(OLQH6QHO
75$148,/26<$7(1726&20281$5$1$
/DPHGLWDFL³QSDUDORVQL±RVߨFRQVXVSDGUHV
3U³ORJRGH&KULVWRSKH$QGU©
 7­WXORRULJLQDO67,/=,77(1$/6((1.,..(5
0LQGIXOQHVVYRRUNLQGHUHQ MDDU
j8LWJHYHULM7HQ+DYH
j0DUF%RXWDYDQW LOXVWUDFLRQHV 
j4XLQWLQ/HHGV PDTXHWD 
jGHODHGLFL³QHQFDVWHOODQRE\(GLWRULDO.DLU³V6$
ZZZHGLWRULDONDLURVFRP
/LEURSXEOLFDGRFRQODDXWRUL]DFL³QGHOD/LWHUDU\$JHQF\:DQGHO&UXVH3DULV
)RWR+HQN-DQVHQ)RWR+HQN-DQVHQ)RWR'5
)RWR:LPYDQ'LMN)RWR4XLQWLQ/HHGV
)RWR:LPYDQ'LMN)RWR:LPYDQ'LMN
)RWR:LPYDQ'LMN)RWR+HQN-DQVHQ
jGHODWUDGXFFL³Q07HUHVD3DORPDV
3ULPHUDHGLFL³QHQSDSHO-XQLR
3ULPHUDHGLFL³QHQGLJLWDO-XOLR
,6%1HQSDSHO
,6%1HSXE
,6%1.LQGOH
,6%1*RRJOH
'HS³VLWROHJDO%
&RPSRVLFL³Q3DEOR%DUULR
7RGRVORVGHUHFKRVUHVHUYDGRV
&XDOTXLHU IRUPD GH UHSURGXFFL³Q GLVWULEXFL³Q FRPXQLFDFL³Q SºEOLFD R WUDQVIRUPDFL³Q GH HVWD REUD
VRORSXHGHVHUUHDOL]DGDFRQODDXWRUL]DFL³QGHVXVWLWXODUHVVDOYRH[FHSFL³QSUHYLVWDSRUODOH\'LU­MDVHD
&('52 &HQWUR (VSD±RO GH 'HUHFKRV 5HSURJU¡ILFRVZZZFHGURRUJ  VL QHFHVLWD DOJºQ IUDJPHQWR GH
HVWDREUD
l/RVQL±RVQRWLHQHQQLSDVDGRQLIXWXUR>ߨ@GLVIUXWDQHOSUHVHQWH{
-($1'(/$%58<ˆ5(/HVFDUDFW¨UHV
 680$5,2



 35()$&,2GH&$QGU©
 ,1752'8&&,“1

 4X©KDFHVVLWXFXHUSRTXLHUHGRUPLU\WXFDEH]DWRGDY­DQR"
 4X©HVHOPLQGIXOQHVV"
 3RUTX©PLQGIXOQHVVSDUDQL±RV"
 /RTXHVHDSUHQGHHQODFXQDVLHPSUHGXUD
 3DUD TX© WLSR GH QL±RV VRQ DSURSLDGRV ORV HMHUFLFLRV GH
PLQGIXOQHVV"

 /263$'5(60,1')8/

 1RSXHGHVGHWHQHUODVRODV
 $SUHQGHUDVXUIHDU
 6XUIHDUFD\HQGR\OHYDQW¡QGRVH
 $FHSWDFL³QSUHVHQFLD\FRPSUHQVL³Q
 (PSHFHPRVSHURF³PR"
 &RQVHMRVSDUDSUDFWLFDUFRQODVHFFL³QGHDXGLR

 /$$7(1&,“1&20,(1=$&21/$5(63,5$&,“1

 /DDWHQFL³QHQODUHVSLUDFL³QSXHGHD\XGDU
 &RQODDWHQFL³QGHXQDUDQD
 &RQVHMRV\UHFRPHQGDFLRQHV
 &RQVHMRVSDUDFDVD

 (/(175(1$0,(172'(/0š6&8/2'(/$$7(1&,“1

 <RYHQJRGH0DUWH
 2EVHUYDUFRQPHQWHDELHUWD
 &RQVHMRVSDUDFDVD

 '(78&$%(=$$78&8(532

 (VFXFKDUODVVH±DOHVGHWXFXHUSR
  /­PLWHV
 (VWLUDU\DODUJDUPLHQWUDVUHVSLUDV
 7UDQTXLO­]DWHUHO¡MDWHXQPRPHQWR
 (OFXHQWRGHODDUGLOODHQIHUPD
 &RQVHMRVSDUDFDVD

 6($9(&,1$7250(17$

 4X©WLHPSRHVW¡KDFLHQGRSRUGHQWUR"
 (OSDUWHPHWHRURO³JLFRSHUVRQDO
 (MHUFLFLRHOSDUWHPHWHRURO³JLFRSHUVRQDO
 &RQVHMRVSDUDFDVD

 0$1(-$5/266(17,0,(1726',)&,/(6

 /RVVHQWLPLHQWRVGLI­FLOHVQRH[LVWHQ
 6HUHOGXH±RGHWXVHQIDGRV
 (QWUDU\VDOLUGHOUHPROLQR
 &RQVHMRVSDUDFDVD

 /$)%5,&$'(/$635(2&83$&,21(6

 4X©VRQUHDOPHQWHORVSHQVDPLHQWRV"
 7LHQHODI¡EULFDGHODVSUHRFXSDFLRQHVXQPRPHQWRGHGHVFDQVR"
3XHGHVFHVDUHOIOXMRGHWXVSHQVDPLHQWRV"
 /DREVHUYDFL³QGHORVSHQVDPLHQWRV
 4X©HVORTXHDYHFHVWHSUHRFXSD"
 (MHUFLFLRSULPHURVDX[LOLRVHQFDVRGHSUHRFXSDFLRQHV
 &RQVHMRSDUDFDVD

 6(5$0$%/((6',9(57,'2

 $\XGDHOGHIHQGHUVH"
 /DKLVWRULDGHODVHUSLHQWH
 /DDPDELOLGDGSXHGHSUDFWLFDUVH
 &RQVHMRVSDUDFDVD

 3$&,(1&,$&21),$1=$<62/7$5

 4X©LPSOLFDHOGHVHR"
 (OFLQHLQWHULRU
 9LVXDOL]DUXQGHVHRIHUYLHQWHPHQWH
  3DFLHQFLDFRQILDQ]D\VROWDU
 (MHUFLFLRHO¡UEROGHORVGHVHRV
 6ROWDU
 /DKLVWRULDGHOFKLFRTXHTXHU­DVXUIHDU


 $JUDGHFLPLHQWRV

 %LEOLRJUDI­D

 $FHUFDGHODDXWRUD

 'LUHFFLRQHVºWLOHV

 (MHUFLFLRVFRQDXGLR


 35()$&,2


$VRFLDPRV I¡FLOPHQWH OD LQIDQFLD FRQ OD GHVSUHRFXSDFL³Q 3HUR FRPR QRV
UHFXHUGDODIUDVHGH/D%UX\¨UHDPRGRGHHS­JUDIHODGHVSUHRFXSDFL³QWDPEL©QHV
XQDLQWHOLJHQFLDLQWXLWLYDYLYLULQWHQVDPHQWHHOPRPHQWRSUHVHQWH(QHVWHVHQWLGR
ORVQL±RVWLHQHQGHPDQHUDQDWXUDOXQDJUDQFDSDFLGDGHVSRQW¡QHDGHPLQGIXOQHVV
TXH FRQWULEX\H D SURSRUFLRQDUOHV XQD H[LVWHQFLD P¡V OLJHUD \ P¡V IHOL] TXH OD
QXHVWUD
(OPLQGIXOQHVVHVODDSWLWXGGHODPHQWHSDUDSUHVWDUDWHQFL³QDORTXHKD\DTX­\
DKRUDHVWDQGRWRWDOPHQWHFRQVFLHQWHVGHFDGDPRPHQWRTXHYLYLPRV5HSUHVHQWDOD
EDVH GH QXPHURVRV HQIRTXHV PHGLWDWLYRV HQ ORV TXH DSUHQGHPRV D SURWHJHUOR D
GHVDUUROODUOR \ D FRQVROLGDUOR>@ (VWXGLRV FLHQW­ILFRV UHFLHQWHV KDQ UHVDOWDGR VX
HILFDFLD>@\FDGDYH]HVP¡VXWLOL]DGRHQPHGLFLQD>@\HQSVLFRWHUDSLD>@
(Q SULQFLSLR ORV QL±RV VRQ SHTXH±RV PDHVWURV HQ PDWHULD GH PLQGIXOQHVV 0¡V
DGHODQWH VH KDU¡Q PD\RUHV DSUHQGHU¡Q D DQWLFLSDU ODV FRVDV D YROYHU DO SDVDGR$
PHGLGD TXH PDGXUHQ FRQ UHVSHFWR D ODV DSWLWXGHV FHUHEUDOHV VX PHQWH KDU¡ XQ
FRQVLGHUDEOHVDOWRKDFLDGHODQWHQRVRORHQFXDQWRDOUHQGLPLHQWRVLQRWDPEL©QHQ
FXDQWR D OD FDSDFLGDG GH VXIULU $V­ OR GLFH HO (FOHVLDVW©V l4XLHQ FUHFH HQ
H[SHULHQFLDDXPHQWDVXGRORU{
3RFRDSRFRODPD\RU­DGHFKLFRV\FKLFDVLU¡QSHUGLHQGRRP¡VELHQGHMDU¡QGH
XWLOL]DU VX YDOLRVD SUHGLVSRVLFL³Q DO PLQGIXOQHVV 1R KDFH IDOWD GHFLU TXH SRGU¡Q
DSUHQGHUDFXOWLYDUORGHQXHYRFXDQGRVHDQDGXOWRV3HURDOILQ\DOFDERQRVHU­D
P¡VVLPSOH\O³JLFRD\XGDUOHVDSUHVHUYDU\DFXOWLYDUHVWHYDORUPDUDYLOORVR"
(VWHOLEURRVKDFHHVWHRIUHFLPLHQWR
3XHGHQPHGLWDUORVQL±RV"


+DVWD KDFH UHODWLYDPHQWH SRFRV D±RV OD PHGLWDFL³Q SDUD QL±RV HUD XQ FDPSR
SU¡FWLFDPHQWHLQH[SORUDGR
3RUXQODGRVHFUH­DTXHVHWUDWDEDGHXQSURFHVRGHPDVLDGRGLI­FLO\GHPDVLDGR
ߡLQWHOHFWXDOߢ$FWXDOPHQWHVDEHPRVTXHSDUDTXHXQP©WRGRGHPHGLWDFL³QVHDºWLO
QR WLHQH SRU TX© VHU QHFHVDULDPHQWH FRPSOLFDGR (V OR TXH VXFHGH FRQ HO
PLQGIXOQHVV HV XQ LQVWUXPHQWR VLPSOH \ SRGHURVR 7DPEL©Q VH KD OOHJDGR D OD
FRQFOXVL³QGHTXHORVQL±RVVRQPX\FDSDFHVGHWHQHUDVXPDQHUDXQDYLGDLQWHULRU
DXW©QWLFD \ SURIXQGD $GHP¡V FRQWUDULDPHQWH D OR TXH VH DFRVWXPEUD D FUHHU OD
PHGLWDFL³Q GH PLQGIXOQHVV SRQH PXFKD DWHQFL³Q HQ HO FXHUSR \ ORV QL±RV
FRPSUHQGHQSHUIHFWDPHQWHHOOHQJXDMHFRUSRUDO
3RURWURODGRVHSHQVDEDTXHQRWHQ­DQQHFHVLGDGGHPHGLWDU\DTXHQRVXIU­DQ
QR VH DQJXVWLDEDQ R PX\ SRFRߨ b2WUR HUURU /RV HVWDGRV GH ¡QLPR GRORURVRV
H[LVWHQUHDOPHQWHHQODLQIDQFLDVLHQGRQHFHVDULRHYLWDUXQGREOHSHOLJURWDQWRHOGH
LJQRUDUORV FRPR HO GH VREUHPHGLFDUORV R SVLFRORJL]DUORV HQ H[FHVR SXHV SDUD
SRQHUOHV UHPHGLR KD\ RWURV HQIRTXHV VXDYHV HFRO³JLFRV \ GHO WRGR HILFDFHV HV HO
FDVRGHOPLQGIXOQHVV
$KRUD PLVPR ORV HVWXGLRV TXH VH LQWHUHVDQ SRU ORV QL±RV VRQ FDGD YH] P¡V
QXPHURVRV>@ &RQFLHUQHQ HO HTXLOLEULR HPRFLRQDO>@ ODV FDSDFLGDGHV GH
UHVLOLHQFLD>@ OD FDOLGDG GH ORV LQWHUFDPELRV IDPLOLDUHV>@ \ ODV FDSDFLGDGHV GH
DWHQFL³Q HVSHFLDOPHQWH HQ FXDQWR DO WUDEDMR HVFRODU>@ \ D ORV DSUHQGL]DMHV>@
3RU VXSXHVWR TXH WDPEL©Q VH KD KHFKR PDQLILHVWR HO LQWHU©V ߙKDVWD PH DWUHYHU­D D
GHFLU OD QHFHVLGDGߙ GH TXH LQFOXVR ORV PLVPRV SURJHQLWRUHV SUDFWLTXHQ HO
PLQGIXOQHVV>@
3RUTX©KHPRVGHDQLPDUDPHGLWDUDQXHVWURVKLMRV"


3RU OR WDQWR HO HQVH±DU PLQGIXOQHVV D QXHVWURV KLMRV VHU­D XQD LGHD H[FHOHQWH
b8QDP¡V3HURQRQRVHVWDPRVFRQYLUWLHQGRHQXQRVSHUIHFFLRQLVWDVHQIHUPL]RV\
H[LJHQWHV FRQ QXHVWURV KLMRV" &RQ WDQWR GHVHDUOHV OR PHMRU QR ORV HVWDPRV
DKRJDQGRFRQGHPDVLDGDVDFWLYLGDGHVDUW­VWLFDVGHSRUWLYDVHVFRODUHVߨ"
(QFLHUWRPRGRHOORHVYHUGDGSHURHOPLQGIXOQHVVQRHVXQDߡDFWLYLGDGߢFRPRODV
RWUDV(VDOJRPXFKRP¡VDPELFLRVR
(YLGHQWHPHQWHHOPLQGIXOQHVVSXHGHVHUGHJUDQD\XGDSDUDORVQL±RVTXHHVW¡Q
GHPDVLDGR HVWUHVDGRV GHPDVLDGR GLVSHUVRV GHPDVLDGR DQJXVWLDGRV SDUD TXH
YXHOYDQ D HQFRQWUDU VX FHQWUR \ WUDQTXLOL]DUVH &LHUWDPHQWH OHV SXHGH SHUPLWLU
GHIHQGHUVHGHORVDQXQFLRVSXEOLFLWDULRVGHODVLQWHUUXSFLRQHV\GHORVRWURVH[FHVRV
GHHVWLPXODFL³QSURSLRVGHOHVWLORGHODYLGDPRGHUQD WDQW³[LFRVSDUDODPHQWH\D
VHDPRVDGXOWRV>@RFULDWXUDV>@VREUHWRGRVLHVWDPRVH[SXHVWRVDORVPLVPRV
VLQGLVFHUQLPLHQWR\VLQPRGHUDFL³Q 
(OPLQGIXOQHVVHVXQDKHUUDPLHQWDSDUDD\XGDUDQXHVWURVKLMRVDHQIUHQWDUVHFRQ
WRGR HVWR 3HUR SXHGH LU DºQ PXFKR P¡V OHMRV SXHGH D\XGDUOHV D DGTXLULU P¡V
KXPDQLGDG $ QR FRQYHUWLUVH VRODPHQWH HQ WUDEDMDGRUHV \ FRQVXPLGRUHV VLQR D
FXOWLYDU GHVGH PX\ SURQWR ODV FDSDFLGDGHV GH SUHVHQFLD HQ HO PXQGR \ D WRPDU
FRQFLHQFLDGHORKHUPRVR\IU¡JLOTXHHVWHHV
l(O QL±R HV HO SDGUH GHO KRPEUH{ HVFULE­D HO SRHWD LQJO©V :RUGVZRUWK
3HUVRQDOPHQWH HVWR\ SHUVXDGLGR bWRGR \ TXH GH PRPHQWR QR WHQJR SUXHEDV QL
HVWXGLRV SDUD DGHODQWDURV  GH TXH HO PLQGIXOQHVV SXHGH D\XGDU D QXHVWURV KLMRV D
FRQYHUWLUVHHQDGXOWRVPHMRUHV
0LQGIXOQHVV\KXPDQLGDGSOHQD


&XDQGRHUDMRYHQFLWRPHHQFDQWDEDFRJHUODELFLFRUUHUVRORDWUDY©VGHOFDPSR
GHWHQHUPH HQ XQ SUDGR R HQ XQ FODUR \ HFKDUPH VREUH OD KLHUED YLHQGR SDVDU ODV
QXEHVSRUHOFLHOR0HSRG­DTXHGDUDV­KRUDV\KRUDVSUDFWLFDQGRPLQGIXOQHVVVLQ
QLVLTXLHUDVDEHUOR
0H SDUHFH TXH HVWRV PRPHQWRV PH PDUFDURQ GH PDQHUD GHFLVLYD &UHR TXH VL
KXELHUD SDVDGR XQ WLHPSR HTXLYDOHQWH GHODQWH GH OD SDQWDOOD GHO WHOHYLVRU GH OD
FRQVRODRGHORUGHQDGRUQXQFDKDEU­DVLGRFRPRVR\
0H SDUHFH TXH WDQWR VL VRPRV SDGUHV FRPR HGXFDGRUHV KHPRV GH RIUHFHU D ORV
QL±RV OD SRVLELOLGDG GH YLYLU PRPHQWRV SDUHFLGRV 3DUD WHUPLQDU FUHR TXH HV
IXQGDPHQWDOSDUDHOORVSDUDHOUHVWRGHOPXQGR\SDUDQXHVWURSODQHWD
+DFH XQRV D±RV GHVFXEU­ TXH OD IUDVH lHO QL±R HV HO SDGUH GHO KRPEUH{ TXH
PHQFLRQDEDP¡VDUULEDILJXUDEDHQXQRGHORVSRHPDVGH:RUGVZRUWKTXHWUDGX]FR
VHJXLGDPHQWH

0\KHDUWOHDSVXSZKHQ,EHKROG$UDLQERZLQWKHVN\6RZDVLWZKHQ
P\OLIHEHJDQ6RLVLWQRZ,DPDPDQ6REHLWZKHQ,VKDOOJURZROG2U
OHWPHGLH7KH&KLOGLVIDWKHURIWKH0DQ$QG,FRXOGZKLVKP\GD\VWR
EH%RXQGHDFKWRHDFKE\QDWXUDOSLHW\


0L FRUD]³Q HVWDOOD FXDQGR FRQWHPSOR HO DUFR LULV HQ HO FLHOR DV­ IXH
FXDQGR FRPHQF© D YLYLU DV­ HV DKRUD TXH VR\ XQ KRPEUH TXH VHD DV­
FXDQGRHQYHMH]FDbR GHMDGPH PRULU (O 1L±R HV HO SDGUH GHO +RPEUH \
GHVHDU­DTXHPLVG­DVHVW©QOLJDGRVXQRDXQRSRUODSLHGDGQDWXUDO

(OPLQGIXOQHVVQRVOOHYDKDFLDHVWDߡSLHGDGQDWXUDOߢKDFLDHOUHVSHWRDODYLGD \D
QRVRWURVPLVPRV \DWHQHUODFDSDFLGDGGHPDUDYLOODUQRV
&XDQGR D\XGDPRV D QXHVWURV KLMRV D YLYLU P¡V IUHFXHQWHPHQWH HQ HVWDGR GH
PLQGIXOQHVV ORV DSR\DPRV PXFKR P¡V GH OR TXH SHQVDPRV <D TXH DV­ OHV
D\XGDPRVDSUHVHUYDUWRGDVODVFDSDFLGDGHVGHODKXPDQLGDG3UDFWLFDUFRQHOORVORV
HMHUFLFLRV TXH VH GHVFULEHQ HQ HO OLEUR \ YLYLU D VX ODGR PRPHQWRV GH PLQGIXOQHVV
UHSUHVHQWDVLQOXJDUDGXGDVXQRGHORVPHMRUHVUHJDORVTXHSRGHPRVKDFHUOHV8Q
UHJDORTXHSRGU¡QXVDUWRGDVXYLGD

&+5,6723+($1'5‰ HV P©GLFR SVLTXLDWUD HQ HO +RVSLWDO GH 6DLQWH$QQH GH

3DU­V
(QWUHVXVSXEOLFDFLRQHVGHVWDFD0HGLWDUG­DDG­DOHFFLRQHVSDUDYLYLUHQ
PLQGIXOQHVV%DUFHORQD.DLU³V
1RWDVGHO3UHIDFLR


>@ 7LFK 1KDW +DQK/H PLUDFOH GH OD SOHLQH FRQVFLHQFH /ߞ(VSDFH %OHX 
>9HUVL³Q HQ FDVWHOODQR&³PR ORJUDU HO PLODJUR GH YLYLU GHVSLHUWR %DUFHORQD
(GLFLRQV&HGHO@
>@5RVHQIHOG)0©GLWHUFߞHVWVHVRLJQHU/HV$U¨QHV
>@.DEDW=LQQ-$XFRHXUGHODWRXUPHQWHODSOHLQHFRQVFLHQFH'H%RHFN
>9HUVL³Q HQ FDVWHOODQR(O SRGHU GH OD DWHQFL³Q  OHFFLRQHV VREUH PLQGIXOQHVV
%DUFHORQD(GLWRULDO.DLU³V@
>@ 6HJDO =HW DO /D 7K©UDSLH FRJQLWLYH EDV©H VXU OD SOHLQH FRQVFLHQFH SRXU OD
G©SUHVVLRQ 'H %RHFN  >9HUVL³Q HQ FDVWHOODQR7HUDSLD FRJQLWLYD GH OD
GHSUHVL³Q EDVDGD HQ OD FRQFLHQFLD SOHQD %LOEDR (GLWRULDO 'HVFO©H GH %URXZHU
@
>@ %XUNH & $ ߡ0LQGIXOQHVVEDVHG DSSURDFKHV ZLWK FKLOGUHQ DQG DGROHVFHQWV D
SUHOLPLQDU\UHYLHZRIFXUUHQWUHVHDUFKLQDQHPHUJHQWILHOGߢ-RXUQDORI&KLOGDQG
)DPLO\6WXGLHVQºPS
>@ 6HPSOH 5 -HW DO ߡ7UHDWLQJ DQ[LHW\ ZLWK PLQGIXOQHVV DQ RSHQ WULDO RI
PLQGIXOQHVV WUDLQLQJ IRU DQ[LRXV FKLOGUHQߢ-RXUQDO RI &RJQLWLYH 3V\FKRWKHUDS\
QºP  S
>@ ߙ ߡ$ UDQGRPL]HG WULDO RI PLQGIXOQHVVEDVHG FRJQLWLYH WKHUDS\ IRU FKLOGUHQ
SURPRWLQJ PLQGIXO DWWHQWLRQ WR HQKDQFH VRFLDOHPRWLRQDO UHVLOLHQF\ LQ FKLOGUHQߢ
-RXUQDORI&KLOGDQG)DPLO\6WXGLHVQºPS
>@5H\QROGV'ߡ0LQGIXOSDUHQWLQJDJURXSDSSURDFKHQKDQFLQJUHIOHFWLYHFDSDFLW\
LQSDUHQWVDQGLQIDQWVߢ-RXUQDORI&KLOG3V\FKRWKHUDS\QºP  S

>@ +XSSHUWD )$ -RKQVRQ ' 0 ߡ$ FRQWUROOHG WULDO RI PLQGIXOQHVV WUDLQLQJ LQ
VFKRROV 7KH LPSRUWDQFH RI SUDFWLFH IRU DQ LPSDFW RQ ZHOOEHLQJߢ-RXUQDO RI
3RVLWLYH3V\FKRORJ\QºP  S
>@)ORRN/HWDOߡ(IIHFWVRIPLQGIXODZDUHQHVVSUDFWLFHVRQH[HFXWLYHIXQFWLRQV
LQ HOHPHQWDU\ VFKRRO FKLOGUHQߢ-RXUQDORI$SSOLHG6FKRRO3V\FKRORJ\QºP
S
>@ &RDWVZRUWK - 'HW DO ߡ&KDQJLQJ SDUHQWߞV PLQGIXOQHVV FKLOG PDQDJHPHQW
VNLOOV DQG UHODWLRQVKLS TXDOLW\ ZLWK WKHLU \RXWK UHVXOWV IURP D UDQGRPL]HG SLORW
LQWHUYHQWLRQWULDOߢ-RXUQDORI&KLOGDQG)DPLO\6WXGLHVQºPS
>@.DVVHU77KH+LJK3ULFHRI0DWHULDOLVP0,73UHVV
>@%DNDQ-1RVHQIDQWVQHVRQWSDV YHQGUH&RPPHQWOHVSURW©JHUGXPDUNHWLQJ
/HV$U¨QHV

3RVW VFU­SWXP SHUPLWLGPH XQ DJUDGHFLPLHQWR D PL DPLJR -DFTXHV YDQ 5LOODHU
TXHKDUHVXHOWRFRQWDOHQWRODWUDGXFFL³QGHODREUDDOIUDQF©V\TXHSDUDP­VLHPSUH
KDVLGRXQPRGHORGHULJRUGHKXPDQLGDG\GHKRQHVWLGDG
 ,1752'8&&,“1

4X©KDFHVVLWXFXHUSRTXLHUHGRUPLU\WXFDEH]DWRGDY­DQR"



0L KLMD GH  D±RV WHQ­D VLHPSUH PXFKDV GLILFXOWDGHV SDUD FRQFLOLDU HO
VXH±R6LHQGRDºQPX\SHTXH±DVRO­DGHFLUl6LWXFXHUSRTXLHUHGRUPLU\
WX FDEH]D WRGDY­D QR F³PR SXHGR GRUPLUPH"{$ ODV GLH] GH OD QRFKH
WRGDY­DHVWDEDGHVSLHUWD\VHVHQW­DPX\FDQVDGD<RWDPEL©QSRUFLHUWR
8QD\RWUDYH]VDOWDEDGHODFDPD7RGRWLSRGHSHQVDPLHQWRVSDVDEDQSRU
VXFDEHFLWDOHFRQWDEDQODVKLVWRULDVP¡VLQFUH­EOHVKLVWRULDVTXHODKDF­DQ
SHUPDQHFHUGHVSLHUWD
$FHUFDGH7LPTXHGHUHSHQWHQRTXHU­DMXJDUP¡VFRQHOOD$FHUFDGHO
SHFHFLWR GH FRORUHV TXH XQ EXHQ G­D DSDUHFL³ IORWDQGR ERFD DUULED HQ OD
SHFHUD$FHUFDGHTXHߡSHQVDEDߢTXHKDE­DDOJXLHQHVFRQGLGRGHEDMRGHVX
FDPDTXHTXHU­DPDWDUODFRQWRGDVHJXULGDG
1DGDD\XGDEDHMHUFLFLRVGHUHODMDFL³QFXHQWRVXQDFDPDELHQFDOHQWLWD
GHFLUOH GH IRUPD LUULWDGD TXH lDKRUD WHQ­D TXH GRUPLUVH FRPR WRGR HO
PXQGR{ +DVWD TXH PH GL FXHQWD GH TXH ILQDOPHQWH VH WUDQTXLOL]DED VL
SUHVWDEDPHQRVDWHQFL³QDVXVSHQVDPLHQWRV\ODWUDVODGDEDOHQWDPHQWHGH
VXFDEH]DDVXYLHQWUH(QVXYLHQWUHQRKDE­DQSHQVDPLHQWRV$OO­HVWDEDOD
UHVSLUDFL³Q TXH FRQ VX VXDYH YDLY©Q PRY­D OLJHUDPHQWH VX YLHQWUH VLQ
FHVDU8QPRYLPLHQWRTXHSRFRDSRFRODPHF­DKDVWDGRUPLUOD

0L KLMD WLHQH DKRUD  D±RV \ WRGDY­D XWLOL]D D PHQXGR HVWH HMHUFLFLR HV PX\
VHQFLOOR \ WH D\XGD D VDOLU GH WX FDEH]D SDUD LU D WX YLHQWUH $OO­ GRQGH WXV
SHQVDPLHQWRVQRWLHQHQQLQJXQDLQIOXHQFLD$OO­GRQGHKD\VLOHQFLR\WUDQTXLOLGDG
0LQGIXOQHVV R ELHQ DWHQFL³Q FRQVFLHQWH \ DPDEOH QR VROR D\XGD D ORV QL±RV
WDPEL©QDORVSDGUHVOHVJXVWDDSUHQGHUXQDW©FQLFDFRQODTXHSRGHUDSDUWDUVHGHVX
IOXMRFRQWLQXRGHSHQVDPLHQWRV/RVSHQVDPLHQWRVQRFHVDQ6RORSXHGHVKDFHUTXH
FHVHQ\HQGRDHOORV'HMDQGRGHHVFXFKDUORV


(VWHIXHHOSULPHUHMHUFLFLRGHPLQGIXOQHVVTXHKLFLPRVMXQWDV/HLEDQDVHJXLU
PXFKRV P¡V /R HQFRQWUDU¡V HQ ODVHFFL³QGHDXGLR$ ORV QL±RV OHV JXVWD KDFHUOR
MXVWRDQWHVGHLUVHDGRUPLU
4X©HVHOPLQGIXOQHVV"


0LQGIXOQHVV QR HV RWUD FRVD TXH HVWDU FRQVFLHQWHPHQWH SUHVHQWH 4XHULHQGR
FRPSUHQGHU TX© HV OR TXH RFXUUH GHVGH XQD DFWLWXG DELHUWD \ DPDEOH 6LQ MX]JDU
LJQRUDU ODV FRVDV R GHMDUVH DUUDVWUDU SRU WRGR HO DMHWUHR GH FDGD G­D HVW¡V DTX­
SUHVHQWHHQHVWHPRPHQWR TXHHVDOJRGLIHUHQWHTXHHOSHQVDUHQHVWHPRPHQWR 
6LHVW¡VSUHVHQWHDOOHYDQWDUWHDOKDFHUODVFRPSUDVDQWHODVRQULVDP¡VKHUPRVD
GHWXVKLMRVRDQWHFRQIOLFWRVJUDQGHV\SHTXH±RVQRHVW¡VFRQWXDWHQFL³QHQRWUD
SDUWH HQWRQFHV HVW¡V DTX­ $V­ DKRUUDV HQHUJ­D \ WH GDV FXHQWD GH OR TXH RFXUUH
PLHQWUDV HOOR HVW¡ VXFHGLHQGR (O HVWDU SUHVHQWH GH IRUPD FRQVFLHQWH \ DPDEOH
FRQOOHYD XQD VHULH GH FDPELRV HQ WX FRPSRUWDPLHQWR \ DFWLWXG KDFLD WL PLVPR \
KDFLD WXV KLMRV (OOR VXFHGH P¡V R PHQRV SRU V­ PLVPR GH PDQHUD QDWXUDO 'HVGH
GHQWURVLQWHQHUTXHKDFHUQDGD
0LQGIXOQHVVHVH[SHULPHQWDUHOVROHQWXSLHO6HQWLUHVDVJRWDVVDODGDVGHVOL]DUVH
SRU WX PHMLOOD 3HUFLELU OD LUULWDFL³Q HQ WX FXHUSR ([SHULPHQWDU OD DOHJU­D \ OD
WULVWH]DHQHOPRPHQWRHQTXHHVWDVVXFHGHQ6LQWHQHUTXHKDFHUQDGDFRQHOORVLQ
WHQHU TXH UHDFFLRQDU LQPHGLDWDPHQWH R H[SUHVDU TX© SLHQVDV 0LQGIXOQHVV HV HVWDU
DPDEOHPHQWHSUHVHQWHHQORTXHDKRUDHV(QFDGDPRPHQWR
3RUTX©PLQGIXOQHVVSDUDQL±RV"


0LQGIXOQHVVSDUDQL±RVUHVSRQGHDODJUDQQHFHVLGDGH[LVWHQWHSDUDHQFRQWUDUXQ
SRFRGHWUDQTXLOLGDGWDQWRI­VLFDFRPRPHQWDOHQHVWHWLHPSRWDQH[LJHQWHHQHOTXH
QRV KD WRFDGR YLYLU 3HUR FRQ WHQHU VROR WUDQTXLOLGDG QR HV VXILFLHQWH 'XUDQWH ORV
D±RV\KHFUHDGRXQHQWUHQDPLHQWRGHPLQGIXOQHVVSDUDFKLTXLOORV
SDUDSUDFWLFDUHQODHVFXHOD6XQRPEUHHVߡb/DDWHQFL³QIXQFLRQDߢ\HVW¡EDVDGRHQ
HO SURJUDPD GH PLQGIXOQHVV GH RFKR VHPDQDV SDUD DGXOWRV TXH IXH HODERUDGR
SULPHUDPHQWH SRU -RQ .DEDW=LQQ (Q ORV SURJUDPDV SLORWR TXH UHDOLF© SDUD SRGHU
GHVDUUROODUOR SDUWLFLSDURQ WUHVFLHQWRV QL±RV GRFH SURIHVRUHV \ FLQFR HVFXHODV
GXUDQWHXQSHULRGRGHRFKRVHPDQDV&DGDVHPDQDPHGLDKRUD\FDGDG­DGXUDQWH
GLH] PLQXWRV XQD OHFFL³Q SDUD SURIXQGL]DU HQ ©O (VWR ºOWLPR GXUDQWH WRGR HO D±R
7DQWRORVDOXPQRVFRPRORVSURIHVRUHVHVWDEDQHQFDQWDGRV\SXGLHURQDSUHFLDUP¡V
WUDQTXLOLGDGHQODFODVHPD\RUJUDGRGHFRQFHQWUDFL³Q\P¡VKRQHVWLGDG/RVQL±RV
VH YROYLHURQ P¡V DPDEOHV KDFLD HOORV PLVPRV \ KDFLD ORV GHP¡V JDQDURQ P¡V
FRQILDQ]D\HPLW­DQMXLFLRVFRQPHQRUUDSLGH]
0XFKRVSDGUHVPHSUHJXQWDURQVLWDPEL©QH[LVW­DXQOLEURFRQHMHUFLFLRVSDUDTXH
VXVKLMRVSXGLHUDQSUDFWLFDUHQFDVDXQDYH]TXHKXELHUDQUHFLELGRHOHQWUHQDPLHQWR
3HUR DºQ QR H[LVW­D V­ KDE­D HVFULWR XQ PDQXDO SDUD SURIHVRUHV WHUDSHXWDV \
GRFHQWHV SHUR QR KDE­D HVFULWR WRGDY­D QDGD SDUD ORV SDGUHV (VWH OLEUR TXH WLHQHV
HQWUHWXVPDQRVHVHOUHVXOWDGR
/RTXHVHDSUHQGHHQODFXQDVLHPSUHGXUD


/RV QL±RV WLHQHQ SRU QDWXUDOH]D XQD PHQWH FXULRVD H LQTXLVLWLYD HOORV TXLHUHQ
VDEHU (VW¡Q P¡V I¡FLOPHQWH HQ FRQWDFWR FRQ HVWH PRPHQWR 6RQ EXHQRV HQ SUHVWDU
DWHQFL³Q SHUR D PHQXGR HVW¡Q GHPDVLDGR RFXSDGRV LJXDO TXH ORV DGXOWRV (VW¡Q
IDWLJDGRVVHGLVWUDHQFRQIDFLOLGDGHVW¡QLQTXLHWRV0XFKRVKDFHQGHPDVLDGDVFRVDV
\ ߡVRQߢ PX\ SRFR 6H YXHOYHQ PD\RUHV DQWHV GH TXH KD\DQ SRGLGR VHU UHDOPHQWH
QL±RV <D VHD HQ HO SODQR VRFLDO HPRFLRQDO HQ OD IDPLOLD HQ OD HVFXHOD HVW¡Q
RFXSDGRV FRQ PLOHV GH FRVDV 5HDOPHQWH GHPDVLDGDV (O ߡERW³Q GH HQFHQGLGRߢ
IXQFLRQDSHURG³QGHHVW¡HOGHSDXVD"
&RQ OD SU¡FWLFD GH OD DWHQFL³Q \ HO HVWDU FRQVFLHQWHPHQWH SUHVHQWHV ORV QL±RV
DSUHQGHQDSDUDUSRUXQLQVWDQWHSDUDWRPDUDOLHQWR\VHQWLUORTXHQHFHVLWDQHQHVH
SUHFLVR PRPHQWR $V­ SXHGHQ GHMDU D XQ ODGR HO SLORWR DXWRP¡WLFR 'HMDQ VXV
LPSXOVRVSRUORTXHVRQ\DSUHQGHQDDFHSWDUTXHKD\FRVDVHQODYLGDTXHQRVRQWDQ
GLYHUWLGDVRJXD\$SUHQGHQDSUHVWDUOHVDWHQFL³QXQDDWHQFL³QDPDEOH$SUHQGHQD
QR WHQHU TXH HVFRQGHU QDGD (OOR FRQOOHYD FRPSUHQVL³Q KDFLD VX SURSLR PXQGR
LQWHULRU\WDPEL©QKDFLDHOGHRWURV
6L HQ OD LQIDQFLD KDQ DSUHQGLGR D SHUFLELU FXDOLGDGHV FRPR DWHQFL³Q SDFLHQFLD
FRQILDQ]D\DFHSWDFL³QSRGU¡QWUDQVPLWLUODVP¡VWDUGHWDPEL©QDVXVSURSLRVKLMRV
$V­VHJHQHUDXQF­UFXORGHSUHVWDUDWHQFL³QFRQVFLHQWHUHFLELUOD\WUDQVPLWLUOD\VH
HQFXHQWUDQIXHUWHPHQWHDQFODGRVHQHO$+25$/RTXHVHDSUHQGHHQODFXQDVLHPSUH
GXUD
3DUDTX©WLSRGHQL±RVVRQDSURSLDGRVORVHMHUFLFLRVGHPLQGIXOQHVV"


/RVHMHUFLFLRVGHPLQGIXOQHVVVRQDSURSLDGRVSDUDFXDOTXLHUQL±RGHHQWUH\
D±RVTXHTXLHUDFDOPDUVXPHQWHOOHQDGHSHQVDPLHQWRVTXHTXLHUDDSUHQGHUDVHQWLU
\ FRPSUHQGHU VXV HPRFLRQHV \ WDPEL©Q D FRQFHQWUDUVH PHMRU $VLPLVPR VRQ
DSURSLDGRV SDUD WRGRV DTXHOORV TXH WHQJDQ QHFHVLGDG GH WHQHU FRQILDQ]D HQ V­
PLVPRV\GHSRGHUVHUWDOFXDOVRQ0XFKRVQL±RVVHVLHQWHQPX\LQVHJXURVFUHHQ
TXHQRVRQORVXILFLHQWHPHQWHVLPS¡WLFRVREXHQRV6HSUHRFXSDQWLHQHQSUREOHPDV
FRQ VX LPDJHQ \ UHDFFLRQDQ D HOOR UHWUD\©QGRVH R DO FRQWUDULR KDFL©QGRVH QRWDU
WHQLHQGR XQD DFWLWXG FRPSODFLHQWH R VROR SLHQVDQ HQ HOORV PROHVWDQGR D RWURV R
KDFL©QGRVH ORV GXURV 6H HQFXHQWUDQ HQUHGDGRV HQ FRPSRUWDPLHQWRV TXH
DSDUHQWHPHQWHOHVVLUYHQGHDOJR
6RQ HVWRV HMHUFLFLRV WDPEL©Q DGHFXDGRV SDUD QL±RV TXH SDGHFHQ KLSHUDFWLYLGDG
GLVOH[LD\RWURVWUDVWRUQRVUHODFLRQDGRVFRQHODXWLVPR"6­DODPD\RU­DGHHOORVOHV
HQFDQWDKDFHUORV$XQTXHSRUVXSXHVWRQRVRQXQUHPHGLRSDUDHVWDVGROHQFLDV(Q
HVHVHQWLGRHOPLQGIXOQHVVQRHVXQWUDWDPLHQWR3HURSRUPHGLRGHOPLQGIXOQHVVVH
DSUHQGH D WHQHU XQD UHODFL³Q GLVWLQWD FRQ HVWDV GROHQFLDV \ ORV SUREOHPDV TXH ODV
PLVPDVFRPSRUWDQ
&RPRFXDQGRWLHQHVXQDWRUPHQWDHQODPHQWHTXHWHREOLJDDPRYHUWHVLQFHVDUR
DUHDFFLRQDUGHLQPHGLDWRDFDGDSHQVDPLHQWR
 /263$'5(60,1')8/


/DPD\RU­DGHORVSDGUHVWLHQHQGHIRUPDQDWXUDOXQDUHODFL³QPLQGIXOFRQVXV
KLMRV3HURWDPEL©QVHWLHQHQSHULRGRVHQORVTXHGHFXDQGRHQFXDQGRR\HVl3DS¡
QRPHHVFXFKDVHQDEVROXWR{Rl0DP¡\DWHORKHUHSHWLGRGLH]YHFHV{(QFLHUWDV
RFDVLRQHVWHGDVFXHQWDGHTXHKDVUHDFFLRQDGRGHIRUPDGHPDVLDGRLUULWDGDDDOJºQ
FRPHQWDULR GH WX KLMR +XELHUDV SUHIHULGR QR KDEHUOR KHFKR SHUR \D OR KDV GLFKR
DQWHVGHTXHWHGHVFXHQWD2TXL]¡VSLHQVHVTXHKXELHUDVWHQLGRTXHVHUPXFKRP¡V
FODUR'HFLUTXHQRFRQVHFXHQWHPHQWHFXDQGRFUHHVTXHQRHVUHDOPHQWHQR
&³PR SXHGH VHU TXH FRPR SDGUH D YHFHV UHDFFLRQHV P¡V HQRMDGR P¡V
GHVDJUDGDEOHRP¡VLQFRQWURODGRGHORTXHWºTXLVLHUDV"(QFDGDXQRGHQRVRWURVVH
HQFXHQWUDQDºQDOJXQRVߡYLHMRVF³GLJRVߢTXHSURYLHQHQGHQXHVWUDSURSLDMXYHQWXG
(QRFDVLRQHVWHQHPRVGHQWURDIOLFFLRQHVGHRWURVWLHPSRVSRUODVTXHDQWHQXHVWUR
KLMRGHD±RVUHDFFLRQDPRVGHIRUPDPX\GLIHUHQWHDODTXHTXLVL©UDPRV3LHQVDV
TXH UHDFFLRQDV GH PDQHUD DQWLFXDGD \ ULG­FXOD FXDQGR WH UHVSRQGH TXH ©O GHFLGH D
TX©KRUDYXHOYHDFDVDFXDQGRVHYDDOFHQWURl7RGRVPLVDPLJRVSXHGHQGHFLGLUD
TX©KRUDUHJUHVDQ{$YHFHVWLHQHVXQPLHGRTXHSURFHGHGHOSDVDGRTXHWHLPSLGH
GHFLUFODUD\OODQDPHQWHORTXHSLHQVDV
(YLGHQWHPHQWHQRH[LVWHXQDUHFHWDOLVWD\DSXQWRTXHWHH[SOLTXHF³PRVHUXQ
SDGUH PLQGIXO 3HUR V­ VH FRQRFHQ ORV LQJUHGLHQWHV TXH GHVGH ORV WLHPSRV
LQPHPRULDOHV VH XWLOL]DQ SDUD ORJUDU XQ VHQWLPLHQWR GH DSUHFLR \ UHFRQRFLPLHQWR
PXWXR /RV P¡V FRQRFLGRV VRQ DPDELOLGDG FRPSUHQVL³Q VLQFHULGDG \ DFHSWDFL³Q
2WURHVHOFRQWDFWRI­VLFRXQDFDULFLDXQEHVRRXQF¡OLGRDEUD]R
1RSXHGHVGHWHQHUODVRODV


1RSXHGHVLQIOXLUHQHOFRPSRUWDPLHQWRGHOPDU1RSXHGHVGHWHQHUODVRODVSHUR
V­TXHSXHGHVDSUHQGHUDVXUIHDUDSUDFWLFDUHOVXUIVLQYHOD
(VWD HV OD LGHD FHQWUDO GH OD SU¡FWLFD GH OD DWHQFL³Q 6HQFLOODPHQWH ODV SHUVRQDV
WLHQHQ SUREOHPDV HV DV­ VHQWLPRV WULVWH]D HVWU©V \ KD\ PXFKDV FRVDV FRQ ODV TXH
WHQHPRVTXHWUDWDU
&XDQGRHQWXYLGDHVW¡VUHDOPHQWHSUHVHQWHHQHVWHWLSRGHVLWXDFLRQHVHQWRQFHV
SXHGHV REVHUYDU YHUGDGHUDPHQWH OD UHDOLGDG VLQ QHFHVLGDG GH UHSULPLU QDGD VLQ
GHMDUWH DUUDVWUDU R GH ߡVLPSOHPHQWH QR TXHUHUORߢ< FXDQGR YHV ODV RODV FRPR GH
YHUGDGVRQSXHGHVDSDUWLUGHODDWHQFL³QFRPSOHWDWRPDUGHFLVLRQHVP¡VDFHUWDGDV
\DFWXDUGHVSX©VGHKDEHUORPHGLWDGRELHQ7HGDVFXHQWDGHTXHHVW¡VLUULWDGRWDQ
SURQWR FRPR HOOR VXFHGH 3HUFLEHV TXH VH WH KD DFDEDGR OD SDFLHQFLD R TXH VLHQWHV
GHVHRV GH GDU XQD ERIHWDGD 7DQ SURQWR WH GDV FXHQWD WLHQHV XQD HOHFFL³Q 'H HVWD
PDQHUDFRUUHVPHQRVULHVJRGHYHUWHDUUDVWUDGRSRUWXVHPRFLRQHVRSRUODVGHRWUR
3XHGHVGHWHQHUWHXQPRPHQWRHVSHUDUWRPDUWHXQUHVSLUR2EVHUYDUODVLWXDFL³QH
LGHQWLILFDU OR TXH VLHQWHV SLHQVDV R TXLVLHUDV KDFHU 7H YXHOYHV FRQVFLHQWH GH ODV
IXHU]DVTXHDJLWDQODVRODV&RQVFLHQWHGHWXWHQGHQFLDDUHDFFLRQDUDXWRP¡WLFDPHQWH
\DOPLVPRWLHPSRWHRFXSDVPHQRVGHF³PRߡKDE­DQGHKDEHUVLGRߢODVRODV


(O ERW³Q GH SDXVD QºPHUR  GH OD VHFFL³Q GH DXGLR  SXHGH D\XGDUWH 7RPDU
DOLHQWRSURSRUFLRQDHOHVSDFLRVXILFLHQWHSDUDQRSUHFLSLWDUVHLQPHGLDWDPHQWHHQXQD
UHDFFL³QDXWRP¡WLFDHOORVLUYHWDQWRDORVQL±RVFRPRDORVDGXOWRV

'DQLHVSDGUHGHGRVQL±RVPX\DFWLYRV7LHQHODWHQGHQFLDDUHDFFLRQDU
IXULRVDPHQWHDORVJULWRV\SHOHDVGHVXVKLMRVFXDQGRQRFRQVLJXHQORTXH
TXLHUHQl3XHGRH[DVSHUDUPHPXFKRFXDQGRPLKLMRPD\RULQWHUILHUHSRU
HQ©VLPD YH] HQ XQD FRQYHUVDFL³Q WHOHI³QLFD LPSRUWDQWH SRUTXH TXLHUH XQ
FDUDPHOR2FXDQGRHOSHTXH±RGHVSX©VGHKDEHUWHQLGRTXHFRUUHUFRPR
XQORFRSDUDOOHJDUDWLHPSRSDUDUHFRJHUORGHODHVFXHODPHGLFHFRPRVL
QDGDߡb1RYR\FRQWLJRPHYR\DMXJDUFRQ-DLPHߢ{


(Q HVRV PRPHQWRV QR SXHGR FRQWURODU PL HQRMR GH QLQJºQ PRGR 0H
YHRDUUDVWUDGRSRU©O(QPHQRVGHXQVHJXQGRHVWDPRVHQIUHQWDGRVFRPR
GRV JDOORV 'H PDQHUD DXWRP¡WLFD HOHYR PL WRGR GH YR] /R WRPR
GHPDVLDGREUXVFDPHQWHSRUHOEUD]R\FUHRTXH©OWLHQHTXHKDFHUORTXH
<2 TXLHUR 0H GR\ FXHQWD GH TXH HOOR QR D\XGD SDUD QDGD 'H KHFKR PH
DYHUJ¼HQ]R GH PL FRPSRUWDPLHQWR FXDQGR TXLVLHUD GDU MXVWDPHQWH XQ
EXHQHMHPSOR3HURQRORFRQVLJR$PERVDFDEDPRVDJRWDGRV

$SUHQGHUDVXUIHDU


(OSDVRP¡VLPSRUWDQWHSDUDDSUHQGHUDVXUIHDUHVSDUDUXQPRPHQWR\REVHUYDU
2EVHUYDUODVLWXDFL³Q$OSDUDUWHGDVODRSRUWXQLGDGGHUHDFFLRQDUGHRWURPRGRDQWH
ODV FLUFXQVWDQFLDV HQ ODV TXH WH HQFXHQWUDV (V GHFLU DFWXDU PHQRV D SDUWLU GH OD
IUXVWUDFL³Q R VLJXLHQGR HO FRPSRUWDPLHQWR DXWRP¡WLFR 5HDFFLRQDU FRQ P¡V
VXDYLGDGVLHQGRP¡VFRPSUHQVLYRVLQSHUGHUORVO­PLWHVGHYLVWD(PSLH]DVDGDUWH
FXHQWD GH TXH HO SUREOHPD QR HV OD VLWXDFL³Q HQ V­ VLQR TXH HV WX SURSLD UHDFFL³Q
DQWHHOODODTXHODKDFHGLI­FLO'DQL

$ YHFHV DºQ PH HQIDGR D PHQXGR SRU ODV PLVPDV FRVDV 3HUR KH
DSUHQGLGRDQRYROYHUDUHDFFLRQDUGHIRUPDDXWRP¡WLFD0HGR\FXHQWDGH
TXH WHQJR SRFD SDFLHQFLD \ OR DFHSWR 5HVSLUR XQ SDU GH YHFHV
FRQVFLHQWHPHQWH DQWHV GH KDFHU R GHFLU DOJR (OOR VXSRQH XQD JUDQ
GLIHUHQFLD

6XUIHDUVREUHODVRODVQRHVXQRGHORVGHSRUWHVP¡VI¡FLOHV1RSXHGHVKDFHUTXH
ODVRODVVHDQP¡VSHTXH±DVRTXHVHDQP¡VSRWHQWHV9LHQHQ\YDQVHJºQVXSURSLR
ULWPRDYHFHVVRQDOWDVDYHFHVVRQEDMDV$YHFHVVRQPXFKDV XQDPDGUHHQIHUPD
DPLJRV TXH VH VHSDUDQ GHVSLGR LQPLQHQWH \ FRVDV SRU HO HVWLOR  D YHFHV OD
VXSHUILFLHGHOPDUHVW¡OLVD\OODQD$OUHFRQRFHUODVRODVHQWXYLGD\QRUHDFFLRQDU
GHIRUPDDXWRP¡WLFDSRGU¡VDSUHFLDUTXHWLHQHVP¡VFDOPD
6XUIHDUFD\HQGR\OHYDQW¡QGRVH



0L KLMR DFDED GH QDFHU 7HQJR  D±RV \ HO RORU D UHFL©Q QDFLGR
LPSUHJQD WRGD OD FDVD FRPR HO SHUIXPH GH IORUHV H[³WLFDV (V PL SULPHU
KLMR \ PH KH HQDPRUDGR GH ©O DO LQVWDQWH 0H HQFXHQWUR LQPHUVD HQ XQD
QXEHJUDQGH\URVDGD6LHPSUHVHU¡WDQGXOFHHLQRFHQWHߨ
,PDJLQD PL DVRPEUR PL WRWDO GHVDVRVLHJR FXDQGR D SDUWLU GHO SULPHU
G­D PL KLMLWR QR FHVD GH OORUDU 5RMR GH F³OHUD PRMDGR SRU VXV O¡JULPDV
VDODGDV
7DQSURQWRFRPRORSRQJRHQVXFXQDGHMDR­UVXOODQWRFRPRHOUXJLGR
GHXQDVLUHQD6LQFHVDUVXVUHVHUYDVSDUHFHQLQDJRWDEOHV&RPRVLSHQVDUD
TXH\RQRVXSLHUDTXHHVW¡DK­0LHQIDGR\IUXVWUDFL³QYDQDXPHQWDQGRGH
PDQHUDHTXLYDOHQWHDODSURGXFFL³QGHVRQLGR0HFXHVWDQRUHDFFLRQDUGH
SXUD LPSRWHQFLD DJRWDGD WRGD PL DWHQFL³Q \ SDFLHQFLD \ QR SRQHUOR
HQFLPDGHOFDPELDGRUGHPDODPDQHUDGLFL©QGROHlb%DVWDGHOORUDUb<R
QRTXLHURHVWR{

(OOODQWRLQLQWHUUXPSLGRQLQJºQPRPHQWRGHWUDQTXLOLGDGFRQFOXLUTXHFRQWRGD
VHJXULGDGVR\XQDPDODPDGUH SRUTX©OORUDU­DVLQRIXHUDDV­" PHKLFLHURQOOHJDU
DVHQWLUPHFRPSOHWDPHQWHGHVHVSHUDGDHQXQVLQILQGHRFDVLRQHV6RORFXDQGRGHM©
OD SXHUWD WRWDOPHQWH DELHUWD D PL SURSLR FDQVDQFLR \ D WRGDV PLV GXGDV l7RGR HO
PXQGR SXHGH PHQRV \R{  SXGH DFHSWDU TXH HYLGHQWHPHQWH PL KLMR HUD XQ ߡEHE©
OORU³Qߢ(OORPHGLRHVSDFLRSDUDRWUDDFWLWXG


)LQDOPHQWHSXGHDEULUPHDPLUHDOLGDGXQEHE©TXHOORUDEDOOHQRGHPRTXLWRV
\\RXQDPDGUHMRYHQS¡OLGD\H[WHQXDGDFDPLQRGHXQEXUQRXW
7XYH TXH DFHSWDU TXH OD UHDOLGDG QR HUD OD QXEH URVDGD \ OD PDGUH SHUIHFWD
7RGRORFRQWUDULRDTXHOORHUDXQWUDEDMRDUGXRGRUPLUSRFRODDQJXVWLDSRUOD
ODFWDQFLD0HVHQW­DPXFKRP¡VLQVHJXUDGHORTXHFUH­D<PLEHE©QRHUDHO
EHE©LGHDOTXHPXHVWUDQODVIRWRJUDI­DVGHODUHYLVWD6HU3DGUHV
8Q ODVWUH FD\³ GH PLV KRPEURV D SDUWLU GH UHFRQRFHUOR \ DFHSWDUOR 'HM© GH
TXHUHU TXH ODV FRVDV IXHVHQ GLVWLQWDV GH FRPR HUDQ \ PH FHQWU© HQ FRPR HUDQ
UHDOPHQWHWHQ­DXQEHE©TXHOORUDED\TXHQHFHVLWDEDWRGRPLDPRULJXDOTXH
ORVTXHQROORUDQ$VSLUDED\RO­DVXSLHOVXDYH6HQW­DVXFRUD]³QODWLUFHUFDGHO
P­R9ROY­DHQDPRUDUPHGH©O\SXGHVRSRUWDUVXOODQWRPHMRUTXHDOSULQFLSLR
/RDFXQDEDDYHFHVGXUDQWHKRUDVVXSLHOFRQWUDPLSLHO8QPRYLPLHQWRVXDYH
\RVFLODQWH+DVWDTXHHOOODQWRUHPLW­D\GHYH]HQFXDQGRFHVDED5HODMDFL³Q
UHVSLUDFL³QUHQGLUVHVROWDU
 'H XQD GRXOD PX\ VDELD \ H[SHUWD DSUHQG­ D DFXQDUOR \ D GDUOH HO SHFKR \
WDPEL©QDUHVHUYDUXQWLHPSRSDUDP­PLVPD\QROXFKDUFRQWUDORTXHHVWDED
DK­ 6X FRQVHMR IXH l'³EODWH FRPR XQ ¡UERO MRYHQ \ IOH[LEOH{ (VWR PH
SURSRUFLRQDEDFDOPD0XFKDFDOPD\UHODMDFL³Q3RG­DHVWDUDTX­FRQPLEHE©
DOTXHDPDEDFRQWRGDPLDOPD


)LQDOPHQWH FDPEL³ PL UHODFL³Q FRQ PLV LGHDV SUHFRQFHELGDV DFHUFD GH TX© WLSR
GHPDGUHWHQ­DTXHVHURGHF³PRGHE­DKDEHUVLGRPLKLMR'HFLG­KDFHUWRGRORTXH
SXGLHUDSDUDVHUVLPSOHPHQWHXQDPDGUHIXHUDORTXHIXHUDORTXHHOORVLJQLILFDUD
FRQ WRGRV VXV DOWLEDMRV \ FRQWUDGLFFLRQHV &RQVFLHQWH \ FXULRVD PH HQFRQWUDED D
PHQXGR FRQ VRUSUHVDV 'HMDED FRQ P¡V IUHFXHQFLD TXH PL PLUDGD IXHUD PHQRV
FU­WLFDߨ1RH[LJ­DTXHODVFRVDVIXHUDQGHRWUDPDQHUDGHORTXHHUDQߨ\HVHIXHHO
FRPLHQ]R GH QXHVWUD DPRURVD UHODFL³Q GH WDQWRV D±RV HQ ORV TXH HVSDFLR UHVSHWR
KXPRU\VLQFHULGDGFUHFLHURQ\IORUHFLHURQKDVWDIRUPDUGRV¡UEROHVPX\IXHUWHVTXH
SXHGHQUHVLVWLUPXFKRGHVH¡QGRVHHOXQRDORWURWRGDODOX]\FDORUGHOVRO0LKLMR
HVDKRUDXQDSHUVRQDPDUDYLOORVD7LHQHD±RV\VHHQFXHQWUDDSXQWRGHLQLFLDUOD
DYHQWXUDGHVHUSDGUH
$FHSWDFL³QSUHVHQFLD\FRPSUHQVL³Q


+D\WUHVFXDOLGDGHVE¡VLFDVTXHUHVXOWDQPX\UHODMDQWHVSDUDODߙDPHQXGRߙDUGXD
ODERUGHVHUSDGUHVDFHSWDFL³QSUHVHQFLD\FRPSUHQVL³Q/DVWUHVSURSRUFLRQDQXQD
YLVL³Q DELHUWD H LQFRQGLFLRQDO TXH QRV SHUPLWH YHU D QXHVWURV KLMRV \ D QRVRWURV
PLVPRV WDO FRPR VRPRV HQ UHDOLGDG \ QR FRPR QRVRWURV X RWURV  HVSHUDPRV VHU
(OORHVODEDVHSDUDTXHQXHVWURVKLMRVWHQJDQFRQILDQ]DHQV­PLVPRV\VLHQWDQTXH
KD\XQOXJDUDFRJHGRUDOTXHVLHPSUHSXHGHQYROYHUEDMRFXDOTXLHUFLUFXQVWDQFLD
$FHSWDFL³Q HV XQD SRVWXUD LQWHUQD TXH UHFRQRFH TXH ODV FRVDV VRQ FRPR VRQ
PROHVWDVDJUDGDEOHVRXQSRFRP¡VQHXWUDOHV3DUWHGHORTXHMXVWDPHQWHRFXUUHHQ
HVWH SUHFLVR LQVWDQWH /D DFHSWDFL³Q QR WH FRQGXFH D OR TXH VDOL³ PDO OD VHPDQD
SDVDGDRDDTXHOORTXHHVW¡VHVSHUDQGRTXHYD\DDSDVDU8QDPLUDGDDELHUWD\QXHYD
SURSRUFLRQD PD\RU SHUVSHFWLYD VREUH DTXHOOR TXH VXFHGH HQ HVWH PRPHQWR TXH
VLHPSUHHVGLVWLQWRDORVXFHGLGRKDFHXQDVHPDQD
3UHVHQFLDWHEULQGDODRSRUWXQLGDGGHVLPSOHPHQWHVHUGHIRUPDDELHUWDUHSRVDGD
\ VLQ WHQHU TXH GDU WX RSLQL³Q LQPHGLDWDPHQWH 3UHVHQWH HQ HVD SHTXH±D PDQR TXH
WRPD OD WX\D 3UHVHQWH HQ HO EHUULQFKH 3UHVHQWH HQ HO FDPLQR GLDULR D OD HVFXHOD
3UHVHQWH HQ WRGRV ORV PRPHQWRV GH GLFKD PDOD VXHUWH UXWLQD \ WRGR OR GHP¡V
&XDQWR P¡V SUHVHQWH HVW¡V PHQRV FRVDV WH SLHUGHV 1XQFD VH WUDWD GH MX]JDU VL HV
DOJR EXHQR R PDOR (VWDU SUHVHQWH HV VXILFLHQWH$V­ QDFH HO FRQWDFWR HO FRQWDFWR
YHUGDGHUR
&RPSUHQVL³QVHGDHQHOPRPHQWRHQTXHWº\WXVKLMRVSRG©LVVHUDXW©QWLFRV
7ºHQWRGRVORVPRPHQWRVHQORVTXHQRHVW¡VDK­\QRHUHVDPDEOH&XDQGRWX
ߡSDFLHQFLD GH VDQWRߢ VH KD DJRWDGR FRPSOHWDPHQWH \ QR HUHV HO SDGUH R OD PDGUH
LGHDO<WXVKLMRVHQWRGRVHVRVPRPHQWRVHQORVTXHQRFXPSOHQWXVH[SHFWDWLYDV
(QORVTXHFKLOODQFXDQGRWLHQHQTXHHVWDUFDOODGRV&XDQGRROYLGDQGDUODVJUDFLDVD
ODDEXHOLWDSRUVXERQLWRUHJDOR&XDQGRVRQGHVDJUDGHFLGRV\SLHQVDQTXHWºHVW¡V
KHFKD D SUXHED GH JROSHV (O HQWHQGLPLHQWR QDFH FRQ OD SURIXQGD FRPSUHQVL³Q GH
TXH Wº \ WXV KLMRV QR VRLV HQHPLJRV 7DPEL©Q HO DPRU LQFRQGLFLRQDO FRQRFH VXV
DOWLEDMRV
(PSHFHPRVSHURF³PR"


$OILQDOGHOOLEURHQFRQWUDU¡VXQDVHFFL³QGHDXGLRFRQORVHMHUFLFLRVE¡VLFRVP¡V
LPSRUWDQWHV /RV WH[WRV VRQ VHQFLOORV \ WH LQYLWDQ D HPSH]DU HQVHJXLGD /RV KH
HVFULWR HVSHFLDOPHQWH SDUD QL±RV \ WDPEL©Q SDUD VXV SDGUHV \ SURYLHQHQ GH ORV
FXUVRV GH PLQGIXOQHVV SDUD DGXOWRV 6RQ OD EDVH SDUD DSUHQGHU D WHQHU XQD DFWLWXG
DPDEOH\HVWDUDWHQWRVHQFXDOTXLHUPRPHQWRGHOG­D
(OOLEURVLUYHGHJX­D\SDUDSURIXQGL]DUHQORVHMHUFLFLRV7RGRVORVHMHUFLFLRVGH
O DVHFFL³Q GH DXGLR SXHGHQ UHFRQRFHUVH SRU PHGLR GHO LFRQR

3XHGHVSUDFWLFDUWºVRORRSXHGHVSUDFWLFDUFRQWXVKLMRVDXQTXHDDOJXQRVQL±RV
OHVJXVWDWDPEL©QSUDFWLFDUHQVROLWDULR/RVHMHUFLFLRVSXHGHQUHDOL]DUVHVHQWDGRHQ
XQDVLOODHQHOVRI¡RWXPEDGRF³PRGDPHQWHHQODFDPD
$SDUWH GH ORV HMHUFLFLRV GH ODVHFFL³Q GH DXGLR HQ HO OLEUR HQFRQWUDU¡V DOJXQRV
P¡V$OKDFHUORVSXHGHVXWLOL]DUWXVSURSLDVSDODEUDVRELHQSXHGHVOH©UVHORVDWX
KLMR$PEDVPDQHUDVVRQHIHFWLYDV
&DGDFDS­WXORFRQWLHQHWDPEL©QXQDVHULHGHFRQVHMRVSU¡FWLFRVSDUDUHDOL]DUHQWUH
WXVWDUHDVFRWLGLDQDVODYDQGRORVSODWRVFXDQGRYDVGHFRPSUDVPLHQWUDVFRPHVR
MXVWRGHVSX©VGHFRPHUHWF
/RV HQFRQWUDU¡V EDMR HO W­WXOR ߡ&RQVHMRV SDUD FDVDߢ $ YHFHV SXHGHQ
SURSRUFLRQDUWH XQD YLVL³Q PX\ HVSHFLDO GH WX SURSLR PXQGR LQWHULRU \ GHO GH WXV
KLMRV
&RQVHMRVSDUDSUDFWLFDUFRQODVHFFL³QGHDXGLR

+$=/26(-(5&,&,26&215(*8/$5,'$'

/D SU¡FWLFD KDFH PLODJURV 3UDFWLFDQGR VH DSUHQGH OR PLVPR VXFHGH FRQ OD
DWHQFL³Q /D SU¡FWLFD UHJXODU DXPHQWD WX KDELOLGDG 3DUD HOOR HOLJH PRPHQWRV
ILMRV SRU HMHPSOR XQ SDU GH YHFHV D OD VHPDQD D OD PLVPD KRUD$ DOJXQRV
QL±RVOHVHQFDQWDSUDFWLFDUGHVGHHOSULQFLSLRDRWURVOHVFXHVWDXQSRFRP¡V\D
TXHOHVSDUHFHDEXUULGR\UDUR(QHVWHFDVRSRG©LVFRQYHQLUKDFHUORVHMHUFLFLRV
FLQFRYHFHVFRQVHFXWLYDV\FRPHQWDUGHVSX©VF³PRORKDQH[SHULPHQWDGR

81$35&7,&$6(1&,//$</,*(5$

,QWHQWDPRVWUDUXQDDFWLWXGMXJXHWRQDOOHQDGHKXPRUUHODMDGD6LHOQL±RVH
UHVLVWHSXHGHVDFRUGDUKDFHUODSU¡FWLFDHQRWURPRPHQWR

5(3,7(/26(-(5&,&,26'(9(=(1&8$1'2

/RVHMHUFLFLRVVLHPSUHUHVXOWDQGLVWLQWRV&DGDPRPHQWRHVQXHYR3RUHOOR
HV UHFRPHQGDEOH KDFHUORV FRQ FLHUWD UHJXODULGDG HOOR FRPSRUWD QXHYDV
H[SHULHQFLDVFDGDYH]

7(13$&,(1&,$

/RV HMHUFLFLRV QR GDQ VLHPSUH UHVXOWDGRV GH LQPHGLDWR$O LJXDO TXH FRQ HO
DSUHQGL]DMH GH XQ LGLRPD R FXDQGR DSUHQGHV D WRFDU XQ LQVWUXPHQWR HV
QHFHVDULRWHQHUSDFLHQFLD8QDRUXJDQRVHFRQYLHUWHHQPDULSRVDHQXQG­D

9$/25$$/1,‘2$/35$&7,&$5

(O DSR\R HV LPSUHVFLQGLEOH 7RGRV WHQGHPRV D PHMRUDU QXHVWUD SU¡FWLFD

FXDQGRQRVGLFHQTXHKHPRVKHFKRWRGRORSRVLEOH\TXHORHVWDPRVKDFLHQGR
PX\ELHQ
 35(*817$&“02/29,9(1

'HVSX©V GH UHDOL]DU DOJºQ HMHUFLFLR S­GHOHV TXH H[SUHVHQ HQ SDODEUDV F³PR
KDQH[SHULPHQWDGRODSU¡FWLFD/DVH[SHULHQFLDVQRVRQQLEXHQDVQLPDODVVRQ
VLPSOHPHQWHYLYHQFLDVGHFDGDPRPHQWR$ODPD\RU­DGHORVQL±RVOHVDSHWHFH
FRPHQWDUORSHURVLHVHQRHVHOFDVRWDPEL©QHVW¡ELHQ

 /$$7(1&,“1&20,(1=$&21/$
5(63,5$&,“1


'DUWH FXHQWD GH TXH UHVSLUDV HV DOJR HVSHFLDO $O GLULJLU OD DWHQFL³Q D WX
UHVSLUDFL³QPLHQWUDVHVW¡VUHVSLUDQGRHVW¡VSUHVHQWHHQHVWHPRPHQWR1RHQHOD\HU
QRHQHOPD±DQDVLQRHQHVWHSUHFLVRPRPHQWR<GHODKRUDHVGHORTXHVHWUDWD
/D UHVSLUDFL³Q HV DOJR TXH QR SXHGHV ROYLGDU QR VH WH SXHGH FDHU QL SXHGHV
GHM¡UWHOD HQ FDVD (VW¡ VLHPSUH FRQWLJR GXUDQWH WRGD WX YLGD $KRUD WDPEL©Q
6L©QWHOD XQ PRPHQWLWR 3XHGHV DSUHQGHU PXFKDV FRVDV GH OD UHVSLUDFL³Q 3XHGHV
VHQWLUVLHVW¡VQHUYLRVRFDOPDGRRSRUHOFRQWUDULRLQTXLHWR7DPEL©QSXHGHVGDUWH
FXHQWD GH VL FRQWLHQHV OD UHVSLUDFL³Q VL OD UHWLHQHV R VL VLPSOHPHQWH IOX\H SRU V­
PLVPD
$O REVHUYDU HO PRYLPLHQWR GH WX UHVSLUDFL³Q WH YXHOYHV P¡V FRQVFLHQWH GH WX
PXQGR LQWHULRU 7H GDV P¡V FXHQWD GHO $+25$ \ HOOR HV HO SULQFLSLR GH OD
FRQFHQWUDFL³Q
/DDWHQFL³QHQODUHVSLUDFL³QSXHGHD\XGDU



0L KLMD GH  D±RV VH GLVJXVWDED UHJXODUPHQWH FXDQGR OH GHF­D
l6LPSOHPHQWHFRQF©QWUDWHXQPRPHQWLWR{0HUHVSRQG­DFRQIUXVWUDFL³Q
l6LQRV©F³PRVHKDFH
1R SXHGR KDFHU HVRV H[¡PHQHV QR PH SXHGR FRQFHQWUDU \D OR VDEHV
b1RYR\DLUQXQFDP¡VDOFROHJLR{

6LQWL©QGRVH FRPSOHWDPHQWH IUXVWUDGD \ HQIDGDGD SRUTXH VH GHVSLVWDED
FRQWLQXDPHQWH DTXHOOR QR SRG­D IXQFLRQDU /RV OLEURV GH WH[WR YRODURQ SRU OD
KDELWDFL³Q FRPR VL GH SUR\HFWLOHV VH WUDWDVHQ 6X UHDFFL³Q DO FDRV TXH KDE­D HQ VX
FDEH]DQRVKDF­DUHDFFLRQDUDQRVRWURVWDPEL©QGHIRUPDDLUDGD6HQW­DTXHQRVDE­D
UHVSRQGHUDGHFXDGDPHQWHDWDQWDYLROHQFLDYHUEDO
<PHVHQW­DWDPEL©QFDQVDGD\PDQLSXODGD(VWDEDFRPSOHWDPHQWHKDUWDGHWRGR
HO DVXQWR 3DUHF­D FRPR VL PL H[SHULHQFLD GH WDQWRV D±RV FRQ DGXOWRV \ WRGRV ORV
FXUVRVSDUDORVKLMRVGHORVGHP¡VKXELHUDQLGRDSDUDUDXQSR]RSURIXQGRLQYLVLEOH
'HVDSDUHFLGR DGL³V 7HQ­D TXH VHU VLHPSUH \R OD TXH WXYLHUD FDSDFLGDG GH
DFHSWDFL³Q \ FRPSUHQVL³Q" 6­ QDWXUDOPHQWH<R VR\ VX PDGUH$TXHOOD HQ OD TXH
VLHPSUHVHSXHGHFRQILDUVLQWHPRUDQLQJºQWLSRGHUHFKD]R
(ODPELHQWHHQWUHQRVRWUDVQRPHMRU³7HQ­DTXHSHQVDUHQDOJRSDUDHYLWDUTXHHO
FRQIOLFWRVHKLFLHUDDºQPD\RU(QXQDRFDVL³QGHVSX©VGHXQDHUXSFL³QSDUHFLGDD
OD GHO 9HVXELR PL KLMD VXEL³ ODV HVFDOHUDV UDXGD \ YHOR] FHUU³ OD SXHUWD GH XQ
SRUWD]R\VHGHVSORP³VREUHVXFDPD(OVLOHQFLRTXHVLJXL³IXHHQVRUGHFHGRU1R
VDE­DTX©KDFHUPHVHQW­DLPSRWHQWH
3HUR HQ HVH VLOHQFLR VHQW­ TXH KDE­D DOJR P¡V 'H XQD PDQHUD DPELJXD SHUR
LQFRQIXQGLEOHVHQW­XQDHQRUPHQHFHVLGDGGHHVWDUFRQHOOD0X\FHUFDGHHOODFHUFD
GHVXSHQDVXLQVHJXULGDGVXPLHGRDOIUDFDVR
6XE­ ODV HVFDOHUDV \ JROSH© VXDYHPHQWH D VX SXHUWD TXH SHUPDQHF­D FHUUDGD /H
SUHJXQW© VL SRG­D HQWUDU 3XGH HVFXFKDU XQ PXUPXOOR VRWHUUDGR (QWU© HQ OD
KDELWDFL³QHOODVHSXVRHQXQULQF³QGHODFDPDHQIXUUX±DGD3RG­DTXHGDUPH(UD
XQPRPHQWRSDUDWRPDUDOLHQWR/DVGRVMXQWDV(VW¡EDPRVH[WHQXDGDV/HWRP©OD
PDQR \ VH HFK³ HQ PLV EUD]RV PXUPXUDQGR l/R VLHQWR PDP¡{ \ MXQWDV OORUDPRV
O¡JULPDV GH DOLYLR (VWXYLPRV DV­ VHQWDGDV GXUDQWH P¡V GH YHLQWH PLQXWRV PX\
MXQWDV1RVOLPLWDPRVDHVWDUVHQWDGDV\UHVSLUDU/DSDODEUDP¡JLFDHUDDWHQFL³Q<
ODUHVSLUDFL³QHOFRPLHQ]Rߨ
/RV QL±RV SXHGHQ XWLOL]DU PX\ ELHQ OD D\XGD GH OD UHVSLUDFL³Q HQ PRPHQWRV GH
QHUYLRVLVPRSRUHMHPSORDQWHVGHXQH[DPHQRGHXQDFRQYHUVDFL³QGLI­FLOFRQXQ
DPLJR
 (O VLJXLHQWH UHODWR VREUH 6DUD LOXVWUD F³PR OD UHVSLUDFL³Q WH SXHGH D\XGDU D
FDOPDUWH DXQTXH WH HQFXHQWUHV HQ XQD VLWXDFL³Q DQJXVWLRVD$V­ ORV QL±RV VH GDQ
FXHQWDGHTXHQRHVQHFHVDULRTXHVHYHDQDUUDVWUDGRVSRUUHDFFLRQHVDQWHODVFRVDV
\DTXH©VWDVߡVRQFRPRVRQߢ

/DKLVWRULDGH6DUD
6DUDXQDQL±DGHD±RVHVWDEDFRQVXVSDGUHVHQXQFDPSLQVLWXDGR
HQXQKHUPRVRSDUTXHQDWXUDOGHOSD­V'XUDQWHXQSDVHRHQELFLFOHWDFRQ
VXKHUPDQRHQEXVFDGHFRQHMRV\FLHUYRVVHFD\³DSDUDWRVDPHPHQWH\VH
JROSH³ODURGLOODFRQWUDXQDUHMLOODPHW¡OLFDGHUHWHQFL³QGHODVTXHVLUYHQ
SDUD TXH ORV DQLPDOHV VDOYDMHV QR VDOJDQ GHO SDUTXH /D URGLOOD OH TXHG³
FRPSOHWDPHQWHHQVDQJUHQWDGDSRUTXHVHKL]RXQDSURIXQGDKHULGD
/D PDGUH GH 6DUD DFXGL³ FRUULHQGR DO R­U JULWDU D OD QL±D
,QVWLQWLYDPHQWHVXSRTXHDOJRDQGDEDPX\PDO&XDQGRHQFRQWU³DVXKLMD
YLRTXHHVWDEDPX\S¡OLGD\DVXVWDGDQRGHMDEDGHOORUDUPLHQWUDVPLUDED
ODKHULGDFRQVXVRMRVPX\DELHUWRV7DPEL©QPX\LPSUHVLRQDGDVHVHQW³
DVXODGR\HPSH]³DKDEODUOHPLHQWUDVOHDFDULFLDEDODHVSDOGD(OFXHUSR
GH6DUDFRPHQ]³DFDOPDUVH
2WUD SHUVRQD TXH WDPEL©Q KDE­D R­GR ORV JULWRV GH OD QL±D OODP³ D XQD
DPEXODQFLD 0LHQWUDV WDQWR OD PDGUH GH 6DUD VHJX­D KDEO¡QGROH
WUDQTXLOL]¡QGROD l&RPSUHQGR TXH WH KDV DVXVWDGR HQRUPHPHQWH /D
KHULGD VH YH PX\ IHD 6LJXH KDEO¡QGRPH &³PR WH HQFXHQWUDV DKRUD"{
6DUD OH UHVSRQGL³ lb&UHR TXH YR\ D YRPLWDU HVWR\ WDQ PDUHDGD \ WHQJR
WDQWRPLHGR{
'H QXHYR HPSH]³ D WHPEODU l4X© HV OR TXH P¡V WH DVXVWD"{ OH
SUHJXQW³VXPDGUH
lb7HQJRPLHGRGHLUDOKRVSLWDOGHTXHPHSLQFKHQ\GHTXHWHQJDTXH
VHU RSHUDGD{ D OR TXH VX PDGUH OH FRQWHVW³ l%XHQR DKRUD PLVPR QR
VDEHPRVTX©HVORTXHYDDSDVDUGHVSX©V3HURFXDQGRVHHVW¡DVXVWDGRSRU
DOJXQDFRVDKD\DOJRTXHVLHPSUHD\XGDPXFKRUHVSLUDUILMDUWHPX\ELHQ
HQ WX LQVSLUDFL³Q \ HQ WX HVSLUDFL³Q (VWR FDOPD \ HQWRQFHV WH SXHGHV
UHODMDUPHMRU<VLHVW¡VUHODMDGDVLHQWHVPHQRVGRORUb<DYHU¡VHVWRWHYD
DD\XGDU{
/OHJ³ OD DPEXODQFLD FRQ VXV OXFHV SRWHQWHV \ VX VLUHQD XOXODQWH
0HWLHURQD6DUDGHQWURHQXQDFDPLOOD'HVSX©VGHXQSDUGHKRUDVUHJUHV³
DOFDPSLQFRQXQDJUDQYHQGDHQODURGLOOD7RGRVORVFKLTXLOORVGHOOXJDU
IXHURQ U¡SLGDPHQWH D YHUOD 7HQ­D WRGD XQD DYHQWXUD TXH FRQWDU b6­ OH
KDE­DQ GDGR GLH] SXQWRV /RV QL±RV OH SUHJXQWDURQ VL QR KDE­D WHQLGR
PXFKRPLHGRVLQROHKDE­DQKHFKRPXFKRGD±R6DUDOHVGLMRl&ODURTXH
HVWDEDQHUYLRV­VLPDSHURPLPDGUHHVWDEDFRQPLJR\PHUHSHW­DTXHWHQ­D
TXHILMDUPHPX\ELHQHQPLUHVSLUDFL³Q(VRPHD\XG³{/RVSLQFKD]RV\
 ORV SXQWRV OH GROLHURQ SHUR 6DUD QR VH TXHG³ U­JLGD ,QFOXVR SXGR PLUDU
PLHQWUDVHOP©GLFRODHVWDEDDWHQGLHQGR

&HQWUDUODDWHQFL³QHQODUHVSLUDFL³QD\XGDVLHPSUHDORVQL±RVDORVSDGUHVDORV
DEXHORV\DODVDEXHODVGXUDQWHODVWRUPHQWDVJUDQGHVRSHTXH±DV(VHOSULPHUSDVR
LPSRUWDQWHSDUDUHDFFLRQDUPLQGIXOFXDQGRDOJRWHSDUHFHH[FLWDQWHRGLI­FLOGHMDU
GHUHDFFLRQDUDXWRP¡WLFDPHQWH\OOHYDUODDWHQFL³QDODUHVSLUDFL³QG¡QGRWHFXHQWD
GHPDQHUDFRQVFLHQWHGHODLQVSLUDFL³Q\GHODHVSLUDFL³Q
&RQODDWHQFL³QGHXQDUDQD


3UDFWLFDUFRQODDWHQFL³QGHXQDUDQDHVXQDIRUPDVHQFLOODGHKDFHUTXHORVQL±RV
VHFRQFHQWUHQHQVXUHVSLUDFL³Q<RVR\ODDXWRUDGHHVWHHMHUFLFLR\ORKHSUDFWLFDGR
PX\ D PHQXGR FRQ QL±RV GH KDVWD  D±RV WDQWR HQ FODVH FRPR HQ FDVD /R
HQFXHQWUDQI¡FLOGHFRPSUHQGHU\DJUDGDEOHGHHMHFXWDU
 &RQVHMRV\UHFRPHQGDFLRQHV


3DUD SUDFWLFDU HO HVWDU VHQWDGR FRQ OD DWHQFL³Q HVSHFLDO GH XQD UDQD VROR
QHFHVLWDV XQ OXJDU WUDQTXLOR SDUD WL \ SDUD WX KLMR HQ HO TXH QR SXHGDQ
PROHVWDURV (V DFRQVHMDEOH TXH ORV RWURV PLHPEURV GH OD IDPLOLD VHSDQ TXH
HVW¡LVߡKDFLHQGRODUDQLWDߢ\TXHQRTXHU©LVTXHRVPROHVWHQ

3$5$35$&7,&$538('(66(*8,5(/6,*8,(17(
25'(1

8QD UDQD HV XQ DQLPDOLWR PX\ HVSHFLDO 3XHGH GDU VDOWRV HQRUPHV SHUR
WDPEL©QSXHGHHVWDUVHQWDGDPX\TXLHWD6HGDFXHQWDGHWRGRORTXHSDVDDVX
DOUHGHGRUSHURQRUHDFFLRQDGHLQPHGLDWR\UHVSLUDFRQPXFKDFDOPD$V­OD
UDQLWDQRVHFDQVD\QRVHGHMDDUUDVWUDUSRUWRGRWLSRGHSODQHVLQWHUHVDQWHVTXH
VHOHSDVDQSRUODFDEH]DGXUDQWHHOUDWRTXHHVW¡VHQWDGD/DUDQDHVW¡TXLHWD
PX\TXLHWDPLHQWUDVUHVSLUD6XEDUULJXLWDVHDEXOWDXQSRFR\GHVSX©VVHKXQGH
RWUD YH] 8QD YH] WUDV RWUD 1RVRWURV WDPEL©Q SRGHPRV KDFHU OR TXH KDFH OD
UDQD/RºQLFRTXHQHFHVLWDVHVDWHQFL³Q(VWDUDWHQWRDWXUHVSLUDFL³Q$WHQFL³Q
\WUDQTXLOLGDG

+DFLHQGRHVWHHMHUFLFLRWXKLMRDSUHQGHD

0HMRUDUVXFRQFHQWUDFL³QORTXHPHMRUDVXPHPRULD
5HDFFLRQDUPHQRVLPSXOVLYDPHQWHQRKDFHVLQP¡VDTXHOORTXHSLHQVD
TXHWLHQHTXHKDFHU
,QIOXLUHQVXPXQGRLQWHULRUVLQWHQHUTXHQHJDURUHSULPLUQDGD



 (VWDUVHQWDGRFRQODDWHQFL³QGHXQDUDQDHVXQHMHUFLFLRE¡VLFRPX\LPSRUWDQWH
/RVQL±RVGHGLVWLQWDVHVFXHODVSULPDULDVGH$PHUVIRRUW\/HXVGHQ GRVFLXGDGHV
GH 3D­VHV %DMRV  OR SUDFWLFDURQ GLDULDPHQWH HQ WRGR WLSR GH FLUFXQVWDQFLDV
PRPHQWRVHQORVTXHHUDGLI­FLOFRQFHQWUDUVHHQFDVRGHSUREOHPDV\SHOHDVDYHFHV
MXVWR DQWHV GH XQ H[DPHQ /DV FRVDV PHMRUDURQ WHUPLQDEDQ DQWHV VXV WUDEDMRV
HVFRODUHV\HUDQP¡VDPDEOHVORVXQRVFRQORVRWURV/HVJXVWDEDQRVHQWLUHODJRELR
GHWHQHUTXHFXPSOLUFRQORVREMHWLYRVHVFRODUHV\SRGHUHVWDUVHQWDGRVUHVSLUDQGR
$V­VHWUDQTXLOL]DEDQWRWDOPHQWH

7LPGHOJUXSRl0HJXVWDUHVSLUDU\PHVLHQWRFDOPDGR\GHVFDQVDGR
SRUGHQWUR{


7RP¡V GHO JUXSR  l1XQFD VDE­D PX\ ELHQ TX© UHVSRQGHU FXDQGR PL
PDGUH PH GHF­D ߡ7UDQTXLO­]DWH W³PDWHOR FRQ FDOPDߢ$KRUD \D OR V© \
KDJRHOHMHUFLFLRGHODUDQDFDGDQRFKHDQWHVGHDFRVWDUPH{

/DSU¡FWLFDGHODDWHQFL³QQRHVXQDFRVDDXWRP¡WLFD/DVFRVWXPEUHV\SDWURQHV
TXH WLHQHV DUUDLJDGRV QR VRQ I¡FLOHV GH TXHEUDU /R PLVPR VXFHGH FRQ QXHVWUD
FRQFLHQFLD (VWDQGR SUHVHQWHV HQ OD UHVSLUDFL³Q ORV QL±RV DGYLHUWHQ OR U¡SLGR TXH
DSDUHFHQORVSHQVDPLHQWRVTXHOHVGLVWUDHQODVIDQWDV­DV\ORVSODQHVSDUDPD±DQD
VLQTXHDOSULQFLSLRVHGHQFXHQWDGHHOOR

'H UHSHQWH PH HQFXHQWUR HVFXFKDQGR HO UXLGR GH XQ FRFKH HQ OD FDOOH
l6HJXURTXHHVHOYHFLQRTXHVHYDDODSLVFLQD9DFDGDPDUWHV{7DPEL©Q
PHSDVDQSRUODPHQWHLP¡JHQHVGHPLFODVHGHQDWDFL³Q\GHVSX©VSLHQVR
HQODVYDFDFLRQHVTXHWXYLPRVHOD±RSDVDGRHQDTXHOFDPSLQTXHWHQ­DXQ
WRERJ¡QHQODSLVFLQD



+DFLHQGRUHJXODUPHQWHߡODUDQDߢYXHOYHVDHVWDUDTX­SUHVHQWHHQHVWHPRPHQWR
\ HQWRQFHV WH GDV FXHQWD GH TXH WH KDV GLVWUD­GR 8QD YH] TXH OR QRWDV SXHGHV
UHJUHVDUDODUHVSLUDFL³QRDORTXHVHDTXHHVW¡VKDFLHQGR/DDWHQFL³QVLHPSUHHVW¡
DK­
 &RQVHMRVSDUDFDVD


$GHP¡V GHO HMHUFLFLR GH OD UDQD GH ODVHFFL³Q GH DXGLR HQ HO DPELHQWH
IDPLOLDU WDPEL©Q VH SXHGH SUDFWLFDU OD REVHUYDFL³Q GH OD UHVSLUDFL³Q HQ RWURV
LQVWDQWHVYLHQGROD79MXJDQGRDDOJºQMXHJRFRQHORUGHQDGRUHWF7DPEL©Q
FXDQGRKD\DOJXQDWHQVL³QRGLVJXVWR<FXDQGRWHOHYDQWDVRWHYDVDDFRVWDU

3XHGHVSHGLUDORVQL±RVTXHSUHVWHQDWHQFL³QDODUHVSLUDFL³QHQPRPHQWRV
FRPRSRUHMHPSOR

&8$1'2&217,(1(1(/$/,(172$/9(581$
3(/&8/$08<(02&,21$17(

$O ILQDOL]DU OD SHO­FXOD SXHGHV SUHJXQWDUOHV VL VH KDQ SHUFDWDGR GH TXH
PLHQWUDV OD YH­DQ FRQWHQ­DQ OD UHVSLUDFL³Q GH YH] HQ FXDQGR \ OR TXH HOOR
VLJQLILFD 3RGU­DV FRPHQWDU VL QR VHU­D PHMRU VHJXLU UHVSLUDQGR LQFOXVR HQ ORV
PRPHQWRVP¡VHPRFLRQDQWHV2VLHOFRQWHQHUHODOLHQWRVLJQLILFDTXHHOILOPHV
GHPDVLDGRH[FLWDQWHSDUDHOORV

&8$1'26((1&8(175$1727$/0(17(5(/$-$'26<
6(6,(17(108<)(/,&(6

(Q HVWH WLSR GH PRPHQWRV SXHGHV SUHJXQWDUOHV F³PR UHVSLUDQ VL VX
UHVSLUDFL³QHVSURIXQGDRVXSHUILFLDOUHJXODURLUUHJXODU3­GHOHVTXHREVHUYHQ
VX UHVSLUDFL³Q FXDQGR YDQ HQ ELFLFOHWD FXDQGR KDFHQ FROD SDUD SDJDU HQ HO
VXSHUPHUFDGRRFXDQGRHVW¡QKDEODQGRFRQXQJUXSRGHDPLJRV4X©SHUFLEHQ
GHVXUHVSLUDFL³Q"

$V­ VRQ FDGD YH] P¡V FRQVFLHQWHV GHO PRYLPLHQWR GH OD UHVSLUDFL³Q HQ
PRPHQWRV GH PLHGR GHVDVRVLHJR UHODMDFL³Q \ H[FLWDFL³Q $O LJXDO TXH XQ
EDU³PHWURODUHVSLUDFL³QWLHQHLQIOXHQFLDHQHOPXQGRH[WHULRUHLQWHULRU

(/(175(1$0,(172'(/0š6&8/2'(
/$$7(1&,“1


/RV VHQWLGRV GHVHPSH±DQ WDPEL©Q XQ SDSHO PX\ LPSRUWDQWH SDUD HO

HQWUHQDPLHQWR GH OD DWHQFL³Q /R TXH YHV R\HV KXHOHV VLHQWHV R VDERUHDV OR
REVHUYDV HQ HVWH PRPHQWR 'HVSX©V \D QR OR SXHGHV ROHU R VDERUHDU VROR SXHGHV
KDFHUORDKRUD
$ PHQXGR DFRPSD±DPRV FRQ XQ SHQVDPLHQWR OR TXH SHUFLELPRV FRQ QXHVWURV
VHQWLGRV 6LHPSUH WHQHPRV XQ MXLFLR \ XQD RSLQL³Q D SXQWR SRU HMHPSOR l&XDQGR
SRUODVQRFKHVRLJRDOJºQUXLGRSLHQVRLQPHGLDWDPHQWHTXHHVXQODGU³Q{1XHVWUD
PHQWH FU­WLFD SURGXFH DO LQVWDQWH SHQVDPLHQWRV DFHUFD GH OR TXH YHPRV R­PRV
VDERUHDPRV ROHPRV \ VHQWLPRV ,QWHUSUHWDPRV OR TXH VHD GH WRGDV ODV PDQHUDV
SRVLEOHV\QRVLHPSUHSRVLWLYDPHQWH1XHVWUDVHVSHUDQ]DV\GHVHRVWLHQHQXQDJUDQ
LQIOXHQFLDHQHOORl6HJXURTXHOHJXVWRPXFKRSXHVVLHPSUHPHHVW¡PLUDQGR{
'HVGH HO PRPHQWR HQ TXH SXHGDV PDQWHQHU WX PHQWH SDUODQFKLQD D XQD FLHUWD
GLVWDQFLD\XVDUWXVVHQWLGRVVLQSUHMXLFLRV\VLQRSLQLRQHVSUHYLDVH[SHULPHQWDU¡V
FRVDV PX\ GLVWLQWDV /D SXUD UHDOLGDG \D HV GH SRU V­ XQ PLODJUR $O SHUFLELU ODV
FRVDV VLQ OD LQWHUYHQFL³Q GH OD PHQWH FU­WLFD SXHGHV FDSWDU P¡V GHVWHOORV GH HVH
PLODJURb(VDOJRPDUDYLOORVR
<RYHQJRGH0DUWH



+DFHPRVXQDSUXHEDFRQWRGRVORVVHQWLGRVDODYH]HQXQDFODVHGH
QL±RVGHDD±RV
/HVSLGRTXHSLHQVHQTXHYLHQHQGHOSODQHWD0DUWH6HVLHQWHQLQWULJDGRV
DOLQVWDQWHb(VWRYDDVHULQWHUHVDQWHSLHQVDQU¡SLGDPHQWH/HVSLGRTXH
FLHUUHQ ORV RMRV \ TXH WHQJDQ VXV PDQRV DELHUWDV GH PDQHUD TXH SXHGD
SRQHUDOJRHQHOODV'RVFRVDVSHTXH±DVTXHWRGRVHOORVFRQRFHQb(VWRHV
DºQP¡VLQWHUHVDQWH
7DQ SURQWR FRPR VLHQWDQ DOJR HQ VXV PDQRV SXHGHQ DEULU ORV RMRV \
PLUDU 6RODPHQWH PLUDU VLQ HPLWLU MXLFLR DOJXQR$O ILQ GH FXHQWDV HOORV
YLHQHQGHOSODQHWD0DUWH\QRVDEHQUHDOPHQWHTX©HVORTXHWLHQHQHQVXV
PDQRV
4X© HV OR TXH YHQ" (V DOJR DEXOWDGLWR FRQ XQD IRUPD PX\ LUUHJXODU
8QDFRVDHVXQSRFRDODUJDGDODRWUDHVP¡VUHGRQGHDGD$OJXQRVGLFHQ
l0DUU³Q\QHJURDOPLVPRWLHPSR{
4X©HVORTXHKXHOHQ"l+XHORHVSHFLDVSHURQRV©HOQRPEUH{l+XHOH
PX\PDOQRV©DTX©{
6LVHORSRQHQFHUFDGHOR­GRTX©HVORTXHR\HQ"8QQL±RUHVSRQGH
l2LJRXQDHVSHFLHGHSLWLGR{RWURl2LJRXQUXLGLWRPX\VXDYHFRPRVL
VHIURWDUDDOJR{
/HV SLGR TXH VH SRQJDQ HO REMHWR HQ OD ERFD OR FRORTXHQ HQWUH ODV
PXHODV\ORPXHUGDQFRQIXHU]DSDUDTXHSXHGDQVDFDUOHWRGRVXVDERU/D
FODVHTXHGDHQVLOHQFLRH[FHSWRSRUHOYDJRVRQLGRGHVXVERFDV
8QQL±RGLFHl(VXQDFRPSOHWDH[SORVL³QGHGXO]RUHQPLERFD{RWUR
l2RRK HV DOJR GXOFH \ ¡FLGR DO PLVPR WLHPSR{ 2WURV PXFKRV OR
FRUURERUDQ
4X©WLHQHQSXHVHQWUHVXVPDQRV"'RVSDVDVSHTXH±DV/DVKDQFRPLGR
HQ PXFKDV RFDVLRQHV SHUR HQ UHDOLGDG QXQFD ODV KDQ VDERUHDGR
FRQVFLHQWHPHQWH QXQFD ODV KDE­DQ YLVWR FRPR KDVWD KR\ b< VHJXUR TXH
QXQFDKDE­DQR­GRTXHSRG­DQHPLWLUXQDHVSHFLHGHSLWLGR

2EVHUYDUFRQPHQWHDELHUWD


/D REVHUYDFL³Q DELHUWD FXULRVD \ VLQ MXLFLR SUHYLR HV XQ DUWH TXH ORV QL±RV
HQWLHQGHQDODSHUIHFFL³Q$OLUQRVFRQYLUWLHQGRHQDGXOWRVYDQOOHJDQGRODVGXGDV\
ODV RSLQLRQHV SUHFRQFHELGDV 0XFKRV QL±RV VH VLHQWHQ LQVHJXURV \ SLHQVDQ TXH QR
VRQORVXILFLHQWHPHQWHEXHQRV

(QXQDFODVHFRQQL±RVDOJRPD\RUHV D±RV KLFLPRVRWURHMHUFLFLRGH
REVHUYDFL³Q
6HFRORFDURQGRFHREMHWRVHQXQDEDQGHMD\ODWDUHDTXHGHE­DQUHDOL]DU
HUD PLUDU FRQ WRGD DWHQFL³Q HVRV REMHWRV 'HVSX©V GH WUHLQWD VHJXQGRV
HVRVREMHWRVVHFXEU­DQ\WHQ­DQTXHHVFULELUTX©KDE­DQYLVWR
8QDGHODVQL±DVFDVLIXHSUHVDGHOS¡QLFRlb1RSXHGRKDFHUORQRSXHGR
DFRUGDUPH GH QDGD{ 0H GLR SHQD YHU TXH HOOD PLVPD VH FUHDED HO
SUREOHPDߡVDELHQGRFRQWRGDVHJXULGDGߢTXHQRSRGU­DKDFHUHOHMHUFLFLR
\D DQWHV GH KDEHUOR KHFKR /H DVHJXU© TXH ORV SHQVDPLHQWRV QR OR VDEHQ
WRGR+L]RWRGRORSRVLEOHSDUDFRQFHQWUDUVH\SXGRDFRUGDUVHGHFXDWURGH
ORV REMHWRV GH OD EDQGHMD 8Q UHVXOWDGR VLPLODU DO GH RWURV PXFKRV QL±RV
GHOJUXSRb6HVRUSUHQGL³WDQWR

(VWHHMHUFLFLRVHVLJXL³UHDOL]DQGRHQODFODVHGXUDQWHTXLQFHG­DVWUHVYHFHVSRU
VHPDQD(OUHVXOWDGRDOILQDOPHMRU³PXFKR/DFRQILDQ]DWDPEL©Q5HFRUGDEDQODV
FRVDV PXFKR PHMRU VX FRQFHQWUDFL³Q P¡V EXHQD$GHP¡V OHV HQFDQWDED KDFHU HO
HMHUFLFLR
&RQVHMRVSDUDFDVD


/D DWHQFL³Q HV DOJR TXH GHEH FXOWLYDUVH QR VXFHGH DV­ FRPR DV­ ,JXDO TXH
SDUD HMHUFLWDU XQ GHSRUWH R WRFDU XQ LQVWUXPHQWR FRQ OD SU¡FWLFD DVLGXD \
FRQVFLHQWHODDWHQFL³QVHYDHQWUHQDQGR\SHUIHFFLRQDQGR
3XHGHV HPSH]DU WDQ SURQWR FRPR WH GHVSLHUWHV 'H UHSHQWH HVW¡V DK­ HQ ORV
DOERUHV GH XQ QXHYR G­D FRQ OD SURPHVD GH QXHYRV VXFHVRV \ VRUSUHVDV< \D
TXHHVW¡VGHVSLHUWROOHYDVODDWHQFL³QDWXVSLHUQDVVLHQWHVTXHVDOHQGHODFDPD
\WHOOHYDQDOED±RSDUDTXHSXHGDVGDUWHXQDEXHQDGXFKD\SXHGHVVHQWLUOD
FDOLGH]GHODJXDHQWXSLHO'HVSHUWDUWH\GDUWHFXHQWDGHHOORHVXQDH[SHULHQFLD
ºQLFD1RWDVFRVDVTXHGHRWURPRGRWHSDVDU­DQWRWDOPHQWHGHVDSHUFLELGDVWX
FDEH]D R WX FXHUSR HVW¡Q WRGDY­D FDQVDGRV WH VLHQWHV IUHVFR \ GHVFDQVDGR R
TXL]¡V\DHPSLH]DVHOG­DHVWUHVDGR"
'HVSHUWDUFRQVFLHQWHPHQWHWHD\XGDDQRFRUUHUDQWHVGHWLHPSR\DTXHGDUWH
DºQXQPRPHQWLWRDOO­GRQGHHVW¡V7HD\XGDDWHQHUWXDWHQFL³QHQORTXHHVW¡V
KDFLHQGRPLHQWUDVORHVW¡VKDFLHQGRVLQWLHQGRORTXHVXFHGHPLHQWUDVTXHHVW¡
RFXUULHQGR (VWR HV LPSRUWDQWH \D TXH DV­ HVW¡V SUHVHQWH< DO HVWDU SUHVHQWH
SXHGHVOOHJDUDGLVFHUQLUDOJR1RGHVSX©VVLQRDKRUD

0,5$56,1+$&(5&20(17$5,26

6L WX KLMR DSUHQGH D PLUDU VLQ TXH VXV SHQVDPLHQWRV LQWHUILHUDQ HQ OD
H[SHULHQFLD GH PLUDU QRWDU¡ TXH FDGD YH] SXHGH SHUFLELU P¡V FRVDV
,QWHUSUHWDQGR PHQRV \ WDPEL©Q UHFRUGDQGR P¡V GH OR TXH KD YLVWR$O PLUDU
DWHQWDPHQWHVHOOHJDDXQDFRPSUHQVL³QP¡VSURIXQGD

3DUDQL±RVSHTXH±RV

3XHGHVHUGLYHUWLGRLQWHQWDUUHFRUGDUFLQFRFRVDVTXHYHVGHFDPLQRKDFLDOD
HVFXHOD XQ¡UEROXQDVH±DOGHWU¡ILFRXQHGLILFRTXHWHOODPHODDWHQFL³QOD
YDOOD GHO FROHJLR OD SXHUWD GH OD FODVH  &³PR VRQ" 3XHGHV SUDFWLFDU HO
DSUHFLDU FDGD YH] P¡V FXDOLGDGHV GH ODV FRVDV SRU HMHPSOR ORV FRORUHV \ ODV
IRUPDVGHHVH¡UEROGHHVDVH±DOGHWU¡ILFR&XDQGRVLPSOHPHQWHYHVDOJRVLQ
HQFRQWUDUORKHUPRVRRIHRHQWRQFHVSXHGHVYHUP¡VGHODUHDOLGDG

3DUDQL±RVP¡VPD\RUHV

&RJHXQDUDPLWDGHXQ¡UERO\GLEºMDODFRQWRGROXMRGHGHWDOOHV'LEXMDOR
TXHYHVQRORTXHFUHHVYHU6LKDFHVHVWRGXUDQWHXQRVG­DVVHJXLGRVWHGDU¡V
FXHQWDGHTXHFDGDYH]SHUFLEHVP¡VFRVDVGHODUDPLWD\TXHWXGLEXMRHVFDGD
YH]P¡VSDUHFLGRDODUHDOLGDG

2<(6/248(7((672<',&,(1'2"

2­U UHDOPHQWH OR TXH VH HVW¡ GLFLHQGR QR HV DOJR WDQ HYLGHQWH FRPR SXHGH
SDUHFHU D SULPHUD YLVWD '³QGH HVWDPRV FRQ QXHVWURV SHQVDPLHQWRV" 1R
VLHPSUH HVWDPRV DTX­ HVR HV REYLR 3XHGHV DSUHQGHU D HVFXFKDU LJXDO TXH D
YHU/RºQLFRTXHVHQHFHVLWDHVDWHQFL³QFRQVFLHQWH\DSUHQGHUDGDUVHFXHQWD
GHTXHWHKDVGHVSLVWDGR

(VFXFKDUVHHOXQRDORWUR

$OJR TXH HVW¡ PX\ ELHQ HV PDQWHQHU XQD FRQYHUVDFL³Q HQ OD PHVD 3RU
HMHPSORSXHGHHVWDEOHFHUVHTXHDODKRUDGHODFHQDFDGDXQRSXHGDH[SOLFDU
DOJR GH OR TXH OH KD VXFHGLGR HVH G­D GXUDQWH XQ SDU GH PLQXWRV \D VHD
LPSRUWDQWHRQRPLHQWUDVHOUHVWRGHORVPLHPEURVGHODIDPLOLDVLPSOHPHQWH
HVFXFKD VLQ HPLWLU MXLFLR (VFXFKDU TXHULHQGR UHDOPHQWH R­U \ FRPSUHQGHU OR
TXHHORWURWLHQHTXHGHFLUHVVXPDPHQWHYDOLRVR
(VFXFKDU XQ VRQLGR VLQ FRORFDUOH GLUHFWDPHQWH XQD HWLTXHWD DXPHQWD OD
FDSDFLGDG GH HVFXFKDU GH YHUGDG 4X© R\HV HQ HVWH SUHFLVR LQVWDQWH" 6RQ
VRQLGRVDJXGRVRJUDYHV"8Q]XPELGRRXQPXUPXOOR"7LHQHXQULWPRRXQD
FDGHQFLD"'HG³QGHYLHQHQORVVRQLGRVGHGHWU¡VRGHGHODQWH"(VW¡QFHUFDR
OHMRV" 3XHGHV R­U ORV VRQLGRV TXH SURYLHQHQ GH WX LQWHULRU" $O LJXDO TXH
HMHUFLWDV XQ PºVFXOR GHWHUPLQDGR DO PRYHUOR XQD \ RWUD YH] WX KLMR SXHGH
HMHUFLWDUHOPºVFXORGHODDWHQFL³QFRQWRGRVORVVHQWLGRV

&20(5&21$7(1&,“1

&RPHUFRQDWHQFL³QSDUHFHVLPSOHSHURQRORHV0LUDVLSXHGHVSRQHUWHGH
DFXHUGR HQ FDVD SDUD FRPHU FRQ VXPD DWHQFL³Q XQ VROR ERFDGR GXUDQWH OD
FRPLGD VLQ RPLWLU QLQJºQ FRPHQWDULR GHO WLSR ߡQR VDEH ELHQߢ ߡTX© EXHQRߢ
ߡHVWR\DORKHFRPLGRPXFKDVYHFHVߢRߡHVWRQRPHJXVWDߢ3XHGHFRQYHUWLUVH
HQXQDH[SHULHQFLDOOHQDGHVRUSUHVDV&RPSDUWHFRQORVGHP¡VORTXHKXHOHV
QRWDVVDERUHDV\VLHQWHVFXDQGRFRQDWHQFL³QSOHQDOOHYDVDOJRGHFRPHUDWX
ERFDORPDVWLFDVORVDERUHDV\ILQDOPHQWHWHORWUDJDV
 'DXQPRUGLVFR\WRPDEXHQDQRWDGHWRGRORTXHVXFHGH


2OY­GDWH GH WXV SHQVDPLHQWRV VROR VRQ HVR SHQVDPLHQWRV  \ F©QWUDWH HQ

ORVVDERUHVTXHSHUFLEHV
(VW¡VGHJXVWDQGRXQVDERUVDODGRGXOFH¡FLGRRTXL]¡VXQSRFRGHWRGR"
7LHQHXQDWH[WXUDEODQGDGXUDUXJRVDROLVD"
4X© VXFHGH HQ WX ERFD FXDQGR HVW¡V FRPLHQGR" 4X© HV OR TXH HVW¡V
H[SHULPHQWDQGR" 4X© HV OR TXH KDFH WX OHQJXD" 4X© VLHQWHV DO WUDJDU"
+DVWDG³QGHSXHGHVVHJXLUHOUHFRUULGRGHODFRPLGD"


&RPHUFRQDWHQFL³QHVLPSRUWDQWH3XHGHVSDODGHDUHOFDFDKXHWHGHODFUHPD
GHFDFDKXHWHV(OVDERUGHODPDQWHTXLOOD(OMXJRGHODPDQ]DQDODEODQGXUD\
ODGXO]XUDGHOSO¡WDQR<ORTXHWDPEL©QHVLPSRUWDQWHDOPLVPRWLHPSRWHGDV
FXHQWDPXFKRDQWHVGHFX¡QGR\DWLHQHVVXILFLHQWH\DV­QRFRPHVGHPDVLDGR

 '(78&$%(=$$78&8(532


/DDWHQFL³QDODUHVSLUDFL³Q\DORVVHQWLGRVDGHP¡VGHOOHYDUWHDXQDSHUFHSFL³Q
GLUHFWD GH HVWH PRPHQWR D±DGH XQD QXHYD GLPHQVL³Q D HVD H[SHULHQFLD \D TXH
DVLPLVPRWHRIUHFHQWRPDUFRQFLHQFLDGHWXFXHUSR
7XFXHUSRSXHGHGHFLUWHPXFKDVFRVDV6LORHVFXFKDVELHQQRWDU¡VXQVLQI­QGH
VHQVDFLRQHV$OLJXDOTXHXQLQVWUXPHQWRSHUIHFWDPHQWHDILQDGRWXFXHUSRUHDFFLRQD
D ODV HPRFLRQHV FRPR SRU HMHPSOR HO DVRPEUR OD H[FLWDFL³Q HO PLHGR R OD
IHOLFLGDG 7DPEL©Q UHDFFLRQD D ORV SHQVDPLHQWRV DOHJUHV R D XQD FDEH]D OOHQD GH
SUHRFXSDFLRQHV 7RGDV HVWDV VH±DOHV QR HVW¡Q DK­ DV­ FRPR DV­ 7H HVW¡Q GLFLHQGR
FRVDV FRQ UHVSHFWR D OD H[SHULHQFLD GH HVWH PRPHQWR DFHUFD GH WXV O­PLWHV \
QHFHVLGDGHV/RVKRPEURVHQWXPHFLGRVODVSDOSLWDFLRQHVXQQXGRHQHOHVW³PDJR
VHQWLUWH GHPDVLDGR FDQVDGR FRPR SDUD SRGHU OHYDQWDUWH R DO FRQWUDULR GHVSHUWDU
PX\WHPSUDQRFRQXQDDJUDGDEOHVHQVDFL³QGHOLJHUH]D\¡QLPR7XFXHUSRORQRWD
WRGR\WHHQY­DVH±DOHV(VXQEDU³PHWURSHUIHFWR
6L ELHQ SHUFLELPRV OD PD\RU SDUWH GH HVWDV VH±DOHV QR UHDFFLRQDPRV VLHPSUH
DGHFXDGDPHQWHDODVPLVPDV$SDUWDPRVDTXHOODVVHQVDFLRQHV\VHQWLPLHQWRVTXHQR
QRVJXVWDQFRQXQMXLFLRRXQFRPSRUWDPLHQWRGHWHUPLQDGRl1ROORUHVOORUDUHVGH
FULDWXUDV{ R l+H GH DFDEDU SULPHUR HO WUDEDMR DV­ TXH YR\ D FRQWLQXDU{ (Q
RFDVLRQHVUHFKD]DPRVHVWDVVH±DOHVl<RFDQVDGR"b4X©YDQRPHVLHQWRFDQVDGR
HQDEVROXWR{
/DFRQVHFXHQFLDHVTXHVLJXHVWUDEDMDQGRVLJXHVFRPSODFLHQGRDDOJXLHQVLJXHV
FXLGDQGRGHDOJXLHQWXVRORGXUDQWHGHPDVLDGRWLHPSRVLJXHVFRQDOJXQDDFWLYLGDG
HQ OXJDU GH SDUDU < SDUD GHVWHUUDU HVD VHQVDFL³Q GHVDJUDGDEOH EXVFDV XQD
HVFDSDWRULDWRPDQGRJRORVLQDVDFWXDQGRGHIRUPDH[DJHUDGDPHQWHDFWLYDRSRUHO
FRQWUDULRUHWUD\©QGRWHRGHVDKRJDQGRWXIUXVWUDFL³QHQORVGHP¡V7DPSRFRUHVXOWD
XQDVROXFL³QWRPDUVRPQ­IHURVRFRPHUPRQWD±DVGHFKRFRODWHRGHSDWDWDVFKLSV(O
UHVXOWDGR VRQ SUREOHPDV DO FXDGUDGR DGTXLHUHV FRVWXPEUHV SRFR VDOXGDEOHV \ VLQ
HPEDUJRVLJXHVFRQHVDVHQVDFL³QGHVDJUDGDEOH(OPLQGIXOQHVVWHHQVH±DDLUGHWX
FDEH]DDWXFXHUSR
$OSDUDUSRUXQLQVWDQWH\OOHYDUODDWHQFL³QDWXFXHUSRSXHGHVQRWDUWRGRWLSRGH
VHQVDFLRQHVSRUHMHPSOR

$ºQHVW¡VHQIDGDGRSRUORTXHDOJXLHQWHGLMRD\HU
1RWHVLHQWHVDJXVWRFRQXQGHWHUPLQDGRJUXSLWRGHQL±RV
+DVFRPLGRGHPDVLDGR
7HVLHQWHVJHQLDORPX\FDQVDGR
 7LHQHVXQDVHQVDFL³QGHWULVWH]D
<DKDFHXQUDWLWRTXHQHFHVLWDVLUDOVHUYLFLRSHURQRWHORSHUPLWHV


(VFXFKDUODVVH±DOHVGHWXFXHUSR


*HQHUDOPHQWH WX FXHUSR WH HVFXFKD 6L WX VDOXG HV EXHQD \ TXLHUHV FDPLQDU WX
FXHUSR FDPLQD 6L TXLHUHV SRQHUWH D WUDEDMDU FRQ HO RUGHQDGRU WX FXHUSR VH VLHQWD
GHODQWHGHODSDQWDOOD6LTXLHUHVFRPHUWXERFDVHDEUH\WUDJDVODFRPLGD&XDQGR
HQVH±DVDORVQL±RVDHVFXFKDUODVVH±DOHVGHVXFXHUSRDSUHQGHQ\DDWHPSUDQDHGDG
TXHHOFXHUSRQRVRORGHEHREHGHFHUODV³UGHQHVTXHOHGDPRVVLQRTXHWDPEL©QQRV
HQY­D VH±DOHV TXH SRGHPRV UHFRQRFHU HQ QXHVWUR LQWHULRU 4XH HO FDQVDQFLR R OD
HQHUJ­D VH SXHGHQ VHQWLU 4XH VHQWLU GRORU HV XQ VLJQR TXH LQGLFD TXH \D HV
VXILFLHQWH $SUHQGHQ D TXH QR QHFHVLWDQ SHQVDU HQ OR TXH VLHQWHQ TXH EDVWD FRQ
VHQWLUORUHFRQRFHUOR\SUHVWDUOHDWHQFL³Q'HVSX©VSXHGHVHOHJLUTX©KDJRFRQOR
TXHVLHQWR"TX©TXLHURREWHQHUGHHOOR"

/RV WUHLQWD QL±RV GH XQD FODVH GH XQR GH ORV FXUVRV VXSHULRUHV GH XQD
HVFXHOD SULPDULD HQ $PHUVIRRUW FLXGDG GH 3D­VHV %DMRV  HVW¡Q PX\
FRQWHQWRVFXDQGROOHJDHOPRPHQWRGHKDFHUHOHMHUFLFLRߡGHWXFDEH]DDWX
FXHUSRߢ 6H TXLWDQ ODV JDIDV \ ODV ]DSDWLOODV GHSRUWLYDV FRORFDQ VXV
DOPRKDGLWDVEDMRODFDEH]D\VHWXPEDQHQHOVXHORGHODVDODGHJLPQDVLD
DOJXQRVERFDDEDMRRWURVERFDDUULED/HVLJXHHOFO¡VLFRVXVSLUR
/HV SLGR TXH OOHYHQ OD DWHQFL³Q D VX FXHUSR \ TXH VHDQ FRQVFLHQWHV GH
TXH HVW¡Q WXPEDGRV 4X© REVHUYDQ" 4X© VLHQWHQ PLHQWUDV HVW¡Q DV­
HFKDGRV"$OJXQRVVHGDQFXHQWDGHTXHHVW¡QLQWUDQTXLORV\TXHQRSXHGHQ
UHODMDUVH2WURVVLHQWHQTXHOHVGXHOHODHVSDOGDTXHHOVXHORGHOJLPQDVLR
HVGXUR\DGHP¡VIU­R
/HVSLGRWDPEL©QTXHVLJDQHQFRQWDFWRFRQVXFXHUSR\TXHVLHQWDQTX©
HV OR TXH SHUFLEHQ GHVGH OD SXQWD GH ORV GHGRV GH ORV SLHV KDVWD OD
FRURQLOOD 6LQ UHDFFLRQDU VLQ QHJDU QDGD VLPSOHPHQWH GHEHQ VHJXLU
PDQWHQLHQGRVXDWHQFL³QHQVXFXHUSR
/D FODVH SHUPDQHFH HQ VLOHQFLR XQ VLOHQFLR WRWDO +D\ FRQFHQWUDFL³Q
DWHQFL³Q \ DVRPEUR l6HQW­D XQ SLH IU­R \ HO RWUR FDOLHQWH TX© FRVD P¡V
H[WUD±D{GLFHXQFKLTXLOORDOFRQWDUVXVH[SHULHQFLDV2WURH[SOLFDl1RW©
PXFKRGRORUHQXQDURGLOOD4X©UDURTXHQRPHKXELHUDSHUFDWDGRGHHOOR
DQWHV{< HO VLJXLHQWH l(QWRQFHV PH GL FXHQWD GH TXH WHQ­D TXH LU \D DO
ED±R{0XFKRVGHHOORVERVWH]DQVHYHQXQSRFRS¡OLGRV\GLFHQVHQWLUVH
FDQVDGRV,QFUH­EOHPHQWHFDQVDGRV
2WURFKLTXLOORFRPHQWDl+DFHXQRVG­DVTXHWHQJRDPHQXGRGRORUGH
EDUULJD DKRUD YXHOYR D VHQWLUOR{ /H SLGR TXH OOHYH VX DWHQFL³Q
DPDEOHPHQWHKDFLDVXYLHQWUHSDUDYHUTX©HVORTXHVXFHGH$OFDERGHXQ
PRPHQWLWRGLFHl7HQJRPLHGRGHVHQWLUPHPDUJLQDGR1RHVTXHPHHVW©
RFXUULHQGRDKRUDPLVPRSHUROHVSDVDDRWURVQL±RV7HQJRPLHGRGHTXHD
 PLPHSDVHORPLVPR/RHQFXHQWURPX\WULVWHSDUDORVRWURV1RV©TX©
SXHGR KDFHU{$ FRQVHFXHQFLD GH HVWH FRPHQWDULR HVWH WHPD VHU¡ WUDWDGR
HQODFODVH

/­PLWHV


6L HVFXFKDV ODV VH±DOHV GH WX FXHUSR WDPEL©Q GHVFXEUHV DOJR P¡V DFHUFD GH WXV
O­PLWHV+DVWDG³QGHSXHGHVOOHJDU"&³PRSXHGHVQRWDUOR"
+DFLHQGRHVWHHMHUFLFLRORVQL±RVGHVFXEUHQSRUHOORVPLVPRVFX¡QGRKDQOOHJDGR
D VX O­PLWH GHVFXEUHQ TXH \D HV VXILFLHQWH 6XILFLHQWH QR HV GHPDVLDGR QL
GHPDVLDGRSRFRHVHOSXQWRMXVWR
(VWLUDU\DODUJDUPLHQWUDVUHVSLUDV


3RQWHGHSLHFRQORVSLHVELHQILUPHVHQHOVXHOR/OHYDKDFLDDUULEDXQRGH
WXVEUD]RVOHYDQW¡QGROR\HVWLU¡QGRORWDQWRFRPRSXHGDVELHQODUJR$YHUVL
SXHGHVKDFHUOOHJDUWXPDQRKDVWDHOWHFKR+DVWDG³QGHSXHGHVOOHJDU"6LHQWH
KDVWD G³QGH OOHJD WX EUD]R PLHQWUDV WXV SLHV VLJXHQ HQ FRQWDFWR FRQ HO VXHOR
VLHQWH WX UHVSLUDFL³Q +DVWD G³QGH OOHJDV" (Q DOJºQ OXJDU KD\ XQ O­PLWH
'³QGH HVW¡ HO WX\R" < F³PR SXHGHV VDEHUOR" 6LQWLHQGR TXH DJXDQWDV OD
UHVSLUDFL³Q"3HQVDQGRTXH\DQRSXHGHVOOHJDUP¡VOHMRV"4XL]¡VSRUHOGRORU
PXVFXODU"4X©HVORTXHSHUFLEHV"
/OHYD WX EUD]R QXHYDPHQWH KDFLD DEDMR &³PR OR VLHQWHV DKRUD" ([LVWH
DOJXQDGLIHUHQFLDFRQHORWUREUD]R"0LHQWUDVVLJXHVUHVSLUDQGRQRUPDOPHQWH
OHYDQWDVDPERVEUD]RVWRGRORTXHSXHGDVHVWLU¡QGRORVELHQPDQWHQLHQGRWXV
SLHVELHQILUPHVHQHOVXHORFRPRVLHVWXYLHUDQSHJDGRVFRQXQDJUXHVDFDSDGH
SHJDPHQWR,PDJLQDDKRUDTXHMXVWRHQFLPDGHWXFDEH]DKD\XQDUDPDGHXQ
¡UERO GH OD TXH FXHOJDQ XQDV KHUPRVDV \ MXJRVDV PDQ]DQDV \ TXH HVWDV WH
DSHWHFHQ PXFK­VLPR 3HUR WXV EUD]RV QR VRQ OR ODUJRV TXH GHEHU­DQ VHU SDUD
SRGHUODV DOFDQ]DU b4X© DOWDV FXHOJDQ (VWLUD WXV EUD]RV DO P¡[LPR
DODUJ¡QGRORVELHQ4XL]¡VDºQXQSRFRP¡VODUJRV4X©VLHQWHVHQWXFXHUSRHQ
HVWHSUHFLVRLQVWDQWH"4XL]¡VQRWHVTXHHVW¡VFRQWHQLHQGRODUHVSLUDFL³Q(VWRHV
QRUPDOPHQWH XQD VH±DO GH WX FXHUSR LQGLFDQGR TXH KDV OOHJDGR GHPDVLDGR
OHMRV 4XL]¡V QRWHV TXH WX HVSDOGD R WXV EUD]RV HPSLH]DQ D KDFHUWH GD±R (VR
WDPEL©QVLJQLILFDTXH\DHVVXILFLHQWH
&XDQGR VDEHV HVWR DODUJDV WXV EUD]RV VROR KDVWD HO SXQWR HQ TXH SXHGHV
VHJXLU UHVSLUDQGR QRUPDOPHQWH VLQ VHQWLU QLQJºQ GRORU \ TXL]¡V HQWRQFHV
SXHGHV LQFOXVR DOFDQ]DU XQD GH ODV PDQ]DQDV +DVWD G³QGH SXHGHV OOHJDU"
'³QGHHVW¡WXO­PLWH"3XHGHVVHQWLUOR"&XDQGRKD\DVSHUFLELGRWXO­PLWHFRQ
WRGDFODULGDGOOHYDWXVEUD]RVGHQXHYROHQWDPHQWHKDFLDDEDMR4X©HVORTXH
VLHQWHVDKRUDFXDQGRHVW¡VFRPSOHWDPHQWHTXLHWR"
8QD VHQVDFL³Q SHVDGD HQ ORV EUD]RV R DO FRQWUDULR XQD VHQVDFL³Q OLJHUD"
8Q FRVTXLOOHR R DOJXQD RWUD FRVD" < TX© VXFHGH FRQ WX UHVSLUDFL³Q HQ HVWH
PLVPRPRPHQWR"4X©VDEHVDKRUDDFHUFDGHORTXHHVVXILFLHQWH"7LHQHVTXH
SDUDUVLHPSUHFXDQGR\DKDVOOHJDGRDWXO­PLWH"
3DUD ILQDOL]DU HVWH HMHUFLFLR FRQ ODV PDQRV DKXHFDGDV GDWH JROSHFLWRV
U­WPLFRVHQODVSLHUQDVODVQDOJDVODEDUULJDHOSHFKRORVEUD]RVHOFXHOOR\
ORVKRPEURV3RUºOWLPRPDVDMHDWXVPHMLOODVWRGDWXFDUD\HOFXHURFDEHOOXGR
3XHGHV FDPELDU R PH]FODU HO RUGHQ GH ORV WRTXHFLWRV 3XHGHV XWLOL]DU HVWH
PDVDMHWDPEL©QFXDQGRWHVLHQWDVFDQVDGRRXQWDQWRVRPQROLHQWRHVXQDEXHQD
PDQHUD GH SRQHUWH HQ IRUPD U¡SLGDPHQWH \ VHQWLUWH OOHQR GH QXHYD HQHUJ­D
 0PPߨTX©ULFR



/RV O­PLWHV VRQ LPSRUWDQWHV 7H PXHVWUDQ KDVWD G³QGH SXHGHV OOHJDU \D VHD
FRPLHQGRSUDFWLFDQGRXQGHSRUWHRFXDQGRHVW¡VPROHVWDQGRRVDOW¡QGRWHODVUHJODV
TXH KD\ HQ FDVD$ PHQXGR ORV FU­RV DFRVWXPEUDQ D LU GHPDVLDGR OHMRV \D VHD DO
HVWDUHQWXVLDVPDGRVRFXDQGRTXLHUHQFRQVHJXLUDOJXQDFRVD(QPXFKDVRFDVLRQHV
QRSHUFLEHQG³QGHHVW¡VXO­PLWH7LHQHQTXHDSUHQGHUORGHVXVSDGUHVSHURPXFKDV
YHFHVSDUDORVSDGUHVWDPSRFRHVI¡FLOFRQRFHUORVO­PLWHV&RPHUWRGRORTXHHVW¡
HQHOSODWRRQR"8QDKRUDDOG­DGHODQWHGHORUGHQDGRURWDQWRWLHPSRFRPRHOQL±R
TXLHUD"'³QGHHVW¡HOO­PLWH"'HPDVLDGDOLEHUWDGQRHVEXHQDSHURWDPSRFRORHV
VHUGHPDVLDGRDXWRULWDULR6HWUDWDGHHQFRQWUDUHOW©UPLQRPHGLRTXHQRVRIUHFHHO
VXILFLHQWH HVSDFLR SDUD GLDORJDU \ DVXPLU QXHVWUD SURSLD UHVSRQVDELOLGDG l4XLHUR
TXHHVWDVHPDQDUHFRMDVWXKDELWDFL³Q7HSDUHFHTXHORKDJDVDQWHVGHOV¡EDGR"{
/DQL±DSUHILHUHRUGHQDUODKDELWDFL³QHOGRPLQJRYDOHWDPEL©QHVW¡ELHQ3HUROR
SURPHWLGR HV GHXGD 'HWHUPLQDFL³Q \ IOH[LELOLGDG VRQ GRV SURSLHGDGHV TXH
IXQFLRQDQDODKRUDGHHVWDEOHFHUO­PLWHV$SUHQGHUDVHQWLUFRQVFLHQWHPHQWHTXH\D
HVGHPDVLDGRWDPEL©QIXQFLRQD
+DFLHQGRHVWHWLSRGHHMHUFLFLRVD\XGDVDORVQL±RVDDFWXDUP¡VFRQVFLHQWHPHQWH
FRQVXFXHUSR
7UDQTXLO­]DWHUHO¡MDWHXQPRPHQWR


$OJXQRV QL±RV QR SXHGHQ HVWDU QL XQ VHJXQGR TXLHWRV OHV FXHVWD PXFKR HVWDU
FDOPDGRV \ QR VDEHQ VHQWLU G³QGH HVW¡ HO O­PLWH 6REUH WRGR UHODMDUVH OHV HV PX\
GLI­FLO 6H PXHYHQ LQWUDQTXLORV \ MXJXHWHDQ VLQ FHVDU FRPR VL HVWXYLHUDQ HQ XQ
SDUWLGR\DV­SXGLHUDQJDQDUOR

(O KLMR P¡V SHTXH±R GH XQRV DPLJRV HV XQ FKLTXLOOR PX\ DELHUWR H
LPSXOVLYR 6XV JUDQGHV RMRV QR FRQRFHQ XQ PRPHQWR GH WUDQTXLOLGDG 6X
ERFDQXQFDHVW¡FHUUDGDVXVSLHUQDVVHPXHYHQFRQVWDQWHPHQWH&RPRVL
GH XQ MRYHQ FLHUYR VH WUDWDUD VDOWD \ VH PXHYH GH XQ ODGR D RWUR GH OD
PHVD GH ORV GHEHUHV GH XQ MXHJR R GH XQD FRQYHUVDFL³Q 0L DPLJD GLFH
VXVSLUDQGR D PHQXGR l7UDQTXLO­]DWH UHO¡MDWH XQ PRPHQWR{ D OR TXH ©O
LUULWDGROHUHVSRQGHlb0LFXHUSRVHPXHYHVRORb<2QRORKDJR{

5HODMDUHOFXHUSRFRQVFLHQWHPHQWHHVXQSRFRGLIHUHQWHDUHODMDUVHKDFLHQGRDOJºQ
GHSRUWHROH\HQGR1RHVQLPHMRUQLSHRUVLPSOHPHQWHHVGLVWLQWR$ORVQL±RVOHV
HQFDQWD VDEHU F³PR UHODMDU VX FXHUSR \ KDFHU HO ߡWHVW GHO HVSDJXHWLߢ +DFL©QGROR
DSUHQGHQDFRQYHUWLUHVDVWLUDVODUJDV\GXUDVGHHVSDJXHWLFUXGRTXHDYHFHVKD\HQ
VX FXHUSR HQ WLUDV GH SDVWD EODQGLWDV IOH[LEOHV \ ELHQ FRFLGDV 6X FXHUSR TXHGD
FRPSOHWDPHQWHEODQGRWRWDOPHQWHUHODMDGR
'H HVWD PDQHUD DSUHQGHQ D UHFRQRFHU HO VRVLHJR \ WDPEL©Q OD LQTXLHWXG
)UHFXHQWHPHQWHVHGDQFXHQWDGHTXHFRQODSU¡FWLFDFDGDYH]ORKDFHQPHMRU(O
PRPHQWR LGHDO SDUD UHDOL]DU HVWH WLSR GH HMHUFLFLRV HV FXDQGR VH HQFXHQWUDQ P¡V
EXOOLFLRVRV SRUHMHPSORDOVDOLUGHODSLVFLQDRGHVSX©VGHKDEHUHVWDGRPLUDQGROD
WHOHYLVL³Q 
'HVSX©VGHKDFHUORSXHGHQHOHJLUHOSHUPDQHFHUSRUXQPRPHQWRFRQVXDWHQFL³Q
HQ HVWD FDOPD \ QR SURVHJXLU LQPHGLDWDPHQWH FRQ VXV DFWLYLGDGHV D WRGR JDV
4XHGDUVH DºQ XQ PLQXWR HFKDGR 'HVFDQVDU XQ LQVWDQWH KDVWD TXH VLHQWDQ TXH VX
FXHUSR TXLHUH PRYHUVH RWUD YH] 6LQ QHFHVLGDG GH KDFHU QDGD 6LQ SUHVLRQDUORV
/OHQRVGHDVRPEURHOORVPLVPRVVHGDU¡QFXHQWDGHORDJUDGDEOHTXHVRQODFDOPD\
ODUHODMDFL³Q1RHVQHFHVDULRKDFHUQDGDVRODPHQWHVHU
&XDQGR ORV QL±RV KDQ DSUHQGLGR D UHFRQRFHU ODV GLVWLQWDV VH±DOHV GH VX FXHUSR
UHODMDFL³QLQTXLHWXGFDQVDQFLRKDEHUFRPLGRVXILFLHQWH WDPEL©QUHFRQRFHQFRQ
P¡VUDSLGH]DTXHOORVPRPHQWRVHQORVTXHQRVHVLHQWHQDJXVWRHVW¡QPDUHDGRVR
WLHQHQGRORU1RUPDOPHQWHQXHVWURFXHUSRHVW¡VDQR\KDFHORTXHWLHQHTXHKDFHU
FDPLQDUFRUUHULUHQELFLFOHWDMXJDUWUDEDMDU3HURSXHGHKDEHUSDVDGRDOJR(VW¡V
HQIHUPRSXHGHVQRWDUORl4X©HVHQUHDOLGDGHVWDUHQIHUPR"{PHSUHJXQW³PLKLMR
FRQD±RVFXDQGRGHUHSHQWHVLQWL³SRUSULPHUDYH]XQDVHQVDFL³QPX\UDUDHQVX
HVW³PDJR
(OFXHQWRGHODDUGLOODHQIHUPD


$GDSWDFL³QGHXQOLEURGH7RRQ7HOOHJHQ 

‰UDVH XQD YH] XQD DUGLOOD VHQWDGD VREUH HO PXVJR EDMR XQ YLHMR ¡UERO
1RVHHQFRQWUDEDPX\ELHQOHGRO­DODEDUULJXLWD&DVXDOPHQWHSDVDEDSRU
DOO­XQJULOORTXHOHGLMRl$UGLOODWºHVW¡VHQIHUPD{4X©HVHQUHDOLGDG
HVWDU HQIHUPR" SHQV³ OD DUGLOOD 'HFLGL³ SUHJXQW¡UVHOR D XQD KRUPLJXLWD
TXHVDE­DPXFKDVFRVDV
ߙ%XHQRߙGLMRODKRUPLJDPLHQWUDVVHUDVFDEDODFDEHFLWDߙKD\PXFKDV
PDQHUDVGHHVWDUHQIHUPR3XHGHVHVWDUXQSRFRHQIHUPRPX\HQIHUPR\
JUDYHPHQWHHQIHUPR*UDYHPHQWHHQIHUPRHVODSHRU
ߙ< GLPH KRUPLJXLWD TX© SDVD FXDQGR HVW¡V JUDYHPHQWH HQIHUPR" ߙ
SUHJXQW³ODDUGLOOD
ߙ&ODUR TXH SXHGH SDVDU GH WRGR SHUR FDVL QXQFD SDVD QDGD QDGD GH
QDGD'HVSX©VGHXQWLHPSRYXHOYHVDHVWDUELHQGHIRUPDQDWXUDO
ߙ<F³PRYDWXEDUULJD"ߙSUHJXQW³ODKRUPLJD
ߙ0LEDUULJD"
ߙ6­
(QWRQFHVODDUGLOODVHGLRFXHQWDGHTXHVHOHKDE­DSDVDGRHOGRORUGH
EDUULJD

&XDQGROHDVHVWHFXHQWRDORVQL±RVSXHGHVSUHJXQWDUOHV$G³QGHVHKDEU¡LGRHO
GRORUGHEDUULJD"+DEU¡DOJºQOXJDUDOTXHYD\DDSDUDUWRGRHOGRORUTXHDOJXQDYH]
KDVWHQLGR"6HJXURTXHHVHOXJDUH[LVWH7ºTX©SLHQVDV"
&RQVHMRVSDUDFDVD

&“020(6,(172"

4X© SHUFLEHV GH WX FXHUSR" 7LHQHV HQ RFDVLRQHV GRORU GH EDUULJD
GRORU GH FDEH]D R HVW¡V PDUHDGR" &X¡QGR VLHQWHV HVWDV FRVDV"
4XLHUHV H[SOLFDUOR R KDFHU DOJºQ GLEXMR" (V VLHPSUH OD PLVPD
VHQVDFL³QDORODUJRGHOG­D"4X©SXHGRKDFHUSDUDD\XGDUWH"
4X© VLHQWHV HQ WX FXHUSR FXDQGR WH GHVSLHUWDV" (VW¡ FDQVDGR R
GHVFDQVDGR"
'LEXMD XQ WHUP³PHWUR \ HVFULEH FDGD G­D F³PR WH VLHQWHV FDQVDGR
DEDMRHQIRUPDDUULED 

5(5(66$12

3RQWH GHODQWH GHO HVSHMR \ HPSLH]D D UH­U 4X© SDVD DKRUD FRQ WX
FXHUSR" 4X© HV OR TXH VH HVW¡ ULHQGR" 5­HQ WDPEL©Q WXV RMRV WXV
PHMLOODVWXERFD"<WXEDUULJDVHU­HWDPEL©Q"/RVKRPEURV"+D\
DOJRP¡VTXHWDPEL©QVHU­H"
7DPEL©QHVPX\GLYHUWLGRKDFHUHVWRFRQRWURV

$1'$5&21$7(1&,“1


&XDQGRVXEHVFRUULHQGRODHVFDOHUDDWRGDSULVDFRUUHQVRODPHQWHODV
SLHUQDV R FRUUH WDPEL©Q DOJR P¡V" 7RPD FRQFLHQFLD GH WRGRV ORV
PºVFXORVTXHSDUWLFLSDQHQHOOR
<FXDQGRGHUHSHQWHSDUDVGHFRUUHUTX©HVORTXHQRWDVHQWRQFHVHQ
 WXFXHUSR"TX©SDVDFRQWXUHVSLUDFL³QWXVPºVFXORVHOODWLGRGHWX
FRUD]³Q"
'DWHFXHQWDGHFX¡QDPHQXGRFRUUHVGHPDQHUDDXWRP¡WLFD\PLUDVL
VLPSOHPHQWH SXHGHV DQGDU D PHQRV TXH WHQJDV XQD QHFHVLGDG
LPSHULRVD GH FRUUHU SRUTXH VH KD GHFODUDGR XQ LQFHQGLR  $SXQWD
FX¡QWDVYHFHVFRUUHVDOG­DVLQTXHVHDQHFHVDULR



 6($9(&,1$7250(17$


1XHVWUDPHQWHVHSDUHFHPXFKRDXQDJUDQVXSHUILFLHGHDJXDDXQPDURDXQ
RF©DQR(QWRGRVHOORVODVWRUPHQWDVORVFKDSDUURQHVODVJUDQGHVWRUPHQWDVRHOVRO
SXHGHQ SURGXFLU FDPELRV KDFLHQGR TXH HO DJXD VH FRQYLHUWD HQ XQD PDVD GH
UHPROLQRVYLROHQWRVFRQDWHUUDGRUDVRODVJLJDQWHVFDVRELHQHQXQHVSHMROLVR\FODUR
HQHOTXHSRGHUYHUODVSURIXQGLGDGHV
/RPLVPRVXFHGHFRQQRVRWURV(QFXDOTXLHUPRPHQWRQRVSXHGHQOOHJDUFDPELRV
GH KXPRU R VHQWLPLHQWRV PX\ LQWHQVRV$O QR UHFKD]DUORV \ QR SUHWHQGHU TXH VHDQ
GLIHUHQWHV GH OR TXH VRQ HQ HVWH PRPHQWR DSUHQGHV D WHQHU HQ FXHQWD ߡHO WLHPSR
LQWHULRUߢ &XDQGR GHMDV GH TXHUHU TXH EULOOH HO VRO FXDQGR OD OOXYLD FDH D UDXGDOHV
HVW¡VSRUILQSUHVHQWHHQODUHDOLGDG
4X©WLHPSRHVW¡KDFLHQGRSRUGHQWUR"



'HVGHKDFHD±RVXQRGHQXHVWURVKLMRVWLHQHPX\PDOKXPRUDSULPHUD
KRUD GH OD PD±DQD %DMD OD HVFDOHUD UHVRSODQGR \ SHJDQGR IXHUWHV
SLVRWRQHV/RVSHOGD±RVVXIUHQODVFRQVHFXHQFLDV<\RWDPEL©Ql1RWH
KDE­D GLFKR TXH QR TXHU­D FRPHU QDGD" 3RU TX© PH KDV SUHSDUDGR HO
GHVD\XQR"{$QWHVGHTXHPHG©WLHPSRDUHVSLUDUSDUDFRQWHVWDUOHVLJXH
FRQ OD EURQFD l'³QGH KDV PHWLGR PL PRFKLOD" b6LHPSUH PH OR SLHUGHV
WRGRb$KRUDOOHJDU©WDUGHDOFROHJLRb(VFXOSDWX\D{&LHUUDODSXHUWDFRQ
IXHU]D\VLQFRQWHPSODFLRQHVb=DVSDWDSDP
(VWDVHUXSFLRQHVUHJXODUHVTXHLQGLFDQXQKXPRUGHSHUURVPHSHUPLWHQ
DSUHFLDU ORV SULPHURV VLJQRV GH OD WRUPHQWD TXH VH DYHFLQD $O G­D
VLJXLHQWHWDQSURQWRFRPREDMDODHVFDOHUDOHSLGRTXHVHVLHQWHDODPHVD
0HPLUDHQIDGDGRFRQFDUDGHSRFRVDPLJRVGHKDEHUGRUPLGRSRFR1R
TXLHUHQDGD\ORTXHPHQRVTXLHUHHVVHQWDUVHFRQPLJRDODPHVD
5HVSLUR XQ SDU GH YHFHV \ VLHQWR F³PR PLV KRPEURV HVW¡Q OOHQRV GH
WHQVL³Q SHUR GHFLGR PLUDUOR DIDEOHPHQWH \ QR GHMDUPH OOHYDU SRU HO
WHPSRUDO 9XHOYR D SHGLUOH TXH VH VLHQWH D ILQ GH FXHQWDV bTXLHUR KDEODU
FRQ©O
'H PDOD JDQD KDFH OR TXH OH SLGR /RV FRGRV VREUH OD PHVD OD FDEH]D
HQWUHODVPDQRV/DVPDQG­EXODVDSUHWDGDV
/HSLGRTXHREVHUYHORTXHOHHVW¡RFXUULHQGRHQHVWHSUHFLVRLQVWDQWH
4X©VLHQWHUHDOPHQWH"&DHQUD\RV\WUXHQRV"+D\WRUPHQWD"&RQTX©
LQWHQVLGDG VRSOD HO YLHQWR" 7LHQH IXHU]D RFKR QXHYH R GLH]" 'HFLGH
SRQHUOH XQ GLH] \ GH SURQWR GLFH FRQ XQ WRQR GH YR] PXFKR P¡V VXDYH
TXHHVW¡PXHUWRGHFDQVDQFLR1RSXHGHP¡V/DVFRVDVQRYDQELHQHQOD
HVFXHOD DXQTXH LQWHQWD KDFHUOR WRGR OR PHMRU SRVLEOH \ SRQH WRGR VX
HPSH±RVHHVW¡TXHGDQGRDWU¡VHQORVHVWXGLRV\QRVDEHF³PRUHVROYHUOR
6XFXHUSRVHVXDYL]D\HQWRQFHVSHUPLWHTXHDIORUHHVDKRUULEOHVHQVDFL³Q
*UDQGHV ODJULPRQHV FDHQ VREUH OD WRVWDGD GHO GHVD\XQR$EUD]R VX ODUJR
FXHUSRMXYHQLO6LPSOHPHQWHORVRVWHQJR

 (O SDUWH PHWHRURO³JLFR SHUVRQDO SXHGH D\XGDU D WX KLMR D FRPSUHQGHU VX PXQGR
LQWHULRU < DV­ Wº SXHGHV DFHUFDUWH D ©O D VXV HVWDGRV GH ¡QLPR \ WDPEL©Q D ORV
WX\RV D\XG¡QGROHDDFHSWDUORV
(OSDUWHPHWHRURO³JLFRSHUVRQDO


0DQWHQLHQGRHOFRQWDFWRFRQWXKLMR\QRSRQLHQGRUHVLVWHQFLDDVXPDOKXPRU HV
DOJRTXHHVW¡DK­ SXHGHVHQVH±DUOHWDPEL©QDQRUHVLVWLUVHKDFL©QGRVHFRQVFLHQWH
GH OR TXH HVW¡ VLQWLHQGR $O UHFRQRFHU ORV VHQWLPLHQWRV QHJDWLYRV OHV SHUPLWLPRV
HVWDUDK­DFHSW¡QGRORV1RSDVDQDGDHVW¡ELHQ'HVSX©VSRG©LVYHUORVGRVMXQWRV
TX©HVORTXHQHFHVLWDHQHVWHPRPHQWRXQDFKXFK³QRTXL]¡VXQUHYROF³QSRUHO
VXHOR" OODPDU D XQ DPLJR" EXVFDU XQD VROXFL³Q DO SUREOHPD" DOJR
FRPSOHWDPHQWHGLVWLQWR"
&RPR SDGUHV WHQHPRV HQWRQFHV OD RSRUWXQLGDG GH H[DPLQDU QXHVWURV SURSLRV
VHQWLPLHQWRV DV­ FRPR QXHVWUD SUHGLVSRVLFL³Q D DFWXDU DXWRP¡WLFDPHQWH GH HVWH
PRGRSRVLELOLWDVXQDREVHUYDFL³QLQWHULRUSDUDGHVFXEULUTX©HVORTXHKD\$XQTXH
QR SXHGDV VROXFLRQDUOR WRGR V­ SXHGHV SHUPDQHFHU FHUFD GH WXV KLMRV GHMDQGR TXH
GHPXHVWUHQ\DFHSWHQVXVHPRFLRQHV3DUDTXHVHSDQTXHHVW¡VGHVXODGR\TXHOHV
TXLHUHVLQFOXVRFXDQGRVHHQFXHQWUDQHQXQHVWDGRGH¡QLPRS©VLPR
 (MHUFLFLRHOSDUWHPHWHRURO³JLFRSHUVRQDO


6L©QWDWHF³PRGDPHQWHFLHUUDORVRMRVRG©MDORVHQWRUQDGRVFRPRSUHILHUDV
7³PDWH HO WLHPSR TXH QHFHVLWHV SDUD GHVFXEULU F³PR WH VLHQWHV HQ HVWH
PRPHQWR4X©WLHPSRHVW¡KDFLHQGRSRUGHQWUR"7HVLHQWHVUHODMDGR\EULOOD
HO VRO" 2 HVW¡ HO FLHOR HQFDSRWDGR FXELHUWR GH QXEHV \ D SXQWR GH FDHU XQ
FKDSDUU³Q" 2 TXL]¡V KD\ XQD WRUPHQWD" 4X© VLHQWHV UHDOPHQWH" (V FRPR
KDFHUHOSDUWHPHWHRURO³JLFRVHJºQWXHVWDGRHPRFLRQDOGHHVWHPRPHQWRVLQ
SHQVDUOR
< FXDQGR VHSDV F³PR WH VLHQWHV HQ HVWH PLVPR LQVWDQWH OR GHMDV WDO FXDO
H[DFWDPHQWH FRPR HV QR SUHFLVDV VHQWLUWH GH RWUD PDQHUD GLVWLQWD D FRPR WH
VLHQWHV DKRUD 9HUGDG TXH QR SXHGHV FDPELDU HO WLHPSR H[WHULRU" 3HUPDQHFH
DV­H[SHULPHQWDQGRHVWDVHQVDFL³QSRUXQPRPHQWR
'HIRUPDDPDEOH\FXULRVDREVHUYDVODVQXEHVODOX]EULOODQWHGHOFLHORRORV
FRORUHVRVFXURVGHODWRUPHQWDTXHVHDYHFLQDߨ(VVLPSOHPHQWHORTXHKD\HO
KXPRU QR SXHGH FDPELDUVH DV­ FRPR DV­ ,JXDO TXH QR SXHGH FDPELDUVH HO
WLHPSR
3XHGHVHUTXHHQRWURPRPHQWRGHOG­DHOWLHPSRFDPELHSHURDKRUDHVFRPR
HV< DV­ HVW¡ ELHQ /RV HVWDGRV GH ¡QLPR FDPELDQ 3DVDQ SRU V­ PLVPRV 1R
WLHQHVTXHKDFHUQDGDSDUDHOOR<HVWRKDFHODVFRVDVP¡VI¡FLOHV


&RQ HVWH HMHUFLFLR ORV QL±RV DSUHQGHQ D LGHQWLILFDUVH PHQRV FRQ VXV FDPELRV GH
KXPRU<R QR VR\ HO FKDSDUU³Q SHUR PH GR\ FXHQWD GH TXH OOXHYH<R QR VR\ XQ
JDOOLQDSHURPHGR\FXHQWDGHTXHDYHFHVWHQJRXQDIXHUWHVHQVDFL³QGHPLHGRHQ
OD]RQDGHOFXHOOR
$ODPD\RU­DOHVJXVWDGLEXMDUߡHOWLHPSRߢ/HVKDFHFRQVFLHQWHVGHODOOXYLDHO
VRO\ODWRUPHQWDHQHOORVPLVPRV<ORTXHHVLPSRUWDQWHSHUPLWHQTXHDV­VHD
 &RQVHMRVSDUDFDVD

$&(37$5(/7,(032

'LEXMD WX SDUWH PHWHRURO³JLFR SDUWLFXODU HQ HVWH PRPHQWR $O

ILQDOL]DU HO G­D FRPSUXHED VL HO WLHPSR WRGDY­D HV HO PLVPR R VL KD
FDPELDGRKDFH\DXQEXHQUDWR1DGDSHUPDQHFHVLHPSUHLJXDO6DEHU
HVWRSXHGHD\XGDU
&XDQGR YDV GH FDVD DO FROHJLR REVHUYD ODV GLVWLQWDV PDQLIHVWDFLRQHV
FOLPDWRO³JLFDV6LHQWHODOOXYLDHOIU­RHQWXVPHMLOODVHOYLHQWRTXHFDVL
WH WLUD DO VXHOR HO DJUDGDEOH FDORU GHO VRO TXH WH OOHQD GH HQHUJ­D
4XL]¡VWDPEL©QWHGHVFXHQWDGHTXHWLHQHVPLHGRDODWRUPHQWDRELHQ
FRPSUXHEDVTXHWHSDUHFHXQIHQ³PHQRPX\HPRFLRQDQWH
4X©KXPRUWLHQHQKR\WXVSDGUHV"<WXKHUPDQRWXKHUPDQDRWXV
DPLJRV" b$ YHU VL SXHGHV REVHUYDUORV FRPR VL REVHUYDUDV HO WLHPSR
H[WHULRU6LQFHQVXUDUOR$YHFHVOOXHYH\DYHFHVEULOODHOVRO(QWRGRV
QRVRWURV



 0$1(-$5/266(17,0,(1726
',)&,/(6


/RVVHQWLPLHQWRVVRQXQDUHDFFL³QDDOJRTXHKDVYLYLGRDOJRTXHSLHQVDVRDOJR
TXHKDFHV/RVFXDWURP¡VE¡VLFRVVRQHQIDGRWULVWH]DPLHGR\DOHJU­D7DQWRODV
HPRFLRQHVFRPRORVVHQWLPLHQWRVSXHGHQVHQWLUVHVLHPSUHHQHOFXHUSR3RUHVRVH
OODPDQ VHQWLPLHQWRV GH VHQWLGRV  3XHGHQ OOHJDUWH WDQ DGHQWUR TXH VRQ FDSDFHV GH
GHMDUWH DEVROXWDPHQWH SHUWXUEDGR $ YHFHV VHQWLPLHQWRV WDOHV FRPR HO
HQDPRUDPLHQWRHOGHVHRODYHUJ¼HQ]DODLQVHJXULGDGODVROHGDGODSHQDRHOPLHGR
WHDUUDVWUDQ\WHDEVRUEHQFRPSOHWDPHQWHHQVXFRUULHQWHWHHQFXHQWUDVLQPHUVRHQ
HOORV DWUDSDGR 7DPEL©Q KD\ RWURV VHQWLPLHQWRV P¡V QHXWURV HVWRV QR WLHQHQ XQ
LPSDFWRWDQJUDQGH3HURDXQTXHOODPDQPHQRVODDWHQFL³QTXHHOHQRMRRHOPLHGR
HVW¡QDK­&RPRXQDPºVLFDGHIRQGRFDVLLQDXGLEOHTXHLQIOX\HLPSHUFHSWLEOHPHQWH
HQWXHVWDGRGH¡QLPR
&RPRHVO³JLFRTXLHUHVVDFDUWHU¡SLGDPHQWHGHHQFLPDDTXHOORVVHQWLPLHQWRVTXH
SHUWXUEDQWXELHQHVWDUPLHQWUDVTXHDTXHOORVTXHVRQDJUDGDEOHVTXLVLHUDVWHQHUORV
VLHPSUHFRQWLJR4XLVLHUDVTXHVLHPSUHIXHVHWDOFRPRHVDKRUD
7DQ SURQWR FRPR ORV VHQWLPLHQWRV VRQ SHUFHSWLEOHV HQ WX FXHUSR HQFXHQWUDQ GH
LQPHGLDWRODFRPSD±­DGHWXVSHQVDPLHQWRV3HQVDPLHQWRVDFHUFDGHWLPLVPRl6L
GHMR HQWUHYHU TXH HVWR\ WULVWH SHQVDU¡Q TXH VR\ G©ELO{ 2 SHQVDPLHQWRV DFHUFD GH
RWURVl6LPHYDVDHVWDUPLUDQGRFRQHVDFDUDGHHQIDGRYHWHDWXKDELWDFL³Q1R
TXLHURYHUHVDFDUDHQODPHVD{
&RQHVWHWLSRGHRSLQLRQHVDPHQXGRSDUHFHTXHORVVHQWLPLHQWRVQRPHUHFHQWX
DSUREDFL³QSRUORTXHWDPEL©QWHGHVDSUXHEDVDWLPLVPR1DGDHVPHQRVFLHUWRORV
VHQWLPLHQWRV VRQ VLPSOHPHQWH VHQWLPLHQWRV SHUR QR621 Wº Wº ORV7,(1(6 $O
FRQWUDULRGHORTXHSHQVDPRVDPHQXGRORVVHQWLPLHQWRVQRWLHQHQXQDODUJDYLGD
(V DO SUHRFXSDUQRV FXDQGR SDUHFHQ VHU GH P¡V GXUDFL³Q 6L HQVH±DV D WXV KLMRV D
DFHSWDUVHQWLU\UHFRQRFHUVXVVHQWLPLHQWRVOHVHQVH±DVDOJRGHXQYDORUHVHQFLDO
1R QHFHVLWDQ DSDUWDUORV FDPELDUORV R H[SUHVDUORV GH LQPHGLDWR (V VXILFLHQWH FRQ
VHQWLUORV\SUHVWDUOHVDWHQFL³Q8QDDWHQFL³QDPDEOH

0LHQWUDV HVWR\ VHQWDGD D OD PHVD SUHSDUDQGR PLV FODVHV GH PD±DQD
OOHJD PL KLMD DGROHVFHQWH D FDVD FRQ XQD DPLJD 6LHQWR TXH DOJR QR HVW¡
ELHQ&XDQGROHVSUHJXQWRVLTXLHUHQWRPDUXQDWD]DGHW©ODDPLJDHVWDOOD
HQ O¡JULPDV 6XV KRPEURV GHOJDGRV VH VDFXGHQ FRQ DIOLFFL³Q &RQ YR]
WHPEORURVD\HQWUHFRUWDGDHPSLH]DDKDEODU6XSDGUHWLHQHXQDDPLJDDV­
GHUHSHQWH(OGRORUHVLQWHQVRODKHULGDHVSURIXQGD0LKLMDQRGLFHQDGD
 OD DEUD]D \ OD HVFXFKD FRQ PXFKR LQWHU©V &RQ WRGD VX DWHQFL³Q VLJXH HO
KLOR GH WRGD OD KLVWRULD 6LQ LQWHUUXPSLUOD VLQ MX]JDU DVLHQWH FRQ RMRV
FRPSUHQVLYRV$SR\DDVXDPLJDFRPRXQDPXMHUPDGXUD\VDELD\HQHVH
PRPHQWR PH GR\ FXHQWD GH FX¡Q YDOLRVD HV OD D\XGD TXH OH HVW¡ GDQGR
(OODORKDFRPSUHQGLGRPLKLMDGHUHSHQWHWDQPDGXUD0XFKDVYHFHVQR
VH WUDWD GH EULQGDU VROXFLRQHV OORUDU MXQWDV R GDU OD FXOSD D DOJR R D
DOJXLHQ6HWUDWDGHODDWHQFL³QXQDDWHQFL³QOOHQDGHDPRU

/RVVHQWLPLHQWRVGLI­FLOHVQRH[LVWHQ


'HKHFKRORVHQWLPLHQWRVGLI­FLOHVQRH[LVWHQ3XHGHVHUGLI­FLOEUHJDUFRQHOORV\
FRQORVSHQVDPLHQWRV\ODVFRQGXFWDVTXHSURYLHQHQGHORVPLVPRVHVSHFLDOPHQWH
FXDQGR VRQ PX\ IXHUWHV H LQWHQVRV 8Q VHQWLPLHQWR WH GLFH DOJR GH F³PR HVW¡V
YLYLHQGRXQDVLWXDFL³Q1RVLHPSUHQRVLQGLFDF³PRHVHVDVLWXDFL³QHQUHDOLGDG(O
DUWHGHPDQHMDUORVVHQWLPLHQWRVHVHQVH±DUDWXVKLMRVORVLJXLHQWH


4XH QR QHFHVLWDV HQFRQWUDUWH DUUDVWUDGR SRU HOORV R QR WLHQHV TXH DSDUWDUORV
SXHGHVVHQWLUORVHQWXFXHUSRREVHUYDUORV\GDUOHVDWHQFL³QKDVWDTXHFDPELDQ
SRU V­ PLVPRV 7DPEL©Q SXHGH VHU GH D\XGD H[SUHVDUORV R GLEXMDUORV HVWR HV
GRORURHVWRHVHQIDGRPHVLHQWRFRQWHQWRRWUDLFLRQDGR
4XHWºQRHUHVWXVVHQWLPLHQWRVSHURTXHORVWLHQHV1RHVTXHVHDXQOORU³Q
HVWR\WULVWH
4XHWRGRVORVVHQWLPLHQWRVHVW¡QELHQSHURQRWRGRVORVFRPSRUWDPLHQWRV(O
FRPSRUWDPLHQWRSXHGHFDPELDUVHORVVHQWLPLHQWRVQR



8QD PDGUH PH FXHQWD HO GRORU GH VX KLMR TXH VH HQFXHQWUD WRWDOPHQWH
DWUDSDGRSRUXQVHQWLPLHQWRGHWUDLFL³Q
l-XDQ WLHQH XQ HQRUPH VHQWLGR GH OD MXVWLFLD &RPSDUWH XQ VHFUHWR FRQ
RWUR FKLFR GH OD FODVH VH WUDWD GH XQ F³GLJR GH XQ MXHJR GH ,QWHUQHW 6X
FRPSD±HUR OH SURPHWH QR GHF­UVHOR D ORV RWURV FRQ OD PDQR SXHVWD HQ HO
FRUD]³Q$OG­DVLJXLHQWHPXFKRVP¡VFKLFRVGHODFODVHVDEHQHOF³GLJR
(Q PRPHQWRV DV­ -XDQ SXHGH VHQWLUVH VXPDPHQWH WULVWH \ HQRMDGR WDQWR
TXHSXHGHLQFOXVRSRQHUVHHQIHUPRSRUHOOR\OOHJDDGHFLUTXHQRTXLHUH
LUP¡VDODHVFXHOD6RORTXLHUHSHUPDQHFHUHQODFDPD{


6RI­D WLHQH  D±RV \ PH FRQILHVD TXH WLHQH PLHGR GH ߡE¡VLFDPHQWH
WRGRߢ l0H DVXVWD OD RVFXULGDG ORV IDQWDVPDV GHEDMR GH PL FDPD 0H
DVXVWDQODVUL±DVODVFRVDVTXHQRSXHGRKDFHUELHQ1RPHDWUHYRDLUVROD
GHODHVFXHODDFDVD{
/DV O¡JULPDV EULOODQ HQ VXV RMRV VXV ODELRV WLHPEODQ 6L OH SLGR VHQWLU
HVWRVVHQWLPLHQWRV\GHWHFWDUORVHQVXFXHUSRPHGLFHl/RVVLHQWRHQPL
YLHQWUH VH PXHYHQ 'H DUULED DEDMR \ GH DEDMR DUULED{ /H SLGR TXH FRQ
PXFKDDWHQFL³QVLJDREVHUYDQGRHVWDVHQVDFL³QSRUXQLQVWDQWHVLQWLHQGR
TX©VXFHGHDOKDFHUOR6RI­DFLHUUDORVRMRV\VHFRQFHQWUD
 l$ºQ VH VLJXHQ PRYLHQGR{ \ GHVSX©V GH XQ PRPHQWLWR GLFH l3DUHFH
TXH \D VH PXHYHQ PHQRV{ /H SLGR GH QXHYR TXH VLJD REVHUYDQGR ELHQ
DWHQWDFRQPXFKDVXDYLGDGDPLJDEOHPHQWH'HVSX©VGHXQDSDXVDGHGRV
PLQXWRVDEUHORVRMRV\GLFHOOHQDGHVRUSUHVDlb6HKDLGRb/DVHQVDFL³Q
GHPLHGRKDGHVDSDUHFLGR{
6HYDFRUULHQGRKDFLDODFODVH

$O LJXDO TXH ORV DGXOWRV ORV QL±RV SXHGHQ TXHGDU PX\ FRQIXQGLGRV DQWH OD
LQWHQVLGDGGHFLHUWRVVHQWLPLHQWRV$PHQXGRQRVDEHQTX©KDFHUFRQHOORV(QHVWRV
FDVRVHVEXHQRTXHORVSDGUHVOHVHQVH±HPRVDVHUFRQVFLHQWHVGHODLQWHQVLGDGGH
HVRVVHQWLPLHQWRV&RQXQDDWHQFL³QSOHQDDELHUWDVLQMX]JDU
3HUPLWLU GH IRUPD FRPSUHQVLYD TXH HO GRORU HO PLHGR OD LUD R OD DOHJU­D HVW©Q
SUHVHQWHV HV DOJR TXH FRQIRUWD D ORV QL±RV /HV HQVH±D D FDSHDU OD LQWHQVLGDG GHO
WHPSRUDO7DPEL©QDSUHQGHQTXHWRGRVORVVHQWLPLHQWRVGHVDSDUHFHQDOFDERGHXQ
WLHPSR ,JXDO TXH XQ DJXDFHUR 6L HO VHQWLPLHQWR SUHYDOHFH SXHGH VHU GH D\XGD
EXVFDUXQDGLVWUDFFL³QMXJDQGRDFXDOTXLHUFRVDRDFDULFLDQGRDVXPDVFRWD6HQWLUVH
DEUD]DGRVRVHQWDUVHHQHOUHJD]RGHSDS¡RPDP¡(QRFDVLRQHVSUHILHUHQKDEODUGH
HOOR HQWRQFHV HVFXFKDU GH YHUGDG HV VXILFLHQWH 2WUDV YHFHV QR TXLHUHQ KDEODU GH
QDGD'HFLUOHVTXHHVW¡VDK­SDUDFXDQGRV­TXLHUDQKDEODUWDPEL©QHVVXILFLHQWH
6HUHOGXH±RGHWXVHQIDGRV


(QIDGDUVH HV DOJR TXH VXFHGH D PHQXGR \ SHUWHQHFH D OD FDWHJRU­D GH
ߡVHQWLPLHQWRV GLI­FLOHVߢ 1RV HV GLI­FLO DFHSWDUOR FRPR WDO \ HOOR OR KDFH DºQ P¡V
FRPSOLFDGR([LVWHODSRVLELOLGDGGHTXHSLHUGDVHOFRQWURO'HTXHWHGD±HVRGD±HV
DRWURVLQVXOWDQGRSHJDQGRRURPSLHQGRFRVDVGHORTXHGHVSX©VWHDUUHSLHQWHV$
YHFHVHOHQIDGRVHGLULJHKDFLDGHQWURSRUORTXHORVQL±RV\RDGXOWRVVHSHUMXGLFDQ
DV­PLVPRVFRPRUHDFFL³QDODLPSRWHQFLDTXHVLHQWHQ(OHQIDGRRFXUUHFXDQGR


1RREWLHQHVORTXHTXLHUHVFRQVHJXLU DWHQFL³QFRQVXHORDTXHOORTXHTXLHUHV 
&XDQGR REWLHQHV DOJR TXH QR TXLHUHV XQD SHOHD XQD SXQWXDFL³Q GHPDVLDGR
EDMDWHQVL³QDOJRTXHQRWHJXVWDIDOODUXQSHQDOWL 
&XDQGR WXV VHQWLPLHQWRV VRQ KHULGRV FU­WLFD SDODEUDV TXH ODVWLPDQ l7º HUHV
VLHPSUHGHPDVLDGRVHQVLEOH{Rl7ºQRSXHGHVSDUWLFLSDUSRUTXHWRGRORKDFHV
PDO{ 



)DOWDQFLQFRPLQXWRVSDUDODVRFKR\PHGLDODHVFXHODHVW¡DSXQWRGH
HPSH]DU HVWDPRV HQ HO PHV GH DEULO WHQHPRV QXHYH JUDGRV GH
WHPSHUDWXUD
0L KLMD GH  D±RV FUX]D ORV EUD]RV FRQ XQD PLUDGD OOHQD GH
GHWHUPLQDFL³Q6XVRMRVFKLVSHDQSHOLJURVDPHQWH
ߙ4XLHURSRQHUPHPLFKDTXHWDGHYHUDQR1RYR\DSRQHUPHHVWHDEULJR
WDQIHR
ߙ9DPRV0DU­D\DHVWDUGHKHPRVGHLUDODHVFXHODߙOHGLJR
ߙ1R TXLHUR LU D OD HVFXHOD SULPHUR TXLHUR SRQHUPH OD FKDTXHWD GH
YHUDQR
9HRFRPRVXHQIDGRDXPHQWDU¡SLGD\SURJUHVLYDPHQWH$EUHHODUPDULR
SDUD EXVFDU OD FKDTXHWD /D FRMR GHO EUD]R VH GHVSUHQGH FRQ IXHU]D \
HPSLH]DDFKLOODU
ߙ1RTXLHURLUDOFROHJLR0HKDFHVGD±R
(QHVHPRPHQWRPHGR\FXHQWDGHTXHQDWXUDOPHQWHQRTXLHURKDFHUOH
GD±R<DKRUDTX©"/DFDPSDQLOODGHHQWUDGDDODHVFXHODHVW¡DSXQWRGH
VRQDUIDOWDQVRORWUHVPLQXWRV/OHJDPRVWDUGH&RPSUHQGRTXHHOHQIDGR
ODKDGHVERUGDGRGHERD\XGDUOD'LJRVXQRPEUHODPLUR
ߙ0DU­DYHRTXHHVW¡VPX\HQIDGDGDb1RSDVDQDGDHVW¡ELHQ
9HRXQGHVWHOORGHLQWHU©VHQVXPLUDGD3RUORTXHSDUHFHHOHQIDGRQR
HVWDQJUDQGH
 ߙ3RGU­DVFRJHUHODEULJRMXQWRFRQHOHQIDGRHLUDOFROHJLR"
$VLHQWH \ SRU ILQ QRV YDPRV (O WHPSRUDO KD DPDLQDGR /OHJDPRV XQ
SRFRWDUGHSHURWDPSRFRHVXQDFDW¡VWURIH

(QWUDU\VDOLUGHOUHPROLQR


$KRUD VLJXHQ WUHV HMHUFLFLRV GH ODVHFFL³QGHDXGLR TXH SXHGHQ VHUYLU SDUD VDOLU
P¡VU¡SLGDPHQWHGHOUHPROLQRXQDYH]TXHWHHQFXHQWUDVGHQWUR


$OKDFHUORVUHJXODUPHQWHFRQWXVKLMRVHVWLPXODVTXHDFHSWHQVXVVHQWLPLHQWRVWDO
\FRPRVRQVLQUHDFFLRQDUGHIRUPDLQPHGLDWDDORVPLVPRV*UDGXDOPHQWHVHGDQ
FXHQWDGHTXHQRWLHQHQSRUTX©DVXVWDUVHGHODLQWHQVLGDGGHVXVVHQWLPLHQWRV(VW¡Q
DK­DYHFHVVHTXHGDQXQUDWLWR\GHVSX©VVHYDQ$OLJXDOTXHRFXUUHHQXQDILHVWDHQ
OD TXH QR WRGRV VRQ WXV PHMRUHV DPLJRV SHUFLEHV HQ WX FXHUSR TXH DOJXQRV
VHQWLPLHQWRVVRQP¡VDJUDGDEOHVTXHRWURV3HURVLDSUHQGHVDFRQRFHUORVPHMRUYHV
TXHDPHQXGRQRVRQWDQPDORV\SDUHFHQWHQHUFXDOLGDGHVLQHVSHUDGDV
 &RQVHMRVSDUDFDVD

&“027(6,(17(6(1(67(020(172"

3XHGHV D\XGDU D WX KLMR HQ OD SU¡FWLFD GH UHFRQRFHU \ QRPEUDU VXV
VHQWLPLHQWRVHQFXDOTXLHUPRPHQWR\FLUFXQVWDQFLD‰OSXHGHVH±DODUODUDQLWD
TXHVHFRUUHVSRQGHFRQHVHVHQWLPLHQWR3RG©LVKDEODUGHHOORFRQFXULRVLGDGH
LQWHU©V KDFLD OR TXH HVW¡ VLQWLHQGR HQ HVWH SUHFLVR LQVWDQWH 3UHJXQWDQGR SRU
HMHPSOR


'³QGHORVLHQWHVHQWXFXHUSR"
&³PRTXLVLHUDVUHDFFLRQDU"
3XHGHV DFHUFDUWH D HVWH VHQWLPLHQWR \ SHUPDQHFHU D VX ODGR WDO FRPR
KDU­DVFRQWXPDVFRWDRFRQWXPHMRUDPLJR"


$FHSWDU HO VHQWLPLHQWR TXH H[LVWH DKRUD SURSRUFLRQD D OD ODUJD P¡V
UHFRQRFLPLHQWR GHO PLVPR 6­ DV­ VLHQWR HO HQIDGR $V­ VLHQWR HO PLHGR (Q
FDPELR OD WULVWH]D OD VLHQWR GH IRUPD PX\ GLVWLQWD SXHGR LU FRQ PL DWHQFL³Q
KDFLDHOOD\HVWRD\XGD
7DPEL©Q D\XGD TXH WX KLMR VHSD TXH SXHGH ߡVREUHYLYLUߢ LQFOXVR D ORV
VHQWLPLHQWRVP¡VLQWHQVRV1RYDDVXFXPELUDHOORV

$+25$12

7DPEL©Q HV LPSRUWDQWH TXH WXV KLMRV UHVSHWHQ WXV VHQWLPLHQWRV GH

SUHRFXSDFL³Q IUXVWUDFL³Q LPSDFLHQFLD WULVWH]D R FDQVDQFLR QR VROR HV
LPSRUWDQWHSDUDWLVLQRWDPEL©QSDUDHOORV(QFLHUWDVRFDVLRQHVDOILQDOGHOD
MRUQDGD VROR WH TXHGD HQHUJ­D SDUD XQ ºQLFR MXHJR lb9DOH SHUR HVWD HV OD
ºOWLPD YH]{  2WUDV YHFHV VLPSOHPHQWH QR WH DSHWHFH (VW¡V FDQVDGD R OR TXH
TXLHUHVHVHFKDUWHHQHOVRI¡<HVRWDPEL©QHVW¡ELHQ

 /$)%5,&$'(/$635(2&83$&,21(6


/DVSUHRFXSDFLRQHVQDFHQFXDQGRTXLHUHVTXHODVFRVDVVHDQGHPDQHUDGLVWLQWDD
ORTXHDKRUDVRQ

l0HSUHRFXSDTXHQRSXHGDLUQXQFDP¡VDFDVDGHPLW­D0LVSDGUHVVH
KDQ HQIDGDGR FRQ HOOD \ DKRUD QR PH GHMDQ LU D YHUOD 3HUR HV PL W­D
SUHIHULGD 7RGR HO WLHPSR SLHQVR HQ HOOR b0H HVW¡ GDQGR GRORU GH
FDEH]D{


l0XFKDV YHFHV QR SXHGR GRUPLU SRUTXH VLJR SHQVDQGR HQ WRGDV HVDV
FRVDVTXHTXL]¡VQRKHKHFKRELHQ(QWRQFHVPHDYHUJ¼HQ]R\SLHQVRDºQ
P¡VHQHOODV{


l$PHQXGRPHSUHRFXSRSRUPLSDGUHQRORYHRFRQPXFKDIUHFXHQFLD
b9LYHHQ)UDQFLD\HVRHVW¡WDQOHMRV{

(QQXHVWUDYLGDQRVLQWUDQTXLOL]DPRVSRUPLOFRVDVPXFKDVYHFHVQRQRVGDPRV
FXHQWDGHTXHWHQHPRVSHQVDPLHQWRVRSLQLRQHVMXLFLRVRGXGDVDFHUFDGHFDVLWRGR
&UHHPRVTXHDOSUHRFXSDUQRVSRGHPRVVROXFLRQDUORSHURHVWRHVXQDLGHDIDOVD$O
DSUHQGHUDFRQRFHUHOH[WUDRUGLQDULRPXQGRGHORVSHQVDPLHQWRVSXHGHVHQVH±DUD
WXVKLMRVDHMHUFHUVXLQIOXHQFLDGLUHFWDVREUHHOPLVPR


1RGHEHQFUHHUVHWRGRVVXVSHQVDPLHQWRV SRUHMHPSORl1XQFDORJUDU©REWHQHU
XQVXILFLHQWH{HVRQRHVFLHUWR 
+DQGHDSUHQGHUDGDUVHFXHQWDGHTXHHOORVQRVRQVXVSHQVDPLHQWRV l1RVR\
ORVXILFLHQWHPHQWHVLPS¡WLFRQLJUDFLRVRQLJXDSR{ 
3­GHOHVTXHDQRWHQVXVSUHRFXSDFLRQHVߡSUHIHULGDVߢTXHKDJDQXQDOLVWDFRQODV
WUHVSULPHUDV
3­GHOHV TXH GXUDQWH ORV G­DV VLJXLHQWHV DQRWHQ FX¡QGR WLHQHQ HVWH WLSR GH
SHQVDPLHQWRV VLQ GHMDUVH OOHYDU SRU HOORV$O REVHUYDU ODV SUHRFXSDFLRQHV VLQ
WRP¡UVHODVHQVHULRHVWDVVHYDQDSDJDQGRSRUV­PLVPDVFRPRODOODPDGHXQD
YHOLWDDODTXHQROHOOHJDR[­JHQR3HURDQWHVGHTXHSXHGDQFHVDUGHHMHUFHUVX
LQIOXHQFLDPXFKDVYHFHVWLHQHQXQDFDXVDTXHGHEHVHULQYHVWLJDGDUHFRQRFLGD
\HQWHQGLGD

4X©VRQUHDOPHQWHORVSHQVDPLHQWRV"


/RVSHQVDPLHQWRVVRQXQDHVSHFLHGHYR]TXHSXHGHVR­UFRPRVLHVWXYLHUDHQWX
FDEH]D&RPRXQFXHQWDFXHQWRVH[SHUWRTXHKDEODVLQFHVDUDV­VLJXHKDEO¡QGRWHHVD
YRFHFLWD6HPHWHHQWRGR\WLHQHXQMXLFLRDSXQWRSDUDWRGRDFHUFDGHWLGHOUHVWR
GHOPXQGRGHWXURSDGHORTXHFRPHVGHODVFRVDVTXHKXELHUDVWHQLGRTXHKDFHU
PHMRU(VDYRFHFLWDFRPHQWDORTXHHQFXHQWUDVGLI­FLOORTXHWHDJUDGDORTXHVHU¡V
GH PD\RU R ELHQ DTXHOOR TXH VXFHGL³ OD VHPDQD SDVDGD \ TXH IXH WDQ IDVWLGLRVR
7DPEL©Q QRV KDEOD GHO SDVDGR GHO SUHVHQWH R GHO IXWXUR OD I¡EULFD GH ODV
SUHRFXSDFLRQHVQRGHMDGHSURGXFLUSHQVDPLHQWRV
$YHFHVHVRVSHQVDPLHQWRVYHUVDQVREUHWL

1RSXHGRVDFDUPHGHODFDEH]DTXHPD±DQDWHQJRHOH[DPHQGHEXFHR\
TXHQRORDSUREDU©

2WUDVYHFHVVHUHILHUHQDRWURV

&RQ IUHFXHQFLD PH SUHRFXSD OR TXH OHV RFXUUH D RWUDV SHUVRQDV HQ HO
PXQGR(QHOWHOHGLDULRYLDJHQWHDWUDSDGDEDMRXQDVSLHGUDVHQRUPHVWUDV
XQ WHUUHPRWR b0H GLHURQ WDQWD SHQD 0H JXVWDU­D SRGHU KDFHU DOJR SHUR
QRV©HOTX©2ELHQ(VWHKRPEUHHVXQIUDFDVDGRWLHQHXQDSLQWDIDWDO

/RVVHQWLPLHQWRV\SHQVDPLHQWRVDFRVWXPEUDQDLUGHODPDQR$XQTXHQRHVW¡Q
VLHPSUH GH DFXHUGR VH EXVFDQ ORV XQRV D ORV RWURV 3RU HMHPSOR l7RGDY­D HVWR\
WULVWHSRUKDEHUQRVPXGDGR3HURPHSDUHFHTXHHVWR\H[DJHUDQGRDV­TXHQRGLJR
QDGD{
&RPRSDGUHVSRGHPRVVHQWLUQRVDOLYLDGRVVLQRR­PRVQLQJºQFRPHQWDULRDFHUFD
GHOFDPELRGHUHVLGHQFLDSHURHOVHQWLPLHQWRGHWULVWH]DHVW¡DK­PDQLIHVW¡QGRVHHQ
SHQVDPLHQWRV TXH WUDWDQ XQD \ RWUD YH] GH HOOR < DOJR DV­ PHUHFH MXVWDPHQWH
DWHQFL³Q
7LHQHODI¡EULFDGHODVSUHRFXSDFLRQHVXQPRPHQWRGHGHVFDQVR"
3XHGHVFHVDUHOIOXMRGHWXVSHQVDPLHQWRV"


0XFKDV SHUVRQDV VH KDFHQ HVWDV SUHJXQWDV \ HVW¡ PX\ ELHQ VL HQ RFDVLRQHV OR
YHULILFDPRVMXQWRVHQODIDPLOLD
8QR GH YRVRWURV FRQWUROD HO WLHPSR TXLQFH VHJXQGRV (O UHVWR FLHUUD ORV RMRV
LQWHQWDQGRߡQRSHQVDUHQQDGDߢ


&LHUUDORVRMRV\QRSLHQVHVHQQDGDGXUDQWHTXLQFHVHJXQGRV
4X©QRWDV"3LHQVDVWRGRHOWLHPSRl1RYR\DSHQVDUHQQDGD{
(QTX©HVWDEDVSHQVDQGR"


3HURVLORVSHQVDPLHQWRVYDQDDGXH±DUVHGHWXVKLMRVSXHGHVHQVH±DUOHVDGHMDU
GHHVFXFKDUORV'HHVWHPRGRHOORVVRQORVTXHPDQGDQHQVXVSHQVDPLHQWRV&XDQGR
HV DV­ SXHGHQ HMHUFHU VX LQIOXHQFLD VREUH HOORV QR QHFHVLWDQ KDFHU WRGR OR TXH ORV
SHQVDPLHQWRVOHVGLFWHQ\WDPSRFRWLHQHQTXHFUHHUVHWRGRORTXHSLHQVDQ0XFKRV
SHQVDPLHQWRVQRVRQFLHUWRV l3LHQVRTXHYR\DVXVSHQGHU{l6HJXUDPHQWHQRYR\D
VHULQYLWDGR{l6R\IHR{ 
3DUD VHU HO GXH±R GH WXV SHQVDPLHQWRV SULPHUR WLHQHV TXH FRQRFHUORV 'H TX©
WUDWDQUHDOPHQWH"3DUDDYHULJXDUORSRGHPRVKDFHUHOVLJXLHQWHHMHUFLFLR
/DREVHUYDFL³QGHORVSHQVDPLHQWRV


6L©QWDWH D OD PHVD FRQ XQ SDU GH SHUVRQDV$OWHUQDWLYDPHQWH XQD GH HOODV KDFH
XQDV SUHJXQWDV ODV RWUDV SLHQVDQ &RPR HQ HO HMHPSOR DQWHULRU VH IRUPXODQ XQD
VHULH GH FXHVWLRQHV \ ORV TXH SLHQVDQ ߡR\HQߢ ODV FRQWHVWDFLRQHV TXH GLUHFWDPHQWH
SURGXFHODI¡EULFDGHSHQVDPLHQWRVGHVXFDEH]D4X©WLSRGHSHQVDPLHQWRVR\HV"
7LHQHVWDPEL©QLP¡JHQHV"
3DUDFDGDSUHJXQWDSXHGHVFRQWDUKDVWDFLQFR


 &X¡OHVWXSODWRIDYRULWR"
 4X©HVORTXHWHSRQHPX\FRQWHQWR"
 4X©HVORTXHWHSUHRFXSDHQRFDVLRQHV"
 4X©SHQVDPLHQWRVDSDUHFHQHQWXPHQWHVLORVGHMDVYDJDUOLEUHPHQWH DKRUD
FRQWDUHPRVKDVWD "


/RVSHQVDPLHQWRVVLHPSUHHVW¡QPX\RFXSDGRV3HURWºSXHGHVHOHJLUVHJXLUORVR
ELHQ REVHUYDUORV \ GHMDUORV LU 7DPEL©Q SXHGHV FUH©UWHORV LQPHGLDWDPHQWH R
UHFRQRFHUORV FRQ XQD VRQULVD FRPR VL IXHVHQ YLHMRV DPLJRV TXH UHJXODUPHQWH VH
SUHVHQWDQ GH LPSUHYLVWR SDUD FRQWDUWH VXV KLVWRULDV &XDQWR P¡V ORV REVHUYHV P¡V
SRGU¡V DSUHFLDU TXH WXV SHQVDPLHQWRV LQWHQWDQ GLULJLUWH HQ GLUHFFL³Q DO DUPDULR
GRQGHHVW¡QODVSDWDWDVFKLSVWDQSURQWRFRPRSLHQVDVHQHOODVRKDFLDHOSHVLPLVPR
WDQ SURQWR HPSLH]DV D SHQVDU HQ XQ SUREOHPD TXH QR SXHGHV UHVROYHU  (VWR HV HO
FRPLHQ]RSDUDOOHJDUDXQDFRPSUHQVL³QPHMRUGHWXPHQWHSHQVDQWH
4X©HVORTXHDYHFHVWHSUHRFXSD"


7RGRV QRV SUHRFXSDPRV SRU FRVDV GH YH] HQ FXDQGR (Q HVDV RFDVLRQHV QXHVWUD
PHQWHQRVOOHYDDOOXJDUGRQGHODVGXGDVORVPLHGRV\QXHVWUDIDOWDGHFRQILDQ]DVH
HQFXHQWUDQ HVFRQGLGRV \ HQWRQFHV ODV SUHRFXSDFLRQHV QRV VLJXHQ DFRVDQGR WRGR HO
WLHPSR\QRQRVSHUPLWHQFRQFLOLDUHOVXH±R
3HUR GH TXH WUDWDQ UHDOPHQWH" 3DUD GHVFXEULUOR SXHGHV UHDOL]DU HO VLJXLHQWH
HMHUFLFLR SUHJºQWDOH D WX KLMR TX© SHQVDPLHQWRV GH OD VLJXLHQWH OLVWD WLHQH FRQ
IUHFXHQFLD R GH YH] HQ FXDQGR 3XHGH DQRWDUOR HQ XQD OLEUHWLWD 'H HOOR VXUJH OD
FRPSUHQVL³Q GH QXHVWURV HVTXHPDV PHQWDOHV \ GH SRU TX© UHDFFLRQDPRV FRPR OR
KDFHPRV
$YHFHVPHSUHRFXSD


 4XHPHDFRVHQRLQWLPLGHQSLHQVRHQߨ
 4XHQRVHDORVXILFLHQWHPHQWHEXHQRHQFLHUWDVFRVDVSLHQVRHQߨ
 4XHKHWHQLGRXQDSHOHDSLHQVRHQߨ
 4XHDOJXLHQHVW¡PX\HQRMDGRFRQPLJRSLHQVRHQߨ
 4XHTXLHURODVWLPDUPHDP­PLVPRRDRWUDSHUVRQDSRUTXHPHKDKHFKRGD±R
SLHQVRHQߨ
 /RVGHP¡VPHHQFXHQWUDQORVXILFLHQWHPHQWHVLPS¡WLFR"SLHQVRHQߨ
 (QJHQWH\DQLPDOHVTXHPXHUHQSLHQVRHQߨ
 2WUDVFRVDVߨߨߨߨߨߨߨߨߨߨߨߨߨߨߨߨߨߨߨߨߨSLHQVRHQߨ


3XHGHUHVXOWDUDJUDGDEOHKDEODUVREUHODI¡EULFDGHODVSUHRFXSDFLRQHV\GHVSX©V
KDFHUHOHMHUFLFLRQºPHURGHODVHFFL³QGHDXGLR8QEXHQPRPHQWRVHU­DDQWHVGH
DFRVWDUVH 8QD FDEHFLWD OOHQD GH SHQVDPLHQWRV HPSLH]D D PDQLIHVWDUVH MXVWDPHQWH
FXDQGRHOFXHUSRFRPLHQ]DDWUDQTXLOL]DUVHFXDQGR\DQRQHFHVLWDKDFHUQDGDP¡VR
FXDQGR\DQRH[LVWHQGLVWUDFFLRQHV
 (MHUFLFLRSULPHURVDX[LOLRVHQFDVRGHSUHRFXSDFLRQHV


0HGLDQWHHOHMHUFLFLRGHODVHFFL³QGHDXGLRWXKLMRDSUHQGHSRUPHGLRGHOD
REVHUYDFL³Q FRQVFLHQWH D OOHYDU VX DWHQFL³Q OHMRV GH VX FDEH]D DSDUW¡QGRVH
UHODMDGDPHQWHGHVXVSHQVDPLHQWRV3XHGHGHMDUTXHVXDWHQFL³QFXHOJXHGHXQ
KLOR FRPR VL IXHUD XQD DUD±LWD \HQGR FDGD YH] P¡V \ P¡V KDFLD DEDMR KDVWD
OOHJDUDVXYLHQWUH(QVXYLHQWUHQRKD\SHQVDPLHQWRVDOO­HVW¡ODUHVSLUDFL³Q
(OVXDYHPRYLPLHQWRGHODUHVSLUDFL³Q(QHOLQWHULRUGHVXYLHQWUHWRGRHVW¡HQ
FDOPD $OO­ QR OOHJDQ ODV SUHRFXSDFLRQHV $OO­ QR KD\ SHOHDV $OO­ KD\ SD] \
FDOPDSURIXQGD
&XDQGRWXKLMRHVW¡SUHRFXSDGRVRORWLHQHTXHKDFHUGRVFRVDV


 6HUFRQVFLHQWHGHHOOR
 ,U FRQ VX UHVSLUDFL³Q GH VX FDEH]D D VX YLHQWUH (Q VX YLHQWUH QR KD\
SHQVDPLHQWRV



 &RQVHMRSDUDFDVD


$TXHOORV QL±RV D ORV TXH QR OHV JXVWH KDFHU HVWH ºOWLPR HMHUFLFLR \ TXH
SUHILHUDQ KDFHU DOJXQD PDQXDOLGDG SXHGHQ HODERUDU XQD ERQLWD ߡFDMLWD GH
SUHRFXSDFLRQHVߢ$QWHVGHTXHWXKLMRVHDFXHVWHSUHJºQWDOHGHQXHYRVLWLHQH
DOJºQSUREOHPD7LHQHSUHRFXSDFLRQHV"$OSHQVDUHQHOORSRUXQLQVWDQWH HQ
OXJDU GH QR SHQVDU HQ HO DVXQWR  VH KDFH YLVLEOH GH TX© WLSR GH SUREOHPD VH
WUDWD (VWRV VRQ ORV SHQVDPLHQWRV TXH SXHGHQ JXDUGDUVH HQ OD FDMLWD$EULU OD
WDSD SRQHU ODV SUHRFXSDFLRQHV GHQWUR FHUUDU OD WDSD 7X KLMR SXHGH SRQHU OD
FDMLWD HQ DOJºQ HVWDQWH GH VX KDELWDFL³Q GRQGH SXHGD REVHUYDUOD GHVGH XQD
FLHUWDGLVWDQFLDSDUDTXHDV­YHDTXHVXVSUHRFXSDFLRQHV\DQRVHHQFXHQWUDQHQ
VXFDEH]DVLQRGHQWURGHODFDMLWD

 6(5$0$%/((6',9(57,'2


/DDPDELOLGDGHVXQDGHODVFXDOLGDGHVP¡VSRGHURVDVGHOVHUKXPDQR(VFRPR
XQDOOXYLDVXDYHTXHOOHJDDEVROXWDPHQWHDWRGRVORVULQFRQHVVLQGHMDUVHQLQJXQR
/DOOXYLDFDHHQWRGDVSDUWHV/DDPDELOLGDGQRMX]JDQLH[FOX\HDQDGDQLDQDGLH
VLHPSUH TXH VH WUDWH GH XQD DPDELOLGDG YHUGDGHUD \ QR ILFWLFLD /D DPDELOLGDG
DOFDQ]D VLHPSUH DO FRUD]³Q 7H SHUPLWH FUHFHU FRQILDU HQ WL PLVPR \ DSUHQGHU DO
PLVPRWLHPSRDFRQILDUHQORVGHP¡V/DDPDELOLGDGFRQVXHODVDQD\WHFRQYLHUWH
HQ XQD SHUVRQD P¡V F¡OLGD \ DELHUWD 6LHPSUH 7DPEL©Q FXDQGR ODV FRVDV VRQ
GLI­FLOHVRPX\WULVWHV

(QXQFHQWURKRVSLWDODULRXQLYHUVLWDULRTXHFRQWDEDFRQWUHVXQLGDGHVGH
SHGLDWU­D HVSHFLDOL]DGDV VH REVHUY³ TXH ORV SHTXH±RV SDFLHQWHV GH XQD
XQLGDG UHDFFLRQDEDQ PXFKR PHMRU D ORV PHGLFDPHQWRV TXH ORV SDFLHQWHV
GHODVRWUDVXQLGDGHV1DGLHVDE­DODUD]³Q/DVSDWRORJ­DVODVHGDGHVGH
ORV QL±RV \ OD PHGLFDFL³Q HUDQ FRPSDUDEOHV /RV GRFWRUHV GHFLGLHURQ
LQYHVWLJDUHVWHKHFKR\OOHJDURQDODFRQFOXVL³QGHTXHODYDULDEOHHQMXHJR
HUD OD FDOLGH] KXPDQD GHO SHUVRQDO (Q OD XQLGDG GRQGH ORV QL±RV
HYROXFLRQDEDQPHMRUWUDEDMDEDXQDPXMHUGHODOLPSLH]DSURFHGHQWHGHOD
*XD\DQD +RODQGHVD 6XULQ¡P  TXH DO SDVDU SRU GHODQWH GH ODV FDPLWDV
PLHQWUDV OLPSLDED FDQWDED VXDYHPHQWH FDQFLRQHV GH FXQD HVFXFKDED ODV
KLVWRULDV\ODVSUHJXQWDVGHORVFU­RV\ORVDFDULFLDEDFRQWHUQXUD6XFDORU
DOHJU­D \ DPRU LQFRQGLFLRQDO HUDQ OD FDXVD GH TXH ORV QL±RV VDQDUDQ DOO­
P¡VU¡SLGDPHQWHTXHHQODVRWUDVXQLGDGHV

0XFKRVQL±RVVHHQFXHQWUDQDºQPX\FRQHFWDGRVFRQVXQDWXUDOH]DDPDEOH7DQWR
ORVP¡VVR±DGRUHVFRPRORVTXHVRQUHYROWRVRVVHPXHYHQFRQILDGRVGHXQDFRVDDOD
RWUDXQG­DWUDVRWUR<HVW¡ELHQTXHDV­VHD
3HURWDPEL©QSXHGHVHUPX\GLIHUHQWH

$OH[ OOHJD D PL FRQVXOWD FRQ SUREOHPDV GH PLHGR H LQVRPQLR 6XV
SDGUHVPHFXHQWDQTXHHVW¡VLHQGRLQWLPLGDGRHQODHVFXHOD1RGHPDQHUD
RVWHQVLEOH SHUR V­ FRQ PDOLFLD \ TXH HOOR HVW¡ VRFDYDQGR VX FRQILDQ]D
7RGR HPSH]³ FXDQGR OH SLQFKDURQ XQD UXHGD GH VX ELFLFOHWD 4XL©Q OR
KL]R"'HVSX©VVXDEULJRDSDUHF­DFROJDGRFDGDG­DHQXQOXJDUGLVWLQWRGH
PDQHUD TXH OH FRVWDED HQFRQWUDUOR 1DWXUDOPHQWH QR KDE­D QL OD P¡V
P­QLPD SLVWD GH TXL©Q HUD HO DXWRU$KRUD KD\ JUXSLWRV GH FKLFRV TXH OR
DFRUUDODQGHVSX©VGHFODVH/RGHQLJUDQ\ORLQVXOWDQ1RVHDWUHYHDYROYHU
 VROR D FDVD 6H VLHQWH LPSRWHQWH YXOQHUDEOH \ VROR &UHH TXH ©O WLHQH OD
FXOSDORTXHKDFHDXPHQWDUVXLQVHJXULGDG
$IRUWXQDGDPHQWH $OH[ KD FRQILDGR VXV SUREOHPDV D VXV SDGUHV TXH
EXVFDQ D\XGD FXDQGR \D FDVL QR SXHGH QL GRUPLU$\XGD SDUD TXH SXHGD
GHIHQGHUVHPHMRUSDUDTXHDSUHQGDDFRQILDUP¡VHQV­PLVPR\DXPHQWH
VX DXWRHVWLPD 3DUD TXH QR VLJD VLQWL©QGRVH \ FRPSRUW¡QGRVH FRPR XQD
Y­FWLPDDXQTXHHODFRVRQRGHVDSDUH]FD
‰OVLJXHVLHQGRHOPXFKDFKRDPDEOHTXHVLHPSUHKDVLGRSHURDKRUDYD
DMXGR\KDFRQVHJXLGRUHDFFLRQDUGHIRUPDPXFKRP¡VDVHUWLYD\FRQP¡V
VHJXULGDG<DQRWROHUDTXHORVRWURVFKLFRVOHDPHQDFHQ

$\XGDHOGHIHQGHUVH"


1R VHU­D PXFKR PHMRU GHYROYHU HO DJUDYLR GHYROYHU ORV JROSHV FRQWHVWDU D XQ
FRPHQWDULRPDOLFLRVR"$OJXQRVSLHQVDQTXHV­<RQRORFUHRDV­$OILQ\DOFDER
SHJDU R LQVXOWDU JHQHUD P¡V DJUHVL³Q P¡V GHVDI­R \ VXVFLWD QXHYDV DFFLRQHV \
UHDFFLRQHV (V PXFKR PHMRU GHPRVWUDU TXH QR VRPRV QLQJXQRV FREDUGHV TXH QRV
VHQWLPRVELHQHQQXHVWUDSLHO\TXHVDEHPRVORTXHYDOHPRV
/DKLVWRULDGHODVHUSLHQWH


(QXQOXJDUPX\OHMDQRGHHVWHSODQHWDYLY­DXQDVHUSLHQWHTXH\DHVWDEDKDUWDGH
TXH WRGR HO PXQGR HFKDUD D FRUUHU FRQ WDQ VROR YHUOD 6H IXH DO ERVTXH HQ HO TXH
YLY­DXQVDELRDQFLDQRSDUDSHGLUOHFRQVHMR\SUHJXQWDUOHTX©SRG­DKDFHUSDUDTXHOD
JHQWHQROHWXYLHUDWDQWRPLHGR(OVDELRVHSXVRDSHQVDU\OHGLMRl3RGU­DVLQWHQWDU
QR VLVHDU P¡V QR YROYHU D PRVWUDU WXV FROPLOORV OOHQRV GH YHQHQR \ ILQJLU TXH QR
HUHVSHOLJURVD{
/DVHUSLHQWHGHFLGL³SUREDUORSHURQRWXYRQLQJºQ©[LWR/DJHQWHGHOOXJDUVHGLR
FXHQWD LQPHGLDWDPHQWH GH TXH \D QR FRUU­DQ SHOLJUR \ HPSH]DURQ D WLUDU JUDQGHV
SLHGUDVDODSREUHVHUSLHQWH6HVDOY³SRUORVSHORV\UHJUHV³DUUDVWU¡QGRVHDYHUDO
VDELRDQFLDQR<DKRUDTX©"
(VWHOHGLMRTXHWHQ­DTXHYROYHUDOSXHEORHQVH±DQGRVXVSRGHURVDVPDQG­EXODV
HQURVFDQGRRVWHQVLEOHPHQWHVXVIXHUWHVPºVFXORVSHURHVRV­VLQHFKDUYHQHQR\VLQ
KDFHUGD±RDQDGLH$KRUDORVYHFLQRVGHOSXHEORVHTXHGDURQUHYHUHQWHPHQWHDXQD
GLVWDQFLDSUXGHQFLDO6HGLHURQFXHQWDGHTXHHVWDYH]LEDHQVHULRPLHQWUDVTXHOD
VHUSLHQWH VH GHVOL]DED WUDQTXLODPHQWH SRU HO OXJDU 1R SDV³ QDGD SHUR VDE­DQ TXH
SRGU­DSDVDU
/DDPDELOLGDGSXHGHSUDFWLFDUVH


(QHOSURJUDPDHVFRODUGHߡb/DDWHQFL³QIXQFLRQDߢVHSUDFWLFDODDPDELOLGDG/RV
QL±RVDSUHQGHQDUHIOH[LRQDUVREUHDTXHOODVSHUVRQDVTXHVRQHVSHFLDOPHQWHDWHQWDV
\DPDEOHVFRQHOORV$SUHQGHQDVHQWLUFRPRHVHODPRU0XFKDVPDGUHV\SDGUHV
WDPEL©Q ORV SURFHGHQWHV GH XQ VHJXQGR PDWULPRQLR  DV­ FRPR DEXHODV \ DEXHORV
DFXGHQ HVSRQW¡QHDPHQWH D VX PHQWH$ FRQWLQXDFL³Q DSUHQGHQ D HQYLDU HVH PLVPR
VHQWLPLHQWRGHWHUQXUD\FDOLGH]KDFLDRWUDVSHUVRQDV,QFOXVRDXQDEXHORRDEXHOD
TXH\DKDIDOOHFLGR
6LHPSUH SRGHPRV HQYLDU SHQVDPLHQWRV DPLVWRVRV \ DIDEOHV \ GHVHDU TXH RWURV
VHDQ IHOLFHV GRQGHTXLHUD TXH VH HQFXHQWUHQ (Q FDGD PRPHQWR < WDPEL©Q OR
SRGHPRVKDFHUUHVSHFWRDQRVRWURVPLVPRV

8Q QL±R SHTXH±R PX\ WUDYLHVR FRQ ORV SHORV SHLQDGRV HQ SXQWD \ GH
RMLWRVS­FDURV\EULOODQWHVGLMRVRUSUHQGLGRDOILQDOL]DUHVWHHMHUFLFLRl0H
GR\ FXHQWD GH TXH KD\ PXFKDV SHUVRQDV TXH PH TXLHUHQ SHUR ߙSXVR VX
GHGLWRHQHOSHFKRߙ\RQRVR\EXHQRb$PHQXGRVR\PX\WUDYLHVR{'H
UHSHQWHVHYH­DPX\SHTXH±LWR\PX\IU¡JLO

/RVQL±RVDSUHQGHQTXHQRSDVDQDGDVLDYHFHVVRQDQWLS¡WLFRV WRGRVWHQHPRVXQ
G­DPDOR\VDEHPRVORTXHHVKDFHUXQFRPHQWDULRGROLHQWH SHURVHUFRQVFLHQWHGH
HOOR HQ HO PLVPR PRPHQWR HQ TXH VXFHGH DSRUWD P¡V FRPSUHQVL³Q GH WX SURSLD
FRQGXFWD \ SURSRUFLRQD OLEHUWDG GH DFFL³Q /D FRPSUHQVL³Q D\XGD D DFHUFDUVH D OD
FRPSDVL³Q \ GH HVWD IRUPD FRQWULEXLPRV D FUHDU XQ PXQGR PHMRU SDUD WRGRV 6HU
DPDEOHHVDOJREXHQR7DPEL©QSDUDXQRPLVPR

(Q HO JLPQDVLR GH XQD FODVH GH ORV FXUVRV VXSHULRUHV XQ JUXSR GH 
M³YHQHV FHUFDQRV D OD SXEHUWDG SUDFWLFDQ OD DPDELOLGDG 1L XQR VROR GH
HOORVORHQFXHQWUDH[WUD±RRUDUR(VW¡QVHQWDGRVIRUPDQGRXQF­UFXORPX\
VHULRV (Q HO FHQWUR GHO PLVPR VH HQFXHQWUD XQD ߡSHORWD GH FXPSOLGRVߢ
JUDQGH ERQLWD \ VXDYH (O SULPHU QL±R FRJH OD SHORWD QRPEUD D XQ
FRPSD±HUR \ PLHQWUDV OH WLUD OD SHORWD GLFH l0H SDUHFH H[WUDRUGLQDULR
TXHFXDQGRQRVSHOHDPRVWºVLHPSUHHUHVHOSULPHURHQTXHUHUKDFHUODV
SDFHV{l%XHQRJUDFLDV{FRQWHVWDHORWUR5HIOH[LRQDXQLQVWDQWHVREUHHO
FRPHQWDULRGHVXDPLJR\OXHJROHWLUDODSHORWDDXQDFKLTXLOODl0HFDHV
ELHQSRUTXHVLHPSUHHUHVWºPLVPDߙGLFHߙ1RH[DJHUDVQXQFDQLFRVDVSRU
HOHVWLOR{(OODUHFRJHODSHORWD\HOFXPSOLGRFRQXQDVRQULVDW­PLGD7LUD
OD SHORWD D RWUD FKLFD l3LHQVR TXH HUHV PX\ HVSHFLDO SRUTXH HUHV XQD
YHUGDGHUDDPLJDb6DEHVHVFXFKDUWDQELHQ{
0H TXHGR PX\ VRUSUHQGLGD DO YHU TXH OD SHORWD YD GLULJLGD D XQ
 PXFKDFKR TXH DFRVWXPEUD D DPHQD]DU H LQWLPLGDU D RWURV REVWUX\HQGR
WDPEL©Q OD EXHQD PDUFKD GH OD FODVH (O PHQVDMH TXH UHFLEH HV l7H
HQFXHQWURPXFKRP¡VDPDEOHTXHHOD±RSDVDGR{

/RV SURIHVRUHV DSUHFLDQ FDPELRV VLJQLILFDWLYRV HQ OD FODVH GHVSX©V GH KDEHU
UHDOL]DGRHVWRVHMHUFLFLRV'XUDQWHXQDUHXQL³QFRPHQWDQVXVRUSUHVDl6HGDQP¡V
HVSDFLRORVXQRVDORVRWURV{l2LJRTXHFRQIUHFXHQFLDGLFHQߡPX\ELHQSHUIHFWRߢ
FXDQGRDOJXQRGHHOORVKDKHFKRDOJRTXHFUH­DGLI­FLO(ODPELHQWHKDFDPELDGR6H
D\XGDQHQWUHHOORV\KD\PHQRVJUXSLWRV{


/D WRPD GH FRQFLHQFLD \ HO SRQHU DWHQFL³Q D ORV PRPHQWRV DJUDGDEOHV SXHGH
DSOLFDUVH PX\ ELHQ D ORV HMHUFLFLRV \ GH ODVHFFL³Q GH DXGLR ߡ/HYDQWDQGR OD
PRUDOߢ\ߡ(OVHFUHWRGHOFRUD]³Qߢ
&RQVHMRVSDUDFDVD


$ WRGRV QRV JXVWD UHFLELU XQ FXPSOLGR (V PX\ JUDWLILFDQWH TXH DOJXLHQ WH
GLJDTXHHUHVEXHQRRTXHKDFHVODVFRVDVELHQ\TXHWHTXLHUHQWDO\FRPRHUHV
7DPEL©QQRVJXVWDR­UORTXHDRWURVOHVJXVWDGHQRVRWURV/RUHFXHUGDVGXUDQWH
D±RV /RV FXPSOLGRV \ FRPHQWDULRV DPDEOHV VH JXDUGDQ HQ OD KDELWDFL³Q GHO
FRUD]³QFRPRVLGHMR\DVYDOLRVDVVHWUDWDUDQ

'$57(&8(17$'(48(7(&203257$6'()250$
32&2$0$%/(

&DGD PLHPEUR GH OD IDPLOLD SXHGH KDFHUVH XQD SXOVHULWD FRQ XQD VLPSOH
JRPDHO¡VWLFD\SRQ©UVHODHQODPX±HFDGHUHFKDSDUDOOHYDUODGXUDQWHDOJXQDV
VHPDQDV1RVD\XGDU¡DDFRUGDUQRVGHVHUDPDEOHVFRQQRVRWURVPLVPRV\FRQ
ORV GHP¡V &DGD YH] TXH DGYLUWDPRV TXH KHPRV VLGR GHVDJUDGDEOHV FRQ
QRVRWURVPLVPRVRFRQORVGHP¡VQRVODFDPELDUHPRVGHPX±HFD&XDQGRVH
SURGX]FD RWUR LQFLGHQWH YROYHUHPRV D FRORFDUQRV OD SXOVHUD HQ OD PDQR
GHUHFKD$V­FDGDYH]TXHWHFRPSRUWHVSRFRDPLVWRVDPHQWHWHGDU¡VFXHQWDGH
HOOR<FXDQGRHVRVXFHGDQRWHHQIDGHVFRQWLJRPLVPRVLPSOHPHQWHVRQU­H\
SRQWH OD SXOVHUD HQ OD RWUD PX±HFD 3RU RWUR ODGR ORV GHP¡V QR GHEHU¡Q
HQWURPHWHUVHHQHOSURFHVRHVDOJRFRPSOHWDPHQWHWX\R
(QHVWHHMHUFLFLRQRVHWUDWDGHTXHQRSXHGDVVHUDQWLS¡WLFRRSRFRDPDEOH
6HWUDWDGHTXHWHGHVFXHQWDGHHOORFXDQGRRFXUUH(QWRQFHVWLHQHVXQDRSFL³Q
VLJRFRQHOORRSDURDKRUDTXHPHKHGDGRFXHQWD"

9(506$//'(/$3817$'(781$5,=

%XVFDHQWXHQWRUQR HQFDVDRHQODHVFXHOD VLKD\DOJXQDSHUVRQDFRQODTXH

WLHQHV SUREOHPDV FRQ UHJXODULGDG DOJXLHQ TXH QR WH FDLJD ELHQ D TXLHQ
SUHILHUHV UHKXLU 0LUD DKRUD GH IRUPD PX\ VXWLO \ VLQ TXH QDGLH P¡V VH G©
FXHQWDDYHUVLSXHGHVHQFRQWUDUGXO]XUDJHQHURVLGDGVLPSDW­DRFXDOTXLHURWUD
EXHQD FXDOLGDG HQ HVD SHUVRQD 1R HV QHFHVDULR TXH VH FRQYLHUWD HQ WX PHMRU
DPLJR R DPLJD SHUR D\XGD PXFKR VDEHU TXH XQD SHUVRQD QR HV VRODPHQWH
GHVDJUDGDEOH

7(48,(5232548(ߨ
 (VWHHMHUFLFLRVHSXHGHKDFHUFRQWRGRVORVPLHPEURVGHODIDPLOLDTXHVHSDQ
HVFULELU LQFOXLGRV WXV DEXHORV< SXHGHV JXDUG¡UWHOR SDUD VLHPSUH \D TXH OD
DPDELOLGDG QR WLHQH IHFKD GH FDGXFLGDG (O DPRU QR VH HVWDQFD VLQR TXH
VLHPSUHOOHJDDOFRUD]³Q
&DGD XQR WLHQH XQ SDSHOLWR HQ HO TXH ILJXUDQ WRGRV ORV QRPEUHV GH ORV
PLHPEURVGHODIDPLOLD7³PDWHHOWLHPSRTXHQHFHVLWHVSDUDGHVFXEULUFRQWRGD
WUDQTXLOLGDG DTXHOOR TXH WDQWR DSUHFLDV HQ ORV RWURV 'HWU¡V GH FDGD QRPEUH
HVFULEH XQD FRVD VREUH HVD SHUVRQD DOJR SRU OR TXH OD TXLHUHV WH JXVWD R WH
UHVXOWDLQROYLGDEOH'REODHOSDSHOLWR\G¡VHORDWXPDGUHRDWXSDGUH
/RVSDSHOLWRVVHJXDUGDQFXLGDGRVDPHQWH$OFDERGHXQSDUGHVHPDQDVXQR
GHORVSDGUHVFRJHWRGRVORVSDSHOHV\HVFULEHGHWU¡VGHFDGDQRPEUHWRGRVORV
FXPSOLGRV TXH KD UHFLELGR FDGD SHUVRQD (Q XQ PRPHQWR GDGR FDGD XQR OR
HQFXHQWUD GHEDMR GH VX DOPRKDGD (V UHDOPHQWH FRQPRYHGRU FXDQGR YHV
HVFULWDV FRVDV KHUPRVDV DFHUFD GH WL FRVDV TXH D YHFHV QR R\HV HQ PXFKDV
RFDVLRQHV(VHQWHUQHFHGRUFXDQGRWHGDVFXHQWDGHTXHHQYHUGDGHUHVEXHQR\
DPDEOHVLQTXHQHFHVLWHVKDFHUQDGDSRUHOOR6LPSOHPHQWHSRUVHUTXLHQHUHV
-XVWDPHQWHSRUVHUTXLHQHUHV

 3$&,(1&,$&21),$1=$<62/7$5

b6LWXYL©UDPRVODSDFLHQFLDGHODRUXJDTXHHQVX
FDSXOOR HVSHUD FRQ FDOPD D FRQYHUWLUVH HQ
PDULSRVDb6LWXYL©UDPRVODFRQILDQ]DGHXQUHFL©Q
QDFLGR 2 VL SXGL©UDPRV VROWDU \ GHMDU LU OR TXH
TXLVL©UDPRVFRQODPLVPDVDELGXU­DGHODKRMDTXH
FDHHQRWR±RHQWRQFHVWRGRVHU­DPXFKRP¡VI¡FLO
SDUD QRVRWURV 3HUR VRQ WDQWDV ODV FRVDV TXH
TXHUHPRV TXH VHDQ GLIHUHQWHV PHMRUHV P¡V
VHJXUDVP¡VKHUPRVDVP¡VI¡FLOHVRVLPSOHPHQWH
TXH VHDQ FRPR HUDQ HQ HO SDVDGR 'HFHSFL³Q
WULVWH]DHOQRTXHUHUVHQWLUQRVWDQVRORVRHOWHPRU
GH TXH QXQFD LU¡Q ELHQ ODV FRVDV VRQ VHQWLPLHQWRV
TXH WRGRV SDGHFHPRV GH WLHPSR HQ WLHPSR (V HQ
HVRV PRPHQWRV FXDQGR HO GHVHR HPSLH]D D
GHVHPSH±DUXQSDSHO(VHDQKHORSURIXQGRGHTXH
ODVFRVDVVHDQGHRWUDPDQHUDGHORTXHDKRUDVRQ
/R GHVHRV \ ORV DQKHORV VRQ LPSRUWDQWHV 6RQ
LQFOXVR XQ SULPHU SDVR SDUD XQ PXQGR PHMRU XQ
OXJDUP¡VVHJXURXQDVDOXGSHUIHFWD6­ORVGHVHRV
\ORVDQKHORVVRQPX\VDOXGDEOHVSHURWDPEL©QVRQ
PX\ GLI­FLOHV 6H±DODQ FRQVWDQWHPHQWH OR TXH QR
WLHQHVHQOXJDUGHPRVWUDUORTXHV­WLHQHV&³PR
SXHGHVDIURQWDUORVVLQTXHWHTXHGHVߡHQJDQFKDGRߢ
HQDTXHOORTXHWDQWRTXLHUHV\TXHDºQQRWLHQHV"
4X©LPSOLFDHOGHVHR"


&RPR SDGUHV SRGHPRV GDUQRV FXHQWD GH TXH
QXHVWUR KLMR GHVHD DOJR HQRUPHPHQWH $OJR TXH
WLHQH TXH FHVDU LQWLPLGDFLRQHV SHOHDV FRQ XQ
DPLJXLWRHVWDUHQIHUPRHVRVJUDQRVWDQKRUULEOHV
XQRV NLORV GH P¡V  R DOJR TXH TXLHUH FRQVHJXLU
EXHQDV QRWDV HQ XQ H[DPHQ KDFHU XQD EXHQD
SUHVHQWDFL³QHQODHVFXHODWHQHUP¡VFRQILDQ]DHQ
V­ PLVPR  (Q FXDOTXLHU FDVR SDUD KDFHU UHDOLGDG
VXVGHVHRVSXHGHHVIRU]DUVHHVWXGLDUP¡VSUDFWLFDU
PXFKR FRPHU FRQ P¡V DWHQFL³Q UHDOL]DU VXPDV
GLI­FLOHV )UHFXHQWHPHQWH FRQVHJXLPRV OOHJDU D
QXHVWUD PHWD VL DFWXDPRV SHUR TX© SRGHPRV
KDFHU FRQ DTXHOORV GHVHRV TXH TXHGDQ IXHUD GH
QXHVWUD LQIOXHQFLD GLUHFWD" &RPR SRU HMHPSOR
PHMRUDU OD VDOXG GHVSX©V GH XQD HQIHUPHGDG R QR
SRGHU TXHGDUWH P¡V WLHPSR FRQ WX SDGUH HO G­D GH
WXFXPSOHD±RV\DTXHYLYHOHMRV
+D\ VLWXDFLRQHV TXH QR SRGHPRV FDPELDU D
SHVDU GH QXHVWUD PHMRU LQWHQFL³Q 6LPSOHPHQWH
SRUTXHHUHVGHPDVLDGRSHTXH±RRSRUTXHODVFRVDV
VRQ FRPR VRQ 1R SXHGHV KDFHU DEVROXWDPHQWH
QDGD FXDQGR GHVHDV FRQ WRGR WX FRUD]³Q TXH DOJR
DFDEHELHQRTXHVHDGLIHUHQWHGHORTXHHV"
b$IRUWXQDGDPHQWHV­
6LHPSUHSXHGHVFDPELDUWXFRPSRUWDPLHQWRFRQ
UHVSHFWR D XQD VLWXDFL³Q \ OR TXH SXHGH D\XGDUWH
VRQ ODV LP¡JHQHV 1R LP¡JHQHV SDYRURVDV VLQR
KHUPRVDVYLVLRQHVGHWXVGHVHRV
(OFLQHLQWHULRU


7RGRV WHQHPRV OD FDSDFLGDG GH YHU LP¡JHQHV
FXDQGR FHUUDPRV ORV RMRV $ YHFHV VRQ LP¡JHQHV
VXHOWDV HQ RWUDV RFDVLRQHV VRQ SHO­FXODV HQWHUDV
&RPRVLHVWXYLHUDVHQXQFLQHLQWHULRUHQHOTXHHO
RSHUDGRU HVW¡ FDPELDQGR GH SHO­FXODV
FRQVWDQWHPHQWH 7X ߡYHVߢ FRQ WRGR OXMR GH
GHWDOOHVF³PRHQPHGLRGHODQRFKHXQWLSRGHOR
P¡V UDUR HQWUD HQ WX KDELWDFL³Q SRU OD YHQWDQD R
ߡYHVߢXQD\RWUDYH]F³PRVXVSHQGHVHVHH[DPHQ
WDQLPSRUWDQWH
7RGDV HVWDV LP¡JHQHV ODV FUHDPRV QRVRWURV
PLVPRV $ PHQXGR FRQ PXFKD IUHFXHQFLD VLQ
GDUQRV FXHQWD 'H KHFKR QR WLHQHQ QLQJºQ RWUR
YDORU TXH HO TXH OHV TXHUDPRV GDU 3HUR VL WX
PHQWHSXHGHFUHDULP¡JHQHVWHUURU­ILFDV LP¡JHQHV
SDYRURVDV  WDPEL©Q SXHGH FUHDU LP¡JHQHV
DJUDGDEOHV KHUPRVDV YLVLRQHV GH WXV GHVHRV " /D
UHVSXHVWD HV V­ SXHGH KDFHUOR XWLOL]DQGR HVWH
WDOHQWRGHWXPHQWHGHIRUPDFRQVFLHQWH7ºSXHGHV
FUHDU LP¡JHQHV EHOODV R LQFOXVR PX\ KHUPRVDV DO
LJXDOTXHKDFHXQYHUGDGHURGLUHFWRUGHFLQH

 $ XQD QL±D GH  D±RV OH KDQ UHJODGR
XQDELFLFOHWDSDUDVXFXPSOHD±RV$QWHOD
PLUDGD HVWXSHIDFWD GH VXV SDGUHV PRQWD
HQHOOD\VHODQ]DDSHGDOHDUVLQQLQJXQD
GLILFXOWDG&XDQGROHSUHJXQWDQF³PRKD
DSUHQGLGR WDQ U¡SLGDPHQWH HOOD OHV
UHVSRQGH l0H OR KH LPDJLQDGR PXFKDV
YHFHV(QPLPHQWHYH­DLP¡JHQHVGHTXH
SRG­DLUHQELFL{


,UHQH GHO ºOWLPR FXUVR GH HQVH±DQ]D
SULPDULD UHDOL]D VXV SUHVHQWDFLRQHV
HVFRODUHV PXFKR PHMRU TXH XQ WLHPSR
DWU¡V 3RFR DQWHV GH HPSH]DU KDFH HO
HMHUFLFLR ߡWUDQTXLOR \ DWHQWR FRPR XQD
UDQDߢ SRU OR TXH VH HQFXHQWUD PXFKR
P¡V UHODMDGD 3RU RWUR ODGR GHVGH \D
KDFH VHPDQDV VH KD LPDJLQDGR D HOOD
PLVPDHQODFODVHVHKDYLVWRWUDQTXLOD\
OOHQD GH FRQILDQ]D PLHQWUDV KDF­D OD
SUHVHQWDFL³Q 6ROR OH OOHY³ GRV PLQXWRV
FDGDG­D

 $O XWLOL]DU LP¡JHQHV PHQWDOHV GH IRUPD
FRQVFLHQWH VH KDFHQ YLVLEOHV WXV FXDOLGDGHV
HVFRQGLGDV7RGDVHVWDVLP¡JHQHVQRYDQDUHVROYHU
ODV FRVDV HVWDV LP¡JHQHV QR IXQFLRQDQ FRPR ODV
YDULWDVP¡JLFDVQLWDPSRFRSXHGHQORJUDUDTXHOOR
TXH HVW¡ IXHUD GH QXHVWUR DOFDQFH (VWDV LP¡JHQHV
VDFDQDODOX]DTXHOORTXH\DHVW¡HQWLDTXHOORTXH
TXLHUHVSRWHQFLDUP¡VDTXHOORTXHTXLHUHVPHMRUDU
R HQ OR TXH SXHGHV FRQILDU &RPR HO HVFXOWRU TXH
FRQVXFLQFHOH[WUDHSDFLHQWHPHQWHDTXHOORTXHXQ
EORTXHGHSLHGUDJXDUGDFHORVDPHQWHHQVXLQWHULRU
REVHUY¡QGROR WUDEDM¡QGROR GH IRUPD WUDQTXLOD \
FRQWLQXD KDVWD KDFHUOR YLVLEOH \ SDOSDEOH 3HUR
TX©SDVDFXDQGRODVFRVDVVRQP¡VFRPSOLFDGDV"

0LPDGUHGLFHTXHWHQJRTXHDSUHQGHU
D YLYLU FRQ HOOR HVWDU HQIHUPR \ VDEHU
TXH QR YR\ D PHMRUDU b3HUR \R QR V©
F³PRGHERKDFHUOR

9LVXDOL]DUXQGHVHRIHUYLHQWHPHQWH


$OSUHJXQWDUDORVQL±RVFX¡OHVVXPD\RUGHVHR
PH FXHQWDQ KLVWRULDV FRQPRYHGRUDV VREUH VXV
DQKHORV TXH FRQ IUHFXHQFLD VH HQFXHQWUDQ
HVFRQGLGRV HQ OR P¡V SURIXQGR GH VX FRUD]³Q
&XDQGRHVW¡QHQODFDPDSLHQVDQPXFKDVYHFHVHQ
HOORVSHURFDVLQXQFDORVH[SUHVDQ7HPHQTXHQR
KD\DQDGDTXHKDFHU\WDPSRFRTXLHUHQKDFHUGD±R
DVXVSDGUHVTXLHQHVHQRFDVLRQHVHVW¡QYLYLHQGR
WDPEL©QVLWXDFLRQHVGLI­FLOHV

l'HVHDU­D WDQWR TXH PLV SDGUHV
YROYLHUDQ D KDEODUVH 6H KDQ VHSDUDGR \
KDFH\DFDVLXQD±RTXHDSHQDVVHGLULJHQ
ODSDODEUD{Rl1RTXLHURVHJXLUHQIHUPR
TXLHURVHUFRPRORVRWURVQL±RV{RELHQ
l(FKR WDQWR GH PHQRV D PL DEXHOR
TXLVLHUDTXHQRVHKXELHUDPXHUWR{

/DV LP¡JHQHV SXHGHQ D\XGDU WDPEL©Q
PXFK­VLPR HQ FDVRV GH GHVHRV DSDUHQWHPHQWH
LUUHDOL]DEOHV FRPR ORV GH HVWRV HMHPSORV 1R D
SDUWLU GH PDQLSXODU OD UHDOLGDG VLQR GHVGH HO
FRQRFLPLHQWR \ OD FHUWH]D GH TXH WRGR FDPELD$
YHFHVHVWXDFWLWXGFRQUHVSHFWRDODVLWXDFL³QRWUDV
HV OD VLWXDFL³Q OD TXH FDPELD SRU V­ PLVPD
1RUPDOPHQWHHVRQRORVDEHPRVGHDQWHPDQRSHUR
VLHPSUH RFXUUH XQ FDPELR (O SU³[LPR HMHUFLFLR
SXHGHD\XGDUWH
3DFLHQFLDFRQILDQ]D\VROWDU


(VWD HV XQD DQWLJXD \ KHUPRVD YLVXDOL]DFL³Q HQ
ODTXHORVQL±RVDSUHQGHQDFRQRFHUODSDFLHQFLDOD
FRQILDQ]D \ HO VROWDU 7DPEL©Q KDFH YLVLEOHV VXV
GHVHRV \ OHV HQVH±D D FRQILDU HQ ORV FDPELRV
WRPDQGRFRQWDFWRFRQVXFDSDFLGDGLQQDWDGHGHMDU
LU ODV FRVDV FRPR SRU HMHPSOR TXHUHU FRQWURODU
DTXHOORVREUHORTXHQRSXHGHQHMHUFHULQIOXHQFLD
$VLPLVPRVHGDQFXHQWDGHTXHVL\DQRSLHQVDQ
WDQWRHQXQGHVHRFRQFUHWRSRGU¡QDSUHFLDUTXHVH
SURGXFHXQFDPELRGHIRUPDQDWXUDO
(MHUFLFLR(O¡UEROGHORVGHVHRV


6L©QWDWHF³PRGDPHQWHFRQODHVSDOGDELHQ
UHFWD &LHUUD ORV RMRV R HQW³UQDORV FRPR Wº
SUHILHUDV < DKRUD TXH HVW¡V DV­ VHQWDGR
SXHGHVGDUWHFXHQWDGHTXHHVW¡VUHVSLUDQGR\
GHTXHWXUHVSLUDFL³QHVDOJRPX\HVSHFLDO7H
OOHYDDODKRUD\DODTX­$TX­HQGRQGHDKRUD
HVW¡V VHQWDGR (Q HVWH OXJDU 3HUPDQHFH XQ
PRPHQWR FRQ WX DWHQFL³Q HQ OD UHVSLUDFL³Q
7³PDWH HO WLHPSR QHFHVDULR SDUD VHQWLU HO
IDPLOLDU PRYLPLHQWR GH WX UHVSLUDFL³Q /D
UHVSLUDFL³QHQWUD\VDOHߨHQWUD\VDOHXQD\
RWUDYH]
'LU­JHWHDKRUDDXQKHUPRVROXJDUHQSOHQD
QDWXUDOH]D 4XL]¡V VH WUDWD GH XQ OXJDU HQ HO
TXHKDVHVWDGRDOJXQDYH]RGHXQOXJDUGHWX
IDQWDV­Dߨ 7³PDWH XQ PRPHQWR SDUD YHU
G³QGHHVW¡VDKRUD(QHVWHOXJDUWHHQFXHQWUDV
PX\ D JXVWR WUDQTXLOR 7LHQHV XQD YLVWD
PDJQ­ILFD SXHGHV YHU KDVWD OD OHMDQ­D VLQ
QLQJºQHVIXHU]R4X©HVORTXHYHV"6LPLUDV
ELHQ YHU¡V TXH D OR OHMRV KD\ XQ YLHMR ¡UERO
9HKDFLD©O(VXQ¡UEROKHUPRVR\FHQWHQDULR
8Q¡UEROPX\HVSHFLDO
6H WUDWD GH XQ ¡UERO GH ORV GHVHRV \ WLHQH
P¡V GH  D±RV (V JUDQGH \ IXHUWH FRQ XQ
WURQFR PX\ JUXHVR VXV UDPDV DQFKDV \
DELHUWDVHVW¡QUHSOHWDVGHKRMLWDVGHXQYHUGH
QXHYR SULPDYHUDO 6L WH ILMDV ELHQ YHU¡V TXH
HQ ODV UDPDV GHO ¡UERO KD\ XQDV SDORPDV
EODQFDV 8QDV HVW¡Q MXQWLWDV RWUDV P¡V
GLVWDQWHV +D\ PXFKDV &DGD SDORPD SXHGH
FXPSOLU XQR GH WXV GHVHRV 1R DKRUD PLVPR
VLQRFXDQGROOHJXHHOPRPHQWRRSRUWXQR1R
WRGRV HOORV VLQR DTXHOORV TXH SURFHGDQ
UHDOPHQWHGHWXFRUD]³Q\TXHSDUDWLVRQPX\
LPSRUWDQWHV&DGDYH]XQGHVHR7³PDWHDKRUD
WRGRHOWLHPSRTXHQHFHVLWHVSDUDTXHGHVGHWX
FRUD]³Q DIORUH XQ GHVHR 1R QHFHVLWDV SHQVDU
HQ ©O OLP­WDWH D HVSHUDU WUDQTXLODPHQWH D TXH
HVWH VH PDQLILHVWH SRU V­ PLVPR 7DPEL©Q
SXHGHVHUXQVHQWLPLHQWRRXQDLGHD3XHGHVHU
DOJRGHORTXHQXQFDKD\DVKDEODGRFRQQDGLH
4X©HVORTXHWHYLHQHDODFDEH]D"6L\DOR
VDEHV SXHGHV OODPDU PX\ EDMLWR D XQD GH ODV
SDORPDVVLQTXHQDGLHP¡VORRLJD'HMDTXH
VH SRVH HQ WX PDQR \ DF©UFDOD D WX FRUD]³Q
 SDUDTXHVHSDFX¡OHVHVHGHVHRIHUYLHQWH(OOD
OR FRPSUHQGHU¡ 'DOH WX GHVHR D OD SDORPD \
DEULHQGRODPDQRVX©OWDOD\G©MDODLU2EVHUYD
F³PRVHDOHMDYRODQGRP¡V\P¡VOHMRV9DGH
FDPLQRDFXPSOLUWXGHVHR1RKR\RPD±DQD
SRVLEOHPHQWH WDPSRFR OD SU³[LPD VHPDQD
3HUR FRQI­D HQ TXH VLHPSUH KD\ DOJR TXH
SXHGH FDPELDU 1R VLHPSUH VHU¡ H[DFWDPHQWH
FRPR Wº TXHU­DV QL TXL]¡V ODV FRVDV VXFHGDQ
WDQU¡SLGDPHQWHFRPRGHVHDU­DV3HURFRQI­D\
GHMD LU HVH GHVHR \ ODV LP¡JHQHV TXH VH
FRUUHVSRQGHQFRQ©O


3RFRDSRFRDEUHQXHYDPHQWHORVRMRV\TX©GDWH
VHQWDGRDºQXQRVLQVWDQWHV

8QD QL±D GH  D±RV PH GLMR TXH
HFKDEDPXFKRGHPHQRVDVXPDGUHTXH
KDE­DIDOOHFLGRKDF­DXQWLHPSR'XUDQWH
HVWDPHGLWDFL³QWXYRHOLQWHQVRDQKHORGH
YROYHUODDYHU
/H SUHJXQWR TX© HV OR TXH VLHQWH
FXDQGR SLHQVD HQ VX PDGUH 6X FDULWD VH
 VXDYL]DOOHQDGHGXO]XUD\PHUHVSRQGH
ߙ/DVLHQWRHQPLFRUD]³Q
ߙ3XHGHV YHUOD WDPEL©Q FXDQGR
SLHQVDVHQHOOD"
ߙ/DYHRXQSRTXLWRFRPRHQYXHOWDHQ
XQKDORGHOX]
/HGLJRTXHOOHYHFDGDG­DVXDWHQFL³Q
D VX FRUD]³Q SDUD DV­ SRGHU YHU D VX
PDGUHWDQWDVYHFHVFRPRTXLHUD4XL]¡V
OH DSHWHFH KDFHU XQ GLEXMR GH VX PDGUH
DOO­ HQ VX FRUD]³Q" 7UHV VHPDQDV P¡V
WDUGH PH PXHVWUD WRGD RUJXOORVD XQ
GLEXMR(VW¡FROJDGRVREUHODFDEHFHUDGH
OD FDPD (O VHQWLPLHQWR GHVDJUDGDEOH
DFHUFD GH OD FDUHQFLD GH VX PDGUH VH KD
FRQYHUWLGRHQDFHSWDFL³Q&DGDG­DDQWHV
GH GRUPLUVH KDEOD FRQ HOOD ,QFOXVR OD
QXHYDQRYLDGHVXSDGUHOHSDUHFHDKRUD
PXFKRP¡VVLPS¡WLFD


2WUDQL±DTXHVXIUHDFRVRHVFRODUKDEOD
D VX PDGUH GHO ¡UERO GH ORV GHVHRV 6X
GHVHRP¡VIHUYLHQWHHVTXHQRODYXHOYDQ
 D LQWLPLGDU /D PDGUH DºQ GHVFRQRF­D HO
SUREOHPD GH VX KLMD \ WRPD FDUWDV HQ HO
DVXQWR GH LQPHGLDWR 6H YD DO FROHJLR
SDUD FRPHQWDU HO SUREOHPD /D HVFXHOD
UHDFFLRQD DVLPLVPR GH IRUPD DGHFXDGD
6H RUJDQL]D XQD UHXQL³Q FRQ HO DJUHVRU
ODQL±D\ODSURIHVRUD(ODFRVRQRYXHOYH
D VXFHGHU 7DQ U¡SLGR SXHGH FRQYHUWLUVH
XQGHVHRHQUHDOLGDG

7DQWR SDUD ORV GHVHRV JUDQGHV FRPR SDUD ORV
SHTXH±RV VRQ PX\ LPSRUWDQWHV OD SDFLHQFLD OD
FRQILDQ]D \ HO VDEHU VROWDU 3DFLHQFLD GDGR TXH
WRGR UHTXLHUH VX WLHPSR &RQILDQ]D SRUTXH WH GDV
FXHQWDGHTXHWRGRFDPELD)LQDOPHQWHHOVROWDUVH
UHILHUHDGHMDULUODQHFHVLGDGGHTXHUHUPDQLSXODU\
HMHUFHUFRQWUROHQHOSURFHVR\GHTXHODVFRVDVKDQ
GH VXFHGHU D WX PDQHUD (VWR ºOWLPR HV
HVSHFLDOPHQWH GLI­FLO SHUR HV UHFRQIRUWDQWH VDEHU
TXHVROWDUQRHVORPLVPRTXHUHQGLUVH
6ROWDU


&XDQGRVROWDPRVODLGHDGHFRQWURODUDPHQXGR
SHQVDPRV TXH DV­ QRV UHQGLPRV GHVLVWLHQGR GH
QXHVWURGHVHRGHFDPELRGHMDQGRTXHODVFRVDVVH
TXHGHQ WDO FRPR HVW¡Q 1DGD HV PHQRV FLHUWR /D
DFHSWDFL³Q YLVWD FRPR UHFRQRFLPLHQWR GH DTXHOOR
TXH HV QRV DEUH PXFKDV SXHUWDV 3RGHPRV
FRPSUHQGHUVLQPDQLSXODFLRQHVVLQH[SHFWDWLYDVR
LQFOXVRVLQH[LJHQFLDVTXHHOFDPELRQRVLHPSUHVH
SURGXFHSRUTXHUHUDOJRGLVWLQWRVLQRVDELHQGRTXH
HO FDPELR VH SURGXFLU¡ GH WRGRV PRGRV < VDEHU
HVWR WH KDFH OLEUH /LEUH GH HVFRJHU F³PR DFWXDU
FRQORTXHODYLGDWHSUHVHQWDWDQWRDWLFRPRDWXV
KLMRV VHD FRPR VHD OD IXHU]D \ HO ­PSHWX GH ODV
RODV
/DKLVWRULDGHOFKLFRTXHTXHU­DVXUIHDU


‰UDVHXQDYH]XQFKLFRTXHGHVHDEDFRQYHUWLUVH
HQXQJUDQVXUILVWD1RXQRQRUPDO\FRUULHQWHVLQR
XQVXUILVWDGHRODVJUDQGHV3HURVRORWHQ­DD±RV
\ QR VROR YLY­D PX\ OHMRV GHO PDU VLQR TXH
WDPSRFR WHQ­D GLQHUR SDUD FRPSUDUVH XQD WDEOD$
PHQXGR VR±DED FRQ TXH HUD VXUILVWD WDPEL©Q
FXDQGRHVWDEDGHVSLHUWR&HUUDEDORVRMRV\VHYH­D
D V­ PLVPR VXUIHDQGR VREUH ODV RODV VLQ QLQJºQ
SUREOHPD,QFOXVRSRG­DVHQWLUORRO­DHOPDUVHQW­D
OD WHQVL³Q HQ ORV PºVFXORV 6H GHVOL]DED VREUH ODV
RODV GHO RF©DQR FRQFHQWUDGR \ PDQWHQLHQGR HO
HTXLOLEULR (UD PX\ H[FLWDQWH &DGD YH] OR KDF­D
PHMRU $KRUD (VWD ROD HV P­D b(VR HV 3RGU­D
VXUIHDUDOJXQDYH]GHYHUGDG"
8Q G­D VH IXH GH YDFDFLRQHV FRQ VXV SDGUHV D
%UHWD±D D OD &RVWD 6DOYDMH 1R WHQ­D QL OD P¡V
UHPRWDLGHDGHG³QGHHVWDEDHVRSHURGHVSX©VGH
PXFKDV KRUDV HQ FRFKH OOHJDURQ D VX GHVWLQR 8Q
SRFR FDQVDGRV OD YHUGDG &XDQGR EDM³ GHO FRFKH
DVSLU³ HO DURPD GHO PDU FRUUL³ FRQWHQWR KDFLD OD
SOD\D\ORTXHYLRORGHM³PDUDYLOODGR8QSHTXH±R
JUXSRGHFKLFRVMXJDEDQHQHODJXDED±DGRVSRUOD
OX] GHO DWDUGHFHU &RPR XQDV M³YHQHV PRUVDV
HVSHUDEDQDTXHOOHJDUDXQDEXHQDROD7DQSURQWR
FRPR HVWD VH SUHVHQWDED UHPDEDQ U¡SLGDPHQWH
KDFLD HOOD \ VDOWDEDQ FRQ DJLOLGDG VREUH VX WDEOD
SDUDWRPDUOD8QRGHHOORVVHGLULJL³KDFLDODSOD\D
\ OH JULW³ l4XLHUHV SUREDUOR" (V WDQ JXD\ /R
KDV KHFKR DOJXQD YH]"{ ‰O OH UHVSRQGL³
W­PLGDPHQWH l1R WRGDY­D QR SHUR PH
HQFDQWDU­D{
(OFKLFRVHOHDFHUF³\OHGLRVXWDEODGHVXUI(UD
PX\ ERQLWD EODQFD FRQ XQ SHTXH±R GHOI­Q HQ OD
SDUWH SRVWHULRU 'HFLGLGR FRJL³ OD WDEOD \ FRQ
PXFKRHVIXHU]RUHP³FRQWUDODIXHUWHFRUULHQWHWDO
FRPR VH OR KDE­D LPDJLQDGR WDQWDV YHFHV &XDQGR
VH SUHVHQW³ XQD ROD VH HQGHUH]³ HQ OD WDEOD VXV
SLHV ELHQ ILUPHV VREUH HOOD 3RU XQ PRPHQWR VH
TXHG³ VLQ DOLHQWR 3RGU­D KDFHUOR" b6­ SXGR
KDFHUOR )XH LQFUH­EOH 6H OR KDE­D LPDJLQDGR
WDQWDV YHFHVߨ (UD H[DFWDPHQWH OR TXH VLHPSUH
YH­DFXDQGRFHUUDEDVXVRMRV\VR±DED<DKRUDVH
KDE­DFRQYHUWLGRHQUHDOLGDG
7RGDY­D OH TXHGDED PXFKR SRU DSUHQGHU 1R
VLHPSUH HUD WDQ I¡FLO FRPR DO SULQFLSLR SRG­D
SDUHFHUSHURFDGDYH]ORLEDKDFLHQGRPHMRU
 (VWHFKLFRHVDKRUDXQFRQRFLGRSURIHVRUGHVXUI
GH 6FKHYHQLQJHQ OD SOD\D GH /D +D\D HQ 3D­VHV
%DMRV  \ HQVH±D D FLHQWRV GH QL±RV 1R VROR OHV
HQVH±DDVXUIHDUVLQRDWHQHUFRQILDQ]D\DVROWDU
&RQILDU HQ HO PRPHQWR RSRUWXQR (VWH PRPHQWR
&RQILDU HQ DTXHOOD RWUD ROD TXH VLHPSUH OOHJD \
VROWDU OD LGHD GH TXH ODV RODV VHU¡Q SUHFLVDPHQWH
FRPRWºTXLHUHV
6XUIHDU VREUH ODV RODV GH OD YLGD QR VROR RIUHFH
FRPSUHQVL³QGHWXSURSLDQDWXUDOH]DVLQRWDPEL©Q
GHODQDWXUDOH]DTXHWHURGHDDPHQXGRWDQOOHQDGH
FDPELRV

7HGHVHRPXFKR©[LWRFRQWRGRVHVWRVHMHUFLFLRV
SDUD TXH DV­ MXQWR FRQ WXV KLMRV SXHGDV LU SRU OD
YLGD FRQ PXFKD P¡V DWHQFL³Q PXFKD P¡V
WUDQTXLOLGDG\PXFKDP¡VFRQILDQ]DHQWLPLVPR
 $*5$'(&,0,(1726


'R\ODVJUDFLDVDPLHVSRVR+HQN\DPLVKLMRV+DQV$QQH0DUOLMQ.RHQ\5LN
SRU VX SURIXQGD QHFHVLGDG GH DPDUVH \ GH DPDU D ORV GHP¡V DFHSW¡QGRORV
FRQVRO¡QGRORV\DOHQW¡QGROHVHQFXDOTXLHUPRPHQWRTXHVHSUHVHQWH
+H FRQWDGR FRQ HO VRSRUWH \ HVW­PXOR \ XQD SDFLHQFLD \ FRQILDQ]D
LQFRQGLFLRQDOHVGH:LP\:LOO\YDQ'LMN+HQN-DQVHQ-RODQ'RXZHV/HR%UDV\
%HDYDQ%XUJKVWHGHQDV­FRPRGHODOXPQDGRORVGRFHQWHV\ODGLUHFFL³QGHGLYHUVDV
HVFXHODVGH$PHUVIRRUW\/HXVGHQTXHPHSURSRUFLRQDURQVXDSR\RSURYLVWRGHXQ
IHHGEDFNSRVLWLYR\PHFRQYHQFLHURQGHODUD]³QGHVHUGHHVWHOLEUR7UDQTXLORV\
DWHQWRVFRPRXQDUDQDOHVOOHJ³DOFRUD]³Q/DUDQDKDFRQVHJXLGRHVHDVSHFWRWDQ
HVSHFLDO\UHSUHVHQWDWLYRJUDFLDVD0LUMDP5RHVW
*UDFLDVPXFK­VLPDVJUDFLDVSRUYXHVWUDD\XGD
 %,%/,2*5$)$



$QRGHD -XGLWK&KDNUDZHUNERHN 5XHGDVGHOD9LGD:KHHOVRI/LIH %HFKW
 >9HUVL³Q HQ FDVWHOODQR5XHGDV GH OD YLGD XQ YLDMH D WUDY©V GH ORV
FKDNUDV0DGULG$UNDQR%RRNV@
)HUUXFFL3LHUR+HHOMHOHYHQ+DDUOHP'H7RRUWV
)RQWDQD'DYLG\,QJULG6ODFN0HGLWDWLHYRRUNLQGHUHQ 7HDFKLQJ0HGLWDWLRQ
WR&KLOGUHQ  /D +D\D (DVW :HVW 3XEOLFDWLRQV  >9HUVL³Q HQ FDVWHOODQR
(QVH±DUDPHGLWDUDORVQL±RV%DUFHORQD(GLFLRQHV2QLUR@
ߚ 7HDFKLQJ 0HGLWDWLRQ WR &KLOGUHQ 7KH 3UDFWLFDO *XLGH WR WKH 8VH DQG
%HQHILWVRI0HGLWDWLRQ7HFKQLTXHV:DWNLQVS
.DEDW=LQQ -RQ2¹WXYDVWXHV  -&/DWW¨V3DU­VUHHGLFL³Q-ߞDLOX
  S >9HUVL³Q HQ FDVWHOODQR0LQGIXOQHVV HQ OD YLGD FRWLGLDQD G³QGH
TXLHUDVTXHYD\DVDK­HVW¡V%DUFHORQD(GLFLRQHV3DLG³V,E©ULFD@
ߚ +DQGERHN 0HGLWDWLHI 2QWVSDQQHQ +DDUOHP $OWDPLUD%HFKW 
>9HUVL³Q HQ FDVWHOODQR9LYLU FRQ SOHQLWXG ODV FULVLV %DUFHORQD (GLWRULDO
.DLU³V@
ߚ/ߞ©YHLOGHVVHQV9LYUHOߞLQVWDQWSU©VHQWJU¢FH ODSOHLQHFRQVFLHQFH 3DU­V
/HV $U¨QHV   S >9HUVL³Q HQ FDVWHOODQR /D SU¡FWLFD GH OD DWHQFL³Q
SOHQD%DUFHORQD(GLWRULDO.DLU³V@
ߚ0©GLWHU  OH§RQV GH SOHLQH FRQVFLHQFH 3DU­V /HV$U¨QHV   S
>9HUVL³Q HQ FDVWHOODQR/ODPDQGR D WX SURSLD SXHUWD  OHFFLRQHV VREUH OD
DWHQFL³QSOHQD%DUFHORQD(GLWRULDO.DLU³V@
ߚ\.DEDW=LQQ0\OD0HWNLQGHUHQJURHLHQ5RWWHUGDP$VRND
.DEDW=LQQ 0\OD \ .DEDW=LQQ -RQ(YHU\GD\ %OHVVLQJV 7KH ,QQHU :RUN RI
0LQGIXO 3DUHQWLQJ +\SHULRQ   S 3XEOLFDFL³Q GHO D±R  HQ /HV
$U¨QHV >9HUVL³Q HQ FDVWHOODQR3DGUHV FRQVFLHQWHV KLMRV IHOLFHV 0DGULG
(GLWRULDO)DUR@
.RUQILHOG -DFN+HW ZLM]H KDUW 7KH :LVH +HDUW  'HYHQWHU $QNK+HUPHV
>9HUVL³QHQFDVWHOODQR/DVDELGXU­DGHOFRUD]³Q%DUFHORQD/LEURVGHOD
/LHEUHGH0DU]R@
0DH[(GHO0LQGIXOQHVVLQGHPDDOVURRPYDQMHOHYHQ7LHOW/DQQRR
7HOOHJHQ 7RRQ0LVVFKLHQ ZLVWHQ ]H DOOHV PVWHUGDP 4XHULGR 8LWJHYHULM



 $&(5&$'(/$$8725$


(OLQH6QHO  WUDEDMDGHVGHFRPRWHUDSHXWD\GRFHQWHDXW³QRPD$SDUWLU

GHGHVDUUROO³FXUVRVGHPHGLWDFL³Q\DXWRFRQFLHQFLD&RPRGRFHQWHGLSORPDGD
GHPLQGIXOQHVVGDFODVHVDDGXOWRVQL±RV\M³YHQHV
(V OD IXQGDGRUD \ SURSLHWDULD GH OD $FDGHPLD GH (QWUHQDPLHQWR 0LQGIXO
$FDGHPLH YRRU 0LQGIXO 7UDLQLQJ ߙ $07  GH /HXVGHQ 3D­VHV %DMRV  HQ GRQGH
LPSDUWH HO HVWXGLR GH 0LQGIXOQHVV SDUD 1L±RV HO P©WRGR OODPDGR ߡb/D DWHQFL³Q
IXQFLRQDߢ  GLULJLGR D SURIHVLRQDOHV GH OD HQVH±DQ]D \ GH OD VDOXG PHQWDO
QDFLRQDOHV\H[WUDQMHURV
+D FUHDGR FXDWUR PDQXDOHV SDUD PRQLWRUHV SDUD QL±RV \ M³YHQHV GH HGDGHV
FRPSUHQGLGDVHQWUHORV\ORVD±RVTXHVHHVW¡QXWLOL]DQGRHQPXFKDVHVFXHODV
GH HQVH±DQ]D SULPDULD \ VHFXQGDULD DV­ FRPR HQ LQVWLWXFLRQHV UHODFLRQDGDV FRQ OD
VDQLGDG *&=  \ FRQVXOWDV SDUWLFXODUHV GH 3D­VHV %DMRV 0¡V GH  QL±RV KDQ
VHJXLGRHOHQWUHQDPLHQWRߡb/DDWHQFL³QIXQFLRQDߢ

3DUDP¡VLQIRUPDFL³Q
ZZZDFDGHPLHYRRUPLQGIXOWHDFKLQJQO
ZZZDDQGDFKWZHUNWFRP

 ',5(&&,21(6š7,/(6


(/,1(61(/(1+2/$1'$

/DDFDGHPLDSDUDOD(QVH±DQ]DGHO0LQGIXOQHVVGH(OLQH6QHOHVW¡HQ$PHUVIRRUW
3DUDFXDOTXLHULQIRUPDFL³QSXHGHQFRQVXOWDUODZHE
ZZZHOLQHVQHOQORZZZDDQGDFKWZHUNWFRP

(1)5$1&,$

3DUDLQIRUPDFLRQHVJHQHUDOHVVHSXHGHQGLULJLUDOD$'0R$VVRFLDWLRQSRXUOH
'©YHORSSHPHQWGHOD0LQGIXOQHVV ZZZDVVRFLDWLRQPLQGIXOQHVVRUJ

+D\YDULRVGRFHQWHVTXHRUJDQL]DQWDOOHUHVSDUDQL±RV
&KDUORWWH%RUFK-DFREVHQZZZPEVUIUDQFHQHW
+ROO\1LHPHODZZZPEVUIUDQFHFRP
)UDQ§RLVH6WXFNHOEHUJHUZZZPEVUJHFK
/DSOHQDFRQVFLHQFLDODIRUPDGHPHGLWDFL³QXWLOL]DGDSRU(OLQH6QHO
 (-(5&,&,26&21$8',2


75$148,/2<$7(172&20281$5$1$
0HGLWDFL³QE¡VLFDSDUDQL±RVGHD±RV
PLQXWRV
/RVHQWLPRV6XGLVSRVLWLYRGHOHFWXUDQRUHSURGXFHDXGLR

/$5$1,7$
0HGLWDFL³QE¡VLFDSDUDQL±RVGHD±RV
PLQXWRV
/RVHQWLPRV6XGLVSRVLWLYRGHOHFWXUDQRUHSURGXFHDXGLR

$7(1&,“1$/$5(63,5$&,“1
3DUDQL±RVGHD±RV
PLQXWRV
/RVHQWLPRV6XGLVSRVLWLYRGHOHFWXUDQRUHSURGXFHDXGLR

(/(-(5&,&,2'(/(63$*8(7,
5HODMDFL³QSDUDQL±RVGHD±RVRP¡VPD\RUHV
PLQXWRV
/RVHQWLPRV6XGLVSRVLWLYRGHOHFWXUDQRUHSURGXFHDXGLR

(/%27“1'(3$86$(-(5&,&,23$5$125($&&,21$5'(,10(',$72
3DUDQL±RVGHD±RVRP¡VPD\RUHV
PLQXWRV
/RVHQWLPRV6XGLVSRVLWLYRGHOHFWXUDQRUHSURGXFHDXGLR

35,0(526$8;,/,263$5$6(17,0,(1726'(6$*5$'$%/(6
3DUDQL±RVGHD±RVRP¡VPD\RUHV
PLQXWRV
/RVHQWLPRV6XGLVSRVLWLYRGHOHFWXUDQRUHSURGXFHDXGLR

81/8*$56(*852
9LVXDOL]DFL³QSDUDQL±RVGHWRGDVODVHGDGHV
PLQXWRV
/RVHQWLPRV6XGLVSRVLWLYRGHOHFWXUDQRUHSURGXFHDXGLR

/$)%5,&$'(/$635(2&83$&,21(6
&RPRPDQHMDUSHQVDPLHQWRVUHSHWLWLYRV
3DUDQL±RVGHD±RVRP¡VPD\RUHV
 PLQXWRV
/RVHQWLPRV6XGLVSRVLWLYRGHOHFWXUDQRUHSURGXFHDXGLR

/(9$17$1'2/$025$/
3DUDQL±RVGHD±RV
PLQXWRV
/RVHQWLPRV6XGLVSRVLWLYRGHOHFWXUDQRUHSURGXFHDXGLR

(/6(&5(72'(/&25$=“1(-(5&,&,2'($0$%,/,'$'
3DUDQL±RVGHD±RV
PLQXWRV
/RVHQWLPRV6XGLVSRVLWLYRGHOHFWXUDQRUHSURGXFHDXGLR

%8(1$612&+(6
3DUDQL±RVGHWRGDVODVHGDGHV
PLQXWRV
/RVHQWLPRV6XGLVSRVLWLYRGHOHFWXUDQRUHSURGXFHDXGLR



/RV QL±RV GH KR\ VXHOHQ VHU LQTXLHWRV \ GLVSHUVRV $

DOJXQRV OHV FXHVWD FRQFLOLDU HO VXH±R RWURV HVW¡Q LQFOXVR
HVWUHVDGRV &³PR D\XGDUORV D FDOPDUVH \ UHODMDUVH"
&³PRORJUDUTXHVHFRQFHQWUHQHQORTXHKDFHQ"
/DPHGLWDFL³QHVXQDKHUUDPLHQWDVHQFLOOD\HILFD]TXHVH
DGDSWDSHUIHFWDPHQWHDODVQHFHVLGDGHVGHORVSHTXH±RV\OHV
SXHGHDSRUWDUEHQHILFLRVLQPHGLDWRV
(VWHOLEURRIUHFHKLVWRULDV\HMHUFLFLRVVLPSOHV\EUHYHVTXH
ORVQL±RVSRGU¡QSUDFWLFDUDGLDULR(VW¡GLULJLGRDQL±RVGH
D  D±RV \ D VXV SDGUHV TXH SXHGHQ DFRPSD±DUORV HQ VX
SU¡FWLFD
/D DXWRUD KD EDVDGR VXV W©FQLFDV HQ HO P©WRGR GH
PLQGIXOQHVVGHVDUUROODGRSRU-RQ.DEDW=LQQ/RVUHVXOWDGRV
KDQ GHPRVWUDGR TXH ORV QL±RV TXH SUDFWLFDQ HVWRV HMHUFLFLRV
GXHUPHQ PHMRU HVW¡Q P¡V FRQFHQWUDGRV \ VHUHQRV \ VH
VLHQWHQP¡VVHJXURV
7UDQTXLORV\DWHQWRVFRPRXQDUDQDVHKDFRQYHUWLGR\DHQ
XQ©[LWRGHYHQWDVHQ+RODQGD\)UDQFLD\KDVLGRWUDGXFLGRD
QXPHURVRVLGLRPDV
 (/,1( 61(/ HV XQD WHUDSHXWD KRODQGHVD TXH KD GHVDUUROODGR
XQ P©WRGR GH PHGLWDFL³Q HVSHF­ILFR SDUD ORV QL±RV
)XQGDGRUDGHOD$FDGHPLD+RODQGHVDSDUDOD(QVH±DQ]DGHOD
$WHQFL³Q 3OHQD LPSDUWH FXUVRV GH FDSDFLWDFL³Q SDUD
PDHVWURV SVLF³ORJRV SDGUHV \ QL±RV /DV YHQWDMDV GH VX
P©WRGRVRQWDOHVTXHHO0LQLVWHULRGH(GXFDFL³QGH+RODQGD
KD GHFLGLGR RIUHFHU HVWD IRUPDFL³Q D WRGRV ORV PDHVWURV TXH
ORGHVHHQ
ZZZHGLWRULDONDLURVFRP
3VLFRORJ­D