You are on page 1of 84

6(5,(












SREODFLyQ\GHVDUUROOR








/ DVSHUVRQDVFRQGLVFDSDFLGDG
HQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWR
MXUtGLFRDODGHVLJXDOGDGUHDO

0DUtD)HUQDQGD6WDQJ$OYD








&HQWUR/DWLQRDPHULFDQR\&DULEHxR
GH'HPRJUDItD &(/$'( 'LYLVLyQ
GH3REODFLyQGHOD&(3$/
6DQWLDJRGH&KLOHDEULOGH


(VWH GRFXPHQWR IXH SUHSDUDGR SRU 0DUtD )HUQDQGD 6WDQJ $OYD FRQVXOWRUD GHO &HQWUR /DWLQRDPHULFDQR \
&DULEHxRGH'HPRJUDItD &(/$'( 'LYLVLyQGH3REODFLyQGHOD&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD
\HO&DULEH &(3$/ HQHOPDUFRGHODVDFWLYLGDGHVGHOSURJUDPDDQXDOGHWUDEDMRDFRUGDGRHQWUHHO)RQGR
GH3REODFLyQGHODV1DFLRQHV8QLGDV 81)3$ \OD&(3$/SDUD SUR\HFWR5/$3$DFWLYLGDG 
(O WUDEDMR VH UHDOL]y EDMR OD VXSHUYLVLyQ GH 0DJGD 5XL] 6DOJXHUR $VHVRUD 5HJLRQDO HQ 'HPRJUDItD H
,QIRUPDFLyQVREUH3REODFLyQGHO&(/$'(\FRQWyFRQODFRODERUDFLyQGH/DXUD*DUFtD\0DULR$FXxDHQHO
SURFHVDPLHQWRGHDOJXQRVGDWRV\GH&DUOD3DUUDJXH]HQHOUHOHYDPLHQWRGHODFRQVLGHUDFLyQFRQVWLWXFLRQDOGH
ODV SHUVRQDV FRQ GLVFDSDFLGDG /D DXWRUD DJUDGHFH D 0DJGD 5XL] \ 6XVDQD 6FKNROQLN SRU EULQGDUOH OD
SRVLELOLGDGGHGHVDUUROODUHVWHWUDEDMR
/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHODDXWRUD\SXHGHQQRFRLQFLGLUFRQODVGHOD2UJDQL]DFLyQ




3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
,661
,6%1
(,6%1
/&/3
1ƒGHYHQWD6,,*
&RS\ULJKW‹1DFLRQHV8QLGDVDEULOGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH

/RV(VWDGRVPLHPEURV\VXVLQVWLWXFLRQHVJXEHUQDPHQWDOHVSXHGHQUHSURGXFLUHVWDREUDVLQDXWRUL]DFLyQSUHYLD6yORVHOHV
VROLFLWDTXHPHQFLRQHQODIXHQWHHLQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFLyQ
&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

ËQGLFH

5HVXPHQ  
, ,QWURGXFFLyQXQQXHYRHQIRTXHYLHMDVGHPDQGDV  
,, /DVLWXDFLyQGHODVSHUVRQDVFRQGLVFDSDFLGDG
HQ$PpULFD/DWLQD  
,,, /DVSHUVRQDVFRQGLVFDSDFLGDGHQHOGHUHFKRLQWHUQDFLRQDO 
,9 (OPDUFRMXUtGLFRQDFLRQDOHQWUHODUHQRYDFLyQ\HOGHVIDVH  
9 ,QVWLWXFLRQHV\SROtWLFDVSDUDODVSHUVRQDVFRQGLVFDSDFLGDG
HQODUHJLyQ  
$ ,QVWLWXFLRQHVGHSHQGHQFLDV\IXQFLRQHV  
% 'LDJQyVWLFRVGHVLQIRUPDGRVODVSROtWLFDVSDUDODVSHUVRQDV
FRQGLVFDSDFLGDG  
9, $PRGRGHFRQFOXVLyQ 
%LEOLRJUDItD 
$QH[RV 
$QH[R 1LYHOGHDGKHVLyQGHORVSDtVHVGH$PpULFD/DWLQD
DORVLQVWUXPHQWRVLQWHUQDFLRQDOHVVREUHODVSHUVRQDV
FRQGLVFDSDFLGDG  
$QH[R /RVFHQVRVGH\HODERUGDMHGHODGLVFDSDFLGDG 
$QH[R $UWtFXORVFRQVWLWXFLRQDOHVYLQFXODGRVFRQODVSHUVRQDV
FRQGLVFDSDFLGDGHQORVSDtVHVGH$PpULFD/DWLQD 
6HULHSREODFLyQ\GHVDUUROORQ~PHURVSXEOLFDGRV  


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

ËQGLFHGHFXDGURV
&8$'52 $0e5,&$/$7,1$ 3$Ë6(66(/(&&,21$'26 35(9$/(1&,$
'(/$',6&$3$&,'$'6(*Ò16(;2$/5('('25'( 
&8$'52 $0e5,&$/$7,1$ 3$Ë6(66(/(&&,21$'26 352325&,Ï1'(3(5621$6
&21',6&$3$&,'$'6(*Ò1*58326'(('$'$/5('('25'(
&8$'52 $0e5,&$/$7,1$&216,'(5$&,Ï1'(/$63(5621$6&21
',6&$3$&,'$'(1/$6&2167,78&,21(61$&,21$/(6
&8$'52 $0e5,&$/$7,1$'(5(&+26&216$*5$'263$5$/$63(5621$6
&21',6&$3$&,'$'(1/$6&2167,78&,21(6
&8$'52 $0e5,&$/$7,1$/(<35,1&,3$/48(5(*8/$(/È0%,72
'(/$63(5621$6&21',6&$3$&,'$' 
&8$'52 $0e5,&$/$7,1$'(5(&+26&216$*5$'263$5$/$63(5621$6
&21',6&$3$&,'$'(1/$/(<35,1&,3$/'(&$'$3$Ë6
48(5(*8/$(67(È0%,72 
&8$'52 $0e5,&$/$7,1$(;,67(1&,$'(815(*,67521$&,21$/
'(3(5621$6&21',6&$3$&,'$'(1/263$Ë6(6
&8$'52 $0e5,&$/$7,1$&203$5$&,Ï1(175(/$'(),1,&,Ï1/(*$/
'(/$',6&$3$&,'$'<6823(5$&,21$/,=$&,Ï1&(16$/
(1/$'e&$'$'( 
&8$'52 $0e5,&$/$7,1$,167,78&,21(6$&$5*2'(/$63(5621$6
&21',6&$3$&,'$'


ËQGLFHGHJUiILFRV
*5È),&2 $0e5,&$/$7,1$ 3$Ë6(66(/(&&,21$'26 35(9$/(1&,$
'(/$',6&$3$&,'$'$/5('('25'( 
*5È),&2 &+,/(',675,%8&,Ï1325&(178$/'(/$63(5621$6
&21',6&$3$&,'$'6(*Ò1686&$86$6 
*5È),&2 %5$6,/35(9$/(1&,$'(/$',6&$3$&,'$'6(*Ò1
3(57(1(1&,$e71,&$
*5È),&2 %5$6,/<0e;,&2$6,67(1&,$(6&2/$5'(/261,f26
6(*Ò135(6(1&,$'(',6&$3$&,'$'
*5È),&2 &+,/(',675,%8&,Ï1325&(178$/'(/$32%/$&,Ï1727$/
<&21',6&$3$&,'$'6(*Ò15($/,=$&,Ï1'(8175$%$-2
5(081(5$'2
*5È),&2 0e;,&2',675,%8&,Ï1325&(178$/'(/$32%/$&,Ï1
&21',6&$3$&,'$'6(*Ò11,9(/'(,1*5(62
*5È),&2 $5*(17,1$$86(1&,$'(&2%(5785$'(6$/8'0(',$17(
81$2%5$62&,$/<2813/$1'(6$/8'35,9$'220878$/
(1/$32%/$&,Ï1727$/<&21',6&$3$&,'6'325*58326
'(('$'$/5('('25'(
*5È),&2 $0e5,&$/$7,1$$'6&5,3&,Ï1,167,78&,21$/'(/$(17,'$'
$&$5*2'(/$63(5621$6&21',6&$3$&,'$'
6(*Ò1È5($67(0È7,&$6

ËQGLFHGHUHFXDGURV
5(&8$'52 /$635(*817$662%5(',6&$3$&,'$'(1/26&(1626 


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

5HVXPHQ

$ SHVDU GHO DXPHQWR GH OD YLVLELOLGDG GHO WHPD GH ODV SHUVRQDV FRQ
GLVFDSDFLGDG HQ OD DJHQGD S~EOLFD UHJLRQDO \ GH ORV DYDQFHV HQ HO
UHFRQRFLPLHQWR MXUtGLFR GH VXV GHUHFKRV WDQWR D HVFDOD QDFLRQDO FRPR
LQWHUQDFLRQDOVXVLWXDFLyQHQ$PpULFD/DWLQDVLJXHFDUDFWHUL]iQGRVHSRUXQD
SURIXQGD GHVLJXDOGDG TXH VH PDWHULDOL]D HQ JUDQGHV EUHFKDV
VRFLRHFRQyPLFDVTXHFRORFDQDHVWHJUXSRGHODSREODFLyQHQXQDFRQGLFLyQ
GHYXOQHUDELOLGDGVRFLDOTXHGHPDQGDDFFLRQHVLQWHJUDOHV\VXVWHQWDGDVSRU
XQD IpUUHD YROXQWDG SROtWLFD /D SRVLELOLGDG GH HVWDV DFFLRQHV GH ORJUDU
DYDQFHV UHDOHV HQ PDWHULD GH LJXDOGDG WDPELpQ GHSHQGH GH OD SRVLELOLGDG GH
UHDOL]DUGLDJQyVWLFRVFHUWHURVSHURHOSDQRUDPDGHORVGDWRVVREUHODVSHUVRQDV
FRQGLVFDSDFLGDGHQODUHJLyQQRFRQWULEX\HDHOOR
7UDV H[SOLFDU EUHYHPHQWH HO FDPELR GH SDUDGLJPD TXH KD
H[SHULPHQWDGRODGHILQLFLyQGHODGLVFDSDFLGDGHQODV~OWLPDVGpFDGDVHQ
HO PXQGR HQ HO GRFXPHQWR VH GHVFULEH VLQWpWLFDPHQWH HO SDQRUDPD
VRFLRGHPRJUiILFRGHODVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDVH
DERUGD HO HVFHQDULRGHOGHUHFKRLQWHUQDFLRQDOKDFLHQGRXQUHFRUULGRSRU
ORVSULQFLSDOHVKLWRVYLQFXODGRVFRQODGLVFDSDFLGDGVHH[DPLQDHOPDUFR
OHJDO GH ORV SDtVHV UHYLVDQGR OD FRQVLGHUDFLyQ FRQVWLWXFLRQDO GH ODV
SHUVRQDVFRQGLVFDSDFLGDG\ODQRUPDSULQFLSDOTXHVHRFXSDGHOWHPDHQ
FDGDXQRGHHOORV/XHJRVHDQDOL]DHOPDUFRLQVWLWXFLRQDO\VHH[DPLQDOD
SROtWLFDS~EOLFDHQPDWHULDGHGLVFDSDFLGDGHQXQJUXSRVHOHFFLRQDGRGH
SDtVHV GH OD UHJLyQ FHQWUDQGR OD DWHQFLyQ HQ OD IRUPD HQ TXH VX WH[WR
RILFLDOHPSOHDLQIRUPDFLyQVRFLRGHPRJUiILFDSDUDGLDJQRVWLFDUODUHDOLGDG
DLQWHUYHQLU\ODVDFFLRQHVTXHSURSRQHUHVSHFWRGHODJHQHUDFLyQGHGDWRV
)LQDOPHQWH VH H[SRQHQ XQDV VLQWpWLFDV FRQFOXVLRQHV FRQ HO SURSyVLWR GH
UHFDSLWXODUHOGHVDUUROORGHOWUDEDMR 


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

, ,QWURGXFFLyQXQQXHYRHQIRTXH
YLHMDVGHPDQGDV

$SHVDUTXHHOWHPDGHODVSHUVRQDVFRQGLVFDSDFLGDGQRKDDOFDQ]DGRDXQXQ
HVSDFLRLPSRUWDQWHHQHOGLVFXUVR\ODDFFLyQS~EOLFDUHJLRQDOORVRUJDQLVPRV
LQWHUQDFLRQDOHV \ ORV JRELHUQRV KDQ FRPHQ]DGR D SUHVWDUOH PD\RU DWHQFLyQ
VREUH WRGR GHVGH FRPLHQ]RV GH OD GpFDGD GH  DXQTXH SXHGHQ
HQFRQWUDUVHDFXHUGRV\QRUPDWLYDVDQWHULRUHV3HURQRVRORKDDXPHQWDGRVX
YLVLELOLGDGVLQRTXHWDPELpQKDH[SHULPHQWDGRFDPELRVVLJQLILFDWLYRVHQVX
DERUGDMH SDVDQGR GHVGH XQ HQIRTXH TXH FRQVLGHUDED D ODV SHUVRQDV FRQ
GLVFDSDFLGDGFRPRYtFWLPDVREMHWRVGHFDULGDG\EHQHILFLDULRVGHSURJUDPDV
KDFLDXQDPLUDGDTXHODVFRQFLEHFRPRVXMHWRVGHGHUHFKRVSDUWLFLSDQWHV\
DFWRUHV UHFRQRFLHQGR VX FRQWULEXFLyQ D OD VRFLHGDG \ UHFODPDQGR VX
LQWHJUDFLyQ 6DYHGRII0XMLFD\&DOOH 
8QHOHPHQWRFODYHGHHVWHFDPELRGHSDUDGLJPDORKDUHSUHVHQWDGRHO
SDVDMHGHVGHODGHILQLFLyQGHODGLVFDSDFLGDGFHQWUDGDHQHOGpILFLW\DSDUWLU
GHFRQGLFLRQHVPpGLFDVKDFLDXQDFRQFHSFLyQPiVGLQiPLFDHLQWHJUDOTXHOD
SLHQVD FRPR XQ FRPSOHMR SURFHVR GH VDOXG HFRQyPLFR VRFLRFXOWXUDO \
WDPELpQ SROtWLFR XQ IHQyPHQR GLYHUVR HQ HO TXH OD GLVFDSDFLGDG VH
FRQIRUPDHQODLQWHUDFFLyQHQWUHODVFDSDFLGDGHVIXQFLRQDOHVGHODSHUVRQD\
VXHQWRUQRItVLFR\VRFLDO
(VSHFLDOPHQWH HQ HO iPELWR GH ODJHQHUDFLyQGHGDWRVUHVSHFWRGH
ODVSHUVRQDVFRQGLVFDSDFLGDG\VXVFRQGLFLRQHVGHYLGDHVWHFDPELRGH
SDUDGLJPD VH KD PDWHULDOL]DGR VREUH WRGR HQ OD &ODVLILFDFLyQ
,QWHUQDFLRQDOGHO)XQFLRQDPLHQWRGHOD'LVFDSDFLGDG\GHOD6DOXG &,) 
GH OD 2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG 206  YLJHQWH GHVGH  \
TXH VXUJLy GH XQD UHYLVLyQ GH OD &ODVLILFDFLyQ ,QWHUQDFLRQDO GH
'HILFLHQFLDV'LVFDSDFLGDGHV\0LQXVYDOtDV &,''0 /D&,)GHILQHDOD


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

GLVFDSDFLGDG³FRPRXQFRQWLQXRPXOWLGLPHQVLRQDOGHFDSDFLGDGHVIXQFLRQDOHVPiVTXHFRPRXQDOLVWD
GHFRQGLFLRQHVHVSHFtILFDVDXQDFDWHJRUtDDXQDPLQRUtDRDXQJUXSRSDUWLFXODU´ 6DYHGRIISiJ
 /DFODVLILFDFLyQVHDSR\DHQXQDLGHQWLILFDFLyQSRVLWLYDGHODVFDSDFLGDGHVKXPDQDVPLGLHQGROD
GLVFDSDFLGDGFRPRXQFRQWLQXRHQIXQFLyQGHOJUDGRHQTXHHVDFDSDFLGDGHVOLPLWDGD
8QDGHODVFODYHVGHHVWHFDPELRGHHQIRTXHTXHVXSXVROD&,)UHVLGHHQHOKHFKRTXHDEDQGRQD
HO FRQFHSWR GH ³FRQVHFXHQFLDV GH HQIHUPHGDGHV´ SDUD SHQVDU HQ WpUPLQRV GH ³FRPSRQHQWHV GHO
IXQFLRQDPLHQWRKXPDQR´(VGHFLU\DQRSRQHHODFHQWRHQODFDXVDGHODGLVFDSDFLGDGVLQRHQHOPRGR
HQTXHHVDOLPLWDFLyQGHODFDSDFLGDGLQFLGHHQODLQWHUDFFLyQGHODSHUVRQDFRQVXHVWDGRGHVDOXGVXV
IDFWRUHVSHUVRQDOHV²ODHGDGHOJpQHURHOQLYHOHGXFDWLYRVXSHUVRQDOLGDG²\HOHPHQWRVFRQWH[WXDOHV
\D VHD HO SURSLR DPELHQWH ItVLFR R ORV IDFWRUHV VRFLDOHV HFRQyPLFRV \ FXOWXUDOHV TXH LQIOX\HQ HQ VX
H[SHULPHQWDFLyQ YLWDO GH OD GLVFDSDFLGDG 1DFLRQHV 8QLGDV   3DUD OD &,) OD GLVFDSDFLGDG
UHSUHVHQWD ³GHILFLHQFLDV D QLYHO GH OD HVWUXFWXUD R ODV IXQFLRQHV FRUSRUDOHV « OLPLWDFLRQHV GH ODV
DFWLYLGDGHVDOQLYHOGHODSHUVRQD\«UHVWULFFLRQHVHQODSDUWLFLSDFLyQDOQLYHOGHODVVLWXDFLRQHVYLWDOHV
HQXQFRQWH[WRVRFLDO´ 1DFLRQHV8QLGDVSiJ 
(VWD QXHYD PLUDGD SRQH GH UHOLHYH HQ WpUPLQRV WHyULFRV XQ HOHPHQWR FUXFLDO GH OD
H[SHULPHQWDFLyQGHODGLVFDSDFLGDGHOFDUiFWHUGHFLVLYRGHODIRUPDFLyQVRFLDOHQVXGHILQLFLyQPDWHULDO
\ VLPEyOLFD < OD YLVLELOL]DFLyQ GH HVWD GLQiPLFD FRQGXFH D SUREOHPDWL]DU OD GHVLJXDOGDG \ OD
YXOQHUDELOLGDG VRFLDO TXH DIHFWDQ D ODV SHUVRQDV FRQ GLVFDSDFLGDG 8Q LQIRUPH UHFLHQWH GHO 6HFUHWDULR
*HQHUDO GH ODV 1DFLRQHV 8QLGDV VREUH HO JUDGR GH FXPSOLPLHQWR GH ORV 2EMHWLYRV GH 'HVDUUROOR GHO
0LOHQLR 2'0 SDUDODVSHUVRQDVFRQGLVFDSDFLGDGUHYHODTXHPLOORQHVGHHOODVYLYHQSRUGHEDMR
GHOXPEUDOGHODSREUH]DHQORVSDtVHVHQGHVDUUROOR\VXHOHQUHSUHVHQWDUHQWUHHO\HOGHOD
SREODFLyQSREUHPiVPDUJLQDGDGHHVWRVSDtVHV+D\WDPELpQHYLGHQFLDVGHTXHVXSDUWLFLSDFLyQHQOD
IXHU]D GH WUDEDMR HV PX\ LQIHULRU D OD GH ODV SHUVRQDV VLQ GLVFDSDFLGDG \ OD 2UJDQL]DFLyQ GH ODV
1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD 81(6&2 HVWLPDTXHPiVGHOGHORV
QLxRVFRQGLVFDSDFLGDGGHORVSDtVHVHQGHVDUUROORQRDVLVWHDODHVFXHOD 1DFLRQHV8QLGDV 
(VWH SDQRUDPD JHQHUDO GH GHVLJXDOGDG PDQLILHVWD KD FRH[LVWLGR FRQ XQD PD\RU YLVLELOLGDG \
SUHVHQFLDGHOWHPDHQHOGLVFXUVRS~EOLFRHQODV~OWLPDVGpFDGDVSURFHVRHQHOTXHKDQLQFLGLGRYDULRV
KHFKRVHQWUHHOORVODFHOHEUDFLyQGHO$xRGHORV,PSHGLGRVHQHO3URJUDPDGH$FFLyQ0XQGLDO
SDUDORV,PSHGLGRVHO'HFHQLRGHODV1DFLRQHV8QLGDVSDUDORV,PSHGLGRV  \ODV1RUPDV
8QLIRUPHVVREUHODLJXDOGDGGHRSRUWXQLGDGHVSDUDODVSHUVRQDVFRQGLVFDSDFLGDG  3HURVLQGXGD
HOKHFKRPiVUHOHYDQWHORUHSUHVHQWyODUHFLHQWHDSUREDFLyQGHOD&RQYHQFLyQVREUHORVGHUHFKRVGHODV
SHUVRQDVFRQGLVFDSDFLGDGTXHKDFRQWDGRFRQXQDDPSOLDDGKHVLyQUHJLRQDO\TXHKDFRQGHQVDGRHQ
XQLQVWUXPHQWRGHGHUHFKRODQHFHVLGDGGHDVHJXUDUODLJXDOGDGSDUDHVWHJUXSRVRFLDO
(VWDEUHFKDHQWUHHOUHFRQRFLPLHQWRMXUtGLFRGHORVGHUHFKRV\VXPDWHULDOL]DFLyQUHPLWHDXQDVXQWR
TXHOD&(3$/KDSURFXUDGRUHVLJQLILFDUHQODDJHQGDS~EOLFDUHJLRQDOGXUDQWHVX~OWLPRSHUtRGRGHVHVLRQHV
FHOHEUDGRHQHO%UDVLOGXUDQWHPHGLDQWHXQGRFXPHQWRTXHQRSRUFDVXDOLGDGVHWLWXOD³/DKRUDGHOD
LJXDOGDG%UHFKDVSRUFHUUDUFDPLQRVSRUDEULU´ &(3$/ $OOtVHVRVWLHQHTXHODVOXFKDVVRFLDOHVSRU
ODLJXDOGDGKDQLQYROXFUDGRWUDGLFLRQDOPHQWHGRVGLPHQVLRQHVHQODSROtWLFDPRGHUQDODSULPHUDVHUHILHUH
D OD DEROLFLyQ GH SULYLOHJLRV \ OD FRQVDJUDFLyQ GH OD LJXDOGDG GH GHUHFKRV GH WRGDV ODV SHUVRQDV ³(VWD
GLPHQVLyQ WLHQH VX PHMRU H[SUHVLyQ HQ ODV GHFODUDFLRQHV GH GHUHFKRV KXPDQRV UHDOL]DGDV GHVGH OD
5HYROXFLyQ)UDQFHVDKDVWDODVGHODV1DFLRQHV8QLGDV\ORVVXFHVLYRVSDFWRVVXVFULWRVSRUODFRPXQLGDG
LQWHUQDFLRQDO´ &(3$/  SiJ   HVWR FODUR HVWi GHVGH OD SHUVSHFWLYD RFFLGHQWDO GH ORV GHUHFKRV
KXPDQRV²HQHOFDStWXOR,,,VHH[SOLFLWDQORVIXQGDPHQWRVGHHVWDDFODUDFLyQ/DVHJXQGDGLPHQVLyQVH
UHILHUH D OD GLVWULEXFLyQ GH UHFXUVRV HQ OD VRFLHGDG TXH SHUPLWH TXH WRGRV ORV PLHPEURV HMHU]DQ
HIHFWLYDPHQWHVXVGHUHFKRV$KRUDELHQ³VLODSULPHUDGLPHQVLyQGHODLJXDOGDGUHPLWHDODFXHVWLyQGHORV
GHUHFKRV \ DO SDSHO GHO SRGHU MXGLFLDO SDUD JDUDQWL]DUORV OD VHJXQGD UHPLWH D OD MXVWLFLD VRFLDO \ D XQD
HVWUXFWXUD VRFLRHFRQyPLFD \ SROtWLFD TXH OD SURPXHYD (VWH HVXQJUDQGHVDItRSHQGLHQWHHQHVWDUHJLyQ


 +DVWD HO PRPHQWR OD KDQ ILUPDGR  GH ORV  SDtVHV GH $PpULFD /DWLQD GH HOORV  OD KDQ UDWLILFDGR \  KDQ
ILUPDGRVXSURWRFRORIDFXOWDWLYR\ORKDQUDWLILFDGR YpDVHHOFXDGURGHODQH[R 


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

GRQGHODVEUHFKDVGHHTXLGDGVRQ\KDQVLGRODVPD\RUHVGHOPXQGR´ &(3$/SiJ /RVGDWRV


TXHVHH[SRQHQHQHVWHGRFXPHQWRGHPXHVWUDQTXHHOGHVDItRHQHOFDVRGHODVSHUVRQDVFRQGLVFDSDFLGDG
HVDXQPD\RU
3RU RWUD SDUWH DVt FRPR OD YLVLELOLGDG \ SUHVHQFLD GHO WHPD GH OD GLVFDSDFLGDG HQ HO GLVFXUVR
S~EOLFR OD GHPDQGD GH HVWDGtVWLFDV VREUH ODV SHUVRQDV FRQ GLVFDSDFLGDG ²XQD QHFHVLGDG GH ODUJD
GDWD²WDPELpQVHKDLQFUHPHQWDGRGHPDQHUDVLJQLILFDWLYDHVSHFLDOPHQWHGHVGHFRPLHQ]RVGHODGpFDGD
GH  +HUUDPLHQWDV FRPR ODV QRUPDV XQLIRUPHV GH ODV 1DFLRQHV 8QLGDV \ OD SURSLD FRQYHQFLyQ
HVSHFtILFDOHGLHURQPD\RUUHOHYDQFLDDODSURGXFFLyQGHHVWDGtVWLFDV\DGHPiVHYLGHQFLDURQODQHFHVLGDGGH
DPSOLDU VX FREHUWXUD KDFLD DVSHFWRV VRFLRGHPRJUiILFRV \ HFRQyPLFRV HO HQWRUQR \ HO DFFHVR \ OD
DGDSWDELOLGDG GH ODV SHUVRQDV FRQ GLVFDSDFLGDG ORV HOHPHQWRV GH D\XGD WpFQLFD \ OD DVLVWHQFLD SHUVRQDO
1DFLRQHV8QLGDV 
/D H[LJHQFLD GH LQIRUPDFLyQ VREUH ODV SHUVRQDV FRQ GLVFDSDFLGDG DKRUD PiV YLVLEOH QR VROR
HPDQDGHVXQHFHVLGDGFRPRLQVXPRSDUDHOGLVHxRODLPSOHPHQWDFLyQ\ODHYDOXDFLyQGHSROtWLFDVHQ
HVWHiPELWRVLQRTXHWDPELpQVHGHULYDGHOLPSHUDWLYRpWLFRGHDVHJXUDUHOHMHUFLFLRGHVXVGHUHFKRV
6LQHPEDUJRXQUHOHYDPLHQWRGHODSURGXFFLyQGHLQIRUPDFLyQVRFLRGHPRJUiILFDVREUHODVSHUVRQDV
FRQGLVFDSDFLGDGHQ$PpULFD/DWLQD\VREUHWRGRGHVXXVRHQHVSHFLDOSDUDHOGLVHxRGHSROtWLFDV
UHYHOD XQ GpILFLW $Vt OR PDQLILHVWD HO LQIRUPH VREUH ORV SURJUHVRV GHVDItRV \ SHUVSHFWLYDV GH OD
LPSOHPHQWDFLyQ GHO 3URJUDPD GH $FFLyQ GH OD &RQIHUHQFLD ,QWHUQDFLRQDO VREUH OD 3REODFLyQ \ HO
'HVDUUROOR (O &DLUR   HQ $PpULFD /DWLQD HQ ORV ~OWLPRV  DxRV HQ HO TXH VH PHQFLRQD OD
GLVFDSDFLGDGFRPRXQRGHORVFDPSRVWHPiWLFRVUHOHYDQWHVHQORVTXHODFREHUWXUD\RSRUWXQLGDGGH
OD LQIRUPDFLyQ GLVWD GH VHU DFHSWDEOH &(/$'(&(3$/ \ 81)3$   (VWD FDUHQFLD HV XQ
HOHPHQWR QR PHQRU HQ ODYtDTXHHVQHFHVDULRWRPDUSDUDGDUUHVSXHVWDVDHVWDSUREOHPiWLFDGHVGHOD
SHUVSHFWLYDGHORVGHUHFKRVKXPDQRV\ODLQFOXVLyQVRFLDOGHODVSHUVRQDVFRQGLVFDSDFLGDG'HDOOtHO
HVSDFLRLPSRUWDQWHTXHVHGHGLFDHQHVWHGRFXPHQWRDODIRUPDHQTXHVHFRQVLGHUDQODQHFHVLGDG\HO
XVRGHODLQIRUPDFLyQVREUHODVSHUVRQDVFRQGLVFDSDFLGDGHQHOPDUFROHJDOLQVWLWXFLRQDO\GHSROtWLFD
S~EOLFDODWLQRDPHULFDQRYLQFXODGRFRQHOWHPD
7UDVHVWDLQWURGXFFLyQHOVHJXQGRFDStWXORGHOGRFXPHQWRGHVFULEHGHPDQHUDVLQWpWLFDHOSDQRUDPD
VRFLRGHPRJUiILFRGHODVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDKDFLHQGRXVRGHORVHVFDVRVGDWRV
FRQVLVWHQWHV VREUH HO WHPD GLVSRQLEOHV HQ OD UHJLyQ (O WHUFHU FDStWXOR DERUGD HO HVFHQDULR GHO GHUHFKR
LQWHUQDFLRQDOKDFLHQGRXQUHFRUULGRSRUORVSULQFLSDOHVKLWRVYLQFXODGRVFRQODGLVFDSDFLGDG\GHVWDFDQGRHO
LQWHUpVSRUODLQIRUPDFLyQTXHH[SUHVDQDOJXQRVLQVWUXPHQWRV8QFXDUWRDSDUWDGRVHRFXSDGHOPDUFROHJDO
GHORVSDtVHVUHYLVDQGRHQSULPHUWpUPLQRODFRQVLGHUDFLyQFRQVWLWXFLRQDOGHODVSHUVRQDVFRQGLVFDSDFLGDG
OXHJR OD QRUPD SULQFLSDO TXH VH RFXSD GHO WHPD SRQLHQGR HO IRFR HQ ORV GHUHFKRV FRQVDJUDGRV OR TXH
HVWLSXODUHVSHFWRGHODSURGXFFLyQ\HOXVRGHLQIRUPDFLyQGHODFRQVLGHUDFLyQGHXQUHJLVWURGHSHUVRQDV
FRQGLVFDSDFLGDGHQHOWH[WRMXUtGLFR\ILQDOPHQWHFHQWUiQGRVHHQODFRPSDUDFLyQHQWUHODGHILQLFLyQOHJDOGH
OD GLVFDSDFLGDG \ VX RSHUDFLRQDOL]DFLyQ HQ HO ~OWLPR RSHUDWLYR FHQVDO (Q HO TXLQWR DFiSLWH VH DQDOL]D HO
PDUFR LQVWLWXFLRQDO TXH VH RFXSD GH ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ $PpULFD /DWLQD REVHUYDQGR VX
GHSHQGHQFLD\ODDVLJQDFLyQGHUHVSRQVDELOLGDGHVUHVSHFWRGHODSURGXFFLyQGHLQIRUPDFLyQ\VHH[DPLQD
OD SROtWLFD S~EOLFD HQ PDWHULD GH GLVFDSDFLGDG HQ XQ JUXSR VHOHFFLRQDGR GH SDtVHV GH OD UHJLyQ WDPELpQ
FHQWUDQGRODDWHQFLyQHQODIRUPDHQTXHVXWH[WRRILFLDOHPSOHDLQIRUPDFLyQVRFLRGHPRJUiILFDVREUHODV
SHUVRQDVFRQGLVFDSDFLGDGSDUDGLDJQRVWLFDUODUHDOLGDGDLQWHUYHQLU\ODVDFFLRQHVTXHSURSRQHUHVSHFWRGH
ODJHQHUDFLyQGHGDWRV)LQDOPHQWHVHH[SRQHQXQDVVLQWpWLFDVFRQFOXVLRQHV
/D PHWRGRORJtD GH WUDEDMR HPSOHDGD SDUD HO DQiOLVLV VRFLRGHPRJUiILFR FRQVLVWLy HQ HO
UHOHYDPLHQWRGHGDWRVSXEOLFDGRVGHFHQVRV\HQFXHVWDVGHSDtVHVVHOHFFLRQDGRVGHODUHJLyQDGHPiVGH
DOJ~QSURFHVDPLHQWRHVSHFtILFRGHODVEDVHVGHPLFURGDWRVFHQVDOHVGLVSRQLEOHVHQHO&(/$'((QHO
FDVRGHOH[DPHQGHODVFRQVWLWXFLRQHVOH\HV\SROtWLFDVVHHPSOHyHODQiOLVLVGHORVWH[WRVMXUtGLFRV\GH


 (VQHFHVDULDXQDSUHFLVLyQUHVSHFWRGHODQRFLyQGHLQFOXVLyQH[FOXVLyQGHODVRFLHGDGTXHHVWHyULFDPHQWHLPSRVLEOHVLVHDVXPH
TXH OD SHUVRQD R HO DJHQWH VRFLDO  VH FRQVWLWX\H FRPR WDO HQ VRFLHGDG SRU OR TXH SRU XQ UD]RQDPLHQWR OyJLFR GHMDUtD GH VHU VL
HVWXYLHUDH[FOXLGR(QWRQFHVFXDQGRVHXWLOL]DQHVWDVLGHDVDORODUJRGHOGRFXPHQWRQRVHDOXGHDODH[FOXVLyQGHODVSHUVRQDVGHOD
VRFLHGDGVLQRDODFRQVWUXFFLyQVRFLDOGHVXMHWRVH[FOXLGRVRLQFOXLGRV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

SROtWLFDV PHQFLRQDGRV FRPSOHPHQWDGR FRQ OD OHFWXUD GH HVWXGLRV HQVD\RV \ DUWtFXORV YLQFXODGRV DO
WHPD (VWH PDWHULDO IXH UHOHYDGR PHGLDQWH XQD E~VTXHGD HQ ,QWHUQHW 6H WUDWD SRU OR WDQWR GH XQD
DSUR[LPDFLyQSURYLVLRQDOHLQDFDEDGDDHVWHFDPSRVXMHWDDIXWXUDVUHYLVLRQHV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

,, /DVLWXDFLyQGHODVSHUVRQDVFRQ
GLVFDSDFLGDGHQ$PpULFD/DWLQD

6LVHGHILQHDODGLVFDSDFLGDGVHJ~QHOJLURFRQFHSWXDOTXHKDLPSOLFDGR
OD&,)FRPRHOUHVXOWDGRGHODLQWHUDFFLyQHQWUHSHUVRQDVFRQGLIHUHQWHV
QLYHOHVGHIXQFLRQDPLHQWR\XQHQWRUQRVRFLDOTXHQRWRPDHQFXHQWDHVDV
GLIHUHQFLDVVHFRPSUHQGHODLPSRUWDQFLDTXHDGTXLHUHODIRUPDFLyQVRFLDO
HQ VX H[SHULPHQWDFLyQ R PiV UDGLFDOPHQWH HQ VX FRQVWUXFFLyQ ²VL VH
DVXPHTXHODGLVFDSDFLGDGVHSURGXFHHQHVDLQWHUDFFLyQ
(Q HVWH DQiOLVLV VH HQWLHQGH SRU IRUPDFLyQ VRFLDO ³XQ VLVWHPD GH
UHODFLRQHVGHIXHU]D\GHVHQWLGRHQWUHORVJUXSRV\ODVFODVHV´ %RXUGLHX\
3DVVHURQSiJ DGRSFLyQWHyULFDTXHLPSOLFDXQDFHQWRLPSRUWDQWH
HQODGHVLJXDOGDGHVWUXFWXUDOTXHFDUDFWHUL]DDODVRFLHGDGFDSLWDOLVWDTXHHV
PX\HYLGHQWHHQXQJUXSRVRFLDOFRPRHOGHODVSHUVRQDVFRQGLVFDSDFLGDG
HVFDVDPHQWHGRWDGRGHUHFXUVRVPDWHULDOHV\VLPEyOLFRVHQHVWDVUHODFLRQHV
GHIXHU]D\GHVHQWLGRRHQRWURVWpUPLQRVXQJUXSRYXOQHUDEOH
/D LGHD GH YXOQHUDELOLGDG KD VLGR FULWLFDGD HVSHFLDOPHQWHGHVGH
FLHUWDV SRVWXUDV HQPDUFDGDV HQ HO HQIRTXH GH JpQHUR SXHVWR TXH
DOJXQDVGHODVDSURSLDFLRQHVGHHVWDQRFLyQKDQLPSOLFDGRHVHQFLDOL]DU
ODGHVLJXDOGDGTXHDIHFWDDFLHUWRVVHFWRUHVGHODVRFLHGDG(QHOFDVRGH
ODV PXMHUHV SRU HMHPSOR KD LPSOLFDGR HQ DOJXQRV FDVRV DGVFULELUOHV
HVWD YXOQHUDELOLGDG HQ IXQFLyQ GH H[SOLFDFLRQHV ELRORJLFLVWDV 6LQ
HPEDUJR HO FRQFHSWR GH YXOQHUDELOLGDG VRFLDO WDO FRPR KD VLGR
H[SXHVWR HQ DOJXQDV GH VXV IRUPXODFLRQHV RULJLQDOHV SHUPLWH
FRQWH[WXDOL]DUODGHVLJXDOGDGHQXQPRPHQWRFRQFUHWRGHODIRUPDFLyQ
FDSLWDOLVWDFRQWHPSRUiQHDRWRUJiQGROHXQDGHQVLGDGKLVWyULFDGHPXFKD
XWLOLGDGSDUDFRPSUHQGHUVXVFDXVDV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

3L]DUUR   KD H[SOLFDGR TXH DVt FRPR HO IHQyPHQR VRFLDO PiV GLVWLQWLYR GHO PRGHOR GH
SURGXFFLyQ GHQRPLQDGR LQGXVWULDOL]DFLyQ SRU VXVWLWXFLyQGH LPSRUWDFLRQHV IXH OD PDUJLQDOLGDG HOTXH
FDUDFWHUL]DUtD D OD IRUPD TXH KD DGRSWDGR HO FDSLWDOLVPR HQ ORV ~OWLPRV DxRV TXH VH VXVWDQFLD HQ XQD
HFRQRPtDGHOLEUHPHUFDGRDELHUWDDOPXQGR\FRQXQ(VWDGR³PtQLPR´HVODYXOQHUDELOLGDGVRFLDO3RU
HOOD HO DXWRU HQWLHQGH ³XQ DXPHQWR GH OD LQGHIHQVLyQ \ GH OD LQVHJXULGDG SDUD XQD JUDQ PD\RUtD GH
SHUVRQDV\IDPLOLDVGHLQJUHVRVPHGLRV\EDMRVODVTXHH[SHULPHQWDQXQDQRWDEOHH[SRVLFLyQDULHVJRV
HVSHFLDOPHQWHHQODViUHDVXUEDQDV´ 3L]DUURSiJ 
/RV IDFWRUHV REMHWLYRV TXH SURGXFLUtDQ HVWD VHQVDFLyQ GH LQGHIHQVLyQ H LQVHJXULGDG VRQ OD
DFHQWXDFLyQ GH OD KHWHURJHQHLGDG SURGXFWLYD TXH LPSOLFD OD VHJPHQWDFLyQ GHO WUDEDMR VX PD\RU
SUHFDULHGDG OD IOH[LELOL]DFLyQ ODERUDO \ OD FRQVHFXHQWH GHVSURWHFFLyQ GH ORV DVDODULDGRV ORV VLVWHPDV
PL[WRV GH HGXFDFLyQ VDOXG \ SUHYLVLyQ \ HO GHVLJXDO DFFHVR D HOORV VHJ~Q OD SHUWHQHQFLD GH FODVH HO
GHELOLWDPLHQWRGHODVRUJDQL]DFLRQHVVLQGLFDOHVIUHQWHDORVJUXSRVHPSUHVDULDOHV\HOFUHFLPLHQWRQRWDEOH
GHO VHFWRU LQIRUPDO GH OD HFRQRPtD (Q HO SODQR VXEMHWLYR HO FRUUHODWR GH HVWRV FDPELRV HV TXH KDEUtD
DXPHQWDGR ³XQ VHQWLPLHQWR GH LQGHIHQVLyQ HQ ODV FDSDV PHGLDV \ GH EDMRV LQJUHVRV JHQHUDGR SRU HO
UHSOLHJXHGHOHVWDGRGHODIXQFLyQSURWHFWRUDTXHWXYRHQHOSDVDGRHLQFOXVRSRUODSUHSRQGHUDQFLDTXHKDQ
DGTXLULGR ORV YDORUHV TXH IRPHQWDQ HO HVIXHU]R LQGLYLGXDO HQ OD OXFKD SRU OD YLGD SRU VREUH ODV OyJLFDV
FROHFWLYDV´ 3L]DUUR  SiJ   (V GHVGH HVWD FRQFHSFLyQ TXH VH VRVWLHQH TXH ODV SHUVRQDV FRQ
GLVFDSDFLGDGFRQVWLWX\HQXQJUXSRHVSHFLDOPHQWHYXOQHUDEOHSXHVWRTXHODGHVLJXDOGDGTXHORVDIHFWDSDUWH
\DHQVXGLItFLODFFHVRDOPXQGRGHOWUDEDMRHVIHUDGHILQLWRULDGHODSHUVRQDHQHOVLVWHPDFDSLWDOLVWDTXH
PHGLDQWHXQSURFHVRGHFRQVWUXFFLyQSROtWLFDKDOLJDGROD³HVHQFLDKXPDQD´DOWUDEDMR )RXFDXOW 
(O SURSyVLWR GH HVWH FDStWXOR HV HQWUHJDU DOJXQDV HYLGHQFLDV GH HVWD GHVLJXDOGDG \
YXOQHUDELOLGDG TXH DIHFWD D ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ $PpULFD /DWLQD GHVGH XQD PLUDGD
VRFLRGHPRJUiILFD 3DUD XQ DQiOLVLV GH HVWH WLSR HO YLUDMH HQ OD GHILQLFLyQ GH OD GLVFDSDFLGDG TXH
VXSXVR OD &,) SRQLHQGR HO DFHQWR HQ OD UHODFLyQ GH OD SHUVRQD FRQ VX IRUPDFLyQ VRFLDO RWRUJy
UHOHYDQFLD D OD QHFHVLGDG GH FRQWDU FRQ XQ GLDJQyVWLFR FRPSOHWR \ YHUD] GH OD VLWXDFLyQ GH ODV
SHUVRQDVFRQGLVFDSDFLGDGHQFDPSRVFRPRODVDOXGODHGXFDFLyQ\HOWUDEDMRHQWUHRWURVORTXHD
VX YH] KL]R PiV HYLGHQWHV ODV FDUHQFLDV \ OLPLWDFLRQHV GH OD LQIRUPDFLyQ VREUH HVWH DVSHFWR GH OD
UHDOLGDGVRFLDOWDQWRDQLYHOUHJLRQDOFRPRPXQGLDO
(O SDQRUDPD GH OD LQIRUPDFLyQ VREUH ODV SHUVRQDV FRQ GLVFDSDFLGDG QR HV DOHQWDGRU (O FLWDGR
LQIRUPHGHO6HFUHWDULR*HQHUDOGHODV1DFLRQHV8QLGDVVREUHHOQLYHOGHFXPSOLPLHQWRGHORV2'0SDUD
HVWH JUXSR GH OD SREODFLyQ GHVFULEH XQ HVFHQDULR GH HVFDVH] GH GDWRV \ DPSOLDV GLIHUHQFLDV HQWUH ODV
GHILQLFLRQHVODVQRUPDV\ODVPHWRGRORJtDVXWLOL]DGDVSDUDGHWHUPLQDUODVFRQGLFLRQHVGHODVSHUVRQDVFRQ
GLVFDSDFLGDG VLWXDFLyQ TXH REVWDFXOL]D OD HILFD] IRUPXODFLyQ GH SROtWLFDV \ SURJUDPDV LQFOXVLYRV \ OD
HYDOXDFLyQ GH VXV SURJUHVRV ,QFOXVR HQ PXFKRV SDtVHV GHVDUUROODGRV HVWDV HVWDGtVWLFDV SHUPDQHFHQ HQ XQ
QLYHO VXEGHVDUUROODGR \ OD IDOWD GH GDWRV VRFLRHFRQyPLFRV VREUH HVWH JUXSR VRFLDO ³UHIOHMD HQ JUDGR
FRQVLGHUDEOHHOHQIRTXHGHODGLVFDSDFLGDGGHVGHHOSXQWRGHYLVWDGHOELHQHVWDUVRFLDO\ODDWHQFLyQPpGLFD
TXHD~QSUHYDOHFHHQPXFKRVSDtVHV´ 1DFLRQHV8QLGDV (OKHFKRTXHORVSDtVHVODWLQRDPHULFDQRV
TXHUHDOL]DURQFHQVRVGXUDQWHODGpFDGDGHKD\DQUHFRJLGRLQIRUPDFLyQVREUHGLVFDSDFLGDGEDMRXQDX
RWUD GHILQLFLyQ 6FKNROQLN   HV DOHQWDGRU SHUR QR VXILFLHQWH (V SUHFLVR PHMRUDU HVD LQIRUPDFLyQ
DSURYHFKDUOD HIHFWLYDPHQWH HQ OD JHVWLyQ JXEHUQDPHQWDO \ VX H[DPHQ \ DGHFXDUOD D ODV H[LJHQFLDV \
SULQFLSLRVHVJULPLGRVSRUORVDFXHUGRV\FRQYHQFLRQHVLQWHUQDFLRQDOHVTXHVHRFXSDQGHOWHPDGHDFXHUGR
FRQ OD QXHYD GHILQLFLyQ GH OD GLVFDSDFLGDG HO HQIRTXH GH ORV GHUHFKRV KXPDQRV \ HO SURSyVLWR GH ORJUDU
VRFLHGDGHVLQFOXVLYDV
$QWHHVWHFXDGURLQWHQWDUGHOLQHDUXQSDQRUDPDGHODVLWXDFLyQGHODVSHUVRQDVFRQGLVFDSDFLGDGHQ
$PpULFD/DWLQDQRUHVXOWDVHQFLOORHVSHFLDOPHQWHSRUTXHODLQIRUPDFLyQFHQVDOHVDXQSRFRUREXVWD²OR
TXH REOLJD D FRQVLGHUDU ORV GDWRV FRQ FDXWHOD² \ DGHPiV DGROHFH GH OD QHFHVDULD FRPSDUDELOLGDG TXH



 &RPRVHDGYLHUWHHQHVWDGHVFULSFLyQXQDVSHFWRFULWLFDEOHGHHVWDGHILQLFLyQGHODYXOQHUDELOLGDGVRFLDOHVTXHFRQFHQWUDVXPLUDGD
HQDVSHFWRVVRFLRHFRQyPLFRVGHMDQGRGHODGRHQWUHRWUDVODVGLPHQVLRQHVSROtWLFD\FXOWXUDOTXHVRQPX\LPSRUWDQWHVSDUDSRGHU
H[SOLFDUHVWRVSURFHVRV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

GHPDQGD XQ DQiOLVLV GH HVWDV FDUDFWHUtVWLFDV SDUWLHQGR SRU HO KHFKR GH TXH QR VH KD XWLOL]DGR OD PLVPD
GHILQLFLyQGHGLVFDSDFLGDGHQWRGRVORVFDVRV
(V GDEOH SHQVDU TXH ORV UHOHYDPLHQWRV FHQVDOHV GH OD UHJLyQ HQ JHQHUDO KDQ VXEHVWLPDGR OD
FDQWLGDGGHSHUVRQDVFRQGLVFDSDFLGDG6HJ~QOD2UJDQL]DFLyQ0XQGLDOGHOD6DOXG 206 XQGH
OD SREODFLyQ PXQGLDO WLHQH DOJ~Q WLSR GH GLVFDSDFLGDG VLQ HPEDUJR XQ DQiOLVLV GH ORV GDWRV FHQVDOHV
ODWLQRDPHULFDQRVGHODGpFDGDGHVREUHHOWHPDUHDOL]DGRSRU6XVDQD6FKNROQLN  PXHVWUDTXH
GH XQ JUXSR VHOHFFLRQDGR GH  SDtVHV SDUD ORV TXH VH KDOODURQ GDWRV SXEOLFDGRV HO %UDVLO &KLOH
&RORPELD &RVWD 5LFD &XED HO (FXDGRU 0p[LFR 3DQDPi HO 3DUDJXD\ \ OD 5HS~EOLFD %ROLYDULDQD GH
9HQH]XHOD VRORHO%UDVLOVXSHUDEDHVHYDORUFRQXQDSUHYDOHQFLDGHODGLVFDSDFLGDGGHO(OUHVWRGH
ORVFRQVLGHUDGRVUHJLVWUDEDYDORUHVPX\LQIHULRUHVTXHH[FHSWXDQGRD&RORPELD\&RVWD5LFD FRQHO
\HOUHVSHFWLYDPHQWH QRVXSHUDEDQHOOOHJDQGRLQFOXVRDXQPtQLPRGHOHQHOFDVRGHO
3DUDJXD\&LHUWRHVTXHODFLIUDSURYLVWDSRUOD206HVVRODPHQWHXQYDORUGHUHIHUHQFLDTXHSXHGHYDULDU
SRUGLYHUVRVIDFWRUHVFRPRHOQLYHOGHGHVDUUROORGHORVSDtVHVODHWDSDGHODWUDQVLFLyQGHPRJUiILFDTXH
HVWiQ DWUDYHVDQGR FLHUWDV FR\XQWXUDV GH YLROHQFLD HVSHFtILFDV OD RFXUUHQFLD GH GHVDVWUHV QDWXUDOHV HQWUH
RWURV SHUR HO KHFKR TXH OD GLIHUHQFLD VHD WDQ JUDQGH JHQHUD XQ UDQJR GH GXGD UD]RQDEOH VREUH OD
FRQVLVWHQFLDGHORVGDWRVGHSUHYDOHQFLDHQORVSDtVHVGHODUHJLyQ
(V SUREDEOH TXH SDUWH LPSRUWDQWH GH HVWH VXEUHJLVWUR VH H[SOLTXH SRU HO PRGR HQ TXH VH KD
IRUPXODGR OD SUHJXQWD SDUD FDSWDU HVWD LQIRUPDFLyQ TXH DO SODQWHDUVH GHVGH HO SXQWR GH YLVWD GH OD
GHILFLHQFLDGHVDOLHQWDODVUHVSXHVWDVSRVLWLYDV(VWDHVXQDEXHQDUD]yQSDUDVXVWHQWDUODQHFHVLGDGGH
PHMRUDU HVWH DVSHFWR GH ORV FXHVWLRQDULRV FHQVDOHV SDUD ORV UHOHYDPLHQWRV GH OD GpFDGD GHVREUH
WRGRFRQVLGHUDQGRTXHKDFHUORQRQHFHVDULDPHQWHLPSOLFDLQFRUSRUDUQXHYDVSUHJXQWDV²FRPRVHGLMR
HQODGpFDGDGHVHFRQVXOWyVREUHHOWHPDHQWRGRVORVFHQVRVGH$PpULFD/DWLQDTXHHIHFWXDURQHO
RSHUDWLYR²VLQRPHMRUDUODUHGDFFLyQGHODTXH\DVHKDLQFOXLGRHQODEROHWD YpDVHHOUHFXDGUR 
'H WRGRV PRGRV HQ ODV ~OWLPDV GpFDGDV YDULRV SDtVHVODWLQRDPHULFDQRVKDQUHDOL]DGRHQFXHVWDV
HVSHFLDOL]DGDVVREUHODVSHUVRQDVFRQGLVFDSDFLGDGRELHQKDQLQFRUSRUDGRPyGXORVHVSHFtILFRVHQVXV
SURJUDPDV KDELWXDOHV GH HQFXHVWDV TXH SURYHHQ LQIRUPDFLyQ D SDUWLU GH GRQGH HV SRVLEOH XQD
DSUR[LPDFLyQ XQ SRFR PiV FHUWHUD D XQD FDUDFWHUL]DFLyQ VRFLRGHPRJUiILFD GH ODV SHUVRQDV FRQ
GLVFDSDFLGDG 6LQ HPEDUJR HV LPSRUWDQWH WHQHU HQ FXHQWD TXH HVWD FDUDFWHUL]DFLyQ LPSOLFD XQ
DFHUFDPLHQWRGHVFULSWLYRDVXVLWXDFLyQTXHQRGHEHLPSOLFDUSHUGHUGHYLVWDODVUD]RQHVHVWUXFWXUDOHVGH
ODVGHVLJXDOGDGHVTXHUHFRUUHQHOSDQRUDPDGHODGLVFDSDFLGDGHQ$PpULFD/DWLQD
6HJ~Q HO %DQFR 0XQGLDO HQ  KDEtD DO PHQRV  PLOORQHV GH SHUVRQDV FRQ DOJ~Q WLSR GH
GLVFDSDFLGDG HQ $PpULFD /DWLQD \ HO &DULEH %DQFR 0XQGLDO   /DV HQFXHVWDV HVSHFtILFDV GH
DOJXQRV SDtVHV GH OD UHJLyQ UHDOL]DGDV DOUHGHGRU GH  DGHPiV GH DTXHOORV FHQVRV FX\RV GDWRV DO
UHVSHFWRSXHGHQFRQVLGHUDUVHFRQVLVWHQWHV\TXHVHHMHFXWDURQSRUODPLVPDIHFKDUHJLVWUDURQYDORUHVGH
SUHYDOHQFLDGHODGLVFDSDFLGDGFHUFDQRVDOFRQVLJQDGRSRUOD206DQLYHOPXQGLDOFRQFLIUDVTXH
YDQGHVGHHOHQ*XDWHPDODDOHQHO%UDVLO YpDVHHOJUiILFR 
/D LQWURGXFFLyQ GH ODV YDULDEOHV GH VH[R \ HGDG SHUPLWH DGYHUWLU DOJXQRV SDWURQHV HVSHUDEOHV OD
SUHYDOHQFLDGHODGLVFDSDFLGDGHVPD\RUHQODVPXMHUHVTXHHQORVKRPEUHV YpDVHHOFXDGUR ORTXHHQ
SULQFLSLRSXHGHUHODFLRQDUVHFRQODPD\RUVREUHYLYHQFLDIHPHQLQD\FRQODPD\RUSUREDELOLGDGGHTXHVH
UHJLVWUH DOJ~Q WLSR GH GLVFDSDFLGDG HQ ODV HGDGHV PD\RUHV TXH WDPELpQ VH FRPSUXHED FRQ ORV GDWRV
FRPSDUDEOHV GH DOJXQRV GH ORV SDtVHV GHODUHJLyQ YpDVHHOFXDGUR TXHUHYHODQTXHHOSRUFHQWDMHGH
SHUVRQDVFRQGLVFDSDFLGDGDXPHQWDVLJQLILFDWLYDPHQWHHQHOJUXSRGHDxRV\PiV(OFDVRGHO%UDVLOHV
HOPiVFRQWXQGHQWHGHORVWUHVH[SXHVWRVSXHVDOOtHVHYDORUDOFDQ]DXQHQHVWHJUXSRHWDULR
(VWRV GDWRV VRQ XQD FODUD PDWHULDOL]DFLyQ GH ODV VLQHUJLDV TXH H[LVWHQ HQWUH HO WHPD GH OD
GLVFDSDFLGDGHOHQYHMHFLPLHQWRGHODSREODFLyQ\HOHQIRTXHGHJpQHUR 6FKNROQLN (VXQKHFKR
SUREDGR TXH FRQ HO DYDQFH GH OD HGDG DXPHQWDQ ODV SUREDELOLGDGHV GH H[SHULPHQWDU SUREOHPDV GH GH
VDOXGTXHGHULYHQHQOLPLWDFLRQHVDODIXQFLRQDOLGDG\DODLQWHUDFFLyQGHODVSHUVRQDVFRQODVRFLHGDG
3RU HMHPSOR HQ 1LFDUDJXD OD SUHYDOHQFLD GH OD GLVFDSDFLGDG D QLYHO QDFLRQDO DOFDQ]D DO  GH OD
SREODFLyQSHURHVWDFLIUDVHUHGXFHDOHQWUHORVJUXSRVTXLQTXHQDOHVGHHGDGPHQRUHVGHDxRV
PLHQWUDV TXH DXPHQWD DO  HQWUH ODV SHUVRQDV GH  D  DxRV DOFDQ]DQGR LQFOXVR HO  HQ ODV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

PD\RUHV GH  DxRV 1LFDUDJXD 0LQLVWHULR GH 6DOXG   /RV YtQFXORV FRQ OD SUREOHPiWLFD GHO
JpQHUR HQ WDQWR VH UHODFLRQDQ FRQ OD PDUFDGD WHQGHQFLD D OD IHPLQL]DFLyQGHOHQYHMHFLPLHQWRFRQOD
GLVFULPLQDFLyQFUX]DGDTXHH[SHULPHQWDQODVPXMHUHV\ODVSHUVRQDVFRQGLVFDSDFLGDG\FRQHOKHFKR
TXHODFDUJDGHOFXLGDGRHQVRFLHGDGHVHVWUXFWXUDGDVHQWRUQRDXQGLVSRVLWLYRGHGHVLJXDOGDGJHQpULFR
VH[XDO FRPR ODV ODWLQRDPHULFDQDV UHFDH VREUH WRGR HQ ODV PXMHUHV 6HJ~Q SURFHVDPLHQWRV HVSHFLDOHV
UHDOL]DGRVSRUHO&(/$'(GHORVGDWRVGHODVHQFXHVWDVGHXVRGHOWLHPSRGHFLQFRSDtVHVGHODUHJLyQ
²HO(VWDGR3OXULQDFLRQDOGH%ROLYLD&RVWD5LFD*XDWHPDOD1LFDUDJXD\HO8UXJXD\²ODGLVWULEXFLyQ
VHJ~QVH[RGHODVWDUHDVGHFXLGDGRDOUHGHGRUGHPRVWUDEDTXHODFDUJDGHHVWDVWDUHDVUHFDtDHQWUH
XQ\XQHQODVPXMHUHV &(3$/ 

*5È),&2
D
$0e5,&$/$7,1$ 3$Ë6(66(/(&&,21$'26 35(9$/(1&,$ 
'(/$',6&$3$&,'$'$/5('('25'(
(QSRUFHQWDMHV 

8UXJXD\ 

3DQDPi 

1LFDUDJXD 

0p[LFR 

*XDWHPDOD 

(O6DOYDGRU 

(FXDGRU 

&RORPELD 

&KLOH 

%UDVLO 

$UJHQWLQD 

        


)XHQWH $UJHQWLQD ,1'(& 3ULPHUD (QFXHVWD GH 3HUVRQDV FRQ 'LVFDSDFLGDG (1',   ±
&RPSOHPHQWDULD &HQVR  ,%*( &HQVR 'HPRJUiILFR  &KLOH )21$',6,1( 3ULPHUD (QFXHVWD
1DFLRQDO GH 'LVFDSDFLGDG (1',6   &RORPELD '$1( FHQVR GH SREODFLyQ GH  (FXDGRU
(QFXHVWD 1DFLRQDO GH 'LVFDSDFLGDGHV  (O 6DOYDGRU (QFXHVWD *7=236,65,8'% 
*XDWHPDOD ,1( FHQVR GH SREODFLyQ GH  0p[LFR 6HFUHWDULD GH 6DOXG (QFXHVWD 1DFLRQDO GH
(YDOXDFLyQ GH 'HVHPSHxR (1('   1LFDUDJXD ,1(& (QFXHVWD 1LFDUDJHQVH SDUD 3HUVRQDV FRQ
'LVFDSDFLGDG (1',6   3DQDPi '(& 3(1',6  8UXJXD\ ,1( \ &1+' &RPLVLyQ 1DFLRQDO
+RQRUDULDGHO'LVFDSDFLWDGR (QFXHVWD1DFLRQDOGH3HUVRQDVFRQ'LVFDSDFLGDG
D
3UHYDOHQFLDWRWDOGHSHUVRQDVFRQDOPHQRVXQDGLVFDSDFLGDGGLYLGLGRSRUODSREODFLyQWRWDOSRUFLHQ




&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

&8$'52
$0e5,&$/$7,1$ 3$Ë6(66(/(&&,21$'26 35(9$/(1&,$
'(/$',6&$3$&,'$'6(*Ò16(;2$/5('('25'(

3DtV 0XMHUHV +RPEUHV


$UJHQWLQD    
%UDVLO    
&KLOH    
0p[LFR    
1LFDUDJXD    
8UXJXD\    
)XHQWH $UJHQWLQD (1',  %UDVLO FHQVR GH SREODFLyQ  &KLOH
(1',60p[LFR(1('1LFDUDJXD(1',68UXJXD\(QFXHVWD
1DFLRQDOGH3HUVRQDVFRQ'LVFDSDFLGDG 



&8$'52
$0e5,&$/$7,1$ 3$Ë6(66(/(&&,21$'26 352325&,Ï1'(3(5621$6
D
&21',6&$3$&,'$'6(*Ò1*58326'(('$' $/5('('25'(

3DtV DDxRV DDxRV DxRV\PiV


$UJHQWLQD     
%UDVLO     
&KLOH     
)XHQWH$UJHQWLQD(1',%UDVLOFHQVRGHSREODFLyQ&KLOH(1',6
D
3RUFHQWDMHGHSHUVRQDVFRQGLVFDSDFLGDGVREUHHOWRWDOGHSHUVRQDVGHHVHJUXSRGHHGDG


(OJUiILFRTXHSUHVHQWDODGLVWULEXFLyQGHODVSHUVRQDVFRQGLVFDSDFLGDGVHJ~QVXVFDXVDVHQHO
FDVR GH &KLOH WDPELpQ SXHGH FRQVLGHUDUVH XQD HYLGHQFLD GH OD UHODFLyQ HQWUH HO HQYHMHFLPLHQWR \ OD
GLVFDSDFLGDG &KLOH VH HQFXHQWUD GHQWUR GHO JUXSR GH ORV SDtVHV GH OD UHJLyQ FRQ XQ HQYHMHFLPLHQWR
PRGHUDGDPHQWHDYDQ]DGR &(/$'( \SUHFLVDPHQWHODVSULQFLSDOHVFDXVDVGHGLVFDSDFLGDGGHVX
SREODFLyQFRUUHVSRQGHQDODVHQIHUPHGDGHVFUyQLFDV  \ODVGHJHQHUDWLYDV  TXHHQFRQMXQWR
H[SOLFDQ FDVL HO  GH WRGDV ODV GLVFDSDFLGDGHV 6HJ~Q ORV SRVWXODGRV GH OD WHRUtD GH OD WUDQVLFLyQ
HSLGHPLROyJLFDHVWHWLSRGHHQIHUPHGDGHVVRQODVTXHFDUDFWHUL]DQDODVVRFLHGDGHVPiVHQYHMHFLGDV
2WUD GLPHQVLyQ GH OD GHVLJXDOGDG FUX]DGD ²DGHPiV GH OD TXH OLJD OD GLVFDSDFLGDG FRQ HO
JpQHUR² HV OD TXH VH SODQWHD HQ HO YtQFXOR HQWUH SHUWHQHQFLD pWQLFD \ GLVFDSDFLGDG &RPR H[SOLFD
9HUHQD 6WROFNH ODV GHVLJXDOGDGHV GH JpQHUR DO LJXDO TXH ODV GH ³UD]D´ VRQ HO UHVXOWDGR GH XQ
VXEWHUIXJLR LGHROyJLFR GH OD VRFLHGDG GH FODVHV TXH WLHQGH D QDWXUDOL]DU ODV GHVLJXDOGDGHV
VRFLRHFRQyPLFDV H[LVWHQWHV ³WLHQH FRPR ILQ UHFRQFLOLDU OR LUUHFRQFLOLDEOH D VDEHU OD LOXVLyQ GH TXH
WRGRV ORV VHUHV KXPDQRV OLEUHV H LJXDOHV SRU QDFLPLHQWR JR]DQ GH LJXDOGDG GH RSRUWXQLGDGHV FRQ OD
GHVLJXDOGDG VRFLRHFRQyPLFD UHDOPHQWH H[LVWHQWH HQ LQWHUpV GH ORV TXH VH EHQHILFLDQ GH HVWD ~OWLPD´
6WROFNHSiJ 6HJ~QODDXWRUDODQDWXUDOL]DFLyQGHODVGHVLJXDOGDGHVVRFLDOHVFRPRGLPHQVLyQ
LGHROyJLFRSROtWLFD IXQGDPHQWDO GH OD VRFLHGDG GH FODVHV DQFOD ODV UHODFLRQHV GH JpQHUR HQ ODV
GLIHUHQFLDVGHVH[R\ODHWQLFLGDGHQODVGH³UD]D´
(VGHFLUFXDQGRVHKDEODGHODPD\RUSUHYDOHQFLDGHODGLVFDSDFLGDGHQWUHODVPXMHUHVDGHPiVGH
ODPD\RUVREUHYLYHQFLDIHPHQLQDTXHSRGUtDDFWXDUFRPRIDFWRUH[SOLFDWLYRGHHVWHKHFKRVHKDEODGH
XQD IRUPDFLyQ VRFLDO TXH PHGLDQWH VXV UHODFLRQHV GH IXHU]D \ VHQWLGR GHVIDYRUHFH D ODV PXMHUHV \ OR
PLVPRSXHGHGHFLUVHUHVSHFWRGHOD³YDULDEOHpWQLFD´(OJUiILFRSUHVHQWDORVGDWRVGHSUHYDOHQFLDGH
ODGLVFDSDFLGDGHQHO%UDVLOVHJ~QODSHUWHQHQFLDpWQLFDGHDFXHUGRDORVGDWRVSURYLVWRVSRUHOFHQVRGH
SREODFLyQ GH  1R SDUHFH FDVXDO TXH HVWD SUHYDOHQFLD VHD PD\RU HQWUH ORV LQGtJHQDV \
DIURGHVFHQGLHQWHV TXH HQWUH HO UHVWR GH OD SREODFLyQ VL VH FRQVLGHUD TXH ORV SULPHURV SRU ODV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

FRQGLFLRQHVGHGHVLJXDOGDGTXHORVDIHFWDQHVWDUtDQPiVH[SXHVWRVDDGTXLULUGLVFDSDFLGDGHVUHVXOWDQWHV
GHXQDFFHVRPHQRURPiVGHILFLHQWHDORVVHUYLFLRVGHVDOXG

*5È),&2
&+,/(',675,%8&,Ï1325&(178$/'(/$63(5621$6
&21',6&$3$&,'$'6(*Ò1686&$86$6

















&RQJpQLWD 3UREOHPDVHQHOSDUWR
(QIHUPHGDGFUyQLFD (QIHUPHGDGODERUDO
(QIHUPHGDGGHODPDGUHGXUDQWHHOHPEDUD]R $FFLGHQWH
+HFKRGHYLROHQFLD 'HVDVWHQDWXUDO
3UREOHPDVGHJHQHUDWLYRVSRUODHGDG &DXVDGHVFRQRFLGD
([SHULHQFLDWUDXPiWLFD

)XHQWH)21$',6,1((QFXHVWD1DFLRQDOGH'LVFDSDFLGDG (1',6&,) 



6LELHQORVGDWRVSXEOLFDGRVGHODVHQFXHVWDVHVSHFLDOL]DGDV\DOJXQRVFHQVRVTXHDUURMDURQYDORUHV
GH SUHYDOHQFLD FHUFDQRV D OD UHIHUHQFLD LQWHUQDFLRQDO ²\ HQ ORV TXH OD FDOLGDG GH OD SUHJXQWD HPSOHDGD
KDFHSRVLEOHSUHYHUXQDFDSWDFLyQDFHSWDEOH²QRVLHPSUHVRQFRPSDUDEOHVRIUHFHQXQSDQRUDPDVREUHOD
VLWXDFLyQHGXFDWLYD\ODERUDOGHORVODWLQRDPHULFDQRVFRQGLVFDSDFLGDGTXHFRQILUPDODGHVLJXDOGDGTXHORV
DIHFWD\TXHSRUORWDQWRHVSUXHEDFRQWXQGHQWHGHLQFXPSOLPLHQWRGHVXVGHUHFKRVKXPDQRV
(OPRQLWRUHRLQWHUQDFLRQDOVREUHORVGHUHFKRVGHODVSHUVRQDVFRQGLVFDSDFLGDGHQODV$PpULFDV
UHDOL]DGR SRU OD 5HG ,QWHUQDFLRQDO VREUH 'LVFDSDFLGDG ,'50   VRVWLHQH TXH DXQTXH OD
LQIRUPDFLyQ HVWDGtVWLFD VREUH OD FDQWLGDG GH QLxRV FRQ GLVFDSDFLGDG TXH DVLVWH D OD HVFXHOD HV SRFR
FRQILDEOHHQJHQHUDOSXHGHVRVWHQHUVHTXHHOORVVXHOHQVHUH[FOXLGRVGHOVLVWHPDHGXFDWLYRHQODUHJLyQ
(QWUHODVFLIUDVTXHVHPHQFLRQDQHQHOUHVXPHQHMHFXWLYRGHOLQIRUPHVHDILUPDTXHHQ&RORPELDVROR
HO  GH ORV DOXPQRV WLHQH GLVFDSDFLGDG HQ OD $UJHQWLQD HO  \ HQ 0p[LFR HO  (O
GRFXPHQWRVRVWLHQHTXH³$OFRPSDUDUODSREODFLyQLQIDQWLOFRQGLVFDSDFLGDGHVWLPDGDFRQODFDQWLGDG
GHQLxRVLQVFULSWRVHQHOVLVWHPDHGXFDWLYRVHREVHUYDTXHVyORHQWUHHO\HOGHORVQLxRVFRQ
GLVFDSDFLGDG DVLVWHQ D OD HVFXHOD´ ,'50  SiJ   /D DILUPDFLyQ DOXGH FODUR HVWi D OD
SDUWLFLSDFLyQ GH ORV QLxRVFRQGLVFDSDFLGDGHQHOVLVWHPDHGXFDWLYRJHQHUDOTXHHVHOSURSyVLWRGHOR
TXH VH FRQVLGHUD OD SURYLVLyQ GH HQWRUQRV HGXFDWLYRV LQFOXVLYRV 6LQ HPEDUJR \ D SHVDU TXH D QLYHO
LQWHUQDFLRQDO³FDGDYH]VHDGPLWHPiVTXHHVSUHIHULEOHTXHORVQLxRV\QLxDVFRQGLVFDSDFLGDGDFXGDQD
ODVHVFXHODVRUGLQDULDV\TXHSDUDOHODPHQWHVHOHVRWRUJXHXQDD\XGDHVSHFtILFDPXOWLIRUPHHQYH]GH
DVLVWLUDHVFXHODVHVSHFLDOHV´ 0p[LFR&21$',6SiJ HQPXFKRVSDtVHVGHODUHJLyQODFREHUWXUD
\ H[WHQVLyQ GH ORV SURJUDPDV GH HGXFDFLyQ LQWHJUDGRUD VRQ OLPLWDGDV GHELGR D OD HVFDVH]GHUHFXUVRV
SDUD SURYHHUOD 'H DKt TXH ODV FLIUDV VREUH DVLVWHQFLD HVFRODU GH ODV SHUVRQDV FRQ GLVFDSDFLGDG GHEHQ
FRQVLGHUDUVHFRPRLQGLFDWLYDVGHXQDUHDOLGDGTXHHVPX\FRPSOHMD\SDUDODTXHORVGDWRVGLVSRQLEOHV
SXHGHQQRVHUORVPiVDSURSLDGRV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

*5È),&2
%5$6,/35(9$/(1&,$'(/$',6&$3$&,'$'6(*Ò13(57(1(1&,$e71,&$


 

  








,QGtJHQDV $IURGHVFHQGLHQWHV 5HVWR 7RWDO


)XHQWH&(/$'(SURFHVDPLHQWRVHVSHFLDOHVGHORVPLFURGDWRVFHQVDOHV



3HUR PiV DOOi GH HVWD SUHFDXFLyQ OR FLHUWR HV TXH ODV EUHFKDV HQ PDWHULD HGXFDWLYD VRQ
SUHRFXSDQWHV(Q0p[LFRVHJ~QHOFHQVRGHPLHQWUDVTXHHOGHODSREODFLyQJHQHUDOGHD
 DxRV DVLVWtD D OD HVFXHOD HQ HO FDVR GH ORV QLxRV FRQ GLVFDSDFLGDG HVH SRUFHQWDMH VROR DVFHQGtD DO
 (O RSHUDWLYR H[SORUy HO JUDGR GH DFFHVR D OD HGXFDFLyQ D SDUWLU GH OD DVLVWHQFLD D DOJ~Q
HVWDEOHFLPLHQWRGHHQVHxDQ]DHVFRODUGHO6LVWHPD(GXFDWLYR1DFLRQDOGHQWURGHOFXDOHVWiIRUPDOPHQWH
UHFRQRFLGD OD HGXFDFLyQ HVSHFLDO GHVGH OD SURPXOJDFLyQ GH OD /H\ *HQHUDO GH (GXFDFLyQ HQ 
0p[LFR&21$',6 /DVRSRUWXQLGDGHVGHODSREODFLyQFRQGLVFDSDFLGDGGHWHQHUDFFHVRDORV
VHUYLFLRVHGXFDWLYRVGLVPLQXLDQVLJQLILFDWLYDPHQWHDPHGLGDTXHDXPHQWDEDODHGDGHQHOJUXSRGHD
DxRVVRORHODVLVWtDDODHVFXHODVHJ~QODPLVPDIXHQWH(QHO%UDVLOGHDFXHUGRHOFHQVRGH
HOGHORVQLxRVGHDDxRVFRQGLVFDSDFLGDGHVWDEDHVFRODUL]DGRHQWDQWRTXHHQORV
QLxRVVLQGLVFDSDFLGDGGHOPLVPRUDQJRHWDULRHVHSRUFHQWDMHDVFHQGtDDO YpDVHHOJUiILFR (Q
HVWHSDtVOD/H\GH'LUHFWULFHV\%DVHVGHOD(GXFDFLyQ1DFLRQDOHVWDEOHFHTXHHQORSRVLEOHORVQLxRVFRQ
GLVFDSDFLGDGGHEHQLQWHJUDUVHHQHOPDUFRGHODHVFXHODFRP~Q ,'50 (QHO8UXJXD\OD(QFXHVWD
1DFLRQDO GH 3HUVRQDV FRQ 'LVFDSDFLGDG  UHDOL]DGD SRU HO ,1( \ OD &+1' UHJLVWUy XQD EUHFKD
VHPHMDQWHSXHVHQWUHORVQLxRV\MyYHQHVGHDDxRVVLQGLVFDSDFLGDGXQDVLVWtDDODHVFXHODSRU
HVDIHFKDPLHQWUDVTXHHQDTXHOORVFRQGLVFDSDFLGDGODFLIUDVHUHGXFtDDO
6LELHQODVEUHFKDVUHJLVWUDGDVHQHO%UDVLO\HO8UXJXD\QRVRQWDQLPSRUWDQWHVFRPRODGH0p[LFR
FRQVLGHUDQGRHOFRQWH[WRGHXQVLVWHPDHGXFDWLYRTXHD~QQRHVWiSUHSDUDGRSDUDRIUHFHUXQDHGXFDFLyQ
LQFOXVLYD SDUD ORV QLxRV FRQ GLVFDSDFLGDG ²\ TXH SRU OR WDQWR ORV LPSHOH D UHFXUULU D OD HQVHxDQ]D
HVSHFLDO² HVWDV GLIHUHQFLDV KDEODQ GH OD FRQFXOFDFLyQ GHO GHUHFKR D OD HGXFDFLyQ FRQ LJXDOGDG GH
RSRUWXQLGDGHV \ VLQ GLVFULPLQDFLyQ \ DGHPiV HQ IRUPDFLRQHV VRFLDOHV FDSLWDOLVWDV FRPR ODV TXH
FDUDFWHUL]DQDQXHVWUDUHJLyQHQODVTXHHOFLFORYLWDOVHGHILQHHQWRUQRDODSDUWLFLSDFLyQGHODVSHUVRQDVHQ
ODDFWLYLGDGHFRQyPLFD\HQODVTXHHOVLVWHPDHGXFDWLYRHVWiFHQWUDGRHVHQFLDOPHQWHHQSUHSDUDUODSDUD
HVDLQFRUSRUDFLyQHVWDVGLIHUHQFLDVVHPDWHULDOL]DQHQXQDGHVLJXDOGDGTXHDGTXLHUHXQFDUiFWHUHVWUXFWXUDO


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

*5È),&2
D
%5$6,/<0e;,&2$6,67(1&,$(6&2/$5'(/261,f26 
6(*Ò135(6(1&,$'(',6&$3$&,'$'







%UDVLO 0p[LFR

6LQGLVFDSDFLGDG &RQGLVFDSDFLGDG

)XHQWH ,%*( &HQVR 'HPRJUiILFR  H ,1(*, &HQVR *HQHUDO GH 3REODFLyQ
\9LYLHQGD
D
(QHOFDVRGHO%UDVLOVHWUDWDGHORVQLxRVGHDDxRV\HQHOGH0p[LFRGHORV
GHDDxRV



&RQVLGHUDQGRMXVWDPHQWHHOPHUFDGRODERUDOVHJ~QOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR 2,7 
KD\HQODDFWXDOLGDGPLOORQHVGHSHUVRQDVFRQGLVFDSDFLGDGHQHGDGGHWUDEDMDU GHOWRWDO SHURHO
JUDQSRUFHQWDMHGHHVWHJUXSRGHSREODFLyQHVWiGHVHPSOHDGR\HQDOJXQRVSDtVHVHVWDSURSRUFLyQDOFDQ]DDO
 0p[LFR &21$',   'H KHFKR VHJ~Q HO LQIRUPH GHO ,'50 GH  XQR GH ORV SULQFLSDOHV
SUREOHPDVTXHHQIUHQWDODSREODFLyQFRQGLVFDSDFLGDGHQODUHJLyQHVHOGHVHPSOHR\ODPDUJLQDFLyQODERUDO
6HJ~QHVWDIXHQWHGHLQIRUPDFLyQDOUHGHGRUGHOGHODVSHUVRQDVFRQGLVFDSDFLGDGGHODUHJLyQHVWiQ
GHVHPSOHDGDVRH[FOXLGDVGHODVIXHU]DODERUDO/RVIDFWRUHVTXHLQFLGHQHQHVWDVLWXDFLyQVRQYDULDGRV(O
GRFXPHQWR PHQFLRQD ³OD IDOWD GH FDSDFLWDFLyQ OD LQDFFHVLELOLGDG GH ORV OXJDUHV GH WUDEDMR OD IDOWD GH
WUDQVSRUWHDFFHVLEOH\ORVFRQVWDQWHVSUREOHPDVHFRQyPLFRVTXHDIHFWDQODUHJLyQ´ ,'50SiJ 
HOOR VLQ FRQWDU OD UHVLVWHQFLD GH ODV HPSUHVDV D FRQWUDWDU SHUVRQDV FRQ GLVFDSDFLGDGHV D SHVDU TXH OD
OHJLVODFLyQGHYDULRVGHORVSDtVHVODWLQRDPHULFDQRVFRQWHPSODLQFHQWLYRVSDUDTXLHQHVORKDJDQ\WDPELpQ
FXRWDVPtQLPDVHQHOFDVRGHORVHPSOHRVS~EOLFRV
/RVGDWRVSXEOLFDGRVVREUHHVWHDVSHFWRGHODUHDOLGDGHQ$PpULFD/DWLQDWDPELpQVRQGLYHUVRV
SHURDSRUWDQIXQGDPHQWRVDHVWHSDQRUDPDGHGHVLJXDOGDG(QOD$UJHQWLQDPLHQWUDVTXHVREUHHOWRWDO
GHORVMHIHVGHOKRJDUHOVHHQFRQWUDEDRFXSDGR\HOHUDLQDFWLYRVHJ~QHOFHQVRGH
HQWUH DTXHOORV FRQ GLVFDSDFLGDG OD SURSRUFLyQ HUD H[DFWDPHQWH OD LQYHUVD HO  VH HQFRQWUDED
RFXSDGR\HOHUDLQDFWLYRGHDFXHUGRDOD(1',(Q&KLOHHOGHOWRWDOGHOD
SREODFLyQPD\RUGHDxRVUHDOL]DEDXQWUDEDMRUHPXQHUDGR\HOQRSHURHQWUHODSREODFLyQGHO
PLVPR UDQJR HWDULR FRQ GLVFDSDFLGDG VROR HO  WHQtD XQ WUDEDMR SDJDGR \ HO  QR VHJ~Q OD
(1',6 GH  YpDVH HO JUiILFR (QHO%UDVLOHOFHQVRGHPRVWUyTXHHQWDQWRTXHVREUHHO
WRWDOGHODSREODFLyQPD\RUGHDxRVVLQQLQJXQDGLVFDSDFLGDGHOHVWDEDRFXSDGD\HO
QRHQWUHDTXHOODTXHWHQtDDOPHQRVXQDGLVFDSDFLGDGHOHVWDEDRFXSDGD\HOQR/DWDVD
GH DFWLYLGDG GH OD SREODFLyQ XUXJXD\D VLQ GLVFDSDFLGDG PD\RU GH  DxRV HUD GHO  VHJ~Q OD
HQFXHVWDHVSHFLDOL]DGDUHDOL]DGDHQ\\ODGHODSREODFLyQFRQGLVFDSDFLGDGGHO(Q
1LFDUDJXDOD3($UHSUHVHQWDEDHOGHQWURGHODSREODFLyQWRWDOPLHQWUDVTXHHQWUHODSREODFLyQFRQ
GLVFDSDFLGDGDOFDQ]DEDHOHVWRVHJ~QOD(1',6GH(Q+RQGXUDVHVWRVYDORUHVHUDQGHSRFR
PiVGHO\GHOVHJ~QOD(+30GH)LQDOPHQWHHQ0p[LFRHOFHQVRGHUHJLVWUyXQD
WDVDGHSDUWLFLSDFLyQHFRQyPLFDGHOVREUHHOWRWDOGHODSREODFLyQPD\RUGHDxRV\GHO
HQWUHODSREODFLyQFRQGLVFDSDFLGDG


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

*5È),&2
&+,/(',675,%8&,Ï1325&(178$/'(/$32%/$&,Ï1727$/<&21',6&$3$&,'$'
6(*Ò15($/,=$&,Ï1'(8175$%$-25(081(5$'2

3REDFLyQFRQ
 
GLVFDSDFLGDG

3REODFLyQWRWDO  

          

5HDOL]DWUDEDMRUHPXQHUDGR 1RUHDOL]DWUDEDMRUHPXQHUDGR

)XHQWH)21$',6,1((QFXHVWD1DFLRQDOGH'LVFDSDFLGDG (1',6&,) 



2WUDDULVWDGHODSUREOHPiWLFDODERUDOGHODVSHUVRQDVFRQGLVFDSDFLGDGHQODUHJLyQHVODGHORV
LQJUHVRVGHDTXHOORVTXHORJUDQHPSOHDUVHTXHVRQPX\EDMRVRLQFOXVRHQPXFKRVFDVRVVHWUDEDMD
VLQ UHPXQHUDFLyQ (O JUiILFR  LOXVWUD OD VLWXDFLyQ GH 0p[LFR HQ HVWH DVSHFWR &RPR SXHGH
REVHUYDUVH HO  GH ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ HVH SDtV QR UHFLEtD QLQJ~Q LQJUHVR
DOUHGHGRUGHODxR\HOSHUFLEtDPHQRVGHXQVDODULRPtQLPR$XQTXHQRH[FOXVLYDPHQWH
HVWHDVSHFWRGHODUHDOLGDGVRFLDOGHODVSHUVRQDVFRQGLVFDSDFLGDGKDEODDODVFODUDVGHODUHODFLyQGH
HVWD FRQGLFLyQ FRQ OD SREUH]D (VWRV GDWRV VRQ XQD PDWHULDOL]DFLyQ GHO KHFKR TXH ODV SHUVRQDV FRQ
GLVFDSDFLGDG HQ $PpULFD /DWLQD VRQ PiV YXOQHUDEOHV HQ HVWRV WpUPLQRV \ SRU OR WDQWR HVWiQ PiV
H[SXHVWDV D YLYLU HQ OD SREUH]D &RPR VRVWLHQH 6FKNROQLN   KD\ XQD HVWUHFKD UHODFLyQ HQWUH
GLVFDSDFLGDG\SREUH]DTXHVHDIHFWDQPXWXDPHQWH
(OSDQRUDPDGHODFFHVRDODDWHQFLyQGHODVDOXGSDUDODVSHUVRQDVFRQGLVFDSDFLGDGQRHVPX\
GLIHUHQWH³(QJUDQSDUWHGHODUHJLyQHODFFHVRDOVHJXURPpGLFRGHSHQGHGHOHVWDGRRFXSDFLRQDOGH
PRGR TXH ODV DOWDV WDVDV GH GHVHPSOHR SXHGHQ SULYDU GH FREHUWXUD D ODV SHUVRQDV FRQ GLVFDSDFLGDG´
,'50SiJ 6HJ~QHVWHLQIRUPHHOGHODVSHUVRQDVFRQGLVFDSDFLGDGHQHO(FXDGRUQR
WLHQH QLQJ~Q WLSR GH FREHUWXUD PpGLFD HQ &KLOH VRODPHQWH HO  WLHQH XQ VHJXUR PpGLFR SULYDGR
$GHPiVHVFRP~QTXHODVFRPSDxtDVGHFREHUWXUDPpGLFDUHFKDFHQDODVSHUVRQDVFRQGLVFDSDFLGDGGH
KHFKR HQHO8UXJXD\VHKDUHDOL]DGRXQDJUDQFDQWLGDGGHGHQXQFLDVSRUHVWHWLSRGHGLVFULPLQDFLyQ
3RU RWUD SDUWH DXQTXH ORV JRELHUQRV DFHSWHQ OD UHVSRQVDELOLGDG GH EULQGDU HVWRV VHUYLFLRV FXDQGR OD
SHUVRQD FRQ GLVFDSDFLGDG QR WHQJD ORV PHGLRV SDUD KDFHUOR H LQFOXVR HVWpQ REOLJDGRV OHJDOPHQWH D
DVHJXUDUHVWHGHUHFKRPXFKRVSDtVHVFDUHFHQGHORVUHFXUVRVQHFHVDULRVSDUDSURYHHUORVSRUORTXHORV
VHUYLFLRV TXH SUHVWDQ VRQ GHILFLHQWHV (O JUiILFR  FRPSDUD OD IDOWD GH FREHUWXUD GH VDOXG S~EOLFD \
SULYDGD GH OD SREODFLyQ HQ JHQHUDO FRQ OD GH ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ OD $UJHQWLQD VHJ~Q
JUXSRV GH HGDG 6L ELHQ HQ HVWH FDVR ODV GLIHUHQFLDV QR VRQ WDQ LPSRUWDQWHV DXQTXH HQ JHQHUDO
SHUMXGLFDQ D OD SREODFLyQ FRQ GLVFDSDFLGDG OODPD OD DWHQFLyQ TXH HQ DPERV JUXSRV OD FREHUWXUD HV
PXFKRPD\RUHQODVSHUVRQDVGHPiVHGDG\TXHLQFOXVRHQHOJUXSRGHDxRV\PiVODVSHUVRQDVFRQ
GLVFDSDFLGDG UHJLVWUDQ XQD PD\RU FREHUWXUD TXH OD SREODFLyQ WRWDO OR TXH SRGUtD HVWDU YLQFXODGR DO
GHWHULRURGHODVFRQGLFLRQHVGHODVHJXULGDGVRFLDOHQODV~OWLPDVGpFDGDV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

*5È),&2
0e;,&2',675,%8&,Ï1325&(178$/'(/$32%/$&,Ï1
&21',6&$3$&,'$'6(*Ò11,9(/'(,1*5(62











1RUHFLEHLQJUHVRV 0HQRVGHVDODULRPtQLPR
DVDODULRVPtQLPRV DVDODULRVPtQLPRV
0iVGHVDODULRVPtQLPRV 1RHVSHFLILFDGR

)XHQWH,1(*,&HQVR*HQHUDOGH3REODFLyQ\9LYLHQGD



*5È),&2
$5*(17,1$$86(1&,$'(&2%(5785$'(6$/8'0(',$17(81$2%5$62&,$/<2813/$1
'(6$/8'35,9$'220878$/(1/$32%/$&,Ï1727$/<&21',6&$3$&,'$'
325*58326'(('$'$/5('('25'(
















DDxRV DDxRV DDxRV DDxRV DDxRV DDxRV DxRV\PiV
3REODFLyQWRWDO 3REODFLyQFRQGLVFDSDFLGDG

)XHQWH ,1'(& &HQVR QDFLRQDO GH SREODFLyQ GH  SDUD OD SREODFLyQ HQ JHQHUDO \ 3ULPHUD (QFXHVWD 1DFLRQDO GH
3HUVRQDVFRQ'LVFDSDFLGDGSDUDHVWHJUXSR>HQOtQHD@½ZZZLQGHFJRYDU¾


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

5(&8$'52
/$635(*817$662%5(',6&$3$&,'$'(1/26&(1626

'XUDQWH  \ HQ HO PDUFR GH OD SUHSDUDFLyQ GHO VHPLQDULRWDOOHU ³/RV FHQVRV GH  \ OD VDOXG´ UHDOL]DGR HQ
QRYLHPEUHHO&(/$'(GHVDUUROOyXQDLQYHVWLJDFLyQVREUHODIRUPDHQTXHVHKDLQYHVWLJDGRODGLVFDSDFLGDGDWUDYpVGH
ORVFHQVRVODWLQRDPHULFDQRVGHODVGRV~OWLPDVGpFDGDV \ TXHHVWXYRDFDUJRGH6XVDQD6FKNROQLN  
$ SDUWLU GH HVH WUDEDMR GH UHOHYDPLHQWR VLVWHPiWLFR FRPSDUDFLyQ H LQYHVWLJDFLyQ \ GH OD VHJXQGD UHYLVLyQ GH ORV
SULQFLSLRV \ UHFRPHQGDFLRQHV SDUD ORV FHQVRV GH SREODFLyQ \ KDELWDFLyQ GH ODV 1DFLRQHV 8QLGDV   HV SRVLEOH
UHDOL]DUDOJXQDVVXJHUHQFLDVHQWRUQRDODLQFOXVLyQGHOWHPDGHODGLVFDSDFLGDGHQORVFHQVRVGHODUHJLyQ
/DSULPHUDGHHOODVSDUHFHREYLDSHURVXPHQFLyQYDOHODSHQDSDUDUHIRU]DUVXUHOHYDQFLDHVGHVXPDLPSRUWDQFLD
LQFOXLUHQODEROHWDFHQVDOODFRQVXOWDVREUHGLVFDSDFLGDGRPDQWHQHUODHQFDVRTXH\DVHORKD\DKHFKR6LXQSDtVQR
UHDOL]D SHULyGLFDPHQWH HQFXHVWDV HVSHFLDOHV VREUH ODV SHUVRQDV FRQ GLVFDSDFLGDG QL KD LQFRUSRUDGR PyGXORV SDUD
LQGDJDU DFHUFD GH HOODV HQ VXV HQFXHVWDV SHUPDQHQWHV HO FHQVR SXHGH VHU OD ~QLFD IXHQWH GH LQIRUPDFLyQ VREUH OD
IUHFXHQFLD\GLVWULEXFLyQGHODVGLVFDSDFLGDGHV1RHVWiGHPiVUHFRUGDUODVSRWHQFLDOLGDGHVGHOFHQVRHQHVWDPDWHULD
VREUH WRGR WHQLHQGR HQ FXHQWD TXH D SHVDU TXH SUiFWLFDPHQWH WRGRV ORV SDtVHV GH OD UHJLyQ KDQ FRQVXOWDGR VREUH
GLVFDSDFLGDG HQ ORV ~OWLPRV FHQVRV VH VLJXH LQVLVWLHQGR HQ ORV SUREOHPDV GH FREHUWXUD FDOLGDG \ RSRUWXQLGDG GH OD
LQIRUPDFLyQ VREUH HVWH FDPSR WHPiWLFR HQWUH RWURV &(/$'(&(3$/   $GHPiV GH OD FREHUWXUD XQLYHUVDO TXH
RIUHFH HVWD IXHQWH GH GDWRV \ TXH SRU OR WDQWR SHUPLWH HVWLPDU OD SUHYDOHQFLD GH OD GLVFDSDFLGDG HQ HO SDtV \ OD
IUHFXHQFLDGHVXVGLYHUVRVWLSRVHOFHQVRKDFHSRVLEOHXQDGHVDJUHJDFLyQJHRJUiILFD\VRFLRHFRQyPLFDDSURSLDGDSDUD
GLVHxDUSURJUDPDVFRQFUHWRV\IRFDOL]DUORVDORTXHDGHPiVFRQWULEX\HODDPSOLDFDUDFWHUL]DFLyQVRFLRGHPRJUiILFDGH
ODVSHUVRQDVFRQGLVFDSDFLGDGTXHSXHGHORJUDUVHPHGLDQWHHOFUXFHFRQRWUDVYDULDEOHV7RGRHVWRHVWiVXMHWRFODUR
HVWi D OD FDOLGDG GH ORV GDWRV TXH VHUHFRMDQGHDKtOD LPSRUWDQFLDGHORJUDUXQDIRUPXODFLyQLGyQHDGHODSUHJXQWD
DGHPiV GH XQD FDSDFLWDFLyQ DSURSLDGD SDUD ORV FHQVLVWDV 2WUD GH ODV SRWHQFLDOLGDGHV TXH EULQGD HO FHQVR HV OD
FRPSDUDELOLGDG LQWHUQDFLRQDO SHUR HOOR GHSHQGH GH OD XWLOL]DFLyQ GH FRQFHSWRV VLPLODUHV LGHDOPHQWH KRPRJpQHRV 'H
HVWH KHFKR GHULYD RWUD UHFRPHQGDFLyQ HV LPSUHVFLQGLEOH TXH ODV SUHJXQWDV VH DGHFXHQ D ODV QXHYDV SURSXHVWDV
LQWHUQDFLRQDOHVEiVLFDPHQWHDOFRQFHSWRGHGLVFDSDFLGDGTXHSURSRQHODFODVLILFDFLyQ&,) &ODVLILFDFLyQ,QWHUQDFLRQDO
GHO)XQFLRQDPLHQWRGHOD'LVFDSDFLGDG\GHOD6DOXG GHOD2UJDQL]DFLyQ 0XQGLDOGHOD6DOXG 206 YLJHQWHGHVGH
 TXH HV FRKHUHQWH \ FRQVLVWHQWH FRQ HO HQIRTXH GH GHUHFKRV \ FRQ HO SURSyVLWR GH ORJUDU OD LJXDOGDG GH
RSRUWXQLGDGHV\ODLQFOXVLyQVRFLDOGHODVSHUVRQDVFRQGLVFDSDFLGDG
(VWDQXHYDSURSXHVWDLQWHUQDFLRQDOLPSOLFyXQSDVDMHGHVGHODGHILQLFLyQGHODGLVFDSDFLGDGFHQWUDGDHQHOGpILFLW\D
SDUWLUGHFRQGLFLRQHVPpGLFDVKDFLDXQDFRQFHSFLyQPiVGLQiPLFDHLQWHJUDOTXHODSLHQVDFRPRXQFRPSOHMRSURFHVRHQHO
TXHODGLVFDSDFLGDGVHFRQIRUPDHQODLQWHUDFFLyQHQWUHODVFDSDFLGDGHVIXQFLRQDOHVGHODSHUVRQD\VXHQWRUQRItVLFR\VRFLDO
3DUDOD&,)ODGLVFDSDFLGDGUHSUHVHQWD³GHILFLHQFLDVDQLYHOGHODHVWUXFWXUDRODVIXQFLRQHVFRUSRUDOHV«OLPLWDFLRQHVGHODV
DFWLYLGDGHVDOQLYHOGHODSHUVRQD\«UHVWULFFLRQHVHQODSDUWLFLSDFLyQDOQLYHOGHODVVLWXDFLRQHVYLWDOHVHQXQFRQWH[WRVRFLDO´
1DFLRQHV 8QLGDV  SiJ   (V GHFLU OD SUHVHQFLD GH GHILFLHQFLDV ²SUREOHPDV HQ ODV IXQFLRQHV R HVWUXFWXUDV
FRUSRUDOHV² SXHGH JHQHUDU HQ OD LQWHUDFFLyQ FRQ HO HQWRUQR OLPLWDFLRQHV D OD DFWLYLGDG ²GLILFXOWDGHV SDUD GHVHPSHxDU R
UHDOL]DUDFWLYLGDGHV²\UHVWULFFLRQHVDODSDUWLFLSDFLyQ²SUREOHPDVTXHSXHGHQVXUJLUDOLQYROXFUDUVHHQVLWXDFLRQHVYLWDOHV$
SHVDUGHODYDQFHTXHVXSRQHHVWDFRQFHSWXDOL]DFLyQPXFKDVGHODVSUHJXQWDVXWLOL]DGDVHQORVFHQVRVODWLQRDPHULFDQRVGHOD
GpFDGDGHRSHUDFLRQDOL]DURQXQDFRQFHSFLyQGHODGLVFDSDFLGDGD~QOLJDGDH[FOXVLYDPHQWHDODLGHDGHGHILFLHQFLDR
GpILFLW ³3UHVHQWD XVWHG DOJXQD GH ODV VLJXLHQWHV GHILFLHQFLDV"´ &KLOH   ³¢3UHVHQWD DOJXQR GH ORV VLJXLHQWHV
SDGHFLPLHQWRV"´ &XED ³¢$OJ~QPLHPEURGHHVWDIDPLOLDWLHQHDOJ~QLPSHGLPHQWRItVLFRRPHQWDO"´ 3DQDPi 
³¢7LHQHDOJXQDGHODVVLJXLHQWHVGHILFLHQFLDVSUREOHPDVRGLVFDSDFLGDGHV"´ 5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD 
2WURVSUREOHPDVHQORVTXHKDQLQFXUULGRODVSUHJXQWDVXWLOL]DGDVHVTXHVXVWDQWLYL]DEDQODOLPLWDFLyQDOKDEODUGH
FHJXHUDRVRUGHUDSRUHMHPSORFXDQGRHVSUHFLVRH[SUHVDUORDSDUWLUGHXQDIRUPDYHUEDO YHURtU $XQTXHSDUHFHXQ
PDWL] HVWH FDPELR HV UHOHYDQWH SXHV LPSOLFD TXH \D QR VH HVWi SHQVDQGR D OD GLVFDSDFLGDG FRPR XQ DWULEXWR GH OD
SHUVRQDVLQRFRPRXQDOLPLWDFLyQHQODLQWHUDFFLyQFRQHOHQWRUQR$GHPiVVHKDQRIUHFLGRFDWHJRUtDVSRFRDVHTXLEOHVR
FRPSUHQVLEOHV VH LQGDJDED SRU HMHPSOR VREUH OD ³SpUGLGD R GLVFDSDFLGDG GH H[WUHPLGDGHV VXSHULRUHV´ FXDQGR HV PiV
SUREDEOHTXHHOHQWUHYLVWDGRHQWLHQGDPHMRUVLVHOHSUHJXQWDVLWLHQHXQDGHILFLHQFLDSDUDXVDUVXVEUD]RVRPDQRV3RURWUD
SDUWH QR KD VLGR IUHFXHQWH OD LQFOXVLyQ GH FDWHJRUtDV TXH LQGLUHFWDPHQWH DOXGLHUDQ D ODV QRFLRQHV GH ³OLPLWDFLRQHV HQ OD
DFWLYLGDG´ GHILFLHQFLDVSDUDEDxDUVHYHVWLUVHDOLPHQWDUVHSRUVtPLVPR \³UHVWULFFLRQHVDODSDUWLFLSDFLyQ´ KDEODU GHOD
&,) 0XFKDV FRQVXOWDV KDQ RIUHFLGR FDWHJRUtDV ELQDULDV GH UHVSXHVWD 6,12  TXH QR SHUPLWLUtDQ FDSWDU ORV JUDGRV GH
VHYHULGDG XQ GDWR LPSRUWDQWH SDUDHOGLVHxRGHSROtWLFDVHVSHFtILFDV$XQTXHYDULRVGHHVWRVSUREOHPDVSHUVLVWHQHQODV
SUHJXQWDVVREUHGLVFDSDFLGDGLQFOXLGDVHQODVEROHWDVFHQVDOHVGHORVUHOHYDPLHQWRVUHDOL]DGRVGXUDQWHHQODUHJLyQ
YpDVH HO DQH[R   WDPELpQ HV FLHUWR TXH VH KDQ DFRJLGR DOJXQDV UHFRPHQGDFLRQHV \ HQ FLHUWRV FDVRV VH KDQ ORJUDGR
IRUPXODFLRQHVPX\DSURSLDGDVFX\DYLUWXGKDEUiTXHHYDOXDUILQDOPHQWHFRQVXVUHVXOWDGRV
(Q JHQHUDO HQWRQFHV \ DWHQGLHQGR D ODV QHFHVLGDGHV \ HVSHFLILFLGDGHV GHO SDtV SXHGH FRQVLGHUDUVH XQD RSFLyQ
DSURSLDGD SDUD OD FRQVXOWD VREUH GLVFDSDFLGDG HQ HO IRUPXODULR FHQVDO HO OLVWDGR GH SUHJXQWDV VXUJLGDV GHO WUDEDMR GHO
*UXSRGH:DVKLQJWRQHOTXHGHEHUtDDSOLFDUVHDOQLYHOGHODSHUVRQD\HQHOFDVRTXHHOUHOHYDPLHQWRYD\DDXWLOL]DUXQ
IRUPXODULR EiVLFR \ RWUR DPSOLDGR DSOLFDGR D XQD PXHVWUD HV UHFRPHQGDEOH UHDOL]DU ODV SUHJXQWDV HQ HO IRUPXODULR
EiVLFR(O*UXSRGH:DVKLQJWRQVREUHHVWDGtVWLFDVGHGLVFDSDFLGDGVXUJLyHQHOVHQRGHODV1DFLRQHV8QLGDVHQMXQLR
GHFRQHOSURSyVLWRGHHVWDEOHFHUSULQFLSLRV\QRUPDVUHODWLYRVDORVLQGLFDGRUHVGHGLVFDSDFLGDGSDUDODXWLOL]DFLyQ
HQORVFHQVRVFRPRUHVSXHVWDDOFRQVHQVRJHQHUDOL]DGRVREUHODHVFDVH]\PDODFDOLGDGGHORVGDWRVGLVSRQLEOHVVREUH
HVWD PDWHULD LQFOXVR HQ ORV SDtVHV GHVDUUROODGRV 1DFLRQHV 8QLGDV   'H VX WUDEDMR TXH FRQVLGHUy QXPHURVDV
LQVWDQFLDVGHGLVFXVLyQFRQVHQVR\WHVWHRVXUJLyODVXJHUHQFLDGHXQDOLVWDEiVLFDGHSUHJXQWDV\RWUDPiVSHTXHxD
GHFRQVXOWDVDGLFLRQDOHV YpDVH>HQOtQHD@½ZZZFGFJRYQFKVFLW\JURXSKWP¾ 

FRQWLQ~D 


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

5HFXDGUR FRQFOXVLyQ 

/RViPELWRVHVHQFLDOHVTXHVHLQFOX\DQGHEHUtDQUHIOHMDUODGHILQLFLyQGHGLVFDSDFLGDGTXHVHHVWiLQVWUXPHQWDQGR
/DV1DFLRQHV8QLGDVSURSRQHQTXHHQXQFRQMXQWREUHYHGHSUHJXQWDVUHFRPHQGDGDVSDUDVXXVRHQORVFHQVRVSRUHO
*UXSR GH :DVKLQJWRQ VH LQFOX\DQ ~QLFDPHQWH ORV iPELWRV TXH KD\DQ FXPSOLGR XQD VHULH GH FULWHULRV GH VHOHFFLyQ OD
FRPSDUDELOLGDGHQWUHSREODFLRQHV\FXOWXUDVODSRVLELOLGDGGHDXWRQRWLILFDFLyQHOHVSDFLRGLVSRQLEOHHQHOIRUPXODULRGHO
FHQVR\ODLPSRUWDQFLDGHOiPELWRHQORTXHUHVSHFWDDORVSUREOHPDVGHVDOXGS~EOLFD$SDUWLUGHHVWRVFULWHULRVKD\
FXDWURiPELWRVEiVLFRVTXHVHFRQVLGHUDQHVHQFLDOHVPRYLOLGDGYLVLyQDXGLFLyQ\FDSDFLGDGFRJQLWLYD6LHOHVSDFLROR
SHUPLWHSRGUtDQLQFOXLUVHRWURVGRViPELWRVDXWRFXLGDGR\FRPXQLFDFLyQ
/D OLVWD SURSXHVWD SRU HO *UXSR GH :DVKLQJWRQ IXH FRQFHELGD GHVGH HO REMHWLYR GH ORJUDU OD LJXDOGDG GH
RSRUWXQLGDGHV\FRQODLGHDGHREWHQHUGDWRVFRPSDUDEOHVHQWUHORVGLVWLQWRVSDtVHV\SDUDSREODFLRQHVSHUWHQHFLHQWHV
DXQDJUDQYDULHGDGGHFXOWXUDV\GLIHUHQWHVQLYHOHVVRFLRHFRQyPLFRV6XSURSyVLWRHVLGHQWLILFDUDSHUVRQDVFRQWLSRV\
QLYHOHV GH OLPLWDFLyQ VLPLODUHV SDUD OD UHDOL]DFLyQ GH DFWLYLGDGHV EiVLFDV LQGHSHQGLHQWHPHQWH GH VX QDFLRQDOLGDG R
FXOWXUD 3DUD ORJUDU OD VHQFLOOH] EUHYHGDG \ FRPSDUDELOLGDG TXH XQ FHQVR GHPDQGD VH RSWy SRU GHWHUPLQDU ODV
OLPLWDFLRQHV IXQFLRQDOHV HQ DFWLYLGDGHV FRWLGLDQDV EiVLFDV TXH VH GDQ HQ WRGR HO PXQGR \ TXH VH UHODFLRQDQ PiV
HVWUHFKDPHQWHFRQODH[FOXVLyQVRFLDO$SHVDUGHWRGRVHVWRVUHFDXGRVHOSURSLR*UXSRGH:DVKLQJWRQVHSUHRFXSDGH
DFODUDUTXHODSREODFLyQFDSWDGDPHGLDQWHHVWDOLVWDGHSUHJXQWDVQRUHSUHVHQWDDWRGDODSREODFLyQFRQOLPLWDFLRQHVQL
QHFHVDULDPHQWHDODYHUGDGHUDSREODFLyQFRQOLPLWDFLRQHV
/D EDWHUtD GH SUHJXQWDV SURSXHVWD SRU HO *UXSR GH :DVKLQJWRQ IXH DSOLFDGD HQ OD 3UXHED 3LORWR &RQMXQWD VREUH
'LVFDSDFLGDG GH OD $UJHQWLQD HO %UDVLO \ HO 3DUDJXD\ HQ  \ HQ OD , 3UXHED 3LORWR GH 'LVFDSDFLGDG \ 5HVLGHQFLD
+DELWXDOGHO8UXJXD\FRQUHVXOWDGRVEDVWDQWHVDWLVIDFWRULRV YpDQVH%HUFRYLFK0HOHQGUHV 
$OJXQDVUHFRPHQGDFLRQHVJHQHUDOHVTXHUHDOL]DOD'LYLVLyQGH(VWDGtVWLFDGHODV1DFLRQHV8QLGDVUHVSHFWRGH
ODVSUHJXQWDVFHQVDOHVGHVWLQDGDVDPHGLDUODGLVFDSDFLGDGHVVHUFXLGDGRVRVFRQORVWpUPLQRV\ODUHGDFFLyQSXHV
LQIOX\HQHQRUPHPHQWHHQODSUHFLVLyQDODKRUDGHORFDOL]DUODVSHUVRQDVFRQGLVFDSDFLGDGFDGDiPELWRGHEHUtDGH
VHU REMHWR GH XQD SUHJXQWD GLIHUHQWH OD WHUPLQRORJtD XWLOL]DGD GHEHUtD VHU FODUD LQHTXtYRFD \ VHQFLOOD GHEHUtDQ
HYLWDUVH ORV WpUPLQRV QHJDWLYRV ODV SUHJXQWDV VREUH OD GLVFDSDFLGDG GHEHUtDQ IRUPXODUVH D FDGD XQR GH ORV
PLHPEURVGHOKRJDU\GHEHUtDQHYLWDUVHODVSUHJXQWDVJHQHUDOHVVREUHODSUHVHQFLDGHSHUVRQDVFRQGLVFDSDFLGDG
HQHOKRJDUHQFDVRQHFHVDULRSRGUtDUHFXUULUVHDXQDWHUFHUDSHUVRQDSDUDTXHLQIRUPHHQVXVWLWXFLyQGHOPLHPEUR
GHODIDPLOLDFRQGLVFDSDFLGDG\ILQDOPHQWHODLQFOXVLyQGHFDWHJRUtDVFRQUHVSXHVWDVJUDGXDGDVSXHGHPHMRUDUOD
QRWLILFDFLyQGHODGLVFDSDFLGDG

)XHQWH 6FKNROQLN  1DFLRQHV 8QLGDV ³,QIRUPH GHO *UXSR GH :DVKLQJWRQ VREUH HVWDGtVWLFDV GH OD GLVFDSDFLGDG´
(&1 žSHUtRGRGHVHVLRQHVGHOD&RPLVLyQGH(VWDGtVWLFDGHIHEUHURDOGHPDU]RGH1DFLRQHV8QLGDV
 1DFLRQHV 8QLGDV 3ULQFLSLRV \ UHFRPHQGDFLRQHV SDUD ORV FHQVRV GH SREODFLyQ \ KDELWDFLyQ 5HYLVLyQ  ,QIRUPHV
HVWDGtVWLFRV6HULH01ž 67(6$67$76(505HY 1XHYD<RUN%HUFRYLFK0HOHQGUHV



0iVDOOiGHODGHELOLGDGGHORVGDWRVODPDJQLWXGGHODVEUHFKDVYHULILFDGDVHQGLYHUVRViPELWRV
GH OD UHDOLGDG VRFLDO \ VX DSDULFLyQ VLVWHPiWLFD HQ GLVWLQWRV SDtVHV GH OD UHJLyQ SXHGHQ FRQVLGHUDUVH
HYLGHQFLDVVXILFLHQWHVGHODGHVLJXDOGDGTXHDIHFWDDODVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQD\
ODYXOQHUDELOLGDGTXHFDUDFWHUL]DVXVLWXDFLyQ6LVHFRQVLGHUDHOFRQWH[WRPDFURVRFLDODFWXDOPDUFDGR
SRU OD HOHYDGD YRODWLOLGDG \ OD FDGD YH] PD\RU FRQFHQWUDFLyQ PXQGLDO GH OD ULTXH]D \ HO LQJUHVR TXH
JHQHUDXQDHFRQRPtDILQDQFLHUDGHVUHJXODGD\FDGDYH]PiVDXWyQRPD\SRGHURVD &(3$/ QR
HVGLItFLOFRQFOXLUTXHSDUDPRGLILFDUHVWDVLWXDFLyQGHGHVLJXDOGDGUHDOTXHH[SHULPHQWDQODVSHUVRQDV
FRQ GLVFDSDFLGDG QR DOFDQ]D OD LJXDOGDG MXUtGLFD FRQ HO UHFRQRFLPLHQWR GH GHUHFKRV R ORV SURSyVLWRV
OHJLVODWLYRV GH ORJUDU XQD HTXLSDUDFLyQ GH RSRUWXQLGDGHV $XQTXH HVWRV UHSUHVHQWDQ LQVWUXPHQWRV
YDOLRVRVQRVRQVXILFLHQWHVVLVHFDUHFHGHORVUHFXUVRVPDWHULDOHV\VLPEyOLFRVSDUDORJUDUPRGLILFDUODV
UHODFLRQHVGHIXHU]DTXHFRORFDQDHVWH\RWURVJUXSRVVRFLDOHVHQSRVLFLRQHVGHVIDYRUDEOHV



&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

,,,/DVSHUVRQDVFRQGLVFDSDFLGDG
HQHOGHUHFKRLQWHUQDFLRQDO

(OWUDWDPLHQWRGHORVGHUHFKRVKXPDQRVGHODVSHUVRQDVFRQGLVFDSDFLGDG
SDUWH HQ HVWH GRFXPHQWR GH XQD DVXQFLyQ WHyULFD TXH HV QHFHVDULR
H[SOLFLWDU DXQTXH QR VHD HVWH HO HVSDFLR SDUD VX DERUGDMH HQ H[WHQVR D
SHVDUTXHVHWUDWDGHXQDVXQWRTXHJHQHUDGHEDWH/DSHUVSHFWLYDWHyULFD
TXHVHSURFXUDDVXPLUHVODGHODFRQFHSFLyQPXOWLFXOWXUDOGHORVGHUHFKRV
KXPDQRV 6HJ~Q HVWD SURSXHVWD ³PLHQWUDV ORV GHUHFKRV KXPDQRV VHDQ
FRQFHELGRV FRPR GHUHFKRV KXPDQRV XQLYHUVDOHV WHQGHUiQ D IXQFLRQDU
FRPR XQ ORFDOLVPR JOREDOL]DGR FRPR XQD IRUPD GH JOREDOL]DFLyQ GHVGH
DUULED´ 'H6RXVD6DQWRVSiJ (ODXWRUHQWLHQGHSRUORFDOLVPR
JOREDOL]DGR HO SURFHVR SRU HO FXDO XQ IHQyPHQR ORFDO GDGR HV
H[LWRVDPHQWH JOREDOL]DGR ²HQ HVWH FDVR ODV SUHVXQFLRQHV VREUH ODV TXH
VHDSR\DHOFRQFHSWRGHGHUHFKRVKXPDQRV\HOGHXQLYHUVDOLGDGOLJDGRD
pOTXHHVSURSLRGHODFXOWXUDRFFLGHQWDO
/D FODULGDG FRQ OD TXH HO DXWRU H[SOLFD HVWDV SUHVXSRVLFLRQHV TXH
VXVWHQWDQODQRFLyQGHGHUHFKRVKXPDQRVMXVWLILFDODH[WHQVLyQGHODFLWD
³TXHH[LVWHXQDQDWXUDOH]DKXPDQDXQLYHUVDOTXHSXHGHVHUFRQRFLGDSRU
PHGLRV UDFLRQDOHV TXH OD QDWXUDOH]D KXPDQD HV HVHQFLDOPHQWH GLIHUHQWH
GH\VXSHULRUDOUHVWRGHODUHDOLGDGTXHHOLQGLYLGXRWLHQHXQDGLJQLGDG
DEVROXWDHLUUHGXFWLEOHTXHGHEHVHUGHIHQGLGDGHODVRFLHGDGRGHO(VWDGR
TXHODDXWRQRPtDGHOLQGLYLGXRUHTXLHUHTXHODVRFLHGDGVHDRUJDQL]DGDGH
XQDIRUPDQRMHUiUTXLFDFRPRXQDVXPDGHLQGLYLGXRVOLEUHV´ 'H6RXVD
6DQWRVSiJ 6HDTXHDFRUGHPRVRQRFRQHVWRVSULQFLSLRVHV
LQQHJDEOH TXH VRQ SURSLRV GH OD FXOWXUD RFFLGHQWDO GLIHUHQWHV GH ODV
FRQFHSFLRQHVGHOKRPEUH\HOPXQGRGHRWUDVFXOWXUDV\SRUORWDQWRQR
XQLYHUVDOHV/DSURSXHVWDGHODXWRUHVTXHSDUWLHQGRGHOUHFRQRFLPLHQWR


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

GHODQDWXUDOH]DLQFRPSOHWDGHFDGDFXOWXUD\ODQHFHVLGDGGHHQWUDUHQGLiORJRVHQWUHHOODVVHSXHGDQ
FRQVHQVXDU ODV FRQGLFLRQHV TXH VXVWHQWHQ HO GLVFXUVR \ OD SUiFWLFD GH ORV GHUHFKRV KXPDQRV
FRVPRSROLWDV QR\DXQLYHUVDOHV FRQFLELHQGRDOFRVPRSROLWLVPRFRPR³ODVROLGDULGDGWUDQVIURQWHUL]D
HQWUHJUXSRVTXHVRQH[SORWDGRVRSULPLGRVRH[FOXLGRVSRUODJOREDOL]DFLyQKHJHPyQLFD´ 'H6RXVD
6DQWRVSiJ GHQWURGHORVFXDOHVFLHUWDPHQWHVHHQFXHQWUDQODVSHUVRQDVFRQGLVFDSDFLGDG
/D SURSXHVWD GH HVWH WUDEDMR QR HV REYLDPHQWH UHDOL]DU XQ UHSODQWHDPLHQWR GH ORV GHUHFKRV
KXPDQRVVHUtDGHPDVLDGRSUHWHQFLRVR\DGHPiVLQFRKHUHQWHFRQODLGHDGHHVWDEOHFHUORVDSDUWLUGH
XQGLiORJRPXOWLFXOWXUDO&RQHVWDGLJUHVLyQWHyULFDVRORVHSURFXUDH[SOLFLWDUODFRQFLHQFLDGHHVWD
QHFHVDULDUHVWULFFLyQFXDQGRVHDOXGHDORVGHUHFKRVKXPDQRVGHODVSHUVRQDVFRQGLVFDSDFLGDGVXV
OLPLWDFLRQHVDOFDQFHVUHFRQRFLPLHQWRRFRQFXOFDFLyQ6LQLUPiVDOOiGHQXHVWUDSURSLDUHJLyQVH
DVXPH TXH HVWH DQiOLVLV SUREDEOHPHQWH QR HVWp LQWHUSUHWDQGR OD FRQFHSFLyQFRQVWUXFFLyQ GH OD
GLVFDSDFLGDG TXH SRGUtD FDUDFWHUL]DU D ORV SXHEORV LQGtJHQDV R D FLHUWRV SXHEORV LQGtJHQDV
²SXHVWR TXH SUHWHQGHU FRPSUHQGHUORV FRPR XQ ~QLFR JUXSR WDPELpQ UHYHOD XQD DSUR[LPDFLyQ
KHJHPRQL]DQWH(QWRQFHVFXDQGRVHKDEODDTXtGHORVGHUHFKRVKXPDQRVVHKDEODGHORVGHUHFKRV
KXPDQRV VHJ~Q OD FXOWXUD RFFLGHQWDO \ VH SURFXUD DVXPLU VX LQFRPSOHWXG DXQTXH PiV QR VHD D
SDUWLUGHOVLPSOHUHFRQRFLPLHQWR
3DUWLHQGR GH HVWD DFODUDFLyQ SXHGH GHFLUVH TXH OD DOXVLyQ D ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ
GHFODUDFLRQHVSODQHVGHDFFLyQHLQVWUXPHQWRVGHGHUHFKRLQWHUQDFLRQDOHVSURIXVDHQHVSHFLDODSDUWLU
GH OD GpFDGD GH  \ ODV 1DFLRQHV 8QLGDV KDQ GHVHPSHxDGR XQ URO SURWDJyQLFR HQ HVWD FUHFLHQWH
FRQVLGHUDFLyQ8QRGHORVSULPHURVDQWHFHGHQWHVHVOD'HFODUDFLyQVREUHHO3URJUHVR\HO'HVDUUROORHQ
OR6RFLDODSUREDGDPHGLDQWHOD5HVROXFLyQ ;;,9 HOGHGLFLHPEUHGH\TXHSURFODPD
ODQHFHVLGDGGHSURWHJHUORVGHUHFKRVGHODVSHUVRQDVItVLFD\PHQWDOPHQWHGHVIDYRUHFLGDV\GHDVHJXUDU
VXELHQHVWDU\VXUHKDELOLWDFLyQ/HVLJXLyOD'HFODUDFLyQGHORV'HUHFKRVGHO5HWUDVDGR0HQWDODWUDYpV
GH OD 5HVROXFLyQ  ;;9,  GHO  GH GLFLHPEUH GH  (Q VX WH[WRVHVROLFLWDDGRSWDUPHGLGDV
QDFLRQDOHVRLQWHUQDFLRQDOHVTXHVLUYDQGHEDVH\UHIHUHQFLDFRP~QSDUDODSURWHFFLyQGHGHUHFKRVFRPR
ODDWHQFLyQPpGLFD\HOWUDWDPLHQWRItVLFRODHGXFDFLyQODFDSDFLWDFLyQODUHKDELOLWDFLyQODVHJXULGDG
HFRQyPLFD\XQQLYHOGHYLGDGHFRURVRHOGHVHPSHxRGHXQHPSOHRSURGXFWLYRRDOJXQDRFXSDFLyQ~WLO
HQODPHGLGDGHVXVSRVLELOLGDGHVODUHVLGHQFLDFRQVXIDPLOLDRHQXQKRJDUTXHUHHPSODFHDOSURSLROD
SDUWLFLSDFLyQ HQ ODV GLVWLQWDV IRUPDV GH OD YLGD GH OD FRPXQLGDG OD DWHQFLyQ GH XQ WXWRU FDOLILFDGR
FXDQGR VHD QHFHVDULR SURWHFFLyQ FRQWUD OD H[SORWDFLyQ \ WRGR DEXVR R WUDWR GHJUDGDQWH \ XQ SURFHVR
MXGLFLDOMXVWRTXHDWLHQGDDVXVIDFXOWDGHV
(OGHGLFLHPEUHGHVHDSUREyHO$xR,QWHUQDFLRQDOGHORV,PSHGLGRV  SRUPHGLR
GH OD 5HVROXFLyQ  6X SURSyVLWR IXH OODPDU OD DWHQFLyQ GH ORV JRELHUQRV ODV RUJDQL]DFLRQHV QR
JXEHUQDPHQWDOHV\ODVSHUVRQDVVREUHODQHFHVLGDGGHHPSUHQGHUPHGLGDVDIDYRUGHORV³LPSHGLGRV´
SURPRYHUVXLJXDOGDG\VXSOHQDSDUWLFLSDFLyQ 3DQWDQR 8QFRPLWpDVHVRUH[DPLQyXQSUR\HFWR
GHWUDEDMRSDUDHODxRTXHOXHJRVHDGRSWyFRPR3URJUDPDGH$FFLyQ0XQGLDOSDUDORV,PSHGLGRVD
WUDYpVGHOD5HVROXFLyQGHOGHGLFLHPEUHGH
(O HQIRTXH DGRSWDGR HQ HO 3URJUDPD GH $FFLyQ SHUPLWH DGYHUWLU HO FRPLHQ]R GHO JLUR HQ OD
FRQFHSFLyQ VREUH OD GLVFDSDFLGDG SXHV FRQVLGHUD D ORV LPSHGLPHQWRV FRPR XQD UHODFLyQ HQWUH XQD
SHUVRQD\VXPHGLR³DWHQGLHQGRDTXHHQJUDQSDUWHHVHOPHGLRHOTXHGHWHUPLQDORVHIHFWRVGHXQD
GHILFLHQFLD ItVLFD R PHQWDO HQ OD YLGD FRWLGLDQD GH XQD SHUVRQD´ 3DQWDQR  SiJ   (VWH
VHxDODPLHQWR VXJLHUH TXH PiV DOOi GH ODV LPSOLFDFLRQHV PDWHULDOHV \ VLPEyOLFDV TXH SXHGD WHQHU OD
GHQRPLQDFLyQ GH ³LPSHGLGRV´ HQ HVWH LQVWUXPHQWR VH YLVOXPEUD \D XQD FRQFHSFLyQ UHODFLRQDO GHO
FRQFHSWR2WURHOHPHQWRLQWHUHVDQWHTXHHPHUJHGHVXOHFWXUDHVHOVHxDODPLHQWRTXHHODQiOLVLVGHOD
VLWXDFLyQGHORV³LPSHGLGRV´³GHEHHIHFWXDUVHGHQWURGHOFRQWH[WRGHGLVWLQWRVQLYHOHVGHGHVDUUROOR
HFRQyPLFR\VRFLDO\GHGLIHUHQWHVFXOWXUDV´ 1DFLRQHV8QLGDV 
&RQHO3URJUDPDGH$FFLyQFRPLHQ]DDHPHUJHUWDPELpQODSUHRFXSDFLyQSRUODSURGXFFLyQGH
GDWRV VREUH ODV SHUVRQDV FRQ GLVFDSDFLGDG DO VHxDODUVH OD LPSRUWDQFLD GH TXH VH LQYHVWLJXHQ ODV
FXHVWLRQHVVRFLDOHVHFRQyPLFDV\GHSDUWLFLSDFLyQTXHUHSHUFXWHQHQODVYLGDVGHORV³LPSHGLGRV´\
VXVIDPLOLDV\ODIRUPDHQTXHODVRFLHGDGVHRFXSDGHHVRVDVXQWRV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

/D&RQIHUHQFLD,QWHUQDFLRQDOVREUHOD3REODFLyQ\HO'HVDUUROOR &,3' FHOHEUDGDHQ(O&DLUR


GHO  DO  GH VHSWLHPEUH GH  UHSUHVHQWy XQD UHRULHQWDFLyQ SURIXQGD GH OD YLVLyQ VREUH OD
SREODFLyQ \ VXV YtQFXORV FRQ HO GHVDUUROOR DO DSXQWDU D OD VDWLVIDFFLyQ GH ODV QHFHVLGDGHV GH ODV
SHUVRQDV \ DO UHVSHWR \ JDUDQWtD GH VXV GHUHFKRV &(/$'(&(3$/ \ 81)3$   /D &,3'
GHGLFD XQ DSDUWDGR HVSHFLDO D ODV SHUVRQDV FRQ GLVFDSDFLGDG SiUUDIRV  D   HQ HO TXH VH
GHVWDFDHOFDUiFWHUDSUHPLDQWHGHODQHFHVLGDGGHSURPRYHUPHGLGDVHILFDFHVSDUDODSUHYHQFLyQGHOD
GLVFDSDFLGDGODUHKDELOLWDFLyQ\ODUHDOL]DFLyQGHORVREMHWLYRVGHSDUWLFLSDFLyQHLJXDOGDGSOHQDV(O
3URJUDPDGH$FFLyQGHODFRQIHUHQFLDSURSRQHXQDVHULHGHPHGLGDVTXHORV(VWDGRVGHEHUtDQWRPDU
FRPRFRQVLGHUDUVXVQHFHVLGDGHVUHODWLYDVDODVDOXGVH[XDO\UHSURGXFWLYDHOLPLQDUWRGDVODVIRUPDV
FRQFUHWDV GH GLVFULPLQDFLyQ GHVDUUROODU OD LQIUDHVWUXFWXUD QHFHVDULD SDUD DWHQGHU ODV QHFHVLGDGHV GH
ODVSHUVRQDVFRQGLVFDSDFLGDGHVIRUWDOHFHUVXVIDFXOWDGHVGHLQWHJUDFLyQ\VXSHUYLVDUHVWDLQWHJUDFLyQ
VRFLDO\HFRQyPLFD 81)3$ 
/D 'HFODUDFLyQ GH %HLMLQJ DSUREDGD HQ OD &XDUWD &RQIHUHQFLD 0XQGLDO VREUH OD 0XMHU
UHDOL]DGD GHO  DO  GH VHSWLHPEUH GH  UHFRQRFLy D OD GLVFDSDFLGDG FRPR XQD EDUUHUD SDUD OD
SRWHQFLDFLyQ \ HO DGHODQWR GH PXMHUHV \ QLxDV \ OD &RQYHQFLyQ VREUH ORV 'HUHFKRV GHO 1LxR
DGRSWDGD PHGLDQWH OD 5HVROXFLyQ  GHO  GH QRYLHPEUH GH  LQVWy D ORV (VWDGRV 3DUWHV D
UHFRQRFHU TXH HO QLxR PHQWDO R ItVLFDPHQWH LPSHGLGR GHEHUi GLVIUXWDU GH XQD YLGD SOHQD \ GHFHQWH
3HURVLQGXGDXQRGHORVKLWRVPiVUHOHYDQWHVHQHOFDPSRGHODGLVFDSDFLGDGFRQSOHQDLQFLGHQFLDKDVWD
OD DFWXDOLGDG HQ HVSHFLDO HQ OD HODERUDFLyQ GH OH\HV \ HQ OD GHWHUPLQDFLyQ GH iUHDV GH LQWHUYHQFLyQ
PHGLDQWHSROtWLFDVORFRQVWLWX\HURQODV1RUPDV8QLIRUPHVVREUHODLJXDOGDGGHRSRUWXQLGDGHVSDUDODV
SHUVRQDV FRQ GLVFDSDFLGDG HVWDEOHFLGDV PHGLDQWH OD 5HVROXFLyQ  GHO  GH GLFLHPEUH GH 
(ODERUDGDV D SDUWLU GH OD H[SHULHQFLD DGTXLULGD GXUDQWH HO 'HFHQLR GH ODV 1DFLRQHV 8QLGDV SDUD ORV
,PSHGLGRV  ODVQRUPDVQRVRQGHFXPSOLPLHQWRREOLJDWRULRVLQHPEDUJRVXWH[WRSODQWHD
H[SOtFLWDPHQWH OD H[SHFWDWLYD TXH ³SXHGHQ FRQYHUWLUVH HQ QRUPDV LQWHUQDFLRQDOHV FRQVXHWXGLQDULDV
FXDQGR ODV DSOLTXH XQ JUDQ Q~PHUR GH (VWDGRV FRQ OD LQWHQFLyQ GH UHVSHWDU XQD QRUPD GH GHUHFKR
LQWHUQDFLRQDO´ 1DFLRQHV 8QLGDV  SiUUDIR   $GHPiV VRVWLHQH TXH OOHYDQ LPSOtFLWR HO
FRPSURPLVR PRUDO \ SROtWLFR GH ORV (VWDGRV GH DGRSWDU PHGLGDV SDUD ORJUDU OD LJXDOGDG GH
RSRUWXQLGDGHVGHODVSHUVRQDVFRQGLVFDSDFLGDG
/RVWHPDVDERUGDGRVSRUODVQRUPDVVHDJUXSDQHQFXDWURiPELWRVUHTXLVLWRVSDUDODLJXDOGDGGH
SDUWLFLSDFLyQ PD\RU WRPD GH FRQFLHQFLD VRFLDO VREUH HO WHPD DWHQFLyQ PpGLFD UHKDELOLWDFLyQ \
VHUYLFLRV GH DSR\R  HVIHUDV SUHYLVWDV SDUD OD LJXDOGDG GH SDUWLFLSDFLyQ DFFHVLELOLGDG HGXFDFLyQ
HPSOHRPDQWHQLPLHQWRGHORVLQJUHVRV\VHJXULGDGVRFLDOYLGDHQIDPLOLDHLQWHJULGDGSHUVRQDOFXOWXUD
HQWUH RWUDV  PHGLGDV GH HMHFXFLyQ LQIRUPDFLyQ H LQYHVWLJDFLyQ FXHVWLRQHV QRUPDWLYDV \ GH
SODQLILFDFLyQ OHJLVODFLyQ SROtWLFD HFRQyPLFD RUJDQL]DFLRQHV GH SHUVRQDV FRQ GLVFDSDFLGDG
FRRSHUDFLyQ LQWHUQDFLRQDO HQWUH RWUDV  \ PHFDQLVPRV GH VXSHUYLVLyQ IRUPDV GH LGHQWLILFDU ORV
REVWiFXORV\UHFRPHQGDUPHGLGDVSDUDFRQWULEXLUDODHMHFXFLyQGHODVUHJODV (OHVSDFLRTXHGHGLFDQD
OD LQIRUPDFLyQ H LQYHVWLJDFLyQ HV LPSRUWDQWH \ HVWDEOHFHQ TXH ³/RV (VWDGRV GHEHQ DVXPLU OD
UHVSRQVDELOLGDGILQDOGHUHXQLU\GLIXQGLULQIRUPDFLyQDFHUFDGHODVFRQGLFLRQHVGHYLGDGHODVSHUVRQDV
FRQGLVFDSDFLGDG\IRPHQWDUODDPSOLDLQYHVWLJDFLyQGHWRGRVORVDVSHFWRVLQFOXLGRVORVREVWiFXORVTXH
DIHFWDQODYLGDGHODVSHUVRQDVFRQGLVFDSDFLGDG´ 1DFLRQHV8QLGDVDUWtFXOR 
(V UHOHYDQWH FRQVLGHUDU DOJXQDV HVSHFLILFDFLRQHV VREUH ODV GLPHQVLRQHV TXH FRPSUHQGHQ ORV
SULQFLSLRV HVWLSXODGRV HQ HVWDV QRUPDV SXHVWR TXH FRQVWLWX\HQ OD EDVH VREUH OD TXH VH DQDOL]DURQ ODV
FRQVWLWXFLRQHV\OH\HVHVSHFtILFDVGHORVSDtVHVGH$PpULFD/DWLQDHQHVWHGRFXPHQWR YpDVHHOFDStWXOR
,9 (VWHLQVWUXPHQWRVRVWLHQHTXH³/RV(VWDGRVGHEHQDVHJXUDUODSUHVWDFLyQGHDWHQFLyQPpGLFDHILFD]
D ODV SHUVRQDV FRQ GLVFDSDFLGDG´ DUWtFXOR   (OOR VXSRQH HQWUH RWUDV FRVDV HODERUDU SURJUDPDV
GLULJLGRV SRU HTXLSRV PXOWLGLVFLSOLQDULRV GH SURIHVLRQDOHV TXH EXVTXHQ OD GHWHFFLyQ SUHFR] OD
HYDOXDFLyQ\HOWUDWDPLHQWRGHODVGHILFLHQFLDVSURFXUDUXQDDWHQFLyQPpGLFDGHLJXDOFDOLGDG\GHQWUR
GHO PLVPR VLVWHPD TXH ORV GHPiV PLHPEURV GH OD VRFLHGDG SDUD ODV SHUVRQDV FRQ GLVFDSDFLGDG
HVSHFLDOPHQWH VL VRQ ODFWDQWHV \ QLxRV \ YHODU SRU TXH UHFLEDQ UHJXODUPHQWH HO WUDWDPLHQWR \ ORV
PHGLFDPHQWRVTXHQHFHVLWDQSDUDPDQWHQHURDXPHQWDUODFDSDFLGDGIXQFLRQDO(ODUWtFXORREOLJDDORV
(VWDGRVD³DVHJXUDUODSUHVWDFLyQGHVHUYLFLRVGHUHKDELOLWDFLyQSDUDODVSHUVRQDVFRQGLVFDSDFLGDGDILQ
TXH ORJUHQ DOFDQ]DU \ PDQWHQHU XQ QLYHO ySWLPR GH DXWRQRPtD \ PRYLOLGDG´ \ HO  D ³YHODU SRU HO


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

HVWDEOHFLPLHQWR \ OD SUHVWDFLyQ GH VHUYLFLRV GH DSR\R D ODV SHUVRQDV FRQ GLVFDSDFLGDG LQFOXLGRV ORV
UHFXUVRVDX[LOLDUHVDILQGHD\XGDUODVDDXPHQWDUVXQLYHOGHDXWRQRPtDHQODYLGDFRWLGLDQD\DHMHUFHU
VXVGHUHFKRV´
/D DFFHVLELOLGDG XQD GLPHQVLyQ EiVLFD SDUD LQLFLDU HO SURFHVR KDFLD HO ORJUR GH VRFLHGDGHV
LQFOXVLYDV FRPSUHQGH GRV DVSHFWRV SRU XQD SDUWH HO DFFHVR DO HQWRUQR ItVLFR TXH LPSOLFD DGRSWDU
PHGLGDV SDUD HOLPLQDU ORV REVWiFXORV TXH OR LPSLGHQ \ SRU OD RWUD HO DFFHVR D OD LQIRUPDFLyQ \ OD
FRPXQLFDFLyQ TXH ORV (VWDGRV HVWiQ REOLJDGRV D JDUDQWL]DU \D VHD HODERUDQGR HVWUDWHJLDV SDUD TXH
ORV VHUYLFLRV GH LQIRUPDFLyQ \ FRPXQLFDFLyQ HVWpQ DO DOFDQFH GH GLIHUHQWHV JUXSRV GH SHUVRQDV FRQ
GLVFDSDFLGDG FRQVLGHUDQGR OD XWLOL]DFLyQ GHO OHQJXDMH GH VHxDV HQ OD HGXFDFLyQ HVWLPXODQGR D ORV
PHGLRVGHFRPXQLFDFLyQSDUDTXHKDJDQDFFHVLEOHVVXVVHUYLFLRVHQWUHRWUDVPHGLGDV DUWtFXOR (Q
FXDQWR D OD HGXFDFLyQ HVWDV QRUPDV HVWDEOHFHQ TXH ORV (VWDGRV ³GHEHQ UHFRQRFHU HO SULQFLSLR GH OD
LJXDOGDG GH RSRUWXQLGDGHV« HQ ORV QLYHOHV SULPDULR VHFXQGDULR \ VXSHULRU SDUD ORV QLxRV ORV
MyYHQHV\ORVDGXOWRVFRQGLVFDSDFLGDGHQHQWRUQRVLQWHJUDGRV\GHEHQYHODUSRUTXHODHGXFDFLyQGH
ODVSHUVRQDVFRQGLVFDSDFLGDGFRQVWLWX\DXQDSDUWHLQWHJUDQWHGHOVLVWHPDGHHQVHxDQ]D´ DUWtFXOR 
(QDTXHOODVVLWXDFLRQHVHQTXHHOVLVWHPDHGXFDWLYRJHQHUDOQRHVWpD~QHQFRQGLFLRQHVGHDWHQGHUODV
QHFHVLGDGHVGHWRGDVODVSHUVRQDVFRQGLVFDSDFLGDGSRGUtDDQDOL]DUVHODSRVLELOLGDGGHHVWDEOHFHUOD
HQVHxDQ]DHVSHFLDO³FX\RREMHWLYRVHUtDSUHSDUDUDORVHVWXGLDQWHVSDUDTXHVHHGXFDUDQHQHOVLVWHPD
GHHQVHxDQ]DJHQHUDO´
(OGHUHFKRDOWUDEDMRWDPELpQHVWiFRQWHPSODGRDOVRVWHQHUVHTXHWDQWRHQODV]RQDVUXUDOHVFRPR
HQODVXUEDQDV³GHEHKDEHULJXDOGDGGHRSRUWXQLGDGHVSDUDREWHQHUXQHPSOHRSURGXFWLYR\UHPXQHUDGR
HQHOPHUFDGRGHWUDEDMR´ DUWtFXOR 6HDOLHQWDDORV(VWDGRVDDSR\DUDFWLYDPHQWHODLQWHJUDFLyQGHODV
SHUVRQDVFRQGLVFDSDFLGDGDOPXQGRGHOWUDEDMRPHGLDQWHGLYHUVDVPHGLGDVWDOHVFRPRODFDSDFLWDFLyQ
SURIHVLRQDOH[HQFLRQHVILVFDOHVSDUDODVHPSUHVDVFXRWDVGHSXHVWRVEDVDGDVHQLQFHQWLYRVHQWUHRWUDV
7DPELpQ VH OHV VROLFLWD HVWLPXODU D ORV HPSOHDGRUHV DUHDOL]DU DMXVWHV UD]RQDEOHVSDUDGDUFDELGDDODV
SHUVRQDVFRQGLVFDSDFLGDG(QHVWUHFKDUHODFLyQFRQHVWHGHUHFKRODVQRUPDVXQLIRUPHVGHODV1DFLRQHV
8QLGDVKDFHQUHVSRQVDEOHDO(VWDGRGHEULQGDUVHJXULGDGVRFLDO\PDQWHQHUHOLQJUHVRGHODVSHUVRQDV
FRQGLVFDSDFLGDGGHPDQHUDPX\FODUD³/RV(VWDGRVGHEHQYHODUSRUDVHJXUDUODSUHVWDFLyQGHDSR\R
DGHFXDGR HQ PDWHULD GH LQJUHVRV D ODV SHUVRQDV FRQ GLVFDSDFLGDG TXH GHELGR D OD GLVFDSDFLGDG R D
IDFWRUHVUHODFLRQDGRVFRQpVWDKD\DQSHUGLGRWHPSRUDOPHQWHVXVLQJUHVRVUHFLEDQXQLQJUHVRUHGXFLGRR
VHKD\DQYLVWRSULYDGDVGHRSRUWXQLGDGHVGHHPSOHR/RV(VWDGRVGHEHQYHODUSRUTXHODSUHVWDFLyQGH
DSR\RWHQJDHQFXHQWDORVJDVWRVHQTXHVXHOHQLQFXUULUODVSHUVRQDVFRQGLVFDSDFLGDG\VXVIDPLOLDV
FRPRFRQVHFXHQFLDGHVXGLVFDSDFLGDG´ DUWtFXOR 
)LQDOPHQWH RWUR DVSHFWR UHOHYDQWH FRQWHPSODGR SRU ODV QRUPDV HV OD SURPRFLyQ GH OD SOHQD
SDUWLFLSDFLyQ GH ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ OD YLGD IDPLOLDU \ GH VX GHUHFKR D OD LQWHJULGDG
SHUVRQDO (O (VWDGR GHEH YHODU SRU TXH ³OD OHJLVODFLyQ QR HVWDEOH]FD GLVFULPLQDFLRQHV FRQWUD ODV
SHUVRQDV FRQ GLVFDSDFLGDG HQ OR TXH VH UHILHUH D ODV UHODFLRQHV VH[XDOHV HO PDWULPRQLR \ OD
SURFUHDFLyQ´ DUWtFXOR   7DPELpQ GHEH SUHRFXSDUVH SRU TXH ODV SHUVRQDV FRQ GLVFDSDFLGDG VH
LQWHJUHQ \ SDUWLFLSHQ GH ODV DFWLYLGDGHV FXOWXUDOHV UHFUHDWLYDV \ GHSRUWLYDV HQ LJXDOGDG GH
FRQGLFLRQHV DUWtFXORV\ 
/D&RQYHQFLyQVREUHORVGHUHFKRVGHODVSHUVRQDVFRQGLVFDSDFLGDGDGRSWDGDHOGHGLFLHPEUH
GHPHGLDQWHOD5HVROXFLyQ\TXHHQWUyHQYLJRUHOGHPD\RGHHVSUREDEOHPHQWHHO
LQVWUXPHQWRGHGHUHFKRLQWHUQDFLRQDOPiVUHOHYDQWHSDUDHVWHiPELWRGHODUHDOLGDGVRFLDO6XSURSyVLWR
HV ³SURPRYHU SURWHJHU \ DVHJXUDU HO JRFH SOHQR \ HQ FRQGLFLRQHV GH LJXDOGDG GH WRGRV ORV GHUHFKRV
KXPDQRV\OLEHUWDGHVIXQGDPHQWDOHVSRUWRGDVODVSHUVRQDVFRQGLVFDSDFLGDG\SURPRYHUHOUHVSHWRGH
VXGLJQLGDGLQKHUHQWH´ 1DFLRQHV8QLGDVDUWtFXOR (OLQVWUXPHQWRVHEDVDHQRFKRSULQFLSLRV
UHFWRUHVHOUHVSHWRGHODGLJQLGDGLQKHUHQWHODDXWRQRPtDLQGLYLGXDOLQFOXLGDODOLEHUWDGGHWRPDUODV
SURSLDVGHFLVLRQHV\ODLQGHSHQGHQFLDGHODVSHUVRQDVODQRGLVFULPLQDFLyQODSDUWLFLSDFLyQHLQFOXVLyQ
SOHQDV \ HIHFWLYDV HQ OD VRFLHGDG HO UHVSHWR SRU OD GLIHUHQFLD \ OD DFHSWDFLyQ GH ODV SHUVRQDV FRQ
GLVFDSDFLGDG FRPR SDUWH GH OD GLYHUVLGDG \ OD FRQGLFLyQ KXPDQDV OD LJXDOGDG GH RSRUWXQLGDGHV OD
DFFHVLELOLGDGODLJXDOGDGHQWUHHOKRPEUH\ODPXMHU\HOUHVSHWRDODHYROXFLyQGHODVIDFXOWDGHVGHORV
QLxRV\ODVQLxDVFRQGLVFDSDFLGDG\GHVXGHUHFKRDSUHVHUYDUVXLGHQWLGDG 1DFLRQHV8QLGDVVI 


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

/DV SHUVRQDV FRQ GLVFDSDFLGDG VRQ GHILQLGDV HQ HO LQVWUXPHQWR FRPR ³DTXHOODV TXH WHQJDQ
GHILFLHQFLDV ItVLFDV PHQWDOHV LQWHOHFWXDOHV R VHQVRULDOHV D ODUJR SOD]R TXH DO LQWHUDFWXDU FRQ GLYHUVDV
EDUUHUDV SXHGDQ LPSHGLU VX SDUWLFLSDFLyQ SOHQD \ HIHFWLYD HQ OD VRFLHGDG HQ LJXDOGDG GH FRQGLFLRQHV
FRQ ODV GHPiV´ 1DFLRQHV 8QLGDV  DUWtFXOR   (VWD FRQFHSWXDOL]DFLyQ UHYHOD HO HQIRTXH TXH
VXE\DFHDODFRQYHQFLyQIXQGDGRHQODLGHDTXH³ODGLVFDSDFLGDGHVXQFRQFHSWRTXHHYROXFLRQD\TXH
UHVXOWD GH OD LQWHUDFFLyQ HQWUH ODV SHUVRQDV FRQ GHILFLHQFLDV \ ODV EDUUHUDV GHELGDV D OD DFWLWXG \ DO
HQWRUQR´ 1DFLRQHV 8QLGDV  3UHiPEXOR  \ TXH VH KDFH HFR GH OD QXHYD PLUDGD TXH GHEHUtDQ
LQWHQWDUSODVPDUORVLQVWUXPHQWRVGHUHFROHFFLyQGHGDWRVVREUHODVSHUVRQDVFRQGLVFDSDFLGDG
/D FRQYHQFLyQ FRQVWLWX\H XQ PDUFR DPSOLR GH SURWHFFLyQ GH ORV GHUHFKRV GH ODV SHUVRQDV FRQ
GLVFDSDFLGDGTXHPHQFLRQDODLPSRUWDQFLDGHLQWHJUDUWRGDVODVFXHVWLRQHVUHODWLYDVDHVWHWHPDHQODV
HVWUDWHJLDV GH GHVDUUROOR VRVWHQLEOH GH LQFRUSRUDU XQD SHUVSHFWLYD GH JpQHUR HQ ODV DFWLYLGDGHV
GHVWLQDGDV D JDUDQWL]DU HO HMHUFLFLR GH VXV GHUHFKRV \ OLEHUWDGHV \ TXH UHFRQRFH OD GLYHUVLGDG GH ODV
SHUVRQDVFRQGLVFDSDFLGDG6XPDQGDWRUHVSHFWRGHODSURGXFFLyQ\HOXVRGHGDWRVHVELHQHVSHFtILFR
SXHV HVWLSXOD TXH OD LQIRUPDFLyQ TXH ORV (VWDGRV 3DUWHV UHFRSLOHQ GHEH VHU DGHFXDGD H LQFOXLU GDWRV
HVWDGtVWLFRV \ GH LQYHVWLJDFLyQ TXH OHV SHUPLWDQ IRUPXODU \ DSOLFDU SROtWLFDV SDUD GDU HIHFWR DO
LQVWUXPHQWR $GHPiV HVWDEOHFH TXH ³/D LQIRUPDFLyQ UHFRSLODGD GH FRQIRUPLGDG FRQ HO SUHVHQWH
DUWtFXOR VH GHVJORVDUi HQ VX FDVR \ VH XWLOL]DUi FRPR D\XGD SDUD HYDOXDU HO FXPSOLPLHQWR SRU ORV
(VWDGRV 3DUWHV GH VXV REOLJDFLRQHV FRQIRUPH D OD SUHVHQWH &RQYHQFLyQ DVt FRPR SDUD LGHQWLILFDU \
HOLPLQDUODVEDUUHUDVFRQTXHVHHQIUHQWDQODVSHUVRQDVFRQGLVFDSDFLGDGHQHOHMHUFLFLRGHVXVGHUHFKRV´
1DFLRQHV8QLGDVDUWtFXOR \UHVSRQVDELOL]DDORV(VWDGRVGHODGLIXVLyQGHHVWDVHVWDGtVWLFDV\
VXDFFHVLELOLGDG YpDVHHOFXDGURGHODQH[RSDUDFRQRFHUVXHVWDWXVDQLYHOUHJLRQDO 
'HQWUR GHO iPELWR GH ODV 1DFLRQHV 8QLGDV WDPELpQ GHEHQ PHQFLRQDUVH HO 3ODQ GH $FFLyQ
,QWHUQDFLRQDOGH9LHQDVREUHHO(QYHMHFLPLHQWR  HO3ODQGH$FFLyQ,QWHUQDFLRQDOGH0DGULGVREUH
HO(QYHMHFLPLHQWR  \VX(VWUDWHJLD5HJLRQDOTXHFRQVLGHUDQODGLVFDSDFLGDGHQYLQFXODFLyQFRQ
ODVSHUVRQDVGHHGDG\HOSDSHOGHO5HODWRU(VSHFLDOILJXUDSUHYLVWDSRUODV1RUPDV8QLIRUPHVVREUHOD
LJXDOGDGGHRSRUWXQLGDGHVSDUDODVSHUVRQDVFRQGLVFDSDFLGDGGHODV1DFLRQHV8QLGDVTXHHQWUHRWUDV
IXQFLRQHVSURPXHYHHOGLiORJRGLUHFWRFRQORV(VWDGRVPLHPEURV\FRQODVRUJDQL]DFLRQHVJXEHUQDPHQWDOHV
\ORVH[SHUWRVORFDOHV HQOtQHD½KWWSZZZXQRUJVSDQLVKGLVDELOLWLHVGHIDXOWDVS"QDYLG  SLG ¾ 
$ QLYHO LQWHUDPHULFDQR H[LVWH XQ LPSRUWDQWH LQVWUXPHQWR TXH VH RFXSD GH ODV SHUVRQDV FRQ
GLVFDSDFLGDGHVOD&RQYHQFLyQLQWHUDPHULFDQDSDUDODHOLPLQDFLyQGHWRGDVODVIRUPDVGHGLVFULPLQDFLyQ
FRQWUDODVSHUVRQDVFRQGLVFDSDFLGDGGHOD2UJDQL]DFLyQGH(VWDGRV$PHULFDQRVDSUREDGDHQ&LXGDG
GH *XDWHPDOD HO  GH MXQLR GH  \ TXH WDPELpQ FXHQWD FRQ XQD DPSOLD DGKHVLyQ GH ORV SDtVHV
ODWLQRDPHULFDQRV YpDVHHOFXDGURGHODQH[R (O3URJUDPDGHDFFLyQSDUDHOGHFHQLRGHODV$PpULFDV
SRUORVGHUHFKRV\ODGLJQLGDGGHODVSHUVRQDVFRQGLVFDSDFLGDG  DSUREDGRSRUOD&RPLVLyQHQ
VX VHVLyQ GHO  GH DEULO GH  DSXQWD D TXH ORV (VWDGRV PLHPEURV ORJUHQ KDVWD  DYDQFHV
VXVWDQWLYRVHQODFRQVWUXFFLyQGHXQDVRFLHGDGLQFOXVLYDVROLGDULD\EDVDGDHQHOUHFRQRFLPLHQWRSOHQR
H LJXDOLWDULR GH ORV GHUHFKRV KXPDQRV \ ODV OLEHUWDGHV IXQGDPHQWDOHV \ D TXH ODV SHUVRQDV FRQ
GLVFDSDFLGDGVHDQUHFRQRFLGDV\YDORUDGDVSRUVXVDSRUWHVHIHFWLYRV\SRWHQFLDOHVDOELHQHVWDUJHQHUDO\
ODGLYHUVLGDGGHVXVFRPXQLGDGHV 2($ 
([LVWHQ RWUDV QRUPDV \ PHGLGDV TXH LPSOtFLWD R H[SOtFLWDPHQWH SURWHJHQ DOJ~Q DVSHFWR GH ORV
GHUHFKRVGHODVSHUVRQDVFRQGLVFDSDFLGDGHQWUHHOODVYDULRVFRQYHQLRVGHOD2UJDQL]DFLyQ,QWHUQDFLRQDO
GHO 7UDEDMR 2,7  HO &RQYHQLR  UHODWLYR D OD GLVFULPLQDFLyQ HQ PDWHULD GH HPSOHR \ RFXSDFLyQ
HQWUDGDHQYLJRUHQ HO&RQYHQLRVREUHODVSUHVWDFLRQHVGHLQYDOLGH]YHMH]\VREUHYLYLHQWHV
HQWUDGDHQYLJRUHQ HO&RQYHQLRVREUHODRULHQWDFLyQSURIHVLRQDO\ODIRUPDFLyQSURIHVLRQDO
HQ HO GHVDUUROOR GH ORV UHFXUVRV KXPDQRV HQWUDGD HQ YLJRU HQ   \ HO &RQYHQLR  VREUH OD
UHDGDSWDFLyQSURIHVLRQDO\HOHPSOHRGHSHUVRQDVLQYiOLGDV HQWUDGDHQYLJRUHQ (Q,EHURDPpULFD
SXHGH PHQFLRQDUVH OD 'HFODUDFLyQ GH &DUWDJHQD GH ,QGLDV VREUH SROtWLFDV LQWHJUDOHV SDUD ODV SHUVRQDV
FRQ GLVFDSDFLGDG HQ HO iUHD LEHURDPHULFDQD VXUJLGD GH OD &RQIHUHQFLD ,QWHUJXEHUQDPHQWDO
,EHURDPHULFDQD VREUH 3ROtWLFDV SDUD 3HUVRQDV $QFLDQDV \ 3HUVRQDV 'LVFDSDFLWDGDV UHDOL]DGD HQWUH ORV
GtDV\GHRFWXEUHGH\DODTXHDVLVWLHURQUHSUHVHQWDQWHVJXEHUQDPHQWDOHVGHOD$UJHQWLQDHO
(VWDGR3OXULQDFLRQDOGH%ROLYLD&RORPELD&RVWD5LFD&XED&KLOHHO(FXDGRU(O6DOYDGRU(VSDxD


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

*XDWHPDOD+RQGXUDV0p[LFR1LFDUDJXD3DQDPiHO3DUDJXD\HO3HU~OD5HS~EOLFD'RPLQLFDQDHO
8UXJXD\\OD5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD
(QVtQWHVLVHOGHUHFKRLQWHUQDFLRQDORFFLGHQWDOHQPDWHULDGHGLVFDSDFLGDGHVDPSOLR\WLHQHXQD
KLVWRULDVyOLGDTXHKDORJUDGROHJLWLPDUVRFLDOPHQWHHOQXHYRPRGRGHHQWHQGHUOD7DPELpQORHVODEDVH
OHJLVODWLYD QDFLRQDO TXH SURWHJH D ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ OD UHJLyQ FRPR VH YHUi HQ HO
SUy[LPRFDStWXOR3HURGHDFXHUGRDOSDQRUDPDGHVFULWRHQHODSDUWDGRDQWHULRUHOSUREOHPDUHVLGHHQ
JUDQPHGLGDHQHOKHFKRTXHHVHUHFRQRFLPLHQWRMXUtGLFRQRVHWUDGXFHHQXQDLJXDOGDGUHDO


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

,9(OPDUFRMXUtGLFRQDFLRQDO
HQWUHODUHQRYDFLyQ\HOGHVIDVH

/DV 1RUPDV 8QLIRUPHV VREUH OD LJXDOGDG GH RSRUWXQLGDGHV SDUD ODV
SHUVRQDVFRQGLVFDSDFLGDGFRPRVHGLMRUHSUHVHQWDURQXQKLWRLPSRUWDQWH
SDUD OD QRUPDWLYLGDG UHIHULGD D HOODV (Q EXHQD PHGLGD D SDUWLU GH VX
LQIOXHQFLD ODV OH\HV QDFLRQDOHV GHGLFDGDV DO WHPD GHMDURQ GH HVWDU
HQIRFDGDV HQ OD SURWHFFLyQ VRFLDO OD VDOXG \ OD EHQHILFHQFLD SDUD
FRQYHUWLUVHHQLQVWUXPHQWRVTXHEXVFDQDVHJXUDUODLJXDOGDGRHTXLGDGGH
RSRUWXQLGDGHV HO UHVSHWR GH ORV GHUHFKRV KXPDQRV \ GH ODV OLEHUWDGHV
IXQGDPHQWDOHV 0XMLFD\&DOOH 
(Q HVWH DSDUWDGR VH DQDOL]D OD FRQVLGHUDFLyQ GH ODV SHUVRQDV FRQ
GLVFDSDFLGDG HQ ODV FRQVWLWXFLRQHV \ ODV OH\HV GH ORV SDtVHV
ODWLQRDPHULFDQRV 5HVSHFWR GH HVWDV ~OWLPDV HO DFHQWR VH SRQH HQ VX
GHILQLFLyQ OHJDO HQ ORV GHUHFKRV TXH FRQVDJUDQ \ HQ DYHULJXDU VL
HVWDEOHFHQ HQ VX WH[WR OD WDUHD GH UHFRSLODFLyQ GH LQIRUPDFLyQ VREUH VX
UHDOLGDG FRQVLGHUDQGR HO GpILFLW GH HVWRV GDWRV D QLYHO UHJLRQDO \ VX
LPSRUWDQFLDSDUDODHODERUDFLyQGHSROtWLFDV\SURJUDPDV
&DVL WRGRV ORV SDtVHV GH OD UHJLyQ WLHQHQ XQ PDUFR OHJDO EDVWDQWH
DPSOLRTXHDOXGHDODVSHUVRQDVFRQGLVFDSDFLGDG\DVHDH[FOXVLYDPHQWH
R HQWUH RWUDV SHUVRQDV R JUXSRV TXH UHFLEHQ XQ WUDWDPLHQWR HVSHFLDO
-XVWDPHQWH SRU HVWD DPSOLWXG HV TXH HQ HVWH GRFXPHQWR VROR VH
FRQVLGHUDUiSDUDHODQiOLVLVDGHPiVGHOD&RQVWLWXFLyQODOH\SULQFLSDOR
OH\PDUFRGHFDGDSDtVHQPDWHULDGHGLVFDSDFLGDG
8Q SULPHU DVSHFWR TXH GHEH FRQVLGHUDUVH HV OD GLYHUVLGDG GH
GHQRPLQDFLRQHVFRQODTXHVHDOXGHDODVSHUVRQDVFRQGLVFDSDFLGDGWDQWR
HQODVFRQVWLWXFLRQHVFRPRHQODVOH\HVTXHOHVFRPSHWHQ(VWHQRHVXQ


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

DVXQWRPHQRUHQODPHGLGDHQTXHHVDQRPLQDFLyQOHJDO OHJtWLPD UHYHODXQDGHWHUPLQDGDFRQFHSFLyQ


GHODGLVFDSDFLGDG\SXHGHLQIOXLUHQODVRULHQWDFLRQHVGHSROtWLFDTXHDGRSWHHO(VWDGRUHVSHFWRGHHOOD
7DPELpQHVSRVLEOHVLQHPEDUJRTXHODFRQFHSFLyQTXHVXE\DFHDHVHWpUPLQR\DQRVHFRQGLJDFRQOD
SUiFWLFD GHELGR D XQ DQDFURQLVPR GH OD QRUPD TXH QR VH KD UHVXHOWR PHGLDQWH XQD UHIRUPD R
GHURJDFLyQ 8Q HVWXGLR VREUH OHJLVODFLyQ FRPSDUDGD HQ PDWHULD GH GLVFDSDFLGDG TXH LQFOX\H D EXHQD
SDUWH GH ORV SDtVHV ODWLQRDPHULFDQRV 0XMLFD \ &DOOH   FRQVWDWD TXH FXDQWR PiV DQWLJXD HV OD
QRUPD PHQRV ³SROtWLFDPHQWH FRUUHFWR´ HV HO WpUPLQR TXH VH HPSOHD SDUD UHIHULUVH D ODV SHUVRQDV FRQ
GLVFDSDFLGDG ³3DODEUDV FRPR LQYiOLGR PLQXVYiOLGR LPSHGLGR SUHVHQWHV HQ OD OHJLVODFLyQ DQWHULRU D OD
GpFDGDGHORVDQWHVGHODHPLVLyQGHODV1RUPDV8QLIRUPHVVHFRQWUDSRQHQDODGHPDQGDGHODVSURSLDV
SHUVRQDV FRQ GLVFDSDFLGDG GH SRQHU D OD SHUVRQD SULPHUR \ QHJDUVH D VHU FRVLILFDGRV R FLXGDGDQRV GH
VHJXQGRQLYHO´ 0XMLFD\&DOOHSiJ 
9DULRVSDtVHVGH$PpULFD/DWLQDKDQDGHFXDGRSURJUHVLYDPHQWHVXOHJLVODFLyQDORVHVWiQGDUHV
LQWHUQDFLRQDOHV SHUR SHUVLVWHQ HQ ODV FRQVWLWXFLRQHV H[SUHVLRQHV FRPR ³GLVPLQXLGRV ItVLFRV
VHQVRULDOHV\SVtTXLFRV´ &RORPELD ³PLQXVYiOLGRV´ *XDWHPDOD ³LQIHULRULGDGItVLFDR
PHQWDOGHFDUiFWHUFUyQLFR´ 8UXJXD\ R³PHQWDOPHQWHLQFDSDFHVHLQYiOLGRV´ 3DQDPi 
(Q DOJXQRV FDVRV FRPR VH YH KXER UHIRUPDV R HQPLHQGDV UHFLHQWHV TXH PDQWXYLHURQ HVWDV
GHQRPLQDFLRQHV $GHPiV PXFKRV RWURV FRQVHUYDQ QRUPDV FRPR HO &yGLJR &LYLO TXH FRQWLHQHQ
DUWtFXORV GLVFULPLQDWRULRV KDFLD ODV SHUVRQDV FRQ GLVFDSDFLGDG 0XMLFD \ &DOOH   ,QFOXVR VH
HQFXHQWUDQWpUPLQRVTXHDXQTXHUHYHODQXQDSUHRFXSDFLyQSRUXQDGLIHUHQFLDFLyQSRVLWLYDWLHQHQHO
PLVPRHIHFWRFRPRRFXUUHFRQHO3DUDJXD\  \ODDOXVLyQD³SHUVRQDVH[FHSFLRQDOHV´\0p[LFR
 FRQODV³FDSDFLGDGHVGLIHUHQWHV´
(O WHPD PHUHFH XQD SHTXHxD GLJUHVLyQ /LOLDQD 3DQWDQR VH KD RFXSDGR GH HVWH DVXQWR 3DUD OD
DXWRUD ³+DEODU GH µGLVFDSDFLGDG¶ R µGHVYHQWDMD¶ HQ XQ VHQWLGR JHQHUDO HV KDFHU UHIHUHQFLD D
SRVLELOLGDGHV OLPLWDGDV GH GHVDUUROOR KXPDQR < HVD OLPLWDFLyQ ²HQ OD UHDOLGDG² QR HVWi GDGD
H[FOXVLYDPHQWHSRUODVFDUHQFLDV ItVLFDVPHQWDOHVRGHRWURWLSR GHTXLHQHVWiLPSHGLGRVLQRWDPELpQ
SRU OD PLVPD FRPXQLGDG D OD TXH SHUWHQHFH HQ WDQWR \ HQ FXDQWR QR RIUHFH PHGLRV DOWHUQDWLYRV GH
VXSHUDFLyQ \R SURPRFLyQ´ 3DQWDQR  SiJ   3RU OR WDQWR QR FRUUHVSRQGH KDEODU GH XQ
³GLVFDSDFLWDGR´ VLQR GH XQD SHUVRQD TXH WLHQH XQD GLVFDSDFLGDG 3DQWDQR WDPELpQ FRQVLGHUD TXH
H[SUHVLRQHV FRPR ³SHUVRQDV FRQ FDSDFLGDGHV GLIHUHQWHV´ R FRQ ³QHFHVLGDGHV HVSHFLDOHV´ UHSUHVHQWDQ
HXIHPLVPRV \ VRVWLHQH TXH SURFXUDQ UHFRQRFHU SHUR VHJUHJDQGR 3DQWDQR   (VWD PLUDGD SXHGH
LQFOXVR LQYLVLELOL]DU OD GHVLJXDOGDG FUX]DGD GHELGD D OD FRQIOXHQFLD GH OD GLVFDSDFLGDG FRQ ODV
GHVLJXDOGDGHVGHJpQHURGHFODVHGHELGDVDODFRQGLFLyQpWQLFDWHUULWRULDOHVHQWUHRWUDV/DH[SUHVLyQ
PiVDSURSLDGDVHUtDHQWRQFHVODGH³SHUVRQDVFRQGLVFDSDFLGDG´HQODPHGLGDTXHSRQHHODFHQWRHQHO
SULPHUWpUPLQRHVGHFLUODSHUVRQD 3DQWDQR 
(ODQiOLVLVGHODLQFOXVLyQGHODVSHUVRQDVFRQGLVFDSDFLGDGHQODVFRQVWLWXFLRQHVGHORVSDtVHV
GH$PpULFD/DWLQDPXHVWUDTXHGHHOORVSRVHHQHQVXVFDUWDVPDJQDVDOPHQRVXQDUWtFXORTXHODV
DOXGH \D VHD H[FOXVLYDPHQWH R MXQWR D RWURV JUXSRV GH SHUVRQDV ²H[FOX\HQGR FODUR HVWi DTXHOORV
DUWtFXORVTXHVHGLULJHQDWRGRVORVFLXGDGDQRV\KDELWDQWHVGHOSDtV\TXHSRUORWDQWRWDPELpQODV
DEDUFDQ² YpDQVHHOFXDGUR\HOGHWDOOHGHOWH[WRGHORVDUWtFXORVHQHODQH[R /RV~QLFRVTXHQR
SRVHHQ XQ DUWtFXOR HVSHFtILFR VRQ &KLOH   &RVWD 5LFD   \ +DLWt   /D &RQVWLWXFLyQ
FXEDQDVHOLPLWDDKDEODUGHORVWUDEDMDGRUHVLPSHGLGRVSRULQYDOLGH]\HQIHUPHGDG/RVSDtVHVTXH
FRQWHPSODQ XQ PD\RU HVSHFWUR GH GHUHFKRV HVSHFtILFRV SDUD ODV SHUVRQDV FRQ GLVFDSDFLGDG VRQ HO
(FXDGRU  HO(VWDGR3OXULQDFLRQDOGH%ROLYLD  \HO%UDVLO   YpDVHHOFXDGUR /RV


 &RPRH[SOLFD3LHUUH%RXUGLHX³(QODOXFKDVLPEyOLFDSRUODSURGXFFLyQGHOVHQWLGRFRP~QRSRUHOPRQRSROLRGHODQRPLQDFLyQ
OHJtWLPD ORV DJHQWHV HPSHxDQ HO FDSLWDO VLPEyOLFR TXH DGTXLULHURQ HQ ODV OXFKDV DQWHULRUHV \ TXH SXHGH VHU MXUtGLFDPHQWH
JDUDQWL]DGR´ %RXUGLHX  SiJ   (VRV DJHQWHV HVWiQ GHVLJXDOPHQWH GRWDGRV GH SRGHU \ XVXDOPHQWH HV HO (VWDGR HO TXH
ILQDOPHQWH GHWHUPLQD TXp HV OD GLVFDSDFLGDG OHJtWLPDPHQWH \ QR SUHFLVDPHQWH ODV SHUVRQDV TXH OD H[SHULPHQWDQ VREUH WRGR
FRQVLGHUDQGRTXHVXQLYHOGHLQFLGHQFLDD~QQRHVLPSRUWDQWHSXHVWRTXHVLELHQVHKDQORJUDGRDYDQFHVHQPDWHULDGHSDUWLFLSDFLyQ
³VXV PRYLPLHQWRV DVRFLDWLYRV SDUWLFXODUPHQWH HQ ORV SDtVHV HQ GHVDUUROOR OD UHDOLGDG ODWLQRDPHULFDQD DVt OR DWHVWLJXD  QHFHVLWDQ
PD\RUGHVDUUROORRUJDQL]DWLYR\SROtWLFR´ $VWRUJD*DWMHQVVI 

 /D VXVWDQWLYL]DFLyQ GH OD GLVFDSDFLGDG HV XQD WHQGHQFLD TXH WDPELpQ VH DGYLHUWH HQ OD FRQVWUXFFLyQ GH YDULDV SUHJXQWDV FHQVDOHV
UHIHULGDVDOWHPDHQWpUPLQRVFRPR³FLHJRV´³VRUGRPXGRV´³LQYiOLGRV´HQWUHRWURV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

GRV SULPHURV KDQ DWUDYHVDGR SURFHVRV GH UHIRUPDV FRQVWLWXFLRQDOHV SURIXQGDV UHFLHQWHPHQWH OD
&RQVWLWXFLyQEUDVLOHxDHQWDQWRKDH[SHULPHQWDGRPRGLILFDFLRQHVIUHFXHQWHVGHVGHVXUHIRUPXODFLyQ
HQLQFOXVRKDVWD

&8$'52
$0e5,&$/$7,1$&216,'(5$&,Ï1'(/$63(5621$6&21',6&$3$&,'$'
(1/$6&2167,78&,21(61$&,21$/(6
D
3DtV\DxR  $UWtFXOR
$UJHQWLQD   
%ROLYLD (VWDGR3OXULQDFLRQDOGH    
%UDVLO   
&KLOH   1RSRVHH
&RORPELD   
&RVWD5LFD   1RSRVHH
&XED   
(FXDGRU   \
(O6DOYDGRU   
*XDWHPDOD   
+DLWt   1RSRVHH
+RQGXUDV   
0p[LFR   
1LFDUDJXD   
3DUDJXD\   \
3DQDPi   \
3HU~   
5HS~EOLFD'RPLQLFDQD   
8UXJXD\   
9HQH]XHOD 5HS~EOLFD%ROLYDULDQDGH    

)XHQWH$FWXDOL]DGRVREUHODEDVHGHOUHOHYDPLHQWRUHDOL]DGRSRU&DUOD3DUUDJXH]FRQVXOWRUD
GHO&(/$'('LYLVLyQGH3REODFLyQGHOD&(3$/
D
)HFKDGHOD~OWLPDUHIRUPDRHQPLHQGD


/RV GHUHFKRV PiV DPSOLDPHQWH SURWHJLGRV HQ ODV FRQVWLWXFLRQHV UHJLRQDOHV FRUUHVSRQGHQ D OD
HVIHUDHFRQyPLFDHODVHJXUDPLHQWRGHORVLQJUHVRV\ODVHJXULGDGVRFLDO SDtVHV \HOHPSOHRWUDEDMR
SDtVHV /HVLJXHQORVUHODWLYRVDODHGXFDFLyQ SDtVHV \ODVDOXG²DWHQFLyQPpGLFDSUHYHQFLyQ
UHKDELOLWDFLyQ²  SDtVHV  1R HV VRUSUHQGHQWH SHUR Vt GHEHUtD OODPDU OD DWHQFLyQ HO KHFKR TXH OD
SDUWLFLSDFLyQ SROtWLFD VROR VHD FRQWHPSODGD D QLYHO FRQVWLWXFLRQDO SRU XQ ~QLFR SDtV (FXDGRU  OR TXH
KDEODGHXQDLQYLVLELOL]DFLyQGHODVSHUVRQDVFRQGLVFDSDFLGDGFRPRDJHQWHVSROtWLFRVHQODUHJLyQ(Q
FLHUWDPHGLGD\DXQTXHVHDGYLHUWHQHOHPHQWRVGHFDPELRHVWHKHFKRVXPDGRDODSUHSRQGHUDQFLDGH
ODV GLPHQVLRQHV HFRQyPLFD \ PpGLFD HQ ORV WH[WRV FRQVWLWXFLRQDOHV \ HQ ODV OH\HV PDUFR OOHYDUtD D
SHQVDU TXH HO HQIRTXH PXOWLGLPHQVLRQDO GH OD GLVFDSDFLGDG QR HV UHDOPHQWH HIHFWLYR PiV DOOi TXH D
QLYHO GHO GLVFXUVR OHJDO VH SURFODPH HQ PXFKRV FDVRV OD FRQVLGHUDFLyQ DPSOLD GH OD SHUVRQD \ VX
UHDOLGDG7DPELpQDERQDHVWDKLSyWHVLVODDXVHQFLDGHFRQVLGHUDFLyQGHODGLPHQVLyQFXOWXUDOHQVXUHDO
FRPSOHMLGDGSXHVHQJHQHUDOVRORDSDUHFHQDOXVLRQHVDDFWLYLGDGHVUHFUHDWLYDVRGHSRUWLYDVPiVDOOiGHO
DVSHFWRHGXFDFLRQDOTXHVHOLPLWDDOiPELWRIRUPDO



 8QDV SRFDV OH\HV QDFLRQDOHV DOXGHQ D OD FRQVLGHUDFLyQ GH OD OHQJXD GH VHxDV FRPR SDUWH GHO SDWULPRQLR OLQJtVWLFR GH OD QDFLyQ
0p[LFR\OD5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD 


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

&8$'52
$0e5,&$/$7,1$'(5(&+26&216$*5$'263$5$/$63(5621$6
D
&21',6&$3$&,'$' (1/$6&2167,78&,21(6
E
'HUHFKRVHVSHFtILFRVFRQVDJUDGRV 

6DOXGDWHQFLyQPpGLFD

UHFUHDWLYDV\GHSRUWLYDV
$FFHVLELOLGDG HQWRUQR

$FWLYLGDGHVFXOWXUDOHV
,QJUHVRV\VHJXULGDG

3DUWLFLSDFLyQSROtWLFD
LQWHJULGDGSHUVRQDO 

9LYLHQGDDGHFXDGD
6HUYLFLRVGHDSR\R

'HIHQVDFRQWUDOD
9LGDHQIDPLOLDH
\FRPXQLFDFLyQ 

(PSOHR7UDEDMR

GLVFULPLQDFLyQ
5HKDELOLWDFLyQ
SUHYHQFLyQ

(GXFDFLyQ
3DtV\DxRGHOD~OWLPD

VRFLDO
UHIRUPDRHQPLHQGD
FRQVWLWXFLRQDO


%ROLYLD (VWDGR
[   [ [ [ [ [ [ [   

3OXULQDFLRQDOGH   
%UDVLO   [ [ [ [ [ [ [   [   

&RORPELD   [    [ [ [ [     

&XED         [      

(FXDGRU   [ [ [ [ [ [ [ [ [ [ [ [
(O6DOYDGRU        [       

*XDWHPDOD   [ [    [       

+RQGXUDV    [   [  [      

0p[LFR         [   [   

1LFDUDJXD    [    [ [      

3DUDJXD\   [ [ [  [    [    

3DQDPi         [   [   

3HU~        [  [     

5HS~EOLFD'RPLQLFDQD
      [   [   

 
8UXJXD\         [      

9HQH]XHOD 5HS~EOLFD
   [ [ [ [ [     

%ROLYDULDQDGH   

)XHQWH(ODERUDFLyQSURSLDVREUHODEDVHGHOUHOHYDPLHQWRUHDOL]DGRSRUODFRQVXOWRUD&DUOD3DUUDJXH]
1RWDOD$UJHQWLQDQRDSDUHFHHQHVWHFXDGUR\VtHQHODQWHULRUSRUTXHUHDOL]DXQUHFRQRFLPLHQWRJHQHUDOGHGHUHFKRV
D
1RWRGDVODVFRQVWLWXFLRQHVHPSOHDQHVWDGHQRPLQDFLyQ
E
/DPD\RUSDUWHHVWDEOHFLGRVVREUHODEDVHGHORVUHTXLVLWRV\HVIHUDVSUHYLVWDVSDUDODLJXDOGDGGHSDUWLFLSDFLyQGHWHUPLQDGRV
SRUODV1RUPDV8QLIRUPHVVREUHODLJXDOGDGGHRSRUWXQLGDGHVSDUDODVSHUVRQDVFRQGLVFDSDFLGDG 1DFLRQHV8QLGDV 
F
$OXGHDODSRVLELOLGDGGHH[SHULPHQWDUODVH[XDOLGDGODPDWHUQLGDGRSDWHUQLGDGHOPDWULPRQLRRODYLGDHQSDUHMD\DOD
QHFHVLGDGGHSURWHFFLyQIUHQWHDODEXVRVH[XDO\HOPDOWUDWR
 
 
9DULDVFRQVWLWXFLRQHVVHUHILHUHQH[SOtFLWDPHQWHHQVXDUWLFXODGRDODUHVSRQVDELOLGDGGHDVHJXUDU
OD LQWHJUDFLyQ VRFLDO GH ODV SHUVRQDV FRQ GLVFDSDFLGDG HO %UDVLO HO (VWDGR 3OXULQDFLRQDO GH %ROLYLD
&RORPELD HO (FXDGRU HO 3DUDJXD\ \ OD 5HS~EOLFD 'RPLQLFDQD  \ OD LJXDOGDG R HTXLSDUDFLyQ GH
RSRUWXQLGDGHVSDUDHOODV OD$UJHQWLQDHO(FXDGRU\OD5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD 7DPELpQ
KD\ DOXVLRQHV DO GHEHU GH JDUDQWL]DU HO GHVDUUROOR GH VXV SRWHQFLDOLGDGHV \ FDSDFLGDGHV HQ HO (VWDGR
3OXULQDFLRQDO GH %ROLYLD HO (FXDGRU \ OD 5HS~EOLFD %ROLYDULDQD GH 9HQH]XHOD  GH EULQGDU DWHQFLyQ
SULRULWDULD R HVSHFLDO HQ HO (FXDGRU \ 1LFDUDJXD  \ GH DGRSWDU PHGLGDV GH DFFLyQ SRVLWLYD HQ OD



 /DVPHGLGDVGHDFFLyQSRVLWLYDHQPDWHULDGHGLVFDSDFLGDGWDPELpQFRQRFLGDVFRPRPHGLGDVGHGLVFULPLQDFLyQSRVLWLYDDSDUHFHQ
SODVPDGDV HQ OD &RQYHQFLyQ LQWHUDPHULFDQD SDUD OD HOLPLQDFLyQ GH WRGDV ODV IRUPDV GH GLVFULPLQDFLyQ FRQWUD ODV SHUVRQDV FRQ
GLVFDSDFLGDG ³1R FRQVWLWX\H GLVFULPLQDFLyQ OD GLVWLQFLyQ R SUHIHUHQFLD DGRSWDGD SRU XQ (VWDGR SDUWH D ILQ GH SURPRYHU OD
LQWHJUDFLyQVRFLDORHOGHVDUUROORSHUVRQDOGHODVSHUVRQDVFRQGLVFDSDFLGDGVLHPSUHTXHODGLVWLQFLyQRSUHIHUHQFLDQROLPLWHHQVt
PLVPD HO GHUHFKR D OD LJXDOGDG GH ODV SHUVRQDV FRQ GLVFDSDFLGDG \ TXH ORV LQGLYLGXRV FRQ GLVFDSDFLGDG QR VH YHDQ REOLJDGRV D



&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

$UJHQWLQD HO (VWDGR 3OXULQDFLRQDO GH %ROLYLD \ OD 5HS~EOLFD 'RPLQLFDQD  7UHV SDtVHV GH OD UHJLyQ
PHQFLRQDQ OD FRUUHVSRQVDELOLGDG GHO (VWDGR OD IDPLOLD \ OD VRFLHGDG HQ PDWHULD GH GLVFDSDFLGDG OD
5HS~EOLFD%ROLYDULDQDGH9HQH]XHODHO(VWDGR3OXULQDFLRQDOGH%ROLYLD IDPLOLD\(VWDGR \HO(FXDGRU
HQDOXVLyQDODHTXLSDUDFLyQGHRSRUWXQLGDGHV\ODLQWHJUDFLyQVRFLDO 
/D&RQVWLWXFLyQHFXDWRULDQDFRQVLGHUDHVSHFLDOPHQWHODVLWXDFLyQGHODVSHUVRQDVFRQGLVFDSDFLGDG
VHYHUD\SURIXQGDDVHJXUiQGROHVSURJUDPDVHVSHFLDOHVGHDWHQFLyQLQWHJUDO7DPELpQKDFHUHIHUHQFLDDOD
QHFHVLGDGGHXQDFREHUWXUDGHODVHJXULGDGVRFLDO\GHFDSDFLWDFLyQSHUPDQHQWHGHODVSHUVRQDV\IDPLOLDV
TXH FXLGDQ SHUVRQDV FRQ GLVFDSDFLGDG \ SUHYp SURFHGLPLHQWRV HVSHFLDOHV \ H[SHGLWRV SDUD MX]JDU \
VDQFLRQDU GHOLWRV GH YLROHQFLD LQWUDIDPLOLDU VH[XDO \ GH RGLR FRQWUD HOODV HQWUH RWURV VXMHWRV (VWLSXOD
DGHPiVODSURYLVLyQGHPHGLFDPHQWRVHQIRUPDJUDWXLWDSDUDTXLHQHVORVUHTXLHUDQGHSRUYLGD/DFDUWD
PDJQDSDUDJXD\DKDEODGHJDUDQWL]DUODFDOLGDGGHYLGDPLHQWUDVTXHODEUDVLOHxDHVWDEOHFHODUHVHUYDGHXQ
SRUFHQWDMHGHFDUJRVS~EOLFRVSDUDODVSHUVRQDVFRQGLVFDSDFLGDG²WDPELpQORKDFHQDOJXQRVRWURVSDtVHV
FRPROD$UJHQWLQDSHURPHGLDQWHXQDOH\
/D PD\RU SDUWH GH ODV QRUPDV TXH UHJXODQ HO iPELWR GH OD GLVFDSDFLGDG HQ ORV SDtVHV
ODWLQRDPHULFDQRV WLHQH FDUiFWHU GH OH\ ²VLHPSUH FRQVLGHUDQGR FRPR VH KD DGYHUWLGR HO LQVWUXPHQWR
SULQFLSDO D QLYHO QDFLRQDO² VROR HQ ORV FDVRV GH (O 6DOYDGRU *XDWHPDOD \ +RQGXUDV VH WUDWD GH XQ
GHFUHWR \ SDUD &XED QR SXGR HQFRQWUDUVH XQD QRUPDWLYD PDUFR VRODPHQWH OD UHVROXFLyQ TXH FUHD HO
yUJDQRUHFWRUHQODPDWHULD6LVHFRQVLGHUDHOWtWXORGHHVWRVLQVWUXPHQWRVMXUtGLFRVSXHGHDGYHUWLUVHTXH
OD JUDQ PD\RUtD GH ORV SDtVHV KD DFRJLGR ORV XVRV \ UHFRPHQGDFLRQHV LQWHUQDFLRQDOHV HQ OD PDWHULD
DOXGLHQGRDSHUVRQDVFRQGLVFDSDFLGDGRGLVFDSDFLWDGDVÒQLFDPHQWH&RORPELD\HO3DUDJXD\PDQWLHQHQ
WHUPLQRORJtDVGHVDFRQVHMDGDV³SHUVRQDVFRQOLPLWDFLyQ´HQHOSULPHUFDVRH³LPSHGLGRV´HQHOVHJXQGR
YpDVH HO FXDGUR   7DPELpQ HV FODUR TXH WRGDV FRQVLGHUDQ OD PD\RU SDUWH GH ORV UHTXLVLWRV \ HVIHUDV
SUHYLVWDV SRU ODV QRUPDV XQLIRUPHV GH ODV 1DFLRQHV 8QLGDV SDUD OD LJXDOGDG GH RSRUWXQLGDGHV GH ODV
SHUVRQDV FRQ GLVFDSDFLGDG ²VDOXG HGXFDFLyQ HPSOHR \ VHJXULGDG VRFLDO DFFHVLELOLGDG DFWLYLGDGHV
FXOWXUDOHV\GHSRUWLYDVHLQWHJULGDGSHUVRQDO\YLGDHQIDPLOLD
(O DQiOLVLV GH ORV GHUHFKRV FRQWHPSODGRV HQ OD QRUPD TXH VH RFXSD HVSHFtILFDPHQWH GH ODV
SHUVRQDVFRQGLVFDSDFLGDGHQFDGDSDtVHVFRQVLVWHQWHFRQHOTXHVXUJHGHOH[DPHQGHODVSUHUURJDWLYDV
FRQVLGHUDGDVHQVXVFRQVWLWXFLRQHVSXHVWRTXHVLELHQHQHVWHFDVRODDPSOLWXGGHGLPHQVLRQHVLQFOXLGDV
HVPD\RU²ORTXHHVREYLRSXHVWRTXHVHWUDWDGHOLQVWUXPHQWRGHGLFDGRH[FOXVLYDPHQWHDUHJXODUHVH
iPELWR GH OD UHDOLGDG² ORV GHUHFKRV SURWHJLGRV SRU OD WRWDOLGDG GH HVWRV LQVWUXPHQWRV MXUtGLFRV
QDFLRQDOHVVRQHOGHODVDOXG\UHKDELOLWDFLyQ\HOGHOHPSOHRVXPiQGRVHFRQXQDFREHUWXUDFRPSOHWDHO
GHUHFKRDODHGXFDFLyQ\DODDFFHVLELOLGDGGHOHQWRUQR\ODFRPXQLFDFLyQ YpDVHHOFXDGUR 



DFHSWDU WDO GLVWLQFLyQ R SUHIHUHQFLD (Q ORV FDVRV HQ TXH OD OHJLVODFLyQ LQWHUQD SUHYHD OD ILJXUD GH OD GHFODUDWRULD GH LQWHUGLFFLyQ
FXDQGRVHDQHFHVDULD\DSURSLDGDSDUDVXELHQHVWDUpVWDQRFRQVWLWXLUiGLVFULPLQDFLyQ´ 2($DUWtFXOR,LQFLVRE 


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

&8$'52
$0e5,&$/$7,1$/(<35,1&,3$/48(5(*8/$(/È0%,72'(/$63(5621$6
&21',6&$3$&,'$'

3DtV 7LSRGH 1~PHUR $xR 1RPEUH


6LVWHPDGHSURWHFFLyQLQWHJUDOGHODVSHUVRQDV
$UJHQWLQD /H\  
GLVFDSDFLWDGDV
%ROLYLD (VWDGR
/H\   'HODSHUVRQDFRQGLVFDSDFLGDG
3OXULQDFLRQDOGH 
%UDVLO /HL   3RUWDGRUGH'HILFLrQFLD
/H\TXH(VWDEOHFH1RUPDVVREUH,JXDOGDGGH
&KLOH /H\   2SRUWXQLGDGHVH,QFOXVLyQ6RFLDOGH3HUVRQDVFRQ
'LVFDSDFLGDG
3RUODFXDOVHHVWDEOHFHQPHFDQLVPRVGHLQWHJUDFLyQ
&RORPELD /H\   VRFLDOGHODVSHUVRQDVFRQOLPLWDFLyQ\VHGLFWDQRWUDV
GLVSRVLFLRQHV
,JXDOGDGGHRSRUWXQLGDGHVSDUDODVSHUVRQDVFRQ
&RVWD5LFD /H\  
GLVFDSDFLGDG
3RUODTXHVHFUHDHO&RQVHMR1DFLRQDOSDUDOD
&XED 5HVROXFLyQ   $WHQFLyQDODV3HUVRQDVFRQ'LVFDSDFLGDG
&21$3(' 
/H\   6REUHGLVFDSDFLGDGHV
(FXDGRU 5HJLVWUR
  &RGLILFDHVWDOH\
RILFLDO
'HFUHWR /H\GH(TXLSDUDFLyQGH2SRUWXQLGDGHVSDUDODV
 
/HJLVODWLYR 3HUVRQDVFRQ'LVFDSDFLGDG
(O6DOYDGRU
5HJODPHQWRGHOD/H\GH(TXLSDUDFLyQGH
'HFUHWR  
2SRUWXQLGDGHVSDUDODV3HUVRQDVFRQ'LVFDSDFLGDG
*XDWHPDOD 'HFUHWR   /H\GHDWHQFLyQDODVSHUVRQDVFRQGLVFDSDFLGDG
/H\GHHTXLGDG\GHVDUUROORLQWHJUDOSDUDODVSHUVRQDV
+RQGXUDV 'HFUHWR  
FRQGLVFDSDFLGDG
0p[LFR /H\ VQ  /H\*HQHUDOGHODV3HUVRQDVFRQ'LVFDSDFLGDG
/H\GH3UHYHQFLyQ5HKDELOLWDFLyQ\(TXLSDUDFLyQGH
1LFDUDJXD /H\  
RSRUWXQLGDGHVSDUDODVSHUVRQDVFRQGLVFDSDFLGDG
3RUODFXDOVHHVWDEOHFHODHTXLSDUDFLyQGH
3DQDPi /H\  
RSRUWXQLGDGHVSDUDODVSHUVRQDVFRQGLVFDSDFLGDG
3DUDJXD\ /H\   4XHHVWDEOHFHGHUHFKRV\SULYLOHJLRVSDUDORVLPSHGLGRV
3HU~ /H\   /H\*HQHUDOGHOD3HUVRQDFRQ'LVFDSDFLGDG
/H\*HQHUDOVREUHOD'LVFDSDFLGDGHQ5HS~EOLFD
5HS~EOLFD'RPLQLFDQD /H\  
'RPLQLFDQD
8UXJXD\ /H\   3HUVRQDV'LVFDSDFLWDGDV
9HQH]XHOD 5HS~EOLFD
/H\ VQ  3DUDODV3HUVRQDVFRQ'LVFDSDFLGDG
%ROLYDULDQDGH 

)XHQWH(ODERUDFLyQSURSLD




&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

&8$'52
$0e5,&$/$7,1$'(5(&+26&216$*5$'263$5$/$63(5621$6&21',6&$3$&,'$'
(1/$/(<35,1&,3$/'(&$'$3$Ë648(5(*8/$(67(È0%,72

'HUHFKRVHVSHFtILFRVFRQVDJUDGRV

6DOXGDWHQFLyQPpGLFD

UHFUHDWLYDV\GHSRUWLYDV
$FFHVLELOLGDG HQWRUQR

$FWLYLGDGHVFXOWXUDOHV
,QJUHVRV\VHJXULGDG

3DUWLFLSDFLyQSROtWLFD
LQWHJULGDGSHUVRQDO

9LYLHQGDDGHFXDGD
VHUYLFLRVGHDSR\R

'HIHQVDFRQWUDOD
9LGDHQIDPLOLDH
\FRPXQLFDFLyQ 
5HKDELOLWDFLyQ\

(PSOHR7UDEDMR

GLVFULPLQDFLyQ
SUHYHQFLyQ

(GXFDFLyQ

VRFLDO
3DtV\DxRGHODQRUPD
PDUFR


$UJHQWLQD   [ [ [ [ [ [      

%ROLYLD (VWDGR
[ [ [ [ [  [  [   

3OXULQDFLRQDOGH   
%UDVLO   [  [ [ [ [   [   

&KLOH   [ [ [ [ [ [ [  [   

&RORPELD    [ [ [ [ [ [ [ [   

&RVWD5LFD   [ [ [ [ [   [ [   

(FXDGRU   [ [ [ [ [   [ [   

(O6DOYDGRU   [ [ [ [ [ [    [  

*XDWHPDOD   [ [ [ [ [  [  [   

+RQGXUDV   [ [ [ [ [  [  [   

0p[LFR   [ [ [ [ [   [    

1LFDUDJXD   [ [ [ [ [ [      

3DQDPi   [ [ [ [ [  [ [ [ [ [ 

3DUDJXD\   [ [ [ [ [    [   

3HU~   [ [ [ [ [ [  [ [   

5HS~EOLFD'RPLQLFDQD
[ [ [ [ [ [  [  [  

 
8UXJXD\   [ [ [ [ [ [ [ [ [   

9HQH]XHOD 5HS~EOLFD
[ [ [ [ [  [ [ [ [ [ 

%ROLYDULDQDGH   

)XHQWH(ODERUDFLyQSURSLD



7DPELpQHVFRKHUHQWHFRQDTXHODQiOLVLVHOiUHDPHQRVFRQVLGHUDGDSRUODOHJLVODFLyQQDFLRQDOOD
SDUWLFLSDFLyQ SROtWLFD TXH HQ HVWH SODQR HV FRQWHPSODGD SRU GRV SDtVHV 3DQDPi \ OD 5HS~EOLFD
%ROLYDULDQDGH9HQH]XHOD /DOH\HVSHFtILFDVREUHGLVFDSDFLGDGGH3DQDPi OH\GH SUHVWDXQD
HVSHFLDODWHQFLyQDHVWHDVXQWR(QVXDUWtFXORHVWDEOHFHTXHHO7ULEXQDO(OHFWRUDOGHEHUiWRPDUWRGDV
ODVPHGLGDVQHFHVDULDVSDUDTXHORVFLXGDGDQRVFRQDOJXQDGLVFDSDFLGDGSXHGDQHMHUFHUOLEUHPHQWHVX
GHUHFKRDOYRWR$GHPiVH[SOLFLWDQGRODFRQVLGHUDFLyQGHODSHUVRQDFRQGLVFDSDFLGDGFRPRVXMHWRGH
VXSURSLRGHVDUUROORODQRUPDVRVWLHQHTXHGHEHSDUWLFLSDUHQODDGRSFLyQGHGHFLVLRQHVHQODVLQVWDQFLDV
HQTXHVHGLFWHQSROtWLFDVSURJUDPDVRDFFLRQHVUHODFLRQDGDVFRQODGLVFDSDFLGDG DUWtFXOR 7DPELpQ
UHDOL]DXQWUDWDPLHQWRHVSHFLDOGHHVWHDVSHFWRGHODLQWHJUDFLyQGHODSHUVRQDFRQGLVFDSDFLGDGODOH\
PDUFR GH OD 5HS~EOLFD %ROLYDULDQD GH 9HQH]XHOD TXH GHGLFD XQ FDStWXOR FRPSOHWR D OD SDUWLFLSDFLyQ
FLXGDGDQD \ GHQWUR GH pO GHVWLQD XQ DUWtFXOR D OD SDUWLFLSDFLyQ SROtWLFD GHWHUPLQDQGR ³(O (VWDGR
PHGLDQWH HO XVR GH DYDQFHV WHFQROyJLFRV \ GH IDFLOLWDFLyQ JDUDQWL]DUi TXH ORV SURFHGLPLHQWRV
LQVWDODFLRQHV\PDWHULDOHVHOHFWRUDOHVSDUDHOHMHUFLFLRGHOGHUHFKRDOVXIUDJLRSRUSDUWHGHODVSHUVRQDV
FRQGLVFDSDFLGDGVHDQDSURSLDGRVDFFHVLEOHV\IiFLOHVGHHQWHQGHU\XWLOL]DUHQSURFXUDGHVXPi[LPD
LQGHSHQGHQFLD SRVLEOH SDUD HPLWLU VX YRWR HQ VHFUHWR \ VLQ LQWLPLGDFLyQ HQ HOHFFLRQHV \ UHIHUHQGRV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

SRSXODUHV'HLJXDOPRGRWLHQHQGHUHFKRDSRVWXODUVHFRPRFDQGLGDWRVHQODVHOHFFLRQHVRVWHQWDUFDUJRV
\GHVHPSHxDUFXDOTXLHUIXQFLyQS~EOLFD´ DUWtFXOR 
(O GHUHFKR D OD VHJXULGDG VRFLDO DPSOLDPHQWH FRQVLGHUDGR SRU ORV WH[WRV FRQVWLWXFLRQDOHV QR
UHFLEHXQDDWHQFLyQPD\RULWDULDGHODVOH\HV\GHFUHWRVODWLQRDPHULFDQRVTXHVHRFXSDQGHODVSHUVRQDV
FRQGLVFDSDFLGDGSHURHVWHKHFKRSXHGHREHGHFHUDTXHHVWHiPELWRGHODUHDOLGDGVRFLDOJHQHUDOPHQWH
HVDERUGDGRPHGLDQWHXQDOH\HVSHFtILFDTXHQRKDVLGRFRQWHPSODGDHQHVWHH[DPHQ/DPLVPDUD]yQ
SRGUtDH[SOLFDUODSRFDFRQVLGHUDFLyQGHOGHUHFKRDXQDYLYLHQGDDGHFXDGD(QWRGRFDVRDXQTXHUHVXOWH
REYLDQRHVWiGHPiVODDFODUDFLyQODFDQWLGDGGHGHUHFKRVFRQVDJUDGRVSRUHVWDVQRUPDVQDGDGLFHGHOD
FDOLGDGGHVXWUDWDPLHQWRQLGHODQRUPDHQJHQHUDOWDPSRFRDVHJXUDVXFXPSOLPLHQWRHIHFWLYRFRPRVH
SXGRFRPSUREDUFRQHODQiOLVLVGHODVLWXDFLyQVRFLRGHPRJUiILFDGHODVSHUVRQDVFRQGLVFDSDFLGDGHQOD
UHJLyQ YpDVH HO FDStWXOR ,,  6LQ HPEDUJR GHWHUPLQD OD H[LJLELOLGDG OHJDO GH HVRV GHUHFKRV \ SXHGH
FRQYHUWLUVHHQXQLQVWUXPHQWRYDOLRVRSDUDODFRQVROLGDFLyQGHODVSHUVRQDVFRQGLVFDSDFLGDGFRPRXQ
VXMHWR SROtWLFR FRQ FDSDFLGDG GH SUHVLyQ HV GHFLU GRWDGDV GH ORV UHFXUVRV VLPEyOLFRV QHFHVDULRV SDUD
LQFUHPHQWDU VX IXHU]D HQ ODV UHODFLRQHV VRFLDOHV \ SRU HVWD YtD WUDEDMDU SDUD TXH HVH UHFRQRFLPLHQWR
MXUtGLFR VH WUDGX]FD HQ LJXDOGDG UHDO (Q HVWH VHQWLGR OODPD OD DWHQFLyQ ODV SRFDV DOXVLRQHV D OD
REOLJDFLyQ GH FRQWHPSODU OD RSLQLyQ GH ODV SHUVRQDV FRQ GLVFDSDFLGDG XQ DVXQWR PHQFLRQDGR HQ ODV
QRUPDV XQLIRUPHV GH ODV 1DFLRQHV 8QLGDV 6ROR ODV OH\HV GH WUHV SDtVHV KDFHQ H[SOtFLWD HVD
UHVSRQVDELOLGDGODGHO%UDVLO&RVWD5LFD\3DQDPi(QHOFDVRGH&RVWD5LFDHODUWtFXORGHODOH\
HVWLSXOD TXH ³/DV RUJDQL]DFLRQHV GH SHUVRQDV FRQ GLVFDSDFLGDG OHJDOPHQWH FRQVWLWXLGDV GHEHQ VHU
FRQVXOWDGDVSRUSDUWHGHODVLQVWLWXFLRQHVHQFDUJDGDV GHSODQLILFDUHMHFXWDU\HYDOXDUVHUYLFLRV\DFFLRQHV
UHODFLRQDGDV FRQ OD GLVFDSDFLGDG´ PLHQWUDV TXH OD OH\ SDQDPHxD 1ž   VRVWLHQH TXH OD SHUVRQD FRQ
GLVFDSDFLGDG ³SDUWLFLSDUi HQ OD WRPD GH GHFLVLRQHV HQ ODV LQVWDQFLDV TXH GLFWHQ SROtWLFDV SURJUDPDV R
DFFLRQHV UHODFLRQDGDV FRQ WHPDV GH GLVFDSDFLGDG´ DUWtFXOR   \ WDPELpQ TXH ODV RUJDQL]DFLRQHV GH
SHUVRQDVFRQGLVFDSDFLGDGWLHQHQGHUHFKRDSDUWLFLSDUHQODDGRSFLyQGHGHFLVLRQHVUHIHULGDVDHVHWHPD
\³DFRQWDUFRQXQDUHSUHVHQWDFLyQSHUPDQHQWHHQODVHQWLGDGHVTXHGHVDUUROODQSURJUDPDV\VHUYLFLRV
UHODFLRQDGRVFRQODGLVFDSDFLGDG´ DUWtFXOR \HO(VWDGRHVWiREOLJDGRDLQFRUSRUDUODVDHVRVSURFHVRV
8Q KHFKR OODPDWLYR TXH VXUJH GHO DQiOLVLV GH HVWRV WH[WRV OHJDOHV HV TXH HQ DOJXQRV FDVRV VH
DVLJQD XQD UHVSRQVDELOLGDG LPSRUWDQWH HQ HO GHVDUUROOR GH ODV SHUVRQDV FRQ GLVFDSDFLGDG R ELHQ OD
SULQFLSDO D OD IDPLOLD *XDWHPDOD HO 3HU~ OD 5HS~EOLFD 'RPLQLFDQD \ OD 5HS~EOLFD %ROLYDULDQD GH
9HQH]XHOD /DOH\GH*XDWHPDODVRVWLHQHTXH³/DREOLJDFLyQSULPRUGLDOGHOGHVDUUROORGHODSHUVRQD
FRQ GLVFDSDFLGDG FRUUHVSRQGH D VXV SDGUHV WXWRUHV R SHUVRQDV HQFDUJDGDV´ DUWtFXOR   DXQTXH HO
(VWDGR WLHQH UHVSRQVDELOLGDGHV TXH FXPSOLU SDUD HO ORJUR GHO FRPHWLGR IDPLOLDU /D QRUPD SHUXDQD
SURSRQH WDPELpQ XQD UHVSRQVDELOLGDG FRPSDUWLGD SHUR HQ OD TXH OD REOLJDFLyQ SULQFLSDO UHFDH HQ OD
IDPLOLDTXH³WLHQHXQDODERUHVHQFLDOIUHQWHDOORJURGHODVDFFLRQHVHVWDEOHFLGDVHQHVWD/H\´HO(VWDGR
HQWDQWR³RIUHFHUiDODIDPLOLDFDSDFLWDFLyQLQWHJUDO«SDUDDWHQGHUODSUHVHQFLDGHDOJXQDGLVFDSDFLGDG
HQXQRRYDULRVPLHPEURVGHODIDPLOLD´ DUWtFXOR /DOH\GRPLQLFDQDWDPELpQHVWLSXODGHEHUHVSDUDOD
IDPLOLD\HO(VWDGRODSULPHUDWLHQHODREOLJDFLyQGHDVHJXUDUDODSHUVRQDFRQGLVFDSDFLGDGHODFFHVRD
VHUYLFLRVGHHYDOXDFLyQGLDJQyVWLFR\WUDWDPLHQWRV DUWtFXOR DGHPiVGHWHUPLQDTXH³/DVSHUVRQDV
FRQ 'LVFDSDFLGDG WHQGUiQ WRGD OD SURWHFFLyQ GH OD IDPLOLD HQ YtQFXOR SDUHQWDO \ FRODWHUDO KDVWD HO
VHJXQGR JUDGR HQ OR UHIHUHQWH D OD HGXFDFLyQ OD FDSDFLWDFLyQ OD LQVHUFLyQ VRFLRHFRQyPLFD R OD
VXEYHQFLyQ PtQLPD SDUD VX VREUHYLYHQFLD´ DUWtFXOR   /D QRUPD YHQH]RODQD WDPELpQ GHWHUPLQD
UHVSRQVDELOLGDGHV IDPLOLDUHV SDUD XQ QLYHO GH SDUHQWHVFR H[SOtFLWDPHQWH GHILQLGR ³/RV DVFHQGLHQWHV \
GHVFHQGLHQWHVKDVWDHOVHJXQGRJUDGRGHFRQVDQJXLQLGDG\ORVSDULHQWHVFRODWHUDOHVKDVWDHOWHUFHUJUDGR
GH FRQVDQJXLQLGDG HVWiQ HQ OD REOLJDFLyQ GH SURWHJHU FXLGDU DOLPHQWDU SURYHHU YLYLHQGD YHVWLGR
HGXFDFLyQ \ SURFXUDU DVLVWHQFLD PpGLFD VRFLDO \ FRPXQLWDULD D SHUVRQDV FRQ GLVFDSDFLGDG TXH QR
SXHGDQSRUVtPLVPDVVDWLVIDFHUODVQHFHVLGDGHVTXHLPSOLFDQODVDFFLRQHVHQXQFLDGDV´ DUWtFXOR 
0iVDOOiGHODWUDGLFLyQIDPLOLDUODWLQRDPHULFDQD\GHOLQGXGDEOHYDORUGHODIDPLOLDHQHOFXLGDGRGH
ODV SHUVRQDV FRQ GLVFDSDFLGDG \ HQ VX URO GH LQVWDQFLD SULPHUD \ SULRULWDULD SDUD HO ORJUR GH VRFLHGDGHV
LQFOXVLYDVQRGHMDGHOODPDUODDWHQFLyQHOKHFKRTXHLQVWUXPHQWRVGHVWLQDGRVDUHJXODUHOSDSHOGHO(VWDGR
HQ HVWD PDWHULD GHVWLQHQ XQ HVSDFLR D DVLJQDUOH UHVSRQVDELOLGDGHV HQ IRUPD H[SOtFLWD 7UDVODGDQGR D ODV
SHUVRQDVFRQGLVFDSDFLGDGHODQiOLVLVTXHUHDOL]D+XHQFKXDQ  VREUHGHODVSHUVRQDVGHHGDGSXHGH
GHFLUVHTXHH[LVWHQWUHVIXHQWHVSDUDVXFXLGDGRODIDPLOLDHO(VWDGR\HOPHUFDGRSHUR³>Q@LQJXQDGHHVWDV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

LQVWLWXFLRQHVWLHQHFRPSHWHQFLDH[FOXVLYDHQODSURYLVLyQGHFXLGDGR\FRPRUHVXOWDGRGHHOORQRVLHPSUH
H[LVWH XQD FODUD GLYLVLyQ HQWUH OD DVLVWHQFLD TXH SUHVWD FDGD XQD DXQTXH Vt KD\ GLIHUHQFLDV UHVSHFWR GH OD
UHVSRQVDELOLGDGSULQFLSDOTXHVHOHVDWULEX\H´ SiJ (QHVWHVHQWLGRVHUtDHVSHUDEOHTXHIXHUDHO(VWDGR
TXLHQ DVXPLHUD OD REOLJDFLyQ SULQFLSDO GH OD SURYLVLyQ GH SURWHFFLyQ VRFLDO D XQ JUXSR GH SREODFLyQ
YXOQHUDEOHFRPRHOGHODVSHUVRQDVFRQGLVFDSDFLGDGDXQTXHODRSLQLyQS~EOLFDODWLQRDPHULFDQDHQJHQHUDO
DWULEX\H HVWD UHVSRQVDELOLGDG D OD IDPLOLD HQ SULPHU OXJDU DO PHQRV HQ HO FDVR GH ODV SHUVRQDV PD\RUHV
+XHQFKXDQ 8QDVXQWRFRPRHVWHPHUHFHUtDXQDLQYHVWLJDFLyQHVSHFtILFDQRREVWDQWHFRPRVRVWLHQH
ODDXWRUD³HVLQWHUHVDQWHREVHUYDUTXHHQODPHGLGDHQTXHHO(VWDGRHVGpELOFRPRHOHPHQWRXQLILFDGRUGH
OD YLGD SROtWLFD \ FRPR LQVWDQFLD GH SURWHFFLyQ VRFLDO ODV PLUDGDV VH YXHOYHQ KDFLD OD IDPLOLD FRPR
KHUUDPLHQWD SUREDEOH GH FRKHVLyQ VRFLDO \ VH OH H[LJH TXH VHD WDPELpQ HQ ~OWLPD LQVWDQFLD OD TXH DFW~H
IUHQWHDORVYDFtRVGHSURWHFFLyQ´ SiJ (VWDGHELOLGDGGHO(VWDGRHVSDUWHGHORVUDVJRVTXHFDUDFWHUL]DQ
HODFWXDOPRGHORGHSURGXFFLyQGHVFULWRHQHOFDStWXOR,,TXHVHPDWHULDOL]DHQODYXOQHUDELOLGDGVRFLDOHQOD
TXHVHHQFXHQWUDQYDVWRVVHFWRUHVGHODIRUPDFLyQVRFLDOFDSLWDOLVWDFRQWHPSRUiQHDHQ$PpULFD/DWLQD
$KRUD ELHQ DVt FRPR KD\ OH\HV TXH HVWDEOHFHQ OD UHVSRQVDELOLGDG FRPSDUWLGD RWUD VH OD DVLJQD
FHQWUDOPHQWH DO (VWDGR 6H WUDWD GH OD QRUPD GH 3DQDPi TXH HQ VX DUWtFXOR  VRVWLHQH TXH ³(V
REOLJDFLyQIXQGDPHQWDOGHO(VWDGRDGRSWDUODVPHGLGDVDILQGHHVWDEOHFHUXQDPHMRULQWHJUDFLyQVRFLDO
DVtFRPRHOGHVDUUROORLQGLYLGXDOGHODVSHUVRQDVFRQGLVFDSDFLGDG´
&HQWUDQGRDKRUDHODQiOLVLVHQODFRQVLGHUDFLyQGHODLPSRUWDQFLDQHFHVLGDGRUHVSRQVDELOLGDGGHOD
JHQHUDFLyQ GH LQIRUPDFLyQ UHVSHFWR GH ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ HO WH[WR GH HVWRV LQVWUXPHQWRV
MXUtGLFRV QDFLRQDOHV ²OD QRUPD PDUFR \ DTXHOOD TXH FUHD HO yUJDQR UHFWRU FXDQGR QR HV OD PLVPD²
UHVXOWDTXHODVOH\HVGHSDtVHVGHORVFRQVLGHUDGRVDERUGDQHVWHWHPD(QODPD\RUtDGHORVWH[WRVHV
XQ WUDWDPLHQWR EDVWDQWH JHQHUDO TXH DOXGH D OD UHVSRQVDELOLGDG GH HQFDUDU SURPRYHU R ILQDQFLDU
LQYHVWLJDFLRQHV HQ OD PDWHULD JHQHUDOPHQWH DWULEXLGD D OD LQVWLWXFLyQ HVSHFtILFDPHQWH HQFDUJDGD GH HVWH
FDPSRDQLYHOQDFLRQDO SDtVHV 3RUHMHPSORODQRUPDWLYDEROLYLDQDDOHQXPHUDUODVDWULEXFLRQHVGHO
&RPLWp 1DFLRQDO GH OD 3HUVRQD FRQ 'LVFDSDFLGDG KDEOD GH ³3URPRYHU \ DSR\DU OD LQYHVWLJDFLyQ
LQIRUPDFLyQGRFXPHQWDFLyQ\HVWXGLRHQGLVFDSDFLGDG´\³>S@URSRUFLRQDUODRULHQWDFLyQQHFHVDULDSDUDXQ
LQYHVWLJDFLyQHQPDWHULDGHGLVFDSDFLGDG´ DUWtFXORLQFLVRVM\NOH\ (QFLHUWRVFDVRVODDOXVLyQ
HV SRFR HVSHFtILFD FRPR RFXUUH HQ OD OH\ SHUXDQD TXH HQXPHUD HQWUH XQD GH ODV IXQFLRQHV GHO &RQVHMR
1DFLRQDOSDUDOD,QWHJUDFLyQGHOD3HUVRQDFRQ'LVFDSDFLGDG &21$',6 DKRUD'LUHFFLyQ*HQHUDOGHOD
3HUVRQD FRQ 'LVFDSDFLGDG '*3'  OD GH ³)RPHQWDU \ RUJDQL]DU HYHQWRV FLHQWtILFRV WpFQLFRV \ GH
LQYHVWLJDFLyQTXHWHQJDQUHODFLyQGLUHFWDFRQORVGLVFDSDFLWDGRV´ DUWtFXORLQFLVRMOH\ 
(OWUDWDPLHQWRTXHUHDOL]DODQRUPDWLYDFXEDQDHVWDEOHFHXQYtQFXORH[SOtFLWRHQWUDODSURGXFFLyQ
GH LQIRUPDFLyQ \ VX FDUiFWHU GH LQVXPR GH SROtWLFD S~EOLFD DO HVWDEOHFHU FRPR IXQFLyQ GHO &RQVHMR
1DFLRQDOSDUDOD$WHQFLyQDODV3HUVRQDVFRQ'LVFDSDFLGDG &21$3(' ODGH³)RUPXODUSUR\HFWRVGH
LQYHVWLJDFLyQ VREUH HO WHPD GH OD GLVFDSDFLGDG GLIXQGLHQGR VXV UHVXOWDGRV FRQ PLUDV D SURSLFLDU XQ
PD\RUGHVDUUROORGHORVQXHYRVSURJUDPDVTXHVHDSOLTXHQ´ DUWtFXORFXDUWRLQFLVRGUHVROXFLyQ 
6RORODVOH\HVGHO%UDVLO\0p[LFRKDFHQH[SOtFLWRHOPDQGDWRGHUHFRSLODUGDWRVVREUHODVSHUVRQDVFRQ
GLVFDSDFLGDGPHGLDQWHHORSHUDWLYRFHQVDO/DQRUPDSDQDPHxDHVWDEOHFHFRQSUHFLVLyQODQHFHVLGDGGH
FRRUGLQDFLyQLQWHUVHFWRULDOHQHVWDWDUHDDODVLJQDUDOD6HFUHWDUtD1DFLRQDOGH'LVFDSDFLGDGODIXQFLyQ
GH ³3URSRQHU ORV LQGLFDGRUHV HVWDGtVWLFRV HQ FRQMXQWR FRQ OD 'LUHFFLyQ GH (VWDGtVWLFD \ &HQVR GH OD
&RQWUDORUtD*HQHUDOGHOD5HS~EOLFDSDUDHOOHYDQWDPLHQWRGHGDWRVUHODFLRQDGRVFRQODGLVFDSDFLGDGHQ
FRRUGLQDFLyQLQWHUVHFWRULDO´ OH\DUWtFXORLQFLVR 
/DPD\RUSDUWHGHHVWDVOH\HVFRQWHPSODWDPELpQODFUHDFLyQ\HMHFXFLyQGHXQUHJLVWURQDFLRQDO
GHSHUVRQDVFRQGLVFDSDFLGDG$XQTXHODXWLOL]DFLyQHIHFWLYDGHHVWRVUHJLVWURVFRQILQHVHVWDGtVWLFRVHV
SUiFWLFDPHQWH LQH[LVWHQWH UHVLGH HQ HVWH PDQGDWR OHJDO XQD KHUUDPLHQWD FRQ XQ SRWHQFLDO LPSRUWDQWH
SDUDODJHQHUDFLyQGHLQIRUPDFLyQVRFLRGHPRJUiILFDTXHVHUtDSUHFLVRUHFRQVLGHUDU
/RVUHJLVWURVDGPLQLVWUDWLYRVSXHGHQVHUXQDIXHQWHUHOHYDQWHGHLQIRUPDFLyQFRQYHQWDMDVFRPR
VX EDMR FRVWR OD FREHUWXUD FRPSOHWD GH OD SREODFLyQ REMHWLYR \ HO GHVJORVH SRU iUHDV JHRJUiILFDV
&(/$'( 6LQHPEDUJRVXHOHQHVWDUDIHFWDGRVSRUYDULRVSUREOHPDVHQHVSHFLDOHQORVSDtVHV
HQGHVDUUROORFRPRORVODWLQRDPHULFDQRV(QWUHORVHUURUHVPiVFRPXQHVVHHQFXHQWUDQHOVXEUHJLVWUROD
KHWHURJHQHLGDGHQODGLVWULEXFLyQGHODRPLVLyQGHQWURGHFDGDSDtVODGXSOLFDFLyQGHLQVFULSFLRQHV\ORV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

HUURUHVGHFRQWHQLGR :HOWL $SHVDUGHHOOR³H[LVWHXQLPSRUWDQWHSRWHQFLDOHQYDULRVUHJLVWURV


DGPLQLVWUDWLYRV TXH QR IXHURQ SHQVDGRV FRQ ILQHV HVWDGtVWLFRV SHUR TXH FRQ XQ DGHFXDGR WUDWDPLHQWR
SRGUtDQVHU~WLOHV´ &(/$'(SiJ 
(Q HO FDVR SXQWXDO GH ORV UHJLVWURV GH SHUVRQDV FRQ GLVFDSDFLGDG HQ $PpULFD /DWLQD WDO FRPR
HVWiQ SODQWHDGRV HQ OD QRUPDWLYD QDFLRQDO HO SULPHU SUREOHPD TXH VH DIURQWD HV TXH OD LQVFULSFLyQ HV
YROXQWDULD HQ OD PD\RUtD GH ORV SDtVHV 6ROR OD QRUPD FRVWDUULFHQVH HVWDEOHFH OD REOLJDFLyQ OHJDO GHO
UHJLVWUR(VWDREOLJDWRULHGDGRODYLQFXODFLyQGHODLQVFULSFLyQFRQODREWHQFLyQGHEHQHILFLRVSRGUtDQ
PHMRUDUVXFREHUWXUD\DPSOLDUODVSRVLELOLGDGHVGHXQDXWLOL]DFLyQHVWDGtVWLFDFDEDO
$GHPiV GH ORV LQVXPRV TXH SRGUtD RIUHFHU D HVWXGLRV H LQYHVWLJDFLRQHV VREUH HO WHPD HVWD
XWLOL]DFLyQHVWDGtVWLFDWLHQHXQDLPSRUWDQFLDSUiFWLFDGHVXPRLQWHUpV\HVODGHEULQGDUHYLGHQFLDSDUDOD
JHQHUDFLyQ SODQLILFDFLyQ SXHVWD HQ SUiFWLFD \ HYDOXDFLyQ GH SURJUDPDV \ SROtWLFDV /D QRUPDWLYD
FRVWDUULFHQVH MXVWDPHQWH OD TXH SODQWHD OD REOLJDWRULHGDG GHO UHJLVWUR HVWDEOHFH H[SOtFLWDPHQWH HVWH
YtQFXOR DODILUPDUHQVXVFRQVLGHUDQGRV³4XHODH[LVWHQFLDGHUHJLVWURVGHHVHWLSRVRQQHFHVDULRVSDUD
SODQLILFDUHQODPHMRUIRUPDSRVLEOHORVVHUYLFLRVTXHUHTXLHUHHOSDtVVLHPSUHTXHDTXHOORVQRVHDQVLPSOHV
IRUPXODULRV HVWDGtVWLFRV VLQ VHQWLGR REMHWLYR \ SUiFWLFR VLQR LQVWUXPHQWRV GLQiPLFRV \ IXQFLRQDOHV
GHVWLQDGRVDVHUYLUGHDSR\RDODVDFFLRQHVS~EOLFDVHQHOFDPSRTXHVHWUDWH´ 'HFUHWR1ž±6336
*DFHWDGHOGHDEULOGHSiJ 
'HDFXHUGRDOUHOHYDPLHQWRUHDOL]DGRSDtVHVGHODUHJLyQGLVSRQHQGHXQUHJLVWURGHSHUVRQDV
FRQGLVFDSDFLGDG\WDPELpQVRQORVTXHFRQVLGHUDQVXFUHDFLyQHQXQLQVWUXPHQWRMXUtGLFR YpDVHHO
FXDGUR /DPD\RUSDUWHDVLJQDODUHVSRQVDELOLGDGGHOOHYDUHVWHUHJLVWURDODLQVWLWXFLyQHQFDUJDGDGH
ODV SHUVRQDV FRQ GLVFDSDFLGDG  SDtVHV  PLHQWUDV TXH HQ HO UHVWR FRUUHVSRQGH DO UHJLVWUR QDFLRQDO GH
SHUVRQDVRDOJXQDRWUDLQVWLWXFLyQGHO(VWDGRHQJHQHUDOYLQFXODGDDOiPELWRGHODVDOXG(QYDULRVFDVRV
VH FRQVLGHUD WDPELpQ OD LQVFULSFLyQ GH SHUVRQDV MXUtGLFDV LQVWLWXFLRQHV YLQFXODGDV DO WHPD \
RUJDQL]DFLRQHVGHSHUVRQDVFRQGLVFDSDFLGDG OD$UJHQWLQD&KLOH&RVWD5LFDHO(FXDGRUHO3HU~\OD
5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD 
2WUR DQiOLVLV LQWHUHVDQWH TXH SHUPLWH OD DSUR[LPDFLyQ DO PDUFR MXUtGLFR QDFLRQDO HQ PDWHULD GH
GLVFDSDFLGDGHVODUHODFLyQHQWUHODGHILQLFLyQOHJDOGHODGLVFDSDFLGDGHQFDGDSDtV\VXRSHUDFLRQDOL]DFLyQ
FHQVDO 8Q HQIRTXH GH HVWH WLSR SHUPLWH HQWUHYHU YDULRV DVSHFWRV GHO WUDWDPLHQWR GH HVWD WHPiWLFD HQ OD
DJHQGDS~EOLFDQDFLRQDOXQDGHHOODVHVHOQLYHOGHFRRUGLQDFLyQHQWUHODVGLIHUHQWHViUHDVGHO(VWDGRTXH
GH DOJ~Q PRGR VH YLQFXODQ FRQ OD GLVFDSDFLGDG RWUD HV OD H[LVWHQFLD GH XQD HIHFWLYD GHPDQGD SRU
LQIRUPDFLyQVRFLRGHPRJUiILFDDSURSLDGDSDUDODJHQHUDFLyQGHSROtWLFDV\SURJUDPDV\ILQDOPHQWHSXHGH
PHQFLRQDUVHHQXQQLYHOPiVJHQHUDOODFRKHUHQFLDHQHODERUGDMHHVWDWDOGHODGLVFDSDFLGDG
&LHUWDPHQWHHODSDUDWRMXUtGLFRVXHOHUHDFFLRQDUHQIRUPDWDUGtDDODVWUDQVIRUPDFLRQHVVRFLDOHV
RDODGHPDQGDGHORVJUXSRVGHSUHVLyQGHODVRFLHGDGFLYLOFXDQGRHIHFWLYDPHQWHH[LVWHQ\WLHQHQHO
SRGHUVXILFLHQWHSDUDHMHUFHUHVWDLQIOXHQFLD3HURHQHOFDVRGHODGLVFDSDFLGDGHQ$PpULFD/DWLQDHO
DQiOLVLVSHUPLWHGHGXFLUTXHODVRILFLQDVQDFLRQDOHVGHHVWDGtVWLFDKDQWHQLGRXQDUHDFFLyQD~QPiVOHQWD
TXHHOPDUFRMXUtGLFRDOFDPELRGHSHUVSHFWLYDVREUHHOWHPDTXHVHYLHQHSURGXFLHQGRDQLYHOPXQGLDO
GHVGHKDFH\DDOPHQRVWUHVGpFDGDV
/DFRPSDUDFLyQHQWUHODGHILQLFLyQGHGLVFDSDFLGDGFRQWHQLGDHQODQRUPDPDUFRVREUHHOWHPDHQ
FDGDSDtV\ODIRUPDHQTXHVHKL]RODFRQVXOWDDOUHVSHFWRHQODURQGDFHQVDOGH YpDVHHOFXDGUR 
SHUPLWH DGYHUWLU TXH HQ JHQHUDO PLHQWUDV TXH ODV OH\HV KDQ DGRSWDGR XQD FRQFHSWXDOL]DFLyQ TXH
DEDQGRQDODFRQFHSFLyQELRPpGLFDFHQWUDGDHQHOGpILFLW\SRQHHODFHQWRHQODUHOHYDQFLDGHOHQWRUQR
VRFLDO SDUD OD UHDO FRPSUHQVLyQ GH OD GLVFDSDFLGDG ²OD PD\RU SDUWH WRPDQGR FRPR SDUiPHWUR OD
&,''0HVGHFLUODYHUVLyQSUHYLDGHOD&,)FRQVLGHUDQGRTXHODPD\RUtDGHHVWDVOH\HVVHDSUREDURQ
DQWHV GH OD UHYLVLyQ GH OD FODVLILFDFLyQ GH ODV GLVFDSDFLGDGHV TXH VXSXVR HVWD ~OWLPD² ODV SUHJXQWDV
FHQVDOHVFRQODVTXHVHRSHUDFLRQDOL]DODFRQFHSFLyQVREUHODGLVFDSDFLGDGGHOSDtVHQFDPELRFRQWLQ~D



 'DGDVODVOLPLWDFLRQHVH[SOLFLWDGDVGHHVWDLQYHVWLJDFLyQQRVHFRQVLGHUDURQSDUDHVWHDQiOLVLVHQFXHVWDVGHKRJDUHVFRQPyGXORVR
SUHJXQWDV HVSHFtILFDV QL HQFXHVWDV HVSHFLDOL]DGDV H[LVWHQWHV HQ PXFKRV SDtVHV 6LQ HPEDUJR HO KHFKR TXH HO FHQVR FRQVWLWX\D HO
HVIXHU]RHVWDGtVWLFRGHPD\RUHQYHUJDGXUDDQLYHOQDFLRQDORWRUJDFLHUWRVXVWHQWRDHVWHDQiOLVLVSDUFLDO


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

OLJDGDDDTXHOODPLUDGDPpGLFDFRQVWUXLGDHQWRUQRDODGHILFLHQFLD\HQDOJXQRVFDVRVDSHODQGRD~QDOD
VXVWDQWLYL]DFLyQ²HVGHFLUDODDOXVLyQDVRUGRVFLHJRVPXGRVLQYiOLGRV
/DFRPSOHMLGDGGHODRSHUDFLRQDOL]DFLyQGHXQFRQFHSWRFRPRODGLVFDSDFLGDGHVXQDUJXPHQWR
PX\UHDO\TXHPHUHFHFRQVLGHUDFLyQSHURHOORQRMXVWLILFDHVWDDSUR[LPDFLyQVREUHWRGRWHQLHQGRHQ
FXHQWD TXH DOJXQRV SDtVHV ORJUDURQ SODVPDU HVWD FRQFHSFLyQ HQ SUHJXQWDV PiV DSURSLDGDV FRPR HO
%UDVLO TXH FRQVLGHUy HQ VX SUHJXQWD FHQVDO ²HQ HO FXHVWLRQDULR DPSOLDGR² OD HYDOXDFLyQ GHO
HQFXHVWDGRVREUHODIRUPDHQTXHODGHILFLHQFLDLQFLGHHQODOLPLWDFLyQGHVXVDFWLYLGDGHVKDELWXDOHVR
&RORPELDDOFRQVXOWDUVREUHODVGLILFXOWDGHVSDUDUHDOL]DUFLHUWDVDFWLYLGDGHVFRWLGLDQDVRSDUDUHODFLRQDUVH
FRQ RWUDV SHUVRQDV HQ HVWH FDVR HQ HO FXHVWLRQDULR EiVLFR SUHJXQWDQGR HQ HO DPSOLDGR DGHPiV SRU OD
OLPLWDFLyQSULQFLSDOSDUDVXGHVHPSHxRGLDULR
$XQTXH SUREDEOHPHQWH VHD OD HQFXHVWD HO LQVWUXPHQWR PiV DGHFXDGR SDUD REWHQHU LQIRUPDFLyQ
VREUH ORV GLIHUHQWHVDVSHFWRVTXHLPSOLFDODGLVFDSDFLGDGODFRQVWUXFFLyQGHXQDSUHJXQWDFHQVDOPiV
DSURSLDGDSXHGHVXSRQHUXQDYDQFHFRQVLGHUDEOHHQHVWHiPELWRDWHQGLHQGRDODFREHUWXUDQDFLRQDOGHO
FHQVR\ODVP~OWLSOHVSRVLELOLGDGHVGHSURFHVDPLHQWRTXHSURYHHVREUHWRGRDSDUWLUGHOFUXFHFRQXQD
DPSOLDJDPDGHYDULDEOHVVRFLRHFRQyPLFDV\ODGHVDJUHJDFLyQWHUULWRULDOTXHSHUPLWH

&8$'52
$0e5,&$/$7,1$(;,67(1&,$'(815(*,67521$&,21$/
'(3(5621$6&21',6&$3$&,'$'(6(1/263$Ë6(6

([LVWHQFLD &RQVLGHUDFLyQ &DUiFWHUGHOD


3DtV $xR 2UJDQLVPRDFDUJR
UHJLVWUR OHJDO LQVFULSFLyQ
$UJHQWLQD [ /H\  9ROXQWDULR 5HJLVWUR1DFLRQDOGHODV3HUVRQDV
%ROLYLD (VWDGR
[ 'HFUHWR  1RHVWDEOHFLGR &21$/3(',6
3OXULQDFLRQDOGH 
&KLOH [ /H\  9ROXQWDULR 6HUYLFLRGH5HJLVWUR&LYLOH,GHQWLILFDFLyQ
0HGLDQWH '$1(9LFHSUHVLGHQFLDGHOD5HS\
&RORPELD [  
FRQYRFDWRULD 0LQLVWHULRGH3URWHFFLyQ6RFLDO
&RVWD5LFD [ 'HFUHWR  2EOLJDWRULR &15((
8QLGDGHVGHDWHQFLyQSULPDULDGHOD
&XED [   
VDOXG
/H\\VX
(FXDGRU [  1RHVWDEOHFLGR &21$',6
UHJODPHQWR
(O6DOYDGRU [ 'HFUHWR  9ROXQWDULR &21$,3'
/H\GH
6LVWHPD1DFLRQDOGHO'HVDUUROOR,QWHJUDO
0p[LFR [ DVLVWHQFLDVRFLDO  1RHVWDEOHFLGR
GHOD)DPLOLD ',) \&21$',6
UHIRUPD 
1LFDUDJXD  /H\  1RHVWDEOHFLGR &21$5(
'*3'DFWXDOL]DGRSRUHO,1(\HO
3HU~ [ /H\  1RHVWDEOHFLGR 5HJLVWUR1DFLRQDOGH,GHQWLILFDFLyQ\
(VWDGR&LYLO
5HS~EOLFD 6HFUHWDUtDGH(VWDGRGH6DOXG
 /H\  1RHVWDEOHFLGR
'RPLQLFDQD 3~EOLFD\$VLVWHQFLD6RFLDO 6(63$6 
8UXJXD\ [ /H\  1RHVWDEOHFLGR 0LQLVWHULRGH6DOXG3~EOLFD
9HQH]XHOD
5HS~EOLFD [ /H\VQ  1RHVWDEOHFLGR &21$3,'6
%ROLYDULDQDGH 

)XHQWH(ODERUDFLyQSURSLD





&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ
&8$'52
$0e5,&$/$7,1$&203$5$&,Ï1(175(/$'(),1,&,Ï1/(*$/'(/$',6&$3$&,'$'
<6823(5$&,21$/,=$&,Ï1&(16$/(1/$'e&$'$'(

3DtV 'HILQLFLyQOHJDO $xR 3UHJXQWDFHQVDO $xR


$UJHQWLQD ³>6@HFRQVLGHUDGLVFDSDFLWDGDDWRGDSHUVRQDTXHSDGH]FDXQDDOWHUDFLyQ  &XHVWLRQDULR~QLFR 
IXQFLRQDOSHUPDQHQWHRSURORQJDGDItVLFDRPHQWDOTXHHQUHODFLyQDVX ¢(1(67(+2*$5+$<$/*81$3(5621$«
6RUGDRTXHQHFHVLWDDXGtIRQR"
HGDG\PHGLRVRFLDOLPSOLTXHGHVYHQWDMDVFRQVLGHUDEOHVSDUDVX
&LHJDGHXQRRGHORVGRVRMRV"
LQWHJUDFLyQIDPLOLDUVRFLDOHGXFDFLRQDORODERUDO´ DUWtFXOROH\  4XHOHIDOWHRWHQJDDWURILDGRVEUD]RVPDQRVRSLHUQDV"
0XGDRFRQSUREOHPDVSDUDKDEODUFRQUHWDUGRRSUREOHPDV
PHQWDOHV"
4XHWHQJDRWUDGLVFDSDFLGDGSHUPDQHQWH"
1RKD\GLVFDSDFLWDGRVHQHOKRJDU
%ROLYLD (VWDGR 6HGHILQHDODGLVFDSDFLGDGFRPR³WRGDUHVWULFFLyQRDXVHQFLDGHELGDDXQD  &XHVWLRQDULR~QLFR 
3OXULQDFLRQDOGH  GHILFLHQFLDGHODFDSDFLGDGGHUHDOL]DUXQDDFWLYLGDGHQODIRUPDRGHQWURGHO (1(67(+2*$5¢&8È17$63(5621$6621«
&LHJDV
PDUJHQTXHVHFRQVLGHUDQRUPDOSDUDXQVHUKXPDQR´DODPLQXVYDOtDFRPR
6RUGRPXGDV
³XQDVLWXDFLyQGHVYHQWDMRVDSDUDXQLQGLYLGXRGHWHUPLQDGRFRQVHFXHQFLDGH
3DUDOtWLFDV\RWLHQHQDPSXWDGRDOJ~QEUD]RRSLHUQD
XQDGHILFLHQFLDRGHXQDGLVFDSDFLGDGTXHOLPLWDHLPSLGHHOGHVHPSHxRGH

/DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«
XQUROTXHHVQRUPDOHQIXQFLyQGHODHGDGGHOVH[R\GHORVIDFWRUHVVRFLDOHV
\FXOWXUDOHVFRQFXUUHQWHV´\DODGHILFLHQFLDFRPR³WRGDSpUGLGDR
DQRUPDOLGDGGHXQDHVWUXFWXUDRIXQFLyQSVLFROyJLFDILVLROyJLFDRDQDWRPtD´
DUWtFXOROH\ 


%UDVLO 6HGHILQHDOD³GHILFLrQFLD´FRPR³WRGDSHUGDRXDQRUPDOLGDGHGHXPD  &XHVWLRQDULRDPSOLDGR 


HVWUXWXUDRXIXQomRSVLFROyJLFDILVLROyJLFDRXDQDW{PLFDTXHJHUH 7(0$/*80$'(),&,(1&,$0(17$/3(50$1(17(48(
LQFDSDFLGDGHSDUDRGHVHPSHQKRGHDWLYLGDGHGHQWURGRSDGUmR /,0,7($668$6$7,9,'$'(6+$%,78$,6" &RPRWUDEDOKDULUj
FRQVLGHUDGRQRUPDOSDUDRVHUKXPDQR´DOD³GHILFLrQFLD HVFRODEULQFDUHWF 
&202$9$/,$$68$&$3$&,'$'('((1;(5*$5"
SHUPDQHQWH´FRPR³DTXHODTXHRFRUUHXRXVHHVWDELOL]RXGXUDQWHXP
6HXWLOL]DyFXORVRXOHQWHVGHFRQWDWRIDoDVXDDYDOLDomRTXDQGRRV
SHUtRGRGHWHPSRVXILFLHQWHSDUDQmRSHUPLWLUUHFXSHUDomRRXWHU
HVWLYHUXWLOL]DQGR 
SUREDELOLGDGHGHTXHVHDOWHUHDSHVDUGHQRYRVWUDWDPHQWRV´\DOD &202$9$/,$$68$&$3$&,'$'('(289,5"
³LQFDSDFLGDGH´FRPR³XPDUHGXomRHIHWLYDHDFHQWXDGDGDFDSDFLGDGH 6HXWLOL]DDSDUHOKRDXGLWLYRIDoDVXDDYDOLDomRTXDQGRRHVWLYHU
GHLQWHJUDomRVRFLDOFRPQHFHVVLGDGHGHHTXLSDPHQWRVDGDSWDo}HV XWLOL]DQGR 
PHLRVRXUHFXUVRVHVSHFLDLVSDUDTXHDSHVVRDSRUWDGRUDGHGHILFLrQFLD &202$9$/,$$68$&$3$&,'$'('(&$0,1+$568%,5
SRVVDUHFHEHURXWUDQVPLWLULQIRUPDo}HVQHFHVViULDVDRVHXEHPHVWDU (6&$'$6"
SHVVRDOHDRGHVHPSHQKRGHIXQomRRXDWLYLGDGHDVHUH[HUFLGD´ 6HXWLOL]DSUyWHVHEHQJDODRXDSDUpHORDX[LOLDUIDoDVXDDYDOLDomR
'HFUHWR1ž  TXDQGRRHVWLYHUXWLOL]DQGR 
7(0$/*80$'$66(*8,17(6'(),&,(1&,$6 $VVLQDOH
VRPHQWHXPDDOWHUQDWLYDSULRUL]DQGRDRUGHPDSUHVHQWDGD 
3DUDOLVLDSHUPDQHQWHWRWDO
3DUDOLVLDSHUPDQHQWHGDVSHUQDV
3DUDOLVLDSHUPDQHQWHGHXPGRVODGRVGRFRUSR
)DOWDGHSHUQDEUDoRPmRSpRXGHGRSROHJDU
1HQKXPDGDVHQXPHUDGDV
FRQWLQ~D 





&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ


&XDGUR FRQWLQXDFLyQ 
3DtV 'HILQLFLyQOHJDO $xR 3UHJXQWDFHQVDO $xR
&KLOH ³>6@HFRQVLGHUDSHUVRQDFRQGLVFDSDFLGDGDWRGDDTXpOODTXHFRPR  &XHVWLRQDULR~QLFR 
FRQVHFXHQFLDGHXQDRPiVGHILFLHQFLDVItVLFDVSVtTXLFDVRVHQVRULDOHV ¢35(6(17$867('$/*81$'(/$66,*8,(17(6'(),&,(1&,$6"
&HJXHUDWRWDO
FRQJpQLWDVRDGTXLULGDVSUHYLVLEOHPHQWHGHFDUiFWHUSHUPDQHQWH\FRQ
6RUGHUDWRWDO
LQGHSHQGHQFLDGHODFDXVDTXHODVKXELHUDRULJLQDGRYHDREVWDFXOL]DGD 0XGH]
HQDORPHQRVXQWHUFLRVXFDSDFLGDGHGXFDWLYDODERUDORGHLQWHJUDFLyQ /LVLDGRSDUiOLVLV
VRFLDO DUWtFXOROH\   'HILFLHQFLDPHQWDO
1LQJXQDGHODVDQWHULRUHV
&RORPELD ³3HUVRQDFRQGLVFDSDFLGDG(VDTXHOODTXHWLHQHOLPLWDFLRQHVR  &XHVWLRQDULREiVLFR 
GHILFLHQFLDVHQVXDFWLYLGDGFRWLGLDQD\UHVWULFFLRQHVHQODSDUWLFLSDFLyQ ¢«7,(1(/,0,7$&,21(63(50$1(17(63$5$«
VRFLDOSRUFDXVDGHXQDFRQGLFLyQGHVDOXGRGHEDUUHUDVItVLFDV 0RYHUVHRFDPLQDU
DPELHQWDOHVFXOWXUDOHVVRFLDOHV\GHOHQWRUQRFRWLGLDQR 8VDUVXVEUD]RVRPDQRV
(VWDGHILQLFLyQVHDFWXDOL]DUiVHJ~QODVPRGLILFDFLRQHVTXHUHDOLFHOD 9HUDSHVDUGHXVDUOHQWHVRJDIDV
2UJDQL]DFLyQ0XQGLDOGHOD6DOXG206GHQWURGHOD&ODVLILFDFLyQ 2tUD~QFRQDSDUDWRVHVSHFLDOHV
,QWHUQDFLRQDOGH)XQFLRQDOLGDG&,)´ DUWtFXOROH\  +DEODU
(QWHQGHURDSUHQGHU
5HODFLRQDUVHFRQORVGHPiVSRUSUREOHPDVPHQWDOHVRHPRFLRQDOHV

/DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«
%DxDUVHYHVWLUVHDOLPHQWDUVHSRUVLPLVPR
2WUDOLPLWDFLyQSHUPDQHQWH"
6,12 
&XHVWLRQDULRDPSOLDGRVHDJUHJD


'(/$6$17(5,25(6/,0,7$&,21(6'(³&8È/(6/$48(
0$6$)(&7$68'(6(03(f2',$5,2´"
(QHO'0&VHOHFFLRQHGHOOLVWDGRDQWHULRUODTXHFRUUHVSRQGD 
(67$/,0,7$&,Ï1)8(2&$6,21$'$
3RUTXHQDFLyDVt
3RUXQDHQIHUPHGDG
3RUXQDFFLGHQWH
3RUYLROHQFLDGHJUXSRVDUPDGRV
3RUYLROHQFLDGHQWURGHOKRJDU
3RUYLROHQFLDGHGHOLQFXHQFLDFRP~Q
3RUHGDGDYDQ]DGDHQYHMHFLPLHQWR
3RURWUDFDXVD
1RVDEH
FRQWLQ~D 





&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ
&XDGUR FRQWLQXDFLyQ 
3DtV 'HILQLFLyQOHJDO $xR 3UHJXQWDFHQVDO $xR
&RVWD5LFD 6HGHILQHFRPRGLVFDSDFLGDG³&XDOTXLHUGHILFLHQFLDItVLFDPHQWDOR  &XHVWLRQDULR~QLFR 
VHQVRULDOTXHOLPLWHVXVWDQFLDOPHQWHXQDRPiVGHODVDFWLYLGDGHV ¢7,(1(«$/*81$'(),&,(1&,$3(50$1(17(&202«
SULQFLSDOHVGHXQLQGLYLGXR´ DUWtFXOROH\  &HJXHUDSDUFLDORWRWDO"
6RUGHUDSDUFLDORWRWDO"

5HWDUGRPHQWDO"
3DUiOLVLVDPSXWDFLyQ"
2WUD HVSHFLILTXH 
1RWLHQH
&XED $XQTXHQRVHHQFRQWUyXQDGHILQLFLyQOHJDOODQRUPDTXHFUHDHO  ¢35(6(17$$/*81$'(/266,*8,(17(63$'(&,0,(1726" 
RUJDQLVPRDFDUJRGHOWHPD &21$3(' KDEODGH³SHUVRQDVFRQ 'HILFLHQWHSHUPDQHQWHGHOKDEODRPXGR
'pELODXGLWLYR
OLPLWDFLRQHVItVLFDVVHQVRULDOHV\PHQWDOHV´ UHVROXFLyQ 
6RUGR
&LHJR
$XVHQFLDGHH[WUHPLGDGHVVXSHULRUHV
,QYDOLGH]GHLGHP
$XVHQFLDGHH[WUHPLGDGHVLQIHULRUHV
,QYDOLGH]GHtGHP
(QIHUPRPHQWDOFUyQLFR

/DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«
5HWUDVRPHQWDO
1LQJXQRGHORVDQWHULRUHV


&RQJpQLWR"
$GTXLULGR"


1RVDEH
(FXDGRU 3HUVRQDV³FRQGLVFDSDFLGDGFDXVDGDSRUXQDGHILFLHQFLDSpUGLGDR  &XHVWLRQDULR~QLFR 
DQRUPDOLGDGGHXQDHVWUXFWXUDRIXQFLyQSVLFROyJLFDRDQDWyPLFDGH ¢7,(1($/*81$,1&$3$&,'$'3(50$1(17('(7,32)Ë6,&2
FDUiFWHUSHUPDQHQWHTXHWHQJDQUHVWULQJLGDWRWDORSDUFLDOPHQWHSRUVX 6(1625,$/20(17$/ ',6&$3$&,'$' «"
VLWXDFLyQGHGHVYHQWDMDODFDSDFLGDGSDUDUHDOL]DUXQDDFWLYLGDGTXHVH 3DUDYHU FHJXHUDVRORVRPEUDV 
FRQVLGHUHQRUPDO´ DUWtFXOR5HJLVWUR2ILFLDO1žTXHFRGLILFDODOH\ 3DUDPRYHURXVDUVXFXHUSR SDUiOLVLVDPSXWDFLRQHV 
  (VVRUGRRXVDDSDUDWRSDUDRtU VRUGHUDVRUGRPXGRV 
5HWDUGRPHQWDO
(QIHUPHGDGSVLTXLiWULFD ORFXUD 
0~OWLSOH GRVRPiVGHODVDQWHULRUHV 
2WUDV GHVILJXUDWLYDVyUJDQRVLQWHUQRV 
1RWLHQH
FRQWLQ~D 





&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ


&XDGUR FRQWLQXDFLyQ 
3DtV 'HILQLFLyQOHJDO $xR 3UHJXQWDFHQVDO $xR
(O6DOYDGRU ³7RGDUHVWULFFLyQRDXVHQFLDGHELGDDXQDGHILFLHQFLDGHODFDSDFLGDGGH  &XHVWLRQDULR~QLFR 
UHDOL]DUXQDDFWLYLGDGHQODIRUPDRGHQWURGHOPDUJHQTXHVHFRQVLGHUH ¢7,(1($/*81$/,0,7$&,213(50$1(17(3$5$«"
0RYHUVHRFDPLQDU
QRUPDOSDUDXQVHUKXPDQR´ DUWtFXORGHFUHWR5HJODPHQWRGHOD
8VDUVXVEUD]RVRPDQRV
/H\GH(TXLSDUDFLyQGH2SRUWXQLGDGHVSDUDODV3HUVRQDVFRQ 9HUDXQXVDQGROHQWHV
'LVFDSDFLGDG  2tUDXQXVDQGRDSDUDWRVHVSHFLDOHV
+DEODU
7LHQHDOJ~QUHWUDVRRGHILFLHQFLDPHQWDO
2WUDOLPLWDFLyQSHUPDQHQWH
BBBBBBBBBBBBBBBBBBBBBBBBBB
(VSHFLILTXH
1LQJXQD 3DVHDSUHJ 
¢&8$/(6/$35,1&,3$//,0,7$&,21"
$QRWHHOQ~PHURTXHOHFRUUHVSRQGDDODSUHJXQWDDQWHULRU 


¢(67$/,0,7$&,21)8(2&$6,21$'$"
3RUTXHQDFLyDVt
3RUXQDHQIHUPHGDG

/DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«
3RUXQDFFLGHQWH
3RUHGDGDYDQ]DGD
3RUODJXHUUD
3RURWUDVFDXVDV
BBBBBBBBBBBBBBBBBBBB


(VSHFLILTXH 
*XDWHPDOD ³6HFRQVLGHUDFRPRGLVFDSDFLGDGFXDOTXLHUGHILFLHQFLDItVLFDPHQWDOR  &XHVWLRQDULR~QLFR 
VHQVRULDOFRQJpQLWDRDGTXLULGDTXHOLPLWHVXEVWDQFLDOPHQWHXQDRPiVGH ¢$/*81$3(5621$'((67(+2*$57,(1(«"
&HJXHUD
ODVDFWLYLGDGHVFRQVLGHUDGDVQRUPDOHVSDUDXQDSHUVRQD´ DUWtFXOR
6RUGHUD
GHFUHWR  3pUGLGDRGLVFDSDFLGDGHQH[WUHPLGDGHV
VXSHULRUHV
LQIHULRUHV
'HILFLHQFLDPHQWDO"
2WUDGLVFDSDFLGDG
&DWHJRUtDV6,12 
FRQWLQ~D 





&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ
&XDGUR FRQWLQXDFLyQ 
3DtV 'HILQLFLyQOHJDO $xR 3UHJXQWDFHQVDO $xR
+DLWt 1RVHHQFRQWUyXQDQRUPDVREUHHOWHPD  DWLO HOOH XQKDQGLFDS 
FDFKHUSOXVLHXUVUpSRQVHVVHORQOHFDV 
&HFLWH
6XUGLWp
0XWLWp
0HPEUHVVXSpULHXU
0HPEUHVLQIpULHXU
5HWDUGPHQWDO
3UREOqPHPHQWDO
$XWUH
$XFXQH
+RQGXUDV ³&XDOTXLHUWLSRGHGHILFLHQFLDItVLFDPHQWDORVHQVRULDOTXHHQUHODFLyQD  &XHVWLRQDULR~QLFR 
ODHGDG\PHGLRVRFLDOOLPLWHVXVWDQFLDOPHQWHODLQWHJUDFLyQ\UHDOL]DFLyQ (1(67(+2*$5¢$/*81$3(5621$35(6(17$«"
&HJXHUDWRWDO
GHODVDFWLYLGDGHVGHOLQGLYLGXRHQODVRFLHGDG\DVHDQGHWLSRIDPLOLDU
6RUGHUDWRWDO
VRFLDOHGXFDFLRQDORODERUDO´ DUWtFXORGHFUHWR1ž  0XGH]WRWDO
3pUGLGDRLQYDOLGH]GHDOJXQDSLHUQDREUD]R
'HILFLHQFLDPHQWDO

/DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«
&DWHJRUtDV6,12 
0p[LFR ³7RGDSHUVRQDTXHSUHVHQWDXQDGHILFLHQFLDItVLFDPHQWDORVHQVRULDO\D  &XHVWLRQDULREiVLFR 
VHDGHQDWXUDOH]DSHUPDQHQWHRWHPSRUDOTXHOLPLWDODFDSDFLGDGGH ¢ 120%5( «7,(1(/,0,7$&,Ï13$5$«
~OWLPD
0RYHUVHFDPLQDURORKDFHFRQD\XGD"
HMHUFHUXQDRPiVDFWLYLGDGHVHVHQFLDOHVGHODYLGDGLDULDTXHSXHGHVHU UHIRUPD
8VDUVXVEUD]RV\PDQRV"


FDXVDGDRDJUDYDGDSRUHOHQWRUQRHFRQyPLFR\VRFLDO´ DUWtFXOR/H\ 


¢(VVRUGRDRXVDXQDSDUDWRSDUDRtU"
*HQHUDOGHODV3HUVRQDVFRQ'LVFDSDFLGDG  ¢(VPXGRD"
¢(VFLHJRDRVyORYHVRPEUDV"
¢7LHQHDOJ~QUHWUDVRRGHILFLHQFLDPHQWDO"
¢7LHQHRWUDOLPLWDFLyQItVLFDRPHQWDO" $QRWDUODOLPLWDFLyQ 
(QWRQFHVQRWLHQHOLPLWDFLyQItVLFDRPHQWDO"
&XHVWLRQDULRDPSOLDGRVHDJUHJD
 &DXVDGHODGLVFDSDFLGDG
¢«7,(1((67$/,0,7$&,Ï1«
3RUTXHQDFLyDVt"
3RUXQDHQIHUPHGDG"
3RUXQDFFLGHQWH"
3RUHGDGDYDQ]DGD"
3RURWUDFDXVD"$QRWDUODFDXVD
FRQWLQ~D 





&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ
&XDGUR FRQWLQXDFLyQ 
3DtV 'HILQLFLyQOHJDO $xR 3UHJXQWDFHQVDO $xR
1LFDUDJXD ³'LVFDSDFLGDG&XDOTXLHUUHVWULFFLyQRLPSHGLPHQWRHQODHMHFXFLyQ  (1(67(+2*$5+$<81$20È63(5621$6 UHVSXHVWDP~OWLSOH  
GHXQDDFWLYLGDGRFDVLRQDGRVSRUXQDGHILFLHQFLDHQODIRUPDR 4XHVHDVRUGDPXGDRFLHJD 6,12 
GHQWURGHOiPELWRTXHOLPLWHRLPSLGDHOFXPSOLPLHQWRGHXQDIXQFLyQ 4XHWHQJDGLILFXOWDGSHUPDQHQWHSDUDFDPLQDURSDUDEDxDUVHRYHVWLUVHSRU
VLVROD 6,12 
TXHHVQRUPDOSDUDHVDSHUVRQDVHJ~QODHGDGHOVH[R
4XHWHQJDGLILFXOWDGSHUPDQHQWHSDUDDSUHQGHURHQWHQGHURTXHWHQJD
\ORVIDFWRUHVVRFLDOHV\FXOWXUDOHV´<DVXYH]
³'HILFLHQFLD8QDSpUGLGDRDQRUPDOLGDGSHUPDQHQWHRWUDQVLWRULD SUREOHPDVPHQWDOHVRTXHWHQJDGLILFXOWDGSDUDUHODFLRQDUVHFRQORVGHPiV
SVLFROyJLFDILVLROyJLFDRDQDWyPLFDGHHVWUXFWXUDRIXQFLyQ´ 6,12 
DUWtFXOROH\ 
3DQDPi ³$OWHUDFLyQIXQFLRQDOSHUPDQHQWHRWHPSRUDOWRWDORSDUFLDO  $QLYHOGHKRJDU 
ItVLFDVHQVRULDORPHQWDOTXHOLPLWDODFDSDFLGDGGHUHDOL]DUXQD ¢$/*Ò10,(0%52'((67$)$0,/,$7,(1($/*Ò1,03(',0(172
DFWLYLGDGHQODIRUPDRGHQWURGHOPDUJHQTXHVHFRQVLGHUD )Ë6,&220(17$/"
6,1248,e1"
QRUPDOHQHOVHUKXPDQR´ DUWtFXOROH\ 
$QLYHOSHUVRQD
6LODSHUVRQDHVWiPDUFDGDHQODOLVWDGHRFXSDQWHV
¢48e7,32'(,03(',0(172)Ë6,&220(17$/7,(1("
&LHJR
6RUGR
5HWUDVRPHQWDO

/DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«
3DUiOLVLVFHUHEUDO
,PSHGLPHQWRItVLFRSHUPDQHQWH
2WUR
1LQJXQR


3DUDJXD\ ³6HFRQVLGHUD([FHSFLRQDO%HQHILFLDULRR'HILFLHQWHDWRGD  ¢(;,67((1(67(+2*$5$/*81$3(5621$48(7,(1(,03(',0(172 


SHUVRQDTXHSRUFDXVDFRQJpQLWDRDGTXLULGDSDGH]FDGH )Ë6,&220(17$/'()250$3(50$1(17("&202325(-(03/2
GLVPLQXFLyQGHVXFDSDFLGDGPHQWDORItVLFDTXHDIHFWHVXV $QRWHHQXQDOtQHDHOQRPEUHDSHOOLGRHGDG\HO RORV LPSHGLPHQWR V TXH
WHQJDODSHUVRQDVHJXLGRGHODVFDXVDVTXHOHGLHURQRULJHQ
SRVLELOLGDGHVGHDXWRVXILFLHQFLDGHDSUHQGL]DMHRGHWUDEDMR´
/,67$'(326,%/(6,03(',0(1726
DUWtFXOROH\ 
7LHQHSDUiOLVLVGHVXVSLHUQDVREUD]RVRGLVPLQXFLyQGHVXVIXHU]DV NDQJ\ 
/HIDOWDDOJXQDSDUWHGHVXFXHUSR
(VVRUGR 1RHVFXFKDQDGD 
1RHVFXFKDELHQQHFHVLWDRXVDDSDUDWRSDUDRtU
(VPXGR 1RKDEOD 
+DEODFRQPXFKDGLILFXOWDG
(VFLHJRHQDPERVRMRV QRYHQDGD
(VFLHJRHQXQRMR
9HFRQGLILFXOWDG D~QFRQDQWHRMRV 
7LHQHVtQGURPHGH'RZQ PRQJyOLFR 
7LHQHDOJ~QUHWUDVRPHQWDO
7LHQHORFXUD GHPHQFLD 
/,67$'(326,%/(6&$86$6
3RUTXHQDFLyDVt
3RUXQDHQIHUPHGDG
3RUXQDFFLGHQWH
3RUHGDGDYDQ]DGD
(VSHFLILTXHVLHVSRURWUDFDXVD
FRQWLQ~D 





&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ


&XDGUR FRQWLQXDFLyQ 
3DtV 'HILQLFLyQOHJDO $xR 3UHJXQWDFHQVDO $xR
3HU~ ³/DSHUVRQDFRQGLVFDSDFLGDGHVDTXHOODTXHWLHQHXQDRPiVGHILFLHQFLDV  6LSHUVRQDFRQGLVFDSDFLGDGHVDTXHOODTXHWLHQHDOJXQDGLILFXOWDG 
HYLGHQFLDGDVFRQODSpUGLGDVLJQLILFDWLYDGHDOJXQDRDOJXQDVGHVXV SHUPDQHQWHItVLFDRPHQWDOTXHOLPLWDXQDRPiVDFWLYLGDGHVGHOD
IXQFLRQHVItVLFDVPHQWDOHVRVHQVRULDOHVTXHLPSOLTXHQODGLVPLQXFLyQR YLGDGLDULDHQWRQFHVGtJDPH$/*81$3(5621$'((67(
+2*$5¢7,(1(',),&8/7$'2/,0,7$&,Ï13(50$1(17(
DXVHQFLDGH
FLUFXODUXQRRPiVQ~PHURV 
ODFDSDFLGDGGHUHDOL]DUXQDDFWLYLGDGGHQWURGHIRUPDVRPiUJHQHV
3DUDYHUD~QXVDQGROHQWHV
FRQVLGHUDGRVQRUPDOHVOLPLWiQGRODHQHOGHVHPSHxRGHXQUROIXQFLyQR 3DUDRtUD~QXVDQGRDXGtIRQRVSDUDVRUGHUD
HMHUFLFLRGHDFWLYLGDGHV\RSRUWXQLGDGHVSDUDSDUWLFLSDUHTXLWDWLYDPHQWH 3DUDKDEODU HQWRQDUYRFDOL]DU 
GHQWURGHODVRFLHGDG´ DUWtFXOROH\  3DUDXVDUEUD]RV\PDQRVSLHUQDV\SLHV
$OJXQDRWUDGLILFXOWDGROLPLWDFLyQ
1LQJXQDSHUVRQDVFRQGLVFDSDFLGDG
5HS~EOLFD ³>/@DYDORUDFLyQGHODGLVFDSDFLGDGVHUHJLUiSRUOD~OWLPDYHUVLyQHQ  ¢7,(1(«$/*81$'(/$66,*8,(17(6/,0,7$&,21(6" 
'RPLQLFDQD HVSDxROGHOD&ODVLILFDFLyQ,QWHUQDFLRQDOGH'HILFLHQFLDV'LVFDSDFLGDGHV &LHJRDGHXQRMR
\0LQXVYDOtDVDGRSWDGDVSRUOD2UJDQL]DFLyQ0XQGLDOGHOD6DOXGR &LHJRGHORVGRVRMRV
6RUGRD
FXDOTXLHUFODVLILFDFLyQVLPLODUDFHSWDGDSRUHVWHRUJDQLVPRLQWHUQDFLRQDO´
0XGRD
DUWtFXOROH\ 
3pUGLGDROLPLWDFLyQSHUPDQHQWHSDUDPRYHUORVEUD]RV
/DVGHILQLFLRQHVGHOD&,''0VRQ
3pUGLGDROLPLWDFLyQSHUPDQHQWHSDUDPRYHUODVSLHUQDV

/DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«
'HILFLHQFLD³FXDOTXLHUSpUGLGDRDQRUPDOLGDGHQODHVWUXFWXUDRIXQFLyQ
5HWDUGRRGHILFLHQFLDPHQWDO
SVLFROyJLFDRDQDWyPLFD´
2WUDOLPLWDFLyQ
'LVFDSDFLGDG³FXDOTXLHUUHVWULFFLyQRIDOWD GHELGDDXQDGHILFLHQFLD GH
1LQJXQDOLPLWDFLyQ
FDSDFLGDGSDUDUHDOL]DUXQDDFWLYLGDGGHODPDQHUDTXHVHFRQVLGHUD 

¢&8È/(6/$&$86$'((67$6/,0,7$&,Ï1(6"


QRUPDOSDUDXQVHUKXPDQR´
0LQXVYDOtD³XQDGHVYHQWDMDSDUDXQLQGLYLGXRGHWHUPLQDGRGHELGDDXQD 1DFLyDVt
GHILFLHQFLDRGLVFDSDFLGDGTXHOLPLWDRLPSLGHHOFXPSOLPLHQWRGHXQD (QIHUPHGDG
IXQFLyQTXHHVQRUPDO VHJ~QODHGDGHOVH[R\IDFWRUHVVRFLDOHV\ 9LROHQFLDRDEXVR
FXOWXUDOHV SDUDHVHLQGLYLGXR´ 1DFLRQHV8QLGDV  $FFLGHQWHGHPRWRFLFOHWD
$FFLGHQWHSRURWURYHKtFXORGHPRWRU
2WURDFFLGHQWH QRODERUDO 
$FFLGHQWHODERUDO
(GDGDYDQ]DGD
2WUDFDXVD
1RVDEH
FRQWLQ~D 





&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ
&XDGUR FRQFOXVLyQ 
3DtV 'HILQLFLyQOHJDO $xR 3UHJXQWDFHQVDO $xR
8UXJXD\ ³6HFRQVLGHUDGLVFDSDFLWDGDDWRGDSHUVRQDTXHSDGH]FDXQDDOWHUDFLyQ  1RVHSUHJXQWy 
IXQFLRQDOSHUPDQHQWHRSURORQJDGDItVLFDRPHQWDOTXHHQUHODFLyQDVX
HGDG\PHGLRVRFLDOLPSOLTXHGHVYHQWDMDVFRQVLGHUDEOHVSDUDVX
LQWHJUDFLyQIDPLOLDUVRFLDOHGXFDFLRQDORODERUDO´ DUWtFXOROH\ 
9HQH]XHOD ³6RQWRGDVDTXHOODVSHUVRQDVTXHSRUFDXVDVFRQJpQLWDVRDGTXLULGDV  ¢7,(1($/*81$'(/$66,*8,(17(6'(),&,(1&,$6 
5HS~EOLFD SUHVHQWHQDOJXQDGLVIXQFLyQRDXVHQFLDGHVXVFDSDFLGDGHVGHRUGHQItVLFR 352%/(0$62',6&$3$&,'$'(6"
%ROLYDULDQDGH  PHQWDOLQWHOHFWXDOVHQVRULDORFRPELQDFLRQHVGHHOODVGHFDUiFWHUWHPSRUDO 
SHUPDQHQWHRLQWHUPLWHQWHTXHDOLQWHUDFWXDUFRQGLYHUVDVEDUUHUDVLPSOLTXHQ &HJXHUDWRWDO
GHVYHQWDMDVTXHGLILFXOWDQRLPSLGDQVXSDUWLFLSDFLyQLQFOXVLyQHLQWHJUDFLyQ 6RUGHUDWRWDO
DODYLGDIDPLOLDU\VRFLDODVtFRPRHOHMHUFLFLRSOHQRGHVXVGHUHFKRV 5HWDUGRPHQWDO
KXPDQRVHQLJXDOGDGGHFRQGLFLRQHVFRQORVGHPiV 3pUGLGDRGLVFDSDFLGDGGHH[WUHPLGDGHVVXSHULRUHV
6HUHFRQRFHQFRPRSHUVRQDVFRQGLVFDSDFLGDG/DVVRUGDVODVFLHJDVODV 3pUGLGDRGLVFDSDFLGDGGHH[WUHPLGDGHVLQIHULRUHV
VRUGRFLHJDVODVTXHWLHQHQGLVIXQFLRQHVYLVXDOHVDXGLWLYDVLQWHOHFWXDOHV 2WUD
PRWRUDVGHFXDOTXLHUWLSRDOWHUDFLRQHVGHODLQWHJUDFLyQ\ODFDSDFLGDG 1LQJXQD
FRJQRVFLWLYDODVGHEDMDWDOODODVDXWLVWDV\FRQFXDOHVTXLHUDFRPELQDFLRQHV
GHDOJXQDVGHODVGLVIXQFLRQHVRDXVHQFLDVPHQFLRQDGDV\TXLHQHV
SDGH]FDQDOJXQDHQIHUPHGDGRWUDVWRUQRGLVFDSDFLWDQWHFLHQWtILFDWpFQLFD\

/DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«
SURIHVLRQDOPHQWHFDOLILFDGDVGHDFXHUGRFRQOD&ODVLILFDFLyQ,QWHUQDFLRQDOGHO
)XQFLRQDPLHQWROD'LVFDSDFLGDG\OD6DOXGGHOD2UJDQL]DFLyQ0XQGLDOGHOD
6DOXG´ DUWtFXOROH\SDUDODVSHUVRQDVFRQGLVFDSDFLGDG 

)XHQWH 3DUD OD UHFRSLODFLyQ OHJDO HODERUDFLyQ SURSLD \ SDUD HO UHOHYDPLHQWR GH ODV SUHJXQWDV FHQVDOHV 6 6FKNROQLN ³,QIRUPH VREUH ORV FHQVRV FRPR IXHQWHV GH GDWRV VREUH


GLVFDSDFLGDGHQ$PpULFD/DWLQDFRPRLQVXPRSDUDXQDSUHVHQWDFLyQHQHO6HPLQDULR&HQVRV\VDOXG´6DQWLDJR

 $SHVDUTXHH[LVWHXQDQXHYDOH\DSUREDGDGXUDQWHTXHFRQVLGHUDRWUDGHILQLFLyQGHODGLVFDSDFLGDGVHFRQVLGHUyODFRQFHSWXDOL]DFLyQDQWHULRUSRUTXHHVODTXHHVWDED
YLJHQWHDOPRPHQWRGHODUHDOL]DFLyQGHO~OWLPRFHQVR/DQXHYDQRUPDGHILQHDODSHUVRQDFRQGLVFDSDFLGDGFRPR³DTXHOODTXHWHQLHQGRXQDRPiVGHILFLHQFLDVItVLFDVPHQWDOHV
VHDSRUFDXVDSVtTXLFDRLQWHOHFWXDORVHQVRULDOHVGHFDUiFWHUWHPSRUDORSHUPDQHQWHDOLQWHUDFWXDUFRQGLYHUVDVEDUUHUDVSUHVHQWHVHQHOHQWRUQRYHLPSHGLGDRUHVWULQJLGDVX
SDUWLFLSDFLyQSOHQD\HIHFWLYDHQODVRFLHGDGHQLJXDOGDGGHFRQGLFLRQHVFRQODVGHPiV´ OH\DUWtFXOR 








&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

9,QVWLWXFLRQHV\SROtWLFDVSDUD
ODVSHUVRQDVFRQGLVFDSDFLGDG
HQODUHJLyQ

$ ,QVWLWXFLRQHVGHSHQGHQFLDV\IXQFLRQHV
/DV 1RUPDV 8QLIRUPHV VREUH OD LJXDOGDG GH RSRUWXQLGDGHV SDUD ODV
SHUVRQDV FRQ GLVFDSDFLGDG GH ODV 1DFLRQHV 8QLGDV HVWDEOHFHQ HQ VX
DUWtFXOR  TXH ORV (VWDGRV VRQ UHVSRQVDEOHV GH ³HVWDEOHFHU FRPLWpV
QDFLRQDOHV GH FRRUGLQDFLyQ R HQWLGDGHV DQiORJDV TXH FHQWUDOLFHQ D QLYHO
QDFLRQDO ODV FXHVWLRQHV UHODFLRQDGDV FRQ OD GLVFDSDFLGDG´ 1DFLRQHV
8QLGDV /RVSDtVHVODWLQRDPHULFDQRVFRQVLGHUDGRVFXPSOHQFRQ
HVWDSUHUURJDWLYD YpDVHHOFXDGUR DSHVDUTXHFRPRHOSURSLRWH[WRGH
ODV QRUPDV OR H[SOLFLWD ORV SULQFLSLRV \ UHFRPHQGDFLRQHV TXH IRUPDQ
SDUWHGHHVWHGRFXPHQWRQRVRQREOLJDWRULRV
/DV PLVPDV QRUPDV UHDOL]DQ XQD VXJHUHQFLD UHVSHFWR GH VX
FRPSRVLFLyQ DO VRVWHQHU TXH SDUD TXH VHD LQWHUVHFWRULDO \
PXOWLGLVFLSOLQDULD OR PiV FRQYHQLHQWH VHUtD XQD FRPELQDFLyQ GH
UHSUHVHQWDQWHV GH RUJDQL]DFLRQHV S~EOLFDV \ SULYDGDV ³(VRV
UHSUHVHQWDQWHVSRGUtDQSURYHQLUGHORVPLQLVWHULRVFRUUHVSRQGLHQWHVODV
RUJDQL]DFLRQHV GH SHUVRQDV FRQ GLVFDSDFLGDG \ ODV RUJDQL]DFLRQHV QR
JXEHUQDPHQWDOHV´ 1DFLRQHV8QLGDVDUWtFXORLQFLVR 'HOD
OHFWXUDGHODVOH\HVHQODVTXHVHHVWLSXODODFUHDFLyQGHODLQVWLWXFLyQD
FDUJR GH OD GLVFDSDFLGDG HQ FDGD SDtV VXUJH TXH OD PD\RU SDUWH
FRQWHPSOyHVWHSULQFLSLR
(ODQiOLVLVGHODVIXQFLRQHVRWRUJDGDVDHVWDVLQVWLWXFLRQHVHQODV
OH\HV TXH ODV FUHDQ SHUPLWH VRVWHQHU TXH HQ OD PD\RUtD GH ORV FDVRV VH


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

OHV DWULEX\HQ UHVSRQVDELOLGDGHV GLUHFWDPHQWH UHODFLRQDGDV FRQ ODV SROtWLFDV SURJUDPDV R DFFLRQHV
S~EOLFDV HQ PDWHULD GH GLVFDSDFLGDG \D VHD RULHQWDQGR DVHVRUDQGR FRRUGLQDQGR SUR\HFWDQGR \
HMHFXWDQGRHVDVPHGLGDV7DPELpQOHVFRPSHWHYHODUSRUHOHMHUFLFLRGHORVGHUHFKRVGHODVSHUVRQDVFRQ
GLVFDSDFLGDGHQLJXDOGDGGHFRQGLFLRQHV\VXLQWHJUDFLyQVRFLDO
8QHVWXGLRVREUHOHJLVODFLyQFRPSDUDGDHQPDWHULDGHGLVFDSDFLGDGTXHDEDUFDDYDULRVSDtVHVGHOD
UHJLyQ OD$UJHQWLQDHO(VWDGR3OXULQDFLRQDOGH%ROLYLDHO%UDVLO&KLOH&RORPELD&RVWD5LFDHO(FXDGRU
(O 6DOYDGRU *XDWHPDOD 0p[LFR 1LFDUDJXD 3DQDPi HO 3HU~ \ OD 5HS~EOLFD %ROLYDULDQD GH 9HQH]XHOD 
VRVWLHQHTXH³PLHQWUDVPHQRVWDUHDVµHMHFXWLYDV¶WHQJDQHVWDVLQVWLWXFLRQHVPiVHILFD]HVVXWUDEDMRSXHV
SXHGHQ GHGLFDUVH D YLJLODU SURSRQHU LQYHVWLJDU DUWLFXODU DFFLRQHV HQWUH ORV VHFWRUHV GHO (VWDGR \ VHUYLU
FRPRSXHQWHVGLDORJDQWHVHQWUH(VWDGR\VRFLHGDGFLYLO´ 0XMLFD\&DOOHSiJ 
&RPRVHVRVWHQtDDQWHULRUPHQWHODQRUPDWLYDPDUFRGHRFKRGHORVSDtVHVDQDOL]DGRVDWULEX\HD
HVWD LQVWLWXFLyQ OD UHVSRQVDELOLGDG ²QR H[FOXVLYD² GH JHQHUDU LQIRUPDFLyQ UHVSHFWR GH ODV SHUVRQDV
FRQ GLVFDSDFLGDG HO (VWDGR 3OXULQDFLRQDO GH %ROLYLD &RVWD 5LFD HO (FXDGRU (O 6DOYDGRU 0p[LFR
1LFDUDJXD HO 3HU~ \ OD 5HS~EOLFD %ROLYDULDQD GH 9HQH]XHOD  (Q HVWH VHQWLGR \ REVHUYDQGR ORV
UHVXOWDGRVGHODFRPSDUDFLyQHQWUHODGHILQLFLyQOHJDOGHODGLVFDSDFLGDG\VXRSHUDFLRQDOL]DFLyQFHQVDO
VHUtDSUHFLVRTXHODVRILFLQDVQDFLRQDOHVGHHVWDGtVWLFDFRQVLGHUDUDQODQHFHVLGDGGHDVHVRUDPLHQWRGHOD
LQVWLWXFLyQDFDUJRGHODGLVFDSDFLGDGDQLYHOQDFLRQDO
6L VH DWLHQGH D OD GHSHQGHQFLD LQVWLWXFLRQDO GHO RUJDQLVPR D FDUJR GH ODV SHUVRQDV FRQ
GLVFDSDFLGDG HQ FDGD SDtV YpDQVH HO FXDGUR  \ HO JUiILFR   VH DGYLHUWH XQD LPSRUWDQWH GLVSHUVLyQ
DXQTXH QRWDEOHPHQWH OD PD\RU FDQWLGDG VH FRQFHQWUD HQ HO 0LQLVWHULR GH 'HVDUUROOR 6RFLDO R GH
3ODQLILFDFLyQ  SDtVHV  OR TXH KDEOD GH XQD SRVLWLYD WHQGHQFLD D LQFRUSRUDU DO WHPD HQ ODV SROtWLFDV
JHQHUDOHV GH GHVDUUROOR GH ORV SDtVHV 6LQ HPEDUJR WDPELpQ HV OODPDWLYR TXH OH VLJD HQ FDQWLGDG OD
GHSHQGHQFLDGHRUJDQLVPRVGHO(VWDGRGHOiPELWRGHODVDOXGORTXHSRGUtDUHIOHMDUXQDSHUVLVWHQFLDGHO
HQIRTXHELRPpGLFRGHODGLVFDSDFLGDG(QWRGRFDVRVRORVHWUDWDGHKLSyWHVLVTXHVHUtDSUHFLVRYHULILFDU
PHGLDQWHHODQiOLVLVHVSHFtILFDPHQWHFHQWUDGRVHQHODFFLRQDUGHHVWDVLQVWLWXFLRQHV

*5È),&2
$0e5,&$/$7,1$$'6&5,3&,Ï1,167,78&,21$/'(/$(17,'$'$&$5*2
'(/$63(5621$6&21',6&$3$&,'$'6(*Ò1È5($67(0È7,&$6









6DOXG 'HVDUUROOR 7UDEDMR (GXFDFLyQ *RELHUQR 3URWHFFLyQ 3UHVLGHQFLD $XWyQRPR
6RFLDOR LQWHULRU VRFLDO
3ODQLILFDFLyQ


)XHQWH(ODERUDFLyQSURSLD
1RWD5HVSHFWRGHDTXHOORVSDtVHVFX\DLQVWLWXFLyQDFDUJRGHOWHPDGHSHQGHGHOD3UHVLGHQFLDGH
OD 5HS~EOLFD HQ HO FDVR GH OD $UJHQWLQD FRUUHVSRQGH DO &RQVHMR 1DFLRQDO GH &RRUGLQDFLyQ GH
3ROtWLFDV6RFLDOHV\HQHOGHO%UDVLODOD6HFUHWDUtD(VSHFLDOGHORV'HUHFKRV+XPDQRV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

% 'LDJQyVWLFRVGHVLQIRUPDGRVODVSROtWLFDVSDUDODVSHUVRQDV
FRQGLVFDSDFLGDG
6L ELHQ FRPR VXUJH GHO EUHYH DQiOLVLV SUHYLR ORV SDtVHV GH OD UHJLyQ KDQ LGR FRQYHUJLHQGR KDFLD
HQIRTXHVOHJDOHVFRPXQHVHQPDWHULDGHGLVFDSDFLGDGVREUHWRGRLQIOXLGRVSRUODVQRUPDVXQLIRUPHVGH
ODV1DFLRQHV8QLGDV\HOHQIRTXHSURPRYLGRSRUODFODVLILFDFLyQGHODGLVFDSDFLGDGGHVDUUROODGDSRUOD
206 ²WDQWR VX SULPHUD YHUVLyQ FRPR VX UHYLVLyQ² HVWR QR VLJQLILFD TXH HVD FRQYHUJHQFLD VH KD\D
PDWHULDOL]DGRHQODHIHFWLYL]DFLyQGHHVWDSHUVSHFWLYDHQSROtWLFDVS~EOLFDV
8QHVWXGLREDVWDQWHUHFLHQWHVREUHHOWHPD 6DYHGRII REVHUYDTXHPLHQWUDVODWHQGHQFLDGH
ODVDFFLRQHVOHJLVODWLYDV\QRUPDWLYDVVHFDUDFWHUL]DSRUDSXQWDUKDFLDODLQFOXVLyQ\ODSDUWLFLSDFLyQGH
ODV SHUVRQDV FRQ GLVFDSDFLGDG VREUH WRGR GHVGH HO HQIRTXH GH ORV GHUHFKRV KXPDQRV HQ PDWHULD GH
SROtWLFDS~EOLFDKD\SDtVHVTXHHQIDWL]DQHOFRPEDWHDODGLVFULPLQDFLyQVRFLDORHODXPHQWRGHODFFHVR
ItVLFRDOJXQRVVLJXHQRFXSiQGRVHGHODGLVFDSDFLGDGGHQWURGHOPRGHORPpGLFRLPSOHPHQWDQGRVREUH
WRGRPHGLGDVSDUDHOWUDWDPLHQWR\ODUHKDELOLWDFLyQ\RWURVSUHVWDQPD\RUDWHQFLyQDODVGLPHQVLRQHV
HFRQyPLFDVSRQLHQGRHQSULPHUSODQRORVSURJUDPDVGHDSR\RILQDQFLHUR\GHFRORFDFLyQODERUDO
(VWDV GLIHUHQFLDV QDFLRQDOHV HVWiQ YLQFXODGDV FRQ ODV FLUFXQVWDQFLDV SDUWLFXODUHV GH FDGD SDtV
²SRUHMHPSORODHWDSDGHODWUDQVLFLyQGHPRJUiILFD\HSLGHPLROyJLFDTXHDWUDYLHVDHQWUHRWURVPXFKRV
IDFWRUHV²SHURVHDGYLHUWHQFLHUWRVSDWURQHVOLJDGRVDORVQLYHOHVGHLQJUHVRV(OWUDEDMRFLWDGRVRVWLHQH
TXH HQ ORV SDtVHV ULFRV OD SROtWLFD S~EOLFD GHVWLQDGD D ODV SHUVRQDV FRQ GLVFDSDFLGDG VH HODERUD HQ XQ
FRQWH[WRGHPD\RUHVUHFXUVRVVHUYLFLRVS~EOLFRVPiVVyOLGRV\PHUFDGRVGHWUDEDMRPiVHVWUXFWXUDGRV
IRUPDOPHQWH $GHPiV GHELGR D TXH JHQHUDOPHQWH HVWRV PLVPRV SDtVHV HVWiQ PiV DYDQ]DGRV HQ OD
WUDQVLFLyQ GHPRJUiILFD \ HSLGHPLROyJLFD ODV GLVFDSDFLGDGHV VH DVRFLDQ PiV SUREDEOHPHQWH D
HQIHUPHGDGHV GHJHQHUDWLYDV UHODFLRQDGDV FRQ HO PD\RU QLYHO GH HQYHMHFLPLHQWR GH OD SREODFLyQ \ D
DFFLGHQWHV (V SRU HVR TXH HQ HOORV OD SROtWLFD S~EOLFD HQ OD PDWHULD WLHQGH D FHQWUDUVH HQ HO DSR\R
ILQDQFLHURODFRORFDFLyQODERUDO\ODVROXFLyQGHOSUREOHPDFRQILDQGRPiVHQORVVHUYLFLRVGHD\XGD\
ODVWHFQRORJtDGLVSRQLEOHV 6DYHGRII 
/RVSDtVHVGHEDMRVLQJUHVRVSRUHOFRQWUDULRWLHQHQTXHUHSDUWLUVXVHVIXHU]RVHQWUHODVPHGLGDV
SUHYHQWLYDVEiVLFDVDVRFLDGDVDXQDHWDSDGHODWUDQVLFLyQHSLGHPLROyJLFDPiVLQFLSLHQWH SRUHMHPSOR
YDFXQDV FRQWUD HO VDUDPSLyQ QXWULFLyQ DGHFXDGD SDUD ODV PXMHUHV HPEDUD]DGDV  HO WUDWDPLHQWR \ HO
DFFHVR ItVLFR HQ XQ HVFHQDULR GH HVFDVH] GH UHFXUVRV \ VHUYLFLRV VRFLDOHV GpELOHV TXH ORV FRQGXFH D
GHOHJDU HQ ODV UHGHV LQIRUPDOHV GH OD IDPLOLD \ OD FRPXQLGDG PXFKDV GH VXV UHVSRQVDELOLGDGHV VLQ
UHDOL]DULQYHUVLRQHVWpFQLFDVVXVWDQFLDOHV2WURVSDtVHVHQXQDVLWXDFLyQLQWHUPHGLDKDQORJUDGRWUDWDU
FRQ p[LWR XQD JUDQ FDQWLGDG GH FDXVDV EiVLFDV GH ODV GLVFDSDFLGDGHV SHUR WRGDYtD FDUHFHQ GH ORV
UHFXUVRVSDUDVDWLVIDFHUFRPSOHWDPHQWHODVGHPDQGDVGHHVWHJUXSRGHSHUVRQDV 6DYHGRII 
(QWpUPLQRVJHQHUDOHVORVSDtVHVGHODUHJLyQVHHQFXHQWUDQHQWUHHVWDVGRV~OWLPDVUHDOLGDGHV3HUR
HPSUHQGHUXQDQiOLVLVGHODSROtWLFDS~EOLFDSDUDODVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDHQHVWRV
WpUPLQRVHVXQDWDUHDTXHH[FHGHFRQFUHFHVODVSRVLELOLGDGHVGHXQSHTXHxRUHOHYDPLHQWRYLUWXDOHQHVWH
FDPSRSUREOHPiWLFR,QFOXVRVHUtDXQDWDUHDGLItFLOSDUDXQDLQYHVWLJDFLyQGHPiVODUJRDOLHQWRGHELGRDOD
HVFDVH]\ORVSUREOHPDVTXHDIHFWDQDODLQIRUPDFLyQGLVSRQLEOHHQPDWHULDGHGLVFDSDFLGDG\DOLQVXILFLHQWH
QLYHOGHGHVDUUROOR\VLVWHPDWL]DFLyQGHODVHYDOXDFLRQHVGHSURJUDPDV\SROtWLFDVDQLYHOUHJLRQDO
$WHQGLHQGRDHVWDVOLPLWDFLRQHVHVWHDSDUWDGRKDFRQVLGHUDGRODSROtWLFDS~EOLFDQDFLRQDOVREUH
GLVFDSDFLGDGHQXQJUXSRVHOHFFLRQDGRGHSDtVHVGHODUHJLyQ HO(VWDGR3OXULQDFLRQDOGH%ROLYLD&KLOH
&RORPELD &XED HO (FXDGRU *XDWHPDOD 0p[LFR \ HO 3HU~  D WUDYpV GH OD OHFWXUD GH ORV GRFXPHQWRV
RILFLDOHVTXHODVGHVDUUROODQ\GHDOJXQRVHVWXGLRVTXHODVDQDOL]DQ\FHQWUDQGRODPLUDGDVREUHWRGR
HQHOQLYHOGHH[SORWDFLyQGHODLQIRUPDFLyQVRFLRGHPRJUiILFDVREUHODVSHUVRQDVFRQGLVFDSDFLGDGTXH
VHUHDOL]DSDUDVXHODERUDFLyQ\HQODIRUPDHQTXHHVHLQVWUXPHQWRS~EOLFRFRQVLGHUDODJHQHUDFLyQGH
GDWRVHQODPDWHULD






&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ
&8$'52
$0e5,&$/$7,1$,167,78&,21(6$&$5*2'(/$63(5621$6&21',6&$3$&,'$'
$xRGH
3DtV ,QVWLWXFLyQ 'HSHQGHQFLD D 3URSyVLWR
FUHDFLyQ 
$UJHQWLQD &RPLVLyQ1DFLRQDO$VHVRUDSDUDOD 3UHVLGHQFLDGHOD1DFLyQ  )RUPXODUODVSROtWLFDVVREUHGLVFDSDFLGDGFRQVHQVXDGDPHQWHFRQORV
,QWHJUDFLyQGH3HUVRQDV &RQVHMR1DFLRQDOGH RUJDQLVPRVQDFLRQDOHV\SURYLQFLDOHVSHUWLQHQWHVFRQODSDUWLFLSDFLyQ
'LVFDSDFLWDGDV &21$',6  &RRUGLQDFLyQGH3ROtWLFDV GHODVRUJDQL]DFLRQHVSULYDGDVGH\SDUDSHUVRQDVFRQGLVFDSDFLGDG\
6RFLDOHV SURSRQHUVXDSUREDFLyQDORVyUJDQRVTXHFRUUHVSRQGDQ
%ROLYLD (VWDGR &RPLWp1DFLRQDOGH3HUVRQDVFRQ 0LQLVWHULRGH6DOXG\  2ULHQWDFLyQFRRUGLQDFLyQFRQWURO\DVHVRUDPLHQWRGHSROtWLFDV
3OXULQDFLRQDOGH  'LVFDSDFLGDG &21$/3(',6  'HSRUWHV \DFFLRQHVHQEHQHILFLRGHODVSHUVRQDVGLVFDSDFLWDGDV
%UDVLO &RQVHOKR1DFLRQDOGRV'LUHLWRVGD 6HFUHWDUtD(VSHFLDOGHORV  $FRPSDxDU\HYDOXDUHOGHVDUUROORGHXQDSROtWLFDQDFLRQDOSDUDOD
3HVVRD3RUWDGRUDGH'HILFLrQFLD 'HUHFKRV+XPDQRVGHOD LQFOXVLyQGHODVSHUVRQDV³FRQGHILFLHQFLD´\GHODVSROtWLFDV
&21$'( yUJDQRVXSHULRUGH 3UHVLGHQFLDGHOD5HS~EOLFD VHFWRULDOHVGHHGXFDFLyQVDOXGWUDEDMRDVLVWHQFLDVRFLDO
GHOLEHUDFLyQFROHJLDGD WUDQVSRUWHFXOWXUDWXULVPRGHSRUWHRFLR\XUEDQDVGLULJLGDVDHVWH
JUXSRVRFLDO
&RRUGHQDGRULD1DFLRQDOSDUD 6HFUHWDUtD(VSHFLDOGHORV  5HVSRQVDEOHGHODJHVWLyQGHODVSROtWLFDVGHVWLQDGDVDOD
,QWHJUDomRGD3HVVRD3RUWDGRUDGH 'HUHFKRV+XPDQRVGHOD LQWHJUDFLyQGHODVSHUVRQDVFRQGHILFLHQFLDV\FX\RVHMHVGH
'HILFLrQFLD &25'( yUJDQRGH 3UHVLGHQFLDGHOD5HS~EOLFD WUDEDMRVRQODGHIHQVDGHORVGHUHFKRV\ODSURPRFLyQGHOD

/DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«
DVHVRUtD FLXGDGDQtD
&KLOH 6HUYLFLR1DFLRQDOGHOD'LVFDSDFLGDG 0LQLVWHULRGH3ODQLILFDFLyQ  3URPRYHUODLJXDOGDGGHRSRUWXQLGDGHVLQFOXVLyQVRFLDO
6(1$',6  DQWHV)21$',6  SDUWLFLSDFLyQ\DFFHVLELOLGDGGHODVSHUVRQDVFRQGLVFDSDFLGDG
&RORPELD &RQVHMR1DFLRQDOGH'LVFDSDFLGDG 0LQLVWHULRGHOD3URWHFFLyQ  &RRUGLQDFLyQSODQLILFDFLyQFRQFHUWDFLyQDGRSFLyQ\HYDOXDFLyQGH


6RFLDO ODVSROtWLFDVS~EOLFDVJHQHUDOHV\VHFWRULDOHVSDUDHOVHFWRUGHOD
GLVFDSDFLGDG
&RVWD5LFD &RQVHMR1DFLRQDOGH5HKDELOLWDFLyQ\ /DOH\QRORHVSHFLILFD  2ULHQWDUODSROtWLFDHQPDWHULDGHUHKDELOLWDFLyQ\GHHGXFDFLyQ
E
(GXFDFLyQ(VSHFLDO &15((  WDPSRFRODSiJLQDZHEGHO HVSHFLDOHQHOSDtVHQFRRUGLQDFLyQFRQORVPLQLVWHULRVGH6DOXG
RUJDQLVPR 3~EOLFD(GXFDFLyQ3~EOLFD\7UDEDMR\6HJXULGDG6RFLDO
6HUYLUGHLQVWUXPHQWRFRRUGLQDGRU\DVHVRUHQWUHODV
RUJDQL]DFLRQHVS~EOLFDV\SULYDGDVTXHVHRFXSHQGHOD
UHKDELOLWDFLyQ\ODHGXFDFLyQHVSHFLDOFRRUGLQDUXQ3ODQ1DFLRQDO
GH5HKDELOLWDFLyQ\(GXFDFLyQ(VSHFLDO\RUJDQL]DU\PDQWHQHUXQ
VLVWHPDGHLQIRUPDFLyQSDUDODDGRSFLyQGHGHFLVLRQHVHQHOiPELWR
GHODGLVFDSDFLGDG
(VODLQVWDQFLDTXHGHEHILVFDOL]DUTXHODVLQVWLWXFLRQHVGHO(VWDGR
VHJ~QVXVFDPSRVGHFRPSHWHQFLDRIUH]FDQODVRSRUWXQLGDGHV\
FRQGLFLRQHVQHFHVDULDVSDUDHOFXPSOLPLHQWRGHWRGRVORVGHUHFKRV
\GHEHUHVGHODVSHUVRQDVFRQGLVFDSDFLGDG
FRQWLQ~D 





&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ
&XDGUR FRQWLQXDFLyQ 
$xRGH
3DtV ,QVWLWXFLyQ 'HSHQGHQFLD 3URSyVLWR
FUHDFLyQ
&XED &RQVHMR1DFLRQDOSDUDOD$WHQFLyQD 0LQLVWHULRGH7UDEDMR\  3URPRYHUODVPHGLGDVHILFDFHVSDUDODSUHYHQFLyQGHOD
ODV3HUVRQDVFRQ'LVFDSDFLGDG 6HJXULGDG6RFLDO GLVFDSDFLGDG\HOFXPSOLPLHQWRGHORVREMHWLYRVGHLJXDOGDG\SOHQD
&21$3(' HVWUXFWXUDLQWUDVHFWRULDO SDUWLFLSDFLyQ
HQODYLGDVRFLDO
(FXDGRU &RQVHMR1DFLRQDOGH'LVFDSDFLGDGHV 2UJDQLVPRFRQDXWRQRPtD  (MHUFHVXVDWULEXFLRQHVDQLYHOQDFLRQDOGLFWDSROtWLFDVFRRUGLQD
&21$',6  RSHUDWLYD DFFLRQHV\HMHFXWDHLPSXOVDLQYHVWLJDFLRQHVVREUHHOiUHDGHODV
GLVFDSDFLGDGHV
(O6DOYDGRU &RQVHMR1DFLRQDOGH$WHQFLyQ,QWHJUDO /DOH\QRORHVSHFLILFD  (VWDEOHFHUSROtWLFDVGH$WHQFLyQ,QWHJUDODODV3HUVRQDVFRQ
DODV3HUVRQDVFRQ'LVFDSDFLGDG WDPSRFRODSiJLQDZHEGHO 'LVFDSDFLGDG(VHOHQWHUHFWRUGHOD3ROtWLFD1DFLRQDOGH
&21$,3'  RUJDQLVPR (TXLSDUDFLyQGH2SRUWXQLGDGHVSDUDODV3HUVRQDVFRQ
'LVFDSDFLGDG\FRRUGLQDGRUGHODVDFFLRQHVGHVDUUROODGDVSRUORV
GLYHUVRVVHFWRUHVHQEHQHILFLRGHODVSHUVRQDVFRQGLVFDSDFLGDG
*XDWHPDOD &RQVHMR1DFLRQDOSDUDOD$WHQFLyQGH (QWLGDGDXWyQRPD  'LVHxDUSROtWLFDVJHQHUDOHVGHDWHQFLyQLQWHJUDOTXHDVHJXUHQHO
ODV3HUVRQDVFRQ'LVFDSDFLGDG HIHFWLYRFXPSOLPLHQWRGHORVGHUHFKRV\REOLJDFLRQHVGHODV
&21$',6  SHUVRQDVFRQGLVFDSDFLGDG

/DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«
+RQGXUDV 'LUHFFLyQ*HQHUDOGH'HVDUUROORSDUD 6HFUHWDUtDGH(VWDGRHQORV  (VWDEOHFHUSROtWLFDVSDUDODSUHYHQFLyQDWHQFLyQ\UHKDELOLWDFLyQ
ODV3HUVRQDVFRQ'LVFDSDFLGDG 'HVSDFKRVGH*REHUQDFLyQ LQWHJUDOGHODVSHUVRQDVFRQGLVFDSDFLGDGHQWUHRWUDVIXQFLRQHV
',*('(3',  \-XVWLFLD GHFRRUGLQDFLyQDVHVRUDPLHQWRHLQYHVWLJDFLyQ
0p[LFR &RQVHMR1DFLRQDOSDUDODV3HUVRQDV /DOH\QRORHVSHFLILFD  (VHOLQVWUXPHQWRSHUPDQHQWHGHFRRUGLQDFLyQLQWHUVHFUHWDULDOH


FRQ'LVFDSDFLGDG &21$',6  WDPSRFRODSiJLQDZHEGHO LQWHULQVWLWXFLRQDOTXHWLHQHSRUREMHWRFRQWULEXLUDOHVWDEOHFLPLHQWR


RUJDQLVPR GHXQDSROtWLFDGH(VWDGRHQGLVFDSDFLGDGDVtFRPRSURPRYHU
DSR\DUIRPHQWDUYLJLODU\HYDOXDUODVDFFLRQHVHVWUDWHJLDV\
SURJUDPDVGHULYDGRVGHODOH\VREUHODPDWHULD
1LFDUDJXD &RQVHMR1DFLRQDOGH3UHYHQFLyQ 0LQLVWHULRGH6DOXG  )RUPXODUSURSRQHUFRRUGLQDU\FRQWURODUODVDFFLRQHVQDFLRQDOHV
5HKDELOLWDFLyQ\(TXLSDUDFLyQGH DUWLFXODGDVSDUDORJUDUODSOHQDLQWHJUDFLyQGHODVSHUVRQDVFRQ
2SRUWXQLGDGHV &21$5(  GLVFDSDFLGDG
ÈUHDGH5HKDELOLWDFLyQ 0LQLVWHULRGH6DOXG  ,QVWDQFLDHVSHFLDOL]DGDTXHHMHUFHODUHFWRUtDGHOVHFWRUSURSLFLD
XQDDWHQFLyQSURJUHVLYDSRUQLYHOHVUHVROXWLYRVFRQFDOLGDG\
HILFDFLDDWUDYpVGHOFXPSOLPLHQWRGHSROtWLFDVSODQHVSURJUDPDV
HLQWHUYHQFLRQHVGHILQLGDVHQHOPDUFROHJDOUHJXODWRULR
3DQDPi 6HFUHWDUtD1DFLRQDOGH'LVFDSDFLGDG 0LQLVWHULRGH'HVDUUROOR  3URPRYHUHOGHVDUUROORHILFLHQWHGHSROtWLFDVS~EOLFDVSDUDOD
F
6(1$',6  6RFLDO LQFOXVLyQVRFLDOSOHQDGHODVSHUVRQDVFRQGLVFDSDFLGDG\VXV
IDPLOLDV
'LUHFFLyQ1DFLRQDOGH3HUVRQDVFRQ 0LQLVWHULRGHOD-XYHQWXG  (TXLSDUDFLyQGHRSRUWXQLGDGHVSDUDODVSHUVRQDVFRQ
'LVFDSDFLGDG OD0XMHUOD1LxH]\OD GLVFDSDFLGDG
)DPLOLD
FRQWLQ~D 





&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ
&XDGUR FRQFOXVLyQ 
$xRGH
3DtV ,QVWLWXFLyQ 'HSHQGHQFLD 3URSyVLWR
FUHDFLyQ
3DUDJXD\ ,QVWLWXWR1DFLRQDOGH3URWHFFLyQD 0LQLVWHULRGH(GXFDFLyQ\  3URWHJHUHQIRUPDLQWHJUDODODVSHUVRQDVH[FHSFLRQDOHVSDUD
3HUVRQDV([FHSFLRQDOHV ,1352  &XOWR /H\  QHXWUDOL]DUODVGHVYHQWDMDVTXHVXFRQGLFLyQOHVSURYRFD\
EULQGDUOHVODRSRUWXQLGDGGHGHVHPSHxDUXQUROHTXLYDOHQWHDOTXH
HMHUFHQODVSHUVRQDVQRUPDOHV VLF &RRUGLQDUDFFLRQHVHQWUHORV
GLIHUHQWHVRUJDQLVPRVGHO(VWDGR\HOVHFWRUSULYDGR
3HU~ 'LUHFFLyQ*HQHUDOGHOD3HUVRQDFRQ 0LQLVWHULRGHOD0XMHU\  )RUPXODU\DSUREDUSROtWLFDVSDUDODSUHYHQFLyQDWHQFLyQH
'LVFDSDFLGDG '*3'  'HVDUUROOR6RFLDO LQWHJUDFLyQVRFLDOGHODVSHUVRQDVFRQGLVFDSDFLGDG
5HS~EOLFD &RQVHMR1DFLRQDOGH'LVFDSDFLGDG 3UHVLGHQFLDGHOD  'LFWDUHYDOXDU\YHODUSRUHOFXPSOLPLHQWRGHODVSROtWLFDVHQODV
'RPLQLFDQD &21$',6  5HS~EOLFD GLIHUHQWHViUHDVGHLQWHUYHQFLyQGHODOH\PDUFRSODQLILFDU\
VXSHUYLVDUODHMHFXFLyQGHSURJUDPDVGLULJLGRVDORJUDUOD
LQWHJUDFLyQGHODVSHUVRQDVFRQGLVFDSDFLGDG
8UXJXD\ &RPLVLyQ1DFLRQDO+RQRUDULDGHO 0LQLVWHULRGH6DOXG3~EOLFD  (ODERUDFLyQHVWXGLRHYDOXDFLyQ\DSOLFDFLyQGHORVSODQHVGH
'LVFDSDFLWDGR &1+'  SROtWLFDQDFLRQDOGHSURPRFLyQGHVDUUROORUHKDELOLWDFLyQH
LQWHJUDFLyQVRFLDOGHOGLVFDSDFLWDGRDFX\RHIHFWRGHEHUiSURFXUDU
ODFRRUGLQDFLyQGHODDFFLyQGHO(VWDGRHQVXVGLYHUVRVVHUYLFLRV

/DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«
FUHDGRVRDFUHDUVHDORVILQHVHVWDEOHFLGRVHQODOH\
9HQH]XHOD 5HS~EOLFD &RQVHMR1DFLRQDOSDUDODV3HUVRQDV 0LQLVWHULRGHO3RGHU3RSXODU  &RDG\XYDUHQODDWHQFLyQLQWHJUDOGHODVSHUVRQDVFRQ
%ROLYDULDQDGH  FRQ'LVFDSDFLGDG &21$3',6  SDUDODV&RPXQDV\ GLVFDSDFLGDGODSUHYHQFLyQGHODGLVFDSDFLGDG\HQODSURPRFLyQ
3URWHFFLyQ6RFLDO GHFDPELRVFXOWXUDOHVHQUHODFLyQFRQODGLVFDSDFLGDGGHQWURGHO


WHUULWRULRGHOSDtV

)XHQWH(ODERUDFLyQSURSLDDSDUWLUGHOUHOHYDPLHQWRGHORVVLWLRVZHEGHODVLQVWLWXFLRQHVFRUUHVSRQGLHQWHV
D
 2ELHQGHPRGLILFDFLyQRUHHVWUXFWXUDFLyQ(QHOFDVRGH&RORPELDSRUHMHPSORODLQVWLWXFLyQIXHFUHDGDSRUODOH\GH\UHIRUPDGDPHGLDQWHOD/H\GH
E
 $FWXDOPHQWHKD\XQDSURSXHVWDGHSUR\HFWRGHOH\SDUDODFUHDFLyQGHO,QVWLWXWR1DFLRQDOGH'LVFDSDFLGDG ,1$',6 
F
 $GHPiVPHGLDQWHHO'HFUHWR(MHFXWLYR1ž 4XHUHJODPHQWDHOQXPHUDOGHODUWtFXORGHOD/H\GHGHMXQLRGH GHOGHMXOLRGHVHFUHDURQODV2ILFLQDVGH
(TXLSDUDFLyQ GH 2SRUWXQLGDGHV HQ WRGDV ODV LQVWDQFLDV GH JRELHUQR LQVWLWXFLRQHV DXWyQRPDV \ VHPLDXWyQRPDV ODV FXDOHV HVWiQ XELFDGDV HQ HO QLYHO DVHVRU FRQ GHSHQGHQFLD
MHUiUTXLFD\DGVFULWDVDORVUHVSHWLYRVGHVSDFKRVVXSHULRUHV



&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

6HJ~Q HO ,QIRUPH UHJLRQDO GH ODV $PpULFDV GHO 0RQLWRUHR ,QWHUQDFLRQDO GH ORV 'HUHFKRV GH ODV
3HUVRQDVFRQ'LVFDSDFLGDG&KLOH&RORPELDHO(FXDGRU0p[LFR\HO3HU~HUDQSRUHQWRQFHVSDtVHV
PRGHUDGDPHQWH LQFOXVLYRV GH ODV SHUVRQDV FRQ GLVFDSDFLGDG PLHQWUDV TXH HO (VWDGR 3OXULQDFLRQDO GH
%ROLYLD \ *XDWHPDOD HUDQ SDtVHV PHQRV LQFOXVLYRV ,'50   &XED QR IXH SDUWH GH ORV SDtVHV
DQDOL]DGRV 6LQ HPEDUJR HV SUHFLVR FRQVLGHUDU OD IHFKD HQ TXH VH UHDOL]y HO HVWXGLR GHO TXH VXUJH HVWD
FODVLILFDFLyQ²DGHPiVGHODVOLPLWDFLRQHVTXHHVWHWLSRGHHYDOXDFLRQHVVXSRQHQ²\ORVJLURVSROtWLFRVGH
UHOHYDQFLDTXHKDQRFXUULGRHQDOJXQRVGHHVWRVSDtVHVHQORVDxRVWUDQVFXUULGRVGHVGHHQWRQFHV
(O3ODQ1DFLRQDOGH,JXDOGDG\(TXLSDUDFLyQGH2SRUWXQLGDGHVSDUD3HUVRQDVFRQ'LVFDSDFLGDG
31,(2   GHO (VWDGR 3OXULQDFLRQDO GH %ROLYLD IXH DSUREDGR FRPR SROtWLFD GH (VWDGR
PHGLDQWHHOGHFUHWRVXSUHPR1žGHDEULOGH7XYRXQDHODERUDFLyQDPSOLD\SDUWLFLSDWLYD
'tH]&DQVHFR XQHOHPHQWRUHFRPHQGDGRSRUODVQRUPDVXQLIRUPHVGHODV1DFLRQHV8QLGDVTXH
HQ HO DUWtFXOR  HVWDEOHFHQ TXH ³/RV (VWDGRV GHEHQ KDFHU TXH ODV RUJDQL]DFLRQHV GH SHUVRQDV FRQ
GLVFDSDFLGDG LQWHUYHQJDQ HQ WRGRV ORV FDVRV GH DGRSFLyQ GH GHFLVLRQHV UHODFLRQDGDV FRQ ORV SODQHV \
SURJUDPDV GH LQWHUpV SDUD ODV SHUVRQDV FRQ GLVFDSDFLGDG R TXH DIHFWHQ D VX VLWXDFLyQ HFRQyPLFD \
VRFLDO´ 1DFLRQHV 8QLGDV   (O SURFHVR GH HODERUDFLyQ GH OD SURSXHVWD WUDQVFXUULy HQWUH  \
 D LQLFLDWLYD GHO 'HIHQVRU GHO 3XHEOR \ GH OD &21$/3(',6 HQ XQD SULPHUD HWDSD PHGLDQWH XQ
WUDEDMRGHJDELQHWHFRQHVSHFLDOLVWDV\OtGHUHVGHODVSHUVRQDVFRQGLVFDSDFLGDG\OXHJRDWUDYpVGHOD
LQIRUPDFLyQ FRQVXOWD \ YDOLGDFLyQ GH OD SURSXHVWD D SDUWLU GH HQWUHYLVWDV WDOOHUHV PHVDV GH WUDEDMR \
RWUDV DFWLYLGDGHV FRQ DXWRULGDGHV LQVWLWXFLRQHV \ RUJDQL]DFLRQHV GH \ SDUD ODV SHUVRQDV FRQ
GLVFDSDFLGDGDQLYHOQDFLRQDOHQQXHYHWDOOHUHVUHJLRQDOHV
/DSROtWLFDVHEDVDHQORVSULQFLSLRVGHLJXDOGDGGHRSRUWXQLGDGHV\FRQGLFLRQHVODQRUPDOL]DFLyQ\
OD DXWRGHWHUPLQDFLyQ \ FRPSUHQGH FLQFR JUDQGHV iUHDV GH LQWHUYHQFLyQ VRFLHGDG HQWRUQR VRFLDO \
FXOWXUDO  GHUHFKRV VRFLDOHV HGXFDFLyQ VDOXG \ YLYLHQGD  GHUHFKRV HFRQyPLFRV WUDEDMR  GHVDUUROOR
SHUVRQDO \ VRFLDO DFFHVLELOLGDG LQWHJUDO DXWRQRPtD SHUVRQDO SDUWLFLSDFLyQ H LQYHVWLJDFLyQ  \ GHVDUUROOR
LQVWLWXFLRQDO\RUJDQL]DFLRQDO IRUWDOHFLPLHQWRLQVWLWXFLRQDO\RUJDQL]DFLRQDO (OGHFUHWRGHWHUPLQDTXHOD
SROtWLFD VHUi ILQDQFLDGD FRQ HO SUHVXSXHVWR GH FDGD XQD GH ODV LQVWLWXFLRQHV LQYROXFUDGDV FRQ UHFXUVRV
H[WHUQRV\RWURVIRQGRVREWHQLGRVSDUDHVWHILQ %DOER 
(O31,(2SDUWHSRUDGPLWLUTXH³HOWHPDGHGLVFDSDFLGDGFRQVLGHUDGRKDVWDKDFHSRFRWLHPSRGH
iPELWR SULYDGR H LQGLYLGXDO FX\RV LQYROXFUDGRV \ UHVSRQVDEOHV HUDQ VRODPHQWH ODV SHUVRQDV FRQ
GLVFDSDFLGDG\VXVIDPLOLDVDKRUDWUDVFLHQGHODHVIHUDSULYDGD\VHFRQYLHUWHHQWHPDGHDJHQGDS~EOLFD
GHELHQGR IRUPDU SDUWH GH ODV SROtWLFDV GH ODV GLIHUHQWHV FDUWHUDV GH (VWDGR SUHIHFWXUDV \ JRELHUQRV
PXQLFLSDOHV´ %ROLYLD'HIHQVRUGHO3XHEOR\&21$/3(',6 
(QHOWH[WRGHODSROtWLFDVHVRVWLHQHTXHODLGHQWLILFDFLyQGHODViUHDVSULRULWDULDVHVWUDWpJLFDVVH
KL]RVREUHODEDVHGHXQGLDJQyVWLFRGHODVLWXDFLyQDFWXDOGHODGLVFDSDFLGDGPHGLDQWHDSUR[LPDFLRQHVD
OD LQFLGHQFLD ODV FDUDFWHUtVWLFDV \ HO HVWDGR GH OD RIHUWD S~EOLFD ORV SURFHVRV \ OD LQWHUDFFLyQ GH ORV
GLVWLQWRV DFWRUHV LQYROXFUDGRV SHUR QR VH DGYLHUWH XQD XWLOL]DFLyQ GH LQIRUPDFLyQ VRFLRGHPRJUiILFD
VREUH ODV SHUVRQDV FRQ GLVFDSDFLGDG DXQTXH VH UHFRQRFH HQ WpUPLQRV JHQHUDOHV TXH OD PD\RUtD VH
HQFXHQWUD HQ VLWXDFLyQ GH GHVLJXDOGDG \ HQ XQD FRQGLFLyQ GH SREUH]D TXH WLHQH XQD HVWUHFKD
LQWHUGHSHQGHQFLDFRQODGLVFDSDFLGDGDJXGL]iQGRODHLQFUHPHQWiQGROD
(QHOGRFXPHQWRKD\XQLQWHUHVDQWHVHxDODPLHQWRGHODQHFHVLGDGGHFRQVLGHUDUODFRQGLFLyQpWQLFD\
GHJpQHURGHODVSHUVRQDVFRQGLVFDSDFLGDG\WDPELpQUHVXOWDOODPDWLYDODH[SOLFLWDFLyQVREUHODGHFLVLyQ
GH OD IRUPD GH GHQRPLQDU D ODV SHUVRQDV FRQ GLVFDSDFLGDG ³VXUJLy OD SUHRFXSDFLyQ DFHUFD GH OD
GHVLJQDFLyQ FRPR µ3HUVRQDV FRQ 'LVFDSDFLGDG¶ R µ3HUVRQDV FRQ &DSDFLGDGHV 'LIHUHQWHV¶ VH RSWySRUOD
SULPHUDGHQRPLQDFLyQSRUODVGHFLVLRQHVDGRSWDGDVSRUODVRUJDQL]DFLRQHVLQWHUQDFLRQDOHVGHSHUVRQDVFRQ
GLVFDSDFLGDG\SRUTXHHOGHEDWHVLJXHHQFXUVR´ %ROLYLD'HIHQVRUGHO3XHEOR\&21$/3(',6 (O
31,(2 HVWDEOHFH DGHPiV TXH SDUD OD DSOLFDFLyQ GH ODV SROtWLFDV S~EOLFDV FRQVLGHUDGDV VH UHTXLHUH XQ
LQYROXFUDPLHQWRGHO(VWDGR\GHODVRFLHGDGFLYLOFRQXQDDFWLYDSDUWLFLSDFLyQ\XQDDFFLyQFRQFHUWDGD


 3DUD OD FODVLILFDFLyQ VH FRQVLGHUDURQ  SUHJXQWDV FHUUDGDV VREUH DSR\R D OD FRQYHQFLyQ ²HO HVWXGLR VH KL]R FRQ
DQWHULRULGDGDVXDSUREDFLyQ²SURWHFFLRQHVOHJDOHVHGXFDFLyQ\HPSOHRDFFHVLELOLGDGVHUYLFLRVGHVDOXG\YLYLHQGD
\FRPXQLFDFLyQ


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

(O REMHWLYR JHQHUDO GHO 31,(2 HV ³ORJUDU OD LJXDOGDG \ HTXLSDUDFLyQ GH RSRUWXQLGDGHV GH ODV
SHUVRQDV FRQ GLVFDSDFLGDG´ 3DUD FDGD iUHD GH LQWHUYHQFLyQ GHWHUPLQDGD VH FRQVLGHUDURQ SROtWLFDV \
HVWUDWHJLDV (Q HO FDVR GHO iUHD GH OD LQYHVWLJDFLyQ H LQIRUPDFLyQ OD SROtWLFD DSXQWD D DPSOLDU HO
FRQRFLPLHQWR GH HVWD UHDOLGDG HQ VX PXOWLGLPHQVLRQDOLGDG SDUD SURPRYHU OD E~VTXHGD GH DOWHUQDWLYDV
TXHPHMRUHQODFDOLGDGGHYLGDGHODVSHUVRQDVFRQGLVFDSDFLGDG/DHVWUDWHJLDSDUDORJUDUORSURFXUDUi
FRQWDU FRQ XQ VLVWHPD GH LQIRUPDFLyQ VREUH GHILFLHQFLDV \ GLVFDSDFLGDGHV TXH SHUPLWD RULHQWDU ODV
SROtWLFDVSURJUDPDVSUR\HFWRV\DFFLRQHVS~EOLFDV
(O 3ODQ GH $FFLyQ HQ 'LVFDSDFLGDG 3/$1',6&   GH &KLOH FRQVWLWX\H XQ
LQVWUXPHQWRGHJHVWLyQHVWUDWpJLFRSDUDRSHUDFLRQDOL]DUODSROtWLFDQDFLRQDOSDUDODLQWHJUDFLyQVRFLDOGH
ODVSHUVRQDVFRQGLVFDSDFLGDGSURPXOJDGDHQ(QHVWHFDVRVHSDUWLyGHODQHFHVLGDGGHFRQWDUFRQ
XQD ³OtQHD EDVH´ SDUD GHILQLU OD SROtWLFD SDUD OR TXH VH GHVDUUROOy HO 3ULPHU (VWXGLR 1DFLRQDO GH OD
'LVFDSDFLGDGHQWDUHDOOHYDGDDFDERSRUHO,1(\HO)21$',6 DKRUD6(1$',6 (VGHFLUVH
DGYLHUWH XQD SUHRFXSDFLyQ H[SOtFLWD SRU GLVHxDU ODV HVWUDWHJLDV GH LQWHUYHQFLyQ VRFLDO D SDUWLU GH
HYLGHQFLDVFLHQWtILFDPHQWHIXQGDGDV
3DUDODIRUPXODFLyQGHO3/$1',6&VHFRQVWLWX\HURQPHVDVHQGRViPELWRVXQDLQWHUPLQLVWHULDOD
QLYHO FHQWUDO \ RWUDV HQ FDGD XQD GH ODV  UHJLRQHV GHO SDtV PHVDV UHJLRQDOHV  TXH HQ FRQMXQWR
PRYLOL]DURQ D  PLQLVWHULRV  VHUYLFLRV S~EOLFRV \ PiV GH  RUJDQL]DFLRQHV GH \ SDUD SHUVRQDV
FRQ GLVFDSDFLGDG 6H WUDEDMy VREUH XQD PDWUL] SUHYLDPHQWH HODERUDGD SRU HO HTXLSR FHQWUDO VHFUHWDUtD
WpFQLFD  SDUD LGHQWLILFDU SUREOHPDV HYDOXDU RIHUWDV GH VHUYLFLRV S~EOLFRV \ UHDOL]DU ODV SURSXHVWDV \
UHTXHULPLHQWRVSUHVXSXHVWDOHV 'tH]&DQVHFR 
(O 3/$1',6& VH DSR\D HQ XQD HVWUDWHJLD LQWHUVHFWRULDO GHVFHQWUDOL]DGD \ SDUWLFLSDWLYD D
SDUWLU GH OD FXDO VH GHVDUUROODQ SURJUDPDV SUR\HFWRV \ DFWLYLGDGHV HQ ORV FRPSRQHQWHV GH
HTXLSDUDFLyQ GH RSRUWXQLGDGHV HOLPLQDFLyQ GH EDUUHUDV SUHYHQFLyQ \ UHKDELOLWDFLyQ \ DGHFXDFLyQ
GH OD JHVWLyQ GHO (VWDGR /RV SULQFLSLRV RULHQWDGRUHV GHO SODQ VRQ OD LQWHJUDOLGDG GH OD DFFLyQ
S~EOLFD OD SURPRFLyQ GH ORV GHUHFKRV GH ODV SHUVRQDV FRQ GLVFDSDFLGDG \ HO ORJUR GH OD SOHQD
SDUWLFLSDFLyQGHODVRFLHGDGFLYLO6XSURSyVLWRHVRUGHQDUODRIHUWDS~EOLFDH[LVWHQWHGLULJLGDDODV
SHUVRQDV FRQ GLVFDSDFLGDG \ HVWUXFWXUDU ORV GLIHUHQWHV FRPSURPLVRV JXEHUQDPHQWDOHV HVWDEOHFLGRV
PHGLDQWH OD FRRUGLQDFLyQ GH ORV RUJDQLVPRV S~EOLFRV \ SULYDGRV TXH WUDEDMDQ HQ IDYRU GH OD
LQWHJUDFLyQVRFLDOGHODVSHUVRQDVFRQGLVFDSDFLGDGWDQWRDQLYHOFHQWUDOFRPRUHJLRQDO
/DSURSXHVWDGH3ROtWLFD3~EOLFD1DFLRQDOGH'LVFDSDFLGDGHODERUDGDSRUHO&RQVHMR1DFLRQDO
GH3ROtWLFD(FRQyPLFD\6RFLDO &213(6 GH&RORPELDIXHSXHVWDDFRQVLGHUDFLyQGHODFLXGDGDQtD
HQHVSHFLDOGHODVRUJDQL]DFLRQHVGH\SDUDSHUVRQDVFRQGLVFDSDFLGDGHV\OXHJRGHHVWHSURFHVRGH
FRQVXOWD IXH DSUREDGD FRPR GRFXPHQWR RILFLDO D PHGLDGRV GH  FRPR &RQSHV 6RFLDO  'tH]
&DQVHFR (OGRFXPHQWRHVWDEOHFHFRPRSURSyVLWRGHHVWDSROtWLFDQDFLRQDO³FUHDUFRQGLFLRQHV
TXH SHUPLWDQ D ODV SHUVRQDV IDPLOLDV \ FRPXQLGDG HQ ULHVJR \ HQ FRQGLFLyQ GH GLVFDSDFLGDG XQ
PHMRU JRFH R HMHUFLFLR GH ORV GHUHFKRV GHEHUHV \ OLEHUWDGHV TXH OHV DVLVWHQ´ &RORPELD &213(6
  /RV SULQFLSLRV JXtD GH OD SROtWLFD VRQ OD LJXDOGDG OD VROLGDULGDG \ OD FRUUHVSRQVDELOLGDG OD
GHVFHQWUDOL]DFLyQ\ODSDUWLFLSDFLyQVRFLDOODHTXLGDG\ODRUJDQL]DFLyQLQVWLWXFLRQDO
/D IRUPXODFLyQ GH OD 3ROtWLFD 3~EOLFD 1DFLRQDO GH 'LVFDSDFLGDG FRQVLGHUy YDULRV HVWXGLRV
S~EOLFRV\DFDGpPLFRVVREUHHOWHPDLQFOXLGRHQFHQVRGHSDUDIXQGDPHQWDUODDFFLyQSURSXHVWD
(QWUHODVGLILFXOWDGHVDGYHUWLGDVHQODVLWXDFLyQGHODGLVFDSDFLGDGDOPRPHQWRGHHODERUDUVHHO&RQSHV
 VH DOXGH D ODV OLPLWDFLRQHV HQ ORV VLVWHPDV GH LQIRUPDFLyQ UHJLVWUR YLJLODQFLD HYDOXDFLyQ \
VHJXLPLHQWR GH ORV ULHVJRV \ GH OD FRQGLFLyQ GH GLVFDSDFLGDG (O WH[WR DILUPD FRQFUHWDPHQWH ³6H
REVHUYDTXHHOSDtVQRFXHQWDFRQXQUHJLVWURVLVWHPiWLFRTXHSHUPLWDSUHFLVDUWDQWRODLQFLGHQFLDFRPR
OD SUHYDOHQFLD GH OD FRQGLFLyQ GH GLVFDSDFLGDG HQ HO QLYHO QDFLRQDO 6H KDQ GDGR DYDQFHV HQ DOJXQRV



 1R VH HYDO~D OD SROtWLFD HQ PDWHULD GH GLVFDSDFLGDG GH OD QXHYD JHVWLyQ JXEHUQDPHQWDO LQLFLDGD HQ PDU]R GH  GHELGR D VX
FDUiFWHUUHFLHQWH\DOKHFKRTXHQRDSDUHFHH[SOtFLWDPHQWHIRUPXODGDHQHOVLWLRZHEGHORUJDQLVPRUHFWRU(O&RPLWpGH0LQLVWURVGH
OD 'LVFDSDFLGDG TXH VHJ~Q OD QXHYD OH\ HVSHFtILFD HV HO yUJDQR ³HQFDUJDGR GH SURSRQHU DO 3UHVLGHQWH GH OD 5HS~EOLFD OD SROtWLFD
QDFLRQDO SDUD SHUVRQDV FRQ GLVFDSDFLGDG YHODU SRU VX FXPSOLPLHQWR \ DVHJXUDU VX FDOLGDG WpFQLFD FRKHUHQFLD \ FRRUGLQDFLyQ
LQWHUVHFWRULDO´ DUWtFXOR VHUHXQLySRUSULPHUDYH]HOGHRFWXEUHGH


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

PXQLFLSLRV \ GHSDUWDPHQWRV /D GHELOLGDG HQ ORV VLVWHPDV GH LQIRUPDFLyQ GLILFXOWD OD IRUPXODFLyQ
FRUUHFWDGHSROtWLFDVHQFDPLQDGDVDPRGLILFDUHOULHVJR\ODFRQGLFLyQGHGLVFDSDFLGDG/DVIXHQWHVGH
LQIRUPDFLyQ DGROHFHQ GH SUREOHPDV GH FRPSDUDFLyQ HQWUH Vt \ SUHVHQWDQ OLPLWDFLRQHV \ GLIHUHQFLDV GH
GHILQLFLyQ GH OD VLWXDFLyQ GH GLVFDSDFLGDG GH FREHUWXUD \ PHWRGRORJtD /RV HVWXGLRV QR SHUPLWHQ
SUHFLVDU OD PDJQLWXG DFWXDO GH OD FRQGLFLyQ GH GLVFDSDFLGDG WDO \ FRPR HVWH GRFXPHQWR OD GHILQH VXV
FRQVHFXHQFLDV \ FDXVDV FRPR WDPSRFR VX FDUDFWHUL]DFLyQ R VXV IDFWRUHV GH ULHVJR´ &RORPELD
&213(6 
(OGRFXPHQWRGHVDUUROODXQSODQWHDPLHQWRLQWHUHVDQWHUHVSHFWRGHOWHPDGHODLQIRUPDFLyQVREUH
ODV SHUVRQDV FRQ GLVFDSDFLGDG 6RVWLHQH TXH VLELHQODVUHFRPHQGDFLRQHVGHODV1DFLRQHV8QLGDVKDQ
DSXQWDGRDODPHGLFLyQGHODGLVFDSDFLGDGODPD\RUtDGHORVSDtVHVGH$PpULFDKDHPSOHDGRHOHQIRTXH
GH OD GHILFLHQFLD FRPR VXUJLy GHO DQiOLVLV FRPSDUDWLYR GH OD GHILQLFLyQ OHJDO \ OD RSHUDFLRQDOL]DFLyQ
FHQVDO GHO FRQFHSWR GH GLVFDSDFLGDG (VWR VH GHEHUtD VHJ~Q HO GRFXPHQWR D TXH OD UHVSXHVWD GHO
LQIRUPDQWH HV PiV GLUHFWD HQ HO VHJXQGR FDVR 3HUR HO FDPELR GH HQIRTXH GH OD GLVFDSDFLGDG
UHSUHVHQWDGRSRUOD&,)KDEUtDVXSXHVWRODLQVXILFLHQFLDGHORVGDWRVVREUHODVSHUVRQDVFRQGHILFLHQFLDV
\ KDEUtD HYLGHQFLDGR OD QHFHVLGDG GH FRPSOHPHQWDUORV FRQ LQIRUPDFLyQ GHO FRQWH[WR VRFLDO SDUD
FRPSUHQGHU OD VLWXDFLyQ GH OD GLVFDSDFLGDG \ GLVHxDU HVWUDWHJLDV TXH SHUPLWDQ FRQVWUXLU XQD SROtWLFD
S~EOLFD PiV HILFD] 3RU HVR OD SURSXHVWD GHO &RQSHV  DO UHVSHFWR ³SURSHQGHUi SRU HO DYDQFH HQ OD
REWHQFLyQGHLQIRUPDFLyQDGHFXDGD\FRPSDUDEOHGHWDOIRUPDTXHVHWUDQVIRUPHQVXVEDVHV\VLVWHPDV
GH LQIRUPDFLyQ FRQ XQLGDG GH FULWHULR´ &RORPELD &213(6   WDUHD TXH FRUUHVSRQGH DO
'HSDUWDPHQWR$GPLQLVWUDWLYR1DFLRQDOGH(VWDGtVWLFD '$1( HQFRRUGLQDFLyQFRQHO0LQLVWHULRGHOD
3URWHFFLyQ 6RFLDO TXH GHEHUiQ SUHVWDU DVLVWHQFLD WpFQLFD SDUD DGHODQWDU HVH SURFHVR \ FRQVWLWXLUVH HQ
JHQHUDGRUHV \ SURYHHGRUHV SULQFLSDOHV GH LQIRUPDFLyQ VREUH GLVFDSDFLGDG DFRJLHQGR ORV SDUiPHWURV
LQWHUQDFLRQDOHVVXJHULGRVEXVFDQGRXQDXQLILFDFLyQGHOOHQJXDMH\GHORVVLVWHPDVGHLQIRUPDFLyQWDQWR
LQWHUQRVFRPRLQWHULQVWLWXFLRQDOHV(VWDGHFLVLyQVHYHHQEXHQDPHGLGDPDWHULDOL]DGDHQODHODERUDFLyQ
GHODSUHJXQWDVREUHGLVFDSDFLGDGTXHVHDSOLFyHQHOFHQVRGH
/D 3ROtWLFD 3~EOLFD 1DFLRQDO GH 'LVFDSDFLGDG VH SODVPy OXHJR HQ HO 3ODQ 1DFLRQDO GH
,QWHUYHQFLyQ HQ 'LVFDSDFLGDG 3ODQ GH $FFLyQ  GHVWLQDGR D SUHYHQLU OD LQFLGHQFLD GH OD
GLVFDSDFLGDG\PHMRUDUODFDOLGDGGHYLGDGHODVSHUVRQDVFRQGLVFDSDFLGDG\VXVIDPLOLDV\VXDFFHVR
HIHFWLYR D ORV ELHQHV \ VHUYLFLRV VRFLDOHV PHGLDQWH OD FRRUGLQDFLyQ \ DUWLFXODFLyQ GH ODV DFFLRQHV
JXEHUQDPHQWDOHV TXH VH LPSOHPHQWDQ GHVGH FDGD VHFWRU \ ODV HQWLGDGHV GHO RUGHQ QDFLRQDO
FRPSURPHWLGDVFRQHOWHPD
(VWH GRFXPHQWR SODQWHD XQ LQWHUHVDQWH GHEDWH FRQFHSWXDO HQ WRUQR DO HQIRTXH GH OD SROtWLFD
SXHVWR TXH HO &RQSHV  VH IXQGDED HQ OD SHUVSHFWLYD GHO PDQHMR VRFLDO GHO ULHVJR TXH SDUD VXV
GHWUDFWRUHV WLHQGH KDFLD OD SULYDWL]DFLyQ GH OD SURWHFFLyQ VRFLDO \ WLHQH XQ FRUWH PDUFDGDPHQWH
DVLVWHQFLDOLVWD /D GLVFXVLyQ VH FHQWUD HQWRQFHV VHJ~Q HO WH[WR ³HQ GHFLGLU VL OD FRQVWUXFFLyQ GH OD
SROtWLFDVHGHEHGHVDUUROODUFRQXQHQIRTXHGH0DQHMR6RFLDOGHO5LHVJRRFRQXQHQIRTXHGH'HUHFKRV
\GH3DUWLFLSDFLyQ&LXGDGDQDPiVFRPSDWLEOHFRQHOHVTXHPDDQWHULRUDO&RQSHV´(OSULPHURVXSRQH
DFFLRQHVGHO(VWDGRWHQGLHQWHVDDVHJXUDUFRQWUDSRVLEOHVULHVJRVDODSREODFLyQFRQGLVFDSDFLGDG\HO
VHJXQGRLPSOLFDTXHHVWDSREODFLyQSDUWLFLSDDFWLYDPHQWHHQODGHILQLFLyQGHODSROtWLFD\HQODWRPDGH
GHFLVLRQHVIUHQWHDOWHPD(OSODQQRUHVXHOYHHODVXQWRSXHVHQWLHQGHTXHDXQTXHQRKD\DFXHUGRHQOD
GLPHQVLyQ SROtWLFD \ HFRQyPLFD GHO DERUGDMH Vt OR KD\ HQ OD PDQHUD GH HQWHQGHU HO FRQFHSWR GH
GLVFDSDFLGDG3RUORWDQWR³XQ3ODQGH$FFLyQFRPRHOSUHVHQWHVRORHQIRFDXQRVOLQHDPLHQWRVTXHGDHO
JRELHUQRSDUDODFRQVWUXFFLyQGHSROtWLFDHQORVWHUULWRULRV\FRPRXQIRUWDOHFLPLHQWRLQVWLWXFLRQDODWUDYpV
GH DFFLRQHV HVSHFtILFDV VHFWRULDOHV \ HQ OR SRVLEOH LQWHUVHFWRULDOHV TXH IDFLOLWHQ GHVDUUROORV ORFDOHV HQ HO
WHPD´ &RORPELD0LQLVWHULRGHOD3URWHFFLyQ6RFLDO 
(QWUH ODV PHWDV SODQWHDGDV SRU HO SODQ TXH DEDUFDURQ GLPHQVLRQHV FRPR HO IRUWDOHFLPLHQWR
LQVWLWXFLRQDOODHGXFDFLyQODVDOXGHOHPSOHRODDFFHVLELOLGDG\XQDHVWUDWHJLDGHGLIXVLyQGHGHUHFKRV
GHODVSHUVRQDVFRQGLVFDSDFLGDGWDPELpQVHSURSXVLHURQREMHWLYRVUHVSHFWRGHOVLVWHPDGHLQIRUPDFLyQ
HQ GLVFDSDFLGDG SXQWXDOPHQWH UHDOL]DU HO FHQVR QDFLRQDO FRQ OD YDULDEOH GH GLVFDSDFLGDG ²OR TXH
HIHFWLYDPHQWH VH KL]R HQ ² \ HO UHJLVWUR GH ORFDOL]DFLyQ \ FDUDFWHUL]DFLyQ GH ODV SHUVRQDV FRQ
GLVFDSDFLGDGHQHOGHORVPXQLFLSLRVGHOSDtV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

(O ,,, 3ODQ GH $FFLyQ 1DFLRQDO SDUD OD $WHQFLyQ GH 3HUVRQDV FRQ 'LVFDSDFLGDG  GH
&XED VH DGRSWy PHGLDQWH HO DFXHUGR 1ž  HQ RFWXEUH GH  (VWH SODQ VH UHQXHYD
TXLQTXHQDOPHQWH \ WLHQH GRV DQWHFHGHQWHV HO SULPHU 3ODQ GH $FFLyQ 1DFLRQDO SDUD OD $WHQFLyQ GH
3HUVRQDV FRQ 'LVFDSDFLGDG ±  LQWHJUDGR SRU SURJUDPDV TXH DEDUFDEDQ OD VDOXG S~EOLFD OD
HGXFDFLyQHOHPSOHRODIRUPDFLyQSURIHVLRQDOODVHJXULGDGVRFLDOODFXOWXUDORVGHSRUWHV\ODVEDUUHUDV
DUTXLWHFWyQLFDV HQWUH RWURV /XHJR VH DSUREy PHGLDQWH HO DFXHUGR 1ž  HO VHJXQGR SODQ SDUD HO
TXLQTXHQLR ± TXH FRQWy FRQ WUHV iUHDV GH LQWHUYHQFLyQ VDOXG LQWHJUDFLyQ HQ OD YLGD
HFRQyPLFDHLQWHJUDFLyQHQODYLGDFRPXQLWDULDFRQPiVGHSURJUDPDV
6LELHQHOGRFXPHQWRGHOSODQDOXGHDOHVWXGLR3VLFRVRFLDOGHODV3HUVRQDVFRQ'LVFDSDFLGDGHV\
HO3VLFRSHGDJyJLFR6RFLDO\&OtQLFR*HQpWLFRGHODV3HUVRQDVFRQ'LVFDSDFLGDG,QWHOHFWXDOUHDOL]DGR
GXUDQWH HO SHUtRGR  SRU  SURIHVLRQDOHV HQ VX PD\RUtD GH ORV VHFWRUHV GH OD VDOXG \ OD
HGXFDFLyQYLVLWDQGRHQVXVKRJDUHVDODVSHUVRQDVFRQGLVFDSDFLGDGORFLHUWRHVTXHODXWLOL]DFLyQUHDO
GHHVWRVGDWRVHQHOPDUFRGHOGRFXPHQWRQRHVLPSRUWDQWH
(OREMHWLYRSULQFLSDOGHOSODQHV³ODSURPRFLyQFRRUGLQDFLyQ\HMHFXFLyQGHSROtWLFDVHVWUDWHJLDV
SURJUDPDV \ VHUYLFLRV TXH SHUPLWDQ HOHYDU OD FDOLGDG GH YLGD OD HTXLSDUDFLyQ GH RSRUWXQLGDGHV OD
LQWHJUDFLyQODSDUWLFLSDFLyQDFWLYDHQODYLGDVRFLDO\HOGHVDUUROORGHODDXWRQRPtDHLQGHSHQGHQFLDSHUVRQDO
DOPi[LPRSRVLEOH´ &XED0LQLVWHULRGH7UDEDMR\6HJXULGDG6RFLDO 7DPELpQVHPHQFLRQDFRPR
SDUWHGHHVWHREMHWLYRFHQWUDOHOSURSyVLWRGHHVWLPXODU\SURSLFLDULQYHVWLJDFLRQHVFLHQWtILFDV
/RV SULQFLSLRV HQ ORV TXH HO SODQ VH VXVWHQWD VRQ OD XQLYHUVDOLGDG OD QRUPDOL]DFLyQ \ OD
GHPRFUDWL]DFLyQ \ ODV iUHDV GH DFFLyQ FRQWHPSODGDV OD VDOXG \ OD VHJXULGDG HQ HO WUDEDMR OD
HGXFDFLyQ OD LQWHJUDFLyQ HQ OD YLGD HFRQyPLFD OD LQWHJUDFLyQ FRPXQLWDULD \ OD DFFHVLELOLGDG 8Q
HOHPHQWRLQWHUHVDQWHGHOGRFXPHQWRHVHOQLYHOGHGHWDOOHFRQTXHVHGHWHUPLQDQORVLQGLFDGRUHVTXH
VHUYLUiQSDUDHYDOXDUORVUHVXOWDGRVGHFDGDDFFLyQ
(QHO(FXDGRUVHGHFUHWyFRPRSROtWLFDGH(VWDGRODSUHYHQFLyQGHGLVFDSDFLGDGHV\ODDWHQFLyQ\
UHKDELOLWDFLyQ LQWHJUDO GH ODV SHUVRQDV FRQ GLVFDSDFLGDG PHGLDQWH OD SXHVWD HQ PDUFKD GHO SURJUDPD
³(FXDGRU VLQ %DUUHUDV´ HVWDEOHFLGR PHGLDQWH HO GHFUHWR  GH  \ IXQGDGR HQ HO REMHWLYR
PDQLILHVWR GH LPSOHPHQWDU OD &RQYHQFLyQ GH ODV 1DFLRQHV 8QLGDV VREUH ORV GHUHFKRV GH ODV SHUVRQDV
FRQ GLVFDSDFLGDG /D HMHFXFLyQ GH ³(FXDGRU VLQ %DUUHUDV´ SHUPLWLUi PiV DGHODQWH OD HYDOXDFLyQ \
GHILQLFLyQ GH DFFLRQHV SDUD OD DGRSFLyQ GH XQD SROtWLFD S~EOLFD SDUD HVWH VHFWRU TXH GHVDUUROOH PiV
DFFLRQHVTXHODVLQLFLDOPHQWHSURSXHVWDV 'tH]&DQVHFR 
(O SURJUDPD FRQVWD GH YDULRV FRPSRQHQWHV ³(PSOHR VLQ EDUUHUDV´ GHVWLQDGR D OD LQVHUFLyQ R
UHLQVHUFLyQ ODERUDO GH ODV SHUVRQDV FRQ GLVFDSDFLGDG ³'HUHFKRV VLQ EDUUHUDV´ TXH EXVFDUi FUHDU OD
3URFXUDGXUtD HQFDUJDGD GH DWHQGHU D ODV SHUVRQDV FRQ GLVFDSDFLGDG TXH QHFHVLWDQ HO DVHVRUDPLHQWR \
SDWURFLQLROHJDOSDUDGHIHQGHUVXVGHUHFKRVFRQFXOFDGRV³HTXLSDUDQGRRSRUWXQLGDGHV´GLULJLGRDGRWDU
GHDSDUDWRVRUWRSpGLFRVHLPSOHPHQWDUXQSUR\HFWRGHHVWLPXODFLyQWHPSUDQDSDUDQLxRVPHQRUHVGH
DxRVHQVLWXDFLyQGHULHVJR³&LXGDGVLQEDUUHUDV´TXHSURFXUDUiODHOLPLQDFLyQGHEDUUHUDVItVLFDVHQ
 FLXGDGHV GHO SDtV \ EXVFDUi TXH ORV VHUYLFLRV S~EOLFRV VHDQ DPLJDEOHV H LQFOX\HQWHV \ ³3DUD VHU
LJXDOHV´XQDFDPSDxDQDFLRQDOGHVHQVLELOL]DFLyQFLXGDGDQDIUHQWHDODGLVFDSDFLGDG
6LELHQVHWUDWDGHXQSURJUDPDTXHSHUPLWLUiGHOLQHDUODSROtWLFDS~EOLFDQDFLRQDOHQPDWHULDGH
GLVFDSDFLGDGDIXWXURQLHOGHFUHWRTXHORHVWDEOHFHQLODLQIRUPDFLyQGLIXQGLGDHQHOVLWLRZHERILFLDO
HYLGHQFLDQ HO XVR GH LQIRUPDFLyQ VRFLRGHPRJUiILFD HQ HO GLDJQyVWLFR GH OD VLWXDFLyQ VREUH OD TXH VH
DFWXDUiQLODFRQVLGHUDFLyQGHDFFLRQHVSDUDODSURGXFFLyQGHGDWRVVREUHHOWHPD
/D3ROtWLFD1DFLRQDOGH'LVFDSDFLGDGGH*XDWHPDODSUHVHQWDGDRILFLDOPHQWHHQIXHLPSXOVDGD
SRUOD-XQWD'LUHFWLYDGHO&21$',HQFXPSOLPLHQWRGHXQRGHORVREMHWLYRVGHVX3ODQ(VWUDWpJLFR
 6X HODERUDFLyQ VH GHVFULEH FRPR XQ DPSOLR SURFHVR GH FRQVXOWD \ SDUWLFLSDFLyQ GH SHUVRQDV FRQ
GLVFDSDFLGDGRUJDQL]DFLRQHVGH\SDUDSHUVRQDVFRQGLVFDSDFLGDG\RUJDQLVPRVHLQVWLWXFLRQHVGHOJRELHUQR
DGHPiVGHORVPLHPEURVGHO&RQVHMRGH'HOHJDGRVOD-XQWD'LUHFWLYD\OD'LUHFFLyQ*HQHUDO\WpFQLFRV
GHO &21$', (VWH SURFHVR VXSXVR OD UHDOL]DFLyQ GH  WDOOHUHV TXH VH HIHFWXDURQ HQWUH ORV PHVHV GH
RFWXEUHGH\PDU]RGHHQWUHVFLXGDGHVGHOSDtVLQFOXLGDODFDSLWDO


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

(OREMHWLYRFRQHOTXHVHIRUPXODLPSOHPHQWDHMHFXWDPRQLWRUHD\HYDO~DOD3ROtWLFD1DFLRQDO
HQ 'LVFDSDFLGDG DSXQWD D ³FUHDU RSRUWXQLGDGHV GH LQWHJUDFLyQ \ SDUWLFLSDFLyQ HQ OD VRFLHGDG
JXDWHPDOWHFDSDUDODVSHUVRQDVFRQGLVFDSDFLGDG´ *XDWHPDOD&21$',6 VREUHODEDVHGHORV
SULQFLSLRVGHHTXLGDGVROLGDULGDGVRFLDOLJXDOGDGUHVSHWROLEHUWDGFRUUHVSRQVDELOLGDGLQWHJUDOLGDG\
GHUHFKRDOGHVDUUROOR
3DUDHOGLDJQyVWLFRHVSHFtILFRGHODVLWXDFLyQGHODVSHUVRQDVFRQGLVFDSDFLGDGVHXWLOL]DQGDWRVGHOD
(1',6  SULPHUD (QFXHVWD 1DFLRQDO GH 'LVFDSDFLGDG  UHDOL]DGD SRU HO ,1( \ HQWUH ORV REMHWLYRV
RSHUDWLYRV GH OD SROtWLFD FRPR XQD GH ODV DFFLRQHV FRPSUHQGLGDV HQ OD SURPRFLyQ GHO DFFHVR D OD
LQIRUPDFLyQ\DODFRPXQLFDFLyQDODVRFLHGDGODVSHUVRQDVFRQGLVFDSDFLGDG\VXVIDPLOLDVVHHVWDEOHFHOD
GH³3URPRYHUODJHQHUDFLyQGHLQIRUPDFLyQHVWDGtVWLFDVREUHODSREODFLyQFRQGLVFDSDFLGDGHQ*XDWHPDOD
SDUD VXVWHQWDU HO SURFHVR GH WRPD GH GHFLVLRQHV´ *XDWHPDOD &21$',6   (Q UHODFLyQ FRQ HVWH
SURSyVLWRHVSHFtILFRVHDOXGHDO,1(HQWUHRWUDVLQVWLWXFLRQHVFRPRHORUJDQLVPRUHVSRQVDEOHGHDVHVRUDU
DO&21$',HQHOiPELWRHVWDGtVWLFRHLQFRUSRUDUODYDULDEOHGHGLVFDSDFLGDGHQORVFHQVRV\ODVHQFXHVWDV
GHSREODFLyQDGHPiVGHFRODERUDUHQODGLIXVLyQGHLQIRUPDFLyQVREUHGLVFDSDFLGDG
(O 3URJUDPD 1DFLRQDO SDUD HO 'HVDUUROOR GH ODV 3HUVRQDV FRQ 'LVFDSDFLGDG 
3521$'',6  GH 0p[LFR HV GH ORV GRFXPHQWRV DQDOL]DGRV HO TXH PiV DPSOLDPHQWH GHVDUUROOD \
DSURYHFKDODLQIRUPDFLyQVRFLRGHPRJUiILFDVREUHODVSHUVRQDVFRQGLVFDSDFLGDGSDUDODIRUPXODFLyQGH
ODVPHGLGDV\DFFLRQHVTXHHVWDEOHFH²VREUHWRGROD(QFXHVWD1DFLRQDOGH(YDOXDFLyQGHO'HVHPSHxR
GH  \ HO FHQVR GH SREODFLyQ \ YLYLHQGD GH ² \ WDPELpQ HV HO TXH FRQ PiV SURIXQGLGDG
FRQVLGHUDHQWUHHVWDVDFFLRQHVODSURGXFFLyQ\GLIXVLyQGHHVWHWLSRGHLQIRUPDFLyQ
(O 3521$'',6 VH SURSRQH VHQWDU ODV EDVHV ³SDUD WUDQVLWDU GH XQD SROtWLFD DVLVWHQFLDOLVWD SDUD
SHUVRQDV FRQ GLVFDSDFLGDG D XQD SROtWLFD TXH IDFLOLWH HO HMHUFLFLR SOHQR GH VXV GHUHFKRV DVt FRPR VX
SDUWLFLSDFLyQ HIHFWLYD HQ OD YLGD VRFLDO HFRQyPLFD \ SROtWLFD GHO SDtV HQ FRQGLFLRQHV GH LJXDOGDG GH
RSRUWXQLGDGHV FRQ ORV GHPiV PLHPEURV GH OD VRFLHGDG´ /RV SULQFLSLRV VREUH ORV TXH VH IXQGD HO
SURJUDPD LQYRFDQ OD &RQYHQFLyQ VREUH ORV GHUHFKRV GH ODV SHUVRQDV FRQ GLVFDSDFLGDG 6X REMHWLYR
JHQHUDODSXQWDD³&RQWULEXLUDOGHVDUUROORHLQFOXVLyQSOHQDGHODVSHUVRQDVFRQGLVFDSDFLGDGHQWRGRV
ORViPELWRVGHODYLGDHQXQPDUFRGHLJXDOGDGGHGHUHFKRV\RSRUWXQLGDGHVVLQGLVFULPLQDFLyQ\FRQ
SHUVSHFWLYDGHJpQHUR´ 0p[LFR&21$',6 (OSURJUDPDSODQWHDHVWUDWHJLDV\OtQHDVGHDFFLyQ
HQIXQFLyQGHORVREMHWLYRVHVSHFtILFRVGHILQLGRV(QHOPDUFRGHOREMHWLYRGHSURSLFLDUXQFDPELRGH
FXOWXUDSDUDIDYRUHFHUHOHMHUFLFLRSOHQRGHORVGHUHFKRV\ODLJXDOGDGGHRSRUWXQLGDGHVGHODVSHUVRQD
FRQ GLVFDSDFLGDG FRQ XQ HQIRTXH GH JpQHUR REMHWLYR   VH SURSRQH FRPR HVWUDWHJLD HQWUH RWUDV
SURPRYHU HO GHVDUUROOR GH XQ 6XEVLVWHPD GH ,QIRUPDFLyQ VREUH 'LVFDSDFLGDG FRPR FRPSRQHQWH GHO
6LVWHPD1DFLRQDOH,QIRUPDFLyQHQ6DOXGSDUDDSR\DUODHYDOXDFLyQ\HOVHJXLPLHQWRGHOSURJUDPD
/D IXQGDPHQWDFLyQ GH HVWD HVWUDWHJLD H[SOLFLWD HO YtQFXOR LQGLVROXEOH HQWUH GLVSRQLELOLGDG GH
LQIRUPDFLyQ\SRVLELOLGDGGHJHQHUDFLyQGHSROtWLFDVDSURSLDGDV\GHWHUPLQDTXHODLQIRUPDFLyQTXHVH
SURGX]FDGHEHVHUDFRUGHDODFRQYHQFLyQHVSHFtILFDGHODV1DFLRQHV8QLGDV³3DUDDSR\DUODDGHFXDGD
WRPD GH GHFLVLRQHV \ IRUWDOHFHU R UHRULHQWDU ODV SROtWLFDV \ HVWUDWHJLDV GHO SURJUDPD HV IXQGDPHQWDO
FRQWDUFRQLQIRUPDFLyQRSRUWXQD\FRQILDEOHVREUHODVFDUDFWHUtVWLFDVVRFLRͲGHPRJUiILFDV\QHFHVLGDGHV
SDUWLFXODUHV GH OD SREODFLyQ FRQ GLVFDSDFLGDG \ VXV IDPLOLDV VREUH OD LQFLGHQFLD \ SUHYDOHQFLD GH OD
GLVFDSDFLGDGDVtFRPRGHOWLSRGHVHUYLFLRVTXHUHFLEHODSREODFLyQFRQGLVFDSDFLGDG\ODVDFWLYLGDGHV
TXHUHDOL]DHVWHJUXSRGHODSREODFLyQ´ 0p[LFR&21$',6 
(OQLYHOGHGHWDOOHGHODVOtQHDVGHDFFLyQGHOLQHDGDVHVLQWHUHVDQWH(OSURJUDPDSURSRQHHQHVWD
PDWHULDLQFRUSRUDUHOXVRGHOD&,)HQODJHQHUDFLyQ\HPSOHRGHODLQIRUPDFLyQSDUDODDGRSFLyQGH
GHFLVLRQHVFDSDFLWDUHQVXXVRDORVWRPDGRUHVGHGHFLVLRQHVSUHVWDGRUHVGHVHUYLFLRV\UHVSRQVDEOHVGH
OD LQIRUPDFLyQ LPSXOVDU OD JHQHUDFLyQ GH LQIRUPDFLyQ RILFLDO \ VLVWHPiWLFD VREUH GLVFDSDFLGDG HQ ORV
VLVWHPDV RILFLDOHV GH FDGD LQVWLWXFLyQ FRQ XQ HQIRTXH GH JpQHUR ,QFOXVR KD\ XQD DOXVLyQ FODUD DO
UHOHYDPLHQWR GH OD SUy[LPD URQGD FHQVDO DO SURSRQHUVH DFWXDOL]DU HO GLDJQyVWLFR QDFLRQDO VREUH ODV
SHUVRQDVFRQGLVFDSDFLGDG\VXVIDPLOLDVFRQEDVHHQORVUHVXOWDGRVGHO&HQR*HQHUDOGH3REODFLyQ\
9LYLHQGD  \ RWURV HVWXGLRV HVSHFLDOHV R HQFXHVWDV VREUH HVWH WHPD 7DPELpQ VH SODQWD LQWHJUDU DO
6LVWHPD 1DFLRQDO GH 9LJLODQFLD (SLGHPLROyJLFD OD QRWLILFDFLyQ REOLJDWRULD GH ORV FDVRV QXHYRV GH
GLVFDSDFLGDGTXHVHSUHVHQWHQHQXQLGDGHVPpGLFDVGHORVVHFWRUHVS~EOLFRVRFLDO\SULYDGRLQWHJUDUXQ


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

EDQFRGHLQIRUPDFLyQ\GHSXEOLFDFLRQHVQDFLRQDOHVHLQWHUQDFLRQDOHVVREUHSROtWLFDVS~EOLFDVDFFLRQHVH
LQLFLDWLYDV HQ PDWHULD GH GLVFDSDFLGDG SDUD VX FRQVXOWD S~EOLFD \ FRQVROLGDU HQ ORV HVWDGRV HO 3URJUDPD
1DFLRQDOGH&UHGHQFLDOSDUD3HUVRQDVFRQ'LVFDSDFLGDG
2WUDGHODVHVWUDWHJLDVHVWDEOHFLGDVHQIXQFLyQGHHVWHSULPHUREMHWLYRHVDOHQWDUHOGHVDUUROORGH
LQYHVWLJDFLRQHV SDUD DSR\DU OD DGRSFLyQ GH GHFLVLRQHV FRQ EDVH HQ OD HYLGHQFLD FLHQWtILFD (QWUH ODV
OtQHDVGHDFFLyQHVSHFtILFDVGLVHxDGDVSDUDODLPSOHPHQWDFLyQGHHVWDHVWUDWHJLDVHSURSRQHUHDOL]DUXQ
GLDJQyVWLFR QDFLRQDO VREUH ORV VHUYLFLRV S~EOLFRV \ ODV UHGHV GH DVLVWHQFLD VRFLDO TXH DSR\DQ D ODV
SHUVRQDVFRQGLVFDSDFLGDG\VXVIDPLOLDV\DOHQWDUODSDUWLFLSDFLyQVRFLDOHQODUHDOL]DFLyQGHHVWXGLRV\
SUR\HFWRV GH LQYHVWLJDFLyQ VREUH GLVFDSDFLGDG SDUD VXVWHQWDU OD IRUPXODFLyQ GH SROtWLFDV S~EOLFDV D
QLYHOHVWDWDO\PXQLFLSDO
(OREMHWLYRWHQGLHQWHDHOHYDUODFDOLGDGGHODHGXFDFLyQ\DPSOLDUODVRSRUWXQLGDGHVGHDFFHVR
SHUPDQHQFLD HJUHVR \ ORJUR HGXFDWLYR SDUD OD SREODFLyQ FRQ GLVFDSDFLGDG HQ ORV GLIHUHQWHV WLSRV
QLYHOHV\PRGDOLGDGHVGHO6LVWHPD(GXFDWLYR1DFLRQDOWDPELpQSURSRQHXQDHVWUDWHJLDYLQFXODGDFRQOD
JHQHUDFLyQ GH GDWRV GHVDUUROODU VLVWHPDV GH LQIRUPDFLyQ \ VHJXLPLHQWR GH ORV VHUYLFLRV RWRUJDGRV D
SHUVRQDV\DOXPQRVFRQGLVFDSDFLGDG3DUDHOORVHSUR\HFWDUHDOL]DUXQGLDJQyVWLFRQDFLRQDO FHQVRHVFRODU 
VREUHODVSHUVRQDVTXHSUHVHQWDQQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHVFRQ\VLQGLVFDSDFLGDG\GHVDUUROODUXQ
VLVWHPDGHLQIRUPDFLyQTXHSURSRUFLRQHGDWRVFRQILDEOHVVREUHODVSHUVRQDVFRQGLVFDSDFLGDG\ODDWHQFLyQ
HGXFDWLYDTXHVHOHVEULQGD
7DPELpQHOVLVWHPDGHPRQLWRUHR\VHJXLPLHQWRGHO3521$'',6LPSOLFDXQDFRQVLGHUDFLyQGH
OD LQIRUPDFLyQ VREUH ODV SHUVRQDV FRQ GLVFDSDFLGDG SXHVWR TXH VH VRVWLHQH TXH ³SDUD HVWDU HQ
FRQGLFLRQHV GH UHDOL]DU HVWD DFFLyQ XQR GH ORV SULQFLSDOHV UHWRV VHUi LQFRUSRUDU D ORV UHJLVWURV
DGPLQLVWUDWLYRV H[LVWHQWHV HQ WRGDV ODV LQVWLWXFLRQHV GH OD $GPLQLVWUDFLyQ 3~EOLFD )HGHUDO OD
LQIRUPDFLyQ QHFHVDULD SDUD JHQHUDU HVWDGtVWLFDV FRQ HQIRTXH GH GLVFDSDFLGDG´ 0p[LFR &21$',6
 (VWDWDUHDVHJ~QVHHVWLSXODGHEHUiGHVDUUROODUVHHQHVWULFWDFRRUGLQDFLyQFRQODVLQVWLWXFLRQHV
TXH FRQIRUPDQ HO &21$',6 3DUD OD HYDOXDFLyQ GH ORV UHVXOWDGRV HO GRFXPHQWR H[SOLFD TXH VH
JHVWLRQDUi H LPSXOVDUi DQWH ODV LQVWLWXFLRQHV TXH FRQIRUPDQ HO &RQVHMR \ FRQ RWURV RUJDQLVPRV GHO
*RELHUQR)HGHUDOFRPRHO,1(*,\RWUDVLQVWLWXFLRQHVDFDGpPLFDV\GHLQYHVWLJDFLyQHOGHVDUUROORGH
HVWXGLRV \ HQFXHVWDV HVSHFtILFDV SDUD OD JHQHUDFLyQ GH LQGLFDGRUHV GH UHVXOWDGR H LPSDFWR D QLYHO
QDFLRQDO \ HVWDWDO FRQ HO QXHYR HQIRTXH GH GHUHFKRV KXPDQRV )LQDOPHQWH VH FLIUDQ LPSRUWDQWHV
H[SHFWDWLYDVHQHOFHQVRGHDOFRQVLGHUDUVHTXH³VHUiXQDH[FHOHQWHRSRUWXQLGDGSDUDLQFRUSRUDU
HQHOFXHVWLRQDULRODVSUHJXQWDVQHFHVDULDVSDUDLGHQWLILFDU\FXDQWLILFDUODSREODFLyQFRQGLVFDSDFLGDG
HQHOSDtVODVFDXVDVGHODGLVFDSDFLGDGDVtFRPRRWUDVYDULDEOHVVRFLRGHPRJUiILFDVGHHVWHJUXSRGHOD
SREODFLyQ´ 0p[LFR &21$',6   /D SUHJXQWD ILQDOPHQWH IRUPXODGD HV SURPHWHGRUD HQ HVWH
VHQWLGR YpDVHHODQH[R 
3RU ~OWLPR HO 3ODQ GH ,JXDOGDG GH 2SRUWXQLGDGHV SDUD ODV 3HUVRQDV FRQ 'LVFDSDFLGDG 
 3,2 DSUREDGRHQHO3HU~PHGLDQWHHOGHFUHWRVXSUHPR0,0'(6HVWi³RULHQWDGRD
FRQWULEXLUDPHMRUDUODFDOLGDGGHYLGDGHODSREODFLyQFRQGLVFDSDFLGDGSRUPHGLRGHODSUHYHQFLyQ
DWHQFLyQ SUHIHUHQWH DGRSFLyQ GH PHGLGDV GH GLVFULPLQDFLyQ SRVLWLYD \ HO IRUWDOHFLPLHQWR \ OD
DPSOLDFLyQ GH ORV VHUYLFLRV H[LVWHQWHV IDFLOLWDQGR VX DFFHVR FDOLGDG \ FREHUWXUD´ 3HU~ 0LQLVWHULR
GH OD 0XMHU \ 'HVDUUROOR 6RFLDO \ RWURV   6H GHILQH FRPR XQ LQVWUXPHQWR WpFQLFRSROtWLFR GH
SODQLILFDFLyQSDUDODVDFFLRQHVHQEHQHILFLRGHODVSHUVRQDVFRQGLVFDSDFLGDG
6HJ~Q HO WH[WR GHO GHFUHWR TXH OR DSUXHED HO SODQ IXH HODERUDGR VREUH OD EDVH GH XQD HVWUHFKD
UHODFLyQFRQODVRFLHGDGFLYLO³JHQHUDQGRXQDPSOLRSURFHVRSDUWLFLSDWLYRGHFRQVXOWDVDQLYHOQDFLRQDO
HQGRQGHODVSURSLDVSHUVRQDVFRQGLVFDSDFLGDGKDQEULQGDGRORVDSRUWHVTXHSHUPLWLHURQFRQVWUXLUXQ
3ODQ GH ,JXDOGDG GH 2SRUWXQLGDGHV DFRUGH FRQ VXV H[SHFWDWLYDV SHUR VLHQGR FRQVHFXHQWHV FRQ ODV
SRVLELOLGDGHVUHDOHVGHORV6HFWRUHV´6LQHPEDUJRXQWUDEDMRTXHDQDOL]DODOHJLVODFLyQ\SROtWLFDVGH
(VWDGR VREUH GLVFDSDFLGDG HQ ORV SDtVHV DQGLQRV DILUPD TXH³6LELHQODVRUJDQL]DFLRQHVGHSDUD3&'
SXJQDURQ SRU OD QHFHVLGDG GH FRQWDU FRQ XQ LQVWUXPHQWR TXH LPSOHPHQWH OD 'pFLPR VH[WD SROtWLFD GH
(VWDGR GHO $FXHUGR 1DFLRQDO OD SDUWLFLSDFLyQ GH DTXHOODV IXH OLPLWDGD UHVWULQJLpQGRVH D ODV SRFDV
RUJDQL]DFLRQHV UHFRQRFLGDV SRU HO &21$',6 DPHQ GH ODV GLVFUHSDQFLDV H[LVWHQWHV HQWUH HOODV SRU HO
WHPDGHUHSUHVHQWDWLYLGDG´ 'tH]&DQVHFRSiJ 


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

$XQTXH HO WH[WR GHO SODQ VRVWLHQH TXH HO GLVHxR H LPSOHPHQWDFLyQ GH SROtWLFDV S~EOLFDV \ HO
GHVDUUROORGHSURJUDPDVSDUDORJUDUODHTXLGDGGHRSRUWXQLGDGHV\FHUUDUODVEUHFKDVGHH[FOXVLyQTXH
DIHFWDQDODVSHUVRQDVFRQGLVFDSDFLGDGUHTXLHUHQLQIRUPDFLyQHVWDGtVWLFD\DOXGHDODUHDOL]DFLyQGHOD
(QFXHVWD1DFLRQDO&RQWLQXD (1&2 SRUSDUWHGHO,1(HQORFLHUWRHVTXHHOXVRGHLQIRUPDFLyQ
VRFLRGHPRJUiILFDVREUHHOWHPDSDUDIXQGDPHQWDUODVSURSXHVWDVGHOSODQHVOLPLWDGR
/DViUHDVGHLQWHUYHQFLyQTXHVHSURSRQHHOSODQVRQODVDOXGODHGXFDFLyQHOGHVDUUROORVRFLDO\
HOWUDEDMR(QWUHODVH[SHFWDWLYDVGHORJURSUR\HFWDGDVHQHOiPELWRGHODVDOXGOODPDSRVLWLYDPHQWHOD
DWHQFLyQHOREMHWLYRGHORJUDUXQSODQXQLYHUVDOGHDVHJXUDPLHQWRTXHLQFRUSRUHGHPDQHUDSURJUHVLYD
ODVSUHVWDFLRQHVGHSUHYHQFLyQ\UHKDELOLWDFLyQGHODVGLVFDSDFLGDGHVPiVIUHFXHQWHVFRQSUHVWDFLRQHV
RSRUWXQDV \ GH FDOLGDG /DV SHUVSHFWLYDV HQ OD WHPiWLFD GHO GHVDUUROOR VRFLDO DOXGHQ DO IRPHQWR \
FRRUGLQDFLyQGHOGHVDUUROORGHHVWXGLRVHLQYHVWLJDFLRQHVVREUHGLVFDSDFLGDG
'HO DQiOLVLV GH HVWRV WH[WRV GH SROtWLFD GHVGH OD ySWLFD GH OD LQIRUPDFLyQ ²VX HPSOHR HQ HO
GLDJQyVWLFRGHODVLWXDFLyQ\ODSODQLILFDFLyQGHWDUHDVIXWXUDV²SXHGHHQWRQFHVFRQFOXLUVHTXHFRPRVH
VRVWLHQH HQ HO LQIRUPH GH OD ~OWLPD UHYLVLyQ TXLQTXHQDO GH OD LPSOHPHQWDFLyQ UHJLRQDO GHO 3URJUDPD GH
$FFLyQ GH OD &RQIHUHQFLD ,QWHUQDFLRQDO VREUH OD 3REODFLyQ \ HO 'HVDUUROOR WDPELpQ HQ PDWHULD GH
GLVFDSDFLGDG³SHUVLVWHWRGDYtDXQDEUHFKDHQWUHHOGLVFXUVRSROtWLFR²TXHUHFRQRFHHQJHQHUDOODQHFHVLGDG
GH FRQVLGHUDU OD FXHVWLyQ VRFLRGHPRJUiILFD DSOLFDGD D OD JHVWLyQ² \ VX HIHFWLYD SXHVWD HQ SUiFWLFD´
&(/$'(&(3$/ \ 81)3$   \D TXH FRQ DOJXQD QRWDEOH H[FHSFLyQ HO DSURYHFKDPLHQWR GH OD
LQIRUPDFLyQGLVSRQLEOHSDUDGLDJQRVWLFDUODVLWXDFLyQVREUHODTXHVHSURFXUDDFWXDUHVOLPLWDGR\WDPELpQ
ODSURSXHVWDGHDFFLRQHVHQHVWHiPELWR



&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

9,$PRGRGHFRQFOXVLyQ

$XQTXH ORV LQVWUXPHQWRV LQWHUQDFLRQDOHV GH ORV GHUHFKRV KXPDQRV


RFFLGHQWDOHV KDQ OHJLWLPDGR \ FRQVROLGDGR XQ QXHYR SDUDGLJPD VREUH OD
GLVFDSDFLGDGTXHWUDVODGDVXHMHKDFLDODLQWHUDFFLyQGHXQDOLPLWDFLyQFRQOD
FDSDFLGDG VRFLDO GH GDUOH UHVSXHVWD ²HVWi SHQGLHQWH VLQ HPEDUJR XQD
PLUDGDPXOWLHLQWHUFXOWXUDOVREUHHOWHPD²DSHVDUTXHHOPDUFROHJDOGHORV
SDtVHV GH OD UHJLyQ VH KD KHFKR HFR PD\RULWDULDPHQWH GH HVWD QXHYD
FRQFHSFLyQ\VHGLVSRQHGHXQDLQVWLWXFLRQDOLGDGDFDUJRGHODVSHUVRQDVFRQ
GLVFDSDFLGDGEDVWDQWHVyOLGD\FRQDWULEXFLyQGHUHVSRQVDELOLGDGHVHQPDWHULD
GH SROtWLFD OD GHVLJXDOGDG TXH ODV DIHFWD VLJXH UHSUHVHQWDQGR XQD
SUREOHPiWLFD DFXFLDQWH TXH GHPDQGD XQ DQiOLVLV \ DFFLRQHV HVWUXFWXUDOHV
SXHVWRTXHODYXOQHUDELOLGDGVRFLDOHQTXHVHHQFXHQWUDQDPSOLRVVHFWRUHVGH
ODSREODFLyQEDMRHVWHPRGHORGHSURGXFFLyQILQDQFLDUL]DGRTXHFDUDFWHUL]DD
ODV VRFLHGDGHV FDSLWDOLVWDV FRQWHPSRUiQHDV H[LJH XQD PLUDGD LQWHJUDO \ OD
DSXHVWDSRUHOFRQVHQVR\ODGHIHQVDGHGHUHFKRVKXPDQRVFRVPRSROLWDVHV
GHFLU FDSDFHV GH JHQHUDU XQD VROLGDULGDG WUDQVIURQWHUL]D HQWUH JUXSRV
H[SORWDGRVRSULPLGRVRH[FOXLGRVSRUODJOREDOL]DFLyQKHJHPyQLFD
/RVREVWiFXORVTXHGHEHQGHUULEDUHVWDVDFFLRQHVHVWUXFWXUDOHVVRQ
QXPHURVRV \ SRWHQWHV $GHPiV GH ORV LQWHUHVHV GHO SRGHU HFRQyPLFR \
SROtWLFRFRPSURPHWLGRVFRQHVWHPRGRGHHVWUXFWXUDFLyQVRFLDOHQHOFDVR
GH ODV SHUVRQDV FRQ GLVFDSDFLGDG WDPELpQ GHEHQ HQIUHQWDUVH ³OD
LJQRUDQFLD HO DEDQGRQR OD VXSHUVWLFLyQ \ HO PLHGR >TXH@ VRQ IDFWRUHV
VRFLDOHV TXH D OR ODUJR GH WRGD OD KLVWRULD >ODV@ KDQ DLVODGR« \ KDQ
UHWUDVDGR VX GHVDUUROOR´ 1DFLRQHV 8QLGDV  SiUUDIR   \ OR VLJXHQ
KDFLHQGR/DHVWUHFKDUHODFLyQHQWUHGLVFDSDFLGDG\SREUH]DQRKDORJUDGR
DERUGDUVH DSURSLDGDPHQWH OD LJXDOGDG GH RSRUWXQLGDGHV VROR VH KD
DOFDQ]DGRDQLYHOQRUPDWLYR³SHURQRHQORVUHVXOWDGRV\FLHUWDPHQWHQR
HQODVHVWUXFWXUDVVRFLDOHVTXHDOLPHQWDQODGLVFULPLQDFLyQODVHJUHJDFLyQ
\ODH[FOXVLyQ´ 0XMLFD\&DOOHSiJ 


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

/D LQIRUPDFLyQ QR HV OD UHVSXHVWD D HVWRV SURIXQGRV SUREOHPDV SHUR Vt XQ LQVWUXPHQWR SDUD
HPSH]DU D DERUGDUORV (Q HVWH VHQWLGR D SHVDU GHO FDPELR GH SDUDGLJPD HQ OD FRQFHSFLyQ GH OD
GLVFDSDFLGDG HQ JHQHUDO OD SURGXFFLyQ GH LQIRUPDFLyQ FHQVDO KD SHUPDQHFLGR OLJDGD DO HQIRTXH
ELRPpGLFRKDHVWDGREDVWDQWHGHVDWHQGLGDHQODDFWLYLGDGOHJLVODWLYD\KDVLGRSRFRDSURYHFKDGDSDUDHO
GLDJQyVWLFR\ODHODERUDFLyQGHSROtWLFDV\SURJUDPDV(VGHFLUKDQFDPELDGRODVSHUVSHFWLYDVSHURKD
SHUVLVWLGR HQ $PpULFD /DWLQD HQ HO FDPSR GH OD GLVFDSDFLGDG HO GHVIDVH HQWUH OD FRQFLHQFLD \ OD
GLVFXUVLYL]DFLyQGHODLPSRUWDQFLDGHODLQIRUPDFLyQVXSURGXFFLyQ\VXUHDOXWLOL]DFLyQ
&DPELDU HVWH SDQRUDPD QR UHVXOWDUi IiFLO 'HPDQGDUi UHFXUVRV FDSDFLWDFLyQ GH SHUVRQDO OD
GHFLVLyQ GH DEULU HVSDFLRV SDUD OD SDUWLFLSDFLyQ GH ODV SURSLDV SHUVRQDV FRQ GLVFDSDFLGDG \ VXV
RUJDQL]DFLRQHVHVIXHU]RVGHFRRUGLQDFLyQHQWUHODVGLIHUHQWHViUHDV\RUJDQLVPRVGHO(VWDGRYLQFXODGRV
FRQ HO WHPD \ OD YROXQWDG SROtWLFD SDUD FDQDOL]DU WRGDV HVWDV HQHUJtDV 3HUR D~Q HVWD FRQIOXHQFLD GH
IDFWRUHVQRDVHJXUDODFRQVHFXFLyQGHHVWRVSURSyVLWRV\PHQRVD~QGHODVPHWDVPiVDPSOLDVSDUDFX\R
ORJURODGLVSRQLELOLGDG\HOXVRGHHVWDLQIRUPDFLyQVRQVRORXQDKHUUDPLHQWDVRFLHGDGHVTXHLQFOX\DQ
LJXDOHQ\QRGLVFULPLQHQDODVSHUVRQDVFRQGLVFDSDFLGDG
/D URQGD FHQVDO TXH VH DYHFLQD HV XQD RSRUWXQLGDG LPSRUWDQWH SDUD VXEVDQDU HQ SDUWH HVWDV
GHILFLHQFLDV /DV UHFRPHQGDFLRQHV GH ODV 1DFLRQHV 8QLGDV VRQ FODUDV HQ HVWH VHQWLGR (Q HO FLWDGR
LQIRUPHVREUHORV2'0\ODGLVFDSDFLGDGVHGHFLGH³>D@OHQWDUDORVJRELHUQRVDSDUWLFLSDUHQODURQGDGH
FHQVRVGHHQFX\RPDUFRVHUHDOL]DUiQFHQVRVQDFLRQDOHVGHSREODFLyQGHQWURGHORVDDxRV
SUy[LPRV FRQ REMHWR GH VXEVDQDU DOJXQDV GH ODV GHILFLHQFLDV GH LQIRUPDFLyQ \ GDWRV VREUH ODV
FRQGLFLRQHVGHYLGDGHODVSHUVRQDVFRQGLVFDSDFLGDG´\DGHPiVUHFRQRFLHQGRHOWLHPSRTXHLQVXPHXQ
RSHUDWLYRFHQVDO\HOKHFKRTXHQRLQFOX\HGDWRVGHWDOODGRVDFHUFDGHODVSHUVRQDVFRQGLVFDSDFLGDGVH
UHFRPLHQGD³LQVWDUDORVJRELHUQRVDTXHOOHYHQDFDERHQFXHVWDVVREUHODVLWXDFLyQGHODVSHUVRQDVFRQ
GLVFDSDFLGDGHQUHODFLyQFRQORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLR\FRQREVWiFXORVHVSHFtILFRVSDUD
HVDVSHUVRQDVTXHLPSLGDQVXFRQVHFXFLyQ´ 1DFLRQHV8QLGDV 
(VGHHVSHUDUTXHORVGDWRVTXHVXUMDQGHORVUHOHYDPLHQWRVGHHVWDQXHYDGpFDGDFHQVDOSHUPLWDQ
XQFRQRFLPLHQWRPD\RUGHODVLWXDFLyQGHODVSHUVRQDVFRQGLVFDSDFLGDGHQODUHJLyQSHURVREUHWRGR
TXHHVDLQIRUPDFLyQFRQVWLWX\DHOSULQFLSDOHVWtPXORSDUDFDPELDUXQHVFHQDULRTXHFRQIURQWDGHPDQHUD
LQREMHWDEOHXQUHFRQRFLPLHQWRMXUtGLFRGHLJXDOGDGFRQXQDGHVLJXDOGDGVLJQLILFDWLYDHQWpUPLQRVUHDOHV



&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

%LEOLRJUDItD

$UPDV 3DGULQR ,ULV   ³$YDQ]D IRUWDOHFLPLHQWR GH UHKDELOLWDFLyQ D


GLVFDSDFLWDGRV´(O+DEDQHURHGLFLyQGLJLWDOGHOGHPDU]R
$UJHQWLQD ,1'(& ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD \ &HQVRV   
3ULPHUD(QFXHVWD1DFLRQDOGH3HUVRQDVFRQ'LVFDSDFLGDG>HQ
OtQHD@½ZZZLQGHFJRYDU¾
$UUR\R -XDQ   (O GHUHFKR D OD VDOXG GH ODV SHUVRQDV FRQ
GLVFDSDFLGDG(VWDGRGHODFXHVWLyQ,QIRUPHILQDO&RPLVLyQGH(VWXGLRV
GH'LVFDSDFLGDG &((',6 &RQJUHVRGHOD5HS~EOLFD/LPD
$UYL]X $UULRMD -XDQ \ $QGUHD 0HUORV   ³$YDQ]D UHJLVWUR SDUD SHUVRQDV
FRQGLVFDSDFLGDG´(O8QLYHUVDOHGLFLyQHOHFWUyQLFDGHOGHPDU]R
$VWRUJD *DWMHQV /XLV VI  ,QFOX\HQGR D ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ
ODVSROtWLFDVGHGHVDUUROOR,QVWLWXWR,QWHUDPHULFDQRVREUH'LVFDSDFLGDG
%DOER /XLV   ³/D VLWXDFLyQ GH ODV SHUVRQDV FRQ GLVFDSDFLGDG HQ
%ROLYLD´ 3ULPHUDV -RUQDGDV VREUH 'LVFDSDFLGDG 'HVDUUROOR \
&RRSHUDFLyQ/D3D]\GHDJRVWR>HQOtQHD@½KWWSZZZDPLFDHV
ZHELQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG ¾
%DQFR 0XQGLDO   ³'LVFDSDFLGDG \ GHVDUUROOR LQFOXVLYR HQ $PpULFD
/DWLQD \ HO &DULEH´ >HQ OtQHD@ ½KWWSZHEZRUOGEDQNRUJ:%6,7(
(;7(51$/723,&6(;762&,$/3527(&7,21(;7',6$%,/,7<F
RQWHQW0'.aSDJH3.aSL3.aWKH6LWH3.
KWPO¾FRQVXOWDGRHOGHGLFLHPEUHGH
  VI  ³'LVFDSDFLGDG \ GHVDUUROOR LQFOXVLYR HQ $PpULFD /DWLQD \ HO
&DULEH´ >HQ OtQHD@ ½KWWSZHEZRUOGEDQNRUJ:%6,7((;7(51$/
723,&6(;762&,$/3527(&7,21(;7',6$%,/,7<FRQWHQW0'.
aSDJH3.aSL3.aWKH6LWH3.KWPO¾
%HUFRYLFK $OLFLD   ³3UXHED 3LORWR &RQMXQWD VREUH 'LVFDSDFLGDG
$UJHQWLQD %UDVLO \ 3DUDJXD\´ SUHVHQWDFLyQ UHDOL]DGD HQ HO VHPLQDULR GH
6HJXLPLHQWR D ORV DYDQFHV GH OD SUHSDUDFLyQ GH OD URQGD GH FHQVRV GH
HQ$PpULFD/DWLQD6DQWLDJRDOGHMXQLRGH>HQOtQHD@


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

½KWWSZZZFHSDORUJFHODGHQRWLFLDVSDJLQDV$%HUFRYLFKB33&B'LVBSSWSGI¾
%ROLYLD 'HIHQVRU GHO 3XHEOR \ &21$/3(',6 &RPLWp 1DFLRQDO GH OD 3HUVRQD FRQ 'LVFDSDFLGDG   
3ODQ 1DFLRQDO GH ,JXDOGDG \ (TXLSDUDFLyQ GH 2SRUWXQLGDGHV SDUD ODV 3HUVRQDV FRQ 'LVFDSDFLGDG
31,(2 /D3D]&21$/3(',6206\236
%RXUGLHX3LHUUH  6RFLRORJtD\FXOWXUD0p[LFR')*ULMDOER
%RXUGLHX3LHUUH\-HDQ&ODXGH3DVVHURQ  /DUHSURGXFFLyQ(OHPHQWRVSDUDXQDWHRUtDGHOVLVWHPDGH
HQVHxDQ]D%DUFHORQD/DLDHGLFLyQGHODYHUVLyQFDVWHOODQD
%UDVLO ,%*( ,QVWLWXWR %UDVLOHxR GH *HRJUDItD \ (VWDGtVWLFD    &HQVR 'HPRJUiILFR 
&DUDFWHUtVWLFDV*HUDLVGDSRSXDFmR5HVXOWDGRVGDDPRVWUDU5tRGH-DQHLUR
&(/$'( &HQWUR/DWLQRDPHULFDQR\&DULEHxRGH'HPRJUDItD   (OHQYHMHFLPLHQWR\ODVSHUVRQDVGH
HGDG,QGLFDGRUHVVRFLRGHPRJUiILFRVSDUD$PpULFD/DWLQD\HO&DULEH /&/5(9 6DQWLDJRGH
&KLOH&(3$/
   0DQXDOVREUHLQGLFDGRUHVGHFDOLGDGGHYLGDHQODYHMH]VHULH'RFXPHQWRVGHSUR\HFWR1ž
/&: 6DQWLDJR&(3$/
&(/$'(&(3$/\81)3$ &HQWUR/DWLQRDPHULFDQR\&DULEHxRGH'HPRJUDItD±'LYLVLyQGH3REODFLyQGH
OD&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH\)RQGRGH3REODFLyQGHODV1DFLRQHV8QLGDV 
 $PpULFD/DWLQDDYDQFHV\GHVDItRVGHODLPSOHPHQWDFLyQGHO3URJUDPDGH$FFLyQGH(O&DLUR
FRQpQIDVLVHQHOSHUtRGRFROHFFLyQ'RFXPHQWRVGHSUR\HFWR1ž /&: 6DQWLDJRGH
&KLOH&(3$/
&(3$/ &RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH   /DKRUDGHODLJXDOGDG%UHFKDVSRU
FHUUDU FDPLQRV SRU DEULU >/&* 6(6 @ WULJpVLPR WHUFHU SHUtRGR GH VHVLRQHV %UDVLOLD  GH
PD\RDOGHMXQLR
   3DQRUDPDVRFLDOGH$PpULFD/DWLQD /&*3( 6DQWLDJRGH&KLOH
&KLOH )21$',6,1( )RQGR 1DFLRQDO GH OD 'LVFDSDFLGDG ± ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFDV   
(1',6±&,)&KLOH3ULPHU(VWXGLR1DFLRQDOGHODGLVFDSDFLGDGHQ&KLOH6DQWLDJR
&RORPELD&213(6 &RQVHMR1DFLRQDOGH3ROtWLFD(FRQyPLFD\6RFLDO   3ROtWLFD3~EOLFD1DFLRQDO
GH'LVFDSDFLGDG'RFXPHQWR&RQSHV6RFLDO%RJRWi
&RORPELD0LQLVWHULRGHOD3URWHFFLyQ6RFLDO  3ODQ1DFLRQDOGH,QWHUYHQFLyQHQGLVFDSDFLGDG3ODQ
GH$FFLyQ±%RJRWi
&XED 0LQLVWHULR GH 7UDEDMR \ 6HJXULGDG 6RFLDO   ,,, 3ODQ GH $FFLyQ 1DFLRQDO SDUD OD $WHQFLyQ GH
3HUVRQDVFRQ'LVFDSDFLGDG/D+DEDQD
'H 6RXVD 6DQWRV %RDYHQWXUD   ³+DFLD XQD FRQFHSFLyQ PXOWLFXOWXUDO GH ORV GHUHFKRV KXPDQRV´
5HYLVWD(O2WUR'HUHFKR1ž%RJRWi,/6$WUDGXFFLyQGH/LEDUGR-RVp$UL]D
'tH] &DQVHFR -DYLHU   6LWXDFLyQ GH OD GLVFDSDFLGDG HQ OD UHJLyQ DQGLQD OHJLVODFLyQ \ SROtWLFDV GH
(VWDGR /LPD&RPXQLGDG$QGLQDGH1DFLRQHV
'LVFDSDFLGDG %ROLYLD   ³*RELHUQR \ -DSyQ ILUPDURQ DFXHUGR SDUD UHJLVWUR GH GLVFDSDFLWDGRV´ >HQ OtQHD@
½KWWSZZZGLVFDSDFLGDGEROLYLDRUJLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG ¾
(FXDGRU9LFHSUHVLGHQFLDGHOD5HS~EOLFD  ³(FXDGRUXQDQDFLyQTXHSURPXHYH\SURWHJHORVGHUHFKRV
GH ODV SHUVRQDV FRQ GLVFDSDFLGDG (FXDGRU VLQ EDUUHUDV´ >HQ OtQHD@
½KWWSZZZYLFHSUHVLGHQFLDJRYHFLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG ¾
(VFREHGR $JXLUUH $QWRQLR   ,QIRUPDFLyQ VREUH GLVFDSDFLGDG HQ 0p[LFR HQ OD ~OWLPD GpFDGD GHO ,,
0LOHQLR (6$67$7$&5  ,QWHUQDWLRQDO 6HPLQDU RQ WKH 0HDVXUHPHQW RI 'LVDELOLW\ 8QLWHG
1DWLRQV1HZ<RUN
)RXFDXOW0LFKHO  /DYHUGDG\ODVIRUPDVMXUtGLFDV%DUFHORQD*HGLVD
*XDWHPDOD &21$',6 &RQVHMR 1DFLRQDO SDUD OD $WHQFLyQ GH ODV 3HUVRQDV FRQ 'LVFDSDFLGDG   
3ROtWLFD1DFLRQDOGH'LVFDSDFLGDG*XDWHPDOD
*XDWHPDOD ,1( ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD    3HUILO 6RFLRGHPRJUiILFR GH OD 3REODFLyQ FRQ
'LVFDSDFLGDGHQ*XDWHPDOD*XDWHPDOD
+XHQFKXDQ 6DQGUD   ³(QYHMHFLPLHQWR IDPLOLDV \ VLVWHPDV GH FXLGDGRV HQ $PpULFD /DWLQD´ HQ
&(/$'((QYHMHFLPLHQWR\VLVWHPDVGHFXLGDGRV¢RSRUWXQLGDGRFULVLV"VHULH'RFXPHQWRVGHSUR\HFWR
1ž /&: 6DQWLDJRGH&KLOH&(3$/
,'50 ,QWHUQDWLRQDO 'LVDELOLW\ 5LJWKV 0RQLWRU    0RQLWRUHR LQWHUQDFLRQDO GH ORV GHUHFKRV GH ODV
SHUVRQDVFRQGLVFDSDFLGDG,QIRUPHUHJLRQDOGHODV$PpULFDV&KLFDJR
0HOHQGUHV /LGLD   ³, 3UXHED 3LORWR GH 'LVFDSDFLGDG \ 5HVLGHQFLD +DELWXDO ´ SUHVHQWDFLyQ
UHDOL]DGDHQHOVHPLQDULRGH6HJXLPLHQWRDORVDYDQFHVGHODSUHSDUDFLyQGHODURQGDGHFHQVRVGHHQ


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

$PpULFD /DWLQD 6DQWLDJR  DO  GH MXQLR GH  >HQ OtQHD@ ½KWWSZZZFHSDORUJFHODGH
QRWLFLDVSDJLQDV/0HOHQGUHVBSSWSGI¾
0p[LFR&21$',6 &RQVHMR1DFLRQDOSDUDODV3HUVRQDVFRQ'LVFDSDFLGDG   3URJUDPD1DFLRQDOSDUDHO
'HVDUUROORGHODV3HUVRQDVFRQ'LVFDSDFLGDG3RUXQ0p[LFRLQFOX\HQWHFRQVWUX\HQGRDOLDQ]DV
SDUDHOHMHUFLFLRSOHQRGHORVGHUHFKRVGHODVSHUVRQDVFRQGLVFDSDFLGDG0p[LFR')
0XMLFD-DYLHU\/X](OHQD&DOOH  /RVGHUHFKRVGHODVSHUVRQDVFRQGLVFDSDFLGDGHQODOHJLVODFLyQ
FRPSDUDGD/LPD)RQGR(GLWRULDOGHO&RQJUHVRGHO3HU~
1DFLRQHV 8QLGDV   ³5HDOL]DFLyQ GH ORV 2EMHWLYRV GH 'HVDUUROOR GHO 0LOHQLR SDUD ODV SHUVRQDV FRQ
GLVFDSDFLGDGPHGLDQWHODDSOLFDFLyQGHO3URJUDPDGH$FFLyQ0XQGLDOSDUDODV3HUVRQDVFRQ'LVFDSDFLGDG
\ OD &RQYHQFLyQ VREUH ORV GHUHFKRV GH ODV SHUVRQDV FRQ GLVFDSDFLGDG´ $  1XHYD <RUN
VH[DJpVLPRFXDUWRSHUtRGRGHVHVLRQHV
    ³&RQYHQFLyQ VREUH ORV GHUHFKRV GH ODV SHUVRQDV FRQ 'LVFDSDFLGDG´ 5HVROXFLyQ 
$5(6 1XHYD<RUN
   'LUHFWULFHV\SULQFLSLRVSDUDODHODERUDFLyQGHHVWDGtVWLFDVGHGLVFDSDFLGDG(VWDGtVWLFDVVREUH
JUXSRVHVSHFLDOHVGHSREODFLyQ6HULH<1ž 67(6$67$76(5 1XHYD<RUN
    ³'HFODUDFLyQ GH %HLMLQJ´ $&21)  &XDUWD &RQIHUHQFLD 0XQGLDO VREUH OD 0XMHU
%HLMLQJDGHVHSWLHPEUH
    1RUPDV 8QLIRUPHV VREUH OD LJXDOGDG GH RSRUWXQLGDGHV SDUD ODV SHUVRQDV FRQ GLVFDSDFLGDG
DGRSWDGDVPHGLDQWHOD5HVROXFLyQGHOGHGLFLHPEUHGH1XHYD<RUN
   ³&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR´UHVROXFLyQGHOGHQRYLHPEUH
   3URJUDPDGH$FFLyQ0XQGLDOSDUDORVLPSHGLGRV1DFLRQHV8QLGDV5HVROXFLyQGHO
GHGLFLHPEUH
  VI  ³(QDEOH /RV GHUHFKRV \ OD GLJQLGDG GH ODV SHUVRQDV FRQ GLVFDSDFLGDG´ >HQ OtQHD@
½KWWSZZZXQRUJVSDQLVKGLVDELOLWLHVGHIDXOWDVS"QDYLG  SLG ¾
1LFDUDJXD0LQLVWHULRGH6DOXG  /DGLVFDSDFLGDGHQ1LFDUDJXDVLWXDFLyQDFWXDO\SHUVSHFWLYDV0DQDJXD
2($ 2UJDQL]DFLyQGH(VWDGRV$PHULFDQRV   ³3URJUDPDGHDFFLyQSDUDHOGHFHQLRGHODV$PpULFDVSRUORV
GHUHFKRV \ OD GLJQLGDG GH ODV SHUVRQDV FRQ GLVFDSDFLGDG  ´ 2$66HU*&3&$-3 
DSUREDGRSRUOD&RPLVLyQHQVXVHVLyQGHOGHDEULO
   ³&RQYHQFLyQLQWHUDPHULFDQDSDUDODHOLPLQDFLyQGHWRGDVODVIRUPDVGHGLVFULPLQDFLyQFRQWUDODV
SHUVRQDVFRQGLVFDSDFLGDG´&LXGDGGH*XDWHPDODGHMXQLR
236 %ROLYLD 2UJDQL]DFLyQ 3DQDPHULFDQD GH OD 6DOXG    ³&RPHQ]DUi HO 5HJLVWUR ÒQLFR GH 3HUVRQDV
FRQ'LVFDSDFLGDG´>HQOtQHD@½KWWSZZZRSVRUJERVHUYLFLRV"'% % 6  6( 61¾
3DQWDQR/LOLDQD  ³µ3HUVRQDVFRQGLVFDSDFLGDG¶KDEOHPRVVLQHXIHPLVPRV´5HYLVWD/D)XHQWH$xR
;1ž&yUGRED
    (VWDGtVWLFDV GH 'LVFDSDFLGDG HQ HO &RQR 6XU ,QIRUPH DFHUFD GH DQWHFHGHQWHV GH GDWRV VREUH
GLVFDSDFLGDGHQ$UJHQWLQD,QIRUPH)LQDOLQIRUPHSUHVHQWDGRDO%,'HQHOPDUFRGHORVVHPLQDULRVVREUH
GDWRVGHGLVFDSDFLGDGHQ$PpULFD/DWLQDHIHFWXDGRVSRUHORUJDQLVPR
    /D GLVFDSDFLGDG FRPR SUREOHPD VRFLDO 8Q HQIRTXH VRFLROyJLFR UHIOH[LRQHV \ SURSXHVWDV
%XHQRV$LUHV(8'(%$
3DUDJXD\ '*((& 'LUHFFLyQ *HQHUDO GH (VWDGtVWLFDV (QFXHVWDV \ &HQVRV    'LVFDSDFLGDG HQ HO
3DUDJXD\ LQIRUPH SUHVHQWDGR DO %,' HQ HO PDUFR GH ORV VHPLQDULRV VREUH GDWRV GH GLVFDSDFLGDG HQ
$PpULFD/DWLQDHIHFWXDGRVSRUHORUJDQLVPR
3HU~0LQLVWHULRGHOD0XMHU\'HVDUUROOR6RFLDO\RWURV  3ODQGH,JXDOGDGGH2SRUWXQLGDGHVSDUDODV
3HUVRQDVFRQ'LVFDSDFLGDG/LPD
3L]DUUR 5REHUWR   /D YXOQHUDELOLGDG VRFLDO \ VXV GHVDItRV XQD PLUDGD GHVGH $PpULFD /DWLQD VHULH
(VWXGLRVHVWDGtVWLFRV\SURVSHFWLYRV1ž /&/3 6DQWLDJRGH&KLOH&(3$/3XEOLFDFLyQGHODV
1DFLRQHV8QLGDV1žGHYHQWD6,,*
3L]]ROLWWR *HRUJLQD VI D  ³,QIRUPH VREUH 3HUVRQDV FRQ 'LVFDSDFLGDG HQ +RQGXUDV´ 'HSDUWDPHQWR GH
'HVDUUROOR6XVWHQWDEOH%DQFR,QWHUDPHULFDQRGH'HVDUUROOR
  VI E  ³,QIRUPH VREUH 3HUVRQDV FRQ 'LVFDSDFLGDG HQ 1LFDUDJXD´ 'HSDUWDPHQWR GH 'HVDUUROOR
6XVWHQWDEOH%DQFR,QWHUDPHULFDQRGH'HVDUUROOR
6DYHGRII:LOOLDP  ³3ROtWLFDS~EOLFDSDUDODVSHUVRQDVFRQGLVFDSDFLGDGHQ&KLOH$SUHQGLHQGRGHODV
H[SHULHQFLDV LQWHUQDFLRQDOHV´ HQ 6HPLQDULR LQWHUQDFLRQDO 'HVDUUROOR ,QFOXVLYR \ 'LVFDSDFLGDG
2SRUWXQLGDGHV\'HVDItRV6DQWLDJR)21$',6\%,'


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

6FKNROQLN6XVDQD  ³$PpULFD/DWLQDODPHGLFLyQGHODGLVFDSDFLGDGDSDUWLUGHORVFHQVRV\IXHQWHV


DOWHUQDWLYDV´ HQ /RV FHQVRV GH  \ OD VDOXG VHULH 6HPLQDULRV \ FRQIHUHQFLDV 1ž  /&/ 
6DQWLDJR&(3$/3XEOLFDFLyQGHODV1DFLRQHV8QLGDV1žGHYHQWD6,,*
6WROFNH9HUHQD  ³¢(VHOVH[RSDUDHOJpQHURFRPRODUD]DSDUDODHWQLFLGDG"´HQ&XDGHUQRVSDUDHO
'HEDWH1ž%XHQRV$LUHV,QVWLWXWRGH'HVDUUROOR(FRQyPLFR\6RFLDO
81)3$ )RQGR GH 3REODFLyQ GH ODV 1DFLRQHV 8QLGDV    3URJUDPD GH $FFLyQ DSUREDGR HQ OD
&RQIHUHQFLD,QWHUQDFLRQDOVREUHOD3REODFLyQ\HO'HVDUUROOR(O&DLURDOGHVHSWLHPEUHGH
8UXJXD\,1( ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD \&RPLVLyQ1DFLRQDO+RQRUDULDGHO'LVFDSDFLWDGR  
(QFXHVWD1DFLRQDOGH3HUVRQDVFRQ'LVFDSDFLGDG,QIRUPHILQDO0RQWHYLGHR
:HOWL&DUORV HG   'HPRJUDItD,WRPR,0p[LFR')352/$381$0



&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

$QH[RV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

$QH[R
1LYHOGHDGKHVLyQGHORVSDtVHVGH$PpULFD/DWLQDDORVLQVWUXPHQWRV
LQWHUQDFLRQDOHVVREUHODVSHUVRQDVFRQGLVFDSDFLGDG
&8$'52
$0e5,&$/$7,1$(67$786'(/$&219(1&,Ï162%5(/26'(5(&+26'(/$63(5621$6
&21',6&$3$&,'$'<6835272&2/2)$&8/7$7,92',&,(0%5('(
&RQYHQFLyQ 3URWRFRORIDFXOWDWLYR
3DtV
)LUPD 5DWLILFD )LUPD 5DWLILFD
$UJHQWLQD    
%ROLYLD (VWDGR3OXULQDFLRQDOGH     
%UDVLO    
&KLOH    
&RORPELD    
&RVWD5LFD    
&XED    
(FXDGRU    
(O6DOYDGRU    
*XDWHPDOD    
+RQGXUDV    
0p[LFR    
1LFDUDJXD    
3DQDPi    
3DUDJXD\    
3HU~    
5HS~EOLFD'RPLQLFDQD    
8UXJXD\  
   
)XHQWH1DFLRQHV8QLGDV³(QDEOH/RVGHUHFKRV\ODGLJQLGDGGHODVSHUVRQDVFRQGLVFDSDFLGDG´>HQOtQHD@
½KWWSZZZXQRUJVSDQLVKGLVDELOLWLHVFRXQWULHVDVS"QDYLG  SLG ¾

&8$'52
$0e5,&$/$7,1$(67$786'(/$&219(1&,Ï1,17(5$0(5,&$1$3$5$/$(/,0,1$&,Ï1'(
72'$6/$6)250$6'(',6&5,0,1$&,Ï1&2175$/$63(5621$6&21',6&$3$&,'$'
3DtVHV $GKHVLyQ 5DWLILFDFLyQ
$UJHQWLQD  
%ROLYLD (VWDGR3OXULQDFLRQDOGH   
%UDVLO  
&KLOH  
&RORPELD  
&RVWD5LFD  
(FXDGRU  
(O6DOYDGRU  
*XDWHPDOD  
+DLWt  
0p[LFR  
1LFDUDJXD  
3DQDPi  
3DUDJXD\  
3HU~  
5HS~EOLFD'RPLQLFDQD  
8UXJXD\  
9HQH]XHOD 5HS~EOLFD%ROLYDULDQDGH   
)XHQWH³7UDWDGRV0XOWLODWHUDOHV´'HSDUWDPHQWRGH'HUHFKR,QWHUQDFLRQDO2UJDQL]DFLyQGH(VWDGRV
$PHULFDQRV>HQOtQHD@½KWWSZZZRDVRUJ-XULGLFRVSDQLVKILUPDVDKWPO¾


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

$QH[R

/RVFHQVRVGH\HODERUGDMHGHODGLVFDSDFLGDG
(QHVWHDQH[RVHUH~QHQODVSUHJXQWDVUHODWLYDVDODVSHUVRQDVFRQGLVFDSDFLGDGLQFOXLGDVHQODV
EROHWDVFHQVDOHVGHORVUHOHYDPLHQWRVGHSDtVHVGHODUHJLyQUHDOL]DGRVGXUDQWH


$UJHQWLQDFXHVWLRQDULRDPSOLDGR




%UDVLOFXHVWLRQDULRDPSOLDGR





&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«


(FXDGRU 0p[LFRFXHVWLRQDULREiVLFR




0p[LFRFXHVWLRQDULRDPSOLDGR





&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«


3DQDPi 5HS~EOLFD'RPLQLFDQD








&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

$QH[R

$UWtFXORVFRQVWLWXFLRQDOHVYLQFXODGRVFRQODVSHUVRQDV
FRQGLVFDSDFLGDGHQORVSDtVHVGH$PpULFD/DWLQD

$UJHQWLQD
³$UWtFXOR   /HJLVODU \ SURPRYHU PHGLGDV GH DFFLyQ SRVLWLYD TXH JDUDQWLFHQ OD LJXDOGDG UHDO GH
RSRUWXQLGDGHV\GHWUDWR\HOSOHQRJRFH\HMHUFLFLRGHORVGHUHFKRVUHFRQRFLGRVSRUHVWD&RQVWLWXFLyQ\
SRUORVWUDWDGRVLQWHUQDFLRQDOHVYLJHQWHVVREUHGHUHFKRVKXPDQRVHQSDUWLFXODUUHVSHFWRGHORVQLxRVODV
PXMHUHVORVDQFLDQRV\ODVSHUVRQDVFRQGLVFDSDFLGDG´

%ROLYLD (VWDGR3OXULQDFLRQDOGH 
³$UWtFXOR  ,, (O (VWDGR SURKtEH \ VDQFLRQD WRGD IRUPD GH GLVFULPLQDFLyQ IXQGDGD HQ UD]yQ GH VH[R
FRORUHGDGRULHQWDFLyQVH[XDOLGHQWLGDGGHJpQHURRULJHQFXOWXUDQDFLRQDOLGDGFLXGDGDQtDLGLRPDFUHGR
UHOLJLRVR LGHRORJtD ILOLDFLyQ SROtWLFD R ILORVyILFD HVWDGR FLYLO FRQGLFLyQ HFRQyPLFD R VRFLDO WLSR GH
RFXSDFLyQ JUDGR GH LQVWUXFFLyQ GLVFDSDFLGDG HPEDUD]R X RWUDV TXH WHQJDQ SRU REMHWLYR R UHVXOWDGR
DQXODURPHQRVFDEDUHOUHFRQRFLPLHQWRJRFHRHMHUFLFLRHQFRQGLFLRQHVGHLJXDOGDGGHORVGHUHFKRVGH
WRGDSHUVRQD´
³$UWtFXOR  ,,, (O UpJLPHQ GH VHJXULGDG VRFLDO FXEUH DWHQFLyQ SRU HQIHUPHGDG HSLGHPLDV \
HQIHUPHGDGHV FDWDVWUyILFDV PDWHUQLGDG \ SDWHUQLGDG ULHVJRV SURIHVLRQDOHV ODERUDOHV \ ULHVJRV SRU
ODERUHV GH FDPSR GLVFDSDFLGDG \ QHFHVLGDGHV HVSHFLDOHV GHVHPSOHR \ SpUGLGD GH HPSOHR RUIDQGDG
LQYDOLGH]YLXGH]YHMH]\PXHUWHYLYLHQGDDVLJQDFLRQHVIDPLOLDUHV\RWUDVSUHYLVLRQHVVRFLDOHV´
³$UWtFXOR,/RVFyQ\XJHVRFRQYLYLHQWHVWLHQHQHOGHEHUGHDWHQGHUHQLJXDOGDGGHFRQGLFLRQHV\
PHGLDQWH HO HVIXHU]R FRP~Q HO PDQWHQLPLHQWR \ UHVSRQVDELOLGDG GHO KRJDU OD HGXFDFLyQ \ IRUPDFLyQ
LQWHJUDOGHODVKLMDVHKLMRVPLHQWUDVVHDQPHQRUHVRWHQJDQDOJXQDGLVFDSDFLGDG´
³$UWtFXOR7RGDSHUVRQDFRQGLVFDSDFLGDGJR]DGHORVVLJXLHQWHVGHUHFKRV
$VHUSURWHJLGRSRUVXIDPLOLD\SRUHO(VWDGR
$XQDHGXFDFLyQ\VDOXGLQWHJUDOJUDWXLWD
$ODFRPXQLFDFLyQHQOHQJXDMHDOWHUQDWLYR
$ WUDEDMDU HQ FRQGLFLRQHV DGHFXDGDV GH DFXHUGR D VXV SRVLELOLGDGHV \ FDSDFLGDGHV FRQ XQD
UHPXQHUDFLyQMXVWDTXHOHDVHJXUHXQDYLGDGLJQD
$OGHVDUUROORGHVXVSRWHQFLDOLGDGHVLQGLYLGXDOHV´
³$UWtFXOR  , 6H SURKLELUi \ VDQFLRQDUi FXDOTXLHU WLSR GH GLVFULPLQDFLyQ PDOWUDWR YLROHQFLD \
H[SORWDFLyQDWRGDSHUVRQDFRQGLVFDSDFLGDG
,,(O(VWDGRDGRSWDUiPHGLGDVGHDFFLyQSRVLWLYDSDUDSURPRYHUODHIHFWLYDLQWHJUDFLyQGHODVSHUVRQDV
FRQ GLVFDSDFLGDG HQ HO iPELWR SURGXFWLYR HFRQyPLFR SROtWLFR VRFLDO \ FXOWXUDO VLQ GLVFULPLQDFLyQ
DOJXQD
,,,(O(VWDGRJHQHUDUiODVFRQGLFLRQHVTXHSHUPLWDQHOGHVDUUROORGHODVSRWHQFLDOLGDGHVLQGLYLGXDOHVGH
ODVSHUVRQDVFRQGLVFDSDFLGDG´
³$UWtFXOR  (O (VWDGR JDUDQWL]DUi D ODV SHUVRQDV FRQ GLVFDSDFLGDG ORV VHUYLFLRV LQWHJUDOHV GH
SUHYHQFLyQ\UHKDELOLWDFLyQDVtFRPRRWURVEHQHILFLRVTXHVHHVWDEOH]FDQHQODOH\´
³$UWtFXOR  (O (VWDGR SURPRYHUi \ JDUDQWL]DUi OD HGXFDFLyQ SHUPDQHQWH GH QLxDV QLxRV \
DGROHVFHQWHV FRQ GLVFDSDFLGDG R FRQ WDOHQWRV H[WUDRUGLQDULRV HQ HO DSUHQGL]DMH EDMR OD PLVPD


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

HVWUXFWXUD SULQFLSLRV \ YDORUHV GHO VLVWHPD HGXFDWLYR \ HVWDEOHFHUi XQD RUJDQL]DFLyQ \ GHVDUUROOR
FXUULFXODUHVSHFLDO´
³$UWtFXOR  (O (VWDGR SURPRYHUi PHGLDQWH SROtWLFDV GH HGXFDFLyQ UHFUHDFLyQ \ VDOXG S~EOLFD HO
GHVDUUROORGHODFXOWXUDItVLFD\GHODSUiFWLFDGHSRUWLYDHQVXVQLYHOHVSUHYHQWLYRUHFUHDWLYRIRUPDWLYR
\FRPSHWLWLYRFRQHVSHFLDODWHQFLyQDODVSHUVRQDVFRQGLVFDSDFLGDG(O(VWDGRJDUDQWL]DUiORVPHGLRV\
ORVUHFXUVRVHFRQyPLFRVQHFHVDULRVSDUDVXHIHFWLYLGDG´
³$UWtFXOR,/RVPHGLRVGHFRPXQLFDFLyQVRFLDOGHEHUiQFRQWULEXLUDODSURPRFLyQGHORVYDORUHV
pWLFRVPRUDOHV\FtYLFRVGHODVGLIHUHQWHVFXOWXUDVGHOSDtVFRQODSURGXFFLyQ\GLIXVLyQGHSURJUDPDV
HGXFDWLYRVSOXULOLQJHV\HQOHQJXDMHDOWHUQDWLYRSDUDGLVFDSDFLWDGRV´
$UWtFXOR
³6RQFRPSHWHQFLDVH[FOXVLYDVGHORVJRELHUQRVPXQLFLSDOHVDXWyQRPRVHQVXMXULVGLFFLyQ
« 3URPRFLyQ\GHVDUUROORGHSUR\HFWRV\SROtWLFDVSDUDQLxH]\DGROHVFHQFLDPXMHUDGXOWRPD\RU
\SHUVRQDVFRQGLVFDSDFLGDG´

%UDVLO
³$UWtFXOR6mRGLUHLWRVGRVWUDEDOKDGRUHVXUEDQRVHUXUDLVDOpPGHRXWURVTXHYLVHPjPHOKRULDGH
VXDFRQGLomRVRFLDO
«  ;;;,  SURLELomR GH TXDOTXHU GLVFULPLQDomR QR WRFDQWH D VDOiULR H FULWpULRV GH DGPLVVmR GR
WUDEDOKDGRUSRUWDGRUGHGHILFLrQFLD´
³$UWtFXOReFRPSHWrQFLDFRPXPGD8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRV
«  ,,  FXLGDU GD VD~GH H DVVLVWrQFLD S~EOLFD GD SURWHomR H JDUDQWLD GDV SHVVRDV SRUWDGRUDV GH
GHILFLrQFLD´
³$UWtFXOR&RPSHWHj8QLmRDRV(VWDGRVHDR'LVWULWR)HGHUDOOHJLVODUFRQFRUUHQWHPHQWHVREUH
« ;,9SURWHomRHLQWHJUDomRVRFLDOGDVSHVVRDVSRUWDGRUDVGHGHILFLrQFLD´
³$UWtFXOR$DGPLQLVWUDomRS~EOLFDGLUHWDHLQGLUHWDGHTXDOTXHUGRV3RGHUHVGD8QLmRGRV(VWDGRV
GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV REHGHFHUi DRV SULQFtSLRV GH OHJDOLGDGH LPSHVVRDOLGDGH
PRUDOLGDGH SXEOLFLGDGH H HILFLrQFLD H WDPEpP DR VHJXLQWH  5HGDomR SHOD (PHQGD &RQVWLWXFLRQDO
'28 
«  9,,,  D OHL UHVHUYDUi SHUFHQWXDO GRV FDUJRV H HPSUHJRV S~EOLFRV SDUD DV SHVVRDV SRUWDGRUDV GH
GHILFLrQFLDHGHILQLUiRVFULWpULRVGHVXDDGPLVVmR´
³$UWtFXOR   $ DVVLVWrQFLD VRFLDO VHUi SUHVWDGD D TXHP GHOD QHFHVVLWDU LQGHSHQGHQWHPHQWH GH
FRQWULEXLomRjVHJXULGDGHVRFLDOHWHPSRUREMHWLYRV
«  ,9  D KDELOLWDomR H UHDELOLWDomR GDV SHVVRDV SRUWDGRUDV GH GHILFLrQFLD H D SURPRomR GH VXD
LQWHJUDomRjYLGDFRPXQLWiULD
9DJDUDQWLDGHXPVDOiULRPtQLPRGHEHQHItFLRPHQVDOjSHVVRDSRUWDGRUDGHGHILFLrQFLDHDRLGRVR
TXHFRPSURYHPQmRSRVVXLUPHLRVGHSURYHUjSUySULDPDQXWHQomRRXGHWrODSURYLGDSRUVXDIDPtOLD
FRQIRUPHGLVSXVHUDOHL´
³$UWtFXOR2GHYHUGR(VWDGRFRPDHGXFDomRVHUiHIHWLYDGRPHGLDQWHDJDUDQWLDGH
«  ,,,  DWHQGLPHQWR HGXFDFLRQDO HVSHFLDOL]DGR DRV SRUWDGRUHV GH GHILFLrQFLD SUHIHUHQFLDOPHQWH QD
UHGHUHJXODUGHHQVLQR´
³$UWtFXOReGHYHUGDIDPtOLDGDVRFLHGDGHHGR(VWDGRDVVHJXUDUjFULDQoDHDRDGROHVFHQWHFRP
DEVROXWDSULRULGDGHRGLUHLWRjYLGDjVD~GHjDOLPHQWDomRjHGXFDomRDROD]HUjSURILVVLRQDOL]DomRj
FXOWXUDjGLJQLGDGHDRUHVSHLWRjOLEHUGDGHHjFRQYLYrQFLDIDPLOLDUHFRPXQLWiULDDOpPGHFRORFiORV
DVDOYRGHWRGDIRUPDGHQHJOLJrQFLDGLVFULPLQDomRH[SORUDomRYLROrQFLDFUXHOGDGHHRSUHVVmR


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

  ,,  FULDomR GH SURJUDPDV GH SUHYHQomR H DWHQGLPHQWR HVSHFLDOL]DGR SDUD RV SRUWDGRUHV GH
GHILFLrQFLD ItVLFD VHQVRULDO RX PHQWDO EHP FRPR GH LQWHJUDomR VRFLDO GR DGROHVFHQWH SRUWDGRU GH
GHILFLrQFLDPHGLDQWHRWUHLQDPHQWRSDUDRWUDEDOKRHDFRQYLYrQFLDHDIDFLOLWDomRGRDFHVVRDRVEHQVH
VHUYLoRV FROHWLYRV FRP D HOLPLQDomR GH SUHFRQFHLWRV H REVWiFXORV DUTXLWHW{QLFRV† ž  $ OHL GLVSRUi
VREUHQRUPDVGHFRQVWUXomRGRVORJUDGRXURVHGRVHGLItFLRVGHXVRS~EOLFRHGHIDEULFDomRGHYHtFXORV
GHWUDQVSRUWHFROHWLYRDILPGHJDUDQWLUDFHVVRDGHTXDGRjVSHVVRDVSRUWDGRUDVGHGHILFLrQFLD´
³$UWtFXOR   $ OHL GLVSRUi VREUH D DGDSWDomR GRV ORJUDGRXURV GRV HGLItFLRV GH XVR S~EOLFR H GRV
YHtFXORV GH WUDQVSRUWH FROHWLYR DWXDOPHQWH H[LVWHQWHV D ILP GH JDUDQWLU DFHVVR DGHTXDGR iV SHVVRDV
SRUWDGRUDVGHGHILFLrQFLDFRQIRUPHRGLVSRVWRQRDUW†ž´

&RORPELD
³$UWtFXOR(O(VWDGRSURWHJHUiHVSHFLDOPHQWHDDTXHOODVSHUVRQDVTXHSRUVXFRQGLFLyQHFRQyPLFD
ItVLFD R PHQWDO VH HQFXHQWUHQ HQ FLUFXQVWDQFLD GH GHELOLGDG PDQLILHVWD \ VDQFLRQDUi ORV DEXVRV R
PDOWUDWRVTXHFRQWUDHOODVVHFRPHWDQ´
³$UWtFXOR  (O (VWDGR DGHODQWDUi XQD SROtWLFD GH SUHYLVLyQ UHKDELOLWDFLyQ H LQWHJUDFLyQ VRFLDO SDUD ORV
GLVPLQXLGRVItVLFRVVHQVRULDOHV\SVtTXLFRVDTXLHQHVVHSUHVWDUiODDWHQFLyQHVSHFLDOL]DGDTXHUHTXLHUDQ´
³$UWtFXOR  (V REOLJDFLyQ GHO (VWDGR \ GH ORV HPSOHDGRUHV RIUHFHU IRUPDFLyQ \ KDELOLWDFLyQ
SURIHVLRQDO \ WpFQLFD D TXLHQHV OR UHTXLHUDQ (O (VWDGR GHEH SURSLFLDU OD XELFDFLyQ ODERUDO GH ODV
SHUVRQDV HQ HGDG GH WUDEDMDU \ JDUDQWL]DU D ORV PLQXVYiOLGRV HO GHUHFKR D XQ WUDEDMR DFRUGH FRQ VXV
FRQGLFLRQHVGHVDOXG
³$UWtFXOR « /DHUUDGLFDFLyQGHODQDOIDEHWLVPR\ODHGXFDFLyQGHSHUVRQDVFRQOLPLWDFLRQHVItVLFDV
RPHQWDOHVRFRQFDSDFLGDGHVH[FHSFLRQDOHVVRQREOLJDFLRQHVHVSHFLDOHVGHO(VWDGR´

&XED
³$UWtFXOR  0HGLDQWH HO VLVWHPD GH VHJXULGDG VRFLDO HO (VWDGR JDUDQWL]D OD SURWHFFLyQ DGHFXDGD D
RWUR WUDEDMDGRU LPSHGLGR SRU VX HGDG LQYDOLGH] R HQIHUPHGDG (Q FDVR GH PXHUWH GHO WUDEDMDGRU
JDUDQWL]DVLPLODUSURWHFFLyQDVXIDPLOLD´

(FXDGRU
³$UWtFXOR  /DV SHUVRQDV DGXOWDV PD\RUHV QLxDV QLxRV \ DGROHVFHQWHV PXMHUHV HPEDUD]DGDV
SHUVRQDV FRQ GLVFDSDFLGDG SHUVRQDV SULYDGDV GH OLEHUWDG \ TXLHQHV DGROH]FDQ GH HQIHUPHGDGHV
FDWDVWUyILFDVRGHDOWDFRPSOHMLGDGUHFLELUiQDWHQFLyQSULRULWDULD\HVSHFLDOL]DGDHQORViPELWRVS~EOLFR
\ SULYDGR /D PLVPD DWHQFLyQ SULRULWDULD UHFLELUiQ ODV SHUVRQDV HQVLWXDFLyQGHULHVJRODVYtFWLPDVGH
YLROHQFLDGRPpVWLFD\VH[XDOPDOWUDWRLQIDQWLOGHVDVWUHVQDWXUDOHVRDQWURSRJpQLFRV(O(VWDGRSUHVWDUi
HVSHFLDOSURWHFFLyQDODVSHUVRQDVHQFRQGLFLyQGHGREOHYXOQHUDELOLGDG´
³$UWtFXOR  (O (VWDGR JDUDQWL]DUi SROtWLFDV GH SUHYHQFLyQ GH ODV GLVFDSDFLGDGHV \ GH PDQHUD
FRQMXQWDFRQODVRFLHGDG\ODIDPLOLDSURFXUDUiODHTXLSDUDFLyQGHRSRUWXQLGDGHVSDUDODVSHUVRQDVFRQ
GLVFDSDFLGDG\VXLQWHJUDFLyQVRFLDO6HUHFRQRFHDODVSHUVRQDVFRQGLVFDSDFLGDGORVGHUHFKRVD
/DDWHQFLyQHVSHFLDOL]DGDHQODVHQWLGDGHVS~EOLFDV\SULYDGDVTXHSUHVWHQVHUYLFLRVGHVDOXGSDUDVXV
QHFHVLGDGHVHVSHFtILFDVTXHLQFOXLUiODSURYLVLyQGHPHGLFDPHQWRVGHIRUPDJUDWXLWDHQSDUWLFXODUSDUD
DTXHOODVSHUVRQDVTXHUHTXLHUDQWUDWDPLHQWRGHSRUYLGD
/DUHKDELOLWDFLyQLQWHJUDO\ODDVLVWHQFLDSHUPDQHQWHTXHLQFOXLUiQODVFRUUHVSRQGLHQWHVD\XGDVWpFQLFDV
5HEDMDVHQORVVHUYLFLRVS~EOLFRV\HQVHUYLFLRVSULYDGRVGHWUDQVSRUWH\HVSHFWiFXORV
([HQFLRQHVHQHOUpJLPHQWULEXWDUOR
 (O WUDEDMR HQ FRQGLFLRQHV GH LJXDOGDG GH RSRUWXQLGDGHV TXH IRPHQWH VXV FDSDFLGDGHV \
SRWHQFLDOLGDGHVDWUDYpVGHSROtWLFDVTXHSHUPLWDQVXLQFRUSRUDFLyQHQHQWLGDGHVS~EOLFDV\SULYDGDV


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

 8QD YLYLHQGD DGHFXDGD FRQ IDFLOLGDGHV GH DFFHVR \ FRQGLFLRQHV QHFHVDULDV SDUD DWHQGHU VX
GLVFDSDFLGDG \ SDUD SURFXUDU HO PD\RU JUDGR GH DXWRQRPtD HQ VX YLGD FRWLGLDQD /DV SHUVRQDV FRQ
GLVFDSDFLGDG TXH QR SXHGDQ VHU DWHQGLGDV SRU VXV IDPLOLDUHV GXUDQWH HO GtD R TXH QR WHQJDQ GRQGH
UHVLGLUGHIRUPDSHUPDQHQWHGLVSRQGUiQGHFHQWURVGHDFRJLGDSDUDVXDOEHUJXH
8QDHGXFDFLyQTXHGHVDUUROOHVXVSRWHQFLDOLGDGHV\KDELOLGDGHVSDUDVXLQWHJUDFLyQ\SDUWLFLSDFLyQHQ
LJXDOGDG GH FRQGLFLRQHV 6H JDUDQWL]DUi VX HGXFDFLyQ GHQWUR GH OD HGXFDFLyQ UHJXODU /RV SODQWHOHV
UHJXODUHV LQFRUSRUDUiQ WUDWR GLIHUHQFLDGR \ ORV GH DWHQFLyQ HVSHFLDO OD HGXFDFLyQ HVSHFLDOL]DGD /RV
HVWDEOHFLPLHQWRV HGXFDWLYRV FXPSOLUiQ QRUPDV GH DFFHVLELOLGDG SDUD SHUVRQDV FRQ GLVFDSDFLGDG H
LPSOHPHQWDUiQXQVLVWHPDGHEHFDVTXHUHVSRQGDDODVFRQGLFLRQHVHFRQyPLFDVGHHVWHJUXSR
 /D HGXFDFLyQ HVSHFLDOL]DGD SDUD ODV SHUVRQDV FRQ GLVFDSDFLGDG LQWHOHFWXDO \ HO IRPHQWR GH VXV
FDSDFLGDGHVPHGLDQWHODFUHDFLyQGHFHQWURVHGXFDWLYRV\SURJUDPDVGHHQVHxDQ]DHVSHFtILFRV
 /D DWHQFLyQ SVLFROyJLFDJUDWXLWDSDUDODVSHUVRQDVFRQGLVFDSDFLGDG\VXVIDPLOLDVHQSDUWLFXODUHQ
FDVRGHGLVFDSDFLGDGLQWHOHFWXDO
(ODFFHVRGHPDQHUDDGHFXDGDDWRGRVORVELHQHV\VHUYLFLRV6HHOLPLQDUiQODVEDUUHUDVDUTXLWHFWyQLFDV
(ODFFHVRDPHFDQLVPRVPHGLRV\IRUPDVDOWHUQDWLYDVGHFRPXQLFDFLyQHQWUHHOORVHOOHQJXDMHGH
VHxDVSDUDSHUVRQDVVRUGDVHORUDOLVPR\HOVLVWHPDEUDLOOH´
³$UWtFXOR(O(VWDGRDGRSWDUiDIDYRUGHODVSHUVRQDVFRQGLVFDSDFLGDGPHGLGDVTXHDVHJXUHQ
/DLQFOXVLyQVRFLDOPHGLDQWHSODQHV\SURJUDPDVHVWDWDOHV\SULYDGRVFRRUGLQDGRVTXHIRPHQWHQVX
SDUWLFLSDFLyQSROtWLFDVRFLDOFXOWXUDOHGXFDWLYD\HFRQyPLFD
 /D REWHQFLyQ GH FUpGLWRV \ UHEDMDV R H[RQHUDFLRQHV WULEXWDULDV TXH OHV SHUPLWD LQLFLDU \ PDQWHQHU
DFWLYLGDGHVSURGXFWLYDV\ODREWHQFLyQGHEHFDVGHHVWXGLRHQWRGRVORVQLYHOHVGHHGXFDFLyQ
(OGHVDUUROORGHSURJUDPDV\SROtWLFDVGLULJLGDVDIRPHQWDUVXHVSDUFLPLHQWR\GHVFDQVR
/DSDUWLFLSDFLyQSROtWLFDTXHDVHJXUDUiVXUHSUHVHQWDFLyQGHDFXHUGRFRQODOH\
 (O HVWDEOHFLPLHQWR GH SURJUDPDV HVSHFLDOL]DGRV SDUD OD DWHQFLyQ LQWHJUDO GH ODV SHUVRQDV FRQ
GLVFDSDFLGDG VHYHUD \ SURIXQGD FRQ HO ILQ GH DOFDQ]DU HO Pi[LPR GHVDUUROOR GH VX SHUVRQDOLGDG HO
IRPHQWRGHVXDXWRQRPtD\ODGLVPLQXFLyQGHODGHSHQGHQFLD
 (O LQFHQWLYR \ DSR\R SDUD SUR\HFWRV SURGXFWLYRV D IDYRU GH ORV IDPLOLDUHV GH ODV SHUVRQDV FRQ
GLVFDSDFLGDGVHYHUD
/DJDUDQWtDGHOSOHQRHMHUFLFLRGHORVGHUHFKRVGHODVSHUVRQDVFRQGLVFDSDFLGDG/DOH\VDQFLRQDUiHO
DEDQGRQR GH HVWDV SHUVRQDV \ ORV DFWRV TXH LQFXUUDQ HQ FXDOTXLHU IRUPD GH DEXVR WUDWR LQKXPDQR R
GHJUDGDQWH\GLVFULPLQDFLyQSRUUD]yQGHODGLVFDSDFLGDG´
$UWtFXOR $UW  /DV SHUVRQDV \ ODV IDPLOLDV TXH FXLGHQ D SHUVRQDV FRQ GLVFDSDFLGDG TXH UHTXLHUDQ
DWHQFLyQ SHUPDQHQWH VHUiQ FXELHUWDV SRU OD 6HJXULGDG 6RFLDO \ UHFLELUiQ FDSDFLWDFLyQ SHULyGLFD SDUD
PHMRUDUODFDOLGDGGHODDWHQFLyQ´


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

³$UWtFXOR6HUHFRQRFH\JDUDQWL]DUiDODVSHUVRQDV
(OGHUHFKRDODLQWHJULGDGSHUVRQDOTXHLQFOX\HD /DLQWHJULGDGItVLFDSVtTXLFDPRUDO\VH[XDOE 
8QDYLGDOLEUHGHYLROHQFLDHQHOiPELWRS~EOLFR\SULYDGR(O(VWDGRDGRSWDUiODVPHGLGDVQHFHVDULDV
SDUDSUHYHQLUHOLPLQDU\VDQFLRQDUWRGDIRUPDGHYLROHQFLDHQHVSHFLDOODHMHUFLGDFRQWUDODVPXMHUHV
QLxDVQLxRV\DGROHVFHQWHVSHUVRQDVDGXOWDVPD\RUHVSHUVRQDVFRQGLVFDSDFLGDG\FRQWUDWRGDSHUVRQD
HQ VLWXDFLyQ GH GHVYHQWDMD R YXOQHUDELOLGDG LGpQWLFDV PHGLGDV VH WRPDUiQ FRQWUD OD YLROHQFLD OD
HVFODYLWXG\ODH[SORWDFLyQVH[XDOF /DSURKLELFLyQGHODWRUWXUDODGHVDSDULFLyQIRU]DGD\ORVWUDWRV\
SHQDV FUXHOHV LQKXPDQRV R GHJUDGDQWHV G  /D SURKLELFLyQ GHO XVR GH PDWHULDO JHQpWLFR \ OD
H[SHULPHQWDFLyQFLHQWtILFDTXHDWHQWHQFRQWUDORVGHUHFKRVKXPDQRV´
³$UWtFXOR/DOH\HVWDEOHFHUiSURFHGLPLHQWRVHVSHFLDOHV\H[SHGLWRVSDUDHOMX]JDPLHQWR\VDQFLyQ
GH ORV GHOLWRV GH YLROHQFLD LQWUDIDPLOLDU VH[XDO FUtPHQHV GH RGLR \ ORV TXH VH FRPHWDQ FRQWUD QLxDV
QLxRV DGROHVFHQWHV MyYHQHV SHUVRQDV FRQ GLVFDSDFLGDG DGXOWDV PD\RUHV \ SHUVRQDV TXH SRU VXV
SDUWLFXODULGDGHV UHTXLHUHQ XQD PD\RU SURWHFFLyQ 6H QRPEUDUiQ ILVFDOHV \ GHIHQVRUDV R GHIHQVRUHV
HVSHFLDOL]DGRVSDUDHOWUDWDPLHQWRGHHVWDVFDXVDVGHDFXHUGRFRQODOH\´

(O6DOYDGRU
³$UWtFXOR  (O WUDEDMR HV XQD IXQFLyQ VRFLDO JR]D GH OD SURWHFFLyQ GHO (VWDGR \ QR VH FRQVLGHUD
DUWtFXOR GH FRPHUFLR (O (VWDGR HPSOHDUi WRGRV ORV UHFXUVRV TXH HVWpQ D VX DOFDQFH SDUD SURSRUFLRQDU
RFXSDFLyQ DO WUDEDMDGRU PDQXDO R LQWHOHFWXDO \ SDUD DVHJXUDU D pO \ D VX IDPLOLD ODV FRQGLFLRQHV
HFRQyPLFDVGHXQDH[LVWHQFLDGLJQD'HLJXDOIRUPDSURPRYHUiHOWUDEDMR\HPSOHRGHODVSHUVRQDVFRQ
OLPLWDFLRQHVRLQFDSDFLGDGHVItVLFDVPHQWDOHVRVRFLDOHV´
³$UWtFXOR  (O (VWDGR WRPDUi D VX FDUJR D ORV LQGLJHQWHV TXH SRU VX HGDG R LQFDSDFLGDG ItVLFD R
PHQWDOVHDQLQKiELOHVSDUDHOWUDEDMR´
$UWtFXOR
³,,&RUUHVSRQGHDO3URFXUDGRU*HQHUDOGHOD5HS~EOLFD
ž9HODUSRUODGHIHQVDGHODIDPLOLD\GHODVSHUVRQDVHLQWHUHVHVGHORVPHQRUHV\GHPiVLQFDSDFHV´

*XDWHPDOD
³$UWtFXOR  0LQXVYiOLGRV (O (VWDGR JDUDQWL]D OD SURWHFFLyQ GH ORV PLQXVYiOLGRV \ SHUVRQDV TXH
DGROHFHQ GH OLPLWDFLRQHV ItVLFDV SVtTXLFDV R VHQVRULDOHV 6H GHFODUD GH LQWHUpV QDFLRQDO VX DWHQFLyQ
PpGLFRVRFLDO DVt FRPR OD SURPRFLyQ GH SROtWLFDV \ VHUYLFLRV TXH SHUPLWDQ VX UHKDELOLWDFLyQ \ VX
UHLQFRUSRUDFLyQLQWHJUDODODVRFLHGDG/DOH\UHJXODUiHVWDPDWHULD\FUHDUiORVRUJDQLVPRVWpFQLFRV\
HMHFXWRUHVTXHVHDQQHFHVDULRV´
³$UWtFXOR  'HUHFKRV VRFLDOHV PtQLPRV GH OD OHJLVODFLyQ GHO WUDEDMR 6RQ GHUHFKRV VRFLDOHV
PtQLPRVTXHIXQGDPHQWDQODOHJLVODFLyQGHOWUDEDMR\ODDFWLYLGDGGHORVWULEXQDOHV\DXWRULGDGHV « 
P 3URWHFFLyQ \ IRPHQWR DO WUDEDMR GH ORV FLHJRV PLQXVYiOLGRV \ SHUVRQDV FRQ GHILFLHQFLDV ItVLFDV
SVtTXLFDVRVHQVRULDOHV´

+RQGXUDV
³$UWtFXOR  &RUUHVSRQGH DO (VWDGR QRPEUDU SURFXUDGRUHV SDUD OD GHIHQVD GH ORV SREUHV \ SDUD TXH
YHOHQ SRU ODV SHUVRQDV H LQWHUHVHV GH ORV PHQRUHV H LQFDSDFHV 'DUiQ D HOORV DVLVWHQFLD OHJDO \ ORV
UHSUHVHQWDUiQMXGLFLDOPHQWHHQODGHIHQVDGHVXOLEHUWDGLQGLYLGXDO\GHPiVGHUHFKRV´
³$UWtFXOR  /RV PHQRUHV GH HGDG GHILFLHQWHV ItVLFD R PHQWDOPHQWH ORV GH FRQGXFWD LUUHJXODU ORV
KXpUIDQRV\ORVDEDQGRQDGRVHVWiQVRPHWLGRVDXQDOHJLVODFLyQHVSHFLDOGHUHKDELOLWDFLyQYLJLODQFLD\
SURWHFFLyQVHJ~QHOFDVR´


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

³$UWtFXOR7RGDSHUVRQDWLHQHGHUHFKRDODVHJXULGDGGHVXVPHGLRVHFRQyPLFRVGHVXEVLVWHQFLDHQ
FDVRGHLQFDSDFLGDGSDUDWUDEDMDUXREWHQHUWUDEDMRUHWULEXLGR´
³$UWtFXOR(O(VWDGRVRVWHQGUi\IRPHQWDUiODHGXFDFLyQGHORVPLQXVYiOLGRV´

0p[LFR
³$UWtFXOR(QORV(VWDGRV8QLGRV0H[LFDQRVWRGRLQGLYLGXRJR]DUiGHODVJDUDQWtDVTXHRWRUJDHVWD
FRQVWLWXFLyQ ODV FXDOHV QR SRGUiQ UHVWULQJLUVH QL VXVSHQGHUVH VLQR HQ ORVFDVRV\FRQODVFRQGLFLRQHV
TXHHOODPLVPDHVWDEOHFH
«  4XHGD SURKLELGD WRGD GLVFULPLQDFLyQ PRWLYDGD SRU RULJHQ pWQLFR HO JpQHUR OD HGDG ODV
FDSDFLGDGHV GLIHUHQWHV OD FRQGLFLyQ VRFLDO ODV FRQGLFLRQHV GH VDOXG OD UHOLJLyQ ODV RSLQLRQHV ODV
SUHIHUHQFLDV HO HVWDGR FLYLO R FXDOTXLHU RWUD TXH DWHQWH FRQWUD OD GLJQLGDG KXPDQD \ WHQJD SRU REMHWR
DQXODURPHQRVFDEDUORVGHUHFKRV\OLEHUWDGHVGHODVSHUVRQDV´
³$UWtFXOR7RGDSHUVRQDWLHQHGHUHFKRDOWUDEDMRGLJQR\VRFLDOPHQWH~WLODOHIHFWRVHSURPRYHUiQ
ODFUHDFLyQGHHPSOHRV\ODRUJDQL]DFLyQVRFLDOSDUDHOWUDEDMRFRQIRUPHDODOH\ « 
$;;,;(VGHXWLOLGDGSXEOLFDOD/H\GHO6HJXUR6RFLDO\HOODFRPSUHQGHUiVHJXURVGHLQYDOLGH]GH
YHMH] GH YLGD GH FHVDFLyQ LQYROXQWDULD GHO WUDEDMR GH HQIHUPHGDGHV \ DFFLGHQWHV GH VHUYLFLRV GH
JXDUGHUtD\FXDOTXLHURWURHQFDPLQDGRDODSURWHFFLyQ\ELHQHVWDUGHORVWUDEDMDGRUHVFDPSHVLQRVQR
DVDODULDGRV\RWURVVHFWRUHVVRFLDOHV\VXVIDPLOLDUHV
%;,/DVHJXULGDGVRFLDOVHRUJDQL]DUiFRQIRUPHDODVVLJXLHQWHVEDVHVPtQLPDV
D &XEULUi ORV DFFLGHQWHV \ HQIHUPHGDGHV SURIHVLRQDOHV ODV HQIHUPHGDGHV QR SURIHVLRQDOHV \
PDWHUQLGDG\ODMXELODFLyQODLQYDOLGH]YHMH]\PXHUWH´

1LFDUDJXD
³$UWtFXOR  (O (VWDGR SUHVWDUi DWHQFLyQ HVSHFLDO HQ WRGRV VXV SURJUDPDV D ORV GLVFDSDFLWDGRV \
IDPLOLDUHVGHFDtGRV\YtFWLPDVGHJXHUUDHQJHQHUDO´
³$UWtFXOR  (O (VWDGR SURFXUDUi HVWDEOHFHU SURJUDPDV HQ EHQHILFLR GH ORV GLVFDSDFLWDGRV SDUD VX
UHKDELOLWDFLyQItVLFDSVLFRVRFLDO\SURIHVLRQDO\SDUDVXXELFDFLyQODERUDO´
³$UWtFXOR/RVWUDEDMDGRUHVWLHQHQGHUHFKRDFRQGLFLRQHVGHWUDEDMRTXHOHVDVHJXUHQHQHVSHFLDO
« 6HJXULGDGVRFLDOSDUDSURWHFFLyQLQWHJUDO\PHGLRVGHVXEVLVWHQFLDHQFDVRVGHLQYDOLGH]YHMH]
ULHVJRV SURIHVLRQDOHV HQIHUPHGDG \ PDWHUQLGDG \ D VXV IDPLOLDUHV HQ FDVRV GH PXHUWH HQ OD IRUPD \
FRQGLFLRQHVTXHGHWHUPLQHQODOH\´

3DUDJXD\
³$UWtFXOR'(/$&$/,'$''(9,'$/DFDOLGDGGHYLGDVHUiSURPRYLGDSRUHO(VWDGRPHGLDQWH
SODQHV \ SROtWLFDV TXH UHFRQR]FDQ IDFWRUHV FRQGLFLRQDQWHV WDOHV FRPR OD H[WUHPD SREUH]D \ ORV
LPSHGLPHQWRVGHODGLVFDSDFLGDGRGHODHGDG(O(VWDGRWDPELpQIRPHQWDUiODLQYHVWLJDFLyQVREUHORV
IDFWRUHV GH SREODFLyQ \ VXV YtQFXORV FRQ HO GHVDUUROOR HFRQyPLFR VRFLDO FRQ OD SUHVHUYDFLyQ GHO
DPELHQWH\FRQODFDOLGDGGHYLGDGHORVKDELWDQWHV´
³$UWtFXOR'(/26'(5(&+26'(/$63(5621$6(;&(3&,21$/(66HJDUDQWL]DUiDODV
SHUVRQDV H[FHSFLRQDOHV OD DWHQFLyQ GH VX VDOXG GH VX HGXFDFLyQ GH VX UHFUHDFLyQ \ GH VX IRUPDFLyQ
SURIHVLRQDO SDUD XQD SOHQD LQWHJUDFLyQ VRFLDO (O (VWDGR RUJDQL]DUi XQD SROtWLFD GH SUHYHQFLyQ
WUDWDPLHQWRUHKDELOLWDFLyQHLQWHJUDFLyQGHORVGLVFDSDFLWDGRVItVLFRVSVtTXLFRV\VHQVRULDOHVDTXLHQHV
SUHVWDUiHOFXLGDGRHVSHFLDOL]DGRTXHUHTXLHUDQ6HOHVUHFRQRFHUiHOGLVIUXWHGHORVGHUHFKRVTXHHVWD
&RQVWLWXFLyQ RWRUJD D WRGRV ORV KDELWDQWHV GH OD 5HS~EOLFD HQ LJXDOGDG GH RSRUWXQLGDGHV D ILQ GH
FRPSHQVDUVXVGHVYHQWDMDV´


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

3DQDPi
³$UWtFXOR  1R KDEUi IXHURV R SULYLOHJLRV QL GLVFULPLQDFLyQ SRU UD]yQ GH UD]D QDFLPLHQWR
GLVFDSDFLGDGFODVHVRFLDOVH[RUHOLJLyQRLGHDVSROtWLFDV´
³$UWtFXOR7RGRLQGLYLGXRWLHQHGHUHFKRDODVHJXULGDGGHVXVPHGLRVHFRQyPLFRVGHVXEVLVWHQFLD
HQFDVRGHLQFDSDFLGDGSDUDWUDEDMDUXREWHQHUWUDEDMRUHWULEXLGR/RVVHUYLFLRVGHVHJXULGDGVRFLDOVHUiQ
SUHVWDGRV R DGPLQLVWUDGRV SRU HQWLGDGHV DXWyQRPDV \ FXEULUiQ ORV FDVRV GH HQIHUPHGDG PDWHUQLGDG
LQYDOLGH] VXEVLGLRV GH IDPLOLD YHMH] YLXGH] RUIDQGDG SDUR IRU]RVR DFFLGHQWHV GH WUDEDMR
HQIHUPHGDGHVSURIHVLRQDOHV\ODVGHPiVFRQWLQJHQFLDVTXHSXHGDQVHUREMHWRGHSUHYLVLyQ\VHJXULGDG
VRFLDOHV/D/H\SURYHHUiODLPSODQWDFLyQGHWDOHVVHUYLFLRVDPHGLGDTXHODVQHFHVLGDGHVORH[LMDQ(O
(VWDGRFUHDUiHVWDEOHFLPLHQWRVGHDVLVWHQFLD\SUHYLVLyQVRFLDOHV6RQWDUHDVIXQGDPHQWDOHVGHpVWRVOD
UHKDELOLWDFLyQHFRQyPLFD\VRFLDOGHORVVHFWRUHVGHSHQGLHQWHVRFDUHQWHVGHUHFXUVRV\ODDWHQFLyQGH
ORVPHQWDOPHQWHLQFDSDFHVORVHQIHUPRVFUyQLFRVORVLQYiOLGRVLQGLJHQWHV\GHORVJUXSRVTXHQRKD\DQ
VLGRLQFRUSRUDGRVDOVLVWHPDGHVHJXULGDGVRFLDO´

3HU~
³$UWtFXOR
7RGRVWLHQHQGHUHFKRDODSURWHFFLyQGHVXVDOXGODGHOPHGLRIDPLOLDU\ODGHODFRPXQLGDGDVtFRPRHO
GHEHUGHFRQWULEXLUDVXSURPRFLyQ\GHIHQVD/DSHUVRQDLQFDSDFLWDGDSDUDYHODUSRUVtPLVPDDFDXVD
GH XQD GHILFLHQFLD ItVLFD R PHQWDO WLHQH GHUHFKR DO UHVSHWR GH VX GLJQLGDG \ D XQ UpJLPHQ OHJDO GH
SURWHFFLyQDWHQFLyQUHDGDSWDFLyQ\VHJXULGDG´
³$UWtFXOR
(O WUDEDMR HQ VXV GLYHUVDV PRGDOLGDGHV HV REMHWR GH DWHQFLyQ SULRULWDULD GHO (VWDGR HO FXDO SURWHJH
HVSHFLDOPHQWHDODPDGUHDOPHQRUGHHGDG\DOLPSHGLGRTXHWUDEDMDQ´

5HS~EOLFD'RPLQLFDQD
³$UWtFXOR'HUHFKRDODLJXDOGDG7RGDVODVSHUVRQDVQDFHQOLEUHVHLJXDOHVDQWHODOH\UHFLEHQOD
PLVPD SURWHFFLyQ \ WUDWR GH ODV LQVWLWXFLRQHV DXWRULGDGHV \ GHPiV SHUVRQDV \ JR]DQ GH ORV PLVPRV
GHUHFKRV OLEHUWDGHV \ RSRUWXQLGDGHV VLQ QLQJXQD GLVFULPLQDFLyQ SRU UD]RQHV GH JpQHUR FRORU HGDG
GLVFDSDFLGDGQDFLRQDOLGDGYtQFXORVIDPLOLDUHVOHQJXDUHOLJLyQRSLQLyQSROtWLFDRILORVyILFDFRQGLFLyQ
VRFLDORSHUVRQDO´
³$UWtFXOR3URWHFFLyQGHODVSHUVRQDVFRQGLVFDSDFLGDG(O(VWDGRSURPRYHUiSURWHJHUi\DVHJXUDUi
HOJRFHGHWRGRVORVGHUHFKRVKXPDQRV\OLEHUWDGHVIXQGDPHQWDOHVGHODVSHUVRQDVFRQGLVFDSDFLGDGHQ
FRQGLFLRQHVGHLJXDOGDGDVtFRPRHOHMHUFLFLRSOHQR\DXWyQRPRGHVXVFDSDFLGDGHV(O(VWDGRDGRSWDUi
ODV PHGLGDV SRVLWLYDV QHFHVDULDV SDUD SURSLFLDU VX LQWHJUDFLyQ IDPLOLDU FRPXQLWDULD VRFLDO ODERUDO
HFRQyPLFDFXOWXUDO\SROtWLFD´
³$UWtFXOR  'HUHFKR D OD VHJXULGDG VRFLDO 7RGD SHUVRQD WLHQH GHUHFKR D OD VHJXULGDG VRFLDO (O
(VWDGRHVWLPXODUiHOGHVDUUROORSURJUHVLYRGHODVHJXULGDGVRFLDOSDUDDVHJXUDUHODFFHVRXQLYHUVDODXQD
DGHFXDGDSURWHFFLyQHQODHQIHUPHGDGGLVFDSDFLGDGGHVRFXSDFLyQ\ODYHMH]´

8UXJXD\
³$UWtFXOR  (O (VWDGR GDUi DVLOR D ORV LQGLJHQWHV R FDUHQWHV GH UHFXUVRV VXILFLHQWHV TXH SRU VX
LQIHULRULGDGItVLFDRPHQWDOGHFDUiFWHUFUyQLFRHVWpQLQKDELOLWDGRVSDUDHOWUDEDMR(O(VWDGRFRPEDWLUi
SRUPHGLRGHODOH\\GHODV&RQYHQFLRQHV,QWHUQDFLRQDOHVORVYLFLRVVRFLDOHV´
³$UWtFXOR/DVMXELODFLRQHVJHQHUDOHV\VHJXURVVRFLDOHVVHRUJDQL]DUiQHQIRUPDGHJDUDQWL]DUDWRGRV
ORVWUDEDMDGRUHVSDWURQRVHPSOHDGRV\REUHURVUHWLURVDGHFXDGRV\VXEVLGLRVSDUDORVFDVRVGHDFFLGHQWHV
HQIHUPHGDG LQYDOLGH] GHVRFXSDFLyQ IRU]RVD HWF \ D VXV IDPLOLDV HQ FDVR GH PXHUWH OD SHQVLyQ
FRUUHVSRQGLHQWH /D SHQVLyQ D OD YHMH] FRQVWLWX\H XQ GHUHFKR SDUD HO TXH OOHJXH DO OtPLWH GH OD HGDG


&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«

SURGXFWLYDGHVSXpVGHODUJDSHUPDQHQFLDHQHOSDtV\FDUH]FDGHUHFXUVRVSDUDVXEYHQLUDVXVQHFHVLGDGHV
YLWDOHV´

9HQH]XHOD 5HS~EOLFD%ROLYDULDQDGH 
³$UWtFXOR7RGDSHUVRQDFRQGLVFDSDFLGDGRQHFHVLGDGHVHVSHFLDOHVWLHQHGHUHFKRDOHMHUFLFLRSOHQR\
DXWyQRPRGHVXVFDSDFLGDGHV\DVXLQWHJUDFLyQIDPLOLDU\FRPXQLWDULD(O(VWDGRFRQODSDUWLFLSDFLyQ
VROLGDULDGHODVIDPLOLDV\ODVRFLHGDGOHJDUDQWL]DUiHOUHVSHWRDVXGLJQLGDGKXPDQDODHTXLSDUDFLyQGH
RSRUWXQLGDGHVFRQGLFLRQHVODERUDOHVVDWLVIDFWRULDV\SURPRYHUiVXIRUPDFLyQFDSDFLWDFLyQ\DFFHVRDO
HPSOHRDFRUGHFRQVXVFRQGLFLRQHVGHFRQIRUPLGDGFRQODOH\6HOHVUHFRQRFHDODVSHUVRQDVVRUGDVR
PXGDVHOGHUHFKRDH[SUHVDUVH\FRPXQLFDUVHDWUDYpVGHODOHQJXDGHVHxDVYHQH]RODQD´
³$UWtFXOR  7RGD SHUVRQD WLHQH GHUHFKR D OD VHJXULGDG VRFLDO FRPR VHUYLFLR S~EOLFR GH FDUiFWHU QR
OXFUDWLYR TXH JDUDQWLFH OD VDOXG \ DVHJXUH SURWHFFLyQ HQ FRQWLQJHQFLDV GH PDWHUQLGDG SDWHUQLGDG
HQIHUPHGDG LQYDOLGH] HQIHUPHGDGHV FDWDVWUyILFDV GLVFDSDFLGDG QHFHVLGDGHV HVSHFLDOHV ULHVJRV
ODERUDOHV SpUGLGD GH HPSOHR GHVHPSOHR YHMH] YLXGHGDG RUIDQGDG YLYLHQGD FDUJDV GHULYDGDV GH OD
YLGDIDPLOLDU\FXDOTXLHURWUDFLUFXQVWDQFLDGHSUHYLVLyQVRFLDO(O(VWDGRWLHQHODREOLJDFLyQGHDVHJXUDU
OD HIHFWLYLGDG GH HVWH GHUHFKR FUHDQGR XQ VLVWHPD GH VHJXULGDG VRFLDO XQLYHUVDO LQWHJUDO GH
ILQDQFLDPLHQWR VROLGDULR XQLWDULR HILFLHQWH \ SDUWLFLSDWLYR GH FRQWULEXFLRQHV GLUHFWDV R LQGLUHFWDV /D
DXVHQFLD GH FDSDFLGDG FRQWULEXWLYD QR VHUi PRWLYR SDUD H[FOXLU D ODV SHUVRQDV GH VX SURWHFFLyQ /RV
UHFXUVRV ILQDQFLHURV GH OD VHJXULGDG VRFLDO QR SRGUiQ VHU GHVWLQDGRV D RWURV ILQHV /DV FRWL]DFLRQHV
REOLJDWRULDV TXH UHDOLFHQ ORV WUDEDMDGRUHV \ ODV WUDEDMDGRUDV SDUD FXEULU ORV VHUYLFLRV PpGLFRV \
DVLVWHQFLDOHV\GHPiVEHQHILFLRVGHODVHJXULGDGVRFLDOSRGUiQVHUDGPLQLVWUDGRVVyORFRQILQHVVRFLDOHV
EDMR OD UHFWRUtD GHO (VWDGR /RV UHPDQHQWHV QHWRV GHO FDSLWDO GHVWLQDGR D OD VDOXG OD HGXFDFLyQ \ OD
VHJXULGDGVRFLDOVHDFXPXODUiQDORVILQHVGHVXGLVWULEXFLyQ\FRQWULEXFLyQHQHVRVVHUYLFLRV(OVLVWHPD
GHVHJXULGDGVRFLDOVHUiUHJXODGRSRUXQDOH\RUJiQLFDHVSHFLDO´
³$UWtFXOR  7RGD SHUVRQD WLHQH GHUHFKR D XQD HGXFDFLyQ LQWHJUDO GH FDOLGDG SHUPDQHQWH HQ
LJXDOGDG GH FRQGLFLRQHV \ RSRUWXQLGDGHV VLQ PiV OLPLWDFLRQHV TXH ODV GHULYDGDV GH VXV DSWLWXGHV
YRFDFLyQ \ DVSLUDFLRQHV /D HGXFDFLyQ HV REOLJDWRULD HQ WRGRV VXV QLYHOHV GHVGH HO PDWHUQDO KDVWD HO
QLYHO PHGLR GLYHUVLILFDGR /D LPSDUWLGD HQ ODV LQVWLWXFLRQHV GHO (VWDGR HV JUDWXLWD KDVWD HO SUHJUDGR
XQLYHUVLWDULR $ WDO ILQ HO (VWDGR UHDOL]DUi XQD LQYHUVLyQ SULRULWDULD GH FRQIRUPLGDG FRQ ODV
UHFRPHQGDFLRQHVGHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDV(O(VWDGRFUHDUi\VRVWHQGUiLQVWLWXFLRQHV
\ VHUYLFLRV VXILFLHQWHPHQWH GRWDGRVSDUDDVHJXUDUHODFFHVRSHUPDQHQFLD\FXOPLQDFLyQHQHOVLVWHPD
HGXFDWLYR /D OH\ JDUDQWL]DUi LJXDO DWHQFLyQ D ODV SHUVRQDV FRQ QHFHVLGDGHV HVSHFLDOHV R FRQ
GLVFDSDFLGDG\DTXLHQHVVHHQFXHQWUHQSULYDGRVGHVXOLEHUWDGRFDUH]FDQGHFRQGLFLRQHVEiVLFDVSDUD
VXLQFRUSRUDFLyQ\SHUPDQHQFLDHQHOVLVWHPDHGXFDWLYR´
³$UWtFXOR6RQGHODFRPSHWHQFLDGHO0XQLFLSLRHOJRELHUQR\DGPLQLVWUDFLyQGHVXVLQWHUHVHV\OD
JHVWLyQGHODVPDWHULDVTXHOHDVLJQHHVWD&RQVWLWXFLyQ\ODVOH\HVQDFLRQDOHVHQFXDQWRFRQFLHUQHDOD
YLGD ORFDO HQ HVSHFLDO OD RUGHQDFLyQ \ SURPRFLyQ GHO GHVDUUROOR HFRQyPLFR \ VRFLDO OD GRWDFLyQ \
SUHVWDFLyQ GH ORV VHUYLFLRV S~EOLFRV GRPLFLOLDULRV OD DSOLFDFLyQ GH OD SROtWLFD UHIHUHQWH D OD PDWHULD
LQTXLOLQDULD FRQ FULWHULRV GH HTXLGDG MXVWLFLD \ FRQWHQLGR GH LQWHUpV VRFLDO GH FRQIRUPLGDG FRQ OD
GHOHJDFLyQSUHYLVWDHQODOH\TXHULJHODPDWHULDODSURPRFLyQGHODSDUWLFLSDFLyQ\HOPHMRUDPLHQWRHQ
JHQHUDOGHODVFRQGLFLRQHVGHYLGDGHODFRPXQLGDGHQODVVLJXLHQWHViUHDV
« 6DOXEULGDG\DWHQFLyQSULPDULDHQVDOXGVHUYLFLRVGHSURWHFFLyQDODSULPHUD\VHJXQGDLQIDQFLD
D OD DGROHVFHQFLD \ D OD WHUFHUD HGDG HGXFDFLyQ SUHHVFRODU VHUYLFLRV GH LQWHJUDFLyQ IDPLOLDU GHO
GLVFDSDFLWDGRDOGHVDUUROORFRPXQLWDULRDFWLYLGDGHVHLQVWDODFLRQHVFXOWXUDOHV\GHSRUWLYDV6HUYLFLRVGH
SUHYHQFLyQ\SURWHFFLyQYLJLODQFLD\FRQWUROGHORVELHQHV\ODVDFWLYLGDGHVUHODWLYDVDODVPDWHULDVGHOD
FRPSHWHQFLDPXQLFLSDO´



&(3$/6HULH3REODFLyQ\GHVDUUROOR1ƒ /DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFR«





 6HULH


SREODFLyQ\GHVDUUROOR


1~PHURVSXEOLFDGRV

8QOLVWDGRFRPSOHWRDVtFRPRORVDUFKLYRVSGIHVWiQGLVSRQLEOHVHQ
ZZZFHSDORUJSXEOLFDFLRQHV


/DVSHUVRQDVFRQGLVFDSDFLGDGHQ$PpULFD/DWLQDGHOUHFRQRFLPLHQWRMXUtGLFRDODGHVLJXDOGDGUHDO0DUtD)HUQDQGD
6WDQJ$OYD /&/3 1ƒGHYHQWD6,,* 86 
/D WUDQVLFLyQ GH OD VDOXG VH[XDO \ UHSURGXFWLYD HQ $PpULFD /DWLQD  DxRV GHVSXpV GH (O &DLUR ±  /DXUD
5RGUtJXH]:RQJH,JQH]+23HUSpWXR /&/3 1ƒGHYHQWD6,,* 86 
(YDOXDFLyQGHODH[SHULHQFLDFHQVDOUHFLHQWHVREUHYLYLHQGD\KRJDU&DPLOR$UULDJDGD/XFR /&/3 1ƒGH
YHQWD6,,* 86 
/DSURWHFFLyQGHODVDOXGHQHOPDUFRGHODGLQiPLFDGHPRJUiILFD\ORVGHUHFKRV6DQGUD+XHQFKXDQ /&/3 
1ƒGHYHQWD6,,* 86 
 )DPLOLD \ QXSFLDOLGDG HQ ORV FHQVRV ODWLQRDPHULFDQRV UHFLHQWHV XQD UHDOLGDG TXH GHVERUGD ORV GDWRV 0DJGD 5XL]
6DOJXHUR\-RUJH5RGUtJXH]9LJQROL /&/3 1ƒGHYHQWD6,,* 86 
 9LHMRV \ QXHYRV DVXQWRV HQ ODV HVWLPDFLRQHV GH OD PLJUDFLyQ LQWHUQDFLRQDO HQ $PpULFD /DWLQD \ HO &DULEH /DXUD
&DOYHOR /&/3 1ƒGHYHQWD6,,* 86 
 8QDPLUDGDGHVGH$PpULFD/DWLQD\HO&DULEHDO2EMHWLYRGH'HVDUUROORGHO0LOHQLRGHDFFHVRXQLYHUVDODODVDOXG
UHSURGXFWLYD 0DUHQ $QGUHD -LPpQH] \ -RUJH 5RGUtJXH] 9LJQROL /&/3  1ƒ GH YHQWD 6,,*
86 
 ,QVHUFLyQ ODERUDO \ DFFHVR D PHFDQLVPRV GH VHJXULGDG VRFLDO GH ORV PLJUDQWHV HQ ,EHURDPpULFD $OLFLD 0DJXLG \
9LYLDQD6DOLQDV8OORD /&/3 1ƒGHYHQWD6,,* 86 
 0LJUDFLyQ \ VDOXG HQ ]RQDV IURQWHUL]DV LQIRUPH FRPSDUDWLYR VREUH FLQFR IURQWHUDV VHOHFFLRQDGDV $OHMDQGUR ,
&DQDOHV -RUJH 0DUWtQH] 3L]DUUR /HDQGUR 5HERLUDV )LQDUGL \ )HOLSH 5LYHUD 3ROR /&/3  1ƒ GH YHQWD
6,,* 86 
 0LJUDFLyQ\VDOXGHQ]RQDVIURQWHUL]DV1LFDUDJXD\&RVWD5LFD$EHODUGR0RUDOHV*XLOOHUPR$FXxD\.DULQD/L
:LQJ&KLQJ /&/3 1ƒGHYHQWD6,,* 86 
 0LJUDFLyQ\VDOXGHQ]RQDVIURQWHUL]DVHO(VWDGR3OXULQDFLRQDOGH%ROLYLD\OD$UJHQWLQD&RULQD&RXUWLV*DEULHOD
/LJXRUL\0DUFHOD&HUUXWWL /&/3 1ƒGHYHQWD6,,* 86 
 0LJUDFLyQ \ VDOXG HQ ]RQDV IURQWHUL]DV &RORPELD \ HO (FXDGRU $EHODUGR 0RUDOHV*XLOOHUPR$FXxD\.DULQD/L
:LQJ&KLQJ /&/3 1ƒGHYHQWD6,,* 86 


x (OOHFWRULQWHUHVDGRHQDGTXLULUQ~PHURVDQWHULRUHVGHHVWDVHULHSXHGHVROLFLWDUORVGLULJLHQGRVXFRUUHVSRQGHQFLDDOD8QLGDGGH
'LVWULEXFLyQ&(3$/&DVLOOD'6DQWLDJR&KLOH)D[  FRUUHRHOHFWUyQLFRSXEOLFDWLRQV#FHSDORUJ


 1RPEUH  

 $FWLYLGDG  

 'LUHFFLyQ  

 &yGLJRSRVWDOFLXGDGSDtV 

 7HO)D[ (PDLO 






You might also like