Está en la página 1de 14



1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

'LPHQVLyQ$QWURSROyJLFD

1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUD


FLQHPDWRJUiILFDPH[LFDQDPRGHUQD
$5$1=8%,$$6,(5

3DUDFLWDUHVWHDUWtFXOR
8QSDUpQWHVLVGHOX]
/DOyJLFDTXHH[SOLFDODLPSRUWDQWHUHSHUFXVLyQGHODUHYLVWD1XHYR&LQHHQHOiPELWRGHODFXOWXUD
FLQHPDWRJUiILFDPH[LFDQDGHODVHJXQGDPLWDGGHOVLJOR;;HVODOyJLFDGHOIRJRQD]R(QWUHORVPHVHVGH
DEULOGH\DJRVWRGHFRQXQSUHVXSXHVWRUDTXtWLFRVLQQLQJ~QDSR\RRILFLDOFRQVyORGRVRWUHV
DQXQFLDQWHV\XQDWLUDGDPRGHVWD DSHQDVPLOHMHPSODUHV VHHGLWDQORVVHLV~QLFRVQ~PHURVGHXQD
SXEOLFDFLyQTXHVLQHPEDUJRUHVXOWDGHWHUPLQDQWHSDUDHQWHQGHUODHYROXFLyQGHOFLQHPH[LFDQRSHURVREUH
WRGRGHODFXOWXUD\ORVGLVFXUVRVHQWRUQRDOFLQHGHHVWHSDtVDORODUJRGHODV~OWLPDVGpFDGDVGHOVLJOR
SDVDGR$VtSXHVDOFRQWUDULRGHORTXHVXHOHVHUKDELWXDOHQHOiPELWRGHODUHIOH[LyQ\ODLQWHUYHQFLyQ
FUtWLFDHQHVWDRFDVLyQEDVWDUiXQGHVWHOORDSHQDVXQFKLVSD]RXQSDUpQWHVLVGHOX]TXHFRPRODV
EHQJDODVTXHGLVSDUDQORVQiXIUDJRVURPSDODRVFXULGDGGXUDQWHXQRVEUHYHVVHJXQGRVSDUDTXHHOFXUVR
GHORVDFRQWHFLPLHQWRVWRPHXQDGLUHFFLyQQXHYD\HQFLHUWRVHQWLGRLQHVSHUDGD
(QWUHODVUD]RQHVTXHH[SOLFDQHVHOODPDWLYRGHVDMXVWHHQWUHODVUHGXFLGDVGLPHQVLRQHVGHODLQLFLDWLYD
HGLWRULDOTXHQRVRFXSD\VXHQRUPHUHSHUFXVLyQFDEUtDDGHODQWDUDOPHQRVGRV(QSULPHUOXJDU\GH
PDQHUDHVTXHPiWLFD \DKDEUiWLHPSRGHYROYHUVREUHHOOR D1XHYR&LQHOHFDEUiHOKRQRUGHLQWURGXFLUHQ
HO0p[LFRGHORVDxRVVHVHQWDHVDQXHYDPDQHUDSHQVDU\HVFULELUVREUHFLQHTXHGHVGHPHGLDGRVGHOD
GpFDGDGHHQVD\DQFRPRHVELHQVDELGR$QGUp%D]LQ\VXVGLVFtSXORVHQORV&DKLHUVGXFLQHPD\
TXHDODSRVWUHYDDSURSLFLDUODIHOL]VXSHUDFLyQ HQPX\GLIHUHQWHVODWLWXGHV GHXQGLVFXUVRFUtWLFR
GRPLQDGRSRUHOLPSUHVLRQLVPR\ODIDOWDGHULJRU(QVHJXQGROXJDU SHURQRPHQRVLPSRUWDQWH ODUHYLVWD
VHUYLUiSDUDDJOXWLQDUDXQDVHULHGHSHUVRQDVTXHXQDYH]GLVXHOWRHO*UXSR1XHYR&LQH YpDVHPiV
DGHODQWH GHVHPSHxDUiQSDSHOHVGHFLVLYRVDORODUJRGHHVDGpFDGD\ODVVLJXLHQWHVVREUHWRGRHQHO
iPELWRGHODFUtWLFD\ODKLVWRULRJUDItDSHURWDPELpQHQHOGHODVDUWHV\ODFXOWXUDPH[LFDQDHQJHQHUDO<D
KDEUiWLHPSRGHYROYHUVREUHODVP~OWLSOHVLQLFLDWLYDV DOJXQDVGHHOODVPX\UHOHYDQWHV TXHLPSXOVDUiQOD
JHQWHGH1XHYR&LQH\VXVKHUHGHURVGDQGRDVtOXJDUDOQDFLPLHQWRGHXQDDXWpQWLFDFXOWXUD
FLQHPDWRJUiILFDPH[LFDQD'HPRPHQWRGLULMDPRVQXHVWUDDWHQFLyQKDFLDODVSiJLQDVFRQFUHWDVGHXQD
FRPEDWLYDSXEOLFDFLyQTXH\DGHVGHVXHQWUHJDLQDXJXUDOTXLVRGHMDUELHQFODUDVVXVLQWHQFLRQHVDWUDYpV
GHXQFpOHEUHPDQLILHVWR

KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

0DQLILHVWRGHO*UXSR1XHYR&LQH
2FXSDQGRHOHVSDFLRTXHDSDUWLUGHOQ~PHURHVWDUiUHVHUYDGRDOFRQVDELGRHGLWRULDOHQHOSULPHUQ~PHUR
GHODUHYLVWDVHSXEOLFDXQPDQLILHVWRILUPDGRYDULRVPHVHVDWUiV HQFRQFUHWRHQHQHURGH SRUORV
LQWHJUDQWHVGHO*UXSR1XHYR&LQH -RVpGHOD&ROLQD5DIDHO&RUNLGL6DOYDGRU(OL]RQGR-0*DUFtD$VFRW
(PLOLR*DUFtD5LHUD-/*RQ]iOH]GH/HyQ+HULEHUWR/DIUDQFKL&DUORV0RQVLYiLV-XOLR3OLHJR*DEULHO
5DPtUH]-RVp0DUtD6EHUW/XLV9LFHQV 'LYLGLGRHQVHLVSXQWRVGLFKRPDQLILHVWRUHFRJHODV
UHLYLQGLFDFLRQHVHVHQFLDOHVGHXQJUXSRGHFLQHDVWDVDVSLUDQWHVDFLQHDVWDFUtWLFRV\UHVSRQVDEOHVGH
FLQHFOXEHVTXHSUHWHQGHQOOHYDUDFDERXQDVHULHGHDFFLRQHVFRQMXQWDVHQFDPLQDGDVDVXSHUDUHOVHJ~Q
SXHGHOHHUVHHQHOSULPHURGHORVSXQWRVGHSULPHQWHHVWDGRGHOFLQHPH[LFDQR1LTXpGHFLUWLHQHTXH
GHQWURGHHVWHGHWDOODGRSURJUDPDGHLQWHUYHQFLyQRFXSDXQOXJDUGHVWDFDGRODFUHDFLyQGHXQDUHYLVWD
&RPRRSRUWXQDPHQWHKDUHFRUGDGR5LYHUD*yPH]ODLGHDGHFUHDUXQDDJUXSDFLyQTXHSXVLHUDODVEDVHV
SDUDODQHFHVDULDUHJHQHUDFLyQGHOFLQHPH[LFDQR VXPLGRDILQDOHVGHORVFLQFXHQWDHQXQDSURIXQGDFULVLV
HFRQyPLFD\FUHDWLYD VXUJHDOFDORUGHODVVHVLRQHVGHO&LQH&OXEGH0p[LFRGHO,QVWLWXWR)UDQFpVGH
$PpULFD/DWLQDHQODVTXHSDUWLFLSDQGHXQDXRWUDPDQHUDORVLQWHJUDQWHVGHOJUXSR9DDVHUHQHO
WUDQVFXUVRGHHVWDVVHVLRQHVGRQGH*DUFtD$VFRW*DUFtD5LHUD'HOD&ROLQD UHIXJLDGRVHVSDxROHVORV
WUHV (OL]RQGR5DPtUH]\FRPSDxtDFRPLHQFHQDSODQWHDUVHODSRVLELOLGDGGHSRQHUHQPDUFKDXQDVHULH
GHLQLFLDWLYDVFRQODVTXHSUHWHQGHQUHPRYHUODVHVWDQFDGDVDJXDVGHOFLQHPH[LFDQR'HHQWUHODVUD]RQHV
TXHDQLPDQDHVWHJUXSRGHMyYHQHVDVSLUDQWHVDFLQHDVWDDFRQYHUWLUVHHQDVRFLDFLyQGHVWDFD\DVtOR
SRQGUiGHUHOLHYHHOSULPHUSXQWRGHOPDQLILHVWRODXUJHQWHQHFHVLGDGGHHQFRQWUDUVROXFLyQDXQSUREOHPD
TXHOHVDIHFWDGLUHFWDPHQWHHOGHODH[LVWHQFLDGHXQDVLQMXVWDVWUDEDVVLQGLFDOHVTXHOHVLPSLGHQUHDOL]DU
SHOtFXODVGHQWURGHODLQGXVWULD\TXHVRQDILQGHFXHQWDVODVUHVSRQVDEOHVGHTXHHQHOFLQHPH[LFDQRGH
ORVFLQFXHQWDQRVHKD\D3URGXFLGRUHFDPELRJHQHUDFLRQDODOJXQR
(ORULJHQGHGLFKDLPSRVLELOLGDGGHDFFHGHUDODSURIHVLyQFDEHHQFRQWUDUORHQXQDVHULHGHPHGLGDVTXHVH
KDEtDQLGRLPSODQWDQGRGXUDQWHODGpFDGDGHORVFLQFXHQWDSDUDWUDWDUGHLPSHGLUTXHORVSURIHVLRQDOHVGHO
FLQHPH[LFDQRSHUGLHUDQ HQPHGLRGHXQDFDGDYH]PiVDFHQWXDGDFR\XQWXUDGHFULVLV VXWUDEDMR3DUD
SURWHJHUORVVHxDOD5LYHUD*yPH]VXVVLQGLFDWRVHO673& 6LQGLFDWRGH7UDEDMDGRUHVGHOD3URGXFFLyQ
&LQHPDWRJUiILFD \HO67,& 6LQGLFDWRGH7UDEDMDGRUHVGHOD,QGXVWULD&LQHPDWRJUiILFD LPSOHPHQWDURQEDMR
XQDySWLFDWRWDOPHQWHHTXLYRFDGDXQDSROtWLFDGHSXHUWDVFHUUDGDVDQXHYRVDUWLVWDVWpFQLFRV\PDQXDOHV
>@(O673&\HO67,&VHDUURJDURQHOGHUHFKRGHVHUORV~QLFRVTXHILOPDUtDQODVSHOtFXODVSRUYHQLU
DVHJXUDQGRDVtVXWUDEDMR\VXVSULYLOHJLRV$VtSXHVHQ~OWLPDLQVWDQFLDYDDVHUHVWDEDUUHUDOHJLVODWLYD
TXHOHVLPSLGHKDFHUDTXHOORTXHPXFKRVGHHOORVVXHxDQHVWRHVGLULJLUSHOtFXODVODTXHOHVFRQYHQ]D
GHODQHFHVLGDGGHWUDGXFLUVXLQFRQIRUPLVPRHQDFFLRQHVFRQFUHWDVGDQGRDVtFDUWDGHQDFLPLHQWRDO
*UXSR1XHYR&LQH
(QORVUHVWDQWHVSXQWRVGHOPDQLILHVWRVHGHQXQFLDODFHQVXUDVHDSXHVWDSRUXQFLQHLQGHSHQGLHQWH\
H[SHULPHQWDOVHH[LJHXQDPHMRUDHQODRIHUWDGHFLQHH[WUDQMHURVHGHILHQGHDSHVDUGHVXVOLPLWDFLRQHV
OD5HVHxDGH)HVWLYDOHV XQIHVWLYDOFLQHPDWRJUiILFRTXHVHFHOHEUDDQXDOPHQWHDFDEDOORHQWUH$FDSXOFR\
FLXGDGGH0p[LFR \VHGHWDOODQORVSDVRVTXHKDEUiQGHVHJXLUVHSDUDHOGHVDUUROORGHXQDFXOWXUD
FLQHPDWRJUiILFDPH[LFDQD6LQGXGDYDDVHUHQHVWH~OWLPRFDPSRGHDFWXDFLyQGRQGHHOSUR\HFWRGHO
*UXSR1XHYR&LQHDFDEDUiWHQLHQGRXQDUHSHUFXVLyQPiVVLJQLILFDWLYD\GXUDGHUDKDVWDHOSXQWRGHTXH
FRPR\DDGYLHUWHHOWtWXORGHHVWHPLVPRDUWtFXORVLQHOFRQFXUVRGHODVJHQWHVGHO*UXSR1XHYR&LQH
SULPHURFRPRFROHFWLYR\GHVSXpVDWtWXORLQGLYLGXDO QRVHHQWLHQGHQODPD\RUSDUWHGHODVDFFLRQHVTXHD
ORODUJRGHHVDGpFDGD\ODVLJXLHQWHSURSLFLDUiQHOIHOL]DOXPEUDPLHQWRGHXQDFXOWXUDFLQHPDWRJUiILFD
PH[LFDQDPRGHUQD
KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

3DUDDWHQGHUHOIUHQWHGHODFXOWXUD
6LREVHUYDPRVFRQDWHQFLyQODVUHLYLQGLFDFLRQHVIRUPXODGDVHQHOFXDUWRSXQWRGHOPDQLILHVWR TXHVHRFXSD
GHODFXOWXUD\HVWiGHVJORVDGRHQVHLVVXEDSDUWDGRV \DWHQGHPRVGHVSXpVDOGHVDUUROORGHORVGLVFXUVRV\
DODSURSLDKLVWRULDGHODVLQVWLWXFLRQHVGHOFLQHPH[LFDQRGXUDQWHODGpFDGDGH\ODVVLJXLHQWHV
HQVHJXLGDFDHPRVHQFXHQWDGHTXHIXHURQPiVQXPHURVRVORVREMHWLYRVIRUPXODGRVHQHVWHFXDUWRSXQWR
TXHWHUPLQDURQFXPSOLpQGRVHTXHORVTXHQR$VtSRUHMHPSORWDQWRHOLQVWLWXWRVHULRGHHQVHxDQ]D
FLQHPDWRJUiILFDTXHHVSHFtILFDPHQWHVHGHGLTXHDODIRUPDFLyQGHORVQXHYRVFLQHDVWDVFRPROD
FLQHPDWHFDTXHFXHQWHFRQORVUHFXUVRVQHFHVDULRV\TXHHVWpDFDUJRGHSHUVRQDVVROYHQWHV\
UHVSRQVDEOHVTXHVHUHFODPDQHQVHQGRVHStJUDIHVSURQWRWHQGUiQXQDH[LVWHQFLDUHDO$ILQDOHVGH
VHFRQYLHUWHHQUHDOLGDGXQSUR\HFWRTXHOOHYD\DPXFKRVPHVHVDQXQFLiQGRVHOD)LOPRWHFDGHOD81$0
$ODxRVLJXLHQWHVHDEUHQODVSXHUWDVGHO&HQWUR8QLYHUVLWDULRGH(VWXGLRV&LQHPDWRJUiILFRV &8(& TXH
GHSHQGHWDPELpQGHOD81$0\GLULJH0DQXHO*RQ]iOH]&DVDQRYD PLHPEURHYHQWXDOGHO*UXSR1XHYR
&LQH \HQHOTXHGHVGHVXDSHUWXUD(PLOLR*DUFtD5LHUDLPSDUWHODDVLJQDWXUD&RUULHQWHVHVWpWLFDVGHO
FLQH/yJLFDPHQWHODFUHDFLyQGHDPERVFHQWURVQRHVXQDFRQVHFXHQFLDGLUHFWDGHODDFWLYLGDGGHO*UXSR
1XHYR&LQH6LQHPEDUJRDPEDVLQVWLWXFLRQHVVyORVHHQWLHQGHQFRPRUHVSXHVWDDXQDVQHFHVLGDGHVFDGD
YH]PiVSUHVHQWHVHQHOiQLPRGHODVRFLHGDGPH[LFDQD HVSHFLDOPHQWHHQWUHORVMyYHQHVTXHQRVyORHQ
0p[LFRVLQRWDPELpQHQRWUDVPXFKDVODWLWXGHVHVWiQHPSH]DQGRDDGTXLULUXQSURWDJRQLVPRHQODYLGD
VRFLDOKDVWDHQWRQFHVGHVFRQRFLGR <DKtHQHOWHUUHQRGHODGLQDPL]DFLyQGHODYLGDFXOWXUDO
FLQHPDWRJUiILFDPH[LFDQDHQODWDUHDGHFUHDUHOFDOGRGHFXOWLYRQHFHVDULRSDUDDOLPHQWDUDXQDQXHYD
JHQHUDFLyQGHFLQpILORVHO*UXSR1XHYR&LQHVtTXHHVWDEDGHVHPSHxDQGRXQSDSHOGHHQRUPHUHOHYDQFLD
<ORHVWDEDKDFLHQGRDGHPiVGHVGHYDULDVWULQFKHUDVDODYH]
(QSULPHUOXJDUGHVGHODVSiJLQDVGHXQDFRPEDWLYDUHYLVWDFX\DSUHVHQFLD\FDSDFLGDGSDUDLQIOXLUHQHO
SDQRUDPDFLQHPDWRJUiILFRPH[LFDQRGHORVSULPHURVDxRVGHODGpFDGDGHQRJXDUGDEDXQDUHODFLyQ
SURSRUFLRQDOFRQODVUHGXFLGDVGLPHQVLRQHVGHVXWLUDGDSXHVGXUDQWHVXVHVFDVRVGRVDxRVGHYLGD1XHYR
&LQHDGHPiVGHGHVSHUWDUDOJXQDTXHRWUDYRFDFLyQVHFRQYLUWLy FRQWUDWRGRSURQyVWLFRVLSHQVDPRVHQ
HOFDUiFWHUFDVLDUWHVDQDOGHHVWDPRGHVWDDYHQWXUDHGLWRULDO HQODSXEOLFDFLyQGHUHIHUHQFLDSDUDODV
SHUVRQDVTXH'HOD&ROLQDKDOODPDGRODSULPHUDJHQHUDFLyQGHFLQpILORVPH[LFDQRV(QVHJXQGROXJDU
SRUODDFWLYLGDGGHODVJHQWHVGHOJUXSRHQWDQWRDQLPDGRUHV\SURPRWRUHVGHXQDPELHQWHFLQHFOXEtVWLFR
TXHGXUDQWHORVSULPHURVDxRVGHODGpFDGDGHH[SHULPHQWDUiXQFUHFLPLHQWRH[SRQHQFLDOHQEXHQD
PHGLGDJUDFLDVDVXLPSOLFDFLyQ\DVHDFRPRIXQGDGRUHVGLUHFWRUHVRSUHVHQWDGRUHVGHODVSHOtFXODV(Q
WHUFHUOXJDUFRPRLQVSLUDGRUHVHQODVRPEUDGHXQLQWHUHVDQWH&HUWDPHQGH&LQH([SHULPHQWDOFHOHEUDGR
HQWUH\DWUDYpVGHOFXDOHO673& RUJDQL]DGRU GDILQDOPHQWHVXEUD]RDWRUFHU\DGPLWHVLQ
GHFLUORH[SOtFLWDPHQWH DOSDWURFLQDUXQFRQFXUVRFX\RQRGLVLPXODGRSURSyVLWRHVGHVFXEULUHQWUHODV
DJXHUULGDVKXHVWHVGHOFLQHDPDWHXUDORVQXHYRVYDORUHVTXHKDEUtDQGHVDFDUDOFLQHPH[LFDQRGHOD
FULVLV TXHODWDQWDVYHFHVUHFODPDGDUHQRYDFLyQGHFXDGURVKDGHDFRPHWHUVHGHLQPHGLDWR<SRU~OWLPR
DWUDYpVGHODSUHVHQFLDGHORVVLHPSUHHQWXVLDVWDVPLHPEURVGHOJUXSRHQODVWHUWXOLDVGHOD=RQD5RVD
GRQGHDSULQFLSLRVGHODGpFDGDGHODVRSLQLRQHVVREUHFLQHFRWL]DQDODO]DHQHOVLHPSUHFDSULFKRVR
tQGLFHGHYDORUHVGHODVPRGDVFXOWXUDOHV
-RUJH$\DOD%ODQFRKDGHVFULWRHQORVVLJXLHQWHVWpUPLQRVHOQXHYRSDQRUDPDTXHVHGLEXMDDUDt]GHOD
DSDULFLyQGHO*UXSR1XHYR&LQH
6HFUHDXQQXHYRGHWLSRGHOHFWRUHOTXH\DQREXVFDODRULHQWDFLyQVLQRODFRQFLHQFLDROD
GLVLGHQFLDGHDOWXUD6HFUHDXQQXHYRWLSRGHHVSHFWDGRUHOTXHIUHFXHQWDDVLGXDPHQWHORV
FLQHFOXEHV\IRUPDODUJDVFRODVDQWHODVWDTXLOODVGHOD5HVHxDRGHODVVHPDQDVGH
SUHVWUHQR6HFUHDXQQXHYRWLSRGHVQREHOTXHGHVFXEUHHOFLQHHQFDGDSHOtFXODGH)HOOLQL
KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

$QWRQLRQL\/HVWHUFUHHTXHHOFLQHHVHOVpSWLPRDUWHTXHQDFLyD\HUHQ(XURSD\TXHSXHGH
UHGXFLUVHDGRVRWUHVQRPEUHV6HFUHDXQQXHYRWLSRGHMRYHQLQWHOHFWXDOHOTXHFXHQWDHO
FLQHHQWUHVXVUDtFHVFXOWXUDOHV\ORUHFRQRFHFRPRXQDYLYHQFLDGHILQLWLYD6HFUHDXQDQXHYR
WLSRGHGHWUDFWRUDFpUULPRHOSHULRGLVWDPHGLRFUHTXHDOVHQWLUVHDJUHGLGRDFXVDDORVFUtWLFRV
FXOWRVGHSHGDQWHVGHHQHPLJRVJUDWXLWRVGHOFLQHPH[LFDQR\GHUHSHWLGRUHVGH&DKLHUV
GX&LQHPD FRPRVLODIDPRVDUHYLVWDIUDQFHVDSUHVHQWDUDXQFULWHULRXQLIRUPHHLPLWDEOH R
ELHQDSURYHFKDODFRLQFLGHQFLDGHTXH'HOD&ROLQD*DUFtD$VFRW*DUFtD5LHUD\3LQDVRQ
UHIXJLDGRVHVSDxROHVRKLMRVGHUHIXJLDGRVHVSDxROHVSDUDDWDFDUDORVPLHPEURVGHOJUXSR
GHH[WUDQMHURVLQGHVHDEOHVUDWRQFLWRVWUDPSRVRVTXHPXHUGHQODPDQRTXHOHVGDGH
FRPHU
$XQTXHHQUHDOLGDGQXQFDIXHXQRGHORVREMHWLYRVTXHVHPDUFyH[SOtFLWDPHQWHHOJUXSRHOIUDFDVRGHVX
LQWHUYHQFLyQFRPRFLQHDVWDVIXHWDOYH]OD~QLFDJUDQDVLJQDWXUDSHQGLHQWHGHODJHQWHGH1XHYR&LQH
$XQTXHQRORGHFODUDUDQGHPDQHUDDELHUWDHQHOiQLPRGHHVHUDPLOOHWHGHDVSLUDQWHVDFLQHDVWDTXHGH
PDQHUDWUDQVLWRULD FRPRVXVFROHJDVIUDQFHVHVGHORV&DKLHUV YHODEDQDUPDVHQHOHMHUFLFLRGHODFUtWLFD
VLHPSUHHVWXYRSUHVHQWHODLGHDGHTXHDOILQDOVHUtDQHOORVPLVPRVTXLHQHVDFDEDUtDQUHDOL]DQGRHVHFLQH
MRYHQ\GLVWLQWRGHOTXHWDQQHFHVLWDGDHVWDEDODLQGXVWULDPH[LFDQD\TXHSRUIXHU]DKDEUtDGHQDFHUGHOD
LQHYLWDEOHFRQWDPLQDFLyQGHOPRGHORGHFLQHSDWULRFRQHVDVIRUPDVQXHYDVTXHHVWDEDQHPSH]DQGRD
FLUFXODUSRURWURVFLQHVQDFLRQDOHV\DODVTXHODSURSLDUHYLVWDFDVLQRKDFHIDOWDGHFLUORSUHVWyVLHPSUH
XQDHVSHFLDODWHQFLyQ3HURFRPRGLJRPiVDOOiGHDOJXQDKRQURVDLQWHUYHQFLyQSXQWXDO\ODH[WUDRUGLQDULD
(QHOEDOFyQYDFtR -RPL*DUFtD$VFRW HVVLQGXGDHOHMHPSORPiVHPEOHPiWLFRHOTXHKDFHU
FRPRFLQHDVWDVGHORVPLHPEURVGHOJUXSRIXHUHODWLYDPHQWHLQWUDVFHQGHQWH+DEUtDGHVHUXQD
JHQHUDFLyQSRVWHULRUHQWUHFX\DVOHFWXUDVIXQGDFLRQDOHVQRHVH[WUDxRTXHHVWXYLHUDQORVVHLVPtWLFRV
Q~PHURVGH1XHYR&LQHODTXHILQDOPHQWHVHHQFDUJDUtDGHUHDOL]DUHVHFLQHDOHMDGRGHORVPRGHORV
WUDGLFLRQDOHVGHOFLQHPH[LFDQRTXHHOORVSRUGLVWLQWDVUD]RQHVQRSXGLHURQKDFHU
4XLVLHUDLQFOXLUHQHVWHVRPHURUHSDVRDORVIUHQWHVDELHUWRVSRUORVLQTXLHWRVFUtWLFRVGHO*UXSR1XHYR&LQH
HVDYLUXOHQWDFDPSDxDFRQWUDODHVWXOWLFLDGHODFUtWLFDFLQHPDWRJUiILFDPH[LFDQD DODTXH\DKDFtDQDOXVLyQ
ODVSDODEUDVGH$\DOD%ODQFR TXHGHXQDXRWUDPDQHUDDWUDYLHVDWRGDODFROHFFLyQGHODUHYLVWD VREUH
WRGRHQODVHFFLyQ&UtWLFDGHODFUtWLFDFUtWLFD UHYHODQGRGHSDVRXQDGHVXVPiVHYLGHQWHVVHxDVGH
LGHQWLGDG'LFKRGHRWUDIRUPDODUHYLVWDQRVXUJH~QLFDPHQWHFRPRSODWDIRUPDGHH[SUHVLyQGHXQJUXSR
TXHSUHWHQGHLQVXIODUDLUHVQXHYRVDODQTXLORVDGRSDQRUDPDFLQHPDWRJUiILFRPH[LFDQRVLQRTXHVXUJH
WDPELpQFRPRUHVSXHVWDDXQDVLWXDFLyQODPHQWDEOHHQHOSURSLRiPELWRGHODFUtWLFD6DOYRORVFDVRV
DLVODGRVGHORVUHIXJLDGRVHVSDxROHV)UDQFLVFR3LQD\OYDUR&XVWRGLR DORVTXHODSURSLDUHYLVWDUHQGLUi
VHQGRVKRPHQDMHV HOUHVWRGHSURIHVLRQDOHVGHODFUtWLFDPH[LFDQDTXHSXEOLFD RKDEtDSXEOLFDGR HQ
GLDULRV\UHYLVWDVHVSHFLDOL]DGDVVRQHQSDODEUDVGHORVUHGDFWRUHVGHODFDVDHQHOPHMRUGHORVFDVRV
PHURVFURQLVWDVGHHVWUHOODV\HQHOSHRUSLFDSHGUHURVHVWRHVHVELUURVGHOFLQHFRPHUFLDOVHJ~QVX
UDGLFDOSXQWRGHYLVWD9LVWDVDVtODVFRVDVKDEUtDTXHFRQYHQLUTXHIXHWDPELpQJUDFLDVDOEXHQKDFHUGH
ORVUHGDFWRUHVGH1XHYR&LQHTXHFRPHQ]yDOHJLWLPDUVHHQ0p[LFRXQGLVFXUVR HOGHODFUtWLFDGHFLQH TXH
KDVWDHQWRQFHV SRUFXOSDHQWUHRWUDVUD]RQHVGHODLQFRPSHWHQFLDGHTXLHQHVODHODERUDEDQ QRKDEtD
JR]DGRGHQLQJ~QWLSRGHUHFRQRFLPLHQWRLQWHOHFWXDORLQVWLWXFLRQDO$GHPRVWUDUTXHHQHIHFWRODSUiFWLFD
FUtWLFDGHORVUHGDFWRUHVGH1XHYR&LQHVHHQFRQWUDEDDxRVOX]GHODGHOUHVWRGHHVFULWRUHVGHFLQH
PH[LFDQRVGHODpSRFDHVDORTXHVHGHGLFDQORVSiUUDIRVTXHVLJXHQ
$SXQWHVVREUHHOUHFLSLHQWH
$QWHVGHSUHVWDUDWHQFLyQDOGLVFXUVRGHODUHYLVWDDODPDQHUDGHKDFHUSURSLDGHORVFUtWLFRVGH1XHYR
&LQHDORVDUJXPHQWRVHQVXPDTXHHVWiQGHWUiVGHODODSLGDULDVHQWHQFLDFRQODTXHKHPRVFHUUDGRHO
KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

DSDUWDGRDQWHULRUVHUtDFRQYHQLHQWHGHGLFDUDOPHQRVXQDVOtQHDVDODGHVFULSFLyQ\FRPHQWDULRGHO
UHFLSLHQWHTXHDFRJHORVWH[WRVRVLORSUHILHUHQDOHVFUXWLQLRGHODUHYLVWDFRPRREMHWR<HVTXHODV
SXEOLFDFLRQHVSHULyGLFDVFRQWUDULDPHQWHDORTXHGHMDWUDVOXFLUODOHFWXUDGHDOJXQRVWUDEDMRVKLVWRULRJUiILFRV
TXHVHRFXSDQGHODFUtWLFDFLQHPDWRJUiILFDQRVyORHVWiQKHFKDVGHDUWtFXORV+DEODUGHUHYLVWDVGHFLQH \
SHUGRQHQODREYLHGDG HVFODURHVWiKDEODUGHORVWH[WRV\GHORVGLVFXUVRVTXHVXE\DFHQDORVPLVPRV
SHURHVWDPELpQKDEODUGHOGLVHxRGHODSXEOLFDFLyQGHVXVGLVWLQWDVVHFFLRQHVGHODSHULRGLFLGDGGHO
SUHFLRGHODVVXVFULSFLRQHV(QHOFDVRGH1XHYR&LQHHVWHDERUGDMHPDWHULDOLVWDHVWiGREOHPHQWH
MXVWLILFDGRSRUODVHQFLOODUD]yQGHTXHXQRGHORVSULQFLSDOHVDWUDFWLYRVGHODUHYLVWDSURFHGHSUHFLVDPHQWH
GHVXGLVHxR
$XQTXHODFDOLGDGGHOSDSHO\GHODLPSUHVLyQWDQWRGHORVWH[WRVFRPRGHODVUHODWLYDPHQWHDEXQGDQWHV
IRWRJUDItDVGHMDEDVWDQWHTXHGHVHDUHOFRQMXQWRQRVHUHVLHQWHHQH[FHVRJUDFLDVDOLPDJLQDWLYRGLVHxR
EDVWDQWHPRGHUQRSDUDODpSRFD TXHHOSLQWRUHVSDxRO9LFHQWH5RMR DPLJRSHUVRQDOGHOQ~FOHRGXURGHOD
UHYLVWD HVFDSD]GHLPSULPLUDFDGDXQRGHORVVHLVQ~PHURV3DUDGHFLUORHQSRFDVSDODEUDVOD
PRGHUQLGDGGHORVFRQWHQLGRV YpDVHPiVDGHODQWH HVGLUHFWDPHQWHSURSRUFLRQDODODGHOGLVHxR\HVWR
OyJLFDPHQWHUHGXQGDHQODHILFDFLDSHUVXDVLYDGHOSURGXFWR(QFXDQWRDODRUJDQL]DFLyQGHORVPDWHULDOHVD
SDUWLUGHODVGLVWLQWDVVHFFLRQHVVHxDODUTXHVHSHUFLEHXQLQWHQWR PiVHYLGHQWHHQORVSULPHURVQ~PHURV
TXHHQORV~OWLPRV GHPDQWHQHUVHILHOHVDODGLVWULEXFLyQHVER]DGDHQODHQWUHJDLQDXJXUDOHQODFUHHQFLD
VXSRQHPRVGHTXHXQDUHYLVWDFRQXQDGLYLVLyQILMDGHVHFFLRQHVSURPXHYH\IDFLOLWDODQHFHVDULD
IDPLOLDUL]DFLyQGHOOHFWRUFRQODPLVPD6HxDODUSRU~OWLPRTXHDSHVDUGHODVOLPLWDFLRQHVSUHVXSXHVWDULDV
GHOSUR\HFWR DSHQDVFXHQWDFRQSXEOLFLGDGORV~QLFRVLQJUHVRVSURFHGHQGHODVVXVFULSFLRQHVGHO
SDWURFLQLRGHDPLJRV\GHODVHVFDVDVYHQWDV ODUHYLVWDIXHVLHPSUHPiVRPHQRVILHO VDOYRHQHO~OWLPR
Q~PHURVtQWRPDLQHTXtYRFRGHVX\DH[WUHPDGHELOLGDG DVXFLWDELPHVWUDOFRQORVOHFWRUHV<GLFKRHVWR
KRUDHV\DGHSUHVWDUDWHQFLyQDORVFRQWHQLGRV(PSHFHPRVFRQDTXHOORVTXHYHUVDEDQVREUHHOFLQH
PH[LFDQR
9DULDVGpFDGDVGHVSXpVGHTXHODUHYLVWDSDVDUDDPHMRUYLGD(PLOLR*DUFtD5LHUDUHFRQRFtDTXHXQRGHORV
SXQWRVGpELOHVGH1XHYR&LQHHUDHOGHVFRQRFLPLHQWRDEVROXWRGHOFLQHPH[LFDQRTXHVXVUHGDFWRUHV
GHPRVWUDEDQXQD\RWUDYH]HQVXVWH[WRV(QUHDOLGDGORTXHOODPDODDWHQFLyQQRHVWDQWRHVDDFWLWXGXQ
WDQWRDOWDQHUD\GHVSHFWLYDFRQTXHORVUHGDFWRUHVGHODFDVDVHHQIUHQWDQDOFLQHGHVXSDtVVLQRPiVELHQ
HOSUiFWLFDPHQWHQXORLQWHUpVTXHPXHVWUDQSRUHOPLVPR([FHSFLyQKHFKDGHOFDVLIXQGDFLRQDODUWtFXORTXH
6DOYDGRU(OL]RQGRHVFULEHHQHOQ~PHURXQRDSURSyVLWRGHODPRUDOVH[XDOGHOFLQHPH[LFDQR\DOJXQDTXH
RWUDDLVODGDRSHUDFLyQGHUHVFDWHFRPRODTXHHOSURSLR(OL]RQGRDFRPHWHGH9iPRQRVFRQ3DQFKR9LOOD
Q~PSS HOUHVWRGHODVFRQWDGDVYHFHVTXHODVSHOtFXODVPH[LFDQDVGHVSLHUWDQVXLQWHUpV
VHUiSDUDGHVWUR]DUODV\VLQRDKtHVWiSDUDGHPRVWUDUORODTXHSUREDEOHPHQWHVHDODFUtWLFDPiVQHJDWLYD\
GHPROHGRUDGHHQWUHWRGDVODVSXEOLFDGDVSRUODUHYLVWDTXHOOHYDODILUPDSRUFLHUWRGH(PLOLR*DUFtD5LHUD
PHUHILHURDODUHVHxDGHXQILOPGH0LJXHO=DFDUtDVWLWXODGR-XDQD*DOOR Q~PS 
3HURORPiVOODPDWLYRGHWRGRHVWRHVTXHHVHDEVROXWRGHVLQWHUpVSRUODVSHOtFXODVGHVXSDtV
FRQWHPSRUiQHDVDODUHYLVWDYDDVHUHQFLHUWRVHQWLGRFRQWUDUUHVWDGRSRUHODPSOLRHVSDFLRTXHOD
SXEOLFDFLyQGHGLFDDDQDOL]DUORVGLVWLQWRVVHFWRUHVGHODSDUDWRFLQHPDWRJUiILFRPH[LFDQRGHILQDOHVGHOD
GpFDGDGH\SULQFLSLRVGHODVLJXLHQWH'LFKRGHRWUDPDQHUDDXQTXHQROHVLQWHUHVDQODVSHOtFXODVVt
OHVLQWHUHVDQ \PXFKR ORVSUREOHPDVHVWUXFWXUDOHVGHOFLQHPH[LFDQR<HVSRUHVRTXHYDQDGHGLFDU
SiJLQDV\PiVSiJLQDVDKDEODUGHODFULVLVGHOFLQHH[SHULPHQWDOGHORVFLQHFOXEVGHOD5HVHxDGH
)HVWLYDOHVGHODFUtWLFDPH[LFDQD ODGHDKRUD\ODGHDQWHV HWFpWHUD$VtDQWHVTXHHQHOGHVFRQRFLPLHQWR
GHODVGLIHUHQWHVWUDGLFLRQHVFXOWXUDOHVGHODVTXHVHDOLPHQWDQODVSHOtFXODVPH[LFDQDVHQODLGLRVLQFUDVLD
GHVXS~EOLFRRGHODUUDLJRGHGHWHUPLQDGRVJpQHURVHQWUHODVFODVHVSRSXODUHVFRPRLQVLQ~D*DUFtD5LHUD
HOGHVLQWHUpVDPLMXLFLRGHORVUHGDFWRUHVGHODFDVDKDFLDHOFLQHPH[LFDQRVHIXQGDPHQWDHQOD
KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

LUUHVLVWLEOHIDVFLQDFLyQTXHVLHQWHQSRUHOFLQHTXHOOHJDGHIXHUD&RORFDGDVXQDVMXQWRDRWUDVODVSHOtFXODV
PH[LFDQDVGHORVSULPHURVDxRVGHODGpFDGDGHSDOLGHFHQLUUHPLVLEOHPHQWHDQWHHVHGHVOXPEUDQWH
PXQGRGHILFFLyQGHOFLQHFOiVLFRHVWDGRXQLGHQVH\DQWHODDUUROODGRUDYLWDOLGDGGHORVQXHYRVFLQHVFRQOD
1RXYHOOH9DJXHDODFDEH]D3DUDGHFLUORFRQRWUDVSDODEUDVODUHYLVWD1XHYR&LQHWXYRODVXHUWHGHVDOLUD
ODFDOOHMXVWRFXDQGRHOFLQHHVWDEDYLYLHQGRXQRGHORVSHULRGRVPiVDSDVLRQDQWHVGHVXKLVWRULDRFRPR
GLFH0LFFLFKpOD~OWLPDGpFDGDGHOJUDQFLQHPXQGLDO<FRQWUDHVRQDGDSRGtDQKDFHUODVSHOtFXODV
PH[LFDQDV
/DSROtWLFDGHORVDXWRUHV
/RVFUtWLFRVGH1XHYR&LQHVHKDEtDQIRUPDGRFRPRFLQpILORVGXUDQWHODSRVJXHUUDHQHOFDVRGHORV
HVSDxROHVGXUDQWHGRVSRVJXHUUDV<HQVXVSULPHUDVH[SHULHQFLDVFRPRHVSHFWDGRUHVHOFLQHFOiVLFR
HVWDGRXQLGHQVHOHVKDEtDIXQFLRQDGRDXQWLHPSRFRPRLQPHMRUDEOHUHIXJLRGHXQDUHDOLGDGTXHHQQDGDVH
SDUHFtDDODTXHEURWDEDGHODSDQWDOOD\FRPRHVFXHODLPSURYLVDGDGRQGHDSUHQGHUORVPHFDQLVPRV
GLVFXUVLYRVSURSLRVGHODUWHFLQHPDWRJUiILFR/DGHXGDFRQWUDtGDSRUHOORVFRQHOFLQHHVWDGRXQLGHQVHHUD
FRPRVHFRPSUHQGHUiHQRUPH'HVSXpVFRQHOSDVRGHORVDxRVLUtDQFRPSOHWDQGRVXGLHWDFLQpILODFRQ
RWUDVUHIHUHQFLDV HXURSHDV\GHPD\RUSUHVWLJLRFXOWXUDOFDVLWRGDVHOODV 6LQHPEDUJRFXDQGRFRPLHQ]DQ
DHVFULELUVREUHFLQHVHHQFXHQWUDQDQWHODH[WUDxDWHVLWXUDGHQRSRGHU RQRVDEHU GHIHQGHUXQDSDUWH
LPSRUWDQWHGHOFLQHTXHOHVJXVWDSRUTXHHOFDQRQGRPLQDQWHFRQVLGHUDTXHODVSHOtFXODVHVWDGRXQLGHQVHV
VRQVyORHQWUHWHQLPLHQWR6HUiHQWRQFHVFXDQGRGHPDQHUDFDVLSURYLGHQFLDOFDHUiHQVXVPDQRVXQD
UHYLVWDIUDQFHVDGHWDSDVDPDULOODVOODPDGD&DKLHUVGXFLQHPD*DUFtD5LHUDKDUHODWDGRHVHHQFXHQWUR
(QDTXHOORVWLHPSRVORHXURSHRHUDQXHVWUDSUHRFXSDFLyQQRVRWURVVHQWtDPRVTXHHOFLQH
HXURSHRHUDORPiVFXOWRORPiVHOHJDQWHORTXHQRVSRQtDHQFRQWDFWRFRQODVLGHDVPiV
PRGHUQDVPiVDYDQ]DGDV\WRGRHVR/RPiVFKLVWRVRGHOFDVRHVTXHDWUDYpVGHODFUtWLFD
GHFLQHHXURSHDGHORVIDPRVRV&DKLHUVGXFLQHPDGHORVTXHVDOGUtDOD1XHYD2ODQRV
KLFLHURQUHYDORUL]DUQXHVWURYLHMRDPRUSRUHOFLQHDPHULFDQRTXHDQWHVORYHtDPRVFRPRXQD
FRVDYXOJDUGHORTXHQRVDYHUJRQ]iEDPRVVLHQDOJ~QPRPHQWRQRVJXVWDEDXQDSHOtFXODGH
FDEDOOLWRVORVZHVWHUQVODVFRPHGLDVPXVLFDOHV\OOHJDQHVWRVIUDQFHVHVTXHQRVRWURV
YHtDPRVFRQGHYRFLyQ\QRVGLFHQQRVLHOYHUGDGHURFLQHHVHODPHULFDQR(QWRQFHVIXH
XQDYXHOWDDQXHVWURVYLHMRVDPRUHVFLQHPDWRJUiILFRV>@
<DGHVGHVXSULPHUDSRUWDGD DPDULOODSRUFLHUWR 1XHYR&LQHYDDGHMDUELHQFODURKDFLDGyQGHDSXQWDQVXV
SUHIHUHQFLDV8QDIRWRJUDItDGH&\G&KDULVHHQSOHQREDLOHRFXSDODPLWDGGHOHVSDFLRGLVSRQLEOH\IXQFLRQD
FRPRXQDFODUDOODPDGDGHDWHQFLyQVREUHODRULHQWDFLyQTXHSUHWHQGHVHJXLUODUHYLVWD(Q1XHYR&LQHDO
LJXDOTXHHQORV&DKLHUVDPDULOORVVHSURFHGHUiDODVLVWHPiWLFDUHLYLQGLFDFLyQGHOFLQHFOiVLFR
HVWDGRXQLGHQVH GHXQFLHUWRFLQHHVWDGRXQLGHQVHPHMRU FRPRDUWH<SDUDHOORVHXWLOL]DUiHVDVGRV
KHUUDPLHQWDVFRQFHSWXDOHVGHQXHYRFXxRTXHKDQLQYHQWDGRORVIUDQFHVHV\FX\DSURSDJDFLyQHVWD
VLUYLHQGRSDUDVXSHUDUGHXQDYH]SRUWRGDVXQSDQRUDPDKDVWDHQWRQFHVGRPLQDGRSRUORTXHORUHGDFWRUHV
GH1XHYR&LQHOODPDQODFUtWLFDFRQWHQXWLVWDHVGHFLUDTXHOODTXHVHRFXSD~QLFD\H[FOXVLYDPHQWHGHORV
WHPDVGHODVSHOtFXODV(VDVGRVKHUUDPLHQWDVFRQFHSWXDOHV TXHHQUHDOLGDGIRUPDQSDUWHGHOPLVPR
D[LRPDWHyULFR VRQODSXHVWDHQHVFHQD\ODSROtWLFDGHODXWRU
7DQWRSDUDORVMyYHQHVGH&DKLHUVFRPRSDUDVXVGLVFtSXORVPH[LFDQRVODVSHOtFXODVVRQREUDGHXQDXWRU
TXHFDVLVLHPSUHVXHOHVHUHOGLUHFWRU \HVWHDXWRUVHH[SUHVDVREUHWRGRDWUDYpVGHODSXHVWDHQ
HVFHQD3HURORLQWHUHVDQWHGHHVWDUHYROXFLyQFRSHUQLFDQDTXHLQWURGXFHQORV&DKLHUVHQHOiPELWRGHOD
H[pJHVLVItOPLFDQRHVWDQWRTXHVHHPSLHFHDKDEODUGHORVFLQHDVWDVFRPRDXWRUHV HTXLSDUiQGRORVDORV
$XWRUHVFRQPD\~VFXODVGHHVDVRWUDVGLVFLSOLQDVDUWtVWLFDVTXH\DJR]DEDQGHOSHGLJUtFXOWXUDOTXHVHOH
KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

VLJXHQHJDQGRDOFLQH VLQRTXHVHLQVLVWDHQODLGHDGHTXHORVDXWRUHVFLQHPDWRJUiILFRVVRQDTXHOORVTXH
WLHQHQXQHVWLORSURSLRXQDPDQHUDGHFRQWDUXQDSXHVWDHQHVFHQD\QRWDQWRXQXQLYHUVRHVGHFLUXQRV
WHPDVUHFXUUHQWHV(QUHDOLGDGWDO\FRPRVHKDHQFDUJDGRGHGHPRVWUDU6DQWRV=XQ]XQHJXLDODKRUDGH
ODYHUGDGVHSXHGHQFRQWDUFRQORVGHGRVGHXQDPDQRODVFUtWLFDVSXEOLFDGDVHQORVFpOHEUHV&DKLHUV
DPDULOORVHQODVTXHHOILUPDQWHGHWXUQRHVFDSD]GHLGHQWLILFDUGHPDQHUDSUHFLVDODVFRRUGHQDGDVIRUPDOHV
VREUHODVTXHVHDVLHQWDODFRQGLFLyQGHDXWRUGHXQGLUHFWRUGHWHUPLQDGR0X\DOFRQWUDULRODPD\RUSDUWH
GHODVYHFHVVHKDEODGHREVHVLRQHVWHPiWLFDVUHFXUUHQWHV\GHHVRWpULFDVHLPSUHFLVDVMXVWLILFDFLRQHVGH
VXSXHVWDUDLJDPEUHItOPLFDTXHHQ~OWLPDLQVWDQFLDVyORVLUYHQSDUDSRQHUGHPDQLILHVWRTXHHOFUtWLFRHQ
FXHVWLyQPDQHMDXQDQRFLyQGHOKD\TXHGHFLUORHVFXUULGL]RFRQFHSWRGHSXHVWDHQHVFHQDEDVWDQWH
LPSUHFLVD1LTXpGHFLUWLHQHTXHHQODVSiJLQDVGH1XHYR&LQHHVWDPELpQPX\FRPSOLFDGRHQFRQWUDU
HMHPSORVGHHVDEULOODQWHLGHDKHUPHQpXWLFDTXHDFXxDURQORV&DKLHUVSHURTXHGHVSXpVQRVXSLHURQ
UDVWUHDU DOPHQRVGXUDQWHVXHWDSDDPDULOOD HQHOFXHUSR\ODVDQJUHGHORVWH[WRVItOPLFRVFRQFUHWRV
)UDQFHVHV\PH[LFDQRVVHVDEtDQELHQODWHRUtDSHURHQFRQWUDEDQSUREOHPDVSDUDDSOLFDUOD
&RPRFRQVHFXHQFLDGLUHFWDGHDOJXQDVGHODVLGHDVTXHDFDEDQGHVDOLUDFRODFLyQHVSUHFLVRVHxDODUTXH
EXHQDSDUWHGHOLQWHUpVGHODSROtWLFDGHORVDXWRUHVHQDUERODGDSRUORV&DKLHUVSURFHGHFRPRELHQKD
DSXQWDGR5REHUW6WDPGHODQyPLQDFRQFUHWDGHFLQHDVWDVTXHUHLYLQGLFDODUHYLVWD$XWRUHVORVKDEtD
KDELGRVLHPSUH (LVHQVWHLQ\0XUQDXSRUHMHPSOR SHURKDVWDHQWRQFHVQDGLHVHKDEtDDWUHYLGRDEXVFDUORV
HQHOVHQRGHXQDLQGXVWULD ODGHOVWXGLRV\VWHP TXHVLSRUDOJRVHFDUDFWHUL]DEDHUDSUHFLVDPHQWHSRUORV
OtPLWHVTXHLPSRQtDDODH[SUHVLyQLQGLYLGXDODWUDYpVGHODLPSODQWDFLyQGHXQPRGHORFDSLWDOLVWDGH
SURGXFFLyQ WD\ORULVWDSDUDPiVVHxDV TXHKDFtDGHODHVSHFLDOL]DFLyQODGLYLVLyQGHOWUDEDMR\OD
HVWDQGDUL]DFLyQVXVLGHDVPRWULFHV7UDWDUGHHQFRQWUDUDXWRUHVHQWUHODQyPLQDGHFLQHDVWDVGHODSODQWLOOD
GHXQRVHVWXGLRVTXHVHJ~QUHSHWtDODFUtWLFDWUDGLFLRQDOKDEtDQVLGRFDSDFHVGHVLOHQFLDUDDUWLVWDV
HXURSHRVGHODWDOODGH)ULW]/DQJHUDXQDRSHUDFLyQDSULRULFRQGHQDGDDOIUDFDVR3XHVELHQDORWRUJDUOD
YLWRODGHDXWRUDGLUHFWRUHVFRPR$OIUHG+LWFKFRFNR+RZDUG+DZNVORVMyYHQHVFUtWLFRVGHORV&DKLHUV
QRHVWiQKDFLHQGRRWUDFRVDTXHSRQHUHQPDUFKDXQDDPELFLRVDRSHUDFLyQGHUHVFDWHGHOFLQHFOiVLFR
HVWDGRXQLGHQVHTXHOOHJDUiLQFOXVRKDVWDORVOXJDUHVPiVLQVRVSHFKDGRVHOZHVWHUQHOWHUURUODVHULH%
2SHUDFLyQGHUHVFDWHDODTXHVHVXPDUtDGHPDQHUDHQWXVLDVWDODUHGDFFLyQGH1XHYR&LQHDWUDYpVGHXQD
VHFFLyQPiVRPHQRVILMDWLWXODGD0LWRORJtDHQHOFLQHHQODTXHVHUHIOH[LRQDVREUHODFRQGLFLyQPtWLFD
GHDOJXQDVHVWUHOODVGH+ROO\ZRRGRSRUSRQHUWDQVyORRWURHMHPSORHQWUHORVPXFKRVSRVLEOHVFRQHO
DUWtFXORODUJRSXEOLFDGRHQGRVHQWUHJDVTXH*DUFtD5LHUDGHGLFDDOZHVWHUQ
&RQYLHQHUHFRUGDUTXHSDUDODHOLWHLQWHOHFWXDOHXURSHDPDUFDGDDPHGLDGRVGHODGpFDGDGHSRUXQ
IXHUWHVHQWLPLHQWRDQWLHVWDGRXQLGHQVHODGHIHQVDDXOWUDQ]DGHHVHFLQHHUDYLVWDFXDQGRPHQRVFRQFLHUWD
GHVFRQILDQ]D$OJRSDUHFLGRGHELyVXFHGHUHQWUHORVLQWHOHFWXDOHVSURJUHVLVWDVPH[LFDQRVGHSULQFLSLRVGHOD
GpFDGDGHVLWHQHPRVHQFXHQWDTXHDSHQDVKDEtDQSDVDGRWUHVDxRVGHVGHTXH&DVWURWRPDUDHO
SRGHUHQODYHFLQD&XED6HJ~QKDFRQWDGR'HOD&ROLQDSDUDHOORV TXHSRUDTXHOHQWRQFHVHUDQWRGDYtD
VLPSDWL]DQWHVGHODUHYROXFLyQFXEDQD QRVXSRQtDQLQJXQDFRQWUDGLFFLyQDGPLUDUODVSHOtFXODV
HVWDGRXQLGHQVHV\DSR\DUD)LGHO&DVWURDOPLVPRWLHPSRSRUTXHQRHQWHQGtDQVXSUiFWLFDFUtWLFDHQ
WpUPLQRVGHLGHRORJtDWRGRVHVWiEDPRVGHDFXHUGRHVRVtHQTXHHOFLQH\HODUWH\ODOLWHUDWXUD\HQILQ
ODFXOWXUDQRGHEtDQVRPHWHUVHDQLQJXQDFODVHGHSDUWLGLVPRLGHRORJtDGRFWULQDHWF
0iVED]LQLDQRVTXHFDKLHULVWDV
/OHJDGRVDHVWHSXQWRFRQYLHQHLQWURGXFLUXQPDWL]HQORGLFKRKDVWDDKRUDDSURSyVLWRGHODILOLDFLyQ
FDKLHULVWDGH1XHYR&LQH$SHVDUGHTXH*DUFtD5LHUD'HOD&ROLQD$VFRW\FRPSDxtDYDQKDFHUVX\RV
ORVSLODUHVIXQGDPHQWDOHVGHODWHRUtDGHODXWRU\YDQDFDHU FRPRQRSRGtDGHMDUGHVXFHGHUDOVHUHOVX\R
XQGLVFXUVRGHPDVLDGRSHJDGRDOGHODUHYLVWDIUDQFHVD HQDOJXQRVGHVXVH[FHVRVWDPELpQHVSUHFLVR
KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

DGYHUWLUTXHHQRFDVLRQHVYDQDVHUFDSDFHVGHLUXQSRFRPiVDOOiGHODWR]XGDLQVLVWHQFLDHQODLQIDOLELOLGDG
GHORVJUDQGHVDXWRUHV$VtSRUHMHPSOR\KDFLpQGRVHHFRGHODPiVFRQWXQGHQWHGHODVHQPLHQGDV
SURSXHVWDVSRU%D]LQDODSDVLRQDGRGLVFXUVRGHVXVGLVFtSXORVHQIDYRUGHORVDXWRUHV-RVpGHOD&ROLQD
OODPDUiODDWHQFLyQHQXQDH[FHOHQWHUHVHxDGH/RTXHHOYLHQWRVHOOHYy Q~PSS VREUHDOJRTXH
KDEtDSDVDGRGHVDSHUFLELGRDORVFUtWLFRVMyYHQHVGH&DKLHUVDOJRDORTXH%D]LQOODPDEDHOJHQLRGHO
VLVWHPD
$ODJHQHUDFLyQGHFLQpILORVTXHKR\VHDVRPEUD\FRQUD]yQGHODVEHOOH]DVGH/RTXHHO
YLHQWRVHOOHYyFRQYLHQHUHFRUGDUOHTXHODH[FHOHQFLDGHHVWHILOPSURFHGHQRGHOSRGHU
FUHDGRUGHXQFLQHDVWDFRPR9tFWRU)OHPLQJVLQRGHWRGDXQDWUDGLFLyQODGH+ROO\ZRRGTXH
HODERUySRUHOSDFLHQWH\FRQWLQXRHVIXHU]RGHXQDPXOWLWXGGHDUWHVDQRVXQPDJQtILFR
OHQJXDMHFLQHPDWRJUiILFR/DJUDQGH]DGH*RQHZLWKWKHZLQGVHGHEHDTXHHOSURGXFWRU\HO
GLUHFWRUVLVWHPiWLFDPHQWHDSOLFDURQWRGDVODVFRQYHQFLRQHVGHODH[SUHVLyQFLQHPDWRJUiILFD
SUREDGDV\SHUIHFFLRQDGDVSRUFXDUHQWDDxRVGHFLQHQRUWHDPHULFDQR0iVTXHD9tFWRU
)OHPLQJHVWHILOPVHGHEHD+ROO\ZRRG
/DVUHIHUHQFLDVD$QGUp%D]LQTXHFRPRELHQKDDGYHUWLGR=XQ]XQHJXLHUDTXLHQYROYtDDQDOtWLFDOD
GHULYDOtULFDGHVXVSXSLORVHVWiQSUHVHQWHVDORODUJR\DQFKRGHORVVHLVQ~PHURVGHODUHYLVWD3DUD
KDFHUQRVXQDLGHDGHOOXJDUGHSUHHPLQHQFLDTXHHOFUtWLFRIUDQFpVRFXSDHQWUHODVIXHQWHVGHODVTXHVH
QXWUH1XHYR&LQHEDVWDUiFRQDWHQGHUDOSULPHURGHORVDUWtFXORVWHyULFRVTXH*DUFtD$VFRWSXEOLFDHQOD
UHYLVWDVLQWRPiWLFDPHQWHWLWXODGR$QGUp%D]LQ\HO1XHYR&LQH'LFKRDUWtFXORHVODSULPHUDGHODVFXDWUR
HQWUHJDVGHFRUWHWHyULFRTXHHOGLUHFWRUGH(QHOEDOFyQYDFtRHVFULELUiSDUDODUHYLVWDHQORTXHELHQSXHGH
VHUYLVWRFRPRODIRUPXODFLyQGHXQDVXHUWHGHOtQHDHGLWRULDOWHyULFDDVXPLGDGHPDQHUDPiVRPHQRV
KRPRJpQHDSRUWRGDODUHGDFFLyQ'HQXHYRKDVLGR-RVpGHOD&ROLQDTXLHQGHPDQHUDSHUVSLFD]KD
VDELGRLGHQWLILFDUXQDGHODVSULQFLSDOHVDSRUWDFLRQHVGH%D]LQDOGLVFXUVRWHyULFRHQJHQHUDO\HQSDUWLFXODU
DHVDOtQHDHGLWRULDOSURSLDGH1XHYR&LQH
1RVRWURVKDEtDPRVUHFRJLGRHVDVLQTXLHWXGHV\DOJXQDVTXHHPSH]DEDQDOOHJDUQRVDWUDYpV
GHUHYLVWDVFRPR&DKLHUVGXFLQHPDTXHUHSODQWHDEDQORVYDORUHVWUDGLFLRQDOHVGHODKLVWRULD
GHOFLQHHVGHFLUHPSH]DUDHVWXGLDUUHDOPHQWHHQTXpVHGLIHUHQFLDEDQHOFLQHPXGR\HOFLQH
VRQRUR>@$QGUp%D]LQKDEtDHPSH]DGRDUHSODQWHDUDOJXQDVFRVDVDFHUFDGHORTXHHUDHO
DUWHQXHYRGHOFLQHFRQUHVSHFWRDOFLQHFOiVLFRGHVDUUROODGRSRUORVUXVRV
6HPLUHSRUGRQGHVHPLUHHOIXQGDPHQWDODUWtFXORFRQHOTXH%D]LQUHVFDWDEDDODWHRUtDFLQHPDWRJUiILFD
GHOHVWDQFDPLHQWRHQHOTXHODKDEtDVXPLGRODLUUXSFLyQGHOVRQRURVHUiSUHFLVDPHQWHDTXHOTXH*DUFtD
$VFRWJORVDUiHQHVHWH[WRTXHDFDEDGHVDOLUDFRODFLyQ\TXHQRSRUFDVXDOLGDGIXHSXEOLFDGRHQHOSULPHU
Q~PHURGHODUHYLVWD$VtDOFRORFDU/DHYROXFLyQGHOOHQJXDMHFLQHPDWRJUiILFRHQHOIURQWLVSLFLRWHyULFRGHO
SUR\HFWR1XHYR&LQHORVUHGDFWRUHVGHODFDVDHVWiQSHUWUHFKiQGRVHFRQHODSDUDWRFRQFHSWXDOQHFHVDULR
SDUDWULXQIDUDOOtGRQGHRWURVIUDFDVDUiQHVWUHSLWRVDPHQWHHQODFRUUHFWDHYDOXDFLyQGHORVQXHYRVFLQHV(O
SURSLR$VFRWOODPDUiODDWHQFLyQVREUHHVWHSRUPHQRUHQODSDUWHILQDOGHVXDUWtFXOR<VLDOJRPiVIXHUD
QHFHVDULRSDUDFRQILUPDUODLPSRUWDQFLDGHHVWDVWHVLVEDVWDSHUFLELUTXHVyORODVLGHDVGH%D]LQQRV
SHUPLWHQFRPSUHQGHUJOREDO\HVWUXFWXUDOPHQWH \FLQFRDxRVDQWHVGHVXDGYHQLPLHQWR WRGRORTXHOOHYD
KR\GtDHOQRPEUHGHQXHYDROD Q~PS 
(QORVWH[WRVGH*DUFtD$VFRWDOLJXDOTXHFRQORVGHRWURVUHGDFWRUHVGHODFDVDHOFLQHHVDPHQXGR
HVWXGLDGRDOWUDVOX]GHRWUDVDUWHV/DP~VLFDDWRQDOODVHVFXOWXUDVGH3LFDVVRORVSRHPDVGH5LPEDXGHO
WHDWURpSLFRGH%UHFKWOHVLUYHQDOGLUHFWRUGH(QHOEDOFyQYDFtRRUDSDUDFODVLILFDUODVGLVWLQWDVHVFXHODV
GHLQWHUSUHWDFLyQFLQHPDWRJUiILFDRUDSDUDDSR\DUFRQHMHPSORVDOJXQRVGHORVPDQGDPLHQWRVTXHRUGHQDQ
KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

HOFDWHFLVPRGHODUHYLVWD (OSXQWRYLVWDFUHDGRSRUODIRUPDPRGLILFDHOFRQWHQLGRORGHWHUPLQD
LQHOXGLEOHPHQWH <OHVLUYHQWDPELpQTXpGXGDFDEHSDUDHQULTXHFHUHOGLVFXUVRFUtWLFRGH1XHYR&LQH
DORSWDUSRUODVLHPSUHVDOXGDEOHRSHUDFLyQGHDXVFXOWDUDOFLQHPDWyJUDIRVLQSHUGHUGHYLVWDDODVRWUDV
DUWHVHLQFOXVRDRWUDVGLVFLSOLQDVFRPRODILORVRItDRODVPDWHPiWLFDV
(QORVFDVRVGH(OL]RQGR\'HOD&ROLQDODVUHIHUHQFLDVDRWUDVGLVFLSOLQDVDUWtVWLFDVQRVXHOHQVHUGHWDQ
YDULDGDSURFHGHQFLDHOORVSLHQVDQHOFLQHVREUHWRGRHQUHIHUHQFLDDODOLWHUDWXUD1RHVFDVXDOHQWRQFHV
TXHWDQWRHOXQRFRPRHORWURXQDYH]FODXVXUDGRHOSUR\HFWR1XHYR&LQHHQFDPLQHQ VREUHWRGRHQHO
FDVRGHODXWRUGH)DUDEHXIRODFUyQLFDGHXQLQVWDQWH VXVUHVSHFWLYDVFDUUHUDVKDFLDHOiPELWRGHODV
OHWUDV<WDPSRFRHVFDVXDOTXHODFDOLGDGGHODSURVDGHDPERVVREUHVDOJDHQXQDUHGDFFLyQGRQGHHOQLYHO
PHGLRHVWiSRUHQFLPDGHORTXHVXHOHHVWLODUVHHQHOiPELWRGHODFUtWLFD<QRFUHRTXHKDJDIDOWD
UHFRUGDUTXHDSHVDUGHTXHHOREMHWRGHHVWXGLRGHOFUtWLFRFLQHPDWRJUiILFRVRQODVLPiJHQHV\ORVVRQLGRV
ODPDWHULDGHH[SUHVLyQFRQODTXHWUDEDMDVRQODVSDODEUDVUD]yQSRUODFXDOFRPRVXFHGHFRQWRGRV
DTXHOORVTXHVHJDQDQODYLGDJUDFLDVDOQREOHDUWHGHMXQWDUSDODEUDVpOWDPELpQHVWiREOLJDGRDFXLGDUOD
FDOLGDGGHVXHVFULWXUD<GHHVRGHTXHHOp[LWRGHVXLQWHUYHQFLyQGHSHQGtDHQEXHQDPHGLGDGHOD
HILFDFLDGHVXSURVDWDPELpQVDEtDQEDVWDQWHORVMyYHQHVFUtWLFRVGHORV&DKLHUV4XLHQHVSRUFLHUWR
WHQtDQDGHPiVODEXHQDFRVWXPEUHGHSHQVDUHOFLQHHQUHODFLyQFRQRWUDVDUWHV
'HFtDPRVDQWHVTXHODDYHQWXUDHGLWRULDOGH1XHYR&LQHWXYRODVXHUWHGHFRLQFLGLUHQHOWLHPSR
ULJXURVDPHQWH FRQXQRGHORVPRPHQWRVPiVIDVFLQDQWHVGHODKLVWRULDGHOFLQHHOPRPHQWRHQHOTXHVH
HVWUHQDQHQODVVDODVGHFLQHPH[LFDQDV HQDOJXQRVFDVRVJUDFLDVDOD5HVHxD DOJXQDVGHODVSHOtFXODV
HVHQFLDOHVGHHVDVXHUWHGHFDPELRGHUpJLPHQ FLQHPDWRJUiILFR DHVFDODPXQGLDOTXHVHSURGXFHD
FDEDOORHQWUH\<GHFtDPRVWDPELpQTXHHQWUHORVPpULWRVPiVLPSRUWDQWHVGHODUHYLVWDFDEtD
DSXQWDUVXFDSDFLGDGSDUDYDORUDUHQVXMXVWDPHGLGDODLPSRUWDQFLDGHWRGRDTXHOOR3XHVQRVyOR
HQWHQGLHURQ DXQTXHHOORVPLVPRVGXGDEDQXQD\RWUDYH]GHODSHUWLQHQFLDGHVXVKHUUDPLHQWDVFUtWLFDV ODV
WRUVLRQHVDODVTXHHVWDEDVLHQGRVRPHWLGDODJUDPiWLFDFOiVLFDHQPDQRVGHXQSXxDGRGHFLQHDVWDV
HXURSHRV FRQ*RGDUG5HVQDLV$QWRQLRQL\%HUJPDQDODFDEH]D VLQRTXHIXHURQFDSDFHVLQFOXVRGH
DWLVEDUDOJXQDVGHODVUXSWXUDVTXHVLPXOWiQHDPHQWHVHHVWDEDQSURGXFLHQGRDORWURODGRGHO$WOiQWLFR GH
DKtSRUHMHPSORTXHGHGLFDUDQXQDSRUWDGDDO6KDGRZVGH&DVVDYHWHV 
/DUHFLpQFLWDGDFUtWLFDGH$ERXWGHVRXIIOpTXHHVFULEH'HOD&ROLQDSDUDHOQ~PHURILMDGHPDQHUD
SUHFLVDODVOtQHDVPDHVWUDVGHOGLVFXUVRTXHDGRSWDUiODUHYLVWDDODKRUDGHKDFHUFXHQWDVFRQODLUUXSFLyQ
GHOFLQHPRGHUQR\GHSDVRUHFRQRFHODXUJHQWHQHFHVLGDGGHLQYHQWDUXQDQXHYDPHWRGRORJtDGHDQiOLVLV
TXHOHVD\XGHDWUDQVLWDUXQDVSHOtFXODVTXHDXQTXHDGPLUDQSURIXQGDPHQWHQRSRUHVRGHMDQGH
SURYRFDUOHVXQVDOXGDEOHHVWXSRU(OILOPGH*RGDUGLQLFLDXQDQXHYDPDQHUDGHKDFHUFLQHWDQWRHQHO
VHQWLGRWpFQLFRFRPRHQHOHVWpWLFR\ORTXHGHEHPRVKDFHUDWRGDSULVDHVGHGXFLUGHpOXQQXHYROHQJXDMH
\XQQXHYRPpWRGRFUtWLFRV'HPRPHQWRDxDGHHOFUtWLFRFRQPRGHVWLDORPiVDSURSLDGRVHUiKDFHUXQD
FUtWLFDKRQUDGDDWHQWD\ORPiVO~FLGDSRVLEOHDXQTXHVHDDODYLHMDPDQHUDDODHVSHUDGHTXHDSDUH]FDQ
RYD\DPRVHQFRQWUDQGRORVSULPHURVLQVWUXPHQWRVGHXQDFUtWLFDIXWXUD/RFLHUWRHVTXHHVRVQXHYRV
LQVWUXPHQWRVTXHGHPDQGDED'HOD&ROLQDHVWDEDQDSXQWRGHHPSH]DUDHQVD\DUVHHQODVSiJLQDVGHORV
&DKLHUVVLHPSUHDWHQWDVDFXDOTXLHUQRYHGDGPHWRGROyJLFD$XQTXHSDUDFXDQGRHVRRFXUUDKDEUiSDVDGR
\DEDVWDQWHWLHPSRGHVGHTXH1XHYR&LQHDFXGLHUDDVX~OWLPDFLWDELPHVWUDOFRQORVOHFWRUHV
(OOHJDGRGH1XHYR&LQH
7DO\FRPRODOODPDGDGHDX[LOLRODQ]DGDGHVGHHOHGLWRULDOGHOQ~PHURKDFtDSUHVDJLDU SLGHQDORVOHFWRUHV
TXHVHVXVFULEDQFRPRPHGLGDGHXUJHQFLDSDUDVDOYDUODUHYLVWD 1XHYR&LQHSDVyDPHMRUYLGDFXDQGR
VyORKDEtDQWUDQVFXUULGRTXLQFHPHVHVGHVGHTXHFRPSDUHFLHUDSRUYH]SULPHUDHQORVTXLRVFRV(QRSLQLyQ
KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

GH5LYHUD*yPH]ODUHYLVWDGHVDSDUHFLySRUTXHQXQFDHQFRQWUyXQDIRUPDHIHFWLYDGHILQDQFLDPLHQWR\
SRUTXHORVGLVWLQWRVLQWHUHVHVGHORVPLHPEURVGHOJUXSRORVOODPDEDQKDFLDRWUDVHPSUHVDV*DUFtD5LHUD
HVPHQRVHXIHPtVWLFR\FRQFOX\HTXHODUHYLVWDGHMyGHHGLWDUVHSRUTXHHOORVQRSRGtDQVHJXLUGHGLFDQGRVX
HVIXHU]RDXQSUR\HFWRTXHQROHVUHSRUWDEDEHQHILFLRDOJXQRSRUDPRUDODUWHVHKDFHGXUDQWHDOJ~Q
WLHPSRSHURGHVSXpVWHQHPRVIDPLOLD(VDVHPSUHVDVGHODVTXHKDEOD5LYHUD*yPH]HQODVTXHVH
HPEDUFDQORVUHGDFWRUHVGH1XHYR&LQHFXDQGRGHVDSDUHFHODUHYLVWDVHUiQGHORPiVYDULDGR*DUFtD
5LHUDFRQD\XGDGH*DEULHO5DPtUH]IXQGDXQDEROHWtQVHPDQDO /DVHPDQDHQHOFLQH TXHOHYDSHUPLWLU
VHJXLUGDQGRVDOLGDGXUDQWHDOJ~QWLHPSRDVXHQFLFORSpGLFDREVHVLyQSRUODVILOPRJUDItDV(OL]RQGRFRQ
*DUFtD5LHUDFRPRVXEGLUHFWRUHGLWDWDPELpQXQDQXHYDUHYLVWD HQHVWHFDVRFXOWXUDO\GHOXMRVRIRUPDWR
TXHVHOODPDUi6QRE\TXHGHELGRDVXLQFXHVWLRQDEOHLQWHUpVKDVLGRUHHGLWDGDHQIHFKDVUHFLHQWHV'HOD
&ROLQDVHPDUFKDUiD&XEDGRQGHHMHUFHUiGHJXLRQLVWDSDUDHO,&$,&HVFULELUiGHFLQHDUWH\OLWHUDWXUDHQ
HOSHULyGLFR5HYROXFLyQ\FRQRFHUiGHFHUFDHOODGRPHQRVDPDEOHGHOSUR\HFWRGH)LGHO\*DUFtD$VFRW
SRU~OWLPRVHJXLUiLQWHQWDQGRGXUDQWHDOJ~QWLHPSR\VLQPXFKRp[LWRGDUFRQWLQXLGDGDVXUHFLHQWH\
EULOODQWHPHQWHLQDXJXUDGDILOPRJUDItD
0iVDOOiGHODTXHODHYROXFLyQSRVWHULRUGHODVFDUUHUDGHFDVLWRGRVHOORVORVDFDEDUiFRQYLUWLHQGRHQ
ILJXUDVPiVRPHQRVUHOHYDQWHVGHODFXOWXUDPH[LFDQD SRUSRQHUVyORGRVHMHPSORV*DUFtD5LHUDDFDEDUi
FRQYLUWLpQGRVHHQDOJRDVtFRPRHOSDGUHGHODKLVWRULRJUDItDPH[LFDQD\(OL]RQGRDFDEDUiUHYHOiQGRVH
FRPRXQHVFULWRUGHSULPHUDILOD ODLPSRUWDQFLDGHOOHJDGRGHO*UXSR1XHYR&LQHFDEHEXVFDUODVREUHWRGR
HQGRVOXJDUHVSULPHURHQODSXHVWDHQFLUFXODFLyQGHXQWLSRGHGLVFXUVRHQWRUQRDOFLQHTXHYDDVHUYLU
SDUDRWRUJDUOHJLWLPLGDG FXOWXUDOHLQVWLWXFLRQDO DORVHVWXGLRVVREUHFLQHFRPRSDVRSUHYLRHLQHOXGLEOH
DQWHVGHVXLQPLQHQWHLQJUHVRHQODXQLYHUVLGDG\VHJXQGRHQODLQIOXHQFLDTXHHMHUFHQVREUHXQD
JHQHUDFLyQPiVMRYHQ ODGHORV+HUPRVLOOR5LSVWHLQ&D]DOV\FRPSDxtD TXHGXUDQWHODGpFDGDGH
VHHQFDUJDUiGHKDFHUUHDOLGDGHVHSUR\HFWRGHFUHDFLyQGHXQFLQHPH[LFDQRHQVLQWRQtDFRQODVUXSWXUDV
GHORVVHVHQWDTXHODJHQWHGHO*UXSR1XHYR&LQHSRUUD]RQHV\DVXILFLHQWHPHQWHH[SOLFDGDVQROOHJDURQD
UHDOL]DU
%LEOLRJUDItD
$\DOD%ODQFR-RUJH/DDYHQWXUDGHOFLQHPH[LFDQRHQODpSRFDGHRUR\GHVSXpV0p[LFR*ULMDOER
&DEDxDV%UDYR0LJXHO(ODUWHHVSDxROGHVGHORVFUtWLFRVHKLVWRULDGRUHVGHOH[LOLRUHSXEOLFDQRHQ0p[LFR
HQ0LJXHO&DEDxDV%UDYR FRRUG (ODUWHHVSDxROIXHUDGH(VSDxD;,-RUQDGDVGH$UWH0DGULG&6,&

&DVWURGH3D]-RVp/XLV&LQH\H[LOLR)RUPD V GHODDXVHQFLD&RUXxD9tD/iFWHD
(OL]RQGR6DOYDGRU(OFLQHPH[LFDQR\ODFULVLVHQ1XHYR&LQH0p[LFRQ~PDJRVWR
BBBBBBBBBBBB&LQHH[SHULPHQWDOHQ1XHYR&LQH0p[LFRQ~PDJRVWR
*DUFtD5LHUD(PLOLR+LVWRULDGRFXPHQWDOGHOFLQHPH[LFDQRYROV*XDGDODMDUD8QLYHUVLGDGGH
*XDGDODMDUD
BBBBBBBBBBBB(OFLQHHVPHMRUTXHODYLGD0p[LFR&DO\DUHQD
0LFFLFKp/LQR7HRUtDV\SRpWLFDVGHO1XHYR&LQHHQ+LVWRULDJHQHUDOGHOFLQHYROXPHQ;,1XHYRVFLQHV
KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

DxRV 0DGULG&iWHGUD
5LYHUD*yPH]5RVD1LGLD/DUHYLVWD1XHYR&LQHWHVLVGHOLFHQFLDWXUD81$00p[LFR
6WDP5REHUW)LOP7KHRU\$Q,QWURGXFWLRQ0DOGHQ%ODFNZHOO
7XxyQ-XOLD%DMRHOVLJQRGH-DQR(QHOEDOFyQYDFtRHQ+LVWRULDVQ~PHQHURDEULOGH
UHHGLWDGRFRPR,PDJHVGH[LO(QHOEDOFyQYDFtRILOPGH-RPL*DUFtD$VFRWHQ%HQpGLFWH%UpPDUG\
%HUQDUG6LFRW HG 5HJDUGVQ~P 
=XQ]XQHJXL6DQWRV/DPLUDGDSOXUDO0DGULG&iWHGUD
$XWRU$VLHU$UDQ]XELD8QLYHUVLGDG&DUORV,,,GH0DGULG
3XHGHHQFRQWUDUVHXQDUHSURGXFFLyQGHOPDQLILHVWRHQ(PLOLR*DUFtD5LHUD+LVWRULDGRFXPHQWDOGHOFLQH
PH[LFDQRYROS> @
&RQYLHQHVHxDODUTXHQRWRGRVORVLQWHJUDQWHVGHO*UXSR1XHYR&LQHDFDEDUtDQHVFULELHQGRHQOD
UHYLVWD(QUHDOLGDGODPD\RUtDGHORVWH[WRVGH1XHYR&LQHORVHVFULELUtDQFLQFRSHUVRQDV-RVpGHOD
&ROLQD(PLOLR*DUFtD5LHUD-RPL*DUFtD$VFRW6DOYDGRU(OL]RQGR\*DEULHO5DPtUH]&RPRKD
UHFRUGDGR*DUFtD5LHUD RSFLWS GHO*UXSR1XHYR&LQHIRUPDURQSDUWHWDPELpQDXQTXHGH
PDQHUDFDVLVLHPSUHHYHQWXDOODVVLJXLHQWHVSHUVRQDV3DXO/HGXF0DQXHO0LFKHO$UPDQGR%DUWUD
(GXDUGR/L]DOGH0DQXHO*RQ]iOH]&DVDQRYD7RPiV3pUH]7XUUHQW1DQF\&iUGHQDV-RVp%iH]
(VSRQGD/HRSROGR&KDJR\D)HUQDQGR0DFROHWD6HUJLR0DUWtQH]&DQR-XDQ0DQXHO7RUUHV-RUJH
$\DOD%ODQFR,VPDHO*DUFtD/ODFD6DORPyQ/DLWLHU\/XGZLN0DUJXOHV> @
5RVD1LGLD5LYHUD*yPH]/DUHYLVWD1XHYR&LQHWHVLVS> @
3DUDVDEHUPiVVREUHODFULVLVGHOFLQHPH[LFDQRGHILQDOHVGHORVFLQFXHQWDYpDVH(PLOLR*DUFtD
5LHUDRSFLWSS\6DOYDGRU(OL]RQGR(OFLQHPH[LFDQR\ODFULVLVHQ1XHYR&LQHQ~P
SS> @
7DQWR*DUFtD$VFRWFRPR*RQ]iOH]/HyQIXHURQGLUHFWRUHVGHO&LQH&OXEGH0p[LFRGHO,)$/> @
&RPRELHQKDVHxDODGR0LJXHO&DEDxDV%UDYRODODERUGHORVH[LOLDGRVUHSXEOLFDQRVHVSDxROHV RKLMRV
GHH[LOLDGRV HQHOiPELWRGHODVSXEOLFDFLRQHVFXOWXUDOHVPH[LFDQDVIXHGHFLVLYDSDUDHOIORUHFLPLHQWR
TXHGLFKRiPELWRH[SHULPHQWyHQ0p[LFRGXUDQWHORVDxRVFXDUHQWD\FLQFXHQWDGHOVLJORSDVDGR/D
FUtWLFDFLQHPDWRJUiILFD \HOFDVRGH1XHYR&LQHUHVXOWDSDUDGLJPiWLFR VHEHQHILFLyWDPELpQGHO
HVStULWXHPSUHQGHGRUGHOH[LOLRUHSXEOLFDQR> @
6HJ~QSDUHFHWDPELpQSDUWLFLSDURQHQODJHVWDFLyQGHOJUXSRYDULRVSURIHVLRQDOHVGHOFLQHPH[LFDQR
/XLV%XxXHO/XLV$OFRUL]D\0DQXHO%DUEDFKDQR3RQFH3RUORYLVWRFXDQGRHOJUXSRHVWDEDDSXQWRGH
HFKDUDDQGDU/XLV%XxXHOFRQVLGHUyTXHSRGtDVHUSHUMXGLFLDOSDUDODDVRFLDFLyQ IRUPDGDVREUHWRGR
SRUJHQWHMRYHQ ODSUHVHQFLDHQODPLVPDGHSURIHVLRQDOHV\DTXHGLFKDVLWXDFLyQSRGtDVHUHORULJHQ
GHSUHVLRQHVRFRPSURPLVRVTXHHOJUXSRQRGHEtDDVXPLU3RUPRWLYRVGLIHUHQWHVWDPELpQ
DEDQGRQDURQHOJUXSRDQWHVGHTXHpVWHVHFRQVROLGDUDHOHVFULWRU&DUORV)XHQWHV\HOSLQWRU-RVp
/XLV&XHYDV> @
5RVD1LGLD5LYHUD*yPH]RSFLWS> @
$SDUWLUGHRWURGHORVPLHPEURVGHOJUXSR6DOYDGRU(OL]RQGRVHKDUiFDUJRGHODDVLJQDWXUD
$QiOLVLVFLQHPDWRJUiILFR> @
(QXQLQWHQWRSRUKDFHUXQDLGHQWLILFDFLyQGHOS~EOLFRGHODUHYLVWD-RVpGHOD&ROLQDKDDILUPDGRTXH
1XHYR&LQHVtLQIOX\ySHURLQIOX\yHQORTXHSRGUtDPRVOODPDUORVPHGLRVGHODFXOWXUD
FLQHPDWRJUiILFDQRHQHOHVSHFWDGRUHQJHQHUDODKtQRLQIOX\y>@YpDVH5RVD1LGLD5LYHUD*yPH]
KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

RSFLWS> @
7DOVHUtDHOFDVRGHOIXWXURFLQHDVWD-DLPH+XPEHUWR+HUPRVLOOR(VWDEDGHVOXPEUDGRSRU(XJHQLR2
1HLOO\VXREUDHOFLQHPHSDUHFtDLQDFFHVLEOHVRxDEDFRQVHUGUDPDWXUJR\HVFULELUXQDREUDGHXQ
DFWRTXHQRSDVyGHERUUDGRU(OFLQHPHVHJXtDMDODQGR/DDSDULFLyQGHO1XHYR&LQHGHGLFDGRD
%XxXHOIXHGHILQLWLYDHQPLYLGD0HLPSDFWyHQRUPHPHQWHFLWDGRHQLELGHPS> @
$QWHVGH1XHYR&LQHFUHRTXHQRH[LVWtDUHDOPHQWHODFLQHILOLDHQ0p[LFRH[LVWtDHVHS~EOLFRTXHGH
FXDQGRHQFXDQGRGLFH4XpSHOtFXODWDQH[WUDRUGLQDULDTXHHUDORTXHSRGtDGHFLUHQDTXHOODpSRFD
VREUHXQDSHOtFXODIUDQFHVDRXQDSHOtFXODGH&KDSOLQ3HURHVRQRHUDFLQHILOLDFRPRQRORHVDKRUDLU
DYHUXQDSHOtFXODGH:RRG\$OOHQRGH%HUJPDQ1RODFLQHILOLDHVLUDOFLQH\WUDWDUGHGHVFXEULUDOJR
D~QHQODVPiVLJQRUDGDV&UHRTXHHVDIXHXQDDSRUWDFLyQGH1XHYR&LQHFUHDUXQFLHUWRS~EOLFRXQD
FLQHILOLDLELGHPS> @
1RKDEtDFLQHFOXEVSHURHVTXHWDPSRFRHOORVD\XGDURQDFUHDUORVFRPRVtORKL]RHQJUDQSDUWHHO
JUXSRGH1XHYR&LQH(VRVHSRGUtDYHUPX\ELHQKLVWyULFDPHQWHVLDOJXLHQKXELHUDOOHYDGRHOUHJLVWUR
GHFXDQWRVFLQHFOXEVKDEtDDQWHVGH1XHYR&LQH\FXDQWRVGHVSXpV1LQJXQDHPSUHVDHVWDWDOQLQJ~Q
RUJDQLVPRGHFXOWXUDHQ0p[LFRWHQtDFLQHFOXEVOXHJRSUROLIHUDURQHQODXQLYHUVLGDG\ORVTXHVLHPSUH
SUHVHQWiEDPRVODVSHOtFXODVpUDPRVGHOJUXSR1XHYR&LQH(VRFUHRGLFHEDVWDQWHLGHP> @
&RPRPXHVWUDGHOLQWHUpVTXHODUHYLVWDWLHQHHQHOFLQHXQGHUJURXQGHQHOQ~PHURGHODUHYLVWD
(OL]RQGRHVFULEHXQDUWtFXORWLWXODGR&LQHH[SHULPHQWDOHQFX\D~OWLPDSDUWHVHRIUHFHXQDLQWHUHVDQWH
DSUR[LPDFLyQDOFLQHTXHVHKDFHHQ0p[LFRDOPDUJHQGHODVSODWDIRUPDVGHSURGXFFLyQKDELWXDOHV
(QWUHORVDUWtILFHVGHHVWDVSHOtFXODVH[SHULPHQWDOHVVHHQFXHQWUDQDOJXQRVGHORVPLHPEURVGHO*UXSR
1XHYR&LQH6DOYDGRU(OL]RQGR&LQHH[SHULPHQWDO1XHYR&LQHQ~PDJRVWRSS> @
3DUDVDEHUPiVFRVDVVREUHHODPELHQWHFLQpILORGHOD=RQD5RVDYpDQVHODVPHPRULDVGH(PLOLR
*DUFtD5LHUD(OFLQHHVPHMRUTXHODYLGDSS> @
-RUJH$\DOD%ODQFR/DDYHQWXUDGHOFLQHPH[LFDQRHQODpSRFDGHRUR\GHVSXpVS> @
'LFH5RVD1LGLD5LYHUD*yPH]RSFLWSTXHODPHUDH[LVWHQFLDGH(QHOEDOFyQYDFtRGHPXHVWUD
TXHODDSXHVWDSRUHOFLQHLQGHSHQGLHQWHFRPRDOWHUQDWLYDUHJHQHUDWLYDDOFLQHPH[LFDQRUHDOL]DGR
GHQWURGHODLQGXVWULDTXHHQDUERODQODJHQWHGH1XHYR&LQHHUDXQRSFLyQYLDEOHHQHOVHQWLGRGHTXH
HUDSRVLEOHKDFHUEXHQFLQHHQ0p[LFR \TXHQRQHFHVDULDPHQWHVHUHTXHUtDQJUDQGHVSUHVXSXHVWRV
FXDQGRHOWDOHQWR\ODVHQVLELOLGDGSUHYDOHFHQVREUHHOFRPHUFLDOLVPR6REUHODJHVWDFLyQGHHVWD
VXHUWHGHPDQLILHVWRItOPLFRGHO*UXSR1XHYR&LQH\VXUHSHUFXVLyQHQHODPELHQWHFLQHPDWRJUiILFR
PH[LFDQRGHSULQFLSLRVGHSXHGHFRQVXOWDUVHHOH[FHOHQWHDUWtFXORGH-XOLD7XxyQ%DMRHOVLJQR
GH-DQR(QHOEDOFyQYDFtRHQ+LVWRULDVQ~PHQHURDEULOSS7DPELpQSXHGH
HQFRQWUDUVHXQPLQXFLRVRDQiOLVLVWH[WXDOGHODSHOtFXODHQ-RVp/XLV&DVWURGH3D]&LQH\H[LOLR
)RUPD V GHODDXVHQFLDSS> @
7DOYH]ODRWUD~QLFDDSRUWDFLyQUHOHYDQWHVHDQORVGRVHSLVRGLRV 8QGtDGHWUDEDMR\/RVQRYLRV TXH
*DUFtD$VFRWUXHGDHQ&XEDSDUDXQDSHOtFXODWLWXODGD&XED -RPt*DUFtD$VFRW\-RUJH)UDJD
 /DSURSLDUHYLVWDVHKDUiHFRGHOWUDEDMRGH$VFRWHQHVWDSHOtFXODHQVXSULPHUQ~PHUR SS
 > @
/DFDOLGDGGHOSDSHO\GHODVUHSURGXFFLRQHVGHIRWRJUDItDVPHMRUDHQORVGRV~OWLPRVQ~PHURV> @
3RUHMHPSORVHMXHJDFRQODXELFDFLyQ\HOFRORUGHODJUDItDHQORVWLWXODUHV YpDVHDHVWHUHVSHFWROD
PDTXHWDFLyQGHODUWtFXORGH6DOYDGRU(OL]RQGRWLWXODGR&LQHH[SHULPHQWDOTXHVHSXEOLFDHQHOQ~PHUR
 RVHSUHVWDXQDHVSHFLDODWHQFLyQDODVSRUWDGDV YpDVHHOH[FHOHQWHGLVHxRGHODSRUWDGDGHOQ~PHUR
RODGHOQ~PHURGREOHGHGLFDGRD%XxXHOREUDGH$OEHUWR*LURQHOOD > @
*URVVRPRGRODGLVWULEXFLyQHQVHFFLRQHVGHODVDSUR[LPDGDPHQWHSiJLQDVGHFDGDQ~PHURHVOD
TXHVLJXH&RUUHVSRQGHQFLDGHORVOHFWRUHV(GLWRULDOGRVRWUHVDUWtFXORVHQSURIXQGLGDGVLHQGRXQRGH
HOORVGHDOFDQFHWHyULFR \TXHOOHYDVLHPSUHODILUPDGH*DUFtD$VFRW XQDVHFFLyQWLWXODGD0LWRORJtD
HQHOFLQHRWUD/RVJUDQGHVILOPVODFUtWLFDGHORVHVWUHQRV\SRU~OWLPRODVHFFLyQ&UtWLFDGHOD
FUtWLFDFUtWLFDGRQGH'HOD&ROLQD\*DUFtD5LHUDVHGHVSDFKDEDQDJXVWRFRQORVJDFHWLOOHURV
KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

PH[LFDQRVGHODpSRFD> @
&RQYHQGUiQFRQPLJRTXHHOHVSDFLRGHGLFDGRD(QHOEDOFyQYDFtR IRWRJUDItDHQODSRUWDGDLQFOXLGD QR
FXHQWDDHVWRVHIHFWRVSRUVHUXQSURGXFWRGHODFDVD> @
/LQR0LFFLFKp7HRUtDV\SRpWLFDVGHO1XHYR&LQHHQ+LVWRULDJHQHUDOGHOFLQHYRO;,1XHYRV&LQHV
DxRV S> @
7HQJRODLPSUHVLyQGHTXHSDUD*DUFtD5LHUD*DUFtD$VFRW\'HOD&ROLQD HVGHFLUSDUDORVKLMRVGHO
H[LOLRHVSDxRO HOFLQHHUDWDPELpQXQDPDQHUDGHHVFDSDUGHXQDPELHQWHIDPLOLDUPDUFDGRDSULQFLSLRV
GHORVFXDUHQWDSRUODIUXVWUDFLyQGHODGHUURWD\ODQRVWDOJLDGHODSDWULDSHUGLGD<VXSRQJRTXHIXHSRU
HVRTXHHQHOORVDUUDLJyVLFDEHFRQPD\RUIXHU]DHOYLUXVGHODFLQHILOLD> @
5RVD1LGLD5LYHUD*yPH]RSFLWS> @
6DQWRV=XQ]XQHJXL/DPLUDGDSOXUDOSS> @
2WURJDOORHPSH]DUtDDFDQWDUDSDUWLUGHOPRPHQWRHQTXHODUHYLVWDPHGLDGDODGpFDGDGHORVVHVHQWD
FRPHQ]yDKDFHUVHHFRGHODEXHQDQXHYDHVWUXFWXUDOLVWD> @
5REHUW6WDP)LOP7KHRU\$Q,QWURGXFWLRQS> @
8UJHVHxDODUTXHHOFLQHDVWDLQJOpV \DTXtORVMyYHQHVFUtWLFRVPH[LFDQRVVHGHVPDUFDQGHVXV
KRPyORJRVIUDQFHVHV QRIXHQXQFDVDQWRGHODGHYRFLyQGHODUHGDFFLyQGH1XHYR&LQH> @
(QXQWRQRFDVLQRKDFHIDOWDGHFLUORPX\DOHMDGRGHOHPSOHDGRSRUHVRVRWURVFUtWLFRVDORVTXHHOORV
OODPDEDQFURQLVWDVGHHVWUHOODV<FRPRPXHVWUDXQERWyQHQHOSHUVSLFD]WH[WRTXH*DUFtD5LHUD
GHGLFDDODQiOLVLVGHODILJXUDGH*DU\&RRSHU DOTXHODUHYLVWDGHGLFDSRUFLHUWRODSRUWDGDGHHVWH
VHJXQGRQ~PHUR VHFRQFOX\HTXHODVLPSOHSUHVHQFLDGH*DU\&RRSHUDQLTXLODUiODVSUHWHQVLRQHV
QDWXUDOLVWDVGHFXDOTXLHUILOP Q~PS > @
$SDUHFHGLYLGLGRHQWUHORVQ~PHURV\> @
(QHQWUHYLVWDSHUVRQDOFRQHODXWRU 0p[LFRDJRVWRGH > @
&RIXQGDGRUGH&DKLHUV\SDGUHLQWHOHFWXDOGHOD1RXYHOOH9DJXH$QGUp%D]LQIXHHOHQFDUJDGRGH
OODPDUODDWHQFLyQVREUHDOJXQRVGHORVH[FHVRVHQORVTXHKDEtDQFDtGRVXVGLVFtSXORVDOOOHYDU
GHPDVLDGROHMRVHOFXOWRDODXWRU> @
6DQWRV=XQ]XQHJXLRSFLWS> @
5RVD1LGLD5LYHUD*yPH]RSFLWS> @
%L]DUURHQWUHORVEL]DUURV6DOYDGRU(OL]RQGRXWLOL]DODWHRUtDPDWHPiWLFDGHODVSUHPRQLFLRQHV'XQQH
SDUDHVSHFXODUVREUHODPiVHVSHFXODWLYDGHODVSHOtFXODV(ODxRSDVDGRHQ0DULHQEDG(OUHVXOWDGRHV
TXHGHVSXpVGHOHHUODFUtWLFDXQRHQWLHQGHPHQRVODSHOtFXOD6XSRQJRTXHSRUHVRHVWDIXHOD~QLFD
RFDVLyQHQTXH1XHYR&LQH Q~PSS SXEOLFyGRVFUtWLFDVGHOPLVPRILOP/DRWUDHUDGH-RVp
GHOD&ROLQD\VHHQWHQGtDPHMRUDXQTXHHVRVtHUDPXFKRPHQRVGLYHUWLGD> @
(QVXPRGpOLFDFUtWLFDGH$ERXWGHVRXIIOp'HOD&ROLQDSDVDGH7ROVWRL 3HURVLHODUWHQRHVFXHVWLyQ
GHIRUPDHQWRQFHVHQTXpUD\RVGLILHUHQODVQRYHODVGH7ROVWRL\VXVLQGLJHVWRVHQVD\RVTXHVXHOHQ
FRPSDUWLUHOPLVPRFRQWHQLGR" D-DPHV\&RQUDG <VLQRKD\FDPELRGHiQJXORHQODILOPDFLyQHV
SRUTXH*RGDUGQRYHODQHFHVLGDGGHYDULDUVXSXQWRYLVWDGHPRGRTXHHOSODQRVHFXHQFLDSUHGRPLQD
/RVJUDQGHVQRYHOLVWDVFRPR+HQU\-DPHV\-RVHSK&RQUDGKDQGHPRVWUDGRKDVWDODVDFLHGDGOD
LPSRUWDQFLDGHOSXQWRGHYLVWDHQODQDUUDFLyQGHXQDKLVWRULD \GHDKtD+DPHWW\+HPLQJZD\ &LHUWR
TXHSUHGRPLQDHOULWPRVDFFDGpSRUTXHHVWDPELpQHOTXHSUHGRPLQDHQODDYHQWXUDGH0LFKHO(VWD
PDQHUDGHFRQWDUFRUUHVSRQGHHQOLWHUDWXUDDODGH'DVKLHOO+DPHWW\+HPLQJZD\ 1XHYR&LQHQ~P
S> @
7DPELpQKD\TXHUHFRQRFHUTXH1XHYR&LQHMXJDEDFRQFLHUWDYHQWDMDSRUTXHHQWUHVXVFRODERUDGRUHV
RFDVLRQDOHVHVWXYLHURQ2FWDYLR3D]-RUJH,EDUJHQJRLWLD TXHHVFULELyXQDGLYHUWLGtVLPD\PX\SRFR
FDKLHULVWDFUtWLFDGHXQDSHOtFXODGH'DQLHO0DQQHQHOQ~PHUR RHOSURSLR&DUORV0RQVLYiLV> @
$XQTXHVHDDSLHGHSiJLQDUHVXOWDUtDLQWHUHVDQWHDSXQWDUTXHQLQJXQDGHODVGRVUHYLVWDV
HVSHFLDOL]DGDVHVSDxRODVPiVLPSRUWDQWHVGHODpSRFD ODVGRVFRQXQDWUD\HFWRULDPXFKRPiV
GLODWDGDHQHOWLHPSRTXH1XHYR&LQH VXSLHURQRIUHFHUXQDUHVSXHVWDVDWLVIDFWRULDDODGLV\XQWLYD
KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 





1XHYR&LQH  \HOQDFLPLHQWRGHODFXOWXUDFLQHPDWRJUiILFDPH[LFDQDPRGHUQD_'LPHQVLyQ$QWURSROyJLFD

SODQWHDGDSRUHVRTXHDQWHVKHOODPDGRHOFDPELRGHUpJLPHQ0LHQWUDV)LOP,GHDOXQDSXEOLFDFLyQ
FDWyOLFDVHPRVWUyHQOtQHDVJHQHUDOHVUHIUDFWDULDDHVRVQXHYRVFLQHVTXHDWHQWDEDQFRQWUDHVH
OHQJXDMHFOiVLFRTXHHOORVKDEtDQDSUHQGLGRDDGPLUDUJUDFLDVDORV&DKLHUV1XHVWUR&LQH XQDUHYLVWD
SUy[LPDDO3DUWLGR&RPXQLVWD FD\yHQHOHUURUFRQWUDULRHVWRHVDSODXGLyODEHOLJHUDQFLDIRUPDOH
LGHROyJLFDGHODVQXHYDVRODVSHURHQFDPELRIXHLQFDSD]GHDFRPHWHUXQDOHFWXUDSURGXFWLYD VREUH
WRGRSRUSUHMXLFLRVLGHROyJLFRV GHOFLQHFOiVLFRHVWDGRXQLGHQVH> @
6HOHVSDVDURQRWUDVQRVXSLHURQSRUHMHPSORFRPSUHQGHUHOSXQWR\DSDUWHTXHVXSRQtD3V\FKRHQOD
HYROXFLyQGHOFLQHHVWDGRXQLGHQVH> @
5RVD1LGLD5LYHUD*yPH]RSFLWSS> @
,ELGHPS> @
'RVDxRV>@EDVWDURQSDUDGHVHQFDQWDUPHSXHVYLFUHFHUODFHQVXUDGH(VWDGRODDFHOHUDGD
PLOLWDUL]DFLyQODSHUVHFXFLyQDGLVLGHQWHV\PHURFUtWLFRVGHOHVWDGRGHFRVDVDJHQWHGHRSLQLRQHV
SROtWLFDVRVH[XDOLGDGQRFRUUHFWDV HQWUHYLVWDFRQHODXWRU > @
9ROXPHQ
$57&8/2&$+,(56'8&,1(0$&,1(0(;,&$12&57,&$&8/785$&,1(0$72*5),&$(16(f$1=$18(92
&,1(7(25$'($8725

KWWSZZZGLPHQVLRQDQWURSRORJLFDLQDKJREP["S 



También podría gustarte