Professional Documents
Culture Documents
RULJLQDOGH'-'2FWXEUHGH
DGDSWDGRUHYLVDGR\DPSOLDGRSRU
$OHMDQGUR'5XELR0DUWtQ$JRVWRGH
$QWHFHGHQWHVHKLVWRULD
+DFH GLH] GtDV XQ VKXJHQMD 8QLFRUQLR ,XFKL 7R\R]R VH DGHQWUy HQ ODV 7LHUUDV 6RPEUtDV FRQ HO ILQ GH
LQYHVWLJDU XQ QHPXUDQDL FRQRFLGR FRPR HO (VWDQGDUWH GH *XHUUD 'HVGH HQWRQFHV QR VH KD VDELGR QDGD GH pO \ HV
PRWLYR GH SUHRFXSDFLyQ SXHVLEDSUHSDUDGRSDUDXQYLDMHFRUWRGHSRFRVGtDV/RV3-VHUiQORVHQFDUJDGRVGHLUOHD
EXVFDU DFRPSDxDQGRD6KLQMR0LQRXQH[SORUDGRUIRUPDGRHQODHVFXHOD+LUXPDGHH[SORUDGRUHV
(Q UHDOLGDG 7R\R]RKDLQYRFDGRDXQRQLFDPELDIRUPD\OHKDGDGRVXQRPEUHDFDPELRGHLQPRUWDOLGDG\
FRQRFLPLHQWR 6LJXLHQGR OD UXWD TXH 7R\R]R KDEtD PDUFDGR \ TXH FRQRFH 0LQR ORV 3- OOHJDQ D XQD JUXWD GRQGH OR
HQFXHQWUDQLQFRQVFLHQWHFXVWRGLDGRSRUGRVRJURV3HURHQUHDOLGDGHVHQRHV7R\R]RVLQRHORQLFRQVXDSDULHQFLD(O
YHUGDGHUR7R\R]RVHHQFXHQWUDHQXQSREODGRWUDVJRHQHOLQWHULRUGHODV7LHUUDV6RPEUtDV /RV3-GHEHQGDUVHFXHQWD
GHHVWRFXDQGRHOIDOVR7R\R]RHPSLHFHDOOHQDUODFLXGDGGHFUtPHQHV\DVHVLQDWRV/D~QLFDIRUPDGHPDWDUDORQLHV
PDWDUDOYHUGDGHUR7R\R]R
8QDYH]ORKD\DQFRQVHJXLGRHQFRQWUDUiQHQVXGLDULRODVUHIHUHQFLDVDO(VWDQGDUWHGH*XHUUD6HHQFXHQWUDHQ
XQDFDSLOODOHYDQWDGDD)X/HQJHQHOLQWHULRUGHODV7LHUUDV6RPEUtDVHQWUHHOUtRGHOD/XQD2VFXUD\OD7XPED
ROYLGDGD GH )X /HQJ 6L VDELHQGR HVWR VH DWUHYHQ D LU D SRU pO UHDOPHQWH WLHQHV PyGXOR SDUD RWUR GtD \ XQRV
MXJDGRUHVYDOLHQWHV
(OXQLFRUQLRSHUGLGR
/RV 3- VRQ UHTXHULGRV SDUD DFRPSDxDU D XQ H[SORUDGRU 8QLFRUQLR 6KLQMR 0LQR KDFLD ODV WLHUUDV VRPEUtDV
6KLQMR 0LQR KDEODUi FRQ ORV 3- \ OHV H[SOLFDUi TXH TXLHUH VX D\XGD SDUD LU D ODV WLHUUDV VRPEUtDV D UHFXSHUDU D XQ
VKXJHQMD 8QLFRUQLR SHUGLGR VL HV QHFHVDULR HVWD PLVLyQ VH ODV HQFDUJD OD GDLP\R GH ORV 3- DXQTXH UHFKD]DU HVWD
SHWLFLyQGHD\XGDSRGUtDLPSOLFDUXQDSHTXHxDSpUGLGDGH+RQRU\GH*ORULD/HVGLUiTXHKDQSDVDGRGLH]GtDVGHVGH
TXHVHYLRD,XFKL7R\R]RXQVKXJHQMD8QLFRUQLRHQWUDUHQODVWLHUUDVVRPEUtDV(QSULQFLSLR7R\R]RLEDHQXQYLDMH
GHWUHVGtDV\DOQRVDOLUHVWiSUHRFXSDGRGHTXHOHKD\DSDVDGRDOJR/HVSHGLUiTXHOHD\XGHQDHQFRQWUDUOHDpORDVX
GLDULR7R\R]RIXHDODVWLHUUDVVRPEUtDVHQEXVFDGHDOJROODPDGRHO(VWDQGDUWHGH*XHUUD
/RV 3- WLHQHQ WUHV KRUDV SDUD SUHSDUDU OR TXH FRQVLGHUHQ RSRUWXQR (Q HVWH WLHPSR GHEHUiQ GH DGTXLULU
SURYLVLRQHV VXILFLHQWHV SDUD XQ ODUJR YLDMH H LQFOXLU DOJR GH MDGH 'HEHQ GH SURYHHUVH GH VXV SURSLDV SURYLVLRQHV R
HQFRQWUDU D DOJXLHQ TXH VH RFXSH ¢SDUD TXH HVWi OD IDPLOLD" (OSUHFLRGHXQWUR]RGHMDGHGHOWDPDxRGHXQRVGLH]
FHQWtPHWURVHVGHNRNXDXQTXHHVGLItFLOGHHQFRQWUDUHQHVWRVWLHPSRV¢TXHWDOGLILFXOWDG"
8QRGHORV3-GHEHUtDQHVWDUGHDFXHUGRHOMXJDGRU\HO'-QRHVFXHVWLyQGHPHWHUHQODVDYHQWXUDVDXQRQL
GDQ]DQGR SRU 5RNXJDQ LQWHQWDQGR FXPSOLU XQD PLVLyQ FDVL LPSRVLEOH HV HQ UHDOLGDG XQ PDKRWVXNDL TXH YLDMD D ODV
7LHUUDV6RPEUtDVSDUDSRGHULQYRFDUFRQp[LWRXQKHFKL]RGHSRVHVLyQ(QUHDOLGDGHVHORQLTXLpQKDOOHYDGRDOPDKR
WVXNDLDHVWHYLDMH\KDFHWLHPSRTXHKDYLVWRHQpOXQDSRVLELOLGDGVHULDGHFXPSOLUODPLVLyQTXHVXDPRRVFXUROHKD
HQFRPHQGDGR(OUHVWRGHMXJDGRUHVQRGHEHVRVSHFKDUQDGDSDUDKDFHUHVWD\ODVVLJXLHQWHVDYHQWXUDVPiVLQWHUHVDQWHV
(O VDPXUDL SXHGH VHU XQ VKXJHQMD FRUUXSWR OR TXH VHUtD PiV QRUPDO R LQFOXVR XQ EXVKL TXH FDLJD OXFKDQGR
YDOLHQWHPHQWHFRQWUDHORQLTXHOHOODPD\TXHUREDVXFXHUSR
(O YLDMH KDFLD WHUULWRULR &DQJUHMR WUDQVFXUUH VLQ QRYHGDG 8QD YH] HQ ODV 7LHUUDV 6RPEUtDV ORV 3- QHFHVLWDQ
DFXPXODUVHLVDXPHQWRVSDUDOOHJDUDGHVFXEULUD,XFKL7R\R]R&DGDGtDGHEHUiQUHDOL]DUGRVWLUDGDVGH3HUFHSFLyQ
&D]DU'LIXQDSRUODPDxDQD\RWUDDPHGLDWDUGH,QGLIHUHQWHPHQWHGHORELHQTXHORKDJDQODIRUWDOH]DRJURHVWiD
XQPtQLPRGHWUHVGtDVGHVGHOD0XUDOODGHO&DUSLQWHUR6LDOWHUFHUGtDOOHYDQVHLVRPiVDXPHQWRVODHQFXHQWUDQ
VLQ SUREOHPDV VL QR QHFHVLWDUiQ DFXPXODU ORV VHLV DXPHQWRV SDUD HQFRQWUDUOD 5HFXHUGD TXH SRU FDGD KRUDV TXH
SDVHQHQODVWLHUUDVVRPEUtDVGHEHQGHUHDOL]DUXQDWLUDGDGH7LHUUD'LIGtDSDUDHYLWDUODFRUUXSFLyQVRPEUtD
7RGRVORVKHFKL]RVTXHQRVHDQPDKRWLHQHQXQDVXGLILFXOWDGGHODQ]DPLHQWR$GHPiVVLXQVKXJHQMDIDOODHQOD
UHDOL]DFLyQGHXQKHFKL]RJDQDSXQWRGHFRUUXSFLyQSRUFDGDSXQWRVSRUORVTXHIDOODUDODWLUDGD
6L SRU FXDOTXLHU UD]yQ ORV 3- IDOODQ GRV WLUDGDV VHJXLGDV GH 3HUFHSFLyQ &D]DU HO JUXSR VH FUX]D FRQ XQ
EDQGDGHWUDVJRV3DUDHYLWDUORVGHEHQGHVDFDUXQDWLUDGDHQIUHQWDGDGH$JLOLGDG6LJLOR'LIFRQWUDJ'LI
PHQRU$JLOLGDGGHORV3-[6LDOJ~Q3-ODIDOODORVWUDVJRVORVGHVFXEUHQ8VDUHQFDVRGHFRPEDWHODVFDUDFWHUtVWLFDV
GHORVWUDVJRVGHOPDQXDOEiVLFR
(O SULPHU GtD WUDQVFXUUH VLQQRYHGDGH[FHSWRTXL]iVORVWUDVJRVSHURHOVHJXQGRGtDHOJUXSRGHVFXEUHHO
FDGiYHUGHXQRGHORVPLHPEURVGHOJUXSRGH8QLFRUQLRVXQDSUHQGL]
(OFXHUSRREYLDPHQWHVXFXPELyDODFRUUXSFLyQVRPEUtD/RVSiUSDGRVHVWiQKLQFKDGRV\FHUUDGRV\QRWLHQH
SHOR(OFXHUSRWLHQHXQDHVSHVDVXEVWDQFLDSDVWRVD\FHQDJRVDVREUHVXLQIODPDGRFXHOOR\DEGRPHQ(QDSDULHQFLDOD
YtFWLPDVHVXLFLGy0LQRGHFDSLWDUiODYtFWLPDSDUDDVHJXUDUVH
/DSRVHVLyQ
(QHODWDUGHFHUGHOVHJXQGRGtD0LQRKDEODFRQHOPDKRWVXNDL\GHFLGHFDPELDUGHUXWDGDQGRXQSHTXHxR
URGHRGHDOJXQDVKRUDVy6LDOJXQRGHORV3-OOHYDXQDUPDGHFULVWDOTXHEULOODUtDFXDQGRHORQLSRVHDDOPDKR
WVXNDL \ HFKDUtD D SHUGHU WRGR HO DVXQWR SXHGHV KDFHU OR VLJXLHQWH SDUD HOLPLQDUOD SXHV URPSHUtD HO VXFHVR GH OD
SRVHVLyQ
(OURGHRTXHKDUHDOL]DGR0LQRHVWDEDSHQVDGRSRUHORQLSDUDTXHHOJUXSRVHHQFRQWUDUDELHQFRQXQ.LULQR
RQLRELHQFRQXQ8JXOXQRRQL(QFRQWUDUHQHOFDPLQRKXHOODVGHXQSRGHURVRRQL3HUFHSFLyQ&D]DU'LIVXHOH
VHUXQEXHQD\WtSLFDH[FXVDSDUDGDUHOURGHR6HDFRPRIXHUHDOJRSDUHFHVDOLUPDOSXHVHOURGHROOHYDDORQLHQYH]
GHHVTXLYDUOR6LWXJUXSRHVORVXILFLHQWHPHQWHEHVWLDSDUDHO.LULDGHODQWH5HFRPLHQGRTXHHOHQFXHQWURVHKDJDFRQ
HO8JXOX\DTXHOD~QLFDIXQFLyQGHHVWHHQFXHQWURHVQHXWUDOL]DUHOSRGHUGHOEULOORGHDOJXQDSRVLEOHNDWDQDGHFULVWDO
TXHSXHGDOOHYDUXQSHUVRQDMH(QFDVRGHTXHQRH[LVWDHVHWLSRGHDUPDSXHGHVHUXQHQFXHQWURDGLFLRQDOFRQELFKRV
PDORVGHOOXJDU'XUDQWHHOFRPEDWHFDGDYH]TXHDOJXLHQJROSHHDORQLKD]TXHHVWHWLUH$JXD'LI6LWLHQHp[LWROD
NDWDQD TXH OH JROSHD VH URPSHUi D QR VHU TXH VHD QHPXUDQDL 3RU VXSXHVWR HO RQL WHQGUi PXFKD VXHUWH HQ OD WLUDGD
FRQWUDODNDWDQDGHFULVWDORSRUXQPLVWHULRGHODYLGDWLUDFRQWUD'LIIUHQWHDHVWHWLSRGHDUPDVTXHDXQTXHQR
ORJUHURPSHUODVLODPHOODUiORVXILFLHQWHFRPRSDUDTXHSLHUGDSDUWHGHVXPDJLDYHUPiVDEDMR(O8JXOXQRWLHQH
HVWH SRGHU HVSHFtILFR SHUR EXHQR XQ ELFKR FRQ GH DUPDGXUD GHEHUtD WHQHUOR \ HVWH OR WLHQH $SDUWH HO RQL GHEH
VREUHYLYLUHOWLHPSRTXHVHDQHFHVDULRKDVWDTXHHVWRRFXUUD+D]TXHDOJ~QRWURDUPDVHSDUWDRVHPHOOHTXHQRVHYHD
GHVFDUDGRTXHYDVD FDUJDUWHODNDWDQDHVDHQFRQFUHWR6LHVHSHUVRQDMHQRDWDFDRQRDWDFDFRQNDWDQDVHLQJHQLRVR
7UDV OORUDU OD WHUULEOH SpUGLGD SHUPLWH TXH ORV 3- GHVFDQVHQ \ VH FXUHQ GH SRVLEOHV KHULGDV (O UHVWR KDVWD OD QRFKH
WUDQVFXUUHVLQQRYHGDG
(VD QRFKH RFXUUHQ GRV KHFKRV LPSRUWDQWHV &XDQGR HO PDKRWVXNDL HVWp GH JXDUGLD LUi D UHDOL]DU HO ULWXDO R
VHQWLUiXQDLUUHVLVWLEOHOODPDGDVLHVXQEXVKLHQFDVRGHTXHQRHVWpVRORKD]WLUDU5HVLVWHQFLD'LISDUDGRUPLUD
FXDOTXLHUD TXH VH LQWHUSRQJD HQ HO FDPLQR GHO '- 6L HVWi VROR LUi VLQ SUREOHPDV VL KDFH JXDUGLD FRQ RWUR KD] WLUDU
3HUFHSFLyQ'LI(OPDKRWVXNDLRLUiXQUXLGRTXHGHEHUtDLUDLQYHVWLJDU6LVHOHSHUPLWHLUVRORQRKDEUiSUREOHPD
HQ RWUR FDVR KD SUHSDUDGR XQD SyFLPD DGRUPHFHGRUD TXH GH DOJXQD IRUPD ORJUy GDU D YDULRV 3- FRPSDUWDPRV HVWH
VDEURVRVDNHWUDtGRHVSHFLDOPHQWHSDUDPtGHODVWLHUUDV/HyQHQWUHRWURVHOTXHKDFHJXDUGLD+D]OHWLUDU5HVLVWHQFLD
'LI FDGD PLQXWRV \ TXH VH GXHUPD VL QR OD SDVD (O PDKRWVXNDL GHVDSDUHFHUi HQ OD RVFXULGDG SDUD YROYHU XQRV
PLQXWRVDQWHVGHVXFDPELRGHJXDUGLDSRVHtGRSRUHORQL
/DPLVLyQGHHVWHRQLHVPDWDUDOGHVFHQGLHQWHGH6KLQVHL6DEHTXHHVXQDPLVLyQSHOLJURVD\SRUVXSXHVWR
LPSRUWDQWH\HVWiRUJXOORVRGHTXHpOKD\DVLGRHVFRJLGRSDUDUHDOL]DUOD(VWHHVXQRQLLQWHOLJHQWHTXHQRGHODWDUiVX
SUHVHQFLDPHGLDQWHDWURFLGDGHVLQQRPEUDEOHVQLFRVDVSRUHOHVWLOR1RKD\WLUDGDVGH9ROXQWDGSDUDTXHHO3-SXHGD
UHFXSHUDUHOFRQWUROGHOFXHUSR(O3-HVWiPXHUWR\HORQLHVDKRUDHODPRWRWDO(OMXJDGRUVDEtDDORTXHLEDUHFXHUGD
TXH WHQtD TXH HVWDU GH DFXHUGR HQ LQWHUSUHWDU XQ FXHUSR SRVHtGR SRU XQ RQL FRQ XQD LPSRUWDQWH PLVLyQ \ \D QR KD\
PDUFKDDWUiV$KRUDSXHGHVGHFLUOHFXDOHVVXPLVLyQ\TXHGHEHKDFHUORLPSRVLEOHSRUFXPSOLUODDXQTXHHVWRLPSOLTXH
GLVFUHFLyQ \ DGDSWDFLyQ D ODV FRVWXPEUHV KXPDQDV /R PiV SUREDEOH HV TXH WDUGH DOJXQRV DxRV HQ QL WDQ VLTXLHUD
HQFRQWUDUDOGHVFHQGLHQWHVLHVTXHORKD\SHURHVWHHVXQRQLSDFLHQWH/DIXQFLRQDOLGDGGHHVWHDFWRSXHGHVHUDxDGLU
XQQXHYRHOHPHQWRDWXFDPSDxDLQFUHPHQWDUHOSRGHUGHDOJ~Q3-TXHQRHVWiDODDOWXUD\SRUVXSXHVWRHVWRGRXQUHWR
GHLQWHUSUHWDFLyQKDFLDHOMXJDGRU\GHFUHDWLYLGDGKDFLDHO'-
9HQWDMDV\GHVYHQWDMDVGHODSRVHVLyQ
/DSULPHUDYHQWDMDHVWDO\FRPRVHLQGLFDHQHOKHFKL]RGHSRVHVLyQ XQDXPHQWRGHHQ)XHU]D5HVLVWHQFLD
\ 3HUFHSFLyQ \ XQ DXPHQWR GH D 9DFtR 7DPELpQ VH FRQVLJXH GH IRUPD DGLFLRQDO D 9ROXQWDG OD KDELOLGDG GH
LQYXOQHUDELOLGDG D WRGR WLSR GH DUPDV H[FHSWR GH MDGH \ UHVLVWHQFLD DO IXHJR $GTXLHUHV XQD DUPDGXUD GH '
DUPDGXUD GH PRQVWUXR \ OD YHQWDMD 5HVLVWHQFLD D OD PDJLD HQ QLYHO 6L DOJXQD YH] GHMDUDV HO FXHUSR ±OR TXH WH
VXSRQGUtDGHVFXEULUWH\QRSRGHUVHJXUDPHQWHYROYHUDLQILOWUDUWH WHQGUtDV0LHGRHQ7RGDVODVWpFQLFDV\RKHFKL]RV
TXH HO VDPXUDL FRQRFLHUD ODV VLJXHV WHQLHQGR \ VDOYR TXH VH VRVSHFKH GH Wt SRGUtDV SDVDU SRU HO DQWLJXR VDPXUDL D
HIHFWRVGHYROYHUDODHVFXHODDVHULQVWUXLGRHQQXHYDVDUWHV(VWRSRGUtDVHUSHOLJURVRVREUHWRGRHQDOJXQDVHVFXHODV
6L FRQ ODV ERQLILFDFLRQHV D &DUDFWHUtVWLFDV SDVDUDV GH UDQJR DUULpVJDWH D YROYHU D OD HVFXHOD VL SDVDV HVWD YH]
VHJXUDPHQWHSDVDUiVVLHPSUHDFRQVHMRDO'-TXHSUHSDUHXQPLQLPyGXORLQFOX\HQGRXQDSUXHEDGHGHPRVWUDFLyQGHO
UHFRQRFLPLHQWRJDQDGRTXHQRSRQJDODVFRVDVIiFLOHVDOMXJDGRU
/DVGHVYHQWDMDVVRQYXOQHUDELOLGDGDOMDGHFRUUXSWRSRUODPDQFKDFRQORTXHVHGHWHFWDFRQKHFKL]RV\ODV
DUPDVGHFULVWDODXQTXHVLHPSUHSXHGHVLQWHQWDUHVFDSDUFRQTXHFRJLVWHDOJRGHFRUUXSFLyQHQ DOJ~QYLDMHDODV7LHUUDV
6RPEUtDV $~Q DVt FXLGDGR FRQ OD PDJLD FRQWUD Wt XQ GREOH RPEOLJR TXH QR VH YH FRQ URSDV \ DGTXLHUHV ODV
GHVYHQWDMDV VL HO SHUVRQDMH HV UHFLpQ FUHDGR VH UHFRPLHQGD FRJHU HVWDV GHVYHQWDMDV VL QR ODV DGTXLHUHV HQHPLJR
PRUWDO HQLQIRUWXQLR WLUDGDHQDXUDRVFXUD \FUXHO3RUVXSXHVWRODPD\RUGHVYHQWDMDHVORTXHHUHV\HVWHVHUiWX
PD\RUVHFUHWRQRHVQHFHVDULDODGHVYHQWDMDVHFUHWRRVFXUR
'REOHHQFXHQWURFRQ7R\R]R
'XUDQWHHOWHUFHUGtDORV3-HQFRQWUDUiQGRVPLHPEURVPiVGHOJUXSRGHVKXJHQMD6RQGRVEXVKLTXHFD\HURQ
EDMRODFRUUXSFLyQVRPEUtD$~QVLJXHQYLYRVHLQWHQWDUiQPDWDUDORV3-(UDQ6KLQMR5\RNR\6KLQMR7DWVX]R5\RNR
WLHQH XQD WH] DSDJDGD ORV ODELRV UHVTXHEUDMDGRV \ KXQGLGRV KDFLD ODV HQFtDV \ VXV GHGRV GH PDQRV \ SLHV HVWiQ
XQLGRV 7DWVX]R VXGD FRQVWDQWHPHQWH VDQJUD SRU VXV RtGRV \ VX SLHO VH GHVSUHQGH \ FDH GHMDQGR DO GHVFXELHUWR VXV
KXHVRV\URMRVP~VFXORV8VDUHQFDVRGHFRPEDWHWRGDVODVFDUDFWHUtVWLFDVHQFRQKDELOLGDGHVGHFRPEDWHHQ
6LDOWHUFHUGtDORV3-QRHVWiQFHUFDGHHQFRQWUDUODIRUWDOH]DRJURVHHQFRQWUDUiQFRQXQDSHTXHxDEDQGDGH
5iWLGRV OD WULEX GH ORV FROD FRUWD 'HVSXpV GH DOJXQDV QHJRFLDFLRQHV FRQ VX OtGHU .DQD TXH WDO XQD WLUDGLWD GH
&RQVFLHQFLD (WLTXHWD 'LI FRQVHJXLUiQ TXH OHV UHYHOHQ OD ORFDOL]DFLyQ GH OD IRUWDOH]D GHVSXpV GH GDUOHV DOJR D
FDPELRGHSHQGLHQGRGHODWLUDGDHLQFOXVRJXLDUiQDOJUXSRKDVWDDOOtGHVSXpVGHGDUOHVDOJRPiV
8QDYH]HQODIRUWDOH]DTXHQRHVPDVTXHXQDVLPSOHFXHYDHQXQDSHTXHxDFROLQDORV3-GHEHUiQGHOXFKDU
FRQWUDORVGRVRJURVTXHODJXDUGDQ\TXHHORQLKDUHFOXWDGR7HPHURVRVGHORQL\HVSHUDQGRTXHOHVD\XGHORVRJURV
OXFKDUDQKDVWDODPXHUWH8VDUODVFDUDFWHUtVWLFDVGHORVRJURVGHOPDQXDOEiVLFR
7R\R]RVHHQFXHQWUDLQFRQVFLHQWHHQHOLQWHULRUGHODFXHYD(QSULQFLSLRQRSRVHHQDGDGHHTXLSR$OJ~Q3-
FRQ PHGLFLQD SXHGH LQWHQWDU GHVSHUWDU D 7R\R]R 'LI (Q RWUR FDVR SHUPDQHFHUi LQFRQVFLHQWH GXUDQWH WRGR HO
WUD\HFWRGHYXHOWD6LOHGHVSLHUWDQQRVDEUiQDGDGHVXHTXLSRSHUROHUHVWDUiLPSRUWDQFLD\DSUHPLDUiTXHYXHOYDQD
XQ OXJDU VHJXUR $VXPLHQGR TXH UHJUHVHQ SRU OD UXWD PiV FRUWD KDFLD ODV WLHUUDV &DQJUHMR OD FXDO QR HV SRU OD TXH
YLQLHURQGHEHUiQSDVDUSRUXQDVHULHGHFKDUFRVGHIDQJR(QHOORVYLYHXQ6DQVKX'HQNLPRQVWUXRGHOHVWLpUFROTXH
DWDFDUiDORV3-6LLQVLVWHQHQLUSRU ODPLVPDUXWDGHLGDKD]OHVGDUXQURGHRPHGLDQWHXQDVSLVDGDVGHORTXHSDUHFH
XQSRGHURVRRQLHQVXPLVPDGLUHFFLyQ6LLQVLVWHQKD]TXHXQRQLOHVGHXQDOHFFLyQGHKXPLOGDG
(QDOJ~QPRPHQWRHOJUXSRYHUiXQVROLWDULRMLQHWHTXHOHVPLUDGHVGHORDOWRGHXQDFROLQDGHQXHYRTXHWDO
XQD WLUDGD GH 3HUFHSFLyQ 'LI 6L OR LJQRUDQ HO MLQHWH OHV FRQWLQXDUi REVHUYDQGR GHVGH OD GLVWDQFLD GXUDQWH OD
VLJXLHQWHKRUD6LVHDSUR[LPDQOHVSDUHFHUiXQVDPXUDLTXHPRQWDXQDKRUULEOHEHVWLDQHJUD8QDWLUDGD GH3HUFHSFLyQ
+HUiOGLFD'LIGHWHUPLQDUiTXHHOMLQHWHYLVWHFRQXQDYLHMDYHUVLyQGHOPRQ0RWRXQFULVDQWHPRURMR6LORV3-GH
DOJ~QPRGRVHGLULJHQKDFLDpO\DKDEUiGHVDSDUHFLGRSDUDFXDQGROOHJXHQDGRQGHHVWDED
'HVSXpVGHUHWRUQDUD,XFKL7R\R]RDODFLXGDGHOJUXSRVHUiWUDWDGRFRPRKpURHV6HOHVUHFRPSHQVDUiFRQ
NRNX\FRQXQDGHOLFLRVDFHQD
(Q HO WUDQVFXUVR GH DOJXQDV VHPDQDV OD FLXGDG VH YH DFRVDGD SRU H[WUDxRV DVHVLQDWRV 7RGDV ODV YtFWLPDV
WHQtDQ VXV LQWHVWLQRV H[WLUSDGRV FRPLGRV /D SDUWH PiV GLVSDU HV TXH DOJXQDV YHFHV ORV WHVWLJRV GHFtDQ KDEHU YLVWR
PLHPEURV FHUFDQRV GH OD IDPLOLD FRPHWLHQGR ORV DFWRV /RV DVHVLQRV HQWRQFHV GHVDSDUHFtDQ VyOR SDUD UHDSDUHFHU
PXHUWRVPiVWDUGH
(QXQDRFDVLyQIXHHQFRQWUDGDPXHUWDODHVSRVDGHXQVDPXUDLVLQHPEDUJRKD\WHVWLJRVGHTXHHOODPLVPD
DFDEyPDWiQGROHDpOXQDVHPDQDPiVWDUGH(VWRFRQWLQXDUiKDVWDTXHORVMXJDGRUHVVHLQYROXFUHQ\GHFLGDQLQYHVWLJDU
(VWRV DVHVLQDWRV HVWiQ VLHQGR FDXVDGRV SRU HO RQL TXH VH HVWi DOLPHQWDQGR 8QD YH] ORV MXJDGRUHV HVWpQ
LQYROXFUDGRV GHEHUtDQ GH HQFRQWUDU HO RQL HO FXDO SUREDEOHPHQWH OH GHVFXEULUi VX LGHQWLGDG FRPR ,XFKL 7R\R]R 6L
ORJUDQ FDXVDU DO RQL XQD LPSRUWDQWH FDQWLGDG GH GDxR HVFDSDUi VyOR SDUD FRJHU RWUD IRUPD (O RQL HV YHUGDGHUDPHQWH
UiSLGRKX\HQGR(QFDVRGHXQJROSHDIRUWXQDGRTXHDFDEHFRQpOWHQGUiDVDOWRVSDUDDEDQGRQDUHOFXHUSR\WRPDU
RWUD IRUPD (Q HVH WLHPSR HV LQFRUSyUHR DXQTXH VH SRGUi VHQWLU &RQVFLHQFLD 'LI /RV MXJDGRUHV GHEHQ GDUVH
FXHQWDGHTXHSDUDPDWDUDORQLQHFHVLWDQHQFRQWUDUDOYHUGDGHUR7R\R]R\PDWDUOR
3DUDHOORGHEHQUHJUHVDUDODV7LHUUDV6RPEUtDV(VWDYH]GHEHQHQFRQWUDUODWULEXGHORVFRODFRUWDSXHVVRQ
ORV~QLFRVTXHDSULRULSXHGHQD\XGDUOHV6LORVMXJDGRUHVQRVHGDQFXHQWDTXHQRWLHQHQSRUTXpGiUVHODGHTXHORV
5iWLGRVSDUHFHVHUVX~QLFDD\XGDKD]OHVHQFRQWUDUVHFRQHOORVFHUFDGHODFXHYDRJURGRQGHVHHQFRQWUDED7R\R]RQR
RQL6LEXVFDQ5iWLGRVDFWLYDPHQWHGHVSXpVGHGtDVyDXPHQWRVHQ3HUFHSFLyQ&D]DU'LIHQFXHQWUDQODWULEX
/D7LHUUDGHORVPDOGLWRV
/D7LHUUDGHORVPDOGLWRVHVXQDYLOODGHURQLQHQODEDVHQRUWHGHODV0RQWDxDVGHO&UHS~VFXORMXVWRDORHVWH
GH OD /ODQXUD VREUH HO PDO /D LQWHJUDQ EiVLFDPHQWH URQLQ FULPLQDOHV \ DOJXQDV FULDWXUDV TXH VH SRGUtDQ
FRQVLGHUDUHQFLUFXQVWDQFLDVQRUPDOHV³SRFRGHVHDEOHV´+D\XQRVLQWHJUDQWHVGHWRGRWLSRGHEDMH]D/D7LHUUDGH
ORVPDOGLWRVHVXQOXJDUFDVLRFXOWRVyORDOJXQRV&DQJUHMRVDEHQGHVXORFDOL]DFLyQH[DFWD\VHGLFHTXHWRGRDTXHOTXH
SDVDDIRUPDUSDUWHGHODYLOODDGTXLHUHXQDHVSHFLHGHOD]RPiJLFRTXHQROHSHUPLWHDEDQGRQDUODMDPiVKD\PiVGH
IDOVRTXHGHYHUGDGHURHQHVDOH\HQGD/DYLOODHVWiHQODEDVHGHODVPRQWDxDV\VyORVHSXHGHDFFHGHUSRUXQOXJDU
1RUPDOPHQWHQRVHSHUPLWHODHQWUDGDDFXDOTXLHUD
/RV MXJDGRUHV GHEHQ KDFHU DOJXQDV LQYHVWLJDFLRQHV SDUD HQFRQWUDU GRQGH VH HQFXHQWUD OD 7LHUUD GH ORV
PDOGLWRV /D RSFLyQ PiV GLItFLO GH FRQVHJXLU SHUR TXH XQD YH] FRQVHJXLGD HV OD PiV IiFLO \ ILDEOH HV .XQL <RUL HO
HQLJPiWLFR GDLP\R GH OD IDPLOLD .XQL 3DUD FRQVHJXLU XQD HQWUHYLVWD FRQ pO OR SULPHUR GHEHUtD GH VHU OD SHWLFLyQ DO
SURSLR GDLP\R GH GLFKR HQFXHQWUR &RQ ,QWHOLJHQFLD &RUWH 'LI VH FRQVHJXLUi XQD FLWD SDUD GHQWUR GH GtDV
UHEDMDQGRGtDSRUDXPHQWRKDVWDXQPtQLPRGHGtDVDXPHQWRV(QSUHVHQFLDGH.XQL<RULTXLpQOHVUHFLELUiHQ
DOJ~QSXQWRGHWHUULWRULR&DQJUHMRFRPRSRUHMHPSORHO&DVWLOORGHOODGR(VWHDOTXHVHWDUGDyGtDVHQOOHJDU
VH GHEH SDVDU XQD WLUDGD GH ,QWHOLJHQFLD (WLTXHWD'LISDUDSRGHUFRQWDUFRQHODSR\RGHOGDLP\R.XQL<RULOHV
SURYHHUiXQJXtDVyORVLORVMXJDGRUHVOH FXHQWDQH[DFWDPHQWHORTXHEXVFDQ\OHGDQVXSDODEUDGHKRQRUGHTXHVHOR
GDUiQDpO(VWiGLVSXHVWRDSDJDUNRNXDWRGRVSDUDODUHFXSHUDFLyQGHO(VWDQGDUWHGH*XHUUDWDQSURQWRFRPR
UHJUHVHQ GH WDQ JUDQGH KD]DxD \ VH OD GHYXHOYDQ D OD JHQWH FRUUHFWD 'HSHQGLHQGR GH FRPR VH GHVHQYXHOYDQ ORV
MXJDGRUHVWHQGUiUHSHUFXVLyQHQODFRUWHGHLQYLHUQRGHHVWHDxRSXHVWRGRVVHYROYHUiQDHQFRQWUDUDOOt0iVOHVYDOH
KDEHUOHFDtGRHQJUDFLD0LHQWUDVORV3-HVSHUDQODFLWDFRQ<RULGHVFULEHFRPRODFLXGDGVHVLJXHOOHQDQGRGHKRUULEOHV
FUtPHQHV
2WUD RSFLyQ HV +LUXPD <RVKLWDND MHIH GH ORV H[SORUDGRUHV FRQ ,QWHOLJHQFLD ,QYHVWLJDFLyQ 'LI VH GDQ
FXHQWD GH TXH HO MHIH GH ORV H[SORUDGRUHV HV PX\ SUREDEOH TXH VHSD DOJR SXHV HVWiDOWDQWRGHWRGDVHVWDVKLVWRULDV
+LUXPD <RVKLWDND OHV SURYHHUi XQ JXtD VL ORV MXJDGRUHV UREDQ FLHUWRV GRFXPHQWRV D+LGD.HQMLURTXHUHVXOWDVHUHO
FRPDQGDQWHPLOLWDUGHOiUHD,QWHOLJHQFLD&RQRFLPLHQWRGHOFODQ&DQJUHMR'LIQRVHSXHGHWLUDUVLQODKDELOLGDG
/D WDUHD HV UHDOPHQWH EDVWDQWH VHQFLOOD SXHV ORV GRFXPHQWRV VH HQFXHQWUDQ HQ ORV DSRVHQWRV GH XQD SRVDGD GRQGH
.HQMLUR VH HQFXHQWUD KRVSHGDGR /RV GRFXPHQWRV VRQ ODV UHVSXHVWDV R OD FDUHQFLD GH HOODV D ORV UXPRUHV TXH ORV
H[SORUDGRUHVKDQKHFKRDOUHVSHFWRGHXQDFRQVWUXFFLyQGHODVFULDWXUDVGHODV7LHUUDV6RPEUtDVFHUFDGHHVWDVHFFLyQGH
ODPXUDOOD/RVMXJDGRUHVSXHGHQHVSHUDUDTXH.HQMLURDEDQGRQHVXKDELWDFLyQSDUDPHGLDQWHODVWLUDGDVQHFHVDULDV
HQWUDU\UHJLVWUDUOD$XQTXHODWDUHDQRHVPX\GLItFLOLQWHQWDFUHDUXQDPELHQWHWHQVR
6HSXHGHLQYHVWLJDUODH[LVWHQFLDGHSHUVRQDMHVGHFLHUWRUDQJRFRQFRQRFLPLHQWRGHOD7LHUUDGHORVPDOGLWRV
&RQ ,QWHOLJHQFLD ,QYHVWLJDFLyQ 'LI VH SXHGH HQFRQWUDU HQ WLHUUDV &DQJUHMR SHUVRQDV TXH ORV FRQR]FDQ ³SXHV Vt
FUHRTXHXQDYH]DOJXLHQGHOSXHEORGHDOODGRGLMRTXHKDEtDHVWDGRHQHVHOXJDU´\FRQ&RQVFLHQFLD,QYHVWLJDFLyQ
'LIGLUiQQRPEUHV³DKRUDQRUHFXHUGRTXLpQSHURHOSXHEORHVHOGHOQRUWH,WRPL\QRHOGHOHVWH0LRWVXQDH´³VL
FUHR TXH IXH 7RWRMLVDQ´ (VDV SHUVRQDV GH DOWR UDQJR GHQWUR GH ORV &DQJUHMR OHV GDUiQ XQ JXtD VL ORV MXJDGRUHV
GHVWUX\HQ XQ DOPDFpQ GH RSLR HQ FLHUWD FLXGDG YHFLQD (VWR UHTXLHUH XQ DVDOWR VREUH XQD FRQVWUXFFLyQ OLJHUDPHQWH
GHIHQGLGDHLQFXUULUiHQODLUDGHODIDPLOLD<DVXNLGHQWURGHODFLXGDG3RGUtDVHUSHOLJURVRSDUDODVGpELOHVUHODFLRQHV
GH ORV 8QLFRUQLR FRQ ORV &DQJUHMR 6L GHFLGHQ HVWD RSFLyQ OD WDUHD HV VHQFLOOD DXQTXH QR H[HQWD GH SHOLJURV (QXQD
FLXGDGWLSRVHHQFXHQWUDXQDOPDFpQGHXQRV[PHWURV\GHDOWRSURWHJLGDSRUEXVKL&DQJUHMRUDQJR\
URQLQ DUTXHURV +D\ VDPXUDL GHQWUR \ IXHUD GHO HGLILFLR LQFOXLGR XQR GH ORV EXVKL GH YLJLODQFLD HQ XQ HGLILFLR GH
HQIUHQWH3HUFHSFLyQ'LI/RVGRVDUTXHURV\EXVKLHVWiQGHQWURGHODOPDFpQPLHQWUDVTXHORVVDPXUDLUHVWDQWHV
/DFDSLOODD)X/HQJ
8QDYH]+DQRKD\DVDOLGRGHOD7LHUUDGHORVPDOGLWRVUHYHODUiODVLWXDFLyQGHO(VWDQGDUWH(VWHVHHQFXHQWUD
HQXQDFDSLOODOHYDQWDGDHQKRQRUGH)X/HQJ'HVDIRUWXQDGDPHQWHHVWiHQODVSURIXQGLGDGHVGHODV7LHUUDV6RPEUtDV
DOPHQRVDGtDVGHYLDMH(QDJUDGHFLPLHQWR+DQRHVWiGLVSXHVWRDJXLDUDOJUXSRKDVWDHOOXJDU
+D\DOJXQRVHQFXHQWURV\GLILFXOWDGHVKDVWDHOOXJDU
5HFXHUGD ODV GHVYHQWDMDV GH HVWDU HQ ODV 7LHUUDV 6RPEUtDV /D PDQFKD \ OD GLILFXOWDG SDUD ORV
KHFKL]RV
/OXYLDiFLGDGXUDQWHKRUD&DXVDJFDGDGLH]PLQXWRVLJQRUDQGRDUPDGXUD
5HFRPSHQVDV\HStORJR
8QD YH] HO HVWDQGDUWH VHD GHYXHOWR ORV &DQJUHMR OR UHFODPDUiQ UiSLGDPHQWH FRPR VX\R \ OHV VHUi GHYXHOWR
$XQTXHHVWRV\ORVGDLP\RVGHORV3-UHFRQRFHUiQHOYDORUGHOJUXSR'HELGRDODJUDQKD]DxDUHDOL]DGD\DOUHODWRGH
ORVEDUGRVORV3-VHUiQLQYLWDGRVDXQTXHIXHUDGHSOD]R\GHSURWRFRORDODFRUWHGHLQYLHUQRGHHVWHDxRSDUDUHODWDUHQ
SULPHUDSHUVRQDGLFKDSURH]DDORVFRUWHVDQRVPiVLPSRUWDQWHVGHOUHLQR,UiQFRPRDFRPSDxDQWHVGH2WDNX.DPRNR
SXHVVRQ8QLFRUQLRDGiSWDORDORTXHFRQYHQJDVLHVTXHWHFRQYLHQH
/RV3-GHEHUiQJDQDUJUDQGHVFDQWLGDGHVGH*ORULDSRUGHYROYHUHO(VWDQGDUWHGH*XHUUDRWRUJDHQWUH\
SXQWRVGH*ORULDSRUWRGDODDYHQWXUD2WRUJDHQWUH\3;SRUODFRQVHFXFLyQWRWDOGHODDYHQWXUDGHSHQGLHQGRGHOR
ELHQTXHORKD\DQKHFKR/RV&DQJUHMRGDUiQDFDGD3-XQJUDQWHWVXERJDXQTXHUHTXLHUHXQD)XHU]DPtQLPDGH
1RWDILQDO
$XQTXHHOFRQFHSWRGH/D7LHUUDGHORV0DOGLWRV/DQGRIWKH'DPQHGQRHVPtRVLQRHQFRQWUDGRHQLQWHUQHW
WRGDODLQIRUPDFLyQDTXtRIUHFLGDHVLQYHQWDGDDOQRSRGHUKDOODUQLQJ~QWLSRGHLQIRUPDFLyQGHVXDXWRURULJLQDO
3HUVRQDMHV\PRQVWUXRV
6DQVKX'HQNL 5iWLGROXFKDGRU
7,(55$ 7,(55$
)8(*2 )8(*2
$*8$ $*8$
$,5( $,5(
$WDTXH J $WDTXH J
'DxR J 'DxR J
'3* '3*
+HULGDV 0XHUWR $UPDGXUD
0iVLQIRUPDFLyQHQ(O/LEURGHODV7LHUUDV6RPEUtDV +HULGDV 0XHUWR
+DQHPXUL (VWDWXDGH2EVLGLDQD
7,(55$ 7,(55$
)8(*2 )8(*2
$JLOLGDG $*8$
$*8$ $,5(
$,5(
5HIOHMRV $WDTXH J
'DxR J
$WDTXH J '3*
'DxR J $UPDGXUD
'3* +HULGDV 0XHUWR
$UPDGXUD +DELOLGDGHVHVSHFLDOHV 0LHGR
+HULGDV 0XHUWR
=RPELV\HVTXHOHWRV8VDUORVGHOOLEUREiVLFR
6KLQMR0LQR 7R\R]R
7,(55$ 7,(55$
)8(*2 )8(*2
$*8$ $*8$
$,5( $,5(
9$&,2 9$&,2
'LDULRGH7R\R]R SDUWHVLPSRUWDQWHVSDUDGDUDORVMXJDGRUHV
FUHRTXHHOHVWDQGDUWHVHHQFXHQWUDHQDOJ~QOXJDUSHUGLGRGHODVWHPLEOHV7LHUUDV6RPEUtDVSHURQRVHVXORFDOL]DFLyQH[DFWD
\QRHVWR\GHDFXHUGRFRQODWHRUtDGHTXHHOHVWDQGDUWHIXHUDUREDGRPiVELHQFUHRTXHVLHPSUHKDSHUWHQHFLGRDOUHLQRRVFXUR
GHOLQQRPEUDEOH
KH VDELGR GH XQ KRPEUH TXH SRGUtD D\XGDUPH HQ PL E~VTXHGD 6X QRPEUH HV +DQR (VSHUR YLDMDU SURQWR D OD WLHUUD GH ORV
PDOGLWRVSDUDHQFRQWUDUPHFRQpODXQTXHSULPHURGHERDYHULJXDUGRQGHHVWiHVHOXJDU