Está en la página 1de 11

(VTXLURO,VDDF$VLPRY

(VTXLURO

,VDDF$VLPRY
(OYLV%OHLVHUHVWUHJyVXVUHJRUGHWDVPDQRV\GLMR

$XWRQRPtDHVODSDODEUD
6RQULy LQWUDQTXLOR PLHQWUDV OH GDED IXHJR DO WHUUtFROD 6WHYHQ /DPRUDN +DEtD
WXUEDFLyQHQWRGRHVHURVWUROLVR\GHRMRVSHTXHxRV\VHSDUDGRV
/DPRUDN VROWy XQD ERFDQDGD GHKXPR\FUX]y VXV ODUJDV\GHOJDGDV SLHUQDV
7HQtDHOFDEHOORHQWUHFDQR\ODPDQGtEXODJUDQGH\HQpUJLFD
'HFRVHFKDSURSLD"SUHJXQWyPLUDQGRFUtWLFDPHQWHHOFLJDUULOOR
7UDWyGHRFXOWDUVXSURSLDLQTXLHWXGDQWHODWHQVLyQGHORWUR
(QHIHFWRDVLQWLy%OHL
0HDVRPEUDTXHHQHVWHPXQGRWDQSHTXHxRKD\DHVSDFLRSDUDWDOHVOXMRV
/DPRUDNUHFRUGyVXSULPHUDYLVWDGH(OVHYHUHGHVGHODSDQWDOODGHVXQDYH6H
WUDWDEDGHXQDVWHURLGHVLQDLUHGHWHUUHQRHVFDEURVR\FRQXQRVFXDQWRVFLHQWRV
GHNLOyPHWURVGHGLiPHWURWDQVyORXQDURFDGHXQFRORUJULVVXFLRWRVFD\TXH
GHYROYtDGpELO\RSDFDODOX]GHVXVROGLVWDQWHDPiVGHWUHVFLHQWRVPLOORQHVGH
NLOyPHWURV(UDHO~QLFRREMHWRGHPiVGHXQNLOyPHWURGHGLiPHWURTXHJLUDEDHQ
WRUQR D HVH VRO \ DOJXQRV KRPEUHV VH KDEtDQ LQVWDODGR HQ HVH PXQGR HQ
PLQLDWXUD \ KDEtDQ IRUPDGR XQDVRFLHGDG < pOFRPRVRFLyORJRLED DHVWXGLDU
HVH PXQGR SDUD YHU FyPR VH DGDSWDED OD QDWXUDOH]D KXPDQD D XQ OXJDU WDQ
H[WUDxDPHQWHGLIHUHQFLDGR
/DDPDEOHVRQULVDHVWiWLFDGH%OHLVHHQVDQFKyDSHQDV
1R HV XQ PXQGR SHTXHxR GRFWRU /DPRUDN XVWHG QRV MX]JD SRU SDXWDV
ELGLPHQVLRQDOHV/DVXSHUILFLHGH(OVHYHUHHTXLYDOHDVyORODVWUHVFXDUWDVSDUWHV
GHODVXSHUILFLHGHO(VWDGRGH1XHYD<RUNSHURHVRHVLUUHOHYDQWH5HFXHUGHTXH
VL TXLVLpUDPRV SRGUtDPRV RFXSDU WRGR HO LQWHULRU GH (OVHYHUH 8QD HVIHUD GH
RFKHQWD NLOyPHWURV GH GLiPHWUR WLHQH XQ YROXPHQ GH PiV GH XQ PLOOyQ GH
NLOyPHWURV F~ELFRV 6L WRGR (OVHYHUH HVWXYLHUD RFXSDGR HQ QLYHOHV FRQ
SRQJDPRVTXLQFHPHWURVGHVHSDUDFLyQHQWUHXQR\RWURODVXSHUILFLHWRWDOHQHO
LQWHULRU GHO DVWHURLGH VXPDUtD FDVL QRYHQWDPLOORQHVGH NLOyPHWURVFXDGUDGRV\
HVRHTXLYDOHDODVXSHUILFLHWHUUHVWUHWRWDOH[WHULRUGHOD7LHUUD<QLQJXQRGHHVRV
NLOyPHWURVFXDGUDGRVGRFWRUVHUtDLPSURGXFWLYR
6DQWR 'LRV H[FODPy /DPRUDN \ SRU XQ PRPHQWR VH TXHGy
GHVFRQHFWDGR 6t GHVGHOXHJRWLHQH XVWHGUD]yQ(VUDURTXHQXQFDORKD\D
SHQVDGR GH HVH PRGR 3HUR (OVHYHUH HV HO ~QLFR DVWHURLGH FRPSOHWDPHQWH
DSURYHFKDGR HQ WRGD OD JDOD[LD /RV GHPiV QR SRGHPRV GHMDU GH SHQVDU HQ
VXSHUILFLHV ELGLPHQVLRQDOHV FRPR XVWHG KD VHxDODGR %LHQ PH DOHJUD
VREUHPDQHUDTXH VX &RQVHMR KD\D WHQLGROD DPDELOLGDG GHGDUPHYtDOLEUHSDUD
OOHYDUDFDERPLLQYHVWLJDFLyQ
%OHLDVLQWLyFRQHQpUJLFRVPRYLPLHQWRVGHFDEH]D
/DPRUDNIUXQFLyHOFHxR$OJR DQGDPDOSXHVDFW~DFRPRVLODPHQWDUDTXH\R
3iJLQD

(VTXLURO,VDDF$VLPRY

KXELHVHYHQLGRSHQVy
&RPRHVOyJLFRYHUiXVWHGTXHDFWXDOPHQWHVRPRVPXFKRPiVSHTXHxRVGH
ORTXHSRGUtDPRVVHUGLMR%OHL6yORKHPRVDJXMHUHDGR\RFXSDGRSHTXHxDV
SDUWHV GH (OVHYHUH < WDPSRFR HV TXH HVWHPRV GHPDVLDGR DQVLRVRV SRU
H[SDQGLUQRVH[FHSWR FRQPXFKDOHQWLWXG(QFLHUWDPHGLGDQRVYHPRVOLPLWDGRV
SRU ODFDSDFLGDGGHQXHVWURV PRWRUHV GH VHXGRJUDYHGDG\SRUORVFRQYHUVRUHV
GHHQHUJtDVRODU
(QWLHQGR 3HURGtJDPH FRQVHMHUR%OHLSRU UD]RQHVGHFXULRVLGDGSHUVRQDO\
QR SRUTXHVHD GHSULPRUGLDOLPSRUWDQFLD SDUD PLSUR\HFWR SRGUtD YHUSULPHUR
DOJXQRGHORVQLYHOHVGHDJULFXOWXUD\SDVWRUHR"0HIDVFLQDODLGHDGHYHUWULJDOHV
\JDQDGRHQHOLQWHULRUGHXQDVWHURLGH
(OJDQDGROHSDUHFHUiSHTXHxRSDUDORTXHHVWiXVWHGDFRVWXPEUDGRGRFWRU\
QR WHQHPRVPXFKRWULJR &XOWLYDPRV PXFKD OHYDGXUD 3HURWDPELpQKDEUiDOJR
GHWULJRSDUDPRVWUDUOH<DOJRGyQ\WDEDFR,QFOXVRiUEROHVIUXWDOHV
0DUDYLOORVR&RPRXVWHGGLFHDXWRQRPtD8VWHGHVUHFLFODQWRGRPHLPDJLQR
/DPRUDNQRWyTXHHVWDREVHUYDFLyQLQFRPRGDEDD%OHL(OHOVHYHULDQRHQWUHFHUUy
ORVRMRVSDUDRFXOWDUVXH[SUHVLyQ
'HEHPRVUHFLFODUVt$LUHDJXDDOLPHQWRVPLQHUDOHVWRGRORTXHVHFRQVXPH
GHEHGHYROYHUVHDVXHVWDGRRULJLQDOORVSURGXFWRVGHGHVHFKRORVUHFRQYHUWLPRV
HQPDWHULDSULPD6yORVHQHFHVLWDHQHUJtD\WHQHPRVGHVREUD1RDOFDQ]DPRV
XQ FLHQWR SRU FLHQWR GH HILFLHQFLD GHVGH OXHJR \ VH SURGXFH XQ FLHUWR
GHVSHUGLFLR,PSRUWDPRVDQXDOPHQWHXQDSHTXHxDFDQWLGDGGHDJXD\VLFUHFHQ
QXHVWUDVQHFHVLGDGHVTXL]iWHQJDPRVTXHLPSRUWDUFDUEyQ\R[tJHQR
&XiQGRLQLFLDUHPRVQXHVWUDH[FXUVLyQFRQVHMHUR%OHL"
/DVRQULVDGH%OHLSHUGLySDUWHGHVXHVFDVDFDOLGH]
(Q FXDQWR SRGDPRV GRFWRU 3ULPHUR GHEHPRV DUUHJODU FLHUWRV DVXQWRV GH
UXWLQD
/DPRUDNDVLQWLyFRQODFDEH]DWHUPLQyHOFLJDUULOOR\ORDSDJy
$VXQWRV GH UXWLQD" 1R KXER WDQWD LQGHFLVLyQ GXUDQWH OD FRUUHVSRQGHQFLD
SUHOLPLQDU (OVHYHUH PiV ELHQ SDUHFtD RUJXOORVR TXH VX VLQJXODU H[LVWHQFLD
KXELHVHOODPDGRODDWHQFLyQGHODJDOD[LD
&RPSUHQGR TXH \R VHUtD XQD LQIOXHQFLD SHUWXUEDGRUD HQ HVWD VRFLHGDG
HVWUHFKDPHQWH HQWUHOD]DGD FRPHQWy\YLRFRQ GHVDJUDGR TXH%OHL QRGHMDED
HVFDSDUHVDH[SOLFDFLyQ\ODKDFtDVX\D
6t QRVVHQWLPRV GLIHUHQWHVDO UHVWRGH ODJDOD[LD7HQHPRVQXHVWUDVSURSLDV
FRVWXPEUHV &DGD LQGLYLGXR HOVHYHULDQR HQFDMD HQ XQ OXJDU DGHFXDGR /D
SUHVHQFLDGHXQIRUDVWHURVLQFDVWDILMDUHVXOWDLQTXLHWDQWH
(OVLVWHPDGHFDVWDVVXSRQHXQDIDOWDGHIOH[LELOLGDG
(QHIHFWRFRQFHGLy%OHLSHURWDPELpQRWRUJDFLHUWDVHJXULGDG&RQWDPRV
FRQILUPHVUHJODVPDWULPRQLDOHV\XQDHVWULFWDKHUHQFLDGHHPSOHR&DGDKRPEUH
PXMHU \QLxR FRQRFHVX OXJDUOR DFHSWD\HV DFHSWDGR HQpOSUiFWLFDPHQWHQR
WHQHPRVQHXURVLVQLHQIHUPHGDGHVPHQWDOHV
<QRKD\LQDGDSWDGRV"
%OHL PRYLy ORVODELRVFRPRSDUDGHFLU TXHQR SHUR ORV FHUUyJXDUGyVLOHQFLR\
DUUXJyODIUHQWH3RUILQGLMR
2UJDQL]DUp OD YLVLWD GRFWRU (QWUHWDQWR VXSRQJRTXH GHVHDUiUHIUHVFDUVH\
GRUPLU
6H OHYDQWDURQ MXQWRV \ DEDQGRQDURQ ODKDELWDFLyQ %OHLOHFHGLyFRUWpVPHQWH HO
SDVRDOWHUUtFROD
/D
NVH L WLy L LGRSRUODYDJDV
LyQGH L LVTXHKDEtDL
HJQDGR
3iJLQD

(VTXLURO,VDDF$VLPRY

/DPRUDNVHVLQWLyRSULPLGRSRUODYDJDVHQVDFLyQGHFULVLVTXHKDEtDLPSUHJQDGR
VXFRQYHUVDFLyQFRQ%OHL
(O SHULyGLFRUHIRU]yHVDVHQVDFLyQ/ROH\yDWHQWDPHQWHDQWHVGHDFRVWDUVHHQ
XQ SULQFLSLR SRU VLPSOH LQWHUpV DQDOtWLFR (UD XQ WDEORLGH FRQ RFKR SiJLQDVGH
SDSHO VLQWpWLFR 8QD FXDUWD SDUWH GHO FRQWHQLGR FRQVLVWtD HQ DVXQWRV
SHUVRQDOHVQDFLPLHQWRVERGDVGHIXQFLRQHVUpFRUGVGHSURGXFFLyQYROXPHQ
QRGRVGLPHQVLRQHVVLQRWUHV KDELWDEOHHQH[SDQVLyQ(OUHVWRLQFOXtDHQVD\RV
HUXGLWRV PDWHULDOHGXFDWLYR\ILFFLyQ1RKDEtDSUiFWLFDPHQWHQLQJXQDQRWLFLDHQ
HOVHQWLGRHQTXH/DPRUDNHQWHQGtDODSDODEUD
6yORXQDQRWDVHSRGtDFRQVLGHUDUQRWLFLD\HUDHVWUHPHFHGRUDHQVXEUHYHGDG
%DMR HO WLWXODU HVFULWR HQ FDUDFWHUHV SHTXHxRV GH /DV H[LJHQFLDV QR KDQ
FDPELDGR VH OHtD1RKXER FDPELRVHQVX DFWLWXGGHD\HU(OFRQVHMHURMHIH
WUDV XQD VHJXQGD HQWUHYLVWD DQXQFLy TXH VXV H[LJHQFLDV VLJXHQ VLHQGR
WRWDOPHQWHLUUDFLRQDOHV\QRVHSXHGHQVDWLVIDFHUEDMRQLQJ~QFRQFHSWR
/XHJR HQWUH SDUpQWHVLV\ FRQRWUD WLSRJUDItD VHJXtD OD IUDVH/RV HGLWRUHVGH
HVWH SHULyGLFRHVWiQ GH DFXHUGR HQTXH(OVHYHUHQR SXHGHQL GHEHEDLODUDVX
VRQSDVHORTXHSDVH
/DPRUDNORUHOH\yWUHV YHFHV 6X DFWLWXG6XV H[LJHQFLDV6XVRQ'H
TXLpQ"
(VDQRFKHGXUPLyLQWUDQTXLOR
1RKXERWLHPSRSDUDOHHUSHULyGLFRVHQORVGtDVVLJXLHQWHVSHURHODVXQWRQRGHMy
GHREVHVLRQDUOR
%OHL TXH FRQWLQXDED VLHQGR VX JXtD \ FRPSDxHUR GXUDQWH OD PD\RU SDUWH GHO
UHFRUULGRSDUHFtDFDGDYH]PiVUHVHUYDGR
(O WHUFHUGtD TXHVHJXtD DUWLILFLDOPHQWH HO HVTXHPD GHYHLQWLFXDWUR KRUDVGH OD
7LHUUD %OHLVHGHWXYRHQXQVLWLR\GLMR
(VWHQLYHO HVWiFRQVDJUDGRWRWDOPHQWHDODVLQGXVWULDVTXtPLFDV(VDVHFFLyQ
QRHVLPSRUWDQWH
3HURVHGHVYLyFRQGHPDVLDGDSULVD\/DPRUDNORDJDUUyGHOEUD]R
&XiOHVVRQORVSURGXFWRVGHHVDVHFFLyQ"
)HUWLOL]DQWHV6XVWDQFLDVRUJiQLFDVFRQWHVWyVHFDPHQWH%OHL
/DPRUDNORUHWXYREXVFDQGRDTXHOORTXH%OHLSDUHFtDHOXGLU5HFRUULyFRQODYLVWD
ORVPiV FHUFDQRVKRUL]RQWHV ODVOtQHDV GHURFDV \ORVHGLILFLRVDSLxDGRVHQWUH
ORVQLYHOHV
1R HV DTXHOOR XQD UHVLGHQFLD SULYDGD" %OHL QR PLUy KDFLD GRQGH OH
VHxDODED&UHRTXHHVODPD\RUTXHKHYLVWR3RUTXpHVWiDTXtHQXQ QLYHO
GHIiEULFDV"(VREDVWDEDSDUDGHVWDFDUOD<DKDEtDREVHUYDGRTXHORVQLYHOHV
GH (OVHYHUH HVWDEDQ GLYLGLGRV HVWULFWDPHQWH HQ UHVLGHQFLDOHV DJUtFRODV H
LQGXVWULDOHV&RQVHMHUR%OHL
(OFRQVHMHURVHDOHMDED\/DPRUDNFRUULyWUDVpO
+D\DOJ~QSUREOHPD"
6p TXH VR\ GHVFRUWpV PDVFXOOy %OHL /R ODPHQWR 7HQJR FLHUWDV
SUHRFXSDFLRQHV
$SXUyHOSDVR
5HIHUHQWHVDVXVH[LJHQFLDV"
%OHLVHSDUyHQVHFR
4XpVDEHXVWHGGHHVR"
R VGH RTXHKHG
 V RTXH tHQHO
3iJLQD

(VTXLURO,VDDF$VLPRY

1RPiVGHORTXHKHGLFKR(VORTXHOHtHQHOSHULyGLFR
%OHLIDUIXOOyDOJR
5DJXVQLN"UHSLWLy/DPRUDN4XpHVHVR"
%OHLVXVSLUySURIXQGDPHQWH
6XSRQJRTXH GHEHUtD FRQWiUVHOR (V KXPLOODQWH SURIXQGDPHQWH HPEDUD]RVR
(O&RQVHMRSHQVyTXHHODVXQWRVHDUUHJODUtDSURQWR\QRLQWHUIHULUtDHQODYLVLWDGH
XVWHG GHPRGR TXH QRHUDSUHFLVRTXHXVWHGVXSLHVHQDGD3HUR\DKDSDVDGR
FDVLXQDVHPDQD1RVpTXpVXFHGHUi\DSHVDUGHODVDSDULHQFLDVVHUtDPHMRU
TXH XVWHG VH PDUFKDUD 1R KD\ UD]RQHV SDUD TXHXQ IRUDVWHUR VHDUULHVJXHD
PRULU
(OWHUUtFRODVRQULyLQFUpGXOR
0RULU"(QHVWHSHTXHxRPXQGRWDQDSDFLEOH\ODERULRVR"1RSXHGRFUHHUOR
6HORH[SOLFDUp &UHRTXH VHUiPHMRU TXHORKDJD0LUyKDFLDRWUDSDUWH
&RPR\DOHGLMHHQ(OVHYHUHWRGRVHGHEHUHFLFODU6XSRQJRTXHORHQWLHQGH
6t
(VRLQFOX\HORVH[FUHPHQWRVKXPDQRV
<DORVXSRQtD
6H OHV H[WUDH HO DJXD PHGLDQWH GHVWLODFLyQ \ DEVRUFLyQ /R TXH TXHGD OR
FRQYHUWLPRV HQ IHUWLOL]DQWHV SDUD OHYDGXUD XQD SDUWH VH XVD FRPR IXHQWH GH
VXVWDQFLDV RUJiQLFDV \ RWURV VXESURGXFWRV (VWDV IiEULFDV TXH XVWHG YH VH
GHGLFDQDHVHSURSyVLWR
<ELHQ"
/DPRUDNKDEtDWHQLGRFLHUWDGLILFXOWDGSDUDEHEHUHODJXDGH(OVHYHUHDOSULQFLSLR
SRUTXH HUD WDQ UHDOLVWD FRPR SDUD GHGXFLU VX RULJHQ SHUR ORJUy VXSHUDU HVD
VHQVDFLyQ ,QFOXVR HQ OD 7LHUUD HO DJXD VH VDQHDED SRU SURFHVRV QDWXUDOHVD
SDUWLUGHWRGDFODVHGHVXVWDQFLDVGHVDJUDGDEOHVDOSDODGDU
%OHLFRQWLQXyFRQFUHFLHQWHGLILFXOWDG
,JRU 5DJXVQLN HVHO HQFDUJDGR GHORVSURFHVRVLQGXVWULDOHVUHODFLRQDGRVFRQ
ORVGHVHFKRV(VHSXHVWROHKDSHUWHQHFLGRDVXIDPLOLDGHVGHODFRORQL]DFLyQGH
(OVHYHUH8QRGHORVFRORQRVRULJLQDOHVIXH0LNKDLO5DJXVQLN\pOpO
6HHQFDUJDEDGHOVDQHDPLHQWRGHORVGHVHFKRV
6t (VH HGLILFLRTXH XVWHGVHxDOyHVODUHVLGHQFLDGH5DJXVQLN(VODPHMRU\
PiV PRGHUQL]DGD GH WRGR HO DVWHURLGH 5DJXVQLN FRQVLJXH PXFKRV SULYLOHJLRV
TXHORVGHPiVQRWHQHPRVSHURDILQGHFXHQWDVODYR]GHOFRQVHMHURFREUy
XQDUHSHQWLQDLQWHQVLGDG1RSRGHPRVKDEODUFRQpO
4Xp"
([LJH SOHQD LJXDOGDG VRFLDO 3UHWHQGH TXH VXV KLMRV VH PH]FOHQ FRQ ORV
QXHVWURV\TXHQXHVWUDVHVSRVDVYLVLWHQ2K
)XHWRGRXQJHPLGRGHDEVROXWDUHSXOVLyQ
/DPRUDNSHQVyHQODQRWDGHOSHULyGLFRTXHQLVLTXLHUDPHQFLRQDEDHOQRPEUHGH
5DJXVQLNQLGHFtDQDGDHVSHFtILFRVREUHVXVH[LJHQFLDV
6XSRQJRTXHHVXQSDULDDFDXVDGHVXWUDEDMR
1DWXUDOPHQWH'HVHFKRVKXPDQRV\%OHLQRKDOODEDODVSDODEUDV7UDVXQD
SDXVDGLMRHQXQWRQRGHYR]PiVEDMR0HLPDJLQRTXHXVWHGFRPRWHUUtFROD
QRORHQWLHQGH
&RPR VRFLyORJR FUHR TXH Vt3HQVy HQ ORV LQWRFDEOHV GH OD DQWLJXD,QGLD
DTXHOORV TXH PDQLSXODEDQ ORV FDGiYHUHV 3HQVy HQ OD VLWXDFLyQ GH ORV
SRUTXHUL]RV HQ OD QXHYD -XGHD 6XSRQJR TXH(OVHYHUHQR FHGHUi DQWH HVDV
H[LJHQFLDV
1XQFD GLMR%OHLHQpUJLFDPHQWH -DPiV
3iJLQD

(VTXLURO,VDDF$VLPRY

1XQFDGLMR%OHLHQpUJLFDPHQWH-DPiV
(QWRQFHV"
5DJXVQLNKDDPHQD]DGRFRQLQWHUUXPSLUVXDFWLYLGDG
(QRWUDVSDODEUDVKDFHUKXHOJD
6t
(VRVHUtDJUDYH"
7HQHPRV FRPLGD \ DJXD VXILFLHQWHV SDUD XQ WLHPSR HO VDQHDPLHQWR QR HV
HVHQFLDOHQ HVHVHQWLGR3HURVHDFXPXODUtDQORVGHVHFKRVFRQWDPLQDUtDQWRGR
HO DVWHURLGH 'HVSXpV GH YDULDV JHQHUDFLRQHV GH FXLGDGRVR FRQWURO GH ODV
HQIHUPHGDGHVWHQHPRVSRFD UHVLVWHQFLDQDWXUDODORVJpUPHQHV6LHVWDOODXQD
HSLGHPLDORFXDOVHUiLQHYLWDEOHFDHUHPRVDFHQWHQDUHV
5DJXVQLNORVDEH"
6tSRUVXSXHVWR
&UHHXVWHGTXHGHWRGRVPRGRVFXPSOLUiVXDPHQD]D"
(VWi ORFR<DKD GHMDGRGH WUDEDMDU QRKD KDELGRVDQHDPLHQWRGHGHVHFKRV
GHVGHHOGtDDQWHULRUDODOOHJDGDGHXVWHG
/D SURPLQHQWH QDUL]GH %OHLWHPEOyFRPR VLFDSWDUD WXIR GHH[FUHPHQWRV HQ HO
DLUH(QXQDFWRUHIOHMR/DPRUDNROIDWHyDVXYH]SHURQRROLyQDGD
&RPRYHXVWHGVHUiPHMRUTXHVHYD\DSRUPXFKRTXHQRVKXPLOOHWHQHUTXH
VXJHUtUVHOR
(VSHUH WRGDYtD QR 6DQWR 'LRV HVWR PHLQWHUHVD PXFKR SURIHVLRQDOPHQWH
3XHGRKDEODUFRQ5DJXVQLN"
'HQLQJ~QPRGRUHFKD]y%OHLDODUPDGR
3HURPHJXVWDUtD FRPSUHQGHU ODVLWXDFLyQ$TXtODVFRQGLFLRQHVVRFLROyJLFDV
VRQ~QLFDV\QRVHGDQHQQLQJXQDRWUDSDUWH(QQRPEUHGHODFLHQFLD
&yPRTXLHUHKDEODU"%DVWDUtDFRQUHFHSFLyQGHLPDJHQ"
6t
/RFRQVXOWDUpFRQHO&RQVHMRPXUPXUy%OHL
5RGHDEDQ D /DPRUDN FRQ LQTXLHWXG \ OD DQVLHGDG OHV HQWXUELDED ODH[SUHVLyQ
DXVWHUD\PDMHVWXRVD%OHLVHQWDGRHQWUHHOORVHOXGtDGHOLEHUDGDPHQWHODPLUDGD
GHOWHUUtFROD
(OMHIHGHO&RQVHMRFDQRVRGHURVWURDUUXJDGR\FXHOORIODFRPXUPXUy
6L XVWHGSRUSURSLD FRQYLFFLyQ ORJUDSHUVXDGLUORVHORDJUDGHFHUHPRV3HUR
GHQLQJ~QPRGRGHEHLQVLQXDUTXHQRVRWURVFHGHUHPRV
8QD FRUWLQD FRPR GH VHGD FD\y HQWUH HO &RQVHMR \ /DPRUDN 7RGDYtD SRGtD
GLVWLQJXLU D ORV FRQVHMHURV LQGLYLGXDOPHQWH SHUR VH YROYLy GH SURQWR KDFLD HO
UHFHSWRUTXHVHHQFHQGLyFRPRXQSDUSDGHR
$SDUHFLy XQD FDEH]D HQ FRORUHV QDWXUDOHV \ FRQ JUDQ UHDOLVPR XQD FDEH]D
IXHUWH \GH WRQRRVFXUREDUELOODVyOLGDEDUED FUHFLGD\ ODELRV FDUQRVRV \URMRV
IRUPDQGRXQDILQDOtQHDKRUL]RQWDO
4XLpQHVXVWHG"SUHJXQWyODLPDJHQFRQVXVSLFDFLD
0HOODPR6WHYHQ/DPRUDN\VR\WHUUtFROD
8QIRUDVWHUR"
$VtHV(VWR\GHYLVLWDHQ(OVHYHUH8VWHGHV5DJXVQLN
,JRU 5DJXVQLN DVXVHUYLFLR DVLQWLyVRFDUURQDPHQWHODLPDJHQVyORTXH
QRKD\VHUYLFLRQLORKDEUiKDVWDTXHDPLIDPLOLD\DPtQRVWUDWHQFRPRDVHUHV
KXPDQRV
6H GD FXHQWD GHO SHOLJUR HQ TXH VH HQFXHQWUD (OVHYHUH\ ODSRVLELOLGDG GH
3iJLQD

(VTXLURO,VDDF$VLPRY

6H GD FXHQWD GHO SHOLJUR HQ TXH VH HQFXHQWUD (OVHYHUH\ ODSRVLELOLGDG GH
FRQWUDHUHQIHUPHGDGHVFRQWDJLRVDV"
(QYHLQWLFXDWURKRUDVVHSXHGHYROYHUDODQRUPDOLGDGFRQVyORUHFRQRFHUTXH
VR\KXPDQR(VWiHQPDQRVGHHOORVFRUUHJLUODVLWXDFLyQ
8VWHGSDUHFHVHUXQKRPEUHFXOWR5DJXVQLN
<"
0HKDQGLFKRTXHQROHQLHJDQQLQJXQDFRPRGLGDGPDWHULDOTXHGLVSRQHXVWHG
GH OD PHMRU YLYLHQGDLQGXPHQWDULD\DOLPHQWRVTXHQDGLHHQ(OVHYHUH\TXHVXV
KLMRVUHFLEHQODPHMRUHGXFDFLyQ
&RQFHGLGR 3HUR WRGR SRU VHUYRPHFDQLVPRV <QRV HQYtDQ QLxDV KXpUIDQDV
FRQ HO SURSyVLWR TXH QRV RFXSHPRV GH HOODV KDVWD TXH WHQJDQ HGDGSDUDVHU
QXHVWUDV HVSRVDV< PXHUHQ MyYHQHVGHVROHGDG3RUTXp"6XWRQRGHYR]
DGTXLULyGHSURQWRPiVSDVLyQ3RUTXpGHEHPRVYLYLUHQHODLVODPLHQWRFRPR
VLIXpUDPRVPRQVWUXRVD ORVTXH QR VH SXHGHQDSUR[LPDUORVVHUHVKXPDQRV"
1RVRPRVVHUHVKXPDQRVFRPRORVGHPiVFRQODVPLVPDVQHFHVLGDGHVORV
PLVPRV GHVHRV \ ORV PLVPRV VHQWLPLHQWRV" 1R UHDOL]DPRV XQD IXQFLyQ
KRQRUDEOH\~WLO"
6RQDURQVXVSLURVDHVSDOGDVGH/DPRUDN5DJXVQLNORVR\y\HOHYyODYR]
9HR D ORV GHO &RQVHMR DKt GHWUiV 5HVSRQGHGPH 1R HV XQD IXQFLyQ
KRQRUDEOH\~WLO"7UDQVIRUPDPRVYXHVWURVGHVHFKRVHQDOLPHQWRVSDUDYRVRWURV
4XLHQ SXULILFD OD FRUUXSFLyQ HV SHRU TXH TXLHQ OD SURGXFH" (VFXFKDG
FRQVHMHURVQRFHGHUp0LIDPLOLDHVWDUiPHMRUPXHUWDTXHYLYLHQGRFRPRDKRUD
8VWHGOOHYDYLYLHQGRGHHVDPDQHUDGHVGHTXHQDFLyYHUGDG"LQWHUUXPSLy
/DPRUDN
<TXpVLHVDVt"
3XHVTXHVLQGXGDHVWiDFRVWXPEUDGR
-DPiV 5HVLJQDGR WDO YH]0L SDGUHHVWDED UHVLJQDGR \\RPHKHUHVLJQDGR
GXUDQWHXQWLHPSR3HURKHYLVWRDPLKLMRDPL~QLFRKLMRVLQRWURQLxRFRQTXLHQ
MXJDU 0LKHUPDQR\ \RQRVWHQtDPRVHOXQRDORWURSHURPLKLMRQXQFDWHQGUiD
QDGLHDVtTXH \D QRPHUHVLJQR +HWHUPLQDGRFRQ(OVHYHUH\KHWHUPLQDGRGH
KDEODU
(OUHFHSWRUVHDSDJy
(O MHIH GHO &RQVHMR VH KDEtD SXHVWR DPDULOOR 6yOR pO \ %OHL TXHGDEDQ FRQ
/DPRUDN
(VHKRPEUHHVWiGHVTXLFLDGR FRPHQWyHOMHIHGHO&RQVHMR1RVpFyPR
REOLJDUOR
7HQtD XQD FRSD GH YLQR VH OD OOHYy D ORV ODELRV\ GHUUDPy XQDV JRWDVTXH OH
PDQFKDURQGHURMRORVSDQWDORQHVEODQFRV
7DQSRFRUD]RQDEOHVVRQVXVH[LJHQFLDV"SUHJXQWy/DPRUDN3RUTXp
QRVHORSXHGHDFHSWDUHQODVRFLHGDG"
/RVRMRVGH%OHLGHVWHOODURQGHIXULDXQLQVWDQWH
$OJXLHQTXHWLHQHTXHUHFLFODUORVH[FUHPHQWRV6HHQFRJLyGHKRPEURV
8VWHGFODURHVGHOD7LHUUD
,QFRQJUXHQWHPHQWH /DPRUDN UHFRUGy D RWUR LQDFHSWDEOH XQD GH ODV PXFKDV
FUHDFLRQHV FOiVLFDV GHO FDULFDWXULVWD PHGLHYDO$O &DSSHO KRPEUHGHOWUDEDMR
VXFLR
5DJXVQLNPDQHMD UHDOPHQWH ORV H[FUHPHQWRV" 4XLHURGHFLUVLKD\ FRQWDFWR
ItVLFR6LQGXGDWRGRVHHIHFW~DFRQPDTXLQDULDDXWRPiWLFD
3iJLQD

(VTXLURO,VDDF$VLPRY

DTX
3RUVXSXHVWRFRQILUPyHOMHIHGHO&RQVHMR
(QWRQFHVFXiOHVODIXQFLyQGH5DJXVQLN"
5HJXODPDQXDOPHQWHORVFRQWUROHVTXHJDUDQWL]DQHOIXQFLRQDPLHQWRDGHFXDGR
GH OD PDTXLQDULD &DPELD ODV XQLGDGHV FXDQGR KD\ TXH UHSDUDUODV YDUtD ORV
tQGLFHVGHIXQFLRQDPLHQWRVHJ~QODKRUDGHOGtD\DFRPRGDHOSURGXFWRILQDODOD
GHPDQGD 6L GLVSXVLpUDPRV GH HVSDFLR SDUD PiTXLQDV GLH] YHFHV PiV
FRPSOHMDV WRGR VH SRGUtD UHDOL]DU DXWRPiWLFDPHQWH SHUR VHUtD XQ GHUURFKH
LQQHFHVDULR
$XQ DVt LQVLVWLy /DPRUDN 5DJXVQLN VyOR UHDOL]D VXV WDUHDV SXOVDQGR
ERWRQHVFRUWDQGRFRQWDFWRVRFRQDFFLRQHVVLPLODUHV
6t
(QWRQFHVVXWUDEDMRQRHVGLIHUHQWHGHOGHFXDOTXLHUHOVHYHULDQR
%OHLUHSOLFyHQWRQRFRUWDQWH
<DYHRTXHXVWHGQRORHQWLHQGH
<YDQDSRQHUHQSHOLJURODYLGDGHVXVKLMRVSRUXQDFRVDDVt"
1RWHQHPRVRSFLyQDVHJXUy%OHL
/D DQJXVWLD GHVX YR]HYLGHQFLDED TXH ODVLWXDFLyQHUDXQVXSOLFLRSDUDpOSHUR
TXHUHDOPHQWHQRWHQtDRWUDRSFLyQ
/DPRUDNVHHQFRJLyGHKRPEURVLUULWDGR
(QWRQFHVURPSDQODKXHOJD2EOtJXHQOR
&yPR"VHGHVHVSHUyHOMHIHGHO&RQVHMR4XLpQVHDWUHYHUtDD WRFDUOR
RD DFHUFDUVHDpO"<DXQTXHORPDWiUDPRVFRQXQDGHVFDUJDDGLVWDQFLDQRV
VHUYLUtDGHDOJR"
1RVDEHQPDQHMDUVXVPiTXLQDV"SUHJXQWy/DPRUDNSHQVDWLYR
(OMHIHGHO&RQVHMRVHSXVRGHSLH\JULWy
<R"
1R PH UHIHUtD H[DFWDPHQWH D XVWHG +DEODED HQ JHQHUDO 3RGUtD DOJXLHQ
DSUHQGHUDPDQHMDUODVPiTXLQDVGH5DJXVQLN"
(OMHIHGHO&RQVHMRVHFDOPy
6LQ GXGDFRQ ORVPDQXDOHV DXQTXHOHDVHJXURTXHQXQFDKHWHQLGRLQWHUpV
HQOHHUORV
2 VHD TXH DOJXLHQ SRGUtD DSUHQGHU WRGR HO SURFHGLPLHQWR \ VXVWLWXLU DVt D
5DJXVQLNKDVWDTXHpOVHULQGD
4XLpQSRGUtDDFHSWDUVHPHMDQWHWDUHD"UHSOLFy%OHL<RQRGHVGHOXHJR
GHQLQJXQDPDQHUD
/DPRUDNUHFRUGy IXJD]PHQWH DOJXQR GH ORV WDE~HV WHUUtFRODVTXH HUDQ LJXDOGH
IXHUWHV 3HQVy HQ HO FDQLEDOLVPRHQHOLQFHVWR HQODEODVIHPLD GHXQ KRPEUH
SLDGRVR
3HUR XVWHGHV GHEHQ GH KDEHU SUHYLVWR OD SRVLELOLGDG TXH HO SXHVWR TXHGH
YDFDQWH<VL5DJXVQLNPXULHVH"
3XHV VX KLMR OH VXFHGHUtD DXWRPiWLFDPHQWH R VX SDULHQWH PiV FHUFDQR
UHVSRQGLy%OHL
<VLQRWXYLHUDSDULHQWHVDGXOWRV"<VLWRGDVXIDPLOLDPXULHVHGHUHSHQWH"
(VRQXQFDKDRFXUULGR\QXQFDRFXUULUi
6L H[LVWLHUDHVH SHOLJURDxDGLyHOMHIH GHO &RQVHMR SRGUtDPRV VXSRQJR
HQWUHJDUXQQLxRDORV5DJXVQLNSDUDTXHOHHQVHxDUDQODSURIHVLyQ
0X\ELHQ<FyPRVHHVFRJHUtDHVHQLxR"
( HO VKLMRVGHO V DG VTXH
L RQDOGDUDO 
RH
VDOD
3iJLQD

(VTXLURO,VDDF$VLPRY

(QWUHORVKLMRVGHODVPDGUHVTXHPXULHURQDOGDUDOX]FRPRHVFRJHPRVDOD
IXWXUDSURPHWLGDGHXQ5DJXVQLN
(QWRQFHVHVFRMDQXQVXVWLWXWRDKRUDSRUVRUWHR
1R H[FODPy HO MHIH GHO &RQVHMR ,PSRVLEOH &yPR VH DWUHYH D
VXJHULUOR"6LHVFRJHPRVDXQQLxRHOQLxRVHDGDSWDDHVDYLGDVLQFRQRFHURWUD
FRVD3DUDHVWHDVXQWRKDEUtDTXHHOHJLUDXQDGXOWR\WUDQVIRUPDUORHQ5DJXVQLN
1RGRFWRU/DPRUDNQRVRPRVPRQVWUXRVQLEHVWLDVVDOYDMHV
/DPRUDNSHQVyTXHHUDLQ~WLOHUDLQ~WLODQRVHUTXH
7RGDYtDQRHUDFDSD]GHHQIUHQWDUVHDHVHDQRVHUTXH
(VDQRFKH DSHQDVGXUPLy 5DJXVQLN VyORSHGtDXQ HOHPHQWDOWUDWRKXPDQLWDULR
3HUR VH OH RSRQtDQ WUHLQWD PLO HOVHYHULDQRVTXH VHHQIUHQWDEDQD OD PXHUWH(O
ELHQHVWDUGHWUHLQWDPLOSHUVRQDVSRUXQODGRODVMXVWDVH[LJHQFLDVGHXQDIDPLOLD
SRU HORWUR 6HSRGtDDILUPDUTXHWUHLQWDPLOSHUVRQDVTXHUHVSDOGDEDQWDPDxD
LQMXVWLFLD PHUHFtDQ OD PXHUWH" ,QMXVWLFLDD RMRV GHTXLpQ" 'HOD7LHUUD"'H
(OVHYHUH"<TXLpQHUD/DPRUDNSDUDMX]JDUDQDGLH"
< 5DJXVQLN" (VWDED GLVSXHVWR D SHUPLWLU OD PXHUWH GH WUHLQWD PLO SHUVRQDV
LQFOXLGRV KRPEUHV \PXMHUHVTXH VLPSOHPHQWHDFHSWDEDQXQDVLWXDFLyQTXH OHV
KDEtDQ HQVHxDGR D DFHSWDU \TXH QR SRGtDQFDPELDUDXQTXHTXLVLHUDQ<QLxRV
TXHQRWHQtDQQDGDTXHYHUFRQHOOR
7UHLQWDPLOSRUXQODGRXQDIDPLOLDSRUHORWUR
7RPy VX GHFLVLyQ HQ XQ HVWDGR UD\DQR HQ ODGHVHVSHUDFLyQ \ SRU OD PDxDQD
OODPyDOMHIHGHO&RQVHMR
6HxRU GLMR /DPRUDN VL XVWHG SXHGH FRQVHJXLU XQ VXVWLWXWR 5DJXVQLN
FRPSUHQGHUiTXHKD SHUGLGRWRGDSRVLELOLGDGGHIRU]DUXQDGHFLVLyQHQVXIDYRU\
UHJUHVDUiDOWUDEDMR
1R SXHGH KDEHU XQ VXVWLWXWR PXUPXUy HO MHIH GHO&RQVHMR <D VHORKH
H[SOLFDGR
1RHQWUHORVHOVHYHULDQRV SHUR\R QRORVR\$PtQRPHLPSRUWD6HUp\RHO
VXVWLWXWR
(VWDEDQDOWHUDGRVPXFKRPiVTXHpOPLVPR/HSUHJXQWDURQYDULDVYHFHVTXHVL
KDEODEDHQVHULR
/DPRUDNLEDVLQDIHLWDU\VHVHQWtDFDQVDGR
&ODURTXHKDEORHQVHULR<FDGDYH]TXH5DJXVQLNDFW~HDVtVLHPSUHSXHGHQ
LPSRUWDUXQ VXVWLWXWR(VWHWDE~QR H[LVWH HQQLQJ~Q RWURPXQGRDVtTXHKDEUi
DEXQGDQFLDGHVXVWLWXWRVSURYLVLRQDOHVVLXVWHGHVSDJDQORVXILFLHQWH
7UDLFLRQDED D XQ KRPEUH H[SORWDGR EUXWDOPHQWH \ OR VDEtD 3HUR VH UHSHWtD
GHVHVSHUDGDPHQWHVDOYRSRUHORVWUDFLVPRUHFLEHEXHQWUDWRPX\EXHQWUDWR
/HGLHURQORVPDQXDOHV\VHSDVyVHLVKRUDVOH\HQGR\UHOH\HQGR(UDLQ~WLOKDFHU
SUHJXQWDVSXHVQLQJ~QHOVHYHULDQRFRQRFtDDTXHOWUDEDMRH[FHSWRORTXHILJXUDED
HQHOPDQXDO\WRGRVVHLQFRPRGDEDQVLOHVPHQFLRQDEDQGHWDOOHV
0DQWHQHUOHFWXUDFHURGHOJDOYDQyPHWUR$GXUDQWHODVHxDOURMDGHODXOODGRU
/XQJHOH\y/DPRUDN4XpHVXQDXOODGRU/XQJH"
'HEH VHU XQD VHxDO PXUPXUy %OHL \ ORV HOVHYHULDQRV VH PLUDURQ FRQ
HPEDUD]R\DJDFKDURQODFDEH]DSDUDHVWXGLDUVHOD\HPDGHORVGHGRV
3iJLQD

(VTXLURO,VDDF$VLPRY

/RGHMDURQDVRODVPXFKRDQWHVGHOOHJDUDORVDSRVHQWRVGRQGHJHQHUDFLRQHVGH
5DJXVQLN KDEtDQ WUDEDMDGR DO VHUYLFLR GH VX PXQGR 7HQtD LQVWUXFFLRQHV
HVSHFtILFDV SDUD OOHJDU DO QLYHO LQGLFDGR SHUR HOORV OR DEDQGRQDURQ \ /DPRUDN
FRQWLQXyVROR
5HFRUULy ODV KDELWDFLRQHV DWHQWDPHQWH LGHQWLILFDQGR LQVWUXPHQWRV\ FRQWUROHV\
VLJXLHQGRORVGLDJUDPDVGHOPDQXDO
$KtHVWiHODXOODGRU/XQJHSHQVyFRQVRPEUtDVDWLVIDFFLyQ(VRGHFtDHOOHWUHUR
/D FDUDIURQWDO HUD VHPLFLUFXODU\FRQRULILFLRVREYLDPHQWHGLVHxDGRVSDUDEULOODU
HQGLYHUVRVFRORUHV3RUTXpDXOODGRUHQWRQFHV"
1RORVDEtD
(Q DOJXQD SDUWH SHQVy /DPRUDN HQ DOJXQD SDUWH VHDFXPXODQ ORVGHVHFKRV
DJROSiQGRVH FRQWUD ORV HQJUDQDMHV \ ODV VDOLGDV FRQWUD ODV WXEHUtDV \ ORV
DODPELTXHVDODHVSHUDGHVHUPDQLSXODGRVGHFLHQPRGRV$KRUDVLPSOHPHQWH
HVWiQDFXPXODGRV
7HPEODQGR XQ SRFR DFWLYy HO LQWHUUXSWRU WDO FRPR LQGLFDED HO PDQXDO HQ ODV
LQVWUXFFLRQHVGHLQLFLDFLyQ8QVXDYHPXUPXOORGHYLGDKL]RYLEUDUORVVXHORV\
ODVSDUHGHV/DPRUDNPRYLyXQGLDO\VHHQFHQGLHURQODVOXFHV
$ FDGD SDVR FRQVXOWDED HO PDQXDO DXQTXHVH ORVDEtD GH PHPRULD\D FDGD
SDVRODVKDELWDFLRQHVVHLOXPLQDEDQ\ORVFXDGUDQWHVVHSRQtDQHQPRYLPLHQWR\
]XPEDEDQFRQFUHFLHQWHHVWUXHQGR
(Q DOJ~Q OXJDU GHO LQWHULRU GH ODV IiEULFDV ORV GHVHFKRV DFXPXODGRV VH
GHVSOD]DEDQKDFLDORVFDXFHVFRUUHVSRQGLHQWHV
6RQy XQD VHxDODJXGD \/DPRUDNVH VREUHVDOWy \SHUGLy ODFRQFHQWUDFLyQ 6H
WUDWDEDGHOLQGLFDWLYRGHFRPXQLFDFLRQHVDVtTXHDFWLYyHOUHFHSWRU
$SDUHFLy HO DODUPDGR URVWUR GH 5DJXVQLN TXH SRFR D SRFR FREUy XQ DLUHGH
FROpULFDLQFUHGXOLGDG
&RQTXHDVtHVWiQODVFRVDV
1RVR\HOVHYHULDQR5DJXVQLN1RPHPROHVWDKDFHUHVWR
3HURTXpWLHQHTXHYHUXVWHGHQHVWR"3RUTXpVHHQWURPHWH"
(VWR\GHSDUWHGHXVWHG5DJXVQLNSHURGHERKDFHUOR
3RUTXpVLHVWiGHPLODGR"(QVXPXQGRWUDWDQDODJHQWHFRPRPHWUDWDQ
DPt"
<DQR3HURDXQTXHXVWHGWHQJDUD]yQKHGHWHQHUHQFXHQWDDORVRWURVWUHLQWD
PLOKDELWDQWHVGH(OVHYHUH
+DEUtDQFHGLGR+DHFKDGRDEDMRPL~QLFDSRVLELOLGDG
1RKDEUtDQFHGLGR<HQFLHUWRPRGRKDWULXQIDGRXVWHGSXHVDKRUDVDEHQTXH
HVWi LQVDWLVIHFKR+DVWD DKRUDQL VLTXLHUDLPDJLQDEDQTXHXQ5DJXVQLNSXGLHUD
VHULQIHOL]TXHSXGLHUDFDXVDUSUREOHPDV
6LUYHGHDOJRTXHORVHSDQ"6yORWLHQHQTXHHQFRQWUDUDXQIRUDVWHURHQFDGD
RFDVLyQ
/DPRUDN VDFXGLy OD FDEH]D +DEtD SHQVDGR HQ WRGR HVR HQ ODV ~OWLPDV \
DPDUJDVKRUDV
(O KHFKR TXH DKRUD OR VHSDQ VLJQLILFD TXH ORV HOVHYHULDQRV FRPHQ]DUiQ D
SHQVDU HQ XVWHG \ DOJXQRV VH SUHJXQWDUiQ VL HV FRUUHFWR WUDWDU DVt D XQ VHU
KXPDQR < VL FRQWUDWDQ IRUDVWHURV HOORV GLIXQGLUiQ OR TXHRFXUUHHQ (OVHYHUH \
WRGDODRSLQLyQS~EOLFDJDOiFWLFDVHYROFDUiHQIDYRUGHXVWHG
<"
/DVFRVDVPHMRUDUiQ(QWLHPSRVGHVXKLMRODVFRVDVHVWDUiQPXFKRPHMRU
(QWLHPSRVGHPLKLMR UH]RQJy5DJXVQLN\DKXHFyODVPHMLOODV 3UHIHULUtD
3iJLQD

(VTXLURO,VDDF$VLPRY

(QWLHPSRVGHPLKLMRUH]RQJy5DJXVQLN\DKXHFyODVPHMLOODV3UHIHULUtD
TXHIXHVHDKRUD%LHQKHSHUGLGR5HJUHVDUpDOWUDEDMR
/DPRUDNVLQWLyXQLQPHQVRDOLYLR
6LYLHQHDTXtDKRUDVHxRUSRGUiUHDQXGDUVXWUDEDMR\PHKRQUDUiHVWUHFKDUOH
ODPDQR
5DJXVQLNLUJXLyODFDEH]DKHQFKLGRGHXQRUJXOORKXUDxR
8VWHGPHOODPDVHxRU\VHRIUHFHDHVWUHFKDUPHODPDQR/iUJXHVHWHUUtFROD
\GpMHPHKDFHUPLWUDEDMRSXHV\RQRHVWUHFKDUpODVX\D
/DPRUDN UHJUHVy SRU GRQGH KDEtD OOHJDGR DOLYLDGR SRUTXH KDEtD FRQFOXLGR OD
FULVLVSHURSURIXQGDPHQWHDEDWLGR
6H GHWXYR VRUSUHQGLGR DOWRSDUVH FRQXQWUDPRGH FRUUHGRUDFRUGRQDGR TXHOH
FHUUDEDHOSDVR%XVFyRWURFDPLQR\VHVRUSUHQGLyDORtUXQDYR]DPSOLILFDGD
'RFWRU/DPRUDNPHR\H"+DEODHOFRQVHMHUR%OHL
/HYDQWy OD YLVWD /D YR] SURYHQtD GH XQ VLVWHPD GH DOWDYRFHV SHUR QR YHtD
QLQJXQDVDOLGD
3DVDDOJRPDOR"SUHJXQWy0HR\HXVWHG"
/HRLJR
3DVD DOJR PDOR" UHSLWLy D JULWRV $TXt KD\ XQ REVWiFXOR +D\
FRPSOLFDFLRQHVFRQ5DJXVQLN"
5DJXVQLNKD LGR DWUDEDMDU/D FULVLVKDWHUPLQDGR\XVWHGGHEHGLVSRQHUVHD
SDUWLU
'LVSRQHUPHDSDUWLU"
6tDLUVHGH(OVHYHUH/HHVWDPRVSUHSDUDQGRXQDQDYH
3HUR DJXDUGH XQ PRPHQWR /DPRUDN HVWDED FRQIXQGLGR SRU DTXHO V~ELWR
YXHOFRGHORVDFRQWHFLPLHQWRV$~QQRKHWHUPLQDGRGHUHFRJHUGDWRV
(VR\DQR HVSRVLEOH 6H OH LQGLFDUi GLUHFWDPHQWH HOFDPLQR DOD QDYH\VXV
SHUWHQHQFLDVOHVHUiQHQYLDGDVSRUVHUYRPHFDQLVPRV&RQILDPRVFRQILDPRV
/DPRUDNFRPHQ]DEDDFRPSUHQGHU
&RQItDQHQTXp"
&RQILDPRVHQ TXH QRLQWHQWDUiYHUQLKDEODUHQSHUVRQDDQLQJ~QHOVHYHULDQR
< GHVGH OXHJR HVSHUDPRV TXH QRV HYLWH ODHPEDUD]RVDVLWXDFLyQ GH LQWHQWDU
UHJUHVDU D (OVHYHUH HQ HO IXWXUR &RQ JXVWR UHFLELUHPRV D FXDOTXLHUD GH VXV
FROHJDVVLQHFHVLWDPiVGDWRVVREUHQRVRWURV
(QWLHQGR DFHSWy HQ XQ WRQR GH YR] DSDJDGR (YLGHQWHPHQWH VH KDEtD
FRQYHUWLGRHQ XQ5DJXVQLN +DEtD PDQHMDGRORVFRQWUROHVTXH PDQLSXODEDQORV
GHVHFKRV \ VHOR VRPHWtD DO RVWUDFLVPR (UDXQ PDQLSXODGRUGHFDGiYHUHVXQ
SRUTXHUL]RHOKRPEUHGHOWUDEDMRVXFLR$GLyV
$QWHVGH GHVSHGLUPH GRFWRU/DPRUDN(QQRPEUHGHO&RQVHMRGH(OVHYHUH
OHGR\ODVJUDFLDVSRUVXD\XGDHQHVWDFULVLV
'HQDGDGLMRDPDUJDPHQWH/DPRUDN
),1
7tW OR2 L L O6WULNHEU

3iJLQD



(VTXLURO,VDDF$VLPRY

7tWXOR2ULJLQDO6WULNHEUHDNHU 
'LJLWDOL]DFLyQ5HYLVLyQ\(GLFLyQ(OHFWUyQLFDGH$UiFQLGR

3iJLQD