(17(1',(1'2(///$0$'2'(',26

7HUFHUQLYHOGHGLVFLSXODGR

/HFFLyQ/ODPDGRVDVHUPLHPEURV
/HFFLyQ/ODPDGRVDVHUDGRUDGRUHV
/HFFLyQ/ODPDGRVDVHUVDFHUGRWHV
/HFFLyQ/ODPDGRVDVHUYLVLWDGRUHV
/HFFLyQ/ODPDGRVVHUDPLJRV
/HFFLyQ/ODPDGRVDVHUVLHUYRV
/HFFLyQ/ODPDGRVDVHUHYDQJHOL]DGRUHV
/HFFLyQ/ODPDGRVDVHUGLVFtSXORV
/HFFLyQ/ODPDGRVDVHUPDHVWURV
/HFFLyQ/ODPDGRVDVHUPLVLRQHURV
/HFFLyQ/ODPDGRVDVHUPD\RUGRPRV
 -&$$*0/



//$0$'26$6(50,(0%526
(425742*9.)48
&
5&79.(.5&7

*3
1&
.,1*8.&
14(&1
6(50,(0%52'(/&8(532'(&5,672(681
35,9,/(*,2<81$5(63216$%,/,'$'

(Q DOJXQDV LJOHVLDV ORV FUH\HQWHV VRQ UHFLELGRV FRPR

PLHPEURVDOVHUEDXWL]DGRV(QRWUDVDXQVLHQGREDXWL]DGRVQRVRQ
UHFLELGRV FRPR PLHPEURV VLQR KDVWD FLHUWD HGDG $GHPiV HQ
DOJXQDVLJOHVLDVEDXWL]DQDORVFUH\HQWHVLQPHGLDWDPHQWHGHVSXpV
GH KDFHU XQD FRQIHVLyQ GH IH PLHQWUDV TXH HQ RWUDV OHV H[LJHQ
FXPSOLU XQD VHULH GH UHTXLVLWRV TXH YDQ GHVGH HO FRQRFLPLHQWR
EtEOLFR KDVWD HO WHVWLPRQLR GH FDPELRV QRWDEOHV HQ VX YLGD FRQ
UHODFLyQDODEDQGRQRGHOSHFDGR

(QHVHVHQWLGRSRGHPRVGHFLUTXHDOUHFLELUD-HV~VOOHJDPRVD
VHU PLHPEURV GH OD IDPLOLD GH 'LRV ³3RU HVR \D QR VRLV
H[WUDQMHURV QL IRUDVWHURV VLQR FRQFLXGDGDQRV GH ORV VDQWRV \


PLHPEURV GH OD IDPLOLD GH 'LRV´ (IHVLRV  3HUR WDPELpQ
VRPRVSDUWHGHXQFXHUSRTXHWLHQHVXPDQLIHVWDFLyQHQODLJOHVLD
ORFDO³(QHO1XHYR7HVWDPHQWRHOWpUPLQRLJOHVLDHQVLQJXODUVH
UH¿HUHDDOJXQDFRQJUHJDFLyQORFDO\HVSHFt¿FDYpDVH+FK
 SHUR D YHFHV WDPELpQ VH UH¿HUH D YDULDV FRQJUHJDFLRQHV
YpDVH*i+FK\HQDOJXQRVFDVRVWDPELpQSXHGH
UHIHULUVHDODWRWDOLGDGXQLYHUVDOGHORVFUH\HQWHVDORODUJRGHOD

KLVWRULDYpDVH&R*i´
'LRVORKDOODPDGRDXVWHGSDUDTXHIRUPHSDUWHGHXQDLJOHVLD
ORFDO

x $OJXQDV GH ODV UHVSRQVDELOLGDGHV TXH GHEH WHQHU FRPR

PLHPEURSRGHPRVYHUODVHQHOFXDGURTXHVHQRVSUHVHQWD
HQ OLEUR GH ORV +HFKRV VREUH OD LJOHVLD SULPLWLYD ³<
SHUVHYHUDEDQ HQ OD GRFWULQD GH ORV DSyVWROHV HQ OD
FRPXQLyQXQRVFRQRWURVHQHOSDUWLPLHQWRGHOSDQ\HQODV
RUDFLRQHV´+HFKRV³3HUVHYHUDQGRXQiQLPHVFDGD
GtDHQHOWHPSOR\SDUWLHQGRHOSDQHQODVFDVDVFRPtDQ
MXQWRV FRQ DOHJUtD \ VHQFLOOH] GH FRUD]yQ DODEDQGR D
'LRV«´+FK

x 7D P E L p Q S R G H P R V D S U H Q G H U V R E U H Q X H V W U D V
UHVSRQVDELOLGDGHVWRPDQGRHQFXHQWDODVH[KRUWDFLRQHVGHO
DSyVWRO 3DEORDODVLJOHVLDV0HOLPLWRDPHQFLRQDUGRV
HMHPSORV
/RV PLHPEURV GHEHQ YLYLU XQD YLGD GLJQD GHO 6HxRU
DSDUWDGRVGHODLGRODWUtD 3DEORGLMRDORVPLHPEURVGHOD
LJOHVLDGH&RULQWR³1RSRGpLVEHEHUODFRSDGHO6HxRU\OD
FRSDGHORVGHPRQLRVQRSRGpLVSDUWLFLSDUGHODPHVDGHO
6HxRU\GHODPHVDGHORVGHPRQLRV´ &RULQWLRV
:LOWRQ01HOVRQ1XHYRGLFFLRQDULRLOXVWUDGRGHOD%LEOLD7KRPDV1HOVRQ
,QFRUSRUDWHGS


 /RVPLHPEURVGHEHQKXLUGHODLQPRUDOLGDGVH[XDO³¢1R
VDEpLV TXH YXHVWURV FXHUSRV VRQ PLHPEURV GH &ULVWR"
¢4XLWDUp SXHV ORV PLHPEURV GH &ULVWR \ ORV KDUp
PLHPEURV GH XQD UDPHUD" < UHVSRQGH ³£GH QLQJXQD
PDQHUD´&RULQWLRV

x 0LHPEURV FRPSURPHWLGRV FRQ HO EXHQ WHVWLPRQLR 1R

SRGHPRVVHUPLHPEURVTXHVRORQRVDFHUFDPRVDODLJOHVLD
FXDQGRKD\XQDUHXQLyQDGPLQLVWUDWLYDSRUTXHTXHUHPRV
LQWHUYHQLUXRSLQDUHQORVDVXQWRVGHODLJOHVLDFRPRVLIXHUD
XQ VLQGLFDWR &XDQGR XQR HV PLHPEUR GH XQD LJOHVLD OD
UHSUHVHQWDHQFXDOTXLHUOXJDUGRQGHHVWp6LVXWHVWLPRQLR
HVPDORODJHQWHYDDKDEODUGHODLJOHVLDGHODFXDOXVWHGHV
PLHPEUR(O6HxRUHQVXMXLFLRDOUH\'DYLGSRUPHGLRGHO
SURIHWD1DWiQOHUHSUHQGLy\FDVWLJySRUVXPDOWHVWLPRQLR
³3HUR SRUFXDQWRFRQHVWHDVXQWRKLFLVWHEODVIHPDUDORV
HQHPLJRVGH-HKRYi´«6DPXHO6LVXWHVWLPRQLR
HV EXHQR OD JHQWH JORUL¿FDUi D 'LRV ³0DQWHQHG EXHQD
YXHVWUDPDQHUDGHYLYLUHQWUHORVJHQWLOHV SDUDTXHHQOR
TXH PXUPXUDQ GH YRVRWURV FRPR GH PDOKHFKRUHV
JORUL¿TXHQD'LRV HQHOGtDGHODYLVLWDFLyQDOFRQVLGHUDU
YXHVWUDVEXHQDVREUDV´3HGUR/RVKHUPDQRVGH
-RVpWHQtDQPDODIDPD\HVRQRHUDDJUDGDEOHGHODQWHGHVX
SDGUH'HLJXDOPDQHUDQRSXHGHVHUJUDWRGHODQWHGH'LRV
TXHWHQJDPRVPDODIDPDRPDOWHVWLPRQLR (OWHVWLPRQLR
GHYLGDHVLPSRUWDQWHSRUTXHDEUHRFLHUUDSXHUWDVDORVTXH
HVWiQDIXHUDVLQIHVLQHVSHUDQ]D\VLQ'LRVHQHOPXQGR


 x 0LHPEURVTXHKRQUHQVXLJOHVLD6LVRPRVPLHPEURVGH
XQD LJOHVLD QR GHEHPRV KDEODU PDO GH HOOD HV QXHVWUD
IDPLOLD &XDQGR OR KDFHPRV HVWDPRV FRQGHQiQGRQRV D
QRVRWURVPLVPRV(VFRPRHOHVSRVRTXHKDEODPDOGHVX
HVSRVDORVKLMRVTXHKDEODQPDOGHVXVSDGUHVRORVTXH
KDEODQPDOGHVXIDPLOLD8QGtDHVFXFKpDXQSDVWRUGHFLU
TXH OD JHQWH TXH KDEOD PDO GH RWUR R FULWLFD D RWUR HVWi
SRGULGD GH PDOGDG (Q PLV  DxRV GH PLQLVWHULR KH
FRPSUREDGR TXH HVR HV YHUGDG 3RU HVR -HV~V OODPy
VHSXOFURV EODQTXHDGRV SRU IXHUD D ORV IDULVHRV TXH OR
FULWLFDEDQ £$\ GH YRVRWURV HVFULEDV \ IDULVHRV
KLSyFULWDV SRUTXH VRLV VHPHMDQWHV D VHSXOFURV
EODQTXHDGRV TXH SRU IXHUD D OD YHUGDG VH PXHVWUDQ
KHUPRVRV SHUR SRU GHQWUR HVWiQ OOHQRV GH KXHVRV GH
PXHUWRV\GHWRGDLQPXQGLFLD´ 0DWHR

$35(1'$026(/3$&72'(81$,*/(6,$

3DFWR³+DELHQGRVLGRJXLDGRVSRUHO(VStULWXGH'LRVDUHFLELU
DO6HxRU-HVXFULVWRFRPRQXHVWUR6HxRU\6DOYDGRU\EDMRQXHVWUD
SURIHVLyQGHIHKDELHQGRVLGREDXWL]DGRVHQHOQRPEUHGHO3DGUH
GHO +LMR \ GHO (VStULWX 6DQWR QRVRWURV DKRUD HVWDPRV HQ OD
SUHVHQFLDGH'LRV

< GH HVWD DVDPEOHD VROHPQH JR]RVDPHQWH HQWUDPRV HQ XQ

SDFWRHOXQRFRQHORWURFRPRFXHUSRHQ&ULVWR

1RVRWURVSURPHWHPRVJXLDGRVSRUHO(VStULWX6DQWR DQGDU
MXQWRVHQDPRUFULVWLDQRSURPRYHUHOFUHFLPLHQWRGHHVWDLJOHVLD
HQ FRQRFLPLHQWR VDQWLGDG \ VDOXG 3URPRYHU VX SURVSHULGDG \
HVSLULWXDOLGDG PDQWHQHU VX DGRUDFLyQ RUGHQDQ]DV GRFWULQDV \
GLVFLSOLQD &RQWULEXLU JR]RVD \ UHJXODUPHQWH D VRVWHQHU HO


PLQLVWHULRORVJDVWRVGHODLJOHVLDODD\XGDDORVSREUHV\H[WHQGHU
HOHYDQJHOLRSRUWRGDVODVQDFLRQHV

7DPELpQ SURPHWHPRV PDQWHQHU ODV GHYRFLRQHV IDPLOLDUHV \

SULYDGDV (GXFDU UHOLJLRVDPHQWH D QXHVWURV KLMRV EXVFDU OD
VDOYDFLyQGHQXHVWURVDPLJRV\IDPLOLDUHVDQGDUFRQFXLGDGRHQ
HVWH PXQGR VHU MXVWRV HQ QXHVWURV WUDWRV ¿HOHV D QXHVWURV
FRPSURPLVRV \ HMHPSODUHV HQ QXHVWUD FRQGXFWD HYLWDU ORV
FKLVPHVODVPXUPXUDFLRQHV\HOHQRMRH[FHVLYRDEVWHQHUQRVGHO
FRQVXPR\ODYHQWDGHEHELGDVWy[LFDVXVDUQXHVWUDLQÀXHQFLDSDUD
FRPEDWLUHODEXVRGHGURJDV\HODYDQFHGHODSRUQRJUDItD VHU
FHORVRV HQ QXHVWURV HVIXHU]RV SRU H[WHQGHU HO UHLQR GH QXHVWUR
6DOYDGRU

1RVGHGLFDPRVDFXLGDUQRVXQRVDRWURVHQDPRUIUDWHUQDOD
RUDU ORV XQRV SRU ORV RWURV D D\XGDUQRV PXWXDPHQWH HQ
HQIHUPHGDG \ HQ GL¿FXOWDG D FXOWLYDU OD VLPSDWtD FULVWLDQD HQ
QXHVWURVVHQWLPLHQWRV\ODFRUWHVtDHQHOKDEODUDVHUWDUGRVSDUD
RIHQGHUQRVDHVWDUVLHPSUHOLVWRVSDUDODUHFRQFLOLDFLyQ\DVHJXLU
ODVHQVHxDQ]DVGHQXHVWUR6HxRUSDUDEXVFDUODVLQGHPRUD

7DPELpQGHFODUDPRVTXHFXDQGRQRVPXGHPRVGHHVWHOXJDU
SURFXUDUHPRV WDQ SURQWR FRPR QRV VHD SRVLEOH XQLUQRV D RWUD
LJOHVLDGRQGHSRGDPRVOOHYDUDFDERHOHVStULWXGHHVWHSDFWR\ORV
SULQFLSLRVGHOD3DODEUDGH'LRV´

6R\ PLHPEUR GH XQD LJOHVLD ORFDO 0XFKRV LJQRUDQ OD

LPSRUWDQFLD GH HVWR \ VH H[FXVDQ GLFLHQGR 9L HO FXOWR SRU
WHOHYLVLyQ R LQWHUQHW DVLVWR D FXDOTXLHU LJOHVLD VLQ SHUWHQHFHU D
QLQJXQD /D WHOHYLVLyQ OD UDGLR \ OD OLWHUDWXUD SXHGHQ VHU
KHUUDPLHQWDV~WLOHVSDUDD\XGDUDODREUDGHODLJOHVLDORFDOSHUR
MDPiVSXHGHQVXVWLWXLUOD 6RPRVOODPDGRVDVHUPLHPEURVGHXQD
 (OSDFWRGHXQD,JOHVLD%DXWLVWDSRU-XQWD1RUWHDPHULFDQDGH0LVLRQHV
1DFLRQDOHV1$0%


LJOHVLDORFDO 1RVRPRVHOFXHUSRVRPRVXQPLHPEURGHOFXHUSR
YpDVH5R(VFLHUWRTXHVRPRVWHPSORVGH'LRVSHURXQ
VROR PLHPEUR QR HV HO FXHUSR GH &ULVWR 6RPRV PLHPEURV GHO
FXHUSR GH &ULVWR $OJXQRV SDUD MXVWL¿FDU HO KHFKR GH QR VHU
PLHPEURVGHXQDLJOHVLDORFDO\QRFRQJUHJDUVHGLFHQ³<RVR\OD
LJOHVLDGRQGH\RHVWpHVWiODLJOHVLD\QRQHFHVLWRFRQJUHJDUPH´
3LHQVRTXHHVDHVXQDLQWHUSUHWDFLyQGLDEyOLFDDFHUFDGHODLJOHVLD
SDUDHQJDxDUDORVFUH\HQWHV

¢4XpLPSOLFDVHUPLHPEUR"

6($81%8(10,(0%52
1RSRGHPRVVHUPLHPEURVTXHKDFHQEXOWRFDOLQWDEDQFRVR
HVSHFWDGRUHVTXHYHQDORVGHPiVDFWXDU\VRORPLUDQVLQSDUWLFLSDU
3HURTXpEXHQRHVVHUPLHPEURVFRPSURPHWLGRVFRPRDTXHOORVGH
ODLJOHVLDSULPLWLYDTXHWXYLHURQFRPRSULRULGDGHQVXYLGDTXHHO
HYDQJHOLRIXHUDFRPSDUWLGRGHVGH-HUXVDOpQKDVWDOR~OWLPRGHOD
WLHUUD

&RPR%HUQDEpPLHPEUR¿HOGHOD,JOHVLDGH-HUXVDOpQ FX\D
JHQHURVLGDGHUDQRWRULDHQODLJOHVLDeOYHQGLyVXVSURSLHGDGHV\
ELHQHVSDUDFRPSDUWLU\ORVWUDMRDODLJOHVLDSDUDHOVRVWHQLPLHQWR
GHVXREUD ³(QWRQFHV-RVp DTXLHQORVDSyVWROHVSXVLHURQSRU
VREUHQRPEUH %HUQDEp TXH VLJQL¿FD +LMR GH FRQVRODFLyQ
OHYLWD QDWXUDOGH&KLSUH YHQGLyXQDKHUHGDGTXHWHQtD\WUDMRHO
SURGXFWRGHODYHQWD\ORSXVRDORVSLHVGHORVDSyVWROHV´+HFKRV


&RPR)LOHPyQPLHPEUR¿HOGHODLJOHVLDGH&RORVDV FX\RDPRU
SDUDFRQORVKHUPDQRVHUDHYLGHQWH³3RUTXHRLJRGHODPRU\GHOD
IHTXHWLHQHVKDFLDHO6HxRU-HV~V\SDUDFRQWRGRVORVVDQWRV´)OP


 )LOHPyQ &RQIRUWDEDDORVKHUPDQRV³«SXHVWHQHPRVJUDQ
JR]R\FRQVRODFLyQHQWXDPRU SRUTXHSRUWL KHUPDQR KDQVLGR
FRQIRUWDGRVORVFRUD]RQHVGHORVVDQWRV´)OPeOSHUGRQyD
VXHVFODYR2QpVLPR\ORUHFLELyFRPRDXQKHUPDQRHQODIH³7HOR
HQYtRGHQXHYR´)OP³«UHFtEHORFRPRDPtPLVPR´)OP
 ³«QR\DFRPRHVFODYR VLQRFRPRPiVTXHHVFODYR FRPR
KHUPDQRDPDGR«´)OP

&RPR7LPRWHRPLHPEUR¿HOGHODLJOHVLDGH/LVWUD TXHHUDXQ
MRYHQ GH EXHQ WHVWLPRQLR £&XiQWR DQKHODPRV TXH QXHVWURV
MyYHQHVPLHPEURVVHDQFRPRpO ³<GDEDQEXHQWHVWLPRQLRGHpO
ORVKHUPDQRVTXHHVWDEDQHO/LVWUD\HQ,FRQLR´+HFKRV

&RPR(SUDIURGLWRPLHPEUR¿HOGHOD,JOHVLDGH)LOLSRV YpDVH
)LOTXHOHOOHYDEDORVGRQDWLYRVD3DEOR\HVWXYRGLVSXHVWRD
PRULU VLUYLHQGR DO 6HxRU \ D ORV GHPiV ³3RUTXH SRU OD REUD GH
&ULVWRHVWXYRSUy[LPRDODPXHUWH H[SRQLHQGRVXYLGDSDUDVXSOLU
ORTXHRVIDOWDEDHQYXHVWURVHUYLFLRSRUPt´)LOLSHQVHV

6($810,(0%52Ò7,/

x 6LUYDD'LRVVHJ~QVXVGRQHV³&DGDXQRVHJ~QHOGRQTXH
KD UHFLELGR PLQtVWUHOR D ORV RWURV FRPR EXHQRV
DGPLQLVWUDGRUHV GHODPXOWLIRUPHJUDFLDGH'LRV´3HGUR

³&DGDXQRVHJ~Q´ 7RGRFUH\HQWHWLHQHXQRRPiVGRQHV
HVSLULWXDOHVYpDVH(I
³(OGRQTXHKDUHFLELGR«´ /RVGRQHVVRQGDGRVSRU'LRV
GHDFXHUGRDVXYROXQWDG\QRHOHJLGRVSRUQRVRWURVYpDVH
&R
³0LQtVWUHORDRWURV«´ /RVGRQHVVRQSDUDODHGL¿FDFLyQ


 GHOFXHUSRGH&ULVWR YpDVH(I
³%XHQRV DGPLQLVWUDGRUHV«´ /RV GRQHV SXHGHQ VHU
GHVDUUROODGRVRGHVSHUGLFLDGRVYpDVH7L\GHHOORVH
QRVSHGLUiFXHQWDYpDVH&R
³'H OD PXOWLIRUPH JUDFLD GH 'LRV´ 1R VRQ SUHPLRV
RWRUJDGRVSRUDOJ~QHVIXHU]RHVSHFLDORGLVWULEXLGRVHJ~Q
ORVPpULWRVGHORVFUH\HQWHV

x 6LUYD 'LRV FRQ EDVH HQ ODV QHFHVLGDGHV /D DFWLWXG GHO
FUH\HQWHKDFLDHOVHUYLFLRFULVWLDQRQRGHEHVHUPRWLYDGD
SRUORTXHOHJXVWDKDFHUVLQRSRUODVQHFHVLGDGHVTXHKD\
HQODREUDGH'LRV6LORKDFHPRVDVtHOHQIRTXHQRHVWDUiHQ
QRVRWURV VLQR HQ eO 1R EXVFDUHPRV QXHVWUD SURSLD
VDWLVIDFFLyQVLQRVXJORULD6DEHPRVGHPXFKRVFUH\HQWHV
TXHVHH[FXVDQGHOVHUYLFLRFULVWLDQRSRUTXHVHJ~QHOORVQR
KDQ GHVFXELHUWR VX GRQ \ DOJXQRV KDVWD PXHUHQ HQ HVD
WULVWHHVSHUD(OFUH\HQWHGHEHLGHQWL¿FDUODVQHFHVLGDGHV\
DVtFRQRFHUiODPLVLyQGH'LRV\GHVXSDUWLFLSDFLyQ<OR
PiVSUREDEOHHVTXHGHVFXEULUiVXGRQHVSLULWXDO

6($810,(0%52),(/

x 4XH DVLVWH UHJXODUPHQWH D ORV VHUYLFLRV GH OD LJOHVLD \

SDUWLFLSDDFWLYDPHQWHHQVXVSURJUDPDVYpDVH+H

x 4XHVLUYHHQORVPLQLVWHULRVGHODLJOHVLDYpDVH5R

x 4XHGDVXVGLH]PRV\RIUHQGDFRQUHJXODULGDGYpDVH&R



x 4XH FRPSDUWH VX IH FDGD GtD \ SUDFWLFD HO HYDQJHOLVPR
FRPRXQHVWLORGHYLGDYpDVH7V

x 4XHRUDDSR\D\SDUWLFLSDHQORVSURJUDPDVPLVLRQHURVGH
ODLJOHVLDYpDVH&RO

x 4XHWRGRORTXHKDFHHVSDUDODJORULDGH'LRV\SRQHHQDOWR
HOQRPEUHGHODLJOHVLDYpDVH&RO

x 4XHWLHQHEXHQDVUHODFLRQHVFRQVXVKHUPDQRVHQODIH\
SUDFWLFDHOFRPSDxHULVPR\ODKRVSLWDOLGDGHQODLJOHVLD
YpDVH3

x 4XHUHFRQRFH\DPDDVXVOtGHUHVYpDVH7V

x 4XHHVKRVSHGDGRUYpDVH5R+H

x 4XHD\XGDDORVQHFHVLWDGRVYpDVH+H


 5WJLZSYFX

 0HQFLRQDORVGLVFtSXORVGHO17 TXHVHSUHVHQWDQFRPR

HMHPSORGHVHUEXHQRVPLHPEURV

 (VFULEHFDUDFWHUtVWLFDVGHXQPLHPEUR¿HO

 (VFULEDHOQRPEUHGHODLJOHVLDGHODFXDOHVPLHPEUR

(QXPHUHODVDFWLYLGDGHVGHODLJOHVLDHQODVTXHSDUWLFLSD
FRQ¿GHOLGDG

(VFULEDODIHFKDGHVXEDXWLVPR\GLJDFXiQWRWLHPSROOHYD
FRPRPLHPEURGHVXLJOHVLDORFDO


 -&$$*0/



//$0$'26$6(5$'25$'25(6

(425742.84

)*
,147.+.(&7
&
).48
*pQHVLVHVODSULPHUDFLWDEtEOLFDTXHUHJLVWUDXQDFWR
HVSHFt¿FRGHDGRUDFLyQFXDQGR&DtQ\$EHOSUHVHQWDQRIUHQGDV
GHODQWHGH'LRV

(Q *pQHVLV  VH LQWURGXFH OD DGRUDFLyQ FRPR DVXQWR

SHUPDQHQWHFRQ(QRVQLHWRGH$GiQ³«ORVKRPEUHVFRPHQ]DURQ
DLQYRFDUHOQRPEUHGH-HKRYi´

(Q*pQHVLVFXDQGR$EUDKDPIXHDVDFUL¿FDUDVXKLMR,VDDF
HQHO0RQWH0RULDKVHKDFH³ODSULPHUDPHQFLyQHQOD%LEOLD59
 \ 59$ GHO WpUPLQR DGRUDFLyQ HQ KHEUHR VKDFKDK TXH
VLJQL¿FDLQFOLQDUVHRDUURGLOODUVHHQXQDSRVWXUDGHVXPLVLyQVLQ

UHVHUYD /DSDODEUDDGRUDULPSOLFDQXHVWUDVXPLVLyQWRWDOD'LRV
(O'U(GXDUGR1HOVRQHQVXOLEUR4XHPLSXHEORDGRUH GLFHTXH
HQ OD DGRUDFLyQ YDQ LPSOtFLWDV ODV SDODEUDV ³PpULWR YDOtD
FRQVLGHUDFLyQLPSRUWDQFLDGLJQLGDGH[FHOHQFLD\SUHFLR´
 -DPHV%DUWOH\/DDGRUDFLyQTXHDJUDGDDODOWtVLPR(GLWRULDO0XQGR
+LVSDQRS
(GXDUGR1HOVRQ*4XHPLSXHEORDGRUH(GLWRULDO0XQGR+LVSDQRSS


 /RVSULPHURVPDQGDPLHQWRVWLHQHQTXHYHUFRQODDGRUDFLyQ
SURKLELHQGRWHQHUKDFHULQFOLQDUVH\KRQUDUDGLRVHVIDOVRVYpDVH
e[  \ 'W (VWRV VRQ FLWDGRV SRU -HV~V HQ VHQWLGR
SRVLWLYR HQ OD WHQWDFLyQ FRPR XQD UHVSXHVWD FRQWXQGHQWH D OD
SURSXHVWD GH 6DWDQiV ³$O 6HxRU WX 'LRV DGRUDUiV \ VyOR D eO
VHUYLUiV´ 0DWHR  \ FRPR HO SULQFLSLR IXQGDPHQWDO TXH
UHJLUtD VX YLGD WHUUHQDO $GRUDU D 'LRV GHEH VHU OD SULQFLSDO
FRQYLFFLyQHOPD\RU LGHDOODUD]yQGHYLYLUODHVHQFLDGHODYLGD
HOSLODUIXQGDPHQWDOGHOFDUiFWHUFULVWLDQR6RPRVOODPDGRVDYLYLU
XQDYLGDFHQWUDGDHQ'LRVQRHQQRVRWURVPLVPRV$GiQ\(YD
IDOODURQ HQ VX DGRUDFLyQ \ FDPELDURQ OD JORULD GH 'LRV SRU VX
GHOHLWHSHUVRQDOULQGLpQGRVHDQWHXQDVHUSLHQWHH[WUDxD3DEOROHV
HVFULEHDORVURPDQRV³«\DTXHKDELHQGRFRQRFLGRD'LRVQROH
JORUL¿FDURQ FRPR D 'LRV«´ 5R D (O SHFDGR GH OD
KXPDQLGDG HV QR DGRUDU D 'LRV \ YLYLU HQ OD LGRODWUtD ³«\
FDPELDURQ OD JORULD GH 'LRV LQFRUUXSWLEOH SRU LPiJHQHV GH
KRPEUHVFRUUXSWLEOHVGHDYHVGHFXDGU~SHGRV\GHUHSWLOHV´5R
'LRVGHPDQGDDGRUDFLyQHVSLULWXDO\YHUGDGHUD

$'25$5$ ',26(1(63Ë5,78<9(5'$'

-HV~V HQVHxyDODPXMHUVDPDULWDQDTXHODDGRUDFLyQGHEHVHU
FRQVFLHQWH \ QR XQD H[SHULHQFLD H[WiWLFD H LUUDFLRQDO
³«DGRUDPRVORTXHVDEHPRV´-Q

7DPELpQ OH HQVHxy TXH 'LRV GHPDQGD XQD DGRUDFLyQ HQ

(VStULWX\HQYHUGDGYpDVH-Q

$GRUDUHQ(VStULWXVLJQL¿FD

x $GRUDU FRQ XQ FRUD]yQ \ XQ HVStULWX YLYRV \


 
FRPSURPHWLGRV FRQ 'LRV 8Q HVStULWX TXH QR KD VLGR
UHJHQHUDGRQDFLGRGHO(VStULWX6DQWRQRSXHGHDGRUDUD
'LRV

$GRUDUD'LRVHQYHUGDGVLJQL¿FD

x $FHUFDUVHDeOGHODPDQHUDFLHUWDRFRUUHFWD6RORKD\XQD
PDQHUDPHGLDQWHVX+LMR-HVXFULVWRYpDVH-Q

x $GRUDUD'LRVHQIRUPDVLQFHUD\YHUGDGHUD

/$ $'25$&,Ï19(5'$'(5$ (681$ 5(1',&,Ï1

727$/ $ ',26 3$5$ $0$5/( 6(59,5/(
2%('(&(5/(< */25,),&$5/(

x (Q OD WHQWDFLyQ -HV~V VH ULQGLy WRWDOPHQWH HQ DPRU DO
3DGUH ³«$O 6HxRU WX 'LRV DGRUDUiV´ 0W  -HV~V
UHQXQFLyDVXDPRUSURSLR\PRVWUyVXDPRULQFRQGLFLRQDODO
3DGUHGHVSUHFLDQGRHLJQRUDQGRWRGRVORVRIUHFLPLHQWRVGH
6DWDQiV

1DGDYDOHPiVRHVPiVLPSRUWDQWHTXHDPDUD'LRVQDGDWUDH
PD\RUVDWLVIDFFLyQDOKRPEUHQDGDQRVWUDHPD\RUIHOLFLGDG
SODFHU\ FRQWHQWDPLHQWR&RQUHODFLyQDOWLHPSRPHJXVWDUtD
GHVWDFDUTXH-HV~VGHGLFyGtDV1ROHHVWR\VXJLULHQGRD
XVWHGTXHKDJDORPLVPR3HURHVLQFRQFHELEOHTXHHOFUH\HQWH
QR WHQJD WLHPSR SDUD 'LRV 3DUD RUDU SDUD PHGLWDU HQ VX
3DODEUD SDUD FRQJUHJDUVH SDUD VDOLU D HYDQJHOL]DU SDUD
UHDOL]DUDOJ~QYLDMHPLVLRQHURSRUORPHQRVXQ¿QGHVHPDQD
SDUD UHDOL]DU XQ D\XQR SULYDGR R FROHFWLYRVLTXLHUD XQ GtD
SDUDSDUWLFLSDUHQXQDYLJLOLDHQHODxR

-RKQ3LSHU/RTXH-HV~VH[LJHGHOPXQGR(GLWRULDO3RUWDYR]SS

%LEOLDGHERVTXHMRV\VHUPRQHVYROXPHQ(GLWRULDO3RUWDYR]S


x -RVXpULQGLyVXYLGDWRWDOPHQWHD'LRVSDUDVHUYLUOH FRQVX
IDPLOLD WRGRV ORV GtDV GH VX YLGD 3RU HVR DO ¿QDO GH VX
PLQLVWHULR D¿UPy DO SXHEOR TXH OD GHPDQGD GH 'LRV HUD
VHUYLUOHVRORDeO4XHQRSRGtDQVHUYLUDGRVVHxRUHV YpDVH
-RV

x $EUDKDPVHULQGLyWRWDOPHQWHD'LRVHQREHGLHQFLDDOQR
UHKXVDUVHDRIUHFHUHQKRORFDXVWRDVXKLMR,VDDFHQHO0RQWH
0RULDK³$EUDKDPVHOHYDQWyPX\GHPDxDQD«\IXHDOOXJDU
TXH 'LRV OH KDEtD GLFKR´ *Q  $EUDKDP LED D
VDFUL¿FDUDVXKLMR\OODPyDHVHDFWRDGRUDFLyQYpDVH*Q
 $GRUDU HV RIUHFHUQRV D 'LRV HQ VDFUL¿FLR YLYR (O
VDFUL¿FLRGH$EUDKDPQRVRODPHQWHHUDHOVDFUL¿FLRGHVXKLMR
HUD HO VDFUL¿FLR GH VX HVSHUDQ]D GH VX DPRU GH VX
GHVFHQGHQFLD GH VX IXWXUR GH VX YLGD 7RGR HVWDED
UHSUHVHQWDGR HQ VX KLMR (UD HO VDFUL¿FLR GH VX SODQ (Q
5RPDQRV  VH QRV GLFH TXH GHEHPRV SUHVHQWDU XQD
RIUHQGDD'LRVXQ VDFUL¿FLRYLYRXQKRORFDXVWR\QRHVXQ
FRUGHUR FRPR OR KDFtDQ ORV DQWLJXRV VLQR QXHVWUD YLGD
QXHVWUDYROXQWDGSDUDREHGHFHU\KDFHUODYROXQWDGGH'LRV

x 3DEORVHULQGLyWRWDOPHQWHD'LRVSDUDJORUL¿FDUOH \OR
HQVHxyFRQ¿UPH]DDORVFUH\HQWHV³6LSXHVFRPpLVREHEpLV
R KDFpLV RWUD FRVD KDFHGOR WRGR SDUD OD JORULD GH 'LRV 
&RULQWLRV&RORVHQVHV


 5WJLZSYFX

¢4XpVLJQL¿FDSDUDXVWHGDGRUDUHQHVStULWX"
¢4XpVLJQL¿FDSDUDXVWHGDGRUDUHQYHUGDG"
¢&XiOHVDVSHFWRVSUiFWLFRVGHODDGRUDFLyQHVWiDSOLFDQGR
DVXYLGD"([SOLTXH
/DDGRUDFLyQHVXQDUHQGLFLyQWRWDOD'LRVFRPSOHWHODV
VLJXLHQWHVD¿UPDFLRQHV
$EUDKDPVHULQGLyWRWDOPHQWH
HQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
-RVXpVHULQGLyWRWDOPHQWHHQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
-HV~VVHULQGLyWRWDOPHQWH
HQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3DEORVHULQGLyWRWDOPHQWH
HQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
¢6HFRQVLGHUDXVWHGXQYHUGDGHURDGRUDGRU"([SOLTXH


 -&$$*0/



//$0$'26$6(56$&(5'27(6
(425742.84
)*
.39*7(*)*7

*3
47&(.È3
547
49748
³/DIXQFLyQGHOVDFHUGRWHHUDIXQGDPHQWDOPHQWHODGHOOHYDU
DOSXHEORXQDSDODEUDGH'LRV(OVDFHUGRWHWDPELpQUHSUHVHQWD
GHODQWH GH 'LRV DO SXHEOR 1RVRWURV WHQHPRV HVD IXQFLyQ \ HO
SULYLOHJLR GH UHSUHVHQWDUOR D eO DQWH OD KXPDQLGDG \ D OD

KXPDQLGDGDQWH'LRV´ 6DFHUGRWHHVXQRTXHUHFLEHODVSDODEUDV
GH'LRVODVLPSDUWHDO SXHEOR\UHFLEHODVSDODEUDVGHOSXHEOR\ODV
WUDQVPLWHD'LRV(VXQLQWHUFHVRUTXHWLHQHDFFHVRDODSUHVHQFLD
GH'LRVSRUPHGLRGH&ULVWRTXHUHSUHVHQWDDORVKRPEUHVDQWH
'LRV\D'LRVDQWHORVKRPEUHV

62026815(,12'(6$&(5'27(6

/ODPDGRVDVHUUHDOVDFHUGRFLR³'LRVQRGLMRTXHHUDXQUHLQR
FRQXQSHTXHxRJUXSRVHOHFWRGHVDFHUGRWHV(OGLMR³9RVRWURV
VRLVUHDOVDFHUGRFLR´7RGRV\FDGDXQRGHORVFUH\HQWHVVRPRV

VDFHUGRWHV SDUD 'LRV 5HDO VLJQL¿FD VDFHUGRWHV GH OD UHDOH]D
-RKQ3LSHU/RTXH-HV~VH[LJHGHOPXQGR(GLWRULDO3RUWDYR]SS
%LEOLDGHERVTXHMRV\VHUPRQHVYROXPHQ(GLWRULDO3RUWDYR]S


VDFHUGRWHVTXHSHUWHQHFHQDODPDMHVWDGGHOXQLYHUVR\DO5H\GH
UH\HV\6HxRUGHVHxRUHVYpDVH3HGURe[RGR
$SRFDOLSVLV(OVHQWLGRDTXtHVHOGHLQWHUFHVRU8QDGHODV
FRVDVPiVLPSRUWDQWHVTXHKDFHPRVHQODRUDFLyQHVLQWHUFHGHUSRU
RWURV $ YHFHV QXHVWUDV RUDFLRQHV HVWiQ FHQWUDGDV HQ QRVRWURV
PLVPRV(OFHQWURGHODRUDFLyQHV'LRV\HOPiVLPSRUWDQWHHQOD
RUDFLyQ HV HO SUyMLPR &XiQ GLIHUHQWH VH WRUQD QXHVWUD YLGD GH
RUDFLyQFXiQWRVHQWLGRFREUDFXDQGRRUDPRVSRUORGHPiV&yPR
FDPELDQXHVWUDYLGDGHRUDFLyQ(ODSyVWRO3DEORDOHVFULELUOHVDORV
¿OLSHQVHVVREUHHOJR]RGHODYLGDFULVWLDQDORSULPHURTXHHQIDWL]y
IXHHOJR]RTXHVHQWtDDORUDUSRUORVKHUPDQRVYpDVH)LO
8VWHGWDPELpQSXHGHH[SHULPHQWDUHOJR]RGHVHUXQLQWHUFHVRU

620266$&(5'27(648(,17(5&('(026
(125$&,2132527526

$EUDKDP LQWHUFHGLy SRU 6RGRPD \ *RPRUUD \ DXQTXH QR

SXGRHYLWDUVXGHVWUXFFLyQORJUyODVDOYDFLyQGH/RW\VXIDPLOLD
YpDVH*Q

0RLVpVRUySRUVXSXHEORFXDQGR'LRVVHGLVSRQtDDFDVWLJDUOR
SRU VX SHFDGR YpDVH e[   ,QWHUFHGLy SRU VXV
KHUPDQRV$DUyQ\0DUtDFXDQGRSHFDURQFRQWUDeOYpDVH1P
0RLVpV\6DPXHOHUDQWDQIDPRVRVGHODQWHGH'LRVTXHHQ
XQDRFDVLyQHO6HxRUORVPHQFLRQyGLFLpQGROHDOSURIHWD-HUHPtDV
³$XQTXH0RLVpV\6DPXHOVHSXVLHUDQGHODQWHGHPtQRHVWDUtDPL
YROXQWDGFRQHVWHSXHEOR´-HUHPtDV

+HEUHRV  GLFH TXH -HVXFULVWR HV HO VXPR VDFHUGRWH

SHUIHFWR\HWHUQR1HFHVLWDPRVHQWHQGHUTXHVRPRVOODPDGRVSDUD
LQWHUFHGHUSRURWURV\TXHWHQHPRVHOHMHPSORGHO6HxRUHQHVWD


YLGD\HQODHWHUQLGDG4XpEXHQRDSUHQGHUGHeOHQVXRUDFLyQ
UHJLVWUDGDHQ-XDQ-HV~VRUySRUVXVGLVFtSXORVSRU-HUXVDOpQ
SRUORVSXHEORVJHQWLOHVHLQWHUFHGLyPiVDOOiGHVXJHQHUDFLyQ
³SRUORVTXHKDQGHFUHHU´

(O$SyVWRO3HGURHVWDEDHQODFiUFHO\ODLJOHVLDKDFtDVLQFHVDU
RUDFLyQD'LRVSRUpOYpDVH+FK&DGDVDFHUGRWHIXQFLRQD
HQHOFRQWH[WRGHODLJOHVLD/DLJOHVLDHVWDEDFXPSOLHQGR¿HOPHQWH
VXIXQFLyQVDFHUGRWDODOXQLUVHHQRUDFLyQ\V~SOLFDSRU3HGUR\ORV
GHPiVDSyVWROHV
(O DSyVWRO 3DEOR LQWHUFHGtD HQ RUDFLyQ SRU WRGRV ORV
KHUPDQRV8QHMHPSORHVVX¿FLHQWH³«QRFHVRGHGDUJUDFLDVSRU
YRVRWURV KDFLHQGR PHPRULD GH YRVRWURV HQ PLV RUDFLRQHV´
(IHVLRV

'H HVD PLVPD PDQHUD 3DEOR LQVWDED D ORV FUH\HQWHV GH ODV
LJOHVLDV$ ORVHIHVLRVOHVHQFDUJy³TXHRUDUDQHQWRGRWLHPSRFRQ
WRGDRUDFLyQ\V~SOLFDHQHO(VStULWXSRUWRGRVORVVDQWRV´YpDVH(I


/DV PDGUHV GHEHQ LQWHUFHGHU HQ RUDFLyQ SRU VXV KLMRV 0L
PDPi OR KDFH SRU FDGD XQR GH VXV  KLMRV VXV  QLHWRV \ 
ELVQLHWRV
1RSRGHPRVFRQWLQXDURUDQGRVRORHQIRUPDJHQHUDOL]DGDVH
QHFHVLWD OD RUDFLyQ SHUVRQDOL]DGD £4Xp SRFR HMHUFHPRV HVD
SRVLFLyQWDQHVSHFLDOTXH'LRVQRVKDGDGR6LHO(VStULWXGHO6HxRU
QRVD\XGDDRUDU QRVRWURVSRGHPRVD\XGDUDRUDUDRWURV£4Xp
SRFRRUDPRV\FXiQDEXUULGD\PRQyWRQDHVDYHFHVQXHVWUDYLGDGH
RUDFLyQSRUTXHHVWDPRVFHQWUDGRVVRODPHQWHHQQRVRWURV\QXHVWUDV
QHFHVLGDGHV


 $ YHFHV DFWXDPRV FRPR -DFRER \ -XDQ 4XHUHPRV TXH
GHVFLHQGDIXHJRGHOFLHOR\FRQVXPDDDTXHOORVTXHQRREHGHFHQDO
6HxRU$ HOORV-HV~VORVUHSUHQGLySRUVXPDODDFWLWXGD¿UPDQGR
TXH³«HO+LMRGHO+RPEUHQRKDYHQLGRSDUDSHUGHUODVDOPDVGH
ORV KRPEUHV VLQR SDUD VDOYDUODV´ /XFDV  /D JHQWH
QHFHVLWD TXH RUHPRV SRU HOOD TXH HQ YH] GH MXLFLR SLGDPRV
PLVHULFRUGLD
(OSDGUHDSRVWyOLFR3ROLFDUSRDQWHVGHVHUOOHYDGRDOHVWDGLR
SDUD VHU PDUWLUL]DGR ³RUy GRV KRUDV SRU DTXHOORV TXH FRQRFtD

SHUVRQDOPHQWH\SRUODLJOHVLDHVSDUFLGDDOUHGHGRUGHOPXQGR´
'HUUDPHVXDOPDHQRUDFLyQSRURWURV

6 2 0 2 6 6 $ & ( 5 ' 2 7 ( 6 4 8 ( 2 ) 5 ( & ( 0 2 6

6$&5,),&,26(63,5,78$/(6

8QDGHODVIXQFLRQHVGHORVVDFHUGRWHVHUDRIUHFHUVDFUL¿FLRV
1RVRWURVQRKDFHPRVVDFUL¿FLRVGHDQLPDOHVFRPRORVVDFHUGRWHV
OHYtWLFRVQLVDFUL¿FLRVSRUHOSHFDGRSRUTXH&ULVWR\DIXHRIUHFLGR
FRPRVDFUL¿FLRSRUHOSHFDGRXQDYH] SDUDVLHPSUHYpDVH+H
-HVXFULVWRHVHOVXPRVDFHUGRWHSHUIHFWRYpDVH+H
< QRVRWURVPHGLDQWHeORIUHFHPRVVDFUL¿FLRVHVSLULWXDOHV\
RUDPRVD'LRVSRUORVKRPEUHV

&RPR VDFHUGRWHV VRPRV OODPDGRV D RIUHFHU ³VDFUL¿FLRV

HVSLULWXDOHVDFHSWDEOHVGHODQWHGH'LRVSRUPHGLRGH-HVXFULVWR´
3HGUR1XHVWURVDFUL¿FLRHVDFHSWDEOHSRUTXHORRIUHFHPRVD
'LRVDWUDYpVGH-HVXFULVWR< ORVVDFUL¿FLRVHVSLULWXDOHVVRQ

x 1XHVWURFXHUSRHQWRWDOUHQGLFLyQ\FRQVDJUDFLyQ«³TXH
SUHVHQWpLV YXHVWURV FXHUSRV FRPR VDFUL¿FLR YLYR VDQWR
DJUDGDEOHD'LRV«´YpDVH5R
-H൵UH\%LQJKDP+HUHQFLD+LVWyULFD(GLWRULDO3DWPRVS


x 1XHVWUD DODEDQ]D ³«RIUH]FDPRV VLHPSUH D 'LRV SRU
PHGLR GH pO VDFUL¿FLRV GH DODEDQ]D « IUXWR GH ODELRV TXH
FRQ¿HVHQVXVQRPEUH´+H

x 1XHVWURVHUYLFLR³< GHKDFHUELHQ\ODD\XGDPXWXD«GH
WDOHVVDFUL¿FLRVVHDJUDGD 'LRV´+H

x 1XHVWURWHVWLPRQLRRIUXWRGHOHYDQJHOLVPR ³«SDUDTXH
ORVJHQWLOHVOHVHDQFRPRRIUHQGDDJUDGDEOH«´5R

x 1XHVWUD RIUHQGD ³«KDELHQGR UHFLELGR GH (SDIURGLWR OR

TXHHQYLDVWHLVRORUIUDJDQWHVDFUL¿FLRDFHSWRDJUDGDEOH D
'LRV´)LO

x 1XHVWURVDFUL¿FLR\VXIULPLHQWRSRUFDXVDGHODREUDGHO
6HxRU ³< DXQTXHVHDGHUUDPDGRHQOLEDFLyQVREUHHOVDFUL¿FLR\
VHUYLFLRGHYXHVWUDIH«´)LO


 5WJLZSYFX

(VFULEDHQVXVSURSLDVSDODEUDVXQDGH¿QLFLyQGHVDFHUGRWH
+DJDXQDOLVWDGHFLQFRSHUVRQDVRIDPLOLDVSRUODVFXDOHV
RUDGLDULDPHQWH
(VFULEDDOJXQDH[SHULHQFLDGHJR]RDOLQWHUFHGHUSRURWURV
¢4XpVLJQL¿FDODH[SUHVLyQUHDOVDFHUGRFLR"
 (VFULEDFRQ VX UHVSHFWLYDFLWDEtEOLFDORV VHLV VDFUL¿FLRV
HVSLULWXDOHVTXHVRPRVOODPDGRVDRIUHFHUFRPRVDFHUGRWHV
VDQWRV


 -&$$*0/



//$0$'26$6(59,6,7$'25(6
(425742.84
)*
11*;&7

(438:*14
(/0,1,67(5,2'(/$9,6,7$&,Ï1

8QDV GH ODV IXQFLRQHV GHVFULWDV DFHUFD GHO PLQLVWHULR GHO

6HxRU-HV~VHV³VDQDUDORVTXHEUDQWDGRVGHFRUD]yQ´YpDVH/F
6LELHQHVFLHUWRTXHODVFLUFXQVWDQFLDVGLItFLOHVTXHYLYLPRV
DEODQGDQ\VHQVLELOL]DQHOFRUD]yQGHODVSHUVRQDVQDGDHVPiV
UHFRQIRUWDQWHTXHXQDYLVLWDRSRUWXQDGHXQFUH\HQWH VLHUYRR
VLHUYDGH'LRV3UXHEDGHHOORHVODHVFHQDQDUUDGDHQ-XDQFDStWXOR
VREUHHOFLHJRGHQDFLPLHQWRGRQGHODJHQWHSUHJXQWDEDVLVX
HQIHUPHGDGHUDSRUFDXVDGHVXSHFDGRRHOGHVXVSDGUHV-HV~V
D¿UPy TXH HUD XQD RSRUWXQLGDG SDUD TXH ODV REUDV GH 'LRV VH
PDQLIHVWDUDQ YpDVH Y  &UHR TXH DXQTXH OR GLMR HQ HVD
VLWXDFLyQHVSHFt¿FD ODPXHVWUDGHVXPLQLVWHULR\ODH[SHULHQFLD
FULVWLDQDSRUWRGDVODVJHQHUDFLRQHVQRVKDQFRQ¿UPDGRTXHODV
WUDJHGLDV HQIHUPHGDGHV QHFHVLGDGHV IUDFDVRV HWF VRQ
RSRUWXQLGDGHV SDUD TXH ODV REUDV GH 'LRV VH PDQL¿HVWHQ HQ


QRVRWURV\SDUDYHUHOSRGHU\ODJORULDGH'LRV&XDQGR'DYLG
HVWDEDKX\HQGRGHVXKLMR$EVDOyQRUDEDSDUD YHUHOSRGHU\OD
JORULDGH'LRVHQHOGHVLHUWR³«SDUDYHUWXSRGHU\WXJORULDDVt
FRPRWHKHPLUDGRHQHOVDQWXDULR´6DO

£&XiQWRDQKHODURQ0DUWD\0DUtDXQDYLVLWDGH-HV~VGXUDQWH
ODJUDYHHQIHUPHGDGGHVXKHUPDQR/i]DUR(OUHSURFKHQRVHKL]R
HVSHUDU³6LKXELHUDVHVWDGRDTXtPLKHUPDQRQRKDEUtDPXHUWR´
3HURODUHVSXHVWDGH-HV~VQRVDOLHQWDDFRQRFHUODVREUDVGH'LRV
³6LFUHHVYHUiVODJORULDGH'LRV´1RSRGHPRVHYLWDUTXHODJHQWH
QRV HVSHUH FXDQGR HVWi HQ VLWXDFLRQHV GLItFLOHV \ QR GHEHPRV
GHIUDXGDUOD'HEHPRVDSDUWDUWLHPSRSDUDODYLVLWDFLyQ6pTXHQR
WRGRVQRVHVSHUDQSHURHO6HxRUQRVPDQGDDLU+DVWDORVTXHQR
QRVFRQRFHQHVSHUDQ\DQKHODQXQDYLVLWDDOHQWDGRUD1RHVDVXQWR
GHVLODSHUVRQDKDSHFDGRRQR8QDGHODVH[FXVDVPiVHVSLULWXDOHV
TXHXVDPRVHVTXHODSHUVRQDHVWiVXIULHQGRODVFRQVHFXHQFLDVGH
VXSHFDGR\TXHKD\TXHGHMDUODTXLHWD

¢$FDVR HV XQD UHVSRQVDELOLGDG H[FOXVLYD GHO PLQLVWHULR GH

YLVLWDFLyQGHODLJOHVLDVLORWLHQHRGHOSDVWRU"

6DQWLDJRD¿UPDTXH³ODUHOLJLyQSXUD\VLQPDQFKD«HVHVWD
YLVLWDUDORVKXpUIDQRV\DODVYLXGDV«\JXDUGDUVHVLQPDQFKDGHO
PXQGR´6DQWLDJR

8QRGHORVMXLFLRVSUHVHQWDGRVHQ0DWHRWLHQHTXHYHU
FRQODIDOWDGHYLVLWDFLyQ³(VWXYHHQIHUPR\HQODFiUFHO\QRPH
YLVLWDVWHLV´

(/9,6,7$'25< (/9,6,7$'2

$EUDKDPWXYRPXFKRVWLHPSRVGHLQWLPLGDGFRQ'LRV3HUR
FUHRTXHODYLVLWDPiVHVSHFLDOHLQROYLGDEOHTXHPDUFyVXYLGDIXH


ODUHJLVWUDGDHQ*pQHVLVFDStWXOR/DUD]yQSRUODTXHD¿UPR
HVWRHVSRUTXHKDFtDDxRVTXH$EUDKDPQRUHFLEtDXQDYLVLWDGH
'LRV\SRUTXHOHWUDtDQODQRWLFLDPiVVRUSUHQGHQWH\DJUDGDEOH
³«$OWLHPSRVHxDODGRYROYHUpDWL\SDUDHQWRQFHV6DUDWHQGUiXQ
KLMR´ Y  'H HVWD KLVWRULD SRGHPRV DSUHQGHU DOJXQDV FRVDV
VREUHHOYLVLWDGRU\HOYLVLWDGR

x (OYLVLWDGRUVLHPSUHGHEHWHQHUEXHQDDFWLWXGY$XQ

FXDQGRHOPRWLYRGHODYLVLWDVHDDQXQFLDUHOMXLFLRGH'LRV
VREUHODSHUVRQDSRUVXSHFDGRKD\XQDEXHQDQRWLFLD6LWH
DUUHSLHQWHV VHUiV SHUGRQDGR 1DWiQ HQ VX YLVLWD D 'DYLG OR
FRQIURQWyFRQVXSHFDGR/HDQXQFLyHOMXLFLRGH'LRVSHUR
WDPELpQVXPLVHULFRUGLD³«QRPRULUiV«´YpDVH6
/DDFWLWXGGH1DWiQQRHUDODGHXQHQHPLJReOQRVH
JR]DEDFRQORTXHOHLEDDWRFDUYLYLUD'DYLG

x (OYLVLWDGRUGHEHWHQHUXQDWHRORJtDFRUUHFWD8QSHTXHxR
HMHUFLFLRVHUtDLPSRUWDQWH

9HDPRV*pQHVLV

&XDQGR $GiQ \ (YD SHFDURQ 'LRV HVWDEOHFLy XQ UpJLPHQ

PL[WR GH MXLFLR \ PLVHULFRUGLD SRU FDXVD GH VX MXVWLFLD \
ERQGDG

&XDQGR'LRVVDFyD$GiQ\D(YDGHOKXHUWRSHQVDPRVIXH
MXLFLR3HURFXDQGRGLFHTXHORKL]RSDUDTXHQRDODUJDUDQVX
PDQR \ FRPLHUDQ GHO iUERO GH OD YLGD \ DVt YLYLHUDQ SDUD
VLHPSUHHQVXSHFDGRSHQVDPRVIXHPLVHULFRUGLDYpDQVH
YY

&XDQGR OH GLMR D $GiQ ³/D WLHUUD WH SURGXFLUi FDUGRV \

HVSLQRV´ SHQVDPRV IXH MXLFLR 3HUR FXDQGR YHPRV TXH OD


 WLHUUDSURGXFHFDUDRWDVFDPEXUIUXWDV\YHJHWDOHV SHQVDPRV
HVPLVHULFRUGLDYpDQVHYY

&XDQGR OH GLMR D (YD ³FRQ GRORU GDUiV D OX] OR KLMRV´
GHFLPRVIXHMXLFLR3HURFXDQGRYHPRVQDFHUORVSUHFLRVRV
QLxRVGHFLPRVHVPLVHULFRUGLDYpDVHY

&XDQGR GLFH ³7X PDULGR VH HQVHxRUHDUD GH WL´ \ YHPRV

PXMHUHV VXIULHQGR FRQ KRPEUHV LQ¿HOHV DEXVDGRUHV \
DXVHQWHV SHQVDPRV HV MXLFLR 3HUR FXDQGR YHPRV PXMHUHV
IHOLFHVFRQHVSRVRV¿HOHVDWHQWRV\FXLGDGRVRVSHQVDPRVHV
PLVHULFRUGLD 6DQWLDJRD¿UPDTXH³«ODPLVHULFRUGLDWULXQID
VREUH HO MXLFLR´ 6WJ  &UHR TXH HVWR VH FXPSOLy HQ
&ULVWR (O UHFLELy MXLFLR SDUD GDUQRV PLVHULFRUGLD 3RU HVR
GHEHPRV YLVLWDU OOHYDQGR FRQ DPRU ODV EXHQDV QRWLFLDV GHO
6HxRUYpDVHY

x (OYLVLWDGRUGHEHWHQHUXQSURSyVLWRHVSHFLDO /RVYDURQHV
GH'LRVTXHYLVLWDURQD$EUDKDPIXHURQDGDUOHODQRWLFLDGH
TXH HO SUy[LPR DxR 6DUD WHQGUtD XQ KLMR YpDVH *pQHVLV
 /XHJRIXHDUHVFDWDUD/RWGH6RGRPDYpDVH*Q
 1R XVH OD YLVLWD SDUD OOHYDU FKLVPHV PDORV
FRPHQWDULRV YHQHQR FL]DxD R VDOSLFDU FRQ VX UDt] GH
DPDUJXUDDRWUDVSHUVRQDVQLSDUDFULWLFDURGHVDOHQWDU4XH
FXDQGR WHUPLQH OD YLVLWD TXHGH OD VDWLVIDFFLyQ GH KDEHU
FXPSOLGR HO SURSyVLWR \ OD YROXQWDG GH 'LRV TXH KD\D
HGL¿FDGR 6HD XQ HQYLDGR GH 'LRV \ QR XQ PHQVDMHUR GH
6DWDQiV /D YLVLWD HV SDUD KDFHUQRV SUHVHQWH \ XQR GH VXV
SURSyVLWRVIXQGDPHQWDOHVGHEHVHUHOGHOOHYDUFRQVXHOR

x /RV TXH UHFLEHQ OD YLVLWD GHEHQ VHU VROtFLWRV DWHQWRV \

KRVSHGDGRUHV $EUDKDP6DUD\HOFULDGRRIUHFLHURQORPHMRU


 £4XpEXHQDDWHQFLyQUHFLELHURQORVWUHVYDURQHVYpDVH*Q
 &XiQWR HVWLPXOD XQ EXHQ UHFLELPLHQWR XQD EXHQD
DFRJLGDXQDEXHQDDWHQFLyQVHUXQEXHQDQ¿WULyQ

-(6Ò6< /$9,6,7$&,Ï1

/DYHQLGDGHO6HxRU-HV~VVHQRVSUHVHQWDFRPRXQDYLVLWD
³%HQGLWRHO6HxRU'LRVGH,VUDHOTXHKDYLVLWDGR\UHGLPLGRDVX
SXHEOR\QRVOHYDQWyXQSRGHURVR6DOYDGRUHQODFDVDGH'DYLGVX
VLHUYR´/XFDV'LRVVHGHVSRMyGHVXJORULD WRPyIRUPD
GHVLHUYR\VHSXVRHQODFRQGLFLyQGHKRPEUHYpDVH )LO)XH
ODYLVLWDTXHFDPELyHOPXQGR

<DHQVXPLQLVWHULRWHUUHQDO-HV~VYLVLWyODVXHJUDGH3HGUR
TXH HVWDED HQIHUPD YpDVH /F  9LVLWy HO HVWDQTXH GH
%HWHVGDGRQGH\DFtDQFDQWLGDGHVGHHQIHUPRVYpDVH-Q
(VRHTXLYDOHDORVFHQWURVGHVDOXGKR\9LVLWyODFDVDGH=DTXHR
YpDVH/FODGH6LPyQHOIDULVHRYpDVH/F/DGH
/i]DUR0DUtD\0DUWDYpDVH/F\FRPRORSUHVHQWD
0DWHR³5HFRUUtD-HV~VWRGDVODVFLXGDGHV\DOGHDVHQVHxDQGRHQ
ODVVLQDJRJDVGHHOORVSUHGLFDQGRHOHYDQJHOLRGHOUHLQR\VDQDQGR
WRGDHQIHUPHGDG\GROHQFLDHQHOSXHEOR´0DWHR 6RQVROR
DOJXQRVHMHPSORVTXHQRVPXHVWUDQODLPSRUWDQFLD\GHGLFDFLyQ
TXH-HV~VOHGDEDDODYLVLWDFLyQ

3$%/2< /$9,6,7$&,Ï1

(ODSyVWRO3DEORFX\DJUDQSDUWHGHVXPLQLVWHULRFRQVLVWtDHQ
YLVLWDUKRJDUHVOXJDUHVS~EOLFRVSDUDDQXQFLDUHOHYDQJHOLRGDED
WHVWLPRQLR³< FRPRQDGDTXHIXHUD~WLOKHUHKXLGRGHDQXQFLDURV
\HQVHxDURVS~EOLFDPHQWH\SRUODVFDVDV´+HFKRV(VSRU
HVR TXH KDEODQGR D ORV KHUPDQRV GH 7HVDOyQLFD D¿UPy TXH
«³QXHVWUD YLVLWD D YRVRWURV QR IXH HQ YDQR´  7V  +D\


EHQGLFLyQHQODYLVLWDFLyQ³«£&XiQKHUPRVRVVRQORVSLHVGHORV
TXH DQXQFLDQ OD SD] GH ORV TXH DQXQFLDQ EXHQDV QXHYDV´
5RPDQRV(QHVWDD¿UPDFLyQODYLVLWDFLyQHVWiLPSOtFLWD

8QD GH ODV PDQHUDV FRPR HO HYDQJHOLR VH KD H[WHQGLGR HV
YLVLWDQGRFRQPRWLYRVHYDQJHOtVWLFRVDODIDPLOLDH[WHQGLGDDORV
YHFLQRV\DPLJRV

$SURYHFKHRFDVLRQHVHVSHFLDOHVSDUDYLVLWDU(OQDFLPLHQWRGH
XQ QLxR XQ FXPSOHDxRV XQD JUDGXDFLyQ XQD HQIHUPHGDG
QHFHVLGDGHVHFRQyPLFDVHWF

$SDUWHWLHPSRHQODVHPDQDSDUDODYLVLWDFLyQSHURSUHSiUHVH
HVSLULWXDOPHQWH SDUD KDFHUOR (O PXQGR GHPDQGD \ UHTXLHUH GH
YLVLWDGRUHV


 5WJLZSYFX

(VFULEDODVFDUDFWHUtVWLFDVGHOYLVLWDGRU
 %DVDGR HQ *pQHVLV FDStWXOR  HQXPHUH DOJXQDV
FDUDFWHUtVWLFDVTXHGHEHWHQHUODSHUVRQDTXHUHFLEHODYLVLWD
 ¢)RUPD XVWHG SDUWH GH DOJ~Q HTXLSR GH YLVLWDFLyQ"
([SOLTXH
¢/HJXVWDUtDIRUPDUSDUWHGHXQHTXLSRGHYLVLWDFLyQ"
(VFULEDHOWHVWLPRQLRGHXQDYLVLWDHQODTXHKD\DYLVWROD
DSUREDFLyQ\EHQGLFLyQGH'LRV


 -&$$*0/



//$0$'26$6(5$0,*26
HTRUWTRNXT
IJ
FRFW

FQ
UWçONRT
$EUDKDPIXHOODPDGRSRU'LRVDPLJR³«$EUDKDPPL
DPLJR«´,V6HUDPLJRHVDOJRLPSRUWDQWH6L'LRV
OODPyD$EUDKDPVXDPLJRIXHSDUDGDUWHVWLPRQLRGHTXHpO
HQWHQGLyHOFRPSDxHULVPRRFRPXQLyQDTXH'LRVORKDEtD
OODPDGR\UHVSRQGLy¿HOPHQWH

(/(0(1726'(81$9(5'$'(5$$0,67$'

$0,67$''(',26<$%5$+$0

x (OSULPHUHOHPHQWRHQODDPLVWDGHVODFRPXQLFDFLyQ(V
WRPDU HQ FXHQWD D ORV DPLJRV FXDQGR YR\ D KDFHU DOJR
LPSRUWDQWH\VLHQDOJRORVDIHFWD,PDJtQHVHORTXHKDEUtD
SDVDGRVLHO6HxRUKXELHUDGHVWUXLGRD6RGRPD\*RPRUUDVLQ
DQWHV KDEHUOH FRPXQLFDGR D $EUDKDP \ HVWH VH KXELHUD


 HQWHUDGRGHVSXpV6XVREULQR/RW\VXIDPLOLDKDEUtDQPXHUWR
VLQ$EUDKDPGDUVHFXHQWD3RUHVRHO6HxRUGLMR³¢(QFXEULUp
\RD$EUDKDPORTXHYR\DKDFHUKDELHQGRGHVHU$EUDKDP
XQDQDFLyQJUDQGH\IXHUWH\KDELHQGRGHVHUEHQGLWDVHQpO
WRGDVODVQDFLRQHVGHODWLHUUD"´*pQHVLV (VHVtHV
XQHMHPSORGHDPLVWDG/DDPLVWDGFRPLHQ]DDGHWHULRUDUVH
FXDQGRSHUGHPRVODFRPXQLFDFLyQ\KDFHPRVFRVDVVLQWRPDU
HQFXHQWDDDTXHOORVTXHGHFLPRVVHUQXHVWURVDPLJRV

x (O VHJXQGR HOHPHQWR GH OD DPLVWDG HV OD FRQ¿DQ]D 0H
DVRPEUDGHPDVLDGRYHUFyPR$EUDKDPVHDWUHYLyDSHGLUOH D
'LRVTXHVHUHWUDFWDUDGHVXGHFLVLyQGHGHVWUXLUD6RGRPD\
*RPRUUDVLHQFRQWUDEDGLH]MXVWRVDOOt³< YROYLyDGHFLUQRVH
HQRMHDKRUDPL6HxRU«TXL]iVHHQFXHQWUHQDOOtGLH]´*Q
$XQTXH'LRVOHGLRWRGDODRSRUWXQLGDGSDUDHQFRQWUDU
XQD UD]yQ SDUD TXH OD FLXGDG SHUPDQHFLHUD DO ¿QDO VH GLR
FXHQWD GH TXH eO WHQtD UD]yQ /RV DPLJRV WLHQHQ FRQ¿DQ]D
SDUD FRQWDUVH VXV SUREOHPDV VLWXDFLRQHV DVSLUDFLRQHV
VXHxRV\DQKHORV6DEHQTXHQRVHUiQREMHWRGHEXUODQLGH
UHFKD]R \ TXH SXHGHQ H[SUHVDU OLEUHPHQWH VXV RSLQLRQHV
SRUTXHKD\UHVSHWR

$0,67$''(',26< 02,6e6

x (OWHUFHUHOHPHQWRGHODDPLVWDGHVOD¿GHOLGDG (O6HxRU
GLMR³FRQ0RLVpVKDEODUpFDUDDFDUDSRUTXHHV¿HOHQWRGD
PL FDVD´ 1P  /D DPLVWDG HV VXVWHQWDGD SRU OD
¿GHOLGDG GDGR TXH VH FRQRFH HO FRUD]yQ \ VH VDEH TXp VH


 SXHGHHVSHUDUGHORWUR

$0,67$''('$9,'< -21$7È1

x 8QFXDUWRHOHPHQWRGHODDPLVWDGHVD\XGDUDFXPSOLUHO
SURSyVLWR GH 'LRV 8Q DPLJR OH D\XGD D FXPSOLU VXV
SURSyVLWRV \ VXV PHWDV -RQDWiQ VDEtD TXH 'LRV KDEtD
GHVHFKDGRDVXSDGUH6D~O\TXHKDEtDHVFRJLGRD'DYLGSDUD
VHUUH\HQOXJDUGHpO-RQDWiQQRVHGHMyOOHYDUSRUHOOD]R
IDPLOLDUHOOD]RGHVDQJUHVLQRTXHTXLVRD\XGDUD'DYLGSDUD
TXHVHFXPSOLHUDHOSURSyVLWRGH'LRVHQpO4XHUtDTXHORV
SODQHVTXH'LRVWHQtDFRQ'DYLGVHFXPSOLHUDQDXQTXHHVWR
IXHUDPX\JUDYRVRSDUDpO)XHXVDGRSRU'LRVSDUDIRUWDOHFHU
ODIHGH'DYLG\SDUDSURWHJHUORYpDVH6£&XiQWR
QHFHVLWDPRV HVD FODVH GH DPLJRV ³/DV DPLVWDGHV TXH VH
FHQWUDQHQ'LRVVRQODVPHMRUHV\PiVYDOLRVDVTXHSRGHPRV
WHQHU´

x 8QTXLQWRHOHPHQWRGHODDPLVWDGHVODOHDOWDG -RQDWiQ
VDFUL¿Fy VX SRVLFLyQ SULYLOHJLDGD HQ OD YLGD FRPR SUtQFLSH
KHUHGHUR6HDUULHVJySRU'DYLG\VHPDQWXYR¿UPHHQPHGLR
GHVLWXDFLRQHVFRPSOLFDGDV&RPRFRQVHFXHQFLDGHVHUOHDOD
VXDPLJRVXSURSLRSDGUHLQWHQWyPDWDUORSRUTXHSDUDpOKDEtD
OOHJDGRDVHUVXHQHPLJRYpDVH6'HVSXpVGHOD
PXHUWH GH -RQDWiQ 'DYLG TXH SDUD HQWRQFHV \D HUD UH\
LQGDJyVLTXHGDEDDOJXLHQGHODIDPLOLDGHVXDPLJR-RQDWiQ


 YpDVH6&XDQGRVXSRTXHWRGDYtDYLYtDXQRGHORV
KLMRVGH-RQDWiQXQFKLFRTXHKDEtDTXHGDGRSDUDOtWLFRHQXQ
DFFLGHQWH ORPDQGyDOODPDU\ORWUDMRDVXFDVDWUDWiQGROR
FRPRVLIXHUDVXSURSLRKLMRYpDVH6

x 8QVH[WRHOHPHQWRGHODDPLVWDGHVOD%RQGDG-RQDWiQOH
GLRD'DYLGVXW~QLFD\RWUDVURSDVVXHVSDGDVXDUFR\VX
FLQWRYpDVH6(QODSDUiERODGHOPD\RUGRPRLQ¿HO
-HV~VQRVPDQGD³*DQDGDPLJRVSRUPHGLRGHODVULTXH]DV
LQMXVWDV«´ /F  (O YHUVtFXOR  GH HVWH SDVDMH QRV
DFODUDTXH³ULTXH]DVLQMXVWDV´QRVRQSRVHVLRQHVDGTXLULGDV
SRU PHGLRV LOtFLWRV FRPR URER HVWDID HWF FRPR D VLPSOH
YLVWDVHSRGUtDSHQVDUVLQRTXHHVODPDQHUDFRPR-HV~VVH
UH¿ULy D ODV SRVHVLRQHV PDWHULDOHV HQ JHQHUDO ³6L HQ ODV
ULTXH]DV LQMXVWDV QR IXLVWHLV ¿HOHV ¢4XLpQ RV FRQ¿DUD OR
YHUGDGHUR"/RTXHQRVHQVHxDDTXtHVDDGPLQLVWUDU¿HOPHQWH
ODVULTXH]DV XViQGRODVSDUDJDQDUDPLJRVSDUDHOUHLQRGH
'LRV

(OKHFKRGHXVDUQXHVWURVUHFXUVRVSDUDEHQGHFLUDRWURVQRV
DEUHSXHUWDVSDUDFRPSDUWLUHOHYDQJHOLR(VRIXHORTXHHO
DSyVWRO3DEORKL]RHVSHFLDOPHQWHFRQORV&RULQWLRV ³<RFRQ
HOPD\RUSODFHUJDVWDUpORPtR\DXQ\RPLVPRPHJDVWDUpGHO
WRGRSRUDPRUGHYXHVWUDVDOPDDXQTXHDPiQGRRVPiVVHD
DPDGRPHQRV´&RULQWLRV


 $0,*26'(-(6Ò6

x 8Q VpSWLPR HOHPHQWR GH OD DPLVWDG HV YDORUDU D ODV

SHUVRQDV
-HV~V GLR YDORU D DTXHOORV TXH IXHURQ GHVSUHFLDGRV SRU OD
VRFLHGDG 3RU HVR IXH OODPDGR ³«DPLJR GH SXEOLFDQRV \
SHFDGRUHV«´0W

-HV~VYDORUyDVXVGLVFtSXORVYpDVH-QeOOHVGLMR

³«RVKHOODPDGRDPLJRVSRUTXHWRGDVODVFRVDVTXHRtGHPL
3DGUHRVODVKHGDGRDFRQRFHU´Y
/HVPDQGyTXHVHDPDUDQXQRVDRWURVYpDVHY
/HVGLMRTXHODPD\RUGHPRVWUDFLyQGHDPLVWDGHVGDUODYLGD
SRUVXVDPLJRVYpDVHY
< OHVGLMRTXHVXGHPRVWUDFLyQGHDPLVWDGKDFLDpOHUDKDFHUOR
TXHpOOHVKDEtDPDQGDGRKDFHUYpDVHY
(VGHFLUTXHSDUDVHUDPLJRVGH-HV~VGHEHPRVHQWHQGHU\
FRUUHVSRQGHUDVXUHYHODFLyQGDUODYLGDSRUQXHVWURVDPLJRV
FRPR &ULVWR GLR OD VX\D SRU QRVRWURV \ REHGHFHU VXV
PDQGDWRV

(16(f$1=$'(/$3Ï672/3('52

x 8Q RFWDYR HOHPHQWR GH OD DPLVWDG HV OD EXHQD DFWLWXG
6HG«DPLJDEOHV3
1XHVWUDEXHQDDFWLWXG\QXHVWUDGLVSRVLFLyQVRQLPSRUWDQWHV
³(OKRPEUHTXHWLHQH DPLJRVGHEHVHUDPLVWRVR´3URYHUELRV



 5WJLZSYFX

(VFULEDHQVXVSURSLDVSDODEUDVXQDGH¿QLFLyQGHDPLJR
¢7LHQHDOJ~QDPLJRHVSHFLDO"
¢6HFRQVLGHUDXVWHGXQDSHUVRQDDPLJDEOH"
¢7LHQHEXHQDVUHODFLRQHVFRQORVPLHPEURVGHVXLJOHVLD
ORFDO"
(VFULEDORVRFKRHOHPHQWRVGHODDPLVWDG


 -&$$*0/



//$0$'26$6(56,(5926

(425742.84
)*
&>:)&7

&
148
)*2¸8
(QJULHJRODSDODEUDVLHUYRHVGRXORV TXHVLJQL¿FDHVFODYR
3DEORVHOODPDEDDVtPLVPRHVFODYRGH-HVXFULVWRYpDVH5R\
)LO8QHVFODYRQRHMHUFtDVXSURSLDYROXQWDGVLQRTXHHVWDED
WRWDOPHQWHEDMRODVyUGHQHVGHVXDPR(OVHUYLFLRGHOHVFODYRQRHV
RFDVLRQDO VLQR FRQVWDQWH 8VWHG VLHPSUH GHEH HVWDU VLUYLHQGR \
PLQLVWUDQGRVLQLPSRUWDUODKRUDODWDUHDRODGL¿FXOWDG(VVLHUYR
GH -HVXFULVWR D WRGD KRUD GHO GtD FRPLVLRQDGR SDUD VXSOLU ODV
QHFHVLGDGHVGHODJHQWH'HEHPLQLVWUDU\VHUYLUWDOFRPRORKL]R
&ULVWR
³6HUYLU DO 6HxRU -HVXFULVWR HV OD WDUHD PiV LPSRUWDQWH GHO

PXQGR´ 1RKD\VHUYLFLRPD\RUTXHHOGHVHUYLUDRWURVSRUDPRU
D&ULVWR3RUDPRUGHDTXHOTXHVHHQWUHJy\GLRVXYLGDSRUXVWHG
YpDVH *i F 6HUYLU HV OOHYDU OD FDUJD GH ODV QHFHVLGDGHV
KXPDQDV \ OOHYDUOD GH PDQHUD VDFUL¿FLDO \ UHGHQWRUD ³/DV
SHUVRQDVDODVTXH'LRVQRVOODPDDVHUYLUWLHQHQWRGDFODVHGH
:DUUHQ:LHUVEH/ODPDGRVDVHUVLHUYRVGH'LRV(GLWRULDO3RUWDYR]S


QHFHVLGDGHVItVLFDVHPRFLRQDOHVUHODFLRQDOHVHFRQyPLFDVHWF
3HUR HQ HO IRQGR VX PD\RU QHFHVLGDG HV OD GH UHODFLRQDUVH

FRUUHFWDPHQWHFRQ'LRV\VXYROXQWDG´

(-(03/26&/$9('(/$17,*827(67$0(172

x -RVXp(ODXWRUFRPLHQ]DHOOLEURGH-RVXpSUHVHQWiQGROR
FRPR VLHUYR GH 0RLVpV YpDVH -RV  -RVXp SHUPDQHFLy
FRPR VLHUYR GH 0RLVpV GXUDQWH  DxRV$O PRULU HO JUDQ
OLEHUWDGRU\OHJLVODGRUVHQHFHVLWDEDXQJUDQFRQTXLVWDGRUXQ
KRPEUH GH JUDQ FDUiFWHU FRQ YRFDFLyQ GH VLHUYR SDUD
UHHPSOD]DUOR \ -RVXp HVWDED SUHSDUDGR SDUD DVXPLU WDO
UHVSRQVDELOLGDG (V WULVWH TXH KRPEUHV \ PXMHUHV VDOHQ D
SUHSDUDUVH DFDGpPLFDPHQWH SDUD XQ PLQLVWHULR SHQVDQGR R
FUH\HQGRTXHVRQOODPDGRVDOVHUYLFLRDVHUJUDQGHVOtGHUHVD
GLULJLUDRWURVVLQKDEHUVLGRHQVHxDGRVDVHUYLUEDMRVXMHFLyQ\
DXWRULGDG$OJXQRVKDVWDVDOHQHQUHEHOGtDSRUTXHQRHVWiQ
GLVSXHVWRV D VHU GLULJLGRV SRU RWURV -RVXp VLUYLy EDMR
DXWRULGDGGXUDQWHPXFKRVDxRVIXHXQRGHORVHVStDVIXH
HO FRPDQGDQWH GHO HMpUFLWR \ D SHVDU GH HQIUHQWDU YDULRV
OHYDQWDPLHQWRV\GHVHUFLRQHVQXQFDVHVXPyDHOORV-RVXp
DSUHQGLyDREHGHFHUFRPRVHUYLGRUDQWHVGHFRPDQGDUFRPR
JHQHUDO3ULPHURIXHVLHUYR\GHVSXpVOtGHU

x (OLVHR&XDQGR(OLVHRIXHOODPDGRGHMyWRGR\VHIXHWUDV
(OtDVSDUDVHUYLUOHYpDVH5

-(6Ò6(/(-(03/26835(02

9 (VWHIXHHOSULQFLSLRTXHULJLyVXYLGDHQODWLHUUD$O6HxRU
WX'LRVDGRUDUiV\VRORDpOVHUYLUiV0DWHR

,EtGS


9 /DHVHQFLDGHOPLQLVWHULRWHUUHQDOGH-HV~VIXHHOVHUYLFLR
3RUHVReOD¿UPy³«FRPRHO+LMRGHOKRPEUH TXHQRYLQR
SDUDVHUVHUYLGR VLQRSDUDVHUYLU \SDUDGDUVXYLGDHQUHVFDWH
SRUWRGRV´0WeOORGHPRVWUyGHPXFKDVPDQHUDV
SHURXQDRFDVLyQHVSHFLDOIXHFXDQGRDOVHULQYLWDGRVDFHQDU
ODYyORVSLHVGHVXVGLVFtSXORVYpDVH-Q'HHVWD
PDQHUDWRGRVORVFUH\HQWHVRGLVFtSXORVGHO6HxRUGHEHPRV
WHQHUFODURTXHVRPRVOODPDGRVDVHUYLU (VWRIRUPDSDUWHGH
QXHVWUDQXHYDQDWXUDOH]DGHQXHVWUDQXHYDYLGD

9 6XVHQVHxDQ]DVDFHUFDGHOVHUYLFLR

(O VHFUHWR GH OD YHUGDGHUD JUDQGH]D ³«HO TXH TXLHUD

KDFHUVH JUDQGH HQWUH YRVRWURV VHUi YXHVWUR VHUYLGRU´ 0W


(O VHUYLFLR D 'LRV UHTXLHUH H[FOXVLYLGDG 1LQJ~Q VLHUYR

SXHGHVHUYLUDGRVVHxRUHV SRUTXHRGLDUiDOXQR\DPDUiDO
RWUR RHVWLPDUiDOXQR\PHQRVSUHFLDUiDORWUR 1RSRGpLV
VHUYLUD'LRV\DODVULTXH]DV/XFDV
(OVHUYLFLRD'LRVVHPDQL¿HVWDHQDWHQGHUODVQHFHVLGDGHV
GHOSUyMLPRYpDVH*i

(QHOVHUYLFLRFULVWLDQRHVDEVROXWDPHQWHHVHQFLDOWHQHUXQ

HVStULWXVHQVLEOH\XQFRUD]yQWLHUQR 
³(QWRQFHV ORV MXVWRV OH UHVSRQGHUiQ GLFLHQGR ³6HxRU
¢FXiQGRWHYLPRVKDPEULHQWR\WH DOLPHQWDPRV RVHGLHQWR\
WH GLPRV GH EHEHU" ¢< FXiQGR WH YLPRV IRUDVWHUR \ WH
UHFRJLPRV RGHVQXGR\WHYHVWLPRV"¢2FXiQGRWHYLPRV
HQIHUPRRHQODFiUFHO \IXLPRVDYHUWH"5HVSRQGLHQGRHO
5H\OHVGLUi³'HFLHUWRRVGLJRTXHHQFXDQWRORKLFLVWHLVD
XQRGHHVWRVPLVKHUPDQRVPiVSHTXHxRV DPtORKLFLVWHLV
,EtGS


 0DWHR

(O6HUYLFLRD'LRVHVXQPDQGDPLHQWR QRHVRSFLRQDO 3RU

HVReOWHQGUiUHFRPSHQVDSDUDORV¿HOHV\SDUDORVLQ¿HOHV³,UiQ
HVWRVDOFDVWLJRHWHUQR\ORVMXVWRVDODYLGDHWHUQD´0DWHR

¢&2148e6(59,5$ ',26"

6HJ~Q(IHVLRVIXLPRV³«FUHDGRVHQ&ULVWR-HV~VSDUD
EXHQDV REUDV ODV FXDOHV 'LRV SUHSDUy GH DQWHPDQR SDUD TXH
DQGXYLpVHPRVHQHOODV´(VSRUHVRTXHWRGRVGHEHPRVHQWHQGHU
TXH'LRVWLHQHSUHSDUDGRFRQDQWHODFLyQORTXHKHPRVGHKDFHU
TXHQXHVWURGHEHUHVGHVFXEULUOR\FRPSURPHWHUQRVFRQHVDYLVLyQ
FRUUHVSRQGLHQGRDVXOODPDPLHQWR

6LUYD D 'LRV FRQ VXV KDELOLGDGHV \ WDOHQWRV 'RUFDV XQD

KRQRUDEOHPXMHUTXH³DEXQGDEDHQEXHQDVREUDV\OLPRVQDTXH
KDFtD´(UDELHQFRQRFLGDSRUVXPLQLVWHULR\UHVSHWDGDSRUVX
LQFHVDQWH VHUYLFLR D ORV SREUHV \ QHFHVLWDGRV (Q VX OHFKR GH
PXHUWHODVYLXGDVOORUDQGRPRVWUDEDQODVW~QLFDVTXHHOODKDEtD
KHFKR(QVHJXLGD'LRVPHGLDQWH3HGURODOHYDQWyGHORVPXHUWRV
\PXFKRVFUH\HURQHQHO6HxRUYpDVH+FK

6LUYDD'LRVFRQVXVELHQHV &XDQGR3DEORVLJXLHQGRODYLVLyQ
FHOHVWLDOIXHD)LOLSRVHQHOOXJDUGRQGHVHUHXQtDQSDUDODRUDFLyQ
XQDGLVFtSXODOODPDGD /LGLDGLVSXVRVXFDVDSDUDKRVSHGDUORV\
FRQJUHJDU DOOt ORV FUH\HQWHV (O HTXLSR PLVLRQHUR HVWDED
FRQIRUPDGR SRU 3DEOR 7LPRWHR /XFDV \ 6LODV YpDVH +FKRV


6LUYDD'LRVFRQVXYRFDFLyQXR¿FLR &XiQGLIHUHQWHVHUtD
QXHVWUD VRFLHGDG VL ORV SURIHVRUHV GLFWDUDQ VXV FODVHV FRPR XQ
VHUYLFLR SDUD 'LRV 6L ORV PpGLFRV \ ODV HQIHUPHUDV FXDQGR


DWLHQGHQDXQSDFLHQWHORKLFLHUDQFRPRXQVHUYLFLRSDUD'LRV6L
FDGD IXQFLRQDULR S~EOLFR UHDOL]DUD VX WUDEDMR FRPR XQ VHUYLFLR
SDUD 'LRV 6DEHPRV TXH D ORV TXH QR WLHQHQ FRQRFLPLHQWR \
UHODFLyQSHUVRQDOFRQHO6HxRUOHVHVGLItFLOKDFHUOR3HURORVKLMRV
GH'LRVHQHOGHVHPSHxRGHVXVODERUHVFXDOTXLHUDTXHVHDVRPRV
OODPDGRV D KDFHU WRGR FRPR XQ VHUYLFLR SDUD 'LRV 8VHPRV
WH[WXDOPHQWHODVSDODEUDVGH3DEOR³< WRGRORTXHKDFpLV VHDGH
SDODEUDRGHKHFKR KDFHGORWRGRHQHOQRPEUHGHO6HxRU-HV~V
GDQGRJUDFLDVD'LRV3DGUHSRUPHGLRGHpO´&RORVHQVHV

6LUYDD'LRVFRQEDVHHQORVGRQHV &DGDFUH\HQWHUHFLELyGH
'LRVSRUORPHQRVXQGRQHVSLULWXDOSDUDHGL¿FDFLyQGHOFXHUSRGH
&ULVWR³&DGDXQRVHJ~QHOGRQTXHKDUHFLELGR PLQtVWUHORDORV
RWURV FRPREXHQRVDGPLQLVWUDGRUHV GHODPXOWLIRUPHJUDFLDGH
'LRV´3HGUR
6LUYD D 'LRV VHJ~Q ODV QHFHVLGDGHV +H YLVWR D PXFKRV
FULVWLDQRVH[FXVDUVH\HYDGLUDOJXQDVWDUHDVEDViQGRVHHQHOKHFKR
GHTXHHVHQRHVVXGRQ2WURVTXHVXSXHVWDPHQWHKDQGHVFXELHUWR
VXGRQHVSLULWXDOQRTXLHUHQKDFHUQDGDTXHQRWHQJDTXHYHUFRQpO
\ VH YXHOYHQ LQVHQVLEOHV DQWH ODV QHFHVLGDGHV TXH VH SUHVHQWDQ
GHQWURGHODLJOHVLD


 5WJLZSYFX

(VFULEDHQVXVSURSLDVSDODEUDVXQDGH¿QLFLyQGHVLHUYR
¢4XpHQVHxy-RVXpHQVXGLVFXUVR¿QDODFHUFDGHOVHUYLFLR"
¢4XpHQVHxy-HV~VDFHUFDGHOVHUYLFLR"
¢4XpVLJQL¿FDVHUYLUD'LRVVHJ~QORVGRQHV"
¢4XpVLJQL¿FDVHUYLUD'LRVVHJ~QODVQHFHVLGDGHV"


 -&$$*0/



//$0$'26$6(5(9$1*(/,=$'25(6
HTRUWTRNXT
IJ
FSZSHNFW

JQ
*;&3,*1.4
(YDQJHOL]DU HV DQXQFLDU ODV EXHQDV QXHYDV D SHFDGRUHV
SHUGLGRV /DV EXHQDV QXHYDV GH TXH -HVXFULVWR PXULy SRU VXV
SHFDGRVTXHUHVXFLWy\TXHSXHGH\GHVHDVDOYDUDSXHUWDDSXHUWD
SRUTXHPLIDPLOLDQRWHQtDQLQJ~QSDULHQWHRDPLJRHYDQJpOLFRTXH
HVWDEOHFLHUDXQDFLWDSDUDYHQLUDHYDQJHOL]DUQRVQLSDUDLQYLWDUQRV
DXQDLJOHVLDHYDQJpOLFD3HURXQGtDOD3ULPHUD,JOHVLD%DXWLVWD
HQ $FDULJXD HQYLy D ORV PLVLRQHURV 6DQJURQLV \ &RUGHUR D
HYDQJHOL]DU FDVD SRU FDVD D OD 8UEDQL]DFLyQ %DUDXUH GRQGH
QRVRWURV YLYtDPRV \ HOORV FRPSDUWLHURQ HO HYDQJHOLR FRQ PL
IDPLOLD
³(OYHUGDGHURHYDQJHOLVPRYDPiVDOOi9DGHODSURFODPDFLyQ
DODFRPXQLFDFLyQ&RPXQLFDFLyQVLJQL¿FDTXHDOJXLHQWLHQHTXH

RtU\FRPSUHQGHUORTXHVHHVWiSURFODPDQGR´ 1RTXLHURUHVWDUOH
LPSRUWDQFLD D UHSDUWLU IROOHWRV SHUR FUHR TXH QR GHEHPRV
FRQIRUPDUQRV FRQ HVR SXHV SRGHPRV KDFHU PiV 3RGHPRV
 'DYLG*DUULVRQ0RYLPLHQWRGHSODQWDFLyQGHLJOHVLDV(GLWRULDO0XQGRKLVSDQR
S


VHQWDUQRVFRQODVSHUVRQDVDFRPXQLFDUOHVHOHYDQJHOLRFRPROR
KL]R)HOLSHFRQHOHXQXFR

/$(9$1*(/,=$&,Ï1(6,1,&,$7,9$'(',26

$SUHQGDPRV GH OD KLVWRULD GH )HOLSH \ HO HWtRSH EDVDGD HQ
+HFKRVFDStWXOR

(O 6HxRU PRYLy D )HOLSH ³8Q iQJHO GHO 6HxRU KDEOy D

)HOLSH«´Y³(O(VStULWXGLMRD)HOLSH«´Y³'LRVHVHO
TXHHQYRVRWURVSURGXFHDVtHOTXHUHUFRPRHOKDFHUSRUVXEXHQD
YROXQWDG´)LOLSHQVHV'LRVPXHYH³(ODPRUGH&ULVWRQRV
FRQVWULxH«´&R(O$SyVWRO3HGURUHFLELyODFRPLVLyQGH
LU \ DQXQFLDU HO HYDQJHOLR D &RUQHOLR 6L HVWDPRV GHGLFDGRV \
FRQVDJUDGRVDO6HxRUVHUHPRVLPSXOVDGRVDHYDQJHOL]DU

(O6HxRUOHPRVWUyODQHFHVLGDGGHOHWtRSH ³«KDEtDYHQLGRD
-HUXVDOpQ SDUD DGRUDU YROYtD VHQWDGR HQ VX FDUUR OH\HQGR DO
SURIHWD,VDtDV´YY³«\URJyD)HOLSHTXHVXELHUD\VH
VHQWDUDFRQpO´Y´8QDGHODVH[FXVDVTXHORVFUH\HQWHVXVDQ
SDUDQRHYDQJHOL]DUHVSRUTXHVHJ~QHOORV³ODJHQWHHVPX\GXUD
PX\ LQFUpGXOD´ 1R SRGHPRV QHJDU TXH PXFKRV UHFKD]DQ HO
PHQVDMHSHURRWURVHVWiQDQKHODQGR\HVSHUDQGRTXHXQGLVFtSXOR
GH&ULVWRYD\D\OHVSUHGLTXHHOHYDQJHOLR

(O6HxRUOHJXLyDHQFRQWUDUXQSXQWRGH SDUWLGD³«DEULHQGR
VXERFD\FRPHQ]DQGRGHVGHHVWDHVFULWXUDOHDQXQFLyHOHYDQJHOLR
GH -HV~V´ Y  (O SXQWR GH SDUWLGD SXHGH VHU XQD SUHJXQWD
EtEOLFD XQD SHWLFLyQ GH RUDFLyQ XQD QHFHVLGDG GH FRQVHMR X
RULHQWDFLyQ XQD SHWLFLyQ GH D\XGD (O HYDQJHOL]DGRU HVWi
SHQGLHQWH GH HQFRQWUDU XQ SXQWR GH SDUWLGD SDUD DQXQFLDU HO
HYDQJHOLR


 72'2&5(<(17('(%(6(581(9$1*(/,=$'25
&RULQWLRV

&DGDFULVWLDQRWLHQHODUHVSRQVDELOLGDGGHDQXQFLDUODVEXHQDV
QXHYDVGH-HV~V1RHVRSFLRQDOQRHVVLTXLHURRVLPHVLHQWRELHQ
6LQRORKDFHPRVWHQGUHPRVTXHUHQGLUFXHQWDVDO3DGUH&UHRTXH
3DEORYLYLyFRQVFLHQWHGHHVRWRGRHOWLHPSRGHVXPLQLVWHULR$ ORV
KHUPDQRVGHeIHVROHVGLMR³«HVWR\OLPSLRGHODVDQJUHGHWRGRV´
+FK/HV7KRPSVRQORGLFH³(VQXHVWURHOVROHPQHGHEHU

DQXQFLDU FODUD H LQVLVWHQWHPHQWH HO PHQVDMH GHO HYDQJHOLR´
³&XDQGR\RGLJDDOLPStR³£,PStRGHFLHUWRPRULUiV´VLW~QR
KDEODVSDUDTXHVHJXDUGHHOLPStRGHVXFDPLQRHOLPStRPRULUi
SRUVXSHFDGRSHUR\RGHPDQGDUpVXVDQJUHGHWXPDQR3HURVLW~
DYLVDVDOLPStRGHVXFDPLQRSDUDTXHVHDSDUWHGHpO\pOQRVH
DSDUWDGHVXFDPLQRpOPRULUiSRUVXSHFDGRSHURW~OLEUDVWHWX
YLGD (]HTXLHO  /D SDODEUD GH 'LRV WLHQH SRGHU HQ Vt
PLVPD GH DWUDHU D ODV SHUVRQDV D &ULVWR SDUD TXH UHFLEDQ OD
VDOYDFLyQ YpDVH ,V  1XHVWUD UHVSRQVDELOLGDG HV
SUHVHQWDUOHVHOPHQVDMHDORVTXHQRORKDQHVFXFKDGRRQRKDQ
UHVSRQGLGRSRVLWLYDPHQWHDQWHHOPLVPRYpDVH5R7RGD
SHUVRQDHVUHVSRQVDEOHGHDFHSWDUODJUDFLDGH'LRV (QWRQFHV
YDPRVDGDUOHODRSFLyQGHWRPDUXQDGHFLVLyQ\DVHDGHUHFLELUD
&ULVWR R GH UHFKD]DUOR SHUR TXH WHQJDQ XQD H[SOLFDFLyQ FODUD
VHQFLOOD \ SURIXQGD GHO HYDQJHOLR GH -HVXFULVWR (OORV VRQ
UHVSRQVDEOHV GH VX UHVSXHVWD QRVRWURV VRPRV UHVSRQVDEOHV GH
SUHVHQWDUOHVGHODPHMRUPDQHUDSRVLEOHHOPHQVDMHGHVDOYDFLyQ
/DPHQWDEOHPHQWH PXFKRV HYDGHQ OD WDUHD GH HYDQJHOL]DU
H[FXViQGRVH HQ XQD HUUyQHD LQWHUSUHWDFLyQ GH ORV GRQHV
HVSLULWXDOHV(OORVGLFHQ³(VHQRHVPLGRQ´3HURTXLHURD¿UPDU
TXH WRGR FUH\HQWH GHEH VHU XQ HYDQJHOL]DGRU 6H HQWLHQGH SRU
 /HV7KRPSVRQ/DIHTXHPXHYH0RQWDxDV(GLWRULDO3RUWDYR]S


HYDQJHOL]DGRUDXQDSHUVRQDTXHGDXQDH[SOLFDFLyQRH[SRVLFLyQ
FODUD\VHQFLOODGHOHYDQJHOLRGH-HV~V 1RFUHRTXHXQFUH\HQWHHQ
&ULVWRVHDLQFDSD]GHFRPSDUWLUFRQRWURVVXWHVWLPRQLRSHUVRQDO\
HOVLJQL¿FDGRGHODPXHUWH\UHVXUUHFFLyQGH&ULVWR(O6HxRUGLMR
³«UHFLELUpLVSRGHU«\PHVHUpLVWHVWLJRV«´+FK (VWRQR
IXHGLFKRSDUDXQJUXSRHVSHFLDOVLQRSDUDWRGRVORVFUH\HQWHV

/DQHFHVLGDGPiVJUDQGHGHOVHUKXPDQRHVODGHODVDOYDFLyQ
GHVXDOPD\ODLQVWLWXFLyQTXH-HV~VHVWDEOHFLySDUDOOHYDUHVH
PHQVDMHGHVDOYDFLyQHVODLJOHVLD6LODQHFHVLGDGPiVJUDQGHIXHUD
OD GH VDOXG -HV~V KXELHUD IXQGDGR XQ KRVSLWDO VL IXHUD GH
LQVWUXFFLyQ KXELHUD IXQGDGR XQD XQLYHUVLGDG VL IXHUD GH
DOLPHQWDFLyQ KXELHUD FUHDGR XQD IiEULFD \ GLVWULEXLGRUD GH
DOLPHQWRV 3HUR FRPR OD QHFHVLGDG PiV JUDQGH HV OD VDOYDFLyQ
HVWDEOHFLyODLJOHVLD\OHFRQ¿yHOHYDQJHOLRTXH³«HVSRGHUGH
'LRVSDUDVDOYDFLyQGHWRGRDTXHOTXHFUHH´5R

3$6,Ï1325(9$1*(/,=$5

/DIRUPDHQTXHPXULy-RKQ+DUSHUQRVPXHVWUDODSDVLyQFRQ
TXHYLYLySDUDHYDQJHOL]DU

³(QODQRFKHGHOGHDEULOGHHOWUDQVDWOiQWLFREULWiQLFR
7LWDQLFUHFRUUtDDWRGDPDUFKDODVJpOLGDVDJXDVPDULQDVLJQRUDQGR
TXHLEDUXPERDODVSiJLQDVGHODKLVWRULD(QHOPRPHQWRGHOD
ERWDGXUDHUDHOYHKtFXORPiVJUDQGHFUHDGRSRUHOKRPEUHKDVWDOD
IHFKD$ ERUGRVHHQFRQWUDEDQQXPHURVDVSHUVRQDVDFDXGDODGDV\
IDPRVDV$ ODVGHODQRFKHXQLFHEHUJSHUIRUyHOFDVFRSRUHO
FRVWDGR GH HVWULERU GHMDQGR FDHU XQD OOXYLD GH KLHOR VREUH OD
FXELHUWD\SHUIRUDQGRGHXQWLUyQVHLVFRPSDUWLPLHQWRVHVWDQFRV
(ODJXDHQWUyDUDXGDOHV$ ERUGRHVWDEDQ-RKQ+DUSHU\VXKLMD


1DQDGHVHLVDxRV6HJ~QLQIRUPHVGRFXPHQWDGRVHQFXDQWRVH
KL]RSDWHQWHTXHODQDYHVHLEDDKXQGLUGHLQPHGLDWR-RKQ+DUSHU
OOHYyDVXKLMDDXQERWHVDOYDYLGDV$TXHOSUHGLFDGRUYLXGRSRGtD
KDEHUVHVDOYDGRIiFLOPHQWHHQHOPLVPRERWH6LQHPEDUJREHVyD
VXKLMD\OHDVHJXUyTXHDOJ~QGtDORYROYHUtDDYHU6HFXHQWDTXH
HOOD ORJUy VDOYDUVH$ ORV SRFRV PLQXWRV VH HVFXFKy XQ UXLGR
VRUGRTXHSURYHQtDGHODVSURIXQGLGDGHVGHOEXTXH/DPD\RUtD
SHQVyTXHVHWUDWDEDGHXQDH[SORVLyQ/RTXHHQUHDOLGDGRFXUULy
IXH TXH HO JLJDQWHVFR EXTXH VH KDEtD SDUWLGR HQ GRV (Q HVH
PRPHQWRPXFKRVVDOWDURQGHODFXELHUWDDODVJpOLGDV\RVFXUDV
DJXDV (QWUHHOORV+DUSHU6HORYLRQDGDQGRIUHQpWLFDPHQWHKDFLD
ODVSHUVRQDVTXHHVWDEDQHQHODJXDHQFDPLQiQGRODVD-HV~VDQWHV
GHTXHODKLSRWHUPLDOHVFDXVDUDODPXHUWH6HDFHUFyDXQMRYHQ
TXH LED VREUH XQ SHGD]R GHO EDUFR \ OH SUHJXQWy FRQ YR]
HQWUHFRUWDGD¢(VXVWHGVDOYR"´(OMRYHQFRQWHVWyTXHQR +DUSHU
LQWHQWyD\XGDUORDDFHSWDUD&ULVWRSHURHOMRYHQTXHHVWDEDD
SXQWRGHHQWUDUHQHVWDGRGHVKRFNUHVSRQGLyTXHQR(QWRQFHV
-RKQ+DUSHUVHTXLWyHOVDOYDYLGDVTXHOOHYDEDSXHVWR\OHGLMR
³7RPHXVWHGORQHFHVLWDPiVTXH\R´< VHIXHQDGDQGRDKDEODU
FRQ RWUDV SHUVRQDV 0LHQWUDV DOJXQRV LQWHQWDEDQ FRPSUDU HO
DVLHQWRHQXQERWHSDUDVDOYDUVH-RKQ+DUSHUGLRODYLGDSDUDTXH
RWURVVHVDOYDUDQ´

-HV~VORH[SUHVyFRQHVWDVSDODEUDV³1DGLHWLHQHPD\RUDPRU
TXHHVWHTXHXQRSRQJDVXYLGDSRUVXVDPLJRV´ -RKQ+DUSHUIXH

VLQGXGDXQKpURHGHO7LWDQLF

/DSDVLyQGH3DEORHUDWDQJUDQGHTXHQRVRORHVWDEDGLVSXHVWR
DKDFHUVHWRGRSRUWRGRVYpDVH&RVLQRTXHHVWDED
GLVSXHVWRDVDFUL¿FDUVXSURSLDYLGDD¿QGHTXHRWURVIXHUDQVDOYRV

YpDVH5R´

 7RPDGRGH7KH7LWDQLF
V/DVW+HUR*HRUJH+DUSHU\%LOO*XWKULH0RRG\3UHVV
(G6WHW]HU3KLOLS1DWLRQ,PSXOVDGRVSRUHODPRU1HZ+RSH3XEOLVKHUVS


 £4XHHODPRUGH&ULVWRQRVLPSXOVHDYLYLUSDUDpO\SRUDPRUD
DQXQFLDUFRQIHUYRUHOHYDQJHOLRDFDGDSHUVRQDYpDVH&R
< TXH³ODHYDQJHOL]DFLyQVHDODSUHRFXSDFLyQIXQGDPHQWDOGH

ORVTXHVLJXHQD&ULVWR´

 5LFKDUG6LVVRQ(VWHEDQ'LWPRUH'DYLG3RZHOO3UHSiUHVHSDUDHYDQJHOL]DU
(GLWRULDO0XQGR+LVSDQRS


 5WJLZSYFX

(VFULEDHQVXVSURSLDVSDODEUDVXQDGH¿QLFLyQGHHYDQJHOL]DGRU
(ODERUHVXWHVWLPRQLRSHUVRQDO
 &RQ EDVH DO HQFXHQWUR GH )HOLSH \ HO (WtRSH HVFULED FLQFR
D¿UPDFLRQHVDFHUFDGHOHYDQJHOLVPR
¢&UHHXVWHGTXH-RKQ+DUSHUKL]RELHQDOHQWUHJDUVXVDOYDYLGDV
\PRULUHYDQJHOL]DQGRDODVYtFWLPDVGHO7LWDQLF"¢3RUTXp"
¢7LHQHVXLJOHVLDXQSURJUDPDGHHYDQJHOL]DFLyQSHUPDQHQWH"


 -&$$*0/



//$0$'26$6(5',6&,38/26

(TRUWTRNXT
IJ


WJUWTIZHNWSTX
JS
TYWTX
/DSDODEUDGLVFtSXORYLHQHGHOJULHJRPDWKHWHV(VWDSDODEUD
VH HQFXHQWUD  YHFHV HQ ORV HYDQJHOLRV \ HQ HO OLEUR GH ORV
+HFKRV 6LJQL¿FD DOJXLHQ TXH KD VLGR ³HQVHxDGR´ R

³FDSDFLWDGR´ 'LVFtSXORGH&ULVWRHV³XQDSUHQGL]GH-HV~VTXH
DFHSWDODHQVHxDQ]DGHVXPDHVWURQRVRORFRPRXQDFUHHQFLDVLQR

FRPRXQHVWLORGHYLGD´

(/6,*1,),&$'2'(6(5',6&Ë38/2'(&5,672

6HUGLVFtSXORHVUHVSRQGHUDOOODPDGRGHHVWDEOHFHUXQDQXHYD
UHODFLyQSULQFLSDO\SULRULWDULDFRQHO6HxRU YpDVH/F

-HV~VOODPyDORVGLVFtSXORVSDUDHVWDUSULPHUDPHQWHFRQeO\
OXHJRHQYLDUORVDSUHGLFDU(VORTXH/H5R\(LPVHQVXOLEURHODUWH

SHUGLGRGHGLVFLSXODU OODPD³HOSULQFLSLRGHODDVRFLDFLyQ´ (O
GLVFLSXODGRLPSOLFDODUHQXQFLDDWRGDUHODFLyQSULQFLSDOTXHGDQGR
:D\ORQ%0RRUH0XOWLSOLFDFLyQGHGLVFtSXORV&DVD%DXWLVWDGHSXEOLFDFLRQHVS
-2VZDOG6DQGHUV'LVFLSXODGRHVSLULWXDO(GLWRULDO3RUWDYR]S
/H5R\(LPVHODUWHSHUGLGRGHGLVFLSXODU(GLWRULDO0XQGR+LVSDQR


ODVGHPiVUHOHJDGDVDXQVHJXQGRSODQR³6LDOJXQRYLHQHDPt\QR
DERUUHFHDVXSDGUH PDGUH PXMHUKLMRV KHUPDQRV KHUPDQDV\
KDVWDVXSURSLDYLGDQRSXHGHVHUPLGLVFtSXOR´2VZDOG6DQGHUV
H[SOLFD TXH OD SDODEUD DERUUHFHU HQ HVWH WH[WR VLJQL¿FD

VLPSOHPHQWH³DPDUPHQRV´ (OVHxRUQRVHFRQWUDGLFHFXDQGR
QRVPDQGDSULPHURDTXHDPHPRV\KRQUHPRVDQXHVWURVSDGUHV\
GHVSXpVQRVGLFHTXHORVDERUUH]FDPRV

6HUGLVFtSXORHVUHVSRQGHUDOOODPDGRGHYLYLUXQDYLGDGH
UHQXQFLD\HQWUHJD

$EUDKDPGHMyVXWLHUUD\VXSDUHQWHODSDUDUHFLELUODSURPHVD
GHXQDQXHYDWLHUUDXQDIDPLOLDLQQXPHUDEOH\XQDGHVFHQGHQFLD
TXHEHQGHFLUtDDWRGDVODVIDPLOLDVGHODWLHUUDYpDVH*Q
(ODSyVWRO3DEORGLMRTXH³«VHUtDKHUHGHURGHOPXQGR«´YpDVH
5R\«TXHORVTXHWLHQHQIHHVWRVVRQKLMRVGH$EUDKDP
*i

0RLVpV GHMy D (JLSWR SDUD VHU HO OLEHUWDGRU JREHUQDGRU

OHJLVODGRU\SURIHWDGHOSXHEORGH'LRVYpDVH+FK

(O$SyVWRO3HGURGLMRDO6HxRU³1RVRWURVORKHPRVGHMDGR
WRGR\WHKHPRVVHJXLGR«´0W

(O DSyVWRO 3DEOR UHVSRQGLy D HVH OODPDGR \ HQ UHLWHUDGDV

RFDVLRQHV GD WHVWLPRQLR GH HOOR ³«QL HVWLPR SUHFLRVD PL YLGD
SDUDPtPLVPR«´+FK ³3HURFXDQWDVFRVDVHUDQSDUDPt
JDQDQFLD ODV KH HVWLPDGR FRPR SpUGLGD SRU DPRU GH &ULVWR <
FLHUWDPHQWH DXQ HVWLPR WRGDV ODV FRVDV FRPR SpUGLGD SRU OD
H[FHOHQFLDGHOFRQRFLPLHQWRGH&ULVWR-HV~VPL6HxRU3RUDPRUD
pOORKHSHUGLGRWRGR\ORWHQJRSRUEDVXUDSDUDJDQDUD&ULVWR´
)LOLSHQVHV
-2VZDOG6DQGHUV'LVFLSXODGRHVSLULWXDO(GLWRULDO3RUWDYR]S


 5HQXQFLD\HQWUHJDHVUHQXQFLDUDWRGRORTXHSRVHHUHQXQFLDU
DVXIDPLOLDUHQXQFLDUDVXSURSLDYLGDYpDVH/F

5HQXQFLD\HQWUHJDHVFUXFL¿FDUODFDUQHFRQVXVSDVLRQHV\
GHVHRVHVOOHYDUODFUX]FDGDGtDHVVHUFUXFL¿FDGRMXQWDPHQWHFRQ
&ULVWRHV³VHUREHGLHQWHKDVWDODPXHUWH´HVPRULUDO\RSDUDTXH
&ULVWRYLYDHQQRVRWURVYpDVH*i

6HUGLVFtSXORHVUHVSRQGHUDOOODPDGRGHVHJXLUD-HV~V

1XHVWUROODPDGRDOGLVFLSXODGRYLHQHGLUHFWDPHQWHGHO6HxRU
\FXDQGRORUHFLELPRVQXHVWUDGHFLVLyQLQFOX\HHOFRPSURPLVRGH
VHJXLUOH

6HJXLUD-HV~VHVGHSHQGHQFLD (VFHUUDUORVRMRV\QRYHUXQ
W~QHORVFXURRXQDOX]D]XOVLQRVRORD&ULVWRTXHYDDGHODQWHGH
QRVRWURVGHVSHMDQGR\PDUFDQGRHOFDPLQRSRUGRQGHGHEHPRV
DQGDU

6HJXLUD-HV~VHVLPLWDUOR(OPLVPRGLMR³«$SUHQGHGGHPt
TXH VR\ PDQVR \ KXPLOGH GH FRUD]yQ«´ 0W  ³4XH RV
DPpLV XQRV D RWURV FRPR \R RV KH DPDGR«´ -Q  (O
DSyVWRO-XDQGLFH³(OTXHGLFHTXHSHUPDQHFHHQpOGHEHDQGDU
FRPRpODQGXYR´-XDQ

6HJXLUD-HV~VHVVXIULUSRUpO -HV~VGLMRDVXVGLVFtSXORV
³6HUpLVRGLDGRVSRUWRGRVSRUFDXVDGHPLQRPEUH«´0W
³«(O VLHUYR QR HV PD\RU TXH VX 6HxRU´ ³6L D Pt PH KDQ
SHUVHJXLGRWDPELpQDYRVRWURVRVSHUVHJXLUiQ«´-Q (O
DSyVWRO3HGURGLMR³«&ULVWRSDGHFLySRUQRVRWURVGHMiQGRQRV
HMHPSORSDUDTXHVLJiLVVXVSLVDGDV´3(OTXHQRHVWi
GLVSXHVWRDSDGHFHUSRUODFDXVDGH&ULVWRQRHVGLJQRGHVHUVX
GLVFtSXOR³3DUDHOFUH\HQWHGHOVHJXQGRVLJORVHUGLVFtSXORSRGUtD


LQFOXLUFDPLQDUHQODVKXHOODVHPSDSDGDVGHVDQJUHTXH&ULVWRGHMy

EDMRODFUX]´

/DH[LJHQFLDGHVHJXLUD-HV~VVLJQL¿FDTXHWRGRVGHEHUtDQ
XQtUVHOH SDUD ORJUDU OR TXH YLQR D KDFHU OR FXDO QRV UHLWHUD

FRQVWDQWHPHQWH ³(O +LMR GHO KRPEUH« SDUD GDU VX YLGD HQ
UHVFDWHSRUWRGRV´0U(O+LMRGHOKRPEUHYLQRDEXVFDU\
DVDOYDUORTXHVHKDEtDSHUGLGR´/XFDV

6HU GLVFtSXOR HV UHVSRQGHU DO OODPDGR GH YLYLU OD 3DODEUD
-XDQ

³6L YRVRWURV SHUPDQHFpLV HQ PL SDODEUD VHUpLV

YHUGDGHUDPHQWHPLVGLVFtSXORV\FRQRFHUpLVODYHUGDG\ODYHUGDG
RVKDUiOLEUHV´YY

3DUDYLYLUHQOD3DODEUDGHEHPRVDPDUODGLVFLSOLQDUQRVSDUD
OHHUOD HVFXFKDUOD HVWXGLDUOD PHGLWDUOD \ PHPRUL]DUOD FRQ OD
GLVSRVLFLyQGHREHGHFHUOD³(QPLFRUD]yQKHJXDUGDGRWXVGLFKRV
SDUD QR SHFDU FRQWUD WL´ 6DOPR  ³(O TXH WLHQH PLV
PDQGDPLHQWRV\ORVJXDUGDHVHHVHOTXHPHDPD«´-Q
³(OTXHPHDPDPLSDODEUDJXDUGDUi«´-Q

3DUDYLYLUHQOD3DODEUDGHEHPRVVHUHQVHxDEOHVVHQWDUQRVD
ORVSLHVGHO0DHVWUR8QGLVFtSXORQRHVHOTXHSLHQVDTXHWRGROR
VDEHVLQRHOTXHVLHPSUHHVWiGLVSXHVWRDDSUHQGHU

'-H൵UH\%LQJKDP+HUHQFLDKLVWyULFD(GLWRULDO3DWPRVS

-RKQ3LSHU/RTXH-HV~VH[LJHGHOPXQGR(GLWRULDO3RUWDYR]S


 5WJLZSYFX

(VFULEDHQVXVSURSLDVSDODEUDVXQDGH¿QLFLyQGHGLVFtSXOR
$QRWHHOQRPEUHGHODSHUVRQDTXHORGLVFtSXOR6LQRIXH
GLVFLSXODGR HVFULED HO QRPEUH GH DOJXLHQ TXH OH KD
D\XGDGRHQVXFUHFLPLHQWRHVSLULWXDO
(VFULEDODVFDUDFWHUtVWLFDVGHXQYHUGDGHURGLVFtSXOR
¢4XpVLJQL¿FDVHJXLUD-HV~V"
¢4XpVLJQL¿FDYLYLUODSDODEUD"


 -&$$*0/



//$0$'26$6(50$(67526

HTRUWTRNXT
IJ
JSXJæFW

QTX
UWNSHNUNTX
IJ
)NTX
(VGUDVHUDXQHVFULEDGLOLJHQWHGHOD/H\GH0RLVpVYpDVH(VG
   1HKHPtDV  'LULJLy HO VHJXQGR GH WUHV UHJUHVRV D
-HUXVDOpQGHVSXpVGHODFDXWLYLGDGEDELOyQLFD)XHXQKRPEUHTXH
'LRVXVyJUDQGHPHQWHSDUDUHVWDXUDUODYLGDHVSLULWXDOGHOSXHEOR
TXHUHJUHVyGHOFDXWLYHULRHQ%DELORQLDYpDVH1HK

(VWXGLDED OD 3DODEUD ,QTXLULU HV SUHJXQWDU H[DPLQDU

HVWXGLDU/XFDVDODEyDORVKHUPDQRVGH%HUHD³«HVFXGULxDQGR
FDGDGtDODV(VFULWXUDVSDUDYHUVLHVWDVFRVDVHUDQDVt´+HFKRV


/DFXPSOtD\(QVHxDEDDOSXHEOR $OJXLHQKDD¿UPDGRTXHHO
YHUGDGHURDSUHQGL]DMHQRVHSURGXFHKDVWDTXHHOHVWXGLDQWH VHD
FDSD] GH HQVHxDU D RWUR OR TXH KD DSUHQGLGR YpDVH  7L 
([SOLFDED OD /H\ GH PDQHUD TXH ORV R\HQWHV SXGLHUDQ


FRPSUHQGHUOD3UHVHQWDEDGHODPDQHUDPiVFODUDVLVWHPiWLFD\
FRPSOHWDSRVLEOHODVYHUGDGHVGHOD3DODEUDGH'LRVYpDVH(VG


1XHVWUDVLJOHVLDVGHEHQIXQGDPHQWDUVH\FUHFHUFRQEDVHHQOD
3DODEUDGH'LRV\QRDPRYLPLHQWRVIUDXGXOHQWRVTXHODWXHUFHQ
SDUDFRPSODFHUDOPXQGR

72'2 &5(<(17( '(%( 6(5 81 0$(6752

&RORVHQVHV3HGUR'HXWHURQRPLR7LPRWHR


(Q OD *UDQ &RPLVLyQ HO OODPDGR D KDFHU GLVFtSXORV HV XQ
OODPDGRDVHUPDHVWUR³«HQVHxiQGROHVWRGDVODVFRVDVTXHRVKH
PDQGDGR«´ 0W  /D HQVHxDQ]D QR HVWi OLPLWDGD D XQ
JUXSRHVSHFLDO6LXVWHGHVXQGLVFtSXORRDSUHQGL]HVSDUDTXH
DSUHQGDDYLYLUODYLGDFULVWLDQDSHURWDPELpQSDUDTXHHQVHxHD
RWURVORTXHKDDSUHQGLGR3DEORORGLMRGHODVLJXLHQWHPDQHUD³<R
UHFLEtGHO6HxRUORTXHWDPELpQOHVKHHQVHxDGR«´&R
/DHQVHxDQ]DGHOD3DODEUDQRSXHGHVHUOLPLWDGDDORVSDVWRUHV
SURIHVRUHVGHVHPLQDULRRPDHVWURVGHHVFXHODGRPLQLFDO

6RPRVHQYLDGRVDHQVHxDUSHUROOHQRVGHPLHGRSUHVHQWDPRV
H[FXVDVVLPLODUHVDODVGH0RLVpVFXDQGR'LRVOROODPyGHVGHOD
]DU]DDUGLHQWHYpDVHe[

0HQRVSUHFLiQGRQRV³¢4XLpQVR\\R"´Y

1RHVWR\SUHSDUDGR³«PHSUHJXQWDUiQ(QWRQFHV¢TXp
OHVUHVSRQGHUp"´Y

1RPHFUHHUiQe[RGR


 1RVpKDEODUYpDVH

+D\RWURVPHMRUHVTXH\R\HOORVSXHGHQKDFHUOR³(QYtDD
FXDOTXLHURWUDSHUVRQD´Y

0LHQWUDVFDOODPRVODYHUGDGTXHQRVKDVLGRHQFRPHQGDGD
HQVHxDU HVWR HV OR TXH VLJXH VXFHGLHQGR ³«VH DPRQWRQDUiQ
PDHVWURV FRQIRUPH D VXV SURSLDV SDVLRQHV \ DSDUWDUiQ GHO OD
YHUGDG HO RtGR«´ 7L  3RU HVR HO OODPDGR GH 3DEOR D
7LPRWHRHV³«TXHSUHGLTXHVODSDODEUD\TXHLQVWHVDWLHPSR\
IXHUDGHWLHPSR5HGDUJX\HUHSUHQGHH[KRUWDFRQWRGDSDFLHQFLD
\GRFWULQD´7LPRWHR1XHVWUDKHUUDPLHQWDHVOD3DODEUDGH
'LRV&RQHOODSRGHPRVHQVHxDUUHGDUJLUFRUUHJLUHLQVWUXLUHQ
MXVWLFLD¿QGHTXHHOKRPEUHGH'LRVVHDFDSD]GHVHUORTXHHV
OODPDGRDVHU³SHUIHFWR´\DKDFHUORTXHHVOODPDGRDKDFHU³7RGD
EXHQDREUD´YpDVH7L'RN6&DPSEHOOGLFHHQVXOLEUR
HO PDHVWUR H¿FLHQWH ³(O VXEOLPH PDQGDPLHQWR GH &ULVWR GH
HQVHxDUDWRGDVODVJHQWHVEDXWL]DUODV\HQVHxDUOHVTXHJXDUGHQ
WRGR OR TXH eO KD PDQGDGR HV KDVWD GRQGH ODV FDSDFLGDGHV \
RSRUWXQLGDGHVLQGLYLGXDOHVORSHUPLWDQ2EOLJDWRULRSDUDWRGRVORV

FUH\HQWHVGHOPXQGRHQWHUR´

18(6752&203520,62'((16(f$5

4XHGp LPSUHVLRQDGR DO HVWXGLDU HQ HO VHPLQDULR HO OLEUR

(QVHxDQGR SDUD FDPELDU YLGDV HVFULWR SRU HO 'U +RZDUG
+HQGULFNV&XHQWDGHXQKRPEUHOODPDGR:DOWTXHUHFRJLyWUHFH
PXFKDFKRV GH XQD FRPXQLGDG HQ XQ YHFLQGDULR DO QRUWH GH
)LODGHO¿DSDUDVXFODVHGHHVFXHODGRPLQLFDO'HORVWUHFHQXHYH
SURFHGtDQ GH KRJDUHV GHVWUXLGRV 2QFH GH HOORV HVWiQ DKRUD
GHGLFDGRVDWLHPSRFRPSOHWRHQHOWUDEDMRGHODYRFDFLyQFULVWLDQD
\XQRGHHOORVHV+RZDUG(ODQFLDQR:DOWQRIXHXQSDVWRU\VX
'RN6&DPSEHOO(OPDHVWURH¿FLHQWH(GLWRULDO&OLHS


 
HGXFDFLyQDSHQDVOOHJyDOVH[WRJUDGR 3HURpOFRPR'DYLGKDEtD
KHFKRXQFRPSURPLVRGH³HQVHxDUDORVSHFDGRUHVHOFDPLQRGHO
6HxRU´YpDVH6DO

7HQHPRVPXFKDVRSRUWXQLGDGHV

x (QHOWLHPSRGHYRFLRQDOFRQODIDPLOLDYpDVH'W³(VWDV

SDODEUDVTXH\RWHPDQGRKR\HVWDUiQVREUHWXFRUD]yQ«\
ODV UHSHWLUiV D WXV KLMRV \ KDEODUiV GH HOODV HVWDQGR HQ
FDVD«´

x $QXHYRVFUH\HQWHVTXHQHFHVLWDQVHUGLVFLSXODGRV

x ( Q O R V J U X S R V S H T X H x R V  H V F X H O D G R P L Q L F D O 
RUJDQL]DFLRQHV DX[LOLDUHV DYHQWXUDV PLVLRQHUDV X RWURV
SURJUDPDVGHODLJOHVLD

-(6Ò6&2020$(6752

-HV~VHVQXHVWURPDHVWUR\QXHVWURPRGHOR

+D\ZDUG$UPVWURQJ GHVFULEHODVFXDOLGDGHVGH-HV~VFRPR
PDHVWUR

x ³-HV~V SUDFWLFDED ODV DUWHV OLWHUDULDV 'HPRVWUy VX

KDELOLGDG GH OHHU HQ OD VLQDJRJD YpDVH /F 
'HPRVWUyVXIDPLOLDULGDGFRQODKDELOLGDGGHHVFULELUYpDVH
-Q< VXVSDODEUDVGLFKDVHQODFUX]YpDVH0W
LQGLFDQTXHFRQRFtDHOLGLRPDYHUQiFXORDUDPHR\WDPELpQHO
LGLRPDGHORVSDWULDUFDVHOKHEUHR

x -HV~V FUHtD HQ OD HQVHxDQ]D YpDVH -Q  \ IXH XQ
PDHVWURSRUH[FHOHQFLD
+RZDUG+HQGULFNV(QVHxDQGRSDUDFDPELDUYLGDV(GLWRULDO8QLOLWSS


x -HV~V HVWDED IDPLOLDUL]DGR FRQ ODV WUDGLFLRQHV \ OH\HV
RUDOHVGHVXSXHEORYpDVH0W

x -HV~VWHQtDXQDFRPSUHQVLyQWDQSURIXQGDGHODQDWXUDOH]D
KXPDQD TXH OH D\XGy D GLVFHUQLU ORV VHQWLPLHQWRV \
SHQVDPLHQWRV tQWLPRV GH ODV SHUVRQDV FRQ ODV TXH VH
HQFRQWUDEDYpDVH0W-Q

x -HV~VHQVHxDEDFRQDXWRULGDGYpDVH0W\

x -HV~VHQFDUQyODYHUGDGYpDVH-Q

-03ULFHQRVPXHVWUDORVSURSyVLWRVGH-HV~VDOHQVHxDU

³)RUPDULGHDOHVFRUUHFWRV

)LMDUFRQYLFFLRQHV¿UPHV

&RQYHUVLyQD'LRV

5HODFLRQDUDRWURV

+DFHUIUHQWHDORVSUREOHPDVGHODYLGD

)RUPDUXQFDUiFWHUPDGXUR

3UHSDUDUSDUDHOVHUYLFLR´

+D\ZDUG$UPVWURQJ%DVHVSDUDOD(GXFDFLyQ&ULVWLDQD(GLWRULDO0XQGR+LVSDQRS

-03ULFH-HV~VHO0DHVWUR&DVD%DXWLVWDGH3XEOLFDFLRQHVSS


 5WJLZSYFX

(VFULEDHQVXVSURSLDVSDODEUDVXQDGH¿QLFLyQGHPDHVWUR
¢4XpHMHPSORQRVGD(VGUDVGHORTXHGHEHVHUXQPDHVWUR"
¢&XiOHVIXHURQODVH[FXVDVGH0RLVpV"
¢4XpHQVHxDHO'U$PVWURQJDFHUFDGH ORTXHGHEHVHUXQ
PDHVWURFULVWLDQR"
 (VFULED FLQFR FXDOLGDGHV QHFHVDULDV SDUD VHU XQ EXHQ
PDHVWUR


 -&$$*0/



//$0$'26$6(50,6,21(526

HTRUWTRNXT
IJ
UFWYNHNUFW

JS
QF
UQFSYFHNçS
IJ
NLQJXNFX
³/DREUDPLVLRQHUDHVHOHFFLyQGH'LRV/RVPLVLRQHURVYDQD
ORVFDPSRVHQREHGLHQFLDDOPDQGDWRGHO6HxRUVREHUDQRQRSRU
VXVSURSLRVFDSULFKRV\GHVHRV1DGLHHVFDQGLGDWRDPLVLRQHURVL

'LRVQRORHOLJH´

(Q QXHVWUR FRQWH[WR VH HQWLHQGH FRPR PLVLRQHUR D XQD

SHUVRQDTXHYDDOOHYDUHOHYDQJHOLRDXQJUXSRGHXQDFXOWXUD
GLVWLQWD$FWXDOPHQWHVHHQWLHQGHFRPRPLVLRQHURHOSODQWDGRUGH
LJOHVLDVVHDTXHORKDJDHQVXSURSLRFRQWH[WRRHQXQSDtVRFXOWXUD
GLVWLQWRV

8QLpQGRPHDDOJXQRV TXLHURSUHVHQWDUXQDRSFLyQEtEOLFD
GLIHUHQWH&DGDFUH\HQWHHVXQPLVLRQHUR /DPLVLyQGH'LRVHVLU
GRQGHHVWiODJHQWHSDUDRIUHFHUOHODVDOYDFLyQ0LVLRQHURHVHOTXH
FXPSOHODPLVLyQGDGDSRU'LRVGH³,G\KDFHGGLVFtSXORVDWRGDV

$YHU\:LOOLV-U/DEDVHEtEOLFDGHODVPLVLRQHV&DVD%DXWLVWDGH3XEOLFDFLRQHV
S


ODVQDFLRQHV«0W0LVLRQHURHVHOTXHFXPSOHOD*UDQ
&RPLVLyQ -HV~V UHFRUUtD FLXGDGHV \ DOGHDV HQVHxDQGR HO
HYDQJHOLR3DUDKDFHUORPiVHVSHFt¿FR SRGUtDPRVGHFLU³(OTXH
VDOHGHVXFDVDYD\OOHYDHOHYDQJHOLRDRWUDSHUVRQDRIDPLOLDHO
TXHVDOHGHVXVHFWRU\YDRWURDFRPSDUWLUVXIHHOTXHVDOHGHVX
FLXGDG\YDDRWUDDSUHGLFDUHOHYDQJHOLR´HVHHVXQPLVLRQHUR

8Q ³0LVLRQHUR HV DTXHO TXH SURSDJD VX IH UHOLJLRVD HQWUH

SHUVRQDV TXH SURIHVDQ XQD IH GLIHUHQWH R QLQJXQD 7RGRV
SRGHPRVLU1RSRGHPRVOLPLWDUODREUDPLVLRQHUDDORVTXHHVWiQ
GHGLFDGRVWLHPSRFRPSOHWRDHVDODERU7RGRFUH\HQWHHVOODPDGRD
VHUPLVLRQHUR³(OFDPSRHVHOPXQGR«´YpDVH0W/RV
TXH OR KDFHQ HQ OD PLVPD FLXGDG HQ RWUD FLXGDG GHO (VWDGR
GHSDUWDPHQWRRSURYLQFLDHQRWURHVWDGRGHOSDtVHQRWURSDtVD
SHUVRQDVGHVXPLVPDFXOWXUDRGHRWUD

(/ 02'(/2 '( /$ ,*/(6,$ '( $17,248Ë$

+HFKRV

/DLJOHVLDGH$QWLRTXtDQRVSUHVHQWDHOPRGHORSDUDHQYLDU
PLVLRQHURV

x ³'HGLFDURQWLHPSRDOD\XQR\ODRUDFLyQFRORFiQGRVHDVt
HQXQDSRVLFLyQHQODTXHSRGtDQHVFXFKDUODYR]GH'LRV

x (QYLDURQVXVPHMRUHVFRPSDxHURVGHHTXLSR

x &RRSHUDURQFRQHO(VStULWX6DQWRSDUDHQYLDUPLVLRQHURV
/DLJOHVLDORVHQYLyHO(VStULWXORVHQYLyYpDVH+FK\

3DEOR$'HLURV'LFFLRQDULRKLVSDQRDPHULFDQRGHOD0LVLyQ&RPLEDQ,QWHUQDFLRQDO
S


x $OGHGLFDUORVDODREUDPLVLRQHUDORVHQFRPHQGDURQDOD
JUDFLDGH'LRV

x 5HFLELHURQLQIRUPHVGHORVPLQLVWHULRVTXHFXPSOtDQORV
PLVLRQHURVYpDVH+FK

x /HV PDQGDURQ D UHJUHVDU DO FDPSR SDUD VHJXLU FRQ HO


VHUYLFLRPLVLRQHURYpDVH+FK´

(/ 02'(/2 '( /$ ,*/(6,$ '( 7(6$/Ï1,&$ 

7HVDORQLFHQVHV

$ GLIHUHQFLDGHODLJOHVLDGH$QWLRTXtDQRVHQRVGLFHTXHOD
LJOHVLD GH 7HVDOyQLFD HQYLy PLVLRQHURV FRPR 3DEOR \ %HUQDEp
/RV PLVPRV PLHPEURV GH OD LJOHVLD GLYXOJDURQ OD 3DODEUD GHO
6HxRUHQRWUDVFLXGDGHVGHODSURYLQFLDGH0DFHGRQLD7DPELpQHQ
ODSURYLQFLDGH$FD\D GRQGHVDEHPRVTXHXQDGHODVSULQFLSDOHV
FLXGDGHVHUD&RULQWR³«VLQRTXHWDPELpQHQWRGROXJDUYXHVWUDIH
HQ'LRVVHKDH[WHQGLGR«´ Y(VHIXHHOWHVWLPRQLRGH3DEOR
VREUH OD LJOHVLD GH 7HVDOyQLFD (V FRPR VL HQ OD DFWXDOLGDG OR
UHODFLRQiUDPRVFRQODPRYLOL]DFLyQGHYROXQWDULRVGHXQDLJOHVLD
ORFDO

/DPRYLOL]DFLyQGHYROXQWDULRVDODVPLVLRQHVKDVLGRPX\
LPSRUWDQWHHQHOGHVDUUROORGHODREUDGH'LRV/DMXQWDPLVLRQHUD
IRUiQHDDKRUDOODPDGDLQWHUQDFLRQDOKDVRVWHQLGRPLVLRQHURVD
WLHPSRFRPSOHWRHQPXFKRVSDtVHVSHURHVRKDVLGRYLWDOL]DGR
DOLPHQWDGR\UHIRU]DGRSRUODPRYLOL]DFLyQGHYROXQWDULRVDWUDYpV
GHORVFRQYHQLRVFRQDVRFLDFLRQHVFRQYHQFLRQHVHLJOHVLDVORFDOHV

$YHU\:LOOLV-U/DEDVHEtEOLFDGHODVPLVLRQHV&DVD%DXWLVWDGH3XEOLFDFLRQHV
S


HQORVSDtVHVGRQGHWLHQHQPLVLRQHURV\SRURWUDVRUJDQL]DFLRQHV
PLVLRQHUDV FRPR FUX]DGDV LQWHUQDFLRQDOHV OD PLVLyQ JOREDO \
RWURV

'(%(0267(1(5&8,'$'2&21/26(;75(026

&RQVWLWXLULJOHVLDVFRQPHQRVGHGLH]SHUVRQDV$OWHQHUXQD
R GRV IDPLOLDV HQ XQ EDUULR GHFLU £HVWD HV XQD LJOHVLD < DVt
HVWDEOHFHUGLH]JUXSRVGHVHLV RVLHWHSHUVRQDVQRPEUDUXQOtGHU\
FRQVWLWXLUGLH]LJOHVLDV3RGHPRVKDFHUHVRFRQXQDPRWLYDFLyQ
HTXLYRFDGD SDUD ¿JXUDU FRPR SODQWDGRUHV GH LJOHVLDV SDUD
VROLFLWDUD\XGDGHDJHQFLDVPLVLRQHUDVRLJOHVLDVGH((883HUR
HQ OD UHDOLGDG HVRV JUXSRV QR HVWiQ GHVDUUROODGRV \ HO GtD GH
PDxDQD PXFKRV GH HOORV GHVDSDUHFHUiQ 6XFHGH FRPR DOJXQRV
OXJDUHV TXH FRQR]FR GRQGH TXHGDURQ WHPSORV SHUR QR KD\
LJOHVLDV\PXFKRVGHHVRVOXJDUHVVRQXVDGRVFRQRWURVSURSyVLWRV

 (ORWURH[WUHPRHVVHUWDQH[LJHQWHVHQORVUHTXLVLWRVSDUD
FRQVWLWXLU LJOHVLDV TXH VL QR VH WLHQHQ WHPSORV R EXHQDV
LQVWDODFLRQHV \ WRGR OR QHFHVDULR SDUD IXQFLRQDU FRPR LJOHVLD
SURPHGLRQRVHFRQVWLWX\H\SDVDQTXLQFHRYHLQWHDxRVFRPR
PLVLyQDQWHVGHVHUFRQVWLWXLGDFRPRLJOHVLD
8QFRQVHMR¿QDO/DVLJOHVLDVQXHYDVPDQWHQJDQXQDEXHQD
UHODFLyQ FRQ OD LJOHVLD TXH OD FRQVWLWX\H \ ODV LJOHVLDV TXH
FRQVWLWX\HQXQDQXHYDLJOHVLDQRODDEDQGRQHQ


 5WJLZSYFX

(VFULEDHQVXVSURSLDVSDODEUDVXQDGH¿QLFLyQGH
PLVLRQHUR
 ¢4Xp RSRUWXQLGDGHV WLHQH GH SDUWLFLSDU HQ OD REUD
PLVLRQHUD"
(VFULEDVREUHHOPRGHORGHHQYLDUPLVLRQHURVGHODLJOHVLD
GH$QWLRTXLD
(VFULEDVREUHHOPRGHORGHKDFHUODREUDPLVLRQHUDGHOD
LJOHVLDGH7HVDOyQLFD
 ¢&XiOHV VRQ ORV GRV H[WUHPRV TXH GHEHQ HYLWDUVH HQ OD
SODQWDFLyQGHLJOHVLDV"


 -&$$*0/



//$0$'26$6(50$<25'2026

HTRUWTRNXT
IJ
XTXYJSJW

QF
TGWF
IJ
)NTX
³/DPD\RUGRPtDFULVWLDQDHVHOVHUYLFLRTXHHOFULVWLDQRULQGH
D'LRVUHFRQRFLHQGRTXHWRGRORTXHHV\WLHQHHVXQUHJDORGHeO\

GHEHVHUDGPLQLVWUDGRGHDFXHUGRDVXYROXQWDG\SDUDVXJORULD´
YpDVH6WJ\&RULQWLRV 6RPRVUHVSRQVDEOHVGH
DGPLQLVWUDUWRGRGHDFXHUGRDODYROXQWDGGH'LRV\VXYROXQWDGHV
TXH HO HYDQJHOLR VHD SUHGLFDGR HQ WRGR HO PXQGR YpDVH 0W
6RPRVUHVSRQVDEOHVGHDGPLQLVWUDUWRGRSDUDVXJORULD\
VXJORULDHVTXHWRGDURGLOODVHGREOH\WRGDOHQJXDFRQ¿HVHD-HV~V
FRPRHO6HxRUGHVXYLGDYpDVH)LO/RVPLHPEURVGHOD
LJOHVLDVRPRVUHVSRQVDEOHVGHVRVWHQHUODREUDGHODLJOHVLDGHO
6HxRU5HFXHUGRVLHPSUHHOSDFWRGHORVHPEDMDGRUHVGHO5H\\
QXQFDVHPHROYLGDOD~OWLPDSDUWHTXHGLFH³'DUWRGRORTXHSXHGD
SDUD HO VRVWHQLPLHQWR GH ODV PLVLRQHV´ 3URPHWR ¿GHOLGDG D
-HVXFULVWRSXHVPLGHVHRHVYLYLUSRUeO\VHUYLUOHVLHPSUH

*XLOOHUPR'7DLORU0LMDQJRV/DIDPLOLDDXWpQWLFDPHQWHFULVWLDQD(GLWRULDO
3RUWDYR]S


 (O HYDQJHOLR VH H[WHQGLy GH PDQHUD LPSUHVLRQDQWH HQ OD
LJOHVLD SULPLWLYD SRUTXH ORV FUH\HQWHV VH FRPSURPHWLHURQ D
FRPSDUWLU VX IH SHUR DO PLVPR WLHPSR HUD QHFHVDULR HO
FRPSURPLVRGHGDUSDUDVRVWHQHUHODYDQFHGHODREUDGH'LRV
³/RV TXH SRVHtDQ KHUHGDGHV R FDVDV ODV YHQGtDQ \ WUDtDQ HO
SURGXFWRGHORYHQGLGR´+HFKRV%HUQDEpHVSUHVHQWDGR
FRPRXQHMHPSORGHORTXHKLFLHURQORVPLHPEURVGHODSULPHUD
LJOHVLDSDUDVRVWHQHUODREUD0XFKRVKLFLHURQORPLVPR (VWRHV
FRQ¿UPDGRFRQHOHMHPSORTXHVHSUHVHQWDFRQ$QDQtDV\6D¿UD
TXHVHGHVYLDURQGHOYHUGDGHURSURSyVLWRYpDVH+FK$Vt
FRPR 'LRV HVWDEOHFLy VRVWHQHU D ORV VDFHUGRWHV \ OHYLWDV TXH
JXLDEDQHVSLULWXDOPHQWHDVXSXHEORDWUDYpVORVGLH]PRVRIUHQGDV
\ SULPLFLDV GH FDGD FLXGDGDQR GH ,VUDHO YpDVH 1P 
 GH OD PLVPD PDQHUD HVWDEOHFLy VRVWHQHU D ORV SDVWRUHV
PLVLRQHURV\DWRGRVORVTXHVRQOODPDGRV\GHGLFDGRVDPLQLVWUDU
ODLJOHVLD\HOH[WHQGLPLHQWRGHVXREUDSRUORVGLH]PRVRIUHQGDV\
SULPLFLDVGHFDGDXQRGHVXVPLHPEURVYpDVH&R:$
&ULVZHOOHQVXOLEUR³(O3DVWRU\VXPLQLVWHULR´ QRVDFODUDGRV
FRVDVLPSRUWDQWHV³(OGLH]PDUQRHVXQSODQGHSDVWRUHV«VLQRXQ
SODQ\SURJUDPDGH'LRVSDUDHQULTXHFHUHOFDUiFWHUGHVDUUROODUODV

DOPDV \ HQVDQFKDU OD YLVLyQ´ ³(QWUHJDU HO GLH]PR QR HV XQ
VXEVWLWXWRSDUDHOVHUYLFLRGHFRUD]yQQLWDPSRFRXQREVHTXLRSDUD

QXHVWUR+DFHGRU(VXQDGHXGD´
(OWHPSORHUDHOOXJDUGRQGHVHOOHYDEDQORVGLH]PRVYpDVH
'W(VRHYLWDEDTXHFDGDTXLHQKLFLHUDFRQORVGLH]PRVOR
TXHELHQOHSDUHFLHUD&RPRSDUHFHTXHHUDORTXHHOSXHEORKDFtD
DQWHVGHHQWUDUDODWLHUUDSURPHWLGDY&UHRTXHHVWRQRVVLUYH
FRPR EDVH \ HMHPSOR SDUD D¿UPDU TXH ORV GLH]PRV GHEHQ VHU
OOHYDGRVDODLJOHVLDORFDO\QRGHEHQVHUXVDGRVDQXHVWURSDUHFHU
6L XVWHG TXLHUH D\XGDU DOJ~Q PLQLVWHULR DOJXQD SHUVRQD R

:$&ULVZHOO(OSDVWRU\VXPLQLVWHULR(GLWRULDO0XQGR+LVSDQRS

:$&ULVZHOO(OSDVWRU\VXPLQLVWHULR(GLWRULDO0XQGR+LVSDQRSS


LQVWLWXFLyQKiJDORFRQHOQRYHQWDSRUFLHQWRUHVWDQWHSHURQRHV
FRUUHFWR TXH OR KDJD FRQ HO GLH] SRU FLHQWR TXH OH SHUWHQHFH DO
6HxRU\TXHeOKDHVWDEOHFLGRTXHVHDHQWUHJDGRDODLJOHVLDORFDO
YpDVH0DO\&RULQWLRV6pGHPLHPEURVTXHVRQPX\
FRODERUDGRUHVHQODLJOHVLDORFDOTXHDSDUHQWDQVHUPX\JHQHURVRV
SHURFXDQGRVHUHYLVDQORVUHJLVWURVGHGLH]PDGRUHVQRDSDUHFHQ
(OORV VRQ FRODERUDGRUHV SHUR LQ¿HOHV GLH]PDGRUHV TXH HVWiQ
UREDQGR DO 6HxRU YpDVH 0DO  ³/DV HQVHxDQ]DV GH
0DODTXtDVLQGLFDQTXHFXDQGRGHMDPRVGHGDUHOGLH]PRQRVROROH
HVWDPRV UREDQGR D OD LJOHVLD D ORV PLQLVWURV \ D ORV PDHVWURV

FULVWLDQRVVLQRD'LRVPLVPR´

$%5$+$0 (-(03/2 3$5$ ',(=0$5 *pQHVLV



(QHVWHSDVDMHHQFRQWUDPRV

x 4XHORVGLH]PRVVRQSDUDVRVWHQHUHOPLQLVWHULRGHO6HxRU
$EUDKDPQROHGLRORVGLH]PRVDFXDOTXLHUSHUVRQDVLQRD
0HOTXLVHGHFTXHHUD³VDFHUGRWHGHO'LRVDOWtVLPR´Y
YpDVH+H

x 4XHHOGLH]PDUHVXQDUHVSXHVWDDODEHQGLFLyQGH'LRV³<
OR EHQGLMR GLFLHQGR %HQGLWR VHD $EUDKDP GHO 'LRV
DOWtVLPR´Y/DEHQGLFLyQGH'LRVVLHPSUHSUHFHGHDO
GDU

x 4XHHOGLH]PDUHVXQDFWRGHDGRUDFLyQ³«EHQGLWRVHDHO
'LRV DOWtVLPR´ Y  $EUDKDP DGRUy D 'LRV
UHFRQRFLpQGROH FRPR ³«'LRV DOWtVLPR FUHDGRU GH ORV
FLHORV\GHODWLHUUDY

5&6SURXO&LQFRFRVDVTXHWRGRFULVWLDQRQHFHVLWDSDUDFUHFHU(GLWRULDO3RUWDYR]
S



 x 4XHORVGLH]PRVGHEHQVHUFRPSOHWRV$EUDKDPOHGLRORV
GLH]PRV GH WRGR HO ERWtQ /RV SDWULDUFDV QXQFD
FRQVLGHUDURQ TXH HO GLH]PR R OD GpFLPD SDUWH IXHUD
GHPDVLDGR6pTXHDDOJXQRVHQODDFWXDOLGDGOHVJXVWDUtD
QHJRFLDU FRQ 'LRV D YHU VL UHEDMD HO SRUFHQWDMH SRUTXH
FRQVLGHUDQ TXH OD GpFLPD SDUWH HV GHPDVLDGR SDUD
HQWUHJDUOH

x 4XHODVULTXH]DV\ODJORULDSURYLHQHQGHO6HxRU$EUDKDP
QRTXLVRWRPDUQDGDGHOUH\GH6RGRPDSDUDTXHQRGLMHUD
OXHJR³<RHQULTXHFtD$EUDKDP´Y

x 4XH ORV EXHQRV PD\RUGRPRV VRQ tQWHJURV VLQFHURV \

KRQUDGRV³4XHQLXQKLORQLXQDFRUUHDGHFDO]DGRWRPDUp
GHWRGRORTXHHVWX\R«´Y

-$&2%< (/ &203520,62'('$5*pQHVLV



$XQTXH DOJXQRV YHQ D -DFRE DTXt FRQ XQD DFWLWXG TXH QR
HMHPSOL¿FDORTXHGHEHVHUXQFULVWLDQR\HVWR\GHDFXHUGRFRQ
HOORVHQHOKHFKRGHTXHQRVRPRVQRVRWURVORVTXHSRQHPRVODV
FRQGLFLRQHVD'LRVSDUDGLH]PDUR QRGLH]PDU6LQHPEDUJRQR
SRGHPRVQHJDUTXHHVWHSDVDMHPXHVWUDODFRQYHUVLyQGH-DFRE\
FRPRORD¿UPD%+&DUROOOHQVX&RPHQWDULRGH*pQHVLV 8QDGH
ODVHYLGHQFLDVGHVXFRQYHUVLyQDGHPiVGHUHFRQRFHUODSUHVHQFLD
GLYLQDHV³HOSURSyVLWR¿MRTXHQDFLyHQVXFRUD]yQGHVHUYLUD'LRV

GHVGH HVH WLHPSR HQ DGHODQWH \ KRQUDUOR FRQ VXV SULPLFLDV´
$QDOL]DQGRVXFRPSURPLVRDSUHQGHPRVOHFFLRQHVLPSRUWDQWHV«

x 6RORFXDQGRUHFRQRFHPRVODEHQGLFLyQGH'LRVHQQXHVWUD
YLGDHVWDPRVSUHSDUDGRV\GLVSXHVWRVDVHUPD\RUGRPRV
%+&DUROO&RPHQWDULR%tEOLFR*pQHVLV(GLWRULDO&OLHS



 /DPD\RUGRPtDHVXQDUHVSXHVWDDODEHQGLFLyQGH'LRV
3ULPHURHVVXEHQGLFLyQOXHJRQXHVWUDPD\RUGRPtD-DFRE
SLGLyODEHQGLFLyQGH'LRVHKL]RSURPHVDGHPD\RUGRPtD
/DEHQGLFLyQGH'LRVHVWDEDFRQpOGHVGHHOSULQFLSLRVROR
TXHHUDQHFHVDULRTXHODUHFRQRFLHUD/DEHQGLFLyQTXHpO
HVSHUDEDGH'LRVHVWiGHVFULWDDTXtFRPR3UHVHQFLD ³«VL
YD 'LRV FRQPLJR´ SURWHFFLyQ ³«PH JXDUGD HQ HVWH
YLDMH´SURYLVLyQ³«PHGDSDQSDUDFRPHU\YHVWLGRSDUD
Y H V W L U ´  \ E X H Q D V U H O D F L R Q H V I D P L O L D U H V  S D ] 
UHFRQFLOLDFLyQSHUGyQ³«VLYXHOYRHQSD]DFDVDGHPL
SDGUH´

x (O GLH]PDU YD SUHFHGLGR GH QXHVWUD HQWUHJD D 'LRV

³«-HKRYiVHUiPL'LRV´(VWDSXHGHFDWDORJDUVHFRPRVX
GHFLVLyQGHIHDSHVDUGHODIH\WHVWLPRQLRGHVXSDGUH,VDDF
\ VX DEXHOR $EUDKDP +DVWD DTXt KDEtD YLYLGR VLQ
UHFRQRFHUD'LRVHQVXYLGDODFXDOQRHVWDEDPDUFDGDSRU
VX GHYRFLyQ D eO VLQR SRU HO HQJDxR DVWXFLD \ IDOWD GH
WHPRU

x (VLPSRUWDQWHHOFRPSURPLVRSDUDGLH]PDU6XSURPHVD
³«GHWRGRORTXHPHGLHUHVHOGLH]PRDSDUWDUpSDUDWL´

x (O GLH]PR GHEH VHU LQWHJUDO R FRPSOHWR ³'H WRGR´

0XFKRVFUH\HQWHVGDQHOGLH]PRGHOVDODULR¿MR\QRGDQ
LPSRUWDQFLD DO GLH]PDU GH OR TXH UHFLEHQ IXHUD GH VX
VXHOGR0XFKDVPXMHUHVQRGLH]PDQGHORTXHUHFLEHQGH
VXVHVSRVRVSRUTXHVHJ~QHOODV³HVR\DHVWiGLH]PDGR´
³<DPLPDULGRGLH]Py´$VtWHQGUtDQTXHGHFLUHQWRQFHV
ORV OHYLWDV TXH UHFLEtDQ ORV GLH]PRV R ORV SDVWRUHV TXH


 UHFLEHQVDODULRGHVXVLJOHVLDVKR\3HURODRUGHQSDUDHOORV
HUDGDUHOGLH]PRGHORVGLH]PRVYpDVH1P&UHR
TXHODVHVSRVDVGHEHQGLH]PDUGHORTXHUHFLEHQGHVXV
HVSRVRVFRPRORVSDGUHVGLH]PDQGHORTXHUHFLEHQGHORV
KLMRV\ORVKLMRVGHORTXHUHFLEHQGHVXVSDGUHV

x (QWUHJDU HO GLH]PR HV XQ DFWR GH DGRUDFLyQ (V HO

UHFRQRFLPLHQWRGHTXHWRGRSHUWHQHFHD'LRV\TXHeOHVHO
GDGRUGHWRGDVODVSRVHVLRQHV³/RTXHPHGLHUHV´/RTXH
WHQHPRVORUHFLELPRVGH'LRV

x (OGLH]PRHVVDQWRHVFRQVDJUDGR\GHGLFDGRD'LRV³(O
GLH]PRDSDUWDUp´+D\TXHDSDUWDU(OGLH]PRHVDSDUWDGR
FRQVDJUDGR VDQWL¿FDGR SDUD HO 6HxRU ³«3RQJD DSDUWH
DOJRVHJ~QKD\DSURVSHUDGR«´&R(VWHWH[WRVH
UH¿HUH DO GLH]PR DXQTXH KD\ TXLHQHV D¿UPDQ TXH HO
GLH]PRHVFRVDGHOSDVDGRGHOD/H\

(16(f$1=$'(3$%/2$ /$6,*/(6,$6&RULQWLRV

$SUHQGDPRV OR TXH 3DEOR HQVHxy \ PDQGy D OD LJOHVLD GH

&RULQWReO D¿UPyTXHORPLVPR KDEtDHQVHxDGR\RUGHQDGRDODV
LJOHVLDVGH*DODFLD< HVGHVXSRQHUTXHWDPELpQORKL]RFRQODV
GHPiVLJOHVLDVHVWDEOHFLGDVSRUpOYpDVH5R

x (OGDUHVXQDUHVSRQVDELOLGDGSHUVRQDOGHFDGDXQR³&DGD
XQR´(VGHFLUWRGRV1DGLHGHEHSUHVHQWDUVHGHODQWHGH
'LRVFRQODVPDQRVYDFtDV1RYR\DGLVFXWLUFRQXVWHG
SHURKD\PXFKRVPLHPEURVTXH\DHVWiQDFRVWXPEUDGRVD
OOHJDUFRQODVPDQRVYDFtDV\QRKDFHQQLQJ~QHVIXHU]R
SDUD GDU 3LHQVR TXH VL SULPHUR QR HVWi OD ³YROXQWDG


 GLVSXHVWD´QRWHQGUHPRVQDGDSDUDGDUYpDVH&R

x (OGDUHVSURSRUFLRQDO/DQRUPDDTXtQRHVGDUFXDOTXLHU
FRVD QR VRQ ODV VREUDV HV ³VHJ~Q KD\D SURVSHUDGR´$
DOJXQRV QR OHV JXVWD GDU SURSRUFLRQDOPHQWH (VWDEOHFHQ
XQDFDQWLGDG¿MDTXHDYHFHVQLVLTXLHUDVXSHUDHOXQRSRU
FLHQWRGHVXVLQJUHVRV$XQTXHXVWHGQRORFUHDHVRIXH
HVWDEOHFLGRSRU'LRVWDQWRHQHODQWLJXRFRPRHQHOQXHYR
SDFWR

x (O GDU HV FRQVDJUDGR ³3RQJD DSDUWH DOJR´ 6H UHTXLHUH

SULRULGDG\GLVFLSOLQD$SDUWDUHVDQWHVGHKDFHUFXDOTXLHU
XVRGHOGLQHURUHFLELGR6HSDUDUORGHOUHVWRGHGLQHURVHUi
XQDGLVFLSOLQDLPSRUWDQWHHQQXHVWUDYLGD /DLQ¿GHOLGDG
SDUDGDUORVGLH]PRVFRPLHQ]DFXDQGRQRDSDUWDPRVORTXH
HVGHO6HxRU

x (O GDU HV UHJXODU VLVWHPiWLFR ³&DGD SULPHU GtD GH OD
VHPDQD´&RQUHODFLyQDHVWRFUHRTXHVLVRORGLH]PDPRV
GHO VDODULR ¿MR TXH UHFLELPRV OR KDUHPRV GH DFXHUGR D
FRPRORUHFLELPRVVHPDQDOTXLQFHQDORPHQVXDOSHURVL
GLH]PDPRVGHWRGRORTXHUHFLELPRVORPiVSUREDEOHHV
TXHWHQJDPRVGLH]PRVFDGDSULPHUGtDGHODVHPDQD

(-(03/2'(/$6,*/(6,$6'(0$&('21,$

&RULQWLRVFDStWXOR

x 'LHURQFRPRXQDREUDGHJUDFLDY'DUHVXQDJUDFLD

SRUTXHVXHVHQFLDHV&ULVWRPLVPR³«VHGLRDVtPLVPR´
YpDVH7L/DIRUPDHQTXHHO6HxRU-HV~VVHGLRDVt


 PLVPRHVODPRWLYDFLyQ\PHGLGDGHWRGDGiGLYD

x ³«HQODVJUDQGHVWULEXODFLRQHVFRQTXHKDVLGRSUREDGDV
ODDEXQGDQFLDGHVXJR]R\VXSURIXQGDSREUH]DDEXQGDURQ
HQULTXH]DVGHVXJHQHURVLGDG´Y¢'HEHQODVJUDQGHV
WULEXODFLRQHVSULYDUQRVGHGDUHOGLH]PR"$OJXQDVYHFHV
GHMDPRVGHGLH]PDUFXDQGRQRVHQIHUPDPRVSHUGHPRVHO
HPSOHRORVQHJRFLRVYDQPDORHQIUHQWDPRVFXDOTXLHURWUD
VLWXDFLyQ GLItFLO (V FLHUWR TXH ODV HQIHUPHGDGHV \ RWUDV
VLWXDFLRQHV LQHVSHUDGDV SXHGHQ DOWHUDU QXHVWUR
SUHVXSXHVWR DXPHQWDU QXHVWURV JDVWRV SHUR QR GHEHQ
DOWHUDQQXHVWUD¿GHOLGDG\HOJR]RGHGDUQXHVWURVGLH]PRV
DO6HxRU

x ³«HQODSURIXQGDSREUH]DDEXQGDURQHQULTXH]DVGHVX
JHQHURVLGDGY

x 'LHURQFRQHVIXHU]R³«PiVDOOiGHVXVIXHU]DVY(O

PHVSDVDGRHFKDPRVHOSLVRGHJUDQLWRHQQXHVWURWHPSOR
FRQ OD FRODERUDFLyQ \ HO DSRUWH GH ORV PLHPEURV GH OD
LJOHVLD(OFRVWRWRWDOHUDGH EROtYDUHV/D~OWLPD
VHPDQDQRVKDFtDQIDOWDSDUDFRPSOHWDUHOSDJRGH
ORVREUHURV3HGLPRVDDOJXQRVKHUPDQRVTXH\DKDEtDQ
DSRUWDGRTXHSUHVWDUDQFDQWLGDGHVGHREROtYDUHV
SDUDFRPSOHWDUHOSDJR'tDVGHVSXpVXQRGHORVKRPEUHV
TXHSUHVWyIXHDPLFDVD\PHGLMR³3DVWRUSLHQVRTXH
QRHVWDPRVGDQGRFRQHVIXHU]R´³<RGLEROtYDUHV\
SHQVpTXH\DKDEtDGDGRVX¿FLHQWH´SHUR³\RSRGtDGDU
PXFKR PiV´ (QWRQFHV GHFLGLy RIUHQGDU HO GLQHUR TXH
KDEtD SUHVWDGR 2WURV VLJXLHURQ VX HMHPSOR 7DPELpQ
SRGHPRVFLWDUODRIUHQGDGHODYLXGDYpDVH/F


x 'LHURQFRQVLGHUiQGRORFRPRXQSULYLOHJLRY (OUH\
'DYLGQRSHUPLWLyTXHQDGLHORSULYDUDGHOSULYLOHJLRGH
FRPSUDUHOWHUUHQRGRQGHLEDDVHUHGL¿FDGRHOWHPSORGHO
6HxRUYpDVH&U

x 6HGLHURQSULPHUDPHQWHDO6HxRUFRQVLGHUDQGRTXHHVWDHUD
ODYROXQWDGGH'LRVY

x 'LHURQGLOLJHQWHPHQWHY


 5WJLZSYFX
 (VFULED HQ VXV SURSLDV SDODEUDV XQD GH¿QLFLyQ GH
PD\RUGRPR
¢&XiOEHQGLFLyQSLGLy-DFRE"
¢(VXVWHGXQ¿HOGLH]PDGRU"
(VFULEDODVFDUDFWHUtVWLFDVGHODVLJOHVLDVGH0DFHGRQLDHQOD
PD\RUGRPtD
¢4XpHQVHxy3DEORDODLJOHVLDGH&RULQWRDFHUFDGHOGDU"