ARTE ROMÁNICO. El Altar Romanico

(ODOWDUURPiQLFR\VX
PRELOLDULROLW~UJLFR
IURQWDOHVYLJDV\EDOGDTXLQRV
4HU\LS*HZ[P|LPYHZ
<UP]LYZP[H[(\[~UVTHKL)HYJLSVUH
4VIPSPHYPV`HQ\HYSP[YNPJVLUSHZPNSLZPHZYVTmUPJHZ(N\PSHYKL*HTWVV
6 LWXYLpVHPRVTXHHPSOHDUXQDSDODEUDRH[SUHVLyQSDUDGH¿QLUHOWHPSORURĥ
PiQLFRGLUtDPRVTXHpVWHHUDXQJUDQUHOLFDULR&RPRHVELHQVDELGRODFDEHFHUD
GHXQDLJOHVLDPHGLHYDOHVHOSXQWRIRFDOGHOHGL¿FLRSXHVDOOtVHVLW~DHODOWDUHO
OXJDUGRQGHVHFHOHEUDHOR¿FLRGLYLQR\VHYHQHUDQODVUHOLTXLDVPiVLPSRUWDQWHV
GHO VDQWXDULR /HMRV GH OD LGHD DFWXDO TXH YH HQ ORV HGL¿FLRV URPiQLFRV OXJDUHV
RVFXURVGHVFDUQDGRV\VHQFLOORVODLJOHVLDURPiQLFDHUDKDELWXDOPHQWHXQHVSDFLR
(QODUHGDFFLyQGHOSUHVHQWHWUDEDMRKHLQWHQWDGRUHGXFLUDOPi[LPRODVQRWDVDSLHGHSiJLQDFRQHOREMHWR
GHKDFHUORPiVDVHTXLEOHDOOHFWRUVLQSRUHOORUHQXQFLDUDODSDUDWRFUtWLFRTXHFDUDFWHUL]DDWRGDFRQWULEXFLyQ
FLHQWt¿FD'DGRTXHVHWUDWDGHXQWHPDPX\UHODFLRQDGRFRQODVLQYHVWLJDFLRQHVOOHYDGDVDFDERSRUPtHQORV
~OWLPRVVHLVDxRVUHPLWRHQSULPHUDLQVWDQFLDDODSXEOLFDFLyQGHHVWRVWUDEDMRVGRQGHHOHVWXGLRVRSRGUi
HQFRQWUDUDEXQGDQWHELEOLRJUDItDGHUHIHUHQFLD(VFLHUWRTXHHQRFDVLRQHVKHGDGRDFRQRFHUPLVUHVXOWDGRV
HQSRQHQFLDVQRSXEOLFDGDV³$JUDQGLUO¶HQOXPLQXUHRXLPLWHUO¶RUIqYUHULHOHVGHYDQWVG¶DXWHOVSHLQWVGHO¶DUWURĥ
PDQFDWDODQ´HQŇŌq&ROORTXH,QWHUQDWLRQDOG·$UW5RPDQGH·,VVRLUH/D&RXOHXUGDQVOHVDUWVSUpFLHX[jO·pSRTXHURPDQH
,VVRLUHňņĦňňRFWREUHňņņŌ´³9HODULGHVYHODUHOVDJUDWODGHFRUDFLyDO¶DOWDUURPjQLFD&DWDOXQ\D´HQ/·HVJOpVLD
URPjQLFDO·HVSDLGHOHVLPDWJHVŇQ6LPSRVL,QWHUQDFLRQDOG¶$563,&7$8QLYHUVLWDWGH%DUFHORQDĦ0XVHX1DFLRĥ
QDOG¶$UWGH&DWDOXQ\D%DUFHORQDŇŅŅŋ³(OV)URQWDOV&DWDODQVGHOņŇŅŅHO0HGLWHUUDQLL%L]DQFL´HQ0HPzULD
KLVWzULFDDOV0XVHXVGH%DUFHORQD01$&ņŉPDUoŇŅŅŌĪRUJDQL]DGRSRUORV$PLFVGHO01$&ĥ)XQGDFLy*yGLDī
³6SHDNLQJ&RORXUV6SHDNLQJ,PDJHVWKH0DNLQJRIWKH&DWDODQ5RPDQHVTXH$OWDUĥ)URQWDOV´,PDJHDQG$OWDU
ŎņņĦŇŉņņ$'&RSHQKDJHQ8QLYHUVLW\ĥ7KH1DWLRQDO0XVHXPRI'HQPPDUNRFWREHUŇŉĥŇŌŇŅŅŌĪHQFRODĥ
ERUDFLyQFRQ$QQD2UULROVī³9HVWLUORVDJUDGRHOPRELOLDULR\ORVRUQDPHQWRVOLW~UJLFRVHQHODOWDUURPiQLFR´
HQ0XQGR0HGLHYDODUTXHRORJtDSDWULPRQLRPRQXPHQWDO\PXHEOH0XVHR$UTXHROyJLFR1DFLRQDO0DGULGņňGH
QRYLHPEUH GH ŇŅŅŎ 1R REVWDQWH HQ RWURV PXFKRV FDVRV ORV UHVXOWDGRV KDQ VLGR DPSOLDPHQWH SXEOLFDGRV
©7KH&DWDODQ5RPDQHVTXH3DLQWLQJ5HYLVLWHGWKH$OWDU)URQWDO:RUNVKRSVªHQ6SDQLVK0HGLHYDO$UW5HFHQW
6WXGLHV&+RXULKDQHĪHGī7KH$UL]RQD&HQWHUIRU0HGLHYDODQG5HQDLVVDQFH6WXGLHV 7KH,QGH[RI&KULVĥ
WLDQ$UW7HPSH$UL]RQDŇŅŅŌSSņņŎĥņŊņ³(QWRUQRDORVRUtJHQHVGHODSLQWXUDURPiQLFDVREUHWDEODHQ
&DWDOXxDORVIURQWDOHVGH8UJHOO,[(VTXLXV\3ODQqV´%XWOOHWtGHO0XVHX1DFLRQDOG·$UWGH&DWDOXQ\DŎŇŅŅō
SSņŊĥŉņ³0LQLDWXUDSLWWXUDVXWDYRODHDɱUHVFKLLOGLDORJRIUDOHWHFQLFKHQHOOD&DWDORJQDURPDQLFD´&RPH
QDVFHXQPDQRVFULWWRPLQLDWR"7HFQLFKHERWWHJKHPRGHOOLDUWLVWL$FWDVGHO&RQJUHVRFHOHEUDGRSRUOD6RFLHWjGL6WRULD
ņņ
0DQXHO&DVWLxHLUDV
OOHQR GH FRORUHV HQ HO TXH HO PRELOLDULR

OLW~UJLFR VH FRQYHUWtD HQ HO PDUFR HMH \
VRSRUWH YLVXDO \ VLPEyOLFR GH HVD SDUDĥ
IHUQDOLD3UXHEDGHHOORVRQORVHIHFWLVWDV
DOWDUHV\UHWDEORVGRUDGRVĦFRQRFLGRVFRĥ
PR*ROGHQDOWDUVĦTXHVHKDQFRQVHUYDGR
HQ'LQDPDUFD\6XHFLDHQWUHORVTXHGHVĥ
WDFDHO$OWDUGH/LVEMHUJĪ¿JņīUHDOL]DGR
KDFLDņņŉŅ\FRQVHUYDGRDFWXDOPHQWHHQ
HO0XVHR1DFLRQDOGH&RSHQKDJXHņ%DMR
VXOXMRVDDSDULHQFLDVHHVFRQGHHQUHDOLĥ
GDG XQ PXHEOH GH PDGHUD GH UREOH UHĥ
FXELHUWRGHSODFDVGHFREUHEDUQL]DGDV\
GHVWLQDGRRULJLQDULDPHQWHFRPRHOUHVWR
GHHVWDSURGXFFLyQDOXFLUVXVSOHQGRUHQ
PHGLRGHXQDSHTXHxDLJOHVLDUXUDO3RUHO
)LJņ$OWDUGH/LVEMHUJ$UKXVĪ'LQDPDUFDī
FDņņňŊĥņņŉŅ&RSKHQKDJXH
1DWLRQDOPXVHHWGH'LQDPDUFD
GHOOD0LQLDWXUDHQOD8QLYHUVLWj&DWWROLFD\OD%LEOLRWHFD$PEURVLDQD0LOiQŋĥŌPDU]R))ORUHVG¶$UFDLV
)&ULYHOORĪHGVī0yGHQDŇŅņŅSSņŅņĥņņŉ´/DSLQWXUDPXUDO\VREUHWDEODHQOD(VSDxDGHOVLJOR;,,,8QD
DSUR[LPDFLyQDSDUWLUGHOFDVRFDWDOiQ´HQ$OIRQVR;HO6DELR&DWiORJRGHOD([SRVLFLyQFHOHEUDGDHQ0XUFLD
,%DQJR7RUYLVRĪHGī0XUFLDŇŅŅŎSSŇōŇĥŇŎņ³)LJXUDSLQWDGDLPDJHQHVFXOSLGD(FORVLyQGHODPRQXĥ
PHQWDOLGDG\GLiORJRHQWUHODVDUWHVHQ&DWDOXxDņņŇŅĥņņōŅ´ĪHQFRODERUDFLyQFRQ-&DPSVīHQ(O5RPiQLFR
\HO0HGLWHUUiQHR&DWDOXxD7RXORXVH\3LVDīŇŇňņĦŇŇŎņī0&DVWLxHLUDV-&DPSVĪHGVī%DUFHORQDŇŅŅōSS
ņňňĥņŉŌ³/DSLQWXUDVREUHWDEOD´HQ(O5RPiQLFRHQODVFROHFFLRQHVGHO01$&0&DVWLxHLUDV-&DPSVĪHGVī
%DUFHORQDŇŅŅōSSōŎĥņňŊ³(OEDOGDTXtGH7RVWXQDREUDPHVWUDGHODSLQWXUDVREUHWDXOD´HQ(OFHOSLQWDW(O
%DOGDTXtGH7RVW0&DVWLxHLUDVĪHGī0XVHR(SLVFRSDOGH9LF9LFŇŅŅōSSňňĥŊŉ(QUHODFLyQFRQHOPRELOLDĥ
ULRGHODVLJOHVLDVJDOOHJDVYpDQVHWDPELpQPLVWUDEDMRV³7RSRJUDSKLHVDFUpHOLWXUJLHSDVFDOHHWUHOLTXHVGDQVOH
JUDQGVFHQWUHVGHSqOHULQDJH6DLQWĥ-DFTXHVGH&RPSRVWHWHOOH6DLQW,VLGRUHGH/HyQHW6DLQWeWLHQQHGH5LEDV
GH6LO´&DKLHUVGH6DLQWĦ0LFKHOGH&X[D;;;,9ĪŇŅŅňīņňĥňŋ³/RVHVSDFLRVDUTXLWHFWyQLFRVHQIXQFLyQGHODV
UHOLTXLDV´(QRORUGHVDQWLGDG5HOLFDULRVGH*DOLFLD0*RQ]iOH]*DUFtDĪHGī6DQWLDJRŇŅŅŉSSŋŊĥōŅ³'LGDFXV
*HOPLULXVSDWURQRGHODVDUWHV(OODUJRFDPLQRGH&RPSRVWHODGHSHULIHULDDFHQWURGHO5RPiQLFR´&RPSRVWHOD
\(XURSD/DKLVWRULDGH'LHJR*HOPtUH]0&DVWLxHLUDVĪHGī0LOiQĥ6DQWLDJRGH&RPSRVWHODŇŅņŅSSňŇĥŎŌ
HVSHFSSōōĥŎŌĪ³7HPSORUHOLFDULR\WHVRURGHODVEDVtOLFDVURPDQDVDOD-HUXVDOpQ&HOHVWHĨ(VWXYRSLQWDGDOD
&DWHGUDOGH6DQWLDJR"´ī&$67,f(,5$60DQXHO12'$59LFWRULDQR³3DUDXQDUHFRQVWUXFFLyQGHODOWDUPD\RUGH
*HOPtUH]FLHQDxRVGHVSXpVGH/ySH])HUUHLUR´&RPSRVWHOODQXPŊŊňĥŉĪŇŅņŅīSSŊŌŊĥŋŉŅ3RUHOORHQHO
SUHVHQWHWUDEDMRHQORVFDVRVSDUWLFXODUHVHQORVTXHKD\DLQFRUSRUDGRQXHYRVDUJXPHQWRVRHMHPSORVDORV\D
H[SXHVWRVHQHVWDVSXEOLFDFLRQHVSUHYLDVKHLQFOXLGRODVUHIHUHQFLDVELEOLRJUi¿FDVSHUWLQHQWHV
ņ
*5,1'(5ĥ+$16(13RXO'DQLVK0LGGOH$JHVDQG5HQDLVVDQFH&RSHQKDJXHŇŅŅŇSSŇŇĥŇŎ.$63(56(16¡UHQ
³1DUUDWLYH0RGHVLQWKH'DQLVK*ROGHQ)URQWDOV´HQ'HFRUDWLQJWKH/RUG·V7DEOH2QWKH'\QDPLFVEHWZHHQ,PDJH
DQG$OWDULQWKH0LGGOH$JHV.DVSHUVHQ6\7KXQ¡(ĪHGVī&RSHQKDJXHŇŅŅŋSSŌŎĥņŇŌHVSHFSōŋ¿Jŋ
$$9,76/$1'.ULVWLQ%³2UQDPHQWDQG,FRQRJUDSK\9LVXDO2UGHUVLQWKH*ROGHQ$OWDUIURP/LVEMHUJ´2UQDĦ
PHQWDQG2UGHU(VVD\VRQ9LNLQJDQG1RUWKHUQ0HGLHYDO$UWIRU6LJQH+RUQ)XJOHVDQG7URQGKHLPŇŅŅōSSŌňĥŎŊ
ņŇ
(ODOWDUURPiQLFR\VXPRELOLDULROLW~UJLFRIURQWDOHVYLJDV\EDOGDTXLQRV
FRQWUDULRHQRWUDVRFDVLRQHVHOLPĥ
SDFWRYLVXDOGHODOWDUVHFRQVHJXtD
D WUDYpV GH YHVWLUOR \ HQJDODQDUOR
FRQ VXQWXRVDV \ FRVWRVDV WHODV GH
VHGDROLQRĦIURQWDOHVHVWDQGDUWHV
DOIRPEUDVRFRUWLQDVĦFRPRHUDHO
FDVRGHPXFKDVLJOHVLDVFDWDODQDV
GH ODV TXH SURYLHQHQ PDJQt¿FRV
HMHPSORV GHO DUWH WH[WLO FRPR HO
(VWDQGDUWH GH 6DQW 2W \ )URQWDO
GHOD6HXG¶8UJHOOĪ¿JVŇĥňīFRQĥ
VHUYDGRV UHVSHFWLYDPHQWH HQ HO
9LFWRULD DQG $OEHUW 0XVHXP \
HQ HO 0XVHX7q[WLO GH %DUFHORQD
\ TXH SRVLEOHPHQWH IXHURQ FRQĥ
FHELGRV SDUD IRUPDU SDUWH GH XQ
PLVPR DMXDU OLW~UJLFR HO GHO DOWDU
GH6DQW2WHQOD&DWHGUDOGHOD6HX
G¶8UJHOOKDFLDņņňňĥņņňŉŇ
(Q XQD UHLYLQGLFDFLyQ SRU VXĥ
JHULU HO FRQWH[WR RULJLQDO GH HVRV
REMHWRVFRQHO¿QGHHYRFDUHOEULĥ
)LJŇ(VWDQGDUWHGH6DQW2WFDņņňňĥņņňŉ
OOR \ HO FRORU GH HVRV HVSDFLRV HO %DUFHORQD0XVHX7q[WLOLG¶,QGXPHQWjULD
0XVHX1DFLRQDOG¶$UWGH&DWDOXQĥ
\DĪ01$&īLQFOX\yKDFHWUHVDxRV
GHQWURGHODH[SRVLFLyQWLWXODGD(O5RPiQLFR\HO0HGLWHUUiQHR&DWDOXxD7RXORXVH
3LVDīŇŇňņĦŇŇŎņĬXQiPELWRPX\VXJHVWLYREDMRHOWtWXOR³9HVWLUODVLJOHVLDVHO
DOWDUHOPRELOLDULR\ODVLPiJHQHV´(QpOVHFRORFDURQSRUSULPHUDYH]HQXQSHĥ
FXOLDUUHFRUULGRQRH[HQWRGHXQFLHUWRVHQWLGRWHDWUDOXQDVHULHGHEDOGDTXLQRV
IURQWDOHVFUXFHV\UHVWRVGHS~OSLWRV\WULEXQDVFX\DSUHVHQWDFLyQGLVSRVLFLyQ
HLOXPLQDFLyQTXHUtDHYRFDUWRGDYtDHODPELHQWHTXHURGHDEDDHVWDVSLH]DVHQOD
pSRFDURPiQLFDň
Ň
$PEDVSLH]DVTXHKDQVLGRHVWXGLDGDVSRU5RVD0DUtD0$57Ë1Ī³3HQyGHVDQW2W´\³)URQWDOEURGDWGHOD6HX
G¶8UJHOO´&DWDOXQ\D5RPjQLFD9,%DUFHORQDņŎŎŇSSňŊō;;9,%DUFHORQDņŎŎŌSSŉŇŊĥŉŇŋīKDQVXVĥ
FLWDGRUHFLHQWHPHQWHHOLQWHUpVGHORVHVSHFLDOLVWDV<//$ĥ&$7$/¬*HPPD³%URGDWGHOD6HXG¶8UJHOO´(O5RĦ
PiQLFR\HO0HGLWHUUiQHRSSňōŇĥňōŊ%$55$/,$/7(7;DYLHU³7HVVXWLLQWRUQRDOO¶DOWDUH$SURSRVLWRGHOULFDPR
GHO9LFWRULDDQG$OEHUW0XVHXPGL/RQGUDFRQL¿XPLGHO3DUDGLVR´+RUWXV$UWLXP0HGLHYDOLXPņŊŇĪŇŅŅŎī
SŇŌņĥŇōņ1RREVWDQWHHVHQHO7UDEDMRGH0DVWHUGHOD/LFHQFLDGD/DLOD021*((OVWHL[LWVDOD&DWHGUDOGH
OD6HXG·8UJHOODO·qSRFDURPjQLFD8QLYHUVLWDW$XWzQRPDGH%DUFHORQDŇŅņņUHDOL]DGREDMRPLGLUHFFLyQGRQGH
VHRIUHFHSRUSULPHUDYH]XQDLQWHUSUHWDFLyQFRQMXQWDGHDPERVWHMLGRVHQHOFRQWH[WRGHOFXOWRD6DQW2WHQ
OD&DWHGUDOGHOD6HXG¶8UJHOO
ň
(O5RPiQLFR\HO0HGLWHUUiQHR¿FKDVQōŌĥņŇŅSSňŌŅĥŉŉň
ņň
0DQXHO&DVWLxHLUDV
)LJň)URQWDOĥERUGDGRGHOD6HXG¶8UJHOOFDņņňňĥņņňŉ/RQGUHV9LFWRULDDQG$OEHUW0XVHXP
6LELHQHVYHUGDGTXHKDVWDQRVRWURVKDQOOHJDGRXQDJUDQYDULHGDGGHREMHWRV
GHHVWHWLSRĦHVSDUFLGRVSRUPXVHRVFROHFFLRQHVSULYDGDV\WHVRURVGHFDWHGUDOHV
HLJOHVLDVĦQRHVPHQRVFLHUWRHQODDFWXDOLGDGUHVXOWDPX\GLItFLOLPDJLQDUVHHO
DVSHFWRTXHSUHVHQWDEDQRULJLQDOPHQWHDOJXQRVGHHVWRVWHPSORV'HKHFKRORV
HGL¿FLRV URPiQLFRV HVWiQ HQ VX PD\RUtD GHVSURYLVWRV GH VX SULPLJHQLR PRELĥ
OLDULROLW~UJLFRHOFXDOELHQKDVLGRVXEVWLWXLGRSRURWURPiVPRGHUQRRELHQKD
GHVDSDUHFLGR HQ EHQH¿FLR GH FULWHULRV HVWpWLFRV PLQLPDOLVWDV GH OD DUTXLWHFWXUD
FRQWHPSRUiQHDRGHSRVWXODGRVSDVWRUDOHVGHO&RQFLOLR9DWLFDQR,,3RUHOORQR
QRV TXHGD PiV UHPHGLR TXH DFXGLU D LQYHQWDULRV R GHVFULSFLRQHV GH pSRFD HQ
RFDVLRQHVPX\IUXVWUDQWHV\DTXHODJHQHURVLGDG\EHOOH]DGHDOJXQRGHORVWH[WRV
FRQWUDVWDFRQHOYDFtRRFRQODSDUTXHGDGGHREMHWRVFRQVHUYDGRVHQHVWRVQDXĥ
IUDJLRV (VWR VXFHGH SRU HMHPSOR HQ OD SDUDGLJPiWLFD &DWHGUDO GH 6DQWLDJR GH
&RPSRVWHODFX\RPRELOLDULRLQWHULRUDLQLFLRVGHOVLJOR;,,HQVXFDOLGDGGHPHWD
GHXQDSHUHJULQDFLyQPD\RU\OXJDUGHXQDWXPEDDSRVWyOLFDHUDHVSHFWDFXODUSHĥ
URDODTXHVyORSRGHPRVDFFHGHUDWUDYpVGHODVHNSKUDVHLVGHO&yGLFH&DOL[WLQR\GH
OD+LVWRULD&RPSRVWHODQDRGHORVHVFXHWRVGLEXMRVTXHHOFDQyQLJR9HJD\9HUGXJR
UHDOL]yDPHGLDGRVGHOVLJOR;9,,
1RREVWDQWHHQHVWHH[WHQVRSiUDPRSRGHPRVD¿UPDUTXH&DWDOXxDUHVXOWD
HQHVWHVHQWLGRXQDJUDQSULYLOHJLDGDSRUHOKHFKRGHKDEHUFRQVHUYDGRXQDJUDQ
FDQWLGDG\YDULHGDGGHSLH]DVSHUWHQHFLHQWHVDODGHFRUDFLyQGHODOWDUURPiQLFR
6LQHPEDUJRHODPSOLRPRELOLDULROLW~UJLFRTXHDOOLKDVREUHYLYLGRHVWiFRPSXHVWR
IXQGDPHQWDOPHQWHSRUIURQWDOHVGHDOWDUEDOGDTXLQRVRYLJDVUHDOL]DGRVHQPDGHĥ
ņŉ
UDSROLFURPDGDDOWHPSOH\QRHQORVVXQWXRVRVPHWDOHV\HVPDOWHVTXHVHGHVFULĥ
EHQHQORVWH[WRV3RUHOORWUDGLFLRQDOPHQWHVHKDFRQVLGHUDGRTXHHVWHPRELOLDULR
HQPDGHUDSURFHGHQWHIXQGDPHQWDOPHQWHGHODGHFRUDFLyQGHODVLJOHVLDVUXUDOHV
GHORVVLJORV;,,\;,,,HUDXQDLPLWDFLyQ³EDUDWD´GHODULFDRUIHEUHUtDTXHGHFRUDED
ODVJUDQGHVDEDGtDV\FDWHGUDOHVFDWDODQDVGHOVLJOR;,'HKHFKRODGRFXPHQWDFLyQ
QRVKDEODGHODH[LVWHQFLDHQGLFKRVDOWDUHVGHEDOGDTXLQRVGHSODWD\GHIURQWDOHV
ORVFXDOHVHVWDEDQFRPSXHVWRVGHVXQWXRVDVSLH]DVGRUDGDV\SODWHDGDV\VHDGRUĥ
QDEDQFRQSODFDVQDUUDWLYDVGHHVPDOWH¿JXUDGR/DPHQWDEOHPHQWHGHWRGRHOOR
QRKDOOHJDGRUHVWRDOJXQRKDVWDQRVRWURV'HKHFKRSDUDVXUHFRQVWUXFFLyQWDQ
VyORSRVHHPRVODGHVFULSFLyQTXHRIUHFHQORVWH[WRVĪLQYHQWDULRVGHDOWDURDFWDV
GH FRQVDJUDFLyQī DVt FRPR ODV SRVLEOHV FRPSDUDFLRQHV TXH SRGDPRV HVWDEOHFHU
FRQREUDVVLPLODUHVDOWRPHGLHYDOHV
3DUDFRPHQWDUHOPRELOLDULROLW~UJLFRGHOURPiQLFRPHFHQWUDUpSXHVHQORV
WUHVWLSRVPiVFRPXQHVHQORVUHLQRVKLVSiQLFRVHOIURQWDOGHDOWDUGHQRPLQDGR
HQODGRFXPHQWDFLyQWDEXODRDQWLSHQGLXPSXHVFXEUtDODSDUWHGHODQWHUDGHOPLVĥ
PRHOEDOGDTXLQRRFLERULXPTXHHQPDUFDED\SURWHJtDHODOWDU\SRU~OWLPROD
YLJDTXHELHQSRGtDVHxDODUODHQWUDGDDOSUHVELWHULRDODPDQHUDGHXQWHPSORQGH
WUDGLFLyQSDOHRFULVWLDQDREL]DQWLQDRELHQLQGLFDEDHOOXJDUGHODOWDUIRUPDQGR
SDUWHGHXQDWLSRORJtDGHEDOGDTXLQR³DpUHR´HVSHFt¿FDGH&DWDOXQ\DHOEDOGDTXLĥ
QRĥSODIyQ3HUWHQHFHWDPELpQDOiPELWRGHOPRELOLDULRGHDOWDUGHOURPiQLFRHO
UHWDEORRUHWURĦWDEXODDOTXHKDUpUHIHUHQFLDWDQVyORHQFDVRVSXQWXDOHV\DTXHHO
p[LWRGHHVWDWLSRORJtDVHSURGXFHFRPRHVELHQVDELGRHQpSRFDJyWLFDGHVSXpV
GHO&RQFLOLR/DWHUDQR,9ĪņŇņŊīFXDQGRVHLPSRQHGH¿QLWLYDPHQWHHOULWRGHOD
HOHYDFLyQGHODKRVWLDGXUDQWHODFRQVDJUDFLyQSRUSDUWHGHOFHOHEUDQWHGHFDUD
DO(VWHĪDGRULHQWHPīŉ'HODPLVPDPDQHUDWDPSRFRSRGUpWUDWDUFRPRKXELHVH
VLGRGHVHDEOHRWURWHPDLJXDOPHQWHUHODFLRQDGRFRQODH[WHQVLyQGHOPRELOLDULR
OLW~UJLFRFXDOHVODPXOWLSOLFDFLyQGHDOWDUHVHQXQDLJOHVLDHQIXQFLyQGHODFRPĥ
SOLFDFLyQGHODWRSRJUDItDVDJUDGD\FXOWXDOGHORVHGL¿FLRVTXHFXHQWDFRQHMHPĥ
SORVGHVWDFDEOHVHQHOWDUGRUURPiQLFRKLVSDQRFRPRVRQORVFDVRVGHODVLJOHVLDV
KRVSLWDODULDVGH6DQ-XDQGH'XHUR\6DQ-XDQĪ1LFROiVīGH3RUWRPDUtQFRQVXV
EDOGDTXLQRVĥDOWDUHV D DPERV ODGRV GHO DUFR WULXQIDO HQPDUFDQGR OD HQWUDGD GHO
SUHVELWHULRŊ
$IRUWXQDGDPHQWHHQPLH[SHULHQFLDUHFLHQWHKHWHQLGRODRSRUWXQLGDGGHWUDĥ
EDMDU HQ DOJXQRV SUR\HFWRV GH UHFRQVWUXFFLyQ \ HVWXGLR GHO PRELOLDULR OLW~UJLFR
ŉ
&$,//(7-HDQĥ3LHUUH³/¶LPDJHVFXOWXHOOHVXUO¶DXWHOHWOHSRVLWLRQQHPHQWGXFpOpEUDQWĪ,;qĥ;,9qVLqFOHVī´+RUWXV
$UWLXP0HGLHYDOLVņņĪŇŅŅŊīSSņňŎĥņŉŋ
Ŋ
0$57Ë1(='($*8,55(-DYLHU³6DQ-XDQGH'XHUR\HO6HSXOFKUXP'RPLQLGH-HUXVDOpQ´6LHWHPDUDYLOODVGHOURPiĦ
QLFRHVSDxRO$JXLODUGH&DPSRRŇŅŅŎSSņņņĥņŉō6REUHHOWHPDGHODPXOWLSOLFDFLyQGHORVDOWDUHV³ODWHUDOHV´
YpDVHODUHFLHQWHSXEOLFDFLyQGH.52(6(1-XVWLQ($6HLWHQDOWlUHLQPLWWHODOWHUOLFKHQ.LUFKHQ6WDQGRUWĦ5DXPĦ
/LWXUJLH5HJHQVEXUJŇŅņŅĪDJUDGH]FRHVWDUHIHUHQFLDD(GXDUGR&DUUHURī
ņŊ
0DQXHO&DVWLxHLUDV
TXHPHKDQSHUPLWLGRDFFHGHUDPDWHULDOGHSULPHUDPDQR(Q&DWDOXxDHQHO
VHQR GH PL WUDEDMR FRPR FRQVHUYDGRU GHO 01$& KH UHDOL]DGR XQ HVWXGLR VLVĥ
WHPiWLFRGHODVWpFQLFDVSLFWyULFDVGHORVIURQWDOHVGHDOWDUDVtFRPRXQSLRQHUR
PRQWDMH\UHFRQVWUXFFLyQGHODVSLH]DVFRQVHUYDGDVGHOEDOGDTXLQRGH7RVWGLYLĥ
GLGDVHQWUHHO01$&\HO0XVHX(SLVFRSDOGH9LFFRQPRWLYRGHODH[SRVLFLyQ
(O&HOSLQWDW(O%DOGDTXtGH7RVWĪ9LFŇŅŅōī3RUVXSDUWHHQ*DOLFLDKHDVHVRUDGR
UHFLHQWHPHQWHODUHFRQVWUXFFLyQYLUWXDOHQň'GHODOWDUPD\RUGHOD&DWHGUDOGH
6DQWLDJRHQWLHPSRVGH'LHJR*HOPtUH]SDUDODH[SRVLFLyQ&RPSRVWHOD\(XURSD
/DKLVWRULDGH'LHJR*HOPtUH]FHOHEUDGDHQ3DUtV5RPD\6DQWLDJRGH&RPSRVWHOD
HOSDVDGRDxRŇŅņŅŋ3RUHOORODLQWHQFLyQSULQFLSDOGHODSUHVHQWHFRQWULEXFLyQ
HVODGHWUDQVPLWLUHQODPHGLGDGHORSRVLEOHORVUHVXOWDGRV\FRQFOXVLRQHVPiV
VREUHVDOLHQWHVGHHVWDVH[SHULHQFLDV
,(/$/7$50$<25'(/$&$7('5$/'(6$17,$*2'(&203267(/$<
',(*2*(/0Ì5(=ō
/DVLVWHPDWL]DFLyQGHOHVSDFLRGHOSUHVELWHULRGHODFDWHGUDOGH6DQWLDJRVHUHDOL]y
SUREDEOHPHQWHHQWUHORVDxRVņņŅŊ\ņņŅŋ/DGHFLVLyQGHFRORFDUHQpOXQIURQWDO
GHSODWD\XQEDOGDTXLQRIXHVLQGXGDHO¿QDOGHXQDRSHUDFLyQGHPiVHQYHUJDGXUD
FRPHQ]DGDXQDVGpFDGDVDQWHVFRQHOLQLFLRGHXQDQXHYDFDEHFHUDFRQFDSLOODVUDĥ
GLDOHV\GHDPEXODWRULRHQņŅŌŊ/DHMHFXFLyQGH¿QLWLYDGHHVWDREUDGHVHPERFyHQ
XQDGHFLVLyQIXQGDPHQWDOODGHODGHVWUXFFLyQGHODSDUWHVXSHULRUGHOHGtFXORDSRVĥ
WyOLFRDVtFRPRGHODFDEHFHUDGHODEDVtOLFDGH$OIRQVR,,,Ī¿Jŉī&DEHUHFRUGDU
TXHHQWRUQRDHOORVVHKDEtDLGRDO]DQGRGHVGHHOLQLFLRGHODVREUDVODJLJDQWHVFD
FDEHFHUDURPiQLFDGHXQDQXHYDLJOHVLDTXHDKRUDDV¿[LDEDVXPLQ~VFXODDUTXLWHFĥ
WXUD'HKHFKROD+LVWRULD&RPSRVWHODQDĪ+&,ņōīQRHVFDWLPyDGMHWLYRV\DGYHUĥ
ELRVSDUDH[SUHVDUHOFRQÀLFWRTXHHVDGHFLVLyQJHQHUyHQHOVHQRGHODFRPXQLGDG
FDWHGUDOLFLD3RUXQSDUWHH[LVWtDXQD³IXHUWHÚHVLVWHQFLDGHORVFDQyQLJRVTXHDVHĥ
JXUDEDQTXH³GHQLQJXQDPDQHUD´GHEtDVHUGHVWUXLGDODDQWLJXDFDEHFHUDSRUPLHGR
DVHUJROSHDGRVSRUODLUDGLYLQDSRURWUDVHDO]DEDODYDOHQWtDGHOQXHYRSUHODGR
'LHJR*HOPtUH]ĪņņŅŅĥņņŉŅīTXH³DUPDGRFRPRXQYDOHURVRJXHUUHUR´QRGXGy
ŋ
&RPSRVWHOD\(XURSD/DKLVWRULDGH'LHJR*HOPtUH]Ī'9'īFRQWLHQHORVYtGHRV/RVWLHPSRVGHORELVSR'LHJR3HOiH]
\/RVYLDMHVGH'LHJR*HOPtUH]DVtFRPRODVUHFRQVWUXFFLRQHVYLUWXDOHVGHO&DVWLOORGH7RUUHVGH2HVWHĪ&DWRLUD
3RQWHYHGUDī\GHOD3RUWD)UDQFLJHQD\GHO$OWDU0D\RUGHOD&DWHGUDOGH6DQWLDJRGH&RPSRVWHOD
Ō
3DUD XQD GLVFXVLyQ PiV H[WHQVD GHO FRQWHQLGR GH HVWD VHFFLyQ FRQ DPSOLD ELEOLRJUDItD YpDVH &$67,f(,5$6ĥ
12'$5³3DUDXQDUHFRQVWUXFFLyQGHODOWDUPD\RUGH*HOPtUH]´'HOPLVPRPRGRVHFLWDSDVVLPORVWUDEDMRV
SUHYLRVGHUHFRQVWUXFFLyQGHOPRELOLDULROLW~UJLFRGHOD&DWHGUDOGH6DQWLDJRUHDOL]DGRVWDQWRSRU$QWRQLR/Ïĥ
3(=)(55(,52Ī+LVWRULDGHOD6DQWD$0,JOHVLDGH6DQWLDJRGH&RPSRVWHODYRO,,,6DQWLDJRGH&RPSRVWHODņŎŅŅ
SSŇňňĥŇňŎīFRPRSRU6HUDItQ025$/(-2³$UV6DFUDHWVFXOSWXUHURPDQHPRQXPHQWDOHOHWUpVRUHWOHFKDQWLHU
GH&RPSRVWHOOH´/HV&DKLHUVGH6DLQWĦ0LFKHOGH&X[DņņĪņŎōŅīSSņōŎĥŇňōUHHG3DWULPRQLRDUWtVWLFRGH*DOLFLD
\RWURVHVWXGLRV,6DQWLDJRGH&RPSRVWHODŇŅŅŉ
ņŋ
HQ ³GHVWUXLU SRU FRPSOHWR HO

PHQFLRQDGRKDELWiFXOR´ō1R
FDEHGXGDDOJXQDTXHFRQHVWD
DFFLyQ HO LPSODFDEOH RELVSR
FRPSRVWHODQR GDED PXHVWUDV
GH VX DGKHVLyQ D XQ QXHYR
FUHGRHVWpWLFRTXHORDOHMDED
GHODREVROHWDWUDGLFLyQDVWXUĥ
OHRQHVDSDUDDEUD]DUORVSRVĥ
WXODGRVGHOGHQRPLQDGR³DUWH
GH OD 5HIRUPD *UHJRULDQD´
6XGHFLVLyQTXHFDPELySDUD
VLHPSUH HO DVSHFWR GHO DOWDU
PD\RU GHO DSyVWRO 6DQWLDJR
WUDGXMR HQ OD HVIHUD DUWtVWLFD
HOJLURLQLFLDGRDxRVDQWHVHQ
OD LJOHVLD FRPSRVWHODQD FRQ
HO SDVR D OD OLWXUJLD URPDQD
ĪņŅōŅī \ OD FRQVWLWXFLyQ GH
XQ FXHUSR GH FDQyQLJRV SDUD
HOFXOWRDSRVWyOLFRĪņņŅŇīTXH )LJ ŉ 3ODQWD GH OD EDVtOLFD GH $OIRQVR ,,, ĪōŎŎī \ OD QXHYD
FDWHGUDOURPiQLFDLQLFLDGDHQņŅŌŊ(Q*8(55$&$0326-RVp
H[SXOVDEDGHOPLVPRDORVYLHĥ ([SORUDFLRQHVDUTXHROyJLFDVHQWRUQRDOVHSXOFURGHO$SyVWRO6DQWLDJR
MRVPRQMHVGHOPRQDVWHULRGH 6DQWLDJRGH&RPSRVWHODņŎōŇSŉŅŋ¿JņŅŌ
$QWHDOWDUHV
&DEHVXEUD\DUTXHODHMHFXFLyQGHOSUR\HFWRFRQOOHYyIXQGDPHQWDOPHQWHHOHQĥ
WHUUDPLHQWR\HQFULSWDPLHQWRGHOHGtFXORDSRVWyOLFREDMRODSODWDIRUPDHVFDORQDĥ
GDGHOQXHYRDOWDU(VWRVHVFDORQHVVHVLWXDEDQHQODSDUWHIURQWDOFRQXQDSULPHUD
OtQHDGHHQWUDGDHQWUHORVSLODUHVGHOSULPHUWUDPRGHOiEVLGH\XQDVHJXQGDGHWUHV
HVFDORQHVHOHYDQGRHOOXJDUGHOEDOGDTXLQR\HODOWDUŎeVWRVRFXSDEDQWDO\FRPR
ō
+&,ņō+LVWRULD&RPSRVWHODQDWUDG()DOTXH5H\0DGULGņŎŎŉSņŅŌ3DUDXQDQiOLVLVGHODVLPSRUWDQWHV
³GHFLVLRQHV´HVWpWLFRĥVLPEyOLFDVGH'LHJR*HOPtUH]TXHDUUDVyODLPDJHQ³KLVSiQLFD´GHOVDQWXDULR³DVWXULDQR´
HQEHQH¿FLRGHXQPRQXPHQWRSXHVWRDOGtD\FRQFODURVPDQL¿HVWRVUHIRUPLVWDVĥURPDQRVWDQWRHQHODOWDUFRĥ
PRHQODVIDFKDGDVGHOWUDQVHSWRYpDVH&$67,f(,5$60DQXHO³5RPDHLOSURJUDPPDULIRUPDWRUHGL*HOPtUH]
QHOODFDWWHGUDOHGL6DQWLDJR´HQ4XLQWDYDOOH$&ĪHGī0HGLHYRLPPDJLQLHLGHRORJLH9&RQYHJQR,QWHUQD]LRQDOH
GL6WXGL3DUPDňŉĦňōVHWWHPEUHňņņň3DUPDĥ0LOiQŇŅŅŊSSŇņņĥŇŇŋ,GHP³'LHJR*HOPtUH]XQFRPPLWWHQĥ
WHYLDJJLDWRUHGDOOD3RUWD)UDQFLJHQDDOO¶DOWDUH0DJJLRUHGHOOD&DWWHGUDOHGL6DQWLDJR´HQ4XLQWDYDOOH$&ĪHGī
0HGLHYRLFRPPLWWHQWL;,,,&RQYHJQR,QWHUQD]LRQDOHGL6WXGL3DUPDňŇĦňŌVHWWHPEUHňņŇņĪHQSUHQVDī
Ŏ
'HXQPRGRVLPLODUVHHQFRQWUDEDDO]DGRHQXQSRGLRHVFDORQDGRHODOWDUGHOD%DVtOLFDGH6DLQWĥ6HUQLQGH
7RXORXVHD¿QDOHVGHOVLJOR ;,SXHVEDMRVXSDYLPHQWRVHVLWXDEDWDPELpQODFULSWDFRQHOVHSXOFURGHO6DQWR
'LFKDLGHDGHVDUUROODGDSRUSULPHUDYH]SRU7:/<0$1Ī³/DWDEOHGDXWHOGH%HUQDUG*XLOGXLQHWVRQDPĥ
ELDQFHRULJLQHOOH´/HV&DKLHUVGH6DLQWĦ0LFKHOGH&X[DņňņŎōŇSSŊňĥŋŌīKDVLGRUHFLHQWHPHQWHUHWRPDGD
\ GHIHQGLGD SRU 'DQLHO \ 4XLWWHULH &$=(6 6DLQWĦ6HUQLQ GH7RXORXVH 'H 6DWXUQLQ DX FKHIĦG·±XYUH GH O·DUW URPDQ
7RXORXVHŇŅŅōSSņŎŊĥņŎō
ņŌ
0DQXHO&DVWLxHLUDV
VHDSUHFLDHQHOSODQRGH&RQDQWHOVHJXQGRWUDPRGHOSUHVELWHULRMXVWRDQWHV
GHHVSDFLRFRQIRUPDGRSRUHOKHPLFLFORFROXPQDGRGRQGHVHVLWXDEDODFpOHEUH
FRQIHVVLRGHOD0DJGDOHQD
/DFRQVDJUDFLyQGHOQXHYRDOWDU\GHODVFDSLOODVGHODFDEHFHUDSUREDEOHPHQWH
VHUHDOL]yDODYXHOWDGHOVHJXQGRYLDMHD5RPDGH*HOPtUH]GRQGHHOŇņGHRFWXĥ
EUHGHņņŅŊ3DVFXDO,,OHKDEtDFRQFHGLGRODGLJQLGDGGHSDOLRHQODEDVtOLFDGH6DQ
/RUHQ]R([WUDPXURV6XIHFKDVHUHFXHUGDDWUDYpVGHGRVWHVWLPRQLRVHSLJUi¿FRV
HQXQDYROXQWDGGHKDFHUDOPRQXPHQWR³SDUODQWH´GHVXSURSLDKLVWRULDFRQVWUXFĥ
WLYD(OSULPHURODLQVFULSFLyQFRQPHPRUDWLYDGHORVPXURVGHOD&DSLOODGH(O
6DOYDGRUGLFHH[SOtFLWDPHQWHTXHpVWDIXHFRQVDJUDGD³WUHLQWDDxRVGHVSXpV´GH
ODIXQGDFLyQGHOPRQXPHQWRĪ$112Ĭ0,/(12"ĭĬ6(ĭ379$*(12 48,Ĭ1ĭ72Ĭ)81ĭ'$7$
,$&2%,īHVGHFLUHQņņŅŊņŅ(QGLFKDIHFKDVHKDEUtDSURGXFLGRODFRQVDJUDFLyQGH
WRGRVORVDOWDUHVHQWRUQRDODFDEHFHUDWDO\FRPRVHH[SOLFDHQOD+&Ī,ņŎīņņOD
FRQIHVVLRGH0DUtD0DJGDOHQD\ODVFDSLOODVGH(O6DOYDGRU6DQ3HGUR6DQ$QGUpV
6DQ)UXFWXRVRņŇ6DQ-XDQ%DXWLVWD6DQ-XDQ$SyVWRO6DQWD)H6DQWD&UX]\HODOĥ
WDUGH6DQ0LJXHOHQODWULEXQDGHOGHDPEXODWRULR6XLQDXJXUDFLyQHVWiHQGLUHFWD
UHODFLyQFRQODUHVWDXUDFLyQ\DJUDQGDPLHQWRGHOQXHYRDOWDUPD\RUD6DQWLDJR
TXHVHWUDWDHQHOFDStWXORDQWHULRUGHOD+&Ī,ņōīņň$XQTXHQRVDEHPRVFRQ
FHUWH]DHOPRPHQWRH[DFWRGHVXFRQFOXVLyQGRVWHVWLPRQLRVSHUPLWHQFRQMHWXĥ
UDUTXHHOSUR\HFWRQRHVWXYRWRWDOPHQWHDFDEDGRKDVWDHODxRņņŅŋņŉ(OSULPHU
WHVWLPRQLRORFRQVWLWXtDHOHStJUDIHGHOIURQWDOGHSODWDDFWXDOPHQWHSHUGLGRTXH
GHFtDVHJ~QOD³*XtD´GHO&yGLFH&DOL[WLQRĪ/6,9ŎīTXH*HOPtUH]OR³KL]RFXDQĥ
GR XQ TXLQTXHQLR VX HSLVFRSDGR FXPSOLy´ņŊ Ī7HPSRUHTXLQTXHQQLIHFLWHSLVFRSLLīņŋ
$XQTXHIXHHOHJLGRHQHODxRņņŅŅ*HOPtUH]QRIXHFRQVDJUDGRKDVWDOD3DVFXD
GHņņŅņĪŇŇGHDEULOīSRUORTXHHVHTXLQWRDxRVHUH¿HUHDOSHUtRGRFRPSUHQGLGR
HQWUHHOŇŇGHDEULOGHņņŅŊ\HOGHņņŅŋ&RPR\DKHH[SUHVDGRHQDQWHULRUHV
WUDEDMRVHOňŅGHGLFLHPEUHGHņņŅŊIHVWLYLGDGGHOD7UDVODFLyQGHO$SyVWROSXGR
ņŅ
&$67,//2ÈQJHOGHO³,QVFULSFLRQHVLQpGLWDVGHOD&DWHGUDOGH6DQWLDJR´%ROHWtQGHOD5HDO$FDGHPLD*DOOHJDņŊ
ĪņŎŇŋīSSňņŉĥňŇŅ
ņņ
+&,ņŎWUDGFLWSSņŅōĥņŅŎ
ņŇ
(VWDFDSLOODDQWHVGHGLFDGDD6DQ0DUWtQGH7RXUVSDVyDODDGYRFDFLyQGH6DQ)UXFWXRVRHQHODxRņņŅŋ
WUDVHOWUDVODGRGHVXVUHOLTXLDVGHVGHODFDSLOODGH(O6DOYDGRUGRQGHKDEtDQVLGRGHSRVLWDGDVHQHODxRņņŅŇ
ņň
+&,ņōWUDGFLWSSņŅŋĥņŅō
ņŉ
(VWD DPSOLDFLyQ HQ OD GDWDFLyQ GH ODV REUDV GHO DOWDU PD\RU KD VLGR \D DSXQWDGD HQ WUDEDMRV SUHFHGHQWHV
&$67,f(,5$60DQXHO³'LGDFXV*HOPLULXVSDWURQRGHODVDUWHV(OODUJRFDPLQRGH&RPSRVWHODGHSHULIHULDD
FHQWURGHO5RPiQLFR´HQ&RPSRVWHOD\(XURSDHVSHFSSňŇĥŎŌōōĥŎņ,GHP³/DVSRUWDGDVGHOFUXFHURGH
OD&DWHGUDOGH6DQWLDJRĪņņŅņĥņņņņī´HQ$OIRQVR9,\VXOHJDGR&RQJUHVR,QWHUQDFLRQDO6DKDJ~Qī/HyQĬňŏĦŉŇ
RFWXEUHňņņŏĪHQSUHQVDī
ņŊ
/6,9Ŏ/LEHUVDQFWL-DFREL´&RGH[&DOL[WLQXVµWUDG$0RUDOHMR/DVR&7RUUHV5RGUtJXH]\-)HR6DQWLDJR
GH&RPSRVWHODŇŅŅŉSŋŅŇ
ņŋ
/6,9 Ŏ /LEHU 6DQFWL -DFREL ´&RGH[ &DOL[WLQXVµ . +HUEHUV \ 0 6DQWRV 1RLD ĪHGLFLyQ ODWLQDī 6DQWLDJR GH
&RPSRVWHODņŎŎōSŇŊŊ
ņō
KDEHUVLGRXQDIHFKDSODXVLEOHSDUDODFRQVDJUDFLyQGHORVDOWDUHVGHODFDEHFHUD
PLHQWUDVTXHODFRORFDFLyQGHOIRUPLGDEOHPRELOLDULROLW~UJLFRHQSODWDGRUDGD\
HVPDOWHVĪEDOGDTXLQR\IURQWDOīWDQWRSXGRKDEHUVHUHDOL]DGRHVHGtDFRPRHOŇŇ
GH DEULO GH ņņŅŋ WDO \ FRPR ELHQ SRGUtD GHGXFLUVH GH OD FLWDGD LQVFULSFLyQ DVt
FRPRGHODUHIHUHQFLDGHOD+&Ī,ņōīHQODTXHVHD¿UPDTXHHQWUHODHOHYDFLyQ
GHODOWDU\ODFRORFDFLyQGHOIURQWDOWUDQVFXUULy³XQEUHYHHVSDFLRGHWLHPSR´ņŌĪQRQ
LQWHULHFWREUHYLVVSDWLRīņō
8QVHJXQGRWHVWLPRQLRTXHSDUHFHFRUURERUDUXQDFRQVDJUDFLyQGHODOWDUGH
6DQWLDJRHQņņŅŋHVHO¿QDOGHOUHODWRGHO³StRODWURFLQLR´HQOD+&Ī,ņŊŊī(O
FXHUSRGH6DQ)UXFWXRVRTXHKDELHQGRVLGRWUDtGRGH%UDJDIXHFRORFDGRHQOD
&DSLOODGH(O6DOYDGRUHQņņŅŇVHWUDVODGy³FXDWURDxRVGHVSXpV´ĪH[SOHWLVTXDWXRU
DQQLVLWHUXPīHVGHFLUHQņņŅŋDODFDSLOODGH6DQ0DUWtQņŎ'HODQRWLFLDVHGHGXFH
TXHODGH¿QLWLYDVLVWHPDWL]DFLyQGHOQXHYRDOWDUPD\RU\ODFDEHFHUDQRVHSURGXMR
HQņņŅŊVLQRTXHVHSURORQJyDņņŅŋ
'H KHFKR VL *HOPtUH] WRGDYtD HVWDED HQ 5RPD HO Ňņ GH RFWXEUH GH ņņŅŊ
IHFKDGHODFRQFHVLyQGHO3DOLRVHJ~QODOHFWXUDGHOGRFXPHQWRGHO7XPER%GHO
$UFKLYRGHOD&DWHGUDOGH6DQWLDJRĪɱŇŇŊYĥŇŇŋUīSRUSDUWHGH/XGZLJ9RQHVŇŅ
HOSUHODGRWDUGDUtDDOPHQRVXQPHVHQYROYHUD&RPSRVWHOD3RUHOORHOňŅGH
GLFLHPEUH ¿HVWD GH OD7UDVODFLyQ UHVXOWD HQ PL RSLQLyQ OD PiV SODXVLEOH SDUD
XQDFRQVDJUDFLyQVROHPQH1RREVWDQWHFRPRKHPRVYLVWRXQDVHULHGHLQGLFLRV
DSXQWDQDTXHHODMXDUGH¿QLWLYRTXHORHPEHOOHFtDQRHVWXYRWHUPLQDGRKDVWDXQR
PHVHVGHVSXpV
,Ň/DFRQIHVVLRGHOD0DJGDOHQDīÀJVŋĦŌĬ
6HJ~QODGHVFULSFLyQGHOD+&ODFRQIHVVLRLPSOLFDUtDXQDFiPDUDEDMDVLWXDGD
HQHOKHPLFLFORGHWUiVGHODOWDU³SRUGHEDMRGHODVGRVFROXPQDVGHOEDOGDTXLQR´
MXQWRDORVUHVWRVGHOHGtFXORDUUDVDGR\HQWHUUDGRSRU*HOPtUH]HQņņŅŊ
³<GHVSXpVGHFRQVWUXLUHODOWDUVHJ~QKHPRVUHIHULGRDQWHULRUPHQWHSXHVWR
TXHHVWDEDDELHUWRDORVRMRVKXPDQRVSRUWRGDVSDUWHVQRTXHGDEDQLQJ~QVLWLR
RFXOWRHQHOTXHORV¿HOHVVDWLV¿FLHUDQORVGHVHRVGHRUDUHQSULYDGR$VtSXHV
HUD RSRUWXQR \ FODUDPHQWH QHFHVDULR SDUD OD VDQWD PHGLWDFLyQ TXH ODV DOPDV
LOXPLQDGDVSRUHOUHVSODQGRUGHODLQWHUQDFRQWHPSODFLyQODYDVHQODVPDQFKDV
GH VX FRQFLHQFLD FRQ HO DEXQGDQWH UtR GH VXV OiJULPDV HQ XQ OXJDU VHFUHWR \
ņŌ
+&,ņōWUDGFLWSņŅŌ
ņō
+&,ņō+LVWRULD&RPSRVWHOODQD)DOTXH5H\(ĪHGLFLyQODWLQDī0DGULGņŎōōSŉŉ
ņŎ
³HQHOEUD]RL]TXLHUGRGHODLJOHVLDHQODFULSWDTXHHVWiHQWUHODSXHUWDTXHGDDOFODXVWUR\HODOWDUGH6DQWLDJR´
+&,ņŊŊWUDGFLWSSŎōĥŎŎ
ŇŅ
921(V/XGZLJ'LH+LVWRULD&RPSRVWHOODQDXQGGLH.LUFKHQSROLWLNGHV1RUGZHVWVSDQLVFKHQ5DXPHVŇņōņĦŇŇŉņ&Rĥ
ORQLDņŎōŅSSņŋŅĥņŋņQRWDVŋŅ\ŋŅD&RQV~OWHVHODHGLFLyQGHOGRFXPHQWRHQHO7XPER%GHOD&DWHGUDOGH
6DQWLDJR*RQ]iOH]%DODVFK07ĪHGī6DQWLDJRŇŅŅŉSSŊŇŊĥŊŇŌ
ņŎ
0DQXHO&DVWLxHLUDV
)LJŊ&DEHFHUDGHOD&DWHGUDO
URPiQLFDGH6DQWLDJRGH
&RPSRVWHOD(Q&21$17.HQQHWK
-RKQ$UTXLWHFWXUDURPiQLFDGD
&DWHGUDOGH6DQWLDJRGH&RPSRVWHOD
6DQWLDJRGH&RPSRVWHODņŎōň
SōŌLOXVWUDFLyQ9,,,
SODQLPHWUtDGHWDOOH
UHVWDEOHFLGDV SRU PHGLR GH ORV IDYRUHV GH OD VDQWD RUDFLyQ FRQ ORV DOLPHQWRV
GHOFHOHVWLDOEDQTXHWHVDOLHUDQGHVFDUJDGDVGHOSHVWtIHURSHVRGHVXVSHFDGRV
3RUORFXDOHPSH]yHORELVSRDLQVLVWLUHQHVWHSHQVDPLHQWRGHQWURGHODOEHUJXH
GHVXPHQWH\DGHVHDUDUGLHQWHPHQWHFRQXQDVROLFLWXGLQIDWLJDEOHKDFHUXQD
FRQIHVLyQHQHODOWDU<FLHUWDPHQWHVHYHTXpJUDQGH\GHTXpPDQHUDFRQVWUX\y
HVWDFRQIHVLyQSRUGHEDMRGHODVGRVFROXPQDVGHODOWDUTXHVRVWLHQHQHOEDOGDĥ
TXLQRFXDQGRRIUHFHIHOL]SDVRDORVTXHHQWUDQ´Ňņ
$OOtORVSHUHJULQRVSRGtDQDVLVWLUDODPLVDGHPDLWLQHVŇŇUH]DU³IUHQWH´DOVHSXOĥ
FURHLQFOXVRUHFLELUODFRPXQLyQŇňVLJXLHQGRXQDWLSRORJtDSURSLDGHODVEDVtOLFDV
URPDQDV$XQTXHDFWXDOPHQWHQRVHFRQVHUYDGLFKDHVWUXFWXUDGHELGRDODVUHPRĥ
Ňņ
+&,ņōWUDGFLWSSņŅŌĥņŅō(QODVH[FDYDFLRQHVGHņōŌōHQODFDSLOODPD\RUVHGHVFXEULyHOSULPLWLYRSDĥ
YLPHQWRGHODFRQIHVVLRVLWXDGRDXQPHWURGHSURIXQGLGDGEDMRHOSDYLPHQWRDFWXDOGHODFDSLOODPD\RU/Ï3(=
)(55(,52$QWRQLR(O3yUWLFRGHOD*ORULD3ODWHUtDV\HOSULPLWLYRDOWDUPD\RUGHOD&DWHGUDOGH6DQWLDJR6DQWLDJRGH
&RPSRVWHODņŎŌŊSSņņŊĥņňŌ
ŇŇ
³(QWUHHODOWDUGH6DQWLDJR\HOGHVDQ6DOYDGRUHVWiHOGH6DQWD0DUtD0DJGDOHQDGRQGHVHFDQWDQODVPLVDV
WHPSUDQDVSDUORVSHUHJULQRV´/6,9ŎWUDGFLWSSŊŎŎĥŋŅŅ
Ňň
'HHVHXVRPHGLHYDOGDWHVWLPRQLRHOYLDMHUR-XDQGH$]FRQDHQņŊňŇVLELHQHOULWRVHKDEtDWUDVODGDGRDOD
&DSLOODGH(O6DOYDGRUHQpSRFDPRGHUQD³7UDVHODOWDUPD\RUHODOWDUGHOD0DJGDOHQDGRQGHVHVROtDGDU
ORVVDFUDPHQWRVDORVSHUHJULQRV\DKRUDVHGDHQODGLFKDFDSLOODGHO5H\GH)UDQFLDRGHO6DOYDGRU´*8(55$
&$0326-RVp([SORUDFLRQHVDUTXHROyJLFDVHQWRUQRDOVHSXOFURGHO$SyVWRO6DQWLDJR6DQWLDJRGH&RPSRVWHODņŎōŇS
ŇŎ'HERHOFRQRFLPLHQWRGHHVWDQRWLFLDD&27(/2)(/Ë3(=0DULR&XOWRH,FRQRJUDItDGD0DGDOHQDHQ*DOLFLD
6DQWLDJRŇŅŅņĪ7UDEDOOR$FDGpPLFDPHQWH'LUL[LGRīĪLQpGLWRī
ŇŅ
)LJŋ&RQIHVVLRGHOD0DJGDOHQDGHOD&DWHGUDOGH6DQWLDJRGH&RPSRVWHODUHFRQVWUXFFLyQKLSRWpWLFDHQň'
$XWRU7RPiV*XHUUHURĥ0DJQHWR6WXGLRŇŅņŅ6$GH;HVWLyQGR3ODQ;DFREHR$VHVRUtDFLHQWt¿FD0DQXHO
&DVWLxHLUDV
GHODFLRQHVGHOSHUtRGREDUURFRŇŉHFRVGHVXDUWLFXODFLyQVHHQFXHQWUDQWRGDYtDHQ
ODDFWXDOLGDGODFDSLOODPD\RUGH6DQWD0DUtDGH&DPEUHĪ$&RUXxDīĪFDņŇŅŅīXQ
HGL¿FLRDUTXLWHFWyQLFDPHQWHPX\YLQFXODGRDOD&DWHGUDOGH6DQWLDJRHQHOTXHVH
DFFHGHDWUDYpVGHODVFROXPQDVGHOGHDPEXODWRULRDXQHVSDFLRFRQWLJXRDODOWDUHO
FXDOVHSUHVHQWDDGHPiVWRGDYtDKRUDGDGRHQVXSDUWHLQIHULRUŇŊ
6HWUDWDEDGHXQDWLSRORJtDGHDFFHVRWUDVHURGHORVSHUHJULQRVDODFRQIHVVLRĥ
RUDWRULREDMRXQDOWDUĥEDOGDTXLQRFX\RVSUHFHGHQWHVHVWiQHQODVFULSWDVDQXODUHV
DGFRUSXVFRQWUDPRUHFWRGHODQWLJXR6DQ3HGURGHO9DWLFDQRĪŊŎŅĥŋŅŉīĪ¿JŇņīŇŋ
RHQVXLPLWDFLyQHQODLJOHVLDLQIHULRU6DQ&ULVyJRQRGH5RPDĪŌňņĥŌŉņīŇŌ(Q
WRGRFDVRODIXQFLyQOLW~UJLFRĥULWXDOGHWRGRVORVRUDWRULRVMXQWRDODOWDUPD\RUHUD
Ňŉ
%DMRODVXSHUYLVLyQGHOFDQyQLJRĥIDEULTXHUR'-RVp9HJD\9HUGXJRHQņŋŋōVHVXEVWLWX\yHODOWDUURPiQLFR
SRU XQR EDUURFR /Ï3(= )(55(,52 (O 3yUWLFR GH OD *ORULD SS ņņŊĥņňŌ 6REUH OD PDJQLWXG GH ODV REUDV GH
UHPRGHODFLyQGHODFDSLOODPD\RUHQHVRVDxRVYpDVH7$Ë1*8=0È10LJXHO³(OYLDMHD/LVERDGHOFDQyQLJR
IDEULTXHUR'-RVp9HJD\9HUGXJRĪņŋŋŎī´4XLQWDQDņĪŇŅŅŇīSSňŅņĥňņņ
ŇŊ
&$67,f(,5$V³7RSRJUDSKLHVDFUpH´SSňňĥňŉ
Ňŋ
6HWUDWDGHODUHIRUPDGH*UHJRULR0DJQRHQWUHHOŊŎŅ\HOŋŅŉFRQODTXHHODOWDUPD\RUGH6DQ3HGURGHO
9DWLFDQRTXHGDVREUHODWXPEDDODTXHVHDFFHGHPHGLDQWHXQDFULSWDDQXODU.5$87+(,50(55LFKDUG5RPD
3URÀORGLXQDFLWWjŉŇňĦŇŉņŎ5RPDņŎōņSņņŇ%,5&+'HEUD-3LOJULPDJHWR5RPHLQWKH0LGGOH$JHV&RQWLĦ
QXLW\DQG&KDQJH:RRGEULGJHņŎŎōSňŇ
ŇŌ
0(61$5'0/DEDVLOLTXHGH6DLQW&KU\VRJRQHj5RPH&LXGDGGHO9DWLFDQRņŎňŊSSŋņĥŌŉĪ6WXGLGL$QWLFKLWj
&ULVWLDQDSXEEOLFDWLDFXUDGHO3RQWL¿FLR,VWLWXWRGL$UFKHRORJLD&ULVWLDQD,;ī.5$87+(,0(55LFKDUG&RUSXV
%DVLOLFDUXP&KULVWLDQDUXP5RPDHYRO,&LXGDGGHO9DWLFDQRņŎňŌSSņŊŋĥņŊŎ
Ňņ
0DQXHO&DVWLxHLUDV
VHPHMDQWHODGHVDWLVIDFHUODQHFHVLGDGGHORVSHUHJULQRVGHRUDUHQHOHVSDFLRDGĥ
\DFHQWHDOVHSXOFUR$XQTXHODPHQWDEOHPHQWHQRVDEHPRVVLODFRQIHVVLRFRPSRVWHĥ
ODQDSRVHtDDOJ~QWLSRGHIHQHVWHOODFRPRODGHODVFULSWDVURPDQDVHVPX\SUREDEOH
TXHDOPHQRVH[LVWLHVHXQDWUDPSLOODHQHOSDYLPHQWRUHVHUYDGDH[FOXVLYDPHQWH
FRPRHQ6DQ3HGURGHO9DWLFDQRDODFFHVRGHYLDMHURVLOXVWUHVŇō1RREVWDQWHQR
GHEHUtDVRUSUHQGHUQRVHOFDUiFWHUHQFDSVXODGRGHODKDELWDFLyQGHOFXHUSRVDQWR
EDMRDOWDUSXHVFRQHOORVHLPLWDEDXQYHUGDGHURUHOLFDULRVXEDOWDUL'HKHFKRGLĥ
FKDGLVSRVLFLyQFRQFXHUGDFRQODFiPDUDVXEWHUUiQHDGHODEDVtOLFDGH6DQ-XDQGH
/HWUiQFRQVWUXLGDHQHODxRōŉŉEDMR6HUJLR,,DSHQDVDFFHVLEOHFX\DVUHOLTXLDV
QRHUDQYLVLWDEOHV\TXHFRQWDEDWDQVyORFRQXQDSHTXHxDIHQHVWHOODŇŎ
Ĩ&yPRWXYLHURQDFFHVRORVDUTXLWHFWRVGHOD&DWHGUDOGH6DQWLDJRDHVWDVLQĥ
JXODUVROXFLyQ"Ĩ3RUTXpHOWH[WRGHOD+&LQVLVWHWDQWRHQODYROXQWDGGHORELVSR
*HOPtUH]HQFUHDUHVWHHVSDFLRGHUHFRJLPLHQWR"/DUHVSXHVWDDHVWDVSUHJXQWDVQR
UHVXOWDIiFLOSHURH[LVWHQDOJXQRVLQGLFLRVTXHDSXQWDQDXQDVROXFLyQVDWLVIDFWRULD
(Q SULPHU OXJDU OD FXULD FRPSRVWHODQD KDEtD DGTXLULGR XQD H[SHULHQFLD GLUHFWD
GHORVPRQXPHQWRVURPDQRV'HKHFKRHOSURSLR*HOPtUH]KDEtDVLGRLQYHVWLGR
VXEGLiFRQR HQ ņņŅŅ HQ 6DQ 3HGUR GH9DWLFDQR VHJ~Q HO ULWXDO FDQyQLFR eVWH
FRQVLVWtDHQSRVWUDUVHYHVWLGRGHODQWHGHODFRQIHVVLRGH6DQ3HGURGRQGHGHVSXpV
OHVHUtDQLPSXHVWDVODVPDQRVňŅ0X\SUREDEOHPHQWHDOOtWDO\FRPRVHxDOy6HUDĥ
ItQ0RUDOHMR*HOPtUH]FRQFLELyVXSURJUDPDDUWtVWLFRGHHYRFDFLyQ\H[DOWDFLyQ
³DSRVWyOLFD´SDUDODEDVtOLFDFRPSRVWHODQDHOFXDOPDGXUyHQVXVHJXQGDYLVLWDD
ODFLXGDGHWHUQDHQņņŅŊFRQPRWLYRGHUHFLELUHO3DOLR(ODOWDUPD\RUFRPSRVWHĥ
ODQRGHņņŅŊĥņņŅŋLQFRUSRUDGHKHFKRHOHPHQWRVPX\URPDQRVODFRQIHVVLRHO
EDOGDTXLQR\HOIURQWDOGHSODWDHLQFOXVRODLQVWLWXFLyQGHVLHWHFDUGHQDOHVĪ/6,9
Ňō
'HKHFKRHQņŊŌŇD$PEURVLRGH0RUDOHVSRULU³SRUPDQGDGR´GHOUH\)HOLSH,,VHOHDEULyHOFRVWDGRL]ĥ
TXLHUGRGHODOWDUGH*HOPtUH]GRQGHKDEtDXQDSXHUWDSRUODTXHVHSRGtDYHUHOLQWHULRUGHOPLVPR/RTXHKD\
GHQWURHVGRVSLHGUDVJUDQGHVOODQDVHQHOVXHOR\DOFDERGHOODVXQDJXJHURSHTXHxRSRUGRQGHQRFDEUiPiVTXHXQD1DUDQMD
\HVWiWDSDGRFRQFDOHVWHSDVDjORKXHFRTXHHVWiGHEDMRGHODOWDU\GHVXVJUDGDVĭ«Į(QHVWDFRQFDYLGDGHVWiHO&XHUSRGHO
6DQWR$SyVWROHQVXWXPEDGHPiUPROĭ«Į9LDJHGH$PEURVLRGH0RUDOHVSRURUGHQGHO5H\'RQ3KHOLSH,,DORV5H\QRV
GH/HyQ\*DOLFLD\3ULQFLSDGRGH$VWXULDVSDUDUHFRQRFHUODVUHOLTXLDVGH6DQWRVVHSXOFURVUHDOHV\OLEURVPDQXVFULWRV
GHODV&DWKHGUDOHV\0RQDVWHULRV0DGULGņŌŋŊ5HSURG)DVF$&RUXxDŇŅŅŊSSņňŇĥņňň6HGHVFRQRFHHO
PRPHQWRHQHOTXHIXHUHDOL]DGRHVWHDJXJHURTXHFRPXQLFDEDFRQODFiPDUDVXEWHUUiQHD*XHUUD&DPSRVOD
DWULEXtDDODpSRFDGH*HOPtUH]\DTXHIHQHVWHOODH\FDWDUDFWDHVLPLODUHVH[LVWtDQHQODVEDVtOLFDVURPDQDV6HJ~Q
HVWHDXWRUOD³WHQGHQFLDURPDQL]DQWH´GH*HOPtUH]ORKDEUtDLPSXOVDGRDWUDVSODQWDUD&RPSRVWHODHVWHXVR
URPDQRTXHHODXWRUVLW~DKDFLDņņňŌĥņņňōFXDQGR*HOPtUH]LQWHUYLHQHGHQXHYRHQODGHFRUDFLyQGHODOWDU
FRQODFRQVWUXFFLyQGHODWDEXODUHWURDOWDULV\WUDVODGRQDFLyQGHODUHOLTXLDDORELVSR$WyQGH3LVWRLDYpDVH
*8(55$ &$0326 ([SORUDFLRQHV SS ŇņņĥŇņň \ ¿J ŋňH 4XHGD SRU UHVROYHU VLQ HPEDUJR FyPR HO SUHODGR
FRPSRVWHODQRDFFHGLyDODFULSWDSDUDODGRQDFLyQGHODUHOLTXLDGH3LVWRLDĨKDEtDDOJ~QWLSRGHWUDPSLOODHQHO
SDYLPHQWRGHODOWDU"6REUHODGRQDFLyQD3LVWRLDYpDVH9È=48(=5RVD³(SLVWRODULRFRPSRVWHODQRGH3LVWRLD´
HQ&RPSRVWHOD\(XURSDSSňŊŋĥňŊŌĪFRQELEOLRJUDItDH[KDXVWLYDVREUHHOWHPDī
ŇŎ
%/$$8:6GH&XOWXVHWGHFRU/LWXUJLDHDUFKLWHWWXUDQHOOD5RPDWDUGRDQWLFDHPHGLHYDOH&LXGDGGHO9DWLFDQRņŎŎŉ
SSŇŉŅĥŇŉŇ
ňŅ
,ELGHPSŋŅŉ
ŇŇ
Ŏīňņ~QLFRVSRVLEOHVR¿FLDQWHVFRPRHQ6DQ3HGURGHO9DWLFDQR\6DQ-XDQGH/Hĥ
WUiQňŇ(VGHFLUWRGDODUHPRGHODFLyQUHVSRQGHDXQSUR\HFWRLGHROyJLFRFRQFUHWR
&RPR VH KD VHxDODGR UHFLHQWHPHQWH HQ HO OLEUR GH OD H[SRVLFLyQ &RPSRVWHOD
\(XURSD/DKLVWRULDGH'LHJR*HOPtUH] H[LVWtDQ QR REVWDQWH FRQGLFLRQDPLHQWRV
WRSRJUi¿FRVTXHHOSUHODGRQRSRGtDYDULDU(OSUR\HFWRLQLFLDOGHOD&DWHGUDOQR
FRQFHEtDXQDFULSWD\VXUHDOL]DFLyQUHVXOWDEDLPSRVLEOHKDFLDņņŅŅĥņņŅŊSXHV
ORVWUDEDMRV\DKDEtDQOOHJDGRDOD]RQDGHOWUDQVHSWR*HOPtUH]GHFLGLyDGDSWDUD
ODDUTXLWHFWXUDFDWHGUDOLFLDODIyUPXODGHODFULSWDDQXODUDGFRUSXVFRQWUDPRUHFWR
GHPRGRTXHDSURYHFKDHOGHDPEXODWRULR\OHLQFRUSRUDHVHHVSDFLRWUDVHURGHO
DOWDUTXHH[FDYDSDUDDVtVLPXODUODVVROXFLRQHVURPDQDVDGFRUSXVňň
&RPRHQ5RPDODFRQIHVVLRFRPSRVWHODQDFRQVWLWXtDSXHVHOSXQWRPiVFHUFDQR
GHFRQWDFWRHQWUHORVSHUHJULQRV\HORFXOWR\HQWHUUDGRUHOLFDULRDSRVWyOLFReVWH
HVXQHOHPHQWRTXHKD\TXHVXEUD\DUSXHVFRPRYHUHPRVHQODpSRFDURPiQLFD
HODOWDUPD\RUGH6DQWLDJRHUDXQOXJDUFHUUDGRDOTXHVyORDFFHGtDODFXULDFRPĥ
SRVWHODQDFRQREMHWRGHSUHVHUYDUHOVDQFWDVDQFWRUXP\VXVWHVRURV
,ň/DVUHMDVGHODOWDUīÀJōĬ
(O HVSDFLR GHO DOWDU PD\RU HVWDED DELHUWR D OD JLUROD D WUDYpV GH ORV DUFRV ODĥ
WHUDOHVGHOSUHVELWHULR\GHOKHPLFLFOR\DOFUXFHURSRUHOJUDQDUFRWULXQIDO6LQ
HPEDUJRHVWHiPELWRHOPiVVDJUDGRGHODEDVtOLFD\DTXHDOOtVHHQFRQWUDEDHO
DOWDUVREUHODWXPEDDSRVWyOLFDDVtFRPRWRGRHODMXDUOLW~UJLFRHVWDEDVHSDUDGR\
SURWHJLGRSRUXQHQUHMDGRGHKLHUURFRQXQDVSXHUWDVGHODQWHUDVTXHSHUPLWtDQHO
DFFHVRSDUDODVFHOHEUDFLRQHVOLW~UJLFDV
([LVWHQYDULDVQRWLFLDVGRFXPHQWDOHVGHHVWDVUHMDVHQOD+&/DPHQFLyQPiV
DQWLJXDVHHQFXHQWUDHQHOFDStWXORŋŎGHOOLEUR,GRQGHVHQDUUDFyPRODUHLQD
ňņ
/6,9ŎWUDGFLWSŋŅŉ
ňŇ
%/$$8:&XOWXVHWGHFRUSŋŎň
ňň
&$67,f(,5$6³'LGDFXV*HOPLULXV´SSōŎĥŎŅ3RUVXSDUWH(GXDUGR&$55(52Ī³/HVDQFWXDLUHGHODFDWKpGUDOH
GH6DLQWĥ-DFTXHVĥGHĥ&RPSRVWHOOHjO¶pSUHXYHGHODOLWXUJLH´HQ&$QGUDXOWĥ6FKPLWW6DLQWĦ0DUWLDOGH/LPRJHV
$PELWLRQSROLWLTXHHWSURGXFWLRQFXOWXUHOOHī;qĦ;,,,qVLqFOHVĬ/LPRJHVŇŅŅŊSSŇŎŊĥňŅŌīSUH¿HUHUHGXFLUODIXQĥ
FLyQGHODFRQIHVVLRFRPSRVWHODQDDODGHXQVLPSOHDOWDUHPDWXWLQDOHQHJDQGRVXVLWXDFLyQVHPLVXEWHUUiQHDDSDUĥ
WLUGHXQDWDUGtDPLQLDWXUDGHO&DUWXODULRGHO+RVSLWDOGH6DLQWĥ-DFTXHVGH7RXUQDLUHDOL]DGDHQņŉōŎFXDQGR
GLFKRHVSDFLRKDEtDVLGR\DSURIXQGDPHQWHDOWHUDGRQRVyORSRU$ORQVR,GH)RQVHFDĦTXHHQņŉŋŇVXEVWLWX\y
HOYLHMREDOGDTXLQRGH*HOPtUH]ĦVLQRWDPELpQSRUVXVOHMDQRVDQWHFHVRUHVFRPR3HGUR0XxL]ĪņŇŅŌĥņŇŇŉī
TXHHQņŇņņKDEtDKHFKRFRORFDUHQDOWRODHVWDWXDVHGHQWHGHO$SyVWRO6DQWLDJRFDPELDQGRDVtSURIXQGDĥ
PHQWHODWRSRJUDItDVDJUDGDGHOD&DWHGUDO&$67,f(,5$60DQXHO³(O0DHVWUR0DWHRRODXQLGDGGHODVDUWHV´
HQ 0DHVWURVGHO5RPiQLFRHQHO&DPLQRGH6DQWLDJR +XHUWD +XHUWD 3 / ĪHGī$JXLODU GH &DPSRR Ī3DOHQFLDī
ŇŅņŅSSņōŌĥŇňŎHVSHFSSŇŅņŇŇŅĥŇŇņŇňŇĥŇňň(QPLRSLQLyQWDQWRHOXVRGHOWpUPLQRFRQIHVVLRFRPR
HOKHFKRGHIRUPDUSDUWHGHXQDUHPRGHODFLyQGHODOWDU³DOODURPDQD´FRQEDOGDTXLQR\IURQWDOGHSODWDVRQ
VX¿FLHQWHPHQWHLQGLFDWLYDVGHODYROXQWDGGHHPXODFLyQ³URPDQD´GH*HOPtUH]$GHPiVHOWH[WRGHOD+LVWRULD
&RPSRVWHODQDQRGHMDGXGDDOJXQDVREUHVXVLWXDFLyQVHPLHQWHUUDGD\VXIXQFLyQFRPROXJDUGHRUDFLyQFHUFDQR
DODWXPEDGHODSyVWROVLJXLHQGRXQDYH]PiVORVXVRVGHORVWUDPRVUHFWRVGHODVFULSWDVURPDQDV
Ňň
0DQXHO&DVWLxHLUDV
)LJŌ$OWDUGH*HOPtUH]UHFRQVWUXFFLyQKLSRWpWLFDHQň'$XWRU7RPiV*XHUUHURĥ0DJQHWR6WXGLRŇŅņŅ6
$GH;HVWLyQGR3ODQ;DFREHR$VHVRUtDFLHQWt¿FD0DQXHO&DVWLxHLUDV
8UUDFDGHVSXpVGHKDEHUUHFXSHUDGRDVXKLMR$OIRQVROOHJDHQDEULOGHņņņŇD
&RPSRVWHODSDUDKDFHUSHQLWHQFLD
³/OHJyDVtD&RPSRVWHOD\HQWUDQGRHQODLJOHVLDGHO$SyVWROHQWUHODVSXHUWDVGH
KLHUURGHOPLVPRDWULR\HOVDQWtVLPRDOWDUVHSRVWUyHQHOVXHOR\H[WHQGLHQGR
ODVPDQRVHOHYyDO6HxRUHVWDRUDFLyQ´ňŉ
/DIHFKDĦņņņŇĦFRLQFLGHFRQHOPRPHQWRGHGHUULERGH¿QLWLYRGHORVPXURVGH
ODEDVtOLFDGH$OIRQVR,,,TXHVHJ~QOD+&³HUDXQDHVSHFLHGHVRPEUDSDUDWRGDOD
EDVtOLFD´ňŊ(OKHFKRGHTXHVXGHPROLFLyQIXHVHDSURYHFKDGDSDUDFRQVWUXLUDOOtHQ
ODQDYHFHQWUDOGHODLJOHVLDXQFRURGHORVFDQyQLJRV³VX¿FLHQWHPHQWHFDSD]´FRQ
GRVS~OSLWRVSDUDHOFDQWR\ODOHFWXUDGHODVHVFULWXUDVňŋKDOOHYDGRDGHGXFLUTXH
ODYLHMDHVWUXFWXUDDOWRPHGLHYDOYHQtD\DVLHQGRXWLOL]DGDDWDOHIHFWRSRUHOFDELOGR
FDWHGUDOLFLR&RQVXGHVWUXFFLyQHOSUHODGRKDEUtDVLVWHPDWL]DGRGH¿QLWLYDPHQWHHO
QXHYRDOWDUGHODFDWHGUDOSXHVDOOLEHUDUHOHVSDFLRGHOFUXFHURGHFRQVWUXFFLRQHV
ňŉ
+&,ŋŎWUDGFLWSSņŌō9HQLWLWDTXH&RPSRVWHOODPHWDSRVWROLFDPLQJUHGLHQVHFFOHVLDPLQWHUIHUUHDVLSVLXVXHVWLEXOL
LDQXDV HW DOWDUH VDQFWLVVLPXP VH SURVWUDXLW LQ SDXLPHQWR HW H[SDQGHQV PDQXV KXLXVPRGL DG 'RPLQXP SLR DɲHFWX IXGLW
RUDWLRQHPĪ+&,ŋŎHGODWSņŅŎī
ňŊ
+&,ŌōŇWUDGFLWSņōŎ6REUHODLJOHVLDGH$OIRQVR,,,\VXGHUULERYpDVHWDPELpQ*8(55$&$0326
([SORUDFLRQHVSSňňŎĥňŉņ
ňŋ
+&,ŌōŇWUDGFLWSņōŎ
Ňŉ
VHKL]RQHFHVDULRPiVTXHQXQFDHOFLHUUHLQPHGLDWDPHQWHODFDEHFHUDFRQUHMDV\
YHUMDV+DVWDHVHPRPHQWRODDOWXUDGHOSRGLRGHOSUHVELWHULRKDEUtDLPSHGLGRDORV
SHUHJULQRVHODFFHVRDODOWDUGHVGHHOKHPLFLFORSHURDKRUDFRQODFRQVWUXFFLyQGH
ODVHVFDOHUDVIURQWDOHVHO6DQFWD6DQFWRUXPVHKDFtDPiVYXOQHUDEOH
$xRVPiVWDUGHHQODPLVPD+&Ī,,,ŉŌīVHQDUUDFyPRHQņņňŋ*HOPtUH]
WXYRTXHUHIXJLDUVHHQHODOWDUGHO$SyVWROPDQGDQGRFODXVXUDUODVSXHUWDVGHKLHĥ
UURGHGLFKRUHFLQWRĪ,,,ŉōīFRQHO¿QGHLPSHGLUHODFFHVRGHORVWUDLGRUHVTXH
TXHUtDQDVHVLQDUORORVFXDOHVDQWHVXIUXVWUDFLyQGHFLGHQERPEDUGHDUORDSHGUDĥ
GDVGHVGHODVWULEXQDV
³/OHYDURQDODU]RELVSRKDVWDHOYHQHUDEOHDOWDUGH6DQWLDJRGRQGHHVWiHQWHUUDĥ
GRHOFXHUSRGHO$SyVWROJORULRVR\DGPLUDGRHQWRGDVODWLHUUDV\SRQLpQGROR
EDMRHOEDOGDTXLQRGHODOWDUFHUUDURQ¿UPHPHQWHODVSXHUWDVGHODOWDU´ňŌ
³'HVSXpVTXHVHUHXQLHURQFRQWRGDVVXVDUPDVDQWHODVSXHUWDVGHKLHUURGHO
DOWDU\FRPRHQFRQWUDURQODVSXHUWDVFHUUDGDV\FODXVXUDGDV¿UPHPHQWHFRQVXV
FHUURMRVGHQLQJXQDPDQHUDSXGLHURQHQWUDUHQHODOWDU)XULRVRV\UHFKLQDQGR
ORVGLHQWHVVXELHURQDODREUDGHODPLVPDLJOHVLDSDUDPDWDUGHVGHDUULEDWLUiQĥ
GROHSLHGUDVDOTXHGHVGHDEDMRQRSRGtDQPDWDU´ňō
$XQTXHQRH[LVWHQWHVWLPRQLRVDUTXHROyJLFRVGHGLFKRFLHUUHUHVXOWDPX\Iiĥ
FLOLPDJLQDUVHVXDVSHFWRRULJLQDOSRUFRPSDUDFLyQDOTXHWRGDYtDVHFRQVHUYDHQ
ODDFWXDOLGDGHQODEDVtOLFDGH6DLQWHĥ)R\GH&RQTXHVĪ¿Jōī&DEHUHFRUGDUTXH
GLFKD³LJOHVLDGHSHUHJULQDFLyQ´TXHKDVLGRVLHPSUHFRQVLGHUDGD³ODPDWUL]´GH
ODEDVtOLFDFRPSRVWHODQDIXHDGHPiVSRVLEOHPHQWHYLVLWDGDSRU*HOPtUH]\VXFRĥ
PLWLYDHQHOYLDMHUHDOL]DGRD&OXQ\\D5RPDHQņņŅŊňŎ/DIXQFLyQGHHVWDUHMD
HQ&RQTXHVHUDODGHSUHVHUYDUGLFKRHVSDFLRGHODVPXFKHGXPEUHVGHSHUHJULQRV
TXH DFXGtD D OD EDVtOLFD SDUD YHQHUDU D OD ³0DMHVWDG´ GH 6DQWD )H XQD HVWDWXDĥ
UHOLFDULRFXVWRGLDGDHQHO$OWDU0D\RUMXQWRDOVXQWXRVRWHVRURGHODLJOHVLD6H
WUDWDEDGHUHMDVIRUMDGDVVHJ~QLQIRUPDHO/LEHU0LUDFXORUXPVDQFWDH)LGLVĪ,Ňņī
FRQHOKLHUURGHORVJULOOHWHVTXHRIUHFtDQDODVDQWDORVSULVLRQHURVOLEHUDGRVSRUVX
LQWHUFHVLyQŉŅ7DO\FRPRSXHGHFRQWHPSODUVHWRGDYtDKR\HQHODOWDUGH&RQTXHV
pVWDVHVWDEDQIRUPDGDVSRUEDUURWHVYHUWLFDOHVXQLGRVSRUSOHWLQDVRUQDPHQWDOHV
DFDUDFRODGDV HQ FX\D SDUWH VXSHULRU VH FRORFDEDQ XQRV UHPDWHV GREODGRV KDFLD
DEDMRHQSXQWDFRQHOREMHWRGHLPSHGLUTXHVHSXGLHVHWUHSDUSRUHOODVSDUDVDOWDU
DORWURODGR(Q&RQTXHVHOUHFLQWRHQUHMDGRFRQVWDWRGDYtDGHSXHUWDVODWHUDOHVD
ňŌ
+&,,,ŉŌWUDGFLWSŊōŅ
ňō
+&,,,ŉŌWUDGFLWSŊōņ
ňŎ
&$67,f(,5$6³'LGDFXV*HOPLULXV´SŌŎ9pDVHWDPELpQ,GHP³'D&RQTXHVD&RPSRVWHOODUHWRULFDHSHUIRUĥ
PDQFHQHOO¶HUDGHLSRUWDOLSDUODQWL´HQ0HGLHYR,PPDJLQHH0HPRULD$WWLGHO;,&RQYHJQR,QWHUQD]LRQDOHGL6WXGL
3DUPDňŉĦňŎVHWWHPEUHňņņŎ4XLQWDYDOOH$&ĪHGī0LOiQĥ3DUPDŇŅŅŎSSŇňňĥŇŊņ
ŉŅ
³&RPPHQW6DLQW)R\GpOLYUHOHVSULVRQQLHUVTXLRQWUHFRXUVjHOOH´HQ/LYUHGHV0LUDFOHVGH6DLQWH)R\ŇņŏŊĦ
ŇŏŏŊ/6HUYLHUVĪWUDGī6pOHVWDWņŎŎŊSŊŅ
ŇŊ
0DQXHO&DVWLxHLUDV
)LJō3UHVELWHULR\DOWDUPD\RUGHODLJOHVLDDEDFLDOGH6DLQWHĥ)R\GH&RQTXHVFDņŅŊŅĥņŅŌŅFRQVXFLHUUHGH
UHMDVURPiQLFR)RWR9LFWRULDQR1RGDU
DPERVODGRVGHOSUHVELWHULRTXHDQWDxRSHUPLWtDQHODFFHVRGHORVPRQMHVVLELHQ
DOOtQRVHKDFRQVHUYDGRODUHMDIURQWDO
1RREVWDQWHHQODUHFLHQWHUHFRQVWUXFFLyQYLUWXDOGHODOWDUPD\RUGH6DQWLDĥ
JRVHKDGDGRPXFKDLPSRUWDQFLDDODVSHFWRGHODUHMDGHOIUHQWH\VXSXHUWDGH
HQWUDGDEDViQGRQRVHQORVWHVWLPRQLRVGHOD+&DUULEDFLWDGRVDVtFRPRHQRWUDV
QRWLFLDV SRVWHULRUHV (Q SDUWLFXODU KD UHVXOWDGR HVSHFLDOPHQWH VXJHUHQWH OD UHĥ
FRJLGDHQXQDGHODVGLVSRVLFLRQHVGHO/LEURGHODV&RQVWLWXFLRQHVGHO$UFKLYRGHOD
&DWHGUDOGH6DQWLDJRUHODWLYDDODVFRVWXPEUHVVREUHHOUHSDUWRGHODVRIUHQGDV
SUHVHQWDGDVSRUORVSHUHJULQRVHQODLJOHVLDGH6DQWLDJRDLQVWDQFLDVGHOFKDQWUH
\FDUGHQDOFRPSRVWHODQR-XDQ3HOiH]ĪņŇŉŅĥņŇŊŅīŉņ6HJ~QGLFKRGRFXPHQWRVH
KDEODGHORVJXDUGLDQHVĦWHVRUHURGHODOWDUGH6DQWLDJRXQDUTXH\UXV\FOpULJRGHO
DUFDGHODREUDĦTXHHVWiQHQORVHVFDORQHVĪLQJUDGHFHOOLVī\³HQODVSXHUWDVGHODOWDU
GH6DQWLDJR´ĪLQSRUWLVDOWDULVEHDWL-DFRELīĪIŌŇUīODVFXDOHVHQRFDVLRQHVHVWDEDQ
/LEURGHODV&RQVWLWXFLRQHV,IROVŌŇUĥŌňU$UFKLYRGHOD&DWHGUDOGH6DQWLDJR&)Ňņ(OGRFXPHQWRIXHWUDQVĥ
ŉņ
FULWRSRU/Ï3(])(55(,52$QWRQLR+LVWRULDGHOD6$0,YRO96DQWLDJRņŎŅŇDSpQGLFHQ;;9SSŋŉĥ
ŋŌ3DUDXQDQiOLVLVGHOPLVPRYpDVH/Ï3(=$/6,1$)HUQDQGR³&RVWXPEUHVREUHHOUHSDUWRGHODVRIUHQGDV
SUHVHQWDGDVSRUORVSHUHJULQRVHQODLJOHVLDGH6DQWLDJRĪFņŇŉŅĥņŇŊŅī´HQ6DQWLDJR&DPLQRGH(XURSD&XOWR\
FXOWXUDHQODSHUHJULQDFLyQD&RPSRVWHOD0RUDOHMR6\/ySH]$OVLQD)ĪHGVī6DQWLDJRņŎŎňFDWQŋņSňŉŇ
Ňŋ
FHUUDGDV Ī4XDQGRYHURSRUWDDOWDULVVDQFWLLDFRELFODXVDIXHULWī ĪI ŌŇYī GH OR TXH VH

LQ¿HUHXQDYH]PiVGHTXHVHWUDWDEDGHXQHVSDFLRDEVROXWDPHQWHSUHFLQWDGRFRQ
XQHQUHMDGRFRQXQDSXHUWDIURQWDOGHDFFHVRŉŇ
'HKHFKRXQDSUXHEDPDWHULDOGHOXVRGHUHMDVFRPRFLHUUHGHODOWDUPD\RUHQ
HO5RPiQLFRJDOOHJRORSURSRUFLRQDODLJOHVLDFRUXxHVDGH6DQWD0DUtDGH0HOLGH
VLWXDGDHQHO&DPLQR)UDQFpVSXHVDTXpOHVWDEDSUHFLQWDGRFRQXQDLPSRQHQWH
UHMDGHKLHUURIRUMDGRIRUPDGDFRQEDUURWHV\SOHWLQDVRUQDPHQWDOHVHQ³FÚHPDĥ
WDGDVHQÀRU6XVUHVWRVVHFRQVHUYDQHQODDFWXDOLGDGUHSDUWLGRVHQWUHODLJOHVLDGH
6DQWD0DUtD\ODSDUURTXLDGH6DQFWL6SLULWXVŉň7RGDYtDHQWHUDHLQVLWXODGHVFULEH
HOFDQyQLJR/ySH])HUUHLURHQVXQRYHOD2FDVWHORGH3DPEUHHGLWDGDHQņōŎŊ
$D~VLGHpWDPpQGRPHVPRHVWLORSHURTXHPiLVGHEHFKDPDUDDWHQFLyQQDTXHODHLUH[D
pDUHL[DGHIHUURTXHHVWiiDHQWUDGDGDiXVLGHHPDLOĦRIURQWDOGRDOWDUPD\RU&RPĦ
S~xDVHDUHL[DFRPDDVGHPiLVGRVHXWHPSRTXHVHUiGRVLJUR;,9GHYDULRVSDQDOHVFDGD
XQGRVFDOHVHVWiIRUPDGRSRUXQKDYDUDGLUHLWDGHIHUURGDTXHiXQODGRHiRXWURVDOHQ
YDULRVEUD]RVVRPHOODQWHViHVHVŉŉ
,ŉ(OEDOGDTXLQR
(OEDOGDTXLQRGHODOWDUPD\RUIXHUHDOL]DGRMXQWRFRQHOIURQWDOHQWUHņņŅŊ\
ņņŅŋ6HVLWXDEDHQHOFHQWURGHOSUHVELWHULRMXVWRHQFLPDGHOHGtFXORDSRVWyOLFR
Ī¿JŌī/D+&QRVGDQRWLFLDGHVXFRQVWUXFFLyQHQHOFDStWXORGHGLFDGRDODUHVĥ
WDXUDFLyQGHODOWDUPD\RUTXHUHDOL]y*HOPtUH]DQWHVGHODVROHPQHFRQVDJUDFLyQ
GHODxRņņŅŋ
³$GHPiVSRUGHIHUHQFLDRIUHFLyDODDGPLUDFLyQKXPDQDXQEDOGDTXLQRTXHRUĥ
GHQyKDFHUHQWRUQRGHODOWDUGHO$SyVWROGHRUR\SODWDFRQYDULDGR\FRQYHĥ
QLHQWHDUWL¿FLR´ŉŊ
/RVGHWDOOHVGHOPLVPRVHRIUHFHQHQ/6,9Ŏ
³(OFLERULRTXHFXEUHHVWHYHQHUDGRDOWDUHVWiDGPLUDEOHPHQWHGHFRUDGRSRU
GHQWUR\SRUIXHUDFRQSLQWXUDV\GLEXMRV\FRQGLYHUVDVLPiJHQHV(VFXDGUDGR
GHVFDQVDVREUHFXDWURFROXPQDV\HVWiKHFKRGHDOWXUD\DQFKXUDSURSRUFLRĥ
QDGDV 3RU GHQWUR HQ OD SULPHUD OtQHD VH HQFXHQWUDQ HQ ¿JXUDV GH PXMHUHV
DTXHOODVRFKRYLUWXGHVHVSHFLDOHVTXHFLWD6DQ3DEOR(QFDGDiQJXORKD\GRV\
ŉŇ
$OJXQRV DVSHFWRV SRFR FRQRFLGRV GHO GRFXPHQWR TXH UHVXOWDQ GHO Pi[LPR LQWHUpV SDUD SRGHU HQWHQGHU HO
LWLQHUDULRGHORVSHUHJULQRVHQHOLQWHULRUGHODFDWHGUDO\VXUHODFLyQFRQHODOWDU\ODWXPEDGH6DQWLDJRDSDUWLU
GHOVLJOR;,,,KDQVLGRWUDWDGRVUHFLHQWHPHQWHSRUPtHQGRVWUDEDMRV³0DHVWUR0DWHRRODXQLGDGGHODVDUWHV´
³3XHUWDV\PHWDVGHSHUHJULQDFLyQ6DQWLDJR5RPD\-HUXVDOpQ´HQ3HUHJULQRUXWD\PHWDHQODVSHUHJULQDFLRQHV
PD\RUHV9,,,&RQJUHVR,QWHUQDFLRQDOGH(VWXGLRV-DFREHRVŇŉĦŇŋRFWXEUHňņŇņ&DXFFL3ĪHGīĪHQSUHQVDī
ŉň
&$67,f(,5$6³/RVHVSDFLRVDUTXLWHFWyQLFRVHQIXQFLyQGHODVUHOLTXLDV´SŋŎ,GHP³'LGDFXV*HOPLULXV´SŎň
ŉŉ
1RYHODVGH/ySH])HUUHLUR33HGUHW&DVDGRĪHGī6DQWLDJRGH&RPSRVWHODņŎŊňSņŋŎ
ŉŊ
ŇŌ
0DQXHO&DVWLxHLUDV
VREUHVXVFDEH]DVKD\HUJXLGRVXQRViQJHOHVTXHVRVWLHQHQFRQVXVPDQRVHOHYDĥ
GDVHOWURQRTXHHVWiHQORDOWRGHOFLERULR(QPHGLRGHOWURQRVHHQFXHQWUDHO
&RUGHURGH'LRVVRVWHQLHQGRXQDFUX]FRQXQSLH3HURORViQJHOHVVRQWDQWRV
FRPRODVYLUWXGHV3RUIXHUDHQFDPELRKD\HQODSULPHUDOtQHDFXDWURiQJHOHV
TXHWRFDQGRVXVERFLQDVDQXQFLDQODUHVXUUHFFLyQGHOGtDGHOMXLFLR'RVHVWiQ
GHODQWH HQ XQD FDUD \ GRV GHWUiV HQ OD RWUD (Q OD SULPHUD OtQHD KD\ FXDWUR
SURIHWDVDVDEHU0RLVpV\$EUDKDPHQODFDUDL]TXLHUGDH,VDDF\-DFREHQOD
GHUHFKDWHQLHQGRFDGDXQRHQVXVPDQRVFDUWHODVFRQVXVSURSLDVSURIHFtDV
(QODOtQHDVXSHULRUDSDUHFHQVHQWDGRVHQFtUFXORORVGRFHDSyVWROHV(QODSULĥ
PHUDFDUDHVGHFLUGHODQWHHVWiVHQWDGRHQPHGLR6DQWLDJRTXHVRVWLHQHXQ
OLEURFRQODPDQRL]TXLHUGD\FRQODPDQRGHUHFKDGDODEHQGLFLyQ<DVXGHUHĥ
FKDKD\XQDSyVWRO\RWURDVXL]TXLHUGDHQODPLVPDOtQHD$VLPLVPRKD\RWURV
WUHVDSyVWROHVHODGHUHFKDGHOFLERULR\WUHVHQVXL]TXLHUGDHLJXDOPHQWHWUHV
GHWUiV$UULEDHQODFXELHUWDHVWiQVHQWDGRVFXDWURiQJHOHVFRPRFXVWRGLDQGR
HODOWDU3HURHQODVFXDWURHVTXLQDVGHOPLVPRFLERULRDOFRPHQ]DUODFXELHUWD
HVWiQHVFXOSLGRVORVFXDWURHYDQJHOLVWDVFRQVXVSURSLRVVtPERORV3RUGHQWUR
HQFDPELRHVWiSLQWDGRHOFLERULRPLHQWUDVTXHSRUIXHUDHVWiHVFXOSLGR\SLQĥ
WDGR(QVXF~VSLGHVHDO]DSRUIXHUDXQUHPDWHFRQXQVLPSOHDUFRHQHOTXH
HVWiHVFXOSLGDOD6DQWtVLPD7ULQLGDG(QHOSULPHUDUFRTXHPLUDDRFFLGHQWHVH
OHYDQWDODSHUVRQDGHO3DGUHHQHOVHJXQGRRULHQWDGRDOVXGHVWHHVWiHO+LMR\
HQHOWHUFHURTXHPLUDDOQRUWHODSHUVRQDGHO(VStULWX6DQWR<VREUHHVWHUHPDĥ
WHKD\XQDUHYHUEHUDQWHERODGHSODWDVREUHODFXDOVHHOHYDXQDSUHFLRVDFUX]´ŉŋ
7DQWRSDUD/ySH])HUUHLURFRPRSDUD6HUDItQ0RUDOHMRĪ¿JVŎĥņŅīHOJUDQSURĥ
EOHPDDODKRUDGHSODQWHDUVXUHFRQVWUXFFLyQUHVLGtDHQUHVROYHUODLQWHJUDFLyQ\
DGDSWDFLyQGHOFRPSOHMRSURJUDPDLFRQRJUi¿FRGHVFULWRHQXQDHVWUXFWXUDTXHOR
VRSRUWDVH(QSULPHUDLQVWDQFLDFRQPX\EXHQFULWHULRHOFDQyQLJRFRPSRVWHODĥ
QRKDEtDFRQFHELGRXQFXHUSRVXSHULRUIRUPDGRSRUFXDWURDUFRVVREUHFROXPQDV
HQORVTXHVHVLWXDUtDQORVFXDWURiQJHOHVWURPSHWHURV\ORVFXDWURSURIHWDVGHORV
TXHKDEODHO&DOL[WLQR3RUVXSDUWH0RUDOHMRUHVSHWyGLFKDVROXFLyQDGXFLHQGRWRĥ
GDXQDVHULHGHSDUDOHORVGHHVWDV¿JXUDVĥHQMXWDFX\DVWUD]DVHVWDUtDQHQORVFRHWiĥ
QHRVUHOLHYHVGHiQJHOHVWURPSHWHURVGHODIDFKDGDGHODV3ODWHUtDVŉŌPLHQWUDVTXH
SDUDODV¿JXUDVGHORVSURIHWDVSLQWDGRVQRH[LVWHXQSDUDOHORPiVVXJHUHQWHTXH
HOEDOGDTXLQRGH6DQW&ULVWzIROGH7RVHVĪ(O5LSROOqVīĪ01$&īĪ¿JņņīUHDOL]DGR
HQ HO VHJXQGR FXDUWR GHO VLJOR ;,,, HYRFDQGR SRVLEOHPHQWH HQ PDGHUD SLQWDGD
PRGHORVSUHVWLJLRVRVGHRUIHEUHUtD\HVPDOWHVŉō3RURWUDSDUWHQRKD\TXHROYLGDU
TXHODFRORFDFLyQGHSURIHWDVHQHQMXWDVFRPRJXDUGLDQHVGHOHVSDFLRVDJUDGRHUD
XQPRWLYRLFRQRJUi¿FRKDELWXDOGHODGHFRUDFLyQGHOHVSDFLRGHODOWDUHQWUHORV
ŉŋ
/6,9ŎWUDGFLWSSŋŅŇĥŋŅň1RWDODVQHJULWDVVRQQXHVWUDV
ŉŌ
025$/(-2³$UV6DFUD´SņŌŎQRWDņņŊ
ŉō
&$67,f(,5$60DQXHO³(OEDOGDTXtGH7RVWXQDREUDPHVWUDGHODSLQWXUDVREUHWDXOD´HQ(OFHOSLQWDW(OEDOGDĦ
TXtGH7RVW%DUFHORQDŇŅŅōSňŎ
Ňō
)LJ Ŏ 5HFRQVWUXFFLyQ KLSRWpWLFD GHO EDOGDTXLQR \ DOWDU )LJ ņŅ 5HFRQVWUXFFLyQ KLSRWpWLFD GHO
GH *HOPtUH] (Q /Ï3(= )(55(,52 +LVWRULD GH OD 6DQWD EDOGDTXLQRGH*HOPtUH](Q025$/(-2
$ 0 ,JOHVLD GH 6DQWLDJR GH &RPSRVWHOD ,,, 6DQWLDJR GH 6HUDItQ ©$UV6DFUD HW VFXOSWXUH URPDQH
&RPSRVWHODņŎŅŅSŇňŋ PRQXPHQWDOHOHWUpVRUHWOHFKDQWLHUGH
&RPSRVWHOOHª/HV&DKLHUVGH6DLQWĦ0LFKHO
GH&X[DņņĪņŎōŅīSSņōŎĥŇňō¿JŊ
VLJORV;,,\;,,,WDQWRHQORVDUFRVWULXQIDOHVĦPRVDLFRVGHODLJOHVLDVXSHULRUGH6DQ
&OHPHQWHĪFDņņņōī6DQWD0DUtDLQ7UDVWHYHUHĪFDņņŉňī\6DQWD0DUtD1RYDHQ
5RPDĪFDņņŋŊĥņņŋŌīŉŎĦFRPRHQODVF~SXODVĪSLQWXUDVGHODFDWHGUDOGH%UDXQVĥ
FKZHLJHQOD%DMD6DMRQLDīŊŅ
0iVSUREOHPiWLFD\SRUORWDQWRPHQRVVDWLVIDFWRULDUHVXOWDEDODVROXFLyQGHO
FXHUSR VXSHULRU GHO EDOGDTXLQR TXH SURSRQtD 0RUDOHMR 6X GLEXMR FRQWHPSODED
XQFRPSOLFDGRUHPDWHSLUDPLGDO\FXDWURIUHQWHVWULDQJXODUHVHQFDGDXQRGHORV
ODGRV(VWDVROXFLyQVHSUHVHQWDFRPRXQWDQWRH[WUDxD\SRFRLQWHJUDGDHQHOFRQĥ
MXQWRSXHVREOLJDDUHDOL]DUORVWUHVDSyVWROHVGHFDGDFDUDHQXQWDPDxRGLIHUHQWH
ŉŎ
520$126HUHQD5LIRUPDHWUDGL]LRQHŇņŋņĦŇŇŏŎHQ/DSLWWXUDPHGLHYDOHD5RPDŉŇňĦŇŊŉŇ&RUSXVH$WODQWH,9
$QGDORUR0\5RPDQR6ĪHGVī5RPDŇŅŅŋSSŇŅŎňŅŊ\ňňŊ
ŊŅ
'(0862WWR/DSHLQWXUHPXUDOHURPDQH3DUtVņŎŌŅSSŎŉĥŎŊ¿JŇŇŅ
ŇŎ
0DQXHO&DVWLxHLUDV
)LJņņ%DOGDTXLQRGH6DQW&ULVWRIROGH7RVHVĪ9DOOGH5LEHV(O5LSROOqVīSULPHUWHUFLR'HOVLJOR;,,,%DUFHORQD
0XVHX1DFLRQDOG$UWGH&DWDOXQ\D01$&&DOYHUDV0pULGD6DJULVWj
\GHMDDORVFXDWURHYDQJHOLVWDVHQORViQJXORV\VLQUHODFLyQFRQODDUTXLWHFWXUD
TXHORVDFRJH3RURWUDSDUWHHQ HO LQWHULRU OD VROXFLyQ SLUDPLGDO REOLJDUtD D OD
H[WHQVD¿JXUDFLyQGHYLUWXGHV\iQJHOHVGHVFULWDSRUHO&DOL[WLQRDGLVWULEXLUVHHQ
XQH[LJXRHVSDFLR6HKDFtDSRUWDQWRQHFHVDULDODE~VTXHGDGHXQDVROXFLyQPiV
OyJLFDSDUDODFXELHUWDGHOEDOGDTXLQRFX\DFODYHHVWDUtDHQXQDPHMRULQWHJUDFLyQ
GH¿JXUDFLyQ\DUTXLWHFWXUD
3RUHOORHLQVSLUiQGRVHHQEDOGDTXLQRVLWDOLDQRVGHORVVLJORV ;,,\ ;,,,HQOD
UHFRQVWUXFFLyQYLUWXDOUHDOL]DGDFRQPRWLYRGHODH[SRVLFLyQ&RPSRVWHOD\(XURSD
/DKLVWRULDGH'LHJR*HOPtUH]VHRSWySRUXQDGLVSRVLFLyQRFWRJRQDOSDUDHOFXHUSR
VXSHULRUTXHHQHIHFWRSHUPLWtDXQDPHMRUDGDSWDFLyQGHODLFRQRJUDItDGHVFULWD
SRUHO&DOL[WLQR(QORVHMHVQRUWHVXUHVWH\RHVWHORVGRFHDSyVWROHVHQFRQWUDUtDQ
FXDWURHVSDFLRVUHFWDQJXODUHVPiVOyJLFRVSDUDVXGLVWULEXFLyQHQJUXSRVGHWUHV
EDMRDUFDGDV'HODPLVPDPDQHUDODVFXDWURFDUDVLQWHUPHGLDVGHORFWyJRQRJHĥ
QHUDUtDQSRUVXSDUWHXQRVHVSDFLRVHQWUHHOFXHUSREDMR\HOVXSHULRUSDUDVLWXDU
FyPRGDPHQWHODVHVFXOWXUDVGHEXOWRGHORVFXDWURHYDQJHOLVWDVeVWRVUHOOHQDUtDQ
HVWHHVSDFLRYDFtRKDFLHQGRPiVÀXLGDODWUDQVLFLyQHQWUHDPERVFXHUSRV\IDYRUHĥ
FLHQGRVXLQWHJUDFLyQ3RU~OWLPRODFXELHUWDHVWDUtDWUXQFDGDHQVXSDUWHVXSHULRU
ňŅ
SDUDJHQHUDUXQDVXSHU¿FLHKRUL]RQWDOVREUHODTXHSRGHUGLVSRQHURWURSHTXHxR
FLERULRTXHDOEHUJDUtDOD¿JXUDGHEXOWRGHOD7ULQLGDG
3RURWUDSDUWHHQHOLQWHULRUODVSHUVRQL¿FDFLRQHVGHODVRFKRYLUWXGHVGHVFULĥ
WDVHQHO&DOL[WLQRHQFRQWUDUtDQXQOXJDUPX\DGHFXDGR³HQFDGDiQJXOR´HVGHFLU
GHWUiVGHORVHYDQJHOLVWDV\GLVSXHVWDVGHGRVHQGRV6REUHpVWDVHO&DOL[WLQRVLW~D
RFKR iQJHOHV TXH VH SRGUtDQ GLVSRQHU SHUIHFWDPHQWH HQ FDGD XQR GH ODV RFKR
SDUWHVGHODFXELHUWDRFWRJRQDOeVWRVVRVWLHQHQHO$JQXV'HLTXHLUtDSLQWDGRHQ
OD VXSHU¿FLH KRUL]RQWDO TXH WUXQFD OD FXELHUWD SLUDPLGDO \ KDFH GH EDVH SDUD HO
FXHUSRGHUHPDWH
3RURWUDSDUWHQRFDEHGXGDDOJXQDTXHHOFLERULRGH*HOPtUH]HOSULPHURUHDĥ
OL]DGRHQWLHUUDVJDOOHJDVIXHFRQVHFXHQFLDGLUHFWDGHORVYLDMHVTXHHORELVSR\VX
VpTXLWRUHDOL]DURQSRUWLHUUDVIUDQFHVDVHLWDOLDQDVHQORVDxRVņņŅŅ\ņņŅŊ$Vt\D
ORKDEtDQSXHVWRGHPDQL¿HVWRORVHUXGLWRVJDOOHJRV0DQXHO0XUJXtDŊņDVtFRPR
-RVp)LOJXHLUD9DOYHUGH\;RVp5DPyQ)HUQiQGH]2[HDŊŇ&LHUWDPHQWHODLGHDGH
VXEUD\DUHODOWDU\ODWXPEDDSRVWyOLFDFRQXQFLERULXPDUJHQWHXPHUDXQDQRYHGDG
HQ *DOLFLD \ VX UHIHUHQWH WXYR TXH HVWDU HQ ORV SUHVWLJLRVRV PRGHORV EDVLOLFDOHV
DOWRPHGLHYDOHV URPDQRV GH 6DQ 3HGUR ĪŌŎŊĥōņŋī \ 6DQ -XDQ GH /HWUiQ ĪōņŅīŊň
1RREVWDQWHGHVGHHOSXQWRGHYLVWDHVWUXFWXUDOODFLWDGDUHFRQVWUXFFLyQYLUWXDO
FRQHFWDPiVELHQFRQXQDWLSRORJtDHQPiUPROPX\H[WHQGLGDHQWUH¿QDOHVGHO
VLJOR ;,\ ;,,HQOD3HQtQVXOD,WiOLFDXQFLERULRFRQFXĥ
ELHUWDHVFDORQDGDGHIRUPDRFWRJRQDOFRPRORVGH6DQ
1LFRODGH%DULĪņņŅŊĥņņŇňīĪ¿JņŇīŊŉR6DQ*LRUJLRLQ
9HODEURŊŊ\6DQ/RUHQ]R([WUDPXURVGH5RPDĪņņŉŌīŊŋ
(Q6DQWLDJRVHKDEUtDH[SHULPHQWDGRLJXDOPHQWHHVWD
SHFXOLDUVROXFLyQWLSROyJLFDSHURHQYH]GHPiUPROHQ
XQDHVWUXFWXUDGHPDGHUDFXELHUWDGHOiPLQDVGHPHWDO
GRUDGDV\SODWHDGDVPX\WtSLFDGHODRUIHEUHUtDPHGLHYDO
)LJņŇ&LERULRGHODEDVtOLFDGH6DQ
1LFRODGH%DULĪ$SXOLDīFDņņŅŊĥņņŇň
Ŋņ
085*8Ë$0DQXHO'RQ'LHJR*HOPtUH]$&RUXxDņŎŎņSōŋ
ŊŇ
³&RSDOLRWUDLDJUDQGHVLGHLDV)L[HUDDVHVWDFLyQVGRURPiQLFRDVXDFKHJDGDD&RPSRVWHODPDUFDQRYRVJXLHLĥ
URVyDUWHJDOHJR&LFDLVWURX[HUDDOJRPiLVTXHLGHLDVPHVWUHVHREUDVGHDUWH´),/*8(,5$9$/9(5'(;RVp
\)(51È1'(=2;($;RVp5DPyQ³2EDOGDTXLQRHQ*DOLFLDGHQDQWHVGREDUURFR´$UTXLYRVGR6HPLQDULRGH
HVWXGRV*DOHJRV9ĪņŎňŅīSSŎŊĥņŉņHVSHFņŅŉ
Ŋň
%/$$8:&XOWXVHWGHFRUSSņŌňĥņŌŉŊňŉŊŉŎ
Ŋŉ
&,2))$5,*HUDUGR6WRULDGHOODEDVLOLFDGL61LFRODGL%DUL,/·HSRFDQRUPDQQRVYHYD%DULņŎōŉSSņŇŊņňŌ
ŊŊ
08f2]$QWRQLR,OUHVWDXURGHOODEDVLOLFDGLVDQ*LRUJLRDO9HODEURLQ5RPD5RPDņŎŇŋňōĥŉŅ.5$87+(,0(5
&RUSXVEDVLOLFDUXPYRO,SŇŉō
Ŋŋ
$50(//,1,0/HFKLHVHGL5RPDGDOOHORURRULJLQLVLQRDO;9,5RPDņōōŌSŋōŊ.5$87+(,0(5&RUSXVEDVLOLFDĦ
UXPYRO,,Sņň)$/',*8*/,(/0,&5RPDEDVtOLFDGHV/RUHQ]RDOYHUDQR%RORQLDņŎŋŋSŇŉ
ňņ
0DQXHO&DVWLxHLUDV
)XHUDGH5RPD*HOPtUH]SXGRKDEHUFRQWHPSODGRYDULRVHMHPSORVGHHVWDWpFQLFD
HQHOYLDMHHPSUHQGLGRHQņņŅŊDWUDYpVGHWLHUUDVJDODV$VtFXDQGROOHJDD&OXQ\
HQHOPRPHQWRGHODFRQVWUXFFLyQGHODWHUFHUDLJOHVLDDEDFLDOWRGDYtDVHFRQVHUĥ
YDED HQ OD LJOHVLD FRQRFLGD FRPR &OXQ\ ,, TXH VH PDQWXYR HQ XVR KDVWD ņņņō
HOEDOGDTXLQRUHDOL]DGRGXUDQWHHODEDGLDWRGH2GLOyQĪŎŎŉĥņŅŉōī6DEHPRVSRU
XQDVRPHUDGHVFULSFLyQUHFRJLGDHQOD9LWDGHHVWHDEDGTXHHVWHFLERULRHVWDED
VRVWHQLGRSRUFROXPQDVIRUUDGDVFRQOiPLQDVGHSODWDQLHODGDŊŌFX\RREMHWLYRHUD
VHxDODUHOOXJDUGRQGHVHJXDUGDEDQODVFHQL]DVGH6DQ3HGUR\6DQ3DEORHPXĥ
ODQGRDVtORVXVRVGHHVWRVPXHEOHVHQODVEDVtOLFDVURPDQDV(QHVHPLVPRYLDMH
HQ6DQ0DUFLDOGH/LPRJHV*HOPtUH]SXGRFRQWHPSODULJXDOPHQWHHOEDOGDTXLQR
GHPDGHUDGRUDGDTXHVHKDEtDUHDOL]DGRVREUHODWXPEDGH6DQ0DUFLDOGHVSXpV
GHOFRQFLOLRGH/LPRJHVGHņŅňņŊōHQHOTXHVHKDEtDUHFRQRFLGRODDSRVWROLFLGDG
GHOVDQWR1RKD\TXHROYLGDUDHVWHUHVSHFWRTXHHQDTXHOORVDxRVHQORVTXHOD
FXULDFRPSRVWHODQDHVWDEDLJXDOPHQWHREVHVLRQDGDSRUDGTXLULUHOWtWXORGHVHGH
DSRVWyOLFD\PHWURSROLWDQDHODFFHVRYLVXDODHVWDVREUDVGHFODUDVUHVRQDQFLDVPDUĥ
WLULDOHV\HFOHVLROyJLFDVHQHOFDPLQRD5RPDSXGRD\XGDUDFRQIRUPDULJXDOPHQWH
HOSURJUDPDHVWpWLFRTXHFXDMyHQHODOWDUPD\RUGH*HOPtUH]DODYXHOWDGHOYLDMH
,Ŋ(ODOWDU
&RPRVHKDVHxDODGRDOLQLFLRGHHVWDVHFFLyQFXDQGR*HOPtUH]DFFHGHDOD
FiWHGUDGH6DQWLDJRHQHODxRņņŅŅHQHOFXOWRWRGDYtDVHFHOHEUDEDHQODDQWLJXD
EDVtOLFD GH$OIRQVR ,,, HQ FX\D FDEHFHUD VH VLWXDED HO HGtFXOR FRQ HO VHSXOFUR
DSRVWyOLFR(QODSDUWHVXSHULRUGHGLFKDHVWUXFWXUDVHXELFDEDHODOWDUTXHODWUDĥ
GLFLyQD¿UPDEDKDEtDVLGRFRQVDJUDGRSRUORVGLVFtSXORVGHO$SyVWRO\FX\RFXOWR
FRUUtDDFDUJRGHODORVPRQMHVGH$QWHDOWDUHV\GHOFOHURFDWHGUDOLFLRŊŎ'HVGHOD
pSRFD GHO GHVFXEULPLHQWR HVWH DOWDU HVWDED IRUPDGR SRU XQD VHPLFROXPQD TXH
DFWXDEDGHVRSRUWHDXQDSODFDIXQHUDULDURPDQDUHXWLOL]DGDFRPRDUDĪ¿Jņňī
(VWHDOWDUVHXWLOL]yHQHVWDIRUPDKDVWDTXHHQXQPRPHQWRLQGHWHUPLQDGRGH
VX KLVWRULD IXH FXELHUWR SRU XQD ORVD PiV JUDQGH TXH SHUPLWtD UHDOL]DU HO FXOWR
FRQXQDPD\RUFRPRGLGDGSDUDORVFHOHEUDQWHVŋŅ(ODOWDUGHELyGHFRQWLQXDUDVt
ŊŌ
³,QF°SLWHWLDPFLERULXPVXSHUDOWDUH63HWULFXMXVFROXPQDVYHVWLYLWH[DUJHQWRFXPQLJHOORSXOFKURRSHUH
GHFRUDWDV´9LWD62GLORQLVDEELQWHU$FWD66%HQHGLF6HFŋSDUW,SŋōŌFLWDGRHQ9,2//(7ĥ/(ĥ'8&(XJqQHĥ
(PPDQXHO³&\ERULXP´'LFWLRQQDLUHUDLVRQQpGHODUFKLWHFWXUHIUDQoDLVHGX ;,HDX ;9,HVLqFOHYRO,93DUtVņōŊōĥ
ņōŋōSSŊŅōĥŊŅŎ6REUHODHYROXFLyQGHODVREUDVGHODLJOHVLDDEDFLDOGH&OXQ\YpDVH&21$17.HQQHWK-RKQ
&OXQ\/HVpJOLVHVHWODPDLVRQGXFKHIG·RUGUH0kFRQņŎŋōSSŊŌĥŋņ
Ŋō
/$67(<5,('86$,//$17&KDUOHV)HUGLQDQG/DEED\HGH6DLQWĦ0DUWLDOGH/LPRJHV3DUtVņŎŅņSŇ
ŊŎ
3DUDODHYROXFLyQGHOFXOWRGHODOWDUGH6DQWLDJRYpDVH/Ï3(=$/6,1$)HUQDQGR³'HODPDJQDFRQJUHJDWLRDO
FDELOGRGH6DQWLDJRUHIRUPDVGHOFOHURFDWHGUDOLFLRĪōňŅĥņņņŅī´HQ,;&HQWHQiULRFRPHPRUDWLYRGDGHGLFDomRGD
6pGH%UDJDŇņŎŏĦŇŏŎŏW,%UDJDņŎŎŅSSŌňŊĥŌŋŇ
ŋŅ
(Q+&,ņōVHGDFXHQWDGHHVWDUHPRGHODFLyQVLQPiVSUHFLVLyQFURQROyJLFDQLGRFXPHQWDOTXH³VHJ~QQRV
GLRDFRQRFHUGHPDQHUDFODUDODDQWLJXDPHPRULDGHORV3DGUHVWDQWRSRUSDODEUDVGH¿HOHVFRPRSRUHOFHUWHUR
WHVWLPRQLRGHFDUWDVÝpDVH+&,ņōWUDGFLWSSņŅŋĥņŅŌ
ňŇ
)LJņň3ULPLWLYRDOWDUGHODEDVtOLFD
MDFREHDFRQRFLGRFRPR³$UDGH
$QWHDOWDUHV´VLJOR,ĪDUDī\VLJOR,;
ĪVRSRUWHī6DQWLDJRGH&RPSRVWHOD
0XVHRGRPRVWHLURGH6DQ3DLRGH
$QWHDOWDUHV
KDVWD TXH *HOPtUH] UHDOL]y XQD VHULH GH FDPELRV (O SULPHUR UHDOL]DGR WUDV VX
QRPEUDPLHQWRFRPRRELVSRHQņņŅņVXSXVRTXHGHVGHņņŅŇVXFXOWRSDVyDVHU
H[FOXVLYRGHOFOHURFDWHGUDOLFLRŋņ3DUDHOORVHH[SXOVyDORVPRQMHVGH$QWHDOWDUHV
ORVSULPHURVFXVWRGHVGHOHGtFXOR\PLQLVWURVGHOFXOWRVHSXOFUDOGHVGHWLHPSRVGH
$OIRQVR,,\VHLQVWDXUyVLJXLHQGRORVXVRVGHODVEDVtOLFDVPD\RUHVURPDQDVŋŇ
\ FRQ OD DXWRUL]DFLyQ GH 3DVFXDO ,, ĪņņŅņ \ ņņŅŌī TXH HQ HO DOWDU VyOR SRGtDQ
FHOHEUDUORVVLHWHFDUGHQDOHVĥSUHVEtWHURVQRPEUDGRVSRU*HOPtUH]ŋň(OVHJXQGR
FRPRVHKDFRPHQWDGRPiVDUULEDHVTXHHQHODxRņņŅŊ*HOPtUH]UHIRUPyHO
SUHVELWHULRUHDOL]DQGRXQDVHULHGHFDPELRVLPSRUWDQWHVSXHVHOSUHODGRPDQGy
HQWRQFHVFRORFDUVREUHODDQWHULRUXQDWHUFHUDORVDVRVWHQLGDHQVXVH[WUHPRVSRU
SLODVWUDV 'H HVWD PDQHUD HO DOWDU DQWLJXR TXHGDED HQ HO LQWHULRU GHO QXHYR TXH
DFWXDEDDVtDPRGRGHXUQDĥUHOLFDULR(OIURQWDOGHSODWDTXHVHFRORFyHQODSDUWH
GHODQWHUDUHIRU]DEDWRGDYtDPiVHVWDLGHDWDO\FRPRVHGHVSUHQGHGHODGHVFULSĥ
FLyQGHO/6,Ī9ŎīHQODTXHVHGLFHTXHpVWHSRGtDVHUUHWLUDGRSDUDGHMDUDODYLVWD
\DODYHQHUDFLyQGHORV¿HOHVHODUD³DSRVWyOLFD´³DELHUWRSRUGHODQWHGHIRUPDTXH
SXHGHYHUVHFODUDPHQWHHODOWDUYLHMRTXLWDQGRHOIURQWDOGHSODWD´ŋŉ
ŋņ
/Ï3(=$/6,1$´'HODPDJQDFRQJUHJDWLRµSSŌňōĥŌňŎŌŊŇ
ŋŇ
%/$$8:&XOWXVHWGHFRUSSŉŊĥŉō
ŋň
*HOPtUH]LQVWLWX\yDVLHWHFDUGHQDOHV³FRQIRUPHDOULWR\VHJ~QODQRUPDGHODVHGHDSRVWyOLFD´Ī+&,ņňWUDG
FLWSŎŇīWUDVODDXWRUL]DFLyQGH3DVFXDO,,HQODEXOD(FFOHVLDPVXDPGHOňņGHGLFLHPEUHņņŅņDxRVPiV
WDUGHHOňŅGHVHSWLHPEUHGHņņŅōFRQODEXOD3LHYROXQWDWLVHVWHPLVPR3DSDUDWL¿FDEDDVLPLVPRODRSFLyQ
GH*HOPtUH]SRUFDUGHQDOHVSUHVEtWHURV/Ï3(=$/6,1$³'HODPDJQDFRQJUDJDWLR´SŌŋŇQRWDŌŌ
ŋŉ
/6,9ŎWUDGFLWSŋŅņ³VHGLQDQWHDDSHUWXPLWDXWYLGHULDSHUWHSRWHVWDEODWDWDEXODDUJHQWHDDOWDUHYHWXV´
/LEHU6DQFWL-DFREL´&RGH[&DOL[WLQXVµ+HUEHUV.\6DQWRV1RLD0ĪHGVī6DQWLDJRGH&RPSRVWHODņŎŎōSŇŊŊ
ňň
0DQXHO&DVWLxHLUDV
6HJ~Q6HUDItQ0RUDOHMRŋŊHVWDVLWXDFLyQFRQWLQXyDVtKDVWDHODxRņņŊŇHQHO
TXHHODU]RELVSRFRPSRVWHODQR%HUQDUGRGH$JHQĪņņŊņĥņņŊŇīDUXHJRGHOHPSHĥ
UDGRU$OIRQVR9,,UHVROYLyHOODUJROLWLJLRFRQORVPRQMHVGH$QWHDOWDUHVDWUDYpV
GHOD¿UPDGHXQDQXHYDFRQFRUGLDHQODTXHGLFKRPRQDVWHULRVHVHSDUDEDGH¿ĥ
QLWLYDPHQWHGHOD&DWHGUDODODVLJQiUVHOHDDTXHOODUHQWDGHXQFDQyQLJRĥFDUGHQDO
\FRQFHGHUOHDVXDEDGHOSULPHUSXHVWRDPDQRGHUHFKDGHOFRURŋŋ(QFRPSHQĥ
VDFLyQODSULPLWLYDDUD\VXVRSRUWHSDVDURQDVHUSURSLHGDGGHOPRQDVWHULRFX\R
DOWDU PD\RU IXH UHPRGHODGR SDUD DOEHUJDU HVWD QXHYD ³UHOLTXLD´ D VHPHMDQ]D GHO
DQWLJXRDOWDUPD\RUJHOPLUtDQRŋŌ3DUDHVWDRFDVLyQVHUHDOL]DURQSUREDEOHPHQWH
ODVFXDWURFROXPQDVGHFRUDGDVFRQODV¿JXUDVGHORVDSyVWROHVFRQVHUYDGDVDFWXDOĥ
PHQWHHQHO0XVHR$UTXHROyJLFR1DFLRQDO\HQHO)RJJ$UW0XVHXPGH+DUYDUG
ODVFXDOHVDFWXDEDQWDO\FRPRQDUUD0DXUR&DVWHOOi)HUUHUFRPRVRSRUWHGHOD
JUDQORVDGHSLHGUDGHDUD(QWRQFHVVHJUDEDUtDSUREDEOHPHQWHODLQVFULSFLyQGH
ODFDUDUHFWDGHOIXVWHGHODUDTXHFHUWL¿FDEDODWUDGLFLyQGHVXFRQVDJUDFLyQSRU
SDUWHGHORVGLVFtSXORVGHO$SyVWROŋō7DQWRSRUHOHStJUDIHFRPRSRUOD¿JXUDFLyQ
GHORVVRSRUWHVDSRVWyOLFRVHQWRGDVVXVFDUDVUHVXOWDUtDSODXVLEOHTXHVRSRUWH\
FROXPQDVVHHQFRQWUDVHQHQ$QWHDOWDUHVĦDGLIHUHQFLDGHODOWDUJHOPLUtDQRĦVLHPĥ
SUHDODYLVWDVLELHQODGHVFULSFLyQUHDOL]DGDHQņŋŅŊSRU0DXUR&DVWHOOj)HUUHU
QRVKDEODWDPELpQGHXQIURQWDOGHEURQFHTXHUHFXEUtDVXIUHQWHFX\DIHFKDVLQ
HPEDUJRGHVFRQRFHPRVŋŎ
3RUVXSDUWHODLGHDGHIRUUDUHOIUHQWHGHODOWDUPD\RUFRQXQIURQWDOUHDOL]DGR
FRQPDWHULDOHVSUHFLRVRVQRHVQLQJXQDQRYHGDGHQHODUWHFULVWLDQR\QLVLTXLHUD
ŋŊ
025$/(-26HUDItQ³$UDGH$QWHDOWDUHVVRSRUWHGHO$UDGH$QWHDOWDUHV´³&ROXPQDFRQH¿JLHVGHORVDSyVWROHV
3HGUR$QGUpV\3DEOR%DUWRORPp0DWHR\6DQWLDJRHO0HQRU-XGDV7DGHR6LPyQ\0DWtDV´HQ6DQWLDJR
&DPLQRGH(XURSDFDWQŊĥŋSSŎōĥņŅŅ\SSŇŊŇĥŇŊňňŎŇĥňŎŊ
ŋŋ
/8&$6È/9$5(=06DQ3DLRGH$QWHDOWDUHV6RDQGUHV\7RTXHVWUHVPRQDVWHULRVPHGLHYDOHVJDOOHJRV6DGDĪ$&RUXxDī
ŇŅŅņGRFQņŇSSņōōĥņōŎ5HFXpUGHVHDHVWHUHVSHFWRTXHHODEDG)DJLOGRGH$QWHDOWDUHVKDEtD¿UPDGR
HQņŅŌŌXQDFXHUGRFRQHORELVSR'LHJR3HOiH]FRQPRWLYRGHODVREUDVGHODQXHYDLJOHVLDGH6DQWLDJRHQ
HOTXHVHDVHJXUDEDODFRQWLQXLGDGGHOFXOWRDSRVWyOLFRSRUSDUWHGHORVPRQMHVDVtFRPRODSHUFHSFLyQGHXQ
WHUFLRGHODVUHQWDVGHODOWDUFRQFOXLGDODFDWHGUDOYpDVH&$552*$5&Ë$-RVp³/DHVFULWXUDGHFRQFRUGLDHQWUH
GRQ'LHJR3HOiH]RELVSRGH6DQWLDJR\VDQ)DJLOGRDEDGGHOPRQDVWHULRGH$QWHDOWDUHV´&XDGHUQRVGH(VWXĦ
GLRV*DOOHJRV,9ņŇĪņŎŉŎīSSņņņĥņŇŇ/Ï3(=$/6,1$)HUQDQGR³&RQFRUGLDGH$QWHDOWDUHV´HQ6DQWLDJR
&DPLQRGH(XURSDFDWQŉSŇŊŅ
ŋŌ
(QODLJOHVLDGH$QWHDOWDUHVODYLR$PEURVLRGH0RUDOHVHQHODxRņŊŌŇDOWLHPSRTXHFRSLDEDODLQVFULSFLyQ
GHGLFDWRULDTXHFRQVHUYDEDYpDVH9LDJHGH$PEURVLRGH0RUDOHVSSņňŇĥņňň
ŋō
&90 6$1&72 ,$&2%2 )9,7 +(& $'/$7$ &2/901$ $5$48( 6&5,37$ 6,09/ 48( 693(5(67 326,7$ &9,96
',6&,39/, 6$&5 $5917 &5(',096 $0%$6 $& (; +,6 $5$0 &2167,9(5( 69$0025$/(-26HUDItQ³$UDGH$Qĥ
WHDOWDUHV´HQ6DQWLDJR&DPLQRGH(XURSDFDWQŊĥŋSSŎōĥņŅŅ
ŋŎ
7LHQHJUDQ0DJHVWDGHVWH$OWDU(VXQDKHUPRVD\JUDQSLHGUDGHJUDQRDVVHQWDGDVREUHTXDWUR3LODUHVGHULTXtVLPR0DUPRO
EODQFRHVFXOSLGDVHQHOORV,PiJHQHVGHORV$SRVWROHV\HQWUHORVGRVTXHFDHQDOODGRGHOD(SLVWRODHVWDODUHIHULGD&ROXPQD
GHED[RGHOPLVPR$OWDU/DIUHQWHGHOHVGHEURQ]HFRQ,PDJLQHULDjORDQWLJXR\HQJDVWDGDVHQHOODSLHGUDVSUHFLRVDVGHSRFR
YDORU(QHOHVWDHQJDVWDGDODUHIHULGD$UDWHQLDOHWUDV5RPDQDVī«Ĭ&$67(//È)(55(50DXUR+LVWRULDGHO$SyVWROGH
,HVXV&KULVWR6DQFWLDJR=HEHGHR3DWUyQ\&DSLWiQ*HQHUDOGHODV(VSDxDVUHSURGIDFVGHODHGLFLyQGH$ORQVR0DUWtQ
GH%DOERDņŋņŅ6DQWLDJRGH&RPSRVWHODŇŅŅŅSņŇŅ
ňŉ
HQODSURSLDEDVtOLFDFRPSRVWHODQD$VtODLJOHVLDDVWXULDQDGH$OIRQVR,,,FRQVDĥ
JUDGDHQHOōŎŎKDEtDUHFLELGRWDQVyORXQRVDxRVPiVWDUGHHOŇŅGHDEULOGHODxR
ŎņņXQDJHQHURVDGRQDFLyQGHOUH\2UGRxR,,\VXHVSRVD(OYLUDUHFRJLGDHQHO
7XPER$FRQREMHWRGHGRWDUODGHXQVXQWXRVRDMXDUOLW~UJLFR$GHPiVGHGLYHUĥ
VRVREMHWRVUHDOL]DGRVRUHFXELHUWRVGHPDWHULDOHVSUHFLRVRVĦFDMDVFRURQDVWHODV
FDVXOODVXQDFUX]XQDFiWHGUD\XQHVFDEHOĦVHLQFOX\HQWUHVIURQWDOHVHVPDOWDGRV
\GRUDGRVĦIURQWDOHVXHUPLFXORV,,,H[DXUDWRVĦXQRGHORVFXDOHVIXHVHJXUDPHQWH
GHVWLQDGRDUHFXEULUHODQWLJXRDOWDUTXHODWUDGLFLyQDWULEXtDDORVGLVFtSXORVGHO
$SyVWROŌŅ'HKHFKRGRVVLJORVGHVSXpVKDFLDņņņōVHJ~QOD+&,,ŉHVWHPLVĥ
PRIURQWDOGRUDGRIXHGHVJXD]DGRSRUFRQVHMRGHORELVSR\GHVXVFDQyQLJRVĪFRQĦ
VLOLR(SLVFRSLHW&DQRQLFRUXPVXRUXPFRQVWULQJLWXUDXUDWDEXODTXDHIXHUDWSULRULVDWTXH
PLQRULV DOWDULVŌņī SDUD FRQYHUWLUVH HQ FLHQWR YHLQWH RQ]DV GH RUR FRQ REMHWR GH
HQYLDUOHGLQHURDO3DSD*HODVLRFRQHO¿QGHREWHQHUHODQVLDGRDU]RELVSDGR1R
REVWDQWHODOHJDFLyQFRPSRVWHODQDFRPSXHVWDSRU3HGURSULRUGHODEDVtOLFDGH
6DQWLDJR\3HGURFDUGHQDOGH6DQ)pOL[IXHDVDOWDGDSRUORVKRPEUHVGHOUH\GH
$UDJyQHQ&DVWURJHUL]\GHVSRVHtGRVGHVXWHVRURŌŇ
$XQTXHOD+&GHVFULEHGHPDQHUDVXFLQWD\EUHYHHOQXHYRIURQWDOĦ³HJUHJLR
\GHySWLPRWDPDxR´ŌňĦUHDOL]DGRSRU*HOPtUH]FRQPRWLYRGHODQXHYDVLVWHPDWLĥ
]DFLyQGHODOWDUHQņņŅŊĥņņŅŋHO/6,SURSRUFLRQDDIRUWXQDGDPHQWHXQDH[WHQVD
GHVFULSFLyQGHODREUDFRQXQSRUPHQRUL]DGR\SUHFLRVRFRPHQWDULRGHVXSURĥ
JUDPDLFRQRJUi¿FRĪ¿Jņŉī
³(OIURQWDOSXHVTXHKD\GHODQWHGHODOWDUHVWiEHOODPHQWHWUDEDMDGRFRQRUR\
SODWD7LHQHHVFXOSLGRHQVXFHQWURHOWURQRGHO6HxRUHQHOTXHHVWiQORVYHLQĥ
WLFXDWURDQFLDQRVHQHOPLVPRRUGHQHQTXH6DQ-XDQKHUPDQRGH6DQWLDJRORV
YLRHQVX$SRFDOLSVLVDVDEHUGRFHDODGHUHFKD\RWURVWDQWRVDODL]TXLHUGD
\WHQLHQGRHQVXVPDQRVFtWDUDV\SRPRVGHRUROOHQRVGHSHUIXPHV<HQHO
FHQWURHVWiVHQWDGRHO6HxRUFRPRHQVLOODGHPDMHVWDGVRVWHQLHQGRHQODPDQR
L]TXLHUGDHOOLEURGHODYLGD\GDQGRODEHQGLFLyQFRQODGHUHFKD$OUHGHGRUGHO
WURQRFRPRVRVWHQLpQGRORHVWiQORVFXDWURHYDQJHOLVWDV/RVGRFHDSyVWROHV
HVWiQRUGHQDGRVDGHUHFKDHL]TXLHUGDWUHVHQSULPHUD¿ODDODGHUHFKD\WUHV
HQFLPD,JXDOPHQWHKD\WUHVHQODSULPHUDOtQHDGHDEDMRDODL]TXLHUGD\WUHV
HQFLPD,JXDOPHQWHKD\WUHVHQODSULPHUDOtQHDGHDEDMRDODL]TXLHUGD\WUHVHQ
ŌŅ
$UFKLYRGHOD&DWHGUDOGH6DQWLDJR7XPER$IŊYHQ/8&$6È/9$5(=0DQXHO7XPER$GHODFDWHGUDOGH6DQWLDJR
6DQWLDJRGH&RPSRVWHODņŎŎōGRFQŇņSSŌōĥŌŎ9pDVHWDPELpQ/Ï3(=)(55(,52$QWRQLR³(ODOWDUGH
6DQWLDJR VXV YLFLVLWXGHV \ WUDQVIRUPDFLRQHV GHVGH ORV WLHPSRV SULPLWLYRV KDVWD QXHVWURV GtDV´ HQ $SXQWHV
KLVWyULFRVVREUH6DQWLDJR2EUDGLVSHUVD\ROYLGDGDŇŎŌŎĦŇŏņŉ6DQWLDJRGH&RPSRVWHODŇŅņŅSņŊŌ3DUDORV
WpUPLQRVHQORVTXHVHGHVFULEHHOIURQWDOGH2UGRxR,,FRQV~OWHVH9$/(5$6L(,52;DLPH/p[LFRFRWLiQQDDOWD
,GDGH0HGLDGH*DOLFLDRHQ[RYDO6DGDĪ$&RUXxDīŇŅŅňSňŌŇĪYHUPLFXORVīSSňŌŅĥňōŅĪH[DXUDWDī
Ōņ
+&,,ŉHGODWSňŅŊ
ŌŇ
,ELGHP
Ōň
ňŊ
0DQXHO&DVWLxHLUDV
)LJņŉ)URQWDOGHODOWDUGH*HOPtUH]UHFRQVWUXFFLyQKLSRWpWLFDHQň'$XWRU7RPiV*XHUUHURĦ0DJQHWR6WXGLR
ŇŅņŅ6$GH;HVWLyQGR3ODQ;DFREHR$VHVRUtDFLHQWt¿FD0DQXHO&DVWLxHLUDV
ODGHDUULED$OOtWDPELpQKD\DOUHGHGRUPX\ERQLWDVÀRUHV\HQWUHORVDSyVWROHV
KHUPRVtVLPDV FROXPQDV (O IURQWDO SULPRURVR \ HVSOpQGLGR SRU VXV ODERUHV
HVWiJUDEDGRDUULEDFRQHVWRVYHUVRV
'LHJRVHJXQGRSUHODGRTXHIXHGH6DQWLDJRHVWDWDEOD
+L]RFXDQGRXQTXLQTXHQLRVXHSLVFRSDGRFXPSOLy
<GHOWHVRURGHOVDQWRDSyVWROVHWHQWDFRQFLQFR
0DUFRVGHSODWDSDUDFRVWHGHODREUDFRQWy
7DPELpQDEDMRVHHQFXHQWUDODLQVFULSFLyQ
5H\HUDHQWRQFHV$OIRQVR\VX\HUQRHOFRQGH5DLPXQGR
&XDQGRHOSUHODGRGLFKRWDOREUDDFDEROOHYy´Ōŉ
$IRUWXQDGDPHQWHRWURVWH[WRVSRVWHULRUHVFRQWULEX\HQDFRPSOHWDUVXSULPLĥ
WLYRDVSHFWR$OD\DFRQRFLGDUHODFLyQGH$PEURVLRGH0RUDOHVHQVX9LDJHŌŊKD\
TXHDxDGLUWDPELpQORVGDWRVUHFLHQWHPHQWHSXEOLFDGRVSRU0LJXHO7DtQH[WUDtGRV
GH ORV LQYHQWDULRV GH ORV RUQDPHQWRV GH OD FDWHGUDO GH ņŊŋŎ ņŋŉŎ \ ņŋŊō DVt
FRPRXQDGHVFULSFLyQGHODxRņŊŌŇUHFRJLGDHQXQPDQXVFULWRGHOD%LEOLRWHFD
1DFLRQDOFX\RWH[WRHVHQUHDOLGDGXQDWUDGXFFLyQURPDQFHDGDGHOFpOHEUHFDStĥ
WXORGHO&yGLFH&DOL[WLQRŌŋ
Ōŉ
/6,9ŎWUDGFLWSSŋŅņĥŋŅŇ
ŌŊ
9LDJHGH$PEURVLRGH0RUDOHVSņŇņ
Ōŋ
7$Ë1*8=0È1³3HUYLYHQFLD\GHVWUXFFLyQ´SņŌň
ňŋ
&RPRHVELHQVDELGRIXH$QWRQLR/ySH])HUUHLURHOSULPHURHQSXEOLFDUHQ
ņŎŅŅXQDUHFRQVWUXFFLyQFRQMHWXUDOGHOSULPLWLYRDVSHFWRGHHVWHIURQWDOLOXVWUDĥ
GDFRQXQJUDEDGRŌŌ0XFKRVDxRVPiVWDUGHHQņŎōŅ6HUDItQ0RUDOHMRUHDOL]y
XQQXHYRGLEXMRGHODREUDTXHHVHOTXHVHKDWRPDGRFRPRSXQWRGHSDUWLGD
SDUDODUHFLHQWHUHFRQVWUXFFLyQYLUWXDOUHDOL]DGDSDUDH[SRVLFLyQ&RPSRVWHOD\(XĦ
URSD/DKLVWRULDGH'LHJR*HOPtUH]SXHVGLFKRDXWRUDFRPSDxDEDVXSURSXHVWDFRQ
MXJRVRVFRPHQWDULRVVREUHORVWHPDVLFRQRJUi¿FRVPRGHORV\WpFQLFDVXWLOL]DGDV
HQHOIURQWDOŌō6LJXLHQGRODGHVFULSFLyQGHO&DOL[WLQR0RUDOHMRGLYLGtDODVXSHU¿ĥ
FLHHQWUHVJUDQGHVFDOOHVGHODVFXDOHVODVGRVODWHUDOHVHVWDUtDQRFXSDGRVSRUODV
¿JXUDVGHORVDSyVWROHVEDMRDUFDGDV\HQGRVUHJLVWURV$XQTXHHOWH[WRQRLQGLFD
ODH[LVWHQFLDGHHVWDVDUFXDFLRQHVVXSUHVHQFLDVHGHGXFHGHODFLWDDODV³KHUPRVDV
FROXPQDV´TXHKDEtDHQWUHHOORVDVtFRPRSRUODFRPSDUDFLyQFRQRWURVHMHPSORV
FRHWiQHRVFRPRODFpOHEUH$UFD6DQWDGH2YLHGRĪFDņŅŌŊĥņņŅŇīŌŎ(QODSDUWH
FHQWUDOVHVLWXDED&ULVWRHQPDMHVWDGEHQGLFLHQGR\FRQHOOLEUR\DDPERVODGRV
HQODVGRVIUDQMDVTXHGHEtDQFRQIRUPDUODPDQGRUODVHGLVSRQtDQORV9HLQWLFXDWUR
$QFLDQRVGHO$SRFDOLSVLVĪ$SŉŉīTXHSRUWDEDQODVÀDODV\ODVFtWDUDVDWULEXWRV
GH VXV RUDFLRQHV \ FDQWRV GH DGRUDFLyQ FHOHVWLDOōŅ )LQDOPHQWH FRPR HUD KDELĥ
WXDOHQDOJXQDVREUDVSUHFHGHQWHV\SHUWHQHFLHQWHVDOPLVPRDPELHQWHDUWtVWLFR
KLVSDQRĥWRORVDQRĦFRPRHQHO³DFHUDGR´SDQWRFUiWRUGH%HUQDUGR*XLOGXLQRGHO
GHDPEXODWRULRGH6DLQWĥ6HUQLQGH7RXORXVHĪFDņŅŎŋīWDQWDVYHFHVUHODFLRQDGR
FRQODRUIHEUHUtD\HQHO$UFD6DQWDGH2YLHGRĦORVVtPERORVGHORVHYDQJHOLVWDV
VHFRORFDEDQHQODVHVTXLQDVHQWUHODPDQGRUOD\HOPDUFRFXDGUDQJXODUTXHHQĥ
PDUFDEDHOFRQMXQWR
'HWRGRVHVWRVHOHPHQWRVHQVXGtDOODPyODDWHQFLyQGH0RUDOHMRODH[WUDxD
XELFDFLyQ GH ORV$QFLDQRV HQ OD PDQGRUOD VL ELHQ HO FLWDGR DXWRU HQFRQWUy XQ
DSURSLDGRSDUDOHORHQODVSLQWXUDVPXUDOHVGHOiEVLGHGH6DQ-XVWRGH6HJRYLDGH
WHUFHUFXDUWRGHOVLJOR;,,ōņ$GHPiV&KDUOHV/LWWOHSXEOLFyKDFHXQRVDxRVXQEiĥ
FXORHQWDXUHDOL]DGRHQPDU¿O\FRQVHUYDGRHQHO0HWURSROLWDQ0XVHXPGH1XHĥ
YD<RUNĪ¿JņŊīSUREDEOHPHQWHUHDOL]DGRD¿QDOHVGHOVLJOR ;,,HQ6DQWLDJRFRQ
ŌŌ
/Ï3(=)(55(,52+LVWRULDGHOD6$0,W,,,SŇňŋ
Ōō
025$/(-2³$UVVDFUD´SņŋŇ¿JŇ,GHP³(OSDWURQD]JRDUWtVWLFRGHODU]RELVSR*HOPtUH]ĪņņņŅĥņņŉŅīVX
UHÀHMRHQODREUDHLPDJHQGH6DQWLDJR´HQ3DWULPRQLRDUWtVWLFRGH*DOLFLD\RWURVHVWXGLRV)UDQFR0DWD$ĪGLUī
W,6DQWLDJRGH&RPSRVWHODŇŅŅŉSŇŎŎ¿Jņņ
ŌŎ
3DUDHO$UFD6DQWDFRQV~OWHVH$/2162È/9$5(=5DTXHO³3$75,$8$//$7$$63(5,7$7(021&,803HOD\RGH2YLHĥ
GRHO³DUFKD´GHODVUHOLTXLDV\ODFUHDFLyQGHXQDWRSRJUDItDUHJLD´/RFXV$PRHQXVŎĪŇŅŅŌĥŇŅŅōīSSņŌĥŇŎ
ōŅ
6REUHODLFRQRJUDItDGHORVYHLQWLFXDWURDQFLDQRVHQHO&DPLQRGH6DQWLDJRYpDVH9,&(169,'$/)UDQFHVF,
FDQWDYHQXQFjQWLFQRXī$S9ŏĬ(OVDQFLDQVP~VLFVGHO·$SRFDOLSVLDO·DUWURPjQLFKLVSjQLF$EDGLDGH0RQWVHUUDW
ŇŅņŅ
ōņ
025$/(-2³$UVVDFUD´SņŌŊ6REUHODVSLQWXUDVGH6DQ-XVWRGH6HJRYLDYpDVH*5$8/2%2/XLV$3LQWXUD
URPiQLFDHQ&DVWLOOD\/HyQ9DOODGROLGņŎŎŋSSņŊŇĥņŋŇ*$/,1'2-,0e1(='DQLHO³6DQ-XVWRGH6HJRYLD
8QDQXHYDLQWHUSUHWDFLyQLFRQRJUi¿FDHQHOFRQWH[WRGHODGHGLFDFLyQGHXQDLJOHVLD´&RGH[$TXLODUHQVLVŇŉ
ĪŇŅŅōīSSņŋŅĥŇŅŌ
ňŌ
0DQXHO&DVWLxHLUDV
HVDPLVPDLFRQRJUDItDōŇ'HKHFKRFRPR
KH SURSXHVWR UHFLHQWHPHQWH HO HVSHFWDĥ
FXODUDUFRGHORV$QFLDQRVGHO3yUWLFRGH
OD*ORULDĪņņŋōĥņņōōīQRHVRWUDFRVDTXH
XQD SXHVWD DO GtD Ħ\ H[WHULRUL]DFLyQĦ GHO
WHPDTXHGHFRUDEDHOIURQWDOJHOPLUtDQRōň
(OSUREOHPDIXQGDPHQWDODVROYHQWDUD
OD KRUD GH UHDOL]DU OD UHFRQVWUXFFLyQ YLUĥ
WXDOGHOIURQWDOGHDOWDUHUDODFXHVWLyQGHO
DVSHFWRGHORVPDWHULDOHVĦRUR\SODWDĦDVt
FRPR GH VXV IRUPDV DUWtVWLFDV$O QR KDĥ
EHU OOHJDGR KDVWD QRVRWURV QLQJXQD SLH]D
PDWHULDO GHO DMXDU JHOPLULDQR QR KXER
PiV UHPHGLR TXH UHFXUULU HQ SULPHU OXĥ
JDU D OD ~QLFD REUD GH RUIHEUHUtD JDOOHJD
FRQVHUYDGD \ UHDOL]DGD HQ DTXHOORV DxRV
OD GHQRPLQDGD $UD GH 6DQ 5RVHQGR ĪFD
ņņŅŊīĪ¿Jņŋī6HWUDWDHQHIHFWRGHXQD
SLH]DUHDOL]DGDHQSODWDGRUDGD\QLHODGD
GHFRUDGD FRQ OD $VFHQVLyQ GH &ULVWR DVt
FRPRFRQXQUHSHUWRULRYDULDGRGHFHQHĥ
IDVJHRPpWULFDVFRQGHFRUDFLyQYHJHWDOH
LQKDELWHGVFUROOV6XYDORUDUWtVWLFRUHVXOWDED
IXQGDPHQWDOSXHVPiVGHXQDYH]VHKD
)LJņŊ%iFXORGHPDU¿OHQWDX&RPSRVWHOD VXJHULGR TXH GLFKR DOWDU SRUWiWLO IXH HQĥ
¿QDOHVGHOVLJOR;,,Ī"ī1HZ<RUN0HWURSROLĥ FDUJDGR SRU HO DEDG 3HGUR GH &HODQRYD
WDQ0XVHXPĭ)RWR&KDUOHV/LWWOH
ĪņŅŎņĥņņņŎī DO PLVPR WDOOHU GH RUIHEUHV
TXH OOHYy D FDER OD GHFRUDFLyQ GHO DOWDU
JHOPLUtDQRōŉ3DUDHOORVHKDQDGXFLGRGLYHUVDVUD]RQHV(QSULPHUOXJDUVXSDUHMD
FURQRORJtD(QVHJXQGROXJDUHOKHFKRGHTXH&HODQRYDSRVH\HVHFDVDVDGFDPSXP
VDQFWL,DFRELDSRVWROLōŊXQDGHODVFXDOHVTXHVHVLWXDEDSUHFLVDPHQWHDGDXODP6DQFWL
ōŇ
/,77/(&KDUOHV7³$ORQJWKH3LOJULPDJH5RDG,YRULHVDQGWKH5ROHRI&RPSRVWHOD´HQ3DWULPRQLRDUWtVWLFRGH
*DOLFLD\RWURVHVWXGLRV)UDQFR0DWD$ĪGLUīW,,,6DQWLDJRŇŅŅŉSSņŊŎĥņŋŋHVSHFņŋŇĥņŋň
ōň
&$67,f(,5$6³(O0DHVWUR0DWHR´SSņōŎĥŇňŎHVSHFŇŇŇĥŇŇň
ōŉ
025$/(-26HUDItQ³/HVDUWVVRPSWXDULHVKLVSDQLTXHVDX[HQYLURQGHņņŅŅ´/HV&DKLHUVGH6DLQWĦ0LFKHOGH&X[D
ņňņŅōŇSSŇōŊĥňņŅUHHGHQ3DWULPRQLRDUWtVWLFRGH*DOLFLDW,SSŇņŎĥŇňŊHVSHFSŇňň&$67,f(,5$6
0DQXHO³8QHQ[RYDOSDUDRFRUSRVDQWRRWHVRXURGH6DQ5RVHQGR´HQ5RVHQGRRHVSOHQGRUGRVpFXOR;6DQWLDJR
GH&RPSRVWHODŇŅŅŌĪ&'ĥ520ī
ōŊ
$UFKLYR +LVWyULFR 1DFLRQDO 7XPER GH &HODQRYD IROV ňŊYĥňŋU YpDVH$1'5$'( &(51$'$6 -RVp 0LJXHO ³(O
PRQDVWHULRGH&HODQRYDHQ&RPSRVWHOD$QRWDFLRQHVGRFXPHQWDOHV´&RPSRVWHOODQXPňŋņŎŎņSSņŊŎĥņŋň
,GHP³(ODEDG3HGURGH&HODQRYDĪņŅŎņĥņņņŎī8QDSULPHUDDSUR[LPDFLyQ´HQ3OHQLWXGR9HULWDWLV+RPHQDMHD
0RQV5RPHUR3RVH6DQWLDJRGH&RPSRVWHODŇŅŅŌSSŋŋŇĥŋŋň
ňō
)LJ ņŋ$UD SRUWiWLO GH VDQ 5RVHQGR ņņŅņĥņņŅŊ SURFHGHQWH GHO 0RQDVWHULR GH 6DQ 6DOYDGRU GH &HODQRYD
Ī2XUHQVHī0XVHRGD&DWHGUDOGH2XUHQVH
,DFRELDSRVWRORHVYHQGLGDHQņŅŎōSRUHOSURSLRDEDG3HGURōŋ(QWHUFHUOXJDUOD
FODUDYLQFXODFLyQWLSROyJLFD\WpFQLFDGHOREMHWRFRQHOWDOOHUGHRUIHEUHUtDGHODEDG
%pJRQ,,,GH&RQTXHVĪņŅōŌĥņņŅŌīĦFHQWURFRQHOFXDOUHVXOWDQWDPELpQREYLDV
ODV YLQFXODFLRQHV GH DOJXQR GH ORV PDHVWURV HVFXOWRUHV TXH WUDEDMDQ HQ DTXHOORV
DxRVHQODIDFKDGDVGHOWUDQVHSWRFRPSRVWHODQRōŌĦDVtFRPRFRQHOUHSHUWRULR¿JXĥ
UDWLYR\RUQDPHQWDOGHOVFULSWRULXP\HOFODXVWURGHOPRQDVWHULRGH6DLQWĥ3LHUUHGH
0RLVVDFGH¿QDOHVGHOVLJOR;,ōō3RUHOORDODKRUDGHSURSRQHUXQDKLSyWHVLVSDUD
ODUHFRQVWUXFFLyQGHOIURQWDOIXHQHFHVDULRUHFXUULUDHVWRVUHIHUHQWHVSDUDUHDOL]DU
ODWH[WXUD\YDULHGDGGHODVVXSHU¿FLHVPHWiOLFDVDVtFRPRDOJXQRVGHWDOOHVGHOD
GHFRUDFLyQ$VtDGHPiVGHDOJXQDVVXJHVWLYDVREUDVORFDOHVĦFRPRODFLWDGD$UDGH
&HODQRYDĪUROHRVīRODVFROXPQDVPDUPyUHDVGH3ODWHUtDVĪDSyVWROHVEDMRDUFDGDīĦ
ORVREMHWRVFRQVHUYDGRVHQHO7HVRURGHOD$EDGtDGH&RQTXHVDWULEXLGRVDOWDOOHU
,GHP27RPERGH&HODQRYDW,6DQWLDJRGH&RPSRVWHODņŎŎŊGRFQņŇňSņōŋ'RFXPHQWRDOTXH\DKDEtD
ōŋ
OODPDGRODDWHQFLyQHQ³8QHQ[RYDO´
ōŌ
0HUH¿HURDO0DHVWURGH&RQTXHVĪRGHODV7HQWDFLRQHVGH&ULVWRī\DO0DHVWURGHOD7UDLFLyQYpDVH&$67,f(,ĥ
5$V0DQXHO³'D&RQTXHVD&RPSRVWHOODUHWRULFDHSHUIRUPDQFHQHOO¶HUDGHLSRUWDOLSDUODQWL´HQ4XLQWDYDOOH
$UWXUR&DUORĪHGī0HGLRHYR,PPDJLQHHPHPRULD$WWLGHO&RQYHJQR,QWHUQD]LRQDOHGL6WXGL3DUPDŇňĥŇō
VHWWHPEUHŇŅŅō0LOiQŇŅŅŎSSŇňňĥŇŊņ
ōō
025$/(-2³/HV$UWVVRPSWXDLUHV´&$67,f(,5$6³8QHQ[RYDO´
ňŎ
0DQXHO&DVWLxHLUDV
GHO$EDG%pJRQ,,,UHVXOWDURQLJXDOPHQWHGHJUDQXWLOLGDG0HUH¿HURHQFRQFUHĥ
WRDXQDSODFDSURFHGHQWHGHXQDFXELHUWDGHHYDQJHOLDULRDVtFRPRODPDJQt¿FD
$UDGH$UDGH%pJRQ,,,ĪņņŅŅīĪ¿JņŌīWRPDGDVUHVSHFWLYDPHQWHFRPRPRGHOR
GHO3DQWRFUiWRU\GHODFDUDFWHUL]DFLyQGHORVDSyVWROHVōŎ(QWRGRFDVRDXQTXH
DUULHVJDGRHVWHLQWHQWRSRUHPXODUHODVSHFWRPDWHULDOGHODREUDSHUGLGDKDVHJXLĥ
GRHQVXVOtQHDVSULQFLSDOHVHOHVStULWXGHODVFRPSDUDFLRQHVHQVXGtDGHIHQGLGDV
SRU60RUDOHMRHQVXFpOHEUHDUWtFXOR³$UV6DFUD´
(QFXDQWRDOHQFXDGUHGHODREUDUHVXOWDREYLRGHODOHFWXUDGHO&DOL[WLQRTXH
H[LVWLyXQPDUFRTXHURGHDUtDWRGRHOFRQMXQWRFRPRHUDKDELWXDOHQHVWRVIRUĥ
PDWRV(OPDUFRVXSHULRUHLQIHULRUHVWDEDFRPSXHVWRSRUXQDLQVFULSFLyQFRQĥ
PHPRUDWLYD JUDEDGD ³DUULED´ \ ³DEDMR´ PLHQWUDV TXH DOUHGHGRU HV GHFLU HQ ORV
PDUFRVODWHUDOHVKDEtD³PX\ERQLWDVÀRUHV´(VWRVPLVPRHOHPHQWRVFRPELQDGRV
ĦLQVFULSFLyQ\FHQHIDYHJHWDOĦVHHQFXHQWUDHQHOIURQWDOGRUDGRGHOD&DWHGUDOGH
%DVLOHDĪ6XL]DīUHDOL]DGRHQHOSULPHUWHUFLRGHOVLJOR ;,Ī3DUtV0XVpH1DWLRQDO
)LJņŌ$UDSRUWiWLOGHODEDG%pJRQ,,,ņņŅŅ7HVRURGHODDEDGtDGH6DLQWHĥ)R\GH&RQTXHV
7$5$/21-HDQ/HVWUpVRUVGHVpJOLVHVGH)UDQFH3DUtVņŎŋŋSŉŎ*$%25,7ĥ&+23,1'DQLHOOH³3ODTXHGXQHUHOLXĥ
ōŎ
UHOH&KULVWWU{QDQWHQWUHOHVV\PEROHVGHVpYDQJpOLVWHV´HQ/HWUpVRUGH&RQTXHV3DUtVŇŅŅņSŋŋ*$5/$1'
(PPDQXHO³$OWDUSRUWiWLOGHODEDG%pJRQ,,,´HQ&RPSRVWHOD\(XURSDSSňňŅĥňňņ
ŉŅ
GX0R\HQÆJHGH&OXQ\īŎŅ'HOPLVPRPRGRFRPRHUDKDELWXDOHQODWpFQLFDGH
ODRUIHEUHUtDSDUDORViQJXORVGHLQWHUVHFFLyQVHFRORFDURQFXDWURSODFDVIRUPDĥ
GDVSRUSLHGUDVSUHFLRVDV\¿OLJUDQDVFRPRODVTXHVHSXHGHQREVHUYDUHQHODOWDU
SRUWiWLOGH6DQWD)HGHOWHVRURGH&RQTXHVŎņ)LQDOPHQWHSDUDUHDOL]DUHOHStJUDIH
VH UHFXUULy FRQ XQ FULWHULR FRQJUXHQWH WDQWR D OD WLSR GH OHWUD SUHVHQWH HQ ODV
LQVFULSFLRQHVGHOWtPSDQRGHODV7HQWDFLRQHVGH&ULVWRGH3ODWHUtDVFRPRDODVGH
ODVH[SODQDWLRQHVGHOWtPSDQRGH&RQTXHV
,ŋ(OUHWDEOR
$O FRQWUDULR GH OR TXH VXFHGH FRQ HO IURQWDO HO UHWDEOR GHO DOWDU QR DSDUHFH
GHVFULWR HQ HO /6, VLQR HQ OD +& GRQGH VH OH GHGLFD VLQ HPEDUJR XQ VXFLQWR
FRPHQWDULRVLQLQGLFDFLyQSUHFLVDGHODIHFKDGHUHDOL]DFLyQ
(OVHxRUFRPSRVWHODQRTXHGHVHDEDFRQJUDQLQWHUpVWDQWRHQODSURVSHULGDG
FRPRHQODDGYHUVLGDGDFUHFHQWDU\GHFRUDUHOKRQRUGHVXLJOHVLDGHODPLVPD
IRUPDTXHDQWHVKDEtDRIUHFLGRPXFKRVRWURVRUQDPHQWRVDODPLVPDLJOHVLD
FRPHQ]yHQDTXHOWLHPSRDGPLUDEOHPHQWH\PXFKRPiVDGPLUDEOHPHQWHWHUĥ
PLQyXQSUHFLRVRUHWDEORSDUDHODOWDUGH6DQWLDJRPX\ELHQHODERUDGR\GHJUDQ
YDORUFX\DHODERUDFLyQVXSHUDDOPDWHULDOŎŇ
1RREVWDQWHDXQTXHWRGRDSXQWDDTXHHOREMHWRIXHUHDOL]DGRHQWUHORVDxRV
ņņňŉ \ ņņňŋ SXHV OD QRWLFLD VH LQFOX\H HQ OD +& HQWUH OD PXHUWH GHO WHVRUHUR
%HUQDUGRHQņņňŉŎň\ODYLRODFLyQGHODEDVtOLFDSRUSDUWHGHORVFRPSRVWHODQRV
HOņŅGHDJRVWRGHņņňŋŎŉGLFKDFURQRORJtDSUHVHQWDVHULDVGXGDV$VtHOKHFKR
GHTXHHOWH[WRGHOD³*XtD´GHO/6,UHGDFWDGRKDFLDņņňŌŎŊQRORPHQFLRQHHQ
VXGHVFULSFLyQGHODOWDUSHUPLWLUtDVXSRQHUTXHHOUHWDEORQRHVWDEDWRGDYtDUHDOLĥ
]DGRHQHVHPRPHQWR(OORYHQGUtDFRUURERUDGRWDPELpQSRUODSURSLD+&TXH
QDUUDODFHOHEUDFLyQGHXQFRQFLOLRHQ%XUJRVHVHPLVPRDxRGHņņňŋHQODTXHVH
SUHVHQWyXQDTXHUHOODFRQWUDORVUHFLHQWHVODSLGDGRUHVGHODU]RELVSRTXHFRQVXV
SLHGUDVKDEtDQ³URWRHODUDGHODOWDU\SDUWHGHOEDOGDTXLQR´ŎŋĪDUDPDOWDULVSDULWHU
FXPSDUWHFLPERULLIUHQJHUDQWīŎŌQRH[LVWLHQGRUHIHUHQFLDDOJXQDDOUHWDEORGRUDGR
(QXQHMHUFLFLRGHOyJLFDFDEHVXSRQHUTXHODYLRODFLyQGHODLJOHVLDGHODSyVWROGLR
ŎŅ
6$5$*2=$)³'HYDQWGDXWHOGHODFDWKpGUDOHGH%kOH´HQ0XVpHGH&OXQ\0XVpHQDWLRQDOGX0R\HQkJH3DUtV
ŇŅŅňSňŊ
Ŏņ
7$%85(7ĥ'(/$+$<(eOLVDEHWK³$XWHOSRUWDWLIGHVDLQWH)R\´HQ/HWUpVRUGH&RQTXHVSSŋŇĥŋŉ
ŎŇ
+&,,,ŉŉWUDGFLWSSŊŌňĥŊŌŉ
Ŏň
+&,,,ŉņWUDGFLWSSŊŋŎĥŊŌŅ
Ŏŉ
+&,,,ŉŌWUDGFLWSSŊŌōĥŊōŇ
ŎŊ
/DIHFKDVHGHGXFHGHODFLWDDOIDOOHFLPLHQWRGH/XLVHO*RUGRUH\GHORVIUDQFRVHQņņňŌHQHO/6,9ŎWUDG
FLWSŋŅŋ9pDVHDHVWHUHVSHFWRHOFRPHQWDULRGH6+$9(5ĥ&5$1'(//$QQLH*(56213DXOD6721(6$OLVRQ
7KH3LOJULP·V*XLGHWR6DQWLDJRGH&RPSRVWHOD$*D]HWWHHU/RQGUHVņŎŎŊSŇŊ
Ŏŋ
+&,,,ŉŎWUDGFLWSŊōň
ŎŌ
+&,,,ŉŎHGODWSŊņň
ŉņ
0DQXHO&DVWLxHLUDV
OXJDUFRPRHUDKDELWXDOHQODWHQHQFLDGHORVRUQDPHQWRVOLW~UJLFRVDXQDUHFRQĥ
VDJUDFLyQGHODOWDU\FRQVLJXLHQWH³UHVWDXUDFLyQ´GHOPLVPRFRQODFRORFDFLyQGHO
UHWDEORGHSLHGUDVSUHFLRVDV3RUHOORXQDFURQRORJtDSRVWHULRUDņņňŋIHFKDGHO
DVDOWRHLQFOXVRDņņňŌHQODTXHQRVHGHVFULEHWRGDYtDHORUQDPHQWRHQHODOWDU
HQHO/6,UHVXOWDPiVTXHSODXVLEOH
3RURWUDSDUWHQRVDEUtDPRVQDGDGHODIRUPDQLODLFRQRJUDItDGHHVWDQXHYD
REUDUHJDODGDSRU*HOPtUH]\KR\SHUGLGDDQRVHUSRUGRVGLEXMRVUHDOL]DGRVHQ
ņŋŊŋSRUHOFDQyQLJRIDEULTXHURGHODFDWHGUDO-RVpGH9HJD\9HUGXJRFXDQGR
pVWDVHKDOODEDHQFDVWUDGDHQHOIUHQWHGHXQDXUQDGHPDGHUDVREUHHODOWDUĪ¿J
ņōīŎō(OUHWDEORWHQtDIRUPDSHQWDJRQDO\HVWDEDSUHVLGLGRSRUOD¿JXUDGH&ULVWR
PRVWUDQGRODVOODJDVGHOD3DVLyQGHQWURGHXQDH[WUDxDPDQGRUODOREXODGDSDUD
ODFXDOVyORH[LVWHQSDUDOHORVKLVSiQLFRVWDQWRHQHOiPELWRGHODPLQLDWXUDOHRQHĥ
VDGHORV%HDWRVŎŎFRPRHQODVSLH]DVUHODFLRQDGDVFRQORVHVPDOWHVGH/LPRJHV
D¿QDOHVGHOVLJOR ;,,FRPRORVUHWDEORVGHOD&DWHGUDOGH2XUHQVH\6DQ0LJXHO
)LJņō'LEXMRGHOUHWDEORGRQDGRSRUHODU]RELVSR*HOPtUH]HQ-9HJD\9HUGXJR0HPRULDVREUHODVREUDVHQ
OD&DWHGUDOGH6DQWLDJR6DQWLDJRGH&RPSRVWHODņŋŊŌ$&6a$UFKLYRĥ%LEOLRWHFDGHOD&DWHGUDOGH6DQWLDJRGH
&RPSRVWHOD
Ŏō
6REUHODVYLFLVLWXGHVGHODVREUDVJHOPLULDQDVSDUDHODOWDUPD\RUGHODFDWHGUDOHQpSRFDPRGHUQDYpDVH7$Ë1
*8=0È1³3HUYLYHQFLD\GHVWUXFFLyQ´SSņŋŋĥņōņ
ŎŎ
6HWUDWDGHODVQXEHVGHOFLHORTXHVXHOHQURGHDUD&ULVWRHQVXVDSDULFLRQHVDSRFDOtSWLFDVTXHYHPRVSRUHMHPĥ
SORHQHOIROLRŇŋGHO%HDWRGH6DQ0LJXHOGH(VFDODGDGHODxRŎŌŎĪ3LHUSRQW0RUJDQ/LEUDU\0VŋŉīYpDVH
:,//,$06 - %HDWRGH/LpEDQD6DQ0LJXHOGH(VFDODGDLQWURGXFFLyQ\FRPHQWDULRVDODVSiJLQDVGHOFyGLFH 0DGULG
ŇŅŅŉSŇň(QODVLOXVWUDFLRQHVURPiQLFDVGHOPLVPRWHPDODVFDSULFKRVDVIRUPDVFRQODVTXHVHUHSUHVHQWD
HVWDDXUHRODGHJORULDVHUiQVRPHWLGDVDXQSURFHVRGHUDFLRQDOL]DFLyQUHVXOWDQGRXQDPDQGRUODOREXODGDFRPR
ODGHOIURQWDOFRPSRVWHODQR\TXHSRGHPRVREVHUYDUHQHMHPSORVFRPRODYLVLyQGHOD-HUXVDOpQ&HOHVWHGHORV
IROLRVņŉōYĥņŉŎUGHO%HDWRGH1DYDUUDXQPDQXVFULWRTXHWRGDYtDHQņŋŋŊVHHQFRQWUDEDHQOD&DWHGUDOGH
3DPSORQDĪ¿QDOHVGHOVLJOR ;,,3DUtV%LEOLRWKqTXH1DWLRQDOH1RXY$FT/DWņňŋŋī$YULO)ĪHWDOī0DQXVĦ
FULWVHQOXPLQpVGHOD3pQLQVXOH,EpULTXH3DUtVņŎōŇSSŋŋĥŋŌQŌŇ
ŉŇ
GH$UDODUņŅŅ$DPERVODGRVVHUHSHWtDXQDYH]PiVHOFROHJLRDSRVWyOLFRHQGRV
UHJLVWURVFRQODSDUWLFXODULGDGGHLQFOXLUGRV¿JXUDVPiVDORVODGRVGH&ULVWRHQ
HOUHJLVWURVXSHULRUTXHELHQSRGUtDQVHU6DQ-XDQ\OD9LUJHQ0DUtD
(QODHPXODFLyQYLUWXDOGHPDWHULDOHVVHKDVHJXLGRDJUDQGHVUDVJRVODXWLOLĥ
]DGDHQHOIURQWDOFRQODVDOYHGDGGHLQFOXLUPiVSLHGUDVSUHFLRVDVHQJDVWDGDV\
FDPDIHRVDQWLJXRVFX\DSUHVHQFLDVLELHQQRVHSHUFLEHHQORVGHWDOOHVGHOGLEXĥ
MRGH9HJD\9HUGXJRHVWiVREUDGDPHQWHDWHVWLJXDGDHQGHVFULSFLRQHVGHpSRFD
PRGHUQDņŅņ1RREVWDQWHHODVSHFWRUHVXOWDQWHGHODUHFRQVWUXFFLyQGHOFRQMXQWR
IRUPDGRSRUODVSLH]DVGHOUHWDEOR\IURQWDOGHSODWDKDSHUPLWLGRYROYHUVREUH
XQDYLHMDFXHVWLyQVXJHULGDSRU6HUDItQ0RUDOHMRHQņŎōŅHOPRELOLDULRGHDOWDUVH
SUHVHQWDEDFRQVXIRUPDHVFDORQDGD\VXQWXRVDDORVRMRVGHORV¿HOHVFRPRXQ
YHUGDGHUR7URQRGHOD(XFDULVWtDRGHOD'LYLQLGDGFX\RVSDUDOHORVVyORVHHQFXHQĥ
WUDQ HQ ORV GHQRPLQDGRV DOWDUHV GRUDGRV ĪJROGHQ DOWDUVī GH 'LQDPDUFD \ 6XHFLD
UHDOL]DGRVHQWUHHOVHJXQGRFXDUWRGHOVLJOR;,,HLQLFLRVGHOVLJOR;,,,ĪYpDQVH¿JV
ņ\ņŉīņŅŇ6LELHQHVYHUGDGTXHODLQH[LVWHQFLDGHUHVWRVPDWHULDOHVGHODREUDFRPĥ
SRVWHODQDQRQRVSHUPLWHDYHQWXUDUQRVPiVHQHVWHSDUDQJyQQRHVPHQRVFLHUĥ
WRTXHODSHUHJULQDFLyQHVFDQGLQDYDD6DQWLDJRVHFHUWL¿FDDOPHQRVGHVGHņņŅō
FRQODYLVLWDDOVDQWXDULRGHO$SyVWROGHOUH\6LJXUG,GH1RUXHJDĪņŅŎŅĥņņňŅī
DSRGDGR³HO3HUHJULQR´ņŅňORTXHDYDODUtDODSRVLELOLGDGGHLQWHUFDPELRVHQWUHDPĥ
EDVWLHUUDV3RURWUDSDUWHHOPiVDQWLJXRGHORVHMHPSORVQyUGLFRVHODOWDUGHOD
LJOHVLDGH/LVEMHUJĪ$UKXV'LQDPDUFDīUHDOL]DGRKDFLDņņňŊņņŉŅ\FRQVHUYDGR
HQHO0XVHR1DFLRQDOGH&RSHQKDJXHVHDUWLFXODGHXQDPDQHUDPX\VLPLODUDOD
FRPSRVWHODQDFRQODSDUWHFRUUHVSRQGLHQWHDOUHWDEORVLWXDGDVREUHHOIRQGRGHOD
PHVDGHDOWDU\GHFRUDGDFRQXQ&ULVWRHQ0DMHVWDGEDMRXQWULOyEXORSUHVLGLHQGR
XQFROHJLRDSRVWyOLFREDMRDUFDGDVņŅŉ6XPHQVDMHHUDHQDPERVFDVRVHYLGHQWH
UHIRU]DUHOVLPEROLVPRGHODFHOHEUDFLyQGHODPLVDH[DOWDQGRODHQFDUQDFLyQ\HO
VDFUL¿FLRGH&ULVWR\VXYLFWRULDVREUHODPXHUWHODFXDOHQHOFDVRGH&RPSRVWHOD
VHUHYHVWtDWRGDYtDGHXQDVLJQL¿FDFLyQPX\HVSHFLDOSRUHVWDUVLWXDGRVREUHORV
UHVWRVGHXQPiUWLUDSRVWyOLFR
Ĩ(MHUFLyHOUHWDEORFRPSRVWHODQRXQDIDVFLQDFLyQHQVXpSRFDFRPRPHWDGH
XQRGHORVFDPLQRVGHSHUHJULQDFLyQPiVLPSRUWDQWHVGHOD&ULVWLDQGDG"Ĩ6RQORV
DOWDUHVGRUDGRVGH(VFDQGLQDYLDXQDWHPSUDQDOHMDQD\VLQWpWLFDHYRFDFLyQGHOLPĥ
SDFWDQWHDVSHFWR¿QDOGHODOWDUPD\RUGH*HOPtUH]HQņņňŌ"6HWUDWDGHSUHJXQWDV
SDUDODVTXHQRWHQHPRVUHVSXHVWDV1RREVWDQWHVtFDEHVHxDODUTXHHOUHWDEOR
ņŅŅ
025$/(-2³$UVVDFUD´SņōŊ
ņŅņ
7$Ë1*8=0È1³3HUYLYHQFLD\GHVWUXFFLyQ´SSņŌōĥņōņ
ņŅŇ
025$/(-2³$UVVDFUD´SņōŊQRWDņŊŅ3DUDHVWHFRQMXQWRGHSLH]DVYpDVHQRWDņ
ņŅň
$/0$=È19³+XHOODVMDFREHDVHQODFXOWXUDHVFDQGLQDYD´HQ6DQWLDJR&DPLQRGH(XURSDSSņōņĥņŎņHVSHF
SņōŇ
ņŅŉ
$$9,76/$1'³2UQDPHQWDQG,FRQRJUDSK\´
ŉň
0DQXHO&DVWLxHLUDV
FRPSRVWHODQRWXYRXQDVGpFDGDVGHVSXpVXQUHÀHMRSpWUHRHQWLHUUDVJDOOHJDVHQ
ODLJOHVLDGHOPRQDVWHULRGH6DQ(VWHYRGH5LEDVGH6LOĪ2XUHQVHīĪFDņŇŇŅīĪ¿J
ņŎīGRQGHXQFROHJLRDSRVWyOLFRGHFRUDLJXDOPHQWHXQDWDEXODUHWURDOWDULVSHQWDĥ
JRQDOWDO\FRPRHVWXGLy60RUDOHMRņŅŊ(QHVWHFDVRVHKDFHWRGDYtDPiVSDWHQWH
HOVLPEROLVPRGHOD-HUXVDOpQ&HOHVWLDOĦ&ULVWR\ORVDSyVWROHVEDMRXQDUTXLWHFWXUD
GHDUFDGDVĦDVtFRPRHOXVRGHODOWDUFRPRPDUFDGRU\UHFHSWiFXORSULYLOHJLDGRGH
ORVULWRVSDVFXDOHVTXHFHOHEUDEDQOD0XHUWH\5HVXUUHFFLyQGH&ULVWRņŅŋ
)LJņŎ5HWDEORSpWUHRGHODLJOHVLDGHOPRQDVWHULRGH6DQW(VWHYRGH5LEDVGH6LOĪ2XUHQVHīFDņŇŇŅ
,,(/$-8$5'($/7$5(1/$&$7$/8f$520É1,&$(67e7,&$<)81&,Ð1
&RPR HQ SRFRV OXJDUHV GH (XURSD &DWDOXxD KD FRQVHUYDGR XQD JUDQ FDQWLĥ
GDG\YDULHGDGGHSLH]DVSHUWHQHFLHQWHVDODGHFRUDFLyQGHODOWDUURPiQLFR(Vĥ
WHULFRPRELOLDULROLW~UJLFRFRPSXHVWRIXQGDPHQWDOPHQWHSRUIURQWDOHVGHDOWDU
EDOGDTXLQRVRYLJDVVHHQFXHQWUDIXHUDGHVXFRQWH[WRRULJLQDOSRUORTXHUHVXOWD
GLItFLOFRPSUHQGHUVXYHUGDGHUDIXQFLyQ\VLJQL¿FDGR'HKHFKRWDQWRODVGRQDĥ
FLRQHVGHGRWDFLyQDODVLJOHVLDVFRPRORVLQYHQWDULRVGHDOWDUKDEODQWDPELpQGH
ODH[LVWHQFLDGHQXPHURVDVWHODVFRORUHDGDV\RUQDPHQWDGDVFRPRSDOLRVWDSLFHV
ņŅŊ
025$/(-2³$UVVDFUD´SSŇňņĥŇňŋ(QOD&ROHJLDWDGH;XQTXHLUDGH$PEtDĪ2XUHQVHīVHFRQVHUYDXQIUDJĥ
PHQWRGHUHWDEORHQSLHGUDPX\VLPLODUDOGH6DQ(VWHYRGH5LEDVGH6LOSHURH[HQWRGH¿JXUDFLyQ
ņŅŋ
&$67,f(,5$6³7RSRJUDSKLHVDFUpH´SSŉŉĥŉŎ
ŉŉ
\FRUWLQDVGHODVTXHDSHQDVQRVKDOOHJDGRQDGDVLELHQVXLPDJHQVHHYRFDFRQVĥ
WDQWHPHQWHHQODGHFRUDFLyQGHODSLQWXUDPXUDOGHORViEVLGHVURPiQLFRV&DEH
SUHJXQWDUVHSXHVTXpLQWHUUHODFLyQH[LVWtDHQWUHHVWDVWHODV\ODVWDEODVSLQWDGDV\D
TXHH[LVWHFRQVWDQFLDGHTXHHVWDV~OWLPDVVHFRQVLGHUDEDQHQVtPLVPDVREMHWRV
VDJUDGRV\TXHSRUORWDQWRSRVHtDQVXSURSLDOLWXUJLDRIXQFLyQGHQWURGHODxR
OLW~UJLFR/DOHFWXUDGHWH[WRVOLW~UJLFRVĦFRVWXPDULRVKLPQRVGUDPDVĦSUHYLDĥ
PHQWHFRQWUDVWDGDFRQDOJXQDVSHFXOLDULGDGHVWpFQLFDVLFRQRJUi¿FDVHSLJUi¿FDV
RHVWpWLFDVGHHVWRVREMHWRVD\XGDDHQWHQGHUHOIXQFLRQDPLHQWRGHHVWDVLPiJHQHV
VDJUDGDVODVFXDOHVVHUYtDQSDUDYHODU\GHVYHODUHOPLVWHULRGHODHXFDULVWtDRGHODV
PiVLPSRUWDQWHV¿HVWDVGHODxROLW~UJLFR(OSDSHOGHFHQWURVDUWtVWLFRĥFXOWXUDOHV
FRPR5LSROO9LFR8UJHOORODSURSLDKLVWRULDGHOD,JOHVLDĦUHIRUPDJUHJRULDQD
OXFKDFRQWUDODKHUHMtDĦUHVXOWDIXQGDPHQWDODODKRUDGHHQWHQGHUODFRPSOHMLGDG
GHHVWHPRELOLDULROLW~UJLFRGHODPLVPDPDQHUDTXHODFRPSDUDFLyQGHHVWHFRUĥ
SXVFRQHOGHRWUDVUHJLRQHVGHO0HGLWHUUiQHRĪ7RVFDQD9HQHFLD5RPD%L]DQFLRī
GHMDHQWUHYHUWDQWRVXVGHXGDVFRPRVXVRULJLQDOLGDGHV
,,Ň(OSDVDGRORVEDOGDTXLQRVĦWHPSOHWHV\ORVIURQWDOHVGH
SODWDGHOVLJOR;,
7UHVWDEODV\XQFLERULRGHRUIHEUHUtDDSDUHFHQGHVFULWRVHQHODOWDUPD\RUGH
ODLJOHVLDPRQiVWLFDGH6DQWD0DULDGH5LSROOHQHOLQYHQWDULRGHOWHVRURGHņŅŉŌ
UHDOL]DGRDODPXHUWHGHODEDG2OLEDTXLHQVHJXUDPHQWHKDEtDHQFDUJDGRGLFKRV
RUQDPHQWRVFRQPRWLYRGHODFRQVDJUDFLyQGHODEDVtOLFDHQņŅňŇ6HWUDWDEDGH
XQDWDEODSULQFLSDORIURQWDOGHDOWDUFXELHUWDGHRURFRQGLHFLVpLVSLHGUDVSUHFLRĥ
VDV\HVPDOWHV\GRVWDEODVPHQRUHVFXELHUWDVGHSODWDTXHVHJXUDPHQWHVHUYtDQ
SDUDGHFRUDUORVODWHUDOHVGHGLFKRDOWDUPD\RU7RGRHOORYHQtDHQPDUFDGRSRUXQ
FLERULRHVSHFWDFXODUFRQVXVFROXPQDV\WHFKXPEUHUHFXELHUWDVGHSODWD
,QSULPLVLQDOWDUHVDQFWH'HLJHQLWULFLV0DULHWDEXODPFRRSHUWDPDXURFXPODSLGLEXVHW
HVPDOWLV;9,WDEXODVFRRSHUWDDUJHQWR,,FROXQDVFLERULLFRRSHUWDVDUJHQWRHWGHVXSHU
WDEXODPFRRSHUWDPDUJHQWRņŅŌ
$XQTXHODGHVFULSFLyQQRSHUPLWHVDEHUVLVHWUDWDEDGHSLH]DVFRQHVFHQDVQDĥ
UUDWLYDVSRUVXIRUPDWRHQWUHVSDUWHV\VXFRORULGDFRPELQDFLyQGHPHWDOHVSLHĥ
GUDVSUHFLRVDV\HVPDOWHVVXDVSHFWRUHFRUGDUtDVHJXUDPHQWHDOGHODQWLSHQGLXPGH
RURUHDOL]DGRSRU9ROYLQLXVSDUDODEDVtOLFDGH6DQ$PEURVLRGH0LOiQGXUDQWHHO
SHUtRGRFDUROLQJLRĪōňŊĥōŊŅī2TXL]iVPiVELHQDRWUDVREUDVPLODQHVDVFRQWHPĥ
SRUiQHDDODEDG2OLEDFRPROD&XELHUWDGHO(YDQJHOLDULRGH$ULEHUWRG¶,QWLPLDQR
ĪņŅņōĥņŅŊŉīGHO7HVRURGHOD&DWHGUDOGH0LOiQGHSODWDUHSXMDGDFRQHVPDOWHV
\GDWDGDKDFLDņŅňŅ
-81<(17 , 68%,5¬ (GXDUG 'LSORPDWDUL L HVFULWV OLWHUDULV GH O·DEDW L ELVH 2OLED HG$QVFDUL 0XQGy Ī%DUFHORQD
ņŅŌ
ņŎŎŋīSňŎŋ
ŉŊ
0DQXHO&DVWLxHLUDV
3HURTXL]iVUHVXOWDPiVUHYHODGRUHOFDVRGHODOWDUPD\RUGHOD&DWHGUDOGH*Lĥ
URQDFRQVDJUDGRHQņŅňōĪ¿JŇŅī/DFRQGHVD(UPHVVHQGDGRQyHQWRQFHVXQD
HQRUPH FDQWLGDG GH RUR ĪňŅŅ XQFLDVī SDUD OD FRQVWUXFFLyQ GH XQD WDEOD GRUDGD
DGDXUHDPFRQVWUXHQGDPWDEXODPODFXDOIXHFRPSOHWDGDKDFLDņŅŉņSRUVXQXHUD
ODFRQGHVD*XLVODHVSRVDGHO5DPRQ%HUHQJXHU,TXHVHKL]RUHSUHVHQWDUHQOD
REUDDORVSLHVGHOD0DGUHGH'LRVDFRPSDxDGDGHODLQVFULSFLyQ*LVODFRPHWLVVD
ÀHULMXVVLWņŅō/DLQFRUSRUDFLyQDODOWDUGHORVQRPEUHVGH(UPHQVLQGLVĦHQWDOODGR
VREUHXQSLHGUDTXHWRGDYtDVHFRQVHUYDHQHO7HVRURGHOD&DWHGUDOGH*LURQDĦ\
GH *LVOD TXH WDO \ FRPR VH GHGXFH GH OD GHVFULSFLyQ GH -9LOODQXHYD DSDUHFtD
UHWUDWDGDFRPRDXWRUDGHODREUDHVXQIHQyPHQRFRP~QHQHVWHWLSRGHREUDV
GHRUIHEUHUtDHQWRGDOD(XURSDDOWRPHGLHYDO&DEHUHFRUGDUDHVWHUHVSHFWRTXH
WDO\FRPRKHPRVFRPHQWDGRHOSURSLR'LHJR*HOPtUH]KDEtDKHFKRJUDEDUVX
QRPEUHDSULQFLSLRVGHOVLJOR ;,,VREUHHODQWLSHQGLXPGHSODWDGHOD&DWHGUDOGH
6DQWLDJR HQDUEROiQGRVH HO WtWXOR GH DXFWRU 5HVXOWD REYLR TXH HVWRV XVRV KDELĥ
WXDOHVHQFRVWRVRVDOWDUHVUHDOL]DGDVHQPHWDOHV\SLHGUDVSUHFLRVDV\GHVWLQDGRV
DSHUSHWXDUODPHPRULDGHOFRPLWHQWHVRQDMHQRVDODUJDWUDGLFLyQGHOPRELOLDULR
FDWDOiQHQPDGHUDGHORVVLJORV ;,,\ ;,,,(QPLRSLQLyQODUHLWHUDGDDXVHQFLDGH
UHWUDWRVR¿UPDVGHFRPLWHQWHVHQHVDH[WHQVDSURGXFFLyQGHIURQWDOHVSLQWDGRV
HVXQLQGLFLRGHVXHODERUDFLyQ³VHULDGD´HQWDOOHUHVPRQiVWLFRV\FDWHGUDOLFLRVGH
VXFRQGLFLyQGHREMHWRV³EDUDWRV´GHVWLQDGRVODRUQDPHQWDFLyQGHLJOHVLDVUXUDOHV
DVtFRPRGHVXSDWURFLQLRSRUSDUWHGHLQVWLWXFLRQHVHFOHVLiVWLFDV
3RURWUDSDUWHHOIURQWDOGH*LURQDVHWUDWDEDGHXQPDJQt¿FRFRQMXQWRFRPĥ
SXHVWRSRUYDULDVSLH]DVXQDWDEODGHRUR\WUHVGHSODWDĪGHOVLJOR;,9īTXHHQFDSĥ
VXODEDQHODOWDUPD\RU\TXHVHFRQVHUYDURQKDVWDņōŅŎ(OIURQWDOGRUDGRHVWDED
SUHVLGLGR SRU OD9LUJHQ 0DUtD URGHDGD GH ORV FXDWUR (YDQJHOLVWDV HQ HVPDOWH \
WLWXOL\WUHLQWD\GRVFRPSDUWLPHQWRVHQHVPDOWHFRQOD9LGDGH&ULVWR6LQHPEDUĥ
JRODVIXHQWHV\UHVWRVFRQVHUYDGRVQRQRVSHUPLWHQLUDPiVDOOiHQHVWHÁDVKEDFN
\DTXHORVSRFRVHMHPSORVTXHKDQOOHJDGRKDVWDQRVRWURVGHODRUIHEUHUtDFDWDODQD
GHOVLJOR ;,UHVXOWDQEDVWDQWHGHFHSFLRQDQWHV0HUH¿HURSRUHMHPSORDOGHQRĥ
PLQDGRWUtSWLFRGH9DOOHVSLUXQDREUDUHPRQWDGDHQHOVLJOR ;,;DSDUWLUGHXQD
&UX]GHODVHJXQGDPLWDGGHOVLJOR;,TXHUHÀHMDHOHVWLORGHOWHUFHUPDHVWURGHOD
%LEOLDGH5RGHV7DQWRVXSREUHFDOLGDGHVWpWLFDĦFHUFDQDDXQDSLH]DUHSXMDGDGHO
VLJOR;,SHUWHQHFLHQWHSUREDEOHPHQWHDXQDOWDU\FRQVHUYDGDHQHO7HVRURGH&RQĥ
TXHVĦFRPRVXSURJUDPDLFRQRJUi¿FRQRSHUPLWHQKDFHUSDUDQJyQDOJXQRFRQOD
YDULDGDSURGXFFLyQSLQWDGDFDWDODQDGHOVLJOR;,,ņŅŎ<PXFKRPHQRVQRVD\XGDQD
LPDJLQDUHOVXSXHVWRDVSHFWRVXQWXRVRGHORVDOWDUHVGH5LSROO\*LURQDGHVFULWRV
HQORVWH[WRV
&$67,f(,5$6³3LQWXUDVREUHWDEOD´SŎŉ
ņŅō
&$67,f(,5$6³(QWRUQRDORVRUtJHQHV´SSŇŅĥŇņ¿Jņ
ņŅŎ
ŉŋ
)LJŇŅ5HFRQVWUXFFLyQKLSRWpWLFDGHODQWLJXRIURQWDOURPiQLFRGHSODWD\HVPDOWHVGHOD&DWHGUDOGH*LURQD
'LEXMR*LQpV%DOWURQV
3RUHOORODUHODFLyQGLUHFWDTXHODKLVWRULRJUDItDFDWDODQDTXLVRHVWDEOHFHUHQĥ
WUHORVDOWDUHVGHRUIHEUHUtDGHOVLJOR ;,\ODSURGXFFLyQGHIURQWDOHVSLQWDGRVD
SDUWLUGHOņņŇŅHQ&DWDOXxDHVGLItFLOGHVRVWHQHUPiVDOOiGHODREYLD\JHQHUDO
³HPXODFLyQ HVWpWLFD´ TXH VXSRQH UHDOL]DU HQ PDGHUD SROtFURPD HO UHFXEULPLHQĥ
WRGHXQDOWDUTXHVLKXELHVHSUHVXSXHVWRKDEUtDVLGRUHDOL]DGRHQULFRVPHWDOHV
&RPRKHGHIHQGLGRHQRWUDVSXEOLFDFLRQHVHORULJHQGHORVDOWDUHVSLQWDGRVHQ
&DWDOXxDQDFLyHQGLUHFWDUHODFLyQDODUWHGHORVVFULSWRULD\EXVFyPRQXPHQWDOL]DU
FRPSRVLFLRQHVSURSLDVGHODVSiJLQDPLQLDGDV6XVSLQWRUHVQRHUDQRUIHEUHVQL
HVPDOWDGRUHVVLQRPLQLDWXULVWDVTXHVHDWUHYLHURQDHQVD\DUHOQXHYRIRUPDWRGHOD
SLQWXUDVREUHWDEODFRPSDUWLHQGRH[SHULHQFLDVFRQODWDPELpQHPHUJHQWHHQWRQĥ
FHVWUDGLFLyQGHODSLQWXUDPXUDO
,,ň1XHYDVH[SHULHQFLDVODVYLJDVSLQWDGDV\HOEDOGDTXLQRĦSODIyQ
'HVGH XQ SXQWR GH YLVWD WLSROyJLFR UHVXOWD LQGLVFXWLEOH HO KHFKR GH TXH ORV
FLWDGRV JUDQGHV DOWDUHV FDWDODQHV GHO VLJOR ;, ĦD ORV TXH KDEUtD TXH VXPDU HO GH
6DQW0LTXHOGH&XL[jĪņŅŉŅīGHVFULWRSRUHOPRQMH*DUVLHVHQWUHņŅŉňĥņŅŉŋĦņņŅ
VHJXtDQPRGHORVSUHVWLJLRVRVGHODVEDVtOLFDVURPDQDV/DREVHVLyQSRUORVEDOGDĥ
TXLQRVĥWHPSOHWHņņņGHSODWDHQ5LSROO\&XL[jĦGRQGHVHFRPELQDEDHOPiUPRO
ODPDGHUD\HOUHYHVWLPLHQWRGHSODWD\HVPDOWHĦRSRUORVIURQWDOHVGRUDGRVHQ
5LSROO\*LURQDSDUHFHVHUODUHVSXHVWDFDWDODQDDORVJUDQGHVDMXDUHVSDOHRFULVWLDĥ
ņņŅ
25'(,*0$7$5³/DGRFXPHQWDFLyQGHOPRQHVWULGH&XL[jUHIHUHQWHD2OLEDLDOVDQ\VGHOVHXDEDGLDW´/HV
&DKLHUVGH6DLQWĦ0LFKHOGH&X[D;/ĪŇŅŅŎīSSňŎĥŊņHVSHFSSŉŋĥŉŌ
ņņņ
(OEDOGDTXLQRĥWHPSOHWHVHFLWDHQODGRFXPHQWDFLyQFDWDODQDFRQORVWpUPLQRVODWLQRVFLERULXPWDEHUQDFXOXP
RSURSLFLDWRULXP*8',2/,&81,//-RVHS(OVSULPLWXV,,,/DSLQWXUDVREUHIXVWD%DUFHORQDņŎŇŎSSňŊŉĥňŊō
ŉŌ
0DQXHO&DVWLxHLUDV
QRV\DOWRPHGLHYDOHVGHODVEDVtOLFDVURPDQDVFRQFUHWDPHQWHORVGH6DQ-XDQGH
/HWUiQ6DQ3HGURGHO9DWLFDQR\6DQWD0DULD0DJJLRUHeVWRVHQDOJXQRVFDVRV
KDEtDQVLGRLQFOXVRUHQRYDGRVHQpSRFDFDUROLQJLDFRQVXQWXRVRVEDOGDTXLQRV\
IURQWDOHVGHRUIHEUHUtDDVtHQ /HWUiQ WUDV HO PDOWUHFKR IDVWLJLXP UHFXELHUWR GH
EURQFHGHpSRFDSDOHRFULVWLDQDVHKDEtDDO]DGRXQFLERULRGHSODWDFRQFROXPQDV
GHSyU¿GRHQHODxRōņŅSRUVXSDUWHHQ6DQWD0DULD0DJJLRUHDODOWDUGHSODWD
GH6L[WR,,,ĪVLJOR9īVHKDEtDVXPDGRHQORVDxRVŌŎňĥŌŎŉXQFLERULRGHSODWDSRU
~OWLPRODHVFHQRJUDItDGHO9DWLFDQRVHSUHVHQWDEDHVSOHQGHQWHFRQHOEDOGDTXLQR
\ODSpUJRODGHSODWDVREUHFROXPQDVGHPiUPROGH*UHJRULR,0DJQRĪŊŎŎīODVHĥ
JXQGD¿ODGHFROXPQDVWUDtGDV\FRORFDGDVEDMR*UHJRULR,,,ĪŌňņĥŌŉņī\HOSURSLĦ
WLDWRULXPGHSODWDGHODOWDUPD\RUGH3DVFXDO,ĪōņŌĥōŇŉīĪ¿JŇņīņņŇ/DVFRQWLQXDV
YLVLWDVGHORVFRQGHVFDWDODQHVĦHQHVSHFLDOORVGH&HUGDQ\D\%DUFHORQDĦD5RPD
GHVGHPHGLDGRVGHOVLJOR;DVtFRPRORVGRVYLDMHVGHODEDG2OLEDDODFLXGDGHWHUĥ
QDHQORVDxRVņŅņņ\ņŅņŋņņņŌFRQYLUWLHURQFDVLHQFRWLGLDQRORH[WUDRUGLQDULR
GHODVEDVtOLFDVURPDQDVGHPRGRTXHVXHPXODFLyQUHVXOWDUtDPiVTXHSODXVLEOH
/DPHQWDEOHPHQWH QR QRV KD OOHJDGR DSHQDV PDWHULDO DOJXQR GH HVWRV EDOGDĥ
TXLQRVFDWDODQHVGHOVLJOR;,3DUD,PPD/RUpVHO~QLFRUHVWRLGHQWL¿FDEOHFRQHO
EDOGDTXLQRGH2OLEDHQ&XL[jVHUtDXQDEDVHGHPiUPROURVDFRQVHUYDGDDFWXDOĥ
PHQWHHQHOFODXVWURņņň6XSHFXOLDUFRORUFRLQFLGLUtDVHJ~QODFLWDGDDXWRUDFRQ
ODGHVFULSFLyQTXH*DUVLHVKDFHGHOFLERULXPDOUHIHULUVHDTXHpVWHVHDO]DEDVREUH
FXDWUREDVDVFRQFROXPQDV³URML]DV´TXHVLPEROL]DEDQODVDQJUHGHORVPiUWLUHV
3HRUVXHUWHFRUULyD~QHOYLHMREDOGDTXLQRGHPDGHUDSODWD\HVPDOWHTXH2OLED
GRQyD6DQWD0DULDGH5LSROOFRQPRWLYRGHODFRQVDJUDFLyQGHņŅňŇ(Qņņŉņ
HOFRQGHGH%DUFHORQD5DPRQ%HUHQJXHU,9REOLJyDODFRPXQLGDGGH5LSROOD
GHVWUXLUSDUWHGHODMXDUGHODOWDUPD\RUSDUDFRQYHUWLUORHQŇŅŅOLEUDVGHSODWDD
FDPELRGHODGRQDFLyQGHODORGLRGH0ROOyņņŉ$XQTXHODUHVLVWHQFLDPRVWUDGDSRU
SDUWHGHORVPRQMHVFHGLypVWRVGHFLGLHURQLQYHUWLULQPHGLDWDPHQWHORVUpGLWRV
GH 0ROOy HQWUH ņņŉņ \ ņņŊņ HQ OD UHVWLWXFLyQ GH ODV SLH]DV SHUGLGDV HQ SODWD
FRQRWUDVQXHYDVHQHOPLVPRPHWDOXQDFUX]XQDFXELHUWDGH(YDQJHOLDULR\ODV
FROXPQDV\HOWHFKRGHOEDOGDTXLQRņņŊ(VVHJXUDPHQWHHQWRQFHVFXDQGRVHHOHYy
ņņŇ
%/$$8:&XOWXVHWGHFRUSSņŌňĥņŌŉňŌōĥňōŇŊņŊĥŊŊŊ
ņņň
/25e6,27=(7,PPDFXODGD³/DVFXOSWXUHGH6DLQWĥ0LFKHOGH&X[DjO¶pSRTXHGHO¶DEEp2OLED´/HV&DKLHUVGH
6DLQWĦ0LFKHOGH&X[D;;;9,,,ĪŇŅŅŌīSSņōňĥņŎņHVSHFSSņōŌ\ņŎŅ
ņņŉ
³ĬĭSLGLRFRQLQVWDQFLDŇŅŅOLEUDVGHSODWDGHOWHVRURGHOD6DFULVWLDSDUDHOVRFRUURGHVXVQHFHVLGDGHVDFX\D
HQWUHJDVHUHVLWLHURQORVPRQJHVSHURSRU¿QFRQGHVFHQGLHURQYHQFLGRVSRUVXVLQVWDQFLDV\SRUWHPDVGHOD
HVFRPXQLRQIXOPLQDGDSRUHORELVSR2OLED\RWURVRELVSRV´'¶2/=,1(//(65RFÌQGH[GHOHVGRQDFLRQVGHFRPWHV
LUHLVLGHOHVEXWOOHVSRQWLItFLHVH[LVWHQWVDO·DU[LXGH5LSROORUGHQDGHVFURQROzJLFDPHQW%DUFHORQD%LEOLRWHFDGH&DWDĥ
OXQ\DPVŉňŅIŇŉY(OPDQXVFULWRHVXQDQWLJXRLQYHQWDULRUHDOL]DGRSRUHOELEOOLRWHFDULRGHOPRQDVWHULR
GH5LSROO5RFG¶2O]LQHOOHVDSULQFLSLRVGHOVLJOR ;,;DQWHVGHOLQFHQGLRGHņōňň9pDVHWDPELpQ$/7e6)
;³/DLQVWLWXFLyGHOD)HVWDGH6DQWD0DULDHQGLVVDEWHLODUHQRYDFLyGHO¶DOWDUPDMRUGHOPRQHVWLUGH5LSROO
DPLWMDQVHJOH;,,´6WXGLD0RQDVWLFDŉŉņĪŇŅŅŇīSSŊŌĥŎŋHVSSŋŉ
ņņŊ
$/7Ê6³/DLQVWLWXFLyGHODIHVWD´SŋŊ
ŉō
)LJŇņ
6DQ3HGUR
GHO9DWLFDQR
UHFRQVWUXFFLyQ
GHODFULSWD
VHPLDQXODU\
GHOSULPLWLYR
PRELOLDULR
OLW~UJLFRGHODOWDU
HOQXHYREDOGDTXLQRGHOFXDOVHKDQFRQVHUYDGRDOJXQRVUHVWRVHQHOODSLGDULRGHO
PRQDVWHULR\HVWXGLDGRVHQVXGtDSRU;%DUUDOņņŋ0HUH¿HURDFXDWUREDVDVGH
SLHGUDFDOFiUHDĪGRVGHHOODVH[SXHVWDVDKRUDHQHO01$&FRPRGHSyVLWRGHVGHHO
DxRŇŅņņīDVtFRPRDGRVUHOLHYHVFRQiQJHOHVĦXQRFRQOD6DJUDGD)RUPD\RWUR
FRQXQLQFHQVDULRĦSRVLEOHPHQWHSHUWHQHFLHQWHVDODVHQMXWDVGHOEDOGDTXLQR\GH
FODURVLJQL¿FDGRHXFDUtVWLFRĪ¿JVŇŇĥŇňī(VGHOWRGRVLJQL¿FDWLYRHOKHFKRGHTXH
QRKD\DQOOHJDGRKDVWDQRVRWURVQLODVFROXPQDVQLODWHFKXPEUHGHHVWHVHJXQGR
FLERULXP SXHV pVWDV HVWDEDQ UHDOL]DGDV HQ PDGHUD UHFXELHUWD GH SODWD LPLWDQGR
DVtHOSULPLWLYREDOGDTXLQRGH2OLEDSRUORTXHVHJXUDPHQWHIXHURQH[SROLDGDV
GXUDQWHODJXHUUDFLYLOFDWDODQDFRQWUD-RDQ,,HQWUHņŉŋŉ\ņŉŋŊņņŌ
0XFKDVPiVGXGDVSODQWHDVLQHPEDUJRHORULJHQ\ODIXQFLyQRULJLQDOGHODV
YLJDVSLQWDGDVHQ&DWDOXxD6HWUDWDHQSULQFLSLRGHXQDWLSRORJtDSHFXOLDUGHO
URPiQLFRFDWDOiQVLQSDUDQJyQSRVLEOHHQHOiPELWRODWLQRDH[FHSFLyQGHDOJXĥ
QRVHMHPSORVGHOD,WDOLDFHQWURĥPHULGLRQDO\GHORVDQWLJXRVWHUULWRULRVGHO,PSHĥ
ULR%L]DQWLQR6HKDQFRQVHUYDGRXQDVHULHGHHMHPSORVHQWUHORVTXHGHVWDFDQ
SRU VXV GLPHQVLRQHV \ SURJUDPD GHFRUDWLYR OD9LJD GH OD 3DVLyQ ĪņņŎŋĥņŇŇŅī
Ī01$&īĪ¿JŇŉīOD9LJDGH6DQW0LTXHOGH&UXwOOHVĪ0XVHXG¶$UWGH*LURQDī
Ī¿JŇŊīROD9LJDGH6DQWD0DULDGH&DUGHWĪSULPHUWHUFLRGHOVLJOR;,,,īĪ01$&ī
ņņŋ
%$55$O;³/DVFXOSWXUHGH5LSROODX ;,,qVLqFOH´%XOOHWLQ0RQXPHQWDOņňņĪņŎŌňīSSňņņĥňŊŎ3DUDXQ
HVWDGRGHODFXHVWLyQFRQELEOLRJUDItDSXHVWDDOGtDYpDVH&$<8(/$%HJRxD³(OHPHQWRVGHOEDOGDTXLQRGH
6DQWD0DULDGH5LSROO´HQ(O5RPiQLFR\HO0HGLWHUUiQHRSSŇŉŉĥŇŉŌ
ņņŌ
$/7Ê6³/DLQVWLWXFLyQGHODIHVWD´SŋŋQRWDŉŉ
ŉŎ
0DQXHO&DVWLxHLUDV
)LJŇŇ%DOGDTXLQRGH6DQWD0DULDGH5LSROOņņŉņĥņņŊņEDVD¿JXUDGDGHXQDGHODVFROXPQDV
)LJŇň%DOGDTXLQRGH6DQWD0DULDGH5LSROOņņŉņĥņņŊņUHVWRGHHQMXWDGHODUFRGHOSULPLWLYR³WHPSOHWH´FRQ
iQJHOSRUWDQGROD6DJUDGD)RUPD
ŊŅ
3RUVXGDWDFLyQWDUGtDKDEUtDTXHVLWXDUVXSURGXFFLyQHQHOVLJOR;,,,\HQHOiPĥ
ELWRGHOD&DWDOXxDKLVWyULFD1RREVWDQWHHOKHFKRGHVXGHVFRQWH[WXDOL]DFLyQ
KDSURYRFDGRTXHHQPXFKRVFDVRVVHKD\DQSODQWHDGRGXGDVVREUHVXIXQFLyQ
RULJLQDOFRPRYLJDVWUDYHVHUDVHQODHPERFDGXUDGHODOWDU6HKDVXJHULGRDVtTXH
KD\DQIRUPDGRSDUWHGHXQDWHFKXPEUHOtJQHDFRPRVHUiGHVSXpVKDELWXDOHQHO
*yWLFRņņōRTXHHQUHDOLGDGVHWUDWHGHOWUDYHVDxRGHODQWHURGHXQDHVWUXFWXUD
FRQRFLGDFRPREDOGDTXLQRĥSODIyQTXHFRPHQWDUpPiVDGHODQWH1RREVWDQWHHO
DQiOLVLVHVWUXFWXUDOGHDOJXQDGHHVWDVSLH]DVGHVGHHOSXQWRGHYLVWDGHODFDUSLQĥ
WHUtDQRGHMDGXGDDOJXQDVREUHVXIXQFLyQRULJLQDOFRPRHPERFDGXUDGHDOWDU7DO
HVHOFDVRGHODGH&DUGHWRGHODGHQRPLQDGDYLJDGHOD3DVLyQODFXDOSRVWHULRUĥ
PHQWHIXHODPHQWDEOHPHQWHUHFRUWDGDHQVXVODWHUDOHV\SDUWHWUDVHUDSDUDIRUPDU
SDUWHGHXQDWHFKXPEUH3RURWUDSDUWHODH[LVWHQFLDGHDJXMHURVHQORVODWHUDOHV
GHPXFKRViEVLGHVFDWDODQHVGHpSRFDURPiQLFDFHUWL¿FDUtDQHVWHXVR
0iVSUREOHPiWLFDUHVXOWDODFXHVWLyQGHORVRUtJHQHVGHGLFKDWLSRORJtD6HKD
TXHULGRYHUFRPRSUHFHGHQWHODWUDGLFLyQGHORVWHFKRVHQPDGHUDSLQWDGRVFLWDĥ
GRVHQORVWH[WRVDOWRPHGLHYDOHVFDWDODQHV$VtWDQWRHQHODFWDGHFRQVDJUDFLyQGH
ODLJOHVLDGH6DQW0LTXHOGH&XL[jHQHOVLJOR ;ĦOLJQLVGHGRODWLVPLULÀFHĦFRPRHO
6HUPyQGH0RQMH*DUVLHVĪņŅŉňĥņŅŉŋīĦIDVWLJLDYHURFXOPLQLVSURFHULWDWHVLPXOWUDĦ
ELXPHWRUQDPHQWRUXPFODULWXGLQHLOODYHQXVWLVVLPHRSHUXLWņņŎĦVHKDEODGHODH[LVWHQFLD
)LJŇŉ9LJDGHOD3DVLyQņņŎŋĥņŇŇŅGHWDOOHVGHODVHVFHQDVGHO&DPLQRDO&DOYDULR&UXFL¿[LyQ\'HVFHQGLĥ
PLHQWR%DUFHORQD0XVHX1DFLRQDOG$UWGH&DWDOXQ\D01$&&DOYHUDV0pULGD6DJULVWj
)LJ ŇŊ %LJD GH &UXwOOHV VLJOR ;,,, SURFHGHQWH GH 6DQW 0LTXHO GH &UXwOOHV 0XVHX G¶$UW GH *LURQD )RWR
0RQWVHUUDW3DJqV
ņņō
&203$1<6,VDEHO(PELJDWVJzWLFRĦPXGqL[DUVFDWDODQVSUREOHPDVJHQHUDOV(O%DUFHORQqV8QLYHUVLWDW$XWzQRPDGH
%DUFHORQDņŎōŋĪWHVLVGRFWRUDOī9pDQVHWDPELpQORVWUDEDMRVPiVUHFLHQWHVGH-RDQ)8*8(7/·HVJOpVLDGH6DQW
0LTXHOGH0RQWEDQFLHOVHXWHJLQDW0RQWEODQFŇŅŅŋ(OV4XHUDOWD6DQWD&RORPD4XHUDOWŇŅņŅSōŇ
ņņŎ
-81<(17'LSORPDWDULSňŌŇ
Ŋņ
0DQXHO&DVWLxHLUDV
GHYLJDVRUQDPHQWDGDVFRPRWUDYHVDxRVGHXQDWHFKXPEUHHQPDGHUDGHODLJOHVLD
FRQVDJUDGDHQODpSRFDGH*DUtĪŎŊňī6HJXUDPHQWHVHWUDWDUtDGHXQDHVWUXFWXUD
PX\VHQFLOODGRQGHVHSLQWDUtDQVyORODVYLJDVSDUDODTXHQRWHQHPRVSDUDQJRQHV
FRQWHPSRUiQHRV'HKHFKRODVSULPHUDVWHFKXPEUHVURPiQLFDVFRQVHUYDGDVQR
VRQDQWHULRUHVDPHGLDGRVGHOVLJOR;,,(QHOFDVRGHOWHFKRGH5XJJHUR,,HQOD
&DWHGUDOGH&HIDOĪ6LFLOLDīĪņņŉŅĥņņŋŅīUHDOL]DGRSRUPDQRGHREUDPXVXOPDĥ
QDHLQVSLUDGDHQPRGHORVIDWLPtHVHQFRQWUDPRVTXHODGHFRUDFLyQGHFDUiFWHU
SURIDQRVHFRQFHQWUDHQODVYLJDVņŇŅ&RPRFRQWUDSXQWRDpVWHHVWDUtDODPDJQtĥ
¿FDWHFKXPEUHSLQWDGDGH6DQ0DUWtQGH=LOOLVĪ6XL]DīĪņņŉŅĥņņŋŅīFRPSXHVWD
SRU XQ HQWUDPDGR GH WUDYHVDxRV GHFRUDGR SRU PRWLYRV JHRPpWULFRV HQ ORV TXH
HQFDMDQFRPRVLIXHVHXQWDEOHURGHDMHGUH]Ī¿JŇŋīXQVLQItQGHWDEODVSLQWDGDV
RUQDPHQWDGDVFRQWHPDVEtEOLFRV\GHO%HVWLDULRņŇņ
(QPLRSLQLyQODH[SOLFDFLyQGHHVWDVYLJDVGHHPERFDGXUDFDWDODQDVKDEUtD
TXH HQFRQWUDUOD HQ ODV WUDGLFLRQHV PHGLWHUUiQHDV GH RULJHQ SDOHRFULVWLDQR FRQ
FRQWLQXLGDGHQ5RPD\%L]DQFLRHQODTXHVHFRQVWUXtDQHVWUXFWXUDVDUTXLWUDEDĥ
GDVRSDQWDOODVFRQODLQWHQFLyQGHPDUFDUGHPDQHUDWULXQIDOOD]RQDPiVVDJUDGD
GHOWHPSOR$ODV\DFLWDGDVGHOIDVWLJLXPGH6DQ-XDQGH/HWUiQRODSpUJRODGH6DQ
3HGURGH5RPDVHKDEUtDQGHVXPDUORVSULPLWLYRVWHPSORLEL]DQWLQRVHQORVTXH
XQHQWDEODPHQWRRHSLVW\OHVHUHYHVWtDGHPHWDO\HVPDOWHVFRQODGHFRUDFLyQGH
¿JXUDVRHVFHQDV7DOHVHUDQORVFDVRVGHODQWLJXRWHPSORQGHODEHPDGH6DQWD6RItD
GH&RQVWDQWLQRSODGHOSHUtRGRGH-XVWLQLDQRņŇŇFRPRHOGHODLJOHVLDSULQFLSDOGHO
)LJŇŋ5HFRQVWUXFFLyQGHOHQVDPEODMHGHOWHFKRSLQWDGRGH6DQ0DUWtQGH=LOOLVĪ6XL]DīņņŉŅĥņņŋŅ
ņŇŅ
$85,*(00$0*,OFLHORVWHOODWRGL5XJJLHUR,,0LOiQŇŅŅŉ
ņŇņ
32(6&+(/('LH5RPDQLVFKHQ'HFNHQJHPlOGHYRQ=LOOLV=XULFKņŎŉņ
ņŇŇ
)2%(//,0DULD/XLJLD8QWHPSLRSHU*LXVWLQLDQR6DQWD6RÀDGL&RVWDQWLQRSROLHODGHVFUL]LRQHGL3DROR6LOHQ]LDULR
5RPDŇŅŅŊSSŌŊĥŌŎ
ŊŇ
PRQDVWHULRGHO3DQWRFUDWRUGH&RQVWDQWLQRSODĪ=H\UHN&DPLLīĪ¿JŇŌīXQDREUD
GHKDFLDņņňŋFX\DVSODFDVTXHUHSUHVHQWDEDQHQRULJHQODVGRFHV¿HVWDVSULQFLĥ
SDOHVĪGRGHNDRUWRQīIXHURQUHDSURYHFKDVHQSDUWHHQOD3DODG¶2URGH6DQ0DUFRV
GH9HQHFLDHQņŇŅŎņŇň(QRWUDVYHUVLRQHVSURYLQFLDOHVORVDUTXLWUDEHVGHPiUPRO
RGHPDGHUDFRQUHOLHYHVGH\HVRVHGHFRUDEDQELHQFRQUHOLHYHVGH&ULVWR0DUtD
\ORV$SyVWROHVĦHSLVW\OHGHO0XVHRGH7HEDVĪVLJOR,;īĦRFRQXQVHQFLOORSURJUDPD
GHÀRUHV\]RGLDFRPRVXFHGHHQ+RVLRV0HWHOLRVĪ0HJDUDīĪņņŅŅī\6DPDULĪ0Hĥ
VHQLDīĪVLJOR;,,īĪ¿JŇōīņŇŉ3RURWUDSDUWHODSUHVHQFLDGHHVWRVREMHWRVEL]DQWLQRV
HQ,WDOLDHVWiFRQVWDWDGDSRUHOLFRQRVWDVLRGHODLJOHVLDGHOPRQDVWHULRGH0RQWHĥ
FDVVLQRFRQVDJUDGDSRU'HVLGHULRHQņŅŌņĪVLJOR;,īRSRUODFLWDGDUHXWLOL]DFLyQ
GHOHSLVW\OHGHODLJOHVLDGHO3DQWRFUDWRUGH&RQVWDQWLQRSODHQODQXHYDLQVWDODFLyQ
GH OD 3DOD G¶2UR GH9HQHFLD EDMR 3LHWUR =LDQL HQ ņŇŅŎ 8Q FXULRVR UHÀHMR HQ
PDGHUD GH OD HVWUXFWXUD FDVVLQHVH VH HQFXHQWUD HQ WHPSORQ GH OD LJOHVLD GH 6DQWD
0DULDLQ9DOOH3RUFODQHWDHQ$EEUX]]LĪņņŊŅīFRQXQH[WHQVRSURJUDPD¿JXUDWLYR
)LJŇŌ5HFRQVWUXFFLyQKLSRWpWLFDGHOWHPSORQGHODLJOHVLDSULQFLSDOGHOPRQDVWHULRGHO3DQWRFUDWRUĪ(VWDQEXOī
FDņņňŋ'LEXMR$+60HJDZĥ$:(SVWHLQ
ņŇň
(367(,1$:³7KH0LGGOH%\]DQWLQH6DQFWXDU\%DUULHU7HPSORQRU,FRQRVWDVLV´-RXUQDORIWKH%ULWLVK$UĦ
FKHRORJLFDO$VVRFLDWLRQņňŉĪņŎōņīSSņĥŇōHVSHFSSŇĥŊ¿Jņ
ņŇŉ
(367(,1³7KH0LGGHO%\]DQWLQH6DQFWXDU\%DUULHU´SņŊ
Ŋň
0DQXHO&DVWLxHLUDV
)LJŇō(SLVW\OHGHOWHPSORQGHODLJOHVLDGH6DPDULĪ0HVHQLD*UHFLDīVLJOR;,,
FRPSXHVWRHQHOUHJLVWURVXSHULRUSRUORVGRFHDSyVWROHV\GRVTXHUXELQHV\HQ
HOUHJLVWURLQIHULRUSRUXQIULVRFRQGHFRUDFLyQÀRUDO\FOtSHRVTXHSUREDEOHPHQWH
DOEHUJDEDQLPiJHQHVSLQWDGDVGHDQLPDOHVņŇŊ
$OJXQDVGHODVFDUDFWHUtVWLFDVSURSLDVGHORVWHPSORLEL]DQWLQRVSDUHFHQHVWDU
GHWUiVGHODÀRUDFLyQHQHOVLJOR ;,,,GHODVYLJDVFDWDODQDVSHURDGDSWDGRVDODV
PRGDV\XVRVODWLQRV(OORH[SOLFDUtDSRUHMHPSORHOJXVWRSRUODLPLWDFLyQGHWH[ĥ
WXUDVGHOPHWDODWUDYpVGHUHOLHYHVGH\HVRFXELHUWRVGHSODFDVGHHVWDxRFRUODGDV
ĦYLJDVGHODQWHUDVGHORVEDOGDTXLQRVĥSODIyQGH7RVWĪFDņŇŇŅīĪ¿JŇŎī\GH6DQW
6HUQLGH7DYqUQROHVĪFDņŇŊŅīĦDVtFRPRODLQFRUSRUDFLyQUHSHUWRULRVDQLPDOtVĥ
WLFRV ELHQ D WUDYpV GH OD KHUiOGLFD R GHO %HVWLDULR RFFLGHQWDO Ī7RVW7DYqUQROHV
&DUGHWīņŇŋ'HODPLVPDPDQHUDODGHQRPLQDGD9LJDGHOD3DVLyQĪņņŎŋĥņŇŇŅī
FX\RIUHQWHHVWiGLYLGLGRHQVLHWHHVFHQDVSLQWDGDVĦ3UHQGLPLHQWRHQHO+XHUWR
GHORV2OLYRV)ODJHODFLyQ&DPLQRGHO&DOYDULR&UXFL¿[LyQ'HVFHQGLPLHQWRGH
OD&UX]Ī¿JŇŉī'HSRVLFLyQHQHO6HSXOFUR\9LVLWDWLR6HSXOFKULĪIUDJPHQWDULDīĦ
SDUHFHODYHUVLyQRFFLGHQWDOHQFODYHGHOLWXUJLDSDVFXDOGHORVHSLVW\OHVEL]DQWLQRV
SLQWDGRVFRQODVGRFH¿HVWDVOLW~UJLFDVRGRGHNDRUWRQŇňōFRPRHOFRQVHUYDGRHQHO
PRQDVWHULRGH6DQWD&DWDOLQDGHO6LQDtĪ(JLSWRīĪVLJOR ;,,īĪ¿JňŅīņŇō(QPLRSLĥ
QLyQGLFKDSLH]DFDWDODQDSRGUtDKDEHUIRUPDGRSDUWHGHXQDHVWUXFWXUDVLPLODU
DODGHORVWHPSORLEL]DQWLQRVXQDUTXLWUDEHFRQGHFRUDFLyQOLW~UJLFDVRVWHQLGR
VREUHGRVRFXDWURFROXPQDVGHPDGHUDTXHPDUFDEDODHQWUDGDDODOWDU
ņŇŊ
&85=,*DHWDQR$UUHGLOLJQHLPHGLHYDOL/·$EEUX]]RHO·,WDOLD0HULGLRQDOH0LOiQŇŅŅŌSSŋŌĥŌŉ
ņŇŋ
&$67,f(,5$6(O%DOGDTXtGH7RVWSSŉņĥŉŇ
ņŇŌ
(VWHSDUDQJyQKDEtDVLGRSURSXHVWRSRUPtHQ³/DSLQWXUDVREUHWDEOD´SņňŅ
ņŇō
*(567(O6KDURQ(-³(SLVW\OHZLWK7ZHOYH)HDVW6FHQHV´LQ51HOVRQ.&ROOLQVĪHGVī+RO\,PDJH+DĦ
OORZHG*URXQG,FRQVIURP6LQDL7KH-3DXO*HWW\0XVHXP/RV$QJHOHVŇŅŅŋSSņŌŅĥņŌŇ
Ŋŉ
)LJŇŎ9LJDGH7RVWFDņŇŇŅSURFHGHQWHGH6DQW0DUWtGH7RVWĪ$OW8UJHOOī0XVHX(SLVFRSDOGH9LF0(9
)LJ ňŅ (SLVW\OH GHO PRQDVWHULR GH 6DQWD &DWDOLQD GHO 6LQDL Ī(JLSWRī V ;,, GHWDOOH GH WUHV GH ODV GRFH ¿HVWDV
PD\RUHVGHOFDOHQGDULREL]DQWLQRīGRGHNDRUWRQĬOD(QWUDGDHQ-HUXVDOpQOD&UXFL¿[LyQ\OD$QiVWDVLV
(OLPSDFWRGHHVWRVUHSHUWRULRVGHO0HGLWHUUiQHRRULHQWDOHQ&DWDOXxDSXGR
KDEHUVH DFHOHUDGR FRPR HQ7RVFDQD R9HQHFLD D SDUWLU GHO VDTXHR FUX]DGR GH
&RQVWDQWLQRSODHQņŇŅŉ\ODFRQRFLGDPLJUDFLyQGHREUDV\DUWLVWDVGH%L]DQFLRD
2FFLGHQWHRELHQDWUDYpVGHOLQFUHPHQWRGHODSUHVHQFLDGHODVÏUGHQHV0LOLWDUHV
GH7LHUUD6DQWDHQ(XURSD6XVFRQVHFXHQFLDVVRQREYLDVHQHODUWHņŇŅŅFDWDOiQ
VLELHQSRGHPRVPDWL]DUODVGHVGHHOVLPSOHLPSDFWRGHPRGHORVEL]DQWLQRVĦ)URQĥ
WDOGH$YLjRSLQWXUDVGH6DQW0DUWtGH3XLJĥUHLJĪ%HUJXHGjīĦDXQDSUHVHQFLDUHDO
GHXQPDHVWURJULHJR0DJLVWHU$OH[DQGHUDFX\RWDOOHUDFWLYRHQ/D&HUGDQ\D\HO
5RVVHOOzHQWUHņņŎŊ\ODSULPHUDGpFDGDGHOVLJOR ;,,,VHOHSXHGHQDWULEXLUORV
IURQWDOHVGH6DQW0DUWtGH&DQLJy\GH6DQW*HQtVGH)RQWDQHVDPERVSHUGLGRV
DVtFRPRORVGH6DQW$QGUHXGH%DOWDUJD\6DQWD0DULDGH2UHOOjĪ¿JňņīņŇŎ6H
WUDWDQRREVWDQWHGHXQWHPDHQHOTXHHVWR\WUDEDMDQGR\TXHSURPHWHUHVXOWDGRV
PX\QRYHGRVRV
2WUR GH ORV DVSHFWRV PiV VXJHUHQWHV GH HVWDV YLJDV SLQWDGDV HV OD tQWLPD UHĥ
ODFLyQTXHH[LVWHHQWUHVXSURJUDPDLFRQRJUi¿FR\ODIXQFLyQOLW~UJLFDGHODOWDU
TXHHQPDUFD$VtODHYLGHQWHH[DOWDFLyQGHODHXFDULVWtDTXHVHGHGXFHODVVLHWH
HVFHQDVGHOD9LJDGHOD3DVLyQKDVLGRUHFLHQWHPHQWHUHLQWHUSUHWDGDSRUÈQJHOD
)UDQFR0DWDDODOX]GHOUH]RGHODV+RUDVGHOD3DVLyQSRUHOHWHUQRGHVFDQVR
&$67,f(,5$6³3LQWXUDPXUDO\SLQWXUDVREUHWDEODHQOD(VSDxDGHOVLJOR;,,,´SSŇōŊĥŇōŋĪGRQGHVHUHFRJHOD
ņŇŎ
ELEOLRJUDItDDQWHULRUGH<&DUERQHOOĥ/DPRWKH0DUFHO'XUOLDW\5RVD$OFR\VREUHHVWDFXHVWLyQī
ŊŊ
0DQXHO&DVWLxHLUDV
)LJňņ)URQWDOGHDOWDUGH2UHOOjFDņŇŅŅ,JOHVLDGH6DQWD0DULDG¶2UHOOjĪ&RQÀHQW)UDQFLDī
GHODVDOPDVWDQWRGHQWURGHO2¿FLR'LYLQRFRPXQLWDULRFRPRHQODVSUiFWLFDV
GHYRFLRQDOHVSULYDGDVņňŅ3RUVXSDUWH(GXDUGR&DUUHURKDGHPRVWUDGRFRQVyOLĥ
GRVDUJXPHQWRVTXHODSURFHVLyQTXHGHFRUDODYLJDGHOSULRUDWREHQHGLFWLQRGH
6DQW0LTXHOGH&UXwOOHVDFWXDOPHQWHFRQVHUYDGDHQHO0XVHXG¶$UWGH*LURQD
FHOHEUDODFHUHPRQLDGHODFRQVDJUDFLyQ\GHGLFDFLyQGHODLJOHVLDņňņ3RU~OWLPR
HQHVDPLVPDOtQHDGHFRQYHUWLUDODYLJDVHQYHUGDGHURVPDUFDGRUHVOLW~UJLFRVGHO
VLPEROLVPR\IXQFLyQGHODOWDUKDEUtDTXHHQFXDGUDUHOSURJUDPDLFRQRJUi¿FRGH
OD YLJD ĪFD ņŇŇŅī Ī¿J ŇŎī \ FUHVWHUtD ĪFD ņŇŉŅĥņŇŊŅī Ī¿J ňňī GHO EDOGDTXLQRĥ
SODIyQGH6DQW0DUWtGH7RVWĪ$OW8UJHOOīGHVWLQDGRHQFODYHGHOXFKDDQWLFiWDUD
\UHD¿UPDFLyQGHOGRJPDDODH[DOWDFLyQGHOD(XFDULVWtD\GHOWULXQIRGH&ULVWR
VREUHOD0XHUWHņňŇ
(VWD VHJXQGD WLSRORJtD GH EDOGDTXLQR HO GHQRPLQDGR EDOGDTXLQRĥSODIyQ HV
SURSLDGH&DWDOXxD\PHUHFHSRUORWDQWRXQFRPHQWDULRDSDUWH6HWUDWDGHXQ
ņňŅ
7DO\FRPRKDHVWXGLDGRÈQJHOD)UDQFR0DWDDTXLHQDJUDGH]FRHOKDEHUPHIDFLOLWDGRGLFKDLQIRUPDFLyQVH
WUDWDGHXQWHPDOLW~UJLFRĥGHYRFLRQDOFRQQXPHURVRVHMHPSORVD¿QHVGHOD(GDG0HGLDĪ³5HODFLRQHVHQWUHOD
LFRQRJUDItDGHODV+RUDVGHOD3DVLyQ\HO2¿FLR'LYLQR´HQ(OVDPLFVDO3DUH/ORPSDUW0LVFHOÃOjQLDLQKRQRUHP
3DOPDGH0DOORUFDŇŅŅŎSSņōŇĥņŎņ³/D3DVLyQGH&ULVWRDWUDYpVGHODV+RUDV&DQyQLFDVGHYRFLRQHV
WHDWURHLPDJHQD¿QDOHVGHOD(GDG0HGLD´+RPHQDWJHD;DYLHU%DUUDOĪHQSUHQVDīī
ņňņ
&$55(52(GXDUGR³,PiJHQHV0LW~UJLFDV/DYLJDGH6DQW0LTXHOGH&UXwOOHVĪ0XVHXG¶$UWGH*LURQDī\OD
GHGLFDFLyQGHVXLJOHVLD´$UWH\FULVWLDQLVPR,QPHPRULDP-XDQ3OD]DROD$UWROD6,&$ORQVRĥ3LPHQWHO\(
.RUWDGL2ODQRĪHGVī8QLYHUVLDGGH'HXVWRĥ6DQ6HEDVWLiQŇŅŅŌSSňŇŎĥňňŎ
ņňŇ
&$67,f(,5$60(O%DOGDTXtGH7RVWSSŊŅĥŊŉ
Ŋŋ
WLSRGHPRELOLDULROLW~UJLFRGHVFRQRFLGRHQ(XURSD\FRQVLVWHQWHHQXQDHVSHFLH
GHKtEULGRHQWUHXQEDOGDTXLQRĥWHPSOHWHXQDWHFKXPEUH\XQDYLJDĪ¿JňŇī(O
UHVXOWDGRHVXQDRULJLQDOHVWUXFWXUDDpUHDHQPDGHUDVLQVRSRUWHFROXPQDULRTXH
VHFRPSRQHGHXQDVHULHGHHOHPHQWRV(QSULPHUOXJDUXQHQWUDPDGRGHFXDĥ
WURWUDYLHVDVFRQIXQFLyQGHVRSRUWHFRQXQDYLJDGHODQWHUDĦTXHSXHGHDOFDQ]DU
SHUIHFWDPHQWHXQDORQJLWXGGHFXDWURPHWURV\TXHVH¿MDDDPERVODGRVGHODUFR
WULXQIDOĦ GRV YLJDV ODWHUDOHV TXH XQHQ OD GHODQWHUD FRQ HO WHVWHUR GHO iEVLGH \
¿QDOPHQWH XQD YLJD WUDVHUD PiV FRUWD TXH VH HQFDMD HQWUH ODV ODWHUDOHV /D LQĥ
WHUVHFFLyQGHODVFXDWURWUDYLHVDVFRQIRUPDXQFXDGUDGRVREUHHOTXHGHVFDQVDD
PRGRGHWHFKRXQDWDEODIRUPDGDSRUYDULRVWDEORQHV(QDOJXQRVFDVRVFRPR
HO GH7RVW OD YLJD GHODQWHUD SRGtD HVWD FRURQDGD SRU XQD FUHVWHUtD Ī¿J ňňī /D
HVWUXFWXUDUHVXOWDQWHHVWDEDWRWDOPHQWHSLQWDGD\GHFRUDGDFRQWHPDV¿JXUDWLYRV
LFyQLFRV \ QDUUDWLYRV ĪIUHQWH H OD YLJD GHODQWHUD FUHVWHUtD \ SODIyQī DVt FRPR GH
FDUiFWHUJHRPpWULFRĪYLJDVODWHUDOHVWUDVHUD\SDUWHLQIHULRUGHODGHODQWHUDī
3DUD-RVHS*XGLROL&XQLOOKDEUtDTXHLGHQWL¿FDUHVWDVHVWUXFWXUDVFRQODSDĥ
ODEUD ODWLQD ODTXHODULD TXH GHVLJQDUtD VHQFLOORV WHFKRV GH PDGHUD R GH WHOD TXH
ELHQSRGUtDQHVWDUVRVWHQLGRVFRPRHQ7RVWR7DYqUQROHVĪ¿JňŉīSRUYLJDVODWHĥ
UDOHV\IURQWDOHVRELHQVXVSHQGLGRVHQHOFDVRGHWHMLGRVGHVGHODFXELHUWDGHO
HGL¿FLRņňň6XUHVXOWDGRHUDVLQGXGDPX\HIHFWLYR\DTXHHOEDOGDTXLQRĥSODIyQ
VREUHYRODEDOLWHUDOPHQWHHODOWDUFRPRVLIXHVHODEyYHGDFHOHVWH&DEHUHFRUGDU
)LJňŇ(QVDPEODMHGHODVSLH]DVGHO%DOGDTXLQRĥSODIyQGH7RVW'LEXMR-RUGL%DOORQJD0(9
ņňň
*8',2/(OVSULPLWLXV,,,SSňŊŇĥňŊň
ŊŌ
0DQXHO&DVWLxHLUDV
)LJňň&UHVWHUtDGH7RVWPHGLDGRVGHOVLJOR;,,,SURFHGHQWHGH6DQW0DUWtGH7RVWĪ$OW8UJHOOī0XVHX(SLVFRSDO
GH9LF0(9
)LJňŉ%DOGDTXLQRĥSODIyQGH6DQW6HUQLGH7DYqUQROHVĪ$OW8UJHOOīPHGLDGRVGHOVLJOR ;,,,%DUFHORQD0XVHX
1DFLRQDO G$UW GH &DWDOXQ\D 01$& &DOYHUDV0pULGD6DJULVWj /D SLH]D GHVFXELHUWD LQ VLWX HQ ņŎŅŋ
IXQFLRQDEDWRGDYtDHQWRQFHVFRPRGRVHOGHDOWDUVLJXLHQGRXQDHVWUXFWXUDVLPLODUDODGH7RVW&RQODVGLYHUVDV
LQVWDODFLRQHVTXHODREUDKDWHQLGRHQHOPXVHRGH%DUFHORQDpVWDKDLGRSURJUHVLYDPHQWHSHUGLHQGRVX³DVSHFWR´
RULJLQDOGHPDQHUDTXHWDQWRODYLJDGHODQWHUDFRPRODWUDVHUDIXHUDQUHFRUWDGDVSDUDDGDSWDUODVVXDFWXDOPDUFR
FXDGUDGR
TXHHORULJHQGHOYDORUSURWHFWRUVLPEyOLFR\KRQRUt¿FRGHORVEDOGDTXLQRVHVWi
HQ2ULHQWHGRQGHQDFLyODLGHDGHSURSRUFLRQDUGHXQUHVJXDUGRDODVSHUVRQDVGH
JUDQDXWRULGDG'HHVWDPDQHUDWDQWRORVFLERULDFRPRORVGRVVDOLDVHFRORFDURQ
GHVGH0HVRSRWDPLDD5RPDVREUHORVWURQRVFRPRDWULEXWRGHODSRPSD\GHOSRĥ
Ŋō
GHUXQLYHUVDO\FHOHVWLDOGHOVREHUDQRņňŉ(OFULVWLDQLVPRVREUHWRGRGHVGHHOVLJOR
9ORVLQFRUSRUyDODSDUDIHUQDOLDOLW~UJLFDGHOVDQWXDULRSDUDVLJQL¿FDUODUHDOH]D
GLYLQDGH&ULVWR\VXWULXQIRVREUHODPXHUWH
/D JpQHVLV \ H[DFWD FRORFDFLyQ GHO EDOGDTXLQRĥSODIyQ FRPR HVWUXFWXUD DpUHD
HVWiOOHQDGHLQFyJQLWDVSXHVODPD\RUtDGHHOODVQRVHFRQVHUYDQLQVLWX\FXDQGR
HVDVtFRPRHQHOFDVRGHODFDSLOODGHGLFDGDD6DQ-RDQGHOFDVWLOORGH0DWDSODQD
Ī9DOOGH5LEHVīĪ¿JňŊīRIDOWDQ HOHPHQWRV R pVWRV VH HQFXHQWUDQ \D SURIXQGDĥ
PHQWHDOWHUDGRVņňŊ(QPLRSLQLyQHVWDVHVWUXFWXUDVQRHVWDEDQLQFOLQDGDVHQHO
LQWHULRUGHOiEVLGHVLQRTXHVHWUDWDEDWDO\FRPRVHGHGXFHGHVXFDUSLQWHUtD\
HQFDMHVHQORVPXURVGHYHUGDGHURVWHFKRV³YRODQWHV´HQKRUL]RQWDOVREUHHODOWDU
Ī¿Jňŋī'HHVWDPDQHUDHOS~EOLFRTXHDVLVWtDDORVR¿FLRVREVHUYDEDSULQFLSDOĥ
PHQWH HO IUHQWH GH OD YLJD GHODQWHUD PLHQWUDV TXH HO FHOHEUDQWH JR]DED GH XQD
)LJňŊ9LJDGHODLJOHVLDGH6DQW-RDQHQHO&DVWLOORGH0DWDSODQDĪ9DOGH5LEHV(O5LSROOqVī~OWLPRWHUFLRGHO
VLJOR;,,,
/¶25$1*(+36WXGLHVRQWKH,FRQRJUDSK\RI&RVPLF.LQJVKLSLQWKH$QFLHQW:RUOG1XHYD<RUNņŎōŇSSņŉĥņŊ
ņňŉ
-RUGL&DPSV\\RUHDOL]DPRVGHQWURGHOÈUHDGH5RPiQLFRGHO01$&HQHODxRŇŅŅŎXQHVWXGLRLQpGLWR
ņňŊ
VREUHODYLJDGHODQWHUDGHODLJOHVLDGH6DQW-RDQGH0DWDSODQDWRGDYtDFRQVHUYDGDLQVLWX7UDVXQDQiOLVLVPLĥ
QXFLRVROOHJDPRVDODFRQFOXVLyQGHTXHODSLH]DSRUVXVHQFDMHV\GHFRUDFLyQIRUPySDUWHGHXQEDOGDTXLQRĥ
SODIyQFRORFDGRRULJLQDOPHQWHHQODHPERFDGXUDGHOiEVLGH\UHDOL]DGRHQHO~OWLPRWHUFLRGHOVLJOR;,,,EDMR
HOJRELHUQRGHOEDUyQGH0DWDSODQD5DPRQG¶8UW[PXHUWRHQņŇŎŌĥŎō
ŊŎ
0DQXHO&DVWLxHLUDV
)LJňŋ5HFRQVWUXFFLyQGHODLJOHVLDURPiQLFDGH6DQW0DUWtGH7RVWFRQODXELFDFLyQGHOEDOGDTXLQRĥSODIyQ
'LEXMR-RUGL%DOORQJD0(9
SULYLOHJLDGDYLVLyQGHOWHFKRSLQWDGRHQHOPRPHQWRGHODUHFLWDFLyQGHOFDQRQ
GHODFRQVDJUDFLyQGHODHXFDULVWtDņňŋ6R\VLQHPEDUJRFRQVFLHQWHGHTXHWRGDYtD
TXHGDQSRUUHVROYHUDOJXQDVFXHVWLRQHVSXHVHOKHFKRGHTXHODPD\RUtDGHORV
EDOGDTXLQRVĥSODIyQFRQVHUYDGRVVHDQGHOVLJOR ;,,,Ī7RVW7DYqUQROHV0DWDSODQD
HWFīH[LVWHQLQGLFLRVSDUDSHQVDUTXHODWLSRORJtD\DVHKDEtDGHVDUUROODGRHQHO
VLJOR;,,'HKHFKRHOFRQRFLGRFRPR³EDOGDTXLQRGH5LEHVÍHFKDGRHQWUHņņŇŅ
\ ņņŉŅ Ī¿J ňŌī \ FRQVHUYDGR HQ OD FROHFFLyQ GHO 0XVHX (SLVFRSDO GH9LF VH
KDFRQVLGHUDGRVLHPSUHHOSULPHUHMHPSORGHGLFKDWLSRORJtD'HODQiOLVLVGHVX
FDUSLQWHUtD\GHVXVQRWDEOHVGLPHQVLRQHVVHGHGXFHTXHVHWUDWDGHOUHVWRGHXQD
ņňŋ
&$67,f(,5$6(OFHOSLQWDWSSŉņĥŉŇ
ŋŅ
)LJ ňŌ %DOGDTXLQR GH 5LEHV Ī5LSROOqVī FD ņņŇŅĥņņŉŅ 0XVHX (SLVFRSDO GH 9LF 0(9 ňōōŉ 0XVHX
(SLVFRSDOGH9LFIyWyJUDIRV*DEULHO6DOYDQV\-RDQ0'tD]
WDEODĥSODIyQSHQVDGDRULJLQDOPHQWHSDUDFRORFDUVHVREUHXQHQWUDPDGRHQPDGHUD
VLPLODUDOGH7RVW/DPHQWDEOHPHQWHHQHOPRPHQWRGHVXLQJUHVRHQHOPXVHR
HQņŎŅŋODSLH]D\DHVWDEDVHFFLRQDGDHQODVVXVFDUDL]TXLHUGDHLQIHULRUSXHV
KDEtDVLGRUHXWLOL]DGDFRPRIURQWDOGHDOWDUVLELHQHQODSDUWHSRVWHULRUGHVXODGR
GHUHFKRSUHVHQWDWRGDYtDXQHQFDMHSDUDHQVDPEODUVHFRQXQDWUDYLHVDODWHUDOņňŌ
1RREVWDQWHODIDOWDGHXQFRQWH[WRDUTXHROyJLFRDGHFXDGRGHELGRDODVGXGDV
H[LVWHQWHVWRGDYtDVREUHVXSURFHGHQFLDRULJLQDOĦĨ6DQWD0DULDGH5LEHVGH)UHVHU
Ī5LSROOqVī"ĦQRKDQSHUPLWLGRKDVWDHOPRPHQWRDYDQ]DUPiVHQODUHFRQVWUXFĥ
FLyQGHHVWHSUHFR]FRQMXQWRSLH]DIXQGDPHQWDOHQODKLVWRULDGHODWLSRORJtDGHO
EDOGDTXtQĥSODIyQFDWDOiQ
,,ŉ/DVWHODV
3RURWUDSDUWHHQ&DWDOXxDWDQWRODVGRQDFLRQHVGHGRWDFLyQDODVLJOHVLDVFRĥ
PRORVLQYHQWDULRVGHDOWDUVRQPX\JHQHURVRVHQLQIRUPDFLyQVREUHODH[LVWHQĥ
FLDGHQXPHURVDVWHODVFRORUHDGDV\RUQDPHQWDGDVGHVHGD\OLQR6HWUDWDHQVX
PD\RUtDGHSDOLRVGRVVDOLDDOIRPEUDV\FRUWLQDVGHODVTXHDSHQDVQRVKDOOHJDGR
QDGD$OJXQDVGHODVSLH]DVFRQVHUYDGDVFRPR(O7DSL]GHOD&UHDFLyQGH*LURQD
HO3DOÂOLGHOHV%UXL[HVGHO0XVHX(SLVFRSDOGH9LFRHOGHQRPLQDGR)URQWDOGHOD
6HXG¶8UJHOOGHO9LFWRULDDQG$OEHUW0XVXHPGH/RQGUHVFRQVWLWX\HQORVUHVWRV
$JUDGH]FRDODFRQVHUYDGRUDGHO0XVHX(SLVFRSDOGH9LF-XGLW9HUGDJXHUWRGDVODVLQIRUPDFLRQHVSHUWLQHQWHV
ņňŌ
DHVWHUHVSHFWR
ŋņ
0DQXHO&DVWLxHLUDV
GHXQJUDQQDXIUDJLR1RKD\TXHROYLGDUTXHFRQHVWDVWHODVVHYHVWtDQORVDOWDUHV
SDUDODVFHUHPRQLDVOLW~UJLFDVPiVLPSRUWDQWHVGHODxRĪOD1DYLGDGOD&XDUHVPD
OD3DVFXDHWFī\TXHHQPXFKRVFDVRVVXH[DFWDIXQFLyQHVSHFt¿FDVHQRVHVFDĥ
SD\DTXHSUREDEOHPHQWHFRPRYHUHPRVVHUYtDQWDPELpQSDUDYHODULPiJHQHVR
PXHEOHVGHDOWDUĦFRPRORVIURQWDOHVGHRUIHEUHUtDRSLQWDGRVĦTXHVRODPHQWHVH
H[SRQtDQFRQWRGRVXHVSOHQGRUDODYLVWDGHOS~EOLFRHQFLHUWRVPRPHQWRVGHOD
OLWXUJLDRHQGHWHUPLQDGDVIHVWLYLGDGHV
$XQTXH KDVWD QRVRWURV QR KD OOHJDGR YHVWLJLR DOJXQR GH VXV WHODV VDEHPRV
H[DFWDPHQWH D WUDYpV GH VHLV LQYHQWDULRVņňō HO DMXDU TXH GHFRUDED HO DOWDU GH OD
EDVtOLFDGH6DQWD0DULDGH5LSROODVtFRPRVXHYROXFLyQHQWUHORVVLJORV ;\ ;,,
GHVGH OD PXHUWH GHO DEDG *XLGLVFOH ĪŎŌŌī FRQVWUXFWRU GH OD WHUFHUD EDVtOLFD GH
5LSROOKDVWD¿QDOHVGHOVLJOR ;,,(QHOORVQRGHMDGHVRUSUHQGHUQRVVXGLIHUHQWH
QRPHQFODWXUDDVtFRPRODVVXJHUHQWHVQRWLFLDVVREUHVXFRORFDFLyQ\IXQFLyQWDO\
FRPRVHGHGXFHGHODOHFWXUDGHORVVLJXLHQWHVIUDJPHQWRV
ĥ$xRņŅŅōĪLQYHQWDULRUHDOL]DGRDODPXHUWHGHODEDGD6HQLRIUpī6XQWLQDOWDUH
6DQFWH0DULH,,SDOOLLRSWLPLHWXQXPYHWXVWLVVLPXPTXLMDFHWVXSHUDUDPHWDOLXP
DOEXPTXHPGHGLW5DLPXQGXVFRPHVHWDOLXPGH63RQFLRHWDOLXPTXLHVWLQJXDGLR
DG63HWUXP6XQWGRVVDOHV,,,HWXQXPSDOOHXPYHWXVWLVVLPXPFXPFUR[HQDHWWDSHWL
SDUYXOL,,,HWVXQWFRUWLQDVGHODQDQRYDV,,,,HWYHWHUHV,,,HWDOLDOLQHDTXDGUDJHVLĦ
PDOLVHWDOLDGHVHULFRņňŎ
ĥ6LJOR;,,ĪSULPHULQYHQWDULRī&RUWLQDVH[OLQRVXQW,,,,HWTXLQWDTXDGUDJHVLPDOLVHW
WXDOLDVVXSHUIRUPXODV,,,,HWTXLQWDH[VLULFDFRUWLQDVWUHVQLJUDVHWEURVGHXPXQXPņŉŅ
ĥ6LJOR;,,ĪVHJXQGRLQYHQWDULRīFRUWLQDVSDOOL;;,HWSDOOLIHVWLYL9GHIUHVHWHWGXR
FRQVWDQWLQDQWVHW,UXEHXPRSWLPXPHWDOLLSDOOLLRPQLVDOWDUHV;īĬHWFXUWLQDVGH
VHGDQLJUDņŉņ
6HGHGXFHDVtTXHORVSDOLRVĪSDOOLīIXQFLRQDEDQFRPRIURQWDOGHDOWDUORVGRĥ
VDOHVĪGRVVDOHVĬFRPRPDQWHOHVOLW~UJLFRV\ODVFRUWLQDVFX\DIXQFLyQUHVXOWDHYLĥ
GHQWHSRGtDQDGHPiVVHUTXDGUDJHVLPDOHVRQLJUDVFXDQGRVHUYtDQSDUDYHODUORVSDĥ
UDPHQWRVOLW~UJLFRVGXUDQWHOD&XDUHVPD$HOORVKDEUtDTXHDxDGLUWDPELpQORV
SHQGRQHVRHVWDQGDUWHVĪJRQIDQRQHVīDVtFRPRORVWDSHWDWDSHWLRVRWDSHFLRVOXMRVDV
DOIRPEUDVTXHVHFRORFDEDQGHODQWHGHODOWDUHQHOHVSDFLRGHOSUHVELWHULR\TXHHQ
RFDVLRQHVHYRFDEDQODGHFRUDFLyQGHORVPRVDLFRVSDYLPHQWDOHVņŉŇ(QFRQFUHWR
ņňō
-81<(17(GXDUG³1RWHVLQqGLWHVVREUHHOPRQHVWLUGH5LSROO´$QDOHFWD6DFUD7DUUDFRQHQVLD,;ĪņŎňňīSS
ņōŊĥŇŇŊ
ņňŎ
-81<(17'LSORPDWDULSŉŉ
ņŉŅ
-81<(17³1RWHVLQqGLWHV´DS,SŇŇŉ
ņŉņ
-81<(17³1RWHVLQqGLWHV´DS,,SŇŇŊ
ņŉŇ
(QHOLQYHQWDULRGH5LSROOGHODxRŎŌŎUHDOL]DGRDODPXHUWHGHODEDG*XLVGLFOHVHHQXPHUDQ7DSHFLRV,,,,HW
DOLXPWDSHFLXPPLQRUHPĪ-81<(17'LSORPDWDULSŌī
ŋŇ
HOSULPHULQYHQWDULRGH5LSROOGHOVLJOR ;,,DOKDEODUGHWDSHWLRVIHVWLYDOHVLIHULDOHV
VXQW;ņŉňGLVWLQJXHHQWUHDOIRPEUDVGH¿HVWD\GHFDGDGtD
3RURWUDSDUWHSRUHOQRPEUHJHQpULFRSDOOLXPVHGHQRPLQDEDQORVQXPHURVRV
ERUGDGRV TXH HQ ODV JUDQGHV IHVWLYLGDGHV OLW~UJLFDV GHFRUDEDQ QDYHV \ iEVLGHV
FROJDGRVGHSDUHGHV\FROXPQDV(QPXFKDVRFDVLRQHVpVWRVVRQHYRFDGRVHQOD
SLQWXUD PXUDO FDWDODQD HQ XQ IRUPDWR TXH UHVXOWDED PiV EDUDWR \ SHUPDQHQWH
0LHQWUDVTXHHQODVSDUWHVEDMDVGHODVSLQWXUDVGHOiEVLGHSULQFLSDOGH6DQW4XLU]H
GH3HGUHWĪņŅŎŅĥņņŇŅīR6DQWD0DULDGH7DOOĪņņŇňīVHUHSUHVHQWDQFRUWLQDMHV
GHFRUDGRVEDMRHODVSHFWRGHSDOOLDURWDWDFRQVLJQRVGHO=RGtDFRRDQLPDOHVGHO
%HVWLDULRHQ6DQWD(XOjOLDG¶(VWDRQĪ¿JňōīVHSUH¿HUHHPXODUORVYHODULDQDUUDWLĥ
YRVFRQHVFHQDVGHOXFKD\FD]DSURSLDVGHXQD3VLFRPDTXLDŇŊŊ3RURWUDSDUWHHVH
PLVPRIHQyPHQRGHLPLWDFLyQGHORVSDOOLDURWDWDVHHQFXHQWUDHQODGHFRUDFLyQ
SLQWDGDGHORVDOWDUHVWDQWRHQ6DQWD0DULDGH7DOOFRPRHQ6DQW5RPjGHOHV
%RQVĪ(QFDPS$QGRUUDī
7DO\FRPRKDHVWXGLDGR7KRPDV($'DOHSDUDHOFDVRGHO]yFDORGHODFULSWD
GHOD&DWHGUDOGH$TXLOH\DĪFDņņōŅīODLQFRUSRUDFLyQGHHVFHQDVGH3VLFRPDTXLD
HQODGHFRUDFLyQGHHVWRV¿FWLFLRVFRUWLQDMHVLQGLFDEDHOFDUiFWHUDOHJyULFRFRQHO
TXHVHUHYHVWtDDHVWRVYHORV(QHOORVVHHMHPSOL¿FDEDODOXFKDHQWUHHO%LHQ\HO0DO
)LJňō3LQWXUDVGH6DQWD(XOjOLDG¶(VWDRQ
PHGLDGRVGHOVLJOR;,,]yFDORFRUWLQDMHV
FRQHVFHQDVGHFD]D%DUFHORQD0XVHX
1DFLRQDOG$UWGH&DWDOXQ\D01$&
&DOYHUDV0pULGD6DJULVWj
-81<(17³1RWHVLQqGLWHV´DS,SŇŇŊ
ņŉň
3$*Ê60RQWVHUUDW³/HVSLQWXUDVURPjQLTXHVGHO¶DQWLJDHVJOpVLDGH6DQWD(XOjOLDG¶(VWDRQ/DVHYDKLVWzULDL
ņŉŉ
ODVHYDLFRQRJUD¿D´8UJHOOLDŇŅŅŇĥŇŅŅŊSSŋŊŌĥŋŊň
ŋň
0DQXHO&DVWLxHLUDV
SDUDKDFHUH[SOtFLWDODLGHDGHTXHVHWUDWDEDHQUHDOLGDGGHOYHORGHODFDUQHGHOD
FRQGLFLyQKXPDQDTXHDOUHWLUDUVHGHVFXEUtDODOXPLQRVDYHUGDGGHOD(QFDUQDFLyQ
\GHOD5HVXUUHFFLyQVLJXLHQGRODHStVWRODGH6DQ3DEORDORV+HEUHRVĪņŅņŎī
³7HQLHQGRSXHVKHUPDQRVSOHQDVHJXULGDGGHHQWUDUHQHOVDQWXDULRHQYLUWXG
GHODVDQJUHGH-HV~VSRUHVWHFDPLQRQXHYR\YLYRLQDXJXUDGRSRUpOSDUDQRĥ
VRWURVDWUDYpVGHOYHORHVGHFLUGHVXSURSLDFDUQH´ņŉŊ
1R REVWDQWH HQ RWUDV RFDVLRQHV ODV WHODV KDFtDQ H[SOtFLWD OD SHQLWHQFLD OD
PXHUWHĪFXUWLQDVTXDGUDJHVLPDOHVRQHJUDVĬRLQFOXVRODUHVXUUHFFLyQGH&ULVWR$VtOD
OHFWXUDGHXQFRQYHQLRHQWUHVDFULVWDQHVGHOD&DWHGUDOGH*LURQDGHņŅŊňLQGLFD
HOFDUiFWHUPyYLOGHHVWDVWHODVSDUDODVTXHH[LVWtDXQUHVSRQVDEOHTXHVHRFXSDED
GHFROJDUGHVFROJDU\JXDUGDUORVRUQDPHQWDHFFOHVLDHĪFRUWLQDVHWSDOHLVīVREUHWRGR
GXUDQWHODFHOHEUDFLyQGHOD3DVLyQ\OD3DVFXDņŉŋ'HKHFKRHO9LHUQHV6DQWRVH
SURFHGtDDODQXGDWLRDOWDULVRGHVSRMRGHORVDOWDUHVSDUDDVtSRGHUKDFHUPiVH[SOtĥ
FLWDGHVSXpVODFHOHEUDFLyQGHO'RPLQJRGH3DVFXDGtDSRUH[FHOHQFLDGHORUQDWR
GHOWHPSORFRQFROJDGXUDVDOIRPEUDV\EDQFDOHVņŉŌeVWDHUDSUREDEOHPHQWHHQ
PLRSLQLyQXQDGHODVIXQFLRQHVGHOGHQRPLQDGR7DSL]GHOD&UHDFLyQGH*LURQDĪFD
)LJňŎ7DSL]GH
OD&UHDFLyQGHOD
&DWHGUDOGH*LURQD
ņŅŎŋĥņņŅņ7HVRUR
GHOD&DWHGUDOGH
*LURQD
ņŉŊ
'$/(7KRPD ($ 5HOLFV3UD\HUVDQG3ROLWLFVLQ0HGLHYDO9HQHWLD5RPDQHVTXH3DLQWLQJLQWKH&U\SWRI$TXLOHLD
&DWKHGUDO3ULQFHWRQ8QLYHUVLW\3UHVV1XHYD<RUNņŎŎŌSSŋŋĥŌŋ
ņŉŋ
0$57Ë5&ROÃOHFFLyGLSORPjWLFDGHOD6HXGH*LURQDīŎŇōĦŇŇņņĬ%DUFHORQDņŎŎŌGRFQŇŌŅSŇōŅ
ņŉŌ
,2+$11,V %(/(7+ 6XPPDGHHFFOHVLDVWLFLVRɼFLVF ņŅŉ Ī'HQXGDWLRQHDOWDULVī \ ņŅŊ Ī'HRUQDWXWHPSOLĬ HG +
'RXWHLO7XUQKROWLņŎŌŋSSņŎŉ\Ňņŋ
ŋŉ
ņŅŎŋĥņņŅņīĪ¿JňŎīHQRULJHQXQDJLJDQWHVFDDOIRPEUDGHODQDERUGDGDGHVWLQDĥ
GDDVHUFRORFDGDHQHOSUHVELWHULRGHODFDWHGUDOHQFHOHEUDFLRQHVFRPROD3DVFXD
OD([DOWDFLyQ\OD,QYHQFLyQGHOD&UX]ņŉō
,,Ŋ9HODU\GHVYHODUORVDJUDGRORVSULPHURVIURQWDOHVSLQWDGRV\OD
HVSLQRVDFXHVWLyQGHOSLQWRUHFOHVLiVWLFR
/DFUHDFLyQGHORVDJUDGRHQORVDOWDUHVFDWDODQHVGHORVVLJORV;,\EXHQDSDUWH
GHO;,,SDUHFHKDEHUVHJXLGRXQRVSDUiPHWURVTXHUHPLWHQDORVSURWRWLSRVYHWHĥ
URWHVWDPHQWDULRVGHO7DEHUQiFXORGH0RLVpV\HO6DQFWD6DQFWRUXPGHO7HPSORGH
-HUXVDOpQ(QHVWHVHQWLGRHQPLRSLQLyQKDEUtDTXHLQWHUSUHWDUHOPRELOLDULR\
DMXDUOLW~UJLFRGH5LSROO\&XL[jHQpSRFDGHODEDG2OLEDDVtFRPRHOSURJUDPD
SLFWyULFRGH6DQWD0DULDG¶¬QHXņŉŎ'HKHFKRHORUGRFDWDODQRĥQDUERQpVTXHVH
DSOLFyDODFRQVDJUDFLyQGHLJOHVLDV\DOWDUHVDDPERVODGRVGHORV3LULQHRVHQODV
GLyFHVLV GHSHQGLHQWHV GHO DU]RELVSDGR GH 1DUERQD HQWUH HO DxR ņŅŅŅ \ ņņŇŊ
DVLPLODEDHODOWDUDO$UFDGHOD$OLDQ]DGHO7HPSORGH-HUXVDOpQVHUHFUHDEDHQODV
YLVLRQHV WHRIiQLFDV GH ,VDtDV \ (]HTXLHO \ UHSUHVHQWDED D &ULVWR FRPR HO QXHYR
0RLVpV\DORV(YDQJHOLRVFRPROD1XHYD/H\ņŊŅ
(QODGpFDGDGHņņŇŅSUHFLVDPHQWHHQHOPRPHQWRGHODHFORVLyQGHODSURĥ
GXFFLyQGHSDUDPHQWRVOLW~UJLFRVSLQWDGRVHQ&DWDOXxDFRPLHQ]DQDLPSRQHUVH
FiQRQHV\XVRVGHUDLJDPEUHPiVURPDQD\³JUHJRULDQD´7DOHVHOFDVRGHOD&RĦ
OOHFWLR7DUUDFRQHQVLVĪ7DUUDJRQD%LEOLRWHFD3~EOLFD0VŇŋīUHDOL]DGDHQ5RGDGH
,ViEHQDEDMRHOJRELHUQRGHORELVSR6DQ5DPyQĪņņŅŉĥņņŇŋīHQODTXHVHLQFOXĥ
\HQHQORVIROLRVŇŅňDOŇŇŊRUGLQHVOLW~UJLFRVPX\FHUFDQRVDOQXHYRSRQWL¿FDOURĥ
PDQRVREUHODFRQVDJUDFLyQGHODVLJOHVLDVĪɱŇŅňĥŇņŉYīODFRQVDJUDFLyQGHyOHRV
\FULVPDVHO-XHYHV6DQWRĪIŇņŉYĥŇņŌUīODRUGHQDFLyQGHOFOHURĪŇņŌUĥŇŇŇYīROD
UHFRQFLOLDFLyQGHDSyVWDWDVĪŇŇŇYĥŇŇňUīņŊņ
&RQWRGDSUREDELOLGDGODHPHUJHQFLDGHHVWHQXHYRPHGLRĦODSLQWXUDVREUHWDĥ
EODĦHQHOFRQWH[WRGHODVGLyFHVLVGHOD6HXG¶8UJHOO9LF\5RGDGH,ViEHQDHVWXYR
FRQGLFLRQDGDHQSDUWHSRUHVWRVQXHYRVXVRVURPDQRV(QSDUWLFXODUUHVXOWDHVSHĥ
FLDOPHQWHVXJHUHQWHHOKHFKRGHTXHORVSULPHURVPDHVWURVGHODSLQWXUDVREUHWDĥ
EODSDUHFHQKDEHUVHGHVDUUROODGRDODPSDURGHJUDQGHVFHQWURVHFOHVLiVWLFRVFRPR
ODDEDGtDEHQHGLFWLQDGH6DQWD0DULDGH5LSROORODVFDWHGUDOHVGH9LF\GH8UJHOO
ņŉō
&$67,f(,5$V0DQXHO³/D5RGDGHO7HPSVDO%URGDWGHOD&UHDFLyGH*LURQDXQDFDUWRJUD¿DGHODKLVWzULDGH
ODVDOYDFLyQ"´6WXGLXP0HGLHYDOHŇĪŇŅŅŎīSSņňŊĥņŊŋ(O7DStVGHOD&UHDFLy*LURQDŇŅņņ
ņŉŎ
&$67,f(,5$V0DQXHO³5LSROOHW*pURQHGHX[H[HPSOHVSULYLOHJLpVGXGLDORJXHHQWUHO¶DUWURPDQHWODFXOWXUH
FODVVLTXH´/HV&DKLHUVGH6DLQWĦ0LFKHOGH&X[D;;;,;ĪŇŅŅōīSSņŋņĥņōŅ
ņŊŅ
*5260LTXHO³6LPEROLVPHVELEOLTXHVGHVDXWHOVURPDQVHQ1DUERQQDLVH´HQ$XWRXUGHO·DXWHOURPDQFDWDODQ)
*XDUGDQVL&DPEy'%R\HUĪHGVī3DUtVŇŅŅōSSŋŊĥŌŉ
ņŊņ
*2(5,1*-RVHSK³%LVKRSV/DZDQG5HIRUPLQ$UDJRQņŅŌŋĥņņŇŋDQGWKH/LEHU7DUUDFRQHQVLV´=HLWVFKULIW
GHU6DYLJQ\ĥ6WLIWXQJIU5HFKWVJHVFKLFKWH.DQRQLVFKH$EHLWOXQJŎŊĪŇŅŅŎīSSņĥŇō
ŋŊ
0DQXHO&DVWLxHLUDV
(QHOORVORVDUWLVWDVWHQtDQDFFHVRDORVUHFHWDULRVWpFQLFRVGHORVVFULSWRULDFRPR
VHKHFKRSDWHQWHHQORVDQiOLVLVTXtPLFRVUHDOL]DGRVSRUHO/DERUDWRULRGHO01$&
HQORVIURQWDOHVGH8UJHOO,[(VTXLXV\3ODQqVDVtFRPRHQHOPDWHULDOWRGDYtD
LQpGLWRH[LVWHQWHVREUHHOEDOGDTXLQRGH5LEHV3RUORVSLJPHQWRVXWLOL]DGRVVXV
PRGRVGHHMHFXFLyQSLFWyULFD\HOHPSOHRGHPRGHORVHVWRVPDHVWURVFRQRFtDQDOD
SHUIHFFLyQODWUDGLFLyQPLQLDGDFDWDODQDGHOVLJOR;,DVtFRPRODIyUPXODGHDSOLFDĥ
FLyQGHSODFDVGHHVWDxRFRUODGDVTXHVHHQFXHQWUDUHFRJLGDHQXQPDQXVFULWRPLVĥ
FHOiQHRUHDOL]DGRHQ5LSROOKDFLDņņňŉĪ0DGULG%LEOLRWHFD1DFLRQDO0VņŎīņŊŇ
&DEHSRUORWDQWRVXSRQHUTXHVHWUDWDEDGHPDHVWURVTXHWUDEDMDEDQHQGHĥ
SHQGHQFLDVPRQiVWLFDV\FDWHGUDOLFLDVDODPSDURGHGLFKDVLQVWLWXFLRQHV\GLUHFĥ
WDPHQWHGLULJLGRVHQVXVDFWLYLGDGSRUHOODV'HVGHHVWRVWDOOHUHVVLWXDGRVHQORV
JUDQGHVFHQWURVFDWHGUDOLFLRVRPRQiVWLFRVVHDEDVWHFtDDODVKXPLOGHVSDUURTXLDV
GHODVGLyFHVLVRGHOWHUULWRULRGHODDEDGtDGHIURQWDOHVREDOGDTXLQRVSLQWDGRV
SDUDJDUDQWL]DUHORUQDWRGHOFXOWR\ODGLIXVLyQGHOGRJPD6HWUDWDEDQRREVWDQWH
GHREMHWRV³EDUDWRV´HQUHODFLyQFRQODDQWLJXDPDJQL¿FHQFLDGHORVJUDQGHVDOWDĥ
UHVGHPHWDOGHHVRVFHQWURVSURGXFWRUHV
3RURWUDSDUWHDXQTXHQRVDEHPRVFRQFHUWH]DVLHVWRVDUWLVWDVHUDQHFOHVLiVĥ
WLFRVRODLFRVWDQWRHODFFHVRSULYLOHJLDGRDOFRQRFLPLHQWROLEUHVFR\WpFQLFRTXH
GHPXHVWUDQFRPRODYRFDFLyQDQyQLPDVHULDGD\GLGiFWLFRĥGHYRFLRQDOGHVXDUWH
DSXQWDQDVXPiVTXHSRVLEOHIRUPDFLyQHFOHVLiVWLFDHQHOVHQRGHHVFXHODVPRQiVWLĥ
FDVRFDWHGUDOLFLDV(QHVWHVHQWLGRUHVXOWDHVSHFLDOPHQWHVLJQL¿FDWLYDODQRWLFLDGH
TXH*HRɱUR\GH&KDPSĥ$OHPDQRELVSRGH$X[HUUHHQWUHņŅŊŇ\ņŅŌŋKXELHVH
LQVWLWXLGRHQVXFDWHGUDOWUHVSUHEHQGDVSDUDHFOHVLiVWLFRVDUWLVWDVXQRUIHEUHXQ
SLQWRU\XQYLGULHURĪ$XULIDEUXPPLUDELOHPSLFWRUHPGRFWXPYLWUHDULXPVDJDFHPīņŊň
$XQTXHLJQRUDPRVVLHQODGpFDGDGHņņŇŅHVWRVSLFWRUHVGRFWLVHIRUPDURQHQ
&DWDOXxDHQHVFXHODVPRQiVWLFDVRFDWHGUDOLFLDVQRQRVFDEHGXGDDOJXQDTXHHO
WUDEDMRUHODFLRQDGRFRQODSURGXFFLyQGHOPRELOLDULRGHDOWDUVLHPSUHVHKDWHxLĥ
GRHQORVWUDWDGRVWpFQLFRVGHXQVHQWLGR\HVStULWXFODUDPHQWH³UHOLJLRVR´$Vt
VLFpOHEUHSLQWRUGHLFRQRVGH0RQWH$WKRVLQYRFDEDDOD9LUJHQ0DUtD\DO(YDQĥ
JHOLVWD6DQ/XFDVDQWHVGHUHDOL]DUVXWUDEDMRņŊŉHOSURSLR&HQQLQR&HQQLQLQRV
UHFRUGDEDHQVX/LEURGHOO·$UWH
³&RPHQFHPRVDSLQWDUVREUHWDEODHQQRPEUHGHOD6DQWtVLPD7ULQLGDGLQYRĥ
FDQGRVLHPSUHVXQRPEUH\HOGHODJORULRVD9LUJHQ0DUtD´ņŊŊ
$VXYH]QRKD\TXHROYLGDUTXHFRPRORVLFRQRVODVWDEODVFDWDODQDVJR]DEDQ
GHXQHVSHFLDOULWRGHEHQGLFLyQ/DDFRXORXWKLDEL]DQWLQDFRQVLVWtDHQXQFHUHPRĥ
ņŊŇ
&$67,f(,5$6³&DWDODQ5RPDQHVTXH3DLQWLQJ5HYLVLWHG´³(QWRUQRDORVRUtJHQHV´
ņŊň
%285$66p-HDQ-DFTXHV'LFWLRQQDLUHG·DUFKpRORJLHVDFUpH3DUtVņōŋňFROŉŉņ
ņŊŉ
7KH3DLQWHU·V0DQXDORI'LRQ\VLXVGH)RXUQD3DXO+HWKHULQJWRQĪHGī/RQGUHVņŎōņSņ
ņŊŊ
³,QFKRPLQFLDQGRDOODYRUDUHLQWDYRODFKROQRPHGHOOD6DQWLVVLPD7ULQLWjLQYRFKDQGRVHPSUHVXRQRPHHGHOOD
JURULRVD9HUJLQH0DULD´&HQQLQR&(11,1,,OOLEURGHOO·DUWHFDSņŅŉ))UH]]DWRĪHGī9LFHQ]DŇŅŅňSņňō
ŋŋ
QLDHQODTXHVHXQJtDHOLFRQRVREUHHODOWDU\VHUH]DEDXQDRUDFLyQSDUDTXHGHVĥ
FHQGLHVHVREUHpOODJUDFLDGLYLQDGHMiQGRVHDOOtODSLH]DGXUDQWHFXDUHQWDGtDVņŊŋ
1RSRUFDVXDOLGDGHQ&DWDOXxDVHFRQVHUYDXQDIyUPXODGHEHQGLFLyQGHWDEODV
GHDOWDUFRQWHPSRUiQHDDODHFORVLyQGHHVWHQXHYRPHGLRSLFWyULFR6HHQFXHQWUD
SUHFLVDPHQWH HQ HO PDQXVFULWR GH OD &ROOHFWLR7DUUDFRQHQVLV EDMR OD U~EULFD EHQHĦ
GLFWLRWDEXODHHQHOIROLRŇŅŎUĪ¿JŉŅī6HWUDWDEDGHXQULWXDOHQHOFXDOODWDEXOD
VHXQJtDSDUDGHVSXpVUHFLWDUXQDRUDFLyQTXHODFRQYHUWtDGH¿QLWLYDPHQWHHQXQ
REMHWRVVDJUDGRSDUDQJRQiQGRODDODLPSULPDFLyQGLYLQDGHODVQXHYDVWDEODVGH
ODOH\GH0RLVpV
³2K6HxRU3DGUH2PQLSRWHQWHVXSOLFDQWHVWHRIUHFHPRVQXHVWUDVRUDFLRQHV
SDUDTXLHQXQDYH]JUDEyODOH\HQODVWDEODVGHSLHGUDVHGLJQHDGRWDUFRQVX
DEXQGDQWHVDQWLGDGHOPHWDOĪPDWHULDīGHHVWDWDEODFRQHOREMHWRGHTXHpVWD
HVWpOLVWD\XQJLGDSDUDORVVDFUL¿FLRVFHOHVWLDOHV³ņŊŌ
(QPLRSLQLyQODSRVLELOLGDGGHXQSDSHOFHQWUDOGHODHVFXHODFDWHGUDOLFLDGHOD
6HXG¶8UJHOORGHOPRQDVWHULRGH6DQWD0DULDGH5LSROOHQODIRUPDFLyQGHDOJXQR
GHHVWRVSULPHURVPDHVWURVUHVXOWDPX\SODXVLEOH\DTXHHOORH[SOLFDUtDWDPELpQOD
SUHVHQFLDGHORVKH[iPHWURVOHRQLQRVTXHDFRPSDxDQDODVLPiJHQHVGHORVIURQWDĥ
OHVGH,[(VTXLXVL3ODQqVDVtFRPRHQHOEDOGDTXLQRGH5LEHVņŊō
ĥ)URQWDOGH,[62/(7/9;6$1&725900$1(2,135(&/$5$(7%212590Ī6RO
\OX]GHVDQWRV\QREOHVSHUPDQH]FRHQORPiVDOWRī
)LJŉŅ5LWRGHOD%HQHGLFWLR7DEXOHFDņņŇň&ROOHFWLR7DUUDFRQHQVLV7DUUDJRQD%LEOLRWHFD3~EOLFD0VŇŋIŇŅŎU
ņŊŋ
*5$%$5$QGUp/HVUHYrWHPHQWVHQRUHWHQDUJHQWGHVLFRQHVE\]DQWLQHVGX0R\HQÇJH9HQHFLDņŎŌŊSŊ
ņŊŌ
³6XSSOLFHV WLEL GRPLQH GHXV SDWHU RPQLSRWHQV SUHFHV HɱXQGLPXV XW PHWDOOL KXLXV H[ SROLWDP PDWKHULDP
VXSHUQLVVDFUL¿FLLVLPEXHQGDPLSVHWXHGRQDUHVDQFWL¿FDFLRQLVXEHUDWHGLJQHULVTXLTXRQGDVFULSVLVWLODSLGHLV
OHJHPLQWDEXOLV´$XQTXH-RVHS*8',2/ ,&81,//Ī3ULPLWLXV,,,SSŇŌĥŇōīSXEOLFyXQDYHUVLyQGHOWH[WR
H[LVWHQWHHQXQSRQWL¿FDOGHOVLJOR ;,,GHO$U[LX(SLVFRSDOGH9LF\RKHVHJXLGRODOHFWXUDGHOPDQXVFULWR
WDUUDFRQHQVH
ņŊō
&$67,f(,5$6³(QWRUQRDORVRUtJHQHV´³/DSLQWXUDVREUHWDEOD´+HGHVDUUROODGRFRQDPSOLWXGHVWHWHPDGHO
SLQWRUĥFOHULFXVHQPLUHFLHQWHFRQWULEXFLyQ$UWLVWHHFFOpVLDVWLTXHRXDUWLVWHODwF"$SUHQWLVVDJHHWFXUULFXOXP
YLWDHGXSHLQWUHHQ&DWDORJQHHWHQ7RVFDQHHQ*HVWHVHWWHFKQLTXHVGHO
DUWLVWHjO
pSRTXHURPDQH;/,,,HV-RXUQpHV
URPDQHVGH6DLQWĦ0LFKHOGH&X[DŇŅņņĪHQSUHQVDī
ŋŌ
0DQXHO&DVWLxHLUDV
ĥ7DEODGH(VTXLXV+,&'(96$/)$(72ĪPHJDī&/(0(160,6(5$725$'(672
$&3,(7$7(79$0,6(525909,1&/$5(/$;$$0(1´ĪeVWHHVHO'LRVGHO$OID\
GHOD2PHJD9HQRKFOHPHQWH\PLVHULFRUGLRVRFRQWXSLHGDG\DÀRMDODV
FDGHQDVGHORVPLVHUDEOHV$PHQīĪ(VTXLXVīĪ¿Jŉņī
ĥ%DOGDTXLQRGH5LEHV49,648,6693(5$675$/(9$785$'0(63(09,7('9&(
0(Ī4XLHQVHHOHYDKDFLDORVDVWURVPHFRQGXFHDODHVSHUDQ]DGHODYLGD
HWHUQDī0/8;(7)250$',(590Ī/X]\EHOOH]DGHORVGtDVīĪ¿JňŌī
ĥ)URQWDOGH3ODQqV 19//$ 3,&785$ &21&/96$ 6,9( ),*95$ 3(53(6 0$*(67$6
'ĪLYLQLWDWLī6 (67 (7 6900$ 327(67$6Ī1LQJXQDSLQWXUDDFDEDGDR¿JXUDHV
FRPRODSHUSHWXLGDGODPDMHVWDG\HOVXPRSRGHUGH'LRVī
(OFDUiFWHUHVFRODUGHHVWRVYHUVRVVXWUDQVIRQGRHYLGHQWHPHQWHQHRSODWyQLFR
Ī5LEHV\3ODQqVī\HOWRQRFDVLGHV~SOLFDTXHWLHQHODWDEODGH(VTXLXVDEXQGDQHQ
HVWHSHU¿O³FOHULFDO´GHVXVDXWRUHV/DH[LVWHQFLDGHOD¿JXUDGHOSLQWRUOLWHUDWRR
SLFWRUGRFWXVSDUHFHFRQ¿UPDGDHQ7RVFDQDHQGRQGHHQHVDVPLVPDIHFKDVVHDVLVĥ
WHDODHFORVLyQGHXQPRELOLDULROLW~UJLFRHQPDGHUDSLQWDGDWHxLGRLJXDOPHQWHGH
XQDVDFUDOLGDGWUDVFHQGHQWHFX\DSURGXFFLyQVHIXQGDEDWDPELpQHQHODFFHVRD
VR¿VWLFDGRVUHFHWDULRVWpFQLFRVFRPRHOPDQXVFULWRŉŎŅGHOD%LEOLRWHFD&DSLWXĥ
ODUGH/XFFDHQHOGRPLQRGHORVPRGHORVGHODPLQLDWXUD\HQODFRPSRVLFLyQGH
KH[iPHWURVOHRQLQRV/D&UX]GHOD&DWHGUDOGH6DU]DQDĪ/XFFDīĪ¿JŉŇīSLQWDGD
\¿UPDGDHQņņňōSRUXQWDO*XLOOHOPXVTXHSLQ[LWHWKHFPHWUDÀQ[LWĪODSLQWy\
HVWRVYHUVRVFRPSXVRīKDVLGRGHKHFKRLQWHUSUHWDGDSRUODPD\RUtDGHORVDXWRĥ
UHVFRPRODREUDGHXQDPRQMHĥDUWLVWDRDOPHQRVXQSLQWRUĥFOHULFXVŇŋŏ
)LJŉņ7DEODOODPDGD³GH
(VTXLXV´ņņŇŅĥņņŊŅ
%DUFHORQD0XVHX1DFLRQDO
G¶$UWGH&DWDOXQ\D
01$&&DOYHUDV0pULGD
6DJULVWj6XVXSXHVWD
SURFHGHQFLDGHODORFDOLGDG
GH0RQWHVTXLXDOQRUWH
GHODFRPDUFDGH2VRQD
Ī%DUFHORQDīHVWiVLHQGR
DFWXDOPHQWHUHYLVDGDEDMRPL
GLUHFFLyQSRUOD/LFHQFLDGD
/DLD3pUH]GHQWURGHXQD
7UDEDMRGH0DVWHUGHOD8$%
&$/(&$$QWRQLQR³,OFURFH¿VVRGLSLQWRGL*XJOLHOPRD6DU]DQD´LQ3LQ[LW*XLOOLHOPXV,OUHVWDXURGHOOD&URFHGL
ņŊŎ
6DU]DQD0&LDWWL&)URVLQLQL5%HOOXFFLĪHGVī)ORUHQFLDŇŅŅņSSņňĥņŊ
ŋō
)LJŉŇ)LUPDGHOD&UX]GHOD
&DWHGUDOGH6DU]DQDĪ/LJXULDī
SRU*XJOLHPRHQņņňō
³$1120,//(12&(17(12
7(54824Ī8(ī'(122&7$92
3,1;Ī,7ī*8,//(/0Ī86ī(7+Ī(&ī
0(75$),1;Ī,7ī´
1R REVWDQWH QR SUHWHQGR H[WUDSRODU OD VLWXDFLyQ LQLFLDO GH OD SLQWXUD VREUH
WDEODHQ&DWDOXxDHQWUHORVDxRVņņŇŅ\ņņŊŅDWRGDODYDULDGD\ULFDSURGXFFLyQ
SRVWHULRU3UREDEOHPHQWHHOWpUPLQRDUWLVWDĥPRQMHRSLQWRUĥFOHULFXVKD\DVLGRHO
UHVXOWDGRGHOSDVRGHOIRUPDWRGHODPLQLDWXUDDOIRUPDWRPRQXPHQWDOGHODWDEOD
GH PDQHUD TXH XQD YH] UHDOL]DGD HVD WUDQVIRUPDFLyQ OD WpFQLFD SXGR LQGHSHQĥ
GL]DUVHPiVDOOiGHOFODXVWURRFRQYLYLUFRQpO(QWRGRFDVRUHVXOWDREYLRTXHHO
GHVWLQR OLW~UJLFR GH HVWH WLSR GH REUDV XWLOL]DGDV FRPR GHFRUDFLyQ GH PHVD GH
DOWDU\SRUORWDQWRFRPRRUQDWRGHOOXJDUGHODHXFDULVWtDFRQGLFLRQyVXJpQHVLV\
GHVDUUROORSRVWHULRU'HDKtTXHPXFKRVGHVXVWHPDVLFRQRJUi¿FRVPiVKDELWXDĥ
OHVHQHOVLJOR;,,ĦFRPROD$VFHQVLyQĪ)URQWDOGHORV$SyVWROHVRGHOD6HXG¶8UJHOO
Ī¿Jŉňī)URQWDOGH0DUWLQHWīROD(QFDUQDFLyQGH&ULVWRĪ)URQWDOGH(VSLQHOYHVīĦ
Ī¿JŉŉīHVWpQGLUHFWDPHQWHUHODFLRQDGRVFRQULWRGHODFRQVDJUDFLyQHXFDUtVWLFD\
HOPLVWHULRGHODWUDQVXEVWDQFLDFLyQ3RUHOORHOGtDGH-XHYHV6DQWRWDO\FRPRVH
LQGLFDHQHO/LEHU&RQVXHWXGLQXP9LFHQVLVGHOSULPHUWHUFLRGHOVLJOR;,,,ORVDOWDUHV
)LJŉň)URQWDOGHORV
$SyVWROHVRGHOD6HXG¶8UJHOO
ĪO¶$OW8UJHOOīņņŇŅĥņņŊŅ
%DUFHORQD0XVHX1DFLRQDO
G¶$UWGH&DWDOXQ\D01$&
&DOYHUDV0pULGD6DJULVWj
ŋŎ
0DQXHO&DVWLxHLUDV
)LJŉŉ)URQWDOG¶(VSLQHOYHVFDņņōŌSURFHGHQWHGHOD6DQW9LFHQoG¶(VSLQHOYHVĪ2VRQDī0XVHX(SLVFRSDOGH
9LF0(9Ō0XVHX(SLVFRSDOGH9LFIyWyJUDIRV*DEULHO6DOYDQV\-RDQ0'tD]
VHGHVQXGDEDQKDVWDHO6iEDGR6DQWR)(5,$9,1&(1$'20,1,'(,1'(18'(1785
$/7$5,$8648(,16$%%$780ņŋŅ(QWRQFHVpVWRVVHGHVSRMDEDQGHVXVVXQWXRVRVYHĥ
ORV\SDOOLD\FDEUtDWDPELpQVXSRQHUTXHHQ~OWLPDLQVWDQFLDVHKXELHVHQSRGLGR
UHWLUDUORVIURQWDOHVGHDOWDUGDGRTXHVHWUDWDGHSLH]DVGRWDGDVGHXQDFLHUWDPRĥ
YLOLGDGFRQHVWUXFWXUDVSHQVDGDVSDUDVHUGHVHQFDMDGDVGHODOWDU1RREVWDQWHHVWD
~OWLPDSRVLELOLGDGPHSDUHFHGHOWRGRLPSUREDEOHGDGRTXHVHWUDWDGHREUDVPX\
SHVDGDV\IUiJLOHVTXHQRKXELHUDQVREUHYLYLGRDVHPHMDQWHWUDMtQ(QPLRSLQLyQ
HQHVRVGtDVGHOXWRSRUODPXHUWHGH&ULVWRORVIURQWDOHVGRUDGRV\SLQWDGRVHUDQ
VHJXUDPHQWH FXELHUWRV FRQ ODV WHODV QHJUDV FLWDGDV HQ OD GRFXPHQWDFLyQ 'H OD
PLVPDPDQHUDFDEHVXSRQHUTXHLQFOXVRGXUDQWHHOWUDVFXUVRGHODxROLW~UJLFRORV
IURQWDOHVHVWDEDQSURWHJLGRVSRUWHODVTXHVHGHVYHODEDQWDQVyORGXUDQWHODPLVD
RHQODV¿HVWDVOLW~UJLFDVPiVLPSRUWDQWHVSDUDD\XGDUDOERDWRGHODFHOHEUDFLyQ
SXHVGHHVWHPRGR&ULVWRVHKDFtDPiVTXHQXQFD³YLVLEOH´DODFRPXQLGDGņŋņ
7RGRHOORTXHVHSXHGHGHGXFLUGHOEXHQHVWDGRGHFRQVHUYDFLyQGHDOJXQDGH
HVWRV DQWLSHQGLD SDUHFH HVWDU FRUURERUDGR SRU DOJXQRV GRFXPHQWRV IRWRJUi¿FRV
DQWLJXRVRSRUODPHUDLQVSHFFLyQLQVLWX$VtODSULPHUDIRWRGHODOWDUPD\RUGH
ņŋŅ
*5260LTXHO³(O/LEHU&RQVWXHWXGLQXP9LFHQVLV(FFOHVLHGHO&DORQJH$QGUHX6DO~PLQDĥ9LF0XVHX(SLVFRSDO
PVņňŉĪ/;;;,9ī´0LVFHOÃOjQLD/LW~UJLFD&DWDODQDŌĪņŎŎŋīSSņŌŊĥŇŎŉHVSHFSSņōŉŇŇņ
ņŋņ
6HSRGUtDGHKHFKRDSOLFDUDORVIURQWDOHVSLQWDGRVFDWDODQHVHOFRQFHSWRGH³VSLULWXDOVHHLQJ´GH+HUEHUW/
.(66/(5Ī6SLULWXDO6HHLQJ3LFWXULQJ*RG·V,QYLVLELOLW\LQ0HGLHYDO$UW8QLYHUVLW\RI3HQQV\OYDQLD)LODGHO¿DŇŅŅŅ
SņŇŅīSXHVHQHOORV&ULVWR\VXVVDQWRVVHKDFHQYLVLEOHVDODLJOHVLDWHUUHVWUHHQHOPRPHQWRGHOFDQWRGHO
VDQFWXV
ŌŅ
6DQW &OLPHQW GH7DOO UHDOL]DGD SRU /OXtV 'RPqQHFK L 0RQWDQHU HQ ņŎŅŉ Ī¿J
ŉŊī PXHVWUD SUHFLVDPHQWH FyPR OD PHVD GH DOWDU HVWDED FXELHUWD FRQ XQ SDxR
GHFRUDGRņŋŇ$OJRVLPLODURFXUUHWRGDYtDHQODLJOHVLDSDUURTXLDOGH2UHOOjGRQGH
SXHGHREVHUYDUVHXQKXHFRHQODSDUWHLQIHULRUGHOUHWDEORGHODSDUHGRULHQWDOGHO
iEVLGHFXELHUWDFRQXQDWHODERUGDGDĪ¿JŉŋīGRQGHRULJLQDOPHQWHVHFRORFDED
HOPDJQt¿FRIURQWDOGH2UHOOjĪ¿Jňņī$XQTXHVDEHPRVTXHODSLH]DOOHJyDOOtHQ
ņŌōŉFRPRSDUWHGHOPRELOLDULRGHODLJOHVLDGH6DQW0DUWtGH&DQLJyVXSHFXOLDU
LQVWDODFLyQHQ2UHOOiQRGHMDEDGHVHUHYRFDGRUDGHODSULPLWLYDFRORFDFLyQ\SDUDĥ
IHUQDOLDPHGLHYDOHQWRUQRDHVWRVREMHWRV'HKHFKRHQ1RUXHJDGRQGHVHFRQĥ
VHUYDXQLPSRUWDQWHFRUSXVGHDQWLSHQGLDHQPDGHUDGHORVVLJORV;,,,ĥ;,9H[LVWHQ
QRWLFLDVVREUHODH[SRVLFLyQGHHVWRVREMHWRVVyORGXUDQWHODVJUDQGHVFHOHEUDFLRQHV
OLW~UJLFDVSDVDQGRHOUHVWRGHODxRRFXOWRVSRUSUHFLRVDVWHODVņŋň7DOHUDHOFDVR
GHOIURQWDOGRUDGRGHODOWDUPD\RUGHOD&DWHGUDOGH7URQGKHLPTXHSHUPDQHFtD
JUDQSDUWHGHODxRRFXOWREDMRXQSUHFLRVLVVLPRYHODPLQH'HOPLVPRPRGRODOXMRVD
\HVSHFWDFXODU3DODG·2URGHODOWDUPD\RUGH6DQ0DUFRVGH9HQHFLDSHUPDQHFtD
ODPD\RUSDUWHGHODxRFXELHUWDSRUXQDSDODIHULDOHĦGHGLDULRĦUHDOL]DGDHQWHOD
TXHVHUHWLUDEDVyORORVGtDVGH¿HVWDPHGLDQWHXQVHQFLOORPHFDQLVPRPHFiQLFRņŋŉ
(QHVWHFRQWH[WRKDEUtDTXHHQWHQGHUODLQVWLWXFLyQHQņņŊŌGHOD¿HVWDVDEDĥ
WLQDGH6DQWD0DUtDHQODEDVtOLFDGH5LSROOĪ3DUtV%10V/DWŊņňŇIņŅņYĥ
ņŅňYī6XSXQWRGHUHIHUHQFLDHUDHOFXOWRDOLFRQRGHOD9LUJHQGH%ODQTXHUQDV
Ī%ODFKHUQDHīHQ&RQVWDQWLQRSODTXHFDGDYLHUQHVSRUODQRFKHVHGHVYHODEDPLODĥ
JURVDPHQWHKDVWDODKRUDQRQDGHOViEDGRPRPHQWRHQHOTXHQXHYDPHQWHHOURVĥ
WUR\HOSHFKRGHODEODFKHUQLWLVVDYROYtDDVHU³LQYLVLEOH´ņŋŊ'HVFRQRFHPRVVLQHPĥ
EDUJRVLODFHOHEUDFLyQGHGLFKD¿HVWDHQ5LSROOFRQWyFRQHOHPHQWRV³WHDWUDOHV´
)LJŉŊ6DQW&OLPHQWGH7DOOGHWDOOH
GHODOWDUPD\RUFXELHUWRFRQXQDWHOD
HQņŎŅŉ)RWR/OXtV'RPqQHFKL
0RQWDQHU$U[LX+LVWzULFGHO&ROÂOHJL
G¶$UTXLWHFWHVGH&DWDOXQ\D%DUFHORQD
ņŋŇ
&$67,f(,5$60DQXHO³&DWDODQ5RPDQHVTXH3DLQWLQJ5HYLVLWHG´SSņňŉĥņňŊ¿JōŇ
ņŋň
025*$11-³,FRQRJUDSK\´LQ+2+/(5(%025*$11-\:,&+6750$3DLQWHG$OWDU)URQWDOVRI
1RUZD\ŇňŋņĦŇŉŋņ,$UWLVWV6W\OHVDQG,FRQRJUDSK\2VORŇŅŅŉSSňŎĥŋŊHVSHFSŉŅ
ņŋŉ
0$5&+,$QGUHDGH³/DSRVWpULRULWpGXGHYDQWG¶DXWHOj9HQLVHUHWDEOHVRUIpYUpVHWUHWDEOHVSHLQWHV´HQ7KH
$OWDUDQGLWV(QYLURPHQWŇŇŋņĦŇŊņņ7XUQKRXWŇŅŅŎSSŊŌĥōŋHVSHFSSōŇĥōŋ
ņŋŊ
$/7Ê6³/DLQVWLWXFLyQGHODIHVWDGH6DQWD0DULDHQGLVVDEWH´SSŌŅĥŌŊ
Ōņ
0DQXHO&DVWLxHLUDV
)LJŉŋ6DQWD0DULDG¶2UHOODĪ&RQÀHQW)UDQFLDīGHWDOOHGHOKXHFRSULPLWLYRGHODOWDUFXELHUWRSRUXQDWHOD)RWR
0DQXHO&DVWLxHLUDV
VLPLODUHVDORVGHOPLODJURGH%ODQTXHUQDVHVGHFLUFRQXQDLPDJHQGHOD9LUJHQ
TXHVHGHVYHODEDGXUDQWHWDORFDVLyQGHVFRUULHQGRXQYHORRFRUWLQD(QWRGRFDVR
HO FRQRFLPLHQWR H[DFWR GH FyPR VH GHVDUUROODED HO PLODJUR GH %ODQTXHUQDV HUD
SHUIHFWDPHQWHFRQRFLGRHQOD&DWDOXxDGHODVHJXQGDPLWDGGHOVLJOR;,,5DPRQ
, GH 0RQWFDGD FRQGH GH7RUWRVD YLVLWD HQ ņņŌŅ &RQVWDQWLQRSOD SDUD DUUHJODU
XQPDWULPRQLRHQWUH(XGR[LD&RPQHQDĪņņŋŇĥņŇŅŇī\HO$OIRQVR,,GH$UDJyQ
SHURFXDQGRODSULQFHVDOOHJDD%DUFHORQDHOUH\\DHVWDEDFDVDGRFRQ6DQFKDGH
&DVWLOODņŋŋ (V PX\ SUREDEOH TXH HQ HO WUDVFXUVR GH HVD YLVLWD GLFKR HPEDMDGRU
HQFDUJDVHXQDFRSLDGHODGHVFULSFLyQODWLQDGH&RQVWDQWLQRSODGH¿QDOHVGHOVLJOR
;,TXHVHLQFOX\yHQXQPDQXVFULWRPLVFHOiQHRGH¿QHVGHOVLJOR ;,,SURFHGHQWH
GHOPRQDVWHULRFLVWHUFLHQVHGH6DQWHV&UHXVĪ7DUUDJRQD%LEOLRWHFD3~EOLFDPV
ŊŊɱŊŅUĥŊōYīIXQGDFLyQGHOSURSLR5DPRQGH0RQWFDGDņŋŌ(QGLFKRWH[WRVH
(XGR[LD&RPQHQDVHFDVDUi¿QDOPHQWHFRQ*XLOKHP9,,,GH0RQWSHOOLHUKDFLDņņŌŉ
ņŋŋ
&DEHVHxDODUTXHODPLVFHOiQHD7DUUDFRQHQVLVŊŊLQFOX\HDGHPiVIUDJPHQWRVGHO/LEHUVDQFWL,DFRELTXHWDQVyOR
ņŋŌ
XQRVDxRVDQWHVHQņņŌňKDEtDVLGRFRSLDGRSRUHOPRQMH$UQDXGH0XQWSDUDODDEDGtDGH6DQWD0DULDGH
5LSROOĪ%DUFHORQD$U[LXGHOD&RURQDG¶$UDJy0V5LSROOŎŎī(OORLQGXFHDSHQVDUHQXQDÀXLGDUHODFLyQ
HQWUHODVFRPXQLGDGHV\ELEOLRWHFDVGH5LSROO\6DQWHV&UHXVD¿QDOHVGHOVLJOR ;,,TXHH[SOLFDUtDHOLQWHUpV
FRP~QKDFLDHOPLODJURGH%ODQTXHUQDV&,**$U.ULMQLH1³8QHGHVFULSWLRQGH&RQVWDQWLQRSOHGDQVOH7DĦ
UUDJRQHQVLVŋŋµ5HYXHGHVeWXGHV%\]DQWLQHVŊňĪņŎŎŊīSSņņŌĥņŉŅHVSHFSņņōĥņņŎ
ŌŇ
H[SOLFDQDODSHUIHFFLyQORVGLYHUVRVFXOWRVPDULDQRVGHODFDSLWDOGH%L]DQFLR
FRQHVSHFLDOpQIDVLVHQHOPLODJURGHOD%ODFKHUQLWLVVD
'HKDFVDQFWD<FRQDRPQLVHSWLPDQDJORULRVXPÀWPLUDFXOXP(WTXXPYDULHDPXOWLV
QDUUDWXUHJRVLFXWRFFXOLVLOOXGYLGLQRQVHPHOVHGYLFLQLEXVPXOWLVSHUYHULWDWHPUHIHUUH
FXUDER QLFKLO DSSRQHQV IDOVLWDWLV LQ DOLTXR +HF VDQFWD \PDJR 'HL JHQHWULFLV D FLQJXOR
GHRUVXPHVWFRSHUWDSDOOLRH[XWUDTXHSDUWH\PDJLQLVDɼ[RGXREXVFODYLV9LGHWXULWDTXH
PHGLHWDVVDQFWHLPDJLQLVDFLQJXORVXUVXPYLGHOLFHWSHFWXVHWFDSXGĪŊŇYīĪ¿JŉŌī
)LJŉŌ'HVFULSFLyQGHOPLODJURGHOLFRQRGHOD9LUJHQ%ODFKHUQLWLVVDGH&RQVWDQWLQRSOD7DUUDJRQD%LEOLRWHFD
3~EOLFDPVŊŊIŊŇY
(QWRGRFDVRGHORTXHQRFDEHGXGDDOJXQDHVTXHHQ&DWDOXxDORVULWXDOHV
OLW~UJLFRVHQWRUQRDODVLPiJHQHVGHODOWDUIXHURQH[WUDRUGLQDULDPHQWHIHFXQGRV
GHELGRDOFDUiFWHULFyQLFR\QDUUDWLYRGHVXPRELOLDULRHOFXDOOLWHUDOPHQWHSURSLĥ
FLDEDODLQWHUDFFLyQHQWUHLPiJHQHVSDODEUDV\ULWRV3UXHEDGHHOORVRQODVWDEODV
FRQWHPiWLFDQDYLGHxDFRPRODGH(VSLQHOYHV$YLjR0RVROORODVGHFRQWHQLGR
HPLQHQWHPHQWHSDVFXDOFRPRODGH6DQ&OLPHQWGH7DOOĪ0XVHX(SLVFRSDOGH
9LFī Ī¿J ŉōī TXH LQFOX\H HQ HO UHJLVWUR VXSHULRU OD 9LVLWDWLR6HSXOFKUL \ HO 1ROL
PH7DQJHUH \ HQ HO UHJLVWUR LQIHULRU HO GHVFXEULPLHQWR \ FRQVDJUDFLyQ GHO 6DQWR
6HSXOFURSRUHODU]RELVSR0DFDULRGH-HUXVDOpQ(QXQDV\RWUDVVHGHMDQHQWUHYHU
Ōň
0DQXHO&DVWLxHLUDV
)LJ ŉō )URQWDO GH ³6DQW &OLPHQW GH7DOO´ VLJOR ;,,, 0XVHX (SLVFRSDO GH9LF 0XVHX (SLVFRSDO GH9LF
IyWyJUDIRV*DEULHO6DOYDQV\-RDQ0'tD]
IXQFLRQHVOLW~UJLFDVSDUDOLW~UJLFDVHLQFOXVRHOUHÀHMRGHULWRVSURSLRVGHOIROFORUH
SLUHQDLFR6L6DQW9LFHQoG¶(VSLQHOYHVĪ2VRQDīĪFDņņōŌīFRQWLHQHXQUHÀHMRGH
OD SURFHVLyQ GH ORV SURIHWDV GHO 2UGR3URSKHWDUXP FHOHEUDGD GXUDQWH OD 1RFKHĥ
EXHQDņŋōHOIURQWDOGH6DQW&OLPHQWGH7DOOĪVLJOR;,,,īSRVLEOHPHQWHSURFHGHQWH
GHXQDOWDUVHFXQGDULRņŋŎSRGUtDUHODFLRQDUVHFRQHOULWXDOGHO7ULGXXP6DFUXPHQ
SRVLEOHFRQH[LyQFRQODH[LVWHQFLDDOOtGHXQJUXSRGHHVWDWXDVGHODV7UHV0DUtDV
HVWXGLDGDVUHFLHQWHPHQWHSRU;'HFWRW-RUGL&DPSV\-RDQ'XUDQĥ3RUWDGHODV
FXDOHVVHFRQVHUYDWDQVyORXQSDUUHSDUWLGRHQWUHHO)RJJ$UW0XVHXP\HO0XVpH
ņŋō
&$67,f(,5$V0DQXHO³&UHPRQD\&RPSRVWHODGHODSHUIRUPDQFHDODSLHGUD´HQ,PPDJLQHHLGHRORJLD6WXGL
LQRQRUHGL$UWXUR&DUOR4XLQWDYDOOH0LOiQĥ3DUPDŇŅŅŋSSņŌňĥņŌŎ(QODDFWXDOLGDGHO/LFHQFLDGR0DUWt
%HOWUDQUHDOL]DXQ7UDEDMRGH0DVWHUEDMRPLGLUHFFLyQSDUDSURIXQGL]DUHQHOWUDVIRQGROLW~UJLFRGHODSLH]D
HQUHODFLyQFRQORVXVRVOLW~UJLFRVGHOD5RGRQDGHOD&DWHGUDOGH9LF
ņŋŎ
'LFKD SURFHGHQFLD WRGDYtD SRU DFODUDU HV UHFRJLGD SRU -RDQ 685('$ /DSLQWXUDURPjQLFDD&DWDOXQ\D%DUĥ
FHORQDņŎōņSňŉŋ(Q6DQW&OLPHQWGH7DOOWDO\FRPRGHVFULEH0RVVqQ*XGLROL&XQLOOHQVXYLVLWDGH
ņŎŅŌĪ0LVVLyDOD5DWOODG·$UDJySŇŉĥŇŊīH[LVWtDQWUHVIURQWDOHVGHDOWDUXQRHQODFDSLOODPD\RUGHOTXHVyOR
TXHGDEDHQWRQFHVHOPDUFRURPiQLFRWDO\FRPRVHSXHGHDSUHFLDUWRGDYtDHQODVIRWRVGHODPLVLyQGHO$UL[X
0DVXQVHJXQGRHQHOiEVLGHGHODL]TXLHUGDĪFDSLOODGH6DQ0LJXHOīGHGLFDGRDODOH\HQGDGH6DQ&OHPHQWH
\DFWXDOPHQWHFRQVHUYDGRHQHO01$&\XQWHUFHURHQHOiEVLGHGHUHFKRWDPELpQURPiQLFRFRQ&ULVWRHQ
0DMHVWDGURGHDGRGHORV$SyVWROHV(VSRVLEOHVLQHPEDUJRTXHH[LVWLHVHQPiVDOWDUHVHQODLJOHVLDWDO\FRPR
VXJLHUHHOSURSLR*XGLROFXDQGRKDEODGHOFDPSDQDULRĪSŇŇī
Ōŉ
GH&OXQ\ņŌŅ(QXQDYLVLyQPiVSRSXODUL]DGDGHODLFRQRJUDItDGHOIURQWDOGHDOWDU
ODREVHVLyQSRUHOFRORUURMRHQORVIURQWDOHVPDULDQRV\³QDYLGHxRV´GH(VSLQHOYHV
$YLj\0RVROOĪ¿JŉŎīSRGUtDKDFHUH[SOtFLWDODLGHDGHODHQFDUQDFLyQGH&ULVWRD
WUDYpVODWRQDOLGDG³HQFDUQDGD´TXHHOIROFORUHSLUHQDLFRSHUSHWXySRUPHGLRGH
RIUHQGDVGHYHODVURMDVDODVLJOHVLDVGXUDQWHOD1DYLGDGņŌņ(QGH¿QLWLYDSRUHO
KHFKRGHGHFRUDUHODOWDUĥVHSXOFURGH&ULVWRGRQGHVHFHOHEUDEDOD(XFDULVWtDORV
IURQWDOHVGHDOWDUFDWDODQHVSUHVHQWDEDQDWUDYpVGHOEULOORRGHODPDJQL¿FHQFLD
GHVXVFRORUHVQRVyORODPDQLIHVWDFLyQGHODOX]GLYLQDHQHOWHPSORVLQRWDPELpQ
EXVFDEDQD¿UPDUGHXQDPDQHUDFRQWXQGHQWHHOPLVWHULRGHODHQFDUQDFLyQGH
&ULVWR
)LJ ŉŎ )URQWDO GH 0RVROO SULPHU WHUFLR GHO VLJOR ;,,, SURFHGH GH OD LJOHVLD GH 6DQWD 0DULD GH 0RVROO
Ī&HUGDQ\Dī%DUFHORQD0XVHX1DFLRQDOG¶$UWGH&DWDOXQ\D01$&&DOYHUDV0pULGD6DJULVWj
ņŌŅ
'(&727;DYLHU³$XWRXUGHO¶DXWHOODVFXOSWXUHGDQVODOLWXUJLHFDWDODQHGX;,,qVLqFOH´HQ$XWRXUGHO·DXWHOSS
ŌŌĥōŋHVSHFSōŉ&DEHVXEUD\DUTXHODDWULEXFLyQD6DQW&OLPHQWGH7DOOWDQWRGHHVWHJUXSRGHHVWDWXDV
IHPHQLQDV DVt FRPR GHO FLWDGR GHO IURQWDO GH DOWDU GHO 0(9 KD VLGR UHFLHQWHPHQWH GHIHQGLGD SRU &$036
-RUGL\'85$1ĥ3257$-RDQ³0DULDGH7DOO´&RQYLGDWVG·+RQRU([SRVLFLyFRQPHPRUDWLYDGHOōŋqDQLYHUVDULGHO
01$&&0HQGR]D\072FDxDĪHGVī%DUFHORQDŇŅŅŎSSņŅŋĥņņņ
ņŌņ
&$67,f(,5$V³&DWDODQ5RPDQHVTXH3DLQWLQJ5HYLVLWHG´SņŉŊ
ŌŊ

ARTE ROMÁNICO. El Altar Romanico

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

ARTE ROMÁNICO. El Altar Romanico

Uploaded by

Copyright:

Available Formats

(ODOWDUURPiQLFR\VX

OOHQR GH FRORUHV HQ HO TXH HO PRELOLDULR

HQ ³GHVWUXLU SRU FRPSOHWR HO

FHUUDGDV Ī4XDQGRYHURSRUWDDOWDULVVDQFWLLDFRELFODXVDIXHULWī ĪI ŌŇYī GH OR TXH VH

You might also like

ARTE ROMÁNICO. El Altar Romanico

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

ARTE ROMÁNICO. El Altar Romanico

Uploaded by

Copyright:

Available Formats

(ODOWDUURPiQLFR\VX

OOHQR GH FRORUHV HQ HO TXH HO PRELOLDULR

HQ ³GHVWUXLU SRU FRPSOHWR HO

FHUUDGDV Ī4XDQGRYHURSRUWDDOWDULVVDQFWLLDFRELFODXVDIXHULWī ĪI ŌŇYī GH OR TXH VH

You might also like

FHUUDGDV Ī4XDQGRYHURSRUWDDOWDULVVDQFWLLDFRELFODXVDIXHULWī ĪI ŌŇYī GH OR TXH VH