You are on page 1of 136

 ŭ-ŭ,)

#, & *), )/&..)  ./ '(. )( .a(#-ŭ -ŭ



*,)!,'#®( (/,)&##(!Þ-.
-.## *, *,#(#*#(.-

&&## (#,

,5&ŭ&ŭ/.),ŭŚŭ'4)(ņ)'
‹&RS\ULJKW2OOLH6QLGHU7RGRVORVGHUHFKRVUHVHUYDGRV
(OFRQWHQLGRGHHVWHOLEURQRSXHGHUHSURGXFLUVHGXSOLFDUVHQLWUDQVPLWLUVHVLQHOSHUPLVR
GLUHFWRSRUHVFULWRGHODXWRURGHOHGLWRU
%DMR QLQJXQD FLUFXQVWDQFLD VH SRGUi FXOSDU R UHVSRQVDELOL]DU OHJDOPHQWH DO HGLWRU R DXWRU
SRU FXDOTXLHU GDxR UHSDUDFLyQ R SpUGLGD PRQHWDULD GHELGR D OD LQIRUPDFLyQ FRQWHQLGD HQ
HVWH OLEUR <D VHD GLUHFWD R LQGLUHFWDPHQWH 8VWHG HV UHVSRQVDEOH GH VXV SURSLDV
HOHFFLRQHVDFFLRQHV\UHVXOWDGRV
$YLVR/HJDO
(VWH OLEUR HVWi SURWHJLGR SRU GHUHFKRV GH DXWRU (VWH OLEUR HV VyOR SDUD XVR SHUVRQDO 1R
SXHGHPRGLILFDUGLVWULEXLUYHQGHUXVDUFLWDURSDUDIUDVHDUQLQJXQDSDUWHRHOFRQWHQLGRGH
HVWHOLEURVLQHOFRQVHQWLPLHQWRGHODXWRURHGLWRU
$YLVRGHH[HQFLyQGHUHVSRQVDELOLGDG
7HQJD HQ FXHQWD TXH OD LQIRUPDFLyQ FRQWHQLGD HQ HVWH GRFXPHQWR HV VROR SDUD ILQHV
HGXFDWLYRV \ GH HQWUHWHQLPLHQWR 6H KDQ UHDOL]DGR WRGRV ORV HVIXHU]RV SDUD SUHVHQWDU
LQIRUPDFLyQSUHFLVDDFWXDOL]DGDFRQILDEOH\FRPSOHWD1RVHGHFODUDQQLLPSOLFDQJDUDQWtDV
GH QLQJ~Q WLSR /RV OHFWRUHV UHFRQRFHQ TXH HO DXWRU QR VH LQYROXFUD HQ OD SUHVWDFLyQ GH
DVHVRUDPLHQWR OHJDO ILQDQFLHUR PpGLFR R SURIHVLRQDO (O FRQWHQLGR GH HVWH OLEUR VH KD
GHULYDGR GH YDULDV IXHQWHV &RQVXOWH D XQ SURIHVLRQDO FRQ OLFHQFLD DQWHV GH LQWHQWDU
FXDOTXLHUDGHODVWpFQLFDVGHVFULWDVHQHVWHOLEUR
$O OHHU HVWH GRFXPHQWR HO OHFWRU DFHSWD TXH EDMR QLQJXQD FLUFXQVWDQFLD HO DXWRU HV
UHVSRQVDEOH GH QLQJXQD SpUGLGD GLUHFWD R LQGLUHFWD HQ OD TXH VH LQFXUUD FRPR UHVXOWDGR
GHO XVR GH OD LQIRUPDFLyQ FRQWHQLGD HQ HVWH GRFXPHQWR LQFOXLGRV HQWUH RWURV HUURUHV
RPLVLRQHVRLQH[DFWLWXGHV
,#- *), &
, '# &##,)

(VWH KD VLGR PL JUDQ SUR\HFWR GHVGH KDFH YDULRV PHVHV FDVL
OOHJDQGRDODxR \SDUDVHUVLQFHURQRIXHIiFLO

+DVLGRORPiV SDUHFLGRDXQ YLDMHHQPRQWDxDUXVD+HSDVDGRSRU


ORV PRPHQWRV PiV EDMRV \ RVFXURV VXPHUJLGR HQ PLHGR GH QR
VDEHUVLORHVWDEDKDFLHQGRELHQSHURWDPELpQKHWHQLGRHOSULYLOHJLR
GH YHU WRGR GHVGH OD FLPD \ YHU FRPR PXFKDV SHUVRQDV TXH
SUREDEOHPHQWH QXQFD WHQGUp HO SULYLOHJLR GH FRQRFHU VH SXHGHQ
EHQHILFLDUGHPLSHTXHxRSHURKXPLOGHDSRUWHDVXVYLGDV

0H WRPR OLWHUDOPHQWH PHVHV \ PXFKDV QRFKHV GH LQVRPQLR SRGHU


H[SUHVDU PLV FRQRFLPLHQWRV DFi 6R\ XQD SHUVRQD TXH SRU
QDWXUDOH]D OH FXHVWD H[SUHVDU VXV VHQWLPLHQWRV SHUR HVWH OLEUR PH
SHUPLWLyDEULUPLPHQWH\VDOLUGHPL]RQDGHFRQIRUWPRWLYRSRUHO
FXDOWHDJUDGH]FRTXHKD\DVOOHJDGRKDVWDHVWHSXQWRGHODOHFWXUD

4XLVLHUD DSURYHFKDU GH DJUDGHFHUOH D PL IDPLOLD SRU HO FRQVWDQWH


DSR\R TXH PH EULQGDURQ GXUDQWH HVWH ODUJR YLDMH GH UHGDFFLyQ
GLVHxR \PiVTXH XQ GRORU GH FDEH]D 1R KXELHVH ORJUDGR KDFHUOR
VLQHOORV/RVDPRFRQWRGRPLFRUD]yQ
<DQWHVGHGHVSHGLUPHTXLVLHUDSHGLUWHXQSHTXHxRIDYRU

3RU IDYRU GLVIUXWD GH HVWH WUDEDMR 6ROR HVR« 'LVIUXWD \ GH WRGR
FRUD]yQ HVSHUR TXH SXHGDV VDFDU DOJR SRVLWLYR DO WHUPLQDU GH OHHU
HVWHOLEUR

0HGHVSLGRHQRUPHPHQWHDJUDGHFLGRGHWt

2OOLH6QLGHU

5HYLVD WRGRV PLV OLEURV HQ


DPD]RQFRPDXWKRUSQO\SHUVXDVLRQGHVGHFHUR
)(.(#)

£'HVFDUJD*5$7,6ODYHUVLyQGHDXGLRGHHVWHOLEUR
*XtDGH5HJDOR *5$7,6 31/H[SOLFDGDFyPRVLIXHUDVXQQLxR
,QWURGXFFLyQ
$'9(57(1&,$/RTXHGHEHVVDEHUDQWHVGHFDPELDUWXYLGD
UDGLFDOPHQWH
3DUWLHQGRSRUORPiVEiVLFRGHODSURJUDPDFLyQQHXUROLQJtVWLFD
/DVHPRFLRQHV¢TXpVRQ"¢FXiQWDVH[LVWHQ"¢FyPRGHWHUPLQDQ
QXHVWUDFRQGXFWDFRQRWURV"
$QFODMHVGH31/¢TXpVRQFyPRXWLOL]DUORV\SRUTXpIXQFLRQDQ"
0HWDPRGHORV$GHQWUiQGRWHHQODPHQWHGHORVGHPiV
5DSSRUW±&RQVWUXLUXQDEXHQDUHODFLyQHVODFODYH
&RPLHQ]DDFDPELDUFLHUWDVFUHHQFLDV
3HUVXDVLyQHODUWHGHFRQVHJXLUORLPSRVLEOH
3DWURQHVGHOHQJXDMHFRUSRUDO
&RQFOXVLRQHV
*UDFLDV
6REUHHODXWRU
ŋ-,!  ŭ
ŭ&
 0,-#®(  /#) 
-. &##,)Ŋ

6L WH JXVWD HVFXFKDU DXGLROLEURV HQ FXDOTXLHU PRPHQWR R GLVIUXWDV


GH XQD QDUUDFLyQ PLHQWUDV OHHV WHQJR EXHQDV QRWLFLDV SDUD WL
£3XHGHV GHVFDUJDU OD YHUVLyQ GH DXGLROLEUR GH  31/ 'HVGH &HUR
*5$7,6 QRUPDOPHQWH D   VLPSOHPHQWH UHJLVWUiQGRWH SDUD
XQDSUXHEDJUDWXLWDGHGtDVHQ$XGLEOH

+D]FOLFHQORVHQODFHVDFRQWLQXDFLyQSDUDFRPHQ]DU
!!3DUD$XGLEOH86

!!3DUD$XGLEOH8.
/  !&)
) ĸ
ĸ
 Ĺ Ś 
2*&## ®') -# /,- /( (#¡)

£/D JXtD  31/ HQ VROR  PLQXWRV HV OD VROXFLyQ $SUHQGH ORV
FRQFHSWRV EiVLFRV GH OD 31/ HQ VROR XQRV PLQXWRV 0HMRUD WXV
KDELOLGDGHVGHFRPXQLFDFLyQ\SHUVXDVLyQSDUDDOFDQ]DUWXVPHWDV

)iFLOGHVHJXLU\DSOLFDUHQODYLGDGLDULD$GHPiVLQFOX\HXQ3ODQ
GH $FFLyQ GH  'tDV SDUD TXH SXHGDV LU DSOLFDQGR ORV FRQFHSWRV
SRFRDSRFR\YHUFyPRWXYLGDFRPLHQ]DDFDPELDUSDUDPHMRU

¢4XpHVSHUDVSDUDGHVFDUJDUOD"
!!!&OLF$FiSDUD'HVFDUJDU$KRUD
Ă

(.,)/#®(

3URJUDPDFLyQ1HXUROLQJtVWLFD«¢\HVRFRQTXpVHFRPH"

/DSURJUDPDFLyQQHXUROLQJtVWLFD 31/ HVXQDYDULHGDGGHWpFQLFDV


XWLOL]DGDV SDUD LQIOXLU HQ OD PHQWH \ ORV SHQVDPLHQWRV GH ODV
SHUVRQDV

(QVHxD FyPR QXHVWUR FHUHEUR SURFHVD HO OHQJXDMH GHWHUPLQD HO


VLJQLILFDGR \ IRUPD ODV FUHHQFLDV +D VLGR FULWLFDGD SRU VHU
GHPDVLDGRDEVWUDFWDRFRPSOLFDGD(VWHOLEURODH[SORUDHQGHWDOOH
TXp HV VXV IXQGDPHQWRV KLVWRULD FRQFHSWRV  \ FyPR SXHGH
DSOLFDUVH D FXDOTXLHU SHUVRQD LQWHUHVDGD HQ HO p[LWR HQ VX YLGD
SHUVRQDORHPSUHVDULDO

7DPELpQ HV XQD WpFQLFD GH GHVDUUROOR SHUVRQDO (Q HVWD iUHD VH
HVWXGLDORTXHODPHQWHKXPDQDSXHGHKDFHU\HVFDSD]GHPHMRUDU
OD SURGXFWLYLGDG OD VDOXG SHUVRQDO ODV FDSDFLGDGHV \ HO p[LWR
SHUVRQDO /D 31/ VH XWLOL]D SDUD HQWUHQDU HO FHUHEUR KXPDQR SDUD
VDOLU GH XQ SDWUyQ GH SHQVDPLHQWR QHJDWLYR \ SDUD PHMRUDU ODV
KDELOLGDGHVPHQWDOHV
'LFKR GH RWUD IRUPD HV XQD WpFQLFD TXH D\XGD D ODV SHUVRQDV D
LQIOXLU VREUH ORV HVWDGRV GH iQLPR SHQVDPLHQWRV \ FRQGXFWDV
XVDQGR OD FDSDFLGDG TXH OD PHQWH WLHQH SDUD FUHDU DVRFLDU \
WUDQVIRUPDU(OFHUHEURDVRFLDODVSDODEUDVFRQODVVHQVDFLRQHVTXH
JHQHUDQ R ELHQ ODV VHQVDFLRQHV FRQ ODV SDODEUDV FRQ ODV TXH VH
DVRFLDURQ HQ HO SDVDGR SRU OR TXH WLHQH XQD Pi[LPD LQWHUDFFLyQ
HQWUHHOFHUHEUR\HOOHQJXDMH

(VWDJXtDLQWURGXFWRULDDODSURJUDPDFLyQQHXUROLQJtVWLFDH[SOLFDORV
IXQGDPHQWRV GH ORV GLIHUHQWHV HQIRTXHV TXH VXE\DFHQ D HVWD
FRQWURYHUWLGD WHRUtD VREUH HO FRPSRUWDPLHQWR KXPDQR 2IUHFH XQD
OHFWXUD VHQFLOOD VREUH ORV DVSHFWRV HVHQFLDOHV GH PRGR TXH W~
OHFWRUWHVLHQWDVORVXILFLHQWHPHQWHVHJXURFRPRSDUDH[SHULPHQWDU
FRQHVWDKHUUDPLHQWDGHFDPELR

(VFLHUWRTXHDOJXQDVSHUVRQDVKDQWHQLGRH[SHULHQFLDVIXHUWHVFRQ
OD 31/ VLHQGR HVWDV WDQ SRGHURVDV TXH IXHURQ FDSDFHV GH
FRQWURODU ORV SHQVDPLHQWRV R ODV FUHHQFLDV GH RWUDV SHUVRQDV
VLPSOHPHQWHKDFLHQGRFLHUWRVFDPELRVHQODIRUPDGHKDEODUOHV$Vt
TXHGHEHUiVHQWHQGHUTXHWRGRHVFXHVWLyQGHGLVFLSOLQD

(VWH OLEUR WH HQVHxDUi FyPR SXHGHV XWLOL]DU HVWD KHUUDPLHQWD GH


IRUPD HILFD] SDUD FRQWURODU OD PHQWH \ ORV SHQVDPLHQWRV GH ODV
SHUVRQDV 7H H[SOLFDUi ORV IXQGDPHQWRV LQFOX\HQGR VXV RUtJHQHV
KLVWRULDFRQFHSWRVFODYHSULQFLSLRVWpFQLFDV\EHQHILFLRV

(PSHFHPRVSRUFRQRFHUXQSRFRGHKLVWRULD\VXVRUtJHQHV

/D SURJUDPDFLyQ QHXUROLQJtVWLFD IXH GHVDUUROODGD SRU 5LFKDUG


%DQGOHU \ -RKQ *ULQGHU HQ OD GpFDGD GH  /RV GRV HVWDEDQ
LQWHUHVDGRV HQ PRGHODU OD H[FHOHQFLD LGHQWLILFDU SDWURQHV TXH
SHUPLWLHUDQ UHSOLFDU ORV p[LWRV GH ODV SHUVRQDV FRQ OD YLVWD SXHVWD
HQ GHVDUUROODU XQ DWDMR KDFLD OD SHUIHFFLyQ %DQGOHU \ *ULQGHU
HVWXGLDURQ HMHPSORV GH SVLFRWHUDSHXWDV TXH KDEtDQ ORJUDGR
UHVXOWDGRVVREUHVDOLHQWHVGHIRUPDFRQVLVWHQWH\QRWDURQDOJRPX\
GLIHUHQWH HQ VXV KDELOLGDGHV OLQJtVWLFDV D ODV GH RWURV WHUDSHXWDV
(VWRV WHUDSHXWDV XWLOL]DEDQ OR TXH DKRUD FRQRFHPRV FRPR
PHWDSURJUDPDV GLVWLQFLRQHV VXWLOHV HQ VX IRUPD GH H[SUHVDUVH
YHUEDO \ QR YHUEDOPHQWH  SDUD FRPXQLFDU PHQVDMHV GH IRUPD
GLIHUHQWHDORVGHPiV

/RVPHWDSURJUDPDVVRQILOWURVPHQWDOHVTXHGDQIRUPDDODPDQHUD
HQ TXH H[SHULPHQWDPRV OD UHDOLGDG \ DIHFWDQ D QXHVWUR
FRPSRUWDPLHQWRSHQVDPLHQWRV\VHQWLPLHQWRV

/RV GRV WDPELpQ LGHQWLILFDURQ HO ³PRGHODGR GH SHQVDPLHQWR´ FRPR


XQ LQVWUXPHQWR SDUD ORJUDU VXV REMHWLYRV FRQ HVWH HQIRTXH
FRPHQ]DURQ D LQYHVWLJDU \ GHVDUUROODU OD SURJUDPDFLyQ
QHXUROLQJtVWLFD
ă



 ň ) +/ - -,
(.-  '#, ./ 0# ,#&'
'(.

 ¢3RGUp FDPELDU OD PHQWH GH ODV SHUVRQDV HQ


FRQWUD GH VX YROXQWDG"
1ROD31/HVXQSURFHVRPiVTXHXQDFLHQFLDH[DFWDQDGLHSXHGH
KDFHU TXH KDJDV DOJR ³PiJLFDPHQWH´ VROR GLFLHQGR XQ SDU GH
SDODEUDV 6H WUDWD GH FRPSUHQGHU OD PHQWDOLGDG SURIXQGD GH ODV
SHUVRQDV\PRGHODUHVRVFRPSRUWDPLHQWRVGHIRUPDDGHFXDGD

/DV WpFQLFDV GH HVWD KHUUDPLHQWD VH YHQ UHSUHVHQWDGDV FRQ OD


DFWLWXGTXHWRGRVWHQHPRVDQWHODYLGD\ODIRUPDHQTXHDERUGDPRV
QXHVWUDPHQWH VXEFRQVFLHQWHGHHVDIRUPDVHSXHGHD\XGDUDODV
SHUVRQDVDFDPELDUVXVSHQVDPLHQWRV\FRPSRUWDPLHQWRVFRQHOILQ
GH DOFDQ]DU HO p[LWR < VH SXHGH ORJUDU HQVHxDQGR D ODV SHUVRQDV
FyPR VX FHUHEUR SURFHVD HO OHQJXDMH \ OD LQIRUPDFLyQ \ GiQGROHV
ORV LQVWUXPHQWRV TXH QHFHVLWDQ SDUD PRGHODU ORV SHQVDPLHQWRV \
FRPSRUWDPLHQWRVGHODJHQWHGHp[LWR

 ¢(V SRVLEOH OHHU OD PHQWH GH DOJXLHQ D WUDYpV


GHO OHQJXDMH FRUSRUDO \ 31/"
6t'HKHFKRODPHQWHWUDQVPLWHORTXHSHQVDPRVGHIRUPDVXWLOHQ
QXHVWUDH[SUHVLyQFRUSRUDOGHWDOIRUPDTXHRWUDVSHUVRQDVSXHGHQ
HQWHQGHUFRQSUHFLVLyQQXHVWURHVWDGRGHiQLPR

¢1RHVDVRPEURVRTXHQXHVWUDPHQWHFRPXQLTXHORTXHVHQWLPRVD
RWUDVSHUVRQDVVLQQHFHVLGDGGHSDODEUDV"

/D SURJUDPDFLyQ QHXUROLQJtVWLFD WUDEDMD FRQ OD LQWHUFRQH[LyQ GHO


FXHUSR\ODPHQWH1RVHQVHxDORTXHRFXUUHHQHOFHUHEURFXDQGR
SURFHVDHOOHQJXDMHGHWHUPLQDHOVLJQLILFDGR\IRUPDFUHHQFLDV8QD
YH] TXH HQWLHQGDV HVWR SXHGHV DSUHQGHU D GHFRGLILFDU WXV
SHQVDPLHQWRV VHQWLPLHQWRV \ DFFLRQHV SDUD QR SUR\HFWDUORV VLQ OD
LQWHQFLyQGHKDFHUOR(VWHOLEURWHD\XGDUiDHQWHQGHU\DSOLFDUORSRU
WLPLVPR

¢3XHGRGRPLQDUOD31/HQXQDVHPDQD"
1R ODPHQWDEOHPHQWH OD QHXUROLQJtVWLFD QR VH SXHGH GRPLQDU HQ
XQDVHPDQDRPHQRV3DUDTXHXQDSHUVRQDVHYXHOYDH[SHUWDHQ
HO WHPD WHQGUtD TXH GHGLFDUVH SOHQDPHQWH DO HVWXGLR GH OD
OLQJtVWLFD OR TXH LQFOX\H YDULRV DxRV GH IRUPDFLyQ SHUR HVR QR
VLJQLILFD TXH SHUVRQDV FRQ PHQRV WLHPSR SXHGDQ DSOLFDU ORV
FRQFHSWRVFODYHV\VDFDUSURYHFKRGHHOOR

&XDQGR VH WUDWD GH FXDOTXLHU WLSR GH FDPSR R OHQJXDMH FXDOTXLHU
FRVDTXHYDOJDODSHQDGRPLQDUUHTXLHUHWLHPSR\HVIXHU]R6HJXUR
TXH UHFXHUGDV KDEHU RtGR OD IUDVH ³OD SUiFWLFD KDFH OD SHUIHFFLyQ´
%XHQRHVFRPSOHWDPHQWHFLHUWDQRKD\FDPLQRVIiFLOHVDTXtSHUR
VLDOJXQRVDWDMRVTXHSRGUiVDSOLFDUSDUDXQDPHMRUFRPSUHVLyQ

(QWHQGHUiV TXH OD DSOLFDFLyQ GHO FRQRFLPLHQWR HV H[WUHPDGDPHQWH


~WLOSDUDSRGHUGRPLQDUODVKDELOLGDGHVQHFHVDULDVSDUDODVWpFQLFDV
GH 3URJUDPDFLyQ 1HXUROLQJtVWLFD $GHPiV WH GDUiV FXHQWD TXH
GHEHV VDEHU TXp WpFQLFD VH DSOLFD DGHFXDGDPHQWH FRQ FDGD
FLUFXQVWDQFLDSDUDREWHQHUORVUHVXOWDGRVGHVHDGRV

 ¢/D QHXURFLHQFLD SXHGH D\XGDUPH D DOFDQ]DU


HOp[LWRHQPLYLGDSHUVRQDO\SURIHVLRQDO"
6LGHILQLWLYDPHQWHVt

/D QHXURFLHQFLD HV XQ FDPSR DSDVLRQDQWH TXH SXHGH D\XGDUWH D


HQWHQGHUWH PHMRU 7DPELpQ HV PX\ LQWHUHVDQWH SRUTXH WLHQH HO
SRWHQFLDO GH PRVWUDUWH ODV FDXVDV GH WXV SURSLRV SHQVDPLHQWRV \
FRPSRUWDPLHQWRV D GLIHUHQFLD GH OD SVLFRORJtD R OD WHUDSLD /D
QHXURFLHQFLDWHSHUPLWHYHUFyPRORVUHFXHUGRVVHIRUPDQ\WRPDQ
IRUPDHQHOFHUHEURDORODUJRGHOWLHPSRHQKiELWRVDUUDLJDGRVTXH
JXtDQWXVSHUFHSFLRQHVVLQTXHQRVGHPRVFXHQWD

/D QHXURFLHQFLD VH EDVD HQ VLJORV GH LQYHVWLJDFLyQ GH ORV
QHXURFLHQWtILFRV TXH H[SORUDQ FXiQGR OD VLQWRQtD FRQ HVWRV
UHFXHUGRV DSUHQGLGRV DIHFWD DO FRPSRUWDPLHQWR /RV
QHXURFLHQWtILFRVKDQGRFXPHQWDGRTXHXWLOL]DQGRHOOHQJXDMHGHXQD
PDQHUDHVSHFtILFDSXHGHVFDPELDUSDUDPHMRUODIRUPDHQTXHODV
SHUVRQDVVHVLHQWHQVREUHVtPLVPDV\VREUHORVTXHODVURGHDQ

/DV WpFQLFDV TXH VH XWLOL]DQ VRQ PX\ HILFDFHV SDUD D\XGDU D ODV
SHUVRQDV D DOFDQ]DU HO p[LWR PHGLDQWH HO FDPELR HQ VXV HVWDGRV
HPRFLRQDOHV7XVSHQVDPLHQWRV\FRPSRUWDPLHQWRVVHEDVDQHQOD
IRUPD HQ TXH SURFHVDV HO OHQJXDMH (VWR VLJQLILFD TXH SXHGHV
FDPELDU WX IRUPD GH SHQVDU \ DFWXDU XWLOL]DQGR HO OHQJXDMH GH XQD
PDQHUDHVSHFtILFD

3RU HMHPSOR XQ HVWXGLR GHPRVWUy TXH XWLOL]DQGR FLHUWDV WpFQLFDV


HUDSRVLEOHD\XGDUDXQMXJDGRUGHI~WEROFRQSUREOHPDVGHFRQWURO
GH OD LUD KDFLD VX PDGUH eO ORJUy IRFDOL]DU \ WUDQVIRUPDU HVWD
HPRFLyQ SDUD PHMRUDU VX UHQGLPLHQWR GHSRUWLYR \ OR KL]R PHGLDQWH
ODVWpFQLFDVDGHFXDGDVeVWHHVVyORXQSHTXHxRHMHPSORGHFyPR
ODSURJUDPDFLyQQHXUROLQJtVWLFDSXHGHXWLOL]DUVHSDUDD\XGDUDODV
SHUVRQDVDDOFDQ]DUHOp[LWRHQVXYLGDSHUVRQDO

'HVSXpVGHFRQRFHUOD3URJUDPDFLyQ1HXUROLQJtVWLFD\DOSULQFLSLR
GH PL LQYHVWLJDFLyQ PH VHQWt DEUXPDGR DO VDEHU TXH HV XQD
KHUUDPLHQWD WDQ IXHUWH TXH SXHGH D\XGDUPH D WUDQVIRUPDU PL YLGD
3HURFXDQWRPiVOHtDHLQYHVWLJDEDVREUHODSVLFRORJtDGHOFDPELR
PiVPHHQWXVLDVPDEDGRPLQDUOD

0H HQFDQWD OR RULHQWDGR TXH HVWi HVWH PpWRGR D ORV REMHWLYRV WH
D\XGD D FUHDU OR TXH TXLHUHV HQ WX PHQWH VXEFRQVFLHQWH
LGHQWLILFDQGR WX UHVXOWDGR ILQDO GHVHDGR \ OXHJR GLVHxDQGR XQ SODQ
SDUDORJUDUORDWUDYpVGHWRGRVORVPHGLRVQHFHVDULRVSRUHMHPSOR
DXWRKLSQRVLV R DILUPDFLRQHV 'H KHFKR DO HVWDEOHFHU HVWRV SODQHV
SDUD HO p[LWR HQ VX FHUHEUR VXEFRQVFLHQWH PXFKDV SHUVRQDV
GHVFXEUHQ TXH SXHGHQ SHQVDU PXFKR PiV SRVLWLYDPHQWH
VLPSOHPHQWHSRUTXHVXHVWDGRHPRFLRQDOVHVLHQWHPHMRUFXDQGRVH
FHQWUDQHQVXVREMHWLYRV

¢6DEtDVTXHOD3URJUDPDFLyQ1HXUROLQJtVWLFDSXHGHXWLOL]DUVH
SDUDFRQWURODUORVSHQVDPLHQWRVGHORVGHPiV"

/D 31/ VH SXHGH XWLOL]DU SDUD KDFHU TXH OD JHQWH FDPELH FLHUWDV
FRQGXFWDVHVSHFtILFDVVLQTXHVHGHQFXHQWD

(V XQ KHFKR ELHQ GRFXPHQWDGR TXH ORV SUDFWLFDQWHV GH HVWD
KHUUDPLHQWDKDQVLGRFDSDFHVGHXWLOL]DUFRQp[LWRHVWDWpFQLFDSDUD
PDQLSXODU SHUVXDGLU LQIOXLU \ HYRFDU FDPELRV HQ ODV SHUFHSFLRQHV
GHRWUDVSHUVRQDV

$QWHV GH SURVHJXLU HV LPSRUWDQWH TXH HQWLHQGDV ORV WLSRV GH


FDPELRV TXH VH SXHGHQ KDFHU OR UHVXPLUp HQ XQD VROD RUDFLyQ OD
3URJUDPDFLyQ 1HXUROLQJtVWLFD SXHGH XWLOL]DUVH SDUD FRQWURODU ORV
SHQVDPLHQWRVGHORVGHPiVSHURQRSXHGHFRQWURODUVXVPHQWHV
¢3XHGRDSUHQGHU31/SRUPtFXHQWD"
'HVGH PL H[SHULHQFLD FRPR XQD SHUVRQD DSDVLRQDGD SRU HO
FUHFLPLHQWRSHUVRQDO\OD3URJUDPDFLyQ1HXUROLQJtVWLFDQRHVXQD
EXHQDLGHDSHQVDUHQTXHWRGRHOPXQGRDSUHQGHUiDXVDUODGHOD
QRFKHDODPDxDQD1RROYLGHVTXHQRVHWUDWDGHDOJRTXHVHOHH\
VHDSUHQGHVLQRTXHVHGHEHSUDFWLFDU\PXFKR

&UHR TXH HO PHMRU FRQVHMR TXH OH SXHGR GDU D FDGD XQR GH PLV
HVWXGLDQWHV \ OHFWRUHV HV KDFHUVH XQD SUHJXQWD ³¢&yPR SXHGR
DSOLFDUOD31/DPtPLVPR"´<HVWR\VHJXURTXHVXVREMHWLYRVVHUiQ
PiVFODURV

7HQ HQ FXHQWD TXH HV XQD YDOLRVD FROHFFLyQ GH WpFQLFDV GH
SHQVDPLHQWR TXH WH SHUPLWHQ DSOLFDU ODV OH\HV GHO p[LWR \ GH ORV
ORJURV KXPDQRV LQGHSHQGLHQWHPHQWH GH WXV DQWHFHGHQWHV R
KDELOLGDGHV &RQ HOOD SXHGHV DSUHQGHU D WHQHU FRQILDQ]D DO KDEODU
FRQORVGHPiVDFUHDUEXHQRVUHFXHUGRVGHWXSDVDGR\DUHQGLUDO
Pi[LPRGHWXSRWHQFLDO,QFOXVRSXHGHVXWLOL]DUODSDUDSHUGHUSHVR
GHMDUGHWHQHUPDORVKiELWRVRSDUDDWUDHUULTXH]D

(QWRQFHV

¢SRUTXpQRTXHUUtDVHPSH]DUDDSUHQGHU31/"

(PSHFHPRV D KDEODU GH DOJXQRV FRQVHMRV SDUD HPSH]DU D


DSUHQGHUFRPHQ]DQGRSRUHOSDVRPiVLPSRUWDQWHDSUHQGHUVREUH
ORVSULQFLSLRVGHp[LWRTXHVHXWLOL]DQHQHOOD

6LHUHVQXHYRHQHOWHPDSXHGHVVHQWLUTXHKD\DOJXQDVFRVDVTXH
QHFHVLWDVVDEHUDQWHVGHHPSH]DU(VWiVHQORFLHUWR4XHUUiVVDEHU
FyPR LGHQWLILFDU \ H[SRQHU WXV REMHWLYRV FyPR FHQWUDUWH HQ OR
SRVLWLYRFyPRXVDUFRVDVFRPRWXPHQWH\WXOHQJXDMHFRUSRUDOORV
PRYLPLHQWRV GH ORV RMRV \ ORV WRQRV GH YR] \ FyPR FDPELDU WXV
UHFXHUGRVSDUDTXHWHVLHQWDVPiVVHJXUR7RGRVHVWRVFRQVHMRV \
WpFQLFDVSURYLHQHQGHORVSULQFLSLRVGHp[LWRTXHSXHGHVXWLOL]DUSDUD
VDFDUHOPi[LPRSURYHFKRGHODVWpFQLFDVGH31/TXHDSUHQGHUiVD
ORODUJRGHHVWHOLEUR

1RKD\UD]yQSDUDGXGDUHQHPSH]DUDDSUHQGHU'HVSXpVGHWRGR
HV XQD GH ODV KHUUDPLHQWDV GH DXWRD\XGD PiV SRGHURVDV TXH
SXHGHVXWLOL]DU<FRQWDQWDJHQWHH[LWRVDXWLOL]iQGRODQRKD\UD]yQ
SDUDQRSUREDUODSRUWLPLVPR

(QWRQFHVODSUHJXQWDGHOPLOOyQ

¢SRUGyQGHGHEHUtDVHPSH]DU"

+D\PXFKRVOXJDUHVGRQGHSXHGHVFRQVHJXLULQIRUPDFLyQ\PDWHULDO
UHODFLRQDGR FRQ OD 31/ 3HUR SRU HO FRQWUDULR D OR TXH VH SXHGH
SHQVDUHOH[FHVRGHLQIRUPDFLyQTXHDEXQGDHQ,QWHUQHWSXHGHVHU
FRQWUDSURGXFHQWH +D\ WDQWD LQIRUPDFLyQ TXH HQ OD PD\RUtD GH ORV
FDVRV ODV SULQFLSLDQWHV VROR FRQVLJXHQ DEUXPDUVH SRU QR VDEHU
H[DFWDPHQWH SRU GRQGH FRPHQ]DU 0L REMHWLYR FRQ HVWH OLEUR HV
FRPSLODU\H[SOLFDUWHORTXHDPtPHIXQFLRQyGiQGRWHDFRQRFHUPL
SURSLDH[SHULHQFLD\PLVFRQVHMRV

¢(VEXHQREXVFDULQIRUPDFLyQDGLFLRQDO"3RUVXSXHVWRTXHVtSHUR
GHEHVDVHJXUDUWHTXHVHDLQIRUPDFLyQGHFDOLGDG\HVR\DFRUUHSRU
WXFXHQWD

0L UHFRPHQGDFLyQ HV WHUPLQDU GH OHHU HVWH OLEUR \ OXHJR VHJXLU
H[SDQGLHQGRWXVWpFQLFDV\FRQRFLPLHQWRVVREUH31/ HQFDVRTXH
ORQHFHVLWHV FRQRWUDVIXHQWHVGHFRQILDQ]DTXHWHQJDQXQDEXHQD
UHSXWDFLyQ\FDOLGDGTXHRIUHFHU

<D FDVL HPSH]DPRV SHUR SULPHUR HV QHFHVDULR TXH WH H[SOLTXH
DOJXQDVRWUDVFRVDV
31/YV+LSQRVLV¢&RQRFHVODGLIHUHQFLD"
/DSURJUDPDFLyQQHXUROLQJtVWLFD\ODKLSQRVLVDXQTXHDPHQXGRVH
FRQVLGHUDQMXQWDVVRQGRVHQIRTXHVGLVWLQWRV+D\PXFKDFRQIXVLyQ
HQ WRUQR D OR TXH HV UHDOPHQWH XQD \ OD RWUD DVt TXH YR\ D
FRPSDUDUODV\YHUGyQGHVHSXHGHXWLOL]DUFDGDXQD

/D 31/ HV XQ OHQJXDMH OR TXH VLJQLILFD TXH HV XQ FRQMXQWR GH
SDODEUDV \ IUDVHV TXH GHVFULEHQ ORV SURFHVRV QHXUROLQJtVWLFRV 6X
HQIRTXH SDUWH GH OD EDVH GH TXH WRGR OR TXH KDFHPRV ORV VHUHV
KXPDQRVWLHQHXQDHVWUXFWXUD\TXHHQWHQGHUHVDHVWUXFWXUDSXHGH
D\XGDU D LQIOXLU PHMRU HQ ODV SHUVRQDV R D FRPSUHQGHU SRU TXp VH
FRPSRUWDQ GH GHWHUPLQDGD PDQHUD /R TXH VLJQLILFD TXH VH SXHGH
DSUHQGHUFyPRLQIOXLUHQORVGHPiVPHGLDQWHFLHUWDVLQWHUYHQFLRQHV
WHUDSpXWLFDV

¢4XpHVODKLSQRVLV"

/D KLSQRVLV HV XQ HVWDGR GH WUDQFH D PHQXGR LQGXFLGR SRU XQ
KLSQRWHUDSHXWD 6H XWLOL]D SDUD DFFHGHU D OD PHQWH VXEFRQVFLHQWH
FRQHOILQGHFDPELDUFUHHQFLDVRFRPSRUWDPLHQWRVOLPLWDQWHV3XHGH
XWLOL]DUVH FRQ ILQHV WHUDSpXWLFRV R SDUD D\XGDU D ODV SHUVRQDV D
DOFDQ]DUREMHWLYRVHVSHFtILFRV

(QWRQFHV ¢FXiO HV OD GLIHUHQFLD" (Q UHVXPHQ OD 31/ SXHGH
XWLOL]DUVHSDUDLQWHUYHQFLRQHVWHUDSpXWLFDV LQWHULRU \SDUDLQIOXLUHQ
ORV GHPiV H[WHULRU  PLHQWUDV TXH OD KLSQRVLV SXHGH XWLOL]DUVH SRU
PRWLYRV WHUDSpXWLFRV R SDUD D\XGDU D ODV SHUVRQDV D DOFDQ]DU
REMHWLYRV HVSHFtILFRV /D 31/ VXHOH FRQVLGHUDUVH XQ HQIRTXH PiV
JHQHUDO PLHQWUDV TXH OD KLSQRVLV HV PiV HVSHFtILFD 6LQ HPEDUJR
HQ~OWLPDLQVWDQFLDGHSHQGHGHORTXHVHTXLHUDFRQVHJXLU

(QWRQFHV¢FXiOHVODPHMRURSFLyQSDUDWL"%XHQRHVRGHSHQGHGH
ORTXHTXLHUDVORJUDU6LEXVFDVXQHQIRTXHPiVDELHUWRFRPRSRU
HMHPSOR PHMRUDU ODV UHODFLRQHV FRQ WXV DPLJRV SDUHMD R LQFOXVR
PHMRUDU WX UHQGLPLHQWR HQ HO WUDEDMR HQWRQFHV OD 31/ HV XQD JUDQ
RSFLyQ6LHVWiVLQWHUHVDGRHQREMHWLYRVPiVHVSHFtILFRVFRPRSRU
HMHPSOR VXSHUDU XQD IRELD TXH WLHQHV GHVGH WX QLxH] OD KLSQRVLV
SXHGHVHUXQDPHMRURSFLyQ'HSHQGHGHWLGHFLGLUTXpHVORPHMRU
GHDFXHUGRDODVLWXDFLyQ

/RVPLWRVVREUHOD31/DOGHVFXELHUWR
/DV SHUVRQDV TXH HVWiQ LQWHUHVDGDV HQ DPSOLDU VXV FRQRFLPLHQWRV
VREUH OD 31/ WDPELpQ VXHOHQ HQFRQWUDU PiV GLILFXOWDGHV SDUD
HQWHQGHUOD FRUUHFWDPHQWH GHELGR D ORV H[DJHUDGRV PLWRV \
GHVLQIRUPDFLyQTXHURGHDQDHVWDUDPDGHODQHXURFLHQFLD

$TXtHVWiQDOJXQRVGHORVPLWRVPiVFRPXQHV

/D 31/ HV VyOR XQ PRQWyQ GH SDODEUDV HOHJDQWHV/D 31/
HV HQ UHDOLGDG XQD SRGHURVD KHUUDPLHQWD GH DXWRD\XGD TXH
SXHGHXWLOL]DUVHSDUDPHMRUDUWXVKDELOLGDGHVGHFRPXQLFDFLyQ
1R HV QHFHVDULR VHU XQ YHUGDGHUR H[SHUWR HQ 31/ SDUD
XWLOL]DUOD FRQ HVWH ILQ 'H KHFKR PXFKDV SHUVRQDV FRPXQHV
VRQ FDSDFHV GH EHQHILFLDUVH GH HOOD SRUTXH WLHQHQ DOJXQD
IRUPDFLyQEiVLFDHQODWHRUtDTXHODFRPSRQH
/D 31/ HV VyOR SDUD HO FUHFLPLHQWR \ GHVDUUROOR SHUVRQDO
(VWRQRHVFLHUWRHQDEVROXWR'HKHFKRODSXHGHVXWLOL]DUSDUD
DSUHQGHU QXHYDV WpFQLFDV GHVDUUROODU QXHYRV REMHWLYRV
SHUVRQDOHV \ DXPHQWDU WX FUHFLPLHQWR SHUVRQDO ODERUDO H
LQFOXVRHVSLULWXDO
'DU ORV SULPHURV SDVRV SDUD DSUHQGHU 31/ VLHPSUH HV
GLItFLO(VWRQRHVGHOWRGRFLHUWR&RPRHQODJUDQPD\RUtDGH
FRVDV HQ OD YLGD WRGD UHFRPSHQVD UHTXLHUH FLHUWR VDFULILFLR
(VWRQRHVPX\GLIHUHQWHDOPRPHQWRGHTXHUHUDSUHQGHU31/
3DUD DSUHQGHU FRPR FRQ FXDOTXLHU GLVFLSOLQD VH UHTXLHUH
FRQVWDQFLD SDUD SRQHU HQ SUDFWLFDU OR DSUHQGLGR OR TXH VH
WUDGXFHDXQDQHFHVLGDGGHWLHPSR

 &RQFHSWRV EiVLFRV TXH WRGR DSUHQGL] GH 31/


GHEHFRQRFHU
/D31/VHXWLOL]DHQODVHPSUHVDVSDUDPHMRUDUODFRPXQLFDFLyQFRQ
ORVFOLHQWHV\FUHDUXQDH[SHULHQFLDPiVSRVLWLYDSDUDHOORV

/RV SROtWLFRV VXHOHQ XWLOL]DU VXV WpFQLFDV SDUD SDUHFHU PiV


VLPSiWLFRV\GLJQRVGHFRQILDQ]DDORVYRWDQWHV

/RVWHUDSHXWDVODXWLOL]DQSDUDD\XGDUDVXVFOLHQWHVDFDPELDUVXV
SHQVDPLHQWRV\FRPSRUWDPLHQWRV

/RVSDGUHVGHIDPLOLDODXVDQSDUDD\XGDUDVXVKLMRVDGHVDUUROODU
EXHQRVKiELWRV\PDQWHQHUVHHQHOFDPLQR

/D31/HVXQDWpFQLFDTXHVHXWLOL]DHQPXFKRViPELWRVGLIHUHQWHV
GH OD YLGD 3XHGH VHU ~WLO FXDQGR VH WUDWD GH FDPELDU XQ
FRPSRUWDPLHQWR PHMRUDU OD FRPXQLFDFLyQ R DOFDQ]DU XQ REMHWLYR
8WLOL]DODFRQH[LyQHQWUHODPHQWH\HOOHQJXDMHTXHXWLOL]D+D\WUHV
FRQFHSWRVEiVLFRVDHQWHQGHUGHQWURGHHOOD

/D UHSUHVHQWDFLyQ (V OD IRUPD HQ TXH DVLPLODPRV OD


LQIRUPDFLyQ \ FyPR OD DOPDFHQDPRV +D\ WUHV WLSRV GH
UHSUHVHQWDFLRQHV YLVXDO DXGLWLYD \ NLQHVWpVLFD &DGD XQR GH
QRVRWURVWLHQHXQDUHSUHVHQWDFLyQSUHIHULGDTXHXWLOL]DPRVFRQ
PD\RU IUHFXHQFLD /D UHSUHVHQWDFLyQ YLVXDO VH GD FXDQGR ODV
SHUVRQDVSUHILHUHQOHHQRYHUODLQIRUPDFLyQGHDOJXQDPDQHUD
(QXQDFRQIHUHQFLDSRUHMHPSORSUHIHULUiQOHHUODVGLDSRVLWLYDV
D VHJXLU OD H[SOLFDFLyQ RUDO R HQ VX GHIHFWR WRPDUiQ QRWDV
SDUDSRGHUWHQHUDOJRItVLFRTXHORVD\XGHDYLVXDOL]DUPHMRU/D
UHSUHVHQWDFLyQ DXGLWLYD HV DTXHOOD GyQGH ODV SHUVRQDV
FRPSUHQGHQPHMRUFXDQGRUHFLEHQODVH[SOLFDFLRQHVRUDOPHQWH
\ FXDQGR SXHGHQ KDEODU \ H[SOLFDU HVD LQIRUPDFLyQ D RWUD
SHUVRQD /D UHSUHVHQWDFLyQ NLQHVWpVLFD HV OD TXH HVWi
UHODFLRQDGD D VHQVDFLRQHV \ PRYLPLHQWRV SRU OR TXH SRGUtD
GHFLU TXH HV XQ WLSR GH DSUHQGL]DMH GH SHUVRQDV FRQ PD\RU
VHQVLELOLGDG \D TXH DSUHQGHQ DO PRPHQWR GH WRFDU R PRYHU
FRVDV
(O OHQJXDMH /DV SDODEUDV QR VRQ VyOR VtPERORV TXH
UHSUHVHQWDQFRVDVWDPELpQDIHFWDQDQXHVWURVSHQVDPLHQWRV\
HPRFLRQHV /DV SDODEUDV TXH XWLOL]DPRV SXHGHQ FUHDU
LPiJHQHVHQQXHVWUDPHQWHHLQIOXLUHQWXVHPRFLRQHV
(O SURFHVR (V OD IRUPD HQ TXH XWLOL]DPRV HO OHQJXDMH \ OD
UHSUHVHQWDFLyQ SDUD DOFDQ]DU REMHWLYRV R FDPELDU
FRPSRUWDPLHQWRV

/D 31/ SXHGH XWLOL]DUVH SDUD D\XGDU D ODV SHUVRQDV D FDPELDU VX


IRUPD GH SHQVDU \ GH FRPSRUWDUVH DO FRPSUHQGHU OD IRUPD HQ TXH
ODVSHUVRQDVUHSUHVHQWDQODLQIRUPDFLyQ\HOOHQJXDMHTXHXWLOL]DQ

*UDFLDVDORVUiSLGRVDYDQFHVHQWHFQRORJtDFLHQFLD\PHWRGRORJtD
OD SURJUDPDFLyQ QHXUROLQJtVWLFD VH KD FRORFDGR HQ XQ SHGHVWDO
FRPR XQD GH ODV PHMRUHV KHUUDPLHQWDV GH DXWRGHVDUUROOR
GLVSRQLEOHV6LHVWiVOXFKDQGRFRQXQDEDMDDXWRHVWLPDSUREOHPDV
GH FRQILDQ]D HQ WL PLVPR SUREOHPDV GH FRPXQLFDFLyQ R
SHQVDPLHQWRV QHJDWLYRV SXHGH D\XGDUWH D OOHJDU UiSLGDPHQWH D OD
UDt]GHHVWRVSUREOHPDVSDUDHPSH]DUDKDFHUFDPELRVSRVLWLYRVHQ
WXELHQHVWDUJHQHUDO

¢&yPRSXHGRFRPHQ]DU"
/D 31/ HV XQD WpFQLFD GH FRPXQLFDFLyQ TXH VH XWLOL]D SDUD
GHVDUUROODU OD FDSDFLGDG KXPDQD GHO OHQJXDMH \ DVt PHMRUDU ODV
FRPXQLFDFLRQHV<FRPRFXDOTXLHUGLVFLSOLQDUHTXLHUHGHSUDFWLFD\
GHGLFDFLyQ 'HO PLVPR PRGR TXH OD WHFQRORJtD KD FDPELDGR OD
IRUPD HQ TXH QRV FRPXQLFDPRV KD FDPELDGR QXHVWUD IRUPD GH
SHQVDU\KDDIHFWDGRDQXHVWURHQWRUQR

/D PHMRU IRUPD SDUD FRPHQ]DU D DSUHQGHUOD HV VLPSOH


3UDFWLFiQGRODWRGRVORVGtDV

1RKD\PHMRUPDQHUDGHFRPHQ]DUDDSUHQGHUTXHHQWHQGLHQGRORV
FRQFHSWRV EiVLFRV \ OH\HQGR HVWH OLEUR LGHDOPHQWH XQRV 
PLQXWRV WRGRV ORV GtDV 3XHGH VHU MXVWR DO OHYDQWDUWH SRU ODV
PDxDQDV R DQWHV GH DFRVWDUWH SRU OD QRFKH 8QD YH] TXH OR KDV
KHFKR DO SRFR WLHPSR \D QR WHQGUiV TXH UHOHHU ORV GLVWLQWRV
FDStWXORVGHOOLEUR\DTXHORVKDEUiFRPHQ]DGRDDSUHQGHUGHIRUPD
FRQVFLHQWH\GHIRUPDGXUDGHUD

¢3DUDTXpPHSXHGHVHUYLUOD31/HQPLYLGD
FRWLGLDQD"
/D SURJUDPDFLyQ QHXUROLQJtVWLFD HV XQ VLVWHPD GH PRGHODGR TXH
SXHGH XWLOL]DUVH SDUD GHVFRGLILFDU FRPSUHQGHU H LQIOXLU HQ HO
OHQJXDMH HO SHQVDPLHQWR HO FRPSRUWDPLHQWR \ ORV SDWURQHV
HPRFLRQDOHV 'HVHPSHxD XQ SDSHO LQWHJUDO HQ HO FDPSR GHO
GHVDUUROOR SHUVRQDO 1R VyOR HV XQD KHUUDPLHQWD LQFUHtEOHPHQWH
SRGHURVDVLQRTXHHVLQFUHtEOHPHQWHIiFLOGHXWLOL]DUXQDYH]TXHVH
KDDSUHQGLGR

/D 31/ VH KD XWLOL]DGR SDUD PXFKDV FRVDV KH UHFRSLODGR DOJXQRV
GHORVXVRVSDUDWL

3XHGH D\XGDUWH D WRPDU HO FRQWURO GH WXV SHQVDPLHQWRV \


DOFDQ]DUWXVREMHWLYRV
3XHGHVDXPHQWDUWXFRQILDQ]D\PRWLYDFLyQ
8WLOL]DQGR OD 31/ SXHGHV DXPHQWDU WX SURGXFWLYLGDG \
FUHDWLYLGDG
7DPELpQSXHGHD\XGDUWHDPHMRUDUWXYLGDVRFLDO
0HMRUDU WX SURFHVR GH SHQVDPLHQWR \ FRQVHJXLU PHMRUHV
UHVXOWDGRV
5RPSHUFRQHOPLHGR\ODVREMHFLRQHV
,PSXOVDUWXYLGDVRFLDO

&RPR GH VHJXUR \D WH GLVWH FXHQWD OD 31/ WDPELpQ HV IOH[LEOH OR
TXH WH SHUPLWH HPSOHDUOD HQ XQD YDULHGDG GH VLWXDFLRQHV GH
QHJRFLRV LQFOX\HQGR OD FUHDFLyQ GH UHGHV ODV YHQWDV ODV
QHJRFLDFLRQHVRHQWXYLGDSHUVRQDO

+R\ HQ GtD OD 31/ HV XQD KHUUDPLHQWD DPSOLDPHQWH UHVSHWDGD \
XWLOL]DGDSRUWHUDSHXWDVKRPEUHVGHQHJRFLRVGHSRUWLVWDVGHHOLWH\
PXFKRVRWURVSURIHVLRQDOHV

3XHGHXWLOL]DUVHSDUDLQIOXLUHQORVGHPiVGHIRUPDVXWLO\GHPDQHUD
PiVFRQVFLHQWH6HFUHySDUDORJUDUFRQH[LRQHV\YtQFXORVFRQRWUDV
SHUVRQDV 7DPELpQ VH SXHGH XWLOL]DU SDUD FDPELDU HO HVWDGR GH
iQLPR\ORVSDWURQHVGHSHQVDPLHQWR

+D\YDULDVUD]RQHVSRUODVTXHHVWDQSRGHURVD(QSULPHUOXJDUVH
FHQWUD HQ OD SHUVRQD SHUR QR EXVFD SRU QLQJ~Q PHGLR FDPELDUOD
VLQRTXHOHSURSRUFLRQDODVKHUUDPLHQWDVTXHQHFHVLWDSDUDFDPELDU
VX SURSLR FRPSRUWDPLHQWR QHJDWLYR (VWR SHUPLWH D ORV WHUDSHXWDV
WUDEDMDU FRQ SHUVRQDV TXH VH VLHQWHQ FyPRGDV FRQ VXV SURSLDV
OLPLWDFLRQHV\TXHHVWiQDELHUWDVDOFDPELR

(Q VHJXQGR OXJDU OD 31/ QR HVWi UHJODPHQWDGD /R TXH XQD
SHUVRQD SXHGH HQFRQWUDU ~WLO SDUD XQ LQGLYLGXR SXHGH QR VHU
EHQHILFLRVR SDUD RWUR (VWR SHUPLWH D FDGD LQGLYLGXR DGDSWDU XQ
SURJUDPDDODVQHFHVLGDGHVSURSLDVGHpO
1R KD\ GXGD GH TXH KD WHQLGR XQ SURIXQGR LPSDFWR HQ OD YLGD GH
PXFKDVSHUVRQDV7DQWRVLHUHVXQWHUDSHXWDSURIHVRURSUDFWLFDQWH
GH FXDOTXLHU RWUR WLSR GH DVHVRUDPLHQWR R WHUDSLD WH GHEHV D WL
PLVPR DSUHQGHU WRGR OR TXH SXHGDV VREUH ORV IXQGDPHQWRV GH OD
SURJUDPDFLyQQHXUROLQJtVWLFD

$SUHQGHU ORV IXQGDPHQWRV GH OD SURJUDPDFLyQ QHXUROLQJtVWLFD HV


EDVWDQWHVHQFLOOR\QRHVQHFHVDULRWHQHUH[SHULHQFLDSUHYLDHQHVWH
FDPSR 1HFHVLWDUiV DSUHQGHU DOJXQRV FRQFHSWRV FODYH SHUR
GHEHUtDVVHUFDSD]GHDSUHQGHUFRPSOHWDPHQWHORVIXQGDPHQWRVHQ
XQSDUGHVHPDQDV

(VWRQRTXLHUHGHFLUTXHVHDIiFLO\ODGRPLQDUiVHQSRFRVGtDV/D
FXUYD GH DSUHQGL]DMH HVLGHDO SDUD DTXHOORV TXH UHFLpQ FRPLHQ]DQ
SURSRUFLRQDQGR HMHUFLFLRV \ DSOLFDFLRQHV SUiFWLFDV SDUD PDQWHQHU
PRWLYDGRDOQXHYROHFWRU

8QHVFpSWLFRGLUtDTXHOD3URJUDPDFLyQ1HXUROLQJtVWLFDQRHVPiV
TXH XQD IRUPD GH FRQWURODU ORV SHQVDPLHQWRV GH ODV SHUVRQDV
$UJXPHQWDUtDQ TXH QR KD\ HYLGHQFLD FLHQWtILFD TXH DSR\H ODV
DILUPDFLRQHV GH TXH SXHGH VHU XWLOL]DGD SDUD ORJUDU HO p[LWR HQ
FXDOTXLHU iUHD GH OD YLGD 7DPELpQ GLUtDQ TXH ODV WpFQLFDV
LQYROXFUDGDV QR VRQ PiV TXH KLSQRVLV \ DXWRKLSQRVLV TXH KDQ
GHPRVWUDGRVHUPpWRGRVLQHILFDFHVSDUDHOFDPELR

3HUR HVWH WH[WR HV GLIHUHQWH D RWURV OLEURV VREUH 3URJUDPDFLyQ


1HXUROLQJtVWLFD SRUTXH QR VH OLPLWD D GHFLUWH OR TXH WLHQHV TXH
KDFHUVLQRTXHWHHQVHxDVXVSULQFLSLRVSDUDTXHSXHGDVGHFLGLUSRU
WLPLVPRFyPRXWLOL]DUORVHQWXYLGD7DPELpQLQFOX\HHMHPSORVUHDOHV
GH FyPR HVWH PpWRGR GH FRQWURO PHQWDO KD VLGR DSOLFDGR FRQ p[LWR
HQFXDOTXLHUVLWXDFLyQFRP~Q

6LTXLHUHVFDPELDUWXYLGDHVWHOLEURHVSDUDWL
6L TXLHUHV HQWHQGHU OD 3URJUDPDFLyQ 1HXUROLQJtVWLFD £HVWH HV WX
OLEUR

1R WH SLGR TXH FUHDV HQ Pt WH SLGR TXH FUHDV HQ ORV SULQFLSLRV GH
HVWDKHUUDPLHQWD

/R TXH RFXUUH FRQ HOOD HV TXH ORV FRQFHSWRV VRQ WDQ VHQFLOORV \
OyJLFRVSRUVtVRORVTXHSXHGHTXHQRWHFXHVWHHQWHQGHUORV3HUR
FXDQGRSRQHVWRGRVHVRVFRQFHSWRVMXQWRVHQXQDIUDVHVHYXHOYHQ
LQQHFHVDULDPHQWHFRQIXVRV

(VWR VH GHEH D TXH DOJXQDV GH ODV SDODEUDV XWLOL]DGDV HQ HVWH
FDPSRVRQGHVFRQRFLGDVRGLItFLOHVGHUHFRUGDUPLHQWUDVTXHRWUDV
VXHQDQ FRPR SDODEUDV PiV IDPLOLDUHV SHUR WLHQHQ XQ VLJQLILFDGR
WRWDOPHQWH GLIHUHQWH < PXFKDV SHUVRQDV QR VH GDQ FXHQWD GH OD
LPSRUWDQFLDGHHVWDVSHTXHxDVGLIHUHQFLDVKDVWDTXHHVGHPDVLDGR
WDUGH

(VWHOLEURWHHQVHxDUiWRGRVREUHOD3URJUDPDFLyQ1HXUROLQJtVWLFD\
FyPRSXHGHDSOLFDUVHHQWXGtDDGtDVLQPD\RUHVFRPSOLFDFLRQHV

$KRUDTXH\DVDEHVTXpWHHQFRQWUDUiVHQWXOHFWXUDHVHOPRPHQWR
LGHDOSDUDFRPHQ]DUWXYLDMHHQOD31/5HFXHUGDVLPDQWLHQHVXQD
PHQWH DELHUWD \ XQD DFWLWXG SRVLWLYD SXHGHV ORJUDU FXDOTXLHU FRVD
XVDQGRHVWDKHUUDPLHQWDFRPRJXtD

£'LYLpUWHWH\GLVIUXWDGHWXQXHYDYLGD
Ą

,.#() *), &)


) ';- ;-#)  &

*,)!,'#®( (/,)&##(!Þ-.#

¢7H JXVWDUtD WHQHU HO FRQWURO GH WXV SHQVDPLHQWRV"

/D31/WHSURSRUFLRQDODVKHUUDPLHQWDVQHFHVDULDVSDUDDFDEDUFRQ
ORV SHQVDPLHQWRV QR GHVHDGRV 6ROR DSUHQGLHQGR FyPR FRQWURODU
ORVSHQVDPLHQWRVTXHTXLHUHV\DTXHOORVTXHQRSRGUiVGHMDUDWUiV
ODQHJDWLYLGDGGHWXPHQWH

8QD GH ODV SUiFWLFDV GH OD SURJUDPDFLyQ QHXUROLQJtVWLFD HV OD


FUHDFLyQGHXQDLPDJHQTXHUHSUHVHQWHHOREVWiFXORTXHWLHQHVTXH
VXSHUDU(VWRVLJQLILFDWUDEDMDUHQXQDLPDJHQPHQWDO\DVtFRQVWUXLU
VREUHHOODFRQH[DFWLWXGORTXHTXLHUHVORJUDU

 3HQVDPLHQWRV QHJDWLYRV \ SRVLWLYRV


/RVSHQVDPLHQWRVVRQHYHQWRVQHXURQDOHVTXHRFXUUHQGHQWURGHOD
PHQWH GH XQD SHUVRQD (O SHQVDPLHQWR SXHGH GHILQLUVH FRPR OD
VHULH GH DFWLYLGDGHV PHQWDOHV HQ ODV TXH ODV LGHDV VH WUDQVIRUPDQ
XQDVHQRWUDVPLHQWUDVVHSURFHVDQ
/RVSHQVDPLHQWRVQRSXHGHQVHUSHUFLELGRVQLH[SHULPHQWDGRVSRU
QDGLHH[FHSWRSRUODSHUVRQDTXHORVH[SHULPHQWD6RQJHQHUDGRV
SRU OD PHQWH \ SDUD QXHVWUR HQWHQGLPLHQWR 1R SXHGHV VHQWLU YHU
WRFDU R VDERUHDU QXHVWURV SHQVDPLHQWRV 6yOR ORV SHUFLELPRV HQ
QXHVWURFHUHEUR

/RV SHQVDPLHQWRV VXUJHQ GH GLIHUHQWHV IXHQWHV +D\ DOJXQRV


SHQVDPLHQWRV TXH VRQ UHVXOWDGR GLUHFWR GH WXV H[SHULHQFLDV
VHQVRULDOHV \ RWURV TXH VRQ SURGXFWR GH QXHVWUD LPDJLQDFLyQ
7DPELpQ SXHGHQ VHU FDXVDGRV SRU UHFXHUGRV HPRFLRQHV \
FUHHQFLDV

,QGHSHQGLHQWHPHQWH GH VX RULJHQ WRGRV ORV SHQVDPLHQWRV


FRPSDUWHQDOJXQDVFDUDFWHUtVWLFDVFRPXQHVVRQIXJDFHV\FDPELDQ
FRQVWDQWHPHQWH 7DPELpQ VRQ VXEMHWLYRV \ SHUVRQDOHV /R TXH XQD
SHUVRQDFRQVLGHUDXQSHQVDPLHQWRRWUDSXHGHQRFRQVLGHUDUOR3RU
~OWLPR ORV SHQVDPLHQWRV QR VLHPSUH VRQ UDFLRQDOHV 3XHGHV WHQHU
SHQVDPLHQWRVLUUDFLRQDOHVLOyJLFRVHLQFOXVRDEVXUGRV

8Q HMHPSOR GH SHQVDPLHQWRV LUUDFLRQDOHV SXHGH VHU FXDQGR FUHHV


TXH WX SDUHMD WH HQJDxD FXDQGR HQ UHDOLGDG QR WLHQHV SUXHEDV GH
TXH HVWR VHD FLHUWR (VWRV SHQVDPLHQWRV SXHGHQ KDFHU TXH WH
VLHQWDV HQIDGDGR FHORVR R DQVLRVR \ SXHGHQ VHU PX\ GLItFLOHV GH
FRQWURODU6LQHPEDUJRQRHVLPSRVLEOHHYLWDUTXHDIHFWHQDWXYLGD
GLDULD

8QDIRUPDGHFRQWURODUORVSHQVDPLHQWRVHVLGHQWLILFDUORVFXDQGRVH
SURGXFHQ \ UHFRQRFHU TXH VRQ VyOR SHQVDPLHQWRV QR OD UHDOLGDG
(VWR SXHGH VHU GLItFLO GH KDFHU SHUR FRQ OD SUiFWLFD VH KDFH PiV
IiFLO 8QD YH] TXH KD\DV LGHQWLILFDGR HO SHQVDPLHQWR SXHGHV
HPSH]DU D FXHVWLRQDUOR ¢+D\ DOJXQD SUXHED GH TXH HVWH
SHQVDPLHQWR VHD FLHUWR" ¢4Xp SUREDELOLGDG KD\ GH TXH HVWH
SHQVDPLHQWR HVWp RFXUULHQGR UHDOPHQWH" (VWDV SUHJXQWDV SXHGHQ
D\XGDUWH D FRPSUHQGHU PHMRU WX SHQVDPLHQWR \ OD SUREDELOLGDG GH
TXHVHDFLHUWRSHURORDERUGDUpFRQPD\RUGHWDOOHPiVDGHODQWH
/RV SHQVDPLHQWRV SXHGHQ VHU ~WLOHV R SHUMXGLFLDOHV /RV
SHQVDPLHQWRV ~WLOHV SXHGHQ PRWLYDUWH \ FRQGXFLU D UHVXOWDGRV
SRVLWLYRV /RV SHQVDPLHQWRV SHUMXGLFLDOHV SXHGHQ FRQGXFLU D
UHVXOWDGRV QHJDWLYRV H LQFOXVR D HQIHUPHGDGHV PHQWDOHV (V
LPSRUWDQWH TXH DSUHQGDV D UHFRQRFHU WXV SHQVDPLHQWRV \ D
FRQWURODUORV 6L SXHGHV UHFRQRFHU FXiQGR WLHQHV SHQVDPLHQWRV
SHUMXGLFLDOHV SRGUiV WRPDU PHGLGDV SDUD GHWHQHUORV DQWHV GH TXH
FDXVHQGDxR

/RV SHQVDPLHQWRV QHJDWLYRV VRQ FDXVDGRV SRU WX PHQWH \ KDVWD


FLHUWR SXQWR VRQ XQD IXQFLyQ EiVLFD QHFHVDULD SDUD OD
VXSHUYLYHQFLD 7X FHUHEUR KD FUHDGR HO FRQFHSWR GH SHQVDPLHQWRV
QHJDWLYRVDWUDYpVGHODHYROXFLyQ6LHVWiVDSXQWRGHHQWUDUHQXQD
FDOOHFRQJHVWLRQDGDQDWXUDOPHQWHWHQGUiVXQSHQVDPLHQWROOHJDQGR
DWXPHQWH³QRHQWUHVHQHOWUiILFR´

(VWD HV XQD IXQFLyQ QHFHVDULD HV XQD UHVSXHVWD TXH W~ PLVPR
FUHDV D XQD VLWXDFLyQ TXH VH HVWi SUHVHQWDQGR (O FHUHEUR WUDEDMD
DVtDGHODQWiQGRVHDORTXHFUHHFRQYHQLHQWHVHUiPHMRUSDUDWL

6LSLHQVDVHQORVSHRUHVHVFHQDULRVVLQHVRVSHQVDPLHQWRVSRGUtDV
KDFHU DOJR PX\ DUULHVJDGR H LQFOXVR PRULU /RV SHQVDPLHQWRV
QHJDWLYRVSXHGHQVHUXQHVFXGRSURWHFWRUDQWHFLHUWDVVLWXDFLRQHV

6LQ ORV SHQVDPLHQWRV QHJDWLYRV QR HVWDUtDV WDQ VHJXUR FRPR OR


HVWiV6LQHPEDUJRPXFKRVGHORVSHQVDPLHQWRVQHJDWLYRVWDPELpQ
SXHGHQ WUDHU GRORU 3DUD DOJXLHQ TXH HVWi OXFKDQGR FRQWUD OD
DQVLHGDG SRU HMHPSOR ORV SHQVDPLHQWRV QHJDWLYRV SXHGHQ VHU XQ
FLFORLQWHUPLQDEOHGHWRUPHQWR

 (QWRQFHV ¢FyPR SXHGHV FRQWURODU WXV


SHQVDPLHQWRV"
(O SULPHU SDVR HV VHU FRQVFLHQWHV GH HOORV

(OVLJXLHQWHSDVRHVFXHVWLRQDUORV3UHJ~QWDWHVLHOSHQVDPLHQWRHV
FLHUWR\VLQRORHVGpMDORSDVDU6LWLHQHVXQSHQVDPLHQWRQHJDWLYR
VREUH WL PLVPR SUHJ~QWDWH SRU TXp OR FUHHV /D PD\RUtD GH ODV
YHFHVORVSHQVDPLHQWRVVHEDVDQHQVXSRVLFLRQHV\QRHQKHFKRV
8QDYH]TXHKD\DVFXHVWLRQDGRHOSHQVDPLHQWRVXVWLW~\HORSRURWUR
PiVSRVLWLYR

$XQTXHSXHGHVHUGLItFLOWRPDUHOFRQWUROGHORVSHQVDPLHQWRVHVXQ
SDVR LPSRUWDQWH SDUD PHMRUDU WX YLGD $O VHU FRQVFLHQWHV GH WXV
SHQVDPLHQWRV \ FXHVWLRQDUORV SXHGHV HPSH]DU D VXVWLWXLU ORV
SHQVDPLHQWRV QHJDWLYRV SRU RWURV PiV SRVLWLYRV 3XHGH VHU XQ
SURFHVR GLItFLO SHUR FRQ OD SUiFWLFD SXHGH UHVXOWDU PiV IiFLO 6L
QHFHVLWDV D\XGD HQ HVWH SURFHVR KDEODU FRQ XQ WHUDSHXWD R
FRQVHMHURSXHGHVHUPX\~WLO3RURWUDSDUWHSUDFWLFDUODPHGLWDFLyQ
WDPELpQSXHGHD\XGDUWHDSRGHUFRQWURODUWXPHQWH

$KRUD ELHQ ORV SHQVDPLHQWRV SRVLWLYRV FDPELDQ OD DFWLWXG \ HO


FRPSRUWDPLHQWR $O WHQHU HVWH WLSR GH SHQVDPLHQWRV VH IRUPDUiQ
DFFLRQHVSRVLWLYDV(VWRLQVSLUDDWUDEDMDUPiVGXURHQHOGtDDGtD
D WHQHU YDORU \ D WHQHU FRQILDQ]D /RV SHQVDPLHQWRV SRVLWLYRV
D\XGDQ D FUHDU QXHYDV RSRUWXQLGDGHV \ D DEULU QXHYDV SXHUWDV
D\XGDQDWRPDUEXHQDVGHFLVLRQHV\DFRQVWUXLUXQDEDVHILUPHSDUD
HOp[LWR

 /DV  PDQHUDV GH WHQHU SHQVDPLHQWRV


SRVLWLYRVVLQH[FXVDV
7HD\XGDUp FRQ DOJXQDV LGHDV SDUD WHQHU SHQVDPLHQWRV SRVLWLYRV D
GLDULR
'HVSLHUWDFRQXQDDILUPDFLyQSRVLWLYD1RWLHQHTXHVHUDOJR
PX\ JUDQGH (PSLH]D SRU FRVDV VLPSOHV FRPR GHFLUWH D WL
PLVPR TXH HO GtD LUi ELHQ SRUTXH HVWiV YLYR R SRUTXH YDV D
GHVD\XQDUWXFRPLGDIDYRULWDSRUTXHYHUiVDXQDSHUVRQDDOD
TXH WLHQHV JDQDV GH YHU 8VDUiV OD URSD TXH PiV WH JXVWD
SRGUiVSDVDUWLHPSRFRQWXVDPLJRVFRQWXIDPLOLDRWXSDUHMD
R SRUTXH HO FOLPD HV DJUDGDEOH +D\ PXFKtVLPDV RSFLRQHV \
HVWR\VHJXURTXHVLHPSUHHQFRQWUDUiVDOJRSRVLWLYRTXHSXHGHV
UHVDOWDUGHWXGtD
+D] XQD OLVWD GH FRVDV SRU ODV TXH HVWiV DJUDGHFLGR (Q
UHDOLGDGHVWRHVIiFLOSXHVORTXHWLHQHVTXHKDFHUHVXVDUOD
DILUPDFLyQFRQODTXHGHVSHUWDVWH\DJUDGHFHUSRUHOOD&XDQGR
ORLQWHQWpODVSULPHUDVYHFHVVHQWtDTXHHUDPX\UHSHWLWLYRFRQ
OR TXH DJUDGHFtD SHUR FRQIRUPH SDVDEDQ ORV GtDV ODV FRVDV
SRUODVTXHPHVHQWtDDJUDGHFLGRDXPHQWDEDQ$KRUDVDOJRGH
FDVD \ HPSLH]R GDQGR ODV JUDFLDV SRU WHQHU WUDEDMR SRUTXH
HVWiVROHDGR\SRUTXHSXGHWRPDUPHPLWD]DGHFDIpVLQSULVDV
SXHVPHOHYDQWpWHPSUDQR$JUDGH]FRSRUWHQHUXQKRJDU\XQD
IDPLOLD SRU WHQHU DOLPHQWR HQ PL UHIULJHUDGRU XQD FDVD \ XQD
FDPDSDUDGRUPLU7DPELpQSRUWHQHUVDOXG\SRUTXHFRQRFtOD
SOD\D KDFH DxRV \ SRUTXH YLDMp HQ DYLyQ \ SRUTXH WHQJR
EXHQRV DPLJRV 0L OLVWD VH KL]R PX\ ODUJD \ DXQTXH SXHGR
KDFHUORQRTXLHUROOHQDUHVWHHVSDFLRFRQWRGDVODVFRVDVTXH
DJUDGH]FR /R TXH TXLHUR HV GHFLUWH TXH WX OLVWD SXHGH VHU
LJXDOGHJUDQGHVRORIDOWDTXHODHPSLHFHV
5RGpDWHGHJHQWHSRVLWLYD/DFDOLGDGGHODVSHUVRQDVFRQODV
TXH VXHOHV FRPSDUWLU WX GtD D PHQXGR LQIOXLUi GH IRUPD
GHWHUPLQDQWHVREUHWXHVWDGRGHiQLPR6LGHIRUPDFRQWLQXDWH
URGHDV GH IDPLOLDUHV R DPLJRV FDUDFWHUL]DGRV SRU XQD YLVLyQ
QHJDWLYD GH OD YLGD SHQVDPLHQWRV FDWDVWUyILFRV \ TXHMDV
SXHGHVOOHJDUDH[SHULPHQWDUXQSURIXQGRPDOHVWDUHPRFLRQDO
3RU HO FRQWUDULR VL WH UH~QHV FRQ SHUVRQDV SRVLWLYDV
HQWXVLDVWDV \ FRQ XQ JUDQ DPRU SRU OD YLGD WX ELHQHVWDU
HPRFLRQDOVHLQFUHPHQWDUi
3UDFWLFD OD PHGLWDFLyQ R OD DWHQFLyQ SOHQD /D PHGLWDFLyQ
UHGXFH ORV QLYHOHV GH HVWUpV \ DQVLHGDG SRUTXH PHMRUD HO
ELHQHVWDU PHQWDO \ WH D\XGD D WHQHU OD PHQWH PiV FDOPDGD
SHUPLWLpQGRWHDIURQWDUHOGtDGHXQDIRUPDPiVUHODMDGD

$WHQFLyQ3OHQD0LQGIXOQHVVSDUDORVDPLJRV
(OFRQFHSWRGHDWHQFLyQSOHQDVHGHILQHFRPRODFDSDFLGDGGHHVWDU
WRWDOPHQWHFRQFHQWUDGRHQXQDDFWLYLGDGGHWHUPLQDGDVLQTXHRWURV
SHQVDPLHQWRVRVHQWLPLHQWRVQRVDVDOWHQ/RLGHDOHVTXHFRPELQHV
HVWDV GRV SUiFWLFDV \D TXH HO EXHQ XVR GH ODV GRV WH D\XGDUi D
OOHYDUDFDEROD31/GHXQDPDQHUDPXFKRPiVIiFLO

(VFULEH HQ XQ GLDULR WXV SHQVDPLHQWRV \ VHQWLPLHQWRV $


PHQXGR OD LGHD GH XQ GLDULR SHUVRQDO R GLDULR tQWLPR VROR VH
UHODFLRQD FRQ OD LQIDQFLD R OD DGROHVFHQFLD PRPHQWRV GH OD
YLGD HQ TXH PXFKDV SHUVRQDV YXHOFDQ HQ FXDGHUQRV VXV
YLYHQFLDVDQKHORV\VHQWLPLHQWRV3XHVW~ORSXHGHVXVDUSDUD
WX EHQHILFLR VL GRFXPHQWDV WX HPRFLRQHV 3XHGH D\XGDUWH D
RUGHQDUWXVSHQVDPLHQWRVFRQRFHUWHPHMRUDWLPLVPRD\XGDU
DWXPHPRULDHLQFOXVRPHMRUDUWXVDOXGPHQWDO\ItVLFD
(QFXHQWUD DOJR TXH WH KDJD LOXVLyQ FDGD GtD %~VFDWH XQ
KREE\ VLHPSUH HV EXHQR HQFRQWUDU DOJR TXH GLVIUXWHV KDFHU
(VWDUiVOOHQRGHDOHJUtDSRUTXHWXFHUHEURJHQHUDUiHQGRUILQDV
PLHQWUDVORSUDFWLFDVUHODMiQGRWHSRQLpQGRWHGHEXHQKXPRU\
KDFLHQGRTXHWXYLGDVHDPXFKRPiVSRVLWLYD
8QD FODYH HQ FRP~Q TXH WLHQHQ ODV SHUVRQDV SRVLWLYDV HV TXH
WLHQHQ OD SHUFHSFLyQ GH TXH WRGR OR TXH KDFHQ OHV DSRUWDUi DOJR
YDOLRVRHQODYLGDTXHWHQGUiQXQUHVXOWDGRSRVLWLYR3RUHMHPSOR

6LWLHQHVTXHLUDODHVFXHODDSUHQGHUiV
6L WLHQHV TXH FDPLQDU YDULDV FXDGUDV SDUD OOHJDU DO WUDEDMR WH
HMHUFLWDUiV
6LWLHQHVTXHOHYDQWDUWHWHPSUDQRHVRWH KDUi PiV SURGXFWLYR

(V SDUWH GH OD QDWXUDOH]D KXPDQD VHU QHJDWLYR QDGLH SXHGH
QHJDUORSHURHQOXJDUGHILMDUODDWHQFLyQHQHVWRRSWDSRUFHQWUDUWH
HQ ODV FRVDV EXHQDV TXH VXUMDQ D OR ODUJR GHO GtD 3RFR D SRFR
IRUPDUiV SDUWH GH HVH JUXSR GH SHUVRQDV SRVLWLYDV GH ODV TXH ORV
GHPiVTXHUUiQURGHDUVH

 ¢&yPR VH FRPEDWHQ ORV SHQVDPLHQWRV


QHJDWLYRV"
0XFKDVSHUVRQDVWLHQHQSHQVDPLHQWRVQHJDWLYRVDXQTXHQXQFDOR
DGPLWLUtDQ 0XFKRV GH HVWRV SHQVDPLHQWRV VyOR FDXVDQ GDxR \
GHEHQ VHU HOLPLQDGRV GH OD PHQWH GH OD SHUVRQD TXH ORV
H[SHULPHQWD +D\ FXDWUR SHQVDPLHQWRV QHJDWLYRV SULQFLSDOHV TXH
SXHGHQ GDxDU D ODV SHUVRQDV \ GHEHQ VHU HOLPLQDGRV VRQ ORV
VLJXLHQWHV

/DV FRPSDUDFLRQHV &RPSDUDUVH FRQ RWUDV SHUVRQDV QXQFD


HV XQD EXHQD LGHD SRUTXH VLHPSUH HQFRQWUDUiV D DOJXLHQ TXH
VHD³PHMRU´TXHW~(VWRVyORWHKDUiVHQWLUWHPDOFRQWLJRPLVPR
\WHGHSULPLUi&DGDVHUKXPDQRWLHQHVXVYLUWXGHV\GHIHFWRV
XQRV EULOODQ HQ XQDV FRVDV \ RWURV HQ RWUDV -DPiV GHEHV
FRPSDUDUWHFRQQDGLHSRUTXHHUHV~QLFRHLUUHSHWLEOH
3HVLPLVPR 3HQVDU QHJDWLYDPHQWH VREUH WRGR QR KDUi TXH WX
YLGD PHMRUH 6yOR KDUi TXH WHVLHQWDV GHSULPLGR \PROHVWR /R
SHOLJURVR HV FXDQGR WH DFRVWXPEUDV D HVWD DFWLWXG \ TXLWDV
DFWLWXGHVPiVFRQVWUXFWLYDVRSWLPLVWDV\YLWDOHVTXHWHD\XGHQ
D SURJUHVDU \ QR TXHGDUWH PHWLGR HQ HO PXQGR GH OD TXHMD HO
PLHGR\ODIUXVWUDFLyQFRQVWDQWH
'XGDU GH WL PLVPR 'XGDU GH WXV FDSDFLGDGHV \ GH WX
DXWRHVWLPDQRWHD\XGDUiDFRQVHJXLUQDGD'HKHFKRVyORWH
LPSHGLUiDOFDQ]DUWXVREMHWLYRV'HMDUGHKDFHUHVWRQRVHORJUD
GHODQRFKHDODPDxDQD6HUHTXLHUHWLHPSRDYHFHVORJUDUiV
WHQHU SOHQD FRQILDQ]D HQ WL \ RWUDV YHFHV QR +DVWD ODV
SHUVRQDVPiVVHJXUDVDYHFHVWLHQHQPRPHQWRVGHGXGDV/D
FODYH HVWi HQ LUWH SRQLHQGR PHWDV SHTXHxDV TXH SXHGDV
FXPSOLU $ PHGLGD TXH ODV YDV FRQVLJXLHQGR YDV IRUWDOHFLHQGR
WXFRQILDQ]D\WXDXWRHVWLPD
3UHRFXSDUVH H[FHVLYDPHQWH SRU FRVDV TXH HVWiQ IXHUD GH
WXFRQWURO1RHVSRVLEOHUHVROYHUXQSUREOHPDVLQRVDEHVFXiO
HV DVt TXH OR SULPHUR TXH GHEHV KDFHU HV DSUHQGHU FyPR
H[SHULPHQWDV OD SUHRFXSDFLyQ (O IXWXUR HVWi OOHQR GH
VLWXDFLRQHV SRVLEOHV (O SUREOHPD FRQ GLFKDV VLWXDFLRQHV HV
TXHSUREDEOHPHQWHQXQFDVHYROYHUiQSUREOHPDV\WHUPLQDUiV
SUHRFXSiQGRWHSRUQDGD

3RUORJHQHUDOHOWHQHUSHQVDPLHQWRVQHJDWLYRVQRVHWUDWDGHTXH
HVWpVKDFLHQGRPDOVLQRGHDOJRTXHQRWHJXVWDGHWLPLVPRRGH
DOJR TXH QR WLHQHV R QR WLHQHV OR VXILFLHQWH  /RV SHQVDPLHQWRV
QHJDWLYRVVXHOHQUHIHULUVHDOSDVDGRRIXWXUR\QRVRQ~WLOHV

/D PHMRU IRUPD GH OLGLDU FRQ SHQVDPLHQWRV QHJDWLYRV HV VHU
SURDFWLYR D OD KRUD GH YLJLODUORV 6L HUHV FDSD] GH GHWHFWDU WXV
SHQVDPLHQWRVDWLHPSRSRGUiVGHVFDUWDUORVPiVIiFLOPHQWH

+H DTXt DOJXQRV FRQVHMRV SDUD KDFHU IUHQWH D ORV SHQVDPLHQWRV


QHJDWLYRV
5HFRQRFH HOSHQVDPLHQWR1R LQWHQWHV LJQRUDUOR QL DSDUWDUOR
6LPSOHPHQWH UHFRQRFH TXH HVWi DKt (VFULEH HO PRPHQWR HQ
TXH FUHHV HVWDU SUHRFXSDGR 3RGUtD VHU ~WLO HPSH]DU
HVFULELHQGR FyPR WH VLHQWHV \ OXHJR OR TXH RFXUUH D WX
DOUHGHGRU\ORVSHQVDPLHQWRVTXHYLHQHQDWXPHQWH2EVHUYD
FyPRVHVLHQWHWXFXHUSR¢WXVP~VFXORVHVWiQWHQVRVRWDOYH]
WHGXHOHHOHVWyPDJR"/XHJRSXHGHVYROYHU\DQDOL]DUORTXHWH
KL]RVHQWLUWHGHHVDPDQHUD
&XHVWLRQD HO SHQVDPLHQWR ¢(V UHDOPHQWH FLHUWR" ¢+D\
SUXHEDVTXHORDSR\HQ"&XDQGRLGHQWLILFDVODSUHRFXSDFLyQHV
LPSRUWDQWH VDEHU VL WH SUHRFXSDV SRU DOJR TXH GH YHUGDG HVWi
RFXUULHQGR R DOJR TXH SRGUtD RFXUULU &pQWUDWH VROR HQ ORV
KHFKRVDFWXDOHVSRUTXHHVRHVOR~QLFRFRQORTXHSXHGHVOLGLDU
HQHOSUHVHQWH(VWiELHQSODQLILFDU\SUHSDUDUWHSDUDHOIXWXUR
SHURXQDYH]TXHORKD\DVKHFKRDFHSWDTXHKDVKHFKRWRGROR
TXHSXHGHVSRUHOPRPHQWR
6XVWLWX\HHOSHQVDPLHQWRSRURWURPiVSRVLWLYR6LSXHGHV
LQWHQWD SHQVDU HQ DOJR TXH WH KDJD IHOL] R SRU OR TXH HVWpV
DJUDGHFLGR 3XHGH VHU XQD IUDVH TXH WH HPSRGHUH DOJXQD
FDQFLyQ TXH WH DQLPH LQFOXVR HVFULELU DTXHOOR TXH SLHQVDV
'HFLUPH XQD DILUPDFLyQ SRVLWLYD WDPELpQ VH KD FRQYHUWLGR HQ
XQ UHFXUVR TXH PH D\XGD VREUH WRGR SDUD ORV SHQVDPLHQWRV
QHJDWLYRV DXWRPiWLFRV \ FRQVWDQWHV /D LGHD QR HV UHSHWLU SRU
UHSHWLUODDILUPDFLyQVLQRVHQWLUORTXHWHHVWiVGLFLHQGR\DTXH
HVRD\XGDDOFXHUSRDGDUVHFXHQWDTXHORTXHGLFHVHVUHDO

³(V SRVLEOH FRQWURODU QXHVWURV SHQVDPLHQWRV \ WHQHU


XQDDFWLWXGSRVLWLYDKDFLDHOIXWXUR´

$KRUD PH JXVWDUtD TXH HQ EDVH D OR TXH KDV DSUHQGLGR SXHGDV
UHVSRQGHU ODV VLJXLHQWHV SUHJXQWDV (V LPSRUWDQWH TXH HQWLHQGDV
TXHQRKD\UHVSXHVWDVFRUUHFWDVRLQFRUUHFWDV1RKD\DOJREXHQRR
PDOR 6ROR UHVSyQGHODV \ FXDQGR ILQDOLFHV HO OLEUR ODV YXHOYHV D
UHYLVDU SDUD YHU VL WX SHUFHSFLyQ GH ODV FRVDV KD FDPELDGR 7H
UHFRPLHQGRODVHVFULEDVHQDOJXQDOLEUHWDTXHSXHGDVOOHYDUFRQWLJR
\GyQGHGRFXPHQWHVHOSURJUHVRTXHWHQJDVFRQHVWHOLEUR

¢4XpVLJQLILFDSDUDWLHOp[LWR"
¢(QTXpFRVDVSLHQVDVPiV"
¢&XiOHVVRQDOJXQDVGHODVFRVDVTXHWHKDFHQLQIHOL]"
¢&UHHVTXHWLHQHVGHPDVLDGRVSHQVDPLHQWRV"
¢4XpSHQVDPLHQWRVFUHHVTXHVRQSRVLWLYRV"
¢4XpSHQVDPLHQWRVFUHHVTXHVRQQHJDWLYRV"
¢4Xp DFFLRQHV SXHGHV OOHYDU D FDER HQ WX SHUVRQD SDUD
FRQWURODUWXVSHQVDPLHQWRV"
ą

- ')#)(-ň ō+/a -)(Ō ō/;(.-


2#-.(Ō ō®') .,'#(( (/-.,
)(/. )( ).,)-Ō

$QWHV GH SDUWLU GH OOHQR FRQ HVWH WHPD HV EXHQR KDFHUQRV OD
SUHJXQWD

¢6HSXHGHQHOLPLQDUSRUFRPSOHWRODVHPRFLRQHVQHJDWLYDV"

6tHQHIHFWR\ FRQEDVWDQWHUDSLGH]\HILFDFLD/RTXHGHWHUPLQDVL
HVWDV HPRFLRQHV SXHGHQ FDPELDUVH R QR HV EiVLFDPHQWH OR
DUUDLJDGDVTXHHVWiQHQHOFHUHEURGHHVWDSHUVRQD

¢6LHPSUHTXH WHHQRMDVWHSRQHVWULVWHRQHUYLRVRUHDFFLRQDV
GHODPLVPDPDQHUD"

(OWLHPSRTXHVHWDUGDHQIRUPDUXQDQXHYDHPRFLyQDSDUWLUGHXQD
DQWLJXDHVSRUWDQWRLQYHUVDPHQWHSURSRUFLRQDODOQ~PHURGHYHFHV
TXHVHKDUHSHWLGRHVWDUHDFFLyQ$TXtHQWUDHQMXHJRODWHRUtDGH³OD
UHSHWLFLyQHVODPDGUHGHWRGRDSUHQGL]DMH´3RUVXSXHVWRPXFKDV
HPRFLRQHVVRQHItPHUDV\DFDEDQGHVDSDUHFLHQGRSHURDOJXQDVOR
FUHDVRQRVHIRUPDQIiFLOPHQWH\SHUPDQHFHQFRQWLJRGXUDQWHWRGD
ODYLGD
(V LQWHUHVDQWH SHQVDU HQ FyPR VH IRUPDQ ODV HPRFLRQHV \ FyPR
SXHGHV FDPELDUODV 6HJ~Q OD WHRUtD TXH PHQFLRQR DUULED FXDQWDV
PiV YHFHV H[SHULPHQWHV XQD HPRFLyQ PiV IiFLO VHUi YROYHU D
VHQWLUOD(VWDWHRUtDWLHQHPXFKRVHQWLGRVREUHWRGRVLSLHQVDVHQOD
IDFLOLGDGFRQODTXHVHIRUPDQDOJXQDVHPRFLRQHV

3RUHMHPSOR

¢$OJXQDYH]KDVWHQLGRXQDUHDFFLyQIXHUWHDQWHDOJR\OXHJRWHKDV
GDGRFXHQWDGHTXHKDVHPSH]DGRDUHDFFLRQDUGHODPLVPDIRUPD
FXDQGRVHSUHVHQWDXQDVLWXDFLyQVLPLODU"

(VRVHGHEHDTXHWXFHUHEURHPSLH]DDDVRFLDUHVDUHDFFLyQFRQOD
VLWXDFLyQ R OD SHUVRQD TXH OD SURYRFy RULJLQDOPHQWH &XDQWDV PiV
YHFHVWHQJDVHVDUHDFFLyQPiVIXHUWHVHUiODDVRFLDFLyQ\PiVIiFLO
VHUiYROYHUDVHQWLUHVDHPRFLyQ

3RU RWUR ODGR DOJXQDV HPRFLRQHV VRQ PiV GLItFLOHV GH IRUPDU \
GHVDSDUHFHQ PiV UiSLGDPHQWH (VWR VH GHEH D TXH D QXHVWUR
FHUHEUR OH FXHVWD PiV DVRFLDUODV FRQ VLWXDFLRQHV R SHUVRQDV
FRQFUHWDV

(QWRQFHV ¢FyPR SXHGHV XWLOL]DU HVWD LQIRUPDFLyQ HQ QXHVWUR


EHQHILFLR"

%XHQR HQ SULPHU OXJDU HV LPSRUWDQWH VHU FRQVFLHQWHV GH FyPR VH
IRUPDQ ODV HPRFLRQHV 8QD YH] TXH OR VHSDV SRGUiV HPSH]DU D
SUHVWDUDWHQFLyQDODVVLWXDFLRQHVRSHUVRQDVTXHGHVHQFDGHQDQWXV
HPRFLRQHV/XHJRSRGUiVWUDEDMDUSDUDFDPELDUHVDVDVRFLDFLRQHV

3RUHMHPSOR VL VDEHV TXH WH HQIDGDV IiFLOPHQWH FXDQGR DOJXLHQ WH


FRUWDHOSDVRHQHOWUiILFRSXHGHVHPSH]DUDSUDFWLFDUODFDOPDHQ
HVDV VLWXDFLRQHV /R ORJUDUiV XWLOL]DQGR WpFQLFDV GH YLVXDOL]DFLyQ
RUHODMDFLyQTXHWHD\XGHQDPDQWHQHUODFDOPD$VtFRQHOWLHPSR
WX FHUHEUR HPSH]DUi D DVRFLDU HVDV VLWXDFLRQHV FRQ OD FDOPD \ WH
UHVXOWDUiPiVIiFLOVREUHOOHYDUORTXHDQWHVWHFDXVDEDXQDHPRFLyQ
QHJDWLYD

(O PLVPR SULQFLSLR VH DSOLFD WDPELpQ D RWUDV HPRFLRQHV /OHYD


WLHPSR \ HVIXHU]R SHUR VLQ GXGD HV SRVLEOH &RQ XQ SRFR GH
SUiFWLFD SXHGHV FDPELDU WX IRUPD GH UHDFFLRQDU SDUD PHMRUDU WX
YLGDSRUFRPSOHWR

(QWRQFHV ¢FyPR SXHGHV XWLOL]DU OD 31/ SDUD FDPELDU WXV


HPRFLRQHV"

+D\DOJXQDVWpFQLFDVTXHSXHGHQVHU~WLOHV8QDVHOODPD³DQFODMH´
&RQVLVWHHQDVRFLDUXQVHQWLPLHQWRRXQDHPRFLyQFRQFUHWDFRQXQ
HVWtPXORItVLFR

3RU HMHPSOR VL TXLHUHV VHQWLUWH IHOL] SXHGHV DQFODU HVH


VHQWLPLHQWRDDOJRFRPRXQDVRQULVDRXQUHFXHUGRDOHJUH

2WUD WpFQLFD VH OODPD ³UHHQFXDGUH´ &RQVLVWH HQ FDPELDU OD IRUPD
GH YHU XQD VLWXDFLyQ R HPRFLyQ 3RU HMHPSOR VL WH VLHQWHV WULVWH
SXHGHV UHSODQWHDU HVD WULVWH]D FRPR XQD VHxDO GH TXH HVWDV
VLQWLHQGR HPSDWtD SRU RWUD SHUVRQD 2 VL HVWDV HQRMDGR SXHGHV
UHSODQWHDUHVHHQRMRFRPRXQDVHxDOGHIXHU]D\GHWHUPLQDFLyQ

$PEDV WpFQLFDV SXHGHQ VHU ~WLOHV SDUD FDPELDU OD IRUPD HQ TXH
VLHQWHV XQD HPRFLyQ 'H HVWD IRUPD SRGUiV FDPELDU ODV
DVRFLDFLRQHV TXH WX FHUHEUR WLHQH FRQ HVDV HPRFLRQHV &RQ HO
WLHPSR\ODSUiFWLFDSXHGHVHPSH]DUDVHQWLUGLIHUHQWHVHPRFLRQHV
HQGLIHUHQWHVVLWXDFLRQHV

(VWDV WpFQLFDV VRQ VyOR DOJXQDV GH ODV IRUPDV HQ TXH SXHGHV
XWLOL]DU OD 31/ SDUD FDPELDU ODV HPRFLRQHV +D\ PXFKDV RWUDV
WpFQLFDV TXH SXHGHQ VHU ~WLOHV \ HV LPSRUWDQWH HQFRQWUDU ODV TXH
PHMRUIXQFLRQDQSDUDWL
(Q ORV VLJXLHQWHV FDStWXORV WH HQVHxDUp FRQ OXMRV GH GHWDOOHV OD
WpFQLFD GH DQFODMH TXH VXHOH VHU OD PiV HIHFWLYD D OD KRUD GH
FDPELDUODVHPRFLRQHV

 ¢&yPR VH IRUPDQ ODV HPRFLRQHV \ FyPR


FDPELDUODV"
/D31/SRVWXODTXHODVHPRFLRQHVQRVRQLQQDWDVVLQRTXHVRQHO
UHVXOWDGR GHO SHQVDPLHQWR OHQJXDMH \ FRPSRUWDPLHQWR (Q RWUDV
SDODEUDVODIRUPDHQTXHSLHQVDVKDEODV\WHFRPSRUWDVLQIOX\HHQ
ODVHPRFLRQHVTXHH[SHULPHQWDV

3RUHMHPSORVLWHGLFHVDWLPLVPRFRQIUHFXHQFLDTXHHUHVXQPDO
FRQGXFWRUHVSUREDEOHTXHHPSLHFHVDVHQWLUWHDQVLRVR\HVWUHVDGR
FDGD YH] TXH WH SRQJDV DO YRODQWH (Q FDPELR VL WH GLFHV D WL
PLVPR TXH HUHV XQ EXHQ FRQGXFWRU HV SUREDEOH TXH WH VLHQWDV
FRQILDGR\UHODMDGRDOFRQGXFLU

(VWR VH GHEH D TXH WXV SHQVDPLHQWRV \ OHQJXDMH FUHDQ PDSDV


PHQWDOHV R LPiJHQHV TXH DIHFWDQ D WXV HPRFLRQHV &XDQWR PiV
HQVD\HV HVWRV SHQVDPLHQWRV \ SDWURQHV GH OHQJXDMH PiV
DUUDLJDGRVHVWDUiQHQWXQHXURORJtD

(QWRQFHV ¢FyPR SXHGHV XWLOL]DU OD 31/ SDUD FDPELDU WXV


HPRFLRQHV"

8QD IRUPD HV FDPELDU ODV LPiJHQHV TXH FUHDV HQ WX PHQWH 3RU
HMHPSOR VL WLHQHV XQD LPDJHQ QHJDWLYD GH WL PLVPR SXHGHV
VXVWLWXLUODSRURWUDPiVSRVLWLYD7DPELpQSXHGHVXWLOL]DUODVWpFQLFDV
GHOD31/SDUDFDPELDUHOWRQRGHWXYR]LQWHULRUGHPRGRTXHVHD
PiVIDYRUDEOH\DOHQWDGRUD
2WUD IRUPD GH FDPELDU WXV HPRFLRQHV HV FDPELDU OD IRUPD HQ TXH
KDEODPRVGHHOODV3RUHMHPSORHQOXJDUGHGHFLU³HVWR\PX\WULVWH´
GL ³PH VLHQWR WULVWH´ (VWR D\XGDUi D UHGXFLU OD LQWHQVLGDG GH OD
HPRFLyQ

3RU ~OWLPR SXHGHV XWLOL]DU WpFQLFDV GH 31/ SDUD FDPELDU QXHVWUR
FRPSRUWDPLHQWR 3RU HMHPSOR VL TXLHUHV VHQWLUWH PiV VHJXUR GH WL
PLVPR SXHGHV DFWXDU FRQ FRQILDQ]D DXQTXH QR OD VLHQWDV SRU
GHQWUR(VWRD\XGDUiDDXPHQWDUHOVHQWLPLHQWRGHFRQILDQ]DFRQHO
WLHPSR

/D FODYH SDUD XWLOL]DU OD 31/ SDUD FDPELDU WXV HPRFLRQHV HV VHU
FRQVFLHQWH GH WXV SHQVDPLHQWRV \ SDWURQHV GH OHQJXDMH 6L HUHV
FRQVFLHQWHGHODVSDODEUDVTXHXWLOL]DVSDUDGHVFULELUWXVHPRFLRQHV
SXHGHVHPSH]DUDFDPELDUODIRUPDHQTXHWHVLHQWHV

$VtTXHSUXpEDOR(PSLH]DDSUHVWDUDWHQFLyQDWXVSHQVDPLHQWRV\
FRPSUXHED FyPR SXHGHV FDPELDU OD IRUPD HQ OD TXH H[SUHVDV WXV
HPRFLRQHV < QR WHQJDV PLHGR GH H[SHULPHQWDU FRQ GLIHUHQWHV
WpFQLFDVKDVWDTXHHQFXHQWUHVODVTXHPHMRUWHIXQFLRQHQ

<SDUDUHSDVDUORVFRQFHSWRVSUHYLDPHQWHYLVWR«UHFRUGHPRVTXH

/D 3URJUDPDFLyQ 1HXUROLQJtVWLFD HV XQD VHULH GH WpFQLFDV


XWLOL]DGDV SDUD LQIOXLU HQ OD PHQWH \ ORV SHQVDPLHQWRV GH ODV
SHUVRQDV (QVHxD FyPR QXHVWUR FHUHEUR SURFHVD HO OHQJXDMH
GHWHUPLQDHOVLJQLILFDGR\IRUPDODVFUHHQFLDV
)XQFLRQDXWLOL]DQGRHOSRGHUGHORVSDWURQHVGHOOHQJXDMHFRPR
ODV PHWiIRUDV ODV PRGDOLGDGHV ODV SDODEUDV GH DQFODMH \ OD
VHQVLELOLGDG GH OD DJXGH]D VHQVRULDO SDUD DOWHUDU HO HVWDGR GH
iQLPR R HO FRPSRUWDPLHQWR GH DOJXLHQ (Q HVHQFLD OD 31/
FRQVWD GH WUHV DVSHFWRV ORV VLVWHPDV GH UHSUHVHQWDFLyQ
LPiJHQHV YLVXDOHV  ORV PHWDSURJUDPDV OD IRUPD HQ TXH
SURFHVDPRV OD LQIRUPDFLyQ  \ ODV WpFQLFDV GH SURJUDPDFLyQ
QHXUROLQJtVWLFD OD IRUPD HQ TXH XWLOL]DPRV HO OHQJXDMH SDUD
FUHDUVLJQLILFDGR 
/D 31/ WDPELpQ D\XGD D HVWDEOHFHU XQD UHODFLyQ FRQ ODV
SHUVRQDV DVt FRPR D FRPSUHQGHU VXV QHFHVLGDGHV 3XHGH
XWLOL]DUVHWDQWRHQHOiPELWRSHUVRQDOFRPRHQHOHPSUHVDULDO\
VHKDGHPRVWUDGRTXHHVPX\HILFD]HQDPEDViUHDV
8QRGHORVSULQFLSDOHVEHQHILFLRVGHOD31/HVTXHSHUPLWHDODV
SHUVRQDV WRPDU HO FRQWURO GH VXV SURSLDV YLGDV (QVHxD D ODV
SHUVRQDVDFDPELDUVXVSHQVDPLHQWRV\FRPSRUWDPLHQWRV\OHV
SURSRUFLRQDODVKHUUDPLHQWDVTXHQHFHVLWDQSDUDWHQHUp[LWR/D
31/ HV WDPELpQ XQD KHUUDPLHQWD PX\ YHUViWLO TXH SXHGH
DGDSWDUVHDODVQHFHVLGDGHVGHFDGDSHUVRQD
/D 31/ SXHGH XWLOL]DUVH SDUD DOFDQ]DU HO p[LWR WDQWR HQ OD YLGD
SHUVRQDO FRPR HQ OD HPSUHVDULDO (V XQD KHUUDPLHQWD YHUViWLO
TXHSXHGHDGDSWDUVHDODVQHFHVLGDGHVGHFDGDSHUVRQD

 /D 31/ FRPR WUDWDPLHQWR GHO WUDVWRUQR GH


HVWUpVSRVWUDXPiWLFR
/D SURJUDPDFLyQ QHXUROLQJtVWLFD HV XQ WHPD FDQGHQWH HQWUH ORV
FtUFXORVGHVXSHUDFLyQSHUVRQDO$OJXQRVFRQItDQHQVXVEHQHILFLRV
PLHQWUDVTXHRWURVVRQPiVHVFpSWLFRV

/D 31/ HV XQD SUiFWLFD SRGHURVD TXH VH SXHGH DSOLFDU D PXFKDV
iUHDVGHQXHVWUDYLGD<DQRHVVyORSDUDWHUDSHXWDV/RVEHQHILFLRV
LQFOX\HQXQPD\RUFRQRFLPLHQWRGHWLPLVPRPHMRUHVUHODFLRQHV\OD
FDSDFLGDG GH FDPELDU UiSLGDPHQWH FRPSRUWDPLHQWRV R FUHHQFLDV
TXH WH IUHQDQ /D 31/ KD GHPRVWUDGR VX HILFDFLD HQ QXPHURVRV
HVWXGLRV FLHQWtILFRV \ HV IiFLO GH DSUHQGHU FRQ OD LQVWUXFFLyQ
DGHFXDGD\WRGDYtDKD\DOJRPiVHQORTXHSXHGHD\XGDU

/D 31/ HV XQD JUDQ IRUPD GH DSUHQGHU \ FUHFHU +D\ PXFKRV
EHQHILFLRV GH OD 31/ SHUR XQR GH ORV PiV LPSRUWDQWHV HV TXH KD
GHPRVWUDGR VHUXQ WUDWDPLHQWR HILFD] SDUD HO 7(376LQR VDEHV OR
TXHVLJQLILFDHO7(37HVHOWUDVWRUQRGHHVWUpVSRVWUDXPiWLFR

(VWH WUDVWRUQR HV XQ SUREOHPD GH VDOXG PHQWDO TXH VH SUHVHQWD
OXHJRGHYLYLUXQHYHQWRHPRFLRQDOPHQWHWUDXPiWLFR6HFDUDFWHUL]D
SRU DQVLHGDG \ ³IODVKEDFNV´ UHFXUUHQWHV GHO HYHQWR WUDXPiWLFR (V
EDVWDQWHFRP~QHQVROGDGRVTXHYXHOYHQGHODJXHUUDGHVSXpVGH
VHUWHVWLJRGHXQDFFLGHQWHRGHXQGHVDVWUHQDWXUDORGHVSXpVGH
XQD DJUHVLyQ ItVLFD /DV SHUVRQDV TXH WLHQHQ WUDVWRUQR GH HVWUpV
SRVWUDXPiWLFRVXHOHQUHYLYLUORVKHFKRVHQUHFXHUGRV\SHVDGLOODVR
HQ IRUPD GH SHQVDPLHQWRV DEUXPDGRUHV (VWR VXHOH HVWDU
DFRPSDxDGR SRU XQD SpUGLGD GHO LQWHUpV HQ DFWLYLGDGHV TXH OD
SHUVRQDVROtDGLVIUXWDUDGRUPHFLPLHQWRHPRFLRQDO\VHQWLPLHQWRVGH
FXOSD

/RVVtQWRPDVGHO7(37VXHOHQFRPHQ]DUYDULRVPHVHVGHVSXpVGHO
HYHQWR WUDXPiWLFR QR QHFHVDULDPHQWH VH PDQLILHVWDQ
LQPHGLDWDPHQWHGHVSXpVGHOKHFKR(OVtQWRPDPiVFRP~QVRQODV
UHYLYLVFHQFLDV GHO KHFKR HSLVRGLRV GXUDQWH ORV FXDOHV OD SHUVRQD
UHYLYHODH[SHULHQFLDWUDXPiWLFDHQIRUPDLQYROXQWDULD'XUDQWHHVWRV
HSLVRGLRVODSHUVRQDVLHQWHHOFRUD]yQDFHOHUDGRODERFDVHFD\HV
SRVLEOH TXH VXGH \ VLHQWD PLHGR FRPR VL HVWXYLHUD HQ OD VLWXDFLyQ
RULJLQDO

2WURV VtQWRPDV LQFOX\HQ SHQVDPLHQWRV UHFXUUHQWHV GHO HYHQWR TXH


HYLWHQ ODV VLWXDFLRQHV R HYHQWRV VLPLODUHV \ SHVDGLOODV /DV
SHUVRQDV TXH WLHQHQ 7(37 SXHGHQ SRQHUVH DQVLRVDV QHUYLRVDV H
LUULWDEOHV \ SXHGHQ WHQHU GLILFXOWDGHV SDUD GRUPLU GHELGR D OD
DQVLHGDG TXH OHV SURYRFDQ HVWRV SHQVDPLHQWRV $GHPiV DOJXQDV
SHUVRQDVGHVDUUROODQGHSUHVLyQXQiQLPRGHFDtGRDGRUPHFLPLHQWR
RHPERWDPLHQWRDIHFWLYR\SpUGLGDGHOLQWHUpVSRUORTXHVXFHGHD
VXDOUHGHGRU

(OWUDWDPLHQWRQRUPDOGHO7(37WLHQHFRPRREMHWLYRVODGLVPLQXFLyQ
GH ORV VtQWRPDV OD SUHYHQFLyQ GH ODV FRPSOLFDFLRQHV FUyQLFDV \ OD
UHKDELOLWDFLyQVRFLDO\RFXSDFLRQDO6HXWLOL]DQGLYHUVDVPRGDOLGDGHV
SVLFRWHUDSpXWLFDVLQGLYLGXDOHVGHJUXSR\GHIDPLOLD\ORVJUXSRVGH
DXWRD\XGD

/D 31/ WDPELpQ SXHGH D\XGDU D HVWH WUDVWRUQR &RQ SUiFWLFD \


GHGLFDFLyQ SXHGH D\XGDU D ERUUDU DOJXQRV GH ORV VtQWRPDV TXH
YLHQHQFRQHO7(37FRPRODDQVLHGDG\ODGHSUHVLyQFDPELDQGROD
IRUPD HQ TXH ODV SHUVRQDV SLHQVDQ DFHUFD GH FLHUWRV
GHVHQFDGHQDQWHV R HYHQWRV TXH OHV FDXVDURQ HO WUDXPD HQ SULPHU
OXJDU

6LHUHVXQDSHUVRQDTXHTXLHUHDXPHQWDUVXVKDELOLGDGHVRVXSHUDU
DOJR WUDXPiWLFR HQ WX YLGD OD 31/ HV SDUD WL 1R LPSRUWD VL OD
VLWXDFLyQ SRU OD TXH DWUDYHVDVWH HV HQ PD\RU R PHQRU JUDGR
WUDXPiWLFDWHSXHGHD\XGDU

&RPLHQ]DDHVFULELUXQGLDULR
(O SURSyVLWR GH ORV EXFOHV FHUHEUDOHV TXH VH DSUHQGHQ FRQ OD 31/
HV FUHDU OD QRFLyQ GH TXH HV SRVLEOH FDPELDU XQ FRPSRUWDPLHQWR
QRUPDOPHQWH LQGHVHDEOH HQ XQ FRPSRUWDPLHQWR GHVHDEOH $Vt XQD
SHUVRQD WtPLGD SRGUtD VHU FDSD] GH FDPELDU HVWH FRPSRUWDPLHQWR
SRU XQR PiV GRPLQDQWH /RV EXFOHV FHUHEUDOHV VRQ LPSRUWDQWHV
SRUTXH VL HO SUDFWLFDQWH QR HQWLHQGH TXH HVWRV FDPELRV VRQ
SRVLEOHV HQWRQFHV KD\ SRFDV SRVLELOLGDGHV GH TXH VH SURGX]FD HO
FDPELR

/OHYDUXQGLDULRHVVLPSOHPHQWHHVFULELUWXVSHQVDPLHQWRVHQSDSHO
1RHVQDGDPiVGLItFLOTXHHVR/DHVFULWXUDWHSHUPLWHH[SUHVDU OR
TXHSLHQVDV\VLHQWHVHQIDYRUGHWXVDOXGPHQWDO(VFULELUGHWUHVD
FLQFRPLQXWRVDOGtDWHD\XGDDIRUPDUXQDDFWLWXGPiVSRVLWLYDHQOD
YLGD

¢<TXpQHFHVLWDVSDUDHPSH]DUFRQOD31/"
7HQHUXQDDFWLWXGSRVLWLYD

6LQRWHJXVWDHVFULELUSXHGHVGLEXMDU6HWUDWDGHSODVPDUWXVHQWLU
HQSDSHOGHODIRUPDHQTXHW~WHVLHQWDVFyPRGR<WDPSRFRWLHQHV
TXH GHGLFDUOH PXFKDV KRUDV FRQ VROR XQRV SRFRV PLQXWRV HVPiV
TXH VXILFLHQWH &LQFR PLQXWRV FXDQGR GHVSLHUWHV \ FLQFR PLQXWRV
DQWHV GH GRUPLUWH 3XHGH VHU GLJLWDO VL OR SUHILHUHV R SXHGHV XVDU
XQD OLEUHWD XQD DJHQGD R OR TXH WHQJDV D OD PDQR 6H WUDWD GH
OLEHUDUHOHVWUpVQRGHFUHDUWHPiV

'H HQWUH WRGDV ODV YHQWDMDV TXH SXHGH WUDHUWH HVWH GLDULR TXLHUR
UHVDOWDUGRVODSULPHUDHVWHQHUXQHVSDFLRtQWLPRGRQGHHVFULEDVOR
TXH SLHQVDV \ VLHQWHV VLQ HO ULHVJR GH VHQWLUVH MX]JDGR < OD
VHJXQGDHVGDUWHFXHQWDGHODGLYHUVLGDGGHHPRFLRQHVSRUODVTXH
SDVDVDORODUJRGHOGtD

$OWHQHUXQUHJLVWURKHFKRSRUWLPLVPRGHORTXHYDVVLQWLHQGRGtDD
GtD WH GDUiV FXHQWD GH DOJR QR VLHPSUH HVWiV HQRMDGR WULVWH
DQVLRVR GHFDtGR R FRQ EDMD HQHUJtD 7DPELpQ WLHQHV RWUDV
HPRFLRQHV D OR ODUJR GH WX GtD HUHV FDSD] GH WHQHU VHQWLPLHQWRV
DJUDGDEOHV FRPR DJUDGHFLPLHQWR DPRU RUJXOOR WUDQTXLOLGDG
IHOLFLGDGHQHUJtDSD]

8Q GLDULR SXHGH FRQYHUWLUVH WDPELpQ HQ XQ PDJQtILFR HMHUFLFLR GH


PHGLWDFLyQ(VXQDRSRUWXQLGDG~QLFDSDUDREVHUYDUSHQVDPLHQWRV\
VHQWLPLHQWRV YHUORV VXUJLU \ GHMDUORV LU GH OD PLVPD PDQHUD TXH D
DOJXLHQ TXH PHGLWD VH OH HQVHxD D QR MX]JDU DTXHOOR TXH SLHQVD R
VLHQWH $OJXLHQ TXH HVFULEH XQ GLDULR SXHGH FRQYHUWLUVH HQ XQ
PDHVWUR GH OD FRQWHPSODFLyQ %iVLFDPHQWH HV PLUDUWH D WL PLVPR \
DSUHQGHU D UHFRQRFHU OD QDWXUDOH]D IXJD] GH WXV SHQVDPLHQWRV OR
TXHSXHGHOOHYDUWHDODFRQFOXVLyQGHTXHQRWRGRORTXHVHSLHQVD
HVLPSRUWDQWHRSHUPDQHQWHQLORVPLHGRVRDQVLHGDGHVWLHQHQSRU
TXpKDFHUVHUHDOLGDG
 /D YHUGDG VREUH HO PLHGR \ FRPR XVDUOR D
QXHVWURIDYRU
1R SXHGHV TXHGDUWH HQ OD FRPRGLGDG GH OR FRQRFLGR SDUD
VLHPSUH +D\ TXH DUULHVJDUVH SDUD FUHFHU LQFOXVR VL HVR VLJQLILFD
VHUUHFKD]DGR

/DGXGDHVDOJRSRUORTXHSDVDQPXFKDVSHUVRQDVH[LWRVDVLQFOXVR
GHVSXpVGHWHQHUORWRGR7LHQHVTXHUHFRUGDUTXHQRWLHQHVQLQJXQD
JDUDQWtD (O PLHGR HV DOJR D OR TXH WRGRV QRV HQIUHQWDPRV HQ
QXHVWUD YLGD SRU PX\ JUDQGHV LQWHOLJHQWH R SHUVXDVLYRV TXH
VHDPRV

(OPLHGRDSHUGHUHOWUDEDMRRDVHUUHFKD]DGRVSRUODVRFLHGDGHV
SDUWH GH OD QDWXUDOH]D GHO VHU KXPDQR /R TXH OD PD\RUtD GH OD
JHQWH QR VH GD FXHQWD HV TXH HO PLHGR SXHGH VHU XQ PRWLYDGRU
LQFUHtEOHPHQWH SRGHURVR VyOR TXH QR HV XQR TXH QRV LPSXOVD D
KDFHUFRVDVEXHQDV

(O PLHGR KDFH TXH QRV FHQWUHPRV HQ ODV FRVDV HTXLYRFDGDV (V
IiFLO TXH HO PLHGR WH KDJD FUHHU TXH WX VLWXDFLyQ HV JUDYH TXH QR
SXHGHVKDFHUQDGDDOUHVSHFWR3HURODYLGDQRIXQFLRQDDVt7LHQHV
TXH DUULHVJDUWH VL TXLHUHV FRQVHJXLU JUDQGHV FRVDV (O PLHGR VH
LQWHUSRQH HQ HO FDPLQR GH WXV VXHxRV \ KDFHU ORV VXHxRV UHDOLGDG
HVORTXHWHKDUiVHQWLUPHMRU

/D 31/ SXHGH D\XGDUWH DJHVWLRQDUPHMRU WXPLHGR \ D FRQVWUXLU


XQDEDVHPiVVyOLGDSDUDWXIXWXUR7HD\XGDUiDGHVDUUROODUQXHYDV
KDELOLGDGHV \ D PHMRUDU WX FRQILDQ]D HQ WL PLVPR /D 31/ SXHGH
D\XGDUWHDVXSHUDUFXDOTXLHUUHWRGHPLHGRLQFOX\HQGRHOPLHGRDO
IUDFDVRHOPLHGRDORGHVFRQRFLGR\HOPLHGRDOIXWXUR

(YLWDU HO PLHGR VROR WH LPSHGLUi VHJXLU DGHODQWH \ WH SURYRFDUi
DQVLHGDG 3DUD ORJUDU YHQFHUOR WHUHFRPLHQGR WRPDUWHXQ WLHPSR \
EXVFDU DOJR DJUDGDEOH R UHFRQIRUWDQWH SDUD KDFHU (Q FXDQWR WH
VLHQWDV VHJXUR SXHGHV LQWHQWDU D H[SORUDU HO PLHGR GH QXHYR
WRPiQGRWHORVGHVFDQVRVFXDQGRVHDQHFHVDULR

(V LPSRUWDQWH TXH HQWLHQGD TXH HV PX\ GLItFLO HOLPLQDU GH WX YLGD
WRGRVORVULHVJRV

7RPDU GHFLVLRQHV HV HOHJLU HQWUH YDULRV FDPLQRV D WUDYpV GH OD


LQFHUWLGXPEUH 0XFKDV YHFHV PiV TXH WHQHU PLHGR D XQ HVWtPXOR
FRQFUHWRORTXHVXFHGHHVTXHWLHQHVPLHGRDWXVSURSLRVVtQWRPDV
GHOPLHGR

3RUHMHPSORDOJXLHQTXHWHPHKDEODUHQS~EOLFRPiVTXHPLHGRD
DIURQWDU OD VLWXDFLyQ OH WHPH D TXH DSDUH]FDQ SDOSLWDFLRQHV
VXGRUDFLyQWHPEORUHVUXERUIDFLDOWDUWDPXGHRHWF6HWUDWDGHXQD
UHVSXHVWD ILVLROyJLFD TXH WLHQH HO FXHUSR SDUD KDFHU IUHQWH D DOJR
TXHSHUFLEHFRPRXQSHOLJUR

/R LPSRUWDQWH GH FXDOTXLHU HVWUDWHJLD TXH WRPHV SDUD HOLPLQDU DO


PLHGRGHWXYLGDHVTXHWHD\XGHDJHVWLRQDU\FRQYLYLUFRQWRGRV
ORVPLHGRVTXHSXHGDVVHQWLU1RVHHOLPLQDQORVSUREOHPDVSHURVt
VHSXHGHOXFKDUSDUDUHGXFLUDOJXQRVSDUDYLYLUPHMRU
Ć

(& $-   Ň ō+/a -)(Ň ®')


/.#&##4,&)
)- 3 *), +/a /(#)((Ō

/RVDQFODMHVVRQXQRGHORV PHMRUHVWUXFRVGHOD31/TXHSXHGHQ
PHMRUDUGUiVWLFDPHQWHWXYLGD/DUD]yQSRUODTXHPHHQFDQWDXVDU
DQFODMHV HV SRUTXH HV XQD WpFQLFD TXH VH SXHGH XVDU HQ FDVL
FXDOTXLHU DVSHFWR GH OD YLGD R VLWXDFLyQ VRFLDO OR TXH KDFH TXH
YDOJDD~QPiVODSHQD

$QFODU HV VLPSOHPHQWH YLQFXODU HPRFLRQHV VHQWLPLHQWRV R


VHQVDFLRQHV FRUSRUDOHV D XQ GLVSDUDGRU TXH SRU OR JHQHUDO VRQ
JHVWRV FRUSRUDOHV (QWRQFHV FDGD YH] TXH YHDV HVH
GHVHQFDGHQDQWH \ H[SHULPHQWHV DOJR UHODFLRQDGR FRQ pO
H[SHULPHQWDUiV HVRV VHQWLPLHQWRV HPRFLRQHV \ VHQVDFLRQHV
DXWRPiWLFDPHQWH (O HQWUHQDPLHQWR GH ORV DQFODMHV FRQVLVWH HQ
FDPELDU WXV UHDFFLRQHV DQWH GHWHUPLQDGRV GHVHQFDGHQDQWHV TXH
SXHGHQVHUWDQWRH[WHUQRVFRPRLQWHUQRV

6XHQDDOJRFRQIXVR¢QR"1RWHSUHRFXSHVTXHWHORHQVHxDUpGH
XQDPDQHUDPXFKRPiVGLGiFWLFD

/RVDQFODMHVVRQXQDUiSLGDOODYHGHDFFHVRDHVWDGRVHPRFLRQDOHV
GH HTXLOLEULR \ FRQVLVWHQ HQ OD DVRFLDFLyQ R ³FRQH[LyQ´ GH XQ
HVWtPXOR D XQD UHVSXHVWD \ XQD SDUWLFXODULGDG TXH SXHGHQ HVWDU
DVRFLDGRVDFXDOTXLHUVHQWLGR YLVWDRtGRROIDWRJXVWRRWDFWR /R
LPSRUWDQWH D UHFRUGDU HV TXH WLHQHQ FRPR REMHWLYR SURGXFLU XQ
FDPELRHQHOHVWDGRHPRFLRQDO

(V PRPHQWR GH TXH YHDPRV XQ HMHPSOR EiVLFR GH DQFODMH HQ HO
PXQGRUHDOSDUDTXHORSXHGDVFRPSUHQGHUPHMRU

¢7H KD SDVDGR TXH PLUDV XQD IRWRJUDItD GH XQ YLDMH TXH UHDOL]DVWH
KDFH XQ SDU GH DxRV DWUiV \VLHQWHV FRPR VLWHWHOHWUDQVSRUWDUDV D
HVHOXJDU"

¢2 FXDQGR HVFXFKDV XQD FDQFLyQ HVSHFtILFD \ WH SURGXFH XQD


HPRFLyQ\DVHDDOHJUtDRWULVWH]D"

)HOLFLWDFLRQHVHVWiVH[SHULPHQWDQGRORVIDPRVRVDQFODMHV

7H GHMR XQ HMHPSOR PiV FRQFUHWR GH XQ DQFODMH 0LHQWUDV OHHV
LPDJLQDORVLJXLHQWH

(VXQGtDGRPLQJRVROHDGR\PLHQWUDVFDPLQDVWUDQTXLODPHQWHSRU
ODSOD\DHVFXFKDVXQDFDQFLyQTXHVRQyHQODILHVWDGHWXERGD

/RVYLHMRVUHFXHUGRVYXHOYHQGHUHSHQWH\HVWRWHKDFHUHPHPRUDU
WRGRV HVRV PRPHQWRV DSDUHQWHPHQWH ROYLGDGRV HQ HO IRQGR GH WX
PHQWHSHURDKRUDWLHQHQXQVHQWLGRHVSHFLDOHQODRULOODGHOPDU(Q
WX PHQWH WH YLVXDOL]DV FDPLQDQGR SRU HO SDVLOOR GH XQD HQRUPH
LJOHVLD FRQ WRGRV WXV VHUHV TXHULGRV REVHUYiQGRWH \ HO DPRU GH WX
YLGDHQHODOWDUHVSHUiQGRWH

(VFRPRVLWXPHQWHVHKXELHVHVHSDUDGRGHWXFXHUSRSRUXQSDU
GH VHJXQGRV \ OD DOHJUtD GH HVH PRPHQWR WH LQYDGH FRPR VL
HVWXYLHUDVYLYLpQGRORHQFDUQHSURSLDQXHYDPHQWH

(O DQFODMH HV HVH IHQyPHQR TXH RFXUUH FXDQGR WHQHPRV XQD
HPRFLyQ XQ SHQVDPLHQWR XQD H[SHULHQFLD R XQD VHxDO HQ QXHVWUR
HQWRUQR XQVRQLGRXQVHQWLPLHQWRXQDYLVWDXQVHQWLGRXQJXVWR
XQWDFWR TXHSXHGHWUDQVSRUWDUQRVDRWURPRPHQWRGHQXHVWUDYLGD
\SURGXFHXQFDPELRHQQXHVWURHVWDGRGHiQLPR\IRUPDGHSHQVDU

(QODJUDQPD\RUtDGHORVFDVRVORVDQFODMHVVHSURGXFHQGHIRUPD
QDWXUDO 1R UHTXLHUHQ XQ SURIHVLRQDO TXH WH HQVHxH D FUHDUORV /R
TXHVtQHFHVLWDVHVTXHWHGLJDFyPRFUHDUORVGHIRUPDHVSRQWiQHD
HQWXYLGDGLDULD

(V LPSRUWDQWH HQWHQGHU TXH HQ RFDVLRQHV HVWRV DQFODMHV WDPELpQ


SXHGHQWUDHUQRVGHYXHOWDDHYHQWRVDQJXVWLRVRVFRPRSRUHMHPSOR
XQ DFFLGHQWH YHKLFXODU R XQ PDO UDWR TXH YLYLPRV FRQ DOJXLHQ (V
SRU HVWH PRWLYR TXH HV LPSRUWDQWH HQWHQGHU FyPR FUHDU DQFODMHV
SRVLWLYRV \ WDPELpQ FRPR HOLPLQDU ORV DQFODMHV QHJDWLYRV GH IRUPD
SHUPDQHQWHGHWXYLGD

/DPHMRUWpFQLFDGHDQFODMH
'HQWURGHOPXQGRGHODSURJUDPDFLyQQHXUROLQJtVWLFDODVWpFQLFDV
GHDQFODMHVRQPX\FRQRFLGDVSRUVXSDUWLFXODUIDFLOLGDG8QDGHODV
WpFQLFDV PiV FRPXQHV VREUH WRGR SDUD DTXHOORV TXH VH HVWiQ
LQLFLDQGR HQ OD 31/ HV DTXHOOD TXH FRQVLVWH HQ TXH XQD SHUVRQD
PDQWLHQH HO SXOJDU \ HO GHGR tQGLFH MXQWRV SUHVLRQDQGR FRQ IXHU]D
PLHQWUDV H[SHULPHQWD XQD VHQVDFLyQ R VHQWLPLHQWR HQ HVSHFtILFR
SRUHMHPSORWUDQTXLOLGDGHQXQDPELHQWHFRQWURODGR

/XHJRGHUHDOL]DUHVWDDFWLYLGDGHQUHSHWLGDVRFDVLRQHVODSHUVRQD
SXHGH ³DFWLYDU´ HVWH HVWDGR GH iQLPR WUDQTXLOLGDG SRU HMHPSOR
FXDQGRORGHVHH(QHOFDVRGHXQDSHUVRQDTXHSUDFWLFy\GRPLQy
HVWH DQFODMH SXHGH LQYRFDUOR IiFLOPHQWH FXDQGR HVWp SDVDQGR SRU
XQ PRPHQWR GH DQVLHGDG RUDELD %DVWDUtDFRQ HO VLPSOH KHFKR GH
VHQWDUVH UHVSLUDU FRQ FDOPD \ KDFHU SUHVLyQ FRQ VXV GHGRV SDUD
HQWUDUHQXQHVWDGRGHFRPSOHWDWUDQTXLOLGDG
/RVSDVRVSDUDFUHDUDQFODMHVSRGHURVRV
$QWHV GH FRPHQ]DU WH UHFRPLHQGR HQFDUHFLGDPHQWH TXH EXVTXHV
XQ OXJDU WUDQTXLOR \ FyPRGR SDUD UHDOL]DU HO VLJXLHQWH HMHUFLFLR \D
TXHVHUHTXLHUHWUDQTXLOLGDG\HVWDUOLEUHGHGLVWUDFFLRQHVSDUDTXH
SXHGDVHUHMHFXWDGRGHPDQHUDFRUUHFWD

(V LPSRUWDQWH TXH WHQJDV XQD SRVWXUD FRUSRUDO FyPRGD OLEUH GH


SUHVLyQRFDQVDQFLR/RLGHDOHVTXHHVWpVVHQWDGRFRQWXVPDQRV\
SLHUQDVOLEUHV(YLWDFUX]DUODVSLHUQDVEUD]RVRHVWDUGHSLH\DTXH
HVWRSRGUtDGLILFXOWDUWXFRQFHQWUDFLyQ

3DVR3LHQVDHQODHPRFLyQTXHGHVHDVREWHQHUDWUDYpVGHO
DQFODMH$OJXQDVHPRFLRQHVSXHGHQVHUODWUDQTXLOLGDGRDOHJUtD
HWF(VWRTXHGDDWXOLEUHGHFLVLyQSHURQRROYLGHVTXHWLHQHTXH
VHUXQDHPRFLyQSRVLWLYD

3DVR  (OLJH XQ JHVWR SDUD OD DVRFLDFLyQ /R GH SUHVLRQDU HO
GHGRtQGLFH\SXOJDUHVRSFLRQDO7~SXHGHVHOHJLUHOJHVWRTXH
TXLHUDV 3XHGH VHU DSUHWDU ORV ODELRV R FUX]DU ORV GHGRV /R
LPSRUWDQWHHVTXHVHDXQJHVWRTXHQRXWLOLFHVIUHFXHQWHPHQWH
HQRWUDVDFWLYLGDGHVGLDULDV
3DVR3LHQVDHQXQPRPHQWRGHOSDVDGRHQHOTXHVHQWLVWHOD
HPRFLyQ GHO 3DVR  &XDQWR PiV SRWHQWH VHD HO UHFXHUGR
PXFKRPD\RUVHUiHOHIHFWRGHODQFODMH

3DVR  %XVFD HQ WX PHPRULD UHFXHUGRV SRWHQWHV GH XQ


PRPHQWRSDVDGRHQGRQGHVHQWLVWHHQSOHQLWXGODHPRFLyQTXH
TXLHUHVDQFODU0LHQWUDVPiVIXHUWHVHDHOUHFXHUGRPiVIXHUWH
VHUiHODQFODMH
3DVR  &LHUUD FRPSOHWDPHQWH WXV RMRV DGpQWUDWH HQ HVH
PRPHQWR\WUDHHVDHPRFLyQDOPRPHQWRDFWXDODOSUHVHQWHD
WXKR\
3DVR7LHQHVTXHFRPHQ]DUDH[SHULPHQWDUORTXHYLVWHRtVWH
\VHQWLVWHHQHVHUHFXHUGRSHURHQHODKRUD6LHQWHFDGDGHWDOOH
FyPR HO PRPHQWR RULJLQDO 9LVXDOL]D ODV VHQVDFLRQHV FRQ WXV
FLQFRVHQWLGRV¢4XpVRQLGRVKDEtDHQHVHPRPHQWR"¢(VWDEDV
WRFDQGR DOJR" ¢2OtDV DOJR DJUDGDEOH" ¢&yPR VH YHtD WRGR"
¢(VWDEDV FRPLHQGR DOJR GHOLFLRVR" (VWH SDVR HV PX\
LPSRUWDQWH SXHV GHSHQGLHQGR GH FyPR YLVXDOLFHV WHQGUiV
PHMRUHVUHVXOWDGRV
3DVR  $KRUD TXH \D HVWiV HQ HVH PRPHQWR SDVDGR GHEHV
HYDOXDU GHO  DO  TXH WDQ SRGHURVR HV HO UHFXHUGR 0LHQWUDV
PD\RUVHDPHMRU
3DVR  &XDQGR \D VLHQWDV OD HPRFLyQ TXH EXVFDEDV HV
PRPHQWR GH FDSWXUDUOD PHGLDQWH HO JHVWR GHO 3DVR 
DFRPSDxDGRGHXQDUHVSLUDFLyQOHQWD\SURIXQGD
3DVR 5HSLWH HO SURFHVR GH FDSWXUDU OD HPRFLyQ PHGLDQWH HO
JHVWRYHFHV&RQFDOPDQDGLHWHHVWiDSUHVXUDQGR&RQWUROD
WX UHVSLUDFLyQ \ VLHQWH FRPR HVD HPRFLyQ VH DVRFLD DO JHVWR
EDMRWXSURSLRFRQWURO
3DVR  $KRUD FRPLHQ]D D YROYHU DO SUHVHQWH OHQWDPHQWH
5HVSLUDQGR VXDYHPHQWH D XQ ULWPR FRQWURODQGR \ DEULHQGR FRQ
FXLGDGRWXVRMRV

5HSLWH HVWH HMHUFLFLR XQD YH] FDGD GtD FRQ HO PLVPR JHVWR \
UHFXHUGR SDUD GRPLQDUOR \ DVt DFXGLU D pO FXDQGR \ GRQGH OR
QHFHVLWHV

(V LPSRUWDQWH UHFRUGDU TXH SDUD XWLOL]DU ORV DQFODMHV GH IRUPD
HILFD] GHEH VHU FDSD] GH HVWDEOHFHU FRQH[LRQHV HQWUH VXV
VHQVDFLRQHV LPiJHQHV \ HPRFLRQHV FRQ GHWHUPLQDGRV JHVWRV
SDODEUDVIUDVHVRLPiJHQHV\WRGRHVWRVHSXHGHORJUDUIiFLOPHQWH
FRQ HO PpWRGR GH  SDVRV SUHYLDPHQWH H[SOLFDGR 6p SDFLHQWH \
WyPDWHW~WLHPSR
5HIXHU]DHODQFODHPRFLRQDO
/DV HPRFLRQHV VRQ SRGHURVDV 6RQ OD VHGH GH QXHVWURV GHVHRV
PiV SURIXQGRV \ WXV DQVLDV PiV IXHUWHV (V PX\ LPSRUWDQWH TXH
FRQHFWHV FRQ OD JHQWH D QLYHO HPRFLRQDO SHUR ¢FyPR SXHGHV
KDFHUOR" ¢&yPR FRQHFWDU FRQ ORV GHPiV FyPR PRVWUDU HPSDWtD \
FRQVWUXLUUHODFLRQHVPiVVyOLGDV"

/DVHPRFLRQHVVRQHOFHQWURGHQXHVWUDPRWLYDFLyQ

9HDPRV XQ HMHPSOR UiSLGR VL HVWiV LQWHQWDQGR GHMDU GH IXPDU
WHQGUiVTXHHQIDGDUWHFRQWXDGLFFLyQ7HQGUiVTXHH[SUHVDUWRGRV
WXV VHQWLPLHQWRV (VWR SXHGH VHU GLItFLO SHUR HV LPSRUWDQWH TXH OR
KDJDV SDUD FRQVWUXLU XQD IXHUWH DQFOD HPRFLRQDO 7X DQFOD GHEH
HVWDU DVRFLDGD D WRGRV ORV EHQHILFLRV TXH WH WUDHUiQ D WX YLGD HO
KHFKRGHGHMDUODDGLFFLyQDOFLJDUULOOR(ODQFODWHLPSHGLUiUHFDHU

'HO PLVPR PRGR HQ WXV UHODFLRQHV SHUVRQDOHV QHFHVLWDV DQFODV


HPRFLRQDOHV IXHUWHV 6L QR HVWiV VHJXUR HQ WXV UHODFLRQHV HV PiV
SUREDEOH TXH VHDV LQIHOL] 1HFHVLWDV H[SUHVDU WRGRV WXV
VHQWLPLHQWRV FRQVWUXLU XQD IXHUWH FRQH[LyQ HPRFLRQDO FRQ TXLHQ
HVWiV \ H[SUHVDU WX HVSHUDQ]D \ FRQILDQ]D HQ OD UHODFLyQ (VWDV
FRVDV WH D\XGDUiQ D PDQWHQHUWH PRWLYDGRV \ D TXH VHD SRFR
SUREDEOHTXHURPSDVFRQWXSDUHMD

9LVXDOL]DFLyQSRVLWLYD/DOODYHPDHVWUDGHOD
31/
/DYLVXDOL]DFLyQHVHOSURFHVRPHGLDQWHHOFXDOXQLQGLYLGXRRJUXSR
PDWHULDOL]D VXV PHWDV GHVHRV \ REMHWLYRV JHQHUDQGR XQD LPDJHQ
LQWHUQDTXHSXHGHVHUGHJUDQD\XGDHQHOORJURGHHVRVREMHWLYRV
$OJXQRVSXQWRVLPSRUWDQWHVDFHUFDGHHOODVRQORVVLJXLHQWHV
/D YLVXDOL]DFLyQ SXHGH D\XGDUWH D WRPDU HO FRQWURO GH WXV
SHQVDPLHQWRV\DDOFDQ]DUWXVREMHWLYRV
$O XWLOL]DU OD YLVXDOL]DFLyQ SXHGHV YHU HO UHVXOWDGR GHVHDGR HQ
XQHQWRUQRPHQWDOPHQWHFRQWURODGR
/DYLVXDOL]DFLyQWDPELpQWHD\XGDDFRQFHQWUDUWH\FHQWUDUWHHQ
ORTXHTXLHUHVFRQVHJXLU
9LVXDOL]DUWHUHDOL]DQGRODWDUHDTXHWLHQHVHQWUHPDQRVKDUiTXH
VLHQWDVODVDWLVIDFFLyQTXHFRQOOHYD
/DYLVXDOL]DFLyQQRWLHQHOtPLWHQLHGDG
/DYLVXDOL]DFLyQHVODFODYHGHOp[LWR
/RV OtGHUHV GH JUDQGHV HPSUHVDV \ GHSRUWLVWDV GH HOLWH
DOUHGHGRUGHOPXQGRODXWLOL]DQ

/DYLVXDOL]DFLyQSRVLWLYDSXHGHD\XGDUWHDDXPHQWDUWXFRQILDQ]D\
WXSD]LQWHULRUPHGLDQWHHOSURFHVRGHLPDJLQDUUHVXOWDGRVSRVLWLYRV
TXH SXHGHQ RFXUULU $O KDFHUOR SXHGHV DXPHQWDU ODV SRVLELOLGDGHV
GHDOFDQ]DUWXVREMHWLYRV

+D\ PXFKDV IRUPDV GLIHUHQWHV GH KDFHU YLVXDOL]DFLRQHV SRVLWLYDV


SHURODVPiVFRPXQHVLQFOX\HQFHQWUDUVHHQORVUHFXHUGRVSRVLWLYRV
RH[SHULPHQWDUH[SHULHQFLDVIHOLFHV(OREMHWLYRHVFUHDUXQDLPDJHQ
PHQWDOHQODTXHWHVLHQWDVELHQFRQWLJRPLVPRFRQWXYLGD\FRQOR
TXHGHVHDVFRQVHJXLU

6LXWLOL]DVODYLVXDOL]DFLyQSRVLWLYDFRQUHJXODULGDGSXHGHD\XGDUWHD
DOFDQ]DU WXV REMHWLYRV FRQ PD\RU IDFLOLGDG \ HILFDFLD 7DPELpQ VHUi
PXFKRPiVSUREDEOHTXHGLVIUXWHVGHODYLGD\WHVLHQWDVPiVIHOL]
HQJHQHUDO

/DYLVXDOL]DFLyQSRVLWLYDHVXQDKHUUDPLHQWDSRGHURVDTXHGHEHVHU
DGRSWDGDHQODYLGDGHWRGRV0XFKDJHQWHVHUHVLVWHDODLGHDGHOD
YLVXDOL]DFLyQ SRVLWLYD SHUR FXDQGR HQWLHQGHV SRU TXp IXQFLRQD \
FyPR SXHGH EHQHILFLDUWH VHUi LQFUHtEOHPHQWH IiFLO DGRSWDUOD HQ WX
YLGDGLDULD

9HDPRVFRVDVLQFUHtEOHVTXHODYLVXDOL]DFLyQSRVLWLYDSXHGHKDFHU
SRUWL

 (PSH]DUiV D GHVDUUROODU XQD YLVLyQ PiV SRVLWLYD GH WL


PLVPR
 (PSH]DUiV D VHQWLUWH PiV VHJXUR GH WXV FDSDFLGDGHV
 (PSH]DUiV D GLVIUXWDU PiV GH OD YLGD
 6HUiV PiV FDSD] FRPR SHUVRQD LQGLYLGXDO
 'HMDUiV GH GXGDU GH WL PLVPR

(Q HO PRPHQWR HQ TXH WRGRV RtPRV XQ FRPHQWDULR QHJDWLYR VREUH
QRVRWURVPLVPRVLQVWDQWiQHDPHQWHUHFLELPRVXQDROHDGDGHGXGDV
TXH HQ UHDOLGDG HV H[WUHPDGDPHQWH GRORURVD &XDQGR DSUHQGDV D
FRQWURODUHVWHSURFHVRGHSHQVDPLHQWRFRQODYLVXDOL]DFLyQSRVLWLYD
FUHDUiVDVRFLDFLRQHV\SHQVDPLHQWRVSRVLWLYRV
ć

.')&)
)- Ś (.,;(). ( &

'(.  &))- ';-

(O PHWDPRGHOR HV XQD KHUUDPLHQWD IDQWiVWLFD GHO OHQJXDMH \D TXH
QRV D\XGD D GHVDUUROODU HO SHQVDPLHQWR FUtWLFR 3ULPHUR YHDPRV HO
VLJQLILFDGRGHHVWHWpUPLQR3RUGHILQLFLyQHOSHQVDPLHQWRFUtWLFRHV
XQ SURFHVR HQ GRQGH HO LQGLYLGXR XVD OD UD]yQ SDUD FXHVWLRQDU
DILUPDFLRQHVR ODVHPRFLRQHVFRQODILQDOLGDGGHOOHJDUD ODSRVWXUD
PiVUD]RQDEOHVREUHXQWHPD

6HWUDWDGHXQ WLSRGHSHQVDPLHQWRUHIOH[LYR\UDFLRQDOSRUHVHQFLD
\DTXHSDUWHGHODGXGD\VH ULJHSRUODOyJLFD(QRWUDVSDODEUDVHO
SHQVDPLHQWR FUtWLFR HV OD KDELOLGDG GH SHQVDU UDFLRQDOPHQWH \ VLQ
VHVJRVGHIRUPDTXHVHHQWLHQGHRFRQVWUX\HXQDFRQH[LyQOyJLFD
GHLGHDV

8QDYH]H[SOLFDGRORDQWHULRUTXLHURGHFLUWHTXHHOPHWDPRGHORQR
HV FXDOTXLHU KHUUDPLHQWD (O PHWDPRGHOR UHTXLHUH GH PXFKD
SUiFWLFD\HQWHQGLPLHQWRDQWHVGHSRGHUXWLOL]DUORGHIRUPDHILFLHQWH
(VWHIXHFUHDGR SRU 5LFKDUG %DQGOHU \-KRQ *ULQGHUORV FUHDGRUHV
GHOD31/(VWHPRGHORIXHSXEOLFDGRSRUSULPHUDYH]HQHOOLEUR³/D
(VWUXFWXUDGHOD0DJLD´

(O PHWDPRGHOR GHO OHQJXDMH FRQVLVWH HQ WRPDU FRQVFLHQFLD GH ODV
OLPLWDFLRQHV GH FDGD XQR OLPLWDFLRQHV PHQWDOHV FDXVDGDV SRU OD
LQWHUSUHWDFLyQGHODUHDOLGDG

&RQ HO PHWDPRGHOR GHO OHQJXDMH VH TXLHUH FRQVHJXLU XQ DPELHQWH
PiVVDQR\FRPSUHQVLEOHFRQHOTXHVHSXHGDKDEODUGHFXDOTXLHU
WHPD VLQ PDODV UHDFFLRQHV VLQ OLPLWDFLRQHV PHQWDOHV DJUDQGDQGR
ORVPDSDVPHQWDOHVGHFDGDXQR

(V XQD KHUUDPLHQWD LGyQHD SDUD UHFXSHUDU HILFD]PHQWH OD


LQIRUPDFLyQ SHUGLGD X RFXOWD HQ HO GLiORJR LQWUD R LQWHUSHUVRQDO <
SDUDHVWRWLHQHVTXHKDFHUPXFKDVSUHJXQWDV

'HEHV VDEHU TXH HVWRV FXHVWLRQDPLHQWRV VRQ VLPSOHV SUHJXQWDV


SHURFRPRELHQVDEHVKD\PXFKDJHQWHTXHVHVLHQWHLQFRPRGDDO
VHU VRPHWLGDV D HOODV VREUH WRGR VL VRQ XQ SRFR GLUHFWDV (V SRU
HVWR TXH ORV PHWDPRGHORV UHTXLHUHQ WDQWD SUiFWLFD \D TXH SDUD
HVWDV SUHJXQWDV GH IRUPD VXWLO \ HOHJDQWH VH UHTXLHUH GH PXFKR
WDFWR DOJR TXH HV GLItFLO GH HQVHxDU D WUDYpV GH XQ OLEUR R FXUVR
(VWD KHUUDPLHQWD GHO OHQJXDMH VH GHEH DSUHQGHU SUDFWLFDQGR FRQ
SHUVRQDVUHDOHV\QRVRORHQWXPHQWH

3HUR«¢4XpKDFHUVLDOJXLHQVHWRPDDPDOWXVFXHVWLRQDPLHQWRV"

1R OR WRPHV D PDO QR OR WRPHV FRPR DOJR SHUVRQDO 7DQ VLPSOH \
EUHYHFRPRHVR

+D\ JHQWH TXH SXHGH VHQWLU TXH WXV SUHJXQWDV VRQ XQD DJUHVLyQ
KDFLD D HOORV DXQTXH WX REMHWLYR QR VHD HVH HOORV OR SXHGHQ
LQWHUSUHWDU GH HVD IRUPD 5HFXHUGD TXH WX REMHWLYR HV REWHQHU
LQIRUPDFLyQYDOLRVDPHGLDQWHODFXULRVLGDGHLQWHUpVQRPHGLDQWHOD
DJUHVLyQ

 /DV  SUHJXQWDV TXH WH GDUiQ LQIRUPDFLyQ


YDOLRVDVREUHODVSHUVRQDV
7HQJRSUHJXQWDVTXHSRGUtDQD\XGDUWHPiVIiFLOPHQWHDORJUDUOR
H[SOLFDGRDQWHULRUPHQWH

3UHJXQWD¢3XHGHVVHUPiVHVSHFtILFR"

&RQ HVWH WLSR GH SUHJXQWDV EXVFDPRV REWHQHU PiV LQIRUPDFLyQ GH


ODRWUDSHUVRQD

(QHVWHFDVRFXDQGRDOJXLHQWHGLFHDOJRFRPR

9HUVLyQ³1RPHJXVWDORTXHHVWiVKDFLHQGR´
9HUVLyQ³/RHVWiVKDFLHQGRPDO´

/RTXHSXHGHVUHVSRQGHUSDUDHQWHQGHUPHMRUVXSXQWRGHYLVWDHV
ORVLJXLHQWH

2SFLyQ 'LVFXOSD ¢3RGUtDV SRU IDYRU H[SOLFDUPH


HVSHFtILFDPHQWHTXHQRWHJXVWDGHORTXHHVWR\KDFLHQGR"
2SFLyQ  3RU IDYRU ¢SRGUtDV VHU PiV HVSHFtILFR D TXH WH
UHILHUHVFXDQGRGLFHVTXHQRWHJXVWDORTXHHVWR\KDFLHQGR"
2SFLyQ  ¢(VSHFtILFDPHQWH GH ODV FRVDV TXH HVWR\ KDFLHQGR
TXpQRWHJXVWD"
2SFLyQ  ¢3RGUtDV LQGLFDUPH HVSHFtILFDPHQWH FyPR TXLHUHV
TXH OR KDJD R TXH FULWHULRV GHER FXPSOLU SDUD TXH HVWpV
FRQIRUPH"

&RQ HVWR EXVFDV WHQHU XQD FRPXQLFDFLyQ PXFKR PiV OLPSLD \ FRQ
PHQRVPDORVHQWHQGLGRV

3XHGH TXH SLHQVHV TXH KDFHU HVWH WLSR GH SUHJXQWDV SXHGHQ
UHVXOWDUHQDOJRLUUHOHYDQWHSDUDODRWUDSHUVRQD\KDVWDFLHUWRSXQWR
SXHGH VHU YHUGDG 3XHGHQ SDUHFHU SUHJXQWDV LUUHOHYDQWHV
OyJLFDPHQWH SRUTXH HVD SHUVRQD HQWLHQGH \ VDEH TXp TXLHUH
HVSHFtILFDPHQWHSHURW~QR\FUpHPHFXDQGRDPEDVSDUWHVVDEHQ
HQGHWDOOHFXDOHVHOUHVXOWDGRHVSHUDGRWRGRFDPELDSDUDELHQ

7HGR\XQHMHPSOR

0LHQWUDVYDVFDPLQDQGRSRUORVSDVLOORVGHWXWUDEDMRWHHQFXHQWUDV
IUHQWH D IUHQWH FRQ WX MHIH \ HVWH GH IRUPD UiSLGD \ VLQ PD\RU
H[SOLFDFLyQWHGLFH

³0DxDQD WHQHPRV UHXQLyQ FRQ HO HTXLSR GH PDUNHWLQJ D ODV 
KUVQROOHJXHVWDUGH´

(QHVWHSXQWRWLHQHVGRVRSFLRQHVFRPRUHVSXHVWD3LHQVDHQFXiO
HOHJLUtDVW~

2SFLyQ  ³0X\ ELHQ MHIH DKt HVWDUp GH IRUPD SXQWDO´ \ DTXt
DFDEDUtDODFRQYHUVDFLyQ
2SFLyQ³&ODURMHIHSHUR¢PHSXHGHLQGLFDUTXpWHPDVYDPRV
DWUDWDU\FXiOHVHOREMHWLYRGHODUHXQLyQ"'HHVWDIRUPDSXHGR
LUSUHSDUDGRHLQFOXVROOHYDULQIRUPDFLyQDGLFLRQDO´

&ODUDPHQWHODPHMRURSFLyQVHUtDOD\DTXHHYLWDUtDVSUHVHQWDUWH
DXQDUHXQLyQHQFRPSOHWRGHVFRQRFLPLHQWR

¢< TXp SDVD VL QR SUHJXQWDV QDGD WH FRQIRUPDV FRQ TXH VROR
GHEHVDVLVWLUDXQDKRUDHVSHFtILFDSHURWHOOHYDVODVRUSUHVDTXHHO
HTXLSRGHPDUNHWLQJMXQWRFRQWXMHIHHVSHUDTXHW~OHVSUHVHQWHVXQ
LQIRUPH R LQGLFDGRUHV GH OD FRPSDxtD VLQ TXH QDGLH WH DYLVDUD
SUHYLDPHQWH"

'HVHJXURVHUtDXQPRPHQWREDVWDQWHERFKRUQRVR\XQDSpUGLGDGH
WLHPSR SDUD WRGRV LQFOXVR SRGUtDQ SRQHU HQ WHOD GH MXLFLR WX
FDSDFLGDGHQHOFDUJRWRGRSRUQRKDFHUODSUHJXQWDFRUUHFWDHQ
HOPRPHQWRFRUUHFWR

3RUTXHHOORVSHQVDEDQTXHW~VDEtDVORTXHWHQtDVTXHKDFHU

¢9HVHOSUREOHPD"

(V XQ KHFKR TXH KD\ PXFKDV SHUVRQDV TXH WLHQHQ FDSDFLGDGHV
H[FHSFLRQDOHV SDUD GHVDUUROODUVH SURIHVLRQDOPHQWH SHUR WLHQHQ XQ
SUREOHPD\HVTXHQRFRPELQDQORTXHWLHQHQHQVXSURSLDFDEH]D
FRQ OD LQIRUPDFLyQ TXH OHV SURYLHQH GHO H[WHULRU (O SHRU HUURU GH
HVWHWLSRGHSHUVRQDVHVTXHFXDOTXLHULQIRUPDFLyQODGDQSRUFLHUWD

3UHJXQWD¢&RPRORVDEHV"

(V LPSRUWDQWH VDEHU VL OD LQIRUPDFLyQ YLHQH GH OD IXHQWH GLUHFWD R
KD\ LQWHUPHGLDULRV TXH OD WUDQVPLWLHURQ (Q FDVR TXH H[LVWDQ
LQWHUPHGLDULRVODLQIRUPDFLyQVHSXHGHYHUDOWHUDGDHQJUDQPHGLGD
JHQHUDOPHQWH D PD\RU Q~PHUR GH LQWHUPHGLDULRV PD\RU HV OD
LQWHUIHUHQFLDHQWUHODLQIRUPDFLyQRULJLQDO\ODLQIRUPDFLyQILQDO

'HLJXDOIRUPDFXDQGRHVFXFKDVTXHDOJXLHQWHGLFHDOJRSXHGHQ
DSDUHFHUGLVWRUVLRQHVHQODFRPXQLFDFLyQ\DTXHSXHGHQLQWHUYHQLU
GHPDVLDGRV HOHPHQWRV R VXMHWRV HQ HO FDQDO GH FRPXQLFDFLyQ
KDFLHQGR TXH HVWH VHD GHPDVLDGR FRPSOHMR (VWR GHULYD HQ OD
DSDULFLyQGHGLIHUHQWHVLQWHUSUHWDFLRQHVGHOPLVPRPHQVDMH

&RQRFHU ORV IDFWRUHV TXH SXHGHQ KDFHU TXH QR VH JHQHUH XQD
FRPXQLFDFLyQ DGHFXDGD D\XGD D FRQWURODU GH IRUPD HIHFWLYD VXV
HIHFWRVQHJDWLYRVFRQVLJXLHQGRDVtTXHHOPHQVDMHVHUHFLEDGHOD
IRUPDPiVDMXVWDGDSRVLEOHDORTXHVHTXLHUDWUDQVPLWLU

3UHJXQWD¢4XLpQORGLFH"
+D\TXHWHQHUPXFKRFXLGDGRGHGRQGHSURYLHQHODLQIRUPDFLyQ\D
TXHHQRFDVLRQHVHVWDSXHGHHVWDUVHVJDGD

&RQHVWRQRTXLHURGHFLUTXHVHDPHQWLUDRTXHKD\TXHGHVFRQILDU
VLHPSUH GH OD IXHQWH SHUR Vt GHER GHFLUWH TXH VLHPSUH KD\ TXH
WHQHUSUHFDXFLyQ&RQRFHUTXLpQGLFHDOJRSXHGHVHUXQEXHQLQGLFLR
SDUDVDEHUVLODLQIRUPDFLyQHVGHILDURQR

3RU HMHPSOR GH VHJXUR KDV RtGR HQ 79 H ,QWHUQHW TXH OD OHFKH GH
YDFDHVEXHQDSDUDHOVHUKXPDQRVREUHWRGRSDUDQLxRV\DGXOWRV
\D TXH DSRUWD FDOFLR TXH SURPXHYH TXH ORV KXHVRV VH PDQWHQJDQ
IXHUWHVSHUR«¢WHKDVSUHJXQWDGRTXLHQORGLFH"

(Q PXFKDV RFDVLRQHV HVWD LQIRUPDFLyQ \ FRQVHMR QXWULFLRQDO


SURYLHQH GH SXEOLFLGDGHV GH ODV PLVPDV OHFKHUtDV H LQGXVWULDV
UHODFLRQDGDV 2EYLDPHQWH HOORV QR YDQ D GHVWDFDU DVSHFWRV
QHJDWLYRV GH VX SURGXFWR 3RU IDYRU QR SLHQVHV FRQ HVWR TXH WH
HVWR\GLFLHQGRTXHODOHFKHHVPDODSDUDQDGD<RQRVR\H[SHUWRQL
FRQRFHGRU GHO WHPD SDUD KDFHU DOJ~Q WLSR GH UHFRPHQGDFLyQ 6ROR
WHGLJRTXHLQYHVWLJXHVXQSRFRDFHUFDGHORULJHQGHODVFRVDVTXH
HVFXFKDV

3UHJXQWD¢&yPRHVTXHHVRFDXVDHVWRRWUR"

/RV VHUHV KXPDQRV SRU QDWXUDOH]D WHQHPRV PX\ DUUDLJDGD OD


&DXVD(IHFWR TXH YLHQH D VHU FXDQGR DWULEXLPRV XQD FRVD D RWUD
SHUR OD YHUGDG HV TXH QR VLHPSUH HV HO UD]RQDPLHQWR OyJLFR TXH
LPSHUDHQXQDVLWXDFLyQHVSHFtILFD

8QHMHPSORGHHVWRVHUtD

6L XQ GtD WX FRPSDxHUR OOHJD  PLQXWRV DWUDVDGR DO


WUDEDMRQRVHUtDFRUUHFWRTXHORFXHVWLRQDUDVGLFLHQGR
TXHOOHJyWDUGHSRUTXHGDUVHODQRFKHDQWHULRUYLHQGR
SHOtFXODV KDVWD WDUGH /D FDXVD GH GLFKR HIHFWR
WDPELpQSRGUtDVHURWUDFRPRSRUHMHPSORTXHVDOLyD
ODKRUDFRUUHFWDSRUODPDxDQDHQGLUHFFLyQDOWUDEDMR
SHUR WXYR OD PDOD IRUWXQD GH HQFRQWUDUVH FRQ XQ
DFFLGHQWHFDUUHWHURTXHGHMyHOWUDQVLWRGHWHQLGR

(VWDVVRQPLVSUHJXQWDVSUHIHULGDVSDUDFRPHQ]DUDXWLOL]DUGHVGH
HOSULPHUGtDSDUDPHMRUDUWXFRPXQLFDFLyQFRQWXHQWRUQR
Ĉ

**),. Ŝ )(-.,/#, /( /( ,&


#®(
- &
 &
 0

/DFRPSHQHWUDFLyQR5DSSRUWHVXQWpUPLQRXWLOL]DGRSDUDGHVFULELU
HO HVWDGR GH WHQHU VHQWLPLHQWRV \R HPRFLRQHV SRVLWLYDV
FRPSUHQVLyQPXWXD\UHVSHWRSRUHORWUR(VODFXDOLGDGGHHVWDU³HQ
VLQWRQtD´RGHDFXHUGRFRQORVSHQVDPLHQWRVDFWLWXGHVFUHHQFLDVR
FRPSRUWDPLHQWRV GH DOJXLHQ /D FRPSHQHWUDFLyQ SXHGH
GHVDUUROODUVH D WUDYpV GH YDULDV WpFQLFDV FRPR OD HVFXFKD DFWLYD
TXH D PHQXGR VH HQVHxD HQ ORV FXUVRV VREUH KDELOLGDGHV GH
FRPXQLFDFLyQLQWHUSHUVRQDO

&RPSHQHWUDFLyQR5DSSRUWHQHVHQFLDVLJQLILFDUHODFLRQDUVH

/D FRPSHQHWUDFLyQ WDPELpQ SXHGH GHVDUUROODUVH D WUDYpV GHO


OHQJXDMH FRUSRUDO &XDQGR GRV SHUVRQDV HVWiQ HQ VLQWRQtD VX
OHQJXDMH FRUSRUDO VXHOH VHU PX\ VLPLODU 3XHGHQ DGRSWDU OD PLVPD
SRVWXUDJHVWRV\H[SUHVLRQHVIDFLDOHV(VWRVHGHEHDTXHFXDQGR
HVWiV HQ UDSSRUW WX FHUHEUR LQWHQWD ³VLQFURQL]DUVH´ FRQ OD RWUD
SHUVRQD,QWHQWDVYHUODVFRVDVGHVGHVXSHUVSHFWLYD\HQWHQGHUVX
SXQWRGHYLVWD

5HFXHUGD (O UDSSRUW HV HO DFWR GH UHODFLRQDUVH R WHQHU XQD
FRQH[LyQ/DFRPSHQHWUDFLyQSXHGHFRQVWUXLUVHDWUDYpVGHJHVWRV
VHQFLOORVFRPRDVHQWLUFRQODFDEH]DXQOHQJXDMHFRUSRUDOH[SUHVLYR
\ H[SUHVLRQHV IDFLDOHV PDUFDGDV /D FRPSHQHWUDFLyQ VXHOH HVWDU
HYLGHQFLDGDSRUHOFRQWDFWRYLVXDOSHURQRWLHQHSRUTXpVHUDVt

/OHYiQGROR DO FRQWH[WR GH XQD FRQYHUVDFLyQ HQWUH GRV SHUVRQDV


VLJQLILFD UHODFLRQDUVH FRQ DOJXLHQ GH PDQHUD TXH VH JHQHUH XQD
VHQVDFLyQGHFRQILDQ]DFRPSUHQVLyQ\WHUUHQRFRP~Q

+H DTXt DOJXQRV HMHPSORV GH VLWXDFLRQHV HQ ODV TXH OD


FRPSHQHWUDFLyQ VH PXHVWUD GH PDQHUD VXWLO \ SXHGH VHU PX\
EHQHILFLRVD

8QDPXMHUTXLHUHFRPSUDUXQFRFKHQXHYR(OOD\HOYHQGHGRU
SDVDQ XQRV PLQXWRV KDEODQGR PLHQWUDV PLUDQ ODV RSFLRQHV
&RPR \D KDQ HVWDEOHFLGR XQD UHODFLyQ HO YHQGHGRU SXHGH
SUHJXQWDUOHFyPROHKDLGRHOGtDFyPRKDVLGRVXDQWHULRUDXWR
\TXHHVSHUDGHQXHYDFRPSUD(OODVHVHQWLUiLGHQWLILFDGDFRQ
HVWD SHUVRQD OR TXH OD KDUi SUHGLVSRQHUVH D FRPSUDUOH VX
SURGXFWR &RPR SXHGHV YHU XQ UDSSRUW H[LWRVR SXHGH D\XGDU
ODERUDOPHQWHDPHMRUDUODVYHQWDV
8QD FRQYHUVDFLyQ VREUH OD DWHQFLyQ PHGLFD FRQ XQ GRFWRU HV
PiV SURGXFWLYD FXDQGR pVWH OH SUHJXQWD DO SDFLHQWH FyPR VH
HQFXHQWUD TXp OH GXHOH \ VREUH WRGR VL OH GLFH TXH HVWp
WUDQTXLOR\TXHWRGRVDOGUiELHQ*HQHUDQGRHVWDFRQH[LyQVHOH
IDFLOLWDHOEXHQUHVXOWDGRDODVGRVSDUWHVLPSOLFDGDV
8Q FRQVXOWRU TXH WUDEDMD FRQ XQ HTXLSR GH HPSOHDGRV TXH
HVWiQ WUDEDMDQGR HQ XQ SUR\HFWR UHFRQRFH TXH WRGRV HOORV
HVWiQ H[SHULPHQWDQGR HVWUpV \ OHV SUHJXQWD FyPR HVWiQ FXiO
HVHOHVWDGRDFWXDOGHOSUR\HFWR\FyPRpOOHVSXHGHD\XGDUD
VDFDUDGHODQWHHOSUR\HFWR

(VWRV VRQ HMHPSORV FODURV \ VLPSOHV FRPR XQD SHUVRQD SXHGH


DSOLFDU HILFLHQWHPHQWH HO UDSSRUW HQ XQD VLWXDFLyQ HVSHFtILFD SDUD
ORJUDU XQD PD\RU FRPSHQHWUDFLyQ SRU HO RWUR HV GHFLU VH SRQH HQ
ORV ]DSDWRV GH VXV FRPSDxHURV H LQWHQWD FRPSUHQGHU VXV
VHQWLPLHQWRV \ TXH SXHGH KDFHU SDUD KDFHUORV VHQWLU PHMRU \ DVt
DXPHQWDUODFRQILDQ]D

 /RV EHQHILFLRV GHO 5DSSRUW \ FyPR SXHGH


PHMRUDUWXFRPXQLFDFLyQ
&XDQGRHUHVFDSD]GHHVWDEOHFHUXQDUHODFLyQFRQDOJXLHQVHDEUH
ODSXHUWDDXQPXQGRGHRSRUWXQLGDGHV

8QD YH] TXH GRPLQHV HO DUWH GH OD FUHDFLyQ GH UHODFLRQHV SRGUiV
FRQHFWDU FRQ OD JHQWH D XQ QLYHO PiV SURIXQGR (VWR WH SHUPLWLUi
HVWDEOHFHUPHMRUHVUHODFLRQHVWDQWRSHUVRQDOHVFRPRSURIHVLRQDOHV
7DPELpQ SRGUiV FRQVHJXLU PiV FRVDV \D TXH OD JHQWH HVWDUi PiV
GLVSXHVWDDFRQILDUHQWL

3DUDFUHDUXQDEXHQDUHODFLyQKD\TXHHQWHQGHUFyPRSLHQVDQ\VH
FRPSRUWDQODVSHUVRQDV\HVRHVSUHFLVDPHQWHORTXHHOUDSSRUWWH
HQVHxD 7DPELpQ WLHQHV TXH VHU FDSD] GH DGDSWDU WX HVWLOR GH
FRPXQLFDFLyQ DO GH OD RWUD SHUVRQD 6L SXHGHV KDFHUOR HVWDUiV HQ
FDPLQRGHHVWDEOHFHUXQDIXHUWHFRQH[LyQFRQHOORV

(QWUHORVEHQHILFLRVPiVLPSRUWDQWHVTXHRWRUJDHOUDSSRUWHVWiQORV
VLJXLHQWHV

&RQHFWDV HPRFLRQDOPHQWH FRQ OD JHQWH 6L HUHV FDSD] GH


FRQHFWDUFRQORVGHPiVYHUDVFyPRPHMRUDWXVDOXGHPRFLRQDO
\SRUORWDQWRWXVUHODFLRQHVLQWHUSHUVRQDOHV

7DPELpQ VHUiV VHU PiV REMHWLYR \D TXH SRQHUWH HQ HO OXJDU GH ORV
GHPiV IDFLOLWD TXH OHV FRPSUHQGDV VLQ SUHMXLFLRV $VLPLVPR HVWD
SHUVSHFWLYDMXVWDGHODDFWLWXGGHORVGHPiVKDFHTXHORVGHPiVWH
YHDQ FRPR XQD SHUVRQD PiV UHVSHWXRVDV \ JHQHURVD FRQ TXLHQHV
FRQYLYHQGLDULDPHQWH'HLJXDOIRUPDUHIRU]DUiVWXHVWLPD\FUHFHUiV
HPRFLRQDOPHQWH\DTXHDSUHQGHUiVQXHYDVSHUVSHFWLYDVGHYLGDGH
ODVSHUVRQDVFRQODVTXHWHUHODFLRQDV

7XV FRPSDxHURV HVWDUiQ PiV LQWHUHVDGRV HQ OR TXH GLFHV


/D DWHQFLyQ HV OD FDSDFLGDG TXH WHQHPRV ORV VHUHV KXPDQRV
SDUD SRQHU HO IRFR HQ XQ REMHWR R FRQFHQWUDUQRV HQ XQD WDUHD
6H WUDWD GH XQ SURFHVR FRJQLWLYRV PiV \ HV XQD SUHPLVD
QHFHVDULD SDUD PXFKDV GH ODV DFWLYLGDGHV TXH UHDOL]DPRV
GLDULDPHQWH &RQ HO UDSSRUW SRGUiV WHQHU WRGD HVWD DWHQFLyQ
VREUH WL \ SRGUiV PDQHMDU D ODV SHUVRQDV GH DFXHUGR D OR TXH
TXLHUDVORJUDUFRQFDGDXQR

/D DXGLHQFLD FRQILDUi PiV HQ WL 6HU FRQILDEOH HV XQD GH ODV
YLUWXGHV PiV LPSRUWDQWHV TXH SXHGHV WHQHU \D TXH VL OR HUHV
VLJQLILFD TXH ORV GHPiV WH YHQ FRPR XQD SHUVRQD OHDO VLQ
GREOHV GLVFXUVRV KRQHVWD \ GH EXHQD SUHGLVSRVLFLyQ 'LFHV OR
TXHSLHQVDVDXQTXHQRVHDSUHFLVDPHQWHORTXHWXLQWHUORFXWRU
TXLHUD HVFXFKDU (UHV DOJXLHQ D TXLHQ SXHGHQ FRQWDU VXV
SUREOHPDV \ VXV VHFUHWRV VDELHQGR TXH QR ORV GHIUDXGDUiV \
TXHJXDUGDUiVODFRQILGHQFLDOLGDGGHORTXHHVFXFKHV
3RGUiVLQIOXLUHQODJHQWHFRQPiVIDFLOLGDG/DLQIOXHQFLDHV
OD FDSDFLGDG GH FRQVHJXLU TXH ORV GHPiV KDJDQ R SLHQVHQ OR
TXHTXLHUHVTXHKDJDQRSLHQVHQSDUDXQEHQHILFLRPXWXR+R\
HQ GtD HV XQD KDELOLGDG IXQGDPHQWDO TXH QR GHEH FRQIXQGLUVH
FRQ OD PDQLSXODFLyQ \D TXH HVWD FRQWUROD \ GLULJH D OD RWUD
SHUVRQD GH XQD IRUPD SRFR pWLFD \ EXVFDQGR VROR HO EHQHILFLR
GHTXLHQPDQLSXOD

(O5DSSRUWHQWXGtDDGtD
/D IRUPD GH FUHDU UDSSRUW FRQ OD JHQWH HV XQD GH ODV KDELOLGDGHV
PiV LPSRUWDQWHV SDUD PHMRUDU WXV UHODFLRQHV LQWHUSHUVRQDOHV (O
SULQFLSDO \ PiV SRGHURVR FRPSRQHQWH GH OD FRPSHQHWUDFLyQ HV OD
QRPEUDGD HVFXFKD DFWLYD (VWD HV XQD WpFQLFD \ HVWUDWHJLD
HVSHFtILFDGHODFRPXQLFDFLyQKXPDQD6HUHILHUHDODKDELOLGDGGH
HVFXFKDU QR VyOR OR TXH OD SHUVRQD HVWi H[SUHVDQGR GLUHFWDPHQWH
VLQRWDPELpQORVVHQWLPLHQWRVLGHDVRSHQVDPLHQWRVTXHVXE\DFHQ
DORTXHVHHVWiGLFLHQGR

&XDQWRPiVWHFRPSURPHWDVFRQODSHUVRQDFRQODTXHKDEODVPiV
SUREDELOLGDGHVWHQGUiVGHFUHDUXQYtQFXORFRQHOOD\PD\RUVHUiHO
QLYHOGHFRPSHQHWUDFLyQTXHHVWDEOHFHUiQ

3DUDGHVDUUROODUODFRPSHQHWUDFLyQUHFRPLHQGR

+DFHUTXHVXOHQJXDMHFRUSRUDOFRUUHVSRQGDFRQODVHPRFLRQHV
GHODRWUDSHUVRQD
6RQUHtU\PRVWUDUXQLQWHUpVVLQFHURHQODFRQYHUVDFLyQ
0XHVWUD HPSDWtD \ GHPXHVWUD FRPSUHQVLyQ HQ ORV SXQWRV TXH
WUDWD
6L WH YHV UHIOHMDGR HQ OD RWUD SHUVRQD \ KD\ XQ WHPD HQWUH
DPEDVXWLOt]DOR\KDEODGHpO
(QFXHQWUD FRVDV TXH WHQJDQ HQ FRP~Q \ FUHD XQ YtQFXOR FRQ
HOODV
+DEOD GH OR TXH WH JXVWD KDFHU HQ WX WLHPSR OLEUH \ GH OR TXH
HVWiV KDFLHQGR DKRUD 6L D OD SHUVRQD OH FXHVWD HQFRQWUDU
WHPDV GDOH DOJXQRV SDUD TXH HOLMD ORV HMHPSORV SRGUtDQ VHU
WUDEDMRIDPLOLDVLWXDFLyQGHODYLGDDFWXDO

(Q FXDQWR D OD FUHDFLyQ GH XQD EXHQD UHODFLyQ KD\ PXFKDV
PDQHUDV GH KDFHUOR \DOJXQDV SXHGHQ VHUPiVHILFDFHV TXH RWUDV
(V LPSRUWDQWH HQWHQGHU OD HPSDWtD \ WDPELpQ VHU FRQVFLHQWH WDQWR
GHOOHQJXDMHFRUSRUDOFRPRGHODVVHxDOHVYHUEDOHV

/DHVFXFKDDFWLYDHVXQFRPSRQHQWHLPSRUWDQWH\SHUPLWHTXHXQR
VHVLHQWDPiVFRQHFWDGRFRQVXLQWHUORFXWRU&XDQGRQRVVHQWLPRV
FRQHFWDGRVQRVDEULPRV\VHQWLPRVFRQILDQ]D

&RPR SXGLVWH QRWDUKD\ PXFKDV HVWUDWHJLDV SDUD FUHDU XQD EXHQD


UHODFLyQFRPRXWLOL]DUHOOHQJXDMHFRUSRUDOUHIOHMDUODVHPRFLRQHV\
KDFHU SUHJXQWDV 7DPELpQ HV LPSRUWDQWH KDFHU TXH OD RWUD SHUVRQD
VH VLHQWD FRPSUHQGLGD DO GHVFXEULU FRVDV TXH WLHQHQ HQ FRP~Q \
KDEODUGHHOODV

$ YHFHV HV GLItFLO FRQHFWDU FRQ RWUDV SHUVRQDV 7RGRV HVWiV WDQ
RFXSDGRVFRQVXVYLGDVTXHSXHGHSDUHFHULPSRVLEOHSDVDUWLHPSR
FRQDOJXLHQPiV7DOYH]VHDVWtPLGR\WHFXHVWHKDFHUDPLJRVHQHO
WUDEDMRRVLPSOHPHQWHQRVHSDVTXpGHFLUFXDQGRFRQRFHVDJHQWH
QXHYD 3XHV ELHQ KD OOHJDGR HO PRPHQWR GH GHMDU DWUiV HVRV
SUREOHPDV

*HQHUDU FRQILDQ]D FRQ RWUDV SHUVRQDV SXHGH VHU XQ UHWR SHUR VLQ
GXGDPHUHFHODSHQDHOHVIXHU]R

&XDQGR WHQJDV OD FRQILDQ]D GH ODV SHUVRQDV TXH WH URGHDQ VHUi
PiV SUREDEOH TXH WH HVFXFKHQ \ FRRSHUHQ FRQWLJR SHUR DQWHV GH
FRPHQ]DU GHEHV VDEHU TXH FXDQGR HUHV QHJDWLYR WRGRV TXLHUHQ
DOHMDUVH GH WL $O VHU QHJDWLYR FRQWDJLDV WX HVWDGR GH iQLPR D ORV
GHPiV6LQHPEDUJRDOKDFHUHOHMHUFLFLRGHVHUSRVLWLYRW~DWUDHVD
ODVSHUVRQDVKDFLDWL

¢&yPRSXHGHVFRQHFWDUPHMRUFRQODJHQWH"

&RPRVDEHVHOPXQGRHVWiOOHQRGHJHQWHFRQODVTXHHQFDMDUSHUR
WDPELpQ WH HQIUHQWDV D DOJXQDV SHUVRQDV TXH VRQ PiV GLItFLOHV GH
FRQHFWDU\JDQDUVHVXFRQILDQ]D(VWHSXHGHVHUXQEXHQPRPHQWR
SDUDDSUHQGHUWpFQLFDVSDUDFRQHFWDUWHPHMRUFRQODJHQWH([LVWHQ
PXFKDVIRUPDVSDUDJDQDUODFRQILDQ]DGHRWUDVSHUVRQDV(VWDHV
XQD KDELOLGDG XQLYHUVDO \ DXQTXH QR HV IiFLO GH DSUHQGHU XQD YH]
TXH VH GRPLQD HO SURFHVR GH HVWDEOHFHU UHODFLRQHV VyOLGDV HV
PXFKRPiVIiFLO
 /RV  SLODUHV SDUD FUHDU FRQILDQ]D
LQTXHEUDQWDEOH
6LHUHVFRPRODPD\RUtDGHODJHQWHSUREDEOHPHQWHSLHQVHVTXHOD
FRQILDQ]DHVDOJRTXHVHJDQDFRQHOWLHPSR\ODVEXHQDVDFFLRQHV
<DXQTXHHVRHVFLHUWDPHQWHXQDSDUWHHQUHDOLGDGKD\PXFKRPiV
TXH HVR $TXt HVWiQ ORV  SLODUHV SDUD FUHDU XQD FRQILDQ]D
LQTXHEUDQWDEOHHQORVGHPiV

6pKRQHVWR'L VLHPSUH OD YHUGDG LQFOXVR FXDQGR VHD GLItFLO


0HQWLU VyOR KDUi PiV GLItFLO TXH ORV GHPiV FRQItHQ HQ WL HQ HO
IXWXUR 3HUR QR ROYLGHV VHU KRQHVWR VROR FXDQGR ODV SHUVRQDV
TXLHUDQ VDEHU W~ RSLQLyQ \ UHFXHUGD TXH OD KRQHVWLGDG QR HV
VLQyQLPRGHFUXHOGDG
0XHVWUD DJUDGHFLPLHQWR  &XDQGR DOJXLHQ KDJD DOJR EXHQR
SRU WL DJUDGpFHOR VLQFHUDPHQWH $SUHFLDU OD DPDELOLGDG GH
DOJXLHQKDUiTXHVHDPiVSUREDEOHTXHWHD\XGHGHQXHYRHQ
HOIXWXUR
6p ILDEOH  6L GLFHV TXH YDV D KDFHU DOJR KD]OR /D JHQWH
DSUHFLDDORVTXHVRQILDEOHV\HVPiVSUREDEOHTXHFRQItHQHQ
WL
$SR\D D ORV GHPiV  &XDQGR ORV GHPiV WHQJDQ SUREOHPDV
D\~GDOHV2IUpFHOHVWXD\XGD\DSR\R\KD]OHVVDEHUTXHHVWiV
DKtSDUDHOORV
6p JHQXLQR  6p W~ PLVPR \ GHMD TXH VH YHD WX YHUGDGHUD
SHUVRQDOLGDG /D JHQWH SXHGH YHU D WUDYpV GH XQD SHUVRQD
IDOVDDVtTXHORPHMRUHVVHUW~PLVPR6LDFW~DVFRPRDOJXLHQ
TXHQRHUHVVHUiGLItFLOPDQWHQHUXQDFRQH[LyQFRQORVGHPiV
6HUJHQXLQRWDPELpQSHUPLWHTXHORVGHPiVWHFRQR]FDQPHMRU
\XQDYH]TXHWHFRQR]FDQVHUiPiVSUREDEOHTXHFRQItHQHQ
WL
(VFXFKD DFWLYDPHQWH  &XDQGR DOJXLHQ HVWp KDEODQGR
DVHJ~UDWH GH SUHVWDUOH WRGD WX DWHQFLyQ 1R OH LQWHUUXPSDV QL
SLHQVHV HQ OR TXH YDV D GHFLU D FRQWLQXDFLyQ /LPtWDWH D
HVFXFKDU H LQWHQWD HQWHQGHU OR TXH WH GLFHQ /D JHQWH DSUHFLD
FXDQGR DOJXLHQ VHWRPDHO WLHPSR GH HVFXFKDUORV \VHUi PiV
SUREDEOHTXHFRQItHQHQWLVLVLHQWHQTXHOHVHQWLHQGHV
,QWHQWD QR MX]JDU D ORV GHPiV  7RGRV WLHQHQ VXV SURSLDV
RSLQLRQHV SHUR HV LPSRUWDQWH UHFRUGDU TXH QR WRGR HO PXQGR
YD D HVWDU GH DFXHUGR FRQWLJR 6L MX]JDV D ORV GHPiV VHUi
GLItFLOTXHFRQItHQHQWL(QFDPELRLQWHQWDDFHSWDUDORVGHPiV
SRUORTXHVRQ\VHUiPiVSUREDEOHTXHHOORVKDJDQORPLVPR
FRQWLJR

([LVWHQ SHUVRQDV GH PHQWH FHUUDGD \ PHQWH DELHUWD 7HQ HVWR HQ


FXHQWD FXDQGR FRQR]FDV D FXDOTXLHU SHUVRQD SXHV KD\ PXFKDV
GLIHUHQFLDV HQWUH ORV GRV WLSRV GH SHUVRQDOLGDG \ HV LPSRUWDQWH
FODVLILFDU ODV GLIHUHQFLDV SDUD SRGHU VDEHU FyPR WH WLHQHV TXH
GHVHQYROYHU

(QSULPHUOXJDUHVGLItFLOKDEODUFRQODVSHUVRQDOLGDGHVFHUUDGDV1R
VRQFiOLGDVQLDPLVWRVDV\SRUHOORORVGHPiVVXHOHQHYLWDUODV

7DPELpQ WLHQGHQ D VHU PX\ WHUFRV \ OHV UHVXOWD GLItFLO FRQVHJXLU


D\XGDH[WHUQD6LQHPEDUJRQRWHGHMHVHQJDxDUXQDSHUVRQDOLGDG
FHUUDGD QR WLHQH PLHGR GH SHGLU D\XGD FXDQGR OD QHFHVLWD (OORV
VLPSOHPHQWHQRORKDUiQGHEXHQDJDQDRDELHUWDPHQWH

/DVSHUVRQDOLGDGHVDELHUWDVHQFDPELRVRQPXFKRPiVDPLVWRVDV
/HV JXVWD FRPXQLFDUVH FRQ ORV GHPiV \ QR WLHQHQ SUREOHPDV SDUD
VRFLDOL]DU7DPELpQVRQPX\VHUYLFLDOHV\VLHPSUHHVWiQGLVSXHVWRV
DHFKDUXQDPDQR

(VIiFLOVDEHUFXiQGRVHHVWiFHUFDGHXQDSHUVRQDOLGDGDELHUWD\D
TXH WH KDUi VHQWLU FyPRGR \ ELHQYHQLGR /DV SHUVRQDOLGDGHV
FHUUDGDVSXHGHQKDFHUTXHWHVLHQWDVEDVWDQWHLQFyPRGR\DTXHQR
VHDEUHQUHDOPHQWHDORVGHPiV

(Q JHQHUDO ODV SHUVRQDOLGDGHV DELHUWDV VRQ PiV DJUDGDEOHV \


WLHQHQ XQD PHMRU YLGD VRFLDO /DV SHUVRQDOLGDGHV FHUUDGDV DXQTXH
VLJXHQ VLHQGR VLPSiWLFDV KDVWD FLHUWR SXQWR WLHQGHQ D VHU PiV
UHFOXVDV\DDLVODUVHGHORVGHPiV

/DPHMRUPDQHUDGHOOHJDUDFRQHFWDUFRQXQDSHUVRQD
HVWHQHUDOJRHQFRP~Q

6LDODSHUVRQDOHJXVWDHOJROIHQWRQFHVGHELHVHVPRVWUDUDOJRGH
LQWHUpV VREUH HO JROI DXQTXH D WL SHUVRQDOPHQWH WH SDUH]FD XQ
GHSRUWHGHPDVLDGRDEXUULGR1RVHWUDWDGHPHQWLURKDFHUWHSDVDU
SRU DOJR TXH QR HUHV 6ROR VH WUDWD GH HVWDEOHFHU XQD SULPHUD
FRQH[LyQ SDUD OXHJR DKRQGDU HQ RWURV LQWHUHVHV PiV HQ FRP~Q
$GHPiV QR GHEHV MX]JDU VXV JXVWRV VLHPSUH HV EXHQR GHMDU OD
SXHUWD DELHUWD SDUD TXH WH H[SOLTXHQ OR TXH OHV JXVWD 'HEHV
DFHUFDUWH D HOORV FRQ FRQILDQ]D \ PHQWH DELHUWD TXLpQ VDEH VL
DSUHQGHUiVDOJRQXHYR

 &XDQGR OD JHQWH WH SDUHFH UHDFLD D KDEODU


¢TXpWLHQHVTXHKDFHU"
/DSULQFLSDOUD]yQSRUODTXHODJHQWHSXHGHSDUHFHUQRWHQHUJDQDV
GHKDEODUFRQWLJRHVSRUTXHRELHQQRVRQWDQLQWHUHVDQWHVFRPRW~
R VLPSOHPHQWH QR FRQItDQ HQ WL OR VXILFLHQWH FRPR SDUD FUHHU TXH
UHDOPHQWH TXLHUHV KDEODU FRQ HOORV 6LQ HPEDUJR VL VH WUDWD GH OD
SULPHUDVLWXDFLyQQRKD\GXGDGHTXHFDSWDUiVWRGDVXDWHQFLyQVL
WHYXHOYHVPiVLQWHUHVDQWH

6L VH WUDWD GH OD VHJXQGD VLWXDFLyQ DGHPiV GH KDFHUWH PiV
LQWHUHVDQWHGHEHVWUDEDMDUWXLPDJHQRODIRUPDHQTXHWHSUHVHQWDV
DQWHODRWUDSHUVRQD(VODIRUPDHQTXHWHSUHVHQWDVDQWHHOORVQR
OD IRUPD HQ TXH SLHQVDV GH WL PLVPR OR TXH UHDOPHQWH WH YD D
D\XGDUDJDQDUVXFRQILDQ]DSDUDSRGHULQLFLDUXQDFRQYHUVDFLyQ

+D\DOJRTXHSXHGHVKDFHUSDUDKDFHUWHPiVLQWHUHVDQWH\JDQDUWH
ODFRQILDQ]DGHDOJXLHQ(OWUXFRHVWiHQSUHJXQWDUOHVVREUHHOORV\
HVFXFKDUORVFRQDWHQFLyQ$ODJHQWHOHHQFDQWDKDEODUGHVtPLVPD
DVt TXH VL OHV GDV OD RSRUWXQLGDG VHUi PiV SUREDEOH TXH KDEOHQ
FRQWLJR

$VHJ~UDWH GH HVFXFKDU DWHQWDPHQWH OR TXH GLFHQ (VWR GHPRVWUDUi


TXH HVWiV LQWHUHVDGR HQ HOORV \ TXH WH LQWHUHVD OR TXH WLHQHQ TXH
GHFLU &XDQGR PXHVWUDV LQWHUpV SRU DOJXLHQ HV PiV SUREDEOH TXH
FRQItHHQWL\VHDEUDDWL

¢3RU TXp HV LPSRUWDQWH VDEHU TXp WLSR GH SUHJXQWDV KDFHU DO
FRQRFHUDDOJXLHQ"

+DFHUODVSUHJXQWDVFRUUHFWDVDODVSHUVRQDVSXHGHGHFLUWHPXFKR
VREUH HOODV 3XHGHV REWHQHU LQIRUPDFLyQ LQWHUHVDQWH VREUH VXV
DILFLRQHV LQWHUHVHV \ REMHWLYRV 3RU HVR HQ XQD FRQYHUVDFLyQ HV
LPSRUWDQWH KDFHU SUHJXQWDV GH VRQGHR R GH VHJXLPLHQWR SDUD
REWHQHU PiV GHWDOOHV GH TXLpQ HV OD SHUVRQD FRQ TXLHQ VH GHVHD
HVWDEOHFHUXQDFRQH[LyQ/DVSUHJXQWDVFRUUHFWDVVRQODOODYHSDUD
PDQWHQHU OD FRQYHUVDFLyQ GH PRGR TXH GHVFXEULUiV PiV FRVDV
VREUHODSHUVRQD\OHLQWHUHVDUiVPiV

6LHPSUHHVPHMRUKDFHUXQDSUHJXQWDTXHHVWpDOPLVPRQLYHOGHOR
TXHVHHVWiKDEODQGR3RUHMHPSORVLVHHVWiKDEODQGRGH WUDEDMR
VLHPSUHHVPHMRUSUHJXQWDUDODSHUVRQDVREUHVXWUDEDMRFyPROH
JXVWD \ TXp OH JXVWD GH pO 6L VH OH KDFH XQD SUHJXQWD SHUVRQDO
SXHGHUHVXOWDUSHUMXGLFLDO

+D\ DOJXQDV SUHJXQWDV TXH D OD JHQWH OH HQFDQWD TXH OH KDJDQ
PLHQWUDV TXH RWUDV QR ODV FRQWHVWDUtD HQ DEVROXWR SRU PX\
LQRIHQVLYDVTXHSDUH]FDQ

 /DV PHMRUHV SUHJXQWDV TXH SXHGHV KDFHU


FXDQGRTXLHUHVFRQHFWDUFRQODJHQWH
(VRGHSHQGHGHORTXHTXLHUDVGHODFRQYHUVDFLyQGHORKiELOTXH
VHDVVRFLDOPHQWHGHOREXHQRTXHVHDVMX]JDQGRHOFDUiFWHU\GHOR
SVLFROyJLFDPHQWHDVWXWRTXHVHDV

8QD EXHQD SUHJXQWD SDUD HPSH]DU XQD FRQYHUVDFLyQ QR HV


QHFHVDULDPHQWH XQD EXHQD SUHJXQWD SDUD HO PHGLR R HO ILQDO 6L
TXLHUHVFDXVDUXQDEXHQDLPSUHVLyQWLHQHVTXHDEULUFRQXQDEXHQD
SUHJXQWD FUHDU LQWHUpV SODQWHDQGR XQD SUHJXQWD TXH WH D\XGH D
REWHQHULQIRUPDFLyQVREUHODSHUVRQDTXHLQGLTXHVXSXQWRGHYLVWD
VX SURSyVLWR R VX SHUVRQDOLGDG \ D FRQWLQXDFLyQ FHUUDU FRQ XQD
SUHJXQWD TXH LQGLTXH WX RSLQLyQ HVSHFtILFD VREUH XQ WHPD R HO
VHQWLPLHQWRTXHTXLHUHVWUDQVPLWLU

/DVLJXLHQWHHVXQDOLVWDGHODVPHMRUHVSUHJXQWDVTXHSXHGHVKDFHU
SDUDLQLFLDUXQDFRQYHUVDFLyQFRQDOJXLHQTXHQRFRQRFHV

¢&yPRWHOODPDV"
¢&XiOHVWXWUDEDMR"
¢4XpHVWXGLDV"
¢'yQGHYLYHV"
¢4XpWHJXVWDKDFHUHQWXWLHPSROLEUH"
¢&yPRHVWXIDPLOLD"
¢4XpHVORTXHPiVWHJXVWDKDFHU"

3UHVHQWDUVH HV HO SULPHU SDVR SDUD HVWDEOHFHU XQD FRQH[LyQ FRQ
DOJXLHQ$OFRPSDUWLUVXQRPEUHVXWUDEDMR\VXVLQWHUHVHVOHGDD
OD RWUD SHUVRQD DOJR FRQ OR TXH FRQHFWDU \ VREUH OR TXH EDVDUVH
$GHPiVFRPSDUWLULQIRUPDFLyQVREUHWXIDPLOLD\WXVFRVDVIDYRULWDV
GHPXHVWUD TXH HUHV XQD SHUVRQD VLPSiWLFD \FRQ EXHQ VHQWLGR GHO
KXPRU $O VHU DELHUWR \ DPLVWRVR SXHGHV FUHDU XQD FRQH[LyQ
GXUDGHUDFRQODVSHUVRQDVTXHWHURGHDQ

/DPHMRUPDQHUDGHDFWXDUFXDQGRHVWiVFRQRFLHQGRDDOJXLHQVHUtD
HVFXFKDU FRQ DWHQFLyQ \OOHYDU OD FRQYHUVDFLyQ DWHPDVFDVXDOHV \
GHVHQIDGDGRV (VWR HV LPSRUWDQWH SRUTXH WH GLUi TXp WLSR GH
SHUVRQDHVODRWUD\WHSHUPLWLUiVDEHUVLYDOHODSHQDVHJXLUFRQOD
UHODFLyQ R QR (O WHPD GH FRQYHUVDFLyQ WDPELpQ HV LPSRUWDQWH \D
TXH VL HVFXFKDV OR TXH OH LQWHUHVD D OD SHUVRQD SRGUiV HQFRQWUDU
LQWHUHVHVFRPXQHV

6L WLHQHV SUREOHPDV SDUD OHHU VLWXDFLRQHV VRFLDOHV VLPSOHPHQWH


SUHJ~QWDOH D OD SHUVRQD FXiOHV VRQ VXV LQWHUHVHV WH GDUi PXFKD
LQIRUPDFLyQVREUHHOORV1RROYLGHVTXHORVJXVWRVGHODVSHUVRQDV
VRQ YDULDGRV XQD FRQYHUVDFLyQ SXHGH OOHYDUWH D KDEODU GHVGH VX
PDVFRWDKDVWDHO~OWLPRSDUWLGRGHIXWEROGHVXHTXLSRIDYRULWR

3RQ DWHQFLyQ D ORV GHWDOOHV HQ HVWD SHUVRQD HO WLSR GH URSD TXH
OOHYDQHOWLSRGHMR\DVHLQFOXVRHOWLSRGHFRFKHTXHFRQGXFH$Vt
SRGUiV FRQRFHUOD PHMRU 7DPELpQ HV LPSRUWDQWH VHU W~ PLVPR \ QR
LQWHQWDU VHU DOJXLHQ TXH QR HUHV /D JHQWH VXHOH YHU D WUDYpV GHO
FRPSRUWDPLHQWR IDOVR DVt TXH HV PHMRU VHU JHQXLQR \ GHMDU TXH OD
JHQWH FRQR]FD D WX YHUGDGHUR \R 6L DFW~DV FRPR DOJXLHQ TXH QR
HUHV SXHGHV DFDEDU DUUXLQDQGR OD UHODFLyQ LQFOXVR DQWHV GH TXH
HPSLHFH

*HQHUDUFRQILDQ]DHVIXQGDPHQWDOHQFXDOTXLHUUHODFLyQDVtTXHHV
LPSRUWDQWH TXH WH WRPHV HO WLHPSR QHFHVDULR SDUD FRQRFHU D OD
SHUVRQD \ GHMDU TXH WH FRQR]FD D WL /D JHQWH VXHOH VHU FDXWHORVD
FXDQGRFRQRFHDDOJXLHQQXHYRDVtTXHVLHUHVVLQFHUR\FUHDVXQD
EXHQD UHODFLyQ SRGUiV DOLYLDU WXV SUHRFXSDFLRQHV \ JHQHUDU
FRQILDQ]D
¢4XpHVORTXHGHEHVHYLWDUKDFHU"

1RHVWDEOHFHU FRQWDFWRYLVXDO (O FRQWDFWR YLVXDO GHEH GXUDU


XQVHJXQGRRPiV1RVHUFDSD]GHPLUDUDODVSHUVRQDVDORV
RMRV SXHGH VLJQLILFDU TXH WH VLHQWHV LQIHULRU D R LQWLPLGDGR SRU
pVWDV R TXH QR HVWiV VHJXUR GH OR TXH HVWiV GLFLHQGR 'DU OD
LPSUHVLyQ GH QR HVWDU VHJXUR SXHGH UHVXOWDU GHVDVWURVR (Q
FDPELR VL HUHV FDSD] GH PLUDU D ODV SHUVRQDV FRQ VHJXULGDG
SRGUiV PDQWHQHU HO DXUD GH DXWRFRQILDQ]D \ GH DXWRULGDG
QHFHVDULDSDUDTXHHOPHQVDMHVHDELHQUHFLELGR
0DODSRVWXUD&XDQGRWLHQHVXQDPDODSRVWXUDSDUHFHVPHQRV
DFFHVLEOH PHQRV VHJXUR \ PHQRV DWUDFWLYR 0X\ SRFDV YHFHV
HVWiV FRQVFLHQWH GH TXH WX FXHUSR WDPELpQ WLHQH XQ OHQJXDMH
TXH HV LQWHUSUHWDGR FRQVFLHQWH R LQFRQVFLHQWHPHQWH SRU ODV
SHUVRQDV TXH WH HVFXFKDQ 6L WH DSR\DV HQ OD SDUHG FXDQGR
KDEODV GHPXHVWUDV IDOWD GH HQHUJtD H LQWHUpV 6L WXV KRPEURV
HVWiQ HQ XQD SRVLFLyQ LQFOLQDGD R WX HVSDOGD VH YH HQ XQD
SRVLFLyQ FXUYD R HFKDGD KDFLD DGHODQWH SUR\HFWDUiV XQD
LPDJHQ GH GHELOLGDG IDOWD GH HQHUJtD \ SURIHVLRQDOLVPR
3URFXUDEXVFDUXQDSRVLFLyQQHXWUD\QDWXUDOSHURFXLGDTXHWX
HVSDOGDHVWpHQXQDSRVLFLyQYHUWLFDOODPD\RUtDGHOWLHPSR6L
ORJUDV GRPLQDU WX GLVFXUVR \ ORJUDV HYLWDU HVWRV HUURUHV GHO
OHQJXDMH FRUSRUDO HVWDUiV FDSDFLWDGR SDUD GDU XQ IXHUWH
PHQVDMHFRQYLQFHQWH\FUHtEOH
+DEODU GHPDVLDGR /R FLHUWR HV TXH WRGRV VDEHPRV KDEODU
SHUR QR WRGRV KHPRV DSUHQGLGR D FRPXQLFDU DGHFXDGDPHQWH
6LQ HPEDUJR VROHPRV GDU SRU KHFKR TXH FXDQGR KDEODPRV
PXFKR HVVLQyQLPR GH FRPXQLFDUQRV ELHQ \PXFKDV YHFHV QR
HV DVt DO PHQRV QR GH PDQHUD HIHFWLYD 3DUD TXH H[LVWD
FRPXQLFDFLyQ SULPHUR GHEH KDEHU LQIRUPDFLyQ $KRUD ELHQ
FRPXQLFDU HV PXFKR PiV TXH LQIRUPDU /D SHUVRQD TXH
FRPXQLFD HODERUD XQ PHQVDMH FRQ HO REMHWLYR GH TXH RWUD
SHUVRQD QR VROR OR UHFLED VLQR TXH OR HQWLHQGD TXH SURYRTXH
HQ HOOD DOJ~Q HIHFWR DOJXQD UHVSXHVWD 1R OH EDVWD FRQ
SUHVHQWDUORVGDWRVVLQRTXHEXVFDKDFHUORVFUHtEOHV3DUDHOOR
QHFHVLWD ILOWUDU RUGHQDU \ VLQWHWL]DU HVRV GDWRV R OR TXH HV OR
PLVPRWUDQVIRUPDUORVHQXQPHQVDMHYiOLGRSDUDVXUHFHSWRU
1HUYLRV \ PLHGR (O PLHGR D KDEODU FRQ JHQWH QXHYD HV XQD
IRUPD GH DQVLHGDG IUHFXHQWH 3XHGH YDULDU GHVGH XQ
QHUYLRVLVPR OHYH D XQ PLHGR SDUDOL]DQWH \ SiQLFR 0XFKDV
SHUVRQDV FRQ HVWH PLHGR HYLWDQ ODV VLWXDFLRQHV HQ ODV TXH
WLHQHQ TXH KDEODU HQ S~EOLFR SRU FRPSOHWR R VXIUHQ HQ VX
WUDQVFXUVR FRQ ODV PDQRV \ OD YR] WHPEORURVDV 3HUR OD
SUHSDUDFLyQ \ OD SHUVLVWHQFLD SRGUiQ D\XGDUWH D VXSHUDU HO
PLHGR

$TXtKD\DOJXQRVHMHUFLFLRVTXHSXHGHVSRQHUHQSUiFWLFDWRGRVORV
GtDVSDUDD\XGDUWHHQHVWHSXQWR

5HODMDFLyQPXVFXODUSUHYLD
9LVXDOL]DUWHUHDOL]DQGRFRQp[LWRODFRQYHUVDFLyQ
%HEHU XQ WUDJR GH DJXD DQWHV GH HPSH]DU D KDEODU
GHVDSDUHFHUiODVHQVDFLyQGHERFDVHFD 
5HVSLUDU SURIXQGDPHQWH PX\ GHVSDFLR DQWHV \ GXUDQWH OD
SOiWLFD
1RGHMDUGHUHSHWLUWHTXHWRGRWHYDDVDOLUELHQ

6L QR SXHGHV VXSHUDU HO PLHGR FRQ OD SUiFWLFD FRQVLGHUD EXVFDU
D\XGD SURIHVLRQDO /D WHUDSLD FRJQLWLYD FRQGXFWXDO HV XQ HQIRTXH
EDVDGRHQODVKDELOLGDGHVTXHSXHGHVHUXQWUDWDPLHQWRHILFD]SDUD
UHGXFLUHOPLHGRDKDEODUHQS~EOLFR

$Vt TXH DKRUD TXH FRQRFHV DOJXQRV GH ORV HUURUHV PiV FRPXQHV
TXH GHEHV HYLWDU SXHGHV HPSH]DU D KDFHU DOJXQRV FDPELRV \
PHMRUDU WXV LQWHUDFFLRQHV FRQ ORV GHPiV $O HYLWDU HVWRV HUURUHV
SRGUiVGDUODLPSUHVLyQGHVHUPiVVHJXUR\FRQILDEOH<HQ~OWLPD
LQVWDQFLDHVRHVORTXHWRGRVTXLHUHQHQVXVLQWHUDFFLRQHVFRQORV
GHPiVFRQILDQ]D

(OUDSSRUWHQWXYLGDODERUDO
7RGR WUDEDMDGRU R HPSOHDGR KR\ HQ GtD QHFHVLWD VDEHU FyPR
HVWDEOHFHU \ PDQWHQHU H[FHOHQWHV UHODFLRQHV FRQ VXV MHIHV \
FROHJDV(OUDSSRUWHVHVD³FRQH[LyQ´RVLPSDWtDTXHVHFUHDFXDQGR
GRVSHUVRQDVLQWHUDFW~DQ

0L UHFRPHQGDFLyQ VH EDVD HQ XQD VHQFLOOD KLSyWHVLV FXDQWR PiV
FRQR]FDV ORV LQWHUHVHV GH WX MHIH PHMRU OH LPSUHVLRQDUiV 1R VyOR
HVRVLQRTXHFXDQWRPHMRUHQWLHQGDVORTXHKDFHWXMHIHFDGDGtD\
FyPROHJXVWDWUDEDMDUPiVD\XGDOHRIUHFHUiV\pOORDSUHFLDUi

< QR HV GLItFLO DYHULJXDUOR /R ~QLFR TXH QHFHVLWDV HV XQ SRFR GH
REVHUYDFLyQ \ KDFHU ODV SUHJXQWDV FRUUHFWDV HQ HO PRPHQWR
DGHFXDGR

+D\WUHVWLSRVGHLQIRUPDFLyQTXHGHEHVFRQRFHUVREUHWXMHIHFyPR
SDVDODMRUQDGDODERUDO VtDXQTXHSDUH]FDTXHQRWUDEDMD TXpOH
LQWHUHVD\FyPROHJXVWDFRODERUDU

3DUD HPSH]DU SUHVWD DWHQFLyQ D FyPR SDVD WX MHIH VX MRUQDGD
ODERUDO ¢(Q TXp VH FHQWUD" ¢&XiOHV VRQ VXV SULRULGDGHV" (VWD
LQIRUPDFLyQHVLPSRUWDQWHSRUTXHSXHGHD\XGDUWHDHQWHQGHUORTXH
WXMHIHEXVFDGHWL

3RU HMHPSOR VL WX MHIH HVWi VLHPSUH RFXSDGR \ SDUHFH KDFHU
PDODEDUHVFRQPXFKDVWDUHDVGLIHUHQWHVSXHGHVHU~WLOHQYLDUOHXQD
DFWXDOL]DFLyQ VHPDQDO TXH UHVXPD HQ TXp KDV HVWDGR WUDEDMDQGR
'H HVWH PRGR SRGUi KDFHUVH XQD LGHD UiSLGD GH OR TXH HVWiV
KDFLHQGRVLQWHQHUTXHGHGLFDUWLHPSRDEXVFDUWHFDGDGtD
7DPELpQHVLPSRUWDQWHVDEHUTXpOHLQWHUHVDDWXMHIH

¢&XiOHVVRQVXVDILFLRQHV"¢4XpOHJXVWDKDFHUIXHUDGHOWUDEDMR"

&RQRFHUHVWDLQIRUPDFLyQSXHGHGDUWHSLVWDVVREUHFyPRDFHUFDUWH
DpO\FyPRFDXVDUXQDEXHQDLPSUHVLyQ

3RU HMHPSOR VL D WX MHIH OH JXVWD MXJDU DO JROI SXHGHV SODQWHDUWH
OOHYDUOHDMXJDU(VWRQRVyOROHGDUiODRSRUWXQLGDGGHSDVDUWLHPSR
FRQ pO IXHUD GHO WUDEDMR VLQR TXH WDPELpQ GHPRVWUDUi TXH WH
LQWHUHVDORTXHKDFHIXHUDGHODRILFLQD

3RU ~OWLPR DVHJ~UDWH GH FRODERUDU VLHPSUH FRQ WX MHIH 3tGHOH VX
RSLQLyQ VREUH ORV SUR\HFWRV \ PXpVWUDWH DELHUWR D ORV FRPHQWDULRV
$VtWHDVHJXUDUiVGHWUDEDMDUGHODIRUPDPiVHILFD]SRVLEOH

1R VDEHU DSOLFDU FRUUHFWDPHQWH HVWD FRPSHQHWUDFLyQ UDSSRUW


SXHGH RFDVLRQDU HQ PiV GH XQD RFDVLyQ FRQIOLFWRV FXDQGR VH
UHODFLRQDQ FRQ MHIHV \ FRPSDxHURV GH WUDEDMR (VWR SXHGH DIHFWDU
ODV UHODFLRQHV VRFLDOHV HQWUH FRPSDxHURV GH WUDEDMR D ODUJR SOD]R
SURYRFDQGR PDODV H[SHULHQFLDV \ XQ PDO DPELHQWH SDUD WRGR HO
HTXLSRLQYROXFUDGR

7HQHUXQDEXHQDUHODFLyQFRQHOMHIHHVLPSRUWDQWHSDUDHODPELHQWH
GH WUDEDMR 1R VROR D\XGD D FRQVWUXLU XQD FRPXQLFDFLyQ SRVLWLYD
VLQRWDPELpQSDUDUHVROYHUUiSLGDPHQWHORVSUREOHPDVTXHVXUMDQHQ
HOGtDDGtD

6HxDOHVTXHGHODWDQXQPDODPELHQWHODERUDO

0DOPDQHMRGHORVFRQIOLFWRV
3UREOHPDVGHFRPXQLFDFLyQ
)DOWDGHLQWHOLJHQFLDHPRFLRQDO
0DODDFWLWXGSRUSDUWHGHOMHIHRORVWUDEDMDGRUHV
+D\FRQVSLUDFLyQHQWUHFROHJDV
7~WUDEDMRQRHVUHFRQRFLGR
+DFHVHOWUDEDMRGHRWURV
/LGHUD]JRQHJDWLYR
3UREOHPDVGHURO
6REUHFDUJDGHWUDEDMR
&RPSDxHURVWy[LFRV
)DOWDGHFRPSURPLVRFRQODRUJDQL]DFLyQ

¢&yPRVHVROXFLRQDQHVWRVSUREOHPDV"

&XDQGR HVWpV HQ GHVDFXHUGR FRQ DOJXLHQ HV LPSRUWDQWH TXH


LQWHQWHV YHU HO SXQWR GH YLVWD GH OD RWUD SHUVRQD $ PHQXGR
SHQVDUiV TXH WLHQHV UD]yQ \ HQ XQ HVIXHU]R SRU SURWHJHU WX SXQWR
GHYLVWDRKDFHUWHYHUPHMRUHFKDUiVPiVOHxDDOIXHJR\SHUGHUiV
GHYLVWDODFXHVWLyQRULJLQDO

(VWRSXHGHVHUUHDOPHQWHKLULHQWH\KDFHUTXHDPEDVSDUWHVDFDEHQ
VLQWLpQGRVH D~Q PiV IUXVWUDGDV VREUH WRGR FXDQGR SUREDEOHPHQWH
SRGUtDQ KDEHUOR UHVXHOWR VL KXELHUDQ LQWHQWDGR YHU ODV FRVDV GHVGH
ODSHUVSHFWLYDGHODRWUDSHUVRQD

/DVGLVFXVLRQHVQXQFDVRQEXHQDVSHURVRQD~QSHRUHVFXDQGRVH
EDVDQ HQ VXSRVLFLRQHV IDOVDV 6L WRGDV ODV GLVFXVLRQHV HPSH]DUDQ
FRQ OD JHQWH WUDWDQGR GH YHU HO SXQWR GH YLVWD GH RWUD SHUVRQD HV
PX\ SUREDEOH TXH VH DKRUUDUtDQ PXFKRV PDORV HQWHQGLGRV \
GLVFXVLRQHVVLQVHQWLGR

$SUHQGHDHVFXFKDU
1RKD\JUDQPLVWHULRHQVDEHUTXHSDUDVHUXQEXHQHPSOHDGRXQ
EXHQDPLJRHLQFOXVRXQDH[FHOHQWHSDUHMDKD\TXHVDEHUHVFXFKDU

6L TXLHUHV VHU XQ HPSOHDGR HQ HO FXDO WX MHIH SXHGD FRQILDU R XQ
OtGHUGHp[LWRWLHQHVTXHDSUHQGHUDHVFXFKDU1RVyORWHD\XGDUiD
FRPSUHQGHUPHMRU\DFRQHFWDUFRQWXVFRPSDxHURVGHWUDEDMRVLQR
TXHWDPELpQWHIDFLOLWDUiKDFHUODVFRVDV$TXtWLHQHVFLQFRFRQVHMRV
TXHWHD\XGDUiQDVHUXQPHMRUR\HQWH

$YHULJXD TXp HV OR TXH KDFH HQIDGDU D OD RWUD SHUVRQD
&XDQGRVDEHVSRUTXpDOJXLHQHVWiHQIDGDGRSXHGHVHPSH]DU
D HQWHQGHU VX SXQWR GH YLVWD (VFXFKDU SDUD YHU SRU TXp
DOJXLHQHVWiHQIDGDGRRIUXVWUDGRSXHGHD\XGDUWHDLGHQWLILFDU
FXDOTXLHU SUREOHPD SRWHQFLDO 3tGHOH D OD SHUVRQD TXH WH
H[SOLTXH VX HQRMR SDUD SRGHU HQWHQGHU PHMRU OD VLWXDFLyQ $
YHFHV WHQGUiV TXH HVSHUDU D TXH OD PROHVWLD EDMH Vp
FRQVFLHQWHGHHVR
2EVHUYD ODV VHxDOHV GH FRPSRUWDPLHQWR 8QD YH] TXH
HQWLHQGDV HO SXQWR GH YLVWD GH OD SHUVRQD HV LPSRUWDQWH TXH
SUHVWHVDWHQFLyQDVXIRUPDGHFRPXQLFDUVH¢8WLOL]DSDODEUDV
R DFFLRQHV TXH UHYHOHQ OR TXH HVWiQ SHQVDQGR R VLQWLHQGR"
(VWD LQIRUPDFLyQ SXHGH D\XGDUWH SDUD FRPSUHQGHU PHMRU OD
VLWXDFLyQ
1R GHMHV SDVDU OD RSRUWXQLGDG GH RSLQDU 6L QR WH VLHQWHV
FyPRGR FRQ XQD VXJHUHQFLD Ki]VHOR VDEHU D OD SHUVRQD \
SUHSiUDWHSDUDH[SOLFDUWXVUD]RQHV(VLPSRUWDQWHQRFHUUDUVH
GHPDVLDGR D ORV GHPiV HVSHFLDOPHQWH FXDQGR VH WUDWD GH
QHJRFLDFLRQHV R FRQIOLFWRV 6LHPSUH WUDWD HO WHPD GH IRUPD
FRUGLDO\UHVSHWXRVD
6p FRQVFLHQWH GH WXV SURSLRV SHQVDPLHQWRV \
VHQWLPLHQWRV (VWR SXHGH D\XGDUWH D HQWHQGHU PHMRU OD
SHUVSHFWLYDGHORVGHPiV\DWHQHUHQFXHQWDVXVVHQWLPLHQWRV
HQODVLWXDFLyQ
7yPDWHHOWLHPSRQHFHVDULRSDUDHVFXFKDUGHYHUGDG(VWR
D\XGDUiDJHQHUDUFRQILDQ]D\DFUHDUXQDUHODFLyQVyOLGD

(Q HO iPELWR ODERUDO HO VDEHU HVFXFKDU QRV D\XGD D LGHQWLILFDU ORV
SUREOHPDV\HQWHQGHUORTXHTXLHUHH[SUHVDUQXHVWURVFRPSDxHURV
\ WXV MHIDWXUDV /D DXVHQFLD GH HVWD KDELOLGDG GH HVFXFKD DFWLYD
SRGUtDSURGXFLUXQDUXSWXUDHQODUHODFLyQTXHHQDOJXQRVFDVRVHV
HOPRWLYRSHUIHFWRSDUDMXVWLILFDUXQGHVSLGR

&RQRFH\DFHSWDWXVSURSLRVOtPLWHV
(OPXQGRHVWiOOHQRGHSHUVRQDVTXHFUHHQTXHSXHGHQKDFHUPiV
GH OR TXH UHDOPHQWH SXHGHQ \ FRQ HOOR DOFDQ]DQ UiSLGDPHQWH VXV
OtPLWHV PLHQWUDV GHFHSFLRQDQ D WRGRV ORV TXH KDQ GHSRVLWDGR VX
FRQILDQ]D HQ HOORV (VWR QR VyOR VH DSOLFD D ORV QHJRFLRV VLQR
WDPELpQDORVDVSHFWRVPiVSHUVRQDOHVGHODYLGD3DUDHYLWDUORPL
FRQVHMR HV TXH FRQR]FDV WXV SURSLRV OtPLWHV \ ORV DFHSWHV
$FHSWDUVH D Vt PLVPR HV HO SULPHU SDVR SDUD HYLWDU OD GHFHSFLyQ \
ORJUDUHOp[LWR

0XFKDV SHUVRQDV WLHQHQ XQD SHUFHSFLyQ QHJDWLYD GH ORV OtPLWHV


&UHHQTXHVRQUHVWULFWLYRV\TXHQRGHEHUtDQH[LVWLU(QUHDOLGDGORV
OtPLWHV SHUVRQDOHV QRV D\XGDQ D PDQWHQHU UHODFLRQHV VDOXGDEOHV \
FRQWULEX\HQDQXHVWURELHQHVWDU

6LQ OtPLWHV HV GLItFLO TXH ODV UHODFLRQHV SURVSHUHQ \ VHDQ


VDWLVIDFWRULDV SRU OR TXH VXHOHQ GHMDU SDVR D OD GHFHSFLyQ HO
UHVHQWLPLHQWR\ODIUXVWUDFLyQ6HUFDSDFHVGHHVWDEOHFHUGLIHUHQWHV
WLSRV GH OtPLWHV SHUVRQDOHV HV IXQGDPHQWDO SDUD SURWHJHU QXHVWUR
HVSDFLR SHUVRQDO \ FRQVWUXLU QXHVWUD LGHQWLGDG OR FXDO SURWHJHUi
QXHVWUDVDOXGPHQWDODODUJRSOD]R

/RVVLJXLHQWHVVRQFRQVHMRVTXHWHD\XGDUDQDFRQRFHUWXVOLPLWHV
'HWHUPLQDTXpSXHGHV\TXpQRSXHGHVKDFHU
0iUFDWHREMHWLYRV\PLGHWXVSURJUHVRV
6pVLQFHURFRQWLJRPLVPR\FRQWXVFRPSDxHURVGHWUDEDMR
7RPD PHGLGDV SDUD PHMRUDU WX VLWXDFLyQ R DOFDQ]DU WXV
REMHWLYRV
&HOHEUDWXVp[LWRV\DSUHQGHGHWXVHUURUHV

2EYLDPHQWH OD LGHD HV QR FRQIRUPDUVH FRQ OR TXH VDEHV \ SXHGHV
KDFHU (UHV XQ VHU SHQVDQWH \ WX REMHWLYR HV VLHPSUH HPSXMDU ORV
OLPLWHV XQ SRFR PiV 3DUD ORJUDU FUHFHU LQWHOHFWXDO \
HPRFLRQDOPHQWHGtDDGtDWHLQYLWRDUHDOL]DUHOVLJXLHQWHHMHUFLFLR

'HGLFD XQD FDQWLGDG GH WLHPSR HVSHFtILFD D XQD WDUHD FRQ OD


TXHWHVLHQWDVPXFKRPiVFyPRGR
,QWHQWD UHDOL]DU XQD WDUHD HQ OD TXH WHQJDV PHQRV H[SHULHQFLD
SHURHQODTXHWHVLHQWDVVHJXUR
(VWDEOHFH XQ REMHWLYR \ WUDEDMD SDUD FRQVHJXLUOR KDVWD TXH OR
VLHQWDVDOFDQ]DEOH
5HWURFHGH\DQDOL]DWXWUDEDMRDQWHULRUSDUDYHUVLKD\iUHDVHQ
ODVTXHSRGUtDVKDEHUORKHFKRPHMRU
&HOHEUDWXVSURJUHVRV\HQRUJXOOpFHWHGHWXVORJURV

$SUHQGHDWRPDUGHFLVLRQHV
¢&XiQWRV GH QRVRWURV DERUGDPRV ODV VLWXDFLRQHV WRPDQGR OD
GHFLVLyQ GHVGH XQ OXJDU GH PLHGR R FDUHQFLD" 6L HOLJHV PLUDU WRGR
FRQ XQD PHQWDOLGDG WHPHURVD R HVFpSWLFD HV LQFUHtEOHPHQWH
SUREDEOH TXH WRPHV GHFLVLRQHV HUUyQHDV /D PHQWH HV UHDOPHQWH
SRGHURVD \ EDVWDQWH WUDPSRVD 1R GLVWLQJXH HQWUH SHQVDPLHQWRV \
DFFLRQHV6yORSXHGHVFRQWURODUORVSHQVDPLHQWRVTXHSURGXFHV
$O WRPDU GHFLVLRQHV PHWDFRJQLWLYDV VREUH OD QDWXUDOH]D GHO
SHQVDPLHQWR  SXHGHV HOHJLU QR SHQVDU HQ SDWURQHV TXH OHYDQWDQ
PXURV EORTXHDGRV GH MXLFLR SHVLPLVPR R DXWRGHVWUXFFLyQ &XDQGR
WHHQIUHQWDVDXQDGHFLVLyQTXHGHEHVWRPDU¢TXpKDFHVDQWHVGH
WRPDUOD" ¢7H YXHOYHV ORFR FRQ WXV SHQVDPLHQWRV KDVWD TXH
HVHQFLDOPHQWHWHPDUHDV"¢'HMDVTXHRWURWRPHODVGHFLVLRQHVSRU
WL"

(VLPSRUWDQWHDERUGDUODVGHFLVLRQHVFRQFXULRVLGDG\VLJXLHQGRXQD
OyJLFD 3DUD D\XGDUWH HQ WX WRPD GH GHFLVLRQHV \ DVt DSOLFDUOR DO
iPELWRODERUDOHQHOTXHWHGHVHPSHxHVSXHGHVVHJXLUHOVLJXLHQWH
RUGHQDOPRPHQWRGHWRPDUXQDGHFLVLyQDFHUWDGD

'HILQLU HO SUREOHPD (O SULPHU SDVR HV GHILQLU GH PDQHUD
FRUUHFWD HO SUREOHPD 3RU HMHPSOR SXHGH TXH WH HVWpV
SODQWHDQGRTXpRIHUWDGHHPSOHRHVFRJHUFXDQGRUHDOPHQWHOD
SUHJXQWD TXH WH GHEHV IRUPXODU HV VL TXLHUHV FRPHQ]DU D
WUDEDMDU R SUHILHUHV VHJXLU IRUPiQGRWH SDUD FXPSOLU FRQ WXV
REMHWLYRV 3RU HOOR HV LPSRUWDQWH TXH DQDOLFHV OD FXHVWLyQ HQ
SURIXQGLGDG VLQ GHMDUWH OOHYDU SRU SUHMXLFLRV R SDUD GDU SRU
VHQWDGDVGHWHUPLQDGDVRSFLRQHV
¢&XiOHVVRQODVRSFLRQHV"(QIyFDWH HQ YDORUDU VLPSOHPHQWH
ORV SURV \ ORV FRQWUDV GH FDGD XQD GH ODV RSFLRQHV &RPR
SULPHUD DSUR[LPDFLyQ HVWi ELHQ (O SUREOHPD HV TXH UHVXOWD
LQVXILFLHQWH H LQWHUPLQDEOH HQ HO VHQWLGR GH TXH SXHGHV
SHUPDQHFHUGXUDQWHVHPDQDVDODUJDQGRHVWDOLVWDGHYHQWDMDV\
GHVYHQWDMDV VLQ GHFLGLUWH (V PiV VHJXUR TXH WH KDV
GHVFXELHUWRDWLPLVPRHQHVWDVLWXDFLyQSDVDQGRHQEXFOHGHOD
FROXPQD GH OR EXHQR GH XQD RSFLyQ D OR PDOR GH OD RWUD <
FXDQGR \D WHQtDV GHFLGLGR $ HPSLH]DV D YHU WRGRV ORV
SUREOHPDVTXHWHYDDGDU\WHYDVD%HQXQFtUFXORYLFLRVR\
HWHUQR

6LPSOHPHQWH UHYLVD UiSLGDPHQWH ORV SURV \ FRQWUDV \ FRQWLQXD D OD


VLJXLHQWHSUHJXQWD
¢&XiOHV SRGUtDQ VHU ODV FRQVHFXHQFLDV" 3LHQVD ¢HVWD
GHFLVLyQ DIHFWDUi D PL YLGD GHQWUR GH  DxR" ¢< GH  R GH 
DxRV"$OJRTXHSXHGHD\XGDUWHHVGLVWLQJXLUELHQHODOFDQFHTXH
WX GHFLVLyQ SXHGH WHQHU HQ WX YLGD D FRUWR D PHGLR \ D ODUJR
SOD]R (VWR LQIOXLUi HQ TXH HVWpV PiV R PHQRV GLVSXHVWR D
DUULHVJDU FLHUWDV FRVDV \ D DIURQWDU DOJXQDV GLILFXOWDGHV
DxDGLGDV,QWHQWDYLVXDOL]DUWHDORODUJRGHXQDOtQHDGHWLHPSR
\REVHUYDUODUHSHUFXVLyQTXHSXHGHWHQHUHQWLHVWDGHFLVLyQ
¢4Xp HV OR SHRU TXH SRGUtD SDVDU VL WH HTXLYRFDUDV" (VWD
SUHJXQWDD\XGDDHQWHQGHUHOSHRUHVFHQDULRSRVLEOHDOWLHPSR
TXH WRPDV FRQFLHQFLD GH OD UHSHUFXVLyQ SUiFWLFD UHDO 8QD YH]
TXH YLVXDOL]DV HO UHVXOWDGR PiV QHJDWLYR GH OD RSFLyQ HOHJLGD
SUHJ~QWDWHVLODVFRQVHFXHQFLDVDIHFWDUtDQDXQiUHDLPSRUWDQWH
GHWXYLGDFyPR\FXiQWR

¢7HLPDJLQDVDIURQWiQGROR"

¢7HVLHQWHVFDSD]GHDERUGDUHOSHRUGHORVHVFHQDULRV"

<GHHVWDVUHIOH[LRQHVHQOD]DUtDPRVFRQODVLJXLHQWHFXHVWLyQ

/OHYDU D FDER OD GHFLVLyQ &XDQGR LPSODQWDV XQD VROXFLyQ R


DOWHUQDWLYD WHQGUiV TXH QRWLILFDUOR SUHYLDPHQWH D WRGRV ODV
SHUVRQDV LPSOLFDGDV 'HEHUiV VHJXLU XQ SODQ SDUD TXH WX
GHFLVLyQ VHD WDQJLEOH \UHDOL]DEOH $GHPiV KD\ TXH FRQVLGHUDU
VL FRQYLHQH HMHFXWDU OD GHFLVLyQ LQPHGLDWDPHQWH R VL HV PHMRU
HVSHUDU
6HJXLPLHQWR8QDYH]HVWiVSRQLHQGRHQPDUFKDWXVROXFLyQWH
FRQYLHQH KDFHU XQ VHJXLPLHQWR TXH WH SHUPLWD WHQHU WRGR EDMR
FRQWURO (VWD UHWURDOLPHQWDFLyQ HV FODYH SDUD LU DGDSWDQGR R
KDFLHQGRDMXVWHVVLODVLWXDFLyQORUHTXLHUHWDQWRHQHOSURFHVR
FRPRHQORVUHFXUVRVRSHUVRQDVLPSOLFDGDV
(YDOXDFLyQ 8QD YH] LPSOHPHQWDGD OD VROXFLyQ WHQGUiV TXH
HYDOXDU ORV UHVXOWDGRV REWHQLGRV \ UHYLVDU VL HVWRV VRQ
VDWLVIDFWRULRV6LHPSUHDQDOL]DWRGRGHVGHHOSXQWRGHYLVWDGHO
FUHFLPLHQWR SHUVRQDO R ODERUDO GHSHQGLHQGR GHO iPELWR GyQGH
WRPDVWHODGHFLVLyQ

$WUpYHWHDKDFHUSUHJXQWDVFRUUHFWDV

8QD GH ODV IRUPDV PiV HILFDFHV GH SHUVXDGLU \ FRQJHQLDU FRQ OD
JHQWHHVKDFLHQGRSUHJXQWDV+DFHUODVSUHJXQWDVFRUUHFWDVSXHGH
D\XGDUWHDFRQVWUXLUUHODFLRQHVDXWpQWLFDV\GHFDOLGDG

7H VRUSUHQGHUtD OD UHVSXHVWD TXH REWLHQHV FXDQGR KDFHV ODV


SUHJXQWDV DGHFXDGDV +DFHU SUHJXQWDV WDPELpQ KDFH TXH OD JHQWH
VHVLHQWDDJXVWRSRUTXHVDEHTXHHVWiVUHDOPHQWHLQWHUHVDGRHQOR
TXH WLHQHQ TXH GHFLU $Vt TXH SUHJXQWD D OD JHQWH VREUH VXV
LQWHUHVHVVXVSUHRFXSDFLRQHV\VXYLGD6LQRHVWiQGHKXPRUSDUD
FRPSDUWLU QR SDVD QDGD SRUTXH LJXDO HQWHQGHUiQ FXDQGR OHV GHV
HVSDFLR

6L OD SHUVRQD HVWi LQWHUHVDGD HQ XQ WHPD GHWHUPLQDGR SXHGHV
SUHJXQWDUOH GHVGH FXiQGR OH LQWHUHVD HVH WHPD R FyPR HPSH]y
7DPELpQ SXHGH SUHJXQWDU D OD JHQWH VREUH VXV VHQWLPLHQWRV R
SHQVDPLHQWRVVREUHXQWHPDFRQFUHWR6LODSHUVRQDHVWiWHQLHQGR
XQPDOGtDVLPSOHPHQWHDJUDGpFHOHVXWLHPSR

$SUHQGHDFUHDU5DSSRUWGHIRUPDQDWXUDOFRQ
ODVSHUVRQDV
+D\ PXFKDV WpFQLFDV GLIHUHQWHV TXH VH SXHGHQ XWLOL]DU SDUD FUHDU
UDSSRUWFRQDOJXLHQ8QDGHODVPiVLPSRUWDQWHVHVHQWHQGHUFyPR
SLHQVD\VHFRPXQLFDODRWUDSHUVRQD+D\TXHVHUFDSD]GH³KDEODU
VXLGLRPD´SDUDFRQHFWDUFRQHOODDXQQLYHOPiVSURIXQGR8QDYH]
HVWDEOHFLGD OD UHODFLyQ WH UHVXOWDUi PiV IiFLO SHUVXDGLUOD $OJXQDV
IRUPDVGHFUHDUUDSSRUW

8QD IRUPD GH FUHDU XQD EXHQD UHODFLyQ HV UHIOHMDU HO OHQJXDMH
FRUSRUDO GH OD RWUD SHUVRQD 6L VH LQFOLQD W~ WDPELpQ GHEHUtDV
LQFOLQDUWH6LVHFUX]DGHEUD]RVSXHGHVKDFHUORPLVPR(VWRWH
D\XGDUi D FRQHFWDU FRQ HOORV D XQ QLYHO PiV SURIXQGR \ D
GHPRVWUDUTXHHVWiVLQWHUHVDGRHQORTXHWLHQHQTXHGHFLU
2WUDIRUPDGHHVWDEOHFHUXQDEXHQDUHODFLyQHVXWLOL]DUWRQRVGH
YR] VLPLODUHV 6L OD RWUD SHUVRQD KDEOD FRQ XQD YR] DJXGD
LQWHQWD LJXDODU VX WRQR 6L KDEOD FRQ YR] JUDYH KD] OR PLVPR
(VWRWHD\XGDUiDVRQDUPiVFRPRHOORV\DSDUHFHUPiVGLJQR
GHFRQILDQ]D
3RU~OWLPRSXHGHVXWLOL]DUSDODEUDV\IUDVHVVLPLODUHV6LODRWUD
SHUVRQDXWLOL]DPXFKRVDGMHWLYRVW~KD]ORPLVPR

3RUHOORHVPX\LPSRUWDQWHTXHWHWRPHVHOWLHPSRQHFHVDULRSDUD
FRQRFHU UHDOPHQWH D OD RWUD SHUVRQD 7LHQHV TXH HVWDU DELHUWR D
HOORV \ PRVWUDU TXH HVWiV GLVSXHVWR D HQWHQGHU VX SHUVSHFWLYD 1R
VLJQLILFD TXH WHQJDV TXH HVWDU GH DFXHUGR SHUR WLHQHV TXH
GHPRVWUDUXQLQWHUpVJHQXLQRHQHOORVFRPRSHUVRQD

&RQ XQ SRFR GH HVIXHU]R SRU WX SDUWH OD UHODFLyQ SXHGH
HVWDEOHFHUVHUiSLGDPHQWH8QDYH]TXHORKD\DVKHFKRWHUHVXOWDUi
PXFKRPiVIiFLOSHUVXDGLUORVRLQIOXLUHQHOORVGHIRUPDSRVLWLYD

(O ~OWLPR SDVR SDUD FUHDU XQD SRGHURVD UHODFLyQ SHUVRQDO R


HPSUHVDULDO HV GHGLFDU HO WLHPSR \ OD HQHUJtD QHFHVDULRV SDUD
FRQRFHU UHDOPHQWH D OD RWUD SHUVRQD (VWR VLJQLILFD WHQHU OD PHQWH
DELHUWD PRVWUDU XQ LQWHUpV JHQXLQR HQ HOORV FRPR SHUVRQD \
HQWHQGHUFyPRVHFRPXQLFDQ(VWDEOHFHUHVWDFRQH[LyQWHSHUPLWLUi
HQ SULPHU OXJDU XQD PHMRU FRPXQLFDFLyQ FRQ HVD SHUVRQD SHUR
WDPELpQXQDIRUPDPiVIiFLOGHSHUVXDGLUODSRUTXHHVWiKDEODQGRWX
LGLRPDDXQQLYHOPiVSURIXQGR/DFUHDFLyQGHUHODFLRQHVUHTXLHUH
WUDEDMR SHUR PHUHFH OD SHQD FXDQGR YHV TXH WXV UHODFLRQHV
IORUHFHQ

¢<VLODSHUVRQDVHUHVLVWHDPt"
(V HVHQFLDO VDEHU FyPR PDQWHQHU XQD UHODFLyQ DERUGDQGR ODV
GLIHUHQFLDV/DPD\RUtDGHORVFRQIOLFWRVVHSURGXFHQHQWUHSHUVRQDV
TXH QR VH FRPXQLFDQ ELHQ 6L WH HQFXHQWUDV HQ XQD VLWXDFLyQ DVt
SRQ HQ SUiFWLFD HVWRV FRQVHMRV SDUD FDPELDU WX IRUPD GH
UHODFLRQDUWH FRQ HVD SHUVRQD 6H WUDWD GH VHU UHVSHWXRVR \ HVWDU
DELHUWRDRWURVSXQWRVGHYLVWD

3ULPHUR LGHQWLILFD HO SUREOHPD $QWHV GH HPSH]DU FXDOTXLHU WUDEDMR


FRQ ORV GHPiV GD XQ SDVR DWUiV \ DQDOL]D D OD SHUVRQD TXH VH
UHVLVWH D WL R D WXV LGHDV $YHULJXD VL VX PRWLYDFLyQ HV OD IDOWD GH
FRQRFLPLHQWR R XQ VLPSOH PDOHQWHQGLGR &XDQWR PHMRU HQWLHQGDV
FXiO HV VX SUREOHPD PiV IiFLO WH UHVXOWDUi DERUGDUOR
DGHFXDGDPHQWH

$FRQWLQXDFLyQ DOJXQRV SXQWRV TXH GHEHV WHQHU HQ FXHQWD FXDQGR


WLHQHVTXHOLGLDUFRQDOJXLHQFRPSOLFDGR

0DQWpQODFDOPD1RWHGHMHVOOHYDUSRUHOFDORUGHOPRPHQWR
(Q VLWXDFLRQHV FRQ DOWD FDUJD HPRFLRQDO JULWDU DFXVDU \
VHxDODU FRQ HO GHGR VROR YD D HPSHRUDU WRGR 3RU PiV GLItFLO
TXH VHD PDQWpQ HO WRQR GH YR] EDMR \ WUDQTXLOR &RQWUROD WX
UHVSLUDFLyQFRQLQVSLUDFLRQHVSURIXQGDV\OHQWDV
6p XQ EXHQ R\HQWH (VFXFKDU HV HO SDVR Q~PHUR XQR SDUD
OLGLDU FRQ JHQWH FRPSOLFDGD 7RGR HO PXQGR TXLHUH VHU
HVFXFKDGR \ QR VH SXHGH ORJUDU SURJUHVR KDVWD TXH OD RWUD
SHUVRQD VH VLHQWH UHFRQRFLGD 0LHQWUDV HVWiV HVFXFKDQGR
HQIyFDWHUHDOPHQWHHQORTXHODRWUDSHUVRQDHVWiGLFLHQGRQR
HQORTXHTXLHUHVGHFLUDFRQWLQXDFLyQ
'pMDORV WHUPLQDU GH KDEODU ,QWHUUXPSLU SXHGH HVFDODU ODV
FRVDV 6L WH PDQWLHQHV FDOPDGR \ FHQWUDGR OD JHQWH GLItFLO
SRGUiHQWHQGHU\HPSH]DUiQDWUDQTXLOL]DUVH
6p UHVSHWXRVR &ODUR TXH KD\ OtPLWHV SHUR
LQGHSHQGLHQWHPHQWH GH FyPR WH WUDWD OD RWUD SHUVRQD HYLWD
PRVWUDU GHVSUHFLR (VWR VyOR YD D HPSHRUDU HO FRQIOLFWR 1R
MX]JXHVSRUTXHQRVDEHVORTXHHVWDSHUVRQDHVWiSDVDQGR\
WDPSRFR SRU TXp VH FRPSRUWD DVt /R PiV SUREDEOH HV TXH
VLHQWD PLHGR R VHD DOJXLHQ PiV YXOQHUDEOH %XVFD HO PRWLYR
RFXOWR GH OD DJUHVLYLGDG ¢4Xp UHDOPHQWH HVWD SHUVRQD HVWi
LQWHQWDQGR JDQDU R HQFXEULU" $GHPiV QR WH OR WRPHV FRPR
DOJRSHUVRQDO
0DQLILHVWDWXVSXQWRVGHYLVWDGHIRUPDFODUD\DVHUWLYD1R
OH EULQGHV D OD SHUVRQD OD RSRUWXQLGDG GH PDQLSXODUWH R
GLVWRUVLRQDUWXVSDODEUDV+D]TXHWXVHQXQFLDGRVHPSLHFHQHQ
SULPHUD SHUVRQD \ QR IRUPXOHV DFXVDFLRQHV KDFLD OD RWUD
SHUVRQD 'L SRU HMHPSOR ³&RPSUHQGR TXH HVWiV PROHVWR
SRUTXH OOHJXp WDUGH <R PH VHQWLUtD LJXDO VL IXHUD W~ 3RU
GHVJUDFLDODOtQHDGHOPHWURVHDYHULyHVWDPDxDQD\WRGRVQRV
TXHGDPRV DWUDSDGRV HQ OD HVWDFLyQ /DPHQWR PXFKR KDEHUWH
KHFKR HVSHUDU´ 1XQFD GLJDV DOJR FRPR ³(VWiV ORFR VL
HVSHUDEDVTXHOOHJXHSXQWXDODQXHVWUDFLWDFXDQGRHOVLVWHPD
GHO PHWUR VH DYHULy 6L GH YHUGDG WH SUHRFXSDV WDQWR SRU Pt
KXELHUDV EXVFDGR HO LWLQHUDULR GH OD OtQHD HQ LQWHUQHW SDUD
YHULILFDUTXpHVWDEDSDVDQGR´
3RQ OtPLWHV $XQTXH VHD LPSRUWDQWH HVFXFKDU \ GHMDU TXH OD
RWUDSHUVRQDVHGHVDKRJXHKD\TXHSRQHUDOJXQRVOtPLWHV\QR
GHMDUTXHQDGLHWHKXPLOOHRVHSDVHGHODUD\D6LHVWRRFXUUH
QR GXGHV HQ SHGLU HO UHVSHWR TXH PHUHFHV VLHPSUH VLHQGR
FRUGLDOSHURILUPH5HFXHUGDTXHTXL]iHUHVHOUHVSRQVDEOHGHO
PRWLYRGHVXHQRMRSHURQRORHUHVGHVXGHVFRQWUROHPRFLRQDO
&RPSDUWH WX SURSLD KLVWRULD FRQ OD RWUD SHUVRQD SDUD TXH
HQWLHQGDODVLWXDFLyQ\FRQVXHUWHODUHODFLRQHFRQVXVSURSLDV
H[SHULHQFLDVWDPELpQ
3LGHD\XGD6LVLHQWHV TXH OD UHODFLyQ FRQ OD SHUVRQD QR HVWi
SURJUHVDQGR\WLHQHTXHKDFHUOREXVFDXQPHGLDGRUSRWHQFLDO
(VSUREDEOHTXHWXMHIHSXHGDD\XGDUWHDPHMRUDUODVLWXDFLyQ
6L HO FRQIOLFWR VH GHVDUUROOD GHQWUR GH OD IDPLOLD EXVFD XQD
SHUVRQDLPSDUFLDOTXHOHVD\XGHDQHJRFLDU+D]ORSRVLEOHSRU
FRPSDUWLUWXVTXHMDVVRORFRQSHUVRQDVGHWXFRQILDQ]D
/XHJRGHODGLVFXVLyQOLEHUDODWHQVLyQ\HOHVWUpV'XUDQWH
HO FRQIOLFWR KDV WHQLGR TXH KDFHU XQ HVIXHU]R HQRUPH SDUD
FRQWURODU WXV UHDFFLRQHV QDWXUDOHV 3DVDGD OD WRUPHQWD QR
GHMHVTXHODVHPRFLRQHVVHTXHGHQJXDUGDGDVHQWXFXHUSR\
HQFXHQWUD XQD PDQHUD GH GHVFDUJDU OD DGUHQDOLQD DFXPXODGD
3XHGHVLUDFRUUHUTXHGDUWHFRQXQDPLJRVRKDVWDKDFHUXQD
FODVH GH ER[HR /D DFWLYLGDG QR LPSRUWD /R IXQGDPHQWDO HV
PLPDUWHXQSRFRGHVSXpV
$FHSWDTXHVLHPSUHH[LVWLUiQSHUVRQDVGLItFLOHV1RLPSRUWD
GyQGH WH HQFXHQWUHV HQ WX FDVD R HQ HO WUDEDMR  VLHPSUH WH
WRSDUiVFRQSHUVRQDVTXHSDUHFHQYLYLUSDUDODVWLPDUDRWURV(O
VHFUHWRHVWiHQDSUHQGHUDOLGLDUFRQHVWHWLSRGHSHUVRQDV
ĉ

)'#(4  '#, Ķ#,.-Ķ ,(#-

/DVFUHHQFLDVVRQVXSRVLFLRQHVTXHKDFHPRVVREUHHOPXQGR\VRQ
WDPELpQ XQD SDUWH LPSRUWDQWH GH OD 31/ 3ULPHUR LGHQWLILFD WXV
FUHHQFLDV8QD YH]TXHODVFRQRFHVSXHGHVHPSH]DUDFDPELDUODV
VLHVQHFHVDULR

+D\WUHVWLSRVSULQFLSDOHVGHFUHHQFLDV

&UHHQFLDV SRVLWLYDV 6RQ FUHHQFLDV TXH WH DSR\DQ \ WH GDQ


SRGHU,QFOX\HQFRVDVFRPR³VR\FDSD]´³SXHGRKDFHUFXDOTXLHU
FRVDTXHPHSURSRQJD´\³VR\EXHQRHQORTXHKDJR´
&UHHQFLDVQHJDWLYDV6RQFUHHQFLDVTXHWHOLPLWDQ RUHVWULQJHQ
,QFOX\HQ FRVDV FRPR ³QR VR\ OR VXILFLHQWHPHQWH EXHQR´ ³QR
SXHGRKDFHUOR´\³QRVR\GLJQR´
&UHHQFLDVQHXWUDV6RQFUHHQFLDVTXHQRWLHQHQUHDOPHQWHXQD
FRQVHFXHQFLDGLUHFWDHQWXVYLGDV

/DV FUHHQFLDV SRVLWLYDV VRQ LPSRUWDQWHV SRUTXH WH D\XGDQ D


PDQWHQHUWH PRWLYDGR \ FHQWUDGR HQ WXV REMHWLYRV /DV FUHHQFLDV
QHJDWLYDV HQ FDPELR SXHGHQ IUHQDUWH H LPSHGLUWH DOFDQ]DU WXV
REMHWLYRV
(V LPSRUWDQWH VHU FRQVFLHQWH GH WXV FUHHQFLDV SDUD SRGHU
FDPELDUODV VL OR QHFHVLWDV 3XHGHV KDFHUOR LGHQWLILFDQGR ODV
VLWXDFLRQHV HQ ODV TXH WXV FUHHQFLDV WH OLPLWDQ 8QD YH] TXH OR
KDJDVSXHGHVHPSH]DUDFDPELDUODVSRUFUHHQFLDVSRVLWLYDVTXHWH
DSR\HQ\SRWHQFLHQ

0XFKDV GH WXV FUHHQFLDV VRQ LUUDFLRQDOHV HV GHFLU QR VH


FRUUHVSRQGHQ FRQ OD UHDOLGDG 3XHGHQ VHU SHUMXGLFLDOHV SRUTXH
SXHGHQFRQGXFLUDSHQVDPLHQWRV\HPRFLRQHVQHJDWLYDV

&XDQGR FUHHV TXH DOJR HV FLHUWR DXQTXH QR KD\D SUXHEDV TXH OR
UHVSDOGHQ SXHGHV DFDEDU VLQWLpQGRWH PDO FRQWLJR PLVPR 3RU HVR
HV LPSRUWDQWH GHELOLWDU ODV FUHHQFLDV LUUDFLRQDOHV LGHQWLILFiQGRODV \
FXHVWLRQiQGRODV7DPELpQSXHGHVLQWHQWDUDFWXDUFRPRVLQRIXHUDQ
FLHUWDVKDFLHQGRODVFRVDVTXHFUHHVTXHQRSXHGHVKDFHU$OKDFHU
HVWR SXHGHV HPSH]DU D URPSHU HO VLVWHPD GH FUHHQFLDV TXH QRV
HVWiFDXVDQGRGDxR

$OJXQDVGHWXVFUHHQFLDVHVWiQWDQDUUDLJDGDVTXHQRVUHVXOWDGLItFLO
FXHVWLRQDUODV(QHVWRVFDVRVSXHGHVLQWHQWDUGHELOLWDUODVDFWXDQGR
FRPR VL QR IXHUDQ FLHUWDV 3RU HMHPSOR VL FUHHV TXH HUHV PDOR HQ
PDWHPiWLFDV SXHGHV LQWHQWDU KDFHU SUREOHPDV PDWHPiWLFRV GH
WRGDV IRUPDV DXQTXH QR FUHDV TXH YD\DV D WHQHU p[LWR (VWR
D\XGDUiDGHELOLWDUODFUHHQFLDQHJDWLYD

$KRUDUHYLVHPRVFRPRVHYHQODVFUHHQFLDVHQHOGtDDGtD

8Q GtD $OLFH VH GLULJtD DO WUDEDMR FXDQGR YLR D XQ


KRPEUHHQODFDOOHFRQXQFDUWHOTXHGHFtD³1RWHQJR
FDVD´ $OLFH VH FRPSDGHFLy GH pO \ OH GLR DOJR GH
GLQHUR &XDQGR OOHJy DO WUDEDMR OHV KDEOy D VXV
FRPSDxHURVGHOKRPEUH\GHFyPROHKDEtDD\XGDGR
8QRGHVXVFRPSDxHURV%REGLMRTXHQRFUHtDTXHHO
KRPEUH UHDOPHQWH QR WXYLHUD FDVD 'LMR TXH
SUREDEOHPHQWHHOKRPEUHVyORTXHUtDDSURYHFKDUVHGH
OD DPDELOLGDG GH OD JHQWH (VWR KL]R TXH $OLFH VH
HQIDGDUD 3HQVy ³¢&yPR SXHGH %RE GHFLU HVR" eO
VDEH TXH VR\ XQD SHUVRQD DPDEOH \ TXH VyOR OH GL
GLQHURDOKRPEUHSRUTXHTXHUtDD\XGDUOH´

(VWH HV XQ HMHPSOR GH FyPR OD FUHHQFLD GH $OLFH GH TXH HV XQD
SHUVRQDERQGDGRVDODOOHYyDDFWXDUDPDEOHPHQWHFRQHOKRPEUHGH
ODFDOOH6LJDPRVFRQHOHMHPSOR

&XDQGR$OLFHOOHJyDFDVDHVDQRFKHKDEOyFRQVXPDULGRVREUHOR
TXHKDEtDGLFKR%RE/HGLMRORPXFKRTXHOHHQIDGDEDTXHpOQROH
FUH\HUD 6X PDULGR OH UHVSRQGLy TXH SHQVDED TXH %RE VyOR
LQWHQWDEDVHUUHDOLVWD'LMRTXHKD\PXFKDJHQWHTXHVHDSURYHFKD
GHODERQGDGGHORVGHPiV

(VWR KL]R TXH $OLFH VH UHSODQWHDUD VX FUHHQFLD GH TXH HUD XQD
SHUVRQD DPDEOH (PSH]y D SHQVDU TXH WDO YH] %RE WHQtD UD]yQ \
TXH KD\ PXFKD JHQWH SRU DKt TXH HV GHVKRQHVWD (VWD QXHYD
FUHHQFLD KL]R TXH HPSH]DUD D GHVFRQILDU GH OD JHQWH OR TXH KL]R
TXH OH UHVXOWDUD PiV GLItFLO FRQILDU HQ DOJXLHQ LQFOXLGRV VXV
FRPSDxHURVGHWUDEDMR\VXPDULGR

/DVSHUVRQDVFRPR$OLFHDPHQXGRQRSXHGHQYHUVXSURSLRVHVJR
KDFLD OD FUHHQFLD GH TXH VLHPSUH VRQ DPDEOHV X KRQHVWRV (V
SHUIHFWDPHQWH FRPSUHQVLEOH TXH DOJXLHQ TXH VyOR TXLHUH D\XGDU D
ORV TXH OH URGHDQ DFW~H FRQ DPDELOLGDG SHUR HV LPSRUWDQWH TXH
WRGRVUHFRUGHPRVTXHQRSXHGHVVDEHUORWRGRVREUHWRGRHOPXQGR
\TXHDYHFHVWXVVXSRVLFLRQHVQRVRQGHOWRGRFRUUHFWDV

$O ILQDO QR HV LPSRUWDQWH VL HO KRPEUH VLQ KRJDU PHQWtD R QR (O
SXQWR D GHVWDFDU HV TXH ODV FUHHQFLDV VRQ ORV SHQVDPLHQWRV TXH
WHQHPRV XQD \ RWUD YH] 6XHOHQ EDVDUVH HQ WXV H[SHULHQFLDV
SHUVRQDOHV\HQODLQIRUPDFLyQTXHKDVREWHQLGRGHRWUDVSHUVRQDV
7LHQGHV D FUHHU OR TXH TXLHUHV FUHHU \ HVWR D PHQXGR SXHGH
FRQGXFLUDFUHHQFLDVLUUDFLRQDOHV3DUDGHELOLWDUWXVFUHHQFLDVWLHQHV
TXH FXHVWLRQDUODV \ PLUDUODV GHVGH XQD SHUVSHFWLYD GLIHUHQWH
7DPELpQ SXHGHV LQWHQWDU UHIXWDUODV EXVFDQGR SUXHEDV TXH ODV
FRQWUDGLJDQ

¢3RUTXpQRSXHGRGHVKDFHUPHGHXQDFUHHQFLDXQDYH]TXHVHKD
IRUPDGR"

/D PHMRU PDQHUD GH OLEUDUVH GH ODV FUHHQFLDV HV GHVKDFHUVH GH OD
MXVWLILFDFLyQGHODVPLVPDV/DPD\RUtDGHODJHQWHGHFLGHFUHHUHQ
DOJRVyORSRUTXHVt\FXDQGRPiVWDUGHGHVFXEUHQXHYDVSUXHEDV
HQ FRQWUD FDPELD IiFLOPHQWH GH RSLQLyQ 8QD HVWUDWHJLD PHMRU TXH
LQWHQWDUFRPEDWLUODVFUHHQFLDVHVDWDFDUVXVIXQGDPHQWRV

8QUDFLRQDOLVWDVDEHTXHODVFUHHQFLDVVHEDVDQHQSUXHEDV\TXH
QLQJXQDFUHHQFLDHVVDJUDGD/DFODYHHVWiHQHQFRQWUDUHOHTXLOLEULR
DGHFXDGRHQWUHFRQILDUHQWXVVHQWLPLHQWRVYLVFHUDOHV\HVWDUDELHUWR
DQXHYDVSUXHEDVRSHUVSHFWLYDV

 /D IRUPD FRUUHFWD GH FDPELDU FUHHQFLDV


OLPLWDQWHV
8QDIRUPDIiFLOGHFDPELDUXQDFUHHQFLDFRQ31/HVXWLOL]DUXQDR
PiV GH ODV VLJXLHQWHV SUHJXQWDV FXDQGR WH HQFXHQWUHV HQ XQD
VLWXDFLyQHQODTXHWXVFUHHQFLDVWHHVWpQOLPLWDQGR

¢4XpRFXUULUiVLQRORKDJR"
¢&XiO HV RWUD FUHHQFLD TXH SRGUtD D\XGDUPH D VXSHUDU HVWD
VLWXDFLyQ"
¢&yPRSRGUtDVHQWLUVHRWUDSHUVRQDHQHVWDVLWXDFLyQ"
3RU HMHPSOR VL QR HVWiV VHJXUR GH VL WX SURFUDVWLQDFLyQ HVWi
FDXVDGDSRUXQDFUHHQFLDUDFLRQDORLUUDFLRQDOVLJXHWUDEDMDQGRHQ
HO FDPELR GH WXV FRPSRUWDPLHQWRV SDUD YHU VL KD\ DOJ~Q FDPELR
6LJXH SUREDQGR FRVDV GLIHUHQWHV KDVWD TXH HQFXHQWUHV DOJR TXH
IXQFLRQH

6LDOJXLHQVHTXHMDGHORGLItFLOTXHHVKDFHUFDPELRVHQVXYLGD\R
OH SUHJXQWDUtD TXp SRGUtD SDVDU VL QR KDFH QLQJ~Q FDPELR (VWR
VXHOHLQLFLDUXQDFRQYHUVDFLyQTXHD\XGDDODSHUVRQDDH[SORUDUOD
FUHHQFLD TXH HVWi FDXVDQGR OD SURFUDVWLQDFLyQ 7DPELpQ HQFXHQWUR
TXHHVWHWLSRGHSUHJXQWDVSXHGHD\XGDUDODVSHUVRQDVDH[SORUDU
FUHHQFLDVPiVUDFLRQDOHV

³1XQFDROYLGHVTXHQXHVWUDUHDOLGDGHVVRORXQPDSDTXHVHSXHGH
PRGLILFDUDQXHVWURJXVWR´

6RQPXFKRVORVH[SHUWRVHQ31/TXHLQGLFDQTXHODFRPSUHVLyQGHO
PXQGRHVWiHQOD]DGDGLUHFWDPHQWHFRQQXHVWUROHQJXDMH\ODVLGHDV
TXH ORJUDPRV FUHDU FRQ HOOR (Q QXHVWUR FDPSR HQ OD 31/ D HVWR
VHOHFRQRFHFRPRFUHHQFLDVOLPLWDQWHV

3DUD FRQWH[WXDOL]DU OR TXH VRQ ODV FUHHQFLDV OLPLWDQWHV YHiPRVOR


FRQXQHMHPSOR

3HGUR TXLHQ DFWXDOPHQWH HV XQ KRPEUH GH  DxRV


VLHPSUH KD WHQLGR XQ GLVWDQFLDPLHQWR FRQ OR TXH VRQ
ORV Q~PHURV HVSHFtILFDPHQWH FRQ ODV PDWHPiWLFDV
&XDQGR 3HGUR HUD SHTXHxR DO LJXDO TXH PXFKRV
QLxRV WXYR OD PDOD H[SHULHQFLD GH VDFDUVH XQD PDOD
FDOLILFDFLyQHQXQH[DPHQGHPDWHPiWLFDVSHURDpOOR
DIHFWRGHVREUHPDQHUDORFXDOORGHMRPDUFDGRGHSRU
YLGD &RQ HO SDVDU GH ORV DxRV DVXPLy TXH ODV
PDWHPiWLFDV HUDQ GLItFLOHV TXH pO QR HUD OR
VXILFLHQWHPHQWH LQWHOLJHQWH FRPR SDUD DSUHQGHUODV \
TXH GHILQLWLYDPHQWH QR HUDQ SDUD pO 6H GHGLFy D
HYLWDUODV \ QXQFD SHQVy PiV DOOi GH HVH
GHVDIRUWXQDGRH[DPHQ

(QHOFDVRDQWHULRUSXHGHVUHFRQRFHUTXHODFUHHQFLDOLPLWDQWHHVHO
KHFKRGHTXH3HGURFUHHTXHODVPDWHPiWLFDVVRQGLItFLOHV\TXHpO
QXQFD SRGUi DSUHQGHUODV PRWLYR SRU HO FXDO ODV HYLWD (VWH
SHQVDPLHQWRVHORWRPyWDQHQVHULRTXHHIHFWLYDPHQWHGHFUHWyTXH
ODV PDWHPiWLFDV GHEHQ HVWDU DOHMDGDV GH VX YLGD $Vt HV FRPR OD
PD\RUtD GH ODV SHUVRQDV VH GHMDQ OOHYDU SRU FyPR ORV HYHQWRV
FRWLGLDQRVIRUMDQVXPHQWDOLGDG\FUHHQFLDV\DVHDSDUDELHQRSDUD
PDO

8QGDWRUHYHODGRUHVTXHHOSUREOHPDQRHVWiHQODVFUHHQFLDVHQVt
VLQRHQODIRUPDHQTXHSLHQVDVVREUHHOODVRGLFKRGHRWUDIRUPD
DODIDOWDGHRSFLRQHVTXHVHDGDSWHQDOFRQWH[WRHQGRQGHHVWiV\
DOREMHWLYRTXHTXLHUHVFRQVHJXLU

3RU OR FXDO SXHGHV HQWHQGHU TXH ODV FUHHQFLDV Vt VH SXHGHQ
FDPELDU SHUR OR TXH VH QHFHVLWD QR HV PRWLYDFLyQ QL XQD SDVWLOOD
PiJLFD /R TXH VH QHFHVLWD SDUD FDPELDU OR TXH FUHHPRV VRQ
RSFLRQHV\IRUPDVGHSHQVDUGLVWLQWDV1XHYRVFDPLQRVHQQXHVWUR
PDSDPHQWDO

&XDQGR TXLHUHV DSUHQGHU D HOLPLQDU ODV FUHHQFLDV OLPLWDQWHV PL


FRQVHMR HV LPDJLQDU TXH HQWUH WXV PDQRV WLHQHV XQ PDSD FRQ XQ
GHWDOOHGHOFDPLQRTXHGHEHVVHJXLUSDUDHQFRQWUDUXQWHVRUR

3RGUtDV FRPSDUDUOR FRQ HO PDSD TXH XWLOL]DQ ORV SLUDWDV FXDQGR
EXVFDQXQWHVRURHQODVSHOtFXODV(OPDSDVHUiWXFDPSRGHDFFLyQ
1RWHSUHRFXSHVVLD~QQRFRPSUHQGHVFyPRXVDUOR6RORLPDJtQDOR
HQWXPHQWH

3DUD XVDU WX PDSD GHO WHVRUR QHFHVLWDV VDEHU TXH HQ pO KD\
GLYHUVRVFRPSRQHQWHVHQWUHORVFXDOHVHVWiQ
(ORULJHQHVHOOXJDUGRQGHWHHQFXHQWUDVHQHVWHPRPHQWR(V
WXUHDOLGDGDFWXDO
(OREMHWLYR HOWHVRUR (VGRQGHTXLHUHVOOHJDUWXUHFRPSHQVD
/RV REVWiFXORV (VWRV VRQ LPSHGLPHQWRV TXH ³EORTXHDQ´ HO
FDPLQRDOWHVRUR(VWRVREVWiFXORVVRQWXVFUHHQFLDVOLPLWDQWHV

9ROYLHQGR D OD KLVWRULD GH 3HGUR \ VX PDOD UHODFLyQ FRQ ODV
PDWHPiWLFDV

,PDJLQD TXH 3HGUR WRPy OD GHFLVLyQ GH GHMDU DWUiV HVH PLHGR VLQ
VHQWLGRDODVPDWHPiWLFDV6LHQWH\VDEHTXHDSUHQGHUODVOHDEULUi
XQ PRQWyQ GH SXHUWDV \ RSRUWXQLGDGHV D OD KRUD GH FRQVHJXLU XQ
WUDEDMR ¢3HUR FyPR SXHGH HOLPLQDU HVD FUHHQFLD TXH OOHYD DxRV
GDQGR YXHOWDV HQ VX FDEH]D" eO \D WLHQH VX PDSD GHO WHVRUR < OR
HODERUyPHQWDOPHQWHUHVSRQGLHQGRODVVLJXLHQWHVSUHJXQWDV

¢&XiOHVPLREMHWLYR RWHVRUR "

6X REMHWLYR HV HO ORJUDU DSUHQGHU PDWHPiWLFDV \ SDUD HOOR GHEH
HOLPLQDUWRGRWHPRUTXHH[LVWHGHSRUPHGLR

¢&XiOHVVXRULJHQRSXQWRGHSDUWLGD"

6X SDUWLGD HV HO KR\ HO DKRUD (V FXDQGR WRPD OD GHFLVLyQ GH
HQIUHQWDUHVDFUHHQFLDOLPLWDQWHGHWHQHUOHPLHGRDORVQ~PHURV

¢4XpFDPLQRVHJXLUi"¢([LVWHVRORXQFDPLQRRYDULRVTXHOR
OOHYHQDVXREMHWLYR"

3HGUR VDEH TXH FRPR WRGR PDSD KD\ PXFKRV FDPLQRV TXH OR
SXHGHQ OOHYDU D HQFRQWUDU HO WHVRUR SHUR WDPELpQ VDEH TXH KD\
PXFKRV SHOLJURV \ UXWDV GLItFLOHV GH SRU PHGLR (VDV UXWDV GLItFLOHV
HVWiQSODJDGDVGHFUHHQFLDVOLPLWDQWHVFRPRSRGUtDQVHUHOSHQVDU
TXH³\DHVWR\PX\YLHMRSDUDDSUHQGHU´R³YR\DKDFHUHOULGtFXOR´DO
LJXDO TXH XQ SLUDWD VH SXHGH HQIUHQWDU D YDULRV SHOLJURV HQ VX
FDPLQRDOWHVRURFRPRSRGUtDQVHUDQLPDOHVVDOYDMHVWRUPHQWDVHQ
HOPDUDELHUWRRLQFOXVRRWURVSLUDWDVTXHOHTXLHUDQLPSHGLUHOSDVR

$KRUDTXH3HGURVDEHORTXHWLHQHTXHKDFHUWLHQHRSFLRQHVTXp
HOHJLU

%XVFDU FDPLQRV DOWHUQDWLYRV TXH VHDQ PiV VLPSOHV \ PHQRV


GRORURVRV
$EDQGRQDUHOLQWHQWRGHFRQVHJXLUHOWHVRUR
&RQVLGHUDU TXH SDUD VXV REMHWLYRV QR VDEHU PDWHPiWLFDV QR
HVXQ PD\RU SUREOHPD 3RUOR FXDO OR DEDQGRQD SHUR WDPELpQ
DEDQGRQDODFUHHQFLDOLPLWDQWHTXHSURGXFHGRORU

(V IiFLO QR KDFHU QDGD \ GHMDU SDVDU FXDOTXLHU VLWXDFLyQ TXH WH
JHQHUH XQD FUHHQFLD OLPLWDQWH 3RU OR WDQWR SDUD TXH WX PDSD GHO
WHVRUR VHD VLHPSUH WX PHMRU JXtD VL WH SODQWHDV HOLPLQDU FUHHQFLDV
OLPLWDQWHVORTXHGHEHVKDFHUHVJHQHUDUPiVRSFLRQHVRFDPLQRV
DOWHUQDWLYRV SDUD OOHJDU DO WHVRUR 6LHPSUH KD\ DOWHUQDWLYDV OR
LPSRUWDQWHHVQRPDQWHQHUWHHQHVHFDPLQRTXHWHSURGXFHGRORUR
TXHWHKDFHUYHUWRGRFRPRLPSRVLEOH

³3DUDFDPELDUQXHVWURPRGRGHSHQVDUSULPHURGHEHPRVVHU
FDSDFHVGHFXHVWLRQDUOR´
Ċ

,-/-#®(Ň & ,.  )(-!/#, &)


)
#'*)-#&

/DSHUVXDVLyQHVXQDUWH\XQDKDELOLGDGPX\SRGHURVD GHKHFKR
SRGUtD VHU OD KDELOLGDG PiV SRGHURVD GHO PXQGR /D FDSDFLGDG GH
SHUVXDGLUSXHGHKDFHUTXHFRQVLJDVORTXHTXLHUHVGHODYLGD

/D SHUVXDVLyQ FRQVLVWH HQ VHU FDSD] GH SURYRFDU XQ UHVXOWDGR
GHVHDGRHQODPHQWHGHRWUD SHUVRQD(VWRVHFRQRFHFRP~QPHQWH
FRPRVHUFDSD]GHYHQGHUOHDOJRDDOJXLHQSHURW~SXHGHVXVDUOD
SHUVXDVLyQWRGRVORVGtDVHQ XQDYDULHGDGGHIRUPDV3XHGHTXHQR
WH GHV FXHQWD SHUR OD SHUVXDVLyQ MXHJD XQ SDSHO LPSRUWDQWH HQ WX
YLGDGLDULD

3DUDFRQVHJXLUTXHODJHQWHDFHSWHODLGHDGHWXSURGXFWRVHUYLFLRR
LQFOXVR TXH WH FRQWUDWHQ WLHQHV TXH VDEHU FyPR FRQYHQFHUOHV QR
VyORGHFLUOHV&RQWDQWDVWpFQLFDVGHSHUVXDVLyQGLVSRQLEOHVQXQFD
HV GHPDVLDGR WDUGH SDUD DSUHQGHU \ HPSH]DU D WRPDUVH HQ VHULR
HVWD KDELOLGDG /D FDSDFLGDG GH SHUVXDGLU SXHGH D\XGDUWH D
FRQVHJXLUORTXHTXLHUHV\DVHDFRQYHQFHUDWXMHIHGHTXHWHGpXQ
DXPHQWR GH VXHOGR R FRQVHJXLU TXH WXV DPLJRV YD\DQ D VX ILHVWD
7DPELpQ SXHGH D\XGDUWH D SURJUHVDU HQ WX FDUUHUD \D TXH OD
SHUVXDVLyQ VXHOH VHU XQ FRPSRQHQWH FODYH SDUD HO p[LWR GH ODV
QHJRFLDFLRQHV < SRU ~OWLPR OD SHUVXDVLyQ SXHGH D\XGDUWH D
HVWDEOHFHU PHMRUHV UHODFLRQHV DO FRQVHJXLU TXH OD JHQWH YHD ODV
FRVDVDWXPDQHUD

(V LPSRUWDQWH WHQHU HQ FXHQWD TXH OD SHUVXDVLyQ QR VyOR LPSOLFD
FRQYHQFHURHQJDWXVDUDODJHQWHSDUDTXHKDJDDOJRVLQRTXHVH
SXHGH LQIOXLU \ SHUVXDGLU D OD JHQWH VLPSOHPHQWH FUHDQGR XQ
HVFHQDULR TXH OHV DWUDLJD \ JDQiQGRVH OD FRQILDQ]D GH ORV GHPiV
/RV PHMRUHV SHUVXDVRUHV VLPSOHPHQWH HVFXFKDQ \ WUDWDQ GH
HQWHQGHU OR TXH OD RWUD SHUVRQD TXLHUH \ OXHJR HQFXHQWUDQ OD
PDQHUDGHGiUVHOR

$OJXQDV SHUVRQDV SXHGHQ FUHHU TXH OD SHUVXDVLyQ HV XQD SDODEUD
VXFLD SHUR OD YHUGDG HV TXH OD SHUVXDVLyQ HV XQD KHUUDPLHQWD
SRGHURVD TXH SXHGH XWLOL]DUVH SDUD ELHQ R SDUD PDO /D FODYH HV
XWLOL]DUODSHUVXDVLyQGHIRUPDSRVLWLYD\VHUVLHPSUHVLQFHURFRQOD
SHUVRQDDODTXHVHLQWHQWDSHUVXDGLU

6LTXLHUHVPHMRUDUWXVKDELOLGDGHVGHSHUVXDVLyQKD\DOJXQDVFRVDV
TXHSXHGHVKDFHU

(Q SULPHU OXJDU LQWHQWH VHU XQ PHMRU R\HQWH (V LPSRUWDQWH
HQWHQGHUORTXHTXLHUHODRWUDSHUVRQDDQWHVGHHPSH]DUDLQWHQWDU
SHUVXDGLUOD

(QVHJXQGROXJDUSRQWHHQHOOXJDUGHODRWUDSHUVRQD,QWHQWD
YHUODVLWXDFLyQGHVGHVXSHUVSHFWLYD\HQWHQGHUVXSXQWRGHYLVWD

3RU ~OWLPR Vp VLHPSUH VLQFHUR FRQ OD SHUVRQD D OD TXH LQWHQWDV
SHUVXDGLU 0HQWLU R PDQLSXODU D OD SHUVRQD VyOR VHUi
FRQWUDSURGXFHQWHDODUJRSOD]R

6L SXHGHV FHQWUDUWH HQ HVWDV WUHV FRVDV HVWDUiV HQ FDPLQR GH
FRQYHUWLUWH HQ XQ PHMRU SHUVXDVRU < OR PHMRU GH WRGR HV TXH OD
JHQWHHPSH]DUiDFRQILDUHQWLGHIRUPDQDWXUDOORTXHIDFLOLWDUiD~Q
PiV OD SHUVXDVLyQ $Vt TXH HPSLH]D D HVFXFKDU \ D WUDWDU GH
HQWHQGHU OR TXH TXLHUH OD RWUD SHUVRQD \ HVWDUiV HQ FDPLQR GH
JDQDUVHVXFRQILDQ]D

(OVLJXLHQWHHVXQHMHPSORGHSHUVXDVLyQXWLOL]DGRGHIRUPDSRVLWLYD
\ FRQ VLQFHULGDG HQ XQD VLWXDFLyQ GH YHQWD SXHGHV GHFLU OR
VLJXLHQWH

³&RPSUHQGR TXH SXHGD VHQWLUVH XQ SRFR HVFpSWLFR FRQ UHVSHFWR D


HVWH SURGXFWR \ OR HQWLHQGR SHUIHFWDPHQWH <R WDPELpQ HUD
HVFpSWLFRFXDQGRRtKDEODUGHpOSRUSULPHUDYH]3HURGHVSXpVGH
LQYHVWLJDU XQ SRFR GHVFXEUt TXH HVWH HV HO PHMRU SURGXFWR SDUD
BBBBB UHOOHQDHOHVSDFLRHQEODQFRFRQXQEHQHILFLR 1RVyORKDFH
BBBBB UHOOHQD HO HVSDFLR HQ EODQFR FRQ RWUR EHQHILFLR  VLQR TXH
WDPELpQ WLHQH XQ FRVWR PX\ DFFHVLEOH $Vt TXH FUHR TXH
GHILQLWLYDPHQWHYDOHODSHQDSUREDUOR´

2WUR HMHPSOR SHUR DKRUD SDUD ORJUDU TXH DOJ~Q DPLJR R IDPLOLDU
DFWXpGHODIRUPDHQTXHWXGHVHDVSXHGHVKDEODUOHDVt

³6pTXHWHVLHQWHVLQVHJXURVREUHHVWDGHFLVLyQ<RPHVHQWtDLJXDO
FXDQGRPHORSODQWHpSRUSULPHUDYH]3HURGHVSXpVGHKDEODUFRQ
DOJXQDV SHUVRQDV TXH KDQ WRPDGR HVWD GHFLVLyQ PH GL FXHQWD GH
TXH HUD OR PHMRU SDUD Pt < FUHR TXH WDPELpQ SXHGH VHU OR PHMRU
SDUDWL´

/D SHUVXDVLyQ QXQFD HV IiFLO 1R KD\ WUXFRV TXH VLUYDQ SDUD
FRQYHQFHUDODJHQWHGHODVFRVDVDOLQVWDQWH RQRKD\QLQJXQRTXH
GXUHPXFKRWLHPSRSDUDVHUVLQFHURV 3HURODSHUVXDVLyQQRWLHQH
SRUTXpVHUXQDWDUHDGLItFLO+D\IRUPDVGHKDFHUORPiVIiFLO\WRGR
VH UHGXFH D DSUHQGHU FyPR SLHQVD OD JHQWH \ TXp OHV PXHYH /D
SHUVXDVLyQ HVWi HQ HO FHQWUR GH WRGR OR TXH KDFHV 3XHGH TXH QR
YHDVYHQLUODSHUVXDVLyQSHURHVWiDKt

<ORFLHUWRHVTXHXWLOL]DUODHVPX\~WLOHVSHFLDOPHQWHFXDQGRWLHQHV
XQDPHWDTXHFRQVHJXLU&RQYHQFHUDODJHQWHSDUDTXHKDJDORTXH
TXLHUDV HV XQD KDELOLGDG TXH DXQTXH QR VH DSUHQGH HQ XQD VROD
QRFKH Vt TXH SXHGHV DSUHQGHU VL WLHQHV SDFLHQFLD \ VL WH OR
SURSRQHV

 3ULQFLSLRV EiVLFRV SDUD 3HUVXDGLU


FRUUHFWDPHQWH
(ODUWHGHSHUVXDGLUDODJHQWHHVXQDYHUGDGHUDKDELOLGDGTXHWRGRV
GHEHUtDQWHQHU\TXHPX\SRFRVVDEHQFyPRORJUDU+D\YHFHVHQ
ODV TXH QHFHVLWDV FRQYHQFHU D DOJXLHQ SDUD TXH KDJD DOJR \D VHD
SDUD TXH DFHSWH VDOLU FRQWLJR R KDFHUWH XQ IDYRU \ WLHQHV TXH VHU
FDSD]GHFRQYHQFHUDHVDSHUVRQD1RFXDOTXLHUDSXHGHORJUDUVHU
XQJUDQSHUVXDVRUHQUHDOLGDGQRKD\XQDVRODFODVHRWpFQLFDSDUD
FyPR ORJUDUOR \D TXH GHSHQGHUi GH OD SHUVRQDOLGDG \ HO HVWLOR GH
FDGD SHUVRQD 6LQ HPEDUJR KD\ XQRV SULQFLSLRV JHQHUDOHV TXH
SXHGHQD\XGDUDPHMRUDUWXVKDELOLGDGHVHQODSHUVXDVLyQ

(OSULPHURHVHQWHQGHUTXHODSHUVXDVLyQHVXQDKDELOLGDGVRFLDO\
FRPR WDO UHTXLHUH GH XQD FRPXQLFDFLyQ HIHFWLYD 3DUD SHUVXDGLU D
DOJXLHQQHFHVLWDVFRPSUHQGHUVXVPRWLYDFLRQHV\GDUOHXQPHQVDMH
TXHVHDFRKHUHQWHFRQHOODV6LORJUDVHQWHQGHUTXpHVORTXHHVD
SHUVRQDEXVFDSRGUiVGDUOHXQPHQVDMHTXHODFRQYHQ]DGHTXHWX
REMHWLYRHVWDPELpQHOVX\R

2WURSULQFLSLRLPSRUWDQWHHVVHUFRQYLQFHQWH1REDVWDFRQWHQHUXQ
EXHQ DUJXPHQWR WDPELpQ WLHQHV TXH VHU FDSD] GH H[SRQHUOR GH
IRUPD TXH OD SHUVRQD TXLHUD HVFXFKDU 7LHQHV TXH VHU FODUR
FRQFLVR \ XWLOL]DU DUJXPHQWRV TXH OD SHUVRQD SXHGD HQWHQGHU
7DPELpQ GHEHV VHU UHVSHWXRVR \ DVHJXUDUWH GH TXH WX WRQR HV
DPDEOH\SRVLWLYR

3RU ~OWLPR GHEHV VHU SHUVLVWHQWH /D SHUVXDVLyQ QR HV XQ SURFHVR
UiSLGR \ SXHGH OOHYDU WLHPSR \ P~OWLSOHV LQWHQWRV FRQVHJXLU TXH OD
SHUVRQD HVWp GH DFXHUGR FRQWLJR 7LHQHV TXH HVWDU GLVSXHVWR D
VHJXLU LQWHQWiQGROR KDVWD TXH HQFXHQWUHV XQ PHQVDMH TXH UHVXHQH
FRQODSHUVRQD

7pFQLFDVGHSHUVXDVLyQLQIDOLEOHV
(QHOPXQGRGHORVQHJRFLRVODVWpFQLFDVGHSHUVXDVLyQVHXWLOL]DQ
D PHQXGR SDUD LQIOXLU HQ ODV SHUVRQDV SDUD TXH WRPHQ GHFLVLRQHV
/RVSROtWLFRVORVYHQGHGRUHVGHFRFKHVXVDGRV\ORVSUHVHQWDGRUHV
GHLQIRPHUFLDOHVWLHQHQDOJRHQFRP~QVRQKiELOHVSDUDLQIOXLUHQOD
JHQWH (VWD HV XQD KDELOLGDG FUXFLDO SDUD FRQVHJXLU OR TXH TXLHUHV
HQODYLGD

0LHQWUDV TXH DOJXQDV SHUVRQDV SDUHFHQ VHU QDWXUDOPHQWH EXHQDV


SDUD OD SHUVXDVLyQ RWUDV SXHGHQ QHFHVLWDU XQ SRFR GH D\XGD SDUD
GRPLQDU HO DUWH GH LQIOXLU HQ ORV GHPiV 6L TXLHUHV DSUHQGHU D
SHUVXDGLUDODJHQWHGHIRUPDKiELO\HILFD]VLJXHOH\HQGR

/DSHUVXDVLyQDPHQXGRVHXWLOL]DSDUDFRQVHJXLUTXHDOJXLHQKDJD
DOJR TXH TXL]i QR TXLHUD KDFHU FRPR DFFHGHU D XQD SHWLFLyQ R
FRPSUDU XQ SURGXFWR OD SHUVXDVLyQ SXHGH XWLOL]DUVH SDUD ELHQ R
SDUD PDO SHUR FXDQGR VH XWLOL]D SDUD ELHQ SXHGH VHU XQD
KHUUDPLHQWDFRQPXFKRVEHQHILFLRV

3DUD GHVDUUROODU OD FDSDFLGDG GH SHUVXDVLyQ KD\ TXH HQWHQGHU ORV
IXQGDPHQWRVGHODUHWyULFD/DUHWyULFDHVHOHVWXGLRGHFyPRXWLOL]DU
HO OHQJXDMH FRQ HILFDFLD SDUD SHUVXDGLU D ORV GHPiV ,QFOX\H HO
HVWXGLRGHODDUJXPHQWDFLyQODSUHVHQWDFLyQ\HOHVWLOR

3DUD VHU SHUVXDVLYR KD\ TXH SUHVHQWDU XQ EXHQ DUJXPHQWR 8Q


DUJXPHQWR HV XQ SURFHVR GH UD]RQDPLHQWR OyJLFR TXH DGRSWD XQD
SRVLFLyQ VREUH XQD FXHVWLyQ \ DSRUWD SUXHEDV TXH OD DSR\DQ 3DUD
TXH XQ DUJXPHQWR VHD VyOLGR KD\ TXH DSRUWDU SUXHEDV TXH VHDQ
FUHtEOHV \SHUWLQHQWHV 7DPELpQ KD\ TXH XWLOL]DU XQ OHQJXDMH FODUR \
FRQYLQFHQWH
&RQRFHU ORV IXQGDPHQWRV GH OD UHWyULFD HV FODYH SDUD HQWHQGHU OD
SHUVXDVLyQ &XDQGR LQWHQWHV FRPXQLFDUWH FRQ ORV GHPiV UHFXHUGD
TXH QR EDVWD FRQ GHFLUOHV OR TXH TXLHUHV R QHFHVLWDV TXH KDJDQ
VLQRTXHWDPELpQWLHQHVTXHH[SOLFDUOHVSRUTXpGHEHUtDQHVFXFKDU
WXDUJXPHQWR$YHFHVVLODJHQWHQRHQWLHQGHUHDOPHQWHHOVHQWLGR
GH WX PHQVDMH SXHGH TXH QR OHV FRQYHQ]D $Vt TXH DVHJ~UDWH GH
SUHVHQWDUWXPHQVDMHGHIRUPDTXHFDSWHODDWHQFLyQGHODJHQWH\
PXHVWUHGHIRUPDFRQYLQFHQWHORVPpULWRVGHWXSHWLFLyQ

*UDQSDUWHGHODYLGDWLHQHTXHYHUFRQODSHUVXDVLyQGHVGHLQWHQWDU
FRQYHQFHUWHGHTXHHUHVFDSD]GHVDOLUDFRUUHUGHVSXpVGHXQODUJR
GtDGHWUDEDMRKDVWDFRQYHQFHUDWXMHIHGHTXHWHGpXQ DXPHQWR
GHVXHOGR\SHUVXDGLUDWXVKLMRVGHTXHVHFRPDQODVYHUGXUDV3RU
GHVJUDFLDQRQDFHPRVFRQHVWDVKDELOLGDGHVGHEHPRVDSUHQGHUODV
\SUDFWLFDUODV&XDQWRDQWHVHPSLHFHVDDSUHQGHUODVPHMRUWHLUiD
ORODUJRGHWXYLGD

/DSHUVXDVLyQHVXQDKDELOLGDGTXHSXHGHDSUHQGHUVH\PHMRUDUVHD
PHGLGDTXHVHDGTXLHUHPiVH[SHULHQFLD<DQRWHQGUiVTXHGLVFXWLU
FRQWLJRPLVPRVREUHVLVDOLUDFRUUHURQRQLUHJDxDUDWXVKLMRVSDUD
TXH VH FRPDQ ODV YHUGXUDV £VROR WLHQHV TXH DSUHQGHU ODV
KDELOLGDGHV\SUDFWLFDUODV

3DUD SHUVXDGLU D OD JHQWH SXHGHV XWLOL]DU PiV GH XQD WpFQLFD D OD
YH]GHSHQGLHQGRGHDTXLpQLQWHQWHVLQIOXLU6LODSHUVRQDHVDOJXLHQ
TXH FRQRFHV ELHQ HQWRQFHV SXHGHV XWLOL]DU DSHODFLRQHV PiV
SHUVRQDOHV 6L QR HV DVt ORV HQIRTXHV PiV WUDGLFLRQDOHV IXQFLRQDQ
PHMRU /D FODYH HVWi HQ DSUHQGHU TXp WiFWLFDV VRQ ODV PiV
DGHFXDGDVSDUDWXVLWXDFLyQ\SRQHUODVHQSUiFWLFD

/D JHQWH VH FRQYHQFH GH GLIHUHQWHV PDQHUDV 6HUtD LPSRVLEOH


HQXPHUDU \ H[SOLFDU WRGDV SHUR D FRQWLQXDFLyQ WH HQVHxDUp ORV
PpWRGRVPiVFRPXQHV\HIHFWLYRV
 5D]RQDPLHQWR &RQYHQFHU D OD JHQWH
PHGLDQWHFRQODOyJLFD
8QHMHPSORGHSHUVXDVLyQPHGLDQWHHOUD]RQDPLHQWRHVFXDQGRVH
XWLOL]DODOyJLFDSDUDLQWHQWDUFRQYHQFHUDDOJXLHQGHTXHKDJDDOJR
3XHGHV GDUOHV SUXHEDV R HMHPSORV SDUD UHVSDOGDU WX DUJXPHQWR
(VWDSXHGHVHUXQDIRUPDPX\HILFD]GHFRQVHJXLUTXHDOJXLHQYHD
WXSXQWRGHYLVWD\FDPELHVXFRPSRUWDPLHQWR

8Q HMHPSOR GH HVWR VHUtD XQD VLWXDFLyQ HQ OD TXH VH LQWHQWD
FRQVHJXLU TXH DOJXLHQ YRWH 3RGUtDV GDUOH SUXHEDV GH TXH VL QR
YRWDVXFDQGLGDWRSUHIHULGRSRGUtDQRJDQDU\HVRVLJQLILFDUtDTXH
QR WHQGUtD YR] HQ HO JRELHUQR 7DPELpQ SXHGHV GDUOHV SUXHEDV GH
TXH LQFOXVR VL VX FDQGLGDWR QR JDQD SXHGHQ PDUFDU OD GLIHUHQFLD
YRWDQGR

5HIXHU]RSRVLWLYR
(VWDWpFQLFDVHWUDWDGHTXHSUHPLHVHOFRPSRUWDPLHQWRGHVHDGR\D
VHD DODEDQGR D ODV SHUVRQDV GiQGROH UHFRPSHQVDV R KDEODQGR
ELHQGHHOODV

3RUHMHPSORVHSXHGHHORJLDU\UHFRPSHQVDUDORVHVWXGLDQWHVSRU
VX EXHQ UHQGLPLHQWR HQ XQ H[DPHQ 6L ORV HVWXGLDQWHV VDEHQ TXH
VHUiQUHFRPSHQVDGRVSRUHVWRHVPiVSUREDEOHTXHVHHVIXHUFHQ
HQXQH[DPHQ

2WURHMHPSORSRGUtDVHUHQWXIDPLOLDFXDQGRYHVTXHWXVKLMRVHVWiQ
MXJDQGR \ DO WHUPLQDU UHFRJHQ VXV MXJXHWHV SXHGHV KDFHU XVR GH
HORJLRV DGHFXDGRV SDUD PRWLYDUORV \ UHIRU]DU SRVLWLYDPHQWH VX
FRPSRUWDPLHQWR/RVSXHGHVIHOLFLWDUFRQSDODEUDVDJUDGDEOHVRSRU
RWUR ODGR GHFLUOHV TXH WRGR OR TXH RUGHQDURQ VH YH PX\ ERQLWR R
PHMRUTXHDQWHV
(O UHIXHU]R SRVLWLYR HV HO SURFHVR GH UHFRPSHQVDU XQ
FRPSRUWDPLHQWR SDUD DXPHQWDU OD SUREDELOLGDG GH TXH VH UHSLWD HQ
HO IXWXUR (O UHIXHU]R SRVLWLYR QR LPSOLFD FDVWLJRV QL FRQVHFXHQFLDV
QHJDWLYDV VLQR UHFRPSHQVDV SRVLWLYDV SRU FRPSRUWDPLHQWRV TXH
VRQGHVHDEOHV

5HIXHU]RQHJDWLYR
/RFRQWUDULRDODWpFQLFDDQWHULRU$TXtVHFDVWLJDHOFRPSRUWDPLHQWR
QR GHVHDGR UHWLUDQGR DOJR TXH OD SHUVRQD GLVIUXWD R SURPHWLHQGR
TXHKDEUiFRQVHFXHQFLDVVLVLJXHFRPSRUWiQGRVHGHHVDPDQHUD

3RUHMHPSORGHQWURGHXQDHPSUHVDKD\XQWUDEDMDGRUTXHMXHJDHQ
ODFRPSXWDGRUDRSDVDPXFKRWLHPSRHQODVUHGHVVRFLDOHVGXUDQWH
ODVKRUDVGHRILFLQDeOHVWiGHVDSURYHFKDQGRORVUHFXUVRV\HOMHIH
VH GD FXHQWD DVt TXH HPSLH]D D PRQLWRUHDU GH FHUFD D HVH
HPSOHDGR VLQ HVFRQGHU TXH OR HVWi KDFLHQGR ,QPHGLDWDPHQWH VX
WUDEDMDGRU GHMDUi GH SHUGHU WLHPSR \ UHDOL]DUi VXV WDUHDV OR PHMRU
TXH SXHGD (V HVR R VHU GHVSHGLGR (VWD SUiFWLFD DOHQWDUi D ORV
GHPiVHPSOHDGRVDKDFHUVXVWDUHDVGXUDQWHODVKRUDVGHWUDEDMR

&XOSDELOLGDG
&RQYHQFHUDDOJXLHQKDFLpQGROHVHQWLUFXOSDEOHHVXQDKHUUDPLHQWD
PX\HILFD]SHURQRSRVLWLYD

8Q HMHPSOR GH SHUVXDVLyQ SRU FXOSD VHUtD HO GH XQ SDGUH TXH QR
SXHGH UHJDODUOH D VX KLMR XQD FRPSXWDGRUD GHELGR D SUREOHPDV
HFRQyPLFRV SHUR pVWH VH OR VLJXH SLGLHQGR (O SDGUH VH VLHQWH
FXOSDEOH SRUTXH VDEH OR PXFKR TXH HO KLMR TXLHUH OD FRPSXWDGRUD
PRWLYRSRUHOFXDOEXVFDRWURVPHGLRVSDUDFRQVHJXLUORTXHHOKLMR
GHVHD
1R KD\ QLQJXQD GLVFXVLyQ GH TXH OD SHUVXDVLyQ HV SRGHURVD 6L
SXHGHV SHUVXDGLU D OD JHQWH GH KDFHU DOJR HVWiV HQ FRQWURO GH VX
PXQGR6LQHPEDUJRKD\OtPLWHVDODKRUDGHSHUVXDGLUDDOJXLHQ

/DSHUVXDVLyQHVXQDKHUUDPLHQWDYDOLRVDTXHSXHGHXWLOL]DUVHHQHO
PRPHQWR \ HO OXJDU DGHFXDGRV SHUR FRPR RFXUUH FRQ FXDOTXLHU
RWUDFRVDVHSXHGHDEXVDUGHHOOD6DEHUFXiQGRQRXWLOL]DUWiFWLFDV
SHUVXDVLYDV WH D\XGDUi D HYLWDU OD PDQLSXODFLyQ \ RWUDV
FRQVHFXHQFLDVGHVDJUDGDEOHV

+D\DOJXQDVVHxDOHVTXHSXHGHQD\XGDUWHDGHWHUPLQDUFXiQGRQR
GHEHVSHUVXDGLUDODJHQWH

6LODSHUVRQDVHVLHQWHSUHVLRQDGDHVPHQRVSUREDEOHTXHVH
GHMHSHUVXDGLU
6L OD SHUVRQD VH UHVLVWH R HVWi HQIDGDGD HV PHMRU GHMDU GH
LQWHQWDUSHUVXDGLUOD
6LODSHUVRQD\DKDWRPDGRXQDGHFLVLyQHVSRFRSUREDEOHTXH
VHOHFRQYHQ]DGHKDFHURWUDFRVD

(Q DOJXQRV FDVRV HV PHMRU DOHMDUVH \ YROYHU PiV WDUGH /D


SHUVXDVLyQ HV XQ DUWH TXH UHTXLHUH WLHPSR \ GHOLFDGH]D VDEHU
FXiQGRQRXWLOL]DUODWHFRQYHUWLUiHQXQSHUVXDVRUPiVHILFD]

6L VLHQWHV TXH WLHQHV TXH GHMDU GH SHUVXDGLU D DOJXLHQ VXHOH VHU
SRUTXH WH SUHRFXSD VX ELHQHVWDU (V LPSRUWDQWH UHFRUGDU TXH OD
SHUVXDVLyQ QXQFD GHEH XWLOL]DUVH D H[SHQVDV GHO ELHQHVWDU GH RWUD
SHUVRQD

¢3RUTXpQRVLHPSUHHVEXHQRSHUVXDGLUDODJHQWH"

(V LPSRUWDQWH UHFRUGDU TXH OD SHUVXDVLyQ QR GHEH XWLOL]DUVH QXQFD
SDUD FRQVHJXLU TXH DOJXLHQ KDJD DOJR TXH QR TXLHUH KDFHU (VWR
SXHGHSURYRFDUUHVHQWLPLHQWR\PiVFRQIOLFWRVHQHOIXWXUR3DUDTXH
XQDUHODFLyQVHDVDQDDPEDVSHUVRQDVGHEHQVHQWLUVHHVFXFKDGDV
\UHVSHWDGDV

8Q HMHPSOR GH OD YLGD UHDO GH FXDQGR QR VH GHEH SHUVXDGLU HV HO
VLJXLHQWH

+DFHXQDVVHPDQDVHVWDEDHQODWLHQGDGHFRPHVWLEOHV\YLDXQD
PXMHU MRYHQ LQWHQWDQGR FRQYHQFHU D XQ VHxRU PD\RU GH TXH
FRPSUDUDXQDEHELGDHQHUJL]DQWH(OKRPEUHFODUDPHQWHQRHVWDED
LQWHUHVDGR\VHJXtDUHFKD]DQGRODVRIHUWDVGHODPXMHU$SHVDUGH
ORVFRQVWDQWHVUHFKD]RVGHOVHxRUHOODVHJXtDLQVLVWLHQGRVLQGDUVH
FXHQWDTXHHOVHxRUVHHVWDEDHQIDGDQGR

¢$FDVR OD PXMHU QR SRGtD GDUVH FXHQWD TXH VX SURGXFWR SRGtD
LQFOXVRRFDVLRQDUOHXQGDxRPD\RUDOVHxRU"

/DV EHELGDV HQHUJL]DQWHV VH FDUDFWHUL]DQ SRU WHQHU XQ DOWR


FRQWHQLGRGHFDIHtQDORFXDOHVVXPDPHQWHFRQWUDSURGXFHQWHSDUD
SHUVRQDVPD\RUHV

(OUHVXOWDGRGHHVWDVLWXDFLyQHVTXHOR~QLFRTXHFRQVLJXLyODPXMHU
HV HQIDGDU DO VHxRU SURYRFiQGROH XQ PDO PRPHQWR H LQFOXVR
SODQWHiQGRVH QR YROYHU D LU D HVD WLHQGD SDUD HYLWDU SDVDU SRU XQD
VLWXDFLyQVLPLODUHQHOIXWXUR

/DSHUVXDVLyQQRVLHPSUHHVHILFD]\HQDOJXQRVFDVRVSXHGHVHU
LQFOXVR GHVDFHUWDGD 3DUD WHQHU p[LWR PiV TXH VDEHU FyPR
KDFHUOR HV LQFOXVR PiV LPSRUWDQWH VDEHU FXiQGR QR KD\ TXH
SHUVXDGLU D OD JHQWH ,QVLVWLU HQ SHUVXDGLU FXDQGR ODV SHUVRQDV VH
VLHQWHQ DEUXPDGDV R HVWUHVDGDV FXDQGR \D HVWiQ FRQYHQFLGDV GH
RWUDFRVDRFXDQGRQRWLHQHQDXWRULGDGSDUDWRPDUXQDGHFLVLyQVROR
SXHGHGDUFRPRUHVXOWDGRXQDPDODH[SHULHQFLD
 (MHUFLFLRV SDUD SUDFWLFDU OD 3HUVXDVLyQ HQ
&DVD
/DSHUVXDVLyQHVXQDKDELOLGDGTXHVHSXHGHDSUHQGHUSUDFWLFDU\
GRPLQDUHQWXSURSLDFDVD

/D FODYH GH OD SHUVXDVLyQ HV HQWHQGHU FyPR IXQFLRQD HO FHUHEUR
TXH HV HQ PXFKRV VHQWLGRV FRPR XQ P~VFXOR &XDQGR DSUHQGHV
VREUH OD SHUVXDVLyQ HVWiV DSUHQGLHQGR D IOH[LRQDU HVWH P~VFXOR
PHQWDOSDUDFRQVHJXLUORTXHTXLHUHVFRQPiVIUHFXHQFLDTXHDQWHV
¢<ODPHMRUSDUWH"1RQHFHVLWDVQLQJXQDKDELOLGDGRHQWUHQDPLHQWR
HVSHFLDO£VyORWLHQHVTXHVHJXLUHVWRVHMHUFLFLRVSDUDSUDFWLFDUOD
SHUVXDVLyQHQFDVD

(MHUFLFLR,GHQWLILFDWXREMHWLYR

(O SULPHU SDVR HV LGHQWLILFDU WX REMHWLYR ¢$ TXp SHUVRQD TXLHUHV
SHUVXDGLU" ¢4Xp TXLHUHV TXH KDJD" 4XL]i TXLHUDV TXH WX SDUHMD
OLPSLH OD FDVD KDJD OD FRPLGD R WH FRPSUH DOJR 2 SXHGH TXH
TXLHUDVTXHWXKLMRUHFRMDVXVMXJXHWHVRVHOHYDQWHPiVWHPSUDQR
8QD YH] TXH LGHQWLILTXHV OR TXH TXLHUHV VHUi PXFKR PiV IiFLO
HODERUDUXQPHQVDMHTXHORJUHHOUHVXOWDGRGHVHDGR

(MHUFLFLR&RPSUHQGHUODSHUVSHFWLYDGHODRWUDSHUVRQD

$QWHV GH SRGHU SHUVXDGLU D DOJXLHQ KD\ TXH HQWHQGHU VX


SHUVSHFWLYD ¢&XiOHV VRQ VXV FUHHQFLDV \ YDORUHV" ¢4Xp WHPHQ"
¢4XpOHVPRWLYD"6yORVLVHWLHQHHQFXHQWDHOSXQWRGHYLVWDGHOD
RWUDSHUVRQDVHSXHGHHVSHUDUFRQYHQFHUODFRQp[LWR

(MHUFLFLR5HIOHMDUVXOHQJXDMH\VXWRQR
(VPiVSUREDEOHTXHVHSHUVXDGDDODJHQWHFXDQGRODSHUVRQDTXH
LQWHQWD SHUVXDGLUOD XWLOL]D XQ OHQJXDMH \ XQ WRQR SDUHFLGR D OD
SHUVRQD 'H HVWD IRUPD WX SDUHMD R KLMRV HVWDUiQ PXFKR PiV
UHFHSWLYRV DO PHQVDMH TXH TXLHUDV GDUOHV \ HV PiV SUREDEOH TXH
WHQJDVp[LWR

(MHUFLFLR$GDSWDUHOPHQVDMH

$GDSWDWXPHQVDMHDODSHUVRQDDODTXHLQWHQWDVSHUVXDGLU¢&yPR
OH JXVWD DSUHQGHU" ¢&XiOHV VRQ VXV FUHHQFLDV" ¢4Xp OHQJXDMH
XWLOL]D" $O DGDSWDU WX PHQVDMH DXPHQWDUiQ ODV SRVLELOLGDGHV GH
SHUVXDGLUOR

6LJXLHQGR ORV HMHUFLFLRV DQWHULRUHV \ SUDFWLFiQGRORV GLDULDPHQWH HQ


WX FDVD SRGUiV ORJUDU TXH ORV GHPiV KDJDQ OR TXH GHVHDV
5HFXHUGD TXH WRGR UHTXLHUH GH GLVFLSOLQD DVt TXH QR WH ULQGDV HQ
HVWH SURFHVR \ YHUiV FRPR PHMRUDV SRFR D SRFR (PSLH]D SRU
SHWLFLRQHVSHTXHxDV\QRWDQLPSRUWDQWHV
Ăā

.,)(-  &
(!/$ ),*),&

 ¢4Xp HV HO OHQJXDMH FRUSRUDO"


(O OHQJXDMH FRUSRUDO VH UHILHUH D ODV VHxDOHV QR YHUEDOHV TXH VH
HQYtDQGHXQLQGLYLGXRDRWUR3XHGHDEDUFDUJHVWRVLQWHQFLRQDGRV
H[SUHVLRQHV IDFLDOHV \ PRYLPLHQWRV FRUSRUDOHV FRPR HO FRQWDFWR
YLVXDO\ ODSRVWXUD7RGRVHVWRVHOHPHQWRVGDQXQDLQGLFDFLyQVREUH
ORTXHXQDSHUVRQDSXHGHHVWDUSHQVDQGRRVLQWLHQGRSRUORTXHHV
LPSRUWDQWHTXHORVWHQJDVHQFXHQWDDOFRQYHUVDUFRQRWURV

$QWHV GH FRPHQ]DU PH JXVWDUtD FRPSDUWLU FRQWLJR HVWDV EUHYHV


OtQHDV3RUIDYRUOpHODVFRQDWHQFLyQ

/RV PHQVDMHV QR YHUEDOHV UHSUHVHQWDQ PiV GHO  GH ORV
PHQVDMHVTXHQRVHQYLDPRV
/D UD]yQ SULQFLSDO SRU OD TXH QRV FRPXQLFDPRV D WUDYpV GH
VHxDOHVQRYHUEDOHVHVSRUTXHVRQPXFKRPiVSRGHURVDVTXH
ORVPHQVDMHVYHUEDOHV
/RV PHQVDMHV QR YHUEDOHV VXHOHQ VHU PiV IXHUWHV TXH ODV
SDODEUDV\ODJHQWHVXHOHFUHHUPiVORTXHYHTXHORTXHR\H
/D JHQWH XWLOL]D ODV VHxDOHV QR YHUEDOHV SDUD FRPSHQVDU VX
IDOWD GH KDELOLGDGHV VRFLDOHV R GH YRFDEXODULR \ SXHGH
LQWHUSUHWDUVHFRPRXQVLJQRGHFXOSDELOLGDGFXDQGRODSHUVRQD
D OD TXH HVWiV HQWUHYLVWDQGR HPSLH]D D PRYHUVH DUUDVWUD ORV
SLHVGHVYtDODPLUDGD\KDEODHQYR]EDMD
/D JHQWH VH IRUPD HO  GH VX LPSUHVLyQ LQLFLDO GH RWUD
SHUVRQDEDViQGRVH~QLFDPHQWHHQHOOHQJXDMHFRUSRUDO

¢,PSDFWDQWHQR"(QHVWHFDStWXORDSUHQGHUiVPXFKRVREUHOHQJXDMH
FRUSRUDO\VXVYDULDQWHV

6H SXHGHQ FRPXQLFDU PXFKDV FRVDV VLQ SDODEUDV \ ORV PHQVDMHV


PiVIXHUWHVVHHQYtDQDPHQXGRFRQHOOHQJXDMHFRUSRUDO(QWHQGHU
FyPR OHHU H LQWHUSUHWDU HVWDV VHxDOHV HV XQD SDUWH HVHQFLDO GH OD
LQWHOLJHQFLDVRFLDO

3RU HMHPSOR OD HPSDWtD R OD VLPSDWtD SXHGHQ PDQLIHVWDUVH HQ


DOJXQRV FDVRV SUHVWDQGR PXFKD DWHQFLyQ DO DLUH GH
UHVLJQDFLyQIUXVWUDFLyQHQHOURVWURGHODRWUDSHUVRQD

(OOHQJXDMHFRUSRUDORIUHFHXQDPLUDGDIDVFLQDQWHDODFRPXQLFDFLyQ
QR YHUEDO D WUDYpV GH OD SRVWXUD ORV JHVWRV OD H[SUHVLyQ IDFLDO HO
FRQWDFWR YLVXDO \ RWUDV IRUPDV GH FRPSRUWDPLHQWR FRUSRUDO (VWH
FDPSR DEDUFD PXFKRV WLSRV GLIHUHQWHV GH LQWHUDFFLRQHV KXPDQDV
GHVGH UHXQLRQHV KDVWD ULWXDOHV GH FRUWHMR 7DPELpQ PXHVWUD OR TXH
OD JHQWH SLHQVD UHDOPHQWH FXDQGR GLFH FRVDV FRPR ³VyOR HVWR\
HVFXFKDQGR´R³QRVp´

(QVHJXLGD HQFRQWUDUiV XQD OLVWD GH ODV SUHJXQWDV PiV IUHFXHQWHV


UHODFLRQDGDVFRQHOOHQJXDMHFRUSRUDO

 ¢4Xp VLJQLILFD TXH DOJXLHQ VH FUXFH GH


EUD]RV"
5HDOL]DU HVWD DFFLyQ SXHGH WHQHU R QR VLJQLILFDGR 3RU HMHPSOR D
PHQRVTXHHQFXHQWUHVXQFRQWH[WRHOFUX]DUORVEUD]RVSXHGHVHU
XQDIRUPDGHHVWDUPiVFyPRGRRVLODSHUVRQDWLHQHIUtRGHWUDWDU
GHOOHYDUFDORUDOFXHUSR

(Q XQD VLWXDFLyQ GyQGH GRV SHUVRQDV GLVFXWHQ LGHDV R FRVDV


LPSRUWDQWHV FUX]DU ORV EUD]RV VHUtD XQD IRUPD GH LPLWDU
LQFRQVFLHQWHPHQWHDODRWUDPRVWUDQGRTXHVHHVWiGHDFXHUGR(Q
DOJXLHQ TXH HVWiPX\HQIDGDGR FUX]DU ORV EUD]RV IRUPDQGR SXxRV
FRQODVPDQRVVHUtDXQDIRUPDGHDXWRFRQWHQHUVH

7DPELpQ HVWiQ ODV SHUVRQDV TXH EXVFDQ PRVWUDUVH ItVLFDPHQWH


SRGHURVDV DQWH WRGR HO PXQGR FUX]DQ ORV EUD]RV GHMDQGR TXH ORV
FRGRV TXHGHQ KDFLD IXHUD GHO FXHUSR OXFLHQGR PiVJUDQGHV \SRU
HOORLQWLPLGDQGRDORVGHPiV

3HURWDPELpQVLHVWiVDQWHXQDVLWXDFLyQGRQGHWHVLHQWDVDVXVWDGR
R QR UHFRQR]FDV HO OXJDU VL FUX]DV ORV EUD]RV VH FRQVLGHUD XQ
PHFDQLVPRGHDXWRGHIHQVD

&RPR YHV HO VLJQLILFDGR GH XQD DFFLyQ GH FRPXQLFDFLyQ QR


YHUEDO SXHGH VHU LQH[LVWHQWH VL QR KD\ FRQWH[WR TXH OD KDJD
UHOHYDQWH 6L YHV D DOJXLHQ FRQ ORV EUD]RV FUX]DGRV SLHQVD HQ OD
VLWXDFLyQDQWHVGHLQWHUSUHWDU

 ¢&XiO HV OD PHMRU PDQHUD GH PRVWUDU LQWHUpV


SRUDOJXLHQ"
&XDQGR HVWpV KDEODQGR FRQ HVD SHUVRQD DVLHQWH FRQ OD FDEH]D
HVWH VH WUDWD GH XQ JHVWR GH VXPLVLyQ FRQWDJLRVR TXH SXHGH
WUDQVPLWLU VHQVDFLRQHV SRVLWLYDV &RPXQLFD LQWHUpV \ DFXHUGR SHUR
VL OR KDFHV YDULDV YHFHV \ PX\ UiSLGR SXHGH FRPXQLFDUOH D OD RWUD
SHUVRQDTXHHVWiKDEODQGRGHPDVLDGR
6LPSOHPHQWH PXHVWUD OD SDOPD GH WX PDQR DELHUWD \ KDFLD DUULED
(VWHHVXQJHVWRTXHGHQRWDVLQFHULGDG\FRQILDQ]D&HUUDUHOSXxR
GHPXHVWUDORRSXHVWR

0LUD ILMDPHQWH D OD SHUVRQD 6L FHQWUDV WXV RMRV HQ HOOD QR WHQGUi
GXGDGHTXHHVWiVSUHVWiQGROHDWHQFLyQ

 ¢3RU TXp HV LPSRUWDQWH WHQHU HQ FXHQWD HO


OHQJXDMHFRUSRUDODOKDEODUFRQORVGHPiV"
8Q OHQJXDMH FRUSRUDO DGHFXDGR IDFLOLWD ODV UHODFLRQHV \ OD
FRPXQLFDFLyQ HQ HO WUDEDMR HQ OD YLGD GLDULD \ HQ ORV QHJRFLRV (V
PX\LPSRUWDQWHTXHVHDVFRQVFLHQWHGHDTXHOODVVHxDOHVTXHHVWiV
WUDQVPLWLHQGRFRQWXFXHUSRSXHVGHHVWDPDQHUDHQYtDVPHQVDMHV
DORVUHFHSWRUHV

(VLPSRUWDQWHFRQRFHUWHSXHVWXFXHUSRWLHQHXQDOWRLPSDFWRHQORV
PHQVDMHV TXH WUDQVPLWHV 0HGLDQWH JHVWRV \ PRYLPLHQWRV
FRUSRUDOHV HVWDEOHFHV FRQWDFWR FRQ WXV LQWHUORFXWRUHV (O KHFKR GH
DSUHQGHUDPRYHUWHDGHFXDGDPHQWH\GHIRUPDGHVHQYXHOWDSHUPLWH
TXHORVGHPiVSLHQVHQTXHHUHVXQDSHUVRQDFRQILDEOH\VHJXUDGH
VtPLVPD

/RV PRYLPLHQWRV UHDOL]DGRV FRQ WX FXHUSR WLHQHQ OD LQWHQFLyQ GH


DFRPSDxDU \ UHIRU]DU WX PHQVDMH YHUEDO SHUR ¢TXp SDVD FXDQGR
H[DJHUDV WXV PRYLPLHQWRV" 6L H[DJHUDV WX OHQJXDMH FRUSRUDO WH
PRVWUDUiVSRFRQDWXUDO\HVWRFDXVDUiXQHIHFWRQHJDWLYR(QRWUDV
SDODEUDVWDQPDORHVSHUPDQHFHULQPyYLOFRPRORVRQORVH[FHVLYRV
PRYLPLHQWRV£1RORKDJDV

 ¢&XiO HV OD PHMRU PDQHUD GH GHPRVWUDU TXH


QRHVWiVLQWHUHVDGRHQDOJXLHQ"
8QD GH ODV VHxDOHV PiV HYLGHQWHV HV DO TXH GDV FRQ WXV RMRV
FXDQGRGHMDVGHYHUDODSHUVRQD5HVXOWDTXHVLQRDSUHFLDVDWX
LQWHUORFXWRUWHQGUiVGLILFXOWDGHVSDUDPDQWHQHUHOFRQWDFWRYLVXDO/D
PD\RUtDGHODVYHFHVSDUHFHUiVGLVWUDtGRHLQFOXVRGHVFRQHFWDGRGH
ODFRQYHUVDFLyQ

1R YDORUDU VX RSLQLyQ &XDQGR XQD SHUVRQD VH VLHQWH ELHQ FRQ OD
SUHVHQFLD GH RWUD VH PXHVWUD LQWHUHVDGD HQ FRQRFHU \ YDORUDU VX
RSLQLyQ 0XHVWUD DOJ~Q VLJQR GH FXULRVLGDG KDFLD OD RWUD SHUVRQD
TXLHUH VDEHU PiV VREUH HOOD 6L QR WH LQWHUHVD VLPSOHPHQWH QR
WRPHVPX\HQVHULRORTXHHVWiGLFLHQGR

7UDWDGHDOHMDUWHGHHOOD1RHVQLQJ~QVHFUHWRTXHFXDQGRDOJXLHQ
WH GLVJXVWD WUDWDV GH SRQHU FXDQWD PiV GLVWDQFLD HQWUH ORV GRV
SXHGDV$FHOHUDHOSDVRFXDQGRWHYHDJLUDODHVSDOGDQDGDPiVWH
ODHQFXHQWUHVHQSRFDVSDODEUDVHYtWDOD

 ¢(V SRVLEOH ILQJLU ODV VHxDOHV GHO OHQJXDMH


FRUSRUDO"
'HVDIRUWXQDGDPHQWH Vt 8QD SHUVRQD FRQ FRQRFLPLHQWR \
H[SHULHQFLDHQOHQJXDMHFRUSRUDOSXHGHPDQLSXODUFRQVFLHQWHPHQWH
VXVH[SUHVLRQHVFRUSRUDOHV\FRPXQLFDUDOJRSDUDHQJDxDUDODRWUD
SHUVRQD

/DJUDQPHQWLUDGHQWURGHOOHQJXDMHFRUSRUDO
(VLPSRUWDQWHTXHODVIXHU]DVGHORUGHQORVDJHQWHVGHVHJXULGDGH
LQFOXVRORVSDGUHVVHSDQGLVWLQJXLUFXiQGRDOJXLHQIDOWDDODYHUGDG
8QD IRUPD GH KDFHUOR HV REVHUYDQGR VX OHQJXDMH FRUSRUDO /DV
SHUVRQDV VXHOHQ PRVWUDU FLHUWRV JHVWRV R PRYLPLHQWRV TXH LQGLFDQ
TXHHVWiQPLQWLHQGRVREUHDOJR
8QDGHODVIRUPDVPiVIiFLOHVGHGHWHFWDUXQDPHQWLUDHVREVHUYDU
HOOHQJXDMHFRUSRUDOGHXQDSHUVRQD/DJHQWHVXHOHPRVWUDUFLHUWRV
JHVWRVRPRYLPLHQWRVTXHLQGLFDQTXHHVWiPLQWLHQGRVREUHDOJR

 ¢&XiOHV VRQ ORV JHVWRV PiV FRPXQHV


XWLOL]DGRVSDUDPHQWLU"
/RV JHVWRV PiV FRPXQHV XWLOL]DGRV SDUD PHQWLU VRQ UDVFDUVH HO
FXHOORPRYHUVHUiSLGDPHQWHGHXQD]RQDGHODKDELWDFLyQDRWUD\
SRQHUVH UtJLGR FXDQGR VH WRFD D OD SHUVRQD 7DPELpQ HVWi OD
PRGLILFDFLyQ HQ HO WRQR GH YR] HVWD VH KDFH WHPEORURVD \ PHQRV
FRQVLVWHQWHTXHFXDQGRVHHVWiGLFLHQGRODYHUGDG3RU~OWLPRSRQ
DWHQFLyQ HQ OD WUDVSLUDFLyQ XQD SHUVRQD SXHGH VXGDU VL PLHQWH
ItMDWHHQVXIUHQWHHQVXVPHMLOODVRHQODSDUWHSRVWHULRUGHOFXHOOR\
HVSUREDEOHTXHREVHUYHVFyPRODSHUVRQDWUDWDGHOLPSLDUHOVXGRU
SDUDRFXOWDUOR

6DEHUGHWHFWDUODVPHQWLUDVREVHUYDQGRHOOHQJXDMHFRUSRUDOGHODV
SHUVRQDV HV XQD KDELOLGDG LPSRUWDQWH /D JHQWH WUDQVPLWH PXFKDV
FRVDVDWUDYpVGHOOHQJXDMHFRUSRUDO6LHVWiVHQXQDQXHYDUHODFLyQ
SXHGHVHU~WLODSUHQGHUDVDEHUVLWXSDUHMDWHHVWiPLQWLHQGR

&RPR SURSLHWDULR GH XQ QHJRFLR HV LPSRUWDQWH VDEHU VL WXV
HPSOHDGRVHVWiQKDFLHQGRHOWUDEDMRSDUDHOTXHIXHURQFRQWUDWDGRV
R VL HVWiQ KROJD]DQHDQGR (O OHQJXDMH FRUSRUDO SXHGH GDUWH ODV
UHVSXHVWDVTXHQHFHVLWDV

$QWHV GH SDVDU D ORV SXQWRV FODYHV SDUD GHWHFWDU ODV PHQWLUDV
GHEHVDSUHQGHUXQSRFRPiVDFHUFDGHHOODV

¢4XpHVODPHQWLUD\FyPRVHPDQLILHVWD"
/D YHUGDG HV D PHQXGR VXEMHWLYD \ OD PD\RUtD GH ODV PHQWLUDV VH
GLFHQ SDUD HYLWDU UHFLELU XQ FDVWLJR R SDUD FRQVHJXLU OR TXH VH
TXLHUH 8QD PHQWLUD HV XQD KLVWRULD TXH VH LQYHQWD SDUD RFXOWDU R
GLVWRUVLRQDUODYHUGDG

([LVWHQFXDWURQLYHOHVHQODVPHQWLUDV

3ULPHU QLYHO 0HQWLUDV EODQFDV 6RQ PHQWLUDV TXH QR VH


FRQVLGHUDQ SHUMXGLFLDOHV SDUD QDGLH 3RU HMHPSOR WH SRQHV XQ
SRFR GH PDTXLOODMH SDUD HVWDU JXDSD SDUD XQD ILHVWD 0LHQWHV
FRQWXItVLFRSHURQRSDVDQDGDSRUTXHWRGRHOPXQGRORKDFH
WDQWRKRPEUHVFRPRPXMHUHV
1LYHOGRV&DVL YHUGDGHV 6RQ PHQWLUDV FX\R REMHWLYR SULQFLSDO
HVHYLWDUUHFLELUXQFDVWLJR3RUHMHPSORFXDQGROOHJDVWDUGHDOD
HVFXHODPLHQWHVGLFLHQGRTXHWLHQHVTXHOOHJDVWHWDUGHSRUTXH
WXYLVWHTXHDFRPSDxDUDWXPDPiDOGRFWRU2VLSDVDORPLVPR
HQ HO WUDEDMR SXHGHV GHFLU TXH KDEtD PXFKR WUiILFR SRU DOJ~Q
DFFLGHQWH
1LYHO WUHV 0HQWLUDV EHQpILFDV 6RQ ODV TXH VH GLFHQ SDUD
SURWHJHU ORV VHQWLPLHQWRV GH DOJXLHQ 3RU HMHPSOR SXHGHV
GHFLUOH D WX DPLJD TXH HVWDED PX\ JXDSD HQ VX ILHVWD DXQTXH
QRORHVWXYLHUD
1LYHOFXDWUR0HQWLUDVPDOLQWHQFLRQDGDV6RQODVTXHVHGLFHQ
FRQ OD LQWHQFLyQ GH SHUMXGLFDU D DOJXLHQ 3RU HMHPSOR SXHGHV
PHQWLUOHDDOJXLHQ\GHFLUOHTXHDOJXLHQLQYHQWyDOJ~QFKLVPHR
GHFLUOH TXH JDVWDVWH PXFKR GLQHUR SDUD TXH VH VLHQWD PDO
SRUTXHQRWLHQHORPLVPRTXHW~$TXtVtSHUMXGLFDVDWHUFHURV
\DVHDHPRFLRQDORItVLFDPHQWH

$XQTXHORVFXDWURQLYHOHVGHHQJDxRSXHGHQVHUSHUMXGLFLDOHVDVX
PDQHUD ODV PHQWLUDV PDOLQWHQFLRQDGDV SXHGHQ VHU HVSHFLDOPHQWH
GDxLQDV 3XHGHQ DUUXLQDU ODV UHODFLRQHV GDxDU OD UHSXWDFLyQ H
LQFOXVRFRQGXFLUDODYLROHQFLDItVLFD
¢(QQRUPDOTXHODJHQWHPLHQWD"
6HJ~QODVLQYHVWLJDFLRQHVODPD\RUtDGHODJHQWHPLHQWHDOPHQRV
XQD YH] DO GtD $XQTXH OD PHQWLUD VXHOH DVRFLDUVH D
FRPSRUWDPLHQWRV QHJDWLYRV FRPR HO HQJDxR R HO URER KD\
RFDVLRQHV HQ ODV TXH HVDFHSWDEOH RLQFOXVR QHFHVDULR HQJDxDU D
ORVGHPiV3RUHMHPSORSXHGHVQRWDUTXHXQFRPSDxHURGHWUDEDMR
VHGHGLFDPiVDVXWHOpIRQRTXHDVXVUHVSHFWLYDVWDUHDV\SUHILHUHV
PHQWLUOH D WX MHIH VREUH OR TXH KDV YLVWR SDUD HYLWDU PHWHUOR HQ
SUREOHPDV /D PHQWLUD WDPELpQ HV KDELWXDO HQ ODV UHODFLRQHV
LQWHUSHUVRQDOHV GRQGH SXHGH XWLOL]DUVH SDUD SURWHJHU ORV
VHQWLPLHQWRVGHDOJXLHQRHYLWDUXQDGLVFXVLyQ

$TXtKD\XQDOLVWDEUHYHVREUHDOJXQDVGHODVVHxDOHVPiVFRPXQHV
DODVTXHKD\TXHSUHVWDUDWHQFLyQ

7DSDUVHODERFD
3DUSDGHRH[FHVLYR
0RYHUVHGHIRUPDLQTXLHWD
'HVYtDQODPLUDGD
7HQVLyQPXVFXODUPDUFDGD
6HPXHUGHQFRQVWDQWHPHQWHORVODELRV
3DOPDVH[FHVLYDPHQWHVXGRURVDV
&DPELDQVXUHVSLUDFLyQ
6XYR]FDPELD
6RQULVDLQTXLHWD\VLQH[SOLFDFLyQ
'DQGHPDVLDGDRPX\SRFDLQIRUPDFLyQVLQMXVWLILFDFLyQ

9HDPRVXQHMHPSORHQXQDVLWXDFLyQFRP~Q
(UD OD PLWDG GH OD QRFKH \ -RKQ LQWHQWDED GRUPLU XQ
SRFR 7HQtD TXH OHYDQWDUVH WHPSUDQR SDUD WUDEDMDU DO
GtDVLJXLHQWH'HUHSHQWHR\yXQUXLGRSURFHGHQWHGH
OD KDELWDFLyQ GH VX KLMD 6H OHYDQWy GH OD FDPD \ VH
GLULJLyHQVLOHQFLRDVXKDELWDFLyQSDUDYHUTXpSDVDED

3DUDVXKRUURUYLRDVXKLMDVDOLHQGRDHVFRQGLGDVGH
OD FDVD FRQ XQ FKLFR eO VDEtD TXH HOOD QR WHQtD
SHUPLVR SDUD VDOLU D HVD KRUD -RKQ HVWDED WDQ
HQIDGDGRTXHTXHUtDJULWDUSHURFRQVLJXLyFRQWURODUVH
'HFLGLy XWLOL]DU VXV FRQRFLPLHQWRV GHO OHQJXDMH
FRUSRUDOSDUDGHWHFWDUVLVXKLMDOHHVWDEDPLQWLHQGR

-RKQPLUyDVXKLMD\DOFKLFR\VHGLRFXHQWDGHTXH
DPERVPLUDEDQ DO VXHOR (VWH HV XQ VLJQR FRP~Q GH
HQJDxR \D TXH OD JHQWH HYLWD HO FRQWDFWR YLVXDO
FXDQGR HVWi PLQWLHQGR -RKQ VH GLR FXHQWD GH TXH
WHQtDTXHHQIUHQWDUVHDVXKLMD

/H GLMR ³¢4Xp HVWi KDFLHQGR pO DTXt" ¢< D GyQGH


YDQ"1RWLHQHVSHUPLVRSDUDVDOLUDHVWDKRUD´

6X KLMD SDUHFtD QHUYLRVD \ OXHJR GH XQ SDU GH


VHJXQGRV GH GXGD UHVSRQGLy ³6yOR tEDPRV D GDU XQ
SDVHR´

-RKQ VXSR TXH HOOD HVWDED PLQWLHQGR SRU OD IDOWD GH


FRQWDFWR YLVXDO \ HO FRQIOLFWR HQ VX OHQJXDMH FRUSRUDO
/H GLMR FRQ FDOPD ³(VWiV FDVWLJDGD GXUDQWH XQD
VHPDQDSRUIDYRUVXEHDWXFXDUWR\ROOHYRDOFKLFRD
ODSXHUWD´
-RKQVDEtDTXHFXDQGRODJHQWHPLHQWHVXHOHDSDUWDUODPLUDGDGH
ODSHUVRQDDODTXHHVWiPLQWLHQGR7DPELpQVHGLRFXHQWDGHTXHVX
KLMD \ HO FKLFR QR PDQWHQtDQ QLQJ~Q FRQWDFWR YLVXDO HQWUH Vt (V
LPSRUWDQWH GHVWDFDU TXH -RKQ OH SUHJXQWy D VX KLMD D GyQGH LED \
HOODGXGyDQWHVGHUHVSRQGHU-RKQVXSRTXHHVWDEDPLQWLHQGR\OD
FDVWLJySRUTXHUHUVDOLUDHVFRQGLGDVGHODFDVD

'HWHFWDU ODV PHQWLUDV HV XQD KDELOLGDG LPSRUWDQWH VREUH WRGR HQ


VLWXDFLRQHVHQODVTXHKD\TXHFRQILDUHQODSHUVRQDFRQODTXHVH
KDEOD $XQTXH HV LPSRVLEOH VDEHU FRQ FHUWH]D VL DOJXLHQ HVWi
PLQWLHQGR R QR KD\ DOJXQDV SLVWDV TXH SXHGHQ D\XGDUWH D WRPDU
XQDGHFLVLyQLQIRUPDGD

+D\ PXFKDV VHxDOHV TXH SXHGHQ GHODWDU VL DOJXLHQ HVWi PLQWLHQGR
VREUH DOJR \D VHD XQD VLPSOH FRQYHUVDFLyQ FRQ WX KLMR R XQD
HQWUHYLVWD GH WUDEDMR (QVHJXLGD HQFRQWUDUiV ODV KHUUDPLHQWDV
QHFHVDULDVSDUDGHWHFWDUFXDOTXLHUWLSRGHPHQWLUD

3HQVDUFRQODFDEH]DIUtD

6L TXLHUHV VDEHU VL DOJXLHQ WH PLQWLy SULPHUR EXVFD XQ OXJDU
WUDQTXLOR \ UHVSLUD SURIXQGDPHQWH YDULDV YHFHV &LHUUD ORV RMRV \
FRQFpQWUDWHHQWXFXHUSR3UHVWDDWHQFLyQDFXDOTXLHUVHQVDFLyQTXH
VH WH SUHVHQWH FRPR RSUHVLyQ HQ HO SHFKR GRORU GH FDEH]D R
VHQVDFLyQ GH PDULSRVDV HQ HO HVWyPDJR 8QD YH] TXH WH KD\DV
FHQWUDGRHQWXFXHUSRHPSLH]DDSHQVDUHQHVDVLWXDFLyQHQODTXH
FUHDV TXH OD RWUD SHUVRQD SXHGH HVWDU PLQWLHQGR ,PDJLQD HO
OHQJXDMHFRUSRUDOTXHWHQtDHQHVHPRPHQWR\SUHVWDDWHQFLyQDODV
VHQVDFLRQHVTXHVLHQWHV&XDQGRKD\DVWHUPLQDGRDEUHORVRMRV\
HVFULEHORTXHKDVQRWDGRSDUDTXHORSXHGDVDQDOL]DU

6pFRQVFLHQWHGHTXHWDPELpQWHPLHQWHVDWLPLVPR

6L GHVFXEUHV TXH WH PLHQWHV D WL PLVPR VREUH XQD VLWXDFLyQ
SUHJ~QWDWH SRU TXp FUHHV HQ HVD PHQWLUD 8QD YH] TXH KD\DV
LGHQWLILFDGRODFUHHQFLDGHVDItDOD\FRPSUXHEDVLKD\XQDFUHHQFLD
PiVUDFLRQDOFRQODTXHSXHGDVVXVWLWXLUOD

$SUHQGHDGHWHFWDUPHQWLUDV
(VWH HMHUFLFLR HVWi GLVHxDGR SDUD D\XGDUWH D GHWHFWDU PHMRU ODV
PHQWLUDV GH ORV GHPiV (PSLH]D SRU EXVFDU XQ FRPSDxHUR \
VHQWDUWHIUHQWHDpO3tGHOHTXHFXHQWHXQDKLVWRULD\SUHVWDDWHQFLyQ
D VX OHQJXDMH FRUSRUDO PLHQWUDV OD FXHQWD (Q HVWH SXQWR GHEHUiV
DSOLFDU WRGR OR DSUHQGLGR DQWHULRUPHQWH $TXt WH GHMR XQ EUHYH
UHVXPHQSDUDHYDOXDUVLWXFRPSDxHURHVWiPLQWLHQGRRGLFLHQGROD
YHUGDG

3HUPDQHFH DWHQWR D ORV FDPELRV HQ HO OHQJXDMH FRUSRUDO /RV


PHQWLURVRV VXHOHQ SRQHUVH LQTXLHWRV R QHUYLRVRV FXDQGR
PLHQWHQ 7DPELpQ SXHGHQ HYLWDU HO FRQWDFWR YLVXDO R LQWHQWDU
WDSDUVHODERFD
3UHVWD DWHQFLyQ D ORV GHWDOOHV GH OD KLVWRULD /RV PHQWLURVRV
VXHOHQ LQYHQWDUVH GHWDOOHV SDUD DSR\DU VX KLVWRULD \ HVWRV
GHWDOOHVSXHGHQVHUIiFLOHVGHGHWHFWDU
%XVFDLQFRKHUHQFLDVHQODKLVWRULD/RVPHQWLURVRVVXHOHQWHQHU
GLILFXOWDGHV SDUD PDQWHQHU OD PLVPD KLVWRULD SRU OR TXH ODV
LQFRKHUHQFLDVSXHGHQVHUXQLQGLFDGRUGHHQJDxR
+D] SUHJXQWDV VREUH OD KLVWRULD 6L OD SHUVRQD D OD TXH
LQWHUURJDVSDUHFHGXGDURHVWDULQVHJXUDVREUHHOODHVSUREDEOH
TXHHVWpPLQWLHQGR

 (O OHQJXDMH FRUSRUDO HQ ODV VLWXDFLRQHV


VRFLDOHV
/D SRVLFLyQ GHO FXHUSR HV LPSRUWDQWH HQ ODV VLWXDFLRQHV VRFLDOHV
SRUTXH HO OHQJXDMH FRUSRUDO FRPXQLFD VHQWLPLHQWRV DFWLWXGHV H
LQFOXVRSHQVDPLHQWRVPLHQWUDVVHHVWiFDUDDFDUDFRQDOJXLHQ

3RU HMHPSOR HVWDU GHPDVLDGR FHUFD SXHGH LQWHUSUHWDUVH FRPR XQ


FRPSRUWDPLHQWR DJUHVLYR R GRPLQDQWH 3RU HVR HV PHMRU PDQWHQHU
XQD FLHUWD GLVWDQFLD R LQFOLQDUVH OLJHUDPHQWH VL VH TXLHUH PRVWUDU
LQWHUpV

/DSRVLFLyQGHOFXHUSRWDPELpQSXHGHDIHFWDUDORVVHQWLPLHQWRVGH
ODRWUDSHUVRQD

3RU HMHPSOR VL WH VLHQWDV FRQ ODV SLHUQDV DELHUWDV SXHGHV KDFHU
TXH OD SHUVRQD FRQ OD TXH LQWHUDFW~DV VH VLHQWD LQFyPRGD (O
HVSDFLR HQWUH WX FXHUSR \ HO VX\R VH UHGXFH KDFLpQGROH VHQWLU
HQFHUUDGR$GHPiVODDPSOLWXGGHWXSRVWXUDVHUiLQWHUSUHWDGDSRU
ORV GHPiV FRPR OR PXFKR TXH FUHHV TXH PHUHFHV RFXSDU HO
HVSDFLR /DV SHUVRQDV TXH VH KDFHQ PiV SHTXHxDV VHUiQ YLVWDV
FRPR SDVLYDV R LQVHJXUDV PLHQWUDV TXH ODV TXH RFXSDQ PiV
HVSDFLRVHUiQYLVWDVFRPRDXWRULWDULDVRGRPLQDQWHV

(O OHQJXDMH FRUSRUDO WDPELpQ SXHGH FDPELDU GHSHQGLHQGR GH VL


DOJXLHQ HVWi VHQWDGR R GH SLH (VWDU VHQWDGR KDFH TXH OD SHUVRQD
SDUH]FDPiVUHODMDGD\DFFHVLEOHPLHQWUDVTXHHVWDUGHSLHVXJLHUH
TXHHVWiSUHRFXSDGDSHURGLVSXHVWDDKDEODUFRQWLJR

6L HVWiV VHQWDGR R GH SLH FRQ ORV EUD]RV FUX]DGRV SXHGH SDUHFHU
TXHHUHVLQDFFHVLEOHRHVWiVDODGHIHQVLYD(QFDPELRVLDEUHVWX
SRVWXUD FRUSRUDO \ HVWDEOHFHV FRQWDFWR YLVXDO HQYLDUiV OD VHxDO GH
TXHHVWiVLQWHUHVDGRHQORTXHGLFHODRWUDSHUVRQD

(OOHQJXDMHFRUSRUDOSXHGHWHQHUXQJUDQLPSDFWRHQODIRUPDHQTXH
VHOHSHUFLEHHQVLWXDFLRQHVVRFLDOHV6LTXLHUHVPHMRUDUWXOHQJXDMH
FRUSRUDO\WXDSDULHQFLDWHUHFRPLHQGRORVLJXLHQWH
2FXSDPHQRVHVSDFLRFRQWXSRVWXUDLQFOtQDWHOLJHUDPHQWHFXDQGR
KDEOHVFRQDOJXLHQFDUDDFDUDPDQWpQHOFRQWDFWRYLVXDOGXUDQWHOD
FRQYHUVDFLyQSDUDTXHVHSDQTXHWHSUHRFXSDVSRUHOORVQRFUXFHV
ORV EUD]RV R ODV SLHUQDV FXDQGR HVWpV VHQWDGR R GH SLH SRUTXH WH
KDUiSDUHFHULQDFFHVLEOH\GHIHQVLYRUHVSHFWLYDPHQWH

(Q JHQHUDO HYLWD FXDOTXLHU FRPSRUWDPLHQWR TXH SXHGD VHU YLVWR


FRPR DJUHVLYR R GRPLQDQWH FRPR LQFOLQDUVH GHPDVLDGR FHUFD GH
RWUD SHUVRQD R PRVWUDU JHVWRV WHUULWRULDOHV FRPR H[WHQGHU ODV
H[WUHPLGDGHV SRU VX HVSDFLR SHUVRQDO VLQ SUHJXQWDU SULPHUR (VWH
WLSR GH SRVWXUDV FRUSRUDOHV SXHGH KDFHU TXH ORV GHPiV VHVLHQWDQ
LQFyPRGRVFHUFDGHWL

(QVHJXLGD YHUiV XQ HMHPSOR GH FyPR DOJXLHQ XVy WRGRV ORV
FRQRFLPLHQWRVDQWHULRUHVSDUDPHMRUDUVLVLWXDFLyQGHYLGD

+DEtD XQD YH] XQD MRYHQ OODPDGD $OLFH TXH VLHPSUH


HVWDED QHUYLRVD FXDQGR FRQRFtD JHQWH QXHYD +DEtD
RtGR TXH FDXVDU XQD EXHQD SULPHUD LPSUHVLyQ HUD
LPSRUWDQWH DVt TXH TXHUtD KDFHU WRGR OR SRVLEOH SDUD
DVHJXUDUVH GH TXH VX DVSHFWR \ VX FRPSRUWDPLHQWR
IXHUDQORVPHMRUHV

$OLFH HVWXGLy ORV FRQVHMRV SDUD FDXVDU XQD EXHQD


LPSUHVLyQ \ VH GLR FXHQWD GH TXH PXFKRV GH HOORV
WHQtDQTXHYHUFRQHOOHQJXDMHFRUSRUDO3UDFWLFyFyPR
SRQHUVHGHSLHVRQUHtU\WUDWDUGHHVWDEOHFHUFRQWDFWR
YLVXDO FRQ WRGDV ODV SHUVRQDV TXH FRQRFtD 7DPELpQ
HYLWy FUX]DU ORV EUD]RV VREUH HO SHFKR \ KDFHU
GHPDVLDGRVJHVWRV

$OLFHVHVLQWLyPXFKRPiVVHJXUDFXDQGRDSOLFyHVWRV
FRQVHMRV \ QRWy TXH OD JHQWH HUD PiV UHFHSWLYD FRQ
HOOD 3XGR KDFHU DPLJRV FRQ PiV IDFLOLGDG H LQFOXVR
FRQVLJXLyPHMRUDUODVUHODFLRQHVHQVXWUDEDMRJUDFLDV
DVXQXHYDFDSDFLGDGSDUDFDXVDUXQDEXHQDSULPHUD
LPSUHVLyQ

8QD YH] TXH ORJUy HVD SULPHUD LPSUHVLyQ H[LWRVD OR


GHPiV OH IXH PX\ IiFLO 0DQWXYR VX DFWLWXG UHODMDGD
SHUR DVHUWLYD FXDQGR HUD QHFHVDULD \ XQ WLHPSR
GHVSXpV VH GLR FXHQWD GH TXH PLHQWUDV PiV SDVDED
DFWXDQGRDVtVXFXHUSRLEDDGRSWDQGRHVDVDFWLWXGHV
FRPRSURSLDV0X\SURQWRGHMyGHDFWXDU\VHFRQYLUWLy
HQ HVD SHUVRQD TXH VLHPSUH TXLVR VHU JUDFLDV D
SUDFWLFDU VX OHQJXDMH FRUSRUDO WRGRV ORV GtDV \ HQ
FXDOTXLHUVLWXDFLyQGHVXYLGD

¢&yPR SXHGHV HPSH]DU D FDXVDU HVD H[LWRVD SULPHUD LPSUHVLyQ


FRPRORKL]R$OLFH"

7H HQVHxDUp D HYLWDU DOJXQRV GH ORV HUURUHV PiV FRPXQHV TXH
FRPHWH OD JHQWH FXDQGR FRQRFH D DOJXLHQ QXHYR <D VHD HQ XQD
HQWUHYLVWD GH WUDEDMR R DO FRQRFHU D ORV SDGUHV GH WX SDUHMD SRU
SULPHUD YH] DTXt WLHQHV VHLV PDQHUDV GH LPSUHVLRQDU FRQ WX
SRVWXUDWXFRQWDFWRYLVXDOWXDSUHWyQGHPDQRV\PXFKRPiV

0DQWpQ XQD EXHQD SRVWXUD £3RQWH UHFWR (VWDU HQFRUYDGR


SXHGHSDUHFHUSHUH]RVRRGHVLQWHUHVDGR0DQWpQORVKRPEURV
KDFLDDWUiV\ODFDEH]DDOWD(VWRD\XGDUiDSUR\HFWDUFRQILDQ]D
HQWLPLVPR\HQORVGHPiVDWXDOUHGHGRU
8WLOL]D ODV H[SUHVLRQHV IDFLDOHV SDUD PRVWUDU LQWHUpV 8QD
VRQULVDSXHGHKDFHUPXFKRSDUDTXHODJHQWHVHLQWHUHVHSRUOR
TXH WLHQHV TXH GHFLU 1R WHQJDV PLHGR GH PRVWUDU DOHJUtD
WULVWH]D R HQIDGR WRGDV HVWDV HPRFLRQHV VRQ LPSRUWDQWHV \
SXHGHQFRPXQLFDUXQDVHULHGHLGHDV/DFODYHHVWiHQDGDSWDU
ODHPRFLyQDODVLWXDFLyQ
8WLOL]D HO FRQWDFWR YLVXDO FXDQGR KDEOHV (O FRQWDFWR YLVXDO WH
KDFHVHQWLUPiVFRQHFWDGRFRQWXLQWHUORFXWRU\GHPXHVWUDTXH
HUHV XQ RUDGRU VHJXUR 6L HQ XQD FRQYHUVDFLyQ ORV RMRV GH OD
RWUD SHUVRQD VH GHVYtDQ GHYXpOYHORV XVDQGR WX PDQR R WXV
GHGRV SDUD WRFDU VXDYHPHQWH VX EUD]R X KRPEUR 1R WHQJDV
PLHGR GH KDFHU FRQWDFWR YLVXDO FRQ WX LQWHUORFXWRU 'HPXHVWUD
TXHHVWiVLQWHUHVDGRHQORTXHGLFH6LQHPEDUJRQRORPLUHV
WDQ ILMDPHQWH SXHV PDQWHQHU XQ FRQWDFWR YLVXDO H[FHVLYR
SXHGHGDUODLPSUHVLyQGHVHUHVSHOX]QDQWHRDJUHVLYR
(VWUHFKD VX PDQR FRQ ILUPH]D 8Q IXHUWH DSUHWyQ GH PDQRV
WUDQVPLWHFRQILDQ]D\IXHU]D$JDUUDODPDQRGHODRWUDSHUVRQD
FRQ OD VXILFLHQWH IXHU]D SDUD GHPRVWUDU WX VHJXULGDG SHUR QR
WDQIXHUWHFRPRSDUDTXHUHVXOWHLQFyPRGR
&XLGD WX OHQJXDMH FRUSRUDO OXHJR GHO SULPHU FRQWDFWR /RV
EUD]RV FUX]DGRV SXHGHQ GDU OD LPSUHVLyQ GH HVWDU D OD
GHIHQVLYD R GH QR WHQHU LQWHUpV PLHQWUDV TXH OD LQTXLHWXG
SXHGHKDFHUWHSDUHFHUQHUYLRVRRDQVLRVR,QWHQWDSHUPDQHFHU
TXLHWR\UHODMDGRFXDQGRFRQR]FDVDDOJXLHQQXHYR
0DQWpQ OD FDEH]D DOWD 0XFKD JHQWH PLUD QDWXUDOPHQWH KDFLD
DEDMR FXDQGR HVWi HVFXFKDQGR D DOJXLHQ SHUR VL PLUDV D OD
SHUVRQD FRQ OD TXH HVWiV KDEODQGR FDXVDUiV XQD PD\RU
LPSUHVLyQ

/D FRPXQLFDFLyQ QR YHUEDO HV XQ WHPD FRPSOLFDGR 6H QHFHVLWDQ
DxRV SDUD GRPLQDU WRGRV ORV PDWLFHV \ VXWLOH]DV GHO OHQJXDMH
FRUSRUDOODVH[SUHVLRQHVIDFLDOHVHOFRQWDFWRYLVXDOHOWRQRGHYR]
\ODLQIOH[LyQ

3DUDORVTXHDSUHQGHQODVKDELOLGDGHVQRYHUEDOHVSRUSULPHUDYH]
SXHGH VHU XQ SURFHVR FRQIXVR FRQ PXFKDV WUDPSDV (VWRV VRQ
DOJXQRV GH ORV HUURUHV PiV FRPXQHV TXH VH FRPHWHQ FXDQGR VH
DSUHQGHQHVWDVKDELOLGDGHVSRUSULPHUDYH]
&XDQGR OD JHQWH HVWi DSUHQGLHQGR HO OHQJXDMH QR YHUEDO VXHOH
FRPHWHUHOHUURUGHQRXWLOL]DUWRGRVXFXHUSR(VWRSXHGHGLILFXOWDU
ODFRPSUHQVLyQGHORTXHVHLQWHQWDFRPXQLFDU

2WUR HUURU FRP~Q HV QR GLVWLQJXLU HQWUH VHQWLPLHQWRV \ HPRFLRQHV


/D JHQWH VXHOH FRQIXQGLU ORV VHQWLPLHQWRV FRQ ODV HPRFLRQHV \
YLFHYHUVD (VWR SXHGH OOHYDU D PDOLQWHUSUHWDU ODV VHxDOHV GH ORV
GHPiV8QVHQWLPLHQWRHVXQHVWDGRTXHVHJHQHUDDSDUWLUGHXQD
HPRFLyQ VLQ HPEDUJR VH SURGXFH GH PDQHUD PiV FRQVFLHQWH \D
TXHODVSHUVRQDVSXHGHVHOHJLUPDQWHQHUHVHHVWDGRGHiQLPRSRU
XQ SHULRGR ODUJR GH WLHPSR HVD HV OD PD\RU GLIHUHQFLD TXH OD
HPRFLyQHVGHFRUWDGXUDFLyQ

2WUR HUURU TXH VXHOH FRPHWHU OD JHQWH HV GDU PHQVDMHV
FRQWUDGLFWRULRV DO QR FRQWURODU VXV H[SUHVLRQHV QR YHUEDOHV 3RU
HMHPSORVLWUDWDVGHSDUHFHULQWHUHVDGRHQDOJXLHQSHURWXOHQJXDMH
FRUSRUDOFXHQWDXQDKLVWRULDGLIHUHQWHHVSUREDEOHTXHVHFRQIXQGDQ
WXVLQWHQFLRQHV

8Q HUURU PX\ IUHFXHQWH HV VXSRQHU TXH OD FRPXQLFDFLyQ QR YHUEDO
HV VyOR XQD GH ODV PXFKDV KDELOLGDGHV TXH KD\ TXH DSUHQGHU
PLHQWUDV TXH VH WUDWD GH XQD SDUWH HVHQFLDO SDUD HQWHQGHU ORV
VHQWLPLHQWRV \ SHQVDPLHQWRV GH ORV GHPiV VLQ QHFHVLGDG GH
SDODEUDV 3DUD FRPXQLFDUVH UHDOPHQWH FRQ HILFDFLD KD\ TXH
GRPLQDU WDQWR ODV IRUPDV GH H[SUHVLyQ YHUEDOHV FRPR ODV QR
YHUEDOHV

8QD GH ODV FRVDV PiVLPSRUWDQWHV TXH KD\ TXH UHFRUGDU DOD KRUD
GH DSUHQGHU HO OHQJXDMH QR YHUEDO HV VHU FRQVFLHQWH GH WX SURSLR
OHQJXDMHFRUSRUDO\FRQWURODUWXVH[SUHVLRQHV6yORDVtSRGUiVHQYLDU
PHQVDMHVFODURV\FRKHUHQWHVDODSHUVRQDFRQODTXHLQWHUDFW~DV

/DUHVLVWHQFLDSVLFROyJLFDHQODVSHUVRQDV
¢&yPR VHUHVLVWH OD JHQWH DO FDPELR \DODV QXHYDV LGHDV" 3XHGH
VHU GLItFLO FRQVHJXLU TXH OD JHQWH KDJD DOJR TXH QR TXLHUH KDFHU
3HUR VL VDEHV SRU TXp VH UHVLVWHQ WDQWR WH D\XGDUi D YHQFHU VX
UHVLVWHQFLD\KDFHUORVPiVUHFHSWLYRV

(VWR VH GHEH D TXH DO VDEHU OR TXH PRWLYD R DVXVWD D DOJXLHQ
SXHGHV DGDSWDU WX PHQVDMH HQ FRQVHFXHQFLD \ DXPHQWDU ODV
SRVLELOLGDGHVGHp[LWR/DFODYHHVVXSHUDUODUHVLVWHQFLDSVLFROyJLFD
DQWHV GH EXVFDU XQ DFXHUGR VREUH XQD LGHD R GLUHFFLyQ \ HVWR
UHTXLHUHHPSDWtD\ODFDSDFLGDGGHHVFXFKDUVLQMX]JDU<QHFHVLWDV
KDFHUOR DQWHV GH LQWHQWDU SHUVXDGLU D ORV GHPiV GH TXH VX FDPLQR
HVHOPHMRUSDUDWRGRV

/DV SHUVRQDV PDQLILHVWDQ ODV VLJXLHQWHV FRQGXFWDV FXDQGR


SUHVHQWDQUHVLVWHQFLD

,QFHUWLGXPEUHUHVSHFWRDFXDOTXLHUWLSRGHFDPELRV
7HQGHQFLDDWUDQVIRUPDUXQFDPELRHQXQDFULVLV
&DGHQDVGHSHQVDPLHQWRVSXUDPHQWHQHJDWLYRV
'LILFXOWDGHVSDUDVDOLUGHVX]RQDGHFRQIRUW
/DV IDOVDV HVSHUDQ]DV GH TXH RFXUUD XQ PLODJUR TXH
PiJLFDPHQWHOHVHYLWHSDVDUSRUHOFDPELR

)RUPDVGHVXSHUDUODUHVLVWHQFLDSVLFROyJLFD

D  1R MX]JDU &XDQGR LQWHQWDV SHUVXDGLU D DOJXLHQ SDUD TXH


FDPELH GH RSLQLyQ R GH FRPSRUWDPLHQWR HV LPSRUWDQWH QR
MX]JDUOR(VWRVyORKDUiTXHVHUHVLVWDQPiVDWXVLGHDV
E  0RVWUDU HPSDWtD &RPSUHQGHU HO SXQWR GH YLVWD GH DOJXLHQ
SXHGH D\XGDUOH D VHQWLUVH HVFXFKDGR \ UHVSHWDGR (VWR SXHGH
KDFHUTXHVHPXHVWUHQPiVDELHUWRVDWXVLGHDV
F  ,QWHQWD TXH SLHQVH HQ OD VLWXDFLyQ GHVGH XQD SHUVSHFWLYD
GLIHUHQWH
G  &RQYHQFH D OD SHUVRQD GH TXH DPERV HVWiQ HQ HO PLVPR
HTXLSR'HMDFODURTXHLQWHQWDVD\XGDUOD\TXHTXLHUHVORPHMRU
SDUDHOOD
H  7RPDUVH HO WLHPSR SDUD HVFXFKDU \ FRPSUHQGHU ODV
SHUVSHFWLYDV GH ODV SHUVRQDV (VWD HV TXL]iV OD IRUPD PiV
LPSRUWDQWH GH VXSHUDU OD UHVLVWHQFLD SVLFROyJLFD GH DOJXLHQ
&XDQGRWHWRPDVHOWLHPSRGHHVFXFKDU\HQWHQGHUORTXHGLFHQ
GHPXHVWUDVTXHUHVSHWDVVXVRSLQLRQHV
I  7DPELpQ WH UHFRPLHQGR SRQHU HQ SUiFWLFDV ODV VLJXLHQWHV
SUHJXQWDV

¢&yPRDIHFWDDWXVLWXDFLyQDFWXDOODIRUPDHQTXHPDQHMDVODV
FRVDV"

¢3RUTXpQRTXLHUHVXQFDPELR"

¢&yPRDIHFWDUiWXYLGDHVHFDPELR"

¢7~UHVLVWHQFLDOLPLWDWXVSURFHVRVGHGHVDUUROOR"

6LORJUDVTXHVHUHVSRQGDDVtPLVPRHVWDVSUHJXQWDVVHORJUDXQ
HIHFWRHQHOTXHSDVDGHXQDSRVLFLyQFRQIXVDDXQDHVWUXFWXUDGH
FRPSUHQVLyQ TXH OR SXHGH XELFDU HQ XQ PHMRU PDQHMR SXHV DO
DVXPLU FDPELRV HPSLH]D D UHVROYHU OD VLWXDFLyQ VLQ GLYDJDU HQ
SUHJXQWDVVLQVHQWLGR

/DPD\RUtDGHODVSHUVRQDVVHUHVLVWHQDOFDPELRSRUTXHQRTXLHUHQ
VDOLUGHVX]RQDGHFRQIRUW3XHGHTXHOHVDVXVWHORGHVFRQRFLGRR
OHVSUHRFXSHORTXHSXHGDSDVDUVLKDFHQXQFDPELR

2WUDIRUPDGHFRQVHJXLUTXHDOJXLHQFDPELHVXFRPSRUWDPLHQWRHV
XWLOL]DQGR HO UHIXHU]R (VWR SXHGH LPSOLFDU GDUOHV XQ UHIXHU]R
SRVLWLYR SRU HMHPSOR GLFLpQGROHV OR PXFKR TXH DSUHFLDV HO KHFKR
GH TXH HVWpQ GLVSXHVWRV D WRPDUVH XQ GHVFDQVR \ SDVDU WLHPSR
FRQWLJR  R SURSRUFLRQDUOHV DOJ~Q WLSR GH LQFHQWLYR SRU HMHPSOR
SHUPLWLUOHVWHQHUDOJRGHWLHPSROLEUHGHVSXpVGHKDEHUFRPSOHWDGR
XQDWDUHD 
ĂĂ

)(&/
/-#)(-

/OHJDVWHDOILQDOGHOOLEUR7HIHOLFLWROXHJRGHOHHUWRGRVORVFDStWXORV
DWHQWDPHQWHVpTXHORJUDVWHFRPSUHQGHUPXFKRDFHUFDGHOD31/

&RPSUHQGLVWH SRU ILQ TXH OD 3URJUDPDFLyQ 1HXUROLQJtVWLFD HV XQD


KHUUDPLHQWDDOWDPHQWHHILFD]SDUDODJHVWLyQGHUHFXUVRVKXPDQRV\
HPSUHVDULDOHV (QWHQGLVWH TXH VL ELHQ H[LVWHQ EHQHILFLRV
RUJDQL]DFLRQDOHV WRGR SDUWH GHO PHMRUDPLHQWR GH OD SHUFHSFLyQ GH
ORVPLVPRVWUDEDMDGRUHV

7DPELpQ HQWHQGLVWH TXH OD 31/ VH HQFXHQWUD UHODFLRQDGD FRQ OD


WRPDGHGHFLVLRQHV/DSUiFWLFDKDFHDOPDHVWURSRUORTXHFXDQWDV
PiV GHFLVLRQHV WRPHQ ODV SHUVRQDV PiV HQWUHQDPLHQWR WHQGUiQ \
OOHJDUiHOPRPHQWRHQTXHWRPDUXQDGHFLVLyQVHUiDOJRWRWDOPHQWH
QDWXUDO\PXFKRPiVIiFLO

/D 31/ WH D\XGD HQ HVWH SURFHVR DVt ORJUDUiV VLQ FRPSOLFDFLRQHV
VDEHU OR TXH TXLHUHV KDFLD GRQGH WH GLULJHV WHQGUiV XQ H[FHOHQWH
FRQRFLPLHQWR GH WL PLVPR VHUiV FDSD] GH WRPDU GHFLVLRQHV
UiSLGDPHQWH \ FDPELDUiV GH LGHD HQ SRFDV RFDVLRQHV \ FXDQGR OD
VLWXDFLyQGHYHUGDGORDPHULWHFXDQGRRFXUUDQDFRQWHFLPLHQWRVPX\
LPSRUWDQWHV
2WUR iPELWR HQ HO TXH WH SXHGH VHU GH XWLOLGDG OD 3URJUDPDFLyQ
1HXUROLQJtVWLFDHVHQODFRPXQLFDFLyQGHWXGtDDGtD+D\PXFKDV
VHxDOHVDWXDOUHGHGRU\WXPHQWHSHUFLEHODLQIRUPDFLyQEDVDGDHQ
WXFRQRFLPLHQWRH[SHULHQFLD\FRPSUHQVLyQGHODYLGD

3DUD SRGHU GDU FXDOTXLHU WLSR GH PHQVDMH HV LPSRUWDQWH SULPHUR
HQWHQGHU OD IRUPD HQ TXH W~ PLVPR WH FRPXQLFDV SDUD SRGHU
KDFHUOR FRQ ORV GHPiV GH XQD IRUPD FODUD \ HIHFWLYD 3RQLHQGR HQ
SUiFWLFDOD31/SXHGHVHYLWDUFRQIOLFWRVIXWXURVFXDQGRDSUHQGHVD
GHVDUUROODUODFRPXQLFDFLyQ

(O p[LWR HV XQ WpUPLQR GLIHUHQWH SDUD FDGD SHUVRQD < WDPELpQ
SXHGHV HQFRQWUDUOR HQ WX SDUHMD \R IDPLOLD 6L DSOLFD OD 31/ HQ
FDVD SRGUiV PDQHMDV QXHYRV FRQFHSWRV \ WpFQLFDV FRQ ORV TXH
SRGUiV HOHYDU OD FDOLGDG GH WX H[SHULHQFLD FRPXQLFDWLYD HQ IDPLOLD
7DPELpQ EDVDUiV WXV SLODUHV HQ HO XVR GH YDORUHV EDVDGRV HQ HO
HQWHQGLPLHQWR \ HO UHVSHWR OR TXH D\XGDUi D VROXFLRQDU GH XQD
PDQHUDPXFKRPiVSDFtILFDFXDOTXLHUVLWXDFLyQGHHVWUpV

3XHGHVXVDUOD3URJUDPDFLyQ1HXUROLQJtVWLFDHQFXDOTXLHUUHODFLyQ
LQWHUSHUVRQDO TXH WHQJDV /R TXH KDUiV HV XWLOL]DU XQ PRGHOR
FRPXQLFDWLYRVLPLODUTXHWHSHUPLWLUiHOLPLQDUODVIDOVDVVXSRVLFLRQHV
\HOHJLUDPLVWDGHVVDQDV\SRVLWLYDVHQVXYLGD

¢4XpPiVSXHGHVORJUDUXVDQGRHVWDKHUUDPLHQWD"

/D UHVSXHVWD HV PX\ VHQFLOOD SXHGHV KDFHU WRGR OR TXH WH
SURSRQJDV <D KDEOp GH VX HILFLHQFLD HQ HO iPELWR ODERUDO \
HPSUHVDULDOHQODWRPDGHGHFLVLRQHVODFRPXQLFDFLyQHODPELHQWH
IDPLOLDUGHSDUHMD\ODVDPLVWDGHV

7~ \D DSUHQGLVWH ODV GLYHUVDV WpFQLFDV SHUFHSWLYDV GH


FRPSRUWDPLHQWR \ GH FRPXQLFDFLyQ SDUD IDFLOLWDU TXH ODV SHUVRQDV
FDPELHQ VXV SHQVDPLHQWRV \ DFFLRQHV 7LHQHV HQ WX SRGHU HO
FRQRFLPLHQWRSDUDORJUDUORTXHTXLHUDVHQWXYLGD
1R ROYLGHV TXH SXHGHV UHJUHVDU \ UHOHHU HVWH OLEUR WRGDV ODV YHFHV
TXH TXLHUDV 6L QHFHVLWDV YROYHU D UHYLVDU FXDOTXLHUD GH HVWDV
HVWUDWHJLDVHUHVELHQYHQLGR5HFXHUGDTXHWRGRHVXQSURFHVR\\D
VDEHVODVEDVHVORTXHWLHQHVTXHKDFHUDKRUDHVVHUGLVFLSOLQDGR\
SRQHUHQSUiFWLFDFDGDSXQWRTXHYLPRVMXQWRV

1R TXLHUR VHU SUHWHQFLRVR DO GHFLUWH TXH HVWH OLEUR HV HO ~QLFR TXH
QHFHVLWDV SDUD VHU XQ H[SHUWR HQ 31/ SRUTXH HVWDUtD PLQWLHQGR
(VWH OLEUR WLHQH FRPR REMHWR VHU HO SXQWD SLH LQLFLDO HQ HVWH YLDMH
3HURORTXHVtSXHGRKDFHUHVUHFRPHQGDUWHTXHXQDYH]WHUPLQHV
GH OHHUOR DVLVWDV D WDOOHUHV R D XQD FODVH TXH WH SHUPLWD SRQHU HQ
SUiFWLFDORVFRQFHSWRVFRQRWURVDOXPQRV7DPELpQFRQWLQ~DOH\HQGR
OLEURV \ DUWtFXORV TXH SXHGHQ D\XGDUWH D GHVDUUROODU D~Q PiV WXV
KDELOLGDGHV

1R H[LVWH XQD IRUPD FRUUHFWD GH DSUHQGHU OR TXH SDUD DOJXQRV
IXQFLRQDSXHGHTXHQRGpUHVXOWDGRVSDUDRWURV/RTXHWLHQHVTXH
KDFHUHVDXWRHVWXGLDUWHSDUDHQWHQGHUFXiOHVWXSURFHVRFRUUHFWR
GHDSUHQGL]DMH\HQIRFDUWXWLHPSR\HVIXHU]RGHHVWDIRUPD
,#-

'HVGHORPiVSURIXQGRGHPLFRUD]yQWHTXLHURGDUODVJUDFLDVSRU
FRPSUDUPLOLEUR

3RGUtDV KDEHU HOHJLGR HQWUH PXFKRV GH RWURV OLEURV SHUR GHFLGLVWH
DUULHVJDUWH\HOHJLUHOPtR

$VtTXHQXHYDPHQWHJUDFLDVSRUFRPSUDUHVWHOLEUR\SRUOHHUORFRQ
FDULxRKDVWDHOILQDO/HSXVHPXFKRFDULxRDFDGDXQDGHVXVKRMDV

$QWHVGHTXHWHYD\DVTXHUtDSHGLUWHXQSHTXHxRIDYRU

¢3RGUtD FRQVLGHUDU SXEOLFDU XQD UHVHxD HQ OD SODWDIRUPD"


3XEOLFDUXQDUHVHxDHVODIRUPDPHMRU\PiVIiFLOGHDSR\DUHO
WUDEDMR GH DXWRUHV LQGHSHQGLHQWHV FRPR \R TXH EXVFDPRV
SODVPDUQXHVWURFRQRFLPLHQWRHQHVWDVKRMDV\KDFHUOHXQSRFR
PiVIiFLOODYLGDDQXHVWURVOHFWRUHV

7XV FRPHQWDULRV PH D\XGDUiQ D VHJXLU FUHFLHQGR FRPR HVFULWRUD


LQGHSHQGLHQWH \ WDPELpQ SRGUp VDEHU HO WLSR GH OLEURV TXH WH
D\XGDUiQ D REWHQHU ORV UHVXOWDGRV TXH GHVHDV 6LJQLILFDUtD PXFKR
SDUDPtVDEHUGHWL
!!'HMDUXQDUHVHxDHQ$PD]RQ(6

!!'HMDUXQDUHVHxDHQ$PD]RQ&20
)
) , & /.),

(VFULWRUSRUSDVLyQ\DSUHQGL]HPSHGHUQLGRFRQDPSOLDH[SHULHQFLD
HQSURJUDPDFLyQQHXUROLQJtVWLFD\OHQJXDMHFRUSRUDO6LHPSUHOHKD
LQWHUHVDGRHQVHxDU\DKRUDKDGHFLGLGRFRPSDUWLUVXVFRQRFLPLHQWRV
FRQ HO PXQGR 6HJXUR TXH WH D\XGDUi D PHMRUDU WXV KDELOLGDGHV
FRPXQLFDWLYDV\DHQWHQGHUWHPHMRUDWLPLVPR

5HYLVD WRGRV PLV OLEURV HQ


DPD]RQFRPDXWKRUSQO\SHUVXDVLRQGHVGHFHUR

You might also like