Está en la página 1de 5

(O$UFRGH-DGH

%DVDGRHQ
(OHVStULWXGHOPRYLPLHQWR *XtDGHVXSHUYLYHQFLDGHOGLUHFWRUGHMXHJRSiJ
/RV/HyQ &RUWHGHLQYLHUQR.\XGHQ6HSSXQSiJ
/RVWHPSORVGHORV$VDKLQD /D6HQGDGHOD*UXOODSiJ
3RU$OHMDQGUR'5XELR0DUWtQ

&DSLWXOR(OFRPLHQ]R
(OHQFXHQWURHQWUHORV3-\ORV.LWVX\DHVWiSUHSDUDGRSDUDTXHHVWRV~OWLPRV
SXHGDQKDEODUFRQVXVDQWHSDVDGRVHLQIRUPDUOHVODUD]yQSRUODFXDOKDQGHSRUWDUOD
WHODFRUUXSWD/DUD]yQHVTXHGLFKDWHODHVHOVtPERORGHODFRUUXSFLyQGHXQDQWHSDVDGR
GHO3-\VHHVSHUDTXHVLPEROLFHODIXHU]DSRUODFXDOQXQFDODFRUUXSFLyQGHEHUtDGH
DOFDQ]DUGHQXHYRODIDPLOLD$GHPiVGHTXHHQPDODVPDQRVSRGUtDKDFHUPXFKRGDxR
3DUDPiVLQIRUPDFLyQYHUODSiJGH3RUWDGRUHVGH-DGH
/RLPSRUWDQWHHVTXHORV.LWVXKDQKDEODGRFRQORVPXHUWRV\KDQGHVFXELHUWR
TXHHQXQSHTXHxRWHPSOR$VDKLQDHQ$VDKLQD6KLQGHQVHHQFXHQWUDXQSRGHURVR
DUWHIDFWRFRQRFLGRFRPRHODUFRGHMDGH1RVyORORV/HyQQRSXHGHQUHFODPDUORQL
FRJHUORGHELGRDODJXHUUDFRQORV*UXOODVLQRTXHORVHVStULWXVKDQGLFKRTXHXQRGH
ORV3-KDVLGRHOHJLGRSDUDUHFXSHUDUOR VHOHFFLRQDDO3-DOD]DUWLUDQGRG\TXLHQ
VDTXHPiV /RVPXHUWRVKDQGLFKRTXHHVH IRUQLGR&DQJUHMRKRPEUHWDWXDGR
VKXJHQMD'UDJyQGLVWLQJXLGR*UXOOD HVWiPDUFDGRSRUVXVDQWHSDVDGRVSDUDOD
UHFXSHUDFLyQGHODUWHIDFWR\TXHVyORpOHVWiGHVWLQDGRDUHFXSHUDUOR$FDPELRGHOD
LQIRUPDFLyQVHOHVSLGHTXHWUDLJDQGLFKRDUWHIDFWRDORV/HyQ1RKD\SUREOHPDVHQ
SULQFLSLRSRUSDUWHGHORV*UXOODSXHVWRTXHHVWRVQXQFDKDQRtGRKDEODUGHOREMHWR
1RVDEHQGyQGHVHHQFXHQWUDH[DFWDPHQWHHODUWHIDFWRODVSDODEUDVGHORV
DQWHSDVDGRVIXHURQTXHYLDMDUDQDOWHPSORSULQFLSDOGH$VDKLQD6KLQGHQ\TXHDO
ELEOLRWHFDULRGHQRPEUH$VDKLQD+LURMLOHGLMHUDQH[DFWDPHQWH$NRVKL5HLKDLGR OD
FDSLOOD$NRVKL \OHGLHUDQXQSHUJDPLQRTXHVHHQWUHJDDO3-HOHJLGR(VLPSRUWDQWHTXH
QRGLJDQGHQLQJXQDIRUPDGHGRQGHSURFHGHHOSHUJDPLQR\DVtVHOHVKDFHVDEHU$ORV
3-VHOHVSUHSDUDQVXVSDSHOHVGHYLDMHSDUDTXHSXHGDQSDVDUSRUWHUULWRULR*UXOOD
/RV/HyQTXLHUHQHODUFRSDUDHYLWDUTXHGHFXDOTXLHUIRUPDORV*UXOODORSRVHDQ
\SXHGDQOLEHUDUDORVUiWLGRVGHORQLTXHDVRODVXVWLHUUDV(QFXDOTXLHUFDVRMDPiVGLUiQ
FXDOHVVRQVXVLQWHQFLRQHVFRQHOREMHWR SiJGH/DFRUWHGHLQYLHUQR 
&DSLWXOR/DSRVHVLyQ
$VDKLQD+LURMLHOELEOLRWHFDULRSULQFLSDOGHOPD\RUWHPSOR$VDKLQDQRWLHQH
GHPDVLDGRWLHPSRTXHSHUGHUSRUORTXHKDEODUFRQpOUHTXHULUiLQJHQLRVDVWLUDGDVGH
,QWHOLJHQFLD(WLTXHWD'LI\3HUFHSFLyQ&DOLJUDItD'LIRELHQKDFHUOHOOHJDUODV
SDODEUDVTXHGLMHURQDORV3-
+D\XQDOH\HQGDHQWUHORVVKXJHQMD$JDVKDGHTXHH[LVWHXQWHPSORSHUGLGRTXH
DOEHUJDLQFRQWDEOHVDELGXUtDSURWHJLGRSRUXQSRGHURVRHVStULWX1DGLHTXHKD\DVDOLGR
HQVXE~VTXHGDORKDHQFRQWUDGRMDPiV6HOHFRQRFHFRPRODFDSLOOD$NRVKL $NRVKL
5HLKDLGR H+LURMLVHHQFXHQWUDHQWXVLDVPDGRSRUVDEHUTXHFRQRFHQORV3-VREUHOD
KLVWRULD TXHVHUiQDGD 6LORV3-OHHQWUHJDQHOSHUJDPLQRDOVKXJHQMDVHUiQLQYLWDGRVD
TXHGDUVHKDVWDTXH+LURMLORLQYHVWLJXH FRQWLHQHXQVHOORTXHLPSLGHDEULUOR 
$OGtDVLJXLHQWH GtDOLEUHSDUDORVMXJDGRUHV +LURMLVHUHXQLUiFRQORV3-(VWi
H[DOWDGR\QHUYLRVR'LFHTXHHOSHUJDPLQRFRQWHQtDXQULWXDOHLQVWUXFFLRQHVSDUD
ODQ]DUVREUH QRPEUHGHO3-HOHJLGR &RPHQWDTXHHVXQDHVSHFLHGHOODPDGDDO
PLVPtVLPRHVStULWXGH$NRVKL\TXHHVWHKDOODUiGHQXHYRHOFDPLQRDODFDSLOODSHUGLGD
TXHHOPLVPRKL]RFRQVWUXLU3DUHFHTXH$NRVKLPXULyKDFHXQRVWUHVFLHQWRVDxRV\KD

VLGRROYLGDGRKDVWDHOGtDGHKR\3RUVXSXHVWR+LURMLGHVHDVDEHUIHUYLHQWHPHQWHGH
GRQGHVDOLyHOSHUJDPLQR\DXQTXHLQVLVWLUiQRORKDUiGHPDVLDGR'DUiSHUPLVRDORV
3-SDUDLQWHQWDUKDOODUHOWHPSORVLHPSUHTXHQRSURIDQHQHOSRVLEOHFRQRFLPLHQWRTXH
SXHGD DOEHUJDUHLQIRUPHQHQVHJXLGDGHVXORFDOL]DFLyQVLORHQFXHQWUDQ
7RGRHVWiSUHSDUDGRSDUDHOODQ]DPLHQWRGHOULWXDODOGtDVLJXLHQWH(OHOHJLGR
GHEHUiKDEHUVLGRODYDGRFRQDJXDFRQSpWDORVGHURVDV\KDEHUD\XQDGRHVDPDxDQD
DPpQGHKDEHUVLGRSXULILFDGRFRQWpFRQSROYRGHMDGH(QXQFXDUWRGRQGHVyORVH
HQFXHQWUDQORV3-H+LURMLFRPLHQ]DHOODQ]DPLHQWRGHOULWXDO FXDOTXLHU3-VKXJHQMD
VHUiLQYLWDGRDSDUWLFLSDU (O3-GHEHHMHFXWDUXQDGDQ]DDOFRPSiVGHORVFiQWLFRVGHO
VKXJHQMDFRQORTXHHODQWLJXRNDPLLPEXLUiDOVDPXUDLGHODVKDELOLGDGHV\HO
FRQRFLPLHQWRQHFHVDULRSDUDHQFRQWUDUODFDSLOOD3XHGHVKDFHUWLUDUDO3-$JLOLGDG
%DLOH'LIHQFDVRGHIDOORGHODWLUDGDORTXHVLJXHSXHGHHVWDUSOHQDPHQWH
MXVWLILFDGRDXQTXHGHRWURPRGRWDPELpQVXFHGHUi/RVFiQWLFRVUHVXHQDQHODLUH
HPSLH]DDKDFHUVHSHVDGR\FXDQGRORVVKXJHQMDFDHQH[KDXVWRVDOVXHORXQDSURIXQGD
ULVDVDOHGHODJDUJDQWDGHO3-VREUHHOTXHVHKDKHFKRHOULWXDO(O3-SRUVXSXHVWRQR
KDEUiVHQWLGRQDGD\VHJXLUiVLQHOPHQRUFRQRFLPLHQWRGHOOXJDUGHOWHPSOR(VWi
SRVHtGRDXQTXHWRGDYtDHVFRQVFLHQWHGHVXVDFWRV\SXHGHLQWHQWDUKDFHUDOJXQDV
DFFLRQHV FDGDYH]TXHLQWHQWHKDFHUDOJRTXHHOHVStULWXQRTXLHUHGHEHKDFHUXQDWLUDGD
GH9ROXQWDG'LISDUDSRGHUUHDOL]DUOR 
$NRVKLQRGLUiGRQGHVHHQFXHQWUDODFDSLOODSXHVWRTXHQRVHDFXHUGDSHUR
LQGLFDUiTXHJXLDUiGHVGHHOPiVDOOiORVSLHVGHO3-DPHGLGDTXHHVWHVHYD\D
DFHUFDQGRDOOXJDU
(OSUREOHPDHVTXH$NRVKLVHQLHJDDDEDQGRQDUHOFXHUSRGHO3-\SHRUD~Q
UHTXLHUHDWHQFLRQHVYDULDVFRPRHVFXFKDUP~VLFD  EHEHUVDNH  UHFLWDUSRHVtD  
SDVHDUGHVFDO]RDODEULJRGHODVHVWUHOODVRHOVRO  WRFDUHOWDPERU  SUDFWLFDUOXFKD
VXPDL   HMHUFLWDUVHHQNHQMXWVX  KDFHUXQDFHUHPRQLDGHOWp  EDxDUVH  R
SLQWDU  &DGDGRVRWUHVKRUDVDSUR[LPDGDPHQWHHO3-VHQWLUiXQDOODPDGD
LUUHVLVWLEOHDUHDOL]DUODDFFLyQFRUUHVSRQGLHQWHTXHVDOJDHQG(O3-SLHUGHHOFRQWURO
GHOSHUVRQDMH\GHEHUiLQWHUSUHWDUD$NRVKLEXVFDQGRHOPHGLRSDUDUHDOL]DUGLFKD
DFFLyQ+D]TXHODVHVFHQDVVHDQGHQWURGHODVHULHGDGORPiVGLYHUWLGDVSRVLEOHV+LURML
SURSRQGUiSUHSDUDUXQULWXDOSDUDOLEHUDUDO3-GHONDPLSHURSDUHFHTXHQRYDDVHU
IiFLO

&DSLWXOR/DOLEHUDFLyQ
(O3-SRVHtGR RPiVELHQ$NRVKL VHQLHJDDDEDQGRQDUHOOXJDUHQEXVFDGHO
WHPSOR\SDUHFHGLItFLOREOLJDUORDXQTXHODPD\RUSDUWHGHOFRQWUROODWLHQHHO3-GHYH]
HQFXDQGR$NRVKLKDFHGHODVVX\DVSRUORTXHHVLPSRVLEOHFRQWLQXDUHQHVHHVWDGR
7DUGHRWHPSUDQRWHQGUiQTXHUHDOL]DUHOULWXDOGHOLEHUDFLyQ3DUDODUHDOL]DFLyQGHO
ULWXDO+LURMLDYHULJXDTXHGHEHQHVWDUWRGRVORVSDUWLFLSDQWHVHQHOULWXDOGHODSRVHVLyQ
DVtFRPRXQPLHPEURDGLFLRQDOGHFDGDXQDGHODVPLVPDVIDPLOLDV3RUHMHPSORVL
KXERXQKRPEUHWDWXDGR7RJDVKLHQHOULWXDODQWHULRUGHEHUtDHVWDUSUHVHQWHHQHVWHDVt
FRPRRWURKRPEUHWDWXDGR7RJDVKLLJXDOPHQWHGHEHUtDKDEHUGRV+LGDGRV.XQLHWF
GHSHQGLHQGRGHODFRPSRVLFLyQGHOJUXSR&RQVHJXLUDHVWRVVDPXUDLQRHVXQSUREOHPD
QLXQDSDUWHGHUHVROXFLyQGHODDYHQWXUDDPHQRVTXHDVtORGHVHHVFRQXQDEXHQDLGHD
9D\DDYHUFRPRFRQYHQFHPRVDHVHFD]DGRUGHEUXMRV.XQLSDUDTXHSDUWLFLSHHQ
HVWHULWXDO $GHPiV+LURMLFRPHQWDTXHVHQHFHVLWDXQDVHULHGHREMHWRV\TXHSRGUtD
FRQVHJXLUORVWRGRVH[FHSWRXQRTXHGHEHVHUWUDtGRSRUODSHUVRQDSRVHtGDSRUHONDPL
'LFKRREMHWRHVODSRVHVLyQPiVDSUHFLDGDGHOPDHVWURIRUMDGRU.RNRUL
/RV3-GHEHQYLDMDUDODVPRQWDxDVDOVXUGH6KLQGDQR6X]X &DPSDQDVGH
ORVPXHUWRV SDUDHQFRQWUDUD.RNRULHQXQDSHTXHxDDOGHD6XFDVDHVODVHJXQGD

PD\RUGHOSXHEORGHWUiVGHODGHOMHIH\JUDQSDUWHGHHVWDODRFXSDXQDIRUMDGHDUPDV
(OREMHWRPiVSUHFLDGRGH.RNRULHVXQWDQWRYLHMR\KHUUXPEURVRVXYDORUHVWDQWR
VHQWLPHQWDOFRPRKLVWyULFRSXHVIXHXQDUPDIRUMDGDSRUpOPLVPRDOILQDOGHVXpSRFD
GHDSUHQGL]SHURFRQODTXHREWXYRXQHVWUHSLWRVRIUDFDVR(VHWDQWRPDUFRKLULyHO
RUJXOORGH.RNRUL\PDUFyVXIXWXURFRPRIRUMDGRUFRQYLUWLpQGRVHJUDFLDVDpOHQXQR
GHORVPHMRUHVIRUMDGRUHVGHNDWDQD GHODDFWXDOLGDG
.RNRULFRODERUDUiVLOHFXHQWDQTXHHOWDQWRVHUiXVDGRSDUDILQHVQREOHV\OH
VHUiGHYXHOWRSHURSHGLUiXQDFRPSHQVDFLyQSRUVXSUpVWDPR&XDOTXLHUWLSRGHSDJR
FRQGLQHUROHRIHQGHUiHQRUPHPHQWHFRQORSHGLUiDOVDPXUDLHQFXHVWLyQTXHDEDQGRQH
VXKRJDU UHFXHUGDTXHDOHQWUDUHQXQKRJDUORVVDPXUDLGHEHQGHMDUVXVDUPDVHQOD
HQWUDGD 6LQHPEDUJRKD\XQDFRVDTXHOHVDWLVIDFHUiHQRUPHPHQWHTXHKDJDQ/HV
FXHQWDTXHKD\XQPDHVWURGHNHQMXWVXNHQNXGRVDOGHDVPiVDOQRUWH\TXHVLVRQ
FDSDFHVGHGHUURWDUOHHQFRPEDWHKRQRUDEOHSUHVWDUiVXWDQWR/DVUD]RQHVSRUODVTXH
GHVHDHOFRPEDWHVRQSHUVRQDOHV HVXQDHVSHFLDGHSLTXHSHUVRQDOFRQVXEXHQDPLJR
IRUMDGRU\PDHVWURGHNHQMXWVX2WLJRWLJRVKLHONHQNXDGHPiVGHTXHGDUiDOJRGHYLGD
DODDYHQWXUD /DHVSDGDTXHOOHYD2WLJRWLJRVKLODIRUMy.RNRULORFXDOGHPXHVWUDVXV
H[FHOHQWHVFXDOLGDGHVFRPRIRUMDGRU
(OPDHVWUR2WLJRWLJRVKLHVXQNHQNX\DDQFLDQRSDUDORVGHVXUD]DSHURWRGDYtD
YLJRURVR$FHSWDUiFXDOTXLHUFRPEDWHGHGHPRVWUDFLyQGHKDELOLGDGFRQWUDFXDOTXLHUD
TXHVHORSLGD\GHPXHVWUHVXWpFQLFDSDVDQGRXQDWLUDGDGH$JLOLGDG,DLMXWVX'LI\
RWUDGH$JLOLGDG.HQMXWVX'LI1RVHGLJQDUiDOXFKDUFRQWUDDOJXLHQTXHQRVXSHUH
VXFULWHULRGHHYDOXDFLyQ(OSULPHU3-TXHORYHQ]DVHUiUHFRPSHQVDGRFRQXQDQLOORGH
RUR\2WLJRWLJRVKLQROXFKDUiPiVSXHVVHHQFXHQWUD\DDOJRYLHMR\FDQVDGR/D
HQWUHJDGHODQLOORD.RNRULHVIXQGDPHQWDO ORUHFODPDUiSXHVVDEUiTXHVLKDVLGR
YHQFLGROHVKDEUiGDGRHODQLOOR SDUDTXHHVWHOHVHQWUHJXHHOWDQWR(QFDVRGHHPSDWH
HQODOXFKDHONHQNXWDPELpQHQWUHJDUiHODQLOOR6L2WLJRWLJRVKLJDQDDWRGRVORV3-QR
HQWUHJDUiHODQLOOR\KDEUiTXHFRQYHQFHUD.RNRULTXHHQWUHJXHVXWDQWRSRURWURV
PHGLRVDGLVFUHFLyQGHO'-HPSH]DQGRSRUXQDWLUDGDGH&RQVFLHQFLD6LQFHULGDG'LI

/DVFDUDFWHUtVWLFDVGH2WLJRWLJRVKLVHHQFXHQWUDQDOILQDO1RWDHOFRPEDWHFRQ
2WLJRWLJRVKLVHUiDFLQFRJROSHVFRQWLUDGDVGH$JLOLGDG.HQMXWVX/DVKHULGDVTXH
UHFLEDFDUHFHUiQGHLPSRUWDQFLDDQRVHUTXHVHSUHWHQGDDFDEDUFRQpOHQFX\RFDVR
2WLJRWLJRVKLJXDUGDUiVXVGDGRVPD\RUHVSDUDHOGDxR
8QDYH]UHXQLGRWRGRFRPLHQ]DHOULWXDO6LQHPEDUJRHQPHGLRGHOULWXDOVH
OHYDQWDXQIXHUWHYLHQWRHQODVDOD\ODVOXFHVVHDSDJDQ&XDQGRVHYXHOYHQDHQFHQGHU
ORVREMHWRVSXHVWRVHQODPHVDFHQWUDOKDQGHVDSDUHFLGR(QUHDOLGDGVHKDQYXHOWR
LQYLVLEOHVSHURQDGLHORVDEH\HVORTXHKD\TXHDYHULJXDU6HSXHGHKDFHUIiFLOPHQWH
WRFDQGRODSDUWHVXSHULRUGHODPHVD\FRPSUREDQGRTXHHVWiQDKt(VXQHIHFWRGHELGR
SRVLEOHPHQWHDXQNDPLMXJXHWyQDXQIDOORHQHOKHFKL]R6LORVREMHWRVVHVDFDQGHOD
PHVDYROYHUiQDVHUYLVLEOHVQRSDVDQGRFRQHOORVQDGDUDURPiV&XDQGRHOULWXDOVH
DFDEDHO3-TXHGDOLEHUDGRGHODSRVHVLyQDXQTXHFRQODHVHQFLDGH$NRVKLSDUD
HQFRQWUDUODFDSLOOD(VWDHVFHQDSXHGHGDUSLHDXQDSHTXHxDSDUWHGHLQYHVWLJDFLyQTXH
SXHGHGHVDUUROODUVHWDQWRFRPRHO'-GHVHH RLQFOXVRDOJXLHQKDSRGLGRUREDUHOREMHWR
ORFXDOVHUtDPiVLQWHUHVDQWHSHURDPtPHTXHGDQPLQXWRVSDUDDFDEDUHOPyGXOR\
PLVMXJDGRUHVVHHQIDGDQVLHOPDVWHUOOHJDWDUGH 
&DSLWXOR(OWHPSOR
(QORVFDPSRVGHOVROGHODPDxDQDSXHGHQHQFRQWUDVHDPHQXGRPRQMHV\
VDPXUDLPHGLWDQGR(VWRVFDPSRVVHHQFXHQWUDQMXQWRODFRVWDVXUGHOSDODFLR<DVXNL
3DUHFHTXHSRUDTXtHVGRQGHVHHQFXHQWUDODFDSLOODSHUGLGDSHURGyQGH"7UDVSDVHDU

VLQUXPERGXUDQWHYDULDVKRUDV\SDUDUVHDGHVFDQVDUORV3-VRQOLWHUDOPHQWH
HQJXOOLGRVSRUODWLHUUD\FDHQDXQW~QHOHQHOTXHSDUHFHQKDEHUFDtGRVLQDWUDYHVDUHO
WHFKRSXHVHVWiLQWDFWR
7UDVXQODUJR\K~PHGRSDVLOORVHDEUHXQDHVWDQFLDVHPLHVIpULFDGHVHLVPHWURV
GHGLiPHWUR(QHOFHQWURGHpVWDKD\XQDJUXHVDFROXPQDGHSLHGUD FPGHUDGLR 
TXHXQHHOWHFKRFRQHOVXHOR7UDVHVWDKD\XQPRQWtFXORGHSLHGUDV\HQORDOWRGHHVWH
KD\XQSHUJDPLQR\XQDURGHMDGHGHXQRVFPGHGLiPHWUR$GHPiVFROJDGRVHQOD
SDUHGGHODHVWDQFLDKD\XQWRWDOGHSRUWDSHUJDPLQRVFDGDXQRGHORVFXDOHV
FRQWLHQHXQKHFKL]RGLVWLQWR(OSHUJDPLQRSRQH$XQTXHKD\DVHQFRQWUDGRHODUFRGH
MDGHD~QGHEHUiVGHPRVWUDUTXHHUHVGLJQRGHVDFDUOR3RUHVRSRQWHDSUXHEDDWL
PLVPRDQWHVGHKDFHUWHFRQpO6HUiWXDOPDWDQIXHUWHFRPRODFROXPQDTXHVRVWLHQH
HVWHWHFKR"
&XULRVRFXDQWRPHQRVORTXHSRQH(OFDVRHVTXHQRKD\VDOLGDGHHVWHOXJDU
/DSUXHEDEDVHHVGHUUXLUODFROXPQDGHSLHGUDFRQODNDWDQD3DUDVDEHUVLORORJUDVH
XVDQODVVLJXLHQWHVUHJODV
 /DFROXPQDWLHQHXQDDUPDGXUDLJXDOD HOQ~PHURGHGDGRVJXDUGDGRV
FRQHODUPDTXHODJROSHD$VtXQDNDWDQDQRUPDOJWHQGUiTXHLQIOLJLUSXQWRVGH
GDxRGHXQVRORJROSH(OGDxRVHWLUDUiFRPR)XHU]D'DxRGHODUPDVLQQLQJ~QRWUR
WLSRGHERQLILFDFLyQHVSHFLDOVDOYRDXPHQWRV6LVXSHUDODDUPDGXUDVHORJUDUi
URPSHUOD
 (VSRVLEOHGHFODUDUDXPHQWRVSDUDKDFHUPiVGDxR(QHVHFDVRKD\TXHWLUDU
SDUDJROSHDUDODFROXPQDFRQ$UPDGXUDGHODFROXPQDSRUDXPHQWR&DGD
DXPHQWRGHFODUDGRSHUPLWHWLUDUSHURQRJXDUGDUXQGDGRH[WUDHQHOGDxR3RUHMHPSOR
GRVDXPHQWRVFRQXQDNDWDQDJWHQGUiXQDGLILFXOWDGGH 
 6LHODUPDXVDGDQRHVXQDNDWDQD HODOPDGHOVDPXUDL ODDUPDGXUDGHOD
FROXPQDWHQGUiWDQWRDJROSHDUFRPRDGDxR
 $SDUWLUGHOSULPHUJROSHVHGHEHJDVWDUXQSXQWRGH9DFtRSDUDSRGHU
JROSHDUGHQXHYR&XDOTXLHUDSXHGH \QRVyORHOHOHJLGR LQWHQWDUJROSHDUOD
FROXPQDHQHVHFDVRHVDHVODSHUVRQDTXHSXHGHXVDUVDFDUHODUFRGHMDGH
&XDQGRODFROXPQDVHURPSDHOWHFKRVHGHUUXPEDUi\PRVWUDUiXQDVDOLGDDO
H[WHULRU6yORODSHUVRQDTXHURPSLyODFROXPQDSXHGHVDFDUHODUFRGHMDGH6LRWUDOR
LQWHQWDGHVDSDUHFHUiGHVXVPDQRVSDUDYROYHUDOWHPSOR
(ODUFRGHMDGH
(ODUFRGHMDGHHVHQUHDOLGDGXQDURKHFKRGHMDGHGHXQRVTXLQFHFHQWtPHWURV
GHGLiPHWUR\WUHVGHJUXHVR&XDOTXLHUDTXHVRSOHDWUDYpVGHpOFUHDUiXQDIXHUWH
YHQWLVFDHQIRUPDFyQLFDGHDSUR[LPDGDPHQWHYHLQWHPHWURVGHODUJR\TXHHQVXEDVH
WHQGUiXQRVVHLVPHWURVGHUDGLRTXHFDXVDUiXQGDxRWLUDGR\JXDUGDGRLJXDODO$LUHGHO
VRSODGRUDWRGDVODVFULDWXUDVFDtGDVHQHOODGRGHODFRUUXSFLyQ,JQRUDDUPDGXUDGHRQL
HLQFOXVRDUPDGXUDTXLWLQRVD\DUPDGXUDGHPXHUWHGH$NXWVXNDL\$NXWHQVKL
3DUDLPSDFWDUVHQHFHVLWDXQDWLUDGDGH$LUH$SXQWDUFRQODGLILFXOWDGSDUD
VHUJROSHDGRGHOREMHWLYR LJQRUDQGRDUPDGXUD /DKDELOLGDGGH$SXQWDUQRH[LVWH\
SXHGHSRQHUVHDOFRVWHQRUPDOGH3;SDUDXVDUHODUFRGHMDGH\VyORHODUFRGHMDGH
QRYDOHSDUDDSXQWDUGHIRUPDWUDGLFLRQDOFRQORVDUFRVQRUPDOHV3RUFDGDDXPHQWR
DGLFLRQDODODWLUDGDVHSXHGHGLULJLUHOFRQRGHIRUPDTXHLQFOX\DXQREMHWLYRDGLFLRQDO
TXHHVWpORVXILFLHQWHPHQWHFHUFD/D'LIFRQWUDODTXHWLUDUHVODPD\RU'LISDUDVHU
JROSHDGRGHWRGRVORVREMHWLYRVDORVTXHVHTXLHUDDOFDQ]DU
(ODUFRGHMDGHSXHGHXVDUVHWUHVYHFHVDQWHVGHQHFHVLWDUWUHVGtDVFRPSOHWRV
GHVGHVX~OWLPRXVRSDUDTXHORVNDPLGHODLUHUHFXSHUHQVXYLWDOLGDG

(OPDHVWURGH.HQMXWVX2WLJRWLJRVKL
7LHUUD
9ROXQWDG
)XHJR
$JLOLGDG
$JXD
$LUH
5HIOHMRV
9DFR
+DELOLGDGHV~WLOHVSDUDHOFRPEDWH .HQMXWVX'HIHQVD
9HQWDMDV 5iSLGR0DHVWURNHQMXWVX SXHGHUHSHWLUXQDYH]FXDOTXLHUGDGRHQ
XQDWLUDGDGHNHQMXWVXTXHKD\DUHVXOWDGRPHQRURLJXDODVXKDELOLGDG (VSDGD
H[WUDRUGLQDULD JDODVWLUDGDVGHDWDTXH\DODLQLFLDWLYD 
&DSDFLGDGHVHVSHFLDOHV 6LHO3-HVFDSD]GHDWDFDUGRVRPiVYHFHVSRUWXUQR
JUDFLDVDXQDWpFQLFDGHHVFXHOD2WLJRWLJRVKLHVTXLYDUiDXWRPiWLFDPHQWHORVVLJXLHQWHV
DWDTXHVGHVSXpVGHOSULPHUR
5HFRPSHQVDV\SpUGLGDV
 3RUDFDEDUODDYHQWXUD3;
 3RUIDOODUODWLUDGDGHEDLOHHQODGDQ]DGHOULWXDO SXQWRGH+RQRU
 (O3-TXHRIHQGDD.RNRULSXQWR+RQRU
 3RUYHQFHUDOPDHVWURNHQNXGHNHQMXWVX3;SXQWRGH+RQRU
 3RULQWHUSUHWDFLyQGHODSRVHVLyQ$NRVKL3;
 3RUSDVDUODSUXHEDGHOWHPSOR3;SXQWR+RQRU
 3RUOOHYDVHSHUJDPLQRVGHOWHPSOR \QRGHYROYHUORV 3;SXQWRVGH
+RQRU
 $GLVFUHFLyQGHO'-RWUDVUHFRPSHQVDVRSpUGLGDV