Professional Documents
Culture Documents
"SNBEVSB
EF%JPT
UDGH'LRV$UP
DG X
$BQJUÈO
3HTXHV
DGX
DGH'LRV $UP
UDGH'LRV$UP
GX U
UDGH'LRV$UPD
DGX
%FMPT1FRVFT
MB
7JTJØOEF"SNBEVSB
4XHULGRV+HUPDQRV
'LRVPHGLRXQDYLVLyQSDUDHVWHPDWHULDOKDFHXQRVDxRVDXQTXHFUHRTXHLQLFLyGHVGH
TXHHUDXQDQLxD0LVSDSiVQXQFDPHGHMDEDQIDOWDUDQLQJXQDFODVHGHHVFXHODGRPLQLFDO
3RUPXFKRVDxRVPHPRULFpYHUVtFXORV\DSUHQGtKLVWRULDVEtEOLFDVFDGDVHPDQD3HURPXFKDV
YHFHVQRVDEtDFRPRDSOLFDUODVDODYLGDUHDO$SUHQGtDGH'LRVHO'RPLQJRSHURQRVDEtD
FRPRDSOLFDUORGH/XQHVD6iEDGR
/DDUPDGXUDGH'LRVIXHXQDGHHVWDVFODVHV$SUHQGtORVYHUVtFXORV\FyPRSRQHUPH
ODDUPDGXUD3XHGRUHFRUGDUDOPDHVWURGLFLHQGRTXHSDUDOOHJDUDVHUXQ³EXHQFULVWLDQR´
WHQtDTXHKDFHUXQDRUDFLyQHVSHFLDOFDGDGtDSRUODPDxDQDUHSLWLHQGRORVYHUVtFXORV\DVt
HVWDUtDFRQVWDQWHPHQWHSRQLpQGRPHODDUPDGXUD1XQFDKLFHODFRQH[LyQHQPLPHQWHTXH
SDUDSRQHUPHHOFLQWXUyQGHODYHUGDGWHQtDTXH'(&,5ODYHUGDGWRGDODVHPDQDHQPLYLGD
GLDULD
$xRVGHVSXpVFXDQGRDVLVWtDDXQDHVFXHODEtEOLFDIXLDXQJUXSRFHOXODU\HVWDEDQ
HQVHxDQGRODPLVPDRUDFLyQGUDPDWL]DGD(QDTXHOPRPHQWRFRPHQFpDSHQVDUTXHDOJR
HVWDEDLQFRUUHFWR1RSRGHPRVVRORKDFHUXQDRUDFLyQSDUDWHQHUIHPLHQWUDVTXHYLYLPRVXQD
YLGDVLQIH1RSRGHPRVVRORSURFODPDUTXHWHQHPRVSXHVWRHOFDVFRGHVDOYDFLyQ7HQHPRV
HOFDVFRSXHVWRFXDQGRFRQ¿DPRVHQHO6HxRU-HVXFULVWRSDUDQXHVWUDVDOYDFLyQ
$xRVGHVSXpVOOHJXpDVHUODGLUHFWRUDGHOPLQLVWHULRGHQLxRVHQXQDLJOHVLDHQ2UHJRQ((88
8QGtDFDPLQDQGRSRUHOHGL¿FLRUHYLVDQGRODVFODVHVPLUpTXHHQXQDFODVHHVWDEDQ
HQVHxDQGRVREUHODDUPDGXUDGH'LRV/RVPDHVWURVHVWDEDQHQVHxDQGRODPLVPDIRUPDGH
RUDUSDUDSRQHUVHODDUPDGXUDODPLVPDTXHPHHQVHxDURQFXDQGRQLxD$O¿QDOHOPDHVWUR
OHVDQXQFLyDORVQLxRVTXHKDEtDDOJXLHQTXHOHVHVWDEDYLVLWDQGR\OHVLEDDFRPSDUWLUDOJRGH
ODDUPDGXUDFODURTXHQRPHKDEtDGLFKRQDGDGHDQWHPDQR(QWRQFHVFRPSDUWtPLVHQFLOOR
SXQWRGHYLVWDTXHVLXQRTXLHUHVDEHUXVDUVXHVSDGDWLHQHTXHFRQRFHUDOJXQDVHVFULWXUDV
'HVSXpVORVPDHVWURVVHPHDFHUFDURQGLFLHQGRTXHQXQFDKDEtDQHVFXFKDGRODHQVHxDQ]D
GHODDUPDGXUDGHHVDPDQHUD\TXHOHVLPSDFWy£(QDTXHOPRPHQWR'LRVSODQWyXQDVHPLOOD
HQPLFRUD]yQSDUDKDFHUHVWHPDWHULDOTXHKR\VHKDUHDOL]DGR£*ORULDD'LRV
0LHVSHUDQ]DHVTXHXVWHGFRPRPDHVWURSXHGDXVDUHVWHPDWHULDOSDUDHQVHxDUDORV
QLxRVTXHOHURGHDQODLPSRUWDQFLDGHWHQHUYHUGDGHUDPHQWHODDUPDGXUDSXHVWDSRUTXH£KD\
XQDEDWDOODHVSLULWXDODOUHGHGRUGHQRVRWURVFDGDGtD
4XH'LRVOHV%HQGLJD G X UDGH'LRV$UP
D
DGX
GH'LRV $UP
UDGH'LRV$UP
.ULVWLQD.UDXVV
0LQLVWHULR3UR9LVLyQ
/D5RVLWD+XDWDEDPSR
D
GX U
6RQ0H[LFR DGX
NULVWL#SURYLVPH[FRP
UDGH'LRV$UPD
%,(19(1,'2
$%25'2
(QHVWHPRPHQWRWHGDPRVGHDOWDFRPRFDSLWiQGHOHMHUFLWRGH'LRV
FRQODUHVSRQVDELOLGDGGHFRPSDUWLUODLPSRUWDQFLDGHOD$UPDGXUD
GH'LRVDORVVROGDGRVPiVSHTXHxRV $\XGDDOVROGDG
VHDYHQFLGRSRU
MB
"SNBEVSB
/HFFLyQ
EF
%JPT
/XFKDFRQWUDOD
RDOOHJDUDODV
VXHQHPLJR
V7LQLHEODV
WLQLHEODVSDUD
OXFKDUFRQWUDHO
&2
ODVFXLGDQGRGH
57$
-VDIB
DPOUSBMBT
5JOJFCMBT
TXHQR
&RUWD
(OPDWHULDOFRQWLHQHHOPDQXDOGHOFDSLWiQXQDKRMDSDUDFDGD
OHFFLyQGHORVVROGDGRVHOVROGDGRGHDVLVWHQFLDUDQJRV\XQMXHJR
GHSRVWHUVSDUDGHFRUDUHOFXDUWHO
(QFDGDFODVHKD\GRVOHFFLRQHVXQDGHHVWXGLRGHODDUPDGXUDGH
'LRVGRQGHORVQLxRVGHFLGHQ\SRQHQVXKXHOODR;SDUDSRQHUVH
'HFLVLyQ
ODDUPDGXUD$GHPiVRWUDHQVHxDQ]DGRQGHXVWHGFRPSDUWHOD ³'HFLGROXFKD
FRQWUDHOGLDEOR
QRFRQWUDODVS
U
0H
ODOXFKDQRHPRUL]DU
VF
KXPDQRVVLQR RQWUD &41"
HUVRQDVTXH 13&1"3"56
HVWiQDOUHGHGR
DSOLFDFLyQEtEOLFD'HVSXpVXVWHGFRPRPDHVWURSXHGHOOHQDUVX VHDQFULVWLDQRV
UGHPt\D
RQR´ ODVWLQLHEODV´ FRQWUD
(IHVLRV 1"-"
%"
-B
%*0
#3"%&
4
FODVHFRQORVGLIHUHQWHVMXHJRVTXHVHHQFXHQWUDQHQHOPDWHULDO
`2VF%JPTMF#FOEJHBFOTV
QSFQBSBDJØOQBSBMB#BUBMMB
-PT3BOHPT
/RVQLxRVSHTXHxRVSXHGHQWHQHU DG X
UDGH'LRV$UP
DG X
UDGH'LRV$UP
DGX
DGH'LRV $UP
DGX
DGH'LRV $UP
HOPLVPRUDQJRGXUDQWHODVVHPDQDV
UDGH'LRV$UP
UDGH'LRV$UP
FRORFDGRDOUHGHGRUGHVXFXHOOR&RQHVWH
GX U
GX U
DGX
UDGH'LRV$UPD UDGH'LRV$UPD
DGX
VHUtDPiVIDFLOUHFRUGDUORVQRPEUHVGH
FDGDXQR
1RUHFLEHQGLVWLQWLYRVFDGD
VHPDQDFRPRORVQLxRVPiVJUDQGHV
SRUTXHHOORVWLHQHQDOVROGDGRGH
DVLVWHQFLDTXHVHH[SOLFDHQODSiJLQD 62/'$'2
MB
"SNBEVSB
-FDDJØO
³'HFLGRVHUXQVROGDGRGH'LRV\ 7FSTÓDVMP
SRQHUPHWRGDODDUPDGXUD´ 3yQJDQVHWRGDOD
$UPDGXUD
'DUGH$OWDDORV6ROGDGRV DUPDGXUDGH'LRV´
GH'LRV
(IHVLRV (IHVLRV
-FDDJØO
³'HFLGROXFKDUFRQWUDHOGLDEORQR 7FSTÓDVMP
FRQWUDODVSHUVRQDVTXHHVWiQDOUHGHGRU
GHPt\DVHDQFULVWLDQRVRQR´
ODOXFKDQRHVFRQWUD
3DEOR\6LODVHQOD&iUFHO
KXPDQRVVLQRFRQWUD
ODVWLQLHEODV´
/XFKDFRQWUD +HFKRV
ODV
WLQLHEODV (IHVLRV
-FDDJØO
³'HFLGRHVWDU¿UPH´ 7FSTÓDVMP
SDUDTXHSXHGDQ
UHVLVWLUFRQILUPH]D´
(VWpQ
)LUPHV
0XHUWHGH(VWHEDQ (IHVLRV
+HFKRV
-FDDJØO
³'HFLGRYLYLUXQDYLGDFRQKRQHVWLGDG´ 7FSTÓDVMP
&LQWXUyQ &RQHOFLQWXUyQGHOD
GHOD
$QDQtDV\6D¿UD YHUGDG´
9HUGDG
+HFKRV (IHVLRVD
-FDDJØO
³'HFLGRYLYLUXQDYLGDUHFWDVLHPSUH 7FSTÓDVMP
&RUD]D
KDFLHQGRORTXHHVEXHQR´
3URWHJLGRVSRUOD
GH &RUQHOLR FRUD]DGHMXVWLFLD´
-XVWLFLD
+HFKRV (IHVLRVE
EF
-FDDJØO
%JPT ³'HFLGRWHQHUVLHPSUHXQDUHODFLyQ 7FSTÓDVMP
EXHQDFRQ'LRVSDUDHVWDUOLVWR\VHUYLUOH
(VWpQVLHPSUHOLVWRVD
&DO]DGR
FRQOD
HQFXDOTXLHUPRPHQWR´
DQXQFLDUOD´
3D]
)HOLSH\HO(WtRSH (IHVLRV
%LOLDHQ/HQJXDJHVHQVLOOD%/6
+HFKRV
-FDDJØO
³'HFLGRFUHHUORTXH'LRVPH 7FSTÓDVMP
GLFH\QRDOPXQGR´ 7RPHQHOHVFXGRGHOD
IH´(IHVLRVD
(VFXGR
3DEOR\HO1DXIUDJLR
GHOD)H +HFKRV
-FDDJØO
³'HFLGRFRQ¿DUHQHO6HxRU-HVXFULVWR 7FSTÓDVMP
SDUDPLVDOYDFLyQ´ (OFDVFRGHOD
&DVFRGHOD
&RQYHUVLyQGH6DXOR VDOYDFLyQ´
(IHVLRVD
6DOYDFLyQ +HFKRV
-FDDJØO
³'HFLGRVHJXLUDSUHQGLHQGRODSDODEUDGH 7FSTÓDVMP
(VSDGD 'LRVSDUDSRGHUXVDUODHQPLYLGDGLDULD /DHVSDGDTXHHVOD
GHO 3HGURVHGLULJHDOD
(VStULWX
0XOWLWXG
SDODEUDGH'LRV´
(IHVLRVE
+HFKRV
-FDDJØO
³'HFLGRUHFRUGDUTXHODEDWDOODHV 7FSTÓDVMP
2UDU HVSLULWXDO\WHQJRTXHRUDUVLHPSUH´ 2UHQHQWRGR
PRPHQWR´
VLQ 3HGURHVFDSDGHOD&iUFHO (IHVLRVD
&HVDU +HFKRV
1ØOHB
4PMEBEPEF"TJTUFODJB
UPEBMB OTF
"SN B EVSB
EF
%JPT
/DSULPHUDVHPDQDFDGDQLxRUHFLELUiVXOLEURGHODOXPQRFRQHOVROGDGR
GHDVLVWHQFLDHQODFRQWUDSRUWDGDSDUDGHFRUDU£SHURHOSREUHVLWRQRWLHQH
DUPDGXUD(QFDGDOHFFLyQGXUDQWHODVVHPDQDVTXHVLJXHKD\XQDSLH]D
GHODDUPDGXUDGRQGHORVQLxRVUHFRUWHQODSLH]D\ORSHJDQDOVROGDGR
GHDVLVWHQFLD&XDQGRQRKD\XQDSLH]DGHODDUPDGXUDKD\XQGLFKR
TXHSXHGHQSHJDU(OPDHVWURDSXHGHJXDUGDUORVOLEURVHQHOWHPSOR
1RPEUH
£'HVSXHVGHORVGLH]VHPDQDVHOVROGDGRYDDWHQHUWRGRVXDUPDGXUD
1ØOHBOTF
UPEBMB
"SNBEVSB
EF
%JPT
-VDIB
DPOUSBMBT
5JOJFCMBT
'HVSXpV
GHODVGLH]
$PO VHPDQDV
HOVROGDGR
'JSNF[B FRQ
WRGRVX
$UPDGXUD
1RPEUH
MB
"SNBEVSB
SDUD
.BFTUSP
HO
/HFFLyQ
,QWURGXFFLyQDOD$UPDGXUD
'DUGH$OWDDORV6ROGDGRV
7~FRPR&ULVWLDQRHUHVXQDSHUVRQDGpELORIXHUWH OHVD\XGHDKDFHUXQDGHFLVLyQ0XFKDVYHFHV
(O'LDEORWLHQHHVWUDWHJLDVFRQWUDWL«3RUORWDQWR VHHQFXHQWUDQHQHOSHFDGRKDVWDORVQLxRVPiV
QHFHVLWDPRVSRQHUQRVWRGDODDUPDGXUDGH'LRV SHTXHxRVSRUTXHDXQQRKDQGHFLGLGRHOTXHUHU
SDUDDVtSRGHUYHQFHU KDFHUORFRUUHFWR(VWDVVHPDQDVSXHGHQVHU
PX\LPSRUWDQWHVSDUDFDGDQLxRVLHOORVVHGHFLGHQ
0DHVWURVKD\SXQWRVPX\LPSRUWDQWHVHQHVWD DKDFHUORTXHHVFRUUHFWRHQVXYLGD(VWRVLJQL¿FD
SULPHUDOHFFLyQ TXHHOORVUHDOPHQWHFRPSUHQGHUiQORTXHHVWiHQ
1RVRWURVHVFRJHPRVVHUIXHUWHVRVHUGpELOHV£HV MXHJR\ORTXHOHVFRVWDUiVLQRKDFHQOREXHQR
XQDRSFLyQ1RVRWURVGHFLGLPRVVLTXHUHPRVVHU &255(&72
IXHUWHVHQeO\HQVXSRGHU (QODSiJLQDVLJXLHQWHVHSXHGHHQFRQWUDUXQD
1HFHVLWDPRVDFWXDUSRQLpQGRQRVODDUPDGXUDGH IRUPDGHGLULJLUDORVQLxRVDKDFHUHVWDGHFLVLyQ
'LRV1RHVDOJRDXWRPiWLFRTXHYLHQHFRQHOVROR
KHFKRGHDFHSWDUD&ULVWR 0DHVWURVVXPHWDHVTXHFDGDQLxRHQVXFODVH
(O'LDEORHVWiOLVWRKDFLHQGRVXHVTXHPDFRQWUD SRQJDQXQD;RXQDKXHOODHQVXKRMDVLKD\DOJ~Q
WLQRHVXQFXHQWHFLWRGHPLHGRVRODPHQWH RVQLxRVTXHQRTXLHUDQXQRGHORVPDHVWURV
-XDQ GHEHOOHYDUORVIXHUDGHOVDOyQ\SUHJXQWDUOHVSRUTXp
3XHGHVHUTXHWHPDQWHQJDVRSXHGHVHUTXHQR QRGHVHDQPDUFDUOR4XL]iV\DWLHQHHOGRORUGHO
SXHGDVWRGRGHSHQGHUiGHODIRUWDOH]DHVSLULWXDO SHFDGRHQVXFRUD]yQHQWRQFHVHOPDHVWUROH
TXHWHQJDV/RV&ULVWLDQRWDPELpQFDHQ&DHQHQ D\XGDUiDRUDUSDUDTXLWDUHVDÀHFKDTXHOHVFDXVD
HOSHFDGRRFDHQDOEXUODUVHGHRWURV&ULVWLDQRV GRORU
TXHKDQSHFDGR«+D\PXFKDVPDQHUDVHQODVTXH
VHSXHGHSHUGHUODEDWDOODFRQWUDHO'LDEOR\VXV 6LODPLWDGRPiVQR¿UPDURQVXVQRPEUHV
HVTXHPDV1RHVXQFKLVWHpOHVWiDOOtSDUDDUUXLQDU HQWRQFHVKD\TXHPDQWHQHUORVMXQWRVHQHOVDOyQ\
YLGDV\ORORJUDFRQPXFKRVFULVWLDQRV HPSH]DUGHQXHYRKDVWDORJUDUFRQFLHQFLDGHHVWD
GHFLVLyQ3LGHTXHORVQLxRVRUHQFRQWLJRRUDHQ
(QODSULPHUDOHFFLyQTXHUHPRVSUHVHQWDUWHHO YR]DOWDSLGLpQGROHD'LRVTXHKDEOHDORVQLxRV\
FRQFHSWRSULQFLSDO³(VWDPRVHQJXHUUD±\HVHO TXHWHD\XGHDWLSDUDTXHSXHGDVFRPXQLFDUOHVOD
FDUiFWHUSLDGRVRQRODIXHU]DEUXWDHOTXHJDQDOD LPSRUWDQFLDGHHVWDGHFLVLyQ
EDWDOOD´ 6LGHVSXpVXQRRGRVQRTXLHUHQ¿UPDUFRQWLQ~D
FRQODFODVH$XQWHTXHGDQVHPDQDVGRQGH'LRV
(OSXQWRHQODSULPHUDOHFFLyQHVD\XGDUDORV OHVSXHGHKDEODU\FDPELDUVXFRUD]yQ1RGHMHV
QLxRVDYHUHVWRVFXDWURSXQWRVSULQFLSDOHVTXH TXHHVWRVQLxRVWHUREHQODDWHQFLyQW~HUHVHO
SXHGDQFUHHUORV\ORPiVLPSRUWDQWHHVTXH PDHVWUR
SDUD
5HYROXFLyQ
0DWHULDOHV
HO .BFTUSP
+RMDVGHSDSHOSOXPDJORERV\ /RTXHVLJXHHVXQDIRUPDGHGLULJLUDORVQLxRVDKDFHUODGHFLVLyQ
P~VLFDRSFLRQDO ³1LxRVDKRUDTXLHURTXHFDGDXQRGHXVWHGHVFLHUUHVXVRMRVKR\YDQ
DHVFRJHUVLTXLHUHQVHUIXHUWHVHQHO6HxRURTXLHUHQVHUGpELOHV(O
3UHSDUDFLyQ 'LDEORTXLHUHGHVWUXLUORV\KDFHUORVFDHUGXUDQWHVHVWDVVHPDQDV
YDPRVDDSUHQGHUDFyPRSRQHUQRVODDUPDGXUDGH'LRV+R\W~YDVD
(VFULEDORVWtWXORVGHODV
GHFLGLUWHVLWHODTXLHUHVSRQHU1RHVXQFKLVWHPXFKRVFULVWLDQRV\D
OHFFLRQHVVLJXLHQWHVHQKRMDVGH KDQFDtGR\RWLHQHQXQGRORUPX\JUDQGHHQVXFRUD]yQSHURHOORVQR
SDSHO,QÀHORVJORERVSRQLHQGR KDQDSUHQGLGRORTXHW~YDVDDSUHQGHUHQHVWDVVHPDQDV4XLHUR
XQDKRMDFRQODOHFFLyQDGHQWUR TXHGHFLGDVVLTXLHUHVVHUIXHUWHHQHOSRGHUGHO6HxRU(VWDPRVHQ
GHFDGDJORERDQWHVGHFHUUDUOR JXHUUD8QFDUiFWHUVDQWRSLDGRVRGH'LRV\QRODIXHU]DKXPDQD
EUXWDVHUiHOTXHJDQHODEDWDOOD¢4XLHUHVJDQDU"6LGLFHVTXHVL
'LULJLHQGRHO-XHJR HQWRQFHVYDVDWRPDUXQOiSL]\YDVDSRQHUWXQRPEUHHQODOtQHD\
/RVQLxRVIRUPDQXQFtUFXOR VLHPSUHWUDHUWXDUPDGXUDSXHVWD(VWRHVHQWUHW~\'LRVDGHODQWHYH
\SDVDQJORERDOUHGHGRUGHO \HVFULEHWXQRPEUH´FRQSHTXHVSRQXQ;RKXHOOD
FtUFXORHOSULPHUQLxRORSDVD
DUULEDGHODFDEH]DHOVHJXQGR
ORSDVDHQWUHVXVSLHUQDVHWF
KDVWDTXHHOPDHVWURJULWDRVLOYD
2SFLyQ3RQP~VLFDGHQLxRV
PLHQWUDVTXHSDVHQHOJORER
(OQLxRTXHWLHQHHOJORER
FXDQGRHOPDHVWURJULWDVHPXHYH
DOFHQWUR\H[SORWDHOJORERFRQ
XQSLH'HVSXpVHOQLxRVDFDHO
SDSHO\OROHHDORVGHPiVQLxRV
/PMFT
6LJXHQMXJDQGRKDVWDTXH
WHUPLQDQFRQWRGRVORVJORERV
JNQPSUBMP
2SFLRQHV
6LWLHQHPXFKRVQLxRVVH
SXHGHQIRUPDUYDULRVFtUFXORVR
RVFUÞTBCFT
SDVDUPiVGHXQJORERDODYH]
-XQWRFRQODVKRMLWDVGHORV
WtWXORVWDPELpQVHSXHGHQ
IBTUBRVF
SRQHUGXOFHV
RGLIHUHQWHV
LQVWUXFFLRQHV TBCFORVFUÞ
HQORVJORERV
FRPRSRU
HMHPSORFRUUHU MFTDVJEBT
DOUHGHGRUGH
ODLJOHVLDXQD
YH]HWF
MB $PMPSFBUV
"SNBEVSB 4PMEBEPEF
"TJTUFODJB
EF
%JPT
/HFFLyQ
'DUGH$OWD
'HFLVLyQ
³'HFLGRVHU 0HPRUL]DU 13&1"3"56
&41"%"
XQVROGDGRGH 3yQJDQVHWRGDODDUPDGXUD
'LRV\SRQHUPHWRGDOD
GH'LRV´(IHVLRV
-B
1"-"#3"%*04
%&
DUPDGXUD´
SDUD
/D%DWDOOD
0DWHULDOHV
HO .BFTUSP
£*XDX4XHYHUVRWDQLPSRUWDQWH1ROXFKDPRVFRQWUDSHUVRQDV
%RODGHHVWDPEUHFKLTXLWDSDUD
FDGDJUXSRGHQLxRV VLQRFRQWUDHOGLDEOR\VXVSULQFLSDGRV$YHFHVHOGLDEORXVD
SHUVRQDVSDUDTXHQRVKLHUDQORVPDORVHQWHQGLGRV\DYHFHV
ORVSHFDGRVGHRWUDVSHUVRQDVGHWDOPDQHUDTXHWHUPLQDPRV
'LULJLHQGRHO-XHJR
TXHULHQGROXFKDUFRQWUDHOORVHQOXJDUGHOXFKDUFRQWUDHO
1XPHUDORVQLxRVSDUDIRUPDU
GLDEORHVRHVFDHUHQODWUDPSDGH6DWDQiV'LRVDPDDWRGRV
JUXSRVGH\VHSRQHQHQ¿ODV
ODVSHUVRQDVVRQKXPDQDV\FRPHWHQHUURUHVQRVRWURVPLVPRV
'HMDQGRPXFKRHVSDFLRHQWUHXQ
FRPHWHPRVHUURUHV(QRFDVLRQHVHO'LDEORWXHUFHODVSDODEUDV
JUXSR\RWUR
GHODJHQWHSDUDTXHQRVHQRMHPRVSRUDOJRTXHHOORVQXQFD
&RPHQWHFRQORVQLxRVTXHKD
GLMHURQ'LRVORVDPD\DVtORGHEHUtDPRVKDFHUQRVRWURV
YHFHVHOGLDEORXVDODVSHUVRQDV
£1HFHVLWDPRVDVHJXUDUQRVGHSHOHDUFRQHO'LDEORHQOXJDUGH
SDUDDPDUUDUQRVSHURGHWRGRV
HVWDUSHOHDQGRFRQODJHQWH
PRGRVHVHOGLDEORFRQWUDTXLHQ
HVWDPRVOXFKDQGR(QHVWHMXHJR
QRVRWURVVRPRVORVTXHQRV
DPDUUDPRVDQRVRWURVPLVPRV
SHURSDUDOLEHUDUQRVWHQHPRVTXH
TXLWDUHOHVWDPEUH\FXLGDUGHQR %FTEFMB#JCMJB
3DEOR\6LODVHQODFiUFHO
SHOHDUQRVFRQORVGHPiV
+HFKRV
'DUOHXQDERODFKLTXLWDGH (VWDKLVWRULDWLHQHSXQWRVP~OWLSOHV3ULPHURHOORVVHHQFRQWUDURQ
HVWDPEUHDOSULPHUQLxRGHFDGD VLHQGREXVFDGRV\DFRVDGRVSRUXQDPXMHUSRVHtGDSRUXQ
¿OD(OSULPHUQLxRDJDUUDOD GHPRQLR(QOXJDUGHOODPDUDODSROLFtDRUHQGLUVHDODPXMHU
SXQWDGHOHVWDPEUH\SDVDODEROD HOORVWUDWDURQFRQHOSUREOHPDUHDOHQHOWHUUHQRHVSLULWXDO(OORV
SRUOD¿ODDVtKDVWDOOHJDUDO¿QDO UHSUHQGLHURQDOHVStULWX\ORHFKDURQIXHUD(QOXJDUGHYHUODV
HOXOWLPRQLxRORSDVDDOUHGHGRU FRVDVHQODIRUPDTXHHOPXQGRODVYHHOORVYLHURQTXHVXV
GHVXHVSDOGD\ORSDVDGHUHJUHVR EDWDOODVQRHUDQFRQWUDFDUQHQLVDQJUH'HELGRDVXVDFFLRQHV
KDVWDHOSULQFLSLR HOORVDKRUDVRQWRUWXUDGRV\SXHVWRVHQSULVLyQ'HQXHYRHOORV
'HVSXpVTXHORVHTXLSRV UHFRQRFLHURQTXHVXVOXFKDVQRHUDQFRQWUDFDUQHQLVDQJUH\QR
WHUPLQDQVXVERODVGHHVWDPEUH VHHQFRQWUDEDQGHVDQLPDGRVSRUODIRUPDHQTXHHOPXQGRORV
WUDWDED(OORVFRQ¿DEDQHQ'LRV\IXHURQFDSDFHVGHDGRUDUOH\
VXWUDEDMRHVHVFDSDUGHODV
FDQWDUD~QHVWDQGRHQODSULVLyQ(OPLODJURSDVy±XQYLROHQWR
WUDPSDVGHOHQHPLJR\OLEHUDUVH WHUUHPRWRVDFXGLyODSULVLyQ\ORVKL]ROLEUHV(OJXDUGLDVHSXVR
GHOHVWDPEUH(OSULPHUHTXLSR QHUYLRVR\DTXHSHUGHUtDVXVSULVLRQHURVHLQWHQWyPDWDUVH3DEOR
HQOLEHUDUVHJDQD ORGHWXYR'HQXHYRUHFRQRFLyTXHVXVEDWDOODVQRHUDQFRQWUD
HOJXDUGLDTXHORKDEtDWUDWDGRWDQPDO$~Q\FXDQGRHOJXDUGLD
2SFLyQ IXHFUXHO3DEORVDEtDTXHVXYHUGDGHURHQHPLJRHUDHOGLDEOR3RU
3XHGHGDUXQSUHPLRRXQDSODXVR ODPLVHULFRUGLDTXHPRVWUyDOJXDUGLDpVWHIXHVDOYRQRVyORHO
DOJUXSRTXHVHOLEHUHVLQSHOHDU JXDUGLDVLQRWRGDVXIDPLOLD
HQWUHVtPLVPRV 3DEOR\6LODVSXGLHURQKDEHUVLGRDSODVWDGRVSRUODPXMHU
KXELHUDQSRGLGRHVWDUDPDUJDGRVSRUHOJRELHUQR\SHUPLWLGR
TXHHOFDUFHOHURVHPDWDUDGHMDQGRDVXHVSRVDYLXGD\DVXV
KLMRVKXpUIDQRV(QOXJDUGHHVRHOORVOLEHUDURQDODPXMHU\HO
FDUFHOHUR\WRGDVXIDPLOLDIXHURQVDOYRV7DPELpQ3DEOR\6LODV
WXYLHURQSD]DPHGLGDTXHFRQ¿DURQHQ'LRVFDGDPRPHQWR\VH
DVHJXUDURQGHSHOHDUVXVEDWDOODVFRQWUDORVSULQFLSDGRVGHHVWH
PXQGR\QRFRQWUDFDUQH\VDQJUH
-VDIB
MB DPOUSBMBT
"SNBEVSB & 2 57$
5JOJFCMBT
EF
%JPT &RUWD
/HFFLyQ
/XFKDFRQWUDODV7LQLHEODV
$\XGDDOVROGDGRDOOHJDUDODVWLQLHEODVSDUDOXFKDUFRQWUDHOODVFXLGDQGRGHTXHQR
VHDYHQFLGRSRUVXHQHPLJR
'HFLVLyQ 0HPRUL]DU
³'HFLGROXFKDU
FRQWUDHOGLDEOR
ODOXFKDQRHVFRQWUD 13&1"3"56
&41"%"
QRFRQWUDODVSHUVRQDVTXH KXPDQRVVLQRFRQWUD
HVWiQDOUHGHGRUGHPt\D
VHDQFULVWLDQRVRQR´ ODVWLQLHEODV´(IHVLRV 1"-"#3"%*04 -B
%&
(MpUFLWR SDUD
0DWHULDOHV
3HORWDPDVNLQJWDSHRFDO
HO .BFTUSP
&RQODDUPDGXUDSXHVWDQRVRWURVSRGHPRVUHVLVWLUFRQWRGDV
3UHSDUDFLyQ QXHVWUDVIXHU]DVKDVWDHO¿QDO
0DUFDODVSRVLFLRQHVGHORV (QHVWDOHFFLyQQHFHVLWDPRVHQIDWL]DUTXHQRLPSRUWDORTXH
MXJDGRUHVHQVXSLVRRWHUUHQR QRVURGHHORVSUREOHPDVRORVDOWLEDMRVGHODYLGDGHEHPRV
FRQWLQXDUUHVLVWLHQGRKDVWDHO¿QDO
'LULJLHQGRHO-XHJR +DEUiRFDVLRQHVHQODVTXHWHQGUHPRVTXHSHOHDUFRQWUDODV
'LYLGDVXFODVHHQGRVJUXSRV HVWUDWHJLDVGH6DWDQiV\HQOXJDUGHPRYHUQRVWHQGUHPRV
HQHOFDVRTXHWHQJDPDVGH TXHSDUDUQRV¿UPHV\HYLWDUFDHUHQHOWHUUHQRGHOHQHPLJR
QLxRVOHVXJHULPRVTXHMXHJXHQ SHUPDQHFLHQGR¿UPHVHQQXHVWUDIHVLQTXLWDUQRVODDUPDGXUD
SRUWXUQRVQRPiVGHSRUFDGD i$POMBBSNBEVSBQVFTUB
HTXLSR
/RVMXJDGRUHVVHSRVLFLRQDQ OPTPUSPTQPEFNPTSFTJTUJSDPO
HQODVPDUFDVTXHSUHYLDPHQWH UPEBTOVFTUSBTGVFS[BTIBTUB
SXVRHQHOSLVRRHQHOWHUUHQR
TXHGDQGRVHSDUDGRVSRUORPHQRV
FMGJOBMw
DXQEUD]RGHGLVWDQFLD
/DPDHVWUDOHVWLUDODSHORWD
OHQWDPHQWHORVMXJDGRUHVQR
SXHGHQPRYHUVHGHVXOXJDUVROR
SXHGHQPRYHUXQSLHDODYH]
%FTEFMB#JCMJB
(VWHEDQ
KDVWDTXHKDJDQHOJRO +HFKRV
'LRVTXLHUHTXHUHVLVWDPRVDOGLDEORKDVWDHO¿QFRQ¿UPH]D\
2SFLRQHV WHQHPRVXQEXHQHMHPSORHQ(VWHEDQ(VWHEDQHUDXQKRPEUHGH
3XHGHQMXJDUDGHQWURHQHOSLVR 'LRVUHFWR\TXHKDFtDPXFKRVPLODJURV/DJHQWHGHOPXQGRQR
\SRQHUODVPDUFDVFRQPDVNLQJ TXLVRGHMDUOHSUHGLFDUSHURpOVLHPSUHOHVJDQyHQVDELGXUtD/D
/RVMXJDGRUHVSXHGHQHVWDU JHQWHOHWHQGLyXQDWUDPSDDVtFRPRHOGLDEORTXLHUHDWUDSDUQRV
VHQWDGRVHQVLOODVHQOXJDUGH HQHOSHFDGRSHUR'LRVTXLHUHTXHUHVLVWDPRVQRLPSRUWDQGROR
TXHRWURVKDJDQ3XHGHQEXUODUVHGHQRVRWURVSUREDUQRVKDFHUQRV
HVWDUSDUDGRV
VHQWLUPHQRVSHUR'LRVQRVYDDGDUODJUDFLDSDUDUHVLVWLU
6LVRQQLxRVGHDSXHGHQ
WHQHUXQDVRODSRUWHUtD\WLUDU
WRGRVHQXQDPLVPDGLUHFFLyQ
i&MEJBCMPRVJFSF
BUSBQBSOPTFO
FMQFDBEP
QFSP
%JPTRVJFSFRVF
SFTJTUBNPTw
$PO
MB 'JSNF[B
"SNBEVSB & 2 57$
&RUWD
EF
%JPT
/HFFLyQ
&RQ)LUPH]D
'LEXMDODFDUD
GH(VWHEDQ
¢FyPRFUHHV
TXHVHVHQWtD
FXDQGRODV
SHUVRQDV
VHHQRMDURQ
FRQWUDpO"
$KRUDGLE~MDOD
FXDQGRYLyHO
FLHOR
HQHO6HxRU´
+RQRU SDUD
0DWHULDOHV
6LOEDWR
HO .BFTUSP
³9HUGDG´VLJQL¿FDQRPHQWLU\QRGDUIDOVRWHVWLPRQLRQR
SUHWHQGHUVHUDOJXLHQTXHQRVHHV&DGDYH]TXHVRPRV
'LULJLHQGRHO-XHJR KRQHVWRV\GHFLPRVODYHUGDGQRVHVWDPRVSRQLHQGRHOFLQWXUyQ
/RVQLxRVVHSRQHQSDUDGRV (OFLQWXUyQHVXQDSLH]DPX\LPSRUWDQWHGHOHTXLSRTXHD\XGD
HQXQD¿ODYROWHDGRVKDFLDHO DTXHODVRWUDVSLH]DVGHODDUPDGXUDVHPDQWHQJDQ\HYLWDTXH
IUHQWH'HMDQGRXQDGLVWDQFLD pVWDVSXHGDQFDHU(OFLQWRD\XGDDPDQWHQHUODVMXQWDV$Vt
HQWUHHOPDHVWUR\ORVQLxRVGH WDPELpQODKRQHVWLGDGQRVD\XGDHQQXHVWUDYLGDHVSLULWXDOD
SRUORPHQRVPHWURV(O PDQWHQHUQRV¿UPHVHQ&ULVWR'HEHPRVYLYLUKRQHVWDPHQWH
PDHVWURVHSRQHDORWURODGR\ DQWH'LRV\ORVKRPEUHVSDUDTXHSRGDPRVWHQHUVLHPSUHOD
JULWD³FRUUH´/RVQLxRVFRUUHQ DUPDGXUDSXHVWD
KDFLDHOPDHVWUR(OPDHVWURJULWD
³&RQJHODGRV´\ORVQLxRVWLHQHQ
TXHSDUDUVHHQIRUPDFRQJHODGRV
*ULWD³GDUYXHOWD´\ORVQLxRV
WLHQHQTXHGDUYXHOWDGHVSXpV
³FRUUH´\WLHQHQTXHFRUUHUHQOD %FTEFMB#JCMJB
RWUDGLUHFFLyQ6LJXHJULWDQGR $QDQtDV\6D¿UD
GLIHUHQWHVFRVDVGHVSDFLR +HFKRV
EULQFDQGRHWF&XDQGRHO (OSXQWRGHHVWDKLVWRULDQRHVDVXVWDUDORVQLxRVVLQRPRVWUDUOHV
SULPHUQLxRDOFDQFHDOPDHVWUR TXpWDQLPSRUWDQWHHVGHFLUODYHUGDG'LRVQRSDVDGHVDSHUFLELGDV
OOHJDDVHUHODQXQFLDGRU\SXHGH ODVPHQWLUDV(OSXQWRSULQFLSDOGHHVWDKLVWRULDHVTXHHOORV
HPSH]DUGHQXHYR FDPELDURQODYHUGDG\DTXH6,YHQGLHURQXQDWLHUUD6,WUDMHURQ
GLQHURFRPRXQDGRQDFLyQ\6,HOGLQHURTXHWUDMHURQHUDGHOD
WLHUUD(O~QLFRSUREOHPDHUDTXHHOORVWHQtDQPiVGLQHURGHOTXH
2SFLRQHV WUDMHURQFRPRGRQDFLyQ(OORVPLQWLHURQGLFLHQGRTXHODKDEtDQ
6LOYDDQWHVGHGHFLUXQD YHQGLGRHQFLHUWDFDQWLGDGGHGLQHUR\HVFRQGLHURQXQSRFRGH
LQVWUXFFLyQSDUDTXHORVQLxRV GLQHURH[WUDSDUDHOORV(VWDHVXQDVLWXDFLyQGRQGHODPHQWLUDHV
HVFXFKHQORTXHVLJXHSDUDTXH GLItFLOGHYHUSRUTXHODPD\RUSDUWHGHHVWDHVFLHUWR/RVDGXOWRV
QRWHQJDQTXHJULWDUWDQIXHUWH \ORVQLxRVVRQLJXDOHVDOGHFLUPHQWLUDV\DTXHODPD\RUSDUWHGH
6LQRWLHQHPXFKRHVSDFLRORV ORTXHGHFLPRVHVYHUGDG³VyOROHSRQHPRVXQSRTXLWR´R³QR
QLxRVSXHGHQFDPLQDUHQYH]GH FRQWDPRVWRGDODKLVWRULD´(VWDKLVWRULDQRVPXHVWUDTXHD'LRVOH
FRUUHU LPSRUWDTXHGLJDPRVWRGDODYHUGDG'LRVYHWRGR\VtHOQRGHFLU
ODYHUGDGHVXQSHFDGR
i%JPTOPQBTB
EFTBQFSDJCJEBT
MBTNFOUJSBTw
MB
"SNBEVSB
EF
%JPT & 2 57$ &RUWD
/HFFLyQ
&LQWXUyQGHOD9HUGDG
$\~GDODDHQFRQWUDUODYHUGDG
/DV$UPDV
SDUD
0DWHULDOHV
&LQWDPDVNLQJXQYDVR
GHVHFKDEOHSRUFDGDQLxRR
HO .BFTUSP
/DFRUD]DGH-XVWLFLDFXEUHQXHVWURFRUD]yQHQODEDWDOOD-XVWLFLDHV
SHORWDV PRVWUDUHOFDUiFWHUGH'LRVSLDGRVR±KDFHUORTXHHVFRUUHFWREXHQR\
3UHSDUDFLyQ ¿HO/DDFFLyQGHKDFHUFRQWLQXDPHQWHORTXHHVEXHQRDQWHORVRMRVGH
'LYLGDHOWHUUHQRGHMXHJRFRQ 'LRVHVORTXHQRVSRQHODFRUD]DGH-XVWLFLDVLQHPEDUJRQDGLHSXHGH
VHUUHFWRREXHQRSRUVtPLVPRHVVyORDWUDYpVGH&ULVWRTXHSRGHPRV
XQDOtQHDGHFDORFLQWD
YHVWLUQRVFRQHVWDFRUD]D(QWRQFHVHOSRQHUVHODFRUD]DGHODMXVWLFLD
'LULJLHQGRHO-XHJR HVODVDOYDFLyQPLVPD¢6HQRVSHUPLWLUiHQWRQFHVSHFDUVLVDEHPRV
'LYLGDVXFODVHHQGRVJUXSRV TXH'LRVQRVSHUGRQDUi"'HQLQJXQDPDQHUD5RP(VSRUHVR
\VHFRORFDQDORVODGRVGHOD TXHODFRUD]DGH-XVWLFLDWLHQHXQDGREOHDFFLyQ(QQXHVWUDVDFFLRQHV
OtQHDVHOHGDXQYDVRDFDGD VLHPSUHGHEHPRVGDUQXHVWURPi[LPRHVIXHU]RSRUKDFHUORFRUUHFWR\
QLxR<HOORVHVFRJHQGyQGH VLIDOODPRVSHGLUOHD'LRVSHUGyQ\PLVHULFRUGLD$XQIDOODQGRFXDQGR
SRQHUVXYDVRDOODGRVX\R1R QRVDFHUFDPRVD-HV~V\VXMXVWLFLD«VHJXLPRVWHQLHQGRQXHVWUDFRUD]D
PiVTXHPHWURVGHODOtQHD GHMXVWLFLDSXHVWD
'HVSXpVORVQLxRVVHSDUDQHQWUH 'LRVQRVSLGHTXHVHDPRVVDELRV\KDJDPRVOREXHQRFXDQGROR
KDFHPRVQRVHVWDPRVDVHJXUDQGRGHSRQHUQRVODFRUD]D\SURWHJHU
ODOtQHD\VXYDVR
FRPSOHWDPHQWHQXHVWURVFRUD]RQHVPLHQWUDVHVWDPRVHQODEDWDOOD+D\
'HOHXQDSHORWDDXQRGH
DOJRPX\LPSRUWDQWHHQODFRUD]D\HVTXHpVWDFXEUHQXHVWURVyUJDQRV
ORVHTXLSRV8QQLxRGHDTXHO YLWDOHVSHURVRORSRUHQIUHQWHD~QFRQpVWDSXHVWDWHQHPRViUHDVHQ
HTXLSRODUXHGDDORWURODGRGHOD ODVTXHSRGHPRVVHUKHULGRVSXGLHUDVHUXQEUD]RRXQDSLHUQDSHUR
OtQHDWUDWDQGRGHWXPEDUORVYDVRV HVWDVKHULGDVQRVRQIDWDOHV\WRGDYtDSRGHPRVOHYDQWDUQRV\VHJXLU
GHORWURHTXLSRPLHQWUDVTXHORV DGHODQWH
RWURVQLxRVSURWHJHQVXVYDVRV 2WURSXQWRHVTXHQRVRWURVFRPRVROGDGRVGHEHPRVKDFHUIUHQWHDOD
FRQVXVPDQRV\SLHV(OQLxR EDWDOOD\DTXHODFRUD]DVRORSURWHJHHOIUHQWH\QRODHVSDOGDpVWDQR
TXHDJDUUDODSHORWDODWLUDSDUD QRVSURWHJHUiVLQRVYDPRV\KXLPRV/RVGDUGRVSHQHWUDUtDQQXHVWUR
ODRWUDGLUHFFLyQ&DGDYH]TXH FRUD]yQSRUDWUiV$VtTXHDVHJ~UDWHGHKDFHUORFRUUHFWR\DUUHSLpQWHWH
VHFDHXQYDVRDTXHOQLxRWLHQH LQPHGLDWDPHQWH\DTXHDOKDFHUpVWRWHHVWiVSRQLHQGRODFRUD]DGHOD
MXVWLFLD
TXHVDOLUFRQVXYDVR\HVSHUDU
$VHJXUDWHGHHVWDUVLHPSUHHQODOXFKD\QRHQODUHWLUDGDSDUDTXHQR
6LQLQJ~QYDVRVHFDHGHVSXpV
VHDVDWDFDGRSRUODHVSDOGD&RQXQFDUiFWHUSLDGRVRRVDQWRVDEHPRV
GHXQRVPLQXWRVGHMXJDUPHWH TXHQRSRGHPRVVHUKHULGRVPRUWDOPHQWH
RWUDSHORWDSDUDTXHKD\DGRVDOD
YH]7HUPLQDHOMXHJRGHVSXpVGH
PLQXWRV\GHMHQTXHORVQLxRV
HPSLH]HQGHQXHYR
2SFLyQ %FTEFMB#JCMJB
&RUQHOLR+HFKRV
6HSXHGHXVDUPiVYDVRVTXH
¢4XpHVWHQHUXQFDUiFWHUSLDGRVRVDQWR"¢&yPRSRGHPRVVDEHUVL
QLxRVSDUDTXHORVQLxRVWHQJDQ
ORWHQHPRV"¢&yPRSRGHPRVYHUORHQRWUDVSHUVRQDV"/D%LEOLDQRV
TXHSURWHJHUPiVGHXQYDVR GLFHTXH&RUQHOLRHUDXQKRPEUHGHYRWR\WHPHURVRGH'LRVRIUHQGDED
JHQHURVDPHQWH\RUDEDUHJXODUPHQWH/D%LEOLDGLFHTXHWRGRVORV
MXGtRVORUHVSHWDEDQ/DVSHUVRQDVTXHWHURGHDQVDEHQFXDQGRWLHQHV
XQFDUiFWHUFULVWLDQR\DTXHHVDOJRTXHVHSXHGHYHUFODUDPHQWHFRQ
WLHPSR&RUQHOLRWHQtDVX&RUD]DELHQSXHVWD¢&yPROHD\XGDEDOD
FRUD]DHQVXYLGD"£/D6DOYDFLyQOOHJyDVXFDVD8QDGHODVFRVDVHQ
ODTXHOHD\XGyIXHTXHUHFLELyODVDOYDFLyQ$XQ\FXDQGRHQDTXHO
WLHPSRHUDFRQWUDODOH\TXHXQMXGtRVHDVRFLDUDFRQORVJHQWLOHV
SHUVRQDVGHRWUDVQDFLRQHVRORVYLVLWDUD+HFKRV'LRVKDEOy\
HQYLyD3HGURMXGtRSDUDTXHYLVLWDUDD&RUQHOLRJHQWLO\OHOOHYDUDOD
VDOYDFLyQ\DTXH&RUQHOLRHUDXQKRPEUHSLDGRVR
MB
"SNBEVSB
EF
%JPT
/HFFLyQ
&RUD]DGH-XVWLFLD
&RUWD
&RORUHDHO'LEXMR
57$
& 2
'HFLVLyQ
³'HFLGR 0HPRUL]DU 13&1"3"56
&41"%"
YLYLUXQDYLGD
UHFWDVLHPSUHKDFLHQGR
3URWHJLGRVSRUODFRUD]D
-B
/D0DUFKD SDUD
0DWHULDOHV
&LQWDPDVNLQJRFDO
3UHSDUDFLyQ
HO .BFTUSP
(VWLHPSRGHTXHWHSRQJDVORV]DSDWRV\HVWpVOLVWRSDUDVDOLU
0DUTXHFRQODFLQWDGRVOtQHDV (VWRVLJQL¿FDTXHHVWDPRVOLVWRVSDUDFRPSDUWLUHO(YDQJHOLR
SDUDOHODVPiVRPHQRVDVHLV ROLVWRVSDUDREHGHFHUFXDQGRRLJDPRVODVEXHQDVQXHYDVR
PHWURVGHGLVWDQFLDXQDGHODRWUD OLVWRVSDUDKDFHUODVFRVDVELHQ¢&yPRQRVSRGHPRVSRQHUORV
FRQWUHVPHWURVGHDQFKR ]DSDWRVHVSLULWXDOHV"%XHQRORV]DSDWRVYLHQHQGHOHYDQJHOLRGH
'LULJLHQGRHO-XHJR SD]/D3DODEUD3D]YLHQHGHODSDODEUDJULHJDHLUHQHHLUHQH
'HVLJQHDXQQLxRTXHHVWDUi YLUKQKTXHVLJQL¿FDODUHODFLyQDUPyQLFDHQWUH'LRV\
SDUDGRHQWUHODVOtQHDVFXDQGR HOKRPEUHQRVLJQL¿FDTXHWHQHPRVSD]HQPHGLRGHODEDWDOOD
ORVQLxRVYD\DQFRUULHQGR VLQRTXHWHQHPRVXQDUHODFLyQEXHQDFRQ'LRV$QWHVpUDPRV
7RGRVDTXHOORVTXHORJUHQWRFDU HQHPLJRVGH'LRVDKRUDVRPRVDPLJRV±KD\SD]
VHFRQJHODUiQHQVXOXJDU\ &RQHVWDUHODFLyQFRQ'LRVSRGHPRVHVWDUOLVWRVSDUDFXDOTXLHU
DOOtSHUPDQHFHUiQWRFiQGRVH FRVDFRQORV]DSDWRVSXHVWRVHVWiVOLVWRSDUDWRGR¢(VWiVOLVWR
ODFDEH]DORVKRPEURVODV SDUDKDEODUGH&ULVWR"
URGLOODV\ORVSLHV&XDQGRHOORV
YHQJDQGHUHJUHVRVHWHQGUiQ
TXHFXLGDUQXHYDPHQWHGHTXH
QRVHDQWRFDGRVSHURVLWRFDQ
DXQFRPSDxHURTXH\DHVWDED %FTEFMB#JCMJB
FRQJHODGRpVWHVHVDOYD\SXHGH )HOLSH\HO(WtRSH
FRUUHUMXQWRFRQORVGHPiV +HFKRV
&XDQGROOHJXHQDODOtQHDGHEHUiQ $TXtHVWiXQDJUDQKLVWRULDGHXQKRPEUHTXHHVWDEDOLVWR
HVSHUDUODVHxDOSDUDYROYHU SDUDSURFODPDUHOHYDQJHOLR±)HOLSH'HVGHHOFLHORVHOH
DFRUUHUDODRWUDOtQHD\DVt
GLFHOHYiQWDWH\YH«OXHJRVHOHGDODGLUHFFLyQOOHJDDOD
FRQWLQXDUHOMXHJRFDPELDQGRDO
QLxRGHVLJQDGR\SRQLHQGRDRWUR
FDOOH\HOVHxRUOHGLFHTXHDOFDQFHDXQFDUUR$OOOHJDU
TXHVHRIUH]FDYROXQWDULDPHQWH XQKRPEUHOHHXQOLEUR\)HOLSHOHSUHJXQWDVLHQWLHQGHOR
2SFLRQHV TXHOHHHOKRPEUHORLQYLWDDVXELU\)HOLSHOHHQVHxDHO
&DGDYH]TXHVHKDJDHOFDPELR VLJQL¿FDGRGHOD3DODEUDTXHHVWDEDOH\HQGRHQHOOLEUR
GHOQLxRTXHHVWDUiSDUDGR (O(WtRSHGHFLGHDFHSWDUD&ULVWRGHWLHQHHOFDUUR\OR
HQWUHODVOtQHDVWDPELpQSXHGH EDXWL]DHQDJXDHQHOPLVPRPRPHQWRHOORVVHJXtDQHO
PRGL¿FDUODVLQVWUXFFLRQHV FDPLQRGHXQUtR)HOLSHOREDXWL]ySHURFXDQGRVDOLHURQ
TXHHMHFXWDUiQORVTXHHOQLxR GHODJXD£)HOLSHGHVDSDUHFLy(O(VStULWX6DQWRVHOOHYyD
GHVLJQDGRWRTXH )HOLSHDRWUROXJDUSDUDFRQWLQXDUSUHGLFDQGRHO(YDQJHOLR
8QDGHHVWDVLQVWUXFFLRQHVSXHGH ¢1RFUHHVTXHHVWRQRVKDEODGHDOJXLHQTXHHVWiOLVWR\
VHUTXHSHUPDQH]FDQWURQDQGRORV GLVSXHVWRDFRPSDUWLUHO(YDQJHOLR"
GHGRVGHODVPDQRVRPDUFKDQGR
HQVXOXJDU
MB
"SNBEVSB
EF
%JPT
/HFFLyQ
2 57$ &RUWD
&DO]DGRVFRQ'LVSRVLFLyQ &
(QFLHUDHQXQFtUFXORORVGLEXMRVTXHFRUUHVSRQGHQSDUDVDOLU
PRVWUDQGRD'LRVTXHHVWiVOLVWRHQFXDOTXLHUPRPHQWR
'HFLVLyQ
³'HFLGRWHQHU 0HPRUL]DU 13&1"3"56
&41"%"
VLHPSUHXQD (VWpQVLHPSUHOLVWRVD
UHODFLyQEXHQDFRQ'LRV
SDUDHVWDUOLVWR\VHUYLUOH DQXQFLDUOD´(IHVLRV -B
1"-"#3"%*04
%&
MB
"SNBEVSB
EF
/HFFLyQ
%JPT
(VFXGRGHOD)H
2 57$
$\~GDOHDOVROGDGRD &
&R
UWD
HQFRQWUDUVXHVFXGR
(VWUDWHJLD SDUD
0DWHULDOHV
1DGD
'LULJLHQGRHO-XHJR
HO .BFTUSP
/DFDEH]DHVRWURGHQXHVWURVyUJDQRVYLWDOHV6HUtDIDWDOVL
DOJXLHQQRVJROSHDUDHQODFDEH]D¢&yPRHQWRQFHVSRGHPRV
(VFRJHXQQLxRSDUDVHUHO SURWHJHUOD"(VEiVLFR£/D6DOYDFLyQ&RQ¿DQGRHQQXHVWUR
DQXQFLDGRU&XDQGRXVWHGGLJD 6HxRU-HVXFULVWRFRPRQXHVWURVDOYDGRU'HMDQGRGHFRQ¿DU
ORVQLxRVHPSLH]DQDFDPLQDUSRU PiVHQQXHVWUDVEXHQDVREUDV\FRPHQ]DQGRDFRQ¿DUHQ6X
WRGDVSDUWHVGHOVDOyQ&XDQGRHO 2EUDVXPXHUWHHQODFUX]1RVRWURVFUHHPRVHQeODFHSWDPRV
DQXQFLDGRUGLFH³+D\6DOYDFLyQ´ VXVDFUL¿FLR\VRPRVVDOYRV$OKDFHUORQRVHVWDPRVSRQLHQGR
ORVQLxRVSDUDQGHFDPLQDUGDQ HOFDVFRGHODVDOYDFLyQ\SURWHJLHQGRQXHVWUDFDEH]DGHXQ
YXHOWDGRQGHHVWiQ\VHVLHQWDQ ³*ROSHIDWDO´
ORPiVUiSLGRTXHSXHGHQ(O (VWHHVXQEXHQPRPHQWRSDUDTXHFRPSDUWDVHO(YDQJHOLR
QLxRTXHVHVLHQWHSULPHURWLHQH FRQWXJUXSRHQODFODVH6LHPSUHHVLPSRUWDQWHTXHKD\D
TXHGHFLUDOJRVREUH-HVXFULVWR RSRUWXQLGDGHVGHDFHSWDUD&ULVWR«SDUDORVQXHYRVQLxRVTXH
\GHVSXpVOHWRFDXQWXUQRFRPR YLHQHQ$VHJ~UDWHTXHORVTXHHVWiQDWXFXLGDGRYD\DQFDPLQR
DQXQFLDGRU6LHOQLxRTXHJDQD DOFLHOR6HUtDXQDWUDJHGLDTXHHQVHxDUDVDORVQLxRVDFHUFDGH
\DKDVLGRHODQXQFLDGRUGHMH OD%LEOLDPHPRUL]DUDQOD(VFULWXUDHWF\TXHFXDQGROOHJDUDQ
TXHHVFRMDDRWURQLxRTXHQRKD DOFRQ'LRVVHGLHUDQFXHQWDGHTXHQXQFDDEULHURQVXFRUD]yQ
JDQDGRSDUDVHUHODQXQFLDGRU DO6HxRUQLFRQ¿DURQHQ'LRVSDUDVXVDOYDFLyQ
2UDFLyQDEDMR
2SFLRQHV
&DGDYH]TXHORMXHJDVH
SXHGHFDPELDUODLQVWUXFFLyQGDGD
DORVQLxRV3RUHMHPSRQHUOD
PDQRHQVXFDEH]DPLHQWUDVGDQ
(VWHHVXQHMHPSORVLPSOH
YXHOWDV\VHQWDUVHEULQFDQGRHQ %FTEFMB#JCMJB GHXQDRUDFLyQGHIHTXH
XQSLHGRVYHFHVFRUUHUDODSDUHG /DFRQYHUVLyQGH6DXOR
+HFKRV SXHGHVXVDUFRQWXVQLxRV
PDVFHUFDHWF
6LVHSRQHPX\GLItFLOYHUFXDO 'LRVVHOHDSDUHFLyD
6DXORTXLHQGHVSXpV ³6HxRU -HV~V \R VR\
QLxRKDJDQDGRVHSXHGHXVDU
OOHJyDVHU3DEORHQXQD SHFDGRU \ KH KHFKR FRVDV
RWUDLQIRUPDFLyQHOQLxRTXH
IRUPDPLODJURVD6DXOR PDODV«SHUR\RFUHRTXHWX
WLHQHSXHVWDURSDGHOFRORUD]XO
VHEXUODED\SHUVHJXtDD PRULVWHHQODFUX]SRUPL6H
HOQLxRTXHYDDFXPSOLUDxRVPiV OD,JOHVLD\'LRVORVDOYy EXUODURQ GH WL \ WH PDWDURQ
SURQWRHOQLxRFRQHODSHOOLGR (VWDKLVWRULDQRVUHFXHUGD DXQTXH QR KDEtDV KHFKR
PiVODUJRHWF TXpWDQWRDPD'LRVDOD QDGD PDOR$Vt SDJDVWH SRU
(ODQXQFLDGRUSXHGHJULWDU JHQWH\QRTXLHUHTXH PLV SHFDGRV 7DPELpQ FUHR
³+D\6DOYDFLyQ´PLHQWUDVTXH SHUH]FDeOHVSHUDTXH TXHUHVXFLWDVWHDOWHUFHUGtD
WDPELpQDSODXGHFRQODVPDQRVR WRGRVSXHGDQVHUVDOYRV
\ HVWiV HQ ORV FLHORV SDUD
VLOYDRVHSXHGHSDUDUODP~VLFD /DVDOYDFLyQYLQRD6DXOR
FXDQGRpOFUH\y$¿QDOGH SUHSDUDUXQOXJDUSDUDPt<R
FXHQWDV3DEORUHFRQRFLy WHDFHSWRFRPRPt6DOYDGRU
TXH'LRVHUDUHDOTXH Pt 6HxRU Pt 'LRV \ Pt
H[LVWtD\TXH-HVXFULVWRHUD DPLJR(QWUDHQPtFRUD]yQ
HO+LMRGH'LRVTXHKDEtD 6HxRU -HV~V \ OtEUDPH GH
YHQLGRDVDOYDUDOPXQGR PLV SHFDGRV SRUTXH HUHV
$VtGHVHQFLOORFRPROD -HV~VPt6DOYDGRU£*UDFLDV
%LEOLDGLFH³&UHHHQHO SRUGDUPHYLGDHWHUQD
6HxRU-HVXFULVWR\VHUiV
VDOYR´
MB
"SNBEVSB
EF
%JPT
/HFFLyQ
&DVFRGHOD6DOYDFLyQ 57$
& 2
&RUWD
&RORUHDORVFXDGURVSDUDOOHJDUDODFUX]
'HFLVLyQ
³'HFLGR 0HPRUL]DU 13&1"3"56
&41"%"
FRQILDUHQHO
6HxRU-HVXFULVWRSDUD
(OFDVFRGHOD
-B
&yGLJR SDUD
0DWHULDOHV
8QRVSHGD]RVFKLTXLWRVGH+LHOR
VHFRXQRVSODWRVGHVHFKDEOHV
HO .BFTUSP
/DHVSDGDHVODSULPHUDSDUWHGHODDUPDGXUDTXHVHXVD
'LULJLHQGRHO-XHJR FRPRXQDUPDHQOXJDUGHVHUVRORGHIHQVLYDHVWRVLJQL¿FD
³¢&XiOSLHQVDVTXHHVODPHMRU TXHQRVRWURVGHEHPRVLUDODRIHQVLYDFRQWUDHOHQHPLJR
PDQHUDGHPRYHUHOKLHORVHFR &RQIURQWDUOR\KDFHUTXHUHWURFHGD\VHYD\D/D(VSDGDGHO
DORWURODGRGHOFXDUWRVLQXVDU (VStULWXFODUDPHQWHVHQRVGLFHTXHHVOD%LEOLDOD3DODEUDGH
ORVPDQRV"&DGDGtDWRPDPRV 'LRV3DUDVHUFDSDFHVGHJROSHDUFRQODHVSDGDQHFHVLWDPRV
GHFLVLRQHVVREUHODPHMRUPDQHUD FRQRFHUOD3DODEUDGH'LRV3ULPHURQHFHVLWDPRVOHHUOD
GHKDFHU\GHFLUODVFRVDV'LRV 6HJXQGRQHFHVLWDPRVPHPRUL]DUOD
QRVSURPHWHD\XGDUFRQHVWDV -HV~VQRVGLRXQHMHPSORFXDQGRSHOHyFRQWUDHOHQHPLJR
GHFLVLRQHV\PHPRUL]DQGR HQHOGHVLHUWR&DGDYH]TXHHOHQHPLJRORWHQWDED-HV~V
YHUVtFXORVQRVD\XGDUi³ XVDEDXQWH[WRGHODHVFULWXUDSDUDSUREDUTXHHOGLDEORHVWDED
'HPXHVWUDRSRQD\XGDQWHV HTXLYRFDGR(QWUHPiVYHUVRVFRQR]FDPRVPiVSRGUHPRV
SDUDKDFHUORGLIHUHQWHVPDQHUDV EODQGLUQXHVWUDHVSDGD/DFODYHWDPELpQHVWiHQTXHORV
GHPRYHUHOKLHORVHFRDO SRGDPRVUHFRUGDUHQQXHVWUDYLGDGLDULDSDUDTXHORVSRGDPRV
RWURODGRGHOFXDUWRVLQXVDU DSOLFDU&XDQGROHHPRV\PHPRUL]DPRV'LRVSXHGHHQWRQFHV
ODVPDQRV\VRORXVDQGRHO WUDHUODDQXHVWUDPHQWHFXDQGRODQHFHVLWHPRV3UHJ~QWHOHVD
SODWRFRPRDEDQLFRXVDQGR ORVQLxRVVLKDQSUDFWLFDGRFRQVXVHVSDGDV
PRYLPLHQWRVFKLTXLWRV\UiSLGRV
RPRYLPLHQWRVJLJDQWHVHWF
3RQORVQLxRVHQJUXSRVGHQR
PiVGH/RVJUXSRVVHSRQHQ
HQ¿ODVHQXQODGRGHOOXJDUGH
MXHJR'DUOHDOSULPHUQLxRGH %FTEFMB#JCMJB
3HGUROH+DEODDOD0XOWLWXG+HFKRV
FDGD¿ODXQSODWR\XQSHGD]RGH
&XDQGRHO(VStULWX6DQWRGHVFHQGLyHQHOGtDGHO3HQWHFRVWpVHVWDEDQ
KLHORVHFR HQXQHVFHQDULRS~EOLFRKDEtDJHQWHTXHORVPLUDED\FRPHQ]DURQ
&XDQGRHOPDHVWURGLFHORV DEXUODUVH3HGURVHOHYDQWy\VHGLULJLyDORVTXHVHEXUODEDQQR
SULPHURVQLxRVHPSLH]DQDPRYHU VROROHVSUHGLFyVLQRTXHXVyODV(VFULWXUDVFRPRXQDUPDSDUD
HOKLHORVHFRKDVWDHORWURODGR SHOHDUODEDWDOOD&XDQGRPHPRUL]DPRVOD(VFULWXUDODSRGUHPRV
GHOFXDUWRVLQXVDUODVPDQRV XVDUHQODYLGDDOPRPHQWRGHQHFHVLWDUOD$TXt3HGURODQHFHVLWyDO
&XDQGROOHJDQDODSDUHGGHORWUR KDEODUOHDORVTXHVHEXUODEDQHOUHVXOWDGR¿QDOHVWiHQHOYHUVR
ODGROHYDQWDQHOKLHORVHFRFRQ £SHUVRQDVIXHURQVDOYDVHVHGtD\VHXQLHURQDODLJOHVLD£4XH
ODVPDQRV\UHJUHVDQFRUULHQGR EHQGLFLyQ
SDUDHQWUHJDUHOSODWRDOQLxRTXH
VLJXH 1FESPQVEPCMBOEJS
2SFLyQ
3DUDQLxRVFKLTXLWRVVHSXHGHGDU
TVFTQBEBZFM
XQSODWRDFDGDQLxR
\GHMDUTXHHOORV
SFTVMUBEPBRVFMEÓB
WUDWHQGHPRYHUHO
KLHORVHFRFDGD
GVFSPOBMNBT
TXLHQVLQ
FRPSHWHQFLD
MB
"SNBEVSB
EF
/HFFLyQ
%JPT
(VSDGDGHO(VStULWX
6LJXHHOQ~PHUR
&RUWD
57$
& 2
'HFLVLyQ
³'HFLGRVHJXLU 0HPRUL]DU 13&1"3"56
&41"%"
DSUHQGLHQGR
ODSDODEUDGH'LRVSDUD
/DHVSDGDTXHHVOD
SRGHUXVDUODHQPLYLGD SDODEUDGH'LRV´(IHVLRVE 1"-"#3"%*04 -B
%&
GLDULD´
(PERVFDGD SDUD
8VDPRVODRUDFLyQHQRIHQVLYD
\GHIHQVLYD7DPELpQHQHVWH
HO .BFTUSP
/DRUDFLyQHVRWUDDUPDTXHSXHGHVHUXVDGDDODRIHQVLYDDVt
MXHJRWHQHPRVTXHDYDQ]DUSDUD
FRPRWDPELpQSXHGHVHUXVDGDSDUDSURWHFFLyQHVWHYHUVR
FROHFWDUSDSHOHVDOPLVPRWLHPSR
QRVUHFXHUGDTXHODEDWDOODTXHSHOHDPRVHVHVSLULWXDO\TXH
FXLGDUQXHVWUDSURSLDHVSDOGD
GHEHVHUSHOHDGDFRQODIRUWDOH]DGH'LRV1HFHVLWDPRVLUD
'LRVFRQQXHVWUDVEDWDOODV±FKLFDVRJUDQGHV(QODRUDFLyQ
0DWHULDOHV QRVRWURVSRGHPRVSHOHDUODVEDWDOODVUHFLELUVDELGXUtDGH'LRV
3DSHOWDPDxRFDUWDFRUWDGRHQ VREUHFyPRSURFHGHUWDPELpQSRGHPRVUHFLELUD\XGDGHORV
FXDGURVXQRSDUDFDGDQLxRHQVX iQJHOHVHQORVFLHORVSDUDTXHSHOHHQSRUQRVRWURVHQODRUDFLyQ
FODVHFLQWD WDPELpQHQWHQGHPRVPHMRUFRQTXLpQHVWDPRVSHOHDQGR\PiV
/DRUDFLyQFDPELDODVFRVDV/DQHFHVLWDPRVHQHOFDPSRGH
'LULJLHQGRHO-XHJR EDWDOODPiVTXHQXQFD
3RQXQSHGD]RGHSDSHOHQOD
HVSDOGDGHFDGDQLxR
&XDQGRHOPDHVWURGLFHORV
QLxRVWUDWDQGHDJDUUDUHOSDSHO
GHODVHVSDOGDVGHRWURVQLxRV i-BPSBDJØOFTPUSB
1LxRVQRSXHGHQWRFDUVXSURSLR
SDSHOSDUDJXDUGDUOR3HURVL
BSNBPGFOTJWBw
GHEHQWUDWDUGHFXLGDUTXHORV
GHPiVQROHVUREHQVXKRMLWDGH
SDSHO
&XDQGRDOJXLHQDJDUUDHOSDSHO %FTEFMB#JCMJB
GHXQQLxRHOQLxRWLHQHTXHGDUOH 3HGUR(VFDSDGHOD&iUFHO+HFKRV
DHVHQLxRWRGDVVXVKRMDVGHSD 'LRVGHMDFODURHQWRGDOD(VFULWXUDTXHODVRUDFLRQHVKDFHQOD
SHOTXHKDFROHFWDGR\WLHQHTXH GLIHUHQFLD\TXHQRVRWURVWHQHPRVQHFHVLGDGGHRUDUHQWRGR
WLHPSR$TXtYHPRVD3HGURHQODFiUFHO\DWRGDODLJOHVLD
UHJUHVDUDODSDUHGSDUDHPSH]DU
RUDQGRSRUpO£'LRVHQYLyXQiQJHODODSULVLyQSDUDTXHOR
GH1XHYR OLEHUDUD(OiQJHOORJXLyKDFLDIXHUD\3HGURUHJUHVyDODFDVD
6LJXHKDVWDTXHKD\DXQQLxR HQODTXHHVWDEDQRUDQGRSRUpO7RGRVVHDVRPEUDURQDOYHUOR
HQPHGLRFRQWRGDVODVKRMDV 0XFKDVYHFHVRUDPRVSHURQRVVRUSUHQGHPRVFXDQGRUHVSRQGH
6HSXHGHUHGLVWULEXLUODVKRMDV\ DQXHVWUDVRUDFLRQHV\YLHQHHQQXHVWUDD\XGDeOSURPHWH
HPSH]DUGHQXHYR D\XGDUQRVFXDQGRQRVRWURVRUDPRV/DRUDFLyQFDPELDWRGDVODV
FRVDVODRUDFLyQQRVKDFHOLEUHVDVtFRPR3HGURIXHOLEUHGHOD
2SFLyQ FiUFHO
(QYH]GHSDSHO\FLQWDVHSXHGH
XVDUSHGD]RVGHWHODTXHVRQ
ODUJRV\GHOJDGRV\ORVQLxRVORV
i-BPSBDJØO
DBNCJBUPEBT
MBTDPTBTw
MB
"SNBEVSB
EF
%JPT
/HFFLyQ
2UDFLyQ
'LEXMDDGHQWURGHODVPDQRVOR
TXHW~TXLHUDVSHGLUHQ2UDFLyQ
WHQJRTXHRUDUVLHPSUH´
.JOJTUFSJP1SP7JTJØO
UDGH'LRV$UP
DGX (ODERUDGRSRU0LQLVWHULR3UR9LVLyQUHVHUYDPRV 7RGDOD(VFULWXUDWRPDGRGHOD1XHYD9HUVLyQ
UDGH'LRV $UP
DGX
ORVGHUHFKRV/HVGDPRVSHUPLVRGHKDFHU ,QWHUQDFLRQDO8VDGRFRQ3HUPLVR,PSUHVRHQ
UDGH'LRV$UP
FRSLDVGHOPDWHULDOSDUDVXVQHFHVLGDGHVRSDUD +XDWDEDPSRHQODVRÀFLQDVGH0LQLVWHULR3UR9LVLyQ
EHQGLFLUDRWURVPLQLVWHULRVQRSDUDYHQGHU
3DUDPiVLQIRUPDFLyQFRQWiFWDQRVD
DGX
UP DGX
H'LRV$ UDG £*UDFLDVDOHTXLSRFUHDWLYRGHOPDWHULDO NULVWL#SURYLVPH[FRP
'ZLJKW\.ULVWLQD.UDXVV\*HUPiQ$OFiQWDU ROOiPDQRVD
0LQLVWHULR3URYLVLyQ
+XDWDEDPSR6RQRUD0p[LFR