Professional Documents
Culture Documents
05CAPI04
05CAPI04
'HFLHUWRVFDEDOOHURV
ORVOREE\LVWV
SURIHVLRQDOHV
+D\FLHUWDVSDUWHVGHODKLVWRULDTXHQRVHSXHGHQHVFULELU
&DUORV/OHUDV5HVWUHSR
/REE\LVWGHOD$1',
3UHVLGHQWHGH&RORPELD
(QWUHORVSRFRVWUDEDMRVTXHH[DPLQDQODUHODFLyQHQWUHHOVHFWRUHFRQyPLFR\
ODSROtWLFDHQ&RORPELDHVWiHOOLEURGH0LJXHO8UUXWLD*UHPLRVSROtWLFDHFRQyPLFD
\GHPRFUDFLD8UUXWLDDUJXPHQWDTXHODVDVRFLDFLRQHVGHHPSUHVDULRVWLHQHQXQD
PX\´OLPLWDGDLQIOXHQFLDµVREUHODVGHFLVLRQHVGHO(VWDGR6HJ~QHVWDSHUVSHFWLYD
ORVKRPEUHVGHQHJRFLRVQRVHVLHQWHQUHSUHVHQWDGRVSRUORVSROtWLFRV\DTXH
DSDUHQWHPHQWHORVGRVJUXSRVSHUWHQHFHQDGLIHUHQWHVHVIHUDVFRQLQWHUHVHV\
PHWDVTXHQRFRLQFLGHQQHFHVDULDPHQWH'HDFXHUGRFRQ8UUXWLDHO(VWDGR
FRORPELDQRHVPDQHMDGRSRUXQJUXSRGHWHFQyFUDWDVMyYHQHV\PiVRPHQRV
DXWyQRPRVFX\RVREMHWLYRV\H[SHULHQFLDVGLILHUHQGHORVLQWHUHVHVGHORVJUHPLRV
GHHPSUHVDULRVHQJHQHUDO\GHORVLQGXVWULDOHVHQSDUWLFXODU$VtPLVPRORVOtGHUHV
GHOD$VRFLDFLyQ1DFLRQDOGH,QGXVWULDOHV$1',QRVHVHQWLUtDQUHSUHVHQWDGRV
SRUQLQJXQRGHORVGRVSDUWLGRVEXUJXHVHVWUDGLFLRQDOHV
$XQTXHHOSURSyVLWRGH8UUXWLDHVDQDOL]DUODUHODFLyQHQWUHHOVHFWRUHFRQyPLFR
\ODSROtWLFDHQWLHPSRVUHFLHQWHVpOSUHWHQGHDSOLFDUVXDUJXPHQWRHQIRUPDPiV
JHQHUDO6RVWLHQHSRUHMHPSORTXHVLOD$1',WHQtDDOJXQDLQIOXHQFLDVREUH
7LYZVUHZX\LHJ[HUWHYH\UNY\WVKLPU[LYtZ`WYLZPVUHULUZ\UVTIYLSHHWYVIHJP}UKLSL`LZ
VSH[VTHKLKLJPZPVULZLZ[H[HSLZ
1VZt<TH|H)LYUHS¸<UHOVYHJVU*HYSVZ3SLYHZ9LZ[YLWV¹9L]PZ[HKL/PZ[VYPH=VS05V
W
'HFLHUWRVFDEDOOHURVORVOREE\LVWVSURIHVLRQDOHV __
2VSLQD3pUH]pVWDVHGHEtDDUD]RQHVPHUDPHQWHSHUVRQDOHVRGHWLSRHVWDGtVWLFR
ODSULPHUDTXH2VSLQD3pUH]\-RVp*XWLpUUH]*yPH]SUHVLGHQWHGHOD$1',
HUDQ´DPLJR>V@GHLQIDQFLDµ\TXHHO3UHVLGHQWH´WHQtDPXFKDIHµHQODVRSLQLRQHV
GHOGLULJHQWHJUHPLDOVREUHODHFRQRPtDODVHJXQGDFRQVLVWtDHQTXH´HOJRELHUQR
QRWHQtDQLQJXQDFDSDFLGDGWpFQLFDSDUDHODQiOLVLVGHODVLWXDFLyQHFRQyPLFDµ
6LQHPEDUJRDGHPiVGHOKHFKRGHTXH2VSLQD3pUH]HUDFDVLDxRVPD\RUTXH
*XWLpUUH]*yPH]ORFXDOKDFHREYLDPHQWHLPSRVLEOHTXHHOORVKXELHVHQVLGRDPLJRV
GHVGHODLQIDQFLDSDUDORVDxRVFXDUHQWDHO(VWDGRWHQtDPXFKDPiVLQIRUPDFLyQ
VREUHODHFRQRPtDFRORPELDQDTXHFXDOTXLHURWURLQGLYLGXRRJUXSRHQHOSDtV(V
PiVODVRSLQLRQHVHFRQyPLFDVGH*XWLpUUH]*yPH]QRHUDQVRODPHQWHVX\DVVLQR
TXHUHIOHMDEDQORVLQWHUHVHVGHORVSRGHURVRVLQGXVWULDOHVTXHFRQWURODEDQOD$1',
/DOtQHDGHDUJXPHQWDFLyQGH8UUXWLDEDVDGDHQHQWUHYLVWDVSHUVRQDOHVFRQOtGHUHV
JUHPLDOHVFRQWHPSRUiQHRVWLHQHVHULRVSUREOHPDVQRVyORPHWRGROyJLFRVVLQRTXH
DGHPiVFDUHFHGHXQDVyOLGDYDOLGH]HPStULFD
2WURVHVSHFLDOLVWDVVREUH$PpULFD/DWLQDFUHHQREVHUYDUODPLVPDGLFRWRPtDHQWUH
HO(VWDGR\HOVHFWRUSULYDGR6XVDQ.DXIIPDQ3XUFHOOVRVWLHQHTXHHQ0p[LFR´ODV
pOLWHVSROtWLFDVUHSUHVHQWDQXQ¶LQWHUpVHVWDWDO·HOFXDOHVVHSDUDGR\GLVWLQWRGHDTXHO
GHFXDOTXLHUFODVHSDUWLFXODUHQODVRFLHGDGLQFOX\HQGRODFODVHLQGXVWULDOµ<HOOD
FRQFOX\HTXHVLH[LVWHDOJ~QYtQFXORHQWUHORVVHFWRUHVS~EOLFR\SULYDGR´HO(VWDGR
HVHOVRFLRGRPLQDQWHHQODUHODFLyQµ3HWHU6PLWKDUJXPHQWDTXHORVLQWHUHVHVGHO
(VWDGRPHMLFDQRVRQUHODWLYDPHQWHDXWyQRPRVVHJ~QpOODEXURFUDFLD\ORVHPSUH
VDULRVFRQVWLWX\HQ´GRVpOLWHVGLVWLQWDV\HQFRPSHWHQFLDOXFKDQGRSRUFRQWURODUHO
SURFHVRGHGHVDUUROORGHOSDtV³\SRUODVXSUHPDFtDVREUHHORWUR>JUXSR@µ³(Q
XQDUWtFXORSXEOLFDGRHQXQDSUHVWLJLRVDUHYLVWDDFDGpPLFDQRUWHDPHULFDQD5HQp
6DOJDGRSUHWHQGHLPSXJQDUOD´FRQYLFFLyQTXHORVJUXSRVHFRQyPLFRVYHQH]RODQRV
VRQOD¶FODVHGRPLQDQWH·HQODIRUPDFLyQSROtWLFDYHQH]RODQD\TXHODSROtWLFDHVWDWDO
VHDIRUPXODGDHLPSOHPHQWDGDSDUDEHQHILFLDUDHVRVJUXSRVµ
4PN\LS<YY\[PH.YLTPVZWVSx[PJHLJVU}TPJH`KLTVJYHJPH)VNV[m-VUKV*\S[\YHS*HML[LYV
-LKLZHYYVSSV WW6[YVZWVSP[}SVNVZHÄYTHUZPUTH`VYL]PKLUJPHLTWxYPJH
X\L¸HSVSHYNVKLZ\ZWYPTLYVZJPUJ\LU[HH|VZKLL_PZ[LUJPHSVZNYLTPVZLZ[\]PLYVUTHYNP
UHKVZKLSHZS\JOHZWHY[PKPZ[HZ`ZLTHU[\]PLYVUJPYJ\UZJYP[VZHSmTIP[VKLSZLJ[VYWYP]HKVKL
SHLJVUVTxH¹=tHZL+LWHY[HTLU[VKL*PLUJPH7VSx[PJH<UP]LYZPKHKKLSVZ(UKLZ*VSVTIPH
WPLUZHSHKLTVJYHJPH)VNV[m,KPJPVULZ<UPHUKLZ*LYLJ W
:\ZHU2H\MMTHU7\YJLSS¸;OL-\[\YLVM[OL4L_PJHU:`Z[LT¹LU1VZt3\PZ9L`UH`9PJOHYK:
>LPULY[LKZ(\[OVYP[HYPHUPZTPU4t_PJV-PSHKLSÄH0UZ[P[\[LMVY[OL:[\K`VM/\THU0ZZ\LZ
WW
7L[LY/:TP[O¸+VLZ4t_PJV/H]LH7V^LY,SP[L&¹LU9L`UH`>LPULY[VWJP[W
9LUt :HSNHKV ¸,JVUVTPJ 7YLZZ\YL .YV\WZ HU 7VSPJ`4HRPUN PU=LULa\LSH! [OL *HZL VM
-LKLJmTHYHZ¹LU3H[PU(TLYPJHU9LZLHYJO9L]PL^=VS??005V W ;HTIPtU+HUPLS
7tJH\[ZVZ[PLULX\LL_PZ[xHLU \UHKP]PZP}ULU[YL¸SHZtSP[LZZVJPVLJVU}TPJHZ¹`¸SHJSHZL
WVSx[PJH¹W\KPLUKVKHYZLHIPLY[HZJVU[YHKPJJPVULZLU[YLSVZKVZNY\WVZ:LNUtSK\YHU[LSH
]PVSLUJPH¸SHJSHZLWVSx[PJH¹[LUKYxH\UHS[VNYHKVKLH\[VUVTxHLUYLSHJP}UJVUSHI\YN\LZxH
__ /$2)(16,9$(035(6$5,$/
(VWH FDStWXOR SUHWHQGH GHPRVWUDU TXH QL HO (VWDGR QL ORV SROtWLFRV VRQ
DXWyQRPRVHQUHODFLyQFRQORVLQWHUHVHVHFRQyPLFRVSULYDGRV\TXHORVSROtWLFRV
\ORVHPSUHVDULRVQRFRQIRUPDQGRVpOLWHVGLVWLQWDV\HQFRPSHWHQFLDHQWUHVt
3RUORWDQWRHVWHFDStWXORH[DPLQDHQGHWDOOHODVDFFLRQHVGHYDULRVSROtWLFRV
FRORPELDQRVSURPLQHQWHVTXLHQHVYHQGLHURQVXVVHUYLFLRVSURIHVLRQDOHVDOD
$1',HQODGpFDGDGHORVDxRVFXDUHQWD
(QORVSULPHURVPHVHVGHH[LVWHQFLDGHOD$1',ODSUHVLyQHQIDYRUGHORV
LQWHUHVHVLQGXVWULDOHVIXHHMHUFLGDSRUORVPDQXIDFWXUHURVPLVPRV(QFRQIRUPLGDG
ORVLQGXVWULDOHVDQWLRTXHxRVYLDMDURQD%RJRWiDILQDOHVGHSDUDGLVFXWLUFRQ
HOPLQLVWURGH*RELHUQRVREUHORVVHULRVSUREOHPDVODERUDOHVFRQORVWUDEDMDGRUHV
GHOWUDQVSRUWHHQHOUtR0DJGDOHQD7DPELpQVHUHXQLHURQFRQHOPLQLVWURGH
+DFLHQGD\FRQXQFRPLWpGHO&RQJUHVRSDUDSUHVHQWDUOHVVXVSXQWRVGHYLVWD
VREUH HO SUR\HFWR GH SUHVXSXHVWR QDFLRQDO (Q ORV SULPHURV PHVHV GH
UHWRUQDURQD%RJRWiYDULDVYHFHVSDUDFRQWLQXDUORVFRQWDFWRVGLUHFWRVFRQHO
JRELHUQRQDFLRQDO
/RVLQGXVWULDOHVWDPELpQSUHVLRQDURQDORVGLUHFWRULRVORFDOHVGHORVSDUWLGRV
/LEHUDO\&RQVHUYDGRUHQ0HGHOOtQ\HQ%RJRWiSDUDTXHLQFOX\HVHQ´JHQXLQRV
UHSUHVHQWDQWHV GH OD LQGXVWULD TXH GHILHQGDQ \ H[SRQJDQ VXV QHFHVLGDGHV H
LQWHUHVHVµFRPRFDQGLGDWRVHQODVOLVWDVSDUDORVFXHUSRVOHJLVODWLYRVGHFDUiFWHU
QDFLRQDO\UHJLRQDO-RVp0DUtD%HUQDO5DIDHO5HVWUHSRÉQJHO\-RUJH$UDQJR
&DUUDVTXLOODLPSRUWDQWHVGLULJHQWHVLQGXVWULDOHVDQWLRTXHxRVVHSXVLHURQHQ
FRQWDFWRFRQORVGLUHFWRULRVSROtWLFRVHQ0HGHOOtQPLHQWUDVTXHD(GXDUGR&XpOODU
VHOHVROLFLWyTXHXWLOL]DVHVXVFRQH[LRQHVHQODFDSLWDO
/RVGLUHFWRULRVQDFLRQDOHVGHDPERVSDUWLGRVUHFLELHURQVHQGDVFRPXQLFDFLRQHV
GHOD$1',HQODVFXDOHVVHOHVVROLFLWDEDTXHLQFOX\HVHQDORVLQGXVWULDOHV³RD
VXVGLUHFWRVUHSUHVHQWDQWHV³HQODVOLVWDVGHFDQGLGDWRVDFRUSRUDFLRQHVS~EOLFDV
ÍS]HYV,JOL]LYYP<Y\I\Y\HJLW[HSP[LYHSTLU[LJVTV]mSPKHSHWVZPJP}UKL7tJH\[=tHZL+HUPLS
7tJH\[ 6YKLU ` ]PVSLUJPH! *VSVTIPH )VNV[m :PNSV ??0 *LYLJ =VS 00 W
"¸7VSP[PX\LK\JHMtL[KtTVJYH[PLJP]PSJYLZ[YLPU[L!SLJHZKLSH*VSVTIPL¹LU*\S[\YLZL[
+t]LSVWWLTLU[=VS5VZ W ÍS]HYV,JOL]LYYP<Y\I\Y\iSP[LZ`WYVJLZV
WVSx[PJV LU *VSVTIPH )VNV[m -\UKHJP}U <UP]LYZP[HYPH(\[}UVTH KL *VSVTIPH
WW
(5+0(J[HUV]PLTIYL WW"(J[HUV]PLTIYL W"(J[H
KPJPLTIYL WW"(J[H KPJPLTIYL WW
(5+0(J[HLULYV W"(J[H MLIYLYV W"(J[HMLIYLYV
W
(5+0(J[HLULYV WW
(5+0(J[HMLIYLYV W
'HFLHUWRVFDEDOOHURVORVOREE\LVWVSURIHVLRQDOHV __
/DUHVSXHVWDGHORVSROtWLFRVIXHSRVLWLYDHQWRQFHVOD$1',SURFHGLyDVXJHULU
DOJXQRV QRPEUHV D ORV GLUHFWRULRV OLEHUDO \ FRQVHUYDGRU GH $QWLRTXLD /D
DVRFLDFLyQLQFOXVLYHOHVGLRGLQHURSDUDFRQVROLGDU´XQDGHELGDUHSUHVHQWDFLyQµ
HQHO&RQJUHVR(VRVGLQHURVSURYHQtDQGHOSUHVXSXHVWRGHOD$1',\GHODV
PLVPDV LQGXVWULDV $GHPiV ORV LQGXVWULDOHV VH DVHJXUDURQ GH GDUOH GLQHUR D
DPERVSDUWLGRVSDUDDVHJXUDUVXDSR\RFXDOTXLHUDTXHIXHVHHOUHVXOWDGRGHODV
HOHFFLRQHVOHJLVODWLYDV
(QODVHOHFFLRQHVSDUDHO&RQJUHVRGH-RVp0DUtD%HUQDO\'DUtR%RWHUR
,VD]DIXHURQHOHJLGRVUHSUHVHQWDQWHDOD&iPDUD\VHQDGRUUHVSHFWLYDPHQWH8QR
\RWURHUDQSDUWHGHOD´GHELGDUHSUHVHQWDFLyQµGHOD$1',%RWHUR,VD]DWHQtD
XQDFDUUHUDTXHORLGHQWLILFDEDFRQORVDOWRVHMHFXWLYRVGHODVLQGXVWULDVDQWLRTXH
xDVFRPRPXFKRVGHHOORVHVWXGLyHQHOFROHJLRMHVXLWDGH6DQ,JQDFLR\HQOD
)DFXOWDGGH,QJHQLHUtD&LYLOHQOD(VFXHOD1DFLRQDOGH0LQDVGH0HGHOOtQHQORV
LQLFLRVGHVXFDUUHUDSURIHVLRQDOWUDEDMyHQHO)HUURFDUULOGH$QWLRTXLDWDOFRPR
ORKLFLHURQWDPELpQYDULRVIXWXURVDGPLQLVWUDGRUHVGHODVJUDQGHVLQGXVWULDVGH
ODUHJLyQ$QWHVGHVHUHOHJLGRVHQDGRU%RWHUR,VD]DWDPELpQIXHJHUHQWHGHORV
)HUURFDUULOHV1DFLRQDOHVGLSXWDGRDOD$VDPEOHDGH$QWLRTXLD\UHSUHVHQWDQWH
)LQDOPHQWHHQ2VSLQD3pUH]ORQRPEUyPLQLVWURGH2EUDV3~EOLFDV
3DUDODVHOHFFLRQHVFRQJUHVLRQDOHVGHOD$1',UHIRU]yVXVFRQWDFWRV
FRQ ORV GLUHFWRULRV SROtWLFRV 'H QXHYR DPERV SDUWLGRV UHFLELHURQ VXEVLGLRV
HFRQyPLFRV SRU SDUWH GH ORV LQGXVWULDOHV OR TXH DSDUHQWHPHQWH \D VH KDEtD
FRQYHUWLGRHQXQDSUiFWLFDQRUPDO 3HURQRVRODPHQWHORVRUtJHQHVVRFLDOHV
FRPXQHV\ORVRIUHFLPLHQWRVGHGLQHURDVHJXUDEDQODVVLPSDWtDVGHORVSROtWLFRV
DQWLRTXHxRVKDFLDOD$1',FXDQGRHOJRELHUQRPXQLFLSDOGH0HGHOOtQVHYLR
XUJLGRGHGLQHURSDUDILQDQFLDUYDULRVSUR\HFWRVHQWUHHOORVHOGHVDUUROORGHXQ
PHMRUVLVWHPDGHVHUYLFLRVS~EOLFRVORVLQGXVWULDOHVJXVWRVDPHQWHRIUHFLHURQ
VXVUHFXUVRVFRQGLFLRQiQGRORVDTXHHOORVSXGLHVHQ´LQWHUYHQLUHQHOHVWXGLR\
SODQHDPLHQWRGHODVREUDVGHTXHVHWUDWDµ
3HURORJUDUODHOHFFLyQGHDOJXQRVFRQJUHVLVWDVDQWLRTXHxRVFRQQH[RVHQHO
VHFWRUPDQXIDFWXUHUR\SUHVLRQDUDOJRELHUQRFHQWUDOSRUSDUWHGHORVPLVPRV
LQGXVWULDOHV QR HUD VXILFLHQWH (QWRQFHV OD $1', GHFLGLy FRQWUDWDU D YDULRV
__ /$2)(16,9$(035(6$5,$/
´DVHVRUHVµ TXLHQHV VXSXHVWDPHQWH GHEtDQ VHU ORV ´PHMRUHV HOHPHQWRV SDUD
KDFHUJHVWLRQHVDQWHPLQLVWURV\SDUODPHQWDULRVµ/DRILFLQDGH%RJRWiFRQWUDWy
ORVVHUYLFLRVGHYDULDVSHUVRQDV(QWUHHOORVKDEtDWUHVSURPLQHQWHVSROtWLFRV
*RQ]DOR5HVWUHSR*XWLpUUH]$OIRQVR$UD~MR\&DUORV/OHUDV5HVWUHSR(VWRV
WUHV´HOHPHQWRVµGH´ORPHMRUµKDEtDQRFXSDGRLPSRUWDQWHVSRVLFLRQHVHQOD
YLGDS~EOLFDGHOSDtV\JR]DEDQGHH[FHOHQWHVFRQH[LRQHVODVFXDOHVOHVVHUYLUtDQ
SDUDGHIHQGHUORVLQWHUHVHVGHORVLQGXVWULDOHV/DVWUD\HFWRULDVGHODVFDUUHUDV
GHHVWRVWUHVKRPEUHVVRQPX\~WLOHVSDUDLOXVWUDUODUHODFLyQHQWUHORVQHJRFLRV
SULYDGRV\ODSROtWLFD
*RQ]DOR5HVWUHSR*XWLpUUH]QDFLyHQ0DQL]DOHVHQ2EWXYRVXWtWXOR
GHDERJDGRHQOD8QLYHUVLGDG1DFLRQDOHQ%RJRWi6XFDUUHUDSROtWLFDHPSH]y
HQVXFLXGDGQDWDOGRQGHKL]RSDUWHGHO&RQFHMR0XQLFLSDO\GHOD$VDPEOHD
'HSDUWDPHQWDO)XHUHSUHVHQWDQWHDO&RQJUHVRSRUHOGHSDUWDPHQWRGH&DOGDV
(QODSULPHUDDGPLQLVWUDFLyQGH/ySH]3XPDUHMR5HVWUHSR*XWLpUUH]IXHDOFDOGH
GH%RJRWi\RFXSyVXFHVLYDPHQWHORVPLQLVWHULRVGH+DFLHQGD$JULFXOWXUD
7UDEDMR\&RPHUFLRH,QGXVWULDV6HKDEtDFRQYHUWLGRSXHVHQXQDHVSHFLHGH
DOWRIXQFLRQDULRSURIHVLRQDO(QHOJRELHUQRGH(GXDUGR6DQWRVIXHFRQWUDORU
JHQHUDOGHOD1DFLyQ\HPEDMDGRUHQ/LPDDGHPiVGHVHUYLUFRPRPLQLVWURGH
OD(FRQRPtD1DFLRQDOGH*XHUUD\GH*RELHUQR&XDQGR/ySH]3XPDUHMRIXH
UHHOHJLGRHQFRQWLQXyVXFDUUHUDDGPLQLVWUDWLYDPLQLVWURGH*XHUUD\GH
+DFLHQGD(QHVWH~OWLPRFDUJRWHQtDXQDJUDQLQIOXHQFLDFRPRPLHPEURGHOD
MXQWDGLUHFWLYDGHO%DQFRGHOD5HS~EOLFD
/DUHODFLyQHQWUHORVLQGXVWULDOHV\5HVWUHSR*XWLpUUH]\DVHKDEtDLQLFLDGRHQ
)XHpOFRPRPLQLVWURGH+DFLHQGDTXLHQOHVRIUHFLyVXSOHQDFRODERUDFLyQ
´SDUDHOFRPSOHWRp[LWRGHORVILQHVTXHSHUVLJXHODDVRFLDFLyQµ<OD$1',IXH
GHYHUGDGH[LWRVDHQHVRVFRQWDFWRVLQLFLDOHV\DTXH5HVWUHSR*XWLpUUH]SUHVLRQy
DO&RQJUHVRSDUDTXHUHEDMDVHORVLPSXHVWRVDODVLQGXVWULDVSRUGHEDMRGHORV
UHFRPHQGDGRV LQLFLDOPHQWH SRU DOJXQRV SDUODPHQWDULRV (Q FXDQGR
5HVWUHSR*XWLpUUH]\DQRHUDIXQFLRQDULRGHOJRELHUQRHVWDEOHFLyIUHFXHQWHV
FRQWDFWRVFRQOD$1',KDFLpQGROHVDOJXQDV´JHVWLRQHVµHQHO0LQLVWHULRGH
'HFLHUWRVFDEDOOHURVORVOREE\LVWVSURIHVLRQDOHV __
+DFLHQGDGRQGHREYLDPHQWHWHQtDH[FHOHQWHVFRQWDFWRV7DPELpQDVHVRUyD
ORVLQGXVWULDOHVUHSUHVHQWiQGRORVHQOD-XQWD1DFLRQDOGH$GXDQDV\D\XGiQGROHV
DHQWHUUDUHQHO&RQJUHVRXQSUR\HFWRGHOH\TXHSUHWHQGtDGDUPD\RUHVJDUDQWtDV
VRFLDOHVDORVWUDEDMDGRUHVGHODFRQVWUXFFLyQ
(QOD$1',FRQWUDWyD5HVWUHSR*XWLpUUH]FRPRVXDVHVRUGHWLHPSR
FRPSOHWR\HODQWLJXRSROtWLFRIXHHQFDUJDGRGHSUHVLRQDU\´YLJLODUµDORVFRPLWpV
FRQJUHVLRQDOHVTXHWHQtDQTXHYHUFRQORVSUR\HFWRVVREUHORVLPSXHVWRVDODV
JDQDQFLDVRFDVLRQDOHV\DORVGLYLGHQGRVOHJLVODFLyQODERUDOUHIRUPDDUDQFHODULD
\ODVLQYHVWLJDFLRQHVVREUHORVFRVWRVGHSURGXFFLyQHQHOVHFWRUPDQXIDFWXUHUR
$GHPiV5HVWUHSR*XWLpUUH]IXHQRPEUDGRSUHVLGHQWHGHOD%ROVDGH9DORUHVGH
%RJRWi\GHFDQRGHO'HSDUWDPHQWRGH(FRQRPtD\$GPLQLVWUDFLyQGHO*LPQDVLR
0RGHUQR0HVHVPiVWDUGHVHWUDVODGyDYLYLUHQ&DOL\OD$1',ORQRPEUy
FRPRJHUHQWHGHODRILFLQDORFDOGHODDVRFLDFLyQHQHVDFLXGDG
$OIRQVR$UD~MRQDFLyHQ%RJRWiHQ6HJUDGXyGHDERJDGRHQOD8QLYHU
VLGDG([WHUQDGRGH&RORPELDHQ$~QMRYHQ\DKDEtDHMHUFLGRLPSRUWDQWHV
FDUJRVS~EOLFRVVHFUHWDULRGH+DFLHQGDGH%RJRWiVHFUHWDULRJHQHUDOGHOD&DMD
$JUDULD\GLUHFWRUGHOD3ROLFtD1DFLRQDO(QFXDQGRQRKDEtDFXPSOLGRORV
DxRV2OD\D+HUUHUDORQRPEUyPLQLVWURGH2EUDV3~EOLFDV(QODGpFDGDGHORV
DxRVWUHLQWD$UD~MRIXHJHUHQWHGHO)HUURFDUULOGH&XQGLQDPDUFDJHUHQWHGHOD
&RPSDxtDGH7HOpIRQRVGH%RJRWi\VHQDGRUGHOD5HS~EOLFD0LHPEURLPSRUWDQWH
GHO3DUWLGR/LEHUDO$UD~MRKL]RSDUWHGHYDULRVJDELQHWHVHQODVDGPLQLVWUDFLRQHVGH
6DQWRV\GH/ySH]3XPDUHMRPLQLVWURGH(GXFDFLyQGH*RELHUQR\GH+DFLHQGD
)XHPLHPEURGHODMXQWDGLUHFWLYDGHO%DQFRGHOD5HS~EOLFDHQWUH\
\HPEDMDGRUGH&RORPELDHQ%UDVLOHQWUH\
$XQTXH$UD~MRWUDEDMySDUDHOJRELHUQR\UHFLELyVXVXVWHQWRJUDFLDVDOHUDULR
S~EOLFRGXUDQWHFDVLGRVGpFDGDVHVWRQROHLPSLGLyXQDYH]TXHOD$1',OR
FRQWDFWyTXHDWDFDVHORVSUR\HFWRVTXHJUDYDUtDQODVJDQDQFLDVGHODVJUDQGHV
ILUPDV LQGXVWULDOHV 0iV D~Q HQ $UD~MR IXH PLHPEUR GH XQD PLVLyQ
__ /$2)(16,9$(035(6$5,$/
JXEHUQDPHQWDO D OD FRQIHUHQFLD GH ODV 1DFLRQHV 8QLGDV VREUH FRPHUFLR HQ
*LQHEUDHOJRELHUQRQDFLRQDOSDJyORVFRVWRVGHOYLDMHSHUROD$1',UHPXQHUy
D$UD~MRFRQPX\JHQHURVRVKRQRUDULRVSRUVXUHSUHVHQWDFLyQGHORVLQWHUHVHVGH
´ODQDFLyQµHQHOHYHQWRLQWHUQDFLRQDO$VXUHJUHVR$UD~MRIXHFRQWUDWDGRSRU
ODDVRFLDFLyQFRPR´DVHVRUHFRQyPLFRµFRQODVLQVWUXFFLRQHVGH´PDQWHQHUVHHQ
SHUPDQHQWHFRQWDFWRFRQOD&RPLVLyQ7HUFHUDGHOD&iPDUDHQODFXDO>FXUVDEDQ@
ORVSUR\HFWRVPiVWUDVFHQGHQWDOHVHQHVHSDUWLFXODUµ
(UDVHQFLOORSDUD$UD~MRUHSUHVHQWDUORVLQWHUHVHVGHVXVQXHYRVSDWURQRV
HLGHQWLILFDUORVFRQ´HOLQWHUpVQDFLRQDOµ(QFRPRPLHPEURGHOD-XQWD
(FRQyPLFD 1DFLRQDO \ EDMR OD LQIOXHQFLD GLUHFWD GH OD $1', UHFRPHQGy
ODLPSOHPHQWDFLyQGHORVLPSXHVWRVGHJLURVVREUHODVLPSRUWDFLRQHV(VWRV
LPSXHVWRVVLUYLHURQFRPRIXHQWHGHLQJUHVRVSDUDHO(VWDGR\FRPRPHGLRGH
SURWHFFLyQGLUHFWDDORVPDQXIDFWXUHURVQDFLRQDOHV$UD~MRYHUGDGHUR´-DQRµ
³GHGRVFDUDV³GHODSROtWLFDFRORPELDQDIXHHQYLDGRHQHVHPLVPRDxRHQ
RWUDPLVLyQGHOJRELHUQRFRORPELDQRD:DVKLQJWRQ6XFRPSDxHURGHHTXLSRHQ
HVWDRFDVLyQIXH*XWLpUUH]*yPH]DFWXDQGRFRPRHPLVDULRRILFLDOGH&RORPELD
DSHVDUGHVXFRQGLFLyQGHSUHVLGHQWHGHOD$1',0HVHVGHVSXpV$UD~MRWXYR
ODRSRUWXQLGDGGHUHSUHVHQWDUGHQXHYRDOSDtV³\DORVLQGXVWULDOHV³HQOD
FRQIHUHQFLDGHODV1DFLRQHV8QLGDVHQ$QQHF\)UDQFLDDFRPSDxDGRGHYDULRV
GH´ORVPHMRUHVHOHPHQWRVµGHOSDtVHQWUHHOORV&LSULDQR5HVWUHSR-DUDPLOORHO
RUJDQL]DGRU\SULPHUSUHVLGHQWHGHOD$1',
/OHUDV5HVWUHSRQDFLyHQ%RJRWiHQ(QVHJUDGXyGHDERJDGR
HQOD8QLYHUVLGDG1DFLRQDO'HVGHPX\MRYHQVHGHGLFyDODSROtWLFD\HQ
DVLVWLyDODFRQYHQFLyQGHO3DUWLGR/LEHUDOHQODFXDOVHUHDILUPyODGHFLVLyQGH
QRPLQDUXQFDQGLGDWRGHOSDUWLGRSDUDODVHOHFFLRQHVSUHVLGHQFLDOHVGH
/OHUDV5HVWUHSRIXHPLHPEURGHOD$VDPEOHD'HSDUWDPHQWDOGH&XQGLQDPDUFD
GHD\GHD)XHWDPELpQHOHJLGRFRQJUHVLVWDHQ\
HQHVWH~OWLPRDxROOHJyDVHUSUHVLGHQWHGHOD&iPDUDGH5HSUHVHQWDQWHV
2FXSy DGHPiV ORV FDUJRV GH VHFUHWDULR GH *RELHUQR GH %RJRWi \ GH
&XQGLQDPDUFD \ FRQWUDORU JHQHUDO GH OD 1DFLyQ
)XHPLQLVWURGH+DFLHQGDHQHOJRELHUQRGH(GXDUGR6DQWRV\FRQWULEX\yDOD
FUHDFLyQGHO,QVWLWXWRGH)RPHQWR,QGXVWULDO,),HQ&RPRPLQLVWURGH
+DFLHQGDIXHPLHPEURGHODMXQWDGLUHFWLYDGHO%DQFRGHOD5HS~EOLFD$OILQDOL]DU
'HFLHUWRVFDEDOOHURVORVOREE\LVWVSURIHVLRQDOHV __
ODDGPLQLVWUDFLyQ6DQWRVVHGHGLFyDODSUiFWLFDSULYDGDFRPRDVHVRUOHJDOGH
LPSRUWDQWHVILUPDVGHQHJRFLRV(QODGpFDGDGHORVDxRVFXDUHQWDIXHFDSD]GH
FRPELQDUVLPXOWiQHDPHQWHDFWLYLGDGHVHQORVVHFWRUHVS~EOLFR\SULYDGRFRPR
SROtWLFRVHQDGRUDVHVRUSUHVLGHQWHGHO%DQFR0HUFDQWLO\PLHPEURGHODMXQWD
GLUHFWLYDGHOD1DWLRQDO&DUERQ&RPSDQ\
(Q/OHUDV5HVWUHSRIXHFRQWUDWDGRSRUOD$1',,QLFLDOPHQWHHVFULELyXQ
PHPRUDQGRDWDFDQGRXQDSURSXHVWDGHSUHVXSXHVWRGHOJRELHUQRTXHUHDOPHQWH
QR IDYRUHFtD ORV LQWHUHVHV GH ORV LQGXVWULDOHV 6XV VHUYLFLRV DJUDGDURQ D OD
$1',WDQWRTXHODDVRFLDFLyQQRYDFLOyHQSHGLUOHTXHIXHVHVXUHSUHVHQWDQWH
HQOD-XQWD1DFLRQDOGH$GXDQDVHQFDUJDGDGHUHYLVDUORVQLYHOHVGHODVWDULIDV
DUDQFHODULDV
/OHUDV5HVWUHSRVHFRQYLUWLyHQXQRGHORVPiVHQpUJLFRV\HILFLHQWHVDVHVRUHV
GHOD$1',6LJXLHQGRVXVLQVWUXFFLRQHVFRQWLQXyHVFULELHQGRXQDVHULHGH
GRFXPHQWRVTXHH[SUHVDEDQORVSXQWRVGHYLVWDGHODDVRFLDFLyQ
/OHUDV5HVWUHSRIXHUHTXHULGRSDUDTXHSUHSDUDVHXQ´HVWXGLRµDWDFDQGRHO
SUR\HFWRGHWUDQVIRUPDUD%RJRWiHQXQ´'LVWULWR(VSHFLDOµLQGHSHQGLHQWHDG
PLQLVWUDWLYDPHQWHGHOGHSDUWDPHQWRGH&XQGLQDPDUFDSXHVHOSUR\HFWRLQFOXtD
ODFUHDFLyQGHQXHYRVLPSXHVWRVTXHQRHUDQGHODJUDGRGHORVLQGXVWULDOHV
'HELGRDTXHORVDUWtFXORVGH/OHUDV5HVWUHSRHUDQSXEOLFDGRVHQODSUHQVD
QDFLRQDO³DYHFHVVLQVXILUPD³\TXHHQRFDVLRQHVPROHVWDEDQLQFOXVLYHDO
SUHVLGHQWHGHOD5HS~EOLFD(GXDUGR&XpOODUWXYRTXHH[SOLFDUD2VSLQD3pUH]
TXHOD$1',QRWHQtDQLQJXQDLQIOXHQFLDVREUHODVRSLQLRQHVGH/OHUDV5HVWUHSR
£<SDUDHYLWDURWURVPDOHQWHQGLGRVHQWUHWDQGLVWLQJXLGRVFDEDOOHURVOD$1',
__ /$2)(16,9$(035(6$5,$/
\VXSUHVWLJLRVRHPSOHDGRVHSXVLHURQGHDFXHUGRHQTXHpVWHSXEOLFDUtDDOJXQRV
DUWtFXORVEDMRVXSURSLDUHVSRQVDELOLGDGSHUROHHQWUHJDUtDRWURVHVFULWRVDOD
DVRFLDFLyQVLQVXILUPDSDUDTXHpVWDORV´XWLOL]DVHFRPRMX]JXHFRQYHQLHQWHµ
/OHUDV5HVWUHSRWDPELpQLQWULJyHQOD2ILFLQDGH&RQWUROGH&DPELRVTXH
FODVLILFDEDORVDUWtFXORVGHLPSRUWDFLyQEDMRGLIHUHQWHVFDWHJRUtDV'HSHQGLHQGR
GHOUDQJRGHODLPSRUWDFLyQVHKDFtDPiVRPHQRVGLItFLOODREWHQFLyQGHORV
GyODUHVRILFLDOHVQHFHVDULRVSDUDLPSRUWDUORVELHQHV/DWDUHDGH/OHUDV5HVWUHSR
HUDSUHVLRQDUSDUDTXHHOJRELHUQRFODVLILFDVHDODVPDQXIDFWXUDVH[WUDQMHUDVFRPR
LPSRUWDFLRQHVVXSHUIOXDV(VWRREYLDPHQWHSURWHJtDDODVLQGXVWULDVORFDOHV
0LHQWUDVWUDEDMySDUDOD$1',/OHUDV5HVWUHSRWXYRWLHPSRSDUDUHSUHVHQWDUD
&RORPELD³\DORVLQGXVWULDOHV³HQIRURVLQWHUQDFLRQDOHV(QYDULDVFRQIHUHQFLDV
GHODV1DFLRQHV8QLGDVpOVHFRQYLUWLyHQHOSRUWDHVWDQGDUWHGHOSURWHFFLRQLVPR
HQORVSDtVHVPHQRVGHVDUUROODGRV(Q&KDSXOWHSHF/RQGUHV\/D
+DEDQDUHSUHVHQWyORVSXQWRVGHYLVWDGHVXVHPSOHDGRUHVDOGHQXQFLDU
YLHMRV FRQYHQLRV FRPHUFLDOHV TXH SURSLFLDEDQ HO OLEUHFDPELR \ DO UHFODPDU
SURWHFFLyQDUDQFHODULDSDUDODVLQGXVWULDV³VXSXHVWDPHQWH³QDFLHQWHVHQHO
PXQGRVXEGHVDUUROODGR6XVDUJXPHQWRVHUDQHVSHFLDOPHQWHOODPDWLYRVSDUD
ORVSDtVHVSURGXFWRUHVGHELHQHVSULPDULRVTXHKDEtDQVXIULGRDSDUWLUGHODxR
ORVYDLYHQHVGHOFRPHUFLRLQWHUQDFLRQDO
1RIXHVRUSUHQGHQWHTXHHQGXUDQWHORVHYHQWRV\ORVOHYDQWDPLHQWRV
SRSXODUHV HQ WRGR HO SDtV FRPR FRQVHFXHQFLD GHO DVHVLQDWR GH -RUJH (OLpFHU
*DLWiQ/OHUDV5HVWUHSRVLWXDGRHQODGHUHFKDGHO3DUWLGR/LEHUDOWHUPLQDVH
SUHVLRQDQGRDVXVFRSDUWLGDULRVSDUDTXHDFHSWDVHQODRIHUWDGH2VSLQD3pUH]GH
FRQIRUPDUXQJRELHUQRELSDUWLGLVWDUHQXQFLDQGRDREWHQHUVLTXLHUDXQPtQLPR
GHUHIRUPDVVRFLDOHV
6LQHPEDUJRVXVFRQH[LRQHVFRQGLIHUHQWHVIUDFFLRQHVGHODEXUJXHVtDFR
ORPELDQDOHJHQHUDURQFRQIOLFWRVGHLQWHUHVHVTXHHQ\VHUHIOHMDURQ
HQXQDVHULHGHFRQWUDGLFFLRQHV3XHVFRPR\DKHPRVDQRWDGR/OHUDV5HVWUHSR
OHVHUYtDDORVLQGXVWULDOHV\DOPLVPRWLHPSRHUDPLHPEURLPSRUWDQWHGHO&R
PLWp1DFLRQDOGH&DIHWHURVGHOFXDOPiVWDUGHVHUtDSUHVLGHQWH$ILQDOHVGH
ODGpFDGDGHORVDxRVFXDUHQWDORVFDIHWHURVGHVFRQWHQWRVFRQORVLQWHQWRVGH
ORVLQGXVWULDOHVSDUDFRQWURODUODVSROtWLFDVHFRQyPLFDVGHO(VWDGR\FRQORTXH
FRQVLGHUDEDQFRPRXQDFUHFLHQWH\H[DJHUDGDSURWHFFLyQDOVHFWRUPDQXIDFWXUHUR
GHPDQGDURQTXHORVLPSXHVWRVGHJLURVDODVLPSRUWDFLRQHVTXHREYLDPHQWH
'HFLHUWRVFDEDOOHURVORVOREE\LVWVSURIHVLRQDOHV __
SURWHJtDQ D ORV LQGXVWULDOHV IXHVHQ VXSULPLGRV 3DUD DXPHQWDU VXV LQJUHVRV
WDPELpQDERJDEDQSRUXQDPD\RUGHYDOXDFLyQGHOSHVRHQUHODFLyQFRQHOGyODU
QRUWHDPHULFDQR,QVLVWtDQHQHOPDQWHQLPLHQWRGHXQDWDVDXQLIRUPHGHFDPELR
\DTXHHQODSUiFWLFDH[LVWtDQWDVDVGLIHUHQFLDOHVTXHEHQHILFLDEDQDORVLQGXVWULDOHV
VREUHORVRWURVVHFWRUHVORVFDIHWHURVGHEtDQHQWUHJDUORVGyODUHVSURGXFWRGHODV
H[SRUWDFLRQHVGHFDIpDOJRELHUQRDODWDVDRILFLDOGHFDPELRTXHHUDPiVEDMD
TXHODFRWL]DFLyQHQHOPHUFDGRQHJURRSDUDOHOR$VXYH]ORVLQGXVWULDOHVHUDQ
FDSDFHVGHDGTXLULUORVGyODUHVDODWDVDRILFLDODWUDYpVGHOD2ILFLQDGH&RQWURO
GH&DPELRV\PX\DPHQXGRORVXWLOL]DEDQFRQILQHVHVSHFXODWLYRV
/OHUDV5HVWUHSRYHQGLyVXVVHUYLFLRVDORVLQGXVWULDOHVKDVWDFXDQGRORVLQWHUHVHV
GHpVWRVHQWUDURQHQDELHUWRFRQIOLFWRFRQORVGHORVFDIHWHURV(QWRQFHVVHLQFOLQy
WRWDOPHQWHDDSR\DUDORVFDIHWHURV\FRPRMHIHGHO&RPLWp,QWHUSDUODPHQWDULR
GH$VXQWRV(FRQyPLFRVSUHVLRQyXQDVHULHGHPHGLGDVTXHIDYRUHFLHURQDORV
FDIHWHURV\FDXVDURQSURIXQGRPDOHVWDUDVXVDQWLJXRVHPSOHDGRUHVHQOD$1',
/RVFRQIOLFWRVHQWUHORVJUDQGHVFDIHWHURV\ORVROLJRSROLRVLQGXVWULDOHVVHUHIOH
MDURQHQODVGLYLVLRQHVHQWUHORVSDUWLGRV/LEHUDO\&RQVHUYDGRU(QFXHVWLyQGH
PHVHVORVOLEHUDOHVURPSLHURQGHILQLWLYDPHQWHFRQHOJRELHUQRFRQVHUYDGRU\
UHDILUPDURQHQHO&RQJUHVRVXDSR\RDORVFDIHWHURV\FRPHUFLDQWHV$OPLVPR
WLHPSRORVLQGXVWULDOHVFRQVROLGDURQVXDSR\RDOUpJLPHQGH2VSLQD3pUH]
'XUDQWHODFDPSDxDSUHVLGHQFLDOGH/OHUDV5HVWUHSROHFRPHQWyD:LOODUG
%HDXODFHPEDMDGRUQRUWHDPHULFDQRHQ%RJRWiTXHWDQWRpOFRPRHO&RPLWp
(FRQyPLFRGHO3DUWLGR/LEHUDOHQFDEH]DGRSRU$OIRQVR3DODFLRV5XGDVTXLHQ
WDPELpQKDEtDDSR\DGRODSURWHFFLyQDORVLQGXVWULDOHVXQRVDxRVDQWHVLEDQD
SURSXJQDUPX\GHFLGLGDPHQWHSRUXQDSROtWLFDOLEUHFDPELVWD7DO\FRPR/OHUDV
5HVWUHSROHDILUPyHQIiWLFDPHQWHD%HDXODF
/RV SULQFLSDOHV EHQHILFLDULRV GHO DFWXDO VLVWHPD >GH FRQWUROHV@ VRQ ORV
LQGXVWULDOHV GH 0HGHOOtQ TXLHQHV LPSRUWDQ PDTXLQDULDV \ PDWHULDV SULPDV D
SUHFLRVDUWLILFLDOPHQWHEDMRV\DOPLVPRWLHPSRVRQOLEHUDGRVGHODFRPSHWHQFLD
H[WUDQMHUDHQFRQWUDGHVXVSURGXFWRVJUDFLDVDOIXQFLRQDPLHQWRGHOFRQWUROGH
LPSRUWDFLRQHV
/OHUDV5HVWUHSRHOFDPDOHyQSROtWLFRGLRXQJLURGHJUDGRVUHSLWLHQGRODV
TXHMDVGHFDIHWHURV\FRPHUFLDQWHVGHTXHHODOWRFRVWRGHODVPDQXIDFWXUDVQD
FLRQDOHVHMHUFtDXQDSUHVLyQLQIODFLRQDULDHQORVQLYHOHVJHQHUDOHVGHVDODULRV
(ODOHMDPLHQWRGH/OHUDV5HVWUHSRGHORVLQGXVWULDOHVDQWLRTXHxRVFRQVHU
YDGRUHV QR VLJQLILFD TXH VH KXELHVH FRQYHUWLGR HQ XQ KRPEUH VRFLDOPHQWH
__ /$2)(16,9$(035(6$5,$/
SURJUHVLVWD3RUHOFRQWUDULRpOPLVPRHPSUHQGLyXQDJXHUUD´SHUVRQDOµFRQWUD
DTXHOORV OtGHUHV FRQVLGHUDGRV GH L]TXLHUGD GH OD &RQIHGHUDFLyQ &RORPELDQD
GH7UDEDMDGRUHV&7&(QORV(VWDGRV8QLGRVFRPRSDUWHGHVXSROtWLFD
PXQGLDODQWLFRPXQLVWD\DQWLVLQGLFDOSUHVLRQDURQDOPLQLVWURGHO7UDEDMRHO
FRQVHUYDGRU(YDULVWR6RXUGtVUHTXLULpQGROHTXHUHPRYLHVHDDTXHOORVOtGHUHVGH
OD&7&TXHHO'HSDUWDPHQWRGH(VWDGRFRQVLGHUDEDFRPXQLVWDV<DTXHHO)%,
WHQtDDJHQWHVHQ&RORPELDUHFRJLHQGRLQIRUPDFLyQVREUHODVYLGDV\DFWLYLGDGHV
GHORVFRPXQLVWDV³UHDOHVHLPDJLQDULRV³HUDIiFLOSDUDORVQRUWHDPHULFDQRV
VHxDODUDTXLHQHVTXHUtDQYHUSHUVHJXLGRV6RXUGtVQRTXLVRD\XGDUGLUHFWDPHQWH
DODHPEDMDGDDUJXPHQWDQGRFRQEXHQDVUD]RQHVTXHHO3DUWLGR/LEHUDOHUD
HOTXHWHQtDODLQIOXHQFLDVREUHODVIDFFLRQHV´PRGHUDGDVµGHQWURGHOD&7&
(OHPEDMDGRU%HDXODFVHSXVRHQWRQFHVHQFRQWDFWRFRQ/OHUDV5HVWUHSR\OH
VROLFLWyTXHVHHQFDUJDVHGHFRRUGLQDUODH[SXOVLyQGHORVOtGHUHVL]TXLHUGLVWDVGH
ODFRQIHGHUDFLyQ
/OHUDV5HVWUHSRFXPSOLyILHOPHQWHFRQORVGHVHRVGHO'HSDUWDPHQWRGH(V
WDGR$WUDYpVGHOGLUHFWRULRQDFLRQDOGHVXSDUWLGRRUJDQL]yHO&RPLWp/LEHUDOGH
$FFLyQ6LQGLFDOFRQYRFDQGRDXQFRQJUHVRQDFLRQDOGHOD&7&6XVSURSyVLWRV
HUDQQRVyORH[SXOVDUDORVFRPXQLVWDVGHOD&7&VLQRWDPELpQIRU]DUODDURPSHU
FRQOD&RQIHGHUDFLyQGH7UDEDMDGRUHVGHOD$PpULFD/DWLQD&7$/\DDILOLDUVH
DOD)HGHUDFLyQGH6LQGLFDWRV/LEUHV)HGHUDWLRQRI)UHH8QLRQV))8$XQTXH
OD))8WHQtDVXVHGHHQ/RQGUHVHUDVXSHUYLVDGD\ILQDQFLDGDSRUOD\DSXUJDGD
\SDWURQDOLVWD&RQIHGHUDFLyQ6LQGLFDO1RUWHDPHULFDQDOD$)/&,2
/OHUDV5HVWUHSRORJUyORVREMHWLYRVGHVHDGRV\IXHPX\H[LWRVRHQVXVSROtWLFDV
GHSHUVHFXFLyQODERUDO1LVLTXLHUDHO3DUWLGR&RQVHUYDGRUJREHUQDQGRFRPR
XQDYLUWXDOGLFWDGXUDVLQ&RQJUHVR\EDMRHVWDGRGHVLWLRKDEtDVLGRFDSD]GH
´GRPHVWLFDUµDOD&7&1DWXUDOPHQWHHOJRELHUQRGH2VSLQD3pUH]HVWDEDDO
WDQWRGHODVDFFLRQHVGH/OHUDV5HVWUHSRDSR\iQGRORDpO\DODIDFFLyQVDQWLVWD
ORVVHJXLGRUHVGHOH[SUHVLGHQWH(GXDUGR6DQWRVHQVXVSROtWLFDVGHSXUJDUDO
PRYLPLHQWRODERUDOFRORPELDQR
7DQWR5HVWUHSR*XWLpUUH]FRPR$UD~MR\/OHUDV5HVWUHSRWHQtDQH[SHULHQFLDHQ
ODUDPDHMHFXWLYDFXDQGROD$1',ORVFRQWUDWy6LQHPEDUJRQRHUDQPLHPEURV
GHQLQJXQDpOLWHHFRQyPLFDQLSRGtDQVHUFRQVLGHUDGRVFRPR´ROLJDUFDVµWpUPLQR
PX\XWLOL]DGRHQODpSRFD/RVWUHVHQFDPELRVtHUDQPLHPEURVUHVSHWDEOHVGH
'HFLHUWRVFDEDOOHURVORVOREE\LVWVSURIHVLRQDOHV __
ODFODVHPHGLDTXHWUDEDMDEDQSDUDODpOLWH7UDEDMDUSDUDORVLQGXVWULDOHVRSDUD
ORVFDIHWHURVD\XGyDHVWRV´DVHVRUHVµDDYDQ]DUHQVXVFDUUHUDVSROtWLFDV\SURIH
VLRQDOHV&XDQGRKDEtDGLIHUHQFLDVFRQDOJXQDIUDFFLyQGHODpOLWHFRPRIXHPX\
FODURHQHOFDVRGH/OHUDV5HVWUHSRHVWRVLPSOHPHQWHHUDHOUHIOHMRGHFRQIOLFWRV
HQWUHORVGLIHUHQWHVJUXSRVGHODEXUJXHVtD
3RGHPRV FLWDU RWUD FODVH GH SROtWLFRV D TXLHQHV OD $1', FRQWUDWy FRPR
OREE\LVWVeVWRVHQODPD\RUtDGHORVFDVRVHUDQSURIHVLRQDOHVKDEtDQHVWXGLDGR
GHUHFKRHQ%RJRWi\KDEtDQUHWRUQDGRDVXVUHJLRQHVGHRULJHQGRQGHKDEtDQ
FRPHQ]DGR VX FDUUHUD HQ OD DGPLQLVWUDFLyQ S~EOLFD \ HQ OD SROtWLFD ORFDO
FRQWLQXiQGRODGHVSXpVHQ%RJRWi6HUFRQWUDWDGRVSRUOD$1',QRVyOROHV
SURSRUFLRQDEDPD\RUHVLQJUHVRVVLQRWDPELpQXQLPSRUWDQWHDSR\RSDUDVXV
FDUUHUDVSROtWLFDV(VWHJUXSRLQFOX\yDSHUVRQDVFRPR5LFDUGR%RQLOOD*XWLpUUH]
-RVpGHO&DUPHQ0HVD$OIRQVR/RUD&DPDFKR\%ODV+HUUHUD$Q]RiWHJXL
5LFDUGR%RQLOOD*XWLpUUH]QDFLyHQ(VWXGLyGHUHFKRHQOD8QLYHUVLGDG
([WHUQDGRGH&RORPELDGRQGHVHJUDGXyHQ)XHVHFUHWDULRGH*RELHUQR
GHOGHSDUWDPHQWRGHO7ROLPDVHFUHWDULRSULYDGRGHOSUHVLGHQWH/ySH]3XPDUHMR
\DJUHJDGRGHQHJRFLRVHQODPLVLyQGLSORPiWLFDFRORPELDQDHQ&RSHQDJXH
(Q\HQIXHHOHJLGRVHQDGRU\HQDOFDQ]yODSUHVLGHQFLDGHO
6HQDGR
/RV LQGXVWULDOHV ERJRWDQRV WHQtDQ OD LQWHQFLyQ GH TXH OD $1', WXYLHVH
DOJ~QFRQWUROVREUHORVWDOOHUHV\ODVSHTXHxDVLQGXVWULDVTXHREYLDPHQWHQR
HUDQPLHPEURVGHODDVRFLDFLyQ(OORVVRVWHQtDQTXHKDEtDTXH´DVHJXUDUXQ
YtQFXOR\XQDLQIOXHQFLDVREUHHVRVRUJDQLVPRVµ$SDUHQWHPHQWHOD$1',
GHVHDEDPRYLOL]DUXQDSR\R´SRSXODUµHQFRQWUDGHODOHJLVODFLyQVRFLDOTXHVH
GLVFXWtDHQHO&RQJUHVR/RVLQGXVWULDOHVWDPELpQDQKHODEDQIUHQDUHOFUHFLHQWH
SRGHUGH*DLWiQTXLHQWHQtDXQIXHUWHDSR\RHQWUHORVDUWHVDQRVHQ%RJRWi
%RQLOOD*XWLpUUH]IXHHQWRQFHVFRQWUDWDGRSDUD´DFRQVHMDUµDORVGXHxRVGHODV
SHTXHxDVLQGXVWULDV(OH[SHULPHQWRGXUyVyORSRFRVPHVHV\DTXHOD$1',
GHFLGLyFDQFHODUODDVHVRUtDGH%RQLOOD*XWLpUUH]FXDQGRpVWHIXHLQFDSD]GH
__ /$2)(16,9$(035(6$5,$/
ORJUDUTXHORVSHTXHxRVLQGXVWULDOHVDSR\DVHQODVSROtWLFDVGHODDVRFLDFLyQ$~Q
PiVDOJXQRVPLHPEURVGHOD$1',WHPtDQTXHODVSUHVLRQHVHMHUFLGDVVREUHORV
SHTXHxRVLQGXVWULDOHVVHWRUQDUDQHQFRQWUDGHODJUDQLQGXVWULD
-RVpGHO&DUPHQ0HVDQDFLyHQHQ6iWLYDQRUWHXQSXHEORGH%R\DFi
(VWXGLyGHUHFKRHQOD8QLYHUVLGDGGHO5RVDULRHQ%RJRWi'HVSXpVGHJUDGXDUVH
FRPRDERJDGRUHJUHVyD%R\DFiGRQGHIXHHOHJLGRFRPRFRQFHMDOFRQVHUYDGRU
GH6RJDPRVR0iVWDUGHOOHJyDOD$VDPEOHD'HSDUWDPHQWDOGHODFXDOIXHSUHVL
GHQWH'HDKtVDOWyDODSROtWLFDQDFLRQDODOVHUHOHJLGRSULPHURUHSUHVHQWDQWH\
GHVSXpVVHQDGRU)XHHQWRQFHVFXDQGROD$1',ORFRQWUDWySDUDDERJDUSRU
ORVLQWHUHVHVGHODDVRFLDFLyQGXUDQWHODOHJLVODWXUDGH$ODxRVLJXLHQWH
HQMXQLRGHHOSUHVLGHQWH2VSLQD3pUH]ORQRPEUyPLQLVWURGH&RPHUFLR
H,QGXVWULDV
$OIRQVR/RUD&DPDFKRHUDXQSROtWLFROLEHUDOQDFLGRHQHOGHSDUWDPHQWRGH
6DQWDQGHU'HVSXpVGHJUDGXDUVHFRPRDERJDGRHQOD8QLYHUVLGDG([WHUQDGR
GH&RORPELDUHJUHVyDVXWLHUUDQDWDOGRQGHIXHHOHJLGRGLSXWDGR\SUHVLGHQWH
GHOD$VDPEOHD'HSDUWDPHQWDO'HDIXHVHFUHWDULRGH+DFLHQGDGH
6DQWDQGHU7UHVDxRVPiVWDUGHIXHHOHJLGRUHSUHVHQWDQWHDOD&iPDUDFDUJRTXH
HMHUFLyKDVWD
$ILQDOHVGH/RUD&DPDFKRHUDHOSUHVLGHQWHGHOD&RPLVLyQ&XDUWD
GHOD&iPDUDODFXDOWHQtDDVXFDUJRODGLVFXVLyQGHOSUHVXSXHVWRQDFLRQDO
SDUD<DTXHORVLQGXVWULDOHVHVWDEDQSUHRFXSDGRVSRUXQSUR\HFWRTXH
EXVFDEDJUDYDUODVJDQDQFLDVRFDVLRQDOHV\ORVGLYLGHQGRVGHORVDFFLRQLVWDV
GHODVVRFLHGDGHVDQyQLPDV*XWLpUUH]*yPH]IXHD%RJRWiDUHXQLUVHFRQORV
OHJLVODGRUHV$OOtOHVXJLULyHQSULYDGRD/RUD&DPDFKRTXHHQYH]GHJUDYDU
DORVFDSLWDOLVWDVHO&RQJUHVRGHEHUtDHVWDEOHFHUQXHYRVLPSXHVWRVLQGLUHFWRV
³REYLDPHQWHXQDPHGLGDILVFDOGHFDUiFWHUDOWDPHQWHUHJUHVLYR³/RUD&D
PDFKRIXHPX\UHFHSWLYRDODVSURSXHVWDVGH*XWLpUUH]*yPH]FRQYLUWLpQGRVH
HQHOYRFHURGHIDFWRGHOD$1',HQOD&RPLVLyQ&XDUWD&RPRUHVXOWDGRGHOD
'HFLHUWRVFDEDOOHURVORVOREE\LVWVSURIHVLRQDOHV __
LQIOXHQFLDGH/RUD&DPDFKRHQHO&RQJUHVRYDULRVSUR\HFWRVTXHSHUMXGLFDEDQ
ORVLQWHUHVHVGHOD$1',QDXIUDJDURQ
/RUD&DPDFKRIXHQRPEUDGRVHFUHWDULRJHQHUDOGHO0LQLVWHULRGH+DFLHQGD
HQ\HQWDOFDOLGDGDVLVWtDDODVUHXQLRQHVGHOD2ILFLQDGH&RQWUROGH&DP
ELRV$GHPiVGHDIXHXQRGHORVPLHPEURVGHO&RPLWpGH([SHUWRV
)LQDQFLHURVTXHDVHVRUDEDDO3UHVLGHQWHHQDVXQWRVGHSROtWLFDILVFDO(Q
WDQGLVWLQJXLGDKRMDGHYLGDIXHSUHPLDGDSRUOD$1',DXQTXH/RUD&DPDFKR
HQHVHDxRVHJXtDWUDEDMDQGRSDUDHOJRELHUQRDFHSWyXQFRQWUDWRGHODDVRFLDFLyQ
SDUDSUHSDUDUXQGRFXPHQWRTXHDWDFDEDXQSUR\HFWRVREUHORVLPSXHVWRVGH
LQGXVWULD\FRPHUFLRTXHDIHFWDUtDQDORVPDQXIDFWXUHURV
3RU~OWLPRWHQHPRVD%ODV+HUUHUD$Q]RiWHJXLeVWHQDFLyHQ&DUWDJHQD
HQ(QUHFLELyVXWtWXORGHDERJDGRHQODXQLYHUVLGDGORFDO7UDEDMy
FRPRMXH]HQ&DUWDJHQD\HQ6LQFHOHMR'HVSXpVIXHVHFUHWDULRGH+DFLHQGD\
GH2EUDV3~EOLFDVHQHOGHSDUWDPHQWRGH%ROtYDU)XHHOHJLGRDOD$VDPEOHD
'HSDUWDPHQWDO\PiVWDUGHORJUyXQHVFDxRHQOD&iPDUDGH5HSUHVHQWDQWHV
+HUUHUD $Q]RiWHJXL TXLHQ VH FRQVLGHUDED D Vt PLVPR FRPR XQ ´OLEHUDO GH
L]TXLHUGDµDSR\yD*DLWiQHQODVHOHFFLRQHVGH$SHVDUGHWRGRHVWR
HOFRQVHUYDGRU2VSLQD3pUH]QRPEUyDHVWHVXSXHVWR´L]TXLHUGLVWDµFRPRVX
PLQLVWURGH7UDEDMR
/DV UHODFLRQHV HQWUH OD $1', \ HO PLQLVWUR +HUUHUD $Q]RiWHJXL IXHURQ
PX\FRUGLDOHV7DQWRTXHFXDQGRpVWHUHQXQFLyDVXFDUJRODDVRFLDFLyQOR
FRQWUDWyFRPRVXFRQVHMHURHQDVXQWRVOHJDOHV\ODERUDOHV/DVLQVWUXFFLRQHV
GHOD$1',HUDQPX\FODUDV´&RODERUDUFRQQXHVWURGHSDUWDPHQWROHJDOHQ
HOHVWXGLRGHFXHVWLRQHVVRFLDOHVGHLQWHUpVDVHVRUDUQRVHQODVJHVWLRQHVTXHVH
FUHDRSRUWXQRUHDOL]DUDQWHHOJRELHUQRQDFLRQDO\OOHYDUODYRFHUtDGHOD$1',
HQODVFRPLVLRQHVUHVSHFWLYDVGHO6HQDGR\GHOD&iPDUDµ$SHVDUGHWUDEDMDU
SDUDOD$1',+HUUHUD$Q]RiWHJXLFRQWLQXDEDHQODQyPLQDGHOJRELHUQRHO
FRQVHMHURODERUDOGHORVLQGXVWULDOHVDVLVWLyFRPRGHOHJDGRRILFLDOGH&RORPELD
DOD&RQIHUHQFLD,QWHUQDFLRQDOGHO7UDEDMRHQ*LQHEUD$OUHJUHVDUD&RORPELD
__ /$2)(16,9$(035(6$5,$/
LQWULJyHQHO&RQJUHVRSDUDIUHQDUORVSUR\HFWRVGHOH\TXHWHQtDQTXHYHUFRQ
ODOHJLVODFLyQODERUDO
/RVFRQIOLFWRVTXHVLJXLHURQDODVHVLQDWRGH*DLWiQGHVHQFDGHQDURQXQD
JUDQRODGHSHUVHFXFLyQSROtWLFD/RVLQGXVWULDOHVWUDWDURQGHDSURYHFKDUVHGH
ODVLWXDFLyQSDUDKDFHUHQFDUFHODUDXQEXHQQ~PHURGHMHIHVVLQGLFDOHV&RPR
ORVOtGHUHVREUHURVWHQtDQLQPXQLGDGJUDFLDVDO´IXHURVLQGLFDOµOD$1',OH
VROLFLWyD+HUUHUD$Q]RiWHJXLTXHKLFLHUDORVDUUHJORVQHFHVDULRVFRQHODERJDGR
9tFWRU5LFDUGRFRQVHMHURGHOD3UHVLGHQFLDGHOD5HS~EOLFDSDUDTXLWDUOHVD
ORVVLQGLFDOLVWDVVXVGHUHFKRVOHJDOHV+HUUHUD$Q]RiWHJXLDFHSWyODSURSXHVWD
GHORVLQGXVWULDOHV(VWHSROtWLFRTXLHQFRPR\DVHDQRWyVHGHVFULEtDDVt
PLVPRFRPRXQ´OLEHUDOGHL]TXLHUGDµVHGLVWDQFLyD~QPiVGHORVFRPXQLVWDV
³UHDOHVHLPDJLQDULRV³GHQWURGHOD&7&FRQIHViQGROHVXVDQJXVWLDVSROtWLFDV
QDGDPHQRVTXHDODJUHJDGRODERUDOGHOD(PEDMDGDGHORV(VWDGRV8QLGRVHQ
%RJRWiFRQTXLHQPDQWHQtDIUHFXHQWHVFRQWDFWRV
&RQODHYLGHQFLDVHxDODGDHQHVWHFDStWXORODLGHDGHTXHORVSROtWLFRV
GH DPERV SDUWLGRV WUDGLFLRQDOHV HUDQ DXWyQRPRV HQ UHODFLyQ FRQ ORV
HPSUHVDULRV GHEH VHU VHULDPHQWH FXHVWLRQDGD 'H KHFKR HUD PX\ FODUR
TXHORVSROtWLFRVTXHWUDEDMDEDQSDUDOD$1',SRU´SUHVWDQWHVµTXHIXHVHQ
HVWDEDQVXERUGLQDGRVDORVLQWHUHVHVGHODDVRFLDFLyQ$GHPiVVHUYLUOHD
OD$1',ORVD\XGyDFRQVROLGDUVXVFDUUHUDVSROtWLFDV1RREVWDQWHTXHORV
LQGXVWULDOHVWHQtDQJUDQFRQWUROVREUHVHFWRUHVGHODHFRQRPtDQRSRGtDQ
VHUVyORXQJUXSRROLJiUTXLFRDLVODGRSROtWLFDPHQWHGHOUHVWRGHODVRFLHGDG
SRU OR WDQWR DVt FRPR HOORV XWLOL]DURQ ORV SHULyGLFRV SDUD HVWDEOHFHU XQ
SXHQWHHQWUHVXVSXQWRVGHYLVWDYDORUHVHLQWHUHVHV\HOUHVWRGH&RORPELD
OD$1',D\XGyDFUHDU\DFRQVROLGDUXQDVXEpOLWHVXERUGLQDGDFRPSXHVWD
SRU KiELOHV SROtWLFRV HJUHVDGRV GH GLIHUHQWHV XQLYHUVLGDGHV GHO SDtV /RV
SRGHURVRVLQGXVWULDOHVHVWDEDQGLVSXHVWRVDUHFRPSHQVDULQFOXVLYHDUHVSHWDU
'HFLHUWRVFDEDOOHURVORVOREE\LVWVSURIHVLRQDOHV __
HOWUDEDMRGXURHOWDOHQWR\SRUHQFLPDGHWRGRODDPELFLyQOHDOGHVXVDOWRV
HPSOHDGRV\DVHVRUHV
/RVFRQIOLFWRVHQWUHHOJUHPLRGHORVLQGXVWULDOHV\RWURVJUXSRVHFRQyPLFRVQR
WDUGDURQPXFKRWLHPSRHQDJXGL]DUVH,QLFLDOPHQWHHVWRVFRQIOLFWRVRFXUULHURQ
HQWUHOD$1',\ORVJUDQGHVFRPHUFLDQWHVSRVWHULRUPHQWHHQWUHORVLQGXVWULDOHV
\ORVFDIHWHURV1RVyORODVUHXQLRQHVSULYDGDVHQWUHODVSHUVRQDVTXHHMHUFtDQ
HOSRGHUHFRQyPLFRVLQRWDPELpQHOHMHFXWLYR\HO&RQJUHVRIXHURQHOWHDWUR
SDUDHOGHVDUUROORGHHVWRVKHFKRV
.HL[HUV4VZJH¸;OL-PUHS=LYZPVUVM[OL;OLVY`VM[OL9\SPUN*SHZZ¹LU1HTLZ/4LPZLS;OL
4`[OVM[OL9\SPUN*SHZZ(UU(YIVY;OL<UP]LYZP[`VM4PJOPNHU7YLZZ W.HL[HUV
4VZJH;OL9\SPUN*SHZZ5\L]H@VYR4J.YH^/PSS WW ;))V[[VTVYL,SP[LZ
HUK:VJPL[`4PKKSLZL_7LUN\PU W
__ /$2)(16,9$(035(6$5,$/