Professional Documents
Culture Documents
GRPLQLRSºEOLFR
b(VSHUDPRVTXHORGLVIUXW©LV
$UWKXU&RQDQ'R\OH
$&'
(OVDEXHVRGHORV%DVNHUYLOOH
(OVH±RU6KHUORFN+ROPHV
QGLFH
(VH±RU6KHUORFN+ROPHVTXHGHRUGLQDULRVHOHYDQWDEDPX\WDUGHH[FHSWR
(OVH±RU6KHUORFN+ROPHV HQODVRFDVLRQHVQDGDLQIUHFXHQWHVHQTXHQRVHDFRVWDEDHQWRGDODQRFKH
HVWDEDGHVD\XQDQGR
/DPDOGLFL³QGHORV%DVNHUYLOOH
<RTXHPHKDOODEDGHSLHMXQWRDODFKLPHQHDPHDJDFK©SDUDUHFRJHUHO
(OSUREOHPD EDVW³QROYLGDGRSRUQXHVWURYLVLWDQWHGHODQRFKHDQWHULRU6³OLGRGHPDGHUD
GHEXHQDFDOLGDG\FRQXQDEXOWDPLHQWRDPRGRGHHPSX±DGXUDHUDGHOWLSR
6LU+HQU\%DVNHUYLOOH TXHVHFRQRFHFRPRlDERJDGRGH3HQDQJ{,QPHGLDWDPHQWHGHEDMRGHOD
SURWXEHUDQFLDHOEDVW³QOOHYDEDXQDDQFKDWLUDGHSODWDGHP¡VGHGRV
7UHVFDERVURWRV FHQWPHWURVHQODTXHHVWDEDJUDEDGRl$-DPHV0RUWLPHU05&6GHVXV
DPLJRVGH&&+{\HOD±Rl{(UDH[DFWDPHQWHODFODVHGHEDVW³QTXH
/DPDQVL³QGHORV%DVNHUYLOOH VRODQOOHYDUORVP©GLFRVGHFDEHFHUDDODDQWLJXDXVDQ]DGLJQRV³OLGR\TXH
LQVSLUDEDFRQILDQ]D
/RV6WDSOHWRQGHODFDVD0HUULSLW
9HDPRV:DWVRQDTX©FRQFOXVLRQHVOOHJD"
3ULPHULQIRUPHGHOGRFWRU:DWVRQ
%DVW³QGHSDVHRGHFDEH]DDEXOWDGDTXHVHIDEULFDFRQHOWDOORGH/LFXDOD
/DOX]HQHOS¡UDPR $FXWLILGDXQDSDOPDG©$VLDRULHQWDO
)UDJPHQWRGHOGLDULRGHOGRFWRU:DWVRQ 0HPEHURIWKH5R\DO&ROOHJHRI6XUJHRQV0LHPEURGHO5HDO&ROHJLRGH
&LUXMDQRV
(OKRPEUHGHOULVFR
+ROPHVPHGDEDODHVSDOGD\\RQROHKDEDGLFKRHQTX©PHRFXSDED
0XHUWHHQHOS¡UDPR
&³PRVDEHORTXHHVWR\KDFLHQGR"9R\DFUHHUTXHWLHQHXVWHGRMRVHQHO
3UHSDUDQGRODVUHGHV FRJRWH
(OVDEXHVRGHORV%DVNHUYLOOH /RTXHWHQJRP¡VELHQHVXQDUHOXFLHQWHFDIHWHUDFRQED±RGHSODWDGHODQWH
GHPPHUHVSRQGL³9DPRV:DWVRQGJDPHTX©RSLQDGHOEDVW³QGH
([DPHQUHWURVSHFWLYR
QXHVWURYLVLWDQWH3XHVWRTXHKHPRVWHQLGRODGHVJUDFLDGHQRFRLQFLGLUFRQ©O
/DLGHDSDUDHVWHUHODWRPHODSURSRUFLRQ³PLDPLJRHOVH±RU)OHWFKHU HLJQRUDPRVTX©HUDORTXHTXHUDHVWHUHFXHUGRIRUWXLWRDGTXLHUH
5RELQVRQTXHPHKDD\XGDGRDGHP¡VHQODOQHDDUJXPHQWDO\HQORVGHWDOOHV LPSRUWDQFLD'HVFUEDPHDOSURSLHWDULRFRQORVGDWRVTXHOHKD\D
GHDPELHQWDFL³Q SURSRUFLRQDGRHOH[DPHQGHOEDVW³Q
0HSDUHFHGLMHVLJXLHQGRKDVWDGRQGHPHHUDSRVLEOHORVP©WRGRVGHPL UHFRQRFHUTXHVXVSDODEUDVPHSURGXMHURQXQDVDWLVIDFFL³QPX\LQWHQVD
FRPSD±HURTXHHOGRFWRU0RUWLPHUHVXQP©GLFRHQWUDGRHQD±RV\ SRUTXHODLQGLIHUHQFLDFRQTXHUHFLEDPLDGPLUDFL³Q\PLVLQWHQWRVGHGDU
SUHVWLJLRVRTXHGLVIUXWDGHJHQHUDOHVWLPDFL³QSXHVWRTXHTXLHQHVORFRQRFHQ SXEOLFLGDGDVXVP©WRGRVPHKDEDKHULGRHQPXFKDVRFDVLRQHV7DPEL©QPH
OHKDQGDGRHVWDPXHVWUDGHVXDSUHFLR HQRUJXOOHFDSHQVDUTXHKDEDOOHJDGRDGRPLQDUVXVLVWHPDOREDVWDQWHFRPR
SDUDDSOLFDUORGHXQDIRUPDFDSD]GHPHUHFHUVXDSUREDFL³Q$FWRVHJXLGR
b%LHQGLMR+ROPHVb([FHOHQWH +ROPHVVHDSRGHU³GHOEDVW³Q\ORH[DPLQ³GXUDQWHXQRVPLQXWRV/XHJR
FRPRVLDOJRKXELHUDGHVSHUWDGRHVSHFLDOPHQWHVXLQWHU©VGHM³HOFLJDUULOOR\
7DPEL©QPHSDUHFHPX\SUREDEOHTXHVHDP©GLFRUXUDO\TXHKDJDDSLH VHWUDVODG³FRQHOEDVW³QMXQWRDODYHQWDQDSDUDH[DPLQDUORGHQXHYRFRQ
PXFKDVGHVXVYLVLWDV XQDOHQWHFRQYH[D
3RUTX©GLFHHVR" ,QWHUHVDQWHDXQTXHHOHPHQWDOGLMRPLHQWUDVUHJUHVDEDDVXVLWLRSUHIHULGR
HQHOVRI¡
3RUTXHHVWHEDVW³QSHVHDVXH[FHOHQWHFDOLGDGHVW¡WDQEDTXHWHDGRTXH
GLIFLOPHQWHLPDJLQRDXQP©GLFRGHFLXGDGOOHY¡QGROR(OJUXHVRUHJDW³QGH +D\VLQGXGDXQDRGRVLQGLFDFLRQHVHQHOEDVW³QTXHVLUYHQGHEDVHSDUD
KLHUURHVW¡PX\JDVWDGRSRUORTXHHVHYLGHQWHTXHVXSURSLHWDULRKD YDULDVGHGXFFLRQHV
FDPLQDGRPXFKRFRQ©O
6HPHKDHVFDSDGRDOJR"SUHJXQW©FRQFLHUWDSUHVXQFL³Q&RQIRHQQR
b8QUD]RQDPLHQWRSHUIHFWRGLMR+ROPHV KDEHUROYLGDGRQDGDLPSRUWDQWH0XFKRPHWHPRPLTXHULGR:DWVRQTXH
FDVLWRGDVVXVFRQFOXVLRQHVVRQIDOVDV&XDQGRKHGLFKRTXHPHKDVHUYLGR
<DGHP¡VQRKD\TXHROYLGDUVHGHORVlDPLJRVGH&&+{,PDJLQRTXHVH XVWHGGHHVWPXORPHUHIHUDVLKHGHVHUVLQFHURDTXHVXVHTXLYRFDFLRQHV
WUDWDGHXQDDVRFLDFL³QORFDOGHFD]DGRUHV
DFX\RVPLHPEURVHVSRVLEOHTXH PHKDQOOHYDGRHQRFDVLRQHVDODYHUGDG$XQTXHWDPSRFRHVFLHUWRTXHVH
KD\DDWHQGLGRSURIHVLRQDOPHQWH\TXHOHKDQRIUHFLGRHQUHFRPSHQVDHVWH KD\DHTXLYRFDGRXVWHGSRUFRPSOHWRHQHVWHFDVR6HWUDWDVLQGXGDGHXQ
SHTXH±RREVHTXLR P©GLFRUXUDOTXHFDPLQDPXFKR
/DGHGXFFL³QGH:DWVRQVHH[SOLFDSRUTXHODLQLFLDO+VLUYHHQLQJO©VWDQWR (QWRQFHVWHQD\RUD]³Q+DVWDDKV
SDUDODSDODEUDKXQWXQDGHFX\DVDFHSFLRQHVHVlDVRFLDFL³QGHFD]DGRUHV{
FRPRSDUDlKRVSLWDO{ 3HURV³ORKDVWDDK
$GHFLUYHUGDGVHKDVXSHUDGRXVWHGDVPLVPRGLMR+ROPHVDSDUWDQGROD 6³ORKDVWDDKPLTXHULGR:DWVRQSRUTXHHVRQRHVWRGRQLPXFKRPHQRV
VLOODGHODPHVDGHOGHVD\XQR\HQFHQGLHQGRXQFLJDUULOOR0HYHRREOLJDGRD <RFRQVLGHUDUDP¡VSUREDEOHSRUHMHPSORTXHXQUHJDORDXQP©GLFR
FRQIHVDUTXHGHRUGLQDULRHQORVUHODWRVFRQORVTXHKDWHQLGRXVWHGDELHQ SURFHGDGHXQKRVSLWDO\QRGHXQDDVRFLDFL³QGHFD]DGRUHV\TXHFXDQGRODV
UHFRJHUPLVPRGHVWRV©[LWRVVLHPSUHKDVXEHVWLPDGRVXKDELOLGDGSHUVRQDO LQLFLDOHV&&YDQXQLGDVDODSDODEUDKRVSLWDOVHQRVRFXUUDHQVHJXLGDTXHVH
&DEHTXHXVWHGPLVPRQRVHDOXPLQRVRSHURVLQGXGDHVXQEXHQFRQGXFWRU WUDWDGH&KDULQJ&URVV
GHODOX]+D\SHUVRQDVTXHVLQVHUJHQLRVSRVHHQXQQRWDEOHSRGHUGH
HVWPXOR+HGHUHFRQRFHUPLTXHULGRDPLJRTXHHVWR\PX\HQGHXGDFRQ 4XL]¡WHQJDXVWHGUD]³Q
XVWHG
/DVSUREDELOLGDGHVVHRULHQWDQHQHVHVHQWLGR<VLDGRSWDPRVHVWRFRPR
+DVWDHQWRQFHV+ROPHVQRVHKDEDPRVWUDGRQXQFDWDQHORJLRVR\GHER KLS³WHVLVGHWUDEDMRGLVSRQHPRVGHXQQXHYRSXQWRGHSDUWLGDGHVGHGRQGH
GDUIRUPDDQXHVWURGHVFRQRFLGRYLVLWDQWH <RPHHFK©DUHUFRQLQFUHGXOLGDGPLHQWUDV6KHUORFN+ROPHVVHUHFRVWDEDHQ
HOVRI¡\HQYLDEDKDFLDHOWHFKRWHPEORURVRVDQLOORVGHKXPR
'HDFXHUGRVXSRQJDPRVTXHl&&+{VLJQLILFDlKRVSLWDOGH&KDULQJ&URVV{
TX©RWUDVFRQFOXVLRQHVVHSXHGHQVDFDUGHDK" (QFXDQWRDVXVºOWLPDVDILUPDFLRQHVFDUH]FRGHPHGLRVSDUDUHEDWLUODV
GLMHSHURDOPHQRVQRQRVVHU¡GLILFLOHQFRQWUDUDOJXQRVGDWRVVREUHODHGDG
1RVHOHRFXUUHDOJXQDGHLQPHGLDWR"8VWHGFRQRFHPLVP©WRGRV \WUD\HFWRULDSURIHVLRQDOGHQXHVWURKRPEUH
b$SOTXHORV
'HOPRGHVWRHVWDQWHGRQGHJXDUGDEDORVOLEURVUHODFLRQDGRVFRQODPHGLFLQD
6³ORVHPHRFXUUHODFRQFOXVL³QHYLGHQWHGHTXHQXHVWURKRPEUHKDHMHUFLGR VDTX©HOGLUHFWRULRP©GLFR\DOEXVFDUSRUHODSHOOLGRHQFRQWU©YDULRV
VXSURIHVL³QHQ/RQGUHVDQWHVGHPDUFKDUDOFDPSR 0RUWLPHUSHURWDQV³ORXQRTXHFRLQFLGLHUDFRQQXHVWURYLVLWDQWHSRUORTXH
SURFHGDOHHUHQYR]DOWDODQRWDELRJU¡ILFD
&UHRTXHSRGHPRVDYHQWXUDUQRVXQSRFRP¡V9©DORGHVGHHVWDSHUVSHFWLYD
(QTX©RFDVL³QHVP¡VSUREDEOHTXHVHKLFLHUDXQUHJDORGHHVDV l0RUWLPHU-DPHV05&6*ULPSHQ'DUWPRRU'HYRQVKLUH'H
FDUDFWHUVWLFDV"&X¡QGRVHKDEU¡QSXHVWRGHDFXHUGRVXVDPLJRVSDUDGDUOH D
HVDSUXHEDGHDIHFWR"(YLGHQWHPHQWHHQHOPRPHQWRHQTXHHOGRFWRU
0RUWLPHUGHM³GHWUDEDMDUHQHOKRVSLWDOSDUDDEULUVXSURSLDFRQVXOWD FLUXMDQRLQWHUQRHQHOKRVSLWDOGH&KDULQJ&URVV(QSRVHVL³QGHOSUHPLR
6DEHPRVTXHVHOHKL]RXQUHJDOR&UHHPRVTXHVHKDSURGXFLGRXQFDPELR\ -DFNVRQGHSDWRORJDFRPSDUDGDJUDFLDVDOWUDEDMRWLWXODGR(VOD
TXHHOGRFWRU0RUWLPHUKDSDVDGRGHOKRVSLWDOGHODFLXGDGDXQDFRQVXOWDHQ HQIHUPHGDGXQDUHJUHVL³Q"
HOFDPSR
0LHPEURFRUUHVSRQGLHQWHGHOD6RFLHGDG6XHFDGH3DWRORJD$XWRUGH
3LHQVDTXHHVWDPRVOOHYDQGRGHPDVLDGROHMRVQXHVWUDVGHGXFFLRQHVVL $OJXQRVIHQ³PHQRVGHDWDYLVPR/DQFHW(VWDPRVSURJUHVDQGR"
GHFLPRVTXHHOUHJDORVHKL]RFRQPRWLYRGHHVHFDPELR" -RXUQDORI3V\FKRORJ\PDU]RGH0©GLFRGHORVPXQLFLSLRVGH
*ULPSHQ7KRUVOH\\+LJK%DUURZ{
3DUHFHSUREDEOHGHVGHOXHJR
1RVHPHQFLRQDQLQJXQDDVRFLDFL³QGHFD]DGRUHVFRPHQW³+ROPHVFRQXQD
2EVHUYDU¡XVWHGDGHP¡VTXHQRSRGDIRUPDUSDUWHGHOSHUVRQDO VRQULVDPDOLFLRVDSHURVTXHQXHVWURYLVLWDQWHHVP©GLFRUXUDOFRPRXVWHG
SHUPDQHQWHGHOKRVSLWDO\DTXHWDQV³ORVHQRPEUDSDUDHVRVSXHVWRVD GHGXMRDWLQDGDPHQWH
SURIHVLRQDOHVH[SHULPHQWDGRVFRQXQDEXHQDFOLHQWHODHQ/RQGUHV\XQ
P©GLFRGHHVDVFDUDFWHUVWLFDVQRVHPDUFKDUDGHVSX©VDXQSXHEOR4X©HUD &UHRTXHPLVGHGXFFLRQHVHVW¡QMXVWLILFDGDV3RUORTXHVHUHILHUHDORV
HQHVHFDVR"6LWUDEDMDEDHQHOKRVSLWDOVLQKDEHUVHLQFRUSRUDGRDOSHUVRQDO DGMHWLYRVGLMHVLQRUHFXHUGRPDODIDEOHSRFRDPELFLRVR\GLVWUDGR6HJºQ
SHUPDQHQWHV³ORSRGDVHUFLUXMDQRRP©GLFRLQWHUQRSRFRP¡VTXH PLH[SHULHQFLDV³ORXQKRPEUHDIDEOHUHFLEHUHJDORVGHVXVFROHJDVV³ORXQ
HVWXGLDQWHSRVJUDGXDGR<VHPDUFK³KDFHFLQFRD±RVODIHFKDHVW¡HQHO KRPEUHVLQDPELFLRQHVDEDQGRQDXQDFDUUHUDHQ/RQGUHVSDUDLUVHDXQ
EDVW³Q'HPDQHUDTXHVXP©GLFRGHFDEHFHUDSHUVRQDVHULD\GHPHGLDQD SXHEOR\V³ORXQDSHUVRQDGLVWUDGDGHMDHOEDVW³QHQOXJDUGHODWDUMHWDGH
HGDGVHHVIXPDPLTXHULGR:DWVRQ\DSDUHFHHQVXOXJDUXQMRYHQTXHQR YLVLWDGHVSX©VGHHVSHUDUXQDKRUD
KDFXPSOLGRDºQODWUHLQWHQDDIDEOHSRFRDPELFLRVRGLVWUDGR\GXH±RGH
XQSHUURSRUHOTXHVLHQWHJUDQDIHFWR\TXHGHVFULELU©DSUR[LPDGDPHQWH <HOSHUUR"
FRPRP¡VJUDQGHTXHXQWHUULHUSHURP¡VSHTXH±RTXHXQPDVWQ
(VW¡DFRVWXPEUDGRDOOHYDUOHHOEDVW³QDVXDPR&RPRHVXQREMHWRSHVDGR
WLHQHTXHVXMHWDUORFRQIXHU]DSRUHOFHQWUR\ODVVH±DOHVGHVXVGLHQWHVVRQ 8QUHJDORSRUORTXHYHRGLMR+ROPHV
SHUIHFWDPHQWHYLVLEOHV
$VHV
/DPDQGEXODGHODQLPDOFRPRSRQHGHPDQLILHVWRODGLVWDQFLDHQWUHODV
PDUFDVHVHQPLRSLQL³QGHPDVLDGRDQFKDSDUDXQWHUULHU\QROREDVWDQWH 'HOKRVSLWDOGH&KDULQJ&URVV"
SDUDXQPDVWQ3RGUDVHUVFODURTXHVVHWUDWDGHXQVSDQLHOGHSHOR
UL]DGR 'HXQRRGRVDPLJRVTXHWHQDDOOFRQRFDVL³QGHPLPDWULPRQLR
+ROPHVVHKDEDSXHVWRHQSLH\SDVHDEDSRUODKDELWDFL³QPLHQWUDVKDEODED b9D\DYD\Db4X©FRQWUDULHGDGGLMR+ROPHVDJLWDQGRODFDEH]D
)LQDOPHQWHVHGHWXYRMXQWRDOKXHFRGHODYHQWDQD+DEDXQWRQRWDOGH
FRQYLFFL³QHQVXYR]TXHOHYDQW©ODYLVWDVRUSUHQGLGR &X¡OHVODFRQWUDULHGDG"
&³PRSXHGHHVWDUWDQVHJXURGHHVR" 7DQV³ORTXHKDHFKDGRXVWHGSRUWLHUUDQXHVWUDVPRGHVWDVGHGXFFLRQHV6X
PDWULPRQLRKDGLFKR"
3RUODVHQFLOODUD]³QGHTXHHVWR\YLHQGRDOSHUURGHODQWHGHQXHVWUDFDVD\
DFDEDPRVGHRUF³PRVXGXH±RKDOODPDGRDODSXHUWD1RVHPXHYDVHOR 6VH±RU$OFDVDUPHGHM©HOKRVSLWDO\FRQHOORWRGDHVSHUDQ]DGHDEULUXQD
UXHJR6HWUDWDGHXQRGHVXVKHUPDQRVGHSURIHVL³Q\ODSUHVHQFLDGHXVWHG FRQVXOWD
SXHGHVHUPHGHD\XGDVWHHVHOPRPHQWRGUDP¡WLFRGHOGHVWLQR:DWVRQVH
1HFHVLWDEDXQKRJDU%LHQELHQQRHVW¡EDPRVWDQHTXLYRFDGRVGHVSX©VGH
R\HQHQODHVFDOHUDORVSDVRVGHDOJXLHQTXHVHGLVSRQHDHQWUDUHQQXHVWUD
WRGRGLMR+ROPHV<DKRUDGRFWRU-DPHV0RUWLPHU
YLGD\QRVDEHPRVVLVHU¡SDUDELHQRSDUDPDO4X©HVORTXHHOGRFWRU
-DPHV0RUWLPHUHOFLHQWILFRGHVHDGH6KHUORFN+ROPHVHOGHWHFWLYH" 1RVR\GRFWRUWDQV³ORXQPRGHVWR05&6
b$GHODQWH
<SHUVRQDDPDQWHGHODH[DFWLWXGSRUORTXHVHYH
(ODVSHFWRGHQXHVWURYLVLWDQWHIXHXQDVRUSUHVDSDUDPGDGRTXHHVSHUDEDDO
WSLFRP©GLFRUXUDO\PHHQFRQWU©DXQKRPEUHPX\DOWR\GHOJDGRGHQDUL] 8QVLPSOHDILFLRQDGRDODFLHQFLDVH±RU+ROPHVFROHFFLRQLVWDGHFRQFKDV
ODUJD\JDQFKXGDGLVSDUDGDKDFLDDGHODQWHHQWUHXQRVRMRVJULVHV\ HQODVSOD\DVGHOJUDQRF©DQRGHORGHVFRQRFLGR,PDJLQRTXHHVWR\KDEODQGR
SHQHWUDQWHVPX\MXQWRVTXHFHQWHOOHDEDQGHVGHGHWU¡VGHXQRVOHQWHVGH FRQHOVH±RU6KHUORFN+ROPHV\QR
PRQWXUDGRUDGD9HVWDGHDFXHUGRFRQVXSURIHVL³QSHURGHPDQHUDXQWDQWR
GHVFXLGDGDSRUTXHVXOHYLWDHVWDEDVXFLD\ORVSDQWDORQHVUDGRV&DUJDGRGH 1RVHHTXLYRFD\RVR\6KHUORFN+ROPHV\©VWHHVPLDPLJRHOGRFWRU
HVSDOGDVDXQTXHWRGDYDMRYHQFDPLQDEDHFKDQGRODFDEH]DKDFLDDGHODQWH\ :DWVRQ
RIUHFDXQDLUHJHQHUDOGHEHQHYROHQFLDFRUWDGHYLVWD$OHQWUDUVXVRMRV
WURSH]DURQFRQHOEDVW³QTXH+ROPHVWHQDHQWUHODVPDQRVSRUORTXHVH (QFDQWDGRGHFRQRFHUORGRFWRU:DWVRQ+HRGRPHQFLRQDUVXQRPEUH
SUHFLSLW³KDFLD©OODQ]DQGRXQDH[FODPDFL³QGHDOHJUD MXQWRFRQHOGHVXDPLJR0HLQWHUHVDXVWHGPXFKRVH±RU+ROPHV1R
HVSHUDEDHQFRQWUDUPHFRQXQFU¡QHRWDQGROLFRF©IDORQLFRQXQDUFR
b&X¡QWRPHDOHJURGLMR1RVDEDVLORKDEDGHMDGRDTXRHQODDJHQFLD VXSUDRUELWDOWDQSURQXQFLDGR/HLPSRUWDUDTXHUHFRUULHUDFRQHOGHGRVX
PDUWLPD ILVXUDSDULHWDO"8QPROGHGHVXFU¡QHRVH±RUPRKDVWDTXHSXHGD
GLVSRQHUVHGHORULJLQDOVHUDHORUJXOORGHFXDOTXLHUPXVHRDQWURSRO³JLFR1R
6HQWLUDPXFKRSHUGHUHVHEDVW³Q HVPLLQWHQFL³QSDUHFHUREVHTXLRVRSHURFRQILHVRTXHFRGLFLRVXFU¡QHR
6KHUORFN+ROPHVKL]RXQJHVWRFRQODPDQRSDUDLQYLWDUDQXHVWURH[WUD±R H[DFWDPHQWHHOSUREOHPDSDUDFX\DUHVROXFL³QVROLFLWDPLD\XGD
YLVLWDQWHDTXHWRPDUDDVLHQWR9HRTXHVHHQWXVLDVPDXVWHGWDQWRFRQVXV
LGHDVFRPR\RFRQODVPDV /DPDOGLFL³QGHORV%DVNHUYLOOH
GLMR<REVHUYRSRUVXGHGRQGLFHTXHVHKDFHXVWHGPLVPRORVFLJDUULOORV 7UDLJRXQPDQXVFULWRHQHOEROVLOORGLMRHOGRFWRUMDPHV0RUWLPHU
1RGXGHHQHQFHQGHUXQRVLDVORGHVHD
/RKHQRWDGRDOHQWUDUXVWHGHQODKDELWDFL³QGLMR+ROPHV
(OGRFWRU0RUWLPHUVDF³SDSHO\WDEDFR\OL³XQSLWLOORFRQVRUSUHQGHQWH
GHVWUH]D6XVGHGRVODUJRV\WHPEORURVRVHUDQWDQ¡JLOHVHLQTXLHWRVFRPR (VXQPDQXVFULWRDQWLJXR
ODVDQWHQDVGHXQLQVHFWR
3ULPHUDPLWDGGHOVLJOR;9,,,DQRVHUTXHVHWUDWHGHXQDIDOVLILFDFL³Q
+ROPHVJXDUG³VLOHQFLRSHURODLQWHQVLGDGGHVXDWHQFL³QPHGHPRVWUDEDHO
LQWHU©VTXHGHVSHUWDEDHQ©OQXHVWURFXULRVRYLVLWDQWH &³PRORVDEH"
6XSRQJRGLMRILQDOPHQWHTXHQRGHEHPRVHOKRQRUGHVXYLVLWDGHDQRFKH /RVWUHVRFXDWURFHQWPHWURVTXHTXHGDQDOGHVFXELHUWRPHKDQSHUPLWLGR
\©VWDGHKR\H[FOXVLYDPHQWHDVXGHVHRGHH[DPLQDUPLFU¡QHR H[DPLQDUORPLHQWUDVXVWHGKDEODED8QDSHUVRQDTXHQRHVW©HQFRQGLFLRQHV
GHFDOFXODUODIHFKDGHXQGRFXPHQWRFRQXQPDUJHQGHHUURUGHXQDG©FDGD
1RFODURHVW¡DXQTXHWDPEL©QPHDOHJURGHKDEHUWHQLGRODRSRUWXQLGDGGH P¡VRPHQRVQRHVXQH[SHUWR7DOYH]FRQR]FDXVWHGPLPRGHVWD
KDFHUORKHDFXGLGRDXVWHGVH±RU+ROPHVSRUTXHQRVHPHRFXOWDTXHVR\ PRQRJUDIDVREUHHOWHPD<RORVLWXDUDKDFLD
XQDSHUVRQDSRFRSU¡FWLFD\SRUTXHPHHQIUHQWRGHUHSHQWHFRQXQSUREOHPD
WDQJUDYHFRPRVLQJXODU< /DIHFKDH[DFWDHVHOGRFWRU0RUWLPHUVDF³HOPDQXVFULWRGHOEROVLOOR
LQWHULRUGHODOHYLWD6LU&KDUOHV%DVNHUYLOOHFX\DUHSHQWLQD\WU¡JLFDPXHUWH
UHFRQRFLHQGRFRPR\RORUHFRQR]FRTXHHVXVWHGHOVHJXQGRH[SHUWR KDFHXQRVWUHVPHVHVFDXV³WDQWRUHYXHORHQ'HYRQVKLUHFRQIL³DPLFXLGDGR
HXURSHRPHMRUFXDOLILFDGR HVWHGRFXPHQWRGHVXIDPLOLD4XL]¡GHEDH[SOLFDUTXH\RHUDDPLJRSHUVRQDO
VX\RDGHP¡VGHVXP©GLFR6LU&KDUOHVSHVHDVHUXQKRPEUHUHVXHOWR
$K3XHGRSUHJXQWDUOHDTXL©QFRUUHVSRQGHHOKRQRUGHVHUHOSULPHUR"OH SHUVSLFD]SU¡FWLFR\WDQSRFRLPDJLQDWLYRFRPR\RFRQVLGHUDEDHVWH
LQWHUUXPSL³+ROPHVFRQDOJXQDDVSHUH]D GRFXPHQWRXQDFRVDPX\VHULD\HVWDEDSUHSDUDGRSDUDTXHOHVXFHGLHUDOR
TXHILQDOPHQWHSXVRILQDVXYLGD
3DUDXQDSHUVRQDDPDQWHGHODH[DFWLWXG\GHODFLHQFLDHOWUDEDMRGH
PRQVLHXU%HUWLOORQWHQGU¡VLHPSUHXQSRGHURVRDWUDFWLYR +ROPHVH[WHQGL³ODPDQRSDUDUHFLELUHOGRFXPHQWR\ORDOLV³FRORF¡QGRVHOR
VREUHODURGLOOD
1RVHUDPHMRUFRQVXOWDUOHD©OHQHVHFDVR"
)MHVHXVWHG:DWVRQHQHOXVRDOWHUQDWLYRGHOD6ODUJD\FRUWD(VXQRGH
+HKDEODGRGHSHUVRQDVDPDQWHVGHODH[DFWLWXG\GHODFLHQFLD3HURHQ ORVLQGLFLRVTXHPHKDQSHUPLWLGRFDOFXODUODIHFKD
FXDQWRDVHQWLGRSU¡FWLFRWRGRHOPXQGRUHFRQRFHTXHFDUHFHXVWHGGHULYDO
(VSHURVH±RUPRQRKDEHU 3RUHQFLPDGHVXKRPEURFRQWHPSO©HOSDSHODPDULOOHQWR\ODHVFULWXUD\D
ERUURVD(QHOHQFDEH]DPLHQWRVHOHDl0DQVL³QGHORV%DVNHUYLOOH{\
7DQV³ORXQSRFRGLMR+ROPHV1RHVWDU¡GHP¡VGRFWRU0RUWLPHUTXHVLQ GHEDMRFRQJUDQGHVQºPHURVLUUHJXODUHVl{
P¡VSUH¡PEXORWHQJDODDPDELOLGDGGHFRQWDUPHHQSRFDVSDODEUDVFX¡OHV
3DUHFHXQDGHFODUDFL³Q +XJRGLRHQDPDUVLDGHFLUYHUGDGDXQDSDVL³QWDQWHQHEURVDVHOHSXHGH
GDUXQQRPEUHWDQUDGLDQWHDODKLMDGHXQSHTXH±RWHUUDWHQLHQWHTXHYLYD
6HVXQDGHFODUDFL³QDFHUFDGHFLHUWDOH\HQGDUHODFLRQDGDFRQODIDPLOLDGH FHUFDGHODVSURSLHGDGHVGHORV%DVNHUYLOOH3HURODMRYHQGLVFUHWD\GHEXHQD
ORV%DVNHUYLOOH UHSXWDFL³QHYLWDEDVLHPSUHD+XJRSRUHOWHPRUTXHOHLQVSLUDEDVXQHIDVWD
QRWRULHGDG6XFHGL³DVTXHXQGDGHVDQ0LJXHOHVWHDQWHSDVDGRQXHVWUR
3HURLPDJLQRTXHXVWHGPHTXLHUHFRQVXOWDUDFHUFDGHDOJRP¡VPRGHUQR\ FRQFLQFRRVHLVGHVXVFRPSD±HURVWDQRFLRVRVFRPRGHVDOPDGRVOOHJDURQD
SU¡FWLFR HVFRQGLGDVKDVWDODJUDQMD\VHFXHVWUDURQDODGRQFHOODVDEHGRUHVGHTXHVX
SDGUH\VXVKHUPDQRVHVWDEDQDXVHQWHV8QDYH]HQODPDQVL³QUHFOX\HURQD
'HLQPHGLDWDDFWXDOLGDG8QDFXHVWL³QHQH[WUHPRSU¡FWLFD\XUJHQWHTXH ODGRQFHOODHQXQDSRVHQWRGHOSLVRDOWRPLHQWUDV+XJR\VXVDPLJRV
KD\TXHGHFLGLUHQXQSOD]RGHYHLQWLFXDWURKRUDV3HURHOUHODWRHVEUHYH\ LQLFLDEDQXQDODUJDIUDQFDFKHODDOLJXDOTXHWRGDVODVQRFKHV
HVW¡QWLPDPHQWHOLJDGRFRQHOSUREOHPD&RQVXSHUPLVRYR\DSURFHGHUD
OH©UVHOR /RP¡VSUREDEOHHVTXHDODSREUHFKLFDVHOHWUDVWRUQDUDHOMXLFLRDORUORV
F¡QWLFRV\ORVJULWRV\ORVWHUULEOHVMXUDPHQWRVTXHOHOOHJDEDQGHVGHDEDMR
+ROPHVVHUHFRVW³HQHODVLHQWRXQL³ODVPDQRVSRUODVSXQWDVGHORVGHGRV\ SRUTXHGLFHQTXHODVSDODEUDVTXHXWLOL]DED+XJR%DVNHUYLOOHFXDQGRHVWDED
FHUU³ORVRMRVFRQJHVWRGHUHVLJQDFL³Q(OGRFWRU0RUWLPHUYROYL³HO ERUUDFKREDVWDUDQSDUDIXOPLQDUDOKRPEUHTXHODVSURQXQFLDUD)LQDOPHQWH
PDQXVFULWRKDFLDODOX]\OH\³FRQYR]DJXGDTXHVHTXHEUDEDDYHFHVOD LPSXOVDGDSRUHOPLHGRODPXFKDFKDKL]RDOJRDORTXHTXL]¡QRVHKXELHUD
VLJXLHQWHQDUUDFL³QSLQWRUHVFD\H[WUD±DDOPLVPRWLHPSR DWUHYLGRHOP¡VYDOLHQWH\¡JLOGHORVKRPEUHVSRUTXHJUDFLDVDODHQ
UHGDGHUDTXHFXEUD\WRGDYDFXEUHHOODGRVXUGHODFDVDGHVFHQGL³KDVWD
l6REUHHORULJHQGHOVDEXHVRGHORV%DVNHUYLOOHVHKDQGDGRPXFKDV
HOVXHORGHVGHHOSLVRDOWR\HPSUHQGL³HOFDPLQRKDFLDVXFDVDDWUDY©VGHO
H[SOLFDFLRQHVSHURFRPR\RSURFHGRHQOQHDGLUHFWDGH+XJR%DVNHUYLOOH\
S¡UDPRGLVSXHVWDDUHFRUUHUODVWUHVOHJXDVTXHVHSDUDEDQODPDQVL³QGHOD
ODKLVWRULDPHODFRQW³PLSDGUHTXHDVXYH]ODVXSRGHPLDEXHORODKH
JUDQMDGHVXSDGUH
SXHVWRSRUHVFULWRFRQYHQFLGRGHTXHWRGRVXFHGL³H[DFWDPHQWHFRPRDTXVH
UHODWD&RQHOORTXLVLHUDFRQYHQFHURVKLMRVPRVGHTXHODPLVPD-XVWLFLD 5HIHUHQFLDDODJXHUUDFLYLOTXHFRQFOX\³FRQODFRQGHQDDPXHUWH\OD
TXHFDVWLJDHOSHFDGRSXHGHWDPEL©QSHUGRQDUORVLQH[LJLUQDGDDFDPELR\ HMHFXFL³QGH&DUORV,UH\GH,QJODWHUUD(VFRFLDH,UODQGDHQ/RUG
TXHWRGDLQWHUGLFFL³QSXHGHDODODUJDVXSHUDUVHJUDFLDVDOSRGHUGHODRUDFL³Q &ODUHQGRQ3ULPHU&RQGHGH&ODUHQGRQIXHSULPHUPLQLVWURHQ
\HODUUHSHQWLPLHQWR$SUHQGHGGHHVWDKLVWRULDDQRWHPHUORVIUXWRVGHO OD5HVWDXUDFL³QSHURHQWXYRTXHKXLUD)UDQFLDDODFXV¡UVHOHGH
SDVDGRVLQRP¡VELHQDVHUFLUFXQVSHFWRVHQHOIXWXURGHPDQHUDTXHODV WUDLFL³Q(QHOH[LOLRWHUPLQ³GHHVFULELUVX+LVWRULDGHODUHEHOL³Q\GHODV
KRUULEOHVSDVLRQHVSRUODVTXHQXHVWUDIDPLOLDKDVXIULGRKDVWDDKRUDWDQ JXHUUDVFLYLOHVHQ,QJODWHUUD
DWUR]PHQWHQRVHGHVDWHQGHQXHYRSDUDSURYRFDUQXHVWUDSHUGLFL³Q
{6XFHGL³TXHDOJRP¡VWDUGH+XJRGHM³DVXVLQYLWDGRVSDUDOOHYDUDOLPHQWR
{6DEHGTXHHQOD©SRFDGHODJUDQUHEHOL³Q\PXFKRRVUHFRPLHQGROD \EHELGDMXQWRTXL]¡FRQRWUDVFRVDVSHRUHVDVXFDXWLYDHQFRQWU¡QGRVH
KLVWRULDTXHGHHOODHVFULEL³HOVDELR/RUG&ODUHQGRQ
HOSURSLHWDULRGHHVWD YDFDODMDXOD\GHVDSDUHFLGRHOS¡MDUR$SDUWLUGHDTXHOPRPHQWRSRUORTXH
PDQVL³QGHORV%DVNHUYLOOHHUDXQ+XJRGHOPLVPRDSHOOLGR\QRHVSRVLEOH SDUHFHHOFDUFHOHUREXUODGRGLRODLPSUHVL³QGHHVWDUSRVHGRSRUHOGHPRQLR
RFXOWDUTXHVHWUDWDEDGHOKRPEUHP¡VVDOYDMHVRH]\VLQ'LRVTXHSXHGD SRUTXHEDM³FRUULHQGRODVHVFDOHUDVSDUDUHJUHVDUDOFRPHGRUVDOW³VREUHOD
LPDJLQDUVH7RGRHVWRDGHFLUYHUGDGSRGUDQKDE©UVHORSHUGRQDGRVXV JUDQPHVDKDFLHQGRYRODUSRUORVDLUHVMDUUDV\IXHQWHV\GLMRDJUDQGHV
FRHW¡QHRVGDGRTXHORVVDQWRVQRKDQIORUHFLGRQXQFDSRUHVWRVFRQWRUQRVVL JULWRVDQWHWRGRVORVSUHVHQWHVTXHDTXHOODPLVPDQRFKHHQWUHJDUDFXHUSR\
QRIXHUDSRUTXHKDEDDGHP¡VHQ©OXQJXVWRSRUODODVFLYLD\ODFUXHOGDGTXH DOPDDORVSRGHUHVGHOPDOVLFRQVHJXDDOFDQ]DUDODPXFKDFKD<DXQTXHD
ORKLFLHURQWULVWHPHQWHF©OHEUHHQWRGRHORFFLGHQWHGHOSDV6XFHGL³TXHHVWH
ORVMXHUJXLVWDVOHVHVSDQW³ODIXULDGHDTXHOKRPEUHKXERXQRP¡VSHUYHUVR OODPDPRVDOJXQRVHVFDEXOO©QGRVH\RWURVFRQHOSHORHUL]DGR\ORVRMRV
RWDOYH]P¡VERUUDFKRTXHORVGHP¡VTXHSURSXVRODQ]DUDORVVDEXHVRVHQ GHVRUELWDGRVPLUDQGRILMDPHQWHHOHVWUHFKRYDOOHTXHWHQDQGHODQWH
SHUVHFXFL³QGHODGRQFHOOD
{/RVMLQHWHVPXFKRPHQRVERUUDFKRV\DFRPRHVI¡FLOGHVXSRQHUTXHDO
$ORUOR+XJRVDOL³FRUULHQGRGHODFDVD\RUGHQ³DJULWRVDVXVFULDGRVTXHOH FRPLHQ]RGHVXH[SHGLFL³QVHGHWXYLHURQ/DPD\RUSDUWHVHQHJ³DVHJXLU
HQVLOODUDQOD\HJXD\VROWDUDQODMDXUDGHVSX©VGHGDUDORVSHUURVXQSD±XHOR DGHODQWHSHURWUHVGHHOORVORVP¡VDXGDFHVRWDOYH]ORVP¡VHEULRV
GHODGRQFHOODORVSXVRLQPHGLDWDPHQWHVREUHVXSLVWDSDUDTXHDODOX]GHOD FRQWLQXDURQKDVWDOOHJDUDOIRQGRGHOYDOOHTXHVHHQVDQFKDEDPX\SURQWR\
OXQDODSHUVLJXLHUDQSRUHOS¡UDPR HQHOTXHVHDO]DEDQGRVGHHVDVJUDQGHVSLHGUDVTXHDºQSHUGXUDQHQOD
DFWXDOLGDGREUDGHSXHEORVROYLGDGRVGHWLHPSRVUHPRWRV/DOXQDLOXPLQDED
{'XUDQWHDOJºQWLHPSRORVMXHUJXLVWDVTXHGDURQPXGRVLQFDSDFHVGH HOFODUR\HQHOFHQWURVHHQFRQWUDEDODGHVJUDFLDGDGRQFHOODHQHOOXJDUGRQGH
HQWHQGHUDFRQWHFLPLHQWRVWDQU¡SLGRV3HURDOSRFRVDOLHURQGHVXSHUSOHMLGDG KDEDFDGRPXHUWDGHWHUURU\GHIDWLJD3HURQRIXHODYLVWDGHVXFXHUSRQL
HLPDJLQDURQORTXHSUREDEOHPHQWHHVWDEDDSXQWRGHVXFHGHU(ODOERURWRIXH WDPSRFRGHOFDG¡YHUGH+XJR%DVNHUYLOOHTXH\DFDFHUFDORTXHKL]RTXHD
LQPHGLDWRTXL©QSHGDVXVDUPDVTXL©QVXFDEDOOR\TXL©QRWUDMDUUDGHYLQR DTXHOORVMXHUJXLVWDVWHPHUDULRVVHOHVHUL]DUDQORVFDEHOORVVLQRHOKHFKRGH
$ODODUJDVLQHPEDUJRVXVPHQWHVHQORTXHFLGDVUHFREUDURQXQSRFRGH TXHHQFLPDGH+XJR\GHVJDUU¡QGROHHOFXHOORVHKDOODEDXQDHVSDQWRVD
VHQVDWH]\WRGRVWUHFHHQWRWDOPRQWDURQDFDEDOOR\VDOLHURQWUDV+XJR/D FULDWXUDXQDHQRUPHEHVWLDQHJUDFRQIRUPDGHVDEXHVRSHURP¡VJUDQGHTXH
OXQDEULOODEDVREUHVXVFDEH]DV\FDEDOJDURQDJUDQYHORFLGDGVLJXLHQGRHO QLQJXQRGHORVVDEXHVRVMDP¡VFRQWHPSODGRVSRURMRKXPDQR$FWRVHJXLGR
FDPLQRTXHODPXFKDFKDWHQDTXHKDEHUWRPDGRSDUDYROYHUDVXFDVD \HQVXSUHVHQFLDDTXHOODFULDWXUDLQIHUQDODUUDQF³ODFDEH]DGH+XJR
%DVNHUYLOOHSRUORTXHDOYROYHUKDFLDHOORVORVRMRVOODPHDQWHV\ODV
{+DEDQUHFRUULGRDOUHGHGRUGHPHGLDOHJXDFXDQGRVHFUX]DURQFRQXQRGH PDQGEXODVHQVDQJUHQWDGDVORVWUHVJULWDURQHPSDYRUHFLGRV\YROYLHURQ
ORVSDVWRUHVTXHJXDUGDEDQGXUDQWHODQRFKHHOJDQDGRGHOS¡UDPR\OR JUXSDVGHVHVSHUDGDPHQWHVLQGHMDUGHODQ]DUDODULGRVPLHQWUDVJDORSDEDQSRU
LQWHUURJDURQDJUDQGHVYRFHVSLGL©QGROHQRWLFLDVGHODSDUWLGDGHFD]D< HOS¡UDPR6HJºQVHFXHQWDXQRGHHOORVPXUL³DTXHOODPLVPDQRFKHD
DTXHOKRPEUHVHJºQFXHQWDODKLVWRULDDXQTXHVHKDOODEDWDQGRPLQDGRSRU FRQVHFXHQFLDGHORTXHKDEDYLVWR\ORVRWURVGRVQROOHJDURQDUHSRQHUVHHQ
HOPLHGRTXHDSHQDVSRGDKDEODUFRQW³SRUILQTXHKDEDYLVWRDOD ORVD±RVTXHDºQOHVTXHGDEDQGHYLGD
GHVJUDFLDGDGRQFHOOD\DORVVDEXHVRVTXHVHJXDQVXSLVWD3HURKHYLVWR
P¡VTXHHVRD±DGL³SRUTXHWDPEL©QPHKHFUX]DGRFRQ+XJR%DVNHUYLOOHD {VDHVODKLVWRULDKLMRVPRVGHODDSDULFL³QGHOVDEXHVRTXHVHJºQVHGLFH
ORPRVGHVX\HJXDQHJUD\WUDV©OFRUUDHQVLOHQFLRXQVDEXHVRLQIHUQDOTXH KDDWRUPHQWDGRWDQFUXHOPHQWHDQXHVWUDIDPLOLDGHVGHHQWRQFHV/RKHSXHVWR
QXQFDTXLHUD'LRVTXHOOHJXHDVHJXLUPHORVSDVRVߢ SRUHVFULWRSRUTXHORTXHVHFRQRFHFRQFHUWH]DFDXVDPHQRVWHUURUTXHOR
TXHV³ORVHLQVLQºDRDGLYLQD&RPRWDPSRFRVHSXHGHQHJDUTXHVRQPXFKRV
{'HPDQHUDTXHORVFDEDOOHURVERUUDFKRVPDOGLMHURQDOSDVWRU\VLJXLHURQ ORVPLHPEURVGHQXHVWUDIDPLOLDTXHKDQWHQLGRPXHUWHVGHVJUDFLDGDVFRQ
DGHODQWH3HURPX\SURQWRVHOHVKHO³ODVDQJUHHQODVYHQDVSRUTXHR\HURQHO IUHFXHQFLDUHSHQWLQDVVDQJULHQWDV\PLVWHULRVDV
UXLGRGHXQRVFDVFRVDOJDORSH\HQVHJXLGDSDV³DQWHHOORVDUUDVWUDQGRODV
ULHQGDV\VLQMLQHWHHQODVLOODOD\HJXDQHJUDGH+XJRFXELHUWDGHHVSXPD 4XL]¡SRGDPRVVLQHPEDUJRUHIXJLDUQRVHQODERQGDGLQILQLWDGHOD
EODQFD$SDUWLUGHDTXHOPRPHQWRORVMXHUJXLVWDVOOHQRVGHHVSDQWR 3URYLGHQFLDTXHQRFDVWLJDU¡VLQPRWLYRDORVLQRFHQWHVP¡VDOO¡GHODWHUFHUD
VLJXLHURQDYDQ]DQGRSRUHOS¡UDPRDXQTXHFDGDXQRVLKXELHUDHVWDGRVROR RODFXDUWDJHQHUDFL³QTXHHVKDVWDGRQGHVHH[WLHQGHODDPHQD]DGHOD
KDEUDYXHOWRJUXSDVFRQYHUGDGHUDDOHJUD'HVSX©VGHFDEDOJDUP¡V 6DJUDGD(VFULWXUD$HVD3URYLGHQFLDKLMRVPRVRVHQFRPLHQGRDKRUD\RV
OHQWDPHQWHGHHVWDJXLVDOOHJDURQILQDOPHQWHDGRQGHVHHQFRQWUDEDQORV DFRQVHMRFRPRPHGLGDGHSUHFDXFL³QTXHRVDEVWHQJ¡LVGHFUX]DUHOS¡UDPR
VDEXHVRV/RVSREUHVDQLPDOHVDXQTXHDIDPDGRVSRUVXYDOHQWD\SXUH]DGH GXUDQWHODVKRUDVGHRVFXULGDGHQODVTXHWULXQIDQORVSRGHUHVGHOPDO
UD]DJHPDQDSL±DGRVDOFRPLHQ]RGHXQKRFLQRFRPRQRVRWURVOR
{'H+XJR%DVNHUYLOOHSDUDVXVKLMRV5RGJHU\-RKQLQVW¡QGROHVDTXHQR WRGRVFRQRFLGRVORVDPELFLRVRVSODQHVGHUHFRQVWUXFFL³Q\PHMRUDTXHKDQ
GLJDQQDGDGHVXFRQWHQLGRD(OL]DEHWKVXKHUPDQD{ TXHGDGRWU¡JLFDPHQWHLQWHUUXPSLGRVSRUVXPXHUWH'DGRTXHFDUHFDGH
KLMRVVXGHVHRSºEOLFDPHQWHH[SUHVDGRHUDTXHWRGDOD]RQDVHEHQHILFLDUD
&XDQGRHOGRFWRU0RUWLPHUWHUPLQ³GHOHHUDTXHOODVLQJXODUQDUUDFL³QVHDO]³ HQYLGDVX\DGHVXEXHQDIRUWXQD\VHU¡QPXFKRVORVTXHWHQJDQUD]RQHV
ORVOHQWHVKDVWDFRORF¡UVHORVHQODIUHQWH\VHTXHG³PLUDQGRD6KHUORFN SHUVRQDOHVSDUDODPHQWDUVXSUHPDWXUDGHVDSDULFL³Q/DVFROXPQDVGHHVWH
+ROPHVGHKLWRHQKLWR(VWHºOWLPRERVWH]³\DUURM³DOIXHJRODFROLOODGHO SHUL³GLFRVHKDQKHFKRHFRFRQIUHFXHQFLDGHVXVJHQHURVDVGRQDFLRQHVD
FLJDUULOORTXHKDEDHVWDGRIXPDQGR REUDVFDULWDWLYDVWDQWRORFDOHVFRPRGHOFRQGDGR
<ELHQ"GLMR {1RSXHGHGHFLUVHTXHODLQYHVWLJDFL³QHIHFWXDGDKD\DDFODUDGRSRUFRPSOHWR
ODVFLUFXQVWDQFLDVUHODFLRQDGDVFRQODPXHUWHGH6LU&KDUOHVSHURDOPHQRV
/HSDUHFHLQWHUHVDQWH" VHKDKHFKROX]VXILFLHQWHFRPRSDUDSRQHUILQDORVUXPRUHVDTXHKDGDGR
RULJHQODVXSHUVWLFL³QORFDO1RKD\UD]³QDOJXQDSDUDVRVSHFKDUTXHVHKD\D
3DUDXQFROHFFLRQLVWDGHFXHQWRVGHKDGDV FRPHWLGRXQGHOLWRQLSDUDLPDJLQDUTXHHOIDOOHFLPLHQWRQRREHGH]FDD
FDXVDVQDWXUDOHV6LU&KDUOHVHUDYLXGR\TXL]¡WDPEL©QSHUVRQDXQWDQWR
(OGRFWRU0RUWLPHUVHVDF³GHOEROVLOORXQSHUL³GLFRGREODGR
H[F©QWULFDHQDOJXQDVFXHVWLRQHV$SHVDUGHVXFRQVLGHUDEOHIRUWXQDVXV
$KRUDVH±RU+ROPHVYR\DOHHUOHXQDQRWLFLDXQSRFRP¡VUHFLHQWH JXVWRVHUDQPX\VHQFLOORV\FRQWDEDºQLFDPHQWHSDUDVXVHUYLFLRSHUVRQDO
SXEOLFDGDHQHO'HYRQ&RXQW\&KURQLFOHGHOGHMXQLRGHHVWHD±R(VXQ FRQHOPDWULPRQLRDSHOOLGDGR%DUU\PRUHHOPDULGRHQFDOLGDGGH
EUHYHUHVXPHQGHODLQIRUPDFL³QREWHQLGDVREUHODPXHUWHGH6LU&KDUOHV PD\RUGRPR\ODHVSRVDFRPRDPDGHOODYHV6XWHVWLPRQLRFRUURERUDGRSRU
%DVNHUYLOOHRFXUULGDSRFRVGDVDQWHV HOGHYDULRVDPLJRVKDVHUYLGRSDUDSRQHUGHPDQLILHVWRTXHODVDOXGGH6LU
&KDUOHVHPSHRUDEDGHVGHKDFDDOJºQWLHPSR\GHPDQHUDHVSHFLDOTXHOH
0LDPLJRVHLQFOLQ³XQSRFRKDFLDDGHODQWH\VXH[SUHVL³QVHKL]RP¡V DTXHMDEDXQDDIHFFL³QFDUGDFDFRQPDQLIHVWDFLRQHVFRPRSDOLGH]DKRJRV\
DWHQWD1XHVWURYLVLWDQWHVHDMXVW³ODVJDIDV\FRPHQ]³DOHHU DWDTXHVDJXGRVGHGHSUHVL³QQHUYLRVD(OGRFWRU-DPHV0RUWLPHUDPLJR\
P©GLFRGHFDEHFHUDGHOGLIXQWRKDWHVWLPRQLDGRHQHOPLVPRVHQWLGR
l(OIDOOHFLPLHQWRUHSHQWLQRGH6LU&KDUOHV%DVNHUYLOOHFX\RQRPEUHVHKDED
PHQFLRQDGRFRPRSUREDEOHFDQGLGDWRGHOSDUWLGROLEHUDOHQ0LG'HYRQSDUD {/RVKHFKRVVHUHODWDQVLQGLILFXOWDG6LU&KDUOHVWHQDSRUFRVWXPEUHSDVHDU
ODVSU³[LPDVHOHFFLRQHVKDHQWULVWHFLGRDWRGRHOFRQGDGR6LELHQ6LU WRGDVODVQRFKHVDQWHVGHDFRVWDUVHSRUHOIDPRVRSDVHRGHORV7HMRVGHOD
&KDUOHVKDEDUHVLGLGRHQODPDQVL³QGHORV%DVNHUYLOOHGXUDQWHXQSHULRGR PDQVL³QGHORV%DVNHUYLOOH(OWHVWLPRQLRGHORV%DUU\PRUHFRQILUPDHVD
FRPSDUDWLYDPHQWHEUHYHVXVLPSDWD\VXH[WUDRUGLQDULDJHQHURVLGDGOH FRVWXPEUH(OFXDWURGHMXQLR6LU&KDUOHVPDQLIHVW³VXLQWHQFL³QGH
JDQDURQHODIHFWR\HOUHVSHWRGHTXLHQHVORWUDWDURQ(QHVWRVGDVGHQXHYRV HPSUHQGHUYLDMHD/RQGUHVDOGDVLJXLHQWH\HQFDUJ³D%DUU\PRUHTXHOH
ULFRVHVFRQVRODGRUHQFRQWUDUXQFDVRHQHOTXHHOGHVFHQGLHQWHGHXQD SUHSDUDVHHOHTXLSDMH$TXHOODQRFKHVDOL³FRPRGHRUGLQDULRDGDUVXSDVHR
DQWLJXDIDPLOLDYHQLGDDPHQRVKDVLGRFDSD]GHHQULTXHFHUVHHQHOH[WUDQMHUR QRFWXUQRGXUDQWHHOFXDOWHQDSRUFRVWXPEUHIXPDUVHXQFLJDUURKDEDQR
\UHJUHVDUOXHJRDODWLHUUDGHVXVPD\RUHVSDUDUHVWDXUDUHOSDVDGRHVSOHQGRU SHURQXQFDUHJUHV³$ODVGRFHDOHQFRQWUDUWRGDYDDELHUWDODSXHUWD
GHVXOLQDMH6LU&KDUOHVFRPRHVELHQVDELGRVHHQULTXHFL³PHGLDQWHOD SULQFLSDOHOPD\RUGRPRVHDODUP³\GHVSX©VGHHQFHQGHUXQDOLQWHUQDVDOL³
HVSHFXODFL³QVXGDIULFDQD0¡VSUXGHQWHTXHTXLHQHVVLJXHQHQORVQHJRFLRV HQEXVFDGHVXVH±RU+DEDOORYLGRGXUDQWHHOGD\QROHIXHGLILFLOVHJXLU
KDVWDTXHODUXHGDGHODIRUWXQDVHYXHOYHFRQWUDHOORV6LU&KDUOHVVHGHWXYRD ODVKXHOODVGH6LU&KDUOHVSRUHOSDVHRGHORV7HMRV
WLHPSR\UHJUHV³D,QJODWHUUDFRQVXVJDQDQFLDV+DQSDVDGRV³ORGRVD±RV
GHVGHTXHHVWDEOHFLHUDVXUHVLGHQFLDHQODPDQVL³QGHORV%DVNHUYLOOH\VRQGH +DFLDODPLWDGGHOUHFRUULGRKD\XQSRUWLOORSDUDVDOLUDOS¡UDPR6LU&KDUOHV
DOSDUHFHUVHGHWXYRDOODOJºQWLHPSR(OPD\RUGRPRVLJXL³SDVHRDGHODQWH 7HQJRTXHDJUDGHFHUOHGLMR6KHUORFN+ROPHVTXHPHKD\DLQIRUPDGR
\HQHOH[WUHPRTXHTXHGDP¡VOHMRVGHODPDQVL³QHQFRQWU³HOFDG¡YHU VREUHXQFDVRTXHSUHVHQWDVLQGXGDDOJXQRVUDVJRVGHLQWHU©V5HFXHUGR
6HJºQHOWHVWLPRQLRGH%DUU\PRUHODVKXHOODVGHVXVH±RUFDPELDURQGH KDEHUOHGRFXDQGRPXUL³6LU&KDUOHVDOJXQRVFRPHQWDULRVSHULRGVWLFRV
DVSHFWRP¡VDOO¡GHOSRUWLOORTXHGDDOS¡UDPR\DTXHDSDUWLUGHHQWRQFHV SHURHVWDEDPX\RFXSDGRFRQHODVXQWRGHORVFDPDIHRVGHO9DWLFDQR\
DQGXYRDOSDUHFHUGHSXQWLOODV8QWDO0XUSK\JLWDQRWUDWDQWHHQFDEDOORVQR OOHYDGRGHPLGHVHRGHFRPSODFHUD6X6DQWLGDGSHUGFRQWDFWRFRQYDULRV
VHHQFRQWUDEDPX\OHMRVHQDTXHOPRPHQWRSHURVHJºQVXSURSLDFRQIHVL³Q FDVRVPX\LQWHUHVDQWHVGHPLSDV'LFHXVWHGTXHHVHDUWFXORFRQWLHQH
HVWDEDERUUDFKR WRGRVORVKHFKRVGHFRQRFLPLHQWRSºEOLFR"
0XUSK\DILUPDTXHR\³JULWRVSHURHVLQFDSD]GHSUHFLVDUGHG³QGH $VHV
SURFHGDQ(QODSHUVRQDGH6LU&KDUOHVQRVHGHVFXEUL³VH±DODOJXQDGH
YLROHQFLD\DXQTXHHOWHVWLPRQLRGHOP©GLFRVH±DODXQDGLVWRUVL³QFDVL (QHVHFDVRLQI³UPHPHGHORVSULYDGRVUHFRVW¡QGRVHHQHOVRI¡6KHUORFN
LQFUHEOHGHORVUDVJRVIDFLDOHVKDVWDHOSXQWRGHTXHHQXQSULPHUPRPHQWR +ROPHVYROYL³DXQLUODVPDQRVSRUODVSXQWDVGHORVGHGRV\DGRSW³VX
HOGRFWRU0RUWLPHUVHQHJ³DFUHHUTXHIXHUDHIHFWLYDPHQWHVXDPLJR\ H[SUHVL³QP¡VLPSDVLEOH\MXLFLRVD
SDFLHQWHSXGRVDEHUVHTXHVHWUDWDGHXQVQWRPDQRGHOWRGRLQIUHFXHQWHHQ
FDVRVGHGLVQHD\GHPXHUWHSRUDJRWDPLHQWRFDUGDFR(VWDH[SOLFDFL³QVH $OKDFHUORH[SOLF³HOGRFWRU0RUWLPHUTXHHPSH]DEDDGDUODLPSUHVL³QGH
YLRFRUURERUDGDSRUHOH[DPHQSRVWPRUWHPTXHSXVRGHPDQLILHVWRXQD HVWDUPX\HPRFLRQDGRPHGLVSRQJRDFRQWDUOHDOJRTXHQRKHUHYHODGRD
HQIHUPHGDGRUJ¡QLFDFU³QLFD\HOYHUHGLFWRGHOMXUDGRDOTXHLQIRUP³HO QDGLH0LVPRWLYRVSDUDRFXOWDUORGXUDQWHODLQYHVWLJDFL³QGHOFRURQHUVRQ
FRURQHUHVWXYRHQFRQFRUGDQFLDFRQODVSUXHEDVP©GLFDV+HPRVGH TXHXQKRPEUHGHFLHQFLDQRSXHGHDGRSWDUSºEOLFDPHQWHXQDSRVLFL³QTXH
IHOLFLWDUQRVGHTXHKD\DVLGRDVSRUTXHHYLGHQWHPHQWHHVGHVXPD HQDSDULHQFLDSRGUDVHUYLUGHDSR\RDODVXSHUVWLFL³Q0HLPSXOV³DGHP¡VHO
LPSRUWDQFLDTXHHOKHUHGHURGH6LU&KDUOHVVHLQVWDOHHQODPDQVL³Q\SURVLJD PRWLYRVXSOHPHQWDULRGHTXHFRPRGLFHHOSHUL³GLFRODPDQVL³QGHORV
ODHQFRPLDEOHWDUHDWDQWULVWHPHQWHLQWHUUXPSLGD6LORVSURVDLFRVKDOOD]JRV %DVNHUYLOOHSHUPDQHFHUDVLQGXGDGHVKDELWDGDVLFRQWULEX\©UDPRVGHDOJºQ
GHOFRURQHUQRKXELHUDQSXHVWRILQDODVKLVWRULDVURP¡QWLFDVVXVXUUDGDVHQ PRGRDFRQILUPDUVXUHSXWDFL³Q\DGHSRUVEDVWDQWHVLQLHVWUD3RUHVDVGRV
FRQH[L³QFRQHVWRVVXFHVRVSRGUDKDEHUUHVXOWDGRGLIFLOHQFRQWUDUXQQXHYR UD]RQHVPHSDUHFL³MXVWLILFDGRGHFLUEDVWDQWHPHQRVGHORTXHVDEDGDGRTXH
RFXSDQWHSDUDODPDQVL³QGHORV%DVNHUYLOOH6HJºQVHVDEHHOSDULHQWHP¡V QRVHLEDDREWHQHUFRQHOORQLQJºQEHQHILFLRSU¡FWLFRPLHQWUDVTXHDKRUD
SU³[LPRGH6LU&KDUOHVHVHOVH±RU+HQU\%DVNHUYLOOHKLMRGHVXKHUPDQR WUDW¡QGRVHGHXVWHGQRKD\PRWLYRDOJXQRSDUDTXHQRPHVLQFHUHSRU
PHQRUHQHOFDVRGHTXHDºQVLJDFRQYLGD/DºOWLPDYH]TXHVHWXYR FRPSOHWR
QRWLFLDVGHHVWHMRYHQVHKDOODEDHQ(VWDGRV8QLGRV\VHHVW¡QKDFLHQGRODV
DYHULJXDFLRQHVQHFHVDULDVSDUDLQIRUPDUOHGHORVXFHGLGR{ {(OS¡UDPRHVW¡PX\HVFDVDPHQWHKDELWDGR\ORVSRFRVYHFLQRVFRQTXH
FXHQWDVHYLVLWDQFRQIUHFXHQFLD(VDHVODUD]³QGHTXH\RYLHUDDPHQXGRD
)XQFLRQDULRSºEOLFRFX\RSULQFLSDOGHEHUHVLQYHVWLJDUHQSUHVHQFLDGHXQ 6LU&KDUOHV%DVNHUYLOOH&RQODH[FHSFL³QGHOVH±RU)UDQNODQGGHODPDQVL³Q
MXUDGRFXDOTXLHUGHIXQFL³QFXDQGRKD\PRWLYRVSDUDVXSRQHUTXHODVFDXVDV /DIWHU\GHOVH±RU6WDSOHWRQHOQDWXUDOLVWDQRKD\RWUDVSHUVRQDVHGXFDGDV
QRKDQVLGRQDWXUDOHV HQPXFKRVNLO³PHWURVDODUHGRQGD6LU&KDUOHVHUDXQKRPEUHUHVHUYDGR
SHURVXHQIHUPHGDGPRWLY³TXHQRVWUDW¡UDPRV\ODFRLQFLGHQFLDGHQXHVWURV
(OGRFWRU0RUWLPHUYROYL³DGREODUHOSHUL³GLFR\VHORJXDUG³HQHOEROVLOOR LQWHUHVHVFLHQWILFRVFRQWULEX\³DUHIRU]DUQXHVWUDUHODFL³Q+DEDWUDGR
DEXQGDQWHLQIRUPDFL³QFLHQWILFDGHIULFDGHO6XU\IXHURQPXFKDVODV
VRVVRQVH±RU+ROPHVORVKHFKRVHQFRQH[L³QFRQODPXHUWHGH6LU YHODGDVTXHSDVDPRVFRQYHUVDQGRDJUDGDEOHPHQWHVREUHODDQDWRPD
&KDUOHV%DVNHUYLOOHTXHKDQOOHJDGRDFRQRFLPLHQWRGHODRSLQL³QSºEOLFD FRPSDUDGDGHOERVTXLPDQR\GHOKRWHQWRWH
{(QHOWUDQVFXUVRGHORVºOWLPRVPHVHVDGYHUWFDGDYH]FRQPD\RUFODULGDG ORQGLQHQVHVHUHVWDEOHFHUD(OVH±RU6WDSOHWRQXQDPLJRFRPºQDTXLHQ
TXHHOVLVWHPDQHUYLRVRGH6LU&KDUOHVHVWDEDVRPHWLGRDXQDWHQVL³QFDVL WDPEL©QSUHRFXSDEDPXFKRVXHVWDGRGHVDOXGHUDGHODPLVPDRSLQL³Q<
LQVRSRUWDEOH6HKDEDWRPDGRWDQH[FHVLYDPHQWHHQVHULRODOH\HQGDTXH
DFDERGHOHHUOHTXHVLELHQSDVHDEDSRUORVMDUGLQHVGHVXSURSLHGDGQDGDOH HQHOºOWLPRPRPHQWRVHSURGXMRODWHUULEOHFDW¡VWURIH
KDEUDLPSXOVDGRDVDOLUDOS¡UDPRGXUDQWHODQRFKH
{/DQRFKHGHODPXHUWHGH6LU&KDUOHV%DUU\PRUHHOPD\RUGRPRTXHIXH
3RULQFUHEOHTXHSXHGDSDUHFHUOHVH±RU+ROPHVHVWDEDFRQYHQFLGRGHTXH TXLHQGHVFXEUL³HOFDG¡YHUHQYL³D3HUNLQVHOPR]RGHFXDGUDDFDEDOORHQ
SHVDEDVREUHVXIDPLOLDXQGHVWLQRWHUULEOH\DGHFLUYHUGDGODLQIRUPDFL³Q PLEXVFD\GDGRTXHQRPHKDEDDFRVWDGRDºQSXGHSUHVHQWDUPHHQOD
GHTXHGLVSRQDDFHUFDGHVXVDQWHSDVDGRVQRLQYLWDEDDORSWLPLVPR/H PDQVL³QPHQRVGHXQDKRUDGHVSX©V
REVHVLRQDEDODLGHDGHXQDSUHVHQFLDKRUURURVD\HQP¡VGHXQDRFDVL³QPH
SUHJXQW³VLGXUDQWHORVGHVSOD]DPLHQWRVTXHDYHFHVUHDOL]RGHQRFKHSRU &RPSURE©GHYLVXWRGRVORVKHFKRVTXHP¡VDGHODQWHVHPHQFLRQDURQHQOD
PRWLYRVSURIHVLRQDOHVKDEDYLVWRDOJXQDFULDWXUDH[WUD±DRKDEDRGRORV LQYHVWLJDFL³Q
ODGULGRVGHXQVDEXHVR(VWDºOWLPDSUHJXQWDPHODKL]RHQYDULDVRFDVLRQHV\
VLHPSUHFRQXQDYR]DOWHUDGDSRUODHPRFL³Q 6HJXODVKXHOODVFDPLQRDGHODQWHSRUHOSDVHRGHORV7HMRV\YLHOOXJDU
MXQWRDOSRUWLOORTXHGDDOS¡UDPRGRQGH6LU&KDUOHVSDUHFDKDEHUHVWDGR
{5HFXHUGRPX\ELHQXQGDDSUR[LPDGDPHQWHWUHVVHPDQDVDQWHVGHOIDWDO HVSHUDQGR\DGYHUWHOFDPELRHQODIRUPDGHODVKXHOODVDSDUWLUGHDTXHO
GHVHQODFHHQTXHOOHJX©DVXFDVD\DGHQRFKH6LU&KDUOHVHVWDED PRPHQWRDVFRPRODDXVHQFLDGHRWUDVKXHOODVGLVWLQWDVGHODVGH%DUU\PRUH
FDVXDOPHQWHMXQWRDODSXHUWDSULQFLSDO VREUHODDUHQDEODQGDILQDOPHQWHH[DPLQ©FXLGDGRVDPHQWHHOFXHUSRTXH
QDGLHKDEDWRFDGRDQWHVGHPLOOHJDGD6LU&KDUOHV\DFDERFDDEDMRFRQORV
<RKDEDEDMDGRGHPLFDOHVD\DOGLULJLUPHKDFLD©ODGYHUWTXHVXVRMRV EUD]RVH[WHQGLGRVORVGHGRVKXQGLGRVHQHOVXHOR\ODVIDFFLRQHVWDQ
ILMRVHQDOJRVLWXDGRSRUHQFLPDGHPLKRPEURHVWDEDQOOHQRVGHKRUURU$O GLVWRUVLRQDGDVSRUDOJXQDHPRFL³QIXHUWHTXHGLIFLOPHQWHKXELHUDSRGLGR
YROYHUPHV³ORWXYHWLHPSRGHYLVOXPEUDUORTXHPHSDUHFL³XQDJUDQWHUQHUD DILUPDUEDMRMXUDPHQWRTXHVHWUDWDEDGHOSURSLHWDULRGHODPDQVL³QGHORV
QHJUDTXHFUX]DEDSRUHORWURH[WUHPRGHOSDVHR0LDQILWUL³QHVWDEDWDQ %DVNHUYLOOH1RKDEDGHVGHOXHJROHVL³QFRUSRUDOGHQLQJºQWLSR3HUR
H[FLWDGR\DODUPDGRTXHWXYHTXHWUDVODGDUPHDOOXJDUH[DFWRGRQGHKDED %DUU\PRUHKL]RXQDDILUPDFL³QLQFRUUHFWDGXUDQWHODLQYHVWLJDFL³Q'LMRTXH
YLVWRDODQLPDO\EXVFDUORSRUORVDOUHGHGRUHVSHURKDEDGHVDSDUHFLGR QRKDEDUDVWURDOJXQRHQHOVXHORDOUHGHGRUGHOFDG¡YHU(OPD\RUGRPRQR
DXQTXHHOLQFLGHQWHSDUHFL³GHMDUXQDLPSUHVL³QSHQRVVLPDHQVX REVHUY³QLQJXQRSHUR\RV6HHQFRQWUDEDDFLHUWDGLVWDQFLDSHURHUD
LPDJLQDFL³Q/HKLFHFRPSD±DGXUDQWHWRGDODYHODGD\IXHHQDTXHOOD UHFLHQWH\PX\FODUR{
RFDVL³Q\SDUDH[SOLFDUPHODHPRFL³QGHODTXHKDEDVLGRSUHVDFXDQGR
FRQIL³DPLFXLGDGRODQDUUDFL³QTXHOHKHOHGRDOFRPLHQ]RGHPLYLVLWD +XHOODV"
0HQFLRQRHVWHHSLVRGLRLQVLJQLILFDQWHSRUTXHDGTXLHUHFLHUWDLPSRUWDQFLD
GDGDODWUDJHGLDSRVWHULRUDXQTXHSRUHQWRQFHV\RHVWXYLHUDFRQYHQFLGRGH +XHOODV
TXHVHWUDWDEDGHDOJRSHUIHFWDPHQWHWULYLDO\GHTXHODDJLWDFL³QGHPLDPLJR
'HXQKRPEUHRGHXQDPXMHU"
FDUHFDGHIXQGDPHQWR
(OGRFWRU0RUWLPHUQRVPLU³H[WUD±DPHQWHGXUDQWHXQLQVWDQWH\VXYR]VH
{6LU&KDUOHVVHGLVSRQDDYHQLUD/RQGUHVSRUFRQVHMRPR<RVDEDTXH
FRQYLUWL³FDVLHQXQVXVXUURDOFRQWHVWDU
HVWDEDHQIHUPRGHOFRUD]³Q\TXHODDQVLHGDGFRQVWDQWHHQTXHYLYDSRU
TXLP©ULFRVTXHIXHUDQORVPRWLYRVWHQDXQHIHFWRPX\QHJDWLYRVREUHVX 6H±RU+ROPHVbHUDQODVKXHOODVGHXQVDEXHVRJLJDQWHVFR
VDOXG0HSDUHFL³TXHVLVHGLVWUDDGXUDQWHXQRVPHVHVHQODJUDQPHWU³SROL
3HURQROORYD"1R
(OSUREOHPD
&³PRHVHOSDVHR"
&RQILHVRTXHVHQWXQHVFDORIURDORUDTXHOODVSDODEUDV(OHVWUHPHFLPLHQWR
+D\GRVKLOHUDVGHWHMRVPX\DQWLJXRVTXHIRUPDQXQVHWRLPSHQHWUDEOHGH
HQODYR]GHOGRFWRUPRVWUDEDTXHWDPEL©QD©OOHDIHFWDEDSURIXQGDPHQWHOR
FXDWURPHWURVGHDOWXUD(OSDVHRSURSLDPHQWHWDOWLHQHXQRVWUHVPHWURVGH
TXHDFDEDEDGHFRQWDUQRV
DQFKR
/DHPRFL³QKL]RTXH+ROPHVVHLQFOLQDUDKDFLDDGHODQWH\TXHDSDUHFLHUDHQ
+D\DOJRHQWUHORVVHWRV\HOSDVHR"
VXVRMRVHOEULOORGXURHLPSDVLEOHTXHORVLOXPLQDEDFXDQGRDOJROH
LQWHUHVDEDYLYDPHQWH 6XQDIUDQMDGHF©VSHGGHGRVPHWURVGHDQFKRDFDGDODGR
/DVYLRXVWHG" (VH[DFWRGHFLUTXHHOVHWRTXHIRUPDQORVWHMRVTXHGDFRUWDGRSRUXQ
SRUWLOOR"
7DQFODUDPHQWHFRPRHVWR\YL©QGRORDXVWHG<QRGLMRQDGD"
6HOSRUWLOORTXHGDDOS¡UDPR
3DUDTX©"
([LVWHDOJXQDRWUDFRPXQLFDFL³Q"
&³PRHVTXHQDGLHP¡VODVYLR"
1LQJXQD
/DVKXHOODVHVWDEDQDXQRVYHLQWHPHWURVGHOFDG¡YHU\QDGLHVHRFXS³GH
HOODV6XSRQJRTXH\RKDEUDKHFKRORPLVPRVLQRKXELHUDFRQRFLGROD 'HPDQHUDTXHSDUDOOHJDUDOSDVHRGHORV7HMRVKD\TXHYHQLUGHODFDVDR
OH\HQGD ELHQHQWUDUSRUHOSRUWLOORGHOS¡UDPR"
+D\PXFKRVSHUURVSDVWRUHVHQHOS¡UDPR" +D\RWUDVDOLGDDWUDY©VGHOSDEHOO³QGHYHUDQRHQHOH[WUHPRTXHTXHGDP¡V
OHMRVGHODFDVD
6LQGXGDSHURHQHVWHFDVRQRVHWUDWDEDGHXQSDVWRU
+DEDOOHJDGRKDVWDDOO6LU&KDUOHV"
'LFHXVWHGTXHHUDJUDQGH"
1RVHHQFRQWUDEDDXQRVFLQFXHQWDPHWURV
(QRUPH
'JDPHDKRUDGRFWRU0RUWLPHU\HVWRHVLPSRUWDQWHODVKXHOODVTXHXVWHG
3HURQRVHKDEDDFHUFDGRDOFDG¡YHU"
YLRHVWDEDQHQHOFDPLQR\QRHQHOF©VSHG"
1R
(QHOF©VSHGQRVHPDUFDQODVKXHOODV
4X©WLHPSRKDFDDTXHOODQRFKH"
(VWDEDQHQHOODGRGHOSDVHRGRQGHVHHQFXHQWUDHOSRUWLOOR"
+ºPHGR\IUR
6DOERUGHGHOFDPLQR\HQHOPLVPRODGR
0HLQWHUHVDH[WUDRUGLQDULDPHQWHORTXHFXHQWD2WURSXQWRP¡VHVWDED b$KVL\RKXELHUDHVWDGRDOOH[FODP³6HWUDWDGHXQFDVRGH
FHUUDGRHOSRUWLOOR" H[WUDRUGLQDULRLQWHU©VTXHRIUHFHJUDQGHVRSRUWXQLGDGHVDOH[SHUWRFLHQWILFR
(VHSDVHRHQHOTXHWDQWRVHSRGUDKDEHUOHGRKDFH\DWLHPSRTXHKDVLGR
&HUUDGR\FRQHOFDQGDGRSXHVWR HPERUURQDGRSRUODOOXYLD\GHVILJXUDGRSRUORV]XHFRVGHFDPSHVLQRV
FXULRVRV3RUTX©QRPHOODP³XVWHGGRFWRU0RUWLPHU"+DFRPHWLGRXQ
4X©DOWXUDWLHQH" SHFDGRGHRPLVL³Q
$OJRP¡VGHXQPHWUR 1RPHHUDSRVLEOHOODPDUORVH±RU+ROPHVVLQUHYHODUDOPXQGRORVKHFKRV
TXHDFDERGHFRQWDUOH\\DKHGDGRPLVUD]RQHVSDUDGHVHDUQRKDFHUOR
(QHVHFDVRFXDOTXLHUDSRGUDKDEHUSDVDGRSRUHQFLPD $GHP¡V
(IHFWLYDPHQWH 3RUTX©YDFLODXVWHG"
<TX©VH±DOHVYLRXVWHGMXQWRDOSRUWLOOR" ([LVWHXQDHVIHUDTXHHVFDSDKDVWDDOP¡VDJXGR\H[SHULPHQWDGRGHORV
GHWHFWLYHV
1LQJXQDHVSHFLDO
4XLHUHXVWHGGHFLUTXHVHWUDWDGHDOJRVREUHQDWXUDO"
b'LRVGHOFLHOR1DGLHORH[DPLQ³"
1RORKHDILUPDGR
/RKLFH\RPLVPR
1RSHURHVHYLGHQWHTXHORSLHQVD
<QRHQFRQWU³QDGD"
'HVGHTXHVXFHGL³ODWUDJHGLDVH±RU+ROPHVKDQOOHJDGRDFRQRFLPLHQWR
5HVXOWDEDWRGRPX\FRQIXVR6LU&KDUOHVQRKD\GXGDSHUPDQHFL³DOOSRU
PRYDULRVLQFLGHQWHVGLIFLOHVGHUHFRQFLOLDUFRQHORUGHQQDWXUDO
HVSDFLRGHFLQFRRGLH]PLQXWRV
3RUHMHPSOR"
&³PRORVDEH"
+HGHVFXELHUWRTXHDQWHVGHOWHUULEOHVXFHVRYDULDVSHUVRQDVYLHURQHQHO
3RUTXHVHOHFD\³GRVYHFHVODFHQL]DGHOFLJDUUR
S¡UDPRDXQDFULDWXUDTXHFRLQFLGHFRQHOGHPRQLRGH%DVNHUYLOOH\QRHV
b([FHOHQWH+HDTX:DWVRQXQFROHJDGHDFXHUGRFRQQXHVWURVJXVWRV SRVLEOHTXHVHWUDWHGHQLQJºQDQLPDOFRQRFLGRSRUODFLHQFLD7RGRV
3HUR\ODVKXHOODV" GHVFULEHQDXQDHQRUPHFULDWXUDOXPLQRVDKRUULEOH\HVSHFWUDO+H
LQWHUURJDGRDHVDVSHUVRQDVXQFDPSHVLQRFRQJUDQVHQWLGRSU¡FWLFRXQ
6LU&KDUOHVKDEDGHMDGRODVVX\DVUHSHWLGDPHQWHHQXQDSHTXH±DSRUFL³QGHO KHUUHUR\XQDJULFXOWRUGHOS¡UDPR\ORVWUHVFXHQWDQODPLVPDKLVWRULDGH
FDPLQR\QRSXGHGHVFXEULUQLQJXQDRWUD XQDHVSDQWRVDDSDULFL³QTXHVHFRUUHVSRQGHH[DFWDPHQWHFRQHOVDEXHVR
LQIHUQDOGHODOH\HQGD/HDVHJXURTXHVHKDLQVWDXUDGRHOUHLQDGRGHOWHUURU
6KHUORFN+ROPHVVHJROSH³ODURGLOODFRQODPDQRHQXQJHVWRGH HQHOGLVWULWR\TXHDSHQDVKD\QDGLHTXHFUXFHHOS¡UDPRGHQRFKH
LPSDFLHQFLD
<XVWHGXQSURIHVLRQDOGHODFLHQFLDFUHHTXHVHWUDWDGHDOJRVREUHQDWXUDO"
<DQRV©TX©FUHHU EDVWDQWHFRPRSDUDWHQHUTXHKXLUGH,QJODWHUUD\GDUFRQVXVKXHVRVHQ
$P©ULFD&HQWUDOGRQGHPXUL³GHILHEUHDPDULOODHQ+HQU\HVHOºOWLPR
+ROPHVVHHQFRJL³GHKRPEURV GHORV%DVNHUYLOOH'HQWURGHXQDKRUD\FLQFRPLQXWRVPHUHXQLU©FRQ©OHQ
ODHVWDFL³QGH:DWHUORR+HVDELGRSRUXQWHOHJUDPDTXHOOHJDEDHVWDPD±DQD
+DVWDDKRUDKHOLPLWDGRPLVLQYHVWLJDFLRQHVDHVWHPXQGRGLMR&RPEDWRHO D6RXWKDPSWRQ<©VDHVPLSUHJXQWDVH±RU+ROPHVTX©PHDFRQVHMDTXH
PDOGHQWURGHPLVPRGHVWDVSRVLELOLGDGHVSHURHQIUHQWDUVHFRQHO3DGUHGHO KDJDFRQ©O"
0DOHQSHUVRQDTXL]¡VHDXQDWDUHDGHPDVLDGRDPELFLRVD8VWHGDGPLWHVLQ
HPEDUJRTXHODVKXHOODVVRQFRUS³UHDV 3RUTX©WHQGUDTXHUHQXQFLDUDYROYHUDOKRJDUGHVXVPD\RUHV"
(OSULPHUVDEXHVRHUDOREDVWDQWHFRUS³UHRSDUDGHVJDUUDUODJDUJDQWDGHXQ 3DUHFHORO³JLFRQRHVFLHUWR"<VLQHPEDUJRVLVHFRQVLGHUDTXHWRGRVORV
KRPEUHVLQGHMDUSRUHOORGHVHUGLDE³OLFR %DVNHUYLOOHTXHYDQDOOVRQYFWLPDVGHXQGHVWLQRFUXHOHVWR\VHJXURGHTXH
VLKXELHUDSRGLGRKDEODUFRQPLJRDQWHVGHPRULU6LU&KDUOHVPHKDEUD
<DYHRTXHVHKDSDVDGRXVWHGFRQDUPDV\EDJDMHVDOVREUHQDWXUDOLVPR UHFRPHQGDGRTXHQRWUDMHUDDHVHOXJDUKRUULEOHDOºOWLPRY¡VWDJRGHXQD
3HURGJDPHXQDFRVDGRFWRU0RUWLPHUVLHV©VDVXRSLQL³QSRUTX©KD DQWLJXDUD]D\KHUHGHURGHXQDJUDQIRUWXQD1RVHSXHGHQHJDUVLQHPEDUJR
YHQLGRDFRQVXOWDUPH"0HGLFHXVWHGTXHHVLQºWLOLQYHVWLJDUODPXHUWHGH6LU TXHODSURVSHULGDGGHWRGDOD]RQDWDQSREUH\GHVRODGDGHSHQGHGHVX
&KDUOHV\DOPLVPRWLHPSRTXLHUHTXHORKDJD SUHVHQFLD7RGROREXHQRTXHKDKHFKR6LU&KDUOHVVHYHQGU¡DEDMRFRQ
HVWU©SLWRVLODPDQVL³QVHTXHGDYDFD<DQWHHOWHPRUGHGHMDUPHOOHYDUSRU
1RKHGLFKRTXHTXLHUDTXHORKDJD PLHYLGHQWHLQWHU©VHQHODVXQWRKHGHFLGLGRH[SRQHUOHHOFDVR\SHGLUOH
FRQVHMR
(QHVHFDVRF³PRSXHGRD\XGDUOH"$FRQVHM¡QGRPHVREUHORTXHGHER
KDFHUFRQ6LU+HQU\%DVNHUYLOOHTXHOOHJDDODHVWDFL³QGH:DWHUORRHO +ROPHVUHIOH[LRQ³XQRVLQVWDQWHV
GRFWRU0RUWLPHUFRQVXOW³VXUHORMGHQWURGHKRUD\FXDUWRH[DFWDPHQWH
'LFKRHQSRFDVSDODEUDVODFXHVWL³QHVODVLJXLHQWHHQRSLQL³QGHXVWHG
(VHOKHUHGHUR" H[LVWHXQDJHQWHGLDE³OLFRTXHKDFHGH'DUWPRRUXQDUHVLGHQFLDSHOLJURVD
SDUDXQ%DVNHUYLOOHQRHVHVR"
6$OPRULU6LU&KDUOHVKLFLPRVLQGDJDFLRQHVDFHUFDGHHVHMRYHQ\VH
GHVFXEUL³TXHVHKDEDFRQVDJUDGRDODDJULFXOWXUDHQ&DQDG¡'HDFXHUGR $OPHQRVHVWR\GLVSXHVWRDDILUPDUTXHH[LVWHQDOJXQDVSUXHEDVHQHVH
FRQORVLQIRUPHVTXHKHPRVUHFLELGRVHWUDWDGHXQH[FHOHQWHVXMHWRGHVGH VHQWLGR
WRGRVORVSXQWRVGHYLVWD$KRUDQRKDEORFRPRP©GLFRVLQRHQFDOLGDGGH
ILGHLFRPLVDULR\DOEDFHDGH6LU&KDUOHV1RKD\QLQJºQRWURGHPDQGDQWH ([DFWR3HURLQGXGDEOHPHQWHVLVXWHRUDVREUHQDWXUDOHVFRUUHFWDHOMRYHQ
VXSRQJR" HQFXHVWL³QHVW¡WDQH[SXHVWRDOLPSHULRGHOPDOHQ/RQGUHVFRPRHQ
'HYRQVKLUH8QGHPRQLRFRQXQSRGHUWDQORFDOL]DGRFRPRHOGHXQDMXQWD
1LQJXQR(OºQLFRIDPLOLDUTXHSXGLPRVUDVWUHDUDGHP¡VGH©OIXH5RGJHU SDUURTXLDOVHUDGHPDVLDGRLQFRQFHELEOH
%DVNHUYLOOHHOPHQRUGHORVWUHVKHUPDQRVGHORVTXH6LU&KDUOHVHUDHOGH
P¡VHGDG(OVHJXQGRTXHPXUL³MRYHQHUDHOSDGUHGHHVWHPXFKDFKR 3ODQWHDXVWHGODFXHVWL³QVH±RU+ROPHVFRQXQDOLJHUH]DDODTXH
+HQU\(OWHUFHUR5RGJHUIXHODRYHMDQHJUDGHODIDPLOLD3URFHGDGHOD SUREDEOHPHQWHUHQXQFLDUDVLHQWUDUDHQFRQWDFWRSHUVRQDOFRQHVWDVFRVDV6X
YLHMDFHSDDXWRULWDULDGHORV%DVNHUYLOOH\VHJºQPHKDQFRQWDGRHUDODYLYD SXQWRGHYLVWDSRUORTXHVHPHDOFDQ]DHVTXHHOMRYHQ%DVNHUYLOOHFRUUHU¡
LPDJHQGHOUHWUDWRIDPLOLDUGHOYLHMR+XJR6XVLWXDFL³QVHFRPSOLF³OR HQ'HYRQVKLUHORVPLVPRVSHOLJURVTXHHQ/RQGUHV/OHJDGHQWURGH
FLQFXHQWDPLQXWRV4X©UHFRPHQGDUDXVWHG" XVWHGHQEXVFDGHD\XGD3HURHVWRTXHDFDEDPRVGHRUHVHVSO©QGLGR
UHDOPHQWHºQLFRGHVGHYDULRVSXQWRVGHYLVWD&XDQGRSDVHSRU%UDGOH\
V
/RTXH\ROHUHFRPLHQGRVH±RUPRHVTXHWRPHXQFRFKHOODPHDVX VHU¡WDQDPDEOHGHSHGLUOHTXHPHHQYHXQDOLEUDGHODSLFDGXUDP¡VIXHUWH
VSDQLHOTXHHVW¡DUD±DQGRODSXHUWDSULQFLSDO\VLJDVXFDPLQRKDVWD TXHWHQJD"0XFKDVJUDFLDV7DPEL©QOHDJUDGHFHUDTXHRUJDQL]DUDVXV
:DWHUORRSDUDUHXQLUVHFRQ6LU+HQU\%DVNHUYLOOH RFXSDFLRQHVSDUDQRUHJUHVDUDQWHVGHODQRFKH3DUDHQWRQFHVPHDJUDGDU¡
PXFKRFRPSDUDULPSUHVLRQHVDFHUFDGHOLQWHUHVDQWVLPRSUREOHPDTXHVHKD
<GHVSX©V" SUHVHQWDGRHVWDPD±DQDDQXHVWUDFRQVLGHUDFL³Q
'HVSX©VQROHGLU¡QDGDKDVWDTXH\RWRPHXQDGHFLVL³QVREUHHVWHDVXQWR <RVDEDTXHD+ROPHVOHHUDQPX\QHFHVDULRVODUHFOXVL³Q\HODLVODPLHQWR
GXUDQWHODVKRUDVGHLQWHQVDFRQFHQWUDFL³QPHQWDOHQODVTXHVRSHVDEDKDVWD
&X¡QWRWLHPSRQHFHVLWDU¡" ORVLQGLFLRVP¡VLQVLJQLILFDQWHV\HODERUDEDGLYHUVDVWHRUDVTXHOXHJR
FRQWUDVWDEDSDUDGHFLGLUTX©SXQWRVHUDQHVHQFLDOHV\FX¡OHVFDUHFDQGH
9HLQWLFXDWURKRUDV/HDJUDGHFHU©PXFKRGRFWRU0RUWLPHUTXHPD±DQDD
LPSRUWDQFLD'HPDQHUDTXHSDV©HOGDHQPLFOXE\QRUHJUHV©D%DNHU
ODVGLH]HQSXQWRGHODPD±DQDYHQJDDYLVLWDUPHWDPEL©QVHU¡PX\ºWLOSDUD
6WUHHWKDVWDODQRFKH(UDQFDVLODVQXHYHFXDQGRDEUGHQXHYRODSXHUWDGHOD
PLVSODQHVIXWXURVTXHWUDLJDFRQVLJRD6LU+HQU\%DVNHUYLOOH
VDODGHHVWDU
$VORKDU©VH±RU+ROPHV
0LSULPHUDLPSUHVL³QIXHTXHVHKDEDGHFODUDGRXQLQFHQGLRSRUTXHKDED
*DUUDSDWH³ORVGHWDOOHVGHODFLWDHQHOSX±RGHODFDPLVD\FRQVXPDQHUD WDQWRKXPRHQHOFXDUWRTXHDSHQDVVHGLVWLQJXDODOX]GHODO¡PSDUDVLWXDGD
GLVWUDGD\XQWDQWRSHFXOLDUGHSHUVRQDFRUWDGHYLVWDVHDSUHVXU³D VREUHODPHVD1DGDP¡VHQWUDUVLQHPEDUJRVHGLVLSDURQPLVWHPRUHV
DEDQGRQDUODKDELWDFL³Q+ROPHVTXHUHFRUG³DOJRGHSURQWRORJU³GHWHQHUOR SRUTXHHOSLFRUTXHVHQWHQODJDUJDQWD\TXHPHREOLJ³DWRVHUSURFHGDGHO
HQHOGHVFDQVLOOR KXPRDFUHGHXQWDEDFRPX\IXHUWH\¡VSHUR$WUDY©VGHODQHEOLQDWXYHXQD
YDJDYLVL³QGH+ROPHVHQEDWDKHFKRXQRYLOORHQXQVLOO³Q\FRQODSLSDGH
8QDºOWLPDSUHJXQWDGRFWRU0RUWLPHU+DGLFKRXVWHGTXHDQWHVGHOD DUFLOODQHJUDHQWUHORVODELRV$VXDOUHGHGRUKDEDYDULRVUROORVGHSDSHO
PXHUWHGH6LU&KDUOHVYDULDVSHUVRQDVYLHURQHVDDSDULFL³QHQHOS¡UDPR"
6HKDUHVIULDGR:DWVRQ"
7UHVH[DFWDPHQWH
1RHVHVWDDWP³VIHUDLUUHVSLUDEOH
6HVDEHGHDOJXLHQTXHODKD\DYLVWRGHVSX©V"1RKDOOHJDGRDPLVRGRV
6XSRQJRTXHHVW¡XQSRFRFDUJDGDDKRUDTXHXVWHGORPHQFLRQD
0XFKDVJUDFLDV%XHQRVGDV
b8QSRFRFDUJDGD(VLQWROHUDEOH
+ROPHVUHJUHV³DVXDVLHQWRFRQXQJHVWRVHUHQRGHVDWLVIDFFL³QLQWHULRUGHO
TXHSRGDGHGXFLUVHTXHWHQDGHODQWHXQDWDUHDTXHOHDJUDGDED9DXVWHGD b$EUDODYHQWDQDHQWRQFHV6HKDSDVDGRXVWHGWRGRHOGDHQHOFOXESRUOR
VDOLU:DWVRQ" TXHYHR
QLFDPHQWHVLQRSXHGRVHUOHGHD\XGD b0LTXHULGR+ROPHV(VWR\HQORFLHUWR"
1RPLTXHULGRDPLJRHVHQHOPRPHQWRGHODDFFL³QFXDQGRPHGLULMRD 'HVGHOXHJRSHURF³PR"
$+ROPHVOHKL]RUHUPLH[SUHVL³QGHGHVFRQFLHUWR+D\HQXVWHGFLHUWD $GYLHUWDTXHHQXQUDGLRGHRFKRNLO³PHWURVWDQV³ORKD\DOJXQDVFDVDV
DJUDGDEOHLQRFHQFLD:DWVRQTXHFRQYLHUWHHQXQSODFHUHOHMHUFLFLRDFRVWD GHVSHUGLJDGDV$TXHVW¡ODPDQVL³Q/DIWHUPHQFLRQDGDHQHOUHODWRTXHOH\³
VX\DGHPLVPRGHVWDVIDFXOWDGHVGHGHGXFFL³Q8QFDEDOOHURVDOHGHFDVDXQ HOGRFWRU0RUWLPHU(VWDLQGLFDFL³QGHXQDFDVDTXL]¡VH±DOHODUHVLGHQFLDGHO
GDOOXYLRVRHQHOTXHODVFDOOHVVHOOHQDQGHEDUUR\UHJUHVDSRUODQRFKH QDWXUDOLVWDVLQRUHFXHUGRPDOVXDSHOOLGRHUD6WDSOHWRQ$TXYHPRVGRV
LQPDFXODGRFRQHOEULOORGHOVRPEUHUR\GHORV]DSDWRVWRGDYDLQWDFWR(VR JUDQMDVGHQWURGHOS¡UDPR+LJK7RU\)RXOPLUH/XHJRDP¡VGHYHLQWH
VLJQLILFDTXHQRVHKDPRYLGRHQWRGRHOWLHPSR1RHVXQKRPEUHTXHWHQJD NLO³PHWURVODSULVL³QGH3ULQFHWRZQ(QWUHHVRVSXQWRVGHVSHUGLJDGRVVH
DPLJRVQWLPRV'³QGHSXHGHKDEHUHVWDGRSRUORWDQWR"1RHVHYLGHQWH" H[WLHQGHHOS¡UDPRGHVKDELWDGR\VLQYLGD7DOHVSRUORWDQWRHOHVFHQDULR
GRQGHVHKDUHSUHVHQWDGRODWUDJHGLD\GRQGHTXL]¡FRQWULEX\DPRVDTXHVH
6EDVWDQWH UHSUHVHQWHGHQXHYR
(OPXQGRHVW¡OOHQRGHFRVDVHYLGHQWHVHQODVTXHQDGLHVHILMDQLSRU 'HEHGHVHUXQOXJDUH[WUD±R
FDVXDOLGDG'³QGHVHLPDJLQDXVWHGTXHKHHVWDGR\R"
6HOGHFRUDGRPHUHFHODSHQD6LHOGLDEORGHYHUGDGGHVHDLQWHUYHQLUHQORV
7DPSRFRVHKDPRYLGR DVXQWRVGHORVKRPEUHV
0X\DOFRQWUDULRSRUTXHKHHVWDGRHQ'HYRQVKLUH 6HLQFOLQDXVWHGHQWRQFHVKDFLDODH[SOLFDFL³QVREUHQDWXUDO"
(QHVSULWX" /RVDJHQWHVGHOGHPRQLRSXHGHQVHUGHFDUQH\KXHVRQRHVFLHUWR"+D\
GRVFXHVWLRQHVTXHDFODUDUDQWHVGHQDGD/DSULPHUDHVVLVHKDFRPHWLGR
([DFWDPHQWH0LFXHUSRVHKDTXHGDGRHQHVWHVLOO³Q\HQPLDXVHQFLD DOJºQGHOLWRODVHJXQGDTX©GHOLWR\F³PR"3RUVXSXHVWRVLODWHRUDGHO
VLHQWRFRPSUREDUORKDFRQVXPLGRHOFRQWHQLGRGHGRVFDIHWHUDVGHEXHQ GRFWRU0RUWLPHUIXHVHFRUUHFWD\WXYL©UDPRVTXHY©UQRVODVFRQIXHU]DVTXH
WDPD±R\XQDLQFUHEOHFDQWLGDGGHWDEDFR'HVSX©VGHTXHXVWHGVHPDUFKDUD GHVERUGDQODVOH\HVRUGLQDULDVGHODQDWXUDOH]DQXHVWUDLQYHVWLJDFL³QPRULUD
SHGTXHPHHQYLDUDQGH6WDQIRUG
VXQPDSDRILFLDOGHHVDSDUWHGHOS¡UDPR\ DQWHVGHHPSH]DU3HURHVWDPRVREOLJDGRVDDJRWDUWRGDVODVGHP¡VKLS³WHVLV
PLHVSULWXVHKDSDVDGRWRGRHOGDVXVSHQGLGRVREUH©O&UHRHVWDUHQ DQWHVGHUHFXUULUD©VD&UHRTXHSRGHPRVYROYHUDFHUUDUHVDYHQWDQDVLQR
FRQGLFLRQHVGHUHFRUUHUORVLQSHUGHUPH WLHQHXVWHGLQFRQYHQLHQWH(VPX\FXULRVRSHURGHVFXEURTXHXQDDWP³VIHUD
FDUJDGDFRQWULEX\HDPDQWHQHUODFRQFHQWUDFL³QPHQWDO1RORKHOOHYDGR
8QPDSDDJUDQHVFDODVXSRQJR KDVWDHOH[WUHPRGHPHWHUPHHQXQDFDMDSDUDSHQVDUSHUR©VHVHUDHO
UHVXOWDGRO³JLFRGHPLVFRQYLFFLRQHV7DPEL©QXVWHGOHKDGDGRYXHOWDVDO
$JUDQGVLPDHVFDOD+ROPHVSURFHGL³DGHVHQUROODUXQDVHFFL³Q
FDVR"
VRVWHQL©QGRODVREUHODURGLOOD$TXWLHQHXVWHGHOGLVWULWRFRQFUHWRTXHQRV
LQWHUHVD(VGHFLUFRQODPDQVL³QGHORV%DVNHUYLOOHHQHOFHQWUR 6KHSHQVDGRPXFKRHQHOORGXUDQWHWRGRHOGD+DOOHJDGRDDOJXQD
FRQFOXVL³Q"
<XQERVTXHDOUHGHGRU"
(VPX\GHVFRQFHUWDQWH
([DFWDPHQWH0HLPDJLQRTXHHOSDVHRGHORV7HMRVDXQTXHQRHVW¡
VH±DODGRFRQHVHQRPEUHGHEHGHH[WHQGHUVHDORODUJRGHHVWDOQHDFRQHO 6LQGXGDWLHQHXQDVFDUDFWHUVWLFDVPX\SHFXOLDUHV+D\SXQWRVPX\
S¡UDPRFRPRSXHGHXVWHGYHUDODGHUHFKD(VHSX±DGRGHHGLILFLRVHVHO VREUHVDOLHQWHV(OFDPELRHQODIRUPDGHODVKXHOODVSRUHMHPSOR4X©RSLQD
FDVHURGH*ULPSHQGRQGHWLHQHVXVHGHQXHVWURDPLJRHOGRFWRU0RUWLPHU XVWHGGHHVR"
0RUWLPHUGLMRTXHHOGLIXQWRUHFRUUL³GHSXQWLOODVDTXHOODSDUWHGHOSDVHR HVSHU³DOO$OGDVLJXLHQWHVHGLVSRQDDVDOLUSDUD/RQGUHV(ODVXQWR
HPSLH]DDWRPDUIRUPD:DWVRQ6HKDFHFRKHUHQWH6LQROHLPSRUWDS¡VHPH
(OGRFWRUVHOLPLW³DUHSHWLUORTXHDOJºQHVWºSLGRKDEDGLFKRHQOD HOYLROQ\QRYROYHUHPRVDSHQVDUHQHOORKDVWDTXHWHQJDPRVRFDVL³QGH
LQYHVWLJDFL³Q3RUTX©WHQGUDQDGLHTXHDYDQ]DUGHSXQWLOODVSDVHR UHXQLUQRVFRQHOGRFWRU0RUWLPHU\FRQ6LU+HQU\%DVNHUYLOOHPD±DQDSRUOD
DGHODQWH" PD±DQD
4X©VXFHGL³HQWRQFHV"
&RUUD:DWVRQFRUUDGHVHVSHUDGDPHQWHSDUDVDOYDUODYLGDFRUUDKDVWD
TXHOHHVWDOO³HOFRUD]³Q\FD\³PXHUWRGHEUXFHV
&RUUDDOHM¡QGRVHGHTX©"
(VRHVORTXHWHQHPRVTXHDYHULJXDU+D\LQGLFLRVGHTXH6LU&KDUOHVHVWDED
\DREQXELODGRSRUHOPLHGRDQWHVGHHPSH]DUDFRUUHU
&³PRORVDEHXVWHG"
,PDJLQRTXHODFDXVDGHVXVWHPRUHVYLQRKDFLD©ODWUDYHVDQGRHOS¡UDPR6L
HV©VHHOFDVR\SDUHFHORP¡VSUREDEOHV³ORXQKRPEUHTXHKDSHUGLGROD
UD]³QFRUUHDOHM¡QGRVHGHODFDVDHQOXJDUGHUHJUHVDUDHOOD6LVHSXHGHGDU
FU©GLWRDOWHVWLPRQLRGHOJLWDQRFRUUL³SLGLHQGRDX[LOLRHQODGLUHFFL³QGH
GRQGHHUDPHQRVSUREDEOHTXHSXGLHUDUHFLELUD\XGD
3RURWUDSDUWHDTXL©QHVWDEDHVSHUDQGRDTXHOODQRFKH\SRUTX©HVSHUDED
HQHOSDVHRGHORV7HMRV\QRHQODFDVD"
&UHHXVWHGTXHHVSHUDEDDDOJXLHQ"
6LU&KDUOHVHUDXQKRPEUHHQIHUPR\GHHGDGDYDQ]DGD(VFRPSUHQVLEOH
TXHGLHUDXQSDVHRDºOWLPDKRUDSHURGDGDODKXPHGDGGHOVXHOR\OD
LQFOHPHQFLDGHODQRFKHHVO³JLFRSHQVDUTXHVHTXHGDUDTXLHWRFLQFRRGLH]
PLQXWRVFRPRHOGRFWRU0RUWLPHUFRQP¡VVHQWLGRSU¡FWLFRGHOTXH\ROH
KXELHUDDWULEXLGRGHGXMRJUDFLDVDODFHQL]DGHOFLJDUURSXUR"
3HURVDODWRGDVODVQRFKHV
0HSDUHFHLPSUREDEOHTXHVHGHWXYLHUDWRGDVODVQRFKHVMXQWRDOSRUWLOOR
6DEHPRVSRUHOFRQWUDULRTXHWHQGDDHYLWDUHOS¡UDPR$TXHOODQRFKH
3HURVLQGXGDHOGRFWRU0RUWLPHUVHDORMDEDDOOFRQDQWHULRULGDG
6LU+HQU\%DVNHUYLOOH
1RGLMRHOGRFWRUHVWXYHGLVIUXWDQGRGHODKRVSLWDOLGDGGHXQDPLJR1R
7HUPLQDPRVSURQWRGHGHVD\XQDU\+ROPHVHQEDWDHVSHU³DTXHOOHJDUDHO H[LVWDODPHQRULQGLFDFL³QGHTXHIX©VHPRVDHOHJLUHVHKRWHO
PRPHQWRGHODHQWUHYLVWDSURPHWLGD1XHVWURVFOLHQWHVDFXGLHURQ
b+XPPP$OJXLHQSDUHFHHVWDUPX\LQWHUHVDGRHQVXVPRYLPLHQWRV
SXQWXDOPHQWHDODFLWDHOUHORMDFDEDEDGHGDUODVGLH]FXDQGRHQWU³HOGRFWRU
+ROPHVVDF³GHOVREUHPHGLRSOLHJRGREODGRHQFXDWURTXHSURFHGL³DDEULU\
0RUWLPHUVHJXLGRGHOMRYHQEDURQHWXQKRPEUHGHXQRVWUHLQWDD±RV
H[WHQGHUVREUHODPHVD8QDVRODIUDVHHVFULWDSRUHOSURFHGLPLHQWRGHSHJDU
SHTXH±RGHVSLHUWRGHRMRVQHJURVFRQVWLWXFL³QUREXVWDHVSHVDVFHMDVQHJUDV
HQHOSDSHOSDODEUDVLPSUHVDVRFXSDEDHOFHQWURGHODKRMD\GHFDOR
\XQURVWURGHUDVJRVHQ©UJLFRVTXHUHIOHMDEDQXQFDU¡FWHUEDWDOODGRU9HVWD
VLJXLHQWHl6LGDXVWHGYDORUDVXYLGDRDVXUD]³QVHDOHMDU¡GHOS¡UDPR{
XQWUDMHGHWZHHGGHFRORUURML]R\WHQDODWH]FXUWLGDGHTXLHQKDSDVDGR
7DQV³ORODSDODEUDlS¡UDPR{HVWDEDHVFULWDDPDQR
PXFKRWLHPSRDODLUHOLEUHVLELHQKDEDDOJRHQODILUPH]DGHVXPLUDGD\HQ
ODWUDQTXLODVHJXULGDGGHVXVPRGDOHVTXHSRQDQGHPDQLILHVWRVXQREOH $KRUDGLMR6LU+HQU\%DVNHUYLOOHTXL]¡SXHGDXVWHGGHFLUPHVH±RU
FXQD +ROPHVFX¡OHVSRUPLOSDUHVGHGHPRQLRVHOVLJQLILFDGRGHWRGRHVWR\
TXL©QHVODSHUVRQDTXHVHLQWHUHVDWDQWRSRUPLVDVXQWRV
6LU+HQU\%DVNHUYLOOHGLMRHOGRFWRU0RUWLPHU
4X©RSLQDXVWHGGRFWRU0RUWLPHU"7HQGU¡XVWHGTXHUHFRQRFHUDOPHQRV
$VXGLVSRVLFL³QGLMR6LU+HQU\\ORP¡VH[WUD±RVH±RU+ROPHVHVTXHVL
TXHQRKD\QDGDGHVREUHQDWXUDOHQHOOR
PLDPLJRDTXSUHVHQWHQRPHKXELHUDSURSXHVWRYHQLUDYHUORKR\SRUOD
PD±DQDKDEUDYHQLGR\RSRULQLFLDWLYDSURSLD6HJºQFUHRUHVXHOYHXVWHG 1RGHVGHOXHJRSHURSRGUDYHQLUGHDOJXLHQFRQYHQFLGRGHTXHH[LVWHXQD
SHTXH±RVURPSHFDEH]DV\HVWDPD±DQDPHKHHQFRQWUDGRFRQXQRTXH LQWHUYHQFL³QVREUHQDWXUDO
UHTXLHUHP¡VVXVWDQFLDJULVGHODTXH\RHVWR\HQFRQGLFLRQHVGHFRQVDJUDUOH
'HTX©HVW¡QKDEODQGR"SUHJXQW³6LU+HQU\FRQDVSHUH]D7HQJROD
+DJDHOIDYRUGHWRPDUDVLHQWR6LU+HQU\6LQRHQWLHQGRPDO\DKDWHQLGR LPSUHVL³QGHTXHWRGRVXVWHGHVFDEDOOHURVHVW¡QP¡VDOWDQWRTXH\RGHPLV
XVWHGDOJXQDH[SHULHQFLDQRWDEOHGHVGHVXOOHJDGDD/RQGUHV" SURSLRVDVXQWRV
1DGDGHLPSRUWDQFLDVH±RU+ROPHV7DQV³ORXQDEURPDSUREDEOHPHQWH6H /HKDUHPRVSDUWFLSHGHWRGRORTXHVDEHPRVDQWHVGHTXHDEDQGRQHHVWD
WUDWDGHXQDFDUWDVLHVTXHVHODSXHGHOODPDUDVTXHKHUHFLELGRHVWD KDELWDFL³Q6LU+HQU\VHORSURPHWRGLMR6KHUORFN+ROPHV3HURSRUHO
PD±DQD PRPHQWRFRQVXSHUPLVRQRVFH±LUHPRVDHVWHGRFXPHQWRWDQLQWHUHVDQWH
TXHGHEHGHKDEHUVHFRPSXHVWR\HFKDGRDOFRUUHRDQRFKH7LHQHXVWHGHO
6LU+HQU\GHM³XQVREUHHQODPHVD\WRGRVQRVLQFOLQDPRVSDUDYHUOR(UDGH
7LPHVGHD\HU:DWVRQ"
FDOLGDGFRUULHQWH\FRORUJULV¡FHR/DVVH±DVl6LU+HQU\%DVNHUYLOOH
1RUWKXPEHUODQG+RWHO{HVWDEDQHVFULWDVWRVFDPHQWHHQHOPDWDVHOORVVHOHD (VW¡DKHQHOULQF³Q
l&KDULQJ&URVV{\ODFDUWDVHKDEDHFKDGRDOFRUUHRODQRFKHDQWHULRU
/HLPSRUWDDFHUF¡UPHORODWHUFHUDS¡JLQDFRQORVHGLWRULDOHV"+ROPHV
4XL©QVDEDTXHIXHVHXVWHGDDORMDUVHHQHO1RUWKXPEHUODQG+RWHO" H[DPLQ³ORVDUWFXORVFRQUDSLGH]UHFRUULHQGRODVFROXPQDVGHDUULEDDEDMR
SUHJXQW³+ROPHVPLUDQGRFRQJUDQLQWHU©VDQXHVWURYLVLWDQWH FRQODPLUDGD8QHGLWRULDOPX\LPSRUWDQWHVREUHODOLEHUWDGGHFRPHUFLR
3HUPWDQPHTXHOHVOHDXQH[WUDFWRl4XL]¡ORHQJDWXVHQDXVWHGSDUDTXHVH
1RORVDEDQDGLH/RGHFLGGHVSX©VGHFRQRFHUDOGRFWRU0RUWLPHU
LPDJLQHTXHVXHVSHFLDOLGDGFRPHUFLDORVXLQGXVWULDVHYHU¡QLQFHQWLYDGDV SHUL³GLFRSHURSUHFLVDUFX¡O\D±DGLUTXHVHWUDWDGHOHGLWRULDOHVXQDGHODV
PHGLDQWHXQDWDULIDSURWHFWRUDSHURVLGDHQXWLOL]DUODUD]³QFRPSUHQGHU¡ FRVDVP¡VVRUSUHQGHQWHVTXHKHYLVWRQXQFD&³PRORKDKHFKR"
TXHDODODUJDHVDOHJLVODFL³QDOHMDU¡GHOSDVPXFKDULTXH]DGLVPLQXLU¡HO
YDORUGHQXHVWUDVLPSRUWDFLRQHV\HPSHRUDU¡ODVFRQGLFLRQHVJHQHUDOHVGH ,PDJLQRGRFWRUTXHXVWHGGLVWLQJXLUDHQWUHHOFU¡QHRGHXQQHJUR\HOGHXQ
YLGDHQQXHVWUDVWLHUUDV{4X©OHSDUHFH:DWVRQ"H[FODP³+ROPHVFRQ HVTXLPDO
JUDQUHJRFLMRIURW¡QGRVHODVPDQRVVDWLVIHFKR1RFUHHXVWHGTXHVHWUDWD
GHXQDRSLQL³QDGPLUDEOH" 6LQGXGD
(OGRFWRU0RUWLPHUPLU³D+ROPHVFRQLQWHU©VSURIHVLRQDO\6LU+HQU\ 3HURF³PR"
%DVNHUYLOOHYROYL³KDFLDPXQRVRMRVWDQRVFXURVFRPRGHVFRQFHUWDGRV
3RUTXHHVPLSDVDWLHPSRIDYRULWR/DVGLIHUHQFLDVVRQHYLGHQWHV(OERUGH
1RV©PXFKRVREUHWDULIDV\FRVDVVHPHMDQWHVGLMRSHURPHSDUHFHTXHQRV VXSUDRUELWDOHO¡QJXORIDFLDOODFXUYDGHOPD[LODUHO
HVWDPRVDSDUWDQGRXQSRFRGHODFXHVWL³Q
3XHV©VWHHVPLSDVDWLHPSRIDYRULWR\ODVGLIHUHQFLDVWDPEL©QVRQHYLGHQWHV
3XHV\RRSLQRSRUHOFRQWUDULRTXHODHVWDPRVVLJXLHQGRPX\GHFHUFD6LU $PLVRMRVHVWDQWDODGLIHUHQFLDHQWUHHOWLSRGHLPSUHQWDJUDQGH\ELHQ
+HQU\ HVSDFLDGRGHXQDUWFXORGHO7LPHV\ODLPSUHVL³QGHVFXLGDGDGHXQSHUL³GLFR
GHODWDUGHGHPHGLRSHQLTXHFRPRODTXHSXHGDH[LVWLUSDUDXVWHGHQWUHVXV
:DWVRQDTXSUHVHQWHVDEHP¡VTXHXVWHGDFHUFDGHPLVP©WRGRVSHURPH QHJURV\VXVHVTXLPDOHV/DGHWHFFL³QGHFDUDFWHUHVGHLPSUHQWDHVXQDGHODV
WHPRTXHWDPSRFR©OKDFDSWDGRGHOWRGRODLPSRUWDQFLDGHHVWDIUDVH UDPDVP¡VHOHPHQWDOHVGHOVDEHUSDUDHOH[SHUWRHQGHOLWRVDXQTXHGHER
FRQIHVDUTXHHQXQDRFDVL³QFXDQGRHUDPX\MRYHQFRQIXQGHO/HHGV
1RFRQILHVRTXHQRYHRODUHODFL³Q 0HUFXU\FRQHO:HVWHUQ0RUQLQJ1HZV3HURXQHGLWRULDOGHO7LPHVHV
LQFRQIXQGLEOH\HVDVSDODEUDVQRVHSRGDQKDEHUWRPDGRGHQLQJºQRWURVLWLR
<VLQHPEDUJRPLTXHULGR:DWVRQH[LVWHXQDFRQH[L³QPX\HVWUHFKDGDGR <SXHVWRTXHVHKL]RD\HUHUDP¡VTXHSUREDEOHTXHODVHQFRQWU¡UDPRV
TXHODSULPHUDHVW¡VDFDGDGH©VWDl8VWHG{lVX{lVX{lYLGD{lUD]³Q{ GRQGHODVKHPRVHQFRQWUDGR
lYDORU{lDOHMDU¡{
+DVWDGRQGHVR\FDSD]GHVHJXLUOHVH±RU+ROPHVGLMR6LU+HQU\
lGHO{9HXVWHGDKRUDGHG³QGHVHKDQWRPDGRHVDVSDODEUDV" %DVNHUYLOOHDILUPDXVWHGTXHDOJXLHQFRUW³HVHPHQVDMHFRQXQDVWLMHUDV
b3RUWRGRVORVGHPRQLRVWLHQHXVWHGUD]³Qb4XHPHDVSHQVLQRHVGHOR 7LMHUDVSDUDX±DVGLMR+ROPHV6HSXHGHYHUTXHHUDQXQDVWLMHUDVGHKRMD
P¡VLQJHQLRVR PX\SHTXH±D\DTXHTXLHQORKL]RWXYRTXHGDUGRVWLMHUHWD]RVSDUDlDOHMDU¡
GHO{
H[FODP³6LU+HQU\<SRUVLTXHGDUDDOJXQDGXGDQRKD\P¡VTXHYHU
F³PRlDOHMDU¡{\ (IHFWLYDPHQWH$OJXLHQHQWRQFHVUHFRUW³HOPHQVDMHFRQXQDVWLMHUDVPX\
SHTXH±DVORSHJ³FRQHQJUXGR
lGHO{HVW¡QHQHOPLVPRUHFRUWH&LHUWRbDVHV
*RPDGLMR+ROPHV
$GHFLUYHUGDGVH±RU+ROPHVHVWRVREUHSDVDFXDOTXLHUFRVDTXHKXELHUD
SRGLGRLPDJLQDUGLMRHOGRFWRU0RUWLPHUFRQWHPSODQGRDPLDPLJRFRQ &RQJRPDHQHOSDSHO3HURPHJXVWDUDVDEHUSRUTX©WXYRTXHHVFULELUOD
DVRPEUR(QWHQGHUDTXHDOJXLHQGLMHUDTXHODVSDODEUDVKDQVDOLGRGHXQ
SDODEUD KDQHVFULWRHQXQKRWHO
lS¡UDPR{ &³PRGHPRQLRVSXHGHXVWHGVDEHUOR"
3RUTXHHODXWRUQRODHQFRQWU³HQOHWUDLPSUHVD/DVRWUDVSDODEUDVHUDQ 6LODVH[DPLQDFXLGDGRVDPHQWHGHVFXEULU¡TXHWDQWRODSOXPDFRPRODWLQWD
VHQFLOODV\SRGDQHQFRQWUDUVHHQFXDOTXLHUHMHPSODUGHOSHUL³GLFRSHUR KDQFDXVDGRSUREOHPDVDODSHUVRQDTXHHVFULED/DSOXPDKDHPERUURQDGR
lS¡UDPR{HVPHQRVFRUULHQWH GRVYHFHVODPLVPDSDODEUD\VHKDTXHGDGRVHFDWUHVYHFHVHQPX\SRFR
WLHPSRORTXHGHPXHVWUDTXHKDEDPX\SRFDWLQWDHQHOWLQWHUR$KRUDELHQ
&ODURHVRORH[SOLFD+DGHVFXELHUWRXVWHGDOJRP¡VHQHVHPHQVDMHVH±RU UDUDVYHFHVVHSHUPLWHTXHXQDSOXPDRXQWLQWHURSHUVRQDOHVOOHJXHQDHVD
+ROPHV" VLWXDFL³Q\ODFRPELQDFL³QGHODVGRVKDGHVHUEDVWDQWHUDUD3HURWRGRV
XVWHGHVFRQRFHQODVSOXPDV\ORVWLQWHURVGHORVKRWHOHVGRQGHORUDURHV
+D\XQRRGRVLQGLFLRVDXQTXHVHKDKHFKRWRGRORSRVLEOHSRUHOLPLQDU HQFRQWUDURWUDFRVD6DILUPRFDVLVLQOXJDUDGXGDTXHVLSXGL©UDPRV
FXDOTXLHUSLVWD H[DPLQDUHOFRQWHQLGRGHODVSDSHOHUDVGHORVKRWHOHVGHORVDOUHGHGRUHVGH
&KDULQJ&URVVKDVWDHQFRQWUDUHOUHVWRGHOPXWLODGRHGLWRULDOGHO7LPHV
/DGLUHFFL³QVLVHILMDXVWHGHVW¡HVFULWDFRQOHWUDPX\WRVFD7KH7LPHVVLQ SRGUDPRVGHVFXEULUDODSHUVRQDTXHHQYL³HVWHVLQJXODUPHQVDMHb9D\D
HPEDUJRHVXQSHUL³GLFRTXHSU¡FWLFDPHQWHV³OROHHQODVSHUVRQDVFRQXQD YD\D4X©HVHVWR"
HGXFDFL³QVXSHULRU
6KHUORFN+ROPHVHVWDEDH[DPLQDQGRFXLGDGRVDPHQWHHOPHGLRSOLHJRFRQODV
3RGHPRVGHGXFLUSRUFRQVLJXLHQWHTXHTXLHQFRPSXVRODFDUWDHVXQD SDODEUDVSHJDGDVFRORF¡QGRVHORDSRFRVFHQWPHWURVGHORVRMRV
SHUVRQDHGXFDGDTXHKDTXHULGRKDFHUVHSDVDUSRULQFXOWD\TXHVX
SUHRFXSDFL³QSRURFXOWDUVXOHWUDVXJLHUHTXHTXL]¡DOJXQRGHXVWHGHVOD <ELHQ"
FRQR]FDRSXHGDOOHJDUDFRQRFHUOD)MHQVHDGHP¡VHQTXHODVSDODEUDVQR
HVW¡QSHJDGDVFRQSUHFLVL³QVLQRXQDVPXFKRP¡VDOWDVTXHRWUDVl9LGD{ 1DGDUHVSRQGL³+ROPHVGHM¡QGRORFDHU(VODPLWDGGHXQSOLHJR
SRUHMHPSORVHKDOODFRPSOHWDPHQWHIXHUDGHVXVLWLR(VRSXHGHLQGLFDU WRWDOPHQWHHQEODQFRVLQILOLJUDQDVLTXLHUD&UHRTXHKHPRVH[WUDGRWRGDOD
GHVFXLGRRWDOYH]DJLWDFL³Q\SULVD(QFRQMXQWRPHLQFOLQRSRUHVWRºOWLPR LQIRUPDFL³QSRVLEOHGHHVWDFDUWDWDQFXULRVD$KRUD6LU+HQU\OHKD
\DTXHVHWUDWDGHXQDVXQWRDWRGDVOXFHVLPSRUWDQWH\QRHVSUREDEOHTXHHO VXFHGLGRDOJXQDRWUDFRVDGHLQWHU©VGHVGHVXOOHJDGDD/RQGUHV"
UHGDFWRUGHODFDUWDGHVFXLGDUDVXWDUHDYROXQWDULDPHQWH6LHVFLHUWRTXHWHQD
SULVDVXUJHODLQWHUHVDQWHSUHJXQWDGHSRUTX©WHQDWDQWDSULVDGDGRTXH6LU 1RVH±RU+ROPHVPHSDUHFHTXHQR
+HQU\KDEUDUHFLELGRDQWHVGHDEDQGRQDUHOKRWHOFXDOTXLHUFDUWDTXHVH
HFKDUDDOFRUUHRSRUODPD±DQDWHPSUDQR$FDVRWHPDVXDXWRUXQD 1RKDREVHUYDGRTXHQDGLHORVLJXLHUDRORYLJLODUD"
LQWHUUXSFL³Q\HQHVHFDVRGHTXL©Q"
7HQJRODLPSUHVL³QGHKDEHUPHFRQYHUWLGRHQSHUVRQDMHGHQRYHODEDUDWD
(VWDPRVHQWUDQGRHQHOWHUUHQRGHODVFRQMHWXUDVGLMRHOGRFWRU0RUWLPHU GLMRQXHVWURYLVLWDQWH3RUTX©GHPRQLRVKDEUDGHYLJLODUPHRGHVHJXLUPH
QDGLH"
'LJDPRVP¡VELHQHQHOWHUUHQRGRQGHVRSHVDPRVSRVLELOLGDGHV\HOHJLPRV
ODP¡VSUREDEOH(VHOXVRFLHQWILFRGHODLPDJLQDFL³QSHURVLHPSUHWHQHPRV (VWDPRVOOHJDQGRDHVR1RWLHQHXVWHGTXHLQIRUPDUQRVGHQDGDP¡VDQWHV
XQDEDVHPDWHULDOVREUHODTXHDSR\DUQXHVWUDVHVSHFXODFLRQHV6LQGXGD GHTXHKDEOHPRVGHVXYLDMH"
SXHGHXVWHGOODPDUORFRQMHWXUDSHURHVWR\FDVLVHJXURGHTXHHVWDVVH±DVVH
%XHQRGHSHQGHGHORTXHXVWHGFRQVLGHUHGLJQRGHPHQFL³Q SDJX©VHLVG³ODUHVSRUHOODV\KHFRQVHJXLGRTXHPHUREHQXQDDQWHVGH
HVWUHQDUODV
&UHRTXHWRGRORTXHVHVDOJDGHOFXUVRRUGLQDULRGHODYLGDHVGLJQRGH
PHQFL³Q 3DUHFHXQURERSDUWLFXODUPHQWHLQºWLOGLMR6KHUORFN+ROPHV&RQILHVR
FRPSDUWLUODFUHHQFLDGHOGRFWRU0RUWLPHUGHTXHODERWDDSDUHFHU¡GHQWURGH
6LU+HQU\VRQUL³ SRFR
1RV©DºQPXFKRDFHUFDGHODYLGDEULW¡QLFDSRUTXHKHSDVDGRODPD\RU <DKRUDFDEDOOHURVGLMRHOEDURQHWFRQGHFLVL³QPHSDUHFHTXHKHKDEODGR
SDUWHGHPLH[LVWHQFLDHQORV(VWDGRV8QLGRV\HQ&DQDG¡3HURVXSRQJRTXH P¡VTXHVXILFLHQWHGHORSRFRTXHV©<DHVKRUDGHTXHFXPSODQXVWHGHVVX
WDPSRFRDTXSHUGHUXQDERWDHVSDUWHGHOFXUVRRUGLQDULRGHODYLGD+D SURPHVD\PHGHQXQDLQIRUPDFL³QFRPSOHWDVREUHHODVXQWRTXHDWRGRVQRV
SHUGLGRXQDERWD" RFXSD
0LTXHULGRVH±RUH[FODP³HOGRFWRU0RUWLPHUWDQV³ORVHKDH[WUDYLDGR 6XSHWLFL³QHVPX\UD]RQDEOHUHVSRQGL³+ROPHV'RFWRU0RUWLPHUFUHR
(VWR\VHJXURGHTXHODHQFRQWUDU¡DVXUHJUHVRDOKRWHO4X©VHQWLGRWLHQH TXHORPHMRUVHU¡TXHFXHQWHXVWHGODKLVWRULDD6LU+HQU\WDOFRPRQRVOD
PROHVWDUDOVH±RU+ROPHVFRQLQVLJQLILFDQFLDVFRPR©VD" FRQW³DQRVRWURV
0HKDSUHJXQWDGRSRUFXDOTXLHUFRVDTXHVHVDOLHUDGHORFRUULHQWH $OUHFLELUDTXHOHVWPXORQXHVWURDPLJRHOKRPEUHGHFLHQFLDVHVDF³ORV
SDSHOHVTXHOOHYDEDHQHOEROVLOOR\SUHVHQW³HOFDVRFRPRORKDEDKHFKRHO
$VHVLQWHUYLQR+ROPHVDXQTXHHOLQFLGHQWHSXHGDSDUHFHUFRPSOHWDPHQWH GDDQWHULRU6LU+HQU\OHHVFXFK³FRQODP¡VSURIXQGDDWHQFL³Q\FRQDOJXQD
HVWºSLGR H[FODPDFL³QGHVRUSUHVDGHFXDQGRHQFXDQGR
'LFHXVWHGTXHKDSHUGLGRXQDERWD" 9D\DSDUHFHTXHPHKDWRFDGRHQVXHUWHDOJRP¡VTXHXQDKHUHQFLD
FRPHQW³XQDYH]WHUPLQDGDODODUJDQDUUDFL³Q3RUVXSXHVWROOHYRR\HQGR
'LJDPRVP¡VELHQTXHVHKDH[WUDYLDGR$QRFKHGHM©ODVGRVIXHUD\V³OR KDEODUGHOVDEXHVRGHVGHPLLQIDQFLD(VODKLVWRULDSUHIHULGDGHODIDPLOLD
KDEDXQDSRUODPD±DQD1RKHFRQVHJXLGRVDFDUQDGDHQOLPSLRGHOVXMHWR DXQTXHKDVWDDKRUDQXQFDVHPHKDEDRFXUULGRWRPDUODHQVHULR3HURSRUOR
TXHODVOLPSLD<ORSHRUGHWRGRHVTXHODVFRPSU©SUHFLVDPHQWHDQRFKHHQ TXHVHUHILHUHDODPXHUWHGHPLWREXHQRWRGRSDUHFHDUUHPROLQ¡UVHPHHQ
HO6WUDQG\DºQQRODVKHHVWUHQDGR ODFDEH]D\WRGDYDQRFRQVLJRYHUORFRQFODULGDG&UHRTXHDºQQRKDQ
GHFLGLGRXVWHGHVVLKD\TXHDFXGLUDODSROLFDRDXQFO©ULJR
6LQRVHODVKDEDSXHVWRSRUTX©ODVGHM³IXHUDSDUDTXHVHODVOLPSLDUDQ"
([DFWDPHQWH
(UDQXQDVERWDVGHFXHUR\HVWDEDQVLQFKDURODU3RUHVRODVVDTX©
<DKRUDVHD±DGHHODVXQWRGHODFDUWDTXHPHKDQPDQGDGRDOKRWHO
7HQJRTXHHQWHQGHUHQWRQFHVTXHDOOOHJDUD\HUD/RQGUHVVDOL³
6XSRQJRTXHHVRHQFDMDFRQORGHP¡V
LQPHGLDWDPHQWHDODFDOOH\VHFRPSU³XQSDUGHERWDV"
3DUHFHLQGLFDUTXHKD\DOJXLHQTXHVDEHP¡VTXHQRVRWURVVREUHORTXHSDVD
&RPSU©PXFKDVFRVDV(OGRFWRU0RUWLPHUDTXSUHVHQWHPHDFRPSD±³
HQHOS¡UDPRGLMRHOGRFWRU0RUWLPHU
&RPSU©QGDORXVWHGVLYR\DVHUXQWHUUDWHQLHQWHGHVWDFDGRKHGHYHVWLUPHHQ
FRQVRQDQFLDFRQPLFDWHJRUDVRFLDO\SXHGHVHUTXHPHKD\DKHFKRXQSRFR <DOJXLHQDGHP¡VD±DGL³+ROPHVTXHHVW¡ELHQGLVSXHVWRKDFLDXVWHG
GHVFXLGDGRHQ$P©ULFD&RPSU©HQWUHRWUDVFRVDVHVDVERWDVPDUURQHV
SXHVWRTXHORSUHYLHQHGHOSHOLJUR <\ROHDFRPSD±DU©FRQPXFKRJXVWRGLMRHOGRFWRU0RUWLPHU
2TXHTXL]¡TXLHUHDVXVWDUPHHQEHQHILFLRSURSLR6SRUVXSXHVWRWDPEL©Q (QHVHFDVRYROYHUHPRVDUHXQLUQRVDODVGRVb+DVWDOXHJR\EXHQRVGDV
HVRHVSRVLEOH(VWR\PX\HQGHXGDFRQXVWHGGRFWRU0RUWLPHUSRUKDEHUPH
SUHVHQWDGRXQSUREOHPDTXHRIUHFHYDULDVDOWHUQDWLYDVLQWHUHVDQWHV3HUR 2PRVORVSDVRVGHQXHVWURVYLVLWDQWHVHQODHVFDOHUD\HOUXLGRGHODSXHUWDGH
WHQHPRVTXHUHVROYHUXQDFXHVWL³QSU¡FWLFD6LU+HQU\ODGHVLHVDFRQVHMDEOH ODFDOOHDOFHUUDUVH(QXQLQVWDQWH+ROPHVKDEDGHMDGRGHVHUHOVR±DGRU
TXHYD\DXVWHGDODPDQVL³QGHORV%DVNHUYLOOH O¡QJXLGRSDUDWUDQVIRUPDUVHHQHOKRPEUHGHDFFL³Q
3RUTX©WHQGUDTXHUHQXQFLDUDKDFHUOR" b(QVHJXLGD:DWVRQS³QJDVHHOVRPEUHUR\ODVERWDVb1LXQPRPHQWRTXH
SHUGHU
3RGUDVHUSHOLJURVR
+ROPHVVHGLULJL³DWRGDSULVDKDFLDVXFXDUWRSDUDTXLWDUVHODEDWD\UHJUHV³D
6HUHILHUHXVWHGDOSHOLJURGHHVHGHPRQLRIDPLOLDURDODDFWXDFL³QGHVHUHV ORVSRFRVVHJXQGRVFRQODOHYLWDSXHVWD'HVFHQGLPRVDSUHVXUDGDPHQWHODV
KXPDQRV" HVFDOHUDV\VDOLPRVDODFDOOH(OGRFWRU0RUWLPHU\%DVNHUYLOOHHUDQWRGDYD
YLVLEOHVDXQRVGRVFLHQWRVPHWURVSRUGHODQWHGHQRVRWURVHQGLUHFFL³QD
%LHQHVRHVORTXHWHQHPRVTXHDYHULJXDU 2[IRUG6WUHHW
(QFXDOTXLHUDGHORVGRVFDVRVPLUHVSXHVWDHVODPLVPD1RKD\GHPRQLR 4XLHUHTXHFRUUD\ORVDOFDQFH"
HQHOLQILHUQRQLKRPEUHVREUHODID]GHODWLHUUDTXHPHSXHGDLPSHGLUYROYHU
DODFDVDGHPLIDPLOLD\WHQJDXVWHGODVHJXULGDGGHTXHOHGR\PLUHVSXHVWD 1LSRUORP¡VUHPRWRPLTXHULGR:DWVRQ6XFRPSD±DPHVDWLVIDFH
GHILQLWLYDIUXQFL³HOHQWUHFHMRPLHQWUDVKDEODED\VXURVWURHQURMHFL³ SOHQDPHQWHVLDXVWHGQROHGHVDJUDGDODPD1XHVWURVDPLJRVKDQDFHUWDGR
YLYDPHQWH1RFDEDGXGDGHTXHHOFDU¡FWHUIRJRVRGHORV%DVNHUYLOOHDºQ SRUTXHVLQGXGDHVXQDPD±DQDPX\DGHFXDGDSDUDSDVHDU
VHJXDYLYRHQHOºOWLPRUHWR±RGHODHVWLUSH3RURWUDSDUWHFRQWLQX³
DSHQDVKHWHQLGRWLHPSRGHSHQVDUVREUHWRGRORTXHPHKDQFRQWDGRXVWHGHV 6KHUORFN+ROPHVDFHOHU³ODPDUFKDKDVWDTXHODGLVWDQFLDTXHQRVVHSDUDED
(VPXFKRSHGLUTXHXQDSHUVRQDHQWLHQGD\GHFLGDDODYH]0HJXVWDUD TXHG³UHGXFLGDDODPLWDG/XHJRVLHPSUHPDQWHQL©QGRQRVXQRVFLHQPHWURV
GLVSRQHUGHXQDKRUDGHWUDQTXLOLGDG9DPRVDYHUVH±RU+ROPHVDKRUDVRQ SRUGHWU¡VVHJXLPRVD%DVNHUYLOOH\D0RUWLPHUSRU2[IRUG6WUHHW\GHVSX©V
ODVRQFH\PHGLD\\RYR\DYROYHUGLUHFWDPHQWHDPLKRWHO4X©OHSDUHFHVL SRU5HJHQW6WUHHW(QXQDRFDVL³QQXHVWURVDPLJRVVHGHWXYLHURQDPLUDUXQ
XVWHG\VXDPLJRHOGRFWRU:DWVRQVHUHºQHQDODVGRVFRQQRVRWURV\ HVFDSDUDWH\+ROPHVKL]RORPLVPR8QLQVWDQWHGHVSX©VGHM³HVFDSDUXQOHYH
DOPRU]DPRVMXQWRV"3DUDHQWRQFHVHVWDU©HQFRQGLFLRQHVGHGHFLUOHFRQP¡V JULWRGHVDWLVIDFFL³Q\DOVHJXLUODGLUHFFL³QGHVXPLUDGDYLTXHXQFDEULRO©
FODULGDGF³PRYHRODVFRVDV GHDOTXLOHUTXHVHKDEDGHWHQLGRDORWURODGRGHODFDOOHUHDQXGDED
OHQWDPHQWHODPDUFKD
7LHQHXVWHGDOJºQLQFRQYHQLHQWH:DWVRQ"
b$KHVW¡QXHVWURKRPEUH:DWVRQb9HQJD$OPHQRVWHQGUHPRVRFDVL³QGH
1LQJXQR YHUORDXQTXHQRSRGDPRVKDFHUQDGDP¡V
(QHVHFDVRFXHQWHQFRQQRVRWURV'HEROODPDUDXQFRFKHGHDOTXLOHU" (QDTXHOPRPHQWRPHGLFXHQWDGHTXHXQDSREODGDEDUEDQHJUD\GRVRMRV
PX\SHQHWUDQWHVVHKDEDQYXHOWRKDFLDQRVRWURVSRUODYHQWDQLOODGHOFRFKH
3UHILHURDQGDUSRUTXHHVWHDVXQWRPHKDSXHVWRXQSRFRQHUYLRVR GHDOTXLOHU,QPHGLDWDPHQWHVHDO]³ODWUDPSLOODGHOWHFKRHOFRFKHURUHFLEL³
XQDRUGHQDJULWRV\HOYHKFXORVDOL³GLVSDUDGR5HJHQW6WUHHWDGHODQWH ([DFWDPHQWH
+ROPHVEXVF³DQVLRVDPHQWHFRQODYLVWDRWURFRFKHGHVRFXSDGRSHURQR
KDEDQLQJXQR/XHJRHFK³DFRUUHUGHVHVSHUDGDPHQWHHQWUHODFRUULHQWHGHO b(VXQDO¡VWLPDTXHQRWRP¡UDPRVHOQºPHUR
WU¡ILFRSHURODYHQWDMDHUDGHPDVLDGRJUDQGH\PX\SURQWRHOFDEULRO©VH
SHUGL³GHYLVWD 0LTXHULGR:DWVRQDXQTXHKD\DREUDGRFRQWRUSH]DQRSHQVDU¡XVWHG
VHULDPHQWHTXHKHROYLGDGRHVHSHTXH±RGHWDOOH1XHVWURKRPEUHHVHO
b4X©FRQWUDULHGDGGLMR+ROPHVFRQDPDUJXUDDODSDUWDUVHMDGHDQWH\ 3HURSRUHOPRPHQWRQRQRVVLUYHGHQDGD
S¡OLGRGHLQGLJQDFL³QGHOIOXMRGHYHKFXORV+DH[LVWLGRQXQFDSHRUVXHUWH
\WDPEL©QPD\RUWRUSH]D":DWVRQ:DWVRQVLHVXVWHGKRQHVWRbWHQGU¡TXH 1RYHRTX©P¡VSRGUDXVWHGKDEHUKHFKR
DSXQWDUHVWRHQHOGHEHFRQWUDSRQL©QGRORDPLV©[LWRV
$OGHVFXEULUHOFRFKHGHDOTXLOHUGHEHUDKDEHUGDGRODYXHOWD\KDEHUPH
4XL©QHUDHVHLQGLYLGXR" DOHMDGRSDUDDFRQWLQXDFL³QDOTXLODUFRQWRGDFDOPDXQVHJXQGRFDEULRO©\
VHJXLUDOSULPHURDXQDGLVWDQFLDSUXGHQWHRPHMRUDºQWUDVODGDUPHDOKRWHO
1RWHQJRODPHQRULGHD 1RUWKXPEHUODQG\HVSHUDUDOO
8QHVSD" 'HVSX©VGHTXHHOGHVFRQRFLGRKXELHUDVHJXLGRD%DVNHUYLOOHKDVWDVXFDVD
KDEUDPRVWHQLGRODRSRUWXQLGDGGHMXJDUDVXPLVPRMXHJR\YHUDG³QGHVH
3RUORTXHKHPRVRGRHUDHYLGHQWHTXHD%DVNHUYLOOHORKDQHVWDGR GLULJD©O3HURGHELGRDXQDLPSDFLHQFLDLQGLVFUHWDGHODTXHQXHVWUR
VLJXLHQGRPX\GHFHUFDGHVGHTXHOOHJ³D/RQGUHV'HORFRQWUDULRF³PR FRQWULQFDQWHKDVDELGRDSURYHFKDUVHFRQH[WUDRUGLQDULDFHOHULGDG\HQHUJD
KDEUDSRGLGRVDEHUVHWDQSURQWRTXHVHDORMDEDHQHOKRWHO1RUWKXPEHUODQG" QRVKHPRVWUDLFLRQDGR\ORKHPRVSHUGLGR
6LORKDEDQVHJXLGRHOSULPHUGDHUDO³JLFRTXHWDPEL©QORVLJXLHUDQHO
VHJXQGR4XL]¡VHSHUFDW³XVWHGGHTXHPHOOHJX©GRVYHFHVKDVWDODYHQWDQD 'XUDQWHHVWDFRQYHUVDFL³QKDEDPRVVHJXLGRDYDQ]DQGROHQWDPHQWHSRU
PLHQWUDVHOGRFWRU0RUWLPHUOHDHOWH[WRGHODOH\HQGD 5HJHQW6WUHHW\\DKDFDWLHPSRTXHHOGRFWRU0RUWLPHU\VXDFRPSD±DQWHVH
KDEDQSHUGLGRGHYLVWD
6ORUHFXHUGR
1RWLHQHREMHWRTXHFRQWLQXHPRVGLMR+ROPHV/DSHUVRQDTXHORVVHJXD
4XHUDYHUVLDOJXLHQPHURGHDEDSRUODFDOOHSHURQRKHWHQLGR©[LWR1RV VHKDPDUFKDGR\QRUHDSDUHFHU¡+HPRVGHYHUVLGLVSRQHPRVGHRWURV
HQIUHQWDPRVFRQXQKRPEUHLQWHOLJHQWH:DWVRQ6HWUDWDGHXQDVXQWRPX\ WULXQIRV\MXJDUORVFRQGHFLVL³Q5HFRQRFHUDXVWHGHOURVWURGHOKRPEUHTXH
VHULR\DXQTXHQRKHGHFLGLGRDºQVLHVWDPRVHQFRQWDFWRFRQXQDJHQWH LEDHQHOFDEULRO©"
EHQ©YRORRSHUYHUVRFRQVWDWRVLHPSUHODSUHVHQFLDGHLQWHOLJHQFLD\GHFLVL³Q
$OPDUFKDUVHQXHVWURVDPLJRVORVVHJXDOLQVWDQWHFRQODHVSHUDQ]DGH 6³ORUHFRQRFHUDODEDUED
ORFDOL]DUDVXLQYLVLEOHDFRPSD±DQWHSHURQXHVWURKRPEUHKDWHQLGROD
SUHFDXFL³QGHQRWUDVODGDUVHDSLHVLQRXWLOL]DUXQFRFKHORTXHOHSHUPLWD /RPLVPRPHVXFHGHDPSRUORTXHGHGX]FRTXHFRQWRGDSUREDELOLGDG
UH]DJDUVHRDGHODQWDUORVDWRGDYHORFLGDG\HVFDSDUDVDVXGHWHFFL³Q(VH HUDXQDEDUEDSRVWL]D8QKRPEUHLQWHOLJHQWHTXHOOHYDDFDERXQDPLVL³QWDQ
P©WRGRWLHQHODYHQWDMDDGLFLRQDOGHTXHVLKXELHUDQWRPDGRXQFRFKH\D GHOLFDGDV³ORXWLOL]DXQDEDUEDSDUDGLILFXOWDUVXLGHQWLILFDFL³Qb9HQJD
HVWDEDSUHSDUDGRSDUDVHJXLUORV3HURWLHQHVLQHPEDUJRXQDGHVYHQWDMD FRQPLJR:DWVRQ
/RSRQHDPHUFHGGHOFRFKHUR +ROPHVHQWU³HQXQDGHODVRILFLQDVGHUHFDGHURVGHOGLVWULWRGRQGHHO
JHUHQWHORUHFLEL³GHPDQHUDPX\DIHFWXRVD 'LU¡VTXHVHKDH[WUDYLDGRXQWHOHJUDPDLPSRUWDQWH\TXHORHVW¡VEXVFDQGR
(QWLHQGHV"
<DYHR:LOVRQTXHQRKDROYLGDGRHOFDVRHQTXHWXYHODEXHQDIRUWXQDGH
SRGHUD\XGDUOH 6VH±RU
1RVH±RUOHDVHJXURTXHQRORKHROYLGDGR6DOY³XVWHGPLUHSXWDFL³Q\ 3HURHQUHDOLGDGORTXHYDVDEXVFDUHVXQHMHPSODUGHO7LPHVGHD\HUHQ
TXL]¡WDPEL©QPLYLGD FX\DS¡JLQDFHQWUDOVHKD\DQKHFKRXQRVDJXMHURVFRQWLMHUDV$TXWLHQHVHO
SHUL³GLFRVWDHVODS¡JLQD
([DJHUDXVWHGDPLJRPR6LQRUHFXHUGRPDOFXHQWDXVWHGHQWUHVXV
HPSOHDGRVFRQXQPXFKDFKRDSHOOLGDGR&DUWZULJKWTXHPRVWU³FLHUWRWDOHQWR /DUHFRQRFHU¡VI¡FLOPHQWHQRHVFLHUWR"
GXUDQWHQXHVWUDLQYHVWLJDFL³Q
6VH±RU
6VH±RUWRGDYDVLJXHFRQQRVRWURV
(OSRUWHURWHPDQGDU¡HQFDGDFDVRDOFRQVHUMHDTXLHQWDPEL©QGDU¡VXQ
3RGUDXVWHGOODPDUOR"b0XFKDVJUDFLDV<WDPEL©QPHJXVWDUDTXHPH FKHOQ$TXWLHQHVRWURVYHLQWLWU©VFKHOLQHV(VSRVLEOHTXHHQYHLQWHGHORV
FDPELDUDHVWHELOOHWHGHFLQFROLEUDV YHLQWLWU©VKRWHOHVORVSDSHOHVGHVHFKDGRVGHOGDGHD\HUKD\DQVLGR
TXHPDGRVRHOLPLQDGRV(QORVRWURVWUHVFDVRVWHPRVWUDU¡QXQPRQW³QGH
8QFKLFRGHFDWRUFHD±RVGHURVWURGHVSLHUWR\PLUDGDLQTXLVLWLYDVH SDSHO\EXVFDU¡VHQ©OHVWDS¡JLQDGHO7LPHV/DVSRVLELOLGDGHVHQFRQWUDVRQ
SUHVHQW³HQUHVSXHVWDDODOODPDGDGHOHQFDUJDGR\VHTXHG³PLUDQGRDO HOHYDGVLPDV$TXWLHQHVGLH]FKHOLQHVP¡VSDUDXQDHPHUJHQFLD0¡QGDPH
IDPRVRGHWHFWLYHFRQDLUHUHYHUHQWH XQLQIRUPHSRUWHO©JUDIRD%DNHU6WUHHWDQWHVGHODQRFKH<DKRUD:DWVRQ
V³ORQRVTXHGDGHVFXEULUPHGLDQWHHOWHO©JUDIRODLGHQWLGDGGHQXHVWUR
'©MHPHYHUODJXDGHKRWHOHVGLMR+ROPHV0XFKDVJUDFLDV9DPRVDYHU FRFKHURHOQºPHUROXHJRSDVDUHPRVSRUXQDGHODVJDOHUDVGH%RQG
&DUWZULJKWDTXWLHQHVORVQRPEUHVGHYHLQWLWU©VKRWHOHVWRGRVHQODV 6WUHHW\RFXSDUHPRVHOWLHPSRYLHQGRFXDGURVKDVWDHOPRPHQWRGHQXHVWUD
LQPHGLDFLRQHVGH&KDULQJ&URVV FLWDHQHOKRWHO
/RVYHV"
6VH±RU
9DVDYLVLWDUORVWRGRVXQRDXQR
6VH±RU
(PSH]DU¡VHQFDGDFDVRSRUGDUXQFKHOQDOSRUWHUR$TXWLHQHVYHLQWLWU©V
FKHOLQHV
6VH±RU
/HGLU¡VTXHTXLHUHVYHUHOFRQWHQLGRGHODVSDSHOHUDVTXHVHYDFLDURQD\HU
*ORXFHVWHU
7UHVFDERVURWRV
6LHPSUHVHDORMDHQQXHVWURKRWHOFXDQGRYLHQHD/RQGUHV
6KHUORFN+ROPHVSRVHDGHPDQHUDPX\QRWDEOHODFDSDFLGDGGH
0XFKDVJUDFLDVPHWHPRTXHQRWHQJRHOKRQRUGHFRQRFHUOD+HPRV
GHVHQWHQGHUVHDYROXQWDG3RUHVSDFLRGHGRVKRUDVSDUHFL³ROYLGDUVHGHO
REWHQLGRXQGDWRPX\LPSRUWDQWHFRQHVDVSUHJXQWDV:DWVRQFRQWLQX³
H[WUD±RDVXQWRTXHQRVWHQDRFXSDGRVSDUDFRQVDJUDUVHSRUHQWHURDORV
+ROPHVHQYR]EDMDPLHQWUDVVXEDPRVMXQWRVODHVFDOHUD6DEHPRV\DTXH
FXDGURVGHORVPRGHUQRVPDHVWURVEHOJDV<
ODVSHUVRQDVTXHVLHQWHQWDQWRLQWHU©VSRUQXHVWURDPLJRQRVHDORMDQDTX
GHVGHTXHVDOLPRVGHODJDOHUDKDVWDTXHOOHJDPRVDOKRWHO1RUWKXPEHUODQG (VRVLJQLILFDTXHVLELHQFRPR\DKHPRVYLVWRHVW¡QDQVLRVRVGHYLJLODUOR
KDEO³H[FOXVLYDPHQWHGHDUWHWHPDVREUHHOTXHWHQDLGHDVPX\HOHPHQWDOHV OHVSUHRFXSDLJXDOPHQWHTXH6LU+HQU\SXHGDYHUORV<HVRHVXQKHFKRPX\
VXJHUHQWH
6LU+HQU\%DVNHUYLOOHORVHVSHUDHQVXKDELWDFL³QGLMRHOUHFHSFLRQLVWD0H
KDSHGLGRTXHOHVKLFLHUDVXELUHQFXDQWROOHJDUDQ 4X©HVORTXHVXJLHUH"
7LHQHLQFRQYHQLHQWHHQTXHFRQVXOWHVXUHJLVWUR"GLMR+ROPHV 6XJLHUHbYD\D4X©OHVXFHGHPLTXHULGRDPLJR"$OWHUPLQDUGHVXELUOD
HVFDOHUDQRVWURSH]DPRVFRQ6LU+HQU\%DVNHUYLOOHHQSHUVRQDFRQHOURVWUR
1LQJXQR HQFHQGLGRSRUODLQGLJQDFL³Q\HPSX±DQGRXQDERWDPX\XVDGD\
SROYRULHQWD(VWDEDWDQIXULRVRTXHDSHQDVVHOHHQWHQGD\FXDQGRSRUILQ
(QHOUHJLVWURDSDUHFDQGRVHQWUDGDVGHVSX©VGHODGH%DVNHUYLOOH KDEO³FRQFODULGDGORKL]RFRQXQDFHQWRDPHULFDQRPXFKRP¡VPDUFDGRGHO
7KHRSKLOXV-RKQVRQ\IDPLOLDGH1HZFDVWOH\ODVH±RUD2OGPRUHFRQVX TXHKDEDXWLOL]DGRSRUODPD±DQD
GRQFHOODGH+LJK/RGJH$OWRQ
0HSDUHFHTXHPHKDQWRPDGRSRUWRQWRHQHVWHKRWHOH[FODP³3HURFRPR
6LQGXGDHVWH-RKQVRQHVXQYLHMRFRQRFLGRPROHGLMR+ROPHVDOFRQVHUMH QRWHQJDQFXLGDGRGHVFXEULU¡QPX\SURQWRTXHGRQGHODVGDQODVWRPDQ3RU
1RVHWUDWDGHXQDERJDGRGHFDEHOORJULVFRQXQDOHYHFRMHUD" WRGRVORVGHPRQLRVVLHVHWLSRQRHQFXHQWUDODERWDTXHPHIDOWDDTXYDD
KDEHUP¡VTXHSDODEUDV6©DFHSWDUXQDEURPDFRPRHOTXHP¡VVH±RU
1RVH±RUVHWUDWDGHOVH±RU-RKQVRQSURSLHWDULRGHPLQDVGHFDUE³QXQ +ROPHVSHURHVWR\DSDVDGHFDVWD±RRVFXUR
FDEDOOHURPX\DFWLYRQRPD\RUTXHXVWHG
$ºQVLJXHEXVFDQGRODERWD"
(VW¡VHJXURGHQRHTXLYRFDUVHVREUHVXRFXSDFL³Q"
$VHV\HVWR\GHFLGLGRDHQFRQWUDUOD
1RVH±RUYLHQHDHVWHKRWHOGHVGHKDFHPXFKRVD±RV\ORFRQRFHPRVPX\
ELHQ 3HURQRGLMRXVWHGTXHHUDXQDERWDQXHYDGHFRORUPDUU³Q"
(QHVHFDVRQRKD\P¡VTXHKDEODU3HURVH±RUD2OGPRUHWDPEL©QPH $VHUDVH±RUPR<DKRUDVHWUDWDGHRWUDQHJUD\YLHMD
SDUHFHUHFRUGDUHVHDSHOOLGR3HUGRQHPLFXULRVLGDGSHURFRQIUHFXHQFLDDO
LUDYLVLWDUDXQDPLJRVHHQFXHQWUDDRWUR b&³PR4XLHUHXVWHGGHFLU"
(VXQDGDPDHQIHUPDVH±RU6XHVSRVRIXHHQRWURWLHPSRDOFDOGHGH (VRHVH[DFWDPHQWHORTXHTXLHURGHFLU6³ORWHQDWUHVSDUHVODVPDUURQHV
QXHYDVODVQHJUDVYLHMDV\ORV]DSDWRVGHFKDUROTXHVRQORVTXHOOHYR
SXHVWRV$QRFKHVHOOHYDURQXQDPDUU³Q\KR\PHKDGHVDSDUHFLGRXQDQHJUD (ODOPXHU]RIXHPX\DJUDGDEOHDXQTXHHQVXWUDQVFXUVRDSHQDVVHGLMRQDGD
9HDPRVODKDHQFRQWUDGRXVWHG"b+DEOHFDUDPED\QRVHPHTXHGH GHODVXQWRTXHQRVKDEDUHXQLGR7DQV³ORFXDQGRQRVUHWLUDPRVDXQDVDOD
PLUDQGR GHHVWDUSULYDGD+ROPHVSUHJXQW³D%DVNHUYLOOHFX¡OHVHUDQVXVLQWHQFLRQHV
+DEDDSDUHFLGRHQHVFHQDXQFDPDUHURDOHP¡QSUHVDGHJUDQQHUYLRVLVPR 7UDVODGDUPHDODPDQVL³QGHORV%DVNHUYLOOH
1RVH±RUKHSUHJXQWDGRSRUWRGRHOKRWHOSHURQDGLHVDEHQDGD <FX¡QGR"
3XHVRDSDUHFHODERWDDQWHVGHTXHVHSRQJDHOVRORLU©DYHUDOJHUHQWH $ILQDOHVGHVHPDQD
SDUDGHFLUOHTXHPHPDUFKRLQPHGLDWDPHQWHGHOKRWHO
&UHRTXHHQFRQMXQWRGLMR+ROPHVVXGHFLVL³QHVDFHUWDGD7HQJR
$SDUHFHU¡VH±RUOHSURPHWRTXHVLWLHQHXVWHGXQSRFRGHSDFLHQFLDOD VXILFLHQWHVSUXHEDVGHTXHHVW¡XVWHGVLHQGRVHJXLGRHQ/RQGUHV\HQWUHORV
HQFRQWUDUHPRV PLOORQHVGHKDELWDQWHVGHHVWDJUDQFLXGDGHVGLILFLOGHVFXEULUTXL©QHVVRQ
HVDVSHUVRQDV\FX¡OSXHGDVHUVXSURS³VLWR6LVXLQWHQFL³QHVKDFHUHOPDO
1RVHOHROYLGHSRUTXHHVORºOWLPRTXHYR\DSHUGHUHQHVWDJXDULGDGH SXHGHQGDUOHXQGLVJXVWR\QRHVWDUDPRVHQFRQGLFLRQHVGHLPSHGLUOR
ODGURQHV 6DEDXVWHGGRFWRU0RUWLPHUTXHDOJXLHQORVVHJXDHVWDPD±DQDDOVDOLUGH
PLFDVD"
3HUGRQHVH±RU+ROPHVTXHOHPROHVWHSRUDOJRWDQLQVLJQLILFDQWH
(OGRFWRU0RUWLPHUWXYRXQYLROHQWRVREUHVDOWR
&UHRTXHHVW¡MXVWLILFDGRSUHRFXSDUVH
b6HJXLGRV3RUTXL©Q"
9HRTXHOHSDUHFHXQDVXQWRVHULR
(VRHVORTXHGHVJUDFLDGDPHQWHQRSXHGRGHFLUOHV
&³PRORH[SOLFDXVWHG"
(QWUHVXVYHFLQRVRFRQRFLGRVGH'DUWPRRUKD\DOJXLHQGHSHORQHJURTXH
1RWUDWRGHH[SOLFDUOR0HSDUHFHODFRVDP¡VDEVXUGD\P¡VH[WUD±DTXHPH VHGHMHODEDUED"
KDVXFHGLGRQXQFD
1RHVSHUHG©MHPHSHQVDUVFODUR%DUU\PRUHHOPD\RUGRPRGH6LU
/DP¡VH[WUD±DTXL]¡GLMR+ROPHVSHQVDWLYR &KDUOHVHVXQKRPEUHPX\PRUHQRFRQEDUED
&X¡OHVVXRSLQL³Q" b$M¡'³QGHHVW¡%DUU\PRUH"
1RSUHWHQGRHQWHQGHUORWRGDYD(VWHFDVRVX\RHVPX\FRPSOLFDGR6LU 7LHQHDVXFDUJRODPDQVL³QGHORV%DVNHUYLOOH
+HQU\&XDQGRORUHODFLRQRFRQODPXHUWHGHVXWRGXGRGHTXHHQWUHORV
TXLQLHQWRVFDVRVGHLPSRUWDQFLDFDSLWDOFRQTXHPHKHHQIUHQWDGRKDVWDDKRUD 6HU¡PHMRUTXHQRVDVHJXUHPRVGHTXHVLJXHDOORGHVLSRUHOFRQWUDULRKD
KD\DKDELGRDOJXQRTXHSUHVHQWDUDP¡VGLILFXOWDGHV'LVSRQHPRVGHYDULDV WHQLGRRFDVL³QGHWUDVODGDUVHD/RQGUHV
SLVWDV\HVSUREDEOHTXHXQDXRWUDQRVOOHYHKDVWDODYHUGDG4XL]¡SHUGDPRV
WLHPSRVLJXLHQGRXQDIDOVDSHURP¡VSURQWRRP¡VWDUGHGDUHPRVFRQOD &³PRSXHGHXVWHGDYHULJXDUOR"
FRUUHFWD
'©PHXQLPSUHVRSDUDWHOHJUDPDVl(VW¡WRGROLVWRSDUD6LU+HQU\"{(VR b9D\D<DDOJXLHQP¡V"
EDVWDU¡
+XERPXFKDVVXPDVLQVLJQLILFDQWHVSDUDRWUDVSHUVRQDV\WDPEL©QVHDWHQGL³
'LULJLGRDOVH±RU%DUU\PRUHPDQVL³QGHORV%DVNHUYLOOH&X¡OHVODRILFLQD DXQJUDQQºPHURGHREUDVGHFDULGDG7RGRORGHP¡VTXHGDSDUD6LU+HQU\
GHWHO©JUDIRVP¡VSU³[LPD"*ULPSHQ'HDFXHUGRHQYLDUHPRVXQVHJXQGR
FDEOHDOMHIHGHFRUUHRVGH*ULPSHQl7HOHJUDPDSDUDHQWUHJDUHQPDQRDO <DFX¡QWRDVFHQGDORGHP¡V"6HWHFLHQWDVFXDUHQWDPLOOLEUDV+ROPHV
VH±RU%DUU\PRUH6LHVW¡DXVHQWHGHYROYHUSRUIDYRUD6LU+HQU\%DVNHUYLOOH DO]³ODVFHMDVVRUSUHQGLGR
KRWHO1RUWKXPEHUODQG{(VRGHEHU¡SHUPLWLUQRVVDEHUDQWHVGHODQRFKHVL
%DUU\PRUHHVW¡HQVXSXHVWRRVHKDDXVHQWDGR ,JQRUDEDTXHVHWUDWDVHGHXQDVXPDWDQHQRUPHGLMR6HGDEDSRUVHQWDGR
TXH6LU&KDUOHVHUDULFRSHURV³ORKHPRVVDELGRKDVWDTX©SXQWRDO
$VXQWRUHVXHOWRGLMR%DVNHUYLOOH3RUFLHUWRGRFWRU0RUWLPHUTXL©QHV LQYHQWDULDUVXVYDORUHV/DKHUHQFLDDVFHQGDHQWRWDODFDVLXQPLOO³Q
HVH%DUU\PRUHGHWRGDVIRUPDV"
b&LHORVDQWR3RUHVDDSXHVWDVHSXHGHLQWHQWDUXQDMXJDGDGHVHVSHUDGD<
(VHOKLMRGHODQWLJXRJXDUGDTXH\DPXUL³/RV%DUU\PRUHOOHYDQFXDWUR XQDSUHJXQWDP¡VGRFWRU0RUWLPHU6LOHVXFHGLHUDDOJRDQXHVWURMRYHQ
JHQHUDFLRQHVFXLGDQGRGHODPDQVL³Q+DVWDGRQGHVHPHDOFDQ]D©O\VX DPLJRDTXSUHVHQWHSHUG³QHPHHVWDKLS³WHVLVWDQGHVDJUDGDEOHTXL©Q
PXMHUIRUPDQXQDSDUHMDWDQUHVSHWDEOHFRPRFXDOTXLHUDGHOFRQGDGR KHUHGDUDODIRUWXQDGH6LU&KDUOHV"
$OPLVPRWLHPSRGLMR%DVNHUYLOOHHVW¡EDVWDQWHFODURTXHPLHQWUDVHQOD 'DGRTXH5RGJHU%DVNHUYLOOHHOKHUPDQRSHTXH±RPXUL³VROWHUROD
PDQVL³QQRKD\DQDGLHGHPLIDPLOLDHVDVSHUVRQDVGLVIUXWDQGHXQH[FHOHQWH KHUHQFLDSDVDUDDORV'HVPRQGTXHVRQSULPRVOHMDQRV-DPHV'HVPRQGHV
KRJDU\FDUHFHQGHREOLJDFLRQHV XQFO©ULJRGHDYDQ]DGDHGDGTXHYLYHHQ:HVWPRUODQG
(VRHVFLHUWR 0XFKDVJUDFLDV7RGRVHVWRVGHWDOOHVVRQGHJUDQLQWHU©V&RQRFHXVWHGDO
VH±RU-DPHV'HVPRQG"
'HM³6LU&KDUOHVDOJRDORV%DUU\PRUHHQVXWHVWDPHQWR"SUHJXQW³
+ROPHV 6HQXQDRFDVL³QYLQRDYLVLWDUD6LU&KDUOHV(VXQKRPEUHGHDVSHFWR
YHQHUDEOH\GHYLGDQWHJUD5HFXHUGRTXHDSHVDUGHODLQVLVWHQFLDGH6LU
O\VXPXMHUUHFLELHURQTXLQLHQWDVOLEUDVFDGDXQR &KDUOHVVHQHJ³DDFHSWDUODDVLJQDFL³QTXHOHRIUHFD
b$K(VWDEDQDOFRUULHQWHGHTXHLEDQDUHFLELUHVDFDQWLGDG" <HVHKRPEUHGHJXVWRVVHQFLOORVVHUDHOKHUHGHURGHODIRUWXQD"
66LU&KDUOHVHUDPX\DILFLRQDGRDKDEODUGHODVGLVSRVLFLRQHVGHVX +HUHGDUDODSURSLHGDGSRUTXHHVW¡YLQFXODGD<WDPEL©QKHUHGDUDHOGLQHUR
WHVWDPHQWR DQRVHUTXHHODFWXDOSURSLHWDULRTXHFRPRHVO³JLFRSXHGHKDFHUORTXH
TXLHUDFRQ©OOHGLHUDRWURGHVWLQRHQVXWHVWDPHQWR
(VRHVPX\LQWHUHVDQWH
+DKHFKRXVWHGWHVWDPHQWR6LU+HQU\"
(VSHURGLMRHOGRFWRUTXHQRFRQVLGHUHXVWHGVRVSHFKRVDVDWRGDVODV
SHUVRQDVTXHKDQUHFLELGRXQOHJDGRGH6LU&KDUOHVSRUTXHWDPEL©QDPPH 1RVH±RU+ROPHVQRORKHKHFKR1RKHWHQLGRWLHPSRSRUTXHV³ORGHVGH
GHM³PLOOLEUDV D\HUHVWR\DOFRUULHQWHGHWRGR3HURHQFXDOTXLHUFDVRFUHRTXHHOGLQHURQR
GHEHVHSDUDUVHQLGHOWWXORQLGHODSURSLHGDG(VDHUDODLGHDGHPLSREUHWR
&³PRVHUDSRVLEOHUHVWDXUDUHOHVSOHQGRUGHORV%DVNHUYLOOHVLQRVHGLVSRQH GHORV%DVNHUYLOOH\PHD\XGDDVDOLUGHODSXURQRORROYLGDU©QXQFD
GHOGLQHURQHFHVDULRSDUDPDQWHQHUODSURSLHGDG"/DFDVDODWLHUUD\HOGLQHUR
GHEHQLUMXQWRV 6LHPSUHPHKDIDVFLQDGRODSRVLELOLGDGGHXQDDYHQWXUD\PHVHQWDDGHP¡V
KDODJDGRSRUODVSDODEUDVGH+ROPHV\SRUHOHQWXVLDVPRFRQTXHHOEDURQHW
$VHV%LHQ6LU+HQU\HVWR\FRPSOHWDPHQWHGHDFXHUGRFRQXVWHGHQ PHKDEDDFHSWDGRSRUFRPSD±HUR
FXDQWRDODFRQYHQLHQFLDGHTXHVHWUDVODGHVLQWDUGDQ]DD'HYRQVKLUH3HUR
KD\XQDPHGLGDTXHGHERWRPDU(QQLQJºQFDVRSXHGHXVWHGLUVROR ,U©FRQPXFKRJXVWRGLMH1RFUHRTXHSXGLHUDHPSOHDUPLWLHPSRGH
PHMRUPDQHUD
(OGRFWRU0RUWLPHUUHJUHVDFRQPLJR
7DPEL©QVHRFXSDU¡XVWHGGHLQIRUPDUPHFRQWRGDSUHFLVL³QGLMR+ROPHV
3HURHOGRFWRU0RUWLPHUWLHQHTXHDWHQGHUDVXVSDFLHQWHV\VXFDVDHVW¡D &XDQGRVHSURGX]FDXQDFULVLVFRPRVLQGXGDVXFHGHU¡OHLQGLFDU©ORTXH
YDULRVNLO³PHWURVGHODGHXVWHG+DVWDFRQODPHMRUYROXQWDGGHOPXQGR WLHQHTXHKDFHU(VWDU¡QXVWHGHVOLVWRVSDUDHOV¡EDGR"
SXHGHQRHVWDUHQFRQGLFLRQHVGHD\XGDUOH1R6LU+HQU\WLHQHXVWHGTXH
OOHYDUFRQVLJRDDOJXLHQGHFRQILDQ]DTXHSHUPDQH]FDFRQVWDQWHPHQWHDVX /HFRQYHQGU¡HVHGDDOGRFWRU:DWVRQ"
ODGR
1RKD\QLQJºQSUREOHPD
([LVWHODSRVLELOLGDGGHTXHYHQJDXVWHGFRQPLJRVH±RU+ROPHV"
(QHVHFDVR\VLQRWLHQHXVWHGQRWLFLDVHQFRQWUDHOV¡EDGRQRVUHXQLUHPRV
6LOOHJDUDDSURGXFLUVHXQDFULVLVPHHVIRU]DUDSRUHVWDUSUHVHQWHSHURVLQ HQ3DGGLQJWRQSDUDWRPDUHOWUHQGHODV
GXGDHQWHQGHU¡XVWHGSHUIHFWDPHQWHTXHGDGDODDPSOLWXGGHPLFOLHQWHOD\
ODVFRQVWDQWHVSHWLFLRQHVGHD\XGDTXHPHOOHJDQGHWRGDVSDUWHVPHUHVXOWH 1RVKDEDPRVOHYDQWDGR\DSDUDPDUFKDUQRVFXDQGR%DVNHUYLOOHODQ]³XQ
LPSRVLEOHDXVHQWDUPHGH/RQGUHVSRUWLHPSRLQGHILQLGR(QHOPRPHQWR JULWRGHWULXQIR\ODQ]¡QGRVHKDFLDXQRGHORVULQFRQHVGHODKDELWDFL³QVDF³
DFWXDOXQRGHORVDSHOOLGRVP¡VUHVSHWDGRVGH,QJODWHUUDHVW¡VLHQGR XQDERWDPDUU³QGHGHEDMRGHXQDUPDULR
PDQFLOODGRSRUXQFKDQWDMLVWD\ºQLFDPHQWH\RSXHGRLPSHGLUXQHVF¡QGDOR
GHVDVWURVR&RPSUHQGHU¡XVWHGORLPSRVLEOHTXHPHUHVXOWDWUDVODGDUPHD b/DERWDTXHPHIDOWDEDH[FODP³
'DUWPRRU
b2MDO¡WRGDVQXHVWUDVGLILFXOWDGHVGHVDSDUH]FDQWDQI¡FLOPHQWHGLMR
(QWRQFHVDTXL©QUHFRPHQGDUDXVWHG"+ROPHVPHSXVRODPDQRHQHO 6KHUORFN+ROPHV
EUD]R
5HVXOWDPX\H[WUD±RGHWRGDVIRUPDVVH±DO³HOGRFWRU0RUWLPHU5HJLVWU©
6LPLDPLJRHVW¡GLVSXHVWRDDFRPSD±DUOHQRKD\SHUVRQDTXHUHVXOWHP¡V FXLGDGRVDPHQWHODKDELWDFL³QDQWHVGHODOPXHU]R
ºWLOHQXQDVLWXDFL³QGLILFLO1DGLHORSXHGHGHFLUFRQP¡VVHJXULGDGTXH\R
<\RKLFHORPLVPRD±DGL³%DVNHUYLOOH&HQWPHWURDFHQWPHWUR
$TXHOODSURSXHVWDIXHXQDVRUSUHVDWRWDOSDUDPSHURDQWHVGHTXHSXGLHUD
1RKDEDQLQJXQDERWD
UHVSRQGHU%DVNHUYLOOHPHWRP³ODPDQR\ODHVWUHFK³FRUGLDOPHQWH
(QHVHFDVRWLHQHTXHKDEHUODFRORFDGRDKHOFDPDUHURPLHQWUDV
9D\DGRFWRU:DWVRQHVXVWHGPX\DPDEOHGLMR<DYHODFODVHGHSHUVRQD
DOPRU]¡EDPRV
TXHVR\\VDEHGHHVWHDVXQWRWDQWRFRPR\R6LYLHQHFRQPLJRDODPDQVL³Q
6HOODP³DODOHP¡QTXLHQDVHJXU³QRVDEHUQDGDGHDTXHODVXQWR\HOPLVPR /DRILFLQDFHQWUDOPHKDKHFKRVDEHUTXHXQFDEDOOHURTXHYLYHDTXKD
UHVXOWDGRQHJDWLYRGLHURQRWUDVSHVTXLVDV6HKDEDD±DGLGRXQHOHPHQWRP¡V SUHJXQWDGRSRUHOGLMR/OHYRVLHWHD±RVFRQGXFLHQGRHOFDEULRO©\QR
DODVHULHFRQVWDQWHGHSHTXH±RVPLVWHULRVHQDSDULHQFLDVLQVHQWLGRTXHVH KHWHQLGRQXQFDODPHQRUTXHMD
VXFHGDQXQRVDRWURVFRQJUDQUDSLGH]
9HQJRGLUHFWDPHQWHGHOGHS³VLWRSDUDSUHJXQWDUOHFDUDDFDUDTX©HVORTXH
'HMDQGRDXQODGRODPDFDEUDKLVWRULDGHODPXHUWHGH6LU&KDUOHV WLHQHFRQWUDP
FRQW¡EDPRVFRQXQDFDGHQDGHLQFLGHQWHVLQH[SOLFDEOHVWRGRVHQHOHVSDFLR
GHFXDUHQWD\RFKRKRUDVHQWUHORVTXHILJXUDEDQODUHFHSFL³QGHODFDUWD 1RWHQJRQDGDFRQWUDXVWHGEXHQKRPEUHGLMRPLDPLJR(VWR\GLVSXHVWR
FRQIHFFLRQDGDFRQUHFRUWHVGHSHUL³GLFRHOHVSDGHEDUEDQHJUDHQHO SRUHOFRQWUDULRDGDUOHPHGLRVREHUDQRVLFRQWHVWDFRQFODULGDGDPLV
FDEULRO©ODGHVDSDULFL³QGHODERWDPDUU³QUHFL©QFRPSUDGDODGHODYLHMD SUHJXQWDV
ERWDQHJUD\DKRUDODUHDSDULFL³QGHODQXHYD+ROPHVJXDUG³VLOHQFLRHQHO
FRFKHGHFDEDOORVPLHQWUDVUHJUHV¡EDPRVD%DNHU6WUHHW\VXVFHMDVIUXQFLGDV %XHQRODYHUGDGHVTXHKR\KHWHQLGRXQEXHQGDb\DORFUHRTXHVGLMR
\ODLQWHQVLGDGGHVXH[SUHVL³QPHKDFDQVDEHUTXHVXPHQWHFRPRODPD HOFRFKHURFRQXQDVRQULVD4X©TXLHUHXVWHGSUHJXQWDUPHFDEDOOHUR"
HVWDEDRFXSDGDWUDWDQGRGHHQFRQWUDUXQDH[SOLFDFL³QTXHSHUPLWLHUDHQFDMDU
WRGRVDTXHOORVH[WUD±RVHSLVRGLRVVLQFRQH[L³QDSDUHQWH $QWHVGHQDGDVXQRPEUH\GLUHFFL³QSRUVLYROYLHUDDQHFHVLWDUOH
'HYXHOWDDFDVDSHUPDQHFL³WRGDODWDUGH\KDVWDELHQHQWUDGDODQRFKH -RKQ&OD\WRQGHOQºPHURGH7XUSH\6WUHHWHQHO%RURXJK(QFLHUURHO
VXPHUJLGRHQHOWDEDFR\HQVXVSHQVDPLHQWRV FDEULRO©HQHOGHS³VLWR6KLSOH\FHUFDGHODHVWDFL³QGH:DWHUORR
3RFRDQWHVGHODFHQDOOHJDURQGRVWHOHJUDPDV(OSULPHURGHFDDV 6KHUORFN+ROPHVWRP³QRWD
l$FDERGHVDEHUTXH%DUU\PRUHHVW¡HQODPDQVL³Q%$6.(59,//({ 9DPRVDYHU&OD\WRQFX©QWHPHWRGRORTXHVHSDDFHUFDGHOFOLHQWHTXH
HVWXYRYLJLODQGRHVWDFDVDDODVGLH]GHODPD±DQD\VLJXL³GHVSX©VDGRV
<HOVHJXQGR FDEDOOHURVSRU5HJHQW6WUHHW
l9HLQWLWU©VKRWHOHVYLVLWDGRVVLJXLHQGRLQVWUXFFLRQHVSHURODPHQWRLQIRUPDU (OFRFKHURSDUHFL³VRUSUHQGLGR\XQWDQWRDYHUJRQ]DGR
KDVLGRLPSRVLEOHHQFRQWUDUKRMDFRUWDGDGHO7LPHV&$57:5,*+7{
9D\DQRYR\DSRGHUGHFLUOHJUDQFRVDSRUTXHDOSDUHFHU\DVDEHXVWHG
'RVGHPLVSLVWDVTXHVHGHVYDQHFHQ:DWVRQ1RKD\QDGDWDQHVWLPXODQWH WDQWRFRPR\R
FRPRXQFDVRHQHOTXHWRGRVHSRQHHQFRQWUD+HPRVGHVHJXLUEXVFDQGR
UHVSRQGL³/DYHUGDGHVTXHDTXHOVH±RUPHGLMRTXHHUDGHWHFWLYH\TXHQR
$ºQQRVTXHGDHOFRFKHURTXHWUDQVSRUWDEDDOHVSD([DFWDPHQWH+H GLMHUDQDGDDQDGLHDFHUFDGH©O
PDQGDGRXQWHOHJUDPDDOUHJLVWURRILFLDOSDUDTXHQRVIDFLOLWHVXQRPEUH\
GLUHFFL³Q1RPHVRUSUHQGHUDTXHHVWRIXHUDXQDUHVSXHVWDDPLSUHJXQWD/D 6HWUDWDGHXQDVXQWRPX\JUDYHEXHQKRPEUH\TXL]¡VHHQFRQWUDUDXVWHG
OODPDGDDOWLPEUHGHODFDVDUHVXOW³VLQHPEDUJRP¡VVDWLVIDFWRULDDºQTXH HQXQDVLWXDFL³QPX\GLIFLOVLWUDWDVHGHRFXOWDUPHDOJR(OFOLHQWHOHGLMR
XQDUHVSXHVWDSRUTXHVHDEUL³ODSXHUWD\HQWU³XQLQGLYLGXRGHDVSHFWRWRVFR TXHHUDGHWHFWLYH"6VH±RUHVRIXHORTXHGLMR
TXHHUDHYLGHQWHPHQWHHOFRFKHURHQSHUVRQD
&X¡QGRVHORGLMR"
$OPDUFKDUVH (VR\DORV©GLMR+ROPHV
'LMRDOJRP¡V" +DVWDUHFRUUHUODVWUHVFXDUWDVSDUWHVGH5HJHQW6WUHHW(QWRQFHVPLFOLHQWH
OHYDQW³ODWUDPSLOOD\JULW³TXHPHGLULJLHUDDODHVWDFL³QGH:DWHUORRORP¡V
0HGLMRF³PRVHOODPDED GHSULVDTXHSXGLHUD
+ROPHVPHODQ]³XQDU¡SLGDPLUDGDGHWULXQIR )XVWLJX©DOD\HJXD\OOHJDPRVHQPHQRVGHGLH]PLQXWRV'HVSX©VPHSDJ³
ODVGRVJXLQHDVFRPRKDEDSURPHWLGR\HQWU³HQODHVWDFL³Q3HURHQHO
'HPDQHUDTXHOHGLMRF³PRVHOODPDED"(VRIXHXQDLPSUXGHQFLD<FX¡O PRPHQWRGHPDUFKDUVHVHGLRODYXHOWD\GLMRl4XL]¡OHLQWHUHVHVDEHUTXHKD
HUDVXQRPEUH" HVWDGROOHYDQGRDOVH±RU6KHUORFN+ROPHV{'HHVDPDQHUDVXSHF³PRVH
OODPDED
'LMROODPDUVH6KHUORFN+ROPHV
(QWLHQGR<\DQRYROYL³DYHUOR"
1XQFDKHYLVWRDPLDPLJRWDQVRUSUHQGLGRFRPRDQWHODUHVSXHVWDGHO
FRFKHUR3RUXQLQVWDQWHHODVRPEUROHGHM³VLQSDODEUDV/XHJRODQ]³XQD 1RXQDYH]TXHHQWU³HQODHVWDFL³Q
FDUFDMDGD
<F³PRGHVFULELUDXVWHGDOVH±RU6KHUORFN+ROPHV"
b7RFDGR:DWVRQb7RFDGRVLQGXGDGLMR$GYLHUWRODSUHVHQFLDGHXQ
IORUHWHWDQU¡SLGR\IOH[LEOHFRPRHOPR(QHVWDRFDVL³QKDFRQVHJXLGRXQ (OFRFKHURVHUDVF³ODFDEH]D
EODQFRH[FHOHQWH'HPDQHUDTXHVHOODPDED6KHUORFN+ROPHVQRHVHVR"
%XHQRDGHFLUYHUGDGQRHUDXQFDEDOOHURI¡FLOGHGHVFULELU8QRVFXDUHQWD
6VH±RUHVRPHGLMR D±RVGHHGDG\HVWDWXUDPHGLDFXDWURRVHLVFHQWPHWURVP¡VEDMRTXHXVWHG
,EDYHVWLGRFRPRXQGDQGLOOHYDEDEDUEDPX\QHJUDFRUWDGDHQUHFWRSRU
b0DJQILFR&X©QWHPHG³QGHORUHFRJL³\WRGRORTXHSDV³ DEDMR\WHQDODWH]S¡OLGD0HSDUHFHTXHHVRHVWRGRORTXHUHFXHUGR
0HSDU³DODVQXHYH\PHGLDHQ7UDIDOJDU6TXDUH'LMRTXHHUDGHWHFWLYH\ &RORUGHORVRMRV"
PHRIUHFL³GRVJXLQHDVVLVHJXDH[DFWDPHQWHVXVLQVWUXFFLRQHVGXUDQWHWRGR
HOGD\QRKDFDSUHJXQWDV$FHSW©FRQPXFKRJXVWR3ULPHURQRVGLULJLPRV 1RHVRQRORV©
DOKRWHO1RUWKXPEHUODQG\HVSHUDPRVDOOKDVWDTXHVDOLHURQGRVFDEDOOHURV\
DOTXLODURQXQFRFKHGHODILODTXHHVSHUDEDGHODQWHGHODSXHUWD/RVHJXLPRV 1RUHFXHUGDXVWHGQDGDP¡V"
KDVWDTXHVHSDU³HQXQVLWLRFHUFDGHDTX
1RVH±RUQDGDP¡V
(VWDPLVPDSXHUWDGLMR+ROPHV
%LHQHQHVHFDVRDTXWLHQHVXPHGLRVREHUDQR+D\RWURHVSHU¡QGROHVLPH
%XHQRHVRQRORV©FRQFHUWH]DSHURDVHJXUDUDTXHPLFOLHQWHFRQRFDPX\ WUDHDOJXQDLQIRUPDFL³QP¡Vb%XHQDVQRFKHV
ELHQHOVLWLR1RVGHWXYLPRVDFLHUWDGLVWDQFLD\HVSHUDPRVGXUDQWHKRUD\
PHGLD/XHJRORVGRVFDEDOOHURVSDVDURQDQXHVWURODGRDSLH\ORVIXLPRV %XHQDVQRFKHVVH±RU\bPXFKDVJUDFLDV
VLJXLHQGRSRU%DNHU6WUHHW\DORODUJRGH
-RKQ&OD\WRQVHPDUFK³ULHQGRHQWUHGLHQWHV\+ROPHVVHYROYL³KDFLDPFRQ
XQHQFRJLPLHQWRGHKRPEURV\XQDVRQULVDGHWULVWH]D SHUVHFXFL³Q&UHRVLQFHUDPHQWHTXHSRGHPRVHOLPLQDUORGHQXHVWURV
F¡OFXORV1RVTXHGDQODVSHUVRQDVTXHHQHOPRPHQWRSUHVHQWHFRQYLYHQFRQ
6HKDURWRQXHVWURWHUFHUFDER\KHPRVWHUPLQDGRGRQGHHPSH]DPRVGLMR 6LU+HQU\HQHOS¡UDPR
(VHDVWXWRJUDQXMDVDEDHOQºPHURGHQXHVWUDFDVDVDEDTXH6LU+HQU\
%DVNHUYLOOHKDEDYHQLGRDYHUPHPHUHFRQRFL³HQ5HJHQW6WUHHWVXSXVRTXH 1RKDEUDTXHOLEUDUVHHQSULPHUOXJDUGHOPDWULPRQLR%DUU\PRUH"
PHKDEDILMDGRHQHOQºPHURGHOFDEULRO©\TXHDFDEDUDSRUORFDOL]DUDO
FRFKHUR\GHFLGL³HQYLDUPHHVHPHQVDMHLPSHUWLQHQWH6HORDVHJXUR 1RQRHVRVHUDXQHUURULPSHUGRQDEOH6LVRQLQRFHQWHVFRPHWHUDPRVXQD
:DWVRQHVWDYH]QRVKHPRVWURSH]DGRFRQXQDGYHUVDULRGLJQRGHQXHVWUR JUDQLQMXVWLFLD\VLVRQFXOSDEOHVHVWDUDPRVUHQXQFLDQGRDWRGDSRVLELOLGDG
DFHUR0HKDQGDGRMDTXHPDWHHQ/RQGUHV6³ORPHFDEHGHVHDUOHTXHWHQJD GHGHPRVWUDUOR1RQRORVFRQVHUYDUHPRVHQQXHVWUDOLVWDGHVRVSHFKRVRV
XVWHGPHMRUVXHUWHHQ'HYRQVKLUH3HURUHFRQR]FRTXHQRHVWR\WUDQTXLOR +D\DGHP¡VXQPR]RGHFXDGUDHQODPDQVL³QVLQRUHFXHUGRPDO7DPSRFR
GHEHPRVROYLGDUDORVGRVJUDQMHURVTXHFXOWLYDQODVWLHUUDVGHOS¡UDPR
1RHVW¡WUDQTXLOR" 9LHQHDFRQWLQXDFL³QQXHVWURDPLJRHOGRFWRU0RUWLPHUGHFX\DKRQUDGH]
HVWR\FRQYHQFLGR\VXHVSRVDGHTXLHQQDGDVDEHPRV+D\TXHD±DGLUD
1RPHJXVWDHQYLDUORDXVWHG(VXQDVXQWRPX\IHR:DWVRQXQDVXQWRPX\ 6WDSOHWRQHOQDWXUDOLVWD\DVXKHUPDQDTXLHQVHJºQVHGLFHHVXQDMRYHQ
IHR\SHOLJURVR\FXDQWRP¡VV©GH©OPHQRVPHJXVWD6PLTXHULGRDPLJR PX\DWUDFWLYD
UDVHXVWHGSHUROHGR\PLSDODEUDGHTXHPHDOHJUDU©PXFKRGHWHQHUORRWUD
YH]VDQR\VDOYRHQ%DNHU6WUHHW /XHJRHVW¡HOVH±RU)UDQNODQGGHODPDQVL³Q/DIWHUTXHWDPEL©QHVXQIDFWRU
GHVFRQRFLGR\XQRRGRVYHFLQRVP¡V(VDVVRQODVSHUVRQDVTXHKDQGHVHU
/DPDQVL³QGHORV%DVNHUYLOOH SDUDXVWHGREMHWRPX\HVSHFLDOGHHVWXGLR
(OGDVH±DODGR6LU+HQU\%DVNHUYLOOH\HOGRFWRU0RUWLPHUHVWDEDQOLVWRV +DU©WRGRORTXHHVW©HQPLPDQR
SDUDHPSUHQGHUHOYLDMH\WDOFRPRKDEDPRVFRQYHQLGRVDOLPRVORVWUHV
FDPLQRGH'HYRQVKLUH6KHUORFN+ROPHVPHDFRPSD±³DODHVWDFL³Q\DQWHV /OHYDXVWHGDOJºQDUPD"
GHSDUWLUPHGLRODVºOWLPDVLQVWUXFFLRQHV\FRQVHMRV
6KHSHQVDGRTXHVHUDFRQYHQLHQWH
1RTXLHURLQIOXLUVREUHXVWHGVXJLUL©QGROHWHRUDVRVRVSHFKDV:DWVRQ
/LPWHVHDLQIRUPDUPHGHORVKHFKRVGHODPDQHUDP¡VFRPSOHWDSRVLEOH\ 6LQGXGDDOJXQD1RVHDOHMHGHVXUHY³OYHUQLGHGDQLGHQRFKH\
GHMHSDUDPODVWHRUDV PDQW©QJDVHDOHUWDHQWRGRPRPHQWR1XHVWURVDPLJRV\DKDEDQUHVHUYDGR
DVLHQWRVHQXQYDJ³QGHSULPHUDFODVH\QRVHVSHUDEDQHQHODQG©Q1RQR
4X©FODVHGHKHFKRV"SUHJXQW©\R GLVSRQHPRVGHQLQJXQDQXHYDLQIRUPDFL³QGLMRHOGRFWRU0RUWLPHUHQ
UHVSXHVWDDODVSUHJXQWDVGH+ROPHV'HXQDFRVDHVWR\VHJXUR\HVTXHQR
&XDOTXLHUFRVDTXHSXHGDWHQHUUHODFL³QFRQHOFDVRSRULQGLUHFWDTXHVHD\ QRVKDQVHJXLGRGXUDQWHORVGRVºOWLPRVGDV1RKHPRVVDOLGRQXQFDVLQ
VREUHWRGRODVUHODFLRQHVGHOMRYHQ%DVNHUYLOOHFRQVXVYHFLQRVRFXDOTXLHU PDQWHQHUXQDHVWUHFKDYLJLODQFLD\QDGLHQRVKXELHUDSDVDGRLQDGYHUWLGR
HOHPHQWRQXHYRUHODWLYRDODPXHUWHGH6LU&KDUOHV3RUPLSDUWHKHKHFKR
DOJXQDVLQYHVWLJDFLRQHVHQORVºOWLPRVGDVSHURPXFKRPHWHPRTXHORV (VSHURTXHKD\DQSHUPDQHFLGRVLHPSUHMXQWRV
UHVXOWDGRVKDQVLGRQHJDWLYRV7DQV³ORXQDFRVDSDUHFHFLHUWD\HVTXHHO
VH±RU-DPHV'HVPRQGHOSU³[LPRKHUHGHURHVXQFDEDOOHURYLUWXRVRGHHGDG ([FHSWRD\HUSRUODWDUGH6XHORGHGLFDUXQGDDODGLYHUVL³QFXDQGRYHQJR
DYDQ]DGDSRUORTXHQRFDEHSHQVDUHQ©OFRPRUHVSRQVDEOHGHHVWD D/RQGUHVGHPDQHUDTXHSDV©ODWDUGHHQHOPXVHRGHO&ROHJLRGH&LUXMDQRV
<\RIXLDSDVHDUSRUHOSDUTXH\DYHUDODJHQWHGLMR%DVNHUYLOOH3HURQR PX\UDURPLWDGJD©OLFDPLWDGLUODQGHVDHQVXVFDUDFWHUVWLFDV
WXYLPRVSUREOHPDVGHQLQJXQDFODVH
3HURXVWHGHUDPX\MRYHQFXDQGRYLRSRUºOWLPDYH]ODPDQVL³QGHORV
)XHXQDLPSUXGHQFLDGHWRGDVIRUPDVGLMR+ROPHVPRYLHQGRODFDEH]D\ %DVNHUYLOOHQRHVHVR"
SRQL©QGRVHPX\VHULR/HUXHJR6LU+HQU\TXHQRYD\DVRORDQLQJºQVLWLR
/HSXHGHVXFHGHUXQDJUDQGHVJUDFLDVLORKDFH5HFXSHU³XVWHGODRWUDERWD" 1RHUDP¡VTXHXQDGROHVFHQWHFXDQGRPXUL³PLSDGUH\QRYLQXQFDOD
PDQVL³QSRUTXHYLYDPRVHQXQSHTXH±RFKDOHWGHODFRVWDVXU'HDOOIXL
1RVH±RUKDGHVDSDUHFLGRGHILQLWLYDPHQWH GLUHFWDPHQWHDYLYLUFRQXQDPLJRQRUWHDPHULFDQR/HDVHJXURTXHWRGRHVWR
HVWDQQXHYRSDUDPFRPRSDUDHOGRFWRU:DWVRQ\DUGRHQGHVHRVGHYHUHO
9D\DYD\D(VRHVPX\LQWHUHVDQWH%LHQKDVWDODYLVWDD±DGL³PLHQWUDVHO S¡UDPR
WUHQHPSH]DEDDGHVOL]DUVH5HFXHUGH6LU+HQU\XQDGHODVIUDVHVGHDTXHOOD
H[WUD±DOH\HQGDDQWLJXDTXHQRVOH\³HOGRFWRU0RUWLPHU\HYLWHHOS¡UDPRHQ (VHVRFLHUWR"3XHV\DWLHQHXVWHGVXPHWDDODOFDQFHGHODPDQRSRUTXHVH
ODVKRUDVGHRVFXULGDGFXDQGRVHLQWHQVLILFDQORVSRGHUHVGHOPDO GLYLVDGHVGHDTXGLMRHOGRFWRU0RUWLPHUVH±DODQGRKDFLDHOSDLVDMH
9ROYODYLVWDKDFLDHODQG©QXQRVVHJXQGRVP¡VWDUGH\FRPSURE©TXHDºQ 3RUHQFLPDGHORVYHUGHVFXDGUDGRVGHORVFDPSRV\GHODFXUYDGHXQ
VHJXDDOOODILJXUDDOWD\DXVWHUDGH+ROPHVWRGDYDLQP³YLOTXHFRQWLQXDED ERVTXHVHDO]DEDDOROHMRVXQDFROLQDJULV\PHODQF³OLFDFRQXQDH[WUD±D
PLU¡QGRQRV FXPEUHGHQWDGDERUURVD\YDJDHQODGLVWDQFLDVHPHMDQWHDOSDLVDMH
IDQW¡VWLFRGHXQVXH±R%DVNHUYLOOHSHUPDQHFL³LQP³YLOPXFKRWLHPSRFRQ
(OYLDMHIXHU¡SLGR\DJUDGDEOH\ORHPSOH©HQFRQRFHUPHMRUDPLVGRV ORVRMRVILMRVHQHOOD\VXSHSRUODH[SUHVL³QGHVXURVWURORPXFKRTXH
DFRPSD±DQWHV\HQMXJDUFRQHOVSDQLHOGHOGRFWRU0RUWLPHU(QSRFDVKRUDV VLJQLILFDEDSDUD©OYHUSRUSULPHUDYH]DTXHOH[WUD±ROXJDUTXHORVKRPEUHV
ODWLHUUDSDUGDVHFRQYLUWL³HQURML]DHOODGULOORVHWUDQVIRUP³HQJUDQLWR\ GHVXVDQJUHKDEDQGRPLQDGRGXUDQWHWDQWRWLHPSR\HQHOTXHKDEDQGHMDGR
DSDUHFLHURQYDFDVEHUPHMDVTXHSDVWDEDQHQFDPSRVELHQFHUFDGRVGRQGHOD XQDKXHOODWDQKRQGD$SHVDUGHVXWUDMHGHWZHHGGHVXDFHQWRDPHULFDQR\
H[XEHUDQWHKLHUED\ODYHJHWDFL³QP¡VIURQGRVDGDEDQWHVWLPRQLRGHXQFOLPD GHYLDMDUHQXQSURVDLFRYDJ³QGHIHUURFDUULOVHQWP¡VTXHQXQFDDO
P¡VI©UWLODXQTXHWDPEL©QP¡VKºPHGR(OMRYHQ%DVNHUYLOOHPLUDEDFRQ FRQWHPSODUVXURVWURPRUHQR\H[SUHVLYRTXHHUDXQDXW©QWLFRGHVFHQGLHQWH
JUDQLQWHU©VSRUODYHQWDQLOOD\ODQ]³H[FODPDFLRQHVGHDOHJUDDOUHFRQRFHU GHDTXHOODODUJDVXFHVL³QGHKRPEUHVGHVDQJUHDUGLHQWHWDQIRJRVRVFRPR
ORVUDVJRVIDPLOLDUHVGHOSDLVDMHGH'HYRQ DXWRULWDULRV/DVFHMDVHVSHVDVODVGHOLFDGDVYHQWDQDVGHODQDUL]\ORV
JUDQGHVRMRVGHFRORUDYHOODQDGDEDQIHGHVXRUJXOORGHVXYDORU\GHVX
+HYLVLWDGREXHQDSDUWHGHOPXQGRGHVGHTXHVDOGH,QJODWHUUDGRFWRU IRUWDOH]D6LHQDTXHOS¡UDPRLQK³VSLWRQRVHVSHUDEDXQDHPSUHVDGLIFLO\
:DWVRQGLMRSHURQXQFDKHHQFRQWUDGROXJDUDOJXQRTXHVHSXHGDFRPSDUDU SHOLJURVDFRQWDEDDOPHQRVFRQXQFRPSD±HURSRUTXLHQVHSRGDDFHSWDUXQ
FRQHVWDVWLHUUDV ULHVJRFRQODVHJXULGDGGHTXHORFRPSDUWLUDFRQYDORU
1RFRQR]FRQLQJºQQDWXUDOGH'HYRQVKLUHTXHUHQLHJXHGHVXFRQGDGRKLFH (OWUHQVHGHWXYRHQXQDSHTXH±DHVWDFL³QMXQWRDODFDUUHWHUD\DOO
QRWDU GHVFHQGLPRV)XHUDP¡VDOO¡GHXQDFHUFDEODQFDGHSRFDDOWXUDHVSHUDED
XQDWDUWDQDWLUDGDSRUGRVMDFRV
'HSHQGHGHODUD]DWDQWRFRPRGHOFRQGDGRLQWHUYLQRHOGRFWRU0RUWLPHU
8QDVLPSOHPLUDGDDQXHVWURDPLJRSHUPLWHDSUHFLDUGHLQPHGLDWRODFDEH]D 1XHVWUDOOHJDGDVXSRQDVLQGXGDWRGRXQDFRQWHFLPLHQWRSRUTXHHOMHIHGH
UHGRQGDGHORVFHOWDVTXHVHWUDGXFHHQHOHQWXVLDVPRF©OWLFR\HQOD HVWDFL³Q\ORVPR]RVGHFXHUGDVHDUUDFLPDURQDQXHVWURDOUHGHGRUSDUD
FDSDFLGDGGHDIHFWR/DFDEH]DGHOSREUH6LU&KDUOHVSHUWHQHFDDXQWLSR OOHYDUQRVHOHTXLSDMH(UDXQOXJDUVHQFLOOR\DJUDGDEOHSHURPHVRUSUHQGL³
REVHUYDUODSUHVHQFLDMXQWRDOSRUWLOORGHGRVKRPEUHVGHDVSHFWRPDUFLDOFRQ (OFRFKHURVHYROYL³DPHGLDVHQVXDVLHQWR
XQLIRUPHRVFXURTXHVHDSR\DEDQHQVXVULIOHV\TXHQRVPLUDURQFRQPXFKR
LQWHU©VFXDQGRSDVDPRV(OFRFKHURXQKRPEUHFLOORGHIDFFLRQHVGXUDV\ 6HKDHVFDSDGRXQSUHVRGH3ULQFHWRZQVH±RU<DOOHYDWUHVGDVHQOLEHUWDG
PDQRVQXGRVDVVDOXG³D6LU+HQU\\SRFRVPLQXWRVGHVSX©VYRO¡EDPRV\D \ORVJXDUGLDQHVYLJLODQWRGDVODVFDUUHWHUDV\ODVHVWDFLRQHVSHURKDVWDDKRUD
SRUODDPSOLDFDUUHWHUDEODQFD2QGXODQWHVWLHUUDVGHSDVWRVDVFHQGDQD QRKDQGDGRFRQ©O$ORVDJULFXOWRUHVGHOD]RQDQROHVJXVWDQDGDORTXH
DPERVODGRV\YLHMDVFDVDVFRQJDEOHWHVDVRPDEDQHQWUHODGHQVDYHJHWDFL³Q SDVDVHORDVHJXUR
SHURGHWU¡VGHOFDPSRWUDQTXLORHLOXPLQDGRSRUHOVROVHHOHYDEDVLHPSUH
RVFXUDFRQWUDHOFLHORGHODWDUGHFHUODODUJD\PHODQF³OLFDFXUYDGHOS¡UDPR %XHQRVHJºQWHQJRHQWHQGLGRVHOHVUHFRPSHQVDU¡FRQFLQFROLEUDVVL
LQWHUUXPSLGDSRUFROLQDVGHQWDGDV\VLQLHVWUDV SURSRUFLRQDQDOJXQDLQIRUPDFL³Q(VFLHUWRVH±RUSHURODSRVLELOLGDGGH
JDQDUFLQFROLEUDVHVPX\SRFDFRVDFRPSDUDGDFRQHOWHPRUDTXHWHFRUWHQ
/DWDUWDQDVHGHVYL³SRUXQDFDUUHWHUDODWHUDO\HPSH]DPRVDDVFHQGHUSRU HOFXHOOR3RUTXHQRVHWUDWDGHXQSUHVRFRUULHQWH(VXQLQGLYLGXRTXHQRVH
FDPLQRVPX\KXQGLGRVGHVJDVWDGRVSRUVLJORVGHUXHGDVFRQWDOXGHVPX\ GHWHQGUDDQWHQDGD
DOWRVDORVODGRVFXELHUWRVGHPXVJRKºPHGR\FDUQRVDVOHQJXDVGHFLHUYR
+HOHFKRVEURQFHDGRV\]DU]DVUHVSODQGHFDQEDMRODOX]GHOVROSRQLHQWH6LQ 'HTXL©QVHWUDWD"
GHMDUGHVXELUSDVDPRVVREUHXQHVWUHFKRSXHQWHGHJUDQLWR\ERUGHDPRVXQ
UXLGRVR\YHOR]WRUUHQWHTXHHVSXPHDED\UXJDHQWUHJUDQGHVURFDV 6HOGHQVH±RUHODVHVLQRGH1RWWLQJ+LOO
&DPLQR\FXUVRGHDJXDGLVFXUUDQGHVSX©VSRUXQYDOOHGRQGHDEXQGDEDQORV <RUHFRUGDEDELHQHOFDVRTXHKDEDGHVSHUWDGRHOLQWHU©VGH+ROPHVSRUOD
UREOHVDFKDSDUUDGRV\ORVDEHWRV$FDGDYXHOWDGHOFDPLQR%DVNHUYLOOH SHFXOLDUIHURFLGDGGHOFULPHQ\ODDEVXUGDEUXWDOLGDGTXHKDEDDFRPSD±DGR
ODQ]DEDXQDQXHYDH[FODPDFL³QGHSODFHU\PLUDEDFRQJUDQLQWHU©VDVX WRGRVORVDFWRVGHODVHVLQR6HOHKDEDFRQPXWDGRODSHQDFDSLWDOHQUD]³QGH
DOUHGHGRUKDFLHQGRLQQXPHUDEOHVSUHJXQWDV$©OWRGROHSDUHFDKHUPRVR DOJXQDVGXGDVVREUHHOHVWDGRGHVXVIDFXOWDGHVPHQWDOHVSUHFLVDPHQWHSRUOR
SHURSDUDPKDEDXQYHORGHPHODQFRODVREUHHOSDLVDMHHQHOTXHVH DWUR]GHVXFRQGXFWD1XHVWUDWDUWDQDKDEDFRURQDGRXQDFXHVWD\HQWRQFHV
PDUFDEDFRQWRGDFODULGDGODSUR[LPLGDGGHOLQYLHUQR/RVFDPLQRVHVWDEDQ DSDUHFL³DQWHQRVRWURVODHQRUPHH[WHQVL³QGHOS¡UDPRVDOSLFDGRGH
DOIRPEUDGRVGHKRMDVDPDULOODVTXHWDPEL©QFDDQVREUHQRVRWURV(O PRQWRQHVGHSLHGUDV\GHSH±DVFRVGHIRUPDVH[WUD±DV(QVHJXLGDVHQRV
WUDTXHWHRGHODVUXHGDVHQPXGHFDFXDQGRDWUDYHV¡EDPRVPRQWRQHVGH HFK³HQFLPDXQYLHQWRIURTXHQRVKL]RWLULWDU(QDOJºQOXJDUGHDTXHOOD
YHJHWDFL³QSRGULGDWULVWHVUHJDORVHQPLRSLQL³QSDUDTXHODQDWXUDOH]DORV OODQXUDGHVRODGDVHHVFRQGDHOGLDE³OLFRDVHVLQRRFXOWRHQXQHVFRQGULMR
ODQ]DUDDQWHHOFRFKHGHOKHUHGHURGHORV%DVNHUYLOOHTXHUHJUHVDEDDVXFDVD FRPRXQDEHVWLDVDOYDMH\FRQHOFRUD]³QOOHQRGHPDOHYROHQFLDKDFLDWRGDOD
VRODULHJD UD]DKXPDQDTXHORKDEDH[SXOVDGRGHVXVHQR6³ORVHQHFHVLWDEDDTXHOOR
SDUDFROPDUHOVLQLHVWURSRGHUGHVXJHVWL³QGHOS¡UDPRMXQWRFRQHOYLHQWR
b&DUDPEDH[FODP³HOGRFWRU0RUWLPHUTX©HVHVWR" KHODGR\HOFLHORTXHHPSH]DEDDRVFXUHFHUVH+DVWDHOPLVPR%DVNHUYLOOH
JXDUG³VLOHQFLR\VHFL±³P¡VHODEULJR
7HQDPRVGHODQWHXQDSURQXQFLDGDSHQGLHQWHFXELHUWDGHEUH]RVXQD
DYDQ]DGLOODGHOS¡UDPR(QORP¡VDOWRWDQGHVWDFDGR\WDQSUHFLVRFRPRXQD +DEDPRVGHMDGRDWU¡V\DEDMRODVWLHUUDVI©UWLOHV$OYROYHUODYLVWD
HVWDWXDHFXHVWUHVREUHVXSHGHVWDOYLPRVDXQVROGDGRDFDEDOORVRPEUR\ FRQWHPSO¡EDPRVORVUD\RVREOLFXRVGHXQVROPX\EDMRTXHFRQYHUWDORV
DXVWHURHOULIOHSUHSDUDGRVREUHHODQWHEUD]R(VWDEDYLJLODQGRODFDUUHWHUD FXUVRVGHDJXDHQKHEUDVGHRUR\TXHEULOODEDVREUHODWLHUUDURMDUHFL©Q
SRUODTXHFLUFXO¡EDPRV UHPRYLGDSRUHODUDGR\VREUHODH[WHQVDPDUD±DGHORVERVTXHV(OFDPLQR
TXHWHQDPRVDQWHQRVRWURVVHIXHKDFLHQGRP¡VGHVRODGR\VLOYHVWUHSRU
4X©HVORTXHVXFHGH3HUNLQV"SUHJXQW³HOGRFWRU0RUWLPHU HQFLPDGHHQRUPHVSHQGLHQWHVGHFRORUURML]R\YHUGHROLYDVDOSLFDGDVGH
SH±DVFRVJLJDQWHVFRV'HFXDQGRHQFXDQGRSDV¡EDPRVMXQWRDXQDGHODV /DDYHQLGDGHVHPERFDEDHQXQDJUDQH[WHQVL³QGHF©VSHG\WHQDPRV\DOD
FDVDVGHOS¡UDPRFRQODVSDUHGHV\HOWHFKRGHSLHGUDVLQSODQWDWUHSDGRUD FDVDDQWHQRVRWURV$SHVDUGHODSRFDOX]SXGHYHUDºQTXHODSDUWHFHQWUDO
DOJXQDSDUDGXOFLILFDUVXVHYHUDVLOXHWD HUDXQPDFL]RHGLILFLRGHOTXHVREUHVDODXQS³UWLFR7RGDODIDFKDGD
SULQFLSDOHVWDEDFXELHUWDGHKLHGUDFRQDOJXQRVDJXMHURVUHFRUWDGRVDTX\
'HUHSHQWHQRVHQFRQWUDPRVDQWHXQDGHSUHVL³QFRQIRUPDGHWD]DVDOSLFDGD DOO¡SDUDTXHXQDYHQWDQDRXQHVFXGRGHDUPDVDVRPDUDDWUDY©VGHORVFXUR
GHUREOHV\DEHWRVDFKDSDUUDGRVUHWRUFLGRVHLQFOLQDGRVSRUODIXULDGHD±RV YHOR'HVGHHOEORTXHFHQWUDOVHDO]DEDQODVWRUUHVJHPHODVDQWLJXDV
GHWRUPHQWDV'RVDOWDVWRUUHVPX\HVWUHFKDVVHDO]DEDQSRUHQFLPDGHORV DOPHQDGDV\KRUDGDGDVSRUPXFKDVWURQHUDV$L]TXLHUGD\GHUHFKDGHODV
¡UEROHV(OFRFKHURVH±DO³FRQODIXVWD WRUUHVVHH[WHQGDQODVDODVP¡VPRGHUQDVGHJUDQLWRQHJUR8QDOX]
PRUWHFLQDEULOODEDDWUDY©VGHODVYHQWDQDVFRQJUXHVRVSDUWHOXFHV\GHODV
/DPDQVL³QGHORV%DVNHUYLOOHGLMR DOWDVFKLPHQHDVTXHQDFDQGHOWHFKRGHPX\SURQXQFLDGDLQFOLQDFL³QEURWDED
XQDVRODFROXPQDGHKXPRQHJUR
6XGXH±RVHKDEDSXHVWRHQSLH\ODFRQWHPSODEDFRQPHMLOODVHQFHQGLGDV\
RMRVEULOODQWHV3RFRVPLQXWRVGHVSX©VKDEDPRVOOHJDGRDOSRUW³QGHODFDVD b%LHQYHQLGR6LU+HQU\%LHQYHQLGRDODPDQVL³QGHORV%DVNHUYLOOH
GHOJXDUGDXQODEHULQWRGHIDQW¡VWLFDVWUDFHUDVHQKLHUURIRUMDGRFRQSLODUHV
DFDGDODGRJDVWDGRVSRUODVLQFOHPHQFLDVGHOWLHPSRPDQFKDGRVGHOTXHQHV 8QKRPEUHGHHVWDWXUDHOHYDGDKDEDVDOLGRGHODVRPEUDGHOS³UWLFRSDUD
\FRURQDGRVSRUODVFDEH]DVGHMDEDOHVGHORV%DVNHUYLOOH/DFDVDGHOJXDUGD DEULUODSXHUWDGHODWDUWDQD/DILJXUDGHXQDPXMHUVHUHFRUWDEDFRQWUDODOX]
HUDXQDUXLQDGHJUDQLWRQHJUR\GHVQXGDVFRVWLOODVGHYLJDVSHURIUHQWHDHOOD DPDULOODGHOYHVWEXOR
VHDO]DEDXQQXHYRHGLILFLRFRQVWUXLGRDPHGLDVSULPHUIUXWRGHORUR
VXGDIULFDQRGH6LU&KDUOHV 7DPEL©QHVWDºOWLPDVHDGHODQW³SDUDD\XGDUDOKRPEUHFRQQXHVWURHTXLSDMH
$WUDY©VGHOSRUW³QSHQHWUDPRVHQODDYHQLGDGRQGHODVUXHGDVHQPXGHFLHURQ (VSHURTXHQRORWRPHDPDO6LU+HQU\SHURYR\DYROYHUGLUHFWDPHQWHDPL
GHQXHYRVREUHODVKRMDVPXHUWDV\GRQGHORV¡UEROHVFHQWHQDULRVFUX]DEDQ FDVDGLMRHOGRFWRU0RUWLPHU0LPXMHUPHDJXDUGD
VXVUDPDVIRUPDQGRXQWºQHOHQVRPEUDVREUHQXHVWUDVFDEH]DV%DVNHUYLOOH
VHHVWUHPHFL³DOGLULJLUODPLUDGDKDFLDHOIRQGRGHODODUJD\RVFXUDDYHQLGD 1RVHTXHGDXVWHGDFHQDUFRQQRVRWURV"
GRQGHODFDVDEULOODEDG©ELOPHQWHFRPRXQIDQWDVPD
1RGHERPDUFKDUPH3UREDEOHPHQWHWHQGU©WUDEDMRHVSHU¡QGRPH0H
)XHDTX"SUHJXQW³HQYR]EDMD TXHGDUDSDUDHQVH±DUOHODFDVDSHUR%DUU\PRUHVHU¡PHMRUJXDTXH\R
+DVWDODYLVWD\QRGXGHHQPDQGDUDEXVFDUPHGHGDRGHQRFKHVLSXHGR
1RQRHOSDVHRGHORV7HMRVHVW¡DORWURODGR VHUOHºWLO
(OMRYHQKHUHGHURPLU³DVXDOUHGHGRUFRQH[SUHVL³QPHODQF³OLFD (OUXLGRGHODVUXHGDVVHSHUGL³DYHQLGDDEDMRPLHQWUDV6LU+HQU\\\R
HQWU¡EDPRVHQODFDVD\ODSXHUWDVHFHUUDEDFRQHVWU©SLWRDQXHVWUDVHVSDOGDV
1RWLHQHQDGDGHH[WUD±RTXHPLWRWXYLHUDODLPSUHVL³QGHTXHDOJRPDOR 1RVHQFRQWUDPRVHQXQDHVSO©QGLGDKDELWDFL³QGHQREOHVSURSRUFLRQHV\
LEDDVXFHGHUOHHQXQVLWLRFRPR©VWHGLMR1RVHQHFHVLWDP¡VSDUDDVXVWDUD JUXHVDVYLJDVGHPDGHUDGHUREOHHQQHJUHFLGDSRUHOWLHPSRTXHIRUPDEDQORV
FXDOTXLHUD+DU©TXHLQVWDOHQXQDKLOHUDGHO¡PSDUDVHO©FWULFDVDQWHVGHVHLV SDUHVGHOWHFKR(QODJUDQFKLPHQHDGHWLHPSRVSUHW©ULWRV\GHWU¡VGHORV
PHVHV\QRUHFRQRFHU¡QXVWHGHVHOVLWLRFXDQGRGLVSRQJDPRVHQODSXHUWD DOWRVPRULOORVGHKLHUURFUHSLWDED\FKLVSRUURWHDEDXQIXHJRGHOH±D6LU
PLVPDGHODPDQVL³QGHXQDSRWHQFLDGHPLOEXMDVGH6ZDQ\(GLVRQ +HQU\\\RH[WHQGLPRVODVPDQRVKDFLD©OSRUTXHHVW¡EDPRVDWHULGRVGHVSX©V
GHOODUJRWUD\HFWRHQODWDUWDQD/XHJRFRQWHPSODPRVODVDOWDV\HVWUHFKDV
YHQWDQDVFRQYLGULRVDQWLJXRVGHFRORUHVHOUHYHVWLPLHQWRGHODVSDUHGHVGH 3HURVXIDPLOLDQRVKDVHUYLGRDORODUJRGHYDULDVJHQHUDFLRQHVQRHV
PDGHUDGHUREOHODVFDEH]DVGHFLHUYRORVHVFXGRVGHDUPDVHQODVSDUHGHV FLHUWR"
WRGRHOORERUURVR\VRPEURDODHVFDVDOX]GHODO¡PSDUDFHQWUDO
/DPHQWDUDFRPHQ]DUPLYLGDDTXURPSLHQGRXQDDQWLJXDUHODFL³QIDPLOLDU
([DFWDPHQWHFRPRORLPDJLQDEDGLMR6LU+HQU\1RHVODLPDJHQPLVPD
GHXQDQWLJXRKRJDUIDPLOLDU"b3HQVDUTXHHQHVWDVDODKDQYLYLGRORVPRV 0HSDUHFL³GLVFHUQLUVLJQRVGHHPRFL³QHQODVS¡OLGDVIDFFLRQHVGHO
GXUDQWHFLQFRVLJORV PD\RUGRPR
(VDVLPSOHLGHDKDFHTXHWRGRPHSDUH]FDP¡VVROHPQH 0LVVHQWLPLHQWRVVRQLG©QWLFRV6LU+HQU\\PLHVSRVDORVFRPSDUWH
SOHQDPHQWH3HURDGHFLUYHUGDGORVGRVHVW¡EDPRVPX\DSHJDGRVD6LU
9LF³PRVXURVWURPRUHQRVHLOXPLQDEDGHHQWXVLDVPRMXYHQLODOPLUDUDVX &KDUOHVVXPXHUWHKDVLGRXQJROSHWHUULEOH\KDOOHQDGRHVWDFDVDGH
DOUHGHGRU6HHQFRQWUDEDHQXQVLWLRGRQGHODOX]FDDGHOOHQRVREUH©OSHUR UHFXHUGRVGRORURVRV0XFKRPHWHPRTXHQXQFDUHFREUDUHPRVODSD]GH
VRPEUDVPX\ODUJDVGHVFHQGDQSRUODVSDUHGHV\FROJDEDQFRPRXQGRVHO HVSULWXHQODPDQVL³QGHORV%DVNHUYLOOH
QHJURSRUHQFLPDGHVXFDEH]D%DUU\PRUHKDEDUHJUHVDGRGHOOHYDUHO
HTXLSDMHDQXHVWUDVKDELWDFLRQHV\VHGHWXYRDQWHQRVRWURVFRQODGLVFUHFL³Q 3HURTX©HVORTXHVHSURSRQHQKDFHU"
FDUDFWHUVWLFDGHXQFULDGRFRPSHWHQWH(UDXQKRPEUHQRWDEOHSRUVX
DSDULHQFLDDOWRELHQSDUHFLGREDUEDQHJUDFXDGUDGDWH]S¡OLGD\IDFFLRQHV (VWR\FRQYHQFLGRGHTXHWHQGUHPRV©[LWRVLHPSUHQGHPRVDOJºQQHJRFLR
GLVWLQJXLGDV /DJHQHURVLGDGGH6LU&KDUOHVQRVKDSURSRUFLRQDGRORVPHGLRVSDUDSRQHUOR
HQPDUFKD<
'HVHDXVWHGTXHVHVLUYDODFHQDLQPHGLDWDPHQWH6LU+HQU\"
DKRUDVH±RUTXL]¡FRQYHQJDTXHORVDFRPSD±HDXVWHGHVDVXVKDELWDFLRQHV
(VW¡OLVWD"
8QDJDOHUDUHFWDQJXODUFRQEDODXVWUDGDDODTXHVHOOHJDEDSRUXQDHVFDOHUD
'HQWURGHPX\SRFRVPLQXWRVVH±RU(QFRQWUDU¡QDJXDFDOLHQWHHQVXV GREOHFRUUDDOUHGHGRUGHODJUDQVDODFHQWUDO'HVGHDTXHOSXQWRGRVODUJRV
KDELWDFLRQHV0LPXMHU\\R6LU+HQU\VHJXLUHPRVDVXVHUYLFLRFRQPXFKR FRUUHGRUHVVHH[WHQGDQDWRGRORODUJRGHOHGLILFLR\DHOORVVHDEUDQORV
JXVWRKDVWDTXHGLVSRQJDXVWHGRWUDFRVDDXQTXHQRVHOHRFXOWDU¡TXHFRQOD GRUPLWRULRV(OPRHVWDEDHQODPLVPDDODTXHHOGH%DVNHUYLOOH\FDVLSXHUWD
QXHYDVLWXDFL³QKDEU¡TXHDPSOLDUODVHUYLGXPEUHGHODFDVD FRQSXHUWD$TXHOODVKDELWDFLRQHVSDUHFDQPXFKRP¡VPRGHUQDVTXHODSDUWH
FHQWUDOGHODPDQVL³QHODOHJUHHPSDSHODGR\ODDEXQGDQFLDGHYHODV
4X©QXHYDVLWXDFL³Q" FRQWULEX\HURQXQWDQWRDGLVLSDUODVRPEUDLPSUHVL³QTXHVHKDEDDSRGHUDGR
GHPLPHQWHGHVGHQXHVWUDOOHJDGD
0HUHILHURºQLFDPHQWHDTXH6LU&KDUOHVOOHYDEDXQDYLGDPX\UHWLUDGD\
QRVRWURVQRVEDVW¡EDPRVSDUDDWHQGHUVXVQHFHVLGDGHV8VWHGTXHUU¡VLQ 3HURHOFRPHGRUDOTXHVHDFFHGDGHVGHODJUDQVDODFHQWUDOHUDWDPEL©QXQ
GXGDKDFHUP¡VYLGDVRFLDO\HQFRQVHFXHQFLDWHQGU¡TXHLQWURGXFLU OXJDURVFXUR\PHODQF³OLFR6HWUDWDEDGHXQDODUJDF¡PDUDFRQXQHVFDO³Q
FDPELRV TXHVHSDUDEDODSDUWHLQIHULRUUHVHUYDGDDORVVXERUGLQDGRVGHOHVWUDGR
GRQGHVHFRORFDEDQORVPLHPEURVGHODIDPLOLD
4XLHUHHVRGHFLUTXHVXHVSRVD\XVWHGGHVHDQPDUFKDUVH"
(QXQH[WUHPRVHKDOODEDVLWXDGRXQSDOFRSDUDORVPºVLFRV9LJDVQHJUDV
QLFDPHQWHFXDQGR\DQROHFDXVHDXVWHGQLQJºQWUDVWRUQR FUX]DEDQSRUHQFLPDGHQXHVWUDVFDEH]DV\P¡VDUULEDDºQHOWHFKR
HQQHJUHFLGRSRUHOKXPR&RQKLOHUDVGHDQWRUFKDVOODPHDQWHVSDUD /RV6WDSOHWRQGHODFDVD0HUULSLW
LOXPLQDUOR\FRQHOFRORULGR\HOWRVFRMROJRULRGHXQEDQTXHWHGHWLHPSRV
SUHW©ULWRVTXL]¡VHKXELHUDGXOFLILFDGRVXDVSHFWRSHURDKRUDFXDQGRWDQ $OGDVLJXLHQWHODEHOOH]DGHODPD±DQDFRQWULEX\³DERUUDUGHQXHVWUDV
V³ORGRVFDEDOOHURVYHVWLGRVGHQHJURVHVHQWDEDQGHQWURGHOSHTXH±RFUFXOR PHQWHVODLPSUHVL³QOºJXEUH\JULVTXHDDPERVQRVKDEDGHMDGRHOSULPHU
GHOX]TXHSURSRUFLRQDEDXQDO¡PSDUDFRQSDQWDOODODVYRFHVVHDSDJDEDQ\ FRQWDFWRFRQODPDQVL³QGHORV%DVNHUYLOOH0LHQWUDV6LU+HQU\\\R
ORVHVSULWXVVHDEDWDQ GHVD\XQ¡EDPRVODOX]GHOVROHQWUDEDDUDXGDOHVSRUODVDOWDVYHQWDQDVFRQ
SDUWHOXFHVSUR\HFWDQGRS¡OLGDVPDQFKDVGHFRORUSURFHGHQWHVGHORVHVFXGRV
8QDERUURVDKLOHUDGHDQWHSDVDGRVDWDYLDGRVGHODVPDQHUDVP¡VGLYHUVDV GHDUPDVTXHGHFRUDEDQORVFULVWDOHV(OUHYHVWLPLHQWRGHPDGHUDEULOODED
GHVGHHOFDEDOOHURLVDEHOLQRKDVWDHOSHWLPHWUHGHOD5HJHQFLDQRVPLUDED FRPREURQFHEDMRORVUD\RVGRUDGRV\FRVWDEDWUDEDMRFRQYHQFHUVHGHTXH
GHVGHORDOWR\QRVLQWLPLGDEDQFRQVXFRPSD±DVLOHQFLRVD+DEODPRVSRFR HVW¡EDPRVHQODPLVPDF¡PDUDTXHODQRFKHDQWHULRUKDEDOOHQDGRQXHVWUDV
\GHPDQHUDH[FHSFLRQDOPHDOHJU©GHTXHWHUPLQDUDODFHQD\GHTXH DOPDVGHPHODQFROD
SXGL©UDPRVUHWLUDUQRVDODPRGHUQDVDODGHELOODUSDUDIXPDUXQFLJDUULOOR
b6RVSHFKRTXHORVFXOSDEOHVVRPRVQRVRWURV\QRODFDVDH[FODP³HO
$IHPDQRVHSXHGHGHFLUTXHVHDXQVLWLRPX\DOHJUHH[FODP³6LU+HQU\ EDURQHW
6XSRQJRTXHOOHJDUHPRVDKDELWXDUQRVSHURSRUHOPRPHQWRPHVLHQWRXQ
WDQWRGHVSOD]DGR1RPHH[WUD±DTXHPLWRVHSXVLHUDDOJRQHUYLRVRYLYLHQGR /OHY¡EDPRVHQFLPDHOFDQVDQFLRGHOYLDMH\HOIURGHOS¡UDPRGHPDQHUD
VRORHQXQDFDVDFRPR©VWD6LQROHSDUHFHPDOKR\QRVUHWLUDUHPRVSURQWR\ TXHPLUDPRVHVWHVLWLRFRQPDORVRMRV$KRUDTXHKHPRVGHVFDQVDGR\QRV
TXL]¡ODVFRVDVQRVSDUH]FDQXQSRFRP¡VULVXH±DVPD±DQDSRUODPD±DQD HQFRQWUDPRVELHQQRVSDUHFHDOHJUHXQDYH]P¡V
$EUODVFRUWLQDVDQWHVGHDFRVWDUPH\PLU©SRUODYHQWDQDGHPLFXDUWR'DED 3HURQRIXHWRGRXQSUREOHPDGHLPDJLQDFL³QUHVSRQG\R$FDVRQRR\³
DXQDH[WHQVL³QGHF©VSHGVLWXDGDGHODQWHGHODSXHUWDSULQFLSDO0¡VDOO¡GRV XVWHGGXUDQWHODQRFKHDDOJXLHQXQDPXMHUHQPLRSLQL³QTXHVROOR]DED"
ERVTXHFLOORVJHPDQ\VHEDODQFHDEDQDJLWDGRVSRUHOYLHQWRFDGDYH]P¡V
LQWHQVR/DOXQDVHDEUL³SDVRHQWUHODVQXEHVGHVERFDGDV*UDFLDVDVXIUD (VFXULRVRSRUTXHFXDQGRHVWDEDPHGLRGRUPLGRPHSDUHFL³RUDOJRDV
OX]YLP¡VDOO¡GHORV¡UEROHVXQDIUDQMDLQFRPSOHWDGHURFDV\ODODUJD (VSHU©XQEXHQUDWRSHURHOUXLGRQRVHUHSLWL³GHPDQHUDTXHOOHJX©DOD
VXSHUILFLHFDVLOODQDGHOPHODQF³OLFRS¡UDPR&HUU©ODVFRUWLQDVFRQYHQFLGR FRQFOXVL³QGHTXHORKDEDVR±DGR
GHTXHPLºOWLPDLPSUHVL³QFRLQFLGDFRQODVDQWHULRUHV
<RORRFRQWRGDFODULGDG\HVWR\VHJXURGHTXHVHWUDWDEDGHORVVROOR]RVGH
$XQTXHQRIXHODºOWLPDHQUHDOLGDG3URQWRGHVFXEUTXHHVWDEDFDQVDGRSHUR XQDPXMHU
LQVRPQH\GLPXFKDVYXHOWDVHQODFDPDHVSHUDQGRXQVXH±RTXHQRYHQD
0X\DOROHMRVXQUHORMGHSDUHGGDEDORVFXDUWRVGHKRUDSHURSRUORGHP¡V 'HEHPRVLQIRUPDUQRVLQPHGLDWDPHQWH
XQVLOHQFLRVHSXOFUDOUHLQDEDVREUHODYLHMDFDVD<OXHJRGHUHSHQWHHQOD
6LU+HQU\WRF³ODFDPSDQLOOD\SUHJXQW³D%DUU\PRUHVLSRGDH[SOLFDUQRVOR
TXLHWXGGHODQRFKHOOHJ³KDVWDPLVRGRVXQVRQLGRFODURUHVRQDQWHH
VXFHGLGR
LQFRQIXQGLEOH(UDQORVVROOR]RVGHXQDPXMHUORVMDGHRVDKRJDGRVGHXQD
SHUVRQDGHVJDUUDGDSRUXQVXIULPLHQWRLQFRQWURODEOH0HVHQW©HQODFDPD\ 0HSDUHFL³TXHDXPHQWDEDXQSXQWRODSDOLGH]GHOPD\RUGRPRPLHQWUDV
HVFXFK©FRQDWHQFL³Q(OUXLGRSURFHGDVLQGXGDGHOLQWHULRUGHODFDVD3RU HVFXFKDEDODSUHJXQWDGHVXVH±RU
HVSDFLRGHPHGLDKRUDHVSHU©FRQORVQHUYLRVHQWHQVL³QSHURGHQXHYRUHLQ³
HOVLOHQFLRVLVHH[FHSWºDQODVFDPSDQDGDVGHOUHORM\HOURFHGHODKLHGUD 1RKD\P¡VTXHGRVPXMHUHVHQODFDVD6LU+HQU\UHVSRQGL³8QDHVOD
FRQWUDODSDUHG
IUHJRQDTXHGXHUPHHQODRWUDDOD/DVHJXQGDHVPLPXMHU\SXHGR 0LKLMRDTXSUHVHQWH-DPHVHQWUHJDVWHHOWHOHJUDPDDOVH±RU%DUU\PRUHHQ
DVHJXUDUOHSHUVRQDOPHQWHTXHHVHVRQLGRQRSURFHGDGHHOOD ODPDQVL³QODVHPDQDSDVDGDQRHVFLHUWR"
<VLQHPEDUJRPHQWDSRUTXHGHVSX©VGHOGHVD\XQRPHFUXF©SRUFDVXDOLGDG 6SDGUHORHQWUHJX©\R(QSURSLDPDQR"
FRQODVH±RUD%DUU\PRUHFXDQGRHOVROOHLOXPLQDEDGHOOHQRHOURVWURHQHO
ODUJRFRUUHGRUDOTXHGDEDQORVGRUPLWRULRV/DHVSRVDGHOPD\RUGRPRHUD %XHQRHOVH±RU%DUU\PRUHVHKDOODEDHQHOGHVY¡QHQDTXHOPRPHQWRDV
XQDPXMHUJUDQGHGHDVSHFWRLPSDVLEOHIDFFLRQHVPX\PDUFDGDV\XQJHVWR TXHQRSXGRVHUHQSURSLDPDQRSHURVHORGLDVXHVSRVDTXHSURPHWL³
GHERFDVHYHUR\GHFLGLGR3HURVXVRMRVHQURMHFLGRVTXHPHPLUDURQGHVGH HQWUHJDUORLQPHGLDWDPHQWH
GHWU¡VGHXQRVS¡USDGRVKLQFKDGRVODGHQXQFLDEDQ(UDHOODVLQGXGDTXLHQ
OORUDEDSRUODQRFKH\DXQTXHVXPDULGRWHQDTXHVDEHUORKDEDRSWDGRSRU 9LVWHDOVH±RU%DUU\PRUH"
FRUUHUHOULHVJRGHYHUVHGHVFXELHUWRDODILUPDUTXHQRHUDDV3RUTX©OR
KDEDKHFKR"<SRUTX©OORUDEDVXPXMHUWDQDPDUJDPHQWH"(QWRUQRDDTXHO 1RVH±RU\DOHKHGLFKRTXHHVWDEDHQHOGHVY¡Q6LQRORYLVWHF³PR
KRPEUHGHWH]S¡OLGDELHQSDUHFLGR\GHEDUEDQHJUDVHHVWDEDFUHDQGR\D VDEHVTXHHVWDEDHQHOGHVY¡Q"6LQGXGDVXPXMHUVDEDG³QGHHVWDEDGLMR
XQDDWP³VIHUDGHPLVWHULR\PHODQFROD%DUU\PRUHKDEDHQFRQWUDGRHO GHPDORVPRGRVHODGPLQLVWUDGRUGHFRUUHRV(VTXHQRUHFLEL³HO
FXHUSRVLQYLGDGH6LU&KDUOHV\ºQLFDPHQWHFRQW¡EDPRVFRQVXSDODEUDSDUD WHOHJUDPD"6LKDKDELGRDOJºQHUURUTXHSUHVHQWHODTXHMDHOVH±RU%DUU\PRUH
WRGRORUHIHUHQWHDODVFLUFXQVWDQFLDVUHODFLRQDGDVFRQODPXHUWHGHODQFLDQR HQSHUVRQD
([LVWDODSRVLELOLGDGGHTXHGHVSX©VGHWRGRIXHUD%DUU\PRUHDTXLHQ
3DUHFDLQºWLOSURVHJXLUODLQYHVWLJDFL³QSHURHVWDEDFODURTXHSHVHDOD
KDEDPRVYLVWRHQHOFDEULRO©GH5HJHQW6WUHHW"3RGDPX\ELHQWUDWDUVHGHOD
HVWUDWDJHPDGH+ROPHVVHJXDPRVVLQGLOXFLGDUVL%DUU\PRUHVHKDED
PLVPDEDUED(OFRFKHURKDEDGHVFULWRDXQKRPEUHDOJRP¡VEDMRSHURQR
WUDVODGDGRD/RQGUHV6XSRQLHQGRTXHIXHUDDVVXSRQLHQGRTXHODPLVPD
HUDLPSHQVDEOHTXHVHKXELHUDHTXLYRFDGR&³PRSRGD\RDFODUDUDTXHO
SHUVRQDTXHKDEDYLVWRD6LU&KDUOHVFRQYLGDSRUºOWLPDYH]KXELHVHVLGRHO
H[WUHPRGHXQDYH]SRUWRGDV"0LSULPHUDJHVWL³QFRQVLVWLUDHQYLVLWDUDO
SULPHURHQVHJXLUDOQXHYRKHUHGHURDVXUHJUHVRD,QJODWHUUD
DGPLQLVWUDGRUGHFRUUHRVGH*ULPSHQ\DYHULJXDUVLD%DUU\PRUHVHOHKDED
HQWUHJDGRHOWHOHJUDPDGHSUXHEDHQSURSLDPDQR)XHUDFXDOIXHVHOD TX©FRQVHFXHQFLDVSRGDQVDFDUVH"(UDDJHQWHGHWHUFHURVRDFWXDEDSRU
UHVSXHVWDDOPHQRVWHQGUD\DDOJRGHTXHLQIRUPDUD6KHUORFN+ROPHV FXHQWDSURSLDFRQDOJºQSURS³VLWRVLQLHVWUR"4X©LQWHU©VSRGDWHQHUHQ
SHUVHJXLUDODIDPLOLD%DVNHUYLOOH"5HFRUG©ODH[WUD±DDGYHUWHQFLDH[WUDGD
6LU+HQU\QHFHVLWDEDH[DPLQDUXQJUDQQºPHURGHGRFXPHQWRVGHVSX©VGHO
GHOHGLWRULDOGHO7LPHV(UDREUDVX\DRP¡VELHQGHDOJXLHQTXHVHSURSRQD
GHVD\XQRGHPDQHUDTXHHUDDTX©OHOPRPHQWRSURSLFLRSDUDPLH[FXUVL³Q
GHVEDUDWDUVXVSODQHV"(OºQLFRPRWLYRSODXVLEOHHUDHOVXJHULGRSRU6LU
TXHUHVXOW³VHUXQDJUDGDEOHSDVHRGHVHLVNLO³PHWURVVLJXLHQGRHOERUGHGHO
+HQU\VLVHFRQVHJXDDVXVWDUDODIDPLOLDGHPDQHUDTXHQRYROYLHUDDOD
S¡UDPR\TXHPHOOHY³ILQDOPHQWHDXQDDOGHKXHODJULVHQODTXHGRVHGLILFLRV
PDQVL³QORV%DUU\PRUHGLVSRQGUDQGHPDQHUDSHUPDQHQWHGHXQKRJDUPX\
GHPD\RUWDPD±RTXHUHVXOWDURQVHUODSRVDGD\ODFDVDGHOGRFWRU0RUWLPHU
F³PRGR3HURVLQGXGDXQPRWLYRDVUHVXOWDEDLQVXILFLHQWHSDUDH[SOLFDU
GHVWDFDEDQFRQVLGHUDEOHPHQWHVREUHHOUHVWR(ODGPLQLVWUDGRUGHFRUUHRV
XQRVSODQHVWDQVXWLOHVFRPRFRPSOHMRVTXHSDUHFDQHVWDUWHMLHQGRXQDUHG
TXHHUDWDPEL©QHOWHQGHURGHOSXHEORVHDFRUGDEDSHUIHFWDPHQWHGHO
LQYLVLEOHHQWRUQRDOMRYHQEDURQHW+ROPHVHQSHUVRQDKDEDGLFKRTXHGH
WHOHJUDPD
WRGDVVXVVHQVDFLRQDOHVLQYHVWLJDFLRQHVDTX©OODHUDODP¡VFRPSOHMD0LHQWUDV
$VHVFDEDOOHURGLMRKLFHTXHVHHQWUHJDUDDOVH±RU%DUU\PRUHWDOFRPR UHJUHVDEDSRUHOFDPLQRJULV\VROLWDULRUHF©SDUDTXHPLDPLJRSXGLHUD
VHLQGLFDED OLEUDUVHSURQWRGHVXVRFXSDFLRQHV\HVWXYLHUDHQFRQGLFLRQHVGHYHQLUD
'HYRQVKLUH\GHUHWLUDUGHPLVKRPEURVODSHVDGDFDUJDGHUHVSRQVDELOLGDG
4XL©QORHQWUHJ³" TXHKDEDHFKDGRVREUHHOORV
'HUHSHQWHPLVSHQVDPLHQWRVVHYLHURQLQWHUUXPSLGRVSRUHOUXLGRGHXQRV 0XFKRVGHHOORVHVW¡QGLVSXHVWRVDMXUDUTXHKDQYLVWRHQHOS¡UDPRDXQ
SDVRVYHORFHV\GHXQDYR]TXHUHSHWDPLQRPEUH0HYROYHVSHUDQGRYHUDO DQLPDOGHHVDVFDUDFWHUVWLFDV
GRFWRU0RUWLPHUSHURSDUDPLVRUSUHVDGHVFXEUTXHPHSHUVHJXDXQ
GHVFRQRFLGR6HWUDWDEDGHXQKRPEUHSHTXH±RGHOJDGRFRPSOHWDPHQWH KDEODEDFRQXQDVRQULVDSHURPHSDUHFL³OHHUHQVXVRMRVTXHVHWRPDED
DIHLWDGRGHDVSHFWRUHPLOJDGRFDEHOORUXELR\PDQGEXODHVWUHFKDHQWUHORV DTXHODVXQWRFRQP¡VVHULHGDG(VDKLVWRULDOOHJ³DDSRGHUDUVHGHOD
WUHLQWD\ORVFXDUHQWDD±RVGHHGDGTXHYHVWDXQWUDMHJULV\OOHYDED LPDJLQDFL³QGH6LU&KDUOHV\HVWR\FRQYHQFLGRGHTXHSURYRF³VXWU¡JLFRILQ
VRPEUHURGHSDMD'HOKRPEUROHFROJDEDXQDFDMDGHKRMDODWDSDUD
HVSHFPHQHVERW¡QLFRV\HQODPDQROOHYDEDXQFD]DPDULSRVDVYHUGH 3HURF³PR"
(VWR\VHJXURGHTXHVDEU¡H[FXVDUPLDWUHYLPLHQWRGRFWRU:DWVRQPHGLMR 7HQDORVQHUYLRVWDQGHVTXLFLDGRVTXHODDSDULFL³QGHFXDOTXLHUSHUURSRGUD
DOOOHJDUMDGHDQGRDGRQGHPHHQFRQWUDED$TXHQHOS¡UDPRVRPRVJHQWHV KDEHUWHQLGRXQHIHFWRIDWDOVREUHVXFRUD]³QHQIHUPR,PDJLQRTXHYLRHQ
OODQDV\QRHVSHUDPRVDODVSUHVHQWDFLRQHVRILFLDOHV4XL]¡KD\DXVWHGRGR UHDOLGDGDOJRDVDTXHOODºOWLPDQRFKHHQHOSDVHRGHORV7HMRV<RWHPDTXH
SURQXQFLDUPLDSHOOLGRDQXHVWURFRPºQDPLJRHOGRFWRU0RUWLPHU6R\ SXGLHUDVXFHGHUXQGHVDVWUHVHQWDSRU©OXQJUDQDIHFWR\QRLJQRUDEDOD
6WDSOHWRQ\YLYRHQODFDVD0HUULSLW GHELOLGDGGHVXFRUD]³Q
(OFD]DPDULSRVDV\ODFDMDPHKXELHUDQEDVWDGRGLMHSRUTXHVDEDTXHHO &³PRORVDED"
VH±RU6WDSOHWRQHUDQDWXUDOLVWD3HURF³PRVDEHXVWHGTXL©QVR\\R"
0HORKDEDGLFKRPLDPLJR0RUWLPHU
+HLGRDKDFHUXQDYLVLWDD0RUWLPHU\DOSDVDUXVWHGSRUODFDOOHORKHPRV
YLVWRGHVGHODYHQWDQDGHVXFRQVXOWRULR'DGRTXHOOHYDPRVHOPLVPR 3LHQVDXVWHGHQWRQFHVTXHXQSHUURSHUVLJXL³D6LU&KDUOHV\TXHHQ
FDPLQRVHPHKDRFXUULGRDOFDQ]DUOR\SUHVHQWDUPH&RQIRHQTXH6LU+HQU\ FRQVHFXHQFLDHODQFLDQREDURQHWPXUL³GHPLHGR"
QRHVW©GHPDVLDGRIDWLJDGRSRUHOYLDMH
7LHQHXVWHGDOJXQDH[SOLFDFL³QPHMRU"
6HHQFXHQWUDSHUIHFWDPHQWHPXFKDVJUDFLDV7RGRVQRVWHPDPRVTXH
1RKHOOHJDGRDQLQJXQDFRQFOXVL³Q
GHVSX©VGHODWULVWHGHVDSDULFL³QGH6LU&KDUOHVHOQXHYREDURQHWQRTXLVLHUD
YLYLUDTX(VPXFKRSHGLUTXHXQKRPEUHDFDXGDODGRYHQJDDHQWHUUDUVHHQ 7DPSRFRVXDPLJRHOVH±RU6KHUORFN+ROPHV"$TXHOODVSDODEUDVPH
XQVLWLRFRPR©VWHSHURQRKDFHIDOWDTXHOHGLJDFX¡QWRVLJQLILFDSDUDWRGDOD GHMDURQVLQUHVSLUDFL³QSRUXQPRPHQWRSHURODSODFLGH]GHOURVWURGHPL
]RQD+DJRELHQHQVXSRQHUTXH6LU+HQU\QRDOEHUJDPLHGRVVXSHUVWLFLRVRV LQWHUORFXWRU\VXPLUDGDLPSHUW©UULWDPHKLFLHURQFRPSUHQGHUTXHQRVH
HQHVWDPDWHULD" SURSRQDVRUSUHQGHUPH
1RFUHRTXHVHDSUREDEOH (VLQºWLOWUDWDUGHILQJLUTXHQROHFRQRFHPRVGRFWRU:DWVRQGLMR1RVKDQ
OOHJDGRVXVUHODWRVGHODVDYHQWXUDVGHOIDPRVRGHWHFWLYH\QRSRGUDXVWHG
3RUVXSXHVWRXVWHGFRQRFHODOH\HQGDGHOSHUURGLDE³OLFRTXHSHUVLJXHDOD
FHOHEUDUVXV©[LWRVVLQGDUVHWDPEL©QDFRQRFHU&XDQGR0RUWLPHUPHGLMRVX
IDPLOLD
DSHOOLGRQRSXGRQHJDUVXLGHQWLGDG6LHVW¡XVWHGDTXVHVLJXHTXHHOVH±RU
/DKHRGR 6KHUORFN+ROPHVVHLQWHUHVDWDPEL©QSRUHVWHDVXQWR\FRPRHVO³JLFR
VLHQWRFXULRVLGDGSRUVDEHUVXRSLQL³QVREUHHOFDVR
b(VQRWDEOHORFU©GXORVTXHVRQORVFDPSHVLQRVSRUHVWRVDOUHGHGRUHV
0HWHPRTXHQRHVWR\HQFRQGLFLRQHVGHUHVSRQGHUDHVDSUHJXQWD
EDURQHW$FHSW©ODLQYLWDFL³QGH6WDSOHWRQ\WRUFLPRVMXQWRVSRUHOVHQGHUR
3XHGHXVWHGGHFLUPHVLQRVKRQUDU¡YLVLW¡QGRQRVHQSHUVRQD"
(OS¡UDPRHVXQOXJDUPDUDYLOORVRGLMRPLLQWHUORFXWRUUHFRUULHQGRFRQOD
(QHOPRPHQWRSUHVHQWHVXVRFXSDFLRQHVQROHSHUPLWHQDEDQGRQDU/RQGUHV YLVWDODVRQGXODQWHVORPDVVHPHMDQWHVDJUDQGHVRODVYHUGHVFRQFUHVWDVGH
7LHQHRWURVFDVRVTXHUHTXLHUHQVXDWHQFL³Q JUDQLWRGHQWDGRTXHIRUPDEDQFRQVXHVSXPDILJXUDVIDQW¡VWLFDV1XQFD
FDQVD1RHVSRVLEOHLPDJLQDUORVLQFUHEOHVVHFUHWRVTXHFRQWLHQHb(VWDQ
b4X©O¡VWLPD3RGUDDUURMDUDOJXQDOX]VREUHDOJRTXHHVW¡PX\RVFXURSDUD YDVWRWDQHVW©ULOWDQPLVWHULRVR
QRVRWURV
/RFRQRFHXVWHGELHQQRHVFLHUWR"
3HURSRUORTXHVHUHILHUHDVXVSURSLDVLQYHVWLJDFLRQHVGRFWRU:DWVRQVL
SXHGRVHUOHºWLOGHDOJXQDPDQHUDFRQIRHQTXHQRYDFLOHHQVHUYLUVHGHP 6³OROOHYRDTXGRVD±RV/RVQDWXUDOHVGHOD]RQDPHOODPDUDQUHFL©Q
<VLFRQWDUD\DFRQDOJXQDLQGLFDFL³QVREUHODQDWXUDOH]DGHVXVVRVSHFKDVR OOHJDGR9LQLPRVSRFRGHVSX©VGHTXH6LU&KDUOHVVHLQVWDODUDHQODPDQVL³Q
VREUHF³PRVHSURSRQHXVWHGLQYHVWLJDUHOFDVRTXL]¡SXGLHUDLQFOXVRDKRUD 3HURPLVDILFLRQHVPHKDQOOHYDGRDH[SORUDUWRGRVORVDOUHGHGRUHV\HVWR\
PLVPRVHUOHGHD\XGDRGDUOHDOJºQFRQVHMR FRQYHQFLGRGHTXHSRFRVFRQRFHQHOS¡UDPRPHMRUTXH\R
6LHQWRGHVLOXVLRQDUOHSHURHVWR\DTXºQLFDPHQWHSDUDYLVLWDUDPLDPLJR6LU (VGLIFLOFRQRFHUOR"
+HQU\\QRQHFHVLWRD\XGDGHQLQJXQDFODVH
0X\GLIFLO)MHVHSRUHMHPSORHQHVDJUDQOODQXUDTXHVHH[WLHQGHKDFLDHO
b([FHOHQWHGLMR6WDSOHWRQ7LHQHXVWHGWRGDODUD]³QSDUDPRVWUDUVH QRUWHFRQODVH[WUD±DVFROLQDV
FDXWHORVR\UHVHUYDGR0HFRQVLGHURMXVWDPHQWHUHSUHQGLGRSRUORTXHKD
VLGRVLQGXGDXQDLQWURPLVL³QLQMXVWLILFDGD\OHSURPHWRTXHQRYROYHU©D TXHEURWDQGHHOOD2EVHUYDXVWHGDOJRQRWDEOHHQVXVXSHUILFLH"
PHQFLRQDUHVWHDVXQWR
'HEHGHVHUXQVLWLRH[FHSFLRQDOSDUDJDORSDU
+DEDPRVOOHJDGRDXQSXQWRGRQGHXQHVWUHFKRVHQGHURFXELHUWRGHKLHUEDVH
VHSDUDEDGHODFDUUHWHUDSDUDLQWHUQDUVHHQHOS¡UDPR$ODGHUHFKDTXHGDED (VRHVORTXHSHQVDUDFXDOTXLHUDSHUR\DOHKDFRVWDGRODYLGDDP¡VGHXQD
XQDHPSLQDGDFROLQDVDOSLFDGDGHURFDVTXHHQWLHPSRVUHPRWRVVHKDED SHUVRQD
XWLOL]DGRFRPRFDQWHUDGHJUDQLWR/DFDUDTXHHVWDEDYXHOWDKDFLDQRVRWURV
IRUPDEDXQDVRPEUDHVFDUSDGXUDHQFX\RVQLFKRVFUHFDQKHOHFKRV\]DU]DV $GYLHUWHXVWHGODVPDQFKDVGHFRORUYHUGHEULOODQWHTXHDEXQGDQSRUWRGDVX
3RUHQFLPDGHXQDGLVWDQWHHOHYDFL³QVHDO]DEDXQSHQDFKRJULVGHKXPR VXSHUILFLH"
8QSDVHRQRGHPDVLDGRODUJRSRUHVWDVHQGDGHOS¡UDPRQRVOOHYDU¡KDVWDOD 6SDUHFHQP¡VI©UWLOHVTXHHOUHVWR6WDSOHWRQVHHFK³DUHU
FDVD0HUULSLWGLMRPLDFRPSD±DQWH6LGLVSRQHXVWHGGHXQDKRUDWHQGU©HO
SODFHUGHSUHVHQWDUOHDPLKHUPDQD (VODJUDQFL©QDJDGH*ULPSHQGLMRGRQGHXQSDVRHQIDOVRVLJQLILFDOD
PXHUWHWDQWRSDUDXQKRPEUHFRPRSDUDFXDOTXLHUDQLPDO$\HUPLVPRYLD
/RSULPHURTXHSHQV©IXHTXHPLGHEHUHUDHVWDUDOODGRGH6LU+HQU\SHURD XQRGHORVMDFRVGHOS¡UDPRPHWHUVHHQHOOD1RYROYL³DVDOLU'XUDQWH
FRQWLQXDFL³QUHFRUG©ORVPXFKRVGRFXPHQWRV\IDFWXUDVTXHDEDUURWDEDQOD PXFKRWLHPSRDºQVREUHVDODODFDEH]DSHURHOIDQJRWHUPLQ³SRUWUDJ¡UVHOR
PHVDGHVXHVWXGLR(UDLQGXGDEOHTXH\RQRSRGDD\XGDUORHQDTXHOODWDUHD ,QFOXVRHQODVHVWDFLRQHVVHFDVHVSHOLJURVRFUX]DUODSHURDºQUHVXOWDSHRU
<+ROPHVPHKDEDSHGLGRH[SUHVDPHQWHTXHHVWXGLDUDDORVYHFLQRVGHO GHVSX©VGHODVOOXYLDVGHORWR±R<VLQHPEDUJR\RVR\FDSD]GHOOHJDUKDVWD
HOFHQWURGHODFL©QDJD\UHJUHVDUYLYRb9D\DSRU'LRVDOOYHRDRWURGHHVRV
GHVJUDFLDGRVMDFRV QXHYRDOPXUPXOORPHODQF³OLFR6WDSOHWRQPHPLU³FRQXQDH[SUHVL³Q
SHFXOLDU
$OJRPDUU³QVHDJLWDEDHQWUHODVMXQFLDVYHUGHV'HVSX©VXQODUJRFXHOOR
DWRUPHQWDGRVHGLVSDU³KDFLDORDOWR\XQWHUULEOHUHOLQFKRUHVRQ³SRUWRGRHO b([WUD±ROXJDUHOS¡UDPRGLMR
S¡UDPR(OKRUURUPHKHO³ODVDQJUHHQODVYHQDVSHURORVQHUYLRVGHPL
DFRPSD±DQWHSDUHFDQVHUP¡VUHVLVWHQWHVTXHORVPRV 3HURTX©HUDHVR"
b'HVDSDUHFLGRGLMR/DFL©QDJDVHORKDWUDJDGR'RVHQFXDUHQWD\RFKR /RVFDPSHVLQRVGLFHQTXHHVHOVDEXHVRGHORV%DVNHUYLOOHUHFODPDQGRVX
KRUDV\TXL]¡PXFKRVP¡VSRUTXHVHDFRVWXPEUDQDLUDOOFXDQGRHOWLHPSR SUHVD/RKDEDRGRDQWHVXQDRGRVYHFHVSHURQXQFDFRQWDQWDFODULGDG
HVVHFR\QRDGYLHUWHQODGLIHUHQFLDKDVWDTXHGDUDWUDSDGRV/DJUDQFL©QDJD
GH*ULPSHQHVXQVLWLRPX\SHOLJURVR &RQHOIURGHOPLHGRHQHOFRUD]³QFRQWHPSO©ODHQRUPHOODQXUDVDOSLFDGD
SRUODVPDQFKDVYHUGHVGHORVMXQFRV1DGDVHPRYDHQDTXHOODJUDQ
<XVWHGGLFHTXHSHQHWUDHQVXLQWHULRU" H[WHQVL³QVLVHH[FHSWºDXQDSDUHMDGHFXHUYRVTXHJUD]QDURQFRQIXHU]D
GHVGHXQULVFRDQXHVWUDVHVSDOGDV
6KD\XQRRGRVVHQGHURVTXHXQKRPEUHPX\¡JLOSXHGHXWLOL]DU\\RORV
KHGHVFXELHUWR 8VWHGHVXQKRPEUHHGXFDGRQRPHGLJDTXHGDFU©GLWRDWRQWHUDVFRPR©VD
UHVSRQG
3HURTX©LQWHU©VHQFXHQWUDHQXQVLWLRWDQHVSDQWRVR"
&X¡OFUHHXVWHGTXHHVODFDXVDGHXQVRQLGRWDQH[WUD±R"
9HXVWHGDTXHOODVFROLQDVDOROHMRV"6RQHQUHDOLGDGLVODVVHSDUDGDVGHO
UHVWRSRUODFL©QDJDLQIUDQTXHDEOHTXHKDLGRURGH¡QGRODVFRQHOSDVRGHORV /DVFL©QDJDVKDFHQDYHFHVUXLGRVH[WUD±RV(OEDUURDOPRYHUVHRHODJXDDO
D±RV$OOHVGRQGHVHHQFXHQWUDQODVSODQWDVUDUDV\ODVPDULSRVDVVLHVXVWHG VXELUGHQLYHORDOJRSDUHFLGR
OREDVWDQWHK¡ELOSDUDOOHJDU
1RQRHUDODYR]GHXQVHUYLYR
$OJºQGDSUREDU©VXHUWH6WDSOHWRQPHPLU³VRUSUHQGLGR
6TXL]¡ORIXHUD+DRGRDOJXQDYH]PXJLUDXQDYHWRUR"
b3RUHODPRUGH'LRVQLVHOHRFXUUDSHQVDUORGLMR6XVDQJUHFDHUDVREUH
PLFDEH]D 1RQXQFD
/HDVHJXURTXHQRH[LVWHODPHQRUSRVLELOLGDGGHTXHUHJUHVHFRQYLGD<ROR (VXQS¡MDURSRFRFRPºQFDVLH[WLQJXLGRHQ,QJODWHUUDDFWXDOPHQWHSHUR
FRQVLJRºQLFDPHQWHJUDFLDVDUHFRUGDUFLHUWDVVH±DOHVGHJUDQFRPSOHMLGDG WRGRHVSRVLEOHHQHOS¡UDPR6QRPHVRUSUHQGHUDTXHDFDE¡UDPRVGHRUHO
JULWRGHOºOWLPRGHORVDYHWRURV
b&DUDPEDH[FODP©4X©HVHVR"
(VODFRVDP¡VPLVWHULRVD\H[WUD±DTXHKHRGRHQWRGDPLYLGD
8QODUJRJHPLGRPX\SURIXQGRLQGHVFULSWLEOHPHQWHWULVWHVHH[WHQGL³SRUHO
S¡UDPR 6HVWDPRVHQXQOXJDUP¡VELHQH[WUD±R0LUHODIDOGDGHHVDFROLQD4X©
VXSRQHXVWHGTXHVRQHVDVIRUPDFLRQHV"
$XQTXHOOHQDEDHODLUHUHVXOWDEDLPSRVLEOHGHFLUGHG³QGHSURFHGD'HXQ
PXUPXOORDSDJDGRSDV³DFRQYHUWLUVHHQXQKRQGVLPRUXJLGRSDUDYROYHUGH 7RGDODHPSLQDGDSHQGLHQWHHVWDEDFXELHUWDGHJULVHVDQLOORVGHSLHGUDXQD
YHLQWHQDDOPHQRV 3URFHGDGHODGLUHFFL³QHQODTXHJUDFLDVDOSHQDFKRGHKXPRVDED\DTXH
HVWDEDORFDOL]DGDODFDVD0HUULSLWSHURODLQFOLQDFL³QGHOS¡UDPRPHODKDED
4X©VRQ"$SULVFRVSDUDODVRYHMDV" RFXOWDGRKDVWDTXHHVWXYRPX\FHUFD
1RVRQORVKRJDUHVGHQXHVWURVGLJQRVDQWHSDVDGRV$OKRPEUHSUHKLVW³ULFR 1RWXYHQLQJXQDGXGDGHTXHVHWUDWDEDGHODVH±RULWD6WDSOHWRQSXHVWRTXH
OHJXVWDEDYLYLUHQHOS¡UDPR\FRPRQDGLHORKDYXHOWRDKDFHUGHVGH HQHOS¡UDPRQRDEXQGDQODVGDPDV\UHFRUGDEDTXHDOJXLHQODKDEDGHVFULWR
HQWRQFHVHQFRQWUDPRVVXVSHTXH±DVFRQVWUXFFLRQHVH[DFWDPHQWHFRPR©OODV FRPRPX\EHOOD/DPXMHUTXHDYDQ]DEDHQPLGLUHFFL³QORHUDGHVGHOXHJR
GHM³(VHOHTXLYDOHQWHGHODVWLHQGDVLQGLDVVLVHOHVTXLWDHOWHFKR3RGU¡ \GHXQDKHUPRVXUDPX\SRFRFRUULHQWH
XVWHGYHULQFOXVRHOVLWLRGRQGHKDFDQIXHJRDVFRPRHOOXJDUGRQGH
GRUPDQVLODFXULRVLGDGOHHPSXMDDHQWUDUHQXQRGHHOORV 1RSRGDGDUVHPD\RUFRQWUDVWHHQWUHKHUPDQRVSRUTXHHQHOFDVRGHO
QDWXUDOLVWDODWRQDOLGDGHUDQHXWUDFRQFDEHOORFODUR\RMRVJULVHVPLHQWUDV
6HWUDWDHQWRQFHVGHWRGDXQDFLXGDG&X¡QGRHVWXYRKDELWDGD" TXHODVH±RULWD6WDSOHWRQHUDP¡VRVFXUDTXHQLQJXQDGHODVPRUHQDVTXHKH
YLVWRHQ,QJODWHUUD\DGHP¡VHVEHOWDHOHJDQWH\DOWD6XURVWURDOWLYR\GH
6HUHPRQWDDOSHULRGRQHROWLFRSHURVHGHVFRQRFHQODVIHFKDV IDFFLRQHVGHOLFDGDVHUDWDQUHJXODUTXHKXELHUDSRGLGRSDUHFHUIURGHQRVHU
SRUODERFD\ORVKHUPRVRVRMRVRVFXURV\YHKHPHQWHV'DGDODSHUIHFFL³Q\
$TX©VHGHGLFDEDQVXVSREODGRUHV" HOHJDQFLDGHVXYHVWLGRUHVXOWDEDGHVGHOXHJRXQDH[WUD±DDSDULFL³QHQOD
VROLWDULDVHQGDGHOS¡UDPR6HJXDFRQORVRMRVODVHYROXFLRQHVGHVXKHUPDQR
(OJDQDGRSDVWDEDSRUHVDVODGHUDV\HOORVDSUHQGDQDFDYDUHQEXVFDGH
FXDQGRPHGLODYXHOWDSHURLQPHGLDWDPHQWHDSUHVXU³HOSDVRKDFLDP<R
HVWD±RFXDQGRODHVSDGDGHEURQFH
PHKDEDGHVFXELHUWR\PHGLVSRQDDH[SOLFDUOHPLSUHVHQFLDFRQXQDVIUDVHV
HPSH]DEDDGHVSOD]DUDOKDFKDGHSLHGUD)MHVHHQODJUDQ]DQMDGHODFROLQD FXDQGRVXVSDODEUDVKLFLHURQTXHPLVSHQVDPLHQWRVFDPELDUDQSRUFRPSOHWR
GHHQIUHQWH GHGLUHFFL³Q
(VDHVVXPDUFD6HQFRQWUDU¡XVWHGFRVDVPX\SHFXOLDUHVHQHOS¡UDPR b9¡\DVHGLMR9XHOYDD/RQGUHVLQPHGLDWDPHQWH1RSXGHKDFHURWUDFRVD
GRFWRU:DWVRQ TXHFRQWHPSODUODHVWXSHIDFWR6XVRMRVHFKDEDQIXHJRDOPLVPRWLHPSRTXH
VXSLHJROSHDEDHOVXHORFRQLPSDFLHQFLD
$KSHUG³QHPHXQLQVWDQWH(VVLQGXGDXQHMHPSODUGH&\FORSLGHV
3RUTX©WHQGUDTXHPDUFKDUPH"
8QDPRVFDRPDULSRVLOODVHKDEDFUX]DGRHQQXHVWURFDPLQR\6WDSOHWRQVH
ODQ]³DOLQVWDQWHWUDVHOODFRQJUDQHQHUJD\UDSLGH]3DUDFRQVWHUQDFL³QPD 1RVHORSXHGRH[SOLFDUKDEODEDHQYR]EDMD\DSUHPLDQWH\FRQXQFXULRVR
HOLQVHFWRYRO³GLUHFWDPHQWHKDFLDODJUDQFL©QDJDSHURPLDFRPSD±DQWHQR FHFHRHQODSURQXQFLDFL³Q3HURSRUHODPRUGH'LRVKDJDORTXHOHSLGR
VHGHWXYRQLXQLQVWDQWHSHUVLJXL©QGRODDVDOWRVGHPDWDHQPDWDFRQHO 9¡\DVH\QRYXHOYDQXQFDDSLVDUHOS¡UDPR
FD]DPDULSRVDVHQULVWUH6XURSDJULV\ODPDQHUDLUUHJXODUGHDYDQ]DUD
3HURVLDFDERGHOOHJDU
VDOWRV\HQ]LJ]DJQROHGLIHUHQFLDEDQPXFKRGHXQJUDQLQVHFWRDODGR
&RQWHPSODEDVXFDUUHUDFRQXQDPH]FODGHDGPLUDFL³QSRUVXH[WUDRUGLQDULR 3RUIDYRUH[FODP³1RHVFDSD]GHUHFRQRFHUXQDDGYHUWHQFLDTXHVHOH
GHVSOLHJXHGHIDFXOWDGHV\GHPLHGRDTXHSHUGLHUDSLHHQODFL©QDJD KDFHSRUVXSURSLRELHQ"b9X©OYDVHD/RQGUHVb3³QJDVHHVWDPLVPDQRFKHHQ
WUDLFLRQHUDFXDQGRRUXLGRGHSDVRV\DOYROYHUPHYLDXQDPXMHUTXHVH FDPLQRb$O©MHVHGHHVWHOXJDUDWRGDFRVWDb6LOHQFLRYXHOYHPLKHUPDQR1L
DFHUFDEDKDFLDPSRUHOVHQGHUR XQDSDODEUDGHORTXHOHKHGLFKR/HLPSRUWDUDFRUWDUPHODRUTXGHDTXH
HVW¡DKHQWUHODVFRODVGHFDEDOOR"/DVRUTXGHDVDEXQGDQHQHOS¡UDPR FDVD0HUULSLW
DXQTXHSRUVXSXHVWROOHJDXVWHGHQXQDPDODHVWDFL³QSDUDGLVIUXWDUFRQOD
EHOOH]DGHOD]RQD 7UDVXQEUHYHSDVHROOHJDPRVDXQDWULVWHFDVDGHOS¡UDPRJUDQMDGHDOJºQ
JDQDGHURHQORVDQWLJXRVGDVGHSURVSHULGDGDUUHJODGDGHVSX©VSDUD
6WDSOHWRQKDEDDEDQGRQDGRODFD]D\VHDFHUFDEDDQRVRWURVMDGHDQWH\FRQHO FRQYHUWLUODHQYLYLHQGDPRGHUQD
URVWURHQFHQGLGRSRUHOHVIXHU]Rb+ROD%HU\OGLMR\WXYHODLPSUHVL³QGH
TXHHOWRQRGHVXVDOXGRQRHUDH[FHVLYDPHQWHFRUGLDO /DURGHDEDXQKXHUWRSHURORV¡UEROHVFRPRVXHOHVXFHGHUHQHOS¡UDPR
HUDQP¡VSHTXH±RVGHORQRUPDO\HVWDEDQTXHPDGRVSRUODVKHODGDVHOOXJDU
(VW¡VPX\VRIRFDGR-DFN HQFRQMXQWRGDEDLPSUHVL³QGHSREUH]D\PHODQFROD1RVDEUL³ODSXHUWDXQ
YLHMRFULDGRXQDFULDWXUDH[WUD±DDUUXJDGD\GHDVSHFWRPRKRVRPX\HQ
63HUVHJXDDXQD&\FORSLGHV(VXQDPDULSRVDPX\SRFRFRUULHQWH\UDUDV FRQVRQDQFLDFRQODFDVD'HQWURVLQHPEDUJRKDEDKDELWDFLRQHVDPSOLDV
YHFHVVHODHQFXHQWUDDILQDOHVGHORWR±Rb(VXQDSHQDTXHQRKD\D DPXHEODGDVFRQXQDHOHJDQFLDHQODTXHPHSDUHFL³UHFRQRFHUHOJXVWRGHOD
FRQVHJXLGRFDSWXUDUOD VH±RULWD6WDSOHWRQ$OFRQWHPSODUGHVGHVXVYHQWDQDVHOLQWHUPLQDEOHS¡UDPR
VDOSLFDGRGHJUDQLWRTXHVHH[WHQGDVLQVROXFL³QGHFRQWLQXLGDGKDVWDHO
+DEODEDGHVSUHRFXSDGDPHQWHSHURVXVRMRVFODURVQRVYLJLODEDQDDPERVVLQ KRUL]RQWHP¡VUHPRWRQRSXGHSRUPHQRVGHSUHJXQWDUPHTX©SRGDKDEHU
GHVFDQVR WUDGRDXQOXJDUDVDDTXHOKRPEUHWDQLQVWUXLGR\DDTXHOODPXMHUWDQ
KHUPRVD
6HKDQSUHVHQWDGR\DSRUORTXHREVHUYR
([WUD±DHOHFFL³QSDUDYLYLUQRHVHVR"GLMR6WDSOHWRQFRPRVLKXELHUD
6(VWDEDH[SOLFDQGRD6LU+HQU\TXHHORWR±RQRHVXQDEXHQD©SRFDSDUD DGLYLQDGRPLVSHQVDPLHQWRV<VLQHPEDUJRFRQVHJXLPRVVHU
ODYHUGDGHUDEHOOH]DGHOS¡UDPR&³PR"&RQTXL©QFUHHVTXHHVW¡V DFHSWDEOHPHQWHIHOLFHVQRHVDV%HU\O"
KDEODQGR"6XSRQJRTXHVHWUDWDGH6LU+HQU\%DVNHUYLOOH
0X\IHOLFHVGLMRHOODDXQTXHIDOWDEDHODFHQWRGHODFRQYLFFL³QHQVXV
1RQRGLMH\R6³ORVR\XQKXPLOGHSOHEH\RDXQTXH%DVNHUYLOOHPHKRQUH SDODEUDV
FRQVXDPLVWDG0HOODPR:DWVRQGRFWRU:DWVRQ
<ROOHYDEDXQFROHJLRSULYDGRHQHOQRUWHGLMR6WDSOHWRQ3DUDXQKRPEUH
(OGLVJXVWRHQVRPEUHFL³SRUXQPRPHQWRHOH[SUHVLYRURVWURGHODMRYHQ GHPLWHPSHUDPHQWRHOWUDEDMRUHVXOWDEDPRQ³WRQR\SRFRLQWHUHVDQWHSHURHO
SULYLOHJLRGHYLYLUFRQM³YHQHVGHD\XGDUDPROGHDUVXVPHQWHV\GHVHPEUDU
+HPRVVLGRYFWLPDVGHXQPDOHQWHQGLGRHQQXHVWUDFRQYHUVDFL³QGLMROD
HQHOORVHOSURSLRFDU¡FWHU\ORVSURSLRVLGHDOHVHUDDOJRPX\LPSRUWDQWHSDUD
VH±RULWD6WDSOHWRQ
P3HURHOGHVWLQRVHSXVRHQFRQWUDQXHVWUD
(QUHDOLGDGQRKDE©LVWHQLGRPXFKRWLHPSRFRPHQW³VXKHUPDQRVLHPSUH
6HGHFODU³XQDJUDYHHSLGHPLDHQHOFROHJLR\WUHVGHORVPXFKDFKRV
FRQORVPLVPRVRMRVLQWHUURJDGRUHV
PXULHURQ/DLQVWLWXFL³QQXQFDVHUHFXSHU³GHDTXHOJROSH\JUDQSDUWHGHPL
+HKDEODGRFRPRVLHOGRFWRU:DWVRQIXHUDUHVLGHQWHHQOXJDUGHVLPSOH FDSLWDOVHSHUGL³VLQUHPHGLR'HWRGRVPRGRVVLQRIXHUDSRUODS©UGLGDGHOD
YLVLWDQWHGLMRODVH±RULWD6WDSOHWRQ1RSXHGHLPSRUWDUOHPXFKRVLHVSURQWR HQFDQWDGRUDFRPSD±DGHORVPXFKDFKRVSRGUDDOHJUDUPHGHPLGHVJUDFLD
RWDUGHSDUDODVRUTXGHDV SRUTXHGDGDPLLQWHQVDDILFL³QDODERW¡QLFD\DOD]RRORJDWHQJRDTXXQ
FDPSRLOLPLWDGRGHWUDEDMR\PLKHUPDQDHVW¡WDQGHGLFDGDFRPR\RDOD
3HURXQDYH]TXHKDOOHJDGRKDVWDDTXHVSHURTXHQRVDFRPSD±HSDUDYHUOD QDWXUDOH]D/HH[SOLFRWRGRHVWRGRFWRU:DWVRQSRUTXHKHYLVWRVXH[SUHVL³Q
PLHQWUDVFRQWHPSODEDHOS¡UDPRGHVGHQXHVWUDYHQWDQD PHMRUOD]RQDSRUTXHDQWHVGHDOFDQ]DUODFDUUHWHUDPHTXHG©SDVPDGRDOYHU
DODVH±RULWD6WDSOHWRQVHQWDGDHQXQDURFDDOERUGHGHOFDPLQR(OUXERUGHO
(VFLHUWRTXHVHPHKDSDVDGRSRUODFDEH]DODLGHDGHTXHWRGRHVWRSXHGD HVIXHU]RHPEHOOHFDDºQP¡VVXURVWURPLHQWUDVVHDSUHWDEDHOFRVWDGRFRQOD
VHUTXL]¡XQSRFRPHQRVDEXUULGRSDUDXVWHGTXHSDUDVXKHUPDQD PDQR
1RQRUHSOLF³HOODLQPHGLDWDPHQWHQRPHDEXUURQXQFD +HFRUULGRWRGRHOFDPLQRSDUDDOFDQ]DUORGRFWRU:DWVRQPHGLMR\PHKD
IDOWDGRKDVWDWLHPSRSDUDSRQHUPHHOVRPEUHUR1RSXHGRGHWHQHUPHSRUTXH
'LVSRQHPRVGHPXFKRVOLEURV\GHQXHVWURVHVWXGLRV\WDPEL©QFRQWDPRV GHORFRQWUDULRPLKHUPDQRUHSDUDUDHQPLDXVHQFLD4XHUDGHFLUOHORPXFKR
FRQYHFLQRVPX\LQWHUHVDQWHV(OGRFWRU0RUWLPHUHVXQHUXGLWRHQVXFDPSR TXHVLHQWRODHVWºSLGDHTXLYRFDFL³QTXHKHFRPHWLGRDOFRQIXQGLUOHFRQ6LU
7DPEL©QHOSREUH6LU&KDUOHVHUDXQFRPSD±HURDGPLUDEOH/RFRQRFDPRV +HQU\+DJDHOIDYRUGHROYLGDUPLVSDODEUDVTXHQRWLHQHQQLQJXQD
ELHQ\FDUH]FRGHSDODEUDVSDUDH[SOLFDUKDVWDTX©SXQWRORHFKDPRVGH DSOLFDFL³QHQVXFDVR
PHQRV&UHHXVWHGTXHVHUDXQDLPSHUWLQHQFLDSRUPLSDUWHKDFHUHVWDWDUGH
XQDYLVLWDD6LU+HQU\SDUDFRQRFHUOR" 3HURQRSXHGRROYLGDUODVVH±RULWD6WDSOHWRQUHVSRQG6R\DPLJRGH6LU
+HQU\\VXELHQHVWDUHVGHJUDQLPSRUWDQFLDSDUDP'JDPHSRUTX©HVWDED
(VWR\VHJXURGHTXHOHHQFDQWDU¡UHFLELUOR XVWHGWDQGHVHRVDGHTXH6LU+HQU\UHJUHVDUDD/RQGUHV
(QHVHFDVRTXL]¡TXLHUDXVWHGWHQHUODDPDELOLGDGGHPHQFLRQDUOHTXHPH 8QVLPSOHFDSULFKRGHPXMHUGRFWRU:DWVRQ&XDQGRPHFRQR]FDPHMRU
SURSRQJRKDFHUOR'HQWURGHQXHVWUDPRGHVWLDWDOYH]SRGDPRVIDFLOLWDUOHXQ FRPSUHQGHU¡TXHQRVLHPSUHSXHGRGDUUD]³QGHORTXHGLJRRKDJR
SRFRODVFRVDVKDVWDTXHVHDFRVWXPEUHDVXQXHYRKRJDU4XLHUHVXELU
FRQPLJRGRFWRU:DWVRQ\YHUPLFROHFFL³QGH/HSLGRSWHUD"&UHRTXHHVOD 1RQR5HFXHUGRHOWHPEORUGHVXYR]5HFXHUGRODH[SUHVL³QGHVXVRMRV
P¡VFRPSOHWDGHOVXURHVWHGH,QJODWHUUD3DUDFXDQGRKD\DWHUPLQDGRGH 3RUIDYRUVHDVLQFHUDFRQPLJRVH±RULWD6WDSOHWRQSRUTXHGHVGHTXHHVWR\
H[DPLQDUODVHODOPXHU]RHVWDU¡FDVLOLVWR DTXWHQJRODVHQVDFL³QGHYLYLUURGHDGRGHVRPEUDV0LH[LVWHQFLDVHKD
FRQYHUWLGRHQDOJRSDUHFLGRDODJUDQFL©QDJDGH*ULPSHQDEXQGDQSRUWRGDV
3HUR\RHVWDEDGHVHRVRGHYROYHUMXQWRDODSHUVRQDFX\DVHJXULGDGVHPH SDUWHVODVPDQFKDVYHUGHVTXHFHGHQEDMRORVSLHV\FDUH]FRGHJXDTXHPH
KDEDFRQILDGR VH±DOHHOFDPLQR'JDPHSRUIDYRUDTX©VHUHIHUDXVWHG\OHSURPHWR
WUDQVPLWLUODDGYHUWHQFLDD6LU+HQU\
7RGRODPHODQFRODGHOS¡UDPRODPXHUWHGHOGHVJUDFLDGRMDFRHOH[WUD±R
VRQLGRDVRFLDGRFRQODVRPEUDOH\HQGDGHORV%DVNHUYLOOHFRQWULEXDDWH±LU 3RUXQLQVWDQWHDSDUHFL³HQVXURVWURXQDH[SUHVL³QGHGXGDSHURFXDQGRPH
GHWULVWH]DPLVSHQVDPLHQWRV UHVSRQGL³VXPLUDGDKDEDYXHOWRDHQGXUHFHUVH
<SRUVLWRGDVDTXHOODVLPSUHVLRQHVP¡VRPHQRVYDJDVQRPHEDVWDUDQKDED 6HSUHRFXSDXVWHGGHPDVLDGRGRFWRU:DWVRQIXHURQVXVSDODEUDV$PL
TXHD±DGLUOHVODDGYHUWHQFLDFODUD\SUHFLVDGHODVH±RULWD6WDSOHWRQKHFKD KHUPDQR\DPQRVLPSUHVLRQ³PXFKRODPXHUWHGH6LU&KDUOHV/R
FRQWDQWDYHKHPHQFLDTXHHVWDEDFRQYHQFLGRGHTXHODDSR\DEDQUD]RQHV FRQRFDPRVPX\ELHQSRUTXHVXSDVHRIDYRULWRHUDDWUDYHVDUHOS¡UDPRKDVWD
VHULDV\SURIXQGDV5HFKDF©ORVUHSHWLGRVUXHJRVGHORVKHUPDQRVSDUDTXH QXHVWUDFDVD$6LU&KDUOHVOHDIHFWDEDSURIXQGDPHQWHODPDOGLFL³QTXH
PHTXHGDVHDDOPRU]DU\HPSUHQGGHLQPHGLDWRHOFDPLQRGHUHJUHVR SHVDEDVREUHVXIDPLOLD\DOSURGXFLUVHODWUDJHGLDSHQV©FRPRHVO³JLFRTXH
XWLOL]DQGRHOPLVPRVHQGHURFUHFLGRGHKLHUEDSRUHOTXHKDEDPRVYHQLGR GHEDGHH[LVWLUDOJºQIXQGDPHQWRSDUDORVWHPRUHVTXH©OH[SUHVDED
([LVWHVLQHPEDUJRDOSDUHFHUDOJºQDWDMRTXHXWLOL]DQTXLHQHVFRQRFHQ 0HSUHRFXSDSRUORWDQWRTXHRWURPLHPEURGHODIDPLOLDYHQJDDYLYLUDTX
\FUHRTXHVHOHGHEHDYLVDUGHOSHOLJURTXHFRUUH(VRHVWRGRORTXHPH FRPRIXHURQHVFULWDV\PXHVWUDQPLVVHQWLPLHQWRV\VRVSHFKDVGHOPRPHQWR
SURSRQDWUDQVPLWLUFRQPLVSDODEUDV FRQP¡VSUHFLVL³QGHORTXHSRGUDKDFHUORPLPHPRULDDSHVDUGHODFODULGDG
FRQTXHUHFXHUGRDTXHOORVWU¡JLFRVVXFHVRV
3HURFX¡OHVHOSHOLJUR"
l0DQVL³QGHORV%DVNHUYLOOHGHRFWXEUH
&RQRFHXVWHGODKLVWRULDGHOVDEXHVR"1RFUHRHQVHPHMDQWHWRQWHUD
{0LTXHULGR+ROPHV
3XHV\RV6LWLHQHXVWHGDOJXQDLQIOXHQFLDVREUH6LU+HQU\DO©MHORGHXQ
OXJDUTXHVLHPSUHKDVLGRIXQHVWRSDUDVXIDPLOLD(OPXQGRHVPX\JUDQGH {0LVFDUWDV\WHOHJUDPDVDQWHULRUHVOHKDQPDQWHQLGRDOGDVREUHWRGRORTXH
3RUTX©WHQGUDTXHYLYLUHQXQOXJDUGRQGHFRUUHWDQWRSHOLJUR" KDRFXUULGRHQHVWHULQF³QGHOPXQGRWDQROYLGDGRGH'LRV&XDQWRP¡V
WLHPSRVHSDVDDTXP¡VSURIXQGDPHQWHVHPHWHHQHODOPDHOHVSULWXGHO
3UHFLVDPHQWHSRUHVR(VDHVODPDQHUDGHVHUGH6LU+HQU\0XFKRPHWHPR S¡UDPRVXLQPHQVLGDG\WDPEL©QVXWHUULEOHHQFDQWR7DQSURQWRFRPRVH
TXHVLQRPHGDXVWHGXQDLQIRUPDFL³QP¡VSUHFLVDQRORJUDU¡TXHVH SHQHWUDHQ©OTXHGDDWU¡VWRGDKXHOODGHOD,QJODWHUUDPRGHUQD\HQFDPELR
PDUFKH VHDGYLHUWHSRUGRTXLHUODSUHVHQFLDGHORVKRJDUHV\GHODVREUDVGHOKRPEUH
SUHKLVW³ULFR6HYD\DSRUGRQGHVHYD\DVLHPSUHDSDUHFHQODVFDVDVGHHVDV
1RSXHGRGHFLUQDGDP¡VSUHFLVRSRUTXHQRORV© JHQWHVROYLGDGDVFRQVXVWXPEDV\FRQORVHQRUPHVPRQROLWRVTXHDO
SDUHFHUVH±DODEDQHOHPSOD]DPLHQWRGHVXVWHPSORV&XDQGRVHFRQWHPSODQ
3HUPWDPHTXHOHKDJDXQDSUHJXQWDP¡VVH±RULWD6WDSOHWRQ6LºQLFDPHQWH VXVUHIXJLRVGHSLHGUDJULVVREUHXQIRQGRGHODGHUDVDJUHVWHVVHGHMDDOD
HUDHVRORTXHTXHUDXVWHGGHFLUFXDQGRKDEO³FRQPLJRSRUYH]SULPHUDSRU HVSDOGDOD©SRFDDFWXDO\VLYL©UDPRVDXQSHOXGRVHUKXPDQRFXELHUWRFRQ
TX©WHQDWDQWRLQWHU©VHQTXHVXKHUPDQRQRR\HUDORTXHPHGHFD"1RKD\ SLHOHVGHDQLPDOHVVDOLUDJDWDVSRUXQDSXHUWDTXHHVFRPRODERFDGHXQD
HQVXVSDODEUDVQDGDDORTXHQL©OQLQDGLHSXHGDSRQHUREMHFLRQHV PDGULJXHUD\FRORFDUXQDIOHFKDFRQSXQWDGHSHGHUQDOHQODFXHUGDGHVX
DUFRSHQVDUDPRVTXHVXSUHVHQFLDHQHVWHVLWLRHVW¡PXFKRP¡VMXVWLILFDGD
0LKHUPDQRHVW¡GHVHRVVLPRGHTXHODPDQVL³QGHORV%DVNHUYLOOHVLJD
TXHODQXHVWUD/RP¡VH[WUD±RHVTXHYLYLHUDQWDQWRVHQORTXHVLHPSUHKD
RFXSDGDSRUTXHFUHHTXHHVREHQHILFLDDORVSREUHVTXHYLYHQHQHOS¡UDPR
GHELGRGHVHUXQDWLHUUDPX\SRFRI©UWLO1RVR\H[SHUWRHQSUHKLVWRULDSHUR
6HHQRMDUDVLVXSLHUDTXHKHGLFKRDOJRTXHSXHGDLPSXOVDUD6LU+HQU\D
LPDJLQRTXHVHWUDWDEDGHXQDUD]DQDGDEHOLFRVD\IUHFXHQWHPHQWHDFRVDGD
PDUFKDUVH3HUR\DKHFXPSOLGRFRQPLGHEHU\QRYR\DGHFLUQDGDP¡V
TXHVHYLRIRU]DGDDDFHSWDUODVWLHUUDVTXHQDGLHP¡VHVWDEDGLVSXHVWRD
7HQJRTXHYROYHUDFDVDRGHORFRQWUDULR-DFNPHHFKDU¡GHPHQRV\
RFXSDU
VRVSHFKDU¡TXHKHHVWDGRFRQXVWHGb+DVWDODYLVWD
{7RGRHVWRVLQHPEDUJRQDGDWLHQHTXHYHUFRQODPLVL³QTXHXVWHGPH
6HGLRODYXHOWD\HQPX\SRFRVPLQXWRVKDEDGHVDSDUHFLGRHQWUHORV
FRQIL³\SUREDEOHPHQWHFDUHFHU¡SRUFRPSOHWRGHLQWHU©VSDUDXQDPHQWHWDQ
SH±DVFRVGHVSHUGLJDGRVSRUHOS¡UDPRPLHQWUDV\RFRQHODOPDOOHQDGH
HVWULFWDPHQWHSU¡FWLFDFRPRODVX\D7RGDYDUHFXHUGRVXFRPSOHWD
YDJRVWHPRUHVSURVHJXDPLFDPLQRKDFLDODPDQVL³QGHORV%DVNHUYLOOH
LQGLIHUHQFLDHQFXDQWRDVLHOVROVHPRYDDOUHGHGRUGHODWLHUUDRODWLHUUD
3ULPHULQIRUPHGHOGRFWRU:DWVRQ DOUHGHGRUGHOVRO3HUPWDPHSRUORWDQWRTXHYXHOYDDORVKHFKRV
UHODFLRQDGRVFRQ6LU+HQU\%DVNHUYLOOH
$SDUWLUGHDKRUDVHJXLU©HOFXUVRGHORVDFRQWHFLPLHQWRVPHGLDQWHOD
WUDQVFULSFL³QGHPLVFDUWDVD6KHUORFN+ROPHVTXHWHQJRGHODQWHGHPVREUH {(OKHFKRGHTXHQRKD\DXVWHGUHFLELGRQLQJºQLQIRUPHHQORVºOWLPRVGDV
ODPHVD)DOWDXQDS¡JLQDSHURSRUORGHP¡VODVUHSURGX]FRH[DFWDPHQWH REHGHFHDTXHKDVWDKR\QRWHQDQDGDLPSRUWDQWHTXHUHODWDUOH/XHJRKD
RFXUULGRDOJRPX\VRUSUHQGHQWHTXHOHFRQWDU©DVXGHELGRWLHPSRSHUR
DQWHVGHQDGDGHERSRQHUOHDOFRUULHQWHDFHUFDGHRWURVHOHPHQWRVGHOD ILQRVGHQXQFLDQXQFDU¡FWHUGRPLQDQWH\SRVLEOHPHQWHGHVS³WLFR6LQGXGD
VLWXDFL³Q VHU¡SDUDXVWHGXQLQWHUHVDQWHREMHWRGHHVWXGLR
{8QRGHHOORVDOTXHDSHQDVKHDOXGLGRKDVWDHVWHPRPHQWRHVHOSUHVR {9LQRDVDOXGDUD%DVNHUYLOOHHOPLVPRGDHQTXHORFRQRF\DODPD±DQD
HVFDSDGRTXHURQGDEDSRUHOS¡UDPR$KRUDH[LVWHQUD]RQHVSRGHURVDVSDUD VLJXLHQWHQRVOOHY³DORVGRVDOVLWLRGRQGHVHVXSRQHTXHWXYRRULJHQOD
FUHHUTXHVHKDPDUFKDGRORTXHVXSRQHXQFRQVLGHUDEOHDOLYLRSDUDDTXHOORV OH\HQGDVREUHHOPDOYDGR+XJR
KDELWDQWHVGHOGLVWULWRTXHYLYHQDLVODGRV
)XHXQDH[FXUVL³QGHYDULRVNLO³PHWURVDWUDY©VGHOS¡UDPRKDVWDXQOXJDU
+DQWUDQVFXUULGRGRVVHPDQDVGHVGHVXKXLGD\HQHVRVTXLQFHGDVQRVHOH TXHSXGRSRUVVRORKDEHUVXJHULGRODKLVWRULDGDGRORGHSULPHQWHTXH
KDYLVWRQLVHKDRGRQDGDUHODFLRQDGRFRQ©O(VDWRGDVOXFHVLQFRQFHELEOH UHVXOWD(QFRQWUDPRVXQYDOOHGHSRFDORQJLWXGHQWUHSH±DVFRVHVFDUSDGRV
TXHKD\DSRGLGRUHVLVWLUHQHOS¡UDPRGXUDQWHWDQWRWLHPSR+DEUDSRGLGR TXHGHVHPERFDEDHQXQHVSDFLRDELHUWR\YHUGHVDOSLFDGRGHMXQFLDV(QHO
HVFRQGHUVHVLQQLQJXQDGLILFXOWDGGHVGHOXHJR&XDOTXLHUDGHORVKDELW¡FXORV FHQWURVHDO]DEDQGRVJUDQGHVSLHGUDVPX\JDVWDGDV\ELHQDILODGDVSRUOD
GHSLHGUDSRGUDKDEHUOHVHUYLGRGHUHIXJLR3HURQRKD\QDGDTXHOH SDUWHVXSHULRUGHPDQHUDTXHSDUHFDQORVHQRUPHVFROPLOORVHQSURFHVRGH
SURSRUFLRQHDOLPHQWRDQRVHUTXHFDSWXUH\VDFULILTXHXQDGHODVRYHMDVGHO GHVFRPSRVLFL³QGHXQDQLPDOPRQVWUXRVR(OOXJDUVHFRUUHVSRQGHHQWRGRV
S¡UDPR&UHHPRVSRUORWDQWRTXHVHKDPDUFKDGR\HOUHVXOWDGRHVTXHORV ORVGHWDOOHVFRQHOHVFHQDULRGHODDQWLJXDWUDJHGLDTXH\DFRQRFHPRV6LU
JUDQMHURVTXHHVW¡QP¡VDLVODGRVGXHUPHQPHMRU +HQU\PDQLIHVW³JUDQLQWHU©V\SUHJXQW³P¡VGHXQDYH]D6WDSOHWRQVLFUHD
UHDOPHQWHHQODSRVLELOLGDGGHTXHORVSRGHUHVVREUHQDWXUDOHVLQWHUYHQJDQHQ
{(QHVWDFDVDQRVDORMDPRVFXDWURYDURQHVHQEXHQHVWDGRGHVDOXGGH ORVDVXQWRVKXPDQRV+DEODEDFRQGHVHQIDGRSHURQRFDEHGXGDGHTXH
PDQHUDTXHSRGHPRVFXLGDUQRVVLQD\XGDGHQDGLHSHURFRQILHVRTXHKH VHQWDPXFKRLQWHU©V6WDSOHWRQVHPRVWU³FDXWRHQVXVUHVSXHVWDVDXQTXHVH
WHQLGRPRPHQWRVGHLQTXLHWXGDOSHQVDUHQORV6WDSOHWRQTXHVHKDOODQD FRPSUHQGDHQVHJXLGDTXHGHFDPHQRVGHORTXHVDED\RSLQDED\TXHQR
NLO³PHWURVGHOYHFLQRP¡VSU³[LPR(QODFDVD0HUULSLWV³ORYLYHQXQD VHVLQFHUDEDSRUFRPSOHWRHQFRQVLGHUDFL³QDORVVHQWLPLHQWRVGHOEDURQHW
FULDGDXQDQFLDQRVLUYLHQWHODKHUPDQDGH6WDSOHWRQ\HOPLVPR6WDSOHWRQ 1RVFRQW³FDVRVVHPHMDQWHVGHIDPLOLDVYFWLPDVGHDOJXQDLQIOXHQFLD
TXHQRHVXQDSHUVRQDGHJUDQIRUWDOH]DIVLFD6LHOSUHVRORJUDUDHQWUDUHQOD PDOLJQD\QRVGHM³FRQODLPSUHVL³QGHTXHFRPSDUWDODRSLQL³QSRSXODU
FDVDHVWDUDQLQGHIHQVRVHQPDQRVGHXQLQGLYLGXRWDQGHVHVSHUDGRFRPR VREUHHODVXQWR
HVWHFULPLQDOGH1RWWLQJ+LOO7DQWRD6LU+HQU\FRPRDPQRVSUHRFXSD
PXFKRVXVLWXDFL³Q\OHVVXJHULPRVTXH3HUNLQVHOPR]RGHFXDGUDIXHVHD {$ODYXHOWDQRVGHWXYLPRVHQODFDVD0HUULSLWSDUDDOPRU]DU\IXHDOOGRQGH
GRUPLUDVXFDVDSHUR6WDSOHWRQQRKDTXHULGRQLRUKDEODUGHHOOR 6LU+HQU\FRQRFL³DODVH±RULWD6WDSOHWRQ'HVGHHOSULPHUPRPHQWR
%DVNHUYLOOHSDUHFL³VHQWLUXQDIXHUWHDWUDFFL³Q\VLQRHVWR\PX\HTXLYRFDGR
{/RFLHUWRHVTXHQXHVWURDPLJRHOEDURQHWHPSLH]DDLQWHUHVDUVHPXFKRSRU HOVHQWLPLHQWRIXHPXWXR1XHVWUREDURQHWKDEO³GHHOODXQD\RWUDYH]
VXKHUPRVDYHFLQD1RWLHQHQDGDGHVRUSUHQGHQWHSRUTXHSDUDXQKRPEUH PLHQWUDVYROYDPRVDFDVD\GHVGHHQWRQFHVDSHQDVKDWUDQVFXUULGRXQGDVLQ
WDQDFWLYRFRPR©OHOWLHPSRVHKDFHPX\ODUJRHQHVWHOXJDUWDQVROLWDULR\OD TXHYHDPRVHQDOJºQPRPHQWRDORVGRVKHUPDQRV(VWDQRFKHFHQDU¡QDTX
VH±RULWD6WDSOHWRQHVXQDPXMHUPX\KHUPRVD\IDVFLQDQWH+D\HQHOODXQ \\DVHKDEODGHTXHLUHPRVDVXFDVDODVHPDQDTXHYLHQH&XDOTXLHUD
DOJRWURSLFDO\H[³WLFRTXHFUHDXQFRQWUDVWHVLQJXODUFRQVXKHUPDQRWDQIUR SHQVDUDTXHVHPHMDQWHHQODFHGHEHUDOOHQDUGHVDWLVIDFFL³QD6WDSOHWRQ\VLQ
HLPSDVLEOH7DPEL©Q©OVLQHPEDUJRVXJLHUHODLGHDGHIXHJRVHVFRQGLGRV HPEDUJRP¡VGHXQDYH]KHFDSWDGRXQDPLUDGDVX\DGHLQWHQVVLPD
6WDSOHWRQWLHQHVLQGXGDXQDPDUFDGDLQIOXHQFLDVREUHVXKHUPDQDSRUTXHKH GHVDSUREDFL³QFXDQGR6LU+HQU\WHQDDOJXQDDWHQFL³QFRQVXKHUPDQD6LQ
FRPSUREDGRTXHFXDQGRKDEODORPLUDFRQWLQXDPHQWHFRPRVLEXVFDUDVX GXGDHVW¡PX\XQLGRDHOOD\OOHYDU¡XQDYLGDPX\VROLWDULDVLVHYHSULYDGR
DSUREDFL³QSDUDWRGRORTXHGLFH(VSHURTXHVHDDIHFWXRVRFRQHOOD(OEULOOR GHVXFRPSD±DSHURSDUHFHUDHOFROPRGHOHJRVPRTXHSXVLHUDREVW¡FXORV
VHFRGHORVRMRVGH6WDSOHWRQ\ODILUPHH[SUHVL³QGHVXERFDGHODELRVPX\
DXQPDWULPRQLRWDQFRQYHQLHQWH(VWR\FRQYHQFLGRGHWRGRVPRGRVGHTXH VHLVNLO³PHWURVDOVXUGHQRVRWURV(VXQFDEDOOHURDQFLDQRGHFDEHOORV
6WDSOHWRQQRGHVHDTXHODDPLVWDGHQWUHDPERVOOHJXHDFRQYHUWLUVHHQDPRU EODQFRVUXELFXQGR\FRO©ULFR/HDSDVLRQDQODVOH\HVEULW¡QLFDV\KD
\HQYDULDVRFDVLRQHVKHREVHUYDGRVXVHVIXHU]RVSDUDLPSHGLUTXHVHTXHGHQ LQYHUWLGRXQDIRUWXQDHQSOHLWHDU/XFKDSRUHOVLPSOHSODFHUGHHQIUHQWDUVH
DVRODV/HGLU©HQWUHSDU©QWHVLVTXHVXVLQVWUXFFLRQHVHQFXDQWRDQRSHUPLWLU FRQDOJXLHQ\HVW¡VLHPSUHGLVSXHVWRDGHIHQGHUORVGRVODGRVHQXQD
TXH6LU+HQU\VDOJDVRORGHODPDQVL³QVHU¡QPXFKRP¡VGLIFLOHVGHFXPSOLU GLVFXVL³QSRUORTXHQRHVVRUSUHQGHQWHTXHSOHLWHDUOHKD\DUHVXOWDGRXQD
VLXQDLQWULJDDPRURVDYLQLHUDDD±DGLUVHDODVRWUDVGLILFXOWDGHV0LVEXHQDV GLYHUVL³QFRVWRVD(QRFDVLRQHVFLHUUDXQGHUHFKRGHSDVR\GHVDILDDO
UHODFLRQHVFRQHOEDURQHWVHUHVHQWLUDQPX\SURQWRVLLQVLVWLHUDHQVHJXLUDO D\XQWDPLHQWRSDUDTXHOHREOLJXHDDEULUOR
SLHGHODOHWUDODV³UGHQHVGHXVWHG
(QRWURVFDVRVURPSHFRQVXVSURSLDVPDQRVHOSRUW³QGHRWURSURSLHWDULR\
{(ORWURGDHOMXHYHVSDUDVHUP¡VSUHFLVRVDOPRU]³FRQQRVRWURVHOGRFWRU DILUPDTXHGHVGHWLHPSRLQPHPRULDOKDH[LVWLGRDOOXQDVHQGDSRUORTXH
0RUWLPHU UHWDDOSURSLHWDULRDTXHOROOHYHDMXLFLRSRUHQWUDGDLOHJDO(VXQHUXGLWRHQHO
DQWLJXRGHUHFKRVH±RULDO\FRPXQDO\XQDVYHFHVDSOLFDVXVFRQRFLPLHQWRV
+DUHDOL]DGRH[FDYDFLRQHVHQXQWºPXORIXQHUDULRGH/RQJ'RZQ\HVW¡PX\ HQIDYRUGHORVKDELWDQWHVGH)HUQZRUWK\\RWUDVHQFRQWUDGHPDQHUDTXH
FRQWHQWRSRUHOKDOOD]JRGHXQFU¡QHRSUHKLVW³ULFRb1RKDKDELGRQXQFDXQ SHUL³GLFDPHQWHOROOHYDQDKRPEURVHQWULXQIRSRUODFDOOHPD\RUGHOSXHEORR
HQWXVLDVWDWDQUHVXHOWRFRPR©O/RV6WDSOHWRQVHSUHVHQWDURQGHVSX©V\HO ORTXHPDQHQHILJLHGHDFXHUGRFRQVXºOWLPDKD]D±D6HGLFHTXHHQHO
EXHQRGHOGRFWRUQRVOOHY³DWRGRVDOSDVHRGHORV7HMRVDSHWLFL³QGH6LU PRPHQWRDFWXDOWLHQHHQWUHPDQRVXQRVVLHWHSOHLWRVTXHSUREDEOHPHQWHVH
+HQU\SDUDPRVWUDUQRVH[DFWDPHQWHF³PRVXFHGL³ODWUDJHGLDDTXHOODQRFKH WUDJDU¡QORTXHOHUHVWDGHIRUWXQDSRUORTXHVHTXHGDU¡VLQDJXLM³Q\VHU¡
DFLDJD(OSDVHRGHORV7HMRVHVXQFDPLQRPX\ODUJR\VRPEURHQWUHGRV LQRIHQVLYRHQHOIXWXUR$SDUWHGHODVFXHVWLRQHVMXUGLFDVSDUHFHXQDSHUVRQD
DOWDVSDUHGHVGHVHWRUHFRUWDGRFRQXQDHVWUHFKDIUDQMDGHKLHUEDDDPERV FDUL±RVD\DIDEOH\V³ORKDJRPHQFL³QGH©OSRUTXHXVWHGLQVLVWL³HQTXHOH
ODGRV HQYLDUDXQDGHVFULSFL³QGHWRGDVODVSHUVRQDVTXHQRVURGHDQ(QHOPRPHQWR
DFWXDOVXRFXSDFL³QHVELHQFXULRVD\DTXHSRUVXDILFL³QDODDVWURQRPD
(QHOH[WUHPRP¡VGLVWDQWHVHKDOODXQSDEHOO³QGHYHUDQRYLHMR\UXLQRVR$ GLVSRQHGHXQH[FHOHQWHWHOHVFRSLRFRQHOTXHVHWXPEDHQHOWHMDGRGHVX
PLWDGGHFDPLQRHVW¡HOSRUWLOORTXHGDDOS¡UDPRGRQGHHODQFLDQRFDEDOOHUR FDVD\HVFXGUL±DHOS¡UDPRGHODPD±DQDDODQRFKHFRQODHVSHUDQ]DGH
GHM³FDHUODFHQL]DGHVXFLJDUURSXUR6HWUDWDGHXQSRUWLOORGHPDGHUD SRQHUOHODYLVWDHQFLPDDOSUHVRHVFDSDGR6LFRQVDJUDUDDHVWRODWRWDOLGDGGH
SLQWDGRGHEODQFRFRQXQSHVWLOOR'HORWURODGRVHH[WLHQGHHOYDVWRS¡UDPR VXVHQHUJDVODVFRVDVLUDQDSHGLUGHERFDSHURVHUXPRUHDTXHWLHQH
<RPHDFRUGDEDGHVXWHRUDGHXVWHG\WUDW©GHLPDJLQDUWRGRORRFXUULGR LQWHQFL³QGHSOHLWHDUFRQWUDHOGRFWRU0RUWLPHUSRUDEULUXQDWXPEDVLQHO
0LHQWUDV6LU&KDUOHVHVWDEDDOOYLRDOJRTXHVHDFHUFDEDDWUDYHVDQGRHO FRQVHQWLPLHQWRGHORVSDULHQWHVP¡VSU³[LPRVGHOGLIXQWRGDGRTXHH[WUDMR
S¡UDPRDOJRTXHOHDWHUURUL]³KDVWDHOSXQWRGHKDFHUOHSHUGHUODFDEH]DSRU XQFU¡QHRQHROWLFRGHOWºPXORIXQHUDULRGH/RQJ'RZQ&RQWULEX\HVLQGXGD
ORTXHFRUUL³\FRUUL³KDVWDPRULUGHSXURKRUURU\DJRWDPLHQWR7HQDPRV DDOHMDUGHQXHVWUDVYLGDVODPRQRWRQD\QRVSURSRUFLRQDSHTXH±RV
GHODQWHHOODUJR\PHODQF³OLFRWºQHOGHF©VSHGSRUHOTXHKX\³3HURGH LQWHUPHGLRVF³PLFRVGHORVTXHHVWDPRVPX\QHFHVLWDGRV
TX©"'HXQSHUURSDVWRUGHOS¡UDPR"2GHXQVDEXHVRHVSHFWUDOQHJUR
HQRUPH\VLOHQFLRVR"+XERLQWHUYHQFL³QKXPDQDHQHODVXQWR"$FDVR {<DKRUDGHVSX©VGHKDEHUOHSXHVWRDOGDVREUHHOSUHVRIXJDGRVREUHORV
%DUU\PRUHWDQS¡OLGR\VLHPSUHYLJLODQWHVDEHP¡VGHORTXHFRQW³"7RGR 6WDSOHWRQHOGRFWRU0RUWLPHU\HOVH±RU)UDQNODQGGHODPDQVL³Q/DIWHU
UHVXOWDPX\FRQIXVR\YDJRSHURVLHPSUHDSDUHFHGHWU¡VODRVFXUDVRPEUDGHO SHUPWDPHTXHWHUPLQHFRQORP¡VLPSRUWDQWH\YXHOYDDKDEODUOHGHORV
GHOLWR %DUU\PRUH\HQHVSHFLDOGHORVVRUSUHQGHQWHVDFRQWHFLPLHQWRVGHODQRFKH
SDVDGD
{'HVGHODºOWLPDYH]TXHHVFULEKHFRQRFLGRDRWURGHORVKDELWDQWHVGHO
S¡UDPR6HWUDWDGHOVH±RU)UDQNODQGGHODPDQVL³Q/DIWHUTXHYLYHDXQRV
{$QWHVGHQDGDKHGHPHQFLRQDUHOWHOHJUDPDTXHHQYL³XVWHGGHVGH/RQGUHV LPSUHVL³QGHTXHKDEDDOJRVLQJXODU\GXGRVRHQHOFDU¡FWHUGHHVWHKRPEUH
SDUDDVHJXUDUVHGHTXH%DUU\PRUHHVWDEDUHDOPHQWHDTX<DOHH[SOLTX©TXH SHURODDYHQWXUDGHODQRFKHSDVDGDKDVHUYLGRSDUDGDUFXHUSRDPLV
HOWHVWLPRQLRGHODGPLQLVWUDGRUGHFRUUHRVLQYDOLGDVXHVWUDWDJHPDSRUORTXH VRVSHFKDV
FDUHFHPRVGHSUXHEDVHQXQVHQWLGRXRWUR([SOLTX©D6LU+HQU\FX¡OHUDOD
VLWXDFL³QHLQPHGLDWDPHQWHFRQVXIUDQTXH]DFDUDFWHUVWLFDKL]ROODPDUD {<VLQHPEDUJRSRGUDSDUHFHUXQDFXHVWL³QGHSRFDLPSRUWDQFLD8VWHG
%DUU\PRUH\OHSUHJXQW³VLKDEDUHFLELGRHQSHUVRQDHOWHOHJUDPD VDEHTXHQXQFDKHGRUPLGRDSLHUQDVXHOWDSHURGHVGHTXHYLYRHQJXDUGLDHQ
%DUU\PRUHUHVSRQGL³TXHV HVWDFDVDWHQJRHOVXH±RP¡VOLJHURTXHQXQFD$QRFKHDHVRGHODVGRVGHOD
PDGUXJDGDPHGHVSHUWDURQORVSDVRVVLJLORVRVGHDOJXLHQTXHFUX]DEDSRU
{6HORHQWUHJ³HOFKLFRHQSURSLDPDQR"SUHJXQW³6LU+HQU\ GHODQWHGHPLKDELWDFL³Q0HOHYDQW©DEUODSXHUWD\PLU©8QDODUJDVRPEUD
QHJUDVHGHVOL]DEDSRUHOFRUUHGRUSURGXFLGDSRUXQKRPEUHTXHDYDQ]DEDHQ
{%DUU\PRUHSDUHFL³VRUSUHQGLGR\HVWXYRSHQVDQGRXQRVPRPHQWRV VLOHQFLRFRQXQDYHODHQODPDQR6HFXEUDWDQV³ORFRQODFDPLVD\ORV
SDQWDORQHVHLEDGHVFDO]R1RSXGHYHUP¡VTXHVXVLOXHWDSHURVXHVWDWXUD
{1RGLMRPHKDOODEDHQHO¡WLFRHQDTXHOPRPHQWR\PHORWUDMRPL PHLQGLF³TXHVHWUDWDEDGH%DUU\PRUH&DPLQDEDPX\GHVSDFLR\WRPDQGR
HVSRVD PXFKDVSUHFDXFLRQHV\KDEDXQDOJRLQGHVFULSWLEOHPHQWHFXOSDEOH\IXUWLYR
HQWRGRVXDVSHFWR
{/RFRQWHVW³XVWHGPLVPR"
{<DOHKHH[SOLFDGRTXHHOFRUUHGRUTXHGDLQWHUUXPSLGRSRUODJDOHUDTXH
{1ROHGLMHDPLHVSRVDFX¡OHUDODUHVSXHVWD\HOODEDM³DHVFULELUOD URGHDODJUDQVDODSHURTXHFRQWLQºDSRUHORWURODGR(VSHU©DTXH
%DUU\PRUHVHSHUGLHUDGHYLVWD\OXHJRORVHJX&XDQGROOHJX©DODJDOHUD\D
{3RUODQRFKHIXHHOPLVPR%DUU\PRUHTXLHQVDF³HOWHPD
HVWDEDDOILQDOGHORWURFRUUHGRU\JUDFLDVDOUHVSODQGRUGHODYHODDWUDY©VGH
{1RFRQVLJRHQWHQGHUHOREMHWRGHVXSUHJXQWDGHHVWDPD±DQD6LU+HQU\ XQDSXHUWDDELHUWDYLTXHKDEDHQWUDGRHQXQDGHODVKDELWDFLRQHV$KRUD
GLMR(VSHURTXHQRVLJQLILTXHTXHPLFRPSRUWDPLHQWROHKDOOHYDGRDSHUGHU ELHQWRGDVHVDVKDELWDFLRQHVFDUHFHQGHPXHEOHV\HVW¡QGHVRFXSDGDVGH
VXFRQILDQ]DHQP PDQHUDTXHDTXHOODH[SHGLFL³QUHVXOWDEDWRGDYDP¡VPLVWHULRVD/DOX]
EULOODEDFRQILMH]DFRPRVL%DUU\PRUHVHKXELHUDLQPRYLOL]DGR0HGHVOLF©
{6LU+HQU\OHDVHJXU³TXHQRHUD©VHHOFDVR\ORDSODF³UHJDO¡QGROHEXHQD SRUHOFRUUHGRUORP¡VVLOHQFLRVDPHQWHTXHSXGHKDVWDDVRPDUPHDSHQDVSRU
SDUWHGHVXDQWLJXRYHVWXDULRGDGRTXHKDEDOOHJDGR\DHOQXHYRHTXLSR ODSXHUWDDELHUWD
HQFDUJDGRHQ/RQGUHV
{%DUU\PRUHDJDFKDGRMXQWRDODYHQWDQDPDQWHQDODYHODSHJDGDDOFULVWDO
{/DVH±RUD%DUU\PRUHPHLQWHUHVDPXFKR(VXQDPXMHUFRUSXOHQWDQR 6XURVWURHVWDEDYXHOWRDPHGLDVKDFLDP\VXVIDFFLRQHVPDQLIHVWDEDQOD
GHPDVLDGREULOODQWHPX\UHVSHWXRVD\FRQLQFOLQDFL³QDOSXULWDQLVPR(V WHQVL³QGHODHVSHUDPLHQWUDVHVFXGUL±DEDODQHJUXUDGHOS¡UDPR3RUHVSDFLR
GLIFLOLPDJLQDUXQDSHUVRQDPHQRVSURSHQVDHQDSDULHQFLDDH[FHVRV GHYDULRVPLQXWRVPDQWXYRODLQWHQVDYLJLODQFLD/XHJRGHM³HVFDSDUXQ
HPRWLYRV<VLQHPEDUJRWDOFRPR\DOHKHFRQWDGRDXVWHGODRVROOR]DU KRQGRJHPLGR\FRQXQJHVWRGHLPSDFLHQFLDDSDJ³ODYHOD<RUHJUHV©
DPDUJDPHQWHGXUDQWHQXHVWUDSULPHUDQRFKHDTX\GHVGHHQWRQFHVKH LQPHGLDWDPHQWHDPLKDELWDFL³Q\PX\SRFRGHVSX©VYROYDRUORVSDVRV
REVHUYDGRHQP¡VGHXQDRFDVL³QKXHOODVGHO¡JULPDVHQVXURVWUR$OJXQD VLJLORVRVHQVXYLDMHGHUHJUHVR0XFKRP¡VWDUGHFXDQGRHVWDED
KRQGDDIOLFFL³QOHGHVJDUUDVLQWUHJXDHOFRUD]³Q$YHFHVPHSUHJXQWRVLOD KXQGL©QGRPH\DHQXQVXH±ROLJHURRF³PRXQDOODYHJLUDEDHQXQD
REVHVLRQDHOUHFXHUGRGHDOJXQDFXOSD\HQRWUDVRFDVLRQHVVRVSHFKRTXH FHUUDGXUDSHURPHIXHLPSRVLEOHSUHFLVDUGHG³QGHSURFHGDHOUXLGR1RVR\
%DUU\PRUHSXHGHVHUXQWLUDQRHQHOVHQRGHVXIDPLOLD6LHPSUHKHWHQLGROD FDSD]GHDGLYLQDUHOVLJQLILFDGRGHORVXFHGLGRSHURVLQGXGDHQHVWDFDVDWDQ
PHODQF³OLFDHVW¡HQPDUFKDDOJºQDVXQWRVHFUHWRTXHP¡VSURQWRRP¡V GHVDVRVLHJRGHVXHVSRVD%DUU\PRUHHVXQLQGLYLGXRFRQPXFKRDWUDFWLYR
WDUGHWHUPLQDUHPRVSRUGHVFXEULU1RTXLHURPROHVWDUOHFRQPLVWHRUDV SHUIHFWDPHQWHFDSDFLWDGRSDUDUREDUOHHOFRUD]³QDXQDFDPSHVLQDGHPDQHUD
SRUTXHXVWHGPHSLGL³TXHV³OROHSURSRUFLRQDUDKHFKRV(VWDPD±DQDKH TXHHVWDWHRUDSDUHFDWHQHUDOJXQRVHOHPHQWRVDVXIDYRU/DDSHUWXUDGHOD
WHQLGRXQDODUJDFRQYHUVDFL³QFRQ6LU+HQU\\KHPRVHODERUDGRXQSODQGH SXHUWDTXH\RKDEDRGRGHVSX©VGHUHJUHVDUDPLGRUPLWRULRSRGDTXHUHU
FDPSD±DEDVDGRHQPLVREVHUYDFLRQHVGHODQRFKHSDVDGDTXHQRWHQJR GHFLUTXH%DUU\PRUHDEDQGRQDEDODFDVDSDUDGLULJLUVHDXQDFLWDFODQGHVWLQD
LQWHQFL³QGHH[SOLFDUOHDXVWHGDKRUDPLVPRSHURTXHVLQGXGDFRQWULEXLU¡D $VUD]RQDED\RFRQPLJRPLVPRSRUODPD±DQD\OHFXHQWRODGLUHFFL³QTXH
TXHPLSU³[LPRLQIRUPHUHVXOWHPX\LQWHUHVDQWH{ WRPDURQPLVVRVSHFKDVSHVHDTXHQXHVWUDVSRVWHULRUHVDYHULJXDFLRQHVKDQ
GHPRVWUDGRTXHFDUHFDQSRUFRPSOHWRGHIXQGDPHQWR
/DOX]HQHOS¡UDPR
{3HURIXHUDFXDOIXHVHODYHUGDGHUDH[SOLFDFL³QGHORVPRYLPLHQWRVGH
>6HJXQGRQIRUPHGHOGRFWRU:DWVRQ@ %DUU\PRUHFRQVLGHU©VXSHULRUDPLVIXHU]DVODUHVSRQVDELOLGDGGHJXDUGDUHO
VHFUHWRVREUHVXVDFWLYLGDGHVKDVWDTXHSXGLHUDH[SOLFDUODVGHPDQHUD
l0DQVL³QGHORV%DVNHUYLOOHGHRFWXEUH VDWLVIDFWRULDSRUORTXHGHVSX©VGHOGHVD\XQRPHHQWUHYLVW©FRQHOEDURQHWHQ
VXHVWXGLR\OHFRQW©WRGRORTXHKDEDYLVWR6LU+HQU\VHVRUSUHQGL³PHQRV
{0LTXHULGR+ROPHV GHORTXH\RHVSHUDED
{$XQTXHGXUDQWHORVSULPHURVGDVGHPLPLVL³QQRSURGLJDUDGHPDVLDGRODV {6DEDTXH%DUU\PRUHDQGDEDGHQRFKHSRUODFDVD\KDEDSHQVDGRKDEODU
QRWLFLDVDKRUDUHFRQRFHU¡XVWHGTXHHVWR\UHFXSHUDQGRHOWLHPSRSHUGLGR\ FRQ©OVREUHHOORPHGLMR+HRGRGRVRWUHVYHFHVVXVSDVRVHQHOFRUUHGRU
TXHORVDFRQWHFLPLHQWRVVHVXFHGHQVLQLQWHUUXSFL³Q(QPLºOWLPRLQIRUPHGL \HQGR\YLQLHQGRP¡VRPHQRVDODKRUDTXHXVWHGPHQFLRQD
HOGRGHSHFKRFRQHOKDOOD]JRGH%DUU\PRUHHQODYHQWDQD\DKRUDWHQJR\D
XQDH[FHOHQWHVHJXQGDSDUWHTXHVLQRHVWR\PX\HTXLYRFDGROHVRUSUHQGHU¡ {(QHVHFDVRTXL]¡YLVLWHSUHFLVDPHQWHHVDYHQWDQDWRGDVODVQRFKHVVXJHU
EDVWDQWH/RVDFRQWHFLPLHQWRVKDQWRPDGRXQVHVJRTXH\RQRSRGDSUHYHU
(QFLHUWRVDVSHFWRVODVFRVDVVHKDQDFODUDGRPXFKRGXUDQWHODVºOWLPDV {7DOYH]ORKDJD6LHVDVHVWDUHPRVHQFRQGLFLRQHVGHVHJXLUOR\GHYHU
FXDUHQWD\RFKRKRUDV\HQRWURVVHKDQFRPSOLFDGRWRGDYDP¡V3HURYR\D TX©HVORTXHVHWUDHHQWUHPDQRV0HSUHJXQWRTX©KDUDVXDPLJR+ROPHVVL
FRQW¡UVHORWRGR\DVSRGU¡MX]JDUSRUVPLVPR HVWXYLHUDDTX
{$ODPD±DQDVLJXLHQWHDQWHVGHEDMDUDGHVD\XQDUH[DPLQ©ODKDELWDFL³Q {&UHRTXHKDUDH[DFWDPHQWHORTXHDFDEDXVWHGGHVXJHULUOHUHVSRQG
TXH%DUU\PRUHKDEDYLVLWDGRODQRFKHDQWHULRU/DYHQWDQDRULHQWDGDDORHVWH 6HJXLUDD%DUU\PRUH\YHUDTX©HVORTXHKDFH
SRUODTXHPLUDEDFRQWDQWRLQWHU©VWLHQHVHJºQKHSRGLGRDGYHUWLUXQD
SHFXOLDULGDGTXHODGLVWLQJXHGHWRGDVODVGHP¡VYHQWDQDVGHODFDVDHVODTXH {(QWRQFHVORKDUHPRVMXQWRV{3HURVLQGXGDQRVRLU¡
SHUPLWHYHUHOS¡UDPRGHVGHP¡VFHUFDJUDFLDVDXQDDEHUWXUDHQWUHORV
¡UEROHVPLHQWUDVTXHGHVGHWRGDVODVRWUDVVHYLVOXPEUDFRQGLILFXOWDG {(VEDVWDQWHVRUGR\GHWRGRVPRGRVKHPRVGHFRUUHUHOULHVJR
$JXDUGDUHPRVHQPLKDELWDFL³QDTXHSDVH6LU+HQU\VHIURW³ODVPDQRV
'HDKVHVLJXHTXH%DUU\PRUHGDGRTXHV³ORHVDYHQWDQDVHDMXVWDDVXV HQFDQWDGR\HUDHYLGHQWHTXHDFRJDDTXHOODDYHQWXUDFRPRXQDJUDGDEOH
QHFHVLGDGHVEXVFDEDDOJRRDDOJXLHQTXHVHHQFRQWUDEDHQHOS¡UDPR/D GHVFDQVRGHODYLGDH[FHVLYDPHQWHWUDQTXLODTXHOOHYDEDHQHOS¡UDPR
QRFKHHUDPX\RVFXUDSRUORTXHHVGLIFLOFRPSUHQGHUF³PRHVSHUDEDYHUD
QDGLH$PVHPHRFXUUL³ODSRVLELOLGDGGHTXHVHWUDWDUDGHDOJXQDLQWULJD {(OEDURQHWKDHVWDGRHQFRQWDFWRFRQHODUTXLWHFWRTXHSUHSDU³ORVSODQRV
DPRURVD(OORH[SOLFDUDHOVLJLORGHVXVPRYLPLHQWRV\WDPEL©QHO SDUD6LU&KDUOHV\WDPEL©QFRQHOFRQWUDWLVWDORQGLQHQVHTXHVHHQFDUJ³GHODV
REUDVGHPDQHUDTXHTXL]¡PX\SURQWRHPSLHFHQDSURGXFLUVHDTXJUDQGHV KDFHUQLTX©GHFLU\DQWHVGHTXHWRPDUDXQDGHFLVL³Q6LU+HQU\FRJL³HO
FDPELRV7DPEL©QKDQYHQLGRGH3O\PRXWKGHFRUDGRUHV\HEDQLVWDVVLQGXGD EDVW³Q\VHPDUFK³
QXHVWURDPLJRWLHQHJUDQGHVLGHDV\QRTXLHUHHVFDWLPDUHVIXHU]RVQLJDVWRV
SDUDUHVWDXUDUHODQWLJXRHVSOHQGRUGHVXIDPLOLD&RQODFDVDDUUHJODGD\ {3HURFXDQGRHPSHF©DUHIOH[LRQDUVREUHHODVXQWRPLFRQFLHQFLDPH
DPXHEODGDGHQXHYRV³ORQHFHVLWDU¡XQDHVSRVDSDUDTXHWRGRHVW©HQRUGHQ UHSURFK³DPDUJDPHQWHTXHORSHUGLHUDGHYLVWDFXDOTXLHUDTXHIXHVHHO
/HGLU©HQWUHQRVRWURVTXHKD\VLJQRVPX\HYLGHQWHVGHTXHHVRQRWDUGDU¡ SUHWH[WR,PDJLQ©F³PRPHVHQWLUDVLWXYLHUDTXHSUHVHQWDUPHDQWHXVWHG\
HQSURGXFLUVHVLODGDPDFRQVLHQWHSRUTXHUDUDVYHFHVKHYLVWRDXQKRPEUH FRQIHVDUOHTXHKDEDVXFHGLGRXQDGHVJUDFLDSRUQRVHJXLUVXVLQVWUXFFLRQHV
P¡VSUHQGDGRGHXQDPXMHUGHORTXHORHVW¡6LU+HQU\GHQXHVWUDKHUPRVD DOSLHGHODOHWUD/HDVHJXURTXHVHPHHQFHQGLHURQODVPHMLOODVDQWH
YHFLQDODVH±RULWD6WDSOHWRQ6LQHPEDUJRHOSURJUHVRGHODPRUYHUGDGHURQR VHPHMDQWHLGHD4XL]¡QRIXHUDDºQGHPDVLDGRWDUGHSDUDDOFDQ]DUORGH
VLHPSUHVHSURGXFHFRQWRGDODVXDYLGDGTXHFDEUDHVSHUDUGDGDVODV PDQHUDTXHPHSXVHDOLQVWDQWHHQFDPLQRKDFLDODFDVD0HUULSLW
FLUFXQVWDQFLDV+R\SRUHMHPSORODEXHQDPDUFKDGHOLGLOLRVHKDYLVWR
SHUWXUEDGDSRUXQREVW¡FXORLQHVSHUDGRTXHKDFDXVDGRFRQVLGHUDEOH {0HDSUHVXU©WRGRORTXHSXGHFDUUHWHUDDGHODQWHVLQHQFRQWUDUUDVWURDOJXQR
SHUSOHMLGDG\HQRMRDQXHVWURDPLJR GH6LU+HQU\KDVWDOOHJDUDOSXQWRHQTXHQDFHHOVHQGHURGHOS¡UDPR8QD
YH]DOOWHPLHQGRTXHTXL]¡GHVSX©VGHWRGRKDEDVHJXLGRXQDGLUHFFL³Q
{'HVSX©VGHODFRQYHUVDFL³QDFHUFDGH%DUU\PRUHTXH\DKHFLWDGR6LU HTXLYRFDGDWUHS©SRUXQDFROLQDXWLOL]DGDHQRWURWLHPSRFRPRFDQWHUDGH
+HQU\VHFDO³HOVRPEUHUR\VHGLVSXVRDVDOLU&RPRODFRVDP¡VQDWXUDO\R JUDQLWRQHJURGHVGHGRQGHVHGLYLVDXQSDQRUDPDEDVWDQWHDPSOLR8QDYH]
KLFHORPLVPR HQODFLPDYLGHLQPHGLDWRD6LU+HQU\6HKDOODEDHQHOVHQGHURGHOS¡UDPR
DXQRVFXDWURFLHQWRVRTXLQLHQWRVPHWURVGHGLVWDQFLD\OHDFRPSD±DEDXQD
{&³PRYLHQHXVWHGFRQPLJR:DWVRQ"PHSUHJXQW³PLU¡QGRPHGHXQD GDPDTXHV³ORSRGDVHUODVH±RULWD6WDSOHWRQ(VWDEDFODURTXHH[LVWDXQ
IRUPDPX\SHFXOLDU HQWHQGLPLHQWRHQWUHHOORV\TXHVHKDEDQGDGRFLWD&DPLQDEDQGHVSDFLR
DEVRUWRVHQODFRQYHUVDFL³QTXHPDQWHQDQ\YLTXHHOODKDFDU¡SLGRV
{(VRGHSHQGHGHTXHVHGLULMDXVWHGDOS¡UDPROHUHVSRQG PRYLPLHQWRVFRQODVPDQRVFRPRVLSXVLHUDPXFKDYHKHPHQFLDHQVXV
SDODEUDVPLHQWUDV©OHVFXFKDEDFRQDWHQFL³Q\XQDRGRVYHFHVPRYDOD
{6HVRHVORTXHYR\DKDFHU FDEH]DHQXQJHVWRHQ©UJLFRGHGHVDFXHUGR3HUPDQHFHQWUHODVURFDV
FRQWHPSO¡QGRORVVLQVDEHUHQDEVROXWRORTXHGHEDKDFHUDFRQWLQXDFL³Q
l%LHQVDEHXVWHGFX¡OHVVRQPLVLQVWUXFFLRQHV6LHQWRHQWURPHWHUPHSHUR $FHUFDUPHHLQWHUUXPSLUXQDFRQYHUVDFL³QWDQQWLPDSDUHFDLQFRQFHELEOH
VLQGXGDUHFXHUGDXVWHGORPXFKRTXH+ROPHVLQVLVWL³HQTXHQRORGHMDVH PLGHEHUVLQHPEDUJRHUDPX\FODURQRSHUGHUGHYLVWDD6LU+HQU\$FWXDU
VROR\VREUHWRGRHQTXHQRVHLQWHUQDUDSRUHOS¡UDPRVLQFRPSD±D FRPRHVSDWUDW¡QGRVHGHXQDPLJRHUDXQDWDUHDRGLRVD1RIXLFDSD]GH
HQFRQWUDUPHMRUOQHDGHDFFL³QTXHVHJXLUREVHUY¡QGRORVGHVGHODFROLQD\
{6LU+HQU\PHSXVRODPDQRHQHOKRPEURDFRPSD±DQGRHOJHVWRGHXQD
OXHJRGHVFDUJDUPHODFRQFLHQFLDFRQIHVDQGRD6LU+HQU\ORTXHKDEDKHFKR
FRUGLDOVRQULVD
(VFLHUWRTXHVLOHKXELHUDDPHQD]DGRDOJºQSHOLJURUHSHQWLQRKDEUDHVWDGR
{0LTXHULGRDPLJRGLMRSHVHDWRGDVXVDELGXUD+ROPHVQRSUHYL³ GHPDVLDGROHMRVSDUDVHUOHGHXWLOLGDGSHURVLQGXGDFRQYHQGU¡XVWHG
DOJXQDVGHODVFRVDVTXHKDQVXFHGLGRGHVGHTXHOOHJX©DOS¡UDPR0H FRQPLJRHQTXHPLVLWXDFL³QHUDPX\GLIFLO\QRHVWDEDHQPLPDQRKDFHU
HQWLHQGH"(VWR\VHJXURGHTXHQRGHVHDXVWHGFRQYHUWLUVHHQDJXDILHVWDV+H RWUDFRVD
GHVDOLUVROR
{1XHVWURDPLJRHOEDURQHW\ODGDPDVHKDEDQGHWHQLGRHQODVHQGD\VHJXDQ
{6XVSDODEUDVPHFRORFDURQHQXQDVLWXDFL³QPX\LQF³PRGD1RVDEDTX© KDEODQGRDEVRUWRVFXDQGRREVHUY©GHUHSHQWHTXHQRHUD\RHOºQLFRWHVWLJR
GHVXHQWUHYLVWD8QDPDQFKDYHUGHTXHIORWDEDHQHODLUHDWUDMRPLDWHQFL³Q SRFRDFLHUWR'³QGHWHQDXVWHGUHVHUYDGRHODVLHQWR"
\DOPLUDUODFRQP¡VGHWHQLPLHQWRYLTXHLEDVXMHWDDXQPDQJR\TXHOD
OOHYDEDXQKRPEUHTXHDYDQ]DEDSRUWHUUHQRDFFLGHQWDGR(UD6WDSOHWRQFRQ {(VWDEDHQHVDFROLQD
VXFD]DPDULSRVDV(VWDEDPXFKRP¡VFHUFDGHODSDUHMDTXH\R\GDEDOD
LPSUHVL³QGHPRYHUVHKDFLDHOORV(QDTXHOLQVWDQWH6LU+HQU\DWUDMRGH {8QDGHODVºOWLPDVILODVQRHVFLHUWR"3HUR6WDSOHWRQHVWDEDPXFKRP¡V
UHSHQWHDODVH±RULWD6WDSOHWRQKDFLDV\OHSDV³ODPDQRSRUODFLQWXUDSHURD FHUFD/RYLRDFHUFDUVHDQRVRWURV"
PPHSDUHFL³TXHHOODVHHVIRU]DEDSRUVHSDUDUVH\TXHDSDUWDEDHOURVWUR
1XHVWURDPLJRLQFOLQ³ODFDEH]D\HOODDO]³XQDPDQRFRPRSDUDSURWHVWDU {(IHFWLYDPHQWH
8QLQVWDQWHGHVSX©VYLTXHVHVHSDUDEDQ\VHYROYDQEUXVFDPHQWH6WDSOHWRQ
{+DWHQLGRDOJXQDYH]ODVHQVDFL³QGHTXHHVW©ORFR"{1RQXQFDORKH
TXHFRUUDYHOR]PHQWHKDFLDHOORVFRQHODEVXUGRFD]DPDULSRVDVDODHVSDOGD
SHQVDGR
HUDODFDXVDGHODLQWHUUXSFL³Q$OOOHJDUDVXODGRHPSH]³DJHVWLFXODU\FDVL
DEDLODUGHH[FLWDFL³QGHODQWHGHORVHQDPRUDGRV1RHQWHQGELHQHOVHQWLGR {<RWDPSRFR6LHPSUHPHKDEDSDUHFLGRTXHHVWDEDHQVXVDQRMXLFLRKDVWD
GHODHVFHQDSHURPHSDUHFL³TXH6WDSOHWRQLQVXOWDEDD6LU+HQU\DSHVDUGH KR\SHURPHSXHGHXVWHGFUHHUVLOHGLJRTXHD©ORDPGHEHUDQSRQHUQRV
VXVH[SOLFDFLRQHV\TXHHVWHºOWLPRVHHQIDGDEDFDGDYH]P¡VDOFRPSUREDU XQDFDPLVDGHIXHU]D
TXHHORWURVHQHJDEDDDFHSWDUODV/DGDPDVHPDQWHQDDXQODGRHQDOWLYR
VLOHQFLR)LQDOPHQWH6WDSOHWRQVHGLRODYXHOWD\OODP³GHPDQHUDSHUHQWRULDD 4X©HVORTXHPHSDVDGHWRGRVPRGRV"8VWHGOOHYDYDULDVVHPDQDV
VXKHUPDQDTXLHQGHVSX©VGHPLUDULQGHFLVDD6LU+HQU\VHDOHM³HQVX YLYLHQGRFRQPLJR:DWVRQ'JDPHORFRQVLQFHULGDGDKRUDPLVPR+D\
FRPSD±D/RVJHVWRVFRO©ULFRVGHOQDWXUDOLVWDSRQDQGHPDQLILHVWRTXH DOJRTXHPHLPSLGDVHUXQEXHQHVSRVRSDUDODPXMHUTXHDPH"
WDPEL©QODVH±RULWD6WDSOHWRQKDEDLQFXUULGRHQVXGHVDJUDGR(OEDURQHWORV
VLJXL³XQRVPRPHQWRVFRQODYLVWD\OXHJRUHJUHV³OHQWDPHQWHSRUGRQGH {<RGLUDTXHQR
KDEDYHQLGRFRQODFDEH]DEDMDFRQYHUWLGRHQODLPDJHQPLVPDGHO
GHVDOLHQWR {6LQGXGD6WDSOHWRQQRGHVDSUXHEDPLSRVLFL³QVRFLDOGHPDQHUDTXHVH
WUDWDGHPLSHUVRQD3HURTX©WLHQHFRQWUDP"4XH\RVHSDQXQFDKHKHFKR
{<RQRORJUDEDHQWHQGHUORTXHVLJQLILFDEDWRGRDTXHOORSHURHVWDEDPX\ GD±RDQDGLH6LQHPEDUJRQRHVW¡GLVSXHVWRVLTXLHUDDSHUPLWLUTXHURFHOD
DYHUJRQ]DGRSRUKDEHUSUHVHQFLDGRXQDHVFHQDWDQQWLPDVLQTXHPLDPLJR PDQRGHVXKHUPDQD
ORVXSLHUD'HPDQHUDTXHFRUUFROLQDDEDMRKDVWDUHXQLUPHFRQ©O6LU+HQU\
WHQDHOURVWURHQFHQGLGRSRUODF³OHUD\IUXQFDHOFH±RFRPRDOJXLHQTXHQR {(VHVRORTXHKDGLFKR"
VDEHHQDEVROXWRTX©KDFHU
{(VR\PXFKRP¡V3HUROHDVHJXUR:DWVRQTXHDSHVDUGHODVSRFDV
{b9D\D:DWVRQ'HG³QGHVDOHXVWHG"PHSUHJXQW³1RLU¡DGHFLUPH VHPDQDVWUDQVFXUULGDVGHVGHHOSULPHUPRPHQWRFRPSUHQGTXHHVWDEDKHFKD
TXHPHKDVHJXLGRDSHVDUGHWRGR"{/HH[SOLTX©ORVXFHGLGRF³PRPHKDED SDUDP\TXH\RWDPEL©QTXHODVH±RULWD6WDSOHWRQHUDIHOL]FXDQGRHVWDED
SDUHFLGRLPSHUGRQDEOHTXHGDUPHDWU¡VF³PROHKDEDVHJXLGR\F³PRKDED FRQPLJR\HVRSXHGRMXUDUOR
SUHVHQFLDGRWRGRORRFXUULGR3RUXQLQVWDQWHORVRMRVOHHFKDURQOODPDVSHUR
PLIUDQTXH]DORGHVDUP³\DOIRUDOVHHFK³DUHUGHXQDPDQHUDEDVWDQWH +D\XQEULOORHQORVRMRVGHXQDPXMHUTXHKDEODFRQP¡VFODULGDGTXHODV
WULVWH{&XDOTXLHUDKXELHUDFUHGRTXHHOFHQWURGHHVDOODQXUDHUDXQVLWLR SDODEUDV3HUR6WDSOHWRQQXQFDQRVKDGHMDGRDVRODV\KR\WHQDSRUILQOD
VXILFLHQWHPHQWHDSDUWDGRGLMRSHURYRWRDEURVVHGLUDTXHWRGRVORV SULPHUDRSRUWXQLGDGGHGHFLUOHXQDVSDODEUDVVLQWHVWLJRV(OODVHKDDOHJUDGR
KDELWDQWHVGHOD]RQDKDEDQVDOLGRDYHUPHFRUWHMDUb\DGHP¡VFRQPX\ GHYHUPHSHURQRTXHUDKDEODUGHDPRU\PHKDEUDLPSHGLGRPHQFLRQDUOR
VLKXELHUDHVWDGRHQVXPDQR1RKDKHFKRP¡VTXHUHSHWLUPHTXHHVWHVLWLR
HVPX\SHOLJURVR\TXHV³ORVHU¡IHOL]FXDQGRPHKD\DPDUFKDGR {7DPSRFRHVTXHDKRUDPHDWUHYDDDILUPDUTXHHVW¡GHOWRGRHQVXVDQR
MXLFLRPHFRPHQW³6LU+HQU\GHVSX©VGHODHQWUHYLVWDSRUTXHQRROYLGR
(QWRQFHVOHGLMHTXHGHVGHTXHODYLQRWHQJRQLQJXQDSULVDSRUPDUFKDUPH\ F³PRPHPLUDEDPLHQWUDVFRUUDKDFLDPHVWDPD±DQDSHURWHQJRTXH
TXHVLUHDOPHQWHTXLHUHTXHPHYD\DODºQLFDPDQHUDGHORJUDUORHVDUUHJODU UHFRQRFHUTXHQDGLHSRGUDGLVFXOSDUVHFRQP¡VHOHJDQFLD{+DGDGR
ODVFRVDVSDUDDFRPSD±DUPH$FRQWLQXDFL³QOHSHGVLQP¡VURGHRVTXHVH DOJXQDH[SOLFDFL³QSRUVXFRQGXFWD"
FDVDUDFRQPLJRSHURDQWHVGHTXHSXGLHUDUHVSRQGHUDSDUHFL³HVHKHUPDQR
VX\RFRUULHQGRKDFLDQRVRWURVFRQFDUDGHORFR6HOHYHDOYLGRGHUDELD\ {6XKHUPDQDORHVWRGRHQVXYLGDGLFH(VRHVEDVWDQWHO³JLFR\PHDOHJUR
KDVWDHVRVRMRVVX\RVWDQFODURVHFKDEDQIXHJR4X©HVWDEDKDFLHQGRFRQ GHTXHVHG©FXHQWDGHORPXFKRTXHYDOH6LHPSUHKDQHVWDGRMXQWRV\VHJºQ
%HU\O"&³PRPHDWUHYDDRIUHFHUOHXQDVDWHQFLRQHVTXHHOODHQFRQWUDED ORTXH6WDSOHWRQFXHQWDVLHPSUHKDVLGRXQKRPEUHPX\VROLWDULRVLQRWUD
VXPDPHQWHGHVDJUDGDEOHV"$FDVRFUHDTXHSRUVHUEDURQHWSRGDKDFHUOR FRPSD±DTXHVXKHUPDQDGHPDQHUDTXHODLGHDGHSHUGHUODOHUHVXOWD
TXHPHYLQLHUDHQJDQD"'HQRWUDWDUVHGHVXKHUPDQRKDEUDVDELGRPHMRU WHUULEOH1RVHKDEDSHUFDWDGRKDGLFKRGHPLVVHQWLPLHQWRVKDFLDHOOD\
F³PRUHVSRQGHUOH FXDQGRKDYLVWRFRQVXVSURSLRVRMRVTXHHUDHIHFWLYDPHQWHDV\TXHSRGD
SHUGHUODODLQWHQVLGDGGHOVREUHVDOWRKDKHFKRTXHGXUDQWHDOJºQWLHPSRQR
3HURGDGDODVLWXDFL³QOHGLMHTXHPLVVHQWLPLHQWRVKDFLDVXKHUPDQDHUDQ IXHUDUHVSRQVDEOHQLGHVXVSDODEUDVQLGHVXVDFFLRQHV/DPHQWDPXFKROR
WDOHVTXHQRWHQDSRUTX©DYHUJRQ]DUPHGHHOORV\TXHHVSHUDEDTXHPH VXFHGLGR\UHFRQRFHORHVWºSLGR\ORHJRVWDTXHHVLPDJLQDUTXHSRGU¡
KLFLHUDHOKRQRUGHFDVDUVHFRQPLJR UHWHQHUWRGDODYLGDDXQDPXMHUFRPRVXKHUPDQD6LHOODWLHQHTXHGHMDUOR
SUHILHUHTXHVHWUDWHGHXQYHFLQRFRPR\RDQWHVTXHGHFXDOTXLHURWUD
$TXHOORQRSDUHFL³FRQWULEXLUDPHMRUDUODVLWXDFL³QGHPDQHUDTXHWDPEL©Q SHUVRQD3HURGHWRGRVPRGRVHVXQJROSHSDUD©O\OHOOHYDU¡DOJºQWLHPSR
\RSHUGODSDFLHQFLD\OHUHVSRQGTXL]¡FRQP¡VDFDORUDPLHQWRGHOGHELGR SUHSDUDUVHSDUDHQFDMDUOR'HMDU¡SRUFRPSOHWRGHRSRQHUVHVL\ROHSURPHWR
VLVHSLHQVDTXHHVWDEDHOODGHODQWH<ODFRVDKDWHUPLQDGRFRQ6WDSOHWRQ PDQWHQHUODVFRVDVFRPRHVW¡QSRUHVSDFLRGHWUHVPHVHV\FRQWHQWDUPH
PDUFK¡QGRVHFRQVXKHUPDQDFRPRXVWHGKDYLVWR\TXHG¡QGRPH\RWDQ GXUDQWHHVHWLHPSRFRQODDPLVWDGGHVXKHUPDQDVLQH[LJLUVXDPRU(VRHVOR
GHVFRQFHUWDGRFRPRHOTXHP¡V+DJDHOIDYRUGHH[SOLFDUPHTX©VLJQLILFD TXHOHKHSURPHWLGR\DVKDQTXHGDGRODVFRVDV
WRGRHVWR:DWVRQ\TXHGDU©WDQHQGHXGDFRQXVWHGTXHQXQFDSRGU©
WHUPLQDUGHSDJ¡UVHOD {'HPDQHUDTXHHVRDFODUDXQRGHQXHVWURVSHTXH±RVPLVWHULRV<DHVDOJR
WRFDUIRQGRHQDOJºQVLWLRGHHVWDFL©QDJDHQODTXHHVWDPRVPHWLGRV$KRUD
{,QWHQW©KDOODUXQDRGRVH[SOLFDFLRQHVSHURDGHFLUYHUGDGWDPEL©Q\R VDEHPRVSRUTX©6WDSOHWRQPLUDEDFRQGHVDJUDGRDOSUHWHQGLHQWHGHVX
HVWDEDGHVFRQFHUWDGR(OWWXORQRELOLDULRGHQXHVWURDPLJRVXIRUWXQDVX KHUPDQDSHVHDWUDWDUVHGHXQSDUWLGRWDQFRQYHQLHQWHFRPR6LU+HQU\<D
HGDGVXPDQHUDGHVHU\VXDVSHFWRHVW¡QDVXIDYRU\QRPHFRQVWDTXHKD\D FRQWLQXDFL³QSDVRDRFXSDUPHGHRWURKLORTXH\DKHVHSDUDGRGHHVWDPDGHMD
QDGDHQFRQWUDVX\DVLVHH[FHSWºDHOWULVWHGHVWLQRTXHSDUHFHSHUVHJXLUDVX WDQHQUHGDGDPHUHILHURDOPLVWHULRGHORVVROOR]RVQRFWXUQRVGHODVO¡JULPDV
IDPLOLD4XHVXSURSXHVWDGHPDWULPRQLRVHUHFKDFHGHPDQHUDWDQEUXVFDVLQ HQHOURVWURGHODVH±RUD%DUU\PRUH\GHORVYLDMHVVHFUHWRVGHOPD\RUGRPRD
UHIHUHQFLDDOJXQDDORVGHVHRVGHODSURSLDLQWHUHVDGD\TXHODGDPDPLVPD ODYHQWDQDFRQFHORVDTXHGDDRFFLGHQWH)HOLFWHPHPLTXHULGR+ROPHV\
DFHSWHODVLWXDFL³QVLQSURWHVWDUHVGHWRGRSXQWRVRUSUHQGHQWH6LQHPEDUJR GJDPHTXHQROHKHGHIUDXGDGRFRPRDJHQWHVX\RTXHQRODPHQWDOD
ODVDJXDVYROYLHURQDVXFDXFHJUDFLDVDODYLVLWDTXH6WDSOHWRQHQSHUVRQD FRQILDQ]DTXHPHGHPRVWU³DOHQYLDUPHDTX7RGRVHVWRVSXQWRVKDQ
KL]RDOEDURQHWDTXHOODPLVPDWDUGH6HSUHVHQW³SDUDSHGLUGLVFXOSDVSRUVX TXHGDGRFRPSOHWDPHQWHDFODUDGRVJUDFLDVDOWUDEDMRGHXQDQRFKH
FRPSRUWDPLHQWRJURVHURGHODPD±DQD\GHVSX©VGHXQDODUJDHQWUHYLVWD
SULYDGDFRQ6LU+HQU\HQHOHVWXGLRODFRQYHUVDFL³QFRQFOX\³FRQXQD {+HGLFKRHOWUDEDMRGHXQDQRFKHSHURHQUHDOLGDGKDQVLGRGRVODV
UHFRQFLOLDFL³QWRWDOFRPRSUXHEDGHHOORFHQDUHPRVHQODFDVD0HUULSLWHO QRFKHVSRUTXHODSULPHUDQRVOOHYDPRVXQEXHQFKDVFR(VWXYHFRQ6LU
YLHUQHVSU³[LPR
+HQU\HQVXKDELWDFL³QKDVWDFHUFDGHODVWUHVGHODPDGUXJDGDSHURQR QRVRWURV6XVRMRVRVFXURVTXHUHVDOWDEDQPXFKRVREUHODP¡VFDUDEODQFD
RPRVRWURUXLGRTXHODVFDPSDQDGDVGHOUHORMHQORDOWRGHODHVFDOHUD)XH TXHHUDVXURVWURQRVPLUDURQDXQRWUDVRWUROOHQRVGHKRUURU\GHDVRPEUR
XQDYHODGDVXPDPHQWHPHODQF³OLFD\ORVGRVQRVTXHGDPRVGRUPLGRVHQ
QXHVWUDVVLOODV3RUIRUWXQDQRQRVGHVDQLPDPRV\GHFLGLPRVLQWHQWDUORGH {4X©HVW¡XVWHGKDFLHQGRDTX%DUU\PRUH"{1DGDVH±RUVXDJLWDFL³QHUD
QXHYR$ODQRFKHVLJXLHQWHUHGXMLPRVODOX]GHODO¡PSDUD\IXPDPRV WDQLQWHQVDTXHDSHQDVSRGDKDEODU\ODYHODTXHHPSX±DEDOHWHPEODEDWDQWR
FLJDUULOORVVLQKDFHUHOPHQRUUXLGR(UDLQFUHEOHORGHVSDFLRTXHVH TXHODVVRPEUDVVDOWDEDQDUULED\DEDMR(VSRUHOYLHQWRVH±RU3RUODQRFKH
DUUDVWUDEDQODVKRUDV\VLQHPEDUJRQRVD\XGDEDHOPLVPRWLSRGHSDFLHQWH KDJRODURQGDSDUDYHUVLODVYHQWDQDVHVW¡QELHQFHUUDGDV
LQWHU©VTXHGHEHGHVHQWLUHOFD]DGRUPLHQWUDVYLJLODODWUDPSDHQODTXH
HVSHUDTXHDFDEHSRUFDHUODSLH]D(OUHORMGLRODXQDOXHJRODVGRV\ {(QHOSLVRDOWR"
GHVHVSHUDGRVFDVLKDEDPRVUHQXQFLDGR\DSRUVHJXQGDYH]FXDQGRQRV
LQPRYLOL]DPRVGHUHSHQWHROYLGDGRVGHOFDQVDQFLR\XQDYH]P¡VHQWHQVL³Q {6VH±RUWRGDVODVYHQWDQDV
+DEDPRVRGRHOFUXMLGRGHXQDSLVDGDHQHOFRUUHGRU
{0LUH%DUU\PRUHGLMR6LU+HQU\FRQJUDQILUPH]DHVWDPRVGHFLGLGRVD
{6HQWLPRVSDVDUD%DUU\PRUHSRUGHODQWHGHOFXDUWRFRQPXFKDFDXWHOD\ TXHQRVGLJDXVWHGODYHUGDGGHPDQHUDTXHVHDKRUUDU¡PROHVWLDV
SHUGHUVHOXHJRHQODGLVWDQFLD'HVSX©VHOEDURQHWDEUL³ODSXHUWDVLQKDFHU VLQFHU¡QGRVHFXDQWRDQWHVb9DPRV
UXLGR\VDOLPRVHQVXSHUVHFXFL³Q(OPD\RUGRPRKDEDDWUDYHVDGR\DOD
b%DVWDGHPHQWLUDV4X©KDFDXVWHGMXQWRDHVDYHQWDQD"
JDOHUD\QXHVWURODGRGHOFRUUHGRUHVWDEDFRPSOHWDPHQWHDRVFXUDV1RV
GHVOL]DPRVHQVLOHQFLRKDVWDODRWUDDOD/OHJDPRVDWLHPSRGHYLVOXPEUDUOD {(OPD\RUGRPRQRVPLU³FRQDLUHGHVYDOLGR\VHUHWRUFL³ODVPDQRVFRPR
DOWDILJXUDGHEDUEDQHJUD\KRPEURVDUTXHDGRVTXHDYDQ]DEDGHSXQWLOODV DOJXLHQTXHVHKDOODDOOPLWHGHODGXGD\GHOVXIULPLHQWR
KDVWDHQWUDUSRUODPLVPDSXHUWDGRQGH\ROHKDEDYLVWRGRVQRFKHVDQWHV\
WDPEL©QF³PRODYHODFRQVXOX]KDFDTXHHOPDUFRGHVWDFDUDHQOD {1RKDFDQDGDPDORVH±RU6³ORHVWDEDGHODQWHGHODYHQWDQDFRQXQDYHOD
RVFXULGDGDOWLHPSRTXHXQºQLFRUD\RDPDULOORLOXPLQDEDODRVFXULGDGGHO HQFHQGLGD
FRUUHGRU1RVDFHUFDPRVFDXWHORVDPHQWHSUREDQGRODVWDEODVGHOVXHORDQWHV
GHDSR\DUQRVFRQWRGRQXHVWURSHVR {<SRUTX©HVWDEDXVWHGFRQXQDYHODHQFHQGLGDGHODQWHGHODYHQWDQD"
+DEDPRVWHQLGRODSUHFDXFL³QGHTXLWDUQRVODVERWDVSHURLQFOXVRDVHO {1RPHORSUHJXQWH6LU+HQU\bQRPHORSUHJXQWH/HGR\PLSDODEUDGH
YLHMRHQWDULPDGRFUXMD\FKDVFDEDEDMRQXHVWURVSLHV$YHFHVSDUHFD TXHHOVHFUHWRQRPHSHUWHQHFH\QRPHHVSRVLEOHGHFUVHOR6LV³OR
LPSRVLEOHTXH%DUU\PRUHQRDGYLUWLHUDQXHVWUDSUR[LPLGDGSHUR GHSHQGLHUDGHPQRWUDWDUDGHRFXOW¡UVHOR
DIRUWXQDGDPHQWHHVW¡EDVWDQWHVRUGR\VHKDOODEDDEVRUWRHQORTXHKDFD
&XDQGRSRUILQOOHJDPRVDODKDELWDFL³Q\PLUDPRVGHQWURORHQFRQWUDPRV {'HUHSHQWHVHPHRFXUUL³XQDLGHD\UHFRJODYHODGHODOI©L]DUGRQGHOD
DJDFKDGRMXQWRDODYHQWDQDODYHODHQODPDQR\HOURVWURS¡OLGR\ KDEDGHMDGRHOPD\RUGRPR
HQVLPLVPDGRMXQWRDOFULVWDOH[DFWDPHQWHLJXDOTXHGRVQRFKHVDQWHV
{'HEHGHVHUYLUOHFRPRVH±DOGLMH9HDPRVVLKD\UHVSXHVWD
{+DEDPRVSUHSDUDGRXQSODQGHFDPSD±DSHURSDUDHOEDURQHWODVIRUPDVGH
DFWXDUP¡VGLUHFWDVVRQVLHPSUHODVP¡VQDWXUDOHVGHPDQHUDTXHHQWU³VLQ {6RVWXYHODYHODFRPRORKDEDKHFKR©ODOPLVPRWLHPSRTXHHVFXGUL±DEDOD
P¡VSUH¡PEXORVHQODKDELWDFL³Q%DUU\PRUHMDGHDQWHVHLUJXL³GHXQVDOWR RVFXULGDGH[WHULRU&RPRODVQXEHVRFXOWDEDQODOXQDV³ORGLVWLQJXD
GHVXVLWLRMXQWRDODYHQWDQD\VHLQPRYLOL]³OYLGR\WHPEORURVRDQWH YDJDPHQWHODKLOHUDGH¡UEROHV\ODWRQDOLGDGP¡VFODUDGHOS¡UDPR3HUR
HQVHJXLGDVHPHHVFDS³XQJULWRGHMºELORSRUTXHXQSXQWLWRGHOX]DPDULOOD
KDEDWUDVSDVDGRGHUHSHQWHHORVFXURYHOR\GHVSX©VVLJXL³EULOODQGRGH SRUTXH\RVHORKHSHGLGR{
PDQHUDXQLIRUPHHQHOFHQWURGHOUHFW¡QJXORQHJURTXHHQPDUFDEDODYHQWDQD
b+DEOHHQWRQFHV4X©VLJQLILFDWRGRHVWR"
{b$KHVW¡H[FODP©
{0LGHVJUDFLDGRKHUPDQRVHHVW¡PXULHQGRGHKDPEUHHQHOS¡UDPR1R
{1RVH±RUQRQRHVQDGDQDGDHQDEVROXWRLQWHUYLQRHOPD\RUGRPR/H SRGHPRVGHMDUORSHUHFHUDODVSXHUWDVPLVPDVGHQXHVWUDFDVD/DOX]HVXQD
DVHJXURTXH VH±DOSDUDGHFLUOHTXHWLHQHFRPLGDSUHSDUDGD\©OFRQVXOX]QRVLQGLFDHO
OXJDUGRQGHKHPRVGHOOHY¡UVHOD
{b0XHYDODOX]GHXQODGRDRWURGHODYHQWDQD:DWVRQH[FODP³HO
EDURQHW9H"b/DRWUDWDPEL©QVHPXHYH4X©QRVGLFHDKRUDEULE³Q" {(QWRQFHVVXKHUPDQRHV
6LJXHQHJDQGRTXHHVXQDVH±DO"
{(OSUHVRHVFDSDGRVH±RU6HOGHQHOFULPLQDO{$VHVVH±RULQWHUYLQR
b9DPRVKDEOH4XL©QHVVXFRPSLQFKH\TX©IHFKRUDHVODTXHVHWUDHQ %DUU\PRUH
HQWUHPDQRV"
&RPROHKHGLFKRHOVHFUHWRQRHUDPR\QRVHORSRGDFRQWDU3HURDKRUD
{/DH[SUHVL³QGH%DUU\PRUHVHKL]RGHVDILDQWH{(VDVXQWRPR\QRVX\R \DORVDEH\VHGDU¡FXHQWDGHTXHVLKDEDXQDLQWULJDQRHUDFRQWUDXVWHG
1RVHORGLU©
{VDHUDSRUWDQWRODH[SOLFDFL³QGHODVVLJLORVDVH[SHGLFLRQHVQRFWXUQDV\
{(QHVHFDVRGHMDXVWHGGHHVWDUDPLVHUYLFLRDKRUDPLVPR GHODOX]HQODYHQWDQD7DQWR6LU+HQU\FRPR\RQRVTXHGDPRVPLUDQGRDOD
VH±RUD%DUU\PRUHVLQHVFRQGHUQXHVWURDVRPEUR&DEDLPDJLQDUTXH
{0X\ELHQVH±RU6LDVKDGHVHUDVVHU¡ DTXHOODSHUVRQDGHUHVSHWDELOLGDGWDQLPSDVLEOHOOHYDUDODPLVPDVDQJUHTXH
XQRGHORVGHOLQFXHQWHVP¡VWULVWHPHQWHF©OHEUHVGHOSDV"
{<VHPDUFKDGHVKRQUDGR3RUWRGRVORVGHPRQLRVbWLHQHXVWHGPRWLYRVSDUD
DYHUJRQ]DUVHGHVPLVPR6XIDPLOLDKDYLYLGRFRQODPDGXUDQWHP¡VGH {6VH±RUPLDSHOOLGRGHVROWHUDHUD6HOGHQ\HOSUHVRHVPLKHUPDQR
FLHQD±RVEDMRHVWHWHFKR\KHDTXTXHORHQFXHQWURPHWLGRKDVWDHOFXHOOR SHTXH±R/HFRQVHQWLPRVGHPDVLDGRFXDQGRQL±R\OHGHMDPRVTXHKLFLHUDHQ
HQDOJXQDVLQLHVWUDLQWULJDHQFRQWUDPD WRGRVXVDQWDYROXQWDGSRUORTXHOOHJ³DFUHHUTXHHOPXQGRQRWHQDRWUD
ILQDOLGDGTXHSURSRUFLRQDUOHSODFHUHV\TXHSRGDKDFHUORTXHOHDSHWHFLHUD
{b1RVH±RUQRb1RHQFRQWUDGHXVWHG 0¡VWDUGHDOKDFHUVHPD\RUIUHFXHQW³PDODVFRPSD±DV\HOGLDEORVHOH
PHWL³HQHOFXHUSRKDVWDTXHDPLPDGUHOHGHVWUR]³HOFRUD]³Q\DUUDVWU³
{(UDODYR]GHXQDPXMHUODVH±RUD%DUU\PRUHP¡VS¡OLGD\P¡VDVXVWDGD QXHVWURDSHOOLGRSRUHOEDUUR'HGHOLWRHQGHOLWRIXHFD\HQGRFDGDYH]P¡V
DºQTXHVXPDULGRVHKDOODEDMXQWRDODSXHUWD6XYROXPLQRVDILJXUD EDMRKDVWDTXHV³ORODFOHPHQFLDGH'LRVORKDOLEUDGRGHOSDWEXORSHURSDUD
HQYXHOWDHQXQFKDO\XQDIDOGDSRGUDKDEHUUHVXOWDGRF³PLFDGHQRVHUSRU PQXQFDKDGHMDGRGHVHUHOQL±LWRGHFDEHOORVUL]DGRVDOTXHFXLG©\FRQHO
ODLQWHQVLGDGGHORVVHQWLPLHQWRVTXHVHOHDQHQVXURVWUR TXHMXJX©FRPRFXDOTXLHUKHUPDQDPD\RUVDHVODUD]³QGHTXHVH
HVFDSDUDVH±RU6DEDTXH\RYLYDHQHVWDFDVD\TXHQRPHQHJDUDD
{7HQHPRVTXHPDUFKDUQRV(OL]D(VWRHVHOILQ<DSXHGHVKDFHUHOHTXLSDMH
D\XGDUOR&XDQGRVHDUUDVWU³XQDQRFKHKDVWDDTXDJRWDGR\KDPEULHQWR
GLMRHOPD\RUGRPR
FRQORVJXDUGLDQHVSLV¡QGROHORVWDORQHVTX©SRGDPRVKDFHU"/R
{b-RKQ-RKQ9R\DVHU\RODFDXVDGHWXUXLQD"7RGRHVREUDPD6LU UHFRJLPRVORDOLPHQWDPRV\FXLGDPRV/XHJRUHJUHV³XVWHGVH±RU\PL
+HQU\\RVR\ODUHVSRQVDEOH7RGRORTXHKDKHFKRORKDKHFKRSRUP\ KHUPDQRSHQV³TXHHVWDUDP¡VVHJXURHQHOS¡UDPRTXHHQFXDOTXLHURWUR
VLWLRKDVWDTXHDPDLQDUDODSHUVHFXFL³QGHPDQHUDTXHDOOVHHVFRQGL³3HUR EUXWDO\YLROHQWRRWURVWHQGUDQTXHSDJDUODVFRQVHFXHQFLDVVLQRV
FDGDGRVQRFKHVQRVFRPXQLF¡EDPRVFRQ©OSRQLHQGRXQDOX]HQODYHQWDQD FUX]¡EDPRVGHEUD]RV
\VLUHVSRQGDPLPDULGROHOOHYDEDXQSRFRGHSDQ\FDUQH7RGRVORVGDV
YLYDPRVFRQODHVSHUDQ]DGHTXHVHKXELHUDPDUFKDGRSHURPLHQWUDVWDQWR &XDOTXLHUQRFKHSRUHMHPSORSRGDDWDFDUDQXHVWURVYHFLQRVORV6WDSOHWRQ
QRSRGDPRVDEDQGRQDUOR6R\XQDEXHQDFULVWLDQD\©VDHVWRGDODYHUGDG \WDOYH]HVDLGHDKL]RTXH6LU+HQU\VHLQWHUHVDUDWDQWRSRUDTXHOODDYHQWXUD
FRPSUHQGDXVWHGTXHVLKHPRVKHFKRDOJRPDORQRHVPLPDULGRTXLHQWLHQH
ODFXOSDVLQR\RSRUTXHWRGRORTXHKDKHFKRORKDKHFKRSRUP {/HDFRPSD±DU©GLMH
{/DVSDODEUDVGHODPXMHUHVWDEDQOOHQDVGHXQDYHKHPHQFLDTXHODVKDFD {(QWRQFHVUHFRMDVXUHY³OYHU\S³QJDVHODVERWDV&XDQWRDQWHVVDOJDPRV
PX\FRQYLQFHQWHV PHMRUSRUTXHHVHLQGLYLGXRSXHGHDSDJDUODOX]\PDUFKDUVH
{(V©VDODYHUGDG%DUU\PRUH"{66LU+HQU\'HOSULQFLSLRDOILQ{%LHQ {&LQFRPLQXWRVGHVSX©VKDEDPRVLQLFLDGR\DQXHVWUDH[SHGLFL³Q
QRSXHGRFXOSDUORSRUDSR\DUDVXHVSRVD2OYLGHORTXHOHKHGLFKRDQWHV $SUHVXUDPRVHOSDVRHQWUHORVRVFXURVDUEXVWRVHQPHGLRGHORVDSDJDGRV
9XHOYDQORVGRVDVXKDELWDFL³Q\PD±DQDSRUODPD±DQDVHJXLUHPRV JHPLGRVGHOYLHQWRGHORWR±R\GHOFUXMLUGHODVKRMDVFDGDV(ODLUHQRFWXUQR
KDEODQGRGHHVWHDVXQWR HVWDEDFDUJDGRGHRORUDKXPHGDG\DSXWUHIDFFL³Q'HFXDQGRHQFXDQGROD
OXQDVHDVRPDEDXQRVLQVWDQWHVSHURODVQXEHVFDVLFXEUDQHOFLHORSRU
{&XDQGRVHPDUFKDURQPLUDPRVGHQXHYRSRUODYHQWDQD6LU+HQU\ODKDED FRPSOHWR\HQHOPRPHQWRHQTXHVDODPRVDOS¡UDPRHPSH]³DFDHUXQD
DELHUWR\HOIURYLHQWRQRFWXUQRQRVJROSHDEDHQODFDUD0X\OHMRVHQOD OOXYLDOLJHUD/DOX]VHJXDEULOODQGRGHODQWHGHQRVRWURV
RVFXULGDGEULOODEDDºQHOSXQWLWRGHOX]DPDULOOD
{(VW¡XVWHGDUPDGR"SUHJXQW©{7HQJRXQDIXVWD
{0HVRUSUHQGHTXHVHDWUHYDDGHVFXEULUVHWDQWRGLMR6LU+HQU\
{+HPRVGHFDHUVREUH©OU¡SLGDPHQWHSRUTXHVHGLFHTXHHVXQKRPEUH
{7DOYH]VLWºDODYHODGHPDQHUDTXHV³ORVHDYLVLEOHGHVGHDTX GHVHVSHUDGR
{(VPX\SRVLEOH$TX©GLVWDQFLDFUHHTXHVHHQFXHQWUD" 'HEHPRVFRJHUORSRUVRUSUHVD\WHQHUORDQXHVWUDPHUFHGDQWHVGHTXHVH
UHVLVWD
{&DOFXORTXHDODDOWXUDGH&OHIW7RU{1RP¡VGHGRVRWUHVNLO³PHWURV{
0HQRVSUREDEOHPHQWH {(VFXFKH:DWVRQTX©GLUD+ROPHVGHHVWR"4X©GLUDVREUHHVWDKRUDGH
RVFXULGDGHQODTXHVHLQWHQVLILFDQORVSRGHUHVGHOPDO"
{1RSXHGHVHUPX\OHMRVVL%DUU\PRUHWHQDTXHOOHYDUOHODFRPLGD<HVH
FDQDOODHVW¡HVSHUDQGRMXQWRDODYHODb9R\DVDOLUDFDSWXUDUOR {&RPRHQUHVSXHVWDDVXVSDODEUDVVHDO]³GHUHSHQWHHQODLQPHQVDWULVWH]D
GHOS¡UDPRHOH[WUD±RVRQLGRTXH\RKDEDRGR\DFHUFDGHODJUDQFL©QDJD
{/DPLVPDLGHDPHKDEDSDVDGRSRUODFDEH]D1RHUDFRPRVLORV GH*ULPSHQ1RVOOHJ³WUDGRSRUHOYLHQWRDWUDY©VGHOVLOHQFLRGHODQRFKH
%DUU\PRUHQRVKXELHUDQKHFKRXQDFRQILGHQFLD/HVKDEDPRVDUUDQFDGRHO XQPXUPXOORODUJR\SURIXQGROXHJRXQDXOOLGRFDGDYH]P¡VSRGHURVR\
VHFUHWRDODIXHU]D$TXHOLQGLYLGXRHUDXQSHOLJURSDUDODFRPXQLGDGXQ ILQDOPHQWHHOWULVWHJHPLGRFRQTXHDFDEDED5HVRQ³XQD\RWUDYH]WRGRHO
GHOLQFXHQWHLPSODFDEOHTXHQRWHQDH[FXVDQLPHUHFDFRPSDVL³Q1R DLUHSDOSLWDQGRFRQ©OHVWULGHQWHVDOYDMH\DPHQD]DGRU(OEDURQHWPHFRJL³
KDFDPRVP¡VTXHFXPSOLUFRQQXHVWURGHEHUDODSURYHFKDUODRSRUWXQLGDGGH GHODPDQJD\SDOLGHFL³WDQWRTXHHOURVWUROHEULOO³WHQXHPHQWHHQOD
GHYROYHUORGHQXHYRDGRQGHQRSXGLHUDKDFHUGD±R'HELGRDVXFDU¡FWHU RVFXULGDG
{b&LHORVDQWR4X©KDVLGRHVR:DWVRQ" {1RQRHUDXQVDEXHVR'LRVPRKDEU¡DOJRGHYHUGDGHQWRGDVHVDV
KLVWRULDV"(VSRVLEOHTXHHVW©UHDOPHQWHHQSHOLJURSRUXQDFDXVDWDQ
{1RORV©6HWUDWDGHXQVRQLGRTXHVHR\HHQHOS¡UDPR(VODVHJXQGDYH] PLVWHULRVD"8VWHGQRORFUHHQRHVDV:DWVRQ"
TXHORHVFXFKR
{1RFODURTXHQR
{/RVDXOOLGRVFHVDURQ\XQVLOHQFLRDEVROXWRGHVFHQGL³VREUHQRVRWURV
$JX]DPRVHORGRSHURVLQHOPHQRUUHVXOWDGR {<VLQHPEDUJRXQDFRVDHVUHUVHGHHOORHQ/RQGUHV\RWUDPX\GLVWLQWD
HVWDUDTXHQODRVFXULGDGGHOS¡UDPR\RUXQDXOOLGRFRPR©VHb<PLWR
{:DWVRQGLMRHOEDURQHWHVRHUDHODXOOLGRGHXQVDEXHVR (QFRQWUDURQODVKXHOODVGHOVDEXHVRPX\FHUFDGHGRQGHFD\³7RGR
FRQFXHUGD1RFUHRVHUFREDUGH:DWVRQSHURHVHVRQLGRPHKDKHODGROD
{/DVDQJUHVHPHKHO³HQODVYHQDVSRUTXHODYR]VHOHTXHEU³GHXQDPDQHUD VDQJUHb7³TXHPHODPDQR
TXHSRQDGHPDQLILHVWRHOWHUURUUHSHQWLQRTXHVHKDEDDSRGHUDGRGH©O
{(VWDEDWDQIUDFRPRXQEORTXHGHP¡UPRO{0D±DQDVHHQFRQWUDU¡XVWHG
{4X©GLFHQGHHVHVRQLGR"SUHJXQW³{4XL©QHV" SHUIHFWDPHQWH
{/RVKDELWDQWHVGHOD]RQD {1RFUHRTXHODOX]GHOGDFRQVLJDVDFDUPHHVHDXOOLGRGHODFDEH]D4X©OH
SDUHFHTXHKDJDPRVDKRUD"{4XLHUHTXHUHJUHVHPRV"
{%DKVRQJHQWHLJQRUDQWH4X©P¡VOHGDORTXHGLJDQ"
{1RYRWRDEURVKHPRVVDOLGRDFDSWXUDUDQXHVWURKRPEUH\HVRHVORTXH
{&X©QWHPHOR:DWVRQ4X©HVORTXHGLFHQ"{9DFLO©XQPRPHQWRSHURQR KDUHPRV
SRGDHVFDEXOOLUPH{'LFHQTXHHVHODXOOLGRGHOVDEXHVRGHORV%DVNHUYLOOH
{6LU+HQU\GHM³HVFDSDUXQJHPLGR\OXHJRJXDUG³VLOHQFLRXQRVLQVWDQWHV 1RVRWURVYDPRVWUDVHOSUHVR\HVSUREDEOHTXHXQVDEXHVRGHOLQILHUQRYD\D
WUDVGHQRVRWURV$GHODQWH+DUHPRVORTXHQRVKHPRVSURSXHVWRKDFHU
{(UDXQVDEXHVRGLMRSRUILQSHURSDUHFDYHQLUGHXQDGLVWDQFLDGHYDULRV DXQTXHFRUUDQSRUHOS¡UDPRWRGRVORVGHPRQLRVGHODYHUQR
NLO³PHWURVHQDTXHOODGLUHFFL³QVHJºQFUHR
{3URVHJXLPRVOHQWDPHQWHQXHVWURFDPLQRHQODRVFXULGDGFRQODERUURVD
{(VGLILFLOVDEHUGHG³QGHSURFHGD VLOXHWDGHODVFROLQDVFXELHUWDVGHSH±DVFRVDQXHVWURDOUHGHGRU\HOSXQWRGH
OX]DPDULOODEULOODQGRGHODQWHGHQRVRWURV1RKD\QDGDWDQHQJD±RVRFRPROD
{6XED\EDMDEDFRQHOYLHQWR1RHV©VDODGLUHFFL³QGHODJUDQFL©QDJDGH
GLVWDQFLDGHXQDOX]HQXQDQRFKHRVFXUDFRPRERFDGHORER\XQDVYHFHVHO
*ULPSHQ"
UHVSODQGRUSDUHFDHVWDUWDQOHMDQRFRPRHOKRUL]RQWH\RWUDVHQFRQWUDUVHD
{6HV©VD SRFRVPHWURV3HURILQDOPHQWHYLPRVGHG³QGHSURFHGD\HQWRQFHVVXSLPRV
TXHHVW¡EDPRVPX\FHUFD8QDYHOD\DPX\GHUUHWLGDHVWDEDFODYDGDHQXQD
{%LHQSXHVHUDSRUDOO'JDPHODYHUGDGDXVWHGQROHSDUHFL³WDPEL©Q JULHWDHQWUHODVURFDVTXHODIODQTXHDEDQSRUDPERVODGRVSDUDSURWHJHUODGHO
TXHHUDHODXOOLGRGHXQVDEXHVR"<DQRVR\XQQL±R1RWHQJDUHSDURVHQ YLHQWR\WDPEL©QSDUDORJUDUTXHV³ORIXHUDYLVLEOHGHVGHODPDQVL³QGHORV
GHFLUPHODYHUGDG %DVNHUYLOOH8QDURFDGHJUDQLWRQRVRFXOW³PLHQWUDVQRVDFHUF¡EDPRV\
SXGLPRVDVRPDUQRVSRUHQFLPDSDUDFRQWHPSODUODOX]GHODVH±DO(UD
{6WDSOHWRQVHKDOODEDFRQPLJRODRWUDYH]'LMRTXHSRGDVHUHOFDQWRGHXQ H[WUD±RYHUDTXHOODYHODVROLWDULDDUGLHQGRDOOHQPLWDGGHOS¡UDPRVLQHO
H[WUD±RS¡MDUR PHQRUVLJQRGHYLGDDVXDOUHGHGRUWDQV³ORODOODPDDPDULOOD\HOEULOORGH
ODVURFDVDDPERVODGRV TXHVHFRQYLUWL³HQXQSXQWLWRTXHDYDQ]DEDFRQFHOHULGDGHQWUHODVURFDVTXH
VDOSLFDEDQODIDOGDGHXQDFROLQDGLVWDQWH&RUULPRV\FRUULPRVKDVWDTXHGDU
{<DKRUDTX©KDFHPRV"VXVXUU³6LU+HQU\{(VSHUDUDTX7LHQHTXHHVWDU FRPSOHWDPHQWHDJRWDGRVSHURODGLVWDQFLDHUDFDGDYH]PD\RU)LQDOPHQWH
FHUFD QRVGHWXYLPRV\QRVVHQWDPRVMDGHDQWHVHQVHQGDVURFDVGHVGHGRQGH
VHJXLPRVYL©QGRORKDVWDTXHVHSHUGL³HQODOHMDQD
4XL]¡SRGDPRVYHUOR
{<HQDTXHOPRPHQWRFXDQGRQRVOHYDQW¡EDPRVGHODVURFDVSDUDGDUQRVOD
{$SHQDVSURQXQFLDGDVDTXHOODVSDODEUDVORYLPRVDPERV6REUHODVURFDVHQ YXHOWD\UHJUHVDUDFDVDDEDQGRQDGD\DODLQºWLOSHUVHFXFL³QRFXUUL³ODFRVD
ODJULHWDGRQGHDUGDODYHODVXUJL³XQPDOLJQRURVWURDPDULOORXQDWHUULEOH P¡VH[WUD±DHLQHVSHUDGD/DOXQDTXHGDEDPX\EDMDKDFLDODGHUHFKD\OD
FDUDEHVWLDOWRGDHOODPDUFDGD\DUUXJDGDSRUODVSDVLRQHVP¡VYLOHV FLPDGHQWDGDGHXQULVFRGHJUDQLWRVHDO]DEDKDVWDODSDUWHLQIHULRUGHVX
0DQFKDGDGHFLHQRFRQXQDEDUEDKLUVXWD\FRURQDGDGHFDEHOORV GLVFRGHSODWD$OOUHFRUWDGDFRQODQHJUXUDGHXQDHVWDWXDGH©EDQRVREUHHO
HQPDUD±DGRVSRGDPX\ELHQKDEHUSHUWHQHFLGRDXQRGHDTXHOORVDQWLJXRV IRQGREULOODQWHYLHQFLPDGHOULVFRODILJXUDGHXQKRPEUH1RSLHQVHTXH
VDOYDMHVTXHKDELWDEDQHQORVUHIXJLRVGHODVFROLQDV/DOX]GHDEDMRVH IXHXQDDOXFLQDFL³Q+ROPHV/HDVHJXURTXHHQWRGDPLYLGDQRKHYLVWR
UHIOHMDEDHQVXVRMLOORVDVWXWRVTXHHVFXGUL±DEDQFRQILHUH]DODRVFXULGDGD QDGDFRQPD\RUFODULGDG+DVWDGRQGHVHPHDOFDQ]DHUDODILJXUDGHXQ
GHUHFKDHL]TXLHUGDFRPRXQDQLPDOWDLPDGR\VDOYDMHTXHKDRGRSDVRVGH KRPEUHDOWR\GHOJDGR0DQWHQDODVSLHUQDVXQSRFRVHSDUDGDVHVWDED
FD]DGRUHV FUX]DGRGHEUD]RVHLQFOLQDEDODFDEH]DFRPRVLPHGLWDUDVREUHHOHQRUPH
GHVLHUWRGHWXUED\JUDQLWRTXHTXHGDEDDVXHVSDOGD3RGDKDEHUVLGRHO
{6LQGXGDDOJRKDEDGHVSHUWDGRVXVVRVSHFKDV3XHGHTXH%DUU\PRUH HVSULWXPLVPRGHDTXHOWHUULEOHOXJDU'HVGHOXHJRQRHUDHOSUHVR$TXHO
DFRVWXPEUDUDDGDUOHDOJXQDVH±DOSULYDGDTXHQRVRWURVKDEDPRVRPLWLGRR KRPEUHVHKDOODEDPX\OHMRVGHOVLWLRGRQGHHORWURKDEDGHVDSDUHFLGR
ELHQQXHVWURKRPEUHWHQDDOJXQDRWUDUD]³QSDUDSHQVDUTXHODVFRVDVQR
PDUFKDEDQFRPRGHEDQHQFXDOTXLHUFDVRHOPLHGRHUDYLVLEOHHQVXV $GHP¡VHUDPXFKRP¡VDOWR&RQXQDH[FODPDFL³QGHVRUSUHVDTXLVH
SHUYHUVDVIDFFLRQHV\GHXQPRPHQWRDRWURSRGDDSDJDUODOX]GHXQ PRVWU¡UVHORDOEDURQHWSHURGXUDQWHHOPRPHQWRHQTXHPHYROYSDUD
PDQRWD]R\HVIXPDUVHHQODRVFXULGDG6DOW©KDFLDDGHODQWH\6LU+HQU\PH DJDUUDUORGHOEUD]RODILJXUDGHVDSDUHFL³/DFLPDGHQWDGDGHOULVFRVHJXD
LPLW³(QHOPLVPRLQVWDQWHHOSUHVRQRVODQ]³XQDPDOGLFL³Q\WLU³XQD FRUWDQGRHOERUGHLQIHULRUGHODOXQDSHUR\DQRTXHGDEDHOPHQRUUDVWURGHOD
SLHGUDTXHVHKL]RD±LFRVFRQWUDODURFDTXHQRVKDEDFRELMDGR$ºQ ILJXUDVLOHQFLRVDHLQP³YLO
YLVOXPEU©SRUXQPRPHQWRVXVLOXHWDUHFKRQFKD\PXVFXORVDPLHQWUDVVH
SRQDHQSLH\JLUDEDHQUHGRQGRSDUDHVFDSDU3RUXQDIHOL]FRLQFLGHQFLDOD {4XLVHPDUFKDUHQDTXHOODGLUHFFL³QHLQYHVWLJDUORVDOUHGHGRUHVGHOULVFR
OXQDVDOL³HQWRQFHVGHHQWUHODVQXEHV$OFDQ]DPRVDWRGDSULVDODFLPDGHOD SHURTXHGDEDEDVWDQWHOHMRV/RVQHUYLRVGHOEDURQHWVHJXDQHQWHQVL³QD
FROLQD\YLPRVTXHQXHVWURKRPEUHGHVFHQGDDJUDQYHORFLGDGSRUODRWUD FRQVHFXHQFLDGHDTXHODXOOLGRTXHOHKDEDUHFRUGDGRODRVFXUDKLVWRULDGHVX
ODGHUDVDOWDQGRSRUHQFLPDGHODVURFDVTXHKDOODEDHQVXFDPLQRFRQOD IDPLOLD\QRHVWDEDGHKXPRUSDUDQXHYDVDYHQWXUDV7DPSRFRKDEDYLVWRDO
DJLOLGDGGHXQDFDEUDPRQW©V&RQVXHUWHWDOYH]KDEUDSRGLGRGHWHQHUORFRQ KRPEUHVROLWDULRVREUHHOULVFR\QRVHQWDODHPRFL³QTXHVXH[WUD±D
XQGLVSDURGHPLUHY³OYHUSHURODILQDOLGDGGHDTXHODUPDHUDWDQV³OR SUHVHQFLD\VXDLUHGHDXWRULGDGPHKDEDQSURGXFLGR8QYLJLODQWHGHO
GHIHQGHUPHVLVHPHDWDFDED\QRGLVSDUDUFRQWUDXQKRPEUHGHVDUPDGRTXH SHQDOVLQGXG³
GLMR$EXQGDQHQHOS¡UDPRGHVGHTXHVHHVFDS³HVHVXMHWR
KXD &DEHTXHHVDH[SOLFDFL³QVHDODMXVWDSHURPHJXVWDUDWHQHUSUXHEDVP¡V
FRQFOX\HQWHV+R\QRVSURSRQHPRVKDFHUVDEHUDODVDXWRULGDGHVGH
{7DQWRHOEDURQHWFRPR\RVRPRVDFHSWDEOHVFRUUHGRUHV\HVWDPRVHQEXHQD 3ULQFHWRZQG³QGHWLHQHQTXHEXVFDUDOKXLGRSHURVHQWLPRVQRKDEHUOR
IRUPDSHURSURQWRGHVFXEULPRVTXHQRWHQDPRVSRVLELOLGDGDOJXQDGH FDSWXUDGRQRVRWURV7DOHVVRQODVDYHQWXUDVGHODSDVDGDQRFKH\WHQGU¡XVWHG
DOFDQ]DUOR6HJXLPRVYL©QGRORGXUDQWHXQEXHQUDWRDODOX]GHODOXQDKDVWD
TXHUHFRQRFHUPLTXHULGR+ROPHVTXHQROHHVWR\IDOODQGRHQPDWHULDGH KHHVFXFKDGR\DXQVRQLGRTXHUHFXHUGDHODXOOLGRGLVWDQWHGHXQVDEXHVR1R
LQIRUPDFL³Q0XFKRGHORTXHOHFXHQWRQRWLHQHVLQGXGDPD\RU SXHGHWUDWDUVHGHDOJRDMHQRDODVOH\HVRUGLQDULDVGHODQDWXUDOH]D8Q
LPSRUWDQFLDSHURVLJRSHQVDQGRTXHORPHMRUHVWUDQVPLWLUOHWRGRVORVKHFKRV VDEXHVRHVSHFWUDOTXHGHMHKXHOODVYLVLEOHV\TXHOOHQHHODLUHFRQVXVDXOOLGRV
\GHMDUOHTXHHOLMDXVWHGORVTXHOHUHVXOWHQP¡VºWLOHV1RKD\GXGDGHTXH HVVLQGXGDLPSHQVDEOH4XL]¡6WDSOHWRQDFHSWHHVDVXSHUVWLFL³Q\D0RUWLPHU
HVWDPRVKDFLHQGRSURJUHVRV3RUORTXHVHUHILHUHDORV%DUU\PRUHKHPRV WDOYH]OHVXFHGDORPLVPRSHURVL\RWHQJRXQDFXDOLGDGHVHOVHQWLGRFRPºQ
GHVFXELHUWRHOPRWLYRGHVXVDFFLRQHV\HVRKDDFODUDGRPXFKRODVLWXDFL³Q \QDGDORJUDU¡FRQYHQFHUPHGHXQDFRVDDV+DFHUORVHUDUHEDMDUVHDOQLYHO
3HURHOS¡UDPRFRQVXVPLVWHULRV\VXVH[WUD±RVKDELWDQWHVVLJXHWDQ GHHVRVSREUHVFDPSHVLQRVTXHQRVHFRQWHQWDQFRQXQVLPSOHSHUUR
LQHVFUXWDEOHFRPRVLHPSUH4XL]¡HQPLSU³[LPDFRPXQLFDFL³QHVW©WDPEL©Q DVLOYHVWUDGRVLQRTXHQHFHVLWDQGHVFULELUORDUURMDQGRIXHJRGHOLQILHUQRSRU
HQFRQGLFLRQHVGHDUURMDUDOJXQDOX]VREUHHVR$XQTXHORPHMRUVHUDTXH RMRV\ERFD
YLQLHUDXVWHGDUHXQLUVHFRQQRVRWURV{
+ROPHVQXQFDSUHVWDUDDWHQFL³QDVHPHMDQWHVIDQWDVDV\\RVR\VX
)UDJPHQWRGHOGLDULRGHOGRFWRU:DWVRQ UHSUHVHQWDQWH3HURORVKHFKRVVRQORVKHFKRV\\DKHRGRGRVYHFHVHVH
DXOOLGRHQHOS¡UDPR6XSRQJDPRVTXHKXELHUDUHDOPHQWHXQHQRUPHVDEXHVR
+DVWDHVWHPRPHQWRKHSRGLGRXWLOL]DUORVLQIRUPHVTXHHQYL©D6KHUORFN HQOLEHUWDGHVRFRQWULEXLUDPXFKRDH[SOLFDUORWRGR
+ROPHVGXUDQWHORVSULPHURVGDVGHPLHVWDQFLDHQHOS¡UDPR3HURKH
OOHJDGR\DDXQSXQWRHQPLQDUUDFL³QHQHOTXHPHYHRREOLJDGRDDEDQGRQDU 3HURG³QGHVHHVFRQGHUDG³QGHFRQVHJXLUDODFRPLGDGHG³QGH
HVHP©WRGR\UHFXUULUXQDYH]P¡VDPLVUHFXHUGRVFRQODD\XGDGHOGLDULR SURFHGHUDF³PRVHUDSRVLEOHTXHQDGLHORKXELHUDYLVWRGXUDQWHHOGD"
TXHOOHYDEDSRUHQWRQFHV$OJXQRVIUDJPHQWRVGHHVWHºOWLPRPHSHUPLWLU¡Q
HQOD]DUFRQODVHVFHQDVTXHHVW¡QLQGHOHEOHPHQWHJUDEDGDVHQPLPHPRULD {+D\TXHFRQIHVDUTXHODWHRUDGHOSHUURGHFDUQH\KXHVRSUHVHQWDFDVL
WDQWDVGLILFXOWDGHVFRPRODRWUD<DGHP¡VGHMDQGRGHODGRDOVDEXHVRTXHGD
&RQWLQºRSRUORWDQWRHQODPD±DQDVLJXLHQWHDQXHVWUDLQIUXFWXRVD ODLQWHUYHQFL³QGHOLQGLYLGXRGHOFDEULRO©HQ/RQGUHV\ODFDUWDHQODTXHVH
SHUVHFXFL³QGH6HOGHQ\DQXHVWUDVH[WUD±DVH[SHULHQFLDVHQHOS¡UDPR DGYHUWDD6LU+HQU\GHOSHOLJURTXHFRUUD(VRSRUORPHQRVHVUHDOSHUR
WDQWRSRGUDVHUREUDGHXQDPLJRGHVHRVRGHSURWHJHUORFRPRGHXQ
lGHRFWXEUH'DEUXPRVR\JULVFRQDOJRGHOORYL]QD/DFDVDHVW¡ HQHPLJR'³QGHHVW¡DKRUDHVHDPLJRRHQHPLJR"6HKDTXHGDGRHQ
FXELHUWDGHQXEHVHQPRYLPLHQWRTXHVHDEUHQGHYH]HQFXDQGRSDUDPRVWUDU /RQGUHVRQRVKDVHJXLGRKDVWDHOS¡UDPR"3RGUDVHUSRGUDVHUHO
ODVPRQ³WRQDVFXUYDVGHOS¡UDPRFRQGHOJDGDVYHWDVSODWHDGDVHQODVIDOGDV GHVFRQRFLGRTXHYLVREUHHOULVFR"
GHODVFROLQDV\URFDVGLVWDQWHVTXHEULOODQFXDQGRVXVKºPHGDVVXSHUILFLHV
UHIOHMDQODOX]5HLQDODPHODQFRODIXHUD\GHQWUR(OEDURQHWKDUHDFFLRQDGR {(VYHUGDGTXHV³ORORFRQWHPSO©XQRVLQVWDQWHVSHURKD\DOJXQDVFRVDVGH
PDODQWHODVHPRFLRQHVGHODQRFKHSDVDGD<RPLVPRPHQRWRXQSHVRHQHO ODVTXHHVWR\FRPSOHWDPHQWHVHJXUR&RPRFRQR]FR\DDWRGRVQXHVWURV
FRUD]³Q\HOVHQWLPLHQWRGHODLQPLQHQFLDGHXQSHOLJURVLHPSUHDODFHFKR YHFLQRVSXHGRDILUPDUTXHQRHVQLQJXQRGHHOORV(OLQGLYLGXRTXHHVWDED
SUHFLVDPHQWHP¡VWHUULEOHSRUTXHQRVR\FDSD]GHGHILQLUOR VREUHHOULVFRHUDP¡VDOWRTXH6WDSOHWRQ\P¡VGHOJDGRTXH)UDQNODQG
&DEUDTXHVHWUDWDUDGH%DUU\PRUHSHURORGHMDPRVHQODPDQVL³Q\HVWR\
{<DFDVRQRHVW¡MXVWLILFDGRHVHVHQWLPLHQWR"3L©QVHVHHQODODUJDVXFHVL³Q VHJXURGHTXHQRSXGRVHJXLUQRV3RUORWDQWRKD\XQGHVFRQRFLGRTXHQRV
GHLQFLGHQWHVTXHGHODWDQODVIXHU]DVVLQLHVWUDVTXHDFWºDQDQXHVWUR VLJXHDTXGHODPLVPDPDQHUDTXHXQGHVFRQRFLGRQRVVLJXL³HQ/RQGUHV
DOUHGHGRU3ULPHURODPXHUWHGHODQWHULRURFXSDQWHGHODPDQVL³QHQODTXH 1RQRVKHPRVOLEUDGRGH©O6LSXGLHUDSRQHUOHODVPDQRVHQFLPDWDOYH]
VHFXPSOLHURQFRQWRGDH[DFWLWXGODVFRQGLFLRQHVGHODOH\HQGDIDPLOLDU\HQ UHVROYL©UDPRVWRGDVQXHVWUDVGLILFXOWDGHV$HVWDºQLFDILQDOLGDGGHER
VHJXQGROXJDUODVUHSHWLGDVDILUPDFLRQHVSRUSDUWHGHORVFDPSHVLQRVGHOD FRQVDJUDUWRGDVPLVHQHUJDVDSDUWLUGHDKRUD
]RQDGHTXHKDDSDUHFLGRHQHOS¡UDPRXQDH[WUD±DFULDWXUD(QGRVRFDVLRQHV
{0LSULPHULPSXOVRIXHFRQWDUPLVSODQHVD6LU+HQU\(OVHJXQGR\P¡V GHIHQGHUOD
SUXGHQWHKDVLGRKDFHUPLMXHJR\KDEODUORPHQRVSRVLEOH(OEDURQHWHVW¡
VLOHQFLRVR\GLVWUDGR(ODXOOLGRHQHOS¡UDPRORKDFRQPRFLRQDGR 7RGRHOPXQGRFRUUHU¡SHOLJURKDVWDTXHVHOHYXHOYDDSRQHUDEXHQUHFDXGR
H[WUD±DPHQWH1RGLU©QDGDTXHFRQWULEX\DDDXPHQWDUVXDQVLHGDGSHUR
WRPDU©ODVPHGLGDVRSRUWXQDVSDUDORJUDUORTXHPHSURSRQJR {6HOGHQQRHQWUDU¡HQQLQJXQDFDVDVH±RU/HGR\VROHPQHPHQWHPL
SDODEUD1LYROYHU¡DPROHVWDUDQDGLHHQHVWHSDV/HDVHJXUR6LU+HQU\
{(VWDPD±DQDWXYLPRVXQDSHTXH±DHVFHQDGHVSX©VGHOGHVD\XQR%DUU\PRUH TXHGHQWURGHPX\SRFRVGDVVHKDEU¡QWRPDGRODVPHGLGDVQHFHVDULDV\
SLGL³SHUPLVRSDUDKDEODUFRQ6LU+HQU\\VHHQFHUUDURQHQHOHVWXGLRGHO HVWDU¡FDPLQRGH$P©ULFDGHO6XU3RUHODPRUGH'LRVVH±RUOHUXHJRTXH
EDURQHWGXUDQWHXQRVPLQXWRV'HVGHPLDVLHQWRHQODVDODGHELOODURP¡VGH QRLQIRUPHDODSROLFDGHTXHPLFX±DGRVLJXHDºQHQHOS¡UDPR
XQDYH]F³PRDPERVDO]DEDQODYR]\UHFRQR]FRTXHWHQDXQDLGHDEDVWDQWH
H[DFWDGHOPRWLYRGHODGLVFXVL³Q)LQDOPHQWH6LU+HQU\DEUL³ODSXHUWD\PH +DQDEDQGRQDGRODSHUVHFXFL³Q\VHU¡XQEXHQUHIXJLRKDVWDTXHHOEDUFRHVW©
OODP³ SUHSDUDGR<
{%DUU\PRUHFRQVLGHUDTXHWLHQHPRWLYRVSDUDTXHMDUVHGLMR2SLQDTXHQR VLORGHQXQFLDQRVFDXVDU¡SUREOHPDVDPLPXMHU\DP6HORVXSOLFRVH±RU
KHPRVVLGRMXVWRVDOGDUFD]DDVXFX±DGRFXDQGR©OOLEUHPHQWHQRVKDED QRGLJDQDGDDODSROLFD
UHYHODGRHOVHFUHWR
{4X©RSLQDXVWHG:DWVRQ"{0HHQFRJGHKRPEURV
{(OPD\RUGRPRVHKDOODEDGHODQWHGHQRVRWURVPX\S¡OLGRSHURPX\GXH±R
GHVPLVPR {6L6HOGHQVDOLHUDGHOSDVVLQFDXVDUSUREOHPDVORVFRQWULEX\HQWHVVHYHUDQ
OLEUHVGHXQDFDUJD
{4XL]¡KD\DKDEODGRFRQGHPDVLDGRFDORUGLMR\HQHVHFDVROHSLGR
VLQFHUDPHQWHTXHPHSHUGRQH3HURPHKDVRUSUHQGLGRPXFKRHQWHUDUPHGH {3HURTX©PHGLFHGHODSRVLELOLGDGGHTXHDVDOWHDDOJXLHQDQWHVGH
TXHKDQUHJUHVDGRXVWHGHVGHPDGUXJDGD\GHTXHKDQHVWDGRSHUVLJXLHQGRD PDUFKDUVH"
6HOGHQ(OSREUHFLOOR\DWLHQHVXILFLHQWHVHQHPLJRVVLQQHFHVLGDGGHTXH\R
{1RKDU¡XQDORFXUDVHPHMDQWHVH±RU/HKHPRVSURSRUFLRQDGRWRGRORTXH
FRQWULEX\DDFUHDUOHP¡V
QHFHVLWD
{6LQRVORKXELHUDXVWHGUHYHODGRSRUGHFLVL³QSURSLDKDEUDVLGRGLVWLQWR
&RPHWHUXQGHOLWRVHUDORPLVPRTXHSURFODPDUG³QGHHVW¡HVFRQGLGR
GLMRHOEDURQHW3HURQRVORFRQW³RP¡VELHQORKL]RVXPXMHUFXDQGROH
REOLJDPRV\QRWXYRRWURUHPHGLR {(VRHVFLHUWRGLMR6LU+HQU\%LHQ%DUU\PRUH{b4XH'LRVOHEHQGLJD
b6HORDJUDGH]FRGHWRGRFRUD]³Q0LSREUHPXMHUVHPRULUDGHSHQDVLOR
{1XQFDSHQV©TXHVHDSURYHFKDUDGHHOOR6LU+HQU\QXQFDORKXELHUD
FDSWXUDVHQRWUDYH]
FUHGR
{6XSRQJRTXHHVWDPRVKDFL©QGRQRVF³PSOLFHVGHXQGHOLWRQRHVHVR
{(VHKRPEUHHVXQSHOLJURSºEOLFR+D\FDVDVVROLWDULDVUHSDUWLGDVSRUHO
:DWVRQ"3HURGHVSX©VGHORTXHDFDEDPRVGHRUQRPHFUHRFDSD]GH
S¡UDPR\6HOGHQQRVHGHWHQGUDDQWHQDGD%DVWDFRQYHUVXURVWURXQ
HQWUHJDUDHVHKRPEUHGHPDQHUDTXHSXQWRILQDO'HDFXHUGR%DUU\PRUH
LQVWDQWHSDUDGDUVHFXHQWD
SXHGHXVWHGPDUFKDUVH
3LHQVHSRUHMHPSORHQODFDVDGHOVH±RU6WDSOHWRQVLQQDGLHH[FHSWR©OSDUD
{&RQXQDVLQFRQH[DVSDODEUDVGHJUDWLWXGHOPD\RUGRPRVHGLULJL³KDFLDOD
SXHUWDSHUROXHJRYDFLO³\YROYL³VREUHVXVSDVRV FDUERQL]DGDVKDEDXQWURFLWRHOILQDOGHXQDS¡JLQDTXHQRVHKDED
GLVJUHJDGR\DºQHUDSRVLEOHOHHUORTXHHVWDEDHVFULWRHQJULVVREUHIRQGR
{6HKDSRUWDGRXVWHGWDQELHQFRQQRVRWURVVH±RUTXHDFDPELRTXLVLHUD QHJUR1RVSDUHFL³TXHVHWUDWDEDGHXQDSRVWGDWD\GHFDORVLJXLHQWH3RU
KDFHUSRUXVWHGWRGRORTXHHVW©HQPLPDQR6©DOJR6LU+HQU\TXHTXL]¡ IDYRUSRUIDYRUFRPRHVXVWHGXQFDEDOOHURTXHPHHVWDFDUWD\HVW©MXQWRDO
GHELHUDKDEHUGLFKRDQWHVSHURV³ORORGHVFXEUPXFKRWLHPSRGHVSX©VGH SRUWLOORDODVGLH]HQSXQWR'HEDMRDOJXLHQKDEDILUPDGRFRQODVLQLFLDOHV/
WHUPLQDGDODLQYHVWLJDFL³Q1XQFDORKHFRPHQWDGRFRQQDGLH<WLHQHTXH /
YHUFRQODPXHUWHGHOSREUH6LU&KDUOHV
{+DFRQVHUYDGRHVHWURFLWRGHSDSHO"
{7DQWRHOEDURQHWFRPR\RQRVSXVLPRVHQSLH{$FDVRVDEHXVWHGF³PR
PXUL³" {1RVH±RUVHGHVKL]RFXDQGRORPRYLPRV
{1RVH±RUHVRQRORV© {+DEDUHFLELGR6LU&KDUOHVRWUDVFDUWDVFRQODPLVPDOHWUD"
{'HTX©VHWUDWDHQWRQFHV" {$GHFLUYHUGDGQRPHILMDEDPXFKRHQVXVFDUWDV<WDPSRFRPHKXELHUD
ILMDGRHQ©VDGHQROOHJDUVROD{<QRWLHQHLGHDGHTXL©QSXHGDVHU//"
{6©SRUTX©HVWDEDHQHOSRUWLOORDDTXHOODKRUD6HKDEDFLWDGRFRQXQD
PXMHU {1RVH±RU(VWR\WDQDRVFXUDVFRPRXVWHG3HURFUHRTXHVLSXGL©UDPRV
ORFDOL]DUDHVDGDPDVDEUDPRVP¡VDFHUFDGHODPXHUWHGH6LU&KDUOHV
{&LWDGRFRQXQDPXMHU"6LU&KDUOHV"{6VH±RU
{/RTXHQRHQWLHQGR%DUU\PRUHHVF³PRKDSRGLGRRFXOWDUXQD
{6DEHXVWHGTXL©QHUD" LQIRUPDFL³QWDQLPSRUWDQWH{&RPSU©QGDORVH±RUQXHVWURVSUREOHPDV
HPSH]DURQLQPHGLDWDPHQWHGHVSX©V\SRURWUDSDUWHFRPRHVO³JLFRVLVH
{1ROHSXHGRGHFLUHOQRPEUHVH±RUSHURVODVLQLFLDOHV// SLHQVDHQWRGRORTXHKL]RSRUQRVRWURVORVGRVVHQWDPRVXQJUDQFDUL±RSRU
6LU&KDUOHV5HYROYHUHQHVHDVXQWRQRSRGDD\XGDU\DDQXHVWURSREUHVH±RU
&³PRKDVDELGRXVWHGWRGRHVR%DUU\PRUH" \FRQYLHQHDQGDUFRQWLHQWRFXDQGRKD\XQDGDPDSRUPHGLR+DVWDORV
PHMRUHVGHHQWUHQRVRWURV
9HU¡6LU+HQU\VXWRUHFLEL³XQDFDUWDDTXHOODPD±DQD'HRUGLQDULR
UHFLEDPXFKDVDGLDULRSRUTXHHUDXQKRPEUHFRQRFLGR\WRGRHOPXQGRVH {&UHHXVWHGTXHSRGUDGD±DUVXUHSXWDFL³Q"{9HU¡VH±RUSHQV©TXHQR
KDFDOHQJXDVGHVXEXHQFRUD]³QDVTXHODVSHUVRQDVFRQSUREOHPDV VDOGUDQDGDEXHQR3HURGHVSX©VGHKDEHUVHSRUWDGRXVWHGWDQELHQFRQ
UHFXUUDQD©O3HURDTXHOODPD±DQDSRUFDVXDOLGDGV³ORUHFLEL³XQDFDUWDGH QRVRWURVPHSDUHFHTXHOHWUDWDUDLQMXVWDPHQWHVLQROHFRQWDUDWRGRORTXH
PDQHUDTXHPHILM©P¡VHQHOOD9HQDGH&RRPEH7UDFH\\ODOHWUDGHOVREUH V©
HUDGHPXMHU
{0X\ELHQ%DUU\PRUHSXHGHPDUFKDUVH
{<"
{&XDQGRHOPD\RUGRPRQRVKXERGHMDGR6LU+HQU\VHYROYL³KDFLDP
{9HU¡VH±RU\RQRKXELHUDYXHOWRDSHQVDUHQHOORGHQRVHUSRUPLPXMHU
TXHKDFHWDQV³ORXQDVVHPDQDVFXDQGRHVWDEDOLPSLDQGRHOHVWXGLRGH6LU {%XHQR:DWVRQTX©SLHQVDXVWHGGHHVWDQXHYDSLVWD"
&KDUOHVQRVHKDEDWRFDGRGHVGHVXPXHUWHHQFRQWU³ODVFHQL]DVGHXQD
FDUWDHQHOKRJDUGHODFKLPHQHD$XQTXHODVFXDUWLOODVHVWDEDQSU¡FWLFDPHQWH {0HSDUHFHTXHV³ORVLUYHSDUDDXPHQWDUODRVFXULGDG{(VRSLHQVR\R3HUR
VLSXGL©UDPRVHQFRQWUDUD//VHDFODUDUDWRGRHVWHDVXQWR$OPHQRVDOJR ODQLHEODVHDO]DEDQSRUHQFLPDGHORV¡UEROHVODVGRVGHOJDGDVWRUUHVGHOD
KHPRVJDQDGR PDQVL³QGHORV%DVNHUYLOOH(UDQORVºQLFRVVLJQRVYLVLEOHVGHYLGDKXPDQD
VLVHH[FHSWºDQORVUHIXJLRVSUHKLVW³ULFRVTXHWDQWRDEXQGDQHQODVIDOGDVGH
6DEHPRVTXHKD\XQDSHUVRQDTXHFRQRFHORVKHFKRV\ORºQLFRTXH ODVFROLQDV(QQLQJºQVLWLRKDEDUDVWURDOJXQRGHOH[WUD±RYLJDGHOS¡UDPR
QHFHVLWDPRVHVHQFRQWUDUOD4X©FUHHTXHGHEHPRVKDFHU"
{0LHQWUDVUHJUHVDEDDODPDQVL³QPHDOFDQ]³HOGRFWRU0RUWLPHUTXH
{,QIRUPDUD+ROPHVLQPHGLDWDPHQWH/HSURSRUFLRQDU¡HOLQGLFLRTXHKD FRQGXFDVXFRFKHGHGRVUXHGDVSRUXQWRVFRVHQGHURGHUHJUHVRGHOD
HVWDGREXVFDQGR<RPXFKRPHHTXLYRFRRHVRKDU¡TXHVHSUHVHQWHDTX UHPRWDJUDQMDGH)RXOPLUH+DHVWDGRVLHPSUHSHQGLHQWHGHQRVRWURV\
DSHQDVKDSDVDGRXQGDVLQSUHVHQWDUVHSRUODPDQVL³QSDUDYHUF³PRQRVYD
{5HJUHV©LQPHGLDWDPHQWHDPLKDELWDFL³Q\UHGDFW©SDUD+ROPHVHOLQIRUPH 0HLQVLVWL³SDUDTXHVXELHUDDOFRFKH\OHDFRPSD±DUDKDVWDODFDVD
VREUHQXHVWUDFRQYHUVDFL³QPDWXWLQD(UDHYLGHQWHTXHPLDPLJRKDEDHVWDGR
PX\RFXSDGRºOWLPDPHQWHSRUTXHODVQRWDVTXHPHOOHJDEDQGH%DNHU6WUHHW /RHQFRQWU©PX\SUHRFXSDGRSRUODGHVDSDULFL³QGHVXSHTXH±RVSDQLHOTXH
HUDQSRFDV\EUHYHVVLQFRPHQWDULRVVREUHODLQIRUPDFL³QTXHOHKDED VHKDEDDGHQWUDGRSRUHOS¡UDPR\QRKDEDYXHOWR/RFRQVRO©FRPRSXGH
VXPLQLVWUDGR\FDVLVLQUHIHUHQFLDDOJXQDDPLPLVL³Q1RKDEDGXGDGHTXH SHURDODFRUGDUPHGHOSRQLVHSXOWDGRHQODFL©QDJDGH*ULPSHQWHPTXHQR
HOFDVRGHOFKDQWDMHDEVRUEDWRGDVVXVIDFXOWDGHV<VLQHPEDUJRHVWHQXHYR YROYLHUDDYHUDVXSHUULWR
IDFWRUGHEHUDFRQWRGDVHJXULGDGOODPDUVXDWHQFL³Q\UHQRYDUVXLQWHU©V
2MDO¡HVWXYLHVHDTX {3RUFLHUWR0RUWLPHUOHGLMHPLHQWUDVDYDQ]¡EDPRVDVDOWRVSRUDTXHO
FDPLQRWDQGHVLJXDOVXSRQJRTXHVHU¡QPX\SRFDVODVSHUVRQDVGHOD]RQD
{GHRFWXEUH+DOORYLGRDF¡QWDURVWRGRHOGD\ODVJRWDVUHVXHQDQVREUH TXHXVWHGQRFRQR]FD
ODKLHGUD\FDHQGHVGHORVDOHURV0HKHDFRUGDGRGHOIXJLWLYRHQHOIUR
S¡UDPRGHVRODGRVLQVLWLRGRQGHJXDUHFHUVHb3REUHFLOOR6HDQFXDOHVIXHUDQ {3U¡FWLFDPHQWHQLQJXQDFUHR\R
VXVGHOLWRVHVW¡VXIULHQGRSDUDH[SLDUORV
{3XHGHXVWHGHQHVHFDVRGHFLUPHHOQRPEUHGHDOJXQDPXMHUFX\DV
<OXHJRPHDFRUG©GHORWURGHOURVWURHQHOFDEULRO©GHODILJXUDUHFRUWDGD LQLFLDOHVVHDQ/
FRQWUDODOXQD
/"
7DPEL©QHOTXHYLJLODEDVLQVHUYLVWRHOKRPEUHGHODRVFXULGDGVHKDOODEDD
ODLQWHPSHULHEDMRDTXHOGLOXYLR"$ODFDGDGHODWDUGHPHSXVHHO {(OGRFWRU0RUWLPHUHVWXYRSHQVDQGRXQRVPLQXWRV{1RGLMR+D\
LPSHUPHDEOH\SDVH©KDVWDPX\OHMRVSRUHOS¡UDPRHPSDSDGRGHDJXDOOHQR DOJXQRVJLWDQRV\MRUQDOHURVGHORVTXHQRSXHGRUHVSRQGHUSHURHQWUHORV
GHLP¡JHQHVRVFXUDVFRQODOOXYLDJROSH¡QGRPHHOURVWUR\HOYLHQWR JUDQMHURVRODEXUJXHVD\SHTXH±DQREOH]DQRKD\QDGLHFRQLQLFLDOHVFRPR
VLOE¡QGRPHHQORVRGRV4XH'LRVWHQJDGHVXPDQRDTXLHQHVVHDFHUTXHQD ©VDV(VSHUHXQPRPHQWRD±DGL³GHVSX©VGHXQDSDXVD(VW¡/DXUD/\RQV
ODJUDQFL©QDJDHQWDOHVPRPHQWRVSRUTXHLQFOXVRODVWLHUUDVDOWDVILUPHVGH VXVLQLFLDOHVVRQ//DXQTXHYLYHHQ&RRPEH7UDFH\
RUGLQDULRVHHVW¡QFRQYLUWLHQGRHQXQSDQWDQR(QFRQWU©HO5LVFR1HJUR
VREUHHOTXHKDEDYLVWRDOYLJDVROLWDULR\GHVGHVXFLPDGHQWDGDFRQWHPSO© {4XL©QHV"SUHJXQW©
ODVPHODQF³OLFDVORPDV5¡IDJDVGHOOXYLDLEDQDODGHULYDVREUHVXV
VXSHUILFLHVURML]DV\ODVGHQVDVQXEHVGHFRORUSL]DUUDFROJDEDQPX\EDMDV {(VODKLMDGH)UDQNODQG
VREUHHOSDLVDMHFD\HQGRHQMLURQHVJULVHVSRUODVODGHUDVGHODVIDQW¡VWLFDV
{&³PR")UDQNODQGHOYLHMRFKLIODGR"{([DFWDPHQWH6HFDV³FRQXQ
FROLQDV(QODOHMDQDFRQFDYLGDGKDFLDODL]TXLHUGDHVFRQGLGDVDPHGLDVSRU
DUWLVWDOODPDGR/\RQVTXHYLQRDKDFHUXQRVERFHWRVHQHOS¡UDPR5HVXOW³ {%LHQGLMHVHKDPDUFKDGR\DHVHLQDSUHFLDEOHSDULHQWHVX\RRVLJXH
VHUXQVLQYHUJ¼HQ]D\ODDEDQGRQ³$XQTXHTXL]¡ODFXOSDSRUORTXHKH WRGDYDHVFRQGLGRHQHOS¡UDPR"{1RORV©VH±RU/HSLGRD'LRVTXHVH
RGRQRIXHUDWRGDGHOSLQWRU6XSDGUHVHQHJ³DWHQHUQDGDTXHYHUFRQHOOD KD\DLGRSRUTXHDQRVRWURVQRQRVKDFDXVDGRP¡VTXHSUREOHPDV1RKH
SRUTXHVHKDEDFDVDGRVLQVXFRQVHQWLPLHQWR\TXL]¡WDPEL©QSRUXQDRGRV VDELGRQDGDGH©OGHVGHTXHOHGHM©FRPLGDODºOWLPDYH]\GHHVRKDFH\D
UD]RQHVP¡V'HPDQHUDTXHHQWUHORVGRVSHFDGRUHVHOYLHMR\HOMRYHQOD WUHVGDV
SREUHFKLFDORKDSDVDGREDVWDQWHPDO
{8VWHGORYLR"
{&³PRYLYH"
{1RVH±RUSHURODFRPLGDKDEDGHVDSDUHFLGRFXDQGRYROYDSDVDUSRUDOO
{,PDJLQRTXHVXSDGUHOHSDVDXQDDVLJQDFL³QSHURGHEHGHVHUXQDPLVHULD
SRUTXHODVLWXDFL³QHFRQ³PLFDGH)UDQNODQGGHMDPXFKRTXHGHVHDU3RUPDO {(QWRQFHVHVVHJXURTXHVLJXHHQHOS¡UDPR"
TXHVHKXELHUDSRUWDGRQRVHSRGDFRQVHQWLUTXHVHKXQGLHUD
GHILQLWLYDPHQWH6XKLVWRULDOOHJ³DVDEHUVH\YDULDVSHUVRQDVGHORV {3DUHFHORO³JLFRVH±RUDQRVHUTXHVHODKD\DOOHYDGRHORWUR
DOUHGHGRUHVFRODERUDURQSDUDSHUPLWLUOHTXHVHJDQDUDODYLGDKRQUDGDPHQWH
6WDSOHWRQIXHXQRGHHOORV\6LU&KDUOHVRWUR7DPEL©Q\RFRQWULEX {1RWHUPLQ©GHOOHYDUPHODWD]DDODERFD\PLU©ILMDPHQWHD%DUU\PRUH
PRGHVWDPHQWH6HWUDWDEDGHTXHSXVLHUDHQPDUFKDXQVHUYLFLRGH
{(QWRQFHVXVWHGVDEHTXHKD\RWURKRPEUH"{6VH±RUKD\RWURKRPEUH
PHFDQRJUDID
HQHOS¡UDPR
{0RUWLPHUTXLVRVDEHUHOPRWLYRGHPLVLQYHVWLJDFLRQHVSHURORJU©VDWLVIDFHU
{/RKDYLVWR"
VXFXULRVLGDGVLQGHFLUOHGHPDVLDGRSRUTXHQRKD\UD]³QSDUDFRQILDUHQ
QDGLH0D±DQDSRUODPD±DQDPHSRQGU©HQFDPLQRKDFLD&RRPEH7UDFH\\ {1RVH±RU
VLSXHGRYHUDODVH±RUD/DXUD/\RQVGHGXGRVDUHSXWDFL³QVHKDEU¡GDGRXQ
JUDQSDVRSDUDDFODUDUXQRGHORVLQFLGHQWHVGHHVWDFDGHQDGHPLVWHULRV6LQ {&³PRVDEHGHVXH[LVWHQFLD"
GXGDHVWR\DGTXLULHQGRODSUXGHQFLDGHODVHUSLHQWHSRUTXHFXDQGR0RUWLPHU
LQVLVWL³HQVXVSUHJXQWDVKDVWDH[WUHPRVLQFRQYHQLHQWHVPHLQWHUHV©FRPR {6HOGHQPHKDEO³GH©OKDFHXQDVHPDQDRSRFRP¡V7DPEL©QVHHVFRQGH
SRUFDVXDOLGDGSRUHOWLSRGHFU¡QHRGH)UDQNODQGGHPDQHUDTXHV³ORR SHURQRHVXQSUHVRSRUORTXHKHSRGLGRGHGXFLU1RPHJXVWDQDGDGRFWRU
KDEODUGHFUDQHRORJDGXUDQWHHOUHVWRGHOWUD\HFWR'HDOJRKDGHVHUYLUPH :DWVRQOHGLJRFRQWRGDVLQFHULGDGTXHQRPHJXVWDQDGDKDEODEDFRQ
KDEHUYLYLGRGXUDQWHD±RVFRQ6KHUORFN+ROPHV UHSHQWLQDYHKHPHQFLD
{6³ORWHQJRXQºOWLPRLQFLGHQWHTXHDQRWDUHQHVWHPHODQF³OLFRGDGH {$KRUDHVFºFKHPHXVWHG%DUU\PRUH<RQRWHQJRRWURLQWHU©VHQHVWH
WRUPHQWD6HWUDWDGHPLFRQYHUVDFL³QFRQ%DUU\PRUHGHKDFHXQRVLQVWDQWHV DVXQWRTXHHOGHVXVH±RU(VWR\DTXSDUDD\XGDUOR'JDPHFRQWRGD
HOPD\RUGRPRPHKDSURSRUFLRQDGRXQWULXQIRP¡VTXHSRGU©XWLOL]DUHQVX IUDQTXH]DTX©HVORTXHQROHJXVWD
PRPHQWR
{%DUU\PRUHYDFLO³XQPRPHQWRFRPRVLODPHQWDUDVXDUUDQTXHROHUHVXOWDUD
{0RUWLPHUVHKDTXHGDGRDFHQDU\HOEDURQHW\©OKDQMXJDGRGHVSX©VDO GLIFLOH[SUHVDUFRQSDODEUDVVXVVHQWLPLHQWRV
©FDUW©(OPD\RUGRPRPHKDOOHYDGRHOFDI©DODOLEUHUD\KHDSURYHFKDGROD
RSRUWXQLGDGSDUDKDFHUOHXQDVSUHJXQWDV {6RQWRGDVHVWDVFRVDVTXHHVW¡QSDVDQGRH[FODP³SRUILQDJLWDQGRODPDQR
HQGLUHFFL³QDODYHQWDQDTXHGDEDDOS¡UDPRJROSHDGDSRUODOOXYLD6HHVW¡
MXJDQGRVXFLRHQDOJºQVLWLR\VHHVW¡WUDPDQGRDOJXQDPDOGDGPX\QHJUD ,PDJLQRTXHYDDEXVFDUORD&RRPEH7UDFH\
bHVRORSXHGRMXUDUb0HDOHJUDUDPXFKRGHTXH6LU+HQU\YROYLHUDD
/RQGUHV {0X\ELHQ%DUU\PRUH4XL]¡VLJDPRVKDEODQGRGHWRGRHVWRHQRWUR
PRPHQWR
{3HURTX©HVORTXHOHLQTXLHWD"
{'HVSX©VGHTXHHOPD\RUGRPRVHPDUFKDUDPHDFHUTX©DODYHQWDQD\D
{b)MHVHHQODPXHUWHGH6LU&KDUOHV$TXHOOR\DIXHWHUULEOHDSHVDUGHWRGR WUDY©VGHOFULVWDOHPSD±DGRFRQWHPSO©ODVQXEHVYHORFHV\ODVVLOXHWDV
ORTXHGLMHUDHOFRURQHU)MHVHHQORVUXLGRVTXHVHR\HQHQHOS¡UDPRSRUOD HVWUHPHFLGDVGHORV¡UEROHVDJLWDGRVSRUHOYLHQWR(VXQDQRFKHWHUULEOH
QRFKH1RKD\XQDVRODSHUVRQDTXHTXLHUDFUX]DUORGHVSX©VGHSRQHUVHHOVRO GHQWURGHFDVDSHURF³PRVHU¡HQXQUHIXJLRGHSLHGUDHQHOS¡UDPR"4X©
QLDXQTXHOHSDJXHQSRUKDFHUOR LQWHQVLGDGHQHORGLRSXHGHKDFHUTXHXQKRPEUHDFHFKHHQXQVLWLRDVHQ
VHPHMDQWHPRPHQWR"<TX©SXHGHVHUORTXHVHSURSRQHTXHOHH[LJH
b)MHVHHQHVHGHVFRQRFLGRTXHVHHVFRQGHTXHYLJLOD\HVSHUD4X©HVOR VRPHWHUVHDVHPHMDQWHSUXHED"$OOHQHVHKDELW¡FXORTXHVHDEUHDOS¡UDPR
TXHHVSHUD" SDUHFHKDOODUVHHOFHQWURPLVPRGHOSUREOHPDTXHWDQWRVGLVJXVWRVPHHVW¡
FDXVDQGR-XURTXHQRSDVDU¡XQGDP¡VVLQTXHKD\DKHFKRWRGRORTXHHVW©
4X©VLJQLILFDWRGRHVR"6HJXURTXHQRVLJQLILFDQDGDEXHQRSDUDFXDOTXLHUD HQPLPDQRSDUDOOHJDUDOIRQGRGHOPLVWHULR{
TXHVHOODPH%DVNHUYLOOH\PHPDUFKDU©FRQPXFKRJXVWRHOGDTXHORV
QXHYRVFULDGRVSXHGDQKDFHUVHFDUJRGHODPDQVL³Q
{3HURHQFXDQWRDHVHGHVFRQRFLGRGLMH1RVDEHXVWHGQDGDP¡VDFHUFD
GH©O"4X©OHFRQW³6HOGHQ"+DEDGHVFXELHUWRG³QGHVHHVFRQGDRTX©HUD
ORTXHHVWDEDKDFLHQGR"
{/RYLRXQDRGRVYHFHVSHURHVPX\DVWXWR\QRHQVH±DVXMXHJR$O
SULQFLSLRPLFX±DGRSHQV³TXHHUDGHODSROLFDSHURSURQWRFRPSUHQGL³TXH
WUDEDMDSRUVXFXHQWD
$OJXLHQPX\SDUHFLGRDXQFDEDOOHURSRUORTXHD©OVHOHDOFDQ]DEDSHURQR
FRQVLJXL³DYHULJXDUTX©HUDORTXHHVWDEDKDFLHQGR
{<G³QGHOHGLMRTXHYLYD"
{(QORVYLHMRVUHIXJLRVGHODVFROLQDVORVYLHMRVUHIXJLRVGHSLHGUDGRQGH
YLYDQORVDQWLJXRV
{3HURF³PRVHODVDUUHJODSDUDFRPHU"
{6HOGHQGHVFXEUL³TXHWLHQHXQFKLFRTXHWUDEDMDSDUD©O\OHOOHYDWRGROR
TXHQHFHVLWD
PLYLVLWD
(OKRPEUHGHOULVFR
/RSULPHURTXHLPSUHVLRQDEDGHODVH±RUD/\RQVHUDVXH[WUDRUGLQDULD
(OIUDJPHQWRGHPLGLDULRTXHKHXWLOL]DGRHQHOºOWLPRFDSWXORVLWºDOD EHOOH]D7HQDORVRMRV\HOFDEHOORGHXQFRORUFDVWD±RPX\F¡OLGR\VXV
QDUUDFL³QHQHOGHRFWXEUHPRPHQWRHQTXHORVH[WUD±RVDFRQWHFLPLHQWRV PHMLOODVDXQTXHFRQDEXQGDQWHVSHFDVVHYHDQDJUDFLDGDVFRQODSHUIHFFL³Q
GHODVºOWLPDVVHPDQDVVHHQFDPLQDEDQU¡SLGDPHQWHKDFLDVXWHUULEOH FDUDFWHUVWLFDGHODVPRUHQDVODGHOLFDGDWRQDOLGDGTXHVHHVFRQGHHQHO
GHVHQODFH/RVLQFLGHQWHVGHORVGDVTXHVLJXLHURQKDQTXHGDGR FRUD]³QGHODURVD/DDGPLUDFL³QHUDFRPRGLJRODSULPHUDLPSUHVL³Q3HUR
LQGHOHEOHPHQWHJUDEDGRVHQPLPHPRULD\HVWR\HQFRQGLFLRQHVGHUHODWDUORV DODDGPLUDFL³QVXFHGDGHLQPHGLDWRODFUWLFD+DEDXQDOJRPX\VXWLOTXH
VLQUHFXUULUDODVQRWDVTXHWRP©HQDTXHOPRPHQWR&RPLHQ]RSRUORWDQWR QRIXQFLRQDEDHQDTXHOURVWURXQDYXOJDULGDGHQODH[SUHVL³QTXL]¡XQD
XQGDGHVSX©VGHTXHORJUDUDHVWDEOHFHUGRVKHFKRVGHJUDQLPSRUWDQFLDHO GXUH]DHQODPLUDGDXQULFWXVHQODERFDTXHGHVYLUWXDEDEHOOH]DWDQSHUIHFWD
SULPHURTXHODVH±RUD/DXUD/\RQVGH&RRPEH7UDFH\KDEDHVFULWRD6LU 3HURWRGDVHVWDVUHIOH[LRQHVVRQSRUVXSXHVWRWDUGDV(QDTXHOPRPHQWRQR
&KDUOHV%DVNHUYLOOHSDUDFLWDUVHFRQ©OSUHFLVDPHQWHDODKRUD\HQHOVLWLR KLFHP¡VTXHGDUPHFXHQWDGHTXHWHQDGHODQWHDXQDPXMHUPX\KHUPRVD
GRQGHHOEDURQHWHQFRQWU³ODPXHUWH\HOVHJXQGRTXHDOKRPEUHDODFHFKR TXHPHSUHJXQWDEDFX¡OHUDHOPRWLYRGHPLYLVLWD<KDVWDHQWRQFHV\RQR
HQHOS¡UDPRVHOHSRGDHQFRQWUDUHQORVUHIXJLRVGHSLHGUDGHODVFROLQDV KDEDHQWHQGLGRELHQKDVWDTX©SXQWRHUDGHOLFDGDPLPLVL³Q
&RQDTXHOORVGRVGDWRVHQPLSRGHUOOHJX©DODFRQFOXVL³QGHTXHVLQRPH
7HQJRHOSODFHUGLMHGHFRQRFHUDVXSDGUH
KDOODEDFRPSOHWDPHQWHGHVSURYLVWRQLGHLQWHOLJHQFLDQLGHYDORUWHQGUDTXH
DUURMDUSRUILQDOJXQDOX]VREUHWDQWDRVFXULGDG (UDXQSUHVHQWDFL³QPX\WRUSH\ODVH±RUD/\RQVQRODSDV³SRUDOWR
1RHQFRQWU©PRPHQWRSDUDFRQWDUDOEDURQHWORTXHKDEDDYHULJXDGROD 0LSDGUH\\RQRWHQHPRVQDGDHQFRPºQUHVSRQGL³1ROHGHERQDGD\
QRFKHDQWHULRUDFHUFDGHODVH±RUD/\RQVSRUTXHHOGRFWRU0RUWLPHUVH VXVDPLJRVQRORVRQPRV6LQRKXELHUDVLGRSRUHOGLIXQWR6LU&KDUOHV
TXHG³MXJDQGRFRQ©ODODVFDUWDVKDVWDPX\WDUGH$ODKRUDGHOGHVD\XQRVLQ %DVNHUYLOOH\RWUDVSHUVRQDVGHEXHQFRUD]³QSRGUDKDEHUPHPXHUWRGH
HPEDUJROHLQIRUP©GHPLGHVFXEULPLHQWR\OHSUHJXQW©VLTXHUD KDPEUHVLQTXHPLSDGUHPRYLHUDXQGHGR
DFRPSD±DUPHD&RRPEH7UDFH\$OSULQFLSLRVHPRVWU³GHVHRVRGHKDFHUOR
SHURDOSHQVDUORFRQP¡VFDOPDOOHJDPRVDPERVDODFRQFOXVL³QGHTXHHO +HYHQLGRDYHUODSUHFLVDPHQWHHQUHODFL³QFRQHOGLIXQWR6LU&KDUOHV
UHVXOWDGRVHUDPHMRUVLLED\RVROR&XDQWRP¡VRILFLDOKLFL©UDPRVODYLVLWD %DVNHUYLOOH
PHQRVLQIRUPDFL³QREWHQGUDPRV'HM©SRUFRQVLJXLHQWHD6LU+HQU\HQ
FDVDDXQTXHQRVLQFLHUWRVUHPRUGLPLHQWRV\PHSXVHHQFDPLQRSDUD /DVSHFDVDGTXLULHURQPD\RUUHOLHYHVREUHHOURVWURGHODGDPD
HPSUHQGHUODQXHYDLQYHVWLJDFL³Q
4X©SXHGRGHFLUOHDFHUFDGH©O"SUHJXQW³PLHQWUDVVXVGHGRVMXJXHWHDEDQ
$OOOHJDUD&RRPEH7UDFH\OHGLMHD3HUNLQVTXHEXVFDUDDFRPRGRDORV QHUYLRVDPHQWHFRQORVPDUJLQDGRUHVGHODP¡TXLQDGHHVFULELU
FDEDOORVHKLFHDOJXQDVSUHJXQWDVSDUDORFDOL]DUDODGDPDDODTXHPH
SURSRQDLQWHUURJDU(QFRQWU©VLQGLILFXOWDGVXDORMDPLHQWRF©QWULFR\ELHQ 8VWHGORFRQRFDQRHVFLHUWR"
VH±DODGR8QDGRQFHOODPHKL]RSDVDUVLQPXFKDVFHUHPRQLDV\DOHQWUDUHQ
HOVDO³QODGDPDTXHHVWDEDVHQWDGDGHODQWHGHXQDP¡TXLQDGHHVFULELU <DOHKHGLFKRTXHHVWR\PX\HQGHXGDFRQVXDPDELOLGDG6LVR\FDSD]GH
PDUFD5HPLQJWRQVHSXVRHQSLHFRQXQDDJUDGDEOHVRQULVDGHELHQYHQLGD6X PDQWHQHUPHVHORGHERHQJUDQSDUWHDOLQWHU©VTXHVHWRP³DOFRQRFHUPL
H[SUHVL³QFDPEL³VLQHPEDUJRDOFRPSUREDUTXHVHWUDWDEDGHXQ GHVJUDFLDGDVLWXDFL³Q
GHVFRQRFLGRDFWRVHJXLGRVHVHQW³GHQXHYR\SUHJXQW³FX¡OHUDHOREMHWRGH
6HFDUWHDEDXVWHGFRQ©O" <RHVWDEDHQWHUDGRGHTXH6LU&KDUOHV%DVNHUYLOOHKDEDUHFXUULGRHQ
GLIHUHQWHVRFDVLRQHVD6WDSOHWRQFRPROLPRVQHURVX\RGHPDQHUDTXHOD
/DGDPDOHYDQW³U¡SLGDPHQWHODYLVWDFRQXQEULOORGHF³OHUDHQORVRMRVGH H[SOLFDFL³QGHPLLQWHUORFXWRUDWHQDWRGRVORVYLVRVGHVHUFLHUWD
FRORUGHDYHOODQD
(VFULEL³XVWHGDOJXQDYH]D6LU&KDUOHVSLGL©QGROHXQDFLWD"FRQWLQX©
&X¡OHVHOREMHWRGHHVWDVSUHJXQWDV"TXLVRVDEHUFRQWRQRFRUWDQWH
/DVH±RUD/\RQVHQURMHFL³XQDYH]P¡VPRYLGDSRUODLUD$GHFLUYHUGDG
(OREMHWRHVHYLWDUXQHVF¡QGDORSºEOLFR(VPHMRUKDFHUODVDTX\HYLWDUTXH VH±RUPRVHWUDWDGHXQDSUHJXQWDVLQJXODU
HVWHDVXQWRHVFDSHDQXHVWURFRQWURO
/RVLHQWRVH±RUDSHURGHERUHSHWUVHOD(QHVHFDVRUHVSRQGRGHVGHOXHJR
/DVH±RUD/\RQVJXDUG³VLOHQFLRDOWLHPSRTXHSDOLGHFD3RUILQDO]³GH TXHQR
QXHYRORVRMRVFRQXQDOJRWHPHUDULR\GHVDILDQWHHQVXDFWLWXG
1LVLTXLHUDHOPLVPRGDGHODPXHUWHGH6LU&KDUOHV"(OUXERUGHVDSDUHFL³
(VW¡ELHQUHVSRQGHU©GLMR4X©HVORTXHTXLHUHVDEHU" HQXQLQVWDQWH\WXYHDQWHPXQDSDOLGH]PRUWDO/DVHTXHGDGTXHVHDSRGHU³
GHVXERFDOHLPSLGL³SURQXQFLDUHOl1R{TXH\RYLP¡VTXHR
6HFDUWHDEDXVWHGFRQ6LU&KDUOHV"
6LQGXGDODWUDLFLRQDODPHPRULDOHUHVSRQG3RGUDLQFOXVRFLWDUXQSDVDMH
/HHVFULESRUVXSXHVWRXQDRGRVYHFHVSDUDDJUDGHFHUOHVXGHOLFDGH]D\VX GHVXFDUWD
JHQHURVLGDG
'HFDDVl3RUIDYRUSRUIDYRUFRPRHVXVWHGXQFDEDOOHURTXHPHHVWDFDUWD
5HFXHUGDXVWHGODVIHFKDVGHHVDVFDUWDV" \HVW©MXQWRDOSRUWLOORDODVGLH]HQSXQWR{
1R 3HQV©TXHVHKDEDGHVPD\DGRSHURVHUHFXSHU³JUDFLDVDXQHVIXHU]R
VXSUHPR
/RFRQRFL³XVWHGSHUVRQDOPHQWH"
(VTXH\DQRTXHGDQFDEDOOHURV"MDGH³
6HVWXYHFRQ©OXQDRGRVYHFHVFXDQGRYLQRD&RRPEH7UDFH\(UDXQ
KRPEUHPX\UHVHUYDGR\SUHIHUDKDFHUHOELHQFRQPXFKDGLVFUHFL³Q (VXVWHGLQMXVWDFRQ6LU&KDUOHVTXHVTXHP³ODFDUWD3HURDYHFHVXQD
FDUWDSXHGHVHUOHJLEOHLQFOXVRGHVSX©VGHDUGHU5HFRQRFHTXHODHVFULEL³"
6LORYLRWDQSRFDVYHFHV\OHHVFULEL³FRQWDQSRFDIUHFXHQFLDTX©IXHOR
TXHOHLPSXOV³DD\XGDUODFRPRXVWHGDVHJXUDTXHKL]R" 6ORKLFHH[FODP³YROFDQGRHODOPDHQXQWRUUHQWHGHSDODEUDV/D
HVFULE3RUTX©WHQGUDTXHQHJDUOR"1RKD\PRWLYRSDUDDYHUJRQ]DUPHGH
/DVH±RUD/\RQVUHVROYL³PLREMHFL³QFRQODPD\RUIDFLOLGDG HOOR4XHUDTXHPHD\XGDUD
(UDQYDULRVORVFDEDOOHURVTXHHVWDEDQDOWDQWRGHPLWULVWHKLVWRULD\TXHVH (VWDEDFRQYHQFLGDGHTXHVLPHHQWUHYLVWDEDFRQ©OFRQVHJXLUDTXHPH
XQLHURQSDUDD\XGDUPH8QRGHHOORVHOVH±RU6WDSOHWRQYHFLQR\DPLJR D\XGDUDGHPDQHUDTXHOHSHGXQDFLWD
QWLPRGH6LU&KDUOHVIXHPX\DPDEOHFRQPLJR\HOEDURQHWVXSRGHPLV
SUREOHPDVSRUPHGLDFL³QVX\D 3HURSRUTX©DHVDKRUD"
3RUTXHDFDEDEDGHHQWHUDUPHGXTXHVDODSDUD/RQGUHVDOGDVLJXLHQWH\ <RQRKHGLFKRTXHKXELHUDOHGRODFDUWD
TXL]¡WDUGDUDPHVHVHQUHJUHVDU+DEDPRWLYRVTXHPHLPSHGDQOOHJDUDQWHV
DODPDQVL³Q +DFLWDGRXVWHGXQIUDJPHQWR
3HURSRUTX©XQDFLWDHQHOMDUGQHQOXJDUGHXQDYLVLWDDODFDVD" +HFLWDGRODSRVWGDWD&RPR\DKHGLFKRODFDUWDDUGL³\QRHUDOHJLEOHHQVX
WRWDOLGDG
&UHHXVWHGTXHXQDGDPDSXHGHHQWUDUVRODDHVDKRUDHQHOKRJDUGHXQ
VROWHUR" /HSUHJXQWRXQDYH]P¡VSRUTX©LQVLVWL³WDQWRHQTXH6LU&KDUOHVGHVWUX\HUD
HVDFDUWD
%LHQTX©VXFHGL³FXDQGROOHJ³XVWHGDOO"1RIXL
6HWUDWDGHXQDVXQWRPX\SULYDGR
b6H±RUD/\RQV
8QDUD]³QP¡VSDUDTXHHYLWHXVWHGXQDLQYHVWLJDFL³QSºEOLFD
1RVHORMXURSRUORP¡VVDJUDGR1RIXL6XFHGL³DOJRTXHPHLPSLGL³
DFXGLU 6HORFRQWDU©HQHVHFDVR6LKDRGRDOJRDFHUFDGHPLGHVJUDFLDGDKLVWRULD
VDEU¡TXHKLFHXQPDWULPRQLRLPSUXGHQWH\TXHKHWHQLGRPRWLYRVSDUD
4X©IXHORTXHVXFHGL³" ODPHQWDUOR
(VXQDVXQWRSULYDGR1RVHORSXHGRFRQWDU(QWRQFHVUHFRQRFHTXH (VWR\HQWHUDGRGHHVR
FRQFHUW³XQDFLWDFRQ6LU&KDUOHVDODKRUD\HQHOOXJDUGRQGHHQFRQWU³OD
PXHUWHSHURQLHJDTXHDFXGLHUDDHOOD" 0LYLGDKDVLGRXQDSHUVHFXFL³QLQFHVDQWHSRUSDUWHGHXQPDULGRDOTXH
DERUUH]FR/DMXVWLFLDHVW¡GHVXSDUWH\WRGRVORVGDVPHHQIUHQWRFRQOD
$VHV SRVLELOLGDGGHTXHPHIXHUFHDYLYLUFRQ©O(QHOPRPHQWRHQTXHHVFULEOD
FDUWDD6LU&KDUOHVVHPHLQIRUP³GHTXHH[LVWDXQDSRVLELOLGDGGHUHFREUDU
6HJXLQWHUURJ¡QGRODSDUDFRPSUREDUVLKDEDGLFKRODYHUGDGSHURQRORJU© PLOLEHUWDGVLVHSRGDQDWHQGHUFLHUWRVJDVWRV(VRORVLJQLILFDEDWRGRSDUD
VDFDUQDGDP¡VHQOLPSLR6H±RUD/\RQVGLMHPLHQWUDVPHSRQDHQSLH PWUDQTXLOLGDGGLFKDSURSLDHVWLPDFL³QDEVROXWDPHQWHWRGR
GHVSX©VGHWHUPLQDUDTXHOODODUJDHQWUHYLVWDWDQSRFRVDWLVIDFWRULDLQFXUUH
XVWHGHQXQDJUDQUHVSRQVDELOLGDG\VHFRORFDHQXQDSRVLFL³QPX\IDOVDDOQR 6DEDGHODJHQHURVLGDGGH6LU&KDUOHV\SHQV©TXHVLHVFXFKDEDODKLVWRULDGH
FRQIHVDUWRGRORTXHVDEH6LWHQJRTXHVROLFLWDUHODX[LOLRGHODSROLFD PLVSURSLRVODELRVPHD\XGDUD
GHVFXEULU¡ORJUDYHPHQWHTXHHVW¡XVWHGFRPSURPHWLGD6LHVXVWHGLQRFHQWH
SRUTX©HPSH]³QHJDQGRTXHKXELHUDHVFULWRD6LU&KDUOHVHQHVDIHFKD" (QHVHFDVRF³PRHVTXHQRDFXGL³DODFLWD"3RUTXHPLHQWUDVWDQWRUHFLE
D\XGDGHRWUDIXHQWH
3RUTXHWHPDTXHVHVDFDUDQFRQFOXVLRQHVHUU³QHDV\PHYLHUDHQYXHOWDHQ
XQHVF¡QGDOR 3RUTX©HQWRQFHVQRHVFULEL³D6LU&KDUOHVH[SOLF¡QGRVHOR"
<SRUTX©WHQDXVWHGWDQWRLQWHU©VHQTXH6LU&KDUOHVGHVWUX\HUDODFDUWD" /RKDEUDKHFKRDVVLQRKXELHUDOHGRODQRWLFLDGHVXPXHUWHHQHO
SHUL³GLFRDODPD±DQDVLJXLHQWH
6LODKDOHGRVDEU¡HOSRUTX©
6XKLVWRULDWHQDFRKHUHQFLD\QRFRQVHJXTXHVHFRQWUDGLMHUDDSHVDUGHPLV
SUHJXQWDV /DVXHUWHVHKDEDYXHOWRXQD\RWUDYH]FRQWUDQRVRWURVHQHOFXUVRGHDTXHOOD
LQYHVWLJDFL³QSHURDKRUDYLQRSRUILQHQPLD\XGD<HOPHQVDMHURGHPL
6³ORSRGDFRPSUREDUODDYHULJXDQGRVLGHKHFKRHQHOPRPHQWRGHOD EXHQDVXHUWHQRIXHRWURTXHHOVH±RU)UDQNODQGTXHVHKDOODEDGHSLHFRQVXV
WUDJHGLDRSRFRDQWHVKDEDLQLFLDGRORVWU¡PLWHVSDUDFRQVHJXLUHOGLYRUFLR SDWLOODVJULVHV\VXWH]URML]DMXQWRDODSXHUWDGHOMDUGQGHVXFDVDTXHGDED
DODFDUUHWHUDSRUODTXH\RYLDMDED
1RHUDSUREDEOHTXHPLQWLHUDDOGHFLUTXHQRKDEDHVWDGRHQODPDQVL³QGH
ORV%DVNHUYLOOHGDGRTXHVHQHFHVLWDEDXQFDEULRO©SDUDOOHJDUKDVWDDOO\ %XHQRVGDVGRFWRU:DWVRQH[FODP³FRQLQV³OLWREXHQKXPRUSHUPLWDTXH
TXHWHQGUDTXHKDEHUUHJUHVDGRD&RRPEH7UDFH\GHPDGUXJDGDORTXH VXVFDEDOORVGLVIUXWHQGHXQGHVFDQVR\HQWUHHQFDVDDEHEHUXQYDVRGHYLQR
KDFDLPSRVLEOHPDQWHQHUHOVHFUHWRVREUHXQDH[SHGLFL³QGHWDOHV \IHOLFLWDUPH
FDUDFWHUVWLFDV/RP¡VSUREDEOHHUDSRUFRQVLJXLHQWHTXHGLMHUDODYHUGDGR
SRUORPHQRVSDUWHGHODYHUGDG0HPDUFK©GHVFRQFHUWDGR\GHVDQLPDGR 0LVVHQWLPLHQWRVKDFLD)UDQNODQGGLVWDEDQPXFKRGHVHUDPLVWRVRVGHVSX©V
GHORTXHKDEDRGRVREUHVXPDQHUDGHWUDWDUDODVH±RUD/\RQVSHURHVWDED
8QDYH]P¡VPHWURSH]DEDFRQODPLVPDEDUUHUDLQIUDQTXHDEOHTXHSDUHFD GHVHRVRGHHQYLDUD3HUNLQV\ODWDUWDQDDFDVD\DTX©OODHUDXQDEXHQD
LQWHUSRQHUVHHQPLFDPLQRFDGDYH]TXHWUDWDEDGHDOFDQ]DUHOREMHWLYRGHPL RSRUWXQLGDG'HVFHQGGHOFRFKH\HQYL©XQPHQVDMHD6LU+HQU\
PLVL³Q<VLQHPEDUJRFXDQWRP¡VSHQVDEDHQHOURVWURGHODGDPD\HQVX FRPXQLF¡QGROHTXHUHJUHVDUDDSLHDWLHPSRSDUDODFHQD
DFWLWXGP¡VVHJXURHVWDEDGHTXHRFXOWDEDDOJR3RUTX©KDEDSDOLGHFLGR
WDQWR"3RUTX©VHUHVLVWL³DUHFRQRFHUORVXFHGLGRKDVWDTXHVHYLRIRU]DGDD 'HVSX©VVHJXD)UDQNODQGKDVWDVXFRPHGRU
KDFHUOR"3RUTX©WHQGUDTXHKDEHUVHPRVWUDGRWDQUHVHUYDGDHQHOPRPHQWR
GHODWUDJHGLD"&RQWRGDVHJXULGDGODH[SOLFDFL³QQRHUDWDQLQRFHQWHFRPR (VXQJUDQGDSDUDPXQRGHORVGDVGHPLYLGDHVFULWRVFRQOHWUDVGRUDGDV
SUHWHQGDKDFHUPHFUHHU'HPRPHQWRQRSRGDDYDQ]DUP¡VHQDTXHOOD H[FODP³LQWHUUXPSL©QGRVHYDULDVYHFHVSDUDUHUHQWUHGLHQWHV+H
GLUHFFL³Q\GHEDUHJUHVDUDORVUHIXJLRVGHOS¡UDPRHQEXVFDGHODRWUDSLVWD FRQVHJXLGRXQGREOHWULXQIR0HSURSRQDHQVH±DUDODVJHQWHVGHHVWD]RQD
TXHODOH\HVODOH\\TXHDTXYLYHXQKRPEUHDTXLHQQROHDVXVWDUHFXUULUD
3HURVHWUDWDEDGHXQUDVWURVXPDPHQWHYDJRFRPRDGYHUWHQHOYLDMHGH HOOD+HHVWDEOHFLGRXQGHUHFKRGHSDVRTXHFUX]DSRUHOFHQWURGHORV
UHJUHVRDOFRPSUREDUTXHXQDWUDVRWUDWRGDVODVFROLQDVFRQVHUYDEDQKXHOODV MDUGLQHVGHOYLHMR0LGGOHWRQTXHDWUDYLHVDODSURSLHGDGDPHQRVGHFLHQ
GHVXVDQWLJXRVSREODGRUHV/DºQLFDLQGLFDFL³QGH%DUU\PRUHKDEDVLGRTXH PHWURVGHODSXHUWDSULQFLSDO4X©PHGLFHGHHVR"9DPRVDHQVH±DUDHVRV
HOGHVFRQRFLGRYLYDHQXQRGHDTXHOORVUHIXJLRVDEDQGRQDGRVSHURH[LVWDQ PDJQDWHVTXHQRVHSXHGHSLVRWHDUORVGHUHFKRVGHORVSOHEH\RVb\TXH'LRV
FLHQWRVGHHOORVDWRGRORODUJR\DQFKRGHOS¡UDPR&RQWDEDVLQHPEDUJR ORVFRQIXQGD<WDPEL©QKHFHUUDGRHOERVTXHGRQGHLEDGHH[FXUVL³QOD
FRQPLH[SHULHQFLDFRPRJXDSXHVWRTXHKDEDYLVWRDOGHVFRQRFLGRFRQPLV JHQWHGH)HUQZRUWK\(VRVLQIHUQDOHVSXHEOHULQRVSDUHFHQFUHHUTXHQRH[LVWH
SURSLRVRMRVHQODFLPDGHO5LVFR1HJUR$TXHOOXJDUSRUORWDQWRGHEDVHU HOGHUHFKRGHSURSLHGDG\TXHSXHGHQPHWHUVHSRUGRQGHOHVDSHWH]FD\
HOSXQWRGHSDUWLGDGHPLEºVTXHGD$OOLQLFLDUDODH[SORUDFL³QGHWRGRVORV HQVXFLDUORWRGRFRQSDSHOHV\ERWHOODV$PERVFDVRVIDOODGRVGRFWRU:DWVRQ
UHIXJLRVKDVWDTXHGLHUDFRQHOTXHEXVFDED6LDTXHOLQGLYLGXRHVWDEDGHQWUR \ORVGRVDPLIDYRU1RUHFXHUGRXQGDSDUHFLGRGHVGHTXHFRQVHJXTXH
VDEUDGHVXVSURSLRVODELRVDSXQWDGHUHY³OYHUVLHUDQHFHVDULRTXL©QHUD\ FRQGHQDUDQD6LU-RKQ0RUODQGSRUFD]DUHQVXVSURSLDVWLHUUDV
SRUTX©QRVKDEDVHJXLGRGXUDQWHWDQWRWLHPSR4XL]¡SRGDGDUQRV
HVTXLQD]RHQWUHHOJHQWRGH5HJHQW6WUHHWSHUROHLEDDUHVXOWDULPSRVLEOHHQ &³PRGHPRQLRVFRQVLJXL³XVWHGHVR"
ODVROHGDGGHOS¡UDPR3RURWUDSDUWHVLHQFRQWUDEDHOUHIXJLR\VXRFXSDQWH
QRHVWDEDGHQWURPHTXHGDUDDOOSRUODUJDTXHUHVXOWDUDODHVSHUDKDVWDTXH 0UHORHQODMXULVSUXGHQFLDVH±RUPR0HUHFHODSHQDOHHUOR)UDQNODQG
UHJUHVDVH+ROPHVORKDEDSHUGLGRHQ/RQGUHV6HUDSDUDPXQYHUGDGHUR FRQWUD0RUODQGOOHJDPRVKDVWDHO7ULEXQDO6XSUHPR0HFRVW³GRVFLHQWDV
WULXQIRORJUDUFDSWXUDUORGHVSX©VGHOIUDFDVRGHPLPDHVWUR OLEUDVSHURFRQVHJXTXHVHIDOODUDDPLIDYRU
/HUHSRUW³DOJºQEHQHILFLR" FRPLGD\OOHJDUGHVSX©VKDVWD©O"
1LQJXQRVH±RUPRQLQJXQR0HHQRUJXOOHFHGHFLUTXH\RQRWHQDLQWHU©V (OVH±RU)UDQNODQGGDEDWRGDODLPSUHVL³QGHKDOODUVHLQF³PRGDPHQWHFHUFD
PDWHULDODOJXQRHQDTXHOODFXHVWL³Q6LHPSUHDFWºRSRUVHQWLGRGHOGHEHU1R GHODYHUGDG
PHFDEHODPHQRUGXGDSRUHMHPSORGHTXHORVKDELWDQWHVGH)HUQZRUWK\PH
TXHPDU¡QHVWDQRFKHHQHILJLH 6LQGXGDGLMHSHURF³PRVDEHTXHHVW¡HQHOS¡UDPR"
/DºOWLPDYH]TXHORKLFLHURQGLMHDODSROLFDTXHGHEHUDQLPSHGLU /RV©SRUTXHKHYLVWRFRQPLVSURSLRVRMRVDOPHQVDMHURTXHOHOOHYDOD
HVSHFW¡FXORVWDQODPHQWDEOHV/DLQFRPSHWHQFLDGHODSROLFDGHOFRQGDGRHV FRPLGD
HVFDQGDORVDVH±RUPR\QRVHPHSURSRUFLRQDODSURWHFFL³QDODTXHWHQJR
GHUHFKR0LSOHLWRFRQWUDOD5HLQDVHUYLU¡SDUDDWUDHUODDWHQFL³QGHOSºEOLFR 6HPHFD\³HODOPDDORVSLHVSHQVDQGRHQ%DUU\PRUH(UDXQJUDYHSUREOHPD
VREUHHVWHDVXQWR/HVGLMHTXHWHQGUDQRSRUWXQLGDGGHODPHQWDUODPDQHUDHQ HVWDUHQPDQRVGHDTXHOYLHMRHQWURPHWLGR\UHQFRURVR3HURVXVLJXLHQWH
TXHPHWUDWDQ\PLVSDODEUDVVHKDQKHFKR\DUHDOLGDG REVHUYDFL³QPHTXLW³XQSHVRGHHQFLPD
&³PRDV"SUHJXQW© /HVRUSUHQGHU¡VDEHUTXHHVXQQL±RTXLHQOHOOHYDODFRPLGD/RYHRWRGRV
ORVGDVJUDFLDVDOWHOHVFRSLRTXHWHQJRHQHOWHMDGR6LHPSUHSDVDSRUHO
(ODQFLDQRKL]RXQJHVWRGHFRPSOLFLGDG PLVPRFDPLQRDODPLVPDKRUD\FX¡OSXHGHVHUVXGHVWLQRH[FHSWRHO
UHIXJLRGHOKXLGR"
3RUTXHSRGUDGHFLUOHVORTXHHVW¡QGHVHDQGRVDEHUSHURQDGDQLQDGLHPH
SHUVXDGLU¡SDUDTXHD\XGHDHVRVVLQYHUJ¼HQ]DVHQORP¡VPQLPR b8QDYH]P¡VODVXHUWHPHVRQUHD<VLQHPEDUJRHYLW©GDUPXHVWUDVGH
LQWHU©Vb8QQL±R%DUU\PRUHPHKDEDGLFKRTXHDOGHVFRQRFLGRORDWHQGD
<RKDEDHVWDGRWUDWDQGRGHHQFRQWUDUDOJXQDH[FXVDSDUDHVFDSDUDVXFKDUOD XQPXFKDFKR)UDQNODQGKDEDWURSH]DGRSRUFDVXDOLGDGFRQVXUDVWUR\QR
LQFHVDQWHSHURDKRUDVHQWGHVHRVGHVDEHUP¡V6LQHPEDUJRKDEDWHQLGR FRQHOGH6HOGHQ6LPHHQWHUDEDGHORTXH©OVDEDTXL]¡PHDKRUUDUDXQD
VXILFLHQWHVSUXHEDVGHVXWHQGHQFLDDOOHYDUODFRQWUDULDFRPRSDUD EºVTXHGDODUJD\IDWLJRVD3HURODLQFUHGXOLGDG\ODLQGLIHUHQFLDHUDQVLQGXGD
FRPSUHQGHUTXHFXDOTXLHUPDQLIHVWDFL³QGHYLYRLQWHU©VVHUDODPHMRU PLVPHMRUHVDUPDV
PDQHUDGHSRQHUILQDODVFRQILGHQFLDVGHDTXHOYLHMRH[F©QWULFR
(QPLRSLQL³QHVPXFKRP¡VSUREDEOHTXHVHWUDWHGHOKLMRGHXQRGHORV
$OJºQFDVRGHFD]DIXUWLYDLPDJLQRGLMHFRQDLUHLQGLIHUHQWH SDVWRUHVGHOS¡UDPR\TXHVHOLPLWHDOOHYDUODFRPLGDDVXSDGUH
-DMDbDOJRPXFKRP¡VLPSRUWDQWHTXHHVRFDEDOOHUHWH4X©PHGLFHGHO (OPHQRUVLJQRGHRSRVLFL³QEDVWDEDSDUDTXHHOYLHMRDXW³FUDWDHFKDUD
SUHVRHVFDSDGR" FKLVSDVSRUORVRMRV0HPLU³FRQPDOHYROHQFLD\VHOHHUL]DURQODVSDWLOODV
JULVHVFRPRSRGUDKDFHUORHOORPRGHXQJDWRHQIXUHFLGR
0HVREUHVDOW©
$VTXHHVRHVORTXHXVWHGSLHQVD"GLMRVH±DODQGRDOS¡UDPRTXHVH
1RTXHUU¡XVWHGGHFLUTXHVDEHG³QGHVHHVFRQGH"OHSUHJXQW© H[WHQGDGHODQWHGHQXHVWURVRMRV9HDOOHO5LVFR1HJUR"%LHQYHOD
SHTXH±DFROLQDGHP¡VDOO¡HQODTXHFUHFHXQHVSLQR"(VODSDUWHP¡V
4XL]¡QRVHSDH[DFWDPHQWHG³QGHVHHVFRQGHSHURHVWR\FRPSOHWDPHQWH SHGUHJRVDGHWRGRHOS¡UDPR/HSDUHFHSUREDEOHTXHXQSDVWRUVHVLWºHHQ
VHJXURTXHSRGUDD\XGDUDODSROLFDDHFKDUOHHOJXDQWH1XQFDVHOHKD XQOXJDUDV"6XVXJHUHQFLDVH±RUPRHVFRPSOHWDPHQWHDEVXUGD
RFXUULGRTXHODPDQHUDGHDWUDSDUDHVHVXMHWRHVGHVFXEULUG³QGHFRQVLJXHOD
/HUHVSRQGPDQVDPHQWHTXHKDEDKDEODGRVLQFRQRFHUWRGRVORVGDWRV0L ORVKHFKRVHQPLSOHLWRFRQWUDOD5HLQDPHDWUHYRDFUHHUTXHXQHVFDORIURGH
GRFLOLGDGOHDJUDG³\HOORSURYRF³QXHYDVFRQILGHQFLDV LQGLJQDFL³QUHFRUUHU¡HOSDV1DGDPHLPSXOVDU¡DD\XGDUDODSROLFD3RUOR
TXHDHOORVVHUHILHUHOHVGDUDORPLVPRTXHHVRVWXQDQWHVGHOSXHEORPH
3XHGHWHQHUODVHJXULGDGGHTXHVLHPSUHSLVRWHUUHQRILUPHDQWHVGHOOHJDUD TXHPDUDQHQSHUVRQD\QRHQHILJLHb1RLU¡DPDUFKDUVH\Db7LHQHTXH
XQDFRQFOXVL³Q+HYLVWRXQD\RWUDYH]DOPXFKDFKRFRQVXKDWLOOR7RGRVORV D\XGDUPHDYDFLDUODERWHOODSDUDFHOHEUDUHVWHJUDQDFRQWHFLPLHQWR
GDV\HQRFDVLRQHVGRVYHFHVDOGDKHSRGLGRXQPRPHQWRGRFWRU
:DWVRQ0HHQJD±DQORVRMRVRKD\HQHVWHPRPHQWRDOJRTXHVHPXHYH 3HURGHVRWRGDVVXVVºSOLFDV\ORJU©TXHUHQXQFLDUDWDPEL©QDDFRPSD±DUPH
SRUODIDOGDGHDTXHOODFROLQD" DQGDQGRDFDVD6HJXFDUUHWHUDDGHODQWHKDVWDSHUGHUGHYLVWDD)UDQNODQG\
OXHJRPHODQF©FDPSRDWUDY©VSRUHOS¡UDPRHQGLUHFFL³QDODFROLQD
/DGLVWDQFLDHUDGHYDULRVNLO³PHWURVSHURYLFRQFODULGDGXQSXQWLWRRVFXUR SHGUHJRVDHQGRQGHKDEDPRVSHUGLGRGHYLVWDDOPXFKDFKR7RGRWUDEDMDED
VREUHODPRQRWRQDYHUGH\JULV HQPLIDYRU\PHMXU©TXHQLSRUIDOWDGHHQHUJDQLGHSHUVHYHUDQFLD
GHVSHUGLFLDUDODRSRUWXQLGDGTXHODIRUWXQDKDEDSXHVWRDPLDOFDQFH
b9HQJDVH±RUPRYHQJDFRQPLJRH[FODP³)UDQNODQGVXELHQGRODV
HVFDOHUDVDWRGDSULVD9DXVWHGDYHUORFRQVXVSURSLRVRMRV\SRGU¡MX]JDU $WDUGHFDFXDQGRDOFDQF©ODFXPEUHGHODFROLQDORVODUJRVGHFOLYHVTXH
SRUVPLVPR TXHGDEDQDPLHVSDOGDHUDQGHFRORUYHUGHRURSRUXQODGR\JULVRVFXURSRU
RWUR(QHOKRUL]RQWHP¡VOHMDQRODVIRUPDVIDQW¡VWLFDVGH%HOOLYHU\GHO5LVFR
(OWHOHVFRSLRXQLQVWUXPHQWRIRUPLGDEOHPRQWDGRVREUHXQWUSRGHVH 9L[HQVREUHVDODQSRUHQFLPDGHXQDVXDYHQHEOLQD1RKDEDVRQLGRQL
KDOODEDVREUHODD]RWHDGHODFDVD)UDQNODQGVHDFHUF³SDUDPLUDU\GHM³ PRYLPLHQWRDOJXQRHQWRGDODH[WHQVL³QGHOS¡UDPR8QJUDQS¡MDURJULV
HVFDSDUXQJULWRGHVDWLVIDFFL³Q JDYLRWDR]DUDSLWRYRODEDPX\DOWRHQHOFLHOR(ODYH\\RSDUHFDPRVORV
ºQLFRVVHUHVYLYRVHQWUHHOHQRUPHDUFRGHOFLHOR\HOGHVLHUWRDPLVSLHV(O
b'HSULVDGRFWRU:DWVRQGHSULVDDQWHVGHTXHSDVHDORWURODGR SDLVDMH\HUPRODVHQVDFL³QGHVROHGDG\HOPLVWHULR\ODXUJHQFLDGHPLWDUHD
VHFRQIDEXODURQSDUDKHODUPHHOFRUD]³Q$OPXFKDFKRQRVHOHYHDSRU
$OOHVWDEDVLQODPHQRUGXGDXQSLOOXHORFRQXQKDWLOORDOKRPEURVXELHQGR
QLQJXQDSDUWH3HURSRUGHEDMRGHPHQXQDKHQGLGXUDHQWUHODVFROLQDVORV
VLQSULVDVSRUODSHQGLHQWH&XDQGROOHJ³DODFUHVWDYLUHFRUWDGDSRUXQ
DQWLJXRVUHIXJLRVGHSLHGUDIRUPDEDQXQFUFXOR\HQHOFHQWURKDEDXQRTXH
PRPHQWRFRQWUDHOIURFLHORD]XOODILJXUDGHVDVHDGD\UºVWLFD(OFKLTXLOOR
FRQVHUYDEDHOWHFKRVXILFLHQWHFRPRSDUDVHUYLUGHSURWHFFL³QFRQWUDODV
PLU³DVXDOUHGHGRUFRQDLUHIXUWLYR\FDXWHORVRFRPRDOJXLHQTXHWHPHVHU
LQFOHPHQFLDVGHOWLHPSR(OFRUD]³QPHGLRXQYXHOFRDOYHUOR$TX©OODWHQD
SHUVHJXLGR/XHJRGHVDSDUHFL³SRUODODGHUDRSXHVWD
TXHVHUODJXDULGDGRQGHVHRFXOWDEDHOGHVFRQRFLGR3RUILQLEDDSRQHUHOSLH
%LHQVH±RUPRHVWR\HQORFLHUWR" HQHOXPEUDOGHVXHVFRQGLWHWHQDVXVHFUHWRDODOFDQFHGHODPDQR
6HWUDWDVLQGXGDGHXQPXFKDFKRTXHSDUHFHWHQHUXQDRFXSDFL³QVHFUHWD 0LHQWUDVPHDFHUFDEDDOUHIXJLRFDPLQDQGRFRQWDQWDVSUHFDXFLRQHVFRPR
SXGLHVHKDFHUOR6WDSOHWRQFXDQGRFRQHOFD]DPDULSRVDVHQULVWUHVH
<FX¡OVHDHVDRFXSDFL³QHVDOJRTXHKDVWDXQSROLFDUXUDOSRGUDDGLYLQDU DSUR[LPDUDDXQOHSLG³SWHURLQP³YLOFRPSURE©TXHDTXHOOXJDUVHKDED
3HURQRVHU©\RTXLHQOHVGLJDXQDVRODSDODEUD\DXVWHGOHH[LMRWDPEL©QTXH XWLOL]DGRVLQGXGDDOJXQDFRPRKDELWDFL³Q8QVHQGHURDSHQDVPDUFDGRHQWUH
JXDUGHHOVHFUHWRGRFWRU:DWVRQb1LXQDSDODEUD(QWHQGLGR" ODVJUDQGHVSLHGUDVFRQGXFDKDVWDODGHUUXLGDDEHUWXUDTXHVHUYDGHSXHUWD
'HQWURUHLQDEDHOVLOHQFLR(OGHVFRQRFLGRSRGDHVWDUHVFRQGLGRHQVX
&RPRXVWHGGHVHH LQWHULRURPHURGHDUSRUHOS¡UDPR/DVHQVDFL³QGHDYHQWXUDPHSURGXMRXQ
DJUDGDEOHFRVTXLOOHR'HVSX©VGHWLUDUHOFLJDUULOORSXVHODPDQRVREUHOD
0HKDQWUDWDGRYHUJRQ]RVDPHQWH©VDHVODYHUGDG&XDQGRVDOJDQDODOX]
FXODWDGHOUHY³OYHU\OOHJ¡QGRPHU¡SLGDPHQWHKDVWDODSXHUWDPLU©GHQWUR(O GHVFXEUVH±DODOJXQDTXHPHLQGLFDUDODSHUVRQDOLGDGRODVLQWHQFLRQHVGHO
UHIXJLRHVWDEDYDFR KRPEUHTXHYLYDHQDTXHOVLWLRWDQVLQJXODUH[FHSWRTXHGHEDGHWUDWDUVHGH
DOJXLHQGHFRVWXPEUHVHVSDUWDQDV\PX\SRFRSUHRFXSDGRSRUODV
6LJQRVDEXQGDQWHVFRQILUPDEDQVLQHPEDUJRTXHKDEDVHJXLGRODSLVWD FRPRGLGDGHVGHODYLGD$OUHFRUGDUODVLQWHQVDVOOXYLDV\FRQWHPSODUHOWHFKR
FRUUHFWD6HWUDWDEDGHOOXJDUGRQGHVHDORMDEDHOGHVFRQRFLGR6REUHOD DJXMHUHDGRYDORU©ODGHFLVL³Q\ODUHVLVWHQFLDQHFHVDULDVSDUDSHUVHYHUDUHQ
PLVPDORVDGHSLHGUDGRQGHHOKRPEUHQHROWLFRKDEDGRUPLGRHQRWUR DORMDPLHQWRWDQLQK³VSLWR6HWUDWDEDGHQXHVWURSHUYHUVRHQHPLJRRPH
WLHPSRVHYHDQYDULDVPDQWDVHQYXHOWDVHQXQDWHODLPSHUPHDEOH(QODWRVFD KDEDWURSH]DGRTXL]¡FRQQXHVWUR¡QJHOGHODJXDUGD"-XU©TXHQR
FKLPHQHDVHDFXPXODEDQODVFHQL]DVGHXQIXHJR$VXODGRGHVFDQVDEDQ DEDQGRQDUDHOUHIXJLRVLQVDEHUOR
DOJXQRVXWHQVLOLRVGHFRFLQD\XQFXEROOHQRDPHGLDVGHDJXD8QPRQW³QGH
ODWDVYDFDVSRQDGHPDQLILHVWRTXHHOOXJDUOOHYDEDDOJºQWLHPSRRFXSDGR\ )XHUDVHHVWDEDSRQLHQGRHOVRO\HORFFLGHQWHDUGDHQHVFDUODWD\RUR/DV
FXDQGRPLVRMRVVHKDELWXDURQDODUHODWLYDRVFXULGDGYLHQXQULQF³QXQYDVR OHMDQDVFKDUFDVVLWXDGDVHQPHGLRGHODJUDQFL©QDJDGH*ULPSHQGHYROYDQ
GHPHWDO\XQDERWHOODPHGLDGDGHDOJXQDEHELGDDOFRK³OLFD(QHOFHQWURGHO VXUHIOHMRHQPDQFKDVGRUDGDV
UHIXJLRXQDSLHGUDSODQDKDFDODVYHFHVGHPHVD\VREUHHOODVHKDOODEDXQ
KDWLOORHOPLVPRVLQGXGDTXHKDEDYLVWRSRUHOWHOHVFRSLRVREUHHOKRPEUR 7DPEL©QVHYHDQODVWRUUHVGHODPDQVL³QGHORV%DVNHUYLOOH\P¡VDOO¡XQD
GHOPXFKDFKR(QVXLQWHULRUHQFRQWU©XQDEDUUDGHSDQXQDOHQJXDHQ UHPRWDFROXPQDGHKXPRTXHLQGLFDEDODVLWXDFL³QGHODDOGHDGH*ULPSHQ
FRQVHUYD\GRVODWDVGHPHORFRW³QHQDOPEDU$OGHMDURWUDYH]HQVXVLWLRHO (QWUHODVGRVGHWU¡VGHODFROLQDVHKDOODEDODFDVDGHORV6WDSOHWRQ%D±DGR
KDWLOORGHVSX©VGHKDEHUORH[DPLQDGRHOFRUD]³QPHGLRXQYXHOFRDOYHUTXH SRUODGRUDGDOX]GHODWDUGHFHUWRGRSDUHFDGXOFHVXDYH\SDFILFR\VLQ
GHEDMRKDEDXQDKRMDHVFULWD$OF©HOSDSHO\HVWRIXHORTXHOHWRVFDPHQWH HPEDUJRPLHQWUDVFRQWHPSODEDHOSDLVDMHPLDOPDQRFRPSDUWDHQDEVROXWR
JDUDEDWHDGRDO¡SL] ODSD]GHODQDWXUDOH]DVLQRTXHVHHVWUHPHFDDQWHODLPSUHFLVL³Q\HOWHUURU
GHDTXHOHQFXHQWURP¡VSU³[LPRDFDGDLQVWDQWHTXHSDVDED&RQORVQHUYLRV
l(OGRFWRU:DWVRQKDLGRD&RRPEH7UDFH\{ HQWHQVL³QSHURP¡VGHFLGLGRTXHQXQFDPHVHQW©HQXQULQF³QGHOUHIXJLR\
HVSHU©FRQVRPEUDSDFLHQFLDODOOHJDGDGHVXRFXSDQWH
'XUDQWHXQPLQXWRSHUPDQHFDOOFRQODKRMDHQODPDQRSUHJXQW¡QGRPHFX¡O
SRGDVHUHOVLJQLILFDGRGHDTXHOHVFXHWRPHQVDMH(OGHVFRQRFLGRPHVHJXD )LQDOPHQWHOHR'HVGHOHMRVPHOOHJ³HOUXLGRVHFRGHXQDERWDTXHJROSHDED
DP\QRD6LU+HQU\ ODSLHGUD
1RPHKDEDVHJXLGRHQSHUVRQDSHURKDEDSXHVWRDXQDJHQWHHO /XHJRRWUR\RWURFDGDYH]P¡VFHUFD0HDFXUUXTX©HQPLULQF³Q\DPDUWLOO©
PXFKDFKRWDOYH]WUDVPLVKXHOODV\DTX©OHUDVXLQIRUPH3RVLEOHPHQWH\R HOUHY³OYHUHQHOEROVLOORGHFLGLGRDQRUHYHODUPLSUHVHQFLDKDVWDYHUDO
QRKDEDGDGRXQVRORSDVRGHVGHPLOOHJDGDDOS¡UDPRVLQVHUREVHUYDGR\ PHQRVTX©DVSHFWRWHQDHOGHVFRQRFLGR6HSURGXMRXQDSDXVDODUJDORTXH
VLQTXHGHVSX©VVHWUDQVPLWLHUDODLQIRUPDFL³Q TXHUDGHFLUTXHPLKRPEUHVHKDEDGHWHQLGR/XHJRXQDYH]P¡VORVSDVRV
VHDSUR[LPDURQ\XQDVRPEUDVHSUR\HFW³VREUHODHQWUDGDGHOUHIXJLR
6LHPSUHHOVHQWLPLHQWRGHXQDIXHU]DLQYLVLEOHGHXQDWXSLGDUHGWHMLGDD
QXHVWURDOUHGHGRUFRQKDELOLGDG\GHOLFDGH]DLQILQLWDVXQDUHGTXHDSUHWDED 8QDWDUGHFHUPDUDYLOORVRPLTXHULGR:DWVRQGLMRXQDYR]TXHFRQRFD
WDQSRFRTXHV³ORHQDOJºQPRPHQWRVXSUHPRODYFWLPDDGYHUWDSRUILQTXH PX\ELHQ
HVWDEDHQUHGDGDHQVXVPDOODV
&U©DPHVLOHGLJRTXHHVWDU¡XVWHGP¡VF³PRGRHQHOH[WHULRUTXHDKGHQWUR
/DH[LVWHQFLDGHDTXHOLQIRUPHLQGLFDEDTXHSRGDKDEHURWURVGHPDQHUDTXH
ORVEXVTX©SRUWRGRHOUHIXJLR1RKDOO©VLQHPEDUJRHOPHQRUUDVWURQL 0XHUWHHQHOS¡UDPR
'XUDQWHXQRVLQVWDQWHVFRQWXYHODUHVSLUDFL³QDSHQDVFDSD]GHGDUFU©GLWRD %UDGOH\2[IRUG6WUHHWV©TXHPLDPLJR:DWVRQVHHQFXHQWUDSRUORV
PLVRGRV DOUHGHGRUHV3XHGHXVWHGYHUODDKMXQWRDOVHQGHUR6LQGXGDDOJXQDVH
GHVKL]RGHOFLJDUULOORHQHOPRPHQWRFUXFLDOHQTXHVHDEDODQ]³VREUHHO
/XHJRUHFREU©ORVVHQWLGRV\ODYR]DOPLVPRWLHPSRTXHFRPRSRU UHIXJLRYDFR
HQVDOPRHOSHVRGHXQDDEUXPDGRUDUHVSRQVDELOLGDGSDUHFL³GHVDSDUHFHUGH
PLVKRPEURV$TXHOODYR]IUDLQFLVLYDLU³QLFDV³ORSRGDSHUWHQHFHUDXQD ([DFWR
SHUVRQDHQWRGRHOPXQGR
(VRSHQV©\FRQRFLHQGRVXDGPLUDEOHWHQDFLGDGWHQDODFHUWH]DGHTXH
b+ROPHVH[FODP©b+ROPHV HVWDEDHPERVFDGRFRQXQDUPDDODOFDQFHGHODPDQRHQHVSHUDGHTXH
UHJUHVDUDHORFXSDQWHGHOUHIXJLR'HPDQHUDTXHFUH\³XVWHGTXHHUD\RHO
6DOJDGLMR\SRUIDYRUWHQJDFXLGDGRFRQHOUHY³OYHU FULPLQDO"
0HDJDFK©EDMRHOWRVFRGLQWHO\DOOHVWDEDVHQWDGRVREUHXQDSLHGUDHQHO 1RVDEDTXL©QVHRFXOWDEDDTXSHURHVWDEDGHFLGLGRDDYHULJXDUOR
H[WHULRUGHOUHIXJLRORVRMRVJULVHVOOHQRVGHUHJRFLMRPLHQWUDVFDSWDEDQHO
DVRPEURTXHUHIOHMDEDQPLVIDFFLRQHV0LDPLJRHVWDEDPX\IODFR\IDWLJDGR b([FHOHQWH:DWVRQ<F³PRPHKDORFDOL]DGR"0HYLRTXL]¡ODQRFKHHQ
SHURWUDQTXLOR\DOHUWDHODILODGRURVWURWRVWDGRSRUHOVRO\FXUWLGRSRUHO TXH6LU+HQU\\XVWHGSHUVLJXLHURQDOSUHVRFXDQGRFRPHWODLPSUXGHQFLDGH
YLHQWR&RQHOWUDMHGHWZHHG\ODJRUUDGHSD±RSDUHFDXQRGHORVWXULVWDV SHUPLWLUTXHODOXQDVHDO]DUDSRUGHWU¡VGHP"
TXHYLVLWDQHOS¡UDPR\JUDFLDVDODPRUFDVLIHOLQRSRUODOLPSLH]DSHUVRQDO
TXHHUDXQDGHVXVFDUDFWHUVWLFDVKDEDORJUDGRTXHVXVPHMLOODVHVWXYLHUDQ 6OHYLHQDTXHOODRFDVL³Q
WDQELHQDIHLWDGDV\VXURSDEODQFDWDQLQPDFXODGDFRPRVLVLJXLHUDYLYLHQGR
HQ%DNHU6WUHHW <VLQGXGDKDUHJLVWUDGRXVWHGWRGRVORVUHIXJLRVKDVWDOOHJDUD©VWH"
1XQFDPHKHVHQWLGRWDQFRQWHQWRGHYHUDQDGLHHQWRGDPLYLGDGLMH 1RDOJXLHQKDDGYHUWLGRORVPRYLPLHQWRVGHOPXFKDFKRTXHOHWUDHOD
PLHQWUDVOHHVWUHFKDEDODPDQRFRQWRGDVPLVIXHU]DV FRPLGD\HVRPHKDVHUYLGRGHJXDSDUDODEºVTXHGD
1LWDPSRFRP¡VDVRPEUDGRQRHVFLHUWR" 6LQGXGDHODQFLDQRFDEDOOHURFRQHOWHOHVFRSLR1RFRQVHJXHQWHQGHUGHTX©
VHWUDWDEDODSULPHUDYH]TXHYLHOUHIOHMRGHOVROVREUHODOHQWHVHOHYDQW³\
$VHVWHQJRTXHFRQIHVDUOR PLU³GHQWURGHOUHIXJLR
1RKDVLGRXVWHGHOºQLFRVRUSUHQGLGRVHORDVHJXUR+DVWDOOHJDUDYHLQWH 9D\DYHRTXH&DUWZULJKWPHKDWUDGRDOJXQDVSURYLVLRQHV4X©GLFHHO
SDVRVGHODSXHUWDQRWHQDQLLGHDGHTXHKXELHUDGHVFXELHUWRPLUHWLUR SDSHO"'HPDQHUDTXHKDHVWDGRXVWHGHQ&RRPEH7UDFH\QRHVHVR"
SURYLVLRQDO\PHQRVDºQGHTXHHVWXYLHUDGHQWUR
6
0LVKXHOODVVXSRQJR"
3DUDYHUDODVH±RUD/DXUD/\RQV"
1R:DWVRQPHWHPRTXHQRHVWR\HQFRQGLFLRQHVGHUHFRQRFHUVXVKXHOODV
HQWUHWRGDVODVGHP¡V6LVHSURSRQHXVWHGGHYHUGDGVRUSUHQGHUPHWHQGU¡ $VHV
TXHFDPELDUGHHVWDQTXHURSRUTXHFXDQGRYHRXQDFROLOODHQODTXHVHOHH
b%LHQKHFKR1XHVWUDVLQYHVWLJDFLRQHVKDQDYDQ]DGRHQOQHDVSDUDOHODV\
FXDQGRVXPHPRVORVUHVXOWDGRVHVSHURREWHQHUXQDLGHDEDVWDQWHFRPSOHWD VLGRLQDSUHFLDEOHV
GHOFDVR
b(QHVHFDVRPLVLQIRUPHVQROHKDQVHUYLGRGHQDGDPHWHPEO³ODYR]\
%XHQR\RPHDOHJURHQHODOPDGHKDEHUORHQFRQWUDGRSRUTXHDGHFLU UHFRUG©ODVSHQDOLGDGHV\HORUJXOORFRQTXHORVKDEDUHGDFWDGR
YHUGDGODUHVSRQVDELOLGDG\HOPLVWHULRHVWDEDQOOHJDQGRDVHUGHPDVLDGRSDUD
P3HURSRUHODPRUGHOFLHORF³PRHVTXHKDYHQLGRXVWHGDTX\TX©HVOR +ROPHVVHVDF³XQRVSDSHOHVGHOEROVLOOR
TXHKDHVWDGRKDFLHQGR"&UHDTXHVHJXDHQ%DNHU6WUHHWWUDEDMDQGRHQHVH
FDVRGHFKDQWDMH $TXHVW¡QVXVLQIRUPHVPLTXHULGRDPLJRTXHKHHVWXGLDGRPX\DIRQGR
VHORDVHJXUR+HDUUHJODGRPX\ELHQODVFRVDV\V³ORPHOOHJDEDQFRQXQGD
(VRHUDORTXH\RTXHUDTXHSHQVDUD GHUHWUDVR7HQJRTXHIHOLFLWDUOHSRUHOFHOR\ODLQWHOLJHQFLDGHTXHKDKHFKR
XVWHGJDODHQXQFDVRH[WUDRUGLQDULDPHQWHGLILFLO
b(QWRQFHVPHXWLOL]DSHURQRWLHQHFRQILDQ]DHQPH[FODP©FRQFLHUWD
DPDUJXUD 7RGDYDHVWDEDEDVWDQWHGRORULGRSRUHOHQJD±RGHTXHKDEDVLGRREMHWRSHUR
HOFDORUGHORVHORJLRVGH+ROPHVPHDEODQG³\DGHP¡VFRPSUHQGTXHWHQD
&UHDKDEHUPHUHFLGRTXHPHWUDWDUDXVWHGPHMRU+ROPHV UD]³Q\TXHHQUHDOLGDGHUDPHMRUSDUDQXHVWURVILQHVTXHQRPHKXELHUD
LQIRUPDGRGHVXSUHVHQFLDHQHOS¡UDPR
0LTXHULGRDPLJRHQ©VWDFRPRHQRWUDVPXFKDVRFDVLRQHVVXD\XGDPHKD
UHVXOWDGRLQHVWLPDEOH\OHUXHJRTXHPHSHUGRQHVLGR\ODLPSUHVL³QGH (VR\DHVW¡PHMRUGLMR+ROPHVDOYHUF³PRGHVDSDUHFDODVRPEUDGHPL
KDEHUOHMXJDGRXQDPDODSDVDGD$GHFLUYHUGDGORKHKHFKRHQSDUWH URVWUR<
SHQVDQGRHQXVWHGSRUTXHORTXHPHHPSXM³DYHQLU\DH[DPLQDUOD
VLWXDFL³QHQSHUVRQDIXHGDUPHFXHQWDFRQWRGDFODULGDGGHOSHOLJURTXH DKRUDFX©QWHPHHOUHVXOWDGRGHVXYLVLWDDODVH±RUD/DXUD/\RQVQRPHKD
FRUUD6LORVKXELHUDDFRPSD±DGRD6LU+HQU\\DXVWHGPLSXQWRGHYLVWD VLGRGLIFLODGLYLQDUTXHKDEDLGRXVWHGDYHUODSRUTXH\DVDEDTXHHVOD
FRLQFLGLUDSRUFRPSOHWRFRQHOVX\R\PLSUHVHQFLDKDEUDSXHVWRVREUH ºQLFDSHUVRQDGH&RRPEH7UDFH\TXHSRGDVHUQRVºWLOHQHVWHDVXQWR'H
DYLVRDQXHVWURVIRUPLGDEOHVDQWDJRQLVWDV'HHVWHRWURPRGRPHKDVLGR KHFKRVLXVWHGQRKXELHUDLGRKR\HVPX\SUREDEOHTXHPD±DQDORKXELHUD
SRVLEOHPRYHUPHFRPRQRKDEUDSRGLGRKDFHUORGHYLYLUHQODPDQVL³QSRU KHFKR\R
ORTXHVLJRVLHQGRXQIDFWRUGHVFRQRFLGRHQHVWHDVXQWROLVWRSDUDLQWHUYHQLU
FRQHILFDFLDHQXQPRPHQWRFUWLFR (OVROVHKDEDRFXOWDGR\ODRVFXULGDGVHH[WHQGDSRUHOS¡UDPR(ODLUHHUD
IUR\HQWUDPRVHQHOUHIXJLRSDUDFDOHQWDPRV$OOVHQWDGRVHQODSHQXPEUD
3HURSRUTX©PDQWHQHUPHDRVFXUDV" OHFRQW©D+ROPHVPLFRQYHUVDFL³QFRQODGDPD6HLQWHUHV³WDQWRSRUPL
UHODWRTXHWXYHTXHUHSHWLUOHDOJXQRVIUDJPHQWRVDQWHVGHTXHVHGLHUDSRU
4XHXVWHGHVWXYLHUDLQIRUPDGRQRQRVKDEUDVHUYLGRGHQDGD\SRGUDKDEHU VDWLVIHFKR
GHVFXELHUWRPLSUHVHQFLD+DEUDXVWHGTXHULGRFRQWDUPHDOJRROOHYDGRGH
VXDPDELOLGDGKDEUDTXHULGRWUDHUPHHVWRRDTXHOORSDUDTXHHVWXYLHUDP¡V 7RGRHVRHVGHJUDQLPSRUWDQFLDHQHVWHDVXQWRWDQFRPSOLFDGRGLMRFXDQGR
F³PRGR\GHHVDPDQHUDKDEUDPRVFRUULGRULHVJRVLQQHFHVDULRV7UDMH WHUPLQ©SRUTXHFROPDXQDODJXQDTXH\RKDEDVLGRLQFDSD]GHOOHQDU4XL]¡
FRQPLJRD&DUWZULJKWVLQGXGDUHFXHUGDXVWHGDOPXFKDFKLWRGHODRILFLQDGH HVW¡XVWHGDOFRUULHQWHGHOWUDWRQWLPRTXHHVDGDPDPDQWLHQHFRQ6WDSOHWRQ
UHFDGHURVTXHKDHVWDGRDWHQGLHQGRDPLVHVFDVDVQHFHVLGDGHVXQDEDUUDGH
SDQ\XQFXHOOROLPSLR3DUDTX©P¡V"7DPEL©QPHKDSUHVWDGRXQSDUGH /RLJQRUDEDSRUFRPSOHWR
RMRVVXSOHPHQWDULRVVREUHXQDVSLHUQDVPX\DFWLYDV\DPEDVFRVDVPHKDQ
1RH[LVWHGXGDDOJXQDDOUHVSHFWR6HYHQVHHVFULEHQKD\XQHQWHQGLPLHQWR 3HURHVW¡XVWHGVHJXURGHHVR+ROPHV"&³PRVDEHTXHHVDPXMHUHVVX
WRWDOHQWUHDPERV<HVWRFRORFDHQQXHVWUDVPDQRVXQDUPDPX\SRGHURVD6L HVSRVD"
SXGL©UDPRVXWLOL]DUODSDUDVHSDUDUDVXPXMHU
3RUTXHHOGDTXHXVWHGORFRQRFL³FRPHWL³ODWRUSH]DGHFRQWDUOHXQ
6XPXMHU" IUDJPHQWRDXW©QWLFRGHVXDXWRELRJUDIDWRUSH]DTXHPHDWUHYHUDDDILUPDU
KDODPHQWDGRPXFKDVYHFHVGHVGHHQWRQFHV(VFLHUWRTXHIXHHQRWURWLHPSR
'©MHPHTXHOHG©DOJXQDLQIRUPDFL³QDFDPELRGHWRGDODTXHXVWHGPHKD SURIHVRUHQHOQRUWHGH,QJODWHUUD$KRUDELHQQRKD\QDGDWDQI¡FLOGH
SURSRUFLRQDGR/DGDPDTXHVHKDFHSDVDUSRUODVH±RULWD6WDSOHWRQHVHQ UDVWUHDUFRPRXQSURIHVRU([LVWHQDJHQFLDVDFDG©PLFDVTXHSHUPLWHQ
UHDOLGDGHVSRVDGHOQDWXUDOLVWD LGHQWLILFDUDFXDOTXLHUSHUVRQDTXHKD\DHMHUFLGRODGRFHQFLD8QDSHTXH±D
LQYHVWLJDFL³QPHSHUPLWL³GHVFXEULUF³PRXQFROHJLRVHKDEDYHQLGRDEDMR
b&LHORVDQWR+ROPHV(VW¡XVWHGVHJXURGHORTXHGLFH"&³PRKD HQFLUFXQVWDQFLDVDWURFHV\F³PRVXSURSLHWDULRHODSHOOLGRHUDHQWRQFHV
SHUPLWLGRHVHKRPEUHTXH6LU+HQU\VHHQDPRUHGHHOOD" GLIHUHQWHKDEDGHVDSDUHFLGRMXQWRFRQVXHVSRVD/DGHVFULSFL³QFRLQFLGD
&XDQGRVXSHTXHHOGHVDSDUHFLGRVHGHGLFDEDDODHQWRPRORJDQRPHTXHG³
(OHQDPRUDPLHQWRGH6LU+HQU\V³ORSXHGHSHUMXGLFDUDOPLVPREDURQHW QLQJXQDGXGD
6WDSOHWRQKDWHQLGREXHQFXLGDGRGHTXH6LU+HQU\QRKDJDHODPRUDVX
PXMHUFRPRXVWHGKDWHQLGRRFDVL³QGHFRPSUREDU/HUHSLWRTXHODGDPDGH /DRVFXULGDGVHDFODUDEDSHURDºQTXHGDEDQPXFKDVFRVDVRFXOWDVSRUODV
TXHKDEODPRVHVVXHVSRVD\QRVXKHUPDQD VRPEUDV
3HURFX¡OHVODUD]³QGHXQHQJD±RWDQFRPSOLFDGR"3UHYHUTXHOH 6LHVDPXMHUHVGHYHUGDGVXHVSRVDTX©SDSHOFRUUHVSRQGHDODVH±RUD
UHVXOWDUDPXFKRP¡VºWLOSUHVHQWDUODFRPRVROWHUD /\RQVHQWRGRHVWR"SUHJXQW©(VHHVXQRGHORVSXQWRVVREUHORVTXHKDQ
DUURMDGROX]VXVLQYHVWLJDFLRQHV6XHQWUHYLVWDFRQHOODKDDFODUDGRPXFKROD
7RGDVPLVGXGDVVLOHQFLDGDV\PLVYDJDVVRVSHFKDVWRPDURQUHSHQWLQDPHQWH VLWXDFL³Q<RQRWHQDQRWLFLDGHOSUR\HFWRGHGLYRUFLR(QHVHFDVR\
IRUPDFRQFHQWU¡QGRVHHQHOQDWXUDOLVWDHQDTXHOKRPEUHLPSDVLEOHLQFRORUR FUH\HQGRTXH6WDSOHWRQHUDVROWHURODVH±RUD/\RQVSHQVDEDVLQGXGD
FRQVXVRPEUHURGHSDMD\VXFD]DPDULSRVDV0HSDUHFL³GHVFXEULUDOJR FRQYHUWLUVHHQVXHVSRVD
WHUULEOHXQVHUGHSDFLHQFLD\KDELOLGDGLQILQLWDVGHURVWURVRQULHQWH\
FRUD]³QDVHVLQR <FXDQGRVHSDODYHUGDG"
(V©OHQWRQFHVQXHVWURHQHPLJR"(V©OTXLHQQRVVLJXL³HQ/RQGUHV" /OHJDGRHOPRPHQWRSRGU¡VHUQRVºWLO4XL]¡QXHVWUDSULPHUDWDUHDVHDYHUOD
PD±DQDORVGRVMXQWRV1ROHSDUHFH:DWVRQTXHOOHYDGHPDVLDGRWLHPSR
$VHVFRPR\ROHRHOHQLJPD OHMRVGHODSHUVRQDTXHOHKDVLGRFRQILDGD"(QHVWHPRPHQWRGHEHUDHVWDU
XVWHGHQODPDQVL³QGHORV%DVNHUYLOOH
<HODYLVRbWLHQHTXHKDEHUYHQLGRGHHOOD
(QHORFFLGHQWHKDEDQGHVDSDUHFLGRORVºOWLPRVMLURQHVURMRV\ODQRFKHVH
([DFWR
KDEDDGXH±DGRGHOS¡UDPR8QDVFXDQWDVHVWUHOODVEULOODEDQG©ELOPHQWHHQHO
(QPHGLRGHODRVFXULGDGTXHPHKDEDURGHDGRGXUDQWHWDQWRWLHPSR FLHORFRORUYLROHWD
HPSH]DEDDSHUILODUVHHOFRQWRUQRGHXQDPRQVWUXRVDYLOODQDPLWDGYLVWD
8QDºOWLPDSUHJXQWD+ROPHVGLMHPLHQWUDVPHSRQDHQSLH6LQGXGDQR
PLWDGDGLYLQDGD
KD\QLQJXQDQHFHVLGDGGHVHFUHWRHQWUHXVWHG\\R4X©VHQWLGRWLHQHWRGR
HVWR"4X©HVORTXHVHSURSRQH6WDSOHWRQ" b1RGHDOO
0LDPLJREDM³ODYR]DOUHVSRQGHU 'HQXHYRHOJULWRGHDQJXVWLDVHH[WHQGL³SRUHOVLOHQFLRGHODQRFKHP¡V
LQWHQVR\P¡VFHUFDQRTXHQXQFD<XQQXHYRUXLGRPH]FODGRFRQ©OXQ
6HWUDWDGHDVHVLQDWR:DWVRQGHDVHVLQDWRUHILQDGRDVDQJUHIUDOOHQRGH IUDJRUKRQGR\FRQWHQLGRPXVLFDO\VLQHPEDUJRDPHQD]DGRUTXHVHDO]DED
SUHPHGLWDFL³Q1RPHSLGDGHWDOOHV0LVUHGHVVHHVW¡QFHUUDQGRHQWRUQR \GHVFHQGDFRPRHOPXUPXOORFRQVWDQWH\SURIXQGRGHOPDU
VX\RFRPRODVGH6WDSOHWRQWLHQHQFDVLDSUHVDGRD6LU+HQU\SHURFRQOD
D\XGDTXHXVWHGPHKDSUHVWDGR:DWVRQORWHQJRFDVLDPLPHUFHG7DQV³OR b(OVDEXHVRH[FODP³+ROPHVb9DPRV:DWVRQYDPRVb1RTXLHUD'LRV
QRVDPHQD]DXQSHOLJURODSRVLELOLGDGGHTXHJROSHHDQWHVGHTXHHVWHPRV TXHOOHJXHPRVWDUGH
SUHSDUDGRV8QGDP¡VGRVFRPRPXFKR\HOFDVRHVWDU¡UHVXHOWRSHUR
KDVWDHQWRQFHVKDGHSURWHJHUXVWHGDOKRPEUHTXHWLHQHDVXFDUJRFRQOD 0LDPLJRFRUUD\DSRUHOS¡UDPRDJUDQYHORFLGDG\\ROHVHJX
PLVPDGHGLFDFL³QFRQTXHXQDPDGUHDPDQWHFXLGDGHVXKLMLWRHQIHUPR6X LQPHGLDWDPHQWH3HURDKRUDVXUJL³GHDOJºQOXJDUHQWUHODVDQIUDFWXRVLGDGHV
H[SHGLFL³QGHKR\KDTXHGDGRSOHQDPHQWHMXVWLILFDGD\VLQHPEDUJRFDVL GHOWHUUHQRTXHVHKDOODEDLQPHGLDWDPHQWHIUHQWHDQRVRWURVXQºOWLPRDODULGR
GHVHDUDTXHQRKXELHUDGHMDGRVRORD6LU+HQU\b(VFXFKH GHGHVHVSHUDFL³Q\OXHJRXQUXLGRVRUGRSURGXFLGRSRUDOJRSHVDGR1RV
GHWXYLPRV\HVFXFKDPRV1LQJºQQXHYRVRQLGRTXHEU³HOGHQVRVLOHQFLRGH
8QDODULGRWHUULEOHXQJULWRSURORQJDGRGHKRUURU\GHDQJXVWLDKDEDEURWDGR ODQRFKHVLQYLHQWR
GHOVLOHQFLRGHOS¡UDPR$TXHOVRQLGRHVSDQWRVRPHKHO³ODVDQJUHHQODV
YHQDV 9LTXH+ROPHVVHOOHYDEDODPDQRDODIUHQWHFRPRXQKRPEUHTXHKD
SHUGLGRHOGRPLQLRVREUHVPLVPR\TXHJROSHDEDHOVXHORFRQHOSLH
b'LRVPRGLMHFRQYR]HQWUHFRUWDGD4X©KDVLGRHVR"4X©HVORTXH
VLJQLILFD" 1RVKDYHQFLGR:DWVRQ+HPRVOOHJDGRGHPDVLDGRWDUGH
+ROPHVVHKDEDSXHVWRHQSLHGHXQVDOWR\VXVLOXHWDDWO©WLFDVHUHFRUW³HQOD 1RQRbHVLPSRVLEOH
SXHUWDGHOUHIXJLRORVKRPEURVLQFOLQDGRVODFDEH]DDGHODQWDGD
HVFXGUL±DQGRODRVFXULGDG 0LHVWXSLGH]SRUQRDWDFDUDQWHV<XVWHG:DWVRQbYHDORTXHVXFHGHSRU
GHMDUVRORD6LU+HQU\3HURHOFLHORPHHVWHVWLJRbVLKDVXFHGLGRORSHRUOR
b6LOHQFLRVXVXUU³b6LOHQFLR YHQJDUHPRV
(OJULWRQRVKDEDOOHJDGRFRQFODULGDGGHELGRDVXYHKHPHQFLDSHUR &RUULPRVDFLHJDVHQODRVFXULGDGWURSH]DQGRFRQWUDODVURFDVDEUL©QGRQRV
SURFHGDGHXQOXJDUOHMDQRGHODOODQXUDHQWLQLHEODV'HQXHYRHVWDOO³HQ FDPLQRHQWUHPDWDVGHDXODJDMDGHDQGRFROLQDVDUULED\SUHFLSLW¡QGRQRV
QXHVWURVRGRVP¡VFHUFDQRP¡VLQWHQVRP¡VSHUHQWRULRTXHDQWHV SHQGLHQWHVDEDMRVLHPSUHHQODGLUHFFL³QGHGRQGHQRVKDEDQOOHJDGR
DTXHOORVJULWRVHVSDQWRVRV(QWRGDVODVHOHYDFLRQHV+ROPHVPLUDED
'HG³QGHYLHQH"VXVXUU³+ROPHV\VXSHSRUHOWHPEORUGHVXYR]TXH DWHQWDPHQWHDVXDOUHGHGRUSHURODVVRPEUDVVHHVSHVDEDQVREUHHOS¡UDPR\
WDPEL©Q©OHOKRPEUHGHKLHUURVHKDEDHVWUHPHFLGRKDVWDORP¡VKRQGR QRKDEDHOPHQRUPRYLPLHQWRHQVXPRQ³WRQDVXSHUILFLH
'HG³QGHYLHQH:DWVRQ"
9HXVWHGDOJR"
'HDOOPHSDUHFHGLMHVH±DODQGRKDFLDODRVFXULGDG
1DGD
b(VFXFKH4X©HVHVR" PXHUWH"4XL]¡VHHVFRQGDGHWU¡VGHDTXHOODVURFDVHQHVWHLQVWDQWH<
6WDSOHWRQG³QGHHVW¡6WDSOHWRQ"7HQGU¡TXHUHVSRQGHUSRUHVWHFULPHQ
8QG©ELOJHPLGRKDEDOOHJDGRKDVWDQXHVWURVRGRVb<OXHJRXQDYH]P¡VD
QXHVWUDL]TXLHUGD3RUDTXHOODGRXQDKLOHUDGHURFDVWHUPLQDEDHQXQIDUDOO³Q /RKDU¡0HHQFDUJDU©GHHOOR7R\VREULQRKDQVLGRDVHVLQDGRVHOSULPHUR
FRUWDGRDSLFR PXHUWRGHPLHGRDOYHUDODEHVWLDTXH©OFUHDVREUHQDWXUDO\HOVHJXQGR
HPSXMDGRDODGHVWUXFFL³QHQVXKXLGDGHVHVSHUDGDSDUDHVFDSDUGHHOOD3HUR
$EDMRVREUHODVSLHGUDVGLYLVDPRVXQREMHWRRVFXURGHIRUPDLUUHJXODU$O DKRUDWHQHPRVTXHGHPRVWUDUODFRQH[L³QHQWUHHOKRPEUH\HODQLPDO6LQR
DFHUFDUQRVFRUULHQGRODVLOXHWDLPSUHFLVDDGTXLUL³FRQWRUQRVGHILQLGRV(UDXQ IXHUDSRUHOWHVWLPRQLRGHQXHVWURVRGRVQLVLTXLHUDSRGUDPRVMXUDUTXH
KRPEUHFDGRERFDDEDMRFRQODFDEH]DGREODGDEDMRHOFXHUSRHQXQ¡QJXOR H[LVWHHOVDEXHVRGDGRTXH6LU+HQU\KDPXHUWRDFRQVHFXHQFLDGHODFDGD
KRUULEOHORVKRPEURVFXUYDGRV\HOFXHUSRHQFRJLGRFRPRVLVHGLVSXVLHUDD 3HURSRQJRDOFLHORSRUWHVWLJRGHTXHDSHVDUGHWRGDVXDVWXFLDbHVH
GDUXQDYXHOWDGHFDPSDQD/DSRVWXUDHUDWDQJURWHVFDTXHWDUG©XQRV LQGLYLGXRHVWDU¡HQPLSRGHUDQWHVGHYHLQWLFXDWURKRUDV
PRPHQWRVHQFRPSUHQGHUTXHKDEDPXHUWRDOH[KDODUDTXHOºOWLPRJHPLGR
3RUTXH\DQRQRVOOHJDEDQLXQVXVXUURQLHOP¡VSHTXH±RPRYLPLHQWRGHOD 1RVTXHGDPRVLQP³YLOHVFRQHOFRUD]³QOOHQRGHDPDUJXUDDDPERVODGRVGHO
ILJXUDHQVRPEUDVREUHODTXHQRVLQFOLQ¡EDPRV+ROPHVORWRF³\HQVHJXLGD FXHUSRGHVWUR]DGRDEUXPDGRVSRUDTXHOUHSHQWLQRHLUUHSDUDEOHGHVDVWUHTXH
UHWLU³ODPDQRFRQXQDH[FODPDFL³QGHKRUURU(OUHVSODQGRUGHXQI³VIRUR KDEDSXHVWRWDQODPHQWDEOHILQDQXHVWURVODUJRV\IDWLJRVRVHVIXHU]RV
SHUPLWL³YHUTXHVHKDEDPDQFKDGRORVGHGRVGHVDQJUHDVFRPRHO /XHJRPLHQWUDVVDODODOXQDWUHSDPRVDODVURFDVGHVGHFX\DFLPDKDED
HVSDQWRVRFKDUFRTXHFUHFDOHQWDPHQWH\TXHEURWDEDGHOFU¡QHRDSODVWDGRGH FDGRQXHVWURSREUHDPLJR\FRQWHPSODPRVHOS¡UDPRHQVRPEUDVPLWDG
ODYFWLPD<DOJRP¡VTXHQRVOOHQ³GHGHVHVSHUDFL³Q\GHGHV¡QLPRbVH SODWD\PLWDGRVFXULGDG0X\OHMRVDNLO³PHWURVGHGLVWDQFLDHQODGLUHFFL³Q
WUDWDEDGHOFXHUSRGH6LU+HQU\%DVNHUYLOOH GH*ULPSHQEULOODEDFRQVWDQWHXQDOX]DPDULOODQLFDPHQWHSRGDYHQLUGH
ODFDVDVROLWDULDGHORV6WDSOHWRQ0LHQWUDVODPLUDEDDJLW©HOSX±R\GHM©
(UDLPSRVLEOHTXHQLQJXQRGHORVGRVROYLGDUDDTXHOSHFXOLDUWUDMHURML]RGH HVFDSDUXQDDPDUJDPDOGLFL³Q
WZHHGHOPLVPRTXHOOHYDEDODPD±DQDTXHVHSUHVHQW³HQ%DNHU6WUHHW/R
YLPRVXQPRPHQWRFRQFODULGDG\HQVHJXLGDHOI³VIRURSDUSDGH³\VHDSDJ³ 3RUTX©QRORGHWHQHPRVDKRUDPLVPR"
GHODPLVPDPDQHUDTX©ODHVSHUDQ]DKDEDDEDQGRQDGRQXHVWUDVDOPDV
+ROPHVJLPL³\VXURVWURDGTXLUL³XQWHQXHUHVSODQGRUEODQFRDSHVDUGHOD 1XHVWURFDVRQRHVW¡WHUPLQDGR(VHLQGLYLGXRHVH[WUDRUGLQDULDPHQWH
RVFXULGDG FDXWHORVR\DVWXWR
b)LHUDDVHVLQDH[FODP©DSUHWDQGRORVSX±RVb$K+ROPHVQXQFDPH 1RFXHQWDORTXHVDEHPRVVLQRORTXHSRGHPRVSUREDU8QVRORPRYLPLHQWR
SHUGRQDU©KDEHUORDEDQGRQDGRDVXGHVWLQR HQIDOVR\TXL]¡VHQRVHVFDSHDºQHVHEHOODFR
<RVR\P¡VFXOSDEOHTXHXVWHG:DWVRQ&RQHOILQGHGHMDUHOFDVRELHQ 4X©SRGHPRVKDFHU"
UHPDWDGR\FRPSOHWRKHSHUPLWLGRTXHPLFOLHQWHSHUGLHUDODYLGD(VHOSHRU
JROSHTXHKHUHFLELGRHQPLFDUUHUD3HURF³PRLED\RDVDEHUF³PRSRGD 0D±DQDQRQRVIDOWDU¡QRFXSDFLRQHV(VWDQRFKHV³ORQRVTXHGDUHQGLUXQ
VDEHUTXHIXHVHDDUULHVJDUODYLGDDVRODVHQHOS¡UDPRDSHVDUGHWRGDVPLV ºOWLPRWULEXWRDQXHVWURSREUHDPLJR-XQWRVGHVFHQGLPRVGHQXHYROD
DGYHUWHQFLDV" HVFDUSDGDSHQGLHQWH\QRVDFHUFDPRVDOFDG¡YHUTXHVHUHFRUWDEDFRPRXQD
PDQFKDQHJUDVREUHODVSLHGUDVSODWHDGDV
b3HQVDUTXHKHPRVRGRVXVDODULGRV\TX©DODULGRV'LRVPRVLQVHU
FDSDFHVGHVDOYDUOR'³QGHHVW¡HVHKRUUHQGRVDEXHVRTXHORKDOOHYDGRDOD /DDQJXVWLDTXHUHYHODEDQDTXHOORVPLHPEURVGLVORFDGRVPHSURYRF³XQ
HVSDVPRGHGRORU\ODVO¡JULPDVPHHQWXUELDURQORVRMRV /RR\³
b+HPRVGHSHGLUD\XGD+ROPHV1RHVSRVLEOHOOHYDUORGHVGHDTXKDVWDOD 2UDXQVDEXHVRHQHOS¡UDPRQRKDEUDDVXVWDGRDXQKRPEUHFRPR©OKDVWD
PDQVL³Q HOSXQWRGHH[SRQHUVHDXQDQXHYDFDSWXUDDFDXVDGHVXVIUHQ©WLFRVDODULGRV
SLGLHQGRD\XGD6LQRVJXLDPRVSRUVXVJULWRVDºQFRUUL³PXFKRWLHPSR
b&LHORVDQWR6HKDYXHOWRORFR" GHVSX©VGHVDEHUTXHHODQLPDOORSHUVHJXD&³PRORVXSR"
0LDPLJRKDEDODQ]DGRXQDH[FODPDFL³QDOWLHPSRTXHVHLQFOLQDEDVREUHHO 3DUDPHVXQPLVWHULRWRGDYDPD\RUSRUTX©HVHVDEXHVRVXSRQLHQGRTXH
FXHUSR< WRGDVQXHVWUDVFRQMHWXUDVVHDQFRUUHFWDV
DKRUDEDLODED\UHD\PHHVWUHFKDEDODPDQR(UDDTX©OHO6KHUORFN+ROPHV <RQRVXSRQJRQDGD
VHYHUR\UHVHUYDGRTXH\RFRQRFD"b&X¡QWRIXHJRHVFRQGLGR
%LHQSHURSRUTX©WHQGUDTXHHVWDUVXHOWRHVHDQLPDOSUHFLVDPHQWHHVWD
b8QDEDUEDb8QDEDUEDb(OPXHUWRWLHQHEDUED QRFKH"
%DUED" ,PDJLQRTXHQRVLHPSUHDQGDOLEUHSRUHOS¡UDPR6WDSOHWRQQRORKDEUD
GHMDGRVDOLUVLQEXHQDVUD]RQHVSDUDSHQVDUTXHLEDDHQFRQWUDUVHFRQ6LU
1RHVHOEDURQHWHVbPLYHFLQRHOSUHVRIXJDGR&RQIHEULO +HQU\
SUHFLSLWDFL³QGLPRVODYXHOWDDOFDG¡YHU\ODEDUEDJRWHDQWHDSXQWDEDDOD
OXQDFODUD\IUD1RKDEDODPHQRUGXGDVREUHORVDEXOWDGRVDUFRV 0LGLILFXOWDGHVODP¡VDUGXDGHODVGRVSRUTXHFUHRTXHPX\SURQWR
VXSUDRUELWDOHV\ORVKXQGLGRVRMRVGHDVSHFWREHVWLDO6HWUDWDEDGHOPLVPR HQFRQWUDUHPRVXQDH[SOLFDFL³QSDUDODVX\DPLHQWUDVTXHODPDTXL]¡VLJD
URVWURTXHPHKDEDPLUDGRFRQF³OHUDDODOX]GHODYHODSRUHQFLPDGHOD VLHQGRVLHPSUHXQPLVWHULR$KRUDHOSUREOHPDHVTX©YDPRVDKDFHUFRQHO
URFDHOURVWURGH6HOGHQHOFULPLQDO FXHUSRGHHVWHSREUHGHVJUDFLDGR"1RSRGHPRVGHMDUORDTXDPHUFHGGHORV
]RUURV\GHORVFXHUYRV
/XHJRHQXQLQVWDQWHORHQWHQGWRGR5HFRUG©TXHHOEDURQHWKDEDUHJDODGR
D%DUU\PRUHVXVYLHMDVSUHQGDVGHYHVWLU(OPD\RUGRPRVHODVKDED 6XJLHURTXHORPHWDPRVHQXQRGHORVUHIXJLRVKDVWDTXHSRGDPRVLQIRUPDU
WUDVSDVDGRD6HOGHQSDUDIDFLOLWDUOHODKXLGD%RWDVFDPLVDJRUUDWRGRHUDGH DODSROLFD
6LU+HQU\/DWUDJHGLDVHJXDVLHQGRHVSDQWRVDSHURDOPHQRVGHDFXHUGR
FRQODVOH\HVGHVXSDVDTXHOKRPEUHKDEDPHUHFLGRODPXHUWH&RQHO 'HDFXHUGR(VWR\VHJXURGHTXHSRGUHPRVWUDVODGDUORHQWUHORVGRV
FRUD]³QUHERVDQWHGHDJUDGHFLPLHQWR\GHDOHJUDH[SOLTX©D+ROPHVORTXH b&DUDPED:DWVRQ
KDEDVXFHGLGR
4X©HVORTXHYHR"1XHVWURKRPEUHHQSHUVRQDb)DQW¡VWLFRb1RFDEH
'HPRGRTXHHVHSREUHGHVJUDFLDGRKDPXHUWRSRUOOHYDUODURSDGHOEDURQHW PD\RUDXGDFLD1LXQDSDODEUDTXHUHYHOHORTXHVDEHPRVQLXQDSDODEUDR
GLMRPLDPLJR$OVDEXHVRVHOHKDHQWUHQDGRPHGLDQWHDOJXQDSUHQGDGH6LU PLVSODQHVVHYLHQHQDEDMR
+HQU\ODERWDTXHOHGHVDSDUHFL³HQHOKRWHOFRQWRGDSUREDELOLGDG\SRU
HVRKDDFRUUDODGRDHVWHKRPEUH+D\VLQHPEDUJRXQDFRVDPX\H[WUD±D 8QDILJXUDVHDFHUFDEDSRUHOS¡UDPRDFRPSD±DGDGHOG©ELOUHVSODQGRUURMR
GDGDODRVFXULGDGGHODQRFKHF³PROOHJ³6HOGHQDVDEHUTXHHOVDEXHVR GHXQFLJDUURSXUR/DOXQDEULOODEDHQORDOWRGHOFLHOR\PHIXHSRVLEOH
VHJXDVXUDVWUR" GLVWLQJXLUHODVSHFWRDWLOGDGR\HOFDPLQDUGHVHQYXHOWRGHOQDWXUDOLVWD
6WDSOHWRQVHGHWXYRDOYHUQRVSHURV³ORXQRVLQVWDQWHV %XHQR\DFRQRFHODVKLVWRULDVGHORVFDPSHVLQRVDFHUFDGHXQVDEXHVR
IDQWDVPDO6HJºQFXHQWDQVHOHR\HGHQRFKHHQHOS¡UDPR0HSUHJXQWDEDVL
9D\DGRFWRU:DWVRQPHFXHVWDWUDEDMRFUHHUTXHVHDXVWHGODºOWLPD HQHVWDRFDVL³QKDEUDDOJXQDSUXHEDGHXQVRQLGRDV
SHUVRQDTXHKXELHUDHVSHUDGRHQFRQWUDUHQHOS¡UDPRDHVWDVKRUDVGHOD
QRFKH3HUR'LRVPRTX©HVHVWR"$OJXLHQKHULGR"b1Rb1RPHGLJDTXH 1RKHPRVRGRQDGDGLMH
VHWUDWDGHQXHVWURDPLJR6LU+HQU\
<FX¡OHVVXWHRUDVREUHODPXHUWHGHHVWHSREUHGHVJUDFLDGR"
3DV³SUHFLSLWDGDPHQWHDPLODGRSDUDDJDFKDUVHMXQWRDOPXHUWR/HRKDFHU
XQDEUXVFDLQVSLUDFL³Q\HOFLJDUURVHOHFD\³GHODPDQR 1RPHFDEHODPHQRUGXGDGHTXHODDQVLHGDG\ODVLQFOHPHQFLDVGHOWLHPSR
OHKDQKHFKRSHUGHUODFDEH]D+DHFKDGRDFRUUHUSRUHOS¡UDPRHQORTXHFLGR
4XL©QTXL©QHVHVWHLQGLYLGXR"WDUWDPXGH³(V6HOGHQHOSUHVRIXJDGR \KDWHUPLQDGRSRUFDHUVHGHVGHDK\URPSHUVHHOFXHOOR
GH3ULQFHWRZQ
3DUHFHODWHRUDP¡VUD]RQDEOHGLMR6WDSOHWRQDFRPSD±DQGRVXVSDODEUDV
$OYROYHUVHKDFLDQRVRWURVODH[SUHVL³QGH6WDSOHWRQHUDHVSDQWRVDSHURFRQ FRQXQVXVSLURTXHDPPHSDUHFL³GHDOLYLR&X¡OHVVXRSLQL³QVH±RU
XQVXSUHPRHVIXHU]RORJU³VXSHUDUVXDVRPEUR\VXGHFHSFL³Q/XHJRQRV +ROPHV"
PLU³LQTXLVLWLYDPHQWHDORVGRV
0LDPLJRKL]RXQDLQFOLQDFL³QGHFDEH]DDPDQHUDGHFXPSOLGR
b&LHORVDQWRb4X©FRVDWDQHVSDQWRVD&³PRKDPXHUWR"
,GHQWLILFDXVWHGPX\SURQWRDODVSHUVRQDVGLMR
3DUHFHKDEHUVHURWRDOFXHOORDOFDHUGHVGHDTXHOODVURFDV0LDPLJR\\R
SDVH¡EDPRVSRUHOS¡UDPRFXDQGRRPRVXQJULWR /HKHPRVHVWDGRHVSHUDQGRGHVGHTXHOOHJ³HOGRFWRU:DWVRQ+DYHQLGR
XVWHGDWLHPSRGHSUHVHQFLDUXQDWUDJHGLD
<RWDPEL©QRXQJULWR(VRIXHORTXHPHKL]RVDOLU(VWDEDLQWUDQTXLORD
FDXVDGH6LU+HQU\ $VHVHIHFWLYDPHQWH1RWHQJRODPHQRUGXGDGHTXHODH[SOLFDFL³QGHPL
DPLJRVHDMXVWDSOHQDPHQWHDORVKHFKRV0D±DQDYROYHU©D/RQGUHVFRQXQ
3RUTX©DFHUFDGH6LU+HQU\HQSDUWLFXODU"QRSXGHSRUPHQRVGH GHVDJUDGDEOHUHFXHUGR
SUHJXQWDU
5HJUHVDXVWHGPD±DQD"
3RUTXHOHKDEDSURSXHVWRTXHYLQLHUDDPLFDVD0HVRUSUHQGL³TXHQRVH
SUHVHQWDUD\FRPRHVO³JLFRPHDODUP©DORUJULWRVHQHOS¡UDPR3RUFLHUWR VDHVPLLQWHQFL³Q
VXVRMRVHVFXGUL±DURQGHQXHYRPLURVWUR\HOGH+ROPHVKDQRGRDOJXQD
RWUDFRVDDGHP¡VGHXQJULWR" (VSHURTXHVXYLVLWDKD\DDUURMDGRDOJXQDOX]VREUHHVWRVDFRQWHFLPLHQWRV
TXHWDQWRQRVKDQGHVFRQFHUWDGR+ROPHVVHHQFRJL³GHKRPEURV
1RGLMR+ROPHV\XVWHG"
1RVLHPSUHVHFRQVLJXHHO©[LWRGHVHDGR8QLQYHVWLJDGRUQHFHVLWDKHFKRV
7DPSRFR QROH\HQGDVQLUXPRUHV1RKDVLGRXQFDVRVDWLVIDFWRULR
(QWRQFHVDTX©VHUHILHUH" 0LDPLJRKDEODEDFRQVXDLUHP¡VVLQFHUR\GHVSUHRFXSDGR6WDSOHWRQVHJXD
PLU¡QGRORFRQJUDQILMH]D/XHJRVHYROYL³KDFLDP
/HVVXJHULUDTXHWUDVODG¡VHPRVDHVWHSREUHLQIHOL]DPLFDVDSHURPL (VWR\VHJXURGHTXHGLVSRQHPRVGHSUXHEDVVXILFLHQWHV
KHUPDQDVHDVXVWDUDWDQWRTXHQRPHSDUHFHTXHHVW©MXVWLILFDGR&UHRTXHVL
OHFXEULPRVHOURVWURHVWDU¡VHJXURKDVWDPD±DQD 1LPXFKVLPRPHQRVWDQV³ORGHVXSRVLFLRQHV\FRQMHWXUDV6HUDPRVHO
KD]PHUUHUGHXQWULEXQDOVLQRVSUHVHQW¡UDPRVFRQVHPHMDQWHKLVWRULD\FRQ
$VORKLFLPRV'HVSX©VGHUHFKD]DUODKRVSLWDOLGDGTXH6WDSOHWRQQRV VHPHMDQWHVSUXHEDV
RIUHFD+ROPHV\\RQRVGLULJLPRVKDFLDODPDQVL³QGHORV%DVNHUYLOOH
GHMDQGRTXHHOQDWXUDOLVWDUHJUHVDUDVRORDVXFDVD$OYROYHUODYLVWDYLPRV (VW¡ODPXHUWHGH6LU&KDUOHV
F³PRVHDOHMDEDOHQWDPHQWHSRUHODQFKRS¡UDPR\GHWU¡VGH©OODPDQFKD
QHJUDVREUHODSHQGLHQWHSODWHDGDTXHPRVWUDEDHOVLWLRGRQGH\DFDHOKRPEUH 1RVHHQFRQWU³HQVXFXHUSRODPHQRUVH±DOGHYLROHQFLD8VWHG\\R
TXHKDEDWHQLGRWDQKRUULEOHILQ VDEHPRVTXHPXUL³GHPLHGR\VDEHPRVWDPEL©QTX©IXHORTXHOHDVXVW³
SHURF³PRYDPRVDFRQVHJXLUTXHGRFHMXUDGRVLPSDVLEOHVWDPEL©QOR
b<DHUDKRUDGHTXHQRVYL©UDPRVODVFDUDVGLMR+ROPHVPLHQWUDV FUHDQ"4X©VH±DOHVKD\GHXQVDEXHVR"'³QGHHVW¡QODVKXHOODVGHVXV
FDPLQ¡EDPRVMXQWRVSRUHOS¡UDPRb4X©JUDQGRPLQLRGHVPLVPR FROPLOORV"6DEHPRVSRUVXSXHVWRTXHXQVDEXHVRQRPXHUGHXQFDG¡YHU\
([WUDRUGLQDULDVXUHFXSHUDFL³QGHVSX©VGHOWHUULEOHJROSHTXHOHKDVXSXHVWR TXH6LU&KDUOHVHVWDEDPXHUWRDQWHVGHTXHHODQLPDOORDOFDQ]DUD3HURWRGR
GHVFXEULUFX¡OKDEDVLGRODYHUGDGHUDYFWLPDGHVXLQWULJD<DVHORGLMHHQ HVRWHQHPRVTXHSUREDUOR\QRHVWDPRVHQFRQGLFLRQHVGHKDFHUOR
/RQGUHV:DWVRQ\VHORUHSLWRDKRUDQXQFDKHPRVHQFRQWUDGRRWURHQHPLJR
P¡VGLJQRGHQXHVWURDFHUR <TX©PHGLFHGHORTXHKDVXFHGLGRHVWDQRFKH"
6LHQWRTXHOHKD\DYLVWR+ROPHV 1RVDOLPRVPXFKRPHMRUSDUDGRV8QDYH]P¡VQRH[LVWHFRQH[L³QGLUHFWD
HQWUHHOVDEXHVR\ODPXHUWHGH6HOGHQ1RKHPRVYLVWRDODQLPDOHQQLQJºQ
$OSULQFLSLRWDPEL©QORKHVHQWLGR\R3HURQRVHSRGDHYLWDU PRPHQWR/RKHPRVRGRHVFLHUWRSHURQRSRGHPRVSUREDUTXHVLJXLHUDHO
UDVWURGHOSUHVR1RKD\TXHROYLGDUDGHP¡VODWRWDODXVHQFLDGHPRWLYR1R
4X©HIHFWRFUHHTXHWHQGU¡VREUHVXVSODQHV" PLTXHULGR:DWVRQKHPRVGHUHFRQRFHUTXHHQHOPRPHQWRDFWXDOFDUHFHPRV
GHODVSUXHEDVQHFHVDULDV\WDPEL©QTXHPHUHFHODSHQDFRUUHUFXDOTXLHU
3XHGHKDFHUOHP¡VFDXWHORVRRHPSXMDUORDGHFLVLRQHVGHVHVSHUDGDV&RPR ULHVJRFRQWDOGHFRQVHJXLUODV
ODPD\RUSDUWHGHORVFULPLQDOHVLQWHOLJHQWHVTXL]¡FRQIHGHPDVLDGRHQVX
LQJHQLR\VHLPDJLQHTXHQRVKDHQJD±DGRSRUFRPSOHWR <F³PRVHSURSRQHXVWHGORJUDUODV"
3RUTX©QRORGHWHQHPRVLQPHGLDWDPHQWH" (VSHURPXFKRGHODD\XGDTXHQRVSUHVWHODVH±RUD/DXUD/\RQVFXDQGRVHSD
H[DFWDPHQWHF³PRHVW¡QODVFRVDV<FXHQWRDGHP¡VFRQPLSURSLRSODQ1R
0LTXHULGR:DWVRQQRKD\GXGDGHTXHQDFL³XVWHGSDUDKRPEUHGHDFFL³Q KD\TXHSUHRFXSDUVHGHOPD±DQDSRUTXHDFDGDGDOHEDVWDVXPDOLFLD
6XLQVWLQWROHOOHYDVLHPSUHDKDFHUDOJRHQ©UJLFR3HURVXSRQJDPRVFRPR SHURQRSLHUGRODHVSHUDQ]DGHTXHDQWHVGHYHLQWLFXDWURKRUDVKD\DPRV
VLPSOHKLS³WHVLVTXHKDFHPRVTXHORGHWHQJDQHVWDQRFKHTX©HVORTXH JDQDGRODEDWDOOD
VDFDUDPRVHQOLPSLR"1RSRGHPRVSUREDUQDGDFRQWUD©Ob(QHVRHVWULEDVX
DVWXFLDGLDE³OLFD6LDFWXDUDSRUPHGLRGHXQDJHQWHKXPDQRSRGUDPRV 1RORJU©TXHPHGLMHUDQDGDP¡V\KDVWDTXHOOHJDPRVDODVSXHUWDVGHOD
REWHQHUDOJXQDSUXHEDSHURDXQTXHORJU¡UDPRVVDFDUDHVHHQRUPHSHUURDOD PDQVL³QGHORV%DVNHUYLOOHVLJXL³SHUGLGRHQVXVSHQVDPLHQWRV
OX]GHOGDVHJXLUDPRVVLQSRGHUFRORFDUDVXDPRXQDFXHUGDDOUHGHGRUGHO
FXHOOR 9DXVWHGDHQWUDU"
6QRYHRUD]³QDOJXQDSDUDVHJXLUHVFRQGL©QGRPH
3UHSDUDQGRODVUHGHV
$OXVL³QD6DQ0DWHR
0¡VTXHVRUSUHQGHUVH6LU+HQU\VHDOHJU³GHYHUD6KHUORFN+ROPHVSRUTXH
3HURDQWHVXQDºOWLPDDGYHUWHQFLD:DWVRQ1LXQDSDODEUDGHOVDEXHVRD6LU
HVSHUDEDGHVGHYDULRVGDVDWU¡VTXHORVUHFLHQWHVDFRQWHFLPLHQWRVORWUDMHUDQ
+HQU\
GH/RQGUHV$O]³VLQHPEDUJRODVFHMDVFXDQGRGHVFXEUL³TXHPLDPLJR
3DUD©O6HOGHQKDPXHUWRFRPR6WDSOHWRQTXLVLHUDTXHFUH\©UDPRV6H OOHJDEDVLQHTXLSDMH\QRKDFDHOPHQRUHVIXHU]RSRUH[SOLFDUVXIDOWD(QWUH
HQIUHQWDU¡FRQP¡VWUDQTXLOLGDGDODGXUDSUXHEDTXHOHHVSHUDPD±DQD HOEDURQHW\\RPX\SURQWRSURSRUFLRQDPRVD+ROPHVORTXHQHFHVLWDED\
SXHVWRTXHVHKDFRPSURPHWLGRVLUHFXHUGRFRUUHFWDPHQWHVXLQIRUPHD OXHJRGXUDQWHQXHVWURWDUGRWHQWHPSL©H[SOLFDPRVDOEDURQHWWRGRDTXHOOR
FHQDUFRQHVDVSHUVRQDV TXHSDUHFDGHVHDEOHTXHVXSLHUD3HURDQWHVPHFRUUHVSRQGL³ODGHVDJUDGDEOH
WDUHDGHFRPXQLFDUD%DUU\PRUH\DVXHVSRVDODQRWLFLDGHODPXHUWHGH
<RGHERDFRPSD±DUOR 6HOGHQ3DUDHOPD\RUGRPRTXL]¡IXHUDXQYHUGDGHURDOLYLRSHURVXPXMHU
OORU³DPDUJDPHQWHFXEUL©QGRVHHOURVWURFRQHOGHODQWDO3DUDHOUHVWRGHO
7HQGU¡TXHGLVFXOSDUVHSRUTXH6LU+HQU\KDGHLUVROR(VRORDUUHJODUHPRV PXQGR6HOGHQHUDHOVPERORGHODYLROHQFLDPLWDGDQLPDOPLWDGGHPRQLR
VLQGLILFXOWDG<DKRUDFUHRTXHORVGRVQHFHVLWDUHPRVXQWHQWHPSL©HQHO SHURSDUDVXKHUPDQDPD\RUVHJXDVLHQGRHOQL±LWRFDSULFKRVRGHVX
FDVRGHTXHOOHJXHPRVGHPDVLDGRWDUGHSDUDODFHQD DGROHVFHQFLDHOSHTXH±RTXHVHDIHUUDEDDVXPDQR0X\SHUYHUVRKDGHVHU
VLQGXGDHOKRPEUHTXHQRWHQJDXQDPXMHUTXHOORUHVXPXHUWH
1RKHKHFKRRWUDFRVDTXHVHQWLUPHDEDWLGRGHVGHTXH:DWVRQVHPDUFK³
SRUODPD±DQD
GLMRHOEDURQHW,PDJLQRTXHVHPHGHEHUHFRQRFHUHOP©ULWRSRUTXHKH
FXPSOLGRPLSURPHVD6LQRKXELHUDMXUDGRTXHQRVDOGUDVRORSRGUDKDEHU
SDVDGRXQDYHODGDP¡VHQWUHWHQLGDSRUTXH6WDSOHWRQPHHQYL³XQUHFDGR
SDUDTXHIXHVHDYLVLWDUOR
1RWHQJRODPHQRUGXGDGHTXHKDEUDSDVDGRXQDYHODGDP¡VDQLPDGDGLMR
+ROPHVFRQVHTXHGDG3RUFLHUWRQRV©VLVHGDFXHQWDGHTXHGXUDQWHDOJºQ
WLHPSRKHPRVODPHQWDGRVXPXHUWHFRQYHQFLGRVGHTXHWHQDHOFXHOORURWR
6LU+HQU\DEUL³PXFKRORVRMRV
&³PRHVHVR"
(VHSREUHLQIHOL]OOHYDEDSXHVWDVXURSDGHVHFKDGD7HPRTXHHOFULDGRTXH
VHODGLRWHQJDGLILFXOWDGHVFRQODSROLFD
1RHVSUREDEOH(VDVSUHQGDVFDUHFDQGHPDUFDVVLQRUHFXHUGRPDO
(VXQDVXHUWHSDUD©OGHKHFKRHVXQDVXHUWHSDUDWRGRVXVWHGHV\DTXH LQP³YLOTXHVXURVWURSRGUDKDEHUVLGRHOGHXQDHVWDWXDFO¡VLFDXQD
WRGRVKDQWUDQVJUHGLGRODOH\0HSUHJXQWRVLHQPLFDOLGDGGHGHWHFWLYH SHUVRQLILFDFL³QGHODYLJLODQFLD\GHODH[SHFWDFL³Q
FRQFLHQ]XGRQRPHFRUUHVSRQGHUDDUUHVWDUDWRGRVORVKDELWDQWHVGHODFDVD
/RVLQIRUPHVGH:DWVRQVRQXQRVGRFXPHQWRVVXPDPHQWHFRPSURPHWHGRUHV 4X©VXFHGH"H[FODPDPRV6LU+HQU\\\R&RPSUHQGLQPHGLDWDPHQWH
FXDQGREDM³ODYLVWDTXHHVWDEDUHSULPLHQGRXQDHPRFL³QLQWHQVD6XV
3HURGJDPHF³PRYDHOFDVR"SUHJXQW³HOEDURQHW+DHQFRQWUDGR IDFFLRQHVPDQWHQDQHOVRVLHJRSHUROHEULOODEDQORVRMRVMXELORVRV\
XVWHGDOJºQFDERTXHSHUPLWDGHVHQUHGDUHVWHHPEUROOR"&UHRTXHQL:DWVRQ GLYHUWLGRV
QL\RVDEHPRVDKRUDPXFKRP¡VGHORTXHVDEDPRVDOOOHJDUGH/RQGUHV
3HUGRQHQODDGPLUDFL³QGHXQH[SHUWRGLMRVH±DODQGRFRQXQJHVWRGHOD
0HSDUHFHTXHGHQWURGHSRFRHVWDU©HQFRQGLFLRQHVGHDFODUDUOHHQJUDQ PDQRODFROHFFL³QGHUHWUDWRVTXHGHFRUDEDODSDUHGIURQWHUD:DWVRQQLHJD
PHGLGDODVLWXDFL³Q+DVLGRXQDVXQWRH[WUDRUGLQDULDPHQWHGLIFLO\ TXH\RWHQJDFRQRFLPLHQWRVGHDUWHSHURQRVRQP¡VTXHFHORVSRUTXH
FRPSOLFDGR4XHGDQYDULRVSXQWRVVREUHORVTXHDºQQHFHVLWDPRVQXHYDV QXHVWUDVRSLQLRQHVVREUHHVDPDWHULDGLILHUHQ$GHFLUYHUGDGSRVHHXVWHG
OXFHVSHUROOHYDUHPRVHOFDVRDEXHQW©UPLQRGHWRGRVPRGRV XQDH[FHOHQWHFROHFFL³QGHUHWUDWRV
&RPRVLQGXGD:DWVRQOHKDEU¡FRQWDGR\DKHPRVWHQLGRXQDH[WUD±D 9D\DPHDJUDGDRUVHORGHFLUUHSOLF³6LU+HQU\PLUDQGRDPLDPLJRFRQ
H[SHULHQFLD DOJRGHVRUSUHVD1RSUHWHQGRVDEHUPXFKRGHHVDVFRVDV\VR\PHMRUMXH]
GHFDEDOORVRGHWRURVTXHGHFXDGURV(LJQRUDEDTXHHQFRQWUDUDXVWHG
2PRVDOVDEXHVRHQHOS¡UDPRSRUORTXHHVWR\GLVSXHVWRDMXUDUTXHQR WLHPSRSDUDFRVDVDV
WRGRHVVXSHUVWLFL³QYDFD7XYHDOJXQDUHODFL³QFRQSHUURVFXDQGRYLYHQHO
2HVWHDPHULFDQR\UHFRQR]FRVXVYRFHVFXDQGRODVRLJR6LHVXVWHGFDSD]GH 6©ORTXHHVEXHQRFXDQGRORYHR\DKRUDORHVWR\YLHQGR0HDWUHYHUDD
SRQHUD©VHXQER]DO\GHDWDUORFRQXQDFDGHQDHVWDU©GLVSXHVWRDDILUPDU MXUDUTXHODGDPDYHVWLGDGHVHGDD]XOHVREUDGH.QHOOHU\HOFDEDOOHUR
TXHHVHOPHMRUGHWHFWLYHGHWRGRVORVWLHPSRV IRUQLGRGHODSHOXFDGH5H\QROGV,PDJLQRTXHVHWUDWDGHUHWUDWRVGHIDPLOLD
1RDEULJRODPHQRUGXGDGHTXHOHSRQGU©HOER]DO\ODFDGHQDVLXVWHGPH $EVROXWDPHQWHWRGRV
D\XGD
6DEHTXL©QHVVRQ"
+DU©WRGRORTXHPHGLJD
%DUU\PRUHPHKDHVWDGRGDQGRFODVHVSDUWLFXODUHV\FUHRTXH\DPH
'HDFXHUGRSHUROHYR\DSHGLUDGHP¡VTXHPHREHGH]FDDFLHJDVVLQ HQFXHQWURHQFRQGLFLRQHVGHSDVDUFRQ©[LWRHOH[DPHQ
SUHJXQWDUODVUD]RQHV
4XL©QHVHOFDEDOOHURGHOWHOHVFRSLR"
&RPRXVWHGTXLHUD
(OFRQWUDDOPLUDQWH%DVNHUYLOOHTXHHVWXYRDODV³UGHQHVGH5RGQH\HQODV
6LORKDFHFUHRTXHVRQPXFKDVODVSUREDELOLGDGHVGHTXHUHVROYDPRVPX\ $QWLOODV(OGHODFDVDFDD]XO\HOUROORGHGRFXPHQWRVHV6LU:LOOLDP
SURQWRQXHVWURSHTXH±RSUREOHPD1RWHQJRODPHQRUGXGD %DVNHUYLOOHSUHVLGHQWHGHORVFRPLW©VGHOD&¡PDUDGHORV&RPXQHVHQ
WLHPSRVGH3LWW
+ROPHVVHLQWHUUXPSL³GHSURQWR\PLU³ILMDPHQWHDODLUHSRUHQFLPDGHPL
FDEH]D/DOX]GHODO¡PSDUDOHGDEDHQODFDUD\HVWDEDWDQHPEHELGR\WDQ <HOTXHHVW¡IUHQWHDPHOSDUWLGDULRGH&DUORV,FRQHOWHUFLRSHORQHJUR\
ORVHQFDMHV"
b'LRVGHOFLHORH[FODP©VLQSRGHURFXOWDUPLDVRPEUR
$KWLHQHXVWHGWRGRHOGHUHFKRDHVWDULQIRUPDGRSRUTXHHVODFDXVDGH
QXHVWURVSUREOHPDV6HWUDWDGHOPDOYDGR+XJRTXHSXVRHQPRYLPLHQWRDO (QHOOLHQ]RKDEDDSDUHFLGRHOURVWURGH6WDSOHWRQ
VDEXHVRGHORV%DVNHUYLOOH1RHVSUREDEOHTXHQRVROYLGHPRVGH©O
b$M¡$KRUDORYH\D7HQJRORVRMRVHQWUHQDGRVSDUDH[DPLQDUURVWURV\QR
&RQWHPSO©HOUHWUDWRFRQLQWHU©V\FLHUWDVRUSUHVD VXVDGRUQRV
b&DUDPEDGLMR+ROPHVSDUHFHXQKRPEUHWUDQTXLOR\GHEXHQDV /DSULPHUDYLUWXGGHXQLQYHVWLJDGRUFULPLQDOHVYHUDWUDY©VGHXQGLVIUD]
FRVWXPEUHVSHURPHDWUHYRDGHFLUTXHKDEDHQVXVRMRVXQGHPRQLR
HVFRQGLGR0HORKDEDLPDJLQDGRFRPRXQDSHUVRQDP¡VUREXVWD\GHDLUH (VLQFUHEOH3RGUDVHUVXUHWUDWR
P¡VUXILDQHVFR
6HVXQFDVRLQWHUHVDQWHGHVDOWRDWU¡VHQHOFXHUSR\HQHOHVSULWX%DVWDXQ
1RKD\ODPHQRUGXGDVREUHVXDXWHQWLFLGDGSRUTXHSRUGHWU¡VGHOOLHQ]RVH HVWXGLRGHORVUHWUDWRVGHXQDIDPLOLDSDUDFRQYHQFHUDFXDOTXLHUDGHOD
LQGLFDQHOQRPEUH\ODIHFKD YDOLGH]GHODGRFWULQDGHODUHHQFDUQDFL³Q(VHLQGLYLGXRHVXQ%DVNHUYLOOH
QRFDEHODPHQRUGXGD
+ROPHVQRGLMRDSHQDVQDGDP¡VSHURHOUHWUDWRGHOMXHUJXLVWDGHRWURV
WLHPSRVSDUHFDIDVFLQDUOH\QRDSDUW³ORVRMRVGH©OGXUDQWHHOUHVWRGHOD <FRQLQWHQFLRQHVPX\GHILQLGDVDFHUFDGHODVXFHVL³Q
FRPLGD7DQV³ORP¡VWDUGHFXDQGR6LU+HQU\VHKXERUHWLUDGRDVX
KDELWDFL³QSXGHVHJXLUHOKLORGHVXVSHQVDPLHQWRV ([DFWR*UDFLDVDHVHUHWUDWRHQFRQWUDGRSRUFDVXDOLGDGGLVSRQHPRVGHXQ
HVODE³QPX\LPSRUWDQWHTXHWRGDYDQRVIDOWDED$KRUD\DHVQXHVWUR
+ROPHVPHOOHY³GHQXHYRDOUHIHFWRULR\DO]³ODYHODTXHOOHYDEDHQODPDQR :DWVRQ\PHDWUHYRDMXUDUTXHDQWHVGHPD±DQDSRUODQRFKHHVWDU¡
SDUDLOXPLQDUDTXHOUHWUDWRPDQFKDGRSRUHOSDVRGHOWLHPSR UHYRORWHDQGRHQQXHVWUDUHGWDQLPSRWHQWHFRPRXQDGHVXVPDULSRVDVb8Q
DOILOHUXQFRUFKR\XQDWDUMHWD\ORD±DGLUHPRVDODFROHFFL³QGH%DNHU6WUHHI
9HXVWHGDOJRHVSHFLDO"
+ROPHVODQ]³XQDGHVXVLQIUHFXHQWHVFDUFDMDGDVPLHQWUDVVHDOHMDEDGHO
&RQWHPSO©HODQFKRVRPEUHURDGRUQDGRFRQXQDSOXPDORVODUJRVUL]RVTXH UHWUDWR1ROHKHRGRUHUFRQIUHFXHQFLDSHURVLHPSUHKDVLGRXQPDO
FDDQVREUHODVVLHQHVHOFXHOOREODQFRGHHQFDMH\ODVIDFFLRQHVDXVWHUDV\ SUHVDJLRSDUDDOJXLHQ
VHULDVTXHTXHGDEDQHQPDUFDGDVSRUWRGRHOFRQMXQWR1RHUDXQVHPEODQWH
EUXWDOVLQRUHPLOJDGRGXUR\VHYHURFRQXQDERFDILUPHGHODELRVPX\ $ODPD±DQDVLJXLHQWHPHOHYDQW©PX\SURQWRSHUR+ROPHVVHPHKDED
GHOJDGRV\RMRVIURVHLQWROHUDQWHV DGHODQWDGRSRUTXHPLHQWUDVPHYHVWDYLTXHUHJUHVDEDKDFLDODFDVDSRUOD
DYHQLGD
6HSDUHFHDDOJXLHQTXHXVWHGFRQR]FD"
6KR\YDPRVDWHQHUXQDMRUQDGDPX\FRPSOHWDFRPHQW³PLHQWUDVHO
+D\DOJRGH6LU+HQU\HQODPDQGEXOD MºELORTXHOHSURGXFDHQWUDUHQDFFL³QOHKDFDIURWDUVHODVPDQRV/DVUHGHV
HVW¡QHQVXVLWLR\YDPRVDLQLFLDUHODUUDVWUH$QWHVGHTXHDFDEHHOGD
7DQV³ORXQDSL]FDTXL]¡3HURbDJXDUGHXQLQVWDQWH+ROPHVVHVXEL³DXQD VDEUHPRVVLKHPRVSHVFDGRQXHVWURJUDQOXFLRGHPDQGEXODHVWUHFKDRVLVH
VLOOD\DO]DQGRODOX]FRQODPDQRL]TXLHUGDGREO³HOEUD]RGHUHFKRSDUD QRVKDHVFDSDGRHQWUHODVPDOODV
WDSDUFRQ©OHOVRPEUHUR\ORVODUJRVUL]RV
+DHVWDGRXVWHG\DHQHOS¡UDPR" HQFDQWDGRDFRPSD±DUORSHURTXHXQDVXQWRPX\XUJHQWHQRVREOLJDDYROYHU
D/RQGUHV(VSHUDPRVUHJUHVDUHQVHJXLGD6HDFRUGDU¡XVWHGGHWUDQVPLWLUOHV
+HHQYLDGRXQLQIRUPHD3ULQFHWRZQGHVGH*ULPSHQUHODWLYRDODPXHUWHGH HVHPHQVDMH"
6HOGHQ
6LLQVLVWHXVWHGHQHOOR
7HQJRODVHJXULGDGGHTXHQRORVPROHVWDU¡QDXVWHGHV7DPEL©QPHKH
HQWUHYLVWDGRFRQPLILHO&DUWZULJKWTXHFLHUWDPHQWHKDEUDODQJXLGHFLGRDOD 1RKD\RWUDDOWHUQDWLYDVHORDVHJXUR
SXHUWDGHPLUHIXJLRFRPRXQSHUURMXQWRDODWXPEDGHVXDPRVLQROH
KXELHUDKHFKRVDEHUTXHPHKDOODEDVDQR\VDOYR (OFH±RIUXQFLGRGHOEDURQHWPHKL]RVDEHUTXHHVWDEDPX\DIHFWDGRSRUTXH
FUHDTXHQRVGLVSRQDPRVDDEDQGRQDUOR
&X¡OHVHOSU³[LPRSDVR"
&X¡QGRGHVHDQXVWHGHVPDUFKDUVH"SUHJXQW³IUDPHQWH
9HUD6LU+HQU\$KbDTXHVW¡\D
,QPHGLDWDPHQWHGHVSX©VGHOGHVD\XQR3DVDUHPRVDQWHVSRU&RRPEH
%XHQRVGDV+ROPHVGLMRHOEDURQHW3DUHFHXVWHGXQJHQHUDOTXHSODQHDOD 7UDFH\SHURPLDPLJRGHMDU¡DTXVXVFRVDVFRPRJDUDQWDGHTXHUHJUHVDU¡D
EDWDOODFRQHOMHIHGHVXHVWDGRPD\RU ODPDQVL³Q:DWVRQHQYHXQDQRWDD6WDSOHWRQSDUDGHFLUOHTXHVLHQWHQR
SRGHUDVLVWLUDODFHQD
VDHVH[DFWDPHQWHODVLWXDFL³Q:DWVRQHVWDEDSLGL©QGRPH³UGHQHV
0HDSHWHFHPXFKRYROYHUD/RQGUHVFRQXVWHGHVGLMRHOEDURQHW3RUTX©
/RPLVPRKDJR\R KHGHTXHGDUPHDTXVROR"
0X\ELHQ(VWDQRFKHHVW¡XVWHGLQYLWDGRDFHQDUVHJºQWHQJRHQWHQGLGR 3RUTXH©VWHHVVXSXHVWR\SRUTXHPHKDGDGRXVWHGVXSDODEUDGHTXHKDU¡
FRQQXHVWURVDPLJRVORV6WDSOHWRQ(VSHURTXHWDPEL©QYHQJDXVWHG6RQ ORTXHOHGLJD\DKRUDOHHVWR\RUGHQDQGRTXHVHTXHGH
XQDVSHUVRQDVPX\KRVSLWDODULDV\HVWR\VHJXURGHTXHVHDOHJUDU¡QGHYHUOR
(QHVHFDVRGHDFXHUGR0HTXHGDU©
0XFKRPHWHPRTXH:DWVRQ\\RKHPRVGHUHJUHVDUD/RQGUHV
b8QDFRVDP¡V4XLHURTXHYD\DHQFRFKHDODFDVD0HUULSLW3HUROXHJR
$/RQGUHV" GHYXHOYDHOFDEULRO©\KDJDVDEHUDVXVDQILWULRQHVTXHVHSURSRQHUHJUHVDU
DQGDQGR
6FUHRTXHHQHOPRPHQWRDFWXDOKDFHPRVP¡VIDOWDDOOTXHDTX
$WUDYHVDUHOS¡UDPRDSLH"
$OEDURQHWVHOHDODUJ³ODFDUDGHPDQHUDSHUFHSWLEOH
6
7HQDODHVSHUDQ]DGHTXHPHDFRPSD±DUDQXVWHGHVKDVWDHOILQDOGHHVWH
DVXQWR/DPDQVL³Q\HOS¡UDPRQRVRQXQRVOXJDUHVPX\DJUDGDEOHVFXDQGR 3HURHVRHVSUHFLVDPHQWHORTXHFRQWDQWDLQVLVWHQFLDPHKDSHGLGRXVWHG
VHHVW¡VROR VLHPSUHTXHQRKDJD
0LTXHULGRDPLJRWLHQHXVWHGTXHFRQILDUSOHQDPHQWHHQP\KDFHU (VWDYH]SRGU¡KDFHUORVLQSHOLJUR6LQRWXYLHUDWRWDOFRQILDQ]DHQVX
H[DFWDPHQWHORTXH\ROHGLJD([SOLTXHDVXVDPLJRVTXHQRVKXELHUD VHUHQLGDG\HQVXYDORUQRVHORSHGLUDSHURHVHVHQFLDOTXHORKDJD
(QHVHFDVRORKDU© ORVSURIHVLRQDOHV\TXL]¡QHFHVLWHPRVVXD\XGD$KRUD:DWVRQFUHRTXHOD
PHMRUPDQHUDGHHPSOHDUQXHVWURWLHPSRHVKDFHUXQDYLVLWDDVXFRQRFLGDOD
<VLODYLGDWLHQHSDUDXVWHGDOJºQYDORUFUXFHHOS¡UDPRVLJXLHQGR VH±RUD/DXUD/\RQV
H[FOXVLYDPHQWHHOVHQGHURUHFWRTXHOOHYDGHVGHODFDVD0HUULSLWDODFDUUHWHUD
GH*ULPSHQ\TXHHVVXFDPLQRKDELWXDO 6XSODQGHFDPSD±DHPSH]DEDDHVWDUFODUR,EDDXWLOL]DUDOEDURQHWSDUD
FRQYHQFHUDORV6WDSOHWRQGHTXHQRVKDEDPRVLGRDXQTXHHQUHDOLGDG
+DU©H[DFWDPHQWHORTXHXVWHGPHGLFH UHJUHVDUDPRVHQHOPRPHQWRFUWLFR(OWHOHJUDPDGHVGH/RQGUHVVL6LU
+HQU\ORPHQFLRQDEDHQSUHVHQFLDGHORV6WDSOHWRQVHUYLUDSDUDHOLPLQDUODV
0X\ELHQ0HJXVWDUDVDOLUFXDQWRDQWHVGHVSX©VGHOGHVD\XQRFRQHOILQGH ºOWLPDVVRVSHFKDV<DPHSDUHFDYHUF³PRQXHVWUDVUHGHVVHFHUUDEDQHQ
OOHJDUD/RQGUHVDSULPHUDKRUDGHODWDUGH WRUQRDOOXFLRGHPDQGEXODHVWUHFKD
$PPHGHVFRQFHUWDEDPXFKRDTXHOSURJUDPDSHVHDUHFRUGDUF³PR /DVH±RUD/DXUD/\RQVHVWDEDHQVXGHVSDFKR\6KHUORFN+ROPHVLQLFL³OD
+ROPHVOHKDEDGLFKRD6WDSOHWRQODQRFKHDQWHULRUTXHVXYLVLWDWHUPLQDEDDO HQWUHYLVWDFRQWDQWDIUDQTXH]D\GHPDQHUDWDQGLUHFWDTXHODKLMDGH
GDVLJXLHQWH1RVHPHKDEDSDVDGRSRUODLPDJLQDFL³QVLQHPEDUJRTXH )UDQNODQGQRSXGRRFXOWDUVXDVRPEUR
TXLVLHUDOOHYDUPHFRQ©OQLHQWHQGDWDPSRFRTXHSXGL©UDPRVDXVHQWDUQRVORV
GRVHQXQPRPHQWRTXHHOPLVPR+ROPHVFRQVLGHUDEDFUWLFR3HURQRVH (VWR\LQYHVWLJDQGRODVFLUFXQVWDQFLDVUHODFLRQDGDVFRQODPXHUWHGH6LU
SRGDKDFHURWUDFRVDTXHREHGHFHUFLHJDPHQWHGHPDQHUDTXHGLMLPRVDGL³V &KDUOHV%DVNHUYLOOHGLMR+ROPHV0LDPLJRDTXSUHVHQWHHOGRFWRU
DQXHVWURFDULDFRQWHFLGRDPLJR\XQSDUGHKRUDVGHVSX©VQRVKDOO¡EDPRVHQ :DWVRQPHKDLQIRUPDGRGHORTXHXVWHGOHFRPXQLF³\WDPEL©QGHORTXHKD
ODHVWDFL³QGH&RRPEH7UDFH\\KDEDPRVGHVSHGLGRDOFDEULRO©SDUDTXH RFXOWDGRHQUHODFL³QFRQHVWHDVXQWR
LQLFLDUDHOUHJUHVRDODPDQVL³Q8QPXFKDFKLWRQRVHVSHUDEDHQHODQG©Q
4X©HVORTXHKHRFXOWDGR"SUHJXQW³ODVH±RUD/\RQVGHVDILDQWH
$OJXQDRUGHQVH±RU"
+DFRQIHVDGRTXHVROLFLW³GH6LU&KDUOHVTXHHVWXYLHUDMXQWRDOSRUWLOORDODV
7LHQHVTXHVDOLUSDUD/RQGUHVHQHVWHWUHQ&DUWZULJKW1DGDP¡VOOHJDU GLH]HQSXQWR6DEHPRVTXHHOEDURQHWHQFRQWU³ODPXHUWHHQHVHOXJDU\D
HQYLDU¡VHQPLQRPEUHXQWHOHJUDPDD6LU+HQU\%DVNHUYLOOHSDUDGHFLUOHTXH HVDKRUD\VDEHPRVWDPEL©QTXHXVWHGKDRFXOWDGRODFRQH[L³QHQWUHHVRV
VLHQFXHQWUDHOELOOHWHURTXHKHSHUGLGRORHQYHD%DNHU6WUHHWSRUFRUUHR VXFHVRV
FHUWLILFDGR
1RKD\QLQJXQDFRQH[L³Q
6VH±RU
(QHVHFDVRVHWUDWDGHXQDFRLQFLGHQFLDGHWRGRSXQWRH[WUDRUGLQDULD3HUR
<DKRUDSUHJXQWDHQODRILFLQDGHODHVWDFL³QVLKD\XQPHQVDMHSDUDP HVSHURTXHDODODUJDORJUDUHPRVHVWDEOHFHUHVDFRQH[L³Q4XLHURVHU
WRWDOPHQWHVLQFHURFRQXVWHGVH±RUD/\RQV&UHHPRVHVWDUHQSUHVHQFLDGHXQ
(OFKLFRUHJUHV³HQVHJXLGDFRQXQWHOHJUDPDTXH+ROPHVPHSDV³'HFD FDVRGHDVHVLQDWR\ODVSUXHEDVSXHGHQDFXVDUQRV³ORDVXDPLJRHOVH±RU
DV 6WDSOHWRQVLQRWDPEL©QDVXHVSRVD/DGDPDVHOHYDQW³YLROHQWDPHQWHGHO
DVLHQWR
l7HOHJUDPDUHFLELGR9R\KDFLDDOOFRQRUGHQGHGHWHQFL³QVLQILUPDU
/OHJDU©DODVGLHFLVLHWHFXDUHQWD/(675$'({ b6XHVSRVDH[FODP³
(VODUHVSXHVWDDOTXHHQYL©HVWDPD±DQD&RQVLGHURD/HVWUDGHHOPHMRUGH
(OVHFUHWRKDGHMDGRGHVHUOR/DSHUVRQDTXHSDVDEDSRUVHUVXKHUPDQDHV DFRQWHFLPLHQWRVSRGUDVHUOHPX\GRORURVRTXL]¡OHUHVXOWHP¡VI¡FLO
HQUHDOLGDGVXHVSRVD HVFXFKDUHOUHODWRTXHYR\DKDFHUOHSDUDTXHPHFRUULMDFXDQGRFRPHWD
DOJºQHUURULPSRUWDQWH)XH6WDSOHWRQTXLHQVXJLUL³HOHQYRGHODFDUWD"
/DVH±RUD/\RQVKDEDYXHOWRDVHQWDUVH$SUHWDEDFRQODVPDQRVORVEUD]RV
GHOVLOO³Q\YLTXHODVX±DVKDEDQSHUGLGRHOFRORUURVDGRDFDXVDGHOD OPHODGLFW³
SUHVL³QHMHUFLGD
6XSRQJRTXHODUD]³QHVJULPLGDIXHTXHXVWHGUHFLELUDD\XGDGH6LU&KDUOHV
b6XHVSRVDGLMRGHQXHYRb6XHVSRVD1RHVW¡FDVDGR SDUDORVJDVWRVUHODFLRQDGRVFRQODREWHQFL³QGHOGLYRUFLR
6KHUORFN+ROPHVVHHQFRJL³GHKRPEURV (QHIHFWR
b'HPX©VWUHPHORb'HPX©VWUHPHOR<VLORKDFHHOEULOORIHUR]GHVXVRMRV <TXHOXHJRGHVSX©VGHHQYLDGDODFDUWDODGLVXDGL³GHTXHDFXGLHUDDOD
IXHP¡VHORFXHQWHTXHFXDOTXLHUSDODEUD FLWD
9HQJRSUHSDUDGRGLMR+ROPHVVDFDQGRYDULRVSDSHOHVGHOEROVLOOR$TX 0HGLMRTXHVHVHQWLUDKHULGRHQVXDPRUSURSLRVLFXDOTXLHURWUDSHUVRQD
WLHQHXQDIRWRJUDIDGHODSDUHMDKHFKDHQ<RUNKDFHFXDWURD±RV$OGRUVR SURSRUFLRQDEDHOGLQHURSDUDHVHILQ\TXHDSHVDUGHVXSREUH]DFRQVDJUDUD
HVW¡HVFULWRl(OVH±RU\ODVH±RUD9DQGHOHXU{SHURQROHFRVWDU¡WUDEDMR KDVWDHOºOWLPRF©QWLPRGHTXHGLVSRQDSDUDDSDUWDUORVREVW¡FXORVTXHVH
LGHQWLILFDUD6WDSOHWRQQLWDPSRFRDVXSUHWHQGLGDKHUPDQDVLODFRQRFH LQWHUSRQDQHQWUHQRVRWURV
XVWHGGHYLVWD7DPEL©QGLVSRQJRGHWUHVWHVWLPRQLRVHVFULWRVTXHSURFHGHQ
GHSHUVRQDVGHFRQILDQ]DFRQGHVFULSFLRQHVGHOVH±RU\GHODVH±RUD 3DUHFHXQDSHUVRQDPX\FRQVHFXHQWH<\DQRVXSRXVWHGQDGDP¡VKDVWD
9DQGHOHXUFXDQGRVHRFXSDEDQGHOFROHJLRSDUWLFXODU6W2OLYHU/©DODV\ TXHOH\³HQHOSHUL³GLFRODQRWLFLDGHODPXHUWHGH6LU&KDUOHV
GJDPHVLOHTXHGDDOJXQDGXGDVREUHODLGHQWLGDGGHHVDVSHUVRQDV
$VIXH
/DVH±RUD/\RQVODQ]³XQDRMHDGDDORVSDSHOHVTXHOHSUHVHQWDED6KHUORFN
+ROPHV\OXHJRQRVPLU³FRQODVUJLGDVIDFFLRQHVGHXQDPXMHUGHVHVSHUDGD 7DPEL©QOHKL]RMXUDUTXHQRKDEODUDDQDGLHGHVXFLWDFRQ6LU&KDUOHV"
6H±RU+ROPHVGLMRHVHKRPEUHKDEDRIUHFLGRFDVDUVHFRQPLJRVL\R 6'LMRTXHVHWUDWDEDGHXQDPXHUWHPX\PLVWHULRVD\TXHVLQGXGDVH
FRQVHJXDHOGLYRUFLR0HKDPHQWLGRHOPX\FDQDOODGHWRGDVODVPDQHUDV VRVSHFKDUDGHPVLOOHJDEDDVDEHUVHODH[LVWHQFLDGHODFDUWD0HDVXVW³
LPDJLQDEOHV1LXQDVRODYH]PHKDGLFKRODYHUGDG<SRUTX©SRUTX©"<R SDUDTXHJXDUGDUDVLOHQFLR
LPDJLQDEDTXHORKDFDWRGRSRUPSHURDKRUDYHRTXHV³ORKHVLGRXQ
LQVWUXPHQWRHQVXVPDQRV3RUTX©WHQGUDTXHPDQWHQHUPLSDODEUDFXDQGR (UDGHHVSHUDU3HURXVWHGVRVSHFKDEDDOJR"/DVH±RUD/\RQVYDFLO³\EDM³
©OQRKDKHFKRP¡VTXHHQJD±DUPH"3RUTX©WHQGUDTXHSURWHJHUORGHODV ORVRMRV
FRQVHFXHQFLDVGHVXVLQFDOLILFDEOHVDFFLRQHV"3UHJºQWHPHORTXHTXLHUDQROH
6DEDF³PRHUDGLMR3HURVLQRKXELHUDIDOWDGRDVXSDODEUD\RVLHPSUHOH
RFXOWDU©QDGD8QDFRVDVOHMXUR\HVTXHFXDQGRHVFULEODFDUWDQXQFDVR±©
KDEUDVLGRILHO
TXHVLUYLHUDSDUDKDFHUGD±RDDTXHODQFLDQRFDEDOOHURTXHKDEDVLGRHOP¡V
ERQGDGRVRGHORVDPLJRV &UHRTXHHQFRQMXQWRSXHGHFRQVLGHUDUVHDIRUWXQDGDDOHVFDSDUFRPRORKD
KHFKRGLMR6KHUORFN+ROPHV7HQDXVWHGD6WDSOHWRQHQVXSRGHU©OOR
1RORGXGRVH±RUDGLMR6KHUORFN+ROPHV\FRPRHOUHODWRGHWRGRVHVRV
VDED\VLQHPEDUJRDºQVLJXHYLYD/OHYDPHVHVFDPLQDQGRDOERUGHGHXQ
SUHFLSLFLR<DKRUDVH±RUD/\RQVYDPRVDGHVSHGLUQRVGHXVWHGSRUHO KDOODEDQDVXDOUHGHGRU<WDPEL©QHQSDUWHDVXFDXWHODSURIHVLRQDOTXHOH
PRPHQWRHVSUREDEOHTXHSURQWRWHQJDRWUDYH]QRWLFLDVQXHVWUDV OOHYDEDVLHPSUHDUHGXFLUORVULHVJRVDOPQLPR(VWDFRVWXPEUHVLQ
HPEDUJRUHVXOWDEDPX\PROHVWDSDUDTXLHQHVDFWXDEDQFRPRDJHQWHV\
(OFDVRVHHVW¡FHUUDQGR\XQDWUDVRWUDGHVDSDUHFHQODVGLILFXOWDGHVGLMR FRODERUDGRUHVVX\RV
+ROPHVPLHQWUDVHVSHU¡EDPRVODOOHJDGDGHOH[SUHVRSURFHGHQWHGH/RQGUHV
0X\SURQWRSRGU©H[SOLFDUFRQWRGRGHWDOOHXQRGHORVFUPHQHVP¡V <RKDEDVXIULGR\DSRUHVHPRWLYRFRQIUHFXHQFLDSHURQXQFDWDQWRFRPR
VLQJXODUHV\VHQVDFLRQDOHVGHORVWLHPSRVPRGHUQRV/RVHVWXGLRVRVGHOD GXUDQWHDTXHOODUJRWUD\HFWRHQODRVFXULGDG7HQDPRVGHODQWHODJUDQ
FULPLQRORJDUHFRUGDU¡QORVLQFLGHQWHVDQ¡ORJRVGH*URGQRHQOD3HTXH±D SUXHEDSHURDXQTXHQRVGLVSRQDPRVDOLEUDUODEDWDOODILQDO+ROPHVQR
5XVLDHOD±R\WDPEL©QSRUVXSXHVWRORVDVHVLQDWRV$QGHUVRQGH KDEDGLFKRQDGDV³ORPHFDEDFRQMHWXUDUFX¡OLEDDVHUVXOQHDGHDFFL³Q
&DUROLQDGHO1RUWHDXQTXHHVWHFDVRSRVHHDOJXQRVUDVJRVTXHVRQ $SHQDVSXGHFRQWHQHUPLQHUYLRVLVPRFXDQGRSRUILQHOIURYLHQWRTXHQRV
HVSHFILFDPHQWHVX\RVSRUTXHWRGDYDFDUHFHPRVLQFOXVRDKRUDGHSUXHEDV FRUWDEDODFDUD\ORVRVFXURVHVSDFLRVYDFRVDDPERVODGRVGHOHVWUHFKR
FRQFOX\HQWHVFRQWUDHVHKRPEUHWDQDVWXWR3HURPXFKRPHVRUSUHQGHU¡TXH FDPLQRPHDQXQFLDURQTXHHVW¡EDPRVXQDYH]P¡VHQHOS¡UDPR&DGDSDVR
QRVHKDJDSRUFRPSOHWRODOX]DQWHVGHTXHQRVDFRVWHPRVHVWDQRFKH GHORVFDEDOORV\FDGDYXHOWDGHODVUXHGDVQRVDFHUFDEDQDODDYHQWXUD
VXSUHPD
(OH[SUHVRGH/RQGUHVHQWU³UXJLHQGRHQODHVWDFL³Q\XQKRPEUHSHTXH±R\
QHUYXGRFRQDVSHFWRGHEXOOGRJVDOW³GHOYDJ³QGHSULPHUDFODVH1RV 'HELGRDODSUHVHQFLDGHOFRFKHURQRKDEO¡EDPRVFRQOLEHUWDG\QRVYHDPRV
HVWUHFKDPRVODPDQR\DGYHUWHQVHJXLGDSRUODIRUPDUHYHUHQWHTXH/HVWUDGH IRU]DGRVDFRQYHUVDUVREUHWHPDVWULYLDOHVPLHQWUDVODHPRFL³Q\ODHVSHUDQ]D
WHQDGHPLUDUDPLFRPSD±HURTXHKDEDDSUHQGLGRPXFKRGHVGHORVGDVHQ WHQVDEDQQXHVWURVQHUYLRV'HVSX©VGHDTXHOODIRU]DGDUHVHUYDPHVXSXVRXQ
TXHWUDEDMDURQMXQWRVSRUYH]SULPHUD$ºQUHFRUGDEDSHUIHFWDPHQWHHO JUDQDOLYLRGHMDUDWU¡VODFDVDGH)UDQNODQG\VDEHUTXHQRVDFHUF¡EDPRVDOD
GHVSUHFLRTXHODVWHRUDVGH6KHUORFN+ROPHVVRODQGHVSHUWDUHQDTXHO PDQVL³QGHORV%DVNHUYLOOH\DOHVFHQDULRGHODDFFL³Q(QOXJDUGHOOHJDUHQ
KRPEUHGHHVSULWXWDQSU¡FWLFR FRFKHKDVWDODFDVDQRVDSHDPRVMXQWRDOSRUW³QDOFRPLHQ]RGHODDYHQLGD
'HVSHGLPRVDODWDUWDQD\RUGHQDPRVDOFRFKHURTXHUHJUHVDUDD&RRPEH
$OJRTXHPHUH]FDODSHQD"SUHJXQW³ 7UDFH\GHLQPHGLDWRDOPLVPRWLHPSRTXHQRVSRQDPRVHQFDPLQRKDFLDOD
FDVD0HUULSLW
/RP¡VJUDQGHHQPXFKRD±RVGLMR+ROPHV'LVSRQHPRVGHGRVKRUDV
DQWHVGHHPSH]DU 9DXVWHGDUPDGR/HVWUDGH"
&UHRTXHYDPRVDHPSOHDUODVHQFRPHUDOJR\OXHJR/HVWUDGHOHVDFDUHPRV 6LHPSUHTXHPHSRQJRORVSDQWDORQHVGLVSRQJRGHXQEROVLOORWUDVHUR
GHODJDUJDQWDODQLHEODGH/RQGUHVKDFL©QGROHUHVSLUDUHODLUHSXURGHODV UHVSRQGL³FRQXQDVRQULVDHOGHWHFWLYHGHFRUWDHVWDWXUD\VLHPSUHTXH
QRFKHVGH'DUWPRRU1RKDHVWDGRQXQFDHQHOS¡UDPR"b(VSO©QGLGR1R GLVSRQJRGHXQEROVLOORWUDVHUROOHYRDOJRGHQWUR
FUHRTXHROYLGHVXSULPHUDYLVLWD
b%LHQ7DPEL©QPLDPLJR\\RHVWDPRVSUHSDUDGRVSDUDFXDOTXLHU
(OVDEXHVRGHORV%DVNHUYLOOH HPHUJHQFLD
8QRGHORVGHIHFWRVGH6KHUORFN+ROPHVVLHVTXHHQUHDOLGDGVHOHSXHGH 6HPXHVWUDXVWHGPX\UHVHUYDGRDFHUFDGHHVWHDVXQWRVH±RU+ROPHV$
OODPDUGHIHFWRHUDORPXFKRTXHVHUHVLVWDDFRPXQLFDUVXVSODQHVDQWHVGHO TX©YDPRVDMXJDUDKRUD"
PRPHQWRPLVPRGHSRQHUORVSRUREUD(OORREHGHFDHQSDUWHVLQGXGDDVX
FDU¡FWHUDXWRULWDULRTXHOHHPSXMDEDDGRPLQDU\DVRUSUHQGHUDTXLHQHVVH -XJDUHPRVDHVSHUDU
b9DOJDPH'LRVHVWHVLWLRQRWLHQHQDGDGHDOHJUHGLMRHOGHWHFWLYHFRQXQ 6³ORKDEDGRVSHUVRQDVHQODKDELWDFL³Q6LU+HQU\\6WDSOHWRQVHQWDGRVD
HVWUHPHFLPLHQWRFRQWHPSODQGRDVXDOUHGHGRUODVPHODQF³OLFDVODGHUDVGHODV DPERVODGRVGHODPHVDUHGRQGD<RORVYHDGHSHUILOGHVGHPLSXQWRGH
FROLQDV\HOHQRUPHODJRGHQLHEODTXHGHVFDQVDEDVREUHODJUDQFL©QDJDGH REVHUYDFL³Q$PERVIXPDEDQFLJDUURV\WHQDQGHODQWHFDI©\YLQRGH
*ULPSHQ9HRXQDVOXFHVGHODQWHGHQRVRWURV 2SRUWR6WDSOHWRQKDEODEDDQLPDGDPHQWHSHURHOEDURQHWSDUHFDS¡OLGR\
DXVHQWH4XL]¡ODLGHDGHOSDVHRVROLWDULRDWUDY©VGHOS¡UDPRSHVDEDHQVX
(VRHVODFDVD0HUULSLW\HOILQDOGHQXHVWURWUD\HFWR+HGHURJDUOHVTXH ¡QLPR
FDPLQHQGHSXQWLOODV\KDEOHQHQYR]PX\EDMD
0LHQWUDVORVFRQWHPSODED6WDSOHWRQVHSXVRHQSLH\VDOL³GHODKDELWDFL³Q
$YDQ]DPRVFRQJUDQGHVSUHFDXFLRQHVSRUHOVHQGHURFRPRVLQRV 6LU+HQU\YROYL³DOOHQDUVHODFRSD\VHUHFRVW³HQODVLOODDVSLUDQGRHOKXPR
GLULJL©UDPRVKDFLDODFDVDSHUR+ROPHVKL]RTXHQRVGHWXYL©UDPRVFXDQGR GHOFLJDUUR/XHJRRHOFKLUULGRGHXQDSXHUWD\HOUXLGRPX\QWLGRGHXQDV
QRVHQFRQWU¡EDPRVDXQRVGRVFLHQWRVPHWURV ERWDVVREUHODJUDYD/RVSDVRVUHFRUULHURQHOVHQGHURSRUHORWURODGRGHO
PXURTXHPHFRELMDED$O]DQGRXQSRFRODFDEH]DYLTXHHOQDWXUDOLVWDVH
<DHVVXILFLHQWHGLMR(VDVURFDVGHODGHUHFKDYDQDSURSRUFLRQDUQRVXQD GHWHQDDQWHODSXHUWDGHXQDGHODVGHSHQGHQFLDVGHODFDVDVLWXDGDHQOD
DGPLUDEOHSURWHFFL³Q HVTXLQDGHOKXHUWR2JLUDUXQDOODYH\DOHQWUDU6WDSOHWRQVHR\³XQUXLGR
H[WUD±RHQHOLQWHULRU(OGXH±RGHODFDVDQRSHUPDQHFL³P¡VGHXQPLQXWR
+HPRVGHHVSHUDUDK" DOOGHQWURGHVSX©VRGHQXHYRJLUDUODOODYHHQODFHUUDGXUDHOQDWXUDOLVWD
SDV³FHUFDGHP\UHJUHV³DODFDVD&XDQGRFRPSURE©TXHVHUHXQDFRQVX
$VHVYDPRVDSUHSDUDUQXHVWUDSHTXH±DHPERVFDGD/HVWUDGHP©WDVHHQ
LQYLWDGRPHGHVOLF©HQVLOHQFLRKDVWDGRQGHPHHVSHUDEDQPLVFRPSD±HURV\
HVHKR\R
OHVFRQW©ORTXHKDEDYLVWR
8VWHGKDHVWDGRGHQWURGHODFDVDQRHVFLHUWR:DWVRQ"3XHGHGHVFULELUPH
'LFHXVWHG:DWVRQTXHODVH±RUDQRHVW¡HQHOFRPHGRU"SUHJXQW³
ODVLWXDFL³QGHODVKDELWDFLRQHV"$G³QGHFRUUHVSRQGHQHVDVYHQWDQDV
+ROPHVFXDQGRWHUPLQ©PLUHODWR
HQUHMDGDV"
1R
&UHRTXHVRQODVGHODFRFLQD
'³QGHSXHGHHVWDUHQHVHFDVRGDGRTXHQRKD\OX]HQQLQJXQDRWUD
<ODTXHTXHGDXQSRFRP¡VDOO¡WDQELHQLOXPLQDGD"
KDELWDFL³QVLVHH[FHSWºDODFRFLQD"
6HWUDWDVLQGXGDGHOFRPHGRU
1RVDEUDGHFLUOH
/DVSHUVLDQDVHVW¡QOHYDQWDGDV8VWHGHVTXLHQPHMRUFRQRFHHOWHUUHQR
<DKHPHQFLRQDGRTXHVREUHODJUDQFL©QDJDGH*ULPSHQIORWDEDXQDHVSHVD
'HVOFHVHFRQHOPD\RUVLJLOR\YHDORTXHKDFHQSHURSRUHODPRUGHOFLHOR
QLHEODEODQFDTXHDYDQ]DEDOHQWDPHQWHHQQXHVWUDGLUHFFL³Q\TXHVH
bTXHQRGHVFXEUDQTXHORVHVWDPRVYLJLODQGR
SUHVHQWDEDIUHQWHDQRVRWURVFRPRXQPXURGHSRFDDOWXUDPX\GHQVR\FRQ
$YDQF©GHSXQWLOODVSRUHOVHQGHUR\PHDJDFK©GHWU¡VGHOPXURGHSRFD OPLWHVPX\SUHFLVRV/DOXQDODLOXPLQDEDGHVGHORDOWRFRQYLUWL©QGRODHQ
DOWXUDTXHURGHDEDHOKXHUWRGH¡UEROHVDFKDSDUUDGRV$SURYHFKDQGRVX DOJRSDUHFLGRDXQDUHVSODQGHFLHQWHO¡PLQDGHKLHORGHJUDQGHVGLPHQVLRQHV
VRPEUDPHGHVOLF©KDVWDDOFDQ]DUXQSXQWRTXHPHSHUPLWDPLUDU FRQODVFUHVWDVGHORVULVFRVDPDQHUDGHURFDVTXHGHVFDQVDUDQVREUHVX
GLUHFWDPHQWHSRUODYHQWDQDGHVSURYLVWDGHYLVLOORV VXSHUILFLH+ROPHVVHKDEDYXHOWRDPLUDUODQLHEOD\HPSH]³DPXUPXUDU
LPSDFLHQWHPLHQWUDVVHJXDFRQORVRMRVVXOHQWRGHULYDU
9LHQHKDFLDQRVRWURV:DWVRQ <VLQRVVLWX¡UDPRVDP¡VDOWXUD"
(VHVRJUDYH" 6FUHRTXHQRHVWDUDGHP¡V
<DORFUHRODºQLFDFRVDFDSD]GHGHVEDUDWDUPLVSODQHV(OEDURQHWQR 'HPDQHUDTXHQRVDOHMDPRVKDVWDXQRVRFKRFLHQWRVPHWURVGHODFDVDVL
SXHGH\DUHWUDVDUVHPXFKR6RQODVGLH]1XHVWUR©[LWRHLQFOXVRODYLGDGH ELHQHOHVSHVRPDUEODQFRVXVXSHUILFLHSODWHDGDSRUODOXQDVHJXD
6LU+HQU\SXHGHQGHSHQGHUGHTXHVDOJDDQWHVGHTXHODQLHEODFXEUDOD DYDQ]DQGROHQWDSHURLQH[RUDEOHPHQWH
VHQGD
+HPRVGHTXHGDUQRVDTXGLMR+ROPHV1RSRGHPRVFRUUHUHOULHVJRGH
3RUHQFLPDGHQRVRWURVHOFLHORHVWDEDFODUR\VHUHQR/DVHVWUHOODVEULOODEDQ TXH6LU+HQU\VHDDOFDQ]DGRDQWHVGHOOHJDUDQXHVWUDDOWXUD+D\TXH
IUDPHQWH\ODPHGLDOXQDED±DEDWRGDODHVFHQDFRQXQDOX]VXDYHTXH PDQWHQHUHVWDSRVLFL³QDWRGDFRVWD
DSHQDVPDUFDEDORVFRQWRUQRV
VHGHM³FDHUGHURGLOODV\SHJ³HORGRDOVXHOR0HSDUHFHTXHOHRLJRYHQLU
$QWHQRVRWURV\DFDODPDVDRVFXUDGHODFDVDFRQHOWHMDGRGHQWDGR\ODV JUDFLDVD'LRV
HQKLHVWDVFKLPHQHDVYLROHQWDPHQWHUHFRUWDGDVFRQWUDHOFLHORSODWHDGR
$QFKDVEDUUDVGHOX]GRUDGDSURFHGHQWHVGHODVKDELWDFLRQHVLOXPLQDGDVGHO (OUXLGRGHXQRVSDVRVU¡SLGRVURPSL³HOVLOHQFLRGHOS¡UDPR$JD]DSDGRV
SLVREDMRVHDODUJDEDQSRUHOKXHUWR\HOS¡UDPR8QDGHODVYHQWDQDVVHFHUU³ HQWUHODVSLHGUDVFRQWHPSODPRVDWHQWDPHQWHHOERUGHSODWHDGRGHOPDUGH
GHUHSHQWH/RVFULDGRVKDEDQDEDQGRQDGRODFRFLQD QLHEODTXHWHQDPRVGHODQWH(OUXLGRGHODVSLVDGDVVHLQWHQVLILF³\DWUDY©V
GHODQLHEODFRPRVLVHWUDWDUDGHXQDFRUWLQDVXUJL³HOKRPEUHDOTXH
6³ORTXHGDEDODO¡PSDUDGHOFRPHGRUGRQGHORVGRVKRPEUHVHODQILWUL³Q HVSHU¡EDPRV6LU+HQU\PLU³DVXDOUHGHGRUVRUSUHQGLGRDOHQFRQWUDUVHGH
FULPLQDO\HOLQYLWDGRGHVSUHYHQLGRWRGDYDFRQYHUVDEDQVDERUHDQGRVXV UHSHQWHFRQXQDQRFKHFODUDLOXPLQDGDSRUODVHVWUHOODV
FLJDUURVSXURV
/XHJRDYDQ]³DWRGDSULVDVHQGHURDGHODQWHSDV³PX\FHUFDGHGRQGH
&DGDPLQXWRTXHSDVDEDODDOJRGRQRVDOODQXUDEODQFDTXHFXEUDODPLWDGGHO HVW¡EDPRVHVFRQGLGRV\HPSH]³DVXELUSRUODODUJDSHQGLHQWHTXHTXHGDEDD
S¡UDPRVHDFHUFDEDP¡VDODFDVD/RVSULPHURVILODPHQWRVFUX]DURQSRU QXHVWUDVHVSDOGDV$OFDPLQDUPLUDEDFRQWLQXDPHQWHKDFLDDWU¡VFRPRXQ
GHODQWHGHOUHFW¡QJXORGRUDGRGHODYHQWDQDLOXPLQDGD/DYDOODP¡VGLVWDQWH KRPEUHGHVDVRVHJDGR
GHOKXHUWRVHKL]RLQYLVLEOH\ORV¡UEROHVVHKXQGLHURQDPHGLDVHQXQ
UHPROLQRGHYDSRUEODQFR$QWHQXHVWURVRMRVORVSULPHURVWHQW¡FXORVGH b$WHQWRVH[FODP³+ROPHVDOWLHPSRTXHVHRDHOQWLGRFKDVTXLGRGHXQ
QLHEODGLHURQODYXHOWDSRUODVGRVHVTXLQDVGHODFDVD\DYDQ]DURQ UHY³OYHUDOVHUDPDUWLOODGRb&XLGDGRb<DYLHQH
OHQWDPHQWHHVSHV¡QGRVHKDVWDTXHHOSLVRDOWR\HOWHFKRTXHGDURQIORWDQGR
FRPRXQDH[WUD±DHPEDUFDFL³QVREUHXQPDUGHVRPEUDV+ROPHVJROSH³ 'HDOJºQVLWLRHQHOFRUD]³QGHDTXHOODPDVDEODQFDTXHVHJXDGHVOL]¡QGRVH
DSDVLRQDGDPHQWHFRQODPDQRODURFDTXHQRVRFXOWDEDHLQFOXVRSDWH³HO OOHJ³KDVWDQRVRWURVXQWDPERULOHROLJHUR\FRQWLQXR/DQLHEODVHKDOODEDD
VXHOROOHYDGRGHODLPSDFLHQFLD FLQFXHQWDPHWURVGHQXHVWURHVFRQGLWH\ORVWUHVODFRQWHPSO¡EDPRVVLQVDEHU
TX©KRUURUHVWDEDDSXQWRGHEURWDUGHVXVHQWUD±DV<RPHHQFRQWUDEDMXQWRD
6LQXHVWURDPLJRWDUGDP¡VGHXQFXDUWRGHKRUDHQVDOLUODQLHEODFXEULU¡HO +ROPHV\PHYROYXQLQVWDQWHKDFLD©O
VHQGHUR<
/RYLS¡OLGR\H[XOWDQWHEULOO¡QGROHORVRMRVDODOX]GHODOXQD'HUHSHQWH
GHQWURGHPHGLDKRUDQRQRVYHUHPRVQLODVPDQRV VLQHPEDUJRVXPLUDGDDGTXLUL³XQDH[WUD±DILMH]D\HODVRPEUROHKL]RDEULU
ODERFD/HVWUDGHWDPEL©QGHM³HVFDSDUXQJULWRGHWHUURU\VHDUURM³DOVXHOR 6LU+HQU\VHJXDLQFRQVFLHQWHHQHOOXJDUGRQGHKDEDFDGR/HDUUDQFDPRV
GHEUXFHV<RPHSXVHHQSLHGHXQVDOWRLQHUWHODPDQRTXHVXMHWDEDOD HOFXHOORGHODFDPLVD\+ROPHVPXVLW³XQDDFFL³QGHJUDFLDVDOYHUTXHQR
SLVWRODSDUDOL]DGDODPHQWHSRUODHVSDQWRVDIRUPDTXHVDOWDEDKDFLDQRVRWURV HVWDEDKHULGRKDEDPRVOOHJDGRDWLHPSR(OEDURQHWSDUSDGH³DORVSRFRV
GHHQWUHODVVRPEUDVGHODQLHEOD(UDXQVDEXHVRXQHQRUPHVDEXHVRQHJUR LQVWDQWHVHKL]RXQG©ELOLQWHQWRGHPRYHUVH/HVWUDGHOHDFHUF³DODERFDHO
FRPRXQWL]³QSHURGLVWLQWRDFXDOTXLHUDTXHKD\DQYLVWRQXQFDRMRV IUDVFRGHEUDQG\\PX\SURQWRGRVRMRVOOHQRVGHHVSDQWRQRVPLUDURQ
KXPDQRV'HODERFDDELHUWDOHEURWDEDQOODPDVORVRMRVSDUHFDQFDUERQHV ILMDPHQWH
HQFHQGLGRV\XQUHVSODQGRULQWHUPLWHQWHOHLOXPLQDEDHOKRFLFRHOSHODMHGHO
ORPR\HOFXHOOR1LHQODSHVDGLOODP¡VGHOLUDQWHGHXQFHUHEURHQORTXHFLGR b'LRVPRVXVXUU³QXHVWURDPLJR4X©HUDHVR"(QQRPEUHGHOFLHOR
SRGUDKDEHUWRPDGRIRUPDDOJRP¡VIHUR]P¡VKRUURURVRP¡VLQIHUQDOTXH TX©HUDHVR"
ODRVFXUDIRUPD\ODFDUDFUXHOTXHVHSUHFLSLW³VREUHQRVRWURVGHVGHHOPXUR
GHQLHEOD )XHUDORTXHIXHVH\DHVW¡PXHUWRGLMR+ROPHV'HXQDYH]SRUWRGDV
KHPRVDFDEDGRFRQHOIDQWDVPDGHODIDPLOLD%DVNHUYLOOH
/DHQRUPHFULDWXUDQHJUDDYDQ]³DJUDQGHVVDOWRVSRUHOVHQGHURVLJXLHQGR
ORVSDVRVGHQXHVWURDPLJR+DVWDWDOSXQWRQRVSDUDOL]³VXDSDULFL³QTXH\D (OWDPD±R\ODIXHU]DEDVWDEDQSDUDFRQYHUWLUHQXQDQLPDOWHUULEOHDOD
KDEDSDVDGRFXDQGRUHFXSHUDPRVODVDQJUHIUD(QWRQFHV+ROPHV\\R FULDWXUDTXH\DFDWHQGLGDDQWHQRVRWURV1RHUDQLVDEXHVRQLPDVWQGHSXUD
GLVSDUDPRVDOXQVRQR\ODFULDWXUDODQ]³XQHVSDQWRVRDXOOLGRORTXHTXHUD UD]DVLQRTXHSDUHFDP¡VELHQXQDPH]FODGHORVGRVGHPDFUDGRIHUR]\GHO
GHFLUTXHDOPHQRVXQRGHORVSUR\HFWLOHVOHKDEDDFHUWDGR6LJXL³VLQ WDPD±RGHXQDSHTXH±DOHRQD,QFOXVRDKRUDHQODLQPRYLOLGDGGHODPXHUWH
HPEDUJRDYDQ]DQGRDJUDQGHVVDOWRVVLQGHWHQHUVH$OROHMRVHQHOFDPLQR GHVXVHQRUPHVPDQGEXODVSDUHFDVHJXLUEURWDQGRXQDOODPDD]XODGD\ORV
YLPRVF³PR6LU+HQU\VHYROYDHOURVWUREODQFRDODOX]GHODOXQDODV RMLOORVFUXHOHVPX\KXQGLGRVHQODV³UELWDVDºQGDEDQODLPSUHVL³QGHHVWDU
PDQRVDO]DGDVHQXQJHVWRGHKRUURUFRQWHPSODQGRLPSRWHQWHHOVHU URGHDGRVGHIXHJR7RTX©FRQODPDQRHOKRFLFROXPLQRVR\DODSDUWDUORV
KRUUHQGRTXHOHGDEDFD]D GHGRVYLTXHEULOODEDQHQODRVFXULGDGFRPRVLDUGLHUDQDIXHJROHQWR
3HURHODXOOLGRGHGRORUGHOVDEXHVRKDEDGLVLSDGRWRGRVQXHVWURVWHPRUHV6L )³VIRURGLMH
DTXHOVHUHUDYXOQHUDEOHWDPEL©QHUDPRUWDO\VLKDEDPRVVLGRFDSDFHVGH
KHULUORWDPEL©QSRGDPRVPDWDUOR1XQFDKHYLVWRFRUUHUDXQKRPEUHFRPR 8QLQJHQLRVRSUHSDUDGRKHFKRFRQI³VIRURGLMR+ROPHVDFHUF¡QGRVHDO
FRUUL³+ROPHVDTXHOODQRFKH6HPHFRQVLGHUDYHOR]SHURPLDPLJRPHVDF³ VDEXHVRSDUDROHUOR7RWDOPHQWHLQRGRURSDUDQRGLILFXOWDUODFDSDFLGDG
WDQWDYHQWDMDFRPR\RDOGHWHFWLYHGHFRUWDHVWDWXUD0LHQWUDVYRO¡EDPRVSRU ROIDWRULDGHODQLPDO(VPXFKRORTXHWLHQHXVWHGTXHSHUGRQDUQRV6LU+HQU\
HOVHQGHURRDPRVGHODQWHORVVXFHVLYRVDODULGRVGH6LU+HQU\\HOVRUGR SRUKDEHUORH[SXHVWRDHVWHVXVWRWDQHVSDQWRVR<RPHHVSHUDEDXQVDEXHVR
UXJLGRGHOVDEXHVR3XGHYHUF³PRODEHVWLDVDOWDEDVREUHVXYFWLPDOD SHURQRXQDFULDWXUDFRPR©VWD<ODQLHEODDSHQDVQRVKDGDGRWLHPSRSDUD
DUURMDEDDOVXHOR\OHEXVFDEDODJDUJDQWD3HURXQLQVWDQWHGHVSX©V+ROPHV UHFLELUORFRPRVHPHUHFD
KDEDGLVSDUDGRFLQFRYHFHVVXUHY³OYHUFRQWUDHOFRVWDGRGHODQLPDO&RQXQ
0HKDQVDOYDGRODYLGD
ºOWLPRDXOOLGRGHGRORU\XQDYLROHQWDGHQWHOODGDDODLUHHOVDEXHVRFD\³GH
HVSDOGDVDJLWDQGRIXULRVDPHQWHODVFXDWURSDWDVKDVWDLQPRYLOL]DUVHSRUILQ 'HVSX©VGHSRQHUODHQSHOLJUR7LHQHXVWHGIXHU]DVSDUDOHYDQWDUVH"
VREUHXQFRVWDGR<RPHGHWXYHMDGHDQWH\DFHUTX©PLSLVWRODDODKRUULEOH
FDEH]DOXPLQRVDSHUR\DQRVHUYDGHQDGDDSUHWDUHOJDWLOOR(OJLJDQWHVFR 'HQPHRWURVRUERGHHVHEUDQG\\HVWDU©OLVWRSDUDFXDOTXLHUFRVDb%LHQ
SHUURKDEDPXHUWR $\ºGHQPHDOHYDQWDUPH4X©VHSURSRQHKDFHUDKRUDVH±RU+ROPHV"
$XVWHGYDPRVDGHMDUORDTX1RHVW¡HQFRQGLFLRQHVGHFRUUHUP¡V (OFXDUWRHVWDEDDUUHJODGRFRPRXQSHTXH±RPXVHR\HQODVSDUHGHVVH
DYHQWXUDVHVWDQRFKH6LKDFHHOIDYRUGHHVSHUDUXQRGHQRVRWURVYROYHU¡FRQ DOLQHDEDQODVYLWULQDVTXHDOEHUJDEDQODFROHFFL³QGHPDULSRVDVGLXUQDV\
XVWHGDODPDQVL³Q QRFWXUQDVFX\DFDSWXUDVHUYDGHGLVWUDFFL³QDDTXHOKRPEUHWDQFRPSOLFDGR
\WDQSHOLJURVR(QHOFHQWURGHODKDELWDFL³QKDEDXQSLODUFRORFDGRDOOHQ
(OEDURQHWORJU³SRQHUVHHQSLHFRQGLILFXOWDGSHURDºQVHJXD DOJºQPRPHQWRSDUDVHUYLUGHDSR\RDODJUDQYLJDYLHMD\FDUFRPLGDTXH
KRUURURVDPHQWHS¡OLGR\WHPEODEDGHSLHVDFDEH]D/ROOHYDPRVKDVWDXQD VXVWHQWDEDHOWHFKR$DTXHOSLODUHVWDEDDWDGDXQDILJXUDWDQHQYXHOWD\WDQ
URFDGRQGHVHVHQW³FRQHOURVWURHQWUHODVPDQRV\HOFXHUSRHVWUHPHFLGR WDSDGDFRQODVV¡EDQDVXWLOL]DGDVSDUDVXMHWDUODTXHGHPRPHQWRQRVHSRGD
GHFLUVLHUDKRPEUHRPXMHU8QDWRDOODDQXGDGDSRUGHWU¡VDOSLODUOH
$KRUDWHQHPRVTXHGHMDUORGLMR+ROPHV+HPRVGHDFDEDUHOWUDEDMR\QR URGHDEDODJDUJDQWD2WUDOHFXEUDODSDUWHLQIHULRUGHOURVWUR\SRUHQFLPD
KD\XQPRPHQWRTXHSHUGHU<DWHQHPRVODVSUXHEDVV³ORQRVIDOWDQXHVWUR GHHOODGRVRMRVRVFXURVOOHQRVGHGRORU\GHYHUJ¼HQ]D\GHKRUULEOHV
KRPEUH+D\XQDSUREDELOLGDGHQWUHPLOGHTXHORKDOOHPRVHQODFDVDVLJXL³ SUHJXQWDVQRVFRQWHPSODEDQ(QXQPLQXWRKDEDPRVDUUDQFDGRODPRUGD]D
PLDPLJRPLHQWUDVUHJUHV¡EDPRVDWRGDYHORFLGDGSRUHOFDPLQR6LQGXGD \GHVDWDGRORVQXGRV\ODVH±RUD6WDSOHWRQVHGHUUXPE³GHODQWHGHQRVRWURV
ORVGLVSDURVOHKDQKHFKRVDEHUTXHKDSHUGLGRODSDUWLGD 0LHQWUDVODKHUPRVDFDEH]DVHOHGREODEDVREUHHOSHFKRYLFUX]¡QGROHHO
FXHOORHOQWLGRYHUGXJ³QGHXQODWLJD]R
(VW¡EDPRVDOJROHMRV\ODQLHEODKDSRGLGRDPRUWLJXDUHOUXLGR
b4X©FDQDOODH[FODP³+ROPHVb/HVWUDGHSRUIDYRUVXIUDVFRGHEUDQG\
7HQJDXVWHGODVHJXULGDGGHTXHVHJXDDOVDEXHVRSDUDOODPDUORFXDQGR b/O©YHQODDHVDVLOOD/RVPDORVWUDWRV\ODIDWLJDKDQKHFKRTXHSLHUGDHO
WHUPLQDUDVXWDUHD1RQRVHKDEU¡PDUFKDGR\DSHURORUHJLVWUDUHPRVWRGR FRQRFLPLHQWR
\QRVDVHJXUDUHPRV
/DVH±RUD6WDSOHWRQDEUL³GHQXHYRORVRMRV
/DSXHUWDSULQFLSDOHVWDEDDELHUWDGHPDQHUDTXHLUUXPSLPRVHQODFDVD\
UHFRUULPRVYHOR]PHQWHWRGDVODVKDELWDFLRQHVFRQJUDQDVRPEURGHODQFLDQR (VW¡DVDOYR"SUHJXQW³+DHVFDSDGR"
\WHPEORURVRVLUYLHQWHTXHVHWURSH]³FRQQRVRWURVHQHOSDVLOOR1RKDED
RWUDOX]TXHODGHOFRPHGRUSHUR+ROPHVVHDSRGHU³GHODO¡PSDUD\QRGHM³ 1RVHQRVHVFDSDU¡VH±RUD
ULQF³QGHODFDVDVLQH[SORUDU$XQTXHQRDSDUHFDSRUQLQJXQDSDUWHHO
KRPEUHDOTXHSHUVHJXDPRVGHVFXEULPRVTXHHQHOSLVRDOWRXQRGHORV 1RQRQRPHUHILHURDPLPDULGR(VW¡6LU+HQU\DVDOYR"
GRUPLWRULRVHVWDEDFHUUDGRFRQOODYH
6
b$TXGHQWURKD\DOJXLHQH[FODP³/HVWUDGH2LJRUXLGRVb$EUDODSXHUWD
<HOVDEXHVR"
'HOLQWHULRUEURWDEDQG©ELOHVJHPLGRV\FUXMLGRV+ROPHVJROSH³FRQHOWDO³Q
H[DFWDPHQWHHQFLPDGHODFHUUDGXUD\ODSXHUWDVHDEUL³LQPHGLDWDPHQWH 0XHUWR
3LVWRODHQPDQRORVWUHVLUUXPSLPRVHQODKDELWDFL³Q
/DVH±RUD6WDSOHWRQGHM³HVFDSDUXQODUJRVXVSLURGHVDWLVIDFFL³Q
3HURHQVXLQWHULRUWDPSRFRVHKDOODEDHOFULPLQDOGHVDILDQWHTXH
HVSHU¡EDPRVYHU\VHQFDPELRXQREMHWRWDQH[WUD±R\WDQLQHVSHUDGRTXH b*UDFLDVD'LRVb*UDFLDVD'LRVb(OPX\FDQDOODb9HDQF³PRPHKD
SRUXQRVLQVWDQWHVQRVXSLPRVTX©KDFHUPLU¡QGRORDVRPEUDGRV WUDWDGRUHWLU³ODVPDQJDVGHOYHVWLGRSDUDPRVWUDUQRVORVEUD]RV\YLPRV
FRQKRUURUTXHHVWDEDQOOHQRVGHFDUGHQDOHV3HURHVWRQRHVQDGDbQDGD/R
TXHKDWRUWXUDGR\SURIDQDGRKDQVLGRPLPHQWH\PLDOPD/RKHVRSRUWDGR GHTXH6LU+HQU\YROYLHVHDVHUHOKRPEUHUREXVWR\FRUGLDOTXHIXHUDDQWHV
WRGRPDORVWUDWRVVROHGDGXQDYLGDGHHQJD±RWRGRPLHQWUDVDºQSRGD GHFRQYHUWLUVHHQHOGXH±RGHDTXHOODPDQVL³QFDUJDGDFRQHOSHVRGHOD
DJDUUDUPHDODHVSHUDQ]DGHTXHVHJXDTXHUL©QGRPHSHURDKRUDV©TXH OH\HQGD
WDPEL©QHQHVRKHVLGRVXYFWLPD\VXLQVWUXPHQWRXQRVVROOR]RV
DSDVLRQDGRVLQWHUUXPSLHURQVXVSDODEUDV <\DV³ORPHTXHGDOOHJDUU¡SLGDPHQWHDOGHVHQODFHGHHVWDQDUUDFL³Q
VLQJXODUFRQODTXHKHWUDWDGRGHFRQVHJXLUTXHHOOHFWRUFRPSDUWLHUDORV
3XHVWRTXHQRWLHQHXVWHGPRWLYRDOJXQRSDUDHVWDUOHDJUDGHFLGDOHGLMR PLHGRVRVFXURV\ODVYDJDVFRQMHWXUDVTXHHQVRPEUHFLHURQGXUDQWHWDQWDV
+ROPHVLQI³UPHQRVGHG³QGHSRGHPRVHQFRQWUDUOR6LDOJXQDYH]OHKD VHPDQDVQXHVWUDVYLGDV\TXHFRQFOX\HURQGHPDQHUDWDQWU¡JLFD$OD
D\XGDGRHQHOPDOFRODERUHDKRUDFRQQRVRWURV\H[SHHOSDVDGRGHHVH PD±DQDVLJXLHQWHVHOHYDQW³ODQLHEOD\ODVH±RUD6WDSOHWRQQRVOOHY³KDVWDHO
PRGR VLWLRGRQGHHOOD\VXHVSRVRKDEDQHQFRQWUDGRXQFDPLQRSUDFWLFDEOHSDUD
SHQHWUDUHQHOSDQWDQR(OLQWHU©V\ODDOHJUDFRQTXHDTXHOODPXMHUQRVSXVR
6³ORKD\XQVLWLRDGRQGHSXHGHKDEHUHVFDSDGRUHVSRQGL³HOOD([LVWHXQD VREUHODSLVWDGHVXPDULGRQRVD\XG³DFRPSUHQGHUPHMRUORVKRUURUHVGHVX
YLHMDPLQDGHHVWD±RHQODLVODTXHRFXSDHOFRUD]³QGHODFL©QDJD$OO YLGDFRQ6WDSOHWRQ/DGHMDPRVHQODHVWUHFKDSHQQVXODGHVXHORILUPHGH
HQFHUUDEDDVXVDEXHVR\WDPEL©QDOOKL]RSUHSDUDWLYRVSRUVLDOJXQDYH] WXUEDTXHDFDEDEDGHVDSDUHFLHQGRHQODFL©QDJD$SDUWLUGHDOOXQDVYDULWDV
QHFHVLWDEDXQUHIXJLR+DEU¡LGRHQHVDGLUHFFL³Q FODYDGDVHQODWLHUUDLEDQPRVWUDQGRHOVHQGHURTXH]LJ]DJXHDEDGHMXQFDU
HQMXQFDUHQWUHODVSR]DVOOHQDVGHYHUGQ\ORVI©WLGRVFHQDJDOHVTXHFHUUDEDQ
/DQLHEODGHVFDQVDEDVREUHODYHQWDQDFRPRXQDFDSDGHODQDEODQFD+ROPHV HOSDVRDFXDOTXLHULQWUXVR/RVDEXQGDQWHVMXQFRV\ODVH[XEHUDQWHV\
DFHUF³ODO¡PSDUDDORVFULVWDOHV YLVFRVDVSODQWDVDFX¡WLFDVGHVSHGDQRORUDSXWUHIDFFL³Q\QRVODQ]DEDQDOD
FDUDGHQVRVYDSRUHVPLDVP¡WLFRVPLHQWUDVTXHDOPHQRUSDVRHQIDOVRQRV
9HDGLMR(VWDQRFKHQDGLHHVFDSD]GHDGHQWUDUVHHQODJUDQFL©QDJDGH KXQGDPRVKDVWDHOPXVORHQHORVFXURIDQJRWHPEORURVRTXHDYDULRVPHWURV
*ULPSHQ DODUHGRQGDVHHVWUHPHFDHQVXDYHVRQGXODFLRQHVEDMRQXHVWURVSLHVWLUDED
FRQWHQDFLGDGGHQXHVWURVWDORQHVPLHQWUDVDYDQ]¡EDPRV\FDGDYH]TXHQRV
/DVH±RUD6WDSOHWRQVHHFK³DUHU\HPSH]³DGDUSDOPDGDV6XVRMRV\VXV
KXQGDPRVHQ©OVHWUDQVIRUPDEDHQXQDPDQRPDO©YRODTXHTXHUDOOHYDUQRV
GLHQWHVEULOODURQFRQXQDDOHJUDIHUR]
KDFLDDTXHOODVKRUULEOHVSURIXQGLGDGHVWDOHUDODLQWHQVLGDG\ODGHFLVL³QGHO
7DOYH]KD\DFRQVHJXLGRHQWUDUSHURQRVDOGU¡H[FODP³1RSRGU¡YHUODV DEUD]RFRQTXHQRVVXMHWDED6³ORXQDYH]FRPSUREDPRVTXHDOJXLHQKDED
YDULWDVTXHVLUYHQGHJXD/DVFRORFDPRVMXQWRVSDUDVH±DODUODVHQGDD VHJXLGRVHQGDWDQSHOLJURVDDQWHVGHQRVRWURV'HOFHQWURGHOPDWRUUDOGH
WUDY©VGHODFL©QDJDb$KVLKXELHUDSRGLGRDUUDQFDUODVKR\(QWRQFHVVHJXUR MXQFLDVTXHORPDQWHQDIXHUDGHOIDQJRVREUHVDODXQREMHWRRVFXUR+ROPHV
TXHORWHQGUDQXVWHGHVDVXPHUFHG VHKXQGL³KDVWDODFLQWXUDDOVDOLUVHGHOVHQGHURSDUDUHFRJHUOR\VLQR
KXEL©UDPRVHVWDGRDOOSDUDD\XGDUORQXQFDKXELHUDYXHOWRDSRQHUHOSLHHQ
(YLGHQWHPHQWHHUDLQºWLOSURVHJXLUODEºVTXHGDDQWHVGHTXHOHYDQWDUDOD WLHUUDILUPH/RTXHDO]³HQHODLUHIXHXQDERWDYLHMDGHFRORUQHJUR
QLHEOD'HMDPRVD/HVWUDGHSDUDTXHFXVWRGLDUDODFDVD\+ROPHV\\R l0H\HUV7RURQWR{HVWDEDLPSUHVRHQHOLQWHULRUGHOFXHUR
UHJUHVDPRVDODPDQVL³QFRQHOEDURQHW<DQRSRGDPRVRFXOWDUOHSRUP¡V
WLHPSRODKLVWRULDGHORV6WDSOHWRQSHURHQFDM³FRQPXFKRYDORUODV (OED±RGHEDUURHVWDEDMXVWLILFDGRGLMR+ROPHV(VODERWDSHUGLGDGH
UHYHODFLRQHVVREUHODPXMHUGHODTXHVHKDEDHQDPRUDGR'HWRGRVPRGRV QXHVWURDPLJR6LU+HQU\
ODLPSUHVL³QSURGXFLGDSRUODVDYHQWXUDVQRFWXUQDVOHKDEDGHVWUR]DGRORV
$UURMDGDDTXSRU6WDSOHWRQHQVXKXLGD
QHUYLRV\SRFRGHVSX©VGHOLUDED\DFRQXQDILHEUHPX\DOWDDWHQGLGRSRUHO
GRFWRU0RUWLPHU/RVGRVHVWDEDQGHVWLQDGRVDGDUODYXHOWDDOPXQGRDQWHV (QHIHFWR6LJXL³FRQHOODHQODPDQRGHVSX©VGHXWLOL]DUODSDUDSRQHUDO
VDEXHVRHQODSLVWDGHOEDURQHW/XHJRWRGDYDHPSX±DQGRODERWDHVFDS³DO GLDEORFRUULHUD\JULWDUDFRPRORKDKHFKRQXHVWURDPLJR\FRPRSRGDPRV
GDUVHFXHQWDGHTXHKDEDSHUGLGRODSDUWLGD<ODDUURM³OHMRVGHVHQHVWH KDEHUORKHFKRQRVRWURVFXDQGRYLRDVHPHMDQWHFULDWXUDVLJXLHQGRVXUDVWURD
VLWLRGXUDQWHVXKXLGD<DVDEHPRVDOPHQRVTXHORJU³OOHJDUKDVWDDTX JUDQGHVVDOWRVSRUHOS¡UDPRDRVFXUDV(UDXQDHVWUDWDJHPDPX\DVWXWD
SRUTXHDGHP¡VGHODSRVLELOLGDGGHSURYRFDUODPXHUWHGHODYFWLPDHOHJLGD
3HURQRHVW¡EDPRVGHVWLQDGRVDVDEHUQDGDP¡VDXQTXHSXGLPRVGHGXFLU TX©FDPSHVLQRVHDWUHYHUDDLQWHUHVDUVHGHFHUFDSRUVHPHMDQWHFULDWXUDHQ
PXFKDVRWUDVFRVDV1RH[LVWDODPHQRUSRVLELOLGDGGHHQFRQWUDUKXHOODVHQHO HOFDVRGHTXHFRPROHVKDVXFHGLGRDPXFKRVODYLHUDSRUHOS¡UDPR"/R
SDQWDQRSRUTXHHOEDUURTXHVHDO]DEDFRQFDGDSLVDGDODVFXEUD GLMHHQ/RQGUHV:DWVRQ\ORUHSLWRDKRUDQXQFDKHPRVFRQWULEXLGRDDFDEDU
U¡SLGDPHQWH\DXQTXHODVEXVFDPRV¡YLGDPHQWHFXDQGRSRUILQOOHJDPRVD FRQXQKRPEUHWDQSHOLJURVRFRPRHOTXHDK\DFH\H[WHQGL³VXODUJREUD]R
WLHUUDILUPHQXQFDHQFRQWUDPRVQLHOPHQRUUDVWUR6LODWLHUUDQRVFRQW³XQD KDFLDODHQRUPHH[WHQVL³QGHODFL©QDJDFXELHUWDGHPDQFKDVYHUGHVTXHVH
KLVWRULDYHUGDGHUDKD\TXHFUHHUTXH6WDSOHWRQQXQFDOOHJ³DODLVODTXH SURORQJDEDKDVWDFRQIXQGLUVHFRQHOFRORUURML]RGHOS¡UDPR
DTXHOODºOWLPDQRFKHWUDW³GHDOFDQ]DUHQWUHODQLHEOD\HQODTXHHVSHUDED
UHIXJLDUVH
+XQGLGRHQDOJºQOXJDUGHOFRUD]³QGHODJUDQFL©QDJDHQHOI©WLGROLPRGHO
HQRUPHSDQWDQRTXHVHORKDEDWUDJDGRTXHG³HQWHUUDGRSDUDVLHPSUHDTXHO
KRPEUHIURGHFRUD]³QGHVSLDGDGR
(QODLVODGHOFHQWURGHOSDQWDQRGRQGHHVFRQGDDVXFUXHODOLDGRKDOODPRV
PXFKRVUDVWURVGHVXSUHVHQFLD8QDHQRUPHUXHGDPRWUL]\XQSR]ROOHQRD
PHGLDVGHHVFRPEURVVH±DODEDQODSRVLFL³QGHXQDPLQDDEDQGRQDGD-XQWRD
HOODVHHQFRQWUDEDQORVGHUUXLGRVUHVWRVGHXQDVFKR]DVORVPLQHURVVLQ
GXGDKDEDQWHUPLQDGRSRUPDUFKDUVHLQFDSDFHVGHUHVLVWLUHOKHGRUDSHVWRVR
TXHORVURGHDED(QXQDGHHOODVXQDDUPHOOD\XQDFDGHQDMXQWRDXQRV
KXHVRVURGRVPRVWUDEDQHOVLWLRGRQGHHOVDEXHVRSHUPDQHFDFRQILQDGR
(QWUHORVGHP¡VUHVWRVHQFRQWUDPRVXQHVTXHOHWRTXHWHQDSHJDGRVXQRV
PHFKRQHVFDVWD±RV
b8QSHUURGLMR+ROPHV6LQGXGDXQVSDQLHOGHSHORUL]DGR(OSREUH
0RUWLPHUQXQFDYROYHU¡DYHUDVXSUHIHULGR%LHQQRFUHRTXHHVWHOXJDU
FRQWHQJDQLQJºQVHFUHWRTXHQRKD\DPRVGHVFXELHUWR\D6WDSOHWRQHVFRQGD
DOVDEXHVRSHURQRSRGDLPSHGLUTXHVHOHR\HUD\GHDKORVDXOOLGRVTXHQL
VLTXLHUDGXUDQWHHOGDUHVXOWDEDQDJUDGDEOHV(QORVPRPHQWRVFUWLFRVSRGD
HQFHUUDUORHQXQDGHODVGHSHQGHQFLDVGH0HUULSLWSHURHVRVLJQLILFDEDFRUUHU
XQULHVJR\V³ORHOJUDQGDODMRUQDGDHQTXH6WDSOHWRQLEDDFXOPLQDUWRGRV
VXVHVIXHU]RVVHDWUHYL³DKDFHUOR/DSDVWDTXHKD\HQHVDODWDHVVLQGXGDOD
PH]FODOXPLQRVDFRQTXHHPEDGXUQDEDDODQLPDO/DLGHDVHODVXJLUL³SRU
VXSXHVWRODOH\HQGDGHOVDEXHVRLQIHUQDO\HOGHVHRGHGDUXQVXVWRGHPXHUWH
DODQFLDQR6LU&KDUOHV1RWLHQHQDGDGHH[WUD±RTXH6HOGHQDTXHOSREUH
4XL]¡VHDXVWHGWDQDPDEOHFRPRSDUDHVER]DUPHGHPHPRULDHOFXUVRGHORV
([DPHQUHWURVSHFWLYR DFRQWHFLPLHQWRV
(QXQDIUDQRFKHGHQLHEODDILQDOHVGHOPHVGHQRYLHPEUH+ROPHV\\R &ODURTXHVDXQTXHQROHJDUDQWL]RTXHFRQVHUYHWRGRVORVGDWRVHQOD
HVW¡EDPRVVHQWDGRVDDPERVODGRVGHXQIXHJRPX\YLYRHQQXHVWUDVDODGH FDEH]D(VFXULRVRF³PRODLQWHQVDFRQFHQWUDFL³QPHQWDOFRQVLJXHERUUDUHO
HVWDUGH%DNHU6WUHHW SDVDGR(ODERJDGRTXHFXDQGRFRQRFHXQFDVRFRQSHORV\VH±DOHVHVFDSD]
GHGLVFXWLUFRQORVH[SHUWRVHQHOWHPDGHVFXEUHTXHOHEDVWDQXQDVHPDQDR
'HVGHODWU¡JLFDFRQFOXVL³QGHQXHVWUDYLVLWDD'HYRQVKLUHPLDPLJRVHKDED GRVGHXQWUDEDMRQXHYRSDUDTXHROYLGHWRGRORTXHKDEDDSUHQGLGR'HOD
RFXSDGRGHGRVDVXQWRVGHH[WUDRUGLQDULDLPSRUWDQFLDHQHOFXUVRGHO PLVPDPDQHUDFDGDXQRGHPLVFDVRVGHVSOD]DDODQWHULRU\0OOH
SULPHURSXVRGHPDQLILHVWRODFRQGXFWDDWUR]GHOFRURQHO8SZRRGHQUHODFL³Q
FRQHOIDPRVRHVF¡QGDORGHORVQDLSHVGHO&OXE1RQSDUHLOPLHQWUDVTXHFRQ &DU¨UHKDGHVGLEXMDGRPLVUHFXHUGRVGHODPDQVL³QGHORV%DVNHUYLOOH
PRWLYRGHOVHJXQGRGHIHQGL³DODGHVJUDFLDGD0PH 0D±DQDTXL]¡VHPHSLGDTXHPHRFXSHGHRWURSUREOHPDLQVLJQLILFDQWHTXH
DVXYH]HOLPLQDU¡DODKHUPRVDGDPDIUDQFHVD\DOLQIDPH8SZRRG
0RQWSHQVLHUGHODDFXVDFL³QGHDVHVLQDWRTXHSHVDEDVREUHHOODHQUHODFL³Q
FRQODPXHUWHGHVXKLMDVWUD0OOH&DU¨UHXQDMRYHQTXHFRPRVHUHFRUGDU¡ 3RUORTXHVHUHILHUHDOFDVRGHOVDEXHVROHH[SRQGU©ORP¡VH[DFWDPHQWHTXH
DSDUHFL³VHLVPHVHVP¡VWDUGHHQ1XHYD<RUNGHVSX©VGHKDEHUFRQWUDGR SXHGDORVDFRQWHFLPLHQWRV\VLHPSUHSRGU¡XVWHGLQWHUURJDUPHVREUH
PDWULPRQLR0LDPLJRVHKDOODEDGHH[FHOHQWHKXPRUGHELGRDORV©[LWRV FXDOTXLHUSXQWRTXHKD\DROYLGDGR
FRQVHJXLGRVHQXQDVXFHVL³QGHFDVRVGLIFLOHVDODYH]TXHLPSRUWDQWHV\QR
{0LVLQYHVWLJDFLRQHVKDQGHPRVWUDGRVLQOXJDUDGXGDVTXHHOUHWUDWRIDPLOLDU
PHIXHGLIFLOHPSXMDUOHDTXHUHSDVDUDFRQPLJRORVGHWDOOHVGHOPLVWHULRGH
QRPHQWD\TXHQXHVWURKRPEUHHUDHIHFWLYDPHQWHXQ%DVNHUYLOOHKLMRGH
%DVNHUYLOOH<RKDEDHVSHUDGRSDFLHQWHPHQWHDTXHVHSUHVHQWDUDOD
5RGJHUHOKHUPDQRPHQRUGH6LU&KDUOHVTXHHVFDS³\DFRQXQDVLQLHVWUD
RSRUWXQLGDGSRUTXHVDEDPX\ELHQTXH+ROPHVQRSHUPLWDQXQFDOD
UHSXWDFL³QD$P©ULFDGHO6XUGRQGHVHGLMRTXHKDEDPXHUWRVROWHUR/D
VXSHUSRVLFL³QGHFDVRV\TXHVXPHQWHWDQFODUD\WDQO³JLFDQRDEDQGRQDED
YHUGDGHVTXHFRQWUDMRPDWULPRQLR\TXHWXYRXQºQLFRKLMRQXHVWUR
QXQFDHOWUDEDMRSUHVHQWHSDUDRFXSDUVHGHUHFXHUGRV3HUR6LU+HQU\\HO
SHUVRQDMHTXHUHFLEL³HOQRPEUHGHVXSDGUH\TXHDVXYH]VHFDV³FRQ
GRFWRU0RUWLPHUVHKDOODEDQHQ/RQGUHVDSXQWRGHHPSUHQGHUHOODUJRYLDMH
%HU\O*DUFDXQDGHODVEHOGDGHVGH&RVWD5LFDOXHJRGHUREDUXQD
UHFRPHQGDGRDOEDURQHWSDUDUHVWDEOHFHUVXVQHUYLRVGHVWUR]DGRV\QRV
FRQVLGHUDEOHVXPDGHGLQHURGHO(VWDGRSDV³DDSHOOLGDUVH9DQGHOHXU\KX\³
KDEDQYLVLWDGRDTXHOODPLVPDWDUGHORTXHPHSHUPLWL³VDFDUDUHOXFLUHO
D,QJODWHUUDGRQGHFUH³XQFROHJLRHQOD]RQDHVWHGH<RUNVKLUH6XLQWHU©V
WHPDFRQWRGDQDWXUDOLGDG
SRUHVWHWLSRSDUWLFXODUGHRFXSDFL³QREHGHFDDTXHGXUDQWHHOYLDMHGHYXHOWD
'HVGHHOSXQWRGHYLVWDGHODSHUVRQDTXHVHKDFDOODPDU6WDSOHWRQGLMR D,QJODWHUUDFRQRFL³DXQSURIHVRUHQIHUPRGHWXEHUFXORVLVFX\DJUDQ
+ROPHVHOSODQTXHKDEDXUGLGRHUDGHXQDJUDQVHQFLOOH]VLELHQSDUD FRPSHWHQFLDSURIHVLRQDOXWLOL]³SDUDTXHODHPSUHVDWXYLHUD©[LWR3HURDO
QRVRWURVTXHDOSULQFLSLRFDUHFDPRVGHPHGLRVSDUDDYHULJXDUHOPRWLYRGH PRULU)UDVHUHOSURIHVRUHOFROHJLRVHGHVSUHVWLJL³SULPHURSDUDFDHUGHVSX©V
VXVDFFLRQHV\V³ORGLVSRQDPRVHQSDUWHGHORVKHFKRVUHVXOWDUD HQHOGHVFU©GLWRP¡VDEVROXWRSRUORTXHORV9DQGHOHXUMX]JDURQFRQYHQLHQWH
H[WUDRUGLQDULDPHQWHFRPSOHMR<RKHWHQLGRDGHP¡VODVXHUWHGHKDEODUHQ FDPELDUGHQXHYRGHDSHOOLGR\DVHOKLMRGH5RGJHU%DVNHUYLOOHVHWUDVODG³
GRVRFDVLRQHVFRQODVH±RUD6WDSOHWRQSRUORTXHHOFDVRHVW¡WRWDOPHQWH FRPR-DFN6WDSOHWRQDOVXUGH,QJODWHUUDFRQORVUHVWRVGHVXIRUWXQDVXV
DFODUDGR\QRTXHGD\DVHFUHWRDOJXQR(QHODSDUWDGR%HUWKDGHODOLVWDGH SODQHVSDUDHOIXWXUR\VXDILFL³QDODHQWRPRORJD(QHO0XVHR%ULW¡QLFRKH
PLVFDVRVTXHOOHYRSRURUGHQDOIDE©WLFRHQFRQWUDU¡DOJXQDVQRWDVVREUHHVWH SRGLGRVDEHUTXHVHOHFRQVLGHUDEDXQDDXWRULGDGHQHVHFDPSR\TXHHO
DVXQWR DSHOOLGR9DQGHOHXUKDTXHGDGRLGHQWLILFDGRFRQFLHUWDPDULSRVDQRFWXUQDTXH
©OGHVFULEL³SRUYH]SULPHUDGXUDQWHVXHVWDQFLDHQ<RUNVKLUH
{/OHJDPRV\DDODSDUWHGHVXYLGDTXHKDUHVXOWDGRGHWDQJUDQLQWHU©VSDUD {/DRFDVL³QVLQHPEDUJRWDUG³DOJºQWLHPSRHQDSDUHFHU'HQRFKHQRHUD
QRVRWURV SRVLEOHVDFDUGHVXVSURSLHGDGHVDODQFLDQRFDEDOOHUR$ORODUJRGHORVPHVHV
6WDSOHWRQDFHFK³SRUORVDOUHGHGRUHVFRQVXVDEXHVRSHURVLQ©[LWR'XUDQWH
6WDSOHWRQKL]RVLQGXGDLQYHVWLJDFLRQHV\GHVFXEUL³TXHV³ORGRVYLGDVOH HVRVLQWHQWRVLQIUXFWXRVRVORYLHURQRYLHURQP¡VELHQDVXDFRPSD±DQWH
VHSDUDEDQGHXQDFXDQWLRVDKHUHQFLD&UHRTXHFXDQGRVHWUDVODG³D DOJXQRVFDPSHVLQRVJUDFLDVDORFXDOODOH\HQGDGHOSHUURGHPRQDFRUHFLEL³
'HYRQVKLUHVXVSODQHVHUDQDºQH[WUDRUGLQDULDPHQWHYDJRVDXQTXHHO QXHYDFRQILUPDFL³Q6WDSOHWRQFRQILDEDHQTXHVXHVSRVDDUUDVWUDVHD6LU
FDU¡FWHUGHOLFWLYRGHVXVLQWHQFLRQHVTXHGDGHPDQLILHVWRGHVGHHOSULQFLSLR &KDUOHVDVXUXLQDSHURHQHVHSXQWR%HU\OUHVXOW³LQHVSHUDGDPHQWH
SRUHOKHFKRGHTXHKLFLHUDSDVDUDVXHVSRVDSRUVXKHUPDQD LQGHSHQGLHQWH1RHVWDEDGLVSXHVWDDSURYRFDUXQHQUHGRVHQWLPHQWDOTXH
SXVLHUDDODQFLDQREDURQHWHQPDQRVGHVXHQHPLJR1LODVDPHQD]DVQL
/DLGHDGHXWLOL]DUODFRPRVH±XHORHVWDED\DHQVXPHQWHDXQTXHTXL]¡QR VLHQWRGHFLUORORVJROSHVORJUDURQFRQYHQFHUOD6HQHJ³VLHPSUHGHSODQR\
VXSLHUDDºQFRQFODULGDGF³PRLEDDRUJDQL]DUWRGRVORVGHWDOOHVGHOSODQ$O GXUDQWHDOJºQWLHPSR6WDSOHWRQVHHQFRQWU³HQXQSXQWRPXHUWR
ILQDOGHOFDPLQRVHKDOODEDODKHUHQFLDGHORV%DVNHUYLOOH\HVWDEDGLVSXHVWRD
XWLOL]DUFXDOTXLHULQVWUXPHQWR\FRUUHUFXDOTXLHUULHVJRSDUDORJUDUOD(O {)LQDOPHQWHKDOO³ODPDQHUDGHVXSHUDUVXVGLILFXOWDGHVSRUFRQGXFWRGHO
SULPHUSDVRIXHLQVWDODUVHORP¡VFHUFDTXHSXGRGHVXKRJDUDQFHVWUDO\HO PLVPR6LU&KDUOHVTXLHQSRUHODIHFWRTXHOHSURIHVDEDGHOHJ³HQ©OSDUD
VHJXQGRFXOWLYDUODDPLVWDGGH6LU&KDUOHV%DVNHUYLOOH\GHVXVYHFLQRV WRGRORUHODFLRQDGRFRQHOFDVRGHHVDPXMHUWDQGHVYHQWXUDGDTXHHVOD
VH±RUD/DXUD/\RQV$OSUHVHQWDUVHFRPRVROWHURDGTXLUL³PX\SURQWRXQ
{(OPLVPREDURQHWOHFRQW³ODKLVWRULDGHOVDEXHVRSUHSDU¡QGRVHVLQVDEHUOR JUDQDVFHQGLHQWHVREUHHOOD\OHGLRDHQWHQGHUTXHVLFRQVHJXDGLYRUFLDUVH
HOFDPLQRKDFLDODWXPED6WDSOHWRQFRPRYR\DVHJXLUOODP¡QGRORVDEDTXH GH/\RQVVHFDVDUDFRQHOOD/DVLWXDFL³QOOHJ³DXQSXQWRFUWLFRFXDQGR
HODQFLDQRHVWDEDHQIHUPRGHOFRUD]³Q\TXHFXDOTXLHUHPRFL³QIXHUWHSRGD 6WDSOHWRQVXSRTXH6LU&KDUOHVVHGLVSRQDDDEDQGRQDUHOS¡UDPRVLJXLHQGR
DFDEDUFRQ©OLQIRUPDFL³QTXHOHKDEDIDFLOLWDGRHOGRFWRU0RUWLPHU HOFRQVHMRGHOGRFWRU0RUWLPHUFRQFX\DRSLQL³Q©OPLVPRILQJDHVWDUGH
7DPEL©QOOHJ³DVXVRGRVTXH6LU&KDUOHVHUDVXSHUVWLFLRVR\TXHVHWRPDED DFXHUGR(UDSUHFLVRDFWXDUGHLQPHGLDWRSRUTXHGHORFRQWUDULRVXYFWLPD
PX\HQVHULRODPDFDEUDOH\HQGDGHOVDEXHVR6XLQJHQLROHVXJLUL³GH SRGDTXHGDUSDUDVLHPSUHIXHUDGHVXDOFDQFH'HPDQHUDTXHSUHVLRQ³DOD
LQPHGLDWRXQDPDQHUDSDUDDFDEDUFRQODYLGDGHOEDURQHWVLQTXHH[LVWLHUDHQ VH±RUD/\RQVSDUDTXHHVFULELHUDODFDUWDSLGLHQGRDODQFLDQRTXHOH
ODSU¡FWLFDODPHQRUSRVLELOLGDGGHGHVFXEULUDOFXOSDEOH FRQFHGLHUDXQDHQWUHYLVWDODQRFKHDQWHVGHHPSUHQGHUYLDMHD/RQGUHV\
OXHJRFRQIDOVDVUD]RQHVOHLPSLGL³DFXGLUORJUDQGRDVODRSRUWXQLGDGTXH
{&RQFHELGDODLGHD6WDSOHWRQSURFHGL³DOOHYDUODDODSU¡FWLFDFRQQRWDEOH HVSHUDEDGHVGHKDFDWDQWRWLHPSR
DVWXFLD8QLQWULJDQWHRUGLQDULRVHKDEUDGDGRSRUVDWLVIHFKRFRQXQDQLPDO
VXILFLHQWHPHQWHIHUR]/DXWLOL]DFL³QGHPHGLRVDUWLILFLDOHVSDUDFRQYHUWLUDO {$OUHJUHVDUGH&RRPEH7UDFH\DºOWLPDKRUDGHODWDUGHWXYRWLHPSRGHLUHQ
DQLPDOHQGLDE³OLFRIXHXQGHVWHOORGHJHQLRSRUVXSDUWH(OSHUURORDGTXLUL³ EXVFDGHOVDEXHVRHPEDGXUQDUORFRQVXSLQWXUDLQIHUQDO\OOHYDUORKDVWDHO
HQ/RQGUHVDFXGLHQGRDODILUPD5RVV\0DQJOHVTXHWLHQHVX SRUWLOORGRQGHWHQDEXHQDVUD]RQHVSDUDFRQILDUHQTXHHQFRQWUDUDDODQFLDQR
HVWDEOHFLPLHQWRHQ)XOKDP5RDG(UDHOP¡VIXHUWH\HOP¡VIHUR]GHTXH FDEDOOHUR(OSHUURLQFLWDGRSRUVXDPRVDOW³HOSRUWLOOR\SHUVLJXL³DO
GLVSRQDQ3DUDWUDQVSRUWDUORKDVWDHOS¡UDPR6WDSOHWRQXWLOL]³ODOQHDGH GHVJUDFLDGREDURQHWTXHKX\³GDQGRDODULGRVSRUHOSDVHRGHORV7HMRV(Q
IHUURFDUULOGHOQRUWHGH'HYRQ\UHFRUUL³OXHJRDSLHXQDJUDQGLVWDQFLDFRQHO HVHWºQHOWDQVRPEURWXYRTXHUHVXOWDUHVSHFLDOPHQWHKRUULEOHYHUDDTXHOOD
ILQGHQRGHVSHUWDUVRVSHFKDV3DUDHQWRQFHV\JUDFLDVDVXVH[SHGLFLRQHVDOD HQRUPHFULDWXUDQHJUDGHPDQGEXODVOXPLQRVDV\RMRVOODPHDQWHV
FD]DGHLQVHFWRV\DVHKDEDDGHQWUDGRHQODFL©QDJDGH*ULPSHQORTXHOH SHUVLJXLHQGRDJUDQGHVVDOWRVDVXYFWLPD6LU&KDUOHVFD\³PXHUWRDOILQDO
SHUPLWL³HQFRQWUDUXQHVFRQGLWHVHJXURSDUDHODQLPDO'HVSX©VGHLQVWDODUOR GHOSDVHRGHELGRDOWHUURU\DVXFRUD]³QHQIHUPR0LHQWUDVHOEDURQHWFRUUD
DOOHVSHU³DTXHVHOHSUHVHQWDUDXQDRSRUWXQLGDG SRUHOFDPLQRHOVDEXHVRVHKDEDPDQWHQLGRHQHOERUGHGHKLHUEDGHPDQHUD
TXHV³ORHUDQYLVLEOHVODVKXHOODVGHOVHUKXPDQR$OYHUORFDGRHLQP³YLOHV ODVQXHYDV\SRUFRQVLJXLHQWHVLQXWLOLGDGSDUDVXVSODQHV6WDSOHWRQKL]R
SUREDEOHTXHHODQLPDOVHDFHUFDUDDROHUORIXHGHVSX©VDOGHVFXEULUTXH HQWRQFHVTXHVHGHYROYLHUD\REWXYRRWUD8QLQFLGHQWHPX\LQVWUXFWLYR
HVWDEDPXHUWRFXDQGRDOGDUODYXHOWDSDUDPDUFKDUVHGHM³ODKXHOODHQOD SRUTXHPHGHPRVWU³VLQOXJDUDGXGDVTXHVHWUDWDEDGHXQVDEXHVRGH
TXHP¡VWDUGHKDEDGHUHSDUDUHOGRFWRU0RUWLPHU6WDSOHWRQOODP³DOSHUUR\ YHUGDGQLQJXQDRWUDH[SOLFDFL³QMXVWLILFDEDODDSUHPLDQWHQHFHVLGDGGH
VHDSUHVXU³DGHYROYHUORDVXJXDULGDHQODFL©QDJDGH*ULPSHQGHMDQGRDWU¡V FRQVHJXLUODERWDYLHMD\ODLQGLIHUHQFLDDQWHODQXHYD&XDQWRP¡VRXWU©\
XQPLVWHULRTXHGHVFRQFHUW³DODVDXWRULGDGHVDODUP³DWRGRVORVKDELWDQWHV JURWHVFRUHVXOWDXQLQFLGHQWHPD\RUHVODDWHQFL³QFRQTXHKD\TXH
GHOD]RQD\SURYRF³ILQDOPHQWHTXHVHVROLFLWDUDQXHVWUDFRODERUDFL³Q H[DPLQDUOR\HOSXQWRTXHP¡VSDUHFHFRPSOLFDUXQFDVRHVFXDQGRVH
HVWXGLDFRQFXLGDGR\VHPDQHMDGHPDQHUDFLHQWILFDHOTXHSURSRUFLRQD
{(VSRVLEOHTXH6WDSOHWRQLJQRUDVHDºQODH[LVWHQFLDGHOKHUHGHURTXHYLYD PD\RUHVSRVLELOLGDGHVGHHOXFLGDUOR
HQ&DQDG¡SHURHQFXDOTXLHUFDVRORVXSRPX\SURQWRGHODELRVGHVXDPLJR
HOGRFWRU0RUWLPHUTXHOHFRPXQLF³DGHP¡VWRGRVORVGHWDOOHVVREUHOD {$ODPD±DQDVLJXLHQWHUHFLELPRVODYLVLWDGHQXHVWURVDPLJRVVLHPSUH
OOHJDGDD/RQGUHVGH6LU+HQU\%DVNHUYLOOH HVSLDGRVSRU6WDSOHWRQGHVGHHOFRFKHGHSXQWR'DGRVVXFRQRFLPLHQWRGHO
VLWLRGRQGHYLYLPRV\WDPEL©QGHPLDVSHFWRDVFRPRSRUVXPDQHUDJHQHUDO
/DSULPHUDLGHDGH6WDSOHWRQIXHTXHHQOXJDUGHHVSHUDUDTXHVHSUHVHQWDUD GHFRPSRUWDUVHPHLQFOLQRDFUHHUTXHODFDUUHUDFULPLQDOGH6WDSOHWRQQRVH
HQ'HYRQVKLUHTXL]¡IXHUDSRVLEOHDFDEDUHQ/RQGUHVFRQODYLGDGHOMRYHQ UHGXMRDODVXQWRGH%DVNHUYLOOH5HVXOWDLQWHUHVDQWHVDEHUTXHGXUDQWHORVWUHV
H[WUDQMHUR&RPRGHVFRQILDEDGHVXHVSRVDGHVGHTXHVHQHJDUDDD\XGDUOHD ºOWLPRVD±RVVHKDQSURGXFLGRHQHVD]RQDFXDWURURERVFRQIUDFWXUDGH
WHQGHUXQDWUDPSDDODQFLDQREDURQHWQRVHDWUHYL³DGHMDUODVRODSRUWHPRUD FRQVLGHUDEOHLPSRUWDQFLD\TXHHQQLQJXQRGHORVFDVRVVHKDGHWHQLGRDORV
SHUGHUVXLQIOXHQFLDVREUHHOOD(VDHVODUD]³QGHTXHYLQLHUDQMXQWRVD FXOSDEOHV(OºOWLPRHQHOPHVGHPD\RFRQ)RONHVWRQH&RXUWFRPR
/RQGUHV6HDORMDURQVHJºQGHVFXEUHQHOKRWHOSULYDGR0H[ERURXJKHQ HVFHQDULRIXHQRWDEOHSRUTXHHOODGU³QHQPDVFDUDGRTXHDFWXDEDHQ
&UDYHQ6WUHHWXQRGHORVTXHGHKHFKRYLVLW³PLDJHQWHHQEXVFDGHSUXHEDV VROLWDULRGLVSDU³DVDQJUHIUDFRQWUDHOERWRQHVTXHORVRUSUHQGL³1RPH
6WDSOHWRQGHM³DOOHQFHUUDGDDVXHVSRVDPLHQWUDV©ORFXOWDQGRVXLGHQWLGDG FDEHODPHQRUGXGDGHTXH6WDSOHWRQUHQRYDEDGHHVHPRGRVXVPHQJXDGRV
EDMRXQDEDUEDVHJXDDOGRFWRU0RUWLPHUD%DNHU6WUHHW\P¡VWDUGHDOD UHFXUVRVHFRQ³PLFRV\TXHHUDGHVGHKDFDD±RVXQLQGLYLGXRGHVHVSHUDGR\
HVWDFL³Q\DOKRWHO1RUWKXPEHUODQG6XPXMHUWHQDEDUUXQWRVGHORVSODQHVGH VXPDPHQWHSHOLJURVR
VXPDULGRSHURHUDWDQWRVXWHPRUWHPRUIXQGDGRHQORVEUXWDOHVPDORV
WUDWRVDORVTXHODKDEDVRPHWLGRTXHQRVHDWUHYL³DHVFULELUSDUDDGYHUWLUD {/RVXFHGLGRDTXHOODPD±DQDHQTXHVHQRVHVFDS³WDQK¡ELOPHQWHDVFRPR
6LU+HQU\GHOSHOLJURTXHFRUUD6LODFDUWDFDDHQPDQRVGH6WDSOHWRQ VXDXGDFLDDOGHYROYHUPHPLSURSLRQRPEUHSRUPHGLRGHOFRFKHURHVXQ
WDPEL©QVXYLGDVHYHUDDPHQD]DGD)LQDOPHQWHFRPRVDEHPRVUHFXUUL³DO EXHQHMHPSORGHVXVPXFKRVUHFXUVRV$SDUWLUGHDTXHOPRPHQWRVDEHGRUGH
H[SHGLHQWHGHUHFRUWDUSDODEUDVLPSUHVDV\GHHVFULELUODGLUHFFL³Q TXHPHKDEDKHFKRFDUJRGHOFDVRHQ/RQGUHVFRPSUHQGL³TXHQRWHQD\D
GHIRUPDQGRODOHWUD(OPHQVDMHOOHJ³DPDQRVGHOEDURQHW\IXHHOSULPHU QLQJXQDSRVLELOLGDGGH©[LWRHQODPHWU³SROL\UHJUHV³D'DUWPRRUSDUD
DYLVRGHOSHOLJURTXHFRUUD HVSHUDUODOOHJDGDGHOEDURQHW
{6WDSOHWRQQHFHVLWDEDDOJXQDSUHQGDGHYHVWLUGH6LU+HQU\SDUDHQHOFDVR b8QPRPHQWRGLMH\R1RKD\GXGDGHTXHKDGHVFULWRXVWHG
GHTXHVHYLHUDREOLJDGRDUHFXUULUDOVDEXHVRGLVSRQHUGHORVPHGLRVTXHOH FRUUHFWDPHQWHODVXFHVL³QGHORVKHFKRVSHURKD\XQSXQWRTXHQRKD
SHUPLWLHUDQVHJXLUVXUDVWUR&RQODFHOHULGDG\ODDXGDFLDTXHOH PHQFLRQDGR4X©VHKL]RGHOVDEXHVRGXUDQWHODHVWDQFLDGHVXDPRHQ
FDUDFWHUL]DEDQSXVRGHLQPHGLDWRPDQRVDODREUD\QRFDEHGXGDGHTXH /RQGUHV"
VRERUQ³DOOLPSLDERWDVRDODFDPDUHUDGHOKRWHOSDUDTXHOHD\XGDUDQHQVX
HPSH±R&DVXDOPHQWHVLQHPEDUJRODSULPHUDERWDTXHFRQVLJXL³HUDXQDGH +HUHIOH[LRQDGRVREUHHVHDVXQWRSRUTXHQRKD\GXGDGHTXHWLHQH
LPSRUWDQFLD(VHYLGHQWHTXH6WDSOHWRQWHQDXQFRQILGHQWHDXQTXHQRHV
SUREDEOHTXHVHSXVLHUDSRUFRPSOHWRDVXPHUFHGFRPXQLF¡QGROHWRGRVVXV GHFDPSHVLQR
SODQHV(QODFDVD0HUULSLWKDEDXQDQFLDQRVLUYLHQWHOODPDGR$QWKRQ\6X
DVRFLDFL³QFRQORV6WDSOHWRQVHUHPRQWDDD±RVDWU¡VDORVWLHPSRVGHO 'HSHQGDGH©OSDUDODFRPLGD\ODVPXGDVGHURSD0LHQWUDV\RYLJLODEDD
FROHJLRSRUORTXHGHEDGHVDEHUTXHVXVH±RU\VXVH±RUDHUDQHQUHDOLGDG 6WDSOHWRQHUDIUHFXHQWHTXH&DUWZULJKWORYLJLODUDDXVWHGGHPDQHUDTXH
PDULGR\PXMHU(VWHKRPEUHKDGHVDSDUHFLGRKX\HQGRGHOSDV'HVHXVWHG FRQWURODEDWRGRVORVUHVRUWHV
FXHQWDGHTXH$QWKRQ\QRHVXQQRPEUHIUHFXHQWHHQ,QJODWHUUDPLHQWUDVTXH
$QWRQLRVORHVHQ(VSD±D\HQORVSDVHVDPHULFDQRVGHKDEODHVSD±ROD(VH {<DOHKHH[SOLFDGRTXHVXVLQIRUPHVPHOOHJDEDQHQVHJXLGDSRUTXHGH
LQGLYLGXRFRPRODPLVPDVH±RUD6WDSOHWRQKDEODEDLQJO©VFRUUHFWDPHQWH %DNHU6WUHHWORVHQYLDEDQLQPHGLDWDPHQWHD&RRPEH7UDFH\0HIXHURQGH
SHURFRQXQFXULRVRFHFHR7XYHRFDVL³QGHYHUF³PRHVHDQFLDQRFUX]DEDOD JUDQXWLOLGDG\HQHVSHFLDODTXHOIUDJPHQWRYHUGLFRGHODELRJUDIDGH
FL©QDJDGH*ULPSHQSRUHOFDPLQRTXH6WDSOHWRQPDUFDUD(VPX\SUREDEOH 6WDSOHWRQ$VSXGHDYHULJXDUODLGHQWLGDGGHODSDUHMD\VDEHUSRUILQDTX©
SRUWDQWRTXHHQDXVHQFLDGHVXVH±RUIXHVH©OTXLHQVHRFXSDUDGHOVDEXHVR FDUWDTXHGDUPH(OFDVRVHKDEDFRPSOLFDGREDVWDQWHGHELGRDOLQFLGHQWHGHO
DXQTXHTXL]¡VLQVDEHUQXQFDODILQDOLGDGSDUDODTXHVHORGHVWLQDED SUHVRIXJDGR\GHVXUHODFL³QFRQORV%DUU\PRUH7DPEL©QHVRORDFODU³XVWHG
GHPDQHUDPX\HILFD]DXQTXHSRUPLSDUWHKXELHUDOOHJDGRDODPLVPD
{$FWRVHJXLGRORV6WDSOHWRQUHJUHVDURQD'HYRQVKLUHVHJXLGRVPX\SRFR FRQFOXVL³Q
GHVSX©VSRU6LU+HQU\\XVWHG8QEUHYHFRPHQWDULRVREUHPLVLWXDFL³QHQ
DTXHOPRPHQWR4XL]¡FRQVHUYHXVWHGHOUHFXHUGRGHTXHFXDQGRH[DPLQ©HO {&XDQGRPHHQFRQWU³XVWHGHQHOS¡UDPRWHQD\DXQFRQRFLPLHQWRFRPSOHWR
SDSHOHQHOTXHHVWDEDQSHJDGDVODVSDODEUDVLPSUHVDVORHVWXGL©FRQJUDQ GHOFDVRSHURFDUHFDGHSUXHEDVTXHSXGLHUDQSUHVHQWDUVHDQWHXQMXUDGR1L
GHWHQLPLHQWRHQEXVFDGHODILOLJUDQD$OKDFHUORPHORDFHUTX©EDVWDQWH\ VLTXLHUDHOLQWHQWRFULPLQDOFRQWUD6LU+HQU\ODQRFKHHQTXHTXHG³WUXQFDGD
DGYHUWXQG©ELORORUDMD]PQ(OH[SHUWRHQFULPLQRORJDKDGHGLVWLQJXLUORV ODYLGDGHOGHVYHQWXUDGRSUHVRQRVKXELHUDVHUYLGRGHD\XGDSDUDDFXVDUD
VHWHQWD\FLQFRSHUIXPHVTXHVHFRQRFHQ\SRUORTXHDPLSURSLD 6WDSOHWRQGHDVHVLQDWR1RSDUHFDH[LVWLURWUDDOWHUQDWLYDTXHVRUSUHQGHUOR
H[SHULHQFLDVHUHILHUHODUHVROXFL³QGHP¡VGHXQFDVRKDGHSHQGLGRGHVX FRQODVPDQRVHQODPDVD\SDUDHOORWHQDPRVTXHXWLOL]DUFRPRFHERD6LU
U¡SLGDLGHQWLILFDFL³Q$TXHODURPDVXJHUDODSUHVHQFLDGHXQDGDPDSRUOR +HQU\VROR\VLQSURWHFFL³QHQDSDULHQFLD$VORKLFLPRV\DFRVWDGHXQ
TXHPLVVRVSHFKDVHPSH]DURQDGLULJLUVHKDFLDORV6WDSOHWRQ)XHDVF³PR WHUULEOHVREUHVDOWRSDUDQXHVWURFOLHQWHORJUDPRVFRURQDUQXHVWURWUDEDMR\
DYHULJ¼©ODH[LVWHQFLDGHOVDEXHVR\GHGXMH\DTXL©QHUDHODVHVLQRDQWHVGH SURYRFDUHOILQGH6WDSOHWRQ+HGHFRQIHVDUTXHVXSRQHXQGHVGRURSDUDPL
WUDVODGDUPHD'HYRQVKLUH IRUPDGHOOHYDUHOFDVRHOKHFKRGHTXH6LU+HQU\VHYLHUDH[SXHVWRD
VHPHMDQWHSHOLJURSHURFDUHFDPRVGHPHGLRVSDUDSUHYHUHODVSHFWRWHUULEOH
{0LMXHJRFRQVLVWDHQYLJLODUD6WDSOHWRQ(UDHYLGHQWHVLQHPEDUJRTXHQR \VREUHFRJHGRUTXHSUHVHQWDEDHODQLPDOFRPRWDPSRFRSRGDPRVSUHGHFLU
SRGDKDFHUOR\HQGRFRQXVWHGSRUTXHHQHVHFDVRPLKRPEUHHVWDUDVLHPSUH ODQLHEODTXHOHSHUPLWL³DSDUHFHUDQWHQRVRWURVFDVLGHLPSURYLVR
HQJXDUGLD'HPDQHUDTXHHQJD±©DWRGRVXVWHGLQFOXLGR\PHWUDVODG©
VHFUHWDPHQWHDOS¡UDPRFXDQGRVHGDEDSRUVHQWDGRTXHVHJXDHQ/RQGUHV /RJUDPRVQXHVWURREMHWLYRDXQFRVWRTXHVHJºQPHKDQDVHJXUDGRWDQWRHO
/RVDSXURVTXHSDV©QRIXHURQWDQJUDQGHVFRPRXVWHGLPDJLQDDXQTXH HVSHFLDOLVWDFRPRHOGRFWRU0RUWLPHUVHU¡V³ORPRPHQW¡QHR8QYLDMHODUJR
FXHVWLRQHVGHWDQSRFDLPSRUWDQFLDQRGHEHQQXQFDGLILFXOWDUODLQYHVWLJDFL³Q SHUPLWLU¡TXHQXHVWURDPLJRVHUHFXSHUHQRV³ORGHVXVQHUYLRVGHVWUR]DGRV
GHXQFDVR3DV©ODPD\RUSDUWHGHOWLHPSRHQ&RRPEH7UDFH\\ºQLFDPHQWH VLQRWDPEL©QGHVXVVHQWLPLHQWRVKHULGRV6XDPRUSRUODVH±RUD6WDSOHWRQHUD
XWLOLF©HOUHIXJLRQHROWLFRFXDQGRHUDQHFHVDULRHVWDUFHUFDGHOHVFHQDULRGHOD SURIXQGR\VLQFHUR\SDUD©OORP¡VWULVWHGHWRGRHVWHDVXQWRWDQWHQHEURVRHV
DFFL³Q TXHHOODORHQJD±DUD
&DUWZULJKWTXHPHKDEDDFRPSD±DGRPHIXHGHJUDQD\XGDFRQVXGLVIUD] {6³ORTXHGD\DGLOXFLGDUHOSDSHOGHODVH±RUD6WDSOHWRQ1RKD\GXGDGHTXH
VXPDULGRHMHUFDVREUHHOODXQDLQIOXHQFLDTXHSXHGHKDEHUVLGRDPRU
PLHGRRPX\SRVLEOHPHQWHDPEDVFRVDVGDGRTXHQRVRQGHVGHOXHJR ODYFWLPDHOPLHGRSRGDDOPHQRVSDUDOL]DUODGHPDQHUDTXHQRRIUHFLHVH
VHQWLPLHQWRVLQFRPSDWLEOHV(QFXDOTXLHUFDVRHVDLQIOXHQFLDHUD UHVLVWHQFLD
DEVROXWDPHQWHHILFD]$ORUGHQ¡UVHOR©OFRQVLQWL³HQKDFHUVHSDVDUSRUVX
KHUPDQDDXQTXHWDPEL©QHVFLHUWRTXH6WDSOHWRQGHVFXEUL³ORVOPLWHVGHVX 6LQGXGD4XHGDWDQV³ORXQDGLILFXOWDG6L6WDSOHWRQKXELHVHOOHJDGRD
SRGHUFXDQGRTXLVRFRQYHUWLUODHQF³PSOLFHGHXQDVHVLQDWR%HU\OHVWDED WRPDUSRVHVL³QGHODKHUHQFLDF³PRKDEUDH[SOLFDGRHOKHFKRGHTXH©OHO
GLVSXHVWDDSUHYHQLUD6LU+HQU\DXQTXHVLQGHVFXEULUDVXPDULGR\WUDW³GH KHUHGHURKXELHVHYLYLGRVLQGDUVHDFRQRFHU\FRQRWURQRPEUHHQXQOXJDU
KDFHUORXQD\RWUDYH](VHYLGHQWHTXHWDPEL©Q6WDSOHWRQHUDFDSD]GHVHQWLU WDQSU³[LPRDODPDQVL³QGHORV%DVNHUYLOOH"&³PRSRGUDUHFODPDUOD
FHORVGHPDQHUDTXHFXDQGRYLRF³PRHOEDURQHWFRUWHMDEDDVXHVSRVDSHVH KHUHQFLDVLQGHVSHUWDUVRVSHFKDVQLSURYRFDULQYHVWLJDFLRQHV"
DTXHIRUPDEDSDUWHGHVXSODQQRSXGRHYLWDULQWHUUXPSLUHOLGLOLRFRQXQ
HVWDOOLGRGHSDVL³QTXHSXVRGHPDQLILHVWRHODOPDIRJRVDTXHWDQLQWHOLJHQWH 6HWUDWDGHXQSUREOHPDPX\DUGXR\WHPRTXHHVSHUDXVWHGGHPDVLDGRDO
PHQWHHVFRQGDEDMRVXVPRGDOHVUHVHUYDGRV$OIRPHQWDUODLQWLPLGDGHQWUH SHGLUPHTXHORVROXFLRQH(OSDVDGR\HOSUHVHQWHVHKDOODQGHQWURGHOFDPSR
DPERVVHDVHJXUDEDGHTXH6LU+HQU\DFXGLHUDFRQIUHFXHQFLDDODFDVD GHPLVLQYHVWLJDFLRQHVSHURORTXHXQDSHUVRQDYD\DDKDFHUHQHOIXWXURHV
0HUULSLW\GHTXHP¡VSURQWRRP¡VWDUGHVHSUHVHQWDVHODRSRUWXQLGDGTXH DOJRPX\GLIFLOGHSUHYHU/DVH±RUD6WDSOHWRQR\³DVXPDULGRDQDOL]DUHO
HVSHUDED(OGDGHODFULVLVGHILQLWLYDVLQHPEDUJRVXPXMHUVHUHYROYL³ SUREOHPDHQYDULDVRFDVLRQHV(UDQWUHVODVVROXFLRQHVSRVLEOHV3RGD
LQHVSHUDGDPHQWHFRQWUD©O+DEDOOHJDGRDVXVRGRVODQRWLFLDGHODPXHUWH UHFODPDUODSURSLHGDGGHVGH$P©ULFDGHO6XUGHPRVWUDUVXLGHQWLGDGDQWHODV
GH6HOGHQ\QRLJQRUDEDODQRFKHHQTXHKDEDQLQYLWDGRD6LU+HQU\D DXWRULGDGHVFRQVXODUHVEULW¡QLFDV\REWHQHUDVODIRUWXQDVLQDSDUHFHUQXQFD
FHQDUTXHHOVDEXHVRHVWDEDHQXQDGHODVGHSHQGHQFLDVGHODFDVD%HU\O SRU,QJODWHUUDSRGDWDPEL©QDGRSWDUXQGLVIUD]TXHORKLFLHUDLUUHFRQRFLEOH
DFXV³DVXPDULGRGHTXHUHUDVHVLQDUDOEDURQHW\HVRSURYRF³XQDHVFHQD GXUDQWHHOEUHYHSHULRGRGHWLHPSRTXHQHFHVLWDVHSHUPDQHFHUHQ/RQGUHV\
YLROHQWDGXUDQWHODFXDO6WDSOHWRQUHYHO³SRUYH]SULPHUDDVXPXMHUTXH ILQDOPHQWHSRGDVXPLQLVWUDUDXQF³PSOLFHODVSUXHEDV\ORVGRFXPHQWRV
WHQDXQDULYDO/DILGHOLGDGGHODVH±RUD6WDSOHWRQVHWUDQVIRUP³ KDFL©QGRORSDVDUSRUHOKHUHGHURSHURUHWHQLHQGRHOGHUHFKRDXQSRUFHQWDMH
LQPHGLDWDPHQWHHQRGLRLQWHQVR\QXHVWURKRPEUHFRPSUHQGL³TXHVXPXMHU GHVXVLQJUHVRV3RUORTXHVDEHPRVGH©OWHQHPRVODVHJXULGDGGHTXHKDEUD
HVWDEDGLVSXHVWDDWUDLFLRQDUOR(QWRQFHVSURFHGL³DDWDUODSDUDTXHQR HQFRQWUDGRDOJºQPRGRGHVROXFLRQDUHVHSUREOHPD<DKRUDPLTXHULGR
SXGLHUDDYLVDUD6LU+HQU\VLQSHUGHUODHVSHUDQ]DGHTXHFXDQGRWRGRVORV :DWVRQSHUPWDPHGHFLUOHTXHOOHYDPRVYDULDVVHPDQDVWUDEDMDQGRFRQ
KDELWDQWHVGHOD]RQDDWULEX\HVHQODPXHUWHGHOEDURQHVDODPDOGLFL³Q PXFKDLQWHQVLGDG\TXHSRUXQDYH]QRHVWDUDGHP¡VTXHQRVRFXS¡UDPRV
IDPLOLDUFRPRVLQGXGDVXFHGHUDVXPXMHUDFHSWDUDORVKHFKRVFRQVXPDGRV GHFRVDVP¡VSODFHQWHUDV7HQJRXQSDOFRSDUD/HV+XJXHQRWV+DRGR
\JXDUGDVHVLOHQFLRVREUHORTXHVDED3RUORTXHDHVRVHUHILHUHWHQJROD XVWHGDORV'H5HV]NH"
LPSUHVL³QGHTXHFDOFXO³PDO\TXHDXQVLQFRQWDUFRQQXHVWUDSUHVHQFLDVX
FDGDHUDLQHYLWDEOH8QDPXMHUGHVDQJUHHVSD±RODQRSHUGRQDI¡FLOPHQWH /HLPSRUWDUDHQHVHFDVRHVWDUOLVWRGHQWURGHPHGLDKRUDSDUDTXH
VHPHMDQWHDIUHQWD<\DPLTXHULGR:DWVRQQRHVWR\HQFRQGLFLRQHVGH SRGDPRVGHWHQHUQRVHQ0DUFLQL
VGHFDPLQRKDFLDHOWHDWUR\WRPDUXQ
KDFHUOHXQUHODWRP¡VGHWDOODGRGHHVWHLQWHUHVDQWVLPRFDVRVLQUHFXUULUDPLV ERFDGRDQWHVGHODUHSUHVHQWDFL³Q"
DQRWDFLRQHV,JQRURVLKDTXHGDGRVLQH[SOLFDUDOJRHVHQFLDO
-DQWHQRU\(GZDUGEDMRORVKHUPDQRV'H
6WDSOHWRQWHQDTXHVDEHUTXHQRLEDDVHUSRVLEOHPDWDUD6LU+HQU\GH 5HV]NHQDFLGRVHQ9DUVRYLDFDQWDURQMXQWRVHQDOJXQDVGHODV
PLHGRFRQHOVDEXHVRIDOVDPHQWHLQIHUQDOFRPRVXFHGLHUDHQHOFDVRGHVX UHSUHVHQWDFLRQHVGH/HV+XJXHQRWVOD³SHUDGH0H\HUEHHUHVWUHQDGDHQ
WR 3DUVHQ
(UDXQSHUURPX\IHUR]\HVWDEDKDPEULHQWR6LVXDSDULHQFLDQRDFDEDEDFRQ
b*UDFLDVSRUOHHUHVWHOLEURGH
ZZZHOHMDQGULDFRP
'HVFXEUHQXHVWUDFROHFFL³QGHREUDVGHGRPLQLRSºEOLFR
HQFDVWHOODQRHQQXHVWUDZHE