDUODVHQVDFLyQDGHFXDGDTXHGHVHQFDGHQDXQVXHxR
HQHOTXHXQRHVWi2WDQGR
5RJHUHVWiVGHOLUDQGR0HJXVWDUtDTXHORGHMDUDV'HYHUDV
eOVLJXLyDGHODQWHFRQVXLGHD

$YHFHVYROYHPRVDEDMDUOHQWDPHQWH\ODVHQVDFLyQGHVDSD
UHFH2WUDVYHFHVHOFRQWUROGH2WDFLyQWHUPLQDEUXVFDPHQWH\
FDHPRV-DQHQXQFDKDVVRxDGRTXHHVWDEDVFD\HQGR"
6tSRUVXS

7HKDOODVFROJDQGRHQODIDFKDGDGHXQHGLILFLRRVHQWDGRHQHO
ERUGHGHXQDVLOOD\GHUHSHQWHWHHVWiVFD\HQGR(VODKRUULEOH
VHQVDFLyQGHODFDtGDODTXHWHGHVSLHUWDGHJROSHMDGHDQWHHOFRUD
]yQSDOSLWDQGRORFDPHQWH+DVFDtGRGHYHUGDG1RKD\RWUDH[SOLFD
FLyQ
/DH[SUHVLyQGH-DQHTXHKDEtDSDVDGROHQWDPHQWHGHOGHVFRQ
FLHUWRDODSUHRFXSDFLyQVHGLVROYLyGHSURQWRHQXQDWtPLGDVRQULVD
5RJHUPDOGLWRGLDEOR0HKDVHQJDxDGR(UHVXQFDQDOOD
4Xp"

2KQR1RVLJDVFRQHVR6pH[DFWDPHQWHORTXHKDVHVWDGR
KDFLHQGR+DVHVWDGRLPDJLQDQGRHODUJXPHQWRSDUDXQDKLVWRULD\
HVWiVSUREiQGRORFRQPLJR'HEHUtDFRQRFHUWHORVXILFLHQWHFRPR
SDUDQRHVFXFKDUWH
5RJHUSDUHFLyVRUSUHQGLGRLQFOXVRXQSRFRFRQIXVR$YDQ]y

KDVWDHOVLOOyQGHHOOD\VHODTXHGyPLUDQGR
1R-DQH

1RYHRSRUTXpQR+DVHVWDGRKDEODQGRDFHUFDGHHVFULELU
UHODWRVGHVGHTXHWHFRQR]FR6LUHDOPHQWHWLHQHVXQDUJXPHQWROR
PHMRUTXHSXHGHVKDFHUHVHVFULELUOR1RVLUYHGHQDGDXWLOL]DUOR
~QLFDPHQWHSDUDDVXVWDUPH
6XVGHGRVHPSH]DURQDPRYHUVHGHQXHYRDPHGLGDTXHUHFXSH
UDEDHOiQLPR
-DQHHVWRQRHVQLQJXQDKLVWRULD
3HURTXpRWUDFRVD"

&XDQGRPHGHVSHUWpHVWDPDxDQDFDtDOFROFKyQ
(OODVHORTXHGyPLUDQGRVLQSDUSDGHDU

6RxpTXHHVWDEDYRODQGRSURVLJXLypO)XHXQVXHxRFODUR
YSUHFLVR5HFXHUGRFDGDXQRGHVXVPLQXWRV0HKDOODEDWHQGLGRGH
HVSDOGDVFXDQGRPHGHVSHUWp0HVHQE
DFyPRGR\FRPSOHWDPHQWH
IHOL]6yORPHSUHJXQWpSRUTXpHOWHFKRSDUHDLDWDQH[WUDxR%RVWHFp



\PHGHVSHUHFp\WRTXpHOWHFKR'XUDQWHXQPLQXWRVLPSOHPHQWH
PHTXHGpPLUDQGRDPLEUD]RDO]DGRTXHVHDSR\DEDFRQIXHU]D
FRQWUDHOWHFKR
(QWRQFHVPHGLODYXHOWD1RPRYtXQP~VFXOR-DQH6LPSOH
PHQWHPHGLODYXHOWDWRGRGHXQDSLH]DSRUTXHGHVHDEDKDFHUOR
$OOLHVWDEDDPHWUR\PHGLRVREUHODFDPD7~HVWDEDVHQODFDPD
GXUPLHQGR0HDVXVWp1RVDEtDFyPREDMDUSHURHQHOLQVWDQWH
PLVPRHQTXHSHQVpHQEDMDUFDt&DtOHQWDPHQWH7RGRHOSURFHVR
HVWDEDEDMRXQSHUIHFWRFRQWURO

0HTXHGpLQPyYLOHQODFDPDGXUDQWHTXLQFHPLQXWRVDQWHVGH
DWUHYHUPHDPRYHUPH/XHJRPHOHYDQWpPHODYpPHYHVWt\PHIXL
DOWUDEDMR
-DQHIRU]yXQDVRQULVD

4XHULGRKXELHUDVLGRPHMRUTXHHVFULELHUDVWRGRHVR3HURQR
WHSUHRFXSHV6LPSOHPHQWHKDVHVWDGRWUDEDMDQGRGHPDVLDGR
3RUIDYRU1RVHDVWULYLDO

/DJHQWHWUDEDMDGHPDVLDGRDXQTXHW~GLJDVTXHHVWULYLDO/R
TXHRFXUULyIXHTXHVRxDVWHTXLQFHPLQXWRVPiVGHORTXHFUHtVWHTXH

KDEtDVVRxDGR

1RHUDXQVXHxR

3RUVXSXHVWRTXHORHUD6R\LQFDSD]GHFRQWDUODVYHFHVTXHKH
VRxDGRTXHPHGHVSHUWDEDPHYHVED\SUHSDUDEDHOGHVD\XQROXHJR
PHGHVSHUWDEDUHDOPHQWH\GHVFXEUtDTXHWHQtDTXHKDFHUORWRGRGH
QXHYR,QFOXVRKHVRxDGRTXHHVWDEDVRxDQGRVLHQWLHQGHVORTXH
TXLHURGHFLU3XHGHVHUWHUULEOHPHQWHFRQIXVR
0LUD-DQH+HDFXGLGRDWLFRQXQSUREOHPDGHELGRDTXHW~
HUHVOD~QLFDDODTXHVLHQWRTXHSXHGRDFXGLU3RUIDYRUWyPDPHHQ
VHULR
/RVD]XOHVRMRVGH-DQHVHDEULHURQPXFKR

4XHULGR7HHVWR\WRPDQGRWDQHQVHULRFRPRPHHVSRVLEOH
7~HUHVHOSURIHVRUGHIIVLFDQR\R(UHVW~TXLHQVDEHGHJUDYLWDFLyQ
QR\R0HWRPDUtDVW~HQVHULRVL\RWHGLMHUDTXHPHKDEtDHQFRQ
WUDGR2WDQGRGHSURQWR"
1R<HVRHVORSHRUGHWRGR1RTXLHURFUHHUHQHOORSHUROR
KHYLYLGR1RHUDXQVXHxR-DQH,QWHQWpGHFLUPHDPtPLVPRTXHVt
ORHUD1RWLHQHVQLLGHDGHFyPRPHKHKDEODGRDPtPLVPRGHHOOR
&XDQGRLEDKDFLDODXQLYHUVLGDGHVWDEDVHJXURGHTXHHUDXQVXHxR
1RKDVQRWDGRDOJRH[WUDxRHQPtHQHOGHVD\XQR"
6tDKRUDTXHSLHQVRHQHOORVtORKHQRWDGR

%LHQQRHUDQDGDGHPDVLDGRH[WUDxRRORKXELHUDVPHQFLR
QDGR'HWRGRVPRGRVGLSHUIHFWDPHQWHPLFODVHGHODVQXHYH$ODV
RQFHKDEtDROYLGDGRWRGRHOLQFLGHQWH(QWRQFHVMXVWRDQWHVGHOD
FRPLGDQHFHVLWpXQOLEUR1HFHVLWDEDELHQHOEWXORGHOOLEURQR
LPSRUWDVLPSOHPHQWHORQHFHVLWDED(VWDEDHQXQHVWDQWHGHDUULED,
SHURSRGtDDOFDQ]DUOR-DQH
6HGHWXYR

%LHQSURVLJXH5RJHU

0LUDKDVLQWHQWDGRDOJXQDYH]DOFDQ]DUXQDFRVDTXHHVWiD

VyORXQSDOPRGHGLVWDQFLD"7HLQFOLQDV\DXWRPiWLFDPHQWHGDVXQ
SDVRKDFLDHOODPLHQWUDVODFRJHV(VDOJRSRUFRPSOHWRLQYROXQWDQR
6HWUDWDVLPSOHPHQWHGHODFRRUGLQDFLyQUHHMDGHWXFXHUSR
'HDFXHUGR<"

0HWHQGtKDFLDHOOLEUR\DXWRPiWLFDPHQWHGLXQSDVRKDFLD
DUULED(QHODLUH-DQH(QHOPLVPRDLUH

9R\DOODPDUD-LP6DUOH5RJHU
1RHVWR\HQIHUPRPDOGLWDVHD

&UHRTXHGHEHUtDKDEODUFRQWLJR(VXQDPLJR1RVHUiXQD
YLVLWDPpGLFD6LPSOHPHQWHKDEODUiFRQWLJR
(OURVWURGH5RJHUHQURMHFLyFRQUHSHQWLQDLUULWDFLyQ
<TXpELHQSXHGHKDFHUPHHVR"

<DYHUHPRV$KRUDVLpQWDWH5RJHU3RUIDYRU
6HGLULJLyDOWHOpIRQR

eOODGHWXYRVXMHWiQGRODSRUODPXxHFD
1RPHFUHHV
aK5RJHU

1RPHFUHHV
6tWHFUHR&ODURTXHWHFUHR6LPSOHPHQWHTXLHUR

6t6LPSOHPHQWHTXLHUHVTXH-LP6DUOHKDEOHFRQPLJR$VtHV
FRPRPHFUHHV7HHVWR\GLFLHQGRODYHUGDGSHURW~TXLHUHVTXH
KDEOHFRQXQSVLTXLDWUD0LUDQRWLHQHVTXHFUHHUHQPLSDODEUD
3XHGRSUREDUOR7HSUREDUpTXHSXHGR2WDU
7HFUHR

1RVHDVWRQWD6pFXiQGRPHHVWiQHQJDxDQGR4XpGDWHTXLH
WD$KRUDREVpUYDPH

5HWURFHGLyKDVWDHOFHQWURGHODKDELWDFLyQ\VLQQLQJ~QSUHOLPL
QDUVHDO]yGHOVXHOR4XHGyVXVSHQGLGRFRQODVSXQWDVGHVXV
]DSDWRVDTXLQFHFHQWtPHWURVGHODDOIRPEUD
/RVRMRV\ODERFDGH-DQHVHFRQYLUWLHURQHQWUHVUHGRQGDV2
%DMD5RJHUPXVLWy3RUWRGRVORVFLHORVEDMD

eOGHVFHQGLyGHQXHYR\VXVSLHVWRFDURQHOVXHORVLQHOPHQRU
UXLGR
/RKDVYLVWR"

aK'LRVPtR'LRVPtR

6HORTXHGyPLUDQGRHQWUHDVXVWDGD\WUDVWRUQDGD

(QHODSDUDWRGHWHOHYLVLyQXQDPXMHUSHFKXJRQDFDQWDEDFRQ
YR]DSDJDGDTXHYRODUPX\DOWRFRQDOJ~QWLSRHQHOFLHORHUDVXLGHD
GHQDGDHQDEVROXWR
5RJHU7RRPH\PLUyDODRVFXULGDGGHOGRUPLWRULR
-DQHVXVXUUy
4Xp"

1RGXHUPHV"
1R

<RWDPSRFRSXHGRGRUPLU(VWR\VXMHWDQGRFRQVWDQWHPHQWHOD
FDEHFHUDGHODFDPDSDUDDVHJXUDUPHGHTXHQR<DVDEHV
6XPDQRDYDQ]yLQTXLHWD\DFDULFLyHOURVWURGHHOOD-DQHVHHFKR

a


KDFLDDWUiVDSDUWDQGREUXVFDPHQWHODFDEH]DFRPRVLODPDQRGHpO
HVWXYLHUDFDUJDGDGHHOHFWULFLGDG
/R VLHQWRGLMRDOFDERGHXQPRPHQWR(VWR\XQSRFRQHU
YLRVD
1RWHSUHRFXSHV'HWRGRVPRGRVYR\DOHYDQWDUPH
4XpYDVDKDFHU"7LHQHVTXHGRUPLU

%XHQRQRSXHGRDVtTXHQRWLHQHVHQWLGRTXHWHPDQWHQJD
GHVSLHUWDDWLWDPELpQ
aXL]iQRRFXUUDQDGD1RWLHQHTXHRFXUULUWRGDVODVQRFKHV
1RKDEtDRFXUULGRDQWHVGHODQRFKHSDVDGD

&yPRORVp"4XL]iVLPSOHPHQWHQXQFDVXEtWDQWR4XL]D
QXQFDPHGHVSHUWp\PHHQFRQWUpHQHVDVLWXDFLyQ'HWRGRVPRGRV
DKRUDHVGLVWLQWR
6HVHQWyHQODFDPDODV SLHUQDVGREODGDVORVEUD]RVDEUD]DQGR
VXVURGLOODVODFDEH]DDSR\DGDHQHOORV(FKyODViEDQDDXQODGR\
IURWyVXPHMLOODFRQWUDODVXDYHIUDQHODGHOSLMDPD
$KRUDWRGRVHUiLQHYLWDEOHPHQWHGLVWLQWR0LPHQWHHVWiOOHQD
GHHOOR&XDQGRPHGXHUPDFXDQGRQRPHPDQWHQJDFRQVFLHQWH
PHQWHDQFODGRDEDMRVpTXHDVFHQGHUp
1RYHRSRUTXp(VRGHEHUHSUHVHQWDUXQFLHUWRHVIXHU]R

eVHHVHOGHWDOOH1RUHSUHVHQWDQLQJ~QHVIXHU]R
3HURHVWiVOXFKDQGRFRQWUDODJUDYHGDGQR"

/RVpSHURSHVHDWRGR QRUHSUHVHQWDQLQJ~QHVIXHU]R0LUD
-DQHVLDOPHQRVSXGLHUDFRPSUHQGHUORQRLPSRUWDUtDWDQWR
%DMyODVSLHUQDVGHODFDPD\VHSXVRHQSLH
1RTXLHURKDEODUGHHOOR

<RWDPSRFRPXUPXUyVXHVSRVD

6HHFKyDOORUDUOXFKDQGRFRQWUDORVVROOR]RV\FRQYLUWLpQGRORVHQ
HVWUDQJXODGRVJHPLGRVTXHVRQDEDQPXFOaRSHRU
/RVLHQWR-DQHaLLMR5RJHU7HHVWR\H[FLWDQGRGHPDVLDGR
1RQRHVHVR3HURQRPHWRTXHV6LPSOHPHQWHVLPSOH
PHQWHGpMDPHVROD
5RJHUGLRXQRVSDVRVLQVHJXURVDSDUWiQGRVHGHODFDPD
$GyQGHYDV"SUHJXQWyHOOD

$OVRIiGHOHVWXGLR3XHGHVD\XGDUPH"
&yPR"

4XLHURTXHPHDWHV
$WDUWH"

&RQXQSDUGHFXHUGDV1RPX\DSUHWDGDVGHPRGRTXHSXHGD
GDUPHODYXHOWDVLTXLHUR7HLPSRUWD"
/RVSLHVGHVQXGRVGH-DQHHVWDEDQEXVFDQGR\DVXV]DSDWLOODVHQ
HOVXHORDOODGRGHVXFDPD
'HDFXHUGRGLMRFRQXQVXVSLUR

5RJHU7RRPH\VHVHQWyHQHOSHTXHxRFXEtFXORTXHSDVDEDSRU
VHUVXGHVSDFKR\PLUyDOPRQWyQGHSDSHOHVGHH[DPHQTXHWHQtD
GHODQWH(QDTXHOORVPRPHQWRVQRVDEtDFyPRLEDDKDFHUSDUDFD
OLILFDUORV

+DEtDGDGRFLQFRFODVHVVREUHHOHFWULFLGDG\PDJQHWLVPRGHVGHOD
SULPHUDYH]TXHKDEtDIORWDGR/DVKDEtDGDGRFRPRKDEtDSRGLGR
DXQTXHQRGHPDVLDGRELHQ/RVHVWXGLDQWHVOHKDFtDQSUHJXQWDVULGt

FXODVGHPRGRTXHSUREDEOHPHQWHQRHVWDEDVLHQGRWDQFODURFRPR
DFRVWXPEUDEDDVHU
+R\VHKDEtDDKRUUDGRXQDFODVHSRQLHQGRXQH[DPHQVRUSUHVD
1RVHKDEtDPROHVWDGRHQSUHSDUDUXQRKDEtDHFKDGRPDQRGHODV
FRSLDVGHXQRSUHSDUDGRDOJXQRVDxRVDQWHV
$KRUDWHQtDORV SDSHOHVFRQODVUHVSXHVWDV\WHQtDTXHFDOLILFDU
ORV3RUTXp",PSRUWDEDUHDOPHQWHORTXHGHFtDQ",PSRUWDED
UHDOPHQWHDOJR"(UDWDQLPSRUWDQWHVDEHUODVOH\HVGHODItVLFD"
&XiOHVHUDQHQUHDOLGDGHVDVOH\HV"$FDVRH[LVWtDDOJXQD"

2WRGRHUDWDQ VyORXQDPDVDGHFRQIXVLyQGHODFXDOMDPiV
SRGUtDH[WUDHUVHQDGDFRKHUHQWH"(UDHOXQLYHUVRFRQWRGDVXDU
PRQLRVDDSDULHQFLDHOPHURFDRVRULJLQDODJXDUGDQGRWRGDYtDDTXH
HO(VStULWXDVRPDUDVXURVWURGHODVSURIXQGLGDGHV"
(OLQVRPQLRWDPSRFRD\XGDED,QFOXVRDWDGRHQHOVRIiGRUPtD
WDQVyORDLQWHUYDORV\VLHPSUHFRQSHVDGLOODV
$OJXLHQOODPyDODSXHUWD

4XLpQHV"JULWyIXULRVDPHQWH5RJHU

8QDSDXVD\OXHJRODLQVHJXUDUHVSXHVWD

6R\ODVHxRULWD+DUURZD\GRFWRU7RRPH\/HWUDLJRODVFDUWDV
TXHPHGLFWy
(VWiELHQHQWUHHQWUH1RVHTXHGHDKt

/DVHFUHWDULDGHOGHSDUWDPHQWRDEULyODSXHUWDHOPtQLPRLQGLV
SHQVDEOH\GHVOL]yVXGHOJDGR\SRFRDWUDFWLYRFXHUSRDOLQWHULRUGHO
GHVSDFKR/OHYDEDXQPRQWyQGHSDSHOHVHQODPDQR$FDGDXQRGH
HOORVLEDXQLGDXQDFRSLDHQSDSHODPDULOOR\XQVREUHFRQPHPEUHWH
\ODGLUHFFLyQ\DSXHVWD
5RJHUHVWDEDDQVLRVRSRUOLEUDUVHGHHOODeVHIXHVXHUURU6H
WHQGLyKDFLDGHODQWHSDUDFRJHUODVFDUWDVPLHQWUDVHOODVHDSUR[L
PDED\QRWyTXHDEDQGRQDEDODVLOOD

$YDQ]yFDVLPHGLRPHWURKDFLDGHODQWHWRGDYtDHQSRVLFLyQVHQ
WDGDDQWHVGHFRQVHJXLULPSXOVDUVHYLROHQWDPHQWHKDFLDDWUiVSHU
GLHQGRHOHTXLOLEULR\GDQGRXQYROWHUHWDHQHOSURFHVR(UDGHPD
VLDGRWDUGH
(UDDEVROXWDPHQWHGHPDVLDGRWDUGH/DVHxRULWD+DUURZD\GHMy
FDHUODVFDUWDVGHVXWHPEORURVDPDQR*ULWy\VHGLRODYXHOWD
JROSHDQGRODSXHUWDFRQHOKRPEURUHERWDQGRHQHOSDVLOOR\
HFKDQGRDFRUUHUFRQXQIXHUWHUHSLTXHWHRGHVXVDOWRVWDFRQHV

5RJHUVHSXVRHQSLHIURWiQGRVHXQDGRORULGDFDGHUD
0DOGLWDVHDH[FODPyIXULRVR

3HURQRSRGtDHYLWDUHOYHUODHVFHQDGHVGHHOSXQWRGHYLVWDGH
HOOD,PDJLQyFyPRGHEtDGHKDEHUVHGHVDUUROODGRWRGRDVXVRMRVXQ
KRPEUH\DDGXOWRIORWDQGRVXDYHPHQWHIXHUDGHVXVLOOD\GHVOL]iQ
GRVHKDFLDHOODHQSRVLFLyQVHQWDGD
5HFRJLyODVFDUWDV\FHUUyODSXHUWDGHVXGHVSDFKR<DHUDWDUGH
ORVSDVLOORVGHEtDQGHHVWDUYDFtRVDGHPiVHOODSUREDEOHPHQWHVH
H[SUHVDUtDGHIRUPDLQFRKHUHQWH6LQHPEDUJR$JXDUGyDQVLRVROD
OOHJDGDGHJHQWH

1RRFXUULyQDGD4XL]iODPXMHUHVWXYLHUDWHQGLGDHQDOJ~QVLWLR
GHVYDQHFLGD5RJHUVLQWLyODQHFHVLGDGGHLUDYHUORTXHOHKDEtD
RFXUULGR\D\XGDUODVLHUDQHFHVDULRSHUROHGLMRDVXFRQFLHQFLDTXH
VHIXHUDDOGLDEOR+DVWDTXHGHVFXEULHUDH[DFWDPHQWHTXpHUDORTXH
QRIXQFLRQDEDHQpOFXiOHUDHORULJHQGHDTXHOODORFDSHVDGLOODQR
GHEtDKDFHUQDGDSRUUHYHODUOD
(VGHFLUQDGDPiVGHORTXH\DKDEtDKHFKR

+RMHyODVFDUWDVXQDSDUDFDGDXQRGHORVItVLFRVWHyULFRVVHOHF
FLRQDGRVHQWUHORVPiVLPSRUWDQWHVGHOSDtV6XSURSLRWDOHQWRHUD
LQVXILFLHQWHSDUDUHVROYHUDTXHODVXQWR

6HSUHJXQWyVLODVHxRULWD+DOORZD\KDEUtDFDSWDGRHOFRQWHQLGR
GHODVFDUWDV(VSHUDEDTXHQR/RKDEtDDUURSDGRGHOLEHUDGDPHQWH
HQOHQJXDMHWpFQLFRPiVTXL]iGHORQHFHVDULR(QSDUWHSDUDVHU
GLVFUHWR\HQSDUWHSDUDLPSUHVLRQDUDORVGHVWLQDWDULRVFRQHOKHFKR
GHTXHpO7RRPH\HUDXQOHJtWLPR\FDSDFLWDGRFLHQWtILFR
8QDDXQDPHWLyODVFDUWDVHQORVVREUHVDGHFXDGRV/RVPHMRUHV
FHUHEURVGHOSDtVSHQVy3RGUtDQD\XGDUOH"
1RORVDEtD

/DELEOLRWHFDHVWDEDWUDQTXLOD5RJHU7RRPH\FHUUyHO-RXUQDORI
7KHRUHWFDO3K\VLFVORFRORFyDXQODGR\VHTXHGyPOUDQGRVRPEQ
D
PHQWHVXFRQWUDSRUWDGD(O-RXUQDORI7KHRUHWLFDO3K\VLFV4Xp
FRQWULEXFLyQKDEtDKHFKRQLQJXQRGHDTXHOORVKRPEUHVDODHUXGLWD
SDUFHODGHDEVXUGRFRQRFLPLHQWR"$TXHOSHQVDPLHQWROHGHVJDUUy
+DVWDKDFtDPX\SRFRWLHPSRKDEtDQVLGRSDUDpOODVPD\RUHVOXP
EUHUDVGHOPXQGR
<VLQHPEDUJRVHJXtDKDFLHQGRWRGRORSRVLEOHSRUYLYLUVHJ~QVXV
FyGLJRV\VXILORVRItD&RQODD\XGDFDGDYH]PiVUHQXHQWHGH-DQH
KDEtDHIHFWXDGRPHGLFLRQHV+DEtDLQWHQWDGRSHVDUHOIHQyPHQRHQ

ODEDODQ]DH[WUDHUVXVFRUUHODFLRQHVHYDOXDUVXVFDQWLGDGHV+DEtD
LQWHQWDGRHQSRFDVSDODEUDVYHQFHUORGHOD~QLFD IRUPDTXHVDEtD
FRQYLUWLpQGRORVLPSOHPHQWHHQRWUDH[SUHVLyQGHODVHWHUQDVOtQHDVGH
FRPSRUWDPLHQWRTXHWRGRHOXQLYHUVRGHEtDVHJXLU
4XHGHEtDVHJXLU$VtORGHFtDQODVPHQWHVPiVSUHFODUDV

6yORTXHQRKDEtDQDGDTXHPHGLU1RKDEtDDEVROXWDPHQWH QLQ
JXQDVHQVDFLyQGHHVIXHU]RHQVXOHYLWDFLyQ(QXQHVSDFLRFHUUDGR
QRVHKDEtDDWUHYLGRDKDFHUFRPSUREDFLRQHVDODLUHOLEUHSRU
VXSXHVWRSRGtDDOFDQ]DUHOWHFKRWDQIiFLOPHQWHFRPRDO]DUVHXQ
SDUGHFHQWtPHWURVH[FHSWRTXHUHTXHUtDPiVWLHPSR7HQtDODVHQVD
FLyQGHTXHFRQWLHPSRVXILFLHQWHSRGUtDVHJXLUDO]iQGRVHGHIRUPD
LQGHILQLGDLUKDVWDOD/XQDVLHUDQHFHVDULR
3RGtDOOHYDUSHVRVPLHQWUDVOHYLWDED(OSURFHVRVHKDFtDPiV
OHQWRSHURQRVHDSUHFLDEDHOPHQRULQFUHPHQWRHQHOHVIXHU]R

(OGtDDQWHULRUKDEtDDFXGLGRD-DQHVLQDGYHUWLUODFRQXQFURQy
PHWURHQODPDQR
&XiQWRSHVDV"OHSUHJXQWy

&XDUHQWD\FXDWURUHVSRQGLyHOOD
/HPLUyGHVFRQFHUWDGD

eOODVXMHWySRUODFLQWXUDFRQXQEUD]R-DQHLQWHQWyVROWDUVH
SHURpOQROHSUHVWyDWHQFLyQ-XQWRVHPSH]DURQDDVFHQGHUDSDVR
GHWRUWXJD(OODVHDIHUUyDpOEODQFD\UtJLGDSRUHOWHUURU
9HLQWLGyVPLQXWRVWUHFHVHJXQGRVGLMRpOFXDQGRVXFDEH]D
WRFyHOWHFKR

&XDQGRHVWXYLHURQGHQXHYRDEDMR-DQHVHVROWyGHXQWLUyQ \
VDOLyDSUHVXUDGDPHQWHGHODVDOD

$OJXQRVGtDVDQWHV5RJHUKDEtDSDVDGRSRUGHODQWHGHXQDEiV
FXODS~EOLFDGHVFXLGDGDPHQWHLQVWDODGDHQXQDHVTXLQDMXQWRDXQ
GUXJVWRUH/DFDOOHHVWDEDYDFtDGHPRGRTXHVXELyDODEiVFXOD\
HFKyXQDPRQHGD$XQTXH \DVRVSHFKDEDDOJRDVtVHVRUSUHQGLyDO
GHVFXEULUTXHSHVDEDGRFHNLORV
(PSH]yDOOHYDUPRQWRQHVGHPRQHGDVHQORVEROVLOORV\DSHVDUVH
HQWRGDVODVFRQGLFLRQHV(UDPiVSHVDGRORVGtDVGHYLHQWRIXHUWH
FRPRVLQHFHVLWDUDPiVSHVRSDUDXPSHGLUVHUDUUDVWUDGR

(ODMXVWHHUDDXWRPiWLFR)XHUDORTXHIXHVHORTXHORKDiD
OHYLWDUPDQWHQtDXQHTXLOLEULRHQWUHFRPRGLGDG\VHJXULGDG6LQ
HPEDUJRSRGtDUHIRU]DUHOFRQWUROFRQVFLHQWHVREUHVXOHYLWDFLyQGHO

PLVPRPRGRTXHSRGtDKDFHUORVREUHVXUHVSLUDFLyQ 3RGtDVXELUD
XQDEiVFXOD\REOLJDUDODDJXMDDVXELUKDVWDFDVLVXSHVRQRQPDO\
SRUVXSXHVWRDEDMDUKDVWDODQDGD

'RVGtDVDQWHVVHKDEtDFRPSUDGRXQDEDVFXOD\KDEtDLQWHQWDGR
PHGLUDTXpYHORFLGDGSRGtDFDPELDUGHSHVR1RVLUYLyGHQDGD/D
YHORFLGDGIXHUDFXDOIXHVHHUDVXSHULRUDODFDSDFLGDGGHUHDFFLyQ
GHODDJXMD7RGRORTXHKL]RIXHDFXPXODUGDWRVVREUHPyGXORVGH
FRPSUHQVLELOLGDG\PRPHQWRVGHLQHUFLD
%LHQ\DTXpOHFRQGXFtDWRGRDTXHOOR"

6HSXVRHQSLH\VDOLyFDQVDGDPHQWHGHODELEOLRWHFDFRQORV
KRPEURVFDtGRV)XHVXMHWiQGRVHDPHVDV\VLOODVPLHQWUDVFDPLQDED
KDFLDXQODGRGHODKDELWDFLyQ\DOOLPDQWXYRODPDQRDSR\DGD
FRQWUDODSDUHG7HQtDODVHQVDFLyQGHTXHGHEtDKDFHUORDVt(O
FRQWDFWRFRQODPDWHULDOHPDQWHQtDFRQVWDQWHPHQWHLQIRUPDGRGHVX
SRVLFLyQFRQUHODFLyQDOVXHOR6LVXPDQRSHUGtDHOFRQWDFWRFRQXQD
PHVDRVHGHVOL]DEDKDFLDDUULEDSRUODSDUHGFXLGDGRHQWRQFHV
(OSDVLOORFRQWHQtDHOHVFDVRQ~PHURKDELWXDOGHHVWXGLDQWHV/RV
LJQRUy(QDTXHOORV~OWLPRVGtDVKDEtDQLGRDSUHQGLHQGRJUDGXDO
PHQWHDGHMDUGHVDOXGDUOH5RJHULPDJLQyTXHDOJXQRVGHHOORV
SHQVDEDQTXHHUDXQWLSRUDUR\SUREDEOHPHQWHPXFKRVHPSH]DEDQ
DVHQWLUDQWLSDWtDKDFLDpO
3DVyMXQWRDODVFHQVRU<DQXQFDORWRPDEDHVSHFLDOPHQWHSDUD
EDMDU&XDQGRHODVFHQVRULQLFLDEDVXPRYLPLHQWRKDFLDDEDMROH
UHVXOWDEDLPSRVLEOHQRIORWDUHQHODLUHDXQTXHVyORIXHUDSRUXQRV
PRPHQWRV1RLPSRUWDEDTXHVHSUHSDUDUDSDUDFRPEDWLUHOPR
PHQWRIORWDED\ODJHQWHSRGtDYROYHUVH\PLUDUOH

$YDQ]yXQDPDQRKDFLDODEDUDQGLOODHQHODUUDQTXHGHODHVFDOHUD
\MXVWRDQWHVGHTXHVXPDQRODWRFDUDXQRGHVXVSLHVWURSH]yFRQ

aL

HORWUR)XHHOWURSH]yQPiVGHVPDxDGR TXHVHSXHGDLPDJLQDU7UHV
VHPDQDVDQWHV5RJHUKXELHUDURGDGRHVFDOHUDDEDMR
(VWDYH]VXVLVWHPDDXWyQRPRVHKL]RFDUJRGHODVFRVDVHLQFOL
QiQGRVHKDFLDGHODQWHORVEUD]RVDELHUWRVORVGHGRVGHODVPDQRV
H[WHQGLGRVODVSLHUQDVVHPLGREODGDVIORWyKDFLDDEDMRFRPRXQSOD
QHDGRU3DUHFtDHVWDUVXVSHQGLGRSRUKLORV
(VWDEDGHPDVLDGRGHVFRQFHUWDGRSDUDFRQWHQHUVHGHPDVLDGRSD
UDOL]DGRSRUHOKRUURUFRPRSDUDKDFHUDOJR$PHGLRPHWURGHOD
YHQWDQDGHOSLVRGHDEDMRVHGHWXYRDXWRPiWLFDPHQWH\IORWy

+DEtDGRVHVWXGLDQWHVHQHOSLVRDGRQGHIXHDSDUDUDPERVDSUH
WDGRVFRQWUDODSDUHGRWURVWUHVHQHODUUDQTXHGHODHVFDOHUDGRVHQ

HOSLVRGHPiVDEDMR\XQRHQHOGHVFDQVLOORMXQWRDpOWDQFHUFDTXH
FDVLSRGtDQWRFDUVH
7RGRHVWDEDPX\VLOHQFLRVR7RGRVOHHVWDEDQPLUDQGR

5RJHUVHHQGHUH]yHQHODLUHGHVFHQGLyKDVWDHOVXHOR\HFKyD
FRUUHUHVFDOHUDDEDMRHPSXMDQGREUXVFDPHQWHDXQHVWXGLDQWHIXHUD
GHVXFDPLQR
/DVFRQYHUVDFLRQHVVHWUDQVIRUUQDURQHQXQD~QLFDH[FODPDFLyQD
VXVHVSDOGDV
(OGRFWRU0RUWRQGHVHDYHQPH"

5RJHUVHYROYLyHQVXVLOOyQVXMHWiQGRVHILUUQHPHQWHDXQRGHVXV
EUD]RV
/DQXHYDVHFUHWDQDGHOGHSDUWDPHQWRDVLQWLy
6tGRFWRU7RRPH\

6HPDUFKyUiSLGDPHQWH(QHOSRFRWLHPSRTXHOOHYDEDDOOLGHVGH
TXHODVHxRULWD+DUURZD\SUHVHQWDUDVXGLPLVLyQVHKDEtDHQWHUDGR
GHTXHHOGRFWRU7RRPH\WHQtDDOJRUDUR/RVHVWXGLDQWHVOHHYLWD
EDQ(QVXFODVHGHKR\ORVDVLHQWRVGHDWUiVKDEtDQHVWDGROOHQRVGH
PXUPXOORVGHHVWXGLDQWHV/RVDVLHQWRVGHGHODQWHKDEtDQSHUPDQH
FLGRGHVRFXSDGRV
5RJHUPLUyDOSHTXHxRHVSHMRGHSDUHGFHUFDGHODSXHUWD6H
DMXVWyODFKDTXHWD\VHVDFXGLyXQKLORSHURHVDRSHUDFLyQKL]RSRFR
SRUPHMRUDUVXDSDULHQFLD6XWH]HUDFDGDYH]PiVDPDULOOHQWD
+DEtDSHUGLGRDOPHQRVFXDWURNLORVGHVGHTXHWRGRDTXHOORHPSH
]DUDDXQTXHSRUVXSXHVWRQRWHQtDIRUPDGHVDEHUH[DFWDPHQWH
FXiQWRKDEtDSHUGLGR6XDVSHFWRJHQHUDOHUDHQIHUPL]RFRPRVLVX
GLJHVWLyQHVWXYLHUDSHUSHWXDPHQWHHQFRQWUDGHpO\YHQFLHUDWRGRV
ORVFRPEDWHV

1RVHQWtDQLQJXQDDSUHQVLyQDFHUFDGHDTXH
ODHQWUHYLVWDFRQHO
MHIHGHOGHSDUWDPHQWR+DEtDDOFDQ]DGRXQSURQXQFLDGRFLQLVPR
UHIHUHQWHDORVLQFLGHQWHVGHOHYLWDFLyQ$SDUHQWHPHQWHORVWHVWLJRV
QRKDEODEDQ/DVHxRULWD+DUURZD\QRORKDEtDKHFKR1RKDEtD
QLQJXQDVHxDOGHTXHORVHVWXGLDQWHVTXHOHKDEtDQYLVWRHQODHVFDOHUD
ORKXEL
HUDQKHFKRWDPSRFR
&RQXQ~OWLPRWRTXHDOQXGRGHVXFRUEDWDDEDQGRQyHOGHV
SDFKR
(OGHVSDFKRGHOGRFWRU3KLOLS0RUWRQQRHVWDEDPX\OHMRVDO


IRQGRGHOSDVLOORORFXDOHUDXQKHFKRTXH5RJHUWHQtDTXHDJUDGH
FHU&XOWLYDEDFDGDYH]PiVODFRVWXPEUHGHDQGDUFRQXQDVLVWHPi
WLFDOHQWLWXG$O]DEDXQSLH\ORDGHODQWDEDREVHUYDQGR/XHJR
DO]DEDHORWURSLH\ORDGHODQWDEDREVHUYDQGRWDPELpQ$YDQ]DED
GHFLGLGDPHQWHHQFRUYDGRPLUiQGRVHORVSLHV

(OGRFWRU0RUWRQIUXQFLyHOFHxRFXDQGR5RJHUHQWUy7HQtD
XQRVRMRVSHTXHxRV\H[KLEtDXQKLUVXWRELJRWHPDOUHFRUWDGR\XQ
WUDMHGHVDOLxDGR3RVHtDXQDPRGHUDGDUHSXWDFLyQHQHOPXQGRFLHQ
WtILFR\XQDGHFLGLGDLQFOLQDFLyQDGHMDUODVWDUHDVGHHQVHxDQ]DHQ
PDQRVGHORVPLHPEURVGHVXGHSDUWDPHQWR
0LUH7RRPH\GLMRKHUHFLELGRXQDFDUWDGHORPiVH[
WUDxDGH/LQXV'HHULQJ8VWHGOHHVFULELyHO&RQVXOWyXQSDSHO
VREUHVXHVFQWRULR(OYHLQWLGyVGHOPHVSDVDGR(VpVWD VXILUPD"
5RJHUPLUy\DVLQWLy$QVLRVDPHQWHLQWHQWyOHHUGHOUHYpVOD
FDUWDGH'HHULQJ$TXHOORHUDLQHVSHUDGR'HODVFDUWDVTXHKDEtD
HQYLDGRHOGtDGHOLQFLGHQWHFRQODVHxRULWD+DUURZD\KDVWDDTXHO
PRPHQWRVyORFXDWURKDEtDQVLGRFRQWHVWDGDV

7UHVGHHOODVKDEtDQFRQVLVWLGRHQIUtDVUHVSXHVWDVGHXQVyOR
SiUUDIRTXHGHFtDQPiVRPHQRV$FXVRUHFLERGHVXFDUWDGHO
YHLQWLGyV1RFUHRTXHSXHGDD\XGDUOHHQHODVXQWRTXHPHSODQWHD
8QDFXDUWDODGH%DOODQWLQHGHO1RUWKZHVWHUQ7HFKKDEtDVXJHULGR
WRUSHPHQWHXQLQVWLWXWRGHLQYHVWLJDFLRQHVSVtTXLFDV5RJHUQRSXGR
GHFLGLUVLHVWDEDLQWHQWDQGRD\XGDUOHRVLOHLQVXOWDED
/ HHULQJGHO
QQFHWRQKDFtDHOQ~PHURFLQFR+DEtDSXHVWRJUDQ
GHVHVSHUDQ]DVHQ'HHULQJ
(OGRFWRU0RUWRQFDUUDVSHyIXHUWHPHQWH\VHDMXVWyODVJDIDV

4XLHUROHHUOHORTXHGLFH6LpQWHVH7RRPH\VLpQWHVH'LFH
4XHULGR3KLO

(OGRFWRU0RUWRQDO]yEUHYHPHQWHODYLVWDFRQXQDVRQULVDIDWXD

/LQXV\\RQRVFRQRFLPRVHQODVUHXQLRQHVGHOD)HGHUDFLyQHO
DxRSDVDGRH[SOLFy7RPDPRVXQDVFXDQWDVFRSDVMXQWRV(VXQ
WLSRHQFDQWDGRU
6HDMXVWyGHQXHYRODVJDIDV\YROYLyDODFDUWD

a4XHULGR3KLO+D\XQWDOGRFWRU5RJHU7RRPH\HQWXGHSDUWD
PHQWR"5HFLEtXQDFDUWDVX\DUHDOPHQWHH[WUDxDHORWURGtD7HDVH
JXURTXH QRVpTXpKDFHUFRQHOOD$OSULQFLSLRSHQVpROYLGDUODFRPR

XQDPiVGHHVDVFDUWDVGHFKLIODGRVTXHUHFLELPRVWRGRV/XHJRSHQVp
TXHSXHVWRTXHODFDUWDOOHYDEDHOPHPEUHWHGHWXGHSDUWDPHQWRW~
GHEHUtDVVDEHUDOJRVREUHHOOR&ODURTXHHVSRVLEOHTXHDOJXLHQHVWp
XWLOL]DQGRDWXSHUVRQDOFRPRSDUWHGHXQHPEDXFDPLHQWR7HDGMXQWR
ODFDUWDGHOGRFWRU7RRPH\SDUDTXHODH[DPLQHV(VSHURSRGHUYLVLWDU
DOJ~QGtDYXHVWUDSDUWHGHOSDtV%LHQHOUHVWRHVSHUVRQDO
(OGRFWRU0RUWRQGREOyODFDUWDVHTXLWyODVJDIDVODVFRORFyHQ
XQHVWXFKHGHSLHO\VHPHWLypVWHHQHOEROVLOORVXSHULRUGHVX
FKDTXHWD(QWUHOD]yORVGHGRV\VHLQFOLQyKDFLDGHODQWH
%LHQGLMRFUHRTXHQRKD\QHFHVLGDGGHTXHOHOHDVX
SURSLDFDUWD6HWUDWDGHDOJXQDEURPD"8QHQJDxR"

aFXHQWRVSDUDOHORa
'RFWRU0RUWRQGLMR5RJHUOHQWDPHQWHHVWDEDKDEODQGR
HQVHULR1RYHRQDGDPDORHQPLFDUWD/DHQYLpDXQRVFXDQWRV
ItVLFRV+DEODSRUVtPLVPD+HKHFKRREVHUYDFLRQHVGHXQFDVRGH
OHYLWDFLyQ\GHVHDEDLQIRUPDFLyQDFHUFDGH SRVLEOHVH[SLLFDFLRQHV
WHyULFDVDXQWDOIHQyPHQR
/HYLWDFLyQ'HYHUDV"

(VXQFDVRDXWpQWLFRGRFWRU0RUWRQ
/RREVHUYyXVWHGSHUVRQDOPHQWH"
3RUVXSXHVWR

1DGDGHKLORVRFXOWRV"1DGDGHHVSHMRV"0LUH7RRPH\
XVWHGQRHVXQH[SHUWRHQHVWRVIUDXGHV

)XHXQDVHULHDEVROXWDPHQWHFLHQWtILFDGHREVHUYDFLRQHV1R
KD\QLQJXQDSRVLELOLGDGGHIUDXGH
+XELHUDGHELGRFRQVXOWDUPH7RRPH\DQWHVGHHQYLDUHVDV
FDUWDV
4XL]iKXELHUDGHELGRKDFHUORGRFWRU0RUWRQSHURIUDQFD
PHQWHSHQVpTXHSRGUtDPRVWUDUVHXVWHGUHDFLR

%LHQJUDFLDV+XELHUDGHELGRHVSHUDUDOJRDVt<FRQHOPHP
EUHWHGHOGHSDUWDPHQWR0HVLHQWRUHDOPHQWHVRUSUHQGLGR7RRPH\
0LUHVXYLGDHVVX\D6LGHVHDXVWHGFUHHUHQODOHYLWDFLyQDGHODQWH
SHURKiJDORHVWULFWDPHQWH HQVXWLHPSROLEUH(QELHQGHOGHSDUWD
PHQWR\GHODXQLYHUVLGDGGHEHUtDUHVXOWDUOHREYLRTXHHVWHWLSRGH
FRVDVQRSXHGHQLQWHUIHULUFRQVXVDVXQWRVGRFHQWHV
'HKHFKRREVHUYRTXHKDSHUGLGRXVWHGDOJRGHSHVRUHFLHQWH
PHQWHQRHVDVt7RRPH\"6tQRWLHQHHQDEVROXWREXHQDVSHFWR6L

\RIXHUDXVWHGLQDDYHUDXQPpGLFR8QHVSHFLDOLVWDGHORVQHUYLRV
TXL]D
1RFUHHTXHVHUtDPHMRUXQSVLTXLDWUD"GLMR5RJHUDPDU
JDPHQWH

%LHQHVRHVHQWHUDPHQWHDVXQWRVX\R(QFXDOTXLHUFDVRXQ
SRFRGH GHVFDQVR

(OWHOpIRQRKDEtDVRQDGR\ODVHFUHWDULDKDEtDDWHQGLGRODOOD
PDGD$KRUDOHKL]RXQDVHxDDOGRFWRU0RUWRQ\pVWHWRPyVXH[
WHQVLyQ
6t"GLMR$KGRFWRU6PLWKHUVVt+XPPP6t
5HODWLYRDTXLpQ"%XHQRGHKHFKRHVWi DTXtFRQPLJRSUHFLVD
PHQWHDKRUD6t6tLQPHGLDWDPHQWH
&ROJyHOWHOpIRQR\PLUySHQVDWLYRD5RJHU
(OGHFDQRGHVHDYHPRVDORVGRV
$FHUFDGHTXpVHxRU"

1RORKDGLFKR6HOHYDQWy\VHGLULJLyKDFLDODSXHUWD
9LHQH7RRPH\"
6tVHxRU

5RJHUVHSXVRHQSLHGHVSDFLRDQFOiQGRVHFXLGDGRVDPHQWHFRQOD
SXQWHUDGHVXV]DSDWRVHQODSDUWHLQIHULRUGHOHVFULWRULRGHOGRFWRU
0RUWRQPLHQWUDVORKDFtD

(OGHFDQR6PLWKHUVHUDXQKRPEUHGHOJDGRFRQXQODUJRURVWUR
DVFpWLFR6XGHQWDGXUDSRVWL]D HQFDMDEDWDQPDOHQVXERFDTXHKDiD
TXHDOSURQXQFLDUODVVLELODQWHVVRQDUDQFRPRXQPHGLRVLOELGR
&LHUUHODSXHUWDVHxRULWD%U\FHGLMR\QRPHSDVHQLQJXQD
OODPDGDWHOHIyQLFDKDVWDTXHODDYLVH6LpQWHQVHFDEDOOHURV
6HORVTXHGyPLUDQGRRPLQRVDPHQWH\DQDGLy

&UHRTXHVHUiPHMRUTXHYD\DGLUHFWDPHQWHDODVXQWR1RVp
H[DFWDPHQWHORTXHHVWiKDFLHQGRHOGRFWRU7RRPH\SHURGHEHSD
UDUOR
(OGRFWRU0RUWRQVHYROYLyKDFLD5RJHUVRUSUHQGLGR
4XpKDHVWDGRXVWHGKDFLHQGR"

5RJHUVHDO]yGHVDOHQWDGDPHQWHGHKRPEURV

1DGDTXH\RSXHGDHYLWDU

'HVSXpVGHWRGRKDEtDVXEHVWLPDGRODVKDEODGXUtDVGHORVHV
WXGLDQWHV

2KYDPRVYDPRV(OGHFDQRPRVWUyLPSDFLHQFLD(VWR\
VHJXURGHTXHQRFRQR]FRORVXILFLHQWHGHODKLVWRULDFRPRSDUD
MX]JDUSHURSDUHFHTXHHVXVWHGHOFHQWURGHWRGDVODVKDEODGXUtDV
KDEODGXUtDVTXHVRQFRPSOHWDPHQWHLPSURSLDVGHOHVStULWX\ODGLJQL
GDGGHHVWDLQVWLWXFLyQ
1RVpQDGDGHWRGRHVRGLMRHOGRFWRU0RUWRQ
(OGHFDQRIUXQFLyHOFHxR

(QWRQFHVSDUHFHXVWHGPiVELHQVRUGR0HUHVXOWDVRUSUHQ
GHQWHODIRUPDHQTXHHOFXHUSRGRFHQWHSXHGHSHUPDQHFHUHQOD
FRPSOHWDLJQRUDQFLDGHDVXQWRVTXHVDWXUDQSRUHQWHURHOFXHUSR
HVWXGLDQWLO1XQFDDQWHVPHKDEtDGDGRFXHQWDGHHOOR<RPLVPROR
RtSRUDFFLGHQWHSRUXQDFFLGHQWHPX\DIRUWXQDGRGHKHFKRSXHVWR
TXHFRQVHJXtLQWHUFHSWDUDXQSHULRGLVWDTXHOOHJyHVWDPDxDQDEXV
FDQGRDDOJXLHQ8DPDGRHOGRFWRU7RRPH\HOSURIHVRUYRODQWH
4Xp"JULWyHOGRFWRU0RUWRQ
5RJHUHVFXFKyFRQGHVDOLHQWR

(VRHVORTXHGLMR HOSHULRGLVWD&LWRVXVSURSLDVSDODEUDV
3DUHFHTXHXQRGHQXHVWURVHVWXGLDQWHVOODPyDVXSHULyGLFR(FKpDO
SHULRGLVWDHKLFHYHQLUDOHVWXGLDQWHDPLGHVSDFKR6HJ~QpOHO
GRFWRU7RRPH\YROy\XWLOL]RODSDODEUDYROySRUTXHDVtIXH
FRPRLQVLVWLyHOHVWXGLDQWHHQOODPDUOREDMDQGRWRGRXQWUDPRGH
HVFDORQHV\YROYLHQGRDVXELUORVOXHJR$ILPPyTXHKXERGRFHQDVGH
WHVWLJRV
6RODPHQWHORVEDMpPXUPXUy5RJHU

(OGHFDQR6PLWKHUVHVWDEDDKRUDUHFRUULHQGRDUULED\DEDMROD
DOIRPEUDGHVXGHVSDFKR3DUHFtDVHUSUHVDGHXQDHORFXHQFLDIHEULO
$KRUDHVFXFKH7RRPH\1RWHQJRQDGDFRQWUDODVUHSUHVHQWD
FLRQHVGHDILFLRQDGRV'HVGHPLOOHJDGDDHVWHSXHVWRKHOXFKDGR
GHQRGDGDPHQWHFRQWUDODSRPSRVLGDG\ODIDOVDGLJQLGDG+HDQL
PDGRHOKHUPDQDPLHQWRHQWUHORVGLVWLQWRVFXHUSRVGHODIDFXOWDG\
MDPiVKHSXHVWRREMHFLyQDXQDFRQIUDWHUQL]DFLyQUD]RQDEOHFRQORV
HVWXGLDQWHV$VtTXHQRSXHGRREMHWDUQDGDVLGHVHDXVWHa
XQVKRZDVXVHVWXGLDQWHVHQVXSURSLDFDVD
a
6HJXUDPHQWHVHGDUiXVWHGFXHQWDGHORTXHSXHGHRFXUULUOHDOD

XQLYHUVLGDGVLODSUHQVDLUUHVSRQVDEOHODWRPDFRQQRVRWURV'HEH
PRVGHMDUTXHHOGHOLULRKDFLDXQSURIHVRUYRODQWHVXVWLWX\DDOGHOLULR
KDFLDORVSODWLOORVYRODQWHV"6LORVSHULRGLVWDVHQWUDQHQFRQWDFWRFRQ
XVWHGGRFWRU7RRPH\HVSHURTXHQLHJXHFDWHJyULFDPHQWHWRGRVORV
KHFKRVTXHVHOHLPSXWDQ
&RPSUHQGRGHFDQR6PLWKHUV

&RQItRHQTXHORJUHPRVVDOLUQRVGHHVWHLQFLGHQWHVLQGDxR
DSUHFLDEOH'HERSHGLUOHFRQWRGDODILUPH]DTXHPHFRQILHUHPL
FDUJRTXHQXQFDUHSLWDVXHVWRKD]DxD6LYXHOYHDRFXUULUPH
YHUpREOLJDGRDVROLFLWDUVXGLPLVLyQ+DFRPSUHQGLGRELHQGRFWRU
7RRPH\"
6tGLMR5RJHU

(QHVHFDVREXHQRVGtDVFDEDOOHURV

(OGRFWRU0RUWRQFRQGXMRD5RJHUGHYXHOWDDVXGHVSDFKR(VWD
YH]GHVSLGLyDVXVHFUHWDULD\FHUUyFXLGDGRVDPHQWHODSXHUWDWUDVpO
3RUWRGRVORVFLHORV7RRPH\PXUPXUyWLHQHHVWDORFXUD
DOJXQDFRQH[LyQFRQVXFDUWDDFHUFDGHODOHYLWDFLyQ"
/RVQHUYLRVGH5RJHUHVWDEDQDSXQWRGHHVWDOODU

1RUHVXOWDREYLR"(QHVDVFDUWDVPHUHIHUtDDPtPLVPR
3XHGHXVWHGYRODU"4XLHURGHFLUOHYLWDU"

3XHGHXWLOL]DUODSDODEUDTXHPiVOHJXVWH

1XQFDKHRtGRGHWDO0DOGLWDVHD7RRPH\OHYLRDOJXQDYH]
OHYLWDUODVHxRULWD+DUURZD\"
(QXQDRFDVLyQ)XHXQDFFLG

3RUVXSXHVWR$KRUDWRGRUHVXOWDREYLR(VWDEDWDQKLVWp
ULFDTXHHUDGLItFLOHQWHQGHUORTXHGHFtD&RQWyTXHXVWHGVDOWy
KDFLDHOOD6RQDEDFRPRVLHVWXYLHUDDFXViQGROHGHGH(O
GRFWRU0RUWRQSDUHFtDD]DUDGR%XHQR\RQRODFUHt(UDXQD
EXHQDVHFUHWDULDHQWLpQGDORSHURREYLDPHQWHQRXQDGHHVDV
GHVWLQDGDVDDWUDHUODDWHQFLyQGHXQKRPEUH0HVHQWtUHDOPHQWH
DOLYLDGRFXDQGRVHIXH3HQVpTXHODSUy[LPDYH]VHSUHVHQWDUtD
FRQXQUHYyOYHURDFXViQGRPHDPt8VWHGXVWHGOHYLWy
QR"
6L

&yPRORKDFH"

5RJHUDJLWyODFDEH]D

(VHHVPLSUREOHPD1RORVp

(OGRFWRU0RUWRQVHSHUPLWLyXQDVRQULVD

6HJXURTXHQRUHSHOHODOH\GHODJUDYHGDG"

6tFUHRTXHHVHVR'HEHGHKDEHUDOJRUHODFLRQDGRFRQOD
DQWLJUDYHGDGPH]FODGRHQHO IHQyPHQRQRVpFyPR
/DLQGLJQDFLyQGHOGRFWRU0RUWRQDQWHHOKHFKRGHTXHXQD
EURPDFRPRDTXHOODIXHUDWRPDGDHQVHULRHUDHYLGHQWH
0LUH7RRPH\HVRQRHVDOJRTXHSXHGDWRPDUVHDULVD

7RPDUVHDULVD6DQWRFLHORGRFWRU0RUWRQWHQJRHODVSHFWR
GHHVWDUPHULHQGR"
%XHQRQHFHVLWDXVWHGXQGHVFDQVR6LQGLVFXVLyQ8QSRFR
GHGHVFDQVR\HVDWRQWHUtDVX\DSDVDUi(VWR\VHJXURGHHOOR

1RHVQLQJXQDWRQWHUtD5RJHUDJLWyXQPRPHQWRODFDEH]D
OXHJRGLMRFRQWRQRWUDQTXLOR/HGLUpXQDFRVDGRFWRU0RUWRQ
OHJXVWDULDFRODERUDUFRQPLJRHQHVWR"(QFLHUWRVHQWLGRHVDOJR
TXHSXHGHDEULUQXHYRVKRUL]RQWHVHQODVFLHQFLDVIIVLFDV1RVpFRPR
IXQFLRQDVLPSOHPHQWHQRSXHGRFRQFHELUQLQJXQDVROXFLyQ/RVGRV
MXQWRV
/DH[SUHVLyQGHKRUURU GHOGRFWRU0RUWRQHUDDDTXHOODVDOWXUDV
LQFRQIXQGLEOH

6pTXHVXHQDH[WUDxRLQVLVWLy5RJHU3HURVHORGHPRV
WUDUp(VDOJRFRPSOHWDPHQWHDXWpQWLFR4XHUUtDTXHQRORIXHVH

2KYDPRV(OGRFWRU0RUWRQVDOWyGHVXVLOOD1RVH
FDQVH1HFHVLWDXVWHGXUJHQWHPHQWHXQGHVFDQVR1RFUHRTXHGHED
DJXDUGDUKDVWDMXQLR9i\DVHDFDVDDKRUDPLVPR9HUpTXHVHOHVLJD
DERQDQGRVXVXHOGR\\RPLVPRPHHQFDUJDUpGHVXVFODVHV6ROtD
KDFHUORDQWHV\DVDEH
'RFWRU0RUWRQHVWRHVLPSRUWDQWH

/RVpORVp(OGRFWRU0RUWRQOHGLRXQDSDOPDGDHQHO
KRPEUR'HWRGRVPRGRVPXFKDFKRWLHQHXVWHGPX\PDODVSHF
WR+DEODQGRIUDQFDPHQWHWLHQHXVWHGXQDVSHFWRLQIHUQDO1HFHVLWD
XQODUJRGHVFDQVR
3XHGROHYLWDU/DYR]GH5RJHUHVWDEDVXELHQGRQXHYDPHQWH

GHYROXPHQ8VWHGLQWHQWDOLEUDUVHGHPtSRUTXHQRPHFUHH
3LHQVDTXHHVWR\PLQWLHQGR"&XiOHVSRGUtDQVHUPLVPRWLYRV"

6HHVWiH[FLWDQGRLQQHFHVDULDPHQWHPXFKDFKR'pMHPHOODPDU
SRUWHOpIRQR+DUpTXHDOJXLHQOHOOHYHDFDVD
/HGLJRTXHSXHGROHYLWDUJULWy5RJHU
(OGRFWRU0RUWRQVHSXVRURMR

0LUH7RRPH\QRVLJDPRVGLVFXWLHQGRHVR1RPHLPSRUWDUtD
DXQTXHVHHFKDVHDYRODUSRUORVDLUHVHQHVWHPLVPRPRPHQWR
4XLHUHGHFLUTXHYHUQRVLJQLILFDFUHHUHQORTXHDXVWHG
UHVSHFWD"

(QODOHYLWDFLyQ"3RUVXSXHVWRTXHQR(OMHIHGHOGHSDUWD
PHQWRHVWDEDFDVLYRFLIHUDQGR6LOHYLHUDDXVWHGYRODULUtDDYHUD
XQRSWRPHWULVWDRDXQSVLTXLDWUD$QWHVFUHHUpTXHHVWR\ORFRTXHHO
TXHODVOH\HVGHODItVLFD
6HLQWHUUXPSLy\FDUUDVSHyIXHUWHPHQWH

%LHQFRPR\DKHGLFKRQRGLVFXWDPRVVREUHHVR9R\DOODPDU
SRUWHOpIRQR
1RHVQHFHVDULRVHxRU1RHVQHFHVDULRGLMR5RJHU'H
DFXHUGR0HWRPDUpXQGHVFDQVR$GLyV

6DOLyUiSLGDPHQWHFDPLQDQGRFRQPiVEUtRTXHQXQFDORKDEtD
KHFKRHQORV~OWLPRVGtDV(OGRFWRU0RUWRQGHSLHODVPDQRVDSR\D
GDVSODQDVVREUHVXHVFULWRULRVHTXHGyFRQWHPSODQGRFRQDOLYLROD
HVSDOGDGH7RRPH\PLHQWUDVVHDOHMDED



-DPHV6DUOHHOPpGLFRVHKDOODEDHQODVDODGHHVWDUFXDQGR
5RJHUOOHJyDFDVD(QHOPRPHQWRHQTXHpVWHFUX]yODSXHUWDHO
PpGLFRHVWDEDHQFHQGLHQGRVXSLSDFRQXQDPDQRGHUHFLRVQXGLOORV
URGHDQGRODFD]ROHWD6DFXGLyHOIyVIRURSDUDDSDJDUOR\VXUXEL
FXQGRURVWURVHIUXQFLyHQXQDVRQULVD
+ROD5RJHU'LPLWLHQGRGHODUD]DKXPDQD"1RKHVDELGR
QDGDGHWLGHVGHKDFHPiVGHXQPHV

6XVQHJUDVFHMDVVHMXQWDURQVREUHHOSXHQWHGHODQDUL]GiQGROH
XQDDSDULHQFLDPiVELHQFRQGHVFHQGLHQWHTXHGHDOJXQDIRUPDOH
D\XGDEDDHVWDEOHFHUXQDDWPyVIHUDDGHFXDGDFRQVXVSDFLHQWHV

5RJHUVHYROYLyKDFLD-DQHTXHSHUPDQHFtDKXQGLGDHQXQVLOOyQ
&RPRGHFRVWXPEUH~OWLPDPHQWHVXURVWURPRVWUDEDXQDH[SUHVLyQ

GHOiQJXLGRDJRWDPLHQWR

3RUTXpORKDVWUDtGRDTXt"OHGLMR5RJHU

$OWR$OWRKRPEUHGLMR6DUOH1DGLHPHKDWUDtGR(VWD
PDxDQDHQFRQWUpD-DQHHQHOFHQWUR\PHLQYLWp6R\PiVJUDQGH\
IXHUWHTXHHOODQRSXGRLPSHGLUOR
^ VHQFRQWUDVWHLVSRUPHUDFRLQFLGHQFLDVXSRQJR'DVKRUD
WDPELpQSDUDWXV FRLQFLGHQFLDV"
6DUOHVHHFKyDUHtU

'LJiPRVORGHHVWDRWUDIRPPDHOODPHKDEOyXQSRFRGHORTXH
KDHVWDGRSDVDQGRDTXt

6LHQWRTXHQRHVWpVGHDFXHUGR5RJHUGLMR-DQHGpELOPHQ
WHSHURKDVLGRODSULPHUDRSRUWXQLGDGTXHKHWHQLGRGHKDEODU
FRQDOJXLHQTXHSXHGDFRPSUHQGHU
4XpWHKDFHSHQVDUTXHpOSXHGHFRPSUHQGHU"'LPH-LP,
FUHHVVXKLVWRULD"
1RHVXQDFRVDIiFLOGHFUHHUGLMR6DUOH/RDGPLWR3HUROR
HVWR\LQWHQWDQGR
(VWiELHQVXSyQTXHYXHOR6XSyQTXHPHSRQJRDOHYLWDU
DKRUD PLVPR4XpKDUtDV"

6XSRQJRTXHGHVPD\DUPH4XL]iVH[FODPDUD6DQWR'LRV
4XL]iPHHFKDUDDUHtUDFDUFDMDGDV3RUTXpQRORSUREDPRV\
YHPRVORTXHSDVD"
5RJHUVHORTXHGyPLUDQGRILMDPHQWH
'HYHUDVGHVHDVYHUOR"

3RUTXpQRLEDDGHVHDUOR"

$TXHOORVTXHORKDQYLVWRKDVWDDKRUDVHKDQSXHVWRDJULWDU
KDQHFKDGRDFRUUHURVHKDQTXHGDGRKHODGRVGHKRUURU3RGUiV
VRSRUWDUOR-LUQ"
<RFUHRTXHVt
'HDFXHUGR

5RJHUVHGHVOL]yPHGLRPHWURKDFLDDUULED\HMHFXWyGLH]YHFHV
XQOHQWRHQWUHFKDW6HTXHGyHQHODLUHODVSXQWDVGHORVSLHVDSXQ
WDQGRKDFLDDEDMRODVSLHUQDVMXQWDVORVEUD]RVJUDFLRVDPHQWHH[WHQ
GLGRVHQXQDDPDUJDSDURGLDGHVDOXGR

0HMRUTXH1LMLQVNLHK-LP"SUHJXQWy

6DUOHQRKL]RQLQJXQDGHODVFRVDVTXHKDEtD VXJHULGRTXHSRGtD


KDFHU([FHSWRDJDUUDUVXSLSDFRPRVLHVWXYLHUDDSXQWRGHFDpUVHOH
QRKL]RDEVROXWDPHQWHQDGD
-DQHKDEtDFHUUDGRORVRMRV/DVOiJULPDVDVRPDEDQTXLHWDPHQWH
SRUHQWUHVXVSiUSDGRV
%DMD5RJHUGLMR6DUOH

5RJHUEDMy7RPyDVLHQWR\GLMR

(VFULEtDXQDVHULHGHItVLFRVKRPEUHVGHJUDQUHSXWDFLyQ/HV
H[SOLTXpODVLWXDFLyQGHXQDIRUPDLPSHUVRQDO'LMHTXHSHQVDEDTXH
WRGRHVWRGHEHUtDVHULQYHVWLJDGR/DPD\RUSDUWHGHHOORVPHLJQRUD
URQ8QRHVFULELyDOYLHMR0RUWRQSDUDSUHJXQWDUOHVL\RHUDXQ
IDUVDQWHRHVWDEDORFR
aK5RJHUPXUPXUy-DQH

7~FUHHVTXHVHWUDWDGHDOJRPDOR"(OGHFDQRPHOODPyKR\D
VXGHVSDFKR0HGLMRTXHWHQtDTXHGHMDUGHKDFHUHVRVMXHJRVGH
VDOyQ3DUHFHTXHPHFDtSRUODHVFDOHUD\DXWRPiWLFDPHQWHOHYLWp
KDVWDDEDMR0RUWRQGLFHTXHQRFUHHUiTXHSXHGRYRODUQLVLTXLHUD
DXQTXHPHYHDHQSOHQDDFFLyQ(QHVWHFDVRYHUQRVLJQLILFDFUHHU
GLFH\HQFRQVHFXHQFLDPHRUGHQDTXHPHWRPHXQGHVFDQVR1R
SLHQVRYROYHUDOOL
5RJHUGLMR-DQHDEULHQGRPXFKRORVRMRV(VWiVKD
EODQGRHQVHULR"

1RSXHGRYROYHU0HGDQDVFRWRGRVHOORV&LHQWtILFRV
3HURaTXpYDVDKDFHU"

1RORVp5RJHUKXQGLyODFDEH]DHQWUHODVPDQRV&RQYR]
DKRJDGDGLMR'tPHORW~-LP7~HUHVHOSVLTXLDWUD3RU TXpQR
PHFUHHQ"

4XL]iVHWUDWHGHXQDVXQWRGHDXWRSURWHFFLyQ5RJHUGLMR
6DUOHOHQWDPHQWH$ODJHQWHQROHJXVWDQODVFRVDVTXHQRSXHGH
FRPSUHQGHU,QFOXVRKDFHDOJXQRVVLJORVFXDQGRPXFKDVSHUVRQDV
FUHtDQHQODH[LVWHQFLDGHKDELOLGDGHVH[WUDQDWXUDOHVFRPRYRODUVa
EUHSDORVGHHVFREDSRUHMHPSORFDVLVLHPSUHVHVXSRQtDTXHHVRV
SRGHUHVHUDQRULJLQDGRVSRUODVIXHU]DVGHOPDO

/DJHQWHD~QVLJXHFUH\HQGRHVR3XHGHTXHQRKD\DPXFKRV
TXHFUHDQWRGDYtDOLWHUDOPHQWHHQHOGLDEORSHURODFUHHQFLDJHQHUDOL
]DGDGHTXHWRGRORH[WUDxRHVPDORVXEVLVWH/XFKDUiQFRQWUDODLGHD
GHFUHHUHQODOHYLWDFLyQRVHDVXVWDUiQPRUWDOPHQWHVLVHYHQ
REOLJDGRVDWVDJDUHOKHFKReVDHVODYHUGDGDVtTXHHQIUpQWDWHD
HOOD
5RJHUPHQHyODFDEH]D

7~HVWiVKDEODQGRGHJHQWH\\RKDEORGHFLHQWtILFRV
/RVFLHQWtILFRVWDPELpQVRQJHQWH

<DVDEHVORTXHTXLHURGHFLU7HQJRDTXtXQIHQyPHQR1RHV
EUXMHUtD1RKHKHFKRQLQJ~QWUDWRFRQHOGLDEOR-LPWLHQHTXH
H[LVWLUXQDH[SOLFDFLyQQDWXUDO1RVDEHPRVWRGRORTXHKD\TXH
VDEHUVREUHJUDYLWDFLyQ5HDOPHQWHDSHQDVVDEHPRVQDGD1RFUHHV
TXHHVFRQFHELEOHTXHH[LVWDDOJ~QPpWRGRELROyJLFRGHDQXODUOD
JUDYHGDG"4XL]i\RVHDXQDPXWDFLyQGHDOJ~QWLSR4XL]iSRVHD
XQEXHQROODPpPRVOHXQP~VFXORTXHSXHGHDQXODUODJUDYH
GDG$OPHQRVSXHGHDQXODUHOHIHFWRGHODJUDYHGDGHQPtPLVPR
%LHQLQYHVWLJXHPRVHVR3RUTXpTXHGDUQRVVHQWDGRVFRQODVPDQRV
FUX]DGDV"6LFRQVHJXLPRVGRPLQDUODDQWLJUDYHGDGLPDJLQDORTXH
HVRUHSUHVHQWDUiSDUDODUD]DKXPDQD

(VSHUDXQPRPHQWR5RJHUGLMR6DUOH3LHQVDXQSRFRHQ
HODVXQWR3RUTXpWHVLHQWHVWDQLQIHOL]DOUHVSHFWR"6HJ~Q-DQH
HVWDEDVFDVLORFRGHPLHGRHOSULPHUGtDTXHWHRFXUULyDQWHVGHTXH
WXYLHUDVQLQJXQDIRUPDGHVDEHUTXHODFLHQFLDLEDDLJQRUDUWH\TXH
WXVVXSHULRUHVLEDQDPRVWUDUVHWDQSRFRFRRSHUDWLYRV
(VRHVFLHUWRPXUPXUy-DQH

3RUTXpWHRFXUULyHVR"FRQWLQXy6DUOH/RTXHWHQtDV
HQWUHODVPDQRVHUDXQQXHYRJUDQGH\PDUDYLOORVRSRGHUXQDUH
SHQWLQDOLEHUDFLyQGHOKRUULEOHHPSXMHGHODJUDYHGDG
2KQRGLJDVWRQWHUtDVPXUPXUy5RJHU)XHKRUULEOH
1RSRGtDFRPSUHQGHUOR<VLJRVLQSRGHU

([DFWRPXFKDFKR(UDDOJRTXHQRSRGtDVFRPSUHQGHU\HQ
FRQVHFXHQFLDDOJRKRUULEOH(UHVXQItVLFR6DEHVTXpHVORTXHKDFH
IXQFLRQDUDOXQLYHUVR2VLQRORVDEHVVDEHVTXHKD\RWURVTXHVtOR
VDEHQ$XQTXHQDGLHFRPSUHQGDXQGHWHUPLQDGRSXQWRVDEHVTXH
DOJ~QGtDDOJXLHQORFRPSUHQGHUi/DSDODEUDFODYHHVFRPSUHQGHU
)RUPDSDUWHGHWXYLGD$KRUDWHHQFXHQWUDVIUHQWHDIUHQWHFRQXQ
IHQyPHQRTXHFRQVLGHUDVTXHYLRODXQDGHODVOH\HVEiVLFDVGHOXQL
YHUVR/RVFLHQWtILFRVGLFHQGRVPDVDVVHDWUDHQPXWXDPHQWHVHJ~Q
XQDUHJODPDWHPiWLFDSUHHVWDEOHFLGD(VXQDSURSLHGDGLQDOLHQDEOH

GHODPDWHULD\GHOHVSDFLR1RKD\H[FHSFLRQHV< DKRUDW~HUHVXQD
H[FHSFLyQ
<FyPRDFRWy5RJHUVRPEUtDPHQWH

1RORHQWLHQGHV5RJHU"SURVLJXLy6DUOH3RUSULPHUDYH]
HQODKLVWRULDODKXPDQLGDGSRVHHUHDOPHQWHORTXHFRQVLGHUDOH\HV
LQTXHEUDQWDEOHV5HSLWRLQTXHEUDQWDEOHV(QODVFXOWXUDVSULPLWLYDV
XQKHFKLFHURSRGtDXWLOL]DUXQHQFDQWDPLHQWRSDUDSURGXFLUOOXYLD6L
QRIXQFLRQDEDHVRQRWUDVWRUQDEDODYDOLGH]GHODPDJLD6LPSOH
PHQWHVLJQLILFDEDTXHHOFKDPiQKDEtDROYLGDGRDOJXQDSDUWHGHO
HQFDQWDPLHQWRRKDEtDURWRXQWDE~RKDEtDRIHQGLGRDXQGLRV(Q
ODVPRGHUQDVFXOWXUDVWHRFUiWLFDVORVPDQGDPLHQWRVGHODGHLGDGVRQ
LQTXHEUDQWDEOHV6LQHPEDUJRVLXQKRPEUHTXHEUDQWDORVPDQGD
PLHQWRV\SHVHDHOORSURVSHUDHVRQRVLJQLILFDTXHHVDUHOLJLyQHQ
SDUWLFXODUQRVHDYiOLGD/RVFDPLQRVGHODSURYLGHQFLDVRQDGPLWLGRV
FRPRPLVWHULRVRV\WRGRHOPXQGRVDEHTXHHQDOJ~QOXJDUOHDJXDU
GDDOFXOSDEOHXQLQYLVLEOHFDVWLJR
+R\VLQHPEDUJRH[LVWHQ,F\HVTXHUHDOPHQWHQRSXHGHQVHU
TXHEUDQWDGDV\XQDGHHOODVHVODOH\GHODJUDYHGDG)XQFLRQD
LQFOXVRFXDQGRHOKRPEUHTXHODLQYRFDKDROYLGDGRPXUPXUDUORGH
HVWRPiVHVRPiVHVRRWURLJXDODDTXHOORGHPiVDOOiDOFXDGUDGR
5RJHUFRQVLJXLyHVER]DUXQDWRUFLGDVRQULVD

(VWiVFRPSOHWDPHQWHHTXLYRFDGR-LUQ/DVOH\HVLQTXHEUDQWD
EOHVKDQVLGRTXHEUDQWDGDVFRQVWDQWHPHQWHXQD\RWUDYH]/DUD
GLDFWLYLGDGHUDDOJRLPSRVLEOHFXDQGRIXHGHVFXELHUWD/DHQHUJtD
VXUJLyGHODQDGDFDQWLGDGHVLQFUHtEOHVGHHOOD(UDDOJRWDQULGtFXOR
FRPRODOHYLWDFLyQ
/DUDGLDFWLYLGDGHUDXQIHQyPHQRREMHWLYRTXHSRGtDVHUWUDQV
PLWLGR\UHSURGXFLGR(OXUDQLRYHODEDODSHOtFXODIRWRJUiILFDSDUD
WRGRHOPXQGR8QWXERGH&URRNHVSRGtDVHUFRQVWUXLGRSRUFXDO
TXLHUD\SURGXFtDXQIOXMRGHHOHFWURQHVGHLGpQWLFDVFDUDFWHUtVWLFDV
SDUDWRGRHOPXQGR7~
<RKHLQWHQWDGRWUDQVPLWLU

/RVp3HURSXHGHVGHFLUPHSRUHMHPSORFyPRSXHGR\ROH
YLWDU"
3RUVXSXHVWRTXHQR

(VROLPLWDDORVGHPiV~QLFDPHQWHDODREVHUYDFLyQVLQUHSUR
GXFFLyQH[SHULPHQWDO<VLW~DWXOHYLWDFLyQHQHOPLVPRSODQRTXHD
HYROXFLyQHVWHODUDOJRDFHUFDGHORFXDOFDEHWHRUL]DUSHURFRQOR
TXHQXQFDVHSRGUiH[SHULPHQWDU

6LQHPEDUJRKD\FLHQWtILFRVGLVSXHVWRVDGHGLFDUVXVYLGDVDOD
DVWURItVLFD

/RVFLHQWtILFRVVRQJHQWH1RSXHGHQDOFDQ]DUODVHVWUHOODVDVt
TXHVHDSUR[LPDQORPiVTXHSXHGHQ3HURVtSXHGHQDOFDQ]DUWHDWL
\VHULQFDSDFHVGHWRFDUWXOHYLWDFLyQHVDOJRTXHORVSRQGUiIXULRVRV
-LPQLVLTXLHUDORKDLQWHQWDGR+DEODVFRPRVL\RKXELHUD
VLGRHVWXGLDGRSHURORFLHUWRHVTXHQLVLTXLHUDKDQWRPDGRHQ
FRQVLGHUDFLyQHOSUREOHPD

1RWLHQHQSRUTXpKDFHUOR7XOHYLWDFLyQIRUPDSDUWHGHXQWLSR
GHIHQyPHQRVTXHQXQFDVRQWRPDGRVHQFRQVLGHUDFLyQ/DWHOHSD
WtDODFODULYLGHQFLDODSUHVFLHQFLD\XQPLOODUGHRWURVSRGHUHVH[WUD
QDWXUDOHVQXQFDKDQVLGRLQYHVWLJDGRVFRQVHULHGDGQLVLTXLHUD
FXDQGRKDQVLGRGHVFULWRVFRQWRGDVODVDSDULHQFLDVGHFUHGLELOLGDG
/RVH[SHULPHQWRVGH5KLQHVREUHODSHUFHSFLyQH[WUDVHQVRULDOKDQ
LUULWDGRDXQQ~PHURPD\RUGHFLHQ~ILFRVTXHORVTXHSXHGDQKD
EHUVHVHQWLGRLQWULJDGRV$VtTXHHQWLpQGHORQRQHFHVLWDQHVWXGLDUWH
SDUDVDEHUTXHQRGHVHDQHVWXGLDUWH/RVDEHQSRUDQWLFLSDGR
<HVRWHSDUHFHGLYHUWLGR-LP"&LHQEILFRVQHJiQGRVHDLQYHV
WLJDUKHFKRVGiQGROHODHVSDOGDDODYHUGDG<W~WHOLPLWDVDTXH
GDUWHDKtVHQWDGRVRQULHQWH\KDFLHQGRDOHJUHVDILUPDFLRQHV

1R5RJHUVpTXHWRGRHVWRHVVHULR<QRSUHWHQGRMXVWLILFDUD
ODKXPDQLGDGGHYHUDV(VWR\RIUHFLpQGRWHPLVSHQVDPLHQWRVXQD
RSLQLyQ$FDVRQRWHGDVFXHQWD"/RTXHLQWHQWRHQUHDOLGDGHVYHU
ODVFRVDVWDOFRPRVRQ(VRHVORTXHWHQGUtDVTXHKDFHUW~2OYLGDWXV
LGHDOHVWXVWHRUtDVDFHUFDGHFyPRGHEHUtDDFWXDUODJHQWH&RQVLGHUD
ORTXHHVWiVKDFLHQGR<WUDWDGHDFHSWDUORFRPRXQDFRQGLFLyQGH
ODYLGDFRQODTXHWLHQHVTXHYLYLU $XQTXHQRYD\DDVHUIiFLO
&yPRFUHHVTXHSXHGRYLYLUFRQHOOR"

-DPHV6DUOHYDFLyODSLSD\VHODJXDUGy
4XLHUHVVDEHUPLRSLQLyQ"

)PQHFHaUHYLaUaQaUWLUUOHaW3PPWR(OILQDOUHYLVDGRDSDUWLUGH
Ua  Ua U

7HHVFXFKR





(QWXHVWDGRGHiQLPRDFWXDOQRSXHGHVVHJXLUWUDEDMDQGR
FRPRFLHQWtILFR7LHQHVTXHYLYLUGHWDOPRGRTXHWXOHYLWDFLyQSXHGD
VHUDFHSWDGDSRUORVGHPiVFRPRXQDHVSHFLHGHKHFKRHVWDEOHFLGR
1RORFUHHVDVt"

(VRVHUtDXQDOLYLR

(QWDOFDVRWHVXJLHURDOJR&RQR]FRDXQKRPEUHOODPDGR
:LOOLDP0DJRXQ&UHRTXHSXHGRFRQYHQFHUOHSDUDTXHWHD\XGH(V
XQDHVSHFLHGHSURGXFWRUWHDWUDO(VSURSLHWDULRGHO%ODFN0DVN
XQDHVSHFLHGHFOXEQRFWXUQR2pVDHVDOPHQRVODGHVFULSFLyQPiV
FHUFDQDDODUHDOLGDG
4XpGHPRQLRVPHHVWiVVXJLULHQGR"

1RWHSDUHFHHYLGHQWH"3RUTXpQRDFWXDUHQXQHVFHQDQR"
3RUTXpQRFRQVLGHUDUWHXQPDJR"
6DUOHFRJOyHODEULJR\VHPFRUSRUy
5RJHUH[FODPy
8QPDJR

7UDMHFRQPLJRODWDUMHWDGH0DJRXQSRUVLDFDVR7yPDOD
TXLHUHV"<5RJHUWLHQHVXQDVSHFWRWHUULEOH&XiQGRIXHOD~OWLPD
YH]TXHSDVDVWHXQDEXHQDQRFKHGHVXHxR"
5RJHUPXUPXUyDOJRYDJR

4XLHUHVTXHWHUHFHWHStOGRUDVSDUDGRUPLU"
5RJHUVHOHYDQWy

1RQRODVQHFHVLWR$~QPHTXHGDQDOJXQDVTXHPHGLRXQ
PLHPEURGHOD(VFXHODGH0HGLFLQD0DJR

(VXQPRGRGHYLGDUHVSHWDEOHGLMR6DUOHGLULJLpQGRVHKDFLD
ODSXHUWD
-DQHHVWUHFKyODPDQRGH6DUOH\OHGLMRVXDYHPHQWH
*UDFLDV-LP*UDFLDVSRUKDEHUKDEODGRFRQpO

1RWHSUHRFXSHV-DQHGLMR6DUOHDSUHWiQGROHORVGHGRV
-LP"OODPy5RJHU
6t"

&yPRHVTXHPLOHYLWDFLyQQRWHKDLQTXLHWDGR"

<RQRVR\XQFLHQWtILFRIIVLFR5RJHUFRQWHVWy6DUOHVRQ
ULHQGR0HWHPRTXHHQPLSURIHVLyQQRWHQHPRVUHJODV2DO
PHQRVFDGDSHTXHxDHVFXHODGHSVLTXLDWUtDWLHQHVXVSURSLDVUHJODV

TXHVRQDVXYH]H[FOX\HQWHVFRQUHVSHFWRDODVGHPiVORTXHYLHQHD
VHUORPLVPR'HPRGRTXHTXpVLJQLILFDXQDOH\TXHEUDQWDGD"(V
ORPLVPR
<ELHQ"

1RFUHRTXHDVLVWDDQLQJXQDGHWXVDFWXDFLRQHVHQHO%ODFN
0DVNVLHVTXH0DJRXQGHFLGHDFHSWDUWH1RWHLPSRUWDUiYHU
GDG"
1RFRQWHVWy5RJHUVRPEUtDPHQWHQRPHLPSRUWDUi
6DUOHVHPDUFKy\5RJHU\-DQHVHTXHGDURQVRORV

4XpSLHQVDVGHWRGRHVWR-DQH"SUHJXQWy5RJHU
1RORVpFRQWHVWyHOODVLQDEDQGRQDUVXDSDWtD
&RQYHUWLUPHHQXQPDJR

<TXpLPSRUWDHVR"GLMRHOODVDOLHQGREUXVFDPHQWHGHODKD
ELWDFLyQ

5RJHUODVLJXLyFRQODPLUDGD\GHVSXpVFRQWHPSOyOHQWDPHQWHOD
WDUMHWDTXH6DUOHOHKDEtDHQWUHJDGR

$KRUD





7DO\FRPRYDYHVWLGRFRQHVDVURSDV"
'HVGHOXHJR

%XHQRHVRPHLQWULJD7LHQHXVWHGTXHVHUXQDILFLRQDGR/RV
PDJRVTXH\RFRQR]FRVHUtDQLQFDSDFHVGHFRUWDUXQDEDUDMDHQWUDMH
GHFDOOH6HVHQWLUtDQGHVQXGRV&RPSUHQGHORTXHTXLHURGHFLU"
1RKHLPDJLQDGRQLQJ~QWUDMHHVSHFLDOTXHSRQHUPHGLMR
5RJHU

1R"%XHQRTXL]iGHEHUtDKDEHUHPSH]DGRSRUDKt/DJHQWH
HPSLH]DDFDQVDUVHGHWRGRORTXHVHLQYHQWDQORVPDJRV3XHGHTXH
KD\DDOJRGHRULJLQDOHQYHUDXQWLSRYHVWLGRFRQXQVXPSOHWUDMH
KDFLHQGRVXVWULTXLxXHODV6HUtDXQDHVSHFLHGHQRYHGDGFRP
SUHQGH"(VWiELHQYD\DPRVDOHVFHQDULR\\RPHVHQWDUpHQWUHODV
PHVDVGHODVDOD'yQGHHVWiQVXVDUWLOXJLRVGHDSR\R"
<RPLVPRPHRFXSDUpGHHOORVPXUPXUy5RJHU

6DOLHURQDODVDODYDFtDGHOFOXEQRFWXUQRHQVHPLSHQXPEUDVD

FDXVDGHODVSHVDGDVFRUWLQDVTXHFXEUtDQODVYHQWDQDV0DJRXQ
DSUHWyXQLQWHUUXSWRUTXHDUURMyOX]VREUHHOHVFHQDULR

$GHODQWHGLMRUHWURFHGLHQGRKDFLDOD]RQDGRQGHHVWDEDQ
VLWXDGDVODVPHVDV1RWLHQHTXHSUHRFXSDUVHSRUORVSUHiPEXORVR
ODMHUJDSXEOLFLWDULD'HPXpVWUHPHVLPSOHPHQWHFyPRIORWDXVWHG
FRPSUHQGH"+iJDORFRPRVLDFDEDUDQGHVRQDUORVWDPERUHVDQXQ
FLiQGROH
(QXQRGHORVH[WUHPRVGHODVDODXQFDPDUHURVHDSR\yLQWHUH
VDGRVREUHODHVFREDTXHKDEtDHVWDGRPDQHMDQGR

5RJHUPLUyDVXDOUHGHGRUVLQWLpQGRVHFRQIXQGLGR([SHUL
PHQWyXQDKRUULEOHSHURPRPHQWiQHDVHQVDFLyQGHLQFDSDFLGDG
$KRUDTXHSRUSULPHUDYH]GHVHDEDIORWDUSDUHFtDKDEHUVHROYL
GDGRGHFyPRKDFHUOR$OOtHVWDED0DJRXQKDFLpQGROHJHVWRVGH
DVHQWLPLHQWRFRQODFDEH]DURGHDQGRFRQORVODELRVHOJUXHVRSXUR
TXHHVWDEDHQFHQGLHQGR$OOtHVWDEDWDPELpQDTXHOFDPDUHURRE
VHUYiQGROHDWHQWDPHQWH<DOOtHVWDEDWDPELpQDTXHOHQRUPHYDiR
GHVGHHOTXHDOJXQDQRFKHFLHQWRVGHRMRVSRGUtDQHVWDUPLUiQ
GROH
<SHQVySDUDVtPLVPR$UULEDPXFKDFKR
<VHHOHYy

)ORWyKDFLDHOWHFKRSHUPDQHFLHQGRDPHGLDDOWXUD(VFXFKyHO
JULWRURQFRGH0DJRXQ\YLRDOFDPDUHURVDOLUSUHFLSLWDGDPHQWHSRU
ODSXHUWDPiVFHUFDQD
5RJHUGHVFULELyXQDYXHOWDGHFDPSDQDHQHODLUH\GHVSXpVGHV
FHQGLyVREUHHOHVFHQDULR
0DJRXQ\DHVWDEDMXQWRDpOHQFXDQWRWRFyHOVXHOR

6HQVDFLRQDO7RRPH\WHUURUtILFR(VXQDLOXVLyQPDUDYLOORVD
&yPRGLDEORVORKDFH"
%XHQR(VXQVHFUHWRSURIHVLRQDO\DVDEH

aKFODURFODUR/HUXHJRPHGLVFXOSH'HEHQ
DKDEpUPHOR
LPDJLQDGRDQWHVGHSUHJXQWiUVHORSHURORTXHXVWHGKDKHFKRPHKD
LPSUHVLRQDGRGHYHUDVVDEH"(VFXFKHTXHGDXVWHGFRQWUDWDGR
&RQORTXHDFDERGHYHUQRQHFHVLWDXVWHGKDFHUQDGDPiV/RVYDD
GHMDUDWRGRVLPSUHVLRQDGRV
&XiQWR"SUHJXQWy5RJHU

%XHQR0DJRXQGLULJLyXQRMRKDFLDHOWHFKR&LQFXHQWD
VHPDQDOHV

&LHQWRFLQFXHQWDGLMR5RJHU

4Xp"3RUXQDDFWXDFLyQQXHYD"

8VWHGQXQFDKDYLVWRQDGDSDUHFLGRYHUGDG"

(VWiELHQDGPLWLy0DJRXQGHMDUpTXHVHVDOJDFRQODVX\D
WHQLHQGRHQFXHQWDTXHYLHQHUHFRPHQGDGR SRUHOGRFWRU'RVUHSUH
VHQWDFLRQHVFDGDQRFKHH[FHSWRHOGRPLQJR<HOFRPSURPLVRHV
VyORSRUXQDVHPDQDKDVWDTXHYHDPRVFyPRPDUFKDWRGRFRQORV
FOLHQWHV9HDPRVSXHGHXVWHGHPSH]DUHOOXQHV\\RPHHQFDU
JDUpGHKDFHUDOJRGHSXEOLFLGDGSRUDGHODQWDGR/HSUHVHQWDUpFRPR
HO*UDQ)ORWLQR4XpOHSDUHFH"
0HSDUHFHELHQGLMR5RJHU

-DPHV6DUOHHQWUyVHGHVDEURFKyHODEULJR\GLMRHQYR]EDMD
7LHQHVPHMRUDVSHFWR-DQH&yPRHVWi5RJHU"

/DYR]GH5RJHUVRQyDQWHVGHTXH-DQHSXGLHUDUHVSRQGHU
(VWR\DTXt-LP1RYDOHODSHQDTXHVXVXUUHV

(VWDEDVXVXUUDQGR"SUHJXQWy6DUOHDOHJUHPHQWH6HVDFyOD
SLSDGHOEROVLOORGHODEULJRDQWHVGHHQWUHJiUVHORD-DQH4XpKD\
GHQXHYR"
5RJHUSHUPDQHFLyHQHOVLOOyQGRQGHVHKDOODEDVHQWDGR
+R\PLVPRDFDERGHHQYLDUPLGLPLVLyQDODIDFXOWDG

'HYHUDV"6DUOHVHGLULJLyKDFLDHOVRIi\VHVHQWyIUHQWHDO
RWUR+HOODPDGRD0DJRXQ0HKDGLFKRTXHHUHVXQp[LWRIXOPL
QDQWH
6tGLMR5RJHUVRPEUtDPHQWH6yORKHDFWXDGRXQDVSRFDV
YHFHVSHURDOSDUHFHUYR\FDPLQRGHOHVWUHOODWR
(OGLFHTXHYDOHVORTXHWHSDJD

0X\DPDEOHSRUVXSDUWH0HSDJDPiVGHORTXHJDQDEDHQOD
IDFXOWDG
(QVHULRFyPRWHVDOH"
5RJHUVHDJLWyLQTXLHWR

1RSXHGHVVXSRQpUWHOR")ORWRHQHODLUHGHODQWHGHXQSXxDGR

GHLGLRWDVOHVRLJRJULWDUGHVFLHQGRPHLQFOLQRGHODQWHGHHOORV\
FREURPLSDJD+R\KHSDVDGRSRUHQFLPDGHXQDPHVDGRQGHVH
KDEtDQUHXQLGRYDULRVGHILHVWD\KHSHUPDQHFLGRDOOLVXVSHQGLGRXQ
UDWR8QDGHODVPXMHUHVHPSH]yDJULWDU2KYHRORVKLORVORV
YHR(OKRPEUHTXHODDFRPSDxDEDVHVXELyDODPHVDHKL]RRVFLODU
XQSHULyGLFRSRUHOHVSDFLRVREUHPLFDEH]D2WURWLSRVDOWySDUD
FRJHUPHSRUODVSLHUQDV<RPHOLPLWpDHOHYDUPHXQSRFR&RQGH
QDGRVHVW~SLGRV
(VRGHPXHVWUD TXHHVWiQLQWHUHVDGRV$TXt-DQHVLpQWDWH

-DQHVRQULF\VHVHQWy+DEtDWUDtGREHELGDV5RJHUDFHSWyOD
VX\DPDOKXPRUDGDPHQWH\VHODEHELyGHXQWUDJR
+DQDFXGLGRPXFKRVGHORVHVWXGLDQWHVGHODIDFXOWDGGLMR
$OSDUHFHUVLSLHQVDQTXHVyORVH WUDWDGHXQDDFWXDFLyQGLVIUXWDQ
FRQHOORQRUHVXOWDFyPLFR"
1RGLMR6DUOHHQUHDOLGDGQRORHV3XHGHTXHWRGRHVWR
VHDDOJREXHQR8QDYH]TXHKD\DVHVWDEOHFLGRWXUHSXWDFLyQFRPR
PDJRHVSRVLEOHTXHORJUHVUHJUHVDUDODYLGDDFDGpPLFD

<IORWDUGHYH]HQFXDQGRSRUDKLHK"(OHYDUPHKDFLDHOWHFKR
GXUDQWHXQDUHXQLyQHQODIDFXOWDGRPLHQWUDVOHRXQDGLVHUWDFLyQ

4XL]iQR8QDYH]TXHWHKD\DVROYLGDGRGHHVWDFDUJDGHOD
OHYLWDFLyQSXHGHTXHWHLPSRUWXQHPHQRVHLQFOXVRHVSRVLEOHTXHOD
FRQWUROHVPHMRU
/RFUHHVGHYHUDV"SUHJXQWy5RJHUPLUiQGROHLQTXLVLWLYD
PHQWH
/RFRQVLGHURFRPRXQDIXHUWHSRVLELOLGDG

6LFUH\HUDTXHH[LVWHXQDSRVLELKGDGGHTXHHVRVHDDVt
%XHQRVLSXGLHUDHVWDUVHJXURGHTXHQRPHHOHYRHQHODLUHHQORV
PRPHQWRVPiVLQFRQYHQLHQWHVPHVHQWLUtDPX\DOLYLDGR<RPLVPR
SRGUtDDERUGDUHQWRQFHVHOSUREOHPDVLQD\XGDGHQDGLH
(KHKGLMR6DUOHDQLPRVDPHQWH
6yORVLPHGHMDUDQVROR

<SRUTXpQRLEDQDGHMDUWHVROR"

6t+D\TXHPDQWHQHUHVWRGXUDQWHXQDxRRDVtDFWXDUHQRWUDV
FLXGDGHVFXDQGR\DVHKD\DQKDUWDGRGHO%ODFN0DVN<GHVSXpV
HQIUHQWDUPHFRQHOYHUGDGHURSUREOHPD,QFOXVRSDUDHQWRQFHV\D
KDEUpSRGLGRDKRUUDUXQSRFRGHGLQHUR\TXLpQVDEH"6HHFKyD
UHtUOLJHUDPHQWH\DxDGLy+DVWDSXHGHTXHOOHJXHDJXVWDUPHHO
PXQGRGHOHVSHFWiFXOR

-XJXHWHyFRQHOYDVRYDFtRGHOFyFWHO\SHUPDQHFLyVHQWDGRDOK
VXPLGRHQVXVSHQVDPLHQWRV

6DUOHVHYROYLyKDFLD-DQH\OHVRQULy0DQWHQLHQGRODPDQRL]
TXLHUGDFHUFDGHVXSURSLRFXHUSR6DUOHXQLyORVGHGRVJRUGR\
DQXODUIRUPDQGRXQFtUFXOR\GHMDQGRH[WHQGLGRVORVGHPiV-DQHQR
OHYLR(VWDEDPLUDQGRILMDPHQWHD5RJHUFRQXQDH[SUHVLyQWHQVD\
QDGDIHOL]
5RJHUGLMRHOOD
4Xp"

3RUIDYRU(VWiVKDFLpQGRORRWUDYH]

5RJHUDVRPEUDGRPLUyKDFLDDEDMR6XFXHUSRHVWDEDDXQRV
TXLQFHFHQEPHWURVSRUHQFLPDGHOPXOOLGRDVLHQWRGHOVLOOyQ
/RVLHQWRGLMRGHVFHQGLHQGR(QFXDQWRPHGLVWUDLJR
YXHOYHDVXFHGHU
/RVpGLMR-DQHVRPEUtDPHQWH/RVp

5RJHUUHFLELyHOSULPHUVREUHGHVXSDJDHQHOGHVSDFKRGH0D
JRXQTXLHQWUDWyGHPRVWUDUVHFRUGLDO\ORJUyQRSDUHFHULQFyPRGR

+DVLGRXQDEXHQDVHPDQDVHxRU7RRPH\OHGLMR\OHKH
LQFOXLGRXQSHTXHxRH[WUDHQHOVREUH(QFRQWUDUiGRVFLHQWRVFXDQGR
ORDEUD
*UDFLDVGLMR5RJHU

1RVHSUHRFXSH0DJRXQOHSDOPHyODHVSDOGD3XHGHXWLOL
]DUPHFRPRUHIHUHQFLD\OHSURSRUFLRQDUpHOQRPEUHGHXQDJHQWH
GHFRQILDQ]DVLHVTXHGHVHDXQR
5RJHUOHPLUyVRUSUHQGLGR

4XpVLJQLILFDHVR"4XH\DKHWHUPLQDGRDTXt"

0DJRXQVDFyXQSXURGH ODFDMD\VHORTXHGyPLUDQGR

(OFRPSURPLVRIXHVyORSRUXQDVHPDQDFRPRXVWHGUHFRU
GDUi

0DOGLWDVHDXVWHGGLMRXQDVHPDQDHQHOVHQWLGRGHYHUFyPR
PHODVDUUHJODEDFRQHOS~EOLFR

6tVtHQHIHFWR(OHVSHFWiFXORHVEXHQRSHURQRWLHQHODJDUUD

VXILFLHQWHFRPSUHQGHORTXHTXLHURGHFLU"8VWHGIORWDSHURHVRHV
WRGR8VWHGQREDLODQRRIUHFHXQHVSHFWiFXORGHYDULHGDGHV1L
VLTXLHUDWLHQHXQD\XGDQWH$OJXLHQTXHUHDOFHODDFWXDFLyQ6LORV
KRPEUHVVHFDQVDQGHODPDJLDOHVJXVWDFRQWHPSODUERQLWDVSLHUQDV
FRPSUHQGH"
3HURXVWHGHVWiJDQDQGRGLQHUR(OFDMHURPHGLMRTXHpVWDKD
VLGRODPHMRUVHPDQDTXHKDEtDFRQRFLGR
0DJRXQGHMyHOSXURVLQKDEHUORHQFHQGLGR

0LUHVHxRU7RRPH\TXLHUHVDEHUODYHUGDG"3XHVYR\DGHiU
VHOD1R VR\GHHVDFODVHGHWLSRVIDUVDQWHVGHODQWHGHORVGHPiV
FRPSUHQGH"0LUHKHHVWDGRREVHUYDQGRVXDFWXDFLyQ1RVR\QLQ
J~QWRQWR7HQJRPLH[SHULHQFLD+HYLVWRDFWXDUDPiVPDJRVGHORV
TXHXVWHGSRGUtDFRQWDU&RQR]FRWRGRVVXVWUXFRV6yORTXHXVWHGQR
ORVXWLOL]D1RKD\WUDPSDQLFDUWyQHQORTXHKDFHXVWHG1ROHV
LQGXFHDDSDUWDUODYLVWDGHXVWHGSDUDVXVWLWXLUUiSLGDPHQWHXQDUWLOX
JLRSRURWUR1RVHVRVWLHQHGHKLORVFROJDGRVGHOWHFKR<WDPSRFR
XWLOL]DHVSHMRV
$OSULQFLSLRSHQVpTXHVHUtDKLSQRWLVPRDXQTXHQXQFDKHYLVWR
XWLOL]DUHOKLSQRWLVPRGHODQWHGHWRGDXQDPXOWLWXGGHJHQWH(Q
FXDOTXLHUFDVRPHVHQWpHQWUHHOS~EKFR\FHUUpORVRMRVHQFXDQWR
DSDUHFLyXVWHG<HVSHUpKDVWDTXHHPSH]DURQDVRQDUORVJULWRVGH
DVRPEUR\HQWRQFHVORVDEUt<DKtHVWDEDXVWHGFRQODFDEH]DDWUHV
PHWURVSRUHQFLPDGHOHVFHQDULR1RSRGKDVHUKLSQRWLVPR+DEtD
FHUUDGRORVRMRV
'pMHPHDYHUVLOHHQWLHQGRGLMR5RJHU4XLHUHGHFLUTXH
PHGHVSLGHSRUTXHFUHHTXHORTXHKDJRHVFLHUWRTXHSXHGRUHDO
PHQWHYRODU"

1RPHJXVWDGHFLUOHHVWRFRPSUHQGH"GLMR0DJRXQH[WHQ
GLHQGRODVPDQRVDELHUWDV1RYR\DDGPLWLUVLFUHRRQRHQEUXMH
UtDV6yORPHJXVWDUtDGHVSHGLUPHGHXVWHGGHXQDIRUPDDPDEOHVLQ
UHVHQWLPLHQWRV
(VSHUH6XSRQJDTXHSXHGRIORWDUGHYHUGDG4XpVXSRQHHVR
SDUDXVWHG"

%XHQRVLHVDVtORVFKHQWHVSXHGHQWHQHUODLGHDGHTXHWRGRHV
GHPDVLDGRFLHUWR<HVRQROHVJXVWDUtD<DVDEHFyPRHVODJHQWH
6RQVXSHUVWLFLRVRVFRPSUHQGH"0XFKRVGHHOORVQRWLHQHQXQDHGX




FDFLyQPX\EXHQD<HQFXDQWRPHQRVVHORHVSHUHKDEUtDDOJXLHQ
JULWDQGR(VHOGLDEORRDOJXQDRWUDORFXUDSRUHOHVWLOR0LUH
XVWHGQRFRQRFHHOQHJRFLRGHOHVSHFWiFXORFRPR\RQRWLHQHXVWHG
QLODPiVOLJHUDLGHDGHFyPRSXHGHQVXFHGHUODVFRVDV1RSXHGR

DUULHVJDQPHDTXHVHSURGX]FDXQWXPXOWRVHxRU7RRPH\'HER
SHQVDUHQPLUHSXWDFLyQ
3HURVHHTXLYRFDVHxRU0DJRXQ$OS~EOLFROHJXVWDTXHOHHQ
JDQHQ

4XL]i3HUR~QLFDPHQWHPLHQWUDVVHSDQTXHVyORVHWUDWDGHXQ
HQJDxR8QWLSRORJUDTXLWDUVHXQDVHVSRVDVPX\ELHQ7RGRHO
PXQGRVDEHTXHVHODVKDDUUHJODGRSDUDRFXOWDUXQDOODYHHQODSDOPD
GHODPDQRDXQTXHQRKD\DQSRGLGRYHUOD+DFHGHVDSDUHFHUDXQ
D\XGDQWH"7RGRVVDEHQTXHKD\XQHVSHMRHQDOJXQDSDUWHGHOHVFH
QDULRRXQERWyQIDOVRRDOJRSRUHOHVWLOR$OJXLHQFDSD]GHOHHUORV
SHQVDPLHQWRVGHORVGHPiV"7RGRVVDEHQTXHHQWUHHOS~EOLFRKD\XQ
FRPSPFKH

3HURXVWHGVHxRU7RRPH\XVWHGHVGHPDVLDGR EXHQR<RKH
YLVWRDXQDPXMHUIORWDUSRUHQFLPDGHXQGLYiQGXUDQWHDSUR[LPDGD
PHQWHGLH]VHJXQGRV(VWiVRVWHQLGDGHVGHDUULEDFODUR1RSXHGH
PRYHUVHQRSXHGHFDPELDUGHSRVLFLyQ3HURXVWHGIORWDSRUFXDO
TXLHUSDUWH6HSRQHFDEH]DDEDMRHQHODLUH6HGHVOL]DSRUHQFLPDGH
ODVPHVDV1RKD\IRQPDDOJXQDGHTXHKD\DWUDPSD/RTXHXVWHG
KDFHHVYHUGDGHUR<DVtHVFRPRORSLHQVDHOS~EOLFR0LUHVHxRU
7RRPH\GtJDPHFyPRORKDFH\SRGUHPRVOOHJDUDXQDFXHUGR4Xp
OHSDUHFH"
5RJHUJXDUGyVLOHQFLR

(QWDOFDVRQRSRGHPRVKDFHUQDGDGLMR0DJRXQ

$XVWHGQROHSUHRFXSDQORVWXPXOWRVGLMR5RJHU1LQJ~Q
SURGXFWRUHQVXVDQRMXLFLRGHVSUHFLDUtDXQDDFWXDFLyQFRPRODPtD
FDSD]GHKDFHUOHJDQDUGLQHURVLPSOHPHQWHSRUTXHODFRQVLGHUDGH
PDVLDGR EXHQD/RTXHVXFHGHHVTXHXVWHGPHWLHQHPLHGR0H
WHPHSHUVRQDOPHQWH
1RVHWUDWDGHPLHGRUHSOLFy0DJRXQ3HURHODVXQWRQR
PHJXVWD0HKDFHVHQWLULQFyPRGRFRPSUHQGH"
3RUTXp"

3RUTXHQRHVFRUUHFWRVHxRU7RRPH\(VDOJRHQFRQWUDGHODV
OH\HVGHODQDWXUDOH]D1RSXHGHVHUFRUUHFWR0LUHVHxRU7RRPH\
KDRtGRKDEODUDOJXQDYH]GHODOH\GHODJUDYHGDG"
5RJHUVHLQFRUSRUy
$GLyV

0DJRXQH[WHQGLyODPDQRKDFLDpO

6LQUHVTXHPRUHV"

5RJHUVHPDUFKyVLQFRQWHVWDU

1RWRPyHOPHWUR VLQRTXHUHJUHVyDFDVDFDPLQDQGR(VWDEDKH
FKRXQOtR1DGLHDIURQWDUtDODYHUGDG1DGLHVHUtDFDSD]GHFRQWHPSODU
ORVKHFKRVFDUDDFDUD+DVWDXQPDJRGHEtDGHPRVWUDUTXHORTXHKDiD
QRHUDPiVTXHXQHQJDxR6HSUHIHUtDODLOXVLyQHOFKDUODWDQLVPR
(QFXDQWRDODYHUGDGKDEtDTXHRFXOWDUOD

/DVGRVKRUDVGHFDPLQDWDDSULPHUDVKRUDVGHODPDGUXJDGDQROH
DSRUWDURQVROXFLyQDOJXQD6XELyHOWUDPRGHHVFDOHUDKDVWDVXDSDU
WDPHQWRHQHOVHJXQGRSLVRVLQWLpQGRVHHQXQ HVWDGRGHDJRWD
PLHQWR&HUUyODSXHUWDVXDYHPHQWHWUDVpO(OSHVWLOORQRVHFHUUyGHO
WRGRSHURpOQRVHGLRFXHQWD
6HGHVQXGyVLQHQFHQGHUODVOXFHVSDUDQRGHVSHUWDUD-DQH(VWD
OHKDEtDSUHSDUDGRODFDPDHQHOGLYiQH[WHQGLHQGRODVViEDQDV
VREUHpO
'HSURQWRWRGROHSDUHFLyLQVRSRUWDEOH7HQtDTXHGHiUVHORD
-DQH7HQtDTXHGHVSHUWDUOD\GHiUVHORDKRUDPLVPR7HQtDTXH
GHiUVHORPDOGLWDVHDRVHGHUUXPEDUtD

6HGLULJLyOHQWDPHQWHKDFLDHOGRUUQLWRULR\H[WHQGLyODPDQR
KDFLDODDOPRKDGDGRQGHGHEHUtDHVWDUVXUXELDFDEH]D3HURQROD
HQFRQWUy
-DQHODOODPyVXDYHPHQWH

<SHQVyFRQIXQGLGR'HEHGHHVWDUHQHOFXDUWRGHEDxR

7DQWHySDUDHQFHQGHUODOiPSDUDGHODPHVLWDGHQRFKH\SDUSD
GHyHQXQDKDELWDFLyQYDiD/DYROYLyDOODPDU\HQWRQFHVYLROD
KRMDGHSDSHOVXMHWDDODDOPRKDGDFRQXQDOILOHU/DDUUDQFyGHXQ
PDQRWD]R

(PSH]DEDGLFLHQGR5RJHU1LQJXQDSDODEUDGHWHUQXUDVLP
SOHUQHQWH5RJHU/RVWUD]RVGHODHVFULWXUDHUDQDSUHVXUDGRVGHV
EDUDWDGRVFDVLLQFRKHUHQWHV
5RJHUQRSXHGRVRSRUWDUOR\WHQJRTXHPDUFKDQPH6pTXH

QRHVFXOSDWX\DSHURQRSXHGRHYLWDUOR1RTXLVHPDUFKDQPH

PLHQWUDVODVFRVDVLEDQWDQPDO+DEUtDVLGRPX\PH]TXLQRSRUPL
SDUWH3HURDKRUDKDVLQLFLDGRXQDQXHYDFDUUHUD\ORJUDUiVVDOLU

DGHODQWHVLQPt3RUIDYRU QRWUDWHVGHHQFRQWUDQPH\QRWH

SUHRFXSHVSRUPt6yORPHOOHYRPLVFRVDVSHUVRQDOHV\ODPLWDG
GHOGLQHURTXHWHQtDPRVHQODFXHQWDFRP~Q$GLyV-DQH

5RJHUOH\yODQRWD\VXFRQWHQLGRIXHLPSUHJQDQGROHQWDPHQWHVX
PHQWHDWXUGLGD'HMyFDHUODQRWD\SHQVy0LQXHYDFDUUHUD<
GHVSXpVHQYR]DOWDPHGLRKLVWpULFDJULWy
0LQXHYDFDUUHUD

0HGLRPDUHDGRVHGLQJLyKDFLDODFyPRGD'HVXSDUWHVXSHULRU
WRPyODFDMDGRQGHJXDUGDEDVXVSHTXHxDVPLQXFLDVSHUVRQDOHVVXMH
WDGRUHVGHFRUEDWDJHPHORVXQDYLHMDSOXPDODOODYHGHOFOXE3KL
%HWD.DSSDTXH\DQRXWLOL]DED'HODFDMDVDFyHOIUDVFRGHVRPQt
IHURTXHKDEtDLGRDFXPXODQGRDFDXVDGHODVUHFHWDVQRXWLK]DGDV
TXHOHKDEtDHQWUHJDGRVXDPLJRGHOD(VFXHODGH0HGLFLQD(QVX
PHQWHVLHPSUH KDEtDDOEHUJDGRXQFLHUWRSUHVHQWLPLHQWRGHTXHSR
GUtDQHFHVLWDUODV
5HFRJLyGHOVXHORODQRWDGH-DQH\JDUDEDWHyXQDVSRFDVSDODEUDV
HQODRWUDFDUDGHOSDSHOXWLOL]DQGRVXSOXPD6HSUHSDUyXQYDVRGH
DJXDORGHMyVREUHODPHVLWDGHQRFKHVHVHQWyHQHOERUGHGHOD




HOOWRaSDULOOHORa
FDPD\YHUWLyPHGLDGRFHQDGHSDVWLOODVSDUDGRUPLUHQODSDOPDGHVX
PDQR'HVSXpVYDFLyHQHOODWRGRHOWXER/HQWDSHQVDWLYDPHQWH
VHODVIXHWUDJDQGRFRQDJXDWRPDQGRGRVFDGDYH]
6HWXP:VREUHODFDPD\VHFXEULyFRQODViEDQD&HUUyORVRMRV

/DFRQIXVLyQGHVXPHQWHIXHDSDJiQGRVH\ODSD]GHVFHQGLy
OHQWDPHQWHVREUHpO/DOHYLWDFLyQ\DQRLPSRUWDED1DGDLPSRUWDED
([FHSWR HOVXHxR6yORHOVXHxR
<VX~OWLPDOHQWD\HQVRQDGRUDVHQVDFLyQIXHTXHHVWDEDIOR
WDQGR
(VWDEDDOOLWXPEDGRHQIULiQGRVH

/DDSDULFLyQGHOULJRUPRUWLVFXDQGRQRVHSURGXFHGHXQPRGR
XQLIRUPHSURSRUFLRQDXQDSVHXGRYLGDIDQWDVPDJyULFDDXQEUD]RR D
XQDSLHUQDKDFLHQGRTXHVHWXHU]DQ
)XHUDORTXHIXHVHTXHFRQWURODVHODOHYLWDFLyQHQHOFXHUSRGH
5RJHUORVSULPHURVHVSDVPRVGHLDPXHUWHORDWLHVDURQ\ORDFWL
YDURQ

+DFLDHOPHGLRGtDXQDYHFLQDREVHUYyODVGRVERWHOODVGHOHFKH
MXQWRDOD SXHUWDGHODSDUWDPHQWRGHORV7RRPH\/OHQDGHEXHQDV
LQWHQFLRQHVLLDPyDODSXHUWD
6HxRUD7RRPH\VHxRUD7RRPH\

/DSXHUWDFX\RSHVWLOORQRVHKDEtDFHUUDGRGHOWRGRJLUyKDFLDHO
LQWHULRUEDMRODSUHVLyQGHVXVQXGLOORV
/DPXMHUHQWUyHQHODSDUWDPHQWR\VHYLRURGHDGDGHXQVLOHQFLR
RSUHVLYR
6HxRUD7RRPH\"2FXUUHDOJR"

0HGLRDVXVWDGDDYDQ]yGHSXQWLOODVSRUHOVDOyQYDFtR\HFKyXQ
YLVWD]RDOLQWHULRUGHOGRQPLWRULR

7RGRVXVHUVHFRQPRFLRQy\ODQ]yXQJULWRVDOYDMH(OFXHUSR
UtJLGRGH5RJHUHVWDEDHYLGHQWHPHQWHPXHUWR\ODPXMHUQRHVSHUy
PiVQLVHGHWXYRDPLUDUPiVDWHQWDPHQWHVLKDEtDDOJXQDRWUDFRVD
TXHOODPDUDODDWHQFLyQ
/RVGRVDJHQWHVGHSROLFtDYHVWLGRVGHSDLVDQRPLUDURQHODSDUWD
PHQWRLPSDUFLDOPHQWH\GLULJLHURQDOFDGiYHUXQEUHYHYLVWD]RGH
KDVWtR
(OSROLFtD'RROH\UHFRJLyODQRWDTXHHVWDEDVREUHODPHVLWDGH
QRFKH
(VGHVXPXMHUGLMRVRVWHQLpQGRODFDXWHORVDPHQWHSRUXQR
GHORVERUGHV
(OSROLiD+HUOLKDQODOH\ySRUHQFLPDGHOKRPEURGHVXFRP
SDQHUR
4XpRWUDFRVDSRGtDHVSHUDUVH"3REUHILDPEUH

/ODPDUpDOGRFWRU&XUOH\GLMR'RROH\6LQGXGDDOJXQDVH
WUDWDGHVXLFLGLR

+HUOLKDQUHFRJLyFXLGDGRVDPHQWHHOIUDVFRYDFtRFRQODVSXQWDV
GHGRVGHGRV
6XSRQJRTXHVHWUDWDGHSDVWLOODVSDUDGRUPLUQR"GLMR
YROYLHQGRDGHMDUHOIUDVFR
6HJXUR

'RROH\VDOLyDOVDOyQ

+HUOLKDQFRQWHPSOyHVSHFXODWLYDPHQWHORTXHTXHGDEDGH5RJHU
7RRPH\<HQWRQFHVPLUyPiVDWHQWDPHQWH
(VRHVH[WUDxRPXQPXUy

$SDUWyGHXQWLUyQODViEDQDTXHFROJDEDH[WUDxDPHQWH\FDVLVH
FD\yGHHVSDOGDV
6DQWR'LRVH[FODPy

4XLQFHFHQ~PHWURVGHHVSDFLRVHSDUDEDQHOFDGiYHUGHOFROFKyQ

+HUOLKDQSDVyODPDQRSRUGHEDMRGHOFXHUSRSHURDOOLQRKDEtD
QDGDFDSD]GHVRVWHQHUOR8QLFDPHQWHHVSDFLR9ROYLyDH[WHQGHUOD
PDQRWHPEORURVDPLUiQGRODILMDPHQWH
6DOYDMHPHQWHFRORFyODVPDQRVVREUHHOSHFKR\HODEGRPHQGHO
PXHUWR\DSUHWyKDFLDDEDMR

$OJRFKDVTXHy6HHVFXFKyXQFUDFOLPSLR\QtWLGRPLQ~VFXOR
SHURSHUIHFWDPHQWHDXGLEOH\HOFXHUSRGHVFHQGLyFRPRHOGHXQ
SHVRPXHUWR<HOFROFKyQFUXMLySDUDGHPRVWUDUOR
(OFKDVTXLGRKDEtDSURFHGLGRGHOLQWHULRUGHOFXHUSRFRPRVLVH
KXELHUDH[WHQGLGRXQP~VFXORXQSRFRPiVGHORGHELGR
+HUOLKDQUHWURFHGLy

/DYR]GH'RROH\TXHKDEODEDSRUWHOpIRQRJXDUGyVLOHQFLR\HO
SROLFtDHQWUyHQHOGRQPLWRULR

(OGRFWRU&XUOH\YHQGUiGHQWURGHPHGLDKRUDGLMR<
HK0LNHHVWHWLSRKDHVFULWRDOJRHQODRWUDFDUDGHODQRWDGHVX
HVSRVD(VFXFKD$XQKRPEUHVHOHSXHGHJXLDUKDFLD`RVKHFKRV
SHURQRVHOHSXHGHKDFHUFUHHU4XpWHSDUHFH"
+HUOLKDQVHJXtDPLUDQGRILMDPHQWHHOFDGiYHU
'RROH\IUXQFLyHOFHxR
2FXUUHDOJR"

+HUOLKDQVDFXGLyODFDEH]DFRQXQDH[SUHVLyQDWRQWDGD
1DGD1DGDHQDEVROXWR
&UHHQFLD
9HUVLyQSXEOLFDGD

(QHVaHFDVR\SXHVWRTXH HOUHODWRIXHHVFULWR\SXEOLFDGRFRPR

QRYHODFRUWDKD\HVSDFLRVXILFLHQWHSDUDLQFOXLUODVGRVYHUVLRQHV6LQ
HPEDUJRQRKD\QHFHVLGDGGHSXEOLFDUODVFRPSOHWDVSXHVWRTXHODV
GRVSULPHUDVWHUFHUDVSDUWHVVRQLGpQWLFDV

/DGLIHUHQFLDVXUJHSDVDGR\DODPLWDGGHOUHODWRHQSOHQDFRQYHU
VDFLyQHQWUH5RJHU7RRPH\HOKRPEUHFDSD]GHOHYLWDU\-DPHV6DUOH
HOSVLTXLDWUD(QPLYHUVLyQRULJLQDO6DUOHUHFRPLHQGDTXH7RRPH\
FRQVLGHUHODLGHDGHFRQYHUWLUVHHQPDJRFRPRXQDIRUPDGHUHFXSHUDU
HOFRQWUROVREUHVXYLGD

,QLFLpPLUHYLVLyQDSDUWLUGHODVWHULVFRLQWURGXFLGRHQHVHSiUUDIR
FDPELDQGRSRUFRPSOHWRORTXHVHJXtD$TXtSXHVHPSHaDQGRDSDUWLU
GHGLFKRDVWHULVFRVHLQFOX\HHOILQDOGHODYHUVLyQTXHIXHSXEOLFDGD
(QHOPRPHQWRHQTXHXQDSHUVRQDHVRULHQWDGDDHQIUHQWDUVHDORV
KHFKRVDQWHVTXHDODVLOXVLRQHVORVSUREOHPDVWLHQGHQDGHVDSDUHFHU
$OILQDOFDHQHQVXDXWpQWLFDSHUVSHFWLYD\VHYXHOYHQUHVROXEOHV
5RJHUVHDJLWyLQTXLHWR

&KiFKDUDVSVLTXLiWULFDV(VRHVFRPRSRQHUORVGHGRVHQODV
VLHQHVGHXQKRPEUH\GHFLU7HQIH\HVWDUiVFXUDGR6LHOSREUH
WLSRQRUHVXOWDFXUDGRHVVLPSOHPHQWHSRUTXHQRKDVDELGRDFXPXODU
ODVXILFLHQWHIH(OKHFKLFHURQXQFDSLHUGH
^XL]iWHQJDVUD]yQSHURGpMDPHYHUFXiOHVWXSUREOHPD"

1DGDGHFDWHFLVPRSRUIDYRU6DEHVPX\ELHQFXiOHVPLSUR
EOHPD


/HYLWDV(VHVR"

'LJDPRVTXHVt/DVLWXDFLyQHVpVDHQXQDSULPHUDDSUR[L
PDFLyQ

1RHUHVVHULR5RJHUSHURSUREDEOHPHQWHWHQJDVUD]yQ(VRHV
WDQVyORXQDSULPHUDDSUR[LPDFLyQ'HVSXpVGHWRGRHUHVW~TXLHQ
VHHVWiHQIUHQWDQGRDOSUREOHPD-DQHPHKDGLFKRTXHKDVHVWDGR
H[SHULPHQWDQGR

([SHULPHQWDQGR%XHQ'LRV-LPQRHVWR\H[SHUXPHQWDQGR
(VWR\GDQGRSDORVGHFLHJR3DUDH[SHULPHQWDUQHFHVLWRFHUHEURVGH
SULPHUDFODVH\XQEXHQHTXLSR1HFHVLWRXQHTXLSRGHLQYHVWLJDFLyQ
\QRORWHQJR
(QWRQFHVFXiOHVWXSUREOHPD"6HJXQGDDSUR[LPDFLyQ

<DHQWLHQGRORTXHSUHWHQGHVGLMR5RJHU0LSUREOHPDHV

FRQVHJXLUXQHTXLSRLQYHVWLJDGRU3HURORKHLQWHQWDGR/RKHLQWHQ
WDGRKDVWDTXHPHKHFDQVDGRGHLQWHQWDUOR
&yPRORKDVLQWHQWDGR"

+HHQYLDGRFDUWDV+HSHGLGR2K\DEDVWD-LP1RPH
DSHWHFHSDVDUSRUHVDUXWLQDGHOWLpQGHWHHQHOGLYiQ6DEHVPX\
ELHQORTXHKHHVWDGRKDFLHQGR
6pORTXHOHKDVGLFKRD ODJHQWH7HQJRXQSUREOHPDD\~
GHQPH+DVLQWHQWDGRDOJXQDRWUDFRVD"
0LUD-LPHVWR\WUDWDQGRFRQFLHQEILFRVDGXOWRV

/RVp$VtTXHUD]RQDVTXHXQDSHWLFLyQGLUHFWDHVVXILFLHQWH
'HQXHaRQRLKDOODPRVFRQODVWHRUtDVDQWHORVKHFKRV7HKHH[SOL
FDGR\DODVGLILFXOWDGHVLQKHUHQWHVDWXSHWLFLyQ&XDQGRDJLWDVHO
SXOJDUHQXQDFDUUHWHUDHVWiVKDFLHQGRXQDSHWLFLyQGLUHFWDSHURGH
WRGRVPRGRVODPD\RUSDUWHGHORVFRFKHVSDVDQGHODUJR(ODVXQWR
HVTXHODSHWLFLyQGLUHFWDKDIUDFDVDGR$VtTXHFXiOHVWXSUR
EOHPD"7HUFHUDDSUR[LPDFLyQ
(QFRQWUDURWURHQIRTXHDODVXQWRTXHQRIDOOH"(VHVRORTXH
TXLHUHVGHFLUPH"
(UHVW~TXLHQORKDGLFKRQR"

(VDOJRTXH\DVpVLQQHFHVLGDGGHTXHW~PHORGLJDV

'HYHUDV"(VWiVGLVSXHVWRDDEDQGRQDUODXQLYHUVLGDGGHMDU
WXWUDEDMRUHQXQFLDUDODFLHQFLD&XiOHVWXFRQVLVWHQFLD5RJHU"
$EDQGRQDUXQSUREOHPDFXDQGRWXVSULPHURVHVIXHU]RVIDOODQ"

5HQGLUWHFXDQGRXQDWHRUtDVHPXHVWUDLQDGHFXDGDHQXQSULPHU
PRPHQWR"/DPLVPDILORVRItDGHODFLHQFLDH[SHULPHQWDOTXHVHDSOLFD
DORVREMHWRVLQDQLPDGRVSXHGHDSOLFDUVHWDPELpQDODJHQWH
'HDFXHUGR4XpVXJLHUHVTXHLQWHQWH"6RERUQR"$PHQD
]DV"/iJULPDV"
-DPHV6DUOHVHSXVRHQSLH

'HYHUDVGHVHDVXQDVXJHUHQFLD"
6tDGHODQWH

+D]ORTXHWHGLMRHOGRFWRU0RUWRQ7yPDWHXQDVYDFDFLRQHV\
DOGLDEORFRQODOHYLWDFLyQ(VXQSUREOHPDSDUDHOIXWXUR'XHUPHHQ
ODFDPD\IORWDRQRIORWHVFXiOHVODGLIHUHQFLD",JQRUDODOHYLWD
FLyQUtHWHGHHOODRLQFOXVRGLVIUXWDFRQHOOD+D]ORTXHTXLHUDV

PHQRVSUHRFXSDUWHSRUHOODSRUTXHQRHVSUREOHPDWX\R$KtHVWiHO
TXLGGHODFXHVWLyQ1RHVWXSUREOHPDLQPHGLDWR'HGLFDWXWLHPSRD
FRQVLGHUDUFyPRKDFHUTXHORVFLHQKILFRVHVWXGLHQDOJRTXHQRGH
VHDQHVWXGLDUeVHHVHOSUREOHPDLQPHGLDWR\SUHFLVDPHQWHDHVH
SUREOHPDHVDOTXHQROHKDVGHGLFDGRQDGDGHWXWLHPSRKDVWDDKRUD
6DUOHVHGLULJLyDODUPDULRGHOYHVWtEXOR\WRPyVXDEULJR5RJHUOR
DFRPSDxy7UDQVFXUULHURQXQRVPLQXWRVGHVLOHQFLR
/XHJR5RJHUGLMRVLQDO]DUODYLVWD
aXL]iWHQJDVUD]yQ-LP

4XL]iODWHQJD,QWpQWDOR\OXHJROOiPDPH$GLyV5RJHU

5RJHU7RRPH\DEULyORVRMRV\SDUSDGHyDOEULOODQWHVROPDWXWLQR
TXHHQWUDEDHQHOGRUPLWRULR/ODPy
-DQH'yQGHHVWiV"

(QODFRFLQDUHVSRQGLRODYR]GH-DQH'yQGHFUHtDV"
9HQTXLHUHV"
-DQHDFXGLy

(OWRFLQRQRVHIQHVROR\DORVDEHVSURWHVWy
(VFXFKDKHIORWDGRHVWDQRFKH"
1RORVp'RUPtD

(UHVXQDJUDQD\XGD6HOHYDQWyGHODFDPD\PHWLyORVSLHV
HQODV]DSDWLOODV6HDFRPRIXHUHFUHRTXHQRORKHKHFKR
&UHHVKDEHUROYLGDGRFyPRKDFHUOR"

+DEtDXQDUHSHQWLQDHVSHUDQ]DHQVXYR]

1RORKHROYLGDGR0LUD6HGHVOL]yKDFLDHOFRPHGRUVREUH
XQFRMtQGHDLUH6yORTXHWHQJRODVHQVDFLyQGHTXHQRKHIORWDGR
&UHRTXHOOHYR\DWUHVQRFKHVDVt
%LHQHVRHVHVWXSHQGRGLMR-DQH+DEtDYXHOWRDODFRFLQD
(VRHVORTXHKDFRQVHJXLGRXQPHVGHGHVFDQVR6LKXELHUDOODPDGR
D-LPGHVGHXQSULQFLSLR
2KSRUIDYRUQRYROYDPRVFRQHVR8QPHVGHGHVFDQVR
WRQWHUtDV6HWUDWDVLPSOHPHQWHGHTXHHOGRPLQJRSDVDGRGHFLGtOR
TXHWHQtDTXHKDFHU'HVGHHQWRQFHVHVWR\UHODMDGR(VRHVWRGR

4XpHVORTXHYDVDKDFHU"

&DGDSULPDYHUDHO1RUWKZHVWHUQ7HFKGDXQDVHULHGHVHPLQD
ULRVVREUHWHPDVGHItVLFD$VLVWLUpDHOORV
2XLHUHVGHFLU TXHYDVDLUD6HDWWOH
3RUVXSXHVWR

'HTXpWHPDVYDQDWUDWDU"

<HVRTXpLUQSRUWD"6LPSOHPHQWHGHVHRYHUD/LQXV'HHULQJ
3HURpVHHVXQRGHORVTXHWHOODPDURQORFRQR"

/RKL]R5RJHUDWDFyVXVKXHYRVUHYXHLWRV3HURWDPELpQ
HVHOPHMRUHQVXFDPSR

$ODUJyXQEUD]RKDFLDODVDO\VHDO]yXQRVFHQWtPHWURVGHODVLOOD
DOKDFHUOR1RKL]RQLQJ~QFDVR
&UHRTXHTXL]iSXHGDFRQYHQFHUOHGLMR


/RVVHPLQDULRVGHSULPDYHUDGHO1RUWKZHVWHP7HFKVHKDEtDQ
FRQYHUWLGRHQXQDLQVWLWXFLyQFRQRFLGDDQLYHOQDFLRQDOGHVGHTXH
/LQXV'HHULQJSDVDUDDIRUPDUSDUWHGHODIDFXOWDG(UDHOSUHVLGHQWH
YSURSRUFLRQDEDDWRGRVORVDFWRVVXWRQRGLVWLQWLYReOSUHVHQWDEDD
ORVRUDGRUHVFRQGXFtDORVFRORTXLRVKDFtDORVUHV~PHQHVGHODVVH
VLRQHVGHODPDxDQD\GHODWDUGH\HUDHODOPDGHODMRYLDOLGDGHQOD
FHQDGHFODXVXUDDOILQDOGHODVHPDQDGHWUDEDMR

5RJHU7RRPH\VDEtDWRGRHVRSRULQIRUPHVGHWHUFHURV$KRUD
SRGtDREVHUYDUGLUHFWDPHQWHODIRUPDGHDFWXDUGHOSURIHVRU'HHULQJ
eVWHHUDXQKRPEUH GHDOJRPHQRVTXHPHGLDQDHVWDWXUDWH]RVFXUD
\XQDOXMXULDQWH\FDUDFWHUtVWLFDPDWDGHRQGXODGRFDEHOORFDVWDxR
&XDQGRQRVHKDOODEDRFXSDGDHQDFWLYDFRQYHUVDFLyQVXERFD
JUDQGH\GHODELRVILQRVH[KLEtDSHUSHWXDPHQWHHODVRPRGHXQD
WUDYLHVDVRQULVD+DEODEDUiSLGDPHQWH\FRQIOXLGH]VLQDSR\DUVHHQ
QRWDV\VLHPSUHSDUHFtDHIHFWXDUVXVFRPHQWDULRVGHVGHXQQLYHOGH
VXSHULRULGDGTXHHUDDFHSWDGRGHPRGRDXWRPiWLFRSRUVXVR\HQWHV
$OPHQRVDVtKDEtDQVLGRODVFRVDVHQODSULPHUDPDxDQDGHO
VHPLQDULR)XHWDQVyORGXUDQWHODVHVLyQGHODWDUGHFXDQGRVXV
R\HQWHVHPSH]DURQDREVHUYDUFLHUWDYDFLODFLyQHQVXVFRPHQWDULRV
0iVD~QKDEtDFLHUWDLQWUDQTXLOLGDGHQpOPLHQWUDVVHVHQWDEDHQHO
HVWUDGRGXUDQWHODHQWUHJDGHODVQRWDVSUHYLVWDVDORVDVLVWHQWHV
2FDVLRQDOPHQWHPLUDEDGHIRUUQDIRUWXLWDKDFLDODSDUWHGHDWUiVGHO

DXGLWRULR

5RJHU7RRPH\VHQWDGRHQOD~OWLPDILODREVHUYDEDWHQVDPHQWH
WRGRDTXHOOR6XWHPSRUDOGHVOL]DPLHQWRKDFLDODQRUPDOLGDGTXH
KDEtDHPSH]DGRFXDQGRSHQVySRUSULPHUDYH]TXHKDEtDXQDIRUPD
GHVDOLUVHGHWRGRDTXHOORHVWDEDFHGLHQGR

(QHO3XOOPDQKDVWD6HDWWOHQRKDEtDGRUPLGR+DEtDWHQLGR
YLVLRQHVGHVtPLVPRIORWDQGRKDFLDDUULEDDOULWPRGHOWUDTXHWHRGH
ODVUXHGDVRGHVOL]iQGRVHVXDYHPHQWHPiVDOOiGHODVFRUWLQDV\SRUHO
SDVLOORRVLHQGRGHVSHUWDGRGHPRGRHPEDUD]RVRSRUORVJULWRV\
SURWHVWDVGHXQUHYLVRU'HPRGRTXHKDEtDDVHJXUDGRODVFRUWLQDV
FRQLPSHUGLEOHVSHURQRKDEtDORJUDGRQDGDFRQHOORQRKDEtD
FRQVHJXLGRQLQJXQDVHQVDFLyQGHVHJXULGDGQRKDEtDGRUPLGRH[
FHSWRXQDVFXDQWDVFDEH]DGDV
'XUDQWHHOGtDVHKDEtDDGRUPHFLGRYDULDVYHFHVHQVXDVLHQWR
PLHQWUDVODVPRQWDxDVSDVDEDQUiSLGDPHQWHDORWURODGRGHODYHQWD
QLOOD\KDEtDOOHJDGRD6HDWWOHSRUODWDUGHFRQWRUWtFROLVGRORUHQODV
DUWLFXODFLRQHV\XQDVHQVDFLyQJHQHUDOGHGHVHVSHUDQ]D

+DEtDWRPDGRVXGHFLVLyQGHDFXGLUDOVHPLQDULRGHPDVLDGRWDUGH
FRPRSDUDFRQVHJXLUXQDKDELWDFLyQLQGLYLGXDOHQORVGRUPLWRULRVGHO
LQVWLWXWR&RPSDUWLUXQDKDELWDFLyQHUDSRUVXSXHVWRDOJRWRWDO
PHQWHLQYLDEOH6HUHJLVWUyHQXQKRWHOGHOFHQWURGHODFLXGDGFHUUy
ODSXHUWDFRQOODYHFHUUy\DVHJXUyWRGDVODVYHQWDQDVFRORFyVX
FDPDFRQWUDODSDUHG\ODFyPRGDFRQWUDODSDUWHGHOLDFDPDTXH
TXHGDEDDELHUWD\OXHJRGXUPLy

1RUHFRUGyKDEHUVRxDGR\FXDQGRGHVSHUWySRUODPDxDQDVH
JXtDWHQGLGRHQWUHODVViEDQDV6HVLQWLyDOLYLDGR
&XDQGROOHJyWHPSUDQRDO$XGLWRULRGH)tVLFDGHOFDPSXVGHO
LQVWLWXWRHQFRQWUyFRPRHVSHUDEDXQDPSOLRVDOyQ\SRFDJHQWH
/DVVHVLRQHVGHOVHPLQDULRVH FHOHEUDEDQWUDGLFLRQDOPHQWHXQDYH]
LQLFLDGDVODVYDFDFLRQHVGH3DVFXD\ORVHVWXGLDQWHVQRVROtDQDVLVWLUD
HOODV8QRVFLQFXHQWDItVLFRVVHVHQWDEDQHQXQDXGLWRULRGLVHxDGR
SDUDDOEHUJDUDFXDWURFLHQWRVDSLUDGRVDORVGRVODGRVGHOSDVLOOR
FHQWUDOMXQWRDOSRGLR
5RJHUVHVHQWyHQOD~OWLPDILODGRQGHQRSRGtDVHUYLVWRSRU
QLQJ~QWUDQVH~QWHRFDVLRQDOTXHPLUDUDSRUODVDOWDV\HVWUHFKDVYHQ
WDQDVFHQWUDOHVGHODVSXHUWDVGHODXGLWRULR\GRQGHORVGHPiVDVLV
WHQWHVGHEHUtDQJLUDUODFDEH]DHQXQiQJXORGHFDVLFLHQWRRFKHQWD
JUDGRVSDUDPLUDUOH
([FHSWRSRUVXSXHVWRHOFRQIHUHQFLDQWHHQLODSODWDIRUPD\HO
SURIHVRU'HHULQJ

5RJHUQRSUHVWyPXFKDDWHQFLyQDOGHVDUUROORGHODVVHVLRQHV6H
FRQFHQWUyHQWHUDPHQWHHQDSURYHFKDUORVPRPHQWRVHQTXH'HHULQJ
VHKDOODEDVRORHQODSODWDIRUPDFXDQGRVRODPHQWH'HHULQJSRGtD

YHUOH

$PHGLGDTXH'HHULQJLEDPRVWUiQGRVHREYLDPHQWHPiVQHU
YLRVR5RJHULEDVLHQGRPiVDWUHYLGR'XUDQWHHOUHVXPHQILQDOGHOD
WDUGHHIHFWXyVXPHMRUGHPRVWUDFLyQ
(OSURIHVRU'HHULQJVHGHWXYREUXVFDPHQWHHQPLWDGGHXQDIUDVH
SREUHPHQWHFRQVWUXLGD\DEVROXWDPHQWHFDUHQWHGHVLJQLILFDGR6X
DXGLHQFLDTXHOOHYDEDFLHUWRWLHPSRDJLWiQGRVHHQVXVDVLHQWRVVH
LQPRYLOL]yWDPELpQ\ORPLUyLQWHUURJDWLYDPHQWH
'HHULQJDO]yODPDQR\GLMRFDVLMDGHDQGR
8VWHG(KXVWHG

5RJHU7RRPH\SHUPDQHiDVHQWDGRFRQXQDH[SUHVLyQGHFRP
SOHWRUHODMDPLHQWRHQHOFHQWURPLVPRGHOSDVLOOR/D~QLFDVLOOD
TXHWHQtDGHEDMRHVWDEDFRPSXHVWDSRUVHWHQWDFHQWtPHWURVGHYDFtR
DLUH6XVSLHUQDVHVWDEDQWHQGLGDVKDFLDGHODQWHDSR\DGDVHQHOUHV
SDOGRGHRWURDVLHQWRWDPELpQGHDLUH
&XDQGR'HHULQJVHxDOy5RJHUVHGHVOL]yUiSLGDPHQWHKDFLDXQ
ODGR(QHOPRPHQWRHQTXHFLQFXHQWDFDEH]DVVHYROYLHURQKDFLDpO
HVWDEDVHQWDGRWUDQTXLODPHQWHHQXQDSURVDLFDVLOODGHPDGHUD
5RJHUPLUyDXQR\RWURODGROXHJRFODYyORVRMRVHQ'HHULQJ
TXHVHJXtDVHxDOiQGROHFRQHOGHGR\VHOHYDQWy

0HKDEODXVWHGDPtSURIHVRU'HHULQJ"SUHJXQWyFRQDSH
QDVXQOLJHURWHPEORUHQODYR]HOFXDOWHVWLPRQLDEDODVDOYDMHEDWDOOD
TXHVHGHVDUUROODEDHQVXLQWHULRUDILQGHPDQWHQHUVXWRQRIUtR\
VRUSUHQGLGR
4XpHVORTXHHVWiKDFLHQGR"SUHJXQWy'HHULQJVLQWLHQGR
TXHHVWDOODEDWRGDVXWHQVLyQGHODPDxDQD

$OJXQRVGHORVR\HQWHVVHHVWDEDQSRQLHQGRHQSLHSDUDYHUPH
MRU8QDFRQPRFLyQLQHVSHUDGDHVDOJRTXHDSUHFLDQWDQWRXQFRQ
MXQWRGHItVLFRVLQYHVWLJDGRUHVFRPRXQDPXOWLWXGHQXQMXHJRGH
EpLVERO
1RHVWR\KDFLHQGRQDGDFRQWHVWy5RJHU1ROHFRPSUHQGR
9i\DVHGHDTXt$EDQGRQHHVWDVDOD

'HHQQJHVWDEDIXHUDGHVtDFDXVDGHVXVHPRFLRQHVHQWUHPH]FOD
GDVRGHRWURPRGRTXL]iQRKXELHUDGLFKRDTXHOOR(QFXDOTXLHU
FDVR5RJHUVXVSLUy\DSURYHFKyDJUDGHFLGRODRSRUWXQLGDG
&RQYR]IXHUWH\FODUDHVIRU]iQGRVHSDUDVHURtGRSRUHQFLPDGHO

FODPRUTXHLEDDVFHQGLHQGRGLMR

6R\HOSURIHVRU5RJHU7RRPH\GHODXQLYHUVLGDGGH&DUVRQ
6R\PLHPEURGHOD$VRFLDFLyQ1RUWHDPHULFDQDGH)tVLFD(QYLpPL
VROLFLWXGSDUDDVLVWLUDHVWDVVHVLRQHVODVROLFLWXGIXHDFHSWDGD\KH
SDJDGRPLFXRWDGHLQVFULSFLyQ7HQJRGHUHFKRDHVWDUVHQWDGRDTXt
\DTXtVHJXLUpVHQWDGR
'HHULQJVyORFRQVLJXLyGHFLUFLHJDPHQWH
9i\DVH

1RSLHQVRKDFHUORGLMR5RJHU(VWDEDWHPEODQGRFRQXQD
DXWpQWLFDUDELDDUWLILFLDOPHQWHDXWRLPSXHVWD3RUTXpUD]yQGHER
PDUFKDUPH"4XpHVORTXHKHKHFKR"
'HHULQJVHSDVyXQDWHPEORURVDPDQRSRUHOSHOR)XHDEVROXWD
PHQWHLQFDSD]GHUHVSRQGHU
5RJHUDSURYHFKyVXYHQWDMD

6LLQWHQWDXVWHGH[SXOVDUPHGHHVWDVVHVLRQHVVLQXQDFDXVD
MXVWLILFDGDSXHGHHVWDUVHJXURGHTXHSUHVHQWDUpXQDGHPDQGDDO
LQVWLWXWR
3UHFLSLWDGDPHQWH'HHULQJGLMR

'R\SRUFODXVXUDGDODVHVLyQGHOSULPHUGtDGHO6HPLQDULRGH
3ULPDYHUDVREUHORV5HFLHQWHV$YDQFHVGHODV&LHQFLDV)tVLFDV1XHV
WUDSUy[LPDVHVLyQWHQGUiOXJDUHQHVWDVDODPDxDQDDODV QXHYHGHOD
5RJHUDEDQGRQyDSUHVXUDGDPHQWHODVDODPLHQWUDVHOKRPEUHD~Q
VHJXtDKDEODQGR
$TXHOODQRFKHKXERXQDOODPDGDHQODSXHUWDGHODKDELWDFLyQGH
5RJHUHQHOKRWHO/HVRUSUHQGLyLQPRYLOL]iQGROHHQVXVLOOD
4XLpQHV"SUHJXQWy

/DUHVSXHVWDOHOOHJyHQYR]EDMD\DQVLRVD
3XHGRYHUOH"

(UDODYR]GH'HHULQJ(OKRWHOGH5RJHUDVtFRPRHOQ~PHURGH
VXKDELWDFLyQHVWDEDQSRUVXSXHVWRUHJLVWUDGRVHQODVHFUHWDUtDGHO
VHPLQDULR$XQTXHVLQHVSHUDUORGHPDVLDGR5RJHUKDEtDFRQILDGR
HQTXHORVDFRQWHFLPLHQWRVGHDTXHOGtDWHQGQDQXQDLQPHGLDWDFRQ
VHFXHQFOD
$EULyODSXHUWD\GLMRQJLGDPHQWH

%XHQDVQRFKHVSURIHVRU'HHULQJ

'HHULQJHQWUyHQODKDELWDFLyQ\PLUyDVXDOUHGHGRU/OHYDEDXQ
OLJHURJDEiQTXHQRKL]RQLQJ~QDGHPiQGHTXLWDUVH0DQWHQtDHO
VRPEUHURVXMHWRHQODPDQR\5RJHUQRKL]RQLQJ~QJHVWRSDUDTXH
ORGHMDUDHQDOJXQDSDUWH
3URIHVRU5RJHU7RRPH\GHODXQLYHUVLGDGGH&DUVRQQRHV
DVt"GLMR'HHULQJFRQFLHUWRpQIDVLVFRPRVLHOQRPEUHWXYLHUD
VLJQLILFDGRSDUDpO
6t6LpQWHVHSURIHVRU

'HHULQJVLJXLyGHSLH





%LHQGHTXpVHWUDWD"HPSH]y4XpHVORTXHSHUVLJXH
XVWHG"
1ROHFRPSUHQGR

(VWR\VHJXURGHTXHVt1RKDSUHSDUDGRXVWHGWRGDHVWDULGO
FXODEXIRQDGDSDUDQDGD(VWiLQWHQWDQGRULGLFXOL]DUPHRHVSHUD
PLFRODERUDFLyQSDUDDOJ~QULGtFXORIUDXGH"4XLHURTXHVHSDTXHQR
YDDFRQVHJXLUQDGD<QRLQWHQWHXWLOL]DUODIXHU]DDSURYHFKDQGRPL
HVWDQFLDDTXt7HQJR DPLJRVTXHVDEHQH[DFWDPHQWHGyQGHHVWR\HQ
HVWHPRPHQWR/HDFRQVHMRTXHGLJDODYHUGDG\OXHJRDEDQGRQHLQ
PHGLDWDPHQWHODFLXGDG

3URIHVRU'HHULQJ(VWDHVPLKDELWDFLyQ6LKDYHQLGRDTXt
SDUDLQWLPLGDUPHOHSLGRTXHVHPDUFKHDKRUDPLVPR6LQRORKDFH
OODPDUpSDUDTXHORHFKHQ
3UHWHQGHXVWHGFRQWLQXDUHVWDHVWDSHUVHFXFLyQ"

1XQFDOHKHSHUVHJXLGRHQQLQJ~QPRPHQWR1LVLTXLHUDOH
FRQR]FRVHxRU

1RHVXVWHGHO5RJHU7RRPH\TXHPHHVFULELyXQDFDUWDUHOD
WLYDDXQFDVRGHOHYLWDFLyQTXHGHVHDEDTXH\RLQYHVWLJDUD"
5RJHUVHTXHGyPLUDQGRDOKRPEUH
'HTXpFDUWDKDEOD"
(QWRQFHVORQLHJD"

3RUVXSXHVWRTXHORQLHJR'HTXpHVWiXVWHGKDEODQGR"
7LHQHDFDVRHVDFDUWD"

(OSURIHVRU'HHULQJDSUHWyIXHUWHPHQWHORVODELRV

(VRQRLUQSRUWD1LHJDXVWHGTXHSHUPDQHFtDVXVSHQGLGRSRU
KLORVHQPHGLRGHOSDVLOORHQODVHVLyQGHHVWDWDUGH"
6XVSHQGLGRSRUKLEV"1ROHFRPSUHQGRHQDEVROXWR
(VWDEDXVWHGOHYLWDQGR

7HQGUtDODERQGDGGHPDUFKDUVHGHDTXtSURIHVRU'HHULQJ"
&UHRTXHQRVHHQFXHQWUDXVWHGELHQ
(OItVLFRDO]yODYR]

1LHJDTXHHVWDEDOHYLWDQGR"

&UHRTXHHVWiXVWHGORFR,QWHQWDGHFLUTXHKLFHDUUHJORVPiJL
FRVHQVXDXGLWRULR"1XQFDKDEtDHVWDGRHQpODQWHVGHKR\\FXDQGR
OOHJXpXVWHG\DHVWDEDSUHVHQWH(QFRQWUyKLORVRDOJXQDRWUDFRVD
SDUHFLGDGHVSXpVGHTXHPHIXHUD"
1RVpFyPRORKL]RQLPHLPSRUWD3HURQLHJDDFDVRTXH
HVWDEDOHYLWDQGR"
3RUVXSXHVWRTXHORQLHJR

<RORYL3RUTXpPLHQWHDKRUD"

0HYLRXVWHGOHYLWDU"3URIHVRU'HHULQJTXLHUHGHFLUPHFyPR
HVSRVLEOHHVR"6XSRQJRTXHVXFRQRFLPLHQWRGHODVIXHU]DVJUDYLWD
WRULDVHVOREDVWDQWHDPSOLRFRPRSDUDGHFLUOHTXHODDXWpQWLFDOHYLWD
FLyQHVXQFRQFHSWRTXHFDUHFHGHVHQWLGRH[FHSWRHQHOHVSDFLR
H[WHULRU3UHWHQGHJDVWDUPHXQDEURPD"
&LHORVGLMR'HHULQJFRQYR]HVWULGHQWHSRUTXpQRUHFR
QRFHXVWHGODYHUGDG"

3HURVLORHVWR\KDFLHQGR6XSRQHDFDVRTXHDGHODQWDQGR
XQDPDQR\KDFLHQGRXQSDVHPtVWLFRDVtSXHGRVDOLUYRODQGR
UXaUORVDLUHV"
<HVRIXHSUHFLVDPHQWHORTXHKL]RVXFDEH]DUR]DQGRHOWHFKR
/DFDEH]DGH'HHULQJVDOWyKDFLDDWUiVPLUDQGRKDFLDDUULED
$K(VRHVR
5RJHUUHJUHVyDOVXHORVRQULHQGR

1RSXHGHXVWHGHVWDUKDEODQGRHQVHULRGLMR

/RKDKHFKRGHQXHYR6tORKDKHFKR
+H KHFKRHOTXpVHxRU"

/HYLWDU6LPSOHPHQWHKDOHYLWDGR1RSXHGHXVWHGQHJDUOR
/RVRMRVGH5RJHUVHSXVLHURQVHULRV

&UHRTXHHVWiXVWHGHQIHPPRVHxRU
6pORTXHKHYLVWR

aXL]iQHFHVLWHXVWHGXQGHVFDQVR<DVDEHHOH[FHVRGHWUD
EDMR
(VRQRKDVLGRXQDDOXFLQDFLyQ

4XLHUHTXHOHSUHSDUHDOJRGHEHEHU"

5RJHUVHGLULJLyKDFLDVXPDOHWDPLHQWUDV'HHULQJOHVHJXtDORV
SDVRVFRQRMRVGHVRUELWDGRV/RVWDFRQHVGHVXV]DSDWRVIORWDEDQHQ
HODLUHDFLQFRFHQK
PHWURVGHOVXHOR
'HHULQJVHGHMyFDHUHQHOVLOOyQTXH5RJHUKDEtDGHMDGR
6tSRUIDYRUGLMRGpELOPHQWH

5RJHUOHWUDMRODERWHOODGHZKLVN\REVHUYyDORWUREHEHUOXHJR
VLJXLyDSUHWDQGR
&yPRVHVLHQWHDKRUD"

^ LJDGLMR'HHULQJKDGHVFXELHUWRXVWHGDOJXQDIRUPDGH
QHXWUDOL]DUODJUDYHGDG"
5RJHUVHORTXHGyPLUDQGR

3LHQVHXQSRFRSURIHVRU6L\RWXYLHUDHOVHFUHWRGHODDQWLJUD
YHGDGQRORXWLOL]DUtDSDUDJDVWDUOHEURPDVDXVWHG(QHVWRVPRPHQ
WRVHVWDUtDHQ:DVKLQJWRQ0HKDEUtDFRQYHUWLGRHQXQVHFUHWRPLOL
WDU6HUtD%LHQQRHVWDUtDDTXt6HJXURTXHWRGRHVROHUHVXOWD
REYLR
'HHULQJVDOWyHQSLH

7LHQHXVWHGLQWHQFLyQGHDVLVWLUDODVVHVLRQHVTXHIDOWDQ"
3RUVXSXHVWR

'HHULQJDVLQWLyVHHQFDVTXHWyFRQXQPDQRWD]RHOVRPEUHURVR
EUHODFDEH]D\VDOLyDWRGDSULVD

'XUDQWHORVVLJXLHQWHVWUHVGtDVHOSURIHVRU'HHULQJQRSUHVLGLy
ODVVHVLRQHVGHOVHPLQDULR1RIXHGDGDODPHQRUUD]yQGHVXDXVHQ
FLD5RJHU7RRPH\DWUDSDGRHQWUHODHVSHUDQ]D\ODDSUHQVLyQVH
VHQWyMXQWRDORVGHPiVDVLVWHQWHVHLQWHQWyQRKDFHUVHQRWDU1R
WXYRp[LWRSRUFRPSOHWR(ODWDTXHS~EOLFRGH'HHULQJKDEtDKHFKR
TXHODJHQWHUHSDUDUDHQpOPLHQWUDVTXHVXSURSLD\YHKHPHQWH
GHIHQVDOHKDEtDSURSRUFLRQDGRXQDHVSHFLHGHSRSXODULGDGGH'D
YLGFRQWUD*ROLDW
5RJHUUHJUHVyDVXKDELWDFLyQGHOKRWHOHOMXHYHVSRUODQRFKH
GHVSXpVGHXQDFHQDQRGHPDVLDGRVDWLVIDFWRULD\SHUPDQHFLyGHSLH
HQHOXPEUDOFRQXQDSLHUQDGHQWURGHODKDELWDFLyQ(OSURIHVRU
'HHULQJOHHVWDEDPLUDQGRILMDPHQWHGHVGHHOLQWHULRU<RWURKRP
EUHFRQXQVRPEUHURGHILHOWURJULVHFKDGRKDFLDDWUiVVREUHVX
FDEH]DHVWDEDVHQWDGRHQODFDPDGH5RJHU
)XHHOGHVFRQRFLGRTXLHQKDEOy
(QWUH7RRPH\
5RJHUHQWUy

4XpRFXUUH"

(OGHVFRQRFLGRDEULyVXELOOHWHUR\SUHVHQWyXQSRUWDGRFXPHQWRV
GHFHORIiQD5RJHU
6R\&DQQRQGHO)%,GLMR

7LHQHXVWHGLQIOXHQFLDFRQHOJRELHUQRSURIHVRU'HHULQJOR
UHFRQR]FRGLMR5RJHU
8QSRFRDGPLWLy'HHULQJ

%LHQHVWR\DUUHVWDGR"SUHJXQWy5RJHU&XiOHVPLFUL
PHQ"

7yPHVHORFRQFDOPDGLMR&DQQRQ+HPRV HVWDGRUHFRSL
ODQGRDOJXQRVGDWRVDFHUFDGHXVWHG7RRPH\(VpVWDVXILUPD"
0RVWUyXQDFDUWDGHVGHODGLVWDQFLDVXILFLHQWHSDUDTXH5RJHU
SXGLHUDYHUODSHURQRWRPDUOD(UDODFDUWDTXH5RJHUOHKDEtD
HVFULWRD'HHULQJ\TXHpVWHKDEtDHQYLDGRD0RUWRQ
6taLMR5RJHU
<HVWDRWUD"

(ODJHQWHIHGHUDOWHQtDWRGRXQIDMRGHFDUWDV

5RJHUVHGLRFXHQWDGHTXH&DQQRQGHEtDGHKDEHUUHFRJLGR
WRGDVODVFDUWDVTXHpOKDEtDHQYLDGRPHQRVDTXHOODVTXHKDEtDQVLGR
URWDVSRUVXVGHVWLQDWDULRV
7RGDVVRQ PtDVGLMRGpELOPHQWH
'HHULQJUHVRSOy

(OSURIHVRU'HHULQJQRVKDGLFKRTXHSXHGHXVWHGIORWDUGLMR
&DQQRQ
)ORWDU"4XpGHPRQLRVTXLHUHGHFLUFRQHVR"

)ORWDUHQHODLUHGLMR&DQQRQHVWyOLGDPHQWH

&UHHXVWHGHQWRGDVODVORFXUDVGHHVHWLSRTXH OHFXHQWDQ"

1RHVWR\DTXtSDUDFUHHURQRFUHHUGRFWRU7RRPH\GLMR
&DQQRQ6R\XQDJHQWHGHOJRELHUQRGHORV(VWDGRV8QLGRV\
WHQJRXQDPLVLyQTXHFXPSOLU6L\RIXHUDXVWHGFRRSHUDUtD

&yPRSXHGRFRRSHUDUHQDOJRDVt"6L\RDFXGLHUDDXVWHG
GLFLpQGROHTXHHOSURIHVRU'HHULQJSRGtDIORWDUHQHODLUHPHWHQGUtD
XVWHGWHQGLGRHQHOVLOOyQGHXQSVLTXLDWUDHQXQDEULU\FHUUDUGH
RMRV
(OSURIHVRU'HHULQJKDVLGRH[DPLQDGRSRUXQSVLTXLDWUDD
SHWLFLyQSURSLDGLMR&DQQRQ'HWRGRVPRGRVHOJRELHUQRWLHQH
ODFRVWXPEUHGHHVFXFKDUPX\VHULDPHQWHDOSURIHVRUGHVGHKDFHXQ
FLHUWRQ~PHURGHDxRV$GHPiVSXHGRGHFLUOHTXHGLVSRQHPRVWDP
ELpQGHSUXHEDVDGLFLRQDOHV
a&RPRFXiOHV"

8QJUXSRGHHVWXGLDQWHVGHVXXQLYHUVLGDGORYLHURQDXVWHG
IORWDU< WDPELpQXQDPXMHUTXHKDEtDVLGRODVHFUHWDULDGHOMHIHGHVX
GHSDUWDPHQWR7HQHPRVWHVWLPRQLRVGHWRGRVHOORV
4XpFODVHGHWHVWLPRQLRV"7HVWLPRQLRVTXHSXHGDQXVWHGHV
SUHVHQWDUFRPRSUXHEDVIHKDFLHQWHV\PRVWUDUDPLUHSUHVHQWDQWHHQ
HO&RQJUHVR"
'RFWRU7RRPH\LQWHUUXPSLyDQVLRVDPHQWHHOSURIHVRU'HH
ULQJTXpJDQDXVWHGQHJDQGRHOKHFKRGHTXHSXHGHOHYLWDU"6X
SURSLRGHFDQRDGPLWHTXHKDKHFKRXVWHGDOJRSDUHFLGR0HGLMRTXH
OHLQIRUPDUDRILFLDOPHQWHGHTXHVXFRQWUDWRFRQODXQLYHUVLGDGVHUi
FDQFHODGRDOILQDOGHODxRDFDGpPLFR(OKRPEUHQRKDUtDHVRSRU
QDGD

(VRQRLPSRUWDGLMR5RJHU

3HURSRUTXpQRDGPLWHTXH\ROHYLOHYLWDU"
<SRUTXpGHEHUtDKDFHUOR"

0HJXVWDUtDLQGLFDUOHGRFWRU7RRPH\GLMR&DQQRQTXHVL
SRVHHXVWHGXQDUWLOXJLRTXHFRQWUDUUHVWDODJUDYHGDGVHUtDGHJUDQ
LPSRUWDQFLDSDUDQXHVWURJRELHUQR
'HYHUDV"6XSRQJRTXHKDEUiQLQYHVWLJDGRXVWHGHVPLVDQWH
FHGHQWHVHQEXVFDGHDOJXQDSRVLEOHGHVOHDOWDG
/DLQYHVWLJDFLyQVHKDOODHQFXUVRFRQILUPyHODJHQWH

0X\ELHQGLMR5RJHU3ODQWHHPRVXQFDVRKLSRWpWLFR6X
SRQJDPRVTXHDGPLWRTXHSXHGROHYLWDU6XSRQJDPRVTXHQRVp
FyPRORFRQVLJR6XSRQJDPRVTXHQRWHQJRQDGDTXHHQWUHJDUOHDO
JRELHUQRH[FHSWRPLFXHUSR\XQSUREOHPDLQVROXEOH
&yPRSXHGHVDEHUTXHHVLQVROXEOH"GLMR'HHULQJDQVLR
VDPHQWH

(QXQDRFDVLyQOHSHGtTXHHVWXGLDUDHVHIHQyPHQRREVHUYy
5RJHUVXDYHPHQWH8VWHGVHQHJy

a,YLGHHVR0LUH'HHULQJKDEODEDUiSLGDPHQWHFRQXU
JHQFLD8VWHGQRWLHQHQLQJXQDSRVLFLyQHQHVWHPRPHQWR<R
SXHGRRIUHFHUOHXQDHQPLGHSDUWDPHQWRFRPRSURIHVRUDGMXQWRGH
IIVLFD6XVGHEHUHVFRPRSURIHVRUVHUiQ~QLFDPHQWHQRPLQDOHV'HGL
FDUiWRGRVXWLHPSRDODOHYLWDFLyQ4XpOHSDUHFH"
6XHQDDWUDFWLYRGLMR5RJHU

&UHRTXHSXHGRGHFLUOHTXHGLVSRQGUiGH IRQGRVLOLPLWDGRVSRU
SDUWHGHOJRELHUQR
<TXpHVORTXHWHQJRTXHEDFHU"6LPSOHPHQWHDGPLWLUTXH
SXHGROHYLWDU"

6pTXHSXHGHKDFHUOR<RORYL'HVHRTXHVHORPXHVWUHDKRUD
DOVHxRU&DQQRQ

/DVSLHUQDVGH5RJHUVHDO]DURQ\WHQVyHOFXHUSRKDVWDDGRSWDU
XQDSRVLFLyQKRUL]RQWDODOQLYHOGHODFDEH]DGH&DQQRQ6HYROYLy
KDFLDXQODGR\SDUHFLyGHVFDQVDUHQHODLUHVREUHVXFRGRGHUHFKR
(OVRPEUHURGH&DQQRQFD\yGHVPD\DGDPHQWHVREUHODFDPD

)ORWDMDGHyHODJHQWH

'HHULQJVHPRVWUDEDFDVLLQFRKHUHQWHSRUODH[FLWDFLyQ

/RYH"

3RUVXSXHVWRTXHORYHR

(QWRQFHVLQIRUPHGHHOOR3yQJDORWDOFXDOHQVXLQIRUPHPH
KDHQWHQGLGR"+DJDXQLQIRUPHFRPSOHWRGHOKHFKR$VtQRYROYHUiQ
DGHFLUTXHKD\DOJRTXHQRYDELHQHQPLFDEH]D1XQFD GXGpQLSRU
XQVHJXQGRGHORTXHKDEtDYLVWR
3HURQRVHKDEUtDPRVWUDGRWDQIHOL]VLHVWR~OWLPRKXELHUDVLGR
FRPSOHWDPHQWHFLHUWR
1LVLTXLHUDVpHOFOLPDTXHKD\HQ6HDWWOHVHTXHMy-DQH\
KD\XQPLOOyQGHFRVDVTXHWHQJRTXHKDFHU
1HFHVLWDVD\XGD"SUHJXQWy-LP6DUOHGHVGHVXFRQIRUWDEOH
SRVLFLyQHQODVSURIXQGLGDGHVGHOVLOOyQ
1RKD\QDGDTXH.SXHGDVKDFHU2K'LRVPtR

<VDOLyYRODQGRGHODKDELWDFLyQSHURDOFRQWUDULRTXHVXHVSRVR
ORKL]RVyORHQVHQWLGRILJXUDGR
5RJHU7RRPH\HQWUy

-DQHWRGDYtDQRWHQHPRVODVFDMDVSDUDORVOLEURV"$KKROD
-LP&XiQGRKDVOOHJDGR"<GyQGHHVWi-DQH"

/OHJXpKDFHXQPLUOXWR\ODQHHVWiHQODRWUDKDELWDFLyQ7XYH
TXHDEULUPHFDPLQRHQWUHSROLFLDV0XFKDFKRHVWiVDXWpQWLFDPHQWH
URGHDGR
+XPPPGLMR5RJHUDXVHQWH/HVKDEOpGHWL

apTXHORKLFLVWH0HKDQKHFKRMXUDUTXHPDQWHQGUpHOVHFUHWR
/HVGLMHTXHHQFXDOTXLHUFDVRHUDXQDVXQWRGHVHFUHWRSURIHVLRQDO
3RUTXpQRGHMDVTXHORVGHODVPXGDQ]DVVHHQFDUJXHQGHWRGR"(V
HOJRELHUQRTXLHQSDJDQR"
/RVGHODVPXGDQ]DVQRORKDU
DQELHQaLMR-DQHHQWUDQGRGH
QXHYRDSUHVXUDGDPHQWH\GHMiQGRVHFDHUHQHOVRIa1HFHVLWRXQ
FLJDUULOOR
+D]XQDSDXVD5RJHUGLMR6DUOH\FXpQWDPHORTXHSDVy

5RJHUVRQULyWtPLGDPHQWH

7DOFRPRGLMLVWH-LPDSDUWpGHPLPHQWHHOSUREOHPDHTXLYR
FDGR\PHFHQWUpHQHODXWpQWLFRSUREOHPD7HQtDODLPSUHVLyQGHTXH
PHHQFRQWUDUtDVLHPSUHHQIUHQWDGRDGRVDOWHUQDWLYDI2HVWDEDORFR
RFRPHW
DXQIUDXGH'HHULQJORGLMRFODUDPHQWHHQVXFDUWDD0RU
WRQ(OGHFDQRVXSXVRTXHHVWDEDFRPHWLHQGRXQIUDXGH\0RUWRQ
VXSXVRTXHHVWDEDORFR
3HURVXSRQLHQGRTXHSXGLHUDGHPRVWUDUOHVDWRGRVTXHUHDO
PHQWHSRG
DOHYLWDU%LHQ0RUWRQPHGLMRORTXHRFXUULQDHQHVH
FDVR2ELHQ\RHVWDQDFRPHWLHQGRXQIUDXGHRHOWHVWLJRHVWDUtD
ORFR0RUWRQGLMRTXHVLPHYHtDYRODUSUHIHULUtDFUHHUTXHHVWDED
ORFRDQWHVTXHDFHSWDUODHYLGHQFLD3RUVXSXHVWRWDQVyORHVWDED
VLHQGRUHWyULFR1LQJ~QKRPEUHFUHHUiMDPiVHQVXSURSLDORFXUD
PLHQWUDVH[LVWDODPiVPa
QLPDHYLGHQFLDGHORFRQWUDULR<RFRQWDED
FRQHVR
'HPRGRTXHFDPELpGHWiFWLFD$FXGaDOVHPLQDULRGH'HHULQJ
1ROHGLMHDpOTXHSRGLDIORWDUVHORGHPRVWUp\OXHJRQHJXpTXHOR
KXELHUDKHFKR/DDOWHUQDWLYDHUDFODUD2\RHVWDEDPLQWLHQGRRpO
QR\RItMDWHELHQpOHVWDEDORFR5HVXOWDEDREYLRTXHDQWHVFUHHUtD
HQODOHYLWDFLyQTXHGXGDUGHVXSURSLDFRUGXUDXQDYH]VHKDOOy
VRPHWLGRUHDOPHQWHDODSUXHED7RGDVVXVDFFLRQHVSRVWHULRUHVVXV
LQWLPLGDFLRQHVVXYLDMHD:DVKLQJWRQVXRIHUWDGHXQWUDEDMRIXH
URQGLULJLGDV~QLFDPHQWHDUHLYLQGLFDUVXSURSLDFRUGXUDQRDD\X
GDUPH
(QRWUDVSDODEUDVGLMR6DUOHFRQYHUWLVWHWXOHYLWDFLyQHQVX
SUREOHPD\QRHQHOWX\R

7HQtDVDOJRDVtHQPHQWHFXDQGRWXYLPRVQXHVWUDFKDUOD-LP"
SUHJXQWy5RJHU
6DUOHPHQHyODFDEH]D

7HQtDYDJDVQRFLRQHVDOUHVSHFWRSHURXQKRPEUHGHEHUHVRO
YHUVXVSURSLRVSUREOHPDVVLTXLHUHVROXFLRQDUORVHIHFWLYDPHQWH
&UHHVTXHDKRUDUHVROYHUiQHOSULQFLSLRGHODOHYLWDFLyQ"

1RORVp-LP6LJRVLQSRGHUFRPXQLFDUORVDVSHFWRVVXEMHWLYRV
GHOIHQyPHQR3HURHVRQRLPSRUWD/RVLQYHVWLJDUHPRV\HVRHVOR
TXHFXHQWD^aROSHyVXSXxRGHUHFKRFRQWUDODSDOPDGHVXPDQR
L]TXLHUGD(QORTXHDPtUHVSHFWDORLPSRUWDQWHHVTXHKHFRQVH
JXLGRTXHPHD\XGHQ
'HYHUDV"SUHJXQWyVXDYHPHQWH6DUOH<RGLUtDPiVELHQ
TXHORLPSRUWDQWHHVTXHOHVKDVSHUPLWLGRREOLJDUWHDTXHW~OHV
DYXGHVDHOORVORFXDOHVPX\GLVWLQWR

&RPHQWDULRILQDO

0HJXVWDUtDGHMDUDODRSLQLyQGHORVOHFWRUHVHOGHFLGLUTXpYHUVLyQ
OHVJXVWDPiVSHURVLPHSURPHWHQQRGHMDUVHLQIOXLUSRUHOORVKH
DTXtDOJXQRVGHPLVSURSLRVSHQVDPLHQaRVVREUHODFXHVWLyQ

'XUDQWHHVWRV~OWLPRVWUHLQWDDQRVKHSHQVDGRHQHVWRVGRVILQDOHV
FRPRPLILQDO\HOILQDOGH&DUQSEHOO\DPLPRGREDVWDQWH
VXEMHWLYRVLHPSUHKHSUHIHULGRaPLILQDOaHVGHFLUHOTXHHVFULEt
SULPHURHQODYHUVLyQQRSXEOLFDGD6LQHPEDUJRXQDYH]GLFKRHVR
GHERDxDGLUTXHDKRUDSRUSULPHUDYH]HQWUHLQWDDQRVKHOHtGRODV
GRVYHUVLRQHVGHOUHODWRXQDLQPHGXDWDPHQWHGHVSXpVGHODRWUD\KH
8HJDGRDODFRQFOXVLyQGHTXHDPEDVVRQPLVILQDOHV\TXHHVWiQELHQ
HVFULWDVDXQTXHVLJDJXVWiQGRPHPiVODSULPHUDTXHHVFULEt
$XQTXHSDUH]FDH[WUDxRHOVHJXQGRILQDOHOTXHIXHSXEOLFDGR\
FRQVLGHUDGRSRUPtFRPRHOILQDOGH&DPSEHOOHVHOTXHPHSDUHFH
PiVWtSLFDPHQWHPtR(QXQUHODWRWUDVRWURKHKHFKRTXHPLKpURH
JDQDUDJUDFLDVDVXLQWHOLJHQFXDVXSHULRUDVXUDFLRQDOLGDGVXSHULRUD
VXFHUHEURVXSHULRU(QUHVXPHQ5RJHU7RRPH\KDFHH[DFWDPHQWHOR
TXHXQKpURHWtSLFRGH$VLPRYKDUtD3RUTXpHQWRQFHVPHVLHQWR
LQVDWLVIHFKR"
3RUTXH5RJHU7RRPH\QRHVXQKpURHWtSLFRGH$VLPRY

(OUHODWRWDO\FRPRORFRQFHEtGHVSXpVGHTXH&DPSEH8H[SUHVDUD

;

VXGHVHRGHTXHHVFULELHUDXQUHODWRVREUHXQDSHUVRQDTXHSRGtD
OHYLWDUSHURTXHQRSRGtDFRQVHJXLUTXHQDGLHODFUH\HUDUHTXHUtDXQ
KpURHQRDVLPRYLDQR0LWHVLV QRGLUHFWDPHQWHH[SUHVDGDHQPXFKDV
SDODEUDVSHURLPSOtFLWDXQD\RWUDYH] HUDODVLJXLHQWH3DUDFUHHUHQ
ODH[LVWHQFLDVyORODYHUGDGHVVXILFLHQWH
0LSXQWRGHYLVWDVREUHODYLGDKDELWXDOPHQWHDOHJUHHVTXHQR
DFHSWRHVDWHVLV6LJRHVFULELHQGROLEURVVREUHFLHQFLDHKLVWRULD\
WDPELpQVREUHFLHQFLDILFFLyQHQORVTXHWUDWRGHH[SOLFDUHOPXQGR
GHXQDIRUPDQDWXUDO\UDFLRQDOLVWDFRQODFRQILDGDFHUWLGXPEUHGH
TXHHVRHVVXILFLHQWHSDUDFRQVHJXLUTXHODJHQWHDEDQGRQHVXVWRQWDV
VXSHUVWLFLRQHV

<VLQHPEDUJRRFDVLRQDOPHQWHWDPELpQWHQJRPLVPRPHQWRVRV
FXURV\FtQLFRVFXDQGRVR\FRQVFLHQWHGHODH[LVaHQFLDGHPLOORQHVGH
SHUVRQDVLQFOXVRSHUVRQDVHGXFDGDV\SUHVXPLEOHPHQWHLQWHOLJHQ
WHVTXHDFHSWDQXQDPSOLRHVSHFWURGHVLQVHQWLGRVTXHYDQGHVGHOD
DVWURORJtDKDVWDHOFUHDFLRQLVPRHQIUHQWiQGRVHDVtDWRGDVODVSUXHEDV
UHXQLGDVSDFLHQWH\GRORURVDPHQWHSRUORVVHUHVKXPDQRVUDFLRQDOHVD
WUDYpVGHOFXUVRGHODKLVWRULDGHODFLYLOL]DFLyQ<HQWRQFHVPHVLHQWR
FRPR5RJHU7RRPH\

/DOHYWDFLyQHVDOJRLGHDOSDUDGHPRVWUDUHVWHFtQLFRSXQWRGH
YLVWDSXHVWRTXHVHWUDWDGHDOJRFRQVLGHUDGRSRUWRGDSHUVRQDUDFLR
QDOFRQVFLHQWHGHOPRGHUQRSHQVDPLHQWRFLHQWtILFRFRPRLPSRVLEOH\
RSXHVWRDODOH\QDWXUDO1LVLTXLHUDODVSHUVRQDVVLQHGXFDFLyQY
VXSHUVWLFLRVDVFUHHQDQTXHODOHYLWDFLyQHVSRVLEOHDQRVHUPHGLDQWHOD
LQWHUYHQFLyQGLYLQD RGHPRQLDFD 
4XLHQHVVHHQIUHQWDQDOKHFKRGHODOHYLWDFLyQGHEHQEXVFDUSRUOR
WDQWRXQDH[SOLFDFLyQTXHLPSOLTXHDOJ~QWLSRGHEUXMHUtDRELHQ
UHIXJLDUVHHQHOWHUURUDQWHORTXHGHEHSDUHFHUOHVDOJRTXHLPSOLFDOD
SUHVHQFLDGHORGLYLQRRGHORGHPRQLDFR

6LXVWHGDFXGHDPtSRUHMHPSOR\PHGHPXHVWUDTXHSXHGH
OHYLWDU\VL\RQRFRQVLJRHQFRQWUDUORVKLORVTXHORVXMHWDQSUREDEOH
PHQWHWHUPLQDUtDSRUQRFUHHUHQORTXHYHQPLVRMRV/RVLHQWR
$VtTXHFXDQGR5RJHU7RRPH\QRSXHGHHQFRQWUDUDQDGLHTXHOH
FUHDFXDQGRQRKDOODFUHHQFXD \pVHHVHOQWXORGHOUHODWR VXYLGD
GHEHVHJXLUQHFHVDULDPHQWHXQFXUVRFRQWLQXRGHKXQGLPLHQWRSDUD
GHPRVWUDUDVtFRQODPD\RUIXHU]DSRVLEOHODWHVLVFHQWUDOGHOUHODWR

(QODVHJXQGDYHUVLyQVLQHPEDUJRHOILQDOGH&DPSEH8KDJR
TXH7RRPH\VHHQIUHQWHUDFLRQDOPHQWH\SDVRDSDVRFRQODVLWXDFLyQ
GHPRGRTXHDXQFXDQGRQRHVXQKpURHDVLPRYLDQRWtSLFRVHFRQ
YLHUWHILQDOPHQWHHQXQR
'HWRGRVPRGRVFUHRTXHQRGHEHUtDKDEHUDFHSWDGRKDFHUOR
8OWLPRFRPHQWDULR

/RVGLYHUVRVUHODWRVHQORVTXHKHLQWURGXFLGRFDPELRVDQWHOD
LQVLVWHQFLDGHODVHGLWRULDOHV\TXHKHGHVFULWRDTXtDEDUFDQGHVGH
 3LOJULPDJH KDVWD 7KH8JO\/LWWOH%R\ 

'HVGHKDFH\DPiVGHXQFXDUWRGHVLJORQRKDQYXHOWR
DSURGXFLUVHWDOHVLQFLGHQWHV2ELHQORTXHHVFULERHVUHFKD]DGRa\
OHVDVHJXURTXHHVRVXFHGHPX\UDUDPHQWH RELHQHVDFHSWDGRH
LPSUHVRVXVWDQFLDOPHQWHWDO\FRPRORKHHVFULWRLQWURGXFLpQGRVH
~QLFDPHQWH ODFODVHGHFRUUHFFLRQHVGHUXWLQDTXHVRQHOUHVXOWDGRGH
ODVGHVJUDFLDVGHOWUDEDMRWLSRJUiILFRHGLWRQDO
(VWRQRHVQHFHVDULDPHQWHDOJREXHQRDOPHQRVSRUORTXHUHV
SHFWDDDOJXQRVFUtWLFRV+HOHtGRUHFHQVLRQHVGHPLVQRYHODVUHFLHQ
WHVSRUHMHPSORGHODVTXHSDUHFHGHVSUHQGHUVHTXHVXIURXQDaDOWD
GHFRQWUROHGLWRULDO/DLPSUHVLyQTXHWUDWDQGHFRPXPFDUHVTXHPH
KHFRQYHUWLGRHQXQDHVSHFLHGHVXSHUHVWUHOODDUURJDQWHHQHOPXQGR
GHODFLHQFLDILFFLyQ\TXHORVHGLWRUHVVHHQFXHQWUDQDFRUUDODGRV
DQWHPtWHPLHQGRXQIUXQFLPLHQWRGHFHxRSRUPLSDUWHTXH\R
FRQVLJRLPSRQHUWRGDFODVHGHHPEXVWHVDXWRLQGXOJHQWHVPLHQWUDV
TXHHVRVPLVPRVHGLWRUHVVHHQFRJHQGHKRPEURV FXDQGR\ROHV

PLUR \VHTXHMDQGHVXLQFDSDFLGDGSDUDFRQWURODUPH

'HVHDUtDTXHTXLHQHVHVFULEHQWDOHVUHFHQVLRQHVFRQVXOWDUDQFRQ
PLVHGLWRUHVFRQUHVSHFWRDHVWDFXHVWLyQ HQPLDXVHQFLDVLFRQHOOR
VHVLHQWHQPHMRU SXHVHVWR\WRWDOPHQWHFRQYHQFLGRGHTXHOHVDVH
JXUDUiQTXHQRHVDVt
/RTXHVXFHGHHVTXHPHYR\KDFLHQGR YLHMRTXHVR\XQH[SHUL
PHQWDGRHVFULWRUHQFLHQFLDILFFLyQTXHKDDSUHQGLGRVXRILFLRHQOD
GXUDHVFXHODGHHGLWRUHVWDQSRGHURVRVHLGLRVLQFUiWLFRVFRPR-RKQ
:&DPSEHOO-U\+RUDFH/*ROGGHPRGRTXHHQODDFWXDOLGDG
\DQRKD\WDQWDQHFHVLGDGGH REOLJDUPHDUHYLVDUXQUHODWR
3XHGHTXHOOHJXHXQGtDHQHOTXHODHGDGDYDQ]DGD\HOGHWHULRUR


&XHQWRVSDUDOHORV
PHQWDO VLHVTXHYLYRORVXILFLHQWH PHSULYHQGHOILORDJX]DGRGHPL
SRGHU\HQWDOFDVRPHDWUHYHUtDDGHFLUTXHPLVHGLWRUHVYRWDUiQ
SDUDHQFRQWUDUDOHQFDUJDGRGHGHFLUPHTXH\DQRWHQJRHVHSRGHU
6pTXHVXDYHUVLyQDGHFtUPHORQRSURFHGHUiGHVXWHPRUDPt
VLQR HVSHUR GHVXUHQXHQFLDDKDFHUPHVHQWLUPDOSXHVKHHQWD
EODGRDPLVWDGFRQWRGRVORVHGLWRUHVTXHKHWHQLGR\PLVUHODFLRQHV
FRQHOORVFRQWRGRVHOORVGHVGH-RKQ&DPSEHOOKDFH\DFXDUHQWD\
VLHWHDxRVD6DP9DXJKDQMXVWRDKRUDVHKDQFDUDFWHUL]DGRSRUOD
DPLVWDG\HOWUDWRFRUGLDO\ODVGLVFXVLRQHVVREUHUHYLVLRQHVWDQVyOR
KDQDJLWDGRPX\OLJHUDPHQWHOD VXSHUILFLHGHQXHVWUDDPLVWDG\HVR
VyORWHPSRUDOPHQWH
,QWURGXFFLyQ

(QYHMHFHFRQPLJR YHUVLyQRULJLQDOGHODQRYHOD8QJXLMDUUR
HQHOFLHOR 
(OILQGHODHWHUQLGDG YHUVLyQRULJLQDOGHODQRYHODGHOPLV
PRWtWXOR 
&UHHQFLD SULPHUDYHUVLyQ 
&UHHQFLD YHUVLyQSXEOLFDGD

8OWLPRFRPHQWDULR
,VDDF$VLPRY  HVXQRGHORVHVFULWRUHVGHFLHQFLDILFFLyQPiVIDPR
VRVTXHYLYHQHQODDFWXDOLGDG1DFLGRHQ5XVLDVXIDPLOLDSDVRDYLYLUHQ
(VWDGRV8QLGRVHQ'XUDQWHXQDSULPHUDHWDSDGHVXFDUUHUDFRPELQyOD
DFWLYLGDGDFDGpPLFDHQELRTXtPLFDFRQODSXEOLFDFLyQGHQXPHURVRVUHODWRV
GHFLHQFLDILFFLyQHQUHYLVWDVSRSXODUHVSDUDSDVDUFRQGHGLFDFLyQSOHQDDOD
HVFULWXUDHQ6XREUDDOWHUQDODFLHQFLDILFFLyQRFDVLRQDOHVLQFXUVLRQHV

HQHOUHODWRGHPLVWHULR\XQDLQJHQWHFDQWLGDGGHREUDVGHGLYXOJDFLyQTXHOR
KDQFRQYHUWLGRDVLPLVPRHQXQRGHORVHQVD\LVWDVPDVSRSXODUHVGHOPX
QGR
5HFLHQWHPHQWHKDGHVDUUROODGRWDPELpQXQDHQRUPHDFWLYLGDGHQHOFDPSR
GHODVDQWRORJtDVHQPXFKRVFDVRVHQFRODERUDFLyQFRQ&KDUOHV::DXJK\
0DUWLQ+*UHHQEHUJ
(QODDFWXDOLGDGOOHYDSXEOLFDGRVPiVGHOLEURV6XREUDGHQWURGHOD
FLHQFLDILFFLyQFRPSUHQGHORVWtWXORVVLJXLHQWHV
129(/$6

3HEEOHOQ,KH6N\ 8QJXLMDUURHQHOFLHOR(G0DUWtQH]5RFDHQSUH
SDUDFLyQ
7KH6WDUV/NH'XVW (QODDUHQDHVWHDU(G0DUWtQH]5RFD6XSHU
)LFFLyQQ~P%DUFHORQD

7KH&XUUHQWVRI6SDFH /DVFRUULHQWHVGHOHVSDFLR(G0DUWtQH]5R
FD6XSHU)LFFLyQQ~P%DUFHORQD
7KH(QGRI(WHUQaW\ (O-LQGHODHWHUQLGDG(G0DUWtQH]5RFD6X
SHU)LFFLyQQ~P%DUFHORQD
)DQWDVWLF9R\DJH 9LDMH$XFLQDQWH(G3OD]D\-DQpV*UDQ5HQR
%DUFHORQD
7KH*RGV7KHPVHOYHV /RVSURSLRVGLRVHV(G%UXJXHUD/LEUR
$PLJR%DUFHORQD
6(5,('(/2652%276

7KH&DYHVRI6WHH %yYHGDVGHDFHUR(G0DUWtQH]5RFD6XSHU)LF
FLyQQ~P%DUFHEQD
7KH1DNHG6XQ (OVROGHVQXGR(G0DUWtQH]5RFD6XSHU)LFFLyQ
Q~P%DUFHORQD

7KH5RERWVRI'DZQ /RVURERWVGHODPDQHFHU(G%UXJXHUD&LQ
FR(VWUHOODV%DUFHORQD
5RERWVDQG(PSLUH 5RERWVH,PSHQR(G3OD]D\ODQpVe[LWRV
%DUFHORQD
6(5,('(/2652%276

6(5,('(/$6)81'$&,21(6

)RXQGDWLRQ )XQGDDyQ(G3OD]D\-DQpV*UDQ5HQR%DUFHORQD


)RXQGDWLRQDQG(PSLUH )XQGDFLyQH,PSHULR(G3OD]D\ODQpV
*UDQ5HQR%DUFHORQD
6HFRQG)RXQGDWLRQ 6HJXQGD)XQGDFLyQ(G3OD]D\ODQpV*UDQ
5HQR%DUFHORQD

)RXQGDWLRQ
V(GJH /RVOtPLWHVGHOD)XQGDFLyQ(G3OD]D\ODQpV
*UDQ5HQR%DUFHORQD

)RXQGDWLRQDQG(DUWK
6(5,(/8&.<67$55 MXYHQLO 
/XFNY6WDUU6SDFH5DQJHUFRPR3DXO)UHQFK /XFN\6WDUUHOUDQ
JHUGpOHVSDFLR(G%UXJXHUD%DUFHORQD
/XFNY 6WDUU DQG aKH 3LUDWHV RI WKH $VWHURLGV /XFN\ 6WDUU \ ORV SLUDWDV  ,
UOUQ
GHORVDVWHURLGHV(G%UXJXHUD%DUFHORQD
/XFN\6WDUUDQGWKH2FHDQVRI9HQXV /XFN\6WDUU\ORVRFpDQRaGH
9HQXV(G%UXJXHUD%DUFHORQD
/XFN\6WDUUDQGWKH%LJ6XQRI0HUFXU\ /XFN\6WDUUYHOJUDQVROGH
0HUF~ULR(G%UXJXHUD%DUFHORQD
/XFN\6tDUUDQGWKH0RRQVRI-XSLWHU /XFN\6WDUU\,DVOXQDVGH-~
SLWHU(G%UXJXHUD%DUFHORQD
/XFN\6WDUUDQGWKH5LQJVRO6DWXUQ /XFN\6WDUU\ORVDQLOORVGH6D
OXUQR(G%UXJXHUD%DUFHORQD
5(&23,,$&,21(6
URERW <RURNRW(G(GKDVD1HEXODHQ~PO%DUFHORQD
7KH0DUWLDQ:D\DQG2WKHU6WRQHV $ORPDUFLDQR(G0DUWtQH]
5RFD6XSHU)LFFLyQQ~P%DUFHORQDO<
O<(DUWKLV5RRP(QRXJK &RQOD7LHUUDQRVEDVWD(G0DUWtQH]5RFD
6XSHU)LFFLyQQ~P%DUFHORQD
1LQH7RPRUURZV 1XHYHIXWXURV(G0DUWtQH]5RFD6XSHU)LFFLyQ
Q~P%DUFHORQD
7KH5HVWRIWKH5RERWV /RVURERWV(G3LFD]R%DUFHORQD
1LJKWIDDQGRWKHU6WRULHV /RVRMRVKDFHQDOJRPiV TXHaHU/DPi
TXLQDTXHJDQyODJXHUUD\&XDUWDJHQHUDFLyQ(G&DUDOW&LHQFLD
)LFFLyQQ~PV\%DUFHORQDaa
7KH(DUO\$VLPRY 6HLHFFLyQ\(G%UXJXHUD/LEUR$PLJR
%DUFHORQD
%X\-XSLWHU &RPSUH-~SLWHU(G3OD]D\-DQpV*UDQ5HQR%DUFH
ORQD
7KH%LFHQWHQLDO0DQ (OKRPEUHGHO%LFHQWHQDULR(G0DUWtQH]5R
FD6XSHU)LFFLyQQ~P%DUFHORQD
7KH&RPSOHWH5RERW /RVURERWV(G0DUWtQH]5RFD*UDQ6XSHU
)LFFLyQ%DUFHORQD
7KH:LQGVRI&KDQJHDQG2WKHU6WRULHV /RVYLHQWRVGHOFDPELR(G
0DUWtQH]5RFD*UDQ6XSHU)LFFLyQ%DUFHORQD
7KH$OWHUQDWH$VLPRYV &XHQWRVSDUDOHORV(G0DUWtQH]5RFD6X
SHU)LFFLyQQ~P%DUFHORQD

$172/2*,$675$'8&,'$6$/&$67(//$12
%HIRUHWKH&ROGHQ$JH /D(GDGGH2URGHODFLHQFLDILFFLyQ(G
0DUWtQH]5RFD6XSHU)LFFLyQQ~PV\%DUFHORQD
7KH%HVW6FLHQFH)LFWLRQRIWKHWK&HQWXU\ /RPHMRUFOHODFLHQFLD
ILFFLyQGHOVLJOR;,;(G0DUWtQH]5RFD6XSHU)LFFLyQQ~PV\
%DUFHORQD
&DXJKWLQWKH2UJDQ'UDIW 7UDVSODQWHREOLJDWRULR(G0DUWtQH]5R
FD6XSHU)LFFLyQQ~P%DUFHORQD FRQ:DXJK\0DUWLQ
+DOOXFLQDWLRQ2UELW 2UELWDGHDOXFLQDFLyQ(G0DUWtQH]5RFD6X
SHU)LFFLyQQ~P%DUFHORQD D Q:DXJK\0DUWLQ
6(5,(/2635(0,26+8*2
7KH+XJR:LQQHUV /RVSUHPLRV+XJR(G
0DUWtQH]5RFD*UDQ6XSHU)LFFLyQ%DUFHORQD
7KH+XJR:LQQHUV (G0DUWtQH]5RFDHQSUHSDUDFLyQ
7KH+XJR:LQQHUV (G0DUWtQH]5RFDHQSUHSDUD
FLyQ
7KH+XJR:LQQHUV (G0DU~QH]5RFDHQSUHSDUD
7KH+XJR:LQQHUV (G0DUWtQH]5RFDHQ SUHSDUD
FLyQ
35(0,26
y+XJRHVSHFLDOSRUOD6HULHGHODV)XQGDFLRQHV
+XJR1HEXOD\/RFXVSRU/RVSURSLRVGLRVHV
+XJR1
HEXOD\/RFXVSRU(OKRPEUHGHO%LFHQWHQDULR
+XJRY/RFXVSRU/RVOtPLWHVGHOD)XQGDFLyQ




aB 

1
,$1:$7621
(OMDUGtQGHODVGHOLFLDV

(QEXVFDGHXQDFRORQLDIXQGDGDSRUXQDH[SHGLFLyQDQWHULRU
XQDDVWURQDYHWULSXODGDSRUWUHVKRPEUHV\WUHVPXMHUHVTXHGD
LQPRYLOL]DGDHQXQSODQHWDPLVWHULRVR(OSDLVDMHOXMXULDQWHTXH
OHVURGHDFRQVXVIUXWRV\DYHVJLJDQWHV\VXSREODFLyQGH
RFLRVRVGHVQXGRVHVH[DFWDPHQWHHOGHOWUtSWLFRGH-HUyQLPR
%RVFK(O-DUGtQGHODV'HOLFLDV/DSLQWXUDIXHFRQYHUWLGDHQ
SDLVDMHSRUXQa'LRVa\WRGRIRUPDSDUWHGHXQSODQ3HURTXp
HVHVH'LRV"<FXiOHVHOSODQ"0LHQWUDVUHFRUUHQHVDSLQWXUD
IDEXORVDORVSURWDJRQLVWDVYHQFODURTXHHVHPXQGRORPLVPR
TXHODSLQWXUD GH%RVFKFRQVWDGHWUHVSDUWHV3DUDOOHJDUDQWH
'LRVHQHO3DUDtVRWHQGUiQTXHSDVDUSULPHURSRUXQYHUGDGHUR
,QILHUQR3HURHOUHVXOWDGRGHVXLQYHVWLJDFLyQHVWRGDYtDPiV

VRUSUHQGHQWHGHORTXHLPDJLQDQ
8QDQRYHODDSDVLRQDQWHTXHGHVDUUROODFRQPDHVWUtDODVLGHDV
PiVSURYRFDWLYDVTXHKDYLVWRHOJpQHURHQORV~OWLPRVDxRV

ODQ:DWVRQHVHQODDFWXDOLGDGHODXWRUEULWiQLFRGHFLHQFLD
ILFFLyQGHPiVEULOODQWH]\FRKHUHQFLDHQVXSDtV6HGLRD
FRQRFHUDPHGLDGRVGHORVVHWHQWDFRQ(PSRWUDGRV Q GH
HVWDFROHFFLyQ QRYHODTXHOHYDOLyHO3UHPLR$SROR
'HVGHHQWRQFHVVXVQRYHODVQRKDQGHMDGRGHDOFDQ]DUQXHYDV
FRWDVGHH[FHOHQFLD(OSDVDGRDxRREWXYRHO3UHPLR(XURSHRGH
&LHQFLD)LFFLyQSRUHOFRQMXQWRGHVXREUD
*a


/DV& EUDV0DHVWUDV
GHOD&LHQFLD)FFLRQ

/R~OWLPRGH$VLPRYUHODWRVGHOR
PHMRU\PiVDFWXDOGHODXWRUGHFLHQFLD
ILFFLyQPiVIDPRVRGHWRGRVORVWLHPSRV

3RUSULPHUDYH]UHXQLGRVHQXQVROR
YROXPHQWRGRVORVUHODWRVGHURERWVHVFUL
WRVSRU,VDDF$VLPRYGHVGHVXFpOHEUH
<RURERWKDVWDVXPiVUHFLHQWHSUR
aXFFLyQ
$XWRUJDQDGRUGHO3UHPLR+XJR
2EUDJDODUGRQDGD
FRQHO%ULWVK6)$ZDUG

-RKQ%UXQQHUHVHODXWRUEULWiQLFR
GHFLHQFLDILFFLyQGHPD\RUUHVRQDQFLD
PXQGLDO*DQDGRUGHORVSUHPLRV+8*2
$32/2\%5,7$1,&2VXQRYHOD2UEL
WDLQHVWDEOHIRQQDMXQWRD7RGRVVREUH
=DQ]IOaDU\(OUHEDxRFLHJRORTXHHO
DXWRUOODPDODWULORJtDGHOGHVDVWUHED
VDGDHQQXHVWURIXWXURPiVLQPHGLDWR
*5$1683(5),&&,21
IaL6O029


(OSUVPLR+XJRHVHOPiVLPSRUWDQWHTXHVHRWRU
JDDORVHVFULWRUHVGHFLHQFLDILFFLyQ3UHVHQWD
GRVSRU$VLPRYHQHVWHYROXPHQVHUH~QHQORV

DXWRUHVSUHPLDGRVHQWUHORVDxRV\
FRQORVUHODWRVTXHOHVFRQVDJUDURQ

:DLWHU00LOOHU(ULF)UDQN5XVVHO0XUUD\/HLQV
WHU$YUDP'DYLGVRQ&OLIIRUG'6LPDN5REHUW
%ORFK'DQLHO.H\HV3RXO$QGHUVRQ
3ULPHUYROXPHQGHXQDVHULHEiVLFDSDUDORV
DPDQWHVGHOJHQHUR
9RO~PHQHVHQSUHSDUDFLyQLJXDOUQHQWH
SUHVHQWDGRVSRU,6$$&$6,029

/2635(0,26+8*2

/2635(0,26+8*2tOO
/2635(0,26+8*2,9

/2635(0,26+8*29
&2/(&&,21 a3+,/,3.',&.

&/,))25''6,0$./RVKLMRVGHQXHVWURVKLMRV
3+,/,3.',&./DSHQ~OWLPDYHUGDG
*,//(6'
$5*<5((OFHWURGHOD]DU


%5$'%85<$6,029/RPHMRUGHa)DQWDV\ 6FLHQFH
/(,%(5)LFWLRQa
-($13$1'5(921 5HWRUQRDODWLHUUD
3('/(5<'$9,6(OURHFHUHEURV
,6$$&$6,029
)5,7=/(,%(5

/DHGDGGHRURGHODFLHQFLD
ILFFLyQ ,
/RVFHUHEURVSODWHDGRV

-$&.:,//,$0621 /DOHJLyQGHOHVSDFLR
)5('<*(2))5(<+2</(,QILHUQR
*,//(6'
$5*<5(

,6$$&$6,029

/RVDVHVLQRVGHOWLHPSR

/DHGDGGHRURGHODFLHQFLD
ILFFLyQ ,O
%5,$1$/',66
-75,*2

,6$$&$6,029
,

6$08(/5'(/$1</DEDODGDGH%HWD
L
/$55<1,9(10XQGRDQLOOR
7+($921+$5%28 0HWUySROLV

-$0(6%/,6+8QFDVRGHFRQFLHQFLD

*25'215',&.621$OHVWLORH[WUDWHUUHVWUH





0,&+$(/$6+/(<

/RVPHMRUHVUHODWRVGHFLHQFLDILFFLyQ
/DHUDGH&DPSEHOO

67$1/(<*:(,1%$80/RPHMRUGH:HLQEDXP
,

52%(57$+(,1/(,1+LMDGH0DUWH
,

L,$1:$7621


(PSRWUDGRV

/(,*+%5$&.(77/DHVSDGDGH5KLDQQRQ

52*(5=(/$=1<7~HOLQPRUWDO

)5,7=/(,%(58QIDQWDVPDUHFRUUH7H[DV
,

,6$$&$6,029

(OILQGHODHWHUQLGDG

52%(57$+(,1/(,1/DGHVDJUDGDEOHSURIHVLQGH
-RQDWKDQ+RDJ
)5$1.+(5%(57(OFHUHEURYHUGH

 -2+1%2<'

0HUFDGHUGHLQWHOLJHQFLD

52%(57$+(,1/(,1/DVFLHQYLGDVGH/D]DUXV/RQJ


:,/62178&.(5/RVDPRVGHOWLHPSR
716&257,$
\*=(%52:6.,


(OKRPEUHPiTXLQD
/RVRVFXURVDxRVOX]
'HVLHUWRGHQLHEOD\FHQL]DV
(OKRPEUHGHOELFHQWHQDULR

You might also like