You are on page 1of 40

9LVLyQSDUD([SORUDU

(VXQJUDQSODFHUHQWUHJDUOHVHVWDSULPHUSDUWHGHODVOHFFLRQHV PHVHV GHOD


VHULHGHHQVHxDQ]DVGHPHVHVSDUDORVQLxRVGRQGHVHUiQDQLPDGRV([SORUDU
VX)H(OORVHVWDUiQFRPSUHQGLHQGRPiVORTXHVLJQLFDYLYLUODYLGD&ULVWLDQD
(O6HUPyQGHO0RQWHHVXQDJXtDFODUDVREUHFyPRYLYLUQXHVWUDVYLGDV(QODV
PLVPDVSDODEUDVGH-HV~VHVWXGLDUHPRVHVWDVOHFFLRQHV0XFKDVYHFHVQRVYtPRV
DWUDSDGRVHQHOSHQVDPLHQWRGHTXHVHUFULVWLDQRHVDVLVWLUDODLJOHVLDHOPHQWHGLH]PDU
RSDUWLFLSDUHQDOJXQDDFWLYLGDGGHODFRQJUHJDFLyQ(VDVSXHGDQVHUFRVDVUHOLJLRVDVSDUD
QRVRWURV HVSHFLDOPHQWHORVTXHWHQHPRVWLHPSRHQODLJOHVLD SHURQRHVWiQDOQLYHOGHOD
9,'$TXH-HV~VQRVSLGHHQFDGDWH[WRGH0DWHR
$SR\DQGRODVOHFFLRQHVGHO6HUPyQGHO0RQWHHVWiQORVERVTXHMRVGHJUDQGHVFULVWLDQRV
(OFRP~QGHQRPLQDGRUGHWRGRVHOORVHVTXHGHFLGLHURQVHJXLUD&ULVWRFRQWRGDVXYLGD\
FRUD]yQ(VWDGHFLVLyQDIHFWyWRGDVODVRWUDVSHTXHxDVGHFLVLRQHVTXHWXYLHURQTXHKDFHU
HQVXVYLGDVDXQFXDQGRHOORVHUDQQLxRV(VWDGHFLVLyQEiVLFDVREUHFyPRYLYLUQXHVWUD
YLGD&ULVWLDQDDIHFWDUiHOFyPRVHUYLUHPRVDO6HxRU\TXpWDQHIHFWLYRVVHUHPRVHQQXHVWUR
PLQLVWHULR/DVGHFLVLRQHVGHKR\DXQSDUDORVSHTXHxRVDIHFWDUiQQXHVWUDYLGD<DTXHYDULRV
GHORVJUDQGHVFULVWLDQRVVRQGHRWUDVSDUWHVGHPXQGRRIXHURQPLVLRQHURVVHUiIiFLOXVDUHO
WHPDGHORVYLDMHVSDUDTXHORVQLxRVHVWpQPiVLQWHUHVDGRVHQSDUWLFLSDU\DSUHQGHUVREUHORV
GLIHUHQWHVSDtVHV/RVQLxRVGLVIUXWDUiQFROHFFLRQDQGRHVWDPSDVGHYDULRVSDtVHV\KDFLHQGR
VXVSDVDSRUWHVHQVXVOLEURV
2UDPRVSDUDTXH'LRVOHVEHQGLJDDDTXHOORVQLxRVGHWXFODVHPLHQWUDVHVWXGLDQ6XSDODEUD
\(QVHxDQ]DV 0DW OHDQHOOLEURGH3URYHUELRV\DSUHQGDQVREUHJUDQGHVFULVWLDQRV0L
RUDFLyQHVTXHHOORVWHQJDQXQQXHYRHQWHQGLPLHQWR\TXHVXVFRUD]RQHVVHVXPHUMDQHQVX
3DODEUDHVWRVPHVHV
4XH'LRVEHQGLJDWXYLGDDOGLULJLUDORVQLxRVTXHWHURGHDQSDUD([SORUDUVX)H

4XH'LRVOHV%HQGLJD

.ULVWLQD.UDXVV


&RQWHQLGR
,QWURGXFFLyQ /HFFLyQ 7UDEDMDQSRUOD3D] 
8QDxRGHFODVHV /HFFLyQ 3HUVHJXLGRVSRU-XVWLFLD 
3HUVSHFWLYD*HQHUDO /HFFLyQ 6DO\/X] 
&yPRXVDUHO0DWHULDO /HFFLyQ /D/H\ 
/HFFLyQ 3REUHVHQ(VStULWX  /HFFLyQ (O(QRMR \
/HFFLyQ /RVTXH/ORUDQ  -XHJRGH0HPRULD %LRJUDItDV 
/HFFLyQ /RV+XPLOGHV  /HFFLyQ /D)DPLOLD 
/HFFLyQ +DPEUHGH-XVWLFLD  /HFFLyQ -XUDPHQWRV 
/HFFLyQ /RV&RPSDVLYRV 
/HFFLyQ &RUD]yQ3XUR 
(VFDOHUDV\UHVEDODGLOODV

8QDxRGHFODVHV
8QLGDG'LRV,QLFLD 8QLGDG5HVSRQGHPRVD'LRV
3REUHVHQ(VStULWX%HWW\*UHHQH 1R(QFDUHV(OL]DEHWK(OOLRW
/RVTXH/ORUDQ&DUORV)LQQH\ $PDDWXV(QHPLJRV$GRQLUDP-XGVRQ
/RV+XPLOGHV%LOO\*UDKDP (O'DU)ORUHQFLD1LJKWLQJDOH
+DPEUHGH-XVWLFLD0DUtD-DQH.LQQDLUG /D2UDFLyQ5HHV+RZHOOV
/RV&RPSDVLYRV'DYLG/LYLQJVWRQ (O3HUGyQ0RRL1JD
7UDEDMDQSRUOD3D]*ODG\V$\OZDUG (O$\XQR%LOO\6XQGD\
3HUVHJXLGRVSRU-XVWLFLD&RUULH7HQ%RRP /RV7HVRURV&DPHURQ7RZQVHQG
6DO\/X]$P\&DUPLFKDHO 1RWH3UHRFXSHV+HQULHWWD0HDUV
/D/H\&DUORV6SXUJHRQ 1R-X]JXHV-DFNLH3XOOLQJHU
(O(QRMR1LFNL&UX] 3LGH%XVFD\/ODPD+HUPDQR$QGUpV
/D/XMXULD+XGVRQ\0DUtD7D\ORU &XiO3XHUWD"-XDQ%XQ\DQ
-XUDPHQWRV0DUWtQ/XWHUR (OUERO\VXV)UXWRV0LJXHO*yPH]+HUQiQGH]
3RQHQ3UiFWLFD-RQDWKDQ(GZDUGV

1RWH 0LQLVWHULR3UR9LVLyQ (ODERUDGRSRU0LQLVWHULR3UR9LVLyQUHVHUYDPRV


ORVGHUHFKRV/HVGDPRVSHUPLVRGHKDFHUFRSLDV
$VXVWHV GHOPDWHULDOSDUDVXVQHFHVLGDGHVRSDUDEHQGLFLUD
RWURVPLQLVWHULRVQRSDUDYHQGHU
12 *UDFLDVDOHTXLSRFUHDWLYRGHOPDWHULDO
'ZLJKW\.ULVWLQD.UDXVV*HUPiQ$OFiQWDU
VHH[WLQJXLUi /HYt$\DOD\6XNL.DQJDV
HO0DWHULDO
7RGDOD(VFULWXUDWRPDGRGHOD1XHYD9HUVLyQ
,QWHUQDFLRQDO,PSUHVRHQ0p[LFR

81,'$' 3DUDPiVLQIRUPDFLyQRSDUDFRQVHTXLUPDVPDWHULDO
FRQWiFWDQRVDNULVWLLQD#/RV1LQRV&XHQWDQFRP
ROOiPDQRVD
3iJLQD:(%ZZZ/RV1LQRV&XHQWDQFRP

([SORUD WX
3REUHVHQ(VStULWX
)(
 $FWLYLGDG(QFXHQWUDHO3DtV -XHJR
9HUVtFXOR
&RQItDHQHO6HxRU
%HWW\*UHHQH +D]PH(FR 3URYHUELRV
3DtV3HU~

/RVTXH/ORUDQ

 $FWLYLGDG7HSRUODWDUGH
9HUVtFXOR
(OTXHGHVSUHFLDDOD
-XHJR GLVFLSOLQDVXIUHSREUH]D
&DUORV)LQQH\ /iQ]DOD 3URYHUELRV
3DtV,QJODWHUUD

/RV+XPLOGHV


9HUVtFXOR
$FWLYLGDG(O0DSD0XQGLDO FRQODKXPLOGDG YLHQH 
-XHJR ODVDELGXUtD
%LOO\*UDKDP /tQHDSRU/tQHD 3URYHUELRV
3DtV((88

+DPEUHGH-XVWLFLD

 $FW/D/XFKD%ULWiQLFD 9HUVtFXOR
ODERFDGHORVQHFLRVVH
0DUtD-DQH.LQQDLUG -XHJR QXWUHGHWRQWHUtDV
3URYHUELRV
3DtV,QJODWHUUD +D]WX0RYLPLHQWR

/RV&RPSDVLYRV

 $FWLYLGDG7HOD$IULFDQD -XHJR
9HUVtFXOR
1RQLHJXHVXQIDYRU
'DYLG/LYLQJVWRQ 3DVH0XVLFDO DTXLHQWHORSLGD
3URYHUELRV
3DtV6XGiIULFD

&RUD]yQ3XUR

 $FWLYLGDG5HSDVRGH9HUVtFXORV 9HUVtFXOR
-XHJR (O6HxRUVHFRPSODFHHQ
6XVDQD:HVOH\ /ODPiQGROHV
ORVTXHYLYHQFRQUHFWLWXG
3URYHUELRV
3DtV,QJODWHUUD


7UDEDMDQSRUOD3D]


9HUVtFXOR
$FWLYLGDG/LQWHUQDV2ULHQWDOHV HODPRUFXEUHWRGDVODV
-XHJR IDOWDV
*ODG\V$\OZDUG 0DQWpQHO5LWPR 3URYHUELRV
3DtV5XVLD

3HUVHJXLGRVSRU-XVWLFLD

$FWLYLGDG(VFDOHUDV\5HVEDODGLOODV 9HUVtFXOR
HOMXVWRSHUPDQHFHILUPH
&RUULH7HQ%RRP -XHJR
SDUDVLHPSUH
3URYHUELRV
3DtV+RODQGD (VFULWXUDGHOHVSHMR

6DO\/X]

 $FWLYLGDG-XHJR+DGX
$P\&DUPLFKDHO
3DtV,QGLD

/D/H\
-XHJR
'LEXMD(VWR
9HUVtFXOR
/DOX]GHORVMXVWRVEULOOD
UDGLDQWH3URYHUELRV


9HUVtFXOR
$FW%~VTXHGDGHOWHVRUR (OWHPRUGHO6HxRU
HVHOSULQFLSLRGHO
&DUORV6SXUJHRQ -XHJR FRQRFLPLHQWR
3DtV,QJODWHUUD 3URYHUELRV
+D]WX0RYLPLHQWR

(O(QRMR


9HUVtFXOR
$FWLYLGDG-XHJR0HPRULD HOSUXGHQWHSDVDSRUDOWR
-XHJR HOLQVXOWR
1LFN\&UX] 3URYHUELRV
3DtV3XHUWR5LFR /ODPiQGROHV


(O/XMXULD 9HUVtFXOR
$FWLYLGDG7LUDV&KLQDV 3RUVREUHWRGDVODVFRVDV
FXLGDWXFRUD]yQ
+XGVRQ\0DUtD7D\ORU -XHJR 3URYHUELRV
3DtV&KLQD 3DVH0XVLFDO

-XUDPHQWRV

 $FWLYLGDG&ROJDMHV -XHJR 9HUVtFXOR


6LYHUEDOPHQWHWHKDV
0DUWtQ/XWHUR 0DQWpQHO5LWPR FRPSURPHWLGR/tEUDWH
3DtV$OHPDQLD 3URYHUELRVD


&yPRXVDUHO0DWHULDO
%LHQYHQLGRVDODDYHQWXUDGHHVWDVHULHGHPHVHVWLWXODGD([SORUDWX)H
(VSHURKDEHUOHVGDGRWDDDDDQWDVFRVDVSRUKDFHUGHWDOPDQHUDTXHSXHGDQ
VDOWDUDODFODVHWDQSURQWRFRPROOHJXHQORVHVWXGLDQWHV\HVWpQOOHQRVGHPXFKDV
DFWLYLGDGHVKDVWDTXHWHUPLQHHOVHUPyQ'HKHFKRSXHGHTXHWHQJDQVXFLHQWH
PDWHULDODTXt FRQODVELRJUDItDVGHJUDQGHVFULVWLDQRV SDUDTXHDXQXVHQDOJXQRV
6(17$'26 RWURGtD6HUtDJHQLDOVLWLHQHQHOHVWXGLRHO'RPLQJR\KDFHUHOYLDMHHO0LpUFROHV
3XQWRSULQFLSDO SHURKiJDQORFRPRPHMRUOHVIXQFLRQHDXVWHGHV
/HFFLyQ 029(5
9HUVRGHPHPRULD 9HUVRGHPHPRULD
029(5 3URJUDPDVXJHULGRSDUDODFODVH -XHJRFRQHOYHUVR
-XHJRFRQHOYHUVR 6(17$'26
3XQWRSULQFLSDO 6LORVDOXPQRVQROOHJDQWRGRVDO 3XQWRSULQFLSDO
7RPDUHOYLDMH PLVPRWLHPSROHDFRQVHMRHVSHUDU /HFFLyQ
6(17$'26 SDUDFRPHQ]DUODOHFFLyQ\DEULUFRQ 9HUVRGHPHPRULD
(VFXFKDUODELRJUDItD /,%526
HOYHUVRGHPHPRULDRXQMXHJR 3XQWR3ULQFLSDO
3XQWRSULQFLSDO (VWRD\XGDUiSDUDTXHORVDOXPQRV 9LDMDU\OOHJDUHQRWURSDtV
/,%526 KDJDQVXPHMRUHVIXHU]RSDUDOOHJDU 9LVDVHQVXVSDVDSRUWHV
9LVDVHQVXVSDVDSRUWHV DWLHPSR\HVWDUHQHOMXHJR&DGD 5RPSHFDEH]DVHQORVOLEURV
/LEURVGHODOXPQR PLQXWRFRQHVWRVDOXPQRVHVPX\ 6(17$'26
029(5 YDOLRVR (VFXFKDUODELRJUDItD
$FWLYLGDGQDO 029(5
3XQWRSULQFLSDO $FWLYLGDGQDO

3XQWR3ULQFLSDO
5HFHWDGHLQVWUXFFLRQHVSDUDXQDOHFFLyQTXHORVDOXPQRVUHFRUGDUiQ
'tJDOHVDORVDOXPQRVHOSXQWRSULQFLSDOGHVSXpVKDJDTXHHOORVORGLJDQTXHORUHSDVHQ\OXHJRTXHOR
UHSLWDQXQD\RWUDYH]
/RVHVWXGLRVGHPXHVWUDQTXHQRSRGHPRVUHFRUGDUPXFKDLQIRUPDFLyQ\TXHHQFDGDOHFFLyQHV08&+2
0(-25VLSRGHPRVDEVWHQHUQRVGHPXFKDSDODEUHUtD\SHUPDQHFHUHQIRFDGRVHQVRORSXQWRSRUOHFFLyQ
3DUDKDFHUOHHVWRPiVIiFLOKHHVFULWRHOSXQWRSULQFLSDOHQOHWUDQHJULWD\ORKHSXHVWRHQPHGLRGHODOHFFLyQ
OHDQLPRD5(3(7,5/25(3(7,5/2<5(3(7,5/28132&206

/HFFLyQ
(QHVWHPDWHULDOWRGDVODVOHFFLRQHVHVWiQEDVDGDVHQVHFFLRQHVGHO6HUPyQGHO0RQWH6RQODVSDODEUDVGH
-HV~VGHXQRGHVXVVHUPRQHVPiVIDPRVRV3HURODLGHDFRQODOHFFLyQHVODGHFRPSDUWLUXQDSHUVSHFWLYD
GHODHQVHxDQ]DGH-HV~VHQODYLGDGHORVDOXPQRVGHVXFODVH8VHODOHFFLyQTXHKHHVFULWRRKiJDOR
SRUVXFXHQWDSHURSRUIDYRUQRTXLWHODVSDODEUDVH[DFWDVGHOD%LEOLD(VLPSRUWDQWHTXHD\XGHPRVDORV
DOXPQRVDDSOLFDUHVWRVSULQFLSLRVHQVXYLGDGLDULD

9HUVR\-XHJR
6LHPSUHHVEXHQRHQVHxDUOHVDORVDOXPQRVYHUVRVGHPHPRULD\HQHVWHPDWHULDOWRGRVVRQWRPDGRVGHO
OLEURGH3URYHUELRV3DUDTXHODHQVHxDQ]DGHOYHUVRVHDPiVIiFLOKHPRVSURSRUFLRQDGRXQMXHJRSDUD
DFRPSDxDUOR+DFHUMXHJRVHQODFODVHDXQTXHVHDQ GLItFLOHVGHORJUDUUHDOPHQWHSXHGHD\XGDUDORV
DOXPQRVSDUDTXHGLVIUXWHQHODVLVWLUDODLJOHVLD12 7(2/9,'(6'(-8*$5&21(//26

9LDMDQGRDOUHGHGRUGHOPXQGR
&DGDVHPDQDORVQLxRVLPDJLQDUiQTXHYLDMDQDXQSDtVGLIHUHQWHGRQGHHOORVUHFLELUiQXQSDVDSRUWHYLVDGR
\DSUHQGHUiQVREUHXQJUDQFULVWLDQR/HVKHGDGRDOJXQDVLGHDVFDGDVHPDQDEiVLFDPHQWHFRPRWRPDUXQ
DYLyQRXQEDUFRFDPLQDUPXFKRSDUDKDFHUXQYLDMHUiSLGRGHSHQGLHQGRGHODELRJUDItDGHFDGDVHPDQD
/RVQLxRVGHSUHHVFRODU\KDVWDORVGHHVWDUiQIHOLFHVLPDJLQiQGRVHYRODQGRHQXQDYLyQVLPSOHPHQWH
SRQLpQGRVHHQOD\H[WHQGLHQGRVXVEUD]RVFRPRVLIXHUDQHODYLyQ3DUDORVDOXPQRVPiVJUDQGHVXVWHG
QHFHVLWDSRQHUVHPiVFUHDWLYRSXHGHPRVWUDUOHVIRWRV7DPELpQSXHGHQKDFHUXQDYLyQHQXQSDVLOOR
SRQLHQGRSHTXHxDVYHQWDQDVIDOVDVHQODVSDUHGHV\DOLQHDQGRVLOODVFRPRVLHVWXYLHUDQHQXQDYLyQ,QFOXVR
DOJXLHQGHDxRVSXHGHGLVIUXWDUGHXQYLDMHDVt

9LVDV
7RGRVORVOLEURVGHORVDOXPQRVWLHQHQXQSDVDSRUWHGHWUiVGHODSRUWDGD\ODVYLVDVHVWiQXELFDGDVHQODV
SiJLQDVGHFDGDOHFFLyQ&DGDVHPDQDWLHQHQTXHUHFRUWDUODYLVDGHODOHFFLyQ\SHJDUODHQHOSDVDSRUWH
GHVXOLEUR$TXtHVGRQGHHOORVUHFROHFWDQODVYLVDVGHVXVYLDMHVDOUHGHGRUGHOPXQGR(VWHHVXQGLYHUWLGR
SURJUDPDGHDVLVWHQFLD(QWUHDPiVFODVHVDVLVWDQPHMRUVHUiVXSDVDSRUWH1RGHMHVTXHHOORVWHQJDQOD
YLVDGHODVHPDQDVLQRDVLVWLHURQ

%LRJUDItDV
(VWRHVHVSHFLDOXQDKLVWRULDFRUWDDFHUFDGHXQJUDQFULVWLDQRSRUFDGDOHFFLyQeVWDVVHSXHGHQHQFRQWUDU
HQHOOLEURSRUVHSDUDGRGHELRJUDItDVWLWXODGR*UDQGHV&ULVWLDQRVGH1XHVWUD)H7UDWpGHLQFOXLUKLVWRULDV
GHVXLQIDQFLDSDUDTXHORVDOXPQRVGHVXFODVHSXGLHUDQLGHQWLFDUVH\VHULQVSLUDGRVSRUpVWRVLQFUHtEOHV
FULVWLDQRV<RIXLLQVSLUDGDSRUJUDQGHVFULVWLDQRV\GHFLGtVHUXQDPLVLRQHUDFXDQGRWHQtDDxRVGHELGRDOD
LQXHQFLDGHPLVSDGUHV\GHOHHUODVKLVWRULDVGHRWURVFULVWLDQRV,QFOXVRLQFOXtDOJXQDVGHPLVIDYRULWDVHQ
HVWHOLEURGHPDQHUDTXHORVDOXPQRVGHVXFODVHWDPELpQSXHGDQVHULQVSLUDGRVSDUDFRQYHUWLUVHHQJUDQGHV
KRPEUHV\PXMHUHVGH'LRV\DOJXQRVGHHOORVOOHJXHQDVHUPLVLRQHURVWDPELpQ

/LEURGHO$OXPQR
&DGDVHPDQDORVHVWXGLDQWHVSXHGHQWUDEDMDUHQVXOLEURUHSDVDQGRODOHFFLyQFRQGRVURPSHFDEH]DV
GLIHUHQWHV1RROYLGHGDUOHVODVLQVWUXFFLRQHVVREUHFyPRUHVROYHUORVURPSHFDEH]DVFKHFDUVXVWUDEDMRV\
DVHJXUDUVHGHTXHKDQHQWHQGLGR$QWHVGHWHUPLQDUHOWLHPSRFRQHOOLEURGHODOXPQRQRROYLGHLQGLFDUOHVOD
WDUHDSDUDODVHPDQD

7DUHD
+D\GRVGLIHUHQWHVWDUHDVTXHVHGDQHQHOOLEURGHODOXPQRpVWDVVRQODSDUWHRSFLRQDOHQHOSURJUDPD
([SORUDWX)H/DSULPHUDHVODOHFWXUDGHOD%LEOLD7HQJRVHFFLRQDGRWRGRHOOLEURGH3URYHUELRV\FRQVROR
XQSRFRGHOHFWXUDFDGDVHPDQDHOORVSRGUiQOHHUHOOLEURFRPSOHWRHQPHVHV 8VDQGRWDQWR8QLGDGFRPR
8QLGDG 
/DVHJXQGDWDUHDRSFLRQDOSDUDHVWHSURJUDPDVRQODVE~VTXHGDVHQ,QWHUQHW&DGDVHPDQDVHOHVGDDORV
HVWXGLDQWHVDOJRSDUDTXHEXVTXHQHQ*RRJOH:LNLSHGLDRYLVLWDUDOJ~QOXJDUHQ*RRJOH(DUWK(VWROHVGDUi
DOJRLQWHUHVDQWHSDUDKDFHUGXUDQWHODVHPDQDUHIHUHQWHDODFODVHDVtFRPRDOJRPRGHUQR\HOXVRGHOD
WHFQRORJtDHQVXFODVH6LSXHGHSRQJDXQDFRPSXWDGRUDHQODFODVHFRQDFFHVRD,QWHUQHW\KDJDQDOJXQDV
DFWLYLGDGHVMXQWRV(VRVHUtDPDUDYLOORVR
6LGHVHDJXDUGDUORVOLEURVHQODFODVH\TXLHUHXWLOL]DUODSDUWHGHODVWDUHDVGHOSURJUDPDWHQGUiTXHGDUOHV
XQSHTXHxRSDSHOFRPRUHFRUGDWRULRGHHVDWDUHD 'HORFRQWUDULRQRVHUHFRUGDUiQFXiOIXHODWDUHD

$FWLYLGDG
(OLQFOXLUPXFKDVDFWLYLGDGHVHQVXFODVHD\XGDSDUDTXHORVHVWXGLDQWHVQRVHDEXUUDQ\HVWRKDUiTXHHOORV
TXLHUDQLUDODLJOHVLD&DGDVHPDQDHQHVWHSURJUDPDKHPRVLQFOXLGRXQDDFWLYLGDGH[WUDUHODFLRQDGDFRQHO
SDtVDGRQGHHVWpYLDMDQGR$YHFHVHVXQGLYHUWLGR MXHJRGHDTXHOSDtV\DOJXQDVPiVFRPHU
DOLPHQWRVFRQSDOLOORV2WUDVYHFHVVHUiKDFHU  XQDGLYHUWLGDDUWHVDQtDGHIULFD'LYLpUWDVH
PHMRUHVTXHODSHUVRQDGHDOODGRHQWRQFHV
/(&&,13REUHVHQ(VStULWX HVWDPRVGHMDQGRGHFRQDUHQTXH-HV~VQRVOLPSLD
6HUSREUHHQHVStULWXVLJQLFDUHFRQRFHU \SDUHFHPRVORGRHQORVRMRVGH'LRV
KXPLOGHPHQWHTXHQRVRPRVQDGDVLQ&ULVWR (VWDHVXQDOHFFLyQPX\LPSRUWDQWHWDQWRSDUDQLxRV
,VDtDVWXYRXQDUHYHODFLyQGHHVWDYHUGDGFXDQGR FRPRSDUDJUDQGHV1HFHVLWDPRVFRQWLQXDPHQWH
GLMRKD\GHPtTXHVR\PXHUWRSRUTXHVLHQGRXQ GDUQRVFXHQWDGHQXHVWUDQDWXUDOH]DSHFDPLQRVD\
KRPEUHGHODELRVLQPXQGRV\KDELWDQGRHQXQSXHEOR SHUPDQHFHUKXPLOGHVDQWH'LRVFRQDQGRHQ&ULVWR
GHODELRVLQPXQGRKDQYLVWRPLVRMRVD-HKRYiGHORV TXLHQQRVOLPSLD(VWRQRVKDFHSREUHVHQHVStULWX
(MpUFLWRV7DPELpQOD%LEOLDGLFHTXH \FDSDFHVGHUHFLELUODSURPHVDGH
DXQFRUD]yQFRQWULWR\KXPLOODGR 3XQWR3ULQFLSDO 'LRVGHODTXHKDEODOD%LEOLDHQHO
QRGHVSUHFLDUi'LRV/RRSXHVWR WH[WRGHKR\HOUHLQRGHORVFLHORV
GHVHUSREUHHQHVStULWXHVVHU 'LRVEHQGLFHD *HQHUDOPHQWHFXDQGRVRPRV
RUJXOORVRV\DOJXLHQRDOJRQRVKXPLOOD
RUJXOORVR+D\TXHGDUQRVFXHQWDDXQ
GHVGHODQLxH]TXH'LRVUHVLVWHDORV
ORVTXHFRQItDQ QRVVHQWLPRVDYHUJRQ]DGRV$XQDVt
RUJXOORVRVQRHVKDVWDTXHFUHFHV WRWDOPHQWH 'LRVWRGDYtDUHVLVWLUiWXRUJXOOR8QD
YHUGDGHUDKXPLOGDGYLHQHVyORFXDQGR
'LRVQRHVWiMXJDQGRVLQRVRWURV
HVWDPRVMXJDQGRHQHOORGRGH HQeO\QR UHFRQRFHVWXYHUGDGHUDFRQGLFLyQ
QXHVWURSHFDGR'LRVYDDPLUDUKDFLD HVSLULWXDO
RWURODGRORYDDKDFHUeOHV-XVWR HQVXSURSLD 'LULJHDORVQLxRVHQRUDFLyQRIUpFHOHV
ODRSRUWXQLGDGGHVHUVDOYRV'HVSXpV
7DPELpQ'LRVHVPLVHULFRUGLRVR
SHURHVDPLVHULFRUGLDODYHPRVHQ
LQWHOLJHQFLD StGHOHVTXHVHSRQJDQHQXQOXJDU
XQSODQHVSHFLDOODPXHUWHGH&ULVWR DSDUWH\RUHQSRUORPHQRVPLQXWRV
HQODFUX](Q&ULVWRQXHVWURVSHFDGRVPiVQHJURV 6XWDUHDHVTXHOHGLJDQD'LRVTXHUHFRQRFHQ
VHWUDQVIRUPDQHQDOJREODQFRFRPRODQLHYHSHUR TXHVRQSHFDGRUHV\VHDUUHSLHQWDQDQWHeOGHVX
QHFHVLWDPRVUHFRQRFHUQXHVWURSHFDGR\SHUPDQHFHU RUJXOOR8QDYH]TXHVHKDQDUUHSHQWLGRDQtPDOHVD
KXPLOGHV TXHVLJDQVLHQGRSREUHVHQHVStULWXSRUHOUHVWRGH
&XDQGRSHQVDPRVTXH\DVRPRVJUDQGHVFULVWLDQRV VXYLGD

9HUVR\-XHJR 9,$-(D3HU~
%LRJUDItDGH%HWW\*UHHQH
&RQItDHQHO6HxRU3UR )RUPDGH9LDMDU 9RODUHQ +HFKRHQ+XDWDEDPSR6RQRUD
0H[LFRSRUHO0LQLVWHULR3UR9LVLyQ

$YLyQ/RVQLxRVLPDJLQDQTXH 
-XHJR+D]PH(FR'LODSULPHUDSDODEUDGHO
YHUVR\SLGHTXHORVHVWXGLDQWHVWHKDJDQHFR'L VRQSLORWRVGHDYLyQWLUDGRV 3(50DWHULDO([SORUDWX)H$SUHQGLHQGRORVEDVLFRV

ODVVLJXLHQWHVGRVSDODEUDV\TXHHOORVWHKDJDQHFR HQHOVDFDWHYLHQGRHOFLHOR GHQXHVWUDIH&ULVWLDQRSRUPHGLRGH(O6HUPRQGHO0RQWH


\HOOLEURGHORV3URYHUELRV

XQDYH]PiV5HFLWDODVVLJXLHQWHV LPDJLQDQGRYRODUVREUHORV$QGHV
WUHVSDODEUDV\TXHUHSLWDQRWUD FRPR%HWW\
YH]$KRUDHPSLHFHQGHQXHYR
UHSLWLHQGRODSULPHUDSDODEUDODV
VLJXLHQWHVGRV\ODVVLJXLHQWHV
WUHV&RQWLQ~HQFRQWRGRHOYHUVR
KDFLHQGRTXHORVQLxRVORUHSLWDQ
DKRUDIUDVHSRUIUDVH
$&7,9,'$'
(QFXHQWUDHOSDtV7UDHDOD
FODVHPDSDVGHOPXQGR3LGH
5(638(67$6 TXHSDVHQDOIUHQWHQLxRV\
SRQDFDGDPDSD(OPDHVWUR
$\XGDD5XII\D JULWDXQSDtV\ORVQLxRV
HQFRQWUDUVXFDVD FRPSLWHQSDUDHQFRQWUDUOR
*ULWDQHQFXDQWRORHQFXHQWUDQ
SDUDGDUOHVRWUR(PSLH]DFRQ
XQRVSDtVHVIiFLOHV\VLJXHFRQ
XQRVQRPX\FRQRFLGRV8VDHOMXHJRSDUDLQWURGXFLU
ODXQLGDG\TXHHVWDUHPRVYLDMDQGRSRUWRGRHO
 PXQGRGXUDQWHHVWRVPHVHV
/HFFLyQ
/RV3REUHVHQ(VStULWX
7H[WR'LFKRVRVORVSREUHVHQHVStULWX
SRUTXHHOUHLQRGHORVFLHORVOHVSHUWHQHFH
9HUVR&RQItDHQHO6HxRU
3URYHUELRVD

$\XGDD5XII\D
HQFRQWUDUVXFDVD

+HFKRHQ+XDWDEDPSR6RQRUD
0H[LFRSRUHO0LQLVWHULR3UR9LVLyQ




3(50DWHULDO([SORUDWX)H$SUHQGLHQGRORVEDVLFRV
GHQXHVWUDIH&ULVWLDQRSRUPHGLRGH(O6HUPRQGHO0RQWH
\HOOLEURGHORV3URYHUELRV
YROYHPRVVXSHUFLDOHV
/(&&,1/RVTXH/ORUDQ 3DUDURPSHUFRQHVWDGXUH]DGHQXHVWURFRUD]yQ
(OOORUDUJHQXLQRSRUHOSHFDGRHVXQDGHODVFRVDV QHFHVLWDPRVFDYDUSURIXQGRGHQWURGHQRVRWURVWDO
PiVJUDQGHVTXHQRVOOHYDDGLVIUXWDUGHOJR]R FRPRHODJULFXOWRUORKDFHFRQODWLHUUD
HVSLULWXDOSXUR(VWRHVDOJRTXHQLQJ~QQLxRRDGXOWR 4XpVHUiORTXHQHFHVLWDPRVKDFHU"&DUORV
GHEHUtDSHUGHUVH&XDQGRGHUUDPDPRVOiJULPDV )LQQH\XQIDPRVRSUHGLFDGRUGH,QJODWHUUDKDEOy
JHQXLQDVSRUQXHVWURSHFDGRH[SHULPHQWDPRVHO GHHVWHWHPDGXUDQWHHOVLJOR)LQQH\GLMRTXH
YHUGDGHURFRQVXHORGH'LRV/D%LEOLDQRVKDEOD KDEtDSHUVRQDVTXHFRPHWLHURQXQHUURULQWHQWDQGR
GHQXHVWUDUHODFLyQFRQ'LRVXVDQGR 6(17,56(0$/SRUVXVSHFDGRV
LPiJHQHVGHODDJULFXOWXUD$EUDQ 3XQWR3ULQFLSDO 1DGLHSXHGHLQWHQWDUVHQWLUVHPDOSRU
VXUFRVHQWHUUHQRVQRODEUDGRV\QR VXVSURSLDVIXHU]DV6LORWUDWDPRV
VLHPEUHQHQWUHHVSLQRVPDUTXHQVX 'LRVEHQGLFHD
FRUD]yQFRQODVHxDOGHOSDFWR-HU
WRPDPRVHOULHVJRGHHQGXUHFHU
QXHVWURFRUD]yQDXQPiVFDGDYH]
1XHVWURVFRUD]RQHVVRQFRPRXQ ORVTXHOORUDQ 3HURVtKD\DOJRTXHSRGHPRVKDFHU
WHUUHQRTXHQRKDVLGRWUDEDMDGR
HPSLH]DWDQGXURTXHQRSXHGHV SXHVeOORV 3RGHPRVSRQHUQXHVWUDDWHQFLyQHQ
DOJRKDVWDTXHOOHJXHQORVVHQWLPLHQWRV
VHPEUDUODVHPLOOD\VLODVVLHPEUDVQR
GXUDPXFKR+D\TXHQRWDUWDPELpQ
FRQVRODUi /RTXHQHFHVLWDPRVKDFHUSDUDURPSHU
HVHFRUD]yQGXUR\TXHVHKDJDEODQGR
TXHHQODDJULFXOWXUDVLEDUEHFKDQDO DQWH'LRVHVPLUDU\H[DPLQDUQXHVWURFRUD]yQVLQ
PLVPRQLYHOVLHPSUHVHFUHDUiXQQLYHOGXURTXH DSXUDUQRVGHEHPRVYHUDOFRUD]yQ\ORPDORTXH
OLPLWHHOFUHFLPLHQWRGHODVSODQWDV\SHUPLWDDODV SRGHPRVHQFRQWUDUDOOt$VtTXH'LRVQRVGDUiXQ
HVSLQDVFUHFHU/RVDJULFXOWRUHVWLHQHQTXHPHWHUHO DUUHSHQWLPLHQWRSXUR
DUDGRFDGDYH]PiVSURIXQGR\YROWHDUORSDUDWHQHU 2UDFRQWXVHVWXGLDQWHVSLGLpQGROHD'LRVTXH
WLHUUDEXHQD DEODQGHVXVFRUD]RQHV3LGHD'LRVTXHOHVGHXQ
(VORPLVPRFRQQXHVWURVFRUD]RQHV&DGDYH] YHUGDGHURDUUHSHQWLPLHQWRGHWDOPDQHUDTXHOR
LQWHQWDPRVDUUHSHQWLUQRVOORUDQGRHQHODOWDUSHUR SXHGDQVHQWLU9D\DQDXQOXJDUWUDQTXLOR\OHHOD
VLQRHVJHQXLQR\SURIXQGRHVWDPRVHQUHDOLGDG KLVWRULDGH&DUORV)LQQH\
KDFLHQGRTXHQXHVWURFRUD]yQVHHQGXUH]FD\QRV
HGLRGH(O6HUPRQGHO0RQWH\HOOLEURGHORV3

9,$-(D,QJODWHUUD
0DWHULDO ([SORUD WX )H $SUHQGLHQGR ORV EDVLFRV GH QXHVWUD IH &ULVWLDQR SRU P

URYHUELRV +HFKR HQ +XDWDEDPSR 6RQRUD 0H[LFR SRU HO 0LQLVWHULR 3UR9LVLyQ




9HUVR\-XHJR %LRJUDItDGH&DUORV)LQQH\
(OTXHGHVSUHFLDDODGLVFLSOLQDVXIUH )RUPDGH9LDMDU (Q%DUFR/OHYHD
SREUH]D3URYHUELRV ORVQLxRVDIXHUDGHEDMRGHXQiUERO
\OpDOHVODKLVWRULDGH&DUORV)LQQH\
-XHJR/iQ]DOD3UHSDUHFDUWDVFRQXQDSDODEUD 'LUtMDORVHQXQDRUDFLyQGHVDOYDFLyQ
GHOYHUVRHQFDGDXQR3DUWHODVFDUWDV\SRQODVHQHO ,1*/$7(55$ $\~GHOHVDRUDUSURIXQGDPHQWH
SLVR\UHYXpOYHODV/RVQLxRVWRPDQWXUQRSDUDODQ]DU
XQDSLHGULWDVREUHODVFDUWDV&XDQGRXQDSLHGULWD
DWHUUL]DVREUHXQDFDUWDHVHQLxRODUHFRJH&XDQGR
WRGDVODVWDUMHWDVKDQVLGRWRPDGDVKD]TXHORVQLxRV
5(638(67$6
SRQJDQODVSDODEUDVRIUDVHVHQRUGHQ5HSLWHHOMXHJR $\XGDDOQLxRDRUDUGH
WDQWDVYHFHVFRPRHOWLHPSRWHORSHUPLWD YHUGDG

$&7,9,'$'
7pSRUODWDUGH
(Q,QJODWHUUDVHDFRVWXPEUDWRPDUWpSRUODWDUGH
FRQXQViQGZLFKV~SHUSHTXHxRRJDOOHWDV3UHSDUD
XQDDJXDGHMDPDLFDRWpFRQXQRVPLQLViQGZLFK
\SRQP~VLFDOHQWDPLHQWUDVTXHORVQLxRVWRPDQVX
WpLPDJLQDQGRTXHHVWiQHQ,QJODWHUUD


HGLRGH(O6HUPRQGHO0RQWH\HOOLEURGHORV3
0DWHULDO([SORUDWX)H$SUHQGLHQGRORVEDVLFRVGHQXHVWUDIH&ULVWLDQRSRUP

URYHUELRV+HFKRHQ+XDWDEDPSR6RQRUD0H[LFRSRUHO0LQLVWHULR3UR9LVLyQ

/HFFLyQ
/RVTXH/ORUHQ
7H[WR'LFKRVRVORVTXHOORUDQ
9HUVR SRUTXHVHUiQFRQVRODGRV
(OTXHGHVSUHFLD
DODGLVFLSOLQDVXIUH
,1*/$7(55$ SREUH]D3URD

$\XGDDOQLxRDRUDUGH
YHUGDG


XQDxRGHVSXpVGHODDGYHUWHQFLDVHSDUyHQOD
/(&&,1/RV+XPLOGHV PXUDOOD\JULWy0LUHQODJUDQ%DELORQLDTXHKH
/DLGHDEiVLFDGHODKXPLOGDGHVpVWD1RVRWURV FRQVWUXLGRFRPRFDSLWDOGHOUHLQR/DKHFRQVWUXLGR
12DQGDPRVSRUWRGRVODGRVFUH\HQGRTXHVRPRV FRQPLJUDQSRGHUSDUDPLSURSLDKRQUD$~QQR
6XSHUPDQ(VWRVLJQLFDTXHHV',26eOTXHQRV WHUPLQDEDGHJULWDUFXDQGR'LRVOHKDEOyGHVGHHO
SXVRDTXtHQODWLHUUDFRQXQSURSyVLWR1RVKDGDGR FLHORFRQGHQiQGROR\TXLWiQGROHHOUHLQR(QHVD
GHVXVGRQHV\KDELOLGDGHVSDUDXVDUORVSDUD68 PLVPDKRUDHOTXHKDEtDVLGRXQDYH]XQSRGHURVR
*/25,$QRODQXHVWUDeOQRVGHMDELHQFODURHQWRGD JREHUQDQWHDKRUDHUDOOHYDGRSRUORVFDPSRVFRPR
OD(VFULWXUDTXHQXHVWURp[LWRQRHV XQDQLPDO(OUH\DQGXYRYDJDQGR
QXHVWURVLQRGHeO 3XQWR3ULQFLSDO FRPRXQDQLPDOSRUDxRVDVtFRPR
3RUTXHSRUJUDFLDXVWHGHVKDQVLGR 'LRVVHORKDEtDGLFKR8QDYH]TXHHO
VDOYDGRVPHGLDQWHODIHHVWRQR 'LRVEHQGLFHD UH\UHFRQRFLyTXHVLQ'LRVQRHUDQDGLH
SURFHGHGHXVWHGHVVLQRTXHHVHO PLUyKDFLDHOFLHORFRQXQHVStULWXGH
UHJDORGH'LRVQRSRUREUDVSDUDTXH ORVKXPLOGHV\ KXPLOGDG\'LRVOHUHJUHVyVXVDQLGDG
PHQWDOUHFXSHUyVXUHLQR\OOHJyDVHU
QDGLHVHMDFWH(IHVLRV
5iSLGDPHQWHWHYR\DFRQWDUOD
DORVTXHKX\HQ D~QPiVSRGHURVRTXHDQWHV'HVSXpV
KLVWRULDGHXQKRPEUHTXHGHFLGLy
WRPDUHOFUpGLWR\ODJORULDSRUODV
GHORUJXOOR FRQWLQXyGiQGROHD'LRVODJORULDDVt
1DEXFRGRQRVRUDSUHQGLyVXOHFFLyQ\
EHQGLFLRQHVTXH'LRVOHKDEtDGDGR6LKDEtDDOJ~Q SHUPDQHFLyKXPLOGH 6HSXHGHSHGLUTXHXQQLxR
JREHUQDQWHTXHSRGtDMDFWDUVHGHVXSRGHU\ORJURV VDOJDFRPRHOUH\1DEXFRGRQRVRUSDUDYLVXDOL]DUOR
pVWHHUD1DEXFRGRQRVRU+L]RGH%DELORQLDODFLXGDG XVDQGROHFKXJDRUHSROORFRPRVDFDWH
PiVKHUPRVD\IRUWLFDGDGHOPXQGR 6LSHUPDQHFHPRVKXPLOGHV'LRVQRVYDDGDU
'LRVOHKDEtDGLFKRDO5H\SRUPHGLRGHOSURIHWD QXHVWUDUHFRPSHQVD(OWH[WRGHQXHVWUDOHFFLyQ
'DQLHOTXH1DEXFRGRQRVRUHUDHOUH\PiVJUDQGH GLFHTXH'LRVQRVGDUiODWLHUUDSRUKHUHGDG
TXHKDEtDH[LVWLGR 'DQLHO &yPR'LRVQRVKHUHGDUiODWLHUUD"(OHMHPSORGH
'LRVOHDGYLUWLyDOUH\HQRWUDRFDVLyQSRUPHGLR 1DEXFRGRQRVRUHVVyORXQDIRUPDHQWUHPXFKDVDVt
GHXQVXHxRHVSHFLDOTXHQRVHHQRUJXOOHFLHUDGH TXHPDQWpQWXKXPLOGDG
WRGRVVXVORJURV3HURHQOXJDUGHVHUKXPLOGH
9,$-(D(VWDGRV8QLGRV
9HUVR\-XHJR %LRJUDItDGH%LOO\*UDKDP
8QLWHG6WDWHVRI$PHULFD
FRQODKXPLOGDG YLHQH OD )RUPDGH9LDMDU 9RODUHQ$YLyQ
VDELGXUtD3URYHUELRV
/OHYHDORVQLxRVDGLIHUHQWHV ((88
SDtVHVHQWUHFDGDVHFFLyQGHOD 6HPDQD
-XHJR/tQHDSRU/tQHD/RVQLxRVUHSLWHQHOYHUVR OHFFLyQ3XHGHQFRUUHUDOUHGHGRU 
MXQWRVXQDRGRVYHFHVOXHJRVHSiUDUORVHQGRV GHOVDOyQRDIXHUDVLPXODQGR ([SORUH\RXU)DLWKFXUULFXOXP
RQWKHEDVLFVRIRXUIDLWKDVVHHQ
JUXSRV/RVJUXSRVVHMXQWDQHQODGRVRSXHVWRVGHO FDGDYXHOR
WKURXJKWKH6HUPRQRQWKH0RXQW

VDOyQSDUDGHFLUHOYHUVRGHPDQHUDDOWHUQDGD XQ
JUXSRHPSLH]DFRQODSULPHUDIUDVHHORWURJUXSR
VLJXHFRQODIUDVHVLJXLHQWH\DVtFRQWLQ~DQKDVWD $&7,9,'$'
FRPSOHWDUHOWH[WR &XHQWDORVHVWXGLDQWHVGHQXHYR (O0DSD0XQGLDO3RQXQPDSDJLJDQWHGHOPXQGR
\VHSDUDORVQXHYRVJUXSRVSDUDUHSHWLUHOWH[WR HQHOSLVRXVDQGRPDVNLQJ FDVLWRGRHOWHPSOR
'HVSXpVGHGRVURQGDVLQYLWDDGRVYROXQWDULRV 0DVRPHQRVORVFRQWLQHQWHVVLQGHWDOOHV (OPDHVWUR
XQRGHFDGDJUXSR SDUDGHFLUODVIUDVHVGHOYHUVR QRPEUDXQFRQWLQHQWHRSDtV\ORVQLxRVFRUUHQ
XQDDXQDFRPRORKLFLHURQHQJUXSR/XHJRGLFHQHO \VHSRQHQGHQWURGHHVWHGRQGHWRGRVFDEHQ
YHUVtFXORFRPSOHWRMXQWRVVLQPLUDU 'HVSXpVGHTXHYLDMHQWRGRVMXQWRVVHSiUDORVHQ
JUXSRV7RGRVORVTXHWUDLJDQ&DPLVHWDD]XOYD\DQD
5(638(67$6 IULFD3DUDKDFHUPiVGLItFLOHOMXHJRKD]SUHJXQWDV
VREUHHOFRQWLQHQWHSUHJXQWDVREUHHOFOLPDOD
JHQWHODJHRJUDItDHWF,QLFLDFRQORVFRQWLQHQWHV
$PpULFD$VLDIULFD2FHDQtD \GHVSXpVYHKDFLD
ORVSDtVHV6HUtDEXHQRPHQFLRQDUORVSDtVHVGRQGH
YDQDYLDMDUHQHVWHSURJUDPD&KLQD$OHPDQLD
5XVLD6XGiIULFD,QGLD0p[LFR((88,QJODWHUUD 
3HU~5HFXHUGDTXHWLHQHVTXHGHSRUWDUDORV
 TXHOOHJDQWDUGH\DORVTXHQRTXHSDQHQHO
SDtVRFRQWLQHQWHHQYtDORVIXHUDGHOPXQGR
/HFFLyQ
/RV+XPLOGHV
7H[WR'LFKRVRVORVKXPLOGHV
SRUTXHUHFLELUiQODWLHUUDFRPR
KHUHQFLD

0DUFDHO
9HUVR&RQODKXPLOGDG FDPLQRDXQ
 YLHQH ODVDELGXUtD DFWRGHKXPLOGDG
3URYHUELRVE

8QLWHG6WDWHVRI$PHULFD

((88
6HPDQD

([SORUH\RXU)DLWKFXUULFXOXP
 RQWKHEDVLFVRIRXUIDLWKDVVHHQ
WKURXJKWKH6HUPRQRQWKH0RXQW
TXHODVFRVDVVHDQFRUUHFWRV\ELHQ"
/(&&,1+DPEUHGH-XVWLFLD /DUHVSXHVWDHVVHUHPRVVDFLDGRV'LRVQRVGDUi
4XpVLJQLFDWHQHUKDPEUH\VHGGHMXVWLFLD"(O XQDYLGDSDUDYLYLUODELHQ
KDPEUHHVXQGHVHRJUDQGHGHFRPLGDTXHKD $GHPiV'LRVQRVRIUHFHXQDUHFRPSHQVDFXDQGR
YHFHVLQFOX\HGRORU/DVHGHVODVHQVDFLyQGHOD WHQHPRVHVWDMXVWLFLD/DJHQWHGLFHItMDWHELHQ
ERFDVHFDFRQHOGHVHRGHEHEHU/DMXVWLFLDHVYLYLU HQORTXHTXLHUHVFXDQGRWLHQHV\DTXHHVR
FRUUHFWDPHQWHRKDFHUHOELHQPiVMXVWLFLDSDUDORV VHUiVFXDQGRWHQJDV<HVFLHUWRWHQHPRV
RSULPLGRV(QQ-XVWLFDHVKDFHUORFRUUHFWRWDQWR TXHFXLGDUORTXHTXHUHPRVSRUTXHVHUiGHORTXH
HQORSULYDGRFRPRHQS~EOLFR$TXt HVWHPRVKDPEULHQWRV\WUDWDQGRGH
SRGHPRVYHUTXHSDUDHOFULVWLDQR JDQDU
WHQHUKDPEUH\VHGGHMXVWLFLDHV
3XQWR3ULQFLSDO
+DEODQGRGHUHFRPSHQVDVHOOLEURGH
GHVHDUSURIXQGDPHQWHKDVWDTXH
WHGXHODTXHODVFRVDVHVWpQELHQ
'LRVEHQGLFHD 3URYHUELRVFRQWLHQHPXFKDVSURPHVDV
GHXQDYLGDEXHQD\MXVWDLQFOX\HQGR
FRUUHFWDV\MXVWDV ORVTXHGHVHDQ ODDPLVWDGFRQ'LRV  SURVSHULGDG
0XFKDVYHFHVQRVHQFRQWUDPRV  DOLPHQWR  D\XGDUD
FRPR&ULVWLDQRVEXVFDQGRFRVDV ODMXVWLFLD\ RWURV  IXWXURFRQJR]R  
HTXLYRFDGDV\DVHDDOJRQDQFLHUR SURWHFFLyQ  DPRUGH'LRV  
FRPRXQSDUGH]DSDWRVXQ03 TXHODVFRVDV YHUODFDtGDGHORVPDORV  \
SOD\HURXQDELFLFOHWDRDOJXQD
DPLVWDGRSRSXODULGDGHQODHVFXHOD
VHDQFRUUHFWDV PXFKDVPiV
$VtTXHWRGDVODVFRVDVTXHHOPXQGR
RDOJXQDRWUDFRVDTXHOD79RODV
SHOtFXODVQRVGLFHQTXHQHFHVLWDPRV
\ELHQ HVWiEXVFDQGRGLQHURIDPDKRQRU
DPRUSURWHFFLyQ\YHQJDQ]D72'2
GHVHDU6LQHPEDUJR'LRVTXLHUHTXHWHQJDPRV 'LRVQRVORYDDGDU6,ORSRGHPRVEXVFDUDe/
XQKDPEUH\VHGGHMXVWLFLDQRGHODVFRVDVTXH SULPHUR(OSODQGH'LRVHVTXHW~\\RWHQJDPRV
QXHVWUDFDUQHGHVHD KDPEUH\VHGGHYLYLUELHQ\GHMXVWLFLD\DVteOQRV
&XiOHVODUHFRPSHQVDGHDFXHUGRDOWH[WRSDUD GDUiORGHPiV6HUHPRVVDFLDGRV
QRVRWURVTXLHQHVORJUDPRVXQGHVHRSURIXQGRSRU

9HUVR\-XHJR 9,$-(D,QJODWHUUD ORV3URYHUELRV

ORUDWX)HFRQ(O6HUPRQGHO0RQWH\HOOLEURGH
%LRJUDItDGH0DUtD-DQH.LQQDLUG
ODERFDGHORVQHFLRVVHQXWUHGH


)RUPDGH9LDMDU (Q%DUFR/RVQLxRV

,1*/$7(55$
6HPDQD
WRQWHUtDV3URYHUELRV LPDJLQDQTXHWRPDQXQEDUFRSDUD
-XHJR+D]WX0RYLPLHQWR4XHORVQLxRVVH FUX]DUHOPDU\HOYLDMHGXUDPiVGH
VLHQWHQHQFtUFXOR,QLFLDHOMXHJRKDFLHQGR VHPDQDV3XHGHQFDPLQDUOHQWDPHQWH
XQPRYLPLHQWRGHODPDQRPLHQWUDVGLFHVOD DOUHGHGRUGHOWHPSORVHQWDUVHXQ 0DWHULDO([S

SULPHUDSDODEUDGHOYHUVR(OHVWXGLDQWHVHQWDGR SRTXLWRSDUDFRPHURVHJXLUFDPLQDQGR
HQVHJXLGDGHWLUHSLWHWXPRYLPLHQWR\ODSDODEUD
GHOWH[WRTXHGLMLVWHOXHJRDxDGHXQPRYLPLHQWR $&7,9,'$'
GLIHUHQWHDODYH]TXHUHFLWDODVHJXQGDSDODEUD /D/XFKD%ULWiQLFD'LYLGHWXFODVHHQFXDWURHTXLSRV
GHOWH[WR&RQWLQ~HQKDVWDTXHWRGDVODVSDODEUDV
1XPHUDDFDGDXQRGHORVSDUWLFLSDQWHVGHWDO
GHOYHUVtFXORKD\DQVLGRPHQFLRQDGDV5HSLWDQ
PDQHUDTXHFDGDPLHPEURGHFDGDHTXLSRWHQJDVX
MXQWRVHOYHUVRFRPSOHWRYDULDVYHFHVXVDQGR
SURSLRQ~PHUR FRQQLxRVVRQQLxRVDOJUXSR
ORVPRYLPLHQWRVGHODVPDQRV 1RWDORV
OHVGDVXQ~PHURKDVWDQRPiV $WDODVGRV
PRYLPLHQWRVQRQHFHVDULDPHQWHUHSUHVHQWDQHO
SXQWDVGHXQDFXHUGDIRUPDXQFtUFXOR\FROyFDOR
VLJQLFDGRGHODVSDODEUDV
HQPHGLRGHORVHTXLSRV&DGDHTXLSRWHQGUiXQ
HORVSDUWLFLSDQWHVLQPHGLDWDPHQWHGHVSXpVORV
5(638(67$6 SDUWLFLSDQWHVPHQFLRQDGRVFRUUHQKDFLDODFXHUGD
LQWHQWDQGROOHYDUODKDFLDODHVTXLQDTXHSHUWHQHFHD
VXHTXLSR
$VtSRUHMHPSORVLHOPDHVWURGLFHHOORVFXDWUR
HVWXGLDQWHVTXHWHQJDQHOFRUUHUiQ\MDODUiQOD
FXHUGDFDGDXQRKDFLDVXSURSLDHVTXLQDHOTXH
ORJUHOOHYDUODDODHVTXLQDTXHOHSHUWHQHFHVHUiHO
JDQDGRU

ORV 3URYHUELRV
ORUDWX)HFRQ(O6HUPRQGHO0RQWH\HOOLEURGH

 /HFFLyQ
+DPEUHGH-XVWLFLD
,1*/$7(55$
6HPDQD

7H[WR'LFKRVRVORVTXHWLHQHQKDPEUH\VHG
GHMXVWLFLDSRUTXHVHUiQVDFLDGRV

0DWHULDO([S

3XHGHVKDFHUHVWHGLEXMR
HQHOFXDGURGHDEDMR"
'HVSXpVFRORUpDOR

9HUVR/DERFDGHORV
QHFLRVVHQXWUHGHWRQWHUtDV
3URYHUELRVE

(OJREHUQDGRUGHOHVWDGRKL]RSUpVWDPRVDXQDV
/(&&,1/RV&RPSDVLYRV FRPSDxtDVTXLHQHVVLUYLHURQDYDULRVSXHEORVFRQWLHQGDV
GHHPSHxRV8QRGHORVGXHxRVGHEtDDOJREHUQDGRU
(VWDPRVDSUHQGLHQGRORTXH'LRVTXLHUHGH
SHVRV8QGtDHOJREHUQDGRUPDQGDWUDHU
QRVRWURV\HQHOWH[WRGHKR\QRVSLGHTXHVHDPRV DOGXHxRFRQFDUURVQHJURV/HSLGHTXHSDJXHVX
FRPSDVLYRV4XpVLJQLFDVHUFRPSDVLYR"3XHGH GHXGDSHURHOKRPEUHQRWLHQHGLQHUR(QXQDFWRGH
VHULQWHQWDUTXLWDUHOVXIULPLHQWRGHXQDSHUVRQDVHU PLVHULFRUGLDHOJREHUQDGRUOHSHUGRQDFRPSOHWDPHQWH
PRYLGRSRUODSHQDRFRPSDVLyQRWDPELpQSXHGH ODGHXGD/OHJDQGRDFDVDHOGXHxRVLJXHFRQVXV
VHUSHUGRQDUDDOJXLHQ7DPELpQVLJQLFDQRGDUOHD SURSLDVUHFROHFFLRQHVPDQGDDXQKRPEUHHQPRWRDODV
DOJXLHQHOFDVWLJRTXHVHPHUHFHVLQR FDVDVGHODVSHUVRQDVSDUDUHFROHFWDUVXV
FDPELDUHOMXLFLRSRUFRPSDVLyQ GHXGDV8QRGHHOORVQRSXHGHSDJDUORV
3HURHQORSUiFWLFRTXpSRGHPRV 3XQWR3ULQFLSDO SHVRVTXHGHEHDVtTXHHOGXHxROH
KDFHU"/RPiVIiFLOVHUtDDOJRItVLFR RUGHQDTXHYD\DDVXRFLQDGHLQPHGLDWR
FRPRFRPSDUWLUHOORQFKHFRQRWUR 'LRVEHQGLFH (OKRPEUHWRPDHODXWRE~V\DOOOHJDU
H[SOLFDVXVLWXDFLyQ\ODUD]yQGHOSRUTXp
QLxRTXHQRWLHQH3HURWDPELpQ
SXHGHVHUPRVWUDQGRDPRUKDFLD
DORVTXHVRQ QRSXHGHSDJDU
6LQGDUOHRSRUWXQLGDGHOGXHxRGHORV
DOJXLHQFX\RIDPLOLDUKDPXHUWR
/REXHQRHVTXH'LRVQRVGDUiXQ
FRPSDVLYRV HPSHxRVJULWDFRQHQRMR\PDQGDDO
KRPEUHDODFiUFHOKDVWDTXHSDJXHORTXH
SUHPLRSRUWHQHUFRPSDVLyQFRQ ORVTXHQRGDQ GHEH/RVYHFLQRVPLUDQHVWR\VHORGLFHQ
RWURV4XpIXHORTXH&ULVWRGLMR DOJREHUQDGRU(QRMDGRHOJREHUQDGRU
TXHVHUtDQXHVWUDUHFRPSHQVD"4XH DRWURVORTXH PDQGDDVXVFDUURVQHJURVDOHPSHxR
'LRVWHQGUiWDPELpQPLVHULFRUGLDGH UHFRJHQDOGXHxR\ORPHWHQDODFiUFHO
QRVRWURV3RUTXpQHFHVLWDPRVGHOD PHUHFHQ KDVWDTXHSDJXH
PLVHULFRUGLDGH'LRV"3RUTXHOD%LEOLD &DGDXQRGHQRVRWURVQRVKHPRV
QRVGLFHTXHWRGRVKHPRVSHFDGR\PHUHFHPRVHO HTXLYRFDGRIDOODPRV\QRVDYHFHVQRV
PXHUWH/DKLVWRULDGHOVLHUYRTXHQRTXLVRSHUGRQDU HQFRQWUDPRVVLWXDFLRQHVGLItFLOHV4XHUHPRVTXH
DVXFRPSDxHUR 0DWHR QRVPXHVWUDTXp 'LRVVHFRPSDGH]FDGHQRVRWURV$VtFRPR'LRV
WDQWDPLVHULFRUGLD\FRPSDVLyQQHFHVLWDPRVHQ KDWHQLGRFRPSRVLyQGHQRVRWURVGHEHPRVWHQHU
QXHVWUDYLGD9DPRVDYHUODKLVWRULDFRPRVLIXHUD FRPSDVLyQGHORVGHPiV
HQHVWHWLHPSR LHQGRORVEDV
$ SUHQG LFR
H VG

9,$-(D6XGiIULFD DW
X)
6HPDQD
HQ
X

ORU

HV
WUD
[S
9HUVR\-XHJR

IH
(


&
0DWHULDO

ULVWLDQRSRUPHG
%LRJUDItDGH'DYLG/LYLQJVWRQ
68')5,&$
)RUPDGH9LDMDU &DPLQDQGR
1RQLHJXHVXQIDYRUDTXLHQWHOR
RV
UEL
$Vt'DYLGH[SORUyIULFD

LR
YH

GH
UR

(
SLGD3URYHUELRV
O6
V3 HUP
OR
QGH GH R
O0RQWH\HOOLEUR

-XHJR3DVH0XVLFDO4XHORVHVWXGLDQWHVVHVLHQWHQ $&7,9,'$'
HQFtUFXORV'DDFDGDHVWXGLDQWHXQDWDUMHWD0LHQWUDV 7HOD$IULFDQDGH%DUUR
ODP~VLFDVXHQDORVQLxRVSDVDQVXVWDUMHWDVDOUHGH 3UHSDUDFLyQ&RUWDODWHODHQ
GRUGHOFtUFXOR&XDQGRODP~VLFDSDUDORVHVWXGLDQWHV FXDGURVGHFHQWtPHWURVXQR
OHHQVXVFDUWDVHQHORUGHQGHOYHUVR'HVSXpVGH SDUDFDGDQLxR/XHJRSUHSDUDHOEDUUR1HFHVLWDUiV
MXJDUYDULDVURQGDVORVQLxRVSDVDQDOIUHQWHFRQVX XQDWD]DGHEDUUROWUDGRSDUDFDGDDQLxRV(Q
WDUMHWD\VHDFRPRGDQHQHORUGHQGHOWH[WR\UHSLWHQHO HOSXHEOR.RUKRJRGHIULFD2FFLGHQWDOVHSLQWDQ
YHUVtFXORMXQWRVYDULDVYHFHV GLVHxRVFRQEDUURHQWHODVGHDOJRGyQWHMLGRDPDQR
(OORVSUHSDUDQHOEDUURHVSHFLDOPHQWHSDUDGHFRUDU
5(638(67$6 VXVWHODV9DPRVDGHFRUDUDOJXQDVSLH]DVGHWHOD
FRPRORKDFHQHOORV
3DVRVSDUDKDFHUODWHODGHFRUDGDFRQEDUUR
$xDGHWD]DGHSLQWXUDD]XODXQDWD]DGHEDUUR
OLPSLR\OWUDGR SUHSDUDGR\UHYXHOYHELHQ'LEXMD
XQGLVHxRDOiSL]VREUHODWHODGHDOJRGyQ PLUDODV
LOXVWUDFLRQHVSDUDPiVLGHDV 
3RQXQDFDQWLGDGSHTXHxDGHEDUUR
SLQWDGRHQXQUHFLSLHQWHFKLFR
\4XpORVQLxRVSLQWHQ
 /XFLUiPHMRUVLXVDQEURFKLWDV
/HFFLyQ
/RV&RPSDVLYRV
7H[WR'LFKRVRVORVFRPSDVLYRVSRUTXH
VHUiQWUDWDGRVFRQFRPSDVLyQ

&RQTXpSXHGHVD\XGDU
DFDGDSHUVRQD"
QHORVFRQXQDOtQHD

LHQGRORVEDV
$ SUHQG LF R
9HUVR1RQLHJXHVXQ DW
X)
H VG
HQ
X
6HPDQD
ORU

HV
WUD

IDYRUDTXLHQWHORSLGD
[S

IH
(


&
0DWHULDO

ULVWLDQRSRUPHG

3URYHUELRVD 68')5,&$
RV
UEL

LR
YH

GH
UR

(

O6
V3

 OR HUP
QGH GH R
O0RQWH\HOOLEUR
PDQHUDVLPLODUeOWDPELpQSHUPLWHTXHSDVHPRVOD
/(&&,1&RUD]yQ3XUR SUXHED\YLYDPRVEDMRHOFDORUGHOIXHJR(QHVWH
2WUDPDQHUDSDUDUHFLELUODVEHQGLFLRQHVGH'LRVHV SXQWRODVLPSXUH]DVGHQXHVWURFRUD]yQVHOHYDQWDQ
WHQLHQGRXQFRUD]yQSXUR3HURFyPRSRGHPRV DODVXSHUFLHGRQGHSXHGHQVHUYLVLEOHV1XHVWUDV
ORJUDUXQFRUD]yQSXURFXDQGROD%LEOLDGLFH\ PDODVPRWLYDFLRQHVQRVHSXHGHQHVFRQGHUEDMR
FODUDPHQWHORSRGHPRVYHUHQODYLGDTXHWRGRV ODVXSHUFLHVLQRTXHVHKDFHQPiVYLVLEOHVSDUD
KHPRVQDFLGRHJRtVWDV\FRQFRUD]RQHVQHJURV" WRGRV\DYHFHVHVYHUJRQ]RVR(QHVWHSXQWR
'HVGHQXHVWURVFRUD]RQHVSXHGHQVDOLUWRGRWLSRGH QHFHVLWDPRVSHUPLWLUOHD'LRVTXHUHPXHYDHVWDV
PRWLYDFLRQHVPDODV\GHVHRVHJRtVWDV LPSXUH]DV1RHVGLYHUWLGRSHQVDUTXH
KDYHFHVORJUDPRVHVFRQGHUORVSHUR 3XQWR3ULQFLSDO HUHVXQEXHQFULVWLDQRTXHHVWiVELHQ
DYHFHVVDOHQ\WRGRHOPXQGRORV FRQ'LRV\TXHFXDQGRSDVHVSRUODV
SXHGHQYHU3RGHPRVGDUXQYLVWD]R 'LRVEHQGLFH SUXHEDVWXVPRWLYRV\GHVHRVPiVIHRV
VREUHFyPRKDFHUTXHQXHVWURFRUD]yQ EURWHQGHWXFRUD]yQ(VWRHVDOJRPiV
VHDSXURDOREVHUYDUPHWDOHVSUHFLRVRVDORVTXHWLHQHQ ELHQYHUJRQ]RVR,QWHQWDUHVFRQGHUGH
FRPRHORURRODSODWD(VWRVPHWDOHV QXHYRQXHVWUDVLPSXUH]DVQRSHUPLWLUi
VRQLPSXURVHQVXHVWDGRQDWXUDO XQFRUD]yQSXUR OLPSLDUQXHVWURFRUD]yQ(VQHFHVDULR
3DUDTXHODSODWDVHSXHGDOLPSLDUVH
GHUULWHHQXQFDORULQWHQVR\DPHGLGD
ORVTXHGHVHDQ UHPRYHUODVLPSXUH]DV0,(175$6HO
FDORUHVWiHQFHQGLGR(VWRHVUHDOPHQWH
TXHpVWDVHGHUULWHODVLPSXUH]DV
VHOHYDQWDQDODVXSHUFLHGHGRQGH
YLYLUELHQ GLItFLO6LJQLFDTXHPLHQWUDVHVWiV
H[SHULPHQWDQGRHOGRORUGHODSUXHED
SXHGHQVHUTXLWDGDV3DUDWHQHUXQDSODWDGHDOWD WLHQHVTXHYHUHOSHFDGRHQWXFRUD]yQUHFRQRFHUOR
FDOLGDGHOSURFHVRGHOLPSLH]DWLHQHTXHVHUKHFKR FRPRWDOFRQIHVDUORD'LRV\DRWURV\KDFHUDOJR
YDULDVYHFHV/DSULPHUDYH]TXHVHH[SRQHODSODWDDO SDUDFDPELDULQPHGLDWDPHQWH4XLHUHGHFLUTXHDO
FDORUpVWHODKDFHSXUDGHVSXpVGHODVHJXQGD PRPHQWRTXHHVWiVV~SHUHQRMDGRFRQWXPDPi\
GHUUHWLGDHOPHWDOHVSXURXQDYH]TXHVHGHUULWH VDOHQJURVHUtDVGHWXERFDHVHQ(67(PRPHQWR
ODWHUFHUDYH]HOPHWDODOFDQ]DXQDSXUH]DGH FXDQGRQHFHVLWDVWUDWDUGHFXLGDUODERFD\SHGLUOH
\DVtVXFHVLYDPHQWH/D(VFULWXUDGLFHTXHODSODWD GLVFXOSDVDWXPDPi(VWDQRHVXQDWDUHDIiFLO
QHFHVLWDVHUUHQDGDYHFHVSDUDSRGHUFRQVLGHUDUOD SDUDXQFRUD]yQGpELOVLQHPEDUJRVLW~TXLHUHVXQ
SXUD 6DOPR 'LRVUHQDQXHVWURVFRUD]RQHVGH FRUD]yQSXURHVWHHVHO~QLFRFDPLQRSDUDORJUDUOR

9HUVR\-XHJR
(O6HxRUVHFRPSODFHHQORVTXH 9,$-(D,QJODWHUUD
%LRJUDItDGH6XVDQD:HVOH\
YLYHQFRQUHFWLWXG3URYHUELRV )RUPDGH9LDMDU (Q7UHQ\HQ%DUFR3DUDHOWUHQ
-XHJR/ODPiQGROHV8QQLxRYHQGDGRFXHQWD SRQDORVQLxRVHQXQDOD\SXHQPDUFKDU\KDFHU
KDVWDGLH]PLHQWUDVORVRWURVFDPLQDQHQSXQWLOODV UXLGRVFRPRHOWUHQ3DUDVXELUDOEDUFRHOPDHVWUR
DOUHGHGRUGHOiUHD(OQLxRYHQGDGROODPDGLFLHQGR JULWD7RGRVDERUGR
ODSULPHUDSDUWHGHOYHUVR(O6HxRUDERUUHFHDORV ORUDWX)HFRQ(O6HUPRQGHO0RQWH\HOOLEURGH
0DWHULDO([S

ORV3URYHUELRV
GH/RVRWURVQLxRVVHFRQJHODQ\UHVSRQGHQFRQ 6HPDQD
ODSDUWHVLJXLHQWHGHOYHUVRFRUD]yQSHUYHUVR
/RVQLxRVSHUPDQHFHQFRQJHODGRVPLHQWUDVTXH
$&7,9,'$' 
5HSDVRGHSULPHURV ,1*/$7(55$
HOQLxRYHQGDGRWUDWDGHHQFRQWUDUDRWURHVWXGLDQWH 9HUVRVGHPHPRULDGH
WRFiQGROR(OQLxRDTXLHQWRTXHSULPHURVHFRQYLHUWH ODVOHFFLRQHV6LHQWDDORVHVWXGLDQWHVDOOR
HQHOOODPDGRU\HOMXHJRFRQWLQ~D&RQWLQ~HQ GHVXVLOODOLVWRVSDUDSDUDUVH8QPDHVWUROHHOD
MXJDQGRKDVWDTXHORVQLxRVSXHGDQUHVSRQGHU LQWURGXFFLyQDXQYHUVtFXOR\VLXQHVWXGLDQWHVDEH
UHFLWDQGRHOWH[WRVLQIDOODU HOUHVWRGHOYHUVRVHSDUDUiSLGDPHQWH(ORWUR
PDHVWURPDQWLHQHVXVRMRVVREUHORVHVWXGLDQWHV
5(638(67$6 &RQTXpSXHGHVOLPSLDU
WXFRUD]yQ"
REVHUYDQGRTXLpQVHSDUDSULPHURORVHxDOD\HO
HVWXGLDQWHFRPSOHWDHOYHUVRUiSLGDPHQWH6LQR
(QFLpUUDORHQXQFtUFXOR
SXHGHWHUPLQDUHOYHUVRUHFLELUiXQSXQWRHQFRQWUD
6LUHFLWDHOYHUVRUiSLGDPHQWH\VLQHUURUHVREWHQGUi
XQSXQWRDIDYRU&RQWLQ~DHOMXHJRPDQWHQLHQGRXQ
FRQWHRGHORVSXQWRV6LXQQLxRHVWiVLHPSUH
DGHODQWHHPSLH]DHOFRQWHRGHQXHYRFDGD
 VHPDQD
ORV3URYHUELRV
ORUDWX)HFRQ(O6HUPRQGHO0RQWH\HOOLEURGH

 /HFFLyQ
,1*/$7(55$
6HPDQD

&RUD]yQ3XUR
7H[WR'LFKRVRVORVGHFRUD]yQ
OLPSLRSRUTXHHOORVYHUiQD'LRV
0DWHULDO([S
9HUVR(O6HxRUFRPSODFH
HQORVTXHYLYHQFRQUHFWLWXG
3URYHUELRV

&RQTXpSXHGHVOLPSLDU
WXFRUD]yQ"
(QFLpUUDORHQXQFtUFXOR


(VFDOHUDV\5HVEDODGLOODV
   $XQMRYHQ
 WHSXVLVWHGH 
QRYLR D FRQXQD R 
TXHQRHVFULVWLDQR DVWH
*DQ

    
/RVGHPiVSLHQVDQ
TXHHUHVFULVWLDQR 9LVWHXQDQHFHVLGDG
SHURHQUHDOLGDGQR TXHORVGHPiVQR
KDVGDGRWXFRUD]yQ YLHURQ\WRPDVWHDF
D'LRV FLyQSRUHOOD

    

  7HLQYLWDURQ
DSUHGLFDU
  
SHURQRTXLVLVWH
\OHVGLMLVWH &RPSDUWLVWHGH
TXHQR -HVXFULVWRFRQRWUR
7XPDHVWUDHQ
  /XFKDVWHFRQ  ODLJOHVLDWHSLGH  
WXSURSLDDOPDHQ
RUDU\ORKDFHVSRU
RUDFLyQSHURDKRUD
DSDULHQFLDVSHURQR
HVWiVVHJXURGHVHU
FRQHOFRUD]yQ
FULVWLDQR
9DPRV
1RWRPDVWH
  WLHPSRFRQ   
WXKHUPDQR
VLQRTXHWHEXU
7RPDVWHWLHPSR ODVWHGHpO
SDUDHQVHxDUELHQ\
DPDUDWXKHUPDQR

    
&UHHVTXH'LRVWHYD
DXVDUHQHOPLQLVWH
ULRDXQ\FXDQGRORV
GHPiVQRFUHHQHQWL
GHXQHPEDMDGRU1RVRWURVHVWDPRVUHSUHVHQWDQGR
/(&&,17UDEDMDQSRUOD3D] D'LRV\VXUHLQRFRPRHPEDMDGRUHVDTXtHQOD
/DJHQWHSRUWRGRHOPXQGRTXLHUHQSD]$QDGLHOH WLHUUDOOHQDGHPDOGDG\YLROHQFLD
JXVWDODYLROHQFLDHVSHFLDOPHQWHFXDQGRLPSDFWD +D]OHVDORVDOXPQRVODVVLJXLHQWHVSUHJXQWDV\
DDOJXLHQGHODIDPLOLD3HURODIDOWDGHSD]QRVROR OHHORVYHUVtFXORVSDUDD\XGDUOHVDHQFRQWUDUODV
VHYHHQYLROHQFLDSRUWRGRHOSDtVVLQRWDPELpQHQ UHVSXHVWD
JXHUUDVGHVLOHQFLRRJXHUUDVIUtDVDXQGHQWURGH &RQTXpDXWRULGDGVRPRVHPEDMDGRUHV" 
ODLJOHVLDRGHVXFDVD'LRVTXLHUHTXHYLYDPRVSRU &RULQWLRV 5 &RQODDXWRULGDGGHOD(VFULWXUD
RWURV\SRQJDPRVVXVQHFHVLGDGHV 4XpQDFLyQUHSUHVHQWDPRV" 3HGUR
DQWHVTXHODVQXHVWUDV'LRVTXLHUH 3XQWR3ULQFLSDO  5 /DQDFLyQGH'LRVFRPSXHVWD
TXHYLYDPRVHQSD]FRQORVGHPiV SRUWRGRVORVFULVWLDQRV
\WUDEDMHPRVSRUODSD]HQODV 'LRVEHQGLFH$TXpUHLQRKHPRVVLGRHQYLDGRV"
VLWXDFLRQHVDQXHVWURDOUHGHGRU -XDQ-XDQ 5 $OUHLQR
+DFLpQGRORVHUHPRVOODPDGRVKLMRV DORVTXH GHHVWHPXQGRTXHHVKRVWLODODVPHWDV
GH'LRVFRPRORGLFHOD%LEOLDHQHO \SURJUDPDVGH'LRV
WH[WRGHOGtDGHKR\ WUDEDMDQSDUD&XiOHVQXHVWUDIXQFLyQSULPDULD" 
3HGUR 5 /LEHUDUDDTXpOORVTXH
$ODVSHUVRQDVTXHUHSUHVHQWDQDXQD
QDFLyQ\WUDEDMDQSRUODSD]GHpVWDVH
TXHKD\DSD]HVWiQFDXWLYRVSRUHOSRGHUGH6DWDQiV
OHVFRQRFHFRPRHPEDMDGRUHV(VWDV
SHUVRQDVVRQUHSUHVHQWDQWHVRFLDOHV
FXEULHQGRIDOWDV
\JORULFDUD'LRV
2UDFRQORVDOXPQRVSDUDWHUPLQDU
GHODQDFLyQ\HVWiQIDFXOWDGRVSDUD FRQDPRU ODOHFFLyQDQtPDOHVDDFHSWDUVX
UHVSRQVDELOLGDGFRPRHPEDMDGRUHV
OOHYDUDFDERQHJRFLDFLRQHVHQWUHVX
SDtV\HOSDtVDOFXDOIXHURQFRPLVLRQDGRV GH'LRVHQODWLHUUD'LUtJHORVDOD

L F R 0DW
/DUHVSRQVDELOLGDGSULQFLSDOGHXQHPEDMDGRUHV GHFLVLyQGHUHSUHVHQWDUD'LRV HU

H[
LD

0
O
FRQVXVPHMRUHVKDELOLGDGHV\D

HQ
([
ORJUDUODVPHWDV\SURJUDPDVGHODQDFLyQTXH SO

KR
586,$ RU

HF
DW
SURFODPDUD&ULVWRVLQWHPRU

+
X
UHSUHVHQWD1XHVWUDYLGDVHSXHGHFRPSDUDUFRQOD )H

RV
EL
 F

HU
U RY

RQ
9,$-(D5XVLD
 ( O6HUPRQGHO0RQWH\HOOLEURGHORV  3

9HUVR\-XHJR
%LRJUDItDGH*ODG\V$\OZDUG
HODPRUFXEUHWRGDVODVIDOWDV )RUPDGH9LDMDU (Q7UHQ\%XUUR0LHQWUDVYLDMDQ
3URYHUELRV HQWUHQKDFLD5XVLDORVQLxRVVLPXODQTXHVH
HVFRQGHQGHORVVROGDGRV&XDQGROOHJDQD&KLQD
-XHJR0DQWpQHO5LWPR5HFLWDHOYHUVRFRQ
VHVXEHQDXQEXUURSDUDFUX]DUODPRQWDxD
IXHU]DYDULDVYHFHVFRQFHQWUiQGRWHHQHOULWPRGH
ODVSDODEUDV/XHJRHPSLH]DDLQWURGXFLUGLIHUHQWHV
DFFLRQHVSDUDORVGLIHUHQWHVVHFFLRQHVGHOYHUVtFXOR $&7,9,'$'
(PSLH]DFRQDSODXVRVORVFXDOHVVHPDUFDQFRQ /LQWHUQDV2ULHQWDOHV
XQD0 PDQRV DUULEDGHODSDODEUD8QDYH]TXHORV 'REODXQDSLH]DGH
HVWXGLDQWHVGRPLQHQHOULWPRFRQODVSDOPDVDxDGH SDSHOURMRSRUODPLWDGD
HOFKDVTXLGRGHORVGHGRV PDUFDGRVFRQXQD'GH ORODUJRGHODPLVPD8QDSDUD
GHGRV OXHJRDxDGHHOJROSHGHXQDSDOPDGDVREUH FDGDQLxR'LEXMDVHLVOtQHDVUHFWDV
ODSLHUQD PDUFDGRFRQ03GHPDQRVREUHSLHUQD \ HPSH]DQGRDFHQWtPHWURVGHOD
QDOPHQWHXQDSLVDGDIXHUWHVREUHHOSLVR PDUFDGD RULOODH[WHULRU\WHUPLQDQGRHQHOGREOH]
FRQOD3GHSLHV &RQWLQ~HQHOULWPRPLHQWUDVUHFLWDQ 3DUDKDFHUODOLQWHUQD
HOYHUVRKDVWDTXHWRGRVORVQLxRVORKD\DQDSUHQGLGR 'HVGREODHOSDSHO4XHORVHVWXGLDQWHVGLEXMHQ
JXUDVRGLVHxRVHQODSDUWHHQEODQFRGHOSDSHO
5(638(67$6 GRQGHQRKD\OtQHDV
'REODGHQXHYRHOSDSHOFRQORVGLVHxRVHQHO
(QFLHUUDHQXQFtUFXORHOQ~PHURGHOFDPLQRTXH
OOHYDUiDODSDORPDDVXQLGR LQWHULRUFRUWDDORODUJRGHODVOtQHDVHPSH]DQGRGHO
GREOH]

 5HGREODHOSDSHOGHPDQHUDTXHORVGLVHxRV
 TXHGHQKDFLDIXHUDOXHJRHQUyOODORDORDQFKR(VWH
VHHVSRQMDUiHQHOPHGLRIRUPDQGRXQDOLQWHUQDDOWD
-XQWDODVRULOODVGHOSDSHO\JUiSDODVMXQWDV
&RUWDXQDWLUDGHSDSHO\JUiSDODHQHOWRSH
 FRPRXQDDJDUUDGHUD
/HFFLyQ
7UDEDMDQSRUOD3D]
7H[WR'LFKRVRVORVTXHWUDEDMDQSRUOD
9HUVR(ODPRUFXEUH SD]SRUTXHVHUiQOODPDGRVKLMRVGH'LRV
WRGDVODVIDOWDV
3URYHUELRV

(QFLHUUDHQXQFtUFXORHOQ~PHURGHOFDPLQRTXH
OOHYDUiDODSDORPDDVXQLGR






L F R 0DW
HU
H[

LD
0

O
HQ

([
SO
KR

586,$ RU
HF

DW
+

X
)H
RV
EL

 F
HU
U RY

RQ

  ( O6HUPRQGHO0RQWH\HOOLEURGHORV  3
SHUVHFXFLRQHVGHSDUWHGH'LRVGHELGRDQXHVWUD
/(&&,13HUVHJXLGRVSRU-XVWLFLD FRQGXFWDQRWHQHPRVSRUTXHUHJRFLMDUQRVQLHVWDU
(VWDPRVYLHQGRXQDUD]yQSDUDWHQHUXQDHVWD\ FRQWHQWRV(QHVWHFDVRGHEHPRVDUUHSHQWLUQRVGH
UHJRFLMDUQRVSRUTXHQRVKDQFRQWDGRFRQORVKRPEUHV QXHVWURSHFDGR
\PXMHUHVHOHVGH'LRVODSHUVHFXFLyQ 'HMDQGRDXQODGRQXHVWURSHFDGRKD\RFDVLRQHV
3HURKD\XQHUURUTXHPXFKRVFRPHWHQFXHQWDQOD HQTXHVRPRVSHUVHJXLGRVSRUFDXVDGHO6HxRU\
LQMXVWLDFRPRSHUVHFXFLyQFXDQGRVRORHVFDVWLJR HVHQWRQFHVFXDQGRSRGHPRVUHJRFLMDUQRV(VREYLR
SRUQXHVWURVSURSLRVSHFDGRV-HV~VGHMyELHQFODUR TXHODSHUVHFXFLyQQRHVGLYHUWLGDQRHVERQLWRTXH
TXHQXHVWUDUHFRPSHQVDYHQGUtD WHLQVXOWHQVHEXUOHQGHWLRWHDWDTXHQ
FXDQGRIXpUDPRVSHUVHJXLGRVSRUVHU 3XQWR3ULQFLSDO (VSRUHVRTXHGHEHPRVUHFRUGDU
-86726RSRUFDXVDGHe/0XFKDV FyPRHVTXHHVWDSHUVHFXFLyQQRVWUDH
YHFHVFRPRFULVWLDQRVDFWXDPRVFRPR 'LRVEHQGLFH EHQGLFLyQ
VLIXpUDPRVSHUVHJXLGRVSRUFDXVD $TXtKD\XQDVUD]RQHVSRUODVTXHOD
GHO6HxRUSHURHQUHDOLGDGHVWDPRV DORVTXHVRQ SHUVHFXFLyQSRUFDXVDGHODMXVWLFLDHV
EHQGLFLyQ
VXIULHQGRSRUQXHVWUDSURSLDFDXVD
/D%LEOLDWLHQHPXFKRVSULQFLSLRVTXH
PDOWUDWDGRV 7~KDVVLGRHVFRJLGRSRU'LRV -XDQ
VRQFRPRODOH\GHODJUDYHGDGTXH
QRLPSRUWDVLHUHVFULVWLDQRRQRVL
SRUKDFHUODV  (OFDUiFWHUGH&ULVWRKDVLGR
UHFRQRFLGRHQWL &RU 7~HUHV
HUHVDOWRRFKDSDUULWRJRUGRRGHOJDGR FRVDVELHQ XQDDPHQD]DSDUDHOUHLQRGH6DWDQiV
+HFKRV 7~QRWHFRQIRUPDV
VLHPSUHVHFXPSOHQ6LW~WLUDVDOJR
DODLUHHVRFDHUiDOVXHOR1RLPSRUWDTXpFODVH DOVLVWHPDGHOPXQGR -XDQ 7~KDVWUDtGR
GHFULVWLDQRVHDVVLQRWLHQHVUHVSHWRSRU'LRVeO FRQYLFFLyQGHSHFDGRDORVTXHWHSHUVLJXHQ +HFKRV
WLHQHMXLFLRVSUHSDUDGRVSDUDWL 3URYHUELRV   /DVSHUVHFXFLRQHVSDUDXQFULVWLDQRSLDGRVR
/RV3URYHUELRVFRQWLHQHQPXFKDVGHHVWDVOH\HV VRQXQGLSORPDGHOHQWUHQDPLHQWRGH'LRVSDUDORV
HVSLULWXDOHV+D\FRQVHFXHQFLDVHQODYLGDGHXQD JREHUQDQWHVGH6XUHLQR&XDQGRVHDVSHUVHJXLGR
SHUVRQDFXDQGRpVWDHVSHUH]RVDPDQLSXODGRUD SRUVHUFULVWLDQRSXHGHVVHUFRQWDGRMXQWRDODV
FUXHOGHVREHGLHQWHEXUORQDHWF&XDQGRUHFLELPRV SHUVRQDVFRPR'DQLHO3DEOR\QXHVWUR6HxRU
-HVXFULVWR(VWRHVXQJUDQKRQRU(QYH]GHVHQWLUVH
9HUVR\-XHJR PDOFRQODVSHUVHFXFLRQHVKD\TXHUHJRFLMDUVH(V
HOMXVWRSHUPDQHFHILUPHSDUDVLHPSUH WLHPSRSDUDXQDHVWD
3URYHUELRV 9,$-(D+RODQGD 
-XHJR(VFULWXUDGHOHVSHMR &DGDSDODEUDGHOYHUVR
%LRJUDItDGH&RUULH7HQ%RRP +2/$1'$
YLVWDSRUXQHVSHMR\HVFULWDHQXQDWDUMHWD  0DWHULDO([SORUDWX)H$SUHQGLHQGRORVEDVLFRVGHQXHVWUDIH&ULVWLDQRSRU
PHGLRGH(O6HUPRQGHO0RQWH\HOOLEURGHORV3URYHUELRV

3DUWHODVFDUWDVGHOYHUVRFRGLFDGR\HVSiUFHODV )RUPDGH9LDMDU (Q7UHQ


VREUHXQDPHVDRSiVDODVDYDULRVHVWXGLDQWHVGH /RVQLxRVUHJUHVDQGH&KLQDD+RODQGDHQWUHQ
WXFODVH7UDHXQDVSLH]DVGHSDSHODOXPLQLR\SLGH &XDQGROOHJXHQSUHJ~QWHOHDFDGDXQRVLHVMXGtR
TXHORVQLxRVVHWXUQHQSDUDOHHUODVSDODEUDVFRQ KiJDORFRQWRQRHVWULFWR\GXUR FRPRIXHFRQ&RUULH
HOORVFRPRVLIXHUDQHVSHMRV&DGDQLxRGHVFLIUDODV
SDODEUDVYLVWDVDWUDYpVGHODOXPLQLR\ODVSRQHHQHO
RUGHQGHOYHUVtFXOR
$&7,9,'$'
(VFDOHUDV\UHVEDODGLOODV (QFXHQWUDHOMXHJR
5(638(67$6 &XiOHVGLIHUHQWH"(QFLpUUDOR GHPHVDHQPHGLRGHHVWHOLEUR /DLGHDGHHVWH
MXHJRGHOWDEOHURHVVyORUHFRUGDUDORVHVWXGLDQWHV
HQXQFtUFXORGHVSXpV
FRORUpDORV TXHKD\PXFKDVFRVDVTXHSRGHPRVKDFHUFRQ
QXHVWUDVYLGDV\TXHFXDOTXLHUDGHQRVRWURVSXHGH
ORJUDUPXFKRSDUDHOUHLQRGH'LRV&DGDSHUVRQD
SXHGHXVDUXQDSLHGUDSDUDPDUFDUVXSHUVRQDHQ
HOMXHJR7DPELpQSXHGHXVDUXQGDGRRFXDOTXLHU
RWURFRQWDGRUSDUDYHUTXpQ~PHURVPRYHUiFDGD
MXJDGRUHQFDGDPRYLPLHQWR/RVQLxRVWRPDQVX
WXUQRSDUDVXELUGHDO6LOOHJDQDXQFXDGUR
GRQGHHPSLH]DXQDHVFDOHUDOHHQORTXHGLFH\
SXHGHQVXELUODHVFDOHUD6LOOHJDQGRQGHHPSLH]D
XQDUHVEDODGLOODOHHQORTXHGLFH\WLHQHQTXH
UHVEDODUKDFLDEDMRGHODUHVEDODGLOOD(OSULPHU
 QLxRTXHOOHJXHDJDQD
0DWHULDO([SORUDWX)H$SUHQGLHQGRORVEDVLFRVGHQXHVWUDIH&ULVWLDQRSRU
PHGLRGH(O6HUPRQGHO0RQWH\HOOLEURGHORV3URYHUELRV
32/21,$ /HFFLyQ


3HUVHJXLGRVSRU-XVWLFLD
7H[WR'LFKRVRVORVSHUVHJXLGRV
SRUFDXVDGHODMXVWLFLDSRUTXHHO
UHLQRGHORVFLHORVOHVSHUWHQHFH

&XiOHVGLIHUHQWH"
(QFLpUUDORHQXQFtUFXOR
GHVSXpVFRORUpDORV

9HUVR(OMXVWR
SHUPDQHFHUPHSDUD
VLHPSUH3URYHUELRV
E

SLVRWHDQGRDOFULVWLDQRSRUTXHWRGRHOPXQGRVDEH
/(&&,16DO\/X] TXHORVTXHYDQDODLJOHVLD\DUPDQUHSUHVHQWDUD
&RPRFULVWLDQRVW~\\RUHSUHVHQWDPRVD&ULVWRDTXt &ULVWRGHEHQYLYLUPHMRU7RGRV6$%(1TXHW~\\R
HQODWLHUUD7RGRORTXHKDFHPRV\GHFLPRVGHEH GHEHPRVVHUVDO\OX]
GDUKRQRUD'LRV\FRQVWDQWHPHQWHGHEHPRVHVWDU /DVHJXQGDSDUWHGHHVWDHVFULWXUDKDEODGHTXH
KDFLHQGRFRVDVEXHQDVSDUDRWURV\GLFLHQGRFRVDV GHEHPRVVHUXQDOX]SDUDHOPXQGR(OPXQGRQRV
DPDEOHV(VWRFDXVDUiTXHVHDPRVOX]SDUDHO QHFHVLWDSRUTXHHVWiPX\RVFXUR\OOHQRGHSHFDGR
PXQGR\VDOSDUDODWLHUUD'HTXpHVWDEDKDEODQGR 'HEHPRVVHUXQDOX]EULOODQWHSDUDORVTXHQRV
-HV~VFRQHVWDVPHWiIRUDV" URGHDQYLYLHQGRXQDYLGDGHELHQ\
/DVDOHVXQDSDUWHLPSRUWDQWHHQ 3XQWR3ULQFLSDO WHQLHQGREXHQDVDFFLRQHV4XpFRVDV
QXHVWUDDOLPHQWDFLyQ/HGDVDERUD SLHQVDVTXHVRQDJUDGDEOHVDPDEOHV
QXHVWUDFDUQHDODVSDSDVDORV 'LRVTXLHUH D\XGDQDRWURVRVRQEXHQDV"
IULMROHV'HKHFKRQDGDHVPX\EXHQR &XDQGRVRPRVFDSDFHVGHKDFHU
VLQVDO$VtPLVPRORVFULVWLDQRV TXHKDJDPRV HVDVFRVDVQRHVSDUDTXHODJHQWH
OHGDQVDERUDVXVFRPXQLGDGHV
DVXVHVFXHODVKRJDUHVLJOHVLDV
EXHQDV QRVHORJLHVLQRSDUDTXHDODEHD
'LRV9DPRVDGDUOHJORULDD'LRVFRQ
HWF3RGHPRVSHUGHUODVDOLQLGDG
SRUQRPDQWHQHUQRVHQORTXHHV
DFFLRQHVSDUD QXHVWUDVYLGDVPDQWHQLpQGRQRVHQOR
TXHHVFRUUHFWR\KDFLHQGRPRQWRQHV
FRUUHFWRRSRUQRVHUGLIHUHQWHVD TXHRWURVOR \PRQWRQHVGHFRVDVEXHQDVSRUORV
ORVLQFRQYHUVRVTXHQRVURGHDQ GHPiV
(QWRQFHVOD%LEOLDGLFHTXH\DQR SXHGDQYHU
VHUYLUHPRVSDUDQDGD\TXHVHUHPRVSLVRWHDGRVSRU
ORVKRPEUHV $FWLYLGDG
6XHQDGXURSHURKHPRVYLVWRTXHVXFHGH&XDQGR (O-XHJRGHO+DGX,QGLR
XQFULVWLDQRQRVHPDQWLHQHHQORTXHHVFRUUHFWR
(VWHMXHJRHVMXJDGRDFWXDOPHQWHSRUORVQLxRVGH
RSHUPLWHXQSHFDGRHQVXYLGDPX\SURQWROD
,QGLD
JHQWHDVXDOUHGHGRUPLUDODKLSRFUHVtD\HPSLH]DQ
DEXUODUVHGHpO,QFOXVRVLDOJXLHQHQHOPXQGR 'LYLGHWXFODVHHQGRVHTXLSRV'LEXMDXQDOtQHD
HVWiKDFLHQGRH[DFWDPHQWHORPLVPRFRQWLQXDUiQ HQODWLHUUDRSRQXQDFXHUGDHQHOSLVR/RV
QLxRVVDOWDQDORWURODGRGHODOtQHDPLHQWUDVGLFHQ
9HUVR\-XHJR +DDDDDDDDDDDDDDDDDDDDDDDDDDDD'XXXXXX
XXXXXXXXXXXXXXXXXXXXXXXX ORFXDOVLJQLFD
/DOX]GHORVMXVWRVEULOODUDGLDQWH YHQWUDWDQGRGHDWUDHUDDOJXLHQKDFLDVXHTXLSR 
3URYHUELRV &XDQGROHVIDOWDHODLUH\QRSXHGHQVHJXLUGLFLHQGR
-XHJR'LEXMDHVWR/RVHVWXGLDQWHVHQFXHQWUDQHO ODSDODEUDQHFHVLWDQUHJUHVDUDVXODGRGHODOtQHD
YHUVRHQVX%LEOLD\GLFHQFXiOHVSDODEUDVGHOYHUVR /RVPLHPEURVGHOHTXLSRFRQWUDULRSXHGHQWUDWDU
IDOWDQHQHOSyVWHU(QORVHVSDFLRVYDFtRVORVQLxRV GHGHWHQHUORSDUDTXHQRUHJUHVHDVXODGR6LXQ
GLEXMDQLPiJHQHVSDUDUHSUHVHQWDUODVSDODEUDV HVWXGLDQWHSDUDGHGHFLUODSDODEUDPLHQWUDVHVWi
GHVDSDUHFLGDV /DVSDODEUDVIDOWDQWHVSXHGHQVHU HQHOODGRRSXHVWRGHODOtQHDpOVHFRQYLHUWHHQ
LOXVWUDGDVHQPiVGHXQDPDQHUD 6LWXJUXSRHV SDUWHGHOHTXLSRFRQWUDULR
JUDQGHGLYtGHORHQHTXLSRVGHDQLxRV\KD]XQD
&XDQGRXQHVWXGLDQWHUHJUHVDDVDOYRDVXODGRpO
FRSLDGHOSyVWHUSDUDFDGDHTXLSR&XDQGRWRGDVODV
SXHGHWRPDUXQHVWXGLDQWHGHOHTXLSRFRQWUDULR8Q
LPiJHQHVKDQVLGRGLEXMDGDVUHSLWHHOYHUVRYDULDV
HTXLSRJDQDFXDQGRJDQDQWRGRVORVQLxRVKDVWD
YHFHVKDVWDTXHORVQLxRVORDSUHQGDQELHQ
VXODGRGHODOtQHD/RVHVWXGLDQWHVQRWLHQHQTXH
HVSHUDUVXWXUQRXQHVWXGLDQWHSXHGHWUDWDUGH
5HVSXHVWDV FUX]DUHQFXDOTXLHUPRPHQWR
$\XGDDOQLxRDVHUVDO\

6HPDQD
9,$-(D,QGLD 
OX]HQVXHVFXHOD

%LRJUDItDGH$P\&DUPLFKDHO
,1',$
\VXFDVD

)RUPDGH9LDMDU (Q7UHQ/RV
QLxRVYLDMDQHQWUHQGH,UODQGDD
-DSyQ\UHJUHVDQ'HVSXpVVHVXEHQ
GHQXHYRDOWUHQ\YDQDOD,QGLD VLORGHVHD
SXHGHQLPDJLQDUTXHVHHQIHUPDQHQ-DSyQ
 FRPR$P\
9HUVR/DOX]GHORV /HFFLyQ
MXVWRVEULOODUDGLDQWH
3URYHUELRV 6DO\/X]
7H[WR8VWHGHVVRQODVDOGHODWLHUUD
8VWHGHVVRQODOX]HOPXQGR

$\XGDDOQLxRDVHUVDO\
OX]HQVXHVFXHOD
\VXFDVD

6HPDQD

,1',$

GHEHPRVVHUXQDOX]SDUDHOPXQGRKDFLHQGR
/(&&,1/D/H\ EXHQDVREUDV
/DDGYHUWHQFLDWULVWHHQHVWHSDVDMHGLFHTXHVL
-HV~VHQFRQWUyXQHQRUPHSUREOHPDHQODJHQWHGH
-HUXVDOpQTXHWRGDYtDWHQHPRVHQQXHVWURVGtDVOD &803/,026WRGDVODVUHJODVUHOLJLRVDVDVtFRPR
KLSRFUHVtD/RVOtGHUHVGHODLJOHVLDGHHVHWLHPSR ORVOtGHUHVGHODLJOHVLDHQ-HUXVDOpQSHURQROR
FXPSOtDQWRGDVODVUHJODVGHO$QWLJXR7HVWDPHQWR KDFHPRVXQDUHDOLGDGHQQXHVWURVFRUD]RQHV12
ODOH\ SHURQRORYLYtDQHQVXVFRUD]RQHV'H HQWUDUHPRVHQHOUHLQRGHORVFLHORV(QFRQFOXVLyQ
KHFKRHQXQDRFDVLyQ-HV~VORVOODPySDUHGHV ODKLSRFUHVtDUHOLJLRVDQRQRVOOHYDUiDOFLHOR(VWR
EODQTXHDGDVEiVLFDPHQWHOHVHVWDEDGLFLHQGRTXH VRUSUHQGHUiDPXFKRVTXHSHQVDEDQTXHLUtDQDO
HOORVHVWDEDQVXFLRVSRUGHQWUR\ FLHORSRUTXHKLFLHURQPXFKDVFRVDVUHOLJLRVDVSDUD
FRQVRORXQDGHOJDGDFDSDEODQFD 'LRVDVLVWLUDODLJOHVLDGDUGLQHURR
HQFLPDSDUDSDUHFHUTXHHVWDEDQ
3XQWR3ULQFLSDO KDFHURUDFLRQHVH[WUDYDJDQWHVSHUR
WULVWHPHQWHQRVHGLHURQFXHQWDGHTXH
ELHQ-HV~VSUHGLFyHOPHQVDMHGHO
WH[WRGHKR\GLFLHQGRTXHWRGDYtD
(OYHUGDGHUR 'LRVIXHFDSD]GHYHUVXVFRUD]RQHV
WRGRHOWLHPSR
QRVRWURVGHEHPRVJXDUGDUORV
PDQGDPLHQWRVGHODOH\DVtFRPR
YDORUGHODVUHJODV (VWRHVXQEDODQFHLQWHUHVDQWH1R
SRGHPRVJDQDUQXHVWUDVDOYDFLyQSRU
DVHJXUDUQRVGHTXHQXHVWUDIHQR
VHDXQDIDUVD(VWRHVXQDVXQWR
HQOD%LEOLDHVHQ REUDVSHURGHEHPRVJXDUGDUWRGDOD
OH\WDQWRHQHOHVStULWXFRQHQODDFFLyQ
LQWHUQRHOFXDOGHEHHVWDUHQ
QXHVWURVFRUD]RQHV\PRWLYDFLRQHV
REHGHFHUORVGHVGH RQRLUHPRVDOFLHOR%iVLFDPHQWHQR
VHHQJDxDD'LRV3XHGHVHQJDxDU
eOYLQRDODWLHUUDSDUDFXPSOLUODV
DQWLJXDVOH\HVQRSDUDGHVKDFHUODV
HOFRUD]yQ\QR DWXVSDGUHV\VDOLUWHFRQDOJRGHOD
FDVD3XHGHVHQJDxDUDWXPDHVWUR
$ORODUJRGHWRGD6XHQVHxDQ]D
-HV~VSUHGLFyTXHeOHVHO0HVtDVHO
VHUKLSyFULWDV HQODHVFXHOD\KDFHUWUDPSDHQXQ
TXHYLQRDODWLHUUDSDUDVDOYDUQRV&UHHPRVHQe/ H[DPHQ\VDFDUEXHQDVFDOL FDFLRQHVRSXHGHV
\VRPRVVDOYRV$XQTXHODIHHVORTXHQRVVDOYD HQJDxDUDWXVPDHVWURVHQODLJOHVLDKDFLpQGROHV
'LRVWDPELpQHVSHUDTXHYLYDPRVFRUUHFWDPHQWH FUHHUTXHHUHVXQSHTXHxRJUDQFULVWLDQR3HURQR
DQWHeODVtFRPRORDSUHQGLPRVODVHPDQDSDVDGD SXHGHVHQJDxDUD'LRVeOPLUDORUHFWRGHQXHVWURV
FRUD]RQHV\PRWLYDFLRQHV&XDQGRFUHDPRVTXH
9HUVR\-XHJR -HV~VHVTXLHQGLMRTXHeOHUDHO+LMRGH'LRV
HQWRQFHVQRVRWURVKDUHPRVQXHVWURPHMRUHVIXHU]R
(OWHPRUGHO6HxRUHVHOSULQFLSLRGHO SRUJXDUGDUWRGRV6XVPDQGDPLHQWRV$XQFXDQGR
VRPRVVDOYRVSRUODIHRWURVYHUiQTXHHVWDPRV
FRQRFLPLHQWR3URYHUELRV JXDUGDQGRWRGDODOH\WDQWRHQDFFLRQHVFRPRHQ
-XHJR+D]WX0RYLPLHQWR4XHORVQLxRVVH QXHVWURVFRUD]RQHV
VLHQWHQHQFtUFXOR,QLFLDHOMXHJRKDFLHQGR
XQPRYLPLHQWRGHODPDQRPLHQWUDVGLFHVOD $&7,9,'$'
SULPHUDSDODEUDGHOYHUVR(OHVWXGLDQWHVHQWDGR %~VTXHGDGHO7HVRUR/OHYHODVVLJXLHQWHVFRVDVD
HQVHJXLGDGHWLUHSLWHWXPRYLPLHQWR\ODSDODEUD ODFODVH\HVFyQGDORVDQWHVTXHOOHJHQORVQLxRV
GHOWH[WRTXHGLMLVWHOXHJRDxDGHXQPRYLPLHQWR /LEUR*DOOHWDV 2SFLyQDOSDUDFDGDQLxR 
GLIHUHQWHDODYH]TXHUHFLWDODVHJXQGDSDODEUD 3LHGUD 2SFLyQDOSDUDFDGDQLxR 0DGHUD
GHOWH[WR&RQWLQ~HQKDVWDTXHWRGDVODV (VFRED/pDOHVHOSRHPDDEDMR\GpMHOHVFRUUHUD
EXVFDUODVFLQFRFRVDV'HMHTXHORVQLxRVDGLYLQHQ
SDODEUDVGHOYHUVtFXORKD\DQVLGRPHQFLRQDGDV
FXiOHVVRQODVFRVDVSDUDEXVFDU6LQDGLHVDEH
5HSLWDQMXQWRVHOYHUVRFRPSOHWRYDULDV D\XGDOHVXQSRFR
YHFHVXVDQGRORVPRYLPLHQWRVGHODVPDQRV (UDVHXQDYH](QXQFDVWLOORYLHMLWR&LQFRSLH]DV
1RWDORVPRYLPLHQWRVQRQHFHVDULDPHQWH GHVDSDUHFLHURQ1RVSXHGHGDUXQDD\XGDGLWD"
UHSUHVHQWDQHOVLJQLFDGRGHODVSDODEUDV (VDOJRGH/HHU8QDFRVDSHTXHxDGH&RPHU
$OJRTXHSXHGHV7LUDU/RTXHQHFHVLWDV
5HVSXHVWDV SDUD4XHPDU<ODRFXSDVHQ/LPSLDU
H
$ SUHQG
LHQGRORVEDV
LF R
VG

9,$-(D,QJODWHUUD
X) HQ
DW X
ORU

HV
WUD
[S

IH
(

&XiOSHUWHQHFHDOUH\"
&
0DWHULDO

ULVWLDQRSRUPHG

QHORFRQXQDOtQHDDVXFDEH]D
%LRJUDItDGH&DUORV6SXUJHRQ
5HJUHVDQD,QJODWHUUDHQXQEDUFR 
RV
UEL

LR

,1*/$7(55$
YH

GH
UR

\SURQWRYLVLWDQXQFDVWLOORYLHMRDOOt
(

O6
V3 HUP
OR
QGH GH R
O0RQWH\HOOLEUR

/RVFDVWLOORVYLHMRVWLHQHQHVFDOHUDV
UHGRQGDVTXHYDQSDUDDUULEDHQWRUUHVDOWDVODV
SDUHGHVHVWiQHFKDVFRQSLHGUDDVtTXHVLHPSUH
 KDFHIUtRDGHQWUR\KD\FKLPLQHDVJLJDQWHVSDUD
FDOHQWDUDOFDVWLOOR
LHQGRORVEDV
$ SUHQG LF R
H VG
X) HQ
ORUDW X

HV
WUD
[S

IH
(

/HFFLyQ

&
0DWHULDO

ULVWLDQRSRUPHG

RV

/D/H\
UEL

LR
,1*/$7(55$
YH

GH
UR

(
O6
V3 HUP
OR
QGH GH R
O0RQWH\HOOLEUR
7H[WR1RKHYHQLGRDDQXODUODOH\RORV
SURIHWDVVLQRDGDUOHVFXPSOLPLHQWR

9HUVR(OWHPRU
GHO6HxRUHV
HOSULQFLSLRGHO
FRQRFLPLHQWR
3URYHUELRVD

&XiOSHUWHQHFHDOUH\"
QHORFRQXQDOtQHDDVXFDEH]D


3RUTXpWLHQHTXHVHUDVt"+HQRWDGRTXHHV
/(&&,1(O(QRMR ORPLVPRVLQLPSRUWDUHOSDtVTXHYLVLWHFLXGDG
+HQRWDGRTXHQRLPSRUWDTXpLJOHVLDYLVLWHRTXp RHVWDGR/DJHQWHVHRIHQGH\JXDUGDFRVDV
FDVDRHVFXHODSXHGRHQFRQWUDUSUREOHPDVGH GXUDQWHVHPDQDVPHVHV\DxRVHQFRQWUDGHVXV
UHODFLRQHV3RUDOJXQDUD]yQORVVHUHVKXPDQRV KHUPDQRV7HQJRODVHQVDFLyQGHTXHHQHOWLHPSR
HQWUDPRVHQGLVFXVLRQHV\RIHQVDV\HVWROH GH-HV~VHUDLJXDO\HVWRGHELyKDEHUORSXHVWR
VXFHGHDOPHMRUGHQRVRWURV+D\XQDLJOHVLDTXH UHDOPHQWHWULVWH(VWR\VHJXUDTXHeOYLVLWyDOJXQD
FRQRFHPRVHQXQSXHEORGRQGHGRVPXMHUHV LJOHVLDGRQGHGRVPXMHUHVQRVHKDEODEDQ\SXGR
WXYLHURQXQDGLVFXVLyQKDFHDxRVSHURWRGDYtDQR YHUHVDVLWXDFLyQ4XL]iVSRUHVReOSUHGLFyHVWH
TXLHUHQKDEODUVHODXQDDODRWUD(OODV IXHUWHPHQVDMHSDUDHOORV /HDGHQXHYR
HVWiQHQODOLVWDGHURWDFLyQSDUDGLULJLU
3XQWR3ULQFLSDO HOSDVDMHSULQFLSDO0DWHR
ORVVHUYLFLRV\VHFUX]DQHQODLJOHVLD
SHURKDQUHFKD]DGRVDOXGDUVHGXUDQWH
6LHPSUH -HV~VEiVLFDPHQWHQRVHVWiGLFLHQGR
TXHDEDQGRQHPRVHODOWDU\WUDWHPRV
DxRV/DLJOHVLDVRORWLHQHPLHPEURV
DVtTXHVHJXUDPHQWHFDGDXQRVDEH
KDEUiSOHLWRV QXHVWURVDVXQWRV(QWLHQGRTXHHVWR
VLJQLFDTXHQRSRGHPRVSUHWHQGHU
GHHVWDVGRVPXMHUHV\HOSRUTXpHOODV DUUpJODORV GDUOHDGRUDFLyQD'LRVHQPHGLRGH
XQDGLVSXWD3XHVWRTXH'LRVWRGROR
QRVHKDEODQ/RPLVPRVXFHGHHQODV
HVFXHODV\KRJDUHV&RQR]FRXQSDVWRU SURQWR\QRORV YH\WRGRORFRQRFHeOVDEHFXDQGR
TXHWLHQHKLMRVPD\RUHVpVWRVHVWiQ WXFULVWLDQLVPRQRHVYHUGDGHUR\QR
FDVDGRV\WLHQHQVXVSURSLRVKLMRV8QD HVFRQGDV ORLPSUHVLRQDVeORGLDFXDQGRQRV
GHODVKLMDVFRPHQ]yDFULWLFDUDVXFXxDGDSRUVX PHWHPRVHQXQSOHLWRFRQDOJXLHQ\OXHJRYDPRVD
FDSDFLGDGSDUDFULDUDORVKLMRV\HQWRQFHVVHGLHURQ ODLJOHVLD\QJLPRVTXHQRKDSDVDGRQDGD&UHR
SUREOHPDVGHFRPXQLFDFLyQDOJXLHQVDOLyODVWLPDGR TXHHVWRVLJQLFDTXHWHQHPRVTXHGHMDUWRGR\
\HOUHVXOWDGRQDOIXHXQDWHQVLyQHQODIDPLOLD VROXFLRQDUORVSUREOHPDVGHUHODFLRQHVTXHYLHQHQ
GXUDQWHDxRV FDGDYH]\FUpDQPHYLHQHQWRGRHOWLHPSR'DGR
TXHVRPRVVHUHVKXPDQRVHVWRVSUREOHPDVYDQD
YHQLUWRGRVORVGtDVGHFDGDVHPDQDWRGRHOPHV
9HUVR\-XHJR \GXUDQWHWRGRHODxR/RVWHQGUiVHQWXFDVDWX
HOSUXGHQWHSDVDSRUDOWRHOLQVXOWR HVFXHODHLJOHVLD3HURHVWDHVQXHVWUDRSRUWXQLGDG
3URYHUELRV SDUDGHPRVWUDUHODPRUDORVGHPiV\SDUDREHGHFHU
/ODPiQGROHV-XHJR5HSLWDQHOYHUVRYDULDVYHFHV ORVPDQGDPLHQWRVGH-HV~V
MXQWRVOXHJRSLGHXQYROXQWDULRSDUDYHQGDUOHORV &XDQGRVXUMDDOJR5(68(/9(/25$3,'$0(17(
RMRV(OQLxRYHQGDGRFXHQWDKDVWDGLH]PLHQWUDV 9HFRQWXDPLJR\UHFRQFtOLDWHOR$17(6326,%/(
ORVRWURVFDPLQDQHQSXQWLOODVDOUHGHGRUGHOiUHD
(OQLxRYHQGDGROODPDGLFLHQGRODSULPHUDSDUWH $&7,9,'$'
GHOYHUVR(O6HxRUDERUUHFHDORVGH/RVRWURV -XHJRGH0HPRULDGH%LRJUDItDV/DLGHDHVTXHORV
QLxRVVHFRQJHODQ\UHVSRQGHQFRQODSDUWH HVWXGLDQWHVUHODFLRQHQHOQRPEUHGHODSHUVRQDFRQ
VLJXLHQWHGHOYHUVRFRUD]yQSHUYHUVR/RV ODREUDGHVXYLGD&RORFDWRGDVODVFDUWDVFRQODFDUD
QLxRVSHUPDQHFHQFRQJHODGRVPLHQWUDVTXHHO KDFLDDEDMR&DGDHVWXGLDQWHWRPDXQWXUQRSDUDWRPDU
QLxRYHQGDGRWUDWDGHHQFRQWUDUDRWURHVWXGLDQWH GRVFDUWDVHVSHUDQGRTXHVHFRUUHVSRQGDQ6LHVWRQR
WRFiQGROR(OQLxRDTXLHQWRTXHSULPHURVH VXFHGHGHEHQSRQHUODVFDUWDVERFDDEDMRGHQXHYR\
FRQYLHUWHHQHOOODPDGRU\HOMXHJRFRQWLQ~D(O HQHOPLVPROXJDUGHPRGRTXHWRGRVSXHGDQUHFRUGDU
VLJXLHQWHQLxRYHQGDGROODPDGLFLHQGRSHURVH GRQGHHVWiHVDSHUVRQDRODREUD$QWHVGHHPSH]DU
FRPSODFHHQORVTXH\ORVGHPiVQLxRVJULWDQ KiEODOHVGHODVGRVELRJUDItDVVLJXLHQWHV /HFFLRQHV
GHQXHYRODVLJXLHQWHIUDVHYLYHQFRQUHFWLWXG  \PHQFLyQDOHVDOJXQRVGHWDOOHVVREUHHOWUDEDMR
&RQWLQ~HQMXJDQGRKDVWDTXHORVQLxRVSXHGDQ TXHKLFLHURQODVSHUVRQDVDVtHOORVSRGUiQMXJDUFRQ
UHVSRQGHUUHFLWDQGRHOWH[WRVLQWLWXEHDU WRGDVODVFDUWDV(QODSULPHUDSDUWHGHODOHFFLyQWH
GDPRVODOLVWDGHSHUVRQDV\REUDV
5HVSXHVWDV
&UX]DFRQXQD;
9,$-(D3XHUWR5LFR
ODFDUDWULVWH\FRORUHD
%LRJUDItDGH1LFN\&UX]
6HPDQD 
ODVGHPiV )RUPDGH9LDMDU (Q$YLyQ
&RPRYLHQHQGH,QJDOWHUUD
HOYXHORYDDGXUDU
38(5725,&2
0DWHULDO([SORUDWX)H$SUHQGLHQGRORVEDVLFRVGHQXHVWUDIH&ULVWLDQRSRUPHGLR
GH(O6HUPRQGHO0RQWH\HOOLEURGHORV3URYHUELRV+HFKRHQ+XDWDEDPSR6RQRUD
0H[LFRSRUHO0LQLVWHULR3UR9LVLyQ

KUVDVtTXHSXHGHQ
 FRPHUGRUPLU\MXJDUHQHODYLyQ
0DUtD-DQH
%HWW\*UHHQH &DUORV)LQQH\ %LOO\*UDKDP .LQQDLUG

&RUULH7HQ
'DYLG/LYLQJVWRQ 6XVDQQD:HVOH\ *ODG\V$\OZDUG %RRP

-XHJRGH
$P\&DUPLFKDHO &DUORV6SXUJHRQ 1LFN\&UX]
0HPRULD

%LRJUDItDV

+XGVRQ7D\ORU 0DUtD7D\ORU 0DUWtQ/XWHUR


-XHJRGH
0HPRULD

%LRJUDItDV
0DUtD-DQH
%HWW\*UHHQH &DUORV)LQQH\ %LOO\*UDKDP .LQQDLUG

&RUULH7HQ
'DYLG/LYLQJVWRQ 6XVDQQD:HVOH\ *ODG\V$\OZDUG %RRP

-XHJRGH
$P\&DUPLFKDHO &DUORV6SXUJHRQ 1LFN\&UX]
0HPRULD

%LRJUDItDV

+XGVRQ7D\ORU 0DUtD7D\ORU 0DUWtQ/XWHUR


-XHJRGH
0HPRULD

%LRJUDItDV
/HFFLyQ
(O(QRMR
7H[WR3HUR\ROHVGLJRTXHWRGRHOTXHVH
HQRMHFRQVXKHUPDQRTXHGDUiVXMHWRDOMXLFLR
GHOWULEXQDO

9HUVR(OSUXGHQWH
SDVDSRUDOWRHOLQVXOWR
&UX]DFRQXQD; 3URYHUELRVE
ODFDUDWULVWH\FORUHD
ODVGHPiV

6HPDQD 

38(5725,&2
 0DWHULDO([SORUDWX)H$SUHQGLHQGRORVEDVLFRVGHQXHVWUDIH&ULVWLDQRSRUPHGLR
GH(O6HUPRQGHO0RQWH\HOOLEURGHORV3URYHUELRV+HFKRHQ+XDWDEDPSR6RQRUD
0H[LFRSRUHO0LQLVWHULR3UR9LVLyQ
/(&&,1/D)DPLOLD (VWHHVHOSODQGH'LRVSDUDWL\SDUDPt\SDUDWRGD
ODJHQWHGHODWLHUUD'LRVTXLHUHTXHQRVFDVHPRV
\WHQJDPRVKLMRV)XLPRVFUHDGRVSRU'LRVD6X
/HFFLyQ(VSHFLDO(VWDOHFFLyQHVGLIHUHQWHGHODV LPDJHQFRQHOSODQGHYLYLUHQIDPLOLD(OSODQGH
GHPiV/RVQLxRVJUDQGHVYDQDHVWXGLDUODOXMXULD
'LRVSDUDWLHVTXHDOJ~QGtDWHFDVHV\YLYDQMXQWRV
SHURQRVXJHULPRVTXHHQVHxHQHVWHWHPDDORVQLxRV
SHTXHxRVWRGDYLD(QVXOXJDUSURYHHPRVHVWDOHFFLyQ
WRGDVXYLGDXQKRPEUH\XQDPXMHUWHQLHQGRKLMRV\
GH/D)DPLOLD6LORGHVHDWDPELpQSXHGHXVDU GHVSXpVQLHWRV
FXDOTXLHUOHFFLyQGHRWURPDWHULDOPLHQWUDVORVJUDQGHV +D\PXFKDVFRVDV\SHUVRQDVPDODVHQHVWHPXQGR
DSUHQGHQVREUHODOXMXULD 3HUR'LRVWLHQHUHJODVHVSHFLDOHVSDUDPDQWHQHUQRV
OLPSLRV'LRVTXLHUHTXHFXLGHPRVQXHVWURV
FRUD]RQHV\TXHWDPELpQVHDPRVFXLGDGRVRVFRQOR
'LRVQRVFUHyDWL\DPt6RPRV
TXHYHQQXHVWURVRMRV(QHVWDOHFFLyQ
HVSHFLDOHVFUHDGRV\DPDGRVSRU
3XQWR3ULQFLSDO HVWDPRVPLUDQGR0DWHR
'LRV/D%LEOLDGLFHTXHHQHOSULQFLSLR
-HV~VQRVGLFHHQHVWRVYHUVRVFXiQ
'LRVFUHyHOPXQGR\HO8QLYHUVR
GHVSXpVFUHyORVDQLPDOHV\ODV (VGHVXPD LPSRUWDQWHHVTXHFXLGHPRVQXHVWURV
SHQVDPLHQWRV\QXHVWURVFRUD]RQHV
SODQWDV<QDOPHQWHFUHyDOKRPEUH
$GiQIXHHOSULPHUKRPEUHVREUH
LPSRUWDQFLD 3XHGHQQXHVWURVIDPLOLDUHVOHHU
QXHVWURVSHQVDPLHQWRV"'HKHFKR
ODWLHUUD\HVWDEDWRWDOPHQWHVROR
'LRVYLRTXH$GiQHVWDEDPX\VROR
FXLGDUWXSURSLR QDGLHVDEHORTXHHVWDPRVSHQVDQGR
HQWRQFHVORGXUPLy\WRPyXQD FRUD]yQRMRV\ H[FHSWR'LRV'LRVVDEHFXDQGR
SHQVDPRVDOJRPDOR(QHVWRVYHUVRV
FRVWLOOD\FRQHVDFRVWLOOD'LRVFUHy
XQDPXMHU(YD1RHVJUDFLRVRTXH SHQVDPLHQWRVGH GHOD%LEOLD-HV~VGLFHTXHHVWDDDDDDQ
LPSRUWDQWHSURWHJHUQRVGHFRVDVPDODV
KD\DFUHDGRD(YDGHXQKXHVRGH
$GiQ" FRVDVPDODV TXHDXQVLQXHVWUDPDQRKDFHDOJR
PDORGHEHUtDPRVFRUWiUQRVOD$KRUD
'HVGHHOSULQFLSLR'LRVQRVSXVRHQ
-HV~VUHDOPHQWHQRTXLHUHTXHQRVRWURV
IDPLOLDV$GiQ\(YDIXHURQHOSULPHUPDWULPRQLR\
QRVFRUWHPRVQXHVWUDPDQRSHUReOTXLHUHTXH
'LRVTXLVRTXHHOORVWXYLHUDQKLMRV\ORVFULDUDQSDUD
SHQVHPRVHQHVWR(QWRQFHVVRORLPDJLQpPRQRV
VHJXLUORDeO(VWRHVORTXH'LRVWDPELpQSLGHGH
&81,03257$17((6TXHSURWHMDPRVQXHVWUDV
QRVRWURVKR\&XiQWRVGHXVWHGHVWLHQHQIDPLOLD"
PHQWHV\FRUD]RQHVGHFRVDVPDODV
7RGRVDXQTXHQRWRGDVODVIDPLOLDVVRQLJXDOHV

9HUVR\-XHJR 9,$-(D&KLQD &+,1$


6HPDQD
3RUVREUHWRGDVODVFRVDVFXLGDWXFRUD]yQ %LRJUDItDGH+XGVRQ\0DUtD7D\ORU
0DWHULDO([SORUDWX)H$SUHQGLHQGRORVEDVLFRVGH
QXHVWUDIH&ULVWLDQRSRUPHGLRGH(O6HUPRQGHO0RQWH
\HOOLEURGHORV3URYHUELRV+HFKRHQ+XDWDEDPSR
6RQRUD0H[LFRSRUHO0LQLVWHULR3UR9LVLyQ

3URYHUELRV )RUPDGH9LDMDU (Q%DUFR3XHGHQ


LPDJLQDUTXHHOVDOyQHVHOEDUFR\SHGLUOHDDOJXQRV
-XHJR3DVH0XVLFDO4XHORVHVWXGLDQWHVVHVLHQWHQ
D\XGDQWHVTXHHFKHQDJXDOLPSLDSRUODVYHQWDQDV
HQFtUFXORV'DDFDGDHVWXGLDQWHXQDWDUMHWD0LHQWUDV
SDUDPRMDUXQSRTXLWRDORVQLxRV
ODP~VLFDVXHQDORVQLxRVSDVDQVXVWDUMHWDVDOUHGHGRU
GHOFtUFXOR&XDQGRODP~VLFDSDUDORVHVWXGLDQWHV
OHHQVXVFDUWDVHQHORUGHQGHOYHUVR'HVSXpVGHMXJDU $&7,9,'$'
YDULDVURQGDVORVQLxRVSDVDQDOIUHQWHFRQVXWDUMHWD\ 7LUDV&KLQDV&RUWDSDSHOFKLQD
VHDFRPRGDQHQHORUGHQGHOWH[WR\UHSLWHQHOYHUVtFXOR GHGLIHUHQWHVFRORUHVHQWLUDVGH
MXQWRVYDULDVYHFHV XQPHWURGHODUJRGDWUHVWLUDVGHGLIHUHQWHFRORUD
FDGDQLxR&RUWDFRUGRQHVGHPHGLRPHWURGHODUJR
XQRSDUDFDGDQLxR4XHORVQLxRVGHFRUHQVXVWLUDV
5(638(67$6 FRQFDOFRPDQtDVPDUFDGRUHVRSLQWXUD(QYXHOYDQ
ODSXQWDGHODVWUHVGLIHUHQWHVWLUDVDOUHGHGRUGHO
FRUGyQ\SpJDORFRQFLQWDRUHVLVWROSDUD
$\XGDD/XO~DOOHJDU
DVHJXUDUORV+D]XQQXGRHQHOFRUGyQ
DVXFDVD SDUDKDFHUXQDDJDUUDGHUDSDUDODV
WLUDVFKLQDV/RVQLxRVSXHGHQFRUUHU
DOUHGHGRUFRQODVWLUDVDOHVFXFKDU
UXLGRVRP~VLFDFKLQD,QFOXVR
 SXHGHVRUJDQL]DUORVSDUDUHDOL]DU
XQDGDQ]DFKLQDFRQVXVWLUDV
&+,1$
6HPDQD
0DWHULDO([SORUDWX)H$SUHQGLHQGRORVEDVLFRVGH
QXHVWUDIH&ULVWLDQRSRUPHGLRGH(O6HUPRQGHO0RQWH
\HOOLEURGHORV3URYHUELRV+HFKRHQ+XDWDEDPSR
6RQRUD0H[LFRSRUHO0LQLVWHULR3UR9LVLyQ

DVXFDVD
$\XGDD/XO~DOOHJDU


FRUD]yQ
/HFFLyQ

3URYHUELRVD
ODVFRVDVFXLGDWX
(O/XMXULD

9HUVR3RUVREUHWRGDV
FRGLFLD\DDFRPHWLGRDGXOWHULR
7H[WR&XDOTXLHUDTXHPLUDDXQDPXMHU\OD
/(&&,1-XUDPHQWRV
(VWDHVXQDOHFFLyQLQWHUHVDQWHSRUTXHPXFKRV XQSHFDGR1RSDUHFHVHUJUDQFRVD
GHQRVRWURVQRQRVSUHRFXSDPRVGHPDVLDGRSRU 3HURSRUTXp-HV~VORLQFOX\HHQHO6HUPyQGHO
QXHVWUDVSDODEUDV'HFLPRVORTXHTXHUHPRV 0RQWH"
FXDQGRTXHUHPRV/HVGHFLPRVDORVGHPiVTXH 2EYLDPHQWHHUDLPSRUWDQWHSDUD-HV~VHO
HVWDUHPRVHQDOJXQDSDUWH\PiV 6DOYDGRUGHOPXQGReOQRVHKDEUtD
WDUGHFXDQGRDOJRVXFHGHQROR PROHVWDGRHQPHQFLRQDUHVWRDQR
KDFHPRV1RQRVPROHVWDPRVHQ 3XQWR3ULQFLSDO VHUTXHSHQVDUDTXHHUDXQSUREOHPD
GHFLUOHVVREUHHOFDPELRGHSODQHV
&XDQGRTXHUHPRVTXHQRVSUHVWHQ
6LYDQDKDFHU $VtTXHVHJ~Q-HV~VHVUHDOPHQWH
LPSRUWDQWHORTXHGHFLPRV1XHVWUDV
GLQHURRTXHDOJXLHQQRVKDJD
XQJUDQIDYRU3520(7(026
DOJRGLJDQTXH SDODEUDVVRQLPSRUWDQWHV7RGRHVWR
VHUHGXFHDHVWDGHFODUDFLyQTXHKL]R
3520(7(0263520(7(026HQ Vt\VLQRORYDQ -HV~V
SDJDUHOGLQHURLQGHSHQGLHQWHPHQWH 6LYDQDKDFHUDOJRGLJDQTXHVtVLQR
GHOIDYRUTXHHOORVTXLHUDQDFDPELR DKDFHUGLJDQ ORYDDKDFHUGLJDQTXHQR
(VWRVLPSOHPHQWHQRSDUHFHTXHVHD
TXHQR 'LRVQRTXLHUHTXHPLQWDPRVeOQR
TXLHUHTXHSURPHWDPRVRTXHMXUHPRV
9HUVR\-XHJR SRUQDGDHQHVSHFLDO-XURSRUODWXPEDGHPL
PDGUHRDOJRDVt6RORGHFLUOHDODJHQWHODYHUGDG
6LYHUEDOPHQWHWHKDVFRPSURPHWLGR
/tEUDWH3URYHUELRVD 9,$-(D$OHPDQLD
0DQWpQHO5LWPR5HFLWDHOYHUVRFRQIXHU]D %LRJUDItDGH0DUWtQ/XWHUR
YDULDVYHFHVFRQFHQWUiQGRWHHQHOULWPRGHODV )RUPDGH9LDMDU (Q
SDODEUDV/XHJRHPSLH]DDLQWURGXFLUGLIHUHQWHV &DEDOOR/RVQLxRVSXHGHQ $/(0$1,$
DFFLRQHVSDUDORVGLIHUHQWHVVHFFLRQHVGHO YLDMDUHQFDEDOORFRPR 6HPDQD
0DWHULDO([SORUDWX)H$SUHQGLHQGRORVEDVLFRVGH

YHUVtFXOR(PSLH]DFRQDSODXVRVORVFXDOHV /XWHURORKL]RHQVXWLHPSR QXHVWUDIH&ULVWLDQRSRUPHGLRGH(O6HUPRQGHO0RQWH


\HOOLEURGHORV3URYHUELRV+HFKRHQ+XDWDEDPSR
6RQRUD0H[LFRSRUHO0LQLVWHULR3UR9LVLyQ

VHPDUFDQFRQXQD0 PDQRV DUULEDGHOD (VWDVHPDQDSXHGHQ


UHJUHVDUD0p[LFRSDUDWHUPLQDUORVYLDMHV
SDODEUD8QDYH]TXHORVHVWXGLDQWHVGRPLQHQ
HOULWPRFRQODVSDOPDVDxDGHHOFKDVTXLGR
GHORVGHGRV PDUFDGRVFRQXQD'GHGHGRV  $&7,9,'$'
OXHJRDxDGHHOJROSHGHXQDSDOPDGDVREUH &ROJDMHV
ODSLHUQD PDUFDGRFRQ03GHPDQRVREUH 3XHGHVXVDUXQDWHODHFRQyPLFD
SLHUQD \QDOPHQWHXQDSLVDGDIXHUWHVREUHHO RSDSHOSDUDKDFHUHVWHFROJDMH
SLVR PDUFDGDFRQOD3GHSLHV &RQWLQ~HQHO SDUDTXHORVHVWXGLDQWHVOROOHYHQ
ULWPRPLHQWUDVUHFLWDQHOYHUVRKDVWDTXHWRGRV DFDVD&RUWDODWHODRSDSHO
ORVQLxRVORKD\DQDSUHQGLGR HQUHFWiQJXORVGHSRU
FHQWtPHWURV 2XVDSDSHOGREOH
FDUWD
5(638(67$6 3DUDKDFHUHOFROJDMH
VREUHODVFRVDVSRUODVFXDOHV12

%RVTXHMDHOGLVHxRSURYLVWR XRWURGHWX
GHEHPRVMXUDU\GHVSXpVFRORUHD

HOHFFLyQ VREUHODWHODRSDSHOFRQXQOiSL]
&UX]DFRQXQD;

&RUWDSLH]DVGHHOWURDOJXQDRWUDWHODRSDSHO
ORVGLEXMRV

SDUDWXGLVHxy
3HJDODVSLH]DVVREUHODWHOD\GpMDODVHFDU
'HFRUDPiVHOFROJDMHFRQPDUFDGRUHVR
FUD\RQHV
'REODODRULOODGHDUULEDVREUHXQJDQFKRGH
URSDRXQSDORGHPDGHUD*UiSDODRSpJDOD
 FRQSHJDPHQWR'HVSOLHJDORVFROJDMHVVL
TXLHUHVKDVWDTXHWHORVOOHYHVDFDVD
/HFFLyQ
-XUDPHQWRV
9HUVR6L 7H[WR&XDQGRXVWHGHVGHLJDQVtTXHVHD
YHUEDOPHQWHWHKDV UHDOPHQWHVt\FXDQGRGLJDQQR
FRPSURPHWLGR TXHVHDQR
/tEUDWH
3URYHUELRVD

&UX]DFRQXQD;
VREUHODVFRVDVSRUODVFXDOHV12
GHEHPRVMXUDU\GHVSXpVFRORUHD
ORVGLEXMRV

QXHVWUDIH&ULVWLDQRSRUPHGLRGH(O6HUPRQGHO0RQWH
6HPDQD
0DWHULDO([SORUDWX)H$SUHQGLHQGRORVEDVLFRVGH

\HOOLEURGHORV3URYHUELRV+HFKRHQ+XDWDEDPSR
$/(0$1,$

6RQRUD0H[LFRSRUHO0LQLVWHULR3UR9LVLyQ


5HFLELUVGHLGHDVSDUDWX0LQLVWHULR
FRQQLxRV)&,/(6\*5$7,6
\JDVWDUWXWLHPSRPHMRUDPDQG<ORVQLxRV


GLQiPLFDV

LQVSLUDFLyQ

; &
YLVLyQ DFWLYLGDGHV


8
PDQXDOLGDGHV MXHJRV

3UR9LVLyQ [),.%,
&368/$6'(.5,67,1$
+",-"' 5HJtVWUDWHKR\SDUDFRPHQ]DUDUHFLELUXQHVWtPXOR
VHPDQDOOOHQRGHLGHDVIUHVFDVSDUDWX(VFXHOD'RPLQLFDO
TXHOOHJDUiGLUHFWRDVXFRUUHRHOHFWUyQLFRFDGDVHPDQD
&203/(7$0(17(*5$7,6
6LPSOHPHQWHHQYtDQRVXQHPDLODNULVWLQD#ORVQLQRVFXHQWDQFRPFRQ
HOPHQVDMH(QYtHPHOD&iSVXODGH.ULVWLQD

ZZZ/RV1LQRV&XHQWDQFRP

You might also like