You are on page 1of 54

1/54

%LEOLRJUDItDIXQGDPHQWDOFRQVXOWDGD
'LiORJRFRQVXVOHFWRUHVVREUHODYLGD\ODREUDGHODXWRU

,QGLFH

3UyORJRORVPLWRVFRPRPHQVDMHVVHFUHWRVGHOSDVDGRDOOHFWRUGHKR\
0,726
,(O5$6752+80$12
/D3LQFR\D
(O&KRQFKyQ
(O7UDXFR
7UHQWUpQ\&DLFDLYLOX
(O&DOHXFKH
,,(63(&,(6(13(/,*52'($3$5,&,Ï1
(O$OLFDQWR
(OFXHUR
(O&KXSDFDEUDV
(O3LJXFKpQ
(O3LKXLFKpxPDSXFKH
(O&DPDKXHWR
(OFDEDOORPDULQR
(O%DVLOLVFR
/(<(1'$6
/D7LUDQDGHO7DPDUXJDO
/D$xDxXFD
-XDQ6ROGDGR
/D0LQD0DOGLWD
2ULJHQGHO0XJDL,UL
(OURWRTXHHQJDxyDO'LDEOR
/ODFROpQ
/D9LUJHQ\HO/DEUDGRU
'RQ-DYLHUGHOD5RVD\HO0XODWR7DJXDGD
75$',&,21(6<&$626/(*(1'$5,26
/D0LQDGHO&XUD
/D9LXGD
/RVPDUFLDQRV
(OIDQWDVPD
1DYHJDQWHGHOGHVLHUWR
(OTXHVR\ODVDO
/RVWUHVPRUURVGH&XUDPiYLGD
/D9LUJHQGHOD3LHGUD
(OFHUUR3DQJDWD
1RWDVFRPSOHPHQWDULDV

2/54
9$5,$692&(6±´£/DILUPHODILUPH´
<2 ±0X\ ELHQ YHDPRV VL ORV PLWRV VRQ WDQ GLVWLQWRV GHO PXQGR UHDO
3UyORJR XVWHGHVGXGDQTXHHQODDQWLJXD*UHFLD2UIHREDMDUDDOLQILHUQRDUHVFDWDU
GHODPXHUWHDVXHVSRVD3HUR\ROHVDVHJXURTXHHVRVLJXHRFXUULHQGRKR\
/260,726&202 PLVPRHQ&KLOHHQPLEDUULR\HQHOGHXVWHGHV
0(16$-(66(&5(726'(/3$6$'2
(QHOS~EOLFRVHSURGXFHQGHPRVWUDFLRQHVGHIUDQFDLQFUHGXOLGDG
$//(&725'(+2<
3RUHVWRVPLVPRVGtDVKDVLGRQRWLFLDHQODWHOHYLVLyQ\VLXVWHGHVQROR
UHFXHUGDQ HV SRUTXH 2UIHR FKLOHQR QR VH OODPD 2UIHR \ VX HVSRVD QR VH
OODPD(XUtGLFH1XHVWUR2UIHRVHOODPD-XDQR-RVp\VX(XUtGLFHVHOODPD
&DUPHQR0DUtD¢<HO,QILHUQR"(OLQILHUQRDFWXDOWLHQHPXFKRVQRPEUHV
(/ 6,*8,(17(HVXQGLiORJRTXHVRVWXYHFRQHVWXGLDQWHVGHVpSWLPREiVLFR
SRUHMHPSORVXHOHOODPDUVH+263,7$/
DFXDUWRDxRPHGLR$XQTXHFHQWUDGRHQXQDVSHFWRPX\SDUFLDOFUHRTXH
GHPXHVWUD HO HQWXVLDVPR MXYHQLO \ TXH ±HQ pVWH FRPR HQ RWURV WHPDV± XQ (QWRQFHVSLHQVHQTXHQXHVWUD(XUtGLFH&DUPHQR0DUtDKDFDtGRDHVH
HQIRTXH SRFR KDELWXDO SRGUtD VHUYLU GH PRWLYDFLyQ SDUD HVWXGLRV PiV LQILHUQR PRGHUQR GRQGH OD HVSHUD OD PXHUWH SRUTXH QR TXHGDQ FDPDV
IRUPDOHVRVLVWHPiWLFRVHQHODXOD GLVSRQLEOHVHQODVDODFRP~QRHQHOSDEHOOyQGHFLUXJtD
(678',$17(±¢8VWHGFUHHHQORVPLWRV" 3HURDQWHVTXHYHQJDODPXHUWHOOHJDVX2UIHR-XDQR-RVpHQWUDDHVH
LQILHUQR PRGHUQR \ UXHJD SURWHVWD OORUD DPHQD]D HPSHxD VXV
<2±£3HURVLKHSXEOLFDGRXQOLEURGH0LWRV\OH\HQGDV
KHUUDPLHQWDV \ KDVWD RIUHFH HQ YHQWD XQR GH VXV ULxRQHV£1R GHMD QDGD
(678',$17(6t OR OHtPRV SHUR DKRUD VROR TXLHUR TXH PH GLJD VL SRUKDFHU
FUHHTXHORVPLWRVVRQYHUGDGRVRQPHQWLUD
< JUDFLDV D HVR XQ GtD ±PLOHV GH DxRV GHVSXpV GHO YLDMH GH 2UIHR DO
<2±6RQODSXUDYHUGDG LQILHUQRJULHJRSRUVX(XUtGLFH±QXHVWUR2UIHR-XDQR-RVpYXHOYHDVXFDVD
9$5,$692&(6±£³/DILUPHODILUPH´ GHSREODFLyQFRQVX(XUtGLFH&DUPHQR0DUtD

<2 ±<D OHV GLMH VRQ YHUGDG 6RQ XQ PRGR GH WUDQVPLWLU JUDQGHV (VDGHFLVLyQVX\DGHGDUORWRGRSRUHOVHUDPDGRQRHVPHQWLUDHVXQD
YHUGDGHV KXPDQDV 7DO FRPR IXHURQ LQWXLGDV HQ XQ PRPHQWR GH OD YHUGDG HWHUQD \ HVH KHURtVPR GHO YHFLQGDULR HV RWUD YHUGDG < GH HVD
HYROXFLyQGHODKXPDQLGDGRGHXQDFXOWXUDGHWHUPLQDGD FDSDFLGDGGHVDFULILFLR\GHHVDVYHUGDGHVHWHUQDVKDEODHOPLWRGH2UIHR
7RGRVORVPLWRV
(678',$17(  ±(QWRQFHV ¢XVWHG ³VH OD FUHH´ TXH 2UIHR EDMy DO
$TXHOORVDOXPQRVKDEtDQOHtGR2UIHRHQHGXFDFLyQPHGLDSHURSURSRQJR
LQILHUQRDEXVFDUDVXHVSRVD(XUtGLFH"
ODPLVPDOHFWXUDFUHDWLYDSDUDORVPLWRVFKLOHQRVTXHVHOHDQHQHGXFDFLyQ
<2±< W~ ¢ QR FUHHV TXH XQ KRPEUH VHD FDSD] "<DODV QLxDV ¢QR OHV EiVLFD
JXVWDUtDTXHXQKRPEUHSRUXQDGHXVWHGHV"
6XSRQJDPRV TXH XQ HVWXGLDQWH WLHQH GRV WDUHDV KDFHU XQD LQYHVWLJDFLyQ
81$1,f$±<DDDSHURHVWDPRVKDEODQGRGHPLWRVHQHOPXQGRUHDO VREUH ³ORV UHFXUVRV GHO PDU´ \ OHHU HO PLWR FKLORWH GH ³/D 3LQFR\D´ /D
HVRWUDFRVD JHRJUDItD UHDO \ XQ VHU PLWROyJLFR OD FLHQFLD \ OD IDQWDVtD GLIHUHQWHV

3/54
DVLJQDWXUDVWHPDVPX\GLVWLQWRV
6LQ HPEDUJR XQ EXHQ OHFWRU GHVFXEULUi PLVWHULRVDV UHODFLRQHV HQWUH
FLHQFLD\PLWRORJtDHQWUHFRQRFLPLHQWRFLHQWtILFR\VDELGXUtDDQFHVWUDOGHOD
KXPDQLGDG 9HDPRV HO PLWR GLFH TXH FXDQGR OD 3LQFR\D PLUD GH IUHQWH
DPLVWRVDPHQWH DO PDU DQXQFLD SHVFD DEXQGDQWH 3HUR VL ±LQGLIHUHQWH R
GHVSHFWLYD±OH YXHOYH OD HVSDOGD DOPDU VH DOHMDQ ORV SHFHV \ GLVPLQX\HQ
ORVPDULVFRVODDEXQGDQFLDVHFRQYLHUWHHQHVFDVH]
¢< TXp GLFHQ ORV ELyORJRV HFyORJRV \ HFRQRPLVWDV LQWHUHVDGRV HQ XQD
³H[SORWDFLyQVXVWHQWDEOH´GHORVUHFXUVRV"'LFHQTXHVLHOSDtVGHVFXLGDHO 0,726
PDUVLQRSURWHJHVXVUHFXUVRVHVGHFLUVLORVFKLOHQRVOHYXHOYHQODHVSDOGD
DO PDU XQ GtD pO OHV QHJDUi ORV DEXQGDQWHV ELHQHV TXH KDVWD KR\ OHV KD
FRQFHGLGR
&RQRFLHQGRHVWDVDQWLJXDVFKDUODVFRQPLVOHFWRUHVVHFRPSUHQGHUiTXH
GHVSXpVGHTXLQFHHGLFLRQHVGHHVWHOLEUR\DQRPHSUHJXQWHQVLFUHRRQR
FUHR HQ OD 3LQFR\D 6X LPDJLQDFLyQ YXHOD PXFKR PiV DOWR £DKRUD PH
SUHJXQWDQVLQRGHEHUtDPRVSURSRQHUDOD3LQFR\DFRPRGHOHJDGDGH&KLOHD
ODSUy[LPD&XPEUH0XQGLDO6REUH'HVDUUROOR6XVWHQWDEOH

)ORULGRU3pUH]
(VFULWRUHQ5HVLGHQFLD)DFXOWDGGH/HWUDV
3RQWLILFLD8QLYHUVLGDG&DWyOLFDGH&KLOH
3ULPHUVHPHVWUH

(Q³2UIHR´PLWRJULHJR
8QDRIHUWDDVtIXHODTXHKL]RQRWLFLDSRUHVRVGtDV

4/54
$GLIHUHQFLDGHODOH\HQGDTXHHVQDUUDFLyQ\SRUORWDQWRVHUHODFLRQD
FRQ OR KLVWyULFR HO PLWR HV FUHHQFLD \ SRU OR WDQWR VH UHODFLRQD FRQ XQ
VHQWLPLHQWRSULPLWLYRGHORUHOLJLRVR
1RGHEHH[WUDxDUHQWRQFHVTXHORVPLWRVDERUGHQDVSHFWRVLPSRUWDQWHV
GHODH[LVWHQFLDKXPDQD\VREUHQDWXUDO\VHDQSDUWHGHODKHUHQFLDFXOWXUDO
GHORVSXHEORVSULPLWLYRVRODVFXOWXUDVHQIRUPDFLyQ ,
(QIUHQWDGRDORVPLVWHULRVGHOPXQGR\GHODYLGDHOKRPEUHDQWLJXRVH (/5$6752+80$12
SUHJXQWy ¢TXLpQ" ¢FyPR" ¢SRU TXp" ¢SDUD TXp" < HO PLWR OH RIUHFLy
VLHPSUHODSULPHUDUHVSXHVWDDHVDVSUHJXQWDV
3RUHVRFXDQGRHOPLWRVHFRQYLHUWHHQYHUGDGDFHSWDGDVHFRQYLHUWHHQ
XQD IRUPD GH DSUHQGL]DMH GH OD VRFLHGDG TXH OR FUHH VH LQFRUSRUD D VX
VDELGXUtDDFXPXODGD6HKDFHFRQRFLPLHQWRFDSD]GHSURSRQHUXQVHQWLGR
GHXQLGDGSDUDHOFRVPRV\GDUXQVHQWLGRDODYLGDKXPDQD
&XDOTXLHUEXHQHVWXGLRVREUHHOWHPDGHEHUiGHVWDFDUTXHHOPLWRH[SUHVD
VLHPSUH OD QHFHVLGDG TXH VLHQWH WRGR VHU KXPDQR \ SRU OR WDQWR VX
FRPXQLGDGGHHVWDUFRQVFLHQWHGHVXVUDtFHV

5/54
/$3,1&2<$

/$3,1&2<$HVODHQFDUQDFLyQGHODIHUWLOLGDGGHOPDU\GHODVSOD\DV
6XHOH UHSUHVHQWiUVHOH FRQ ILJXUD GH VLUHQD SHUR D GLIHUHQFLD GH HVWD
FRQTXLVWDGRUD GH KRPEUHV OD 3LQFR\D OXFH IHOL] FRQ VX ODUJD FDEHOOHUD DO
YLHQWRHQFRPSDxtDGHO3LQFR\
<DVHDTXHGDQFHGHVQXGDHQODSOD\DRWRPHHOVROVREUHODVURFDVSRGUi
KDFHUORGHFDUDDOPDURYXHOWDKDFLDODWLHUUD
6LOD3LQFR\DDSDUHFHGHFDUDDOPDUORVOXJDUHxRVVDEHQTXHOHVHVSHUD
XQD WHPSRUDGD DEXQGDQWH GH SHFHV \ PDULVFRV 6L SRU DOJXQD UD]yQ TXLHUH
SURGXFLU HVFDVH] HQ HVD ]RQD R WUDVODGDUORV D RWUR VLWLR OH EDVWDUi FRQ
YROYHUOHODHVSDOGDDOPDU
/RVSHVFDGRUHVVDEHQTXHOD3LQFR\D\HO3LQFR\FRPRWRGDSDUHMDIHOL]
DSUHFLDQ OD DPLVWDG \ OD GLYHUVLyQ 3RU HVR FXDQGR GHVHDQ DWUDHUORV
RUJDQL]DQEXOOLFLRVDVILHVWDVFRQDFRUGHyQ\JXLWDUUD6LHOJUXSRVXEHDXQD
ODQFKD \ VH GLULJH D XQD GHWHUPLQDGD SOD\D GRQGH EDLODQ FDQWDQ \ UtHQ OD
3LQFR\D ORV VHJXLUi OOHYDQGR FRQ HOOD DEXQGDQFLD GH SHFHV \ PDULVFRV DO
VHFWRU
(QQXHVWUDpSRFDQRVHGHEHKDEODUGHOD3LQFR\DVLQYDORUDUVXVDELGXUtD
HFROyJLFD³6HGLFHTXHFXDQGRORVSHVFDGRUHVSHVFDQFRQPXFKDIUHFXHQFLD
HQ XQ VROR SDUDMH OD 3LQFR\D VH HQRMD \ DEDQGRQD DTXHOORV OXJDUHV TXH
OXHJRTXHGDQHVWpULOHV´

6/54
'LRVDGLFHQYDULRVDXWRUHV
6XHVSRVRRDPDQWHSDUDODPD\RUtDSDUDRWURVVXKHUPDQR6LHPSUHTXHVHKDFUHtGRQHFHVDULR
GDUDOJXQDLQIRUPDFLyQDGLFLRQDOHOODVHHQWUHJDHQODVQRWDVFRPSOHPHQWDULDVDOILQDOGHOOLEUR
(/&+21&+Ï1

08&+26 +(026 2Ë'2 VX HVWULGHQWH ³£WXHWXHWXH´ UHYRORWHDQGR VREUH ORV


WHMDGRV GHO FDVHUtR R VREUH QXHVWUDV SURSLDV FDEH]DV HQ ORV FDPLQRV GHO
FDPSR SHUR QDGLH KD ORJUDGR YHUOR (VWR H[SOLFD TXH QR KD\D DFXHUGR HQ
WRUQRDVXIRUPD\FRQGLFLyQ
8QUHVSHWDEOHDXWRUORGHVFULEHFRQ³ILJXUDGHXQDFDEH]DKXPDQDFX\DV
RUHMDVOHVLUYHQSDUDYRODUHQODRVFXULGDGDODPDQHUDGHXQDYHQRFWXUQD´
(VWD~OWLPDFRPSDUDFLyQFRQXQDYHDFODUDTXHQRHVXQYHUGDGHURSiMDUR
VLQR XQ EUXMR KDFLHQGR XVR GH VX IDFXOWDG GH YRODU /D GHVFULSFLyQ HQ
FDPELR SDUHFH VROR XQD VXSRVLFLyQ EDVDGD HQ OD IRUPD HQ TXH HO EUXMR
FRQVLJXHYRODUTXHHVDVt
 (O EUXMR KRPEUH R PXMHU VH HQFLHUUD HQ VX FXDUWR DO RVFXUHFHU
WRPDQGR DOJXQDV PHGLGDV SDUD QR VHU YLVLWDGR SRU H[WUDxRV GXUDQWH OD
QRFKH
 $SOLFiQGRVH FLHUWDV SRPDGDV PiJLFDV HQ OD JDUJDQWD VH VHSDUD OD
FDEH]DGHOFXHUSRVLQTXHVHGHUUDPHQLJRWDGHVDQJUH
 0LHQWUDV HO FXHUSR UHSRVD SOiFLGDPHQWH D OD FDEH]D ³OH VDOHQ
LQPHGLDWDPHQWHDODV\VHODQ]DDOHVSDFLR´
1RHVXQYXHORVLQUXPER6XYLDMHSXHGHVHUDODFXHYDGH4XLFDYtGH
6DODPDQFDXRWUDHQTXHVHFHOHEUHXQDTXHODUUHSXHGHGLULJLUVHDOOHFKR
GH XQ HQIHUPR R D FDXVDU FXDOTXLHU ³GDxR´ VROLFLWDGR SRU DOJ~Q PRUWDO
HQRMDGRFRQRWUR
6L RtPRV VREUH QXHVWUD FDVD VX ³£WXHWXHWXH´ GHEHPRV GHFLUOH ³£3DVD
FKRQFKyQWXFDPLQR´<DVtORKDUi3RUTXHVLOHGLMHUDQ³£9XHOYHPDxDQD
SRU VDO´ DO RWUR GtD VH SUHVHQWDUi XQD DQFLDQD KDUDSLHQWD R XQ HOHJDQWH
FDEDOOHURTXHGLUiQ³£9HQJRSRUODVDOTXHPHRIUHFLHURQDQRFKH´(QHVH

7/54
FDVR OR PHMRU TXH VH SXHGH KDFHU HV HQWUHJDUOH XQ VDOHUR SXHV GH OR
FRQWUDULR HO FKRQFKyQ WRPDUi OD RIHUWD SRU XQD EXUOD \ VH YHQJDUi
FUXHOPHQWH
(/75$8&2

7RPiV*XHYDUD+LVWRULDGH&KLOH &KLOHSUHKLVWyULFR 


-XQWDRUHXQLyQQRFWXUQDGHEUXMRVFRQSRVLEOHSDUWLFLSDFLyQGHOGHPRQLRHQILJXUDGHFKLYDWR )$/7$1 (678',26 &,(17Ë),&26 TXH GHWHUPLQHQ FRQ H[DFWLWXG HO JUDGR GH
9HU1RWDV&RPSOHPHQWDULDV DGDSWDFLyQ GHO WUDXFR D ODV QXHYDV FRQGLFLRQHV GH YLGD TXH OH LPSRQH HO
FRQVWDQWHGHWHULRURGHVXKiELWDWHOERVTXHGH&KLORp
6L HO WUDXFR QR VH DGDSWDUD HVWDUtD HQ VHULR SHOLJUR GH H[WLQFLyQ HVWD
HVSHFLH PLWROyJLFD TXH DOJXQRV HPSDULHQWDQ FRQ UD]yQ FRQ ViWLURV \
IDXQRVJUHFRODWLQRV\VLQUD]yQFRQORVWUDYLHVRVGXHQGHV
/DVGHVFULSFLRQHVItVLFDVGHOWUDXFRORSUHVHQWDQFRPRXQHQDQRGHIRUPH
GHQRPiVGHFHQWtPHWURVGHDOWXUD
9LYHHQHOKXHFRGHORViUEROHVRHQFDYHUQDVQDWXUDOHVDOLPHQWiQGRVHGH
IUXWRVGHOERVTXHFRPRXQKRPEUHSULPLWLYR<FRPRpOXVDXQKDFKDGH
SLHGUDFRQODTXHDQXQFLDVXSUHVHQFLDJROSHDQGRORViUEROHV$LPLWDFLyQ
GHOKRPEUHPRGHUQRHQFDPELRVHHVPHUDHQSUHVHQWDUVHELHQYHVWLGRFRQ
WUDMH GH TXLOLQHMD \ XQ VRPEUHUR WLSR FXFXUXFKR WHMLGR GH SDUHFLGDV ILEUDV
VLOYHVWUHV
6XVSLHUQDVFRUWDV\FKXHFDVWHUPLQDQHQXQUHPHGRGHSLHVLQWDOyQ\VLQ
GHGRV OR TXH OH GD XQ DQGDU LQVHJXUR 3DUD VXSHUDU HVWH GHIHFWR HO WUDXFR
XVDXQEDVWyQOODPDGRSDKXHOG~QWDQUHWRUFLGRFRPRpO\FRQHOFXDOOOHJD
DLGHQWLILFDUVH$VtFXDQGRHOFKLORWHFUHHHQFRQWUDUXQSDKXHOG~QERWDGRHQ
HO ERVTXH OR D]RWD FRQWUD XQD SLHGUD VDELHQGR TXH HO WUDXFR VXIULUi HQ VX
FXHUSRHOGRORUGHOFDVWLJR/OHJDQGRDFDVDFROJDUiHOSDORVREUHHOIRJyQ
\VLHIHFWLYDPHQWHHUDXQSDKXHOG~QJRWHDUiXQOtTXLGRHVSHVRTXHWLHQHOD
SURSLHGDGGHFXUDUORVPDOHVItVLFRVFDXVDGRVSRUHOWUDXFR
<pVWRVVRQPXFKRVSRUTXHHOWUDXFRHVXQSHUVRQDMHSHUYHUVR9HUGDGHUR
VLFySDWD GHO ERVTXH VH LQVWDOD VREUH XQ WURQFR FRQ LQRIHQVLYR DVSHFWR GH
FRQWHPSODUHOSDLVDMH6LQHPEDUJRHQFXDQWRDSDUH]FDXQDILJXUDKXPDQD
FDHUiVREUHHOODHOPDOHILFLRGHVXPLUDGDRHOQHIDVWRSRGHUGHVXDOLHQWR

8/54
&RQYLHQHDGYHUWLUTXHVXPDJLDDFWXDUiGHPRGRPX\GLVWLQWRVHJ~QVHD
HO VH[R GH OD SHUVRQD 6L HV XQ KRPEUH VH HQVDxDUi FRQ pO FDXViQGROH
WRUFHGXUDV GH FXHOOR PXHFDV HQ HO URVWUR WXOOLPLHQWR GH KXHVRV \ RWURV
PDOHVHQORVTXHVLHPSUHVHDGLYLQDUiODLQWHQFLyQGHFDXVDUGHIRUPLGDGHV
SDUHFLGDVDVXSURSLRDVSHFWR
¢< VL OD SHUVRQD VRUSUHQGLGD SRU HO WUDXFR HV XQD PXMHU" (Q HVWH FDVR
WRGDVXIXULDVHPXGDUiHQSDVLyQDPRURVD\\DQRGHVFDQVDUiKDVWDVHGXFLU
DODGDPDJHQHUDOPHQWHXQDMRYHQTXHVHKDLQWHUQDGRLPSUXGHQWHPHQWHHQ
HO ERVTXH 3DUD FRQVHJXLUOR UHFXUULUi D OD PDJLD VXPLpQGROD HQ SOiFLGRV
VXHxRVHQORVTXHpOVHOHDSDUHFHUiFRPRXQDSXHVWRJDOiQ

9/54
6iWLURGLYLQLGDGDJUDULDJULHJDFRQFXHUSRGHKRPEUH\FXHUQRVSDWDV\FRODGHFKLYDWRPX\
HQDPRUDGL]R
)DXQRGLYLQLGDGURPDQDGHODIHUWLOLGDGWDPELpQFDPSHVWUH
9HU1RWDV&RPSOHPHQWDULDV
75(175e1<&$,&$,9,/8

(1(/5(02723$6$'2GHOSXHEORPDSXFKHGRVHVStULWXVPX\SRGHURVRVVH
HQFDUQDURQHQJLJDQWHVFDVVHUSLHQWHV
8QD±FDLFDLYLOXDJLWDEDHQHOPDUVXSURIXQGRRGLRDOJpQHURKXPDQR/D
RWUD±WUHQWUHQ RFKUHQFKUHQ PLUDEDFRQDIHFWRDOKRPEUHGHVGHODFXPEUH
GHXQFHUUR
8QGtDFDLFDLYLOXVHSURSXVRODGHVWUXFFLyQGHORVVHUHVKDFLHQGRVXELUODV
DJXDV GHO PDU 7UHQWUHQ TXH GHVGH OD FXPEUH REVHUYy OD UHWLUDGD GHO PDU
TXHSUHFHGHDXQPDUHPRWRGLRRSRUWXQRDYLVRDORV³KRPEUHVGHODWLHUUD´
/RV OODPy D WUHSDU DO PRQWH GRQGH HOOD ORV SRQGUtD D VDOYR MXQWR D ORV
DQLPDOHV\ODVDYHV
3XPDV \ ]RUURV OODPDV \ KXHPXOHV SHXFRV \ WRUFD]DV TXHOWHKXHV
SLGHQHV \ FKXFDRV ROYLGDURQ HQHPLVWDGHV R UHFHORV FRUULHQGR \ YRODQGR
MXQWRVKDFLDODVDOYDFLyQ
/D UHVSXHVWD KXPDQD HQ FDPELR IXH PXFKR PiV OHQWD (VWDEDQ ORV
DQFLDQRV TXH VH QHJDEDQ D GHMDU VX WLHUUD ³GH WRGD XQD YLGD´ ODV PXMHUHV
TXH TXHUtDQ FDUJDU FRQ WRGR GHVGH HO WHODU KDVWD OD SLHGUD GH PROHU < QR
IDOWDEDQ ORV LQFUpGXORV ORV LQGHFLVRV TXH ³\D OR SHQVDUtDQ´ \ ORV TXH ³QR
SDVDQD´
(QWUHWDQWRODVDJXDVVXEtDQLQFRQWHQLEOHVDUUDVDQGRFKR]DVDKRJDQGRD
ORV FRQILDGRV \ D ORV OHQWRV TXH LEDQ TXHGDQGR FRQYHUWLGRV HQ SHFHV
PDULVFRVRSHxDVFRV
6RORXQSHTXHxRJUXSRDYDQ]DEDKDFLDODFXPEUHPLHQWUDVHOPDUODPtD
VXV WDORQHV (O SRGHU GHVWUXFWLYR GH FDLFDLYLOX SDUHFtD WULXQIDQWH SHUR
WUHQWUHQ QR DEDQGRQDED D OD UD]D DPLJD HOHYDQGR OD DOWXUD GHO FHUUR D
PHGLGDTXHVXEtDQODVDJXDV

10/54
*UDFLDVDHVHWUXFRORJUDURQVDOYDUVHXQDRGRVSDUHMDVDODVTXHD~QVH
OHV LPSXVR XQD SHQD PiV GHELHURQ RIUHFHU HQ VDFULILFLR D XQR GH VXV
SHTXHxRVKLMRVTXHDUURMDGRDOPDUORJUyFDOPDUODIXULDGHFDLFDLYLOXFRQ
ORFXDOODVDJXDVUHWURFHGLHURQOHQWDPHQWHKDFLDVXVSOD\DV (/&$/(8&+(
7RGRV ORV SXHEORV GH OD WLHUUD JXDUGDQ OD PHPRULD GH XQ GLOXYLR \ HO
OHFWRU GH KR\ \D KDEUi FRPSUHQGLGR TXH pVWD HV OD YLVLyQ GHO GLOXYLR
PDSXFKH
6L HQFDUJiUDPRV LQYHVWLJDU ODV DSDULFLRQHV GHO &DOHXFKH D XQ RUJDQLVPR
3RU OR WDQWR HO YDOHURVR SXHEOR FDQWDGR SRU (UFLOOD HQ /D $UDXFDQD WDQ VHULR FRPR OD 1$6$ VHJXUDPHQWH OR FODVLILFDUtD GH 2)1, REMHWR
GHVFHQGtDGHDTXHOORVPLOHQDULRVVREUHYLYLHQWHV IORWDQWH QR LGHQWLILFDGR /D WUDGLFLyQ FKLORWD HQ FDPELR DFXPXODQGR
< HV QRWDEOH TXH D OD ROD LQYDVRUD UHVSRQGLHUDQ FRQ ORV PLVPRV DQWHFHGHQWHV GH JHQHUDFLyQ HQ JHQHUDFLyQ KR\ SXHGH FRQVLGHUDUOR
OHJHQGDULRVUHFXUVRVVXUHVLVWHQFLDItVLFDODSURWHFFLyQGHVXQDWXUDOH]D\HO SOHQDPHQWHLGHQWLILFDGR
VDFULILFLRGHVXVKLMRV (O &DOHXFKH HV XQ EDUFR IDQWDVPD R ³EXTXH GH DUWH´ TXH QDYHJD ORV
PDUHV GH &KLORp \ ORV FDQDOHV GHO VXU 1DGD OH LPSLGH DUULEDU D FXDOTXLHU
SXHUWRDXQTXHVLHQWHSUHGLOHFFLyQSRUDOJXQRVFRPR/OLFDOGDG7UHQWUHQ\
4XLFDYtRIRQGHDGHURVFRPR<XWX\3XQWDGH4XHPFKL\RWURV
(O &DOHXFKH HVWi FRPDQGDGR SRU EUXMRV TXH WLHQHQ OD SDUWLFXODULGDG GH
DQGDU VREUH XQD VROD SLHUQD PLHQWUDV OD RWUD ³OD OOHYDQ GREODGD SRU OD
URGLOOD´ \ DPDUUDGD D OD HVSDOGD $GHPiV GH VX WULSXODFLyQ HVWDEOH HO
&DOHXFKH OOHYD D ERUGR D LVOHxRV TXH KDQ HQWUDGR HQ WUDWR FRQ ORV EUXMRV
³LQYLWDGRV´DTXLHQHVTXLHUHQWHQWDUFRQWHVRURVRFXOWRV\WDPELpQDOJXQRV
³VHFXHVWUDGRV´ SRU GHOLWRV WDOHV FRPR KDEHU IDOWDGR D VXV SDFWRV VHFUHWRV
EODVIHPDUFRQWUDHOSRGHUGHORVEUXMRVRVLPSOHPHQWHKDEHUYLVWRDOEXTXH
GHDUWH
&RPR VX WULSXODFLyQ HO &DOHXFKH WLHQH FDUDFWHUtVWLFDV \ SRGHUHV PX\
HVSHFLDOHV
(Q SULPHU OXJDU SXHGH VXPHUJLUVH D YROXQWDG FXPSOLHQGR IXQFLRQHV GH
VXEPDULQR $GHPiV SXHGH SHUPDQHFHU D SOHQD OX] GHO GtD \ D OD YLVWD GH
WRGRVDXQTXHFRQYHUWLGRHQXQVLPSOHWUR]RGHPDGHUDIORWDQWHRXQDURFD
VDOLHQWH FHUFD GH OD SOD\D (Q DPERV FDVRV VXV WULSXODQWHV GLVIUXWDUiQ GHO
DJXD R UHWR]DUiQ HQ OD SOD\D FRQYHUWLGRV HQ MXJXHWRQDV WRQLQDV DYHV
DFXiWLFDVRORERVPDULQRV
'HWRGRVORVSRGHUHVGHO&DOHXFKHDFDVRHOPiVGHVOXPEUDQWH\WDPELpQ

11/54
HOPHQRVGLVFXWLEOHHVHOGHVXSURIXVDLOXPLQDFLyQYLVLEOHDJUDQGLVWDQFLD FODUHDGR HO GtD \D QR VH GLYLVDED QDGD SRU OR TXH VH VXVSHQGLy OD
REVHUYDFLyQ´
&RPRHO&DOHXFKHFDVWLJDDTXLHQHVORHVStDQFDVLWRGRVORVWHVWLPRQLRV
VREUHVXSUHVHQFLDRVXVSRGHUHVVHGHEHQDHQFXHQWURVFDVXDOHV &RQRFHU FLHQWRV GH HVWRV FDVRV HV OD ~QLFD IRUPD GH GHVHQWUDxDU ORV
VHFUHWRVGHO&DOHXFKH
$Vt SRU HMHPSOR OH RFXUULy DO HVSRVR GH GRxD 0DUJDULWD &iUGHQDV
FXDQGRHOORVYLYtDQVRORVHQ4XHQDF (Q HO DUFKLSLpODJR VH HQFXHQWUDQ WRGDYtD PXFKRV GHVGLFKDGRV TXH
VREUHYLYLHURQ D OD H[SHULHQFLD GH KDEHU SLVDGR OD FXELHUWD GHO ³EXTXH GH
8QDPDxDQDYLRXQHQRUPHWURQFRGHiUEROIORWDQGRDPHWURVGHVXSOD\D
DUWH´SHURGHVJUDFLDGDPHQWHHOORVQDGDSXHGHQDSRUWDUSRUTXHORVEUXMRV
3HQVDQGRDUUDVWUDUORSDUDOHxDORDPDUUyFRQFDGHQDVDVXUREXVWD\XQWDGH
DQWHVGHGHMDUORVLUOHVKLFLHURQSHUGHUODUD]yQ\ODPHPRULD
EXH\HV 6LQ HPEDUJR FXDQGR pVWRV WLUDURQ HO ³WURQFR´ UHWURFHGLy
YHOR]PHQWH VXPHUJLpQGRVH \ DUUDVWUDQGR FRQVLJR D ORV EXH\HV KDFLD HO &RQ HVWD SUHFDXFLyQ SURFXUDQ VHJXLU SHUWHQHFLHQGR D ORV PLVWHULRV GHO
IRQGRGHOPDU FLHORPDU\WLHUUDTXHWRGDYtDDEXQGDQHQHOPXQGRDFWXDO
7HPHURVRGHODVUHSUHVDOLDVGHORVEUXMRVHOPDWULPRQLRJXDUGyHOVHFUHWR
KDVWD  HQ TXH \D GH  DxRV GH HGDG GRxD 0DUJDULWD VH GHFLGLy D
FRQWDUOR
6REUHODSURGLJLRVDLOXPLQDFLyQGHO&DOHXFKHKD\QXPHURVRVGRFXPHQWRV
8QH[SHUWRPDULQR±RILFLDOGHJXDUGLDGHOEXTXH&RSLDSyFRPXQLFyDOD
&DSLWDQtDGHOSXHUWRGH9DOSDUDtVRTXHXQEDUFRPX\OXPLQRVRSDVyMXQWR
DO VX\R ³VLQ KDFHU UXLGR VREUH ODV DJXDV VLQ GHWHQHUVH QL UHVSRQGHU D VXV
VHxDOHV´  
¢<TXLpQGXGDUtDGHORILFLDO$JXVWtQ3UDW9RQ6HLW]VHJXQGRFRPDQGDQWH
GHODHVFDPSDYtD+XHPXOGHOD$UPDGD1DFLRQDO"
&XHQWDHOVREULQRGHOKpURHGH,TXLTXHTXH³DODVKPGHOGRPLQJR
GHOPHVHQFXUVR´ODJXDUGLDOHDYLVyTXHVHDFHUFDEDQGRVOXFHVEODQFDV
FX\R DVSHFWR ³D OD YH] TXH JUDQGH HUD PX\ SRFR FRP~Q´ 1R FUHtDQ TXH
IXHVHQOXFHVGHXQUHPROFDGRUSXHV³YHQtDQFRPRVXVSHQGLGDVHQHODLUHD
XQDDOWXUDQRPHQRUGHXQPHWUR\VLQYHUVHHPEDUFDFLyQDOJXQD´³,EDD
VDOLUDFXELHUWDFXDQGRSHUFLEtTXHSRUODFODUDER\DGHPLFDPDURWHHQWUDED
XQD JUDQ FODULGDG TXH OR LOXPLQy D WDO SXQWR TXH SDUHFtD VH LQFHQGLDED´
3UHPXQLGR GH FDWDOHMRV SXGR REVHUYDUODV ³DYDQ]DQGR VLHPSUH FRQ XQD
YHORFLGDG QR PHQRU GH VLHWH QXGRV QL PD\RU GH TXLQFH´ 'HVSXpV GH
SHUPDQHFHUODUJRUDWRHQXQDVFDUERQHUDVILVFDOHVHPSUHQGLHURQ³GHQXHYR
VX YHUWLJLQRVD PDUFKD´ HQ GLUHFFLyQ D 3XQWD $JX\ ³8QD YH] TXH KXER

12/54
$UWH³FLHQFLDGHORVEUXMRV%XTXHGHDUWH³&DOHXFKH´ 'LFFLRQDULRGH&KLORp5&iUGHQDV\&
$7UXMLOOR 
$TXtHVWiODIDPRVD&XHYDGH4XLFDYtFHQWURGHUHXQLyQGH
ORVEUXMRV
7HVWLPRQLRLQFOXtGRHQ$ERUGDMHDO&DOHXFKHGH$QWRQLR&iUGHQDV7DELHV
(QFDUWDSXEOLFDGDSRUOD5HYLVWD&DWyOLFD1žGHOGHHQHURGH

13/54
$1'$1 /26 (&Ï/2*26 £\ FRQ UD]yQ 3UHRFXSDGRV SRU ODV QXPHURVDV
HVSHFLHVGHODIORUD\IDXQDFKLOHQDHQSHOLJURGHH[WLQFLyQ3UHVHUYHPRVOD
OODPD\ODYLFXxD±GLFHQHOORV±HODOHUFH\HOKXHPXOGHOHVFXGR
3HUR FRQVHUYHPRV WDPELpQ ±GLJR \R± DTXHOODV HVSHFLHV IDEXORVDV TXH
SXHEODQHOPLWR(OODVHVWDUiQHQFRQVWDQWHSHOLJURGHDSDULFLyQDODYXHOWD
,, GHHVWDVSiJLQDV

(63(&,(6(13(/,*52'($3$5,&,Ï1

14/54
PLQHUDOGHSODWDGH&KDxDUFLOORHOGHPD\RGH
3RUTXHHODOLFDQWRVRORHQWUHJDVXVWHVRURVDORVPLQHURVGHFRUD]yQ$O
(/$/,&$172 YHUVH SHUVHJXLGR VRPHWH D SUXHED DO KRPEUH VH HVFRQGH SDUD SUREDU VX
LQWHOLJHQFLD OR KDFH VXELU \ EDMDU SDUD GHPRVWUDU VX FRQVWDQFLD OR KDFH
HVSHUDU \ GHVHVSHUDU SDUD SUREDU VX IH 6L GHVFXEUH TXH VROR OR JXtD OD
FRGLFLDDSDJDVXVDODVVHFDPXIODWUDVXQSHxDVFRRVXLQGLJQDFLyQSXHGH
OOHJDUDOH[WUHPRGHFRQGXFLUORKDVWDHOERUGHGHXQEDUUDQFR
62/2 (/ 0,1(52 TXH SDVD EXHQD SDUWH GH VX YLGD VLQ YHU HO FLHOR SXGR
LPDJLQDUXQSiMDURTXHQRYXHODHVHODOLFDQWR 6ROR FXDQGR GHVFXEUH XQD DXWpQWLFD YRFDFLyQ PLQHUD HO DOLFDQWR VH
FRQYLHUWHHQOD]DULOORDODGRTXHFRQGXFHDOKRPEUHKDFLDODYHWDGHPLQHUDO
9LYHHQODVFHUFDQtDVGHODVPLQDVGHRUR\SODWD\QRSRUFDSULFKRHVRV PiVILQR
PLQHUDOHVFRQVWLWX\HQVXDOLPHQWRSUHIHULGR1RHVUDURHQWRQFHVTXHFRQ
HOHVWyPDJRFDUJDGRGHWDQSUHFLRVDUDFLyQOHVHDLPSRVLEOHDO]DUHOYXHOR /D KLVWRULD GH OD PLQHUtD FKLOHQD HVWi OOHQD GH ³FDVRV LQFRPSUHQVLEOHV´
SDUD HO LQJHQLHUR R ³H[WUDxDV FLUFXQVWDQFLDV´ SDUD HO SHULRGLVWD SHUR TXH
7DPSRFR HV UDUR TXH VXV RMRV GHVSLGDQ SODWHDGRV GHVWHOORV \ VXV DODV UHVXOWDQDEVROXWDPHQWHQRUPDOHVHQWDQWRVHHVWXGLDQODVVDELDVFRVWXPEUHV
WHQJDQEULOOROXPLQRVR1LVLTXLHUDSRGUiH[WUDxDUQRVTXHSRQJDKXHYRVGH GHODOLFDQWR
RURRSODWDVHJ~QVHDHOPLQHUDOGRQGHDQLGH
3RU HMHPSOR VHULRV KLVWRULDGRUHV HVFULEHQ TXH HO DUULHUR )HUPtQ *XHUUD
/D SDUWH YHUGDGHUDPHQWH DVRPEURVD GHO DOLFDQWR VH UHILHUH D FLHUWRV GH YLDMH D &RSLDSy ³GH SURQWR SHUGLy HO UXPER \ DQGXYR PXFKR UDWR
H[WUDxRVSRGHUHVTXH'LRVOHGLR GHVRULHQWDGR KDVWD TXH ILQDOPHQWH OOHJy D XQD VLHUUD TXH WHQtD WUHV
/RSULPHURHVTXHVXFXHUSRQRSUR\HFWDVRPEUDDOJXQDVREUHODWLHUUD/R GHSUHVLRQHV \ DOOt HQFRQWUy XQD YHWD´ 5HILILpQGRVH DO SXHEOR GH ³7UHV
VHJXQGR HV OD FDSDFLGDG GH DSDJDU D YROXQWDG HO IXOJRU GH VXV DODV VL VH 3XQWDV´ VXUJLGR HQ HVH KDOOD]JR GLFH VRUSUHQGLGR HO GLDULR GH &RSLDSy
VLHQWH SHUVHJXLGR (VWH UHFXUVRO VXPDGR D VX SUHFDXFLyQ GH DEDQGRQDU HO ³&RPRSRUHQFDQWRKHPRVYLVWROHYDQWDUVHKHUPRVRVHGLILFLRVSDUWLFXODUHV
QLGRVRORDODQRFKHFHUKDVDOYDGRDHVWDHVSHFLHPLWROyJLFDGHOSHOLJURGH \REUDVS~EOLFDVGHLPSRUWDQFLD$VRPEUDYHUDSDUHFHUFRPRSRUPDQRGH
H[WLQFLyQ KDGD´
7DPELpQ KD FRQWULEXLGR HO KHFKR GH TXH DO UHYpV GH OR TXH VXFHGH FRQ £< WHQtD D PHGLDV UD]yQ 3RUTXH FRPR HQ WRGD ODERU PLQHUD HO
RWUDV YDOLRVDV DYHV TXH YLYHQ HQ YHFLQGDG GHO FDPSHVLQR ±WRUFD]DV HQFDQWDPLHQWR H[LVWtD 3HUR QR GH UXELDV KDGDV H[WUDQMHUDV VLQR GHO
SHUGLFHV FRGRUQLFHV XQ PLQHUR MDPiV PDWDUtD D XQ DOLFDQWR 7RGR OR TXH OHJHQGDULR DOLFDQWR QDFLRQDO TXH FRPR ORV VXIULGRV PLQHURV UHQXQFLy D VX
TXLHUH HV VHJXLUOR £XVWHGHV \D DGLYLQDQ SRU TXp < WDPELpQ OR VDEH HO SRUFLyQ GH FLHOR SRU EXVFDU HQ ODV HQWUDxDV GH OD WLHUUD OD ULTXH]D TXH pVWD
DOLFDQWR JXDUGD±QRHVFRQGH±SDUDWRGRVVXVKLMRV
3RUTXH pO QR HV HO SRUWHUR GH OD PLQD TXH FXLGD VXV WHVRURV VLQR XQ
KDELWDQWH GH OD QDWXUDOH]D TXH SXHGH FRQGXFLU SRU HO FDPLQR FRUUHFWR DO
KRPEUHTXHVHSDLQWHUSUHWDUVXVVHxDOHV (QHOOLEUR&LHQDxRVGHPLQHUtDHQ&KLOH FLWDQGRD%HQMDPtQ9LFXxD0DFNHQQD\RWURV 

$XQTXH OD KLVWRULD QR OR GLJD OD OH\HQGD VDEH TXH XQ DOLFDQWR JXLy DO
FDWHDGRU -XDQ *RGR\ SRU FHUURV \ TXHEUDGDV DQWHV GH PRVWUDUOH HO ULFR

15/54
DOJXQRVOXJDUHVVHOHFRQR]FDFRQHOSDFtILFRQRPEUHGHPDQWDHVHOPLVPR
WHPLEOHDQLPDO

(/&8(52 $VtORSUXHEDQWHVWLPRQLRVGHDQWLJXRVYHFLQRVGH&KLORp\WRGDOD5HJLyQ
GHORVODJRVRGHVGHOD$UDXFDQtDDODVULEHUDVGHO%tR%tRRGHOXJDUHVWDQ
GLYHUVRV FRPR %XLQ &RLKXHFR \ 7DODJDQWH 1L VLTXLHUD HQ ODV FLXGDGHV
SRGHPRV VHQWLUQRV FRPSOHWDPHQWH OLEUHV GH pO SXHV PXFKDV YHFHV KD
LQFXUVLRQDGRHQiUHDVXUEDQDV
-$0È6/29,SHURUHFXHUGRODIRUPDH[DFWDGHOPLHGRTXHSURGXFHHOIUtR
TXH DO QRPEUDUOR VXEH GHVGH HO WDOyQ D OD QXFD FRPR VL VX VROR QRPEUH 8QEXHQHMHPSORHV9LxDGHO0DUGRQGH
SXGLHUDFRQJHODUHOUtRHQSOHQRYHUDQR %HQMDPtQ9LFXxD0DFNHQQDFXHQWDHOFDVRGHGRVFDUSLQWHURVTXHIXHURQ
3RUTXHDOOtYLYHHQUtRVRODJXQDV WUDJDGRV SRU ODV DJXDV HQ SUHVHQFLD GH QXPHURVRV WHVWLJRV ORV TXH QR
GXGDURQHQFXOSDUDXQFXHUR
7UDGLFLRQDOPHQWH VH OH KD GHVFULWR FRQ IRUPD \ WDPDxR GH XQ FXHUR GH
YDFXQR H[WHQGLGR DXQTXH DOJXQRV OH DJUHJDQ GHWDOOHV PX\ FXULRVRV 3RU
HMHPSORTXHWLHQHFXDWURRMRVHQVXFDEH]DSODQD\PXFKRVRWURVUHSDUWLGRV
SRUWRGRHOFXHUSR/RVERUGHVGHVXUDUtVLPDILJXUDDSDUHFHQURGHDGRVSRU (QVXOLEUR'H9DOSDUDtVRD6DQWLDJR
XxDV\YHQWRVDV
$O LJXDO TXH D ORV KXPDQRV DO FXHUR OH JXVWD WHQGHUVH DO VRO SHUR QR
VREUH OD SOD\D VLQR ³D IORU GH DJXD´ OLVWR SDUD UHWRUQDU DO IRQGR HQ WDQWR
DSDUH]FDDOJ~QSHVFDGRUGHVSUHYHQLGRRXQEDxLVWDLPSUXGHQWH
3RUHVRPXFKDVYHFHVVHLQIRUPDGHDOJ~QSDVHRFDPSHVWUHTXHWHUPLQy
FXDQGRDOJXLHQVHODQ]yHQXQDXGD]³SLTXHUR´\QXQFDDSDUHFLy
±³)XH FRPR VL VH OR WUDJDUD HO UtR´ ±GHFODUD GHVSXpV DOJ~Q DVRPEUDGR
WHVWLJR±SHURORPiVSUREDEOHHVTXHKD\DVLGRDWUDSDGRSRUXQFXHUR
$SHQDVXQDYtFWLPDVHSRQHDVXDOFDQFHHOFXHURVHHQUROODVREUHHOODOD
VXFFLRQDFRQVXVYHQWRVDV\FRQVXVXxDVVHFLHUUDFRPRXQVDFRGHGRUPLU
7DQWR GDxR SXHGH FDXVDU HO FXHUR HQ XQ VHFWRU TXH VXV KDELWDQWHV KDQ
LQWHQWDGRPXFKRVPRGRVGHFD]DUOR(OPiVHIHFWLYRHVWLUDUDOUtRRODJXQD
XQ WURQFR GH TXLVFR GHO WDPDxR GH XQ QLxR (O FXHUR OR HQYROYHUi
IXHUWHPHQWH \ ODV GXUDV HVSLQDV GH OD SODQWD OR DWUDYHVDUiQ LPSLGLpQGROH
YROYHUDH[WHQGHUVH
8QGDWRLPSRUWDQWHSXHGHHQFRQWUiUVHOHHQFXDOTXLHU]RQD\DXQTXHHQ

16/54
(/&+83$&$%5$6
¢81$02'(51$&/21$&,Ï1'(/3,*8&+e1"

<$ $'9(57,026DOOHFWRUGHHVWHOLEURTXHDODYXHOWDGHFXDOTXLHUDGHVXV
SiJLQDV SRGUtD DFHFKDUOH XQD HVSHFLH HQ SHOLJUR GH DSDULFLyQ < TXH HOODV
UHVLVWtDQKDVWDKR\ODDPHQD]DGHH[WLQFLyQSRUSDUWHGHOPXQGRPRGHUQROR
GHPRVWUyKDFLDILQHVGHOVLJOR;;ODSUHQVDQDFLRQDO(QHIHFWRGLDULDPHQWH
LQIRUPDEDGHXQDPLVWHULRVDPRUWDQGDGHQJDOOLQHURVRUHEDxRVGHFDEUDV\
RYHMDVODVTXHDSDUHFtDQPXHUWDVSHURHQWHUDVVLQRWUDVHxDOTXHKDEpUVHOHV
FKXSDGRODVDQJUH
(VWHHVXQFDVRHQTXHODPLWRORJtDVHFUX]DFRQHOSHULRGLVPRHOSUHVHQWH
FRQHOSDVDGRQXHVWUROLEURFRQODSUHQVDGLDULD
/DSUHJXQWDGHOWtWXORHVWiKHFKDGHVGHHOSUHVHQWHDOSDVDGRSHURWDPELpQ
SXHGH KDFHUVH GHVGH HO SDVDGR DO SUHVHQWH (O 3LJXFKpQ ¢DQWHSDVDGR GHO
&KXSDFDEUDV"SRUTXHSDUDVHJXLUHORUGHQGHOOLEURHOPLWRGHHVWDSiJLQD
HV

17/54
(/3,*8&+e1 (/3,+8,&+ef0$38&+(

$8148( 1$',(ORKDYLVWRVHGDSRUKHFKRTXHHO3LJXFKpQFRPSDUWHGRV <$ 48( $9(1785$026SURORQJDUODKLVWRULDGHO3LXFKpQKDFLDHOSUHVHQWH


DWULEXWRV TXH SDUHFHQ SURSLRV GH ORV VHUHV LQIHUQDOHV OD SHUYHUVLyQ \ OD HVMXVWRHVWLUDUODWDPELpQKDFLDHOSDVDGR
IHDOGDG
$Vt HQFRQWUDUHPRV VX RULJHQ HQ OD PLWRORJtD PDSXFKH SULPHUD IXHQWH
(Q7DODJDQWHSRUHMHPSORDVHJXUDQTXHHVXQDFXOHEUDTXHGHSXURYLHMD GRQGH VH OR GHVFULEH FRPR VHUSLHQWH FRQ DODV TXH YXHOD GH QRFKH \ VH
\\DDEXUULGDGHYLYLUVHWUDQVIRUPDHQXQDHVSHFLHGHUDQDJLJDQWHFXELHUWD DOLPHQWD GH VDQJUH KXPDQD R DQLPDO 6XHOH DFWXDU HQ DOLDQ]D FRQ DOJXQDV
SRUXQILQtVLPRSOXPDMH\FRQDODVWDQFRUWDV\DQFKDVTXHVROROHSHUPLWHQ PDFKLV
FRUWRVYXHORV3RVHHSDWDVJUXHVDV\XQRVHVSDQWDEOHVRMRVVDOWRQHV
$ ODV FDUDFWHUtVWLFDV \D FRPHQWDGDV HQ OD PLWRORJtD PDSXFKH VH DJUHJD
(Q &RtQFR DJUHJDQ XQ HOHPHQWR SUiFWLFR SDUD OD RSHUDFLyQ DQWHULRU VX XQD PX\ HVSHFLDO FXDQGR OOHJD D YLHMD HVWD VHUSLHQWH DODGD VH WUDQVIRUPD
FDEH]DWHUPLQDHQXQSLFRODUJR\GHOJDGR GHILQLWLYDPHQWHHQXQDYHGHOWDPDxRGHXQJDOOR1RYDUtDVLQHPEDUJR
VXVGDxLQDVFRVWXPEUHV
(Q 9LFKXTXpQ OR SLQWDQ FRPR XQD FXOHEUD FRQ DODV SHUIHFWDPHQWH
HPSOXPDGDV 'HVGH OD FRQTXLVWD HVSDxROD HVWH 3LKXLFKHx OODPy OD DWHQFLyQ GH
LPSRUWDQWHVFURQLVWDVKLVWRULDGRUHVDQWURSyORJRV\QDWXUDOLVWDV
(Q &RLKXHFR OH DVLJQDQ FLHUWRV JXVWRV H[FOXVLYRV SUHILHUH ODV RYHMDV
QHJUDV 8QR GH HOORV DSXQWD TXH HO PLWR VH EDVDUtD HQ OD H[LVWHQFLD GH XQ
³PXUFLpODJR YDPSLUR´ ±GH QRPEUH FLHQWtILFR 'HVPRGXV GRUELQ\L HQ OD
3HURHVHQ0HOLSLOODGRQGHGDQODFODYHSDUDFRPSUHQGHUHOQRPEUHFRQ
UHJLyQGH&RTXLPER
TXHODSUHQVDKDEDXWL]DGRVXUHDSDULFLyQGLFHQTXHVHDOLPHQWDGHODVDQJUH
TXHFKXSDDODVFDEUDV\RYHMDV ¢<QRIXHODDFWXDO&XDUWD5HJLyQODPiVDIHFWDGDSRUHODWDTXHFRQTXHHO
GHVFRQRFLGR&KXSDFDEUDVVHGHVSLGLyGHOVLJOR;;"

18/54
7DPELpQ HVWDV UDVSDGXUDV DFW~DQ FRPR SRGHURVR WyQLFR HQ HO KRPEUH
DXQTXHHQHVWHFDVRHOEUHEDMHGHEHVHUSUHSDUDGRFRQPXFKRFXLGDGRSXHV
XQ OHYH H[FHVR HQ OD GRVLV SRGUtD FDXVDU ORFXUD (Q IRUPD GH FDWDSODVPD
(/&$0$+8(72 WLHQH DGPLUDEOHV HIHFWRV HQ OD FXUDFLyQ GH ]DIDGXUDV R TXHEUDGXUDV GH
KXHVRV
7RGR OR SRVLWLYR TXH SXHGD FRQVHJXLUVH GHO FDPDKXHWR XQD YH] GRPDGR
SRU HO EUXMR WLHQH VX FRQWUDSDUWLGD HQ HO PDO JHQLR GHO DQLPDO HQ OLEHUWDG
/$ %,2/2*Ë$ )2/&/Ï5,&$ORGHVFULEHFRPRXQJLJDQWHVFRFKLYDWRGHPDUR TXHHVFDSD]GHDOWHUDUHOFOLPD6XVSRGHURVDVFRUQDGDVHQODVURFDV\VXV
HOHIDQWHPDULQRFRURQDGRSRUXQFXHUQRTXHFRQFHQWUDWRGRVXYLJRUItVLFR IXULRVRVEUDPLGRVSURGXFHQUHOiPSDJRV\WUXHQRV0LHQWUDVVXVUHYROFRQHV
\SRGHUHVPiJLFRV HQ HO DJXD GHVDWDQ HVRV DJXDFHURV GH YHUDQR TXH WDQWR VRUSUHQGHQ D ORV
$XQTXHQDFHHQORVUtRVDOOOHJDUDVXHGDGDGXOWD±YHLQWHDYHLQWLFLQFR WXULVWDVTXHYLVLWDQ&KLORpODWLHUUDQDWDOGHOFDPDKXHWR
DxRVHPLJUDKDFLDHOPDU1RKD\QDGDGHUDURHQHVWHYLDMH\DTXHORKDFH
WDPELpQHOPRGHVWRVDOPyQ6RORTXHHOFDPDKXHWRSRUVXHQRUPHWDPDxR
\ IXHU]D VH DUUDVWUD HQVDQFKDQGR VX HVWHUR QDWDO TXH DUUDVD FRQ WRGR
GHUULEDiUEROHV\GHMDHQODVWLHUUDVGHODEUDQ]DHVRVSURIXQGRVWDMRVTXHORV
JHyORJRVDWULEX\HQDODHURVLyQ
3DUD HYLWDU WDOHV SHUMXLFLRV FXDQGR XQ SURSLHWDULR VRVSHFKD OD SUHVHQFLD
GHO FDPDKXHWR HQ VXV WLHUUDV GHEH FRQWUDWDU D XQ EUXMR HVSHFLDOL]DGR
OODPDGR ODFHUR (VWH FRQRFH FLHUWDV DOJDV PDULQDVFRQ ODV FXDOHV KDUi HO
~QLFR OD]R FDSD] GH GRPLQDUOR VLHPSUH TXH OR VRUSUHQGD HQ WLHUUD 'H XQ
UiSLGR JROSH GH PDFKHWH HO EUXMR DUUDQFDUi HO FXHUQR FRQ OR TXH HO
FDPDKXHWR SHUGHUi WRGR VX SRGHU \ VH GHMDUi JXLDU PDQVDPHQWH KDFLD HO
PDU
(OEUXMRHQWUHWDQWRKDEUiVXPDGRDVXPDJLDODVYLUWXGHVGHOFXHUQR6L
DKRUD TXLVLHUD YHQJDUVH GH DOJXLHQ R OR FRQWUDWDUDQ SDUD FDXVDU XQ PDO OH
EDVWDUi FRQ HQWHUUDU XQ SHGDFLWR GHO FXHUQR HQ WLHUUD 'H LQPHGLDWR
FRPHQ]DUiDFUHFHUXQQXHYRFDPDKXHWRHQHOWHUUHQRTXHVHGHVHDGDxDU
/DUDVSDGXUDGHFXHUQRGHFDPDKXHWRWLHQHYDULDGRVXVRVHQHOUHFHWDULR
PiJLFR8QDSHTXHxDSRUFLyQPH]FODGDFRQODUDFLyQGLDULDGHORVEXH\HV
OHVGDUiIXHU]DH[WUDRUGLQDULD/RVDIXHULQRVTXHLJQRUDQHVWHVHFUHWRQRVH
H[SOLFDQ FyPR ORV FKLORWHV SXGLHURQ WUDQVSRUWDU SHVDGRV DVHUUDGHURV HQ
SOHQD&RUGLOOHUDGHOD&RVWDHQTXHODVYXHOWDVGHOFDPLQRLPSLGHQWLUDUD
PiVGHXQD\XQWDGHEXH\HV

19/54
(/&$%$//20$5,12

$8148( 08&+26SXQWRVJHRJUiILFRVVXHOHQGLVSXWDUVHODFXQDGHOFDEDOOR
PDULQR OD YHUGDG HV TXH HQ FDVL WRGDV ODV WUDGLFLRQHV FRVWHxDV H[LVWH OD
FUHHQFLD HQ HVWRV FRUFHOHV TXH D ODV YHUGHV SUDGHUDV SUHILHUHQ ODV
SURIXQGLGDGHVGHOPDUUtRVODJRVRODJXQDV
(Q &KLOH VLQ LU PiV OHMRV ORV YHFLQRV GH OD ODJXQD GH /OLFR HVWiQ
FRQYHQFLGRVGHTXHHOODDOEHUJDXQRGHHVWRVDQLPDOHVPLWROyJLFRVTXH±WDO
FRPR ORV FDEDOORV WHUUHVWUHV FDPELDQ GH SRWUHUR FDGD FLHUWR WLHPSR
DEDQGRQD VXV DJXDV QDWLYDV \ VH WUDVODGD D OD ODJXQD GH &DOPLO DUUHDQGR
FRQVLJRKDVWDDOOtXQDDEXQGDQWHSHVFD
'RQGHTXLHUDTXHKD\DQDFLGRHVWHFDEDOORIDEXORVRHVKLMROHJtWLPRGHO
PDU < ³YLYR UHWUDWR GH VX SDGUH´ UHSUHVHQWD HO LQFDQVDEOH ROHDMH PDULQR
VLHPSUH DUURMDQGR HVSXPD SRU OD ERFD \ ODQ]DQGR HVWUXHQGRVRV UHOLQFKRV
&RUUHDODYHORFLGDGGHOYLHQWRFRVWHxR\VRORVHGHMDGRPDUFRQULHQGDVGH
VDUJD]R
(VDVtFRPRKDEUiQORJUDGRPRQWDUORORVSULPHURVEUXMRVGH&KLORpTXH
GHVGH HQWRQFHV OR XVDQ SDUD WUDVODGDUVH GH XQD LVOD D RWUD \D VHD SDUD
FRPHWHU VXV IHFKRUtDV DVLVWLU D VXV DTXHODUUHV DVDPEOHDV GH EUXMRV  R
VLPSOHPHQWHSDUDDERUGDUHO&DOHXFKHHQDOWDPDU
6HJ~Q WHVWLPRQLR GH TXLHQHV OR KDQ YLVWR WLHQH OD DOWXUD GH XQ TXLQFKR
FHUFRGHHVWDFDV £\WDQODUJRTXHVREUHVXORPRSXHGHOOHYDUFyPRGDPHQWH
XQFDELOGRFRPSOHWR

20/54
&RPLVLyQGHPLHPEURVFUHDGRSRUORVPLVLRQHURVMHVXLWDVSDUDDWUDHUDODUHOLJLyQFDWyOLFDDORV
LQGtJHQDVGH&KLORp8QDGHVXVWDUHDVHUDRUJDQL]DUODILHVWDDQXDOGHODSDUURTXLDGHOOXJDU

(/%$6,/,6&2

(63(&,( &260232/,7$ GH OD IDXQD PLWROyJLFD FKLOHQD HO %DVLOLVFR IXH
FRQRFLGRSRUORVDQWLJXRVJULHJRVGHFX\DOHQJXDSURYLHQHVXQRPEUHTXH
VLJQLILFD ³UH\H]XHOR´ SHTXHxR UH\ (VR GLFH HO 'LFFLRQDULR GH OD 5HDO
$FDGHPLD GH OD /HQJXD TXH OR GHILQH FRPR ³DQLPDO IDEXORVR DO TXH VH
DWULEXtDODSURSLHGDGGHPDWDUFRQODYLVWD´
<DHQOD%LEOLD'DYLG\6DORPyQORFLWDQFRPRXQDVHUSLHQWHYHQHQRVD
3OLQLR HO 9LHMR ±KLVWRULDGRU URPDQR TXH PXULy GXUDQWH OD HUXSFLyQ TXH
GHVWUX\y3RPSH\D±ORGHVFULEHFRPRVHUSLHQWHFRQXQDHVSHFLHGHFRURQD
HQ OD FDEH]D DXQTXH D ORV FROFKDJLQRV OHV SDUHFLy VLHPSUH XQD VLPSOH
FUHVWDGHJDOOR
$Vt OR GLFH HQ  HO FKLOHQR -XOLR 9LFXxD &LIXHQWHV HQ VXV 0LWRV \
6XSHUVWLFLRQHVFX\DVLQIRUPDFLRQHVFRLQFLGHQEDVWDQWHFRQODVGHO0DQXDO
GH =RRORJtD IDQWiVWLFD   GHO JUDQ HVFULWRU DUJHQWLQR -RUJH /XLV
%RUJHV
(O %DVLOLVFR ±DO PHQRV HQ OD IRUPD TXH OD HVSHFLH HYROXFLRQy HQ OD
PLWRORJtD FKLOHQD± QDFH GH XQ SHTXHxR KXHYR UHGRQGR TXH SRQH XQ JDOOR
PX\ YLHMR VHJ~Q GHFtDQ HQ &KLOOiQ R FXDQGR FXPSOH VLHWH DxRV FRPR
DVHJXUDEDQ HQ &XULFy (Q VX'LFFLRQDULR GH OD OHQJXD \ GH OD FXOWXUD GH
&KLORp  5HQDWR&iUGHQDVGLFHTXHSXHGHVHUSXHVWR³SRUXQDJDOOLQD
YLHMDRXQJDOORFRORUDGR´
$GLIHUHQFLDGHRWURVPRQVWUXRVWHPLEOHVHO%DVLOLVFRVHHVFRQGHGHEDMR
GH ODV FDVDV R HQ FXHYDV GHVGH GRQGH VROR DVRPD OD FDEH]D 8QD VDELD
SUHFDXFLyQSXHVVLOHEDVWDXQDPLUDGDSDUDPDWDUDVXYtFWLPDWDPELpQXQD
VRODPLUDGDGHpVWDORPDWDUtD
(VWH SRGHU GH PDWDU \ PRULU SRU OD PLUDGD HV XVDGR FRPR GHIHQVD SRU
TXLHQHVWHPHQFUX]DUVHFRQpOOOHYDQXQHVSHMRHQODPDQRTXHGHYROYHUtD

21/54
DO%DVLOLVFRVXSURSLDPLUDGDFDXViQGRVHXQDPXHUWHLQVWDQWiQHD
3RUTXHQRHVUDURTXHHQHVWHUDURDQLPDOVXPLUDGDVHFRQYLHUWDHQXQ
YHUGDGHUREXPHUDQHVDUDUDDUPDDUURMDGL]DTXHVLQRGDHQODSUHVDYXHOYH
DOFD]DGRU

/(<(1'$6

22/54
/$7,5$1$'(/7$0$58*$/
/$ /(<(1'$HVXQDFUyQLFDLPDJLQDWLYDGHOSDVDGRGHXQDFRPXQLGDG(V
XQD ILFFLyQ SHUR VH EDVD HQ KHFKRV SRVLEOHV RFXUULGRV HQ OXJDUHV
JHRJUiILFRVFRQRFLGRV\FRQSDUWLFLSDFLyQGHSHUVRQDMHVUHDOHV
6HJ~Q VX RULJHQ R IXHQWH GH LQVSLUDFLyQ GH OD FXDO SURYHQJDQ ODV /$7,5$1$HVXQSXHEORGHOD3DPSDGHO7DPDUXJDODVRORNLOyPHWURV
OH\HQGDVSXHGHQGLYLGLUVHHQWUHVWLSRVPLWROyJLFDVKLVWyULFDVRUHOLJLRVDV GHOSXHUWRGH,TXLTXH\DPHWURVVREUHHOQLYHOGHOPDU
$OOtGRQGHKR\VHFHOHEUDODPiVFRQFXUULGDILHVWDUHOLJLRVDGHOSDtVD
PHGLDGRVGHOVLJOR;9,QDFtD±FRPRKLMDOHJtWLPDGHODKLVWRULDDPHULFDQD±
OD SULPHUD OH\HQGD GHO WHUULWRULR TXH SRU HQWRQFHV FRPHQ]DED D OODPDUVH
&KLOH
(VWDKLVWRULDFRPLHQ]DHQHO&X]FRFXDQGRHQMXOLRGHSDUWHKDFLD
&KLOHODH[SHGLFLyQGH'LHJRGH$OPDJUR3DUDIDFLOLWDUVXSDVRSRUWLHUUDV
GHO LQFDV HO HVSDxRO FRQVLJXLy OD FRPSDxtD GH 3DXOOR 7XSDF SUtQFLSH
LQFiVLFR\+XLOODF+XPD~OWLPRVXPRVDFHUGRWHGHOFXOWRGHO6ROTXLHQ
YLDMyFRQODfXVWD+XPDVXKLMDGHDxRV
<D LQVWDODGRV HQ OD ]RQD GH $WDFDPD HO VXPR VDFHUGRWH DEDQGRQy D ORV
HVSDxROHV SDUD FRODERUDU HQ XQD UHEHOLyQ LQGtJHQD SURPRYLGD GHVGH HO
&X]FR
7DPELpQ KX\y VX KLMD FRQ XQ FHQWHQDU GH VHUYLGRUHV \ZLONDVYDOLHQWHV
FDSLWDQHV FRQ ORV FXDOHV HVWDEOHFLy VXV GRPLQLRV HQ ORV ERVTXHV GH
WDPDUXJRViUEROHVTXHGLHURQQRPEUHDODDFWXDO3DPSDGHO7DPDUXJDO/D
fXVWD JREHUQDED FRQ WDO GXUH]D TXH KDVWD OHMDQDV FRPDUFDV FRPHQ]y D
FRQRFpUVHODFRPR³ODWLUDQDGHO7DPDUXJDO´
6X OLQDMH EHOOH]D \ YDOHQWtD OH JDQDEDQ OD REHGLHQFLD GH VX JHQWH WDQWR
FRPR HO WHPRU GH VXV HQHPLJRV < FRQ UD]yQ SXHV FXDOTXLHUD TXH IXHUD
KHFKRSULVLRQHURVRORGHEtDHVSHUDUSRUVHQWHQFLDODPXHUWH
<DVtIXHKDVWDHOGtDHQTXHGHELyMX]JDUDXQMRYHQ\DSXHVWRH[WUDQMHUR
¢4XLpQHUD"

23/54
'LMROODPDUVH9DVFRGH$OPH\GD
7RPDQGR HO KHFKR FRPR XQD VHxDO GLYLQD GHFLGLy HGLILFDU HQ DTXHO
¢'HGyQGHYHQtD" PLVPRVLWLRXQDLJOHVLDTXHKDVWDKR\VHVLJXHOODPDQGRGH1XHVWUD6HxRUD
GHO&DUPHQGHOD7LUDQD
'LMR SHUWHQHFHU D XQ JUXSR GH PLQHURV SRUWXJXHVHV HVWDEOHFLGRV HQ
+XDQWDMD\D &DGDGHMXOLRVHFHOHEUDDOOtOD)LHVWDGHOD7LUDQDGH7DUDSDFiQRPEUH
TXH UHSUHVHQWD PX\ ELHQ HO VHQWLGR KLVWyULFR UHOLJLRVR \ IROFOyULFR GH HVWD
¢4XpKDFtDHQODVFHUFDQtDVGHVXFDPSDPHQWR"
OH\HQGD\ODVH[SUHVLRQHVGHUHOLJLRVLGDGSRSXODUTXHKDLQVSLUDGR
'LMR DQGDU EXVFDQGR OD ³0LQD GHO 6RO´ FX\D H[LVWHQFLD OH UHYHODUD XQ
FDFLTXHDPLJR
6LJXLHQGR OD FRVWXPEUH FDSLWDQHV \ DQFLDQRV SURSXVLHURQ GDUOH PXHUWH )LHVWDGH³/D9LUJHQGHOD7LUDQD´R³/DWLUDQDGH7DUDSDFi´
LQPHGLDWD SHUR OD VDFHUGRWLVD REVHUYy ORV DVWURV \ FRQVXOWy D ORV ³9LOODFXPXRSRQWtILFHGHOVRO´GLFH)UDQFLVFRGH(QFLQDHQ+LVWRULDGH&KLOH WRPR,SiJ 
DQWHSDVDGRV \ HQ XQRV \ RWURV GLMR YHU VLJQRV GH TXH OD VHQWHQFLD GHEtD
1DVFLPHQWR(GLFLyQ
SRVWHUJDUVHKDVWDODFXDUWDOXQDOOHQD
)XHURQFXDWURPHVHVGHKDVWtRSDUDVXVJXHUUHURV\GHVXSHUVWLFLRVRWHPRU
SDUDVXJHQWHSXHVFRPRFDSLWDQDQRHPSUHQGtDQLQJXQDFDPSDxD\FRPR
VDFHUGRWLVDGHVFXLGDEDWRWDOPHQWHHOFXOWRGHVXVGLRVHV&RQHOSUHWH[WRGH
DYHULJXDUVREUHORVLQYDVRUHVSHUPDQHFtDPiVWLHPSRGHOSUXGHQWHMXQWRDO
SULVLRQHUR HO TXH D VX YH] DSURYHFKDED FDGD LQVWDQWH SDUD HYDQJHOL]DUOD
WUDWDQGRGHFRQTXLVWDUVXDOPDSDUD'LRV\VXFRUD]yQSDUDpO
<DYDQ]DEDHQDPEDVFDPSDxDVSXHVFXDQGRVHDFHUFDEDODWHUFHUDOXQD
OOHQDODHQDPRUDGDfXVFDOHSLGLyTXHODEDXWL]DUDVLGHHVHPRGRHOGLRV
GHpOKDUtDTXHVXVDOPDVUHVXFLWDUDQ\SXGLHUDQHQFRQWUDUVHHQHOPiVDOOi
6LQ VRVSHFKDU TXH HUD YLJLODGD OR FRQGXMR D XQ DUUR\R MXQWR DO FXDO
$OPH\GD SODQWy XQD FUX] TXH KDEUtD ODEUDGR HQ VX FDXWLYHULR (OOD VH
DUURGLOOy \ pO WRFiQGROD FRQ HVDV EHQGLWDV DJXDV HVWDED GLFLHQGR ODV
SDODEUDVULWXDOHV
±³<RWHEDXWL]RHQHOQRPEUHGHO3DGUHVGHO+LMR\GHO(VStULWX´FXDQGR
XQDOOXYLDGHIOHFKDVLQWHUUXPSLyODSOiFLGDHVFHQDHQODTXH±FRPRTXHUtD
ODVDFHUGRWLVDLQFiVLFD±SDVyDOPiVDOOiMXQWRDVXDPDGRH[WUDQMHUR
0XFKRWLHPSRGHVSXpVFXDQGR\DHQHOQRUWHVHKDEtDQIXQGDGR&RSLDSy
\ /D VHUHQD SDVy SRU HO OXJDU IUD\ $QWRQLR 5RQGyQ HYDQJHOL]DGRU GH OD
]RQDGH3LFD*UDQGHGHELyVHUVXVRUSUHVDFXDQGRHQPHGLRGHHVRVERVTXH
GHWDPDUXJRVYLRDO]DUVHXQDFUX]FULVWLDQD

24/54
$xDxXFDQR³YLYLyPXFKRVDxRV´FRPRHQORVFXHQWRV6HPXULySURQWR
GHXQDHQIHUPHGDGELHQFRQRFLGDSRUODV³PDFKLV´LQGtJHQDVODV³PHLFDV´
FDPSHVLQDV\ORVGRFWRUHVGHODJUDQFLXGDG
/$$f$f8&$
(O FLHOR VH SREOy GH QXEHV D OD KRUD GH VX PXHUWH \ OORYtD FXDQGR OD
HQWHUUDURQ
$OGtDVLJXLHQWHHOVROYROYLyDRFXSDUVXOXJDUHQHOFLHORQRUWLQR<OD
$/ 48( +$ 9,672IORUHFHU HO MDUGtQ OH IDOWD XQD PDUDYLOOD YHU IORUHFHU HO WXPEDGHODKHUPRVDMRYHQTXHPXULyGHDPRUVHFXEULyGHIORUHVURMDV
GHVLHUWR(OIHQyPHQRVHOODPD£GHVLHUWRIORULGR\VHSURGXFHFLHUWRVDxRV /DYHUGDGHVTXHWRGRHOYDOOHGHVWHxLGRORVFHUURVSDUGRVVHWHxtDQGH
HQTXHXQDVFXDQWDVOOXYLDVSHUPLWHQODDSDULFLyQGHIORUHVPXOWLFRORUHV HVWDIORUGHOQRUWH
3HUR QL HVR H[LJH OD DxDxXFD TXH FRQ VROR HO ³ULHJR´ GH XQD GHQVD /DOODPDURQ$xDxXFD
QHEOLQD HQFLHQGH DTXt \ DOOi VXV OXFHV URMDV FRPR GLFLpQGROH £DOWR DO
GHVLHUWRTXH\DODDWURSHOOD
&XHQWD OD WUDGLFLyQ TXH HVWD IORU QDFLy ³GH OD QRFKH D OD PDxDQD´ 3DUD
 (Q OD GLYXOJDGD YHUVLyQ GH 0DQXHO *DQGDULOOD HVH SREODGR VHUtD 0RQWH 3DWULD \ OD pSRFD ±
YROYHU D HVH GtD KD\ TXH UHWURFHGHU DO WLHPSR GH OD FRQTXLVWD HVSDxROD \
GHPDVLDGRUHFLHQWH±ODFRORQLDHVSDxRODFXDQGRVHOODPDED0RQWH5H\
PiV DWUiV D~Q DO WLHPSR GH OD GRPLQDFLyQ LQFD < KD\ TXH LU SRU YDOOHV \
9HU1RWDV&RPSOHPHQWDULDV
FHUURV GHO QRUWH KDVWD HQFRQWUDU HVH SREODGR HQ TXH YLYtD XQD KHUPRVD
&DWHDGRUH[SORUDGRUGHOWHUUHQRHQEXVFDGHYHWDVPLQHUDV
MRYHQODIORUGHOOXJDU$xDxXFD
'HUURWHURLQGLFLRRVHxDOTXHODSUHVHQFLDGHPLQHUDOHVGHMDYHUHQODVXSHUILFLH\TXHJXtDDO
$GPLUDGDS~EOLFDPHQWH\HQYLGLDGDRDPDGDHQVHFUHWRHOODFRUUHVSRQGtD ³FDWHDGRU´
HQWUHJDQGR VX DPLVWDG D WRGRV VX DPRU D QLQJXQR +DVWD TXH XQ GtD SDVy /H\ILQDDOWDSURSRUFLyQGHPLQHUDOSXUR

SRUHOSREODGRXQMRYHQFDWHDGRUEXHQPR]R\DOHJUH(VGHFLUpOSHQVDED
SDVDUSRUDOOtSHURDOFRQRFHUDODMRYHQFUH\yHQFRQWUDUORTXHEXVFDED\VH
TXHGy(OODWDPELpQFUH\yTXHKDEtDOOHJDGRORTXHHVSHUDED\OHHQWUHJyVX
FRUD]yQGHRUR
<FRPRHQORVFXHQWRV³IXHURQPX\IHOLFHV´3HURQRSRUPXFKRWLHPSR
3RUTXHXQGtDHOPLQHURWXYRXQVXHxRGLFHQXQRVRXQGDWRGLFHQRWURV±R
HQFRQWUyXQQLGRGHDOLFDQWRGLJR\R\SDUWLyWUDVHVHGHUURWHUR
$xDxXFD VRxy SULPHUR YHUOR YROYHU FDUJDGR GH SLHGUDV GH ILQD OH\
GHVSXpVLPDJLQyTXHYROYtDSDUDOOHYiUVHODDWLHUUDVOHMDQDVSRU~OWLPROR
FUH\yYtFWLPDGHXQURGDGR\VRORGHVHDEDFXUDUVXVKHULGDV
3HURQRYROYLyULFRQLSREUHQLKHULGR³6HORWUDJyODWLHUUD´

25/54
$xRVGHVSXpVFXDQGRHOQXHYRDVXQWRSDUHFtDWDPELpQROYLGDGRORVTXH
VH DYHQWXUDURQ D FD]DU LU SRU OHxD R VLPSOHPHQWH SDVDEDQ SRU HO FHUUR
XELFDGR DO QRUWH GH /D 6HUHQD ±GH  PHWURV GH DOWXUD \ D XQRV 
-8$162/'$'2 NLOyPHWURVGHOUtR&RTXLPER±FRQWDEDQGHXQYHQHUDEOHDQDFRUHWDOOHJDGR
GH OHMDQDV WLHUUDV TXH HUD HO SULPHUR HQ DYLVDU OD SUHVHQFLD GH XQD QDYH
VREUHHOPDUSUHYLQLHQGRDOYHFLQGDULRGHXQSRVLEOHDVDOWRSLUDWD'HVGHHO
S~OSLWR HO PLVPR FXUD 3DGtQ 0RUDOHV TXH KDEtD FRQGHQDGR D -XDQ 'tD]
(VWHSHUVRQDMHGDRULJHQDODOH\HQGDFKLOHQDPiVDQWLJXDTXHVHFRQVHUYD SURSRQtD DO DQDFRUHWD FRPR PRGHOR GH YLUWXG $Vt SDVDED HO WLHPSR \ ORV
GHVGHODOOHJDGDGHORVHVSDxROHVODTXHH[SOLFDHOQRPEUHGH-XDQ6ROGDGR VHUHQHQVHV FDGD YH] TXH HO KXPR GH XQD IRJDWD HQ OR DOWR GHO FHUUR OHV
GHXQFRQRFLGRFHUURGH/D6HUHQD DQXQFLDED OD FHUFDQtD GH XQ EDUFR DJUDGHFtDQ OD EHQpILFD SUHVHQFLD GHO
HUPLWDxR
3DUD0DQXHO&RQFKDVHOODPDED-XDQ'tD]\VXDSRGRGH-XDQ6ROGDGR
OH YHQtD GH VX FRPSRUWDPLHQWR GHPDVLDGR RUJXOORVR SDUD VX PRGHVWtVLPD <DVtIXHKDVWDHOPLVPRGtDHQTXHILMDQGRXQRVOLQGHURVGHODKDFLHQGD
FRQGLFLyQ GH KRPEUH GH SXHEOR VLQ ELHQHV DXQTXH GXHxR GH FLHUWD LQQDWD OODPDGDHQWRQFHV3XQWD\KR\&RPSDxtDVHGHVFXEULyHOFDGiYHUGHO³VDQWR
VLPSDWtD $ OD PHQRU GLVFXVLyQ S~EOLFD VDFDED D UHOXFLU VX FDOLGDG GH YDUyQ´ TXH DFDEDED GH PRULU 6ROR HQWRQFHV IXH UHFRQRFLGR £(UD -XDQ
³VROGDGRGHGRQ-XDQGH$XVWULDKLMRGHGRQ)HOLSH,9´FRQTXLHQKDEUtD 'tD]
KHFKRODFDPSDxDGH1iSROHV (OFRUUHJLGRU*UHJRULR&RUWpV\0RQUR\TXHGLULJtDHOJUXSRIXHGHORV
(VWRVDUUHVWRVGHKRPEUHGHKRQRUOROOHYDURQLQFOXVRDUHWDUDGXHORDGRV SULPHURVHQYHUOR
GH ORV PiV SURPLQHQWHV YHFLQRV GH OD FLXGDG TXH OR KDEtDQ LQVXOWDGR HQ ±+DH[SLDGRVXFULPHQ±GLMR<DFWRVHJXLGRGLVSXVRTXHDSDUWLUGHHVH
6HDSRUTXHODGLJQLGDGGHVXUDQJRVHORLPSHGtD±FRPRDVHJXUDURQ LQVWDQWHHOOXJDUIXHUDOODPDGRFHUURGH-XDQ6ROGDGR
DPERV R SRU FREDUGtD FRPR OHV GLMR -XDQ± ORV GRV YDURQHV OR UHFKD]DURQ
LQGLJQDGRV \ IXHURQ D TXHMDUVH DQWH HO FXUD (Q HO VHUPyQ GRPLQLFDO pVWH
FRQGHQyDO³VROGDGLOOR´FRPRRIHQVRUDODVEXHQDVFRVWXPEUHV\ODVRFLHGDG
VHUHQHQVHORH[SXOVyGHODFLXGDG
-XDQ6ROGDGRPDUFKyDOGHVWLHUURFRQODFDEH]DHQDOWR\HOSDVRILUPH/D
SD]YROYLyDOOXJDU
7LHPSR GHVSXpV FXDQGR HO DVXQWR SDUHFtD WRWDOPHQWH ROYLGDGR GRV
GLVWLQJXLGRV YHFLQRV GH OD FLXGDG DPDQHFLHURQ PXHUWRV D SXxDODGDV (UDQ
GRQ0DUtDGHOD3HxD\GRQ-XVWRGH&HSHGDORVPLVPRVDTXLHQHVHQYDQR
H[LJLHUD³OLPSLDUVXKRQRU´-XDQ6ROGDGR
&RPR HUD GH HVSHUDU VH SURPXOJDURQ EDQGRV DO VRQ GH WURPSHWDV
OODPDQGR D HQFRQWUDU FDSWXUDU R GHQXQFLDU D -XDQ 'tD] DOLDV HO 6ROGDGR
3HURSDVyHOWLHPSRVLQTXHMDPiVVHGLHUDFRQVXSDUDGHUR\ODYLGDUHWRUQy
VXFXUVRQRUPDO

26/54
(Q7UDGLFLRQHVVHUHQHQVHV
$QDFRUHWDUHOLJLRVRTXHYLYHHQXQOXJDUDOHMDGRHQWUHJDGRDODPHGLWDFLyQ\ODSHQLWHQFLD

27/54
ORTXHHOGHYRWRPLQHURUHVSRQGLyTXHHVDHUDXQDRIUHQGDGHODYLUJHQ\
FRPRWDOODJXDUGDUtD

/$0,1$0$/',7$ 3HURODYLVWDGHDTXHOWHVRURKDEtDGHVSHUWDGRODFRGLFLDGHOIUDLOHTXLHQ
LQVLVWLyHQSHGLUOR\DOQRFRQVHJXLUORFRQUXHJRVLQWHQWyDUUHEDWDUORSRUOD
IXHU]D
'HVFRQFHUWDGRHOPLQHURVLQVDEHUFyPRUHDFFLRQDUDQWHXQDFRQGXFWDWDQ
'85$17( (/ 3(5Ë2'2GHOD3DWULD9LHMDODKDFLHQGD5XQJXHXELFDGDHQOD LPSURSLDSHUGLyODSDFLHQFLDDO]yODPDQR\OHDVHVWyXQDERIHWDGD
DQWLJXDUXWD9DOSDUDtVR±6DQWLDJRSDUHFLyGHVWLQDGDDLQJUHVDUDODKLVWRULD $KRUD HO GHVFRQFHUWDGR IXH HO IUDLOH DXQTXH VXSR H[DFWDPHQWH OR TXH
GH&KLOHFXDQGRVXSURSLHWDULRRIUHFLyGRQDUXQDSDUFHODDOSULPHUVROGDGR GHEtD KDFHU YXHOWR KDFLD OD ERFDPLQD DO]y VX PDQR \ GLFLHQGR XQDV
TXHHQHOFDPSRGHEDWDOODDUUHEDWDUDXQFDxyQDORVHVSDxROHV SDODEUDVHQODWtQODPDOGLMRWUHVYHFHV
/RFXULRVRHVTXHQDGLHUHFXHUGDVLDOJ~QVROGDGRFREUyHVDUHFRPSHQVD 7HPEOy OD WLHUUD \ XQ HVWUXHQGR URGy SRU OD FROLQD FRPR VL XQ UtR GH
\ HQ FDPELR LQJUHVy D OD OH\HQGD HO QRPEUH GH 0DUWtQ 9HJD TXH D GLDULR SLHGUDVVHGHVERUGDUDSRUGHEDMRGHODVUDtFHVGHORViUEROHV
VDOtDDOFDPSRDGDUODEDWDOODSRUHOSDQVLQHPSXxDUPiVDUPDVTXHVXV
KHUUDPLHQWDVGHODEUDQ]D ¢<ODPLQD"1XQFDPiVVHVXSRGHHOOD

< IXH MXVWDPHQWH HQ HVDV IDHQDV TXH VX DUDGR GHMy DO GHVFXELHUWR XQ ¢<0DUWtQ9HJD"/DOH\HQGDDVHJXUDTXHPXULyVROR\SREUH7DQSREUH
³SDSDOGHSODWD´FRPROODPDQORVPLQHURVDXQWHUUHQRFRQWUR]RVGLVSHUVRV FRPR PXULHURQ PXFKRV GHVFXEULGRUHV GH JUDQGHV ULTXH]DV PLQHUDV GH
GHSODWDQDWLYDGHVSUHQGLGRVGHODYHWDSULQFLSDOGHDOJXQDPLQDFHUFDQD &KLOH
9HJDEXVFyDIDQRVDPHQWHHVDYHWD\VLJXLHQGRHOFXUVRQRUHVWHGHOHVWHUR 6HJ~Q OD WUDGLFLyQ RUDO 9HJD GHVFXEULy OD PLQD HQ  ³HO DxR GH ORV
5XQJXHODGHVFXEULyHQORDOWRGHXQDFROLQDFX\RVIDOGHRVGHVFLHQGHQDORV &DUUHUD´FRPROROODPyODJHQWHGHDTXHOWLHPSR
OODQRVGH3ROSDLFR 0iVGHPHGLRVLJORGHVSXpV%HQMDPtQ9LFXxD0DFNHQQDHQVXKHUPRVR
'HYRWRGHOD9LUJHQGHODV0HUFHGHVKDEtDSURPHWLGROHYDQWDUOHXQDOWDU OLEUR'H9DOSDUDtVRD6DQWLDJRHVFULEH³+R\GtDORVFHUURVGH5XQJXHGH
HQ HO PLVPR VLWLR GRQGH GHVFXEULHUD OD PLQD \ GH LQPHGLDWR VH GLVSXVR D 7LOWLO \ GH 3ROSDLFR HVWiQ FXELHUWRV GH LQIDWLJDEOHV FDWHDGRUHV \ WRGRV
FXPSOLU VX SDODEUD &RPHQ]y FRQ XQD SURYLVRULD FDSLOOD GH SLHGUD GRQGH EXVFDQFRQDIiQODPLQDPDOGLWD¢/DHQFRQWUDUiQ"´
LQVWDOyXQDLPDJHQGHODYLUJHQSRUODFXDOSDJyVXSHVRHQSODWD
'DQJDQDVGHUHVSRQGHUOH±£1XQFD
/D RUGHQ GH OD 0HUFHG VH LQWHUHVy HQ OD QDFLHQWH FDSLOOD \ XQ GRPLQJR
3HURQXQFDGLJRQXQFDSRUTXHQDGLHVDEHORTXHSXHGDSDVDUHQHOIXWXUR
HQYLy D XQ IUDLOH MRYHQ \ DQLPRVR D GHFLU PLVD HQ HO OXJDU 7HUPLQDGR HO
FXDQGRDORVMyYHQHVOHFWRUHVGHHVWHOLEURWHQJDQPLHGDG\OHVFRUUHVSRQGD
RILFLRHOFXUDVHGHVSLGLyGHOYHFLQGDULR\DFRPSDxyD9HJDKDVWDODPLQD
FRQWDUVXVSURSLDVKLVWRULDV
TXH\DFRPHQ]DEDDVHUYLVLWDGDSRUFXULRVRV\FDWHDGRUHV
/OHJDURQ D ODV IDHQDV MXVWR FXDQGR XQ VXGRURVR DSLU DSDUHFtD HQ OD
ERFDPLQD FDUJDQGR VREUH VXV HVSDOGDV XQD ³SDSD´ GH SODWD QDWLYD GH XQRV
7UDEDMDGRUHQFDUJDGRGHWUDQVSRUWDUHOPLQHUDOGHVGHHOIRQGRGHODPLQDKDVWDODVXSHUILFLH
FXDUHQWDNLORV'HVOXPEUDGRHOIUDLOHQRUHVLVWLyODWHQWDFLyQGHSHGtUVHODD

28/54
(QWUHHOORV-XDQ*RGR\TXHDNLOyPHWURVGH&RSLDSyHOGHPD\RGHGHVFXEULy
&KDxDUFLOORHOPLQHUDOGHSODWDPiVULFRGH&KLOH
,PSUHQWDGHOD/LEUHUtDGHO0HUFXULR6DQWLDJR
25,*(1'(/08*$,,5,

$78$ 85( 5$1*, ±GHFLPRVpSWLPR UH\ GH ORV SDVFXHQVHV± H[LPLy D ORV
FRQVWUXFWRUHVGHHVWDWXDVGHWRGRWUDEDMRTXHQRIXHUDHVFXOSLUVXVIDPRVRV
PRDLV/DDOLPHQWDFLyQGHHVWRVDUWLVWDVIXHHQFDUJDGDDORVSHVFDGRUHVGHOD
LVOD
(VWHHVIRU]DGRJUHPLRWHQtDXQDYLGDGLItFLO$SDUWHGHVXSHOLJURVDODERU
HQHOPDUFRQVXPtDJUDQSDUWHGHVXWLHPSRHQWLHUUDIDEULFDQGRDQ]XHORV
TXH SRU HQWRQFHV VH KDFtDQ GH SLHGUD (UD XQ ODUJR WUDEDMR GH WDOODGR \
SXOLPHQWDGRKDVWDDOFDQ]DUODIRUPDDGHFXDGD
3RUPX\GLHVWURVTXHIXHUDQHQODIDEULFDFLyQGHDQ]XHORVRHQVXXVRORV
SHVFDGRUHVGHEtDQODPHQWDUTXHXQDOWRSRUFHQWDMHGHSHFHVORJUDUDVROWDUVH
XQDYH]PRUGLGRHODQ]XHOR
(VWR WUDtD PX\ PROHVWR DO MRYHQ 8UH D 9DL D 1XKH R 8UHYDLVDXV 
GHVFHQGLHQWHGHIDPRVRVSHVFDGRUHV
8QDQRFKHPLHQWUDVLQYRFDEDDOGLRV0HD.DKLVHOHDSDUHFLyHOHVStULWX
GHODQFLDQRSHVFDGRU7LUDNRNDTXLHQOHH[SOLFyTXHORVIUDFDVRVHQODSHVFD
VHGHEtDQDODPDODFDOLGDGGHORVDQ]XHORV
±9HDODFXHYDGRQGHVHSXOWDVWHHOFDGiYHUGHWXSDGUH±OHGLMR±\WRPDXQ
WUR]RGHOPXVOR&RQpOKDUiVXQDQ]XHORGHSXQWDEDUEDGD
&XDQGR HO MRYHQ VH UHSXVR GH OD LPSUHVLyQ VLJXLy ODV LQVWUXFFLRQHV
UHFLELGDV\VHGLULJLyDOPDU$OOtSDVDEDHOGtD\UHJUHVDEDSRUODWDUGHVLQ
SHVFDDOJXQDFDXVDQGRODEXUODGHORVTXHDQWHVORDGPLUDEDQ(VTXH\DHQ
VXFDQRDOHMRVGHWRGRVQRKDFtDRWUDFRVDTXHSHUIHFFLRQDUHODQ]XHORGH
KXHVRFX\DSXQWDLPSHGLUtDTXHHOSH]ORVROWDUD
(O GtD TXH OR WXYR OLVWR HOLJLy XQ VLWLR DOJR DSDUWDGR GH PRGR TXH ORV
GHPiVQRORYLHUDQKDVWDODWDUGHFXDQGRUHJUHVyFRQVXFDQRDFROPDGDGH

29/54
SHFHV1RKD\SDUDTXpGHFLUFyPRORHVSLDURQSDUDFRQRFHUVXVHFUHWRSHUR
pOORPDQWXYRHQDEVROXWDUHVHUYD
7DQWRPROHVWyDOUHVWRVXDFWLWXGTXHXQGtDORDERUGDURQHQSOHQDIDHQD (/5272
(QODFRQIXVLyQPXFKDVFDQRDVVHYROFDURQ\QRSRFRVVHDKRJDURQHQWUH
HOORVHOMRYHQLQYHQWRU 48((1*$fÏ$/',$%/2
3HUR VL pO SDJy FRQ VX YLGD XQ GHVPHGLGR DIiQ GH VREUHVDOLU VX FDQRD
PRVWUy D WRGRV HO VHFUHWR GH VX p[LWR HO DQ]XHOR GH KXHVR TXH GHVGH
HQWRQFHVVHLQFRUSRUyDOSURJUHVRGHODFRPXQLGDG
(VWRVDQ]XHORVGHKXHVROODPDGRVPXJDLLULVHIDEULFDURQGHVGHHQWRQFHV (/ ',$%/2 HV WDQ GLDEOR TXH KDVWD ORV PiV GLDEOD]RV OH WHPHQ D VXV
FRQ HO KXHVR GHO PXVOR GHO SHVFDGRU IDOOHFLGR /D FXUYD VH KDFtD FRQ XQD GLDEOXUDV
SHTXHxD UHEDUED TXH LPSLGH TXH HO SH] OR VXHOWH (V XQ LQVWUXPHQWR TXH (VTXHQDGLHVHDWUHYHFRQHO'LDEOR±DOPHQRVHVRSHQVDEDpO±KDVWDTXH
FXPSOHWDQELHQVXSURSyVLWRTXHKDVWDKR\VHHQFXHQWUDQQDWLYRVTXHORV FLHUWD YH] KDFH PXFKR PXFKtVLPR WLHPSR VH HQFRQWUy FRQ XQ URWLWR
SUHILHUHQDORVGHIDEULFDFLyQLQGXVWULDO FKLOHQR
%DUWRORHUDXQKXDVRMRYHQDOTXHWRGROHVDOtDPDOHVHDxRHQRWRxRVH
KHODURQVXVFKDFUDV\HQLQYLHUQRVHKXQGLyHOVHPEUDGR'HSXURIODFDVH
$Q]XHORGHKXHVRXVDGRHQ,VODGH3DVFXD PXULyVXYDFD$VtTXH%DUWRORWLUyHO\XJRHODUDGRODUDVWUDHOUDVWUyQ\
(VWHKR\GHEHHQWHQGHUVHUHIHULGRDDxRGHODSXEOLFDFLyQGHOOLEUR7H3LWR7H+HQXD R,VOD SDUWLyHQEXVFDGHPHMRUVXHUWH
GH3DVFXD GH:-7KRPVRQ7XYLPRVDODYLVWDODWUDGXFFLyQGH+LOGD)XHQWHV$QDOHVGHOD 7HQtD XQRV WtRV HQ OD FRVWD SHUR ¢FyPR VH KDUtD SHVFDGRU VL QL VLTXLHUD
8QLYHUVLGDGGH&KLOH1ž± FRQRFtD HO PDU" ³6HU PLQHUR GHEH VHU PiV IiFLO´ SHQVy %DUWROR
HQFDPLQiQGRVH D ORV ODYDGHURV GRQGH GHFtDQ TXH ODV SHSLWDV GH RUR VH
KDOODEDQFRPRFKLFKDUURQHVHQXQSODWRGHSRURWRV
3HURQRHQFRQWUyRUR
9ROYLHQGRWULVWHDFDVDSHQVyVLHORUREULOODUtDFRPRHVFDPDVGHSHFHVHQ
ODUHGRODVSHSLWDVVHUtDQFRPRJUDQRVGHWULJRHQODHUD
2VFXUHFLyHQHOERVTXH7XYRPLHGR3HURPiVPLHGRWHQtDGHYROYHUDVX
WLHUUD VLQ XQ FREUH SRUTXH SURQWR VHUtD ³HO ´ \ pO TXHUtD EDLODUVH XQDV
EXHQDVFXHFDVFRQOD3HWDODQLxDPiVOLQGD\KDFHQGRVDGHODFRPDUFD
(QWRQFHVUHFRUGyTXHVXDEXHOROHKDEtDFRQWDGRGHTXpPDQHUDVHKDEtD
KHFKRULFRXQSDWUyQVX\R
±£0iVTXHKDJRSDFWRFRQHO'LDEOR±H[FODPy%DUWROR\ORVSHORVVHOH

30/54
SDUDURQGHVXVWR ±0X\ELHQ±OHGLMR±KDUWRJR]DVWHDKRUDWHOOHYRDOLQILHUQR
6DFDQGRIXHU]DVGHIODTXH]DWRPyDOLHQWR\OODPyWUHVYHFHVDO3DWDVGH ±¢&yPR TXH WH OOHYR" ±GLMR LUyQLFR %DUWROR± 7DQ GLDEOR TXH HV \ QR
+LOR VDEHOHHU
8Q UHOiPSDJR DEULy GH SDU HQ SDU ODV SXHUWDV GHO FLHOR \ SRU OD WLHUUD 'HPDODJDQDHO'LDEORVDFyHOSDFWR\OH\y
URGDURQ WRGRV ORV UXLGRV GHO ERVTXH (QWRQFHV OR YLR GH SHUD \ ELJRWH \
%DUWROR/DUDQRWHOOHYDUpKR\SHURWHOOHYRPDxDQD
UDERGHFKLVSDVSRUORVRMRV\XQDULVDGHOGHPRQLRORYLR
±(VYHUGDG±GLMR±ODFRVDHVPDxDQD
$OOtVHHVWXYLHURQ%DUWROR\HO'LDEORKDEODQGRGHQHJRFLRVGHYHQGHUOH
VXDOPDDO'LDEOR£QRWHQtDPiVTXHYHQGHUHOKXDVR%DUWROR&LHQPLOSHVRV ±$Vt HV ±DVLQWLy %DUWROR± SHUR GpMHPH RWURV FLHQ PLO SRU HO YLDMH \ OD
OHSLGLySRUVXDOPDSHQVDQGRTXHVLYROYtDHQHVDIDFKDOD3HWDQRGDUtDXQ SXQWXDOLGi
FHQWDYRSRUpO
(O0DORVHORVGLR
/HSDUHFLyEXHQSUHFLRDO'LDEOR6HORVGLR
±£0DxDQDWHHVSHUR±GLMRDOSDViUVHORV
±3HUR KD\ TXH ILUPDU XQ SDFWR ±GLMR HO 'LDEOR± ¢&XiQGR TXHUtV TXH WH
±0DxDQDYROYHUp±DVHJXUyHOKXDVR
OOHYH"
<GLFHQTXHHO'LDEORYROYLyHVHGtD\DORWUR\DOVLJXLHQWHSHURVLHPSUH
±+R\PLVPR±UHVSRQGLy%DUWRORKDFLpQGRVHHOGHODVFKDFUDV %DUWRORORKDFtDOHHUHOSDFWR
6H H[WUDxy PXFKR HO GHPRQLR SXHV WRGRV OH SHGtDQ DxRV \ DxRV SDUD %DUWROR/DUD
JR]DUODYLGD3RUILQDFRUGDURQTXHYHQGUtDDEXVFDUORPDxDQD(O0DOROH
SLQFKyHOGHGRGHOFRUD]yQDOKXDVR\FRQVXPLVPDVDQJUHHVFULELy QRWHOOHYDUpKR\

%DUWROR/DUD SHURWHOOHYRPDxDQD

QRWHOOHYDUpKR\ ±£0HKLFLVWHOHVR±OHJULWyXQGtD\DFDQVDGRHO'LDEOR\ODVFKLVSDVGH
VXVRMRVHQFHQGLHURQHOD]XIUHTXHHVHODOLPHQWRSUHIHULGRGHOGHPRQLR\
SHURWHOOHYRPDxDQD HVWDOOy
(QFXDQWRHOURWLWRILUPyHOSDFWRHO'LDEORORJXDUGy\GHVDSDUHFLyHQ $UGLyFRPRORVIXHJRVDUWLILFLDOHVTXH%DUWRORHQFHQGLyHQODUDPDGDHVH
XQDH[SORVLyQGHIXHJRKXPR\RORUGHD]XIUH 'LHFLRFKREDLODQGRFRQOD3HWD
1RKD\SDUDTXpGHFLUFyPROOHJyDOFDPSR%DUWRORHQFDEDOORFKLOHQR /RV QLHWRV GH VXV QLHWRV FXHQWDQ DKRUD TXH %DUWROR QR WUDWy PiV FRQ HO
PRQWXUDFRUUDOHUDHVSXHODVGHSODWD\SRQFKRPXOWLFRORU8QPR]RDUUHDED 0DOR+L]RSDFWRFRQODWLHUUD\HOODOHGLRVLHPSUHURFtRGHSODWD\HVSLJDV
XQQRYLOORSDUDHODVDGR\RWURYHQtDHQFDUUHWDFRQXQDWUHPHQGDSLSD\XQ GHRURTXHVRQODIRUWXQDGHORVFDPSHVLQRV
ED~OGHUHJDORVSDUD3HWD
3HURFXDQGRDPHGLDQRFKHD~OODQODVWLPHUDPHQWHORVSHUURVORVDQFLDQRV
6H OHV KL]R FRUWR HO GtD SDUD OD ILHVWD SHUR DSHQDV DQRFKHFLy %DUWROR DVHJXUDQ TXH HV HO 'LDEOR TXH WRGDYtD URQGD OD FDVD GHO URWR SLOOR TXH OR
PRQWy D FDEDOOR \ SDUWLy D VX FLWD (O 'LDEOR OR VDOXGy FRQ VX ULVD HQJDxy
HQGHPRQLDGD

31/54
8QRGHORVDSRGRVGHO'LDEOROODPDGRWDPELpQ0DOR0DOXOR&DFKXGRHWF
+DFLpQGRVHHOWRQWRHOLQJHQXR

32/54
IHVWHMRVSRUODYLFWRULDGH0DULKHxX
6XFRQRFLPLHQWRGHOLQYDVRULEDDVHUWRWDOPHQWHLQHVSHUDGR
//$&2/e1 $OVDOLUGHODODJXQDXQH[WUDxRVHUYHVWLGRGHPHWDOGDEDGHEHEHUDVX
FDEDOJDGXUD7DQSiOLGRFRPRSXGLHUDHVWDUXQKRPEUHHQIHUPRFDQVDGRR
WULVWH1RVDEHPRVFyPRVHLQLFLyODFRPXQLFDFLyQ1LFyPRFRQWLQXyFRQ
HQFXHQWURV UHDO R VLPXODGDPHQWH FDVXDOHV 1L FyPR HVWH HQHPLJR GH VX
(/ 25,*(1 '(/ 120%5( GH HVWD ODJXQD GH &RQFHSFLyQ VH VXPHUJH HQ OD SXHEORVHIXHKDFLHQGRDOLDGRGHVXFRUD]yQ
pSRFDGHOD&RQTXLVWDGH&KLOH0iVH[DFWDPHQWHODOOHJDGDGHOJREHUQDGRU 6ROR SRGHPRV LPDJLQDU OD PH]FOD GH LUD \ SHQD TXH GRPLQy D /ODFROpQ
*DUFtD+XUWDGRGH0HQGR]DTXHUHHPSOD]DDGRQ3HGURGH9DOGLYLD DTXHOGHQRYLHPEUHGHFXDQGRVXSDGUHOOHJyDODUXFDDFODPDGRSRU
9HQtDQ HQ HO VpTXLWR GH GRQ *DUFtD DOJXQRV MyYHQHV RILFLDOHV FRQ VXV JXHUUHURV D TXLHQHV VDOXGDED DO]DQGR ORV HQVDQJUHQWDGRV PXxRQHV GH
H[SHULHQFLD HQ OD FRUWH HVSDxROD OR TXH VLJQLILFD TXH HUDQ WDQ GLHVWURV HQ VXVPDQRVFRUWDGRVDJROSHGHKDFKD
OLGHVGHHVSDGDFRPRHQODQFHVGHDPRU(OPiVIDPRVRSHURQRHO~QLFR 0LOODQW~HVWXYRHQWUHORVJXHUUHURVTXHQRVHGHVSHJDURQGH*DOYDULQRHQ
HUDGRQ$ORQVRGH(UFLOOD\=~xLJD ORVGtDVVLJXLHQWHV
(VWHSRHWDVROGDGRFRQWDUtDODKHURLFDYLGDPLOLWDUGH*DOYDULQRSHURVX 7UDWDQGR GH SRQHU RUGHQ HQ VX PHQWH OD MRYHQ /ODFROpQ VH GLULJLy D OD
YLGDIDPLOLDUSHUWHQHFHDODOH\HQGD ODJXQDXQDWDUGHFHU2GLDEDDWRGRVORVHVSDxROHVSHURQRHVWDEDVHJXUDGH
(VWH ³YDOHURVR \ DWUHYLGR´ FDFLTXH YLYtD MXQWR D OD ODJXQD HQ WHUULWRULR VLHVH³WRGRV´LQFOXtDWDPELpQDXQR
PDSXFKHSXHVODFLXGDGGH&RQFHSFLyQVHDO]DEDHQWRQFHVVREUHORTXHKR\ &XDQGRQRWyVXDXVHQFLD0LOODQW~REHGHFLHQGRDVXLQVWLQWRGHOSHOLJUR
HV3HQFR WRPy VX PD]D \ VH HQFDPLQy D OD ODJXQD $KRUD PiV TXH QXQFD GHEHUtD
(VSRVLEOHTXH*DOYDULQRIXHUDHQWLHPSRGHSD]XQDIHFWXRVRKRPEUHGH EULQGDUOHSURWHFFLyQ
IDPLOLDFRPRVXJLHUHVXYHUGDGHURQRPEUH&DOKXDUsQJRTXHHQVDO]DODV &RPR XQD YLVLyQ /ODFROpQ YLR DFHUFDUVH GHVGH HO ODGR GHO %tR %tR DO
SURSLHGDGHVPHGLFLQDOHVGHOPDt]HQFRQWUDVWHFRQHOVHQWLGRJXHUUHURGHOD MRYHQRILFLDOHVSDxRO&DPLQDEDOHQWDPHQWHDSLHFRQVXFDEDOORGHWLUR
PD\RUtDGHORVQRPEUHVPDSXFKHV
$/ODFROpQOHDUGLyHOURVWUR6HORPRMyFRQDJXDGHODODJXQDGRQGHVX
6LHVDVtQRHVUDURTXHVLQWLHUDJUDQDPRUSRUVXKLMD/ODFROpQSDUDTXLHQ PDQR WRFy XQD SLHGUD¢'HEtD DO]DUOD \ DUURMDUOD D HVH KHUPRVR URVWUR" ¢2
KDEtD FRQFHUWDGR XQ PDWULPRQLR GLJQR FRQ 0LOODQW~ HO IRUQLGR KLMR GHO VLPSOHPHQWH GHEHUtD KXLU GH pO SDUD VLHPSUH" <D FHUFD HO FDSLWiQ
FDFLTXH/RQFR GHVHQYDLQy VX HVSDGD ³7DO YH] OR PHMRU VHUtD TXH PH PDWDUD´ SHQVy
6LJXLHQGR OD FRVWXPEUH GH VX UD]D /ODFROpQ EDMDED GH PDGUXJDGD D OD LQVWLQWLYDPHQWH/ODFROpQ
ODJXQDDEDxDUVH\WUHQ]DUVHVXODUJDFDEHOOHUD 3HURHQWRQFHVYLRTXHHODGHPiQHUDFRQWUD0LOODQW~TXHOOHJDEDSRUHO
+DVWDHQWRQFHVODLQYDVLyQH[WUDQMHUDKDEtDVLGRDOJROHMDQRSDUDHOOD\ODV ODGRRSXHVWR%ULOOyODHVSDGD=XPEyODPD]D)XHXQDOXFKDEUHYHFRPR
PXMHUHVGHOPDSXODFXULRVLGDGGHFRQRFHUXQFDEDOORFDSWXUDGRSRUDOJ~Q VL D DPERV LQWHUHVDUD PiV WHUPLQDUOD TXH JDQDUOD 5RGDURQ HQOD]DGRV $
RVDGRPRFHWyQODWULVWH]DGHXQSDULHQWHPXHUWRHQFRPEDWHRORVJUDQGHV 0LOODQW~TXHFD\yHQFLPDOHDVRPDEDXQSDOPRGHPHWDOVDQJULHQWRSRUOD
HVSDOGD (O FUiQHR GHO HVSDxRO VH SDUWLy FRQ HO SHVR GH DPERV HVWUHOODGR

33/54
FRQWUDXQSHxDVFRGHODULEHUD
±¢(VR HUD OD JXHUUD" ±VROOR]y /ODFROpQ ¢(O DEUD]R PRUWDO GH HVWRV
KRPEUHVTXHSXGRVHUDPRURVRSDUDHOOD"¢2ODFDULFLDGHVXSDGUHHQORV /$9,5*(1
FDEHOORVDUUDQFDGDDJROSHGHKDFKD"
/R~QLFRSDFtILFRHUDQODVTXLHWDVDJXDVGHODODJXQD<DHOODVVHDUURMy <(//$%5$'25
/ODFROpQHQEXVFDGHFRQVXHOR

(QWLHPSRVGHOUH\+HURGHVFXDQGRVXVVROGDGRVSHUVHJXtDQDWRGDVODV
/OHJDDOJROIRGH7DOFDKXDQRHOGHMXQLRGH
JXDJXDVGHPHVHVHQEXVFDGHOQLxRQDFLGRHQ%HOpQLEDSRUORVFDPLQRV
(QORVFDStWXORV;;,,\;;,,,GH/D$UDXFDQD
XQDVHQFLOODPXMHUFRQVXKLMLWRHQEUD]RV
&DOODQDPDQRMRGHSLVWLORVKXDRZDPDt]UsQJRPROLGR(VGHFLUSHORVGHFKRFORPROLGRTXH
VHXVDQFRPRUHPHGLR 3DVyMXQWRDXQFDPSRUHFLpQDUDGRGRQGHXQFDPSHVLQRHVSDUFtDJUDQR
'HORVPDSXFKHVDOPDQGRGH/DXWDURHQ
±¢4Xp VLHPEUD KHUPDQR" ±SUHJXQWy OD YLDMHUD FRPR VXHOHQ VHU ORV
6XSOLFLRDSOLFDGRSRUORVHVSDxROHVHQODEDWDOODGH/DJXQLOODVHQODIHFKDLQGLFDGD
FDPLQDQWHVSDUDFUHDUXQDUHODFLyQFRUGLDO
±£3LHGUDV±FRQWHVWyGHPDOKXPRUHOFDPSHVLQR
6LJXLy OD PXMHU FRQ VX KLMR HQ EUD]RV DSUHVXUDQGR OD PDUFKD FRPR OH
DFRQVHMDED OD SRVLEOH FHUFDQtD GH ORV VROGDGRV GH +HURGHV TXH YHQtDQ WUDV
HOOD (Q HVR SDVy MXQWR D RWUR FDPSR HQ HO TXH WDPELpQ XQ ODEUDGRU VH
HQFRQWUDEDVHPEUDQGR
±¢4XpVLHPEUDKHUPDQR"±UHSLWLy
±7ULJRVHxRUD±UHVSRQGLyHOKRPEUHTXLWiQGRVHHOVRPEUHURGHSDMDHQ
XQJHVWRGHUHVSHWR
(QHOPLVPRLQVWDQWHHOWULJRFUHFLyFRQWDOHQHUJtDTXHDOFDQ]yKDVWDPiV
DUULEDGHODFLQWXUDGHOODEUDGRU(QDTXHOODVHVSLJDVVHRFXOWDURQODYLDMHUD\
VX JXDJXD TXH FRPR \D KDEUiQ DGLYLQDGR QR HUDQ RWURV TXH OD 9LUJHQ
0DUtD\-HV~V
1RWDUGyHQOOHJDUODSDWUXOODFX\RMHIHSUHJXQWyDOSULPHUFDPSHVLQR
±¢+DSDVDGRSRUDTXtXQDPXMHUFRQVXKLMRHQEUD]RV"
±£+DFHVRORXQPRPHQWRSDVySRUHVWHPLVPRFDPLQR

34/54
$SXUyHOSDVRODSDWUXOOD\DOOOHJDUDQWHHOVHJXQGRFDPSHVLQRUHSLWLyOD
SUHJXQWD
±£6t VHxRU 3RU DTXt SDVy XQD PXMHU FRQ VX KLMR HQ EUD]RV FXDQGR \R '21-$9,(5'(/$526$
HVWDEDVHPEUDQGRHVWHWULJR
PLUDQGRDTXHOODVDOWDVHVSLJDVHOMHIHGHODSDWUXOODSHQVyFRQUD]yQTXH <(/08/$727$*8$'$
HOSULPHUFDPSHVLQRORKDEtDHQJDxDGR<DVHDTXHSUHWHQGLHVHSURWHJHUDOD
PXMHURVLPSOHPHQWHEXUODUVHGHpOSHQVyGDUOHVXEXHQHVFDUPLHQWR
±£0HGLD YXHOWD ±RUGHQy D VX WURSD± < WRGR HO HQWXVLDVPR TXH WHQtDQ
UHVHUYDGR SDUD XQD ODUJD PDUFKD OR FRQVXPLHURQ FDVWLJDQGR DO UXGR 6, $%81'$1ODV OH\HQGDV GH OD KLVWRULD \ GH OD JHRJUDItD GH &KLOH GH VX
FDPSHVLQR (VWH TXH DQWHV QR KDEtD VLGR FDSD] GH FRPSUHQGHU OD DPDEOH IORUD \ VX IDXQD HO GXHOR HQWUH ORV GRV SD\DGRUHV PiV IDPRVRV GHEH
LQWHQFLyQGHOD9LUJHQPHQRVFRPSUHQGtDDKRUDODLQDPLVWRVDFRQGXFWDGH FRQVLGHUDUVHODSULPHUDOH\HQGDGHODOLWHUDWXUDQDFLRQDO³*HVWDPi[LPDGHO
ORVVROGDGRV DUWHSRSXODUFKLOHQR´ODOODPD$QWRQLR$FHYHGR+HUQiQGH]
< FRPR HQ HO FDPSR FDGD DFFLyQ ULQGH D VX GHELGR WLHPSR HO IUXWR /D SD\D HV XQD FRPSRVLFLyQ HQ YHUVR TXH ORV SD\DGRUHV YDQ
PHUHFLGRDOOOHJDUODFRVHFKDGRQGHGLMRKDEHUVHPEUDGRSLHGUDVHOSREUH LPSURYLVDQGRDOFRPSiVGHODJXLWDUUDRHOJXLWDUUyQ
KRPEUHVRORSLHGUDVFRVHFKy /RVPiVIDPRVRVSD\DGRUHVFKLOHQRVGHWRGRVORVWLHPSRVVRQGRQ-DYLHU
(QWUHWDQWR D VX YHFLQR OH IDOWDEDQ PDQRV SDUD UHFRJHU \ VDFRV SDUD GHOD5RVD\HO³0XODWR´7DJXDGDDSRGDGRWDPELpQ³(O0DXOLQR´(UDpVWH
JXDUGDUHODEXQGDQWHIUXWRGHVXWULJDO XQWtSLFRSRHWDSRSXODURULJLQDULRDOSDUHFHUGHOD]RQDGH6DQ9LFHQWHGH
7DJXD7DJXDTXHQRVDEtDOHHUQLHVFULELUSHURGRPLQDEDODWUDGLFLyQRUDO
'RQ-DYLHUGHOD5RVDHQFDPELRHUDXQFDEDOOHURPX\³OHWUDGR´GXHxRGH
DOJXQDVWLHUUDVTXHVHKDEtDKHFKRSD\DGRUSRUVXDILFLyQDODVILHVWDVODV
/DOH\HQGDORFDOVXHOHWHQHUFRPRHQHVWHFDVRVHQWLGRXQLYHUVDO'RQ5DPyQ/DYDOHVFXFKyXQD FDUUHUDV GH FDEDOOR \ ODV IRQGDV R FKLQJDQDV GRQGH OXFtD VX KiELO PDQHMR
DQWLJXDYHUVLyQFKLOHQD\ODLQFOX\HHQVXV7UDGLFLRQHV/H\HQGDV\FXHQWRVSRSXODUHVUHFRJLGRVGHOD GHOJXLWDUUyQ
WUDGLFLyQRUDOHQ&DUDKXH
&DGD XQR KDEtD YHQFLGR SRU VX ODGR D FXDQWR SD\DGRU YHWHUDQR R
SULQFLSLDQWHVHOHKDEtDHQIUHQWDGR&DGDFXDOWHQtDVXOHJLyQGHDGPLUDGRUHV
TXHORFRQVLGHUDEDLQYHQFLEOHSHURMDPiVVHKDEtDQYLVWRHOXQRDORWUR/D
RSRUWXQLGDGGHXQGXHORHQWUHDPERVVHHVSHUySRUDxRV
<ODRFDVLyQVHSURGXMRKDFLDHQDOJXQDIRQGDGHODVFHUFDQtDVGH
7DJXD 7DJXD FRPR VH SXHGH GHGXFLU GHO WH[WR (V IiFLO LPDJLQDU DOOt DO
0XODWR 7DJXDGD DUULPDGR DO PRVWUDGRU FRPR XQ OXJDUHxR PiV VHJ~Q VH
GHVSUHQGHGHODLUHGHVXSHULRULGDGFRQTXHFRPLHQ]DDSD\DUGRQ-DYLHUGH
OD5RVD
±4XLpQHVHVHSD\DGRU

35/54
TXHSDUDWDQDORRVFXUR '-$9,(5±7~ORGLFHVVLQUHFDWR
\\RWHORGLJRHQIRUPD
WUiLJDQPHORSDUDDFi
TXHW~KDVYHQLGRDHQFRQWUDUWH
ORSRQGUpHQOXJDUVHJXUR FRQHO]DSDWRGHWXKRUPD
7$*8$'$±6pSDORGHVGHHOSULQFLSLR
7DJXDGDUHVSRQGH
SXHVOHFRQYLHQHVDEHU
±<HVHSD\DGRU¢TXLpQHV" GHWRGRVORVSD\DGRUHV
HQPLWLHUUDVR\HOUH\
TXHSD\DWDQDOROHMRV
'-$9,(5±4XHHUHVHOUH\HQWXWLHUUD
VLVHDFHUFDSDUDDFi ORFUHRGHEXHQDIH
HQODFLXGDGGHORVFLHJRV
OHSODQWDUpHODSDUHMR HOWXHUWRVXHOHVHUUH\
/D SD\D KD FRPHQ]DGR < HO GXHOR TXH QR SRGUi WHUPLQDU KDVWD TXH VH 7$*8$'$±<RVR\7DJXDGDHO0DXOLQR
VHSDGHXQDYH]\SDUDVLHPSUHTXLpQHVTXLpQVHUi\TXLpQKDVLGRHOPHMRU IDPRVRHQHOPDU\HQWLHUUD
SD\DGRUFKLOHQR HQHO+XDVFR\HQ&RTXLPER
7$*8$'$±6HxRUSRHWDDEDMLQR HQHO)XHUWH\&LXGDGHOD
\DSRGLPRVSULQFLSLDU '-$9,(5±<RVR\-DYLHUGHOD5RVD
DItUPHVHHQORVHVWULERV HOTXHOOHYyODRSLQLyQ
TXHHOSLQJRORYDDYROWLDU HQLWDOLDHQ,QJODWHUUD
'21-$9,(5±(QQRPEUHGH'LRVFRPLHQ]R HQ)UDQFLD\HQ$UDJyQ
GHPLSDGUH6DQ%HQLWR 7$*8$'$±9iOJDPH'LRVGRQ-DYLHU
KiJRWHODFUX]7$*8$'$ TXHPHKDGHMDGRHVSDQWDR
SRUVXIXHUDVHOPDOGLWR ¢6LQVDOLUGHODFHQL]D
7$*8$'$±0LGRQ-DYLHUGHOD5RVD WDQWRVOXJDUHVKDDQGDR"
QRVHDWDQSURSDVDR '-$9,(5±7HORYXHOYRDUHSHWLU
XVWpHVYLHMR\\RVR\MRYHQ \RVR\SD\DGRU\EXHQR
\HQIXHU]DVORKDEUpVREDR 7~VHUiVPiVFHQLFHUR
'21-$9,(5±+DEtVGHVDEHU7$*8$'$ SXHVWRTXHKDVDQGDGRPHQRV
TXHHQIXHU]DVQRKD\TXHFRQILDU 7$*8$'$±$HVWHYLHMRDEDMLQR
SRUTXHHQODSXHUWDGHOKRUQR DHVWHJDOORGHVSOXPDR
VHVXHOHTXHPDUHOSDQ \ROHVDODUpHOFRJRWH
7$*8$'$±0LGRQ-DYLHUGHOD5RVD \DMtOHSRQGUpHQHOUDER
VHORGLJRVLQUHFDWR '-$9,(5±$HVWHWRUGRPDXOLQR
XVWpKDYHQtRDHQFRQWUDUVH VLPHDQGDFRQPXFKDVPDXODV
FRQODKRUPDGHVX]DSDWR ORGHVSOXPDUpGHVXHUWH
TXHOHYHDQODFDOODQD

36/54
7$*8$'$±$XVWpTXHHVWDQDJDOO~R '-$9,(5±7HGR\PXODWR7DJXDGD
DTXtPHORTXLHURYHU ODUHVSXHVWDHQXQEHQGLWR
8QDYDUDHVWDQGRVHFD VLODSDYDODVWXYLHUD
¢FyPRSRGUiIORUHFHU" OHPDPDUDQORVSDYLWRV
'-$9,(5±'HHVWHLQRFHQWH7DJXDGD SHURFRPRQRODVWLHQH
ODSUHJXQWDPHGDULVD ORVPDQWLHQHFRQWULJXLWR
4XLpEUDOD\pFKDODDOIXHJR 7$*8$'$±0LGRQ-DYLHUGHOD5RVD
IORUHFHUiODFHQL]D XVWpTXHVDEHGHDVXQWRV
7$*8$'$±6HxRUSRHWDDEDMLQR GLJDTXpUHPHGLRKDEUi
FRQVXVDQWDWHRORJtD SDUDOHYDQWDUGLIXQWRV
GtJDPH¢FXiODYHYXHOD '-$9,(5±2\HPXODWR7DJXDGD
\OHVGDOHFKHDVXVFUtDV" ODUHVSXHVWDYDOLJHUD
'-$9,(5±6LIXHUDVD&RSHTXpQ PpWHOHHOGHGRHQODERFD
DOOiHQPLFDVDYHUtDV VDOHHOGLIXQWRDFDUUHUDV
FyPRWLHQHQORVPXUFLpODJRV
/DWUDGLFLyQDVHJXUDTXHHVWDGHVFRUWpVUHVSXHVWDPHUHFLyXQUHFODPRGHO
XQSXHVWRGHOHFKHUtD
PXODWR\ODLQWHUYHQFLyQGHOMXH]GHODFRQWLHQGD
7$*8$'$±0LGRQ-DYLHUGHOD5RVD
SRUORUHRQGRGHXQFHUUR 6RORGHVSXpVGHODUJDVQHJRFLDFLRQHVSXGRVHJXLUODSD\D
DJRUDPHKDGHGHFLU '-$9,(5±7DJXDGD\RWHVDOXGR
FXiQWRVSHORVWLHQHXQSHUUR DQWHVGHODUJDUWHHODJXD
'-$9,(5±+DEtVGHVDEHU7DJXDGD \TXHVHSD7DJXD±7DJXD
SRUORGHUHFKRGHXQKXVR TXHDEXHQRWHJDQDUp
VLQRVHOHKDTXpLGRQLXQR 7$*8$'$±1RVHJDVWHWDQWDSURVD
WHQGUiORVTXH'LRVOHSXVR XVWpORVDEHPX\ELHQ
7$*8$'$±0LGRQ-DYLHUGHOD5RVD PHKDSHJDRFRQVXVOLEURV
YLQLHQGRGHO%tR%tR TXHKDEODQGHDMHQRVDEHU
GtJDPHVLDFDVRVDEH
FXiQWDVSLHGUDVWLHQHHOUtR (VWD TXHMD VH UHILHUH VLQ GXGD D XQD SDUWH GH OD ODUJD SD\DGXUD QR
'-$9,(5±$YRVPXODWR7DJXDGD FRQVHUYDGDSRUODWUDGLFLyQRUDO\HQODTXHGRQ-DYLHUWUDWDUtDGHFRQIXQGLU
ODUHVSXHVWDWHGDUp DOPXODWRFRQWHPDVTXHUHTXLHUHQFRQRFLPLHQWRVHVSHFtILFRVFRPRRFXUUH
SyQHPHODVHQKLOHUD DFRQWLQXDFLyQ
\HQWRQFHVODVFRQWDUp '-$9,(5±'LPHVLWHKDOODVHQYHQD
7$*8$'$±0LGRQ-DYLHUGHOD5RVD TXpGLFHOD7HRORJtD
XVWpTXHVDEHGHOHWUDV VREUHODVDOPDVHQSHQD
DJRUDPHKDGHGHFLU \VREUHODVMHUDUTXtDV
VLODSDYDWLHQHWHWDV 7$*8$'$±$OPDVHQSHQDQRH[LVWHQ

37/54
DOPDHQSHQDGLJR\R HOEULEyQTXHPHYHQFLy
HVODTXHVHHQFXHQWUDWULVWH
(VWH OHJHQGDULR GXHOR SRpWLFR KDEtD GXUDGR WRGD OD QRFKH $PDQHFtD
SRUTXHODPDWDXQDPRU
FXDQGRHO0XODWR7DJXDGDFDQVDGR\VRxROLHQWRHEULRWDOYH]DEDQGRQyOD
'-$9,(5±+DVFRQWHVWDGRPX\ELHQ
IRQGD TXH KDEtD SUHVHQFLDGR VX SULPHUD \ ~QLFD GHUURWD (O S~EOLFR VH
SHURViEHOR7DJXDGD
GLYLGtD FRPR VLHPSUH HQWUH HXIyULFRV SRU HO WULXQIR \ DSHQDGRV SRU OD
'LRVGLVSRQHGHODVDOPDV
GHUURWD3DUDFHOHEUDUXQRXROYLGDUODRWUDVHEHEtD
7$*8$'$±4XH'LRVGLVSRQH\RVp
'-$9,(5±'LPHTXpKD\HQHO2ULHQWH 7DPELpQHQHVWHSXQWRVHGLYLGHQORVDXWRUHVVLELHQWRGRVFRLQFLGHQHQ
HQWLHUUDVTXHHO*DQJHVULHJD TXHDOOtGHVDSDUHFHGHODYLGDS~EOLFDHOJUDQDUWLVWDGHOSXHEORHO0XODWR
FRQVXVLQPHQVDVFRUULHQWHV 7DJXDGD
7$*8$'$±$PtXVWpQRPHODSHJD
¢6H FROJy GH XQ iUERO LQFDSD] GH DVXPLU VX GHUURWD FRPR SLHQVDQ
XVWpVDEHGRQ-DYLHU
DOJXQRVRVRORGHVWUR]yIXULRVRHOJXLWDUUyQFRQWUDXQDSLHGUDFRPRGLFHQ
TXH\RHO2ULHQWHQRKH\YLVWR
RWURV"
3UH~QWHFRVDVGHD\HU
±0LVHVWLPDGRVOHFWRUHV
\QRVHGpWDQWRSLVWR
\ROHVYR\DFRQWHVWDU
'-$9,(5±4XHFRQILHVHVWXLJQRUDQFLD
SDUDHOSRHWDODPXHUWH
HVWR\HVSHUDQGR\R
QRHVPRULU£HVHOFDOODU
¢+DVWDFXiQGRWHSUHJXQWR"
'HMDHOFDPSRRPHLUp\R
7$*8$'$±1RSUHJXQWHOHVHUDV
TXH\RQRSXHRVDEHU
GtJDVHODVDVXPDGUH
TXH\RQRORDJXDQWDUp
$QWHHVWHOHQJXDMHGHVFRUWpVYROYLyDLQWHUYHQLUHOiUELWURGHODFRQWLHQGD
SRpWLFD HQWUH ORV DSODXVRV \ UHFKLIODV GH ORV SDUWLGDULRV GH XQR \ RWUR
SD\DGRU<FRPRRFXUUHHQODVFRPSHWHQFLDVGHSRUWLYDVGHKR\HVSRVLEOH
TXHHQDGHODQWHDOMXH]OHKD\DVLGRLPSRVLEOHFRQWURODUORVDFRQWHFLPLHQWRV
/DWUDGLFLyQVRORFRQVHUYDXQSDUGHHVWURIDVVXHOWDV
'-$9,(5±<DWHSDVDVWH7DJXDGD
FRPHWLVWHXQDKHUHMtD
KLFLVWHFDEHHQWXPDGUH
\FDUDPERODHQWXWtD
7$*8$'$±6LHVODKRUDTXHVHSLHUGD
PLIDPDGHSD\DGRU
£9i\DVHDODPLVPDPXJUH

38/54
$GROIR9DOGHUUDPD0DULDQR/DWRUUH$QGUpV6DEHOOD\2UHVWH3ODWKVRQDOJXQRVGHORVHVFULWRUHV
TXHVHKDQLQWHUHVDGRHQHOWHPD
$SDUHMRULHQGDVPRQWXUD\WRGRORQHFHVDULRSDUDHQVLOODU\PRQWDUXQFDEDOOR
 $EDMLQR ³3URFHGHQWH GHO QRUWH FRUUHODWLYR GH DUULEDQR SURFHGHQWH GHO VXU (Q WpUPLQRV
DEVROXWRV DEDMLQR GHVLJQD DO KDELWDQWH GH ODV SURYLQFLDV GH $FRQFDJXD DO QRUWH´ 6HJ~Q 0DULR
)HUUHFFLR 
6REDRGHVREDUFRPRFKLOHQLVPRGHOD(SRFD³YHQFHUHQSXJLODWR´ )'HO6RODU 
'HHVWHYHUVRVHGHGXFHTXHHOGHVDItRIXHHQ7DJXD7DJXD

39/54
(/ &$62 2 68&(','2HV HO WHVWLPRQLR SHUVRQDO R OD DOXVLyQ D DOJXLHQ TXH
YLYLyXQKHFKRH[WUDRUGLQDULR&RPRODOH\HQGDHOFDVRSXHGHVHUPtWLFR
KLVWyULFR R UHOLJLRVR 6L WRPD IRUPD GH OH\HQGD R VH EDVD HQ HOOD SRGUi
75$',&,21(6 OODPDUVHFDVROHJHQGDULR
<&$626/(*(1'$5,26 /DVWUDGLFLRQHVIRUPDQXQJpQHURHVSHFLDOPiVFHUFDQRDODKLVWRULDHQ
TXH ORV KHFKRV FRPSUREDGRV VH PH]FODQ OLEUHPHQWH FRQ VXSRVLFLRQHV GHO
QDUUDGRU
'HORVWH[WRVTXHVLJXHQ³/DPLQDGHOFXUD´HVPLSURSLDYHUVLyQGHXQD
FDVR \D OHJHQGDULR GH TXH PH IXHUD FRQWDGR SRU 5D~O =HSHGD SDGUH  HQ
QXHVWUDVODUJDVFKDUODVEDMRVXSDUUyQFRPEDUEDOLQR
/RV UHVWDQWHV FRUUHVSRQGHQ D WDUHDV GH LQYHVWLJDFLyQ HQ WHUUHQR GH PLV
DOXPQRVGH&DVWHOODQRHQODHVFXHODEiVLFD\HQHOOLFHRGH&RPEDUEDOi(Q
REWXYLHURQHO3ULPHUR\6HJXQGR3UHPLRHQHO&RQFXUVR1DFLRQDOGH
/H\HQGDV RUJDQL]DGR FRPR SDUWH GH OD FHOHEUDFLyQ GH ORV  DxRV GHO
GLDULR/DVÒOWLPDV1RWLFLDV

40/54
±£1RQR(FKHODSODWLWDDOWDPERUQRVRWURVQRVUHSDUWLPRV\ORVXELPRV
DVXPHUFp

/$0,1$'(/&85$ ±¢(VWiQEURPHDQGRKLMRVRVHOHVPHWLyHOGLDEORHQHOFXHUSR"
3HURORVFXDWURPLQHURVQRHVWDEDQEURPHDQGR<QRVHPRYLHURQDXQTXH
RUGHQy URJy DPHQD]y 1L VH FRQPRYLHURQ FRQ TXH OH UHFRUGDUD DO PD\RU
TXH OR KDEtD FDVDGR FRQ XQD QLxD WDQ FULVWLDQD DO VHJXQGR TXH OR KDEtD
/26 &20%$5%$/,126 QR OD UHFXHUGDQ SRU RWUR QRPEUH \ SRU FLHUWR TXH SUHSDUDGRSDUDODSULPHUDFRPXQLyQDOWHUFHURTXHORKDEtDEDXWL]DGR\DO
HVWDED ELHQ SXHVWR SXHV /D 0LQD GHO &XUD HUD HIHFWLYDPHQWH GHO SDGUH PHQRU TXH PH FRQWy HVWD KLVWRULD OH HFKy HQ FDUD TXH KDEtD FDVDGR D VXV
3HGURTXHEDXWL]yFDVyRGLRODH[WUHPDXQFLyQDYDULDVJHQHUDFLRQHV6LQ SURSLRVSDGUHV
DEDQGRQDUMDPiVHVWRVVDQWRVGHEHUHVHOSDGUH3HGURVHODVDUUHJOyVLHPSUH ±7RGRV HVRV VHUYLFLRV QRV KDEUi SUHVWDGR XVWHG SDGUH 1RVRWURV VROR OH
SDUDFRQWURODUSHUVRQDOPHQWHVXVSHUWHQHQFLDVPLQHUDVGHFREUHGHUHJXODU KHPRVKHFKRHVWHWUDEDMLWR\TXHUHPRVTXHQRVSDJXH
OH\
6HDFHUFDEDHOPHGLRGtD&XDQGRpVWHOOHJyORVPLQHURVVDFDURQVXFRFDYt
&RQHVWHILQOOHJyDVXPLQDXQDPDxDQDGH6XVFXDWURPLQHURVOR \FRPLHURQHQODERFDGHOSLTXH(OSDGUH3HGURVHJXtDHQVXPLQD
HVSHUDEDQSDUDFREUDUOHXQRVVDODULRVODUJDPHQWHDGHXGDGRV\QRSRUIDOWD
GHUHFODPiUVHORV ±£1RWUDMHGLQHURKLMRV6iTXHQPH\DUULEDKDEODPRV

±%XHQRVGtDVKLMRV±ORVVDOXGyOOHJDQGR±4XLVLHUDEDMDUDYHUORV~OWLPRV ±£1RSDGUH%~VTXHVHELHQQRPiVFyPRVDEHVLVHKDOODXQRVSHVLWRVSRU
DYDQFHV PLODJUR

±%XHQRVGtDVSDGUH±FRQWHVWDURQKXPLOGHV±%DMHQRPiVVXPHUFp $HVRGHODVWUHVGHODWDUGHFRQYHQFLGRTXHQRKDEUtDRWUDVROXFLyQOHV
HFKy HO GLQHUR HQ HO WDPERU TXH VXELy \ YROYLy D EDMDU (Q pO FDQVDGR \
(O SLTXH WHQtD XQD HQWUDGD YHUWLFDO \ OR EDMDURQ SRU HO ~QLFR PHGLR GH KDPEULHQWRVXELyHOVHxRUFXUD
WUDQVSRUWH GLVSRQLEOH XQ SHTXHxR WDPERU GH ODWD FRQ HO TXH VH H[WUDtD HO
PLQHUDOPHGLDQWHXQUXGLPHQWDULRVLVWHPDGHWRUQR\FRUGHO 0RQWy VX PXOD \ SDUWLy GLFLpQGROHV TXH KDEtDQ FRPHWLGR XQ JUDYH
SHFDGR
&RPRHQWHQGLGRTXHHUDHOSDGUH3HGURDQGXYRXQUDWRLQVSHFFLRQDQGRHO
ODERUHRFRQVXOiPSDUDPLQHUD&XDQGRFUH\yKDEHUYLVWRORVXILFLHQWHWLUy < HOORV GHEHQ KDEHUOH FUHtGR SRUTXH HO GRPLQJR PX\ WHPSUDQR \ ELHQ
GHOFRUGHOFRPRSRGUtDKDFHUORXQEX]RDOSDWUyQGHODODQFKD$OQRUHFLELU SHLQDGRVFRQFDPLVDVQXHYDVKDFtDQFRODHQHOFRQIHVLRQDULR/DLJOHVLDGH
ODUHVSXHVWDDFRVWXPEUDGDOODPy &RPEDUEDOiQRWHQtDWRGDYtDLQFOLQDGDODFUX]GHOFDPSDQDULRTXHVHDO]DED
PX\UHFWDLQGLFDQGRHOFLHORFRPRXQGHGRDFXVDGRU
±£6~EDQPHKLMRV<DYLWRGR
&RQVHJXLGDODDEVROXFLyQORVFXDWURDPLJRVVHIXHURQGHUHFKLWRDXQDGH
±£6tSDGUH±FRQWHVWyXQRDOOiDUULED±3HURQRVRWURVKDFHWLHPSRTXHQR ODVQXPHURVDVTXLQWDVGHUHFUHRVXUJLGDVGHODXJHGHODPLQHUtDORFDO<DOOt
YHPRV QL XQ FREUH DVt TXH QL IXHU]DV WHQHPRV \D £3iJXHQRV DKRUD \ DOHJUDURQ OD WDUGH GH ORV SDUURTXLDQRV FRQWDQGR \ YROYLHQGR D FRQWDU OD
HQVHJXLGDORVXELPRV KLVWRULDGHOFXUDHQVXPLQDTXHSRUHQWRQFHVWHQtDRWURQRPEUHSURSLRHQHO
±%XHQREXHQRKLMRV6~EDQPH\DOOiDUUHJODPRV 5HJLVWUR GH 3HUWHQHQFLDV 0LQHUDV 6LQ HPEDUJR HVH QRPEUH WHUPLQy SRU
ROYLGDUVH SRUTXH HUD PiV IiFLO GHFLU ¢6DEHV OR TXH SDVy HQ ³/D PLQD GHO

41/54
FXUD´"
<SRU0LQDGHOFXUDTXHGy
/$9,8'$

+$&(08&+2PXFKtVLPRWLHPSRORVFRPEDUEDOLQRVHPSH]DURQDFRUUHUOD
QRWLFLDGHTXHXQDPXMHUWRGDYHVWLGDGHQHJURVDOtDGHVSXpVGHODVGRFHGH
ODQRFKHFXEULpQGRVHHOURVWURFRQXQYHORWDPELpQQHJUR
1DGLH VDEtD TXLpQ HUD DXQTXH QLQJXQR GXGDED TXH HUD HO GLDEOR HQ
SHUVRQD+DVWDORVPiVYDOLHQWHVVHVDQWLJXDEDQDOYHUOD\\DQRYROYtDQD
VDOLUWDUGHSRUODQRFKHGHFDVD
3URQWRWRGRVOHGLHURQXQQRPEUHSDUDSRGHUKDEODUGHHOODODOODPDURQ
³ODYLXGD´
$ODVQLxDVTXHVDOtDQVLQSHUPLVR\DORVQLxRVTXHVHSRUWDEDQPDOOHV
PHWtDQPLHGRFRQODYLXGD
3HURHQ&RPEDUEDOiWRGRVHVDEHSURQWR\WDPELpQVHVXSRTXLpQHUD
£1RHUDYLXGD(UDXQDUHVSHWDEOHGDPDTXHVRVSHFKDEDTXHVXPDULGROD
HQJDxDED\HQWDQWRVDOtDpOHOODVHFXEUtDGHQHJUR\VDOtDGHWUiV
<R QR Vp VL OR VRUSUHQGLy DO ILQDO SHUR Vp TXH D HOOD WRGRV VLJXLHURQ
OODPiQGROD³ODYLXGD´

$QD5RVD/HLYD
6H[WR$xR%iVLFR

42/54
6HJXQGR$xR0HGLR

/260$5&,$126
&XDQGRHOSURJUDPDVHGLRRULJLQDOPHQWHHQ1XHYD<RUNFDXVySDUHFLGRUHYXHOR

'((672KDFHPXFKRVDxRVSXHVFRUUtDHOPHVGHQRYLHPEUHGH
5DGLR&RRSHUDWLYDGH6DQWLDJRGLIXQGtDXQSURJUDPDGHFLHQFLDILFFLyQ
/DJXHUUDGHORVPXQGRVGH+*:HOOV
(Q &RPEDUEDOi KDEtD SRFRV UHFHSWRUHV GH UDGLR SRU DTXHO WLHPSR \ OD
JHQWH QR HVWDED D~Q IDPLOLDUL]DGD FRQ ORV UDGLRWHDWURV WDQ SRSXODUHV
GHVSXpV
6HD SRU HVR R SRUTXH OD DXGLFLyQ HUD WDQ UHDOLVWD HO *REHUQDGRU GRQ
2PDU/HWHOLHUTXHODHVFXFKyHQFDPDFUH\yTXHWRGRHUDFLHUWR6HOHYDQWy
GHVHVSHUDGR\VHSUHVHQWyHQSLMDPDHQHOSHTXHxR³WHDWUR´ORFDO
+L]R VXVSHQGHU OD SHOtFXOD DYLVDQGR TXH SRU QRWLFLDV UDGLDOHV GHO
0LQLVWHULRGHO,QWHULRUVHLQIRUPyTXH6DQWLDJRHUDLQYDGLGRSRUPDUFLDQRV
ORV TXH YHQtDQ DYDQ]DQGR KDFLD HO FHQWUR GH OD FLXGDG GHVGH HO ODGR GH
3XHQWH$OWR\VHSHGtDDWRGRVORV'HSDUWDPHQWRVGHOSDtVHVWDUHQJXDUGLD
SDUDUHSHOHUODLQYDVLyQ
6HPRYLOL]y³WRGRHOFRQWLQJHQWHGHFDUDELQHURV´FRQDFXDUWHODPLHQWRHQ
SULPHUJUDGRFRQJUDQFRQPRFLyQ\VXVWRGHODFLXGDGDQtDTXHQRVHDSDUWy
GHORVUHFHSWRUHVGLVSRQLEOHV
$Vt VH GLHURQ FXHQWD ORV FRPEDUEDOLQRV GH TXH VROR VH WUDWDED GH XQD
DXGLFLyQGHOIDPRVRUDGLRWHDWURGH:HOOV
/RVYHFLQRVTXHFRQWDURQHVWDKLVWRULDDVHJXUDQTXHHOVHxRU*REHUQDGRU
HVWXYRPiVGHXQPHVVLQDSDUHFHUHQS~EOLFR1LDODSXHUWDGHVXFDVDVH
DVRPy

0DUtD&RUWpV

43/54
3HURVLDOJXQDYH]VHOHVDSDUHFHXQIDQWDVPDItMHQVHVLOHIDOWDXQDRUHMD
SRUTXHSXHGHVHUpO

(/)$17$60$
(OED5REOHUR
6HJXQGR$xR0HGLR

(672 68&(',ÏHQ XQD pSRFD HQ TXH HO DOXPEUDGR S~EOLFR GH &RPEDUEDOi
SURYHQtDGHXQPRWRUTXHIXQFLRQDEDFRQFRURQWDVGHFKRFOR\RWUD³OHxD´
GHHVWHWLSR\TXHWUDMRDODFLXGDGHO³JULQJR´6WHYHQVRQ
&RUUtDHODxR\HUDJREHUQDGRUGRQ)UDQFLVFR&DPSRV*X]PiQ
/DSREODFLyQYHQtDDODUPiQGRVHFRQODDSDULFLyQGHXQIDQWDVPDTXHVDOtD
SRUODVQRFKHVDOVXURHVWHGHOOXJDUSRU&DVDV%ODQFDV
(UD XQ IDQWDVPD GH EODQFR FRQ YHODV \ IORUHV TXH VH OHYDQWDED
OHQWDPHQWHMXQWRDOFDPLQRDOSDVRGHORVYLDMHURVQRFWXUQRV
/D JHQWH VH GHVPD\DED GH SDYRU OR TXH DSURYHFKDED HO IDQWDVPD SDUD
UREDUOH FXDQWR OOHYDVH \ OXHJR VH HVIXPDED KDFLD HO VHFWRU GHO FHUUR (O
&DOYDULR
(VWRRFXUULySRUPXFKRWLHPSR
8QDWDUGHGRQ-XDQ9LOODUURHO6XiUH]TXHWHQtDTXHKDFHUXQDGLOLJHQFLD
VDOLyDFDEDOORSDUDPD\RUVHJXULGDG
7DOFRPRWHPtDOHDSDUHFLyHOIDQWDVPD(OFDEDOORVHDVXVWySHURQRGRQ
-XDQTXHORDWDFyFXFKLOORHQPDQR(OIDQWDVPDDWHUURUL]DGROHURJy
£1RPHPDWHGRQ-XDQTXHVR\VXDPLJR,VLGRUR,EDFDFKH
0X\ VRUSUHQGLGR GRQ -XDQ OR HFKy D VX FDEDOOR \ OR WUDMR D OD SROLFtD
GRQGHUHFLELyVXFDVWLJRSRUDVDOWDQWHGHFDPLQRV\OHFRUWDURQXQDRUHMD
3RUHVR±VHJ~QFXHQWDGRQ0DQXHOTXHDKRUDWLHQHVHWHQWDDxRVFXDQGR
FXPSOLyVXFRQGHQDSDUWLyDYHUJRQ]DGRGHOSXHEOR&UX]yODFRUGLOOHUD\VH
HVWDEOHFLyHQXQSXHEOLWRIURQWHUL]ROODPDGR%DUULDOHV
<SRUDOOiKDEUiPXHUWRHVWHFRPEDUEDOLQRStFDUR

44/54
$XQTXHFRQWDGRHQHVWLORGH³FDVR´R³VXFHGLGR´QRKD\GXGDGHTXHpVWDHVXQDYDULDQWHORFDOLVWD
GH³/DFKDVFRQD´R³/DYLXGD´GHRWUDVUHJLRQHV

45/54
%HUQDUGR$URV
1$9(*$17('(/'(6,(572 7HUFHU$xR0HGLR

72'26/26&+,/(126KDEUiQRtGRKDEODUGHODVHTXtDGHO1RUWH&KLFR3HUR
XQDFRVDHVRtUOD\RWUDHVYLYLUOD
$TXtPXFKRVQRKDQYLVWRQXQFDHOPDU\PHQRVFRQRFLGRXQEDUFRQL
DXQXQERWH&XDQGROHKDEODEDQGHHVDVFRVDVD7DSLDVLHPSUHGHFtD³0H
PRULUp\QRORYHUp´
< DVt IXH SXHV PXULy UHODWLYDPHQWH MRYHQ D FDXVD GH XQD SXOPRQtD
FRQWUDtGDHQHO~OWLPRLQYLHUQRJUDQGHKDFHPiVGHYHLQWLFLQFRDxRVGLFHQ
(OSXHQWHDQWLJXRVHORKDEtDOOHYDGRHOUtRFRQODFUHFLGDGHODVOOXYLDV\
SDUD FUX]DU HO FHPHQWHULR WXYLHURQ TXH PHWHUVH DO DJXD FXDWUR YROXQWDULRV
FRQHODWD~GDOKRPEUR
6HDSRUODSRFDFRVWXPEUHGHORVFRPEDUEDOLQRVGHFUX]DUUtRVRSRUVX
PXFKD FRVWXPEUH GH EHEHU HQ ORV YHORULRV OR FLHUWR HV TXH XQR GH ORV
DQJDULOOHURVWURSH]y\FD\y
¢<7DSLD"
£,PDJtQHQVHOR $GHQWUR GH VX FDMyQ GH PDGHUD VH IXH UtR DEDMR GDQGR
WXPERV HQWUH ODV SLHGUDV HQ PHGLR GH OD GHVHVSHUDFLyQ GH ORV GHXGRV
DPLJRV\FXULRVRV
0XFKR FRVWy VDFDU GHO DJXD D 7DSLD \ PHWHUOR HQ OD WLHUUD GiQGROH
FULVWLDQDVHSXOWXUD
'HYXHOWDHQHO³4XLWDSHQDV´GHFDOOH/D8QLyQVXVDPLJRVGLVFXWtDQVL
DVtVHFXPSOtDVXSURIHFtDGHPRULUVLQQDYHJDU3HURORTXHQRVXSRIXHTXH
DpOVtORYLHURQWRGRVFRPRHOSULPHU\~QLFRQDYHJDQWHGHHVWRVGHVLHUWRV\
GHOUtR&RPEDUEDOiTXHFDGDGLH]DxRVRFXSDFRQVXVDJXDVHOOXJDUTXHODV
SLHGUDVSHODGDVSRUHOVROOHJXDUGDQGHVGHHOFRPLHQ]RGHORVVLJORV

46/54
6H[WR$xR%iVLFR

(/48(62</$6$/

/26 &$03(6,126\ ORV PLQHURV VRQ PX\ VXSHUVWLFLRVRV SHUR ORV DUULHURV
SRU OR PLVPR TXH DQGDQ VRORV HQ OD QRFKH SRU ORV PRQWHV VH SRQHQ
YDOLHQWHV\GHVFUHtGRV
3RUHVRFUHRTXHVHUiFLHUWDHVWDKLVWRULDTXHPHFXHQWDPLSDSi
<DHUDGHQRFKHLEDXQDUULHURSDVDQGRIUHQWHDODFDVDGHXQDIDPLOLDDOD
VDOLGDGH&RJRWtFXDQGRSDVDXQFKRQFKyQJULWDQGRVX³WXH±WXH´TXHWDQWR
DVXVWDDODJHQWH
$GHQWURGHODFDVDODVHxRUDJULWy
±£$YH0DUtDSXUtVLPDYXHOYHPDxDQDSRUTXHVR\VDO
(ODUULHURR\yHVWR\VLJXLyKDFLDVXUDQFKR
$ORWURGtDFRPRWHQtDTXHSDVDUSRUDKtPLVPRSDVyDJROSHDUODSXHUWD
6DOLyODVHxRUD\OHSUHJXQWy
±¢4XpGHVHDMRYHQ"
±£9HQJRSRUHOTXHVR\ODVDOTXHPHRIUHFLyDQRFKH
±£<DYXHOYR±GLMRHOOD\VHIXHSHUVLJQiQGRVH
1RYROYLyDDVRPDUVHSHURFRQXQDQLxDOHPDQGyXQHQRUPHTXHVRGH
FDEUD\XQSDTXHWLWR
±*UDFLDV±GLMRHODUULHURJXDUGDQGRHOTXHVR±/DVDOODGHMR±OHGLMRDOD
QLxD±SRUTXHPDxDQDYROYHUpSRURWUR\QRTXLHURTXHHVWpGHVDEULGR

<HUNR&DPSXVDQR

47/54
7RGDYtDHVWLHPSRGHH[SORWDUHVWDIDEXORVDULTXH]D6ROR HVFXHVWLyQGH
KDEODUFRQHO$UD\DTXHFRQRFHHOOXJDU

/2675(6025526 /D GLILFXOWDG HVWi ~QLFDPHQWH HQ VDEHU FXiO GH ORV  $UD\D TXH KR\
YLYHQHQ&RPEDUEDOiHVHOKHUHGHURGHOVHFUHWR
'(&85$0È9,'$
/XLV\5LFDUGR&KDFyQ
3ULPHU$xR0HGLR

+$&,$ (/ $f2 OD YHFLQD ORFDOLGDG GH ,OODSHO HUD SRFR PiV TXH XQD
KDFLHQGDGHHVHQRPEUH6XSURSLHWDULRGRQ3HGUR,UDUUi]DEDOWHPLHQGROD
DFFLyQ GH DOJXQR GH ORV EDQGRV FRPSURPHWLGRV HQ OD UHYROXFLyQ GH HVH /DUHYROXFLyQFRQWUD%DOPDFHGD
DxRGHVSDFKDD)ORUR$UD\DVXLQTXLOLQRGHFRQILDQ]DFRQVHVHQWDGHVXV
\HJXDVUHJDORQDVKDFLDHOLQWHULRUGHOFHUUR&XUDPiYLGD
8QD WDUGH HQ TXH $UD\D YLJLODED VX \HJXDGD YH XQD FKLQFKLOOD TXH VH
DFHUFDDEHEHUGHXQDYHUWLHQWH\UHFRJHXQDSLHGUDGLVSXHVWRDODQ]iUVHOD
6LQHPEDUJRVXSHVRHUDWDQJUDQGHHQUHODFLyQDVXWDPDxRTXHVHTXHGy
PLUiQGRODWRWDOPHQWHROYLGDGRGHODFKLQFKLOOD
7RPDXQD\RWUDSLHGUDGHOOXJDU\VXLQVWLQWRFRTXLPEDQRGHPLQHUROH
DYLVDTXHVRQGHSODWDFDVLSXUD
$ PHWURV GH DOOt KD\ XQR GRV WUHV PRUURV GH OD PLVPD SLHGUD £XQD
IRUWXQDGHOOHJDU\WRPDU$UD\DVHxDODHOOXJDUSDUDYROYHUSRUVXFXHQWD
PiVWDUGH3RGUtDOOHJDUDVHUWDQWRRPiVULFRTXHVXSDWUyQ
3HQVDQGRHQHVWROHSLGLySHUPLVRDGRQ3HGURSDUDYLDMDUD&RPEDUEDOi
DYLVLWDUDXQSDULHQWH³HQIHUPR´
/OHJDQGR DTXt OH FRQWy DO SDULHQWH OD KLVWRULD \ OH SURSXVR OD HPSUHVD
0LHQWUDVWDQWRGHEtDWUDEDMDUHQDOJRSDUDUHXQLUORVSHVRVSDUDPDWHULDOHV
<FRPRWDQWRVTXHKDQOOHJDGRD&RPEDUEDOiGHSDVRVHTXHGyXQDxR\
GRV6HHQDPRUyVHFDVyWXYRKLMRV\PXULyVLQYROYHUD,OODSHO
6HJ~Q OD WUDGLFLyQ  HO OXJDU GH ORV 0RUURV VH JXDUGy FRPR VHFUHWR GH
IDPLOLD\ORFRQRFHQORVGHVFHQGLHQWHVGH)ORUR$UD\D(QFDGDJHQHUDFLyQ
ODPDGUHVHORFXHQWDDOKLMRPD\RU

48/54
'HVJUDFLDGDPHQWHQRKHFRQVHUYDGRQLKHORJUDGRHVWDEOHFHUDTXLpQSHUWHQHFHQHVWDVLQLFLDOHVQL
/$9,5*(1'(/$3,('5$ HOFXUVR6LQHPEDUJRSXHGHQFRUUHVSRQGHUDXQDQLxDGH6H[WR%iVLFR

2ULJHQGHXQDILHVWDUHOLJLRVDORFDO

$.,/Ï0(7526GH&RPEDUEDOiKD\XQSHTXHxRFDVHUtROODPDGR/D,VOD
GRQGHDQXDOPHQWHVHFHOHEUDXQDILHVWDUHOLJLRVDTXHFRQJUHJDDILHOHVGHOD
]RQD\YLDMHURVGHGLYHUVDVUHJLRQHVGH&KLOH
+DFH XQRV VHVHQWD DxRV FXDQGR QDGLH FRQRFtD HVWRV OXJDUHV GRV
KHUPDQRV GH DSHOOLGR 7DSLD VDOLHURQ D SDVWRUHDU VX SLxR GH FDEUDV HQ ORV
FHUURVYHFLQRVTXHOHVJXVWDEDH[SORUDUHQWRGDVGLUHFFLRQHV
(Q HVR DQGDEDQ XQ GtD FXDQGR XQR GH HOORV TXHGy DVRPEUDGR DO YHU
GLEXMDUVHHQODSLHGUDGHVQXGDGHOFHUURGHOIUHQWHXQDILJXUDTXHOHSDUHFLy
PX\IDPLOLDU
±£3HURVLHVOD9LUJHQ±GLMRDOYHUODVXKHUPDQRPD\RU
'H UHJUHVR D FDVD FRQWDURQ D VXV SDGUHV OR TXH KDEtDQ YLVWR \ DO GtD
VLJXLHQWHIXHDYHUODWRGDODIDPLOLD4XHGDURQDVRPEUDGRVWDPELpQ\VHOR
FRQWDURQDORVYHFLQRV
&RQ ORV SULPHURV YHQGHGRUHV GH TXHVR GH OD WHPSRUDGD OOHJy D ORV
DOPDFHQHVGH&RPEDUEDOiODQRWLFLD\HPSH]DURQDYLDMDUORVFXULRVRVRORV
LQFUpGXORV
$VtIXHFRPRGHVGHHQWRQFHVVHUHDOL]DHVWDILHVWDUHOLJLRVDDQXDO
+R\GtDHOOXJDUHVWiDFDUJRGHODSDUURTXLDGH&RPEDUEDOi\VXSiUURFR
GLFHODPLVD\GLULJHODSURFHVLyQGHHVHGtD

/$

49/54
(/&(5523$1*$7$ 127$6&203/(0(17$5,$6

$/ (67( '( 48,/,7$3,$ PL SXHEOR KD\ XQ FHUUR PX\ YLVLWDGR SRU ORV &+21&+Ï1 (Q PiV GH XQ OLEUR VH DVHJXUD TXH HO FKRQFKyQ VHUtD HO
KDELWDQWHV \ YLDMHURV 7LHQH XQ QRPEUH ELHQ UDUR TXH VHJ~Q GLFHQ VXUJLy PLVPRFKXQFKRRFKXFKRFRQIXVLyQFDOXPQLRVDSDUDHOFKXQFKR\RIHQVLYR
DVt SDUD HO FKRQFKyQ 3XHGR DVHJXUDU TXH HO YXHOR GHO FKXQFKR HV
SHUIHFWDPHQWHYLVLEOHHQQRFKHFODUD(QFDPELRSDVpPXFKRVDWDUGHFHUHV
9LYtDHQXQDODGHUDGHOFHUURHQpSRFDPX\DQWLJXDXQDDQFLDQDVRODVLQ VREUH HO WHMDGR GH XQ JDOSyQ FDPSHVLQR WUDWDQGR LQ~WLOPHQWH GH YHU XQ
PiVFRPSDxtDTXHXQDJDWDPX\LQWHOLJHQWH\ELHQHQVHxDGD7DQWRTXHOD FKRQFKyQTXHLED\YHQtDDGRVPHWURVVREUHPLFDEH]D«
VHxRUD SRFR VDOtD \ PDQGDED GH FRPSUDV D OD JDWD FRQ XQ FDQDVWLOOR DO
FXHOOR$VtODFRQRFtDQWRGRVORVDOPDFHQHVGH4XLOLWDSLD 75$8&2 &XDQGR OD VDELGXUtD RUDO KHUHGDGD GH PDFKLV \ PHLFDV
FRPHQ]yDVHUFRPSDUWLGDSRUHOHPHQWRVQXHYRVFRPRHOSURIHVRUUXUDOROD
8QGtDHQDJRVWRODDQFLDQDQRWHQtDKDULQD\OODPyDVXJDWDOHSXVRHO 3RVWD GH 6DOXG ORV QXPHURVRV PDOHV FDXVDGRV SRU HO WUDXFR QR
FDQDVWLOORDOFXHOOR\ODPDQGy GHVDSDUHFLHURQ DXQTXH DOJXQRV FRPHQ]DURQ D UHFLELU QRPEUHV QXHYRV
±£3DWDJDWD±OHGLMR<ODJDWDSDUWLy FRPRWRUWtFROLVSDUiOLVLVSROLRPLHOLWLV«

3DVyWRGDODWDUGH\ODJDWDQRYROYtD/DDQFLDQDQLPDWHWRPy6HDFRVWy $f$f8&$ ³3UREDEOHPHQWH GH RULJHQ TXHFKXD 1R HQFXHQWUR HVWD YR]
FRQKDPEUH<DPX\GHQRFKHVLQWLyFDUUHUDVHQHOWHMDGR$EULyODSXHUWD\ HQORVGLFFLRQDULRV´GLFHGRQ5RGROIR/HQ]6LQHPEDUJRpOPLVPRDQRWD
ODJDWDHQWUyFRUULHQGR1RWUDtDQDGD+DVWDODFDQDVWDKDEtDSHUGLGR ³QXxR´ SHFKRV GH PXMHU´ \ ³DxXxX\´ DUUXPDFRV OL]RQMDV ]DODPHUtDV´
6RVWHQJR HQWRQFHV TXH FRPR QRPEUH GH PXMHU$xDxXFDVLJQLILFD ³OD GH
±£3DWDJDWD£SDQJDWD±OHGHFtDODYLHMLWDFRQKDPEUH\FRQUDELD KHUPRVRV SHFKRV´ 7HQJR SDUD DILUPDUOR EXHQRV PRGHORV /D PXMHU GH
$ODPDxDQDVLJXLHQWHGHVSXpVGHPXFKRWLHPSRVHYLRDODDQFLDQDEDMDU &DXSROLFiQEDXWL]DGD)UHVLDSRU$ORQVRGH(UFLOODVHOODPDEDHQPDSXFKH
DOSXHEORDFRPSUDU *XGHQ³ODVLQSHFKRV´

7HQtD YDULDV FRPDGUHV \ GHEH KDEHUOHV FRQWDGR HVWD KLVWRULD SRUTXH OD


VHxRUD -XDQD $UUR\R TXH DKRUD WLHQH  DxRV PH FXHQWD TXH OH FRQWDURQ
TXHGHVGHHQWRQFHVHOFHUURFRPHQ]yDOODPDUVH3DQJDWD

/XLV&DUYDMDO
3ULPHU$xR0HGLR

50/54
'LDULR /DV 8OWLPDV 1RWLFLDV 6XSOHPHQWR HVFRODU ©3HTXHxD
%LEOLRWHFDªGLFLHPEUHGH\HQHURGH
%,%/,2*5$)Ë$)81'$0(17$/&2168/7$'$ /HQ] 5RGROIR 'LFFLRQDULR HWLPROyJLFR GH ODV YRFHV FKLOHQDV
<UHFRPHQGDGDDTXLHQHVGHVHHQIRUPDUVHXQDYLVLyQPiV GHULYDGDV GH ODV OHQJXDV LQGtJHQDV DPHULFDQDV +D\
FRPSUHQVLYDGHODVPDQLIHVWDFLRQHVGHODFXOWXUDWUDGLFLRQDO UHHGLFLyQ IDFVLPLODU GHO 6HPLQDULR GH )LORORJtD +LVSiQLFD 8 GH
&KLOH6I
0DUFRQH-RUJH/DRUDOLGDGHVFULWD,6REUHODUHLQVFULSFLyQGHO
GLVFXUVRRUDO,,6REUHODRUDOL]DFLyQGHODOLWHUDWXUD
%DKDPRQGH 0DULR 'LFFLRQDULR GH 9RFHV GH, 1RUWH GH &KLOH
0H\HU 5XVFD :DOWHULR 'LFFLRQDULR JHRJUiILFR HWLPROyJLFR
7RSRQLPLD HWLPRORJtDV PLQHUtD WLSRORJtD VRFLDO OH\HQGDV
LQGtJHQD 9DOGLYLD2VRUQR\/ODQTXLKXH 
(GLWRULDO1DVFLPHQWR
,PSUHQWD6DQ)UDQFLVFR3DGUH/DV&DVDV
%HQJRD-RVp+LVWRULDGHORVDQWLJXRVPDSXFKHVGHOVXU 'HVGH
DQWHV GH OD OOHJDGD GH ORV HVSDxROHV KDVWD /DV SDFHV GH 4XLOtQ  3pUH])ORULGRU/H\HQGDVGH&KLOH%LEOLRWHFD(VFRODU$SXQWHV
&DWDORQLD 3XEOLFDFLRQHV/R&DVWLOOR
&iUGHQDV 5HQDWR \ +DOO &DWKHULQH &KLORp PDQXDO GHO 3ODWK2UHVWH*HRJUDItDGHOPLWR\ODOH\HQGDFKLOHQRV(GLWRULDO
SHQVDPLHQWRPiJLFR\ODFUHHQFLDSRSXODU 1DVFLPHQWR +D\UHHGLFLRQHVHQ(GLWRULDO*ULMDOER 
&iUGHQDV ÈOYDUH] 5HQDWR 'LFFLRQDULR GH OD OHQJXD \ GH OD 5RMDV )ORUHV *RQ]DOR 5H\HV HQ OD WLHUUD %UXMHUtD \
FXOWXUD GH &KLORp )RQGR GH DSR\R D ODV LQLFLDWLYDV FXOWXUDOHV FKDPDQLVPRHQXQDFXOWXUDLQVXODU&KLORpHQWUHORVVLJORV;9,,,\
UHJLRQDOHV ;; (GLWRULDO %LEOLRWHFD $PHULFDQD 8QLYHUVLGDG $QGUpV %HOOR

±(O OLEUR GH OD PLWRORJtD +LVWRULDV OH\HQGDV \ FUHHQFLDV
PiJLFDVREWHQLGDVGHODWUDGLFLyQRUDO(GLWRULDO$WHOt 6DOLQDV&DPSRV0D[LPLOLDQR (QHOFLHORHVWiQWULOODQGR 3DUD
XQD KLVWRULD GH ODV FUHHQFLDV SRSXODUHV HQ &KLOH H ,EHURDPpULFD
&DUYDOKR1HWR 3DXOR GH +LVWRULD GHO IRONORU LEHURDPHULFDQR
(GLWRULDO8QLYHUVLGDGGH6DQWLDJR
(GLWRULDO8QLYHUVLWDULD
9LFXxD &LIXHQWHV -XOLR 0LWRV \ VXSHUVWLFLRQHV (VWXGLRV GHO
&DYDGD)UDQFLVFR- &KLORp\ORVFKLORWHV +D\UHHGLFLyQ
IRONORUHFKLOHQRUHFRJLGRVGHODWUDGLFLyQRUDO6DQWLDJR
GH &DUORV 9DOHQ]XHOD 6ROtV GH 2YDQGR (GLWRULDO $QGXMDU 6I
+DFLD  :LOKHOPGH0RHVEDFK3(UQHVWR 9R]GH$UDXFR ([SOLFDFLyQ
GH ORV QRPEUHV LQGtJHQDV GH &KLOH  (GLWRULDO 6DQ )UDQFLVFR
'DQQHPDQQ 0DQXHO (QFLFORSHGLD GHO IRONORUH GH &KLOH
3DGUH/DV&DVDV
(GLWRULDO8QLYHUVLWDULD

51/54
±/RV KXLOOLFKHV D WUDYpV GH VXV DSHOOLGRV (VWXGLR HWLPROyJLFR
GH ORV SDWURQtPLFRV DERUtJHQHV VXUHxRV  (Q FRODERUDFLyQ FRQ
:DOWHULR0H\HU5XVFD6I 'LiORJRFRQVXVOHFWRUHV
62%5(/$9,'$</$2%5$'(/$8725
 'HVWDFDPRV HVWH WtWXOR SRU VX FRQGLFLyQ GH REUD IXQGDPHQWDO QR VXILFLHQWHPHQWH FRQRFLGD QL
GHELGDPHQWH UHFRQRFLGD 9LFXxD &LIXHQWHV   DFDGpPLFR GH OD /HQJXD SURIHVRU GHO
,QVWLWXWR 3HGDJyJLFR HQVD\LVWD \ SRHWD VH GLR WLHPSR SDUD GHMDU QXPHURVRV HVWXGLRV HQ WRUQR D OD
FXOWXUD SRSXODU TXH KDQ QXWULGR D WRGRV ORV TXH GHVSXpV VH KDQ LQWHUHVDGR HQ OD LQYHVWLJDFLyQ R 1RWD GHO HGLWRU (Q GLVWLQWRV WUDEDMRV SHUR HVSHFLDOPHQWH HQ ODV
GLYXOJDFLyQ GH VXV PDQLIHVWDFLRQHV 'HO OLEUR VROR SRVHHPRV XQ HMHPSODU GH VX WHUFHUD HGLFLyQ QXPHURVDVELRJUDItDVTXHUHDOL]ySDUDSXEOLFDFLRQHVFRPR5HYLVWD$SXQWHV
(GLWRULDO1DVFLPHQWR
\7DUHDV(VFRODUHV=LJ=DJ±GpFDGDVGHPLOQRYHFLHQWRVRFKHQWD\QRYHQWD±
HODXWRUWUDWyGHHYLWDUGDUOHHOWUDEDMRKHFKRDOOHFWRUSUHILULHQGRHQWUHJDU
LQIRUPDFLyQVREUHODFXDOHOHVWXGLDQWHDSOLFDUDVXFUHDWLYLGDG$KRUDTXH
³ODELRJUDItDGH)ORULGRU3pUH]´VHKDFRQYHUWLGRHQXQDWDUHDIUHFXHQWHHO
DXWRU ±ILHO D VX HVWLOR± HQWUHJD D VXV OHFWRUHV HVWD VHOHFFLyQ GH SUHJXQWDV
TXHGHEHUHVSRQGHUHQYLVLWDVDFROHJLRVHQWUHYLVWDV\FRQVXOWDVGLUHFWDV

,
62%5(689,'$

±¢4XpHGDGWLHQH"
±6DFDODFXHQWDQDFtHOGHRFWXEUHGH
±¢'yQGHQDFLy"
±(Q<DWHV
±<DWHVQXQFDORKHRtGR¢GyQGHHVWiHVXQSXHEORRXQFDPSRHVWi
FHUFDROHMRV"
± (VWi PX\ FHUFD GHO YROFiQ <DWHV \ D YHLQWH PLQXWRV GH 5tR 3XHOR
ORFDOLGDGVHGHGHOD0XQLFLSDOLGDGGHODFRPXQDGH&RFKDPyDRULOODVGHO

52/54
HVWXDULRGH5HORQFDYtHQOD5HJLyQGH/RV/DJRV ,,
±¢<OHJXVWDHVXQERQLWROXJDU" 62%5(682%5$
±0HJXVWDPXFKRKDEHUQDFLGRDOOtHQXQOXJDUGHOFXDOPHGLJDQFRPR
W~ ³¢< HVR GyQGH HVWi" (V FRPR VL W~ FXHQWDV ³HVWR\ OH\HQGR D )ORULGRU
3pUH]´\WHSUHJXQWDQ³¢<HVHTXLpQHV"´3HURQRSXHGRGHFLUWHFyPRHVHO
OXJDUSRUTXHWRGDYtDQRORFRQR]FR ±8VWHG TXH KD HVFULWR OLEURV PX\ GLVWLQWRV VL OH GLHUDQ OD ³WDUHD´ GH
±4XpUDURQRFRQRFHHOOXJDUGRQGHQDFLy¢3RUTXp" KDFHU XQD OLVWD GH ORV SULQFLSDOHV ¢FyPR OD KDUtD" ¢3RU IHFKDV SRU
PDWHULDVSRUJpQHURV"
±0LV SDGUHV \ PLV DEXHORV YLYLHURQ SRFR WLHPSR HQ OD ]RQD DGRQGH
OOHJDURQ FRPR PXFKD JHQWH GHO QRUWH \ GHO VXU DWUDtGRV SRU OD QDFLHQWH ±/D KDUtD LJXDO TXH ODV OLVWDV GH PLV DOXPQRV SRU FXUVRV 3RUFXUVRV HQ
H[SORWDFLyQGHODOHUFHHQODVPRQWDxDVGH&KDSDUDQR TXHJHQHUDOPHQWHVHOHHQRFRQVXOWDQ

±¢&yPRVHOODPDEDQHOORV" (Q HGXFDFLyQ EiVLFD /D YXHOWD GH 3HGUR 8UGHPDOHV (O TXH QR FRUUH
YXHOD\RWURVFXHQWRVGHOPLVPRGLDEOR&LHORJUDItDGH&KLOH\1DYHJDQFLDV
±0LVDEXHORV)ORULGRU7RPiV3pUH]\(XGRFLD$UUDWLDPLVSDGUHV7RPiV ORVGRVGHSRHVtD &XHQWRVGHVLHPSUHSDUDQLxRVGHKR\
)ORULGRU3pUH]\5LQD/DYtQ
(QHGXFDFLyQPHGLD$QWRORJtDGH-DOLO*LEUiQ-DOLO 9HUVLyQOLWHUDULD 
±¢<DXVWHGOHSRQGUtDQ)ORULGRU7RPiV"
(QEiVLFD\PHGLDVHOHH0LWRV\/H\HQGDVGH&KLOH,JXDOPHQWHHQHVWRV
±6t$VtPHOODPR QLYHOHV VH OHHQ R FRQVXOWDQ PLV ELRJUDItDV3DEOR 1HUXGD FDSLWiQ GH ,VOD
±¢'yQGHKL]RVXVHVWXGLRV" 1HJUD *DEULHOD 0LVWUDO XQD OHFFLyQ SRU DSUHQGHU 0DQXHO 5RMDV OD
QRYHOHVFD YLGD GH XQ QRYHOLVWD \ )UDQFLVFR &RORDQH ELRJUDItD GH XQD
±(VWXGLp HQ HVFXHODV ³SULPDULDV´ GH &DOEXFR 5tR )UtR 9LFWRULD \ OH\HQGD
9DOGLYLD HQ ORV OLFHRV GH 2VRUQR \ 9DOGLYLD 3DUD SURIHVRU HVWXGLp HQ OD
(VFXHOD1RUPDOGH9DOGLYLD\HQOD(VFXHOD1RUPDOGH9LFWRULDGRQGHPH (Q HGXFDFLyQ VXSHULRU 'LFFLRQDULR RUWRJUiILFR GH GXGDV GH OD OHQJXD
WLWXOpHQ *RQ]DOR5RMDV\-RUJH7HOOLHUHQEUHYH (VWXGLR\DQWRORJtD 3RHPDGHPtR
&LG³YHUVLILFDFLyQPRGHUQD´VHKDOHtGRHQHOOLFHR\HQODXQLYHUVLGDG
±¢0HSXHGHUHVXPLUVXWUD\HFWRULDFRPRSURIHVRU"
3DUD WRGR OHFWRU VRQ PLV OLEURV GH SRHVtD GH ORV FXDOHV WDPELpQ VH
±0LWUD\HFWRULDKDVLGRLUSDVDQGRGHFXUVRFRQPLVDOXPQRVSULPHURIXL UHSURGXFHQ SRHPDV HQ WH[WRV GH /HQJXDMH \ &RPXQLFDFLyQ GH HGXFDFLyQ
SURIHVRUHQXQDHVFXHODUXUDOGHOVXU\OXHJRHQXQOLFHRGHO1RUWH&KLFR EiVLFD \ PHGLD  (VSHFLDOPHQWH GH0HPRULDV GH XQ FRQGHQDGR D DPDUWH
GHVSXpV HQ 6DQWLDJR SRU GLH] DxRV KLFH FODVHV HQ OD 8QLYHUVLGDG $QGUpV &DUWDVGHSULVLRQHUR2EUDFRPSOHWDPHQWHLQFRPSOHWD
%HOORHOHQOD(VFXHODGH'HUHFKRGHOD8QLYHUVLGDGGH&KLOHHO
HQ OD )DFXOWDG GH /HWUDV GH OD 8QLYHUVLGDG &DWyOLFD \ GHVGH  HQ OD $HOORVVHDJUHJDQPLVVHOHFFLRQHV$QWRORJtDGHOSRHPDEUHYHHQ&KLOH\
8QLYHUVLGDG$GROIR,EixH]GH6DQWLDJR\9LxDGHO0DU 3RHVtDFKLOHQDGHOGHSRUWH\ORVMXHJRV(VWH~OWLPR\DKDVLGRLQFRUSRUDGR
FRPROHFWXUDFRPSOHPHQWDULDHQYDULRVFROHJLRVGHOSDtV
±6LHQYH]GHVHU\RIXHUDXVWHGHOTXHWXYLHUDTXHKDFHUHVWDWDUHD¢TXp

53/54
RWUDFRVDKXELHUDDJUHJDGRVREUHVXYLGDRVREUHVXREUD" 9LHQWR-RYHQ
,6%1(GLFLyQ,PSUHVD
±<RQRVDEUtDFyPRVHSDUDUODVSXHVKD\PXFKDVFRVDVGHPL³YLGD´TXH HGLFLyQIHEUHURGH
VH GHEHQ D PL ³REUD´ 3RU TXp RWUD UD]yQ SXHGHQ KDEHUPH LQYLWDGR D XQD
2EUDV(VFRJLGDV
JLUDSRU6XHFLDHQRDODV)HULDVGHO/LEURGH%XHQRV$LUHV  \ ,6%1(GLFLyQ,PSUHVD
*XDGDODMDUD  RDO)HVWLYDO,QWHUQDFLRQDOGH3RHVtDGH0HGHOOtQ HGLFLyQIHEUHURGH
\RDO(QFXHQWUR,QWHUQDFLRQDOGH3RHVtDGH&DUDERER 9HQH]XHOD HQ
 R PH KDQ GHVLJQDGR 'LUHFWRU GHO 7DOOHU GH 3RHVtD GH OD )XQGDFLyQ ,6%1(GLFLyQ'LJLWDO
3DEOR1HUXGD
*HUHQWH(GLWRULDO$OHMDQGUD6FKPLGW8U]~D
± 0LUDQGRVXFXDGHUQR £$KKK¢\KDJDQDGRSUHPLRV" (GLWRUD&DPLOD'RPtQJXH]8UHWD
'LUHFWRUGH$UWH-XDQ0DQXHO1HLUD/RUFD
±6tSHURTXpLPSRUWD 'LVHxDGRUD0LUHOD7RPLFLF3HWULF

±(VTXHHVSDUWHGHODWDUHD 'LDJUDPDFLyQGLJLWDOHERRNV3DWDJRQLD
ZZZHERRNVSDWDJRQLDFRP
±%LHQ HQWRQFHV DQRWD TXH D ORV FDWRUFH DxRV JDQp XQ JUDQ SUHPLR LQIR#HERRNVSDWDJRQLDFRP
OXFLUPH WRGR HO VDQWR GtD GHO EUD]R GH -XDQLWD D TXLHQ FRURQp5HLQD GH OD
3ULPDYHUDGHPLEDUULR/DVÈQLPDVHQ9DOGLYLDFRQXQ³&DQWRDODUHLQD´ ‹SRU)ORULGRU3pUH]/DYtQ
,QVFULSFLyQ1ž6DQWLDJRGH&KLOH
PLSULPHUSRHPDODXUHDGR ‹UHQRYDGRSRU)ORULGRU3pUH]/DYtQ
SDUDHGLFLyQDPSOLDGD
<HQWDQWRVDxRVYDULRVRWURVKDVWDDOFDQ]DUHO3UHPLR0D\RU£TXHPH 'HUHFKRVH[FOXVLYRVGHHGLFLyQUHVHUYDGRVSRU
OHDQORVQLxRVORVDGROHVFHQWHV\ORVMyYHQHVGH&KLOH (PSUHVD(GLWRUD=LJ=DJ6$
(GLWDGRSRU(PSUHVD(GLWRUD=LJ±=DJ6$
/RV&RQTXLVWDGRUHV3LVR3URYLGHQFLD
7HOpIRQR ± )D[ ± 
(±PDLO]LJ]DJ#]LJ]DJFOZZZ]LJ]DJFO
ZZZHGLWRULDO]LJ]DJEORJVSRWFRP
6DQWLDJRGH&KLOH

(O SUHVHQWH OLEUR QR SXHGH VHU UHSURGXFLGR QL HQ WRGR QL HQ SDUWH QL DUFKLYDGR QL WUDQVPLWLGR SRU
QLQJ~Q PHGLR PHFiQLFR QL HOHFWUyQLFR GH JUDEDFLyQ &'5RP IRWRFRSLD PLFURILOPDFLyQ X RWUD
IRUPDGHUHSURGXFFLyQVLQODDXWRUL]DFLyQHVFULWDGHVXHGLWRU

54/54

You might also like