/DFLHQFLDLOXVWUDGDHOWULXQIRGHODVGLVFLSOLQDVSDUWLFXODUHV

&$378/2

/RVp[LWRVGHODFLHQFLDH[SHULPHQWDO

$XQTXH KDVWD DKRUD IXLPRV UDVWUHDQGR ORV SDVRV GH OD 5HYROXFLyQ &LHQWtILFD GHVGH &RSpUQLFR D
1HZWRQ \ OD IRUPDFLyQ GHO PpWRGR H[SHULPHQWDO GHVGH %DFRQ KDVWD HO FRPSURPLVR GH 
VLJXLHQGR OD SDXODWLQD UHVROXFLyQ GH ORV SUREOHPDV GHO PRYLPLHQWR WHUUHVWUH \ FHOHVWH FRPR OtQHD
FRQGXFWRUDHVREYLRTXHOD5HYROXFLyQ&LHQWtILFDQRIXHODREUDGHXQSXxDGRGHJUDQGHVILJXUDV
VLQRHOUHVXOWDGRGHOWUDEDMRGHFLHQWRVGHPDWHPiWLFRV\ILOyVRIRVQDWXUDOHVTXHHVWDEDQHPSHxDGRV
HQFRQVWUXLUXQDQXHYDLPDJHQGHOPXQGR\XQDQXHYDFLHQFLDTXHORGHVFULELHUD
$Vt HVD OtQHD SULQFLSDO TXH VH IXH WUD]DQGR QR IXH OD ~QLFD HQ OD TXH EULOOy OD QXHYD FLHQFLD
UDFLRQDOLVWD\H[SHULPHQWDO6LPHSHUPLWHQXQDPHWiIRUDEpOLFD\DTXHKDEODPRVGH5HYROXFLyQ
 DOUHGHGRU GH OD EDWDOOD SULQFLSDO R OD TXH HOHJt FRPR SULQFLSDO VH SURGXFtDQ PXOWLWXG GH
HVFDUDPX]DVSDUDQDGDVHFXQGDULDV/DPHGLFLQDHOPDJQHWLVPRHOHVWXGLRGHORVJDVHV\HOYDFtR
WXYLHURQ VXV SURSLDV EDWDOODV D YHFHV LQGHFLVDV GXUDQWH XQ WLHPSR PLHQWUDV HO QXHYR PpWRGR \ OD
QXHYDPDQHUDGHSHQVDUVHLPSRQtDQVREUHWRGDVODVGLVFLSOLQDV\PXFKDVGHHOODVDUUDQFDEDQHQHO
FDPLQRGHWUDQVIRUPDUVHHQFLHQFLDQHZWRQLDQD
'LFKRWRGRHVWRKDEOHPRVXQSRFRGHORVJUDQGHVp[LWRVGHODFLHQFLDH[SHULPHQWDO

:LOOLDP*LOEHUW\HOPDJQHWLVPR
(VGLItFLOGDUFXHQWDRUGHQDGDPHQWHGHORVDGHODQWRVSURGXFLGRVHQODFLHQFLDH[SHULPHQWDO\HVRVH
GHEH HQ EXHQD PHGLGD D TXH ORV FLHQWtILFRV GH OD pSRFD WRGDYtD QR WUDEDMDEDQ GH XQD PDQHUD
FRPSOHWDPHQWH PHWyGLFD VLQR TXH LEDQ SUREDQGR HQ GLIHUHQWHV GLVFLSOLQDV \ IRUPXODQGR WHRUtDV D
YHFHVPiVH[LWRVDVDYHFHVPHQRV3RUHVRHQDOJXQRVFDVRVFRPRHOTXHYLHQHDFRQWLQXDFLyQVH
FRUUHHOULHVJRGHTXHHOUHODWRGHORVDYDQFHVSDUH]FDXQDPHUDHQXPHUDFLyQ3HURWHQJDQSDFLHQFLD
SRUTXHFDGDODGULOORTXHVHSRQHHVIXQGDPHQWDOSDUDHOHGLILFLRHQWHUR
(Q HO DxR  VH SXEOLFy 'H 0DJQHWH 0DJQHWLFLVTXH &RUSRULEXV HW GH 0DJQR 0DJQHWH
7HOOXUH 6REUH HO PDJQHWLVPR ORV FXHUSRV PDJQpWLFRV \ HO JUDQ LPiQ TXH HV OD 7LHUUD 'H
0DJQHWHSDUDORVDPLJRV\SDUDQRVRWURVGHOPpGLFRLQJOpV:LOOLDP*LOEHUWXQDREUDTXHHVWXGLDED
DIRQGRHOIHQyPHQRGHOPDJQHWLVPR\TXHJHQHUySRUVXPpWRGRHOHQWXVLDVPRGH*DOLOHR\SRUVXV
LGHDV HMHUFLy XQD SURIXQGD LQIOXHQFLD HQ .HSOHU TXH FRPR OHV FRQWp FXDQGR KDEODPRV GH pO
LPDJLQyIXHU]DVPDJQpWLFDVHQWUHORVSODQHWDVTXHWUDQVIRUPDEDQODVyUELWDVFLUFXODUHVHQHOtSWLFDV
*LOEHUW HV FRQVLGHUDGR SRU DOJXQRV FRPR HO SULPHU FLHQWtILFR PRGHUQR FODVLILFDFLyQ XQ SRFR
DSUHVXUDGDSHURGLJQDGHFRQVLGHUDFLyQ
1DFLyHOGHPD\RGHHQ&ROFKHVWHUDOQRUGHVWHGH/RQGUHVHQHOVHQRGHXQDIDPLOLD
LPSRUWDQWHGHODORFDOLGDGWXYRXQDSRVLFLyQFyPRGDHQODVRFLHGDG\QRSDVyHQQLQJ~QFDVRSRU
ODV GLItFLOHV VLWXDFLRQHV TXH WXYLHURQ TXH DWUDYHVDU .HSOHU R *DOLOHR SRU OD DQJXVWLD GH OD IDOWD GH
GLQHURHQIXHD&DPEULGJHGRQGHDGTXLULyHOJUDGRGHGRFWRUHQ+XPDQLGDGHV\HQHOGH
GRFWRUHQ0HGLFLQD'HVSXpVYLDMySRUHOFRQWLQHQWHGXUDQWHYDULRVDxRVKDVWDTXHVHHVWDEOHFLyHQ
/RQGUHVGRQGHOOHJyDVHUPLHPEURGHODMXQWDGHJRELHUQRGHO5R\DO&ROOHJHRI3K\VLFLDQVHQ
TXHHUDXQDGHODVLQVWLWXFLRQHVSUHVWLJLRVDVGHODFLHQFLDLQJOHVD\PiVWDUGHVHPLUULYDOGHOD5R\DO
6RFLHW\*LOEHUWIXHXQPpGLFRLPSRUWDQWH\GHPXFKRp[LWR\IXHRFXSDQGRXQRWUDVRWURFDVLWRGRV
ORV FDUJRV GHO 5R\DO &ROOHJH (Q  VH WUDQVIRUPy HQ PpGLFR SHUVRQDO GH OD UHLQD ,VDEHO , OD
PLVPD EDMR FX\R SHUtRGR IORUHFLy HO IDPRVR WHDWUR LQJOpV TXH WXYR FRPR Pi[LPR H[SRQHQWH D
6KDNHVSHDUH&XDQGRODUHLQDPXULyHQIXHQRPEUDGRPpGLFRSHUVRQDOSRUVXVXFHVRU-DFRER
,SHURIDOOHFLyFDVLLQPHGLDWDPHQWHHOGHGLFLHPEUHGHHVHPLVPRDxR
<DVt\WRGRQRIXHHQHOWHUUHQRGHODPHGLFLQDHQHOTXH*LOEHUWOOHYyDFDERORVWUDEDMRVTXHOR
KLFLHURQIDPRVRVLQRHQHOGHODItVLFDGXUDQWHGLHFLRFKRDxRVVHGHGLFyDOHVWXGLRGHOPDJQHWLVPR
\XQSRFRDOGHODHOHFWULFLGDG
3RUVXSXHVWRTXHQRHUDHOSULPHURHODQiOLVLVGHODVSURSLHGDGHVPDJQpWLFDV\VREUHWRGROD
VRUSUHVDDQWHODVLQH[SOLFDEOHVYLUWXGHVGHODSLHGUDLPiQGDWDEDQGHDQWLJXRORFXDOQRHVSDUD
QDGDH[WUDxRODVFDUDFWHUtVWLFDVGHORVLPDQHVVRQRUHVXOWDQYHUGDGHUDPHQWHH[WUDRUGLQDULDV\pVD
HVODUD]yQSRUODFXDOORVFKLFRVVXHOHQRVROtDQMXJDUFRQHOORV$GHPiVHVWDEDQURGHDGRVGHVGH
OD $QWLJHGDG GH OH\HQGDV IDEXORVDV FRPR OD GH OD H[LVWHQFLD GH XQD PRQWDxD HQWHUD IRUPDGD GH
SLHGUD LPiQ TXH DUUDQFDED ORV FODYRV \ FXDQWR REMHWR GH KLHUUR KXELHUD HQ ORV EDUFRV TXH RVDEDQ
DFHUFiUVHOH
/RFLHUWRHVTXHORVLPDQHV\DHVWDEDQSDVDEOHPHQWHGHVFULSWRVGHVGHOD(GDG0HGLD(Q
SRU FLWDU VyOR XQ FDVR HO HVWXGLRVR 3HGUR GH 0DXULFRXUW HO 3HUHJULQR TXLHQ GH SDVR KDEtD VLGR
FDOLILFDGRSRU5RJHU%DFRQFRPRHOPiVLPSRUWDQWHFLHQWtILFRGHVXpSRFDHVFULELyXQD(SLVWRODGH
PDJQHWHGRQGHH[DPLQDEDPHWLFXORVDPHQWHODVSURSLHGDGHVGHODSLHGUDLPiQ\ODVHQXPHUDEDGRV
SRORVGLVWLQWRVVHDWUDHQ\GRVLJXDOHVVHUHFKD]DQXQLPiQVLHPSUHWLHQHGRVSRORV\VLVHORSDUWH
QRVHREWLHQHQSRORVVHSDUDGRVVLQRTXHFDGDXQDGHODVSDUWHVUHFXSHUDODELSRODULGDG$GHPiV
KDEtD OOHJDGR D GLVHxDU GRV EU~MXODV XQD IORWDQWH \ RWUD VREUH XQ SLYRWH \ SUHVHQWy OD SULPHUD
GLVFXVLyQVREUHODEU~MXODHQ2FFLGHQWH
3HURQRIXHpVWHHOOLEURTXHFRQGXMRD*LOEHUWDRFXSDUVHGHOPDJQHWLVPRVLQRXQRXQSRFRPiV
FRQWHPSRUiQHR0DJLD1DWXUDOLVGH'DOOD3RUWDXQYHUGDGHUREHVWVHOOHUGHFLHQFLDSRSXODUTXH
PH]FODEDDOJXQDVSRFDVLQWXLFLRQHVYHUGDGHUDPHQWHFLHQWtILFDVFRQODSDUDIHUQDOLDLQDJRWDEOHGHOD
PDJLDUHQDFHQWLVWD9DOJDSDUDGHPRVWUDUORXQHMHPSOR

6HFUHHTXHODSLHGUDLPiQSURGXFHPHODQFROtDVHODHPSOHDSDUDSUHSDUDUEUHEDMHVGHDPRU
VH DILUPD TXH OD SLHGUD IURWDGD FRQ DMR SLHUGH VX SRGHU GH DWUDFFLyQ SRGHU TXH UHFREUD
FXDQGRVHODXQWDFRQVDQJUHGHPDFKRFDEUtR

*LOEHUW KRPEUH GH OD 5HYROXFLyQ &LHQWtILFD HQ FLHUQHV VH RFXSy GH GHVWUXLU ODV DILUPDFLRQHV
JUDWXLWDV \ PiJLFDV GH 'DOOD 3RUWD XVDQGR SXQWLOORVDPHQWH \ GH PRGR VLVWHPiWLFR HO PpWRGR
H[SHULPHQWDO \ WLUDQGR DEDMR WRGDV ODV FDUDFWHUtVWLFDV IDQWDVLRVDV TXH VH OHV KDEtDQ DWULEXLGR D ORV
LPDQHV1RHUDWDQGLItFLODGHFLUYHUGDG(ODXWRUGH0DJLD1DWXUDOLVGHFtDSRUHMHPSORTXHXQ
WUR]R GH KLHUUR IURWDGR FRQ GLDPDQWH VH PDJQHWL]DED *LOEHUW SRU VXSXHVWR UHSLWLy HO H[SHULPHQWR
FRQXQUHVXOWDGRGHYDVWDGRUDOPHQRVGHYDVWDGRUSDUDODVHULHGDGGH'DOOD3RUWD
 +HUHDOL]DGRHVWDH[SHULHQFLDFRQVHWHQWD\FLQFRGLDPDQWHVHQSUHVHQFLDGHYDULRVWHVWLJRV
KH HPSOHDGR EDUUDV GH KLHUUR \ WUR]RV GH DODPEUH PDQLSXOiQGRORV FRQ VXPR FXLGDGR
PLHQWUDVIURWDEDPHGLDQWHVRSRUWHVGHFRUFKRVREUHDJXD1RREVWDQWHQXQFDORJUpREVHUYDU
HOIHQyPHQRLQGLFDGRSRU'DOOD3RUWD

/HVFXHQWRTXHQRSXGHUHVLVWLUHKLFHODSUXHEDGHODMRTXHVXSXHVWDPHQWHTXLWDODVSURSLHGDGHV
PDJQpWLFDVFRQXQLPiQGHHVRVTXHVLUYHQSDUDSHJDUHQODKHODGHUD2EWXYHORVPLVPRVUHVXOWDGRV
TXH*LOEHUW\ODYHUGDGHVTXHVLQRKXELHUDVLGRDVtPHKDEUtDPXHUWRGHOVXVWR$YHFHVQRVH
HQWLHQGH FyPR FUHHQFLDV FRPSOHWDPHQWH DEVXUGDV FRPR OD GHO DMR GH IiFLO UHIXWDFLyQ FRWLGLDQD
SXGLHUDQSHUGXUDUWDQWRWLHPSR
6HD FRPR IXHUH pVH HV XQ UHVXOWDGR TXH REWXYH FRQ XQ GHWHUPLQDGR GLHQWH GH DMR \ XQ
GHWHUPLQDGRLPiQ4XpPHDXWRUL]DDJHQHUDOL]DUFRPRORKL]R*LOEHUWDWRGRVORVVWLFNHUVSHJDGRV
HQ OD KHODGHUD \ OXHJR D WRGRV ORV LPDQHV" $TXt YHPRV HO FRPSRQHQWH IXHUWHPHQWH LQGXFWLYR
DGHODQWDGRSRU*LOEHUWGHODFLHQFLDPRGHUQD
6LQ HPEDUJR FRQ H[SHULPHQWDFLyQ H LQGXFFLyQ QR DOFDQ]D SDUD HQWHQGHU FyPR VH YD
FRQVWLWX\HQGRHVDFLHQFLDPRGHUQD<HIHFWLYDPHQWH*LOEHUWQRVHTXHGDEDHQORVH[SHULPHQWRVVLQR
TXHWHRUL]DEDVREUHHOORV

(QHOGHVFXEULPLHQWRGHFRVDVVHFUHWDV\HQODLQYHVWLJDFLyQGHFDXVDVRFXOWDVVHREWLHQHQ
UD]RQHV PiV SRGHURVDV PHGLDQWH H[SHULPHQWRV VHJXURV \ DUJXPHQWRV GHPRVWUDGRV TXH D
SDUWLU GH FRQMHWXUDV SUREDEOHV \ GH RSLQLRQHV GH HVSHFXODGRUHV ILORVyILFRV (VWD REUD QDGD
DILUPDTXHQRKD\DVLGRPXFKDVYHFHVFRQWURODGR

&RVDTXHKDUtDODVGHOLFLDVGH*DOLOHRTXHHPSH]DEDDDSOLFDUHOPLVPRPpWRGRDODPHFiQLFD
&RPREXHQFLHQWtILFRDOILORGHOD0RGHUQLGDG*LOEHUWQRSRGtDGHVSUHRFXSDUVHGHOPpWRGR$
DTXHOORVILOyVRIRVTXHGLVFXUVHDQEDViQGRVHHQXQRVSRFRVH[SHULPHQWRVYDJRV\QRFRQFOX\HQWHV
OHVUHFRPHQGDEDGDGRTXHHVIiFLOFRPHWHUHTXLYRFDFLRQHV\HUURUHVHQDXVHQFLDGHH[SHULPHQWRV
ILDEOHV

PDQHMDU ORV REMHWRV FRQ FXLGDGR FRQ GHVWUH]D \ KDELOLGDG QR FRQ GHVFXLGR R FRQ WRUSH]D
FXDQGR XQ H[SHULPHQWR IUDFDVD QR SHUPLWDPRV TXH HQ VX LJQRUDQFLD FRQGHQHQ QXHVWURV
GHVFXEULPLHQWRVSRUTXHQRKD\QDGDHQHVWRVOLEURVTXHQRKD\DVLGRLQYHVWLJDGR\UHDOL]DGR
XQD\RWUDYH]\UHSHWLGRDQWHQXHVWURVRMRV

8WLOL]DQGRHVWHPpWRGRFXLGDGRVR*LOEHUWVHJXtDPX\GHFHUFDD3HWUXV3HUHJULQXV\SUREDED\
FRQILUPDEDUHVXOWDGRVDGHODQWDGRVSRUpOXQRVVLJORVDQWHVFRPRODDWUDFFLyQ\ODUHSXOVLyQGHORV
SRORVPDJQpWLFRV\ODELSRODULGDGSHUPDQHQWHGHXQLPiQLQGHSHQGLHQWHPHQWHGHFXiQWDVYHFHVVHOR
GLYLGD &RPSUREy WDPELpQ TXH OD DFFLyQ PDJQpWLFD DWUDYHVDED OiPLQDV GH PDGHUD \ PHWDO PRVWUy
TXHXQDDJXMDQRDXPHQWDEDGHSHVRDOVHULPDQWDGD\FRQFOX\HTXHODLPDQWDFLyQHVXQDSURSLHGDG
LPSRQGHUDEOH XQD YLUWXG GHO LPiQ LQVFULELpQGRVH HQ OD OtQHD UHQDFHQWLVWD UHFRUGHPRV TXH OD
PLVPDSDODEUDYLUWXGHUDXWLOL]DGDSDUDGHVFULELUHVDFRVDLPSRQGHUDEOHSRULQH[LVWHQWHTXHHUD
HO LPSHWXV DJHQWH GHO PRYLPLHQWR 6L KXELHVH VLGR SOHQDPHQWH PRGHUQR HV GHFLU QHZWRQLDQR
*LOEHUWKXELHUDGLFKRTXHVREUHODQDWXUDOH]DGHODIXHU]DPDJQpWLFDQRVHIRUPXODQKLSyWHVLVSHUR
IDOWDED PXFKR SDUD OD IDPRVD IUDVH GH 'RQ ,VDDF TXH HQ UHDOLGDG QL VLTXLHUD KDEtD QDFLGR 6X
GHPRVWUDFLyQGHTXHORVLPDQHVFDOHQWDGRVDDOWDVWHPSHUDWXUDVSLHUGHQVXVYLUWXGHVPDJQpWLFDVOR
OOHYyDFRQMHWXUDUDOJRVREUHHVDQDWXUDOH]DVXSXVRTXHHOPDJQHWLVPRVHGHEHDXQRUGHQDPLHQWR
GHORVFRUS~VFXORV"GHOPHWDOLPDQWDGRTXHHVGHVWUXLGRSRUODWHPSHUDWXUD

&RQYXOVLRQDGRSRUHOFDORUHOKLHUURWRPDXQDIRUPDFRQIXVD\SHUWXUEDGDGHPDQHUDTXHQR
HVPiVDWUDtGRSRUHOLPiQ\SLHUGHVXIXHU]DGHDWUDFFLyQFXDOTXLHUDVHDODPDQHUDFRPROD
DGTXLULy

$TXtDVRPDEDWDPELpQODWHRUtDFRUSXVFXODUGHODPDWHULDGHODTXHIXHXQIXHUWHGHIHQVRU\GHO
FDORUTXHHUDFRQFHELGRFRPRXQDDJLWDFLyQGHORViWRPRV7DPELpQHQXQDOtQHDTXHPiVWDUGHVH
OODPDUi QHZWRQLDQD PRVWUy TXH ORV LPDQHV QR VyOR DFW~DQ D GLVWDQFLD VLQR TXH VRQ FDSDFHV GH
LPDQWDU D GLVWDQFLD FRQFOXVLyQ TXH VHUtD UHFKD]DGD SRU 'HVFDUWHV TXLHQ GLUtD FRPR SXHGHQ
VRVSHFKDUTXHODYLUWXGPDJQpWLFDHUDWUDQVSRUWDGDSRUVXVLQVXOVRV\DUELWUDULRVWRUEHOOLQRV
3HWUXV 3HUHJULQXV GHVSXpV GH UHFKD]DU OD H[LVWHQFLD GH JUDQGHV PLQDV GH SLHGUD LPiQ HQ ORV
SRORVDWULEXtDHORULJHQGHOPDJQHWLVPRDORVFLHORVHQFDUJDGRVGHRULHQWDUODEU~MXOD*LOEHUWVH
DSDUWyGHHVWDOtQHDGHSHQVDPLHQWR\FRQFLELyDOD7LHUUDFRPRXQJUDQLPiQDXQTXHHOKHFKRGHTXH
QRSXGLHUDGLVWLQJXLUORVSRORVPDJQpWLFRVGHORVJHRJUiILFRVOHLPSLGLyH[SOLFDUIHQyPHQRVFRPROD
GHFOLQDFLyQGHODEU~MXOD\VXSXVRTXHHOPDJQHWLVPRVHFRQIXQGHFRQHODOPDGHODPDWHULD

3HWUXV 3HUHJULQXV DILUPD TXH OD GLUHFFLyQ GH OD DJXMD HVWi GDGD SRU ORV SRORV FHOHVWHV
&DUGDQRRSLQDEDTXHODHVWUHOODHQODFRODGHOD2VD0D\RUHQJHQGUDEDODVRVFLODFLRQHVGHOD
EU~MXOD$VtHVODFRVWXPEUHGHOVHUKXPDQRFRVDVFHUFDQDVOHSDUHFHQGHVSUHFLDEOHVODV
OHMDQDVOHSDUHFHQFDUDV\VRQHOREMHWRGHVXQRVWDOJLD

<VLOD7LHUUDHUDXQJUDQLPiQSRUTXpQRKDEUtDQGHVHUORORVGHPiVSODQHWDV"(VWRPXHVWUD
TXHVXVLQWHUHVHVLQFOX\HURQODDVWURQRPtD\TXHHUDXQGHFLGLGRFRSHUQLFDQRTXHYHtDDORVSODQHWDV
FRPRVLPLODUHVDOD7LHUUD\VRVWHQtDTXHHUDHOMXHJRGHODVIXHU]DVPDJQpWLFDVHOTXHORVPDQWHQtD
HQVXVyUELWDV3HURDGHPiVPRVWUyORIiFLOTXHHVH[SOLFDUODSUHFHVLyQGHORVHTXLQRFFLRVGHVGHHO
VLVWHPDFRSHUQLFDQRVXJLULyTXHODVHVWUHOODVHVWiQVLWXDGDVDGLIHUHQWHVGLVWDQFLDVGHOD7LHUUD\QR
WRGDVDGKHULGDVDXQDHVIHUDGHFULVWDOFRPR\DORKDEtDQKHFKR7KRPDV'LJJHV\*LRUGDQR%UXQR\
TXHSRGUtDQVHUFXHUSRVFHOHVWHVVLPLODUHVDO6ROURGHDGRVSRUODVyUELWDVGHVXVSURSLRVSODQHWDV
KDELWDEOHV
6XLQYHVWLJDFLyQVREUHODHOHFWULFLGDGSURGXFLGDIURWDQGRFRQVHGDREMHWRVKHFKRVGHVXVWDQFLDV
FRPRHOiPEDURHOFULVWDOIXHPHQRVFRPSOHWDTXHVXHVWXGLRVREUHHOPDJQHWLVPRSHURGHWHUPLQy
TXH OD HOHFWULFLGDG \ HO PDJQHWLVPR HUDQ IHQyPHQRV GLVWLQWRV OR FXDO QR HV SRFD FRVD GH KHFKR
DFXxy OD SDODEUD HOpFWULFR HQ HVWH FRQWH[WR DXQTXH UHFLpQ PiV GH XQ VLJOR GHVSXpV HO ItVLFR
IUDQFpV &KDUOHV 'X )D\  GHVFXEULUtD TXH H[LVWHQ GRV FODVHV GH FDUJD HOpFWULFD TXH VH
FRPSRUWDQHQFLHUWRPRGRFRPRSRORVPDJQpWLFRVSRUHOKHFKRGHTXHODVFDUJDVGHOPLVPRWLSRVH
UHSHOHQ HQWUH Vt PLHQWUDV TXH ODV FDUJDV RSXHVWDV VH DWUDHQ (Q UHDOLGDG QR HV DVt \ QR KD\ GRV
HOHFWULFLGDGHVFRPRYHUHPRVFXDQGRVXHQHODKRUDHOpFWULFD\VHSUHQGDQODVOXFHVUHVSHFWLYDV
6XVLQYHVWLJDFLRQHVIXHURQWDQPLQXFLRVDV\SUHFLVDVTXHQRKXERQLQJXQDQRYHGDGLPSRUWDQWHHQ
HO WHUUHQR GHO PDJQHWLVPR GXUDQWH GRV VLJORV KDVWD ORV WUDEDMRV GH 0LFKDHO )DUDGD\ OR FXDO OR
FRQYLHUWHQRVyORHQXQJUDQFLHQWtILFRVLQRWDPELpQHQXQLQHOXGLEOHSUHFXUVRU

/D5R\DO6RFLHW\\ODVSULPHUDVDFDGHPLDV
<D GLMH YDULDV YHFHV TXH OD FLHQFLD HV SRU GHILQLFLyQ S~EOLFD \ TXH VH IRUPD SRU HO WUDEDMR
FROHFWLYR GH PXFKDV SHUVRQDV LQWHUHVDGDV HQ GHVFLIUDU HO PXQGR (Q HVWRV VLJORV TXH HVWDPRV
UHYLVDQGR\TXHFRQVWLWX\HQHOSXQWRGHLQLFLRGHODFLHQFLDWDOFRPRODFRQRFHPRVKR\IXHFHQWUDO
XQQXHYRPRGHORGHLQVWLWXFLyQTXHSHUPLWtDDJUXSDUSHUVRQDVTXHWHQtDQPXFKDFXULRVLGDG\HOGHVHR
GHLQYHVWLJDUODQDWXUDOH]DGHODVFRVDV
/D SULPHUD IXH OD $FFDGHPLD GHL /LQFHL $FDGHPLD GH ORV /LQFHV GH 5RPD FX\R QRPEUH VH
LQVSLUy HQ OD DJXGD PLUDGD GH HVH IHOLQR )XH IXQGDGD HQ  SRU FXDWUR MyYHQHV 8QR GH HOORV
)HGHULFR&HVLGHDxRVHUDHOKLMRGHO'XTXHGH$FTXDVSDUWD(QWUHORVRWURVWUHV
DSHQDV PD\RUHV TXH &HVL KDEtD XQ PpGLFR KRODQGpV $O JUXSR OH JXVWDED RFXOWDU VXV HQFXHQWURV
GHWUiVGHXQYHORGHPLVWHULRTXHVHOHVYROYLyHQFRQWUD\DOLPHQWyODVVRVSHFKDVGHIDPLOLDUHV\
DXWRULGDGHV (Q  HO PLHPEUR KRODQGpV IXH H[SXOVDGR GH 5RPD SRU RFXOWLVPR \ HO JUXSR VH
GHVPHPEUyDXQTXHODFRUUHVSRQGHQFLDFRQWLQXy\SRUHVWHPHGLRWDPELpQVLJXLHURQFRQHOSURJUDPD
TXHVHKDEtDQSURSXHVWR
+DFLD  OD DFDGHPLD VH KDEtD UHFXSHUDGR \ HVWDED HQ OHQWR FUHFLPLHQWR (Q  VH VXPy
*DOLOHR *DOLOHL OR TXH HVWLPXOy D~Q PiV VX LPSRUWDQFLD (Q  HO Q~PHUR GH PLHPEURV KDEtD
OOHJDGRD'XUDQWHORVHQFXHQWURVVHGLVFXWtDQFXHVWLRQHVFLHQWtILFDVDGPLQLVWUDWLYDV\VHGHFLGtD
VREUHHYHQWXDOHVSXEOLFDFLRQHVHQWUHODVTXHHVWXYLHURQODVREUDVJDOLOHDQDV6WRULDHGLPRVWUD]LRQL
LQWRUQRDOOHPDFFKLHVRODULH,O6DJJLDWRUH
$ SHVDU GH HVWRV p[LWRV FXDQGR PXULy &HVL HQ  OD DFDGHPLD VH GLOX\y XQD YH] PiV 6X
SRVLFLyQVHYHQtDGHELOLWDQGRGHVGHFXDQGRDSR\yHOFRSHUQLFDQLVPRGH*DOLOHR$SHVDUGH
WRGR OD WUDGLFLyQ VREUHYLYLy SRU XQ WLHPSR HQ OD $FFDGHPLD GHO &LPHQWR GHO H[SHULPHQWR HQ
)ORUHQFLD GH LQVSLUDFLyQ JDOLOHDQD \ TXH WXYR HO SDWURFLQLR \ VRVWpQ GH ORV 0HGLFL VX PLVPR
QRPEUHLQGLFDEDVXRULHQWDFLyQHOH[SHULPHQWRHUDODSUXHEDGHIXHJRTXHGHEtDQSDVDUODVWHRUtDV
FLHQWtILFDV\VXOHPDHUDSURYDQGRHULSURYDQGRHVWRHVH[SHULPHQWDQGR\UHFKD]DQGRODWHRUtD
TXH QR SDVH OD SUXHED H[SHULPHQWDO /RV FLHQWtILFRV GHO &LPHQWR VH RFXSDURQ GH H[SHULHQFLDV
UHODFLRQDGDV FRQ WRGRV ORV FDPSRV GH OD ItVLFD SURSLHGDGHV GH OtTXLGRV \ VyOLGRV PDJQHWLVPR \
HOHFWULFLGDGODSDUWHPiVLPSRUWDQWHGHVXVSXEOLFDFLRQHVVHUHODFLRQDFRQODSUHVLyQDWPRVIpULFD\
PHGLFLRQHV GH OD WHPSHUDWXUD )XHURQ HOORV ORV TXH KLFLHURQ ORV IDPRVRV H[SHULPHQWRV VREUH HO
YDFtRTXHOOHYDURQWUDVPXFKDVLGDV\YXHOWDVDODUHVROXFLyQGHHVWHYLHMRSUREOHPD
/$FDGpPLH GHV VFLHQFHV GH )UDQFLD WLHQH VX RULJHQ HQ XQ SUR\HFWR GH -HDQ %DSWLVWH &ROEHUW
PLQLVWURGH)LQDQ]DVGH/XLV;,9GHFUHDUXQDDFDGHPLDJHQHUDOHQODTXHUHXQLUDORV
FLHQWtILFRVGHODpSRFD<DH[LVWtDODWUDGLFLyQGHUHXQLRQHVGHVDYDQWVVDELRVRILOyVRIRVGHVGH
KDFtDGpFDGDVHQWRUQRGHXQPHFHQDVTXHORVILQDQFLDUD(Q&ROEHUWFRQYRFyDXQJUXSRGH
HVWRV VDYDQWV HQ OD ELEOLRWHFD GHO UH\ 'XUDQWH ORV SULPHURV WUHLQWD DxRV ODV DFWLYLGDGHV IXHURQ
UHODWLYDPHQWH LQIRUPDOHV 5HFLpQ HQ  /XLV ;,9 OHV GLR VX SULPHU UHJODPHQWR SDUD OD DKRUD
OODPDGD $FDGpPLH UR\DOH \ PXGy D VXV VHWHQWD PLHPEURV DO HGLILFLR GHO /RXYUH 'HVGH DOOt
FRQWULEX\y DO PRYLPLHQWR FLHQWtILFR GHO VLJOR ;9,,, SRU PHGLR GH SXEOLFDFLRQHV \ GHO SRGHU TXH OH
GDEDQ ODV FRQVXOWDV GHO UH\ DFHUFD GH WHPDV HVSHFtILFRV (VWD LQVWLWXFLyQ IXH FHUUDGD HQ  HQ
WLHPSRV GH OD 5HYROXFLyQ )UDQFHVD FXDQGR DOJXQRV GH VXV PLHPEURV FRPR /DYRLVLHU IXHURQ
JXLOORWLQDGRV
'RVDxRVPiVWDUGHVHIRUPyXQ,QVWLWXWQDWLRQDOGHVVFLHQFHVHWGHVDUWV\HQ/$FDGpPLH
GHVVFLHQFHVUHFXSHUyVXDXWRQRPtDTXHFRQDOJXQDVYDULDFLRQHVp[LWRV\IUDFDVRVVHPDQWLHQHKDVWD
ODDFWXDOLGDG
3HURVLQGXGDODPiVLPSRUWDQWHSRUORPHQRVHQORUHIHUHQWHDOVLJOR ;9,,HVOD5R\DO6RFLHW\
TXHHPSH]yDIXQFLRQDUDOUHGHGRUGHFXDQGRXQJUXSRGHFLHQWtILFRVGHODpSRFDVHSURSXVR
XWLOL]DU H LQWHUFDPELDU H[SHULPHQWRV \ VDEHUHV D ILQ GH DXPHQWDU VXV FRQRFLPLHQWRV (QWUH VXV
IXQGDGRUHVVHFXHQWDQQRPEUHVTXHKDUtDQKLVWRULDGHODFLHQFLDFRPRHOGH5REHUW%R\OHR5REHUW
+RRNH%R\OHVHUHIHUtDHQVXVFDUWDVDHVHJUXSRGHFLHQWtILFRVFRPRHOFROHJLRLQYLVLEOH
(OJUXSRVHUHXQLyHQHO*UHVKDP&ROOHJHKDVWDHODxRFXDQGRWXYRTXHRFXOWDUVHGHORV
VROGDGRVGHO3DUODPHQWR(QFXDQGRVHSURGXMROD5HVWDXUDFLyQ\&DUORV,,(VWXDUGRUHWRUQy
D/RQGUHVYROYLHURQDKDFHUVHODVUHXQLRQHVTXHVHKLFLHURQPiVIRUPDOHV\HOUH\VHLQYROXFUyPiV
HQHOIXQFLRQDPLHQWRGHODLQVWLWXFLyQ(QHQXQDFHUHPRQLDGLULJLGDSRUHOUH\VHODEDXWL]y
RILFLDOPHQWHFRPR5R\DO6RFLHW\\VHOHGLRXQHVWDWXWRDXQTXHQRILQDQFLDFLyQ
(O Q~PHUR GH PLHPEURV HVFDOy UiSLGDPHQWH JUDFLDV D JUDQGHV QRPEUHV FRPR HO PLVPR ,VDDF
1HZWRQTXLHQVHLQFRUSRUyHQ/RFLHUWRHVTXHSHUWHQHFHUDOD5R\DO6RFLHW\VHFRQYLUWLyHQ
XQDGHODVPRGDVGHOD5HVWDXUDFLyQKDVWDHOSXQWRGHTXHPXFKDJHQWHDOHMDGDRFRQSRFRLQWHUpV
HQODFLHQFLDSDVyDIRUPDUSDUWHGHHOODEDViQGRVHHQXQDFXULRVDFOiXVXODPHGLDQWHODFXDOWRGR
PLHPEURGHODQREOH]DFRQUDQJRVXSHULRUDOGHEDUyQHUDDXWRPiWLFDPHQWHDGPLWLGR
&OiXVXOD UDUD SHUR SUDJPiWLFD DO ILQ \ DO FDER HVD QREOH]D SRGtD DSRUWDU ILQDQFLDFLyQ \ VH
SDUHFH D OR TXH KDFHQ DOJXQDV VRFLHGDGHV KR\ HQ GtD FXDQGR QRPEUDQ D HPSUHVDULRV R ULFRV
LQGXVWULDOHV HQ SXHVWRV KRQRUtILFRV (Q  VH LQLFLy OD SXEOLFDFLyQ GH ODV 3KLORVRSKLFDO
WUDQVDFWLRQVODUHYLVWDFLHQWtILFDPiVDQWLJXDGHODVTXHD~QSHUPDQHFHQKR\
/D5R\DO6RFLHW\DGRSWyRILFLDOPHQWHHOLGHDULREDFRQLDQRWDQWRHQODLGHDFODYHGHODFLHQFLD
FRPRFDSD]GHPRGLILFDUODQDWXUDOH]DFRPRHQODEDVHLQGXFWLYLVWDGHODPHWRGRORJtDFLHQWtILFDD
GLIHUHQFLDGHOD$FDGpPLHIUDQFHVDTXHIXHREYLDPHQWHFDUWHVLDQD\ODSUiFWLFDGHOH[SHULPHQWR\OD
H[SHULHQFLDFRPRIXQGDPHQWDOFULWHULRGHYHUGDG,QFOXVRPXFKRVFUH\HURQYHUHQOD5R\DO6RFLHW\
XQDPDWHULDOL]DFLyQGHOLGHDOEDFRQLDQRGHOD1XHYD$WOiQWLGDFRQODDFDGHPLDFRPROD&DVDGHOD
6DELGXUtDDVtLQFOXVRVHODGHVFULEHHQOD+LVWRULDGHOD5R\DO6RFLHW\GH7KRPDV6SUDWW
(UDXQGLVSDUDWHVLQGXGDSHURHVSRVLEOHTXHHVWHEDFRQLDQLVPRH[DJHUDGRWDPELpQWXYLHUDVHQWLGR
SROtWLFR\TXHHOFXOWRD%DFRQPLQLVWURGH&DUORV,HOHMHFXWDGRSDGUHGHOHQWRQFHVUH\HQFXEULHUD
HVSXULRV LQWHUHVHV PRQHWDULRV D GLIHUHQFLD GH OD &DVD GH OD 6DELGXUtD OD 5R\DO 6RFLHW\ HUD XQD
LQVWLWXFLyQSULYDGDTXHQHFHVLWDEDDXWRILQDQFLDUVH\DVtSXHGHVHUTXHHOFXOWREDFRQLDQRIXHUDVyOR
XQDIDFKDGDDOILQ\DOFDERORVPLHPEURVPiVFRQVSLFXRVGHOD6RFLHGDG\FLHQWtILFRVGHSULPHU
RUGHQFRPR%R\OHRHOHQRUPH5REHUW+RRNHVLELHQQRGHMDEDQGHVHUHPSLULVWDVHUDQSOHQDPHQWH
FRQVFLHQWHVGHTXHQHFHVLWDEDQXQDEXHQDGRVLVGHILORVRItDPHFiQLFD
3HUR XQD SRVWXUD FRPR OD FDUWHVLDQD OHV UHVXOWDED LPSRVLEOH \ QR VyOR SRU ODV IDODFLDV GH OD
ItVLFD FDUWHVLDQD SRU HMHPSOR UHVSHFWR GHO YDFtR TXH %R\OH \ +RRNH SURGXFtDQ FRQ VXV ERPEDV
QHXPiWLFDVRODDFFLyQDGLVWDQFLDTXHSURGXFtDHOVDFURKRUURUGHORVFDUWHVLDQRVDXOWUDQ]DVLQR
SRUTXHQRSRGtDQDFHSWDUTXHODItVLFDODTXtPLFD\ODFLHQFLDSRVLWLYDHQJHQHUDOVHGHULYDUDQGH
XQD PHWDItVLFD TXH GHEtD HVR Vt SDUHFHUOHV XQR GH ORV WHPLEOHV tGRORV GH 6LU )UDQFLV TXH
MXVWDPHQWHVHGHEtDQHYLWDU

(OWULXQIRGHOYDFtR
/D H[LVWHQFLD R QR GHO YDFtR R VX PHUD SRVLELOLGDG OyJLFD KDEtD DWUDYHVDGR ORV VLJORV &RPR OHV
FRQWp DO SULQFLSLR HO LQFUHtEOH $ULVWyWHOHV UHFKD]DED HO YDFtR SRU FXHVWLRQHV ILORVyILFDV \ OyJLFDV
SXHVWR TXH HO PHGLR HV HO HQFDUJDGR GH UHWUDVDU HO PRYLPLHQWR HO YDFtR SHUPLWLUtD XQD YHORFLGDG
LQILQLWDORFXDOFRQGXFLUtDDDFHSWDUTXHXQPyYLOSXGLHUDHVWDUHQGRVOXJDUHVVLPXOWiQHDPHQWH/D
HVFXHOD DWRPLVWD SRU VX SDUWH KDEtD SRVWXODGR HO YDFtR GRQGH VH PRYtDQ OLEUHPHQWH ORV iWRPRV
SDUD VDFDU D OD FLHQFLD GHO FDOOHMyQ VLQ VDOLGD HQ HO TXH OD KDEtD PHWLGR 3DUPpQLGHV FRQ VX 6HU
LQPyYLO TXH OR OOHQDED WRGR XQLIRUPHPHQWH \ QR SHUPLWtD SHQVDU HQ QDGD TXH QR IXHUD pO /D
SRVWXODFLyQGHODH[LVWHQFLDGHOYDFtRSRUSDUWHGHORVDWRPLVWDVFRQVWLWXtDSDUD$ULVWyWHOHVUD]yQ
VXILFLHQWH SDUD UHFKD]DU GH SODQR VX WHRUtD 'RV PLO DxRV GHVSXpV HO DVXQWR QR HVWDED WRGDYtD
UHVXHOWR
(VLQWHUHVDQWHVHJXLUHOLWLQHUDULRGHHVWDFXHVWLyQTXHHUDXQDGHODVWDQWDVJUDQGHVGLFRWRPtDVX
RSRVLFLRQHVTXHDUUDVWUDEDODFLHQFLDGHVGHOD$QWLJHGDGMXQWRDODGHODREVHUYDFLyQRODWHRUtDOD
ILQLWXGRLQILQLWXGORViWRPRVRHOFRQWLQXXP\WDQWDVRWUDV
/D HQRUPH DXWRULGDG GH $ULVWyWHOHV KDEtD RVFXUHFLGR OD LGHD GH YDFtR DXQTXH PXFKRV
PHGLHYDOHVSXGLHURQSHQVDUHQVXSRVLELOLGDGDOILQ\DOFDERVL'LRVHUDRPQLSRWHQWHSRGtDFUHDU
XQYDFtRVLVHOHGDEDODJDQDHUDPiVSRGHURVRTXH$ULVWyWHOHVDOILQGHFXHQWDV
1R REVWDQWH SUHGRPLQDED OD LGHD DULVWRWpOLFD GH TXH OD QDWXUDOH]D RGLD HO YDFtR HO KRUURU
YDFXL QRPEUH TXH OH GLHURQ DOJXQRV SHQVDGRUHV PHGLHYDOHV HVFROiVWLFRV TXH HUD QHFHVDULR SDUD
H[SOLFDUXQHMHPSORFRWLGLDQR\REYLRFRPRHOGHODYHQWRVDXQDYH]DSUHWDGDFRQWUDXQDVXSHUILFLH
QR SXHGH YROYHU D VX IRUPD RULJLQDO SRUTXH HVWR VXSRQGUtD JHQHUDU YDFtR \ FRPR WDO FRVD HV
LPSRVLEOHODYHQWRVDSHUPDQHFHHQWRQFHVDGKHULGDDODVXSHUILFLHVREUHODTXHVHDSUHWy(VOyJLFR
HTXLYRFDGRSHUROyJLFR/RPLVPRVHSXHGHGHFLUGHXQIXHOOHDOTXHVHWUDWDGHDEULUPLHQWUDVVH
WDSD VX ERFD GH HQWUDGD (YLGHQWHPHQWH HVWDV LPSRVLELOLGDGHV LQGLFDEDQ TXH OD QDWXUDOH]D RGLD HO
YDFtR FRPR FRQ RWUDV SDODEUDV VRVWHQtD $ULVWyWHOHV H LQFOXVR 3ODWyQ (VWH WLSR GH HYLGHQFLDV
VLUYLHURQHQOD(GDG0HGLDFRPRDUJXPHQWRGHILQLWLYR
(VR ORV PHGLHYDOHV SHUR VLQ LU PX\ OHMRV HO SURSLR 'HVFDUWHV FRPR OHV FRQWp HQ HO FDStWXOR
SDVDGRQHJyVXSRVLELOLGDGVLQXVDUQLQJ~QHOHPHQWRGLYLQRDOLGHQWLILFDUPDWHULD\H[WHQVLyQ
XQ DWULEXWR TXH QR SRGtD H[LVWLU SRU VHSDUDGR HV GHFLU HVSDFLR SXUR /D FXHVWLyQ QR HUD PHQRU
SRUTXH OR TXH VH HVWDED GLVFXWLHQGR HQ UHDOLGDG HUD OD HVWUXFWXUD GHO HVSDFLR \ GH UHERWH GHO
WLHPSR VL SRGtD KDEHU YDFtR WDPELpQ SRGtD KDEHU HVSDFLR SXUR \ HO HVSDFLR SXUR DQWHULRU D OD
PDWHULD \ D ORV IHQyPHQRV TXH HQ pO DFRQWHFLHUDQ HUD HO TXH DQVLRVDPHQWH QHFHVLWDED OD QXHYD
FLHQFLDODTXHVHIRUMyUHFLpQFRQORV3ULQFLSLDGH1HZWRQ
(OH[SHULPHQWRFOiVLFRSDUDGHPRVWUDUHOKRUURUDOYDFtRGHODQDWXUDOH]DHUDHOTXHVHREVHUYDED
FRQODVERPEDVGHVXFFLyQWXERVHQORVTXHVHJHQHUDHOYDFtRHQODSDUWHGHDUULED\SRUORVFXDOHV
HO DJXD VXEH GHVGH XQ SR]R DO KDFHUVH HO YDFtR HQ HO FDxR GH OD ERPED HO DJXD VH SUHFLSLWDED D
OOHQDUOR
(O SUREOHPD HUD TXH OD QDWXUDOH]D SDUHFtD WHQHUOH KRUURU DO YDFtR SHUR QR WDQWR VL HO FDxR GH
VXFFLyQHUDVXILFLHQWHPHQWHODUJRDORVPHWURVDSUR[LPDGDPHQWHHODJXDGHMDEDGHDVFHQGHU\
DOOtVHTXHGDEDVLQSUHFLSLWDUVHSDUDQDGDDOOHQDUODSDUWHVXSHULRUGHOFDxR/RVSRFHURVORVDEtDQ
PX\ELHQ
<IXHXQRGHHOORVHOTXHUHVROYLyFRQVXOWDUDOSURSLR*DOLOHRTXHHQVD\yXQDH[SOLFDFLyQGHSRU
TXpHODJXDQRVHHOHYDEDPiVDOOiGHHVDPHGLGD\DGRSWyXQDVROXFLyQLQWHUPHGLDODUXSWXUDGHOD
EDUUDGHDJXDHUDFRPSDUDEOHFRQODUXSWXUDGHXQDEDUUDGHFXDOTXLHUPDWHULDOTXHVHHVWLUDPiVDOOi
GHVXVSRVLELOLGDGHV/DFROXPQDGHDJXDHQGHWHUPLQDGRPRPHQWRYHQFHVXUHVLVWHQFLDLQWHUQD\VH
TXHGD DKt /D H[SOLFDFLyQ HUD IORMD \D TXH QR UHVROYtD OD FXHVWLyQ GH IRQGR VL HO DJXD GHMDED GH
VXELUTXpHVORTXHKDEtDHQWUHODFROXPQDGHDJXD\ODSDUWHVXSHULRUGHOFDxR"
<DSRUHQWRQFHVKDEtDTXLHQHVDYHQWXUDEDQRWUDH[SOLFDFLyQHOHOHYDUVHGHODFROXPQDGHDJXD
QRVHGHEtDDOKRUURUDOYDFtRQLDQDGDGHtQGROHPHWDItVLFDVLQRVHQFLOODPHQWHDODSUHVLyQGHODLUH
VREUHHODJXDTXHDOQRHQFRQWUDUUHVLVWHQFLDGHQWURGHOWXERVXEtDSRUpOKDVWDTXHHOSHVRGHOD
FROXPQDGHQWURGHOFDxRHTXLOLEUDEDODSUHVLyQHMHUFLGDSRUHODLUH
$VtVHORKL]RVDEHUHQXQDFDUWDGHOGHRFWXEUHGHXQMRYHQILOyVRIR%DOLDQLD*DOLOHR
\WDPELpQ,VDDF%HHFNPDQHOTXHIXHUDPDHVWURGH'HVFDUWHVORKDEtDVRVWHQLGRSHUR*DOLOHRQROH
KL]RFDVR
(OWHPDGHOSHVRGHODLUHHVWDEDOLWHUDOPHQWHHQHODLUH
3HURHQ5RPDPLHQWUDVWDQWRVHGLVFXWtD\VHH[SHULPHQWDED/D$FFDGHPLDGHO&LPHQWRPRQWy
XQWXERGHPiVGHGLH]PHWURVUHPDWDGRSRUXQDHVIHUDGHYLGULRGHGRQGHVHH[WUDMRHODLUH\VH
VHOOyODHVIHUDHODJXDREHGLHQWHVXELyKDVWDORVGLH]PHWURV\DOOtVHTXHGy
*DVSDUR %HUWL DGPLUDGRU \ VHJXLGRU GH *DOLOHR GHFLGLy UHSURGXFLU HO IHQyPHQR HQ VX SURSLD
FDVD\HOUHVXOWDGRIXHHOTXHWRGRVHVSHUDEDQHODJXDVHHOHYDEDKDVWDORVGLH]PHWURV\QRLEDPiV
DOOiQROOHJDEDDOOHQDUODHVIHUDGHFULVWDO(OPLVWHULRVHJXtDHQSLHTXpTXHGDEDHQODHVIHUD
TXH KDEtD VLGR FHUUDGD KHUPpWLFDPHQWH" %HUWL VRVWXYR TXH VH WUDWDED GH XQ HVSDFLR YDFtR SHUR HO
MHVXLWD $WDQDVLXV .LUFKHU ILHO D OD HVFROiVWLFD OR QHJy \ VRVWXYR TXH KDEtD HQWUDGR DLUH /RV
FDUWHVLDQRV SRU VX SDUWH VRVWHQtDQ TXH QR KDEtD YDFtR VLQR PDWHULD VXWLO TXH KDEtD HQWUDGR
DWUDYHVDQGR HO YLGULR (VWD KLVWRULD GH OD PDWHULD VXWLO HUD XQD LGHD PX\ FRQIXVD \ VHUYtD SDUD
H[SOLFDUGLJDPRVXQPRQWyQGHIHQyPHQRVSHURQRWHQtDHOPiVPtQLPRFRQWHQLGRH[SHULPHQWDO
.LUFKHU HQWRQFHV KL]R XQ H[SHULPHQWR LQJHQLRVR \ VHJ~Q FUHtD FUXFLDO ORJUy LQVWDODU XQD
FDPSDQLOOD GHQWUR GH OD HVIHUD GH FULVWDO \ OD DFFLRQy PHGLDQWH XQ LPiQ GDGR TXH WRGRV ORV
SUHVHQWHVSXGLHURQHVFXFKDUHOVRQLGRQRSRGtDVHUYDFtRORTXHKDEtDHQHOLQWHULRUGHODHVIHUDOR
FXDOFHUUDEDHOSUREOHPDSDUDpODXQTXHQRSDUDORVSDUWLGDULRVGHOYDFtRDOILQ\DOFDERODHVIHUD
SRGtDQRHVWDUWDQKHUPpWLFDPHQWHVHOODGD\HODLUHSRGtDKDEHUVHILOWUDGRRKDEHUTXHGDGRDOJRGH
pO 2 VHD TXH HO H[SHULPHQWR QR HUD WDQ FUXFLDO \ HVWR HV DOJR TXH SDVD D PHQXGR FRQ ORV DVt
OODPDGRVH[SHULPHQWRVFUXFLDOHVVyORFRQYHQFHQHQSULQFLSLRDORVTXH\DHVWiQFRQYHQFLGRV
 0DJQRWLXQDPLJRGH%HUWLEXVFySDUDUHSHWLUHOH[SHULPHQWRODD\XGDGH(YDQJHOLVWD7RUULFHOOL
XQItVLFR\PDWHPiWLFRLWDOLDQRTXHKDEtDVLGRDFHSWDGRFRPRGLVFtSXORGHOPLVPtVLPR
*DOLOHR SHUR VXJLULy KDFHUOR FRQ DJXD GH PDU OR TXH SHUPLWtD SXHVWR TXH HO DJXD GH PDU HV PiV
SHVDGDXVDUWXERVPiVFRUWRV\PiVIiFLOHVGHFRQVHJXLU9LYLDQLSRUVXSDUWHVXJLULyHOPHUFXULR
FRQORFXDOEDVWDEDFRQXQWXERGHYLGULRGHXQPHWUR$FRVWXPEUDGRVDORVJUDQGHVH[SHULPHQWRVGH
KR\\DVHDHO6XSHUFROLVLRQDGRUGHKDGURQHVOD0iTXLQDGH'LRVRODVVRQGDVTXHVHHQYtDQ
D0DUWHQRSRGHPRVLPDJLQDUDGHFXDGDPHQWHODVGLILFXOWDGHVGHHVWDJHQWHSDUDFRQVHJXLUDSDUDWRV
DSURSLDGRVDXQORVPiVVLPSOHVFRPRWXERVGHYLGULR$XQTXHVLVHORSLHQVDELHQODVGLILFXOWDGHV
GH TXLHQHV OOHYDURQ DGHODQWH HO H[SHULPHQWR TXH HVWi HQ PDUFKD WUDV HO ERVyQ GH +LJJV SDUD
FRQVHJXLU ORV DEXOWDGRV SUHVXSXHVWRV TXH QHFHVLWDEDQ QR IXHURQ SUHFLVDPHQWH OHYHV 1DGD FDPELD
WDQWR
)LQDOPHQWH HO  GH MXQLR GH  GRV DxRV GHVSXpV GH OD PXHUWH GH *DOLOHR 7RUULFHOOL
FRPXQLFy TXH HIHFWLYDPHQWH QR VyOR KDEtD YDFtR HQ OD SDUWH VXSHULRU GHO WXER VLQR TXH DGHPiV
pVWHVHGHEtDDODSUHVLyQGHODLUHH[WHULRU
7RUULFHOOLQRYROYLyDUHIHULUVHDODVXQWR\DTXHWRGDYtDHUDSHOLJURVRHQIUHQWDUVHDODSROLOODGR
HVFRODVWLFLVPRGHOD,JOHVLDKDEtDQSDVDGRDSHQDVGLH]DxRVGHOMXLFLRD*DOLOHRSHURVHHQFDUJy
GHTXHVHHQWHUDUDHOSDGUH0HUVHQQHTXHHUDXQDHVSHFLHGHFRQPXWDGRUFHQWUDOGHODFKLVPRJUDItD
FLHQWtILFD GH OD pSRFD %DVWDED TXH HO SDGUH 0HUVHQQH VH HQWHUDUD GH DOJR SDUD TXH VH HQWHUDUDQ
WRGRV DO ILQ \ DO FDER ODV UHXQLRQHV GH FLHQWtILFRV HQ VX FHOGD IXHURQ HO HPEULyQ GH OD $FDGHPLD
)UDQFHVD
0HUVHQQH FRPR HUD GH HVSHUDU YROy HV XQ GHFLU IXH REYLDPHQWH SRU WLHUUD D ,WDOLD GRQGH
SUHVHQFLy XQD UHSHWLFLyQ GHO H[SHULPHQWR GHO PHUFXULR \ DO YROYHU D )UDQFLD KDEOy GHO DVXQWR D
3LHUUH 3HWLW 3DVFDO LQJHQLHUR \ FRQVHMHUR UHDO \ SDGUH GHO IDPRVR %ODLVH TXH UHSURGXMR HO
H[SHULPHQWRREWHQLHQGRLGpQWLFRVUHVXOWDGRV
1DWXUDOPHQWH QL ORV HVFROiVWLFRV QL ORV FDUWHVLDQRV VH FRQYHQFLHURQ SDUD ORV SULPHURV HO
HVSDFLRYDFtRHVWDEDOOHQRGHYDSRUHVGHPHUFXULRSDUDORVFDUWHVLDQRVGHPDWHULDVXWLO
3DVFDOGLVHxyXQH[SHULPHQWRYLVWRVRSDUDUHIXWDUDORVHVFROiVWLFRVKL]ROOHQDUXQWXERGHDJXD
\ RWUR GH YLQR WLQWR SUHJXQWDQGR D ORV DVLVWHQWHV FXiO FUHtDQ TXH LED D DOFDQ]DU PD\RU DOWXUD /D
UHVSXHVWD JHQHUDO IXH TXH VHUtD HO DJXD \D TXH HO YLQR PiV YROiWLO GHMDUtD HPDQDU PiV YDSRUHV
6XFHGLyORFRQWUDULRHOYLQRVHHOHYyXQRVFXDQWRVFHQWtPHWURVSRUHQFLPDGHODJXD
/XHJRGHHVWR3DVFDOUHDOL]yORVIDPRVRVH[SHULPHQWRVGHOPRQWH3X\GH'RPHSDUDUHIXWDUODV
WHVLVFDUWHVLDQDVTXHpOYHtDFRPRXQQXHYRDULVWRWHOLVPR\HQFLHUWRPRGRWHQtDUD]yQ0LGLyDOOt
ODFROXPQDGHPHUFXULRDGLIHUHQWHVDOWXUDVVREUHHOQLYHOGHOPDU\SXGRFRPSUREDUTXHFXDQWRPiV
VH DVFHQGtD PiV EDMDED OD FROXPQD OD LGHD GH SUHVLyQ DWPRVIpULFD HVWDED HQ PDUFKD GH KHFKR
3DVFDOKDEtDLQYHQWDGRHOEDUyPHWUR
(O IDQWDVPD GHO YDFtR UHFRUUtD (XURSD HQ 0DJGHEXUJR $OHPDQLD 2WWR YRQ *XHULFNH KL]R OD
IDPRVDH[SHULHQFLDS~EOLFDGHORVKHPLVIHULRV-XQWyGRVHVIHUDVPHWiOLFDVKXHFDVGHOLWURVGH
FDSDFLGDGKL]RHOYDFtRHQHOODV\OXHJRSUREyTXHQRDOFDQ]DEDFRQRFKRFDEDOORVGHFDGDODGR
SDUDVHSDUDUODV&XDQGRVHGHMDEDHQWUDUHODLUHSRUHOFRQWUDULRKDFtDIDOWDXQDIXHU]DPtQLPD
(Q WDQWR HQ OD 5R\DO 6RFLHW\ %R\OH \ +RRNH GLVHxDURQ XQD ERPED QHXPiWLFD TXH SHUPLWtD
REWHQHUYDFtRVPiVIiFLOPHQWH\JUDFLDVDODFXDOFXHQWD1HZWRQHQORV3ULQFLSLDSXGRYHUVHD
ODSOXPD\ODSLHGUDFDHUVLPXOWiQHDPHQWHFRPRVRVWHQtDODOH\GH*DOLOHR
(OWULXQIRGHOYDFtRWLHQHXQDGREOHVLJQLILFDFLyQSRUHPSH]DUPRVWUyFyPRXQH[SHULPHQWRHQ
ODOtQHDLQGXFWLYDSRGtDGHVWURQDUXQDWHRUtDGHULYDGDGHXQDFRQFHSFLyQ\VLVWHPDPHWDItVLFRWDQWR
HQHOFDVRGH$ULVWyWHOHVFRPRHQHOGH'HVFDUWHVTXHKDEtDGXUDGRVLJORV3RUHORWURIRUWDOHFtDOD
WHRUtD GHO HVSDFLR DEVROXWR \ SUHYLR \ OD GH ORV DWRPLVWDV TXH 1HZWRQ WDPELpQ DGRSWy \ TXH
SHUPLWLUtDHOFRPSURPLVRGH
(OYDFtRKDEtDWULXQIDGR
3HURWHQGUtDVLJORVPiVWDUGHQXHYRVGLYHUWLGRV\YLVWRVRVDYDWDUHV
 &$378/2

/DFLUFXODFLyQGHODVDQJUH\ODVQXHYDVSROpPLFDVELROyJLFDV

(OGHVFXEULPLHQWRGHODFLUFXODFLyQGHODVDQJUHIXHXQKLWRIDQWiVWLFRHQODKLVWRULDGHODPHGLFLQD\
GH OD ILVLRORJtD KXPDQD QR FDEH GXGD 3HUR FRPR \D GLMR PXFKDV YHFHV HO YROiWLO DXWRU GH HVWDV
SiJLQDV OD PHGLFLQD YHUGDGHUDPHQWH FLHQWtILFD VH SRGUtD GHFLU QHZWRQLDQD VyOR FRPHQ]y HQ HO
VLJOR;,;FXDQGRPiVRPHQRVVHUHVROYLHURQORVFRQIOLFWRVWHyULFRVRIXHURQFRQYHUJLHQGRKDFLDXQD
VtQWHVLV FXDQGR VH PHMRUDURQ GHFLVLYDPHQWH ORV PLFURVFRSLRV \ FXDQGR OD TXtPLFD FRPHQ]y D
SRQHUVH D WLUR GH ODV QHFHVLGDGHV PpGLFDV UHFRUGHPRV TXH KDVWD HO VLJOR ;,; QR KXER DVHSVLD QL
YDFXQDV QL DQWLELyWLFRV QL DQHVWHVLD QL UD\RV ; KDVWD HQWUDGR HO VLJOR ;; QL WRGD OD SDUDIHUQDOLD
PpGLFDGHOVLJOR ;;,TXHPXFKRVFULWLFDQSRUVHUXQDPHGLFLQDGHVSHUVRQDOL]DGDSHURTXHORJUD
DOFDQFH PDVLYR XQ FRQWURO GH OD HQIHUPHGDG \ XQD H[WHQVLyQ GH OD YLGD TXH ORV SHUVRQDOL]DGRV
PpGLFRVGHHVWDVpSRFDVQRORJUDEDQ
3RUHOPRPHQWRWRGRHUDQDSURQWHV

:LOOLDP+DUYH\
+DEtDQDFLGRHQ)RONHVWRQH.HQWXQFRQGDGRLQJOpVDOVXGHVWHGH/RQGUHVHOGHDEULOGH
)XHHOPD\RUGHORVVLHWHKLMRVGHXQSHTXHxRWHUUDWHQLHQWH\JUDQMHUR(VWXGLyHQOD.LQJV6FKRROGH
&DQWHUEXU\ \ HQ HO &DLXV &ROOHJH GH &DPEULGJH GRQGH REWXYR VX OLFHQFLDWXUD HQ +XPDQLGDGHV \
FRPHQ]ySUREDEOHPHQWHDHVWXGLDUPHGLFLQDSHURSURQWRVHWUDVODGyD3DGXDGRQGHVHGLVFXWtDQR
VyORVREUHHOPRYLPLHQWRHQJHQHUDOUHFXHUGHQTXHDOOt*DOLOHRORJUDEDPHGLDQWHVXVH[SHULPHQWRV
HPStULFRV\PHQWDOHVUHVROYHUHOSUREOHPDGHODFDtGDOLEUHHQWUHRWURVVLQRVREUHHOPRYLPLHQWR
GH OD VDQJUH \ GRQGH IXH GLVFtSXOR GH *LURODPR )DEULFLR TXH OR RULHQWy KDFLD ORV SUREOHPDV
HPEULROyJLFRV\ILVLROyJLFRV
6HGRFWRUyHQ0HGLFLQDHQ\WUDVYROYHUD,QJODWHUUDVHFDVyFRQ(OL]DEHWK%URZQH)XHXQ
EXHQFDVDPLHQWR\DTXHVXHVSRVDHUDODKLMDGHXQIDPRVRPpGLFR/DQFHORW%URZQHHOFRQVHFXHQWH
DFFHVR GLUHFWR D ORV FtUFXORV PiV SUHVWLJLRVRV GH OD SURIHVLyQ VXPDGR D VXV PpULWRV SURSLRV
QDWXUDOPHQWHOHSHUPLWLyGHVDUUROODUXQDH[LWRVDFDUUHUDHQIXHQRPEUDGRPpGLFRGHOKRVSLWDO
GH6DQ%DUWRORPpGH/RQGUHVGHVSXpVGHKDEHUVLGRHOHJLGRPLHPEURGHOFRQVHMRGHJRELHUQRGHO
&ROOHJH RI 3K\VLFLDQV &ROHJLR GH 0pGLFRV HQ  \ HQ  OOHJy D VHU FRPR OR KDEtD VLGR
*LOEHUWDTXLHQ\DPHQFLRQDPRVDOJXQDVYHFHV\TXHVHUiSURWDJRQLVWDGHOSUy[LPRFDStWXORXQRGH
ORV PpGLFRV GH -DFRER , (Q  +DUYH\ UHFLELy XQ QRPEUDPLHQWR D~Q PiV SUHVWLJLRVR FRPR
PpGLFRSHUVRQDOGHOKLMRGH-DFRER,&DUORV,TXHDFFHGLyDOWURQRHQ&RPRUHFRPSHQVDSRU
HVWRV VHUYLFLRV HQ  D ORV  DxRV GH HGDG IXH QRPEUDGR GLUHFWRU GHO 0HUWRQ &ROOHJH GH
2[IRUG6LQHPEDUJRHQFXDQGRODJXHUUDFLYLOHQWUHHOUH\\HO3DUODPHQWRDVRODED,QJODWHUUD
2[IRUG FD\y GHQWUR GH OD HVIHUD GH LQIOXHQFLD GH ODV IXHU]DV SDUODPHQWDULDV SRU OR TXH +DUYH\
UHQXQFLyDVXFDUJRDXQTXHWpFQLFDPHQWHFRQVHUYyVXSXHVWRGHPpGLFRUHDOKDVWDTXH&DUORV,IXH
GHFDSLWDGRHQ\OOHYyXQDYLGDWUDQTXLODKDVWDVXPXHUWHHOGHMXQLRGH

/DFLUFXODFLyQGHODVDQJUH
3DUHFH TXH +DUYH\ \D HVWDED HQ SRVHVLyQ GH OD LGHD GH OD FLUFXODFLyQ HQ  GH KHFKR HQ XQDV
QRWDVPDQXVFULWDVSDUDODVOHFFLRQHVGHDQDWRPtDTXHLPSDUWtDHQHO5R\DO&ROOHJHRI3K\VLFLDQVGH
/RQGUHVGHFtD

/DHVWUXFWXUDGHOFRUD]yQGHPXHVWUDTXHODVDQJUHHVWUDQVSRUWDGDFRQWLQXDPHQWHDODDRUWDD
WUDYpVGHORVSXOPRQHVDODPDQHUDGHXQDERPEDSDUDHOHYDUDJXD0HGLDQWHOLJDGXUDVVH
PXHVWUDHOSDVDMHGHODVDQJUHGHODVDUWHULDVDODVYHQDV4XHGDSRUORWDQWRSUREDGRTXHHO
SXOVRGHOFRUD]yQSURGXFHXQPRYLPLHQWRFLUFXODUSHUSHWXRGHODVDQJUH

6LQ HPEDUJR UHFLpQ HQ  SXEOLFy XQ SHTXHxR OLEUR GH  SiJLQDV 'H 0RWX &RUGL VHW
6DQJXLQLVLQ$QLPDOLEXV6REUHHOPRYLPLHQWRGHOFRUD]yQ\GHODVDQJUHHQORVDQLPDOHVGRQGH
DQXQFLDEDVXIDEXORVRGHVFXEULPLHQWR
$QWHVGH+DUYH\ORVFRQRFLPLHQWRVTXHVHKDEtDQLGRWUDQVPLWLHQGR\TXHVHUHPRQWDEDQKDVWD
*DOHQR \ pSRFDV D~Q DQWHULRUHV FRLQFLGtDQ HQ TXH OD VDQJUH VH IDEULFDED HQ HO KtJDGR \ HUD
WUDQVSRUWDGDDWUDYpVGHODVYHQDVSRUWRGRHOFXHUSRSDUDOOHYDUDOLPHQWRDORVWHMLGRV\VHFRQVXPtD
WRWDOPHQWHHQHVWHSURFHVRGHWDOIRUPDTXHVHWHQtDTXHSURGXFLUVDQJUHQXHYDFRQVWDQWHPHQWH6H
FRQVLGHUDEDTXHODIXQFLyQGHOVLVWHPDDUWHULDOHUDWUDQVSRUWDUHOHVStULWXYLWDOGHVGHORVSXOPRQHV
\UHSDUWLUORSRUWRGRHOFXHUSR
(Q  HO PpGLFR \ WHyORJR HVSDxRO 0LJXHO 6HUYHW H[SOLFDED HQ VX OLEUR &KULVWLDQLVPL
5HVWLWXWLR OD FLUFXODFLyQ PHQRU GH OD VDQJUH HQ OD TXH pVWD YLDMD GHVGH HO ODGR GHUHFKR GHO
FRUD]yQKDVWDHOODGRL]TXLHUGRGHOPLVPRSDVDQGRSRUORVSXOPRQHV\QRDWUDYpVGHXQRVGLPLQXWRV
RULILFLRVGHXQDSDUHGTXHGLYLGtDHOFRUD]yQFRPRKDEtDGLFKR*DOHQRODFLUFXODFLyQPHQRUKDEtD
VLGR VRVWHQLGD R LQWXLGD WDPELpQ SRU DOJXQRV PpGLFRV iUDEHV 6HUYHW SODQWHy HVD FRQFOXVLyQ \ OD
SUHVHQWyFRPRXQDGLJUHVLyQGHQWURGHXQWUDWDGRGHWHRORJtD3HURVXVSXQWRVGHYLVWDHUDQKHUpWLFRV
UHVSHFWRGHOFDOYLQLVPRWHRFUiWLFRTXHFDPSHDEDHQ*LQHEUDGRQGHIXHHQFDUFHODGR\TXHPDGRHQOD
KRJXHUD HQ  7DPELpQ VXV OLEURV IXHURQ TXHPDGRV \ VyOR VH VDOYDURQ WUHV FRSLDV GH
&KULVWLDQLVPL5HVWLWXWLR
'HWRGRVPRGRV6HUYHWQRHMHUFLyQLQJXQDLQIOXHQFLDVREUHODFLHQFLDGHVXpSRFD\+DUYH\QR
OOHJyDVDEHUQDGDVREUHVXREUDDXQTXHFRQWRGDVHJXULGDGVtFRQRFLyODGH5HDOGR&RORPERULYDO
GH 9HVDOLR TXH KDEtD SXEOLFDGR HQ  XQ WUDWDGR HQ HO TXH VRVWHQtD TXH OD VDQJUH SDVDED GH OD
SDUWH GHUHFKD GHO FRUD]yQ D OD L]TXLHUGD D WUDYpV GH ORV SXOPRQHV 7DPELpQ HQ 3DGXD HO PpGLFR
JDOHQLVWD (XVWDTXLR 5XGLR HQ  KDEtD UHHGLWDGR XQD REUD VX\D GH  GRQGH GHVFULEtD OD
FLUFXODFLyQPHQRUORFXDOSURYRFyXQDSROpPLFDGHSULRULGDGHVFRQ&RORPER&RPRVHYHHOWHPD
HVWDEDHQHODLUHRHQODVDQJUHGHODpSRFD
(Q UHDOLGDG GHVGH *DOHQR HQ DGHODQWH VLHPSUH VH KDEtD SHQVDGR TXH ODV YHQDV \ ODV DUWHULDV
WUDQVSRUWDEDQVXVWDQFLDVGLIHUHQWHVHVGHFLUGRVWLSRVGHVDQJUH
/DFRVDHVFRPSOLFDGDSRUTXHXQRSRGUtDGHFLUTXHHOFRUD]yQHVWiIRUPDGRUHDOPHQWHSRUGRV
FRUD]RQHVHQXQRVRORODPLWDGGHODGHUHFKDERPEHDVDQJUHVLQR[tJHQRKDFLDORVSXOPRQHVGRQGH
OD VDQJUH WRPD R[tJHQR \ UHJUHVD D OD PLWDG L]TXLHUGD GHO FRUD]yQ TXH D VX YH] ERPEHD OD VDQJUH
R[LJHQDGDDWRGRHOFXHUSR8QRGHORVSXQWRVFODYHSDUD+DUYH\IXHODFRPSUHQVLyQGHODIXQFLyQGH
ODVYiOYXODVYHQRVDVTXH\DVHFRQRFtDQSHURTXHIXHURQGHVFULSWDV\HVWXGLDGDVPLQXFLRVDPHQWHSRU
VXPDHVWURHQ3DGXD)DEULFLXVGH$FTXDSHQGHQWHHQGHPRVWUDFLRQHVS~EOLFDVHQ
\ SRVWHULRUPHQWH HQ XQ OLEUR FRQ LOXVWUDFLRQHV PX\ SUHFLVDV SXEOLFDGR HQ  3HUR )DEULFLR QR
DFHUWyDGDUFRQODIXQFLyQGHODVPLVPDVSHQVyTXHOR~QLFRTXHKDFtDQHUDIUHQDUHOIOXMRVDQJXtQHR
TXHSDUWtDGHOKtJDGRSDUDTXHSXGLHUDVHUDEVRUELGRSRUORVWHMLGRVGHOFXHUSR
+DUYH\OOHJyDXQDFRQFOXVLyQGLIHUHQWHODVYiOYXODVLPSRQHQXQIOXMRGHGLUHFFLyQ~QLFRTXH
KDFHTXHODVDQJUHYLDMHSRUODVYHQDV~QLFDPHQWHKDFLDHOFRUD]yQGHGRQGHWLHQHTXHVDOLUFRPR
VDQJUH DUWHULDO \ YLDMDU D WUDYpV GH GLPLQXWRV FDSLODUHV TXH XQHQ ORV VLVWHPDV DUWHULDO \ YHQRVR
HQWUDQGRDVtODVDQJUHGHQXHYRHQODVYHQDV3RURWUDSDUWHFRPEDWtDODFUHHQFLDTXHYHQtDGHVGH
*DOHQRGHODH[LVWHQFLDGHGLPLQXWRVSRURVTXHVHSDUDEDQORVGRVYHQWUtFXORVGHOFRUD]yQ

$XQ VXSRQLHQGR TXH HO WDELTXH WXYLHUD SRURV FyPR HV SRVLEOH TXH XQR GH ORV YHQWUtFXORV
H[WUDLJDDOJRGHORWURGDGRTXHVHFRQWUDHQ\VHH[SDQGHQVLPXOWiQHDPHQWH"

+DUYH\ IXH FDXWR \ SRU HVR UHWUDVy OD SXEOLFDFLyQ (UD PX\ FRQVFLHQWH GH OD QRYHGDG GH VX
SRVWXUD\DVtORKDFtDVDEHUHQODGHGLFDWRULDDOUH\SRUVXSXHVWR\DVXVFROHJDVPpGLFRV

7UDV LQYHVWLJDU QXHYH DxRV R PiV KH YHQLGR FRQILUPDQGR PL RSLQLyQ FRQ PXFKDV
GHPRVWUDFLRQHVRFXODUHVODKHYHQLGRLOXVWUDQGRFRQUD]RQHV\DUJXPHQWRV\ODKHOLEUDGRGH
REMHFLRQHVGHGRFWtVLPRV\PHULWtVLPRVDQDWyPLFRV

<DKDEtDQWUDQVFXUULGRFLQFXHQWDDxRVGHVGHODSXEOLFDFLyQGHOD)DEEULFDGH9HVDOLRSHURHQ
DOJXQRV FtUFXORV VHJXtD H[LVWLHQGR XQD IXHUWH RSRVLFLyQ D ORV LQWHQWRV GH UHYLVDU ODV HQVHxDQ]DV GH
*DOHQR \ WHQtD TXH SUHVHQWDU HO FDVR FRQ XQD FODULGDG PHULGLDQD FRQ HO ILQ GH GHPRVWUDU TXH OD
FLUFXODFLyQ GH OD VDQJUH HUD XQ KHFKR UHDO < HV SUHFLVDPHQWH OR TXH KL]R XWLOL]DQGR
VLVWHPiWLFDPHQWHFRPRORKLFLHUD*LOEHUWHOPpWRGRH[SHULPHQWDO
3HUR\DVDEHPRVTXHFRQHVRQRDOFDQ]DED+DUYH\VHYDOLyREYLDPHQWHGHODGHGXFFLyQTXHOH
VLUYLySDUDFRPSUREDUVXKLSyWHVLVPHGLDQWHXQDJHQLDO\VHQFLOODSUXHEDDULWPpWLFD(QSULPHUOXJDU
PLGLyODFDSDFLGDGGHOFRUD]yQ\FDOFXOyODFDQWLGDGGHVDQJUHTXHERPEHDEDDODVDUWHULDVSRUFDGD
SXOVDFLyQ 2EWXYR TXH HQ FDGD ODWLGR ERPEHDED SRU WpUPLQR PHGLR  JUDPRV GH VDQJUH OR FXDO
VLJQLILFDEDTXHHQPHGLDKRUDGXUDQWHODFXDOVHSURGXFHQPiVGHPLOODWLGRVKDEUtDQSDVDGRSRUHO
FRUD]yQPiVGHNJGHVDQJUH(VDFDQWLGDGHVVXSHULRUDODTXHKD\HQWRGRHOFXHUSRSRUORFXDOHV
REYLRTXHQRSRGtDVHUSURGXFLGDSRUHODOLPHQWR(UJRODFDQWLGDGTXHFLUFXODEDFRQWLQXDPHQWHSRU
ODVYHQDV\ODVDUWHULDVWHQtDTXHVHUPXFKRPHQRU8QUD]RQDPLHQWRSHUIHFWR
+DUYH\FRQVWUX\yVXWHRUtDXWLOL]DQGRXQDFRPELQDFLyQGHH[SHULPHQWRV\REVHUYDFLRQHV$XQTXH
QRSRGtDYHUODVGLPLQXWDVFRQH[LRQHVH[LVWHQWHVHQWUHODVYHQDV\ODVDUWHULDVGHPRVWUyTXHGHEtDQ
H[LVWLU DWDQGR XQD FXHUGD R OLJDGXUD DOUHGHGRU GH XQ EUD]R /DV DUWHULDV VH HQFXHQWUDQ D PD\RU
SURIXQGLGDGTXHODVYHQDVEDMRODVXSHUILFLHGHOEUD]RSRUORTXHDIORMDQGROLJHUDPHQWHODOLJDGXUD
GHMDED TXH OD VDQJUH IOX\HUD D WUDYpV GH ODV DUWHULDV PLHQWUDV OD FXHUGD VHJXtD HVWDQGR OR
VXILFLHQWHPHQWHDSUHWDGDSDUDHYLWDUTXHODVDQJUHUHWURFHGLHUDSRUODVYHQDV(OUHVXOWDGRHUDTXH
ODVYHQDVVHKLQFKDEDQEDMRODOLJDGXUDRVHDTXHVHJXtDQUHFLELHQGRVDQJUHTXHVyORSRGtDSURYHQLU
GHODVDUWHULDV+DUYH\LQGLFyWDPELpQTXHODUDSLGH]FRQTXHORVYHQHQRVSRGtDQUHSDUWLUVHSRUWRGR
HO FXHUSR HQFDMDED FRQ OD LGHD GH TXH OD VDQJUH FLUFXOD FRQWLQXDPHQWH $GHPiV OODPy OD DWHQFLyQ
VREUHHOKHFKRGHTXHODVDUWHULDVTXHVHHQFXHQWUDQFHUFDGHOFRUD]yQVRQPiVJUXHVDVTXHODVTXH
HVWiQ OHMRV GH HVWH yUJDQR SUHFLVDPHQWH WDO FRPR GHEH VHU SDUD UHVLVWLU OD PD\RU SUHVLyQ TXH VH
SURGXFHFHUFDGHOFRUD]yQGHELGRDODIXHUWHH[SXOVLyQGHVDQJUHHQODDFFLyQGHERPEHR
6LQ HPEDUJR DO QR WHQHU FODUD XQD WHRUtD GH OD UHVSLUDFLyQ QR SXGR GDU FRQ OD IXQFLyQ GH OD
FLUFXODFLyQ \ HQ FLHUWR PRGR VH DSR\y HQ ODV LGHDV WUDGLFLRQDOHV TXH LQFOXtDQ IXHU]DV YLWDOHV \
HVStULWXVTXHPDQWHQtDQHOFXHUSRYLYR6HJ~QVXVSURSLDVSDODEUDV

&RQWRGDSUREDELOLGDGORTXHVXFHGHHQHOFXHUSRHVTXHWRGDVVXVSDUWHVVRQDOLPHQWDGDV
FXLGDGDV \ DFHOHUDGDV PHGLDQWH OD VDQJUH TXH HV FDOLHQWH SHUIHFWD YDSRURVD OOHQD GH
HVStULWX\SRUGHFLUORDVtQXWULWLYDHQGLFKDVSDUWHVGHOFXHUSRVHUHIULJHUDVHFRDJXOD\DO
TXHGDUVH HVWpULO YXHOYH GHVGH DOOt DO FRUD]yQ FRPR VL pVWH IXHUD OD IXHQWH R OD PRUDGD GHO
FXHUSR FRQ HO ILQ GH UHFXSHUDU VX SHUIHFFLyQ \ DOOt GH QXHYR VH IXQGH PHGLDQWH HO FDORU
QDWXUDO DGTXLULHQGR SRWHQFLD \ YHKHPHQFLD \ GHVGH DOOt VH GLIXQGH RWUD YH] SRU WRGR HO
FXHUSR FDUJDGD GH HVStULWXV 3RU OR WDQWR HO FRUD]yQ HV HO SULQFLSLR GH OD YLGD HO 6RO GHO
PLFURFRVPRV OR PLVPR TXH HQ RWUD SURSRUFLyQ HO 6RO PHUHFH VHU OODPDGR HO FRUD]yQ GHO
PXQGRSRUFX\DYLUWXG\SXOVDFLyQODVDQJUHVHPXHYHGHPDQHUDSHUIHFWDHVFRQYHUWLGDHQ
YHJHWDO\TXHGDSURWHJLGDGHFRUURPSHUVH\VXSXUDU\HVWHGLRVGRPpVWLFR\IDPLOLDUFXPSOH
VXV WDUHDV SDUD WRGR HO FXHUSR DOLPHQWDQGR FXLGDQGR \ KDFLHQGR FUHFHU VLHQGR HO
IXQGDPHQWRGHODYLGD\HODXWRUGHWRGR

(OFRUD]yQQRHUDXQDPHUDERPEDTXHPDQWLHQHODVDQJUHHQFLUFXODFLyQVLQRXQVROHQPLQLDWXUD
FRQFLHUWDVYLUWXGHVHVSLULWXDOHV(OTXHDSURYHFKDUtDHOKDOOD]JRGH+DUYH\VHUtD'HVFDUWHVTXLHQHQ
VX 'LVFXUVR GHO PpWRGR GHIHQGHUtD OD LGHD GHO FRUD]yQERPED PX\ GH DFXHUGR FRQ VX ILORVRItD
PHFiQLFD\VXFRQFHSFLyQGHOFXHUSRFRPRXQDPiTXLQD
/DREUDGH+DUYH\QRVHDFHSWyVLQSROpPLFDHQHOPpGLFR-DFTXHV3ULPLURVHJDOHQLVWD
DFpUULPRGLULJLyFRQWUDpOXQIXHUWHDOHJDWR\WUHVDxRVGHVSXpVOOHJyXQQXHYRDWDTXHGHOPpGLFR
URPDQR(PLOLR3DULVDQR

1RWRGDVODVYHQDVWLHQHQYiOYXODV\FRPRGHXQKHFKRSDUWLFXODUQRSXHGHFRQFOXLUVHXQD
WHRUtDJHQHUDOGHOKHFKRGHTXHKD\DYiOYXODVHQFLHUWDVYHQDVQRVHSXHGHFRQFOXLUTXHOD
VDQJUHGHWRGDVODVYHQDVYXHOYHDOFRUD]yQ

6HWUDWDGHXQDFUtWLFDVHQVDWDDODLQGXFFLyQDSUHVXUDGD$ODPHQFLyQTXHKDFtD+DUYH\GHORV
UXLGRVFDUGtDFRV3DULVDQRUHSOLFDEDFRQLURQtD
 (VRVUXLGRVVHRLUiQHQ/RQGUHVHQ,WDOLDQRVRPRVWDQILQRVGHRtGR

3HUR ODV SUXHEDV GH OD WHRUtD FLUFXODWRULD QR VH OLPLWDEDQ D ODV YiOYXODV YHQRVDV KDEtD XQD
SOp\DGHGHHOODV(OPpGLFRKRODQGpV%HYHUQZLNIXHHOSULPHURTXHOHYDQWyHQHOFRQWLQHQWHVXYR]D
IDYRUGHODFLUFXODFLyQ\GHOFLUFXODGRUFRPRVHOODPDEDD+DUYH\VREUHFX\RWUDEDMRVHFDUWHy
FRQ 'HVFDUWHV TXH WDPELpQ HUD XQ IHUYLHQWH KDUYH\DQR 3RFR D SRFR OD WHRUtD VH IXH LPSRQLHQGR
HUD ILHO DO HVWLOR GH OD pSRFD XQ FRQWXQGHQWH JROSH DO SOH[R VRODU GH OD WUDGLFLyQ FLHQWtILFD GH OD
PHGLFLQDHOJDOHQLVPRTXHQRREVWDQWHVHJXLUtDUHVLVWLHQGRSRUXQEXHQUDWR
$XQTXH OD WHRUtD GH +DUYH\ QR IXH DFHSWDGD XQLYHUVDOPHQWH DO SULQFLSLR VLQ HPEDUJR D ORV
SRFRVDxRVGHVXPXHUWHJUDFLDVDOPLFURVFRSLROD~QLFDODJXQDVHULDTXHKDEtDHQVXDUJXPHQWDFLyQ
TXHGy UHVXHOWD FRQ HO GHVFXEULPLHQWR SRU 0DOSLJKL TXH IXH HO SULPHU LWDOLDQR TXH UHVXOWy HOHJLGR
PLHPEURGHOD5R\DO6RFLHW\GHORVGLPLQXWRVFDSLODUHVTXHFRQHFWDEDQGLUHFWDPHQWHODVDUWHULDV\
ODVYHQDV

3XGH YHU FODUDPHQWH TXH OD VDQJUH VH GLYLGH \ IOX\H D WUDYpV GH YDVRV WRUWXRVRV \ TXH
VLHPSUHHVFRQGXFLGDDWUDYpVGHSHTXHxRVWXERV\GLVWULEXLGDSRUODVP~OWLSOHVIOH[LRQHVGH
ORVYDVRV

(UDHOHVODEyQSHUGLGRTXHIDOWDEDSDUDFHUUDUODWHRUtDFLUFXODWRULD8QRVSRFRVDxRVPiVWDUGH
HO PLFURVFRSLVWD KRODQGpV $QWRQ YDQ /HHXZHQKRHN KL]R GH IRUPD LQGHSHQGLHQWH HO PLVPR
GHVFXEULPLHQWR
$KRUDItMHQVHTXpFXULRVRORVFDSLODUHVQRHUDQREVHUYDEOHV\+DUYH\VHDWUHYLyDSRVWXODUORV
SDUD FHUUDU VX WHRUtD GH PDQHUD RSXHVWD GHFLGLy TXH ORV SRURV GH OD PHPEUDQD TXH GLYLGtD HO
FRUD]yQSXHVWRTXHQRHUDQREVHUYDEOHVQRH[LVWtDQ\DTXHKDFtDQLQFRPSUHQVLEOHTXHXQYHQWUtFXOR
SXGLHUD H[WUDHU DOJR GHO RWUR GDGR TXH VH FRQWUDHQ \ H[SDQGHQ DO PLVPR WLHPSR (V GHFLU HUDQ
WHyULFDPHQWHLQFyPRGRV\+DUYH\QRYDFLOyHQQHJDUORVORFXDOGHPXHVWUDTXHODVLGHDVFLHQWtILFDV
DYDQ]DQDWURSH]RQHV\SRUFODUDPHQWHTXHHVWpQGHOLQHDGDVHQODFDEH]DGHVXRVXVSUDFWLFDQWHV
VLHPSUHGHMDQSXQWRVRVFXURVTXHFRPRHQHVWHFDVRVHHQFDUJDQDOIXWXUR
+DUYH\ GHFLGLy TXH WHQtDQ TXH H[LVWLU ORV FDSLODUHV R DOJR SDUHFLGR XQD GH ODV KLSyWHVLV TXH
URQGy SRU DKt HV TXH OD VDQJUH DUWHULDO HUD YHUWLGD HQ GLPLQXWDV YHVtFXODV GH DLUH GH GRQGH OD
WRPDEDQODVYHQDVYHVtFXODVWDPELpQLQYLVLEOHVGHSDVR\QRGHMyGHODGRVXWHRUtDSRUTXHQRVH
ORV REVHUYDUD GHO PLVPR PRGR TXH &RSpUQLFR GLR H[SOLFDFLRQHV EDVWDQWH GXGRVDV VREUH PXFKRV
DVSHFWRV GH VX VLVWHPD TXH VH DFODUDURQ GHVSXpV /D LQWXLFLyQ OD HPSLULD OD GHGXFFLyQ ORV
SUHMXLFLRV\ORVtGRORVHQILQODPH]FODIRUPDODFDUQDGXUD\HODQGDPLDMHGHODFLHQFLD
3RFR GHVSXpV GH TXH 0DOSLJKL YLHUD ORV FDSLODUHV 5LFKDUG /RZHU  PLHPEUR GHO
JUXSRGH2[IRUGTXHOXHJRVHFRQYHUWLUtDHQHOQ~FOHRGHOD5R\DO6RFLHW\GHPRVWUyPHGLDQWHXQD
VHULHGHH[SHULPHQWRVTXHHOFRORUURMRGHODVDQJUHTXHIOX\HGHVGHORVSXOPRQHV\HOFRUD]yQSRU
WRGRHOFXHUSRVHGHEtDDDOJRFRQWHQLGRHQHODLUH

4XHHVWHFRORUURMRVHGHEHH[FOXVLYDPHQWHDODSHQHWUDFLyQGHSDUWtFXODVGHDLUHHQODVDQJUH
HVXQDFXHVWLyQTXHHVWiEDVWDQWHFODUDDSDUWLUGHOKHFKRGHTXHPLHQWUDVODVDQJUHVHYXHOYH
 URMDHQVXWRWDOLGDGGHQWURGHORVSXOPRQHVSRUTXHHODLUHVHSURSDJDSRUHOORVDWUDYpVGH
WRGDVODVSDUWtFXODV\SRUORWDQWRVHPH]FODFRPSOHWDPHQWHFRQODVDQJUHFXDQGRODVDQJUH
YHQRVDVHUHFRJHHQXQYDVRVXVXSHUILFLHWRPDXQFRORUHVFDUODWDGHELGRDODH[SRVLFLyQDO
DLUH

$SDUWLUGHHVWDHPEULRQDULDWHRUtDGHODUHVSLUDFLyQHOJUXSRGH2[IRUGFRPHQ]yDFRQVLGHUDUOD
VDQJUH FRPR XQD HVSHFLH GH IOXLGR PHFiQLFR TXH WUDQVSRUWDED SRU WRGR HO FXHUSR SDUWtFXODV
HVHQFLDOHV REWHQLGDV GH ORV DOLPHQWRV \ GHO DLUH /D LGHD HQFDMDED FDGD YH] PHMRU FRQ OD LPDJHQ
FDUWHVLDQDTXHFRQWHPSODEDHOFXHUSRFRPRXQPHFDQLVPRVyORFRQHFWDGRFRQHODOPDDWUDYpVGHOD
JOiQGXODSLQHDOWDQDUELWUDULDFRPRORVWRUEHOOLQRV

/DVLGHDVELROyJLFDVGHVSXpVGH+DUYH\LDWURTXtPLFRVLDWURPHFiQLFRV\FOtQLFRV
/DDFHSWDFLyQGHODFLUFXODFLyQGHODVDQJUHGHVDWyWRGDXQDVHULHGHHOXFXEUDFLRQHVTXHOHQWDPHQWH
OOHYDURQ D XQD FRPSUHQVLyQ PiV FDEDO GHO IXQFLRQDPLHQWR GHO FXHUSR 7DPELpQ GHVGH HO SXQWR GH
YLVWDSUiFWLFRGHODUWHGHFXUDUWXYRFRPRFRQVHFXHQFLDORVSULPHURVLQWHQWRVGHWUDQVIXVLRQHVGH
VDQJUHTXH\DSXHGHQLPDJLQDUVHFyPRWHUPLQDURQ\SRFRPiV
6LQHPEDUJRODILORVRItDPHFiQLFDFRQHOHQYLyQSURYLVWRSRUHOKDOOD]JRGH+DUYH\DOLPHQWy
XQD SROpPLFD TXH GLYLGLy D OD FLHQFLD PpGLFD $KRUD YR\ D FRQWDUOHV DOJXQRV GH ORV WHPDV GH
GLVFXVLyQTXHVHDUUDVWUDURQKDVWDHOVLJOR;,;
8QSHUVRQDMHLQWHUHVDQWHGHHVWDKLVWRULDHV-DQ%DSWLVWHYDQ+HOPRQWTXHMXJyXQ
SDSHOLPSRUWDQWHHQODTXtPLFDDOUHFRQRFHUODPXOWLSOLFLGDGGHORVJDVHV\DOERLFRWHDUODWHRUtDGH
ORV FXDWUR HOHPHQWRV HV YHUGDG TXH QR KDVWD HO IRQGR \D TXH FRQVHUYy HO DJXD FRPR HOHPHQWR
XQLYHUVDO $XQTXH SDUD pO OD TXtPLFD HUD XQ DVXQWR ODWHUDO VX LQWHUpV IXQGDPHQWDO HUD XVDUOD SDUD
FRPSUHQGHU HO IXQGDPHQWR GH ORV SURFHVRV GHO FXHUSR KXPDQR \ HV DTXt GRQGH VH OR SXHGH
FRQVLGHUDUHOIXQGDGRUGHXQDWHRUtDPpGLFD
3DUD 9DQ +HOPRQW ORV IHQyPHQRV SDWROyJLFRV \ ILVLROyJLFRV HUDQ GH QDWXUDOH]D HVHQFLDOPHQWH
TXtPLFD \ UHFRUGHPRV TXH OD TXtPLFD QR HVWDED VHSDUDGD D~Q GH OD DOTXLPLD \ WDPSRFR HVWDED
FRQVWLWXLGD FRPR FLHQFLD QHZWRQLDQD \ SRU OR WDQWR WRGRV ORV GHVFXEULPLHQWRV DQDWyPLFRV GH
9HVDOLR\VXVVHJXLGRUHV\DXQVXVULYDOHVFRPR&RORPERFRPRODPLVPDFLUFXODFLyQGHODVDQJUH
XQDLUUXSFLyQPHFiQLFDHUDQIHQyPHQRVVHFXQGDULRVHQVXGRFWULQDTXHSDUWtDGHXQDFRQYLFFLyQ
FHQWUDO WRGRV ORV IHQyPHQRV GH OD PDWHULD RUJiQLFD QR HUDQ VLQR HVSHFLHV SDUWLFXODUHV GH
IHUPHQWDFLyQ(OIHUPHQWRSRUWDGRUGHODHQHUJtDIRUPDWLYDSURGXFtDDSDUWLUGHOHOHPHQWRDJXDXQD
VHPLOOD \ GLULJtD HO GHVDUUROOR GH OD YLGD DQLPDO R YHJHWDO 3RU RWUD SDUWH IHUPHQWRV HVSHFtILFRV
SUHVHQWHV HQ ORV GLVWLQWRV yUJDQRV FRQVWLWXtDQ OD EDVH GH WRGRV ORV SURFHVRV GHO RUJDQLVPR HQ
HVSHFLDOVHLVGLJHVWLRQHVRFRFFLRQHVQRODVYR\DGHWDOODUTXHFRQYHUWtDQHODOLPHQWRHQWHMLGR
YLYR 3HUR DGHPiV 9DQ +HOPRQW PH]FODED DILUPDFLRQHV HVSLULWXDOLVWDV VL ELHQ KDEtD LQYHQWDGR XQ
VLVWHPD GH IHUPHQWDFLRQHV SXUDPHQWH TXtPLFDV SDUD H[SOLFDU ORV IHQyPHQRV ILVLROyJLFRV KDEtD
VXSHUSXHVWR XQ VLVWHPD GH HQWHV LQPDWHULDOHV ORV DUFKDHL \ ORV VXEDUFKDHL TXH HUDQ ORV TXH
YHUGDGHUDPHQWHGLULJtDQHORUJDQLVPR\RUJDQL]DEDQODDFWLYLGDGGHORVIHUPHQWRV
1DFtDODLDWURTXtPLFDTXHDGTXLULyHOFDUiFWHUGHXQFXHUSRGHGRFWULQDKRPRJpQHDHQPDQRV
GH )UDQFLVFXV 6\OYLXV  TXLHQ VXEVXPLy OD REUD GH 9DQ +HOPRQW HQ XQ VLVWHPD
GRJPiWLFR ORV SURFHVRV YLWDOHV GHO FXHUSR VRQ FRPSRVLFLRQHV \ GHVFRPSRVLFLRQHV TXH OODPD
IHUPHQWDFLRQHV \ HIHUYHVFHQFLDV \ TXH SURGXFHQ D WUDYpV GH XQD VHULH GH WUDQVIRUPDFLRQHV
VXVWDQFLDV iFLGDV R DOFDOLQDV &XDQGR HVWDV VXVWDQFLDV VH HQFXHQWUDQ HQ OD SURSRUFLyQ DGHFXDGD HO
FXHUSR HVWi VDQR SHUR OD SUHYDOHQFLD GH XQD X RWUD SURYRFD OD SHQHWUDFLyQ GH VXVWDQFLDV
SHUMXGLFLDOHVHQODVDQJUH\URPSHHOHTXLOLEULRGHODVDOXG$VtHOFRQRFLPLHQWRGHORViFLGRV\ORV
iOFDOLVQRVRODPHQWHH[SOLFDEDWRGRVORVSURFHVRVYLWDOHVVLQRTXHWDPELpQLQGLFDEDHOWUDWDPLHQWR
DSURSLDGRHVWRHVH[FHVRGHiFLGRVHFRPSHQVDFRQUHPHGLRVDOFDOLQRV\YLFHYHUVD)tMHQVHTXH
GHWUiVGHHVWHVLVWHPDSRGHPRVDGLYLQDUODDQWLJXDGRFWULQDGHOHTXLOLEULR\DVHDGHORVKXPRUHVR
GH ORV SULQFLSLRV GH 3DUDFHOVR /R FLHUWR HV TXH 6\OYLXV WXYR XQD HQRUPH LQIOXHQFLD \ WDQWR OD
LDWURTXtPLFDFRPRVXVREUDVIXHURQOHtGDV\HGLWDGDVKDVWDILQDOHVGHOVLJOR;9,,,
/RV LDWURPHFiQLFRV SRU HO FRQWUDULR LPDJLQDEDQ DO FXHUSR FRPR XQD PiTXLQD DO HVWLOR
FDUWHVLDQRDXQTXHFRQPDWLFHVODFLUFXODFLyQGHODVDQJUHPRVWUDEDTXHHOFRUD]yQHUDXQDERPED
ORVGLHQWHVWLMHUDVORVKXHVRVHUDQSDODQFDVDFFLRQDGDVSRUSROHDVTXHHUDQORVP~VFXORVHOSXOPyQ
HUD XQ IXHOOH ODV YHQDV \ HO FRUD]yQ FRQIRUPDEDQ XQ VLVWHPD KLGUiXOLFR ,QFOXVR IHQyPHQRV
DSDUHQWHPHQWHSRFRPHFiQLFRVFRPRODGLJHVWLyQVHFRQFHEtDQFRPRHOUHVXOWDGRGHPRYLPLHQWRVHQ
HOHVWyPDJRTXHSURGXFtDFKRTXHVHQWUHODVSDUWtFXODVGHORVDOLPHQWRV\ORVWULWXUDED/DVJOiQGXODV
HUDQILOWURV\UHWRUWDV*LDQ$OIRQVR%RUHOOL*LRUJLR%DJOLQL\6DQWRULR
 UHSUHVHQWDURQ ELHQ HVWD GRFWULQD \ HVWXGLDURQ EDMR VX OX] ORV PRYLPLHQWRV FRPR
VDOWDUFDPLQDUODFRQWUDFFLyQGHORVP~VFXORVHLQWURGXMHURQQRYHGDGLPSRUWDQWHODQRFLyQGH
PHGLGD LQFRUSRUDURQ HO WHUPyPHWUR \ 6DQWRULR YLYLy FDVL WRGD VX YLGD VREUH XQD EDODQ]D GH VX
LQYHQFLyQWRPDQGRQRWDGHODVYDULDFLRQHVGHSHVRGHELGDVDOVXHxRDODWUDQVSLUDFLyQ\DFXDOTXLHU
RWUDGHODVYDULDQWHVPHFiQLFDVGHORUJDQLVPR
6LQHPEDUJR\DGLIHUHQFLDGHORVLDWURTXtPLFRVSHUFLELHURQTXHODLDWURPHFiQLFDHUDLQFDSD]
GHH[SOLFDUORWRGR\VHDEULHURQXQSRFRDXQTXHQRGHPDVLDGRDODTXtPLFD(VQDWXUDOTXHIXHUDQ
PHQRVGRJPiWLFRVTXHORVLDWURTXtPLFRV\DTXHVXVLVWHPDSURYHQtDGHODItVLFDH[SHULPHQWDOTXH
FRPRFLHQFLDFRQVWLWXLGDHVWDEDDELHUWDDXQH[DPHQILORVyILFRPiVDEDUFDWLYR
< VL TXLHUHQ VH SXHGH GHFLU WDPELpQ TXH KXER XQD WHUFHUD OtQHD TXH SRGUtDPRV FODVLILFDU R
GHVFULELUFRPRFOtQLFD\FX\RPD\RUUHSUHVHQWDQWHIXH+HUPDQ%RHUKDDYHHOJUDQ
VLVWHPDWL]DGRU GH OD PHGLFLQD GHO VLJOR ;9,,, %RHUKDDYH UHQHJDED GH LDWURTXtPLFRV \
LDWURPHFiQLFRV OHV UHSURFKDED KDEHU FDtGR HQ HO DQWLJXR YLFLR GH HVWDEOHFHU VLVWHPDV JHQHUDOHV \
GHGXFLU GRJPiWLFDPHQWH D SDUWLU GH DKt SDUD pO OD VROD IXHQWH GH FRQRFLPLHQWR HUD OD H[SHULHQFLD
FOtQLFD \ VX UHFRPHQGDFLyQ HUD TXH OD PHMRU FiWHGUD VH HVFXFKDED MXQWR DO OHFKR GHO SDFLHQWH (Q
FLHUWR PRGR UHWRPDED OD PHGLFLQD KLSRFUiWLFD FRQ VX HPSLULVPR IXQGDPHQWDO R PHMRU FRQ VXV
HVWXGLRVGHFDVR/RTXH%RHUKDDYHTXL]iQRYHtDHVTXHpOWDPELpQSDUWtDGHXQVLVWHPDJHQHUDO
HQHVWHFDVRGHODSXUDH[SHULHQFLDFOtQLFD\GHODPHUDLQGXFFLyQVREUHORVVtQWRPDV
/R FLHUWR HV TXH QLQJXQR GH HVWRV VLVWHPDV DO PHQRV SRU Vt VROR SRGtD SURGXFLU DGHODQWRV
VXVWDQFLDOHVHQHODUWHGHFXUDU6RODPHQWHFXDQGRFRQYHUJLHUDQ\VHFRPSOHPHQWDUDQLEDDQDFHUOD
PHGLFLQDFLHQWtILFD<SDUDHVRIDOWDEDEDVWDQWH
3HURDKtHVWDEDQ\ODVSROpPLFDVHQWUHLDWURTXtPLFRVLDWURPHFiQLFRV\FOtQLFRVVHH[WHQGLHURQ
KDVWD HO VLJOR ;,; (Q FLHUWR PRGR UHSHWtDQ ODV SROpPLFDV JULHJDV HQWUH HVFXHODV GRJPiWLFDV
HPStULFDV H KLSRFUiWLFDV (V H[WUDRUGLQDULR FRPSUREDU TXH WDQWRV GHVDFXHUGRV \ RSRVLFLRQHV WDQ
WDUGHFRPRHQORVVLJORV;9,,\;9,,,VHUHPRQWDQDORVRUtJHQHVGHODPHGLFLQDDXQTXHGLVIUD]DGRV

9LWDOLVPR\PHFDQLFLVPR
2WUD GH ODV SROpPLFDV PpGLFDV TXH WDPELpQ VH UHPRQWD D OD $QWLJHGDG HV OD TXH HQIUHQWy D ORV
DQLPLVWDVRYLWDOLVWDVFRQORVPHFDQLFLVWDV
+DUYH\GHVFXEULyODFLUFXODFLyQGHODVDQJUHSHURQRVDEtDSDUDTXpODVDQJUHFLUFXODEDQLFXiO
HUDVXIXQFLyQ

5HVXOWDLQFLHUWRVLHVSDUDGLVWULEXLUHODOLPHQWRRHOFDORU

7HQtDHQODFDEH]DXQDPH]FODGHOPXQGRPiJLFR\ODQDFLHQWHILORVRItDPHFiQLFDTXH'HVFDUWHV
HODERUDED PiV R PHQRV SRU OD PLVPD pSRFD OD ILORVRItD PHFiQLFD QR HVSHUy D TXH 'HVFDUWHV OD
IRUPXODUDGHIRUPDDFDEDGDVREUHWRGRSRUTXHQRWHQtDXQDWHRUtDUD]RQDEOHGHODUHVSLUDFLyQ\
HVWDEDDWUDSDGRHQODVFRQFHSFLRQHVWUDGLFLRQDOHVVHJ~QODVFXDOHVODUHVSLUDFLyQVHUYtDSDUDHQIULDU
OD VDQJUH < SDUWLFLSDED HQ OD FUHHQFLD UHQDFHQWLVWD \ PiV DQWLJXD WDPELpQ GH TXH KDEtD DOJR
GLVWLQWR GH OD PDWHULD R GH ODV OH\HV GH OD ItVLFD \ OD TXtPLFD TXH GLJDPRV GH SDVR WRGDYtD QR
KDEtDQVLGRIRUPXODGDVTXHPDQWHQtDODVFRVDVHQHVWHFDVRODFLUFXODFLyQHQIXQFLRQDPLHQWR
/DVFRUULHQWHVTXHDVXPLHURQHVWDSRVWXUDDQWLPHFiQLFDDWUDYHVDURQOD5HYROXFLyQ&LHQWtILFDHO
JUDQVLVWHPDWL]DGRUGHODWHRUtDGHODQLPLVPRRYLWDOLVPRIXH(UQHVW6WDKOTXHVHUtDHO
LQYHQWRUGHXQHQJHQGURFRPRHOIORJLVWRGHOFXDOKDEODUHPRVHQDOJXQRVFDStWXORVTXHUHFKD]ySRU
LJXDOODLDWURTXtPLFD\ODLDWURPHFiQLFD\TXHFRQFLELyDOVHUYLYRFRPRXQDHVWUXFWXUDSDUWLFXODU\
GLVWLQWD GH FXDOTXLHU RWUD HVWUXFWXUD R PHFDQLVPR \ VXMHWR D OH\HV GLIHUHQWHV DO ILQ \ DO FDER
DUJXPHQWDEDHQORVPHFDQLVPRVQRYLYRVORVGHVSOD]DPLHQWRVVHSURGXFHQGHVGHDIXHUDDOUHYpVGH
ORVVHUHVYLYRVTXHORVJHQHUDQGHVGHVXLQWHULRUDTXtKD\XQFDERVXHOWRVHUtDLQWHUHVDQWHHVWXGLDU
FRQ ULJRU HVD GHILQLFLyQ GH DIXHUD 'HO PLVPR PRGR OD TXtPLFD HV LPSRWHQWH SDUD H[SOLFDU OD
ILVLRORJtDGHORUJDQLVPRpVWHFRQWLHQHFRPSXHVWRVHVWDEOHVTXHQRREVWDQWHDSHQDVVHVHSDUDQGHO
RUJDQLVPRVHSXGUHQ\GHJUDGDQ(QWRQFHVSRUTXpQRVHGHVFRPSRQHHORUJDQLVPR"
3XHVSRUTXHKD\XQDOPDTXHFRQILHUHHVWDELOLGDGDODPDWHULDYLYD\GLULJHORVSURFHVRVTXH
VHSURGXFHQHQHOODHODOPDKDGHVHUHOREMHWLYREiVLFRGHORVHVWXGLRVPpGLFRVHORULJHQGHODV
HQIHUPHGDGHVHVHOPDOIXQFLRQDPLHQWRGHODOPDTXHDYHFHVUHODMDVXYLJLODQFLD\HOPpGLFRGHEH
D\XGDUOD PHGLDQWH UHPHGLRV VXDYHV DTXt YHPRV XQ UHVLGXR KLSRFUiWLFR D UHVWDEOHFHU VX EXHQ
IXQFLRQDPLHQWR\DVt
%RHUKDDYHOROODPDEDFXUDQGHURPHWDItVLFR<RFUHRTXH6WDKOHUDXQFKDUODWiQ
(O DQLPLVPR VWDKOLDQR IXH SURIHVDGR SRU PXFKRV H LPSRUWDQWHV PpGLFRV GH OD pSRFD TXH
LQWURGXMHURQYDULDQWHVFRPRUHHPSOD]DUHODOPDSRUHOHVStULWXYLWDOFX\DVGLIHUHQFLDVYLVWDV
GHVGH DKRUD QRV UHVXOWDUtDQ LPSRVLEOHV GH UHFRQRFHU (VWi FODUR GH GyQGH WRPDED VXV IXHQWHV VL
ELHQIXHXQDUHDFFLyQDQWHHOH[FHVLYRPDWHULDOLVPRGHDOJXQRVLDWURPHFiQLFRVFRQVHUYDEDPXFKRV
HOHPHQWRVTXHVHUHPRQWDQD3DUDFHOVRD9DQ+HOPRQW\PiVDWUiVHOSQHXPDHODUFKDHXVHODOPD
RFXDOTXLHUDGHORVHVStULWXVTXHJREHUQDEDQODRUJDQL]DFLyQGHOFXHUSR\VXVIHUPHQWRV
(OYLWDOLVPROOHJyDSURGXFLUSROpPLFDVKDVWDELHQHQWUDGRHOVLJOR ;,;LQFOXVRHQ ODpSRFD GH
3DVWHXUFXDQGRODPHGLFLQD\DHVWDEDJUDGXiQGRVHGHFLHQFLDQHZWRQLDQD6LQHPEDUJRVXIULyXQ
JROSH EUXWDO FXDQGR HQ  )ULHGULFK :RKOHU  ORJUy VLQWHWL]DU OD XUHD XQ FRPSXHVWR
RUJiQLFRHQUHDOLGDG\DVHKDEtDORJUDGRREWHQHUDUWLILFLDOPHQWHXQFRPSXHVWRRUJiQLFRFXDQGRHQ
 6FKHHOH VLQWHWL]y HO FLDQXUR GH SRWDVLR (VWH KDOOD]JR IXH GH JUDQ LPSRUWDQFLD \D TXH KDVWD
HQWRQFHVVHFUHtDTXHORVSURGXFWRVRUJiQLFRVVyORVHSURGXFtDQHQHOLQWHULRUGHVHUHVYLYRV\TXH
OD TXtPLFD RUJiQLFD \ OD LQRUJiQLFD HVWDEDQ VHSDUDGDV SRU XQ DELVPR TXH MXVWDPHQWH HVWDED
PDUFDGRSRUHOiQLPDYLWDO
/DVtQWHVLVGH:RKOHUIXHHOFRPLHQ]RGHOILQGHOYLWDOLVPRSHURODVWHRUtDVVHUHVLVWHQDPRULU
KL]RIDOWDXQEXHQGHVDUUROORQRVyORGHODTXtPLFDVLQRWDPELpQGHODPLQHUDORJtD\ODJHRORJtDSDUD
TXHORVSULQFLSLRVYLWDOLVWDVTXHGDUDQGHVWHUUDGRVRHVFRQGLGRV
(OYLWDOLVPRSRQtDVLVHTXLHUHXQOtPLWHDODUWHGHFXUDUOLQGDEDGHPDVLDGRFRQODUHOLJLyQ\HO
PXQGRPiJLFR6LODYLGDSURFHGHGHXQSURFHVRPHWDItVLFRRGLYLQRHVHYLGHQWHTXHVLHPSUHKDEUi
XQD OLPLWDFLyQ KXPDQD IUHQWH D VHPHMDQWHV SRGHUHV (UD XQD LGHRORJtD FRPSOHWDPHQWH UHDFFLRQDULD
TXH SHUGXUD D~Q KR\ HQ FLHUWD YHQHUDFLyQ SRU ORV VLVWHPDV PpGLFRV DOWHUQDWLYRV TXH SUHWHQGHQ
SDOLDU ODV LPSRWHQFLDV \ ODV VHULDV IDOHQFLDV GH OD PHGLFLQD \ TXH OR TXH ORJUDQ HQ UHDOLGDG HV
UHWURWUDHUODDODSUHKLVWRULD
7DPELpQ VH SXHGH SHQVDU GH RWUD PDQHUD D SHVDU GH VX HVWDWXV QHZWRQLDQR GLJQDPHQWH
DOFDQ]DGR\GHVXVIDQWiVWLFRVp[LWRVKD\WRGDYtDHQRUPHV]RQDVTXHODPHGLFLQDQRDOFDQ]DDFXEULU
\ULQFRQHVGHOFXHUSRDORVTXHQRSXHGHOOHJDU(OYLWDOLVPRRVXVUHVLGXRVVHQXWUHGHVLWXDFLRQHV
HQ ODV FXDOHV OD PHGLFLQD DFWXDO IUDFDVD GHO PLVPR PRGR TXH OD PHGLFLQD IRONOyULFD R WUDGLFLRQDO
FXEUtD ODV KRUULEOHV IDOHQFLDV GH OD PHGLFLQD SUHQHZWRQLDQD 3HUR VL QRV SDUDPRV HQ OD YLVLyQ
PRGHUQDGHOSURJUHVRGHODFLHQFLDQRVHUiGHDOOtGHGRQGHSURYHQJDQODVVROXFLRQHV
3RUTXHORFLHUWRHVTXHHVODPHGLFLQDQHZWRQLDQDODTXHD\XGyDTXHVHUHVROYLHUDODPD\RUtDGH
ORVSUREOHPDVGHVDOXGGHOKRPEUH3DUDHOORIXHQHFHVDULDODDSDULFLyQGHXQQXHYRLQVWUXPHQWRTXH
PRGLILFDUtDSDUDVLHPSUHHOFDPSRGHORVHVWXGLRVELROyJLFRV

/RVPLFURVFRSLVWDV
$VtFRPRHOWHOHVFRSLRUHYROXFLRQyODDVWURQRPtDDEULHQGRPXQGRVQXHYRVHOPLFURVFRSLRDEULyORV
VX\RV HVWD YH] HQ HO WHUUHQR GH OR PtQLPR UHDILUPDQGR DGHPiV OD XWLOL]DFLyQ GH DSDUDWRV TXH
DPSOLDEDQ ORV VHQWLGRV KXPDQRV $SDUDWRV TXH GLFKR VHD GH SDVR IXHURQ UHFKD]DGRV SRU PXFKRV
FLHQWtILFRVGHODYLHMDHVFXHODTXHDGXMHURQTXHORTXHVHYHtDDVLPSOHYLVWDHUDORTXH'LRVTXHUtD
TXH VH YLHVH DUJXPHQWR HVW~SLGR VL ORV KD\ SHUR TXH VH DSR\DED HQ ODV LPSHUIHFFLRQHV TXH ODV
KDEtD\PXFKDVHQORVDSDUDWRVySWLFRVGHODpSRFD$VtODVFRVDVKXERPpGLFRVTXHVHUHVLVWtDQD
XWLOL]DUHOPLFURVFRSLRDILQHVGHOVLJOR;9,,,
+D\XQDVXQWRTXHSRUORPHQRVSDUDPtOODPDODDWHQFLyQ/DSRVLELOLGDGGHIDEULFDUOHQWHVGH
DXPHQWR VH FRQRFtD GHVGH KDFtD EDVWDQWH UHFRUGHPRV D 5RJHU %DFRQ TXH HQ HO VLJOR ;,,,
UHFRPHQGDED HO XVR GH ORV DQWHRMRV 5HVXOWD UDUR TXH OOHYDUD PiV GH WUHV VLJORV XWLOL]DU HVD
SURSLHGDGGHODVOHQWHVSDUDPLUDUHOPXQGR\DPSOLDUOR3HURORFLHUWRHVTXHDQDGLHVHOHRFXUULy
KDFHUOR
1DWXUDOPHQWH ORV SULPHURV DSDUDWRV HUDQ PX\ SULPLWLYRV SURGXFtDQ DEHUUDFLRQHV FURPiWLFDV
EULQGDEDQLPiJHQHVFRQIXVDVHQODVTXHODVSUR\HFFLRQHVGHORTXHHOFLHQWtILFRTXHUtDYHUDVtFRPR
ODVLOXVLRQHVySWLFDVMXJDEDQXQSDSHOQDGDGHVGHxDEOH$OJXQRVHUDQVLPSOHVOXSDVFXLGDGRVDPHQWH
WDOODGDVTXHDOFDQ]DEDQPXFKRVDXPHQWRVRWURVXQPHURWXERFRQXQDRGRVOHQWHV\XQDSODFDSDUD
GHSRVLWDUHOHOHPHQWRDH[DPLQDUVLQQLQJ~QGLVSRVLWLYRPHFiQLFRSDUDDFHUFDURDOHMDUODOHQWHHO
REVHUYDGRUVRVWHQtDHOWXER\ORRULHQWDEDKDFLDODOX]DODPDQHUDGHORVWHOHVFRSLRV$OSULQFLSLR
HODXPHQWRQRVXSHUDEDORVGLiPHWURVSHURSDXODWLQDPHQWHVHIXHURQLQWURGXFLHQGRPHMRUDV
(QWUHORVSLRQHURVGHOSULPHUJUXSRGHJUDQGHVPLFURVFRSLVWDVTXHLQFOXtDD0DOSLJKLTXLHQ
UHFRUGHPRVKDEtDHQFRQWUDGRORVFDSLODUHVTXHFHUUDEDQODWHRUtDGH+DUYH\VHGHVWDFDURQ5REHUW
+RRNH\$QWRQYDQ/HHXZHQKRHN
+RRNHSDUHFHHVWDUHQWRGR\HQUHDOLGDGQRHVTXHSDUH]FDVLQRTXHYHUGDGHUDPHQWHHVWXYRHQ
WRGR5HFRUGHPRVSRUHMHPSORTXHHQJUDQSDUWHJUDFLDVDpO1HZWRQHQFRQWUyHOFDPLQRKDFLDOD
OH\ GH JUDYHGDG 3HUR VX WUDEDMR QR VH DJRWD DOOt SDUWLFLSy DFWLYDPHQWH GH OD UHFRQVWUXFFLyQ GH
/RQGUHVGHVSXpVGHOLQFHQGLRGH\IRUPXOyOD/H\GH(ODVWLFLGDGSRUPHQFLRQDUVyORDOJXQDV
FRVDV1RWDUiQTXHVR\XQIHUYLHQWHSDUWLGDULRGHODUHYDORUL]DFLyQGH+RRNHTXHVHGDHQODKLVWRULD
GHODFLHQFLDSRUHVWRVGtDV)XHXQHVStULWXXQLYHUVDOXQRGHORVPiVQRWDEOHVGHVXWLHPSR\PH
SDUHFHMXVWRUHVFDWDUVXILJXUDRSDFDGDSRUHORGLRWHQD]GH1HZWRQ
(O DVXQWR HV TXH +RRNH FRQVWUX\y VX SURSLR PLFURVFRSLR \ PHMRUy PXFKR HO DSDUDWR
LQWURGXFLHQGRFDPELRVHQFXDQWRDLOXPLQDFLyQSODWLQDV\PpWRGRVGHDSUR[LPDFLyQ\VHGHGLFyD
SRQHUEDMRODVOHQWHVWRGRORTXHOHFDtDHQODVPDQRVGHVGHODVSOXPDVGHODVDYHVKDVWDODVSXQWDV
GHORVDOILOHUHV$QDOL]DQGRXQSHGD]RGHFRUFKRFRQFOX\yTXHHUDVLPLODUDOGHXQSDQDOGHDEHMDV
\ SRU VX VHPHMDQ]D FRQ ODV FHOGDV GH ORV SDQDOHV OODPy FpOXODV D ORV SRURV XQ WpUPLQR TXH VH
PDQWHQGUtDKDVWDODDFWXDOLGDGSDUDGHILQLUFDGDXQDGHODVPiVSHTXHxDVXQLGDGHVIXQFLRQDOHVGHOD
PDWHULDYLYD(QUHDOLGDGQRVHSXHGHGHFLURQRWLHQHPXFKRVHQWLGRGHFLUTXH+RRNHGHVFXEULy
ODVFpOXODVHQHOVHQWLGRPRGHUQR9LRXQDUHGGHDJXMHURVHQHOFRUFKRSHURHOQRPEUHTXHGy
(QSXEOLFyVXOLEUR0LFURJUDSKLDTXHIXHHOSULPHUWUDWDGRVREUHHOWHPDGRQGHGHVFULEtD
\GLEXMDEDGHVGHHORMRGHXQDPRVFDKDVWDODVHVFDPDVGHORVSHFHV\VRVWLHQHQODVPDODVOHQJXDV
TXHIXHMXVWDPHQWHHVWHOLEURHOTXHDWUDMRD1HZWRQKDFLDHOHVWXGLRGHODOX]TXHFXOPLQDUtDHQVX
SWLFD\HQODFRQVHFXHQWHSROpPLFD
$OPLVPRWLHPSRHQ+RODQGDKDEtDWDPELpQXQH[WUDRUGLQDULRPLFURVFRSLVWDDXWRGLGDFWDHQHO
VHQWLGR GH TXH QR KDEtD UHFLELGR IRUPDFLyQ DFDGpPLFD DXQTXH DO ILQ \ DO FDER WRGRV HUDQ
DXWRGLGDFWDVIUHQWHDOQXHYRDSDUDWRTXHUHDOL]DUtDSRUVtPLVPRXQDODUJD\SURIXQGDH[SORUDFLyQ
GHORLQYLVLEOH
$QWRQ YDQ /HHXZHQKRHN KDEtD QDFLGR HQ OD FLXGDG GH 'HOIW HQ  \ QR WXYR IRUPDFLyQ
FLHQWtILFD DOJXQD 7HUPLQDGR HO FROHJLR VH LQWHUQy FRPR DSUHQGL] HQ XQD WLHQGD GH WHODV HQ
$PVWHUGDP\VHVLQWLyGHILQLWLYDPHQWHDWUDtGRSRUODVOXSDVTXHVHXWLOL]DEDQSDUDDQDOL]DUODFDOLGDG
GHORVWHMLGRV(VHLQWHUpVKDEUtDGHFDPELDUHOFXUVRGHVXYLGD
(IHFWLYDPHQWH VX SDVLyQ GHVGH HQWRQFHV IXHURQ ORV PLFURVFRSLRV \ ODV OXSDV FRQ ODV TXH
WUDEDMDEDKDELWXDOPHQWH\DORODUJRGHVXYLGDQRKXERQDGDFDSD]GHDOHMDUORGHVXQRWDEOHKREELH
$GHPiVVHFRQYLUWLyHQXQH[SHUWRIDEULFDQWHGHHVWRVDSDUDWRV\VHGLFHTXHORJUyDOFDQ]DUKDVWD
DXPHQWRV
3RUVXSXHVWRFRPRWRGRHVWHSULPHUJUXSRGHPLFURVFRSLVWDVFOiVLFRVKL]RSDVDUSRUGHEDMRGH
VXVOHQWHVWRGRORTXHVHOHFUX]ySRUHOFDPLQR(UDXQREVHUYDGRUWHQD]\SDFLHQWHTXHFRPSDUWtD
ORVGHVFXEULPLHQWRVFRQVXVYHFLQRV\TXHSRFRDSRFRVHIXHJDQDQGRXQDIDPDELHQPHUHFLGD
'HKHFKRHQVXIDPDOOHJyD,QJODWHUUDXQUHQRPEUDGRPpGLFRKRODQGpV5HJQLHUGH*UDDI
TXH KDEtD GLJDPRV GH SDVR GHVFXELHUWR ORV IROtFXORV GH *UDDI HQ HO ~WHUR TXH GXUDQWH FLHQWR
FLQFXHQWD DxRV IXHURQ WRPDGRV SRU ORV yYXORV IHPHQLQRV OH HQYLy XQD FDUWD D +HQU\ 2OGHQEXUJ
VHFUHWDULRGHOD5R\DO6RFLHW\GH/RQGUHVSDUDFRQWDUOHTXHHQ+RODQGDXQWLSRHVWDEDGHVFXEULHQGR
XQPXQGRLQFUHtEOHDWUDYpVGHODVOHQWHVGHPLFURVFRSLRVIDEULFDGRVSRUpOPLVPR
3RUHVHHQWRQFHV+RODQGDH,QJODWHUUDVHHQFRQWUDEDQHQXQDHQFRQDGDEDWDOODFRPHUFLDOSRUORV
WHVRURVGHODV,QGLDV2ULHQWDOHVORFXDOQRLPSLGLyTXHVHGHVDUUROODUDXQiPELWRGHFRODERUDFLyQ
FLHQWtILFD /HHXZHQKRHN OH HVFULEtD D 2OGHQEXUJ HQ KRODQGpV HO ~QLFR LGLRPD TXH VDEtD \ HO
UHSUHVHQWDQWH GH OD 5R\DO 6RFLHW\ VH HQFDUJDED GH WUDGXFLU HVDV FDUWDV \ SXEOLFDUODV HQ ODV
3KLORVRSKLFDO7UDQVDFWLRQV/HHXZHQKRHNYLRGHWRGR\HQWUHORTXHYLRHVWiQORVJOyEXORVURMRV
FLUFXODQGRDWUDYpVGHORVFDSLODUHVGHODRUHMDGHXQFRQHMRXQRVRUJDQLVPRVHQODVDOLYDKXPDQD
TXH OODPy DQLPiOFXORV \ TXH QRVRWURV OODPDPRV SURWR]RRV \ HQ HO VDUUR GH VXV GLHQWHV XQD
EDFWHULD
3HURXQDGHVXVJUDQGHVVXSHUKD]DxDVGHREVHUYDFLyQTXHHQFLHUWRPRGRLQLFLDUtDODKLVWRULDGH
ODPLFURELRORJtDIXHHQFRQWUDUHOIDQWiVWLFRPLFURPXQGRTXHVHGHVDUUROODEDHQXQDSHTXHxDJRWLWD
GHDJXD/HHXZHQKRHNSXVRHQUHPRMRDOJXQRVJUDQRVGHSLPLHQWDGXUDQWHWUHVVHPDQDVOXHJRWRPy
XQDPXHVWUD\ODHQIRFyFRQHOPLFURVFRSLR(OUHVXOWDGRORQDUUDpOPLVPRHQXQDFDUWDGH

$O REVHUYDU SRU FDVXDOLGDG HO DJXD YL HQ HOOD FRQ JUDQ DVRPEUR XQ Q~PHUR LQFUHtEOH GH
SHTXHxRV DQLPiOFXORV DQLPDOLOORV GH GLVWLQWD tQGROH $OJXQRV GH HQWUH HOORV HUDQ WUHV R
FXDWURYHFHVPiVODUJRVTXHDQFKRV(VWDVFULDWXUDVHVWDEDQGRWDGDVGHODQWHGHODFDEH]DGH
SDWDV H[WUDRUGLQDULDPHQWH FRUWDV \ ILQDV DXQTXH VR\ LQFDSD] GH GLVWLQJXLU XQD FDEH]D
GHQRPLQR DVt D OD SDUWH TXH VLHPSUH LED DGHODQWH FXDQGR VH PRYtDQ (O VHJXQGR WLSR GH
DQLPiOFXORIRUPDEDXQyYDORSHUIHFWR7DPELpQKDEtDXQWHUFHUWLSRTXHH[FHGtDHQQ~PHURD
ORVGRVDQWHULRUHV(UDQDQLPDOLOORVFRQFRODFRPRORVTXHKHVHxDODGRTXHKDEtDHQHODJXD
GH OOXYLD (O FXDUWR WLSR GH DQLPDOLOORV HUD LQFUHtEOHPHQWH SHTXHxR WDQ SHTXHxR TXH VL VH
SXVLHVHQ HQ ILOD FLHQ GH HVRV DQLPDOHV GLPLQXWRV QR OOHJDUtDQ D DOFDQ]DU OD ORQJLWXG GH XQ
JUDQRGHDUHQDJUXHVD<GHVHUDVtXQPLOOyQGHWDOHVFULDWXUDVYLYDVGLItFLOPHQWHDOFDQ]DUtDQ
HOYROXPHQGHXQRGHHVRVJUDQRV

3DUHFtD GHPDVLDGR IDQWDVLRVR HVWD YH] OD 5R\DO 6RFLHW\ UHFLELy HO LQIRUPH FRQ FLHUWR
HVFHSWLFLVPR\OHHQFDUJySRUVXSXHVWRD+RRNHDTXLpQVLQR"TXHUHDOL]DUDS~EOLFDPHQWHOD
H[SHULHQFLD SDUD YHULILFDU ODV REVHUYDFLRQHV GH /HHXZHQKRHN $Vt OR KL]R +RRNH FRQ VX KDELWXDO
JHQLR\GLOLJHQFLD\HODJXDVHOOHQyGHDQLPiOFXORV/HHXZHQKRHNIXHODSULPHUD\~QLFDSHUVRQD
HQ OD KLVWRULD GH OD 5R\DO 6RFLHW\ HQ VHU LQYLWDGD D IRUPDU SDUWH GH HOOD VLQ WHQHU QLQJ~Q WLSR GH
IRUPDFLyQDFDGpPLFD
 /DVLJQLILFDFLyQWHyULFDGHVXVGHVFXEULPLHQWRVQRIXHFRPSUHQGLGDKDVWDPXFKRWLHPSRGHVSXpV
\JHQHUyHQXQSULQFLSLRWUDEDMRVPXFKRPiVOLWHUDULRVTXHFLHQWtILFRVEDVDGRVHQODLGHDGHQXHYRV
PXQGRV HQ GRQGH QRVRWURV QR VHUtDPRV PiV TXH SHTXHxRV DQLPiOFXORV LQYLVLEOHV VyOR
SHUFHSWLEOHVDWUDYpVGHOHQWHVLQPHQVDV
3HUR VXV REVHUYDFLRQHV PHUHFtDQ DGTXLULU WUDVFHQGHQFLD FLHQWtILFD WUDEDMDQGR D WLHQWDV \ HQ OD
RVFXULGDG/HHXZHQKRHNVHKDEtDWRSDGRFRQODVEDFWHULDVKDEtDYLVWRORVJOyEXORVURMRVDOJXQRV
SURWR]RRV\RWUDVFRVDVTXHPiVWDUGHVHFRQVLGHUDUtDQHQFXDGUDGDVHQQXHYRVUHLQRV
6LQHPEDUJRVXGHVFXEULPLHQWRPiVHVSHFWDFXODUIXHHOGHORVHVSHUPDWR]RLGHV
(Q QRYLHPEUH GH  /HHXZHQKRHN HQYLy XQD FDUWD DO SUHVLGHQWH GH OD 5R\DO 6RFLHW\
LQIRUPiQGROHGHVXQXHYRKDOOD]JR/DKLVWRULDKDEtDVLGRPiVRPHQRVODVLJXLHQWHXQHVWXGLDQWHGH
PHGLFLQDOHKDEtDFRQWDGRTXHKDEtDSXHVWRHQHOPLFURVFRSLRHOVHPHQGHXQHQIHUPRGHJRQRUUHD\
TXHKDEtDREVHUYDGRFyPRVHUHYROYtDQHQpOXQJUXSRGHDQLPDOLOORVHQJHQGUDGRVVHJ~QGHFtDSRU
ODSXWUHIDFFLyQ
/HHXZHQKRHNHQXQDFWRKHURLFRGHVDFULILFLRSRUODFLHQFLDREWXYRXQDPXHVWUDGHVXSURSLR
VHPHQ GHVGH \D VH RFXSy PX\ ELHQ GH DFODUDU TXH QR KDEtD VLGR REWHQLGR SRU PHGLRV
SHFDPLQRVRVVLJQLILTXHHVWRORTXHVLJQLILTXH\ORFRORFyEDMRVXOHQWHLPSODFDEOH

+HYLVWRXQDPXOWLWXGGHDQLPiOFXORVYLYLHQWHVPiVGHPRYLpQGRVHHQHOYROXPHQGH
XQJUDQRGHDUHQD

HVFULELy

2YLVWDV\HVSHUPDWLVWDV
/D HPEULRORJtD VXIULy XQD UHYROXFLyQ +DVWD HVH HQWRQFHV SUHGRPLQDED OD WHRUtD HSLJHQpWLFD TXH
KDEtD VLGR DFXxDGD SRU $ULVWyWHOHV \ IRUWDOHFLGD SRU +DUYH\ \ 'HVFDUWHV TXH VRVWHQtD TXH HO
HPEULyQ VH GHVDUUROODED D SDUWLU GH PDWHULDO LQGLIHUHQFLDGR \ TXH ORV yUJDQRV LEDQ DSDUHFLHQGR
VXFHVLYDPHQWH HQ HO FXUVR GHO FUHFLPLHQWR (O VHPHQ IXQFLRQDED FRPR XQD HVSHFLH GH YDSRU
IHUWLOL]DQWH3HURFRQODLUUXSFLyQGHOPLFURVFRSLRWRGRFDPELy
/RVSULPHURVHVWXGLRVPLFURVFySLFRVKDEtDQOOHYDGRDYDULRVREVHUYDGRUHVDIRUPXODUODFXULRVD
WHRUtD RYLVWD HO yYXOR IHPHQLQR FRQWHQtD HQ SRWHQFLD WRGR HO VHU IXWXUR SHUR HQ XQD UHGXFFLyQ
PLFURVFySLFD GHQWUR GHO yYXOR HQ UHDOLGDG FRPR OHV GLMH DQWHV QR HUDQ ORV yYXORV VLQR ORV
IROtFXORV GH *UDDI ORV yYXORV IXHURQ YLVWRV DO PLFURVFRSLR UHFLpQ HQ  HO GHVDUUROOR HUD
VLPSOHPHQWHXQGHVSOLHJXHGHDOJR\DSUHH[LVWHQWH
/RVRYLVWDVHUDQSUHIRUPLVWDV6RVWHQtDQTXHWRGDVODVJHQHUDFLRQHVKXPDQDVVHHQFRQWUDEDQHQ
WDPDxRV FRQVWDQWHPHQWH GHFUHFLHQWHV \ HQFDMDGDV XQDV HQ RWUDV FRPR PDPXVKNDV UXVDV HQ ORV
RYDULRVGH(YDHQHOPLVPtVLPR3DUDtVR7HUUHQDO
(UD XQD KLSyWHVLV TXH WHQtD FLHUWDV YHQWDMDV VREUH OD HSLJpQHVLV (Q SULPHU OXJDU VXSHUDED HO
SUREOHPDGHODFUHDFLyQGHQRYHGDGHVDOVXSRQHUTXHHQUHDOLGDGQDGDVHJHQHUDEDVLQRTXHVH
GHVHQYROYtD/DKLSyWHVLVSRUVLIXHUDSRFRDPSOLDEDHOFDPSRGHLQIOXHQFLDGH'LRV\UHGXFtDHOGH
ODQDWXUDOH]DODFySXODDSHQDVLQIXQGtDXQVRSORYLWDODXUDVHPLQDOLVDODVJyQDGDVIHPHQLQDVTXH
FRQWHQtDQ HQ Vt PLVPDV JHQHUDFLRQHV \ JHQHUDFLRQHV GH KRPEUHV \ PXMHUHV FUHDGRV SRU 'LRV \
FRORFDGRVHQORVRYDULRVGHODPXMHURULJLQDO1RVHWUDWDEDGHXQDGRFWULQDGLVSDUDWDGDEXHQRQR
FRPSOHWDPHQWH GLVSDUDWDGD HQWUH VXV GHIHQVRUHV HVWXYLHURQ DOJXQRV GH ORV PiV SUHVWLJLRVRV
FLHQWtILFRV GH OD pSRFD KDVWD HO VLJOR ;,; $GHPiV VH GHVDUUROOy HQ XQD pSRFD FRQVWUHxLGD SRU OD
FURQRORJtDEtEOLFDHQHVDpSRFDD~QQRVHKDEtDGHVFXELHUWRODSDVPRVDDQWLJHGDGGHOD7LHUUD\VH
SHQVDED TXH WHQtD DSHQDV  DxRV GH HGDG GH PRGR TXH ODV JHQHUDFLRQHV TXH WHQtDQ TXH HVWDU
FRQWHQLGDVQRHUDQWDQWDV
0DUFHOOR 0DOSLJKL GHGLFy XQD SDUWH LPSRUWDQWH GH VX WLHPSR DO HVWXGLR GHO HPEULyQ
HVSHFLDOPHQWH D SDUWLU GHO KXHYR GH JDOOLQD IHFXQGDGR 3HUR 0DOSLJKL TXH FRPR REVHUYDGRU HUD
H[FHSFLRQDOQRHUDXQEXHQWHyULFRFUHtDTXHHOHPEULyQH[LVWtDHQHOKXHYRLQFOXVRDQWHVGHTXHOD
JDOOLQD OR LQFXEDUD \ GDGR TXH OD REVHUYDFLyQ HQ HVSHFLDO FRQ DTXHOORV PLFURVFRSLRV GHSHQGtD
PXFKRGHORTXHXQRTXHUtDREVHUYDUDVHJXUyKDEHUYLVWRHOHPEULyQELHQIRUPDGRHQXQKXHYRQR
LQFXEDGR/R~QLFRTXHOHIDOWDEDHUDFUHFHU
-DQ 6ZDPPHUGDP  RWUR GH ORV JUDQGHV PLFURVFRSLVWDV IXH XQ WHQD] GHIHQVRU GHO
RYLVPR (Q VXV PLQXFLRVRV HVWXGLRV GH ORV LQVHFWRV OOHJy HQ DOJ~Q PRPHQWR D RFXSDUVH GH OD
PHWDPRUIRVLV0HGLDQWHSDFLHQWHVREVHUYDFLRQHVKDEtDORJUDGRGHWHFWDUORVyUJDQRVGHODFULViOLGD
HQUROODGDHQODODUYDGHODPDULSRVDHLQFOXVRKDEtDORJUDGRKDFHUVDOLUGHODFULViOLGDKXQGLpQGROD
HQDOFRKROODPDULSRVD\DIRUPDGD
6X FRQFOXVLyQ HUD SUHGHFLEOH OD PDULSRVD HVWi HQFDMDGD HQ OD FULViOLGD TXH D VX YH] HVWi
HQFDMDGD HQ OD ODUYD (QWRQFHV ORV KXHYRV GH PDULSRVD HQFLHUUDQ PDULSRVDV FRPSOHWDPHQWH
SUHIRUPDGDVTXHDVXYH]HQFLHUUDQRWUDVPDULSRVDVPiVFKLTXLWDVSHURLJXDOPHQWHSUHIRUPDGDV\
DVtVXFHVLYDPHQWH
/DV WHRUtDV SUHIRUPLVWDV IXHURQ ELHQ YLVWDV SRU OD ,JOHVLD DO ILQ \ DO FDER VHJ~Q HOODV HQ OD
VXFHVLyQGHODVJHQHUDFLRQHVQRVHSURGXFtDQQRYHGDGHVVLQRXQVLPSOHGHVDUUROORGHVHUHVYLYRV
SUHVHQWHV \D HQ HO -DUGtQ GHO (GpQ 4XH OD QDWXUDOH]D QR SURGXMHUD QRYHGDGHV GHMDED FXDOTXLHU
LQLFLDWLYDHQPDQRVGH'LRV
6LQ HPEDUJR ODV FRVDV QR VHUtDQ IiFLOHV SDUD OD WHRUtD RYLVWD HO GHVFXEULPLHQWR GH ORV
HVSHUPDWR]RLGHV SRU /HHXZHQKRHN HFKy SRU WLHUUD OD KLSyWHVLV GH TXH HO VHPHQ DSRUWDED DO KXHYR
DOJR LQPDWHULDO (UD XQ SRFR GLItFLO SDVDU SRU DOWR OD LPSRUWDQFLD TXH HVRV DQLPiOFXORV GHEtDQ
WHQHU HQ OD IHFXQGDFLyQ /R FXDO QR VLJQLILFy XQ UHFKD]R WDMDQWH GHO SUHIRUPLVPR VLQR WRGR OR
FRQWUDULRVLORVRYDULRVSRGtDQFRQWHQHUJHQHUDFLRQHV\JHQHUDFLRQHVGHKRPEUHFLWRVSRUTXpQR
KDEUtDQGHVHUORVHVSHUPDWR]RLGHVORVTXHDORMDUDQDODKXPDQLGDGHQWHUD"
/HHXZHQKRHN PLVPR IXH HO SUHFXUVRU GHO DQLPDOFXOLVPR R HVSHUPDWLVPR OD QXHYD GRFWULQD
SUHIRUPLVWDTXHPXGDEDDORVKRP~QFXORVGHVGHORVRYDULRVKDFLDORVHVSHUPDWR]RLGHV\DODFXDO
DGKLULHURQSHUVRQDOLGDGHVGHODWDOODGH/HLEQL]R%RHUKDDYHTXLHQGHFtDTXHHOVHPHQPDVFXOLQR
FRQWHQtDORVUXGLPHQWRVGHOIXWXURFXHUSRKXPDQR,QFOXVRDOJXQRVDVHJXUDURQKDEHUYLVWRGHQWUR
GHO HVSHUPDWR]RLGH OD FDEH]D HO WURQFR \ ORV PLHPEURV GH OD LQILQLWHVLPDO SHUVRQLWD HQ FX\RV
HVSHUPDWR]RLGHV KDEtD RWUDV SHUVRQLWDV PiV FKLFDV \ DVt VXFHVLYDPHQWH (Q UHDOLGDG QR HUDQ
H[DFWDPHQWHVRxDGRUHVFRPRWDQWDVYHFHVVHYLRORTXHVHTXHUtDYHU
/DJUDQSROpPLFDHQWUHDQLPDOFXOLVWDV\RYLVWDVVHH[WHQGLyKDVWDILQHVGHOVLJOR ;9,,,\FXOPLQy
FRQXQDGHUURWDGHDPEDVHQEHQHILFLRGHODHSLJpQHVLVJUDFLDVDORVHVWXGLRVGH&DVSDU)ULHGULFK
:ROI\GH.DUW(UQHVWYRQ%DHUTXHDUPDGRVFRQPLFURVFRSLRVSRWHQWHV
SXGLHURQYHUTXHHOyYXOR\ORVHVSHUPDWR]RLGHVVHSUHVHQWDEDQFRPRXQFRQWLQXRXQLIRUPHTXHVH
LEDGLIHUHQFLDQGRDORODUJRGHOFUHFLPLHQWRGHOHPEULyQ
9RQ %DHU TXH IXH HO SULPHUR HQ YHU ORV yYXORV GH PDPtIHURV \ HO yYXOR IHPHQLQR HQ 
GHVFULELyODSURJUHVLYDHYROXFLyQGHOHPEULyQDSDUWLUGHHVHFRQWLQXRLQGLIHUHQFLDGR\ODIRUPDHQ
TXHHQGLVWLQWDVHWDSDVLEDQDSDUHFLHQGRORVGLIHUHQWHVyUJDQRV/DHSLJpQHVLVWULXQIDED\WDQWRHO
RYLVPR FRPR HO DQLPDOFXOLVPR HVWDEDQ PXHUWRV D SHVDU GH TXH UHFLpQ D ILQHV GHO VLJOR ;,; VH
GHPRVWUy TXH OD IHFXQGDFLyQ H[LJtD OD XQLyQ GHO yYXOR \ HO HVSHUPDWR]RLGH \ TXH QR IXH KDVWD
SULQFLSLRVGHOVLJOR;;FXDQGRVHGLOXFLGyHOPHFDQLVPRGHODRYXODFLyQ

/DJHQHUDFLyQHVSRQWiQHD
1RYHVTXHWRGRWLSRGHFXHUSRVTXHVHFRUURPSHQFRQHOSDVRGHOWLHPSR\FRQHOFDORU
HQHUYDQWHVHFRQYLHUWHQHQSHTXHxRVDQLPDOHV"9HWHWDPELpQHQWLHUUDORVWRURVHOHJLGRVWUDV
KDEHUORVVDFULILFDGRGHVXVHQWUDxDVSXWUHIDFWDVSRUWRGDVSDUWHVQDFHQDEHMDVTXHUHFROHFWDQ
ODVIORUHVODVFXDOHVDODPDQHUDGHVXVSURJHQLWRUHVFXOWLYDQORVFDPSRVVHGHGLFDQDOWUDEDMR\
VHHVIXHU]DQSRUHOIXWXURXQFDEDOORJXHUUHURFXELHUWRGHWLHUUDHVHORULJHQGHODYLVSyQVLOH
TXLWDVDXQFDQJUHMRGHODFRVWDVXVSLQ]DVKXHFDV\SRQHVHOUHVWREDMRWLHUUDGHODSDUWH
VHSXOWDGDVDOGUiXQHVFRUSLyQ(OORGRWLHQHODVVHPLOODVTXHKDFHQQDFHUODVYHUGHVUDQDV\QRHV
XQFDFKRUURORTXHODRVDKDSURGXFLGRHQVXUHFLHQWHSDUWRVLQRFDUQHDSHQDVYLYDODPDGUH
ODPLHQGRODPROGHDHQPLHPEURV+D\TXLHQHVFUHHQTXHFXDQGRODHVSLQDGRUVDOVHKD
FRUURPSLGRHQXQVHSXOFURFHUUDGRODPpGXODKXPDQDVHFRQYLHUWHHQVHUSLHQWH

29,',2/DV0HWDPRUIRVLV

/RV GLRVHV VROtDQ QDFHU GH PDQHUD H[WUDYDJDQWH FRPR 0LQHUYD GH OD FDEH]D GH -~SLWHU R GH OD
HVSXPDGHOPDUFRPR9HQXVRGHSLHGUDVRGHVRSOLGRVDSURSLDGDPHQWHGDGRVVREUHEDUURiUEROHV
RDQLPDOHVRVLPSOHPHQWHGHOD1DGDGHODFXDOHOJORULRVR3DUPpQLGHVSUHGLFDEDTXHQDGDSRGtD
SURYHQLUORVGLRVHVQDFtDQGHOGHVHRQDFtDQPtWLFDPHQWHORFXDOKDVWDFLHUWRSXQWRHUDQDWXUDO\D
TXHORVGLRVHVHUDQPLWRVDYHFHVFiOLGRV\DYHFHVWHUULEOHV\DYHFHVODVGRVFRVDVWRGRVHOORVHQ
~OWLPDLQVWDQFLDKDEtDQEURWDGRGHODLPDJLQDFLyQ\HOWHUURUKXPDQRV
3HUR GH GyQGH QDFtDQ ORV LQQXPHUDEOHV DQLPDOHV \ DQLPDOLWRV HQ HVSHFLDO ORV LQVHFWRV TXH
SREODEDQODWLHUUD\TXHSDUHFtDQPDWHULDOL]DUVHH[QLKLORHQODVDJXDV FRUURPSLGDVGH ODV~OWLPDV
OOXYLDVRHQODFDUQHDEDQGRQDGDDOFDORU\TXHVHSXGUtDLQIUXFWXRVDPHQWH"
/DGRFWULQDGHODJHQHUDFLyQHVSRQWiQHDIXHODUHVSXHVWDDHVHDEXQGDQWHPLVWHULRTXHH[FHGtDWDO
YH]ORTXHVHSRGtDSHQVDUSRUHQWRQFHV\TXHVHJXUDPHQWHXQDREVHUYDFLyQPiVFXLGDGRVDKXELHUD
UHYHODGRFRPRORTXHYHUGDGHUDPHQWHHUDXQPLWRFRPRORVTXHVHGHVDUUROODEDQHQWUHODVQLHEODV
GHO2OLPSR\VHOOHYDEDQFRQHOORVFLXGDGHVHQWHUDVFRPRODDQKHODGD7UR\D\0LFHQDVODGRUDGD
2WUDYH]KD\TXHUHPRQWDUVHDOHWHUQR\PXFKDVYHFHVLQILQLWR$ULVWyWHOHVTXHQRLEDDGHMDUGH
ODGRXQDHVSHFXODFLyQVREUHHOQDFLPLHQWRGHORVLQVHFWRV\RWURVDQLPDOHVPLQ~VFXORV$VtHVFULELy
TXHODVPRVFDVORVJXVDQRV\RWURVDQLPDOHVSHTXHxRVVHRULJLQDEDQHVSRQWiQHDPHQWHVLQSURFHVR
GHJHVWDFLyQHQHODJXDSXWUHIDFWDQDFtDQVLQSURJHQLWRUHVHUDQKLMRVGHODGHVFRPSRVLFLyQ\SRU
VXSXHVWR HOORV PLVPRV QR SURFUHDEDQ 6L XQR OR SLHQVD HUD LQMXVWR FRQ ORV SREUHV ELFKRV \D TXH
SDGHFtDQGHRUIDQGDGFRQJpQLWD\QLHQWRQFHVQLDKRUDKD\VHJXULGDGVRFLDOSDUDORVDQLPDOHV
6HJ~Q ODV REVHUYDFLRQHV TXH VH SRGtDQ KDFHU HQ OD pSRFD OD WHRUtD WHQtD VX EDVH HPStULFD
GLJDPRV $ULVWyWHOHV YHtD TXH GH XQ EDOGH GH DJXD HVWDQFDGD GH UHSHQWH VXUJtDQ LQVHFWRV DXQTXH
XQDREVHUYDFLyQPiVFXLGDGRVD\VREUHWRGRDOJ~QH[SHULPHQWRSRGtDQKDEHUUHYHUWLGRHODVXQWR
5HFRUGHPRVXQDYH]PiVODGLIHUHQFLDHQWUHREVHUYDFLyQ\H[SHULPHQWRODSULPHUDHVXQDFROHFFLyQ
GHGDWRVUHFRJLGRVWDO\FRPRVHGDQHQODQDWXUDOH]DSRUREVHUYDFLRQHVUHLWHUDGDVPLHQWUDVTXHHO
H[SHULPHQWRHVXQIHQyPHQRJHQHUDGRRDLVODGRHQHOODERUDWRULR
8QPLFURVFRSLRKDEUtDUHVXHOWRUiSLGDPHQWHODFXHVWLyQSHUR$ULVWyWHOHVQRWHQtDPLFURVFRSLRV
QLVLTXLHUDXQDOXSD/RTXHVtWHQtDHUDQFLHUWRVSUHFRQFHSWRVTXHQROHMXJDEDQDIDYRUVXFUHHQFLD
GHTXHORVDQLPDOHVLQIHULRUHVFRPRORVLQVHFWRVQRWHQtDQyUJDQRVLQWHUQRVGLIHUHQFLDGRVHUDXQ
DOLFLHQWHSDUDFUHHUHQODLPSRVLELOLGDGGHXQDUHSURGXFFLyQVLPLODUDODGHOKRPEUH
<DVtQDFLyODWHRUtDGHODJHQHUDFLyQHVSRQWiQHDODYLGDVDOLHQGRGHODQDGDHQGHWHUPLQDGRV
FRQWH[WRV 3RU VXSXHVWR OD (GDG 0HGLD QR SXVR HQ GXGD ORV GLFKRV GH (O )LOyVRIR \ GXUDQWH OD
5HYROXFLyQ&LHQWtILFDODGRFWULQDVHPDQWXYR+DUYH\SRUHMHPSORHUDXQILUPHSDUWLGDULRGHHOOD
9DQ+HOPRQWSURSXVRSRUVXSDUWHDOJXQDVFXULRVDVUHFHWDV

/DV FULDWXUDV WDOHV FRPR ORV SLRMRV JDUUDSDWDV SXOJDV \ JXVDQRV VRQ QXHVWURV KXpVSHGHV \
YHFLQRV SHUR QDFHQ GH QXHVWUDV HQWUDxDV \ H[FUHPHQWRV 3RUTXH VL FRORFDPRV URSD LQWHULRU
OOHQD GH VXGRU MXQWR FRQ WULJR HQ XQ UHFLSLHQWH GH ERFD DQFKD DO FDER GH  GtDV HO RORU
FDPELD \ SHQHWUD D WUDYpV GH ODV FiVFDUDV GHO WULJR FDPELDQGR HO WULJR HQ UDWRQHV 3HUR OR
PiV QRWDEOH HV TXH HVWRV UDWRQHV VRQ GH DPERV VH[RV \ VH SXHGHQ FUX]DU FRQ UDWRQHV TXH
KD\DQVXUJLGRGHPDQHUDQRUPDO

2WUDPiV

(O DJXD GH OD IXHQWH PiV SXUD FRORFDGD HQ XQ UHFLSLHQWH LPSUHJQDGR SRU HO DURPD GH XQ
IHUPHQWRVHHQPRKHFH\HQJHQGUDJXVDQRV/RVRORUHVTXHVHHOHYDQGHVGHHOIRQGRGHORV
SDQWDQRVSURGXFHQUDQDVEDERVDVVDQJXLMXHODVKLHUEDV +DJDQXQDJXMHURHQ XQODGULOOR
LQWURGX]FDQ>DOOt@DOEDKDFDWULWXUDGDFRORTXHQXQVHJXQGRODGULOORVREUHHOSULPHURGHPRGR
GHFXEULUWRWDOPHQWHHODJXMHURH[SRQJDQORVGRVODGULOORVDOVRO\DOFDERGHDOJXQRVGtDVHO
RORU GH OD DOEDKDFD DFWXDQGR FRPR IHUPHQWR WUDQVIRUPDUi >D OD KLHUED@ HQ YHUGDGHURV
HVFRUSLRQHV

(O PLFURVFRSLR QR VyOR QR WHUPLQy FRQ HO DVXQWR GH OD JHQHUDFLyQ HVSRQWiQHD VLQR TXH OD
GRFWULQDWXYRXQDODUJDODUJDYLGDHQJUDQSDUWHSRUODGHVFRQILDQ]DTXHGHVSHUWDEDODLQWURGXFFLyQ
GHOQXHYRDSDUDWR
3HURFRQGHVFRQILDQ]DV\HUURUHVPHGLHYDOHVHVWiDPDVDGDODFLHQFLDPRGHUQD\ODFXHVWLyQHV
TXHHQDOJ~QPRPHQWRORVDUWHIDFWRVGHVSOHJDURQ\SXVLHURQDODYLVWDGHWRGRVRSRUORPHQRVGH
WRGRV ORV TXH TXLVLHUDQ GRV PXQGRV QXHYRV XQR JLJDQWHVFR GHVFRPXQDO H LQDEDUFDEOH \ HO RWUR
GLPLQXWRHLQYLVLEOH\KDVWDFLHUWRSXQWRPiVUDUR
(OSULPHUJROSHTXHVDFXGLUtDSHOLJURVDPHQWHODGRFWULQDGHODJHQHUDFLyQHVSRQWiQHD\ODKDUtD
SHUGHUHOHTXLOLEULRORDVHVWyXQPpGLFR\ILOyVRIRIORUHQWLQROODPDGR)UDQFHVFR5HGL
3RUPHGLRGHXQDVHULHGHVHQFLOORVH[SHULPHQWRV5HGLGHPRVWUyTXHGHODFDUQHHQSXWUHIDFFLyQQR
VXUJtDQJXVDQRVVLVHODSURWHJtDFRQXQDJDVD
(QRWUDGHVXVH[SHULHQFLDVSUHSDUyRFKRIUDVFRVTXHFRQWHQtDQYDULDVFODVHVGHFDUQH\FHUUy
KHUPpWLFDPHQWH FXDWUR GH HOORV GHMDQGR DELHUWRV ORV GHPiV (Q WRGRV ORV IUDVFRV OD FDUQH VH
GHVFRPSXVR \ VH SXGULy SHUR VyOR DSDUHFLHURQ ODUYDV HQ ORV IUDVFRV DELHUWRV GRQGH ODV PRVFDV
KDEtDQSRGLGRSRVDUVH\GHSRVLWDUVXVKXHYRV(QORVIUDVFRVFHUUDGRVQRSDVyQDGD6XFRQFOXVLyQ
IXHURWXQGDORVJXVDQRVODVODUYDVGHODVPRVFDVQRHUDQGHVFHQGLHQWHVGLUHFWRVGHODSXWUHIDFFLyQ
VLQRTXHVHRULJLQDEDQHQORVKXHYRVGHORVLQVHFWRV
6X FRQFOXVLyQ IXH SXEOLFDGD HQ OD (VSHULHQ]H LQWRUQR DOOD JHQHUD]LRQH GHJOL LQVHWWL
([SHULHQFLDHQWRUQRGHODJHQHUDFLyQGHORVLQVHFWRVXQOLEURHQIRUPDGHFDUWDTXHVHFRQYLUWLy
HQODSULPHUDUHIXWDFLyQHPStULFDGHODGRFWULQD

'HDTXtFRPHQFpDGXGDUVLWRGRVORVJXVDQRVGHODFDUQHVyORGHULYDUDQGHODVVLPLHQWHVGH
ODVPRVFDV\QRGHODVPLVPDVFDUQHVSRGULGDV\PiVPHFRQILUPDEDHQPLGXGDFXDQGRHQ
WRGDVODVJHQHUDFLRQHVGHPRVFDVSRUPtFULDGDVVLHPSUHYLSRVDUVHVREUHODVFDUQHVDQWHV
GH TXH VH DJXVDQDUDQ PRVFDV GH OD PLVPD HVSHFLH TXH DTXHOODV TXH GHVSXpV QDFLHURQ /D
FDUQHODVSODQWDV\RWUDVFRVDVVXVFHSWLEOHVGHGHVFRPSRVLFLyQQRGHVHPSHxDQQLQJ~QRWUR
SDSHO QL FXPSOHQ RWUD IXQFLyQ HQ OD JHQHUDFLyQ GH ORV LQVHFWRV TXH SUHSDUDU XQ OXJDU
DSURSLDGRRQLGRHQHOFXDOHQHOPRPHQWRGHODSURFUHDFLyQHOJXVDQRORVKXHYRVXRWUD
VHPLOODGHOJXVDQRVRQGHSRVLWDGRVHLQFXEDGRVSRUORVDQLPDOHV\HQHVWHQLGRORVJXVDQRV
FXDQGRQDFHQHQFXHQWUDQFRPLGDVXILFLHQWHSDUDDOLPHQWDUVHHQDEXQGDQFLD

6LQHPEDUJR5HGLQRIXHORVXILFLHQWHPHQWHGUiVWLFRHQVXVFUHHQFLDVFRPRSDUDDFDEDUGHOWRGR
FRQODKLVWRULDHVWDTXHYHQtDVHFXQGDGDSRUXQVpTXLWRGHYDULRVVLJORV\GHP~OWLSOHVSHQVDGRUHV
DXQTXHVHDWUHYLyDQHJDUODJHQHUDFLyQHVSRQWiQHDHQODFDUQHSRGULGDDGPLWtDTXHORVLQVHFWRVTXH
VH IRUPDEDQ HQ ORV UREOHV HUDQ XQ SURGXFWR GLUHFWR GH OD IXHU]D YLWDO GHO iUERO HO HUURU SURYHQtD
SUREDEOHPHQWH GH XQ UHVWR GH YLWDOLVPR \ GH OD IDOWD GH PLFURVFRSLR SDUD RSWLPL]DU VXV
REVHUYDFLRQHV0DUFHOOR0DOSLJKLVHUtDHOHQFDUJDGRGHPRVWUDUOHVXIDOHQFLDLQWHUSUHWDWLYD
/DKLVWRULDFRQWLQXyHQ+RODQGD\VXSURWDJRQLVWDORFDOIXH6ZDPPHUGDPDTXHOSDUWLGDULRGHO
RYLVPR FX\R LQWHUpV SRU ODV FLHQFLDV QDWXUDOHV VH OH KDEtD GHVSHUWDGR JUDFLDV D VX FROHFFLyQ GH
FXULRVLGDGHVDQDWyPLFDVGHVXSDGUHIDUPDFpXWLFR
0HWLFXORVR QDWXUDOLVWD \ PpGLFR 6ZDPPHUGDP VH GHGLFy SDFLHQWHPHQWH DO HVWXGLR GH OD
DQDWRPtD GH ORV LQVHFWRV DSURYHFKDQGR ODV IDFLOLGDGHV \ REYLDQGR ODV GLILFXOWDGHV GH ORV QXHYRV
PLFURVFRSLRVFDVHURV(QFRPSLOyORVUHVXOWDGRVGHVXVWUDEDMRVHQXQD+LVWRULD ,QVHFWRUXP
*HQHUDOLV +LVWRULD JHQHUDO GH ORV LQVHFWRV HQ OD TXH RIUHFLy GLEXMRV \ GHVFULSFLRQHV VLQ
FRPSDUDFLyQ SDUD OD pSRFD REWHQLGRV JUDFLDV D VX LQJHQLR HQ OD IDEULFDFLyQ GH KHUUDPLHQWDV SDUD
WUDWDUREMHWRVGLPLQXWRV\DVXLQLJXDODEOHSDFLHQFLD
 6ZDPPHUGDP VH REVHVLRQy FRQ ORV LQVHFWRV \ OOHYy DGHODQWH VXV LQYHVWLJDFLRQHV FRQ XQD
WHQDFLGDG \ XQ DSDVLRQDPLHQWR SURSLRV GHO PiV LQWHQVR GH ORV DPRUHV VXV HVFULWRV GH KHFKR VH
SDUHFHQEDVWDQWHPiVDXQDFROHFFLyQHSLVWRODUGHGRVDPDQWHVTXHDXQVLVWHPiWLFRLQIRUPHGHORV
UHVXOWDGRVGHVXVH[SHULHQFLDVFLHQWtILFDV

/RVPiVILQRVGHWDOOHVGHORVFXDGURVGH$SHOHVVRQJURVHUDVYLJDVFRPSDUDGRVFRQODILQXUD
FRQ TXH OD QDWXUDOH]D FUHy ORV yUJDQRV GH ORV LQVHFWRV /RV HQFDMHV PiV ILQRV GHELGRV D OD
PDQRGHOKRPEUHQRVRSRUWDQODFRPSDUDFLyQFRQODWUiTXHDGHXQLQVHFWR'yQGHHQFRQWUDU
XQ DUWH TXH SXHGD HPXODU HQ ILQXUD D HVWRV yUJDQRV" 'yQGH XQ HVStULWX TXH SXHGD
GHVFULELUORV"'yQGHODSHUVHYHUDQFLDFDSD]GHSHQHWUDUHQVXVSDUWHVPiVPLQ~VFXODV"

VHSUHJXQWDED6ZDPPHUGDPHQVXHVWXGLRGHXQWLSRGHHVFDUDEDMR<DJUHJDED

&RPRORVyUJDQRVGHORVLQVHFWRVQRVRQPHQRVFRPSOHMRVHQHVWUXFWXUD\QRVLUYHQHQPHQRU
DFLHUWR D VXV ILQDOLGDGHV TXH ORV GHO KRPEUH HV LPSRVLEOH DGPLWLU TXH ORV LQVHFWRV VHDQ
HQJHQGUDGRVSRUODGHVFRPSRVLFLyQGHODPDWHULDLQHUWH

8Q JROSH GXUR SDUD OD GRFWULQD HO SHTXHxR FXHUSR GH ORV LQVHFWRV UHYHODED XQD FDGHQD GH
yUJDQRVWDQLQWULQFDGDFRPRODGHORVKRPEUHV\HUDGLItFLOSHQVDUTXHHVWUXFWXUDVWDQFRPSOLFDGDV
VXUJLHUDQGHODQDGD3DUDFROPRGHPDOHVQRVyORQRHUDQSURGXFWRVGHODGHVFRPSRVLFLyQVLQRTXH
HUDQDJHQWHVGHODPLVPD
6LQHPEDUJRWRGDYtDTXHGDEDDOJRSRUH[SOLFDUTXpGHFLUGHORVLQYLVLEOHVPLFURRUJDQLVPRV
TXHKDEtDYLVWR9DQ/HHXZHQKRHN"8QFDOGRHQDSDULHQFLDHVWpULOGHVSXpVGHXQWLHPSRKHUYtDGH
HOORVQRVLJQLILFDEDHVWDYH]VtTXHKDEtDQDSDUHFLGRSRUJHQHUDFLyQHVSRQWiQHD"
/DLQFyJQLWDVHUHVROYLyFDVLXQVLJORGHVSXpVJUDFLDVDOQDWXUDOLVWD/D]]DUR6SDOODQ]DQL
TXHKDEtDGDGRFODVHVHQGLVWLQWDVXQLYHUVLGDGHVLWDOLDQDV\KDEtDYLVLWDGR1iSROHVPLHQWUDV
HO9HVXELRHVWDEDHQHUXSFLyQGHORFXDOQRVHSXHGHFRQFOXLUTXHYLVLWDUHO9HVXELRHQHUXSFLyQVHD
JDUDQWtDGHXQGHVFXEULPLHQWRFLHQWtILFR
6SDOODQ]DQLKLUYLyGLYHUVDVVROXFLRQHVGXUDQWHSHUtRGRVTXHRVFLODEDQHQWUHORVWUHVFXDUWRVGH
KRUD \ OD KRUD \ PHGLD SDUD TXH IXHUDQ UHDOPHQWH HVWpULOHV ODV FHUUy KHUPpWLFDPHQWH HQ IUDVFRV \
FRPSUREyTXHHQHVRVIUDVFRVQRDSDUHFtDQPLFURRUJDQLVPRVSRUPiVWLHPSRTXHHVSHUDUD
(UD HQ YHUGDG XQ SUREOHPD SUiFWLFR HQ ODV SUXHEDV DQWHULRUHV OD KHUPHWLFLGDG QR KDEtD VLGR
VXILFLHQWH \ SRU OR WDQWR ORV IUDVFRV QR HUDQ VXILFLHQWHPHQWH HVWpULOHV FRPR SDUD TXH ORV
PLFURRUJDQLVPRVQRVHGHVDUUROODUDQ
/HMRV HVWXYR 6SDOODQ]DQL GH LPDJLQDU TXH HVWH H[SHULPHQWR WHyULFR WHQGUtD DOJXQD YH] XQD
LPSRUWDQFLDSUiFWLFDHQHOWHUUHQRGHODFRQVHUYDFLyQGHDOLPHQWRV\PXFKRPHQRVTXHWHQGUtDXQD
LQPHGLDWDDSOLFDFLyQPLOLWDU\UHPDWDUtDHQORVDOLPHQWRVHQODWDGRV
/RV SDUWLGDULRV GH OD JHQHUDFLyQ HVSRQWiQHD DGXMHURQ TXH HO SURORQJDGR FDOHQWDPLHQWR KDEtD
HMHUFLGRVXDFFLyQGHGRVPDQHUDVDOWHUDQGRODVPROpFXODVRUJiQLFDV\GLVPLQX\HQGRSRUORWDQWR
VXIXHU]DYHJHWDWLYD\WRUQDQGRLQXWLOL]DEOHHODLUHFRQWHQLGRHQHOIUDVFRSDUDODVIXQFLRQHVYLWDOHV
/DFXHVWLyQVHJXtDHQSLH
 +RPHURUHIXWDODJHQHUDFLyQHVSRQWiQHD

6LOHHPRVD+RPHURYHUHPRVTXHHQXQSDVDMH\YDULRVVLJORVDQWHVTXH$ULVWyWHOHVVHDFHUFyLQFUHtEOHPHQWHDOR
TXHORVUHQDFHQWLVWDVSHQVDUtDQGHVSXpV(QOD,OtDGDHOSRHPDpSLFRTXHUHODWDODFyOHUDGHOSpOLGD$TXLOHVHQOD
*XHUUDGH7UR\DKD\XQDUHIHUHQFLDDODLGHDGHTXHODSXWUHIDFFLyQRULJLQDYLGDHQHOFDQWR;,;FXDQGR$TXLOHVVH
HQWHUDGHODPXHUWHGHVXDPLJR\HVFXGHUR3DWURFORJROSHDGRSRUODWULVWH]DOHGLFHDVXPDGUHODGLRVD7HWLV

0XFKRPHWHPRTXHHQWDQWRPHYR\DFRPEDWLUYHQJDQGRD3DWURFOR\OHSUHSDURKRQURVRVIXQHUDOHVODV
PRVFDVSHQHWUHQSRUODVKHULGDVGHVXFXHUSRHQJHQGUHQJXVDQRV\ORFRUURPSDQ

(VGHFLUSDUD$TXLOHV\SRUORWDQWRSDUD+RPHURORVJXVDQRVQRVHJHQHUDQGHODSURSLDSXWUHIDFFLyQGHOFDGiYHU
FRPR SURSRQGUtD PiV WDUGH OD GRFWULQD GH OD JHQHUDFLyQ HVSRQWiQHD VLQR TXH VRQ HQJHQGUDGRV SRU RWURV ELFKRV
TXHDWUDtGRVSRUODFDUQHHQGHVFRPSRVLFLyQSHQHWUDQHQHOOD\GHMDQVXVKXHYRV

(OILQGHODJHQHUDFLyQHVSRQWiQHD
/RVVLJORVGHOXFKDGHODJHQHUDFLyQHVSRQWiQHDQRVHDFDEDUtDQVLOHQFLRVDPHQWHVLQRTXHWHQGUtDQ
FRPRHStORJRXQDJLJDQWHVFDFRQWURYHUVLDFLHQWtILFDGLJQDGHODHVFDQGDORVDKLVWRULDPLOHQDULDTXH
OOHYDEDD FXHVWDVTXHHQIUHQWy DOGHVFXEULGRU GHOD LQIHFFLyQPLFURELDQD HOJUDQTXtPLFRIUDQFpV
/RXLV3DVWHXU\ItMHQVHTXH\DHVWDPRVHQHOVLJOR ;,;\DO~OWLPRGHORVJUDQGHV
SDUWLGDULRVGHODGRFWULQDDULVWRWpOLFDHOQDWXUDOLVWDIUDQFpV)pOL[$UFKLPqGH3RXFKHW
/RVHVWXGLRVGH3DVWHXUVREUHODIHUPHQWDFLyQORKDEtDQOOHYDGRDGHWHUPLQDUTXHORVRUtJHQHVGH
ODSXWUHIDFFLyQVHGHEtDQDODDFFLyQGHGHWHUPLQDGRVJpUPHQHVGLPLQXWRVRUJDQLVPRVTXHDWDFDEDQ
ODVSURWHtQDVGHORVDOLPHQWRV(UDLPSRVLEOHLJQRUDUDHVWDDOWXUDGHOSDUWLGRHOWHPDGHORULJHQGH
HVRVJpUPHQHV'HGyQGHVDOtDQ"(UDSRVLEOHTXHVLHQGRHOORVPLVPRVDJHQWHVGHODSXWUHIDFFLyQ
IXHUDQSURGXFWRGHHOOD"(UDQHIHFWLYDPHQWHSURGXFWRGHXQDJHQHUDFLyQHVSRQWiQHD"
+DEtDXQYDVWRJUXSROLGHUDGRSRU3RXFKHWTXHDVHJXUDEDTXHVtPLHQWUDVTXH3DVWHXUVRVWHQtD
LQFDQVDEOHPHQWHTXHODFXHVWLyQHUDXQSRFRPiVFRPSOHMD

/D JHQHUDFLyQ HVSRQWiQHD QR SURGXFH VHUHV DGXOWRV SURFHGH GH OD PLVPD PDQHUD TXH OD
JHQHUDFLyQ VH[XDO TXH FRPR WRGRV VDEHPRV HV LQLFLDOPHQWH XQ DFWR FRPSOHWDPHQWH
HVSRQWiQHR PHGLDQWH HO FXDO VH XQHQ HQ XQ yUJDQR HVSHFLDO ORV HOHPHQWRV SULPLWLYRV GH XQ
RUJDQLVPR

DUJtDGRQ3RXFKHW)XHHQWRQFHVTXHLQWHUYLQROD$FDGpPLHGHVVFLHQFHVGH3DUtVTXHSDUDSRQHU
SDxRV IUtRV DO DVXQWR \ WHUPLQDU GH XQD YH] SRU WRGDV FRQ OD DSDUHQWHPHQWH LUUHVROXEOH SROpPLFD
RIUHFLyXQDUHFRPSHQVDGHIUDQFRVDTXLHQSXGLHUD

DUURMDUOX]VREUHODFXHVWLyQGHODJHQHUDFLyQHVSRQWiQHD

3DVWHXUDFHSWyHOGHVDItR\ORJUyGREOHJDUDWRGRVVXVDGYHUVDULRVHQOD~OWLPDIDPRVDFRQWLHQGD
TXH JHQHUy OD \D SRU HQWRQFHV YHWXVWD WHRUtD (Q XQ YHUGDGHUR GXHOR S~EOLFR GH H[SHULPHQWRV \
FRQWUDH[SHULPHQWRV3DVWHXUVHSURSXVRGHPRVWUDUTXHHODLUHHUDHOYHKtFXORTXHWUDQVSRUWDEDDORV
PLFURRUJDQLVPRVYLYRV
)LOWUyHODLUHLQVSLUiQGRORDWUDYpVGHXQWXERHQHOFXDOKDEtDLQWHUFDODGRXQSHGD]RGHDOJRGyQ
FX\DVILEUDVGHWHQtDQODVSDUWtFXODVVyOLGDV$OGLVROYHUHODOJRGyQHQXQDPH]FODGHDOFRKRO\pWHU
ODV SDUWtFXODV UHWHQLGDV VH GHSRVLWDEDQ HQ HO IRQGR \ OXHJR FXDQGR VH ODV LQWURGXFtD HQ LQIXVLRQHV
RUJiQLFDVSUHYLDPHQWHFDOHQWDGDVORVPLFURELRVFRPHQ]DEDQDPXOWLSOLFDUVH
(Q RWUR GH ORV H[SHULPHQWRV 3DVWHXU FRORFy XQ FDOGR HVWHULOL]DGR HQ XQD VHULH GH WXERV FRQ
GLIHUHQWHV IRUPDV GLVHxDGRV HVSHFLDOPHQWH SDUD SHUPLWLU HO PRYLPLHQWR GHO DLUH SHUR LPSHGLU OD
FLUFXODFLyQ GHO SROYR TXH DFDUUHDED FRQVLJR ORV LQGHVHDGRV JpUPHQHV (O OtTXLGR FRPR HUD GH
HVSHUDUVH R FRPR QRVRWURV DKRUD VDEHPRV TXH HOORV GHEHUtDQ KDEHU HVSHUDGR SHUPDQHFLy
FULVWDOLQRSRUPHVHV
6RFDUURQDPHQWH3DVWHXUVROtDGHFLU

3UHILHURFUHHUTXHODYLGDSURYLHQHGHODYLGDDQWHVGHTXHYLHQHGHOSROYR

7DPELpQ SXGR PRVWUDU PHGLDQWH H[SHULHQFLDV LJXDOPHQWH LQJHQLRVDV \ VHQFLOODV TXH ODV
VXVWDQFLDV IHUPHQWDEOHV H[SXHVWDV DO DLUH SHUPDQHFHQ HVWpULOHV VLHPSUH \ FXDQGR VH OLPSLH GH
JpUPHQHVHODLUHHQVXVSHQVLyQ
3RXFKHW KDEtD VLGR GHUURWDGR GHILQLWLYDPHQWH SHUR OD DQWLJXD \ \D SRU HQWRQFHV GHVWURQDGD
WHRUtD D~Q FRQVHUYDED XQ SRVWUHU DOLHQWR )DOWDED OD ~OWLPD EDWDOOD TXH VH OLEUDUtD HQ  \ TXH
PDUFDUtDVXILQGHILQLWLYR
(VH DxR + &KDUOWRQ %DVWLDQ XQ SDWyORJR LQJOpV SXEOLFy XQ JUXHVR YROXPHQ HQ HO TXH VH
DSRUWDEDQQXHYDVREVHUYDFLRQHVDIDYRUGHODJHQHUDFLyQHVSRQWiQHD(QXQR GHVXVH[SHULPHQWRV
KDEtDFDOHQWDGRRULQDiFLGDSRUHQFLPDGHODWHPSHUDWXUDGHHEXOOLFLyQHQWRUQRDORV(VWD
RULQDFXDQGRVHODUHVJXDUGDEDGHODLUHSHUPDQHFtDFODUD\DOSDUHFHUHVWpULO6LQHPEDUJRFXDQGR
VHLQWURGXFtDXQDVROXFLyQGHSRWDVDSURFXUDQGRTXHODRULQDVLJXLHUDUHVJXDUGDGDGHODLUHDOFDER
GHGLH]KRUDVKHUYtDGHEDFWHULDVYLYDV
3DVWHXUQRVHDPLODQyODYHUGDGQRHUDPRPHQWRGHWLUDUWDQWRHVIXHU]RSRUODERUGD\ORJUy
VROXFLRQDUHOQXHYRHQLJPDGHPRVWUDQGRODH[LVWHQFLDGHEDFWHULDVUHVLVWHQWHVDWHPSHUDWXUDVLQFOXVR
VXSHULRUHVDORVJUDGRV
<DVtIXHFyPR3DVWHXUDFDEyGHXQDYH]SRUWRGDV\SDUDVLHPSUHFRQODKLVWRULDHVDHLQLFLyXQ
QXHYR FDPLQR TXH KDEUtD GH VHQWDU ODV EDVHV SDUD OD HVWHULOL]DFLyQ \ OD DQWLVHSVLD FODYHV GH OD
PHGLFLQDPRGHUQD
3HUR VL KD\ DOJR TXH YHUGDGHUDPHQWH LPSUHVLRQD HV TXH OD GRFWULQD HFKDGD D URGDU SRU
$ULVWyWHOHVHQHOVLJOR,9D&VREUHYLYLHUDKDVWDKD\LGHDVFLHQWtILFDVTXHVRQSHUVLVWHQWHV\VH
UHVLVWHQDPRULU8QSRFRFRPRWDQWDVFLXGDGHVPRGHUQDVTXHFRQVHUYDQVXVFDVFRVKLVWyULFRVRODV
UXLQDVGHORVDVHQWDPLHQWRVDQWLJXRVTXHORVSUHFHGLHURQ
 &$378/2

7RGRVORVIXHJRVHOIXHJRODUHYROXFLyQTXtPLFD

3ULPHURYLQRHOIXHJRHOiUEROTXHDUGtD
ODIORUHVWDLQFHQGLDGDTXHDTXHOORVKRPEUHVPRQRVPLUDUtDQSDVPDGRV
/XHJRODTXHPDGXUD\HOJULWR
DSHQDVHOIXHJR\ODSLHOVHVHSDUDURQYLQRHOUHODWR
ODSDODEUDGLFKDDYLYDYR]
RVXVXUUDGDHQODODUJDQRFKHSUHKLVWyULFD

/DSUiFWLFDTXtPLFDWLHQHXQDODUJDWUDGLFLyQHQODKLVWRULDKXPDQD(QFXHYDVSUHKLVWyULFDVVHKDQ
HQFRQWUDGR SLQWXUDV TXH QHFHVLWDEDQ GHO XVR GH WLQWXUDV HODERUDGDV OD PHWDOXUJLD GHWHUPLQy HO
GHVWLQR GH SXHEORV \ FLYLOL]DFLRQHV OD DOIDUHUtD LPSOLFDED OD WUDQVIRUPDFLyQ GH ORV PDWHULDOHV OD
IDUPDFRSHDGHVGHVLHPSUHODUHTXLULyFRPRDOLDGD
3HURODTXtPLFDSURSLDPHQWHGLFKDHVXQDFLHQFLDPX\MRYHQ+DVWDOD5HYROXFLyQ&LHQWtILFDHQ
JHQHUDOSHUPDQHFLyFRPRVDEHUHPLQHQWHPHQWHSUiFWLFRRFRPRVDEHUDOTXtPLFRHVGHFLUFRPRXQ
VDEHUDGRUQDGRSRUIyUPXODVHVSLULWXDOHVHLQYRFDFLRQHVPtVWLFDVDVtIORUHFLyHQHO,VODPDWUDYHVy
PD\RULWDULDPHQWHOD(GDG0HGLD\OOHJyDODVSXHUWDVGHOVLJOR;9,,,
2MR HO VDEHU DOTXtPLFR QR VH UHGXMR D OD PHUD LQYRFDFLyQ GH IyUPXODV VDFUDPHQWDOHV SDUD
FRQYHUWLUORVPHWDOHVHQRURRHQFRQWUDUHOHOL[LUGHODUJDYLGDVLpVDIXHHQPXFKRVFDVRVODOtQHD
SULQFLSDO WDPELpQ HVWLPXODED WRGR WLSR GH SUiFWLFDV ODWHUDOHV TXH IXHURQ IRUPDQGR XQ FRUSXV TXH
DSHQDV VH GHVDWDURQ ODV DWDGXUDV PiJLFDV \ PtVWLFDV FRQ HO WULXQIR GH OD FLHQFLD H[SHULPHQWDO VH
DUPyFRPRXQDQXHYDGLVFLSOLQDTXHFRPRWRGDVDVSLUyDOULJRUQHZWRQLDQR
$VtFRPRODUHYROXFLyQHQODItVLFDQDFLyGHODUHVROXFLyQGHOSUREOHPDGHOPRYLPLHQWR\ODOH\
GH JUDYLWDFLyQ XQLYHUVDO TXH UHVROYLy HO SUREOHPD DVWURQyPLFR OD FRQVWLWXFLyQ QHZWRQLDQD GH OD
TXtPLFDWDPELpQJLUyDOUHGHGRUGHXQSUREOHPDGHILQLGR
(V OR TXH OHV YR\ D FRQWDU HQ HVWH FDStWXOR GH TXp PDQHUD OD TXtPLFD HYROXFLRQy KDVWD
WUDQVIRUPDUVHHQXQDFLHQFLDQHZWRQLDQDFXDQGR/DYRLVLHUUHVROYLyHOSUREOHPDGHODFRPEXVWLyQ
<HVTXHVtFRPROHVGLMHWRGRHPSH]yFRQHOIXHJR

+LVWRULDGHOIXHJR
7RPpHQKXHFDFDxDODIXUWLYDFKLVSDPDGUHGHOIXHJROXFLyPDHVWUDGHWRGDLQGXVWULD
FRPRGLGDGJUDQGHSDUDORVKRPEUHV\GHHVWDVXHUWHSDJRODSHQDGHPLVGHOLWRVSXHVWRDOUDVR\
HQSULVLRQHV

(648,/23URPHWHRHQFDGHQDGR
+DFHFXDWURFLHQWRVPLODxRVVHHQFHQGLHURQODVKRJXHUDVGHOKRPEUHGH3HNtQ\GHVGHHQWRQFHVHO
IXHJR IXH WDQ HVHQFLDO SDUD HO KRPEUH TXH HV GLItFLO LPDJLQDUVH OD FLYLOL]DFLyQ VLQ pO XQR SXHGH
SHQVDUHQFXOWXUDVVLQUXHGDVLQHVFULWXUDVLQDUDGRSHURQRVLQIXHJR
7DPELpQ HV GLItFLO LPDJLQDU OR TXH VLJQLILFy QXHVWURV DQWHSDVDGRV SUHKLVWyULFRV KDELWDEDQ XQD
WLHUUDKRVWLOSODJDGDGHSHOLJURV\FDODPLGDGHVQDWXUDOHV(OIXHJRHUDXQDGHHOODVFXDQGRXQUD\RR
ODVHTXtDLQFHQGLDEDQODVDEDQDQRSRGtDQKDFHURWUDFRVDTXHKXLU\WHPEODU3HURUHVXOWDTXHXQGtD
DSUHQGLHURQ D OOHYDUOR D VXV FDYHUQDV \ FRQVHUYDUOR DUULPDQGR FXLGDGRVDPHQWH UDPDV VHFDV \ GH
UHSHQWH HVH D]RWH WHUURUtILFR VH FRQYLUWLy HQ XQ DOLDGR \ WRGR IXH GLVWLQWR 3HUPLWtD FRFLQDU ORV
DOLPHQWRVGHIHQGHUVHGHODVILHUDV\VHQWDUVHDVXDOUHGHGRUODWULEXFDOLHQWH\SURWHJLGDSRUODOX]
SRGtDSRUSULPHUDYH]FRPSDUWLUVXVKLVWRULDVHQXQOHQJXDMHTXHQLVLTXLHUDH[LVWtDD~Q
4XH HO IXHJR VH DSDJDUD ORV GHVGLEXMDGRV GLRVHV GHO SULQFLSLR QR OR SHUPLWLHUDQ SRGtD
VLJQLILFDUHOILQ\ODPXHUWHGHWRGRV<RWURGtDDOJXLHQQXQFDVDEUHPRVVXQRPEUHVLHVTXHOR
WHQtDVLHVTXHH[LVWtDQORVQRPEUHVGHVFXEULyTXHJROSHDQGRGRVSLHGUDVVDOWDEDXQDFKLVSDFRQ
ODFXDOVHSRGtDHQFHQGHUXQFRQMXQWRGHKRMDVVHFDV(QHVHSUHFLVRPRPHQWRMXVWRHQHVHLQVWDQWH
FDPELyHOFXUVRGHODHVSHFLH6HWHUPLQyHOWHPRUGHTXHHOIXHJRVHDSDJDUDDKRUDHOIXHJRHUD
QXHVWURHUDXQDKHUUDPLHQWDODKHUUDPLHQWDPiVSRGHURVDODWHFQRORJtD PiVSRWHQWHTXH MDPiVVH
LQYHQWy 1L ORV JUDQGHV FRKHWHV TXH YDQ D OD /XQD QL ORV VDWpOLWHV DUWLILFLDOHV QL ORV VRILVWLFDGRV
URERWVTXHDUPDQORVFLUFXLWRVLQWHJUDGRVSDUDODVFRPSXWDGRUDVSXHGHQFRPSDUDUVHDOLQYHQWRTXH
VXUJLyGHOJROSHLQWHOLJHQWHGHGRVSLHGUDVGHVtOH[
(OIXHJRPXOWLSOLFyORVSRGHUHV\ODVKDELOLGDGHVFHUFDGHpOHOEDUURVHHQGXUHFtDWRUQiQGRVH
GXURHLPSHUPHDEOHQDFtDODFHUiPLFDODVYDVLMDVFDSDFHVGHDOPDFHQDU\WUDQVSRUWDUHODJXDHO
iQIRUDJULHJDORVMDUURQHVFKLQRVHODU\EDORLQFDLFR\HOSODWRTXHWHQHPRVHQQXHVWUDPHVD(OIXHJR
YHQFH DO PHWDO OR GHUULWH \ OR YXHOYH PDOHDEOH SHUPLWH WUDEDMDU \ GDU OD IRUPD TXH XQR TXLHUD DO
FREUHHOSORPRODSODWD\HORUR<PiVWDUGHYHQGUtDQODVDOHDFLRQHVFRPRHOEURQFH\OXHJRHO
KLHUUR FRQ VX FRKRUWH GH LQVWUXPHQWRV HO WDOOHU HO IXHOOH HO \XQTXH \ HO PDUWLOOR GH GRQGH
GHVFLHQGHQGLUHFWDPHQWHORVDOWRVKRUQRV\HODFHURTXHKR\HVSDUFHQVXVSURGXFWRVSRUORVFXDWUR
ULQFRQHVGHOD7LHUUD
&yPR QR FUHHU TXH HUD XQ GLRV H LGHQWLILFDUOR FRQ HO 6RO SURYHHGRU WDPELpQ GH OX] FDORU \
YLGD"&XDQGRDTXHOODVWULEXVKRUGDVJUXSRVRORTXHIXHUDQVHWUDQVIRUPDURQHQFLYLOL]DFLRQHVTXH
FRQVWUX\HURQFLXGDGHVHOIXHJRFRQVHUYyHVHYDORUULWXDOGHKDEHUPDUFDGRXQFRPLHQ]RTXHWRGRV
KDEtDQ \D ROYLGDGR \ IXH UHFXELHUWR SRU OH\HQGDV 3URPHWHR HO IXHJR ROtPSLFR ODV IRJDWDV GH 6DQ
-XDQHOWHUURUDQWHHOLQFHQGLRHOVLOHQFLRDQWHHOIRJyQGHOFDPSDPHQWR
&XHQWDQORVWHKXHOFKHVTXH.yRFKHOTXHVLHPSUHH[LVWLyYLYtDHQWUHQHEOLQDVRVFXUDVHQHO
SXQWRHQTXHHOPDU\HOFLHORVHUH~QHQ&DQVDGRGHHVWDUVRORXQGtDFRPHQ]yDOORUDUVLQSDUDU
GXUDQWH WDQWR WLHPSR TXH IRUPy HO PDU OODPDGR $UURN .yRFK VRUSUHQGLGR GHWXYR VXV OiJULPDV \
VXVSLUySURGXFLHQGRHOYLHQWRSRUSULPHUDYH].yRFKTXLVRYHUVXREUD\DO]DQGRODPDQRFUHy
XQDHQRUPHFKLVSDHO6ROTXHLOXPLQyWRGRDVXDOUHGHGRU/XHJROOHJDURQODVQXEHV\.yRFKTXHGy
VDWLVIHFKR
7LHPSR GHVSXpV (ODO XQ KpURH GLRV FUHy D ORV &KyQHN ORV KRPEUHV HQ (O &KDOWpQ \ VH
WUDQVIRUPyHQVXJXtD\SURWHFWRU(ODOFRPSUHQGLyTXHVXVFULDWXUDVVHVHQWtDQVRODV\GHVSURWHJLGDV
\OHVGLRHOPHMRUUHJDORTXHVHSXHGHWHQHUOHVHQVHxyTXHJROSHDQGRGRVSLHGUDVVHSXHGHQKDFHU
FKLVSDVPDGUHVGHOIXHJR1XQFDPiVORVWHKXHOFKHVWHPLHURQDODRVFXULGDGQLDODVKHODGDVSRUTXH
HUDQGXHxRVGHOVHFUHWRGHOIXHJR

WRPRVGHIXHJR

(ODLUHTXHHQYXHOYH\FDQWD
/DWLHUUDTXHJHUPLQD
(ODJXDTXHIOX\H\ODYD
HOSHFDGR\ODURSD
(OIXHJRHQODPXUDOOD\HQODKRJXHUD
FXDWURHOHPHQWRVEDVWDEDQ
SDUDXQPXQGRHQFLHUQHV

6LQHPEDUJRIXHPX\GLItFLODYHULJXDUTXpHVHOIXHJR'HSURQWRSDUHFHXQDFRVDYLYDVHPXHYHVH
SURSDJD QDFH \ VH H[WLQJXH $ YHFHV HV PDOpILFR TXHPD OD SLHO \ VH OOHYD OD YLGD D YHFHV HV
EHQHIDFWRUVLUYHHQODSD]\HQODJXHUUDHVXQDUPDWHPLEOH&DPELDGHFRORUVLDFHUFDPRVXQSRFR
GHVDODOIXHJRGHODFRFLQDODOODPDVHYXHOYHDPDULOOD(OFDUEyQHVGLItFLOGHHQFHQGHUXQDKRMDGH
SDSHOVHTXHPDFRQPXFKDUDSLGH]ODSyOYRUDVHHQFLHQGHFRQXQIRJRQD]R3DUDTXHYXHOHXQDJUDQ
URFD HV QHFHVDULD OD GLQDPLWD 3DUD TXH XQ DXWRPyYLO R XQ DYLyQ SXHGDQ PRYHUVH KDFHQ IDOWD XQD
VHULHGHSHTXHxDVH[SORVLRQHVGHJDVROLQD
+D\DOJRHQFRP~QHQWUHHVRVIXHJRV"3RUTXpDOJXQDVFRVDVVHHQFLHQGHQ\RWUDVQR"3RUTXp
VHFRQWDJLD"4XpRFXUUHFXDQGRDOJRVHTXHPD"(OIXHJRHVDOJRTXHVDOHGHDGHQWURGHODPDWHULD
TXHDUGH"
(O IXHJR WUDQVIRUPD ODV FRVDV HQGXUHFH OD DUFLOOD IXQGH ORV PHWDOHV FRQYLHUWH OD PDGHUD HQ
FHQL]DV\XQSDVWL]DOHQKXPRTXHPDODSLHO\FRQVXPHFDVLSRUFRPSOHWRXQWUR]RGHFDUEyQ&yPR
SXHGH VHU" 1R HV QDGD IiFLO UHVSRQGHU 3HUR HUD IDWDO TXH XQD YH] TXH VH KXER DSUHQGLGR D
GRPLQDUORVHDYDQ]DUDSDVRDSDVRKDVWDVDEHUTXpHUD
1RHVVRUSUHQGHQWHTXHFXDQGRORVILOyVRIRVJULHJRVGHFLGLHURQFRPSUHQGHUTXpHVHOPXQGRVLQ
UHFXUULUDORVGLRVHVHOLJLHUDQDOIXHJRFRPRXQRGHVXVFRPSRQHQWHVIXQGDPHQWDOHV5HFRUGDUiQTXH
QXHVWURVYLHMRVDPLJRV(PSpGRFOHV\$ULVWyWHOHVXQLYHUVDO\RPQLSUHVHQWHFRPRVLHPSUHHQWRGDV
ODVFRVDVTXHWLHQHQTXHYHUFRQHVWDKXPDQDFRVWXPEUHGHKDFHUFLHQFLDLQYHQWDURQODWHRUtDGHORV
FXDWURHOHPHQWRVFXDWURVXVWDQFLDVTXHIRUPDEDQWRGDVODVGHPiV\HOIXHJRIXHXQDGHHOODVODV
RWUDVWUHVHUDQHODLUHHODJXD\ODWLHUUD
(Q FXDOTXLHU ILORVRItD TXH SDUWLHUD GH OD H[LVWHQFLD GH ORV FXDWUR HOHPHQWRV HO IXHJR HUD XQD
VXVWDQFLDXQHQWHPDWHULDO6LQHPEDUJRHUDXQHQWHPDWHULDOHQFLHUWRPRGRGLIHUHQWHGHORVRWURVOD
WLHUUD\HODJXDVHSXHGHQSDOSDUHODLUHSXHGHUHVSLUDUVH\HQFHUUDUVHHQXQDYDVLMDSHURHOIXHJR
HQFLHUWDIRUPDHVLQDVLEOHSRUDOJXQDUD]yQPLVWHULRVDQRVHSXHGHWHQHUIXHJRVRORVLELHQORV
SLWDJyULFRV SRU VX SDUWH SHQVDEDQ TXH OD 7LHUUD HO 6RO OD /XQD \ WRGRV ORV SODQHWDV JLUDEDQ
DOUHGHGRUGHXQJUDQIXHJRFHQWUDOTXHRFXSDEDHOFHQWURGHOXQLYHUVR
 /D WHRUtD GH ORV FXDWUR HOHPHQWRV VH FRPELQy FRQ ODV GH TXLHQHV RSLQDEDQ TXH WRGR HVWDED
IRUPDGRSRUSDUWtFXODVLQGLYLVLEOHVORViWRPRV\DVtVHHVWDEOHFLyTXHKDEtDFXDWURWLSRVGHiWRPRV
\ HQWUH HOORV QDWXUDOPHQWH iWRPRV GH IXHJR $O TXHPDUVH OD PDWHULD FHGtD ORV iWRPRV GH IXHJR
HQFHUUDGRVHQHOOD\IRUPDEDODOODPD<VLQRHVWDEDIRUPDGDSRUHVHWLSRGHiWRPRVODPDWHULDQR
DUGtD
<DQRHUDXQGLRVVLQRXQHQWHPDWHULDOFRPRORVGHPiVXQDGHODVVXVWDQFLDVEiVLFDVGHOPXQGR
TXH DGHPiV WHQtD OD UDUD SURSLHGDG GH GHVFRPSRQHU OD PDWHULD HQ VXV HOHPHQWRV PiV VLPSOHV \
EiVLFRVFRPRFXDQGRDUGHODPDGHUD\VHVHSDUDQHOKXPR\ODVFHQL]DV7RGDXQDLGHD
/D DOTXLPLD PHGLHYDO QR PRGLILFy ODV FRVDV KHUHGy OD WHRUtD DQWLJXD VREUH HO IXHJR \ ORV
DOTXLPLVWDVHVWUXMDURQODPDWHULDSDUDREWHQHUiWRPRVGHIXHJRFRPELQDUORVFRQiWRPRVGHWLHUUD\
SURGXFLU RUR HUD OD SLHGUD ILORVRIDO TXH EXVFDURQ FRQ DKtQFR HQFHUUDGRV HQ OD EUXPD GH VXV
ODERUDWRULRV3HURHOORVPH]FODEDQODH[SHULPHQWDFLyQFRQODHVSHFXODFLyQILORVyILFD\UHOLJLRVDORV
ULWXDOHV PiJLFRV ODV FUHHQFLDV DVWUROyJLFDV TXH DVRFLDEDQ ORV SODQHWDV FRQ ORV PHWDOHV \ ODV
GRFWULQDV HVRWpULFDV UHYHODGDV SRU +HUPHV 7ULVPHJLVWR TXH PXFKRV DxRV PiV WDUGH JXLDUtD HQ
0DFRQGRODDIDQRVDE~VTXHGDGH-RVp$UFDGLR%XHQGtD2VHDIHUUDEDQDFUHHQFLDVHVSLULWXDOLVWDV
VHJ~Q ODV FXDOHV OD PDWHULD HVWDED GH DOJXQD PDQHUD YLYD \ UHVSRQGHUtD DO FRQWDFWR GH OD SLHGUD
ILORVRIDOGDQGRHORURORPHMRUGHVt
1RFRQVLJXLHURQQDGDFODURHVWi\QDGDFRQFUHWRTXHGyGHDTXHOODVDVSLUDFLRQHVGHODDOTXLPLD
3HURDSDUWLUGHO5HQDFLPLHQWRORVDOTXLPLVWDVTXHEXVFDEDQODSLHGUDILORVRIDO\HOHOL[LUGHODUJD
YLGDVHWUDQVIRUPDURQOHQWDPHQWHHQTXtPLFRVFRQVWUXFWRUHVGHPROpFXODVFD]DGRUHVGHVXVWDQFLDV\
IXQGDGRUHVGHSRGHURVDVLQGXVWULDV
<DKDEODPRVGHXQRGHHVWRVSHUVRQDMHVLQWHUPHGLRVPHGLRFLHQWtILFRVPHGLRPDJRV3DUDFHOVR
GHOTXHOHVFRQWpTXHKD\TXLHQHVGLFHQTXHHUDVRODPHQWHH[WUDYDJDQWHSHURJHQLDOTXHPXFKRVOR
FRQVLGHUDQDOJRH[DJHUDGDPHQWHFRPRXQRGHORVLQLFLDGRUHVGHODPHGLFLQD\ODTXtPLFDPRGHUQDV
SHUR TXH SDUD Pt VLPSOHPHQWH QR HVWDED HQ VXV FDEDOHV 3DUDFHOVR TXH D~Q WHQtD XQ SLH R XQR \
PHGLRRORVGRVHQHOSHQVDPLHQWRSUHFLHQWtILFRWHQtDVHULDVGXGDVVREUHORVFXDWURHOHPHQWRVORV
GHMySRUHOPRPHQWRGHODGRQRVHDQLPyDDEDQGRQDUORVFRPSOHWDPHQWH\DTXHODDXWRULGDGGH
$ULVWyWHOHV HUD GHPDVLDGR JUDQGH \ ORV UHHPSOD]y SRU WUHV SULQFLSLRV WRPDGRV GH OD DOTXLPLD
iUDEHD]XIUHPHUFXULR\VDOTXHVHJ~QpOHQWUDEDQHQODIRUPDFLyQGHWRGDVODVVXVWDQFLDV\HUDQ
SRUWDGRUHVGHVXVSURSLHGDGHV'HVGH\DWDPELpQWXYRVXWHRUtDGHOIXHJR\ODFRPEXVWLyQORTXH
DUGH HV HO D]XIUH OR TXH VH YRODWLOL]D \ HVFDSD HQ HO KXPR HV HO PHUFXULR \ OR TXH TXHGD FRPR
UHVLGXRHVODVDO/DQXHYDLGHDPDUFDUtDXQDpSRFD
2WURSHUVRQDMHTXHLQWHUYLQRHQHODVXQWRIXH9DQ+HOPRQWGHTXLHQ\DKDEODPRVHQHOFDStWXOR
DQWHULRUTXHWDPSRFRFUHtDPXFKRHQORVFXDWURHOHPHQWRV%XHQRHQUHDOLGDGFUHtDHQXQRVRORGH
HOORV HO DJXD \ HQ FRQVHFXHQFLD QHJy PDWHULDOLGDG DO IXHJR DXQTXH GHVGH \D DSR\DED OD DQWLJXD
FRQYLFFLyQGHTXHHOIXHJRVHSDUDEDODPDWHULDFRPSXHVWDHQHOHPHQWRVVLPSOHV(VWHFDEDOOHURWXYR
VXVFRVDVLQYHQWyODSDODEUDJDVWRPiQGRODVHJ~QDOJXQRVGHOJULHJRFKDRV\VHJ~QRWURVSRU
VXVHPHMDQ]DIRQpWLFDFRQODSDODEUDDOHPDQDJHLVWHVStULWX$GHPiVDXQTXHQRIXHHOSULPHURHQ
UHFRQRFHUODPXOWLSOLFLGDGGHODVVXVWDQFLDVJDVHRVDVVtIXHHOSULPHURHQGHVFULELUGLIHUHQWHVJDVHV
HPSH]DQGR SRU HO GLy[LGR GH FDUERQR GH IRUPD FODUD DXQTXH FXULRVDPHQWH FUHtD TXH HUD
LPSRVLEOHHQFHUUDUORVHQUHFLSLHQWHV
 /RVJDVHVVRQWDQGLIHUHQWHVHQWUHVtFRPRORVFXHUSRVGHORVTXHSURYLHQHQ

<FUH\yTXHH[LVWtDXQGLVROYHQWHXQLYHUVDOOODPDGRDOFDKHVWRFDSD]GHFRQVHJXLUTXHFXDOTXLHU
VXVWDQFLDYROYLHUDDODJXDRULJLQDO(QFXDQWRDODOODPDDVHJXUDEDTXHQRHUDRWUDFRVDTXHXQJDV
LQFDQGHVFHQWHXQYDSRUHQFHQGLGRXQJDVDOURMRYLYRGHODPLVPDPDQHUDTXHHOKLHUURVHSRQHDO
URMRYLYRVLVHFDOLHQWDPXFKR\TXHHOIXHJRHUDXQDJHQWHXQPHURDFFLGHQWHGHODPDWHULD$TXt
KDEtDXQDLGHDLQWHUHVDQWHDOJRQXHYR
3HUR\DHVWDEDHQIXQFLRQHVOD5HYROXFLyQ&LHQWtILFD<HVRHUDPiVQXHYRWRGDYtD

(OIXHJRUHVLVWHDOD5HYROXFLyQ&LHQWtILFD
/D5HYROXFLyQ&LHQWtILFDGLRYXHOWDWRGRHOXQLYHUVRP~OWLSOHGHORVPDJRVHOXQLYHUVRLUUHSDUDEOH
GH ORV PHWDItVLFRV HO XQLYHUVR WHRORJDO GH ORV PHGLHYDOHV \ HO XQLYHUVR FHUUDGR GH $ULVWyWHOHV
VDOWDURQ HQ SHGD]RV \ OD LQPHQVD \ PXOWLIRUPH PDTXLQDULD GH ORV DQWLJXRV \ ORV PHGLHYDOHV IXH
UHGXFLGD D UXLQDV QR VLHPSUH JORULRVDV (O PXQGR VH WUDQVIRUPy HQ XQ JLJDQWHVFR PHFDQLVPR
JREHUQDGRSRUOH\HVVLPSOHV\VRPHWLGRDOPpWRGRH[SHULPHQWDO
3HUR DGHPiV OD 5HYROXFLyQ &LHQWtILFD IXH WDPELpQ XQD UHYROXFLyQ FRQFHSWXDO XQ FDPELR GH
DFWLWXGTXHSDUWtDGHXQDVHQFLOODFRQYLFFLyQHVHPHFDQLVPRVHSRGtDFRPSUHQGHU1RHUDFXHVWLyQ
GHVHQWDUVH\HVSHUDUDTXHVHPDQLIHVWDUDRUHYHODUDVLQRTXHKDEtDTXHLUKDFLDpOH[SHULPHQWDU
FRQpOPLUDUFRQSUHFLVLyQORTXHRFXUUtDUHSURGXFLUORHQHOODERUDWRULR
/DPDWHULD\HOPLVWHULRGHODFRPEXVWLyQVLQHPEDUJRUHVLVWtDQ(QPHGLRGHODDYDODQFKDGH
WUDQVIRUPDFLRQHV\GHVFXEULPLHQWRVHQSOHQRVLJOR ;9,,5REHUW%R\OHDTXLHQPXFKRV
FRQVLGHUDQ HO SDGUH GH OD TXtPLFD PRGHUQD UHYLVy FXLGDGRVDPHQWH WRGRV ORV FRQFHSWRV TXtPLFRV
HQWRQFHVEDVWDQWHQHEXORVRVVXOLEUR7KH6NHSWLFDO&KHPLVWVHFRQVLGHUDFRQMXVWLFLDIXQGDFLRQDO
\UHFKD]yDTXHOODVLGHDVTXHIXHUDQFRQIXVDVDOPHMRUHVWLORFDUWHVLDQR

/RVTXtPLFRVKDVWDDKRUDVHKDQGHMDGRJXLDUSRUSULQFLSLRVHVWUHFKRVVLQDOFDQFHVXSHULRU
DOJXQR <R WUDWR GH SDUWLU GH XQ SXQWR GH YLVWD FRPSOHWDPHQWH GLVWLQWR SXHV FRQVLGHUR OD
TXtPLFDQRFRPRORKDUtDXQPpGLFRRXQDOTXLPLVWDVLQRFRPRGHEHKDFHUORXQILOyVRIR

6HGHEtDQHOLPLQDUWRGRVORVWpUPLQRV\FRQFHSWRVTXHQRHVWXYLHUDQFODUDPHQWHGHILQLGRV\QR
GHEtDDFHSWDUVHQLQJXQDWHRUtDTXHQRHVWXYLHUDDYDODGDSRUSUXHEDVH[SHULPHQWDOHV~QLFDVGHODV
TXHVHSXHGHHVSHUDUHOSURJUHVRGHXQDYHUGDGHUDFLHQFLD
'HVGH\DGHVFUH\yGHORVFXDWURHOHPHQWRV DUJX\HQGR TXHQR KDEtDQLQJXQDSUXHEDGHTXHOR
IXHUDQ\GHORVWUHVSULQFLSLRVGH3DUDFHOVR

0HJXVWDUtDVDEHUFyPRVHOOHJDUtDDGHVFRPSRQHUHORURHQD]XIUHHQPHUFXULR\VDO<RPH
KDUtDFDUJRGHOFRVWRGHODRSHUDFLyQ

$XQTXH%R\OHHUDXQKRPEUHULFRQDGLHDFHSWyHOGHVDItR<\DTXHGHGXGDUVHWUDWDEDGXGy
WDPELpQGHODPLOHQDULDFRQYLFFLyQGHTXHHOIXHJRGHVFRPSRQtDODPDWHULDHQVXVWDQFLDVVLPSOHV

&UHHUTXHHOIXHJRUHGXFHORVFXHUSRVDVXVLQJUHGLHQWHVHOHPHQWDOHVHVGHVFRQRFHUHOKHFKR
H[SHULPHQWDOGHTXHODFRPEXVWLyQGDRULJHQDSURGXFWRVQXHYRVTXHHQVXPD\RUtDVRQGH
QDWXUDOH]DFRPSXHVWD

%R\OHWHQtDXQDQXHYDHLQWHUHVDQWHKHUUDPLHQWDSDUDLQYHVWLJDUODQDWXUDOH]DGHOIXHJRODERPED
GHYDFtRGHUHFLHQWHLQYHQFLyQ\FRQHOODFRPSUREyTXHHQHOYDFtRODVFRVDVDXQXQFXHUSRWDQ
LQIODPDEOH FRPR HO D]XIUH QR DUGtDQ \ SRU OR WDQWR VXEUD\y OD LPSRUWDQFLD GHO DLUH SDUD OD
FRPEXVWLyQ
(QUHDOLGDGODLPSRUWDQFLDGHODLUHHUDXQKHFKRFRQRFLGR\DSRUORVDOTXLPLVWDV\TXHHQFLHUWR
PRGR LQWX\H FXDOTXLHUD TXH VRSOD SDUD DYLYDU OD EUDVD GH XQ IRJyQ HO KHUUHUR DUPRQLRVR TXH VH
DSXUDFRQHOIXHOOHSRUTXHHVWiSDVDQGRHOVHxRU*HRUJ)ULHGULFK+DHQGHORHOHVSHFWDGRULPSRWHQWH
TXH YH FyPR HO YLHQWR H[WLHQGH HO LQFHQGLR LQFRQWURODEOH GH XQ ERVTXH 3HUR OD ERPED GH YDFtR
FRUURERUyGHPDQHUDLUUHIXWDEOHTXHVLQDLUHQRKDEtDIXHJR
(UD XQD SLVWD LPSRUWDQWH DXQTXH %R\OH QR OD VLJXLy KDVWD HO ILQDO )XH GHPDVLDGR FDXWR HQ
UHODFLyQFRQHOIXHJR\DXQTXHGHVFUH\yGHTXHIXHUDXQHOHPHQWRHLQFOXVRGHVXFDUiFWHUPDWHULDO
WDPELpQKDEOyGHSDUWtFXODVGHIXHJR
/DVLQYHVWLJDFLRQHVGH%R\OH\GHVXFRQWLQXDGRUHOJUDQ5REHUW+RRNHLQVLQXDEDQXQDOtQHDTXH
VHDSUR[LPDEDDOVHFUHWRGHOIXHJR\DODFRQVWUXFFLyQGHXQDTXtPLFDGHWLSRQHZWRQLDQRDFRUGH
FRQ ORV WLHPSRV TXH FRUUtDQ SHUR QR SURVSHUy SRUTXH GH UHSHQWH DSDUHFLy XQD H[SOLFDFLyQ XQD
WHRUtDJHQHUDOTXHSDUHFtDUHVROYHUHOSUREOHPDGHODFRPEXVWLyQGHXQDYH]SRUWRGDV

/DGRFWULQDGHOIORJLVWR
&XDQGRHOEXHQVHxRU-RKDQQ-RDFKLP%HFKHUSXEOLFyHQVX3K\VLFDVXEWHUUDQHD
QRVRVSHFKyTXHHVWDEDSUHSDUDQGRHOWHUUHQRSDUDXQDWHRUtDGHDOFDQFHXQLYHUVDO1RFUHtDHQORV
FXDWUR HOHPHQWRV DULVWRWpOLFRV TXH HVWDEDQ GH FDSD FDtGD SHUR Vt HQ GRV GH HOORV HO DJXD \ OD
WLHUUDRPHMRUGLFKRWUHVWLSRVGHWLHUUDXQDGHHOODVODWLHUUDFRPEXVWLEOHVHOLEHUDEDHQOD
FRPEXVWLyQHQIRUPDGHJDVDWUDYpVGHOIXHJR\GHMDEDDWUiVODVFHQL]DVRXQDFDOHQHOFDVRGHORV
PHWDOHV5HVSHFWRGHOIXHJR%HFKHUVHJXtDODOtQHDGH9DQ+HOPRQWHOIXHJRHUDHODJHQWHXQLYHUVDO
GH ODV WUDQVIRUPDFLRQHV TXH GHVFRPSRQtD PDWHULDOHV FRPSOHMRV HQ FRPSXHVWRV VLPSOHV TXH
OyJLFDPHQWHFRPRODVFHQL]DVUHVXOWDUtDQLQFRPEXVWLEOHV\DTXHQROHVTXHGDEDWLHUUDFRPEXVWLEOH
TXHTXHPDU
1RKDFtDIDOWDVHUXQJHQLRSDUDGDUVHFXHQWDGHTXHODVWUHVWLHUUDVGH%HFKHUHUDQDSHQDVXQD
HVSHFLH GH GLVIUD] FDVL H[SOtFLWR GH ORV WUHV SULQFLSLRV GH 3DUDFHOVR 3HUR UHVXOWy TXH XQR GH ORV
GLVFtSXORVGH%HFKHU*HRUJ(UQHVW6WDKODTXHOYLWDOLVWDDFpUULPRGHOTXHKDEODPRVHQHOFDStWXOR
 WRPy ODV LGHDV GH VX PDHVWUR \ ODV WUDQVIRUPy HQ XQD WHRUtD JHQHUDO GH OD FRPEXVWLyQ \ HQ HO
HVSLQD]RGHODTXtPLFDGHDTXHOHQWRQFHV$ODWLHUUDTXH%HFKHUKDEtDOODPDGRFRPEXVWLEOHOD
OODPy IORJLVWR GHO JULHJR TXH VLJQLILFD TXHPDGR R OODPD \ OH DVLJQy HO VXSUHPR \ QREOH
SURSyVLWRGHVHUHOHMHODFODYHHODJHQWH\HOVRVWpQGHODFRPEXVWLyQ<PXFKRPiV
(OIORJLVWRHUDXQSULQFLSLRXQDVXVWDQFLDDPHGLRFDPLQRHQWUHODPDWHULDOLGDG\ODPHWDItVLFD
SHURTXHDVHJXUDEDHOIXQFLRQDPLHQWRTXtPLFRGHOPXQGR/DFRPEXVWLyQVHJ~Q6WDKOHUDVLPSOH
TXHPDUVHHUDVLPSOHPHQWHGHMDUHVFDSDUHOIORJLVWRRFXOWRHQHOFXHUSRTXHVHTXHPDED\TXHFRPR
XQKXPRLQYLVLEOHVHPH]FODEDFRQHODLUH7RGRVORVFXHUSRVFDSDFHVGHDUGHUFRQWLHQHQIORJLVWR\OR
HQWUHJDQDOTXHPDUVH(QHOPRPHQWRGHODFRPEXVWLyQHOIORJLVWRURPSHVXXQLyQFRQORVFXHUSRV\
VH HVFDSD OD SpUGLGD GH IORJLVWR H[SOLFD HO FDPELR GH SURSLHGDGHV GH ORV FXHUSRV TXHPDGRV OD
PDGHUDDOSHUGHUVXIORJLVWRSURGXFHFDUEyQ,QGXGDEOHPHQWHHUDXQDLGHDVLPSOH\DWUDFWLYD
/DYHUGDGHVTXHHVWHIORJLVWRGHODPLJR6WDKOHUDPHGLRUDURQLOtTXLGRQLVyOLGRQLJDVHRVR
HUDLQYLVLEOHHVWDEDRFXOWR\HQSULQFLSLRQRSRGtDVHUDLVODGRSRUTXHVLHPSUHHVWDEDFRPELQDGRHQ
FLHUWDIRUPDVHSDUHFtDDODOFDKHVWRDTXHOGLVROYHQWHXQLYHUVDOTXHKDEtDLPDJLQDGR9DQ+HOPRQW
FDSD] GH ORJUDU TXH FXDOTXLHUD GH ODV VXVWDQFLDV YROYLHUD DO DJXD RULJLQDO \ TXH REYLDPHQWH QR
SRGtD VHU UHWHQLGR HQ QLQJ~Q UHFLSLHQWH (O IORJLVWR WHQtD XQ RORUFLWR PHWDItVLFR TXH QR SHJDED GHO
WRGRFRQVXFDUiFWHUPDWHULDO
3HUR UDUR R QR HO IORJLVWR H[SOLFDED FDVL WRGRV ORV KHFKRV FRQRFLGRV HQWRQFHV VREUH OD
FRPEXVWLyQ 4XHPDUVH HUD SHUGHU IORJLVWR /D FRPEXVWLyQ REYLDPHQWH WHUPLQDED DO DJRWDUVH HO
IORJLVWR GHO FRPEXVWLEOH /D LPSRUWDQFLD GHO DLUH HQ HO DVXQWR VH GHEtD D TXH HO DLUH SRQtD HQ
PRYLPLHQWRODVSDUWtFXODVGHIORJLVWR\GDGRTXHHVHPRYLPLHQWRHVEDVWDQWHUiSLGRHOIORJLVWRVH
GHVSUHQGtD(QXQDFDPSDQDFHUUDGDGHYLGULRODOODPDVHDSDJDEDGHVSXpVGHXQWLHPSRSRUTXHXQ
YROXPHQGHWHUPLQDGRGHDLUHSRGtDDEVRUEHUXQDFLHUWDFDQWLGDGGHIORJLVWR\QRPiV\FXDQGRHODLUH
VH VDWXUDED GH IORJLVWR VH IORJLVWL]DED OD FRPEXVWLyQ FHVDED < UHVSHFWR GHO YDFtR REYLDPHQWH
QDGDSRGtDDUGHU\DTXHDTXLpQSRGUtDHQWUHJDUOHVXIORJLVWR"
$GHPiV 6WDKO GL[LW KDEtD XQ FLFOR GHO IORJLVWR HQ OD QDWXUDOH]D HUD DWUDtGR SRU HO DLUH
DWPRVIpULFR\OXHJRHUDUHDEVRUELGRSRUODVSODQWDVFRPRORSUREDEDQODVSURSLHGDGHVFRPEXVWLEOHV
GH OD PDGHUD $O TXHPDUVH pVWD GHYXHOYH VX IORJLVWR TXH SDVD QXHYDPHQWH DO DLUH (O FLFOR GHO
IORJLVWRHUDHOOD]RSULQFLSDOHQWUHORVWUHVUHLQRVQDWXUDOHV
$PHGLDGRVGHOVLJOR ;9,,,ODGRFWULQDGHOIORJLVWRTXHQRLPSOLFDEDJUDQGHVUXSWXUDVQLFRQOD
ItVLFDDULVWRWpOLFDQLFRQODVWHRUtDVHQERJDGHODPDWHULDHUDDPSOLDPHQWHDFHSWDGD\HOPLVWHULRGH
ODFRPEXVWLyQSDUHFtDUHVXHOWR(OPLVPtVLPR.DQWODDODEyHQVX&UtWLFDGHOD 5D]yQ3XUDFRPR
XQD GH ODV JUDQGHV FRQTXLVWDV GHO HVStULWX KXPDQR 1R HUD XQD WHRUtD DLVODGD XQD H[SOLFDFLyQ
SDUWLFXODU GH XQ IHQyPHQR SDUWLFXODU HUD XQ VLVWHPD FRPSOHWR DOUHGHGRU GHO FXDO VH RUJDQL]y OD
TXtPLFDIORJLVWL]DGDGHDUULEDDEDMR
8QDFRQVHFXHQFLDLQHVSHUDGDHQUHDOLGDGXQGDxRFRODWHUDOIXHODUHVXUUHFFLyQGHOD\D
REVROHWD WHRUtD GH ORV FXDWUR HOHPHQWRV GH $ULVWyWHOHV /D TXtPLFD GHO IORJLVWR WDO FRPR OD LQLFLy
6WDKOHUDDWRPtVWLFDSHURORViWRPRVHUDQLQFRJQRVFLEOHV\VyORVHPDQLIHVWDEDQHQODVSURSLHGDGHV
TXHFRQIHUtDQDODVPH]FODVPLHQWUDVTXHHOQLYHOHVHQFLDOGHODVLQWHUSUHWDFLRQHVTXtPLFDVVHJXtD
GDGRSRUORVFXDWURHOHPHQWRVDULVWRWpOLFRV

6HUHFRQRFHUiVLQGXGDFRQDVRPEURTXHDFWXDOPHQWHDGPLWLPRVFRPRSULQFLSLRVGHWRGRVORV
FRPSXHVWRVORVFXDWURHOHPHQWRVHOIXHJRHODJXDHODLUH\ODWLHUUDTXH$ULVWyWHOHVKDEtD
GHVLJQDGRFRPRWDOHVPXFKRDQWHVGHTXHVHWXYLHUDQORVFRQRFLPLHQWRVTXtPLFRVQHFHVDULRV
 SDUD FRPSUREDU OD YHUGDG GH HVWD DILUPDFLyQ (Q HIHFWR VHD FXDO IXHUH OD IRUPD HQ TXH
GHVFRPSRQJDPRVORVFXHUSRVVLHPSUHREWHQHPRVHVWDVVXVWDQFLDVFRQVWLWX\HQHOFRORIyQGHO
DQiOLVLVTXtPLFR

VH DVHJXUDED EDMR OD HQWUDGD 3ULQFLSLRV HQ HO GLFFLRQDULR GH TXtPLFD GH 3LHUUH -RVHSK 0DTXHU
SXEOLFDGRHQ
/DV FRVDV VLQ HPEDUJR VHJXtDQ VX FXUVR \ OD TXtPLFD DXQTXH IORJLVWL]DGD GLR VXV JUDQGHV
LQYHVWLJDGRUHV%ODFN6FKHHOH&DYHQGLVK<3ULHVWOH\
+HQU\&DYHQGLVKTXHIXHXQRGHORVJUDQGHVTXtPLFRVGHOVLJOR ;9,,,HUDXQ WLSR
H[WUDYDJDQWHDULVWyFUDWDSDGHFtDXQDPLVDQWURStDWDQVHYHUDTXHVXVVLUYLHQWHVDSHQDVORYHtDQSDUD
VHUYLUOH OD FRPLGD 8Q FRPSDxHUR GH OD 5R\DO 6RFLHW\ GH /RQGUHV HO ~QLFR OXJDU HQ HO TXH VH
FRGHDEDFRQRWUDJHQWHGHVGHODSUHFR]HGDGGHDxRVGHFtDTXHOHKDEtDHVFXFKDGRGHFLUPHQRV
SDODEUDVHQVXYLGDTXHDFXDOTXLHURWUDSHUVRQDVLQH[FOXLUDORVPRQMHVGH/D7UDSDTXHVRQ
PRQMHVTXHKDFHQYRWRGHVLOHQFLR
&DYHQGLVKDLVOyFDQWLGDGHVHQRUPHVGHQXHYDVVXVWDQFLDVWUDEDMyHQHOHFWULFLGDG\PDJQHWLVPR\
IXH HO SULPHUR PHGLDQWH XQ LQJHQLRVR H[SHULPHQWR GH PXFKtVLPD SUHFLVLyQ HQ PHGLU OD IXHU]D GH
JUDYHGDGHQXQODERUDWRULR
(ODVXQWRHVTXHKXUJXHWHDQGR\H[SHULPHQWDQGRVHWRSyFRQXQJDVTXHSURYHQtDGHODUHDFFLyQ
HQWUHiFLGRV\PHWDOHVPXFKRPHQRVGHQVRTXHHODLUHTXHDUGtDVLVHOHDSOLFDEDXQDOODPDVXSXVR
TXHHVWHDLUHLQIODPDEOHHUDHOKLGUyJHQRSURYHQtDGHORVPHWDOHV\SHQVyTXHKDEtDORJUDGR
DLVODUHOHVFXUULGL]RIORJLVWRDXQTXHHOIORJLVWRQRVHSRGtDDLVODUSRUTXHKXELHUDVLGRFRPRDLVODU
ODOLEHUWDGRODMXVWLFLDHQXQWXERGHHQVD\R
/XHJR KL]R DUGHU XQD PH]FOD GH DLUH \ DLUH LQIODPDEOH HQ XQ UHFLSLHQWH \ REVHUYy TXH VH
DFXPXODEDKXPHGDGHQODVSDUHGHV/DFRQFOXVLyQIXHFRQPRYHGRUDKDEtDREWHQLGRODVtQWHVLVGHO
DJXD FRPR XQD PH]FOD GH GRV JDVHV (O DJXD QR HUD XQ HOHPHQWR HQ Vt PLVPR VLQR TXH HUD XQ
FRPSXHVWR GH GRV JDVHV 6H GHUULEDED HVWUHSLWRVDPHQWH HO HQRUPH HGLILFLR WHyULFR TXH VH KDEtD
FRQVWUXLGR VREUH ORV FXDWUR HOHPHQWRV DULVWRWpOLFRV 6L HO DJXD HVWDED FRPSXHVWD GH GRV JDVHV
GLIHUHQWHVORVHOHPHQWRVSRGtDQVHUPXFKRVPiV
1DWXUDOPHQWH &DYHQGLVK QR GXGy GHO IORJLVWR \ H[SOLFy VX KDOOD]JR GHO DJXD HQ WpUPLQRV
IORJtVWLFRV FRPR XQ SROtWLFR TXH HVJULPH XQD WHRUtD REVROHWD \ VH UHVLVWH D FDPELDU OOHJy D OD
FRQFOXVLyQ GH TXH HO DJXD GHEtD VHU XQ FRPSXHVWR GH DLUH SXUR \ IORJLVWR (Q UHDOLGDG &DYHQGLVK
FUHtDTXHHOKLGUyJHQRHUDIORJLVWRSXUR

3ULHVWOH\HQFXHQWUDXQQXHYR\VRUSUHQGHQWHJDV
-RVHSK3ULHVWOH\HUDFRPR&DYHQGLVKLQJOpVOLEUHSHQVDGRUHQFXHVWLRQHVGHUHOLJLyQ\
RUWRGR[RHQTXtPLFDIORJLFLVWDDPXHUWHVDFHUGRWH\XQRGHORVPD\RUHVFD]DGRUHVGHVXVWDQFLDVHQ
HVSHFLDOJDVHVGHWRGRHOVLJOR;9,,,
(QYLYtDDOODGRGHXQDIiEULFDGHFHUYH]D\FRPHQ]yDLQWHUHVDUVHHQHOIHQyPHQRGHOD
HIHUYHVFHQFLDTXHSURGXFtDHOOODPDGRDLUHILMRGLy[LGRGHFDUERQRXQJDVGHVFXELHUWR\DLVODGR
SRU %ODFN ([SHULPHQWDQGR LQFDQVDEOHPHQWH FRQ pO GHVFXEULy XQ PRQWyQ GH JDVHV PiV TXH SXGR
GHVFULELU SDUD VX PD\RU JORULD \ KRQRU 3HUR IXH HO  GH DJRVWR GH  FXDQGR DOFDQ]y OD
LQPRUWDOLGDG\DOJRPiV
&RQXQDOXSDTXHFRQFHQWUDEDORVUD\RVGHO6ROFDOHQWyXQSRFRGHy[LGRGHPHUFXULRGHQWURGH
XQD FDPSDQD GH YLGULR KHUPpWLFDPHQWH FHUUDGD \ DO DEULUOD HQFRQWUy XQ DLUH XQ JDV VLQ RORU
&XDQGR LQWURGXMR XQD YHOD HQFHQGLGD HQ HVH DLUH QRWy TXH OD OODPD VH DYLYDED (YLGHQWHPHQWH
KDEtDREWHQLGRXQJDVQXHYRHOPLVPRTXHDXQTXHpOQRORVXSLHUDKDEtDDLVODGR6FKHHOH
(UDREYLRTXHVLHVHQXHYRJDVKDFtDDUGHUPX\ELHQXQDYHODRSHUPLWtDYLYLUDXQUDWyQHVWDED
DQVLRVRSRUWRPDUHOIORJLVWRFRPRXQSDSHOSRUDEVRUEHUHODJXDPXFKRPiVDQVLRVRTXHHODLUH
FRP~Q FRPR VL FDUHFLHUD SRU FRPSOHWR GH IORJLVWR (VWR HV HVWDED GHIORJLVWLFDGR \ DVt OR OODPy
DLUHGHIORJLVWLFDGR3ULHVWOH\HVWDEDRUJXOORVRGHVXGHVFXEULPLHQWRGHVSXpVGHUHVSLUDUVXDLUH
GHIORJLVWLFDGRFRQWDED

0L SHFKR VH VLQWLy SDUWLFXODUPHQWH OLJHUR SRU XQ WLHPSR TXLpQ VDEUi SHUR HQ XQ WLHPSR
HVWH DLUH SXHGH WUDQVIRUPDUVH HQ XQ OXMRVR DUWtFXOR GH PRGD +DVWD HVWH PRPHQWR VyOR GRV
UDWRQHV\\RKHPRVWHQLGRHOSULYLOHJLRGHUHVSLUDUOR

3ULHVWOH\ HUD XQ YHUGDGHUR PLOLWDQWH FDVL XQ JXHUULOOHUR GHO IORJLVWR TXH HQ HVH HQWRQFHV
LPSHUDED VLQ RSRVLWRUHV SRU OR PHQRV YLVLEOHV \ QR HUD SDUD H[WUDxDUVH $ QDGLH VH OH KDEtD
RFXUULGRQLQJXQDRWUDWHRUtDTXHH[SOLFDUDWDQWDVFRVDVHOIORJLVWRSRQtDHQFRQWDFWRORVWUHVUHLQRV
QDWXUDOHV\UHYHODEDHOFLFORGHQDFLPLHQWR\PXHUWHGHODQDWXUDOH]DQRHUDVRODPHQWHHODJHQWHGHOD
FRPEXVWLyQ\HOIXHJRHOTXHKDEtDWUDQVIRUPDGRDOKRPEUHSUHKLVWyULFRHQHOKRPEUHSRGHURVRGHO
VLJORGLHFLRFKRVLQRTXHHUDHOSRUWDGRUGHODVSULQFLSDOHVFXDOLGDGHVTXtPLFDVXQDVDOFRPELQDGD
FRQHOIORJLVWRGDEDXQiOFDOLXQiFLGRXQLYHUVDOFRQHOIORJLVWRGDEDXQiFLGRQtWULFR(UDFRPROD
OX]HOPDJQHWLVPRRODHOHFWULFLGDGXQRGHORVDJHQWHVLPSRQGHUDEOHV\HVHQFLDOHVGHOPXQGR/D
FLYLOL]DFLyQHQWHUDHVWDEDVRVWHQLGDSRUDQGDPLDMHVGHIORJLVWR7RGRHQFDMDEDFyPRQRLEDDUHLQDU
VLQFXHVWLRQDPLHQWRV"<DGHPiVHOIORJLVWRGHYHODEDHOPLVWHULRGHOIXHJR\ODFRPEXVWLyQHUDOR
TXH WRGRV HVWDEDQ HVSHUDQGR GHVGH HO PRPHQWR HQ TXH SRU SULPHUD YH] HO PHWDO VH IXQGLy SDUD
IDEULFDUXQDHVSDGDRXQDUDGR

8QSXQWRGpELOHOHQLJPDGHODFDOFLQDFLyQGHORVPHWDOHV
6LQHPEDUJRODJUDQVtQWHVLVGHOIORJLVWRODFRURQDFLyQGHODTXtPLFDTXHKDEtDLQVWDXUDGR6WDKOTXH
KDEtDGHYHODGRORVPLVWHULRVGHOIXHJR\TXHKDEtDSURGXFLGRVXPHMRUMR\DHQHODLUHGHIORJLVWLFDGR
GH3ULHVWOH\HQHOTXHFXDOTXLHUDSRGtDUHVSLUDUGHPDQHUDH[TXLVLWDWHQtDDOJXQRVSXQWRVIORMRV\
XQRGHORVPiVVHULRVHUDHOSUREOHPDGHODFDOFLQDFLyQGHORVPHWDOHV$PX\DOWDVWHPSHUDWXUDVXQ
PHWDOWDPELpQVHTXHPD\GHMDFRPRUHVLGXRXQDFDOFDPELDQGRQDWXUDOPHQWHVXDVSHFWR+DVWDDKt
QRKDEtDQDGDUDUR\DTXHHUDREYLRTXHVLHOPHWDOSHUGtDVXIORJLVWRVXVSURSLHGDGHVVHWHQtDQTXH
DOWHUDU3HURORTXHVtUHVXOWDEDPiVTXHUDURUDUtVLPRHUDTXHGHVSXpVGHSHUGHUVXIORJLVWRORV
PHWDOHVDXPHQWDUDQGHSHVR
 &yPRHUDSRVLEOH"
(VWD KLVWRULD GH OD FDOFLQDFLyQ GH ORV PHWDOHV \ HO DXPHQWR GH SHVR HUD FRQRFLGD GHVGH KDFtD
PXFKRWLHPSR/RKDEtDQLQIRUPDGRDOJXQRVDOTXLPLVWDVHLQFOXVRVHKDEtDLQWHQWDGRH[SOLFDUOR\D
TXH FRQWUDGHFtD OD DQWLTXtVLPD LGHD GH TXH HO IXHJR GHVFRPSRQtD OD PDWHULD 6HJ~Q DOJXQRV ORV
iWRPRVGHIXHJRVHILMDEDQVREUHHOPHWDODOTXHPDUVH\SDUDRWURVHOIXHJRDUUDQFDEDODVSDUWtFXODV
PiV OLYLDQDV GHO PHWDO \ DVt OR WRUQDED PiV SHVDGR QR KD\ TXH ROYLGDUVH GH TXH HO DULVWRWHOLVPR
GLIHUHQFLDEDSHVDGH]\OLYLDQGDG\DVtORViWRPRVGHIXHJRHUDQFRPRJORERVPiVOLYLDQRVTXHHO
DLUHHQTXLVWDGRVHQODPDWHULDTXHFXDQGRVHVROWDEDQ\VXEtDQODKDFtDQPiVSHVDGD
'HVGH\DHOPLVWHULRQRHVFDSyDODPLQXFLRVDDWHQFLyQGH%R\OHTXHHVWXGLyHOIHQyPHQRFRQOD
PHWLFXORVLGDGGHVLHPSUHFDOFLQyHVWDxRHQXQUHFLSLHQWHFHUUDGRSHVyHOHVWDxRDQWHV\GHVSXpVGH
TXHPDUVH\ORPLVPRFRQHOUHFLSLHQWH$ODEULUHOUHFLSLHQWHR\yDODLUHHQWUDUSUHFLSLWDGDPHQWH
6L%R\OHKXELHUDSRGLGROHHUHVWHOLEURVHJXUDPHQWHKDEUtDSUHVWDGRPiVDWHQFLyQDHVHVRQLGR
3HUR IDOWDED PXFKR SDUD TXH HVWH OLEUR VH SXEOLFDUD \ HO KHFKR VH OH HVFDSy < HV TXH OD FLHQFLD
IXQFLRQD DVt XQ SHTXHxR GHVFXLGR R OD LPSUXGHQFLD GH QR OHHU HO OLEUR DGHFXDGR LPSLGH XQ JUDQ
GHVFXEULPLHQWRTXHORVFLHQWtILFRVWLHQHQGHODQWHGHVXVQDULFHV7DPSRFRVHOHRFXUULyD%R\OHSHVDU
HOUHFLSLHQWHFRQHOHVWDxRDGHQWURDQWHV\GHVSXpVGHODFDOFLQDFLyQ\VXSXVRTXHHODXPHQWRGHSHVR
HUDGHELGRDXQDVXVWDQFLDTXHHOPHWDOVDFDEDGHOIXHJR\TXHKDEtDDWUDYHVDGRODVSDUHGHVGHOD
UHWRUWD
5REHUW+RRNHTXHIXHVXD\XGDQWHLQWHUSUHWyODFRPEXVWLyQGHPDQHUDGLIHUHQWHVXSXVRTXHHQ
HODLUHKDEtDDOJRXQDVXVWDQFLDTXHSRVHtDODSURSLHGDGGHGLVROYHUWRGRVORVFXHUSRVFRPEXVWLEOHV
VLHUDQFDOHQWDGRVVXILFLHQWHPHQWH\SRUORWDQWRHOIXHJRHUDXQPHURIHQyPHQRDFFLGHQWDO
+XERXQTXtPLFR-RKQ0D\RZTXHIXHPiVDOOiGHPRVWUyTXHQRHVHODLUHVLQRXQ
FRQVWLWX\HQWH GHO DLUH HO TXH DOLPHQWD OD FRPEXVWLyQ DO TXH OODPy HVStULWX QLWURDpUHR 0H]FODGR
FRQQLWURQLWUDWRGHSRWDVLRREVHUYyXQFXHUSRVHTXHPDHQHOYDFtR\HOHVStULWXGHOQLWURVLUYH
GH DOLPHQWR DO IXHJR 3DUD TXH XQ FXHUSR SXHGD DUGHU GHFtD QR DOFDQ]D FRQ TXH WHQJD SDUWtFXODV
FRPEXVWLEOHVVLQRTXHKDFHIDOWDTXHpVWDVHQWUHQHQFRQWDFWRFRQHOHVStULWXQLWURDpUHRTXHH[LVWHHQ
HODLUH
0LUDGR GHVGH OD WHRUtD GHO IORJLVWR HO DXPHQWR GH SHVR HUD SUREOHPiWLFR DVHJXUDED TXH DO
TXHPDUVHORVPHWDOHVVHVHSDUDQHQVXVHOHPHQWRVPiVVLPSOHVFDO\IORJLVWR3HURFyPRSRGtDVHU
TXH ORV PHWDOHV DO SHUGHU IORJLVWR JDQDUDQ SHVR" 6WDKO VXSXVR TXH OD SpUGLGD GHO IORJLVWR GHMDED
KXHFRVHQODPDWHULDTXHHODLUHFRPSULPtD\DVtWRGRVHYROYtDPiVSHVDGR(ODUJXPHQWRHUD
YHUGDGHUDPHQWHIORMRFRQIXQGtDSHVR\GHQVLGDG\DTXHVLHODLUHFRPSULPHODPDWHULDVHYXHOYH
PiVGHQVDSHURQRPiVSHVDGD
$OJXQRVVHJXLGRUHVGH6WDKOFRPRVXHOHVXFHGHUIXHURQPiVDOOiGHVXPDHVWUR\SURSXVLHURQ
XQDVROXFLyQDUULHVJDGDDUULHVJDGtVLPD\DTXHODVWHRUtDVGH$ULVWyWHOHV\HODVXQWRGHORVFXDWUR
HOHPHQWRVHVWDEDQRWUDYH]HQERJDHQSOHQRVLJOR ;9,,,FRQFOX\HURQTXH HOIORJLVWR WHQtDHQVX
QDWXUDOH]DLUKDFLDDUULEDFRPRHOIXHJRGHOTXHHUDSDUWH\SRUORWDQWROHTXLWDEDSHVRDOREMHWR
TXHHUDVXODVWUH(VWRHVHOIORJLVWRWHQtDSHVRQHJDWLYR
(UDXQDH[SOLFDFLyQXQWDQWRGHVFDEHOODGDSHURODYHUGDGHVTXHORVIORJLFLVWDVQRHVWDEDQPX\
DODUPDGRVSRUODFXHVWLyQGHORVPHWDOHVQLHOSUREOHPDOHVTXLWDEDHOVXHxRVXSRQtDQTXHHQDOJ~Q
PRPHQWRVHHQFRQWUDUtDODH[SOLFDFLyQGHOPLVPRPRGRTXHORVFRSHUQLFDQRVLPDJLQDEDQTXHWDUGH
RWHPSUDQRVHDUUHJODUtDQODVGLILFXOWDGHVItVLFDVGHOVLVWHPDKHOLRFpQWULFR
2WURSUREOHPDGHOIORJLVWRHUDVXLQPDWHULDOLGDGVXFDUiFWHUFDVLPHWDItVLFR3HURDFDVRQROR
HUDQODOX]HOPDJQHWLVPRRODHOHFWULFLGDGTXH\DHVWDEDQGDQGRYXHOWDVHQHODLUHGHODpSRFD\
KDVWDODSURSLDIXHU]DGHJUDYLWDFLyQ"<DVHUHVROYHUtD
3HURHQUHDOLGDGHOPD\RUSUREOHPDHOSUREOHPDIXQGDPHQWDOTXHGHEtDDIURQWDUHOIORJLVWRHUD
TXHQRH[LVWtD
(O TXH HQIUHQWy GHFLGLGDPHQWH DO IORJLVWR \ OR GHUURWy IXH $QWRLQH /DXUHQW /DYRLVLHU 
TXHORHQYLyDGRQGHTXLHUDTXHYDQDSDUDUODVVXVWDQFLDVTXHQRH[LVWHQ

/DYRLVLHUGHFLGHUHYROXFLRQDUODTXtPLFD
1DGDVHFUHDQLHQODVRSHUDFLRQHVGHODUWHQLGHODQDWXUDOH]D\VHSXHGHHOHYDUDODFDWHJRUtD
GHSULQFLSLRTXHHQWRGRSURFHVRKD\XQDFDQWLGDGLJXDOGHPDWHULDDQWHV\GHVSXpVGHOPLVPR
6REUHHVWHSRVWXODGRVHIXQGDWRGRHODUWHGHKDFHUH[SHULHQFLDVHQTXtPLFD

/$92,6,(57UDWDGRGHTXtPLFD

(OSDGUHGH$QWRLQH/DXUHQW/DYRLVLHUXQULFRDERJDGRSUHRFXSDGRSRUODHGXFDFLyQGHVXKLMROR
HQYLyDXQH[FHOHQWHFROHJLRGRQGHHVWXGLyPDWHPiWLFDVDVWURQRPtDTXtPLFD\ERWiQLFDVHHPSDSy
GHXQDLGHRORJtDUD]RQDEOHPHQWHOLEHUDO\VHFRQYLUWLyHQXQYHUGDGHURLQWHOHFWXDOGHO6LJORGHODV
/XFHVXQFDEDOOHURGHEXHQDSRVLFLyQ\FRQODLGHRORJtDGHOD,OXVWUDFLyQDIORUGHSLHOORFXDOOR
OOHYyDDSR\DUOD5HYROXFLyQ)UDQFHVDSRUORPHQRVHQVXVLQLFLRV$ORVDxRVFRQXQHQVD\R
VREUHODPHMRUPDQHUDGHLOXPLQDUODVFDOOHVGH3DUtVUHFLELyXQDPHGDOODGHRURGHOD$FDGpPLH
GHV VFLHQFHV \ D ORV  OR DFHSWDURQ FRPR PLHPEUR JUDFLDV D XQ WUDEDMR VREUH HO DQiOLVLV GH OD
SXUH]DGHODJXDGH3DUtV
3HUR OR LPSRUWDQWH GHO H[SHULPHQWR QR HUD HQ UHDOLGDG OD SXUH]D GHO DJXD 5HVXOWD TXH GHVGH
KDFtDVLJORVORVDOTXLPLVWDV\OXHJRORVTXtPLFRVLQFOX\HQGRDOSURSLR%R\OHKDEtDQFRPSUREDGR
TXHVLVHFDOHQWDEDDJXDODUJRWLHPSRHQXQUHFLSLHQWHKDVWDTXHVHHYDSRUDEDGHOWRGRHUDSRVLEOH
MXQWDUXQIRQGRWHUURVRORTXHPRVWUDEDTXHHODJXDVHSRGtDWUDQVIRUPDUSRUORPHQRVHQSDUWHHQ
WLHUUD
/DYRLVLHUUHDOL]yODSUXHEDSHVDQGRFRQSUHFLVLyQHODJXDODWLHUUDTXHTXHGDED\JHQLDOHO
UHFLSLHQWH HQ HO TXH VH KDFtD HO SURFHVR 7UDV FDOHQWDU WRGR GXUDQWH YDULDV KRUDV FRPSUREy TXH HO
SHVRGHODWLHUUDTXHKDEtDTXHGDGROXHJRGHTXHHODJXDVHKXELHUDHYDSRUDGRHUDH[DFWDPHQWH
LJXDOTXHHOTXHKDEtDSHUGLGRHOUHFLSLHQWH(VGHFLUTXHODVXSXHVWDWLHUUDQRSURYHQtDGHODJXD
VLQRGHOUHFLSLHQWH&RQFOXVLyQHODJXDQRVHWUDQVIRUPDHQWLHUUD
(QUHDOLGDGKDEtDORJUDGRDOJRPXFKRPiVLPSRUWDQWHTXHGHVWUXLUXQDFUHHQFLDPLOHQDULDTXH
HVH PLVPR DxR KDEtD GHVWUXLGR WDPELpQ 6FKHHOH HO H[SHULPHQWR GDED XQ JROSH IRUPLGDEOH D OD
KLSyWHVLV GH OD WUDQVPXWDFLyQ SHUR TXL]iV PiV LPSRUWDQWH D~Q GDED XQ SDVR GHFLVLYR KDFLD HO
SULQFLSLRJHQHUDOHOHMHVREUHHOTXHDUPDUtDWRGRVXVLVWHPD\UHYROXFLRQDUtDODTXtPLFDGiQGROHXQ
FDUiFWHU QHZWRQLDQR HO SULQFLSLR GH FRQVHUYDFLyQ GH OD PDWHULD 7RPy HO FRQFHSWR QHZWRQLDQR GH
PDVDTXHHOJUDQ,VDDFKDEtDGHILQLGRXQWDQWRFRQIXVDPHQWHFRPRFDQWLGDGGHPDWHULDODPLGLy
SRUVXSHVR\HVWDEOHFLyTXHQDGDSRGtDVXUJLUGHODQDGD

/D PDWHULD SXHGH FDPELDU GH IRUPD SHUR HO SHVR WRWDO GH OD PDWHULD LPSOLFDGD HQ XQD
UHDFFLyQTXtPLFDVLJXHVLHQGRHOPLVPR

(VWRHVODVFRVDVVHWUDQVIRUPDQSHURQRGHVDSDUHFHQQLDSDUHFHQGHODQDGDODPDWHULDDTXHOOR
TXHWLHQHPDVD\SRUHQGHSHVRQRSRGtDFUHDUVHH[QLKLORVyORSRGtDSURYHQLUGHWUDQVIRUPDFLRQHV
GHODPDWHULDPLVPD\GHDKtHQDGHODQWHODVFRVDVJLUDUtDQDOUHGHGRUGHODEDODQ]D1RHVTXHOD
EDODQ]D QR VH KXELHUD XVDGR DQWHV WDQWR %R\OH FRPR 9DQ +HOPRQW VH KDEtDQ YDOLGR GH HOODV \ OR
PLVPR%ODFN6FKHHOH\FDVLREVHVLYDPHQWH&DYHQGLVK/DKDEtDQXVDGRVtSHURQRKDEtDQKHFKRGH
HOOD\SRUHQGHGHODPDVD\GHVXFRQVHUYDFLyQHOSULQFLSLRIXQGDPHQWDOGHVXVLVWHPD3HURDKRUD
/DYRLVLHU FODYDED HO SLYRWH VREUH HO FXDO OHYDQWDUtD VX HGLILFLR HO FRQFHSWR GH PDVD LQYDULDQWH
PHGLGDSRUVXSHVRXQDLGHD\XQDPHWRGRORJtDDEVROXWDPHQWHQHZWRQLDQDV
(OPLVPRDxRGHOH[SHULPHQWRGHODEDODQ]DD\FRPSUyDFFLRQHVHQOD)HUPH*pQpUDOH XQD
FRPSDxtD SULYDGD UHVSRQVDEOH GH FREUDU ORV LPSXHVWRV DO WDEDFR FRQ ODV JUDQGHV JDQDQFLDV TXH
SDUHFHQ DFRPSDxDU GXUDQWH WRGDV ODV pSRFDV D ODV HPSUHVDV SULYDGDV TXH VH KDFHQ FDUJR GH ORV
VHUYLFLRVS~EOLFRV
/DV DFFLRQHV TXH PiV WDUGH OH FRVWDUtDQ OD FDEH]D OLWHUDOPHQWH WUDV OD 5HYROXFLyQ \D TXH OD
HPSUHVDHUDXQVtPERORGHODEXVRGHOSRGHU\VHKDEtDJDQDGRHORGLRGHEXHQDSDUWHGHODVRFLHGDG
OHSHUPLWLHURQYLYLUGHUHQWDVFRPSUDUORVPHMRUHVGLVSRVLWLYRVSDUDH[SHULPHQWDFLyQGLVSRQLEOHVHQ
VX WLHPSR \ PRQWDU XQ ODERUDWRULR TXH IXH IDPRVR \ YLVLWDGR SRU ORV TXtPLFRV GH WRGD (XURSD 6H
FDVyFRQ0DULH$QQH3DXO]HGHVyORDxRVTXLHQIXHVXPHMRUD\XGDQWHDORODUJRGHVXYLGD\
TXH GHVSXpV GH VX PXHUWH VH YROYLy D FDVDU FRQ RWUR FLHQWtILFR HO H[FpQWULFR &RQGH 5XPIRUG FRQ
TXLHQYLYLyXQDHVSHFLHGHWHOHQRYHODPH[LFDQDDYDQWODOHWWUH
/DYRLVLHU WHQtD DOJR GHO HVStULWX PHWLFXORVR \ REVHVLYR GH 7\FKR %UDKH DVt FRPR HO JUDQ
DVWUyQRPR GDQpV VH KDEtD SXHVWR D UHYLVDU ODV REVHUYDFLRQHV WUDGLFLRQDOHV FRQ VX DVWURQRPtD GH
SUHFLVLyQ GHVGH  /DYRLVLHU VH GHGLFy D UHSHWLU ORV H[SHULPHQWRV TXtPLFRV WUDGLFLRQDOHV HQ
IRUPD HVWULFWD SDUD GHWHUPLQDU FXiQWR GH ORV UHVXOWDGRV TXH VH KDEtDQ REWHQLGR DQWHULRUPHQWH VH
GHEtDQ VLPSOHPHQWH D HUURUHV HQ ODV PHGLFLRQHV R HQ ORV SURFHGLPLHQWRV 3HUR DGHPiV HUD PX\
FRQVFLHQWHGHORTXHKDFtD\GHORTXHTXHUtDUHVROYHUHOSUREOHPDGHODFRPEXVWLyQ\SURGXFLUXQD
UHYROXFLyQHQODTXtPLFD(OGHIHEUHURGHIHFKDKLVWyULFDORDVHQWyH[SOtFLWDPHQWHHQVX
GLDULR

/D LPSRUWDQFLD GHO ILQ SURSXHVWR PH KD DQLPDGR D HPSUHQGHU WRGR HVWH WUDEDMR TXH SDUHFH
GHVWLQDGRDSURGXFLUXQDUHYROXFLyQHQODTXtPLFD

6HUHVXHOYHHOSUREOHPDGHODFRPEXVWLyQ
(OIORJLVWRHVXQGHXVH[PDFKLQDGHORVPHWDItVLFRVXQHQWHTXHDSDUHQWHPHQWHWRGRH[SOLFD\TXH
 HQUHDOLGDGQRH[SOLFDQDGD

/$92,6,(5

$ /DYRLVLHU QR SRGtD JXVWDUOH HO IORJLVWR 8QD VXVWDQFLD LPSRVLEOH GH DLVODU TXH DO DEDQGRQDU ORV
FXHUSRVOHVDJUHJDEDSHVR\TXHSRUORWDQWRHUDSDVLEOHGHWHQHUSHVRQHJDWLYRFRPRVRVWHQtDHO
TXtPLFR*X\WRQGH0RUYHDXQRHQFDMDEDFRQVXFRQFHSWRGHODPDVDFRPRDTXHOORTXHWLHQHSHVR
(O SHVR QHJDWLYR GHO IORJLVWR GHVGH HVH SXQWR GH YLVWD HUD XQ GLVSDUDWH \ VL ORV PHWDOHV
DXPHQWDEDQGHSHVRDOJRVHOHVGHEtDDJUHJDUDOVHUFDOFLQDGRV
/DYRLVLHU QR HUD XQ LQWXLWLYR FRPR .HSOHU QL DOJXLHQ TXH ERUUD VXV KXHOODV \ PXHVWUD VyOR ORV
UHVXOWDGRVFRPR1HZWRQSRUHOFRQWUDULRDYDQ]ySDVRDSDVRSDUDHPSH]DUFRPSUREyTXHQRVyOR
ORVPHWDOHVDXPHQWDEDQGHSHVRDOTXHPDUVHVLQRWDPELpQHOD]XIUH\HOIyVIRUR7DPELpQUHSLWLyHO
H[SHULPHQWR TXH XQ VLJOR DQWHV KDEtD KHFKR %R\OH &DOHQWy XQ WUR]R GH HVWDxR HQ XQ EDOyQ
KHUPpWLFDPHQWH FHUUDGR SHUR HVWD YH] Vt SHVy FXLGDGRVDPHQWH HO FRQMXQWR DQWHV \ GHVSXpV GH OD
FDOFLQDFLyQ(OSHVRQRYDULy\SRUORWDQWRFRQFOX\yQDGDKDEtDHQWUDGRDWUDYHVDQGRODVSDUHGHV
GHODUHWRUWDFRPRKDEtDFUHtGR%R\OH
$ODEULUHOEDOyQHODLUHHQWUy\DKRUDVtDXPHQWyHOSHVRGHOFRQMXQWR/DYRLVLHUVHFRQYHQFLy
GHTXHHODXPHQWRGHSHVRH[SHULPHQWDGRVHGHEtDDTXHHOPHWDOKDEtDWRPDGRFLHUWDFDQWLGDGGH
DLUHSDUDWUDQVIRUPDUVHHQFDO\QRTXHOLEHUDEDIORJLVWRHUDXQDLGHDTXH\DORURQGDEDGHVGHKDFtD
XQSDUGHDxRV
<HVTXHDVtFRPR.HSOHUKDEtDURWRFRQODREVHVLyQFLUFXODU/DYRLVLHUHVWDEDURPSLHQGRGHXQD
YH]SRUWRGDVFRQODLGHDWUDGLFLRQDOHQTXLVWDGDGHVGHORVRUtJHQHVODTXHKDEtDVLGRIRUPXODGDSRU
$ULVWyWHOHV\DFHSWDGDSRUORVDOTXLPLVWDVODTXHKDVWDHOJUDQ%R\OHKDEtDWHUPLQDGRSRUVXVFULELU
ODTXHKDEtDLPSHGLGRFRPSUHQGHUHOIHQyPHQRGHODFRPEXVWLyQHVWRHVTXHODFRPEXVWLyQHUDDOJR
TXH SURYHQtD GH DGHQWUR GHO FXHUSR TXH VH TXHPDED /DYRLVLHU HQFDUy HO SUREOHPD GH XQD PDQHUD
RSXHVWD HO SULQFLSLR GH OD FRPEXVWLyQ HVWDED IXHUD GHO FXHUSR FRPEXVWLEOH TXH QR OLEHUDED QL
iWRPRVGHIXHJRQLWLHUUDFRPEXVWLEOHQLIORJLVWRQLQDGD
(QUHDOLGDGDEVRUEtDDOJR$OJRTXHHVWDEDHQHODLUHRTXHHUDXQDSDUWHGHODLUH/DYRLVLHUQR
HVWDEDVHJXUR3ULPHURSHQVyTXHHUDHODLUHILMRGH%ODFNVLQSRGHUGHPRVWUDUOR<HQWRQFHVHQ
RFWXEUHGHUHFLELyXQDYLVLWDHQ3DUtV
(UD QL PiV QL PHQRV TXH -RKQ 3ULHVWOH\ HO JUDQ TXtPLFR LQJOpV GHO IORJLVWR TXH OH KDEOy
HQWXVLDVWDPHQWH GH VX DLUH GHIORJLVWLFDGR HQ HO FXDO XQD OODPD DUGH PXFKR PHMRU TXH HQ HO DLUH
FRP~Q8QJDVTXHDYLYDEDOD OODPD XQJDVTXHODDOLPHQWDEDHUDMXVWDPHQWH ORTXH/DYRLVLHU
HVWDEDHVSHUDQGR\QRHVUDURTXHLQWX\HUDLQPHGLDWDPHQWHTXHHUDpVHHOFRPSRQHQWHGHODLUHFRQHO
TXHVHFRPELQDEDQORVPHWDOHVGXUDQWHODFRPEXVWLyQ
1DWXUDOPHQWH SULPHUR FRUURERUy HO GHVFXEULPLHQWR GH 3ULHVWOH\ \ OXHJR FRPSUREy TXH WUDV HO
SURFHVRGHFDOFLQDFLyQHQODUHWRUWD\DQRKDEtDPiVDLUHGHIORJLVWLFDGRTXHKDEtDVLGRDEVRUELGR
SRUHOPHWDOGXUDQWHODFRPEXVWLyQ\TXHVyORTXHGDEDXQDLUHIpWLGRTXHOODPyi]RH\TXHKR\
OODPDPRVQLWUyJHQRLQFDSD]GHPDQWHQHUODFRPEXVWLyQ

(OSULQFLSLRTXHVHXQHDORVPHWDOHVGXUDQWHODFDOFLQDFLyQTXHDXPHQWDVXSHVR\TXHHV
SDUWHFRQVWLWX\HQWHGHODFDOHVQDGDPHQRVTXHODSDUWHPiVVDOXGDEOH\SXUDGHODLUHTXH
 OXHJRGHFRPELQDUVHFRQXQPHWDOSXHGHOLEHUDUVHGHQXHYRFRQSRVWHULRULGDG

HVFULELyHQ+DEtDTXHEXVFDUXQQRPEUHSDUDHVWDQXHYDVXVWDQFLDXQQRPEUHTXHUHHPSOD]DUD
DOGHDLUHGHIORJLVWLFDGR\TXHQRFRQWXYLHUDUHVDELRVGHOIORJLVWR
</DYRLVLHUHOLJLyXQDSDODEUDTXHSURYLHQHGHOJULHJR\VLJQLILFDKDFHGRUGHiFLGRVR[tJHQR
/D YHUGDG HV TXH HQ HVR VH HTXLYRFy SRUTXH SXHGH KDEHU iFLGRV LQGHSHQGLHQWHPHQWH GHO
R[tJHQRSHURQRWLHQHGHPDVLDGDLPSRUWDQFLD(OPLVWHULRGHODFRPEXVWLyQHVWDEDUHVXHOWR\GHDKt
HQDGHODQWHSDUDHOIORJLVWRIXHHOFRPLHQ]RGHOILQH[KDODEDVXV~OWLPDVERFDQDGDV1ROHTXHGDED
R[tJHQRVLHVTXHWDOFRVDKXELHUDVLGRSRVLEOH

(OIORJLVWRVHGHILHQGH
(OIORJLVWROXFKySRUVXYLGDFRQWHQDFLGDGWROHPDLFD'HOPLVPRPRGRTXHODVHVIHUDVFULVWDOLQDV
KDEtDQ UHVLVWLGR XQ WLHPSR ORV JROSHV GH 7\FKR %UDKH GHO PLVPR PRGR TXH ORV WRUEHOOLQRV GH
'HVFDUWHVWUDWDURQGHDJXDQWDUORVHPEDWHVGHODWHRUtDGHODJUDYLWDFLyQHOIORJLVWRQRVHUHVLJQDEDD
VXSURSLDLQH[LVWHQFLD
/DYRLVLHUDEULyHOIXHJRHQSXEOLFyXQDUWtFXOROODPDGR5HIOH[LRQHVVREUHHOIORJLVWRHQ
HOTXHGHFODUDEDODJXHUUD

6L WRGR VH H[SOLFD HQ TXtPLFD GH XQD IRUPD VDWLVIDFWRULD VLQ UHFXUULU DO IORJLVWR EDVWD SDUD
TXH VHD LQILQLWDPHQWH SUREDEOH TXH HVWH SULQFLSLR QR H[LVWD TXH VHD XQ HQWH KLSRWpWLFR XQD
VXSRVLFLyQJUDWXLWD\HQHIHFWRHVXQSULQFLSLRGHEXHQDOyJLFDHOQRPXOWLSOLFDUORVHQWHV
VLQQHFHVLGDG4XL]iVKXELHUDSRGLGRDWHQHUPHDHVWDVSUXHEDVQHJDWLYDV\FRQWHQWDUPHFRQ
KDEHUSUREDGRTXHORVIHQyPHQRVVHH[SOLFDQPHMRUVLQIORJLVWRTXHFRQIORJLVWRSHUR\DHV
KRUD GH TXH PH PDQLILHVWH GH XQ PRGR PiV SUHFLVR \ PiV IRUPDO VREUH XQD RSLQLyQ TXH
FRQVLGHUR FRPR XQ HUURU IXQHVWR SDUD OD TXtPLFD \ TXH FUHR TXH KD UHWDUGDGR
FRQVLGHUDEOHPHQWHVXSURJUHVRSRUODPDODPDQHUDGHILORVRIDUTXHLQWURGXMRHQHOOD

(YLGHQWHPHQWHKDEtDDSUHQGLGRPXFKRGH2FNKDPSHURWDPELpQGH1HZWRQEXVFDEDXQSXxDGR
GH UHJODV VLPSOHV \ FRKHUHQWHV TXH H[SOLFDUDQ DO PXQGR EDViQGRVH HQ D[LRPDV PHFDQLFLVWDV \
SXVLHUDQORVULHOHVSDUDODFLHQFLDPRGHUQDTXHDYDQ]DEDFRPRXQWRUUHQWH
3RUHVRDSHVDUGHODRSRVLFLyQGHWLWDQHVGHODTXtPLFDFRPR3ULHVWOH\R&DYHQGLVKFDGDYH]
PiV FLHQWtILFRV DEDQGRQDURQ DO IORJLVWR FX\RV VHJXLGRUHV GHVDSDUHFLHURQ SRFR D SRFR DXQTXH VH
PDQWXYLHURQ KDVWD FRPLHQ]RV GHO ;,; IRFRV GH UHVLVWHQFLD WHQD] VREUH WRGR HQ $OHPDQLD (O
PLVPtVLPR /DPDUFN TXH PiV WDUGH HODERUDUtD OD SULPHUD WHRUtD FRKHUHQWH GH OD HYROXFLyQ IXH XQ
JUDQGHIHQVRUGHOIORJLVWR
8QSXQWRDIDYRUGH/DYRLVLHUHUDODFODULGDGGHVXVH[SOLFDFLRQHVEDVDGDVIXQGDPHQWDOPHQWHHQ
HO SULQFLSLR GH FRQVHUYDFLyQ GH OD PDWHULD \ HQ IyUPXODV UHODWLYDPHQWH VLPSOHV 3HUR OR PiV
SUREDEOHHVTXHORVDUJXPHQWRVGHSRFRVLUYLHUDQSDUDFRQYHQFHU3RUTXHFRPRGHFtDHOItVLFR0D[
3ODQFNXQDWHRUtDFLHQWtILFDQXHYDQRWULXQIDFRQYHQFLHQGRDVXVDGYHUVDULRV\KDFLpQGROHVYHUOD
OX]VLQRPiVELHQSRUTXHVXVRSRVLWRUHVILQDOPHQWHDFDEDQPXULpQGRVH

(OILQGH/DYRLVLHU\HOIORJLVWR
(VWLHPSRGHFRQGXFLUDODTXtPLFDDXQDULJXURVDPDQHUDGHUD]RQDU

/$92,6,(5

(OILQGHOIORJLVWRVHxDOyHOFRPLHQ]RGHODTXtPLFDPRGHUQDHQVHULR\VXFRQVWLWXFLyQFRPRFLHQFLD
QHZWRQLDQD /DYRLVLHU QR VH FRQIRUPy FRQ KDEHU GHYHODGR HO VHFUHWR GH OD FRPEXVWLyQ UHIRUPy
FRPSOHWDPHQWH OD QRPHQFODWXUD TXtPLFD TXH DGTXLULy HO DVSHFWR DFWXDO \ HQ  VX 7UDLWp
pOpPHQWDLUHGHFKLPLH IXH OD FXOPLQDFLyQ GH VX REUD $O FRPHQ]DU OD 5HYROXFLyQ SDUWLFLSy HQ OD
FRPLVLyQFRQYRFDGDHQTXHHVWDEOHFHUtDHOVLVWHPDPpWULFRGHFLPDO3HURVXSHUWHQHQFLDDOD
RGLDGD)HUPH*pQpUDOHTXHIXHDEROLGDHQORKL]RVRVSHFKRVR\WXYRTXHDEDQGRQDUWRGRVVXV
WUDEDMRVSDUDHO(VWDGR
&XDQGRFRPHQ]yHO7HUURUHQVHFHUUyOD$FDGHPLDGH&LHQFLDV\DILQDOHVGHHVHDxRXQ
HGLFWRRUGHQyODGHWHQFLyQGHWRGRVORVIHUPLHUV(OGHPD\RGHORJXLOORWLQDURQMXQWRDVXV
FROHJDVHQOD3ODFHGHOD5pYROXWLRQODDFWXDO3ODFHGHOD&RQFRUGH6XFDGiYHUIXHDUURMDGRDXQD
IRVDFRP~Q
(V IDPRVD OD IUDVH TXH GLFHQ SURQXQFLy /DSODFH /OHYy XQRV VHJXQGRV FRUWDU HVD FDEH]D \
KDUiQIDOWDFLHQDxRVSDUDSURGXFLURWUDDVt
+DFH FXDWURFLHQWRV PLO DxRV VH KDEtDQ HQFHQGLGR ODV KRJXHUDV GHO KRPEUH GH 3HNtQ LQLFLDQGR
XQDQXHYDpSRFD\SODQWHDQGRHOPLVWHULRGHOIXHJR\ODFRPEXVWLyQ$KRUDHOIXHJR\ODIRUWDOH]DGH
ODTXtPLFDKDEtDQFDtGRHQPDQRVGHODFLHQFLDQHZWRQLDQD
 &$378/2

(OWLHPSRSURIXQGR

'XUDQWHHOVLJOR ;9,,,HOIOXLUGHODVLGHDVFLHQWtILFDVVHRULHQWyDFXPSOLUHODPELFLRVRSURJUDPDGH
OD 5HYROXFLyQ &LHQWtILFD \ VH FRQVWLWX\y HQ HO SULQFLSLR RUJDQL]DGRU GHO SHQVDPLHQWR GH OD
,OXVWUDFLyQTXHVHSURSRQtDVLVWHPDWL]DU\HVWDEOHFHUXQDYLVLyQFLHQWtILFDGHOPXQGRTXHSHUPLWLHUD
UHIRUPDU\UHFRQVWUXLUODVRFLHGDGGHDFXHUGRFRQSULQFLSLRVUDFLRQDOHV\FX\DJUDQPDQLIHVWDFLyQ
SROtWLFDIXHOD5HYROXFLyQ)UDQFHVDGH
/DQRFLyQGHUD]yQIXHFRQVLGHUDGDHOSULQFLSLRJHQHUDOGHODQDWXUDOH]DORVLOXPLQLVWDVYHtDQDO
PXQGR FRPR XQ JUDQ PHFDQLVPR UDFLRQDO JREHUQDGR SRU OH\HV \ SULQFLSLRV LPSHUVRQDOHV FX\R
IXQFLRQDPLHQWRSRGtDVHUGHYHODGRSRUPHGLRGHODILORVRItDPHFiQLFD\ODFLHQFLDH[SHULPHQWDO\
FX\DHQRUPHYDULHGDGSRGtDVLVWHPDWL]DUVHDSDUWLUGHODREVHUYDFLyQLQWHOLJHQWH
)XH GXUDQWH HVWH VLJOR FXDQGR ODV GLIHUHQWHV GLVFLSOLQDV HPSH]DURQ D DGTXLULU XQ SHUILO SURSLR
OLPDQGRVXVOtPLWHV\GLIHUHQFLiQGRVH\TXHGDURQOLVWDVSDUDVXFRQVWLWXFLyQGHILQLWLYD\HOHQRUPH
LPSXOVRTXHUHFLELUtDQGXUDQWHHOVLJORVLJXLHQWH
(O HVIXHU]R GH VLVWHPDWL]DFLyQ \ JHQHUDOL]DFLyQ GH OD FLHQFLD HVWi ELHQ UHSUHVHQWDGR SRU OD
SXEOLFDFLyQGHODFHOHEpUULPD(QFLFORSHGLDR'LFFLRQDULRUD]RQDGRGHODFLHQFLDGHODVDUWHV\
ORVRILFLRVGLULJLGDSRU'HQLV'LGHURWFX\RVWRPRVIXHURQDSDUHFLHQGRHQWUH\GRQGH
VHSUHWHQGtDUHXQLUXQD6XPPD GH WRGR HO FRQRFLPLHQWR KXPDQR DFXPXODGR KDVWD HQWRQFHV \ FX\R
SUyORJRHVFULWRSRU'$OHPEHUWSURFODPDEDTXHODVLGHDVGH%DFRQDTXLHQVHSUHVHQWDEDFRPRHO
SURPRWRUGH WRGRHO SURJUHVR FLHQWtILFROR FXDO HUD SRUVXSXHVWRXQWDQWR H[DJHUDGRVHHVWDEDQ
FXPSOLHQGR
$WRGRHVWRKD\TXHVXPDUREYLDPHQWHODLGHDPLVPDGHSURJUHVRFLHQWtILFR\GHSURJUHVRHQ
JHQHUDO TXH FRPR KHPRV YHQLGR YLHQGR \D VH PDQLIHVWDED WHQXHPHQWH LQFOXVR HQ DOJ~Q SHQVDGRU
PHGLHYDOSHURTXHVHDO]yFRPRHOHMHDUWLFXODGRUGHWRGRHOSHQVDPLHQWRFLHQWtILFRDSDUWLUGHHVWH
PRPHQWR OD UD]yQ \ HO PpWRGR FLHQWtILFR LUtDQ LOXPLQDQGR SURJUHVLYDPHQWH WRGDV ODV ]RQDV GH OD
UHDOLGDGTXHHVWDEDQD~QEDMRHOLPSHULRGHORVFXUDQWLVPR\ODVXSHUVWLFLyQ

/DFODVLILFDFLyQGHOPXQGRQDWXUDO\HOFRQFHSWRGHHVSHFLH
(OVLJOR;9,,KDEtDKHFKRQRWDEOHVHVIXHU]RVFRQHOREMHWLYRGHHQFRQWUDUDOJ~QWLSRGHFODVLILFDFLyQ
TXHVXSHUDUD ODWUDGLFLRQDOTXHVHXVDEDGHVGHKDFtDVLJORV DQiUTXLFDPHQWHHQORVEHVWLDULRV\ORV
KHUEDULRV\HQODFXDOQRFDEtD\DODDYDODQFKDGHHVSHFtPHQHVQXHYRVTXHVHFRQRFtDQDPHGLGD
TXH (XURSD VH H[SDQGtD H LED DILUPDQGR VX VXSUHPDFtD VREUH HO UHVWR GHO PXQGR 3HUR FyPR
KDFHUOR"
$TXt MXJy XQ SDSHO LPSRUWDQWH HO QDWXUDOLVWD LQJOpV -RKQ 5D\  TXH HQ VX %UHYH
0HWKRGXV 3ODQWDUXP  GDED OD SULPHUD GHILQLFLyQ DFHSWDEOH GH HVSHFLH TXH KDVWD
HQWRQFHV KDEtD VLGR XQD QRFLyQ LQWXLWLYD \ GLIXVD \ HQ VX +LVWRULD GH ODV SODQWDV 
KDFtD XQD GHVFULSFLyQ VLVWHPiWLFD GH WRGDV ODV SODQWDV FRQRFLGDV GH (XURSD $ GLIHUHQFLD GH ORV
FRPSHQGLRVDOIDEpWLFRVGHQDWXUDOLVWDVWDQLPSRUWDQWHVFRPR*HVQHUHQORVGH5D\QRKDEtDFULDWXUDV
IDQWiVWLFDV QL XQLFRUQLRV QL VLUHQDV QL PRQVWUXRVDV VHUSLHQWHV PDULQDV \D TXH VH EDVDED HQ OD
REVHUYDFLyQGLUHFWDFRPRPDQGDEDHOPpWRGRH[SHULPHQWDO\QRHQOD UHFRSLODFLyQELEOLRJUiILFD
-XVWDPHQWHIXHODYDULHGDGGHHVSHFtPHQHVORTXHOHVXJLULyODFRQYHQLHQFLDGHEXVFDUXQHOHPHQWR
XQLWDULRHOFRQFHSWRGHHVSHFLHTXHGHILQLyFRPR

8Q FRQMXQWR GH LQGLYLGXRV TXH PHGLDQWH OD UHSURGXFFLyQ RULJLQDQ LQGLYLGXRV VLPLODUHV D Vt
PLVPRV

/D PLVPD GHILQLFLyQ HUD YiOLGD SDUD SODQWDV \ DQLPDOHV \ SURSRQtD XQD XQLGDG VREUH OD FXDO
FRQVWUXLUXQFULWHULRGHFODVLILFDFLyQ(UDXQSULPHUSDVRIXQGDPHQWDO

/DSROpPLFDGHODILMH]D
6LHOFRQFHSWRGHHVSHFLHHVWDEDEDVDGRHQODUHSURGXFFLyQQRHVH[WUDxRTXHIXHUDQORVyUJDQRVGH
ODUHSURGXFFLyQORVTXHVLUYLHUDQGHFULWHULRFODVLILFDWRULRSDUDHOERWiQLFRVXHFR&DUO/LQQHR
 VLQ GXGD XQR GH ORV ELyORJRV PiV JUDQGHV GH VX WLHPSR D TXLHQ OODPDEDQ HO SULQFHSV
ERWDQLFRUXP\TXHHQSXEOLFyVX6\VWHPD1DWXUDH(QVXHGLFLyQRULJLQDOQRHUDPiVTXHXQ
IROOHWRGHGRFHSiJLQDVSHURHQVXHGLFLyQQ~PHURHUD\DXQFRQMXQWRGHWUHVYRO~PHQHVGH
SiJLQDV HQ FDGD XQR HQ ODV FXDOHV VH WRPDEDQ HQ FRQVLGHUDFLyQ ORV WUHV UHLQRV GH OD QDWXUDOH]D
DQLPDO YHJHWDO \ PLQHUDO \ VH RUGHQDED WRGR VLVWHPiWLFDPHQWH HQ FODVHV yUGHQHV JpQHURV \
HVSHFLHV
(Q/LQQHRGLRXQLPSRUWDQWHSDVRRUJDQL]DWLYRDOLQWURGXFLUVXQRPHQFODWXUDELQDULDHQOD
FXDOFDGDHVSHFLHHVGHVLJQDGDSRUGRVQRPEUHVXQRSDUDHOJpQHUR\RWURGHVFULSWRUHVSHFtILFR
TXHOXHJRDSOLFy VLVWHPiWLFDPHQWH D PLOHVGH HVSHFLHV\TXHVLQ JUDQGHV PRGLILFDFLRQHV VLJXH HQ
XVR KR\ HQ GtD $Vt HO JpQHUR VLUYH GH GHQRPLQDFLyQ FRP~Q D WRGR XQ JUXSR QDWXUDO )HOLV
GRPHVWLFXVJDWR)HOLVFDWXVJDWRVDOYDMH)HOLVOHROHyQ)HOLVSDUGXVSDQWHUD)HOLVWLJULV
WLJUH(OWpUPLQR)HOLVREYLDPHQWHGHVLJQDDOJpQHURGHORVIHOLQRV
3HUR/LQQHRQRVyORHQFRQWUyXQDPDQHUDUHODWLYDPHQWHVLPSOHGHQRPEUDUDODVHVSHFLHVGHWDO
PDQHUD TXH IXHUDQ UHFRQRFLEOHV SRU WRGRV ORV QDWXUDOLVWDV VLQR TXH VH ODQ]y D OD FD]D GH QXHYRV
HMHPSODUHVGHVFRQRFLGRVHQ(XURSDHQYLDQGRDVXVGLVFtSXORVSRUWRGRHOPXQGRFRQHOREMHWLYRGH
UHFROHFWDU\OXHJRFODVLILFDUVHJ~QHOVLVWHPDELQRPLDOWRGDODQDWXUDOH]D
6LHOVLVWHPDGH/LQQHRIXHHILFD]\H[KDXVWLYRHQHOFDVRGHODVSODQWDVQRIXHWDQIHOL]FRQORV
DQLPDOHV\GLUHFWDPHQWHGHVHFKDEOHHQHOGHORVPLQHUDOHVDORVTXHWDPELpQSUHWHQGLyDSOLFDUOD
QRFLyQGHRUGHQJpQHUR\HVSHFLH
'HWUiV GH WRGR HVIXHU]R VLVWHPiWLFR GH FODVLILFDFLyQ QDWXUDOPHQWH KD\ XQ DIiQ GH GRPLQDFLyQ
FRQRFHU HV FRQWURODU 3HUR DGHPiV VH HVFRQGH XQD SUHJXQWD LQWHUHVDQWH GHVGH HO SXQWR GH YLVWD
ILORVyILFR ORV WD[RQHV ODV XQLGDGHV GH FODVLILFDFLyQ HVSHFLH JpQHUR RUGHQ IDPLOLD HVWiQ HQ
QRVRWURVRHVWiQHQODQDWXUDOH]D"6RQUHDOHVRDUWLILFLDOHV"
 3UHJXQWDGLItFLOVLODVKD\(ODVXQWRVHDUUDVWUDEDGHVGHHOVLJORDQWHULRUORVSDUWLGDULRVGHXQD
FODVLILFDFLyQQDWXUDOWUDWDEDQGHDJUXSDUDORVVHUHVYLYRVVHJ~QXQFRQMXQWRGHUDVJRVWUDWDQGRGH
DSUR[LPDUVH D ODV DJUXSDFLRQHV TXH SDUHFH KDEHU QDWXUDOPHQWH HQ HO PXQGR PLHQWUDV TXH ORV TXH
GHIHQGtDQODFODVLILFDFLyQDUWLILFLDOVHEDVDEDQHQODVHOHFFLyQGHXQUDVJRHVSHFtILFRTXHVHWRPDED
FRPRFHQWUDORFRPRLQGLFDGRU\TXHVLHPSUHWHQtDDOJRGHDUELWUDULRDXQTXHHVHUDVJRHVWXYLHUD
UHODFLRQDGRFRQODFDUDFWHUtVWLFDPiVFRQVSLFXDGHORVVHUHVYLYRVFRPRHVODUHSURGXFFLyQ
)XH HVWH DVXQWR MXVWDPHQWH HO TXH HQIUHQWy D /LQQHR FRQ HO JUDQ QDWXUDOLVWD IUDQFpV *HRUJHV
/RXLV/HFOHUFGH%XIIRQDTXLHQYROYHUHPRVDHQFRQWUDUPiVWDUGHHQHVWHFDStWXORTXH
UHFODPDEDXQDFODVLILFDFLyQQDWXUDO
5D\\/LQQHRPX\UHOLJLRVRVKDEtDQHVWLSXODGRHOSULQFLSLRGHODDEVROXWDILMH]DGHODVHVSHFLHV
WRGDV FUHDGDV SRU 'LRV HQ HO RULJHQ \ TXH SHUPDQHFtDQ WDO FXDO D OR ODUJR GH WRGD OD KLVWRULD GHO
SODQHWD

6HFXHQWDQWDQWDVHVSHFLHVFRPRIXHURQDOSULQFLSLRFUHDGDV

HVFULEtD /LQQHR DXQTXH PiV WDUGH GHELy IOH[LELOL]DU HVD SRVLFLyQ GDGD OD FDQWLGDG GH HVSHFLHV
KtEULGDVFRQTXHVHHQFRQWUDED(Q\DHVFULEtD

3XHGHVHUTXHHQHOUHLQRYHJHWDOODVHVSHFLHVSHUWHQHFLHQWHVDXQPLVPRJpQHURQRVHDQVLQR
GHULYDGDVGHXQDVRODHVSHFLHPHGLDQWHFUX]DPLHQWRV6LQHPEDUJRWRGDVHVDVHVSHFLHVVRQ
KLMDV GHO WLHPSR R HO &UHDGRU HQ HO FRPLHQ]R GHO PXQGR KD OLPLWDGR HVH GHVDUUROOR D XQ
Q~PHUROLPLWDGRGHHVSHFLHV"1RPHDWUHYHUtDDSURQXQFLDUPHFRQFHUWH]DDHVWHUHVSHFWR

<HQODVHGLFLRQHVVLJXLHQWHVGHVX6\VWHPD1DWXUDHVXSULPLyODDILUPDFLyQGHODLPSRVLELOLGDG
GHODDSDULFLyQGHQXHYDVHVSHFLHV
$XQTXHFRPRYHPRVLQFOXVRHQPDQRVGHOPX\FUH\HQWH/LQQHRODGRFWULQDGHODILMH]DGHODV
HVSHFLHVRIUHFtDDOJXQDVJULHWDVODREUDGHFODVLILFDFLyQVHJXtDVLJQLILFDQGRWDQWRSDUDpOFRPRSDUD
5D\FRPSUHQGHUODQDWXUDOH]DTXHHUDXQDREUDGH'LRVSDUDJORULDGHOJpQHURKXPDQR
%XIIRQTXHVLELHQVHFRQIHVDEDPX\GHYRWRFDWyOLFRQRSDUHFtDVHUORFRPRELHQFRPSUHQGtDQ
TXLHQHVSUHWHQGtDQSURKLELUFHQVXUDURTXHPDUVXVOLEURVSHVHDODSDOLQRGLDTXH%XIIRQHQWRQDEDDO
HVWLOR2VLDQGHUSURORJXLVWDIUDJXDGRGH&RSpUQLFRGLFLHQGRTXHORVX\RQRHUDQPiVTXHKLSyWHVLV
FRQFHEtDODVHVSHFLHVFRPRHQWLGDGHVKLVWyULFDVVXMHWDVDFDPELRVFDVLHYROXWLYRVDXQTXHQROOHJy
DSURSRQHUODLGHDGHHYROXFLyQ6LQHPEDUJRVXLGHDGHOFDPELRGHJHQHUDWLYRSRUHOFXDODOJXQDV
HVSHFLHVQRHUDQVLQRYHUVLRQHVGHJHQHUDGDVGHODVRULJLQDOHVVHOHSDUHFtDPXFKR
%XIIRQHUDP~OWLSOHORVWRPRVGHVX+LVWRULD1DWXUDOTXHDSDUHFLHURQDORODUJRGHVXYLGD
PiVORVRFKRTXHVHSXEOLFDURQGHVSXpVGHVXPXHUWHWUDWDEDQGHWRGRV\FDGDXQRGHORVWHPDVGHOD
QDWXUDOH]DGHVGHHOKRPEUH\ORVSiMDURVKDVWDORVSHFHVORVFHWiFHRV\ORVPLQHUDOHVVLQROYLGDUOD
JHRORJtD\ODPHWHRURORJtD<PHUHFLGDPHQWHVHFRQYLUWLHURQHQEHVWVHOOHUVULYDOL]DQGRLQFOXVRFRQ
OD(QFLFORSHGLD
%XIIRQVHVHQWtDLQFyPRGRHQHOUtJLGRFRUVHWEtEOLFRTXHDFHSWDEDSHUIHFWDPHQWH/LQQHR\KDEtD
DFHSWDGR5D\\IXHXQRGHORVSULPHURVHQURPSHUFRQODLGHDGHTXHOD7LHUUDWHQtDDSHQDVVHLVPLO
DxRV GH DQWLJHGDG FRPR LQGLFDED HO *pQHVLV DXQTXH FRQVHUYy HVD FLIUD SDUD OD DQWLJHGDG GHO
KRPEUHTXHKDEtDDSDUHFLGRHQOD~OWLPDpSRFDGHODVVLHWHHQTXHGLYLGLyODKLVWRULDGHOD7LHUUD
<HVWDPRV\DHQHOVLJOR ;9,,,(VGLItFLOHQWHQGHUFyPRXQUHODWRLQJHQXRHVFULWRWDQWRWLHPSR
DQWHVGHQXHVWUDHUDSRGtDWHQHUWRGDYtDVHPHMDQWHLQIOXHQFLDHQHO6LJORGHOD5D]yQ\GHODV/XFHV
3HURORFLHUWRHVTXHODWHQtDDXQTXHVHHPSH]DEDDGHELOLWDUHQJUDQSDUWHSRUODHPHUJHQFLDGH
RWUDGLVFLSOLQDODJHRORJtD

/DFLHQFLDGHOD7LHUUD
(OHVWXGLRGHOD7LHUUD\ORVIHQyPHQRVTXHDKRUDOODPDPRVJHROyJLFRV\DWHQtDXQDODUJDKLVWRULDOD
LGHDWUDGLFLRQDOTXHYHQtDGHOD$QWLJHGDGHUDTXHORVWHUUHPRWRV\ORVYROFDQHVHUDQHOUHVXOWDGR
GH YLHQWRV TXH FLUFXODEDQ SRU FDYHUQDV VXEWHUUiQHDV VH DFXHUGDQ GH OD WHRUtD GH 7DOHV VHJ~Q OD
FXDOVHGHEtDQDOROHDMH"3RURWUDSDUWHORVFDPELRVHYLGHQWHVVREUHHOSDLVDMHFRPRHOGHVJDVWH
GHXQDPRQWDxDRHOOHFKR\DVHFRGHXQUtRGHRWURWLHPSRQRHUDQPiVTXHPXHVWUDVGHSHTXHxDV
PRGLILFDFLRQHVREVHUYDEOHVSHURLQVXILFLHQWHVSDUDFUHHUTXHHOPXQGRHYROXFLRQDEDHQXQVHQWLGRR
HQ RWUR 3OLQLR HQ VX HQFLFORSHGLD GDED XQD H[SOLFDFLyQ DQLPLVWD GH ORV WHUUHPRWRV VHJ~Q pO OD
0DGUH7LHUUDSURWHVWDEDFRQWUDHODWDTXHFRQVWDQWHGHKRPEUHVDPELFLRVRVTXHQRLQWHQWDQEXVFDU
PHGLFLQDVSDUDFXUDUVXVHQIHUPHGDGHVVLQRVLPSOHPHQWHH[WUDHUOHRURSODWD\RWURVPHWDOHV
'XUDQWH OD (GDG 0HGLD VH KDEtDQ FRQIHFFLRQDGR GHO PLVPR PRGR TXH ORV KHUEDULRV \ ORV
EHVWLDULRVODSLGDULRVGRQGHVHGHVFULEtDDODVSLHGUDVVHJ~QSURSLHGDGHVFRPRHOFRORUODWH[WXUD\
KDVWD HO RORU HO RORU GH XQD SLHGUDVLQ FRQWDU VXV SURSLHGDGHV PiJLFDV 3RU HMHPSOR $OEHUWR
0DJQR HO PDHVWUR GH 7RPiV GH $TXLQR KDEtD HVFULWR HQ HO VLJOR ;,,, 'H 0LQHUDOLEXV HW 5HEXV
0HWDOOLFLV6REUHORVPLQHUDOHV\PHWDOHVHQHOTXHKDFtDXQLQYHQWDULREDVWDQWHRUJDQL]DGRGHORV
PLQHUDOHV FRQRFLGRV DXQTXH LQWHUFDODED VXV SURSLHGDGHV PiJLFDV HQ ODV GHVFULSFLRQHV $OOt
GHVFULEtDORVIyVLOHVFRPRSHWULILFDFLRQHVGHORTXHDOJXQDYH]KDEtDQVLGRVHUHVYLYRV\FRLQFLGtD
FRQFDVLWRGRVVXVDQWHFHVRUHVHQTXHORVYROFDQHV\ORVWHUUHPRWRVHUDQSURGXFLGRVSRUORVYLHQWRV
GH YDSRUHV VXEWHUUiQHRV (VWH WLSR GH WUDWDGRV KDEtD VLGR UHODWLYDPHQWH FRP~Q WDQWR HQ OD (GDG
0HGLD FRPR HQ HO 5HQDFLPLHQWR FRPR HO 'H 5H 0HWDOOLFD GHO TXH \D KHPRV KDEODGR HQ VX
PRPHQWR
3HUR HO VLJOR ;9,, LQWURGXFLUtD QRYHGDGHV DOJXQRV QDWXUDOLVWDV \D PLUDEDQ ORV PLQHUDOHV \ HO
PXQGR FRQ ORV RMRV GH OD QXHYD FLHQFLD \ FRPHQ]DEDQ D QRWDU ODV UHODFLRQHV TXH VH SRGtDQ
HVWDEOHFHU HQWUH GLVWLQWRV WLSRV GH URFDV (O GDQpV 1LFROiV 6WHQR  SRU HMHPSOR
HVWDEOHFLyGRVSULQFLSLRVJHROyJLFRVEiVLFRVSULPHURTXHODVURFDVVHGLPHQWDULDVHVGHFLUODVTXH
VHIRUPDQSRUDFXPXODFLyQGHVHGLPHQWRV\TXHVRPHWLGDVDSURFHVRVItVLFRV\TXtPLFRVUHVXOWDQHQ
XQ PDWHULDO GH FLHUWD FRQVLVWHQFLD VH GLVSRQHQ HQ IRUPD KRUL]RQWDO \ VHJXQGR TXH ODV URFDV PiV
QXHYDVHVWiQSXHVWDVVREUHODVURFDVPiVDQWLJXDV/RVHVWUDWRVVHGLVSRQHQGHODPLVPDPDQHUDTXH
VXFHVLYDV FDSDV GH SLQWXUD FRQ ODV PiV YLHMDV GHEDMR /RV SULQFLSLRV GH 6WHQR SHUPLWLHURQ D ORV
PLQHURV GH ORV VLJORV ;9,, \ HO WHPSUDQR ;9,,, HVWDEOHFHU UHODFLRQHV WHPSRUDOHV HQWUH ORV WLSRV GH
URFDVLQFOXVRDTXHOODVTXHHVWDEDQGLVWDQWHVHQWUHVt
(OSUREOHPDGHORVIyVLOHV
3HUR DGHPiV 6WHQR DYDQ]y VREUH XQR GH ORV SXQWRV FRQIOLFWLYRV GH OD JHRORJtD ORV IyVLOHV (Q
HIHFWRDGPLWLyTXHORVIyVLOHVTXHKDEtDHQFRQWUDGRHQGLVWLQWDVURFDVHUDQWHVWLJRVGHXQHSLVRGLR
UHPRWR TXH QR VH HQFRQWUDED HQ ODV (VFULWXUDV 1R WRGRV OR DFHSWDEDQ QDWXUDOPHQWH \ PXFKRV
SUHIHUtDQ YHUORV FRPR SURGXFWR GH PLVWHULRVDV IXHU]DV TXH RSHUDEDQ GHQWUR GH ODV URFDV (GZDUG
/KZ\GSRUHMHPSORTXHHUDHOUHVSRQVDEOHGHFDWDORJDUODFROHFFLyQGHIyVLOHVGHXQ
PXVHRYHFLQRDOD8QLYHUVLGDGGH2[IRUGFRQFOX\yTXHHUDQPHURVREMHWRVQDWXUDOHVTXHGHEtDQVHU
FODVLILFDGRVMXQWRFRQRWURVSURGXFWRVGHODPDGUHWLHUUD3DUHFLGRSHQVDEDRWURFRQWHPSRUiQHR
HO PpGLFR \ QDWXUDOLVWD 0DUWLQ /LVWHU  TXLHQ DVHJXUy TXH HVD VXHUWH GH FDUDFROHV TXH
VXHOHQ HQFRQWUDUVH FRPR LPSUHVRV VREUH DOJXQDV ODMDV DPRQLWHV DXQTXH VXSHUILFLDOPHQWH
SDUHFLHUDQXQFDUDFROQRJXDUGDEDQQLQJXQDUHODFLyQFRQORVPROXVFRVYLYRV\DTXHDUJXPHQWDED
QRVHKDEtDQHQFRQWUDGRDQLPDOHVYLYRVFRQHVDIRUPD

1R H[LVWH WDO FRVD FRPR FRQFKDV SHWULILFDGDV VLQR TXH HVDV FRQFKLOODV TXH SDUHFHQ
EHUEHUHFKRVVRQVyORORTXHSDUHFHQSLHGUDVGHXQHVWLORSDUWLFXODU\QXQFDIXHURQSDUWHGH
QLQJ~QDQLPDO

)XH 5REHUW +RRNH RWUD YH] TXLHQ KL]R ORV PD\RUHV HVIXHU]RV SRU DSOLFDU HO PpWRGR FLHQWtILFR
SDUDGHWHUPLQDUHORULJHQGHORVIyVLOHV(QVX0LFURJUDSKLDSRVWXOyTXHWHQtDQXQRULJHQRUJiQLFR
GHVSXpVGHXVDUHOPLFURVFRSLRSDUDFRPSDUDUODHVWUXFWXUDGHERVTXHVIyVLOHV\YLYLHQWHV

(VWDPDGHUDSHWULILFDGDVHHPSDSyFRQDJXDSHWULILFDQWHTXHOXHJRVHIXHDSURSLDQGRGHODV
SDUWtFXODVSHGUHJRVDVGHHVDDJXDTXHODSHUPHDED\HVDVSDUWtFXODVIXHURQWUDQVSRUWDGDVSRU
HOIOXLGR\VHTXHGDURQQRVyORHQORVSRURVPLFURVFySLFRVVLQRWDPELpQHQORVLQWHUVWLFLRV
TXHPLUDGRVSRUHOPLFURVFRSLRSDUHFHQPiVVyOLGRV

3DODEUDVPiVSDODEUDVPHQRVORTXHHVWDEDGLFLHQGRHUDTXHORVPLQHUDOHVGHODJXDVHPHWtDQHQ
ORVUHFRYHFRVGHOHOHPHQWRRUJiQLFRRFXSDQGRVXOXJDU\VROLGLILFiQGRVHOHQWDPHQWH
+RRNHVXSRQtDTXHGHODIDOWDGHHTXLYDOHQWHVYLYRVGHDOJXQRVGHHVRVIyVLOHVVHSRGtDGHGXFLU
TXHODVHVSHFLHVHQDOJXQRVFDVRVVHH[WLQJXtDQHLQFOXVRFRQXQSRFRPiVGHDXGDFLDDVHJXUDED

+D KDELGR PXFKDV RWUDV HVSHFLHV GH FULDWXUDV HQ HUDV SUHYLDV GH ODV FXDOHV QR TXHGDQ
HMHPSORVHQHOSUHVHQWH\QRVHUtDUDURWDPELpQVXSRQHUTXHH[LVWHQPXFKDVRWUDVQXHYDVTXH
QRH[LVWtDQHQHOFRPLHQ]R

'LRVQRWHQtDQDGDTXHYHUFRQHODVXQWR\ODQDWXUDOH]DVHUHLQYHQWDEDDVtPLVPDVLQD\XGDGH
QDGLH(LQFOXVRIXHPiVOHMRVORVIyVLOHVGHWLSRPDULQRHQFRQWUDGRVHQODVPRQWDxDVSUREDEDQTXH
pVWDVDOJXQDYH]KDEtDQHVWDGRVXPHUJLGDV\TXHHUDQ
 SUREDEOHPHQWHHOHIHFWRGHXQJLJDQWHVFRWHUUHPRWR

/DVFRVDVVHLEDQHQFDPLQDQGR<QRVyORFRQHODVXQWRGHORVIyVLOHV
7DPELpQIXHSRUHQWRQFHVTXHVHUHVROYLyRWURGHORVWHPDVTXHYHQtDQDUUDVWUiQGRVHGHVGHKDFtD
VLJORVHOGHODSURFHGHQFLDGHORVUtRV(OFRQVHQVRJHQHUDOL]DGRKDVWDHQWRQFHVHUDTXHHORULJHQ
HVWDED HQ JUDQGHV GHSyVLWRV GH DJXD VXEWHUUiQHRV 3HUR HQ  HO IUDQFpV 3LHUUH 3HUUDXOW 
SXEOLFy6REUHHORULJHQGHORVPDQDQWLDOHVGRQGHGHPRVWUDEDTXHHODJXDTXHOORYtDHQWRGD
ODUHJLyQGH3DUtVEDVWDED\VREUDEDSDUDSURGXFLUHOFDXGDOGHO6HQD6XHVWXGLRIXHFRQILUPDGRSRU
RWURVSRVWHULRUHV\SRFRDSRFRVHGHVYDQHFLyODLGHDGHTXHORVUtRVVXUJtDQGHOLQWHULRUGHQDSDV
VXEWHUUiQHDV
(O RULJHQ GH ODV PRQWDxDV SRU VX SDUWH VHJXtD VLHQGR XQ HQLJPD 3DUD DOJXQRV WRGDYtD HUD
SRVLEOHVRVWHQHUTXHODDFWXDOHVWUXFWXUDGHODVXSHUILFLHGHOD7LHUUDHUDHVHQFLDOPHQWHODPLVPDTXH
ODTXHKDEtDVLGRRULJLQDULDPHQWHFUHDGDSRU'LRV3HURRWURVLQYHVWLJDGRUHVHVWDEDQPiVLQFOLQDGRV
DFUHHUTXHODVPRQWDxDVHQUHDOLGDGHVWDEDQIRUPDGDVSRUXQSURFHVRQDWXUDOGHVGHHOWLHPSRGHO
$UFDGH1Rp(QHVD iUHD HQSDUWLFXODUIDOWDEDPXFKRSRUDYHULJXDUSHURHO'LOXYLR\HO$UFDGH
1RpWRGDYtDHQHOVLJOR;9,,HUDQDUWtFXORGHIH

(O$UFDGH1Rp

(QDEULOGHVHLQLFLyHQ$XVWUDOLDXQFXULRVRMXLFLRHQHOTXHXQGHVWDFDGRFLHQWtILFRHOSURIHVRU,DQ3OLPHUMHIH
GHO'HSDUWDPHQWRGH&LHQFLDVGHOD8QLYHUVLGDGGH0HOERXUQHGHPDQGyDXQDXWRWLWXODGRGRFWRU$OOHQ5REHUWVSRU
KDEHU SHGLGR IRQGRV SDUD EXVFDU HO $UFD GH 1Rp HQ OD FXPEUH GHO PRQWH $UDUDW HQ 7XUTXtD DFXViQGROR GH
GHIUDXGDFLyQS~EOLFD\GHDEXVDUGHODLQJHQXLGDGGHODJHQWH
(OVRORKHFKRGHTXHHOGRFWRU$OOHQ5REHUWVKD\DUHFROHFWDGRMXJRVRVIRQGRVGHPXHVWUDTXHODFUHHQFLDHQHO
$UFD GH 1Rp \ HO 'LOXYLR 8QLYHUVDO WRGDYtD WLHQH VXV DGHSWRV 3HUR QR WLHQH HO PHQRU DVLGHUR PHWHRUROyJLFR HQ
UHDOLGDGWRGDHODJXDH[LVWHQWHHQHOSODQHWDVHUtDLQVXILFLHQWHSDUDFXEULU\DQRORVPiVDOWRVPRQWHVVLQRVLPSOHV
FROLQDVPXFKtVLPRPiVPRGHVWDV\QLTXpKDEODUGHXQPRQWHFRPRHOPRQWH$UDUDW
<VLQHPEDUJRHOGHMXQLRGHGRVPHVHVGHVSXpVGHLQLFLDGRHOMXLFLRHQ$XVWUDOLDHOMXH]IDOOyDXQTXH
SDUH]FDPHQWLUDDIDYRUGHOEXVFDGRUGHO$UFDGH1Rp6HSUHRFXSyGHGHMDUELHQDFODUDGRTXHHODVXQWRGHO$UFD
HUDXQDIDUVDSHURFRQFOX\yTXH$OOHQ5REHUWVQRKDEtDYLRODGROH\HVFRPHUFLDOHVFRPRVRVWHQtD3OLPHUORFXDO
KDVWDSRGtDVHUFLHUWR

1RVWDOJLDVGHO'LOXYLR
$TXHOGtDIXHURQURWDVWRGDVODVIXHQWHVGHOJUDQGHDELVPR\ODVFDWDUDWDVGHORVFLHORVIXHURQ
DELHUWDVVREUHOD7LHUUD\KXEROOXYLDVREUHOD7LHUUDFXDUHQWDGtDV\FXDUHQWDQRFKHV<ODVDJXDV
SUHYDOHFLHURQPXFKRHQH[WUHPRVREUHOD7LHUUD\WRGRVORVPRQWHVDOWRVTXHKDEtDGHEDMRGHOD
7LHUUDIXHURQFXELHUWRV

*e1(6,6

1DWXUDOPHQWH OD LGHD GHO GLOXYLR DVt FRPR HVWDED QR SRGtD UHVLVWLU SXHVWR TXH OD VXSHUILFLH GH
QXHVWURSODQHWDHVDSUR[LPDGDPHQWHGH PLOORQHVGH NLOyPHWURVFXDGUDGRVVL OORYLHUDWRGDHO
DJXDFRQWHQLGDHQODDWPyVIHUDDOUHGHGRUGHXQPLOOyQWUHVFLHQWRVPLOPLOORQHVGHOLWURVR
NLOyPHWURVF~ELFRVVLQTXHGDUQLXQDJRWDQLXQDPROpFXODKHFKRGHVGH\DKDUWRLPSUREDEOH
OD 7LHUUD TXHGDUtD FXELHUWD FRQ XQD FDSD GH PHQRV GH WUHV FHQWtPHWURV GH HVSHVRU TXH QR VyOR QR
WDSDUtDORVDOWRVPRQWHVVLQRQLVLTXLHUDORVEDMRVSDVWRVGHHVWHPXQGR
/R FXULRVR HV TXH HVWH VHQFLOOR FiOFXOR VH UHDOL]y \D HQ HO VLJOR ;9,, \ HVWXYR D FDUJR GHO
UHYHUHQGR 7KRPDV %XUQHWW  XQ SURPLQHQWH FOpULJR DQJOLFDQR TXH PiV WDUGH OOHJDUtD D
VHUFDSHOOiQSULYDGRGHOUH\*XLOOHUPR,,,GH,QJODWHUUD\TXHHQWUH\SXEOLFyHQFXDWUR
WRPRV/D6DFUD7HRUtDGHOD7LHUUD
/D KLVWRULD HV QRWDEOH %XUQHWW TXH VH JXLDED ILHOPHQWH SRU OD %LEOLD SHUR GHVFRQILDED GH OD
OLWHUDOLGDGSDUWLyGHHVDVHQVDWDREVHUYDFLyQQRKDEtDPDQHUDGHTXHHOGLOXYLRXQLYHUVDOKXELHUD
FXELHUWRWRGDOD7LHUUD&RQORVGDWRVDVHTXLEOHVHQODpSRFD\PHGLDQWHXQDVHQFLOODFXHQWDPRVWUy
TXHHODJXDTXHSRGtDKDEHUOORYLGRHQFXDUHQWDGtDV\FXDUHQWDQRFKHVHUDLQVLJQLILFDQWHGHVGHHO
SXQWRGHYLVWDSOXYLRPpWULFR<DGHPiVDGyQGHKDEtDLGRDSDUDUHODJXDGHVSXpV"%XUQHWWOOHJyD
ODFRQFOXVLyQGHTXHHO'LOXYLR8QLYHUVDOQRKDEtDVLGRSRVLEOHSRUORPHQRVDSDUWLUGHODOOXYLD
3HUR LQFDSD] GH UHQXQFLDU DO 'LOXYLR OOHJy D XQD QRWDEOH FRQFOXVLyQ VL HO GHVDVWUH QR KDEtD
FDtGR GH ORV FLHORV HUD SRUTXH KDEtD LUUXPSLGR GHVGH OD SURIXQGLGDG 7RPDQGR XQD YLHMD LGHD GH
'HVFDUWHV FRQMHWXUy TXH HQ HO PRPHQWR GH OD &UHDFLyQ OD 7LHUUD HUD XQD HVIHUD SHUIHFWD \
SDUDGLVtDFDFXELHUWDSRUXQDFRUWH]DGHPDWHULDVyOLGDOLVD\VLQUDVJRVFRQORVRFpDQRVIOX\HQGR
SRUGHEDMRGHHOOD/DLQXQGDFLyQVHJ~Q%XUQHWWRFXUULyFXDQGRODFRUWH]DVHSDUWLyFRODSVDQGRHQ
IUDJPHQWRVTXHVHKXQGLHURQHQHODJXD/RVSHGD]RVLUUHJXODUHVGHOFDSDUD]yQRULJLQDOFRQVWLWX\HQHO
UHOLHYHGHOD7LHUUDTXHREVHUYDPRVKR\VyORODVUXLQDVGHORTXHIXH
(QYHUGDGOD6DFUD7HRUtDGH%XUQHWWDXQTXHOODPyODDWHQFLyQGHOPLVPtVLPR1HZWRQQRWXYR
GHPDVLDGRp[LWRDXQTXHpVDHV\DRWUDKLVWRULD/RFLHUWRHVTXHYHQLGRGHDUULEDRYHQLGRGHDEDMR
HO'LOXYLR8QLYHUVDOHPSH]yDKDFHUDJXDFRPRFRUUHVSRQGHDXQGLOXYLR\DHQHOVLJOR;9,,
3HURUHQXQFLDUDXQDFUHHQFLDWDQDQFHVWUDOHUDGLItFLOHO'LOXYLRFRPRWRGRVORVPLWRVUHVLVWLy
\ DQWH OD SHUVSHFWLYD GH GHVDSDUHFHU UHFXUULy DO ~OWLPR \ JUDQ UHFXUVR TXH WLHQHQ ORV PLWRV
WUDQVIRUPDUVH<DVtIXHTXHVHWUDQVIRUPyHQODEHOODWHRUtDGHORFpDQRHQUHWLUDGD

/DWHRUtDGHORFpDQRHQUHWLUDGD
'HDOJXQDPDQHUDHOH[WUDYDJDQWHSODQWHRGH%XUQHWWGHPRVWUDEDTXHHOGLOXYLRQRHUDYLDEOH\VH
WUDQVIRUPy JUDGXDOPHQWH HQ OD LGHD GH TXH GHVSXpV GH OD &UHDFLyQ WRGR HO SODQHWD KDEtD HVWDGR
FXELHUWR SRU XQ LQPHQVR RFpDQR TXH JUDGXDOPHQWH VH KDEtD LGR UHWLUDQGR \ GHVSHMDQGR OD WLHUUD
ILUPHHVWHRFpDQRSULPLWLYRWHQtDGLVXHOWRVORVPLQHUDOHVTXHDOGHSRVLWDUVHIRUPDURQODVURFDVODV
PRQWDxDV\WRGRORGHPiV
(O DXWRU GH OD LGHD RULJLQDO KDEtD VLGR HO JUDQ ILOyVRIR \ FLHQWtILFR DOHPiQ *RWWIULHG /HLEQL]
\SRFRDSRFRVHIXHFRQYLUWLHQGRHQHOVXVWLWXWRPiVSRSXODUGHO'LOXYLR8QLYHUVDOSRU
ORPHQRVHQWUHORVJHyORJRV&RQVHUYDEDXQDOLJD]yQXQSRFRIRU]DGDFRQHOUHODWREtEOLFRSHURFDVL
WRGDVODVH[SOLFDFLRQHVTXHVHGLHURQVREUHHORULJHQGHOD7LHUUDGXUDQWHHOVLJOR ;9,,,VHJXtDQODV
JUDQGHV OtQHDV GH HVWD LGHD XQ JUDQ RFpDQR RULJLQDULR TXH UHWURFHGtD SDXODWLQDPHQWH /D REUD GH
/HLEQL]3URWDJHDGRQGHH[SRQtDVXWHRUtDVHSXEOLFyDPHGLDGRVGHO;9,,,PXFKRVDxRVGHVSXpVGH
VXPXHUWH\ODH[SOLFDFLyQQRHUDPHUDPHQWHPtWLFDVLQRTXHSDUHFtDUHVROYHUFRQODVKHUUDPLHQWDV
GHODQXHYDFLHQFLDDOJXQRVHQLJPDV
8QSRFRPiVUDGLFDOIXHHOGLSORPiWLFRIUDQFpV%HQRvWGH0DLOOHWHQXQOLEURTXH
FLUFXOyGHPRGRFODQGHVWLQRGHVGHSULQFLSLRVGHOVLJOR ;9,,KDVWDODPXHUWHGHVXDXWRU&RQVLVWtDHQ
XQ GLiORJR HQWUH XQ ILOyVRIR LQGLR \ XQ PLVLRQHUR IUDQFpV DFHUFD GH OD GLVPLQXFLyQ GHO PDU OD
IRUPDFLyQGHOD7LHUUDHORULJHQGHORVKRPEUHV\DQLPDOHV\RWURVFXULRVRVWHPDVUHODFLRQDGRVFRQ
ODKLVWRULDQDWXUDO\ODILORVRItD'H0DLOOHWLPDJLQDEDXQD7LHUUDLQPHQVDPHQWHDQWLJXD\QRKDFtD
UHIHUHQFLDVDGLOXYLRQL'LRVDOJXQR3HURVtDVHJXUDEDTXHORVUHJLVWURVHJLSFLRVGHORVQLYHOHVGH
DJXDGHO1LORHUDQHYLGHQFLDGHXQDGHFOLQDFLyQHQHOQLYHOGHOPDU\DHQWLHPSRVKLVWyULFRV\TXH
VLVHH[WHQGtDHQHOWLHPSROOHYDEDDVXSRQHUTXHDOJXQDYH]WRGDODVXSHUILFLHKDEtDHVWDGRFXELHUWD
SRUDJXD
8QJUDQRFpDQRTXHVHUHWLUDEDODLPDJHQQRHVWDEDQDGDPDO\HUDLQWUtQVHFDPHQWHEHOOD$~Q
KR\FRQVHUYDXQLQPHQVRSRGHUGHVHGXFFLyQHODJXDSULPRUGLDOUHFXSHUDEDODYLHMDLGHDGH7DOHV
GH0LOHWRRHOPDUHWHUQRHLQDFFHVLEOHGHOSHQVDPLHQWRKLQG~GRQGHQDGDEDQODVSULPLWLYDVWRUWXJDV
TXH VRVWHQtDQ HO PXQGR HO PDU REMHWR \ IUXWR GH UHYHUHQFLD \ WHUURU TXH DEDQGRQDED FRPR XQ
LQPHQVRDQLPDOHQFLHUWDIRUPDYLYRUHJLRQHVTXHVHUtDQDQGDQGRHOWLHPSRQXHVWURKRJDU
(OPDURULJLQDULRHQUHWLUDGDQRHUDVyORXQDIDQWDVtDSURGXFWRGHODQHFHVLGDGEtEOLFD1DGDGH
HVRIXHXQDWHRUtDPX\VHULD\TXHSDUHFtDH[SOLFDUDOJXQRVHQLJPDV8QRGHHOORVHUDSRUHMHPSOR
ODH[LVWHQFLDGHIyVLOHVPDULQRVHQORDOWRGHODVPRQWDxDVRWURTXHHO0DU%iOWLFRVHKLFLHUDFDGD
YH] PHQRV SURIXQGR DXQTXH HQ UHDOLGDG HUD XQD FRQVHFXHQFLD GHO ILQ GH ODV HUDV JODFLDOHV OD
VXSHUILFLHGHOQRUWHHXURSHRHVWDEDD~QHQDVFHQVROXHJRGHOLEHUDUVHGHOSHVRGHOKLHOR
(OPiVJUDQGHGHORVWHyULFRVGHORFpDQRHQUHWLUDGDIXH$EUDKDP*RWWORE:HUQHU
SURIHVRU GH OD (VFXHOD GH 0LQHUtD GH )UHLEXUJ HQ $OHPDQLD DGRQGH DIOXtDQ HVWXGLDQWHV GH WRGD
(XURSDDQVLRVRVGHHVFXFKDUOR
:HUQHU REVHUYy TXH DOJXQDV URFDV VH KDEtDQ IRUPDGR HQ HO PDU \ JHQHUDOL]y DOHJUHPHQWH
DWULEX\HQGRHVWHRULJHQDWRGDVODVURFDV(QWRQFHVSHQVyFXDQGRHOJUDQRFpDQRDQWLJXRVHUHWLUy
ODVURFDVPiVDQWLJXDVTXHGDURQH[SXHVWDVDODLUH\VREUHHOODVVHDFXPXODURQQXHYDVURFDVSURGXFWR
GH OD HURVLyQ TXH VH LQVWDODURQ HQ FDSDV VXFHVLYDV IRUPDQGR ODV PRQWDxDV \ WRGRV ORV DFFLGHQWHV
JHROyJLFRV (O SRGHU GH OD WHRUtD GH :HUQHU UHVLGtD HQ TXH HUD IXQFLRQDO D ODV REVHUYDFLRQHV \
SHUPLWtD GHGXFLU PXFKD LQIRUPDFLyQ ~WLO D OD KRUD GH H[SORWDU ODV PLQDV \ VDEHU TXp PLQHUDO HUD
SUREDEOHHQFRQWUDUGHEDMRGHGHWHUPLQDGDFDSDJHROyJLFD(OSULQFLSLRGHVXSHUSRVLFLyQGHHVWUDWRV
VHJ~QHOFXDOODVURFDVPiVMyYHQHVVHGHSRVLWDQVREUHODVYLHMDVHVWDEDELHQH[SOLFDGR\SRU
RWURODGRHUDEDVWDQWHOyJLFR3RUSULQFLSLRFDGDWLSRGHPLQHUDOSHUWHQHFtDDXQDpSRFDSDUWLFXODU
/DWHRUtDGHORFpDQRHQUHWLUDGDHUDKHUPRVDSHURWHQtDHQUHDOLGDGDOJXQRVSXQWRVPX\GpELOHV
SRUHPSH]DUQRTXHGDEDFODURGHGyQGHKDEtDVDOLGRHVHRFpDQRRULJLQDOQLDGyQGHLEDDSDUDUHO
DJXDVREUDQWHDPHGLGDTXHHORFpDQRUHWURFHGtDGHMDQGRHQGHVFXELHUWRODWLHUUDILUPH<VHJXQGR
\IDWDOQRH[SOLFDEDRH[SOLFDEDPDOODH[LVWHQFLDGHORVYROFDQHV
:HUQHUQRVHFRQPRYLyPXFKRSRUHVWRVDUJXPHQWRV5HVSHFWRGHOGHVWLQRILQDOGHODJXDDUJtD

<R VR\ XQ JHyORJR \ GH QLQJ~Q PRGR XQ FRVPyORJR FRPR SDUD HVSHFXODU VREUH HVR /D
 HYLGHQFLDHQODEDMDGHOQLYHOGHOPDUHVWiHQODVURFDV\\RVyORLQWHUSUHWRODHYLGHQFLDOR
PHMRUTXHSXHGR

<FRQUHVSHFWRDORVYROFDQHVODYHUGDGHVTXH:HUQHUORVGHVSUHFLDEDXQSRFRSHQVDEDTXH
HUDQ IHQyPHQRV PRGHUQRV \ DLVODGRV \ FUHtD TXH ODV HUXSFLRQHV VH GHEtDQ D OD FRPEXVWLyQ
VXEWHUUiQHDGHFDSDVGHKXOODHQODVFHUFDQtDV
6LQHPEDUJRIXHURQORVSURSLRVGLVFtSXORVGH:HUQHUTXLHQHVGHPRVWUDURQTXHKDEtDYROFDQHV
PX\DQWLJXRVTXHPXFKDVGHODVPRQWDxDVGHDKRUDHUDQYROFDQHVH[WLQJXLGRV\TXHFRPRVLHVWR
IXHUDSRFRODODYDTXHVDOtDGHORVYROFDQHVQRHUDPX\GLVWLQWDGHODVURFDVTXHVHJ~Q:HUQHUVyOR
SRGtDQRULJLQDUVHHQHOPDU
$XQTXHHVWDEDHTXLYRFDGDODWHRUtDGH:HUQHUD\XGyPXFKtVLPRDFRPSUHQGHUQXHVWURSODQHWD
RUJDQL]y ORV GDWRV JHROyJLFRV GHO PRPHQWR VREUH ODV URFDV \ ODV JUDQGHV HUDV \ SHUtRGRV TXH
UHFRQRFHPRVDFWXDOPHQWH
/D LGHD DGHPiV WHQtD RWURV VHJXLGRUHV LOXVWUHV FRPR HO PLVPtVLPR %XIIRQ 3DUD QXHVWUR
SHUVRQDMH OD 7LHUUD VH KDEtD GHVSUHQGLGR GHO 6RO SRU HO JROSH GH XQ FRPHWD \ HVWDED HQIULiQGRVH
OHQWDPHQWH(QHOLQWHULRUKDEtDD~QURFDIXQGLGD\ODVXSHUILFLHQRHUDPiVTXHODSDUWHTXHVHKDEtD
HQIULDGR SRU HO SDVR GHO WLHPSR /DV PRQWDxDV GH JUDQLWR UHSUHVHQWDEDQ ODV ~QLFDV SDUWHV GH OD
FRUWH]DRULJLQDULDPHQWHVROLGLILFDGDTXHWRGDYtDVHSRGtDQYHUPLHQWUDVTXHODVGHPiVKDEtDQVLGR
FXELHUWDV SRU PDWHULDO GHSRVLWDGR HQ pSRFDV SRVWHULRUHV 7DQ SURQWR FRPR OD FRUWH]D VH HQIULy OR
VXILFLHQWHFRPHQ]yDFDHUXQDOOXYLDGHDJXDFDVLHQHVWDGRGHHEXOOLFLyQHVDOOXYLDKDEtDFXELHUWR
WRGRRFDVLWRGRIRUPDQGRXQYDVWRRFpDQRKLUYLHQWHKDELWDGRSRUVHUHVPDULQRVTXHPXULHURQFXDQGR
HODJXDVHHQIULy'HDOOtSURYHQtDQORVIyVLOHVTXHWRGDYtDVHSRGtDQHQFRQWUDUHQODVODGHUDVGHODV
PRQWDxDV /RV YROFDQHV D VX YH] HUDQ HO UHVXOWDGR GH OD DFWLYLGDG TXtPLFD TXH KDEtD FRPHQ]DGR
KDFtD PX\ SRFR WLHPSR DO SULQFLSLR GH ORV WLHPSRV PRGHUQRV (Q VX OLEUR /DV pSRFDV GH OD
QDWXUDOH]DVRVWHQtDODH[LVWHQFLDGHVLHWHSHUtRGRVTXHVHSRGtDQDVRFLDUPX\RSRUWXQDPHQWHFRQ
ORVVLHWHGtDVGHODFUHDFLyQ
%XIIRQVHHVIRU]ySRUKDFHUFRLQFLGLUVXWHRUtDJHROyJLFDFRQODVLGHDVVREUHHOUHLQRDQLPDOTXH
H[SXVR HQ VX PRQXPHQWDO +LVWRULD 1DWXUDO /R TXH TXHGDED FODUR HUD OD QHFHVLGDG GH DOJXQD
KLSyWHVLV RUJiQLFD TXH XQLHUD JHRORJtD IyVLOHV ODUJRV SHUtRGRV GH WLHPSR YLGD \ HYROXFLyQ 3HUR
D~QIDOWDEDSDUDTXHVHPHMDQWHDPELFLyQVHYLHUDFRQFUHWDGD
3DODEUDVPiVSDODEUDVPHQRVHQODVSULPHUDVGpFDGDVGHOVLJORSDVDGRODWHRUtDGHORFpDQRTXH
VHUHWLUDEDGRORURVDPHQWHKHULGDVHUHWLUDEDGHDSRFRGHMiQGRQRVVyORODQRVWDOJLDGHDTXHOPDU
RULJLQDULRPLHQWUDVODDWHQFLyQ\ODLPDJLQDFLyQVHGHVSOD]DEDQKDFLDHOIXHJR

/RVIXHJRVLQIHUQDOHV
/D7LHUUDHVXQJUDQPHFDQLVPRVLQDWLVERVGHFRPLHQ]RQLILQDO

-$0(6+87721

/DWHRUtDGHORFpDQRHQUHWLUDGDIXHFDOPD\JHQWLO\XQSRFRWULVWHKDEtDWHQLGRODVHUHQDEHOOH]DGHO
FODVLFLVPR/DQXHYDWHRUtDDFRUGHFRQODHVWpWLFDURPiQWLFDHUDGHQVD\QHUYLRVDLUUXPSLyFRPR
XQVWXUPXQGGUDQJGHODJHRORJtD\UHHPSOD]yDODJXDDPDEOHSRUORVIXHJRVLQIHUQDOHV\ODDFFLyQ
GH ORV YROFDQHV 1HSWXQR IXH GHVWURQDGR SRU 3OXWyQ HO GLRV GHO PXQGR VXEWHUUiQHR \ UH\ GH ORV
LQILHUQRVDOILQ\DOFDERORVYROFDQHVVLHPSUH KDEtDQHVWDGR OLJDGRVDOLQILHUQR HQ HOLPDJLQDULR
FROHFWLYR
/RVSOXWRQLVWDVQHJDEDQTXHHORFpDQRVHUHWLUDUDHVPiVQHJDEDQTXHKXELHUDH[LVWLGRMDPiVXQ
JUDQRFpDQRXQLYHUVDO\QHJDEDQTXHHODJXDIXHUDODIXHQWHGHOFDPELRDFDVRSRUTXHQHJDEDQTXH
H[LVWLHUD XQD IXHQWH GHO FDPELR $FHSWDEDQ OD LGHD PX\ HQ ERJD TXH \D KDEtDQ FRQVLGHUDGR
'HVFDUWHV /HLEQL] \ %XIIRQ GH TXH OD 7LHUUD HUD HO UHVXOWDGR GH XQD LQPHQVD PDVD GH IXHJR
GHVSUHQGLGD SUREDEOHPHQWH GHO 6RO TXH VH HQIULDED SDXODWLQDPHQWH HO FHQWUR GH OD 7LHUUD
FRQWLQXDED VLHQGR SDUD HOORV XQD LQPHQVD IXHQWH GH FDORU \ GHDOOt YHQtD HO LPSXOVR JHROyJLFR OD
WLHUUDILUPHQRHUDRWUDFRVDTXHURFDIXQGLGDTXHVHKDEtDDELHUWRSDVRGHVGHHOPXQGRVXEWHUUiQHR\
OXHJR VH KDEtD HQIULDGR /RV SOXWRQLVWDV WUDQVIRUPDURQ ORV YROFDQHV HQ OD IXHU]D SULQFLSDO TXH
PDQWHQtDODVFRVDVHQPDUFKD
1DWXUDOPHQWH HVWR GHVFDUWDED FXDOTXLHU FRQH[LyQ FRQ HO 'LOXYLR 8QLYHUVDO \ GHVDILDED WRGD OD
KLVWRULD EtEOLFD OR FXDO GHVSHUWy QR SRFDV UHVLVWHQFLDV \ HVFiQGDORV &XDQGR 7UDQVDFWLRQV GH OD
5R\DO6RFLHW\GH(GLPEXUJRSXEOLFyHQODQXHYDWHRUtDVXDXWRU-DPHV+XWWRQ
IXH DFXVDGR GH DWHR GH QHJDU OD HYLGHQFLD GH OD &UHDFLyQ SUHVHQWH HQ ODV URFDV \ GH LJQRUDU OD
KLVWRULDGHOGLOXYLRFDWDVWUyILFR
(QUHDOLGDGQRHUDDVt+XWWRQHUDXQFDEDOOHURGHO,OXPLQLVPRHVFRFpVFRQWHPSRUiQHR\DPLJR
GH -DPHV :DWW HO LQYHQWRU GH OD PiTXLQD GH YDSRU \ $GDP 6PLWK HO SULPHU JUDQ WHyULFR GH OD
HFRQRPtD FDSLWDOLVWD $ +XWWRQ QR OR VDWLVIDFtD OD WHRUtD GHO RFpDQR HQ UHWLUDGD SRUTXH HQ FLHUWR
PRGR OH UHVXOWDED GHPDVLDGR HVWiWLFD LPSOLFDED TXH OD HURVLyQ WDUGH R WHPSUDQR WHUPLQDUtD
DUUDVWUDQGRWRGDODWLHUUDILUPHDOIRQGRGHOPDU\GHQLQJXQDPDQHUDSRGtDDFHSWDUTXHHO&UHDGRU
IXHUD D FRQYHUWLU OD VXSHUILFLH WHUUHVWUH HQ XQ OXJDU LQKDELWDEOH 3HQVDED TXH GHEtD KDEHU XQ
PHFDQLVPR GH UHJHQHUDFLyQ \ HOHYDFLyQ GH OD FRUWH]D TXH FRPSHQVDUD HO FLFOR GH HURVLyQ XQ
PHFDQLVPR PHGLDQWH HO FXDO VXUJLHUDQ SHUPDQHQWHPHQWH URFDV QXHYDV GHVGH HO PXQGR VXEWHUUiQHR
HTXLOLEUDQGRODHURVLyQ\WUDQVIRUPDQGRHOSODQHWDHQXQDSHUSHWXDPiTXLQDHQPRYLPLHQWRFUHDGD
SRUODSHUIHFFLyQGLYLQD(OUHVXOWDGRHUDXQVLVWHPDVLHPSUHUHQRYDEOH
(O VLVWHPD TXH SURSXVR HUD VLPSOH \ UD]RQDEOH 3RU XQ ODGR HO YLHQWR OD OOXYLD \ GHPiV
GHVJDVWDQODVPRQWDxDV\ORVHVWUDWRVFDHQHQODVWLHUUDVEDMDVKDVWDOOHJDUDOPDU3RUHORWURODGRHO
VHGLPHQWRTXHVHDFXPXODHQHOIRQGRGHORFpDQRVHKXQGHSRUVXSURSLRSHVR\ORVVHGLPHQWRVPiV
EDMRV VH IXQGHQ FLUFXODQ \ ILQDOPHQWH VXUJHQ QXHYDPHQWH D WUDYpV GH ORV YROFDQHV /DV HUXSFLRQHV
YROFiQLFDVHUDQXQDSUXHEDGHTXHHOFHQWURGHOSODQHWDHVWDEDIRUPDGRSRUURFDIXQGLGD7DPELpQVH
SRGtDLPDJLQDUTXHHVDODYDQRVLHPSUHOOHJDEDDODVXSHUILFLHVLQRTXHDYHFHVHPSXMDEDODFRVWUD
IUtDGHORVFRQWLQHQWHVKDFLDDUULEDVHHQIULDED\IRUPDEDFDSDVGHJUDQLWR\EDVDOWRWLSRVGHURFD
PX\GXUDORTXHDVXYH]JHQHUDEDHOHYDFLRQHVTXHWDUGHRWHPSUDQRDUPDEDQYHUGDGHUDVFDGHQDV
PRQWDxRVDVHQXQFLFORXQLIRUPH\SHUPDQHQWH'HHVWDPDQHUD+XWWRQGHVFULEtDHOSODQHWDFRPRXQD
PiTXLQDHQPRYLPLHQWRSHUSHWXRTXHVHUHFLFODEDDVtPLVPDFRQVWDQWHPHQWH
0X\SURQWRVHGHPRVWUyTXH+XWWRQWHQtDUD]yQRSRUORPHQRVEXHQDSDUWHGHUD]yQ\TXHURFDV
FRPR HO JUDQLWR TXH VHJ~Q :HUQHU VyOR SRGtDQ KDEHUVH RULJLQDGR HQ HO PDU HUDQ GH RULJHQ
YROFiQLFR FRQ H[SHULPHQWRV HQ DOWRV KRUQRV HO TXtPLFR -DPHV +DOO RIUHFLy OD SUXHED GH TXH HO
JUDQLWRVHVROLGLILFDEDDSDUWLUGHXQHVWDGROtTXLGR
$XQTXH ILQDOPHQWH SHUGLHURQ OD EDWDOOD ORV QHSWXQLVWDV SDUWLGDULRV GHO RFpDQR HQ UHWLUDGD VH
UHVLVWLHURQ<HVTXHQRVyORVHHVWDEDQHQIUHQWDQGRHODJXDFDOPDFRQWUDORVIXHJRVLQIHUQDOHVRGRV
WHRUtDVJHROyJLFDV/RVQHSWXQLVWDVSHUGtDQODEDWDOODSHURTXHGDEDVREUHHOFDPSRWDQWRSDUDXQRV
FRPRSDUDRWURVHOTXHHUDHODVSHFWRIXQGDPHQWDOGHODGLVFXVLyQHOWLHPSR
+XWWRQ SHQVDED TXH ORV SURFHVRV GH IRUPDFLyQ GH ODV URFDV HQ UHDOLGDG VH GDEDQ HQ FLFORV
UHJXODUHV6XWHRUtDHUDODEDVHGHOXQLIRUPLVPRPRGHUQRTXHLQGLFDEDTXHORVPLVPRVSURFHVRV
TXH KDEtDQ IRUPDGR OD VXSHUILFLH WHUUHVWUH VHJXtDQ HQ DFFLyQ \ HUDQ FRQVWDQWHV 3DUD +XWWRQ HQ
SDUWLFXODU VXV REVHUYDFLRQHV HQFDMDEDQ FRQ OD LGHD GH HWHUQLGDG TXH UHVXPLy FRQ VX IUDVH PiV
FRQRFLGD

(OUHVXOWDGRSRUORWDQWRGHHVWHDQiOLVLVItVLFRHVTXHQRYHPRVYHVWLJLRVGHXQFRPLHQ]RQL
DWLVERGHILQDO

(UDHORSXHVWRGHFXDOTXLHUDGHODVYHUVLRQHVTXHDVLJQDEDQXQOXJDUSULPRUGLDODORVFDPELRV
EUXVFRV R HQ XQ VROR VHQWLGR FRPR XQ GLOXYLR XQLYHUVDO R XQD 7LHUUD PX\ FDOLHQWH DO SULQFLSLR R
LQFOXVRHORFpDQRHQUHWLUDGDTXHKDEtDH[LVWLGRXQDVRODYH]YHUVLRQHVDODVTXHVHFDUDFWHUL]DED
EDMR HO WtWXOR PX\ JHQHUDO GH FDWDVWURILVWDV HV GHFLU TXH FUHtDQ TXH KDEtD XQ IHQyPHQR GH
PDJQLWXGHV LQXVXDOHV TXH UHSHQWLQDPHQWH FDPELDED OD FRQILJXUDFLyQ GHO SODQHWD /DV GLVWLQWDV
YHUVLRQHVGHXQLIRUPLVPR\FDWDVWURILVPRVHHQIUHQWDUtDQSRUEDVWDQWHWLHPSR

8QLIRUPLVPR
'HOODGRGHOXQLIRUPLVPRPiVUDGLFDOL]DGRHVWDED&KDUOHV/\HOOTXLHQVRVWHQtDTXHORV
SURFHVRVGHVHGLPHQWDFLyQHURVLyQ\FDPELRJHROyJLFRHUDQH[WUHPDGDPHQWHOHQWRV\TXHDVtKDEtDQ
VLGRDORODUJRGHODKLVWRULD6XOLEUR3ULQFLSLRVGHJHRORJtDFX\RSULPHUWRPRVHSXEOLFyHQ
LQLFLDSDUDPXFKRVODJHRORJtDPRGHUQD$GKHUtDVLQIDQDWLVPRVH[DJHUDGRVDODWHRUtDGH+XWWRQ'H
KHFKRHVSUREDEOHTXH/\HOOUHLYLQGLFDUDD+XWWRQPiVGHORTXHOHKXELHUDJXVWDGRFRPRIRUPDGH
HQIUHQWDUODSRVLFLyQFDWDVWURILVWDJHQHUDOPHQWHDVRFLDGDFRQHOGLOXYLRXQLYHUVDOFRQHORFpDQRHQ
UHWLUDGD\SRUORWDQWRFRQODUHOLJLyQ
&RPRHYLGHQFLDGHVXVDILUPDFLRQHV/\HOOXWLOL]DEDODVSUXHEDVH[LVWHQWHVGHVXFHVLYRVDVFHQVRV
\GHVFHQVRVHQHOQLYHOGHODFRVWDPHGLWHUUiQHDGHVGHORVWLHPSRVGHORVURPDQRV6XHMHPSORPiV
FRQRFLGRHUDQODVFROXPQDVGHO7HPSORGH6HUDSLVHQ3X]]XRORFHUFDGH1iSROHV,WDOLDFRQVWUXLGDV
HQ HO VLJOR , DQWHV GH &ULVWR 6REUH HOODV KDEtD PDUFDV TXH KDEtDQ GHMDGR VXFHVLYRV DVFHQVRV \
GHVFHQVRVHQHOQLYHOGHODJXD6LHQVyORXQSDUGHPLOHVGHDxRVVHSRGtDQHQFRQWUDUVHPHMDQWHV
YDULDFLRQHV HQ XQRV SRFRV PLOORQHV VH SRGtD MXVWLILFDU OD H[LVWHQFLD GH FDGHQDV PRQWDxRVDV
FRPSOHWDV
/R PLVPR SRGtD GHFLUVH GH ODV SUXHEDV TXH +XPEROGW KDEtD WUDtGR GH &KLOH GRQGH VHJ~Q VH
FDOFXODEDXQWHUUHPRWRKDEtDORJUDGRHOHYDUFDVLGRVPHWURVXQDIUDQMDGHWLHUUDGHFLHQNLOyPHWURV
GH ODUJR /\HOO SRVWXODED TXH DOFDQ]DED FRQ VXPDU HVWDV SHTXHxDV FDWiVWURIHV SDUD GDU FXHQWD GH
IHQyPHQRVPXFKRPiVJUDQGHV
(O DUJXPHQWR HUD VyOLGR HO WLHPSR HUD PiV LPSRUWDQWH TXH OD IXHU]D (O GH /\HOO HV XQ DSRUWH
QDGDPHQRUSXHVWRTXHODIXHU]DGHOWLHPSRSHUPLWHFRPSUHQGHUPXFKDVFRVDVTXHYDQPiVDOOiGHOD
HVFDODKXPDQDREVHUYDEOH\GDHOSXQWDSLpLQLFLDOSDUDSHQVDUHQODVHVFDODVGHWLHPSRUHDOHVTXH
QHFHVLWDODYLGDSDUDSRGHUDSDUHFHU\ODHYROXFLyQSDUDSRGHUDFWXDU
'HVGHHVWDSHUVSHFWLYDODVPRQWDxDVVHGHVJDVWDQ\DSODQDQPLHQWUDVTXHHQRWUDSDUWHRHQOD
PLVPD\DTXHXQDPRQWDxDTXHVHOHYDQWDDOPLVPRWLHPSRVHGHVJDVWDVXUJHXQDQXHYDHQXQHWHUQR
HTXLOLEULR (UD UD]RQDEOH \ SRU RWUR ODGR HVWH WLSR GH HMHPSORV GHMDED DELHUWD OD SXHUWD D XQ
FRQVHQVR\WUDQVIRUPDEDWRGRHQXQDFXHVWLyQGHSHUVSHFWLYD\JUDGLHQWHV
6HJ~Q/\HOOHUDXQHUURUVXSRQHUTXHHQWUHXQHVWUDWRURFRVR\HOVLJXLHQWHKDEtDXQDFRQWLQXLGDG
WHPSRUDOQHFHVDULD3RGtDRFXUULUTXHVHIRUPDUDXQDFDSDOXHJRXQFDPELRHQHOFOLPDODHURVLRQDUD
SRU FRPSOHWR \ VH GHSRVLWDUD RWUD FDSD VLQ TXH TXHGDUD UHJLVWUR GHO WLHPSR LQWHUPHGLR 'H HVWD
PDQHUD ORV IyVLOHV HQFRQWUDGRV HQ XQ HVWUDWR \ HO VLJXLHQWH SRGtDQ WHQHU PLOORQHV GH DxRV GH
GLIHUHQFLDTXHMXVWLILFDUDQODIDOWDGHFRQWLQXLGDGHQWUHDPERV/DVFDWiVWURIHVVHSRGtDQYHULILFDUHQ
FDVRVSXQWXDOHVSHURGHQLQJXQDPDQHUDFRPRUHJODGHWUDQVIRUPDFLyQ
/DSRVLFLyQGH/\HOOHUDVyOLGDSHURHQVXHVIXHU]RDUJXPHQWDWLYRSRUGHVFDUWDUGHSODQRDORV
FDWDVWURILVWDV VH SULYy D Vt PLVPR GH OD SRVLELOLGDG GH FUHHU TXH HQ DOJ~Q PRPHQWR ODV FRVDV
SXGLHUDQ KDEHU VLGR GLVWLQWDV 'H KHFKR OOHJy D VRVWHQHU TXH ORV IyVLOHV QR HUDQ HYLGHQFLD GH XQ
FDPELRHYROXWLYRVLQRTXHODVHVSHFLHVKDEtDQVLGRPiVRPHQRVVLHPSUHODVPLVPDVTXHUtDQHJDU
WRGDSRVLELOLGDGGHOLQHDOLGDG\DFXPXODFLyQHQODIOHFKDGHOWLHPSR/DIHUYLHQWHRSRVLFLyQGH/\HOO
DODWHRUtDGHODHYROXFLyQGH-HDQ%DSWLVWH/DPDUFNGHODTXH\DWHQGUHPRVRFDVLyQGH
KDEODU SURGXMR HO HIHFWR SDUDGyMLFR GH JHQHUDU LQWHUpV SRU OD KLSyWHVLV ODPDUFNLDQD H LQVSLUDU
LQFOXVRD&KDUOHV'DUZLQTXLHQVHOOHYDUtDODREUDGHOJUDQJHyORJRGXUDQWHVXODUJRYLDMHSRUORV
PDUHVGHOVXUHQHOFXDOHODERUyODVEDVHVGHVXWHRUtDGHODHYROXFLyQSRUVHOHFFLyQQDWXUDO
(OOLEURGH/\HOOIXHXQKLWRJHROyJLFR\EXHQDSDUWHGHORVFDWDVWURILVWDVDEDQGRQyODVSRVWXUDV
PiVUDGLFDOHVUHVSHFWRGHODYLUXOHQFLDGHORVFDPELRV/DGLVFXVLyQVHFHQWUyGHVGHHQWRQFHVPiV
ELHQHQVLKDEtDXQDOLQHDOLGDGJOREDOHQHOFDPELRGHODVFRQGLFLRQHVGHOD7LHUUDRULJLQDULDRVLVH
WUDWDEDGHFLFORVLJXDOHVHLQILQLWRV/RVFDWDVWURILVWDVDJJLRUQDGRVHVWDEDQFRQYHQFLGRVGHTXHODV
FRQGLFLRQHVHQORVFRPLHQ]RVGHOSODQHWDKDEtDQVLGRPiVH[WUHPDV\ORVFDPELRVHQHOODVHKDEtDQ
GDGRHQIRUPDPiVUHSHQWLQD$VtIXHTXHEXHQDSDUWHGHDPERVEDQGRVVHGHGLFyDFXHVWLRQHVGH
tQGROHSUiFWLFDWDOHVFRPRGHWHUPLQDUODDQWLJHGDGGHORVGLVWLQWRVHVWUDWRVURFRVRV
&RPRVHDORVJHyORJRVVDOLHURQDUHJLVWUDUHVWUDWRVHQEXVFDGHPDUFDVKRPRJpQHDVLQWHQWDQGR
OXHJR SRQHUODV HQ UHODFLyQ FRQ DTXHOORV HVWUDWRV TXH HVWDEDQ SRU HQFLPD \ SRU GHEDMR 'LVWLQWRV
SHUVRQDMHVQRPEUDURQVXVSURSLRVSHUtRGRVHQORVTXHVHHVSHFLDOL]DURQJHQHUDQGRHQDOJXQRVFDVRV
ULGtFXODVGLVSXWDVDFDGpPLFDVSRUGDUPiVLPSRUWDQFLDDVXFDPSRHVSHFtILFRXQDFRVWXPEUHTXH
SRURWURODGRVLJXHYLYDHQODDFWXDOLGDG\QRVyORHQODJHRORJtD<DHQH[LVWtDXQFRQVHQVR
UD]RQDEOH DFHUFD GH ORV GLIHUHQWHV SHUtRGRV JHROyJLFRV PiV R PHQRV FRPR VRQ DFHSWDGRV KR\
SULPDULR VHFXQGDULR WHUFLDULR FXDWHUQDULR OR FXDO WHQGUtD HQWUH RWURV HO PpULWR GH FRQILUPDU D
'DUZLQHQVXWHRUtDGHODHYROXFLyQ
/RV GRV VXSXHVWRV EDQGRV GH OD JHRORJtD VH GHGLFDURQ HQ EXHQD PHGLGD D HVWXGLDU FyPR VH
DFXPXODEDQ ORV FDPELRV \ OR TXH YHtDQ QR HUD WDQ GLVWLQWR 0LHQWUDV WDQWR TXHGDEDQ DIXHUD ODV
SUHJXQWDV PiV FRQWURYHUWLGDV &yPR VH KDEtDQ SURGXFLGR HVRV FDPELRV" &yPR HUD HO SODQHWD HQ
DTXHORULJHQ"&yPRVHKDEtDDOWHUDGRODGLVSRVLFLyQGHODVURFDVXQDYH]TXHVHKDEtDQIRUPDGR"

(OWLHPSRSURIXQGR
/DGLVFXVLyQHQWUHQHSWXQLVWDV\SOXWRQLVWDVIXHiVSHUDVDOLyGHOiPELWRFLHQWtILFR\JDQyODOLWHUDWXUD
QROHVGLJRTXHVHGLVFXWLHUDHQODVFDOOHVSHURJUDQGHVSRHWDVFRPR*RHWKHVHYLHURQLQYROXFUDGRV
HQHOOD
<HVTXHHQUHDOLGDGFRPROHVGLMHXQSRFRDQWHVORTXHVHHVWDEDGLVFXWLHQGRHUDDOJRHVHQFLDO
SDUDODFXOWXUDKXPDQD&DGDJUDQWHRUtDSUHVHQWDXQDFRVPRYLVLyQXQDPDQHUDGHPLUDUHOPXQGROD
WHRUtDGHORFpDQRHQUHWLUDGDPRVWUDEDXQSODQHWDWHUPLQDGRGHVGHHOSULQFLSLRTXHSRGtDPDOTXH
ELHQPiVPDOTXHELHQSHUREXHQRHQFDMDUVHHQODKLVWRULDEtEOLFDGHOD&UHDFLyQ\HO'LOXYLR
8QLYHUVDO PLHQWUDV TXH HO SOXWRQLVPR TXH LPDJLQDED D OD 7LHUUD FRPR XQD PiTXLQD HQ SHUSHWXR
PRYLPLHQWR \ UHQRYDFLyQ H[LJtD FRQ OD PHMRU EXHQD YROXQWDG PXFKRV PLOORQHV GH DxRV SDUD OD
KLVWRULDGHQXHVWURSODQHWD
/DHWHUQLGDGDVXVWDWDQWRKDFLDDWUiVFRPRKDFLDDGHODQWH\ODJHQWHTXHHVWDEDDFRVWXPEUDGDD
SHQVDUHQXQPXQGRUHFLHQWHPHQWHFUHDGRQHFHVLWDEDHOODWDPELpQWLHPSRSDUDSURFHVDUHVWDV
LGHDV\DFRVWXPEUDUVHDORTXHGHYHUDVVHHVWDEDGHVFXEULHQGRHOWLHPSRSURIXQGR
(O WLHPSR SURIXQGR SDUHFH UDUR SHUR QR KD\ RWUD PDQHUD GH GHVFULELUOR 3RU GHEDMR GH
QXHVWURWLHPSRFRWLGLDQRTXHPHGLPRVHQGtDV\DxRVSRUGHEDMRGHOWLHPSRKLVWyULFRTXHPHGLPRV
HQVLJORVVHGHVDUUROODQSURFHVRVOHQWRVLQFUHtEOHPHQWHOHQWRVTXHVyORSXHGHQQRWDUVHGHVSXpVGH
PLOORQHVGHDxRV
7DQWR +XWWRQ FRPR /\HOO GHPRVWUDEDQ TXH D OR ODUJR GH OD KLVWRULD GH QXHVWUR SODQHWD ORV
PHFDQLVPRVGHFDPELRHUDQPX\JUDGXDOHV\TXHVREUHWRGRHUDQORVPLVPRVTXHHQHOSUHVHQWH
\DFWXDEDQFRQHOPLVPRULWPRORVUtRVFDYDEDQVXVFDxDGRQHVDWUDYpVGHORVVLJORVODVURFDVHUDQ
PROGHDGDV SRU OD OOXYLD D WUDYpV GH ORV PLOHQLRV ODV PRQWDxDV VH HOHYDEDQ FRQ SDFLHQFLD
H[DVSHUDQWHSRUDFFLyQGHOIXHJRODFRUWH]DDVFHQGtDVLQTXHORQRWiUDPRV\XQDFRUGLOOHUDSRGtD
WDUGDUPLOORQHVGHDxRVHQIRUPDUVH
(UD XQD YHUGDGHUD UHYROXFLyQ FRQFHSWXDO GH SURQWR WUDV HO UXGR JROSH GH HQWHUDUVH GH TXH
KDELWDEDQXQSODQHWDTXHQRHVWDEDHQHOFHQWURGHOXQLYHUVRORVKRPEUHVGHOVLJOR ;,; GHVFXEUtDQ
TXH VX WLHPSR HO WLHPSR GH VXV YLGDV SUiFWLFDPHQWH QR FRQWDED HQ OD LQPHQVLGDG GH ORV WLHPSRV
JHROyJLFRVGHVFXEUtDQTXHORVUtRV\ORVRFpDQRVODVPRQWDxDV\ORVYROFDQHVHUDQPiVLPSRUWDQWHV
\PiVDQWLJXRVTXHHOORVTXHVXVFXOWXUDV\FLYLOL]DFLRQHV
3HUR QR XQ SRFR PiV DQWLJXRV FRPR ORV GLRVHV GH ODV YLHMDV PLWRORJtDV R LQFOXVR HO 'LRV
FULVWLDQR QR PXFKR SHUR PXFKR PiV DQWLJXRV WDQWR TXH UHVXOWDED GLItFLO GH FUHHU /RV QXHYRV
GLRVHVODVIXHU]DVTXHOHQWDPHQWHPROGHDEDQOD7LHUUDWUDEDMDEDQHQHVFDODVTXHQDGDWHQtDQTXHYHU
FRQHOORV\DOODGRGHODVFXDOHVVXVSURSLDVPDQHUDVGHSHUFLELUHOWLHPSRVLJQLILFDEDQGHPDVLDGR
SRFR (O WLHPSR SURIXQGR HO WLHPSR YHUGDGHUR GH OD 7LHUUD SDUHFtD UHGXFLUQRV D OD QDGD
HVSHFLDOPHQWHVLHOSDVDGRKDEtDVLGRHWHUQRVLFRPRSURFODPDEDQORVXQLIRUPLVWDVOD7LHUUD
HUDXQDPiTXLQDVLQSULQFLSLRQLILQDO
 /DUHVLVWHQFLDIXHWDQWDTXHHQFXDQGRHOKLVWRULDGRU&pVDU&DQW~HVFULELyVX
PRQXPHQWDO+LVWRULDGHO0XQGRQRORSRGtDDFHSWDU

'HVGHTXHHOVDEHUVHUHEHOyFRQWUD'LRVDSHOyDODFLHQFLDPiVDQWLJXD\DODPiVPRGHUQD
SDUDGHVPHQWLUHOUHODWRGH0RLVpVSHURLQWHUURJDGDVODDVWURQRPtD\ODJHRORJtDFRQOHDO
FRQFLHQFLD\PiVYDVWRVFRQRFLPLHQWRVGLVSXVLHURQHQVXIDYRU\KR\ORVVHLVGtDVVRQSXHV
VHLVHGDGHVGHOD7LHUUDFX\DGXUDFLyQQRHVGDGRDOKRPEUHFDOFXODUSHURTXHGHMDURQGHVt
KXHOODVHQHOJORER4XHGDSXHVFRQILUPDGDFRQORVSURJUHVRVGHODFLHQFLDODQDUUDFLyQGH
0RLVpVTXHQRGDDOKRPEUHPiVGHVLHWHDRFKRPLODxRVGHDQWLJHGDG\HVXQDPDUDYLOOD
SDUDTXLHQOHHHO*pQHVLVVXFRQFRUGDQFLDFRQORVPiVUHFLHQWHVDGHODQWRVGHODFLHQFLD

/DHGDGGHOD7LHUUD
3HUR D WRGR HVWR HO DVXQWR GH OD HGDG GH OD 7LHUUD HPSH]y WDPELpQ D HVWDU VREUH HO WDSHWH
7UDGLFLRQDOPHQWH VH HVWLPDED VHJ~Q OD LQWHUSUHWDFLyQ OLWHUDO GH OD %LEOLD (O FiOFXOR VH KDFtD
VLJXLHQGR SDVR D SDVR ODV SDODEUDV GHO *pQHVLV GRQGH VH GHWDOODQ WRGDV ODV JHQHUDFLRQHV GHVGH
$GiQD-HV~V\RVFLODEDVHJ~QHOWHyORJRRHOFLHQWtILFRGHTXHVHWUDWDUDHQWUHORVFXDWURPLO\ORV
VHLVPLODxRV(QHODU]RELVSR-DPHV8VVKHUGHO7ULQLW\&ROOHJHGH'XEOtQFRQFOX\yTXHOD
7LHUUD\HOXQLYHUVRKDEtDQHPSH]DGRDODVVHLVGHODWDUGHGHOViEDGRGHRFWXEUHGHODxR
D& \ VX FRQWHPSRUiQHR -RKQ /LJKWIRRW GH OD 8QLYHUVLGDG GH &DPEULGJH GLVFUHSy VXWLOPHQWH
SURSRQLHQGRHODxRD&(OPLVPtVLPR1HZWRQGHGLFyEXHQDSDUWHGHVXWLHPSRDFDOFXODUHO
PRPHQWRH[DFWRGHOD&UHDFLyQTXHVLWXDEDDOUHGHGRUGHDTXHOODVIHFKDV
/D SUHFLVLyQ UD\DQD HQ OD ULGLFXOH] FRQ TXH VH LQWHQWDED PHGLU ORV WLHPSRV SDUD KDFHUORV
DFRUGDUFRQODV(VFULWXUDVHVWDEDHQHODLUHGHXQDpSRFDTXHWRGDYtDQRVHKDEtDPHWLGRGHOOHQRHQ
HOYHQGDYDOLOXVWUDGR3RUSRQHUVyORDOJXQRVHMHPSORVHOJHyORJRDOHPiQ-RKDQQ6FKHXFK]HU
DILUPDEDTXHODDSDULFLyQGHFRQtIHUDVHQORVHVWUDWRVGH FDUEyQ GHPRVWUDEDTXHHO'LOXYLR
KDEtD WHQLGR OXJDU HQ HO PHV GH PD\R PLHQWUDV TXH GHVGH ,QJODWHUUD HO DVWUyQRPR : :KLVWRQ
GLVFUHSDED FXDQGR HQ  DVHJXUDED TXH KDEtD FRPHQ]DGR XQ PLpUFROHV  GH QRYLHPEUH $OOt
PLVPRXQFpOHEUHSUHGLFDGRU-RKQ:HVOH\HQVHxDEDTXHORVYROFDQHV\ORVWHUUHPRWRV
QRH[LVWtDQDQWHVGHOSHFDGRRULJLQDO
3HURHVWHWLSRGHHVSHFXODFLRQHV\DQRSHJDEDQFRQOD,OXVWUDFLyQODpSRFDUHWRPDEDHOSUHFHSWR
GHOYLHMR7DOHV\H[LJtDH[SOLFDUHOPXQGRPHGLDQWHPHFDQLVPRVQDWXUDOHV
(O SULPHUR TXH VH DWUHYLy D DUULHVJDU XQD FLIUD IXH %XIIRQ GH TXLHQ \D OHV KDEOp VLJXLHQGR OD
KLSyWHVLVGHTXHOD7LHUUDVHKDEtDIRUPDGRDSDUWLUGHXQSHGD]RTXHVHKDEtDGHVSUHQGLGRGHO6RO
%XIIRQGHFLGLyHVWLPDUHOWLHPSRTXHKDEUtDWDUGDGRXQDHVIHUDGHOWDPDxRGHOD7LHUUDHQHQIULDUVH
KDVWDDOFDQ]DUVXWHPSHUDWXUDUHDO\DVtOOHJyDODFRQFOXVLyQGHTXHWHQtDVHWHQWDPLODxRVGHHGDG
3DUDVHUH[DFWRVDxRV/DFLIUDSURGXMRXQDFRQPRFLyQHUDGLItFLOFUHHUTXHOD7LHUUDIXHUD
WDQHVSDQWRVDPHQWHYLHMD\HQUHDOLGDGFXHQWDQODVPDODVOHQJXDV%XIIRQKDEtDHVSHFXODGRFRQOD
HVSDQWRVD FLIUD GH WUHV PLOORQHV GH DxRV SHUR ILQDOPHQWH RSWy SRU GHMDU GH ODGR DOJR WDQ
LQDFHSWDEOH
6LQ HPEDUJR SDUD OD *HRORJtD GH /\HOO FX\D KLSyWHVLV FHQWUDO HUD TXH ORV SURFHVRV GH
VHGLPHQWDFLyQHURVLyQ\FDPELRJHROyJLFRHUDQH[WUHPDGDPHQWHOHQWRV\TXHDVt KDEtDQVLGRDOR
ODUJRGHWRGDODKLVWRULDGHOSODQHWDORVVHWHQWD\FLQFRPLODxRVGH%XIIRQUHVXOWDEDQXQDPLVHULD
,QVSLUDGRSRUHVWDREUDHOJHyORJR-RKQ3KLOLSVEDViQGRVHHQHOHVWXGLRGHORVHVWUDWRV
URFRVRVHVWLPyODHGDGGHODFRUWH]DWHUUHVWUHHQQDGDPHQRVTXHQRYHQWD\VHLVPLOORQHVGHDxRV
(UDXQYHUGDGHURRFpDQRGHWLHPSRSHUR\DVHGLEXMDEDHQHOKRUL]RQWHODWHRUtDGHODHYROXFLyQ
\HUDREYLRTXHORVSURFHVRVGHWUDQVIRUPDFLyQGHODVHVSHFLHVUHTXHUtDQHVRVJUDQGHVSHUtRGRV(Q
 HO JUDQ ItVLFR HVFRFpV :LOOLDP 7KRPSVRQ  FRQRFLGR FRPR /RUG .HOYLQ
UHWRPDQGRODLGHDGH%XIIRQOD7LHUUDFRPRXQDERODLQFDQGHVFHQWHTXHVHHQIULDEDGHDSRFR\
DILQDQGRORVFiOFXORVFRQILUPyODFLIUDGH3KLOLSVQRYHQWD\RFKRPLOORQHVGHDxRV&RQUHVHUYDV
.HOYLQDGPLWtDTXHHOFiOFXORHUDVyORDSUR[LPDGR<HVWDEOHFtDFRPRHGDGPtQLPDSDUDOD7LHUUD
YHLQWHPLOORQHVGHDxRV<FRPRHGDGPi[LPDQDGDPHQRVTXHGRVFLHQWRVPLOORQHV
(UDPXFKR"(UDSRFR"&yPRSRGtDVDEHUVH"+DFLDILQHVGHVLJORHOLQJOpV-RKQ-RO\
 WUDWy GH HYDOXDU OD HGDG GH ORV RFpDQRV PHGLDQWH VX FRQWHQLGR HQ VDO XQD LGHD TXH KDEtD
SURSXHVWR+DOOH\\DHQHOVLJOR ;9,,\WDPELpQODHVWLPyDOUHGHGRUGHQRYHQWD\QRYHQWD\QXHYH
PLOORQHV GH DxRV GLJDPRV FLHQ TXH VH FRQYLUWLHURQ FDVL HQ XQ DUWtFXOR GH IH \ ORV FLHQWtILFRV VH
DIHUUDURQFRQXxDV\GLHQWHVDHVDFLIUD&LHQPLOORQHVGHDxRV
3HUR DXQTXH SDUH]FD PRQVWUXRVR HUD SRFR KDFLD SULQFLSLRV GHO VLJOR ;; HO JHyORJR LQJOpV
$UWKXU+ROPHVXWLOL]DQGRORVPpWRGRVUDGLDFWLYRVTXH DFDEDEDQGHGHVFXEULUVHKL]R
XQDHVWLPDFLyQGHPLOVHLVFLHQWRVPLOORQHVDxRVGHHGDG
3DUHFtDXQDEDUEDULGDG\VLQHPEDUJRWRGDYtDHUDSRFR(OPLVPR+ROPHVPiVWDUGHPHMRUy
ODVWpFQLFDVGHGDWDFLyQ\HOHYyODHGDGGHOD7LHUUDDFXDWURPLOTXLQLHQWRVPLOORQHVGHDxRV OD
FLIUDTXHPDQHMDPRVKR\
 &$378/2

/DOX]HOFDORUODHOHFWULFLGDG

(O VLJOR ;9,,, DO PLVPR WLHPSR TXH FODVLILFDED HO PXQGR QDWXUDO H LQGDJDED VREUH VX RULJHQ
WRSiQGRVHFRQODGHVHVSHUDFLyQH[LVWHQFLDOTXHDFDUUHDEDHOGHVFXEULPLHQWRGHOWLHPSRSURIXQGRQR
GHMyGHRFXSDUVHGHDOJXQRVIHQyPHQRVPiVWHUUHQDOHVFRQRFLGRVGHVGHVLHPSUHRFDVLSHURVREUH
FX\DQDWXUDOH]DQRKDEtDXQDWHRUtDILUPH(VPiVVREUHORVTXHQRVHVDEtDHQULJRUSUiFWLFDPHQWH
QDGDORFXDOSRGtDKDEHUVLGRDQJXVWLDQWHSDUDORVKRPEUHVGHWRGDVODVpSRFDVSHURPiVD~QSDUD
DTXHOORVTXHYLYtDQHOPRPHQWRSRVWHULRUDODVtQWHVLVGHODFLHQFLDQHZWRQLDQDFRQODVLGHDVGHOD
,OXVWUDFLyQ XQR GH FX\RV HIHFWRV KDEtD VLGR OD FRQYLFFLyQ GH TXH WRGRV ORV IHQyPHQRV SRGtDQ \
GHEtDQVRPHWHUVHDORVULJRUHVGHXQDH[SOLFDFLyQUDFLRQDO
1RHVFDVXDOHQWRQFHVTXHPXFKRVGHORVKRPEUHVGHFLHQFLDGHODpSRFDVHYROFDUDQDDQDOL]DU
HO FDORU OD OX] \ OD HOHFWULFLGDG HQ XQD H[SORUDFLyQ TXH FRPELQy IXHUWHPHQWH ORV HVWXGLRV
H[SHULPHQWDOHVFRQODGLVFXVLyQ\ODHVSHFXODFLyQVREUHODQDWXUDOH]DGHORVIHQyPHQRVHVWXGLDGRV
4XpHUDQDOILQ\DOFDERHOFDORUODOX]RODHOHFWULFLGDG"9DPRVDVHJXLUORVSDVRVGHTXLHQHV
LQWHQWDURQDYHULJXDUOR

/$/8=21'$62&2536&8/26

/DWHRUtDFRUSXVFXODU
1R HV UDUR TXH OD OX] KD\D VLGR FRQFHELGD SULPHUR FRPR XQ HQWH PDWHULDO ORV JULHJRV DO ILQ GH
FXHQWDVSHQVDEDQHQUD\RVTXHVHSUHVWDEDQSDUDVHUGHVFRPSXHVWRVHQFRUS~VFXORV'HPyFULWR\
3ODWyQIRUPXODURQODVSULPHUDVWHRUtDVJUDQXODUHVGHODOX]DWULEX\pQGROHXQDQDWXUDOH]DPDWHULDO
3DUD 'HPyFULWR HQ SHUIHFWD VLQWRQtD FRQ VX WHRUtD DWyPLFD OD OX] VH FRPSRQtD GH SDUWtFXODV TXH
YLDMDEDQ D YHORFLGDG ILQLWD SDUD TXH QRV HQWHQGDPRV FXDQGR GLJR ILQLWD HV SRU RSRVLFLyQ D
LQILQLWDHVGHFLUQRLQILQLWDSRVHtDQGLIHUHQWHVIRUPDV\RULHQWDFLRQHV\VHDVRFLDEDQHQWUHHOODV
GDQGROXJDUDORVGLIHUHQWHVFRORUHV3DUD3ODWyQODVSDUWtFXODVOXPLQRVDVHUDQPDFL]DVFRQODIRUPD
GH WHWUDHGURV GH GLIHUHQWHV WDPDxRV ORV FRORUHV VH SURGXFtDQ SRUTXH YLDMDEDQ D GLVWLQWDV
YHORFLGDGHV
&RPRXVWHGHVUHFRUGDUiQHQHOVLJOR;,,,5REHUWGH*URVVHWHVWHPDHVWURGH5RJHU%DFRQKDEtD
HODERUDGRXQDPHWDItVLFDGHOPXQGREDVDGDHQODOX]TXHSDUDpOHUDODSULPHUDIRUPDFRUSyUHD
GHODFUHDFLyQGHODFXDOVHKDEtDGHULYDGRWRGRORGHPiV
$ORODUJRGHOVLJOR;9,,HVWDFRQFHSFLyQFRUSyUHDGHODOX]VHPDQWXYRODFRPSDUWLy*DOLOHR\
HO SURSLR 1HZWRQ HQ VX SRGHURVD FRQVWUXFFLyQ OD LPDJLQy DVt ILHO D VX FRQFHSFLyQ DWRPLVWD \
PHFDQLFLVWD(QVXSWLFDGHSHURHVFULWDPXFKRDQWHV\DTXHHVSHUyDTXHVHPXULHUD+RRNH
SDUDSXEOLFDUOD\HQODOtQHDGH'HPyFULWRGHILQLyHOFDUiFWHUFRUSXVFXODUGHODOX]ORVUD\RVHUDQ
FRQMXQWRVGHSHTXHxRVFXHUSRVVRPHWLGRVDODVPLVPDVOH\HVTXHWRGRVORVGHPiV/RVPiVSHTXHxRV
SURGXFtDQORVFRORUHVYLROHWDV\D]XOHVORVPiVJUDQGHVHOYHUGHHODPDULOORHOQDUDQMD\HOURMR
/RVIHQyPHQRVFRQRFLGRVGHODOX]FRPRODUHIOH[LyQ\ODUHIUDFFLyQHOFDPELRGHGLUHFFLyQGHOD
OX] DO SDVDU GH XQ PHGLR D RWUR TXH SRGHPRV FRPSUREDU FXDQGR VXPHUJLPRV XQD FXFKDULWD HQ XQ
YDVR GH DJXD \ OD YHPRV GREODGD UHVXOWDEDQ IiFLOHV GH H[SOLFDU OD UHIOH[LyQ HUD XQD HVSHFLH GH
UHERWHHOiVWLFRDOLQFLGLUVREUHXQDVXSHUILFLHODUHIUDFFLyQFRQVLVWtDHQHOFDPELRGHWUD\HFWRULDGH
ORVFRUS~VFXORVFXDQGRSDVDEDQGHODLUHDODJXDSRUTXHHOFDPELRGHPHGLROHVKDFtDFDPELDUVX
YHORFLGDG
/DFRPSRVLFLyQRXQLyQJUDYLWDWRULDGHORVFRUS~VFXORVGHGLIHUHQWHVFRORUHVSURGXFtDXQQXHYR
FRUS~VFXORGHOX]EODQFDTXHVHGHVFRPSRQtDDOSDVDUSRUXQSULVPDGHELGRDORVGLIHUHQWHVtQGLFHV
GHUHIUDFFLyQ
/R TXH QR TXHGDED FODUR HUD SRU TXp ORV REMHWRV TXH HPLWtDQ HVDV SDUWtFXODV QR UHWURFHGtDQ
FRQIRUPHDOSULQFLSLRGHDFFLyQ\UHDFFLyQQHZWRQLDQRQLWDPSRFRFyPRHUDSRVLEOHTXHHO6ROTXH
REYLDPHQWHLUUDGLDXQDJUDQFDQWLGDGGHSDUWtFXODVQRVHFRQVXPLHUDFRQHOWLHPSR

/DWHRUtDRQGXODWRULD
6LQHPEDUJRKDEtDRWUDOtQHDGHSHQVDPLHQWR'HVFDUWHVLPDJLQyTXHHQWUHODIXHQWHGHOX]HORMR\
ORVREMHWRVKDEtDXQDFROXPQDGHSOHQXPHVGHFLUGHPDWHULDVXWLODORODUJRGHODFXDOSRGtD
YLDMDUODOX]\DQRFRQFHELGDFRPRSUR\HFWLOQLFRPRXQIOXLGRVLQRFRPRXQPRYLPLHQWR /DOX]
HUDYLVWDDVtVyORXQDSURSLHGDGPHFiQLFDGHOREMHWROXPLQRVR\GHOPHGLRGHWUDQVPLVLyQ
$ PHGLDGRV GHO VLJOR ;9,, ORV GRV JUDQGHV 5REHUWV LQJOHVHV %R\OH \ +RRNH GHVFXEULHURQ HO
IHQyPHQR GH OD LQWHUIHUHQFLD DO SDVDU SRU XQD SHTXHxD UDQXUD X RULILFLR \ GDU HQ XQD SDQWDOOD VH
REVHUYDEDQIUDQMDVDOWHUQDWLYDVGHOX]\RVFXULGDGFRVDTXHQRSHJDEDSDUDQDGDFRQODFRQFHSFLyQ
FRUSXVFXODUTXHQRHUDVXILFLHQWHSDUDGDUFXHQWDGHOIHQyPHQRGHLQWHUIHUHQFLD
+RRNHSURSXVRHQWRQFHVXQDWHRUtDRQGXODWRULDODOX]FRQVLVWHHQUiSLGDVYLEUDFLRQHVGHELGDVD
ODDJLWDFLyQGHOPHGLR$OUHGHGRUGHHOJUDQDVWUyQRPR\ItVLFRKRODQGpV&KULVWLDQ+X\JHQV
HQVX7UDWDGRGHOD/X]ODGHVFULEtDFRPR

XQPRYLPLHQWRGHODPDWHULDTXHVHHQFXHQWUDHQWUHQRVRWURV\HOFXHUSROXPLQRVR

3DUD+X\JHQVODOX]GHOPLVPRPRGRTXHHOVRQLGRHQHODLUHVHSURSDJDHQHOpWHUHOYLHMRpWHU
LQYHQWDGRSRU$ULVWyWHOHVTXHVHJXtDYLJHQWHLQFOXVRSDUD1HZWRQ\TXHHQPDQRVGH'HVFDUWHVVH
KDEtDWUDQVIRUPDGRHQPDWHULDVXWLO
/D SROpPLFD VREUH OD QDWXUDOH]D GH OD OX] VH DUUDVWUDUtD GXUDQWH WRGR HO VLJOR ;9,,, OD WHRUtD
FRUSXVFXODUHVWDEDDYDODGDSRUODLQPHQVDDXWRULGDGGH1HZWRQ\OOHJyDOD7DEODGH(OHPHQWRVGHO
SURSLR/DYRLVLHUHQODTXHILJXUDEDHQHOSULPHUSXHVWRVHJXLGDSRUHOFDOyULFRHOIXHJRHOFDORU
HOR[tJHQRHOi]RHQLWUyJHQR\HOKLGUyJHQRODWHRUtDRQGXODWRULDILHODVXQRPEUHQRVHTXHGDED
TXLHWDHQPLHQWUDVWUDEDMDEDHQOD$FDGHPLDGH&LHQFLDVGH)HGHULFRHO*UDQGHHQ%HUOtQ
/HRQKDUG (XOHU  XQR GH ORV PD\RUHV PDWHPiWLFRV GH WRGRV ORV WLHPSRV \ VLQ GXGD HO
PiV JUDQGH GHO VLJOR ;9,,, SXEOLFy VX 1XHYD WHRUtD GH OD OX] \ HO FRORU $OOt H[SOLFDED TXH ORV
REMHWRVOXPLQRVRVYLEUDQ\HOpWHUOOHYDGLFKDVYLEUDFLRQHVDORMRGHOPLVPRPRGRHQTXHHODLUH
WUDQVSRUWDHOVRQLGRDORtGR

7KRPDV<RXQJ\ODGREOHUDQXUD
3HUR IXH 7KRPDV <RXQJ  TXLHQ DSRUWy XQD SLH]D FODYH HQ HO URPSHFDEH]DV GH OD OX]
FXDQGRORJUyHQWHQGHUHOHIHFWRGHODLQWHUIHUHQFLD$VtFRPRHQXQHVWDQTXHFXDQGRVHDUURMDQGRV
SLHGUDVHQGLVWLQWRVOXJDUHVODVRODVSURGXFLGDVSRUFDGDXQDGHODVSLHGUDVFXDQGRVHFUX]DQHQWUH
Vt SXHGHQ DXPHQWDU VX WDPDxR R ELHQ FDQFHODUVH GHO PLVPR PRGR ODV RQGXODFLRQHV GHO pWHU VL VH
FUX]DQSXHGHQRELHQIRUWDOHFHUVHRELHQGHELOLWDUVHKDVWDDQXODUVH
3DUD GHPRVWUDU VX KLSyWHVLV <RXQJ UHDOL]y XQ H[SHULPHQWR TXH OOHYD VX QRPEUH \ WDPELpQ VH
FRQRFHFRPRHOGHODGREOHUHQGLMD3UR\HFWyXQUD\RGHOX]DWUDYpVGHGRVUHQGLMDVSDUDOHODVHQWUH
Vt $ WUDYpV GH pVWDV SDVDED OD OX] VH HVSDUFtD H LQFLGtD VREUH XQD SDQWDOOD GRQGH IRUPDED XQD
LPDJHQFRQVLVWHQWHHQUD\DVGHOX]\VRPEUDXQSHUIHFWRHMHPSORGHLQWHUIHUHQFLD<RXQJH[SOLFyHO
IHQyPHQR GLFLHQGR TXH VH YHtD OX] HQ DTXHOORV OXJDUHV GRQGH ODV RQGDV TXH OOHJDEDQ GH ODV GRV
UHQGLMDVDQGDEDQDODSDUHQIDVHOOHYDQGRHOPLVPRSDVRGHPDQHUDTXHORVSLFRVGHDPEDVRQGDV
VHVXPDEDQ<VHYHtDRVFXULGDGVHSXHGHYHURVFXULGDG"GRQGHODVRQGDVGHODVGRVUHQGLMDVQR
OOHYDEDQHOPLVPRSDVRVLQRTXHHVWDEDQGHVIDVDGDVHVGHFLUHOSLFRGHXQDRQGDFRLQFLGtDFRQHO
YDOOHGHODRWUDGHPDQHUDWDOTXHVHDQXODEDQ1RKDEtDIRUPDGHH[SOLFDUHOIHQyPHQRVLQRHUD
PHGLDQWHXQDFRQFHSFLyQGHODOX]FRPRXQDRQGD

/D WHRUtD FRUSXVFXODU QR SRGtD GDU FXHQWD GHO IHQyPHQR GRV FRUS~VFXORV TXH OOHJDUDQ D XQ
PLVPROXJDUQRVHSRGUtDQDQLTXLODUHQWUHVt&RUS~VFXORPiVFRUS~VFXORGDFRUS~VFXORVHYHDSRU
GRQGHVHORYHD3HURFRQODWHRUtDRQGXODWRULDRQGDPiVRQGDSXHGHJHQHUDUWDQWROX]PiVSRWHQWH
FRPRRVFXULGDGVHJ~QODIRUPDHQTXHOOHJXHQ/DWHRUtDRQGXODWRULDUHFLEtDXQHVSDOGDUD]RDXQTXH
ORVItVLFRVDFpUULPDPHQWHQHZWRQLDQRVHQHVSHFLDOORVEULWiQLFRVQRSRGtDQDFHSWDUODLGHDGHTXH
1HZWRQKXELHUDSRGLGRHVWDUHTXLYRFDGR
<ORFLHUWRHVTXHODSROpPLFDVHSURORQJyHQHOVLJOR;,;/DVLJXLHQWHHVFDUDPX]DHVWXYRDFDUJR
GHOLQJHQLHURIUDQFpV$XJXVWLQ)UHVQHOTXHHQKL]RXQDKLVWyULFDSUHVHQWDFLyQHQ
OD$FDGHPLDGH&LHQFLDVGH3DUtVHQSUHVHQFLDGHORVPiVLPSRUWDQWHVItVLFRVGHODpSRFD3LHUUH
6LPRQ/DSODFHHQWUHRWURVWRGRVSDUWLGDULRVGHODWHRUtDQHZWRQLDQD)UHQWH D XQ S~EOLFR D WRGDV
OXFHV DGYHUVR )UHVQHO UHSLWLy HO H[SHULPHQWR GH <RXQJ \ PRVWUy TXH OD WHRUtD RQGXODWRULD SRGtD
H[SOLFDUQRVyORODSURSDJDFLyQUHFWLOtQHDGHODOX]\ORVIHQyPHQRVGHUHIOH[LyQ\UHIUDFFLyQVLQR
WDPELpQ ORV IHQyPHQRV GH LQWHUIHUHQFLD \ GLIUDFFLyQ TXH HUDQ GHVYLDFLRQHV GH OD SURSDJDFLyQ HQ
OtQHDUHFWD/DWHRUtDRQGXODWRULDSDUHFtDWULXQIDUGHXQDYH]SRUWRGDV3HURHOHPSXMyQGHILQLWLYR
YHQGUtDGHXQH[SHULPHQWRFUXFLDOTXHHVWDEDUHODFLRQDGRFRQODYHORFLGDGGHODOX]

/DYHORFLGDGGHODOX]
3RUTXH OD SROpPLFD DFHUFD GH OD QDWXUDOH]D GH OD OX] QR HUD OD ~QLFD OR FXDO HUD OyJLFR GDGD OD
LPSRUWDQFLDGHOIHQyPHQRSDUDQXHVWUDVYLGDVFRWLGLDQDV\ODGLILFXOWDGTXHDFDUUHDFRQFHSWXDOL]DUOR
\ DSUHKHQGHUOR (O RWUR JUDQ SUREOHPD HUD HO GH OD PHGLFLyQ GH VX YHORFLGDG VH WUDWDED GH XQD
PDJQLWXGILQLWDRLQILQLWD"1RKDEtDXQDUHVSXHVWDSDUDHVWDFXHVWLyQ3HURREYLDPHQWHHQWLHPSRVHQ
TXHORVIHQyPHQRVHPSH]DEDQDWDPL]DUVH\DGHVWLODUVHHQORVODERUDWRULRV\DQRDOFDQ]DEDFRQOD
REVHUYDFLyQ FRWLGLDQD SDUD UHVROYHU XQ SUREOHPD FLHQWtILFR $FDVR SRU HVR HQ  *DOLOHR
SURSXVRXQH[SHULPHQWRTXHFRQVLVWtDHQREVHUYDUHOUHWUDVRHQWUH VHxDOHVHIHFWXDGDVFRQOLQWHUQDV
GHVGH GRV FROLQDV TXH VH HQFRQWUDEDQ D XQ NLOyPHWUR GH GLVWDQFLD XQD GH OD RWUD 6X SURSyVLWR HUD
PHGLU HO WLHPSR TXH WDUGD OD OX] HQ UHFRUUHU GRV YHFHV OD GLVWDQFLD HQWUH ORV H[SHULPHQWDGRUHV
VLWXDGRVHQODVFROLQDV8QRGHHOORVGHVWDSDEDVXOLQWHUQD\HORWURFXDQGRYHtDODOX]GHVWDSDEDOD
VX\D(OWLHPSRWUDQVFXUULGRGHVGHTXHHOSULPHUREVHUYDGRUDFWLYDEDVXOLQWHUQDKDVWDTXHYHtDOD
VHxDOSURFHGHQWHGHOVHJXQGRHUDHOWLHPSRTXHWDUGDEDODOX]HQUHFRUUHULGD\YXHOWDODGLVWDQFLD
HQWUHDPERV(OH[SHULPHQWRIUDFDVyHOSUREOHPDHUDTXHODYHORFLGDGGHODOX]HVGHPDVLDGRDOWD\
HOWLHPSRTXHVHPHGtDHUDPX\SHTXHxRSRUORTXH*DOLOHRQRKXELHVHSRGLGRGHQLQJXQDPDQHUD
REWHQHUXQYDORUUD]RQDEOH'HPRGRTXHHODVXQWRVHJXtDHQDVFXDV
3HURPX\SURQWRYHQGUtDODSULPHUDPHGLFLyQGHODYHORFLGDGGHODOX]PHGLDQWHXQDLGHDJHQLDO
TXH SDUD Pt HV GLJQD GH $ULVWDUFR GH 6DPRV (Q  2OHJ 5RHPHU XQ DVWUyQRPR GDQpV TXH
HVWXGLDED ODV OXQDV GH -~SLWHU GHVFXELHUWDV SRU *DOLOHR FRPSUREy TXH VXV HFOLSVHV HV GHFLU ORV
PRPHQWRV HQ TXH ORV VDWpOLWHV VH RFXOWDQ GHWUiV GHO SODQHWD D YHFHV VH SURGXFtDQ FRQ UHWUDVR
UHVSHFWRGHORTXHILMDEDQODVWDEODVHQHVSHFLDOFXDQGROD7LHUUDHQVXyUELWDHVWDEDGHOODGRPiV
DOHMDGRGH-~SLWHU<VHOHRFXUULyTXHHVHUHWUDVRVHGHEtDDOWLHPSRTXHODOX]OOHYDQGRODLPDJHQ
GHORVHFOLSVHVWDUGDEDHQFUX]DUODyUELWDGHOD7LHUUD
 8WLOL]DQGRODPHMRUHVWLPDFLyQGLVSRQLEOHHQWRQFHVSDUDHOGLiPHWURGHODyUELWDGHOD7LHUUD\
VDELHQGRHOWLHPSRGHUHWUDVRFDOFXOyTXHODYHORFLGDGGHODOX]GHEtDVHUHQXQLGDGHVPRGHUQDV
 NLOyPHWURV SRU VHJXQGR (O UHVXOWDGR HV XQ SRFR EDMR HO YDORU TXH WHQHPRV KR\ HV GH
NLOyPHWURVSRUVHJXQGRSHURIXHODSULPHUDHVWLPDFLyQKHFKDFXDQGRWRGDYtDQRVHKDEtDQ
SXEOLFDGRORV3ULQFLSLDGH1HZWRQ\VHWHQtDQXQDVGLPHQVLRQHVGHODyUELWDGHOD7LHUUDSDUDQDGD
SUHFLVDV 6H WUDWDED GH XQD YHUGDGHUD KD]DxD KDEtD TXHGDGR HVWDEOHFLGR SRU SULPHUD YH] VREUH
EDVHVFLHUWDVTXHODOX]WLHQHXQDYHORFLGDGILQLWDDXQTXHHQRUPH
1RHUDH[WUDxRTXH*DOLOHRQRKXELHUDSRGLGRPHGLUOD

(OWULXQIRGHODWHRUtDRQGXODWRULD
/DVLJXLHQWHHVWLPDFLyQVHSURGXMRUHFLpQFDVLGRVFLHQWRVDxRVPiVWDUGHDILQDOHVGHODGpFDGDGH
 FXDQGR HO ItVLFR IUDQFpV $UPDQG +LSSRO\WH )L]HDX  UHDOL]y MXQWR FRQ /pRQ
)RXFDXOWODSULPHUDPHGLFLyQGLUHFWDGHODYHORFLGDGGHODOX]PHGLDQWHXQLQVWUXPHQWR
GH ODERUDWRULR GLVHxDGR SRU HOORV 1R YR\ D HQWUDU HQ ORV GHWDOOHV GHO PpWRGR TXH XWLOL]DURQ TXH
VHUtDQHQJRUURVRVSHURVtOHVFXHQWRTXHOOHJDURQDOYDORUGHNLOyPHWURVSRUVHJXQGR
/DVWpFQLFDVXVDGDVSRU)L]HDXSHUPLWLHURQ]DQMDUGHXQDYH]SRUWRGDVDOPHQRVSRUXQWLHPSR
ODGLVSXWD HQWUHOD WHRUtDFRUSXVFXODU \ ODRQGXODWRULD /DSULPHUDSUHGHFtDTXHOD OX]YLDMDEDPiV
UiSLGRSRUHODJXDTXHSRUHODLUHODRWUDTXHHUDMXVWDPHQWHDOUHYpV(Q)L]HDXGHPRVWUyTXH
ODOX]VHGHVSOD]DPiVOHQWDPHQWHHQHODJXDTXHHQHODLUH
(VORTXHVHVXHOHFRQRFHUFRPRXQH[SHULPHQWRFUXFLDOTXHGHFLGHHQWUHGRVWHRUtDVULYDOHVOD
KLSyWHVLVFRUSXVFXODUFD\yGHUURWDGD\ODRQGXODWRULDWULXQIy'HVSXpVGHWRGRODOX]UHVXOWDEDVHU
XQDYLEUDFLyQTXHVHSURSDJDEDSRUHOpWHUHOpWHUGHHQWRQFHVGHVGH\DHQHOTXHWRGRVFUHtDQ
3RFRPiVWDUGH0D[ZHOOGHPRVWUyPDWHPiWLFDPHQWHGHTXpFODVHGHRQGDVVHWUDWDED

7HQHPRV SRGHURVDV UD]RQHV SDUD FRQFOXLU TXH OD OX] HQ Vt PLVPD HV XQD SHUWXUEDFLyQ
HOHFWURPDJQpWLFD HQ IRUPDV GH RQGDV TXH VH SURSDJDQ D WUDYpV GHO FDPSR HOHFWURPDJQpWLFR
VHJ~QODVOH\HVGHOHOHFWURPDJQHWLVPR

/DKLSyWHVLVVREUHODH[LVWHQFLDGHRQGDVHOHFWURPDJQpWLFDVIXHYHULILFDGDSRUHODOHPiQ+HLQULFK
+HUW]HQ$VtSXHVODOX]QRHUDRWUDFRVDTXHXQDRQGDHOHFWURPDJQpWLFDFDPSRVPDJQpWLFRV
\HOpFWULFRVTXHVHSURSDJDEDQHQHOpWHU
(UDXQDJUDQVRUSUHVDSHURHOSUREOHPDGHODQDWXUDOH]DGHODOX]SDUHFtDHVWDU]DQMDGR
<VLQHPEDUJR\DXQTXHQDGLHORSRGtDVRVSHFKDUHQWRQFHVQRHVWDEDGLFKDOD~OWLPDSDODEUDQL
VHUtDOD~OWLPDVRUSUHVD

(/&$/256867$1&,$2029,0,(172
4XHSRUPD\RHUDSRUPD\R
FXDQGRKDFHODFDORU
FXDQGRORVWULJRVHQFDxDQ
\HVWiQORVFDPSRVHQIORU

5RPDQFHGHOSULVLRQHUR

7DO FRPR RFXUUtD FRQ OD OX] HQ UHODFLyQ FRQ HO FDORU KDEtD GRV FRUULHQWHV SULQFLSDOHV \ HQ FLHUWR
PRGR SDUHFLGDV TXLHQHV OR FRQVLGHUDEDQ XQD VXVWDQFLD \ TXLHQHV SHQVDEDQ TXH HUD XQD IRUPD GH
PRYLPLHQWR
$VRFLDU HO FDORU FRQ HO PRYLPLHQWR QR HV WDQ LQVyOLWR FRPR D SULPHUD YLVWD SDUHFH DQWH
IHQyPHQRV WDQ FRPXQHV FRPR OD DJLWDFLyQ GH OD OODPD R HO FDOHQWDPLHQWR GH ORV FXHUSRV SRU
IURWDPLHQWRRSHUFXVLyQXQRSXHGHSHQVDUTXHHVHVWHPRYLPLHQWRHOTXHJHQHUDHOFDORUDJLWDQGRR
VHSDUDQGRODVSDUWtFXODVGHORVFXHUSRVSURYRFDQGRVXGLODWDFLyQRFXDQGRVHGDFRQPD\RUIXHU]D
VXFDPELRGHHVWDGRFRPRFXDQGRHODJXDVHHYDSRUD
(Q FXDQWR D ODV FDXVDV GH HVWH PRYLPLHQWR ODV RSLQLRQHV HVWDEDQ GLYLGLGDV HQWUH TXLHQHV OR
DWULEXtDQDXQRULJHQSXUDPHQWHPHFiQLFR\TXLHQHVFUHtDQTXHHUDSURYRFDGRSRUXQDJHQWHPDWHULDO
4XLHQHV LQWHUSUHWDEDQ OD SUHVLyQ TXH XQ JDV HMHUFtD VREUH ODV SDUHGHV GH XQ UHFLSLHQWH FRPR HO
UHVXOWDGRGHOJROSHWHRGHODVSDUWtFXODVGHOJDVVREUHHVWDVSDUHGHV\FRPSUREDEDQTXHFXDQGRHO
JDVVHFDOHQWDEDODSUHVLyQDXPHQWDEDGHGXFtDQFRQIDFLOLGDGTXHHOFDORUTXHVHWUDQVPLWtDDOJDV
FDOHQWiQGROR \ HO DXPHQWR GH SUHVLyQ FRQVLJXLHQWH VH GHEtDQ D TXH ODV SDUWtFXODV DGTXLUtDQ PD\RU
YHORFLGDG R YLEUDEDQ PiV UiSLGDPHQWH JROSHDQGR ODV SDUHGHV FRQ PiV IUHFXHQFLD R IXHU]D (O
KHFKRQRSUHRFXSDEDGHPDVLDGRDTXLHQHVYHtDQDOFDORUFRPRXQDVXVWDQFLDSRUTXHODH[SOLFDFLyQ
GH HVWH IHQyPHQR HUD WRGDYtD PiV VLPSOH DO FDOHQWDUVH HO UHFLSLHQWH HQWUDED HQ pO HO FDORU
VXVWDQFLDOTXHFRPRRFXSDEDHVSDFLRKDFtDTXHHOJDVVHH[SDQGLHUDDOHQIULDUVHHOJDVVDOtDHVH
FDOyULFR \ SRU FRQVLJXLHQWH HO JDV VH FRQWUDtD &RPR YHQ WRGR VH SXHGH H[SOLFDU VL VH SRQH HO
VXILFLHQWHHPSHxR
/DFRQFHSFLyQPRYLPLHQWLVWDRFLQpWLFDHUDPD\RUPHQWHVRVWHQLGDSRUORVItVLFRVPHFDQLFLVWDV
HQ HVSHFLDO ORV PiV ULJXURVDPHQWH QHZWRQLDQRV PLHQWUDV TXH ORV TXtPLFRV WHQGtDQ D OD LGHD
VXVWDQFLDOLVWD HV GHFLU VRVWHQtDQ TXH KDEtD XQD VXVWDQFLD HVSHFtILFD ORV iWRPRV GH FDORU TXH
DFWXDEDSRUVXFXHQWDSHQHWUDQGRRDEDQGRQDQGRORVFXHUSRV
&XDQGRVHGLIXQGLyODGRFWULQDGHOIORJLVWRPXFKRVSHQVDURQTXHHOIORJLVWRHUDODVXVWDQFLDGHO
FDORU(OKHFKRGHTXHQRVHSXGLHUDGHWHFWDUQLQJ~QDXPHQWRGHSHVRHQORVPDWHULDOHVFDOHQWDGRV
HUDXQSUREOHPDSDUDODWHRUtDDXQTXHSRUPRPHQWRVVHKDFtDXVR\DEXVRGHOHMHPSORGHORVPHWDOHV
FDOFLQDGRVTXHVtHYLGHQFLDEDQXQDXPHQWRGHSHVR(VGLYHUWLGRHODXPHQWRGHSHVRGHORVPHWDOHV
FDOFLQDGRVHUDXQDVHULDREMHFLyQDODWHRUtDGHOIORJLVWRSHURDSXQWDODEDODWHRUtDVXVWDQFLDOLVWDGHO
FDORU
(Q  HO PX\ LQIOX\HQWH %RHUKDDYH GH TXLHQ \D KDEODPRV FXDQGR QRV RFXSDPRV GH OD
PHGLFLQDSXEOLFyXQRV(OHPHQWRVGHTXtPLFD GRQGH FRQVLGHUDED TXH ODV SDUWtFXODV GH XQ FXHUSR
HVWDEDQDVRFLDGDVSRUIXHU]DVGHDWUDFFLyQUHVSRQVDEOHVGHVXFRKHVLyQ3RURWUDSDUWHH[LVWtDHO
IXHJR HOHPHQWDO XQD VXVWDQFLD GLVWULEXLGD SRU WRGR HO HVSDFLR FRPSXHVWD SRU SDUWtFXODV
VXWLOtVLPDVQRVRPHWLGDVDODOH\GHJUDYLWDFLyQSRUORFXDOFDUHFtDQGHSHVRTXHDOSHQHWUDUHQORV
FXHUSRV RSRQtDQ IUHQWH D ODV IXHU]DV GH FRKHVLyQ XQD DFFLyQ GLVJUHJDGRUD PDQWHQLpQGRODV HQ
SHUSHWXDDJLWDFLyQ$OVHUVXVWDQFLDOHVWHIXHJRQRVHFUHDEDQLVHGHVWUXtDHOFDORUQRHUDPiVTXH
VXPRYLPLHQWRYLEUDWRULR
(QWUH WDQWR \D VH KDEtDQ LGR GLVWLQJXLHQGR ODV LGHDV GH FDORU \ WHPSHUDWXUD \ VH KDEtDQ
GHVDUUROODGRGLYHUVRVWHUPyPHWURV\HVFDODVWHUPRPpWULFDVFRPRODVGH)DKUHQKHLW5pDXPXU
\&HOVLXVGHODVFXDOHVODSULPHUD\ODWHUFHUDGHFLPDORPHMRUFHQWHVLPDOTXHILMD
HO  HQ HO SXQWR GH FRQJHODFLyQ GHO DJXD \  HO SXQWR GH HEXOOLFLyQ VLJXHQ HQ XVR 7DPELpQ VH
KDEtD GHVDUUROODGR OD LGHD GH FDORU HVSHFtILFR OD FDQWLGDG GH FDORU TXH QHFHVLWD XQD XQLGDG GH
FXDOTXLHUVXVWDQFLDSDUDDXPHQWDUXQJUDGRVXWHPSHUDWXUD
/DVFRVDVDYDQ]DEDQDSDVRILUPHSHURD~QTXHGDEDXQUHVFROGRVXVWDQFLDOLVWDTXHWDUGDUtDHQ
VHUGHVWURQDGR

(OFDOyULFR
3RUTXHORFLHUWRHVTXHGXUDQWHHOVLJOR;9,,,VDOYRHQ,QJODWHUUDGRQGHODLQIOXHQFLDGH1HZWRQHUD
DEVROXWDSUHGRPLQyPiVRPHQRVODWHRUtDVXVWDQFLDOLVWDGHOFDORU(OSURSLR/DYRLVLHUFUHtDTXHOD
PDWHULDGHOIXHJRHUDXQIOXLGRVXWLO\HOiVWLFRFDSD]GHSHQHWUDUORVSRURVGHWRGRVORVFXHUSRV\
OH GLR HO QRPEUH GH FDOyULFR FXDQGR SURSXVR XQD QXHYD QRPHQFODWXUD TXtPLFD DO WLHPSR TXH OH
DVLJQyXQOXJDUGHSULYLOHJLRHQVXWDEODGHORVHOHPHQWRVFRPRXQRGHORVODGULOORVEiVLFRVGHOD
TXtPLFD\ODPDWHULD1RGHMDGHVHULQWHUHVDQWHVHxDODUTXHDVtFRPR/DYRLVLHUKDEtDUHFKD]DGROD
H[LVWHQFLD GHO IORJLVWR HQ JUDQ SDUWH SRU VX tQGROH PHWDItVLFD \ SRU FDUHFHU GH SHVR DFHSWy HVDV
SURSLHGDGHVHQHOFDVRGHOFDOyULFRORFXDOPXHVWUDTXHODVWHRUtDVFLHQWtILFDV\ORVFLHQWtILFRVQR
QHFHVDULDPHQWHVRQFRKHUHQWHVSRUFRPSOHWR
$VtSDUDOD QXHYDTXtPLFDGH/DYRLVLHUHOFDOyULFRHUDXQD VXVWDQFLDLPSRQGHUDEOHVLQ SHVR
TXH IOXtD GH XQ FXHUSR D RWUR VLOHQFLRVDPHQWH SURYRFDQGR FDPELRV GH WHPSHUDWXUD 3HUR VHJXtD
WHQLHQGRDOJXQRVSHTXHxRVLQFRQYHQLHQWHVORVFDVRVGHSURGXFFLyQGHFDORUPHGLDQWHIURWDPLHQWR
SRU HMHPSOR HUDQ PHMRU H[SOLFDGRV SRU OD WHRUtD FLQpWLFD DO SRQHU HQ FRQWDFWR XQ FXHUSR FDOLHQWH
FRQRWURIUtRVXVPROpFXODVDQLPDGDVGHUiSLGRPRYLPLHQWRFKRFDEDQFRQODVGHOREMHWRIUtRTXH
VHPRYtDQPiVOHQWDPHQWHFRPRFRQVHFXHQFLDGHHOORODVPROpFXODVUiSLGDVSHUGtDQYHORFLGDG\ODV
OHQWDVVHDFHOHUDEDQXQSRFRFRQORFXDOIOXtDFDORUGHOFXHUSRFDOLHQWHDOIUtR
)tMHQVH TXH WRGD HVWD GLVFXVLyQ VH GLR VLQ TXH QDGLH WXYLHUD OD PHQRU LGHD R SUXHED VREUH OD
H[LVWHQFLDGHORViWRPRV
5XPIRUGHOILQGHOFDOyULFR\HOWULXQIRGHODWHRUtDFLQpWLFD
(O FRQGH 5XPIRUG VH OODPDED HQ UHDOLGDG %HQMDPLQ 7KRPSVRQ +DEtD QDFLGR HQ  HQ
0DVVDFKXVHWWV HQ OR TXH WRGDYtD QR HUDQ ORV ((88 \ VX YLGD IXH OD GH XQ DYHQWXUHUR LQYHQWLYR
DXGD]\QDGDHVFUXSXORVRDORVGLHFLQXHYHDxRVFRQWUDMRPDWULPRQLRFRQXQDYLXGDULFDGHWUHLQWD\
WUHVHQODFLXGDGGH&RQFRUG1XHYD+DPSVKLUHUHJLyQWDPELpQFRQRFLGDFRPR5XPIRUGFRQORFXDO
DUUHJOyVXVSUREOHPDVHFRQyPLFRV
(VWDOODEDOD5HYROXFLyQ1RUWHDPHULFDQD\5XPIRUGFRODERUyFRQORVEULWiQLFRVDXQTXHFXDQGR
ODVFRVDVSLQWDURQPDOKX\yD(XURSDSODQWDQGRDVXPXMHU\DVXVKLMRVDORVTXHQXQFDYROYLyD
YHU
'HVSXpV GH YDULDV SHULSHFLDV SDVy D IRUPDU SDUWH GH OD FRUWH GHO HOHFWRU GH %DYLHUD GRQGH
GLULJLy XQD VHULH GH H[SHULPHQWRV VREUH ODV SURSLHGDGHV GH OD VHGD LPSRUWDQWH SURGXFWR GXUDQWH
DTXHOODpSRFD(QHOHOHFWRUOHGLRHOWtWXORGHFRQGH<PiVWDUGHVHFDVyFRQODYLXGDGH
/DYRLVLHUGHVSXpVGHTXHD$QWRLQH/DXUHQWOHFRUWDUDQODFDEH]DGXUDQWHOD5HYROXFLyQFRQTXLHQ
SURWDJRQL]y XQD UHODFLyQ WRUWXRVD \ WRUPHQWRVD FX\DV SHOHDV HUDQ OD FRPLGLOOD GH 3DUtV 1R HUD XQ
WLSRPX\VLPSiWLFR\FXDQGRHQVHPXULyDFDXVDGHXQDILHEUHQHUYLRVDIXHUDHVWRORTXH
IXHUHPX\SRFDJHQWHDVLVWLyDVXHQWLHUUR
3HURPiVDOOiGHODVLGDV\YXHOWDVGHODYLGDGH5XPIRUG\GHVXVDQGDQ]DVFyPRGHFLUORGH
PDQHUD HOHJDQWH" pWLFDPHQWH FXHVWLRQDEOHV KL]R XQ VHULR DSRUWH D OD WHRUtD FLQpWLFD (O PiV
LPSRUWDQWHGHVXVH[SHULPHQWRVHVWXYRUHODFLRQDGRMXVWDPHQWHFRQODQDWXUDOH]DGHOFDORU&XDQGR
VXSHUYLVDEDHODUVHQDOGH%DYLHUDGRQGHORVFDxRQHVVHIDEULFDEDQWDODGUDQGRXQPROGHGHPHWDO
REVHUYy TXH VH SURGXFtD XQ DXPHQWR GH WHPSHUDWXUD HQ OD HVWUXFWXUD GHO FDxyQ HQ ODV YLUXWDV
PHWiOLFDV SHUR WDPELpQ HQ OD SURSLD PHFKD R WDODGUDGRU GH PRGR TXH SDUHFtD JHQHUDUVH FDORU
FRQWLQXDPHQWHHQOXJDUGHFRQVHUYDUVHFRPRSUHGHFtDODWHRUtDGHOIOXLGRFDOyULFR/RVSDUWLGDULRV
GHODWHRUtDGHOFDOyULFRQRVHFRQPRYLHURQGHVGH\DFRQWHVWDURQTXHHUDSRUTXHHOWDODGURURPStD
HQSHGD]RVHOPHWDOGHMDQGRTXHHOFDOyULFRFRQWHQLGRHQpVWHIOX\HVHKDFLDDIXHUDFRPRHODJXDGH
XQMDUUyQURWR
$5XPIRUGQRORVDWLVIDFtDODH[SOLFDFLyQSRUORFXDOKL]RXQDVHULHGHH[SHULPHQWRV(QXQRGH
HOORVXWLOL]yPHFKDVGHVDILODGDVGHPRGRWDOTXHHOWDODGURJLUDEDVLQKDFHUPHOODVREUHHOPHWDOQL
GHVSUHQGHUYLUXWDV<UHVXOWyTXHVHSURGXFtDWDQWRFDORUFRPRVLVHXWLOL]DUDXQDPHFKDQXHYD
(OFDOyULFRHQWRQFHVQRVHGHVSUHQGtDSRUODURWXUDGHOPHWDO\TXL]iQRSURFHGLHVHVLTXLHUDGH
pVWHORFXDOUHVXOWDEDFRPSOHWDPHQWHOyJLFRVLVHFRUURERUDEDTXHLQLFLDOPHQWHHOPHWDOHVWDEDIUtR
3DUDPHGLUHOFDOyULFR5XPIRUGREVHUYyFXiQWRVHFDOHQWDEDHODJXDXWLOL]DGDSDUDUHIULJHUDUHO
WDODGUR \ HO FDxyQ \ OOHJy D OD FRQFOXVLyQ GH TXH VL WRGR HVH FDOyULFR VH UHLQWHJUDUD DO PHWDO HO
FDxyQGHEHUtDIXQGLUVHRVHDTXHQRSRGtDKDEHUHVWDGRDOOtGHVGHHOSULQFLSLR(QWRQFHVSHQVyTXH
HOFDORUQRSRGtDVHUXQDVXVWDQFLDPDWHULDO\TXHPiVELHQSDUHFtDVHUHOUHVXOWDGRGHOUR]DPLHQWRR
GHOWUDEDMRUHDOL]DGRSRUODVIXHU]DVGHUR]DPLHQWR
$GHPiVKDEtDXQKHFKRLQFRQWHVWDEOHODIXHQWHGHFDORUSDUHFtDVHULQDJRWDEOHEDVWDEDTXHHO
WDODGURKRUDGDVHFRQWLQXDPHQWHHOFDxyQSDUDTXHpVWHVHVLJXLHUDFDOHQWDQGRHWHUQDPHQWH
 7RGR DTXHOOR TXH XQ FXHUSR R VXVWDQFLD SXHGH FRQWLQXDU VXPLQLVWUDQGR VLQ OLPLWDFLyQ QR
SXHGH VHU XQD VXVWDQFLD QDWXUDO \ PH SDUHFH H[WUHPDGDPHQWH GLItFLO VL QR LPSRVLEOH
LPDJLQDUDOJRFDSD]GHSURGXFLUVH\FRPXQLFDUVHFRPRHOFDORUHQHVWRVH[SHULPHQWRVDQR
VHUHOPRYLPLHQWR

5XPIRUGVHFRQYHQFLyGHTXHKDEtDGHPRVWUDGRTXHHOFDORUQRHUDXQIOXLGRVLQRXQDIRUPDGH
PRYLPLHQWR$PHGLGDTXHHOWDODGURUR]DEDFRQWUDHOPHWDOVXPRYLPLHQWRVHFRQYHUWtDHQUiSLGRV\
SHTXHxtVLPRVPRYLPLHQWRVGHODVSDUWtFXODVTXHFRQVWLWXtDQHOEURQFH
,JXDOGDEDTXHHOWDODGURFRUWDUDRQRHOPHWDOHOFDORUSURYHQtDGHHVRVSHTXHxtVLPRV\UiSLGRV
PRYLPLHQWRVGHODVSDUWtFXODV\FRPRHVQDWXUDOVHJXtDSURGXFLpQGRVHVLHPSUH\FXDQGRJLUDUDHO
WDODGUR/DSURGXFFLyQGHFDORUQRWHQtDQDGDTXHYHUFRQQLQJ~QFDOyULFRTXHSXGLHUDKDEHURGHMDU
GHKDEHUHQHOPHWDO
/RVH[SHULPHQWRVGH5XPIRUGQRWXYLHURQODUHSHUFXVLyQTXHPHUHFtDQ\DGHPiVVHOHYDQWDED
IUHQWH D OD WHRUtD FLQpWLFD OD HQRUPH DXWRULGDG GH /DYRLVLHU 'H PRGR TXH HO FDOyULFR GXUy KDVWD
PHGLDGRV GHO VLJOR ;,; FXDQGR 0D[ZHOO \ ItMHQVH TXH \D HV OD VHJXQGD YH] TXH OR QRPEUR OD
SULPHUDIXHKDFHVyORXQDVSiJLQDVHQUHODFLyQFRQODQDWXUDOH]DGHODOX]\DFRQODWHRUtDDWyPLFD
PHGLRDILUPDGDPRVWUyPDWHPiWLFDPHQWHFyPRODVSDUWtFXODVGHOJDVPRYLpQGRVHDOD]DUFUHDEDQ
XQD SUHVLyQ FRQWUD ODV SDUHGHV GHO UHFLSLHQWH TXH OR FRQWHQtD $GHPiV HVD SUHVLyQ YDULDED DO
FRPSULPLUODVSDUWtFXODVRDOGHMDUTXHVHH[SDQGLHUDQ/DWHRUtDFLQpWLFDGH0D[ZHOOHUDDSOLFDEOH
WDQWRDOtTXLGRV\VyOLGRVFRPRDJDVHV(QXQVyOLGRSRUHMHPSORODVPROpFXODVQRYRODEDQGHDFi
SDUDDOOiFRPRSUR\HFWLOHVTXHHVORTXHVXFHGtDHQXQJDVSHURHQFDPELRSRGtDQYLEUDUHQWRUQR
GH XQ SXQWR ILMR /D YHORFLGDG GH HVWD YLEUDFLyQ OR PLVPR TXH ODV PROpFXODV SUR\HFWLOHV GH ORV
JDVHVREHGHFtDDODVHFXDFLRQHVGH0D[ZHOO
/DWHRUtDFLQpWLFDILQDOPHQWHWULXQIDED\HOFDOyULFRVHVXPHUJLyHQHODELVPRGHODVVXVWDQFLDV
TXHQXQFDH[LVWLHURQ

/$(/(&75,&,'$'
6LVHPHSUHJXQWDFXiOSXHGHVHUODXWLOLGDGGHORVIHQyPHQRVHOpFWULFRVQRSXHGRUHVSRQGHURWUD
FRVDVLQRTXHKDVWDHOSUHVHQWHQRKHPRVDYDQ]DGRORVXILFLHQWHFRPRSDUDORJUDUTXHVHDQ
~WLOHVDOJpQHURKXPDQR

6,5:,//,$0:$7621

3UHKLVWRULD
+D\ PX\ SRFDV FRVDV PiV SUHVHQWHV HQ QXHVWUD YLGD TXH OD HOHFWULFLGDG YLYLPRV URGHDGRV GH
HQFKXIHV \ DSDUDWRV \ FXDQGR QRV IDOWD QRV VHQWLPRV SHUGLGRV 3HUR OD UHYROXFLyQ HOpFWULFD HV PX\
UHFLHQWHKDVWDKDFHWDQVyORXQVLJOR\PHGLRHOPXQGRYLYtDDSXUDYHODVHER\RWUDVSRUTXHUtDV<
HVR TXH OD HOHFWULFLGDG HVWXYR VLHPSUH D OD YLVWD VLQ LU PiV OHMRV HO WUXHQR \ HO UHOiPSDJR VRQ
IHQyPHQRV HOpFWULFRV 3HUR HV PX\ GLItFLO UHDOPHQWH PX\ GLItFLO GDUVH FXHQWD GH TXH HO UD\R VH
SURGXFHPHGLDQWHHOPLVPRPHFDQLVPRTXHHOTXHVHREVHUYDFXDQGRDOIURWDUXQSHGD]RGHSOiVWLFR
pVWH DWUDH SHTXHxRV SHGD]RV GH SDSHO 3RU HVR HV OyJLFR TXH PHWHU OD HOHFWULFLGDG HQ XQ FDEOH \
KDFHUODFLUFXODUOOHYDUDPLOHQLRV
7DOHV GH 0LOHWR QXHVWUR YLHMR DPLJR TXH QRV DFRPSDxD GHVGH HO SULPHU FDStWXOR QR WHQtD QL
SOiVWLFRQLSDSHOSHURVtQRWyTXHHOiPEDUXQDVXVWDQFLDUHVLQRVDGHVSXpVGHVHUIURWDGDDWUDtD
SDMLOODVSOXPDV\RWURVREMHWRVOLYLDQRV&RPRODSDODEUDJULHJDTXHGHVLJQDDOiPEDUHVHOHNWURQ
HOEXHQ7DOHVOODPyHOpFWULFDDHVWDIXHU]DPLVWHULRVD\FRQMHWXUyTXHHUDGHODPLVPDQDWXUDOH]D
TXHODIXHU]DTXHDUUDVWUDSHGDFLWRVGHKLHUURKDFLDODSLHGUDLPiQ1RHUDUDURTXHVHOHRFXUULHUD
SXHVWRTXHHOHIHFWRGHWUDFFLyQGHOPDJQHWLVPRHVUHDOPHQWHSDUHFLGR\GXUDQWHPXFKRWLHPSRVH
SHQVyHIHFWLYDPHQWHTXHODIXHU]DHOpFWULFD\HOPDJQHWLVPRHUDQVHPHMDQWHV
$VtHPSH]yODHOHFWULFLGDGHQHOPXQGRDQWLJXR
1R KD\ QLQJXQD HYLGHQFLD GH TXH VH XVDUD SDUD DOJR SUiFWLFR VDOYR TXH ODV PXMHUHV JULHJDV
GHFRUDEDQ VXV UL]DGRUHV GH FDEHOOR FRQ SLH]DV GH iPEDU FXDQGR ORV UL]DGRUHV HUDQ HOHFWULILFDGRV
SRU IURWDPLHQWR VH SURGXFtDQ FXULRVRV IHQyPHQRV HQ HO SHOR 6L XQR SLHQVD HQ HO SDSHO TXH OD
HOHFWULFLGDGKDEUtDGHMXJDUHQHOPXQGRQRHVGHPDVLDGR

/RVHIOXYLRVHOpFWULFRVGH*LOEHUW
'HVGH 7DOHV KDVWD TXH VH KL]R HO VLJXLHQWH GHVFXEULPLHQWR HQ HO FDPSR GH OD HOHFWULFLGDG SDVDURQ
VRODPHQWHGRVPLODxRV\IXH:LOOLDP*LOEHUWHOJUDQLQYHVWLJDGRUGHOPDJQHWLVPRTXLHQUHWRPyHO
KLORRHOFDEOHGLJDPRVDXQTXHQDGLHVRxDEDFRQWDOHVFRVDVHQHOVLJOR;9,,/RSULPHURTXHKL]R
IXH GLVWLQJXLU ORV IHQyPHQRV HOpFWULFRV GH ORV PDJQpWLFRV VyOR SRU SRQHU DOJXQRV HMHPSORV OD
DWUDFFLyQPDJQpWLFDQRQHFHVLWDIURWDPLHQWRSDUDSURGXFLUVHDWUDYLHVDXQDKRMDGHSDSHO\VREUHYLYH
DODLQPHUVLyQHQDJXDPLHQWUDVTXHODIXHU]DHOpFWULFDHVGHVWUXLGDPHGLDQWHODLQWHUSRVLFLyQGHXQD
PHUDSDQWDOOD'HHVWHPRGRSDUDODVVXVWDQFLDVTXHVHFRPSRUWDEDQFRPRHOiPEDUHOYLGULRHO
D]XIUH R OD FHUD \ H[FOXVLYDPHQWH SDUD HOODV DFXxy HO WpUPLQR HOpFWULFDV SRFR GHVSXpV
7KRPDV%URZQHWDPELpQPpGLFR\HVFULWRULQYHQWyODSDODEUDHOHFWULFLGDG
&RPR\DFRQWpHQVXPRPHQWRHQHODxR*LOEHUWSXEOLFyHOUHVXOWDGRGHVXVLQYHVWLJDFLRQHV
HQVXIDPRVR'H0DJQHWH3HURQRVHOLPLWyDGHVFULELUVXVH[SHULPHQWRV\IXHXQSRFRPiVDOOiDO
HODERUDU XQD WHRUtD VREUH OD QDWXUDOH]D GH OD HOHFWULFLGDG GH FRUWH VXVWDQFLDOLVWD ELHQ DFRUGH D OD
pSRFD*LOEHUWSHQVyTXHODHOHFWULFLGDGVHGHEtDDDOJRTXHEDMRODIULFFLyQVHOLEHUDEDGHOiPEDUR
GHOYLGULR
3HURTXpSRGtDVHU"*LOEHUWHUDPpGLFRHLQVSLUDGRSRUODWHRUtDGHORVKXPRUHVSHQVyTXHOD
IXHU]DRYLUWXGHOpFWULFDHUDDOJRSDUHFLGRDXQKXPRUTXHH[LVWtDHQGHWHUPLQDGRVFXHUSRV/D
IULFFLyQDOFDOHQWDUORVORVOLEHUDED\VHGHVSUHQGtDHQIRUPDGHHIOXYLRRHPDQDFLyQ
'HTXpRWUDPDQHUDSRGtDSURGXFLUVHODDWUDFFLyQHQWUHFXHUSRVHOHFWULILFDGRVVLQRHUDSRUOD
DWPyVIHUDGHHIOXYLRVTXHORVURGHDED"*LOEHUWHUDXQKRPEUHGHVXWLHPSR\WRGDYtDQRVHKDEODED
GHDFFLyQDGLVWDQFLDVLXQFXHUSRDFW~DVREUHORVGHPiVSRUPHGLRGHXQDIXHU]DLQYLVLEOHDOJR
LQYLVLEOH GHEH URGHDUOR SDUHFtD REYLR HQWRQFHV eVH HUD HO PRGR GH UD]RQDU GH XQ KRPEUH GH OD
pSRFD/RVHIOXYLRVTXHVDOtDQGHOFXHUSRDOVHUIURWDGRWHQtDQXQDWHQGHQFLDLQKHUHQWHDYROYHUDO
FXHUSRGHRULJHQ\DOKDFHUORDUUDVWUDEDQFRQVLJRORVSHTXHxRVREMHWRVTXHTXHGDEDQDVXDOFDQFH
)XH OD H[SOLFDFLyQ TXH VH LPSXVR \ FXDQGR PHGLR VLJOR PiV WDUGH VH GHVFXEULy TXH OD
HOHFWULFLGDGSRGtDSURGXFLUUHFKD]R\QRVyORDWUDFFLyQORVHIOXYLRVGH*LOEHUWVHKDEtDQFRQYHUWLGR
HQDUWtFXORFRUULHQWH1LVLTXLHUDODWHRUtDGHODJUDYLWDFLyQGH1HZWRQTXHFRQVDJUDEDHOSULQFLSLR
GH DFFLyQ D GLVWDQFLD KDEtD SRGLGR FRQPRYHUORV /RV HIOXYLRV HOpFWULFRV HVWDEDQ ILUPHPHQWH
DUUDLJDGRV\ORHVWDUtDQSRUPXFKRWLHPSRPiV
3HURHIOXYLRYDHIOXYLRYLHQHLJXDODSDUHFtDQQRYHGDGHV2WWRYRQ*XHULFNHEXUJRPDHVWUHGH
0DJGHEXUJRHOPLVPRTXHKDEtDKHFKRHOIDPRVRH[SHULPHQWRGHORVKHPLVIHULRVSDUDGHPRVWUDUOD
H[LVWHQFLD GHO YDFtR LQYHQWy OD SULPHUD PiTXLQD HOpFWULFD GH TXH VH WXYLHUD QRWLFLDV
DSURYHFKDQGRORVHIOXYLRVTXHSURGXFtDHOUR]DPLHQWRKL]RJLUDUXQGLVFRHQWUHGRVHVFRELOODVOR
FXDOKDFtDVDOWDUXQDFKLVSD/DPiTXLQDHOpFWULFDVHFRQYLUWLyHQXQMXHJRGHVRFLHGDG
(QHOFLHQWtILFRGDQpV0XVVFKHQEURHNGH/H\GHQFRQVLJXLyHPERWHOODUOLWHUDOPHQWH
ORVHIOXYLRVHOpFWULFRV(QUHDOLGDGLQYHQWyHOSULPHUFRQGHQVDGRUODERWHOODGH/H\GHQFDSD]
GHDOPDFHQDUVXILFLHQWHFDQWLGDGGHHOHFWULFLGDGFRPRSDUDSURGXFLUXQDVHQVLEOHGHVFDUJDDTXLHQOD
WRFDVHHVWDQGRFDUJDGD
3RFRDQWHVKDEtDKDELGRXQDQRWLFLDLPSRUWDQWHODHOHFWULFLGDGSRGtDVHUFRQGXFLGD(VWRVtTXH
HUDXQDJUDQQRYHGDG$QRVRWURVDFRVWXPEUDGRVDORVFDEOHVQRVSXHGHSDUHFHUH[WUDxDODVRUSUHVD
TXHSURGXMRSHURUHVXOWDEDLQVyOLWRTXHXQGHOJDGRKLORSXGLHUDOOHYDUODHOHFWULFLGDGGHXQFXHUSRD
RWUR
1RVyORHUDDVRPEURVRVLQRTXHFRPSOLFDEDODVFRVDVSDUDODWHRUtDGHORVHIOXYLRV0LHQWUDVOD
HOHFWULFLGDGDWUDMHUDSHTXHxRVREMHWRVRIXHUDHPERWHOODGDRQRKLFLHUDPiVTXHSURGXFLUFKLVSDVOD
H[SOLFDFLyQGH*LOEHUWSRGtDSDVDU3HURORVHIOXYLRVQRHUDQORPiVDSURSLDGRSDUDVHUFRQGXFLGRV
GH XQ FXHUSR D RWUR OD PLVPD LGHD GH HPDQDFLyQ WLHQGH D OD TXLHWXG \ QR DO WUDQVSRUWH 7UDV HO
GHVFXEULPLHQWRGHODFRQGXFFLyQORVHIOXYLRVGHMDURQGHVHUEXHQQHJRFLR\FD\HURQOHQWDPHQWHHQ
GHFDGHQFLD
(PSH]DEDQORVWLHPSRVGHOIOXLGRHOpFWULFR

(OIOXLGRHOpFWULFR

'HVGHKDFHXQWLHPSRVR\GHODRSLQLyQGHTXHHOIOXLGRHOpFWULFRQRVHFUHDSRUIULFFLyQ
VLQR TXH HV UHFROHFWDGR VLHQGR HQ UHDOLGDG XQ HOHPHQWR GLIXVR DWUDtGR SRU RWUR WLSR GH
PDWHULDSDUWLFXODUPHQWHSRUHODJXD\ORVPHWDOHV

HVFULELyHQ%HQMDPLQ)UDQNOLQ
(Q UHDOLGDG GHVGH HO GHVFXEULPLHQWR GH OD FRQGXFFLyQ HOpFWULFD ORV HIOXYLRV HVWDEDQ GH FDSD
FDtGD\HPSH]yDLPSRQHUVHODLGHDGHTXHODHOHFWULFLGDGHUDXQIOXLGRDOJRDVtFRPRXQLPSDOSDEOH
HLQYLVLEOHOtTXLGRGHPDWHULDVXWLOVHPHMDQWHGLJDPRVDOFDOyULFRDOIORJLVWRRDFXDOTXLHUDGHHVDV
VXVWDQFLDV TXH QXQFD H[LVWLHURQ /RV SDUWLGDULRV GH ORV HIOXYLRV D UHJDxDGLHQWHV VH EDWLHURQ HQ
UHWLUDGDDXQTXHHQXQLQIRUPHGHOD$FDGpPLH)UDQoDLVHVHxDODEDTXH
 DOUHGHGRUGHXQFXHUSRHOHFWULILFDGRVHIRUPDXQYyUWLFHGHPDWHULDH[WUDRUGLQDULDPHQWHVXWLO
HQXQHVWDGRGHDJLWDFLyQTXHDUUDVWUDKDFLDpOODVVXVWDQFLDVOLYLDQDVTXHHVWiQGHQWURGHVX
HVIHUDGHDFWLYLGDG

8QYyUWLFHFDUWHVLDQRFODURHVWi
/RVHIOXYLRVHVWDEDQWHUPLQDGRVSHURHQVHJXLGDDSDUHFLyRWURWHPDGHFRQWURYHUVLDJUDFLDVDR
SRU FXOSD GH HO LQYHVWLJDGRU &KDUOHV )UDQoRLV 'X )D\  TXH D WUDYpV GH VXV
H[SHULPHQWRVOOHJyDODVRUSUHQGHQWHFRQFOXVLyQGHTXHHQUHDOLGDGH[LVWtDQQRXQDVLQRGRVFODVHVGH
HOHFWULFLGDGXQDTXHOODPyYtWUHD\RWUDUHVLQRVD

+D\GRVHOHFWULFLGDGHVGHQDWXUDOH]DFRPSOHWDPHQWHGLIHUHQWH&DGDXQDGHHOODVUHSHOHDORV
FXHUSRVTXHFRQWUDMHURQHOHFWULFLGDGGHODPLVPDQDWXUDOH]D\DWUDHDORVFXHUSRVTXHWLHQHQ
HOHFWULFLGDGGHQDWXUDOH]DRSXHVWD

1R WRGRV FRPSDUWtDQ OD KLSyWHVLV GH ODV GRV HOHFWULFLGDGHV (Q  HO IDUPDFpXWLFR LQJOpV
:LOOLDP:DWVRQVXJLULyTXHODVDFFLRQHVHOpFWULFDVVHGHEtDQDODSUHVHQFLDGHXQpWHUHOpFWULFR
TXH HQ HO FDUJDUVH \ GHVFDUJDUVH GH XQ FXHUSR VH WUDQVILHUH SHUR QR VH FUHD QL VH GHVWUX\H 3DUD
:DWVRQODH[FLWDFLyQGHXQFRQGXFWRU

QRFRQVLVWHVLQRHQODDFXPXODFLyQGHXQH[FHGHQWHGHOpWHUHOpFWULFRDH[SHQVDVGHDOJ~QRWUR
FXHUSRFX\RVWRFNGLVPLQX\HHQODPLVPDFDQWLGDG

0iV R PHQRV DO PLVPR WLHPSR HO SULPHU JUDQ KRPEUH GH FLHQFLD QRUWHDPHULFDQR %HQMDPLQ
)UDQNOLQ  HQ OD PLVPD OtQHD GH SHQVDPLHQWR SURSRQtD XQD FRVD SDUHFLGD OD FDQWLGDG
WRWDOGHHOHFWULFLGDGHQXQVLVWHPDDLVODGRHVLQYDULDEOHSULQFLSLRGHFRQVHUYDFLyQGHODFDUJD\HQ
UHDOLGDG KD\ XQ VROR WLSR GH HOHFWULFLGDG 3DUD )UDQNOLQ OD ~QLFD HOHFWULFLGDG TXH H[LVWH HV OD
HOHFWULFLGDGYtWUHDGH'X)D\ODRWUDODHOHFWULFLGDGUHVLQRVDHVXQDILFFLyQHVVLPSOHPHQWHOD
IDOWD GH IOXLGR HOpFWULFR )UDQNOLQ DVLJQy XQ VLJQR SRVLWLYR D OD HOHFWULFLGDG YtWUHD \ XQ VLJQR
QHJDWLYRDODIDOWDGHHOHFWULFLGDG6HLPDJLQDEDDODHOHFWULFLGDGFRPRXQIOXLGRHOiVWLFRFRPSXHVWR
SRU

SDUWtFXODVH[WUHPDGDPHQWHVXWLOHVGDGRTXHSXHGHQSHUPHDUODPDWHULDFRP~Q\DXQORVPiV
GHQVRVPHWDOHVFRQWDQWDIDFLOLGDGTXHQRVHSHUFLEHQLQJXQDUHVLVWHQFLD

1DWXUDOPHQWH ORV H[SHULPHQWRV PiV FRQRFLGRV GH )UDQNOLQ IXHURQ VXV WUDEDMRV VREUH OD
HOHFWULFLGDGDWPRVIpULFDVHWRPyPX\HQVHULRODVXJHUHQFLDKHFKDSRUHOSURIHVRU-+:LQNOHUGH
/HLS]LJ TXLHQ VRVWHQtD TXH OD GHVFDUJD GH XQD ERWHOOD GH /H\GHQ \ HO WUXHQR \ HO UHOiPSDJR HUDQ
EiVLFDPHQWHXQR\HOPLVPRIHQyPHQR3HQVy\QRIXHHOSULPHURTXHHOUD\RHUDPHUDPHQWHXQD
GHVFDUJD HOpFWULFD HQWUH GRV REMHWRV FRQ GLIHUHQWH SRWHQFLDO FRPR ODV QXEHV \ OD WLHUUD \ REVHUYy
TXH HO UD\R WHQGtD D DOFDQ]DU HGLILFLRV DOWRV \ iUEROHV OR FXDO OH GLR OD LGHD GH DWUDHU HO IOXLGR
HOpFWULFRGHOLEHUDGDPHQWHDODWLHUUDGHXQPRGRTXHODGHVFDUJDQRSURGXMHUDGDxRV9DOHODSHQD
LQVLVWLUHQTXHQRHUDXQDDVRFLDFLyQGHLGHDVIiFLO
$FRPLHQ]RVGH)UDQNOLQHVFULEtD

6L HO IXHJR HOpFWULFR \ HO GH ORV UD\RV HV HO PLVPR FRPR KH WUDWDGR GH GHPRVWUDU \
DGPLWLHQGRHVWDVXSRVLFLyQPHSUHJXQWRVLHOFRQRFLPLHQWRGHOSRGHUGHODVSXQWDVQRSRGUtD
EHQHILFLDU D ORV KRPEUHV SDUD SUHVHUYDU ODV FDVDV ODV LJOHVLDV ORV EXTXHV HWFpWHUD FRQWUD
ORV JROSHV GHO UD\R ILMDQGR SHUSHQGLFXODUPHQWH VREUH ODV SDUWHV PiV HOHYDGDV GH ORV
HGLILFLRVEDUUDVGHKLHUURHQIRUPDGHDJXMD\GRUDGDVSDUDSUHYHQLUODKHUUXPEUH\DOSLHGH
HVDVEDUUDVXQDODPEUHTXHOOHJXHKDVWDORVFLPLHQWRVGHODWLHUUD1RDWUDHUtDQHVDVEDUUDV
GHKLHUURHQVLOHQFLRHOIXHJRHOpFWULFRGHODQXEHDQWHVGHTXHpVWDSXHGDDSUR[LPDUVHSDUD
GDUHOJROSH"<QRSRGUtDPRVSRUHVRVPHGLRVSUHFDYHUQRVGHWDQWRVGHVDVWUHVUHSHQWLQRV\
WHUULEOHV"

/D FLWD WLHQH OD IRUPD SDUD QRVRWURV GH XQD DGLYLQDQ]D FX\D UHVSXHVWD HVWi D OD YLVWD HO
SDUDUUD\RV
(V ELHQ FRQRFLGR VX H[SHULPHQWR GHFLVLYR (Q  UHPRQWy XQ EDUULOHWH HQ PHGLR GH XQD
WRUPHQWD(OEDUULOHWHWHQtDHQVXH[WUHPRVXSHULRUXQDODPEUHWHUPLQDGRHQSXQWDTXHPHGLDQWHXQ
KLORGHVHGDHVWDEDFRQHFWDGRDXQDOODYHGHPHWDOFHUFDGHOH[WUHPRTXHVRVWHQtD)UDQNOLQ(QSOHQD
WRUPHQWDDFHUFyODPDQRDODOODYH\VDOWyXQDFKLVSDFRQORFXDOTXHGDEDFODURTXHHIHFWLYDPHQWHHO
KLORWUDQVPLWtDHOHFWULFLGDGGHOFLHORDODOODYH0iVWDUGHSXGRLQFOXVRFDUJDUXQDERWHOODGH/H\GHQ
GHPRVWUDQGRDVtTXHODVQXEHVUHDOPHQWHHVWDEDQFDUJDGDVHOpFWULFDPHQWH<GHVGHHVHPRPHQWROD
EDUUD GH )UDQNOLQ TXH FRQGXFtD ODV GHVFDUJDV SDFtILFDPHQWH D WLHUUD HPSH]y D H[WHQGHUVH
VLVWHPiWLFDPHQWH (O SULPHU SDUDUUD\RV IXH FRQVWUXLGR VHJ~Q ODV LQVWUXFFLRQHV GH )UDQNOLQ SRU
-RKDQQ+HLQULFK:LQNOHU
2EYLDPHQWHFRPRWRGDLQQRYDFLyQWHFQROyJLFDHOSDUDUUD\RVWXYRVXVUHVLVWHQFLDVUHFXHUGHQOD
UHVLVWHQFLDTXHKXERDXVDUPLFURVFRSLRVTXHVHFHQWUDURQHQDUJXPHQWRVGHOWLSR6LHOUD\RHVXQ
FDVWLJRGH'LRVSDUDORVLPStRVFyPRSXHGHHOKRPEUHLQWHUIHULUHQpO"3HURSDUHFHTXHQRKDEtD
LPStRV GHVHPSHxDQGR IXQFLRQHV S~EOLFDV HQ )LODGHOILD DO PHQRV SRUTXH SDUD  KDEtD \D 
SDUDUUD\RV SURWHJLHQGR SUiFWLFDPHQWH WRGRV ORV HGLILFLRV S~EOLFRV /D H[FHSFLyQ HUD OD HPEDMDGD
IUDQFHVD TXH HVH PLVPR DxR IXH DOFDQ]DGD SRU XQ UD\R TXH SURYRFy OD PXHUWH GH XQR GH VXV
IXQFLRQDULRV7UDVORFXDOFRPRHVOyJLFRVHDSUHVXUDURQDLQVWDODUODEDUUDGH)UDQNOLQ
$ WRGR HVWR XQR GH VXV GLVFtSXORV )UDQ] $HSLQXV  WHUPLQy SDUD VLHPSUH FRQ ORV
UHPDQHQWHV GH OD WHRUtD GH ORV HIOXYLRV \ DERUGy HO PHROOR GH OD FXHVWLyQ OD DFFLyQ D GLVWDQFLD
$HSLQXV HVWDEOHFLy TXH OD DFFLyQ GH ODV IXHU]DV HOpFWULFDV VH HMHUFtD HIHFWLYDPHQWH D GLVWDQFLD D
WUDYpVGHODLUH\DSOLFyVXVWHRUtDVDOIHQyPHQRGHODLQGXFFLyQPHGLDQWHHOFXDOXQFXHUSRFDUJDGR
SUy[LPRDXQRFRQGXFWRUSHURVLQFRQWDFWRFRQpOVHFDUJDEDpOWDPELpQHOpFWULFDPHQWH
7DPELpQ EXVFy \ QR HQFRQWUy OD OH\ TXH JREHUQDED HVDV IXHU]DV HOpFWULFDV HVH KRQRU OH
HVWDEDUHVHUYDGRDOTXtPLFR-RVHSK3ULHVWOH\HOPLVPRTXH\DYLPRVGHVFXEULHQGRHOR[tJHQR
TXHHQVXJLULyTXHODIXHU]DHOpFWULFDGHEtDREHGHFHUDXQDOH\SDUHFLGDDODGHODJUDYLWDFLyQ
/D KLSyWHVLV IXH FRQILUPDGD H[SHULPHQWDOPHQWH HQ  SRU HO ItVLFR IUDQFpV &KDUOHV $XJXVWH GH
&RXORPE\KR\ODOH\TXHULJHODIXHU]DHOpFWULFDOOHYDVXQRPEUHODVFDUJDVHOpFWULFDVVHDWUDHQR
UHFKD]DQFRQIXHU]DVLQYHUVDPHQWHSURSRUFLRQDOHVDOFXDGUDGRGHODGLVWDQFLDTXHODVVHSDUD
&RQ OD OH\ GH FRQVHUYDFLyQ GH OD FDUJD OD WHRUtD GHO IOXLGR ~QLFR OD OH\ GH &RXORPE \ OD
DFHSWDFLyQ GH OD DFFLyQ D GLVWDQFLD D ILQHV GHO VLJOR ;9,,, \ SULQFLSLRV GHO ;,; HO HVWXGLR GH OD
HOHFWULFLGDGKDEtDDYDQ]DGREDVWDQWHDXQTXHQRVHWXYLHUDD~Q\QRVHWHQGUtDSRUPXFKRWLHPSR
XQDLGHDDFDEDGDVREUHVXQDWXUDOH]D
3HUR FRPR \D KDEtD HQVHxDGR 1HZWRQ LPSHUDED HO \R QR IRUPXOR KLSyWHVLV 6H WUDWDED GH
GHVFULSFLRQHVPiVRPHQRVHPStULFDVTXHPXFKDVYHFHVSURGXFtDQDSOLFDFLRQHVVHQVDFLRQDOHVFRPR
HOSDUDUUD\RV

/DUDQDGH*DOYDQL\ODSLODGH9ROWD
8VDPRVFRQFLHUWDIUHFXHQFLDODSDODEUDJDOYDQL]DUTXHVHUHPRQWDDORVSULPHURVWLHPSRVGHODV
LQYHVWLJDFLRQHV HQ HO FDPSR GH OD HOHFWULFLGDG /D OH\HQGD FXHQWD TXH XQ GtD GHO DxR  /XLJL
*DOYDQLSURIHVRUGHPHGLFLQDHQOD8QLYHUVLGDGGH%RORQLDHVWDEDHQVXFDVDGDQGRXQDFODVHDVXV
HVWXGLDQWHV PLHQWUDV VX HVSRVD SUHSDUDED HQ OD FRFLQD HO PDQMDU IDYRULWR GHO SURIHVRU UDQDV /D
VLJQRUD*DOYDQLGHPDVLDGRDWHQWDDODVH[SOLFDFLRQHVGHVXPDULGRGHMyHVFDSDUHOHVFDOSHORTXH
FD\yVREUHHOPXVORGHODUDQDWRFDQGRODEDVHGH]LQFDOPLVPRWLHPSR/DUDQDPXHUWDFODUR
HVWiVHDJLWyYLROHQWDPHQWHFRPRVLTXLVLHUDVDOWDUGHOSODWR
/D6LJQRUD JULWy (O3URIHVVRUH LQGLJQDGR SRU OD LQWHUUXSFLyQ LUUXPSLy HQ OD FRFLQD SDUD YHU
TXpSDVDED/D6LJQRUDOHFRQWyODKLVWRULD\SDUDSUREDUODGHMyFDHUHOHVFDOSHORVREUHODUDQDTXH
QXHYDPHQWHVDOWyFRQWUD\HQGRVXVP~VFXORVPXHUWRV$OOtPLVPRHQHOPHGLRGHODFRFLQD*DOYDQL
SURFODPy+HKHFKRXQJUDQGHVFXEULPLHQWRODHOHFWULFLGDGDQLPDOIXHQWHSULPDULDGHODYLGD
(V XQD OH\HQGD Vt SUREDEOHPHQWH IDOVD SHUR OD KLVWRULD GH OD FLHQFLD VH DOLPHQWD WDPELpQ GH OD
OH\HQGD\GHODVXVWDQFLDGHORVPLWRV
8QRV DxRV PiV WDUGH *DOYDQL DGHPiV GH LQWHUPLQDEOHV SHURUDWDV \ GHPRVWUDFLRQHV S~EOLFDV
VREUHODHOHFWULFLGDGDQLPDOHVFULELyXQWUDWDGRFRQXQLQGLJHULEOHQRPEUHHQODWtQGRQGHH[SRQtD
VXV WHRUtDV 6HJ~Q pO ORV WHMLGRV DQLPDOHV FRQWHQtDQ XQD IXHU]D HOpFWULFD LQQDWD OD IDPRVD
HOHFWULFLGDGDQLPDOTXHDOLPHQWDEDDORVP~VFXORV\DORVQHUYLRV\VDOtDDODOX]FXDQGRpVWRV
HUDQWRFDGRVSRUREMHWRVGHPHWDO3HQVyWDPELpQTXHHVDHOHFWULFLGDGDQLPDOHUDXQDHVSHFLHGH
HVStULWXYLWDOTXHDQLPDEDDORVVHUHVYLYRV\FUH\yKDEHUHQFRQWUDGRODHVHQFLDGHODYLGD3HJDED
ELHQ FRQ ODV WHRUtDV YLWDOLVWDV HQ ERJD ILQDOPHQWH VH KDEtD GHVFXELHUWR TXH OD HOHFWULFLGDG HUD OD
HVFXUULGL]DIXHU]DYLWDO
/D HOHFWULFLGDG DQLPDO \ ODV UDQDV FRQWUDFWXUDGDV GH *DOYDQL KLFLHURQ IXURU 1R KDEtD VDOyQ
GRQGHQRVHKDEODUDGHOWHPD\ORVDULVWyFUDWDVVHSUHFLSLWDEDQDOODERUDWRULRSDUDYHUDODVUDQDV
PXHUWDV FRQWUDHUVH EDMR OD DFFLyQ GH XQDV SLQ]DV GH PHWDO /D SDODEUD JDOYDQL]DU QRV UHFXHUGD
DTXHOODV DYHQWXUDV \ OD HOHFWULFLGDG FRPR FKLVSD GH OD YLGD VH UHIOHMy WDPELpQ HQ OD OLWHUDWXUD
FRPRORWHVWLPRQLDHO)UDQNHQVWHLQGH0DU\6KHOOH\
/RVSXQWRVGHYLVWDGH*DOYDQL\VXVWHRUtDVVREUHODHOHFWULFLGDGDQLPDOIXHURQDFHSWDGRVFDVL
XQLYHUVDOPHQWHFRQXQDLPSRUWDQWHH[FHSFLyQ$OHVVDQGUR9ROWDHOQRWDEOHSURIHVRUGHItVLFDGHOD
8QLYHUVLGDG GH 3DYLD 9ROWD VRVWHQtD TXH HQ HO H[SHULPHQWR GH *DOYDQL QR KDEtD QLQJ~Q WLSR GH
HOHFWULFLGDGDQLPDOQLQDGDTXHVHOHSDUHFLHUD0iVD~QSDUD9ROWDODVLQIHOLFHVUDQDVQRMXJDEDQ
QLQJ~Q SDSHO VDOYR HO GH FRQGXFWRUHV GH OD HOHFWULFLGDG GH XQD OHYH FRUULHQWH HOpFWULFD TXH VH
SURGXFtDDOHQWUDUHQFRQWDFWRGRVPHWDOHVGLIHUHQWHVFRPRHOFXFKLOORGHKLHUUR\HOSODWRGH]LQFGH
ODVLJQRUD*DOYDQL(UDPXFKRGHFLU\VHGHVDWyXQDYLUXOHQWDSROpPLFD
*DOYDQLPXULyHQ\UHFLpQGLH]DxRVGHVSXpV9ROWDSXGRGHPRVWUDUGHPDQHUDFRQFOX\HQWH
TXHHIHFWLYDPHQWHFXDQGRGRVPHWDOHVGLIHUHQWHVHQWUDQHQFRQWDFWRVHJHQHUDXQIOXMRGHFRUULHQWH
HOpFWULFD5HFRUWyGLVFRVGHGLIHUHQWHVPHWDOHV\ORVDSLOyXQRVVREUHRWURVVHSDUiQGRORVSRUFDSDV
GH ILHOWUR HPEHELGDV HQ iFLGR ODV GLIHUHQFLDV GH SRWHQFLDO JHQHUDGDV HQWUH GLVFR \ GLVFR VH
DFXPXODURQ\ODSLODSURGXMRXQIOXMRHOpFWULFRILUPH\FRQVWDQWH
9ROWD QR VyOR KDEtD GHPRVWUDGR WHQHU UD]yQ HQ OD SROpPLFD FRQ *DOYDQL VLQR TXH KDEtD KHFKR
PXFKRPiVKDEtDFRQVWUXLGRODSULPHUDIXHQWHSHUPDQHQWHGHHOHFWULFLGDGDXQTXHHQUHDOLGDGVH
HTXLYRFDEDFXDQGRH[SOLFDEDHOPRGRGHIXQFLRQDPLHQWRSXHVWRTXHODFRUULHQWHHOpFWULFDHQWUHORV
GRVPHWDOHVQRVHGHEHDOFRQWDFWRVLQRDOIHQyPHQRGHHOHFWUyOLVLVHVGHFLUGHVHSDUDFLyQGHORV
HOHPHQWRVGHXQFRPSXHVWRGHOPHGLRTXHORVVHSDUD
*UDFLDVDHVHGHVFXEULPLHQWRRLQYHQWRYD\DXQRDVDEHU9ROWDUHYROXFLRQyFRPSOHWDPHQWHOD
LQYHVWLJDFLyQHOpFWULFDDSDUWLUGHHQWRQFHVORVLQYHVWLJDGRUHVGLVSRQtDQSRUSULPHUDYH]GHIXHQWHV
SHUPDQHQWHVGHFRUULHQWHHOpFWULFD1RHVGHVRUSUHQGHUHQWRQFHVTXHODLQYHVWLJDFLyQHOpFWULFDVH
LQWHQVLILFDUD (O VLJXLHQWH JUDQ VDOWR TXH KDEUtD GH HQFDPLQDU ORV HVWXGLRV HOpFWULFRV KDFLD OD
FRQFHSFLyQ PRGHUQD \ KDFLD OD UHYROXFLyQ HOpFWULFD LED D VHU UHVSRQVDELOLGDG GH XQ ItVLFR GDQpV
+DQV&ULVWLDQ2HUVWHG

2HUVWHG\)DUDGD\
$XQTXH\RSXGLHUDVHU6KDNHVSHDUHSLHQVRTXH
LJXDOSUHIHULUtDVHJXLUVLHQGR)DUDGD\

$/'286+8;/(<

0XFKRV DxRV PiV WDUGH \D HQ OD FXPEUH GH VX IDPD 0LFKDHO )DUDGD\ UHFRUGDUtD DTXHOOD UHPRWD
WDUGHHQTXHXQFOLHQWHGHODOLEUHUtDORLQYLWyDHVFXFKDUXQDFRQIHUHQFLDGH+XPSKU\'DY\
6HJ~QpOPLVPRFRQWyGHVSXpVIXHODFRQIHUHQFLDGH'DY\ODTXHORGHFLGLyDGHGLFDUVHDOD
FLHQFLD
3HURODKLVWRULDFRPRWDQWDVRWUDVHPSLH]DDQWHV\RWUDYH]FRQXQDOH\HQGD<HVDVtXQGtD
FXDOTXLHUDGHHOItVLFRGDQpV+DQV&KULVWLDQ2HUVWHGHVWDEDGDQGRFODVHHQOD8QLYHUVLGDGGH
.LHO DKRUD $OHPDQLD HQWRQFHV 'LQDPDUFD \ GXUDQWH XQ H[SHULPHQWR XQ DODPEUH SRU HO FXDO
FLUFXODEDHOHFWULFLGDGVHGHVOL]yGHVXPDQR\FD\yVREUHXQDEU~MXODTXHHVWDEDFDVXDOPHQWHVREUH
ODPHVD$OUHFRJHUHODODPEUHYLRTXHODDJXMDGHODEU~MXODVHKDEtDGHVYLDGR&RUWyODFRUULHQWH\
OD EU~MXOD YROYLy D VX SRVLFLyQ QRUPDO DSXQWDQGR KDFLD HO 1RUWH (UD HYLGHQWH TXH OD FRUULHQWH
HOpFWULFDWHQtDDOJ~QWLSRGHHIHFWRPDJQpWLFRTXHKDEtDKHFKRGHVYLDUODEU~MXOD
1DWXUDOPHQWHODVFRVDVQRIXHURQH[DFWDPHQWHDVtHQUHDOLGDGKDFtDPXFKRVDxRVTXH2HUVWHG
HVWDED H[SHULPHQWDQGR VLQ p[LWR VREUH ORV HIHFWRV PDJQpWLFRV GH OD HOHFWULFLGDG 0iV D~Q
GXUDQWHHOVLJOR;9,,,PXFKRVItVLFRVKDEtDQHVSHFXODGRVREUHODVFRQH[LRQHVHQWUHHOPDJQHWLVPR\OD
HOHFWULFLGDGIHQyPHQRVTXH*LOEHUWKDEtDVHSDUDGRUDGLFDOPHQWHHQHOVLJORDQWHULRU6LQHPEDUJR
DOJXQDVREVHUYDFLRQHVFDVXDOHVKDEtDQPRVWUDGRTXHHOUD\RDFW~DVREUHODEU~MXOD$GHPiVHVWDED
HO KHFKR GH TXH OD OH\ TXH UHJtD ODV IXHU]DV HOpFWULFDV HUD LGpQWLFD D OD TXH JREHUQDED ORV SRORV
PDJQpWLFRV \ PXFKRV SHQVDEDQ TXH QR SRGtD WUDWDUVH GH XQD FDVXDOLGDG \ TXH GHEtD KDEHU DOJXQD
UHODFLyQ SURIXQGD HQWUH DPERV IHQyPHQRV 2HUVWHG HUD XQR GH HOORV 7DPELpQ VHJXtDQ XQD GH ODV
JUDQGHVFRUULHQWHVGHODpSRFDOD1DWXUSKLORVRSKLHILORVRItDGHODQDWXUDOH]DTXHFRQLQGXGDEOHV
WLQWHV GHO URPDQWLFLVPR LPDJLQDED DO PXQGR FRPR XQ WRGR PiV R PHQRV RUJiQLFR \ SRVWXODED OD
XQLGDGGHWRGDVODVIXHU]DV
3HUR VLHPSUH R FDVL VLHPSUH HV SUHIHULEOH OD OH\HQGD $SHQDV 2HUVWHG DQXQFLy HO
GHVFXEULPLHQWR VH SURGXMR XQ IXHUWH LPSDFWR HQWUH ORV ItVLFRV OD YLQFXODFLyQ HQWUH HOHFWULFLGDG \
PDJQHWLVPRWHQtDXQDWUDFWLYRSRGHURVR1DGLHVHLPDJLQDEDFXiQSRGHURVRHQUHDOLGDG
(Q VHJXLGD HPSH]DURQ ODV SUXHEDV \ ORV H[SHULPHQWRV (O LQJOpV 6WXUJHRQ DUUROOy XQD HVSLUD
DOUHGHGRU GH XQD EDUUD GH KLHUUR FRUULHQWH \ YLR TXH PLHQWUDV OD FRUULHQWH FLUFXODED OD EDUUD GH
KLHUURVHFRQYHUWtDQDGDPHQRVTXHHQXQLPiQ
<DVtQDFLyHOHOHFWURLPiQTXHDEULyHOFDPLQRGHOWHOpJUDIR\PiVWDUGHGHOWHOpIRQR(Q
)UDQFLD $PSqUH TXH GDUtD VX QRPEUH D OD XQLGDG GH FRUULHQWH HOpFWULFD DILQDED ODV
REVHUYDFLRQHVGH2HUVWHG\HVWXGLDEDODDWUDFFLyQUHFtSURFDGHGRVFRUULHQWHVHOpFWULFDVHQWUHVt
3HURIDOWDEDWRGDYtDXQDFRQH[LyQSDUDTXHHVWHSULPHUFLFORGHODLQYHVWLJDFLyQHQHOHFWULFLGDG
VH FHUUDUD \ IXH HQWRQFHV FXDQGR DSDUHFLy 0LFKDHO )DUDGD\ HVFXFKDQGR OD FRQIHUHQFLD GH 'DY\
TXLHQHQWUHRWUDVFRVDVGHVHQWUDxyHOIHQyPHQRGHODHOHFWUyOLVLVTXHHUDODYHUGDGHUDH[SOLFDFLyQ
GHOIXQFLRQDPLHQWRGHODSLODGH9ROWD
)DUDGD\ KDEtD QDFLGR HQ  FHUFD GH /RQGUHV VX IDPLOLD HUD PX\ PRGHVWD \ VX HGXFDFLyQ
FRPRpOPLVPRFRQWy

IXH GHO WLSR PiV FRUULHQWH ORV UXGLPHQWRV GH OHFWXUD HVFULWXUD \ DULWPpWLFD HQ XQD HVFXHOD
GLXUQDFRP~Q/DVKRUDVIXHUDGHODHVFXHODODVSDVDEDHQPLFDVD\HQODVFDOOHV

(VGHFLUQDGDGHHVWXGLRVVXSHULRUHV3HURGHVGHPX\MRYHQHPSH]yDWUDEDMDUHQODFDVDGHXQ
OLEUHUR\DDGTXLULUFXOWXUDSRUVXFXHQWD)XHDOOtGRQGHXQFOLHQWHORLQYLWyDODFRQIHUHQFLDGH'DY\
)DUDGD\SODQWyODOLEUHUtD\VHODVDUUHJOySDUDTXH'DY\ORWRPDUDFRPRDVLVWHQWH7HQtDHQWRQFHV
YHLQWLGyV DxRV \ QR SRGtD KDEHU HQFRQWUDGR XQ PDHVWUR PHMRU -XQWR D 'DY\ VH HPSDSy GH ODV
WpFQLFDV GH ODERUDWRULR TXH XQD YH] TXH HPSH]y D H[SHULPHQWDU SRU VX FXHQWD ULQGLHURQ
H[FHOHQWtVLPRVIUXWRVGHVGHXQPpWRGRSDUDOLFXDUJDVHVRHOGHVFXEULPLHQWRGHOEHQFHQRKDVWDXQ
PHMRUDPLHQWRGHODVOH\HVGHODHOHFWUyOLVLVGHVXPDHVWUR(QVXHVWXGLRGHOPDJQHWLVPRLQWURGXMROD
LGHD GH OtQHDV GH IXHU]D \ HO IUXFWtIHUR FRQFHSWR GH FDPSR PDJQpWLFR 3DVR D SDVR VH LED
DSUR[LPDQGRDVXGHVFXEULPLHQWRFDSLWDO
<D HUD XQ KHFKR FRQVWDWDGR TXH OD FRUULHQWH HOpFWULFD SURGXFtD XQ FDPSR PDJQpWLFR )DUDGD\
LQYLUWLy HO SUREOHPD \ SXHVWR TXH OD HOHFWULFLGDG SURGXFtD PDJQHWLVPR VH SUHJXQWy VL QR VHUtD
SRVLEOHTXHHOPDJQHWLVPRJHQHUDUDHOHFWULFLGDG
$UUROOy XQD HVSLUD DOUHGHGRU GH XQD EDUUD GH KLHUUR \ OD VLWXy IUHQWH D XQD VHJXQGD HVSLUD $O
FLUFXODUODFRUULHQWHSRUODSULPHUDHVSLUDHVSHUDEDTXHODEDUUDWUDQVIRUPDGDHQLPiQLQGXMHUDXQD
FRUULHQWHHQODVHJXQGDHVSLUD
3HURQRSDVDEDQDGD(VYHUGDGTXHDOHQFHQGHUODFRUULHQWHHQODSULPHUDHVSLUDVHSURGXFtDXQD
FRUULHQWHHQODVHJXQGDSHURGXUDEDVyORXQLQVWDQWH\GHVDSDUHFtD7DPELpQDOFRUWDUODHOHFWULFLGDG
TXH LPDQWDED OD EDUUD YROYtD D DSDUHFHU XQD EUHYH FRUULHQWH HQ OD VHJXQGD HVSLUD 3HUR VyOR HVR
)DUDGD\QRORJUDEDSURGXFLUXQDFRUULHQWHFRQWLQXDHQODVHJXQGDHVSLUD\WDUGyHQGDUFRQODFODYH
GHODVXQWR
<ODFODYHGHODVXQWRHVTXHXQFDPSRPDJQpWLFRQRSURGXFHQLQJXQDFRUULHQWHHOpFWULFD3DUD
TXHVHSURGX]FDXQDFRUULHQWHHOpFWULFDHOFDPSRPDJQpWLFRWLHQHTXHYDULDURPRYHUVH$OSUHQGHU
R DSDJDU OD FRUULHQWH HO FDPSR PDJQpWLFR YDULDED \ DSDUHFtDQ EUHYHV FRUULHQWHV HQ OD VHJXQGD
HVSLUD 0LHQWUDV HO FDPSR PDJQpWLFR SHUPDQHFtD LQYDULDEOH QDGD 3HUR )DUDGD\ WDUGy HQ GDUVH
FXHQWD 5HFLpQ HO  GH RFWXEUH GH  KDFLHQGR URWDU XQD HVSLUD HQ XQ FDPSR PDJQpWLFR ORJUy
SURGXFLU XQD FRUULHQWH HOpFWULFD SHUPDQHQWH +DEtD GHVFXELHUWR OD LQGXFFLyQ HOpFWULFD TXH QDGD
WLHQHTXHYHUFRQODLQGXFFLyQFRPRPpWRGRGHFRQRFLPLHQWRGHODFXDOKHPRVKDEODGRWDQWR
)XH XQ GHVFXEULPLHQWR IHOL] 3RU HPSH]DU FHUUy HO FLUFXLWR DVt FRPR OD HOHFWULFLGDG LQGXFH
PDJQHWLVPR HO PDJQHWLVPR LQGXFH HOHFWULFLGDG 3HUR DGHPiV HQ OD LQGXFFLyQ HVWDED LPSOtFLWD XQD
PDQHUDGLUHFWD\SUiFWLFDGHJHQHUDUHOHFWULFLGDGKDFHUJLUDUXQFRQGXFWRUHQXQFDPSRPDJQpWLFR
/OHYDUtDD~QFXDUHQWDDxRVLPSOHPHQWDUOD
)DUDGD\ HVWi HQ OD EDVH GHO PXQGR PRGHUQR &RQ pO OD HOHFWULFLGDG \ HO PDJQHWLVPR ORV GRV
FDPSRV TXH *LOEHUW KDEtD VHSDUDGR KDFtD FLHQWR FLQFXHQWD DxRV YROYtDQ D MXQWDUVH \ D PRVWUDU VX
tQWLPDFRQH[LyQHLQWHUGHSHQGHQFLD6yORIDOWDEDTXHDOJXLHQWUDGXMHUDHVDFRQH[LyQHQHOOHQJXDMHGH
ODV PDWHPiWLFDV HQ XQD VtQWHVLV JHQLDO )DUDGD\ QR KDEtD UHVXHOWR HO SUREOHPD GH TXp HV OD
HOHFWULFLGDG(VDWDUHDTXHGDUtDSDUDILQHVGHOVLJOR;,;\ODUHVSXHVWDKDEUtDGHVHUHQYHUGDGPX\
VRUSUHQGHQWH<YHQGUtDGHODPDQRRWUDYH]GH0D[ZHOOHOUHVSRQVDEOHGHODUHVROXFLyQGHORVWUHV
PLVWHULRVODOX]HOFDORU\HOHOHFWURPDJQHWLVPR
 &$378/2

/DIRUPDGHOFLHOR\ODILORVRItDQDWXUDO

(OVLJOR ;9,,,DVSLUDEDDODXQLGDG3DUDTXLHQVXSLHUDDEDUFDUORFRQXQDVRODPLUDGDHOXQLYHUVR
VHUtD XQ KHFKR ~QLFR \ XQD JUDQ YHUGDG HVFULEtD '$OHPEHUW HQ HO 'LVFXUVR 3UHOLPLQDU GH OD
(QF\FORSpGLH 8Q KHFKR ~QLFR XQ PHFDQLVPR XQLILFDGR GHVGH \D JUDFLDV DO UDFLRQDOLVPR \ D OD
FODVLILFDFLyQ TXH FXOPLQDURQ HQ HO RUGHQDPLHQWR GHO PXQGR QDWXUDO JUDFLDV D OD QRPHQFODWXUD
XQLYHUVDOGH/LQQHRHQODSXHVWDHQPDUFKDGHODTXtPLFDSRU/DYRLVLHUHQODHODERUDFLyQGHXQD
WHRUtDGHODHOHFWULFLGDG
3HURDOPLVPRWLHPSRHOVLJOR;9,,,IXHWHVWLJRGHXQDVHSDUDFLyQIXQGDPHQWDOHQSULPHUOXJDUOD
GHODFLHQFLD\ODILORVRItDSHURFRPRFRQVHFXHQFLDGHHOORODGHWRGDVODVGLVFLSOLQDVSDUWLFXODUHV
6LDQWHVQRVHFRQFHEtDXQDUDPDGHODFLHQFLDVLQRFRPRXQDSDUWHGHXQVLVWHPDILORVyILFRJHQHUDO
DKRUD FDGD XQD VH DUUDVWUDED VRODSDGDPHQWH WUDWDQGR GH IRUWDOHFHU VX LPSXOVR LQWHUQR KDFLD OD
DXWRQRPtD /D PDVD GH GDWRV FLHQWtILFRV FRVHFKDGRV SRU OD FLHQFLD H[SHULPHQWDO KDEtD VLGR WDQ
JUDQGHTXHHOLFHEHUJJLJDQWHVFRTXHWHQtDHQVXEDVHDODPHWDItVLFDFRPRSRVWXODED'HVFDUWHVQR
SRGtD VLQR SDUWLUVH DXQTXH QLQJXQR GH ORV TXH SDVDURQ D RFXSDUVH GH ORV P~OWLSOHV IUDJPHQWRV
SXGLHUD UHDOPHQWH GHMDU GH GDU XQ YLVWD]R HQ OR SURIXQGR SDUD DYHULJXDU TXp KDEtD RFXOWR EDMR HO
DJXDEXVFDQGRXQHPSXMRQFLWRPHWDItVLFRILORVyILFRTXHMXVWLILFDUDORTXHHVWDEDKDFLHQGR/DVOH\HV
LPSHUVRQDOHV TXH KDEtDQ VXVWLWXLGR D OD )H HUDQ ODV TXH JDUDQWL]DEDQ OD FDSDFLGDG GH IORWDU GHO
LFHEHUJSHURHOVHFUHWRGHODVPLVPDVSHUPDQHFtDHQWHUUDGR
$XQTXHHOVLJOR ;9,,,KLSRVWDVLyODUD]yQKDVWDHOSXQWRGHHVWDUSUy[LPRDSHUGHUODFRPROHtHQ
DOJ~Q VLWLR HO HVStULWX FRQWLQXDED VLHQGR DEVROXWDPHQWH RSWLPLVWD WRGR VH DUUHJODUtD WRGR VH
VROXFLRQDUtD 6L DOJR QR VH UHVROYtD VyOR HUD FXHVWLyQ GH HVSHUDU OD LGHD GH SURJUHVR TXH
HFORVLRQDUtDFRQWRGDVXIXULDHQHOVLJORVLJXLHQWHVHIRUWDOHFtDDOIUDJPHQWDUVHHOFRQRFLPLHQWRHQ
HVSHFLDOLGDGHV <D QR VH WUDWDED GH JUDQGHV VLVWHPDV JOREDOHV TXH OXFKDEDQ HQWUH Vt VLQR TXH ODV
SRVWXUDVHPSH]DEDQDSODQWHDUVHGHQWURGHODVGLVFLSOLQDVYLWDOLVWDVFRQWUDPHFDQLFLVWDVQHSWXQLVWDV
FRQWUD SOXWRQLVWDV SDUWLGDULRV GHO IOXLGR HOpFWULFR ~QLFR FRQWUD ORV TXH FUHtDQ HQ ODV GRV
HOHFWULFLGDGHVVXVWDQFLDOLVWDVFRQWUDFLQpWLFRVDFHUFDGHODQDWXUDOH]DGHODOX]\HOFDORUGHIHQVRUHV
\GHWUDFWRUHVGHOIORJLVWR
+XERWDPELpQXQGREOHPRYLPLHQWRHQUHODFLyQFRQHOSDSHOGHOKRPEUHWDQWRHQODQDWXUDOH]D
FRPR HQ OD VRFLHGDG VL ELHQ SRU XQ ODGR HO XQLYHUVR VH KDEtD VRPHWLGR D OD UD]yQ KXPDQD \ HO
KRPEUHHOLQGLYLGXRKDEtDHPSH]DGRDFRQFHELUVHFRPRHODFWRUFHQWUDOGHOPXQGRODVRFLHGDG
\ OD FLHQFLD DO PLVPR WLHPSR OD SHUFHSFLyQ GH VX LPSRUWDQFLD UHDO HQ HO PDUHPiJQXP GH OD
QDWXUDOH]DVHGHELOLWDEDRPHMRUGLFKRVHDGHFXDEDDODYHUGDGHUDGLPHQVLyQTXHWLHQHSRFD3HUR
HVD SRFD LPSRUWDQFLD QR UHVXOWDED DSODVWDQWH QL DEUXPDGRUD SRUTXH WHQtD FRPR FRQWUDSHVR D ODV
SRGHURVDVDUPDVGHODUD]yQWULXQIDQWHHVWDPRVHQSOHQRWUiQVLWRGHOEDUURFRDOQHRFODVLFLVPR
0LHQWUDVWDQWRORVEDUFRVGHHVFODYRVVHJXtDQFUX]DQGRORVPDUHVORVKDELWDQWHVRULJLQDULRVGH
$PpULFD PRUtDQ FRPR PRVFDV HQ HO IRQGR GH ODV PLQDV \ ORV WHODUHV GH 0DQFKHVWHU LPSRQtDQ DO
PXQGRVXVPHUFDQFtDV\XQDQXHYDIRUPDGHFRORQLDOLVPR
(VWH GREOH VHQWLPLHQWR GH RPQLSRWHQFLD SRU OD UDFLRQDOLGDG DOFDQ]DGD \ GH LQIHULRULGDG SRU OD
LQVLJQLILFDQFLDGHODSRVLFLyQGHOKRPEUHHQODWRWDOLGDGGHOXQLYHUVRHPSH]yFRPRVLHPSUHRFXUUH
SRUHOFLHOR/RVPHFDQLFLVWDVGHODpSRFDGHPRVWUDURQODRPQLSUHVHQFLDGHODOH\GHODJUDYLWDFLyQ
HQWRGRVORVULQFRQHVGHOVLVWHPDVRODU\FRQHOHILFD]LQVWUXPHQWRGHODQiOLVLVPDWHPiWLFRORJUDURQ
KDFHUSUHYLVLEOHVODVPiVOHMDQDVFRQVHFXHQFLDVGHODVOH\HVPHFiQLFDVFRQRFLGDV3RUXQPRPHQWR
KDFLD  VX p[LWR SRGtD GHMDU OD LPSUHVLyQ GH TXH OD DVWURQRPtD GRQGH WRGR SDUHFtD KDEHUVH
YXHOWR FDOFXODEOH HVWDED WHUPLQDGD /RV JUDQGHV WHyULFRV FRPR /DSODFH \ /DJUDQJH HODERUDURQ DG
QDXVHDP OD PHFiQLFD FHOHVWH DILQDQGR ORV HOHPHQWRV \ WpFQLFDV PDWHPiWLFDV OHJDGRV GHO VLJOR
DQWHULRU \ GHVDUUROODQGR QXHYRV PpWRGRV FXDQGR IXH QHFHVDULR HQ XQ HVIXHU]R YHUGDGHUDPHQWH
WLWiQLFR3HURDXQTXHDOJXQRVUHVXOWDGRVLPSOLFDEDQWUDQTXLOLGDG/DSODFHSUREyODHVWDELOLGDGGHO
6LVWHPD6RODUSRUHMHPSORHOJLJDQWHVFRFDXGDOWHyULFRQRDJUHJyYHUGDGHUDVQRYHGDGHV
(UD QHFHVDULR HQ HVH SXQWR DOHMDUVH XQ WDQWR GH OD WHRUtD \ SRQHUVH D PLUDU HO FLHOR < DVt HO
QXHYRLPSXOVRYHQGUtDGHODDVWURQRPtDREVHUYDFLRQDO

:LOOLDP+HUVFKHO
+HUVFKHO QDFLy HQ  HQ +DQQRYHU TXH HQWRQFHV HUD XQ SULQFLSDGR HOHFWRUDO GHO 6DFUR ,PSHULR
5RPDQR *HUPiQLFR \ TXH PiV WDUGH VH LQFRUSRUDUtD D $OHPDQLD +LMR GH XQ P~VLFR VLQ UHFXUVRV
OOHJy D ,QJODWHUUD D ORV  DxRV GH HGDG FRPR RERtVWD GH ODV JXDUGLDV KDQQRYHULDQDV &RPR QR OH
JXVWDED HO VHUYLFLR GH ODV DUPDV QL VLTXLHUD FRPR P~VLFR DEDQGRQy HO UHJLPLHQWR \ GHVSXpV GH
DOJXQRV DxRV GH SHQXULDV HFRQyPLFDV RFXSy HO FDUJR GH RUJDQLVWD GH OD FDSLOOD 2FWDJRQ GH %DWK
HVWDFLyQ WHUPDO PX\ GH PRGD HQWRQFHV (Q HVH HQWRQFHV ORV EDxRV WHUPDOHV HUDQ XQD GH ODV
WHUDSpXWLFDVPiVHQERJD\VHJXUDPHQWHQRHUDQQLPXFKRPiVQLPXFKRPHQRVHIHFWLYDVTXHDKRUD
'XUDQWHGLHFLVpLVDxRVIXHRUJDQLVWD\GDEDOHFFLRQHVSULYDGDVSDUDDXPHQWDUVXVLQJUHVRVKDVWDTXH
VHGHVSHUWyVXLQWHUpVSULPHURSRUODySWLFD\OXHJRSRUODDVWURQRPtDSRVLEOHPHQWHDSDUWLUGHXQ
OLEURTXHGLYXOJDEDHOVLVWHPDQHZWRQLDQRGHOPXQGR
)XHXQDVXHUWH+HUVFKHOSULPHURFRPSUyXQSHTXHxRWHOHVFRSLRSHURSURQWRQROHDOFDQ]y\VH
SXVRDFRQVWUXLUXQRPiVFRQVXVSURSLDVPDQRV(QSXGRSRUILQFRQWHPSODUHOFLHORFRQXQ
LQVWUXPHQWR FRPR OD JHQWH /R FXDO WDPSRFR OH DOFDQ]y SRU HO FRQWUDULR VH SXVR D FRQVWUXLU
WHOHVFRSLRV FDGD YH] PiV JUDQGHV WDOODQGR \ SXOLHQGR FHQWHQDUHV GH HVSHMRV KDVWD OOHJDU D WHQHU
DSDUDWRV YHUGDGHUDPHQWH JLJDQWHVFRV SDUD OD pSRFD (Q  PLHQWUDV XQD GH ODV PiV UDGLFDOHV
UHYROXFLRQHVGHODKLVWRULDKXPDQDVHJHVWDEDGHORWURODGRGHO&DQDOGHOD0DQFKDHVWDEDHQSRGHU
GHXQRGHSLHVGHGLVWDQFLDIRFDOTXHHQWRQFHVHUDXQDHQRUPLGDG8QPHVGHVSXpVGHODWRPDGH
OD%DVWLOOD+HUVFKHOVHLQWHUQDEDSRUSULPHUDYH]HQHOFLHORQRFWXUQRFRQVXJLJDQWHGHPHWUR
GHDSHUWXUD
3HUR QR QRV DGHODQWHPRV 0LHQWUDV HVWDED HQ %DWK UHSDUWtD VX YLGD HQWUH OD P~VLFD \ OD
DVWURQRPtDGLVFLSOLQDVPX\OLJDGDVHQWUHVtGHVGHOD$QWLJHGDGVLUHFXHUGDQDXQTXHREYLDPHQWH
\DWRWDOPHQWHVHSDUDGDVSRUHQWRQFHVFRQODD\XGDGHVXKHUPDQD&DWKHULQD/XFUHFLD
TXHIXQFLRQyFRPRDVLVWHQWDGHLQYHVWLJDFLyQVHFUHWDULD\FDOFXOLVWD+DVWDDKtHUDXQGLJDPRV
VLPSOHDVWUyQRPRDILFLRQDGR3HURVLHWHDxRVGHVSXpVGHHPSH]DUFRQVXSULPHUWHOHVFRSLRKL]RXQ
GHVFXEULPLHQWRVHQVDFLRQDOTXHOROOHYyDODIDPD\DOFRQRFLPLHQWRS~EOLFR

8QQXHYRSODQHWD
1XHVWURDPLJRH[SORUDEDGHPDQHUDVLVWHPiWLFDWRGRHOFLHORYLVLEOHGHVGH,QJODWHUUD\HQHOFXUVR
GHHVWDH[SORUDFLyQHOGHPDU]RGHWURSH]yFRQXQDVWURTXHQRDSDUHFtDFRPRSXQWXDO
FRPRRFXUUHFRQODVHVWUHOODVVLQRTXHWHQtDXQGLVFRGLVFHUQLEOH/DFRQFOXVLyQSDUHFtDVHUYLGD
VHWUDWDEDGHXQFRPHWD\DVtORSUHVHQWyVHLVVHPDQDVGHVSXpVHQXQDPHPRULDDOD5R\DO6RFLHW\
5HSRUWHGHXQFRPHWD
6LQ HPEDUJR XQD UHYLVLyQ \ DQiOLVLV GH OD yUELWD PRVWUy TXH pVWD QR SRGtD FRUUHVSRQGHU D OD
WUD\HFWRULD GH XQ FRPHWD 4Xp HUD HQWRQFHV" /D FRQFOXVLyQ QR WDUGy HQ OOHJDU VH WUDWDED GH XQ
QXHYRSODQHWDGHO6LVWHPD6RODU8UDQR
(OGHVFXEULPLHQWRFDXVyVHQVDFLyQ+DVWDHQWRQFHVQLQJ~QQXHYRSODQHWDVHKDEtDDJUHJDGRDOD
VHULH GH ORV FLQFR FRQRFLGRV GHVGH OD PiV UHPRWD $QWLJHGDG 0HUFXULR 9HQXV 0DUWH -~SLWHU
6DWXUQR\ORVPHUHFLGRVKRQRUHVVHGHUUDPDURQVREUHpO'LJDPRVGHSDVRTXH8UDQRKDEtDVLGR
YLVWRYDULDVYHFHV\SRUGLYHUVRVDVWUyQRPRVSHURHQWRGRVORVFDVRVVHORKDEtDFRQIXQGLGRFRQXQD
HVWUHOODPiVHQWUHODVTXHORFLUFXQGDEDQ+HUVFKHOIXHQRPEUDGRPLHPEURGHOD5R\DO6RFLHW\OD
8QLYHUVLGDG GH 2[IRUG OH FRQFHGLy HO WtWXOR GH GRFWRU \ HO SURSLR UH\ GH ,QJODWHUUD OR UHFLELy HQ
DXGLHQFLDSULYDGDGXUDQWHODFXDO:LOOLDPOHVPRVWUyDpO\DVXFRUWHODVPDUDYLOODVTXHVHYHtDQD
WUDYpV GHO WHOHVFRSLR \ HO DVWUyQRPR UHDO WXYR OD RSRUWXQLGDG GH FRQVWDWDU DVRPEUDGR TXH HO
LQVWUXPHQWR FDVHUR XWLOL]DGR SRU +HUVFKHO HUD LQGLVFXWLEOHPHQWH PHMRU TXH HO JUDQ WHOHVFRSLR
QDFLRQDOLQVWDODGRHQHOREVHUYDWRULRGH*UHHQZLFK
6HPHMDQWHKDELOLGDGFRPRFRQVWUXFWRUPHUHFtDDOJ~QWLSRGHUHFRQRFLPLHQWROHGLHURQHOFDUJR
GH FRQVWUXFWRU GH DQWHRMRV GH OD FRUWH XQR GH HVRV DEVXUGRV WtWXORV TXH VROtDQ LQYHQWDU ODV
PRQDUTXtDVFRQXQDSHQVLyQEDVWDQWHDPDUUHWDSHURTXHVHFRPSHQVyFRQHOKHFKRGHTXHPiVWDUGH
HOUH\KDEUtDGHSDJDUODVFXDWURPLOOLEUDVTXHFRVWDUtDHOJUDQWHOHVFRSLRGHSLHVGHOTXH\DOHV
KDEOpHOPiVJUDQGHGHOPXQGR'HWRGRVPRGRVFRQHOGHVFXEULPLHQWRGH8UDQRDFXHVWDVVHFDVy
FRQODKLMDGHXQULFRFRPHUFLDQWHGH/RQGRQ&LW\FRQORFXDOTXHGyOLEUHGHFXDOTXLHUSUHRFXSDFLyQ
PDWHULDO\SXGRGHGLFDUVHSRUHQWHURDODREVHUYDFLyQ$XQTXHHQHVWHFDVRODFRQH[LyQFDXVDOIXH
GLJDPRVFDVLGLUHFWDQRVHSXHGHJHQHUDOL]DUPHGLDQWHLQGXFFLyQ\HVWDEOHFHUFRPRSULQFLSLRTXHHO
GHVFXEULPLHQWRGHXQQXHYRSODQHWDHVHOFDPLQRPiVGLUHFWRSDUDFDVDUVHFRQXQDULFDKHUHGHUD
)XHFRQHVWHJUDQDSDUDWRTXHHVWDEOHFLyVXREVHUYDWRULRHQ6ORXJKDOVXUGH,QJODWHUUDHKL]R
WDQIDPRVDODORFDOLGDGTXHVXSUHVHQFLDDWUDtDODVYLVLWDV\ODFXULRVLGDGGHWRGRHOPXQGR6ORXJK
VH GHFtD HV GH WRGR HO JORER WHUUiTXHR HO OXJDU HQ HO TXH VH UHDOL]y HO PD\RU Q~PHUR GH
GHVFXEULPLHQWRV DVWURQyPLFRV (V TXH HO WHOHVFRSLR GH +HUVFKHO IXH SDUD VX pSRFD OR TXH HO
+XEEOHSDUDODQXHVWUD
(QFXDQWRHOLQVWUXPHQWRIXHPRQWDGRHQVHJXLGDDWUDSyQXHYRVREMHWRVDVWURQyPLFRVGHO6LVWHPD
6RODU0LPDV\(QFHODGXVGRVQXHYRVVDWpOLWHVGH6DWXUQR\2EHUyQ\7LWDQLDVDWpOLWHVGH8UDQR

(VWUHOODVGREOHV
3HUR+HUVFKHOQRVHOLPLWyDO6LVWHPD6RODUVLQRTXHVHHQIUDVFyHQODLQYHVWLJDFLyQGHXQIHQyPHQR
TXHSDUHFtDQRWHQHUH[SOLFDFLyQ<DVHVDEtDTXHPXFKDVHVWUHOODVVHGHVGREODEDQDQWHHOWHOHVFRSLR
SHURVHVXSRQtDTXHHUDXQIHQyPHQRGHELGRDOD]DUODVGRVFRPSRQHQWHVHVWDEDQSRUFDVXDOLGDGHQ
OD PLVPD OtQHD YLVXDO OR FXDO QR HUD GLVSDUDWDGR GHVGH \D GH PRGR TXH VH WUDWDED GH XQ PHUR
HIHFWR GH SHUVSHFWLYD 3HUR +HUVFKHO HQFRQWUy PRQWRQHV GH HVWDV HVWUHOODV GH KHFKR KR\ KHPRV
SRGLGR FRPSUREDU TXH OD PD\RUtD GH ODV HVWUHOODV SHUWHQHFHQ D VLVWHPDV GREOHV WULSOHV \ KDVWD
TXtQWXSOHVFRPRSRUHMHPSORDOIDGHO&HQWDXURODPiVSUy[LPDDOD7LHUUDTXHIRUPDSDUWHGHXQ
FRQMXQWRGHFLQFRHVWUHOODVFDWDORJyRFKRFLHQWDV\FRQFOX\yTXH

(OD]DUQRSXHGHH[SOLFDUHOIUHFXHQWHIHQyPHQRGHODVHVWUHOODVGREOHV
0HGLDQWHPHGLFLRQHVDMXVWDGtVLPDVFRPSUREyTXHHUDQHVWUHOODVTXHJLUDEDQXQDDOUHGHGRU
GHODRWUDRPHMRUGLFKRDOUHGHGRUGHXQFRP~QFHQWURGHJUDYHGDG
'HEHPRVDGPLWLUTXHHVWDVHVWUHOODVQRVRQVRODPHQWHGREOHVHQDSDULHQFLDVLQRTXHIRUPDQ
UHDOPHQWH VLVWHPDV ELQDULRV FX\DV FRPSRQHQWHV HVWiQ tQWLPDPHQWH OLJDGDV HQWUH Vt SRU
DWUDFFLyQPXWXD

(QUHDOLGDG+HUVFKHOHVWDEDWUDWDQGRGHPHGLUODSDUDODMHHVWHODUXQWHPDSHQGLHQWHGHVGHORV
WLHPSRVGH&RSpUQLFR\DQWHVD~QHQORFXDOIUDFDVy3HURORFLHUWRHVTXHVHWUDWDEDGHODSULPHUD
\VHQVDFLRQDOSUXHEDGHTXHODVOH\HVGH1HZWRQVHFXPSOtDQPiVDOOiGHO6LVWHPD6RODUOD*UDQ
/H\GH*UDYLWDFLyQPRVWUDEDVXSRWHQFLDUHDOPHQWHXQLYHUVDO
/D FRVD QR WHUPLQy DKt <D +DOOH\ KDEtD REVHUYDGR TXH ODV HVWUHOODV ILMDV FXDWUR SRU OR
PHQRVQRHUDQWDQILMDVVLQRTXHWHQtDQXQPRYLPLHQWRSURSLR+HUVFKHOFRQILUPyODVPHGLFLRQHV
GH+DOOH\SHURDGHPiVFRQMHWXUyFRPR\DORKDEtDQKHFKRPXFKRVRWURVTXHHO6ROQRSRGtDVHUOD
H[FHSFLyQ6HWUDWDEDGHXQDLGHDTXHKDEtDVLGRDGHODQWDGDSRUYDULRVDVWUyQRPRVSHURTXHVyORpO
FRQVLJXLySUREDU\ORKL]RFRPRVXHOHQKDFHUVHODVFRPSUREDFLRQHVJHQLDOHVPHGLDQWHXQVHQFLOOR
SURFHGLPLHQWRODREVHUYDFLyQFXLGDGRVD\WDPELpQPLOLPpWULFDGHVGH\DOHPRVWUyTXHORVDVWURV
DSDUHQWHPHQWHVHVHSDUDEDQHQXQDGLUHFFLyQGHOFLHORPLHQWUDVTXHHQODGLUHFFLyQRSXHVWDWHQGtDQ
D DFHUFDUVH (VWH FRPSRUWDPLHQWR VyOR SRGtD VHU UHIOHMR GHO GHVSOD]DPLHQWR GH QXHVWUR SURSLR
6LVWHPD6RODUGHOPLVPRPRGRTXHFXDQGRFDPLQDPRVHQXQERVTXHRHQWUHXQDPXOWLWXGORViUEROHV
R ODV SHUVRQDV HQ HO VHQWLGR GH QXHVWUR PRYLPLHQWR SDUHFHQ VHSDUDUVH PLHQWUDV TXH KDFLD DWUiV
SDUHFHQFRPSDFWDUVH
$VtSXGRDQXQFLDUHQTXHHO6RO\WRGRHO6LVWHPD6RODUVHGLULJHQKDFLDXQSXQWRVLWXDGR
HQ OD FRQVWHODFLyQ GH +pUFXOHV HO OODPDGR DSH[ VRODU < QRWHQ XQD FRVD HQ WRGR HVWH
UD]RQDPLHQWR GHVGH +DOOH\ D +HUVFKHO VH YH TXH OD LGHD GH TXH HO 6RO HV XQD HVWUHOOD FRPR ODV
GHPiVHVWiFRPSOHWDPHQWHQDWXUDOL]DGD

/DJDOD[LD
3ODQHWDV HVWUHOODV VDWpOLWHV HO LQFUHtEOH SDQRUDPD QR GHWXYR D +HUVFKHO (O SDVR VLJXLHQWH HUD
DYHULJXDUODHVWUXFWXUDJHQHUDOGHOXQLYHUVR
 3RU VXSXHVWR QR IXH HO SULPHUR HQ SODQWHDUVH HO SUREOHPD $ OR ODUJR GHO VLJOR ;9,,, 7KRPDV
:ULJKW,PPDQXHO.DQW\-RKDQQ+HLQULFK/DPEHUW\DKDEtDQ
IRUPXODGRKLSyWHVLV.DQWHQVX$OOJHPHLQH1DWXUJHVFKLFKWHRSLQDEDTXHHOXQLYHUVRHVWHODUFX\R
OtPLWH DSDUHQWH FRQVWLWX\H OD 9tD /iFWHD FRQVLVWtD HQ XQ VLVWHPD DFKDWDGR FRPSUHQGLGR HQWUH GRV
SODQRV SDUDOHORV \ UHODWLYDPHQWH SUy[LPRV GHO FXDO HO 6RO RFXSDUtD PiV R PHQRV HO FHQWUR XQ
XQLYHUVRLVOD1RHUDXQDLGHDDUELWUDULDEDVWDREVHUYDUHOFLHORQRFWXUQRHQORSRVLEOHOHMRVGHODV
FLXGDGHV\RWUDVIXHQWHVGHOX]SHURHQWRQFHVKDEtDPX\SRFDFRQWDPLQDFLyQOXPLQRVDSDUDYHUTXH
ODVHVWUHOODVSDUHFHQDFXPXODUVHHQXQDIUDQMDDFKDWDGDOD9tD/iFWHD
:ULJKW H[SUHVy VXV FRQMHWXUDV HQ XQD RULJLQDO 7KHRU\ RU 1HZ +\SRWKHVLV RI 8QLYHUVH 
OOHJDQGRDFRQFOXVLRQHVVHPHMDQWHVDODVGH.DQW/DPEHUWSRUVXSDUWHVRVWHQtDHQTXHFDGD
HVWUHOOD VHUtD XQ 6RO URGHDGR SRU SODQHWDV FRQVWLWX\HQGR XQ VLVWHPD GH SULPHU RUGHQ FDGD VRO DO
LJXDO TXH HO QXHVWUR SHUWHQHFHUtD D XQ FRQMXQWR FRPSXHVWR SRU XQ PLOOyQ \ PHGLR GH HVWUHOODV TXH
FLUFXODQHQWRUQRGHXQFHQWURFRP~QGHJUDYHGDG\IRUPDQXQVLVWHPDGHVHJXQGRRUGHQDVXYH]XQ
JUDQ Q~PHUR GH HVWRV FRQMXQWRV IRUPDQ OD 9tD /iFWHD VLVWHPD GH WHUFHU RUGHQ FRQVWLWXLGR SRU XQ
GLVFR GH HVSHVRU UHODWLYDPHQWH SHTXHxR < HUD SRVLEOH TXH HO FRQMXQWR GH YtDV OiFWHDV IRUPDUD XQ
VLVWHPD GH FXDUWR RUGHQ 0LHQWUDV WDQWR :ULJKW WHQtD XQD H[WUDxD LQWXLFLyQ TXH OHV FXHQWR HQ XQ
UHFXDGUR
+HUVFKHOWDPELpQHVWDEDSUHRFXSDGRSRUHOWHPD

(O FRQRFLPLHQWR GH OD FRQVWUXFFLyQ GHO FLHOR KD VLGR VLHPSUH HO VXSUHPR REMHWR GH PLV
HVWXGLRV

HVFULELyHQ
/DVHVSHFXODFLRQHVGH.DQW/DPEHUWR:ULJKWHUDQUD]RQDEOHVPX\UD]RQDEOHVHQUHDOLGDG
DXQTXHVX~QLFDEDVHHPStULFDHUDODREVHUYDFLyQDVLPSOHYLVWDGHOKHFKRGHTXHODVHVWUHOODVVH
DSLxDEDQHQXQDIUDQMDHVWUHFKD
+HUVFKHOWUDWyGHIXQGDPHQWDUHVWDKLSyWHVLVPHGLDQWHXQDH[SORUDFLyQPiVPLQXFLRVDGHOFLHOR
FRQWDQGRHOQ~PHURGHHVWUHOODVTXHSDVDEDQHQXQWLHPSRGDGRSRUHOFDPSRYLVXDOGHVXWHOHVFRSLR
\ GHGXFLHQGR HVWDGtVWLFDPHQWH OD GHQVLGDG HVWHODU (O SUR\HFWR OH OOHYy WUHLQWD DxRV \ FRPR
REYLDPHQWHQRSXGRREVHUYDUWRGR HO FLHOR FRQ VX WHOHVFRSLR TXH VyOR DEDUFDED  GH OD
EyYHGDFHOHVWHWXYRTXHOLPLWDUVHDXQPXHVWUHR
3HURHODVXQWRHVTXHOOHJyDUHVXOWDGRVPX\SDUHFLGRVDORVSUHGLFKRVSRU.DQW\/DPEHUWOD
JDOD[LD HV XQD LQPHQVD DJORPHUDFLyQ KHWHURJpQHD GH HVWUHOODV FRQ OD IRUPD GH XQ GLVFR PX\
DSODQDGR FRQ GRV HMHV GHVLJXDOHV (Q  +HUVFKHO DGPLWLy TXH VXV PHGLRV QR HUDQ VXILFLHQWHV
SDUDGLOXFLGDUODSURSRUFLyQHQWUHORVGRVHMHV\YDWLFLQyTXHODGHWHUPLQDFLyQGHOYHUGDGHURWDPDxR
GHODJDOD[LDWHQGUtDTXHHVSHUDUDQXHYDVJHQHUDFLRQHVGHDVWUyQRPRV\WHOHVFRSLRVPiVSRWHQWHV
FRPRHIHFWLYDPHQWHRFXUULy
(QWUH WDQWR KDEtD REVHUYDGR XQ WLSR GH REMHWRV TXH SDUHFtDQ EDVWDQWH PLVWHULRVRV \ TXH
FHQWUDUtDQ OD GLVFXVLyQ DVWURQyPLFD GXUDQWH WRGR HO VLJOR ;,; < HV TXH HQ OD QDWXUDOH]D GH HVWRV
REMHWRVHVWDEDODFODYHGHODDUTXLWHFWXUDGHOXQLYHUVR
/DVQHEXORVDV\ODWHRUtDGHOXQLYHUVRLVOD
(VWRV REMHWRV HUDQ ODV QHEXORVDV JUDQGHV R PHGLDQDV PDQFKDV EODQTXHFLQDV \ GLIXVDV <D VH
FRQRFtD XQ FHQWHQDU GH REMHWRV GH HVH WLSR OD QHEXORVD GH $QGUyPHGD SRUTXH VH XELFD HQ HVD
FRQVWHODFLyQ KDEtD VLGR REVHUYDGD D VLPSOH YLVWD SRU ORV DVWUyQRPRV iUDEHV ODV QXEHV GH
0DJDOODQHVFRPRVXQRPEUHORGHODWDKDEtDQVLGRYLVWDVHQHOVXUSRUHOJUDQQDYHJDQWHHQVH
KDEtDGHVFXELHUWRODGH2ULyQHQODGH6DJLWDULR+DOOH\HQHQXPHUyVHLV\SRU~OWLPR
HO IUDQFpV 0HVVLHU  LQFOX\y FLHQ HQ VX IDPRVR FDWiORJR +HUVFKHO HOHYy HO Q~PHUR D

(O SUREOHPD HV TXH QR VH WHQtD OD PHQRU LGHD GH OR TXH HUDQ 1XHVWUR SURWDJRQLVWD FRQVLJXLy
UHVROYHUHQHVWUHOODVDOJXQDVGHHOODV\JHQHUDOL]yXQWDQWRDSUHVXUDGDPHQWHGLFLHQGRTXHWRGDVODV
QHEXORVDVHUDQDJORPHUDGRVHVWHODUHVGHPRGRWDOTXHFXDOTXLHUDSRGUtDGHVFRPSRQHUVHHQHVWUHOODV
VL VH WXYLHUDQ LQVWUXPHQWRV GH REVHUYDFLyQ OR VXILFLHQWHPHQWH SRGHURVRV 3HUR VL QR SRGtDQ
GHVFRPSRQHUVH HQ HVWUHOODV REMHWRV WDQ JUDQGHV HV TXH VXV GLVWDQFLDV GHEtDQ VHU GHVFRPXQDOHV
VXSHUDQGR FRQ FUHFHV ORV ERUGHV GH OD 9tD /iFWHD 6H WUDWDED HQWRQFHV GH HQMDPEUHV HVWHODUHV
VHPHMDQWHVDOD9tD/iFWHDTXHIORWDEDQHQHOHVSDFLROHMRVPX\OHMRVGHHOOD(UDQRWUDVJDOD[LDV
RWURV XQLYHUVRVLVOD $Vt HQ  +HUVFKHO FUH\y KDEHU GHPRVWUDGR OR TXH 7KRPDV :ULJKW \ HO
PLVPtVLPR .DQW KDEtDQ LQWXLGR OD PXOWLSOLFLGDG GH ODV JDOD[LDV OD LQTXLHWDQWH SOXUDOLGDG GH ORV
PXQGRV
1RGXUDUtDGHPDVLDGR'HVSXpVGHXQWLHPSRFDPELyGHSRVWXUDWUDVREVHUYDUTXHDOJXQDVGH
HOODV HUDQ HIHFWLYDPHQWH PDVDV GH JDV GLIXVR GHFLGLy TXH VH WUDWDED GH REMHWRV LQWHUQRV GH OD
JDOD[LD
/DGLVFXVLyQVHDUUDVWUDUtDGXUDQWHWRGRHOVLJOR ;,;\VHUHVROYHUtDUHFLpQHQODVHJXQGDGpFDGD
GHOVLJOR;;
+HUVFKHOPXULyHQDORVDxRVGHHGDG\GHMyWUDVGHVtXQXQLYHUVRPXFKRPiVULFR\
FRPSOHWRTXHDTXHOFRQHOTXHVHKDEtDHQFRQWUDGR*UDFLDVDpOODVHVWUHOODVGHMDURQGHYHUVHFRPR
FXHUSRVFHOHVWHVGHQDWXUDOH]DHQLJPiWLFDSDUDFRQYHUWLUVHGHILQLWLYDPHQWHHQVROHVFRPSDUDEOHVFRQ
HODVWURFHQWUDOGHQXHVWURVLVWHPD1LQJXQDGHHOODVHVILMDWRGDVLQFOXVRHO6ROVHGHVSOD]DQHQHO
HVSDFLR JDOiFWLFR 0LOHV VRQ HQ UHDOLGDG DVWURV JHPHORV VLVWHPDV JLUDWRULRV FX\RV PRYLPLHQWRV
REHGHFHQ D OD IpUUHD /H\ GH 1HZWRQ $GHPiV PXFKDV VH UH~QHQ HQ HQRUPHV F~PXORV TXH IRUPDQ
QXHYDVXQLGDGHVItVLFDV/DGLVWDQFLDDXQTXHHQRUPH\DQRHVODPLVPDSDUDWRGDV
0iV DOOi GH ODV HVWUHOODV EULOODQWHV \ FHUFDQDV VH DEUHQ LQPHQVRV FDPSRV HVWHODUHV FRQ GpELO
OXPLQRVLGDG DSDUHQWH FX\R FRQMXQWR HQWUHPH]FODGR FRQ PDVDV JDVHRVDV FRQVWLWX\H HO GLVFR
DFKDWDGRGHODJDOD[LDQXHVWURXQLYHUVRLVOD
3HUR PLHQWUDV +HUVFKHO UHWRPDED FRQ IXHU]D OD LGHD REVHUYDFLRQDO HQ DVWURQRPtD ILHO DO
FRPSURPLVR GH  TXH FRPELQDED UDFLRQDOLVPR \ HPSLULVPR \ FRQVWUXtD XQ PDSD GHO FLHOR
LQILQLWDPHQWHPiVULFRTXHHOTXHH[LVWtDKDVWDHQWRQFHVGHMDQGRLJXDOPHQWHPXFKRVFDEOHVVXHOWRV
SDUDTXHVHDJDUUDUDQGHHOORVODVJHQHUDFLRQHVVXFHVLYDVDTXtHQOD7LHUUDVHSURGXFtDXQVDFXGyQ
SROtWLFRVRFLDO\FRQFHSWXDOTXHWDPELpQPDUFDUtD\GHWHUPLQDUtDORVWLHPSRVSRUYHQLU\TXHHUDHO
UHVXOWDGRGHOODUYDGRPDGXUDUGHOUDFLRQDOLVPRDORODUJRGHOVLJOR;9,,,OD5HYROXFLyQ)UDQFHVD

:ULJKW\ORVDJXMHURVQHJURV

7RGRFDPSRJUDYLWDWRULRWLHQHORTXHVHOODPDXQDYHORFLGDGGHHVFDSHTXHHVODYHORFLGDGPtQLPDLQLFLDOTXHGHEH
WHQHUXQPyYLOSDUDQRHQWUDUHQyUELWDDOUHGHGRUGHODVWURTXHORSURGXFH$VtSRUHMHPSORVL\RTXLVLHUDODQ]DUXQ
FRKHWH SDUD TXH OOHJDUD KDVWD 0DUWH GHEHUtD KDFHUOR FRQ XQD YHORFLGDG LQLFLDO GH  NPV SRU VHJXQGR 
NPKRPiVHQFDVRFRQWUDULRRELHQFDHUtDDOD7LHUUDSRULQIOXMRGHODDFFLyQJUDYLWDWRULDRELHQTXHGDUtDRUELWDQGR
FRPROD/XQD
3XHVELHQ:ULJKWFRQRFLHQGRODYHORFLGDGGHODOX]\FRQVLGHUDQGRFRPRORKDFtD1HZWRQTXHODOX]HVXQFKRUUR
GHFRUS~VFXORVUHFRUGHPRVTXHHVWDEDHQSOHQDYLJHQFLDODRSRVLFLyQHQWUHODWHRUtDRQGXODWRULD\ODFRUSXVFXODU
FDOFXOyTXHVLHQODQDWXUDOH]DH[LVWLHUDQUHDOPHQWHFXHUSRVFX\DGHQVLGDGQRIXHUDPHQRUTXHODGHO6RO\FX\RV
GLiPHWURVIXHUDQPiVGHYHFHVHOGLiPHWURGHO6ROODYHORFLGDGGHHVFDSHVHUtDPD\RUTXHODGHODOX]GH
PRGRTXHpVWDQRSRGUtD]DIDUGHOFDPSRJUDYLWDWRULR\OOHJDUKDVWDQRVRWURV3RUORWDQWRHOREMHWRQRVUHVXOWDUtD
LQYLVLEOH XQ DJXMHUR QHJUR GHVGH \D TXH :ULJKW QR XVy HVWD GHQRPLQDFLyQ DXQTXH SRGUtDPRV LQIHULU VX
H[LVWHQFLDPHGLDQWHFXDOHVTXLHUDFXHUSRVOXPLQRVRVTXHHVWXYLHUDQJLUDQGRHQyUELWDVHQWRUQRGHHOORV'HKHFKR
HV DVt FRPR ORV DVWUyQRPRV GHGXFHQ DFWXDOPHQWH OD H[LVWHQFLD GH ORV DJXMHURV QHJURV 8QD LGHD H[WUDxD SDUD HO
VLJOR;9,,,DXQTXHFRPRYHQPX\VHQFLOOD6XILFLHQWHPHQWHVHQFLOODFRPRSDUDTXHRWURDVWUyQRPR/DSODFHGLHUD
WDPELpQFRQHOOD

8QVDFXGyQSROtWLFROD5HYROXFLyQ)UDQFHVD
$XQTXH QR VHD XQ KHFKR FLHQWtILFR OD 5HYROXFLyQ )UDQFHVD SRU VX LQWHQWR GH FRQVWUXFFLyQ GH XQD
VRFLHGDG UDFLRQDO EDVDGD HQ SULQFLSLRV DEVWUDFWRV \ JHRPpWULFRV SRU VX HOHYDFLyQ GH OD UD]yQ D
FXHVWLyQ GH (VWDGR HV OD SHUIHFWD FXOPLQDFLyQ SROtWLFD GH OD OtQHD UDFLRQDOLVWD IUDQFHVD GHO VLJOR
;9,,,DGHPiVGHVHUXQKLWRSROtWLFRPD\RUHQWRGDODKLVWRULDKXPDQD
1R HPSH]y FRPR VH VXHOH FUHHU HO  GH MXOLR GH  FRQ OD WRPD GH OD %DVWLOOD TXH VH KD
FRQYHUWLGR HQ VX VtPEROR HPEOHPiWLFR )XH DQWHV GHVGH HO  GH PD\R GH HVH DxR KDEtDQ HVWDGR
UHXQLGRV ORV (VWDGRV *HQHUDOHV XQD DQWLJXD LQVWLWXFLyQ GH RULJHQ PHGLHYDO TXH FRQJUHJDED D
UHSUHVHQWDQWHV GH ORV WUHV HVWDGRV OD QREOH]D HO FOHUR \ HO HVWDGR OODQR EXUJXHVtD \ FX\R
REMHWLYRHUDDSR\DURPRVWUDUODDTXLHVFHQFLDGHODQDFLyQDQWHGHWHUPLQDGDVPHGLGDVGHOWURQR\HQ
JHQHUDO DFHSWDU HO LPSXHVWR WRGDV R FDVL WRGDV ODV DVDPEOHDV PHGLHYDOHV WHQtDQ HO REMHWLYR GH
FRQYDOLGDUHOLPSXHVWRVHJ~QHOYLHMRSULQFLSLRGHTXHQRKD\LPSXHVWRVLQUHSUHVHQWDFLyQ
/DV DVDPEOHDV WHQGUtDQ GLVWLQWRV GHUURWHURV KLVWyULFRV PLHQWUDV TXH ORV SDUODPHQWRV LQJOHVHV
GHVSXpV GH VLJORV GH SUXHED \ HUURU ELHQ GH DFXHUGR FRQ HO HVStULWX HPSLULVWD LQJOpV VH KDEtDQ
FRQYHUWLGRHQSRGHUHVSHUPDQHQWHVORV(VWDGRV*HQHUDOHVIUDQFHVHVKDEtDQWHQGLGRDGHVYDQHFHUVH
\ GH KHFKR FDGD UDUD YH] TXH HUDQ FRQYRFDGRV \ QR KDFtDQ H[DFWDPHQWH OR TXH OD PRQDUTXtD
UHTXHUtD VH ORV GLVROYtD SRU HO VLPSOH H[SHGLHQWH GH GHVFROJDU ODV WDSLFHUtDV GH ODV VDODV GH
GHOLEHUDFLyQ
(QHVWHFDVRODVFRVDVVHUtDQGLVWLQWDVORV(VWDGRV*HQHUDOHVGHKDEtDQVLGRSUHFHGLGRV
SRUXQDLQWHQVDFDPSDxDSROtWLFDTXHLQXQGy)UDQFLDGHSDQIOHWRV/RVSULQFLSDOHVUHFODPRVHUDQXQD
FRQVWLWXFLyQ HO LPSXHVWR FRQVHQWLGR SRU HO YRWR FDUUHUDV DELHUWDV D ORV WDOHQWRV LJXDOGDG GH
GHUHFKRVGHOHVWDGROODQRODSHULRGLFLGDGGHODFRQYRFDWRULD$GHPiVHOHVWDGROODQRWHQGUtDGREOH
UHSUHVHQWDFLyQ
(O WUDVWRUQR ILQDQFLHUR TXH KDEtD IRU]DGR HO OODPDGR D ORV (VWDGRV *HQHUDOHV QR HUD
LUUHPHGLDEOH QR HUDQ FRPR VH VXHOH FUHHU ORV JDVWRV GH OD FRUWH ORV SULQFLSDOHV FXOSDEOHV GHO
GHVFDODEURHFRQyPLFRHOGpILFLWVyORVHKDEtDKHFKRLUUHPRQWDEOHSRUODLPSRVLELOLGDGGHLPSRQHU
HO LPSXHVWR D ODV FODVHV ULFDV QREOH]D \ FOHUR \ SRU HO DOWtVLPR FRVWR GH VRVWHQHU XQ HMpUFLWR
SHUPDQHQWH 1DGLH SHQVDED QL VLTXLHUD VRxDED FRQ OD SRVLELOLGDG UHPRWD GH FXHVWLRQDU D OD
PRQDUTXtDQDGLHSRGUtDKDEHUDGLYLQDGRORTXHGHVSXpVSDVDUtD
/D$VDPEOHDQRVHUHXQLyHQ3DUtVVLQRHQ9HUVDOOHVOXJDUTXHHOUH\FRQVLGHUDEDPiVVHJXUR(O
GtDGHODLQDXJXUDFLyQKXERXQGLVFXUVRYDJRGHOWURQRHQHOTXHQRVHKDEOyGHOYRWRSRUFDEH]DQL
GHODSHULRGLFLGDGWRGRVVLQHPEDUJRVHVHSDUDURQDOJULWRGH9LYDHO5H\
/RVGLVWLQWRVHVWDGRVVHPDQGDURQHPEDMDGRUHVHOHVWDGROODQRLQYLWyDORVGRVHVWDGRVUHVWDQWHV
HO FOHUR \ OD QREOH]D D XQLUVH FRQ pO $OJXQRV GLSXWDGRV VXHOWRV GH ORV HVWDGRV SULYLOHJLDGRV
UHVSRQGLHURQFRQHOORVHOGHMXQLRHOHVWDGROODQRVHSURFODPy$VDPEOHD1DFLRQDO\GHFLGLy
TXHHOGtDHQTXHVHGLVROYLHUDFHVDUtDHQWRGD)UDQFLDODSHUFHSFLyQGHLPSXHVWRVTXHQRKXELHUDQ
VLGR YRWDGRV SRU HOOD /RV GLSXWDGRV UHWRPDEDQ HO YLHMR SULQFLSLR QR KD\ LPSXHVWR VLQ
UHSUHVHQWDFLyQ(UDXQDPHGLGDDXGD]TXHPDUFDEDHOULWPRGHORVWLHPSRVHQFXUVR
9LVWDV ODV FLUFXQVWDQFLDV HO  GH MXQLR /XLV ;9, TXLVR FHUUDU OD $VDPEOHD HO HVWDGR OODQR
UHVLVWLy\HOUH\WHUPLQySRUFHGHU4XLHUHQTXHGDUVH"<EXHQRIRWUHTXHVHTXHGHQVHFXHQWD
TXHGLMR<DFRQWLQXDFLyQRUGHQyODUHXQLyQGHORVWUHVyUGHQHV3HURHOGHMXOLRXQQXHYRWRXU
GHIRUFHHQOD&RUWHLPSXVRDOSDUWLGRGHODUHLQD0DUtD$QWRQLHWDGXURHLQWUDQVLJHQWH\GHVWLWX\y
DOPLQLVWURGH+DFLHQGD1HFNHU8QGtDPiVWDUGHODQRWLFLDOOHJyD3DUtV(OSXHEORWHPtDXQJROSH
GH(VWDGR\ODFLXGDGVHOOHQyGHUXPRUHV(OSDQHVFDVHDED(OGHMXOLRHOSXHEORVDTXHyODV
DUPHUtDV WUDWy GH IRU]DU ORV DUVHQDOHV VDFy GHO 3DODFLR GH ORV ,QYiOLGRV YHLQWLRFKR PLO IXVLOHV \
FLQFRFDxRQHV\KDELpQGRVHHQWHUDGRGHTXHORVGHSyVLWRVGHSyOYRUDKDEtDQVLGRWUDVODGDGRVDOD
%DVWLOODHPSH]yDFRQFHQWUDUVHDVXDOUHGHGRU&RPHQ]DEDODMRUQDGDGHOGHMXOLR\ODWRPDGHOD
%DVWLOODPRVWUyTXHODUHYROXFLyQLEDHQVHULR
(OGHDJRVWRVHDEROLHURQORVSULYLOHJLRVIHXGDOHV\HFOHVLiVWLFRV\HOGHHVHPLVPRPHVOD
$VDPEOHDSURFODPyORVGHUHFKRVGHOKRPEUH\HOFLXGDGDQR

SDUDWRGRVORVKRPEUHVSDUDWRGRVORVWLHPSRVSDUDWRGDVODVQDFLRQHV

(UD OD PiV SXUD PDQHUD GH HQXQFLDU HQ IRUPD GH OH\ JHRPpWULFD XQ SULQFLSLR SROtWLFR TXH
UHVSRQGtDODE~VTXHGDGHXQLGDGFDUDFWHUtVWLFDGHOVLJOR
,QFUHtEOHPHQWH HO YLHMR RUGHQ VH KDEtD GHUUXPEDGR SRU FRPSOHWR HQ HO FXUVR GH XQRV SRFRV
PHVHVDXQTXHQRVHYLVOXPEUDUDHQTXpLEDDFRQVLVWLUHOQXHYR
(O  GH MXOLR HQ 9HUVDOOHV HO UH\ GH )UDQFLD VH GHGLFy D OD FD]D GXUDQWH WRGR HO GtD OXHJR
IDWLJDGR VH IXH D DFRVWDU (O  SRU OD PDxDQD HO GXTXH GH /LDQFRXUW OR GHVSHUWy \ OH UHODWy ORV
DFRQWHFLPLHQWRV GH 3DUtV (V XQD UHYXHOWD" SUHJXQWy /XLV ;9, 1R PDMHVWDG FRQWHVWy HO
GXTXHHVXQDUHYROXFLyQ
8QDQXHYDPDQHUDGHPHGLU
0LHQWUDVOD5HYROXFLyQHPSH]DEDDGHVSOHJDUVXYLROHQWDGLQiPLFDTXHFXOPLQDUtDHQHO7HUURUGH
5REHVSLHUUHVHUHWRPDEDXQYLHMRVXHxRGHOD$FDGHPLD)UDQFHVDGH&LHQFLDVEDVDUORVVLVWHPDV
GHPHGLGDHQXQHVWiQGDUSHUPDQHQWH
(QOD$VDPEOHD&RQVWLWX\HQWHVXFHVRUDGHOD$VDPEOHD1DFLRQDODSUREyODSURSXHVWDGH
7DOOH\UDQGGHTXHVHHVWXGLDUDXQVLVWHPDGHQXHYDVXQLGDGHVGHSHVDV\PHGLGDVTXHVLUYLHUDSDUD
WRGDV ODV QDFLRQHV 0X\ D OD IUDQFHVD VH GHFLGLy DGRSWDU FRPR XQLGDG GH ORQJLWXG XQD
GLH]PLOORQpVLPD SDUWHGH ODGLVWDQFLD HQWUHHO 3ROR1RUWH\HO(FXDGRUPHGLGDVREUHHOPHULGLDQR
TXHFUX]D3DUtVREYLDPHQWHWDOPHGLGDHVHOPHWURFRQP~OWLSORV\VXEP~OWLSORVFRQWDGRVHQHO
VLVWHPD GHFLPDO GHO FXDO GHULYDQ WDPELpQ ODV XQLGDGHV GH iUHD YROXPHQ \ SHVR /RV DVWUyQRPRV
0pFKDLQ\'HODPEUHIXHURQORVHQFDUJDGRVGHPHGLUHOH[WHQVRDUFRGHPHULGLDQRHQWUH'XQNHUTXH\
%DUFHORQD HPSUHVD FLHQWtILFD ODUJD \ SHQRVD TXH FRLQFLGLy FRQ ORV PiV WXUEXOHQWRV DxRV GH OD
5HYROXFLyQOD$VDPEOHD&RQVWLWX\HQWHGLRSDVRDOD/HJLVODWLYD\pVWDDOD&RQYHQFLyQFRQORFXDO
)UDQFLDVHWUDQVIRUPDEDHQUHS~EOLFD/XLV;9,\0DUtD$QWRQLHWDVXELHURQDOFDGDOVR(PSH]DEDHO
7HUURUTXHGHYRUyFRPR6DWXUQRDVXVSURSLRVKLMRVFD\y'DQWRQ\HPSH]yODEUHYHGLFWDGXUDGH
5REHVSLHUUHTXHOOHJyDHQWURQL]DUDODGLRVD5D]yQ\GHFODUDUXQH[WUDxRFXOWRGHO6HU6XSUHPR
FRPRUHOLJLyQRILFLDOGH)UDQFLD
5REHVSLHUUHIXHDSUHVDGRHO,;GH7HUPLGRUGHODxR,,,GHMXOLRGHUHFRUGHPRVTXHOD
5HYROXFLyQ SDUD PDUFDU VX FDUiFWHU UDGLFDOPHQWH QRYHGRVR KDEtD LPSXHVWR XQ FDOHQGDULR SURSLR
WDPELpQ GHFLPDO TXH GHVWURQDED WRGD UHVRQDQFLD FULVWLDQD \ JXLOORWLQDGR XQ GtD GHVSXpV (O
'LUHFWRULRTXHORVXFHGLy\PiVWDUGHHO&RQVXODGRSUHSDUDURQHOFDPLQRGHO,PSHULR
(QPHGLRGHWRGRHVWHEDUXOORSROtWLFRODVRSHUDFLRQHVJHRGpVLFDVTXHKDEtDQVLGRLQLFLDGDVHQ
VyORSXGLHURQVHUWHUPLQDGDVHQVXSHUDQGRODVPiVLPSUHYLVWDVYLFLVLWXGHV'HODPEUH
DFXVDGRGHUHDOLVWD0pFKDLQGHWHQLGRHQ(VSDxDFRPRHVStD1RREVWDQWH\DDQWHVGHHVDIHFKDHO
GHDEULOGHRHO*HUPLQDOGHODxR,,,GHOD5HYROXFLyQVHSURPXOJyODOH\TXHLQWURGXMR
HOVLVWHPDPpWULFR(OQXHYRRUGHQQHFHVLWDEDXQDQXHYDPDQHUDGHPHGLUHOPXQGR\ODLPSRQtDSRU
GHFUHWR3DUDWRGRVORVKRPEUHVSDUDWRGRVORVWLHPSRVSDUDWRGDVODVQDFLRQHV
8OWHULRUHV SHUIHFFLRQDPLHQWRV GH ORV LQVWUXPHQWRV JHRGpVLFRV UHYHODURQ TXH HO PHWUR SDWUyQ
REWHQLGR FRQ WDQ JUDQGHV VDFULILFLRV \ FRQVHUYDGR EDMR OD IRUPD GH XQD EDUUD GH SODWLQR HQ ORV
$UFKLYHVGH3DULVQRHUDVLQRXQDXQLGDGFRQYHQFLRQDOHQUHDOLGDGVHSDUDGRSRUGRVPLOpVLPDVGH
PLOtPHWURGHODPDJQLWXGTXHVLUYLHUDGHEDVHSDUDVXGHILQLFLyQ6HIDEULFyXQDEDUUDGHSODWLQRH
LULGLRTXHIXHGHSRVLWDGDHQOD2ILFLQD,QWHUQDFLRQDOGH3HVDV\0HGLGDVGH6HYUHVFHUFDGH3DUtV
6REUHODEDUUDVHJUDEDURQGRVILQtVLPDVPDUFDVODGLVWDQFLDHQWUHHVDVGRVPDUFDVGHILQtDHOPHWUR
(VWH PHWUR SDWUyQ VREUHYLYLy D OD 5HS~EOLFD DO ,PSHULR \ D OD 5HVWDXUDFLyQ TXH VH SURGXMR
FXDQGR 1DSROHyQ IXH GHILQLWLYDPHQWH GHUURWDGR HQ :DWHUORR \ DVFHQGLy DO WURQR /XLV ;9,,, (Q
YHUGDGHOPHWURUHLQyLQGLVFXWLGRGXUDQWHFDVLGRVFLHQWRVDxRV
3HUR HQ  HQ OD &RQIHUHQFLD ,QWHUQDFLRQDO GH 3HVDV \ 0HGLGDV HQ 3DUtV IXH GHUURFDGR \
UHGHILQLGRFRPRODGLVWDQFLDUHFRUULGDSRUODOX]HQHOYDFtRGXUDQWHGHVHJXQGR
$VtODXQLGDGGHORQJLWXGTXHGDVXERUGLQDGDDODXQLGDGGHWLHPSREDMRODIpUUHDYLJLODQFLDGHXQD
GHODVFRQVWDQWHVXQLYHUVDOHVODYHORFLGDGGHODOX]HQHOYDFtRTXHVHJ~QODWHRUtDGHODUHODWLYLGDG
GH(LQVWHLQHVODPLVPDGHVGHFXDOTXLHUVLVWHPDGHUHIHUHQFLDSRVLEOHHQHOXQLYHUVR
'LVWDGHVHUXQDFXULRVLGDG/DVDQVLDVGHXQLYHUVDOLGDGGHTXLHQHVTXLVLHURQEDVDUHOVLVWHPDGH
PHGLGDV HQ ODV GLPHQVLRQHV GH OD 7LHUUD \ QR OR ROYLGHPRV HQ HO PHULGLDQR GH 3DUtV FHGLy DO
DQKHOR FyVPLFR GH XQD pSRFD TXH FRQVLGHUD KDEHU GHVFLIUDGR XQD GH ODV FODYHV PDHVWUDV GH OD
QDWXUDOH]D\DODTXHHOHVWiQGDUGHOVLJOR ;9,,,OHSDUHFHDUELWUDULRHOPHWURGHEHVHUGHILQLGRHQ
IXQFLyQGHDOJRYHUGDGHUDPHQWHXQLYHUVDOFRPRORHVODYHORFLGDGGHODOX]HQHOYDFtR
1RSRUHOORVLQHPEDUJRHOPHWURKLVWyULFRGHMDGHVHUYLUDXQDVXVILQDOLGDGHV\MXVWLILFDODV
FpOHEUHVSDODEUDVGH1DSROHyQTXHQRREVWDQWHKDEHUVLGRKRVWLODODLQQRYDFLyQDOUHIHULUVHDOOLEUR
GH'HODPEUH/DEDVHGXV\VWHPHPpWULTXHGpFLPDOGHGRQGHVHUHVXPHQORVWUDEDMRVGHORV
GRVJUDQGHVJHRGHVWDVPDQLIHVWy/DVFRQTXLVWDVVHUiQROYLGDGDVSHURHOVLVWHPDPpWULFRSDVDUiD
ORVVLJORVYHQLGHURV

/DILORVRItDGHODQDWXUDOH]D
0LHQWUDVHQ)UDQFLDVHSURGXFtDODTXHIXHSUREDEOHPHQWHODUHYROXFLyQSROtWLFDPiVLPSRUWDQWHGH
ODKLVWRULDXQDUHYROXFLyQDWRGDVOXFHVUDFLRQDOLVWDRTXHSUHWHQGLyPRVWUDUVHFRPRODFRQFOXVLyQ
SROtWLFDGHODILORVRItDUDFLRQDOHQ$OHPDQLDVHGHVDUUROODEDXQVLVWHPDILORVyILFRTXHVHDOHMDEDGH
OD FLHQFLD H[SHULPHQWDO \ TXH PRGLILFDED OD FRQFHSFLyQ GHO UDFLRQDOLVPR /RV IXQGDGRUHV GH HVWD
UDPDORV1DWXUSKLORVRSKHQVHLOXVLRQDURQFRQDOFDQ]DUODPHWDGHFRQVHJXLUODXQLGDGFRQOD
QDWXUDOH]DPHGLDQWHHVSHFXODFLRQHVGHULYDGDVGHSULQFLSLRVILORVyILFRV\PHWDItVLFRVJHQHUDOHVPX\
OHMRVGHOHVStULWXGHODFLHQFLDH[SHULPHQWDOTXHVHHVWDEDGHVDUUROODQGRWDQWRHQ)UDQFLDFRPRHQ
,QJODWHUUD 7UDWDURQ SRU HOOR GH IXQGDPHQWDU XQ HVTXHPD GH WLSR HVSLULWXDO FRQ OD SUHWHQVLyQ GH
GHVFXEULUODHVWUXFWXUDGHOPXQGRQDWXUDOPHUFHGDXQDLQWXLFLyQLQWHOHFWXDO\OOHJDURQDHMHUFHU
XQDHQRUPHLQIOXHQFLD
(OILOyVRIRSRUH[FHOHQFLDTXHODLQVSLUyIXHHOSRVNDQWLDQR)ULHGULFK6FKHOOLQJTXH
IRUPXOyXQSULQFLSLRGHOD

LGHQWLGDGGHOHVStULWXHQQRVRWURV\GHODQDWXUDOH]DIXHUDGHQRVRWURV

'DGR TXH SDUD pO OD QDWXUDOH]D HV HVStULWX YLVLEOH \ HO HVStULWX QDWXUDOH]D LQYLVLEOH HUD
QHFHVDULRVXPHUJLUVHHQHOSURSLRHVStULWXSDUDGHVFXEULUODYHUGDGHUDHVWUXFWXUDGHODQDWXUDOH]DHQ
OD FXDO VH GLVWLQJXtDQ WUHV HVWUDWRV HQ SULPHU OXJDU OD PDWHULD TXH GD OXJDU D OD DFWLYLGDG GH WUHV
IXHU]DV DWUDFFLyQ UHSXOVLyQ \ JUDYHGDG VtQWHVLV GH ODV GRV SULPHUDV HQ VHJXQGR OXJDU OD
HOHFWULFLGDGHOPDJQHWLVPR\ODDFWLYLGDGTXtPLFDTXHWLHQHQSRUQH[RFRP~QDODOX]SRU~OWLPROD
YLGD TXH VH PDQLILHVWD PHGLDQWH OD UHSURGXFFLyQ OD LUULWDELOLGDG \ OD VHQVLELOLGDG (Q ORV WUHV
HVWUDWRV UHJtD HO SULQFLSLR GH OD SRODULGDG OD DWUDFFLyQ HUD FRQWUDEDODQFHDGD SRU OD UHSXOVLyQ HO
PDJQHWLVPRSRVLWLYRSRUHOQHJDWLYRODHOHFWULFLGDGGHXQVLJQRSRUODGHVLJQRFRQWUDULRODDFLGH]
SRUODDOFDOLQLGDG$VtVHSRVLELOLWDEDHOHTXLOLEULRHQHOPXQGRQDWXUDO
2WURUHSUHVHQWDQWHWtSLFRGHHVWHPRYLPLHQWR\VHJXUDPHQWHHOPiVIDPRVRIXH-RKDQQ:ROIJDQJ
*RHWKHTXHSUHVWLJLyFRQVXIDPDODLGHDFHQWUDOGHOD1DWXUSKLORVRSKLH ODXQLGDG
GHOFRQMXQWRGHORVVHUHVYLYRVHQXQJHVWRTXHUHFXHUGDDOD*UDQ&DGHQDGHO6HU/DVFDWHJRUtDV
GHUHLQRFODVHRUGHQIDPLOLDJpQHURKDEtDQVLGRDUPDGDVSRU'LRVVHJ~QXQSODQJHQHUDO~QLFRGHO
FXDO ODV IRUPDV GH ORV VHUHV HUDQ GLVWLQWDV PRGLILFDFLRQHV 7RGRV ORV DQLPDOHV HUDQ YLVWRV DVt
PHUDPHQWHFRPRHQFDUQDFLRQHVGHODUTXHWLSRDQLPDO~QLFRGHOPLVPRPRGRTXHODVSODQWDVQRHUDQ
VLQRYDULDFLRQHVGH XQDSURWRSODQWD*RHWKHFUH\y KDEHUHQFRQWUDGRHQHO UHLQRDQLPDOXQDSUXHED
SDUDVXKLSyWHVLVDOYHULILFDUTXHHOFUiQHRKXPDQRSRVHtDWDPELpQHOKXHVRLQWHUPD[LODUTXHVLELHQ
\DKDEtDVLGRYLVWRSRUHOSURSLR9HVDOLRVHXVDEDKDVWDHVHPRPHQWRFRPRFULWHULRGHVHSDUDFLyQGH
ORVKRPEUHV\ORVPRQRV
2EYLDPHQWH *RHWKH QR HUD HO ~QLFR TXH SHQVDED DVt 8QD WHRUtD SDUHFLGD IXH IRUPXODGD \
GHVDUUROODGDSRUHOPpGLFR/RUHQ]2NHQSURIHVRUHQ-HQDTXHHQHODIiQGHHQFRQWUDU
DQDORJtDV XQLYHUVDOHV QR YDFLOy HQ DVLPLODU HO UHLQR DQLPDO HQ VX LQWHJUDOLGDG D XQ ~QLFR DQLPDO
FX\RVGLVWLQWRVyUJDQRVFRUUHVSRQGHUtDQDGLIHUHQWHVHVSHFLHV3RUVXSDUWH&KULVWLDQ*RWWIULHG1HHV
YRQ(VHQEHFNSURIHVRUGHERWiQLFDHQ%RQQDVLPLOyWRGRHOPXQGRYHJHWDODXQDVROD
KRMD
&RPR SRGUiQ VRVSHFKDU OD ILORVRItD QDWXUDO HQ OD TXH SUHGRPLQDQ DQDORJtDV IRU]DGDV \
GHVHPSHxDXQSDSHOQRGHVGHxDEOHHOPLVWLFLVPRGHOQ~PHURQRDSRUWyJUDQGHVFRVDVDODFLHQFLD
SRVLWLYDDXQTXHVtWXYRDOJXQDVGHULYDFLRQHVFXULRVDV
8QD GH HOODV TXH YLPRV HQ HO FDStWXOR DQWHULRU IXH HO GHVFXEULPLHQWR GH OD UHODFLyQ HQWUH
HOHFWULFLGDG \ PDJQHWLVPR SRU SDUWH GH 2HUVWHG TXH HVWDED EXVFDQGR XQD IXHU]D ~QLFD \ TXH
GHULYDUtDOXHJRHQODIUXFWtIHUDWHRUtDGHFDPSRV
2WUD GHULYDFLyQ LPSRUWDQWH IXH OD TXH SURGXMR HQ )UDQFLD DO VHU SDVDGD SRU HO WDPL] GHO
UDFLRQDOLVPR&RQR]FDPRVD*HRIIUR\6DLQW+LODLUH

6DLQW+LODLUHORVDUTXHWLSRV
(WLHQQH *HRIIUR\ 6DLQW+LODLUH  IXH VLQ OXJDU D GXGDV XQR GH ORV QDWXUDOLVWDV PiV
QRWDEOHV GH VX pSRFD +DEtD HVWXGLDGR PLQHUDORJtD DQWHV GH GHGLFDUVH D OD DQDWRPtD GH ORV
YHUWHEUDGRVSHURVXYRFDFLyQVHGHFLGLyFXDQGRDORVDxRVIXHQRPEUDGRSURIHVRUGH]RRORJtDHQ
HO UHFLHQWHPHQWH IXQGDGR 0XVHR 1DFLRQDO GH +LVWRULD 1DWXUDO FX\DV FROHFFLRQHV OH VXPLQLVWUDURQ
DEXQGDQWHPDWHULDOSDUDVXVHVWXGLRVFRPSDUDGRVGHPRUIRORJtDDQLPDO0iVWDUGHDFRPSDxyMXQWR
DO JUXSR GH FLHQWtILFRV D 1DSROHyQ HQ VX FDPSDxD D (JLSWR GRQGH HVWXGLy ORV DQLPDOHV GHO 1LOR
WDPELpQHVWXYRHQ(VSDxD\VXWUDEDMRVHLQWHUUXPSLyUHFLpQHQFXDQGRVHTXHGyFLHJR
6DLQW+LODLUH SXEOLFy FHQWHQDUHV GH PRQRJUDItDV VREUH PRQWRQHV GH SUREOHPDV GH DQDWRPtD
FRPSDUDGD WD[RQRPtD SDOHRQWRORJtD \ WHUDWRORJtD HO HVWXGLR DQDWyPLFR GH ORV PRQVWUXRV FRPR
FDEUDV GH GRV FDEH]DV \ OLQGH]DV SRU HO HVWLOR IXH VLQ GXGD HO SULPHUR HQ HPSUHQGHU HO HVWXGLR
VLVWHPiWLFRGHODVGHIRUPDFLRQHVPRQVWUXRVDV\HOSULPHURHQDGYHUWLUODULTXH]DGHLQIRUPDFLRQHV
TXHHVWDQXHYDGLVFLSOLQDSRGtDRIUHFHUDODDQDWRPtDFRPSDUDGD
3HURVXLQWHUpVSULQFLSDO\HOTXHHVLPSRUWDQWHSDUDQRVRWURVIXHVXPLQLVWUDUSUXHEDVHPStULFDV
GH OD GRFWULQD GH OD XQLGDG GHO SODQ HVWUXFWXUDO GH ORV VHUHV YLYRV OR FXDO OH YDOLy HO HORJLR GHO
SURSLR *RHWKH PHGLDQWH XQD DILQDGD \ FXLGDGRVD GHVFULSFLyQ PRUIROyJLFD 6DLQW+LODLUH VH
SURSRQtDHVWDEOHFHUFRUUHODFLRQHV\FRUUHVSRQGHQFLDVTXHSHUPLWLHUDQUHGXFLUODGLYHUVLGDGDSDUHQWH
GHIRUPDVDODUHDOLGDG GHXQWLSR~QLFR (VWRSRGtDYHULILFDUVH SRUHMHPSORREVHUYDQGR TXHORV
FXHUSRVGHOPRQRGHXQKRPEUHGHXQHOHIDQWHGHXQSiMDUR\GHXQSH]HVWDEDQIRUPDGRVSRUXQ
FLHUWRQ~PHURGHSDUWHVFRORFDGDVXQDVFRQUHVSHFWRGHODVRWUDVHQLGpQWLFRRUGHQ

/DFDMDGHUHVRQDQFLDGHOPRQRDXOODGRUTXHFRQILHUHDHVWHDQLPDOXQDYR]HVWULGHQWHQRHV
VLQRXQDEXOWDPLHQWRGHOKXHVRKLRLGHVODEROVDGHODVKHPEUDVGHORVPDPtIHURVPDUVXSLDOHV
HVXQSURIXQGRUHSOLHJXHGHODSLHOODWURPSDGHOHOHIDQWHXQDSURORQJDFLyQH[FHVLYDGHOD
QDUL]HOFXHUQRGHOULQRFHURQWHXQF~PXORFRQVLGHUDEOHGHSHORVHWFpWHUD$VtSRUYDULDGDV
TXHSDUH]FDQODVIRUPDVVHUHYHODQFRPRyUJDQRVFRPXQHVDWRGRV

/D PXOWLSOLFLGDG GH ODV IRUPDV GHO UHLQR RUJiQLFR HUD SURGXFWR GHO FUHFLPLHQWR GHVLJXDO R
GLIHUHQFLDGRGHHOHPHQWRVHVWUXFWXUDOPHQWHLJXDOHV

/H HV VXILFLHQWH D OD QDWXUDOH]D FDPELDU DOJXQDV GH ODV SURSRUFLRQHV GH ORV yUJDQRV SDUD
DMXVWDUORVDVXVQXHYDVIXQFLRQHVRSDUDH[WHQGHURUHVWULQJLUVXVDSOLFDFLRQHV

/RLPSRUWDQWHGHWRGRHVWRHVTXHODKLSyWHVLVGHXQDUTXHWLSR~QLFRLPSOLFDXQRULJHQFRP~Q
VXJLHUHTXHODVHVSHFLHVKDQVXIULGRWUDQVIRUPDFLRQHVHQHOFXUVRGHOSDVDGR\FRQGXFHFRPRSRUXQ
WXER D XQD WHRUtD GH OD HYROXFLyQ 'H KHFKR 6DLQW+LODLUH DGKLULy D XQ WUDQVIRUPLVPR UDGLFDO \
DGRSWyXQDYDULDQWHGHODWHRUtDGHODHYROXFLyQTXH/DPDUFNKDEtDHQXQFLDGRHQ\GHODFXDO\D
KDEODUHPRV

/RV DQLPDOHV TXH DFWXDOPHQWH YLYHQ GHVFLHQGHQ SRU XQD VHULH GH LQLQWHUUXPSLGDV
JHQHUDFLRQHVGHDQLPDOHVSHUGLGRVGHOPXQGRDQWHGLOXYLDQR

/DYHUGDGHVTXH*HRIIUR\IXHHOFUHDGRUGHXQDDPSOLDVtQWHVLVSHURQRVLHPSUHUHFRQRFLyORV
DOFDQFHVGHVXVKLSyWHVLV\VREUHWRGRQRILMyGHPDQHUDGHPDVLDGRVHQVDWDORVOtPLWHVGHYDOLGH]
GH VXV GHGXFFLRQHV ([WHQGLHQGR HO YDORU GH VX SODQ PRUIROyJLFR D OD WRWDOLGDG GHO UHLQR DQLPDO
OOHJy D FRPSDUDU HO HVTXHOHWR GH XQ DUWUySRGR FRQ OD FROXPQD YHUWHEUDO GH XQ YHUWHEUDGR QR
YDFLODQGR HQ VRVWHQHU TXH HO LQVHFWR YLYH GHQWUR GH VX FROXPQD YHUWHEUDO PLHQWUDV TXH HO
PDPtIHUR YLYH DOUHGHGRU GH HOOD 3DVDQGR OXHJR GH OR JHQHUDO D OR SDUWLFXODU WUDWy GH KRPRORJDU
FDGDHOHPHQWRGHOFXHUSRGHOLQVHFWRFRQXQHOHPHQWRGHOFXHUSRGHOYHUWHEUDGR7DOHVFRQFOXVLRQHV
XQLGDV D VXV FRQYLFFLRQHV WUDQVIRUPLVWDV OHYDQWDURQ OD RSRVLFLyQ GH &XYLHU FX\R VLVWHPD
WD[RQyPLFR \ OD FUHHQFLD HQ OD LQPXWDELOLGDG GH ODV HVSHFLHV VH RSRQtDQ D ODV FRQFHSFLRQHV GH VX
DQWLJXRDPLJR

&XYLHU
/R YDPRV D OODPDU VLPSOHPHQWH &XYLHU SRU HFRQRPtD \D TXH VX QRPEUH FRPSOHWR HUD *HRUJHV
/HRSROG&KUpWLHQ)UpGpULF'DJREHUW\IXHQRPEUDGREDUyQGH&XYLHUSRU/XLV;9,,,
6XV SDGUHV YLYtDQ HQ 0RQWEpOLDUG FLXGDG TXH SHUWHQHFtD HQWRQFHV DO 'XFDGR GH :XUWHPEHUJ GH
PDQHUDTXHUHFLELyVXIRUPDFLyQEiVLFDHQ$OHPDQLD&RPRVXHOHRFXUULURVHVXHOHGHFLUIXHXQ
QLxR SUHFR] TXH D ORV WUHFH DxRV \D KDEtD HVWXGLDGR PXFKRV WRPRV GH OD +LVWRLUH QDWXUHOOH GH
%XIIRQ $WUDtGR SRU ODV FLHQFLDV QDWXUDOHV DO HJUHVDU GHO FROHJLR GHVHFKy OD SRVLELOLGDG GH
GHVHPSHxDUXQDIXQFLyQHQODDGPLQLVWUDFLyQS~EOLFD\SUHILULyHOFDUJRGHSUHFHSWRUHQXQDIDPLOLD
DULVWRFUiWLFD GH 1RUPDQGtD FRQ OD FXDO SHUPDQHFLy VHLV DxRV &RPSOHWy GH IRUPD DXWRGLGDFWD VX
IRUPDFLyQ FLHQWtILFD SDUWH GH OD FXDO FRQVLVWtD HQ HPSUHQGHUD RULOODV GHO &DQDO GH OD 0DQFKD HO
HVWXGLR GH OD IDXQD PDULQD GLVHFDQGR PROXVFRV HVWUHOODV GH PDU \ RWURV DQLPDOHV \ GLEXMDQGR
FXDQWR YHtD FRQ XQD SUHFLVLyQ WDO TXH FXDQGR VXV GLEXMRV FD\HURQ HQ PDQRV GHO QDWXUDOLVWD \
DJUyQRPR DEDWH 7HVVLHU pVWH VH ORV KL]R OOHJDU D *HRIIUR\ 6DLQW+LODLUH TXH LQPHGLDWDPHQWH OR
LQYLWyDLUVHD3DUtV

9HQJDXVWHGSDUDGHVHPSHxDUHQWUHQRVRWURVHOSDSHOGHXQVHJXQGR/LQQHROHJLVODGRUGHOD
+LVWRULD1DWXUDO

OH HVFULELy 6DLQW+LODLUH $QWH VHPHMDQWH FRQYRFDWRULD QR SRGtD QHJDUVH HQ 3DUtV VH LPSXVR
UiSLGDPHQWHIXHQRPEUDGRSURIHVRUHQHO&ROOqJHGH)UDQFH\OXHJRHQHO0XVHR
/D VDJDFLGDG GH VXV LQYHVWLJDFLRQHV HQ DQDWRPtD FRPSDUDGD VX FDSDFLGDG GH VLQWHWL]DU \ GH
VLVWHPDWL]DU \ PiV D~Q VX FDVL OHJHQGDULD KDELOLGDG SDUD UHFRQVWUXLU VREUH OD EDVH GH SRFRV
IUDJPHQWRV IyVLOHV HVTXHOHWRV FRPSOHWRV GH ORV JUDQGHV PDPtIHURV GH OD (UD 7HUFLDULD OH YDOLHURQ
XQDIDPDPX\VXSHULRUDODGHOSURSLR%XIIRQLJXDODGDHQVXpSRFDVRODPHQWHSRUODGH/LQQHR\OH
GLHURQXQDDXWRULGDGWDOTXHGXUDQWHPiVGHWUHVGHFHQLRVGRPLQyODELRORJtDIUDQFHVD0XULyDORV
DxRVYtFWLPDGHODHSLGHPLDGHFyOHUDTXHHQD]RWy(XURSD\HQSDUWLFXODUODFDSLWDOGH
)UDQFLD
(OSXQWRFHQWUDOGHVXFRQFHSFLyQELROyJLFDHUDGHLQGXGDEOHIDFWXUDDULVWRWpOLFDFRQVLGHUDEDD
$ULVWyWHOHVHOPD\RUQDWXUDOLVWDGHWRGRVORVWLHPSRV\VLJXLHQGRVXGRFWULQDDVHJXUDEDTXHHOUDVJR
HVHQFLDOGHORVVHUHVYLYRVHUDODIRUPD

1RHVODVXVWDQFLDYHJHWDORDQLPDOODTXHSHUPLWHDODHVSHFLHPDQLIHVWDUVHVLQRVXIRUPD
3UREDEOHPHQWHQRKD\GRVKRPEUHVRGRVUREOHVFX\DVVXVWDQFLDVWHQJDQVXVFRPSRQHQWHVHQ
OD PLVPD SURSRUFLyQ $GHPiV HVWRV FRPSRQHQWHV VH WUDQVIRUPDQ VLQ FHVDU FLUFXODQGR PiV
ELHQ HQ HO HVSDFLR TXH DFRVWXPEUDPRV GHVLJQDU IRUPD (Q SRFRV DxRV QR TXHGDUi
SUREDEOHPHQWH QL XQR GH ORV iWRPRV TXH FRQVWLWX\H DFWXDOPHQWH QXHVWUR FXHUSR WDQ VyOR OD
IRUPD SHUVLVWH \ VH PXOWLSOLFD WUDVPLWLGD SRU OD PLVWHULRVD YLUWXG GH OD UHSURGXFFLyQ D XQD
LQWHUPLQDEOHVHULHGHLQGLYLGXRV

(Q VX PDJLVWUDO H[SRVLFLyQ GH OD DQDWRPtD FRPSDUDGD SXEOLFDGD HQWUH  \  /HoRQV
GDQDWRPLH FRPSDUpH LQWHUYHQtDQ WDQWR ORV HOHPHQWRV PRUIROyJLFRV FRPR ORV ILVLROyJLFRV \ VH
WUDWDED DO KRPEUH HQ SLH GH LJXDOGDG FRQ WRGDV ODV GHPiV HVSHFLHV HO VLVWHPD FLUFXODWRULR GH XQD
VDQJXLMXHODQRHUDXQREMHWRGHHVWXGLRPHQRVLPSRUWDQWHTXHHOVLVWHPDYDVFXODUKXPDQR
 (O PpWRGR FRPSDUDWLYR FRQ HO TXH WUDEDMDED SRGtD VHU HILFLHQWH VL \ VyOR VL VH GDED SRU
SUHVXSXHVWDODYLJHQFLDGHXQSULQFLSLRJHQHUDO(VWHSULQFLSLRHUDODFpOHEUHOH\GHODFRUUHODFLyQGH
ODVSDUWHV

7RGR VHU RUJDQL]DGR FRQVWLWX\H XQ FRQMXQWR XQ VLVWHPD ~QLFR \ FHUUDGR FX\DV SDUWHV VH
FRUUHVSRQGHQ PXWXDPHQWH FRRSHUDQGR HQ XQD DFWLYLGDG GHILQLGD XQLWDULD \ FRQMXQWD GHO
FXHUSR1LQJXQDSDUWHSXHGHFDPELDUVLQTXHFDPELHQODVGHPiVSRUFRQVLJXLHQWHFDGDSDUWH
WRPDGDVHSDUDGDPHQWHGHWHUPLQDWRGDVODVRWUDV

/D HVWUHFKD LQWHUGHSHQGHQFLD GH ODV SDUWHV GH OD RUJDQL]DFLyQ DQLPDO SHUPLWtD SRU HMHPSOR
GHWHUPLQDUFyPRGHEtDVHUHQXQSiMDURODGLVSRVLFLyQGHKXHVRVFRPRODFODYtFXOD\HOHVWHUQyQTXH
LQWHUYLHQHQ HQ HO YXHOR D SDUWLU GH ODV IRUPDV TXH SUHVHQWDEDQ VXV SOXPDV H LQYHUVDPHQWH GH OD
IRUPDGHWDOHVKXHVRVSRGtDQVDFDUVHFRQFOXVLRQHVDFHUFDGHODIRUPDGHODVSOXPDV/DLQIOXHQFLD
PXWXD TXH HMHUFtDQ HQWUH Vt ODV IXQFLRQHV \ ORV yUJDQRV SHUPLWtD GHGXFLU UHODFLRQHV FRQ FHUWH]D
PDWHPiWLFD

$VtFRPRODHFXDFLyQGHXQDFXUYDLPSOLFDWRGDVVXVSURSLHGDGHV\DOWRPDUVHSDUDGDPHQWH
FDGDSURSLHGDGFRPREDVHGHXQDHFXDFLyQSDUWLFXODUVHUHHQFRQWUDUtDODHFXDFLyQRULJLQDO
GHDQiORJDPDQHUDHOELyORJRTXHSRVH\HUDUDFLRQDOPHQWHODVOH\HVGHODDQDWRPtDRUJiQLFD
SRGUtD PHGLDQWH ODV XxDV ORV RPySODWRV ORV IpPXUHV \ WRGRV ORV GHPiV KXHVRV WRPDGRV
VHSDUDGDPHQWHUHFRQVWUXLUWRGRHODQLPDO

/DDQDWRPtDSRGtDDFWXDUGHOPLVPRPRGRTXHODPHFiQLFDFHOHVWHTXHDQFODGDHQHODQiOLVLV
PDWHPiWLFR \ HQ OD OH\ GH 1HZWRQ \ FRQ XQD FRQILDQ]D LOLPLWDGD HQ HO GHWHUPLQLVPR SRGtD
UHFRQVWUXLU WRGD OD WUD\HFWRULD GH XQ DVWUR D SDUWLU GH DOJXQDV REVHUYDFLRQHV DVWURQyPLFDV $Vt
JXLDGRSRUVXOH\GHFRUUHODFLyQ&XYLHUORJUDEDVREUHODEDVHGHXQUHGXFLGRQ~PHURGHIUDJPHQWRV
DOJXQRVGLHQWHV\WUR]RVGHKXHVRVUHFRQVWUXLUHOHVTXHOHWRFRPSOHWRGHXQDQLPDO(Op[LWRPiV
LPSUHVLRQDQWHORREWXYRFRPRHVGHHVSHUDUHQHOWHUUHQRGHORVIyVLOHVTXHFRQVWLWXtDQXQDSUXHED
FRQYLQFHQWH GH TXH OD IDXQD GHO SDVDGR KDEtD FRQRFLGR HVSHFLHV GH ODV FXDOHV HO UHLQR DQLPDO GHO
SUHVHQWHQRRIUHFtD\DUHSUHVHQWDQWHV&XHQWD&XYLHU

0H HQFRQWUDED HQ OD VLWXDFLyQ GH XQ KRPEUH TXH KDEtD UHFLELGR IUDJPHQWRV PXWLODGRV H
LQFRPSOHWRV GH DOJXQRV FHQWHQDUHV GH HVTXHOHWRV UHVWRV GH YHLQWH JUXSRV GLVWLQWRV GH
DQLPDOHV (UD SUHFLVR TXH FDGD KXHVR HQFRQWUDVH VX YHFLQR FRQ HO FXDO HVWDED XQLGR HQ HO
FXHUSR GHO DQLPDO YLYR 7XYH TXH HIHFWXDU SXHV FDVL XQD UHVXUUHFFLyQ VLQ GLVSRQHU QR
REVWDQWH GH OD WRGRSRGHURVD WURPSHWD GH OD 3URYLGHQFLD 3HUR ODV LQPXWDEOHV OH\HV
SUHVFULSWDV D ORV RUJDQLVPRV YLYRV OD UHHPSOD]DEDQ 3RU RUGHQ GH OD DQDWRPtD FRPSDUDGD
FDGDKXHVRHLQFOXVRFDGDIUDJPHQWRGHKXHVRLEDDRFXSDUVXSXHVWR1RHQFXHQWURSDODEUDV
DGHFXDGDVSDUDGHVFULELUPLDOHJUtDDOFRPSUREDUFyPRODVFDUDFWHUtVWLFDVSUHYLVWDVDSDUWLU
GHXQIUDJPHQWRHPHUJHQVXFHVLYDPHQWHORVSLHVVHHQFXDGUDQDORDQXQFLDGRSRUORVGLHQWHV
\ORVGLHQWHVFRQFXHUGDQFRQORDQXQFLDGRSRUORVSLHV/RVKXHVRVGHODVSLHUQDVGHOPXVOR
 WRGRV DTXHOORV TXH GHEtDQ IRUPDU ODV H[WUHPLGDGHV VH HQVDPEODQ SHUIHFWDPHQWH HQ OD
HVWUXFWXUD TXH KH LPDJLQDGR FRQ DQWLFLSDFLyQ (Q XQD SDODEUD FDGD XQD GH ODV HVSHFLHV
UHQDFHSRUDVtGHFLUORVREUHODEDVHGHXQRVRORGHVXVHOHPHQWRV

0HGLDQWH HVWH PHFDQLVPR &XYLHU ORJUy HYRFDU HO DVSHFWR GH PXFKDV HVSHFLHV H[WLQJXLGDV
UHFRQVWLWX\HQGR ORV HVTXHOHWRV FRPSOHWRV GH VXV UHSUHVHQWDQWHV GHVDSDUHFLGRV VyOR SRU QRPEUDU
DOJXQDVHO3DOHRWKHULXPPDJQXQLXQSDTXLGHUPR GHO WDPDxRGHOFDEDOOR\FRQ SLHV SURYLVWRV GH
WUHV GHGRV HO $QRSORWKHULXP FRPPXQH TXH VH XELFD HQWUH ORV SDTXLGHUPRV \ ORV UXPLDQWHV HO
3WHURGDFW\OXV XQ GLQRVDXULR YRODGRU R HO 0HJDWKHULXP XQ SHUH]RVR GHO WDPDxR GHO ULQRFHURQWH
FX\R SULPHU HMHPSODU KDEtD VLGR GHVHQWHUUDGR HQ  SRU HO GRPLQLFR 0DQXHO 7RUUHV GH ODV
EDUUDQFDVGHOUtR/XMiQ$UJHQWLQD\TXHGHVSXpVGHUHFRQVWUXLUOR\GLEXMDUORORHQFDMRQy\HQYLyD
0DGULG
(Q VX WUDEDMR 5HFKHUFKHV VXU OHV RVVHPHQWV IRVVLOHV GH  SUHVHQWy HO HVWXGLR GH 
HVSHFLHVGHYHUWHEUDGRVIyVLOHVGHODVFXDOHVHUDQGHVFULSWDVSRUSULPHUDYH]&RQWRGRVHVWRV
HVIXHU]RV&XYLHUORJUDEDXQLILFDU\VLVWHPDWL]DUODSDOHRQWRORJtDTXHKDVWDHQWRQFHVQRHUDPiVTXH
XQD FROHFFLyQ GH KDOOD]JRV PiV R PHQRV LQFRQH[RV \ FRQ IUHFXHQFLD PDO LQWHUSUHWDGRV
FRQYLUWLpQGRODHQXQDFLHQFLDSURSLDPHQWHGLFKD$OPLVPRWLHPSRHQFRQWUDGHPXFKRVQDWXUDOLVWDV
GHODpSRFD\VLQVHUJHyORJRVHxDODEDHOSDSHOFRPSOHPHQWDULRTXHLQFXPEtDDODSDOHRQWRORJtD\D
ODJHRORJtDHQODGLItFLOWDUHDGHHVWDEOHFHUXQHVTXHPDFURQROyJLFRGHODKLVWRULDQDWXUDO
2EYLDPHQWHQRVHOHHVFDSyHOKHFKRGHTXHFXDQWRPiVDQWLJXDVHUDQODVFDSDVJHROyJLFDVHQODV
TXH VH LQGDJDED WDQWR PHQRV VH SDUHFtDQ ORV IyVLOHV D ODV IRUPDV DFWXDOHV OR FXDO SRGUtD KDEHUOR
OOHYDGRDDEUD]DUODVLGHDVWUDQVIRUPLVWDVTXHHVWDEDQFREUDQGRIXHU]D\TXHGHIHQGtDHQIiWLFDPHQWH
6DLQW+LODLUH6LQHPEDUJRSHUPDQHFLyDWDGRDODGRFWULQDGHODILMH]DGHODVHVSHFLHV\DIXHUDSRU
VXV FRQYLFFLRQHV UHOLJLRVDV HUD XQ SURWHVWDQWH RUWRGR[R R SRUTXH FRPR DUJXPHQWDED QR VH
HQFRQWUDEDQ IyVLOHV FRQ FDUDFWHUtVWLFDV LQWHUPHGLDV HQWUH ODV GH OD IDXQD GHO SDVDGR \ GH OD IDXQD
DFWXDO GH OR FXDO FRQFOX\y TXH ORV DQLPDOHV IyVLOHV QR KDEtDQ GHMDGR GHVFHQGLHQWHV \ TXH ODV
HVSHFLHV GHO SDVDGR HUDQ WDQ LQPXWDEOHV FRPR OR HUDQ ODV GHO SUHVHQWH LGHD HQ FLHUWR PRGR
UD]RQDEOHDXQTXHSRFRLPDJLQDWLYD
&XYLHUQRHVWDEDVLHQGRDUELWUDULRRSRUORPHQRVQRGHOWRGR(QWUHODVGRVWHRUtDVRSXHVWDV
GDEDSUHIHUHQFLDDODTXHHVWLPDEDFRQUD]yQ HQVXpSRFD PHQRV HVSHFXODWLYDPHQRV FDUJDGD GH
HOHPHQWRVKLSRWpWLFRV6LQHPEDUJRKDEtDXQSXQWRYHUGDGHUDPHQWHIORMRHQHOILMLVPRODH[WLQFLyQ
PDVLYD GH HVSHFLHV &yPR HUD SRVLEOH TXH WDQWDV HVSHFLHV KXELHUDQ GHVDSDUHFLGR SRU FRPSOHWR
GHVGH HO RULJHQ GH ORV WLHPSRV" 3DUD H[SOLFDUOR &XYLHU SHUJHxy VX WHRUtD GH ORV FDWDFOLVPRV /D
7LHUUDKDEtDVLGRVDFXGLGDHQHOSDVDGRSRUWUHVFDWiVWURIHVGHHVFDODSODQHWDULDOD~OWLPDKDEtDVLGR
QDGD PHQRV TXH HO 'LOXYLR TXH KDEtDQ FDXVDGR HQRUPHV HVWUDJRV HQWUH ORV VHUHV YLYRV DXQTXH
QLQJXQDKDEtDOOHJDGRDGHVWUXLUORVDWRGRVVLHPSUHKDEtDTXHGDGRDOJXQDUHJLyQTXHKDEtDORJUDGR
HVFDSDU GHO GHVDVWUH \ FX\RV KDELWDQWHV VH KDEtDQ HQFDUJDGR GH UHSREODU HO PXQGR 3HUR WUHV
FDWiVWURIHVSDUHFtDQSRFRSDUDXQDH[WLQFLyQWDQPDVLYD+XERXQGLVFtSXORTXHHOHYyHOQ~PHURD
\RWURVTXHOOHJDURQDVRVWHQHUTXHWUDVDOJXQRVGHORVFDWDFOLVPRVODQXHYDIDXQD\IORUDKDEtDVLGR
FUHDGDQXHYDPHQWHGHVGHFHURSRU'LRV
/RV HVWXGLRV GH DQDWRPtD FRPSDUDGD \ VX p[LWR SDUD LQWHUSUHWDU UHVWRV IyVLOHV FRQGXMHURQ D
&XYLHUDXQDFODVLILFDFLyQQDWXUDOGHORVDQLPDOHVWRPDQGRHOFRQMXQWRGHODIRUPD\ODVIXQFLRQHV
GH ORV yUJDQRV \ HOLJLHQGR FRPR FULWHULRV VLVWHPiWLFRV SULPRUGLDOHV SRU XQ ODGR HO FHUHEUR \ OD
PpGXODHVSLQDOTXHJRELHUQDQODVIXQFLRQHVDQLPDOHV\SRUHORWURORVDSDUDWRVFLUFXODWRULR\
UHVSLUDWRULRTXHGLULJHQODYLGDYHJHWDWLYDGLVWLQJXLyFXDWURWLSRV

 9HUWHEUDGRVFRQHVTXHOHWRD[LDO\FDYLGDGPHGXODU
 0ROOXVFDFRQVLVWHPDQHUYLRVRFRPSDFWRHQPDVDVVHSDUDGDV
 $UWLFXODWD FRQ VLVWHPD QHUYLRVR FRQVLVWHQWH HQ GRV FXHUGDV YHQWUDOHV HYLGHQFLDQ DGHPiV OD
WUDQVLFLyQGHODSDUDWRFLUFXODWRULRYDVFXODUGHORVWLSRVDQWHULRUHVKDFLDHOVLVWHPDWUDTXHDO
 5DGLDWDVLQVLVWHPDQHUYLRVRQLFLUFXODWRULRHIHFW~DQODVIXQFLRQHVDQLPDOHV\YHJHWDWLYDVHQ
IRUPDUXGLPHQWDULD\VHFDUDFWHUL]DQSRUXQDHVWUXFWXUDFRQVLPHWUtDUDGLDGD

&DGDXQRGHHVWRVJUDQGHVWLSRVFRQWDEDFRQVXEGLYLVLRQHVGHPRGRTXHVHOOHJDEDDFDWHJRUtDV
FDGDYH]PHQRUHVFODVHVyUGHQHVJpQHURV\HVSHFLHV/RLQWHUHVDQWHGHWRGRHVWRHVTXHORVFXDWUR
WLSRVSDUD&XYLHUSRVHtDQODPLVPDUHDOLGDGPDWHULDOTXHORVSURSLRVRUJDQLVPRVLQGLYLGXDOHVTXH
IRUPDEDQSDUWHGHODFODVHFDGDXQRFRUUHVSRQGtDDXQSODQGHODQDWXUDOH]DDXQSHQVDPLHQWR~QLFR
GHO FUHDGRU \ SRU OR WDQWR HQWUH HVDV FXDWUR IRUPDV HVWUXFWXUDOHV QR KDEtD WUDQVLFLyQ SRVLEOH TXH
SHUPLWLHUDLQVLQXDUODLGHDGHXQDHVFDODHYROXWLYDGHORVVHUHVYLYRV
)XHURQHVWDVFRQYLFFLRQHVODVTXHPRWLYDURQHQODUHVRQDQWHFRQWURYHUVLDTXHVRVWXYRFRQ
TXLHQKDEtDVLGRVXPDHVWUR\DPLJRHQ3DUtV*HRIIUR\6DLQW+LODLUH\GHODTXHKDEODUHPRVHQHO
SUy[LPRFDStWXOR\DTXHODSROpPLFDSRUGHEDMRGHORVGHWDOOHVVREUHHOSDUHFLGRHQWUHPDPtIHURV\
SXOSRVHQORFXDO&XYLHUWHQtDWRGDODUD]yQSRQtDHQMXHJRODLGHDELROyJLFDFHQWUDOGHOVLJOR ;,;
ODWHRUtDGHODHYROXFLyQ
(QEXVFDGHODXQLGDG
 &$378/2

/DWHRUtDGHODHYROXFLyQ

/D VRUGD \ OXHJR DELHUWD OXFKD HQWUH WUDQVIRUPLVWDV FRPR VH OODPDEDQ ORV TXH FUHtDQ TXH ODV
HVSHFLHVSRGtDQYDULDU\SDUWLGDULRVGHODILMH]DGHODVHVSHFLHVVHKDEtDDUUDVWUDGRGXUDQWHEXHQD
SDUWH GHO VLJOR ;9,,, /D KLVWRULD QDWXUDO QR WHQtD D~Q HO &RSpUQLFR QL HO 1HZWRQ GH OD EUL]QD GH
KLHUEDTXH.DQWUHFODPDUtDHQOD&UtWLFDGHOMXLFLR
<DYLPRVTXH/LQQHRHOPiVH[LWRVRGHORVWDQWRVTXHLQWHQWDURQSRQHURUGHQHQHOFDRVGHODV
FODVLILFDFLRQHV KDEtD ORJUDGR DUPDU XQ VLVWHPD ERWiQLFR JUDFLDV D VXV SURSLRV YLDMHV \ D ORV
HMHPSODUHVTXHVXVGLVFtSXORVOHHQYLDEDQGHVGHWRGRHOPXQGR%DViQGRVHHQXQUDVJRHVSHFtILFR
ORV yUJDQRV UHSURGXFWLYRV GH ODV SODQWDV KDEtD GLYLGLGR HO UHLQR YHJHWDO HQ  FODVHV D VX YH]
GLYLGLGDVHQyUGHQHVJpQHURV\HVSHFLHVFRQQRPEUHVVHJ~QHOVLVWHPDELQRPLDOTXH\DKDEtDVLGR
SURSXHVWRSHURTXH/LQQHRJHQHUDOL]y7RGRHVWRWHQtDHQVtPLVPRPXFKRVHQWLGRSHURPiVD~QVL
FRPRHOSURSLR/LQQHRORKDFtDVHSHQVDEDTXHODVHVSHFLHVKDEtDQVLGRFUHDGDVWRGDVDOSULQFLSLR
GHOPXQGRSRUXQDFWRGLYLQRGHPRGRWDOTXHUHVXOWDEDFRQFHELEOHSURSRQHUXQFDWiORJRFRPSOHWR
GHODYLGDVREUHHOSODQHWD
6LELHQPiVWDUGHDIORMyVXSRVLFLyQDQWHODHYLGHQFLDGHTXHORVDJULFXOWRUHVFUHDEDQHVSHFLHV
KtEULGDVTXHHUDQSRUORWDQWRQXHYDVORFLHUWRHVTXHKDEtDDOJXQRVDUJXPHQWRVGHSHVRFRQWUDHO
WUDQVIRUPLVPR8QRGHHOORVHUDFXiQGRQR"GHtQGROHUHOLJLRVDHOILMLVPRSHUPLWtDSHQVDUTXHOD
HQRUPHYDULHGDGGHOPXQGRQDWXUDOHVWDEDGHVGHHOSULQFLSLRHQODPHQWHGH'LRV\TXHQDGDQXHYR
VHSURGXFtDSRUVtPLVPR$GPLWLUHOWUDQVIRUPLVPRSRUHOFRQWUDULRHUDDFHSWDUTXHQDGDPHQRV
TXHHQHOWHUUHQRGHODYLGDVHSURGXFtDQQRYHGDGHVTXHQRQHFHVDULDPHQWHHVWDEDQHQODPHQWHGHO
&UHDGRUDXQTXH\DVDEHPRVTXHILQDOPHQWHODWHRORJtDWHUPLQDDGDSWiQGRVHDWRGRDTXHOORTXHQR
ORJUDGHWHQHU
2WURDUJXPHQWRPiVLQWHUHVDQWHSDUDQRVRWURVHUDGHtQGROHPHWRGROyJLFD\FLHQWtILFDFRQVLVWtD
VLPSOHPHQWH HQ TXH QR KDEtD HYLGHQFLDV FRQWXQGHQWHV TXH DSR\DUDQ HO WUDQVIRUPLVPR /RV IyVLOHV
GHPRVWUDEDQTXHKDEtDHVSHFLHVTXHVHKDEtDQH[WLQJXLGRSHURQRTXHVHKXELHUDQWUDQVIRUPDGRHQ
HVSHFLHV QXHYDV 'yQGH HVWDEDQ VL HUD DVt ORV IyVLOHV GH ODV HVSHFLHV LQWHUPHGLDV" )XH pVH HO
DUJXPHQWR TXH XWLOL]y &XYLHU TXH FRPR UHFRUGDUiQ UHFKD]DED WDMDQWHPHQWH OD SRVLELOLGDG GH
FRQWLQXLGDGHQWUHORVFXDWURWLSRVTXHKDEtDGHILQLGRTXHQRHUDQVLQRIRUPDVHWHUQDVSUHVHQWHVHQ
ODPHQWHGH'LRV

/DWUDGLFLyQWUDQVIRUPLVWD
0XFKDVYHFHVHVIiFLOUDVWUHDUODVOtQHDVGHSHQVDPLHQWRWDQDWUiVFRPRVHTXLHUHDVtVLXQRVHOR
SURSRQHODOtQHDWUDQVIRUPLVWDHVGHFLUODHYROXFLRQLVWDSXHGHUHPRQWDUVHDOD$QWLJHGDG\DTXH
HO SURSLR $QD[LPDQGUR GH 0LOHWR V 9,, D& DTXHO GLVFtSXOR GH 7DOHV TXH LPDJLQDED OD 7LHUUD
FRPR XQ FLOLQGUR RSLQDED TXH OD YLGD VH KDEtD RULJLQDGR HQ HO DJXD \ SRU OR WDQWR ORV VHUHV
WHUUHVWUHVSURFHGtDQGHORVDQLPDOHVGHOPDU
(VLQWHUHVDQWHHVWDEOHFHUHVWDVOtQHDVGHILOLDFLyQHQFRQWUDUDSDUHQWHVFDGHQDVGHSHQVDPLHQWRHQ
ODKLVWRULDKXPDQDSHURKD\TXHVHUFXLGDGRVRWRGDVHOODVHVWDEDQEDVDGDVHQXQDQRFLyQPX\YDJD
SRU QR GHFLU QXOD GH HVSHFLH \ SRU VXSXHVWR QR VH VRVWHQtDQ VREUH QLQJXQD HYLGHQFLD VHULD
&RQVLGHUDUTXHHVWDVLGHDVVRQHOFRPLHQ]RGHOHYROXFLRQLVPRVHUtDWDQH[DJHUDGRFRPRGHFLUTXH
ORVLQYHQWRUHVGHDQLPDOHVPL[WRVFRPRORVFHQWDXURV\SHJDVRVIXHURQSUHFXUVRUHVGHODLQJHQLHUtD
JHQpWLFDRTXHORIXHODOH\HQGDGH&DGPRVHJ~QODFXDOODKXPDQLGDGQDFLyGHORVGLHQWHVGHXQ
OHyQ
6yOR VH SXGR DYDQ]DU VHULDPHQWH HQ HO VHQGHUR HYROXFLRQLVWD FXDQGR OD LGHD GH HVSHFLH TXHGy
ILMDGD \ HVR RFXUULy UHFLpQ HQ HO VLJOR ;9,, /XHJR OD VXJHUHQFLD GH TXH HVDV HVSHFLHV SXGLHUDQ
YDULDU UHSUHVHQWDED XQ SDVR DXGD] \ H[LJtD SURSRQHU DOJ~Q PHFDQLVPR SRU HO TXH VHPHMDQWH FRVD
SRGtD OOHJDU D RFXUULU 'XUDQWH OD 5HYROXFLyQ &LHQWtILFD )UDQFLV %DFRQ VRVWHQtD HQ VX 1XHYD
$WOiQWLGD TXH H[SHULHQFLDV IXWXUDV FRQ ODV HVSHFLHV ORJUDUtDQ GLOXFLGDU FyPR pVWDV VH KDEtDQ
HQJHQGUDGR\PRGLILFDGR\/HLEQL]VXJLULyWDPELpQTXHODVHVSHFLHVHVWDEDQVXMHWDVDFDPELRV
(Q)UDQFLD%HQRvWGH0DLOOHWFRPREXHQQHSWXQLVWDTXHHUDHVGHFLUSDUWLGDULRGHODWHRUtD
GHO RFpDQR HQ UHWLUDGD \D KDEtD WUDWDGR GH DFWXDOL]DU ODV LGHDV GH $QD[LPDQGUR KDFLHQGR
GHVFHQGHU D ODV DYHV GH ORV SHFHV YRODGRUHV ORV OHRQHV GH ODV IRFDV \ DO KRPEUH GHO WULWyQ
FRPSDxHUROHJHQGDULRGHODVLUHQD
(OWUDQVIRUPLVPRGHOVLJOR;9,,,\DHVRWUDFRVDHQSOHQR,OXPLQLVPR%XIIRQVRVWHQtDXQDLGHDGH
XQLYHUVR HQ PRYLPLHQWR \ FDPELR DXQTXH PDQWXYR ORV DUTXHWLSRV ILMRV PROGHV LQWHUQRV FUHDGRV
SRU'LRVVHODVDUUHJODEDSDUDLQFOXLUYDULDFLRQHVTXHVHSRGUtDQLQWHUSUHWDUFRPRPRGLILFDFLyQGH
HVSHFLHV $VHJXUDED SRU HMHPSOR TXH PXFKDV GH ODV IRUPDV TXH VH SRGtDQ YHU GtD D GtD HUDQ
GHJHQHUDFLRQHV GH IDXQDV DQWHULRUHV OR FXDO VH PLUH FRPR VH PLUH OLQGDED PiV FRQ HO
WUDQVIRUPLVPRTXHFRQHOILMLVPR
(OVLJOR ;9,,,HPSH]yDSUHSDUDUHOWHUUHQRSDUDTXHHQHOVLJORVLJXLHQWH'DUZLQUHVROYLHUDOD
FXHVWLyQ 3HUR DQWHV GH KDEODU GH &KDUOHV 'DUZLQ XQR GH ORV PiV JUDQGHV FLHQWtILFRV GH WRGD OD
KLVWRULDWHQHPRVTXHKDEODUGHRWUR'DUZLQ

(UDVPXV'DUZLQ
3RUTXHQXHVWUR'DUZLQHOSURWDJRQLVWDLQGLVFXWLEOHGHHVWHFDStWXORQRVXUJLyH[QLKLORVLQRWRGROR
FRQWUDULR VX IDPLOLD KDEtD WHQLGR XQ YtQFXOR FDVL tQWLPR FRQ OD ELRORJtD \ FRQ HO SUREOHPD GH OD
HYROXFLyQ6HJXUDPHQWH5REHUW'DUZLQHOSDGUHGH(UDVPXV\ELVDEXHORGH&KDUOHV
 IXH HO SULPHUR HQ DFHUFDUVH D XQD GLVFLSOLQD TXH WRGDYtD HVWDED WDQ HQ FLHUQHV TXH QL VLTXLHUD
WHQtD QRPEUH FXDQGR HQ  REVHUYy XQ IyVLO LQXVXDO LQFUXVWDGR HQ XQ EORTXH GH SLHGUD TXH VH
HQFRQWUDEDHQHOSXHEOR\PRYLGRSRUODFXULRVLGDGGHFLGLyHVWXGLDUORHQUHDOLGDGKR\VHVDEHTXH
HUD SDUWH GH XQ SOHVLRVDXUR GHO SHUtRGR -XUiVLFR /R FLHUWR HV TXH JUDFLDV D pO HO IyVLO IXH
SUHVHQWDGRDOD5R\DO6RFLHW\\FRPRDJUDGHFLPLHQWRVHORLQYLWyDDVLVWLUHOGHGLFLHPEUHGH
DTXHO DxR D XQD UHXQLyQ GH HVWD VRFLHGDG GRQGH FRQRFLy DO SURSLR 1HZWRQ TXH HQWRQFHV HUD VX
SUHVLGHQWH
 6XKLMR(UDVPXVHODEXHORGH'DUZLQVHIRUPySRUORWDQWRHQXQDPELHQWHGRQGHODFXULRVLGDG
SRUHOPXQGRQDWXUDOHUDPD\RUTXHORQRUPDO/XHJRGHUHFLELUVHFRPRPpGLFRHQ\\DFRQ
FLHUWR UHQRPEUH FRPR SRHWD FRPHQ]y D SXEOLFDU LQIRUPHV FLHQWtILFRV VREUH RWURV WHPDV HQWUH ORV
FXDOHVVREUHVDOtDODSUHRFXSDFLyQSRUODSRVLELOLGDGGHFRQVWUXLUPiTXLQDVGHYDSRU\SRUHQWHQGHU
HOPRGRHQTXHVHIRUPDQODVQXEHV6HFDVyFRQ0DU\+RZDUGFRQRFLGDFRPR3ROO\\ODSDUHMD
WXYRWUHVKLMRVTXHOOHJDURQDODHGDGDGXOWD&KDUOHV(UDVPXV\5REHUWHOSDGUHGHOJUDQ&KDUOHV
0LHQWUDVWUDEDMDEDFRPRPpGLFR(UDVPXVIXHQRPEUDGRPLHPEURGHOD5R\DO6RFLHW\HQ
VH FRGHy FRQ FLHQWtILFRV GH OD WDOOD GH -DPHV :DWW %HQMDPLQ )UDQNOLQ \ -RVHSK 3ULHVWOH\ IXH HO
SULPHULQJOpVHQDFHSWDUODVWHRUtDVGH/DYRLVLHUVREUHHOR[tJHQRWUDGXMRD/LQQHRVHLQWHUHVySRU
ODVLQYHUVLRQHVHQFDQDOHVDSR\yODFUHDFLyQGHXQDIiEULFDVLGHU~UJLFD\IXQGDPHQWDOPHQWHVH
KL]RPX\DPLJRGH-RVLDK:HGJZRRGXQPLOORQDULRIDEULFDQWHGHFHUiPLFDVFRQFX\DKLMDVHFDVDUtD
VXSURSLRKLMR5REHUW$QWHVGHTXHVHFDVDUDQ-RVLDKIDOOHFLyGHMiQGROHFRPRKHUHQFLDDVXKLMDHO
HTXLYDOHQWHGHGRVPLOORQHVGHOLEUDVDFWXDOHV6HLPDJLQDUiQSRUTXpHOKLMRGHHVWHPDWULPRQLRHO
PLVPtVLPR&KDUOHV'DUZLQQXQFDWHQGUtDTXHSUHRFXSDUVHSRUFXHVWLRQHVHFRQyPLFDV
/HV FRQWp TXH (UDVPXV 'DUZLQ HUD HQWUH RWUDV FRVDV SRHWD 3HUR QR HUD XQ SRHWD FXDOTXLHUD
XVDEDORVYHUVRV\ODVULPDVSDUDLQWHQWDUDWUDHUDODJHQWHKDFLDORVSODFHUHVGHODERWiQLFDHQXQD
REUD TXH VH EDVDED HVHQFLDOPHQWH HQ ODV WHRUtDV GH /LQQHR < WDPELpQ VH OH DQLPy D OD SURVD HQ
SXEOLFyHOSULPHUYROXPHQ GHVX=RRQRPtDGRQGHH[SXVRVXWHRUtD VREUHHO WUDQVIRUPLVPR
FRPR HQWRQFHV VH OODPDED D OD HYROXFLyQ TXH HQ YHUGDG RFXSDED DSHQDV XQR GH ORV FXDUHQWD
FDStWXORV
(UDVPXVPRVWUDEDGHWDOODGDPHQWHODHYLGHQFLDGHTXHODVHVSHFLHVKDEtDQVXIULGRFDPELRVHQHO
SDVDGR \ OODPDED OD DWHQFLyQ HVSHFLDOPHQWH VREUH HO PRGR HQ TXH GLFKRV FDPELRV VH KDEtDQ
SURGXFLGRWDQWRHQSODQWDVFRPRHQDQLPDOHVSRUODLQWHUYHQFLyQGHOLEHUDGDGHOVHUKXPDQRSRU
HMHPSORDOFULDUFDEDOORVGHFDUUHUDPiVUiSLGRVRGHVDUUROODUFXOWLYRVPiVSURGXFWLYRVPHGLDQWH
SURFHVRVGHVHOHFFLyQDUWLILFLDODOJRTXHVHUtDGHD\XGDFUXFLDOSDUDODWHRUtDTXHPiVDGHODQWH
IRUPXODUtDVXQLHWR$VHJXUDEDTXHORVGHVFHQGLHQWHVKHUHGDEDQODVFDUDFWHUtVWLFDVWUDQVPLWLGDVSRU
VXVSDGUHVGHVWDFDQGRHQWUHRWURVFDVRVHOGHXQDFDPDGDGHJDWRVFRQXQDJDUUDGHPiVHQFDGD
SDWD\H[SOLFDEDFyPRGHWHUPLQDGDVFDUDFWHUtVWLFDVDGTXLULGDVOHVIDFLOLWDEDQDGLIHUHQWHVHVSHFLHV
ODREWHQFLyQGHDOLPHQWR

$OJXQRVSiMDURVKDQDGTXLULGRXQDPD\RUGXUH]DHQORVSLFRVSDUDSDUWLUQXHFHVFRPRHVHO
FDVRGHORVORURV2WURVFRPRORVJRUULRQHVKDQGHVDUUROODGRSLFRVDGDSWDGRVSDUDFDVFDU
VHPLOODVPiVGXUDV2WURVORVWLHQHQDGDSWDGRVSDUDYDFLDUVHPLOODVPiVEODQGDV

3HURDGHPiV(UDVPXVTXHHUDXQKXWWRQLDQRHVGHFLUSDUWLGDULRGHTXHORVFLFORVJHROyJLFRVGH
OD7LHUUDQRGDEDQVHxDOHVGHSULQFLSLRQLDWLVERVGHILQDOOOHJyDODFRQFOXVLyQGHTXHWRGDOD
YLGDH[LVWHQWHHQOD7LHUUDSRGtDSURYHQLUGHXQDIXHQWHFRP~QWDOFRPRYLPRVTXHWLHPSRGHVSXpV
ORKDUtD6DLQW+LODLUH3RULPSOLFDFLyQHVWRLQFOXLUtDDORVVHUHVKXPDQRV
6LQRHUDSRVLEOHQHJDUODH[LVWHQFLDGH'LRVDOPHQRVHUDVtSRVLEOHOLPLWDUVXSDSHO\DQRVH
WUDWDEDGHXQGHPLXUJRTXHLQFLGtDFDGDGRVSRUWUHVVREUHORVSURFHVRVGHODYLGDHQOD7LHUUDVLQR
TXHRSHUDEDFRPRXQSULPHUPRWRUTXHSRQtDHQPDUFKDODVFRVDV\OXHJRODVGHMDEDTXHDQGXYLHUDQ
VLJXLHQGR HO FXUVR WUD]DGR SRU OD HYROXFLyQ QDWXUDO 8QD HYROXFLyQ GH OD TXH YDOH DFODUDU QR VH
VDEtDQDGDGHQDGD
1RVHVDEtDGHFtDDXQTXHVtVHFRQMHWXUDED(UDVPXVSHQVDEDTXHORTXHSURGXFtDFDPELRVHQ
ORV FXHUSRV GH ORV DQLPDOHV YLYRV \ GH ODV SODQWDV HUDQ VXV HVIXHU]RV SRU FRQVHJXLU DOJR TXH
QHFHVLWDEDQ SRU HMHPSOR DOLPHQWR R SDUD HVFDSDU GH ORV GHSUHGDGRUHV FDVL GHO PLVPR PRGR HQ
TXHXQOHYDQWDGRUGHSHVDVLQFUHPHQWDVXPXVFXODWXUD&RPROXHJRORKDUtD/DPDUFNHODEXHORGH
&KDUOHVVXSXVRTXHODVFDUDFWHUtVWLFDVDGTXLULGDVSDVDUtDQOXHJRDODGHVFHQGHQFLDGHOTXHODVKDEtD
DGTXLULGR SURGXFLHQGR XQ FDPELR HYROXWLYR HO KLMR GHO OHYDQWDGRU GH SHVDV VHUtD SRU KHUHQFLD
IRU]XGR (V EDVWDQWH LQFUHtEOH TXH XQD WHRUtD WDQ IiFLO GH UHIXWDU HPStULFDPHQWH VREUHYLYLHUD WDQWR
SHURKDVWDHQWUDGRHOVLJOR;;KXERJHQWHTXHODGHIHQGLy<HVTXHWHQtDODHQRUPHYHQWDMDGHHQFDMDU
FRQHOVHQWLGRFRP~Q
(UDVPXVFRQWLQXyGHVDUUROODQGRVXVWHRUtDVGXUDQWHHOUHVWRGHVXYLGD\HQVHSXEOLFy7KH
7HPSOHRI1DWXUHRUWKH2ULJLQRI6RFLHW\(OWHPSORGHODQDWXUDOH]DRHORULJHQGHODVRFLHGDG
GRQGHDKRUDHQYHUVRDFRPHWtDQXHYDPHQWHHOWHPDGHODHYROXFLyQ6XVLGHDVIXHURQFRQGHQDGDV
HVWDEDQ FODUDPHQWH IXHUD GH OXJDU HQ XQD VRFLHGDG TXH VH HQFRQWUDED HQ JXHUUD FRQ OD )UDQFLD
QDSROHyQLFD\DQVLDEDPXFKRPiVODHVWDELOLGDG\ODVHJXULGDGTXHODUHYROXFLyQ\ODHYROXFLyQ
(UDVPXV\DKDEtDPXHUWRHQDORVDxRVGHHGDG1RREVWDQWHTXL]iSUHFLVDPHQWHSRUOD
VLWXDFLyQSROtWLFDH[LVWHQWHIXHHQOD)UDQFLDQDSROHyQLFDFRPR\DORVDEHPRVGRQGHVHDVXPLHURQ
\ GHVDUUROODURQ HQ DOJXQRV DVSHFWRV GH PDQHUD PiV FRPSOHWD WHRUtDV VLPLODUHV D ODV GH (UDVPXV
'DUZLQ < IXH MXVWDPHQWH DOOt GRQGH VH GHVHQFDGHQy OD SROpPLFD GH OD TXH OHV SURPHWt TXH OHV
KDEODUtDHQHOFDStWXORDQWHULRU\DOFRPLHQ]RGHpVWH\TXHHVFRQYHQLHQWHUHWRPDUDTXt

/DSROpPLFDGHHQWUH&XYLHU\6DLQW+LODLUH
&XHQWDHOItVLFR)UpGpULF6RUHWTXHFXDQGRYLVLWyD*RHWKHXQRVSRFRVGtDVGHVSXpVGHODUHYROXFLyQ
SDULVLQD GH MXOLR GH  TXH KDEtD GHVWURQDGR DO UH\ &DUORV ; \ TXH KDEUtD GH LPSRQHU D /XLV
)HOLSHGHODUDPD%RUEyQ2UOHiQV\DQRFRPRUH\GH)UDQFLDSRUGHUHFKRGLYLQRVLQRFRPRUH\GH
ORVIUDQFHVHVVHSURGXMRXQDFRQYHUVDFLyQFRPRODTXHVLJXH1RELHQHQWUy6RUHWDOJDELQHWHGHO
JUDQHVFULWRUDOHPiQpVWHORDFRPHWLy

*2(7+(4XpSLHQVDVGHHVWHJUDQHYHQWR"(OYROFiQKDHUXSFLRQDGRWRGRHVWiHQOODPDV
625(7 8QD KLVWRULD WHUULEOH SHUR SRGUtD KDEHUVH HVSHUDGR EDMR FLUFXQVWDQFLDV WDQ
QRWDEOHV\FRQXQPLQLVWURWDORWUDFRVDTXHQRIXHUDODH[SXOVLyQGHODIDPLOLDUHDO"
*2(7+(3DUHFHTXHQRQRVHVWDPRVHQWHQGLHQGRPLEXHQDPLJR1RHVWR\KDEODQGRGH
WRGD HVD JHQWH HQ ODV FDOOHV SDUD QDGD VLQR GH DOJR FRPSOHWDPHQWH GLIHUHQWH (VWR\
KDEODQGR GH OD SROpPLFD GH OD PD\RU LPSRUWDQFLD SDUD OD FLHQFLD HQWUH &XYLHU \
*HRIIUR\6DLQW+LODLUHTXHKDHVWDOODGRHQSOHQD$FDGHPLD

6RUHWSHUPDQHFLyFDOODGR
/R TXH RFXUUH HV TXH *RHWKH H[DJHUDED SHUR QR WDQWR /DV GLVFXVLRQHV HQWUH ODV GRV JUDQGHV
ILJXUDVGHODDQDWRPtDFRPSDUDGDIUDQFHVDTXHVHOOHYDURQDFDERGHPDQHUDS~EOLFDDORODUJRGH
GRVPHVHVHQSHURTXHVHYHQtDQJHVWDQGRGXUDQWHWRGDOD~OWLPDGpFDGDIXHURQXQYHUGDGHUR
DFRQWHFLPLHQWRTXHVDFXGLyHOPXQGRFLHQWtILFR\TXHWXYRHQYLORDPLOHVGHSHUVRQDVGHOD(XURSD
LOXVWUDGDSRQLHQGRVREUHHOWDSHWHXQRGHORVWHPDVTXHKDEUtDGHJHQHUDUXQDGHODVPiVLPSRUWDQWHV
UHYROXFLRQHVGHODFRVPRYLVLyQRFFLGHQWDOGHTXHVHWHQJDPHPRULD
6DLQW+LODLUH KDEtD FUHDGR XQ JUDQ VLVWHPD HV YHUGDG SHUR FRPR VXHOH RFXUULU OR KDEtD
H[WHQGLGR PiV DOOi GH VXV SRVLELOLGDGHV SDUD KDFHUOR XQLYHUVDOPHQWH YiOLGR < DOJXQDV GH ODV
FRQFOXVLRQHVTXHVDFDEDFRPRDTXHOODTXHOHVFRQWpDFHUFDGHODKRPRORJtDHQWUHHOHVTXHOHWRGH
ORV DUWUySRGRV \ OD FROXPQD YHUWHEUDO GH ORV YHUWHEUDGRV MXQWR D REYLDPHQWH VX WUDQVIRUPLVPR
UDGLFDOSURYRFDURQODRSRVLFLyQGHVXDQWLJXRD\XGDQWH\DPLJR&XYLHUDKRUDFRQYHUWLGRHQUH\
PiVELHQGLFWDGRUGHODELRORJtDIUDQFHVD
/D WHQVLyQ HQWUH DPERV VLVWHPDV HVWDED ODWHQWH HO WUDQVIRUPLVPR GH *HRIIUR\ HUD REYLDPHQWH
LQFRPSDWLEOHFRQODLGHDGH&XYLHUGHTXHHQWUHORVFXDWURJUDQGHVWLSRVQRKDEtDQLQJXQDIRUPDGH
UHODFLyQ SHUR OD UXSWXUD GHILQLWLYD VH SURGXMR FXDQGR 6DLQW+LODLUH VRPHWLy FRQ HQWXVLDVPR D OD
$FDGHPLD GH 3DUtV HO WUDEDMR GH GRV MyYHQHV QDWXUDOLVWDV /DXUHQFHW \ 0H\UDQ[ TXH SUHWHQGtDQ
GHPRVWUDUTXHODHVWUXFWXUDDQDWyPLFDGHSXOSRVFDODPDUHV\VHSLDVSRGtDVHUFRQFHELGDFRPRVLHO
DQLPDOIXHUDXQYHUWHEUDGRGREODGRKDFLDDWUiVDODDOWXUDGHORPEOLJRFRQODSHOYLVGHEDMRGHOD
QXFD \ ORV SLHV HQ OD SUR[LPLGDG GH OD FDEH]D 'H HVWH PRGR XQ SXOSR DO GHVSOD]DUVH FRQ VXV
WHQWiFXORV RIUHFHUtD FLHUWD VHPHMDQ]D FRQ ORV PRYLPLHQWRV GH XQ DFUyEDWD TXH PDUFKDUD
VLPXOWiQHDPHQWHFRQVXVSLHV\FRQVXVPDQRVGREODGRVODFDEH]D\ORVKRPEURVKDFLDDWUiV
(UDLUGHPDVLDGROHMRVVREUHWRGRSDUDDOJXLHQTXHFRPR&XYLHUEDVDEDVXSURSLRVLVWHPDHQ
XQD VHSDUDFLyQ WDMDQWH HQWUH YHUWHEUDGRV \ DUWUySRGRV /D VLWXDFLyQ OR PHUHFtD \ OD $FDGHPLD QL
OHQWDQLSHUH]RVDRUJDQL]yXQDVHULHGHGHEDWHVS~EOLFRVTXHVHOOHYDURQDFDERWRGRVORVOXQHVSRU
ODWDUGH(QGLVFXVLRQHVTXHWRPDEDQKRUDV\HQODVTXHORVDUJXPHQWRVVHUHSHWtDQKDVWDHOKDUWD]JR
IUHQWH D XQ S~EOLFR PDVLYR \ UXLGRVR HO HQWRQFHV SRSH GH OD ELRORJtD IUDQFHVD PRVWUy HQ SULPHU
OXJDU TXH ODV DQDORJtDV SURSXHVWDV SRU ORV DSDGULQDGRV GH 6DLQW+LODLUH HUDQ FODUDPHQWH
LQYHQWDGDV SHUR OXHJR DPSOLy HO FDPSR \ DWDFy OD XQLGDG GHO SODQ DQDWyPLFR GHO UHLQR DQLPDO
LQLFLDQGRDVtXQDGLVFXVLyQGHPXFKRPD\RUDOFDQFHTXHPHUHFHLQGXGDEOHPHQWHXQFDStWXORDSDUWH
HQODKLVWRULDGHODVJUDQGHVSROpPLFDVFLHQWtILFDV
(O LQWHUpV GHVSHUWDGR SRU ODV GLVFXVLRQHV WHUPLQy SRU DOFDQ]DU D WRGRV ORV SDtVHV GRQGH KDEtD
FLHQWtILFRVTXHPHGLWDEDQVREUHWDOHVSUREOHPDV3DUHFtDTXHKDEtDQYXHOWRORVWLHPSRVDQWLJXRVHQ
ORVTXHODVGLVFXVLRQHVILORVyILFDVVDFXGtDQDOPXQGRFRPRORWHVWLPRQLDODDQpFGRWDGH*RHWKH
/DV SRVLFLRQHV GH ORV FLHQWtILFRV HVWDEDQ GLYLGLGDV ORV SHQVDGRUHV DXVWHURV DFRVWXPEUDGRV D OD
PDUFKDVHYHUDGHODFLHQFLDDQWHVTXHDVXYXHORUiSLGRGLHURQODUD]yQD&XYLHUPLHQWUDVTXHORV
HVStULWXVDXGDFHVDGKLULHURQD*HRIIUR\
$FDVRSRUHOSUHVWLJLRFRQHOTXH\DFRQWDEDDFDVRSRUODPHWLFXORVLGDGFRQODTXHSUHVHQWDED
VXV DUJXPHQWRV R SRU VXV YDVWtVLPRV FRQRFLPLHQWRV GH DQDWRPtD OD SROpPLFD FRQFOX\y FRQ XQD
YLFWRULD GH &XYLHU TXH ORJUy SRQHU HQ HYLGHQFLD ODV H[DJHUDFLRQHV GH *HRIIUR\ \ FRQYHQFHU DO
S~EOLFRHQJHQHUDOGHTXHHUDDFRQVHMDEOHUHFKD]DUVXWHRUtDGHOSODQXQLWDULRGHODQDWXUDOH]D\OD
HYROXFLyQGHODVHVSHFLHVDSDUWLUGHXQDUTXHWLSR/RFXDOGHPXHVWUDTXHHVWRVJUDQGHVWRUQHRVQR
VLHPSUHGDQODUD]yQDOIXWXUR\VRVWLHQHHOGLFKRGHTXHWHQHUUD]yQGHPDVLDGRSURQWRHVORPLVPR
TXHHVWDUHTXLYRFDGR

/DQRFKHGH*DORLV

$XQTXHQRWHQJDHVSHFtILFDPHQWHTXHYHUFRQHOWHPDTXHHVWDPRVWUDWDQGRDSURYHFKHPRVTXHHVWDPRVHQpSRFD
SDUDUHWRPDUEUHYHPHQWHXQDKLVWRULDTXHOHVSURPHWtHQHOOHMDQRFDStWXORVREUHHO5HQDFLPLHQWR\TXHQXQFDOHV
FRQWp&XDQGRKDEODPRVGHODVHFXDFLRQHVDOJHEUDLFDV\VXVUHVROXFLRQHVHQHOVLJOR;9OHVKDEtDFRQWDGRTXHVH
KDEtDQUHVXHOWRWRGDVKDVWDODVGHFXDUWRRUGHQHVGHFLUFRQODLQFyJQLWDHOHYDGDDODFXDUWDSRWHQFLD\OHVGLMHTXH
ODGHTXLQWRRUGHQWDUGDUtDPXFKRHQHQFRQWUDUVXUHVROXFLyQ\TXHHVWDUtDDVRFLDGDFRQXQDKLVWRULDGHDPRU\GH
PXHUWH(VHOPRPHQWRGHFRQWDUOD
/DHFXDFLyQGHTXLQWRRUGHQ;E[F[G[H[I VHUHVLVWtD\VHUHVLVWLyGXUDQWHGRVVLJORVSRUOR
PHQRV5HFLpQDSULQFLSLRVGHOVLJOR;,;SULPHUR1LHOV+HQULN$EHO\OXHJReYDULVWH*DORLV
QRWHQ ODV HGDGHV GHPRVWUDURQ TXH HUD LPSRVLEOH HQFRQWUDU XQD IyUPXOD TXH OD UHVROYLHUD HV OR TXH
WpFQLFDPHQWHVHH[SUHVDFRPRTXHODHFXDFLyQGHTXLQWRJUDGR\FXDOTXLHUDGHJUDGRPD\RUQRVHSXHGHUHVROYHU
SRUUDGLFDOHVHVGHFLUPHGLDQWHXQDIyUPXODJHQHUDO
/RTXHHVH[WUDRUGLQDULRHVHOFDPLQRTXHWRPy*DORLVGHGXFLHQGRHVWDSURSLHGDGGHODWHRUtDGHJUXSRVXQWLSRGH
HVWUXFWXUDVTXHLQYHQWyRGHVFXEULy/DKLVWRULDIXHXQDFRPELQDFLyQGHJHQLRPDWHPiWLFRSDVLyQSROtWLFD\GXHOR
URPiQWLFR ORV GHVFXEULPLHQWRV ORV UHDOL]y GH DGROHVFHQWH PiV WDUGH WUDV OD UHYROXFLyQ GH  HQ )UDQFLD TXH
SDUD GHFHSFLyQ GH ORV PDQLIHVWDQWHV FXOPLQy FRQ HO HQWURQL]DPLHQWR GH /XLV )HOLSH GH 2UOpDQV *DORLV IHUYLHQWH
UHSXEOLFDQRIXHSHUVHJXLGR\SDVyYDULRVPHVHVSUHVR
1XHVWURSHUVRQDMHIXHXQRGHORVJUDQGHVPDWHPiWLFRVGHODKLVWRULD&XDQGRDEDQGRQyODFiUFHOSRU~OWLPDYH]VH
YLRHQYXHOWRHQXQOtRGHSROOHUDVTXHOROOHYyXQPHVGHVSXpVDEDWLUVHHQXQGXHOR/DQRFKHDQWHULRUDDTXHOGtD
IDWtGLFR HVFULELy XQD FDUWD H[SRQLHQGR WRGDV VXV WHRUtDV PDWHPiWLFDV TXH VLUYLHURQ GH PRWRU SDUD XQ VLJOR GH
GHVDUUROORGHOiOJHEUD\TXHWDUGDURQPXFKRHQVHUFRPSUHQGLGDVSRUFRPSOHWR/DWHRUtDGHFRQMXQWRVSRWHQFLDGD
SRUODWHRUtDGHJUXSRVIXHXQDGHODVJUDQGHVFRQTXLVWDVGHOVLJOR;,;\VXUJHGHHVDFDUWDGHVHVSHUDGDTXH*DORLV
HVFULELyODQRFKHDQWHULRUDOGXHORDFDXVDGHOFXDOPRULUtDWUHVGtDVPiVWDUGH
<WHQtDYHLQWHDxRV

3RUTXH &XYLHU FRQ VX UtJLGD DGKHVLyQ D OD ILMH]D GH ODV HVSHFLHV \ FRQ VXV PXOWLSOLFDEOHV
FDWiVWURIHV HPSHRUDGDV SRU VXV GLVFtSXORV SHUWHQHFtD HQ FLHUWD IRUPD D ODV HVWULEDFLRQHV GHO
VLJOR;9,,,PLHQWUDVTXH*HRIIUR\VHHVWDEDHPEDUFDQGRGHOOHQRHQHOVLJOR;,;<ORKDFtDSRUTXHVX
LGHD GHO DUTXHWLSR SDUHFtD H[LJLU XQD WHRUtD GH OD HYROXFLyQ GHO WLSR GH OD TXH /DPDUFN KDEtD
SURSXHVWRYHLQWHDxRVDQWHV\TXH\DUHYLVDUHPRV
6DLQW+LODLUHFRQVXWUDQVIRUPLVPRDIORUGHSLHOHVHQWRQFHVXQDEXHQDSXHUWDGHHQWUDGDSDUD
ODJLJDQWHVFDDYHQWXUDLQWHOHFWXDOTXHVLJQLILFyHOVLJOR ;,;QRVyORSDUDODELRORJtDVLQRSDUDWRGRV
ORVFDPSRVGHODFLHQFLD
$OOiYDPRV

(OWUDQVIRUPLVPR\VXpSRFD
+D\ TXH GHFLU TXH HO WUDQVIRUPLVPR HQFDMDED FRQ ORV WLHPSRV TXH FRUUtDQ HO WpUPLQR PLVPR
HYROXFLyQ \D KDEtD VLGR DFXxDGR SRU $OEUHFKW YRQ +DOOHU  SDUD VX WHRUtD
HPEULROyJLFDHOLPDJLQDULRHXURSHRVHHVWDEDHPEDUFDQGRHQODGRFWULQDGHOSURJUHVR\ODVLGHDV
GHFDPELR\DXQGHFDPELRUiSLGRFRPHQ]DEDQDSUHYDOHFHUVREUHODVGHSHUPDQHQFLDGXUDFLyQ
\ HWHUQLGDG (Q  $GDP 6PLWK SXEOLFy /D ULTXH]D GH ODV QDFLRQHV XQD WHRUtD GLQiPLFD GHO
VLVWHPDFDSLWDOLVWDQDFLHQWH\HQDSDUHFLyHO(QVD\RVREUHODSREODFLyQGH0DOWKXVTXHWDQWR
LQVSLUDUtDD'DUZLQ3RURWURODGRODJHRORJtDHQH[SDQVLyQDSRUWDEDDOWUDQVIRUPLVPRHOLQJUHGLHQWH
HVHQFLDOTXHOHIDOWDEDWLHPSR
$XQTXH QDGLH OR VDEtD D~Q OD GRFWULQD GH OD ILMH]D GH ODV HVSHFLHV KDEtD HQWUDGR HQ XQD IDVH
WHUPLQDO\HQHVHVHQWLGRODVKLSyWHVLVFDWDVWURILVWDVIXHURQ\DGHHQWUDGDXQDQDFURQLVPRODVLGHDV
WUDQVIRUPLVWDV VLQ HPEDUJR QR GHMDEDQ GH VHU LQWXLFLRQHV RVFXUDV SDVRV D WLHQWDV HQVRxDFLRQHV
PDQLILHVWDVFDVLFXHVWLyQGHFUHHQFLD\RSLQLyQ
<DVt\WRGRVHSHUFLEtDODQHFHVLGDGGHXQDUHIRUPD
/LQQHR\&XYLHUKDEtDQMXJDGRSDUDODELRORJtDHOSDSHOTXH7\FKR%UDKHKDEtDFXPSOLGRSDUDOD
DVWURQRPtD DO HVWDEOHFHU XQ PpWRGR GH REVHUYDFLyQ SUHFLVR LQVSLUDGR HQ HO PHFDQLFLVPR
QHZWRQLDQR +DFtD IDOWD TXH DOJXLHQ UHGRQGHDUD \ UHXQLHUD HQ XQD WHRUtD FRKHUHQWH WRGDV HVDV
LQWXLFLRQHV EiVLFDV GHO PLVPR PRGR HQ TXH &RSpUQLFR KDEtD UHXQLGR ODV LGHDV IORWDQWHV GHVGH OD
$QWLJHGDGVREUHHOKHOLRFHQWULVPR\OHVKDEtDFRQIHULGROHJDOLGDG\HVWDWXVFLHQWtILFR
< EXHQR 8QD HVSHFLH GH &RSpUQLFR GHO WUDQVIRUPLVPR FRQ WRGR HO FXLGDGR TXH KD\ TXH WHQHU
FXDQGRVHFRPSDUDDDOJXLHQFRQ&RSpUQLFRIXH-HDQ%DSWLVWHGH/DPDUFNTXHIXVLRQy
WRGDVDTXHOODVLGHDVYDJDVHQXQDWHRUtDFRPSOHWD\WUDQVIRUPyHOWUDQVIRUPLVPRHQHYROXFLyQ

/DPDUFN
-HDQ %DSWLVWH /DPDUFN  GHVDUUROOy EXHQD SDUWH GH VX FDUUHUD GH QDWXUDOLVWD FRPR
ERWiQLFR SHUR HQ  GHELy HQFDUJDUVH HQ 3DUtV GHO HVWXGLR GH ORV LQYHUWHEUDGRV HQ HO 0XVpXP
G+LVWRLUH1DWXUHOOHTXHOD5HYROXFLyQKDEtDPRQWDGRVREUHHODQWLJXR-DUGLQGX5RL$OOtFRQVWUX\y
XQDFODVLILFDFLyQTXHOHGLRXQOXJDUSURPLQHQWHHQODELRORJtDSDODEUDTXHGLFKRVHDGHSDVRpO
PLVPRLQYHQWyDOPLVPRWLHPSRTXHORVPpGLFRVDOHPDQHV7UHYLUDQXV\%XUGDFK
7UDQVIRUPLVWD GHVGH HO YDPRV /DPDUFN RSWy SRU HO DUTXHWLSR FDPELDQWH TXH \D YLPRV TXH
VRVWHQtD(UDVPXV'DUZLQVXYHUVLyQGHODHYROXFLyQFRQVLGHUDEDTXHHQFDGDHVSHFLHGHWHUPLQDGRV
DQLPDOHV SRGtDQ LU FDPELDQGR VXV FDUDFWHUtVWLFDV HQ VX LQWHUDFFLyQ FRQ HO PHGLR DPELHQWH \ OHJDU
HVRVUDVJRVFDPELDGRVDVXSURJHQLH(QHQVX)LORVRItD]RROyJLFDDILUPyTXHORVVHUHVYLYRV
WHQGtDQDDGDSWDUVHPHGLDQWHHODEXVRGHDOJXQDVSDUWHVGHVXFXHUSR\HOGHVFXLGRGHRWUDVDEXVR\
GHVFXLGR TXH VH WUDQVPLWtDQ D VXV GHVFHQGLHQWHV /DV SDUWHV LQ~WLOHV VH DWURILDEDQ JUDGXDOPHQWH
PLHQWUDVODVDGDSWDWLYDVVHGHVDUUROODEDQ\DVtPHGLDQWHODWUDQVPLVLyQKHUHGLWDULD\ODDFXPXODFLyQ
OHQWDPHQWH ODV HVSHFLHV VH LEDQ PRGLILFDQGR /RV SULPHURV \ SULPLWLYRV VHUHV YLYLHQWHV VH KDEtDQ
RULJLQDGR SRU JHQHUDFLyQ HVSRQWiQHD D SDUWLU GH XQD HVSHFLH GH FDOGR LQLFLDO \ PHGLDQWH HVH
PHFDQLVPR GH DGDSWDFLRQHV DWURILDV H KLSHUWURILDV KDEtDQ GDGR OXJDU D OD HQRUPH YDULHGDG
ELROyJLFDDFWXDO
(O HMHPSOR IDYRULWR GH /DPDUFN HUD HO GH XQ DQLPDO UHFLpQ GHVFXELHUWR SRU ORV HXURSHRV OD
MLUDID8QDQWtORSHSULPLWLYRVRVWHQtD/DPDUFNDILFLRQDGRDFRPHUKRMDVGHiUEROHVWLUyVXFXHOOR
KDFLD DUULED FRQ WRGD VX IXHU]D SDUD DOFDQ]DU HO Pi[LPR GH KRMDV SRVLEOH \ MXQWR FRQ VX FXHOOR
WDPELpQVXVSDWDV\VXOHQJXD(OHVWLUDPLHQWRDVtSURGXFLGRVHWUDQVPLWLyDVXVKLMRVTXHUHSLWLHURQ
ODRSHUDFLyQHVWLUDQGRSDWDVFXHOOR\OHQJXDPiVD~Q'HHVWDPDQHUDGHJHQHUDFLyQHQJHQHUDFLyQ
ODV SURSRUFLRQHV GH DTXHO ROYLGDGR DQWtORSH VH IXHURQ PRGLILFDQGR KDVWD GHYHQLU WRGD XQD MLUDID
/RV FDPELRV VH LEDQ SURIXQGL]DQGR GXUDQWH VLJORV \ ORV VXFHVLYRV GHVDUUROORV LEDQ PHMRUDQGR ODV
HVSHFLHVTXHPRVWUDEDQDOILQDOODPDUDYLOORVDDGDSWDFLyQTXHKR\YHPRV
/D KLSyWHVLV HUD DWUDFWLYD TXp GXGD FDEH SHUR WHQtD XQ REVWiFXOR LQVDOYDEOH ORV FDUDFWHUHV
DGTXLULGRV QR VH KHUHGDQ 3RU PiV TXH XQD MLUDID HVWLUH VX FXHOOR VX SUROH QR KHUHGDUi HO
HVWLUDPLHQWRGHOPLVPRPRGRTXHVLVHOHFRUWDODFRODDXQUDWyQVXVKLMRVQRQDFHUiQVLQFRODOD
GRFWULQD GH ORV FDUDFWHUHV DGTXLULGRV QR SDVDED OD SUXHED HPStULFD /DPDUFN \ VXV VHJXLGRUHV
WDPSRFRKDEtDQUHDOL]DGRGHPDVLDGRVHVWXGLRVFRQFUHWRVTXHGLHUDQFXHQWDGHORVPHFDQLVPRVSRU
ORV TXH ORV DPELHQWHV SHUPLWHQ HVWH SURFHVR GH PHMRUD GH OD HVSHFLH QR H[DPLQDURQ IyVLOHV \
WDPSRFRSUHVWDURQDWHQFLyQDODELRJHRJUDItD$XQTXHLQWXLWLYDFRPRHUDSRGtDH[SOLFDUEDVWDQWH
ELHQODHYROXFLyQGHODVHVSHFLHV
<HUDHIHFWLYDPHQWHXQDHVWRFDGDFRQWUDODGRFWULQDTXHFRQPDQRGHKLHUUR&XYLHUGHIHQGtDHQ
)UDQFLD3HURMXVWDPHQWHODGLFWDGXUDGHOILMLVPRFXYLHULDQRVLVHPHSHUPLWHXQQHRORJLVPRWDQ
HVSDQWRVRLPSLGLyTXHODWHRUtDGHODHYROXFLyQGH/DPDUFNWXYLHUDODVXHUWHTXHPHUHFtD$XQTXH
KD\TXHUHFRQRFHUTXHDOILQ\DOFDER&XYLHUKDEtDKHFKRKLQFDSLpSDUDFRPEDWLUODHQHOSXQWR
TXHYHUGDGHUDPHQWHQRIXQFLRQDEDTXHHUDHOGHODKHUHQFLDGHORVFDUDFWHUHVDGTXLULGRV&XDQGR
/DPDUFN PXULy D ORV QRYHQWD \ FLQFR DxRV FDVL ROYLGDGR HQ HO HORJLR I~QHEUH &XYLHU OR HQVDO]y
FRPR ERWiQLFR \ WD[RQRPLVWD SHUR QL VLTXLHUD PHQFLRQy VX WHRUtD GH OD HYROXFLyQ /R FXDO HQ
YHUGDGHUDXQDFUHWLQDGD
/DSLRQHUDWHRUtDGH/DPDUFNWXYRHODPELJXRGHVWLQRGHWDQWDVWHRUtDVTXHIXHURQSLRQHUDVQR
DOFDQ]yDLPSRQHUVHSHURVLUYLyGHEDVHRGHSODWDIRUPDDTXLHQHVOXHJRGHVFXEULUtDQFXiOHUD
HOYHUGDGHURPHFDQLVPRGHODHYROXFLyQ
(O PLVPR DxR HQ TXH VH SXEOLFDED OD )LORVRItD =RROyJLFD FRPR VL IXHUDQ HVODERQHV GH XQD
FDGHQDGHSURGXFFLyQQDFtDHQ,QJODWHUUD&KDUOHV'DUZLQ

'DUZLQHPSUHQGHXQYLDMHDOUHGHGRUGHOPXQGR
3RGHPRVFRPSUHQGHUKDVWDFLHUWRSXQWRSRUTXpKD\WDQWDEHOOH]DSRUWRGDODQDWXUDOH]DSXHV
HVWRSXHGHDWULEXLUVHHQJUDQSDUWHDODDFFLyQGHODVHOHFFLyQQDWXUDO

'$5:,1(ORULJHQGHODHVSHFLHV

&KDUOHV'DUZLQQRHVWDEDGHVWLQDGRDVHUQDWXUDOLVWDVLQRPpGLFRFRPRVXSDGUH\VX

DEXHOR(UDVPXV$ORVDxRVIXHDHVWXGLDUD(GLPEXUJRGRQGHDVTXHDGRSRUODVFLUXJtDVGXUy
VyORGRVDxRVSHURDOFDQ]yDFRQRFHUDJHyORJRV\ELyORJRV$QWHVXIDOWDGHFDSDFLGDGPpGLFDIXH
HQYLDGRDHVWXGLDUUHOLJLyQD&DPEULGJHGRQGHWDPELpQVHYLQFXOyFRQORVFtUFXORVFLHQWtILFRV
3HURODYLGDGHOIXWXURKpURHGHODELRORJtDGLRXQYXHOFRFXDQGRHQFRQVLJXLyHOSXHVWR
GHQDWXUDOLVWDGHDERUGRGHO%HDJOHEDUFRGH6X0DMHVWDG%ULWiQLFDTXHUHFRUUHUtDORVPDUHVGHO
PXQGR 5HWURVSHFWLYDPHQWH VH SXHGH GHFLU TXH IXH HO YLDMH PiV LPSRUWDQWH GH OD KLVWRULD GH OD
ELRORJtD
1RIXHXQYLDMHFRUWRQLXQYLDMHFLWRGHSODFHUODH[SHGLFLyQGXUyFLQFRDxRV(QWUHORVPDUHRV
TXHOHSURYRFDEDHOYDLYpQGHOEDUFR\ORVLQWHQVRVPRPHQWRVTXHYLYtDHQWLHUUDILUPH'DUZLQWXYR
WLHPSRGHOHHUORV3ULQFLSLRVGHJHRORJtDGH/\HOOGRQGHHOJUDQJHyORJRVRVWHQtDFRPRXVWHGHV\D
VDEHQ HO XQLIRUPLWDULDQLVPR HVWR HV OD LGHD GH TXH ORV FDPELRV HQ OD VXSHUILFLH WHUUHVWUH VRQ
UHVXOWDGR GH SURFHVRV JHROyJLFRV HQ ODUJXtVLPRV SHUtRGRV 1XHVWUR YLDMHUR TXH KDEtD SDUWLGR GH
,QJODWHUUD FRQYHQFLGR SRU DFFLyQ X RPLVLyQ GH OD ILMH]D GH ODV HVSHFLHV HQFRQWUy HVSHFLHV PX\
SUy[LPDV \ OLJHUDPHQWH GLIHUHQWHV TXH SDUHFtDQ UHVSRQGHU D SUHVLRQHV DPELHQWDOHV HQ HO
DUFKLSLpODJRGHODV*DOiSDJRVSXGRYHUTXHHQWUHORVSiMDURVSLQ]RQHVTXHKDELWDEDQODVGLIHUHQWHV
LVODVKDEtDGLIHUHQFLDVHQORVSLFRVTXHVHGHEtDQDODVQHFHVLGDGHVDOLPHQWDULDVTXHOHVLPSRQtDHO
OXJDU$SHVDUGHVXIRUPDFLyQUHOLJLRVD'DUZLQ\DQRSRGtDFUHHUTXH'LRVVHKXELHUDWRPDGRHO
WUDEDMRGHFUHDUWDQWDVHVSHFLHVWDQSDUHFLGDVGHXQPLVPRWLSRGHSiMDURV3DUDTXp"
&XDQGR UHJUHVy HQ  \D WHQtD FLHUWD UHSXWDFLyQ JDQDGD JUDFLDV D ODV FDUWDV TXH HQYLDED
UHJXODUPHQWH D ,QJODWHUUD FRQWDQGR VXV REVHUYDFLRQHV 5iSLGDPHQWH VH SRVLFLRQy HQ HO VHQR GH OD
FRPXQLGDG FLHQWtILFD \ VH GHGLFy D HVFULELU OLEURV IROOHWRV \ VX GLDULR GH YLDMH TXH UHVXPtD VXV
H[SHULHQFLDVHQHO%HDJOH0LHQWUDVWDQWRFRPHQ]yDMXQWDUVXVQRWDVHQEXVFDGHXQDUHVSXHVWDDO
SUREOHPDGHODVHVSHFLHV(OYLDMHORKDEtDOOHYDGRDFUHHUFDGDYH]PHQRVHQHOILMLVPR\PiVHQ
ODSRVLELOLGDGGHTXHVHSURGXMHUDQFDPELRVJUDGXDOHVSRUDFFLyQGHOPHGLRDPELHQWH
7DPELpQ VDEtD REYLDPHQWH GH OD VHOHFFLyQ DUWLILFLDO TXH ORV KXPDQRV KDFHQ GH SODQWDV \
DQLPDOHVHOLJLHQGR\UHSURGXFLHQGRDTXHOORVTXHPHMRUFXPSOHQORVREMHWLYRVGHXWLOL]DFLyQ+DEOy
H[WHQVDPHQWHFRQFULDGRUHVTXHOHH[SOLFDURQFyPRPHGLDQWHFUX]DVFRQVHJXtDQDFXPXODUORVUDVJRV
PiVGHVHDEOHVHQVXVDQLPDOHVYHORFLGDGHQDOJXQRVFDEDOORVIXHU]DHQRWURV

(OKRPEUHQRSXHGHFUHDUYDULHGDGHVQLLPSHGLUVXDSDULFLyQSXHGH~QLFDPHQWHFRQVHUYDU\
DFXPXODUDTXHOODVTXHDSDUH]FDQ

3HUR TXp RFXUUtD FXDQGR QR KDEtD LQWHUYHQFLyQ KXPDQD" (YLGHQWHPHQWH OD QDWXUDOH]D GHEtD
UHVXOWDUGHWHUPLQDQWHDODKRUDGHVHOHFFLRQDUDOJXQRVUDVJRV\QRRWURVDXQTXHQRSRGtDKDFHUQDGD
SDUDTXHDSDUHFLHUDWDORFXDOUDVJR4XpPHFDQLVPRMXJDEDHQODQDWXUDOH]DHOSDSHOGHOFULDGRU
\VHFRQVWLWXtDHQHOPRWRUGHOFDPELR"eVHHUDHODVXQWR
(VDV FRVDV HVWDED SHQVDQGR FXDQGR HQ  FD\y HQ VXV PDQRV HO OLEUR GH 7KRPDV 0DOWKXV
OODPDGR (QVD\R VREUH HO SULQFLSLR GH OD SREODFLyQ HQ HO FXDO H[SRQtD XQD WHRUtD VREUH OD
FRPSHWHQFLDSRUVREUHYLYLUTXHVHJ~QpOVHGDEDHQODVRFLHGDGKXPDQD

/DSREODFLyQVLQRVHSRQHREVWiFXORVDVXFUHFLPLHQWRDXPHQWDHQSURJUHVLyQJHRPpWULFD
HQWDQWRTXHORVDOLPHQWRVQHFHVDULRVDOKRPEUHORKDFHQHQSURJUHVLyQDULWPpWLFD

0DOWKXV VRVWHQtD TXH HO ~QLFR OtPLWH SDUD HO FUHFLPLHQWR GH OD SREODFLyQ HVWDED GDGR SRU HO
PHGLRDPELHQWH\ODFDQWLGDGGHDOLPHQWRGLVSRQLEOHTXHDOPXOWLSOLFDUVHPiVOHQWDPHQWHTXHORV
KXPDQRV ORV REOLJDUtD WDUGH R WHPSUDQR D FRPSHWLU WHQD]PHQWH SDUD FRQVHJXLU HO VXVWHQWR 6yOR
DOJXQRV VREUHYLYLUtDQ (VWH HQXQFLDGR WDQ FDWDVWUyILFR FRPR SRFR VHULR \D TXH QLQJXQD GH ODV
SURJUHVLRQHVGH0DOWKXVSXHGHVHUDWHVWLJXDGDD\XGyD'DUZLQDGDUFRQODFODYHGHOPHFDQLVPR
HYROXWLYRODVHOHFFLyQQDWXUDO
 'H FDGD HVSHFLH \ HQ FDGD JHQHUDFLyQ QDFHQ PXFKRV PiV HMHPSODUHV GH ORV TXH HO PHGLR
DPELHQWHSXHGHVRVWHQHUVRODPHQWHXQDIUDFFLyQVREUHYLYHDODOXFKDSRUODH[LVWHQFLD\OOHJD
DSRGHUUHSURGXFLUVH&RPRQDFHQPiVLQGLYLGXRVGHORVTXHSXHGHQVREUHYLYLU\SDUWHGH
pVWRVGHEHQGHVDSDUHFHUHQFDGDFDVRKD\XQDOXFKDSRUODH[LVWHQFLD\DVHDHQWUHLQGLYLGXRV
GHODPLVPDHVSHFLHFRQORVGHRWUDRFRQODVFRQGLFLRQHVGHYLGD

$KRUDELHQFDGDFDPDGDSUHVHQWDYDULDFLRQHVQDWXUDOHVKDEUiHMHPSODUHVPiV\PHQRVIXHUWHV
FRQXQFRORUPiV\PHQRVSURSLFLRDOPLPHWLVPRPiV\PHQRViJLOHVFRQPD\RURPHQRUFDSDFLGDG
DOLPHQWDULDRFRQPD\RUFDSDFLGDGGHKXLUGHVXVSUHGDGRUHV

+D\WDPELpQPXFKDVGLIHUHQFLDVOLJHUDVFRPRODVTXHVHREVHUYDQHQGLVWLQWRVGHVFHQGLHQWHV
GHORVPLVPRVSDGUHV\DODVTXHOODPDUHPRVGLIHUHQFLDVLQGLYLGXDOHV(VWDVGLIHUHQFLDV
VRQ GH JUDQ LPSRUWDQFLD \D TXH DSRUWDQ PDWHULDO VREUH HO FXDO DFW~D DFXPXODWLYDPHQWH OD
VHOHFFLyQQDWXUDOWDOFRPRHOKRPEUHDFXPXODHQXQDGLUHFFLyQGHWHUPLQDGDODVGLIHUHQFLDV
LQGLYLGXDOHVGHODVHVSHFLHVGRPpVWLFDV

<VHJXtD

3HURFDGDXQRGHHVWRVFDPELRVHVWDQSHTXHxR\VXDFXPXODFLyQWDUGDWDQWRWLHPSRTXHQR
DOFDQ]DPRVDDSUHFLDUOR\FXDQGRREVHUYDPRVODVWUDQVIRUPDFLRQHVSURGXFLGDVDORODUJRGH
ORVSHUtRGRVJHROyJLFRVVyORYHPRVTXHODVIRUPDVRUJiQLFDVDFWXDOHVVRQPX\GLIHUHQWHVGH
ODVDQWLJXDV

$TXHOORVFRQXQFDUiFWHUPiVDGDSWDWLYRWHQGUiQPHMRUHVSRVLELOLGDGHVGHOOHJDUDUHSURGXFLUVH
\FRPRHOFDUiFWHUQRHVDGTXLULGRVLQRQDWXUDOVtORWUDQVPLWLUiQDVXVGHVFHQGLHQWHV(QVXFHVLYDV
JHQHUDFLRQHV OD VHOHFFLyQ DFWXDUi XQD \ RWUD YH] HQ IDYRU GH HVH UDVJR TXH WHQGHUi D KDFHUVH
SUHGRPLQDQWH < DVt HVWRV FDUDFWHUHV GLIHUHQFLDGRV FXDQGR VH DFXPXODQ D WUDYpV GH ODV HUDV
WHUPLQDQSRUGDUOXJDUDXQDQXHYDHVSHFLH1RHVTXHHODQWtORSHGH/DPDUFNHVWLUDUDVXFXHOORKDVWD
FRQYHUWLUVH HQ MLUDID HV TXH SDUD FRQWLQXDU FRQ HO HMHPSOR DTXHOORV DQWtORSHV TXH GHELGR D ODV
YDULDFLRQHV QDWXUDOHV WHQtDQ HO FXHOOR XQ SRFR PiV ODUJR SRGtDQ DOLPHQWDUVH PHMRU \ WHQtDQ HQ
FRQVHFXHQFLDPiVFKDQFHVGHSURFUHDUXQDGHVFHQGHQFLDTXHFRPRVHWUDWDEDGHXQUDVJRQDWXUDO
KHUHGDEDHOFXHOORODUJR

'HELGR D OD OXFKD SRU OD H[LVWHQFLD OD PiV SHTXHxD YDULDFLyQ VL HV GH DOJXQD PDQHUD
IDYRUDEOHDORVLQGLYLGXRVGHXQDHVSHFLHD\XGDUiDODFRQVHUYDFLyQGHORVPLVPRV\VHUiHQ
JHQHUDO KHUHGDGD SRU VXV GHVFHQGLHQWHV eVWRV D VX YH] WHQGUiQ PHMRUHV SRVLELOLGDGHV GH
VHJXLUFRQYLGDSXHVGHORVPXFKRVLQGLYLGXRVGHXQDHVSHFLHTXHQDFHQVyORXQSHTXHxR
Q~PHURSXHGHVREUHYLYLU

/D RSHUDFLyQ UHSHWLGD DO FRPSiV GH ODV JHQHUDFLRQHV LUtD OHQWDPHQWH IDYRUHFLHQGR OD
UHSURGXFFLyQGHORVTXHWXYLHUDQFXHOORVPiVODUJRVKDVWDGDUPXFKRGHVSXpVXQDMLUDID1RHUDOD
QDWXUDOH]D SUHVLRQDQGR SDUD TXH ORV LQGLYLGXRV FDPELDUDQ QL ORV LQGLYLGXRV HVIRU]iQGRVH SRU
DGDSWDUVH D OD QDWXUDOH]D FRPR SURSRQtD /DPDUFN VLQR DO UHYpV VH SURGXFtD DOJXQD YDULDFLyQ
FDVXDOHQDOJ~QLQGLYLGXR\VLWDOYDULDFLyQUHVSRQGtDPHMRUDXQDSUHVLyQDPELHQWDOHVWHLQGLYLGXR
WHQGUtDPiVSRVLELOLGDGHVGHVREUHYLYLU\SRUORWDQWRGHUHSURGXFLUVH
$TXHOODV HVSHFLHV TXH QR HYROXFLRQDQ DO FRPSiV GHO PHGLR DPELHQWH SRU VX SDUWH WLHQHQ XQ
WULVWHKRUL]RQWHSRUGHODQWHODH[WLQFLyQ

&XDQGR XQD HVSHFLH VH H[WLQJXH QR UHDSDUHFH MDPiV QL VLTXLHUD VL YXHOYHQ ODV PLVPDV
FRQGLFLRQHV GH YLGD \D TXH DO SHUGHUVH OD HVSHFLH PDGUH ODV IRUPDV TXH SXGLHUDQ
GHVDUUROODUVH SRU DFXPXODFLyQ GH SHTXHxDV YDULHGDGHV SUHVHQWDUtDQ VLQ GXGD DOJXQDV
GLIHUHQFLDV 6HJ~Q OD WHRUtD GH OD VHOHFFLyQ QDWXUDO OD H[WLQFLyQ GH IRUPDV YLHMDV \ OD
DSDULFLyQGHRWUDVQXHYDVHVWiQHVWUHFKDPHQWH YLQFXODGDV /DDQWLJXDLGHDGH TXHWRGRVORV
VHUHV TXH SREODEDQ OD WLHUUD KDEtDQ VLGR DQLTXLODGRV SRU FDWiVWURIHV VXFHVLYDV KD VLGR
DEDQGRQDGD 2SLQDPRV DKRUD TXH ODV HVSHFLHV \ JUXSRV GH HVSHFLHV GHVDSDUHFHQ
JUDGXDOPHQWHXQRVWUDVRWURVSULPHURGHXQVLWLROXHJRGHRWUR\SRUILQGHOPXQGR

&RPR&RSpUQLFR'DUZLQWHQtDWRGRVORVGDWRVEiVLFRVSDUDH[SRQHUVXWHRUtDSHURQRVHDWUHYtD
DGDUORVDFRQRFHU\VHJXtDGDQGRYXHOWDV(QILQDOPHQWHSXEOLFyXQERFHWR\HQXQHQVD\R
PiVDPSOLRTXHHVWDEDSHQVDGRSDUDSXEOLFDFLyQVyORVLpOPRUtD$ILQHVGHORVFLQFXHQWDHPSH]yD
SUHSDUDUXQOLEURGHYDULRVYRO~PHQHV
3HURWXYRTXHDSXUDUVHHQUHFLELyXQWUDEDMRTXHGHOLQHDEDXQFRQFHSWRVLPLODUDOVX\RGH
OD VHOHFFLyQ QDWXUDO GHVDUUROODGR SRU $OIUHG 5XVVHOO :DOODFH  :DOODFH VH JDQDED OD
YLGDFROHFFLRQDQGRDQLPDOHVUDURVSDUDORTXHKDEtDYLDMDGRPXFKRpOWDPELpQKDEtDUHFLELGROD
LQIOXHQFLD GH ODV LGHDV GH /\HOO \ 0DOWKXV \ DYDQ]DED KDFLD OD LGHD GH VHOHFFLyQ QDWXUDO DXQTXH
FRPR QR VH LQWHUHVDED HQ OD UHSURGXFFLyQ DQLPDO QR KDEtD XWLOL]DGR FRPR HMHPSOR OD VHOHFFLyQ
DUWLILFLDO\VHKDEtDEDVDGRPiVELHQHQVXEHVSHFLHVTXHHQLQGLYLGXRVGHFDUDFWHUtVWLFDVSDUWLFXODUHV
GHQWURGHXQDPLVPDHVSHFLH/DFXHVWLyQHVTXHHQOHHVFULELyD'DUZLQFRQTXLHQ\DKDEtD
PDQWHQLGRXQDQXWULGDFRUUHVSRQGHQFLDSUHJXQWiQGROHSRU VX RSLQLyQDFHUFDGHODLGHDTXHHVWDED
HVER]DQGR
'DUZLQ KDEtD WUDEDMDGR HQ OR VX\R SRU DxRV \ QR HVWDED GLVSXHVWR D SHUGHU OD SULRULGDG GH VX
JUDQ WHRUtD 3RU UHFRPHQGDFLyQ GHO PLVPR /\HOO SXEOLFy DO PLVPR WLHPSR TXH :DOODFH VX SURSLR
WUDEDMRHQXQDUHYLVWDFLHQWtILFD+D\TXHGHFLUTXHHQWUHHOORVQRVHJHQHUyXQDWtSLFDFRPSHWHQFLD
DFDGpPLFDSRUODSULRULGDGFRPRODVGH1HZWRQ\+RRNHR1HZWRQ\/HLEQL]VLQRTXHUHVROYLHURQ
ODVFRVDVFRPRFDEDOOHURV
<ILQDOPHQWHOOHJyHOJUDQOLEURHOGHQRYLHPEUHGHVDOLyDODYHQWDODSULPHUDHGLFLyQ
GH(ORULJHQGHODVHVSHFLHVFRQWRGRVORVGHWDOOHVGHODWHRUtD
(Q HO SUyORJR 'DUZLQ UHFRQRFtD TXH OD PRWLYDFLyQ SDUD SXEOLFDU HO OLEUR KDEtD VLGR
HVSHFLDOPHQWH

HO TXH :DOODFH KD OOHJDGR FDVL H[DFWDPHQWH D ODV PLVPDV FRQFOXVLRQHV JHQHUDOHV D TXH KH
OOHJDGR\RVREUHHORULJHQGHODVHVSHFLHV
 /D SULPHUD HGLFLyQ GH  HMHPSODUHV VH DJRWy HVH PLVPR GtD \ OR PLVPR RFXUULy FRQ OD
VHJXQGDHGLFLyQGH(QUHDOLGDGVHDJRWySRUTXHORVGLVWULEXLGRUHVKLFLHURQIXHUWHVFRPSUDV\
QRSRUTXHHOS~EOLFRVHSUHFLSLWDUDDDGTXLULUORSHURGHWRGRVPRGRVQRHVWDEDQDGDPDOSDUDXQD
REUDFLHQWtILFDHQWLHPSRVHQTXHXQEHVWVHOOHUOOHJDEDDYHQGHURPLOHMHPSODUHV
(ORULJHQGHODVHVSHFLHVHVPX\FODUR\KRQHVWRHQFXDQWRDODIXHU]DGHODWHRUtD\ODVGXGDVGHO
DXWRU\HVHQVtPLVPRXQDJUDQREUDGHGLYXOJDFLyQFLHQWtILFD5HVXOWDLQWHUHVDQWHTXH'DUZLQQR
XVDUD OD SDODEUD HYROXFLyQ VLQR RWURV WpUPLQRV FRPR GHVFHQGHQFLD FRQ PRGLILFDFLyQ \
VHOHFFLyQQDWXUDOTXHOXHJRIXHURQUHVXPLGRVFRQODSDODEUDTXHXWLOL]DPRVKR\(QGHVSXpV
GHODPXHUWHGH'DUZLQ:DOODFHSXEOLFDUtDXQOLEUROODPDGR'DUZLQLVPRHQHOTXHUHQGtDKRQRUDOD
JUDQODERUGHVXFROHJD\DPLJR
(OVHJXQGROLEURGH'DUZLQ(ORULJHQGHOKRPEUH\ODVHOHFFLyQFRQUHODFLyQDOVH[RH[SDQGLy
ODHYROXFLyQSDUDLQFOXLUFXHVWLRQHVPRUDOHV\SVLFROyJLFDV<DIXHUDSRUPLHGRSRUFDXWHODRSRU
IDOWDGHFRQYLFFLyQHQQLQJXQDSDUWH'DUZLQKDEOyHVSHFtILFDPHQWHGHOKRPEUHFRPRGHVFHQGLHQWH
GH ORV PRQRV R GH ORV JUDQGHV VLPLRV VLQR TXH OH GHMy HVH FDPSR D XQR GH VXV PiV IHUYRURVRV
DSRORJLVWDV7KRPDV+X[OH\HODEXHORGHOHVFULWRU+X[OH\OOHYyODVFRQFOXVLRQHVGHOD
WHRUtD GH OD HYROXFLyQ PiV OHMRV TXH HO PLVPR 'DUZLQ \ SXEOLFy HQ  VX SURSLR OLEUR /D
HYLGHQFLDGHOOXJDUGHOKRPEUHHQODQDWXUDOH]DHQHOTXHDVHJXUDEDTXH

HQFXDOTXLHUJUXSRGHyUJDQRVTXHVHHVWXGLDUDODVGLIHUHQFLDVHVWUXFWXUDOHVTXHVHSDUDQDO
KRPEUHGHOJRULOD\GHOFKLPSDQFpQRVRQWDQJUDQGHVFRPRODVTXHVHSDUDQDOJRULODGHORV
PRQRVPiVVLPSOHV

3URYRFy GHVGH \D HO KRUURU GH OD VRFLHGDG GH OD pSRFD (VRV GLJQRV FDEDOOHURV \ GDPDV
YLFWRULDQRVTXHVHFRQVLGHUDEDQHOFHQWURGHOPXQGRQRDFHSWDEDQIiFLOPHQWHHVWDUHPSDUHQWDGRVFRQ
ORVPRQRV
'HOPLVPRPRGRTXH&RSpUQLFRKDEtDGHVFHQWUDGRDOD7LHUUDGHOFHQWURGHOXQLYHUVR'DUZLQ
GHVFHQWUDEDDOKRPEUHGHOFHQWURGHODELRORJtD\GHVWUXtDODLGHDGHVXHVSHFLILFLGDGSUHVHQWiQGROR
FRPRHOUHVXOWDGRGHXQDIXHU]DFLHJDODVHOHFFLyQQDWXUDOTXHDFWXDEDVLQREMHWLYRVQLSURSyVLWRV
+DEtDTXHVHUFDXWRQRREVWDQWHFRQODFXHVWLyQUHOLJLRVD<'DUZLQFLHUWDPHQWHORIXH

+D\ PDJQLILFHQFLD HQ HVWD FRQFHSFLyQ GH TXH OD YLGD FRQ VXV YDULDGDV SRVLELOLGDGHV IXH
DOHQWDGD RULJLQDULDPHQWH SRU 'LRV HQ XQDV SRFDV IRUPDV R HQ XQD VROD \ TXH PLHQWUDV OD
7LHUUD JLUDED VHJ~Q OD OH\ GH JUDYLWDFLyQ GHVGH XQ FRPLHQ]R WDQ VHQFLOOR VH SURSDJDURQ \
GHVDUUROODURQIRUPDVLQILQLWDVFDGDYH]PiVKHUPRVDV\GHVOXPEUDQWHV

3HQVDGD DVt OD VHOHFFLyQ QDWXUDO QR VyOR QR OH UHVWDED LPSRUWDQFLD \ PDJQLILFHQFLD D OD WDUHD
GLYLQDGHODFUHDFLyQVLQRTXHSRUHOFRQWUDULRVHODVVXPDEDVL'LRVSRGtDORJUDUODPDUDYLOORVD
GLYHUVLGDGGHODYLGDDSDUWLUGHODFRQMXQFLyQGHXQDVRODIRUPDRULJLQDOXQSXxDGRGHOH\HVItVLFDV
\IXQGDPHQWDOPHQWHHOWLHPSRFRVDTXHD'LRVSRUVXSXHVWROHVREUDSDUDTXpHVIRU]DUVHHQ
YDQR GLVHxDQGR WDQWDV HVSHFLHV GHVGH HO SULQFLSLR" 1R HUD PiV FRQPRYHGRU SHQVDU TXH HQ XQ
DUTXHWLSRFRPRDTXHOHQHOTXHSHQVDED6DLQW+LODLUHHVWDEDFRQWHQLGDHQSRWHQFLDWRGDODYLGD
TXHKDEUtDGHYHQLU"
3DUD OD ,JOHVLD $QJOLFDQD SRU OR PHQRV OD UHVSXHVWD HVWDED FODUD QR &XDQGR 7KRPDV +X[OH\
GHIHQGLyIUHQWHDORELVSRGH2[IRUGODWHRUtDGHODHYROXFLyQ\pVWHOHSUHJXQWyVLpOGHVFHQGtDGHO
PRQRSRUSDUWHGHPDGUHRGHSDGUHUHVSRQGLyFRQEULWiQLFD\GDUZLQLDQDIOHPD

3UHIHULUtD GHVFHQGHU GHO PRQR SRU DPEDV SDUWHV \ QR WHQHU HO PLQ~VFXOR FHUHEUR GH TXLHQ
IRUPXOyODSUHJXQWD

'DUZLQPXULyHQ\IXHHQWHUUDGRFRQWRGRVORVKRQRUHVHQOD$EDGtDGH:HVWPLQVWHUFHUFD
GHODWXPEDGH1HZWRQ

/DWHRUtDGHODHYROXFLyQHVWDEDLQFRPSOHWD
$XQTXHHVPXFKRORTXHSHUPDQHFHRVFXURQRSXHGRDEULJDUODPHQRUGXGDGHTXHHOSXQWRGH
YLVWDTXHKDVWDKDFHSRFRVRVWHQtDODPD\RUtDGHORVQDWXUDOLVWDV\TXH\RPDQWXYH
DQWHULRUPHQWHDVDEHUTXHFDGDHVSHFLHKDVLGRFUHDGDGHPDQHUDLQGHSHQGLHQWHHVHUUyQHR
(VWR\FRQYHQFLGRGHTXHODVHVSHFLHVQRVRQLQPXWDEOHVVLQRTXHODVTXHSHUWHQHFHQDORTXHVH
OODPDHOPLVPRJpQHURVRQGHVFHQGLHQWHVGLUHFWRVGHDOJXQDRWUDHVSHFLHJHQHUDOPHQWH
H[WLQJXLGDGHODPLVPDPDQHUDHQTXHODVYDULHGDGHVUHFRQRFLGDVGHXQDHVSHFLHFXDOTXLHUDVRQ
GHVFHQGLHQWHVGHHVWDHVSHFLH

'$5:,1

(ORULJHQGHODVHVSHFLHVWXYRXQLPSDFWRFRPSDUDEOHDORV3ULQFLSLDGH1HZWRQVLHVTXHDOJRVH
OH SXHGH FRPSDUDU \ WHUPLQDUtD SRU FRQYHUWLUVH HQ HO HMH GH OD ELRORJtD 3HUR OD WHRUtD GH OD
HYROXFLyQ GH  WHQtD VXV GLILFXOWDGHV SRU TXp HV TXH KD\ HVSHFLHV WDQ GHILQLGDV \ IDOWDQ ORV
QXPHURVRVSDVRVLQWHUPHGLRVTXHGHEHUtDQH[LVWLUHQWUHXQD\RWUDV"(VSRVLEOHTXHKD\DUDVJRVTXH
QRUHSUHVHQWHQQLQJXQDYHQWDMDDGDSWDWLYD"&yPRVXUJHQORVLQVWLQWRVHQODHYROXFLyQ"3RUTXpORV
GHVFHQGLHQWHV GH HVSHFLHV FUX]DGDV VRQ HVWpULOHV" 'DUZLQ HQVD\y UHVSXHVWDV UD]RQDEOHV \ PXFKDV
YHFHVSURYLVRULDVSHURHQUHDOLGDGHOJUDQSUREOHPDHVTXHQRFRQWDEDFRQXQDWHRUtDGHODKHUHQFLD
TXHSHUPLWLHUDUHGRQGHDUODVFRVDV\H[SOLFDUFyPRVHGLIXQGtDQORVFDUDFWHUHVVHOHFFLRQDGRVGHQWUR
GHODVSREODFLRQHV(UDXQDGLILFXOWDGVHULDSHURDOOtQRKDEtDQDGDTXHKDFHU

/DV OH\HV TXH JRELHUQDQ OD KHUHQFLD VRQ GHVFRQRFLGDV 1DGLH SXHGH GHFLU SRU TXp DOJXQDV
FDUDFWHUtVWLFDVVHKHUHGDQDYHFHV\DYHFHVQRSRUTXpXQLQGLYLGXRVHSDUHFHHQRFDVLRQHV
D VXV DEXHORV R D DQWHSDVDGRV D~Q PiV UHPRWRV QL SRU TXp DOJXQDV SHFXOLDULGDGHV VH
WUDQVPLWHQDORVGHVFHQGLHQWHVGHDPERVVH[RV\RWUDVVyORDORVGHXQVH[R

6L 'DUZLQ KXELHUD OHtGR HVWH OLEUR VH KDEUtD HQWHUDGR GH TXH HQ HVRV PLVPRV PRPHQWRV HQ
PHGLR GHO VLOHQFLR GH XQ PRQDVWHULR DXVWUtDFR XQ PRQMH OODPDGR *UHJRU 0HQGHO 
SXEOLFDEDEXHQDSDUWHGHODVROXFLyQDHVWHSUREOHPD3HURSUiFWLFDPHQWHQDGLHOROHHUtDD0HQGHO
QRHVWHOLEURKDVWDHOVLJORVLJXLHQWHFXDQGRFRPHQ]DUDDGHVDUUROODUVHODWHRUtDJHQpWLFD
/D SROpPLFD TXH OHYDQWy HO GDUZLQLVPR IXH WDQ LQWHQVD FRPR OD TXH GHULYy GH OD WHRUtD
KHOLRFpQWULFD\WRGRVORVELyORJRVVHVLQWLHURQREOLJDGRVDWRPDUSDUWLGRSHURORVGHIHFWRVWUDEDEDQ
VXYLFWRULDFRPSOHWD$ILQHVGHOVLJOR ;,;\FRPLHQ]RVGHO ;;DXQTXHQLQJ~QFLHQWtILFRGXGDEDGH
TXHHIHFWLYDPHQWHKDEtDKDELGRHYROXFLyQGHODVHVSHFLHVODWHRUtDGDUZLQLVWDGHODHYROXFLyQSRU
VHOHFFLyQ QDWXUDO HUD WUDWDGD FRPR XQD KLSyWHVLV PiV 5HFLpQ FRQ HO GHVDUUROOR GH OD WHRUtD
FURPRVyPLFDTXHH[SOLFDODKHUHQFLD\ORVFDPELRV\ODJHQpWLFDHQJHQHUDOKDFLDORVDxRVVH
HODERUy OD JUDQ VtQWHVLV QHRGDUZLQLDQD TXH GLR DO HYROXFLRQLVPR SRU VHOHFFLyQ QDWXUDO XQD VROLGH]
DEVROXWDPHQWHLQGLVFXWLEOH

3HURQRSDUDWRGRV
(O JROSH SURSLQDGR SRU 'DUZLQ DO RUJXOOR KXPDQR IXH VL VH TXLHUH PiV YLROHQWR TXH HO GH
&RSpUQLFR OH TXLWy HO OXJDU GH SURWDJRQLVWD GH OD &UHDFLyQ DPR \ VHxRU GH OD QDWXUDOH]D SDUD
FRQYHUWLUORHQXQDFFLGHQWHPiVHQODKLVWRULDGHODELRORJtD(UDGLItFLOGHDFHSWDU\QRIXHDFHSWDGR
DVtQRPiV(QODGpFDGDGHHQORV(VWDGRV8QLGRVXQDOH\GHOHVWDGRGH7HQQHVVHHSURKLELy
HQVHxDUODWHRUtDGHODHYROXFLyQ

/D WHRUtD GDUZLQLDQD VHUi LOHJDO SDUD WRGR SURIHVRU HQ FXDOTXLHUD GH ODV XQLYHUVLGDGHV
FROHJLRVQRUPDOHV\RWUDVHVFXHODVS~EOLFDVGHO(VWDGR

7UHVHVWDGRVPiVVHDGKLULHURQDODSURKLELFLyQ\DUDt]GHHOODVHGHVDUUROOyXQUHVRQDQWHMXLFLR
TXHDWUDMRODDWHQFLyQGHWRGRVORV(VWDGRV8QLGRV\TXHIXHEDXWL]DGRFRPR(OMXLFLRGHOPRQR
(Q  XQ PDHVWUR GH 7HQQHVVHH -RKQ 7KRPDV 6FRSHV MRYHQ SURIHVRU GH ELRORJtD GHFLGLy
GHVDILDUS~EOLFDPHQWHODSURKLELFLyQ\HQVHxyODWHRUtDGHODHYROXFLyQHQVXHVFXHODORFXDOOHYDOLy
ODFiUFHO\HOVRPHWLPLHQWRDMXLFLRWDOFRPRHVWDEDSUHYLVWR
/R GHIHQGLy &ODUHQFH 'DUURZ XQ FpOHEUH DERJDGR FULPLQDOLVWD QRUWHDPHULFDQR &RPR HUD
LPDJLQDEOH HO MXLFLR VH FRQYLUWLy HQ XQD GLVFXVLyQ TXH IOXFWXDED HQWUH OD ELRORJtD OD WHRORJtD \ OD
LQWHUSUHWDFLyQ OLWHUDO GH OD %LEOLD D SHVDU GH OD KDELOLGDG GHO GHIHQVRU 6FRSHV IXH GHFODUDGR
FXOSDEOH\PXOWDGRFRQFLHQGyODUHV/DKLVWRULDIXHOOHYDGDDOWHDWUR\OXHJRDOFLQHFRQHOWtWXOR
+HUHGDUiVHOYLHQWR
(O DVXQWR QR WHUPLQy DOOt D SDUWLU GH ORV RFKHQWD FRUULHQWHV UHOLJLRVDV IXQGDPHQWDOLVWDV
QRUWHDPHULFDQDVYROYLHURQDLQVLVWLUSDUDTXHODHYROXFLyQVHHQVHxDUDFRPRXQDRSFLyQPiVIUHQWH
DOUHODWREtEOLFR/D~OWLPDYDULDQWHGHHVWDVSRVWXUDVHVODGHOGLVHxRLQWHOLJHQWHTXHDFHSWDOD
HYROXFLyQ GH ORV DQLPDOHV PiV JUDQGHV SHUR TXH QLHJD URWXQGDPHQWH OD SRVLELOLGDG GH TXH ORV
DQLPDOHVPX\VLPSOHVKD\DQHYROXFLRQDGRVLQXQDPHQWHVXSHULRUTXHORVGLVHxDUD
/D FLHQFLD QHZWRQLDQD SRU FLHUWR QR HV IiFLO GH DFHSWDU SDUD WRGR HO PXQGR < ORV SURFHVRV
FXOWXUDOHVVRQOHQWRVOHQWtVLPRV
8QDFRQIXVLyQVREUHODVXSHUYLYHQFLDGHOPiVDSWR
'DUZLQ HUD FRQVFLHQWH GH TXH HO WpUPLQR VHOHFFLyQ QDWXUDO TXH XWLOL]DED SDUD GHVFULELU HVWH
SURFHVR LQYLWDED D OD FRQIXVLyQ \D TXH VHOHFFLRQDU SDUHFH XQ DFWR YROLWLYR GH OD YROXQWDG 3RU
HVRUHFRQRFLyTXHQRSRGtDHQFRQWUDUXQRPHMRUSHURVHRFXSyGHDFODUDUSRVLEOHVGXGDV

6HKDGLFKRTXH\RKDEORGHODVHOHFFLyQQDWXUDOFRPRGHXQDSRWHQFLDDFWLYDRXQDGLYLQLGDG
SHURTXLpQKDFHFDUJRVDXQDXWRUTXHKDEODGHODDWUDFFLyQGHORVSODQHWDV"

/D VHOHFFLyQ QDWXUDO QR HV XQD IXHU]D TXH DFW~H FRQ SURSyVLWR DOJXQR QL HQ GHWHUPLQDGD
GLUHFFLyQ

QRSURGXFHORVFDPELRVFRPRKDQHQWHQGLGRFLHUWRVDXWRUHVVyORLPSOLFDODFRQVHUYDFLyQGH
ODV YDULDFLRQHV TXH DSDUHFHQ \ TXH UHVXOWDQ EHQHILFLRVDV SDUD ORV VHUHV RUJiQLFRV HQ VX
DGDSWDFLyQDODVFRQGLFLRQHVGHYLGD

$VLPLVPR ORV UDVJRV VHOHFFLRQDGRV SRVLWLYDPHQWH QR HVWiQ OLJDGRV D YDORUHV SRVLWLYRV
WUDVFHQGHQWDOHV VLQR UHODWLYRV DOJR SXHGH VHU SRVLWLYR HQ XQ GHWHUPLQDGR DPELHQWH \ QHJDWLYR HQ
RWUR/DYHORFLGDGHOWDPDxRODYLVWDRLQFOXVRODLQWHOLJHQFLDSXHGHQVHUEXHQRVPDORVRQHXWURVHQ
XQ PHGLR DPELHQWH VLHPSUH FDPELDQWH \ VyOR VH PDQLILHVWDQ FRPR WDOHV D OR ODUJR GH PLOORQHV GH
DxRV /D VHOHFFLyQ QDWXUDO VyOR FRQVHUYD ORV UDVJRV DGDSWDWLYRV HV XQD IXHU]D FLHJD \ SXUDPHQWH
PDWHULDO
3RUVXSXHVWRODWHQWDFLyQGHXVDUODHQFXHVWLRQHVVRFLDOHVIXHLQPHGLDWD\DVtORKL]RODFRUULHQWH
GHOGDUZLQLVPRVRFLDOTXHDSOLFyODOyJLFDGHODHYROXFLyQDODVRFLHGDGKXPDQDDUJXPHQWDQGRTXH
ODVSHUVRQDV\ORVJUXSRVHVWiQVXMHWRVDODVPLVPDVOH\HVGHVHOHFFLyQQDWXUDOTXHKDEtDGHVFULSWR
&KDUOHV 'DUZLQ 'H HVWD PDQHUD SRU HMHPSOR OD GRPLQDFLyQ GH XQ SXHEOR SRU RWUR HUD HQWHQGLGD
FRPRXQPHURUHIOHMRGHXQDVXSUHPDFtDQDWXUDOOHJLWLPDGDSRUODFLHQFLDSRVLWLYD
8QR GH ORV UHSUHVHQWDQWHV PiV FRQRFLGRV GHO GDUZLQLVPR VRFLDO IXH +HUEHUW 6SHQFHU 
TXHIXHHOTXHHQUHDOLGDGDFXxyHOFRQFHSWRGHVXSHUYLYHQFLDGHOPiVDSWR6SHQFHUSHQVy
D OD VRFLHGDG FRPR XQ RUJDQLVPR YLYR HQ HO TXH HUDQ YiOLGDV ODV OH\HV ELROyJLFDV $Vt HO
LQGLYLGXDOLVPR \ OD FRPSHWHQFLD IXQFLRQDEDQ FRPR ODV FODYHV SDUD HQWHQGHU D XQD VRFLHGDG TXH
WLHQGH D PHMRUDU LQHYLWDEOHPHQWH GH OD PLVPD PDQHUD TXH ODV HVSHFLHV VXSXHVWDPHQWH PHMRUDEDQ
JUDFLDVDODHYROXFLyQ/DWHRUtDVSHQFHULDQDHVSHFXODEDDSDUWLUGHXQDGHILQLFLyQGHOPiVDSWRPX\
DOHMDGDGHODFLHQFLDGDUZLQLDQD\PDQHMiQGRVHFRQSHUtRGRVGHWLHPSRTXHQDGDWLHQHQTXHYHUFRQ
OD ELRORJtD SHUR HUD OyJLFR TXH HO FDSLWDOLVPR WULXQIDQWH WRGDYtD FRQ JUDQGHV UHVDELRV GH OD
5HYROXFLyQ,QGXVWULDOODXWLOL]DUDSDUDOHJLWLPDUDOJXQDVGHVXVDWURFLGDGHV
/DGHULYDFLyQPiVWHUULEOHGHOGDUZLQLVPRVRFLDOIXHODHXJHQHVLDLQYHQWDGDSRUHODQWURSyORJR
EULWiQLFR )UDQFHV *DOWRQ  SULPR GH 'DUZLQ TXLHQ FUHy HO WpUPLQR D SDUWLU GHO
JULHJR HXJHQHV TXH VLJQLILFD GRWDGR SRU OD KHUHQFLD GH OD FXDOLGDG GH ORV QREOHV /D LGHD GH
*DOWRQHUDTXHORVUDVJRVPHQWDOHV\ItVLFRVHUDQKHUHGLWDULRV\SRUORWDQWRGHEHUtDFUX]DUVHDORV
PHMRUHV SDUD JHQHUDU XQD UD]D GH VHUHV VXSHULRUHV 3UiFWLFDV HXJHQpVLFDV VH SURGXMHURQ GXUDQWH OD
SULPHUDPLWDGGHOVLJOR ;;HQPXFKRVSDtVHVLQVRVSHFKDEOHV\ODVWHRUtDV\KRUURUHVUDFLDOHVGH
ORVQD]LVHVWiQYLQFXODGRVFRQHOODV

%DODQFH
/D WHRUtD GH OD HYROXFLyQ LQWHJUD ILQDOPHQWH D OD ELRORJtD GHQWUR GHO XQLYHUVR GH ODV GLVFLSOLQDV
QHZWRQLDQDV\ODVHOHFFLyQQDWXUDOVHWUDQVIRUPDHQHOSULQFLSDOPHFDQLVPRTXHGHVFULEHODKLVWRULD
GH OD YLGD (O PXQGR RUJiQLFR DVt WLHQH XQD KLVWRULD TXH SXHGH VHU GHVFULSWD DQDOL]DGD \
FRQWUDVWDGD
< DXQTXH HQ HVH VHQWLGR OD WHRUtD GH 'DUZLQ HV SOHQDPHQWH FOiVLFD OD VHOHFFLyQ QDWXUDO HVD
IXHU]DFLHJDVREUHODTXHFDVLQDGDVHSXHGHGHFLU\TXHVyORSHUPLWHH[SOLFDFLRQHVH[SRVW QRHV
FRPSOHWDQLHQWHUDPHQWHQHZWRQLDQD\DTXHLQFOX\HHOD]DU\XQDEXHQDFXRWDGHLPSUHGLFWLELOLGDG
1LVLTXLHUDHVHVWULFWDPHQWHXQDOH\HQHOVHQWLGRQHZWRQLDQRVLQRXQDUHVXOWDQWHGHLQILQLGDGGH
SURFHVRVHPStULFRVTXHQRSHUPLWHQKDFHUSUHGLFFLRQHVQLHPLWLUMXLFLRVGHYDORU
(QFLHUWDIRUPDGHQWURGHODWHRUtDGHODHYROXFLyQHVWDEDQ\DHQJHUPHQDOJXQRVDVSHFWRVTXH
OXHJRHFORVLRQDUtDQ\UHYROXFLRQDUtDQODFLHQFLDGHILQHVGHOVLJOR;,;\HOVLJOR;;
,17(5/8',2
0,/21*$'$5:,1,$1$

0LORQJXLWDGDUZLQLDQD
GHORVSLHVDODFDEH]D
VHVDEHFXiQGRWHUPLQD
SHURQXQFDFXiQGRHPSLH]D

(QHOEDUULRGH3RPSH\D
PX\FHUFDGHGRQGHHVWiQ
ODVYtDVKXERXQPDOHYR
DSHOOLGDGR*DOYiQ

&RPRXQUH\HQODPLORQJD
\XQDOX]FRQHOIDFyQ
D*DOYiQORIDVFLQDED
ODOH\GHODHYROXFLyQ

4XpJUDQGHIXH&KDUOHV'DUZLQ
UHIOH[LRQDEDHOPDOHYR
VHSXHGHGHFLUTXHpOVROR
IDEULFyHOPXQGRGHQXHYR

<HQPHGLRGHODPLORQJD
PDQGDEDSDUDUODFRVD
SDUDPDQGDUVHXQGLVFXUVR
PHGLRHQYHUVR\PHGLRHQSURVD
/HGHFtDDOPDOHYDMH
(VFXFKHQHVWDWHRUtD
TXHHVHOSXQWRFXOPLQDQWH
GHWRGDODELRORJtD

6LSRUiLVHUHWREDED
ODDXGLHQFLDGHVFRQFHUWDGD
ORVPDQWHQtDHQXQSXxR
FODYDQGROpVODPLUDGD

'HFtD1XQFDVDEHPRVVLDOJR
HVWiELHQRHVWiPDO
HVRHOWLHPSRORGHFLGH
SRUVHOHVLyQQDWXUDO

1RVHVDEHFXiOHVVRQ
ORVUDVJRVDGDSWDWLYRV
DYHFHVORVPiVERUUHJRV
UHVXOWDQVHUORVPiVYLYRV

(VFXFKHQVLQRHVWDKLVWRULD
ORVPDWyXQDVXHUWHSHUUD
DORVJUDQGHVGLQRVDXULRV
TXHGRPLQDURQODWLHUUD

1RSXGLHURQDGDSWDUVH
DXQSODQHWDTXHFDPELDED
QLPDQWHQHUHOFDORU
PLHQWUDVHOPXQGRVHHQIULDED

(VFXFKHQFRQDWHQFLyQ
HVWRTXHOHVGLJR\R
HQHOPXQGR\HQ3RPSH\D
TXLHQQRVHDGDSWDVRQy

([SOLFDEDFRQSDFLHQFLD
(QFDGDJHQHUDFLyQ
QRGDDEDVWRHOPHGLRDPELHQWH
SDWRGDODSREODFLyQ

\DVtHPSLH]DFDGDELFKR
ODOXFKDSRUODHVLVWHQFLD
SRUODKHPEUDODFRPLGD
\SRUGHMDUGHVFHQGHQFLD

/RVTXHVRQPiVDGDSWDGRV
UHFLEHQHOPHMRUWUDWR
ORVRWURVVHYDQGHUHFKR
SDUDODTXLQWDGHOxDWR

/RVUDVJRVDGDSWDWLYRV
VXIUHQDFXPXODFLyQ
TXHVHKDFHPiVSURQXQFLDGD
FRQFDGDJHQHUDFLyQ
<DPHGLGDTXHYDUtDQ
ODVFHUFXVWDQFLDVPDOHYDV
ODVHVSHFLHVYDQFDPELDQGR
\VDOHQHVSHFLHVQXHYDV

/DVHVSHFLHVHVWLQJXLGDV
PLOORQHVGHDxRVDWUiV
DXQTXHKD\DQVLGRYDOLHQWHV
GHMDQJHVRVQDGDPiV

<KD\TXHDQGDUVHFRQPXFKRRMR
SRUTXHDFiHQHODUUDEDO
HVPiVIXHUWHTXHOD\XWD
ODVHOHVLyQQDWXUDO

(OPDOHYRGHVXEXUELR
TXHQRVDEHELRORJtD
SRGUiWHQHUPXFKDVPLQDV
SHURVLHPSUHDQGDHQODYtD

1RPHJXVWDODLQRUDQFLD
DTXtKD\TXHXVDUODFDEH]D
&RPRGLMR&KDUOHV'DUZLQ
VLHPSUHSRUDOJRVHHPSLH]D

<OHGLJRDOPDOHYDMH
TXHHVLPSRUWDQWHHVWUXLUVH
SRUTXHVLQRFXDOTXLHUGtD
YDQDWHQHUTXHHVWLQJXLUVH

0DOHYRTXHGDFRQVHMRV
QRHVPDOHYRHVXQDPLJR
HVFXFKHQORTXHOHVGLJR
\HVWXGLHQODHYROXFLyQ
SDUDHVWDUELHQSUHSDUDGRV
FXDQGROOHJXHODHVWLQFLyQ

0LORQJXLWDGDUZLQLDQD
FRQVXFRUWH\VXTXHEUDGD
HQVHJXLGDVHWHUPLQD
\DTXtQRKDSDVDGRQDGD
 &$378/2

/DUHS~EOLFDFHOXODU\ODLQYDVLyQPLFURELDQD

0LHQWUDV HQ OR PDFUR VH GHVSOHJDED HO KLOR TXH FRQGXFLUtD D OD WHRUtD FHQWUDO GH OD ELRORJtD OD
WHRUtDGHODHYROXFLyQSRUGHEDMRVHLEDGHVHQYROYLHQGRXQFDEOHPiVILQRVLVHTXLHUHDXQTXH
FRQ WDQWDV LGDV \ YXHOWDV FRPR DTXpO KDFLD RWUD JUDQ VtQWHVLV OD WHRUtD FHOXODU $TXt QR VH SXHGH
LJQRUDUHOSHVRTXHWXYLHURQORVILOyVRIRVGHODQDWXUDOH]DTXHVLQROHSUHVWDURQGHPDVLDGDDWHQFLyQ
DOSUREOHPDGHODHYROXFLyQVtUHVXOWDURQFODYHVDOLQVLVWLUHQODLGHDGHTXHWRGDODPDWHULDYLYD
GHEtDHVWDURUJDQL]DGDDOUHGHGRUGHDOJXQDXQLGDGIXQGDPHQWDO
'HWRGRVPRGRVKD\TXHGHFLUORQRWRGDVODVXQLGDGHVVRQORPLVPRHVQHFHVDULRGHMDUELHQHQ
FODURTXpVHHQWLHQGHSRUXQLGDG8QDFRVDHVSHQVDUFRPRORKDFtDQORV1DWXUSKLORVRSKHQ HQ
XQDXQLGDGRUJiQLFDGHOPXQGRSHUPHDGDSRUIXHU]DVYLWDOHVHVFXUULGL]DVHLQDSUHKHQVLEOHV\RWUD
PX\GLVWLQWDHVSHQVDUODXQLGDGGHOPXQGRFRPRODGHXQPHFDQLVPRUHJLGRSRUOH\HVLPSHUVRQDOHV
DWHQWRDORV~OWLPRVUHVXOWDGRVGHODItVLFD\ODTXtPLFD\VLQDGLWDPHQWRVPHWDItVLFRV)XHHVWH~OWLPR
HO FRQFHSWR GH XQLGDG TXH SUHYDOHFLy DXQTXH DUUDVWUDQGR DOJXQRV UHVDELRV YLWDOLVWDV \
RUJDQLFLVWDV
$VtODWHRUtDFHOXODUWXYRXQODUJRSHUtRGRGHPDGXUDFLyQGHOPLVPRPRGRTXHVXSULPDPD\RU
ODWHRUtDGHODHYROXFLyQ
&RPR\DOHVFRQWpODSDODEUDFpOXODKDEtDVLGRDFXxDGDSRU5REHUW+RRNHDOYHUPLFURVFRSLR
PHGLDQWHPLQ~VFXORVDJXMHURVRFHOGLOODVHQXQDOiPLQDGHFRUFKR/DVFpOXODVRODVRPEUDGHHOODV
KDEtDQVLGRDYLVWDGDVWDPELpQSRURWURVPLFURVFRSLVWDVFRPR0DOSLJKLR*UH]
<HUDOyJLFRODILHEUHGHOPLFURVFRSLRKDEtDDELHUWRODVSXHUWDVSDUDXQDH[SORUDFLyQVLVWHPiWLFD
\GHVHVSHUDGDGHWRGRORTXHKDEtDDODOFDQFHGHODVPDQRV/RTXHQDGLHSRGtDQLVLTXLHUDVRxDUHUD
TXHDTXHOORTXHVHGLEXMDEDWUDVODOHQWHSXGLHUDVHUHOHOHPHQWR~QLFR\EiVLFRGHORVVHUHVYLYRV
6L VH SLHQVD XQ SRFR OD WHRUtD FHOXODU HV SXUDPHQWH H[SHULPHQWDO /DV KLSyWHVLV HYROXWLYDV
WDQWR OD GH /DPDUFN FRPR OD ILQDOPHQWH WULXQIDQWH GH 'DUZLQ VH EDVDEDQ HQ WRQHODGDV GH GDWRV
REVHUYDFLRQDOHVSHURItMHQVHTXHQLODSUHVLyQGHOPHGLRDPELHQWHFRQODFRQVHFXHQFLDGHDWURILDH
KLSHUWURILDGHyUJDQRVQLHOSULQFLSLRGHODVHOHFFLyQQDWXUDO\VXSHUYLYHQFLDGHOPiVDGDSWDGRHUDQ
REVHUYDEOHVQLVHGHGXFtDQGLUHFWDPHQWHGHORVGDWRVHUDQSULQFLSLRVWHyULFRVJHQHUDOHVH[WUDtGRVGH
RWUDV FRQVLGHUDFLRQHV JHQHUDOHV QDFHQ PiV DQLPDOHV TXH ORV TXH SXHGHQ VREUHYLYLU \ VyOR
SHUPDQHFHQORVUDVJRVGHDTXHOORVTXHORJUDQUHSURGXFLUVH
3HURHOGHVDUUROORGHODWHRUtDFHOXODUSXHGHDVLPLODUVHDOGHODYLVLyQ\GHORVDSDUDWRVSDUDYHU
HQHVWHFDVRHOPLFURVFRSLR1DWXUDOPHQWHORTXHVHYHRVHFUHHYHUHVSHFLDOPHQWHFXDQGR
ORVLQVWUXPHQWRVVRQWRVFRVFRPRHUDQORVPLFURVFRSLRVGHORVVLJORV;9,,\;9,,,GHSHQGHGHLGHDV
JHQHUDOHVVREUHORTXHVHSXHGHYHULGHDVTXHHVWiQSUHVHQWHVVLHPSUHFRQVFLHQWHPHQWHRQRHQOD
FDEH]DGHOLQYHVWLJDGRU/DREVHUYDFLyQGHVSRMDGDGHtGRORVTXHSUHJRQDED%DFRQHVUDUDPX\
UDUD1DGLHVHDFHUFDDXQIHQyPHQRVLQXQDLGHDSUHYLDRXQSUHFRQFHSWR/RFXDOQRVLJQLILFDTXHVH
SXHGDSUR\HFWDUFXDOTXLHULGHDVREUHHOUHVXOWDGRGHODREVHUYDFLyQ(OYROiWLODXWRUGHHVWDVSiJLQDV
FUHH TXH H[LVWH XQ PXQGR REMHWLYR TXH SRQH OtPLWHV H[SHULPHQWDOHV D FXDOTXLHU H[FHVR GH OD
LPDJLQDFLyQ
/DH[SORUDFLyQ\HOGHVDUUROORGHODWHRUtDFHOXODUHQWRQFHVVHSDUHFLyFRQFHSWXDOPHQWHPiVDOD
H[SORUDFLyQGHOFLHORGLJDPRVODTXH KL]R +HUVFKHOGHSHQGLHQWH GHORTXH SHUPLWtDQYHUORV
WHOHVFRSLRVGHODpSRFDTXHDODVJUDQGHVJHQHUDOL]DFLRQHVPHFiQLFDVItVLFDVRTXtPLFDV

,/$7(25$&(/8/$5

/DVILEUDVGH9RQ+DOOHU
(VSUREDEOHDXQTXHQRVHJXURHQUHDOLGDGPX\LQVHJXURTXHORVJUDQGHVPLFURVFRSLVWDV\ORV
ELyORJRVGHORVVLJORV ;9,,\ ;9,,,VHSUHJXQWDUDQVLKDEtDDOJ~QWLSRGHXQLGDGHQORVVHUHVYLYRVD
PHGLGDTXHYHtDQPiVFRVDVFRQVXVPLFURVFRSLRV3RUSRQHUVyORDOJXQRVHMHPSORVHQHQVX
OLEUR7UDWDGR VREUH HO WHMLGR TXH XQH ODV YtVFHUDV OD JUDVD \ ORV FRQGXFWRV DGLSRVRV 0DOSLJKL
HQFRQWUyHQXQDPXHVWUDGHVDQJUHGHSXHUFRHVStQXQRVJOyEXORVTXHSRVHHQXQDVLOXHWDGHXQDIRUPD
SDUWLFXODU\VRQURML]RVVXDVSHFWRJHQHUDOHVHOGHXQDJXLUQDOGDGHFRUDOURMR
(QXQDFRPXQLFDFLyQHQYLDGDDOD5R\DO6RFLHW\HQ/HHXZHQKRHNFRQWyTXHHQXQDPXHVWUD
GH VDQJUH GH UD\D KDEtD SRGLGR GLVWLQJXLU XQDV SDUWtFXODV SODQDV \ RYDODGDV TXH IORWDQ HQ XQ DJXD
FULVWDOLQD &XDQGR VH HQFXHQWUDQ DLVODGDV HVWDV SDUWtFXODV RYDODGDV FDUHFHQ GH FRORU SHUR FXDQGR
WUHVRFXDWURGHHOODVVHDSLODQHPSLH]DQDPRVWUDUXQFRORUURMR
$PERVHVWDEDQYLHQGRORVJOyEXORVURMRVDXQTXHREYLDPHQWHQRORVDEtDQ<PHQRVTXHPHQRV
SRGtDQLQWXLUTXHHVDVSDUWtFXODVYLVWDVDOD]DU\TXHQRDSDUHFtDQHQRWUDVPXHVWUDVDQLPDOHVWXYLHUDQ
DOJ~QWLSRGHJHQHUDOLGDG
(QHQVXOLEUR7UDWDGRVREUHODQDWXUDOH]DLUULWDEOHGHOWHMLGRHOPpGLFRLQJOpV)UDQFLV
*OLVVRQSURSXVRTXHORVWHMLGRVDQLPDOHVHVWiQIRUPDGRVSRUXQLGDGHVIXQGDPHQWDOHVHLUULWDEOHV
DODVTXHOODPyILEUDV\VXJLULyTXHHUDQHOODVODVTXHIRUPDEDQDWRGRVORVVHUHVYLYRV
&LHQDxRVPiVWDUGH$OEUHFKWYRQ+DOOHUXQRGHORVDQDWRPLVWDVPiVLPSRUWDQWHV
GHODVHJXQGDPLWDGGHOVLJOR;9,,,\DFDVRHOPiVLPSRUWDQWHGHWRGRHOVLJORTXHH[SORUyWRGRVORV
ULQFRQHV GH VX FLHQFLD H KL]R HQRUPHV FRQWULEXFLRQHV D OD PHGLFLQD GHMDQGR XQD REUD HVFULWD GH
PRQWRQHV\PRQWRQHVGHYRO~PHQHVWRPyODLGHDGH*OLVVRQ\VXHQIRTXHIXHGRPLQDQWHGXUDQWH
WRGRHOVLJORGHO,OXPLQLVPR3DUDpOODXQLGDGGHORVVHUHVYLYLHQWHV\HOHOHPHQWRWHFWyQLFRGHOD
PDWHULDYLYDHVWDEDGDGRSRUODVILEUDVTXHHQHOPLFURVFRSLRVHUHYHODEDQFRPRPDVDVDODUJDGDVH
LQRUJDQL]DGDV\TXHVHJ~QSHQVDEDFRPSRQtDQODVSDUWHVVyOLGDVWDQWRGHORVYHJHWDOHVFRPRGHORV
DQLPDOHV
/RHVWDEOHFLyFDVLFRPRXQD[LRPD\HVWRQRHVXQDH[DJHUDFLyQFRPRSXHGHQYHUSRUVX
IDPRVRDSRWHJPD

/DILEUDHVSDUDHOILVLyORJRORTXHODOtQHDSDUDHOJHyPHWUD
 +DOOHU SHQVDED DGHPiV TXH ODV ILEUDV TXH VH YHtDQ FRQ HO PLFURVFRSLR HVWDEDQ IRUPDGDV SRU
PLFURILEUDV PiV SHTXHxDV D~Q XQLGDV SRU XQD VXVWDQFLD SHJDMRVD 7UDV DQDOL]DU GLVWLQWRV WHMLGRV
DQLPDOHV OOHJy D OD FRQFOXVLyQ GH TXH H[LVWtDQ WUHV WLSRV GH PLFURILEUDV ODV PXVFXODUHV ODV
QHUYLRVDV\ODVFHOXODUHVHVWDV~OWLPDVGHFtDHUDQODVHQFDUJDGDVGHVRVWHQHUHOFXHUSR
+DEtD RWUDV YDULDQWHV SHVH D OD DPSOLD DFHSWDFLyQ GH OD ILEUD SRU HMHPSOR HQ  HO
DQDWRPLVWDLWDOLDQR)HOLFH)RQWDQDHVFULELy

/RV SULPLWLYRV FLOLQGURV UHWRUFLGRV TXH GHVFXEUt HQ HO WHMLGR QHUYLRVR ORV WHQGRQHV \ ORV
P~VFXORVVRQORVPiVSHTXHxRVTXHKHSRGLGRHQFRQWUDUHQWRGDVODVSDUWHV\yUJDQRVTXH
FRQR]FR 6RQ PXFKR PiV SHTXHxRV TXH ODV PiV SHTXHxDV YHVtFXODV URMDV SUHVHQWHV HQ OD
VDQJUH7RGRVPLVLQWHQWRVSRUURPSHUORVHQFLOLQGURVGHPHQRUWDPDxRKDQIDOODGR

< HO ILOyVRIR GH OD QDWXUDOH]D 2FNHP HQ  VRVWHQtD TXH WRGRV ORV VHUHV RUJiQLFRV VRQ
DJORPHUDFLRQHVGHYHVtFXODVRFpOXODVPXFRVDV
+DEtDSDUDWRGRVORVJXVWRV$XQTXHHQJHQHUDOODWHUPLQRORJtDHUDFRQIXVD\VXHQDPX\FRQIXVD
DQXHVWURVRtGRVDFWXDOHV4XpTXHUtDGHFLU9RQ+DOOHUFXDQGRKDEODEDGHPLFURILEUDVFHOXODUHV"
/D SDODEUD FpOXOD VH XVDED VHJXUDPHQWH FRQ GLVWLQWRV VLJQLILFDGRV \ PX\ SUREDEOHPHQWH ORV TXH
KDEODEDQ GH FpOXODV TXHUtDQ GHFLU FRVDV GLIHUHQWHV 3RU HMHPSOR HV SRVLEOH TXH 9RQ +DOOHU
LGHQWLILFDUD ODV PLFURILEUDV FHOXODUHV FRQ ODV FpOXODV GH +RRNH VLQ TXH HVWR VLJQLILFDUD XQD
DSUR[LPDFLyQ D OD FpOXOD PRGHUQD 3HUR HV LQWHUHVDQWH TXH OD SDODEUD VH XVDUD $GHPiV HV PX\
SUREDEOHTXHVLYHtDQFpOXODVRFUHtDQYHUODVODVFRQVLGHUDUDQFRPRXQDGHODVWDQWDVFRVDVTXHKD\
HQ HO RUJDQLVPR FRPR ORV QHUYLRV R ODV YHQDV R ORV yUJDQRV SHUR QR FRPR HO FRPSRQHQWH
SULQFLSDO
7RGDHVWDFRQIXVLyQWHUPLQROyJLFDQRGHEHH[WUDxDUQRVODSUHFLVLyQFRQFHSWXDOHQJHQHUDOYDD
OD]DJDGHODFRPSUHQVLyQGHORVIHQyPHQRV

/RVWHMLGRVGH%LFKDW
(Q  HO IDPRVtVLPR PpGLFR IUDQFpV )UDQoRLV %LFKDW  QR KDEODED GH FpOXODV QL GH
ILEUDV QL GH PLFURWXERV FRQVLGHUDED TXH HO HOHPHQWR FRP~Q D ORV yUJDQRV DQLPDOHV HUD HO WHMLGR
%LFKDWGLVHFyHVRVyUJDQRVKDVWDREWHQHUIUDJPHQWRVTXHHUDQRTXHOHSDUHFtDQKRPRJpQHRV\
ORV VRPHWLy D PX\ GLYHUVDV PDQLSXODFLRQHV PDFHUDFLyQ FRFFLyQ DFFLyQ GH ORV iFLGRV \ GH ORV
iOFDOLVORFXDOOHSHUPLWLyGLVWLQJXLUWLSRVGHWHMLGRVTXHHUDQDILUPDEDLUUHGXFWLEOHV/RV
DQDWRPLVWDVGHEtDQOLPLWDUVHDHVWXGLDUORV\FODVLILFDUORVQRKDEtDXQDUHDOLGDGPiVDOOi
3HURVtODKDEtD\TXL]i%LFKDWODKXELHUDHQWUHYLVWRVLKXELHUDXWLOL]DGRHOPLFURVFRSLRHQOXJDU
GH XQD OXSD FRVD TXH QR KDFtD SRUTXH FRQVLGHUDED TXH HO QXHYR DSDUDWR GHYROYtD LPiJHQHV
HTXtYRFDV
'H WRGDV PDQHUDV HQ ORV SULPHURV GHFHQLRV GHO VLJOR ;,; OD PD\RU SDUWH GH ORV ELyORJRV VH
UHSDUWtDQHQWUHODVILEUDVGH9RQ+DOOHU\ORVWHMLGRVGH%LFKDW
/DPD\RUSDUWHVtDXQTXHQRWRGRVKXERDOJXQRVERWiQLFRVFRPRHODOHPiQ&RQUDG6SUHQJHOR
HOIUDQFpV&KDUOHV)UDQoRLV0LUEHOTXHYROYLHURQDODFDUJDFRQHOWpUPLQR\ODQRFLyQGHFpOXOD
SHURDKRUDORSURSRQtDQFRPRHOHPHQWRHVWUXFWXUDOXQLYHUVDOTXHFRQVWLWXtDKDVWDORVYDVRVGHODV
SODQWDVFRPRORFRPSUREyHQ5XGROI&KULVWLDQ7UHYLUDQXV
6LWXYLHUDTXHFRQMHWXUDUSRUTXpODWHRUtDFHOXODUWDUGyWDQWRWLHPSRHQDOFDQ]DUVXFXOPLQDFLyQ
GLUtDTXHHOJUDQSUREOHPDIXHHOPLFURVFRSLRRPHMRUGLFKRODIDOWDGHpO1RVyOR%LFKDWQRORXVy
VLQRTXHODJUDQPD\RUtDGHORVLQYHVWLJDGRUHVORPLUDEDGHUHRMRFRQXQDVyOLGDGHVFRQILDQ]DXQR
GHORVPiVEULOODQWHVGLVFtSXORVGH&XYLHU+HQULGH%ODLQYLOOHOOHJyDVXEUD\DUPiVGH
XQDYH]TXHQRWHQtDQLQJ~QSDSHOTXHMXJDUHQHODQiOLVLVGHODHVWUXFWXUDGHODPDWHULDYLYD

(OPLFURVFRSLRQRHQVHxDQDGDQXHYRVREUHODFRQVWLWXFLyQDQDWyPLFDGHOWHMLGRFHOXODU

(LQFOXVRSUHYHQtDFRQWUDODVWHRUtDVHUUyQHDVDODVTXHHOPLFURVFRSLRIiFLOPHQWHSUHVWDEDD\XGD
FRQVXVIDOVDVLOXVLRQHV
(OSURSLR$XJXVWH&RPWHIXQGDGRUGHODILORVRItDSRVLWLYLVWDFRQGHQyHOXVRGHHVWHLQVWUXPHQWR
GHH[SORUDFLyQWDQGXGRVR\WURQyFRQWUDORVHVStULWXVDPELFLRVRVTXHSURFXUDEDQGHVLQWHJUDUHO
LUUHGXFLEOHWHMLGRHQPyQDGDVRUJiQLFDV(VGHFLUHQFpOXODV&RPWHQRYDFLODEDHQFDOLILFDUGH
PHUDPHWDItVLFDHOFRQFHSWRGHODFpOXODPLFURVFySLFD
(UD FLHUWR TXH ORV PLFURVFRSLRV GH OD pSRFD GH %LFKDW HUDQ WRGDYtD EDVWDQWH SULPLWLYRV \ QR
KDEtDQDGHODQWDGRGHPDVLDGRGHVGHORVWLHPSRVGH+RRNHDXQTXHYDOHUHFRUGDUWRGRORTXHKL]R
pO FRQ XQ PLFURVFRSLR SULPLWLYR HQ HO VLJOR ;9,, SHUR D PHGLDGRV GH VLJOR VH SURGXMR XQ JUDQ
SHUIHFFLRQDPLHQWRTXHHOLPLQyODVDEHUUDFLRQHVFURPiWLFDV\ySWLFDVTXHFRQWULEXtDQDKDFHUGLIXVDV
ODVLPiJHQHV\DTXHORVLQYHVWLJDGRUHVYLHUDQDWUDYpVGHHOORVPiVORTXHTXHUtDQYHURORTXHVXV
SUHMXLFLRVRLGHDVSUHFRQFHELGDVOHVKDFtDQYHUTXHORTXHUHDOPHQWHVHYHtD
&RQPLFURVFRSLRVFRPRODJHQWHODWHRUtDFHOXODUHVWDED\DOLVWDSDUDPDGXUDUSXHVWRTXHORTXH
IDOWDEDHUDVRODPHQWHPLUDUFRQDWHQFLyQ3HURPLUDUHVGLItFLO

6FKOHLGHQ\6FKZDQQ\ODJHQHUDOL]DFLyQGHODVFpOXODV
&RPRPLUDUHVGLItFLOODWHRUtDFHOXODUHVWXYROHMRVGHLPSRQHUVHGHPDQHUDUHSHQWLQDGHODPLVPD
PDQHUD TXH WRGDV ODV JUDQGHV WHRUtDV FLHQWtILFDV DYDQ]y SDVR D SDVR < XQR GH HVRV SDVRV
IXQGDPHQWDOSRUFLHUWRIXHHOTXHGLHURQHOERWiQLFR6FKOHLGHQ\HO]RyORJR6FKZDQQ
0DWWKLDV-DFRE6FKOHLGHQIXHTXLHQGHKHFKRURPSLyFRQODVILEUDVGH9DQ+DOOHQ
\ORVWHMLGRVGH%LFKDW'HVSXpVGHKDEHUVHGHGLFDGRVLQp[LWRDODMXULVSUXGHQFLDWUDWyGHVXLFLGDUVH
\ IDOOy FRPR FRQVHFXHQFLD GH HVH IDOOR QR VyOR QR UHSLWLy HO LQWHQWR VLQR TXH GHVFXEULy TXH VX
YRFDFLyQHUDQODVFLHQFLDVQDWXUDOHVFRVDSRUFLHUWRQRPX\IUHFXHQWHHQWUHORVVXLFLGDVIDOOLGRV\
VHGHGLFyFRQHQHUJtDDVXHVWXGLR(QSXEOLFyXQLQIRUPHTXHKDFtDGHODFpOXODODEDVHGHOD
PRUIRORJtDYHJHWDO\VRVWHQtDTXHWRGDVODVSODQWDVFRQHOFRQMXQWRGHVXVyUJDQRVQRHUDQPiVTXH
XQD DJORPHUDFLyQ GH FpOXODV OD FpOXOD HUD OD XQLGDG EiVLFD YLYLHQWH GH OD HVWUXFWXUD YHJHWDO \
UHSUHVHQWDEDODHQWLGDGIXQGDPHQWDODSDUWLUGHODFXDOODSODQWDVHGHVDUUROODED&DGDFpOXODOOHYD
XQDGREOHYLGDXQDDXWyQRPD\SULPDULDTXHSHUWHQHFHDODFpOXODFRPRXQLGDG\RWUDLQFLGHQWDO\
VHFXQGDULD FRPR SDUWH LQWHJUDO GH XQD SODQWD $PERV SURFHVRV YLWDOHV VRQ PDQLIHVWDFLRQHV GH XQD
IXHU]D IRUPDGRUD R SODVPDGRUD TXH SUHYDOHFH HQ WRGD OD QDWXUDOH]D GDQGR RULJHQ D ORV FULVWDOHV
LQRUJiQLFRVDODVFpOXODVRUJiQLFDV\UHXQLHQGRDpVWDVHQODHVWUXFWXUDFRPSOHWDGHORVVHUHVYLYRV
/D SDUWH FRPSOHPHQWDULD GH OD REUD ERWiQLFD GH 6FKOHLGHQ HVWXYR D FDUJR FRPR QR SRGtD VHU
PHQRVGHXQ]RyORJRTXHH[WHQGLyODLGHDDOPXQGRDQLPDO7HRGRU6FKZDQQKL]RGH
WRGRHQWUHRWUDVWDQWDVFRVDVPRVWUyDGHODQWiQGRVHD3DVWHXUTXHODIHUPHQWDFLyQ\ODSXWUHIDFFLyQ
HUDQ SURGXFLGDV SRU PLFURRUJDQLVPRV FRVD D OD TXH QDGLH SUHVWy OD PiV PtQLPD DWHQFLyQ HQ VX
PRPHQWR 3HUR OD SDUWH PiV LPSRUWDQWH GH VX REUD IXHURQ VXV LQYHVWLJDFLRQHV VREUH OD HVWUXFWXUD
FHOXODU GH ORV WHMLGRV DQLPDOHV $ ILQHV GH FRPSUREy TXH HQ OD FXHUGD GRUVDO GHO UHQDFXDMR
KDEtD FpOXODV SURYLVWDV GH Q~FOHRV VHPHMDQWHV D ODV FpOXODV YHJHWDOHV GHVFULSWDV SRU 6FKOHLGHQ HO
Q~FOHR KDEtD VLGR GHVFXELHUWR R DYLVWDGR GLJDPRV SRFR DQWHV HQ  SRU 5REHUW %URZQ
2EVHUYy OR PLVPR HQ HO WHMLGR HPEULRQDULR GHO FHUGR \ HQ ODV KRMDV JHUPLQDOHV GHO SROOR EXVFy
FpOXODVHQORVPiVGLYHUVRVWHMLGRVGHORUJDQLVPRDQLPDORSRQLpQGRVHDODVWHVLVGH%LFKDWGHTXH
ORVWHMLGRVHUDQLUUHGXFWLEOHVORFXDOHUDFLHUWRVLVHWLHQHHQFXHQWDTXHFRQXQDPLVHUDEOHOXSD
SRU LQVWUXPHQWR FRPR OD TXH pO XVDED ORV WHMLGRV SXHGHQ SDUHFHU LUUHGXFWLEOHV \ JHQHUDOL]y HO
DVXQWRPHGLDQWHXQHQXQFLDGRJHQHUDO

3RU GLIHUHQWHV TXH VHDQ ORV WHMLGRV H[LVWH XQ SULQFLSLR XQLYHUVDO HQ VX GHVDUUROOR \ HVWH
SULQFLSLRHVODIRUPDFLyQFHOXODU

$Vt HVWDEOHFLy TXH OD FpOXOD HUD XQ HOHPHQWR FRP~Q D ORV UHLQRV DQLPDO \ YHJHWDO XQD GH ODV
JUDQGHVJHQHUDOL]DFLRQHVGHODKLVWRULDGHODELRORJtDTXHWXYRLPSDFWRLQPHGLDWR\TXHVHFRQYLUWLy
HQHOHMHSDUDODLQWHUSUHWDFLyQGHWRGRVORVIHQyPHQRVELROyJLFRVSRUORPHQRVHQHOQLYHOPLFUR
(V TXH UHHPSOD]DU ORV  WHMLGRV GH %LFKDW SRU XQD ~QLFD XQLGDG IXQGDPHQWDO DEULy GH SURQWR
HQRUPHV SRVLELOLGDGHV D OD ILVLRORJtD \ D OD SDWRORJtD H LQFOXVR FRQ HO FRUUHU GHO WLHPSR DFODUy
DOJXQRVSUREOHPDVTXHVXEVLVWtDQHQWRUQRGHODIHFXQGDFLyQXQRGHORVPpULWRVGH6FKZDQQGH
KHFKRIXHKDEHUUHFRQRFLGRTXHHOKXHYRHVXQDFpOXODVHDVXWDPDxRPLFURVFySLFRRPDFURVFySLFR

6LQHPEDUJRODWHRUtDQRHVWDEDSDUDQDGDFRPSOHWD\YDULDVLQFyJQLWDVTXHGDEDQIORWDQGRHQHO
DLUH &yPR VH UHSURGXFtDQ ODV FpOXODV" < GH GyQGH VDOtDQ" 7DQWR 6FKOHLGHQ FRPR 6FKZDQQ
SHQVDURQTXHHOSURFHVRVHSDUHFtDDOGHXQDFULVWDOL]DFLyQHQODFXDOTXLHQFXPSOtDHOUROGHOOtTXLGR
FULVWDOL]DEOHHUDHOFLWREODVWHPDODPDVDVHPLOtTXLGD\VXVWDQFLDIXQGDPHQWDOGHODFpOXOD3HURD
SDUWLU GH TXp" GH XQ PDWHULDO GLIXVR" < HQWRQFHV FyPR HUD TXH HVH PDWHULDO GLIXVR SUHYLR D OD
FpOXODQRFRQVWLWXtDpOPLVPRODEXVFDGDXQLGDG"$TXtKDEtDXQDJXMHURWHyULFRVLQGXGD
(OFLWREODVWHPDSRFRGHVSXpVIXHOODPDGRSURWRSODVPDSRUREUD\JUDFLDGHOERWiQLFR+XJR
YRQ 0RKO  TXH GLR XQ SDVR DGHODQWH UHVSHFWR GH 6FKOHLGHQ \ 6FKZDQQ VH RFXSy GH
GHVFULELU FRQ EDVWDQWH ILGHOLGDG HO GHVDUUROOR \ HYROXFLyQ GH OD FpOXOD \ VXJLULy TXH VH UHSURGXFtD
SRUGLYLVLyQFRVDTXH\DKDEtDVLGRREVHUYDGDSRURWURVELyORJRV
3HUR LJXDO QR DOFDQ]DED TXHGDED SHQGLHQWH HO PHFDQLVPR GH HVD GLYLVLyQ /RV ERWiQLFRV
VXSRQtDQTXHDQWHVGHTXHRFXUULHUDHOQ~FOHRVHGLVROYtDHQHOSURWRSODVPDSDUDUHFRQVWUXLUVHPiV
WDUGHHQODV FpOXODVKLMDV5HFLpQHQ5REHUW 5HPDN SXGRHVWDEOHFHUTXH HUD HQ
FLHUWD IRUPD MXVWR DO UHYpV HO SURFHVR VH LQLFLD FRQ OD SDUWLFLyQ GHO Q~FOHR \ OXHJR OD GHO
SURWRSODVPD

/DUHS~EOLFDFHOXODUGH9LUFKRZ
(O UHPDWH GH OD WHRUtD FHOXODU VH DOFDQ]y FRQ 5XGROI 9LUFKRZ  TXH FRQFLELy DO
RUJDQLVPRGHXQVHUYLYRFRPRXQDUHS~EOLFDFHOXODUHQODTXHFDGDFpOXODHVXQFLXGDGDQR
$VtODFpOXODSDVyGHVHUVRODPHQWHHOHOHPHQWRHVWUXFWXUDORSDUWHGHOHOHPHQWRHVWUXFWXUDOVL
QRVDWHQHPRV D ORTXHGLMHVREUH6FKOHLGHQ\6FKZDQQ D VHUOD~OWLPDXQLGDGYLWDO GHORVVHUHV
YLYRVHOFRQFHSWRFDSLWDOGHODELRORJtDILEUDV\WHMLGRVVHUHWLUDURQ\DEDQGRQDURQHOFHQWURGHOD
HVFHQD
7RGR DQLPDO DSDUHFH FRPR XQD VXPD GH XQLGDGHV YLYLHQWHV FDGD XQD GH ODV FXDOHV OOHYD HQ Vt
PLVPDODVFDUDFWHUtVWLFDVFRPSOHWDVGHODYLGD
9LUFKRZ QR DFHSWy OD WHRUtD GH OD JHQHUDFLyQ FHOXODU D SDUWLU GH XQD PDVD DPRUID HO
FLWREODVWHPDGH6FKZDQQ\HVWDEOHFLyTXHGRQGHQDFtDXQDFpOXODWHQtDTXHKDEHUKDELGRDQWHVRWUD
FpOXOD DVt FRPR XQ DQLPDO QR SXHGH SURFHGHU VLQR GH RWUR DQLPDO \ XQD SODQWD GH RWUD SODQWD (O
SULQFLSLR GHO RPQLV FHOOXOD H[ FHOOXOD WRGD FpOXOD SURFHGH GH RWUD FpOXOD HUD XQ DFRUGH
ELROyJLFRUHQRYDGRGHOYLHMRSULQFLSLRILORVyILFRGHOQLKLOH[QLKLORGHODQDGDQDGDVDOH
&RQ 9LUFKRZ OD WHRUtD FHOXODU SDUHFtD HQFRQWUDU HO JUDGR PiV JUDQGH GH JHQHUDOLGDG < VLQ
HPEDUJR WRGDYtD IDOWDED XQ SHTXHxR GHWDOOH SDUD FRPSOHWDUOD HQ  VH REVHUYDURQ FpOXODV TXH
FDUHFtDQ GH PHPEUDQDV UtJLGDV TXH PRVWUDURQ TXH OD SDUHG FHOXODU HV HQ YHUGDG XQ HOHPHQWR
DFFHVRULR\TXHSHUPLWLHURQDILUPDUD9LUFKRZTXHORHVHQFLDOGHODFpOXODHVHOSURWRSODVPD

8QD FpOXOD HV XQD JRWD GH SURWRSODVPD HQ FX\R VHQR H[LVWH XQ Q~FOHR \ KD\ XQD HVHQFLDO
VHPHMDQ]DGHOSURWRSODVPDHQORVDQLPDOHV\ORVYHJHWDOHV

$SDUHQWHPHQWHVHKDEtDGDGRHOSDVRILQDO\DKRUDVtVHSRGtDGHFLUTXHODWHRUtDFHOXODUHVWDED
FRPSOHWD ODV LQYHVWLJDFLRQHV TXH VLJXLHURQ QR KLFLHURQ VLQR GHVFXEULU VX FRPSOHMtVLPD HVWUXFWXUD
LQWHUQDWDQFRPSOHMD\PDUDYLOORVDTXHQL6FKOHLGHQQL6FKZDQQQL9LUFKRZSRGtDQLPDJLQDU(QODV
GpFDGDV GH  \  VH ORJUDURQ QXHYRV GHVDUUROORV HQ HO FDPSR GH OD PLFURVFRStD VH
GHVDUUROODURQ PpWRGRV SDUD FRUWDU ODV PXHVWUDV HQ FDSDV PX\ GHOJDGDV VXVWDQFLDV TXH SHUPLWtDQ
SUHVHUYDUODV\IRUPDVGHWHxLUODVSDUDKDFHUODVPiVIiFLOPHQWHYLVLEOHVVHSXGRVDEHUTXHORVSRURV
GH+RRNHHQHOFRUFKRHUDQHVSDFLRVYDFtRVGHMDGRVSRUFpOXODVPXHUWDVTXHORVDQLPiOFXORVGH
/HHXZHQKRHN HUDQ RUJDQLVPRV IRUPDGRV SRU XQD VROD FpOXOD TXH ODV FpOXODV YHJHWDOHV HVWiQ
URGHDGDVSRUXQDSDUHGUtJLGDTXHOHVFRQILHUHXQDIRUPDFDUDFWHUtVWLFD\TXHQRHVWiSUHVHQWHHQODV
FpOXODV DQLPDOHV (Q ILQ TXH ILEUDV YHVtFXODV \ JOyEXORV UHVXOWDEDQ QR VHU PiV TXH GLIHUHQWHV
PDQLIHVWDFLRQHV GH OD XQLGDG TXH FRQVWLWXtD D WRGRV ORV VHUHV YLYRV OD FpOXOD TXH D VX YH]
FRQIRUPDEDORVWHMLGRV
+DFLD ILQHV GH VLJOR \D VH KDEtDQ LGHQWLILFDGR ORV FURPRVRPDV \ VH VRVSHFKDED TXH HUDQ ORV
SRUWDGRUHVGHOPDWHULDOJHQpWLFR(OVLJOR;;FRQVXVPLFURVFRSLRVHOHFWUyQLFRVSHUPLWLyGLVHFDUOD
FpOXODKDVWDVXV~OWLPRVGHWDOOHVDXPHQWDGRVPLOHVOXHJRGHFHQDVGHPLOHV\GHVSXpVPLOORQHVGH
YHFHV
6L KXELHUD TXH UHVXPLU OD WHRUtD FHOXODU WDO FRPR OD FRQRFHPRV DKRUD \ VLQ HQWUDU HQ ORV
GHWDOOHVSRGUtDUHVXPLUVHHQORVVLJXLHQWHVSXQWRV

/DFpOXODHVODXQLGDGIXQGDPHQWDOGHWRGRVORVVHUHVYLYRV
/DVFpOXODVVHPXOWLSOLFDQSRUGLYLVLyQXQDFpOXODPDGUHVHGLYLGHHQGRVFpOXODVKLMDV
/DVFpOXODVHVWiQURGHDGDVSRUXQDPHPEUDQD\FRQWLHQHQXQQ~FOHR
/DVFpOXODVSRVHHQXQPDWHULDOJHQpWLFRTXHVHWUDQVPLWHGHXQDJHQHUDFLyQDRWUD
7RGDVODVFpOXODVWLHQHQODPLVPDFRPSRVLFLyQTXtPLFD
'HQWUR GH ODV FpOXODV RFXUUH HO IOXMR GH HQHUJtD TXH SHUPLWH D ORV RUJDQLVPRV FUHFHU \
PDQWHQHUVHFRQYLGD

/DWHRUtD FHOXODUIXHHQWRQFHVXQD GHODVJUDQGHVWHRUtDV VLQWHWL]DGRUDVGHOVLJOR ;,; XQ VLJOR

TXH HVWXYR LQFDQVDEOHPHQWH HQ EXVFD GH OD XQLGDG HQ WRGRV ORV iPELWRV \ DXQTXH GH PDQHUD
SURYLVRULDODHQFRQWUy

,,3$67(85</$7(25$'(/$,1)(&&,10,&52%,$1$
/DGHVWUXFFLyQGHODPDWHULDRUJiQLFDPXHUWDHVXQDGHODVQHFHVLGDGHVSDUDODSHUSHWXDFLyQGH
ODYLGD(VQHFHVDULRTXHODILEULQDGHQXHVWURVP~VFXORVODDOE~PLQDGHQXHVWUDVDQJUHOD
JHODWLQDGHQXHVWURVKXHVRVODXUHDGHQXHVWUDVRULQDVODPDWHULDOHxRVDGHODVSODQWDVHOD]~FDU
GHORVIUXWRVHODOPLGyQGHODVVHPLOODVVHWUDQVIRUPHQOHQWDPHQWHKDVWDDOFDQ]DUHOHVWDGRGH
DJXDDPRQtDFR\DQKtGULGRFDUEyQLFRGHIRUPDTXHHVWRVSULQFLSLRVHOHPHQWDOHVGHODVXVWDQFLDV
RUJiQLFDVFRPSOHMDVYXHOYDQDVHUUHFRJLGRVSRUODVSODQWDVHODERUDGRVGHQXHYRVLUYDQFRPR
DOLPHQWRDQXHYRVVHUHVYLYRVVHPHMDQWHVDORVTXHOHGLHURQYLGD\DVtFRQWLQ~HQDGLQILQLWXP
KDVWDHOILQGHORVVLJORV

/28,63$67(85

6L FRPR YHUHPRV 'DOWRQ FRPSOHWDUtD OD REUD GH /DYRLVLHU \ SRQGUtD D OD TXtPLFD HQ OD VHQGD
FXDQWLWDWLYDDOLQWURGXFLUORViWRPRV\ORVSHVRVDWyPLFRVIXH/RXLV3DVWHXUTXLHQHVWDEOHFLyXQQH[R
GHKLHUURHQWUHODTXtPLFD\ODELRORJtDGHORPLQ~VFXORQH[RTXHSHUPLWtDH[SOLFDUODUHODFLyQHQWUH
YLGD\PDWHULDFRPRXQIOXMRGHFRQWLQXRLQWHUFDPELR6HWUDWDEDGHXQDSUHRFXSDFLyQTXHIORWDEDHQ
HODPELHQWHGHKHFKRVLORUHFXHUGDQDPHGLDGRVGHOVLJOR ;9,,,HOSURSLR6WDKOFRQVXWHRUtDGHO
IORJLVWR KDEtD LQWHQWDGR H[SOLFDU HVWH FRPHUFLR FRQVWDQWH HQWUH OR YLYR \ OR TXtPLFR +DFtD VLJORV
TXH OD YLGD \ OD PXHUWH VH FUX]DEDQ FRWLGLDQDPHQWH HQ ODV SHVWHV TXH DVRODEDQ (XURSD \ QR KDEtD
QLQJXQDWHRUtDFRQYLQFHQWHTXHODVH[SOLFDUDDOPHQRVGHVGHHOSXQWRGHYLVWDFLHQWtILFR(UDWLHPSR
GHHPSH]DUDKXUJDUGHPDQHUDXQSRFRPiVFRQVHFXHQWHHQODVFDXVDVGHODVHQIHUPHGDGHVURPSHU
FRQODWHRUtDGHORVKXPRUHVRODJHQHUDFLyQHVSRQWiQHDTXHIXQFLRQDEDQHQHOFDPSRGHODELRORJtD
FRPRODVHVIHUDVDULVWRWpOLFDVORKDEtDQKHFKRHQHOGHODDVWURQRPtD
 $GHPiVFRPRHVHYLGHQWHXQQXHYRPXQGRGHDQLPDOHVGLPLQXWRVVHKDEtDGHVSOHJDGRIUHQWHD
OD PLUDGD GH ORV KRPEUHV GH FLHQFLD JUDFLDV DO WUDEDMR GH ORV PLFURVFRSLVWDV 1DGLH SRGtD
LPDJLQDUVH HQWRQFHV HO SRGHU GH DTXHOORV DQLPiOFXORV QL HO SDSHO TXH MXHJDQ HQ HO PXQGR
FRWLGLDQR (O VHQWLGR FRP~Q LQGLFDED TXH HUD D OR PiV JUDQGH D OR TXH KDEtD TXH WHPHU FRPR ORV
WHUUHPRWRVODVERPEDVGHORVFDxRQHVRLQFOXVRODSLQ]DGHOGHQWLVWDPLHQWUDVTXHORPiVSHTXHxR
ORPLQ~VFXORQRSRGtDUHSUHVHQWDUQLQJ~QSHOLJUR3HUR\DVHVDEHHOVHQWLGRFRP~QVXHOHLUSDUDXQ
ODGRPLHQWUDVTXHODUHDOLGDGORKDFHSDUDHORWUR(VORTXHHPSH]DEDQDVRVSHFKDUTXLHQHVWHQtDQ
ORVSLHVHQXQD7LHUUDTXHQRSDUHFtDPRYHUVH\TXHVLQHPEDUJRORKDFtD

,QHVSHUDGRVIDEULFDQWHVGHFHUYH]D
<DQRVHQFRQWUDPRVFRQ/RXLV3DVWHXUFXDQGRKDEOiEDPRVGHODJHQHUDFLyQHVSRQWiQHD
(UDKLMRGHXQFXUWLGRU\\DDORVDxRVKDEtDUHVXHOWRXQFXULRVRSUREOHPDVREUHODHVWUXFWXUDGH
ORVFULVWDOHVGHiFLGRWDUWiULFR\VXVSURSLHGDGHVGHGHVYLDUODOX]KDFLDODL]TXLHUGDRODGHUHFKDOR
FXDOOHKDEtDGDGRFLHUWDUHSXWDFLyQ3HURVXVSULPHURVJUDQGHVWUDEDMRVTXHOHSHUPLWLUtDQWHQHUXQ
JUDQLPSDFWRHQODUHDOLGDGFRWLGLDQDGHODJHQWHHVWXYLHURQUHODFLRQDGRVFRQODIHUPHQWDFLyQ\OD
SXWUHIDFFLyQ $PERV IHQyPHQRV HUDQ REMHWR GH XQD SROpPLFD HQWUH TXLHQHV VRVWHQtDQ TXH HUDQ
SURFHVRVSXUDPHQWHTXtPLFRV\ORVTXHORVDWULEXtDQDPLFURRUJDQLVPRVDGHPiVSRUVXSXHVWRGH
WRGRVORVTXHDERJDEDQSRUXQDWHUFHUDSRVLFLyQ1RHUDQSRFRVORVTXHVHGHGLFDEDQDHVWHDVXQWR
ODIHUPHQWDFLyQHUD\DHQWRQFHVXQSURFHVRPX\XWLOL]DGRHQODLQGXVWULDFRPRODFHUYHFHUD\TXLHQ
ODFRPSUHQGLHUDSRGUtDUHVROYHUPXFKRVSUREOHPDVSUiFWLFRV
(O SDUDGLJPD PiV R PHQRV YLJHQWH DSR\DGR SRU ILJXUDV FRPR HO TXtPLFR -RVHSK *D\ /XVVDF
 \ VREUH WRGR SRU VX GLVFtSXOR -XVWXV YRQ /LHELJ  VRVWHQtD TXH HO DLUH
DFWLYDED SURFHVRV TXtPLFRV TXH SURGXFtDQ OD IHUPHQWDFLyQ 3HUR HQ  &KDUOHV &DJQDUG GH
/DWRXU  SRVWXOy TXH HQ HO DLUH H[LVWtDQ JpUPHQHV YLYRV UHVSRQVDEOHV GHO IHQyPHQR D
WUDYpVGHOPLFURVFRSLRKDEtDREVHUYDGRSHTXHxDVFpOXODVTXHUHVXOWDEDQLQPHGLDWDVFDQGLGDWDVSDUD
FXPSOLU HVD IXQFLyQ 6XV KLSyWHVLV IXHURQ UHFLELGDV FRQ LQFUHGXOLGDG \D TXH HQ DOJXQRV WLSRV GH
IHUPHQWDFLyQQRVHHQFRQWUDEDQDGDSDUHFLGRDORVPLFURRUJDQLVPRVTXH&DJQDUGKDEtDREVHUYDGRHQ
ODOHYDGXUD
<MXVWDPHQWHHQLQYHVWLJDQGRFyPRHOLPLQDUSURFHVRVLUUHJXODUHVTXHDSDUHFtDQGXUDQWHOD
IHUPHQWDFLyQGHODFHUYH]D3DVWHXUORJUyHQFRQWUDUDORVFXOSDEOHVRUJDQLVPRVD~QPiVSHTXHxRV
TXH OD OHYDGXUD \ FRPSUREy TXH HUDQ HOORV ORV UHVSRQVDEOHV GHO iFLGR OiFWLFR TXH DSDUHFtD HQ OD
FHUYH]D DUUXLQDQGR VX VDERU (Q ORV DxRV VLJXLHQWHV DFXPXOy SUXHEDV D IDYRU GH OD WHRUtD
PLFURELDQD DFODUDQGR HO SDSHO GH OD OHYDGXUD \ DLVODQGR DO PLFURRUJDQLVPR UHVSRQVDEOH GH OD
SURGXFFLyQGHYLQDJUHDSDUWLUGHOYLQRFRP~Q(QHQFRQWUyODUHODFLyQHQWUHODIHUPHQWDFLyQ\
ORV SURFHVRV PHWDEyOLFRV OD IHUPHQWDFLyQ HUD OD IRUPD HQ OD TXH OD OHYDGXUD REWHQtD HQHUJtD GHO
D]~FDU FXDQGR QR KDEtD SUHVHQFLD GH DLUH (Q OD GpFDGD GHO VHWHQWD FRPSUHQGLy TXH HO PLVPR
SURFHVRSRGUtDDSOLFDUVHDODVFpOXODVYLYDV3XHGHSDUHFHUXQDPHUDDQpFGRWDGHODKLVWRULDGHOD
LQGXVWULD SHUR HQ UHDOLGDG OR TXH HVWDED GLFLHQGR HUD TXH OD IHUPHQWDFLyQ PiV TXH XQ SURFHVR
TXtPLFRHUDXQIHQyPHQRGHODYLGD
6LODVIHUPHQWDFLRQHVIXHUDQHQIHUPHGDGHVVHSRGUtDKDEODUGHHSLGHPLDVGHIHUPHQWDFLyQ
 (VWDEDDYDQ]DQGRKDFLDODLGHDGHTXHHQQXHVWURFXHUSRRFXUUHPiVRPHQRVORPLVPRTXHVH
HQVD\D \ REVHUYD HQ HO ODERUDWRULR /D IHUPHQWDFLyQ OD YLGD \ OD HQIHUPHGDG HUDQ WUHV IHQyPHQRV
tQWLPDPHQWHOLJDGRV\pOHVWDEDGLVSXHVWRDGHPRVWUDUOR

6HRFXSDGHORVJXVDQRVGHVHGD\ORVFXUD
(QHOJRELHUQRIUDQFpVOHSLGLyD\XGDSDUDGHWHFWDUODFDXVDGHXQDHQIHUPHGDGGHOJXVDQRGH
VHGDTXHHVWDEDDUUXLQDQGRODSURGXFFLyQHQHOVXUGH)UDQFLD3DVWHXUQRVDEtDQDGDGHOWHPDSHUR
FRQILDEDHQRUPHPHQWHHQHOPpWRGRFLHQWtILFRSDUDGHWHFWDU\HYHQWXDOPHQWHQHXWUDOL]DUODFDXVDGH
OD HQIHUPHGDG ,QFOXVR DILUPDED TXH VX GHVFRQRFLPLHQWR MXJDED HQ VX IDYRU \D TXH OH SHUPLWLUtD
HQIUHQWDUHOGHVDItRVLQSUHMXLFLRVGHQLQJ~QWLSR
'HVSXpVGHFXDWURDxRVGHSUXHED\HUURU\GHLQYHVWLJDUSDFLHQWHPHQWHODVHQIHUPHGDGHVGHORV
JXVDQRVSXGRFRPSUHQGHUPHMRUORVPHFDQLVPRVGHOFRQWDJLR$XQTXHODPD\RUtDGHVXVQXPHURVRV
FUtWLFRVHVSHFLDOPHQWHPpGLFRV\YHWHULQDULRVKDEtDPHQRVSUHFLDGRODSRVLELOLGDGGHTXHHOWUDEDMR
GH ODERUDWRULR GLHUD UHVXOWDGR HQ HO FDPSR GH ODV HQIHUPHGDGHV 3DVWHXU IXH HO SULPHUR HQ GDUVH
FXHQWD GH TXH HO PDO GH ORV JXVDQRV GH VHGD HQ UHDOLGDG QR HUD XQR VLQR GRV FDXVDGRV SRU OD
SUHVHQFLDGHGLPLQXWDVHVSRUDVTXHGHMDQVXVKXHYRVHQODVSODQWDVQXHYDV8QDYH]DLVODGDVDPEDV
HQIHUPHGDGHV SXGR SRU PHGLR GH XQD FXLGDGRVD VHOHFFLyQ SHUPLWLU OD SURFUHDFLyQ GH DTXHOORV
JXVDQRVTXHQRSRUWDEDQQLQJXQDGHHOODVFXLGDQGRWDPELpQGHTXHQRVHFRQWDJLDUDQQXHYDPHQWHOD
HQIHUPHGDG
(QPDU]RGHSUREDEOHPHQWHFRQVFLHQWHGHVXJHVWRGHPROHGRUKDFLDORVFUtWLFRV3DVWHXU
HQYLy FXDWUR ORWHV GH KXHYRV GH JXVDQRV R VHPLOODV D OD &RPLVLyQ GH 6HGD GH /\RQ GRQGH VH
KDEtDQ H[SUHVDGR DOJXQDV UHVHUYDV VREUH VX WUDEDMR -XQWR FRQ ORV ORWHV H[SOLFDED OR TXH RFXUULUtD
FRQFDGDXQRGHHOORVHOSULPHURHVWDUtDVDQR\GDUtDXQDEXHQDFDQWLGDGGHVHGDHOVHJXQGRVXIULUtD
GH XQD GH ODV HQIHUPHGDGHV OD OODPDGD SHEULQD HO WHUFHUR VXIULUtD GH OD RWUD HQIHUPHGDG OD
IODTXH]D\HOFXDUWRGHVDUUROODUtDDPEDVHQIHUPHGDGHV6XVSUHGLFFLRQHVVHFXPSOLHURQDOSLHGH
ODOHWUD\VXUHSXWDFLyQVLJXLyFUHFLHQGR
3RUVLIDOWDEDDOJRSDUD DXPHQWDUVXIDPDGH VHUFDSD]GHVREUHSRQHUVHDFXDOTXLHUGLILFXOWDG
XQDKHPRUUDJLDFHUHEUDOORKDEtDGHMDGRFDVLSDUDOL]DGRGHOODGRL]TXLHUGR3HURHQFXDQWRVHUHSXVR
XQSRFRSXEOLFyXQOLEURTXHGHVFULEtDVXVLQYHVWLJDFLRQHVPLHQWUDVORVFDPSRVGHJXVDQRVGHVHGD
YROYtDQDGDUJDQDQFLDVSRUSULPHUDYH]HQXQDGpFDGD<FRPRHUDGHHVSHUDUHQSRFRWLHPSRVX
WpFQLFDGHVHOHFFLyQVHXWLOL]DEDFRP~QPHQWHHQ$XVWULDH,WDOLD

(SLGHPLDVFRQWDJLR
'XUDQWHODHSLGHPLDGHVtILOLVTXHVHSURGXMRHQ)UDQFLDHQHOVLJOR;9,*LURODPR)UDFDVWRUR"
HOPLVPRTXHKDEtDWUDWDGRLQ~WLOPHQWHGHDUUHJODUFRQHVIHUDVHOVLVWHPDGH$ULVWyWHOHV
VRVWXYRODSULPHUDKLSyWHVLVPiVRPHQRVSUHFLVDVREUHODH[LVWHQFLDGHOFRQWDJLRSRUPHGLRGHXQ
DJHQWHYLYRTXHWUDQVPLWtDODHQIHUPHGDGDWUDYpVGHREMHWRVFRQWDPLQDGRVRLQFOXVRGHODLUH
/D LGHD D SHVDU GH KDFHUVH EDVWDQWH HYLGHQWH HQ ODV HSLGHPLDV \ GH TXH VH WRPDUDQ PHGLGDV
WHQLpQGRODHQFXHQWDGDGRTXHVHDSOLFDEDODFXDUHQWHQDFKRFDEDHQFLHUWDIRUPDFRQODLGHDGHTXH
ODHQIHUPHGDGSURYHQtDGHDGHQWURGHOFXHUSRSRUXQGHVHTXLOLEULRHQORVKXPRUHV
(Q WLHPSRV GH 3DVWHXU JUDQGHV PpGLFRV FRPR -RVHSK /LVWHU  R ,JQD] 6HPPHOZHLV
HPSH]DEDQDLQWURGXFLUPHGLGDVDQWLVpSWLFDVDXQTXHQRVXSLHUDQH[DFWDPHQWHFXiOHUD
HO RULJHQ GH OD HQIHUPHGDG (O FDVR HV SDUWLFXODUPHQWH LQWHUHVDQWH SRUTXH PXFKDV YHFHV HV SXHVWR
FRPRPRGHORGHLQYHVWLJDFLyQFLHQWtILFD
(O+RVSLWDO*HQHUDOGH9LHQDHUDXQDGHODVLQVWLWXFLRQHVPiVSUHVWLJLRVDVGH(XURSDSHURWHQtD
XQSXQWRQHJURODDWHQFLyQGHODVSDUWXULHQWDVTXHDOFDQ]DEDDOWDVFLIUDVGHPRUWDOLGDGSRUODILHEUH
SXHUSHUDO(OKRVSLWDOWHQtDGRVSDEHOORQHVGHGLFDGRVDODDWHQFLyQJUDWXLWDGHSDUWRVGHPXMHUHVTXH
FDUHFtDQGHGLQHURSDUDSDJDUODREUHUDVVLUYLHQWDVVROWHUDVSURVWLWXWDV\PHQGLJDV(QODVDOD
ODVSDUWXULHQWDVHUDQDWHQGLGDVEDMRODGLUHFFLyQGHOGRFWRU%DUWVFK\ORVFDVRVGHPRUWDOLGDGSRU
ILHEUHSXHUSHUDOHUDQPX\EDMRVGHODOSRUFLHQWR(QWDQWRHQODVDODEDMRODGLUHFFLyQGHO
GRFWRU.OHLQODPRUWDOLGDGHUDFLQFRYHFHVPD\RU6HPPHOZHLVPLHPEURGHOHTXLSRPpGLFRGHOD
3ULPHUD 'LYLVLyQ GH 0DWHUQLGDG GHO +RVSLWDO GH OD (VFXHOD 6XSHULRU GH 0HGLFLQD VH SURSXVR
GHVFXEULUTXpYDULDEOHHUDODTXHLQFLGtDHQHOFXULRVRIHQyPHQR
3ULPHURGHVFDUWyODWHRUtDGHODVLQIOXHQFLDVHSLGpPLFDVHVGHFLUODDWULEXFLyQGHODSUHYDOHQFLD
GHODHQIHUPHGDGDORVFDPELRVDWPRVIpULFRFyVPLFRWHO~ULFRV6HPPHOZHLVVRVWHQtDFRQVHQVDWH]
TXH VL OD IUHFXHQFLD GH PXHUWHV VH GHELHVH D WDOHV LQIOXHQFLDV HSLGpPLFDV QR GHEHUtD KDEHU
GLIHUHQFLDVHQODPRUWDOLGDGHQWUHORVGRVSDEHOORQHVRVDODV
$OJXQRVPpGLFRVSHQVDEDQTXHHOKDFLQDPLHQWRHUDODFDXVDGHODPD\RUPRUWDQGDGHQODVDOD
6HPPHOZHLV VHxDOy TXH HQ YHUGDG KDEtD XQ PD\RU KDFLQDPLHQWR HQ OD VDOD  HQ SDUWH FRPR
FRQVHFXHQFLDGHOWHUURU\ODUHVLVWHQFLDTXHRSRQtDQODVPXMHUHVTXHLQJUHVDEDQDOKRVSLWDOSDUDVHU
LQWHUQDGDVHQODVDODWHPLEOHSRUHODOWRQ~PHURGHPXHUWHV
6H SUHJXQWy VL OD SRVLFLyQ ItVLFD GH ODV PXMHUHV SRGtD LQIOXLU HQ HO IHQyPHQR HQ OD VDOD  ODV
SDUWXULHQWDVVHPDQWHQtDQDFRVWDGDVGHHVSDOGDVPLHQWUDVTXHHQODVDODVHODVPDQWHQtDGHODGR
6HPPHOZHLVKL]RDWHQGHUDODVPXMHUHVGHODVDODHQODPLVPDSRVLFLyQTXHHQODVDODODWDVDGH
PXHUWHVQREDMy
(Q  XQD FRPLVLyQ GHVLJQDGD SDUD LQYHVWLJDU HVWH SUREOHPD DWULEX\y HO PD\RU tQGLFH GH
PRUWDOLGDG DO H[DPHQ SRFR FXLGDGRVR TXH VH UHDOL]DED D ODV PXMHUHV HQ HO WUDEDMR GH SDUWR
6HPPHOZHLV UHIXWy OD LGHD DUJXPHQWDQGR TXH HO SDUWR HV XQ DFWR PXFKR PiV YLROHQWR TXH HO
UHFRQRFLPLHQWR\TXHHQODVGRVVDODVVHH[DPLQDEDDODVSDFLHQWHVGHODPLVPDPDQHUD
3UREyKLSyWHVLVTXHSRGtDQSDUHFHUDEVXUGDVHQODVDODFXDQGRXQVDFHUGRWHDFXGtDDGDUORV
~OWLPRV DX[LOLRV D ODV PRULEXQGDV GHEtD DWUDYHVDU WRGD OD VDOD FRVD TXH QR RFXUUtD HQ OD VDOD 
GRQGH HO DFFHVR GHO VDFHUGRWH D ODV HQIHUPDV JUDYHV HUD GLUHFWR /D DSDULFLyQ GHO VDFHUGRWH HUD
DQXQFLDGD SRU XQD FDPSDQLOOD \ 6HPPHOZHLV SHQVy TXH OD SUHVHQFLD GHO VDFHUGRWH VLJQLILFDED OD
PXHUWHSDUDODVSDUWXULHQWDV\SRUORWDQWROHVSURGXFtDWDOWHUURUTXHODVKDFtDVXVFHSWLEOHVDODILHEUH
SXHUSHUDO6ROLFLWyDOVDFHUGRWHHYLWDUHOXVRGHODFDPSDQLOOD\FDPELyVXLWLQHUDULRVLQTXHSRUHOOR
ODPRUWDOLGDGGLVPLQX\HUD
)LQDOPHQWHGLRFRQODFDXVDHQODVDODQ~PHURODVSDUWXULHQWDVHUDQDVLVWLGDVSRUFRPDGURQDV
R SDUWHUDV PLHQWUDV TXH HQ OD VDOD  OR KDFtDQ HVWXGLDQWHV TXH DQWHV GH UHYLVDU D ODV SDFLHQWHV
KDEtDQ KHFKR GLVHFFLRQHV GH FDGiYHUHV \ FRQFOX\y TXH KDEtD DOJ~Q PDWHULDO FDGDYpULFR
UHVSRQVDEOHGHOFRQWDJLR
3XVRDSUXHEDODKLSyWHVLV\FRPSUREyTXHHVWDEDHQORFLHUWRDSHQDVREOLJyDORVHVWXGLDQWHVD
ODYDUVH ODV PDQRV OD WDVD GH LQIHFFLyQ EDMy LQPHGLDWDPHQWH D XQ  SRU FLHQWR /XHJR DPSOLy VXV
FXLGDGRV GH KLJLHQH DO ODYDGR GHO LQVWUXPHQWDO \ FRPSUREy HVWDGtVWLFDPHQWH XQD YH] PiV OD
HIHFWLYLGDGGHVXPpWRGR
6HPPHOZHLV VRVWXYR TXH VL VX VXSRVLFLyQ HUD FRUUHFWD VH SRGUtD SUHYHQLU OD ILHEUH SXHUSHUDO
GHVWUX\HQGR TXtPLFDPHQWH OD PDWHULD FDGDYpULFD HQ ODV PDQRV GH ORV PpGLFRV \ ORV HVWXGLDQWHV
'LFWy SRU WDQWR XQD RUGHQ TXH H[LJtD D WRGRV ORV HVWXGLDQWHV GH PHGLFLQD HO ODYDGR H[KDXVWLYR GH
PDQRVFRQFDOFORUXUDGDDQWHVGHHIHFWXDUHOUHFRQRFLPLHQWRGHODVHQIHUPDV
(QDSR\RDVXKLSyWHVLV6HPPHOZHLVKL]RQRWDUTXHODPHQRUPRUWDOLGDGHQODVDODVHGHEtDD
TXHODVFRPDGURQDVQRSUDFWLFDEDQDXWRSVLDV
/D LPSODQWDFLyQ GH HVWDV PHGLGDV GLVPLQX\y HQ IRUPD LQPHGLDWD OD PRUWDOLGDG HQ DPERV
SDEHOORQHVKDVWDPHQRVGHOSRUFLHQWR/DPRUWDOLGDGSRUILHEUHSXHUSHUDOHQHO+RVSLWDO*HQHUDO
GH9LHQDDOFDQ]yHOSXQWRPiVEDMRHQVXKLVWRULDSRUFLHQWR
$SHVDUGHWRGRODVFRVDVQRIXHURQIiFLOHV&XDQGRSLGLyD.OHLQHOMHIHGHODVDODTXHGLHUD
HOHMHPSORDORVHVWXGLDQWHVFRQHOODYDGRGHVXVPDQRV.OHLQVHLQGLJQyFHORVSURIHVLRQDOHV\VH
QHJy6HPPHOZHLVWXYRXQYLROHQWRHQIUHQWDPLHQWRFRQpO\IXHGHVSHGLGRGHODFOtQLFDDXQTXHOXHJR
GHXQWLHPSRORUHDGPLWLHURQSHURVyORSDUDHQWHUDUVHGHXQDWHUULEOHQRWLFLD.ROOHWVFKNDTXHKDEtD
VLGRVXDGPLUDGRPDHVWUR\SURWHFWRUKDEtDPXHUWRXQGtDDQWHVGHVXOOHJDGDDFRQVHFXHQFLDGHXQD
KHULGDTXHVHKDEtDKHFKRGXUDQWHODDXWRSVLDGHOFDGiYHUGHXQDPXMHUIDOOHFLGDGHILHEUHSXHUSHUDO
ORFXDOOHKL]RSURYRFDUXQHVFiQGDORTXHDOFDQ]yWDOPDJQLWXGTXHIXHGHVWLWXLGRQXHYDPHQWH

(O GHVWLQR PH KD HOHJLGR FRPR PLVLRQHUR GH OD YHUGDG HQ FXDQWR D ODV PHGLGDV TXH GHEHQ
WRPDUVHSDUDFRPEDWLUODSODJDGHODILHEUHSXHUSHUDO'HVGHKDFHPXFKRWLHPSRKHGHMDGR
GHUHVSRQGHUDORVDWDTXHVGHORVTXHVR\REMHWRVLQFHVDUHORUGHQGHODVFRVDVKDGHSUREDU
D PLV ULYDOHV TXH \R WHQtD HQWHUDPHQWH OD UD]yQ VLQ TXH VHD QHFHVDULR TXH SDUWLFLSH HQ
SROpPLFDVTXHHQDGHODQWHQRSXHGHQVHUYLUSDUDQDGDDOSURJUHVRGHODYHUGDG

HVFULELy
5HFDOy HQ HO KRVSLWDO GH OD FLXGDG GH 3HVW +XQJUtD GRQGH LQWURGXMR UHIRUPDV KLJLpQLFDV TXH
DEDWLHURQHQIRUPDFRQVLGHUDEOHODPXHUWHDFDXVDGHODILHEUHSXHUSHUDOFRPRODYDUODVViEDQDVGDU
GHDOWDDODVHQIHUPDVDORVQXHYHGtDVGHKRVSLWDOL]DFLyQ\QRDORVFXDUHQWDFRPRVHDFRVWXPEUDED
3RFR GHVSXpV XQD HSLGHPLD GH OD HQIHUPHGDG GH OD TXH \D HUD HVSHFLDOLVWD VH SUHVHQWy HQ HO
KRVSLWDOGHOD8QLYHUVLGDGGH3HVW(VWDFLUFXQVWDQFLDSHUPLWLyD6HPPHOZHLVUHDQXGDUVXOXFKD\OR
FRQYHQFLyGHHVFULELUVXREUD'H OD HWLRORJtD HO FRQFHSWR \ OD SURILOD[LV GH OD ILHEUH SXHUSHUDO
3DUDHOORUHXQLyWRGDVODVQRWDVTXHKDEtDDFXPXODGR\ODVDQDOL]yFRQXQDOyJLFDYHUGDGHUDPHQWH
DQLTXLODGRUD (Q HO FXUVR GH VX FDUUHUD PpGLFD KDEtD DSOLFDGR VXV GHVFXEULPLHQWRV D 
SDUWXULHQWDV 'XUDQWH  DxRV VyOR  PXMHUHV TXH HVWXYLHURQ D VX FDUJR IDOOHFLHURQ SRU ILHEUH
SXHUSHUDO(VWRUHSUHVHQWDEDHOSRUFLHQWR(UDLPSUHVFLQGLEOHGRFXPHQWDUORHQIRUPDVXILFLHQWH
SDUDFRQYHQFHUDODVLQFUpGXODVVRFLHGDGHVPpGLFDV
3HURQRORDFHSWDURQQLORFRPSUHQGLHURQ\ORVDWDTXHVTXHOHGLULJLHURQIXHURQWDOHVTXHHPSH]y
DSHUGHUVXHTXLOLEULRPHQWDO(VFULELyFDUWDV\PDQLILHVWRVHQORVTXHDFXVDEDGHDVHVLQRVDTXLHQHV
VHRSRQtDQDVXVWHRUtDV
(VFpOHEUHVX&DUWDDELHUWDDORVSURIHVRUHVGHREVWHWULFLDTXHFRPLHQ]DDVt

$VHVLQRV/ODPRDVtDWRGRVORVTXHWUDEDMDQVLQWRPDUODVPHGLGDVTXHSURSRQJRFRQHOILQ
GHFRPEDWLUODILHEUHSXHUSHUDO$HOORVPHGLULMR\PHGHFODURVXHQHPLJRGHODPDQHUDHQ
TXHKD\TXHKDFHUORIUHQWHDODXWRUGHXQFULPHQ1RSXHGRPHQRVTXHWUDWDUORVGHDVHVLQRV
3DUD DWDMDU ORV PDOHV TXH GHSORUDPRV HQ ODV FOtQLFDV SDUD SDUWXULHQWDV QR KD\ TXH FHUUDU
pVWDVVLQRTXHHVSUHFLVRDUURMDUGHHOODVDORVWRFyORJRVTXHVRQORVYHUGDGHURVSRUWDGRUHV
GHODVHSLGHPLDV(OFULPHQGHEHFHVDU(VWR\YHODQGRSDUDTXHHOFULPHQFHVH

8QJUDYHDWDTXHGHHVTXL]RIUHQLDREOLJyDVXIDPLOLDDEXVFDUD\XGDPpGLFD\SUiFWLFDPHQWHOR
UHFOX\HURQHQVXFDVDFRQODLGHDGHPDQGDUOROXHJRDXQDVLORHQ9LHQD
3HUR 6HPPHOZHLV VH HQWHUy \ XQ PDO GtD VDOLy VLJLORVDPHQWH GH VX FDVD IXH D OD FOtQLFD GH
PDWHUQLGDGDJDUUyXQELVWXUtFRQHOTXHORVHVWXGLDQWHVHVWDEDQKDFLHQGRODDXWRSVLDGHOFDGiYHUGH
XQD PXMHU TXH KDEtD PXHUWR GH ILHEUH SXHUSHUDO VH KL]R XQ SHTXHxR FRUWH HQ HO GHGR \ OXHJR
LQWURGXMR VX PDQR HQ HO YLHQWUH GHO FDGiYHU (O  GH DJRVWR GH  GHVSXpV GH XQDV SRFDV
VHPDQDVPXULyDFDXVDGHODPLVPDHQIHUPHGDGTXHKDEtDFRPEDWLGR

8QDDOLDQ]DHQWUH-HQQHU\ODVYDFDVGHUURWDDODYLUXHOD
(QFXDQGRVHSURGXMRXQUHSHQWLQREURWHGHFyOHUDHQOD%URDG6WUHHWGH/RQGUHVTXHPDWyD
SHUVRQDVHQXQUDGLRGHPHWURVXQHVWXGLRVRGHODpSRFDOODPDGR-RKQ6QRZFRQFOX\y\
OXHJRGHPRVWUyTXHHOSUREOHPDUHVLGtDHQTXHODIXHQWHGHDJXDTXHVHXWLOL]DEDHQHOiUHDHVWDED
FRQWDPLQDGD FRQ PDWHULD RUJiQLFD SURYHQLHQWH GH XQ HQIHUPR GH FyOHUD (UDQ SDVRV ILUPHV SHUR
LQFLHUWRVSRUTXHIDOWDEDHOGDWRIXQGDPHQWDOVDEHUFXiOHUDH[DFWDPHQWHHODJHQWHGHWUDQVPLVLyQ
(O PpGLFR UXUDO LQJOpV (GZDUG -HQQHU  FRPSUREy HO VDEHU SRSXODU GH TXH ODV
RUGHxDGRUDVGHYDFDVTXHVROtDQFRQWUDHUODYLUXHODYDFXQDSRFRSHOLJURVDSDUDKXPDQRV\TXHVH
WUDQVPLWtDGHPDQHUDGLUHFWDGHODVXEUHVDORUGHxDGRUQRGHVDUUROODEDQQXQFDODYDULDQWHKXPDQD
PiV SHOLJURVD GH OD HQIHUPHGDG $ SDUWLU GH  HPSH]y D UHXQLU VXV REVHUYDFLRQHV \ HO  GH
PD\RGHKL]RODSUXHEDGHFLVLYDWRPyIOXLGROLQIiWLFRGHODPDQRGHXQDOHFKHUD\ORLQRFXOy
HQHOEUD]RGH-DPHV3KLSSVXQFKLFRVDQRGHRFKRDxRVDTXLHQGRVVHPDQDVPiVWDUGHH[SXVRDO
SXV GH OD YLUXHOD KXPDQD (O FKLFR QR VH HQIHUPy TXHGDED GHPRVWUDGR TXH OD YLUXHOD YDFXQD
LQPXQL]DEDFRQWUDODKXPDQD
(UDHOSULPHUFDVRGHYDFXQDFLyQHPStULFDPHQWHFRPSUREDGRDXQTXH-HQQHUKDEtDGHVDUUROODGR
VXPpWRGRVLQWHQHULGHDGHODJHQWHFDXVDOGHODHQIHUPHGDGQLHOPHFDQLVPRSRUHOFXDOVHSURGXFtD
OD LQPXQL]DFLyQ /D YDFXQD VH H[WHQGLy HQRUPHPHQWH H LQFOXVR -HQQHU IXH SUHPLDGR SRU HO
3DUODPHQWRLQJOpVDXQTXHORVFDVRVHQORVTXHODHQIHUPHGDGVtVHGHVDUUROODEDSHVHDODYDFXQDFLyQ
VLJXLHURQJHQHUDQGRSROpPLFDV
(Q UHDOLGDG OD LGHD GH LQRFXODUVH PDWHULDO LQIHFWDGR SDUD SUHYHQLU HQIHUPHGDGHV \D VH KDEtD
SUDFWLFDGRHQ&KLQD,QGLD\3HUVLDGRQGHVHKDEtDQWRPDGRPXHVWUDVGHFDVRVSRFRYLUXOHQWRV\VH
KDEtDQFRORFDGRHQODVWLPDGXUDVGHSHUVRQDVVDQDVTXHTXHGDEDQDVDOYRGHOFRQWDJLR/DHVSRVDGH
XQHPEDMDGRULQJOpV HQ&RQVWDQWLQRSODDILQHVGHOVLJOR ;9,,OOHYyODSUiFWLFD D VXVFRPSDWULRWDV
TXHFRPHQ]DURQDXWLOL]DUOD'HDOOtSDVyD$PpULFDGRQGHHQXQPpGLFRODXWLOL]yHQ%RVWRQ
SDUDSUHYHQLUODYLUXHODHVWLPXODGRSRUXQWHUUDWHQLHQWHORFDOTXHVHKDEtDHQWHUDGRGHHVWDSUiFWLFD
SRUVXVSURSLRVHVFODYRVDIULFDQRV6HLQWURGXFtDHOPDWHULDOLQIHFWDGRGHEDMRGHODSLHOGHOSDFLHQWH
TXHVLELHQQRVLHPSUHGHVDUUROODEDODHQIHUPHGDGSRGtDFRQWDJLDUDRWURVIiFLOPHQWHSRUORTXHHUD
FRP~QTXHYDULRVDPLJRVVHLQRFXODUDQDOPLVPRWLHPSRSDUDSDVDUMXQWRVODFXDUHQWHQD$SHVDUGH
WRGR KDEtD RFDVLRQHV HQ ODV TXH OD HQIHUPHGDG VH GHVDUUROODED OR VXILFLHQWH FRPR SDUD PDWDU DO
SDFLHQWHORTXHREYLDPHQWHJHQHUDEDPXFKDVUHVLVWHQFLDVDODSUiFWLFD
(O p[LWR GH -HQQHU WHUPLQy FRQ HVD SUiFWLFD GH OD YDULROL]DFLyQ HO FRQWDJLR YROXQWDULR GH
IRUPDVOHYHVGHODHQIHUPHGDGVXVWLWX\pQGRODSRUODYDFXQDFLyQ
(UD QDWXUDO TXH VH LQWHQWDUD DSOLFDU OD IyUPXOD D RWUDV HQIHUPHGDGHV $ PHGLDGRV GHO VLJOR ;,;
OOHJy D OD $FDGHPLD GH 0HGLFLQD )UDQFHVD OD LGHD GH LQRFXODU FRQ VtILOLV D ORV MyYHQHV IUDQFHVHV
SDUDSUHYHQLUODVUHJXODUHVHSLGHPLDV\VHOHYDQWyXQDHQRUPHSROpPLFD
<DVtIXHTXHXQRGHORVOLEURVTXHWUDWDEDODSURSXHVWDOOHJyDODVPDQRVGH3DVWHXUHQ
TXLHQLQPHGLDWDPHQWHVHLQWHUHVyHQHOWHPDPLHQWUDVVHSUHJXQWDEDSRUTXpQRKDEtDRWURVFDVRVWDQ
H[LWRVRVGHYDFXQDFLyQFRPRHOGHODYLUXHODYDFXQD(QUHDOLGDGQDGLHVDEtDSRUTXpODYDFXQDGH
-HQQHULQPXQL]DED
/DVYDFDVKDEtDQD\XGDGRD-HQQHU$KRUDHUDHOWXUQRGHODVJDOOLQDV

/DVJDOOLQDVFRODERUDQFRQ3DVWHXU
(UD XQ EXHQ PRPHQWR GHVGH ILQHV GH ORV VHWHQWD 3DVWHXU LQYHVWLJDED HO FyOHUD GH ODV JDOOLQDV
'XUDQWHVXVH[SHULPHQWRVVHWRSyFRQTXHXQFXOWLYRGHEDFLORVTXHJXDUGDEDGHVGHODUJRWLHPSRHUD
LQFDSD]GHSURYRFDUODHQIHUPHGDGHQODVJDOOLQDVHQODVTXHORLQRFXODED3UREDEOHPHQWHPROHVWR
SRUHOFRQWUDWLHPSRFRQVLJXLyXQDQXHYDFHSDYLUXOHQWD\ODLQWURGXMRHQVXVJDOOLQDVDOJXQDVGHODV
FXDOHV KDEtDQ UHFLELGR HO EDFLOR IDOOLGR 3DUD VX VRUSUHVD HVWDV JDOOLQDV QR GHVDUUROODURQ OD
HQIHUPHGDGPLHQWUDVTXHODVRWUDVVtORKDFtDQ3DVWHXUFRPSUHQGLyTXHKDEtDHQFRQWUDGRRWURFDVR
HQHOTXHODYDFXQDFLyQIXQFLRQDED
(Q OD SXEOLFDFLyQ VREUH VX GHVFXEULPLHQWR XWLOL]y OD SDODEUD YDFXQDFLyQ FRPR KRPHQDMH D
-HQQHU\ODGHILQLyFRPRODFDSDFLGDGGHDXPHQWDUODUHVLVWHQFLDGHXQVHUYLYRDXQDJHQWHHQHPLJR
HVSHFtILFR (UD XQ SDVR TXH VHUYtD SDUD SUHYHQLU XQD HQIHUPHGDG PiV SHUR TXH WDPELpQ SHUPLWtD
LOXVLRQDUVH FRQ OR TXH SRGUtD KDFHUVH FRQ PXFKDV RWUDV (Q ORV FXDWUR DxRV VLJXLHQWHV DSOLFy OD
WpFQLFDFRQp[LWRDODSUHYHQFLyQGHRWUDVHQIHUPHGDGHVDQLPDOHV$OFDQ]DEDFRQDWHQXDUDODJHQWH
YLUXOHQWRSRUPHGLRGHFDOHQWDPLHQWRHOSDVRGHOWLHPSRRSRUPHGLRGHXQSDVDMHLQWHUPHGLRSRU
RWURVDQLPDOHVHQFDGDFDVRODVHQIHUPHGDGHVHUDQOLJHUDPHQWHGLIHUHQWHV\KDEtDTXHGHVFXEULUVXV
SDUWLFXODULGDGHVSDUDGHELOLWDUODVH[LWRVDPHQWH
3RURWURODGRKDEtDTXHDILQDUELHQORVH[SHULPHQWRV\UHGXFLUORVIUDFDVRVDOPtQLPRSDUDHYLWDU
GDUOHVDUJXPHQWRVDTXLHQHVQRFUHtDQHQODYDFXQDFLyQHQVXPD\RUtDPpGLFRV
3DVWHXUUHFLEHD\XGDGHXQJLJDQWH5REHUW.RFK
(Q  5REHUW .RFK  SXEOLFy XQD REUD FRPSOHWD GRQGH GHVFULEtD HO EDFLOR TXH
SURGXFHHOFDUEXQFOR\XQDVHVSRUDVPX\UHVLVWHQWHVDOFDORUTXHVHGHVDUUROODQXQDYH]TXHVHGDQ
ODV FRQGLFLRQHV QHFHVDULDV 'RV DxRV PiV WDUGH H[SOLFDED HQ XQD QXHYD REUD TXH ORV
PLFURRUJDQLVPRV QR VyOR SURGXFHQ HQIHUPHGDGHV VLQR TXH FDGD XQR GH HOORV SURGXFH XQD
HQIHUPHGDGHVSHFtILFD
3DVWHXU TXH GXUDQWH VXV SURSLRV HVWXGLRV VREUH HO FDUEXQFOR QR VXSR GH OD REUD GH .RFK
DYDQ]DEDVREUHHOWHPDSDUWLHQGRGHORVPLVPRVSULQFLSLRVTXHKDEtDHVWDEOHFLGRSDUDGHPRVWUDUTXH
QRHUDSRVLEOHODJHQHUDFLyQHVSRQWiQHD6DELHQGRTXH\DVHKDEtDREVHUYDGRTXHHQODVDQJUHGHORV
DQLPDOHV PXHUWRV SRU HO FDUEXQFOR VH HQFRQWUDED XQD VXHUWH GH EDVWRQFLWRV UHFWRV VH GHGLFy D
DLVODUORV\UHSURGXFLUORVHQVXODERUDWRULR
'LOX\HQGRXQDJRWDGHVDQJUHHQVXFHVLYDVPXHVWUDVGHRULQDHVWHULOL]DGDSXGRFRPSUREDUTXHOD
~OWLPDPXHVWUDVHJXtDSURGXFLHQGRODHQIHUPHGDGWDOFRPRODSULPHUDDXQTXH\DQRTXHGDUDQDGDGH
ODVDQJUHRULJLQDULDSHURVtODVEDFWHULDVTXHHYLGHQWHPHQWHHUDQHOSULQFLSLRYLUXOHQWRFDXVDQWH
GHODHQIHUPHGDG(UDDOJRTXHQROHKDEtDRFXUULGRFRQHOFyOHUDGHODVJDOOLQDVFXiOSRGtDVHUOD
GLIHUHQFLD"
(QXQRGHORVWDQWRVLQWHQWRVGHMyUHSRVDUHOOtTXLGRHQHOTXHKDFtDVXVFXOWLYRVFRPSUREyTXH
HO OtTXLGR GH OD VXSHUILFLH QR SURGXFtD OD HQIHUPHGDG PLHQWUDV TXH HO GHO IRQGR Vt OR KDFtD \
FRQFOX\yTXHODVEDFWHULDVPiVSHOLJURVDVKDEtDQGHFDQWDGRKDFLDHOIRQGRGHORVUHFLSLHQWHV\SRU
ORWDQWRODSDUWHVXSHULRUGHOOtTXLGRVHUYLUtDFRPRYDFXQD
< DVt HVWXYR HQ FRQGLFLRQHV GH GDU XQ JROSH PDHVWUR FRQWUD TXLHQHV D~Q VH RSRQtDQ D OD
YDFXQDFLyQ HO  GH MXQLR GH  KL]R XQD GHPRVWUDFLyQ S~EOLFD IUHQWH D SHULRGLVWDV \ GLYHUVDV
SHUVRQDOLGDGHVHQODDOGHDGH3RXLOO\OH)RUW)UDQFLD$OOtLQRFXOyRYHMDVFRQHOFDUEXQFORTXH
VDEtD TXH HUD YLUXOHQWR /DV  TXH SUHYLDPHQWH 3DVWHXU \ VXV FRODERUDGRUHV KDEtDQ YDFXQDGR QR
PRVWUDURQVtQWRPDVGHODHQIHUPHGDGHQWDQWRTXHODVRWUDVPXULHURQHQPHQRVGHGRVGtDV(UDXQD
GHPRVWUDFLyQDFDEDGDGHORULJHQPLFURELDQRGHODHQIHUPHGDGMXQWRFRQODGH.RFK3HURWDPELpQ
HUDXQDSUXHEDFRQWXQGHQWHVREUHODYDFXQDFLyQ
(Q ODV GRV GpFDGDV VLJXLHQWHV VH GHVFXEULUtD OD PD\RUtD GH ODV EDFWHULDV FDXVDQWHV GH
HQIHUPHGDGHV DXQTXH QR QHFHVDULDPHQWH ODV YDFXQDV (O PLVPR .RFK HQFRQWUy HO EDFLOR GH OD
WXEHUFXORVLV XQD GH ODV SULQFLSDOHV FDXVDV GH PXHUWH GH OD (XURSD GH DTXHO HQWRQFHV DXQTXH OD
YDFXQDGHELyHVSHUDUYDULDVGpFDGDV
6LQHPEDUJRWRGDYtDIDOWDEDGDUHOSDVRGHFLVLYRH[SHULPHQWDUODVYDFXQDVGHODERUDWRULRHQ
VHUHVKXPDQRV<OHWRFyDODUDELD

(OWXUQRGHORVSHUURV
3DVWHXUFRPHQ]yDHVWXGLDUODUDELDVHJ~QVHFUHHSRUTXHGHFKLFRKDEtDSUHVHQFLDGRODPXHUWHGH
YDULRV GH VXV YHFLQRV D FDXVD GH OD PRUGLGD GH XQ ORER UDELRVR $ SHVDU GH VXV DYDQFHV \
H[SHULPHQWRV VH UHVLVWtD D SUREDU VL ORV UHVXOWDGRV WDPELpQ VH YHULILFDEDQ HQ ORV VHUHV KXPDQRV
)LQDOPHQWHODUHDOLGDGORREOLJyHOGHMXOLRGHHOQLxRGHDxRV-RVHSK0HLVWHUOOHJyDVX
ODERUDWRULR DFRPSDxDGR GHO PpGLFR ORFDO \ FXELHUWR GH PRUGHGXUDV GH XQ SHUUR UDELRVR /RV
PpGLFRVOHGLMHURQD3DVWHXUTXHODVSRVLELOLGDGHVGH TXHVHGHVDUUROODUDOD HQIHUPHGDGHUDQPX\
DOWDV\VHKLFLHURQUHVSRQVDEOHVGHODVFRQVHFXHQFLDVTXHSXGLHUDWHQHUHOWUDWDPLHQWR\DTXH3DVWHXU
QR HUD PpGLFR 'XUDQWH ORV GtDV VLJXLHQWHV VH OH LQRFXODURQ  YHUVLRQHV GLVWLQWDV GHO YLUXV
DWHQXDGRFDGDXQDPiVYLUXOHQWDTXHODDQWHULRU(OSHTXHxR-RVHSKQRWXYRQLQJ~QVtQWRPDGHUDELD
(O p[LWR GH OD SULPHUD DSOLFDFLyQ GH OD YDFXQD FRQWUD OD UDELD XQ D]RWH PLOHQDULR QR VyOR
DVHJXUyHOWULXQIRGHODWHRUtDGHODLQIHFFLyQPLFURELDQDVLQRTXHUHSHUFXWLyHQWRGRHOPXQGRKDVWD
HO SXQWR GH TXH VH JHQHUy XQD FDPSDxD LQWHUQDFLRQDO SDUD MXQWDU IRQGRV TXH SHUPLWLHUDQ FUHDU XQ
LQVWLWXWRHVSHFLDOPHQWHGHGLFDGRDODUDELD$GHPiVSRUVXSXHVWRFRQYLUWLyD3DVWHXUHQXQDHVSHFLH
GHKpURHS~EOLFRPXQGLDO
3RU RWUD SDUWH FRQ OD PDVLILFDFLyQ GH OD WpFQLFD VH PXOWLSOLFDURQ ORV HUURUHV \ FRPHQ]DURQ D
VXUJLUPpGLFRVFRPRHOPLVPR5REHUW.RFKTXHVHQHJDEDQDYDFXQDUDVXVSDFLHQWHVORTXHQR
LPSLGLyTXHHOPpWRGRVHVLJXLHUDSRSXODUL]DQGRWDOYH]ORVPpGLFRVQROHSHUGRQDEDQDXQTXtPLFR
FRPR3DVWHXUTXHVHPHWLHUDHQXQFDPSRTXHOHHUDVXSXHVWDPHQWHDMHQRFRPRODPHGLFLQD
3RURWUDSDUWHWDPELpQHVFLHUWRTXHHQDTXHOHQWRQFHVQDGLHFRPSUHQGtDSRUTXpIXQFLRQDEDOD
YDFXQDFLyQSDUDSUHYHQLUODHQIHUPHGDG4XpHUDORTXHRFXUUtD"/DUHVSXHVWDOOHJDUtDUHFLpQKDFLD
ILQHVGHOVLJOR ;,;MXQWRFRQHOQDFLPLHQWRGHORVHVWXGLRVVREUHLQPXQRORJtDODVFpOXODVGHQXHVWUR
FXHUSRVRQUHFRQRFLGDVSRUQXHVWURVLVWHPDLQPXQROyJLFRFXDQGRDSDUHFHXQHOHPHQWRH[WUDxRVH
GHVHQFDGHQD XQD UHVSXHVWD GHIHQVLYD GH HVWH VLVWHPD TXH HPSLH]D D SURGXFLU DQWLFXHUSRV SDUD
QHXWUDOL]DUHVHHOHPHQWR$OFRORFDUHOHPHQWRVDWHQXDGRVTXHQRSXHGHQSURGXFLUODHQIHUPHGDGOR
TXHVHOHHVWiGDQGRDOFXHUSRHVODLQIRUPDFLyQQHFHVDULDSDUDTXHVHSXHGDGHIHQGHUHQHOIXWXURVL
OOHJDUDDLQJUHVDUDOFXHUSRXQPLFURELRFDSD]GHSURGXFLUOD
(QHOFLUXMDQRPLOLWDU6HGLOORWLQYHQWyODSDODEUDPLFURELRSDUDORVJpUPHQHVFDSDFHVGH
SURYRFDU HQIHUPHGDGHV $O SRFR WLHPSR VH GHVFXEULUtD TXH QR VyOR ODV EDFWHULDV VLQR WDPELpQ ORV
YLUXVSXHGHQSURGXFLUODV
3DVWHXU PXULy HQ  FXDQGR \D OOHYDED DxRV WDQ GHELOLWDGR TXH SUiFWLFDPHQWH QR SRGtD
WUDEDMDU

/DWHRUtDGHODLQIHFFLyQPLFURELDQD
3RFRDQWHVGHPRULUGLRXQDFRQIHUHQFLDDMyYHQHVHVWXGLDQWHVSDUDODTXHWXYRTXHXVDUDVXKLMR
FRPRLQWHUPHGLDULRFRQHOS~EOLFR$OOtVRVWXYRTXHODFLHQFLDWUDHUtDODIHOLFLGDGDOPXQGR(VWH
FDWyOLFRGHYRWRWHQtDWDPELpQPXFKDIHHQODFLHQFLDFRPRFDPLQRFRQVWDQWHHLUUHYHUVLEOHKDFLDOD
YHUGDG
6X FXHUSR \DFH HQ HO ,QVWLWXWR 3DVWHXU GH 3DUtV HQ XQD SHTXHxD FDSLOOD HQ FX\RV PiUPROHV VH
SXHGHOHHU)HUPHQWDWLRQV*pQpUDWLRQVGLWHVHVSRQWDQpHV(WXGHVVXUOHYLQ\PiVQRPEUHVGH
ORVWUDEDMRVFRQORVTXHIXHGHYHODQGRORVVHFUHWRVGHODYLGD
%DVWDQWHWLHPSRGHVSXpVGXUDQWHOD6HJXQGD*XHUUD0XQGLDOFXDQGRORVQD]LVRFXSDURQ3DUtVHO
SRUWHURGHOLQVWLWXWRVHVXLFLGDUtDSDUDQRWHQHUTXHJXLDUDORVLQYDVRUHVDODWXPEDGH3DVWHXU6H
OODPDED -RVHSK 0HLVWHU HUD DTXHO PLVPR FKLFR GH QXHYH DxRV HQ TXLHQ SRU SULPHUD YH] HQ OD
KLVWRULDGHODKXPDQLGDGVHSUREyXQDYDFXQDIDEULFDGDHQHOODERUDWRULR
 &$378/2

(OWULXQIRGHORViWRPRV

/DREUDGH&RSpUQLFR\1HZWRQODJUDQ5HYROXFLyQ&LHQWtILFD\ORVODUJRV\FRPSOLFDGRVSURFHVRV
TXHUHPDWDURQHQODVWHRUtDVGH/DYRLVLHU\'DUZLQD\XGDURQDFHUFDUYDVWRVVHFWRUHVGHODLQIRUPDO
\ GLItFLO QDWXUDOH]D \ GHO PXQGR \ D FRQVWUXLU XQ HGLILFLR PDJQtILFR SUHVLGLGR SRU OD UD]yQ QR
VLHPSUHSUHVWD\FRUURERUDGRSRUODHPSLULDQRVLHPSUHGyFLO3HURFDGDFRQTXLVWDSHUPLWtD
D OD YH] SUREOHPDWL]DU QXHYRV WHUULWRULRV \ SODQWHDU UHQRYDGDV H[LJHQFLDV XQD YH] GRPLQDGD OD
FRPEXVWLyQ\RUGHQDGDODTXtPLFDOLEUHGHIORJLVWRDSDUHFLyODYLHMDSUHJXQWDVREUHODHVWUXFWXUDGH
ODPDWHULDXQDYH]FRPSUHQGLGDODPDQHUDHQTXHODVHVSHFLHVFDPELDEDQDORODUJRGHORVHRQHVHO
GDUZLQLVPRQHFHVLWDEDGHVHVSHUDGDPHQWHHQWHQGHUORVPHFDQLVPRVGHODKHUHQFLD<FRQWLQXDPHQWH
DSDUHFtDQ QXHYRV LQWHUURJDQWHV TXH D\XGDEDQ R UHWUDVDEDQ WDQWR GD HO DUPDGR GHO
URPSHFDEH]DV
$Vt D OR ODUJR GHO VLJOR ;,; OD FLHQFLD DYDQ]y HVSHFWDFXODUPHQWH SHUR FRPR VLHPSUH D ORV
WXPERVFRQIXQGLHQGRORYHUGDGHURFRQORHUUyQHRHQVD\DQGRH[SOLFDFLRQHVGLVSDUDWDGDVKDVWDGDU
SRUFDVXDOLGDGSRUJHQLDOLGDGRSRUGHVFDUWHFRQODFRUUHFWDRFRQODTXHSDUHFtDFRUUHFWD<
WURSH]DQGRXQD\RWUDYH]FRQODPLVPDSLHGUDVHFRQVWUX\yODFRVPRJRQtDDFWXDOTXHYDGHVGHODV
WRUWXJDVDODVHVWUHOODV\GHORViWRPRVDOXQLYHUVRHQWHUR
(O PXQGR HV LPSLDGRVR FRQ ORV TXH QR WLHQHQ p[LWR \ OD FLHQFLD QR OR HV PHQRV &XDQGR VH
UHFRQVWUX\HODPDQHUDHQTXHFUHFLy\VHH[SDQGLyHOFRQRFLPLHQWRVHVXHOHLJQRUDUSRUHFRQRPtD
GHODQDUUDFLyQORVPLOHVGHHVIXHU]RVYDQRVODVYLGDVSHUGLGDVGHWUiVGHXQDKLSyWHVLVHTXLYRFDGD
ORVHVSHMLVPRVORVHUURUHVODVWRQWHUtDV\KDVWDORVIUDXGHV<VLQHPEDUJRQDGLHVDEHDSULRULFXiO
HVHOHUURUTXHD\XGDUiDHQFRQWUDUHOFDPLQRFRUUHFWR
8QRSLHQVDTXHVLDOJXQRVFLHQWtILFRVYLHURQPiVOHMRVHVSRUTXHHVWDEDQVXELGRVDKRPEURVGH
JLJDQWHV$YHFHVHVYHUGDGSHURHQODPD\RUtDGHORVFDVRVHVWXYLHURQVXELGRVHQORVKRPEURVGH
KRPEUHV\PXMHUHVFRPXQHV\FRUULHQWHVLJXDOTXHHOORV\TXHQRWXYLHURQWDQWDVXHUWH
(OVLJOR ;,;TXHPXFKRVFDOLILFDQXQSRFRDSUHVXUDGDPHQWHFRPRHOVLJORGHODFLHQFLDGH
DOJXQD PDQHUD UHSUHVHQWD OD FXOPLQDFLyQ GHO SURJUDPD QHZWRQLDQR $Vt FRPR HQ ELRORJtD VH
HVWDEOHFLy XQD WHRUtD FHQWUDO OD WHRUtD GH OD HYROXFLyQ FDVL WRGRV ORV IHQyPHQRV GHO
PHVRPXQGR HV GHFLU HO PXQGR D HVFDOD PHGLD TXH HV OD QXHVWUD IXHURQ PiV R PHQRV
GRPLQDGRV
(Q HVWD SHOHD YLFWRULRVD DQWHV GH TXH OD FULVLV GH ILQ GH VLJOR SXVLHUD WRGR HQ FXHVWLyQ OD
TXtPLFD \ OXHJR OD ItVLFD FRQVLJXLHURQ GHVFLIUDU HO SHUVLVWHQWH PLVWHULR GH OD HVWUXFWXUD GH OD
PDWHULD \ HO YLHMR DVXQWR GH ORV iWRPRV HO GHVDFXHUGR HVHQFLDO HQWUH TXLHQHV FUHtDQ \ TXLHQHV
QHJDEDQVXH[LVWHQFLDVHUHVROYLyGHPDQHUDGHILQLWLYD
-XVWDPHQWHSRUTXHHUDXQDFXHVWLyQFDVLWDQDQWLJXDFRPRODFLHQFLDPLVPDFUHRTXHYDOHODSHQD
UHSDVDUOD\YROYHUDVXSXQWRGHSDUWLGDFRQ'HPyFULWR<DORFRQWpHQVXPRPHQWRHQORVOHMDQRV
FDStWXORVHQTXHKDEODPRVVREUHOD$QWLJHGDGSHURSHUPtWDQPHXQDUHFDSLWXODFLyQTXHPXHVWUDTXH
ODVLGHDVFLHQWtILFDVVRQVLHPSUHFXOWXUDOHV\TXHODHYROXFLyQGHODFLHQFLDVHGHVOL]DHQWUHHOODV
KDFLDDGHODQWH\KDFLDDWUiVXQD\RWUDYH]
5HFRUGHPRVSXHVDOYLHMR'HPyFULWR

/DSULPHUDWHRUtDDWyPLFD
6yORH[LVWHQORViWRPRV\HOHVSDFLRYDFtR7RGRORGHPiVHVRSLQLyQ

'(0&5,72'($%'(5$

6LELHQ/DYRLVLHUFRPSOHWyVXUHYROXFLyQHQODTXtPLFDVLQSURQXQFLDUVHVREUHODHVWUXFWXUDSURIXQGD
GHODPDWHULDXQDFXHVWLyQTXHFRQVLGHUDEDGHtQGROHPHWDItVLFD\SRUHQGHIXHUDGHODOFDQFH\
ODVREOLJDFLRQHVGHXQDFLHQFLDQHZWRQLDQD\DFLQFRVLJORVDQWHVGH&ULVWR\PiVGHYHLQWHDQWHVGH
/DYRLVLHU ORV ILOyVRIRV JULHJRV Vt FRQVLGHUDEDQ OHJtWLPR SODQWHDUVH OD SUHJXQWD \ GH KHFKR KDVWD
HQVD\DURQDOJXQDVUHVSXHVWDV'RVUHVSXHVWDVGLVWLQWDV\RSXHVWDVHQUHDOLGDG3RUXQODGRHVWDEDOD
GH/HXFLSR\'HPyFULWRTXLHQHVVRVWXYLHURQTXHWRGRORTXHH[LVWHHVWiFRPSXHVWRSRUiWRPRV
PLQ~VFXODVSDUWtFXODVLQGLYLVLEOHVVLQSDUWHV HVRHVORTXHVLJQLILFDSUHFLVDPHQWHDWRPR HQ
JULHJRDVLQ\WRPRSDUWH<DUHFRUGDUDQFyPRUD]RQDED'HPyFULWRVLXQFXFKLOORSHQHWUDOD
PDWHULD HV SRUTXH KD\ HQ HOOD YDFtRV LQWHUVWLFLRV QDWXUDOHV SRU GRQGH DEUH HO FXFKLOOR VX FDPLQR
VHSDUDQGR D ORV iWRPRV VL QR H[LVWLHUDQ HVRV LQWHUVWLFLRV HO FXFKLOOR MDPiV SRGUtD SHQHWUDU $Vt
FRQFOXtD FDGD VXVWDQFLD QR HV PiV TXH XQ FRQMXQWR GH SHTXHxDV SDUWtFXODV PDFL]DV LQGLYLVLEOHV \
HVSHFtILFDVGHHVDVXVWDQFLD+D\LQILQLWRViWRPRVTXHJUDFLDVDVXVIRUPDVFRPSOHPHQWDULDVSXHGHQ
FRPELQDUVH GDQGR WRGDV ODV GHPiV $XQTXH LQYLVLEOHV ORV SHUFLELPRV SRU VXV SURSLHGDGHV
VHFXQGDULDVSRUHMHPSORDTXHOODVVXVWDQFLDVFRQiWRPRVUHGRQGHDGRVDFDULFLDQODOHQJXD\WLHQHQ
JXVWRDJUDGDEOHPLHQWUDVTXHODVTXHHVWiQIRUPDGDVSRUiWRPRVUXJRVRVUHVXOWDQiFLGDVHLUULWDQWHV
/RV iWRPRV GH 'HPyFULWR HUDQ LQYLVLEOHV SHUR SDUD QDGD DEVWUDFWRV R WHyULFRV VLQR
SHUIHFWDPHQWH UHDOHV < DXQTXH QR SXGLHUD KDEHU HYLGHQFLD HPStULFD VREUH VX H[LVWHQFLD SDUD ORV
DWRPLVWDVHUDQXQDUHDOLGDGFRQWXQGHQWH
/DRWUDUHVSXHVWDIXHODGH$ULVWyWHOHVTXLHQVHRSXVRDODWRPLVPRGHODHVFXHODGH$EGHUD\OR
FULWLFyiFLGDPHQWHDOVRVWHQHUTXHODPDWHULDSRGtDGLYLGLUVHGHPDQHUDLQGHILQLGD<HUDFRKHUHQWH
SRUTXH $ULVWyWHOHV DO QHJDU HQ IRUPD UDGLFDO OD SRVLELOLGDG GHO YDFtR QR SRGtD DFHSWDU TXH HQWUH
iWRPR\iWRPRQRKXELHUDQDGD$GHPiVDUJXPHQWDEDVLORViWRPRVWHQtDQYROXPHQSRUFKLFRTXH
IXHUDpVWHSRUTXpQRVHLEDQDSRGHUGLYLGLU"%DVWDUtDFRQWHQHUXQLQVWUXPHQWRVXILFLHQWHPHQWH
ILQR
3HURHODVXQWRHVTXHFRPRODFRQWURYHUVLDHUDLPSRVLEOHGHUHVROYHUH[SHULPHQWDOPHQWHDPEDV
SRVLFLRQHVRFUHHQFLDVVHPDQWXYLHURQHQHTXLOLEULRDORODUJRGHORVVLJORV$SHVDUGHODHQRUPH
DXWRULGDG GH $ULVWyWHOHV XQ DWRPLVPR ODUYDGR HPSXMDED D ORV DOTXLPLVWDV *DOLOHR 1HZWRQ \ ORV
KRPEUHVGHOD5HYROXFLyQ&LHQWtILFDHQ,QJODWHUUDHVSHFLDOPHQWHHQJHQHUDOIXHURQDWRPLVWDV\
ORVItVLFRVGHOVLJOR ;9,,,TXHVHLQWHUHVDURQSRUORVJDVHVWHQGtDQDSHQVDUORVFRPRFRQMXQWRVGH
SDUWtFXODVLPDJLQDQGRTXHODSUHVLyQVREUHODVSDUHGHVGHXQDFDMDVHGHEtDDOJROSHWHRVLPXOWiQHR
GH JUDQGHV FDQWLGDGHV GH iWRPRV 'HVFDUWHV \ ORV FDUWHVLDQRV SRU HO FRQWUDULR VRVWXYLHURQ OD
FRQWLQXLGDGHLQILQLWDLQGLYLVLELOLGDGGHODPDWHULDTXHLGHQWLILFDEDQFRQHOHVSDFLRPLVPR
$Vt ODV FRVDV FXDQGR HQ HO DxR  VH SXEOLFy OD SULPHUD HGLFLyQ GH OD (QFLFORSHGLD
%ULWiQLFDODSDODEUDiWRPRVHGHVFULEtDFDVLFRQODPLVPDGHILQLFLyQGH'HPyFULWR

(QILORVRItDVLFXQDSDUWtFXODGHPDWHULDWDQSHTXHxDTXHQRDGPLWHGLYLVLyQ/RViWRPRV

VRQ OD PLQLPD QDWXUDH ORV FXHUSRV PiV SHTXHxRV \ VH FRQFLEHQ FRPR ORV SULPHURV
SULQFLSLRVGHWRGDPDJQLWXGItVLFD

/R FXDO PXHVWUD TXH QR VH KDEtD DYDQ]DGR QDGD \ ORV iWRPRV VHJXtDQ VLHQGR WDQ HVSHFXODWLYRV
FRPRVLHPSUH/DYRLVLHUGHKHFKRHVFULELyLPSUXGHQWHPHQWH

5HVSHFWRGHHVRVVLPSOHVHLQGLYLVLEOHViWRPRVGHORVFXDOHVWRGDODPDWHULDHVWiFRPSXHVWD
HVPX\SUREDEOHTXHQXQFDVHSDPRVQDGDVREUHHOORV

(V GHFLU XQD HVSHFLH GH SURJUDPD QHJDWLYR TXH KDEODED GH OR TXH QXQFD VH SRGUtD KDFHU
6LHPSUHHVSHOLJURVR<HQHVWHFDVRMXVWDPHQWHORViWRPRVTXtPLFRVHVWDEDQDSXQWRGHHQWUDUHQ
HVFHQD

8QVHxRUTXHFRQIXQGtDORVFRORUHV
7DO YH] QR KD\D TXH FXOSDUOR GHPDVLDGR D /DYRLVLHU SRU QR KDEHU UHGRQGHDGR GHO WRGR VX
UHYROXFLyQDOILQ\DOFDEROD5HYROXFLyQ)UDQFHVDVHHQFDUJyGHFRUWDUOHODFDEH]DDQWHVGHTXH
SXGLHUD LQWHQWDUOR %DVWDQWH KL]R GH WRGRV PRGRV SHUR OD WDUHD TXHGy HQ PDQRV GH -RKQ 'DOWRQ
TXHOHGLRUDQJRFRQVWLWXFLRQDO\FXDQWLWDWLYRDODYH]TXHXQFRQWHQLGRHPStULFRDOD
JUDQLQWXLFLyQGH'HPyFULWRVREUHODHVWUXFWXUDGHODUHDOLGDG
'DOWRQ QDFLy HQ OD SHTXHxD ORFDOLGDG LQJOHVD GH (DJOHVILHOG SHUR HQ  VH WUDVODGy D
0DQFKHVWHUGRQGHKDEUtDGHYLYLUHOUHVWRGHVXYLGD\GRQGHUHJXODUPHQWHSUHVHQWyWUDEDMRVDQWHOD
/LWHUDU\DQG3KLORVRSKLFDO6RFLHW\TXHSUHVLGLyDSDUWLUGH(OSULPHURGHHOORVWUDWDEDGHOD
FHJXHUDDQWHORVFRORUHVHQIHUPHGDGTXHSDGHFtD\TXHGHVGHHQWRQFHVVHOODPDGDOWRQLVPR
0iVRPHQRVGHVGHQXHVWURDPLJRYHQtDUHIOH[LRQDQGRVREUHHOKHFKRELHQFRQRFLGRSRU
ORV TXtPLFRV GH TXH VL XQ FRPSXHVWR FRQWHQtD GRV HOHPHQWRV HQ OD SURSRUFLyQ GH FXDWUR D XQR
VLHPSUHLEDDPDQWHQHUHVDVSURSRUFLRQHV\QXQFDDRD(VWRHVQRLPSRUWDEDTXpFDQWLGDG
GH HVH FRPSXHVWR VH WXYLHUD ODV SURSRUFLRQHV VLHPSUH VHUtDQ ILMDV < OR FXULRVR HV TXH DGHPiV
LQYROXFUDEDQ Q~PHURV HQWHURV /RXLV -RVHSK 3URXVW  SXGR GHPRVWUDUOR SHVDQGR ORV
FRPSXHVWRVFXLGDGRVDPHQWH
'DOWRQOOHJyHQWRQFHVDODFRQFOXVLyQGHTXHHVWHIHQyPHQRHUDXQDEXHQDSUXHEDGHODH[LVWHQFLD
GHORViWRPRVGH'HPyFULWRGDGRTXHVHHQWLHQGHIiFLOPHQWHVLVHVXSRQHTXHFDGDHOHPHQWRHVWi
IRUPDGR SRU SDUWtFXODV LQGLYLVLEOHV VL OD SDUWtFXOD GH XQ HOHPHQWR SHVD FXDWUR YHFHV PiV TXH OD
SDUWtFXODGHRWUR\HOFRPSXHVWRVHIRUPDDOXQLUXQDSDUWtFXODGHFDGDXQRODVUHODFLRQHVGHSHVR
VHUiQMXVWDPHQWHpVDV\QLQJXQDRWUD3DUDHODERUDUXQDWHRUtDFLHQWtILFDGHORViWRPRV'DOWRQ
XVyHVWDOH\GHODVSURSRUFLRQHVVLPSOHV\WDPELpQODOH\GHODVSURSRUFLRQHVP~OWLSOHVHQODVTXHXQ
HOHPHQWR VH FRPELQD HQ GRV SURSRUFLRQHV GHILQLGDV FRPR SRU HMHPSOR HO FDUERQR TXH SXHGH
KDFHUORFRQXQDSDUWHGHR[tJHQR\GDPRQy[LGR&2RGRV\GDGLy[LGRGHFDUERQR&2
<DVtIXHFyPRHQGLRDFRQRFHUHVWDVLGHDVHQVX1XHYR 6LVWHPDGH )LORVRItD 4XtPLFD
EDViQGRVHHQXQQXWULGRDSRUWHGHKHFKRVH[SHULPHQWDOHV\FXDWURVXSXHVWRV

7RGDODPDWHULDHVWiFRPSXHVWDGHiWRPRVVyOLGRVLQGLYLVLEOHV\FRPSOHWDPHQWHKRPRJpQHRV
HVGHFLUVLQKXHFRVHQVXLQWHULRU
/RV iWRPRV VRQ LQGHVWUXFWLEOHV \ SUHVHUYDQ VX LGHQWLGDG HQ WRGDV ODV UHDFFLRQHV TXtPLFDV QR
SXHGHQGHVFRPSRQHUVHSDUDIRUPDURWURViWRPRV/DVUHDFFLRQHVTXtPLFDVLPSOLFDQXQFDPELR
HQODGLVWULEXFLyQGHHVRViWRPRVODVFHQL]DVTXHTXHGDQGHVSXpVGHODFRPEXVWLyQ\ORVJDVHV
TXHVHOLEHUDQVRQGHODPLVPDPDWHULDTXHKDEtDDOFRPLHQ]RSHURUHRUJDQL]DGD
+D\WDQWDVFODVHVGHiWRPRVFRPRHOHPHQWRVTXtPLFRVDFDGDHOHPHQWRTXtPLFRFRUUHVSRQGHXQ
WLSRGHiWRPRGHILQLGR\HVSHFtILFR\SRUVXSXHVWRQRHVSRVLEOHWUDQVPXWDUXQiWRPRHQRWUR
GLVWLQWR
+DVWD DTXt VHJXtD ORV SDVRV GH 'HPyFULWR VDOYR HQ HO KHFKR GH TXH SDUD 'HPyFULWR KDEtD
LQILQLWDVFODVHVGHiWRPRVSHURHOFXDUWRVXSXHVWRLEDPiVOHMRV
&DGDiWRPRHVWiDVRFLDGRFRQXQDPDJQLWXGSURSLDTXHORFDUDFWHUL]DHOSHVRDWyPLFR

5HVXPLHQGRORViWRPRVGDOWRQLDQRVVRQVyOLGRVLQGLYLVLEOHVLQFRPSUHVLEOHV\FRPSOHWDPHQWH
KRPRJpQHRVVLQKXHFRVHQVXLQWHULRUVRQLQGHVWUXFWLEOHV\SUHVHUYDQVXLGHQWLGDGHQWRGDVODV
UHDFFLRQHV TXtPLFDV +D\ WDQWDV FODVHV GH iWRPRV FRPR GH HOHPHQWRV TXtPLFRV D FDGD HOHPHQWR
TXtPLFR FRUUHVSRQGH XQ WLSR GH iWRPR GHILQLGR \ GLILHUHQ OLJHUDPHQWH HQ SHVR 3UHFLVDPHQWH OD
FDUDFWHUtVWLFDTXHGHILQHDXQiWRPRHVVXSHVRSHVRDWyPLFRSDUDVHUPiVSUHFLVRVHOHQFDUJDGR
GHGDUOHHQWLGDGH[SHULPHQWDO\GHVDFDUORVGHOOLPERHVSHFXODWLYR
&RQHVWRVVXSXHVWRV'DOWRQGDEDDORViWRPRVHQWLGDGFLHQWtILFD\H[SHULPHQWDO\DTXHHOSHVR
DWyPLFRVHSRGtDPHGLU\GHSDVRSHUPLWtDFXDQWLILFDUFRPSOHWDPHQWHODTXtPLFD<DKtMXVWDPHQWH
DKtHVWDEDHODVXQWR
3RUTXHORTXHKL]RQXHVWURDPLJRIXHFDOFXODUORVSHVRVDWyPLFRVGHORVHOHPHQWRVGHILQLGRVSRU
/DYRLVLHUWRPDQGRFRPRXQLGDGHOSHVRGHOKLGUyJHQR\VHQWDUILUPHPHQWHODQXHYDWHRUtDTXHIXH
DFHSWDGDSRUODPD\RUtDGHORVTXtPLFRVVRUSUHQGHQWHPHQWHFRQUHODWLYDPHQWHSRFDRSRVLFLyQ&RQ
'DOWRQODTXtPLFDVHKL]RDWRPLVWD\DXQTXHODVGLVFXVLRQHVVXEVLVWLHURQHVSHFLDOPHQWHDFHUFDGHVL
ORViWRPRVHUDQUHDOHVRQR\DQRKDEUtDPDUFKDDWUiVDXQTXHORViWRPRVD~QQRVHSRGtDQYHU
DKRUDSRUORPHQRVVHSRGtDQSHVDU\SDVDEDQGHILQLWLYDPHQWHSXHVGHOWHUUHQRGHODILORVRItDDOGH
ODTXtPLFD
/DV SHTXHxDV EROLWDV GH 'DOWRQ DGHPiV VH FRPELQDEDQ HQ iWRPRV FRPSXHVWRV HQ
WHUPLQRORJtDDFWXDOPROpFXODVORFXDOSDUHFtDUHVROYHUHOSUREOHPDGHODHVWUXFWXUDGHODPDWHULD
(UDQFRPRORVGH'HPyFULWRPDFL]RV\DVtKDEUtDQGHSHUGXUDUVyORKDFLDFRPLHQ]RVGHOVLJOR ;;
FDGD XQR GH ORV SUHVXSXHVWRV GH 'DOWRQ HPSH]y D VHU GHPROLGR SRU QXHYRV \ DVRPEURVRV
GHVFXEULPLHQWRV
6LELHQ'DOWRQHUDFXiTXHUR\VXVSULQFLSLRVQROHSHUPLWtDQDGPLWLUQLQJXQDIRUPDGHJORULDHO
p[LWRGHODWHRUtDDWyPLFDGDOWRQLDQDFUHFtD\VXIDPDWDPELpQHPSH]DURQDOORYHUOHKRQRUHVGHODV
VRFLHGDGHVFLHQWtILFDVH[WUDQMHUDV\VXHQWLHUURHQHVWXYRPX\OHMRVGHVXGHVHDGDLQWLPLGDG
VHDFHUFDURQDOOtPiVGHSHUVRQDV

/DKLSyWHVLVGH3URXW
/RViWRPRVGH'DOWRQVHLPSXVLHURQSHURODVGXGDVUHVSHFWRGHVXH[LVWHQFLDUHDOVHPDQWXYLHURQ
GXUDQWHPXFKDVGpFDGDV7RGRHOPXQGRHVWDEDFRQYHQFLGRGHTXHODWHRUtDDWyPLFDHUDHVHQFLDO\
FRQYHQLHQWH SDUD FDOFXODU SURSRUFLRQHV \ FRPSXHVWRV SHUR ORV iWRPRV SURSLDPHQWH GLFKRV QR VH
SRGtDQ YHU QL WRFDU \ GH KHFKR VH PDQHMDEDQ FRPR HQWLGDGHV SXUDPHQWH DEVWUDFWDV R PDWHPiWLFDV
DOJR DVt FRPR ORV PHULGLDQRV \ ORV SDUDOHORV DXQTXH OD JHRJUDItD QR IXQFLRQD VLQ HOORV QDGLH
HVSHUDWURSH]DUFRQXQPHULGLDQRFXDQGRYLDMDSRUODVXSHUILFLHGHOD7LHUUD6HWUDWDEDHQWRQFHV
GH HOHPHQWRV WHyULFRV R WHQtDQ H[LVWHQFLD \ FRQVLVWHQFLD ItVLFD" /D YHUGDG HV TXH QDGLH HUD
FDSD]GHFRQWHVWDUHVDSUHJXQWD
$XQHQORViWRPRVHUDQWRPDGRVFRQPXFKDSUHFDXFLyQSRUORVTXtPLFRV\QRKDEtDSRU
FLHUWRQLQJXQDSUXHEDGHVXH[LVWHQFLDUHDO
3HURDGHPiVKDEtDRWURDVXQWRXQUHSDURGHWLSRPHWDItVLFR\VLVHTXLHUHKDVWDUHOLJLRVR'DOWRQ
KDEtD VXSXHVWR TXH D FDGD XQR GH ORV HOHPHQWRV TXtPLFRV HQ HVD pSRFD VH FRQRFtDQ \D XQRV
FXDQWRVOHFRUUHVSRQGtDXQiWRPRGLVWLQWRORFXDOLPSOLFDEDTXHHOPXQGRHVWDEDFRQVWUXLGRSRUOR
PHQRV FRQ FLQFXHQWD EORTXHV EiVLFRV HOHPHQWDOHV < HVWR \D UHVXOWDED LQFUHtEOH &yPR SRGtD VHU
DUJXPHQWDEDQDOJXQRVTXH'LRVKXELHUDXWLOL]DGRWDQWRVEORTXHVGLVWLQWRVSDUDFRQVWUXLUHOPXQGR"
(QWUH ORV GHWUDFWRUHV GH OD WHRUtD HVWDED +XPSKU\ 'DY\ HO KRPEUH TXH SXVR HQ HO FDPLQR GH OD
FLHQFLDD)DUDGD\\TXHHQFLPDKDEtDHQFRQWUDGRpOPLVPRPiVEORTXHVFRPRHOVRGLRHOSRWDVLR\
HOFORUR(UDGLItFLOGHFUHHU/DYLHMDREVHVLyQSRUODVLPSOLFLGDGODILUPH\HQUDL]DGDFUHHQFLDGH
TXHHOIRQGRGHODQDWXUDOH]DHVVHQFLOORODREVHVLYDFRQYLFFLyQGHTXHODDUTXLWHFWXUDGHOPXQGRHV
HOHJDQWH\VLPSOHUHDSDUHFtDXQDYH]PiV
(V XQD FUHHQFLD SRU VXSXHVWR SRUTXH QR KD\ QLQJXQD UD]yQ SDUD VXSRQHU TXH HO PXQGR HQ HO
IRQGRHVVLPSOH3RGUtDSHUIHFWDPHQWHVHUPX\FRPSOLFDGR\KDVWD VH SXHGHGHFLUTXH ORHV (VWH
DVXQWRGHODVLPSOLFLGDGVHKDEtDSODQWHDGRHQDVWURQRPtDHOVLVWHPDDVWURQyPLFRJULHJRHODERUDGR
SRU 7RORPHR HUD H[WUDRUGLQDULDPHQWH FRPSOHMR HUD LQIHUQDOPHQWH FRPSOLFDGR \ &RSpUQLFR OR
UHIRUPy HQWUH RWUDV FRVDV SRU HVR $OJR SRU HO HVWLOR SHQVDUtD HO ItVLFR LQJOpV :LOOLDP 3URXW HQ
FDVLXQDGpFDGDGHVSXpVGHODIRUPXODFLyQGH'DOWRQ
3URXWREVHUYyXQIHQyPHQRPX\LQWHUHVDQWHORVSHVRVDWyPLFRVGHFDVLWRGRVORVHOHPHQWRVVH
DSUR[LPDEDQPXFKRDQ~PHURVHQWHURV\HVRSHQVDEDQRSRGtDVHUSRUTXHVtQLSRUFDVXDOLGDG
(OKLGUyJHQRHVHOPiVVLPSOHGHORVHOHPHQWRV\VXSHVRDWyPLFRHV/RVSHVRVVRQORVSHVRV
GHORViWRPRVSHURPHGLGRVHQUHODFLyQFRQHOSHVRGHXQiWRPRGHKLGUyJHQR6LVHORPLGLHUDHQ
JUDPRVVHUtDGHJUDPRRSRFRPHQRVTXHDODPHQRVJUDPRV
(OSHVRDWyPLFRGHOFDUERQRHVHVGHFLUTXHSHVDFRPRGRFHiWRPRVGHKLGUyJHQR\HOSHVR
DWyPLFRGHOQLWUyJHQRHVHVGHFLUHTXLYDOHQWHDiWRPRVGHKLGUyJHQR(OR[tJHQRWLHQHXQSHVR
DWyPLFR GH  HO VRGLR  \ DVt VXFHVLYDPHQWH 7HQtD TXH KDEHU XQD H[SOLFDFLyQ SDUD VHPHMDQWH
IHQyPHQR
 $3URXWVHOHRFXUULyTXHGHDOJXQDPDQHUDWRGRVORVHOHPHQWRVHUDQFRQJORPHUDGRVGHiWRPRV
GHKLGUyJHQR(OSHVRDWyPLFRGHOFDUERQRHUDSRUTXHHOiWRPRGHFDUERQRHVWDEDIRUPDGRSRUXQ
SDTXHWH GH  iWRPRV GH KLGUyJHQR \ HO SHVR DWyPLFR GHO R[tJHQR HUD  SRUTXH  iWRPRV GH
KLGUyJHQRIRUPDEDQXQRGHR[tJHQR
9LVWDV ODV FRVDV GH HVWD PDQHUD HO KLGUyJHQR VH WUDQVIRUPDED HQ XQD HVSHFLH GH VXVWDQFLD
SULPRUGLDOHOSURWRK\ORTXHGHDOJXQDPDQHUDIRUPDEDWRGDVODVGHPiV

'HEHPRVFRQVLGHUDUTXHHOSURWRK\ORGHORVJULHJRVHVHQUHDOLGDGHOKLGUyJHQR

GHFtD3URXW
$Vt IRUPXODGD HVWD FRQMHWXUD TXH UHVFDWDED \ DO PLVPR WLHPSR SURSRQtD OD YLHMD LGHD GH OD
XQLGDG SURIXQGD GH OD PDWHULD TXH WXYR SDUWLGDULRV \ DFpUULPRV RSRVLWRUHV HQWUH HOORV \
QRWDEOHPHQWH 0HQGHOHLHY IXH FRQRFLGD FRPR OD KLSyWHVLV GH 3URXW < DXQTXH QDGLH SRGtD
LPDJLQiUVHORHVLPSUHVLRQDQWHORFHUFDTXHHVWDEDGHODYHUGDGHUDSLVWD
'HWRGRVPRGRVODUHIXWDFLyQSURYLVRULDQRWDUGyHQOOHJDUFXDQGRVHHPSH]DURQDPHGLUORV
SHVRVDWyPLFRVFRQPD\RUSUHFLVLyQ\VHHQFRQWUyTXHQRHUDQQ~PHURVHQWHURV

(OHQLJPDGHORVHOHPHQWRV
7RGRORTXHVHSXHGHGHFLUGHOQ~PHUR\ODQDWXUDOH]DGHORVHOHPHQWRVHVWiHQPLRSLQLyQ
FRQILQDGRDGLVFXVLRQHVGHWLSRSXUDPHQWHPHWDItVLFR

/$92,6,(5

/DWHRUtDDWyPLFDWXYRXQDLQPHGLDWDDFHSWDFLyQDXQTXHORVTXtPLFRVFRPR\DOHVFRQWpVLJXLHURQ
GLVFXWLHQGR VREUH OD UHDOLGDG GH ORV iWRPRV HUDQ REMHWRV YHUGDGHURV FRQWDQWHV \ VRQDQWHV R
VLPSOHVILFFLRQHV~WLOHV"<ODVPROpFXODV"([LVWtDQRHUDQSXUDPHQWHWHyULFDV"(OFRQJUHVRGH
.DUOVUXKH GH  DO TXH DFXGLHURQ ORV JUDQGHV TXtPLFRV GH (XURSD \ HQ HO TXH QR VH UHVROYLy
GHPDVLDGRH[FHSWRODGLVWLQFLyQHQWUHiWRPRV\PROpFXODVPDUFyXQDpSRFDSRUTXHWRGRVWRPDURQ
FRQFLHQFLD GH HVWDU WUDEDMDQGR HQ XQ WHUUHQR \ FRQ XQ SURJUDPD FRP~Q \ SRUTXH IXH HO SULPHU
FRQJUHVRFLHQWtILFRLQWHUQDFLRQDO
/D H[LVWHQFLD GH iWRPRV \ PROpFXODV QR HUD SRU FLHUWR OD ~QLFD LQFyJQLWD WDPELpQ HUD
GHVFRQFHUWDQWH OD SUROLIHUDFLyQ GH ORV HOHPHQWRV 3RGtD VHU TXH HO PXQGR VH HGLILFDUD D SDUWLU GH
FLQFXHQWD HOHPHQWRV TXtPLFRV" &LQFXHQWD VXVWDQFLDV HOHPHQWDOHV" 1R HUD GHPDVLDGR" 1R WHQtD
TXHKDEHUXQRUGHQVXE\DFHQWH"(QEXVFDGHHVHRUGHQHVTXLYRHVWDEDQORVTXtPLFRV
3RUTXHORFLHUWRHVTXHDFDGDUDWRVHGHVFXEUtDQQXHYRVHOHPHQWRVORFXDOSODQWHDEDLQTXLHWXGHV
H LQWHUURJDQWHV QXHYRV &XiQWRV HOHPHQWRV KDEtD H[DFWDPHQWH" +DEUtD XQ OtPLWH R VH LUtDQ
PXOWLSOLFDQGRDGLQILQLWXP"1RKDEtDDOJRGHDUELWUDULRDODKRUDGHGHILQLUXQHOHPHQWRSXHVWRTXH
VLHPSUHHUDHVSHUDEOHTXHDOJRTXHKDEtDVLGRUHFRQRFLGRFRPRHOHPHQWRVHVXEGLYLGLHUDD~QPiV
FRPRSHQVDEDHOYLHMR$ULVWyWHOHV"
$GHPiVVHSRGtDSHUFLELUTXHFLHUWRVJUXSRVFRQWDEDQFRQSURSLHGDGHVVLPLODUHVGHPRGRTXH
VH LPSRQtD OD QHFHVLGDG GH SHQVDU HQ DOJ~Q FULWHULR TXH SHUPLWLHUD SRQHU RUGHQ HQ HO FDRV GH OD
SURIXVLyQHOHPHQWDO-RKDQ'yEHUHLQHUFDWHGUiWLFRGHTXtPLFDHQOD8QLYHUVLGDGGH-HQDSHUFLELy
HQTXHXQRGHORVHOHPHQWRVUHFLHQWHPHQWHGHVFXELHUWRVHOEURPRWHQtDFLHUWDVSURSLHGDGHV\
XQSHVRDWyPLFRTXHORVLWXDEDQDPLWDGGHFDPLQRHQWUHHOFORUR\HO\RGR/RPLVPRRFXUUtDVHJ~Q
VHGLRFXHQWDXQWLHPSRGHVSXpVFRQHOHVWURQFLRTXHHVWDEDDPLWDGGHFDPLQRHQWUHHOFDOFLR\HO
EDULR\FRQHOVHOHQLRTXHVHSRVLFLRQDEDHQWUHHOD]XIUH\HOWHOXULR/ODPyWUtDGDVDORVJUXSRV
SHURSHQVyTXHSRGtDWUDWDUVHGHXQDVLPSOHFRLQFLGHQFLD\QRHODERUyQLQJXQDH[SOLFDFLyQXOWHULRU
5HFLpQPiVGHWUHLQWDDxRVGHVSXpVKXERXQQXHYRLQWHQWRGHHQFRQWUDUXQSDWUyQTXHRUGHQDUD
WRGR$OH[DQGUH(PLOH%pJX\HUGH&KDQFRXUWRLVLGHyHQXQLQJHQLRVRWRUQLOORWHO~ULFRTXH
SRUPiVQRPEUHGHLQYHQWRTXHWXYLHUDHQUHDOLGDGQRHUDRWUDFRVDTXHXQDFRQMHWXUDTXHSHUPLWtD
RUJDQL]DU ORV HOHPHQWRV TXH SUHVHQWDEDQ HQWUH Vt VLPLOLWXGHV ItVLFDV \ TXtPLFDV &RQVLVWtD FRPR
XVWHGHV SXHGHQ YHU HQ OD LPDJHQ VLJXLHQWH HQ XQ FLOLQGUR VREUH HO TXH KDEtD WUD]DGD XQD OtQHD HQ
HVSLUDOGHVFHQGHQWHDORODUJRGHODFXDOVHXELFDEDQORVHOHPHQWRVDLQWHUYDORVUHJXODUHVHQIXQFLyQ
GH VX SHVR DWyPLFR &DGD GLHFLVpLV XQLGDGHV GH SHVR DWyPLFR ODV SURSLHGDGHV GH ORV HOHPHQWRV
FRUUHVSRQGLHQWHVWHQGtDQDH[KLELUOODPDWLYDVVLPLOLWXGHVFRQORVTXHHVWDEDQSRUHQFLPDGHHOORVHQ
HOFLOLQGUR(OSUREOHPDHVTXHDGLIHUHQFLDGHOYROiWLODXWRUGHHVWDVSiJLQDVTXHSUHWHQGHTXHVXV
OHFWRUHV HQWLHQGDQ OR TXH HVFULEH &KDQFRXUWRLV QR VH SUHRFXSy GHPDVLDGR \ VX DUWtFXOR IXH
SXEOLFDGRVLQODLOXVWUDFLyQGHOFLOLQGURIXHFRPRSXHGHQLPDJLQDUYLUWXDOPHQWHLQFRPSUHQVLEOH

'RVDxRVPiVWDUGHHOFLHQWtILFRLQJOpV-RKQ1HZODQGVVLQKDEHUHVFXFKDGRQDGD

GHORTXHKDFtDVXFROHJDHODERUyVXSURSLRSDWUyQGHVFXEULyTXHVLOLVWDEDORVHOHPHQWRVHQRUGHQ
DVFHQGHQWH GH SHVRV DWyPLFRV HQ OtQHDV YHUWLFDOHV GH VLHWH ODV SURSLHGDGHV GH ORV HOHPHQWRV
FRUUHVSRQGLHQWHVDODVOtQHDVKRUL]RQWDOHVHUDQQRWDEOHPHQWHVLPLODUHV
(Q RWUDV SDODEUDV HO RFWDYR HOHPHQWR D SDUWLU GH XQR GDGR HV XQD HVSHFLH GH UHSHWLFLyQ GHO
SULPHURFRPRODSULPHUDRFWDYDHQXQDHVFDODPXVLFDO
/DOODPDGDOH\GHODVRFWDYDVWHQtDVXVSUREOHPDVXQRGHORVFXDOHVDFDVRHOPiVLPSRUWDQWH
HUDTXHODVSURSLHGDGHVGHDOJXQRVHOHPHQWRVHQHVSHFLDOGHORVGHSHVRDWyPLFRPiVHOHYDGRQR
HQFDMDEDQ SDUD QDGD &XDQGR FRPXQLFy VXV KDOOD]JRV D OD &KHPLFDO 6RFLHW\ GH /RQGUHV VXV
LQWHJUDQWHVVHOLPLWDURQDULGLFXOL]DUOR(QPHGLRGHOMROJRULRJHQHUDOXQROOHJyLQFOXVRDSUHJXQWDUOH
VL KDEtD SHQVDGR HQ RUJDQL]DU ORV HOHPHQWRV SRU RUGHQ DOIDEpWLFR 5HFLpQ HQ  VX WUDEDMR IXH
UHFRQRFLGR\OD5R\DO6RFLHW\ORFRQGHFRUyFRQOD0HGDOOD'DY\HQ
(UDHOWXUQRGH0HQGHOHLHY

0HQGHOHLHYUHVXHOYHHOSUREOHPD
'LPLWUL,YDQRYLFK0HQGHOHLHYQDFLyHQ7REROVN6LEHULDHOPLVPRDxRHQTXHVXSDGUH
VH TXHGy FLHJR )XH HO PHQRU GH ORV FDWRUFH KLMRV TXH WXYR 0DULD 'LPLWULHYQD .RUQLOLHYD TXLHQ
GHELyKDFHUVHFDUJRHOODVRODGHODIDPLOLDSRUTXHVXPDULGRTXHHUDGLUHFWRUGHODHVFXHODORFDOIXH
HFKDGR GH VX WUDEDMR 3DUD PDQWHQHU D VXV KLMRV 0DULD UHDEULy OD IiEULFD GH FULVWDO GH VX DEXHOR
VLWXDGDHQXQDUHPRWDDOGHDFRQWDQWDPDODVXHUWHTXHHQDUGLyKDVWDORVFLPLHQWRV(Q
FXDQGR'LPLWUL0HQGHOHLHYWHQtDTXLQFHDxRV\0DULD\DHUDYLXGDQXHVWURSURWDJRQLVWDSDUWLyMXQWR
FRQ XQD GH VXV KHUPDQDV \ VX PDGUH KDFLD 0RVF~ XQ YLDMH GH PiV GH GRV PLO NLOyPHWURV GRQGH
FRQVLJXLyXQDSOD]DSDUDHVWXGLDUPDWHPiWLFDV\FLHQFLDVQDWXUDOHVDGHPiVGHXQDSHTXHxDEHFDGHO
JRELHUQRVXILFLHQWHSDUDVXVWHQWDUVH
0HQGHOHLHYFRPHQ]yDWUDEDMDUHQORVODERUDWRULRVGHOLQVWLWXWRGRQGHSURQWRHPSH]yDUHDOL]DU
H[SHULPHQWRVRULJLQDOHV\SXEOLFyDOJXQRVWUDEDMRV(QREWXYRODFDOLILFDFLyQGHSURIHVRUMXQWR
FRQODPHGDOODGHRURFRPRPHMRUHVWXGLDQWHGHODxR\DODSUHPDWXUtVLPDHGDGGHYHLQWLGyVDxRV
IXHQRPEUDGRSULYDWGR]HQWSURIHVRUVLQFDUJRQL VDODULRTXHGHSHQGtD GHO GLQHURSDJDGRSRUORV
HVWXGLDQWHVTXHDVLVWtDQDVXFXUVR(QFRQXQDEHFDGHOJRELHUQRSDUDHVWXGLDUGRVDxRVHQHO
H[WUDQMHURVHPXGyD3DUtV
$VXUHJUHVRD6DQ3HWHUVEXUJRREWXYRXQSXHVWRGRFHQWHHQHO,QVWLWXWR7pFQLFRSHURSURQWRVH
GLRFXHQWDGHTXHQRH[LVWtDXQVROROLEURGHWH[WRUXVRVREUHODTXtPLFDRUJiQLFDPRGHUQD(QWRQFHV
VH VHQWy D HVFULELU XQR \ FRPSOHWy TXLQLHQWDV SiJLQDV HQ VHVHQWD GtDV 0HQGHOHLHY HPSH]DED D
KDFHUVHXQQRPEUH<GHKHFKRDORVWUHLQWD\GRVDxRVIXHQRPEUDGRSURIHVRUGH4XtPLFD*HQHUDO
HQOD8QLYHUVLGDGGH6DQ3HWHUVEXUJRXQSXHVWRH[FHSFLRQDOPHQWHSUHVWLJLRVRSDUDXQDSHUVRQDWDQ
MRYHQ
$FRPLHQ]RVGH0HQGHOHLHYKDEtDFRPSOHWDGRHOSULPHUYROXPHQGHORVGRVTXHSHQVDED
HVFULELUSDUD/RVSULQFLSLRVGHODTXtPLFD$OOtORVHOHPHQWRV\VXVFRPSXHVWRVHUDQRUJDQL]DGRV
FRQMXQWDPHQWH HQ JUXSRV TXH H[KLEtDQ SURSLHGDGHV VLPLODUHV FDGD XQR D FRQWLQXDFLyQ GH ORV
DQWHULRUHV HO ILQDO GHO SULPHU YROXPHQ SRU HMHPSOR FXEUtD HO JUXSR GH ORV KDOyJHQRV FORUR
EURPR\RGR&DGDPLHPEURGHOJUXSRGHORVKDOyJHQRVVHFRPELQDEDFRQHOVRGLRSDUDSURGXFLU
VDOHVTXHWHQtDQSURSLHGDGHVPX\VLPLODUHVODPiVFRQRFLGDGHODVFXDOHVHUDSRUVXSXHVWRODVDO
GHPHVDHOFORUXURGHVRGLR/RVKDOyJHQRVVHFRPELQDEDQWDPELpQIiFLOPHQWHFRQHOSRWDVLR$Vt
SXHV HUD QDWXUDO TXH HO VHJXQGR YROXPHQ FRPHQ]DUD SRU ORV JUXSRV GH PHWDOHV DOFDOLQRV DO TXH
SHUWHQHFtD MXVWDPHQWH HO SRWDVLR (Q FiOFXORV GH 0HQGHOHLHY pVWRV RFXSDUtDQ ORV GRV SULPHURV
FDStWXORV
/D PDxDQD GHO YLHUQHV  GH IHEUHUR GH  HVWRV GRV FDStWXORV HVWDEDQ \D FRPSOHWRV <
HQWRQFHVIXHTXHVHSUHVHQWyHOSUREOHPDQRWHQtDQLODPHQRULGHDGHFyPRVHJXLU6LKDVWDHQWRQFHV
OD YRUiJLQH GH OD HVFULWXUD KDEtD LPSXHVWR XQ RUGHQ PHGLR DUELWUDULR FRQVHJXLGR XQ SRFR D ORV
WXPERV DKRUD HUD QHFHVDULR GHVFXEULU DOJ~Q SULQFLSLR VXE\DFHQWH TXH SHUPLWLHUD RUJDQL]DU ORV
HOHPHQWRV7HQtDTXHKDEHUXQDFODYHHQDOJXQDSDUWH3HURHOWLHPSRDSUHPLDEDWUHVGtDVPiVWDUGH
'LPLWULWHQtDSURJUDPDGDXQDEUHYHH[FXUVLyQSDUDLQVSHFFLRQDUODVJUDQMDV GHXQSHTXHxRSXHEOR
UXUDO\DFRQVHMDUDXQDFRRSHUDWLYDDFHUFDGHORVPpWRGRVFRQYHQLHQWHVSDUDODSURGXFFLyQGHTXHVR
)XHURQ WUHV GtDV GH DQJXVWLD OD VROXFLyQ QR DSDUHFtD SRU QLQJXQD SDUWH 3RUTXH SRU HQWRQFHV
FRPR FXDOTXLHU TXtPLFR GH OD pSRFD SHQVDED TXH HO SDWUyQ GHEtD HVWDU UHODFLRQDGR FRQ ORV SHVRV
DWyPLFRVGHORVHOHPHQWRV)XHHQWRQFHVTXHVHOHRFXUULyXQDJUDQLGHD(QVXVUHFRUULGRVHQWUHQD
IDOWDGHDOJRPHMRUTXHKDFHU0HQGHOHLHYDFRVWXPEUDEDMXJDUVROLWDULRV/DLQPLQHQWHSDUWLGD\HO
SHQVDPLHQWRREVHVLYRTXHORWHQtDRFXSDGRGHVGHKDFtDGtDVVHXQLHURQHQVXFDEH]D\VHOHRFXUULy
KDFHUGHFXHQWDTXHFDGDHOHPHQWRIXHUDXQDFDUWDGHODEDUDMDSDUDORFXDOHPSH]yDHVFULELUVXV
QRPEUHV HQ XQD VHULH GH WDUMHWDV HQ EODQFR DxDGLHQGR VXV SHVRV DWyPLFRV \ VXV SURSLHGDGHV
TXtPLFDV
(VWDEDDKtDXQSDVLWRGHHQFRQWUDUORWRGR\VLQHPEDUJRQRSRGtD(QWRQFHVVHTXHGyGRUPLGR
&XDQGRGHVSHUWyKDEtDUHVXHOWRHOSUREOHPD

6XHxRV
(QXQVXHxRYLXQDWDEODHQODTXHWRGRVORVHOHPHQWRVHQFDMDEDQHQVXOXJDU$OGHVSHUWDUWRPp
QRWDGHWRGRHQXQSDSHO

0(1'(/(,(9

/D KLVWRULD GHO VXHxR SXHGH VHU PiV PLWROyJLFD TXH UHDO SHUR OR FLHUWR HV TXH HVH GtD 'LPLWUL
GHVFXEULy TXH FXDQGR VH OLVWDEDQ ORV HOHPHQWRV SRU RUGHQ GH SHVRV DWyPLFRV VXV SURSLHGDGHV VH
UHSHWtDQ HQ XQD VHULH GH LQWHUYDORV SHULyGLFRV 3RU HVWH PRWLYR OODPy D VX GHVFXEULPLHQWR WDEOD
SHULyGLFDGHORVHOHPHQWRV
6X KLVWyULFR WUDEDMR IXH SXEOLFDGR GRV VHPDQDV GHVSXpV EDMR HO WtWXOR 8QD SURSXHVWD SDUD XQ
VLVWHPD GH ORV HOHPHQWRV (PSH]DQGR SRU OD SDUWH VXSHULRU GH OD FROXPQD GH OD L]TXLHUGD ODV
FROXPQDV YHUWLFDOHV OLVWDQ ORV HOHPHQWRV HQ RUGHQ DVFHQGHQWH GH SHVRV DWyPLFRV PLHQWUDV TXH ODV
KRUL]RQWDOHVDJUXSDQORVHOHPHQWRVGHDFXHUGRFRQSURSLHGDGHVVLPLODUHV
$ SULPHUD YLVWD SDUHFtD KDEHU XQD VHULH GH SUREOHPDV FRQ VX WDEOD 3DUD HPSH]DU VL WRGRV ORV
HOHPHQWRV VH DJUXSDEDQ KRUL]RQWDOPHQWH HQ IXQFLyQ GH VXV SURSLHGDGHV DOJXQRV GH ORV SHVRV
DWyPLFRVQRHQFDMDEDQHQHORUGHQDVFHQGHQWHH[DFWR(QWDOHVFDVRV0HQGHOHLHYVXJHUtDTXHHOSHVR
GHO HOHPHQWR HQ FXHVWLyQ KDEtD VLGR PDO FDOFXODGR 3HUR OR PiV DXGD] GH WRGR IXH TXH GRQGH QR
KDEtD XQ HOHPHQWR TXH HQFDMDUD HQ HO SDWUyQ GHMDED XQ HVSDFLR YDFtR DOJ~Q GtD DSDUHFHUtD HQ OD
QDWXUDOH]D HO HOHPHQWR GHVWLQDGR D RFXSDU HVH VLWLR 3RU SRQHU VyOR XQ HMHPSOR HQ OD QRYHQD ILOD
KRUL]RQWDO SUHGLMR TXH GHEtD KDEHU XQ HOHPHQWR D~Q QR GHVFXELHUWR HQWUH HO DOXPLQLR \ HO XUDQLR
/ODPy D HVWH HOHPHQWR HNDDOXPLQLR YDWLFLQy FXiOHV VHUtDQ VXV SURSLHGDGHV \ DQXQFLy TXH FXDQGR
IXHUDGHVFXELHUWRVXSHVRDWyPLFRVHUtD
 (O VXHxR GH 0HQGHOHLHY QHFHVLWDED SDUD FRQYHUWLUVH HQ UHDOLGDG TXH OD HPSLULD OR DYDODUD
KDFtD IDOWD TXH KLFLHUD VX DSDULFLyQ HVWHODU R PHMRU GLFKR DWyPLFD DOJXQR GH ORV HOHPHQWRV
GHVWLQDGRV D RFXSDU ORV KXHFRV GHMDGRV DG KRF SRU HO FUHDGRU < DVt IXH D ILQDOHV GHO YHUDQR GH
OD$FDGHPLDGHODV&LHQFLDVGH3DUtVUHFLELyXQDWUDVFHQGHQWDOFDUWDGHOTXtPLFRIUDQFpV3DXO
/HFRTGH%RLVEDXGUDQ

+DFH GRV QRFKHV HO  GH DJRVWR GH  HQWUH ODV WUHV \ ODV FXDWUR GH OD PDxDQD KH
GHVFXELHUWR XQ HOHPHQWR QXHYR HQ XQD PXHVWUD GH VXOIXUR GH ]LQF SURFHGHQWH GH OD PLQD
3LHUUHILWWHHQORV3LULQHRV

(OJDOOLXP JDOLR WHQtD XQ SHVR DWyPLFR GH  SHUWHQHFtD DO JUXSR GHO ERUR \ HVWDED VLWXDGR
HQWUHHODOXPLQLR\HOXUDQLRHOQXHYRHOHPHQWRUHVSRQGtDFDVLDODSHUIHFFLyQDODVSURSLHGDGHVTXH
0HQGHOHLHYKDEtDSUHGLFKRSDUDHOHNDDOXPLQLR&LQFRDxRVGHVSXpVHOTXtPLFRDOHPiQ&OHPHQV
:LQNOHUGHWHFWyODSUHVHQFLDGHRWURHOHPHQWRHOJHUPDQLRFX\ROXJDUKDEtDTXHGDGRKXHFRHQ
ODWDEODDODHVSHUDGHVXKDOOD]JR
/RVGHVFXEULPLHQWRVGHHVWRVQXHYRVHOHPHQWRVSUHGLFKRVSRU0HQGHOHLHYWXYLHURQXQLPSDFWR
VLPLODUDOTXHWXYRHOUHWRUQRGHOFRPHWD+DOOH\SDUDOD/H\GH*UDYLWDFLyQ\DQDGLHSRGtDGXGDUGH
ODOH\SHULyGLFD&RQODWDEODTXHGDEDQSRVLFLRQDGRVORVODGULOORVGHORVTXHHVWDEDFRQVWUXLGRHO
XQLYHUVR 6XIULUtDQ DOJXQRV PRYLPLHQWRV D OR ODUJR GHO VLJOR ;; HV FLHUWR SHUR OD HVWUXFWXUD VH
PDQWHQGUtDSUiFWLFDPHQWHLQFyOXPH

$XQTXHSHUVLVWtDQFLHUWDVLQFyJQLWDV
$OJXQDVFRVDVVLQHPEDUJRQRHVWDEDQFRQWHVWDGDV\WHQtDQTXHYHUFRQODWDPELpQYLHMDKLVWRULDGH
ORVFyPR \ ORV SRUTXpV 0HQGHOHLHY KDEtD PRVWUDGR FyPR VH RUGHQDEDQ ORV HOHPHQWRV HV FLHUWR
SHURSRUTXpRFXUUtDHVR"(UDXQDSUHJXQWDTXHPXFKRVSRGtDQWUDWDUGHPHWDItVLFDVREUHWRGR
DTXHOORVTXHVHEDVDEDQHQODYLHMDFDQWLQHODGHTXHHQFLHQFLDQRLQWHUHVDHOSRUTXpVRVWHQLGDSRU
HOQRIRUPXORKLSyWHVLVQHZWRQLDQRGHVGHHVWDSHUVSHFWLYDODVFRVDVVRQFRPRODH[SHULHQFLDOD
~QLFDJXtDFHUWHUDPXHVWUDTXHVRQHOGLVFXUVRGHODVFRVDVHVHOUHVXOWDGRGHORVH[SHULPHQWRV\
SXQWR $Vt FRPR ORV MXHFHV KDEODQ SRU VXV IDOORV OD QDWXUDOH]D VyOR KDEOD D WUDYpV GH ORV
H[SHULPHQWRV
3HUR OR TXH RFXUUH HV TXH HO GLVFXUVR GH ODV FRVDV QR HV XQ FyGLJR HV XQ OHQJXDMH \ HQ
FRQVHFXHQFLDWLHQHVXJUDPiWLFDVXVLQWD[LVLQFOXVRVXUHWyULFD\VXOLWHUDWXUD<DKtKD\PXFKDWHOD
SDUDFRUWDU\DTXHODSUHJXQWDSRUHOSRUTXpHVHTXLYDOHQWHDSUHJXQWDUVHVLQRKDEUiRWUDHVWUXFWXUD
PiVSURIXQGDTXHH[SOLTXHSRUHMHPSORHQHVWHFDVRORVPRWLYRVSRUORVFXDOHVODWDEODSHULyGLFD
VHRUGHQDFRPRVHRUGHQD
/DLQLFLDWLYDSRUHQWHQGHUHVWDHVWUXFWXUDSURIXQGD\DQRFRUUtDSRUFXHQWDGHORVTXtPLFRVVLQR
TXHHVWDEDGHVGHKDFtDWLHPSRHQPDQRVGHORVItVLFRV
/RVItVLFRVMXHJDQFRQORVWXERVGHYDFtR
<HVTXHPLHQWUDVORVTXtPLFRVVHHQWUHWHQtDQFRQODWDEODSHULyGLFD\GLVFXWtDQVREUHODUHDOLGDG
GHORViWRPRV\ODVPROpFXODVORVItVLFRVHVWXGLDEDQORVHIHFWRVGHODHOHFWULFLGDGFXDQGRVHODKDFtD
DWUDYHVDU XQ WXER GH YDFtR R FRQ XQ JDV PX\ HQUDUHFLGR HQ HO HOHFWURGR SRVLWLYR iQRGR
DSDUHFtDXQUHVSODQGRUYHUGRVR\HUDOyJLFRSHQVDUTXHVHGHEtDDDOJ~QWLSRGHUDGLDFLyQTXHVDOtD
GHO FiWRGR HOHFWURGR QHJDWLYR $ HVWD HPLVLyQ VH OD OODPy GH PDQHUD QR GHPDVLDGR FUHDWLYD
UDGLDFLyQFDWyGLFD
/RTXHQRHVWDEDSDUDQDGDFODURHUDODQDWXUDOH]DGHHVRVUD\RVFDWyGLFRVDVXQWRVREUHHOTXH
VHDUPyXQDYHUGDGHUDFRQWURYHUVLDKDEtDTXLHQHVORVFRQVLGHUDEDQRQGDVHOHFWURPDJQpWLFDVFRPR
ODV TXH H[LVWtDQ VHJ~Q ODV HFXDFLRQHV GH 0D[ZHOO TXH KDEtDQ XQLILFDGR GHILQLWLYDPHQWH OD
HOHFWULFLGDG \ HO PDJQHWLVPR \ ORV TXH SHQVDEDQ FRPR ORV ItVLFRV LQJOHVHV HQ JHQHUDO TXH VH
WUDWDEDGHSDUWtFXODV-RVHSK-RKQ7KRPVRQHQGHPRVWUyFDWHJyULFDPHQWHTXHVH
WUDWDEDGHSDUWtFXODV\DTXHHUDQGHVYLDGDVSRUFDPSRVHOpFWULFRV\PDJQpWLFRVGHXQDPDQHUDTXH
QRFXDGUDEDFRQODVRQGDVHOHFWURPDJQpWLFDV
3HUR GH TXp SDUWtFXODV SRGtD WUDWDUVH" /D YHUGDG HV TXH QR KDEtD GHPDVLDGDV DOWHUQDWLYDV
3XHVWRTXHHUDQDWUDtGDVKDFLDHOHOHFWURGRSRVLWLYRHUDREYLRTXHHVWDEDQFDUJDGDVQHJDWLYDPHQWH
7KRPVRQLQWX\yTXHVHWUDWDEDGHODVSDUWtFXODVTXHWUDQVSRUWDEDQODXQLGDGGHFDUJDDOJRDVtFRPR
ORViWRPRVGHODHOHFWULFLGDGPHUDPHQWHWHyULFRVSRUVXSXHVWRDORVTXHHOItVLFRDOHPiQ-RVHSK
*ROGVWHLQTXHDQGDEDPiVRPHQRVHQORPLVPR\DKDEtDOODPDGRHOHFWURQHV
3HURKDEtDDOJRPiV&XDQGRPLGLyODPDVDGHVXVHOHFWURQHVHQFRQWUyTXHHUDH[WUDRUGLQDULD
ULGtFXODPHQWH SHTXHxD 8Q HOHFWUyQ SHVDED VRODPHQWH XQ PLOpVLPR GH XQ PLOORQpVLPR GH
PLOORQpVLPRGHPLOORQpVLPRGHPLOORQpVLPRGHPLOORQpVLPRGHJUDPR<VREUHWRGRSHVDEDPHQRV
TXH XQ iWRPR GH KLGUyJHQR 0HQRV TXH XQ iWRPR GH KLGUyJHQR HO PiV OLYLDQR \ VHQFLOOR GH ORV
iWRPRV&yPRSRGtDVHU"<GHGyQGHVDOtDQHVRVHOHFWURQHV"
< DTXt HV GRQGH 7KRPVRQ ODQ]y XQD KLSyWHVLV DIRUWXQDGD \ DXGD] PX\ DXGD] XQD GH HVDV
KLSyWHVLVTXHKDFHQKLVWRULDTXHORVHOHFWURQHVVDOtDQGHDGHQWURGHORViWRPRV
(UD XQD DILUPDFLyQ WHUULEOH ORV iWRPRV GH 'HPyFULWR ORV iWRPRV GH 'DOWRQ PDFL]RV
LQGLYLVLEOHVFRPSDFWRVIXQGDPHQWR~OWLPRGHODPDWHULDWHQtDQSDUWHVGHVSXpVGHWRGR1RHUDQ
LQGLYLVLEOHV7HQtDQFRVDVDGHQWUR&RPRGLMRHOSURSLR7KRPVRQPX\DODLQJOHVD

/DVXSRVLFLyQGHTXHH[LVWDXQHVWDGRGHODPDWHULDPiVILQDPHQWHGLYLGLGRTXHHOiWRPRHV
HQFLHUWRPRGRVRUSUHQGHQWH

1RHUDHQFLHUWRPRGRVRUSUHQGHQWH(UDLQFUHtEOH

(ODVXQWRQRWHUPLQDEDDKt
(Q UHDOLGDG QDGLH VH LPDJLQDED WRGDYtD TXH OR SHTXHxR HQFHUUDED XQ PXQGR 3HUR DVt HUD ORV
H[SHULPHQWRV GHPRVWUDEDQ TXH ORV HOHFWURQHV HUDQ WRGRV LJXDOHV VLQ LPSRUWDU HO PDWHULDO GHO FXDO
VDOtDQORFXDOSHUPLWtDVRVSHFKDUTXHQRVyORHUDQSDUWHVGHDOJXQRViWRPRVVLQRTXHHUDQSDUWHVGH
WRGRVORViWRPRV<DHUDXQDVRUSUHVD\XQDQRYHGDGVLHUDDVtODHOHFWULFLGDGTXHSDUHFtDKDVWD
HQWRQFHV XQ IHQyPHQR SDUWLFXODU \ VL VH TXLHUH ODWHUDO HVWDED HQ YHUGDG LPSOLFDGD HQ OD HVHQFLD
PLVPDGHODPDWHULD\EXHQDSDUWHGHODQDWXUDOH]DGHOPXQGRUHVXOWDEDVHUHOpFWULFD
7KRPVRQHOXFXEUyXQPRGHORGHOiWRPRTXHPDQWHQtDHQFLHUWDIRUPDODLGHDGHOiWRPRPDFL]R
GH'HPyFULWR\'DOWRQ SHUR\D QRHUDXQDHVIHUDKRPRJpQHDVLQR XQDH[WHQVLyQGHPDWHULDPiV R
PHQRVWHQXH\FDUJDGDSRVLWLYDPHQWHHQODTXHORVHOHFWURQHVHVWDEDQLQFUXVWDGRVFRPRODVSDVDV
GHXYDHQXQSDQGXOFHGHWDOPDQHUDTXHUHVXOWDUDHOpFWULFDPHQWHQHXWUR
(VPX\SUREDEOHTXH7KRPVRQDOGLVHxDUVXiWRPRSHQVDUDTXHHVWDEDGDQGRODSXQWDGDILQDODO
SUREOHPDGHODHVWUXFWXUDGHODPDWHULD1LVHLPDJLQyTXHODFRVDUHFLpQHPSH]DED
3RUTXH HO iWRPR GH 7KRPVRQ TXH QR HUD PX\ OLQGR GLFKR VHD GH SDVR QR HVWDED GHVWLQDGR D
GXUDU(QOOHJyDVXODERUDWRULRXQMRYHQItVLFRTXHVHOODPDED(UQHVW5XWKHUIRUG
1DFLGRHQ1XHYD=HODQGDKDEtDWUDEDMDGRFRQVXVSDGUHVJUDQMHURVHQWDUHDVFDPSHVWUHVFXDQGR
UHFLELyODQRWLFLDGHTXHKDEtDJDQDGRXQDEHFDSDUDOD8QLYHUVLGDGGH&DPEULGJHHVWDEDSODQWDQGR
SDSDVHQODJUDQMDIDPLOLDU\GLMRpVWDHVOD~OWLPDSDSDTXHSODQWRHQPLYLGD2SRUORPHQRV
HVRHVORTXHFXHQWDODOH\HQGD
5XWKHUIRUGWUDEDMyXQWLHPSRMXQWRD7KRPVRQSHURHQVHJXLGDVHRULHQWyKDFLDODUDGLDFWLYLGDG
HO QXHYR FDPSR DELHUWR SRU 5RHQWJHQ %HFTXHUHO \ 0DULH &XULH GH ORV TXH SURQWR KDEODUHPRV
DXQTXHQRHQHVWHFDStWXOR(QYLDMyDOD8QLYHUVLGDG0F*LOOHQ0RQWUHDO&DQDGiGRQGHOH
IXH PX\ ELHQ SURQWR FRPSUREy TXH ORV HOHPHQWRV UDGLDFWLYRV HPLWtDQ SRU OR PHQRV GRV FODVHV GH
UD\RVGLIHUHQWHVXQRVTXHOODPyDOIDFDUJDGRVSRVLWLYDPHQWH \ RWURVPiV SHQHWUDQWHV \ FDUJDGRV
QHJDWLYDPHQWH TXH OODPy EHWD PiV WDUGH VH REVHUYDUtD XQD WHUFHUD UDGLDFLyQ OD JDPPD /DV
SDUWtFXODV DOID VDOtDQ GH ORV HOHPHQWRV UDGLDFWLYRV FRQ XQD YHORFLGDG TXH ODV WUDQVIRUPDED HQ
SUR\HFWLOHVLQWHUHVDQWHVSDUDHVWXGLDUORViWRPRVVHODVODQ]DEDDWRGDYHORFLGDGFRQWUDHOORV\VH
YHtDOXHJRFyPRVHFRPSRUWDEDQ
3RU HMHPSOR SDUD YHU FyPR HVWDEDQ GLVWULEXLGRV ORV HOHFWURQHV HQ HO SDQ GXOFH GH 7KRPVRQ
5XWKHUIRUG SUREy HQ  ODQ]DU SDUWtFXODV DOID FRQWUD XQD OiPLQD GH RUR GH VyOR FLQFR
GLH]PLOpVLPDV GH PLOtPHWUR GH HVSHVRU HV GHFLU UHODWLYDPHQWH SRFRV iWRPRV 2EVHUYy FRQ
EDVWDQWH VRUSUHVD TXH OD PD\RUtD GH ORV SUR\HFWLOHV DWUDYHVDED OD KRMD GH RUR VLQ VXIULU
GHVYLDFLRQHVSHURGHWDQWRHQWDQWRDOJXQDVSDUWtFXODVVHGHVYLDEDQHQiQJXORVHQRUPHV\QRIDOWDEDQ
DTXHOODVTXHYROYtDQSDUDDWUiVFRPRVLKXELHUDQFKRFDGRFRQDOJ~QREVWiFXORVyOLGR\SHVDGR
3RU TXp HUD XQD VRUSUHVD" 3RUTXH 5XWKHUIRUG FRPR WRGRV ORV ItVLFRV WHQtD HQ OD FDEH]D HO
PRGHOREXGtQLQJOpVGHiWRPRTXHKDEtDSURSXHVWR7KRPVRQHOGHXQDHVIHUDPiVRPHQRVOOHQD
GH PDWHULD WHQXH \ FDUJDGD GH HOHFWULFLGDG SRVLWLYD GRQGH HVWDEDQ LQFUXVWDGRV ORV HOHFWURQHV GH
FDUJD QHJDWLYD (O UHVXOWDGR GHO H[SHULPHQWR VLQ HPEDUJR GHVPHQWtD HVD LPDJHQ VL DOJXQDV
SDUWtFXODVHUDQGHVYLDGDVWDQYLROHQWDPHQWHLQFOXVRHQiQJXORVUHFWRV\DXQPD\RUHVHQDOJXQDSDUWH
GHOiWRPRWHQtDTXHKDEHUDOJRGXUR\PDFL]RODVSDUWtFXODVIXHUWHPHQWHGHVYLDGDVHUDQDTXHOODVTXH
SRUFDVXDOLGDGUR]DEDQHVDUHJLyQRFKRFDEDQFRQHOOD
4XpSRGtDVHU"8QJROSHGHLQWXLFLyQIHOL]OHSHUPLWLyD5XWKHUIRUGGHFLGLUTXHWRGDRFDVLWRGD
OD PDVD GHO iWRPR HVWDED FRQFHQWUDGD HQ XQ HVSDFLR PX\ UHGXFLGR HQ VX FHQWUR HO Q~FOHR \ HUD
FRQWUDHVHQ~FOHRTXHKDEtDQFKRFDGRODVSDUWtFXODVDOID(OiWRPROOHQRGH7KRPVRQVDOWyKHFKR
SHGD]RV\DVtDSDUHFLyHOiWRPRPRGHOR5XWKHUIRUGXQFHQWURHOQ~FOHRFRPSXHVWRGHSDUWtFXODV
TXH5XWKHUIRUGOODPySURWRQHVORVSULPHURVDFX\RDOUHGHGRUJLUDEDQORVHOHFWURQHVPX\OHMRV
\DTXHVLHOQ~FOHRIXHUDXQDSHORWDGHWHQLVHQPHGLRGHXQHVWDGLRGHI~WEROORVHOHFWURQHVHVWDUtDQ
HQODVWULEXQDV
/RV SURWRQHV GHO Q~FOHR PXFKR PiV SHVDGRV TXH ORV HOHFWURQHV \ FDUJDGRV SRVLWLYDPHQWH
FRPSHQVDEDQODVFDUJDVQHJDWLYDVGHORVHOHFWURQHV(OQ~PHURGHSURWRQHVTXHWHQtDHOQ~FOHRSRU
VXSDUWHGHWHUPLQDEDGHTXpHOHPHQWRHUDHOiWRPRXQSURWyQVLJQLILFDKLGUyJHQRGRVKHOLRWUHV
OLWLRFXDWUREHULOLR\DVtHOKLHUURWLHQH\HORURSURWRQHV$OILQ\DOFDER3URXWQRDQGDED
WDQHTXLYRFDGRFXDQGRVXJLULyTXHWRGRVORViWRPRVHUDQDJUHJDGRVGHiWRPRVGHKLGUyJHQR3XHVWR
TXH XQ SURWyQ HUD HIHFWLYDPHQWH XQ Q~FOHR GH KLGUyJHQR \ SXHVWR TXH WRGRV ORV Q~FOHRV HUDQ
DJUHJDGRVGHSURWRQHVHVGHFLUGHQ~FOHRVGHKLGUyJHQRUHVXOWDEDTXH3URXWKDEtDGDGRFDVLFDVL
HQODWHFOD
(UDLQWHUHVDQWHDGHPiVHVHQ~FOHRFRPSXHVWRSRUSURWRQHV3XHVWRTXHHOQ~PHURGHSURWRQHV
HQ HO Q~FOHR HUD OD PDUFD GH LGHQWLGDG GHO HOHPHQWR VH DEUtD XQD LQTXLHWDQWH SRVLELOLGDG
ERPEDUGHDQGR DO QLWUyJHQR 5XWKHUIRUG FRPSUREy TXH VX FDUJD GH VLHWH SURWRQHV SDVDED D QXHYH
SHUR HQVHJXLGD SHUGtD XQ SURWyQ \ VH TXHGDED FRQ RFKR \ SRU OR WDQWR VH KDEtD FRQYHUWLGR HQ
R[tJHQR6HKDEtDQWUDQVPXWDGRiWRPRV/DFRVDHUDWDQH[WUDRUGLQDULDTXH5XWKHUIRUG\VXGLVFtSXOR
6RGG\ YDFLODURQ HQ DQXQFLDUOD OD SDODEUD WUDQVPXWDFLyQ WHQtD WDQ PDOD IDPD TXH WXYLHURQ TXH
KDFHU YHUGDGHURV PDODEDULVPRV GH OHQJXDMH SDUD GDU D FRQRFHU HO IHQyPHQR DO S~EOLFR \ OOHYy
DOJXQRVDxRVTXHVHDFHSWDUDGHOWRGR
$GHPiV KDEtD DOJR YHUWLJLQRVR HQ HO iWRPR GH 5XWKHUIRUG HVWDED FRQVWLWXLGR FDVL HQ VX
WRWDOLGDGHOSRUHVSDFLRYDFtR/DPDWHULDILQDOPHQWHHVWDEDFRPSXHVWDSRUWURFLWRV
GHQDGDGXURVQ~FOHRVURGHDGRVSRUXQDOHMDQtDGHHOHFWURQHVVLOHVTXLWiUDPRVHOHVSDFLRYDFtRD
ORV WULOORQHV GH iWRPRV GH QXHVWUR FXHUSR HO UHVXOWDGR FDEUtD KROJDGDPHQWH HQ OD FDEH]D GH XQ
DOILOHUWRGRORTXHQRVURGHDORTXHVRPRV\ORTXHKD\HVFDVLtQWHJUDPHQWHHVSDFLRYDFtR
6LQ HPEDUJR \ D SHVDU GH HVH LUUHPHGLDEOH \ WHUULEOH YDFtR HVWH PRGHOR WHQtD XQ DWUDFWLYR
SURIXQGR HQWURQFDGR FRQ XQR GH ORV PiV DQWLJXRV PLWRV KXPDQRV OD LGHQWLGDG HQWUH PLFUR \
PDFURFRVPRVTXHORPiVSHTXHxRVHSDUHFLHUDDORPiVJUDQGH3HQVDUTXHHQHOIRQGRGHODPDWHULD
VH UHSHWtD XQD HVWUXFWXUD SDUHFLGD D OD GHO VLVWHPD VRODU FRQ HO Q~FOHR HQ HO OXJDU GHO 6RO ORV
HOHFWURQHVFRPRSODQHWDV\ODDWUDFFLyQHOpFWULFDHQHOSDSHOGHODJUDYHGDGTXHHOXQLYHUVRWXYLHUD
XQD VROD LPSURQWD UHSHWLGD HQ GLIHUHQWHV HVFDODV H[FLWDED OD LPDJLQDFLyQ (Q YHUGDG HUD GH XQ
HQFDQWRLUUHVLVWLEOHHQHOUHLQRGHORGLPLQXWRDSDUHFtDODPLVPDHVWUXFWXUDTXHHQORLQPHQVR
1RHVGHH[WUDxDUTXHHOiWRPRFRQFHELGRFRPRXQVLVWHPDVRODUHQPLQLDWXUDWXYLHUDXQp[LWR
IXOPLQDQWH\TXHVXLPDJHQSHUGXUHKDVWDKR\FRPRVLIXHUDXQORJRWLSRGHQXHVWUDpSRFD

1DGDHVSHUIHFWR
6LQHPEDUJRHOiWRPRGH5XWKHUIRUGDSHVDUGHVXLQGXGDEOHHQFDQWRWHQtDXQJUDYtVLPRGHIHFWR
RFXUUH TXH VHJ~Q ODV OH\HV GHO HOHFWURPDJQHWLVPR HVWDEOHFLGDV SRU 0D[ZHOO FXDQGR XQD FDUJD
HOpFWULFD JLUD FRPR ORV HOHFWURQHV DOUHGHGRU GHO Q~FOHR HPLWH RQGDV HOHFWURPDJQpWLFDV \ HQ
FRQVHFXHQFLD SLHUGH HQHUJtD TXH SURQWR QR OH DOFDQ]D SDUD PDQWHQHUVH HQ yUELWD \ FDH
LUUHPLVLEOHPHQWH KDFLD HO FHQWUR (O KHUPRVR iWRPR GH 5XWKHUIRUG QR HUD HVWDEOH ORV HOHFWURQHV
WHQtDQTXHFDHUIRU]RVDPHQWHKDFLDHOQ~FOHR\HOiWRPRVHGHUUXPEDEDVREUHVtPLVPR+DEUtDTXH
DEDQGRQDUODEHOODLGHDGHXQVLVWHPDVRODUHQPLQLDWXUD"
1R<DHVWDEDOLVWDODPDQRRPHMRUGLFKRODPHQWHVDOYDGRUD1LHOV%RKUTXH
KDEtDQDFLGRHQ&RSHQKDJXHHQVHGRFWRUyHQItVLFDVHGHVWDFyHQI~WERO\JDQyXQDEHFDTXH
OHSHUPLWLyYLDMDUDXQDGHODVPHFDVGHODItVLFDGHOPRPHQWR&DPEULGJHSDUDWUDEDMDUFRQ--
7KRPVRQ HO GHVFXEULGRU GHO HOHFWUyQ 3DUHFH TXH QR VH OOHYy PX\ ELHQ FRQ 7KRPVRQ ODV PDODV
OHQJXDVGLFHQTXHHUDPX\DXWRULWDULRSHURTXL]iYDOtDODSHQDDJXDQWDUORDOILQ\DOFDERVLHWHGH
ODVSHUVRQDVTXHWUDEDMDURQFRQpOJDQDURQHO3UHPLR1REHO\SURQWRVHRULHQWyKDFLD5XWKHUIRUG
FX\RiWRPRLQHVWDEOHVHVRVWHQtDWHQXHPHQWHHQHOYDFtRFRQODDPHQD]DGHLQPHGLDWDFDWiVWURIH
%RKUDFWXyFRQUDSLGH]\XQSRFRDORFDGDPHQWHVLJXLHQGRORVSDVRVGH3ODQFN\(LQVWHLQ\FRQ
XQDLQFUHtEOHDXGDFLDHQHODERUyXQDWHRUtDGHOiWRPRFRPSOHWDPHQWHQRYHGRVD3XHVWRTXHORV
HOHFWURQHVGH5XWKHUIRUGPLHQWUDVJLUDEDQGHEtDQLUUDGLDUHQHUJtD\FDHUDOQ~FOHRGHFLGLyLQYHQWDU
XQ PRGHOR HQ HO TXH ORV HOHFWURQHV QR LUUDGLDQ (UD PXFKR GHFLU SHUR QR HUD WRGR %RKU GHFLGLy
WDPELpQTXHORVHOHFWURQHVQRSXHGHQJLUDUHQFXDOTXLHUOXJDUVLQRHQFLHUWDVyUELWDVDEVROXWDPHQWH
SUHILMDGDVGHOPLVPRPRGRTXHORVDXWRVQRSXHGHQFLUFXODUSRUFXDOTXLHUOXJDUVLQRSRUODVFDOOHV
TXHVRQPDQR$VtVRVWXYR%RKUKD\XQDSULPHUDFDSDGRQGHJLUDQFLUFXODQORVHOHFWURQHVPHQRV
HQHUJpWLFRVXQDVHJXQGDFDSDFRQyUELWDVPiVHQHUJpWLFDVTXHODSULPHUDSHURPHQRVTXHODWHUFHUD
\DVt&DGDQLYHOFRUUHVSRQGHDFLHUWDFDQWLGDGILMDGHHQHUJtD\QRKD\yUELWDVLQWHUPHGLDVDVtFRPR
HQWUH GRV FDOOHV FRQWLJXDV QR KD\ FDOOHV LQWHUPHGLDV \ XQ DXWRPyYLO QR SXHGH VHJXLU FXDOTXLHU
WUD\HFWRULD /RV HOHFWURQHV QR LUUDGLDQ PLHQWUDV VH PXHYHQ HQ VXV yUELWDV VyOR OR KDFHQ FXDQGR
VDOWDQGHXQDyUELWDPiVHQHUJpWLFDDXQDPHQRVHQHUJpWLFD
(VXQDVLWXDFLyQ SDUHFLGD D ODGH ORVDXWRVTXHJLUDQ DOUHGHGRU GHXQDSOD]D$PHGLGDTXH OD
FDOOHLQPHGLDWDPHQWHDOUHGHGRUGHODSOD]DVHOOHQDORVDXWRVGHEHQHPSH]DUDGDUYXHOWDVSRUODV
FDOOHVVLJXLHQWHVTXHUHTXLHUHQPD\RUHQHUJtDPD\RUFRQVXPRGHQDIWDSRUTXHHOWUD\HFWRHVPiV
ODUJR FXDQGR pVDV WDPELpQ VH OOHQDQ ORV DXWRVHOHFWURQHV GHEHQ LU XQD FDOOH PiV DOOi \ DVt
VXFHVLYDPHQWH&XDQGRVHGHVRFXSDDOJ~QOXJDUHQXQDFDOOHPiVFHUFDQDDOFHQWURLQPHGLDWDPHQWH
HOOXJDUHVRFXSDGRSRUXQDXWRTXHJLUDPiVOHMRVSHURFRPRSDUDDOFDQ]DUODyUELWDPiVFHUFDQDDO
FHQWURGHEHGREODUGHEHSRQHUODOX]GHJXLxR\HPLWLUOX]HVGHFLUSHUGHUHQHUJtD
(UDXQDLGHDDEVROXWDPHQWHUDGLFDOFRPRVL%RKUKXELHUDVRVWHQLGRTXHKD\FDOOHVHQXQOXJDU
GRQGHWRGRVSHQVDEDQTXHVyORH[LVWtDXQDHQRUPHSODQLFLHDVIDOWDGDHQODTXHORVYHKtFXORVSRGtDQ
FLUFXODU SRU GRQGH VH OHV DQWRMDED 3HUR FRQ HOOD FRQVHJXtD ]DQMDU OD GLILFXOWDG GHO iWRPR GH
5XWKHUIRUG\ORTXHHVWRGDYtDPHMRUORJUDEDH[SOLFDUXQDEXHQDFDQWLGDGGHIHQyPHQRVHPStULFRV
< RWUD FRVD HO HVTXHPD GH %RKU H[SOLFDED OD HVWUXFWXUD REVHVLYD \ UHSHWLWLYD GH OD 7DEOD
3HULyGLFD $ PHGLGD TXH ODV FDSDV VH YDQ OOHQDQGR OD SULPHUD VH OOHQD FRQ GRV HOHFWURQHV OD
VHJXQGDFRQRFKRODWHUFHUDWDPELpQFRQRFKR\DVtFRPRVLVXVFDOOHVVHIXHUDQHPERWHOODQGRORV
HOHFWURQHV QR WLHQHQ PiV UHPHGLR TXH FLUFXODU SRU ODV FDOOHV PiV DOHMDGDV \ RFXSDU ODV FDSDV
VXEVLJXLHQWHV (V HO Q~PHUR GH HOHFWURQHV HQ OD ~OWLPD FDSD HO TXH GHWHUPLQD ODV SURSLHGDGHV
TXtPLFDV\DTXHHVOD~OWLPDFDSDODTXHLQWHUDFW~DFRQHOUHVWRGHORViWRPRV
$O ILQ \ DO FDER VRQ ORV DXWRV GHO ~OWLPR GH ORV WUD\HFWRV DOUHGHGRU GH OD SOD]D ORV TXH
LQWHUDFW~DQFRQHOUHVWRGHOWUiQVLWR(OFREUHODSODWD\HORURSRUHMHPSORWLHQHQXQVRORHOHFWUyQ
HQODFDSDPiVH[WHUQD\SRUHVRVXVSURSLHGDGHVVRQSDUHFLGDV
(UDXQSDVRSHOLJURVR(VYHUGDGTXHVHFRQVHUYDEDODSOiFLGDLPDJHQGHXQPLQ~VFXORVLVWHPD
VRODUSHURDFRVWDGHYLRODUODVOH\HVFOiVLFDVGHODItVLFD<HUDSHOLJURVRSRUTXHPDUFDEDXQOtPLWH
HQWUH PDFUR \ PLFURFRVPRV ODV OH\HV GHO HOHFWURPDJQHWLVPR TXH FODUDPHQWH HVWDEOHFtDQ TXH HO
HOHFWUyQGHEtDHPLWLUQRYDOtDQHQHOPXQGRGHOiWRPRGH%RKUDOOtHOHOHFWUyQQRHPLWtDPLHQWUDV
HVWDEDHQODyUELWDVLQRVyORFXDQGRVDOWDEDGHXQDDRWUD1RHUDIiFLOGHGLJHULU\ODVUHDFFLRQHVD
OD SURSXHVWD GH %RKU IXHURQ XQD PH]FOD GH HQWXVLDVPR \ HVFHSWLFLVPR TXH D YHFHV OOHJDED D OD
LQFUHGXOLGDG(OPLVPR5XWKHUIRUGTXHVHJXtDGHFHUFDDVXDOXPQRIXHPX\FDXWR3HURHOQXHYR
PRGHORIXQFLRQDEDHQORVH[SHULPHQWRV
< HV TXH ODV FRVDV VRQ DVt OD FLHQFLD DYDQ]D FRQ SDVRV GH FLHJR FRQ DXGDFLD H
LUUHVSRQVDELOLGDG\DYHFHVXQDSURSXHVWDWHPLEOHHVODEDVHVREUHODTXHSXHGHQDSR\DUVHORVTXH
YHQGUiQGHVSXpV(OiWRPRGH%RKURHOGH5XWKHUIRUGVDOYDGRSRU%RKUFRQVXQ~FOHRRFXSDGR
SRUSURWRQHVGHFDUJDSRVLWLYD\ORVHOHFWURQHVHQyUELWDVILMDVDVXDOUHGHGRUIXHXQKDOOD]JRIHOL]\
SHUPLWLyORVPRGHORVPiVFRPSOLFDGRVTXHYLQLHURQGHVSXpV
1DWXUDOPHQWH pVWD QR HUD OD LGHD TXH KDEtD WHQLGR 'DOWRQ GH VXV iWRPRV QL 'HPyFULWR GHVGH
\D $KRUD UHVXOWDED TXH ORV iWRPRV QR VyOR HUDQ GLYLVLEOHV VLQR TXH WHQtDQ XQD FRPSOLFDGD
HVWUXFWXUD LQWHUQD 3HUR FRQ VyOR GRV SDUWtFXODV HO HOHFWUyQ \ HO SURWyQ VH H[SOLFDEDQ WRGDV ODV
SURSLHGDGHVGHODPDWHULD\ODSURIXVLyQGHHOHPHQWRVGHOD7DEOD3HULyGLFD
<VLQHPEDUJRWRGDYtDIDOWDEDDOJR
(QFLHQFLDODVFRVDVVRQDVtVLHPSUHIDOWDDOJR
'HORVUD\RV;DODGREOHKpOLFH
 &$378/2

/RVUD\RV;\ODUDGLDFWLYLGDG

/DPDTXLQDULDFLHQWtILFDGHOVLJOR ;;VHSXVRHQPDUFKDDILQHVGHOVLJOR ;,;<ORVJUDQGHVPRWRUHV

TXH OD DOLPHQWDURQ R TXH SRU OR PHQRV DOLPHQWDURQ HO DUUDQTXH IXHURQ ORV UD\RV ; \ OD
UDGLDFWLYLGDG
9HDPRVFyPRHPSH]yWRGR
:LOKHP5RHQWJHQHUDXQPRGHVWRSURIHVRUGHOD8QLYHUVLGDGGH:XU]EXUJHQ$OHPDQLDTXHHO
GHQRYLHPEUHGHHVWDEDH[SHULPHQWDQGRFRQGHVFDUJDVHOpFWULFDVHQXQWXERGHYLGULRGRQGHVH
KDEtDKHFKRSUHYLDPHQWHHOYDFtR0iVWDUGHVHKDEUtDGHUHFRUGDUHVDIHFKDFRPRHOFRPLHQ]RGH
DOJRFRPRHOLQLFLRGHXQDQXHYDHUDFRPRHODUULERDXQQXHYRPXQGRFRPRHODFRQWHFLPLHQWRTXH
PDUFDXQDQWHV\XQGHVSXpVSHUR5RHQWJHQQRSRGtDVRVSHFKDUORHQHOODERUDWRULRDRVFXUDVGRQGH
VHDIDQDEDVREUHORVDSDUDWRVKDVWDTXHKL]RSDVDUXQDFRUULHQWHHOpFWULFDDWUDYpVGHOWXERHQYXHOWR
HQXQSDSHOQHJUR\YLRGHSURQWRXQSHTXHxRUHVSODQGRUHQHORWURH[WUHPRGHOODERUDWRULR$YHFHV
ODV FRVDV HPSLH]DQ DVt $ YHFHV ODV FRVDV QL VLTXLHUD HPSLH]DQ D YHFHV DPDQHFH D YHFHV XQ
SHTXHxRLQGLFLRHVHOFRPLHQ]RGHXQLQVRVSHFKDGRDOXG
9LRXQDOX]XQSHTXHxRUHVSODQGRU,QWHUUXPSLyODFRUULHQWH\HOUHVSODQGRUGHVDSDUHFLy'HMy
SDVDU OD FRUULHQWH RWUD YH] \ DOJR YROYLy D EULOODU HQ OD RVFXULGDG (UD XQD pSRFD HQ TXH ORV
LQYHVWLJDGRUHVWRGDYtDVHPDUDYLOODEDQDQWHORVPLODJURVGHODHOHFWULFLGDG\ORVWXERVGHGHVFDUJD
QRHUDQXQDQRYHGDGWRGRVRFDVLWRGRVORVItVLFRVHVWDEDQDFRVWXPEUDGRVDWUDEDMDUFRQHOORV(Q
UHDOLGDGHUDEDVWDQWHVHQFLOORVHHYDFXDEDXQWXERGHYLGULRTXHWXYLHUDSODFDVGHPHWDODGRVDGDVD
VXVH[WUHPRV\VHFRQHFWDEDQDPEDVSODFDVDXQDEDWHUtDRXQDERELQDGHLQGXFFLyQPiVRPHQRV
LJXDO D OD ERELQD TXH DOLPHQWD D ODV EXMtDV HQ HO PRWRU GH XQ DXWR \ FDUJDGR GH HVWD PDQHUD
HOpFWULFDPHQWHHOLQWHULRUGHOWXERFHUUDGRHPSH]DEDDEULOODU
$VtHUD(OEULOORHPHUJtDGHODSODFDQHJDWLYDHOFiWRGR\VH]DPEXOOtDHQODSODFDSRVLWLYDHO
iQRGR'iQGROHDOiQRGR XQDIRUPDFLOtQGULFD\HQIRFiQGRORDGHFXDGDPHQWHORV UD\RVFDWyGLFRV
OODPDGRV DVt SRUTXH MXVWDPHQWH SDUWtDQ GHO FiWRGR VH SRGtDQ SUR\HFWDU \ VL HO UD\R WHQtD
VXILFLHQWH HQHUJtD FRPR SDUD DOFDQ]DU OD SDUHG GH YLGULR pVWD VH LOXPLQDED FRQ XQD HOHJDQWH
IOXRUHVFHQFLD GH FRORU YHUGH VL HO WXER HVWDED KHFKR GH YLGULR FiOFLFR LQJOpV \ GH FRORU D]XO VL
HVWDEDFRQVWUXLGRHQHOPiVGXURYLGULRSO~PELFRDOHPiQ3HURHVWDYH]ODOX]TXHYLR5RHQWJHQQR
HVWDEDHQHORWURH[WUHPRGHOWXERGRQGHGHEtDHVWDUVLQRHQHORWURH[WUHPRGHOODERUDWRULR$VtIXH
$XQTXH5RHQWJHQQRORVDEtDQLSRGtDVDEHUORHVWR\DKDEtDRFXUULGRRWUDVYHFHV3RFRWLHPSR
DQWHV HQ  HO ItVLFR LQJOpV -RVHSK -RKQ 7KRPVRQ HO PLVPR TXH PiV WDUGH GHVFXEULUtD HO
HOHFWUyQYLRWDPELpQXQUHVSODQGRUDXQRVPHWURVGHOWXERSHURQROHSUHVWyDWHQFLyQ<HOItVLFR
GH 2[IRUG )UHGHULFN 6PLWK FXDQGR FRPSUREy TXH ODV SODFDV IRWRJUiILFDV TXH HVWDEDQ FHUFD GH XQ
WXERGHUD\RVFDWyGLFRVVHYHODEDQVHOLPLWyDGHFLUDVXDVLVWHQWHTXHODVFDPELDUDGHOXJDU
1RHVORTXHKL]R5RHQWJHQTXHVHSXVRGHLQPHGLDWRDH[DPLQDUODQDWXUDOH]DGHHVHUHVSODQGRU
&RPSUREyTXHYHQtDGHXQDOiPLQDFRORFDGDVREUHXQDPHVD\FXELHUWDFRQSODWLQRFLDQXURGHEDULR
XQ FRPSXHVWR TXH IOXRUHFH IiFLOPHQWH HV GHFLU TXH EULOOD DSHQDV VXV iWRPRV VRQ H[FLWDGRV 'LR
YXHOWD OD SDQWDOOD SDUD TXH OD FDUD UHFXELHUWD TXHGDUD GH HVSDOGDV DO WXER GH YDFtR FRQ HO FXDO
H[SHULPHQWDEDHOUHVSODQGRUQRFHMy$OHMyODOiPLQDGHOWXERHOUHVSODQGRUHUDHOPLVPR,QWHUSXVR
VXPDQRHQWUHHOWXER\ODOiPLQD\HQWRQFHVYLRDOJRTXHQDGLHKDEtDYLVWRDQWHVYLRSHUILODUVHOD
VRPEUDERUURVDGHVXVKXHVRV8QPXQGRQXHYRHPSH]DED

8QDQRYHGDGLQVyOLWD
0X\HQWXVLDVPDGR5RHQWJHQVHFRQYHQFLyGHTXHLQGXGDEOHPHQWHDOJRH[WUDxRVDOtDGHOWXERDOJR
FDSD]GHDWUDYHVDUHOSDSHORVFXURTXHORFXEUtD\TXHGHDOJXQDPDQHUDH[FLWDEDORViWRPRVGHO
FRPSXHVWRGHEDULR$OJRSDUD ORFXDOORVREMHWRVHUDQWUDQVSDUHQWHVLQFOX\HQGRORVWHMLGRVGHVX
SURSLDPDQR3RUFLHUWRTXHQRLPDJLQDEDHODOFDQFHGHORTXHDFDEDEDGHYHUSRUYH]SULPHUD
(Q GLFLHPEUH GH  SXEOLFy ORV UHVXOWDGRV GH VXV H[SHULPHQWRV FXDQGR XQ KD] GH UD\RV
FDWyGLFRVTXHFRPR--7KRPVRQGHPRVWUySRFRGHVSXpVHUDXQFKRUURGHHOHFWURQHVFKRFDFRQ
ODSDUHGGHYLGULRGHXQWXERGHGHVFDUJDHVWDSDUHGIOXRUHFH\HPLWHXQDUDGLDFLyQGHSURSLHGDGHV
VRUSUHQGHQWHV
0X\ VRUSUHQGHQWHV HQ YHUGDG /D PD\RUtD GH ORV REMHWRV SDUHFtDQ VHU WUDQVSDUHQWHV DQWH HOOD
(VWDQXHYDUDGLDFLyQHUDWDQSHQHWUDQWHTXHSRGtDDWUDYHVDUHODLUHHOYLGULRHOSDSHO\ODPDGHUD
VH SURSDJDED HQ OtQHD UHFWD QR VH GHVYLDED SRU OD DFFLyQ GH XQ FDPSR HOpFWULFR R PDJQpWLFR \
HOHFWUL]DEDHODLUH
1DWXUDOPHQWHGHWRGDVHVWDVSURSLHGDGHVODTXHKL]RDHVWRVUD\RVLQPHGLDWDPHQWHIDPRVRVIXH
OD FDSDFLGDG GH DWUDYHVDU ORV WHMLGRV EODQGRV GHO FXHUSR SHUR QR ORV WHMLGRV GXURV FUX]DEDQ VLQ
SUREOHPDV OD SLHO \ ORV P~VFXORV SHUR HUDQ GHWHQLGRV SRU ORV KXHVRV TXH DSDUHFtDQ GHOLQHDGRV
VREUH XQD SDQWDOOD IOXRUHVFHQWH R XQD SODFD IRWRJUiILFD 5RHQWJHQ OH SLGLy D VX HVSRVD TXH
LQWHUSXVLHUDXQDPDQRHQHOKD]\SXGRILMDUVREUHXQDSHOtFXODIRWRJUiILFDORVKXHVRVGHHVDPDQR
GRQGHVHGLVWLQJXtDFODUDPHQWHHODQLOORGHPDWULPRQLR
(OLPSDFWRIXHIRUPLGDEOH5RHQWJHQUHFLELyHOSULPHU3UHPLR1REHOGH)tVLFDTXHVHRWRUJyHQ
(QYHUGDG\HQKRQRUDODMXVWLFLDKD\TXHGHFLUTXHVHJ~QSDUHFHODSULPHUDUDGLRJUDItDIXH
WRPDGDDQWHVGHTXHVHLQYHQWDUDQORVUD\RV;\FRPSOHWDPHQWHGHFDVXDOLGDG(Q$UWKXU:
*RRGVSHHG GH OD 8QLYHUVLGDG GH 3HQQV\OYDQLD PLHQWUDV HVWDED IRWRJUDILDQGR FKLVSDV HOpFWULFDV \
GHVFDUJDVHQWXERVGHYDFtRYLRGRVGLVFRVQHJURVHQXQDGHODVSODFDVTXHQRSXGRH[SOLFDUHQVX
PRPHQWR3HUROXHJRGHODQXQFLRGHHQIHEUHURGHUHSLWLyODH[SRVLFLyQ\HIHFWLYDPHQWH
SXGRFRPSUREDUTXHORVGRVGLVFRVVHGHEtDQDODVRPEUDHQUD\RV;SUR\HFWDGDSRUXQSDUGH
REMHWRVFLUFXODUHV
2EYLDPHQWHTXHHOGHVFXEULPLHQWRYHUGDGHURSRUGHFLUORGHDOJXQDPDQHUDOHFRUUHVSRQGtDD
5RHQWJHQ(VSRUHVRTXHHOQRPEUH5D\RV5RHQWJHQVHLPSRQtDSRUVtVROR3HURFXULRVDPHQWHHO
TXH LQVLVWLy SDUD RWRUJDUOHV RWUR QRPEUH IXH HO SURSLR 5RHQWJHQ TXH HOLJLy XQ DSRGR H[WUDxR SDUD
XQDUDGLDFLyQH[WUDxDUD\RV;;FRPRODLQFyJQLWDGHXQDHFXDFLyQPDWHPiWLFD/D;VLJQLILFDED
TXH 5RHQWJHQ QR VDEtD HQ UHDOLGDG TXp HUDQ 6XSXVR \ QR DQGDED OHMRV GH OD YHUGDG TXH ORV
UD\RVHUDQDQiORJRVDORVUD\RVGHOX]SHURPXFKRPiVHQHUJpWLFRV(QUHDOLGDGQRWHQtDGHPDVLDGD
LGHD/RFLHUWRHVTXHQRSRGtDWHQHUOD1LSRGtDVDEHUTXHVXGHVFXEULPLHQWRHUDHOSULPHUHVODEyQ
GHXQDODUJXtVLPDFDGHQDTXHPRGLILFDUtDHOFXUVRGHODKLVWRULDKXPDQD
(O PLVPR 5RHQWJHQ VH SUHRFXSy GH GLIXQGLU HO UHVXOWDGR GH VXV H[SHULPHQWRV HO DQXQFLR IXH
KHFKR HO  GH GLFLHPEUH GH  \ FRUULy FRPR XQ UHJXHUR GH SyOYRUD +DFLD HQHUR GH  VH
KDEtDFUHDGRXQDHQRUPHFRQPRFLyQHQWRGRHOPXQGR(OGHHQHURHQODUHXQLyQVHPDQDOGHOD
$FDGHPLDGH&LHQFLDVIUDQFHVD+HQUL3RLQFDUpPRVWUyODVSULPHUDVIRWRJUDItDVFRQUD\RV;WRPDGDV
SRU 5RHQWJHQ \ XQR GH ORV FLHQWtILFRV SUHVHQWHV WXYR XQD LGHD TXH GHFLGLy SRQHU HQ SUiFWLFD GH
LQPHGLDWR\FRUULyDVXODERUDWRULR6HOODPDED+HQUL%HFTXHUHO
+DEUi RWUDV VXVWDQFLDV WDPELpQ IOXRUHVFHQWHV FDSDFHV GH SURGXFLU UD\RV ;" VH SUHJXQWDED
%HFTXHUHOVLQVLTXLHUDVRVSHFKDUTXHHVWDEDDODVSXHUWDVGHXQGHVFXEULPLHQWRVHQVDFLRQDO3RU
TXp QR SUREDU FRQ XQ FRPSXHVWR GH XUDQLR" SRU TXp QR HO XUDQLR" SHQVDUtD XQ WLHPSR GHVSXpV
%HFTXHUHO

(OJUDQGHVFXEULPLHQWRODUDGLDFWLYLGDG
(OVROQREULOODVLHPSUHHQ3DUtV(OGHHQHURGH+HQUL%HFTXHUHOR\yKDEODUGHORVUD\RV;
\VHDSXUy+LMR\QLHWRGHItVLFRV%HFTXHUHORFXSDEDODFiWHGUDGH)tVLFDGHO0XVHRGH+LVWRULD
1DWXUDOHQ3DUtV\HUDXQH[SHUWRHQIOXRUHVFHQFLD/DUHXQLyQGHOD$FDGHPLDGH&LHQFLDVHQODTXH
+HQUL3RLQFDUpPRVWUyUDGLRJUDItDV\KDEOyGHORVUD\RV;UHFLpQGHVFXELHUWRVSRU5RHQWJHQOHKDEtD
GDGR XQD LGHD WUDV HVFXFKDU TXH ORV QXHYRV UD\RV HPHUJtDQ GH OD ]RQD IOXRUHVFHQWH GHO WXER GH
GHVFDUJDVHOHRFXUULySUREDUFRQYDULDVVXVWDQFLDVIOXRUHVFHQWHVSDUDYHUVLHOODVWDPELpQHPLWtDQ
UD\RV )XH FRUULHQGR D VX ODERUDWRULR H LQLFLy ORV H[SHULPHQWRV H[SRQLHQGR GLYHUVRV FRPSXHVWRV
FRQYHQLHQWHPHQWH HQYXHOWRV D OD OX] VRODU VREUH XQD SODFD IRWRJUiILFD /D LGHD HUD VLPSOH HO VRO
HVWLPXODUtD OD IOXRUHVFHQFLD GH ODV VXVWDQFLDV KDFLpQGROHV HPLWLU UD\RV ; TXH D VX YH]
LPSUHVLRQDUtDQODSODFD
3HURHOVROQRVLHPSUHEULOODHQ3DUtVGXUDQWHGLH]GtDV%HFTXHUHOWUDEDMyVLQp[LWRH[DPLQDQGR
GLIHUHQWHV FRPSXHVWRV KDVWD TXH GHFLGLy SUREDU FRQ XQD VDO GH XUDQLR QR GHPDVLDGR FRP~Q \ GH
QRPEUH FRPSOLFDGR HO VXOIDWR GREOH GH XUDQLOR \ GH SRWDVLR /D H[SXVR DO VRO HQ HO PDUFR GH VX
YHQWDQD\HVWDYH]VtHQFRQWUyTXHODSODFDVHKDEtDHQQHJUHFLGR(IHFWLYDPHQWHSHQVy%HFTXHUHO
WDOYH]HOXUDQLRHPLWDUD\RV;<GHVSXpVODFDVXDOLGDGVHPH]FOyFRQHODVXQWR\HOFLHORVHQXEOy
3RUTXHHOVROQREULOODVLHPSUHHQ3DUtV\SDUDGHVHVSHUDFLyQGH%HFTXHUHOHVWXYRGLH]GtDVVLQ
DSDUHFHUPLHQWUDVODVVDOHVGHXUDQLRFRQYHQLHQWHPHQWHHPSDTXHWDGDV\VREUHODSODFDIRWRJUiILFD
GRUPtDQHQXQFDMyQ
3HURRFXUULyTXHHOSULPHUGtDGHPDU]RHOVROYROYLyDVDOLU\%HFTXHUHOGHFLGLyFRQWLQXDUFRQ
HOH[SHULPHQWRVDFy ORVSDTXHWHVGHOFDMyQ \ SULPHURUHYHOyODSODFDHVSHUDQGR YHUORV GpELOHV
UHVWRVGHODIOXRUHVFHQFLD3HURSDUDVXVRUSUHVDQRORVYLRKDEtDXQDLPDJHQQtWLGD$VtSXHVOD
UDGLDFLyQTXHKDEtDLPSUHVLRQDGRODSODFDQRSURYHQtDGHODIOXRUHVFHQFLD\DTXHHQODRVFXULGDG
GHXQFDMyQFHUUDGRQDGDSRGtDSURGXFLUODQLGHORVUD\RV;SUHVXQWDPHQWHGHULYDGRVGHDTXpOOD1L
QDGDSDUHFLGR
<HQWRQFHV"(QWRQFHVD%HFTXHUHOVHOHRFXUULyTXHORTXHKDEtDYHODGRODSODFDHUDXQQXHYR
WLSR GH UDGLDFLyQ DOJR QXHYR DOJR GLVWLQWR XQD UDGLDFLyQ TXH QR SRGtD SURYHQLU VLQR GHO SURSLR
FRPSXHVWRGHXUDQLR<DVtORSXEOLFyHQXQDQRWDDSDUHFLGDHOGHPDU]RGHHQODVDFWDVGHOD
$FDGHPLDGH&LHQFLDV
%HFTXHUHO QR VH HTXLYRFDED OR TXH KDEtD GHVFXELHUWR HUD HIHFWLYDPHQWH DOJR QXHYR DOJR
FRPSOHWDPHQWHQXHYR\UDGLFDOPHQWHGLVWLQWRGHWRGRORYLVWRKDVWDHQWRQFHV7DQGLIHUHQWHTXHQDGD
HQ DGHODQWH VHUtD LJXDO +DEtD HFKDGR HO SULPHU YLVWD]R KDEtD WHQLGR HO SULYLOHJLR GH LQWXLU SRU
SULPHUDYH]XQIHQyPHQRTXHSURYHQtDGHOFRUD]yQPLVPRGHODPDWHULD
8QIHQyPHQRTXHSRFRGHVSXpV0DULH&XULHOODPyUDGLDFWLYLGDG

/DVDQGDQ]DVGH0DULH&XULH
/D DFFLyQ RFXUUH HQ XQ SDtV RSULPLGR \ WHQD] 3RORQLD ,UODQGD OD 5HS~EOLFD GH 9HQHFLD DOJ~Q
HVWDGRVXGDPHULFDQRREDOFiQLFR+DWUDQVFXUULGRPHMRUGLFKRSRUTXHDXQTXHHOYROiWLODXWRUGH
HVWDV SiJLQDV HV FRQWHPSRUiQHR \ DXQTXH VXV SHUVRQDMHV HQ FLHUWR VHQWLGR VRQ HWHUQRV OD KLVWRULD
UHIHULGDSRUpO HPSH]yDOFRPHQ]DURSURPHGLDU HOVLJOR ;,; 'LJDPRVSDUD FRPRGLGDGQDUUDWLYD
3RORQLDGLJDPRVFXDQGRWUDVODFDtGDGH1DSROHyQVHFHUQtDODWRGRSRGHURVD\WHPLEOHILJXUD
GHOFDQFLOOHUDXVWUtDFR0HWWHUQLFK\GHVGH9LHQDXQDVRPEUtDROHDGDUHDFFLRQDULDVHDEDWtDVREUH
(XURSD /RV UHVWRV GHO LPSHULR QDSROHyQLFR IXHURQ UHSDUWLGRV \ HQ SDUWLFXODU 3RORQLD IXH
GHVFXDUWL]DGDHQWUH$XVWULD5XVLD\3UXVLD+DVWDHOOHYDQWDPLHQWRGHHOVHFWRUUXVRJR]yGH
XQHVWDWXVHVSHFLDOSHURDOVHUDSODVWDGDODUHYROXFLyQODVOLEHUWDGHVSRODFDVVHGHVYDQHFLHURQ
/D KLVWRULD GH 3RORQLD VHJXLUtD VLJQDGD SRU HVDV LQVXUUHFFLRQHV D SHVDU GH ODV FXDOHV QR YROYLy D
H[LVWLUFRPRSDtVLQGHSHQGLHQWHKDVWDILQDOL]DGDOD3ULPHUD*XHUUD0XQGLDO
$SHQDV FXDWUR DxRV GHVSXpV GH XQ QXHYR LQWHQWR GH UHEHOLyQ SRODFD HQ  TXH LPSOLFy D~Q
PD\RUUHSUHVLyQSRUSDUWHGHORVRFXSDQWHVUXVRVQDFLy0DULH6NORGRYVND6XIDPLOLDSHUWHQHFtDD
ODLQWHOOLJHQW]LDYDUVRYLDQDVXSDGUHHUDSURIHVRUGHItVLFD\VXPDGUHGLUHFWRUDGHXQFROHJLR\OD
YLGD GH OD IDPLOLD HVWXYR PDUFDGD SRU ODV GLILFXOWDGHV SROtWLFDV OD HVWUHFKH] HFRQyPLFD \ OD
GHVJUDFLDODPDGUHGH0DULHPXULyGHWXEHUFXORVLVFXDQGRHOODHUDPX\FKLFD
3HUR D SHVDU GH OD SHQXULD 0DULH UHFLELy GH VX SDGUH ODV EDVHV GH XQD HGXFDFLyQ FLHQWtILFD
GHVGH PX\ MRYHQ VH RULHQWy KDFLD OD TXtPLFD \ OD ItVLFD &XHQWD OD OH\HQGD TXH FXDQGR TXLVR
PDWULFXODUVHHQOD8QLYHUVLGDGGH&UDFRYLDHQDTXHOODVPDWHULDVVHOHUHVSRQGLyDPDEOHPHQWHTXH
HQHVDVGLVFLSOLQDVQRKDEtDYDFDQWHSHURTXHSRGtDLQWHQWDUVHJXLUHVWXGLRVHQODERUHVFRFLQD\
HFRQRPtDGRPpVWLFD/DDQpFGRWDSXHGHQRVHUFLHUWDSHURUHIOHMDSHUIHFWDPHQWHHOKHFKRFLHUWRGH
TXHQRWHQtDGHPDVLDGDVSRVLELOLGDGHVGHUHFLELUHQVHxDQ]DVXSHULRUHQOD3RORQLDVRPHWLGD$VtVXV
SHQVDPLHQWRV VH YROYLHURQ KDFLD HO VXHxR GH WRGRV ORV SRODFRV )UDQFLD <D XQ KHUPDQR \ XQD
KHUPDQDPD\RUHVTXHHOODVHKDEtDQPDUFKDGRD3DUtVHQEXVFDGHXQDIRUPDFLyQXQLYHUVLWDULD(Q
FRQVLJXLyMXQWDUHOGLQHURQHFHVDULR\HPSUHQGLyHOGHFLVLYRYLDMH
(Q3DUtVOOHYyXQDYLGDGXUD6HLQVFULELyHQ/D6RUERQD\YLYLyFRQXQDIUXJDOLGDGUD\DQDHQOR
LUUHVSRQVDEOHORVGHVPD\RVSURYRFDGRVSRUODSpVLPDDOLPHQWDFLyQHLQFOXVRHOKDPEUHUHTXLULHURQ
ODLQWHUYHQFLyQGHVXKHUPDQD\VXFXxDGR\DUHFLELGRVGHPpGLFRV3HURVHJUDGXyFRQODVPHMRUHV
QRWDVORFXDOHUDXQDKD]DxDSDUDXQDPXMHUHQDTXHOORVQRWDQOHMDQRVWLHPSRV
6LQHPEDUJRQRWRGRIXHHVWXGLRHQFRQRFLyDXQItVLFRIUDQFpVTXHVHKDEtDKHFKR\DXQ
FLHUWR QRPEUH SRU HO GHVFXEULPLHQWR GH OD SLH]RHOHFWULFLGDG OD PDQHUD GH SURGXFLU XQ SRWHQFLDO
HOpFWULFRDSOLFDQGRSUHVLyQVREUHFLHUWRVFULVWDOHV(OGHMXOLRGHVHFDVDURQ(OItVLFRHQ
FXHVWLyQVHOODPDED3LHUUH&XULH0DULH6NORGRYVNDVHWUDQVIRUPySDUDVLHPSUHHQ0DULH&XULH
&RUUtDQ ORV WLHPSRV GH OD UDGLDFLyQ \ 0DULH EXVFDED XQ WHPD GH WHVLV +DFtD PX\ SRFR TXH
5RHQWJHQ KDEtD DQXQFLDGR OD H[LVWHQFLD GH ORV UD\RV ; \ PHQRV WRGDYtD TXH %HFTXHUHO KDEtD
HQFRQWUDGRXQDUDGLDFLyQGHQDWXUDOH]DGHVFRQRFLGDHPLWLGDSRUODVVDOHVGHXUDQLR
/DUDGLDFLyQGH%HFTXHUHOQRHUDQLGHOHMRVWDQHVSHFWDFXODUFRPRODGH5RHQWJHQQRSHUPLWtD
REWHQHU IRWRJUDItDV GH ORV KXHVRV QL VH SHUILODED FRPR XQD DWUDFFLyQ GH FLUFR GRQGH \D DOJXQRV
HPSH]DEDQDEDLODUHQHVTXHOHWRGHWUiVGHXQDSDQWDOODLOXPLQDGDFRQUD\RV;1RQDGDGHHVROD
UDGLDFLyQ GH %HFTXHUHO HUD ILUPH \ SHUVLVWHQWHPHQWH HPLWLGD SRU HO XUDQLR XQ HOHPHQWR VLQ
GHPDVLDGDWUDGLFLyQQLGHVSHUWDEDGHPDVLDGRLQWHUpVQLWHQtDGHPDVLDGDXWLOLGDGHQHOH[WUHPRGH
OD 7DEOD 3HULyGLFD GH ORV (OHPHQWRV 4XtPLFRV 1R KDEtD SRU OR WDQWR OHJLRQHV GH FLHQWtILFRV
SHUVLJXLpQGROD 0DULH &XULH GHFLGLy TXH HOOD Vt LQYHVWLJDUtD ODV SURSLHGDGHV GH ORV UD\RV GH
%HFTXHUHO6HJXUDPHQWHHUDXQEXHQWHPDGHWHVLVSRUTXpQR"
(Q UHDOLGDG WDQWHDED HQ OD RVFXULGDG &RPR 5RHQWJHQ HQ VX ODERUDWRULR D RVFXUDV FRPR
%HFTXHUHO H[SRQLHQGR VXV VDOHV GH XUDQLR DO VRO 0DULH LJQRUDED SHUR LJQRUDED SRU FRPSOHWR OR
TXHKDEUtDGHYHQLU3DUDGHFLUORDOYLHMRHVWLORHVWDEDQOH\HQGRXQQXHYRFDStWXORGHOOLEURGHOD
QDWXUDOH]DSHURQRORVDEtDQ
&yPRSRGtDQVDEHUOR"
$Vt 0DULH &XULH HPSH]y HVWXGLDQGR ODV SURSLHGDGHV GH ORV UD\RV GH XUDQLR SHUR HQ YH] GH
GHWHFWDUORV PHGLDQWH HO HQQHJUHFLPLHQWR GH SODFDV IRWRJUiILFDV FRPR OR KDEtD KHFKR %HFTXHUHO
SHQVDEDPHGLUORVUD\RVPHGLDQWHODFXULRVDFDSDFLGDGTXHWHQtDQSDUDGHVFDUJDUFXHUSRVFDUJDGRV
HOpFWULFDPHQWH(UDFRPRVLORVUD\RVVHODVDUUHJODUDQSDUDWUDQVIRUPDUHODLUHTXHDWUDYHVDEDQGH
DLVODGRUDFRQGXFWRU\HQHVHHIHFWRYLR0DULH&XULHODSRVLELOLGDGGHFDOFXODUVXLQWHQVLGDG3DUD
ORJUDUOR QHFHVLWDED PHGLU FRUULHQWHV VXPDPHQWH GpELOHV \ SDUD HVH WUDEDMR SRVHtD XQ LQVWUXPHQWR
H[FHOHQWHXQHOHFWUyPHWURTXHKDEtDVLGRGLVHxDGRSRUVXPDULGR3LHUUH&XULH\VXFXxDGR-DFTXHV
3HURSURQWRVHKL]RODSUHJXQWDFUXFLDOVHUtDHOXUDQLROD~QLFDVXVWDQFLDFDSD]GHHPLWLUHVRV
H[WUDxRVHLQH[SOLFDEOHVUD\RV"<DOLQYHVWLJDUODFXHVWLyQKHWHDTXtTXHGHVFXEULyTXHHOWRULRHO
HOHPHQWRGHOD7DEOD3HULyGLFDHPLWtDXQDUDGLDFLyQVLPLODU<DQDGLHSRGtDGHFLUTXHVHWUDWDED
GH XQD KDELOLGDG SDUWLFXODU \ H[FOXVLYD GHO XUDQLR VLQR GH XQ IHQyPHQR PiV JHQHUDO &yPR
OODPDUOR" &yPR OODPDU D HVWD SURSLHGDG GH HPLWLU XQD H[WUDxD H LQH[SOLFDEOH UDGLDFLyQ" 0DULH
&XULHHOLJLyXQQRPEUHTXHWHQGUtDIRUWXQDUDGLDFWLYLGDG
<DVtFRPHQ]yXQDE~VTXHGDVLVWHPiWLFDSDUDYHUVLKDEtDDOJXQDRWUDVXVWDQFLDTXHWXYLHUDHVWD
SURSLHGDG $ YHFHV HQVD\y PLQHUDOHV SXURV RWUDV PLQHUDOHV WDO FRPR OOHJDEDQ GH OD PLQD R
FRPSXHVWRVSXURV3HURQDGDHOXUDQLR\HOWRULRSDUHFtDQVHU~QLFRV
&RQXQDVRODH[FHSFLyQODSHFKEOHQGD(VYHUGDGTXHODSHFKEOHQGDHUDXQPLQHUDOGHXUDQLR
SHURVXHPLVLyQHUDPXFKRPiVLQWHQVDTXHODGHOXUDQLRSXUR&yPRSRGtDVHU"0DULH&XULHSHQVy
HQODSRVLELOLGDGGHTXHODHPLVLyQVHGHELHUDDDOJXQDRWUDVXVWDQFLD\QRDOXUDQLRHVFRQGLGD
HQODSHFKEOHQGD
<FRPRQRSRGtDVHUQLQJXQRGHORVHOHPHQWRVFRQRFLGRVGHOD7DEOD3HULyGLFDWHQtDTXHVHUXQ
HOHPHQWR QXHYR DOJXQR GH ORV FDQGLGDWRV D OOHQDU ORV FDVLOOHURV YDFtRV TXH D~Q TXHGDEDQ GH
DFXHUGRFRQODRUGHQDFLyQTXHKDEtDKHFKRHOJUDQTXtPLFRUXVR'LPLWUL0HQGHOHLHY(UDFXHVWLyQGH
DLVODUOR\HQHVWHSXQWR3LHUUH&XULHVHVXPyDORVWUDEDMRVGHVXPXMHUDEDQGRQDQGRVXVSURSLDV
LQYHVWLJDFLRQHV(OFDPLQRSDUHFtDYHUGDGHUDPHQWHSURPLVRULR\QRHUDFXHVWLyQGHSHUGpUVHOR
3HURSHQVDUORHUDPiVIiFLOTXHKDFHUORVHSDUDUODPLVWHULRVD\QXHYDVXVWDQFLDUDGLDFWLYDQRHUD
XQDWDUHDVHQFLOODSRUFLHUWR/RV&XULHJHVWLRQDURQDQWHHOJRELHUQRDXVWUtDFRHOHQYtRGHUH]DJRVGH
ODPLQDGH-RDFKLPVWDKO7LHPSRGHVSXpVHOSULPHUWUDQVSRUWHGHGHVHFKRVUDGLDFWLYRVOOHJDEDDOD
SXHUWDVGHOODERUDWRULRGHORV&XULH0DULH\3LHUUHWXYLHURQTXHPROHUGLVROYHUSUHFLSLWDUILOWUDU
VHSDUDUTXtPLFDPHQWHYROYHUDILOWUDUFRQVXVSURSLDVPDQRVVLQDSDUDWRVTXHORVD\XGDUDQPiVGH
XQDWRQHODGDGHSHFKEOHQGD)LQDOPHQWHHQMXOLRGHSXGLHURQDLVODUXQDVXVWDQFLDUDGLDFWLYD
XQQXHYRHOHPHQWRDOTXHOODPDURQSRORQLRHQKRQRUDOSDtVGHRULJHQGH0DULH(UDXQDYDQFHHQ
OD WDUHD GH FRPSOHWDU OD 7DEOD 3HULyGLFD SHUR QR VHUtD HO ~OWLPR SRUTXH D~Q VLQ HO SRORQLR OD
SHFKEOHQGD WHUFDPHQWH VHJXtD PRVWUDQGR UDGLDFWLYLGDG &XDQGR VH VHSDUDED EDULR XQ HOHPHQWR
XELFDGRHQODPLWDGGHOD7DEOD\TXHPXFKRVDxRVPiVWDUGHMXJDUtDXQSDSHOSURWDJyQLFRHQRWUR
JUDQ GHVFXEULPLHQWR DUUDVWUDED UDGLDFWLYLGDG 0DULH \ 3LHUUH &XULH VHSDUDURQ \ FRQFHQWUDURQ HO
PDWHULDO DFWLYR HUD XQ QXHYR HOHPHQWR RWUR PiV QRYHFLHQWDV YHFHV PiV UDGLDFWLYR TXH HO
XUDQLR&XDQGRHQGLFLHPEUHGHOPLVPRDxRGHDQXQFLDURQVXVWUDEDMRVOROODPDURQUDGLR
(Q0DULH\3LHUUH&XULHFRPSDUWLHURQFRQ%HFTXHUHOHO3UHPLR1REHOGH)tVLFD
(O GHVFXEULPLHQWR GHO SRORQLR \ HO UDGLR IXH XQ JUDQ WULXQIR GH OD ItVLFD \ OD TXtPLFD
H[SHULPHQWDOHV /DV UDGLDFLRQHV GH HVRV GRV HOHPHQWRV PiV OD GHO WRULR PRVWUDURQ TXH OD
UDGLDFWLYLGDG HUD XQ WHUUHQR PiV YDVWR GH OR TXH SDUHFtD DO SULQFLSLR \ XQD FDUDFWHUtVWLFD TXH
FRPSDUWtDQPXFKRVHOHPHQWRVTXtPLFRVSRFRPiVWDUGHVHDJUHJDURQHODFWLQLRJUDFLDVDOWUDEDMRGH
$QGUp/RXLV'HELHUQH\HOJDVUDGLDFWLYRUDGyQ'HEtDVHUSRUORWDQWRDOJXQDSURSLHGDGSURIXQGD
GHODPDWHULDRSRUORPHQRVGHSDUWHGHHOOD
3HUR DGHPiV GH WRGR HO SRORQLR \ HO UDGLR HVWiQ DVRFLDGRV D OD ILJXUD GH 0DULH 6NORGRYVND
0DGDPH&XULHRVLPSOHPHQWH0DGDPHFRPRVHOOHJyDOODPDUODFXDQGRSRFRWLHPSRPiVWDUGH
VHWUDQVIRUPyHQODDXWRULGDGLQGLVFXWLGDGHODFLHQFLDIUDQFHVD
<HVOyJLFRGDGRTXHWLHQHWRGRVORVDWULEXWRVGHODUTXHWLSRKHURLFRHQODKLVWRULDGHODFLHQFLD
RULJLQDULDGHXQSDtVRSULPLGRGHXQDIDPLOLDFRQGLILFXOWDGHVHFRQyPLFDVGHELGDVHQJUDQSDUWHD
ODRSUHVLyQSROtWLFDFRQXQDHQRUPHIXHU]DGHYROXQWDGTXHOHSHUPLWLyVHUFDVLXQDDXWRGLGDFWD
6X YLGD HQ 3DUtV VXV GHVPD\RV D FDXVD GHO KDPEUH VXV YHVWLGRV GHVFXLGDGRV OD FRQYLUWLHURQ FRQ
MXVWLFLDHQXQDKHURtQDGHQRYHOD$ORFXDOFRQWULEX\yQDWXUDOPHQWHHOKHFKRGHVHUXQDPXMHUHQXQ
DPELHQWHGRQGHODVPXMHUHVVHYHtDQUDUDYH]VDOYRHQHOSDSHOGHFRQVRUWHV
/R FLHUWR HV TXH 0DGDPH &XULH IXH PiV TXH XQD FLHQWtILFD IXH XQD YHUGDGHUD LQVWLWXFLyQ XQD
OH\HQGD XQ PLWR HQ )UDQFLD \ HO PXQGR 5HFLELy GRV YHFHV HO 3UHPLR 1REHO \D TXH HQ  OH
RWRUJDURQ HO GH TXtPLFD $GHPiV IXH OD SULPHUD PXMHU HQ DFFHGHU D OD $FDGHPLD )UDQFHVD GH
&LHQFLDV,QFOXVRODPXHUWHGH3LHUUHDUUROODGRSRUXQFDUURHQODVFDOOHVGH3DUtVHQWUDVOR
FXDO0DULHRFXSyVXFiWHGUDFRQWULEX\yDIRUWDOHFHUHOLPSDFWRGHVXKLVWRULD$PHGLGDTXHHO
UDGLR\ODUDGLDFWLYLGDGJDQDEDQWHUUHQRWDQWRHQODVFLHQFLDVWHyULFDV\H[SHULPHQWDOHVFRPRHQOD
PHGLFLQD GRQGH HUDQ XWLOL]DGRV SDUD FRPEDWLU HO FiQFHU HQ OR TXH VH OODPy HQWRQFHV
FXULHWHUDSLDJDQyIDPDXQLYHUVDO'XUDQWHOD3ULPHUD*XHUUD0XQGLDOUHIRUPyODVXQLGDGHVTXH
XWLOL]DEDQ OD UDGLRORJtD HQWRQFHV EDVWDQWH LQFLSLHQWH SDUD DWHQGHU D ORV KHULGRV \ PRQWy
ODERUDWRULRV UDGLROyJLFRV PyYLOHV TXH FRQGXFtD HOOD PLVPD &XDQGR HQ  YLDMy D ORV (VWDGRV
8QLGRVIXHDFODPDGDSRUYHUGDGHUDVPXOWLWXGHV\FXDQGRPXULyHQ)UDQFLD\HOPXQGRHQWHUR
OHULQGLHURQKRPHQDMH$GHPiVIXHODIXQGDGRUDGHXQDGLQDVWtDFLHQWtILFD\DTXHVXKLMD,UHQH&XULH
WDPELpQKDEUtDGHVHUXQDItVLFDUHQRPEUDGD
0DGDPH&XULHHVHODUTXHWLSRGHOFLHQWtILFRTXHHQXQDpSRFDLPSRUWDQWHUHVXHOYHXQSUREOHPD
IXQGDPHQWDO R LQLFLD XQ FDPLQR (Q DTXHOORV DxRV GH UDGLDFLyQ LQFLSLHQWH \ UDGLDFWLYLGDG
EDOEXFHDQWH HO SRORQLR \ HO UDGLR FRQWULEX\HURQ D HVWDEOHFHU HO QXHYR IHQyPHQR FRPR XQR GH ORV
WHPDVFHQWUDOHVGHODLQYHVWLJDFLyQFLHQWtILFD/RVUD\RV;\ODUDGLDFWLYLGDGHUDQIHQyPHQRVQXHYRV
\HVSHFWDFXODUHVPX\DSURSLDGRVSDUDXQFDPELRGHVLJOR
< VLQ HPEDUJR QR HUDQ PiV TXH HO SUHiPEXOR GH XQD DYHQWXUD TXH VyOR HVWDED HPSH]DQGR OD
DYHQWXUDGHFRQWHVWDUXQDGHODVSUHJXQWDVPiVYLHMDVGHOPXQGRGHTXp\FyPRHVWiQKHFKDVODV
FRVDV"ODDYHQWXUDGHFRPSUHQGHU\GHVFLIUDUODHVWUXFWXUDGHODPDWHULD

(VSHFWURV
(QHOGHVFXEULPLHQWRGHORVUD\RV;FDXVyVHQVDFLyQ/RVSHULyGLFRVGHOPXQGROHVGHGLFDURQ
SiJLQDV \ SiJLQDV \ QR HV SDUD DVRPEUDUVH +R\ FXDOTXLHUD GH QRVRWURV HVWi DFRVWXPEUDGR D YHU
UDGLRJUDItDV SHUR HQ HO PRPHQWR ORV UD\RV ; SDUHFtDQ FDSDFHV GH DFFHGHU D OR LQYLVLEOH GH
IRWRJUDILDUXQREMHWRHQFHUUDGRGHQWURGHXQDFDMDGHPDGHUD\VREUHWRGRGHYHUVLQQHFHVLGDGGH
ELVWXUtORTXHQXQFDVHKDEtDYLVWRKDVWDHQWRQFHVHOLQWHULRUGHOFXHUSRKXPDQR+DEtDDOJRPiJLFR
HQHVRVUD\RVGH5RHQWJHQ&XDQGRHQPD\RGH(GLVRQKL]RODSULPHUDH[KLELFLyQS~EOLFDGH
ORVUD\RV;HQ1XHYD<RUNFLHQWRVRPLOHVGHSHUVRQDVKLFLHURQFRODSDUDLQWHUSRQHUVXVPDQRVR
VXVSLHUQDVHQHOKD]GHUD\RV\YHUODVRPEUDGHVXVKXHVRVGLEXMDUVHHQODSDQWDOODIOXRUHVFHQWH
$XQHQ7KRPDV0DQQHQ/DPRQWDxDPiJLFDPXHVWUDHOLPSDFWRTXHSURGXFtDODYLVLyQ
GHXQDUDGLRJUDItD

(O 'U %HFKHU OOHYy OXHJR VX DPDELOLGDG KDVWD SHUPLWLU TXH HO SHQVLRQLVWD FRQWHPSODVH VX
SURSLD PDQR HQ OD SDQWDOOD OXPLQRVD < +DQV &DVWRUS YLR OR TXH \D GHEtD KDEHU HVSHUDGR
SHURTXHHQVXPDQRHVWiKHFKRSDUDVHUYLVWRSRUHOKRPEUH\TXHQXQFDKXELHUDFUHtGRTXH
SXGLHUDYHUPLUyGHQWURGHVXSURSLDWXPED9LRHOIXWXURWUDEDMRGHODGHVFRPSRVLFLyQOR
YLR SUHILJXUDGR SRU OD IXHU]D GH OD OX] YLR OD FDUQH HQ OD TXH YLYtD GHVFRPSXHVWD
DQLTXLODGD GLVXHOWD HQ XQD QLHEOD LQH[LVWHQWH < HQ PHGLR GH HOOD HO HVTXHOHWR FLQFHODGR
HVPHUDGDPHQWH GH VX PDQR GHUHFKD HQ WRUQR GH FX\R DQXODU OD VRUWLMD SURFHGHQWH GH VX
DEXHOR IORWDED QHJUD \ IHD XQ REMHWR GXUR GH HVWD 7LHUUD FRQ HO TXH HO KRPEUH DGRUQD VX
FXHUSRTXHHVWiGHVWLQDGRDGHVDSDUHFHUGHPRGRTXHXQDYH]OLEUHYD\DKDFLDRWUDFDUQH
TXHSXHGDOOHYDUORXQQXHYRODSVRGHWLHPSR

/DHVWXSHIDFFLyQGLRSLHSDUDWRGDFODVHGHH[WUDYDJDQFLDVHLQFOXVRYROYLHURQORVYLHMRVVXHxRV
GHORVDOTXLPLVWDVPHGLHYDOHV8QJUDQMHURGH,RZD(VWDGRV8QLGRVDVHJXUyTXHKDEtDWUDQVPXWDGR
PHWDOHVHQRURLUUDGLiQGRORVFRQUD\RV;

*HRUJH -RKQVRQ XQ MRYHQ JUDQMHUR GHO FRQGDGR GH -HIIHUVRQ JUDGXDGR GHO &ROXPELD
 &ROOHJHTXHKDHVWDGRH[SHULPHQWDQGRFRQUD\RV;SLHQVDTXHKDKHFKRXQGHVFXEULPLHQWR
TXHYDDDVRPEUDUDOPXQGR3RUPHGLRGHORVUD\RV;IXHFDSD]GHWUDQVIRUPDUHQWUHVKRUDV
GHH[SRVLFLyQXQDSLH]DGHPHWDOEDUDWRFX\RYDORUHUDGHFHQWDYRVHQXQDSLH]DGHRUR
GHGyODUHV/DSLH]DGHPHWDOKDVLGRFRPSUREDGD\HIHFWLYDPHQWHHVRUR

LQIRUPyXQGHVSDFKRHOGHDEULOGH\ODQRWLFLDDSDUHFLyHOGHPD\RGHOPLVPRDxRHQHO
(OHFWULF(QJLQHHUGH1XHYD<RUN(OLQYHQWRQRIXHSDWHQWDGRDXQTXHHQVHGLRXQDSDWHQWH
DXQPpGLFROODPDGR*HUPiQ3pUH]TXHVRVWHQtDKDEHUWUDQVIRUPDGRPHUFXULRHQRUR\HQ
OD FRPSDxtD 6LHPHQV +DOVNH VDFy FLQFR SDWHQWHV GH WUDQVIRUPDFLyQ GH PHUFXULR HQ RUR PHGLDQWH
GHVFDUJDV HOpFWULFDV 8VDEDQ GHVFDUJDV GH  PLO YROWLRV \ HIHFWLYDPHQWH REWHQtDQ SHTXHxDV
FDQWLGDGHVGHRURHQHOPHUFXULR3HURGHVJUDFLDGDPHQWHSDUDHOORV\SRUVXHUWHSDUDODTXtPLFD
ORTXHRFXUUtDHUDTXHHOPHUFXULRHVWDED\DFRQWDPLQDGRFRQUHVLGXRVGHRUR
6H SDWHQWDURQ PiTXLQDV GH UD\RV ; D FXHUGD SRUWiWLOHV \ PiTXLQDV DFFLRQDGDV SRU PRQHGDV
$OJXLHQTXLVRXWLOL]DUORVUD\RV;SDUDFXUDUHOKiELWRGHIXPDURGHEHEHUPiVRPHQRVFRPRVH
KDFH FRQ HO OiVHU KR\ HQ GtD \ QR IDOWDURQ TXLHQHV SUHWHQGLHURQ XVDUORV SDUD PRGLILFDU FRQGXFWDV
DQWLVRFLDOHV XQD EXHQD GRVLV GH UD\RV ; GLULJLGD DO FHUHEUR GLMHURQ \ HO PiV IHUR] GH ORV
FULPLQDOHVVHWUDQVIRUPDUtDHQXQLQRFHQWHFRUGHULWR6HHVFULELHURQSRHPDVVHKLFLHURQEURPDV\VH
HVSHFXOy FRQ LQTXLHWDQWHV SRVLELOLGDGHV QR VH SRGUtD DFDVR HVSLDU OD GHVQXGH] GH ODV PXMHUHV
PHGLDQWHXQDGHFXDGRXVRGHUD\RV;"
(QHOYHUDQRGHXQHVWXGLDQWHGH&ROXPELDOODPDGR+HUEHUW+DZNKDFtDGHPRVWUDFLRQHVGH
HTXLSRV HQ OXJDUHV S~EOLFRV HQIRFDQGR ORV UD\RV VREUH VX FDEH]D SDUD TXH ORV HVSHFWDGRUHV VH
H[WDVLDUDQ FRQWHPSODQGR VX PDQGtEXOD HQ OD SDQWDOOD /D /HJLVODWXUD GHO HVWDGR GH 1XHYD -HUVH\
(VWDGRV8QLGRVGHEDWLyXQDOH\TXHSURKLEtDHOXVRGHUD\RV;HQORVELQRFXODUHVGHWHDWUR'LFKR
VHD GH SDVR ODV OHJLVODWXUDV HVWDGXDOHV QRUWHDPHULFDQDV WLHQHQ XQD LQWHUHVDQWH WUDGLFLyQ HQ
LQPLVFXLUVHHQFXHVWLRQHVFLHQWtILFDVHQHQ,QGLDQDODVFiPDUDVHVWXYLHURQDSXQWRGHDSUREDU
XQDOH\TXHILMDEDHOYDORUGHOQ~PHURSL\HQODGpFDGDGHOYHLQWHHQ7HQQHVVHHVHSURKLELySRUOH\
ODHQVHxDQ]DGHODWHRUtDGHODHYROXFLyQGH'DUZLQ7DPELpQHQ6QRZGHQ:DUGXQRGHORV
PiV SUROtILFRV FRQIHUHQFLVWDV VREUH ODV PDUDYLOODV GH ORV UD\RV ; PRVWUy D XQD DXGLHQFLD GH
PpGLFRVHVWXGLDQWHV\IRWyJUDIRVODUDGLRJUDItDGHXQDPDQRGHXQFKLFRFRQXQGREOHSXOJDUSHUR
FXDQGRVHTXLVRUHSHWLUHOH[SHULPHQWRHOGREOHSXOJDUQRDSDUHFLySRUQLQJXQDSDUWHORTXHKDEtD
SDVDGRHUDTXHGXUDQWHODH[SRVLFLyQODPDQRVHKDEtDPRYLGRXQSRFR
/RVUD\RV;WDPELpQSDUHFLHURQODSDQDFHDPpGLFDPiVDOOiGHODVUDGLRJUDItDVVHSHQVyTXH
SRGtDQ VHUYLU \ VH DSOLFDURQ FRPR WUDWDPLHQWR SDUD P~OWLSOHV HQIHUPHGDGHV 8Q WH[WR GH 
KDFHXQOLVWDGRGHODVGROHQFLDVTXHORVUD\RV;SRGtDQDOLYLDUOXSXVHF]HPDDFQpSVRULDVLVOHSUD
WXEHUFXORVLVQHXUDOJLDVPLJUDxDV\HSLOHSVLDDGHPiVGHGLYHUVRVWLSRVGHFiQFHU
6LQ HPEDUJR GHVGH PX\ WHPSUDQR VH HPSH]y D REVHUYDU TXH ODV ODUJDV VHVLRQHV HQ TXH ORV
SDFLHQWHVHUDQVRPHWLGRVDLUUDGLDFLyQ;DYHFHVGXUDQWHKRUDVJHQHUDEDQSUREOHPDV\SUREOHPDV
VHULRV1RREVWDQWHODIXULDUDGLROyJLFDVLJXLyKXER]DSDWHUtDVTXHFRORFDURQWXERVGHUD\RV;GH
WDOPRGRTXHXQRSRGtDYHUH[DFWDPHQWHFyPRFDO]DEDQORVKXHVRVGHOSLHHQHO]DSDWRTXHHVWDED
FRPSUDQGR\HVWDFRVWXPEUHVHPDQWXYRKDVWDORVDxRVFLQFXHQWD
&RPRORVHOL[LUHV\UHPHGLRVTXHFXUDEDQWRGDVODVHQIHUPHGDGHVYHUGDGHUDPHQWHORVUD\RV
;SDUHFtDQPiJLFRV1RHVGHH[WUDxDUTXHFRVDVPX\SDUHFLGDVRFXUULHUDQFRQODUDGLDFWLYLGDG

/RVDxRVORFRV
3RUTXHDXQTXHQRWDQWRFRPRFRQORVUD\RV;ODJHQWHWDPELpQVHHQORTXHFLyFRQODUDGLDFWLYLGDG
8QD EDLODULQD FpOHEUH SLGLy D 0DULH &XULH TXH HPSDSDUD FRQ UDGLR VXV URSDV YDSRURVDV SDUD
KDFHUODV EULOODU H LPSUHVLRQDU D VX S~EOLFR /RV &XULH VH QHJDURQ QR WHQtDQ PXFKR UDGLR SDUD
GHVSHUGLFLDUSHURVHKLFLHURQDPLJRVGHODDUWLVWD
1RIXHHO~QLFRFDVRODUDGLDFWLYLGDGGHVDWyXQDROHDGDGHDSOLFDFLRQHVH[WUDYDJDQWHV(Q
VH YHQGtD XQD FUHPD DFWLYD UDGLDFWLYD \ ORV FDUWHOHV DQXQFLDEDQ TXH SURYRFD XQD DFWLYLGDG
SDUWLFXODUGHUHYLWDOL]DFLyQGHORVWHMLGRVODSLHOFRORFDGDHQVLWXDFLyQGHMXYHQWXGHWHUQDVHWRUQD
PiVILQD\PiVEODQFD\ODVDUUXJDVGHVDSDUHFHQ(QVHSURPRFLRQyXQDFUHPDGHEHOOH]DD
EDVHGHUDGLR\WRULRVHGHFtDTXHUHVSRQGtDDXQDIyUPXODGHXQWDO'U$OIUHG&XULHTXHMDPiV
H[LVWLy\VHGHVFULEtDFRPRXQDUHYROXFLyQHQHODUWHGHHPEHOOHFHUHOURVWUR'LJDPRVGHSDVR
TXH HQ ODV PLQDV GH XUDQLR GH -RDFKLPVWDKO VH WRPDEDQ EDxRV UDGLDFWLYRV SDUD ORV FXDOHV VH
KDEtDQFRQVWUXLGRLQVWDODFLRQHVHVSHFLDOHVORVSDFLHQWHVVHVXPHUJtDQHQDJXDTXHFRQWHQtDUDGLR
\UHVSLUDEDQHOUDGyQJDVSHOLJURVDPHQWHUDGLDFWLYRTXHVHGHVSUHQGtDGHOVXHOR$XQKR\HQ(XURSD
H[LVWHQHVWDFLRQHVWHUPDOHVTXHSURPRFLRQDQORVPLVPRVVDOXGDEOHVYDKRVGHUDGyQ
7DPELpQVHLQWHQWyDSOLFDUHQPHGLFLQDDWRQWDV\DORFDVORV/DERUDWRULRV3LHUUH.RHKHUHQGH
(VWUDVEXUJR LQYHQWDURQ XQD FRPSUHVD GH UDGLR \ VRVWHQtDQ TXH VHUYtD SDUD FXUDU PLJUDxDV
DUWHULRVFOHURVLV\DSHQGLFLWLV(OSURSLR3LHUUH&XULHSHQVyTXHODUDGLDFWLYLGDGSRGtDVHU~WLOSDUD
WUDWDUDIHFFLRQHVGHORVRMRV(QVHLQIRUPyTXHHOUDGLRHVWLPXODEDODUHWLQD\VHHVSHFXOyFRQ
TXHSRGtDGHYROYHUODYLVWDDORVFLHJRV,QFOXVRVHOOHJyDWRPDUUDGLRJUDItDVGHUDGLRDOILQ\DO
FDERORVUD\RVHPLWLGRVSRUHOUDGLRWDPELpQHUDQFDSDFHVGHDWUDYHVDUORVWHMLGRVHLPSUHVLRQDUXQD
SODFDIRWRJUiILFDeVWHHVHOFRPHQWDULRKHFKRHQVREUHXQDGHHVWDVUDGLXPJUDItDVWRPDGDV
WUDV XQD H[SRVLFLyQ GH VHLV KRUDV 0LHQWUDV OD SHUPHDFLyQ HV FRQVLGHUDEOH ORV FRQWUDVWHV VRQ
SREUHV \ RWUD GHVYHQWDMD HV TXH OOHYD KRUDV REWHQHU XQD LPDJHQ +D\ XQ WHVWLPRQLR KHFKR
PXFKtVLPRVDxRVPiVWDUGHVREUHHOWUDWDPLHQWRTXHVHXWLOL]DEDSDUDFRPEDWLUHOOXSXVHQHQ
XQDFOtQLFDGH%LUPLQJKDP

(OGRFWRUVRVWHQtDORTXHSDUHFtDXQDSHTXHxDSLHGUDHQHOH[WUHPRGHXQDFDxDGHEDPE~\
FRQHOODLEDWRFDQGRPX\FXLGDGRVDPHQWHODSLHO(OPpGLFRHVWDEDXWLOL]DQGRDOJRTXHVDEtD
SHOLJURVRSHURGHFX\RVDOFDQFHVQRVDEtDQDGD8QRVSRFRVDxRVPiVWDUGHSHUGLyDPEDV
PDQRVFRPRUHVXOWDGRGHODH[SRVLFLyQDODVUDGLDFLRQHV

&RPR RFXUULy FRQ ORV UD\RV ; ODV WHUDSLDV EDVDGDV HQ HO UDGLR VH XVDURQ FRQ WRWDO
GHVFRQRFLPLHQWR H LPSUXGHQFLD /RV SUHSDUDGRV GH UDGLR VH FRQVLGHUDEDQ OD FXUD PLODJURVD
SUiFWLFDPHQWHGHFXDOTXLHUHQIHUPHGDGGHVGHODDUWULWLVDOFiQFHUGHVGHODDOWDSUHVLyQDODFHJXHUD
6HIDEULFDURQFLQWXURQHVUDGLDFWLYRVSDUDXVDUHQFXDOTXLHUSDUWHGHOFXHUSRODRUHMDGHUDGLRXQD
D\XGDSDUDPHMRUDUODDXGLFLyQ\GHQWtIULFRVUDGLDFWLYRVFUHPDVSDUDODFDUD\SDUDODVPDQRV(Q
)UHGHULFN*RVIUH\XQSHOXTXHUREULWiQLFRSURSDJDQGHDEDXQWyQLFRUDGLDFWLYRSDUDHOSHOR
(Q $OHPDQLD VH YHQGtD FKRFRODWH WUDWDGR FRQ UDGLR FRPR UHMXYHQHFHGRU < DXQ HQ  XQD
FRPSDxtDGH'HQYHUSURPRYtDXQJHODQWLFRQFHSWLYRUDGLDFWLYR
7DPELpQVHHVSHFXOyFRQHOHIHFWREHQpILFRGHODVDJXDVUDGLDFWLYDVGH+RW6SULQJV$UNDQVDV
(VWDGRV 8QLGRV (Q  XQ DUWtFXOR GH OD UHYLVWD /LIH VREUH ORV EHQHILFLRV GHO UDGyQ HQYLy D
PLOHVGHSDFLHQWHVGHDUWULWLVDUHVSLUDUORVSHOLJURVRVJDVHVHQHOIRQGRGHDOJXQDVPLQDV

)RWRJUDILDUORLQYLVLEOH
6HD FRPR IXHUH ORV UD\RV ; QR IXHURQ VRODPHQWH XQD DWUDFFLyQ GH FLUFR QL WRGDV ODV SULPHUDV
UDGLRJUDItDV WXYLHURQ HO DLUH GHVSUHRFXSDGR \ FDVXDO GH XQD IHULD GH GLYHUVLRQHV /RV PpGLFRV VH
GLHURQFXHQWDGHVGHHOSULQFLSLRGHTXHHUDQHQUHDOLGDGXQDIRUPLGDEOHKHUUDPLHQWDGHGLDJQyVWLFR
WDOYH]XQDGHODVPiVIRUPLGDEOHVTXHKXELHUDH[LVWLGRMDPiV8QDUDGLRJUDItDHVH[DFWDPHQWHXQD
IRWRJUDItDWRPDGDFRQUD\RV;HQYH]GHOX]YLVLEOH/DSODFDIRWRJUiILFDXELFDGDGHWUiVGHOFXHUSR
HVLPSUHVLRQDGDVHJ~QODFDQWLGDGGHUDGLDFLyQUHFLELGD\DVtVHYHUiFRPRHQHOQHJDWLYRGHXQD
IRWRJUDItD FXDOTXLHUD QHJUD HQ ODV ]RQDV GH WHMLGRV EODQGRV \ EODQFD HQ OD SDUWH RFXSDGD SRU ORV
KXHVRVGRQGHORVUD\RVIXHURQGHWHQLGRV<DXQTXHSDUDORVSURIDQRVOD~QLFDGLVWLQFLyQREVHUYDEOH
D VLPSOH YLVWD HV HQWUH KXHVR \ WHMLGRV EODQGRV ODV UDGLRJUDItDV PXHVWUDQ WRGD XQD JUDGDFLyQ GH
JULVHVTXHSHUPLWHQDORMRH[SHULPHQWDGRGHOUDGLyORJRXQGLDJQyVWLFRGHGHWDOOH
(OGHIHEUHURGH  -RKQ&R[SURIHVRU GHItVLFDHQOD8QLYHUVLGDG0F*LOOGH0RQWUHDO
&DQDGiVRPHWLyDXQMRYHQSDFLHQWHDXQDVHVLyQGHPLQXWRVGH5D\RV;GHWDOPRGRTXHORV
PpGLFRVSXGLHUDQORFDOL]DU\H[WUDHUXQDEDODDORMDGDHQXQDGHVXVSLHUQDV<QRKDEtDQSDVDGRGRV
PHVHV GHVGH HO GHVFXEULPLHQWR /D SUiFWLFD GH UDGLRJUDILDU VH H[WHQGLy UiSLGDPHQWH HQWUH ORV
PpGLFRV TXH HQYLDEDQ D VXV SDFLHQWHV D ODERUDWRULRV HVSHFLDOL]DGRV +DFLD ILQHV GH  XQ
ODERUDWRULR TXH VH RFXSDED GHO DVXQWR \D KDEtD WRPDGR PiV GH  UDGLRJUDItDV \ QR KDEtDQ
WUDQVFXUULGRD~QGRVDxRVGHVGHHODQXQFLRGH5RHQWJHQ(QXQDXQLGDGGHUD\RV;DFRPSDxy
DOHMpUFLWREULWiQLFRDO6XGiQGRQGH,QJODWHUUDLQWHQWyYHQFHUDORVGHUYLFKHV
$GHPiVORVUD\RV;VHXVDURQRLQWHQWDURQXVDUVHDOPHQRVSDUDPXFKDVRWUDVDSOLFDFLRQHV
FXULRVDV 3RU HMHPSOR SDUD HQFRQWUDU PRQHGDV GHQWUR GH ORV HQYtRV SRVWDOHV /D UHLQD $PDOLD GH
3RUWXJDOUDGLRJUDILyDODVGDPDVGHVXFRUWHSDUDGHPRVWUDUORGDxLQRVTXHHUDQORVFRUVpVDMXVWDGRV
8QWDO'U%UDGXFSUHWHQGLyXVDUORVUD\RV;SDUDFXUDUDDOFRKyOLFRV\DGLFWRVDOWDEDFRRWURWDO0
*DXGRLQSXVRHQSUiFWLFDXQWUDWDPLHQWRGHUD\RV;SDUDGHSLODFLyQ\DVt
<PiVHQHOQ~PHURGHMXOLRGHGHO6WUDQG0DJD]LQH7KXUVWDQ+ROODQGTXHKDEtDWRPDGR
UDGLRJUDItDVGHGLDPDQWHV\TXHKDEtDHQFRQWUDGRXQSiMDURPRPLILFDGRVRPHWLHQGRDORVUD\RV;XQ
REMHWR TXH OH KDEtDQ WUDtGR GH (JLSWR FRQWDED OD VLJXLHQWH KLVWRULD EDMR HO WtWXOR $YHQWXUDV GH XQ
KRPEUHGH&LHQFLD

8QKRPEUHVRVSHFKRVRGHKDEHUUREDGRXQGLDPDQWH\KDEpUVHORWUDJDGRSDUDRFXOWDUORIXH
WUDtGRDPLODERUDWRULRORKLFHGHVYHVWLU\OXHJRGHDOJXQDPDQHUDPHODVDUUHJOpSDUDTXH
VHFRORFDUDHQXQDSRVLFLyQWDOTXHORVUD\RV;SDVDUDQDWUDYpVGHVXFXHUSR$SDJXpODOX]\
VDTXpODFREHUWXUDGHODFiPDUD(OUHVXOWDGRIXHXQDH[FHOHQWHSODFDPRVWUDQGRHOGLDPDQWH
 MXVWRGHEDMRGHODYiOYXODLOHRFHFDO

3HUR HO DXWRU LJQRUDED TXH ORV GLDPDQWHV IDOVRV VRQ RSDFRV D ORV UD\RV ; \ ORV GLDPDQWHV
YHUGDGHURVQR2VHDTXHHOGLDPDQWHUREDGRHQUHDOLGDGHUDIDOVR
1RIDOWDURQORVIUDXGHV8QMR\HURGH9LUJLQLD(VWDGRV8QLGRVVRVWXYRTXHSRGtDIRWRJUDILDUOR
LQYLVLEOHVLQHOXVRGHUD\RV;(OPLVPR'U%UDGXFTXHXVyORVUD\RV;SDUDTXHVXVSDFLHQWHV
GHMDUDQGHEHEHURGHIXPDUSUHWHQGLyKDEHUWRPDGRXQDUDGLRJUDItDGHODOPD
/R FLHUWR HV TXH VDOYR HVDV H[DJHUDFLRQHV TXH QR IXHURQ ODV ~QLFDV QL ODV PD\RUHV FRPR VH
YHUiODUDGLRJUDItDLQDXJXUyXQDQXHYDpSRFDHQODPHGLFLQD3RUPiVTXHODVSULPHUDVUDGLRJUDItDV
IXHUDQWRVFDVFRQSRFDUHVROXFLyQ\UHTXLULHUDQPXFKRWLHPSRGHH[SRVLFLyQORVUD\RV;VDOYDURQ
FLHQWRVGHPLOHVGHYLGDV\SURSLQDURQDODPHGLFLQDXQLPSXOVRYHUGDGHUDPHQWHIRUPLGDEOH&RPR
ODDQHVWHVLDWUDQVIRUPDURQUDPDVHQWHUDVGHODPHGLFLQD\PXFKRVDxRVPiVWDUGHVXVGHVFHQGLHQWHV
GLUHFWRV FRPR OD WRPRJUDItD FRPSXWDGD \ OD WRPRJUDItD GH HPLVLyQ GH SRVLWURQHV VHJXLUtDQ
WUDQVIRUPiQGRODV

/DUDGLDFWLYLGDG\HOWLHPSR
/DVVXVWDQFLDVUDGLDFWLYDVWUDEDMDQHPLWLHQGRSDUWtFXODVRUD\RVORVQ~FOHRVGHORViWRPRVTXHODV
FRPSRQHQHVWiQFRQVWDQWHPHQWHGHJHQHUDQGR\HVFXSLHQGRSDUWtFXODVDOIDEHWDRUD\RVJDPPDKDVWD
TXHDOFDQ]DQODHVWDELOLGDG
8QRGHORVSUREOHPDVGHODGHVLQWHJUDFLyQUDGLDFWLYDHVWDEDUHODFLRQDGRFRQHOWLHPSR3RUTXH
XQRVHSRGUtDSUHJXQWDUORVLJXLHQWH\KDVWDHQFRQWUDUXQDSDUDGRMDGHODQDWXUDOH]DORVQ~FOHRVVH
GHVLQWHJUDQ UDGLDFWLYDPHQWH SDUD DOFDQ]DU FRQILJXUDFLRQHV PiV HVWDEOHV \ QLYHOHV GH HQHUJtD PiV
EDMRVGHVSUHQGLpQGRVHGHSDUWtFXODVPROHVWDV
8Q Q~FOHR GH WRULR  SRU HMHPSOR VH VDFD GH HQFLPD XQD SDUWtFXOD DOID FRQ OR FXDO VH
FRQYLHUWHDOSHUGHUGRVSURWRQHV\GRVQHXWURQHVHQUDGLRTXHHVXQSRFRPiVHVWDEOHDXQTXH
VLJXHVLHQGRUDGLDFWLYR6HUPiVHVWDEOHQRHVPiVTXHXQDDVSLUDFLyQOHJtWLPDGHFXDOTXLHUQ~FOHR
ELHQSHQVDQWH\QRSRGHPRVUHSURFKDUOHDOWRULRQLDQLQJ~QRWURQ~FOHRTXHGHVHHKDFHUOR3HURSRU
TXpVHWRPDWDQWRWLHPSR"3RUTXpQRVHGHVLQWHJUDLQVWDQWiQHDPHQWH"3RUTXpDXQDSDUWtFXODDOID
OH SXHGH OOHYDU PLOORQHV GH DxRV DEDQGRQDU XQ Q~FOHR TXH QR OD TXLHUH \ TXH QR GHVHD VLQR
GHVSUHQGHUVHGHHOOD"
<VLQHPEDUJRHVDVt(QYH]GHVDFDUVHGHHQFLPDDOIDVEHWDV\RWUDV\HUEDVGHXQVDTXHFDGD
HOHPHQWR UDGLDFWLYR WLHQH VX SURSLD SDFLHQFLD VX ULWPR GH GHVLQWHJUDFLyQ XQ WLHPSR FDUDFWHUtVWLFR
TXHGHSHQGHGHpOVRODPHQWH\FX\DVFLIUDVVHFRFLQDQHQHOLQWHULRUGHOQ~FOHRFRPRVLWXYLHUDQXQ
UHORM\XQSURJUDPDLQWHUQR+D\Q~FOHRVTXHVHGHVLQWHJUDQHQFXHVWLyQGHKRUDV\RWURVFRPRHOGHO
WRULRRHOXUDQLRTXHWDUGDQPLOORQHVRPLOHVGHPLOORQHVGHDxRV
(VHWLHPSRFDUDFWHUtVWLFRTXHPLGHORTXHDFDGDQ~FOHROHFXHVWDGHVLQWHJUDUVHHOSUHFLR
WHPSRUDO GH VX OXFKD SRU OD HVWDELOLGDG VH GHQRPLQD SHUtRGR GH VHPLGHVLQWHJUDFLyQ R YLGD
PHGLDFRPRWDPELpQHVXVXDOGHELGRDXQDEXVRGHWUDGXFFLyQGHODVSDODEUDVKDOIOLIHGHOLQJOpV
< HO SHUtRGR GH VHPLGHVLQWHJUDFLyQ GH XQ Q~FOHR TXH HV FDUDFWHUtVWLFR GH pO \ VyOR GH pO HV HO
WLHPSRHQTXHXQDFLHUWDFDQWLGDGGHHVHHOHPHQWRWDUGDHQUHGXFLUVHDODPLWDG
3RU HMHPSOR HO SHUtRGR GH VHPLGHVLQWHJUDFLyQ GHO UDGLR  HV GH  DxRV 3XHV ELHQ VL
WHQHPRV GLH] JUDPRV GH UDGLR DO FDER GH  DxRV WHQGUHPRV FLQFR GHVSXpV GH RWURV 
WHQGUHPRV GRV \ PHGLR \ DVt VXFHVLYDPHQWH /R PLVPR RFXUULUtD VL KXELpUDPRV SDUWLGR GH XQD
WRQHODGDRGHXQPLOLJUDPR&DGDPLOVHLVFLHQWRVDxRVHOUDGLRH[LVWHQWHHQHOXQLYHUVRVHUHGXFHD
ODPLWDG&DGDHOHPHQWRUDGLDFWLYRWLHQHXQSHUtRGRFDUDFWHUtVWLFRTXHSXHGHVHUPX\YDULDGRHOGHO
XUDQLRHVGHFXDWURPLOTXLQLHQWRVPLOORQHVGHDxRVHOGHOSOXWRQLRGHPLOORQHVGHDxRV
HOGHOFORURGHWUHVFLHQWRVPLODxRVHOGHOVRGLRTXLQFHKRUDV\HOGHOKLGUyJHQRRWULWLRGH
GtDVHQWUHRWURV
(VWDSHFXOLDUUHODFLyQFRQHOWLHPSRKDWHQGLGRXQDLQHVSHUDGDPDQRDODKLVWRULDODDUTXHRORJtD
\ OD DQWURSRORJtD SURSRUFLRQiQGROHV XQ PpWRGR QRWDEOH \ HILFD] GH GDWDFLyQ GH DFRQWHFLPLHQWRV
SXHVWRTXHFDGDPDWHULDOUDGLDFWLYRWLHQHVXULWPRSURSLRGHGHVLQWHJUDFLyQHQFLHUWDPHGLGDVLUYH
FRPR UHORM &RPR HQ FDVL WRGD SRUFLyQ GH OD QDWXUDOH]D KD\ LVyWRSRV UDGLDFWLYRV VL XQR VDEH TXp
FDQWLGDGGHUDGLRGLJDPRVKDEtDHQXQDURFDRULJLQDULDPHQWHPLGLHQGRODFDQWLGDGTXHKD\DKRUD
HV GHFLU OD TXH QR VH GHVLQWHJUy SRGHPRV FDOFXODU OD HGDG GH OD URFD /RV PpWRGRV GH GDWDFLyQ
UDGLDFWLYRVSHUPLWLHURQHVWDEOHFHUHVFDODVGHWLHPSR\PHGLUHGDGHVTXHQXQFDDQWHVVHSHQVyTXH
VHSRGUtDQPHGLU

3HOLJURV
$OPLVPRWLHPSRTXHVHYLRTXHORVUD\RV;\HOUDGLRWHQtDQXQDOWRYDORUPpGLFR\FLHQWtILFRHQ
JHQHUDOVHHPSH]yDSHUFLELUTXHODVREUHH[SRVLFLyQSRGtDVHUSHOLJURVD(QPXULy&ODUHQFH
'DOO\HOD\XGDQWHGH(GLVRQTXHKDEtDVHJXLGRWUDEDMDQGRVREUHORVUD\RV;FRQYLUWLpQGRVHHQOD
SULPHUD YtFWLPD GH OD UDGLDFLyQ <D HQ  XQR GH ORV SLRQHURV GH OD UDGLRSURWHFFLyQ :LOOLDP
5ROOLQVDGYLUWLyHOSHOLJUR\DFRQVHMyH[SRQHUXQDSODFDIRWRJUiILFDDFDGDHTXLSRSRUVLHWHPLQXWRV
\VLVHYHODEDDXPHQWDUODSURWHFFLyQ(QORVPLHPEURVGHOD6RFLHGDG$PHULFDQDGH5D\RV
5RHQWJHQGXUDQWHVXUHXQLyQDQXDOHVFXFKDURQODOHFWXUDGHXQDODUJDOLVWDGHSHUVRQDVTXHKDEtDQ
VLGRDIHFWDGDVSRUHODEXVRGHORVUD\RV;\VHHQWHUDURQGHTXHODVFRPSDxtDVGHVHJXURVGHYLGD
HPSH]DEDQDFRQVLGHUDUFRQFXLGDGRODVSyOL]DVGHORVUDGLyORJRV
3HURORVUDGLyORJRVQRVHLPSUHVLRQDURQGHPDVLDGR+DEtDQDGTXLULGRODFRVWXPEUHGHPHGLU
OD SRWHQFLD GHO WXER GH UD\RV ; PHWLHQGR OD PDQR HQ HO KD] GH UD\RV HO WLHPSR TXH WDUGDED HQ
HQURMHFHUVHODSLHO\HOWDPDxRGHOD]RQDDIHFWDGDOHVGDEDXQDLGHDGHFyPRIXQFLRQDEDHOHTXLSR
(VWD SHOLJURVD SUiFWLFD VH DSOLFDED WDPELpQ HQ ORV OXJDUHV GH IDEULFDFLyQ GH ORV DSDUDWRV \ QR VH
LQWHUUXPSLyDUDt]GHODVSULPHUDVDGYHUWHQFLDVFRPRVXHOHVXFHGHUFXDQGRDSDUHFHXQDKHUUDPLHQWD
SRGHURVDQDGLHHVWDEDPX\GLVSXHVWRDOLPLWDUVHHQVXXVR/RVUD\RV;HUDQGHPDVLDGR~WLOHVFRPR
SDUD DPDUURFDUORV $GHPiV ORV GDWRV VREUH HIHFWRV \ SRVLEOHV PHGLGDV GH SURWHFFLyQ HUDQ
FRPSOHWDPHQWH LPSUHFLVRV QR H[LVWtD XQD JXtD DGHFXDGD SDUD SURWHJHUVH \ QDGLH SRGtD GHFLU D
FLHQFLD FLHUWD FXiQWD SURWHFFLyQ H[DFWDPHQWH KDFtD IDOWD 0XFKRV UDGLyORJRV VH QHJDURQ LQFOXVR D
EOLQGDU ORV WXERV GH UD\RV ; H LQFOXVR KXER TXLHQ WUDWy GH TXH VH GHVWHUUDUD OD SDODEUD
TXHPDGXUDV SDUD UHIHULUVH D ORV GDxRV GH OD UDGLDFLyQ 5D]RQHV" 3RGUtD DKX\HQWDU D OD JHQWH \
GHWHQHUHOSURJUHVRGHXQDGLVFLSOLQDWHUULEOHPHQWHSURPLVRULD$OILQ\DOFDERORVUD\RV;HVWDEDQ
VDOYDQGRPLOHVGHYLGDV
'XUDQWHOD3ULPHUD*XHUUD0XQGLDOFXDQGRORVUD\RV;PRVWUDURQWRGDVXSRWHQFLD\HIHFWLYLGDG
ODV SURSLDV QHFHVLGDGHV EpOLFDV KLFLHURQ TXH QR VH WRPDUDQ PHGLGDV SUHFDXWRULDV DGHPiV GH
WUDVODGDUORVHTXLSRVVREUHFDUJDUORVFRQEOLQGDMHVSDUHFtDLPSRVLEOH\SUREDEOHPHQWHPXFKRVGH
ORVUDGLyORJRVGHJXHUUDKD\DQVXIULGRSRUHVR
1DWXUDOPHQWH HUD FLHUWR TXH ORV UD\RV ; VDOYDEDQ PLOHV GH YLGDV \ DKRUUDEDQ LQILQLWRV
VXIULPLHQWRVSHURHODUJXPHQWRQRHUDLQFRPSDWLEOHFRQPHGLGDVDGHFXDGDVTXHSHUPLWLHUDQVDOYDU
D~QPiVYLGDV
$OJRSDUHFLGRRFXUUtDFRQODUDGLDFWLYLGDG(QDEULOGH%HFTXHUHOOHVSLGLySUHVWDGRDORV
&XULHXQWXERTXHFRQWHQtDUDGLRTXHOOHYyGXUDQWHVHLVKRUDVHQXQEROVLOOR/XHJRGHVFXEULyTXHOH
KDEtDTXHPDGRODSLHODWUDYpVGHODURSD\SURGXFLGRXQDKHULGDPX\SDUHFLGDDODVTXHPDGXUDV
TXHFDXVDEDODVREUHH[SRVLFLyQDORVUD\RV;(OSURSLR3LHUUH&XULHLQYHVWLJyHODVXQWRH[SRQLHQGR
VXVEUD]RVDODUDGLDFLyQ\FRPSUREyTXHHIHFWLYDPHQWHHOUDGLRSURGXFtDTXHPDGXUDV
6L ELHQ \D VH PRVWUDED FRPR XQD KHUUDPLHQWD HIHFWLYD FRQWUD HO FiQFHU VH DEXVDED GH OD
UDGLDFWLYLGDG\VHODXVDEDFRPRWHUDSLDHQHOFDVRGHXQPRQWyQGHVLQWRPDWRORJtDV\HQIHUPHGDGHV
FRQWUD ODV FXDOHV SRFR \ QDGD WHQtD TXH KDFHU < FRPR VLHPSUH IXQFLRQy OD QHJDFLyQ HQ  OD
UHYLVWDPpGLFD5DGLXPVRVWHQtDTXHHOUDGLRQRWHQtDHIHFWRWy[LFRDOJXQR

8QDHVWDELOL]DFLyQSUHFDULD
3HUR HO H[FHVR GH FRQILDQ]D DGTXLULGR GXUDQWH OD JXHUUD SURGXFtD FDGD YH] PiV PXHUWHV HQWUH ORV
UDGLyORJRV\HOSHUVRQDODX[LOLDUTXHWUDEDMDEDFRQHOORV(QORVDxRVYHLQWHVHSURGXMRHOHVFiQGDOR
GHODVSLQWRUDVGHUHORMHVHQYHQHQDGDVFRQUDGLRTXHYDOHODSHQDFRQWDU
(OUDGLRFRPR\DVDEHQWHQtDODDWUDFWLYDFDSDFLGDGGHEULOODUHQODRVFXULGDGORFXDOVXJHUtD
PXFKDVDSOLFDFLRQHVFRPHUFLDOHV8QDGHHOODVIXHODGHORVUHORMHVGHOD865DGLXP&RUSRUDWLRQ
FX\RVGLDOHVHUDQSLQWDGRVDPDQRFRQXQDPH]FODGHUDGLR\VXOIXURGH]LQFSRUXQFRQMXQWRGH
SLQWRUDV /DV PXMHUHV SLQWDEDQ UiSLGDPHQWH \D TXH FREUDEDQ SRU SLH]D SHUR HQFRQWUDEDQ WLHPSR
SDUD EURPHDU HQWUH HOODV \ SLQWDUVH ORV GLHQWHV R ODV XxDV SDUD TXH EULOODUDQ FXDQGR ODV OXFHV VH
DSDJDUDQ$GHPiVSDUDORJUDUXQDSUHFLVLyQVXSHULRUDILQDEDQORVSLQFHOHVGHSHORGHFDPHOORFRQ
ORVODELRV
+DFLDQXHYHGHODVSLQWRUDVGHUHORMHVGHOD865DGLXP&RUSRUDWLRQKDEtDQPXHUWRGH
GLYHUVDVFDXVDVTXHLEDQGHVGHXQD~OFHUDHQHOHVWyPDJRKDVWDQHFURVLVGHODPDQGtEXOD6LELHQ
XQDSULPHUDLQYHVWLJDFLyQDEVROYtDDODHPSUHVDGHWRGDFXOSD\DTXHVHJ~QH[SOLFDEDHOUDGLRQR
HUDWy[LFRXQDUWtFXORSXEOLFDGRHQHO-RXUQDORIWKH$PHULFDQ'HQWDO$VVRFLDWLRQUHYHODEDTXHVH
KDEtDREVHUYDGRXQFDVRGHLQIHFFLyQHQODPDQGtEXODFDXVDGRSRUVXVWDQFLDVUDGLDFWLYDVXVDGDVHQ
ODPDQXIDFWXUDGHUHORMHVOXPLQRVRV
(QPD\RGHXQQXHYRLQIRUPHDVHJXUDEDTXHORVFDVRVHUDQFDXVDGHHQYHQHQDPLHQWRSRU
UDGLRXQQXHYRWLSRGHHQIHUPHGDG
/DFRPSDxtDHQWDQWRKDEtDHQFDUJDGRVXSURSLDLQYHVWLJDFLyQDXQHTXLSRGHOD8QLYHUVLGDGGH
+DUYDUG &XDQGR ORV LQYHVWLJDGRUHV OOHJDURQ D OD SODQWD GHFLGLHURQ VDFDU D ODV WUDEDMDGRUDV GH OD
OXPLQRVDVDODGRQGHWUDEDMDEDQ\OOHYDUODVDKDELWDFLRQHVHQSHQXPEUDV/DVHPSOHDGDVEULOODEDQ
HQODRVFXULGDG8QDSUXHEDKHFKDDHPSOHDGRVUHYHOyTXHQLQJXQRWHQtDODFDQWLGDGQRUPDOGH
JOyEXORVURMRV(QPD\RGHODDXWRSVLDGHGRVSLQWRUDVGHUHORMHVGHPRVWUyDOWRVQLYHOHVGH
UDGLDFWLYLGDG HQ KXHVRV \ yUJDQRV 6H GHPRVWUy TXH OD SLQWXUD TXH HUD WUDJDGD VH DFXPXODED HQ
GLYHUVRVyUJDQRVLUUDGLDQGR\GDxDQGRODVFpOXODVFHUFDQDV3HURVREUHWRGRVHHQFRQWUySRUTXp
KDEtDQSUROLIHUDGR ORVWUDWDPLHQWRVTXH KDFtDQGHODUDGLDFWLYLGDGXQD SDQDFHD HOHQYHQHQDPLHQWR
UDGLDFWLYRSRGtDFRPHQ]DUFRQXQDDSDULHQFLDGHEXHQDVDOXG\DTXHHQHIHFWRODSULPHUDUHDFFLyQ
GHOFXHUSRHVODVREUHSURGXFFLyQGHJOyEXORVURMRV
&RQ FDVRV WDQ HVWUHPHFHGRUHV D OD YLVWD HQ OD GpFDGD GHO YHLQWH HPSH]DURQ D LQVLQXDUVH ODV
SULPHUDVPHGLGDVGHSURWHFFLyQ(QOD6RFLHGDG$PHULFDQDGH5D\RV;IRUPyXQFRPLWpDILQ
GHUHFRPHQGDUPHGLGDVGHSURWHFFLyQTXHVHSXEOLFDURQHQ$VXYH]HO&RPLWp%ULWiQLFRSDUD
OD3URWHFFLyQGHORV5D\RV;\HO5DGLRKL]RS~EOLFDVVXVSULPHUDVUHFRPHQGDFLRQHVHQVH
HVSHFLILFy FXiQWD SURWHFFLyQ HQ SORPR WHQtDQ TXH WHQHU ORV WXERV HO JUXHVR GH ODV SDUHGHV GH ORV
OXJDUHVGRQGHVHJXDUGDEDUDGLR\HO WDPDxR\HOFRORUQHJURHQ TXHGHEtDQSLQWDUVH ORVOXJDUHV
GRQGHVHSUDFWLFDEDUDGLRORJtDSDUDTXHORVUD\RVQRVHUHIOHMDUDQ
3HUR OD GRVLV GH HQURMHFLPLHQWR TXH HUD OD GRVLV QHFHVDULD SDUD TXH OD SLHO VH HPSH]DUD D
HQURMHFHUGHOPLVPRPRGRTXHRFXUUHFXDQGRQRVVREUHH[SRQHPRVDOVRO\TXHGXUDQWHPXFKR
WLHPSRIXHODPHGLGDPiVSRSXODUGHORVHIHFWRVGHODUDGLDFLyQHUDPX\LPSUHFLVD\ODJHQWHWDQWR
ORV UDGLyORJRV FRPR ORV DX[LOLDUHV \ ORV SDFLHQWHV VHJXtD VXIULHQGR ORV GDxRV (Q  $UWKXU
0XVWFKHOOHULQLFLyXQDLQYHVWLJDFLyQ\FRQFOX\yTXHHOFXHUSRKXPDQRSRGtDWROHUDUXQDH[SRVLFLyQ
GH  GH GRVLV GH HQURMHFLPLHQWR SRU PHV (VD GRVLV GH WROHUDQFLD VHJ~Q 0XVWFKHOOHU QR
SURGXFtDGDxRDORVWUDEDMDGRUHVGHODUDGLDFLyQ$XQTXHLPSUHFLVR\DTXHODLQYHVWLJDFLyQQR
KDEtDVLGRXOWUDUULJXURVD\DHUDXQSULPHUOtPLWHGHVHJXULGDGDOTXHFRQWULEX\yFRQXQDFLIUDPX\
VLPLODUHOVXHFR5ROI6LHYHUWHQ'XUDQWHHO3ULPHU&RQJUHVR,QWHUQDFLRQDOGH5DGLRORJtDGH
 DXQTXH QR VH WRPDURQ PHGLGDV HIHFWLYDV VH YLR OD QHFHVLGDG GH GHILQLU XQLGDGHV (Q HO
&RQJUHVR,QWHUQDFLRQDOGH5DGLRORJtDGHVHDGRSWyHOURHQWJHQFRPRXQLGDGLQWHUQDFLRQDOGH
H[SRVLFLyQDODUDGLDFLyQTXHVHGHILQtDFRPRODFDQWLGDGGHUDGLDFLyQQHFHVDULDSDUDSURGXFLUXQD
GHWHUPLQDGDFDQWLGDGGHLRQHVHQXQDGHWHUPLQDGDFDQWLGDGGHDLUH6REUHHOUDGLRVHUHFRPHQGy
TXH HVWXYLHUD ELHQ EOLQGDGR TXH VH PDQHMDUD VyOR PHGLDQWH SLQ]DV \ TXH VH JXDUGDUD HQ FDMDV GH
SORPR \ VH HVSHFLILFDURQ PHGLGDV GH KLJLHQH HQ ORV OXJDUHV GH WUDEDMR DXQTXH QR VH LQFOXtDQ
UHIHUHQFLDVDODVGRVLVGHWROHUDQFLD6HFUHyVLQHPEDUJRHO&RPLWp,QWHUQDFLRQDOGH3URWHFFLyQ
GH ORV 5D\RV ; \ HO 5DGLR TXH DKRUD VH OODPD ,&53 &RPLVLyQ ,QWHUQDFLRQDO GH 3URWHFFLyQ
5DGLROyJLFD
(Q  VH FDOFXOy TXH XQD GRVLV GH HQURMHFLPLHQWR HUD  URHQWJHQ 5HFLpQ HQ PDU]R GH
HO&RPLWp,QWHUQDFLRQDOGH5D\RV;\5DGLRDGRSWyHOOtPLWHGH0XWVFKHOOHUURHQWJHQSRU
PHVRSRUGtD
0LHQWUDVWDQWRHQHO0DVVDFKXVHWWV,QVWLWXWHRI7HFKQRORJ\VHLQLFLDEDQHVWXGLRVVHULRVVREUHHO
HIHFWRGHODUDGLDFLyQHQDQLPDOHV\VHUHVKXPDQRV+DFLDHO0,7KDEtDHVWXGLDGRSHUVRQDV
H[SXHVWDV DO UDGLR \ FXDQGR HO  GH IHEUHUR VH UHXQLy XQ FRPLWp DG KRF TXH UHYLVy ORV FDVRV
HQFRQWUyTXHDTXHOORVTXHWHQtDQPHQRVGHPHGLRPLOORQpVLPRGHFXULHXQDXQLGDGTXHUHSUHVHQWDED
ODFDQWLGDGGHUDGLDFLyQHPLWLGDSRUXQJUDPRGHUDGLRHQXQVHJXQGRHQVXFXHUSRQRKDEtDQVXIULGR
GDxRVPLHQWUDVTXHVtORVKDEtDQSDGHFLGRTXLHQHVDOEHUJDEDQHQHOFXHUSRPiVGHPLOORQpVLPR
(OOtPLWHGHPLOORQpVLPRGHFXULHVHXVyFRPRWRSH\HOGHPLOORQpVLPRGHPLOORQpVLPRGH
FXULHSRUOLWURGHDLUHFRPROtPLWHSDUDHOUDGyQ(QORV(VWDGRV8QLGRVVHHVWDEOHFLyHOOtPLWHGH
URHQWJHQSRUGtDSDUDODUDGLDFLyQ;\JDPPD
)LQDOPHQWHVHHVWDEDOOHJDQGRDODDGRSFLyQGHPHGLGDVTXHSHUPLWLHUDQXWLOL]DUORVEHQHILFLRV
GH OD UDGLDFLyQ VLQ VXIULU VXV ULHVJRV $XQTXH OD KLVWRULD GH OD SURWHFFLyQ UDGLROyJLFD UHFLpQ
HPSH]DEDHQORVDxRVWUHLQWDVHOHYDQWyHQ+DPEXUJRXQPRQXPHQWRDORVPiUWLUHVGHODUDGLDFLyQ
'H PRGR TXH KDFLD ORV DxRV WUHLQWD HO HVWXGLR GH ODV UDGLDFLRQHV VH KDEtD HVWDELOL]DGR \D VH
VDEtD PiV R PHQRV ELHQ TXp FDQWLGDG HUD GDxLQD \ FXiO LQRIHQVLYD \ OD SURWHFFLyQ UDGLROyJLFD
VDOYDJXDUGDEDODYLGD\ODLQWHJULGDGItVLFDGHORVUDGLyORJRV
3RFRPiVWDUGHVHFHUQLyVREUHHOPXQGRODRPLQRVDVRPEUDGHODERPEDDWyPLFDODQ]DGDVREUH
+LURVKLPDTXHGDUtDDWRGRXVRGHODUDGLDFWLYLGDGLQFOXVRDOPiVSDFtILFRXQWLQWHLQGHOHEOHGH
PLWREpOLFR
3HURpVDHV\DRWUDKLVWRULD
 &$378/2

(ODQKHORGHODFRQVHUYDFLyQ\ODOH\GHOH\HV

(OVLJOR;,;IXHHOGHODVJUDQGHVWHRUtDVDEDUFDGRUDV\DYLPRVDOJXQDVGHHOODVFRPRODWHRUtDGHOD
HYROXFLyQODWHRUtDFLQpWLFDGHOFDORURODWHRUtDDWyPLFDTXHKDEUtDGHFRQYHUWLUVHHQHOHVSLQD]RGH
OD TXtPLFD /D VHQVDFLyQ TXH SRGtD WHQHU XQ FLHQWtILFR GH OD pSRFD HV TXH VH HVWDED DFFHGLHQGR DO
VXVWUDWRTXHDQLGDSRUGHEDMRGHORUHDO\VHHVWDEDQHQFRQWUDQGRVXVOH\HVIXQGDPHQWDOHV
3HUR\DQRVHWUDWDEDGHXQVXVWUDWRDOHVWLORSODWyQLFRXQPXQGRLGHDOGHOFXDOHOQXHVWURHVXQD
VXHUWH GH LPDJHQ WHUUHQDO SRU SUR\HFFLyQ VLQR GH XQ VXVWUDWR JHRPpWULFR H LQYDULDQWH
RQWROyJLFDPHQWHSUHYLRDORVIHQyPHQRVSDUWLFXODUHVXQHVSDFLRGRQGHORVIHQyPHQRVH[LVWHQHQ
VX IRUPD SXUD \ GHO FXDO VH SXHGH WHQHU XQ DWLVER R ELHQ SRU PHGLR GHO ODERUDWRULR TXH HV XQD
YHQWDQDDELHUWDKDFLDpORELHQSRUPHGLRGHHVHRWURODERUDWRULRDEVWUDFWRSHUIHFWR\PHQWDOTXH
VRQODVPDWHPiWLFDVUHLQRGHODYHUGDG\ODFHUWH]DSRUH[FHOHQFLDGHGRQGHUHVXOWDHOPXQGR
UHDOSRUDFXPXODFLyQFRQIXVLyQ\PH]FODGHIHQyPHQRV
(Q UHDOLGDG OD E~VTXHGD GH ORV LQYDULDQWHV GH DTXHOOR TXH SHUPDQHFH IUHQWH D ORV FDPELRV
FRQWLQJHQWHV R D ORV WULVWHV FLFORV GH QDFLPLHQWR FUHFLPLHQWR \ PXHUWH GH OR TXH YHUGDGHUDPHQWH
H[LVWH GH ORV DQGDPLRV RVFXURV \ SDOSLWDQWHV TXH VRVWLHQHQ HO HGLILFLR GH OD UHDOLGDG KDEtD
HPSH]DGRFXDQGRHPSH]yODFLHQFLD%DVWDSDUDGHPRVWUDUORUHFRUGDUHODJXDGH7DOHVHOiSHLURQ
HODLUHGHORVPLOHVLRVHO6HUGH3DUPpQLGHVORViWRPRVGH'HPyFULWR\/HXFLSRHOSURSLRPXQGR
GHODVLGHDVGH3ODWyQRODPX\JHQHUDOL]DGD\SLWDJyULFDFUHHQFLDGHTXHODVPDWHPiWLFDVVXEWLHQGHQ
ODHVWUXFWXUDGHORUHDO
/D (GDG 0HGLD QR WXYR GHPDVLDGR SUREOHPD FRQ HVWH DVXQWR \D TXH HO VXVWUDWR HUD HO 'LRV
FULVWLDQR XQD SRVWXUD PDQWHQLGD WDQWR SRU OD IH FRPR SRU OD FRDFFLyQ YLVLEOH R LQYLVLEOH GH ODV
IXHU]DVTXHGRPLQDEDQODSROtWLFDOD,JOHVLD\HO,PSHULRHQWUHRWUDV
3HURFRQODFLHQFLDPRGHUQDWRGRFDPELy

/DE~VTXHGDGHLQYDULDQWHV'HVFDUWHV\/HLEQL]
3RUTXH DSHQDV OD FLHQFLD VH VHSDUy GH OD ILORVRItD \ GH OD UHOLJLyQ VLQ URPSHU ODQ]DV GHO WRGR OD
E~VTXHGD GH LQYDULDQWHV DEDQGRQy OR PHWDItVLFR \ VH YROFy KDFLD OR ItVLFR \ OR JHRPpWULFR /RV
LQYDULDQWHV GH ORV 3ULQFLSLD GH 1HZWRQ IXHURQ HO HVSDFLR DEVROXWR VLHPSUH LJXDO H LGpQWLFR D Vt
PLVPR\HOWLHPSRPDWHPiWLFRTXHIOXtDVREUHWRGRHOXQLYHUVR8QDGLVWDQFLDHVSDFLDOHUDVLHPSUH
XQDGLVWDQFLDHVSDFLDO\XQLQWHUYDORGHWLHPSRHUDVLHPSUHXQLQWHUYDORGHWLHPSRVHPLGLHUDGHVGH
GRQGHVHPLGLHUD<QDWXUDOPHQWHODVOH\HVGHOPRYLPLHQWR\OD/H\GH*UDYLWDFLyQ
3HURDQWHVKDEtDKDELGRXQDSRVWXODFLyQGH'HVFDUWHVTXHFRQVLGHUDEDTXH'LRVKDEtDSXHVWRXQD
FLHUWDFDQWLGDGGHPRYLPLHQWRDOFUHDUHOPXQGR\TXHHVRHUDORTXHSHUPDQHFtDVLHPSUHFRQVWDQWH
'HILQtD HVD FDQWLGDG FRPR HO SURGXFWR GH OD PDVD SRU OD YHORFLGDG \ DXQTXH QR VH UHIHUtD D OD
FRQVHUYDFLyQHQUHODFLyQFRQDOJ~QIHQyPHQRSDUWLFXODUFRPRHOGHOFKRTXHGHODVERODVGHELOODU
TXH HVWXGLy \ GHVFULELy FRQ SRFR WLQR SURSRQtD TXH 'LRV KDEtD FUHDGR OD PDWHULD \ OD KDEtD
RUJDQL]DGRGRWiQGRODGHXQPRQWRLQYDULDEOHFRQVWDQWH\HWHUQRGHPRYLPLHQWR\UHSRVR
/DVGHGXFFLRQHVGH'HVFDUWHVVHGHULYDEDQJHQHUDOPHQWHPiVGHSULQFLSLRVPHWDItVLFRVTXHGH
RWUDFRVD\DFDVRHVRH[SOLTXHODFXULRVLGDGGHTXHHQSOHQRVLJOR;9,,GLVWLQJXLHUDWDMDQWHPHQWHHO
PRYLPLHQWR\HOUHSRVRVREUHWRGRVLWHQHPRVHQFXHQWDTXHKDEtDOHtGRFXLGDGRVDPHQWHD*DOLOHR
TXLHQFRPRUHFRUGDUiQKDEtDGHMDGRELHQHQFODURTXHHOPRYLPLHQWR\HOUHSRVRQRHUDQGRVHVWDGRV
VXVWDQFLDOPHQWHGLIHUHQWHVVLQRUHODWLYRVDOREVHUYDGRUGHPRGRTXHORTXHHVWiHQUHSRVRSDUDXQ
REVHUYDGRUSXHGHHVWDUHQPRYLPLHQWRSDUDRWUR\YLFHYHUVD
0iV DOOi GH VXV HUURUHV PHFiQLFRV R D SHVDU GH HOORV R TXLpQ SXHGH VDEHUOR" WDO YH]
JUDFLDVDHOORV'HVFDUWHVHQXQFLyHOHVER]RGHORTXHHQItVLFDVHOODPDXQDOH\GHFRQVHUYDFLyQHV
GHFLUODLGHDGHTXHDWUDYpVGHFXDOTXLHUFDPELRPHFiQLFRKD\DOJRXQDFDQWLGDGTXHSHUPDQHFH
LQYDULDEOHHQVXFDVRODFDQWLGDGGHPRYLPLHQWR
2WUD GH ODV JUDQGHV ILJXUDV GH OD ItVLFD GH DTXHOORV WLHPSRV &KULVWLDDQ +X\JHQV OOHJy D XQD
FRQFOXVLyQ GLIHUHQWH DVHJXUy TXH OD FDQWLGDG GH PRYLPLHQWR VyOR VH FRQVHUYDED VL VH WRPDEDQ HQ
FXHQWD ODV GLUHFFLRQHV \ VHQWLGR GH ODV YHORFLGDGHV OR FXDO WRUQDED WRGR GHPDVLDGR FRPSOLFDGR
,QWURGXMRHQWRQFHVRWUDFDQWLGDG

/DVXPDGHORVSURGXFWRVHQWUHODPDVD\HOFXDGUDGRGHODYHORFLGDGGHFDGDFXHUSRHVOD
PLVPDDQWHV\GHVSXpVGHOFKRTXH

(VGHFLUODPDVDSRUODYHORFLGDGDOFXDGUDGRDQWHVGHOFKRTXHGHEtDGDUORPLVPRTXHODPDVD
SRUODYHORFLGDGDOFXDGUDGRGHVSXpV(VDFDQWLGDGVHFRQVHUYDED\HUDXQQ~PHURGHPRGRTXHVH
SRGtDSUHVFLQGLUGHODQiOLVLVGHODVGLUHFFLRQHV\VHQWLGRVHVQLPiVQLPHQRVHOGXSORGHORTXH
KR\OODPDPRVHQHUJtDFLQpWLFDTXHQRHVH[DFWDPHQWHPYVLQRPY
(OVLJXLHQWHDFWRUGHOGUDPDGHODFRQVHUYDFLyQIXHHOJUDQILOyVRIR\FLHQWtILFR*RWWIULHG/HLEQL]
 /HLEQL] FRPR 'HVFDUWHV UD]RQDED D SDUWLU GH SRVWXUDV PHWDItVLFDV JHQHUDOHV SHUR
HVWDED XQ SRFR PiV DWHQWR D ORV SURJUHVRV GH OD ItVLFD PRGHUQD DO DGRSWDU OD UHODWLYLGDG GHO
PRYLPLHQWRHQXQFLDGDSRU*DOLOHRUHFKD]DEDODSRVLELOLGDGGHTXHHOVXVWUDWRGHORUHDOIXHUDDOJR
UHODWLYRDOREVHUYDGRU\MXVWDPHQWHHOPRYLPLHQWRORHUDSHURFRQWLQXDEDVRVWHQLHQGRTXHWHQtDTXH
KDEHUDOJRTXHYHUGDGHUDPHQWHH[LVWLHUDGHPDQHUDDEVROXWD(VHDOJRVXVWUDWRLQFRQIXQGLEOHGHOR
UHDOHUDODIXHU]DLQKHUHQWHDODPDWHULD\TXHVXEVLVWtDSRUIXHUDGHWRGRPRYLPLHQWR
$VtSXHVOODPyDODFDQWLGDGHQFXHVWLyQIXHU]DYLYD\FRQVLGHUyTXHVHWUDWDEDGHXQSULQFLSLR
JHQHUDOGHODItVLFDHOSULQFLSLRGHFRQVHUYDFLyQGHODVIXHU]DVYLYDV/DIXHU]DYLYDHUDODFDXVD
GHO PRYLPLHQWR OD FDSDFLGDG GH DFWXDU TXH SHUPLWtD HO SDVDMH GH OD PHWDItVLFD D OD QDWXUDOH]D
$QDOL]DQGRFXLGDGRVDPHQWHHOIHQyPHQRGHODFDtGDGHORVFXHUSRV/HLEQL]VRVWXYRTXHODFDQWLGDG
SURSXHVWD SRU +X\JHQV VH FRQVHUYDED HQ WRGRV ORV FDVRV /R TXH SHUPDQHFH LQYDULDQWH HQ WRGR
FDPELRPHFiQLFRHVHOSURGXFWRHQWUHODPDVDGHOFXHUSR\HOFXDGUDGRGHVXYHORFLGDG
/DFRQVHUYDFLyQGHODFDQWLGDGGHPRYLPLHQWRRGHODYLVYLYDVHJ~QGHPRVWUy'$OHPEHUW
SRGtDGHGXFLUVHPDWHPiWLFDPHQWHDSDUWLUGHODOH\GH1HZWRQ$VtTXHGyHVWDEOHFLGRXQSULQFLSLR
JHQHUDOHQODPHFiQLFDIXQGDPHQWDOSDUDORVItVLFRVGHXQDpSRFDHQTXHMXVWDPHQWHODPHFiQLFDHUD
HOFHQWURGHODItVLFD\GHWRGDUHIOH[LyQVREUHODQDWXUDOH]D
 6H KDEtD FRQVHJXLGR XQ SULQFLSLR GH FRQVHUYDFLyQ SHUR TXp SDVDED IXHUD GH OD PHFiQLFD"
3RUTXHVLELHQHUDODHVWUHOODFRPR\DOHV GLMHQRHUD OD~QLFD UDPDGH ODItVLFDVLQRTXH HVWDED
URGHDGDSRUPXFKDVRWUDVSRUHMHPSORODTXHHVWXGLDEDHOFDORURODTXHHVWXGLDEDODHOHFWULFLGDG
(PSH]y D GLEXMDUVH HQWRQFHV OD LGHD GH TXH OD OH\ GH FRQVHUYDFLyQ GH OD IXHU]D YLYD KDEtD TXH
H[WHQGHUOD D RWURV WHUUHQRV < DVt OOHJDPRV DO VLJOR ;,; FX\R UHFRUULGR GLR SDVR HQ FLQFXHQWD R
VHVHQWD DxRV KDFLD OD FRQTXLVWD GH XQD IRUPXODFLyQ YHUGDGHUDPHQWH XQLYHUVDO GH FRQVHUYDFLyQ OD
OH\GHOH\HVHOSULQFLSLRGHFRQVHUYDFLyQGHODHQHUJtD
9HDPRVFyPRVHOOHJyKDVWDDOOt

/DFDXVDGH0D\HU
-XOLXV5REHUW0D\HUHVWXGLyPHGLFLQDHQ7ELQJHQYLVLWy3DUtVFXDQGRORH[SXOVDURQ
GXUDQWHXQDxRGHODXQLYHUVLGDG\VHHPEDUFyHQXQQDYtRKRODQGpVUXPERD-DYDFRPRPpGLFRGH
D ERUGR $OOt REVHUYy XQ IHQyPHQR LQWHUHVDQWH \ TXH OR VRUSUHQGLy DO VDQJUDU HO IDWtGLFR VLVWHPD
WHUDSpXWLFR GH ODV VDQJUtDV TXH VH DSOLFDED VLQ WRQ QL VRQ \ TXH SURGXFtD ORV FRQVHFXHQWHV
GHVDVWUHVDOVDQJUDUGHFtDDORVWULSXODQWHVHOURMRGHODVDQJUHHUDPiVLQWHQVRTXHHQ(XURSD/R
FRPSUREyFRQVXSURSLRFXHUSRWDPELpQ\FRQVLGHUyTXHHUDXQIHQyPHQRTXHYDOtDODSHQDH[SOLFDU
RSRUORPHQRVWUDWDUGHKDFHUOR/DREVHUYDFLyQIXHIRUWXLWDGHVGH\DSHURORLPSRUWDQWHHUDWHQHU
XQDPHQWHDOHUWDSDUDSHVFDUOD5HFRUGHPRVHVWDDQpFGRWDSRUPiVTXHSDUH]FDTXHQRWLHQHQDGD
TXHYHUFRQHODVXQWRGHODFRQVHUYDFLyQSRUTXH\DODUHWRPDUHPRVPiVDGHODQWH
&XDQGRYROYLyD(XURSDSXEOLFyXQWUDEDMR6REUHODGHWHUPLQDFLyQFXDQWLWDWLYD\FXDOLWDWLYDGH
ODV IXHU]DV TXH IXH SUROLMDPHQWH LJQRUDGR 'HVSXpV VH RULHQWy DO HVWXGLR GHO FDORU \ GHO
PRYLPLHQWR 3HUR HQ  HVFULELy XQ VHJXQGR DUWtFXOR 2EVHUYDFLRQHV VREUH ODV IXHU]DV
LQRUJiQLFDV GH OD QDWXUDOH]D GRQGH VH SODQWHDED GRV LQWHUURJDQWHV EiVLFRV TXp HQWHQGHPRV SRU
IXHU]D"\FyPRVHUHODFLRQDQODVGLVWLQWDVIXHU]DVHQWUHVt"
<VREUHWRGRTXpRFXUUHFXDQGRHOPRYLPLHQWRQRGDOXJDUDOPRYLPLHQWR"4XpSDVDFXDQGR
XQFXHUSRFDHGHVGHFLHUWDDOWXUD\VHGHWLHQHDOFKRFDUFRQODWLHUUD"/DSUHJXQWDHUDHQYHUGDGTXp
HUDORTXHRFXUUtDFXDQGRVHVDOtDGHOPXQGRGHODPHFiQLFD
$FODUHPRVXQDFRVD0D\HUOODPDEDIXHU]DDXQFRQFHSWRTXHQRWHQtDGHOWRGRFODUR\TXHQR
VHKDEtDJHQHUDOL]DGRSHURTXH\DKDEtDVLGRSURSXHVWR\WHQtDVXQRPEUHDXQTXHpOQRORVDEtD/D
SDODEUD KDEtD VLGR ODQ]DGD SRU 7KRPDV <RXQJ HO PLVPR GHO H[SHULPHQWR GH ODV GRV UDQXUDV TXH
H[SOLFyHOIHQyPHQRGHODGLIUDFFLyQQRORGLMHHQVXPRPHQWRSHURYDOHODSHQDDFODUDUTXH<RXQJ
HUD XQ YHUGDGHUR HVStULWX XQLYHUVDO GH DTXHOORV TXH LQGDJDQ HQ WRGRV ORV WHUUHQRV SRVLEOHV GHO
VDEHU (O FDVR HV TXH <RXQJ KDEtD SURSXHVWR XQD SDODEULWD IXQGDPHQWDO HQ  SDUD UHIHULUVH DO
WUDEDMRSRWHQFLDODOPDFHQDGRHQODVFRVDVTXHUiSLGDPHQWHVHDSOLFyDFXDOTXLHUIHQyPHQRHQHOTXH
VHRSHUDUDXQDFRQYHUVLyQHQWUDEDMR
'HFtD<RXQJ

/DSDODEUDHQHUJtDSXHGHVHUDSOLFDGDFRQPD\RUSURSLHGDGDOSURGXFWRHQWUHODPDVDRHO
SHVRGHXQFXHUSR\HOFXDGUDGRGHOQ~PHURTXHH[SUHVDVXYHORFLGDG
 (VGHFLU<RXQJSURSRQtDOODPDUHQHUJtDUHVDOWHPRVHOWpUPLQRTXHYHUHPRVDGTXLULUODPiV
DOWD JHQHUDOLGDG HQ FLHQFLD D~Q PiV TXH OD IXHU]D GH JUDYLWDFLyQ OR FXDO HV GHFLU PXFKR D OD
FDQWLGDGTXH/HLEQL]OODPDEDYLVYLYDTXH0D\HUOODPDEDIXHU]D\DODTXHQRVRWURVFRPR\D
OHVGLMHOODPDPRVHQHUJtDFLQpWLFD
0D\HUHVWDEDIRUPXODQGRXQFRQFHSWRTXHVHFRQYHUWLUtDHQODSLHGUDEDVDOGHODItVLFDGHOVLJOR
;,; < FRPR RFXUUH D PHQXGR HQ OD FLHQFLD OR KDFtD WDQWHDQGR HVSHFXODQGR SHQVDQGR VLQ WHQHU
WRWDOPHQWHHQFODURODVFRVDV(UDHQHVWHVHQWLGREDVWDQWHWUDQVSDUHQWHHQVXVHVFULWRV

6pGHTXpKDEORFXDQGRGLJRPDWHULDSHURQRFXDQGRGLJRIXHU]D6LGHXQREMHWRDILUPRTXH
HV PDWHULDO TXLHUR GHFLU TXH SRVHH XQDV FXDOLGDGHV ELHQ GHILQLGDV FRPR HO SHVR R OD
H[WHQVLyQ 3HUR OD QRFLyQ GH IXHU]D FRQOOHYD OD LGHD GH DOJR GHVFRQRFLGR KLSRWpWLFR 3XHV
ELHQ\R-XOLXV0D\HUSURSRQJRDTXtXQDGHILQLFLyQODVIXHU]DVVRQFDXVDV<DQWHVGHTXH
REMHWHQ TXH HQ HO FDPELR VHPiQWLFR QR JDQp QDGD OHV GHVFXEUR PLV LQWHQFLRQHV TXLHUR
DSOLFDUDODVIXHU]DVHOSULQFLSLRGHLJXDOGDGHQWUHFDXVD\HIHFWRFDXVDDHTXDWHIIHFWXP

0D\HUHQUHDOLGDGUD]RQDEDDVtHQHOPXQGRODVFDXVDVWLHQHQTXHVHULJXDOHVDORVHIHFWRV/DV
FDXVDVDVXYH]VHGHILQHQPHGLDQWHGRVSURSLHGDGHVHVHQFLDOHV

 (QSULPHUOXJDUVRQLQGHVWUXFWLEOHVQRGHVDSDUHFHQDORVXPRVHYXHOYHQHIHFWRV\DGHPiV

SXHGHQDVXPLUGLYHUVDVIRUPDV
 (QVHJXQGROXJDUVRQFXDQWLWDWLYDPHQWHLQGHVWUXFWLEOHV\FXDOLWDWLYDPHQWHFRQYHUWLEOHV

0D\HU SURSRQtD DVt XQD HVSHFLH GH OH\ GH FRQVHUYDFLyQ GH ODV FDXVDV XQ HQXQFLDGR TXH D
QRVRWURVGHVGHQXHVWUDWHUPLQRORJtDDFWXDOQRVSXHGHSDUHFHUXQWDQWRGHVFRQFHUWDQWH
3HURQRSDUDpOTXHDGHPiVDFODUDEDTXHKDEtDVRODPHQWHGRVWLSRVGHFDXVDVODVIXHU]DV\OD
PDWHULD \ TXH QXQFD VH FRQYHUWtDQ XQD HQ RWUD GH DFXHUGR FRQ OD H[SHULHQFLD OR FXDO HUD XQD
DILUPDFLyQ EDVWDQWH DXGD] 'H PRGR TXH OD PDWHULD FXDQGR IXQFLRQDED FRPR FDXVD WHQtD D OD
PDWHULDSRUHIHFWR\ODIXHU]DFRPRFDXVDWHQtDFRPRHIHFWRDODIXHU]D
(OSULPHUHQXQFLDGRQRHVRWURTXHODOH\GHFRQVHUYDFLyQGHODPDWHULDGH/DYRLVLHUQDGDVH
SLHUGHWRGRVHWUDQVIRUPDHVWRHVODFDQWLGDGGHPDWHULDLQYROXFUDGDHQFXDOTXLHUWUDQVIRUPDFLyQ
TXtPLFDRItVLFDSHUPDQHFHVLHPSUHFRQVWDQWH(OVHJXQGRHVHOGH/HLEQL]
6LHUDFODURTXHODIXHU]DRODIXHU]DYLYDVHFRQVHUYDEDSRUOD\DUD]RQDGDLQGHVWUXFWLELOLGDG
GHODVFDXVDVHQHOWHUUHQRGHODPHFiQLFDTXHGDEDOHJLWLPDGDODSUHJXQWDGHODTXHSDUWtD0D\HU
SDUDKDFHUWRGDHVWDHVSHFXODFLyQTXHFRPRUHFRUGDUiQFRQVLVWtDHQVDEHUTXpRFXUUtDFRQODVFDXVDV
FXDQGRHOPRYLPLHQWRQRWHQtDFRPRFRQVHFXHQFLDPiVPRYLPLHQWR3RUHMHPSORFXDQGRXQDSHORWD
FKRFDFRQWUDXQDSDUHG\VXPRYLPLHQWRFHVDHQTXpVHKDFRQYHUWLGRODFDXVD"6LODVIXHU]DVVRQ
FDXVDV\ODVFDXVDVFRPRVDEHPRVVRQLQGHVWUXFWLEOHVQRVHSXHGHQGHVWUXLUVyORSRGUiQFDPELDU
GHIRUPD

/DIRUPDGHODVIXHU]DV
3HUR HQWRQFHV TXp RWUD IRUPD D OD TXH QRV KHPRV DFRVWXPEUDGR FRPR QRV DFRVWXPEUDPRV DO
PRYLPLHQWR HV FDSD] GH DVXPLU OD IXHU]D" 0D\HU REVHUYDED TXH OOHJDGRV D HVWH SXQWR VyOR OD
H[SHULHQFLD SRGtD FRQGXFLU D XQD FRQFOXVLyQ < VX H[SHULHQFLD GHWHUPLQDQWH KDEtD RFXUULGR HQ
DOWDPDU
(QXQRGHORVPRPHQWRVDQJXVWLDQWHVGHVXWUDYHVtDDODVHQWRQFHV,QGLDV+RODQGHVDVDFWXDOPHQWH
,QGRQHVLD QXHVWUR DPLJR WXYR XQD LQWXLFLyQ PLHQWUDV HO PDU VH DJLWDED HQ WRUQR \ VH GHEDWtDQ
DQJXVWLRVDPHQWHORVWUHVPiVWLOHVGHVXQDYHSHQVyTXHODVDJXDVDJLWDGDVGHEtDQVHUPiVFiOLGDVTXH
ODVFDOPDV(QHOPRPHQWRDTXpOODQRHUDPiVTXHXQDLPSUHVLyQSDVDMHUD\DFDVRHTXLYRFDGDSHUR
HQFXDQWRODVDJXDVVHFDOPDURQKL]RORTXHWRGREXHQFLHQWtILFRKXELHVHKHFKRHQVXOXJDUUHSURGXMR
ODVLWXDFLyQSDUDYHULILFDUVLVXLQWXLFLyQKDEtDVLGRFRUUHFWD/OHQyODPLWDGGHXQDERWHOODGHDJXD\
FRPHQ]yDVDFXGLUODYLROHQWDPHQWH$OFDERGHXQRVPLQXWRVSXGRFRPSUREDUTXHKDEtDHOHYDGROD
WHPSHUDWXUDGHODJXDHQXQJUDGRGHGRFHDWUHFHJUDGRVFHQWtJUDGRV'HGyQGHSURYHQtDHVHFDORU
TXHPHGLDQWHODDJLWDFLyQSRGtDVHUOODPDGRDODH[LVWHQFLDHQFXDQWRXQRTXLVLHUD"1RORGXGyGH
ODVYLEUDFLRQHVPLVPDV
&RPR HO %HDJOH D 'DUZLQ OD H[SHULHQFLD GH D ERUGR OH VLUYLy D 0D\HU SDUD UHVSRQGHU D OD
SUHJXQWDIXQGDPHQWDO

/DRWUDIRUPDTXHSXHGHDVXPLUODIXHU]DHVHOFDORU\VLQHOUHFRQRFLPLHQWRGHXQDFRQH[LyQ
FDXVDO HQWUH PRYLPLHQWR \ FDORU HV WDQ GLItFLO H[SOLFDU OD SURGXFFLyQ GH FDORU FRPR GDU
FXHQWDGHOPRYLPLHQWRTXHGHVDSDUHFH

/R FXDO H[SOLFDED GH SDVR \ DFi FXPSOR FRQ PL SURPHVD GH UHWRPDU HO SUREOHPD GH ODV
VDQJUtDV HQ HO EDUFR HO IHQyPHQR VREUH HO URMR EULOODQWH GH OD VDQJUH TXH OH KDEtD OODPDGR OD
DWHQFLyQHQXQSULQFLSLRHOFDORUGHORVWUySLFRVKDFtDTXHHOFXHUSRQRQHFHVLWDUDTXHPDUWDQWR
R[tJHQRSDUDPDQWHQHUODWHPSHUDWXUDDOTXHGDUPiVR[tJHQRHQVDQJUHVHYHtDFRQHVHSDUWLFXODU
FRORUURMR
0D\HUIXHFDXWHORVRDOUHVSHFWR

1RTXLHURHVWDEOHFHUGHILQLWLYDPHQWHTXHHQPXFKRVFDVRVQRVHSXHGDKDOODURWURHIHFWRGHO
PRYLPLHQWRPiVTXHHOFDORU\TXHQRVHSXHGDHQFRQWUDURWUDFDXVDSDUDHOFDORUSURGXFLGR
PiVTXHHOPRYLPLHQWR1RKDEORHQHVRVWpUPLQRV0iVELHQSUHILHURVXSRQHUTXHHOFDORU
SURFHGH GHO PRYLPLHQWR 'H RWUR PRGR GHEHUtDPRV UHVLJQDUQRV D OD REVHUYDFLyQ GH XQD
FDXVDVLQHIHFWR\GHXQHIHFWRVLQXQDFDXVD

<WUDWyGHHVWDEOHFHUXQDFRQH[LyQFXDQWLWDWLYD

6LH[LVWHXQDHFXDFLyQTXHUHODFLRQDODVIXHU]DV\HOPRYLPLHQWRSRUXQODGRFRQHOFDORU
SRUHORWURVXVROXFLyQH[LJHTXHUHVSRQGDPRVDODVLJXLHQWHSUHJXQWDFXiOHVODFDQWLGDGGH
FDORU TXH FRUUHVSRQGH D XQD GDGD FDQWLGDG GH PRYLPLHQWR" 3RGUtDPRV SRU HMHPSOR
SUHJXQWDUQRV D TXp DOWXUD GHEH VHU HOHYDGR XQ SHVR GDGR SDUD TXH HO PRYLPLHQWR
 GHVDUUROODGRHQODFDtGDVHDHTXLYDOHQWHDXQDXPHQWRGHWHPSHUDWXUDGHXQJUDGRFHQWtJUDGR
GHXQDFDQWLGDGGHDJXDTXHSHVHORPLVPRTXHHOSHVR

3DUDGHWHUPLQDUORKL]RXQDVHULHGHH[SHULPHQWRVFX\DFRQFOXVLyQIXHTXH

HOHYDU OD WHPSHUDWXUD GH XQD GHWHUPLQDGD FDQWLGDG GH DJXD GH FHUR D XQ JUDGR FHQWtJUDGR
FRUUHVSRQGHDXQDFDtGDGHXQSHVRLJXDODOGHODJXDGHVGHXQDDOWXUDGHWUHVFLHQWRVVHVHQWD\
FLQFRPHWURV

/DLQWXLFLyQGH0D\HUKDEtDUHFRQRFLGRXQDFRQH[LyQFDXVDOHQWUHHOFDORU\HOPRYLPLHQWRXQD
FRQH[LyQ TXH \D YLPRV KDFH DOJXQRV FDStWXORV KDEtD VLGR UHJLVWUDGD SRU HO H[WUDYDJDQWH
SLQWRUHVFR \ SRFR VLPSiWLFR FRQGH 5XPIRUG /DV LGHDV GH 0D\HU SULPHUR \ ODV GH -DPHV -RXOH
GHVSXpVUHVFDWDURQGHOROYLGRVXVFXULRVDV\QRWDEOHVH[SHULHQFLDVFRQFDxRQHV\FDEDOORV
3HUR OD YLGD GH 0D\HU VH FRQYLUWLy UiSLGDPHQWH HQ XQ DELVPR (Q  HQ UiSLGD VXFHVLyQ
PXULHURQGRVGHVXVKLMRV$ODxRVLJXLHQWHLQWHQWyVXLFLGDUVH\IUDFDVyVDOWyGHVGHODYHQWDQDGHXQ
WHUFHUSLVR\VHDUUXLQyGHILQLWLYDPHQWHODVSLHUQDV'RVDxRVGHVSXpVIXHLQWHUQDGRHQXQDLQVWLWXFLyQ
PHQWDO ,PDJtQHQVH OR FUXHO \ VLQLHVWUD TXH HUD XQD LQVWLWXFLyQ PHQWDO HQ HVH HQWRQFHV KDVWD KDFtD
UHODWLYDPHQWH SRFR ORV ORFRV HUDQ H[KLELGRV ORV GRPLQJRV HQ ODV IHULDV GH DWUDFFLRQHV 0D\HU
VREUHYLYLySHURQXQFDVHUHFXSHUyFRPSOHWDPHQWH'HVGHHQWRQFHVIXHKDVWDWDOSXQWRLJQRUDGRTXH
FXDQGRHOHGLWRUGHODUHYLVWDTXHKDEtDSXEOLFDGRVXVWUDEDMRVSRUSULPHUDYH]GLVHUWyS~EOLFDPHQWH
VREUH ODV LGHDV GH 0D\HU HQ  VH UHILULy D pO FRPR D XQ KRPEUH PXHUWR < YLYLUtD WRGDYtD
YHLQWHDxRVPiV
3RUVXHUWHSDUD0D\HUDSDUWLUGH+HUPDQQYRQ+HOPKROW]\&ODXVLXV
UHGHVFXEULHURQVXREUD\OHUHWULEX\HURQODFUHGLELOLGDGTXHPHUHFtD0D\HUUHFREUyVXVDOXG
RSDUWHGHHOOD\IXHSUHPLDGRFRQODPHGDOOD&RSOH\GHOD5R\DO6RFLHW\HQVLHWHDxRVDQWHV
GHVXPXHUWH

/DIXHU]DGH-RXOH
3RUXQFDPLQRGLVWLQWRXQFLHUWRLQGXVWULDOLQJOpVOOHJyFDVLDODVPLVPDVFRQFOXVLRQHVTXH0D\HU
-DPHV 3UHVFRWW -RXOH  $ GLIHUHQFLD GH OD GH VX FROHJD VX YLGD HVWXYR OLEUH GH
FRPSOLFDFLRQHV\GHVJUDFLDGRVDYDWDUHVDORVYHLQWLWUpVDxRVHUD\DXQLQGXVWULDOHVWDEOHFLGRTXH
ILQDQFLDEDVXVLQTXLHWXGHVFLHQWtILFDVFRQODVJDQDQFLDVGHXQDFHUYHFHUtDKHUHGDGDGHVXSDGUHTXH
SRVHtDFHUFDGH0DQFKHVWHU\TXHVHVHQWtDIDVFLQDGRSRUODVPiTXLQDVHOpFWULFDVGHVXIiEULFDHQ
ODVTXHQRGHMDEDGHREVHUYDUTXHHQORVKLORVFRQGXFWRUHVDPHGLGDTXHODFRUULHQWHFLUFXODEDVH
JHQHUDEDFDORU5HVXOWDTXHHOFDORUHVWDEDGLUHFWDPHQWHUHODFLRQDGRFRQODFDQWLGDGGHFRPEXVWLEOH
TXHODPiTXLQDFRQVXPtDORFXDOOROOHYyDLQLFLDUXQLQPHGLDWRHVWXGLRGHODFXHVWLyQ
 58('$'(3$/(7$6'(-28/(

&RQODPLVPDVXSRVLFLyQGHIRQGRTXH0D\HU\5XPIRUGHVWRHVTXHGHDOJ~QPRGRHOFDORU\
HOWUDEDMRPHFiQLFRHUDQGRVDVSHFWRVGHXQPLVPRIHQyPHQRTXHVHPDQLIHVWDEDPX\FODUDPHQWH
FRQHOUR]DPLHQWR-RXOHLQLFLyVXVLQYHVWLJDFLRQHV\OOHJyDODFRQFOXVLyQGHTXHH[LVWtDHQHIHFWR
XQDUHODFLyQLQYDULDEOHHQWUHHOWUDEDMR\HOFDORU2WUDYH]FRPR0D\HUVXSXVRTXHVLHOFDORUSRGtD
WUDGXFLUVHHQPRYLPLHQWR\YLFHYHUVDVXUHODFLyQWHQtDTXHSRGHUPHGLUVHFXDQWLWDWLYDPHQWHSRUOR
FXDOVHFRQFHQWUyHQHVWDEOHFHUQXPpULFDPHQWHHVDHTXLYDOHQFLD
(OPiVIDPRVRGHVXVH[SHULPHQWRVIXHHOGHODUXHGDGHSDOHWDV-RXOHHOHYDEDHOSHVRPHGLDQWH
OD PDQLYHOD HO SHVR JUDGXDOPHQWH GHVFHQGtD \ KDFtD JLUDU ODV SDOHWDV TXH VXPHUJLGDV HQ HO DJXD
JLUDEDQ$OFDERGHXQFLHUWRWLHPSRHOSHVRDOFDQ]DEDVXSXQWRPiVEDMR\ODVSDOHWDVVHGHWHQtDQ
-RXOHPHGtDHQWRQFHVHOFDPELRGHWHPSHUDWXUDGHODJXD/DH[SOLFDFLyQHUDVHQFLOODODIXHU]DYLYD
GHOSHVRFRPRODOODPDED/HLEQL]RODIXHU]DFRPRODOODPDED0D\HURHOSURSLR-RXOHVHKDEtD
FRQYHUWLGRHQFDORUPHGLDQWHHOUR]DPLHQWRGHODVSDOHWDVFRQWUDHODJXD-RXOHPHGtDHOFDPELRGH
WHPSHUDWXUD\FDOFXODEDODFDQWLGDGGHFDORUHPSOHDGRDOWLHPSRTXHFRPSUREDEDTXHODFDQWLGDGGH
FDORUSURGXFLGDSRUHOUR]DPLHQWRGHORVFXHUSRVVyOLGRVROtTXLGRVHUDVLHPSUHSURSRUFLRQDODOD
FDQWLGDGGHIXHU]DJDVWDGD

/DFDQWLGDGGHFDORUQHFHVDULDSDUDHOHYDUODWHPSHUDWXUDGHXQDOLEUDGHDJXDHQXQJUDGR
)DKUHQKHLWHTXLYDOHDOJDVWRGHXQDIXHU]DPHFiQLFDTXHUHSUHVHQWDODFDtGDGHNLORVGH
XQDDOWXUDGHXQPHWUR

(VWDEOHFLGD ODUHODFLyQHQWUH FDORU \PRYLPLHQWR HQ SUHVHQWyVXVLGHDVHQOD$VRFLDFLyQ

%ULWiQLFD SDUD HO $YDQFH GH ODV &LHQFLDV HQ 2[IRUG :LOOLDP 7KRPVRQ SUREDEOHPHQWH HO PiV
IDPRVR FLHQWtILFR LQJOpV GHO PRPHQWR TXH PiV WDUGH VH OODPDUtD /RUG .HOYLQ DVLVWLy D DTXHOOD
SUHVHQWDFLyQ\WUDVDOJXQDVGXGDVVHFRQYHQFLyGHODVLGHDVGH-RXOH
 $TXtKXERXQDSHTXHxDGLVSXWDGHSULRULGDGHV0D\HUVHHQWHUyGHOWUDEDMRGH-RXOH\HVFULELyD
OD$FDGHPLD)UDQFHVDGH&LHQFLDVSDUDGHMDUHQFODURTXHpOKDEtDVLGRHOSULPHURTXHKDEtDWHQLGR
ODLGHDGHODHTXLYDOHQFLDHQORFXDOWHQtDSHUIHFWDUD]yQ(QFXDQWRVXFDUWDIXHSXEOLFDGD-RXOH
UHDFFLRQy 6DEtD TXH HO SUHVWLJLR FLHQWtILFR GH 7KRPVRQ TXH OR DSR\DED D pO SUHYDOHFHUtD DQWH
FXDOTXLHUDFDGHPLD
3HUR7KRPVRQIXHGLSORPiWLFR\REUyFRQYHUGDGHUDHOHJDQFLDOHVXJLULyD-RXOHTXHDGPLWLHUD
OD SULRULGDG GH 0D\HU VREUH OD LGHD GHO HTXLYDOHQWH PHFiQLFR SHUR TXH UHFODPDUD VX SURSLD
SULRULGDGVREUHODYHULILFDFLyQH[SHULPHQWDO
/R FLHUWR HV TXH -RXOH KDEtD WHUPLQDGR SRU HVWDEOHFHU QXPpULFDPHQWH OD HTXLYDOHQFLD HQWUH HO
FDORU \ HO PRYLPLHQWR 3HUR HVD HTXLYDOHQFLD QR VXSRQtD OD H[LVWHQFLD GH RWUDV" (Q WpUPLQRV
SURSLRVGH0D\HUQRH[LVWLUtDQQXHYDVIRUPDVHTXLYDOHQWHVGHOFDORU\HOPRYLPLHQWRDODVTXHQR
QRVKDEtDPRVDFRVWXPEUDGRWRGDYtD"

+HOPKROW]\ILQDOPHQWHOD*UDQ/H\
+HUPDQQ+HOPKROW]QDFLyHQ3RWVGDP$OHPDQLDHQ+LMRGHXQSURIHVRUPDOSDJRGHFROHJLR
VHFXQGDULR TXH KDEtD VHUYLGR HQ HO HMpUFLWR SUXVLDQR FRQWUD 1DSROHyQ DVLVWLy D ORV FXUVRV GH
ILORVRItD \ GH OLWHUDWXUD TXH LPSDUWtD VX SDGUH /H LQWHUHVDED OD ItVLFD \ TXHUtD HVWXGLDU HQ OD
XQLYHUVLGDGSHURODSRVLFLyQHFRQyPLFDGHODIDPLOLDH[LJtDGH+HUPDQQODREWHQFLyQGHXQDEHFD\
FRPRHOJRELHUQRVyORVRVWHQtDHFRQyPLFDPHQWHDORVHVWXGLDQWHVGHPHGLFLQDQRWXYRPiVUHPHGLR
TXHLQLFLDUHOFDPLQRKDFLDODSURIHVLyQGHPpGLFR
$VtHVWXGLyHQ%HUOtQSHURDVLVWLySDUDOHODPHQWHDRWURVFXUVRVGHODXQLYHUVLGDGFRPRORVGH
TXtPLFD \ ILVLRORJtD ,QFXUVLRQy HQ ODV PDWHPiWLFDV SRU FXHQWD SURSLD OH\HQGR D (XFOLGHV
REYLDPHQWH\D/DSODFH\OOHJyGHDOJXQDPDQHUDDODVPLVPDVFRQFOXVLRQHVTXH0D\HU\-RXOH
(Q  HVFULELy XQ DUWtFXOR 6REUH OD FRQVHUYDFLyQ GH OD )XHU]D HQ HO TXH HVWXGLDED ORV
SULQFLSLRVPDWHPiWLFRVTXHVXE\DFHQDOSULQFLSLRGHFRQVHUYDFLyQGRQGHPRVWUDEDTXHWRGRVLVWHPD
PHFiQLFRHVWiVRPHWLGRDODOH\GHFRQVHUYDFLyQGHODIXHU]D
3HURLEDXQSDVRPiVDOOi\VRVWHQtDTXHHVDIXHU]DSRGtDVHUGHGRVWLSRVRELHQIXHU]DYLYDWDO
FRPRODHQWHQGtD/HLEQL]RELHQORTXHpOOODPDEDIXHU]DGHWHQVLyQHQWUHODTXHVHLQFOXtDQWRGDV
ODVIXHU]DVFRQRFLGDVODIXHU]DGHJUDYHGDGODGHDWUDFFLyQHOpFWULFDODHOiVWLFD$SDUWLUGHDOOt
JHQHUDOL]DED D XQD OH\ GH FRQVHUYDFLyQ GH OD IXHU]D \ GHVDUUROODED ODV FRQVHFXHQFLDV GH HVD
KLSyWHVLVHQORVGLVWLQWRVFDPSRVGHODItVLFDHOFDORUODHOHFWULFLGDGHOPDJQHWLVPRODVUHDFFLRQHV
TXtPLFDV

/D FRQVWDWDFLyQ GHO DOFDQFH JHQHUDO GH OD OH\ GHEH VHU YLVWD DO SDUHFHU FRPR XQD GH ODV
WDUHDVSULQFLSDOHVTXHRFXSDUiDORVItVLFRVHQHOIXWXURLQPHGLDWR

(Q  DYDQ]y XQ SRFR PiV HQ XQD FRQIHUHQFLD HQ .DUOVUXKH OD PLVPD FLXGDG TXH GRV DxRV
DQWHV KDEtD DOEHUJDGR HO SULPHU FRQJUHVR LQWHUQDFLRQDO GH TXtPLFD VRVWXYR TXH HQ ODV ~OWLPDV
GpFDGDV HO GHVDUUROOR FLHQWtILFR KDEtD FRQGXFLGR DO UHFRQRFLPLHQWR GH XQD QXHYD OH\ XQLYHUVDO
UHFWRUDGHWRGRVORVIHQyPHQRVQDWXUDOHVLQFOXVRDILUPDEDFRQHQWXVLDVPRORVGHORVWLHPSRV
PiVUHPRWRV\ORVOXJDUHVPiVGLVWDQWHV
/D OH\ TXH HQXQFLy IXH OD TXH OODPDPRV GH FRQVHUYDFLyQ GH OD HQHUJtD \ HVWDEOHFH TXH OD
FDQWLGDGGHHQHUJtDTXHSXHGHSRQHUVHHQDFFLyQHQODQDWXUDOH]DHVLQDOWHUDEOHHVGHFLUQRSXHGH
DXPHQWDUVH QL GLVPLQXLUVH &RPR PXHVWUDQ ORV H[SHULPHQWRV DOOt GRQGH VH SLHUGH XQD GHWHUPLQDGD
FDQWLGDGGHWUDEDMRPHFiQLFRVHREWLHQHXQDFDQWLGDGHTXLYDOHQWHGHFDORURGHIXHU]DTXtPLFDSRU
HMHPSORHLQYHUVDPHQWHFXDQGRVHSLHUGHFDORUVHJDQDXQDFDQWLGDGHTXLYDOHQWHGHIXHU]DTXtPLFD
R PHFiQLFD \ RWUD YH] FXDQGR OD IXHU]D TXtPLFD GHVDSDUHFH DSDUHFH XQD FDQWLGDG HTXLYDOHQWH GH
FDORURWUDEDMR(VGHFLUTXHHQWRGRVORVLQWHUFDPELRVHQWUHGLYHUVDVIXHU]DVQDWXUDOHVLQRUJiQLFDV
ODFDSDFLGDGSDUDUHDOL]DUWUDEDMRODHQHUJtDGHVDSDUHFHEDMRXQDIRUPDSDUDUHDSDUHFHUEDMRRWUD
IRUPD H[DFWDPHQWH HQ OD PLVPD FDQWLGDG 3HUR HQ HO SURFHVR WRWDO HVD HQHUJtD QR DXPHQWD QL
GLVPLQX\HVLQRTXHVLHPSUHSHUPDQHFHFRQVWDQWH
$VtODFDQWLGDGGHHQHUJtDGHOXQLYHUVRHVLQDOWHUDEOHSRGUiDOWHUDUVXIRUPDSRGUiYDULDUVX
XELFDFLyQSHURVXFDQWLGDGQRFDPELDUi(OXQLYHUVRSRVHHGHXQDYH]\SDUDVLHPSUHXQDUHVHUYD
GHHQHUJtDTXHQRSXHGHVHUPRGLILFDGDSRUQLQJ~QIHQyPHQRTXHQRSXHGHDXPHQWDUQLGLVPLQXLU
TXHSHUPDQHFHLQFRQPRYLEOHPLHQWUDVDVXDOUHGHGRUWRGRVHWUDQVIRUPD

(UDODOH\GHOH\HV
/D OH\ GH FRQVHUYDFLyQ GH OD HQHUJtD HUD XQ SULQFLSLR IHOL] WRGR OR TXH KD\ KDEUi \ QXQFD
SHUGHUHPRVQDGD6HVXFHGHUiQODVJHQHUDFLRQHV\ODVPiTXLQDVVHOHYDQWDUiHOSROYRGHODWLHUUD
SRUODDFFLyQGHODVUXHGDVTXHSURGXFHQUR]DPLHQWR\FDORU\YROYHUiDSRVDUVHSHURODFDQWLGDGGH
HQHUJtDGLVSRQLEOHSDUDUHDOL]DUWUDEDMR\KDFHUIXQFLRQDUHOPXQGRVLHPSUHVHUiODPLVPD\HVWDUi
DKt \D VHD DOPDFHQDGD HQ OD PDWHULD HQHUJtD TXtPLFD HQ HO PRYLPLHQWR HQHUJtD FLQpWLFD HQ HO
FDPSR JUDYLWDWRULR HQHUJtD SRWHQFLDO HQ OD LQFLSLHQWH HOHFWULFLGDG R HQ HO FDORU \ FXDOTXLHUD GH
HVWRVWLSRVGHHQHUJtDVHSRGUtDUHFLFODULQGHILQLGDPHQWH
1RSRGtDH[LVWLUXQSULQFLSLRPD\RUGHSOHQLWXGHQXQDFLHQFLDTXHVHH[SDQGtDDFHOHUDGDPHQWH
\TXHFRQLQVWUXPHQWRVFDGDYH]PiVILQRVFRQPDWHPiWLFDVFDGDYH]PiVSUHFLVDV\XQDFRQILDQ]D
FDGDYH]PiVUREXVWHFLGDVHVHQWtDFDSD]GHHVFUXWDUWRGRVORVULQFRQHVKDVWDDJLWDUORV
(OSULQFLSLRGHFRQVHUYDFLyQGHODHQHUJtDRSULPHUSULQFLSLRGHODWHUPRGLQiPLFDODSDODEUD
TXH/RUG.HOYLQDFXxyHQSDUDGHVLJQDUHOHVWXGLRGHOFDORU\HOPLVPRFRQFHSWRGHHQHUJtD
IXHURQ ODV LGHDV XQLILFDGRUDV GH OD ItVLFD HQ HO VLJOR ;,; DVt FRPR OD 7HRUtD GH OD (YROXFLyQ \ OD
7HRUtD&HOXODUORIXHURQHQELRORJtD
-XQWRDODLGHDGHFRQVHUYDFLyQGHODPDWHULDTXHKDEtDHQXQFLDGR/DYRLVLHUODFRQVHUYDFLyQGH
ODHQHUJtDTXHWDPELpQVHWUDQVIRUPDVLQSHUGHUVHSLQWDEDXQSDQRUDPDGHOPXQGRDODYLHMtVLPD
SUHJXQWDTXpHVORTXHKD\"TXHKDEtDVLGRUHVSRQGLGDGHPDQHUDVWDQGLYHUVDVDORODUJRGHOD
KLVWRULDODUHVSXHVWDQRHUDQLHODJXDQLHO6HUQLORVFXDWURHOHPHQWRVQLODIXHU]DYLWDOQLVLTXLHUD
OD VXVWDQFLD GLYLQD FXDQGR 1DSROHyQ SUHJXQWy D /DSODFH SRU TXp QR KDEtD PHQFLRQDGR DO 6XPR
+DFHGRUHQVX0HFiQLFD&HOHVWH/DSODFHFRQWHVWy1RKHWHQLGRQHFHVLGDGGHHVDKLSyWHVLVHQ
HOXQLYHUVRVRODPHQWHKD\PDWHULD\HQHUJtD\QDGDGHHOODVVHSLHUGHMDPiV
(UDXQSDQRUDPDWUDQTXLOL]DGRUHOPXQGRFRPRPHFDQLVPRFHGtDDODLPDJHQGHOPXQGRFRPR
XQPRWRU/DPDWHULD\WRGRVORVPRYLPLHQWRVHUDQDFRPSDxDGRVSRUXQFRPEXVWLEOHODHQHUJtDTXH
QRVHFRQVXPtDVLQRTXHVHWUDQVIRUPDED
(QWRQFHVORVFLHQWtILFRVYLHURQHOPXQGRTXHKDEtDQFRQVWUXLGRRH[SOLFDGR\FRQVWDWDURQTXH
HUDEXHQR$XQTXHQRSRUPXFKRWLHPSR

&DUQRWVLHQWDODVEDVHV
3RUTXHSURQWRHOVHJXQGRSULQFLSLRGHODWHUPRGLQiPLFDLEDDHFKDUXQEDOGHGHDJXDIUtDVREUHHO
RSWLPLVPRGHOSULPHUR
1RYR\DFRQWDUOHVHQGHWDOOHODFRQTXLVWDVLHVTXHDVtSXHGHOODPiUVHODGHOVHJXQGRSULQFLSLR
SRUTXHVHYROYHUtDWRGRGHPDVLDGRWpFQLFR3HURVtSXHGHGHFLUVHTXHVXVSULPHUDVIRUPXODFLRQHVVH
UHPRQWDQDOOLEUR5HIOH[LRQVVXUODSXLVVDQFHPRWLYHGXIHX5HIOH[LRQHVVREUHODSRWHQFLDPRWUL]
GHOIXHJRTXHHQSXEOLFyHOMRYHQ6DGL&DUQRWKLMRGHO*UDQ&DUQRWTXHKDEtD
SDUWLFLSDGRGHPDQHUDGHFLVLYDHQOD5HYROXFLyQ)UDQFHVDRUJDQL]DQGR\DUPDQGRDORVHMpUFLWRVGH
ODUHS~EOLFD\TXHOXHJRVHFRQYHUWLUtDHQPLQLVWURGH*XHUUDGH1DSROHyQ%RQDSDUWH
(QVXOLEUR&DUQRWKLMRREYLDPHQWHDQDOL]DEDODHILFLHQFLDGHODVPiTXLQDVSDUDFRQYHUWLUHO
FDORUHQWUDEDMR\GHPRVWUDEDTXHHOWUDEDMRVHSURGXFtDFXDQGRHOFDORUSDVDEDGHXQDIXHQWHFRQ
WHPSHUDWXUDPiVDOWDDRWUDPiVEDMDDOWLHPSRTXHFRQVWDWDEDTXHVLHPSUHHOFDORUIOXtDGHXQREMHWR
PiV FDOLHQWH D RWUR PiV IUtR \ QXQFD DO UHYpV OR FXDO HV \D XQ HQXQFLDGR SULPLWLYR GHO VHJXQGR
SULQFLSLR
&DUQRW PXULy GH FyOHUD D ORV  DxRV GH HGDG \ DXQTXH VXV FXDGHUQRV FRQWHQtDQ PiV
GHVFXEULPLHQWRV UHODFLRQDGRV FRQ HVWD WHRUtD HQ OD pSRFD HQ TXH IDOOHFLy D~Q QR KDEtDQ VLGR
SXEOLFDGRV\ODPD\RUtDIXHURQTXHPDGRVMXQWRFRQVXVHIHFWRVSHUVRQDOHV$OOtDSDUHFtDQDOJXQDV
FRVDVTXHOXHJRSURFODPDUtDQORVWUDEDMRVGH0D\HU\-RXOHORFXDOPXHVWUDGHSDVR\XQDYH]PiV
TXHODVLGHDVFLHQWtILFDVQRVyORIXQFLRQDQHQODPHQWHGHXQFLHQWtILFRSDUWLFXODUPHQWHJHQLDOVLQR
TXHIORWDQHQHOHVStULWXGHODpSRFD
(OSUREOHPDHVTXHODV5pIOH[LRQVQRWXYLHURQPXFKDLQIOXHQFLDHQVXVWLHPSRVUHFLpQODWHQGUtDQ
VREUH OD JHQHUDFLyQ GH ItVLFRV TXH OOHYy D FDER OD UHYROXFLyQ GH OD WHUPRGLQiPLFD HVSHFLDOPHQWH
:LOOLDP7KRPVRQ\5XGROI&ODXVLXVGHTXLHQHVWHQGUHPRVTXHKDEODUDFRQWLQXDFLyQ

:LOOLDP7KRPVRQ/RUG.HOYLQ\ODVOH\HVGHODWHUPRGLQiPLFD

:LOOLDP 7KRPVRQ TXH PiV WDUGH VH OODPDUtD ORUG .HOYLQ SDVy FDVL WRGD VX YLGD HQ HQWRUQRV
XQLYHUVLWDULRV 6X SDGUH -DPHV 7KRPVRQ HUD SURIHVRU GH PDWHPiWLFDV HQ OD 5R\DO $FDGHPLFDO
,QVWLWXWLRQ GH %HOIDVW KDVWD TXH VH PXGy D *ODVJRZ SDUD RFXSDU XQ FDUJR DOOt :LOOLDP DVLVWLy D
FODVHVXQLYHUVLWDULDVGHVGHORVDxRVGHVGHORVDxRV\HVFULELyVXSULPHUWUDEDMRDORV
/D YRFDFLyQ HVWDED FODUD XQRV DxRV PiV WDUGH VH WUDVODGy D OD 8QLYHUVLGDG GH &DPEULGJH \ VH
OLFHQFLy HQ  KDELHQGR REWHQLGR \D YDULRV SUHPLRV SRU VXV HQVD\RV FLHQWtILFRV \ KDELHQGR
SXEOLFDGRXQDVHULHGHWUDEDMRVHQHO&DPEULGJH0DWKHPDWLFDO-RXUQDO
7UDVFRQVHJXLUODOLFHQFLDWXUDWUDEDMyGXUDQWHDOJ~QWLHPSRHQ3DUtVGRQGHVHIDPLOLDUL]yFRQOD
REUD GH &DUQRW /XHJR UHWRUQy D *ODVJRZ HQ  FXDQGR WHQtD  DxRV \ RFXSy OD FiWHGUD GH
)LORVRItD1DWXUDOKDVWDTXHVHMXELOyDORVDxRVHQ<ItMHQVHHQHVWDFXULRVLGDGGHVSXpVGH
MXELODUVH VH PDWULFXOy FRPR HVWXGLDQWH GH LQYHVWLJDFLyQ SDUD QR SHUGHU OD SUiFWLFD FRQ OR TXH
DGHPiVGHKDEHUVLGRHOHVWXGLDQWHPiVMRYHQTXHKXERHQDTXHOODXQLYHUVLGDGOOHJyDVHUWDPELpQHO
PiVYLHMR)DOOHFLyHQ/DUJVDXQRVFLQFXHQWDNLOyPHWURVGH*ODVJRZHOGHGLFLHPEUHGH
(QUHDOLGDGVXIDPDHLPSRUWDQFLDHQ,QJODWHUUDVHEDVDEDQHVSHFLDOPHQWHHQVXVFRQWULEXFLRQHV
D OR TXH DKRUD OODPDUtDPRV FLHQFLD DSOLFDGD IXH UHVSRQVDEOH GHO p[LWR GHO SULPHU FDEOH
WHOHJUiILFR TXH IXQFLRQy D WUDYpV GHO RFpDQR $WOiQWLFR TXH FRQVWLWX\y XQ SDVR IXQGDPHQWDO HQ OD
JOREDOL]DFLyQGHODVFRPXQLFDFLRQHVSURFHVRTXHD~QHVWDPRVYLYLHQGRKR\FRQ,QWHUQHW\TXHQR
VDEHPRV KDVWD GyQGH OOHJDUi H KL]R XQD JUDQ IRUWXQD FRQ SDWHQWHV GH GLVWLQWRV LQYHQWRV OR FXDO OH
YDOLyHOWtWXORGH6LUHQ\HOGHORUG.HOYLQHQQRPEUHTXHWRPyGHOUtRTXHDWUDYLHVDOD
8QLYHUVLGDGGH*ODVJRZ
/DHVFDODGHWHPSHUDWXUDDEVROXWDRWHUPRGLQiPLFDVHOODPDHVFDOD.HOYLQHQVXKRQRUSDUDQR
HQWUDUHQGHPDVLDGRVGHWDOOHVHQJRUURVRVGLJDPRVTXHVLHOFDORUHVPRYLPLHQWRGHODVSDUWtFXODVHO
FHUR DEVROXWR OD WHPSHUDWXUD PtQLPD SRVLEOH VH DOFDQ]D HQ UHDOLGDG QR VH SXHGH DOFDQ]DU
SUiFWLFDPHQWHFXDQGRWRGDVODVSDUWtFXODVHVWiQTXLHWDV\HTXLYDOHDJUDGRVFHQWtJUDGRVEDMR
FHURRJUDGR.HOYLQ
3HUR TXL]i VX FRQWULEXFLyQ PiV LPSRUWDQWH IXH OD GH RUJDQL]DU OD WHUPRGLQiPLFD FRPR XQD
GLVFLSOLQDFLHQWtILFDKHFKD\GHUHFKDHQODVHJXQGDPLWDGGHOVLJOR;,;
< DTXt HQWUD D MXJDU 5XGROI &ODXVLXV  TXH HQ $OHPDQLD HVWDED SXOLHQGR \
GHVDUUROODQGRODVWHRUtDVGH&DUQRW/RUG.HOYLQVXSRGHORVWUDEDMRVGH&ODXVLXVDSULQFLSLRVGHOD
GpFDGD GH  FXDQGR \D HVWDED WUDEDMDQGR HQ XQD OtQHD VLPLODU $PERV OOHJDURQ PiV R PHQRV
LQGHSHQGLHQWHPHQWHDODVHJXQGDOH\GHODWHUPRGLQiPLFDTXHGLFHHQXQDGHVXVIRUPXODFLRQHVPiV
EUXWDOHVTXHEDMRQLQJXQDDEVROXWDPHQWHQLQJXQDFLUFXQVWDQFLDHOFDORUSXHGHSRUVtPLVPRSDVDU
GH XQ REMHWR PiV IUtR D RWUR PiV FDOLHQWH 3HUR IXQGDPHQWDOPHQWH HVWDEOHFH TXH VL VH XWLOL]D FDORU
SDUD SURGXFLU WUDEDMR \ OXHJR VH TXLHUH XVDU HVH WUDEDMR SDUD UHFXSHUDU HO FDORU QR VH SRGUi
UHFXSHUDUORGHOWRGR(VWRHVKD\DOJRTXHVHKDWUDQVIRUPDGRGHILQLWLYDPHQWHHQFDORU
/DHQHUJtDHQHOFXUVRGHVXVWUDQVIRUPDFLRQHVVHGHVJDVWD\HQWRGRVORVSURFHVRVXQDSDUWHGH
HOOD VH FRQYLHUWH LUUHPLVLEOH H LUUHYHUVLEOHPHQWH HQ FDORU 6H GHVJDVWD PHGLDQWH XQD FDQWLGDG TXH
&ODXVLXVOODPyHQWURStD\TXHHQFDGDSURFHVRItVLFRWHUPRGLQiPLFRRHQORVSURFHVRVPHFiQLFRV
PHGLDQWH HO UR]DPLHQWR DXPHQWD (Q HO XQLYHUVR VyOR VRQ SRVLEOHV ORV SURFHVRV HQ ORV TXH OD
HQWURStD DXPHQWD 'LFKR GH XQD PDQHUD PiV O~JXEUH WRGD OD HQHUJtD VH YD FRQYLUWLHQGR OHQWD
VLVWHPiWLFD\IDWDOPHQWHHQFDORU
6LHOSULPHUSULQFLSLRGHODWHUPRGLQiPLFDHUDXQDOH\RSWLPLVWDTXHJDUDQWL]DEDODHWHUQLGDGGHO
XQLYHUVR HO VHJXQGR SULQFLSLR HUD GHFLGLGDPHQWH SHVLPLVWD \D TXH DVHJXUDED TXH HO FRQVWDQWH
DXPHQWR GH OD HQWURStD FRQGXFLUtD LQH[RUDEOHPHQWH D OD PXHUWH WpUPLFD GHO FRVPRV FRPR HQ FDGD
SURFHVR ItVLFR XQD SDUWH GH OD HQHUJtD VH FRQYLHUWH HQ FDORU WDUGH R WHPSUDQR OD WRWDOLGDG GH OD
HQHUJtDVHUtDFDORULQFDSD]GHSURGXFLUWUDEDMRPHFiQLFRDOJXQR\WRGRPRYLPLHQWRFHVDUtDWRGRVH
KXQGLUtDHQXQDQDGDVLQOtPLWHVHQODTXHIORWDUtDODPDWHULDGLVJUHJDGD8QDLQPHQVDQDGDLQPyYLOH
LQHUWHGRQGHDXQTXHSRUVXSXHVWRODFDQWLGDGGHHQHUJtDWRWDOVHUtDLGpQWLFDODHQWURStDDOFDQ]DUtDVX
Pi[LPR\QLQJ~QIHQyPHQRSRGUtDSURGXFLUVHSRUTXHHQQLQJ~QFDVRODHQWURStDSRGUtDGLVPLQXLU
 (O GHVFXEULPLHQWR GH OD HQWURStD UHVXOWDED WULVWtVLPR 1R HUD QDGD DJUDGDEOH HQ PHGLR GH XQD
pSRFD GH FRQILDQ]D \ H[SDQVLyQ WRPDU FRQFLHQFLD GH TXH FDGD IyVIRUR TXH VH HQFLHQGH FDGD
PRYLPLHQWR FDGD SHQVDPLHQWR TXH JHQHUD FDORU D SDUWLU GH ORV FLUFXLWRV HOpFWULFRV FHUHEUDOHV
DFHOHUDQODPXHUWHWpUPLFDGHOXQLYHUVRQRHUDHOPHMRUPRPHQWRSDUDVDEHUFRQWRWDOFHUWH]DTXH
WRGRVORVHVIXHU]RVWHUPLQDUtDQVLHQGRPHUDUDGLDFLyQWpUPLFDYXOJDUWHPSHUDWXUDPLVHUDEOHYDFtR
FDOLHQWH /D HQWURStD PDUFDED XQD IOHFKD GHO WLHPSR TXH VHxDODED OD WXPED XQ UHORM TXH FRQWDED
PLQXFLRVDPHQWHORVVHJXQGRVKDVWDGLVROYHUVHpOPLVPRHQXQFDOyULFRILQDO(QXQPXQGRGRQGHVH
SHQVDED TXH WRGRV ORV SURFHVRV HUDQ UHYHUVLEOHV HO VHJXQGR SULQFLSLR GH OD WHUPRGLQiPLFD
DVHJXUDEDTXHHOPXQGRHYROXFLRQDEDHQXQDVRODGLUHFFLyQODGHODPXHUWHWpUPLFD
1R SRGtDQ IXQFLRQDU HWHUQDPHQWH ORV FLFORV JHROyJLFRV TXH KDEtD VRxDGR +XWWRQ QL UHVXOWDED
FLHUWDVXLGHDGHTXHOD7LHUUDHUDXQHQRUPHPHFDQLVPRVLQFRPLHQ]RQLDWLVERGHILQDOHQFDGD
FLFOR OD HQWURStD IRU]RVDPHQWH WHQtD TXH DXPHQWDU 7DPSRFR HO 6RO SRGUtD EULOODU SRU VLHPSUH
SRUTXHFXDOHVTXLHUDTXHIXHUDQODVIRUPDVHQTXHSURGXFtDVXFDORUSRUHQWRQFHVGHVFRQRFLGDVQR
KDEtD IRUPD QL PHFDQLVPR QDWXUDO DOJXQR TXH SXGLHUD UHVWLWXLU HVH FDORU SHUGLGR SDUD TXH HO 6RO
VLJXLHUDIXQFLRQDQGR<DVtVLJXLHQGR
6LQ HPEDUJR KDEtD XQD SDUDGRMD DOJR TXH QR HQFDMDED GHO WRGR (O VHJXQGR SULQFLSLR YHQtD D
GHFODUDU TXH ORV SURFHVRV WHUPRGLQiPLFRV HUDQ LUUHYHUVLEOHV SHUR UHVXOWD TXH HO FDORU HUD XQ
SURFHVRPHFiQLFRRULJLQDGRHQHOPRYLPLHQWRGHODVPROpFXODV<ODPHFiQLFDDGLIHUHQFLDGHOD
WHUPRGLQiPLFDVtHVUHYHUVLEOHVDOYRSRUHOGHWDOOHGHOUR]DPLHQWR'DGRTXHORVIOXMRVGHFDORUVH
GDEDQVLHPSUHGHXQDIXHQWHPiVFDOLHQWHDXQDPiVIUtDHO~QLFRSURFHVRSHUPLWLGRHUDSRVLEOH
SHQVDU TXH VL VH LQYHUWtD HO PRYLPLHQWR GH ODV PROpFXODV VH SRGUtD UHYHUWLU HO SURFHVR 3RUTXH
FyPR SRGtD VHU TXH XQ SURFHVR UHYHUVLEOH FRPR HO GHO PRYLPLHQWR GH ODV PROpFXODV SXGLHUD GDU
RULJHQ D XQ SURFHVR LUUHYHUVLEOH FRPR HO IOXMR GH FDORU TXH QR HUD VLQR HO UHVXOWDGR GH HVH
PRYLPLHQWR"
(OSUREOHPDGHMySHUSOHMRVDORVItVLFRVTXHHVWXGLDEDQODWHUPRGLQiPLFDLQFOX\HQGRDOSURSLR
0D[ZHOOTXHVHPEUyODVRVSHFKDGHTXHHOVHJXQGRSULQFLSLRHUDGHQDWXUDOH]DHVWDGtVWLFD
9HDPRVFyPRHVHVR

%ROW]PDQQ\ODLQWHUSUHWDFLyQHVWDGtVWLFDGHODHQWURStD
/XGZLJ%ROW]PDQQQDFLyHQHQ9LHQDHQVHGRFWRUyHQ)tVLFDRFXSyGLVWLQWDVFiWHGUDV\
HQVHJXLGD VH GHVWDFy FRPR XQD DXWRULGDG HQ PHFiQLFD HVWDGtVWLFD GHMDQGR VX QRPEUH YLQFXODGR D
ILJXUDVGHODWDOODGH+HOPKROW]\HOPLVPtVLPR0D[ZHOOGLRVGHOHOHFWURPDJQHWLVPR6XIDPDFUHFtD
DFHOHUDGDPHQWH\WDQWRSURPHWHGRUHVWDOHQWRVFRPRILJXUDVLPSRUWDQWHVVHDFHUFDEDQSDUDWUDEDMDUR
SROHPL]DUFRQpO
3HURDGHPiVGHVXHQRUPHFDQWLGDGGHWUDEDMRHQODPHFiQLFDHVWDGtVWLFD%ROW]PDQQOHHQFRQWUy
XQDYXHOWDDOVHJXQGRSULQFLSLRGHODWHUPRGLQiPLFDROH\GHODXPHQWRGHODHQWURStDFRQVLGHUDGD
FRPRDOJRLQH[RUDEOHSRUODPD\RUtDGHVXVFRQWHPSRUiQHRVDXQTXHDOJXQRVSODQWHDEDQVXVGXGDV
/RTXHKL]RIXHLQWHUSUHWDUODHQWURStDFRPRODPHGLGDGHOGHVRUGHQGHXQVLVWHPD&XDQWRPiV
GHVRUGHQDGRPiVHQWURStDSRUSRQHUXQVRORHMHPSORHOKHFKRGHTXHODVPROpFXODVVHGLVWULEX\DQ
DOD]DURFXSDQGRWRGRHOiPELWRGRQGHHOYROiWLODXWRUGHHVWDVSiJLQDVHVFULEHKDFHTXHHOVLVWHPD
VHDPiVGHVRUGHQDGRTXHVLWRGDVODVPROpFXODVTXHKD\HQHVHPLVPRiPELWRVHDSUHWXMDUDQHQXQ
ULQFyQ'HOPLVPRPRGRHOFDORUHVHOHVWDGRGHPi[LPRGHVRUGHQ
%ROW]PDQQWUDQVIRUPyODLQH[RUDELOLGDGHQXQDDOWDSUREDELOLGDGVHJ~QVXLQWHUSUHWDFLyQQRHV
TXHHOXQLYHUVRGHEDHYROXFLRQDUIDWDOPHQWHGHORUGHQDOGHVRUGHQVLQRTXHSXHVWRTXHHOQ~PHUR
GH HVWDGRV GHVRUGHQDGRV HV PXFKR SHUR PXFKtVLPR PD\RU TXH HO GH RUGHQDGRV QDWXUDOPHQWH VH
PXHYHGHORVHVWDGRVPHQRVSUREDEOHVDORVPiVSUREDEOHV
1R KD\ DVt QDGD GHYDVWDGRUDPHQWH IDWDO HQ HO DXPHQWR GH OD HQWURStD GHVSXpV GH WRGR OD
HQWURStDSRGUtDGLVPLQXLUGHOPLVPRPRGRTXHQLQJXQDOH\LPSLGHTXHHQODUXOHWDVDOJDHOQ~PHUR
XQPLOOyQGHPLOORQHVGHYHFHVVHJXLGDVVLRFXUULHUDQRKDEUtDTXHFDPELDUXQDVRODSDODEUDHQORV
OLEURVGHSUREDELOLGDGRTXHODVPROpFXODVGHXQDKDELWDFLyQVHRUGHQHQHVSRQWiQHDPHQWHYLRODQGR
ODOH\GHODXPHQWRGHODHQWURStD\VHDFXPXOHQHQXQDGHODVHVTXLQDVDVIL[LDQGRGHSDVRDTXLHQHV
HVWpQ SUHVHQWHV (QWRQFHV QR HV TXH IXHUD LPSRVLEOH TXH HO FDORU VH WUDQVPLWLHUD GH XQ FXHUSR PiV
IUtRDXQRPiVFDOLHQWHHUDHQUHDOLGDGDOWtVLPDPHQWHLPSUREDEOH
(Q FLHUWD PHGLGD %ROW]PDQQ OHV GLR DO PXQGR \ D ORV IHQyPHQRV XQD UHPRWD UHPRWtVLPD
HVSHUDQ]D /H TXLWy D OD VHJXQGD OH\ VX DXUD IXQHUDULD VX DXUHROD GH PXHUWH WpUPLFD
LQFRQPHQVXUDEOH DEULy VL VH TXLHUH XQD UHQGLMD SRU OD TXH H[LVWH XQD OHMDQtVLPD SRVLELOLGDG GH
DWLVEDU7UDQVIRUPyODFHUWH]DDEVROXWDGHOILQHQXQRSWLPLVPRDWDGRDEDMtVLPDVSUREDELOLGDGHV
3HURQRVHKDJDQLOXVLRQHVODSUREDELOLGDGGHTXHXQFXHUSRIUtRVHFDOLHQWHHVSRQWiQHDPHQWHR
GHTXHXQDPDQFKDGHWLQWDGLVXHOWDHQXQYDVRVHFRQFHQWUHHQXQSXQWRRODGHTXHXQMDUUyQURWR
YXHOYD D UHFRPSRQHUVH VyOR HV WDQ UHPRWD TXH QR DOFDQ]DUtD FRQ TXH HO XQLYHUVR GXUDUD FLHQ PLO
PLOORQHVGHPLOORQHVGHPLOORQHVGHYHFHVORTXHYDDGXUDUFRPRSDUDTXHSXGLHUDSUHVHQFLDUVHXQ
IHQyPHQRDVt
(O  GH RFWXEUH GH  %ROW]PDQQ VH VXLFLGy DKRUFiQGRVH HQ XQD SOD\D LWDOLDQD FHUFD GH
7ULHVWH(QVXOiSLGDILJXUDODIyUPXOD6 NORJ:EDVHGHVXLQWHUSUHWDFLyQXQSRFRPiVRSWLPLVWDR
PHMRUXQSRFRPHQRVSHVLPLVWDGHODOH\TXHRUGHQDDODHQWURStDDXPHQWDU

6tQWRPDV
/RVGRVSULQFLSLRVGHODWHUPRGLQiPLFDMXQWRDOD7HRUtDGHOD(YROXFLyQODWHRUtDFHOXODU\RWURV
GHVDUUROORVTXH\DYLPRV\VHJXLUHPRVYLHQGRSDUHFtDQDOFDQ]DUODSOHQLWXGGHODFLHQFLD1RHQHO
VHQWLGR GH TXH \D WRGR HVWXYLHUD GRPLQDGR VLQR HQ HO QR PHQRV IXHUWH GH TXH VH VDEtD HO
SURFHGLPLHQWRDVHJXLUSDUDDTXHOODVUHJLRQHVQRFRQTXLVWDGDVD~Q1RVHKDEtDH[SORUDGRWRGRHO
WHUULWRULRSHURHOPDSDHVWDEDGLVHxDGRDJUDQGHVUDVJRV\VHDYDQ]DEDFRQEU~MXODVGHSUHFLVLyQ
6LQHPEDUJRKDEtDDOJXQDVVHxDOHVGHTXHODVFRVDVQRHUDQGHOWRGRDVtDXQTXHHVOyJLFRTXH
QDGLHODVYLHUDHQVXPRPHQWR\TXHVyORODVSHUFLEDPRVDKRUDFRQODYHQWDMDTXHGDODSHUVSHFWLYD
$Vt FRPR OD OH\ GH FRQVHUYDFLyQ GH OD HQHUJtD OD OH\ GH OH\HV HUD XQ JUDQ WULXQIR FOiVLFR HO
VHJXQGR SULQFLSLR QR UHVSRQGtD HQ HVSHFLDO HQ OD OHFWXUD GH %ROW]PDQQ H[DFWDPHQWH DO FDQRQ
QHZWRQLDQR \ GHWHUPLQLVWD 1R VH WUDWDED GH XQD OH\ GH FRQVHUYDFLyQ SRU HPSH]DU H LQFOXtD HO
FRQFHSWRQRQHZWRQLDQR\QRGHWHUPLQLVWDGHSUREDELOLGDG
<DOJRSRUHOHVWLORHVWDEDLQFUXVWDGRHQOD7HRUtDGHOD(YROXFLyQ/DVHOHFFLyQQDWXUDOHUDXQD
IXHU]DLPSUHGHFLEOHTXHQRDSXQWDEDDQLQJ~QOXJDUGHILQLGRTXHFRPRHODXPHQWRGHODHQWURStD
QR HUD UHYHUVLEOH \ FX\R IXQFLRQDPLHQWR VH SRGtD VRVSHFKDU HVWDED OLJDGR GH DOJXQD PDQHUD D ODV
SUREDELOLGDGHV \ D OD IRUPD D]DURVD HQ TXH ORV UDVJRV DGDSWDWLYRV VH GLVWULEXtDQ HQWUH ODV
SREODFLRQHV (UDQ VHxDOHV WHQXHV VtQWRPDV SHUR QR HUDQ ORV ~QLFRV <D WHQGUHPRV WLHPSR GH
DQDOL]DUORVFRQGHWDOOH
,17(5/8',2
&026()$%5,&(/),1'(/081'2

'HODVQXHYHMHUDUTXtDVFHOHVWLDOHVTXHHQHOVLJOR 9,GHVFULELy'LRQLVLR$UHRSDJLWDTXHPiVWDUGH

VHUtD FRQRFLGR FRPR HO VHXGR'LRQLVLR HQ RUGHQ GHVFHQGHQWH VHUDILQHV TXHUXELQHV WURQRV
GRPLQDFLRQHV YLUWXGHV \ SRWHQFLDV SULQFLSDGRV DUFiQJHOHV \ iQJHOHV SURSLDPHQWH GLFKRV HUDQ
ORVWURQRV\ODVGRPLQDFLRQHVORVTXHVHHQFDUJDEDQGHIDEULFDUFRQH[TXLVLWRFXLGDGRODVOH\HVGHOD
QDWXUDOH]D
4XH HUDQ HOHYDGDV D OD DVDPEOHD FRQMXQWD GH VHUDILQHV \ TXHUXELQHV SDUD TXH OHV GLHUDQ VX
DSUREDFLyQ \ FDGD p[LWR VH IHVWHMDED FRQ HVWDOOLGRV GH DODEDQ]DV KLPQRV GDQ]DV FiQWLFRV
HVSLULWXDOHV\EDLOHVGHORVTXHUDUDPHQWHHVWDEDDXVHQWHHOFKDPSDJQH&XDQGRODDVDPEOHDVHUiILFD
DSUREyILQDOPHQWHGHVSXpVGHPXFKRVUHWRTXHVLGDV\YXHOWDVODOH\GHLQHUFLDORVQXHYHFRURVVH
FRUULHURQ XQD IUDQFDFKHOD WDQ ODUJD TXH SDUHFLy DJRWDU OD (WHUQLGDG DO PLVPR WLHPSR TXH ODV
SDUWtFXODV DEDQGRQDURQ VX PRYLPLHQWR FDyWLFR H LPSUHGHFLEOH LUUHJXODU \ VLQ ILQDOLGDG DOJXQD
SRUTXHGHUHSHQWHHVWDEDQDFiGHUHSHQWHDOOi\QDGLHHQWHQGtDQDGD\FRPHQ]DURQDPRYHUVHHQ
OtQHDUHFWD\FRQYHORFLGDGDEVROXWDPHQWHXQLIRUPH
<FXDQGRDOJXQRVHRQHVPiVWDUGHTXLpQFXHQWDORVSHUtRGRVGHODHWHUQLGDG"ODVGRPLQDFLRQHV
WDOODURQODOH\GHJUDYLWDFLyQTXHORVWURQRVFRUULJLHURQPtQLPDPHQWHVXVWLWX\HQGRODFXDUWDSRWHQFLD
GHODGLVWDQFLDSRUODVHJXQGD\pVWDDSDUHFLyHQHO%ROHWtQ2ILFLDOGHO(PStUHRODVSDUWtFXODVVH
DWUDMHURQ JUDYLWDWRULDPHQWH \ PXFKDV HPSH]DURQ D PRYHUVH XQDV DOUHGHGRU GH ODV RWUDV WDQWR ORV
WURQRVFRPR ODVGRPLQDFLRQHVVHVLQWLHURQIHOLFHVDQWHXQ PXQGRTXHIXQFLRQDEDFRPR XQSHUIHFWR
PHFDQLVPRVHGHGLFDURQDFRPSOHWDUODREUDDILODQGRODPHFiQLFDGHVyOLGRVGHIOXLGRV\GHJDVHV
HODJXDEDMySRUODVODGHUDV\HOKXPRVHHOHYyPLHQWUDVVHH[SDQGtDFRQSUHFLVLyQ\GHFLGLHURQ
HPERUUDFKDGDVSRUHOp[LWRUHOHJDUDORVSULQFLSDGRV\DUFiQJHOHVDRFXSDUVHGHODWHUPRGLQiPLFD
VLHPSUHPiVIDVWLGLRVD\PHQRVOLPSLDRSRUORPHQRVDVtOHVSDUHFtD
3HURWDQWRORVSULQFLSDGRVFRPRORVDUFiQJHOHVVHWRPDURQODWDUHDPX\HQVHULR\DERUGDURQHO
SUREOHPDFRQGHFLVLyQ8VDQGRWRGRVORVUHFXUVRVLQFOXVRODIXHU]DItVLFD\PHQWDODLVODURQODLGHD
GHHQHUJtD\GLVFXWLHURQTXpKDFHUFRQHOODGXUDQWHLQWHUPLQDEOHVUHXQLRQHVSHURFXDQGRODWXYLHURQ
OLVWDHOPXQGRVHOOHQyGHSURQWRGHOX]\GHFDORUORViWRPRVTXHQRKDEtDQKHFKRKDVWDHQWRQFHV
PiVTXHREHGHFHUODVOH\HVIUtDVGHODPHFiQLFDVHGHVYLDURQGHVXVWUD\HFWRULDVFKRFDURQHQWUHVt\
HPSH]DURQ D IRUPDU JUXSRV OHFKRVRV TXH LQPHGLDWDPHQWH VH FRQWUDMHURQ EDMR OD DFFLyQ GH OD
JUDYHGDG\HQFX\RVFHQWURVVHSURGXMHURQIXVLRQHVQXFOHDUHVTXHHPSH]DURQDLUUDGLDUQXHYDOX]\
FDORUDOHVSDFLRPLHQWUDVVHRUJDQL]DEDQODVJDOD[LDVHVSLUDOHV\HPSH]DEDQDURWDUOHQWDPHQWHFRPR
UXHGDVDUUDQFDGDVGHDOJ~QIXHJRGHDUWLILFLR
< DO FRQWHPSODU WDQWD EHOOH]D HO FRVPRV QHJUR YDFtR IUtR \ PHFiQLFR GH SURQWR EXOOHQWH GH
FDORU \ OX] JUDFLDV DO LQYHQWR GH OD HQHUJtD ORV SULQFLSDGRV \ DUFiQJHOHV GHFLGLHURQ HQ XQ VROR
LQVWDQWHTXHQDGDGHHVRGHEtDSHUGHUVH\TXHDTXHOORGHEtDSHUPDQHFHUSRUVLHPSUHDXQTXHVyOR
IXHUD SDUD DVHJXUDU WDQ PDUDYLOORVR HVSHFWiFXOR \ DVt IXH FRPR GLVHxDURQ OD OH\ GH OH\HV HO
SULQFLSLRGHFRQVHUYDFLyQGHODHQHUJtDTXHDVHJXUDUtDTXHSRUWRGDODHWHUQLGDGODHQHUJtDH[LVWHQWH
HQHOPXQGRVHUtDVLHPSUHODPLVPD
/D OH\ GH OH\HV GHVSHUWy OD HQYLGLD \ HO PDOHVWDU GH WURQRV \ GRPLQDFLRQHV TXH SURWHVWDURQ
SRUTXH DUJtDQ TXH LQWHUIHUtD FRQ VX EHOOR PXQGR PHFiQLFR SLGLHURQ TXH QR IXHUD DSUREDGD \
VRVWXYLHURQTXHHYLGHQWHPHQWHORVFRURVLQIHULRUHVQRWHQtDQODPHQRULGHDGHFyPRVHIDEULFDEDXQ
PXQGR
6LQHPEDUJRDORVVHUDILQHVOHVHQFDQWy\HO*UDQ3OHQDULRGHO1RYHQR&RURFRQWRGRHOSRGHU
TXHOHGDEDVHUODPiVDOWDLQVWDQFLDGHO3DUDtVRVDQFLRQyOD*UDQ/H\LQPHGLDWDPHQWHODVJUDQGHV
HVWUHOODV HVWDOODURQ HQ VXSHUQRYDV PXOWLFRORUHV \ HO JDV VH UHDJUXSy SDUD GDU QXHYDV JHQHUDFLRQHV
HVWHODUHV DOUHGHGRU GH ODV FXDOHV VH DJUXSDURQ FXHUSRV RSDFRV HO PXQGR HQWHUR DGTXLULy XQD
GLQiPLFDFLUFXODU\HQWRGRVORVSXQWRVDSURSLDGRVVHHQFHQGLHURQIRFRVGHFDORU\GHOX]
7URQRV \ GRPLQDFLRQHV VH HVFDQGDOL]DURQ DQWH WDQWR GHVRUGHQ \ H[LJLHURQ TXH VH SXVLHUD XQ
OtPLWH SUREOHPD TXH ORV VHUDILQHV WHPHURVRV GH XQD VXEOHYDFLyQ UHPLWLHURQ D ORV SULQFLSDGRV \
DUFiQJHOHVTXHGHVSXpVGHSHQVDUORXQSRFR\WHPHURVRVGHTXHODSURWHVWDSXVLHUDHQSHOLJURVX
*UDQ/H\FUHDURQXQDQXHYDHQWLGDGTXHPHGtDHOGHVRUGHQODOODPDURQHQWURStD\HVWDEOHFLHURQTXH
ODHQWURStDHVGHFLUHOGHVRUGHQVHUtDFRPRODHQHUJtDVLHPSUHHOPLVPRHQWURStD FRQVWDQWHOR
OODPDURQ6HJXQGR3ULQFLSLR\ORGHVSDFKDURQKDFLDORVFRURVVXSHULRUHV
3HUR QR FRQWDEDQ FRQ OD GHFLVLyQ FRQ TXH WURQRV \ GRPLQDFLRQHV TXHUtDQ DUUXLQDUOHV HO SDVWHO
SDUDORFXDODFXGLHURQDODPiVEDMDGHODVMHUDUTXtDVORViQJHOHVTXHQRVLHPSUHUHVSHWDQHORUGHQ
MHUiUTXLFRTXHHVWiQHQWRGDVSDUWHVTXHVRQMXJXHWRQHV\WUDYLHVRV\TXHVHSXVLHURQPX\FRQWHQWRV
FRQ OD SRVLELOLGDG GH KDFHUOHV XQD MXJDUUHWD D ORV DUFiQJHOHV TXH PXFKDV YHFHV VRQ VHYHURV FRQ
HOORV 9DULRV DQJHOLWRV LQWHUFHSWDURQ HO PHQVDMH \ WUDQVIRUPDURQ HO VHJXQGR SULQFLSLR HQ OD
HQWURStD HO GHVRUGHQ DXPHQWD LQH[RUDEOHPHQWH TXH DVt OOHJy HQGRVDGR SRU ORV WURQRV \ ODV
GRPLQDFLRQHV KDVWD TXHUXELQHV \ VHUDILQHV TXH OD DSUREDURQ VLQ PiV FUH\HQGR TXH HUD XQ PHUR
WUiPLWH\TXHOHVSURSRUFLRQDUtDHOSODFHUGHSUHVHQFLDUQXHYRVIXHJRVGHDUWLILFLR
< HO PXQGR WDQ SUHFLRVDPHQWH FRQVWUXLGR HPSH]y D PRULU SDXODWLQDPHQWH HO GHVRUGHQ OR
LQYDGtD WRGR VLQ TXH KXELHUD YXHOWD DWUiV DOJXQDV HVWUHOODV VH DSDJDEDQ VLQ GDU RULJHQ D HVWUHOODV
QXHYDV WRGDV ODV IRUPDV GH HQHUJtD VH WUDQVIRUPDEDQ OHQWDPHQWH HQ FDORU \ OD PDWHULD PLVPD
HPSH]DEDDGHVJDVWDUVH\DIUDFFLRQDUVHHQUDGLDFLyQTXHVHSHUGtDHQHOHVSDFLR\QRUHJUHVDEDPiV
&XDQGR ORV VHUDILQHV OR DGYLUWLHURQ \D HUD GHPDVLDGR WDUGH HO VHJXQGR SULQFLSLR KDEtD VLGR
SURPXOJDGR\QRSRGtDGDUVHPDUFKDDWUiVVLQHQRMDUDO$OWtVLPR$VtHOPXQGRTXHGyVHQWHQFLDGRD
VHUDOJXQDYH]WRWDOPHQWHQHJUR\YDFtRVLQPRYLPLHQWRQLOX]VLQTXHXQDFKLVSDDJLWDUDORVRFpDQRV
GHRVFXULGDG
/RV WURQRV \ ODV GRPLQDFLRQHV IHVWHMDURQ VX WULXQIR /RV SULQFLSDGRV \ ORV DUFiQJHOHV QR VH
UHSXVLHURQQXQFDGHVXDIOLFFLyQ\SRUHVRUDUDYH]VHORVYH<HQFXDQWRDORViQJHOHVTXHKDEtDQ
PRQWDGRODRSHUDFLyQQLVHSHUFDWDURQGHOSUREOHPDSRUTXH\DVHVDEHTXHDORViQJHOHVHOPXQGR
OHV LPSRUWD PX\ SRFR \ HQ WRGR FDVR SRGUiQ VHJXLU MXJDQGR \ GLYLUWLpQGRVH GHVSXpV GH TXH HO
XQLYHUVRVHKD\DSUHFLSLWDGRKDFLDODQDGD
 &$378/2

(OPDSD\HOWHUULWRULRODVJHRPHWUtDVQRHXFOLGLDQDVHOLQILQLWR\HO
pWHU

$XVWHGHVSXHGHVRQDUOHVFRQRFLGRHOWtWXORGHHVWHFDStWXORSRUGRVPRWLYRVRELHQSRUTXHOH\HURQ
ODSUHFLRVDQRYHODGH0LFKHO+RXOOHEHFTRELHQSRUTXH\DOROH\HURQDTXtXQDVSiJLQDVPiVDWUiV
FXDQGR HO YROiWLO DXWRU GH HVWDV SiJLQDV LQWHQWDED DFDVR LQIUXFWXRVDPHQWH RUJDQL]DU GH DOJXQD
PDQHUDODHQRUPHGLYHUVLGDGGHOSHQVDPLHQWRFLHQWtILFRGHOVLJOR;,;
/HV GHFtD DOOt TXH OD FLHQFLD GH HVWH VLJOR VH VHQWtD VHJXUD GH Vt PLVPD \ TXH JUDFLDV D ODV
JUDQGHVWHRUtDVJHQHUDOHV\DORVQXHYRVSULQFLSLRVFUHtDFRQWDUFRQXQPDSDELHQGHOLQHDGR\XQD
EU~MXODSUHFLVDFRQORVTXHDYDQ]DUVREUHWHUULWRULRVTXHVHVDEtDUHVWDEDQLQH[SORUDGRV
3HUR UHVXOWD TXH HO PDSD QR HVWDED WDQ ELHQ GHOLQHDGR \ OD EU~MXOD QR HUD WDQ SUHFLVD FRPR OR
IXHURQGHPRVWUDQGRSRFRDSRFRDOJXQDVGHHVDVJUDQGHVWHRUtDVTXHVLELHQIXHURQ\VLJXHQVLHQGR
GH DOJXQD PDQHUD HO PRGHOR \ OD FXOPLQDFLyQ GHO SHQVDPLHQWR FLHQWtILFR RFFLGHQWDO LQWURGXMHURQ
SHTXHxDV FXxDV HQ HO HQRUPH HGLILFLR TXH KDEtD OHJDGR HO VLJOR ;9,,, DO LQWURGXFLU HOHPHQWRV
SUREDELOtVWLFRVTXHQRHQFDMDEDQGHOWRGRHQHOLGHDOGHFLHQFLDQHZWRQLDQD\GHWHUPLQLVWD
(QWUH HVWRV VtQWRPDV TXH SRQtDQ HQ GXGD OD SUHFLVLyQ GHO PDSD \ OD DILQDFLyQ GH OD EU~MXOD
DSDUHFLyXQRYHUGDGHUDPHQWHJUDYtVLPR9HUGDGHUDPHQWHJUDYtVLPRGLJRSRUTXHDSXQWDEDQLPiVQL
PHQRVTXHDOFXHVWLRQDPLHQWRGHODVyOLGD\HVWDEOHFLGDFRQFHSFLyQGHOHVSDFLRHVHOXJDUDEVROXWR\
IHOL]TXHKDEtDVLGRILMDGRHQHOVLJOR;9,,LQPyYLOHWHUQDPHQWHLJXDODVtPLVPRSUHYLRDWRGRVORV
IHQyPHQRVTXHRFXUUtDQHQpO\TXHODVPDWHPiWLFDV\ODJHRPHWUtDGHVFULEtDQHQIRUPDH[KDXVWLYD
'HUHSHQWH\DQRHUDWDQFODURTXpIRUPDWHQtD
<WRGRWRGRSRUTXHKDEtDDOJRHQORVD[LRPDVGHOYLHMR(XFOLGHVTXHQRFHUUDED5HFXHUGDQHO
TXLQWRSRVWXODGR"5HSDVHPRVXQSRFR

,/$6*(20(75$612(8&/,',$1$6

5HFRUGDQGRD(XFOLGHV
&XDQGR KDEODPRV KDFH \D PXFKR GH OD (VFXHOD GH $OHMDQGUtD \ GH (XFOLGHV OHV FRQWDED TXH VH
KDEtDKHFKRFDUJRGHOGHVDVWUHSLWDJyULFRHOGHVFXEULPLHQWRGHODLUUDFLRQDOLGDGGHODUDt]FXDGUDGD
GH  \ VH KDEtD SXHVWR D HGLILFDU ODV PDWHPiWLFDV GH IRUPD H[FOXVLYDPHQWH JHRPpWULFD HQ VXV
(OHPHQWRV HQ ORV TXH FRQVWUXtD WRGD OD JHRPHWUtD HQ XQD REUD WDQ DPSOLD \ GHILQLWLYD TXH SXHGH
HTXLSDUDUVHDORV3ULQFLSLDGH1HZWRQR(ORULJHQGHODVHVSHFLHVGH'DUZLQ\TXHIXHGHVSXpVGH
OD%LEOLDHOOLEURPiVHGLWDGR
7DPELpQ OHV GHFtD TXH (XFOLGHV WRPDED XQR GH ORV JUDQGHV FDPLQRV GH OD ILORVRItD JULHJD VH
DSDUWDEDGHFXDOTXLHUFRUULHQWHHPSLULVWDVHXELFDEDHQHOSXURSHQVDUGHORVSLWDJyULFRV\HQOD
WUDGLFLyQ GH 3DUPpQLGHV GH (OHD HQIUHQWDED HO GLOHPD TXH VH KDEtD GHMDGR VLQ UHVROYHU VL VH
FRQVWUXtDXQVLVWHPDEDVDGRHQHOSHQVDUWDPELpQHUDQHFHVDULRUHVROYHUHOSUREOHPDGHSRUGyQGH
KDEtDTXHHPSH]DU(XFOLGHVORUHVROYLyFRPRUHFRUGDUiQLPSRQLHQGRDOJXQRVSULQFLSLRVTXHGDED
SRU YHUGDGHURV VLQ GLVFXWLUORV ORV D[LRPDV R ORV SRVWXODGRV GH ORV FXDOHV GHEtD SRGHU GHGXFLUVH
WRGR HQXQFLDGR GH OD JHRPHWUtD DXQ HO PiV LQWULQFDGR 'H SDVR VHD GLFKR (XFOLGHV GHMDED XQ
DVXQWLOOR VLQ UHVROYHU R UHVXHOWR GH XQD PDQHUD SRFR FRQYLQFHQWH HO GH OD DUELWUDULHGDG HQ OD
HOHFFLyQGHORVSRVWXODGRVTXHVHMXVWLILFDEDDILUPDQGRTXHVHWUDWDEDGHYHUGDGHVDXWRHYLGHQWHV
FRVDVGHODVTXHQRVHSRGtDGXGDU\TXHQRQHFHVLWDEDQGHPRVWUDFLyQ/RVSRVWXODGRVHUDQFODURV
VLPSOHV FRQWXQGHQWHV \ HVR VH VXSRQtD DOFDQ]DED SDUD TXH IXHUDQ OHJtWLPRV 5HSDVHPRV
EUHYHPHQWHDOJXQRVGHHOORV

 4XHSRUFXDOTXLHUSXQWRVHSXHGDWUD]DUXQDUHFWDTXHSDVHSRURWURSXQWRFXDOTXLHUD
 4XHWRGDUHFWDOLPLWDGDSXHGDSURORQJDUVHLQGHILQLGDPHQWHHQODPLVPDGLUHFFLyQ
 4XHFRQXQFHQWURGDGR\XQUDGLRGDGRVHSXHGDWUD]DUXQFtUFXOR
 4XHWRGRVORViQJXORVUHFWRVVHDQLJXDOHVHQWUHVt

+DVWDDTXtWRGRSDUHFHHQRUGHQ3HURSUHVWHQDWHQFLyQDOVLJXLHQWH

 4XHVLXQDUHFWDDOFRUWDUDRWUDVGRVIRUPDORViQJXORVLQWHUQRVGHXQPLVPRODGRPHQRUHVTXH
GRV UHFWRV HVDV GRV UHFWDV SURORQJDGDV LQGHILQLGDPHQWH VH FRUWDQ GHO ODGR HQ TXH HVWiQ ORV
iQJXORVPHQRUHVTXHGRVUHFWRV

/RV SULPHURV FXDWUR VRQ VHQFLOORV \ QR SUHVHQWDQ PD\RUHV GLILFXOWDGHV 3HUR HO TXLQWR
SRVWXODGRGDEDPXFKDWHODSDUDFRUWDU

(OPLVWHULRGHOTXLQWRSRVWXODGR
(OTXLQWRSRVWXODGRHUDPROHVWR1RWDQWRSRUTXHKXELHUDDOJXQDGXGDVREUHVXYHUGDGVLQRDFDXVD
GH VX HQXQFLDGR LPDJLQR TXH XVWHGHV DPDEOHV OHFWRUHV GHO OLEUR KDEUiQ WHQLGR TXH H[DPLQDUOR
GHWHQLGDPHQWHSDUDFRPSUHQGHUTXpHVORTXHHVWiGLFLHQGR<VHJXUDPHQWHUHFLpQFXDQGRYLHURQHO
GLEXMRVHOHVDFODUyHOSDQRUDPD/RFXDOHVOyJLFRSRUTXHWDO\FRPRIXHHQXQFLDGRHOSRVWXODGRHV
GHPDVLDGRFRPSOLFDGRSDUHFHDUWLILFLRVR\FDUHFHGHODVHQFLOOH]GHORVRWURV(OSURSLR(XFOLGHV
KDEtDWRPDGREXHQDQRWDGHHVWHDVXQWR\VLHPSUHTXHSXGRHYLWyUHFXUULUDpO'HKHFKRHOTXLQWR
SRVWXODGR\VXDUWLILFLRVDWH[WXUDVHFRQYLUWLHURQHQXQGRORUGHFDEH]DSHUPDQHQWHGXUDQWHGRVPLO
DxRVKDVWDWDOSXQWRTXHHQ'$OHPEHUWOODPyDOSUREOHPDHOHVFiQGDORGHORVHOHPHQWRVGH
ODJHRPHWUtD
 <D GHVGH OD $QWLJHGDG VH KDEtDQ KHFKR LQWHQWRV SRU UHHPSOD]DUOR SRU DOJ~Q HQXQFLDGR TXH
SDUHFLHUDPiVHYLGHQWH\VHQFLOOR+XERPXFKDVSURSXHVWDVSHURODTXHVHLPSXVR\HVPiVIDPRVD
KR\ HQ GtD IXH OD GH -RKQ 3ODYIDLU  TXLHQ UHFLpQ HQ  DVHJXUy TXH HO SRVWXODGR
HXFOLGLDQRSRGtDVLPSOLILFDUVHPXFKtVLPRVLVHORUHHPSOD]DEDSRUXQRTXHGLMHUDTXHSRUXQSXQWR
H[WHULRUDXQDUHFWDSDVDXQDVRODSDUDOHOD'HDKtTXHHOTXLQWRSRVWXODGRVHDFRQRFLGRFRPRHO
SRVWXODGRGHODVSDUDOHODVFRPROROODPDUHPRVHQDGHODQWH
+XER XQ VHJXQGR WLSR GH DERUGDMH TXH FRQVLVWLy HQ LQWHQWDU GHPRVWUDU HO TXLQWR SRVWXODGR
GHGXFLpQGRORGHORVRWURVGHWDOPDQHUDTXHGHMDUDGHVHUFXHVWLRQDEOH(QWUHORVTXHHPSUHQGLHURQ
HVWH FDPLQR HO HVIXHU]R PiV LPSRUWDQWH SRU OR PHQRV FURQROyJLFDPHQWH IXH KHFKR SRU *HURODPR
6DFFKHULXQVDFHUGRWHMHVXLWD\SURIHVRUGHOD8QLYHUVLGDGGH3DYtD/RTXHSUHWHQGLy
KDFHU IXH QHJDU HO D[LRPD GH ODV SDUDOHODV \ PRVWUDU TXH VH OOHJDED D XQD FRQWUDGLFFLyQ OR TXH
QRVRWURV OODPDPRV XQD GHPRVWUDFLyQ SRU HO DEVXUGR 1HJDU TXH SRU XQ SXQWR H[WHULRU D XQD UHFWD
SDVDXQDVROD\~QLFDSDUDOHODHVVXSRQHUTXHRELHQQRSDVDQLQJXQDRELHQSDVDQPXFKDV
6DFFKHUL HPSH]yVXSRQLHQGRTXHQR KDEtDQLQJXQDSDUDOHOD \ WUDEDMDQGRFRQHVWHSUHVXSXHVWR
OOHJy D OD WDQ DQVLDGD FRQWUDGLFFLyQ /XHJR SUREy FRQ OD VHJXQGD SRVLELOLGDG $FHSWy TXH SRU HO
GLFKRVRSXQWRSDVDPiVGHXQDSDUDOHOD\ORJUyGHPRVWUDUPXFKRVWHRUHPDVKDVWDTXHOOHJyDXQD
SURSLHGDG WDQ H[WUDxD TXH OD FRQVLGHUy XQD FRQWUDGLFFLyQ FRQFOX\y DVt TXH HO TXLQWR SRVWXODGR
HVWDEDGHPRVWUDGR\WLWXOyVXOLEURSRUVLDDOJXLHQOHTXHGDUDDOJXQDGXGD(XFOLGHVDERPQLQDHYR
YLQGLFDWXV(XFOLGHVH[RQHUDGRGHWRGDFXOSD(OSUREOHPDSDUHFtDWHUPLQDGRVRODPHQWH
SDUHFtD
3RFRGHVSXpVGH6DFFKHUL-RKDQQ+HLQULFK/DPEHUWDERUGyHODVXQWR(QVXOLEUR
HVFULWR HQ  \ SXEOLFDGR HQ  7HRUtD GH ODV UHFWDV SDUDOHODV /DPEHUW FRPR 6DFFKHUL
FRQVLGHUy ODV GRV SRVLEOHV RSFLRQHV 7DPELpQ FRPR 6DFFKHUL HQFRQWUy TXH VXSRQHU TXH QR SDVD
QLQJXQDSDUDOHODFRQGXFHDXQDFRQWUDGLFFLyQ
6LQ HPEDUJR FXDQGR DQDOL]y OD RWUD KLSyWHVLV TXH SDVDQ PXFKDV OOHJy D UHVXOWDGRV PX\
H[WUDxRV SRU HMHPSOR TXH ORV iQJXORV LQWHULRUHV GH XQ WULiQJXOR VXPDQ PHQRV TXH  JUDGRV
5HVXOWDGRVH[WUDxtVLPRVSRUFLHUWRSHURTXHQRFRQVWLWXtDQQLQJXQDFRQWUDGLFFLyQOyJLFD
< HQWRQFHV" < HQWRQFHV RFXUULy DOJR IXQGDPHQWDO SRUTXH /DPEHUW DYL]RUy HO KHFKR GH TXH
FXDOTXLHUFROHFFLyQGHKLSyWHVLVTXHQRFRQGXMHUDDFRQWUDGLFFLRQHVRIUHFHUtDXQDSRVLEOHJHRPHWUtD
TXHVHUtDXQDHVWUXFWXUDOyJLFDYiOLGDDXQFXDQGRSXGLHUDWHQHUSRFRTXHYHUFRQHOHVSDFLRItVLFR
UHDO \ D SULRUL YHUGDGHUR (UD XQ SDVR FRQFHSWXDO WUHPHQGR DELVPDO \ /DPEHUW GXGy IUHQWH DO
SUHFLSLFLR
3HUR TXLHQ QR YDFLOy HQ DEVROXWR IXH *DXVV D TXLHQ VXHOH FRQVLGHUDUVH VL ELHQ HO DVXQWR HV
GLVFXWLEOH HO SULQFHSV PDWKHPDWLFRUXP HO PiV JUDQGH PDWHPiWLFR GHO VLJOR ;,; +DVWD HO DxR
*DXVVWUDWyFRPRWDQWRVRWURVGHGHPRVWUDUHOGLFKRVRSRVWXODGRKDVWDTXHVHFRQYHQFLyGH
TXHHUDLPSRVLEOH

+H KHFKR \D DOJXQRV SURJUHVRV HQ PL WUDEDMR 6LQ HPEDUJR HO FDPLQR TXH KH HOHJLGR QR
FRQGXFHHQDEVROXWRDODPHWDTXHEXVFDPRVODGHGXFFLyQGHOD[LRPDGHODVSDUDOHODV0iV
ELHQSDUHFHREOLJDUPHDGXGDUGHODYHUGDGGHODJHRPHWUtDPLVPD

HVFULEtDDVXDPLJRHOPDWHPiWLFR:ROIJDQJ%RO\DL
'XGDUGHODJHRPHWUtDPLVPDHUDPXFKRGHFLUSHURWRGRSDUHFtDLQGLFDUTXHSRGtDH[LVWLUXQD
JHRPHWUtDSHUIHFWDPHQWHFRKHUHQWHHQODTXHHOSRVWXODGRQRVHFXPSOLHUD$SDUWLUGHWUDEDMy
HQHVDGLUHFFLyQDXQTXHOHSDUHFtDXQDLGHDWDQDXGD]TXHFRPROHGHFtDDRWURDPLJRHQXQDFDUWD
SUREDEOHPHQWH MDPiV SXEOLFDUtD VXV KDOOD]JRV VREUH HO SDUWLFXODU SXHV WHQtD PLHGR DO ULGtFXOR R
FRPRpOGHFtDWHPtDHOFODPRUGHORVEHRFLRVHQXQDUHIHUHQFLDDODWULEXJULHJDFX\DWRUSH]DORV
JULHJRVLOXVWUDGRVFRQVLGHUDEDQSURYHUELDO
(OPLHGRHUDUD]RQDEOHSRUTXHORFLHUWRHVTXHHOPXQGRLQWHOHFWXDOHQJHQHUDO\HQHVSHFLDOOD
UDPD GH ORV PDWHPiWLFRV \ ORV ItVLFRV HVWDED GRPLQDGR SRU OD FRQYLFFLyQ GH TXH OD JHRPHWUtD
HXFOtGHDHUDOD~QLFDSRVLEOH<SXEOLFDUVHPHMDQWHFRVDFRQXQSUHVWLJLR\DELHQJDQDGR\DVHQWDGR
HUDXQULHVJRTXH*DXVVQRHVWDEDGLVSXHVWRDFRUUHU
3HURELHQDFRUGHFRQXQVLJORTXHHPSH]DEDDSRQHUWRGRHQFXHVWLyQHODVXQWRHVWDEDDSXQWRGH
OOHJDUDXQGHVHQODFH

/REDFKHYVNL\%RO\DLODVJHRPHWUtDVQRHXFOLGLDQDV
'HVHQODFH TXH VH GHVHQFDGHQy JUDFLDV D ORV WUDEDMRV GHO PDWHPiWLFR UXVR 1LFRODL ,YDQRYLFK
/REDFKHYVNL\HOK~QJDUR-RKDQQ%RO\DLKLMRGHO:ROIJDQJ%RO\DLDOTXH
OHHVFULEtD*DXVV$SDUWLUGHXQR\RWURVHSDUDGDPHQWHGHVDUUROODURQVXVSURSLDVLGHDVVREUH
ODJHRPHWUtD\FRQVWUX\HURQXQDJHRPHWUtDQRHXFOLGLDQDORFXDOKDVWDHVHPRPHQWRKXELHVHSDUHFLGR
XQDFRQWUDGLFFLyQHQORVWpUPLQRVSDUWLHQGRGHTXHSRUXQSXQWRH[WHULRUDXQDUHFWDSDVDQLQILQLWDV
SDUDOHODV
%RO\DLHVFULEtD

+HUHDOL]DGRGHVFXEULPLHQWRVWDQPDUDYLOORVRVTXHHVWR\FRPSOHWDPHQWHDVRPEUDGR

(QHIHFWRODQXHYDJHRPHWUtDWHQtDSURSLHGDGHVPX\H[WUDxDVSHURHQDEVROXWRFRQWUDGLFWRULDV
5HFXHUGHQHOHMHPSORTXHOHVRIUHFtDQWHVODVXPDGHORViQJXORVLQWHULRUHVGHXQWULiQJXORHQHVWD
JHRPHWUtD HV PHQRU TXH  JUDGRV \ OD GLIHUHQFLD GHSHQGH GHO iUHD FXDQWR PiV JUDQGH HO
WULiQJXORPHQRUODGLIHUHQFLD
/DQXHYDJHRPHWUtDUHVXOWDEDWDQWRPiVHVWUHPHFHGRUDHQWDQWRFUHFtDSRFRDSRFRODVRVSHFKDGH
TXH SRGtD DSOLFDUVH DO HVSDFLR ItVLFR GH PDQHUD WDQ SUHFLVD FRPR OD HXFOtGHD +DVWD HQWRQFHV HO
HVSDFLRItVLFRHQTXHWUDEDMDEDQORVFLHQWtILFRV \ YLYtDQWRGRVORVKRPEUHVHUDHOGHVFULSWRSRUOD
JHRPHWUtD HXFOLGLDQD DVt OR KDEtD FRQVWUXLGR 1HZWRQ \ DVt OR KDEtD VDQFLRQDGR HO JUDQ ILOyVRIR
.DQW6HWUDWDEDGHODJHRPHWUtDQHFHVDULDGHODHPSLULD
3HURWDQWR*DXVVFRPR/REDFKHYVNLHVWDEDQFRQYHQFLGRVGHTXHHVWDQXHYDJHRPHWUtDTXHLEDQ
HVER]DQGRSRGtDVHUDSOLFDEOH\HUDXWLOL]DEOHSDUDGHVFULELUODVSURSLHGDGHVGHOHVSDFLRItVLFRWDQ
SUHFLVDPHQWHFRPRODHXFOtGHD\DTXHSHQVDEDQHUDSRFRFLHQWtILFRJDUDQWL]DUODYHUGDGItVLFDGHOD
JHRPHWUtDHXFOtGHDEDViQGRVHHQFRQVLGHUDFLRQHVDSULRUL
$VtKDFLDQRVyORKDEtDXQDJHRPHWUtDQRHXFOtGHDDXQTXHDFHSWDGDSRUSRFRVVLQRTXH
VXDSOLFDELOLGDGDOHVSDFLRItVLFRHUDFRQVLGHUDGDDOPHQRVFRPRSRVLEOH(ODVXQWRQRHUDPHQRU\D
TXHWRGRHOHGLILFLRGHODItVLFDHVWDEDFRQVWUXLGRVREUHODSUHVXQFLyQGHTXHODJHRPHWUtDHXFOtGHD
HUD OD JHRPHWUtD QHFHVDULD GHO HVSDFLR ItVLFR VL GH UHSHQWH GLJDPRV UHVXOWDED TXH ORV iQJXORV
LQWHULRUHVGHXQWULiQJXORPHGtDQPHQRVTXHJUDGRVHUDQHFHVDULRUHYLVDUWRGRORTXHVHDSR\DUD
HQHVHVXSXHVWR
(O SUREOHPD GH FXiO HUD OD JHRPHWUtD TXH PHMRU VH DFRPRGDED DO HVSDFLR ItVLFR VXVFLWDGR
SULPHUDPHQWHSRUODREUDGH*DXVVHVWLPXOyODFUHDFLyQGHXQDQXHYDJHRPHWUtDTXHGLRDOPXQGR
PDWHPiWLFR PRWLYRV IUHVFRV SDUD FUHHU TXH HO HVSDFLR ItVLFR SRGtD PX\ ELHQ VHU QR HXFOLGLDQR 6X
LQYHQWRURGHEHUtDGHFLUGHVFXEULGRU"IXH*HRUJ%HUQKDUG5LHPDQQGLVFtSXORGH
*DXVV\SRVWHULRUPHQWHSURIHVRUGHPDWHPiWLFDVHQ*RWLQJD(QODJHRPHWUtDGH5LHPDQQQRVyORQR
SDVDQLQJXQDSDUDOHODSRUXQSXQWRH[WHULRUDXQDUHFWDVLQRTXHQLVLTXLHUDH[LVWHQUHFWDVSDUDOHODV
/R FXDO SDUHFH UDUtVLPR DXQTXH QR OR HV SDUD YLVXDOL]DUOD VH OD SXHGH SHQVDU FRPR VL ODV UHFWDV
IXHUDQORVPHULGLDQRVWHUUHVWUHVTXHDOFRUWDUVHHQORVSRORVQRFRQRFHQHOSDUDOHOLVPR
'HUHSHQWHWRGDODFRQVWUXFFLyQGHODPHFiQLFDQHZWRQLDQDTXHVHKDEtDEDVDGRHQODLGHDGHXQ
HVSDFLR HXFOtGHR DEVROXWR PRVWUDED OD KLODFKD (Q VX FRQIHUHQFLD HQ OD )DFXOWDG GH )LORVRItD GH
*RWLQJD GH  WLWXODGD 6REUH ODV KLSyWHVLV TXH VH HQFXHQWUDQ HQ ORV IXQGDPHQWRV GH OD
JHRPHWUtD5LHPDQQUHFRQVLGHUDEDHOSUREOHPDJHQHUDOGHODHVWUXFWXUDGHOHVSDFLR<ORKDFtD
HVWR HV OR LQWHUHVDQWH GHVGH XQD SHUVSHFWLYD HPStULFD \D QR DOFDQ]DED FRQ TXH OD JHRPHWUtD
FRQWDUDFRQXQDOyJLFDLQWHUQDLPSODFDEOHVLQRTXHODSUHJXQWDDKRUDHUDSRUODVFRQGLFLRQHVTXHVH
OHSUHVXSRQtDQDOSURSLRFRQFHSWRGHHVSDFLRDQWHVGHTXHVHGHWHUPLQDUDPHGLDQWHODH[SHULHQFLD
FXDOTXLHUSURSLHGDGTXHSXGLHUDSUHVHQWDUVHHQHOPXQGRItVLFR(UDWRGDXQDQRYHGDGODVYHUGDGHV
DXWRHYLGHQWHVGH(XFOLGHVSRGtDQGHSHQGHUGHODH[SHULHQFLD
(QYHUGDG\DFiPHYHRREOLJDGRDKDFHUXQDGLJUHVLyQHVDOJRLQMXVWRGHFLUTXH(XFOLGHVQR
KXELHUD FRQVLGHUDGR HVWD SRVLELOLGDG $ SHVDU GH RSRQHUVH GHFLGLGDPHQWH DO HPSLULVPR HO SURSLR
FRQFHSWRGHDXWRHYLGHQFLDHVXQDVXHUWHGHFRQFHVLyQ3RUTXpVHUtDDXWRHYLGHQWHHLQGLVFXWLEOH
TXH SRU HMHPSOR WRGD UHFWD OLPLWDGD SXHGD SURORQJDUVH LQGHILQLGDPHQWH HQ OD PLVPD GLUHFFLyQ
VDOYR SRU HO KHFKR GH TXH HIHFWLYDPHQWH SDUHFtD TXH HQ OD SUiFWLFD HUD DVt" < GLJR SDUHFtD
SRUTXH HQ OD SUiFWLFD QR H[LVWHQ QL ODV UHFWDV QL ORV VHJPHQWRV DEVWUDFWRV GH (XFOLGHV 5HVXOWD
HQWRQFHVTXHORTXH5LHPDQQHVWDEDGLFLHQGRHUDTXHORVD[LRPDVGH(XFOLGHVQRHUDQODVIHVWHMDGDV
YHUGDGHVDXWRHYLGHQWHVVLQRTXHHUDQVLPSOHVYHUGDGHVHPStULFDV
'H HVWH PRGR OD FXHVWLyQ PLVPD GHO HVSDFLR GH VX QDWXUDOH]D \ VX JHRPHWUtD WDPEDOHDED (O
PDSD TXH VH KDEtD GLVHxDGR TXH SDUHFtD WDQ SHUIHFWR \ KDEtD FRQGXFLGR D FUHHU HQ XQ SURJUHVR
LQGHILQLGR\VLQREVWiFXORVHQODFDUUHUDGHOFRQRFLPLHQWRHPSH]DEDDJHQHUDUDOJXQDVVRVSHFKDV
WHQtD TXH VHU XQ PDSD HXFOtGHR" 2 D OR PHMRU FRQYHQtD H[SORUDU HO WHUULWRULR FRQ XQ PDSD QR
HXFOtGHR D SHVDU GH VXV H[WUDxDV \ DQWLLQWXLWLYDV SURSLHGDGHV" 6L pVWH HUD HO FDVR HO WHUUHQR HUD
SDQWDQRVR 3RUTXH VL FXDOTXLHU JHRPHWUtD OyJLFD HV GHFLU TXH QR SUHVHQWDUD FRQWUDGLFFLRQHV
LQWHUQDVSRGtDVHUDSOLFDGDDOHVSDFLRItVLFRFRQp[LWRUHVXOWDEDTXHHVWHHVSDFLRItVLFRHQUHDOLGDG
QRHUDRWUDFRVDTXHXQHVSDFLROyJLFRFRQWDQWDVSRVLELOLGDGHVGHVHUUHSUHVHQWDGRFRPRJHRPHWUtDV
QRFRQWUDGLFWRULDVSXGLHUDQSRVWXODUVH'HILQLWLYDPHQWH\DQRHUDHOHVSDFLRHQHOTXHORVFLHQWtILFRV
VHJXURVGHOVLJOR;,;VHPDQHMDEDQ
<HOVLJOR ;;VHHQFDUJDUtDGHGHPRVWUDUTXHHIHFWLYDPHQWHHUDDVt\D~QPiVTXHODJHRPHWUtD
UHDOGHOHVSDFLRQRHVSUHFLVDPHQWHODHXFOtGHD3HUR\DOOHJDUHPRVDOOt

,,(/75,81)2'(/,1),1,72
/DHQRUPHVRILVWLFDFLyQGHOSRVWXODGRGHODVSDUDOHODVVHGHEtDHQSDUWHDOUHFHORGH(XFOLGHV\GH
ORVPDWHPiWLFRVJULHJRVHQJHQHUDODQWHHOFRQFHSWRGHLQILQLWRODVSDUDOHODVVRQUHFWDVTXHQRVH
FRUWDQ QL VLTXLHUD HQ HO LQILQLWR XQ OXJDU QR GHILQLEOH GRQGH QDGLH VDEtD OR TXH SDVDED UHDOPHQWH
$VtHOSRVWXODGRGHODVSDUDOHODVHVWDEDUHODFLRQDGRFRQHOFRQFHSWRGHLQILQLWRTXHQRKDEtDVLGR
UHVXHOWRMDPiVSRUORVPDWHPiWLFRVJULHJRV(XFOLGHVGHKHFKRVHJXtDD$ULVWyWHOHVTXHDFHSWDEDHO
LQILQLWR FRPR XQD FDQWLGDG TXH FUHFtD VLQ OtPLWHV HV GHFLU XQ LQILQLWR SRWHQFLDO SHUR QHJDED OD
SRVLELOLGDGGHOLQILQLWRUHDORDFWXDOHVGHFLUGHOLQILQLWRH[LVWHQWHDTXt\DKRUD
/DUHVSXHVWDDULVWRWpOLFDRHXFOLGLDQDHVODSULPHUDTXHVHOHRFXUUHDTXLHQWUDWDGHUHVSRQGHU
DFHUFDGHODGHILQLFLyQGHOLQILQLWRGHVGHHOVHQWLGRFRP~QRORTXHHVORPLVPRGHVGHODLQWXLFLyQ
GLUHFWD 8QR VXHOH LPDJLQDUVH XQD FDQWLGDG PX\ JUDQGH 3HUR ODV FDQWLGDGHV PX\ JUDQGHV FRPR
GLJDPRVHOQ~PHURGHJUDQRVGHDUHQDGHWRGDVODVSOD\DVGHODWLHUUDGHOTXHFRPRUHFRUGDUiQVH
RFXSy$UTXtPHGHVHQVXPRPHQWRHQVX$UHQDULRHVWiQOHMtVLPRVGHVHULQILQLWDVWDQOHMRVFRPROR
HVWiQODVHVWUHOODVTXHYHPRVHQHOFLHORIHOL]PHQWH<GLJRIHOL]PHQWHSRUTXHVLHOQ~PHURGHJUDQRV
GH DUHQD GH XQD SOD\D IXHUD LQILQLWR VX SHVR WDPELpQ OR VHUtD \ HQ FRQVHFXHQFLD HO GH OD 7LHUUD
WDPELpQ/DFDQWLGDGGHiWRPRVHQHOXQLYHUVRTXHDVFLHQGHDODIULROHUDGH
 HV
WDQ SRFR LQILQLWD TXH GD OiVWLPD (Q UHDOLGDG VHPHMDQWH FLIUD QR HVWi PiV FHUFD GHO LQILQLWR TXH
FROHJDVPiVPRGHVWDVFRPRRORFXDOHVUDUtVLPR\H[SOLFDSRUTXpODGLILFXOWDGSDUD
FRQFHELUHOLQILQLWRVDOYRFRPRDOJRSRWHQFLDOVHDUUDVWUDEDGHVGHOD$QWLJHGDG

(OFiOFXORLQILQLWHVLPDO
0iVDOOiGHORVGHYDQHRVPHGLHYDOHV\WHROyJLFRVVREUHVLODSRWHQFLDGH'LRVHUDRQRLQILQLWDHQ
ORVVLJORV ;9, \ ;9,, HO LQILQLWR PDWHPiWLFR TXH HV HO TXH QRV LQWHUHVD D QRVRWURV KDEtD WHQLGR XQ
LPSUHYLVWR \ IUXFWtIHUR UHQDFLPLHQWR 9DULRV PDWHPiWLFRV KDEtDQ HPSH]DGR D FRQVLGHUDU TXH SRU
HMHPSORXQFXDGUDGRSRGtDSHQVDUVHFRPRXQFRQMXQWRLQILQLWRGHVHJPHQWRVLQILQLWDPHQWHGHOJDGRV
RXQYROXPHQFRPRXQDSLODGHLQILQLWDVUHEDQDGDVFDGDXQDGHHOODVWDPELpQLQILQLWDPHQWHGHOJDGDV
\KDEtDQXWLOL]DGRHVDDSUR[LPDFLyQSDUDFDOFXODUiUHDV\YRO~PHQHV1HZWRQ\/HLEQL]SRUVXSDUWH
DOLQYHQWDUHOFiOFXORLQILQLWHVLPDOKDEtDQXWLOL]DGRFDQWLGDGHVLQILQLWDPHQWHSHTXHxDV\RSHUDGR
FRQHOODVVXVFRFLHQWHV\VXVGHVDUUROORV
&RPRHVXQSRFRWpFQLFRH[SOLFDUTXpHVH[DFWDPHQWHHOFiOFXORLQILQLWHVLPDOORKDJRPX\SHUR
PX\ HVTXHPiWLFDPHQWH $QDOLFHPRV SRU HMHPSOR HO FRQFHSWR GH YHORFLGDG LQVWDQWiQHD &XDQGR OD
DJXMD GHO YHORFtPHWUR PDUFD GLJDPRV  NLOyPHWURV SRU KRUD GDPRV SRU VHQWDGR TXH PLGH OD
YHORFLGDG GHO DXWR HQ HVH LQVWDQWH VLQ SHQVDU HQ OD GLILFXOWDG GHO FRQFHSWR 3RUTXH TXp HV XQ
LQVWDQWH" 8Q LQWHUYDOR GH GXUDFLyQ FHUR < FXiQWR UHFRUUH HO DXWR HQ XQ LQWHUYDOR TXH GXUD FHUR"
2EYLDPHQWHNLOyPHWUR3HURVLODYHORFLGDGHQXQLQVWDQWHHVHOFRFLHQWHGHOHVSDFLRSRUHOWLHPSR
OOHJDUtDPRVDODEVXUGRGHTXHHVORFXDOQRWLHQHQLQJ~QVHQWLGR
(VDTXtGRQGHLUUXPSHHOFiOFXORLQILQLWHVLPDOSDUDSURSRQHURWUDPDQHUDORKDFHFRQLQWHUYDORV
GH WLHPSR \ GH HVSDFLR LQILQLWDPHQWH SHTXHxRV TXH VH GLYLGHQ \ VH KDFHQ FHUR R FRPR HOORV
GHFtDQ VH GHVYDQHFHQ GH HVD PDQHUD HYLWDEDQ HO  \ OOHJDEDQ D XQ YDORU OD YHORFLGDG
LQVWDQWiQHD
(Q WpUPLQRV JHQHUDOHV HO FiOFXOR LQILQLWHVLPDO OD PiV JUDQGH LQYHQFLyQ PDWHPiWLFD GHVGH OD
$QWLJHGDGKDVWDKR\FRQVLVWHHQRSHUDUFRQHVWDVFDQWLGDGHVLQILQLWDPHQWHSHTXHxDV\DVHDHQODV
PDJQLWXGHVItVLFDVRHQODVIXQFLRQHV
(OFiOFXORLQILQLWHVLPDOVLELHQWXYRLQPHGLDWDVDSOLFDFLRQHVGHELGRDVXLQPHQVDXWLOLGDG\VH
VLJXLyXWLOL]DQGRSHVHDQRHVWDUVXILFLHQWHPHQWHELHQIXQGDPHQWDGRUHFLELyFUtWLFDVGHVGHHOSXQWR
GHYLVWDILORVyILFRQRWDEOHPHQWHSRUSDUWHGHORELVSR%HUNHOH\TXLHQSUHJXQWDEDTXp
FODVH GH HQWLGDGHV HUDQ pVDV LQILQLWDPHQWH SHTXHxDV \ TXH VH GHVYDQHFtDQ 1R OH HQFRQWUDED
VHQWLGRDOJXQR<ODYHUGDGHVTXHQROHIDOWDEDUD]yQSXHVWRTXHQRKDEtDXQDEXHQDUHVSXHVWDSDUD
HVWDVFXHVWLRQHVHQHVHPRPHQWR
3HURILQDOPHQWHHQHOVLJOR;,;VHFRQVLJXLyIRUMDUXQDSDUDWRIRUPDOTXHWUDWDEDHVWDVFXHVWLRQHV
FRQULJRU\PiVRPHQRVH[SOLFDEDTXpVLJQLILFDEDQODVFDQWLGDGHVTXHVHGHVYDQHFtDQ'HPRGR
TXH HO SUREOHPD GH OR LQILQLWDPHQWH SHTXHxR SDUHFtD UHVXHOWR \ HO DQiOLVLV PDWHPiWLFR
ULJXURVDPHQWH MXVWLILFDGR 6LQ HPEDUJR HO WHPD GHO LQILQLWR QR KDFtD VLQR HPSH]DU )DOWDED
HQIUHQWDUVHFRQODVFDQWLGDGHVLQILQLWDPHQWHJUDQGHV\pVDIXHODWDUHDGH*HRUJ&DQWRU

&DQWRU\ORVLQILQLWRV
3DUDHQFRQWUDUQRVFRQFRQMXQWRVTXHQLQJ~QQ~PHURSXHGDFRQWDUGHEHPRVUHFXUULUDOPXQGRGHORV
REMHWRVPDWHPiWLFRV3HURQRQHFHVLWDPRVDGHQWUDUQRVGHPDVLDGRDKtQRPiVHQHO]DJXiQWHQHPRV
DORVQ~PHURVQDWXUDOHVTXHREYLDPHQWHVRQLQILQLWRVWHUULEOHPHQWHLQILQLWRV<
FXDQGR XQR VH HQIUHQWD FRQ FRQMXQWRV LQILQLWRV HQVHJXLGD HQFXHQWUD TXH IXQFLRQDQ GH PDQHUD
SHFXOLDUSDUDGHFLUORVXDYHPHQWH6LQRPLUHQHOIDPRVRHMHPSORGHOKRWHOGH+LOEHUW
3DUDPRVWUDUODGLILFXOWDGGHFRQFHELUHOLQILQLWRHOJUDQPDWHPiWLFR'DYLG+LOEHUWSRQtDFRPR
HMHPSORXQKRWHOGHLQILQLWDVKDELWDFLRQHV\XQYLDMHURTXHOOHJDGXUDQWHXQDQRFKHGHWRUPHQWD\YH
HQODSXHUWDHOFDUWHOTXHGLFH&203/(72(QXQKRWHOILQLWRODWHPLEOHSDODEUDVXPLUtDDQXHVWUR
YLDMHURHQODGHVHVSHUDFLyQHOKRWHOGH+LOEHUWTXHGDDFLHQWRVGHNLOyPHWURVGHFXDOTXLHURWUROXJDU
FLYLOL]DGRHQPHGLRGHXQSiUDPRURGHDGRGHFLpQDJDVHVSDQWRVDVUHSOHWDVGHFRFRGULORV3HURHQ
HVWH FDVR QXHVWUR YLDMHUR SLGH WUDQTXLODPHQWH XQ FXDUWR (O FRQVHUMH QR VH LQPXWD HQ UHDOLGDG QL
VLTXLHUDVHVRUSUHQGH/HYDQWDHOWHOpIRQR\GDXQDRUGHQJHQHUDOTXHHORFXSDQWHGHODKDELWDFLyQ
XQRVHPXGHDODKDELWDFLyQGRVHOGHODKDELWDFLyQGRVDODKDELWDFLyQWUHVHOGHODWUHVDODFXDWUR
\DVtVXFHVLYDPHQWH0HGLDQWHHVWDVHQFLOODRSHUDFLyQODKDELWDFLyQXQRTXHGDYDFtDOLVWDSDUDHO
QXHYRKXpVSHGWRGRVORVRFXSDQWHVGHOKRWHOWLHQHQFRPRDQWHVXQDKDELWDFLyQ\HOKRWHOVHJXLUi
WDPELpQFRPRDQWHVFRPSOHWR
$KRUDVXSRQJDPRVTXHHQYH]GHOOHJDUXQVRORYLDMHUROOHJDUDQLQILQLWRV(OFRQVHUMHHVWDYH]
LQGLFDUtDDORFXSDQWHGHODKDELWDFLyQXQRTXHVHPXGDUDDODGRVDOGHODGRVDODFXDWURDOGHOD
WUHVDODVHLV\RWUDYH]ORJUDUtDDFRPRGDUDODPXOWLWXGUHFLpQYHQLGDHQODVKDELWDFLRQHVLPSDUHV
TXHTXHGDUtDQWRGDVYDFtDV<VLHOGXHxRGHOKRWHOGHFLGLHUDFODXVXUDUODPLWDGGHODVKDELWDFLRQHV
QRSRUHVRODFDQWLGDGGHFXDUWRVFDPELDUtD6HUtDODPLVPD\WDQLQILQLWDFRPRDQWHV(OSDUWLFXODU
FRPSRUWDPLHQWRGHO+RWHOGH+LOEHUWHVDSHQDVXQDSHTXHxDDQRPDOtDTXHVHSUHVHQWDDOPDQHMDUVH
FRQHOLQILQLWR+D\PiV'LJDPRVGHSDVRTXHHOKRWHOGH+LOEHUWHVXQDIDQWDVtDPDWHPiWLFDTXHQR
SRGUtDWHQHUUHDOLGDGItVLFD\DTXHVLHOXQLYHUVRHVILQLWRQRFDEUtDHQpO\VLQRORHVFRPRHQHO
FDVRGHORVJUDQRVGHDUHQDWHQGUtDXQDPDVD\XQYROXPHQLQILQLWRVTXHSURGXFLUtDQWUDVWRUQRVHQ
FXDOTXLHUWLSRGHXQLYHUVRFRQHOTXHQRVPDQHMHPRV
3HURYROYDPRVD&DQWRUTXLHQHPSH]DEDDSHQVDUODVFRVDVGHVGHHOSXQWRGHYLVWDGHODWHRUtD
GH FRQMXQWRV < IXH MXVWDPHQWH WUDEDMDQGR FRQ FRQMXQWRV TXH VH GLR FXHQWD GH DOJR PX\ UDUR 'RV
FRQMXQWRV VRQ LJXDOHV VL VH SXHGHQ SRQHU HQ UHODFLyQ XQR D XQR VXV HOHPHQWRV &XDQGR XQR VH
SUHJXQWDSRUHMHPSORVLKD\PiVQ~PHURVQDWXUDOHVRPiVQ~PHURVSDUHVFRQMXQWRVLQILQLWRVDPERV
OD SULPHUD WHQWDFLyQ HV GHFLU TXH KD\ PiV QDWXUDOHV TXH SDUHV \D TXH VRODPHQWH DOJXQRV GH ORV
QDWXUDOHV VRQ SDUHV &DQWRU GHPRVWUy TXH OD UHVSXHVWD LQWXLWLYD FRPR WDQWDV RWUDV YHFHV QR HUD
FRUUHFWD3DUDGHWHUPLQDUORQRKDEtDPiVTXHSRQHUHQFRUUHVSRQGHQFLDORVGRVFRQMXQWRV




\DVtVLJXLHQGR

&RPRHVHYLGHQWHVLHPSUHKDEUiXQQ~PHURDODGHUHFKDTXHVHSXHGHSRQHUHQFRUUHVSRQGHQFLD
FRQXQRGHODL]TXLHUGD\DGHPiVWDQWRHQODFROXPQDGHODGHUHFKDFRPRHQODGHODL]TXLHUGDHVWiQ
WRGRVORVHOHPHQWRVGHOFRQMXQWR'LFKRGHRWUDPDQHUDORVQ~PHURVQDWXUDOHV\ORVQ~PHURVSDUHV
SXHGHQ SRQHUVH HQ FRUUHVSRQGHQFLD XQR D XQR OR FXDO VLJQLILFD DILUPy &DQWRU TXH DXQTXH VHDQ
LQILQLWRV KD\ H[DFWDPHQWH OD PLVPD FDQWLGDG D OD TXH OODPy DOHSK OD SULPHUD OHWUD GHO DOIDEHWR
KHEUHRVXEFHUR +DEtDLQYHQWDGRHOSULPHUQ~PHURWUDQVILQLWR
 PLGH OD FDQWLGDG GH Q~PHURV QDWXUDOHV OD FDQWLGDG GH Q~PHURV SDUHV \ OD GH P~OWLSORV GH
FXDOTXLHU Q~PHUR 7DPELpQ VLUYH SDUD GHVFULELU HO FRQMXQWR GH ORV Q~PHURV HQWHURV QHJDWLYRV H
LQFOXVR HO GH ODV IUDFFLRQHV (VWR TXLHUH GHFLU QDGD PiV \ QDGD PHQRV TXH KD\ WDQWRV Q~PHURV
QDWXUDOHV FRPR Q~PHURV SDUHV FRPR IUDFFLRQHV \ FRPR KDELWDFLRQHV HQ HO KRWHO GH +LOEHUW /D
PLVPDFDQWLGDG7RGRVHOORVVRQFRQMXQWRVQXPHUDEOHVFRPRVHOODPDQDTXHOORVPHGLGRVSRU HO
PHQRU\PiVKRJDUHxRGHORVLQILQLWRV(VLQWHUHVDQWHVDEHUTXH\D*DOLOHRKDEtDQRWDGRHVWHSHFXOLDU
FRPSRUWDPLHQWRGHORVFRQMXQWRVLQILQLWRV\KDEtDQRWDGRWDPELpQTXHVLPSOLILFDQGRXQSRFRKD\OD
PLVPDFDQWLGDGGHQ~PHURVQDWXUDOHVTXHGHSDUHVFRQHOPLVPRUD]RQDPLHQWRTXHXVDUtD&DQWRUGRV
VLJORVGHVSXpV
3HURODFRVDIXHPiVDOOiHVHUDURFRPSRUWDPLHQWRIXHVyORODSULPHUDVRUSUHVDGHODVPXFKDV\
PX\ UD]RQDEOHV TXH &DQWRU WHQtD SDUD VDFDU GH OD JDOHUD /D VLJXLHQWH D~Q PiV H[WUDxD TXH OD
DQWHULRUIXHTXHORVLQILQLWRVQRVRQWRGRVLJXDOHV
(QHIHFWR&DQWRUGHPRVWUyTXHODFDQWLGDGGHQ~PHURVLUUDFLRQDOHVRODFDQWLGDGGHSXQWRVGH
XQD UHFWD HV PD\RU TXH DOHSK FHUR HV GHFLU TXH KD\ PiV Q~PHURV LUUDFLRQDOHV TXH Q~PHURV
QDWXUDOHVHQWHURVRIUDFFLRQDULRV(OQ~PHURWUDQVILQLWRTXHORVPLGHHVPiVJUDQGHTXHDOHSKFHUR
IDPLOLDUPHQWHVHOROODPDFODSRWHQFLDGHOFRQWLQXR/RVSXQWRVGHXQDUHFWDODVUHFWDVGHXQSODQR
ORVQ~PHURVLUUDFLRQDOHVWLHQHQODSRWHQFLDGHOFRQWLQXR(QHOUHFXDGURGHODSiJLQDVLJXLHQWHOHV
GHPXHVWURSRUTXpORVQ~PHURVLUUDFLRQDOHVVRQPiVTXHORVQDWXUDOHV\ORVSDUHV
'H PRGR TXH VL DO KRWHO GH +LOEHUW TXH WLHQH DOHSK FHUR KDELWDFLRQHV OOHJDUDQ F YLDMHURV QR
KDEUtD PDQHUD GH XELFDUORV DXQTXH HO KRWHO HVWXYLHUD YDFtR ODV KDELWDFLRQHV QR DOFDQ]DUtDQ (VWD
GLVWULEXFLyQMHUiUTXLFDGHORVLQILQLWRVTXHWDQWR\WDQFRPSUHQVLEOHPHQWHVRUSUHQGLyDORVFROHJDV
GH&DQWRUQRWHUPLQDFRQF([LVWHQPiVLQILQLWRVFDGDYH]PiVJUDQGHVTXHH[FLWDQODIDQWDVtD\HO
PLVWHULR
'HFXDOTXLHUPDQHUDORVQ~PHURVWUDQVILQLWRVGH&DQWRU\ODVRSHUDFLRQHVTXHpVWHPRVWUyTXHVH
SRGtDQKDFHUFRQHOORVQRFRQYHQFLHURQDWRGRHOPXQGR
$XQTXH +LOEHUW OOHJy D GHFLU TXH &DQWRU KDEtD PRVWUDGR XQ SDUDtVR GHO TXH QDGLH QRV
H[SXOVDUi PDWHPiWLFRV WDQ LPSRUWDQWHV FRPR .URQHFNHU FRQVLGHUDURQ TXH WRGD OD DULWPpWLFD
WUDQVILQLWDQRHUDPiVTXHXQDVLPSOHORFXUD

0HGLUORVLQILQLWRV

/RVQ~PHURVLUUDFLRQDOHVVRQDTXHOORVTXHQRSXHGHQH[SUHVDUVHFRPRXQFRFLHQWHGHGRVQ~PHURVHQWHURV\TXH
WLHQHQLQILQLWDVFLIUDVGHFLPDOHVQRSHULyGLFDV3RUHMHPSORODUDt]GHGRVHV\DVtVLJXLHQGRR
SLHVHWFpWHUD\DVHFRQRFHQYDULRVPLOORQHVGHFLIUDVGHFLPDOHVGHSLTXHQRSRQJRDTXtSRUREYLDV
UD]RQHV 3HUR OR FLHUWR HV TXH WDQWR SL FRPR OD UDt] GH GRV GRV Q~PHURV GH OD PiV JUDQGH LPSRUWDQFLD SDUD OD
KLVWRULDGHOSHQVDPLHQWRFLHQWtILFRWLHQHQLQILQLWDVFLIUDVGHFLPDOHV
$KRUDVXSRQJDPRVTXHHIHFWLYDPHQWHWHQHPRVXQDOLVWDTXHSRQHHQFRUUHVSRQGHQFLDDORVQ~PHURVQDWXUDOHVFRQ
ORVLUUDFLRQDOHV6HUtDDOJRGHHVWHWLSRSRUFRPRGLGDGWRPDPRVORVQ~PHURVLUUDFLRQDOHVFRPSUHQGLGRVHQWUH\
HVGHFLUTXHHPSLH]DQFRQ\WLHQHQLQILQLWDVFLIUDVGHFLPDOHV



<DVtVLJXLHQGR
(VIiFLOPRVWUDUTXHODOLVWDGHODGHUHFKDQRHVH[KDXVWLYDHVGHFLUVL\RSXHGRH[KLELUSRUORPHQRVXQQ~PHUR
LUUDFLRQDOTXHQRHVWiHQODOLVWDTXHHVWR\SRVWXODQGRHQWRQFHVTXHGDUtDGHPRVWUDGRTXHODOLVWDGHODGHUHFKDQRHV
FRPSOHWD \ SRU HQGH TXH HO LQILQLWR TXH OD UHSUHVHQWD HV PiV JUDQGH < HIHFWLYDPHQWH \R SXHGR FRQFHELU HVH
Q~PHUR3HQVHPRVHQXQQ~PHURLUUDFLRQDOFX\DSULPHUDFLIUDVHDGLIHUHQWHGHODSULPHUDFLIUDGHFLPDOGHOSULPHUR
GH OD OLVWD R VHD GLIHUHQWH GH  FX\D VHJXQGD FLIUD VHD GLIHUHQWH GH OD GHO VHJXQGR  FX\D WHUFHUD FLIUD VHD
GLIHUHQWH GH OD GHO WHUFHUR  \ DVt VXFHVLYDPHQWH (V HYLGHQWH TXH HVH Q~PHUR QR HVWi HQWUH ORV Q~PHURV
LUUDFLRQDOHV TXH \R HPSDUHMp FRQ ORV QDWXUDOHV 3RUTXH VL GLJR TXH HVWi HQ OD SRVLFLyQ SRU HMHPSOR 
HVWDUtDPLQWLHQGRIODJUDQWHPHQWHSRUTXHODFLIUDQ~PHURXQPLOOyQVHUiGLVWLQWD<HVWRSDVDFRQFXDOTXLHUSRVLFLyQ
 HQODTXHSUXHEH
'H PDQHUD TXH TXHGD GHPRVWUDGR TXH OD OLVWD GH OD GHUHFKD QR DEDUFD D WRGRV ORV LUUDFLRQDOHV DOJXQRV TXHGDQ
DIXHUD\SRUORWDQWRVXFDUGLQDOHOQ~PHURWUDQVILQLWRTXHORGHVFULEHHVPD\RUTXHDOHSKORFXDOVLJQLILFDTXH
KD\LQILQLWRVPiVJUDQGHVTXHRWURV

/RFLHUWRHVTXHHUDXQYHUGDGHURVDFXGyQDVtFRPRODVJHRPHWUtDVQRHXFOLGLDQDVKDEtDQSXHVWR
HQFXHVWLyQHOHVSDFLRFyPRGR\HXFOLGLDQRHQHOTXHVHSHQVDEDWRGDODItVLFDGHODpSRFDODWHRUtD
GHORVFRQMXQWRVLQILQLWRVFRQWULEXLUtDDGHVDWDUXQDFULVLVHQODWHRUtDGHFRQMXQWRVTXHSRQGUtDHQ
MDTXH D ODV PDWHPiWLFDV GH SULQFLSLRV GHO VLJOR ;; \ TXH VH FRQRFH FRPR OD FULVLV GH ORV
IXQGDPHQWRV3DUHFtDTXHQRVyORODJHRPHWUtDSRGtDHVWDUHTXLYRFDGDVLQRORTXHHUDPXFKRPiV
JUDYHWRGRHOEDVDPHQWRGHODVPDWHPiWLFDV

,,,(/e7(5
(UDQ pSRFDV GH FRQPRFLyQ (O VLJOR ;,; SDUHFtD KDEHU FRQVWUXLGR XQ HGLILFLR GH FRQRFLPLHQWR
JLJDQWHVFR VREUH HO TXH VyOR IDOWDED VHJXLU DJUHJDQGR SLVRV DFDVR LQGHILQLGDPHQWH SHUR FX\DV
EDVHV VH FUHtD HVWDEDQ WDQ VyOLGDPHQWH HVWDEOHFLGDV TXH QDGD SRGUtD KDFHUODV WDPEDOHDU < GH
UHSHQWHDSDUHFtDQQXHYDVJHRPHWUtDVHLQVRVSHFKDGRVLQILQLWRVTXHSRUPiVDEVWUDFWRVTXHIXHUDQ
KDFtDQ SHQVDU TXH OD HVWUXFWXUD SRGtD QR VHU WDQ ILUPH 3DUD FROPR GH XQ PRPHQWR D RWUR HO
ORQJHYtVLPRpWHUHVDVXVWDQFLDHPStULFDPHWDItVLFDHLQDVLEOHTXHVHDUUDVWUDEDGHVGHORVWLHPSRV
GH ORV JULHJRV TXH VH DIHUUDED FRQ XxDV \ GLHQWHV D OD H[LVWHQFLD TXH OOHQDED XQLIRUPHPHQWH HO
HVSDFLR\TXHVHHQFDUJDEDGHVRVWHQHUXQHGLILFLRFX\DVUDMDGXUDV\DVHWRUQDEDQYLVLEOHVHPSH]y
DGDUPXHVWUDVGHLQH[LVWHQFLD

%LRJUDItDGHOpWHU
<DKHPRVKDEODGRGHHVWRDQWHVSHURYDOHODSHQDUHSDVDUORSDUDHQWHQGHUHOJUDGRGHLPSRUWDQFLD
TXH WXYR OD FXHVWLyQ GHO pWHU &XDQGR $ULVWyWHOHV DFXxy SRU GRV PLOHQLRV HVWH IHR DVXQWLOOR GH ORV
FXDWUR HOHPHQWRV WLHUUD DJXD DLUH \ IXHJR TXH KDEtD WRPDGR GH (PSpGRFOHV LQYHQWy XQ TXLQWR
HOHPHQWRXQDTXLQWDHVHQFLDSDUDORVFLHORVOLEUHVGHFRUUXSFLyQVXMHWRVDUHJXODULGDGHVHWHUQDV\
GRQGHHOFDPELRHVWDEDSURKLELGR&RPRSRGUiQDGLYLQDUVHWUDWDEDGHOpWHUTXHIRUPDEDODVHVIHUDV
\ORVSODQHWDV\DVHJXUDEDODSHUIHFFLyQGHOHVSDFLRVXSUDOXQDU
5HFRUGHPRV TXH SDUD $ULVWyWHOHV GLVFtSXOR GH 3ODWyQ D SHVDU GH ODV HQRUPHV GLIHUHQFLDV TXH
VHSDUDQVXVILORVRItDVKDEtDGRVPXQGRVRQWROyJLFDPHQWHGLIHUHQWHVJREHUQDGRVSRUOH\HVGLIHUHQWHV
\IRUPDGRVSRUVXVWDQFLDVGLIHUHQWHVHOVXEOXQDUFRUUXSWR\FDPELDQWH\HOVXSUDOXQDUGHODyUELWD
GH OD /XQD SDUD DIXHUD SHUIHFWR \ HWHUQR GRQGH HO FDPELR QR HUD SRVLEOH (O KHFKR HV TXH FRPR
FRPSRQHQWH H[FOXVLYR GHO PXQGR VXSUDOXQDU GHVGH VX QDFLPLHQWR HO pWHU QR IXH GH HVWH PXQGR
IRUPDED ODV HVIHUDV SHUR PiV DOOi GH FXDOTXLHU DOFDQFH /D SDODEUD JULHJD DHWKHU VLJQLILFDED
RULJLQDULDPHQWHHOFLHORD]XORHODLUHGHODVDOWXUDVVXSXHVWDPHQWHPiVSXUR\GLVWLQWRGHODLUHPiV
EDMRDOQLYHOGHWLHUUD/RVURPDQRVLPSRUWDURQODSDODEUD\/XFUHFLRVLJOR,D&HQVX'HUHUXP
QDWXUDKDEODGHO

LQQXELOXVDHWKHUGLYXPQXPHQVHGHVTXHTXLHWDH
HOpWHUVLQQXEHVTXHFXEUH\SURWHJHDODGLYLQLGDG\VXVOXJDUHVGHSD]

(O pWHU DULVWRWpOLFR SHUVLVWLy GXUDQWH OD (GDG 0HGLD FRPR XQD SLH]D GH OD FRVPRJRQtD FRPR
DTXHOOR TXH RFXSDED ORV HVSDFLRV YDFtRV FRPR XQD VXVWDQFLD PHWDItVLFD \ WHROyJLFD QR PX\
LPSOLFDGDFRQODVFRVDVSUiFWLFDVPRGHVWDPHQWHIXHUDGHDOFDQFHGHORVPRUWDOHVORFXDOGLFKR
VHDGHSDVRQRHUDXQJUDQLQFRQYHQLHQWHHQXQDpSRFDSRFRLQFOLQDGDKDFLDODH[SHULHQFLD\PiV
SURSHQVDDOVXHxR\ODLPDJLQHUtD
3HURFXDQGR'HVFDUWHVGHFLGLyUHFRQVWUXLUHOFRQRFLPLHQWRVREUHEDVHVILUPHVOHGLRDOpWHUXQ
SDSHOPX\GLVWLQWR3XHGHSDUHFHUUDURSRUTXHXQRGLUtDTXHHQHOXQLYHUVRUtJLGDPHQWHPHFDQLFLVWD
GH 'HVFDUWHV HO pWHU LQFRORUR LQRGRUR LQVtSLGR \ FDVL SXUDPHQWH PHWDItVLFR HQ SULQFLSLR QR
SDUHFtD XQ SHUVRQDMH DGHFXDGR 3HUR FRPR 'HVFDUWHV QR DFHSWDED OD H[LVWHQFLD GHO YDFtR \D TXH
SDUDpOODPDWHULDHUDLQVHSDUDEOHGHODH[WHQVLyQHOHVSDFLRVXXQLYHUVRHUDXQSOHQXP\FRPRHUD
XQSOHQXPDOJRWHQtDTXHRFXSDUWRGRVORVKXHFRVHQORVTXHQRKXELHUDQDGD(OFDQGLGDWRDRFXSDU
HVH OXJDU QDWXUDOPHQWH IXH HO pWHU TXH 'HVFDUWHV GHVFULELy FRPR PDWHULD VXWLO LQILQLWDPHQWH
GLYLVLEOH\VLQOtPLWHVHQH[WHQVLyQ
(OpWHUFDUWHVLDQRHUDGLIHUHQWHGHODULVWRWpOLFRQRVHOLPLWDEDDOOHQDUFRPRXQDPHUDSUHVHQFLD
RQWROyJLFDTXHWUDQTXLOL]DEDFRQFLHQFLDVFRQKRUURUDOYDFtR1DGDGHHVRHOpWHUHUDDFWLYRHVWDED
SRUWRGDVSDUWHV\WUDQVSRUWDEDODVIXHU]DVPDJQpWLFD\JUDYLWDWRULD\DTXHUHFRUGHPRV'HVFDUWHV
WDPSRFR DFHSWDED OD DFFLyQ D GLVWDQFLD /D IXHU]D QR SRGtD WUDQVPLWLUVH VLQR SRU OD SUHVLyQ R HO
LPSDFWRHVWRHVVyORSRUFRQWDFWRGHPRGRTXHHOpWHUFDUWHVLDQRHUDHOHQFDUJDGRGHIRUPDUORV
WRUEHOOLQRV R YyUWLFHV TXH IXQFLRQDEDQ FRPR YHKtFXORV GH ODV DFFLRQHV D GLVWDQFLD IXHUDQ FXDOHV
IXHUHQ(QHOVLVWHPDGH'HVFDUWHVHUDODIXHU]DDFWLYDPiVSRWHQWHGHOXQLYHUVRDXQTXHGHVGH\DHUD
LPSRVLEOHVDEHUGHTXpHVWDEDKHFKRRTXpFODVHGHFRVDHUD
&XDQGR 1HZWRQ WRPy ODV ULHQGDV GHO PXQGR FRQVWUX\HQGR VX VLVWHPD SDYRURVR EDVDGR HQ OD
DFFLyQ D GLVWDQFLD \ ODV IXHU]DV TXH VH SURSDJDQ D WUDYpV GHO YDFtR HO pWHU SXGR KDEHU VXIULGR XQ
VDFXGyQ 3HUR QR IXH DVt (O PLVPR 1HZWRQ DFHSWDED HO pWHU QDWXUDOPHQWH XQ pWHU GH QDWXUDOH]D
FRUSXVFXODU\OHDWULEXtDODSURSLHGDGGHFRQGXFLUHOFDORUHLQFOXVROOHJyDHVSHFXODUFRQTXHOD
IXHU]D GH JUDYLWDFLyQ VH GHEtD D SUHVLRQHV GHO pWHU VREUH ORV FXHUSRV R GHIRUPDFLRQHV GHO pWHU
DXQTXHILQDOPHQWHRSWySRUDWHQHUVHDVXPi[LPD\RQRIRUPXORKLSyWHVLV
(QUHDOLGDGHOSUREOHPDFRPRWDQWDVYHFHVHUDODOX]1HZWRQFRQFHEtDODOX]FRPRXQIOXMRGH
FRUS~VFXORVDORVFXDOHVVHOHVSRGtDQDSOLFDUODVOH\HVGHODPHFiQLFDHQWUHHOODVODGHJUDYLWDFLyQ
XQLYHUVDO 3HUR WDQWR VX ULYDO +RRNH FRPR +X\JHQV VRVWHQtDQ TXH ORV IHQyPHQRV OXPLQRVRV VH
H[SOLFDEDQ PXFKR PHMRU SDUWLHQGR GH OD KLSyWHVLV GH TXH OD OX] QR HVWi IRUPDGD SRU FRUS~VFXORV
VLQRTXHFRQVLVWHHQRQGDVSHTXHxDVYLEUDFLRQHV
9LEUDFLRQHV GH TXp" 3RUTXH FXDQGR OD OX] VH SURSDJD HQ HO YDFtR TXp HV OR TXH YLEUD" (O
YDFtRQRHVQDGD\ODQDGDQRSXHGHYLEUDU(OpWHUVHGHVOL]ySRUODUDQXUDOXPLQRVDSDUDTXHOD
WHRUtDRQGXODWRULDSXGLHUDYLYLU\KXELHUDDOJRTXHYLEUDUDWUDQVSRUWDQGRODOX]
<DQRHUDXQpWHUDFWLYRFRPRHOTXHSURSRQtD'HVFDUWHVQLWHQtDODVSURSLHGDGHVPHFiQLFDVTXH
OROOHYDEDQDIRUPDUWRUEHOOLQRV\JHQHUDUORVPRYLPLHQWRVWDPSRFRIRUPDEDORVFXHUSRVFHOHVWLDOHV
GH $ULVWyWHOHV $KRUD HUD SXUDPHQWH SDVLYR QR RIUHFtD QLQJXQD UHVLVWHQFLD DO PRYLPLHQWR GH ORV
FXHUSRVTXHORDWUDYHVDEDQRTXHpODWUDYHVDED
(OpWHU\DHUDGHSRUVtEDVWDQWHLQYHURVtPLOSHURDPHGLGDTXHODWHRUtDRQGXODWRULDGHODOX]VH
DILDQ]DED IXH DGTXLULHQGR FDUDFWHUtVWLFDV HVWUDIDODULDV /RV WUDEDMRV GH <RXQJ \ GH )UHVQHO
PRVWUDURQTXHODVYLEUDFLRQHVOXPLQRVDVHUDQSHUSHQGLFXODUHVDODGLUHFFLyQGHSURSDJDFLyQ<SDUD
TXHHVWRSXGLHUDRFXUULUHOpWHUWHQtDTXHRIUHFHUDOJ~QWLSRGHUHVLVWHQFLDDODGHIRUPDFLyQ3HURVL
HVWR RFXUUtD UHVXOWDED TXH HO pWHU VH FRPSRUWDED FRPR XQ VyOLGR HOiVWLFR OR FXDO JHQHUDED XQ
LQFRQYHQLHQWHQDGDSHTXHxRFyPRKDFtDQORVLQPHQVRVSODQHWDVHQHOFLHORSDUDDWUDYHVDUHQRUPHV
GLVWDQFLDVGHXQVyOLGRHOiVWLFR"(VWHDVXQWRGHORVSODQHWDVHUDXQHQJRUURSHURVHVROXFLRQyFRQ
FLHUWDIDFLOLGDG**6WRNHVHQ\QRWHQHODxRVXJLULyTXHHOpWHUVHFRPSRUWDEDFRPRXQ
VyOLGRSDUDODVYLEUDFLRQHVPX\UiSLGDVFRPRODVGHODOX]SHURFRPRXQIOXLGRSDUDPRYLPLHQWRV
PX\ OHQWRV FRPR ORV GH ORV SODQHWDV \ GHVFULELy VXV SURSLHGDGHV PHGLDQWH XQ FRQMXQWR GH
HVSHOX]QDQWHVHFXDFLRQHV
/D KLSyWHVLV GHO pWHU VH UHIRU]y FXDQGR HO ItVLFR HVFRFpV -DPHV &OHUN 0D[ZHOO HQWUH ORV DxRV
\XQLILFyORVFRQFHSWRVGHHOHFWULFLGDG\PDJQHWLVPRPRVWUDQGRTXHHUDQDVSHFWRVGHXQ
~QLFRIHQyPHQRHOHOHFWURPDJQHWLVPR\PHGLDQWHXQSXxDGRGHOH\HVPX\VLPSOHVORJUyH[SOLFDUOR
SRU FRPSOHWR \ SUHGHFLU OD H[LVWHQFLD GH RQGDV HOHFWURPDJQpWLFDV HQWUH HOODV OD OX] &XiO HUD HO
VRSRUWHPDWHULDOGHHVDVRQGDV"(OpWHUSRUVXSXHVWR
/DV FRVDV SDVDEDQ D PD\RUHV (Q WLHPSRV HQ TXH \D VH PDQHMDED OD WDEOD GH 0HQGHOHLHY \ VH
HVWDEDDQWHODVSXHUWDVGHODUDGLDFWLYLGDGHUDPX\GLItFLODFHSWDUXQDVXVWDQFLDFRQXQDQDWXUDOH]D
TXtPLFDWDQLQGHWHUPLQDGD'HTXpHVWDEDKHFKRHQHIHFWRHOpWHU"3DUHFtDXQDVXVWDQFLDSXUDPHQWH
PHWDItVLFDSRUPiVH[WUDYDJDQWHTXHHVRVXHQH3HURLQFOXVRVLVHKXELHVHDFHSWDGRTXHORIXHUDGH
TXpPDQHUDXQDVXVWDQFLDSXUDPHQWHPHWDItVLFDSRGtDFRPSRUWDUVHFRPRXQVyOLGRHOiVWLFRRFRPRXQ
IOXLGR"(OpWHUHUDTXtPLFDPHQWHPROHVWRFRPSOHWDPHQWHDQDFUyQLFR
< DGHPiV \ HVWR VHUtD GHWHUPLQDQWH HVWDED HQ UHSRVR DEVROXWR HQ HO SURSLR HVSDFLR HQ
UHSRVRDEVROXWR<VLHOpWHUHVWDEDHQUHSRVRDEVROXWRHOPRYLPLHQWRDEVROXWRGHEtDH[LVWLUWDPELpQ
3RUTXHVLHOpWHUHQUHSRVRDEVROXWROOHQDEDWRGRHOXQLYHUVROD7LHUUDDOPRYHUVHDWUDYpVGHpO
GHEtD UHFLELU XQD FRUULHQWH GH pWHU GH OD PLVPD PDQHUD TXH XQ DYLyQ HQ PRYLPLHQWR UHFLEH XQD
FRUULHQWHGHDLUHHQFRQWUDGHVXPRYLPLHQWR<HVDFRUULHQWHWHQtDTXHSRGHUVHUPHGLGD
(VORTXHVHSURSXVRHOItVLFRQRUWHDPHULFDQR$EUDKDP0LFKHOVRQ

(OH[SHULPHQWRGH0LFKHOVRQ0RUOH\
(QHOIRQGRODLGHDGH0LFKHOVRQHUDVHQFLOOD3XHVWRTXHHOpWHUHVWDFLRQDULRHUDXQDFRVDPDWHULDO\
URGHDED OD WLHUUD FRPR XQ RFpDQR pVWD DO PRYHUVH HQ pO GHEtD UHFLELU XQD FRUULHQWH GH pWHU HQ
FRQWUD$VtVLVHHQYLDEDXQUD\RGHOX]HQODGLUHFFLyQFRQWUDULDDODFRUULHQWHGHpWHU\XQUD\RGH
OX] HQ GLUHFFLyQ SHUSHQGLFXODU D OD FRUULHQWH HO UD\R HQ GLUHFFLyQ FRQWUDULD D OD FRUULHQWH GHEtD
PRVWUDUXQSHTXHxRUHWUDVRUHVSHFWRGHORWURGHOPLVPRPRGRTXHODFRUULHQWHGHXQUtRUHWUDVDHO
PRYLPLHQWRGHXQERWHSHURQRLQIOX\HHQTXLHQORFUX]DDQDGRSHUSHQGLFXODUPHQWH
(Q YLVWD GH HOOR 0LFKHOVRQ LGHy HO VLJXLHQWH H[SHULPHQWR HQYLDUtD XQ UD\R GH OX] HQ XQD
GLVWDQFLD GHILQLGD \ RWUR HQ XQD GLVWDQFLD LJXDO SHUR HQ iQJXOR UHFWR D OD GLUHFFLyQ GHO SULPHUR
$PERV UD\RV VH UHIOHMDUtDQ HQ XQ HVSHMR \ YROYHUtDQ HQ VHJXLGD D VX SXQWR GH SDUWLGD FRP~Q (O
YLHQWRGHpWHUWHQtDTXHSURGXFLUXQUHWUDVRHQXQRGHORVGRVUD\RV
(O H[SHULPHQWR WHQtD TXH HVWDU SUHSDUDGR SDUD GHWHFWDU GLIHUHQFLDV PtQLPDV \ SDUD QR VHU
DIHFWDGRSRUODVFRQGLFLRQHVH[WHUQDVYLEUDFLRQHVGHOHGLILFLRSRUHMHPSORSHURHVDH[LJHQFLDQR
ORDUUHGUy\GLVHxyXQLQJHQLRVRDSDUDWROODPDGRLQWHUIHUyPHWUR7UD]yORVSODQRVGHXQDPiTXLQD
TXHIXHFRQVWUXLGDSRUXQIDEULFDQWHGH%HUOtQ\FRQHVHQXHYRLQVWUXPHQWRUHDOL]yHOH[SHULPHQWR2
ORVH[SHULPHQWRVPHMRUGLFKR
(O SULPHUR VH UHDOL]y HQ HO ODERUDWRULR GH +HOPKROW] HQ HO ,QVWLWXWR )tVLFR GH %HUOtQ (O
LQVWUXPHQWR IXH FRORFDGR VREUH XQ EDVDPHQWR GH SLHGUD SHUR ODV YLEUDFLRQHV GHO WUiQVLWR SRU OD
QRFKH FDXVDEDQ DOWHUDFLRQHV 0LFKHOVRQ HQ YLVWD GH HOOR IXH DO 2EVHUYDWRULR $VWURItVLFR HQ
3RWVGDP HQ DEULO GH  SDUD UHDOL]DU RWUD WHQWDWLYD $OOt HO LQVWUXPHQWR H[WUDRUGLQDULDPHQWH
VHQVLEOH GLR UHVXOWDGRV DXQTXH ODV SLVDGDV HQ OD FDOOH D XQD PDQ]DQD GHO VyWDQR GHO REVHUYDWRULR
GLILFXOWDURQJUDQGHPHQWHODPHGLFLyQ
/DFRVDHVTXHORVH[SHULPHQWRVGH0LFKHOVRQQRGHWHFWDURQUHWDUGRDOJXQRHQODWUDQVPLVLyQGH
ODOX]HQQLQJ~QVHQWLGRORVUD\RVYROYtDQHQHOPLVPRLQVWDQWH'LRFXHQWDGHVXVDYHULJXDFLRQHVHQ
HOQ~PHURGHDJRVWRGHGHO$PHULFDQ-RXUQDORI6FLHQFHEDMRHOWtWXOR7KHUHODWLYHPRWLRQRI
WKHHDUWKDQGWKHOXPLQLIHURXVHWKHU(OPRYLPLHQWRUHODWLYRGHOD7LHUUD\HOpWHUOXPtQLFR
'HVGH \D QR WRGRV VH FRQYHQFLHURQ \ OR TXH VLJXLy IXH OD FUtWLFD PiV KDELWXDO SDUD FXDOTXLHU
H[SHULPHQWR TXH FRQWUDGLJD ODV FUHHQFLDV DUUDLJDGDV TXH HVWDED PDO KHFKR $Vt SRU HMHPSOR VLU
2OLYHU /RGJH XQD ILJXUD SURPLQHQWH HQ ORV FtUFXORV FLHQWtILFRV LQJOHVHV VH QHJy D DFHSWDU OD
FRQFOXVLyQH[SHULPHQWDOGH0LFKHOVRQ\VLJXLyGHILQLHQGRDOpWHUFRPR

XQD VXVWDQFLD FRQWLQXD TXH OOHQD WRGR HO HVSDFLR TXH SXHGH YLEUDU OX] TXH SXHGH VHU
WUDQVIRUPDGRHQHOHFWULFLGDGSRVLWLYD\QHJDWLYDTXHHQWRUEHOOLQRVFRQVWLWX\HPDWHULD\TXH
WUDQVPLWHSRUFRQWLQXLGDG\QRSRULPSDFWRWRGDVODVDFFLRQHV\UHDFFLRQHVGHTXHHVFDSD]OD
PDWHULD

'LJDPRV GH SDVR TXH HO SURSLR 0LFKHOVRQ WDPSRFR HVWDED GHPDVLDGR FRQYHQFLGR GHO DVXQWR
'HPRGRTXHGHFLGLyVHJXLUSUREDQGR(QFRQRFLyD(GZDUG:0RUOH\GHO:HVWHUQ5HVHUYH
&ROOHJH \ MXQWRV SUR\HFWDURQ RWUD VHULH GH H[SHULPHQWRV TXH IXH JHQHUDOPHQWH FRQRFLGD FRQ HO
QRPEUHGHH[SHULPHQWR0LFKHOVRQ0RUOH\(QWRGRHOYROXPLQRVRDSDUDWRPX\PHMRUDGR
IXH PRQWDGR HQ XQD SHVDGD ORVD GH SLHGUD TXH IORWDED HQ PHUFXULR SDUD HYLWDU HUURUHV GHELGRV D
YLEUDFLRQHVSUHVLRQHV\WHQVLRQHV2WUDYH]QRDSDUHFLyUHWUDVRDOJXQRHQHVHLU\YROYHUGHODOX]
/RVUHVXOWDGRVHUDQFODURVQRKDEtDQLQJ~QpWHUHVWDFLRQDULR0LFKHOVRQLQIRUPyVLQHPEDUJR
TXHORVUHVXOWDGRVGHVXH[SHULPHQWRSRGtDQ

VHUH[SOLFDGRVSRUODVXSRVLFLyQGHTXHOD7LHUUDDUUDVWUDDOpWHUFDVLDVXPLVPDYHORFLGDG
GH PDQHUD TXH OD YHORFLGDG UHODWLYD HQWUH HO pWHU \ OD VXSHUILFLH GH OD 7LHUUD HV FHUR R
VXPDPHQWHUHGXFLGD
 3HUR DGHPiV GH HVWD SRVLELOLGDG H[LVWtD RWUD $XQTXH HUD H[WUDxD H[WUDxtVLPD WDQWR TXH HUD
GLItFLOFUHHUOD

/DVROXFLyQGH)LW]JHUDOG/RUHQW]
$XQGHH[LVWLUXQpWHUHOUHVXOWDGRREWHQLGRSRU0LFKHOVRQ\0RUOH\SRGtDH[SOLFDUVH(VPiVHQ
GRVPDWHPiWLFRV\ItVLFRV*HRUJH))LW]JHUDOGGHO7ULQLW\&ROODJHGH'XEOtQ\+HQGULN$
/RUHQW] GH /H\GHQ RIUHFLHURQ XQD H[SOLFDFLyQ DXQTXH FRPR OHV GLMH PX\ H[WUDxD %DVDGRV HQ
FLHUWDVSURSLHGDGHVGHOFDPSRHOpFWULFRSDUWLHURQGHODEDVHGHTXHODORQJLWXGGHXQREMHWRFDPELD
FRQHOPRYLPLHQWR8QDYDULOODGLVPLQX\HVXORQJLWXGSDUDXQREVHUYDGRUH[WHUQRHQUHSRVRVLVH
PXHYH D WUDYpV GHO HVSDFLR VLJXLHQGR OD GLUHFFLyQ GH VX ORQJLWXG \ OD GLVPLQXFLyQ HV GHFLU OD
GLIHUHQFLD HQ OD ORQJLWXG GH OD YDUD FXDQGR HVWi LQPyYLO \ FXDQGR VH PXHYH D JUDQ YHORFLGDG
GHSHQGHGHHVDYHORFLGDG
(VYHUGDGTXHHOHIHFWRQRVHVLHQWHDYHORFLGDGHVEDMDVDXQTXHH[LVWHSHURHPSLH]DDKDFHUVH
SHUFHSWLEOH FXDQGR ODV YHORFLGDGHV FUHFHQ PXFKR \ VH DSUR[LPDQ D OD GH OD OX] /RV FiOFXORV
PDWHPiWLFRVGHPRVWUDEDQTXHXQDYHORFLGDGGHNLOyPHWURVSRUKRUDFDXVDUtDXQDUHGXFFLyQGH
VyOR XQ ELOORQpVLPR GH XQR SRU FLHQWR GLVPLQXFLyQ TXH QDWXUDOPHQWH QXHVWURV LQVWUXPHQWRV QR
SRGUtDQUHJLVWUDU3HURFXDQGRXVDEDQXQDYHORFLGDGWHyULFDGHNLOyPHWURVSRUVHJXQGROD
GLVPLQXFLyQOOHJDEDDXQWUHFHSRUFLHQWR$OVHUDXPHQWDGDHVWDYHORFLGDGWDPELpQDXPHQWDEDHVH
SRUFHQWDMH KDVWD TXH ILQDOPHQWH VHJ~Q VXV FiOFXORV FXDQGR OD YHORFLGDG OOHJDED D ORV 
NLOyPHWURVSRUVHJXQGRODYHORFLGDGGHODOX]HOSRUFHQWDMHGHODUHGXFFLyQOOHJDEDDXQFLHQWRSRU
FLHQWR(QRWUDVSDODEUDVDHVWDYHORFLGDGODYDUDGHVDSDUHFtDFRPRFRQVHFXHQFLDGHXQDUHGXFFLyQ
WRWDO
(VWD QXHYD LGHD SRGtD H[SOLFDU FRQ XQ JUDGR VXILFLHQWH GH SODXVLELOLGDG HO UHVXOWDGR
DSDUHQWHPHQWHQHJDWLYRGHORVH[SHULPHQWRVGH0LFKHOVRQ0RUOH\SRUTXHQRKDEtDQWHQLGRHQFXHQWD
OD UHGXFFLyQ GHO EUD]R GHO LQWHUIHUyPHWUR GXUDQWH ODV PHGLFLRQHV (O HIHFWR GH HVWD UHGXFFLyQ HUD
MXVWRORVXILFLHQWHSDUDFRQWUDUUHVWDUHOUHWDUGRGHODOX]SRUHOpWHUODVFRQFOXVLRQHVGH0LFKHOVRQ
KDEtDQ LJQRUDGR WRWDOPHQWH HO IHQyPHQR H[SUHVDGR HQ OD WHRUtD GH OD FRQWUDFFLyQ GH /RUHQW]
)LW]JHUDOG
(UDXQSODQWHRGHVFRQFHUWDQWHSDUDFXDOTXLHUDDFRVWXPEUDGRDSHQVDUHQWpUPLQRVGHODItVLFDWDO
FRPRVHFRQRFtDKDVWDHQWRQFHV\FRPRHUDGHHVSHUDUDOWHUyDORVItVLFRVWUDGLFLRQDOLVWDVTXHOR
FRQVLGHUDURQFRPSOHWDPHQWHIDQWiVWLFR$OJXQRVGHHOORVLQFOXVRHYRFDURQODREVHUYDFLyQGHOItVLFR
QRUWHDPHULFDQR -RVLDK :LOODUG *LEVV TXH KDEtD KHFKR IXQGDPHQWDOHV DSRUWHV DO GHVDUUROOR GH OD
WHUPRGLQiPLFD

8Q PDWHPiWLFR SXHGH GHFLU OR TXH VH OH RFXUUD SHUR HO ItVLFR GHEH HVWDU SRU OR PHQRV
SDUFLDOPHQWHFXHUGR

/D H[SOLFDFLyQ GH /RUHQW])LW]JHUDOG D SHVDU GH VX DXGDFLD \ GH VX HILFDFLD SDUD VDOYDU ORV
UHVXOWDGRV DSDUHQWHPHQWH QHJDWLYRV GH ORV H[SHULPHQWRV HQ OD GHULYDFLyQ GHO pWHU GH 0LFKHOVRQ
VHJXtDEDViQGRVHHQODVOH\HVGHODItVLFDFOiVLFDWUDGLFLRQDO<DXQTXHKL]RYDFLODUDORVKRPEUHVGH
FLHQFLDQRORVGHUULEySRUFRPSOHWR$OILQ\DOFDERODVOH\HVFOiVLFDVGHOPRYLPLHQWRGH1HZWRQ
VHJXtDQULJLHQGR
3HURIDOWDEDQDOJXQDVVRUSUHVDV'HODVHFXDFLRQHVGH)LW]JHUDOG/RUHQW]VHGHGXFtDWDPELpQTXH
HOWLHPSRYDULDEDFRQODYHORFLGDGFXDQWRPD\RUIXHUDODYHORFLGDGDODTXHVHPRYtDXQREMHWRPiV
OHQWDPHQWH WUDQVFXUUtD HO WLHPSR SDUD XQ REVHUYDGRU H[WHUQR $ OR FXDO VH DJUHJy OD PDVD FX\D
YDULDFLyQ FRQ OD YHORFLGDG IXH FRQILUPDGD SRU :DOWHU .DXIIPDQ D SDUWLU GH  7RGR VH
WUDQVIRUPDEDDPHGLGDTXHODYHORFLGDGDXPHQWDEDSDUHFtDQYLRODUVHGHDSRFRORVSULQFLSLRVGHOD
JUDQFRQVWUXFFLyQGHODItVLFDFOiVLFD
< GH KHFKR VH SURGXMR XQ YHUGDGHUR LPSDVVH HQ HO PXQGR GH OD ItVLFD TXH HUD LQFDSD] GH
H[SOLFDUORVLQVyOLWRVUHVXOWDGRVVDOYRUHFXUULHQGRDKLSyWHVLVTXHOLQGDEDQFRQODIDQWDVtD$VtHO
IUDFDVRGHOH[SHULPHQWRGH0LFKHOVRQ0RUOH\DEULUtDXQQXHYRFDStWXORQRVyORHQODItVLFDOR
FXDO\DVHUtDPXFKRGHFLUVLQRHQODSURSLDFRQFHSFLyQTXHWHQHPRVGHOXQLYHUVR
,17(5/8',2
/$%,%/,27(&$'(%$%(/<(/,1),1,72

(OXQLYHUVRTXHRWURVOODPDQOD%LEOLRWHFDVHFRPSRQHGHXQQ~PHURLQGHILQLGR\WDOYH]

LQILQLWRGHJDOHUtDVKH[DJRQDOHVFRQYDVWRVSR]RVGHYHQWLODFLyQHQHOPHGLRFHUFDGRVSRU
EDUDQGDVEDMtVLPDV

-25*(/8,6%25*(6/D%LEOLRWHFDGH%DEHO

/RVKRPEUHVVLHPSUHDFRVWXPEUDURQDMXJDUFRQORVJUDQGHVQ~PHURVHQXQDGHVXVSLH]DVPDHVWUDV
%RUJHVLPDJLQDDO8QLYHUVRFRPRXQDYDVWDELEOLRWHFDGHKH[iJRQRVUHJXODUHVTXHVHH[WLHQGHQVLQ
OtPLWH HQ WRGDV GLUHFFLRQHV D FDGD XQR GH ORV PXURV GH FDGD KH[iJRQR FRUUHVSRQGHQ FLQFR
DQDTXHOHV FDGD DQDTXHO HQFLHUUD WUHLQWD \ GRV OLEURV GH IRUPDWR XQLIRUPH FDGD OLEUR HV GH
FXDWURFLHQWDV GLH] SiJLQDV FDGD SiJLQD GH FXDUHQWD UHQJORQHV FDGD UHQJOyQ GH RFKHQWD OHWUDV GH
FRORU QHJUR GRQGH SUROLMDPHQWH VH DOLQHDQ YHLQWLFLQFR VtPERORV RUWRJUiILFRV VLQ RUGHQ QL
VLJQLILFDGR DOJXQR (O XQLYHUVR ItVLFR HV XQD SHQRVD VHOHFFLyQ GH SRVLELOLGDGHV OD %LEOLRWHFD GH
%RUJHV SRU HO FRQWUDULR HV WRWDO \ VXV DQDTXHOHV UHJLVWUDQ WRGRV ORV OLEURV SRVLEOHV TXH SXHGHQ
FRQVWUXLUVHFRPELQDQGRORVYHLQWLFLQFRVtPERORVRUWRJUiILFRVQ~PHURDXQTXHYDVWtVLPRQRLQILQLWR
(QHIHFWRHOQ~PHURQRHVLQILQLWRHQHIHFWRHVYDVWtVLPR%RUJHVLQWHQWDLQGXFLU\ORORJUDHQ
HOOHFWRUOD]R]REUDGHODWRWDOLGDG3HURDFXiQWRDVFLHQGHODWRWDOLGDG"2PHMRUGLFKRFXiQWRV
OLEURV KD\ HQ OD %LEOLRWHFD GH %DEHO" /D SLDGRVD DULWPpWLFD SHUPLWH TXH HO FiOFXOR VHD VLPSOH
(OHPHQWDOHV PXOWLSOLFDFLRQHV QRV LQGLFDQ TXH HQ FDGD OLEUR KD\ XQ PLOOyQ WUHVFLHQWRV GRFH PLO
HVSDFLRV 8Q VHQFLOOR UD]RQDPLHQWR SHUPLWH LQIHULU FXiQWRV OLEURV GLIHUHQWHV SXHGHQ FRQVWUXLUVH HQ
HVDVFRQGLFLRQHV3XHVWRTXHHQHOSULPHUHVSDFLRSXHGHILJXUDUFXDOTXLHUDGHORVYHLQWLFLQFRVLJQRV
TXHPHQFLRQDHODXWRUVyORSDUDHOSULPHUOXJDUKD\\DYHLQWLFLQFRSRVLELOLGDGHVGLVWLQWDV3HURHVDV
YHLQWLFLQFR SRVLELOLGDGHV VH PXOWLSOLFDQ SRU YHLQWLFLQFR DO OOHJDU DO VHJXQGR HVSDFLR \D TXH DOOt
WDPELpQSXHGHDSDUHFHUFXDOTXLHUDGHORVVLJQRVRUWRJUiILFRVGHEHUHFRUGDUHOOHFWRUTXHORVOLEURV
QRQHFHVLWDQWHQHUVHQWLGREDVWDTXHVHDQSRVLEOHV(VDV[SRVLELOLGDGHVTXHEULQGDQ
ORVGRVSULPHURVOXJDUHVVHELIXUFDQQXHYDPHQWHHQHOWHUFHUR\HQHOFXDUWRKDVWDOOHJDUDO~OWLPR
HVSDFLRGHO~OWLPRUHQJOyQGHOD~OWLPDSiJLQDSDUDVDEHUFXiQWDVSRVLELOLGDGHVKD\HQWRWDOWHQJR
HQWRQFHV TXH PXOWLSOLFDU  SRU Vt PLVPR XQ PLOOyQ WUHVFLHQWDV GRFH PLO YHFHV HO Q~PHUR TXH
GHVFULEH HO UHVXOWDGR QR WLHQH QRPEUH SURSLR HQ QLQJ~Q LGLRPD HV XQ XQR VHJXLGR GH 
FHURV8QKRPEUHGRWDGRGHODVXILFLHQWHSDFLHQFLDSRGUtDOOHJDUDHVFULELUORSHURQLQJ~QKRPEUH
SUREDEOHPHQWH SXHGH LPDJLQDUOR 3DUD DEDUFDU OD PDOpYROD LQPHQVLGDG GH HVD FLIUD HV QHFHVDULR
UHFXUULUDOPiVDQWLJXR\SHUYHUVRGHORVWUXFRVODFRPSDUDFLyQ
(OQ~PHURGHiWRPRVTXHH[LVWHQHQHOXQLYHUVRVHSXHGHUHSUHVHQWDUJHQHURVDPHQWHSRUXQXQR
VHJXLGRGHFLHQFHURVODFDQWLGDGDOODGRGHOQ~PHURGHYRO~PHQHVGHOD%LEOLRWHFDHVIUDQFDPHQWH
ULGtFXOD VL HQ FDGD iWRPR GHO XQLYHUVR VH FRORFDUD XQ OLEUR QR KDEUtDPRV XELFDGR QL VLTXLHUD XQ
PLOpVLPRSRUFLHQWRGHOWRWDOGHORVOLEURV
6LQ HPEDUJR HO KHFKR GH TXH ORV iWRPRV VHDQ WDQ FODUDPHQWH LQVXILFLHQWHV QR GHEHUtD
GHVFRUD]RQDU D QDGLH \D TXH HO 8QLYHUVR UHDO TXH QXHVWURV UDGLRWHOHVFRSLRV H[SORUDQ KDVWD XQD
GLVWDQFLDGHGLH]PLOPLOORQHVGHDxRVOX]QRVyORQRHVWiOOHQRGHiWRPRVVLQRTXHHVFDVLHQVX
WRWDOLGDGHVSDFLRYDFtR&DEUiOD%LEOLRWHFDHQVHPHMDQWHLQPHQVLGDG"
$XQTXHHODXWRUQRGDPD\RUHVSUHFLVLRQHVPpWULFDVVHxDODTXHFDGDXQRGHORVYRO~PHQHVHVGH
WDPDxR QRUPDO WRPDQGR FRPR JXtD OD HGLFLyQ GH ODV 2EUDV FRPSOHWDV GH %RUJHV SRGHPRV
FRQMHWXUDUTXHODVGLPHQVLRQHVGHFDGDOLEURVRQFPGHDOWRSRUFPGHDQFKR\FHQWtPHWURV
GH HVSHVRU  HVFDVRV FHQWtPHWURV F~ELFRV 6L SUHVFLQGLHQGR GH ORV DQDTXHOHV TXH RFXSDQ XQ
PROHVWRHVSDFLRHQODYDQDSUHWHQVLyQGHORUGHQMXQWiUDPRVWRGRVORVOLEURVHQXQDPDVDFRPSDFWD
ODHVIHUDDVtIRUPDGDWHQGUtDXQUDGLRH[SUHVDGRHQDxRVOX]GHXQXQRVHJXLGRGHFHURV/D
%LEOLRWHFD GH %DEHO QR FDEH HQ HO 8QLYHUVR VL OR OOHQiUDPRV FRQ ORV OLEURV VLQ GHMDU UHVTXLFLR
DOJXQRQXHYDPHQWHQRKDEUtDPRVKHFKRVLQRHPSH]DU/RVGLH]PLOPLOORQHVGHDxRVOX]GHGLVWDQFLD
XQ XQR VHJXLGR GH WDQ VyOR GLH] FHURV TXH QRV VHSDUDQ GH ORV TXiVDUHV PiV OHMDQRV QXHYDPHQWH
TXHGDQUHGXFLGRVDODLQVLJQLILFDQFLD
<RWUDFRVDPiVODGHQVLGDGGHOXQLYHUVRHOQ~PHURGHiWRPRVSRUFHQWtPHWURF~ELFRVHJ~QODV
WRGDYtD LPSUHFLVDV HVWLPDFLRQHV DFWXDOHV DQGD PX\ FHUFD GHO YDORU FUtWLFR TXH GHWHUPLQDUtD VL HO
XQLYHUVRVHJXLUiVXH[SDQVLyQLQGHILQLGDPHQWHRVHFRQWUDHUiILQDOPHQWHVREUHVtPLVPR/DGHQVLGDG
GHOD%LEOLRWHFDGH%DEHOHVPXFKtVLPRPiVDOWD\SURGXFLUtDHOFRODSVRJUDYLWDWRULRGHOFRVPRV(V
GHFLU VL HO XQLYHUVR IXHUD HQ UHDOLGDG OD %LEOLRWHFD HO XQLYHUVR QR H[LVWLUtD R WDO YH] GDGR TXH
QXHVWURVFRQRFLPLHQWRVVREUHORVSULPHURVLQVWDQWHVVRQWRGDYtDGLIXVRVQXQFDSRGUtDKDEHUH[LVWLGR
6LQHPEDUJR%RUJHVIXHXQFUHDGRUGHXQLYHUVRV\VX%LEOLRWHFDEULOODDOOt\DHWHUQDYHUGDGHUD
LQFHVDQWH6HxDODQGRODDQJXVWLDGHQRSRGHULPDJLQDUODWRWDOLGDG
 &$378/2

(LQVWHLQ\OD7HRUtDGHOD5HODWLYLGDG

6LPLWHRUtDUHVXOWDFLHUWDORVDOHPDQHVGLUiQTXHVR\XQDOHPiQ\ORVIUDQFHVHVTXHVR\XQ
DOHPiQTXHGHELyKXLUGHVXSDWULDVLPLWHRUtDUHVXOWDIDOVDORVIUDQFHVHVGLUiQTXHVR\XQ
DOHPiQ\ORVDOHPDQHVGLUiQTXHVR\XQMXGtR

$/%(57(,167(,1

'HVSXpV GH XQ ODUJR \ D YHFHV DUGXR FDPLQR TXH QRV FRQGXMR D WUDYpV GH ODV HVSHFXODFLRQHV GH
3ODWyQORVWUDEDMRVGH7RORPHRODUHYROXFLyQGH&RSpUQLFRODUHODWLYLGDGGH*DOLOHRODVtQWHVLVGH
1HZWRQ HO GHUUXPEH GHO pWHU \ ODV JHRPHWUtDV QR HXFOLGLDQDV OOHJDPRV ILQDOPHQWH D OD ILJXUD GH
$OEHUW (LQVWHLQ HO FUHDGRU GH DOJXQDV GH ODV WHRUtDV PiV LPSRUWDQWHV GH OD KLVWRULD GH OD ItVLFD
WHRUtDVTXHVLQOXJDUDGXGDVPDUFDURQHOUXPERGHOSHQVDPLHQWRHQHOVLJOR ;;\TXHKDVWDKR\VH
PDQWLHQHQLQFRQWHVWDGDVJXLDQGRHOUXPERGHPLOHVGHFLHQWtILFRVGHWRGRHOPXQGR
6HUtDEXHQRHPSH]DUDKDEODUGLUHFWDPHQWHGHpOWLHQHPpULWRVGHVREUDSHURQRHQWHQGHUtDPRV
QDGDVLQRYROYLpUDPRVXQSRFRVREUHQXHVWURVSDVRV$KtYDPRV

/DFULVLVGHOILQGHOVLJOR;,;
&XDQGR WRGDYtD IDOWDEDQ WUHV GpFDGDV SDUD HQWUDU HQ HO VLJOR ;; HO LPSUHVLRQDQWH HGLILFLR GH OD
FLHQFLDQHZWRQLDQDDOFDQ]yXQDQXHYDFXOPLQDFLyQHQ-DPHV0D[ZHOOH[KLELyXQDIRUPLGDEOH
VtQWHVLV'HXQVDTXH\FRQXQSXxDGRGHHFXDFLRQHVUHVXPLyGRVVLJORV\PHGLRGHH[SHULPHQWDFLyQ
\ORJUyH[SOLFDUWRGRVSHURWRGRVORVIHQyPHQRVHOpFWULFRV\PDJQpWLFRVFRQRFLGRVKDVWDHQWRQFHV
PRVWUDQGRGHSDVRTXHHOHFWULFLGDG\PDJQHWLVPRQRHUDQVLQRGRVFDUDVGHXQDPLVPDPRQHGD)XH
XQD KD]DxD JUDQGLRVD D OD PDQHUD GH 1HZWRQ GH SURQWR XQD UHJLyQ HQWHUD GH OD ItVLFD \ GHO
FRQRFLPLHQWRVHHVWUXFWXUDEDPDWHPiWLFDPHQWHFRPRKDEtDSUHYLVWR\TXHULGR*DOLOHR
&ODUR TXH WXYR VXV FRORIRQHV LQFUHtEOHV SRUTXH KHWH DTXt TXH RSHUDQGR FRQ ODV HFXDFLRQHV \
FRPELQiQGRODV0D[ZHOOREWXYRXQDHFXDFLyQLGpQWLFDDODTXHGHVFULEtDHOGHVSOD]DPLHQWRGHODV
RQGDV)LHO\OHDODODLGHDGHTXHHOOLEURGHODQDWXUDOH]DHVWiHVFULWRFRQFDUDFWHUHVPDWHPiWLFRV\
TXH DGHPiV WUDGXFH D OD QDWXUDOH]D UHDO FRQFOX\y TXH VL HQ HO HOHFWURPDJQHWLVPR DSDUHFtD OD
HFXDFLyQ GH ODV RQGDV HQWRQFHV WHQtDQ TXH H[LVWLU RQGDV HOHFWURPDJQpWLFDV )XH XQD SUHGLFFLyQ
JHQLDOQXHYHDxRVGHVSXpVGHVXPXHUWHHQ+HLQULFK+HUW]ORJUyHPLWLUXQDVHxDO
\UHFLELUODSRFRVPHWURVPiVDOOiGHQWURGHVXODERUDWRULR(UDODSULPHUDWUDQVPLVLyQKXPDQDGHXQD
RQGDHOHFWURPDJQpWLFDHQODKLVWRULD<DHVWDEDQDOOtHQJHUPHQODUDGLRODWHOHYLVLyQ\ODVVHxDOHV
HQYLDGDVSRUODVQDYHVTXHH[SORUDQORVOtPLWHVGHO6LVWHPD6RODU
0D[ZHOOWXYRXQDVHJXQGDLQWXLFLyQLJXDOPHQWHJHQLDOVXJLULyTXHODOX]WDPELpQHUDXQDRQGD
HOHFWURPDJQpWLFD HVWR HV FDPSRV HOpFWULFRV \ PDJQpWLFRV TXH YLEUDEDQ \ VH SHUVHJXtDQ HQ HO pWHU
HVD VXVWDQFLD LQYLVLEOH LQRGRUD LQVtSLGD SHUIHFWDPHQWH SRURVD WRWDOPHQWH HOiVWLFD FXDQGR KDFtD
IDOWD\SRUFRPSOHWRUtJLGDVLHUDQHFHVDULR\TXHFDVLFRPRDUWtFXORGHIHOOHQDEDXQLIRUPHPHQWHHO
XQLYHUVRGHVGHORVWLHPSRVGH$ULVWyWHOHV
(O HOHFWURPDJQHWLVPR DEUtD XQD LQWHUHVDQWH SRVLELOLGDG /D ItVLFD WUDGLFLRQDO GH $ULVWyWHOHV
HVWDEOHFtDXQDGLVWLQFLyQGHFLVLYDHQWUHHOPRYLPLHQWR\HOUHSRVRORTXHVHPRYtDVHPRYtD\OR
TXHHVWDEDTXLHWRHVWDEDTXLHWR(OPRYLPLHQWRHUDDOJRDEVROXWR*DOLOHRUHFKD]yHVDDILUPDFLyQHO
PRYLPLHQWRQRHVDOJRDEVROXWRTXHKDFHQORVPyYLOHVVLQRTXHHVVLPSOHPHQWHXQDUHODFLyQHQWUH
HOORVORTXHHVWiHQUHSRVRSDUDDOJXLHQVHHVWiPRYLHQGRSDUDRWURREVHUYDGRU\SRUORWDQWRHV
LQGLVWLQJXLEOHGHOUHSRVRVLYLDMDPRVHQXQEDUFRSRUHMHPSORORVREMHWRVGHOEDUFRQRVSDUHFHUiQ
HQUHSRVR1LTXpKDEODUHQXQDYLyQDXQTXH*DOLOHRQRSRGtDVDEHUOR
(O SULQFLSLR GH UHODWLYLGDG GH *DOLOHR SLHGUD GH WRTXH GH OD FLHQFLD PRGHUQD \ SHUIHFWDPHQWH
HVWDEOHFLGRGHVGHHOVLJOR ;9,,EDVHWDPELpQGHORV3ULQFLSLDGH1HZWRQGHMDEDELHQHQFODURTXH
HO PRYLPLHQWR UHFWLOtQHR \ XQLIRUPH HUD VLHPSUH UHODWLYR \ TXH QLQJ~Q H[SHULPHQWR PHFiQLFR
SHUPLWtDGHWHFWDUORQDGDGHORTXHRFXUUHGHQWURGHXQDYLyQODQ]DGRDYHORFLGDGFUXFHURGHPXHVWUD
TXHVHHVWiPRYLHQGR
1HZWRQ DFHSWDED HO SULQFLSLR GHVGH \D \ UHOHJDED HO FRQFHSWR GH UHSRVR DEVROXWR SDUD HO
HVSDFLR HQ VX FRQMXQWR (O HVSDFLR PLVPR VLJQLILTXH HVWR OR TXH VLJQLILTXH HVWDED HQ UHSRVR
DEVROXWR DXQTXH DGYHUWtD TXH QLQJ~Q H[SHULPHQWR PHFiQLFR GHWHFWD HO PRYLPLHQWR UHFWLOtQHR \
XQLIRUPHUHVSHFWRGHHVHHVSDFLRDEVROXWRLQPyYLOODVHFXDFLRQHVQHZWRQLDQDVQRGLVWLQJXHQHQWUH
UHSRVR\PRYLPLHQWRUHFWLOtQHR\XQLIRUPH1RKDEtDPDQHUDGHGHPRVWUDUSRUFDVRHOPRYLPLHQWR
GHOD7LHUUDPHGLDQWHXQH[SHULPHQWRPHFiQLFRGHOPLVPRPRGRTXHHVLPSRVLEOHGHPRVWUDUGHQWUR
GHXQDYLyQTXHVHHVWiPRYLHQGR/DPHFiQLFDHUDWD[DWLYD
3HUR ODV HFXDFLRQHV GH 0D[ZHOO WDPELpQ HUDQ WD[DWLYDV (OODV Vt GLVWLQJXtDQ HQWUH UHSRVR \
PRYLPLHQWR\SUHGHFtDQTXHHOFRPSRUWDPLHQWRGHXQUD\RGHOX]GHEtDVHUGLIHUHQWHVHJ~QHOVLVWHPD
VHDTXHHVWXYLHUDHQUHSRVRRHQPRYLPLHQWR(VWRHVGHVSXpVGHWRGRKDEtDXQDPDQHUDGHPHGLU
HO PRYLPLHQWR DEVROXWR GH OD 7LHUUD D WUDYpV GHO HVSDFLR DEVROXWR 1LQJ~Q H[SHULPHQWR PHFiQLFR
SRGtDGHWHFWDUORSHURXQH[SHULPHQWRHOHFWURPDJQpWLFRVtWHQtDTXHSRGHUKDFHUOR
-XVWDPHQWH HV HVR OR TXH VH KDEtDQ SURSXHVWR FRPR UHFRUGDUiQ 0LFKHOVRQ \ 0RUOH\ TXH
WUDEDMDEDQFRQODKLSyWHVLVGHTXHOD7LHUUDDODWUDYHVDUHOpWHUSURGXFtDXQDFRUULHQWHGHHVHPLVPR
pWHUHQFRQWUDTXHVHUtDFDSD]GHUHWUDVDUXQUD\RGHOX]$XQTXHFRPR\DYLPRVQROHVGLRQLQJ~Q
UHVXOWDGRQRVHGHWHFWyQLQJ~QDUUDVWUHGHpWHU/RVUD\RVVHUHIOHMDURQ\YROYLHURQMXQWRV<DXQTXH
0LFKHOVRQ UHSLWLy HOH[SHULPHQWRXQD\RWUDYH]HOUD\RGHOX]QRSDUHFtDFRQPRYHUVH QLVLTXLHUD
PtQLPDPHQWHSRUHOKHFKRGHTXHKXELHUDXQDFRUULHQWHGHpWHUHQFRQWUD
/DVLWXDFLyQHUDJUDYH\DTXHVHKDEtDSURGXFLGRXQFKRTXHHYLGHQWHHQWUHODHPSLULD\ODWHRUtD
HQWUH HO HOHFWURPDJQHWLVPR TXH SUHGHFtD XQ DUUDVWUH GH pWHU \ OD H[SHULPHQWDFLyQ TXH QR OR
HQFRQWUDED 8QR GH HVRV FKRTXHV TXH VH DUUHJODQ FRQ HPSDUFKHV TXH QR FRQYHQFHQ GHPDVLDGR D
QDGLHPLHQWUDVFUHFHQHOPDOHVWDU\HOGHVDVRVLHJR/DItVLFDHQWUDEDHQXQDWROODGHUR\HQXQD]RQD
GHLQHVWDELOLGDG
(O H[SHULPHQWR GH 0LFKHOVRQ \ 0RUOH\ DGHPiV GH SRQHU HQ HQWUHGLFKR XQD WHRUtD PDUDYLOORVD
FRPRHOHOHFWURPDJQHWLVPRFDXVyVRUSUHVDXQDHQRUPHVRUSUHVD<SDUDSHUFLELUODPDJQLWXGYDOH
ODSHQDLQWHQWDUODDQDORJtDWDQGLVWDQWHGHODPHWiIRUDTXHDOLPHQWDDODSRHVtDRDODQDUUDFLyQTXH
HVWUXFWXUDODYLGDKXPDQD\ODKLVWRULD/DDQDORJtDWLHQHFRQWDFWRVWHQXHV\GLVWLQJXLGRVFRQOD
DOHJRUtD HVD GHULYDFLyQ GXGRVD GHO DUWH \ HO SDQIOHWR HVH SURGXFWR WDQWDV YHFHV QHFHVDULR GH OD
OLWHUDWXUD
8Q DXWRPyYLO VH GHWLHQH D FDUJDU QDIWD HQ XQD HVWDFLyQ GH VHUYLFLR \ HQ XQ GtD SHUIHFWDPHQWH
FDOPRQLXQDEUL]QDGHKLHUEDVHFRQPXHYHQLXQDEULVDWXUEDHOHQRUPHRFpDQRGHDLUHHQUHSRVR
TXH URGHD DO SDFtILFR PXQGR GH ORV YLDMHURV TXH SRU OD UDGLR HVFXFKDQ DTXLHWDGRV XQ FRUDO GHO
LQILQLWR H LQDJRWDEOH -XDQ 6HEDVWLiQ %DFK 7HUPLQDGD OD IDHQD HO DXWR DUUDQFD \ DOFDQ]D OD QDGD
SUXGHQWHYHORFLGDGGHFLHQWRFLQFXHQWDNLOyPHWURVSRUKRUDHQODDXWRSLVWD
1DWXUDOPHQWH GHQWUR GHO DXWRPyYLO QR KDEUi H[SHULPHQWR PHFiQLFR DOJXQR TXH GHPXHVWUH HO
PRYLPLHQWR XQD YH] TXH VH DOFDQFH XQD YHORFLGDG HVWDEOH \ ORV REMHWRV GH DGHQWUR GHO DXWRPyYLO
SHUPDQHFHQSDUDORVYLDMHURVHQDEVROXWRUHSRVRHOOLEURVREUHODVURGLOODVODPRQHGDTXHVHWLUD
DODLUH\VHUHFRJHPLHQWUDVDWUDYLHVDQHORFpDQRGHDLUHHQUHSRVRTXHORVURGHD
3HURWRGRVVDEHQTXHDSHQDVLQWHQWHQXQH[SHULPHQWRHOHFWURPDJQpWLFRHVWRHVXQH[SHULPHQWR
TXHVHGHVDUUROOHHQHODLUHTXHVHGHVSOD]DDFLHQWRFLQFXHQWDNLOyPHWURVSRUKRUDKDFLDDWUiV\
TXHHQODDQDORJtDKDFHODVYHFHVGHFDPSRHOHFWURPDJQpWLFRSRGUiQGDUVHFXHQWDGHTXHHOFRFKH
HVWiHQPRYLPLHQWREDVWDVDFDUXQDPDQRSRUODYHQWDQLOOD\FRPSUREDUFyPRHOYLHQWRODJROSHD
3HURKHWHDTXtTXHDOVDFDUODPDQRSRUODYHQWDQLOODHQHVHPXQGRHOHFWURPDJQpWLFRQRVHVLHQWH
QLQJXQDFRUULHQWHGHDLUHHODLUHHVWiWDQHQUHSRVRFRPRFXDQGRHODXWRVHHQFRQWUDEDGHWHQLGRHQOD
HVWDFLyQ GH VHUYLFLR < VL VH DEUHQ ODV YHQWDQLOODV QR KDEUi FRUULHQWH DOJXQD TXH KDJD YRODU ORV
SDSHOHV GHO LQWHULRU R TXH PRGLILTXH ODV FRVDV R TXH KDJD TXH HO VRQLGR VH SURSDJXH HQ HO DLUH
GHQWURGHOFRFKHGHXQDPDQHUDGLIHUHQWH<ORPLVPRRFXUUHFRQWRGRVORVDXWRVTXHFLUFXODQSRUOD
DXWRSLVWD VLQ LPSRUWDU OD YHORFLGDG D OD TXH VH PXHYDQ R TXH HVWpQ GHWHQLGRV DO FRVWDGR TXLHQ
VDTXHXQDPDQRSRUODYHQWDQLOODRODDEUDHQFRQWUDUiTXHHODLUHH[WHUQRHVWiHQUHSRVR
3DUD 0LFKHOVRQ \ 0RUOH\ \ HO HOHFWURPDJQHWLVPR GH HQWRQFHV OD 7LHUUD HUD HO DXWRPyYLO TXH
UHFRUUtDDWRGDYHORFLGDGXQPDUGHpWHUHQUHSRVR\FXDQGRORVGRVItVLFRVVDFDURQODPDQRFRQVXV
DSDUDWRVHQFRQWUDURQTXHHOpWHUHVWDEDWDQHQUHSRVRFRPRVLOD7LHUUDHVWXYLHUDTXLHWDSRUORFXDO
HUDLQFDSD]GHPRGLILFDUHOFRPSRUWDPLHQWRGHXQUD\RGHOX]
1DGLHGHEtDLQTXLHWDUVHSRUTXHVHHQFRQWUDUDHODVXQWRH[WUDxRLQFRPSUHQVLEOH\GHVFRQFHUWDQWH
HIHFWLYDPHQWHSDUHFtDXUJHQWHHQFRQWUDUDOJXQDVROXFLyQ(QHVWHVHQWLGR\DOHVFRQWpODSURSXHVWD
GH/RUHQW]\)LW]JHUDOGTXLHQHVLPDJLQDURQTXHFRQHOPRYLPLHQWRODVGLVWDQFLDVVHFRQWUDHQ\ORV
WLHPSRV VH GLODWDQ $FHSWDQGR HVDV H[WUDxDV SURSLHGDGHV GHO WLHPSR \ HO HVSDFLR \ KDFLHQGR ORV
FiOFXORV DSURSLDGRV VH HQWHQGtD SRU TXp HO H[SHULPHQWR GH 0LFKHOVRQ0RUOH\ QR KDEtD UHYHODGR
QLQJ~QUHWUDVRHQHOUD\RGHOX]\DTXHORVGRVH[SHULPHQWDGRUHVQRUWHDPHULFDQRVQRKDEtDQWHQLGR
HQFXHQWDODFRQWUDFFLyQGHORVEUD]RVGHVXDSDUDWRHQODGLUHFFLyQGHOPRYLPLHQWR
3HUR OD H[SOLFDFLyQ WHQtD XQ SXQWR IORMR SRU TXp VH YDQ D FRQWUDHU ORV FXHUSRV FRQ HO
PRYLPLHQWR" 6L QR KD\ QLQJXQD UD]yQ SDUD TXH OR KDJDQ (Q UHDOLGDG HUD XQD VROXFLyQ GH
FRPSURPLVRXQDWUDQVDFFLyQDGKRFTXHGHMDEDDVDOYRHOpWHUHOHOHFWURPDJQHWLVPRHOUD\RGHOX]
TXH QR VH UHWUDVDED \ OD SUHGLFFLyQ GH TXH VH UHWUDVDUtD $UUHJODED ODV FRVDV SHUR DO FRVWR GH XQ
GRORUGHFDEH]D3RUSULPHUDYH]VHKDEtDQWRFDGRHOHVSDFLR\HOWLHPSRHVRVGLRVHVTXHUHLQDEDQ
GHVGHODpSRFDGH1HZWRQ\TXHSDUHFtDQLQWRFDEOHV(UDXQSRFRFKDSXFHURSHURHOGDxRHVWDED
KHFKR
 $ ILQHV GHO VLJOR ;,; 2FFLGHQWH HQ JHQHUDO VH DSUR[LPDED OHQWD SHUR ILUPHPHQWH D XQD VHULD
FULVLV QR VRODPHQWH HQ OD ItVLFD VLQR WDPELpQ HQ HO QLYHO SROtWLFR \ FXOWXUDO OD SD] DUPDGD \ OD
FRPSHWHQFLDFDSLWDOLVWDHQWUHODVSRWHQFLDVHXURSHDVGHVHPERFDUtDQHQODJXHUUDGHO\HODVFHQVR
GHO VRFLDOLVPR \ HO PRYLPLHQWR REUHUR HQ ODV UHYROXFLRQHV UXVDV OD SLQWXUD VH GHVSUHQGtD GH OD
IRUPD HQILODED KDFLD HO FXELVPR \ PiV DOOi OD DEVWUDFFLyQ OD P~VLFD HQVD\DED GLVRQDQFLDV OD
OLWHUDWXUD LQLFLDED HO FDPLQR TXH OD DSDUWDUtD GHO QDWXUDOLVPR \ GHVHPERFDUtD HQ HO IOXLU GH OD
FRQFLHQFLDGH3URXVW:RROI\-R\FHODVPDWHPiWLFDVVXIUtDQORVULJRUHVGHODWHRUtDGHFRQMXQWRV
TXHVDFXGLUtDQODILORVRItD\TXHUHPDWDUtDQHQHO&tUFXORGH9LHQD\HQHOSRVLWLYLVPROyJLFR
/DItVLFDTXHHQHOVLJOR ;,;VHMDFWDEDGHSRGHUH[SOLFDUWRGRORH[LVWHQWHSRUVXSDUWHHVWDED
HQ XQ EUHWH EDVWDQWH VHULR <D FRQWDPRV ORV SUREOHPDV TXH KDEtD WUDtGR HO HOHFWURPDJQHWLVPR GH
0D[ZHOOHOFRQIOLFWRGHOpWHU\HOGHVDVWUHGHODH[SHULHQFLDGH0LFKHOVRQ\0RUOH\3HURQRHUDHO
~QLFR IUHQWH GH WRUPHQWD KDFLD ILQHV GHO VLJOR ;,; VH KDEtD SURIXQGL]DGR OD LQYHVWLJDFLyQ HQ HO
WHUUHQRGHOiWRPRSULPHURORVUD\RV;\OXHJRODUDGLDFWLYLGDGRIUHFtDQDYDODQFKDVGHGDWRVVLQXQD
WHRUtDFRPSUHQVLYD(QHODxR0D[3ODQFNKDEtDSURSXHVWRXQDH[SOLFDFLyQGHOIHQyPHQRGHOD
UDGLDFLyQ GHO FXHUSR QHJUR XQ SUREOHPD KHUHGDGR GHO VLJOR ;,; TXH FRQWHQtD XQD KLSyWHVLV
QRYHGRVD\VREUHWRGRKHUpWLFDFX\RVDOFDQFHVHOPLVPR3ODQFNHVWDEDOHMRVGHLPDJLQDU3ODQFN
VXSRQtD TXH OD HQHUJtD HUD HPLWLGD GH PDQHUD GLVFUHWD HQ SDTXHWHV R FXDQWRV GH HQHUJtD HV
GHFLUURPSLHQGRHOEDOXDUWHGHODFRQWLQXLGDGTXHRVWHQWDEDKDVWDHQWRQFHVHOFRQFHSWRGHHQHUJtD
(VRHQ
(QLQJUHVyHQODRILFLQDGHSDWHQWHVGH%HUQDFRPRSHULWRGHWHUFHUDFODVHXQPXFKDFKRGH
 DxRV \ GH QRPEUH $OEHUW (LQVWHLQ  +DEtD QDFLGR HQ 8OP \ WHQtD GRV DxRV FXDQGR
0LFKHOVRQ LQLFLDED VX VHJXLGLOOD GH H[SHULPHQWRV VREUH HO pWHU \ OD OX] (VWDED WHUPLQDQGR VX
GRFWRUDGRHQ)tVLFD\VHGHGLFDEDDUHIOH[LRQDUVREUHODVFXHVWLRQHVTXHSUHRFXSDEDQDORVItVLFRV
GH DTXHO HQWRQFHV HO pWHU HO PRYLPLHQWR DEVROXWR ODV SURSXHVWDV GH 3ODQFN HO PRYLPLHQWR
EURZQLDQR 1R KDEtD VLGR KDVWD HO PRPHQWR XQ HVWXGLDQWH HVSHFLDOPHQWH GHVWDFDGR SHUR VLQ
HPEDUJRIXHDOGHFLUGHVXVMHIHVXQEXHQHPSOHDGRTXHHQORVLQWHUVWLFLRVGHOWUDEDMRVHGHGLFyD
SHQVDUHQODItVLFDGHOPRPHQWR$VtVRQODVFRVDV
'HVGH OD FyPRGD SHUVSHFWLYD TXH GD HO WLHPSR SDUHFHUtD TXH VH SUHSDUDED SDUD HO DxR 
FUXFLDOHQODKLVWRULDGHODFLHQFLDGHOVLJOR;;

(ODxRPLODJURVRGH
(VH DQQXV PLUDELOLV (LQVWHLQ SXEOLFy FLQFR WUDEDMRV HQ ORV $QQDOHQ GHU 3K\VLN (O SULPHUR
UHFLELGRSRUODUHYLVWDHOGHPDU]RGHWRPDEDODWHRUtDUHFLHQWHPHQWHIRUPXODGDSRU3ODQFN
VREUH ORV FXDQWRV GH HQHUJtD \ OD H[WHQGtD D OD OX] 6REUH HVH WUDEDMR GHVFDQVD WRGD OD PHFiQLFD
FXiQWLFD\WRGDODItVLFDDWyPLFDGHODSULPHUDPLWDGGHOVLJOR;;GHODFXDO\DQRVRFXSDUHPRV\IXH
HVWHWUDEDMRHOTXHOHYDOLyHO3UHPLR1REHOTXHKDEUtDGHUHFLELUHQ
(O VHJXQGR ILQHV GH DEULO VH OODPDED 8QD QXHYD GHWHUPLQDFLyQ VREUH ODV GLPHQVLRQHV
PROHFXODUHV \ HUD VX GLVHUWDFLyQ GRFWRUDO VREUH OD GHWHUPLQDFLyQ GH OD FDQWLGDG GH PROpFXODV GH
D]~FDUHQXQFLHUWRYROXPHQGHDJXD\HOWDPDxRGHODVPROpFXODV
 (O WHUFHUR SULQFLSLRV GH PD\R HQIUHQWDED SUREOHPDV TXH HUDQ XQD KHUHQFLD GHO VLJOR ;,; HO
PRYLPLHQWREURZQLDQR(LQVWHLQORFHUUDEDGHXQDYH]SRUWRGDV\SUHGHFtDHQWUHRWUDVFRVDVTXHHO
PRYLPLHQWR HUUiWLFR GH ODV SDUWtFXODV VXVSHQGLGDV HQ HO DJXD VH GHEtD DO JROSHWHR GH PLOHV GH
PROpFXODV GH DJXD \ GHEtD SRGHU REVHUYDUVH HQ XQ PLFURVFRSLR 3DUD PXFKRV IXH HVWH WUDEDMR HO
TXH FRQYHQFLy D WRGR HO PXQGR GH OD H[LVWHQFLD HIHFWLYD GH iWRPRV \ PROpFXODV XQ WHPD TXH VH
GLVFXWtDGHVGHORVWLHPSRVGH'DOWRQ

1HSWXQRODSRVLELOLGDGGHXQSODQHWD

/DSRVWXODFLyQGHXQSODQHWDSDUDH[SOLFDUXQDDQRPDOtDHQODVPHGLFLRQHVDVWURQyPLFDVKDEtDWHQLGRXQFpOHEUH\
H[LWRVRDQWHFHGHQWH5HFRUGDUiQTXHHQ:LOOLDP+HUVFKHOWHOHVFRSLRPHGLDQWHGHVFXEULyHOSODQHWD8UDQR(O
SUREOHPD HV TXH \D HQ ODV SULPHUDV GpFDGDV GHO VLJOR ;,; HVWDED FODUR TXH DOJR UDUR SDVDED FRQ HVWH QXHYR
SURWDJRQLVWD GH OD QRYHOD DVWURQyPLFD HQ  *HRUJH %LGGHOO $LU\ VH GLULJLy D OD %ULWLVK $VVRFLDWLRQ IRU WKH
$GYDQFHPHQW RI 6FLHQFH %$$6 SDUD DGPLWLU TXH QR SDUHFtD KDEHU QLQJXQD yUELWD HOtSWLFD TXH SXGLHUD SUHGHFLU R
GHVFULELUORVPRYLPLHQWRVHIHFWLYDPHQWHYLVLEOHVGHOQXHYRSODQHWD
3RUHVHHQWRQFHVODDVWURQRPtD\DKDEtDDOFDQ]DGRXQDSUHFLVLyQEDVWDQWHDFHSWDEOH\VHKDEtDFRQYHUWLGRHQXQD
FLHQFLD IRFDOL]DGD HQ HO 6LVWHPD 6RODU FX\D SULQFLSDO WDUHD HUD ILMDU ODV FRRUGHQDGDV GH ORV FXHUSRV FHOHVWHV
EDViQGRVHHQOD*UDQ/H\TXHVXSXHVWDPHQWHORH[SOLFDEDWRGRODJUDYLWDFLyQXQLYHUVDOGH1HZWRQ(VWiEDPRVHQ
HVRV PRPHQWRV TXH UHFRUGDQGR XQ SRFR H[SUHVLRQHV DQWHULRUHV SRGHPRV OODPDU GH H[SORUDFLyQ GHO WHUULWRULR
FRQ HO PDSD WUD]DGR VH WUDWDED GH VLVWHPDWL]DU ORV FRQRFLPLHQWRV GH iUHDV HVSHFtILFDV FRQRFLPLHQWRV TXH
UHVXOWDEDQHQFLHUWDPHGLGDSUHGHFLEOHV\HVSHUDEOHV<GHUHSHQWHDSDUHFtDXQSODQHWDFX\RYDJDEXQGHRUHVXOWDED
SRUORPHQRVSDUDORVGDWRVFRQRFLGRVHQHOPRPHQWRLQH[SOLFDEOH
(UD GHVHVSHUDQWH OD DVWURQRPtD HUD OD &LHQFLD GH ODV FLHQFLDV SHUR DOJR QR HQFDMDED 3DUD VROXFLRQDU HO
LQFRQYHQLHQWHKXERGRVKLSyWHVLVXQDTXHODOH\GHJUDYLWDFLyQDFWXDEDGHPDQHUDUDUDDODHQRUPHGLVWDQFLDDOD
TXHTXHGDED8UDQRODRWUDTXHGHEtDKDEHUDOJRWRGDYtDQRREVHUYDGRTXHDWUD\HQGRD8UDQRFRQODH[DFWDUHODFLyQ
GHVFXELHUWDSRU1HZWRQPRGLILFDEDVXyUELWD
)XHFRQHVWDVHJXQGDKLSyWHVLVFRQODTXHWUDEDMy-HDQ-RVHSK/HYHUULHU,QVWLJDGRSRUHOGLUHFWRUGHO
2EVHUYDWRULRGH3DUtVFRPHQ]yDH[DPLQDUODLQIOXHQFLDPXWXDGHORVSODQHWDVHQVXVyUELWDV\ORJUyWUD]DUXQPDSD
LPSUHVLRQDQWHGHOVLVWHPDVRODUFRQVXVUHVSHFWLYRVPRYLPLHQWRVORFXDO\DOHKDEUtDYDOLGRIDPDXQLYHUVDO
3HURHQYHUGDGHVPiVIDPRVRSRUTXHHQVXPLQXFLRVRHVWXGLRFRUURERUyTXHODyUELWDGH8UDQRQRHUDFRPROD
TXH VH GHVSUHQGtD GHO FRQMXQWR GH ODV HFXDFLRQHV GH .HSOHU1HZWRQ 6LQ GHVSORPDUVH IUHQWH D OD DEUXPDGRUD
HPSLULDTXHOHWLHQGHWUDPSDVLQFOXVRDOPiVDWHQWR/HYHUULHUVXSXVRTXHKDEtDXQSODQHWDD~QQRGHVFXELHUWRTXH
HUDHOUHVSRQVDEOHGHODDWUDFFLyQTXHGHVYLDEDD8UDQRGHVXyUELWD\SUHVHQWyHQMXQLRGHXQWUDEDMRHQHO
TXHSUHGHFtDVXSRVLFLyQH[DFWD7UHVPHVHVGHVSXpV-RKDQQ*DOOHH[DPLQyHVDSRUFLyQGHORVFLHORV
\HQFRQWUyHOSODQHWDGH/HYHUULHU
$OPLVPRWLHPSRSHURLQGHSHQGLHQWHPHQWHGH/HYHUULHU-RKQ&RXFK$GDPVUHDOL]yORVPLVPRVFiOFXORV\WDPELpQ
GHWHFWyWHyULFDPHQWHODSUHVHQFLDGH1HSWXQRDXQTXHFRQPD\RUHUURUTXH/HYHUULHU'HWRGRVPRGRVHOQRPEUHGH
$GDPVWDPELpQVHDVRFLDDOGHVFXEULPLHQWRGH1HSWXQR

(O FXDUWR ILQ GH MXQLR DERUGDED HO SUREOHPD SODQWHDGR SRU HO H[SHULPHQWR GH 0LFKHOVRQ \
0RUOH\ DXQTXH VXV DXWRUHV QR HUDQ FLWDGRV SDUD QDGD HQ HO WUDEDMR \ WHQtD XQ WtWXOR HQ DSDULHQFLD
DEVWUXVR 6REUH OD HOHFWURGLQiPLFD GH ORV FXHUSRV HQ PRYLPLHQWR (Q OD KLVWRULD \ OD FLHQFLD
TXHGDUtDFRQXQQRPEUHPXFKRPiVVRQRUR\HORFXHQWH7HRUtDGHOD5HODWLYLGDG
(QVXWUDEDMR(LQVWHLQHQIUHQWDEDORVSUREOHPDVGHOPRYLPLHQWRDEVROXWRHOHOHFWURPDJQHWLVPR
\ VXV GHULYDGRV FRQ XQD VROXFLyQ RULJLQDO \ XQD YLVLyQ GHO PXQGR UDGLFDOPHQWH GLVWLQWD GH OD TXH
KDEtDUHLQDGRKDVWDHQWRQFHV
'HOTXLQWRQRVRFXSDUHPRVXQSRFRPiVDGHODQWH
/D7HRUtDGHOD5HODWLYLGDG(VSHFLDO
'XUDQWHHVRVDxRVGHSUHSDUDFLyQ(LQVWHLQKDEtDUHIOH[LRQDGRFXLGDGRVDPHQWHVREUHORVFRQFHSWRV
FRUULHQWHVGHHVSDFLR\WLHPSR\KDEtDOOHJDGRDODFRQFOXVLyQGHTXHHUDQHFHVDULRUHYLVDUORV
3HURUHIRUPDUODVLGHDVVREUHHOHVSDFLR\HOWLHPSRHUDLQLFLDUXQDUHYROXFLyQFRQFHSWXDOGHOD
PLVPDPDQHUDTXHUHYLVDUODVLGHDVGHHVSDFLR\WLHPSRPHGLHYDOHVKDEtDOOHYDGRDODFRQVWUXFFLyQ
GH OD FLHQFLD PRGHUQD (O HVSDFLR ItVLFR \ HO WLHPSR PDWHPiWLFR QHZWRQLDQRV SUHVXSRQtDQ TXH
H[LVWtDQ LQWHUYDORV HVSDFLDOHV ODSVRV WHPSRUDOHV PDVDV \ HQHUJtDV LGpQWLFRV SDUD WRGRV ORV
REVHUYDGRUHVREMHWLYRVVLVHTXLHUHH[LVWtDXQUHORMTXHGDEDODKRUDXQLYHUVDOXQVHJXQGRHUD
XQVHJXQGR\XQPHWURHUDXQPHWURHQFXDOTXLHUOXJDU\PRPHQWRGHOXQLYHUVR(OHVSDFLRSRUVX
SDUWHHVWDEDXQLIRUPHPHQWHOOHQRGHpWHULQPyYLOHQUHSRVRDEVROXWR\GHQWURGHOHVSDFLRVXFHGtDQ
ORVIHQyPHQRV
(VSDFLRWLHPSRPDVD\HQHUJtDSRUXQODGRSUHYLRVDORVIHQyPHQRVTXHHUDQLQGHSHQGLHQWHV
GH HOORV HUD pVWH HO HVFHQDULR HSLVWHPROyJLFR \ PHWDItVLFR TXH KDEtD SHUPLWLGR FRQVWUXLU HO
PDJQtILFRHGLILFLRGHODItVLFD\GDUFXHQWDGHWRGRVORVHYHQWRVFRQRFLGRVDXQTXHQRGHODIDOWDGH
DUUDVWUH GH pWHU HQ HO H[SHULPHQWR GH 0LFKHOVRQ \ 0RUOH\ 7DPSRFR HQ UHDOLGDG GH XQ
GHVFRQFHUWDQWH FRPSRUWDPLHQWR GHO SODQHWD 0HUFXULR VX SHULKHOLR HO SXQWR GH VX yUELWD PiV
FHUFDQRDO6ROVHGHVSOD]DEDVHJXQGRVGHDUFRSRUVLJORXQGHVSOD]DPLHQWRTXHQRVXUJtDGH
ODV HFXDFLRQHV GH 1HZWRQ 'XUDQWH XQ WLHPSR VH HVSHFXOy FRQ OD H[LVWHQFLD GH XQ SODQHWD HQWUH
0HUFXULR \ HO 6RO DO TXH LQFOXVR VH SXVR QRPEUH 9XOFDQR TXH FRQ VX JUDYLWDFLyQ HUD HO
UHVSRQVDEOH GHO PRYLPLHQWR GHO SHULKHOLR 3HUR D GLIHUHQFLD GH 1HSWXQR GHO TXH OHV KDEOR HQ HO
UHFXDGURDQWHULRUQXQFDVHORHQFRQWUy'HFXDOTXLHUPDQHUDHUDQIHQyPHQRVODWHUDOHV
(LQVWHLQEDUUHHVWHSOiFLGR\KDVWDFLHUWRSXQWRVHJXURSDLVDMHWDQELHQHVWDEOHFLGR\DOTXHGRV
VLJORVGHIXQFLRQDPLHQWR QRKDEtDQORJUDGRGHVJDVWDU5RPSH FRQODLGHDGHXQ WLHPSR~QLFR \ XQ
HVSDFLR~QLFRQRKD\XQUHORMLGpQWLFRSDUDWRGRVORVREVHUYDGRUHVTXHVHUiQLQFDSDFHVGHSRQHUVH
GH DFXHUGR VREUH OD PDUFKD GH ORV UHORMHV ODV GXUDFLRQHV GH WLHPSR \ ODV GLVWDQFLDV FDGD
REVHUYDGRUWHQGUiVXUHORM\VXUHJODGHPHGLU\QRYDOHQPiVXQDVTXHRWUDV(OHVSDFLR\HOWLHPSR
HPSLH]DQDHVWDUDWDGRVDORVIHQyPHQRV\DGHSHQGHUGHHOORV
9HDPRVODVFRVDVFRQDOJXQRVHMHPSORV
,PDJLQHPRVXQWUHQTXHVHPXHYHFRQPRYLPLHQWRUHFWLOtQHR\XQLIRUPHXQDSHUVRQDDGHQWURGH
HVH WUHQ \ XQ MHIH GH HVWDFLyQ TXH REVHUYD REYLDPHQWH GHVGH OD HVWDFLyQ OR TXH RFXUUH DOOt
,PDJLQHPRV DKRUD WDPELpQ TXH WRGDYtD QR VH KD LQYHQWDGR HO VLVWHPD GH DSHUWXUD DXWRPiWLFD GH
SXHUWDV\TXHSRUORWDQWRODWDUHDGHOKRPEUHTXHHVWiSDUDGRHQXQRGHORVYDJRQHVH[DFWDPHQWH
HQHOPHGLRHVHQYLDUGRVUD\RVGHOX]XQRDVXGHUHFKD\XQRDVXL]TXLHUGDSDUDTXHORVUHFLEDQ
XQRVGHWHFWRUHVTXHKD\HQODVSXHUWDVGHODQWHUD\WUDVHUD\VHDEUDQ
 0LUHQHQODLPDJHQORTXHRFXUUHDODL]TXLHUGDHOKRPEUHSDUDGRHQHOPHGLRDUURMDGRVKDFHV
GHOX]TXHYLDMDQDPLONLOyPHWURVSRUVHJXQGRGHPDQHUDVLPXOWiQHD'HPRGRTXHODVSXHUWDV
SDUDpODEUHQH[DFWDPHQWHDOPLVPRWLHPSRODGLVWDQFLDTXHUHFRUUHODOX]TXHIXHOLEHUDGDHQHO
PLVPRLQVWDQWHKDFLDODGHUHFKD\KDFLDODL]TXLHUGDHVODPLVPD\FRPRODYHORFLGDGHVODPLVPD
WDPELpQWDUGDHOPLVPRWLHPSR6LHOYDJyQPLGLHUDPLONLOyPHWURVGHODUJRGLUtDPRVTXHWDQWR
ODSXHUWDGHDGHODQWHFRPRODSXHUWDGH DWUiVVHDEUHQ DOSDVDU XQ VHJXQGRGHTXH QXHVWUR KRPEUH
PDQGHVXVVHxDOHV
$KRUDELHQHVHVWRORPLVPRTXHSHUFLEHHOMHIHGHHVWDFLyQ"3RUPiVUDURTXHVXHQHQR&RPR
OD YHORFLGDG GH OD OX] HV DEVROXWD R VHD HV OD PLVPD SDUD pO TXH SDUD HO SDVDMHUR \ QR VH YH
DIHFWDGDSRUHOPRYLPLHQWRGHOWUHQORTXHYHQXHVWURQXHYRREVHUYDGRUHVTXHODSXHUWDWUDVHUDVH
PXHYHKDFLDHOSXOVRGHOX]PLHQWUDVTXHODGHODQWHUDVHDOHMDGHpO0LUHQDKRUDODPLVPDILJXUD
SHURDODGHUHFKDSDUDpOHQWRQFHVODSXHUWDWUDVHUDVHDEUHDQWHVTXHODSXHUWDGHODQWHUDSRUTXHOD
GLVWDQFLDTXHUHFRUUHODOX]SDUDOOHJDUDOOtHVPHQRU(VWRTXLHUHGHFLUTXHODDSHUWXUDGHODVSXHUWDV
TXHHVVLPXOWiQHDSDUDHOSDVDMHURQRORHVSDUDHOMHIHGHHVWDFLyQ/RFXDOPXHVWUDTXHDOJRUDUR
SDVDFRQHOWLHPSR
3RUTXHVXSRQJDPRVDKRUDTXHHOMHIHGHHVWDFLyQOHSODQWHDXQGHVDItRDOSDVDMHUR/HSLGHTXH
VLQ UHORM PLGD OD GXUDFLyQ H[DFWD GH XQ VHJXQGR ,PDJLQHPRV TXH HO YDJyQ PLGH GHVGH GRQGH VH
HQYtDHOSXOVRGHOX]KDVWDHOWHFKRPLONLOyPHWURV$OSDVDMHURVHOHRFXUUHXQDLGHDIHQRPHQDO
SRQHXQHVSHMRDUULED\HQYtDXQKD]GHOX]KDFLDDOOtGHPRGRTXHWDUGDH[DFWDPHQWHXQVHJXQGRHQ
VXELU \ EDMDU UHFXHUGHQ FRPR HO WUHQ HVWi HQ PRYLPLHQWR UHFWLOtQHR \ XQLIRUPH SDUD TXLHQ HVWi
DGHQWUR HV H[DFWDPHQWH OR PLVPR TXH VL HVWXYLHUD HQ UHSRVR +DVWD DFi WRGR HVWi ELHQ VL QR KD\
HUURUHVGHPHGLFLyQ\GHPRVSRUVHQWDGRTXHQRORVKD\HOSDVDMHURKDPHGLGRHIHFWLYDPHQWHXQ
VHJXQGR
<VLQHPEDUJRSDUDHOMHIHGHHVWDFLyQODOX]UHFRUUHXQFDPLQRPiVODUJRFRPRSXHGHQYHUHQ
OD VLJXLHQWH LPDJHQ \ SRU HQGH WDUGDUi PiV HQ VXELU \ EDMDU/R FXDO VLJQLILFD TXH HO VHJXQGR GHO
SDVDMHUR PHGLGR SRU HO MHIH GH HVWDFLyQ HV PiV ODUJR (VWR VLJQLILFD TXH HO IOXMR GHO WLHPSR VH
PRGLILFDFRQHOPRYLPLHQWR
 4XLpQWLHQHUD]yQ"(QUHDOLGDGORVGRV6LPSOHPHQWHRFXUUHTXHORVLQWHUYDORVGHWLHPSRQRVRQ
DEVROXWRV\VHPRGLILFDQFRQHOPRYLPLHQWR
6yORKDEUiQGHFRLQFLGLUHQXQDFRVDORVREVHUYDGRUHVHOYDORUGHODYHORFLGDGGHODOX]HQHO
YDFtRLGpQWLFRSDUDWRGRV

/DOX]VHSURSDJDVLHPSUHHQHOHVSDFLRYDFtRFRQXQDYHORFLGDGTXHHVLQGHSHQGLHQWHGHO
FXHUSRHPLVRU

/D OX] VLHPSUH YLDMD D OD PLVPD YHORFLGDG HQ HO YDFtR \ DVt OD PLGHQ WRGRV ORV REVHUYDGRUHV
LQGHSHQGLHQWHPHQWH GH VXV GLIHUHQWHV VLVWHPDV GH UHIHUHQFLD LQHUFLDOHV HQ PRYLPLHQWR UHODWLYR \
XQLIRUPH(UDPXFKRGHFLUVREUHWRGRVLVHOOHYDODFRVDDODHPSLULDVLDOJXLHQYDFRUULHQGRD
PLONPVDOODGRGHXQUD\RGHOX]TXHVHPXHYHDPLONPVQRORYHPRYHUVHDPLOFRPR
RFXUULUtDHQXQPDUFRQHZWRQLDQRVLQRDPLO<HQHOLPSUREDEOHFDVRGHTXHDOJXLHQSXGLHUD
FRUUHUDODPLVPDYHORFLGDGGHODOX]QRODYHUtDTXLHWDVLQRPRYLpQGRVHWDPELpQDPLONPV
3HURHOSULQFLSLRGHFRQVWDQFLDGHODYHORFLGDGGHODOX]LPSOLFDDEDQGRQDUODLGHDGHXQWLHPSR
~QLFR %DViQGRVH HQ OD FRQVWDQFLD GH OD YHORFLGDG GH OD OX] (LQVWHLQ GHPXHVWUD OD UHODWLYLGDG GHO
WLHPSRGHOHVSDFLRGHODPDVD\GHODVLPXOWDQHLGDG

(OSULQFLSLRGHUHODWLYLGDG
'HFtD(LQVWHLQ

/RV LQIUXFWXRVRV LQWHQWRV GH GHWHFWDU XQ PRYLPLHQWR UHVSHFWR GHO pWHU OXPtQLFR OOHYDQ D OD
FRQMHWXUD GH TXH QL ORV IHQyPHQRV GH OD PHFiQLFD QL ORV GH OD HOHFWURGLQiPLFD HO
HOHFWURPDJQHWLVPR WLHQHQ SURSLHGDGHV TXH FRUUHVSRQGDQ DO FRQFHSWR GH UHSRVR DEVROXWR
(OHYDUHPRV HVWD FRQMHWXUD FX\R FRQWHQLGR VHUi GHQRPLQDGR HQ DGHODQWH HO SULQFLSLR GH
UHODWLYLGDGDOHVWDWXVGHXQSRVWXODGR

(V GHFLU QLQJ~Q H[SHULPHQWR QL PHFiQLFR QL HOHFWURPDJQpWLFR QL ySWLFR QL GH QLQJ~Q WLSR
SHUPLWHGLVWLQJXLUHQWUHHOUHSRVR\HOPRYLPLHQWRUHFWLOtQHR\XQLIRUPH(LQVWHLQLQFRUSRUDDVtHO
HOHFWURPDJQHWLVPRDOSULQFLSLRGH*DOLOHR/DVOH\HVGHODItVLFD\QRVyORODVGHODPHFiQLFDVRQ
LGpQWLFDV \ WLHQHQ OD PLVPD IRUPXODFLyQ HQ WRGRV ORV VLVWHPDV GH UHIHUHQFLD /R FXDO YDOH SDUD ODV
HFXDFLRQHVGH0D[ZHOO\SDUDWRGDRWUDOH\3RUHVRHOH[SHULPHQWRGH0LFKHOVRQ\0RUOH\QRKDEtD
GHWHFWDGRQLQJ~QYLHQWRGHpWHUQLUHWUDVRHQORVUD\RVGHOX]HOSULQFLSLRGHUHODWLYLGDGORSURKLEtD
(QFLHUWDIRUPDOD7HRUtDGHOD5HODWLYLGDGHVWDEOHFHTXHORVPRYLPLHQWRVVRQUHODWLYRVSHURODV
OH\HV\ODYHORFLGDGGHODOX]HQHOYDFtRVRQDEVROXWDV(VFDVLXQDWHRUtDGHODEVROXWRPiVTXHXQD
WHRUtD GH OR UHODWLYR /R TXH RFXUUH HV TXH HO SRVWXODGR GH LQYDULDQFLD GH OD YHORFLGDG GH OD OX]
WUDQVIRUPD HQ UHODWLYDV RWUDV PDJQLWXGHV ORV LQWHUYDORV GH WLHPSR ORV LQWHUYDORV HVSDFLDOHV \ OD
PDVD(OHVSDFLR\HOWLHPSRVHPH]FODQHQXQFRQWLQXRHVSDFLRWHPSRUDOGHFXDWURGLPHQVLRQHVHQHO
TXHHOYDORUGHPHWURV\VHJXQGRVGHSHQGHGHORVVLVWHPDVGHUHIHUHQFLD
3LpQVHVH HQ OD REUD GH GHPROLFLyQ GH HVWH PXFKDFKR KD GHVWUXLGR HO HVSDFLR \ HO WLHPSR
DEVROXWRV GH 1HZWRQ KD H[WHQGLGR ORV SULQFLSLRV GH OD UHODWLYLGDG D WRGRV ORV IHQyPHQRV \ KD
HVWDEOHFLGRHVRVtODYHORFLGDGGHODOX]FRPRDEVROXWDHLGpQWLFDSDUDWRGRVORVREVHUYDGRUHV\
FRPR OD YHORFLGDG WRSH D OD TXH VH SXHGH PRYHU FXDOTXLHU REMHWR PDWHULDO R TXH WUDQVSRUWH
LQIRUPDFLyQ

(TXLYDOHQFLDGHODPDVD\ODHQHUJtD
<QRFRQIRUPHFRQWRGRHVRHQVHSWLHPEUHGHHVHPLVPRDxR(LQVWHLQSUHVHQWyXQQXHYRWUDEDMRHO
TXLQWRGHHVDJORULRVDVHJXLGLOODGHODVTXHOHVKDEOpDOSULQFLSLRGRQGHDERUGDEDHOSUREOHPDGHOD
PDWHULD\ODHQHUJtDHQHOPDUFRGHODUHODWLYLGDG/DLQHUFLDGHXQFXHUSRGHSHQGHGHVXFRQWHQLGR
GHHQHUJtD"VHSUHJXQWDED'HOPLVPRPRGRTXHHOHVSDFLR\HOWLHPSRVHFRPELQDQHQXQFRQWLQXR
HVSDFLRWLHPSRORTXHSHUFLELPRVFRPRPDWHULDRFRPRHQHUJtDVRQGLVWLQWRVDVSHFWRVGHXQPLVPR
IHQyPHQRGHXQFRQWLQXRGHPDWHULD\HQHUJtD\VXHTXLYDOHQFLDHVWiGDGDSRUODIDPRVDIyUPXOD

H PF

&XDQGRHVWDOODXQDERPEDDWyPLFDSDUWHGHODPDVDGHORViWRPRVGHXUDQLRTXHVHILVLRQDQVH
WUDQVIRUPDHQHQHUJtDHQODPXFKtVLPDHQHUJtDTXHVHHVFRQGHHQXQSRTXLWRGHPDWHULDVLXQNLORGH
PDVDDSUR[LPDGDPHQWHXQOLWURGHDJXDVHWUDQVIRUPDUDSRUFRPSOHWRHQHQHUJtDDOFDQ]DUtDSDUD
PDQWHQHUHQFHQGLGDVGLH]ERPELWDVGHFLHQYDWLRVGXUDQWHXQPLOOyQGHDxRV
$Vt OD WHRUtD HVSHFLDO GH OD UHODWLYLGDG PRGLILFD OD RQWRORJtD GHO PXQGR QHZWRQLDQR TXH
SUHVHQWDEDXQHVFHQDULRHOWLHPSRDEVROXWR\PDWHPiWLFRIOX\HQGRVREUHHOHVSDFLRDEVROXWDPHQWH
LQPyYLO\GHQWUR GHHVHHVFHQDULROD PDWHULD\ODHQHUJtDFRPRIHQyPHQRVGLIHUHQFLDGRV3DUD OD
7HRUtD GH OD 5HODWLYLGDG OD PDVD QR HV VLQR XQD IRUPD PiV GH OD HQHUJtD (LQVWHLQ GHVWUX\y HO
HVSDFLR \ HO WLHPSR DEVROXWRV \ WDPELpQ OD VHSDUDFLyQ HQWUH PDWHULD \ HQHUJtD /D UHYROXFLyQ
UHODWLYLVWDHVXQDUHYROXFLyQRQWROyJLFD\DTXHFDPELDODFODVHGHREMHWRVTXHH[LVWHQHQHOPXQGR\
TXH VRQ SDVLEOHV GH UHIOH[LyQ FLHQWtILFD (UD XQ QXHYR VDFXGyQ SUREDEOHPHQWH VyOR FRPSDUDEOH DO
TXHKDEtDSURGXFLGR1HZWRQDxRVDQWHV
<HOpWHU"
(VR \ HO pWHU" 6X VHQWHQFLD GH PXHUWH IXH SURQXQFLDGD WDMDQWHPHQWH SRU $OEHUW (LQVWHLQ HQ
6REUHODHOHFWURGLQiPLFDGHORVFXHUSRVHQPRYLPLHQWR
 /D LQWURGXFFLyQ GH XQ pWHU OXPtQLFR VH PRVWUDUi VXSHUIOXD SXHVWR TXH OD LGHD TXH VH YD D
LQWURGXFLU DTXt QR UHTXLHUH GH XQ HVSDFLR HQ UHSRVR DEVROXWR GRWDGR GH SURSLHGDGHV
HVSHFLDOHV

'HVSXpV GH KDEHU WUDEDMDGR HVIRU]DGDPHQWH GXUDQWH GRV PLO DxRV OOHQDQGR HO HVSDFLR \
PDQWHQLpQGRVHLQPyYLOHQUHSRVRDEVROXWRVLHQGRVRSRUWHGHWRGRDTXHOORTXHVHGHVFRQRFtDHO
pWHUIXHUHOHJDGRDOGHVYiQGHODVVXVWDQFLDVTXHQXQFDH[LVWLHURQ

$SRORJtDV\UHFKD]RV
6DOYR SRU XQ SXxDGR GH ItVLFRV OD 7HRUtD GH OD 5HODWLYLGDG QR IXH DFHSWDGD GH LQPHGLDWR (UD
GHPDVLDGR DXGD] GHPDVLDGR LPDJLQDWLYD URPStD GHPDVLDGR FRQ FRQFHSWRV ELHQ HVWDEOHFLGRV HQ
HVSHFLDO FRQ OD VDFUDOLGDG GHO WLHPSR \ HO HVSDFLR HVDV LQWXLFLRQHV SXUDV GHO HQWHQGLPLHQWR TXH
1HZWRQKDEtDHOHYDGRDOPiVDOWRVLWLDOHOHVSDFLRLQPyYLOFRPRPDUFRJHQHUDO\HVFHQDULRJOREDO
GHQWURGHOFXDOVXFHGHQORVIHQyPHQRV\GRQGHXQDGLVWDQFLDVLHPSUHHVODPLVPDGLVWDQFLD3RURWUR
ODGRHQHVHHVSDFLRWUDQVFXUUtDWDPELpQXQWLHPSRDEVROXWRPDWHPiWLFR\XQLYHUVDOWDQWRHOHVSDFLR
FRPR HO WLHPSR HUDQ HQWLGDGHV LQGHSHQGLHQWHV GH ORV IHQyPHQRV \ UHVXOWDED LQFRQFHELEOH TXH ODV
FRVDVIXHUDQGHRWUDPDQHUD
(V DKt GRQGH OD 7HRUtD GH OD 5HODWLYLGDG LQWURGXFH XQD UXSWXUD PHWDItVLFD VHJ~Q (LQVWHLQ HO
HVSDFLR \ HO WLHPSR VH DPDOJDPDQ HQ DOJR GLVWLQWR HO HVSDFLRWLHPSR TXH GHSHQGH GH ORV
REVHUYDGRUHVGRVVXFHVRVTXHVRQVLPXOWiQHRVSDUDXQRGHHOORVSXHGHQQRVHUORSDUDHORWUR\OR
PLVPRRFXUUHFRQODVGXUDFLRQHV\ORQJLWXGHVXQVHJXQGRQRQHFHVDULDPHQWHGXUDORPLVPRSDUDGRV
REVHUYDGRUHVGLIHUHQWHV(OUHORMTXHGDODKRUDSDUDWRGRHOXQLYHUVRKDGHMDGRGHH[LVWLU6LWXDFLyQ
TXH VH DJXGL]DUi HQ  FRQ OD 7HRUtD *HQHUDO GH OD 5HODWLYLGDG EiVLFDPHQWH XQD WHRUtD GH OD
JUDYLWDFLyQ GRQGH OD JHRPHWUtD PLVPD GHO HVSDFLRWLHPSR GHSHQGH GH OD HVWUXFWXUD GH ORV
IHQyPHQRVHQHVSHFLDOGHODGLVWULEXFLyQGHODPDVD\ODHQHUJtDFDSD]GHFXUYDUHOHVSDFLR\KDFHU
TXHHOWLHPSRPRGLILTXHVXWUDQVFXUULU
(OOXJDUGHODEVROXWRDSDUWLUGHUHWURFHGHXQDYH]PiVFRPRORYHQtDKDFLHQGRGHVGHORV
WLHPSRVGH&RSpUQLFR\VHUHIXJLDHQGRVUHFRYHFRV8QRODYHORFLGDGGHODOX]TXHDGLIHUHQFLDGH
ORVVHJXQGRV\ORVPHWURVHVH[DFWDPHQWHODPLVPDSDUDWRGRVORVREVHUYDGRUHV\HORWURODVOH\HV
GHODQDWXUDOH]DTXHWDPELpQWLHQHQH[DFWDPHQWHODPLVPDIRUPDSDUDWRGRVORVREVHUYDGRUHV
3HUROD5HODWLYLGDG(VSHFLDOGHQRWHQtDFRUUHODWRH[SHULPHQWDOSRVLEOH\DTXHORVHIHFWRV
UHODWLYLVWDV VyOR VRQ PHGLEOHV D YHORFLGDGHV PX\ DOWDV \ QR SDVDED GH VHU XQD DSXHVWD WHyULFD
DXQTXH KR\ HQ GtD OD GLODWDFLyQ WHPSRUDO \D VH KD PHGLGR \ FRPSUREDGR H[SHULPHQWDOPHQWH HQ
ODERUDWRULRV\FLFORWURQHV\VHXWLOL]DSDUDTXHORV*36DFW~HQFRQSUHFLVLyQ

/DUHODWLYLGDGVHYXHOYHJHQHUDO
/D7HRUtDGHOD*UDYLWDFLyQ8QLYHUVDOGH1HZWRQWHQtDXQ~QLFRLQFRQYHQLHQWHODDFFLyQDGLVWDQFLD
/DIXHU]DGHJUDYHGDGDFWXDEDGHPDQHUDLQVWDQWiQHDDWUDYHVDQGRHOYDFtR(PDQDEDGHO6ROGHOD
7LHUUD R GH FXDOTXLHU REMHWR \ DIHUUDED ORV FXHUSRV VLQ LQWHUPHGLDULRV &yPR HUD SRVLEOH" /RV
FDUWHVLDQRVQRSRGtDQDFHSWDUWDOFRVD\/HLEQL]VHTXHMyGHTXHHQODFRQVWUXFFLyQGHXQDFLHQFLD
PHFiQLFDVHLQWURGXMHUDORTXHpOOODPDEDFRQWUDEDQGRPHWDItVLFR/D5HODWLYLGDG(VSHFLDOSRUVX
SDUWHHVWDEDUHVWULQJLGDDORVPRYLPLHQWRVUHFWLOtQHRV\XQLIRUPHV3HURDSDUWLUGHVXSXEOLFDFLyQ
(LQVWHLQ VH GHGLFy D WUDEDMDU SDUD H[WHQGHU HO SULQFLSLR GH UHODWLYLGDG D WRGRV ORV PRYLPLHQWRV
DFHOHUDGRVURWDWRULRV\DORVFDPSRVJUDYLWDWRULRV
/D JUDYLWDFLyQ HUD WRGR XQ SUREOHPD SDUD OD 5HODWLYLGDG (VSHFLDO \D TXH OD LPSRVLFLyQ GH OD
YHORFLGDG GH OD OX] FRPR YHORFLGDG WRSH FKRFDED FRQ OD LGHD GH OD JUDYLWDFLyQ QHZWRQLDQD TXH
DFWXDED GH PDQHUD LQVWDQWiQHD HV GHFLU FRQ YHORFLGDG LQILQLWD HQ XQD IODJUDQWH YLRODFLyQ GHO
SULQFLSLRGHUHODWLYLGDG
(LQVWHLQ QHFHVLWy GLH] DxRV GH WHQWDWLYDV \ IUDFDVRV 5HFLpQ HQ  SXEOLFy OD 7HRUtD GH OD
5HODWLYLGDG *HQHUDO EDVWDQWH PiV FRPSOHMD TXH OD 7HRUtD (VSHFLDO TXH H[WLHQGH HO SULQFLSLR GH
UHODWLYLGDGDWRGRVORVVLVWHPDVGHUHIHUHQFLD
<HQODTXHDGHPiVVHIRUPXODXQDQXHYDWHRUtDGHODJUDYLWDFLyQ
6L OD JUDYLWDFLyQ QHZWRQLDQD HUD XQD IXHU]D TXH HPDQDED GH ORV FXHUSRV \ VH SURSDJDED
LQVWDQWiQHDPHQWHODJUDYLWDFLyQTXHVXUJHGHOD7HRUtD*HQHUDOHVXQDGHIRUPDFLyQGHOHVSDFLR\HO
WLHPSRSRUHIHFWRGHODVPDVDVHO6ROSRUHMHPSORFXUYD\PRGLILFDHOHVSDFLR\HOWLHPSRDVX
DOUHGHGRUGHODPLVPDIRUPDTXHXQDSLHGUDVLWXDGDHQHOFHQWURFXUYDUtDXQPDQWHOVRVWHQLGRVyOR
GHVGHODVSXQWDVKDFLHQGRTXHWRGRREMHWRFDLJDKDFLDODKRQGRQDGDFHQWUDOFRPRVLIXHUDDWUDtGR
SRUXQDIXHU]DTXHHPDQDUDGHHOOD
6LGHUHSHQWHDSDUHFLHUDXQDPDVDGHODQDGDHQODWHRUtDQHZWRQLDQDWDPELpQDSDUHFHUtDXQD
IXHU]D GH JUDYHGDG TXH LQVWDQWiQHDPHQWH OOHJDUtD KDVWD ORV FRQILQHV GHO XQLYHUVR VHJ~Q OD 7HRUtD
*HQHUDODOVXUJLUXQDPDVDVHDOWHUDODJHRPHWUtDGHOHVSDFLRWLHPSRVHPRGLILFDQODVGLVWDQFLDV\
ORVLQWHUYDORVGHWLHPSRDOUHGHGRUGHHVDPDVD\ODVPRGLILFDFLRQHVVHH[SDQGHQFRQODYHORFLGDGGH
ODOX]
/DVPDVDVDOWHUDQHOHVSDFLR\HOWUDQVFXUULUGHOWLHPSRORVVHJXQGRVVHYXHOYHQPiVODUJRVHQ
SUHVHQFLDGHXQFDPSRJUDYLWDWRULRXQUHORMHQODVXSHUILFLHGHO6ROPDUFKDPiVGHVSDFLRTXHHQOD
7LHUUD\HQHOERUGHGHXQDJXMHURQHJURVHGHWHQGUtD
2WUDYH]HUDPXFKRGHFLU<SDUDFROPRWRGRHVWRWRGDYtDWHQtDTXHVHUFRPSUREDGR

1XHYDPHQWHXQHFOLSVH
7DOFRPRKDEtDRFXUULGRFRQ1HZWRQ\HOFRPHWD+DOOH\IXHXQIHQyPHQRFHOHVWHHOTXHWHUPLQySRU
GDUOH OD UD]yQ D (LQVWHLQ +DFLD  DPEDV 7HRUtDV GH OD 5HODWLYLGDG WDQWR OD JHQHUDO FRPR OD
HVSHFLDO HUDQ WHRUtD SXUD QR SURSRQtDQ QLQJ~Q H[SHULPHQWR TXH SXGLHUD FRPSUREDU
HPStULFDPHQWHORTXHHVWDEDQGLFLHQGRPiVDOOiGHTXHVROXFLRQDUDQORVSUREOHPDVGHULYDGRVGHO
H[SHULPHQWR GH 0LFKHOVRQ0RUOH\ \ GH SDVR HO GHO SHULKHOLR GH 0HUFXULR $O ILQ \ DO FDER ORV
HIHFWRV UHODWLYLVWDV VyOR VH SHUFLEHQ D YHORFLGDGHV PX\ SUy[LPDV D OD GH OD OX] TXH FRPR \D
GLMLPRV HQ DTXHOOD pSRFD HUD LPSRVLEOH GH DOFDQ]DU H[SHULPHQWDOPHQWH 8Q FRFKH TXH FRUUH D
GRVFLHQWRVNLOyPHWURVSRUKRUDVHFRQWUDHPHQRVGHXQDPLOPLOORQpVLPDGHPLOtPHWUR3DUDTXHOD
ORQJLWXGGHXQFXHUSRVHUHGX]FDDODPLWDGGHEHPRYHUVHDQDGDPHQRVTXHPLONLOyPHWURV
SRUVHJXQGR
3HURKDEtDXQDSRVLELOLGDGSXHVWRTXHODVPDVDVPRGLILFDQODFXUYDWXUDGHOHVSDFLRWLHPSR\HO
HVSDFLRVHFXUYDDOUHGHGRUGHO6ROODOX]GHEHVHJXLUWUD\HFWRULDVFXUYLOtQHDV

(OUD\RGHOX]GHXQDHVWUHOODTXHSDVDMXQWRDO6ROVXIUHXQDGHVYLDFLyQGHVHJXQGRGH
DUFR \ OD GLVWDQFLD DQJXODU GH OD HVWUHOOD UHVSHFWR GHO 6RO GHEH HVWDU DXPHQWDGD HQ HVWD
FDQWLGDG 3XHVWR TXH ODV HVWUHOODV ILMDV HQ UHJLRQHV GHO FLHOR SUy[LPDV DO 6RO VRQ YLVLEOHV
GXUDQWHORVHFOLSVHVWRWDOHVGH6ROHVWDFRQVHFXHQFLDGHODWHRUtDSXHGHFRPSDUDUVHFRQOR
REVHUYDGRHQODH[SHULHQFLD

&RQHVDVHQWHQFLDOD7HRUtD*HQHUDOKDFtDXQDSUHGLFFLyQLPSRUWDQWHVLODVPDVDVPRGLILFDQHO
HVSDFLR\HOWLHPSRODVUHFWDVTXHSDVDQFHUFDGHJUDQGHVPDVDVWLHQHQTXHFXUYDUVH\ORVREMHWRV
GHEHUtDQYHUVHGHVSOD]DGRV
(V OR TXH WHQGUtD TXH RFXUULU FRQ OD OX] SURYHQLHQWH GH HVWUHOODV FHUFDQDV DO 6RO SHUR HO
IHQyPHQR QR VH SRGtD REVHUYDU ELHQ MXVWDPHQWH SRUTXH HO UHVSODQGRU VRODU OR LPSHGtD 6yOR VH
SRGUtD KDFHU OD H[SHULHQFLD GXUDQWH XQ HFOLSVH < DVt IXH VH DSURYHFKy HO HFOLSVH WRWDO GHO  GH
PD\RGHHQHOTXHGRVH[SHGLFLRQHVEULWiQLFDVIRWRJUDILDURQODVHVWUHOODVSUy[LPDVDO6ROGHVGH
XQDLVODDORHVWHGHIULFD\GHVGH%UDVLO
(OGHQRYLHPEUHHQ/RQGUHVVHDQXQFLyTXHODVREVHUYDFLRQHVFRQILUPDEDQODSUHGLFFLyQGH
(LQVWHLQ $O GtD VLJXLHQWH HO 7LPHV GH HVD FLXGDG SXEOLFy HQ SULPHUD SODQD 5HYROXFLyQ HQ OD
FLHQFLD 1XHYD WHRUtD GHO XQLYHUVR /DV LGHDV GH 1HZWRQ GHVWURQDGDV (O  GH QRYLHPEUH VH
SXEOLFDURQWLWXODUHVHQ7KH1HZ<RUN7LPHV/DOX]VHFXUYD7ULXQIDODWHRUtDGH(LQVWHLQ'HOD
QRFKHDODPDxDQD(LQVWHLQVHFRQYLUWLyHQXQDFHOHEULGDGPXQGLDO
3HURKD\DOJRPiVODVGRVWHRUtDVODHVSHFLDO\ODJHQHUDOOHSHUPLWLHURQD(LQVWHLQLPDJLQDUXQ
PRGHORJOREDOGHOXQLYHUVR(QFRQWUDSRVLFLyQDOFRVPRVQHZWRQLDQRLQILQLWR\DELHUWRLPDJLQyXQ
XQLYHUVRILQLWR\FHUUDGRVREUHVtPLVPR)LQDOPHQWHODFRVDQRUHVXOWyVHUDVtSHURIXHODSULPHUD
UHIRUPXODFLyQDIRQGRGHVGHODUHYROXFLyQFLHQWtILFDGHOVLJOR;9,,
<WRGRKDEtDHPSH]DGRHQ9HUGDGHUDPHQWHVHWUDWyGHXQDxRPLODJURVR&RPRXQPDJR
(LQVWHLQVDFyGHODJDOHUDDOVLJOR;;

(OVLJQLILFDGRGHODUHODWLYLGDG)XHXQFDPELRGHSDUDGLJPD"
(O HVWXGLR \ OD UHVROXFLyQ GH ODV HFXDFLRQHV GH OD 5HODWLYLGDG *HQHUDO PX\ SURQWR PRVWUDURQ TXH
GDEDQ FXHQWD GHO PLVWHULRVR PRYLPLHQWR GHO SHULKHOLR GH 0HUFXULR TXH VH FRQYHUWtD DVt HQ XQD
SUXHEDPiV'HVGHHQWRQFHVODVFRQILUPDFLRQHVKDQVLGRP~OWLSOHVHODODUJDPLHQWRGHORVLQWHUYDORV
GHWLHPSR\HODXPHQWRGHODVPDVDVVHKDQYHULILFDGRHQH[SHULPHQWRVGLYHUVRVODHTXLYDOHQFLDGH
OD PDVD \ OD HQHUJtD HQ ODV ERPEDV DWyPLFDV \ ODV FHQWUDOHV QXFOHDUHV HO GHVYtR GH OD OX] SRU
JDOD[LDVHQHOFXULRVRIHQyPHQRGHODVOHQWHVJUDYLWDWRULDV\HQHOPiVIDPLOLDU*36
/D LQWURGXFFLyQ GH OD UHODWLYLGDG WDPELpQ SHUPLWLy HVWDEOHFHU PHMRUHV PRGHORV GHO iWRPR OD
FRQFHSFLyQUHODWLYLVWDGHOPXQGRKL]RSLHHQHOIRQGRGHODItVLFD\GHODILORVRItD
 6HD FRPR IXHUH OD 7HRUtD GH OD 5HODWLYLGDG D SHVDU GH QR FRQFRUGDU FRQ OD PHFiQLFD
QHZWRQLDQDQRLPSOLFDXQDUXSWXUDWDQJUDQGHFRPRDYHFHVVXHOHFUHHUVHVHSXHGHSHUIHFWDPHQWH
HQWHQGHUFRPRXQUHILQDPLHQWRFRPRVL(LQVWHLQOHKXELHUDVDFDGRXQGHFLPDOPiVDODUHDOLGDG
'HKHFKRSDUDYHORFLGDGHVEDMDVWtSLFDVGHOPXQGRFRUULHQWH\DXQGHORVYLDMHVDOD/XQDQR
VRQQHFHVDULDVODVFRUUHFFLRQHVUHODWLYLVWDVTXHVyORDSDUHFHQFXDQGRODVYHORFLGDGHVVHDSUR[LPDQ
DODGHODOX]FRPRRFXUUHHQORVJUDQGHVDFHOHUDGRUHVGHSDUWtFXODVSRUHMHPSOR&RQ1HZWRQVH
SXHGHOOHJDUDOD/XQDVLQSUREOHPDV
(LQVWHLQ IXH SUREDEOHPHQWH HO FLHQWtILFR PiV LPSRUWDQWH GHO VLJOR ;; \ VH FRQYLUWLy
SUiFWLFDPHQWHHQHODUTXHWLSRGHOFLHQWtILFR\GHOJHQLR/D7HRUtDGHOD5HODWLYLGDGHVPXFKRPiV
TXHXQDWHRUtDHVXQDYHUGDGHUDFRVPRYLVLyQ(OPXQGRGHODItVLFDVLQWLyHOLPSDFWRHUDODpSRFD
GH ORV JUDQGHV GHVFXEULPLHQWRV \ OD UHYROXFLyQ UHODWLYLVWD FRPSOHPHQWDED OD RWUD UHYROXFLyQ TXH
UHFLpQHPSH]DEDHOGHVFXEULPLHQWRGHOPLFURFRVPRVDWyPLFR\QXFOHDU
/DREUDGH(LQVWHLQHVWiHQODEDVHPLVPDGHODItVLFD\GHODLGHRORJtDGHQXHVWURWLHPSR)XHOD
IyUPXOD GH (LQVWHLQ VREUH OD HTXLYDOHQFLD GH OD PDVD \ OD HQHUJtD OD TXH LQVSLUy D /LVH 0HLWQHU
SDUDGHVFLIUDUHOPLVWHULRGHODILVLyQGHOXUDQLR)XHHOHIHFWRIRWRHOpFWULFRGHVFULSWR
SRU(LQVWHLQHQHOTXHSXVRHQPDUFKDODVUXHGDVGHODPHFiQLFDFXiQWLFD<IXHOD7HRUtDGHOD
5HODWLYLGDG*HQHUDOODTXHH[SOLFyODIRUPDJOREDOGHOXQLYHUVR\SHUPLWLyGHVFXEULU\HQPXFKRV
FDVRV SUHYHU IHQyPHQRV FRPR OD IXJD GH ODV JDOD[LDV OD H[SDQVLyQ GHO XQLYHUVR ODV OHQWHV
JUDYLWDWRULDV\ORVDJXMHURVQHJURV
<WRGRHVWRRFXUUtDHQODVDJLWDGDVSULPHUDVGRVGpFDGDVGHODJLWDGRVLJOR ;;(QXQD(XURSDHQ
SLHGHJXHUUDTXHKDEUtDGHYLYLUORVKRUURUHVGHOQD]LVPRTXHSRUVXFRQGLFLyQGHMXGtRREOLJDURQ
D (LQVWHLQ D HPLJUDU D (VWDGRV 8QLGRV HO HVWDOLQLVPR \ GH ODV ERPEDV DWyPLFDV (LQVWHLQ QR VH
OLPLWyDSURGXFLUVXUHYROXFLyQItVLFDORFXDOGLFKRVHDGHSDVRQRKDEUtDVLGRSRFDFRVDVLQRTXH
UHIOH[LRQyHLQWHUYLQRVREUHORVSUREOHPDVPiVDFXFLDQWHVGHODpSRFD

8QDYXHOWDGHWXHUFDVREUHHOYDFtR
/D FpOHEUH IyUPXOD GH (LQVWHLQ (  PF LQWURGXMR XQD YXHOWD PiV D OD YLHMD KLVWRULD GHO YDFtR
5HFXHUGHQ TXH GXUDQWH VLJORV SUHGRPLQy OD WHRUtD GHO KRUURU YDFXL TXH PiV FDVWL]DPHQWH SXHGH
HQXQFLDUVHFRPRODQDWXUDOH]DOHWLHQHKRUURUDOYDFtRSXQWXDOPHQWHFUHtGDGXUDQWHGRVPLODxRV
/RV KRUURUYDFXLVWDV DUJtDQ TXH OD QDWXUDOH]D VH HQFDUJDED GH LPSHGLU TXH KXELHUD UHVTXLFLRV
GHVSURYLVWRVGHDOJRTXHORVOOHQDUDHOYDFtRHUDDEVROXWDPHQWHLPSRVLEOH$VtORFUH\y$ULVWyWHOHV
DVt OR FUH\y OD (GDG 0HGLD \ DVt SHQVDED FDUWHVLDQDPHQWH 'HVFDUWHV TXH LGHQWLILFDED PDWHULD \
H[WHQVLyQ\FRQFOXtDTXHSRUORWDQWRQRVHSRGtDFRQFHELUHVSDFLRVLQPDWHULDTXHORRFXSDUD
<D VDEHPRV TXH OD LPSRVLELOLGDG GHO YDFtR QR VREUHYLYLy DO 5HQDFLPLHQWR (O EDUyPHWUR GH
7RUULFHOOLPRVWUyFODUDPHQWHTXHSRGtDKDEHUYDFtR\GHDSRFRODDFHSWDFLyQGHVXH[LVWHQFLDIXH
JDQDQGR WHUUHQR /R FLHUWR HV TXH HO QXHYR HVWDWXV RQWROyJLFR GHO YDFtR HQFDMDED SHUIHFWDPHQWH
GHQWURGHODDWPyVIHUDLQWHOHFWXDOGHOVLJOR ;9,,GHQWURGHOQXHYRXQLYHUVRTXHHVWDEDHQFLHUQHV\
TXHDOFDQ]DUtDVXFXOPLQDFLyQHQORV3ULQFLSLDGH1HZWRQXQHVSDFLRJHRPpWULFRTXHH[LVWtDSHUVH
KXELHUD PDWHULD SDUD OOHQDUOR R QR (O KRUURU DO YDFtR IXH SUROLMDPHQWH UHOHJDGR DO PXVHR GH
DQWLJHGDGHV \ KR\ \D QDGLH FUHH VHPHMDQWH FRVD /D LPDJHQ DFWXDO TXH VH WLHQH GHO XQLYHUVR HV
H[DFWDPHQWHODRSXHVWDDODGHOHVSDFLROOHQRGH$ULVWyWHOHV\ORVItVLFRVGHOSOHQXPKR\VDEHPRV
TXHHOXQLYHUVRHVFDVLHQVXWRWDOLGDGHVSDFLRYDFtR
3HURYDFtRGHPDWHULDQRGHUDGLDFLyQRHQHUJtD<FRPRDSDUWLUGHOD7HRUtDGHOD5HODWLYLGDG
VDEHPRVTXHPDWHULD\HQHUJtDVRQHTXLYDOHQWHVODSUHJXQWDSRUODH[LVWHQFLDGHOYDFtRDGTXLHUHXQD
QXHYDOX]3RGUiH[LVWLUHVSDFLRYDFtRWDQWRGHPDWHULDFRPRGHHQHUJtD"9HDPRV
7RPHPRV XQD FDMD \ VDTXHPRV WRGD OD PDWHULD 4XHGDUi FRPSOHWDPHQWH YDFtD" 1R SRUTXH OD
DWUDYLHVDQ RQGDV HOHFWURPDJQpWLFDV TXH SRVHHQ HQHUJtD 6XSRQJDPRV TXH EOLQGDPRV QXHVWUD FDMD
FRQWUD WRGD IRUPD GH UDGLDFLyQ $KRUD TXHGDUi YDFtD" 1R SRUTXH WRGDYtD HVWiQ ORV FDPSRV
JUDYLWDWRULRVTXHDFW~DQGHQWURGHODFDMD\TXHWDPELpQWLHQHQHQHUJtD<QRKD\EOLQGDMHSRVLEOH
FRQWUDORVFDPSRVJUDYLWDWRULRVTXHDOWHQHUHQHUJtDWLHQHQSRUORWDQWRPDWHULD
(VWDV REMHFLRQHV UHODWLYLVWDV D OD H[LVWHQFLD GHO YDFtR DEVROXWR VH FRPELQDQ FRQ RWUDV
SURYHQLHQWHVGHODPHFiQLFDFXiQWLFD\DXQGHRWUDVFXULRVLGDGHVFOiVLFDVFRPRHOHIHFWR&DVLPLU
1DWXUDOPHQWHQDGDGHHVWRLPSOLFDXQDUHVWDXUDFLyQGHODSROLOODGRKRUURUDOYDFtR,QGLFDVtTXH
OD LGHD GH YDFtR DEVROXWR IXH DIHFWDGD SRU HO JUDQ KXUDFiQ TXH PRGLILFy WRGDV ODV LGHDV TXH VH
WHQtDQVREUHHOHVSDFLRHOWLHPSR\ODPDWHULD
3RUTXpLEDDVDOYDUVHHOYDFtR"

%DODQFH
/DDFWLYLGDGFLHQWtILFDGH(LQVWHLQIXHHVFDVDOXHJRGHODIRUPXODFLyQGHOD7HRUtDGHOD5HODWLYLGDG
*HQHUDO6HSRGUtDGHFLUTXHHQUHDOLGDGHUDQWLHPSRVGHLQWHQVDDJLWDFLyQEpOLFDGRQGHVHHVWDED
GHILQLHQGR HO PDSD \ HO IXWXUR GHO PXQGR /R FLHUWR HV TXH D SDUWLU GH OD 5HODWLYLGDG *HQHUDO
(LQVWHLQKDEtDWRPDGRHQHOFDPSRGHODItVLFDXQFDPLQRVLQVDOLGDODWHRUtDGHOFDPSRXQLILFDGR
TXHSUHWHQGtDMXVWDPHQWHXQLILFDUODPHFiQLFDODJUDYLWDFLyQ\HOHOHFWURPDJQHWLVPR$XQTXHHQHVH
PRPHQWR SRGtD SDUHFHU UD]RQDEOH PiV WDUGH VH SUREy TXH QR OR HUD HQ HVSHFLDO SRUTXH VH
GHVFXEULHURQRWUDVGRVIXHU]DVGHODQDWXUDOH]DODQXFOHDUIXHUWH\ODGpELO
2WURGHORVSXQWRVTXHGHVWDFDQODODERUGH(LQVWHLQSRVW5HODWLYLGDG*HQHUDOIXHVXSROpPLFD
FRQ %RKU VREUH OD PHFiQLFD FXiQWLFD \ HO SULQFLSLR GH LQFHUWLGXPEUH GH OD FXDO WHQGUHPRV TXH
RFXSDUQRVHQDOJXQRGHORVSUy[LPRVFDStWXORV(LQVWHLQQXQFDFUH\yGHOWRGRHQHVDVSRVWXODFLRQHVH
LGHy H[SHULPHQWRV PHQWDOHV TXH XQD \ RWUD YH] HUDQ UHIXWDGRV SRU %RKU GHVGH OR TXH VH OODPy OD
LQWHUSUHWDFLyQGH&RSHQKDJXHGHODPHFiQLFDFXiQWLFD(VWD~OWLPDSUHVFLQGtDGHODQDWXUDOH]DGH
ORVIHQyPHQRVFXiQWLFRV\SRQtDHODFHQWRHQHOp[LWRGHOPRGHORH[SOLFDWLYRTXHYHUGDGHUDPHQWH
GHVFULEtDORV IHQyPHQRVDWyPLFRV D ODSHUIHFFLyQ 'HHVDGLVFXVLyQVH GHVSUHQGH ODIDPRVDIUDVH
HLQVWHQLDQDGHTXH'LRVQRMXHJDDORVGDGRV\ODVXJHUHQFLDGH%RKU(LQVWHLQGHMDGHGHFLUOHD
'LRVORTXHGHEHKDFHUFRQVXVGDGRV
(QHOFDPSRSROtWLFR(LQVWHLQVLJXLySURFODPDQGRVXSDFLILVPRHQPHGLRGHOD*XHUUD)UtD6H
KDYXHOWR\DFpOHEUHVXSUHPRQLWRULDIUDVH1RVpFRQTXpVHSHOHDUiOD7HUFHUD*XHUUD0XQGLDO
SHURVpTXHODFXDUWDVHKDUiFRQSDORV\SLHGUDV(QWUHRWUDVFRVDVWDPELpQUHFKD]yHORIUHFLPLHQWR
TXHVHOHKL]RGHVHU3UHVLGHQWHGHOUHFLpQIXQGDGR(VWDGRGH,VUDHO
/DVDOXGGH(LQVWHLQVHIXHGHWHULRUDQGRKDFLDHODxR0XULySDFtILFDPHQWHHOGHDEULOGH
HQ3ULQFHWRQ1HZ-HUVH\(VWDGRV8QLGRV
,17(5/8',2
0,/21*$5(/$7,9,67$

0LORQJDUHODWLYLVWD
PLORQJXLWDSDVDMHUD
4XHVHFRPSRQHHQ$OPDJUR
\VHFDQWDHQ%DOYDQHUD

+XERXQPDOHYRHQ5HWLUR
TXHVLQIXHU]DQLMDFWDQFLD
FKDPX\DEDDOPDOHYDMH
SDFRPEDWLUVXLQRUDQFLD
\HVSOLFDEDORVFRQFHSWRV
GHOWLHPSR\GHODGLVWDQFLD

6LXVWHGHVTXLHUHQVDEHU
TXpSDVDHQQXHVWUDFLXGi
KDFHIDOWDODWHRUtD
GHODUHODWLYLGi

7RGRHVUHODWLYRDWRGR
FRPRORVDEHHOPiVEUXWR
HOWLHPSRHOIDFyQ\HOWDQJR
HVWiQPX\UHODFLRQDGRV
FRQHOHVSDFLRDVROXWR

(OWLHPSRTXHWRGRVSLHQVDQ
TXHHVXQLIRUPH\SHUIHFWR
TXHHVORLJXDOSRUHVHOHQFLD
TXHDQGDVLHPSUHDOPLVPRSDVR
\FRQODPLVPDSDFLHQFLD
WUDQVFXUUHGLVWLQWRHQFDGD
VLVWHPDGHUHIHUHQFLD

<HOpWHU"SUHJXQWyDOJXLHQ
1RKD\pWHUOHFRQWHVWy
/RFUHtDQORVDQWLJXRV
SHURHOpWHUVHDFDEy

&RQODUHODWLYLGi
XQRHQWLHQGHHOXQLYHUVR
\WRGRTXHGDPX\FODUR
VLQGDUYXHOWDV\VLQYHUVR

/DVHVWUHOODVODVJDOD[LDV
ODPDWHULD\ODHQHUJtD
VHVRPHWHQDOSRGHU
GHHVDHVHOHQWHWHRUtD

/DVOHQWHVJUDYLWDWRULDV
VLQ(LQVWHLQQRHVLVWLUtDQ
<VLQHVDVJUDQGHVOHQWHV
ORVTXHQRYHQELHQTXpKDUtDQ"

(VXQDFRVDSURIXQGD
\HVHQFLDOSDUDHOPDOHYR
HVHKRPEUHFRQVXPHQWH
FRQVWUX\yHOPXQGRGHQXHYR

eOHVSOLFyHOXQLYHUVR
GHVGH$OPDJURKDVWD3RPSH\D
(VWXGLHQHVDWHRUtD
QDGDIXQFLRQDVLQHOOD

0LORQJDUHODWLYLVWD
PLORQJXLWDSDVDMHUD
4XHVHFRPSRQHHQLQYLHUQR
\VHROYLGDHQSULPDYHUD
 &$378/2

/DWHRUtDGHODGHULYDFRQWLQHQWDO\ODHVWDELOL]DFLyQGHODJHRORJtD

6LELHQD~QTXHGDQPXFKDVFRVDVSRUFRQWDUHQHOWHUUHQRGHODItVLFDFX\RVGHVDUUROORVHQHOVLJOR
;;IXHURQYHUGDGHUDPHQWHLPSUHVLRQDQWHVYDPRVDDEDQGRQDUHVWHFDPSRSRUXQPRPHQWRSDUDVHU
WHVWLJRVGHOGHVDUUROORGHODJHRORJtDDORODUJRGHOVLJOR ;,;\GHVXHVWDELOL]DFLyQHQHOVLJOR ;;
JUDFLDVDOGHVFXEULPLHQWRGHODWHFWyQLFDGHSODFDV(OFDPLQRTXHWXYRTXHWUDQVLWDUKDVWDOOHJDUD
XQD VtQWHVLV JHQHUDO FRPR FRUUHVSRQGH D OD JHRORJtD IXH UtVSLGR 3DUD VHJXLUOR WHQGUHPRV TXH
YROYHUVREUHQXHVWURVSDVRV\UHWRPDUSURSXHVWDV\WHRUtDVDODVTXH\DQRVKHPRVUHIHULGRHQRWURV
PRPHQWRVSHURTXHVRQQHFHVDULDVSDUDSRGHUVHJXLUHOKLORGHOSHQVDPLHQWRJHROyJLFRHQORVVLJORV
;,;\;;

5HSDVHPRVXQSRFR
<DORVDEHPRVORVKRPEUHVGHOD5HYROXFLyQ&LHQWtILFDVHHVIRU]DURQSRUFRPSUHQGHUODVXSHUILFLH
GHOD7LHUUDVHSUHJXQWDURQVREUHODQDWXUDOH]DGHORVIyVLOHV\HORULJHQGHODVPRQWDxDV\WDPELpQ
LQYHVWLJDURQ\UHIOH[LRQDURQVREUHORVIHQyPHQRV\SURFHVRVQDWXUDOHVTXHDIHFWDQDOD7LHUUDFRPR
ORVWHUUHPRWRVORVYROFDQHVRODHURVLyQ3HURHODSDUDWREtEOLFRVHJXtDLPSRQLHQGRXQPDUFRUtJLGR
GHO TXH UHVXOWDED GLItFLO ]DIDU \ GHQWUR GH HVH DSDUDWR DSDUHFtD FRPR JUDQ SURWDJRQLVWD HO IDPRVR
'LOXYLRTXHOOHYyDDOJXQRVDSRVWXODUODJUDQWHRUtDGHORFpDQRHQUHWLUDGDVHJ~QODFXDOOD7LHUUD
KDEtDHVWDGRFXELHUWDSRUXQJUDQRFpDQRTXHLEDGHMDQGRDOGHVFXELHUWRODWLHUUDILUPHDPHGLGDTXH
UHWURFHGtD
&RPRODWHRUtDWHQtDDOJXQRVSXQWRVGpELOHVXQRGHORVFXDOHVHUDTXHQRSRGtDH[SOLFDUHORULJHQ
GH ORV YROFDQHV VH GHVDUUROOy UiSLGDPHQWH OD RWUD OtQHD GH SHQVDPLHQWR GH OD TXH KDEODPRV HO
SOXWRQLVPRTXHVRVWHQtDTXHHOFHQWURGHOD7LHUUDFRQWLQXDEDHVWDQGRPX\FDOLHQWH\TXHODWLHUUD
ILUPHQRHUDRWUDFRVDTXHURFDIXQGLGDTXHVHKDEtDDELHUWRSDVRGHVGHHOPXQGRVXEWHUUiQHR\OXHJR
VH KDEtD HQIULDGR \ HQGXUHFLGR 3DUD ORV SOXWRQLVWDV QR HUD HO DJXD VLQR ORV YROFDQHV \ HO IXHJR
LQWHULRU ORV TXH FRQVWLWXtDQ OD JUDQ IXHU]D TXH PDQWHQtD ODV FRVDV HQ PDUFKD 7RGR HVWR WUDtD
DSDUHMDGRXQDHYROXFLyQHQHOPDQHMRGHODVHVFDODVGHWLHPSROD7LHUUDVHJ~QGLYHUVRVFiOFXORV
KHFKRVSRUQDWXUDOLVWDVGHODpSRFDHUDPXFKtVLPRSHURPXFKtVLPRPiVDQWLJXDGHORTXHVHKDEtD
FUHtGRKDVWDHQWRQFHV(OXQLIRUPLVPRGH/\HOOTXHVHRSRQtDDODVWHRUtDVFDWDVWURILVWDV\VXJHUtD
TXHKDFtDQIDOWDSHUtRGRVLQPHQVRVGHWLHPSRSDUDTXHHOSODQHWDKXELHUDOOHJDGRDVHUORTXHHUD
IXHIXQGDPHQWDOSDUDSURYHHUHOPDUFRHQHOTXHSRGUtDGHVDUUROODUVHXQDWHRUtDWDQUHYROXFLRQDULD
FRPRODGHODHYROXFLyQGH&KDUOHV'DUZLQ
(UDQHFHVDULR\DSDUDDTXHOHQWRQFHVSURSRQHUDOJXQDWHRUtDYHURVtPLOVREUHHORULJHQ(PSH]y
HQWRQFHVDFLUFXODUXQDLGHDVHJ~QODFXDOOD7LHUUDKDEtDVLGRXQWUR]RGHVSUHQGLGRGHO6ROTXHVH
KDEtDLGRHQIULDQGROHQWDPHQWH/DWHRUtDGHOHQIULDPLHQWRSDUHFtDH[SOLFDUPXFKDVFRVDV\HQ
DSDUHFLHURQSUXHEDVXQHVSHFLDOLVWDHQERWiQLFDIyVLO$GROSKH%URQJQLDUWPRVWUyTXH
HQ HO SHUtRGR WHUFLDULR HV HO TXH YD GHVGH  D  PLOOyQ GH DxRV DWUiV KDEtD KDELGR XQ FOLPD
PXFKR PiV EHQLJQR /DV JUDQGHV FDQWLGDGHV GH FDUEyQ DFXPXODGDV TXH GDWDEDQ GH HQWRQFHV HUDQ
SDUD pO OD HYLGHQFLD GH TXH DOOt HQ ]RQDV DFWXDOPHQWH GHVpUWLFDV R IUtDV KDEtD H[LVWLGR XQD
YHJHWDFLyQH[XEHUDQWHTXHOXHJRVHKDEtDGHSRVLWDGR\FDUERQL]DGR(OFOLPDEHQLJQRVLJQLILFDED
FDORUSRUORFXDOHOKDOOD]JRGH%URQJQLDUWVHJ~QORLQWHUSUHWDEDQDOJXQRVDSXQWDODEDODWHRUtDGHO
HQIULDPLHQWR SURJUHVLYR GH OD 7LHUUD 'LFKR VHD GH SDVR \ DXQTXH QR WHQJD PXFKR TXH YHU
HVSHFtILFDPHQWH FRQ HO WHPD %URQJQLDUW KL]R XQD REVHUYDFLyQ FDVL SURIpWLFD VREUH OD 7LHUUD
RULJLQDULDGHGXMRTXHODDWPyVIHUDWHQtDTXHKDEHUHVWDGRFDUJDGDGHGLy[LGRGHFDUERQR&2
\ODVSULPHUDVSODQWDVORKDEtDQGHVFRPSXHVWRWRPDQGRHOFDUERQR\OLEHUDQGRHOR[tJHQRHUDHVH
R[tJHQROLEHUDGRSRUODVSODQWDVHOTXHSHUPLWLyTXHSUROLIHUDUDODYLGDDQLPDO&DVLFRPRVHVXSR
GHVSXpVUHDOPHQWHRFXUULy
'H D SRFR OD LGHD GH TXH OD 7LHUUD KDEtD QDFLGR FRPR XQ FXHUSR PX\ FDOLHQWH \ VH HVWDED
HQIULDQGRVHLPSXVROHQWDPHQWHFRPRODOtQHDSULQFLSDOGHSHQVDPLHQWRHQODJHRORJtD3DUHFtDREYLR
TXHGHEDMRGHODVXSHUILFLHKDEtDSRUORPHQRVXQDFDSDDPX\DOWDWHPSHUDWXUDODSUXHEDHUDQODV
HUXSFLRQHVHQIRUPDGHODYDDUGLHQWHTXHHPDQDEDQGHODVERFDVGHORVYROFDQHV
6LQ HPEDUJR OD WHRUtD WHQtD VXV LQFRQYHQLHQWHV 8QR GH HOORV HUD TXH GLVWLQWRV JHyORJRV
FDOFXODEDQTXHDXQTXHHOFHQWURGHOD7LHUUDHVWXYLHUDPX\FDOLHQWHODFDQWLGDGGHFDORUTXHOOHJDUtD
D OD VXSHUILFLH VHUtD LQVLJQLILFDQWH (Q HVWH VHQWLGR UHSUHVHQWDED XQD VHULD REMHFLyQ SDUD TXLHQHV
SHQVDEDQ FRPR %URQJQLDUW TXH HO FOLPD H[WHUQR HVWDED UHODFLRQDGR HQ IRUPD GLUHFWD FRQ OD
WHPSHUDWXUDLQWHUQDGHOSODQHWD
6HJXUDPHQWHSRUHVRSRUTXHFXDQGRODFLHQFLDGHMDGHH[SOLFDUFLHUWDVFRVDVHVODSURSLDFLHQFLD
ODTXHWLHQHTXHVDOLUDEXVFDUQXHYRVFDPLQRVVXUJLyXQDOtQHDGHSHQVDPLHQWRDOWHUQDWLYDTXHQHJy
HOKHFKRGHTXHODWHPSHUDWXUDHVWXYLHUDEDMDQGRGHVGHHORULJHQTXLHQHVDGVFULELHURQDHVWDQXHYD
WHRUtDFRQVLGHUDURQTXHHIHFWLYDPHQWHKDEtDKDELGRXQDYDULDFLyQFOLPiWLFDDORODUJRGHODKLVWRULD
GHO SODQHWD SHUR HVD YDULDFLyQ QR VH SRGtD GHVFULELU FRPR XQ HQIULDPLHQWR FRQVWDQWH 3RU HO
FRQWUDULRORTXHKDEtDKDELGRHUDXQDDOWHUQDQFLDGHSHUtRGRVFiOLGRV\SHUtRGRVPX\IUtRV(VWRV
~OWLPRV WLHQHQ XQ QRPEUH IDPRVR \ XQD YLWDO LPSRUWDQFLD SDUD HO GHVDUUROOR GH ODV FLHQFLDV
JHROyJLFDVODVJODFLDFLRQHV

/DVJODFLDFLRQHVFRQILUPDQORTXHVHVXSRQtD
(ODVXQWRHUDHOVLJXLHQWHHQHOQRUWHGH(XURSD\GH$PpULFDGHO1RUWHSDUHFtDKDEHUVHxDOHVFODUDV
GHTXHHOSDLVDMHKDEtDVLGRWDOODGRSRUJODFLDUHVJLJDQWHVFRVTXHKDEtDQDUUDVWUDGRJUDQGHVFDSDV
GH SLHGULWDV SLHGUDV \ URFDV JLJDQWHVFDV GH YDULDV WRQHODGDV TXH SURYHQtDQ GH RWUDV UHJLRQHV
FHUFDQDV\TXHQRSRGtDQKDEHUVLGRWUDQVSRUWDGDVVLQRSRUIHQyPHQRVGHSURSRUFLRQHVUHDOPHQWH
JUDQGHV$ODYH]KDEtDPDUFDVUHODWLYDPHQWHFODUDVSDUDOHODVDODGLUHFFLyQGHDYDQFHGHMDGDVHQ
ODV URFDV D FDXVD GH OD IULFFLyQ (UD XQ WHPD SROpPLFR \ PXFKRV JUDQGHV FLHQWtILFRV GH OD pSRFD
GXGDEDQGHODHYLGHQFLDDOUHVSHFWR
3HURKDEtDXQHOHPHQWRGHSUXHEDFHQWUDOKD\XQDGLIHUHQFLDEDVWDQWHQHWDHQWUHXQYDOOHFDYDGR
SRU HO DJXD TXH WLHQH XQD IRUPD GH 9 PiV SURQXQFLDGD \ HO TXH FDYD XQ JODFLDU TXH HV PiV
UHGRQGHDGRHQVXEDVHFRQIRUPDGH8
)XHUDFRPRIXHUHVXSRQHUODH[LVWHQFLDGHJODFLDFLRQHVSHULyGLFDVRQRH[LJtDTXHVHH[SOLFDUD
TXpHUDORTXHODVFDXVDEDORFXDOUHVXOWDEDPXFKRPiVFRPSOLFDGRGHORTXHVHFUHtD$GLIHUHQFLD
GHWDQWDVWHRUtDVTXHDQGDQSRUHOPXQGRHQODE~VTXHGDGHXQDEXHQDFRPSUREDFLyQHPStULFDTXH
ODV YDOLGH ODV JODFLDFLRQHV DFXPXODEDQ HYLGHQFLD WUDV HYLGHQFLD \ VLQ HPEDUJR VX MXVWLILFDFLyQ
FRQWLQXDED VLHQGR HQLJPiWLFD < OR VHUtD SRU XQ EXHQ UDWR ODV H[SOLFDFLRQHV SODXVLEOHV VREUH VXV
FDXVDVWHQGUtDQTXHHVSHUDUKDVWDEDVWDQWHHQWUDGRHOVLJOR;;

/DWHRUtDGHOD7LHUUDTXHVHFRQWUDH
6LODWHRUtDGHODVJODFLDFLRQHVHQWUDEDHQXQLPSDVVHODKLVWRULDGHOD7LHUUDTXHVHHQIULDEDVHJXtD
DGHODQWH\WHQtDWRGDVODVDSDULHQFLDVGHWULXQIDU+DEtDDOJXQDVSUXHEDVTXHSDUHFtDQLQGLVFXWLEOHV
SRU HMHPSOR 9RQ %XFK GLVFtSXOR GH :HUQHU HQFRQWUy HYLGHQFLDV GH TXH HQ HO FHQWUR GH )UDQFLD
KDEtD H[LVWLGR XQD LQWHQVD DFWLYLGDG YROFiQLFD HQ WLHPSRV LQPHPRULDOHV \ FUHtD TXH HVWR KDEtD
RFXUULGR UHSHWLGDPHQWH D OR ODUJR GH OD KLVWRULD SODQHWDULD (O JUDQ QDWXUDOLVWD $OH[DQGHU YRQ
+XPEROGWFX\DLQIOXHQFLDSHUPHyWRGRHOVLJOR;,;EXHQRFDVLWRGRHOVLJORWDPELpQ
FRQFOX\yTXHODDFWLYLGDGYROFiQLFDKDEtDWHQLGRXQDUHVSRQVDELOLGDGIXQGDPHQWDOHQODDSDULFLyQGH
ODVPRQWDxDV\QRWyTXHODV]RQDVDOHGDxDVDORVYROFDQHVKDEtDQVXIULGRXQDSUHVLyQDVFHQGHQWHTXH
ODV KDEtD HOHYDGR (Q XQ WUDEDMR GH  /pRQFH (OLH GH %HDXPRQW  VRVWHQtD TXH HQ
WDQWRFXDOTXLHUREMHWRTXHVHHQIUtDSLHUGHYROXPHQOD7LHUUDDOVXIULUHVHSURFHVRKDEtDIRUPDGR
XQDFRUWH]DTXHVHTXHEUDED\SOHJDEDDPHGLGDTXHODWHPSHUDWXUDVHJXtDEDMDQGRGHHVWDPDQHUDVH
IRUPDEDQ ODV PRQWDxDV \ GHPiV YDULDFLRQHV HQ OD VXSHUILFLH 8QR GH VXV VHJXLGRUHV H[SOLFDED HO
IHQyPHQRFRQXQDPHWiIRUDOD7LHUUDHUDFRPRXQDPDQ]DQDTXHDOVHFDUVHYDSURGXFLHQGRSOLHJXHV
HQVXFiVFDUD
2WURVSHQVDEDQHQXQSURFHVRGLVWLQWR(GXDUG6XHVVSRUHMHPSORHVWXGLDQGRORV
$OSHVHXURSHRVOOHJyDODQDGDQRYHGRVDFRQFOXVLyQGHTXHHIHFWLYDPHQWHOD7LHUUDVHHQIULDED\
MXQWRFRQODWHPSHUDWXUDEDMDEDHOULWPRGHORVFDPELRVJHROyJLFRV3HURDOPLVPRWLHPSR\HVWR
VtHUDQRYHGRVRSURSXVRTXHPiVFRPXQHVTXHORVSOHJDPLHQWRVHUDQODVVXSHUSRVLFLRQHVGHXQD
FiVFDUD WHUUHVWUH TXH VH KDEtD TXHEUDGR IHQyPHQR TXH KDEtD VLGR PiV R PHQRV UHSHQWLQR 'H
DFXHUGR FRQ RWURV JHyORJRV VXJLULy HQ  TXH ORV FRQWLQHQWHV DFWXDOHV KDEtDQ VLGR
RULJLQDULDPHQWH XQR VROR DO TXH OODPy *RQGZDQD TXH VH KDEtD SDUWLGR SRU HO FRQVWDQWH
HQIULDPLHQWRGHOSODQHWD
/D LGHD VHUYtD SHUIHFWDPHQWH D ORV ELyORJRV TXH \D KDEtDQ REVHUYDGR TXH H[LVWtDQ PXFKDV
HVSHFLHV FRPXQHV HQ ORV GLVWLQWRV FRQWLQHQWHV FRLQFLGHQFLD PX\ GLItFLO GH MXVWLILFDU FyPR SRGtD
H[SOLFDUVHTXHHVRVDQLPDOHVXQLYHUVDOHVKXELHUDQOOHJDGRDULQFRQHVWDQDOHMDGRVHQWUHVtFRPR
2FHDQtDIULFD\$PpULFD"
(OFRQWLQHQWH~QLFRGH6XHVVUHVROYtDODFXHVWLyQFRQFLHUWDHOHJDQFLDSHURJHQHUDEDVXVVHULRV
SUREOHPDVKDEtDTXHGDUXQEXHQPRWLYRSDUDHPSH]DUGHSRUTXpHOFRQWLQHQWHRULJLQDULRVHKDEtD
SDUWLGR HQ SHGD]RV < DXQTXH WRGDYtD QR KXELHUD XQD UHVSXHVWD VHQVDWD HO QRPEUH *RQGZDQD
TXHGyODUYDGDPHQWHPLHQWUDVVHGHVDUUROODEDODWHRUtDXQLILFDGRUD\D~QDKRUDFLHQWRFLQFXHQWD
DxRV PiV WDUGH VLJXH VLHQGR HO TXH XWLOL]DPRV SDUD UHIHULUQRV D OD PDVD GH 7LHUUD TXH OXHJR GLR
RULJHQ D ORV FRQWLQHQWHV GHO +HPLVIHULR 6XU \ TXH VH KDEtD VHSDUDGR DQWHV GH 3DQJHD XQ
VXSHUFRQWLQHQWHD~QPiVJUDQGH
3RUDKtDSDUHFLyRWURGDWRTXHHOPDWHULDOGHOTXHHVWiQKHFKRVORVFRQWLQHQWHVHVPiVOLYLDQR
TXHHOGHOIRQGRGHORVRFpDQRV)XHSRUHOORTXH&ODUHQFH'XWWRQSUHVHQWyXQPRGHOR
HQHOTXHORVFRQWLQHQWHVVHPRYtDQFRPREDOVDVOLYLDQDVUHVSHFWRGHODVURFDVIXQGLGDVPiVGHQVDV
TXHHVWDEDQEDMRODVXSHUILFLH
9DOHGHFLUTXHODWHRUtDTXHLQGLFDEDTXHOD7LHUUDVHHQIUtDHVWDEDHTXLYRFDGDSHURQRGHOWRGR
HVYHUGDGTXHODWHPSHUDWXUDGHODPDVDSODQHWDULDEDMDPX\OHQWDPHQWHSHURQRHVFLHUWRTXHHVR
SXHGDSURYRFDUXQDFRQGHQVDFLyQVXILFLHQWHFRPRSDUDMXVWLILFDUODH[LVWHQFLDGHPRQWDxDV\RWUDV
IRUPDVGHUHOLHYH
(Q UHDOLGDG OD LGHD FRLQFLGtD FRQ HO HVWDGR GH FRVDV GHO PRPHQWR VL HIHFWLYDPHQWH OD 7LHUUD
KDEtDHPSH]DGRFRPRXQFXHUSRPX\FDOLHQWHQRKDEtDPHFDQLVPRFRQRFLGRTXHSXGLHUDPDQWHQHU
HVHFDORU(OSURSLRORUG.HOYLQHVDHVSHFLHGHGLRVGHODWHUPRGLQiPLFDTXHFRQRFLPRVDOKDEODU
GH HOOD FUHtD TXH HO FDORU VRODU WHQtD TXH HVWDU GLVPLQX\HQGR \D TXH QLQJXQD HVWUHOOD SRGtD GXUDU
PiVGHRPLOORQHVGHDxRVORFXDOREYLDPHQWHOLPLWDEDODDQWLJHGDGSRVLEOHGHOSODQHWD
(VRVSHUtRGRVTXHHQRWURVFDVRVVHHOHYDEDQKDVWDORVFLHQPLOORQHVGHDxRVHUDQHQFLHUWRPRGR
HVFDVRV SDUD MXVWLILFDU OD WHRUtD GH OD HYROXFLyQ $XQ D ORV JHyORJRV OHV UHVXOWDEDQ FRUWRV SDUD
DFRPRGDUVXVREVHUYDFLRQHVVREUHORVOHQWRVSURFHVRVGHVHGLPHQWDFLyQ
+DEtDXQFKRTXHHQWUHODVHVFDODVGHWLHPSRTXHSURSRQtDODWHUPRGLQiPLFD\ODVTXHQHFHVLWDED
OD JHRORJtD \ DXQ OD ELRORJtD /DV HVFDODV VH XQLILFDUtDQ DO GHVFXEULUVH D ILQHV GHO VLJOR ;,; OD
UDGLDFWLYLGDGXQDIXHQWHGHHQHUJtDLQPHQVDPHQWHSRGHURVD\GXUDEOH
$Vt OD JHRORJtD DYDQ]DED GHVRUGHQDGDPHQWH $TXt \ DOOi DSDUHFtDQ QXHYRV PRGHORV QXHYDV
SUXHEDV\QXHYDVH[SOLFDFLRQHVSHURIDOWDEDXQDWHRUtDXQLILFDGRUDFDSD]GHRUJDQL]DUDODJHRORJtD
GHQWUR GH XQ PDUFR ILUPH FRPR XQD UDPD GH OD FLHQFLD HVWDELOL]DGD )DOWDED HQ ILQ DTXHOOR TXH
GHILQHDOSHQVDPLHQWRHQJHQHUDO\DOSHQVDPLHQWRFLHQWtILFRHQSDUWLFXODUODVtQWHVLV

+DFLDODVtQWHVLV
(OVLJOR;;PDUFyHOILQGHODH[SORUDFLyQGHOSODQHWDSRUSDUWHGHORVHXURSHRVTXHGHWDOODURQFDGD
ULQFyQ\OHYDQWDURQPDSDVFRQORV~OWLPRVGHWDOOHVHOQRUXHJR5RDOG$PXQGVHQYLVLWyHQODV
SURIXQGLGDGHVGHO3ROR1RUWH\HQIXHHOSULPHUKRPEUHHQSLVDUHO3ROR6XU(Q7HQ]LJ
1RUJD\ KDUtD FXPEUH HQ HO 0RQWH (YHUHVW HO PiV DOWR GHO PXQGR ,QFOXVR HO OHFKR PDULQR IXH
LQYHVWLJDGRKDVWDHQVXVSURIXQGLGDGHVPiVLQDFFHVLEOHVHQEXHQDPHGLGDFRPRXQUHFXUVRGHJXHUUD
SDUDSRGHUGHWHFWDUPHMRUORVVXEPDULQRVHQHPLJRV
$VXYH]ODSHUIRUDFLyQGHXQW~QHODWUDYpVGHORV$OSHVHO6LPSOyQDSULQFLSLRVGHOVLJOR ;;
SDUDFRPXQLFDU6XL]DH,WDOLDXQW~QHOTXHD~QVHXWLOL]D\TXHHQVXPRPHQWRIXHXQHPSUHQGLPLHQWR
JLJDQWHVFRTXHSDUHFtDDOFDQ]DUORVOtPLWHVGHODSRWHQFLDKXPDQD\HQFLHUWRPRGRORKDFtD
EULQGy XQD SRVLELOLGDG LGHDO SDUD FRQRFHU HO FRUD]yQ GH XQD PRQWDxD \ VH SXGR REVHUYDU
GLUHFWDPHQWHTXHODWHRUtDGHODVFDSDVGHFRUWH]DWHUUHVWUHTXHVHDPRQWRQDEDQSRUSUHVLyQODWHUDO
FRPR RFXUULUtD VL OD 7LHUUD VH FRQWUDMHUD QR HUD FLHUWD VLQR TXH PiV ELHQ VH KDEtDQ FRUULGR R
VXSHUSXHVWRXQDVVREUHRWUDV
3RU RWUD SDUWH VH FRPSUREy TXH OD GHQVLGDG GH OD FRUWH]D WHUUHVWUH QR HV OD PLVPD HQ WRGDV
SDUWHVVLQRTXHHOPDWHULDOPiVOLYLDQRHVHOTXHIRUPDORVFRQWLQHQWHVFRQVWLWXLGRVVREUHWRGRSRU
VLOLFDWRVGHDOXPLQLRPLHQWUDVTXHHOPiVSHVDGRHVHOTXHVHMXQWDHQHOOHFKRPDULQRIRUPDGRSRU
VLOLFDWRVGHPDJQHVLR/RVFRQWLQHQWHVHIHFWLYDPHQWH\FRPRORKDEtDSURSXHVWR'XWWRQHQHOVLJOR
;,;HUDQFRPREDOVDVOLYLDQDVDSR\DGDVHQXQOtTXLGRPiVGHQVR
$OPLVPRWLHPSR$UWKXU+ROPHVDYDQ]DEDHQODPHGLFLyQGHODHGDGGHOD7LHUUD
TXHH[WHQGLySULPHURDPLOORQHVGHDxRV\OXHJRDODFLIUDTXHKR\PDQHMDPRVPLOORQHV
8QRSXHGHSHQVDUTXHHQHOVLJOR ;;ODYHORFLGDGGHORVGHVFXEULPLHQWRVFLHQWtILFRV\HOWLHPSR
PLVPRGHODFLHQFLDVHDFHOHUDURQ\HQYHUGDGDVtORSDUHFHDXQTXHHVDDFHOHUDFLyQSXHGHVHUXQ
HIHFWRGHSHUVSHFWLYDVLHPSUHSDUHFHTXHQXHVWUDSURSLDpSRFDSURJUHVDRWUDQVFXUUHPiVUiSLGRTXH
ODVDQWHULRUHV
/RFLHUWRHVTXHODVWHRUtDVVHDILQDEDQORVJHyORJRVDFRUGDURQTXHVHKDEtDQSURGXFLGRFXDWUR
JODFLDFLRQHV VHSDUDGDV SRU SHUtRGRV PiV FiOLGRV DXQTXH ODV FDXVDV GH HVDV JODFLDFLRQHV VHJXtDQ
VLHQGRGHVFRQRFLGDV$OJXQRVFRPR0LOXWLQ0LODQNRYLWFKWUDWDEDQGHH[SOLFDUODVSRU
PHGLRGHIHQyPHQRVDVWURQyPLFRVPHGLDQWHXQPRGHORPDWHPiWLFRDFHUFDGHODIRUPDHQODTXHHO
FDORU VRODU DIHFWD OD WHPSHUDWXUD GH OD DWPyVIHUD /DV PHGLFLRQHV GH 0LODQNRYLWFK QR VLHPSUH
HQFDMDEDQ ELHQ HQ ORV SHUtRGRV GH ODV JODFLDFLRQHV \ QR IXHURQ SRFRV ORV TXH GHVFDUWDURQ VX
KLSyWHVLV.|SSHQHQFDPELRODGHVDUUROOyPiV\SXEOLFyXQOLEURVREUHHOWHPD
$.|SSHQORD\XGDEDVX\HUQRHOWDPELpQPHWHRUyORJR$OIUHG:HJHQHUTXLHQSRU
HQWRQFHVHUDXQSRFRFRQRFLGRSLRQHURHQHOXVRGHJORERVDHURVWiWLFRVSDUDHVWXGLDUHOFOLPD3HUR
SURQWRUHYROXFLRQDUtDFRQLQVSLUDFLyQ\HUURUHVWRGDODJHRORJtD

:HJHQHU
:HJHQHUQDFLyHQ%HUOtQHOGHQRYLHPEUHGH\HVWXGLyHQODVXQLYHUVLGDGHVGH+HLGHOEHUJ
,QQVEUXFN\%HUOtQFRQVLJXLHQGRVXGRFWRUDGRHQDVWURQRPtDHQHVWD~OWLPDHQ'HVSXpVHQWUy
HQHO2EVHUYDWRULR$HURQiXWLFR3UXVLDQRHQ7HJHOGRQGHWUDEDMyGXUDQWHFLHUWRWLHPSRMXQWRFRQVX
KHUPDQR.DUWFRQTXLHQHPSUHQGLyXQYXHORHQJORERTXHGXUyKRUDV\PHGLDXQWLHPSRUpFRUG
HQWRQFHVSDUDSUREDUFLHUWRVLQVWUXPHQWRV/XHJRIXHHOPHWHRUyORJRGHXQDH[SHGLFLyQGDQHVDKDFLD
HOLQWHULRUGH*URHQODQGLD\PiVWDUGHVHLQFRUSRUyDOD8QLYHUVLGDGGH0DUEXUJRFRPRSURIHVRUGH
PHWHRURORJtD\DVWURQRPtD3XEOLFyXQOLEURGHWH[WRGHPHWHRURORJtDHQSHURSDUDHQWRQFHV\D
HVWDED GHVDUUROODQGR VXV WHRUtDV VREUH OD GHULYD FRQWLQHQWDO TXH VH HGLWDURQ SRU SULPHUD YH] HQ
 HQ XQ SDU GH LQIRUPHV EDVDGRV HQ FRQIHUHQFLDV TXH KDEtD GDGR HQ )UDQNIXUW GHO 0DLQ \ HQ
0DUEXUJRHQHQHURGHDTXHODxR
(Q  FRQWUDMR PDWULPRQLR FRQ (OVH .RSSHQ SHUR VX YLGD DFDGpPLFD IXH SHUWXUEDGD SRU HO
HVWDOOLGR GH OD 3ULPHUD *XHUUD 0XQGLDO \ :HJHQHU IXH UHFOXWDGR FRPR WHQLHQWH HQ OD UHVHUYD )XH
KHULGR GRV YHFHV HQ HO IUHQWH RFFLGHQWDO D FRQVHFXHQFLD GH OR FXDO OR GHFODUDURQ LQ~WLO SDUD HO
VHUYLFLRDFWLYR\ORWUDVODGDURQDOVHUYLFLRPHWHRUROyJLFRGHOHMpUFLWR
'XUDQWH HO SHUtRGR GH FRQYDOHFHQFLD GH VXV KHULGDV UHGDFWy OD SULPHUD YHUVLyQ GH VX IDPRVR
OLEUR(ORULJHQ GHORVFRQWLQHQWHV \ GHORVRFpDQRVTXHGLFKR VHDGHSDVRR QRWDQGHSDVR
SURGXMRXQLPSDFWRLQVLJQLILFDQWHHQJUDQSDUWHSRUTXHVHSXEOLFyHQHQPHGLRGHODJXHUUD\
ODV FRVDV QR DQGDEDQ FRPR SDUD SHQVDU HQ FRQWLQHQWHV TXH VH PRYtDQ KDEtD FRVDV PiV XUJHQWHV
FRPRLQYDGLUSDtVHV\HQIUHQWDUHMpUFLWRVHQXQDLQWHUPLQDEOHHVWUDWHJLDGHWULQFKHUDV
&XDQGR WHUPLQy OD JXHUUD :HJHQHU IXH SURIHVRU GH PHWHRURORJtD HQ OD UHFLpQ IXQGDGD
8QLYHUVLGDG GH +DPEXUJR \ VH KL]R FRQRFHU FRPR XQ PHWHRUyORJR GHVWDFDGR DXQTXH QR SRU HVR
DEDQGRQy OD WHRUtD JHROyJLFD \ SXEOLFy YHUVLRQHV VXFHVLYDV \ DXPHQWDGDV GH VX OLEUR $ SDUWLU GH
 IXH SURIHVRU GH PHWHRURORJtD GH OD 8QLYHUVLGDG GH *UD] HQ $XVWULD \ HQ HVH PLVPR DxR
SXEOLFyMXQWRFRQ:ODGLPLU.|SSHQXQWUDEDMRTXHLQWHQWDEDH[SOLFDUODHYROXFLyQ\HOGHVDUUROOR
GHOFOLPDSDVDGREDViQGRVHHQODKLSyWHVLVGHODGHULYDFRQWLQHQWDO
6XPXHUWHIXHWUiJLFD$ORVDxRVHQ:HJHQHUGLULJLyXQDH[SHGLFLyQD*URHQODQGLDFRQ
HOREMHWLYRGHHQFRQWUDUSUXHEDVTXHDSR\DUDQODKLSyWHVLVGHODGHULYDSHURODH[SHGLFLyQVHYLRHQ
DSXURV\HQHOFDPSDPHQWRHVFDVHDURQODVSURYLVLRQHV(OGHQRYLHPEUHGHHOGtDHQTXH
FXPSOtDDxRV:HJHQHUVHGLULJLyHQFRPSDxtDGHXQHVTXLPDOKDFLDODEDVHSULQFLSDOVLWXDGDHQ
OD FRVWD SHUR QXQFD OOHJy 'XUDQWH OD SULPDYHUD VLJXLHQWH VX FXHUSR IXH KDOODGR HQ HO FDVTXHWH
JODFLDUHQODUXWDTXHHQOD]DEDORVGRVFDPSDPHQWRVFXLGDGRVDPHQWHHQYXHOWRHQVXVDFRGHGRUPLU
\FRQORVHVTXtHVSODQWDGRVKDFLDDUULEDPDUFDQGRHOOXJDUGHVXFRPSDxHURQXQFDVHYROYLyDVDEHU
QDGD

$ODGHULYD
+DEOHPRV DKRUD Vt GH OD WHRUtD SURSLDPHQWH GLFKD (Q  :HJHQHU UHWRPy OD LGHD GH TXH ORV
FRQWLQHQWHV DOJXQD YH] KDEtDQ HVWDGR FRPSULPLGRV HQ XQ VROR SURWRFRQWLQHQWH DO TXH OODPy 3DQJHD
WRGDV ODV WLHUUDV TXH VXEVLVWLy DO PHQRV KDVWD HO SHUtRGR FDUERQtIHUR KDFH DOUHGHGRU GH 
PLOORQHVGHDxRV/HSDUHFtDSUREDEOHTXHXQSRFRGHVSXpVRDORVXPRHQHO-XUiVLFRKDFHXQRV
PLOORQHVGHDxRVFRPHQ]DUDDURPSHUVH\VHSDUDUVHKDVWDJHQHUDUORVFRQWLQHQWHVDFWXDOHV
/RVFRQWLQHQWHV D VXYH]VHKDEtDQPRYLGRKDVWDHO OXJDUTXHRFXSDQ DKRUD\HQ SULQFLSLR
VHJXtDQPRYLpQGRVH:HJHQHUSDUWtDGHOKHFKRGHVFRQFHUWDQWH\DDGYHUWLGRWDQWRSRUORVJHyORJRV
FRPR SRU ORV JHyJUDIRV \ ORV PLVPRV HVFRODUHV GH TXH OD FRVWD RHVWH GH IULFD HQFDVWUD
SHUIHFWDPHQWH FRQ OD EUDVLOHxD \ HO &DULEH FRPR VL IXHUDQ ODV SLH]DV GH XQ URPSHFDEH]DV \ OR
PLVPRSDVDHQHO3DFtILFR\$PpULFDGHO1RUWHSRUXQODGR\0DGDJDVFDUH,QGLDSRUHORWUR(VWD
FRPSOHPHQWDFLyQVHKDFHD~QPiVREYLDFXDQGRHQOXJDUGHFRPSDUDUODVFRVWDVVHFRPSDUDQODV
SDUWHVVXPHUJLGDV
 +DEtDPXFKDVPiVHYLGHQFLDVXQDGHHOODVFRPR\DOHVFRQWpHUDHODVXQWRGHTXHORVIyVLOHV
TXH VH HQFRQWUDEDQ HQ FDGD XQD GH ODV SLH]DV GH HVWH URPSHFDEH]DV FRLQFLGtDQ LQGLFDQGR TXH
KDEtDQ HVWDGR SREODGDV SRU XQD IDXQD \ XQD IORUD VLPLODUHV 2EYLDPHQWH HVWRV RUJDQLVPRV QXQFD
SRGUtDQ KDEHU FUX]DGR ORV RFpDQRV WDO FRPR ORV FRQRFHPRV KR\ \ OD WHRUtD GH XQ VXSHUFRQWLQHQWH
SDUHFtDD:HJHQHUPiVSODXVLEOHTXHORVSXHQWHVWHUUHVWUHVTXHSRVWXODEDQDOJXQRVJHyORJRVSDUD
H[SOLFDUODFRLQFLGHQFLDSXHQWHVTXHGLFKRVHDGHSDVRQDGLHVDEtDDGyQGHKDEtDQLGRDSDUDU
$GHPiVKDEtDHYLGHQFLDVGHXQDJODFLDFLyQHQHOSHUtRGR3pUPLFRKDFHXQRVPLOORQHVGH
DxRVHQOXJDUHVDFWXDOPHQWHWDQDOHMDGRV\FRQFOLPDVWDQGLVWLQWRVFRPR$XVWUDOLDIULFD,QGLD\
6XGDPpULFD 6HPHMDQWH FRLQFLGHQFLD VyOR SRGtD H[SOLFDUVH VL HQWRQFHV KXELHUDQ HVWDGR WRGRV HQ OD
PLVPDUHJLyQGHOSODQHWD\KXELHUDQFRPSDUWLGRHOPLVPRFOLPD
< SRU VL WRGR HVWR IXHUD SRFR OD KLSyWHVLV GH OD GHULYD WDPELpQ SURYHtD XQD H[SOLFDFLyQ
LQWHUHVDQWHSDUDODIRUPDFLyQGHODVPRQWDxDVVLORVFRQWLQHQWHVVHPRYtDQKDVWDHQFRQWUDUXQOtPLWH
TXHOHVRIUHFLHUDUHVLVWHQFLDVXVXSHUILFLHVHSOHJDUtDIRUPDQGRFRUGLOOHUDVGHODPLVPDPDQHUDTXH
OR KDFH XQ PDQWHO TXH VH GHVOL]D VREUH XQD VXSHUILFLH \ HQFXHQWUD XQ REVWiFXOR /D 6LHUUD 1HYDGD
VREUH HO 2FpDQR 3DFtILFR HQ $PpULFD GHO 1RUWH \ ORV $QGHV HQ HO 6XU VH FLWDEDQ FRPR HMHPSOR
:HJHQHU WDPELpQ VXJLULy TXH OD ,QGLD VH KDEtD GHVSOD]DGR KDFLD HO QRUWH KDFLD HO LQWHULRU GHO
FRQWLQHQWH DVLiWLFR IRUPDQGR DVt ORV +LPDOD\DV HQ WLHPSRV PX\ UHFLHQWHV HQ WLHPSRV JHROyJLFRV
PX\UHFLHQWHVFODURDMX]JDUSRUVXHQRUPHDOWXUD

3HURKDEtDXQSUREOHPD
/D KLSyWHVLV GH OD GHULYD FRQWLQHQWDO WXYR SRFR p[LWR \ HQ JHQHUDO QR IXH PX\ ELHQ UHFLELGD SRU OD
FRPXQLGDGJHROyJLFD<ODYHUGDGHVTXHSRUPiVH[SOLFDWLYDTXHUHVXOWDUDWHQtDXQDIDOODJUDQGH
:HJHQHU HUD LQFDSD] GH SURSRQHU XQ PHFDQLVPR TXH MXVWLILFDUD OD GHULYD \ OD IRUPD HQ TXH ORV
FRQWLQHQWHVSRGtDQYHQFHUODHQRUPHIULFFLyQTXHLPSOLFDEDDUUDVWUDUVHVREUHHOOHFKRPDUtWLPR
 (Q UHDOLGDG QR HV TXH IXHUD LQFDSD] GH SURSRQHU XQ PHFDQLVPR FXDOTXLHUD HUD LQFDSD] GH
SURSRQHU XQ PHFDQLVPR FRQYLQFHQWH 3RUTXH OR FLHUWR HV TXH HQVD\y GRV KLSyWHVLV DG KRF TXH
MXVWLILFDEDQ HO PRYLPLHQWR 8QD HUD TXH OD /XQD HMHUFtD XQD DWUDFFLyQ TXH GHVSOD]DED ODV PDVDV
FRQWLQHQWDOHVKDFLDHO2HVWH&XDQGRVHFDOFXOyHVDIXHU]DDUURMyXQDFLIUDULGtFXODHQFRPSDUDFLyQ
FRQODTXHKDFtDIDOWD/DRWUDHUDTXHODURWDFLyQWHUUHVWUHSURGXFtDXQDIXHU]DFHQWUtIXJDTXHDOHMDED
DORVFRQWLQHQWHVGHO(FXDGRU/D FRPXQLGDGFLHQWtILFDODUHFKD]ySULQFLSDOPHQWH GHELGRDTXH ODV
IXHU]DV JHQHUDGDV SRU OD URWDFLyQ WHUUHVWUH WDPSRFR DOFDQ]DEDQ QL OHMDQDPHQWH SDUD MXVWLILFDU HO
GHVSOD]DPLHQWR
$Vt DXQTXH OD WHRUtD GH OD GHULYD FRQWLQHQWDO SRGtD GDU FXHQWD GH PXFKDV FRVDV OH IDOWDED OR
IXQGDPHQWDO HV GHFLU H[SOLFDU FyPR SRGtD VHU TXH ORV FRQWLQHQWHV DQGXYLHUDQ D OD GHULYD HQ XQ
PRPHQWRHQTXHHQODJHRORJtDSUHYDOHFtDXQDYLVLyQHVWiWLFDVREUHHOLQWHULRUGHOD7LHUUD3RUTXHVL
ELHQPXFKRVGHORVDUJXPHQWRVSDUHFtDQFRQWXQGHQWHVKDEtDGHPDVLDGDVFRVDVTXHTXHGDEDQHQOD
RVFXULGDG:HJHQHUGHKHFKRDVHJXUDEDTXHHQUHDOLGDGDVXWHRUtDOHIDOWDEDXQ1HZWRQORFXDO
VHJXUDPHQWHHUDXQDH[DJHUDFLyQ
3HURDVtVLQ1HZWRQVDODYLVWDODFRVDQRDQGDED

$SDUHFHXQDSRVLELOLGDGODVSODFDVWHFWyQLFDV
6LQHPEDUJRHQPiVRPHQRVHQODpSRFDHQODTXH:HJHQHUGHMDEDGHVHUWHQLGRHQFXHQWD\
XQ DxR DQWHV GH VX PXHUWH $UWKXU +ROPHV HO PLVPR TXH KDEtD PHGLGR FRQ SUHFLVLyQ OD HGDG GHO
SODQHWDPHGLDQWHODUDGLDFWLYLGDGFRPHQ]yDWUDEDMDUFRQXQDKLSyWHVLVGLIHUHQWHTXHGLRDFRQRFHU
HQ  (VH DxR SXEOLFy XQ OLEUR TXH VH FRQYLUWLy HQ XQ FOiVLFR GH OD GLVFLSOLQD 3ULQFLSLRV GH
JHRORJtDItVLFDHQHOTXHLQFOX\yXQFDStWXORVREUHODKLSyWHVLVGHTXHORVFRQWLQHQWHVDQGDEDQDOD
GHULYDIORWDQGRSRUHOSODQHWDVREUHXQPDUGHURFDIXQGLGDHOPDQWRTXHHUDPiVGHQVRSHVDGR\
HQFRQVWDQWHHEXOOLFLyQ
'HQWURGHOPDQWRODV]RQDVPiVSURIXQGDV\FDOLHQWHVDVFHQGtDQHQIRUPDGHFRUULHQWHVGHODYD
HOHYiQGRVHGHVGHORSURIXQGRKDVWDHQIULDUVH\YROYHUDFDHUIRUPDQGRYHUGDGHURVFKRUURVGHURFD
DUGLHQGRTXHVXEHQ\OXHJREDMDQ(OSURFHVRGHHQIULDPLHQWR\FDOHQWDPLHQWRUHSHWLGRHQPXFKDV
RFDVLRQHV GDED FRPR UHVXOWDGR XQD FRUULHQWH VXILFLHQWHPHQWH IXHUWH FRPR SDUD PRYHU ORV
FRQWLQHQWHV
+ROPHV VXJLULy TXH HVWD FRQYHFFLyQ WpUPLFD IXQFLRQDED FRPR XQD HVSHFLH GH FLQWD
WUDQVSRUWDGRUDODSUHVLyQDVFHQGHQWHSRGtDURPSHUXQFRQWLQHQWH\KDFHUTXHVXVSDUWHVVHPRYLHUDQ
HQGLUHFFLRQHVRSXHVWDV
7HQtD VHQWLGR SHUR KDEtD GRV LQFRQYHQLHQWHV 3RU XQ ODGR FDVL GHO PLVPR PRGR HQ TXH
$ULVWyWHOHV FUHtD HQ XQ HVSDFLR VXSUDOXQDU LQFRQPRYLEOH \ DMHQR DO FDPELR WRGDYtD ORV JHyORJRV
FUHtDQILUPHPHQWHHQXQLQWHULRUGHOD7LHUUDHVWDEOH\TXLHWRSRUHORWURODFRQYHFFLyQWpUPLFDHUD
LQFRPSUREDEOHHQHVDpSRFD\SRUORWDQWRQROOHJDEDQLDODFDWHJRUtDGHKLSyWHVLV
3DUD KDFHUOR QHFHVLWDUtD GHO GHVDUUROOR GH XQD QXHYD GLVFLSOLQD R VXEGLVFLSOLQD R FDPSR GH
HVWXGLRVRFRPRVHTXLHUDOODPDUOD(VXQOXJDUFRP~QHQODKLVWRULDGHODFLHQFLDXQDWHRUtDSDUHFH
HVWDQFDUVH\SRUPiVTXHDFXGHDWRGRVORVPHGLRVTXHWLHQHDVXDOFDQFHQRORJUDVDOLUDGHODQWH<
ORTXHRFXUUHHVTXHODVKHUUDPLHQWDVTXHWLHQHDPDQRWDQWRWHyULFDVFRPRREVHUYDFLRQDOHVPXFKDV
YHFHVQRVRQVXILFLHQWHV\SRVLEOHPHQWHQHFHVLWH GHXQRVFXDQWRVDxRVSDUD TXHDSDUH]FDQQXHYDV
KHUUDPLHQWDV \ VH GHPXHVWUHQ FRPSHWHQWHV SDUD UHVROYHU ODV LQFyJQLWDV R HYHQWXDOPHQWH OD
IDOVHGDGGHODWHRUtD+HUUDPLHQWDVTXHGLFKRVHDGHSDVRQRQHFHVDULDPHQWHHVWiQFRQFHELGDVSDUD
DIURQWDU ORV SUREOHPDV TXH OD WHRUtD HQ FXHVWLyQ KDEtD GHMDGR VLQ VROXFLRQDU 3RU HMHPSOR HO
GHVDUUROORGHODWHRUtDFHOXODUFRPRYLPRVHQVXPRPHQWRVHGHELyHQJUDQSDUWHDOSURJUHVRGHORV
PLFURVFRSLRV3HURHVWHSURJUHVRQRHUDXQUHVXOWDGRGHOGHVDUUROORGHODELRORJtDVLQRGHODySWLFD
/R FXHQWR SRUTXH PXFKDV YHFHV VH GLFH TXH XQD WHRUtD LQYHQWD VLQ PD\RUHV IXQGDPHQWRV ODV
KHUUDPLHQWDVTXHQHFHVLWDSDUDDVHJXUDUVHVXp[LWRSHURVLELHQDYHFHVSXHGHOOHJDUDVHUFLHUWR
HMHPSORVFRPRHOGHOPLFURVFRSLRHQHOTXHODVKHUUDPLHQWDVIXHURQLQYHQWDGDVGHVGHRWUDWHRUtDOR
GHVPLHQWHQ
/RTXHRFXUULyHVTXHGHVSXpVGHOD6HJXQGD*XHUUD0XQGLDOVHLQWHQVLILFyHOHVWXGLRGHOOHFKR
RFHiQLFR\GHOPDJQHWLVPRUHPDQHQWHTXHHOFDPSRPDJQpWLFRGHOD7LHUUDGHMDEDHQODVURFDVOR
FXDOGHSDVRVHDGLFKRQRHUDSDUDQDGDGHVLQWHUHVDGRODVSRWHQFLDVEXVFDEDQGHVHVSHUDGDPHQWH
GHVDUUROODUWpFQLFDVTXHSHUPLWLHUDQGHWHFWDUVXEPDULQRV\PLQDVPDJQpWLFDV
3HURORTXHVHYLRHQHVDH[SORUDFLyQWHUPLQDUtDVLHQGRIXQGDPHQWDOSDUDODWHRUtDGHODGHULYD
FRQWLQHQWDOHVFDUEDQGRHQODVPRQWDxDVVHYHULILFyTXHSHTXHxRVIUDJPHQWRVFRQFDUJDPDJQpWLFD
KDEtDQDFRPRGDGRVXVSRORVGHQWURGHODVURFDVHQIRUPDFLyQGHDFXHUGRFRQODGLVWULEXFLyQGH
ORVSRORVPDJQpWLFRVWHUUHVWUHVHQODpSRFDORVSRORVPDJQpWLFRVQRVRQILMRVVLQRTXHGHULYDQ\HQ
FLHUWRVFDVRVVHLQYLHUWHQHOSRORQRUWHSDVDDVHUVXU\YLFHYHUVD&DOFXODQGRGHTXppSRFDHUDHVD
URFDVHSRGtDFDOFXODUWDPELpQGyQGHVHKDEtDXELFDGRHOQRUWHPDJQpWLFRGHHVHHQWRQFHV7DPELpQ
RFXUUtDTXHJUDQGHVVXSHUILFLHVGHURFDVGHOPLVPRSHUtRGRSHURHQFRQWLQHQWHVGLVWLQWRVVHxDODEDQ
QRUWHVPDJQpWLFRVGLIHUHQWHVORTXHSHUPLWtDVXSRQHUTXHORVFRQWLQHQWHVVHKDEtDQPRYLGR
3RU XQ ODGR HQWRQFHV VH SXGR REVHUYDU TXH ORV SDWURQHV PDJQpWLFRV LPSUHVRV HQ ODV URFDV
HIHFWLYDPHQWHVHGLVSRQtDQGHXQPRGRWDOTXHDSR\DEDQODKLSyWHVLVGHODGHULYDSRUHMHPSORORV
HVWXGLRVSDOHRPDJQpWLFRVGHORVDxRVFLQFXHQWDHQOD,QGLDFRLQFLGLHURQFRQODLGHDGH:HJHQHUGH
TXHHVHVXEFRQWLQHQWHKDEtDFKRFDGRFRQ$VLD3HURDGHPiVODGHWHFFLyQGHUDVJRVFRPRILVXUDV
RFHiQLFDVVXJHUtDTXHODFRQYHFFLyQHOPRYLPLHQWRDVFHQGHQWHGHODURFDFDOLHQWHHQHOPDQWR
HIHFWLYDPHQWHSRGtDHVWDUIXQFLRQDQGR
6HPHMDQWHV GHVFXEULPLHQWRV \ RWURV OOHYDURQ D +DUU\ +HVV  \ D 5REHUW 'LHW]
 D SXEOLFDU OD KLSyWHVLV EDVDGD HQ ODV FRUULHQWHV GH FRQYHFFLyQ GHO PDQWR FRQRFLGD
FRPR VHD IORRU VSUHDGLQJ DOJR DVt FRPR GLVSHUVLyQ GHO OHFKR PDUtWLPR (UD EiVLFDPHQWH OR
PLVPR TXH KDEtD SURSXHVWR +ROPHV PiV R PHQRV WUHLQWD DxRV DQWHV SHUR DKRUD KDEtD PXFKD PiV
HYLGHQFLDDIDYRU
(Q'DQ0F.HQ]LHQXWLOL]ySRUSULPHUDYH]HOWpUPLQRSODFDVHQXQDUWtFXORGH
OD UHYLVWD 1DWXUH SDUD GHVFULELU HVRV EORTXHV PDFL]RV TXH IORWDEDQ VREUH HO PDQWR eVD IXH OD
SDUWLGD GH QDFLPLHQWR TXH OH IDOWDED D OD FULDWXUD TXH SRFR D SRFR FRPHQ]y D VHU DFHSWDGD HQ HO
PXQGRFLHQWtILFR
 /$63/$&$67(&71,&$6

&RPRSXHGHQYHUHQODLPDJHQODVSODFDVVRQVyORXQSXxDGRDOJXQDVFDUJDQFRQFRQWLQHQWHV
RIUDJPHQWRVGHFRQWLQHQWHVVREUHHOODVRWUDVFRQWUR]RVGHFRUWH]DVXEPDULQD\RWUDVFRQODVGRV
FRVDV /D SODFD VXGDPHULFDQD SRU HMHPSOR HVWi FRQVWLWXLGD SRU HO FRQWLQHQWH VXGDPHULFDQR \ SRU
SDUWHGHORFpDQR$WOiQWLFR(VPiVHOOHFKRPDULQRHLQFOXVRORVFRQWLQHQWHVTXH:HJHQHUSHQVDED
TXH HUDQ XQD HVSHFLH GH XQLGDGHV PtQLPDV HQ UHDOLGDG QR WLHQHQ FDVL UHOHYDQFLD HQ WpUPLQRV
JHROyJLFRV/RLPSRUWDQWHVRQODVSODFDVTXHDVXYH]VHFRQHFWDQHQWUHVtGHPDQHUDVGLVWLQWDV
(OIXQFLRQDPLHQWRGHHVWHPRGHORHQODDFWXDOLGDGHVWiIXHUWHPHQWHHVWDEOHFLGR\FRPSUREDGR\
HV UHODWLYDPHQWH VLPSOH /D FRUWH]D HVWi GLYLGLGD HQ XQ SXxDGR GH SODFDV TXH SXHGHQ WHQHU WDQWR
FRQWLQHQWHVYLVLEOHVHQODVXSHUILFLHFRPROHFKRVPDUtWLPRV\TXHVHWRFDQXQDVFRQRWUDV/DVSODFDV
IORWDQVREUHHOPDQWRODFDSDGHURFDIXQGLGDTXHFXDQGRVDOHSRUORVYROFDQHVVHOODPDPDJPDR
ODYD'HQWURGHOPDQWR VH SURGXFHQFRUULHQWHVGHURFDTXH DUUDVWUDQ ODVSODFDV GHOD FRUWH]DKDVWD
TXH FKRFDQ \ FRPLHQ]DQ D VXSHUSRQHUVH FRPR H[SOLFDED :HJHQHU /D TXH TXHGD DEDMR VH FDOLHQWD
IXQGH \ PH]FOD FRQ HO PDQWR 0LHQWUDV HQ HO IRQGR GH ORV RFpDQRV VXUJHQ QXHYRV WUR]RV GH PDQWR
HQIULDGRHVGHFLUGHURFD3RUTXpVXUJH URFDQXHYD" &XDQGRXQD SODFDVHGHVSOD]DVHDOHMD GH
RWUD \ VH SURGXFH XQD ILVXUD 3RU DKt DIORUD HO PDQWR HQ IRUPD GH PDJPD \ VH YD IRUPDQGR QXHYD
FRUWH]D
$VtVHH[SOLFDQRFpDQRV\PRQWDxDV(ORFpDQR$WOiQWLFRVHIRUPyGXUDQWHORV~OWLPRVPLOORQHV
GH DxRV SRUTXH ODV SODFDV GH $PpULFD \ IULFD VH VHSDUDQ XQRV FXDWUR FHQWtPHWURV SRU DxR ORV
LQPLJUDQWHVHXURSHRVTXHOOHJDURQD/DWLQRDPpULFDKDFHXQVLJORWXYLHURQTXHUHFRUUHUFXDWURPHWURV
PHQRVGHORVTXHVHUtDQQHFHVDULRVKR\<:HJHQHUWHQtDUD]yQHO+LPDOD\DODFDGHQDPRQWDxRVD
PiV DOWD GHO PXQGR HV FRQVHFXHQFLD GHO FKRTXH GH OD SODFD LQGRDXVWUDOLDQD TXH HPSXMD FRQWUD OD
SODFDHXURDVLiWLFD/RPLVPRRFXUUHFRQODFRUGLOOHUDGHORV$QGHVFRQVHFXHQFLDGHOFKRTXHHQWUH
ODVSODFDVGH6XGDPpULFD\ODOODPDGDSODFDGH1D]FD
/DHVWUXFWXUDGHOD7LHUUD
$VtODWHFWyQLFDGHSODFDVUHGRQGHyODGHVFULSFLyQGHOSODQHWD\SHUPLWLyGDUUHVSXHVWDDPXFKRV\
YLHMRVHQLJPDVORVWHUUHPRWRVSRUHMHPSOR/DQXHYDWHRUtDH[SOLFDEDTXHODVSODFDVVHGHVSOD]DQ
OHQWDPHQWHDOFKRFDUMXQWDQSUHVLyQ\FXDQGRpVWDVHKDFHGHPDVLDGRLQWHQVDVHSURGXFHXQDMXVWH
UHSHQWLQR TXH VH WUDGXFH HQ XQD VDFXGLGD /R PLVPR SXHGH GHFLUVH GH ODV H[SORVLRQHV YROFiQLFDV
TXHHVWDOODQSRUODHQRUPHSUHVLyQJHQHUDGDHQODVFROLVLRQHVVXEWHUUiQHDV/DV~OWLPDVH[SORVLRQHV
GHO (WQD VH GHELHURQ D TXH ,WDOLD HVWi HQ HO ERUGH GH OD SODFD DIULFDQD TXH HPSXMD FRQWUD (XURSD
KDFLHQGRVXELUORV$OSHV\HVWDOODUHOYROFiQ
7DPELpQVHKDHODERUDGRXQDUD]RQDEOHGHVFULSFLyQGHFyPRHVOD7LHUUDSRUGHQWUR+R\VHVDEH
TXHODFRUWH]DWHUUHVWUHVREUHODTXHYLYLPRV\VREUHODTXHVHDSR\DQORVRFpDQRVHVGHOJDGDWLHQH
GHDNLOyPHWURVSURPHGLRVHJ~QVHODPLGDHQHOOHFKRPDULQRRHQXQDUHJLyQPRQWDxRVD(V
PX\SRFRVLVHODFRPSDUDFRQORVNLOyPHWURVGHUDGLRGHOSODQHWDHQSURSRUFLyQHVPHQRV
TXHODFiVFDUDGHXQDQDUDQMDUHVSHFWRGHWRGDODQDUDQMD'HEDMRGHHVWDFRUWH]DLQVLJQLILFDQWHVH
HQFXHQWUDHOPDQWRTXHOOHJDKDVWDORVNLOyPHWURVGHSURIXQGLGDG\TXHHVWiIRUPDGRSRUURFDV
HQ GLVWLQWRV HVWDGRV GH IXVLyQ ODV URFDV GHO PDQWR IXQGLGDV R VHPLIXQGLGDV IOX\HQ OHQWDPHQWH \
JLJDQWHVFDV FRUULHQWHV GH URFD PiV FDOLHQWH TXH VX HQWRUQR VXEHQ GHVGH ODV SURIXQGLGDGHV KDVWD OD
FRUWH]DFKRFDQFRQHOOD\VHGHVSOD]DQKDFLDORVFRVWDGRVFRQODIXHU]DGHXQPRQVWUXRLPSDUDEOH
'HEDMRPLVPRGHO PDQWRHVWi HOQ~FOHRWHUUHVWUHTXHVRSRUWD HOSHVRGH WRGRHOSODQHWD\TXH
WLHQHWDPELpQXQRVNLOyPHWURVGHUDGLRDSUR[LPDGDPHQWHHOWDPDxRGH0DUWH(VWiIRUPDGRGH
KLHUURXQSRFRGHQtTXHO\SHTXHxDVSURSRUFLRQHVGHRWURVHOHPHQWRVR[tJHQRD]XIUH\SRWDVLR/D
SDUWHH[WHUQDGHOQ~FOHRHVOtTXLGDIOXLGD\VXSDUWHLQWHUQDVyOLGD(QFXDQWRDVXWHPSHUDWXUDHQOD
IURQWHUD HQWUH PDQWR \ Q~FOHR KD\ XQRV  JUDGRV 'HQWUR GHO Q~FOHR HQWUH HO OtPLWH OtTXLGR \
VyOLGROOHJDDXQRVJUDGRVPiVTXHHQODVXSHUILFLHGHO6RO
/D FRQH[LyQ PiV GLUHFWD TXH H[LVWH HQWUH HO PDQWR \ OD VXSHUILFLH WHUUHVWUH DGHPiV GH ORV
PRYLPLHQWRVTXHSURGXFHQORVWHUUHPRWRVVRQORVYROFDQHVTXHIXQFLRQDQEiVLFDPHQWHFRPRFDxRV
FRQHFWDGRVFRQHOLQWHULRUGHOD7LHUUD&XDQGRHOPDJPDVDOHSRUHOFUiWHU\HQWUDHQFRQWDFWRFRQOD
DWPyVIHUDHPSLH]DHOGHVDVWUHORVJDVHVVHOLEHUDQ\ODVURFDVIXQGLGDVVDOSLFDQ\DUUDVDQWRGROR
TXHHVWiDVXDOFDQFH,QFOXLGDVFLXGDGHVHQWHUDV
 /$(6758&785$'(/$7,(55$

8QSODQHWDFRQVXKLVWRULD
3HURHVRQRHUDWRGR8QDYH]DUPDGDODWHFWyQLFDGHSODFDVFRQVXVVXSHUFRQWLQHQWHVTXHVHURPSHQ
VXV FRQWLQHQWHV TXH QDYHJDQ \ VXV DFXFLDQWHV FRUGLOOHUDV DO]iQGRVH VXV YROFDQHV PHQVDMHURV GHO
GHVDVWUH\FRQODDYDODQFKDGHGDWRVPHGLFLRQHVH[SORUDFLRQHVGDWDFLRQHV\RWURVRQHVFDGDYH]
PiVSUHFLVRVVHSXGRUHFRQVWUXLUODKLVWRULDGHHVHSODQHWDTXHOODPDPRV7LHUUDHO6LVWHPD6RODU
QDFLy KDFH FXDWUR PLO TXLQLHQWRV PLOORQHV GH DxRV FRPR XQD HVIHUD GH SROYR HVWHODU TXH URWDED
DOUHGHGRU GHO 6RO UHFLpQ QDFLGR TXH HPSH]DED D WUDQVIRUPDU VX HQRUPH SHVR HQ JLJDQWHVFDV
WHPSHUDWXUDVHQVXFHQWUR\FRQHOODVDIXVLRQDUHOKLGUyJHQRSDUDGDUOX]\FDORU
/RVSHGD]RVGHSROYRFKRFDQGRXQD\RWUDYH]VHSHJRWHDURQKDVWDIRUPDUSLHGUDV\IUDJPHQWRV
PiVJUDQGHVTXHVLJXLHURQFUHFLHQGRKDVWDVHUSULPHURSODQHWRLGHV\OXHJRSODQHWDV3RGHPRVVRxDU
ODSULPHUDLPDJHQGHOD7LHUUDXQDHQRUPHHVIHUDGHKLHUUR\QtTXHOHQYXHOWDSRUXQPDQWRGHURFD
HQ HVWDGR GH IXVLyQ (Q SRFRV PLOORQHV GH DxRV PiV HQ OD SDUWH VXSHULRU GHO PDQWR VH IRUPy XQD
HVSHFLHGHFRVWUDTXHIORWDEDVREUHODURFDIXQGLGDPLHQWUDVHOSODQHWDHQWHURHUDERPEDUGHDGRSRU
PHWHRULWRV
4XLQLHQWRVPLOORQHVGHDxRVGHVSXpVODOOXYLDGHPHWHRULWRVFHVy/D7LHUUDWHQtD\DXQPDQWR\
XQ Q~FOHR PLHQWUDV OD FRVWUD VH IXQGtD YROYtD D VXELU \ VH HQIULDED UHFLFOiQGRVH XQD \ RWUD YH]
DFXPXODQGR PDWHULDOHV PiV SHVDGRV KDEtD \D SDUFKHV FRQWLQHQWDOHV PiV JUDQGHV \ HPSH]y D
IRUPDUVHODFRUWH]DRFHiQLFD
0LHQWUDVWDQWRHODJXDODQ]DGDFRPRYDSRUSRUORVYROFDQHVHOHPHQWDOHVGHOSULQFLSLR\WUDtGD
SRU ORV PHWHRULWRV GHO ERPEDUGHR OOHQDED ORV KXHFRV SDUD OD pSRFD GHO ILQ GH OD OOXYLD GH
PHWHRULWRVSDUHFHKDEtD\DRFpDQRVHQHVWHPXQGRSULPLWLYR\GHVRODGRHQFX\DDWPyVIHUDIDOWDED
SRUFRPSOHWRHOR[tJHQRTXHHPSH]yDDFXPXODUVHFXDQGRDSDUHFLyODYLGDHQHOPDUKDFHWUHVPLO
TXLQLHQWRVPLOORQHVGHDxRV
/RVSULPHURVFRQWLQHQWHVHUDQSHTXHxRV\FUHFtDQGHVSDFLRSHURPLOTXLQLHQWRVPLOORQHVGHDxRV
PiV WDUGH DSDUHFLHURQ ORV FRQWLQHQWHV YHUGDGHUDPHQWH JUDQGHV KDVWD TXH IXHURQ VXILFLHQWHPHQWH
SHVDGRV SDUD SDUWLUVH H LQLFLDU HO FLFOR JHROyJLFR GH ODV SODFDV WHFWyQLFDV DJUXSiQGRVH \
URPSLpQGRVHXQD\RWUDYH]
'RV PLO PLOORQHV GH DxRV PiV WDUGH HO +RPR VDSLHQV HYROXFLRQy HQ XQR GH ORV FRQWLQHQWHV
UHVXOWDQWHVGHOD~OWLPDIUDFWXUDIULFD1DGDDSHQDVXQVXVSLURHQODLQPXWDELOLGDG\VHUHQLGDGGH
ODURFD
,17(5/8',2
&$1&,1'(&81$'(/92/&1*/26$

1DQDQLxRQDQD
GHOYROFiQHQRUPH
DUURMDQGRODYD

&HQL]DVRVFXUDV
SRUGRTXLHUEURWDEDQ
FXEULHQGRORVFDPSRV
FRPRILQDJUDYD
TXHPDWDDOJDQDGR
\TXHPDODVSODQWDV

1DQDQLxRQDQD
GHOYROFiQHQRUPH
DUURMDQGRODYD

'XpUPHWHFODYHO
TXHHOYROFiQVHFRPLHQ]DDHQFHQGHU
'XpUPHWHURVDO
TXHHOYROFiQ\DFRPLHQ]DDHVWDOODU

(OFUiWHUPX\ILQR
ODFXPEUHDVWLOODGD
HOW~QHOHQRUPH
GRQGHVXEHHOPDJPD
/DQ]DEDQFHQL]D
D\FyPRODQ]DEDQ
/DVRPEUDFRUUtD
PiVIXHUWHTXHHODJXD

'XpUPHWHFODYHO
TXHHOYROFiQVHFRPLHQ]DDHQFHQGHU
'XpUPHWHURVDO
TXHHOYROFiQ\DFRPLHQ]DDHVWDOODU

$OOiHQORSURIXQGR
VHIXQGHQSODFDV
\IRUPDQEXUEXMDV
GHURFDLQFHQGLDGD
TXHVXEHQFUX]DQGR
ODFRUWH]DEODQGD

'XpUPHWHFODYHO
TXHHOYROFiQVHFRPLHQ]DDHQFHQGHU
'XpUPHWHURVDO
TXHHOYROFiQ\DFRPLHQ]DDHVWDOODU

1XEHFHQLFLHQWD
UHVLGXRVGHPDJPD
1RYHQJDVQRHQWUHV
FLHUUDODYHQWDQD

1RFXEUDODQXEH
WXFROFKDGH+RODQGD
(OQLxRVHGXHUPH
(OQLxRGHVFDQVD

'XpUPHWHFODYHO
TXHHOYROFiQ\DFRPLHQ]DDFHGHU
'XpUPHWHURVDO
TXHHOYROFiQ\DVHHPSLH]DDDSDJDU
 &$378/2

/DJHQpWLFD

/DVOH\HVTXHJRELHUQDQODKHUHQFLDVRQGHVFRQRFLGDV1DGLHSXHGHGHFLUSRUTXpDOJXQDV
FDUDFWHUtVWLFDVVHKHUHGDQDYHFHVVt\DYHFHVQRSRUTXpXQLQGLYLGXRVHSDUHFHHQRFDVLRQHVD
VXVDEXHORVRDDQWHSDVDGRVD~QPiVUHPRWRVQLSRUTXpDOJXQDVSHFXOLDULGDGHVVHWUDQVPLWHQD
ORVGHVFHQGLHQWHVGHDPERVVH[RV\RWUDVVyORDORVGHXQVH[R

'$5:,1

(Q HO FDPSR GH ODV FLHQFLDV ELROyJLFDV HO VLJOR ;,; KDEtD VLGR WHVWLJR GH XQD JUDQ UHYROXFLyQ /D
JUDQWHRUtDGHODHYROXFLyQGH'DUZLQVHKDEtDFRQYHUWLGRILQDOPHQWHFRQPXFKRHVIXHU]RHQHOHMH
GHWRGDODELRORJtDJUDFLDVDXQDOH\VHQFLOODSHURDSDEXOODQWHPHQWHVLQWpWLFDTXHGDEDFXHQWDGHOD
PXOWLSOLFLGDGGHODQDWXUDOH]DODVHOHFFLyQQDWXUDO(UDXQDOH\LPSUHVLRQDQWHSRUFLHUWRSHURWHQtD
XQ GHOLFDGtVLPR SUREOHPD 5HFXHUGHQ TXH OD VHOHFFLyQ QDWXUDO DFWXDED VREUH ODV YDULDFLRQHV
QDWXUDOHV TXH DSDUHFtDQ HQ FDGD JHQHUDFLyQ GH XQD HVSHFLH FRQVHUYDQGR ODV EXHQDV ODV
DGDSWDWLYDV \ GHVFDUWDQGR ODV PDODV ODV PHQRV DGDSWDWLYDV HQ XQD DFFLyQ TXH VH DUUDVWUDED
OHQWDPHQWHDORODUJRGHODVHUDV3HURRFXUUtDTXHQDGLHFRQXQDVRODH[FHSFLyQWHQtDODPHQRU
LGHDGHFyPRIXQFLRQDEDQORVPHFDQLVPRVGHODKHUHQFLD
'DUZLQ SRU HMHPSOR FUHtD TXH ORV FDUDFWHUHV GH XQ LQGLYLGXR HUDQ XQD HVSHFLH GH PH]FOD R
SURPHGLRGHORVGHVXVSURJHQLWRUHVORFXDOQRGHMDEDGHSODQWHDUXQSUREOHPDTXpSDVDEDFXDQGR
HPHUJtD XQ UDVJR DGDSWDWLYR SHUR HO SRVHHGRU GH HVH UDVJR VH DSDUHDED FRQ LQGLYLGXRV TXH QR OR
SRVHtDQ" /RV UDVJRV QXHYRV QR WHUPLQDUtDQ GLOX\pQGRVH HQ HO SURPHGLR JHQHUDO" 3DUD VDOYDU HVWH
LQFRQYHQLHQWHTXHQRHUDHO~QLFRORVHYROXFLRQLVWDVDEDQGRQDURQHQSDUWHODLGHDGHODVHOHFFLyQ
QDWXUDO DFWXDQGR VREUH LQGLYLGXRV \ SHQVDURQ HQ SREODFLRQHV SRUWDGRUDV GHO QXHYR UDVJR TXH VH
DSDUHDEDQHQWUHVtSHUSHWXiQGROR3HURODVROXFLyQHUDPiVELHQRVFXUDSRUTXHHUDGLItFLODGPLWLU
TXHDSDUHFLHUDQGHODQDGDSREODFLRQHVHQWHUDVFRQXQUDVJRQXHYR
/D IDOWD GH XQD WHRUtD VREUH OD KHUHQFLD FRQVWLWXtD VLQ GXGD HO IODQFR GpELO GH OD FRQFHSFLyQ
GDUZLQLDQD$OQRSRGHUH[SOLFDUHORULJHQGHODGLYHUVLGDGGHUDVJRVTXHSHUPLWtDODDFFLyQGHOD
VHOHFFLyQQDWXUDOQLODPDQHUDHQTXHHVRVUDVJRVXQDYH]VHOHFFLRQDGRVVHPDQWHQtDQVLQSHUGHUVH
DWUDYpVGHODVJHQHUDFLRQHVQXHVWUREXHQDPLJRVHYLRREOLJDGRDHPSDUFKDUXQD\RWUDYH]ODWHRUtD
GHODHYROXFLyQLQWURGXFLHQGRLQFOXVRGXGRVRVHOHPHQWRVODPDUFNLDQRV
< VLQ HPEDUJR PLHQWUDV 'DUZLQ VH HQIUHQWDED LQIUXFWXRVDPHQWH FRQ HO SUREOHPD OD VROXFLyQ
HPSH]DEDDJHVWDUVHHQXQPRQDVWHULRDXVWUtDFRGRQGHXQFRQWHPSRUiQHRVX\RHVWDEDDSXQWRGHGDU
FRQODVUHJODVEiVLFDVGHOPHFDQLVPRGHODKHUHQFLDGHODVFDUDFWHUtVWLFDVItVLFDV
(OWHPDHQUHDOLGDG\FRPRVLHPSUHHUDPX\DQWLJXR

%UHYHKLVWRULDGHODVXQWR
3RUTXHREYLDPHQWHGHVGHVLHPSUHVHVXSRTXHORVKLMRVVHSDUHFHQDORVSDGUHVDORVDEXHORVDORV
WtRVRLQFOXVRDSDULHQWHVPiVOHMDQRV3HURODKXPDQLGDGYLYLyGXUDQWHPXFKRVVLJORVGXUDQWHOD
PD\RUtDGHVXKLVWRULDHQUHDOLGDGVLQFRPSUHQGHUORVPHFDQLVPRVGHODKHUHQFLDDSHVDUGHTXH
XVDEDDOJXQRVFRQRFLPLHQWRVLQWXLWLYRVGHPDQHUDSUiFWLFD3RUSRQHUVyORXQHMHPSORKDFHPiVR
PHQRV  PLO DxRV HQ HO SHUtRGR FRQRFLGR FRPR 1HROtWLFR ORV KRPEUHV FRPHQ]DURQ D GRPHVWLFDU
DQLPDOHV D FXOWLYDU SODQWDV \ D HIHFWXDU FUX]DV HOLJLHQGR ORV HMHPSODUHV TXH UHVXOWDEDQ PiV
EHQHILFLRVRV SDUD REWHQHU PHMRUDV HQ OD GHVFHQGHQFLD 1R TXLHUR GHFLU FRQ HVWR TXH QXHVWURV
DQFHVWURV QHROtWLFRV HVWXYLHUDQ DO WDQWR GH OD JHQpWLFD GHVGH \D SHUR OR TXH HVWi FODUR HV TXH DO
PHQRVRSHUDEDQGHPDQHUDEiVLFDFRQHOODVLQWHQHUQLODPHQRULGHDSRUORPHQRVGHVGHHOSXQWR
GHYLVWDFLHQWtILFRGHORTXHHVWDEDQKDFLHQGR
'XUDQWHPXFKRWLHPSRQDGLHVHSUHJXQWyFyPRIXQFLRQDEDHOPHFDQLVPR<FXDQGRVHHPSH]yD
UHIOH[LRQDUGHPDQHUDPiVRPHQRVVLVWHPiWLFDVREUHHODVXQWRHVGHFLUFXDQGRVXUJLyODFLHQFLDVH
SHQVyTXHODFODYHGHWRGRHODVXQWRGHEHUtDUHVLGLUHQODVHPLOOD
6H WUDWD GH XQD YLHMtVLPD PHWiIRUD HO YLHMR +LSyFUDWHV VRVWHQtD TXH ODV GLYHUVDV SDUWHV GHO
FXHUSRSURGXFtDQXQDVSDUWtFXODVHVSHFtILFDVRVHPLOODVTXHVHWUDQVPLWtDQDODGHVFHQGHQFLDHQ
HOPRPHQWRGHODFRQFHSFLyQKDFLHQGRTXHFLHUWDVSDUWHVGHODSURJHQLHVHDVHPHMDUDQDHVDVPLVPDV
SDUWHVGHORVSDGUHV
$ULVWyWHOHVSRUVXSDUWHQHJyTXHHOVHPHQSURYLQLHUDGHWRGDVODVSDUWHVGHOFXHUSRGHKHFKR
ORVKLMRVPXFKDVYHFHVVHSDUHFHQPiVDVXVDEXHORVRVXVELVDEXHORVTXHDVXVSDGUHV6LHUDDVt
GHTXpPDQHUDHVWRVSDULHQWHVOHMDQRVSRGUtDQKDEHUFRQWULEXLGRFRQODVVHPLOODVGHODFDUQH\GH
ODVDQJUHTXHHUDQWUDQVPLWLGDVGHORVSDGUHVDORVKLMRV"3DUDUHVROYHUHVWHHQLJPDSRVWXOyTXHHO
VHPHQ GHO PDFKR HVWDED IRUPDGR SRU LQJUHGLHQWHV PH]FODGRV HQ IRUPD LPSHUIHFWD DOJXQRV GH ORV
FXDOHVKDEtDQVLGRKHUHGDGRVGHJHQHUDFLRQHVSDVDGDV(OVHPHQVHSURGXFtDHQHOFXHUSRPDVFXOLQR
D SDUWLU GH OD VDQJUH \ HUD XQ YHKtFXOR DGHFXDGR SDUD WUDQVSRUWDU HO SQHXPD DTXHO RPQLSUHVHQWH
SULQFLSLR YLWDO HQFDUJDGR GH LQLFLDU HO GHVDUUROOR IHWDO JUDFLDV D XQ FDORU TXH HVWLPXODED HO
FUHFLPLHQWR GHO PLVPR PRGR TXH HO 6RO HVWLPXOD HO FUHFLPLHQWR GH ODV SODQWDV 3RU VX SDUWH OD
PDWHULDGHOFXHUSRHUDDSRUWDGDHQIRUPDH[FOXVLYDSRUHOIOXLGRPHQVWUXDOGHODPXMHU(OPDFKRHQ
WRGDVODVHVSHFLHVDSRUWDEDHOSULQFLSLRYLWDORDOPDODKHPEUDFRRSHUDEDFRQODPDWHULDDGHPiV
GH KRVSHGDU DO QLxR HQ VX YLHQWUH \ GDUOH DOLPHQWR (Q OD IHFXQGDFLyQ HO VHPHQ PDVFXOLQR VH
PH]FODEDFRQHOIOXLGRPHQVWUXDOTXHSDUDpOHUDHOVHPHQIHPHQLQR(QHVDPH]FODHOSULQFLSLR
PDVFXOLQR OH GDED IRUPD D OD VXVWDQFLD DPRUID IHPHQLQD D SDUWLU GH OD FXDO VH GHVDUUROODED OD
SURJHQLH
*DOHQR VH GLIHUHQFLy GH$ULVWyWHOHVDOLQWHQWDUH[SOLFDUSRU TXpORVKLMRV VH SDUHFHQ WDQWRDVX
PDGUH \ DQFHVWURV PDWHUQRV FRPR DO SDGUH \ DVFHQGLHQWHV SDWHUQRV 3DUD pO DPERV SURJHQLWRUHV
DSRUWDEDQ IRUPD \ PDWHULD DO PLVPR WLHPSR \ DPERV HUDQ FDSDFHV GH FRQWULEXLU DO GHVDUUROOR GHO
HPEULyQORTXHVHFRQRFLyFRPRWHRUtDGHODVGRVVHPLOODV6HPLOODVTXHGLFKRVHDGHSDVRQR
WHQtDQODPLVPDMHUDUTXtDGDGRTXHODVPXMHUHVHUDQPiVIUtDVTXHORVKRPEUHV\SRUHOORPiV
SHTXHxDVUHFXELHUWDVFRQPHQRVSHOR\FRQyUJDQRVUHSURGXFWLYRVLQWHUQRVVXDSRUWHHUDPiVGpELO
HQ ORV KRPEUHV HO FDORU LQWHULRU KDFtD TXH ORV yUJDQRV UHSURGXFWLYRV IXHUDQ H[WHUQRV \ VX VHPLOOD
PiVSRGHURVD
%DVWDQWH GHVSXpV VH SODQWHy OD RSRVLFLyQ HQWUH HSLJpQHVLV \ SUHIRUPDFLyQ GH OD TXH \D KHPRV
KDEODGRHQVXPRPHQWRTXHVHH[WHQGLyDORODUJRGHYDULRVVLJORV5HFXHUGHQODGLVSXWDHUDVREUH
VLHOLQGLYLGXRTXHLEDDQDFHU\DHVWDEDSUHIRUPDGRHQHOVHPHQPDVFXOLQRRHQHOyYXORIHPHQLQR
RVLHQYHUGDGVXUJtDGHXQWHMLGRLQGLIHUHQFLDGR
/RVSUHIRUPDFLRQLVWDVSHQVDEDQTXHHOVHPHQRORVRYDULRVIHPHQLQRVDOEHUJDEDQXQKRPEUHPX\
SHTXHxR FRQ WRGRV VXV yUJDQRV \ pVWH VyOR QHFHVLWDED FUHFHU HQ WDPDxR OR FXDO HQ ORV KXPDQRV
WHQtDOXJDUGXUDQWHORVQXHYHPHVHVGHHPEDUD]R6HFUHtDTXHVXFHGtDORPLVPRFRQWRGRVORVGHPiV
VHUHVYLYRVHVPiVHVWDEDQFRQYHQFLGRVGHTXHWRGRVORVRUJDQLVPRVORVSDVDGRVORVSUHVHQWHV\
ORVIXWXURVH[LVWtDQGHVGHHOSULPHUDFWRFUHDGRU\HVWDEDQDODHVSHUDGHVHUDFWLYDGRVPHGLDQWHOD
IHFXQGDFLyQ
:LOOLDP+DUYH\HOGHVFXEULGRUGHODFLUFXODFLyQGHODVDQJUHIXHHOUHSUHVHQWDQWHPiVGHVWDFDGR
GHO HSLJHQHWLVPR OD GRFWULQD TXH QHJDED TXH HO RUJDQLVPR HVWXYLHUD SUHIRUPDGR \ UHFXSHUDED ODV
LGHDV GH +LSyFUDWHV \ GH *DOHQR GH TXH WRGDV ODV SDUWHV GHO FXHUSR FRQWULEXtDQ DO GHVDUUROOR GHO
IXWXUR VHU /R TXH VRVWHQtD HVWD WHRUtD HV TXH HO HPEULyQ VH IRUPDED D SDUWLU GH XQD PH]FOD PiV R
PHQRV KRPRJpQHD GH VXVWDQFLDV PDWHUQD \ SDWHUQD D OR ODUJR GHO GHVDUUROOR HVD PDWHULD VH LED
GLIHUHQFLDQGR SURJUHVLYDPHQWH \ ORV GLVWLQWRV yUJDQRV LEDQ WRPDQGR IRUPD +DUYH\ LGHQWLILFy DO
KXHYR FRPR HO UXGLPHQWR GH OD YLGD H[ RYR RPQLD WRGR YLHQH GHO KXHYR \ H[SOLFy OD
UHSURGXFFLyQVH[XDOHQWpUPLQRVVLPLODUHVDORTXHVXFHGHHQORVDQLPDOHVRYtSDURVFRPRODVDYHV\
ORVUHSWLOHV3HURQRSXGRUHVSRQGHUODSUHJXQWDVREUHHORULJHQ~OWLPRGHOKXHYRHQORVRUJDQLVPRV
YLYtSDURV HV GHFLU ORV TXH VH GHVDUUROODQ HQ HO YLHQWUH PDWHUQR OR FXDO HV EDVWDQWH OyJLFR HO
GHVFXEULPLHQWR GH ORV RYRFLWRV HQ ORV RYDULRV VHUtD UHDOL]DGR GRV VLJORV GHVSXpV HQ  SRU HO
ELyORJRDOHPiQ.DUO(UQVWYRQ%DHU
(Q HO VLJOR ;9,,, OD WHRUtD SUHIRUPDFLRQLVWD WHQtD XQD EXHQD FDQWLGDG GH DGHSWRV SHUR QR
WDUGDUtDQ HQ DSDUHFHU YRFHV GH GLVFRUGDQFLD (Q  HO ItVLFR \ DVWUyQRPR IUDQFpV 3LHUUH /RXLV
0RUHDXGH0DXSHUWLXVDWUDYpVGHVXOLEUR9HQXV3K\VLTXHVHSURSXVRGHVEDUDWDUOD
KLSyWHVLV GH OD SUHIRUPDFLyQ \ DILUPy TXH HQ OD KHUHQFLD HO SDGUH \ OD PDGUH UHDOL]DQ XQ DSRUWH
HTXLYDOHQWH GHWHUPLQDGR SRU HO PiV FLHJR D]DU (O FRQGH GH %XIIRQ SRU VX SDUWH SRVWXOy OD
H[LVWHQFLDGHORTXHGHQRPLQyPROpFXODVRUJiQLFDVXQLGDGHVSULPLWLYDVTXHGDUtDQOXJDUDWRGRV
ORV VHUHV YLYRV XQLpQGRVH D OR ODUJR GHO GHVDUUROOR GHO HPEULyQ \ TXH D PDQHUD GH XQ PROGH
PDQWHQtDQODVFDUDFWHUtVWLFDVGHFDGDHVSHFLHDWUDYpVGHODVJHQHUDFLRQHV
(OVLJOR ;,;KHUHGyHVWHSDQRUDPDHQHOTXHQDGDHVWDEDPX\FODUR\HQHOTXHODVGRVKLSyWHVLV
FRQYLYtDQ (O PLVPtVLPR 'DUZLQ TXH SDUD FRPSOHWDU VX WHRUtD GH OD HYROXFLyQ QHFHVLWDED XQD
H[SOLFDFLyQFRKHUHQWHDFHUFDGHOPHFDQLVPRPHGLDQWHHOFXDOODVFDUDFWHUtVWLFDVGHXQDJHQHUDFLyQ
SDVDQ D OD VLJXLHQWH SRVWXOy XQD KLSyWHVLV SURSLD KHUHGHUD GH ODV LGHDV GH +LSyFUDWHV *DOHQR \
+DUYH\ (IHFWXy OD SULPHUD SUHVHQWDFLyQ GH VX FRQMHWXUD HQ  FDVL GLH] DxRV GHVSXpV GH OD
SXEOLFDFLyQ GH (O RULJHQ GH ODV HVSHFLHV HQ HO FDStWXOR ILQDO GH XQ OLEUR VREUH OD YDULDFLyQ HQ
DQLPDOHV\SODQWDVEDMRODGRPHVWLFDFLyQ$VXWHRUtDOHGLRHOQRPEUHGHSDQJpQHVLVWpUPLQRTXH
HQ YLUWXG GHO SUHILMR JULHJR SDQ LQGLFDED TXH WRGDV ODV FpOXODV GHO FXHUSR FRQWULEXtDQ D OD
KHUHQFLD D WUDYpV GH XQDV SDUWtFXODV TXH EDXWL]y FRPR JpPXODV TXH HUDQ FDSDFHV GH VXIULU \
FDPELDU DO FRPSiV GHO PHGLR DPELHQWH \ TXH VH DOPDFHQDUtDQ HQ ORV yYXORV R HQ ORV
HVSHUPDWR]RLGHV(VWDKLSyWHVLVSURSRQtDTXHFDGDyUJDQR\HVWUXFWXUDGHOFXHUSRSURGXFtDJpPXODV
TXHOOHJDEDQDORVJDPHWRVDWUDYpVGHODVDQJUH
 /R FLHUWR HV TXH WRGRV WDQWHDEDQ HQ XQ WHUUHQR UHVEDODGL]R \ RVFXUR \ 'DUZLQ VHJXtD VLQ XQD
EXHQDH[SOLFDFLyQSDUDDFODUDUHOPHFDQLVPRGHODKHUHQFLD

/DVDUYHMDVGDQODFODYH
6L'DUZLQKXELHUDOHtGRHVWHOLEURVHKDEUtDHQWHUDGRGHTXHHQHVRVPLVPRVPRPHQWRVPLHQWUDVpO
HVSHFXODEDFRQLQH[LVWHQWHVJpPXODVXQPRQMHOODPDGR*UHJRU0HQGHOHQPHGLRGHO
VLOHQFLR GH XQ PRQDVWHULR DXVWUtDFR SXEOLFDED EXHQD SDUWH GH OD VROXFLyQ D HVWH SUREOHPD 3HUR
SUiFWLFDPHQWH QDGLH OR OHHUtD KDVWD HO VLJOR VLJXLHQWH FXDQGR FRPHQ]DUD D GHVDUUROODUVH OD WHRUtD
JHQpWLFDSURSLDPHQWHGLFKD
$Vt HUDQ ODV FRVDV \ DVt VRQ PXFKDV YHFHV DLVODGR GH WRGRV ORV FLHQWtILFRV GH VX pSRFD XQ
FOpULJR GHVFRQRFLGR HODERUDED ODV UHVSXHVWDV TXH QHFHVLWDED 'DUZLQ \ TXH GLFKR VHD GH SDVR QR
GHSHQGtDQ GHO GHVDUUROOR GH JUDQGHV WHFQRORJtDV VL VH H[FOX\H OD FRPSOHMD \ PDO UHSDUWLGD
WHFQRORJtDGHODSDFLHQFLD
0HQGHO QDFLy HQ XQ SHTXHxR SXHEOR OODPDGR +HLQ]HQGRUI HQ OD UHJLyQ GH 0RUDYLD TXH HQ
DTXHOORVWLHPSRVSHUWHQHFtDDO,PSHULR$XVWURK~QJDUR\KR\IRUPDSDUWHGHOD5HS~EOLFD&KHFD
'DGR TXH VXV SDGUHV HUDQ FDPSHVLQRV SREUHV OD LGHD GH UHDOL]DU HVWXGLRV XQLYHUVLWDULRV SDUHFtD
FLHUWDPHQWHXWySLFDKDVWDTXHYLQRODD\XGDHQODIRUPDGHXQRVGLQHULOORVTXHOHSUHVWyVXKHUPDQD
PHQRU \ TXH OH SHUPLWLHURQ DVLVWLU GXUDQWH GRV DxRV DO ,QVWLWXWR )LORVyILFR GH OD FLXGDG GH 2OPW]
DFWXDOPHQWH2ORPRXF5HS~EOLFD&KHFD/DYLGDQRHUDIiFLODOOtSDUDXQHVWXGLDQWHVLQUHFXUVRV
SRUORFXDORSWySRUOD~QLFDVDOLGDYLDEOHSDUDDOJXLHQTXHHQDTXHOODpSRFDEXVFDUDXQDHGXFDFLyQ
SHUR QR WXYLHUD HO GLQHUR SDUD VROYHQWDUOD FRQ HO QRPEUH GH *UHJRU HQWUy FRPR IUDLOH HQ XQ
FRQYHQWR DJXVWLQR HQ OD FLXGDG FKHFD GH %UQR HQWRQFHV %UQQ HQ HO FHQWUR GHO ,PSHULR $XVWUR
K~QJDUR
'DGRTXHDGLIHUHQFLDGHRWUDVyUGHQHVORVDJXVWLQRVGDEDQPXFKDLPSRUWDQFLDDODHQVHxDQ]D\
D OD LQYHVWLJDFLyQ *UHJRU SXGR HVWXGLDU WRGDV ODV GLVFLSOLQDV TXH OR HQWXVLDVPDEDQ \ OR PiV
LPSRUWDQWH SDUD QXHVWUD KLVWRULD WXYR OLEUH DFFHVR DO LQYHUQDGHUR $OOt UHDOL]DUtD HQWUH  \
VXVIDPRVRVH[SHULPHQWRVVREUHODUHSURGXFFLyQ\ODKHUHQFLDFX\RVUHVXOWDGRVSUHVHQWyWUHV
DxRVGHVSXpVHQODVUHXQLRQHVGHOD6RFLHGDGGH+LVWRULD1DWXUDOGH%UQQ
(QORVSXEOLFyHQODVDFWDVGHOD6RFLHGDGFRQHOWtWXORGH([SHULPHQWRVVREUHKLEULGDFLyQ
GH SODQWDV \ FLHUWDPHQWH KXELHUDQ JHQHUDGR XQD UHYROXFLyQ LPSUHVLRQDQWH HQ HO FDPSR GH OD
ELRORJtD6LQHPEDUJRODSXEOLFDFLyQIXHLJQRUDGDSRUFRPSOHWR6yORVHFDSWDUtDVXUHOHYDQFLDHQOD
SULPDYHUD GH  WUHLQWD \ FLQFR DxRV GHVSXpV GH OD SXEOLFDFLyQ \ GLHFLVpLV DxRV OXHJR GH VX
PXHUWH
1DGD GH OR TXH YLR 0HQGHO KXELHUD VLGR SRVLEOH VLQ OD D\XGD GH ODV JHQHURVDV DUYHMDV R
JXLVDQWHVSODQWDV~WLOHVSDUDHOH[SHULPHQWR\DTXHVRQIiFLOHVGHFXOWLYDU\VHKDFHQDGXOWDVHQXQD
HVWDFLyQ 7LHQHQ DGHPiV OD SDUWLFXODULGDG GH VHU DXWRSROLQL]DQWHV HV GHFLU FRQWLHQHQ WRGR OR
QHFHVDULRSDUDVXDXWRUUHSURGXFFLyQVLQQHFHVLGDGGHLQWHUDFWXDUFRQRWUDV
$OJR OH OODPDED OD DWHQFLyQ D QXHVWUR PRQMH HQ OD KRPRJHQHLGDG HQWUH VXV DUYHMDV SRUTXH
FRPHQ]yDH[SHULPHQWDUDEULHQGRODVIORUHVDQWHVGHTXHVHGHVDUUROODUDQGHOWRGRSDUDTXLWDUOHVHO
SROHQSURSLRHLQWHUFDPELDUORFRQHOGHRWUDIORUVHOHFFLRQDGDSDUDVXVH[SHULPHQWRV'HHVWDPDQHUD
IRU]DEDVXFUX]DPLHQWR
/DKLVWRULDHVTXHUHXQLyFHSDVGHDUYHMDVGHWRGD(XURSD\DILQyVXVVHOHFFLRQHVSRUPHGLR
GHFUXFHVIRU]DGRVKDVWDREWHQHUOtQHDVRYDULHGDGHVSXUDVHVGHFLUTXHGXUDQWHJHQHUDFLRQHVYHQtDQ
GDQGRXQDFDUDFWHUtVWLFDSDUWLFXODUVLQYDULDFLRQHVDOWDVEDMDVYHUGHVDPDULOODVJUXHVDVGHOJDGDV
&HQWUpPRQRVHQHOFRORU*UHJRUJUDFLDVDVXVHQWUHFUX]DPLHQWRVKDEtDOOHJDGRDWHQHUGRVFHSDVGH
FDUDFWHUtVWLFDV SXUDV XQDV HUDQ FRPSOHWDPHQWH YHUGHV \ GDEDQ VLHPSUH DUYHMDV YHUGHV RWUDV HUDQ
FRPSOHWDPHQWHDPDULOODV\GDEDQVLHPSUHDUYHMDVDPDULOODV(QXQRGHVXVH[SHULPHQWRVFUXFLDOHV
PH]FOy SODQWDV GH VHPLOODV TXH KDEtDQ VLGR H[FOXVLYDPHQWH DPDULOODV FRQ RWUDV VLPLODUHV SHUR
YHUGHV (O UHVXOWDGR IXH XQD JHQHUDFLyQ OODPpPRVOD * GH SODQWDV WRWDOPHQWH DPDULOODV 3HUR
FXDQGRPH]FOyODVSODQWDVGHHVWDQXHYDJHQHUDFLyQHQWUHVtREVHUYyFRQVRUSUHVDTXHHQODVHJXQGD
JHQHUDFLyQ * DSDUHFtDQ SODQWDV FRQ IORUHV YHUGHV HQ XQD SURSRUFLyQ GH  D  2EYLDPHQWH HO
FDUiFWHUYHUGHKDEtDSHUPDQHFLGRRFXOWR\ODWHQWHHQODJHQHUDFLyQDPDULOOD*
/DSDFLHQFLDGH 0HQGHOHUDUHDOPHQWHPRQiVWLFDGHVSXpVGHJHQHUDFLRQHVGHH[SHULPHQWDFLyQ
REWXYRXQDPXHVWUDGHSODQWDVTXHGLHURQXQDSURSRUFLyQGHDPDULOODV\YHUGHV\
GHVSXpV GH UHDOL]DU PXFKDV REVHUYDFLRQHV PiV VDFy DOJXQDV FRQFOXVLRQHV TXH YDQ D UHVXOWDU PiV
FODUDVVLPLUDQODVVLJXLHQWHVILJXUDV
 (QSULPHUOXJDUKDEtDXQDHVSHFLHGHXQLGDGHVGHKHUHQFLDFDSDFHVGHWUDQVSRUWDUORVUDVJRV
GHXQDJHQHUDFLyQDRWUDTXH0HQGHOOODPyIDFWRUHVKHUHGLWDULRV\TXHVHSUHVHQWDEDQGHD
SDUHVORVSDGUHVFRQWULEX\HQFDGDXQRFRQXQR
+D\ DOJXQRV IDFWRUHV KHUHGLWDULRV GRPLQDQWHV \ RWURV UHFHVLYRV &XDQGR DPERV UDVJRV
KHUHGDGRVLQGLFDQTXHHOGHVFHQGLHQWHVHDYHUGHODSODQWDVHUiYHUGH\VLDPERVLQGLFDQTXH
VHD DPDULOOD VHUi DPDULOOD 3HUR TXp SDVD VL XQR LQGLFD YHUGH \ HO RWUR DPDULOOR" 0HQGHO
FRPSUREyTXHHQHVWRVFDVRVODSODQWDVHUtDDPDULOODSRUTXHHVWHFRORUGHDOJXQDPDQHUDHUD
PiVIXHUWHRGRPLQDQWHSRUDVtGHFLUORTXHHOYHUGHTXHHVUHFHVLYR
/RV IDFWRUHV UHFHVLYRV QR GHVDSDUHFHQ VLQR TXH TXHGDQ DKt \ SXHGHQ VHU WUDQVPLWLGRV D OD
GHVFHQGHQFLD < DVt HVWRV HMHPSODUHV TXH WHQtDQ XQ UDVJR GH FDGD WLSR KHUHGDGR GH VXV
SURJHQLWRUHVSDVDUtDQHQSDUWHVLJXDOHVORVUDVJRVYHUGHV\DPDULOORVDVXGHVFHQGHQFLDORTXH
SHUPLWLUtD TXH pVWRV WXYLHUDQ HQ XQ FDVR ORV GRV JHQHV GRPLQDQWHV FRPR VH OODPD D ORV PiV
IXHUWHVHQRWURORVGRVUHFHVLYRVORVGpELOHV\HQRWURVXQDPH]FOD6yORHQHOTXHWLHQHQ
ORVGRVUHFHVLYRVODSODQWDVHUtDYHUGH

0HQGHOKDEtDOOHJDGRDHVWHVHFUHWRGHODQDWXUDOH]DVyORSRUODHVWDGtVWLFDVLQPLFURVFRSLRVQL
FRQRFLPLHQWRVGHXQDFLHQFLDJHQpWLFDTXHVLPSOHPHQWHQR H[LVWtD (Q ORVDxRVVLJXLHQWHVH[WHQGLy
VXV H[SHULPHQWRV D RWURV IHQRWLSRV UDVJRV REVHUYDEOHV FRPR SODQWDV FRQ VHPLOODV UHGRQGDV R
DUUXJDGDV\HODERUyWRGDXQDVHULHGH/H\HVGHVFXELHUWDVSRUORVJXLVDQWHV
3HURDXQTXHHOGHVFXEULPLHQWRHUDH[WUDRUGLQDULRQDGLHSDUHFtDQRWDUOR3DUDFROPRVHIUXVWUyHQ
VXVVLJXLHQWHVH[SHULPHQWRVHQORVTXHVXVWHRUtDVQRSXGLHURQDYDQ]DU+DEtDHQYLDGRVXDUWtFXORD
PXFKRVQDWXUDOLVWDVLPSRUWDQWHVSHURVyORREWXYRUHVSXHVWDGH.DUO1DHJHOLXQIDPRVR
ERWiQLFRGHODpSRFDTXHVHPRVWUDEDHVFpSWLFR\QRSRGtDHQWHQGHUFyPRXQKtEULGR$DWUDQVPLWtD
HOFDUiFWHU$\SHUGtDHOUHFHVLYR\DTXHGHIHQGtDODLGHDGHODKHUHQFLDSRUPH]FODSRUFRPSOHWR
FRQWUDULD D ORV UHVXOWDGRV GH 0HQGHO 1DHJHOL OH UHFRPHQGy H[SHULPHQWDU FRQ RWUD SODQWD OODPDGD
GLHQWHGHOHyQ3RUGHVJUDFLD0HQGHOQRHQFRQWUyUDVWURVGHVXVOH\HVDOH[SHULPHQWDUFRQHVWDV
SODQWDVTXHFRPRVHGHVFXEULyDxRVPiVWDUGHVHUHSURGXFHQVLQIHUWLOL]DFLyQQLHQWUHFUX]DPLHQWRGH
GLVWLQWRVHMHPSODUHVFRQORFXDOFDGDGHVFHQGLHQWHHVXQFORQGHODSODQWDPDGUH$GHPiVHQ
IXHHOHJLGRDEDGGHVXPRQDVWHULR\TXHGyDEVRUELGRSRUODVWDUHDVDGPLQLVWUDWLYDV0XULyHQHQHUR
GHDORVDxRVGRVDxRVGHVSXpVTXH'DUZLQTXLHQQXQFDVXSRGHVXVWUDEDMRV
3RFR GHVSXpV GH VX PXHUWH HQ HO SDWLR GHO PRQDVWHULR HQ HO OXJDU TXH KDEtD RFXSDGR HO
LQYHUQDGHURVHKL]RXQDKRJXHUDFRQWRGRVVXVSDSHOHVSHUVRQDOHV\FLHQWtILFRV(VSRVLEOHTXHHO
QXHYR DEDG SRU SXUD FRPSHWHQFLD FRQ VX SUHGHFHVRU TXLVLHUD HOLPLQDU WRGR UHFXHUGR GH VX
DQWHFHVRUXQRVSDSHOHVHQORVTXHQDGLHSDUHFtDHVWDULQWHUHVDGR

/DVWUHVOH\HV

/DVFRQFOXVLRQHVGH0HQGHOGLHURQOXJDUDORTXHVHFRQRFHFRPROH\HVGHODKHUHQFLDSULQFLSLRVTXHIXQFLRQDQGH
PDQHUDJHQHUDOHQWRGDVODVHVSHFLHV
/D SULPHUD OH\ GH OD XQLIRUPLGDG GH ORV KtEULGRV GH OD SULPHUD JHQHUDFLyQ DILUPD TXH FXDQGR VH FUX]DQ GRV
LQGLYLGXRVGHGRVYDULHGDGHVSXUDVGHODPLVPDHVSHFLHTXHGLILHUHQHQHODVSHFWRTXHSUHVHQWDXQPLVPRFDUiFWHU
SRU HMHPSOR VHPLOODV DPDULOODV YHUVXV YHUGHV ORV GHVFHQGLHQWHV VHUiQ LJXDOHV HQWUH Vt H LJXDOHV D XQR GH ORV
SURJHQLWRUHVHOTXHDSRUWDHOIDFWRUGRPLQDQWHVHPLOODVDPDULOODV
/DVHJXQGDOH\HVODGHODVHJUHJDFLyQGHORVFDUDFWHUHV\GHPXHVWUDTXHORVIDFWRUHVKHUHGLWDULRVFRQVWLWX\HQ
XQLGDGHVLQGHSHQGLHQWHVTXHSDVDQGHXQDJHQHUDFLyQDRWUDVLQVXIULUDOWHUDFLyQDOJXQD6LVHFUX]DQHQWUHVtORV
GHVFHQGLHQWHVGHODSULPHUDJHQHUDFLyQDSDUWLUGHGRVOtQHDVSXUDVHOFDUiFWHUUHFHVLYRWUDQVPLWLGRSRUXQRGHORV
SURJHQLWRUHVVHPLOODYHUGHTXHQRVHPDQLIHVWDEDVHKDFHHYLGHQWHHQXQDFXDUWDSDUWH\HOGRPLQDQWHHQODVWUHV
FXDUWDVSDUWHVGHORVGHVFHQGLHQWHV
/DWHUFHUDOH\GHODLQGHSHQGHQFLDGHORVFDUDFWHUHVDILUPDVLPSOLILFDQGRPXFKtVLPRTXHFDGDFDUiFWHUVH
KHUHGDHQIRUPDLQGHSHQGLHQWHGHORVGHPiV
/DVWUHVOH\HVGH0HQGHOSHUPLWHQH[SOLFDU\SUHGHFLUFyPRVHUiQORVUDVJRVItVLFRVIHQRWLSRGHXQQXHYRLQGLYLGXR
$KRUD ELHQ VyOR OD VHJXQGD \ OD WHUFHUD VH UHILHUHQ D FyPR VH WUDQVPLWHQ ORV FDUDFWHUHV D OD GHVFHQGHQFLD /D
SULPHUDHQFDPELRQRWUDWDDFHUFDGHODWUDQVPLVLyQVLQRGHODH[SUHVLyQGHORVFDUDFWHUHV
6XHOHDILUPDUVHTXHVL'DUZLQKXELHUDFRQRFLGRHOLQIRUPHGH0HQGHOKDEUtDSRGLGRSHQVDUHQXQPHFDQLVPRSDUD
ODVHOHFFLyQQDWXUDO\VXWHRUtDKDEUtDTXHGDGRPHMRUUHVSDOGDGDIUHQWHDORVDGYHUVDULRV6LQHPEDUJRTXLHQHVVH
RSRQtDQ D HVDV LGHDV HVWDEDQ PHQRV SUHRFXSDGRV SRU HO PHFDQLVPR GH OD VHOHFFLyQ QDWXUDO TXH SRU HO KHFKR
PLVPRGHTXHHVDVHOHFFLyQKXELHUDDFRQWHFLGRODWHRUtDGDUZLQLDQDDWDFDEDODVFUHHQFLDVPiVEiVLFDVDFHUFDGHO
OXJDUGHOKRPEUHHQHOXQLYHUVR\GHOSDSHOGHFXDOTXLHUGLRVHQODFUHDFLyQ

8QDVXVWDQFLDFXDOTXLHUD
3DUD TXH HQ DOJ~Q PRPHQWR VH OOHJDUD D OD IRUPLGDEOH VtQWHVLV TXH IXH OD JHQpWLFD SULPHUR IXH
QHFHVDULDRWUDVtQWHVLVGHODTXH\DKDEODPRVKDFHDOJXQRVFDStWXORVODWHRUtDFHOXODUPHGLDQWHOD
FXDOODELRORJtDDOFDQ]yVXWDQDQVLDGDXQLGDGIXQGDPHQWDO
*UDFLDV D OD IRUPXODFLyQ GH OD FpOXOD FRPR XQLGDG GH OD YLGD HV GHFLU JUDFLDV D XQ FRQFHSWR
WHyULFR \ DO PHMRUDPLHQWR GH ORV PLFURVFRSLRV HV GHFLU JUDFLDV D XQ SURJUHVR REVHUYDFLRQDO
FRPHQ]DURQ D YHUVH FRVDV TXH QXQFD DQWHV VH KDEtDQ YLVWR R VL VH KDEtDQ YLVWR QXQFD VH KDEtDQ
SRGLGR LQWHUSUHWDU (Q  -RKDQQ )ULHGULFK 0LHVFKHU  TXH QR VyOR HUD VXL]R VLQR
WDPELpQ TXtPLFR \ WUDEDMDED HQ XQ KRVSLWDO GH 7XELQJD DO VXGRHVWH GH $OHPDQLD DO TXH OOHJDEDQ
KHULGRV GH OD *XHUUD GH &ULPHD HPSH]y D HVWXGLDU OD VHFUHFLyQ TXH VH MXQWDED HQ ORV YHQGDMHV
5RPSLyFRQHQ]LPDVGLJHVWLYDVODPHPEUDQDFHOXODUGHORVJOyEXORVEODQFRVHQHOSXVGHODVKHULGDV
\ HQFRQWUy XQD VXVWDQFLD TXH FRQWHQtD IyVIRUR \ QLWUyJHQR KHFKD GH PROpFXODV HQ DSDULHQFLD PX\
JUDQGHV\TXHVHHQFRQWUDEDQHQHOLQWHULRUGHOQ~FOHRGHORVJOyEXORVEODQFRV/DOODPyQXFOHtQD
\ FRPR XQD GpFDGD PiV WDUGH VH FRPSUREy TXH WHQtD SURSLHGDGHV iFLGDV VH OD UHGHVLJQy FRPR
iFLGRQXFOHLFR
2PHMRUGLFKRiFLGRVQXFOHLFRVSRUTXHKDEtDGHGRVWLSRVXQRTXHFRQWHQtDHOD]~FDUULERVD
\ HO RWUR HO D]~FDU GHVR[LUULERVD < SRU OR WDQWR VH OODPDURQ iFLGR ULERQXFOHLFR $51 \ iFLGR
GHVR[LUULERQXFOHLFR $'1 0LHVFKHU QR DEDQGRQy VXV iFLGRV \ HQ  DLVOy SRU SULPHUD YH] HO
$'1GHOHVSHUPDGHXQVDOPyQ(UDQPROpFXODVJUDQGHVSHVDGDVJRPRVDVPROHVWDVHLQFOXVRSRFR
VLPSiWLFDV FRQ XQD LQGHVFLIUDEOH HVWUXFWXUD \ TXH HQ SULQFLSLR QR VHUYtDQ SDUD QDGD $ TXLpQ
SRGtDQLQWHUHVDUOHGRVDFLGXFKRVTXHSDUHFtDQHVWDUDKtVLQQLQJ~QPRWLYR"
+DEtDVLQHPEDUJRDOJRTXHUHVXOWDEDFXULRVRODFDQWLGDGGH$'1HQORVHVSHUPDWR]RLGHVHUD
ODPLWDGGHOTXHKDEtDHQODVFpOXODVQRUPDOHV&RVDUDUDHVFLHUWRSHURQDGDPiVSDUDXQDpSRFD
TXHWRGDYtDQRHVWDEDOLVWDSDUDLQWHUSUHWDUODLPSRUWDQFLDGHOKHFKR
(QXQELyORJRDOHPiQOODPDGR:DOWHU)OHPPLQJWUDEDMDQGRFRQODVFpOXODV
XWLOL]y WLQWXUD URMD \ YLR TXH VH DGKHUtD D XQDV WLULWDV TXH DSDUHFtDQ HQ HO Q~FOHR \ D ODV TXH
MXVWDPHQWHSRUVXFDSDFLGDGGHUHFLELUHOFRORUOODPyFURPDWLQDSRUFKURPRFRORUHQJULHJR<
TXHMXJDEDQHQDSDULHQFLDDOJ~QSDSHOLPSRUWDQWHHQHOSURFHVRGHODGLYLVLyQFHOXODUODFURPDWLQD
REVHUYyVHDJUXSDEDHQIRUPDGHILODPHQWRVTXHHPLJUDEDQDDPERVODGRVGHODFpOXODPLHQWUDVpVWD
VHHVWUHFKDEDSRUHOPHGLR\VHGLYLGtDHQGRVHVRDOPHQRVHUDORTXHVHYHtDHQHOPLFURVFRSLR
 2FKR DxRV PiV WDUGH HO ELyORJR DOHPiQ :LOKHOP YRQ :DOGH\HU  OODPy D ORV
ILODPHQWRVFURPRVRPDV\HQVHJXLGDVHSXGRFRPSUREDUTXHFDGDHVSHFLHWHQtDXQQ~PHURILMR\
HVSHFtILFRGHHVDHVSHFLHSRUHMHPSORHOKRPEUHWLHQHSDUHVHVGHFLUFURPRVRPDV3HUR
DGHPiVRKVRUSUHVDUHVXOWDEDTXHHQODVFpOXODVJHUPLQDOHVKDEtDH[DFWDPHQWHODPLWDG
$ SULQFLSLRV GHO VLJOR ;; HO URPSHFDEH]DV VH HVWDED DUPDQGR 3HUR SRU HO PRPHQWR WRGR
SHUPDQHFtDHQHOHVWUHFKRiPELWRGHORSXUDPHQWHREVHUYDFLRQDO

5HVXFLWDQODVOH\HVGH0HQGHO
/RVFDGDYH]PiVGHWDOODGRVHVWXGLRVHPStULFRVVREUHODVFpOXODVFRQIOX\HURQFRQODUHVXUUHFFLyQGH
ODV LQYHVWLJDFLRQHV GH 0HQGHO SRU SDUWH GH WUHV KRPEUHV DO PLVPR WLHPSR SDUD WUD]DU HO VLQXRVR
FDPLQRGHODJHQpWLFD
(Q ORV ~OWLPRV DxRV GHO VLJOR ;,; XQ ERWiQLFR KRODQGpV OODPDGR +XJR GH 9ULHV 
OOHYDED FHUFD GH YHLQWH DxRV FUX]DQGR XQ WLSR HVSHFLDO GH IORUHV \ VHSDUDQGR D DTXHOODV TXH
SUHVHQWDEDQDOJXQDSDUWLFXODULGDGOODPDWLYD'HVSXpVGHDOJXQDVJHQHUDFLRQHVHVWDV~OWLPDVKDEtDQ
VXIULGRORTXHpOOODPyPXWDFLRQHV\UHVXOWDEDQLPSRVLEOHVGHFUX]DUFRQODVRULJLQDULDV(UDOR
TXHKDEtDLPDJLQDGR'DUZLQDXQTXHVLQSRGHUGHPRVWUDUORH[SHULPHQWDOPHQWH
6XVFRQFOXVLRQHVVHSXEOLFDURQ VREUHHOILQDO GHO VLJORHQXQOLEURTXH FD\y HQ PDQRVGH.DUO
&RUUHQV  TXLHQ KDEtD FRPHQ]DGR D H[SHULPHQWDU FRQ DUYHMDV \ KDEtD OOHJDGR D
FRQFOXVLRQHV VLPLODUHV D ODV GH 0HQGHO $O UHYLVDU ORV DUFKLYRV GH VX PDHVWUR .DUO 1DHJHOL FX\R
SDSHOHQHVWDKLVWRULDOHVFRQWpXQSRFRPiVDUULEDVHWRSyFRQODFRUUHVSRQGHQFLDTXH0HQGHOOH
KDEtDHQYLDGR\FXDQGROH\yODREUDGH'H9ULHVUiSLGDPHQWHHQFRQWUyXQDVLPLOLWXGXQDHQRUPH
VLPLOLWXGFRQORVUHVXOWDGRVGHQXHVWURPRQMHDWDOSXQWRTXHDFXVyD'H9ULHVGHSODJLR
(OVXVRGLFKRWXYRTXHDFHSWDUTXHKDEtDOHtGRD0HQGHOSRFRDQWHVGHSXEOLFDUVXOLEUR\TXH
QR OR KDEtD FLWDGR SRUTXH QR VH KDEtD GDGR FXHQWD DXQTXH DVHJXUy TXH KDEtD OOHJDGR D ODV
FRQFOXVLRQHV SRU Vt PLVPR +D\D VLGR FRPR KD\D VLGR HQ ODV VLJXLHQWHV SXEOLFDFLRQHV UHFRQRFLy
H[SOtFLWDPHQWHODSULPDFtDGHODEDG
(OWHUFHUKRPEUHIXHHOERWiQLFRDXVWUtDFR(ULFKYRQ7VFKHUPDN7DPELpQpOUHDOL]y
H[SHULPHQWRV FRQ DUYHMDV \ WDPELpQ pO OOHJy D ODV PLVPDV FRQFOXVLRQHV TXH VX FRPSDWULRWD KDEtD
UHJLVWUDGR XQDV GpFDGDV DQWHV 0LHQWUDV HVFULEtD ORV UHVXOWDGRV GH VXV H[SHULPHQWRV 7VFKHUPDN
HQFRQWUyXQDUHIHUHQFLDDOWUDEDMRGH0HQGHOTXHOROOHYyDEXVFDUODREUD\UiSLGDPHQWHGHVFXEULy
TXH HO DEDG QR VyOR KDEtD OOHJDGR D ORV PLVPRV UHVXOWDGRV TXH pO VLQR TXH OR KDEtD VXSHUDGR (Q
ORVWUHVLQYHVWLJDGRUHVSXEOLFDURQXQDVXHUWHGHUHLYLQGLFDFLyQGHODREUDGHOPRQMH
/DVOH\HVGH0HQGHOH[SHULPHQWDURQXQDYHUGDGHUDUHVXUUHFFLyQ3HURDVt\WRGRVHJXtDQVLQGDU
QLQJXQDUHVSXHVWD\QLVLTXLHUDXQDSLVWDDFHUFDGHODQDWXUDOH]DGHORTXH0HQGHOKDEtDOODPDGR
IDFWRUHV KHUHGLWDULRV (O SULQFLSLR RUJDQL]DGRU \D HVWDED DKRUD HO DVXQWR HUD DYDQ]DU SDUD
GHVFULELUHVRV SDTXHWLWRVGHLQIRUPDFLyQTXHKDFtDQTXHXQD DUYHMDIXHUDYHUGHR DPDULOODTXHXQ
SiMDURWXYLHUDHOSLFRGHWDORFXDOIRUPDRTXHXQFKLFRIXHUDUXELRRPRURFKR\QRKXELHUDVLHPSUH
XQDUHJUHVLyQDOSURPHGLRFRPRWHPtD'DUZLQ
7RGRDSXQWDEDDORVFURPRVRPDVDOILQ\DOFDERFRPRORVIDFWRUHVKHUHGLWDULRVDSDUHFtDQGHD
SDUHV(QHOHVWDGRXQLGHQVH:DOWHU6XWWRQFXDQGRD~QHUDXQHVWXGLDQWHHVFULELy
XQ SDU GH WUDEDMRV TXH GDEDQ OD GHPRVWUDFLyQ PiV WHPSUDQD GH FyPR HV TXH ORV FURPRVRPDV
IXQFLRQDQGLYLGLpQGRVH\YROYLpQGRVHDMXQWDUHQXQLQGLYLGXRQXHYR\VXJLULyTXHHVWHPHFDQLVPR
SRGtD GDU FXHQWD GH ODV OH\HV PHQGHOLDQDV 3HUR KDEtD XQD REMHFLyQ FDVL GH VHQWLGR FRP~Q ORV
FURPRVRPDV HUDQ PX\ SRFRV  SDUHV FRPR UHFRUGDUiQ \ VL YHUGDGHUDPHQWH WUDQVSRUWDEDQ ORV
IDFWRUHVKHUHGLWDULRVGHORVUDVJRVWHQtDQTXHHVWDUVREUHFDUJDGtVLPRV
)DFWRUHV KHUHGLWDULRV OD WHUPLQRORJtD HPSH]DED D UHVXOWDU SHVDGD (O  GH MXOLR GH 
GXUDQWH OD  &RQIHUHQFLD GH +LEULGDFLyQ \ 5HSURGXFFLyQ GH 3ODQWDV VH DFHSWy OD SDODEUD
JHQpWLFDGHODSDODEUDJULHJDJHQRVTXHVLJQLILFDHQWUHRWUDVFRVDVJHQHUDFLyQFRPRQRPEUH
SDUDHOHVWXGLRGHORVIHQyPHQRVGHODKHUHQFLD\ODYDULDFLyQ\HQ:LOKHOP-RKDQQVHQ
XQILVLyORJRYHJHWDOGHFLGLyTXHORVIDFWRUHVKHUHGLWDULRVGHEHUtDQUHFLELUXQQXHYRQRPEUH\
ORVOODPyJHQHV

$SDUHFHQFDQGLGDWRVILUPHV
7RGRVFRUUtDQOD FDUUHUDHQ EXVFD GHHVRV JHQHVKDVWDHQWRQFHV LQYLVLEOHV<ODFRVDWUDQVFXUUtD
FRQFLHUWDYHUWLJLQRVLGDG+DFLDHODxR7KRPDV0RUJDQLQVWDXUyXQQXHYRPpWRGR
GH H[SHULPHQWDFLyQ FRQ PRVFDV GHO YLQDJUH FRPR VH FRQRFH KDELWXDOPHQWH D OD 'URVRSKLOD
PHODQRJDVWHU ELFKR TXH WLHQH OD YHQWDMD SDUD ORV LQYHVWLJDGRUHV SRU VXSXHVWR QR SDUD HOODV GH
KDFHUWRGRVXFLFORYLWDOGHVDUUROORUHSURGXFFLyQ\PXHUWHHQGRVVHPDQDV(UDXQDJUDQPHMRUD
FURQROyJLFDIUHQWHDODVDUYHMDVFRQODVFXDOHVFRQVHJXLUXQDQXHYDJHQHUDFLyQOOHYDEDPHVHV
0RUJDQHVWDEDVHJXURFRPRWDQWRVRWURVGHTXHORVFURPRVRPDVWHQtDQPXFKRTXHYHUFRQODV
OH\HVGHODKHUHQFLDSHURHUDREYLRTXHQRSRGtDQVHUHOORVPLVPRVORVIDFWRUHVKHUHGLWDULRVVLQR
TXHHQWRGRFDVRGHEtDQWUDQVSRUWDUJLJDQWHVFRVSDTXHWHVGHHVRVIDFWRUHV$HVRVVHJPHQWRVGHORV
FURPRVRPDV TXH HIHFWLYDPHQWH HVWDEDQ HQFDUJDGRV GH DOPDFHQDU OD LQIRUPDFLyQ KHUHGLWDULD ORV
OODPyVLJXLHQGRODWHUPLQRORJtDGH-RKDQQVHQJHQHV
+HUPDQ0OOHU  ELyORJR HVWDGRXQLGHQVH VH GHGLFDEDPLHQWUDV WDQWR D SUHJXQWDUVH
FyPRHVTXHVLVyORVHKHUHGDQUDVJRVSDWHUQRV\PDWHUQRVFDGDWDQWRSXHGHQDSDUHFHUPXWDFLRQHV
TXHQRWLHQHQDQWHFHGHQWHVHQODHVSHFLH(QWUDVQXPHURVRVH[SHULPHQWRVHQORVTXHLUUDGLDED
ORV FURPRVRPDV FRQ UD\RV ; FRQFOX\y TXH ODV PXWDFLRQHV TXH VH REVHUYDQ KDELWXDOPHQWH VRQ
SURGXFWRGHXQDDOWHUDFLyQDOHDWRULDHQORVJHQHVFX\DVFRQVHFXHQFLDVQRVHSXHGHQSURQRVWLFDUDO
PHQRVKDVWDHVHPRPHQWR
3RU RWUD SDUWH HQWUH  \  -DPHV 6XPQHU  \ -RKQ 1RUWKURS 
H[SOLFDURQ TXH WRGDV ODV HQ]LPDV UHVSRQGHQ D ODV OH\HV GH OD TXtPLFD \ TXH QR VRQ RWUD FRVD TXH
SURWHtQDVTXHSHUPLWHQODSURGXFFLyQGHRWUDVSURWHtQDVFRQGLVWLQWDVIXQFLRQHVSDUDODYLGD
/DVSURWHtQDVXQDVXHUWHGHFRPRGtQELROyJLFRHUDQFRQVLGHUDGDVSRUWRGRHOPXQGRFRPRODV
PHMRUHVFDQGLGDWDVSDUDVHUORVJHQHVORVPHQVDMHURVGHODKHUHQFLD)UHGHULFN*ULIILWK
OOHJy D HVD FRQFOXVLyQ DO LQWHQWDU DLVODU HO SULQFLSLR JUDFLDV DO FXDO OD LQIRUPDFLyQ GH ODV FpOXODV
SXHGHLQWHUFDPELDUVH\ORFLHUWRHVTXHVLHQHVHPRPHQWRKXELHUDKDELGRXQDHOHFFLyQODVSURWHtQDV
KXELHUDQJDQDGRSRUJROHDGD
< HQWRQFHV YLQR XQ DOXPQR GH *ULIILWK HO FDQDGLHQVH 2VZDOG $YHU\  \ PDQGy D
SDUDU&RQODLQWHQFLyQGHSUREDUFRPRORKDEtDQKHFKR6XPQHU\1RUWKURSFRQODVHQ]LPDVTXHORV
JHQHVQRHUDQPiVTXHSURWHtQDVKL]RHOH[SHULPHQWRGHFLVLYRHQDLVOyH[WUDFWRVGHFpOXODV\
FRPHQ]y D VHSDUDU SURWHtQDV OtSLGRV iFLGRV QXFOHLFRV \ RWURV D ILQ GH YHU FXiO HUD HO SULQFLSLR
IXQGDPHQWDO TXH SHUPLWtD VHJXLU UHSURGXFLpQGRVH D OD EDFWHULD TXH HVWXGLDED 7UDEDMDED FRQ
QHXPRFRFRVORVFDXVDQWHVGHODQHXPRQtD<DTXtYLHQHHODVXQWRSRUTXHKDEtDGRVFHSDVXQDHUD
VXDYH URGHDGD SRU XQD FiSVXOD SURWHFWRUD OD RWUD UXJRVD VLQ FiSVXOD 3RU DOJXQD UD]yQ ODV
EDFWHULDVUXJRVDVQRSRGtDQVLQWHWL]DUODFiSVXOD$YHU\OHDJUHJyDODFHSDUXJRVDXQH[WUDFWRGHOD
VXDYH LQVWDQWiQHDPHQWH ODV UXJRVDV HPSH]DEDQ D IDEULFDU OD FiSVXOD 2EYLDPHQWH HO H[WUDFWR
WUDQVSRUWDED ODV LQVWUXFFLRQHV SDUD IDEULFDUOD HV GHFLU FRQGXFtD OD LQIRUPDFLyQ JHQpWLFD TXH OH
LQGLFDED D OD FpOXOD UXJRVD FyPR HQFDSVXODUVH $Kt WHQtDQ TXH HVWDU ODV DQVLDGDV SURWHtQDV TXH
VXSXHVWDPHQWHDFDUUHDEDQODLQIRUPDFLyQ
(UDXQPRPHQWRYLWDOSDUDHOGHVDUUROORGHODWHRUtDELROyJLFDXQRGHHVRVPRPHQWRVGHVWLQDGRV
DPDUFDUXQDQWHV\XQGHVSXpVHQHOiPELWRFLHQWtILFR\HVOyJLFRTXH$YHU\VHSXVLHUDDEXVFDUFRQ
DIiQ \ DQVLHGDG GHQWUR GH HVH H[WUDFWR TXH GDED OD SDXWD SDUD IDEULFDU OD FiSVXOD (O SUREOHPD HV
TXH SRU PiV TXH KXUJy QR KDEtD DOOt QLQJXQD SURWHtQD +DEtD HVR Vt iFLGRV QXFOHLFRV /D
FRQFOXVLyQHVWDEDDODYLVWDQRHUDQODVSURWHtQDVVLQRODVYLHMDV\TXHULGDVPROpFXODVGH0LHVFKHU
HO$51\HO$'1HVDVLQ~WLOHVORVYHKtFXORVGHODLQIRUPDFLyQKHUHGLWDULD
(PSH]DEDXQDQXHYDpSRFD
(ODVDOWRILQDOODGREOHKpOLFH
6DELHQGRTXHHOVHFUHWRGHODKHUHQFLDVHHQFHUUDEDHQHO$51\HO$'1HQHOHVWDGRXQLGHQVH
-DPHV :DWVRQ Q  \ HO EULWiQLFR )UDQFLV &ULFN  TXH OOHJDUtDQ D VHU GRV GH ORV
FLHQWtILFRVPiVUHFRQRFLGRVGHOVLJOR;;VHSUHSDUDURQSDUDHODVDOWRILQDOGHWHFWDUODHVWUXFWXUDGHO
$'1
(OPRGHORTXHILQDOPHQWHIDEULFDURQLQGLFDEDXQDHVWUXFWXUDHQHVSLUDOGHGRVWLUDVFDGDWLUDHV
XQD ODUJD FDGHQD GH IRVIDWRV GH ORV FXDOHV FXHOJDQ D]~FDUHV \ EDVHV FDGD SDU D]~FDUEDVH HV XQ
QXFOHyWLGR+D\VyORFXDWURQXFOHyWLGRVGLIHUHQWHVVHJ~QODEDVHTXHFRQWHQJDQHOD]~FDUHVVLHPSUH
HOPLVPR/DVGRVWLUDVGHODGREOHKpOLFHSRUVXSDUWHHVWiQXQLGDVSRUKLGUyJHQRV&XDQGROOHJD
HOPRPHQWRGHODUHSURGXFFLyQDPEDVWLUDVVHVHSDUDQ\FDGDXQDIDEULFDXQDUpSOLFDGHVtPLVPD
:DWVRQ\&ULFNFUH\HURQTXHODVWLUDVSULQFLSDOHVHVWDEDQVHSDUDGDV\TXHFDGDXQDVHUYtDFRPR
PROGH SDUD OD IRUPDFLyQ GH RWUDV PROpFXODV (VWH SURFHVR FRPSOHMR GH FRSLDGR H[SOLFDED OD
UHSOLFDFLyQGHORVJHQHV\HYHQWXDOPHQWHGHWRGRHOFURPRVRPD
/DVFDGHQDVGH$'1WLHQHQODIRUPDGHXQDHVFDOHUDHQURVFDGD6LWRPiUDPRVWRGDVODVFDGHQDV
TXHVHHQFXHQWUDQHQXQDVRODFpOXODKXPDQD\ODVXQLpUDPRVREWHQGUtDPRVXQFRUGyQGHFHUFDGH
GRVPHWURVGHODUJR\GHPLOPLOORQpVLPDVGHFHQWtPHWURVGHDQFKR
/RV ODWHUDOHV HVWiQ KHFKRV GH JUXSRV GH D]~FDU \ IRVIDWR DOWHUQDGRV /RV HVFDORQHV HVWiQ
IRUPDGRV SRU QXFOHyWLGRV EDVHV QLWURJHQDGDV GH $GHQLQD *XDQLQD &LWRVLQD R 7LPLQD D ODV TXH
SDUDIDFLOLWDUVHOODPD$*&\73RUVXVFDUDFWHUtVWLFDVTXtPLFDVOD$VyORVHSXHGHXQLUFRQOD7
\OD*FRQOD&ORFXDOQRGHMDWDQWDVRSFLRQHVGHFRPELQDFLRQHV
7RGDODLQIRUPDFLyQKHUHGLWDULDTXHHVSHFLILFDODVFDUDFWHUtVWLFDVGHXQLQGLYLGXRHVWiFRQWHQLGD
HQORVJHQHV\ORVJHQHVQRVRQVLQRWUR]RVGHiFLGRGHVR[LUULERQXFOHLFR$'1/RLPSUHVLRQDQWHHV
TXHFRQDSHQDVFXDWURQXFOHyWLGRVFRPRVLIXHUDQODVOHWUDVGHXQDOIDEHWRPtQLPRVHHVFULEHQWRGDV
ODVLQVWUXFFLRQHVQHFHVDULDVSDUDODPDWHULDYLYLHQWHGHVGHORVYLUXVDORVHOHIDQWHVHQVHFXHQFLDV
FRPR$7*7*$*****TXHHVSHFLILFDQODIRUPDHQTXHFDGDFpOXODIDEULFDSURWHtQDV
/D ORQJLWXG GH ORV JHQHV HV YDULDEOH VHJ~Q OD HVSHFLH \ OD IXQFLyQ SXHGH LU GH XQRV SRFRV
FLHQWRVDYDULRVPLOHVGHQXFOHyWLGRVVHJXLGRVTXHVHDSULHWDQHQPXFKRPHQRVTXHXQDPLOpVLPDGH
PLOtPHWUR8QDVHxDOXQDFLHUWDFRPELQDFLyQGHQXFOHyWLGRVHQODKHEUDLQGLFDTXHHOJHQFRPLHQ]D
XQD VHJXQGD VHxDO DQXQFLD TXH HPSLH]D HO PHQVDMH JHQpWLFR HV GHFLU OD VXFHVLyQ GH QXFOHyWLGRV
UHOHYDQWHSDUDODIDEULFDFLyQGHXQDGHWHUPLQDGDSURWHtQDKDVWDTXHXQDWHUFHUDVHxDODQXQFLDHOILQ
GHOPHQVDMH8QD~OWLPDVHxDOLQIRUPDDTXLHQFRUUHVSRQGDTXHDOOtWHUPLQDHOJHQ
3XHGHSDUHFHULQFUHtEOHSHURHQHVDVVHFXHQFLDVHVWiODLQIRUPDFLyQTXHSHUPLWHTXHVHIRUPHXQ
RMR HQ WRGD VX FRPSOHMLGDG TXH VH SURGX]FDQ MXJRV JiVWULFRV R TXH LQGLFD OD IRUPD HQ TXH XQD
QHXURQDGHEHFRQWDFWDUVHFRQRWUDVSDUDSRUHMHPSOROHHUHVWDVOtQHDV(VXQUHFHWDULRSDUDFUHDU
SURWHtQDVTXHVHFRPELQDQHQXQDFRPSOHMLGDGSDVPRVD(VPXFKDLQIRUPDFLyQ\FDGDFpOXODODWLHQH
DEVROXWDPHQWHWRGDSRUTXHGHKHFKRQXHVWURFXHUSRHQWHURSURYLHQHGHXQDVRODFpOXODIRUPDGDSRU
ODXQLyQGHXQyYXOR\XQHVSHUPDWR]RLGHTXHVXIULyPLOORQHVGHGLYLVLRQHVFHOXODUHV
(OWUDEDMRGH:DWVRQ\&ULFNQRIXHXQILQDOVLQRXQFRPLHQ]RFRQHOWLHPSRVHIXHUHYHODQGROD
JUDQ FXHVWLyQ SHQGLHQWH TXH FRQVLVWtD HQ GHWHUPLQDU GH TXp PDQHUD HO RUGHQ GH ODV XQLGDGHV TXH
FRPSRQHQ HO $'1 UHFXHUGHQ $7&* SRGtD HVSHFLILFDU OD VHFXHQFLD GH DPLQRiFLGRV HQ XQD
SURWHtQD(OPHFDQLVPRKDOODGRDVRPEUDSRUORPDUDYLOORVR'LFKRGHPDQHUDVLPSOtVLPDHO$'1
RPHMRUXQDSDUWHGHO$'1FRUUHVSRQGLHQWHDXQRRYDULRVJHQHVVHFRSLDHQXQDPROpFXODGHiFLGR
ULERQXFOHLFR$51TXHVHOODPD$51PHQVDMHUR(VWH$51PHQVDMHURVDOHGHOQ~FOHR\HVOOHYDGR
DORVULERVRPDVXQRVSHTXHxRVRUJiQXORVTXHVHHQFXHQWUDQHQHOFLWRSODVPDGHODFpOXODGRQGHHV
OHtGR\VHHQVDPEODQORVDPLQRiFLGRVTXHIRUPDUiQODVSURWHtQDV

5HSURGXFFLyQ\HYROXFLyQODWHRUtDVLQWpWLFD
5HFLpQFRQHOGHVDUUROORGHODWHRUtDFURPRVyPLFDTXHH[SOLFDODKHUHQFLD\ODJHQpWLFDHQJHQHUDO
VH HODERUy HQ OD GpFDGD GHO WUHLQWD OD JUDQ VtQWHVLV QHRGDUZLQLDQD TXH GLR DO HYROXFLRQLVPR SRU
VHOHFFLyQQDWXUDOXQDVROLGH]DEVROXWDPHQWHLQGLVFXWLEOH
/DIXQGDFLyQGHODJHQpWLFDHFKyXQDQXHYDOX]VREUHHOGDUZLQLVPRVLORVFDUDFWHUHVSDVDQGH
JHQHUDFLyQHQJHQHUDFLyQPHGLDQWHXQLGDGHVGHKHUHQFLDGLVFUHWDVFRPRORVJHQHVHOSXQWRRVFXUR
GH OD WHRUtD GH 'DUZLQ TXHGDED DFODUDGR /RV JHQHV VXIUHQ FDGD WDQWR OHYHV FDPELRV DO D]DU
PXWDFLRQHV TXH LPSOLFDQ SHTXHxDV PRGLILFDFLRQHV GH ORV UDVJRV TXH WUDQVSRUWDQ &XDQGR VH
SURGXFH OD PH]FOD GH SRUWDGRUHV GH FDUDFWHUHV EXHQRV \ PDORV FRQ WRGDV ODV VDOYHGDGHV GHO
FDVR UHFXHUGHQ TXH QR KD\ FDUDFWHUHV EXHQRV R PDORV GH PDQHUD DEVROXWD VLQR TXH GHSHQGHQ
VLHPSUHGHOFRQWH[WRpVWRVQRVHPH]FODQHQODGHVFHQGHQFLDVLQRTXHDSDUHFHQSXURVHQHOQXHYR
LQGLYLGXR /D VHOHFFLyQ QDWXUDO GHVHFKD D ORV SRUWDGRUHV GH JHQHV FRQ PRGLILFDFLRQHV PDODV \
FRQVHUYDDORVTXHWLHQHQJHQHVEXHQRVH[SDQGLHQGRGHHVWDPDQHUDHVWRV~OWLPRVJHQHVTXHVt
VHUHSURGXFHQ$VtFRQODJXtDDSRUWDGDSRUODJHQpWLFD\QRVLQGXURWUDEDMRHQWUH\
VH HODERUy OD 7HRUtD 6LQWpWLFD R VtQWHVLV QHRGDUZLQLDQD TXH QXHYDPHQWH GLR XQD H[SOLFDFLyQ
DFDEDGDGHODHYROXFLyQQDWXUDOPHGLDQWHORVPHFDQLVPRVPHQGHOLDQRVGHODKHUHQFLD\TXHXQRGH
VXV QRWRULRV FRQVWUXFWRUHV 7KHRGRVLXV 'RE]KDQVN\  UHVXPLy DVt (YROXFLyQ HV XQ
FDPELRHQODFRPSRVLFLyQJHQpWLFDGHODVSREODFLRQHV&RQODQXHYDVtQWHVLVRWUDYH]SDUHFLyTXH
HOSUREOHPDGHODHYROXFLyQHVWDEDWHUPLQDGR\TXHORVSUREOHPDVUHVWDQWHVVHUtDQVROXFLRQDGRVSRU
ODQXHYDJHQpWLFDGHSREODFLRQHV

,QWHUYDORVLQLHVWURHOFDVR/\VHQNR

$OFRPSiVGHODFRUGHyQ
FDQWRHQKRQRUGHOJUDQ/\VHQNR

*UDFLDVDVXVHQVHxDQ]DV
VHPEUDPRV\UHFRJHPRVHOWULJR
\KHPRVHFKDGRDOPDOWLHPSRGHORVFDPSRV
WUDEDMDQGRGXURHQHOORV

7RGRPLHPEURGHODVJUDQMDVFROHFWLYDV
 HVWiRUJXOORVRGHOJUDQ/\VHQNR
TXHHQVHxDDWRGRHOSDtV
FyPRFXOWLYDUXQMDUGtQ

+D\XQDILHVWDHQODQDWXUDOH]D
TXHFUX]DWRGRHOSDtV
\KDUiIUXFWLILFDU
ODYLGDGHOD8QLyQ6RYLpWLFD

$OFRPSiVGHODFRUGHyQ
FDQWRHQKRQRUGHOJUDQ/\VHQNR

(OFDQWRGHONROMyVOHWUDGH$6$/1,.29$
P~VLFDGH.0$6$/,7$,129$FDQFLyQGHORV
WLHPSRVGH6WDOLQHQKRQRUGH/\VHQNR

eVWDHVXQDKLVWRULD WUiJLFD'HODPLVPDPDQHUDTXHHO MXLFLRD *DOLOHRHQ HOVLJOR ;9,,HO FDVR

/\VHQNR PXHVWUD HQ HO ;; ODV QHIDVWDV \ H[SORVLYDV FRQVHFXHQFLDV GH OD PH]FOD HQWUH FLHQFLD
SROtWLFD H LQWROHUDQFLD (Q IHEUHUR GH  HQ SOHQD pSRFD HVWDOLQLVWD \ GXUDQWH HO 6HJXQGR
&RQJUHVR 6RYLpWLFR GH *UDQMDV &ROHFWLYDV GH OD 8566 XQ WDO 7UyILP 'HQLVRYLFK /\VHQNR KDEOy \
GHQXQFLy D ORV JHQHWLVWDV TXH WUDEDMDEDQ FLHQWtILFDPHQWH \ FRQ ULJRU PHQGHOLDQR GLFLHQGR TXH HUDQ
HQHPLJRV GHO SXHEOR (O PLVPtVLPR 6WDOLQ TXH HVWDED SUHVHQWH LQWHUUXPSLy HO GLVFXUVR \ JULWy
%UDYR FDPDUDGD /\VHQNR EUDYR )XH VXILFLHQWH $ SDUWLU GH HVH PRPHQWR /\VHQNR LQLFLy XQ
DVFHQVR PHWHyULFR TXH OH SHUPLWLy WUDQVIRUPDUVH GXUDQWH WUHLQWD DxRV HQ HO GLFWDGRU GH OD ELRORJtD
VRYLpWLFD<XQGLFWDGRUQDGDEODQGRSRUFLHUWR
4XLpQHUD/\VHQNR"8QELyORJRGHOPRQWyQTXHHQORVDxRVYHLQWHVHKDEtDLQWHUHVDGRSRUOD
DGDSWDFLyQGHFLHUWDVYDULHGDGHVGHSODQWDVDFOLPDVULJXURVRV(QGLYHUVRVDUWtFXORVDVHJXUyKDEHU
REWHQLGRIDEXORVRVUHQGLPLHQWRVSRUKHFWiUHD\UHFODPyTXHVHH[WHQGLHUDQVXVQXHYRVPpWRGRVDO
FRQMXQWRGHODDJULFXOWXUDDQWHHOHVFHSWLFLVPRGHORVELyORJRVVRYLpWLFRVTXHFXHVWLRQDEDQHOULJRU
GH VX PHWRGRORJtD OD YHUDFLGDG GH VXV FLIUDV R OD WHPHUDULD DILUPDFLyQ GH TXH XQ H[SHULPHQWR D
HVFDOD UHGXFLGD SXGLHUD JHQHUDOL]DUVH D XQ WHUULWRULR WDQ YDVWR \ FRPSOHMR FRPR HO GH OD 8566
2WURVVLPSOHPHQWHORLJQRUDEDQ
3HUR/\VHQNRHQWUHWDQWRQRVHTXHGyFRQHOUHVXOWDGRGHVXVH[SHULPHQWRV(QWUH\
HODERUyXQDWHRUtDGHODKHUHQFLDTXHQHJDEDWRGRVORVSULQFLSLRVGHODJHQpWLFDPHQGHOLDQD6HJ~Q
/\VHQNR ORV JHQHV QR H[LVWtDQ \ OD WUDQVPLVLyQ KHUHGLWDULD HUD XQD SURSLHGDG JHQHUDO LQWHUQD GH OD
PDWHULDYLYDTXHQRQHFHVLWDGHQLQJ~QPHFDQLVPRHVSHFLDO/DLQWHQFLyQHUDFODUDYROYHUDOD\D
UHIXWDGDWHRUtDODPDUFNLDQDVHJ~QODFXDOORVFDUDFWHUHVDGTXLULGRVSRUDGDSWDFLyQDOPHGLRDPELHQWH
SXHGHQVHUWUDQVPLWLGRVDODGHVFHQGHQFLD
/DFLHQFLDVRYLpWLFDUHDFFLRQy\FRQXQDFDWDUDWDGHWUDEDMRVUHIXWyODVWHVLVGH/\VHQNR/RFXDO
QR KXELHUD VLGR PiV TXH XQD PHUD SROpPLFD HQWUH WDQWDV VL VH UHFXHUGD TXH HQ DTXHOORV DxRV OD
JHQpWLFD DXQTXH \D ELHQ HVWDEOHFLGD QR WHQtD D~Q HO IRUPLGDEOH DSDUDWR GH OD ELRORJtD PROHFXODU
SDUDUHVSDOGDUOD3HURHQHOPHGLRVHLPSXVRHODSR\RH[SOtFLWRGH6WDOLQDODVLQQRYDFLRQHVGH
GRQ/\VHQNR\XQDVLPSOHFRQWURYHUVLDDFDGpPLFDVHFRQYLUWLyHQXQDVDQJULHQWDWUDJHGLD
(QXQDUHYLVWDGLULJLGDSRU/\VHQNRDFXVyFRQQRPEUH\DSHOOLGRDPXFKRVJHQHWLVWDVGH
EXMDULQLVWDV\WURWVNLVWDV%XMDULQDFDEDEDGHVHUHMHFXWDGRSRFRDQWHV(QIHEUHURGH/\VHQNR
IXH QRPEUDGR SUHVLGHQWH GH OD $FDGHPLD 1DFLRQDO GH &LHQFLDV $JUtFRODV 6X SRGHU FUHFLy
LQLQWHUUXPSLGDPHQWHFRQHODSR\RH[SOtFLWRGH6WDOLQTXHHUDVXDUGLHQWHSDUWLGDULRDSHVDUGHORV
IUDFDVRV TXH OD DSOLFDFLyQ GH ODV WHVLV O\VHQNLDQDV SURGXFtD XQD \ RWUD YH] HQ OD DJULFXOWXUD \ TXH
HUDQVLVWHPiWLFDPHQWHDWULEXLGRVDVDERWHDGRUHVFRQODFRQVLJXLHQWHRODGHGHQXQFLDV\DUUHVWRV
%XHQD SDUWH GH OD SODQD PD\RU GH OD ELRORJtD VRYLpWLFD IXH HOLPLQDGD 1 9 $JRO DFXVDGR GH
WURWVNLVWD IXH HMHFXWDGR /HYLWW IXH DUUHVWDGR WDPELpQ \ PXULy SURQWR HQ SULVLyQ 1LNRODL ,YDQRYLFK
9DYLORY XQR GH ORV ERWiQLFRV PiV HPLQHQWHV GH VX WLHPSR IXH HQYLDGR D OD FiUFHO HQ  \
FRQGHQDGR D PXHUWH $XQTXH OD VHQWHQFLD IXH SRVSXHVWD 9DYLORY PXULy HQ  HQ OD SULVLyQ GH
6DUDWRY
(QXQGHFUHWRGHO0LQLVWHULRGH(GXFDFLyQRUGHQDEDODDEROLFLyQGHWRGRVORVFXUVRVVREUH
JHQpWLFD PHQGHOLDQD OD HOLPLQDFLyQ GH WRGRV ORV SUR\HFWRV GH LQYHVWLJDFLyQ TXH WXYLHUDQ HVD
RULHQWDFLyQ OD HUUDGLFDFLyQ GH ORV OLEURV TXH OD DSR\DUDQ \ OD UHRUJDQL]DFLyQ GH WRGRV ORV
GHSDUWDPHQWRVGHFLHQFLDVELROyJLFDVGHODVXQLYHUVLGDGHVGHVWLWX\HQGRDORVELyORJRVPHQGHOLDQRV
\ UHHPSOD]iQGRORV SRU O\VHQNLVWDV \ HVWR RFXUUtD VyOR FLQFR DxRV DQWHV GH TXH :DWVRQ \ &ULFN
GHVFLIUDUDQODHVWUXFWXUDGHO$'1
'HVGHKDVWD/\VHQNRUHLQyVREHUDQRHQODELRORJtD\ODDJULFXOWXUDVRYLpWLFDV\DTXH
WUDVODPXHUWHGH6WDOLQ.UXVKRYWDPELpQOHSUHVWyVXDSR\RSDUDGHVHVSHUDFLyQGHVXKLMR6HUJXHL
1LNtWLFK.UXVKRYTXHHUDFLHQWtILFRDHURQiXWLFR\QRGHMDEDGHGHFLUOHDVXSDGUHTXHHOO\VHQNLVPR
HUDXQGLVSDUDWHVLQQLQJXQDEDVHUDFLRQDO/DLQYHVWLJDFLyQ\HOGHVDUUROORHQXQDGHODVUDPDVPiV
GLQiPLFDV GH OD FLHQFLD FRQWHPSRUiQHD OHQWDPHQWH IXH GHVOL]iQGRVH DO PDUDVPR \ ILQDOPHQWH VH
GHWXYRFRQVXVOyJLFDVFRQVHFXHQFLDVHQODDJULFXOWXUDHQSRUSULPHUDYH]HQVXKLVWRULDOD
8QLyQ6RYLpWLFDGHELyLPSRUWDUJUDQRVSDUDDOLPHQWDUDVXSREODFLyQ
(OGHVDVWUHDJUtFRODTXHHOO\VHQNLVPRSURGXMRHQOD8QLyQ6RYLpWLFDQRIXHSDUDQDGDDMHQRDOD
FDtGD GH .UXVKRY HO  GH RFWXEUH GH  (O UHWUDVR FLHQWtILFR HQ XQ iUHD FHQWUDO FRPR OD
ELRWHFQRORJtDIXHWDOTXHODHQWRQFHV8QLyQ6RYLpWLFDQXQFDSXGRUHFXSHUDUHOWLHPSRSHUGLGR

(OSUR\HFWRJHQRPDKXPDQR
3HURYROYDPRVDKDEODUGHFRVDVIHOLFHV(OGHVDUUROORGHODJHQpWLFDIXHHVSHFWDFXODU\HQHODxR
 QDFLy HO DPELFLRVR 3UR\HFWR *HQRPD +XPDQR 3*+ XQ SURJUDPD LQWHUQDFLRQDO
RULJLQDULDPHQWHGLULJLGRSRU-DPHV:DWVRQGHVWLQDGRDGHWHUPLQDUODVHFXHQFLDFRPSOHWDGHSDUHV
GH EDVHV TXtPLFDV TXH FRPSRQHQ HO $'1 KXPDQR HV GHFLU FDUWRJUDILDU OD WRWDOLGDG GH QXHVWUD
LQIRUPDFLyQJHQpWLFD
,QLFLDOPHQWHVHWUDWyGHXQHPSUHQGLPLHQWRS~EOLFRTXHVHGHVDUUROODEDHQFHQWURVS~EOLFRVGH
LQYHVWLJDFLyQ \ XQLYHUVLGDGHV SHUR D SDUWLU GH  HQWUDURQ HQ FDUUHUD HPSUHVDV SULYDGDV FRPR
&HOHUD *HQRPLFV FUHDGD HQ  SRU HO ELyORJR HVWDGRXQLGHQVH &UDLJ 9HQWHU TXH RFXOWiQGRVH
GHWUiVGHODLQWHQFLyQGHSRQHUHQPDUFKDXQQXHYRPpWRGRGHVHFXHQFLDPLHQWRPXFKRPiVUiSLGR
UHYHOyILQDOPHQWHVXLQWHQFLyQGHSDWHQWDUJHQHVORFXDOGHVDWyXQDYHUGDGHUDEDWDOODHFRQyPLFD\
pWLFDHQWUHTXLHQHVVRVWHQtDQTXHODLQIRUPDFLyQWHQtDTXHVHUGHDFFHVRS~EOLFR\ORVHPSUHVDULRV
TXH DERJDEDQ SRU XQ DFFHVR UHVWULQJLGR \ HVWDEDQ GHFLGLGRV D UHFXSHUDU HO WLHPSR \ HO GLQHUR
LQYHUWLGRV
)LQDOPHQWH FRQ HO DFXHUGR GH DPERV JUXSRV HQ MXQLR GH  VH GLR D FRQRFHU XQ ERUUDGRU
LQLFLDO GHO JHQRPD 8Q DxR PiV WDUGH WDPELpQ DPERV JUXSRV SXEOLFDURQ LQIRUPHV HQ ODV UHYLVWDV
1DWXUH \ 6FLHQFH GRQGH UHYHODEDQ OD VHFXHQFLD GHO JHQRPD \ ILQDOPHQWH HQ DEULO GH  HO
1+*5,1DWLRQDO+XPDQ*HQRPH5HVHDUFK,QVWLWXWH\HO'HSDUWDPHQWRGH(QHUJtDGHORV(VWDGRV
8QLGRVDQXQFLDURQRILFLDOPHQWHODWHUPLQDFLyQH[LWRVDGHO3*+(QXQDUWtFXORSXEOLFDGRHQ1DWXUH
HOGHDEULOGHMXVWRFXDQGRVHFXPSOtDQFLQFXHQWDDxRVGHODFRPXQLFDFLyQGHODHVWUXFWXUD
GHO$'1UHDOL]DGDSRU:DWVRQ\&ULFNSUHVHQWDURQORTXHGHQRPLQDURQXQDYLVLyQSDUDHOIXWXURGH
OD LQYHVWLJDFLyQ VREUH HO JHQRWLSR 9HQWHU SRU VX SDUWH GHELy DGPLWLU TXH OD LQIRUPDFLyQ IXHUD
RIUHFLGD DO GRPLQLR S~EOLFR 'H KHFKR ORV GDWRV GH OD VHFXHQFLD JHQHUDGRV SRU HO 3*+ IXHURQ
GHSRVLWDGRVHQEDVHVGHGDWRVS~EOLFRV\SXHVWRVDGLVSRVLFLyQGHORVFLHQWtILFRVGHWRGRHOPXQGR
VLQUHVWULFFLRQHVHQFXDQWRDVXXVRRUHGLVWULEXFLyQ
(O VHFXHQFLDPLHQWR GHO JHQRPD JHQHUy DOJXQDV VRUSUHVDV VL ELHQ VH FUHtD TXH HVWiEDPRV
FRQIRUPDGRVSRUDOUHGHGRUGHPLOJHQHVUHVXOWyTXHQRSRVHHPRVPiVTXHXQRVPLOXQYDORU
QRPX\OHMDQRGHORVTXHSRVHHQDOJXQRVJXVDQRV3RURWUDSDUWHODHYLGHQFLDPRVWUyTXHODHVSHFLH
+RPRVDSLHQVVHJ~QODVHYLGHQFLDVDUTXHROyJLFDV\JHQpWLFDVWXYRXQ~QLFRRULJHQHQIULFD\GH
DOOtVHGLVSHUVyDRWUDVUHJLRQHVGHOSODQHWD4XHGyGHPRVWUDGRDOPLVPRWLHPSRTXHORVJHQHVTXH
GHWHUPLQDQ FLHUWDV FDUDFWHUtVWLFDV SXHGHQ VHU PX\ GLIHUHQWHV HQWUH GRV SHUVRQDV FX\RV UDVJRV
H[WHUQRV KDFHQ TXH VHDQ FRQVLGHUDGRV GH OD PLVPD UD]D GRV LQGLYLGXRV TXH SHUWHQHFHQ D GLVWLQWDV
UD]DV SXHGHQ SUHVHQWDU PiV VLPLOLWXG JHQpWLFD HQ FLHUWDV FDUDFWHUtVWLFDV TXH GRV SHUVRQDV TXH
SHUWHQHFHQDODPLVPD/RFXDOIHOL]PHQWHWUDQVIRUPyHQREVROHWRHOFRQFHSWRGHUD]D
(OVHFXHQFLDPLHQWRGHO$'1SODQWHyREYLDPHQWHQXHYRVGHVDItRV8QRGHHOORVSRUHMHPSOR
IXH HO GHO GHQRPLQDGR $'1 EDVXUD (Q XQ SULQFLSLR VH SXVR HQ HYLGHQFLD TXH VyOR HO  SRU
FLHQWRGHO$'1WRWDOHVWiFRQVWLWXLGRSRUJHQHVHVGHFLUSRUVHFXHQFLDVTXHFRQWLHQHQFODYHVSDUDOD
IDEULFDFLyQGHSURWHtQDVHOUHVWRQRHVPiVTXHXQDVXFHVLyQGHOHWUDVHQDSDULHQFLDVLQVHQWLGR
TXH VHJ~Q VH SHQVDED QR VHUYtD SDUD QDGD (UD XQ GDWR DOJR LQFyPRGR SHUR OD LQYHVWLJDFLyQ
FLHQWtILFD SDUHFtD FRQILUPDUOR XQD EXHQD SDUWH GHO $'1 HVD PROpFXOD FHQWUDO SDUD OD YLGD HUD
DEVROXWDPHQWHLQ~WLO6LQHPEDUJRXQLQIRUPHGHUHDOL]DGRSRUXQSUR\HFWRLQWHUQDFLRQDOTXH
LQYROXFUDDPiVGHFLHQWtILFRV(1&2'(UHYHOyTXHXQSRUFHQWDMHLPSRUWDQWHGHHVHFRQMXQWR
DSDUHQWHPHQWHLQ~WLODOPHQRVHOSRUFLHQWRFXPSOHXQSDSHOFHQWUDODODKRUDGHGHWHUPLQDUHO
FRPSRUWDPLHQWR GH ODV FpOXODV ORV yUJDQRV \ RWURV WHMLGRV IXQFLRQDQ FRPR XQD VXHUWH GH
LQWHUUXSWRUHV TXH DFWLYDQ R GHVDFWLYDQ D ORV JHQHV \ FX\R PDO IXQFLRQDPLHQWR SXHGH VHU
UHVSRQVDEOHGHHQIHUPHGDGHVFRQRFLGDV
(QILQFRPRRFXUULyHQVXPRPHQWRFRQODPLFURELRORJtDGH3DVWHXU\.RFKODJHQpWLFDGHVSHUWy
\VLJXHGHVSHUWDQGRH[SHFWDWLYDVGHVPHVXUDGDVVREUHODIXWXUDFXUDGHHQIHUPHGDGHVKDVWDHQWRQFHV
\KDVWDDKRUDUHEHOGHVFRPRHOFiQFHUXRWUDV0XFKDVGHHVDVLOXVLRQHV\DVHUHYHODURQFRPROR
TXHHUDQMXVWDPHQWHLOXVLRQHV\VHYLRTXHQRJXDUGDEDQUHODFLyQFRQORTXHHIHFWLYDPHQWHSRGtD
ORJUDUVHHQVXPRPHQWR6LD~QKR\PDQWHQHPRVODVHVSHUDQ]DVGHTXHODJHQpWLFDVHDXQSXQWDOGHOD
PHGLFLQDTXHHQFLHUWRVHQWLGRORHVWRGDYtDKDEUiTXHHVSHUDUHLQFRUSRUDURWURVFRQRFLPLHQWRV\
WpFQLFDVPXFKDVGHHOODVQRYHGRVDVHLQLPDJLQDEOHVSRUDKRUD
 &$378/2

/DPHGLFLQDFLHQWtILFDHQWUHODDQHVWHVLD\ORVWUDVSODQWHV

$ORODUJRGHHVWHOLEURKHPRVVHJXLGRODGXGRVDHYROXFLyQGHODPHGLFLQD\VXVEDOEXFHRVGHVGHORV
UHPRWRV WLHPSRV GH +LSyFUDWHV GH &RV <D HQWRQFHV OHV GHFtD TXH UHFLpQ HQ HO VLJOR ;,; ORJUy
ILQDOPHQWH FRQVWLWXLUVH FRPR XQD GLVFLSOLQD YHUGDGHUDPHQWH FLHQWtILFD HQ OXJDU GH XQ FRQMXQWR GH
SUiFWLFDV VXHOWDV XQLGDV SRU YDFLODQWHV \ D YHFHV IDQWiVWLFDV WHRUtDV JHQHUDOHV \ HPSH]DU HO
LPSUHVLRQDQWHFUHFLPLHQWRTXHODOOHYyDDOFDQ]DUODSRWHQFLDTXHWLHQHDKRUD
1DWXUDOPHQWH HVWR SXGR SURGXFLUVH DO FRQFUHWDUVH XQD XQLyQ GH KLHUUR FRQ OD TXtPLFD TXH
WDPELpQ SRU HQWRQFHV DGTXLUtD VX PD\RUtD GH HGDG 3HUR QR VRODPHQWH KXER RWUDV YHUWLHQWHV TXH
FRQWULEX\HURQDHQFDPLQDU\HVWDELOL]DUHOiPELWRGHODPHGLFLQD$FDVRXQDGHODVPiVLPSRUWDQWHV
GHWRGDVKD\D VLGRODWHRUtDFHOXODUIRUPXODGD HQVX IRUPDDFDEDGDSRU5XGROI9LUFKRZTXLHQ HQ
DVHJXUy

1R LPSRUWD FXiQWDV YXHOWDV OH GHPRV DO ILQDO VLHPSUH UHJUHVDUHPRV D OD FpOXOD 6L OD
SDWRORJtDVyORHVODILVLRORJtDFRQREVWiFXORV\ODYLGDHQIHUPDQRHVRWUDFRVDTXHODYLGD
VDQD LQWHUIHULGD SRU WRGD FODVH GH LQIOXHQFLDV H[WHUQDV H LQWHUQDV HQWRQFHV OD SDWRORJtD
WDPELpQGHEHUHIHULUVHILQDOPHQWHDODFpOXOD

(Q FRQWUD GH RWUDV WUDGLFLRQHV TXH SRVWXODEDQ TXH HO VLWLR GH OD HQIHUPHGDG HUDQ ORV GLVWLQWRV
yUJDQRV LQWHUQRV R LQFOXVR ORV WHMLGRV 9LUFKRZ VH UHPRQWDED XQ SDVR PiV KDFLD HO PXQGR GH OR
SHTXHxR/DHQIHUPHGDGDFW~DVREUHODVFpOXODVHUDHOFRPLHQ]RGHODSDWRORJtDFHOXODU
(QWUH OD LGHD GH OD SDWRORJtD FHOXODU TXH HVWDEOHFtD XQD DOLDQ]D FRQ OD ELRORJtD \ HO SDFWR GH
KLHUURTXHODPHGLFLQDKDEtDVHOODGRFRQODTXtPLFDODVFRVDVHVWDEDQEDVWDQWHHQFDPLQDGDV<QR
WHQHPRVPiVUHPHGLRTXHYROYHUDOFHQWURGHODVXQWRTXHHVODWHRUtDPLFURELDQD

/DWHRUtDPLFURELDQDGHODHQIHUPHGDGUHYLVLWDGD
)tMHQVHTXHGHWRGRVORVFRQFHSWRVGHHQIHUPHGDGSRVWXODGRVDORODUJRGHODKLVWRULDVHJXUDPHQWH
HOPiVLQYHURVtPLOHLQFUHtEOHHVHOTXHODFRQFLEHFRPRUHVXOWDGRGHODDFFLyQQRFLYDGHDJHQWHV
ELROyJLFRVHQVXPD\RUtDLQYLVLEOHV
< VLQ HPEDUJR OD LGHD HUD DQWLJXD 7XFtGLGHV FD  D& OD LQVLQ~D HQ VX +LVWRULD GH ODV
JXHUUDVGHO 3HORSRQHVR \ D SDUWLU GH HQWRQFHV FLUFXOD SRU PXFKRV RWURV DXWRUHV (Q HO VLJOR ;9,
)UDFDVWRURKDEtDVHxDODGRTXHHOFRQWDJLRGHDOJXQDVHQIHUPHGDGHVVHGHEtDDFLHUWDVVHPLOODV3HUR
ODSULPHUDGHPRVWUDFLyQGLUHFWDGHXQDJHQWHELROyJLFRHQXQDHQIHUPHGDGKXPDQDODKL]R*LRYDQQL
&RVPR%RQRPRFDFXDQGR GHVFULELyFRQVX PLFURVFRSLRDO SDUiVLWRGH ODVDUQD HOiFDUR
6DUFRSWHV VFDELHLL \ FRQ WRGD FODULGDG OH DWULEX\y OD FDXVD GH OD HQIHUPHGDG VLQ HPEDUJR VX
WUDEDMRIXHROYLGDGR
/DSULPHUDSUXHEDH[SHULPHQWDOGHXQDJHQWHELROyJLFRFRPRFDXVDGHXQDHQIHUPHGDGHSLGpPLFD
OD SURSRUFLRQy $JRVWLQR %DVVL  TXLHQ GHELGR D SUREOHPDV FRQ VX YLVWD TXH OR
DFRPSDxDURQWRGDVXYLGD\OHLPSLGLHURQHOXVRGHOPLFURVFRSLRKDEtDUHQXQFLDGRDVXSURIHVLyQ
GHDERJDGR\VHKDEtDUHWLUDGRDVXJUDQMDHQ0DLUDJR$OOtVXLQWHUpVFLHQWtILFROROOHYyDHVWXGLDU
XQDHQIHUPHGDGTXHSUHVHQWDEDQORVJXVDQRVGHVHGDHOFDOFLQDFFLRRPDOGHOVHJQRSRUFXOSDGHO
FXDO OD ODUYD VH FXEUtD GH XQ SROYR EODQFR \ PRUtD %DVVL LQYLUWLy YHLQWLFLQFR DxRV HQ HO HVWXGLR
VLVWHPiWLFRGHHVWHDVXQWR\H[SORUyODKLSyWHVLVGHTXHODFDXVDIXHUDXQJHUPHQH[WHUQRTXHHQWUD
GHVGH IXHUD \ FUHFH KDVWD TXH ILQDOPHQWH LGHQWLILFy DO DJHQWH FDXVDO FRPR XQ KRQJR SDUiVLWR
(QWRQFHV SXEOLFy VXV REVHUYDFLRQHV FRQVLJQy OD QDWXUDOH]D LQIHFFLRVD GH OD HQIHUPHGDG \ GLR ODV
LQVWUXFFLRQHVFRPSOHWDVSDUDFXUDUDORVFXOWLYRVGHJXVDQRVDIHFWDGRVPHGLDQWHVXVWDQFLDVTXtPLFDV
TXHWDPELpQpOGHVFXEULy6LQQLQJXQDSUXHEDHPStULFDSHURFRQEDVWDQWHLQWXLFLyQ%DVVLJHQHUDOL]y
HO DVXQWR \ SHQVy TXH SRGtD VHUYLU SDUD FRPSUHQGHU HO IXQFLRQDPLHQWR GH HQIHUPHGDGHV KXPDQDV
FRPRHOVDUDPSLyQODSHVWHEXEyQLFDODVtILOLVHOFyOHUDRODUDELD
3HURHOJUDQWHyULFRGHODHQIHUPHGDGPLFURELDQDVLVHTXLHUHPiVTXHHOPLVPtVLPR3DVWHXUIXH
5REHUW.RFKDTXLHQQRVKHPRVUHIHULGRHQHOFDStWXOR\VHJXURTXHQRFRQHOGHWDOOHTXHPHUHFH
VX YHUGDGHUR SDSHO 6L ELHQ D .RFK VH OR FRQRFH SULQFLSDOPHQWH FRPR HO GHVFXEULGRU GHO DJHQWH
FDXVDOGHODWXEHUFXORVLVHO0\FREDFWHULXPWXEHUFXORVLVQRIXHpVDVXFRQWULEXFLyQSULQFLSDODOD
WHRUtDLQIHFFLRVDGHODHQIHUPHGDG/RIXQGDPHQWDOIXHURQVXVWUDEDMRVSUHYLRVDFHUFDGHOiQWUD[\
ODV HQIHUPHGDGHV LQIHFFLRVDV WUDXPiWLFDV TXH UHDOL]y FXDQGR HUD PpGLFR GH SXHEOR HQ :ROOVWHLQ
.RFKSXGRDLVODUORVDJHQWHVFDXVDOHVPLFURELDQRVGHVHLVLQIHFFLRQHVGLIHUHQWHV\VHxDOy

/DIUHFXHQWHGHPRVWUDFLyQGHPLFURRUJDQLVPRVHQODVHQIHUPHGDGHVLQIHFFLRVDVWUDXPiWLFDV
KDFHSUREDEOHVXQDWXUDOH]DSDUDVLWDULD6LQHPEDUJRODSUXHEDVyORVHUiGHILQLWLYDFXDQGR
GHPRVWUHPRV OD SUHVHQFLD GH XQ WLSR GHWHUPLQDGR GH PLFURRUJDQLVPR SDUiVLWR HQ WRGRV ORV
FDVRVGHXQDHQIHUPHGDGGDGD\FXDQGRDGHPiVSRGDPRVGHPRVWUDUTXHODSUHVHQFLDGHHVWRV
RUJDQLVPRVSRVHHQ~PHUR\GLVWULEXFLyQWDOHVTXHSHUPLWHQH[SOLFDUWRGRVORVVtQWRPDVGHOD
HQIHUPHGDG

/DPHGLFLQDVHHQURODEDDVtHQHOFDPLQRFDXVDOXQDYH]VDELGDVODVFDXVDV YHUGDGHUDVGHOD
HQIHUPHGDGSHURHVWDYH]QRDGLYLQDGDVRGHULYDGDVGHXQDWHRUtDPiVRPHQRVIDQWiVWLFDFRPR
OD GH ORV KXPRUHV VLQR EDVDGDV HQ OD SUXHED H[SHULPHQWDO HO FDPLQR VH GHVSHMDED \ TXHGDED
HVWDEOHFLGRGHLQPHGLDWRHOREMHWLYRFHQWUDOGHOWUDWDPLHQWRODHOLPLQDFLyQGHOSDUiVLWR
/XHJR .RFK HVWDEOHFLy ORV SURFHGLPLHQWRV LGHQWLILFDFLyQ DLVODPLHQWR \ GHPRVWUDFLyQ GH
SDWRJHQLFLGDG TXH WRGDYtD VLUYHQ HQ ODV LQYHVWLJDFLRQHV VREUH OD HWLRORJtD GH ODV HQIHUPHGDGHV
LQIHFFLRVDV HQ OR TXH VH FRQRFH FRPR ORV SRVWXODGRV GH .RFK+HQOH SRU VX PDHVWUR +HQOH $O
PLVPRWLHPSRVHGHILQtDXQSURJUDPDGHDFFLyQGHVDUUROORHLQYHVWLJDFLyQTXHODPHGLFLQDVHJXLUtD
\OXHJRH[WHQGHUtDDHQIHUPHGDGHVQRLQIHFFLRVDVTXHFRQVLVWHHQHQFRQWUDUVXVWDQFLDVFDSDFHV
GH HOLPLQDU DO PLFURELR VLQ DIHFWDU DO VHU KXPDQR 1DWXUDOPHQWH OOHJy HO PRPHQWR HQ TXH VH
GHPRVWUyTXHQRHUDFLHUWRTXHWRGDVODVHQIHUPHGDGHVHUDQFDXVDGDVSRUPLFURRUJDQLVPRV
7RGRHVWRVLVHTXLHUHIRUPDSDUWHGHOFUHFLPLHQWRGHODPHGLFLQDHQVXYHUWLHQWHWHyULFD3HUR
DQWHVGHVHJXLUTXLHURKDEODUOHVGHRWUDFRVDTXHQRVXUJLyGHODWHRUtDSHURTXHKDFHGLUHFWDPHQWHD
ODRWUDYHUWLHQWHPpGLFDHODUWHGHFXUDU\TXHIXHXQRGHORVSDVRVPiVJLJDQWHVFRVTXHODPHGLFLQD
GLRHQWRGDODKLVWRULDKXPDQDVLQHOFXDOQRKDEUtDPHGLFLQDPRGHUQD

/DDQHVWHVLD
/DFRVDYHQtDGHVGHKDFtDWLHPSR/RVDQWLJXRVHJLSFLRVKDEtDQORJUDGRODLQVHQVLELOLGDGWHPSRUDO
DSOLFDQGRSUHVLyQVREUHODDUWHULDFDUyWLGDHQHOFXHOORGHWHQLHQGRGHHVDPDQHUDODFLUFXODFLyQGH
ODVDQJUHHQODFDEH]D/RVFKLQRVKDEtDQXVDGRXQDQHVWpVLFROODPDGRSROYR0D)DWXQDHVSHFLHGH
KDFKLVTXHGHVFXEULHURQHQHOVLJOR,,(OMXJRGHODPDQGUiJRUD\RWUDVSODQWDVIXHHPSOHDGRGXUDQWH
VLJORVSDUDDOLYLDUHOGRORU/RVLQGLRVVXGDPHULFDQRVPDVWLFDEDQKRMDVGHFRFD\FDO\HVFXStDQHQ
ODKHULGDPLHQWUDVRSHUDEDQ
3DUDFHOVRDTXHOPpGLFRDVWUyORJRVXL]RH[WUDYDJDQWH\SHQGHQFLHURLQWURGXMRHOOiXGDQRHQHO
VLJOR ;9,HQ6HUWUQHUGLRXQSDVRDGHODQWH\H[WUDMRODPRUILQDXQJUDQFDOPDQWHGHORSLR
FUXGR$OJXQRVPpGLFRVGH3DUtV(GLPEXUJR\&DOFXWDLQFOXVRXVDURQHOKLSQRWLVPRSDUDSURGXFLU
HIHFWRV DQHVWpVLFRV WHPSRUDOHV \ VH GLFH TXH HO FLUXMDQR IUDQFpV 'XSX\WUHQ VROtD LQVXOWDU
GHOLEHUDGDPHQWHDODVGDPDVSDUDTXHpVWDVVHGHVPD\DUDQDQWHVGHXQDRSHUDFLyQ
6LQHPEDUJRODVROXFLyQYHQGUtDGHXQOXJDULQHVSHUDGR
(Q  :LOOLDP 7KRPDV *UHHQ 0RUWRQ KLMR GH XQ DJULFXOWRU \ DOPDFHQHUR DFRPRGDGR GH
0DVVDFKXVHWWV((88SUHVHQWyHOUHVXOWDGRGHVXVHVIRU]DGRVWUDEDMRVGHLQYHVWLJDFLyQXQDSODFD
GHQWDO HFRQyPLFD (UD XQ PHFiQLFR KiELO TXH \D KDEtD LQYHQWDGR XQ VROGDGRU SDUD ILMDU GLHQWHV
SRVWL]RVDSODFDVGHQWDOHVSRGtDKDFHUSXHQWHVGHQWDOHVHLQFOXVRDOJXQDSULPLWLYDFLUXJtDSOiVWLFD
/DYHUGDGHVTXHVXQXHYDSODFDHUDXQYHUGDGHURDGHODQWR\HOS~EOLFRHVWDEDGLVSXHVWRDDFRJHUOD
FRQHQWXVLDVPR3HURH[LVWtDXQJUDYHREVWiFXOR
3DUD TXH VX SODFD VH DMXVWDUD FyPRGDPHQWH DO SDODGDU HUD QHFHVDULR H[WUDHU ODV UDtFHV GH ORV
GLHQWHVYLHMRVHLQFOXVRGLHQWHVVDQRV/RFXDOFRPRHVREYLRGROtDPXFKRFXDOTXLHUDDTXLHQOH
KD\DQ VDFDGR XQD PXHOD FRQ DQHVWHVLD \ KD\D VRSRUWDGR ORV GRORUHV SRVWHULRUHV FRQ SRWHQWtVLPRV
DQDOJpVLFRV SXHGH LPDJLQDUVH IiFLOPHQWH HO PLVPR SURFHGLPLHQWR SHUR VLQ QLQJ~Q SDOLDWLYR 'H
SRGHUKDOODUDOJXQDPDQHUDGHHYLWDUHOGRORUGXUDQWHODH[WUDFFLyQORFXDOSDUHFtDLPSRVLEOHORV
GLHQWHVDUWLILFLDOHVTXHHVWDEDIDEULFDQGRHQJUDQHVFDODSRGUtDQYHQGHUVHSRUPLOODUHV\JDQDUtDXQD
IRUWXQD
1R HUD HO ~QLFR TXH EXVFDED XQ DQWtGRWR FRQWUD HO GRORU RWUR MRYHQ GHQWLVWD QRUWHDPHULFDQR
+RUDFH :HOOV HVWDED EXVFDQGR HO PpWRGR GH SURGXFLU XQD DQHVWHVLD WHPSRUDO SDUD VXV WUDEDMRV
GHQWDOHV
<DVtVRQODVFRVDVHQODKLVWRULDHQGLFLHPEUHGH:HOOVOH\yXQDYLVRHQHO&RXUDQWGH
+DUWIRUG DQXQFLDQGR XQD GHPRVWUDFLyQ GH XQ DUWLVWD DPEXODQWH *DUGQHU 4 &ROWRQ TXLHQ SURPHWtD
PRVWUDU ORV HIHFWRV GH XQ JDV KLODUDQWH TXH VH DGPLQLVWUDUtD VRODPHQWH D FDEDOOHURV VXPDPHQWH
UHVSHWDEOHVSDUDTXHHOHVSHFWiFXORVHDUHILQDGR
(OJDVKLODUDQWHQRHUDQXHYRHQUHDOLGDGVLQRTXHKDEtDVLGRGHVFXELHUWRSRU-RVHSK3ULHVWOH\
HQDQWHVD~QTXHHOR[tJHQR9HLQWLWUpVDxRVGHVSXpV+XPSKU\'DY\XQRGHORVIXQGDGRUHVGH
ODHOHFWURTXtPLFDORLQKDOySDUDDOLYLDUHOGRORUTXHOHFDXVDEDQVXVHQFtDVLQIODPDGDV\REVHUYyVX
SRGHUDQHVWpVLFR

&RPRHO y[LGR QLWURVRHQVXDPSOLDRSHUDFLyQSDUHFH FDSD] GHHOLPLQDUHOGRORUItVLFRHV

SUREDEOH TXH SXHGD VHU XVDGR YHQWDMRVDPHQWH HQ RSHUDFLRQHV TXLU~UJLFDV HQ TXH QR WHQJD
OXJDUXQDJUDQHIXVLyQGHVDQJUH

HVFULELy
3HUR WXYR SRFD UHSHUFXVLyQ HQWUH ORV PpGLFRV (Q FDPELR Vt OD WXYR HQWUH ORV DUWLVWDV
SURIHVLRQDOHV TXH YLDMDURQ SRU HO PXQGR KDFLHQGR GHPRVWUDFLRQHV D XQD GH ODV FXDOHV FRPR OHV
HVWDED GLFLHQGR DVLVWLy +RUDFH :HOOV MXQWR D VX HVSRVD OXHJR GH OHHU HO DYLVR HQ HO GLDULR (O
HVSHFWiFXOR HQ HO TXH YLR DGPLQLVWUDU HO JDV D YDULRV YROXQWDULRV TXH SHUGLHURQ WRGR VHQWLGR GHO
GRORUOHKL]RSHQVDUD:HOOVTXHHOIDPRVRJDVKLODUDQWHSRGtDIXQFLRQDUFRPRDQHVWpVLFRSDUDVXV
RSHUDFLRQHVGHQWDOHV'HVSXpVGHWHUPLQDGRHOVKRZFRQYHQFLyD&ROWRQGHTXHVHORDGPLQLVWUDUDD
pOPLVPR\VHKL]RH[WUDHUXQGLHQWHVLQVHQWLUQLQJ~QGRORU6HFRQYHQFLyGHWDOPDQHUDGHTXHpVD
HUDODVXVWDQFLDTXHDQGDEDEXVFDQGRTXHORJUyFRQFHUWDUXQDGHPRVWUDFLyQS~EOLFDDQWHOD)DFXOWDG
0pGLFD \ ORV HVWXGLDQWHV GH +DUYDUG 3HUR DOJR PDUFKy PDO GXUDQWH OD GHPRVWUDFLyQ XQR GH VXV
SDFLHQWHVIDOOHFLyPLHQWUDVVHKDOODEDEDMRODLQIOXHQFLDGHODQHVWpVLFR2EYLDPHQWHHODXGLWRULRQR
TXHGy FRQYHQFLGR GH VX HILFDFLD \ :HOOV DEDQGRQy OD RGRQWRORJtD \ VH GHGLFy D XQD VHULH GH
QHJRFLRV IUDFDVDGRV GXUDQWH ORV GRV DxRV VLJXLHQWHV YLDMDQGR SRU HO HVWDGR GH &RQQHFWLFXW \
YHQGLHQGRGLIHUHQWHVDUWtFXORVKRJDUHxRV
(QVHPXGyD3DUtV3HURQROHGXUyPXFKRDOYROYHUD(VWDGRV8QLGRVVHYROYLyDGLFWRDO
FORURIRUPRFX\RVHIHFWRVQRFLYRVQRVHFRQRFtDQHQDEVROXWR\XQGtDGHOLUDQGROHVDUURMyiFLGR
VXOI~ULFR D GRV PXMHUHV HQ SOHQD FDOOH )XH D SDUDU FRPR HV REYLR D OD FiUFHO QHR\RUTXLQD GH
7RPEVGRQGHQRWDUGyHQGDUVHFXHQWDGHORTXHKDEtDKHFKR\VHVXLFLGyFRUWiQGRVHXQDDUWHULDGH
OD SLHUQD FRQ XQD QDYDMD GH DIHLWDU QR VLQ DQWHV LQKDODU XQD GRVLV DQDOJpVLFD GH FORURIRUPR SDUD
SDOLDUHOGRORU
(QWUHWDQWR 0RUWRQ TXH KDEtD HVWDGR DVRFLDGR D :HOOV GXUDQWH XQ EUHYH SHUtRGR \ OR KDEtD
D\XGDGRHQODLQIRUWXQDGDGHPRVWUDFLyQGH%RVWRQHPSH]yDEXVFDUDOJ~QRWURDJHQWH1RVHUYLUtD
HOpWHU"(VWHOtTXLGRLQFRORUR\YROiWLOHUDFRQRFLGRGHVGHKDFtDYDULRVVLJORV9DOHULXV&RUGXVKDEtD
GHVFULSWR HQ  OD PDQHUD GH IDEULFDUOR WUDWDQGR HO DOFRKRO GH PDt] FRQ iFLGR VXOI~ULFR 7DQWR
&RUGXVFRPR3DUDFHOVRFRQRFtDQVXVSURSLHGDGHVDQHVWpVLFDV\VXIDFXOWDGGHVXPLUWHPSRUDOPHQWH
HQODLQFRQVFLHQFLDDFLHUWRVDQLPDOHV(OPLVPtVLPR0LFKDHO)DUDGD\KDEtDHVWXGLDGRHOOtTXLGRDO
SXQWRTXHHQKDEtDSXEOLFDGRXQDUWtFXORVREUHVXVSURSLHGDGHVHQHO-RXUQDORI6FLHQFHDQG
$UWV 8QRV DxRV PiV WDUGH HO GRFWRU -RKQ ' *ROGPDQ XQ QRUWHDPHULFDQR WDPELpQ UHDOL]y
H[SHULPHQWRV\OODPyODDWHQFLyQVREUHVXVHIHFWRVDQHVWpVLFRV3HURORVPpGLFRVVHJXtDQVLQKDFHU
FDVR
0RUWRQ GHFLGLy SUREDU SHUVRQDOPHQWH ODV SURSLHGDGHV GHO pWHU (Q VX FDVD GH FDPSR GH :HVW
1HHGKDPORDSOLFySULPHURDYDULRVLQVHFWRVJXVDQRVSHFHVJDOOLQDV\DVXSHUUR'LRUHVXOWDGR
'HFLGLyHQWRQFHVSUREDUVXVHIHFWRVHQVtPLVPR6HVHQWyHQXQVLOOyQHFKypWHUHQXQSDxXHOR\
FRQ HO UHORM HQ OD PDQR DSOLFy HO SDxXHOR K~PHGR D VX QDUL] \ VX ERFD 1R WDUGy HQ SHUGHU HO
FRQRFLPLHQWR\QHFHVLWyVLHWHPLQXWRVSDUDUHFXSHUDUOR(UDORVXILFLHQWHSDUDH[WUDHUQRXQGLHQWH
VLQR WUHV VH GLMR 0RUWRQ SLGLy D XQR GH VXV DPLJRV TXH OH H[WUDMHUD XQR GH VXV GLHQWHV VDQRV
PLHQWUDVVHKDOODEDEDMRODLQIOXHQFLDGHOpWHU1XHYDPHQWHGLRUHVXOWDGR0RUWRQQRVXIULyQLQJ~Q
GRORU
(VDPLVPDWDUGHXQKRPEUHOODPDGR(EHQ)URVWOOHJyDVXFRQVXOWRULRVXIULHQGRWHUULEOHPHQWHD
FDXVDGHXQDPXHODLQIHFWDGD\SLGLyD0RUWRQTXHORKLSQRWL]DUDDQWHVGHH[WUDpUVHODSDUDQRVXIULU
XQ GRORU KRUULEOH 0RUWRQ OH GLMR TXH WHQtD XQ QXHYR SURGXFWR TXtPLFR TXH OR GRUPLUtD \ )URVW
FRQVLQWLyHQTXH0RUWRQUHDOL]DUDODH[WUDFFLyQHPSOHDQGRHVHQXHYRPpWRGR3RUODQRFKHHOGH
VHSWLHPEUHGH0RUWRQH[WUDMRXQELF~VSLGHILUPHPHQWHDUUDLJDGRVLQTXHHOSDFLHQWHVXIULHUD
GRORUDOJXQR
5HFRUGHPRVHVDIHFKDHOGHVHSWLHPEUHGHSRUTXHHVHGtDQDFLyODDQHVWHVLD
0RUWRQKL]RTXH)URVWILUPDUDXQDGHFODUDFLyQDWHVWLJXDQGRORTXHKDEtDSDVDGR$ORWURGtDHO
'DLO\-RXUQDOGH%RVWRQSXEOLFyXQDQXQFLRVREUHHODFRQWHFLPLHQWR

$QRFKH IXH VDFDGD XQD PXHOD D XQ KRPEUH VLQ TXH pVWH H[SHULPHQWDUD QLQJ~Q GRORU )XH
VXPLGR HQ XQD HVSHFLH GH VXHxR PHGLDQWH OD LQKDODFLyQ GH XQ SUHSDUDGR FX\RV HIHFWRV
GXUDURQDSUR[LPDGDPHQWHXQPLQXWRMXVWRORVXILFLHQWHSDUDH[WUDHUXQDPXHOD

&RQHOSDVRGHOWLHPSRODSUiFWLFDGH0RUWRQHPSH]yDPHMRUDU&RPRQRHVWDEDVDWLVIHFKRFRQ
HOPpWRGRGHLQKDODFLyQGLVHxyXQDUWHIDFWRPiVHILFLHQWHTXHFRQVLVWtDHQXQJORERGHYLGULRTXH
OOHYDEDXQWXERHQXQODGR\HQHORWURXQDJXMHURTXHVHWDSDEDFRQXQFRUFKR6HOHRFXUULyHQWRQFHV
TXHSRGtDH[WHQGHUORVEHQHILFLRVGHOpWHUDWRGRHOFDPSRGHODFLUXJtDPXOWLSOLFDQGRDVtVXQHJRFLR
GH PDQHUD H[SRQHQFLDO 6L ORJUDED TXH DOJ~Q FLUXMDQR HPLQHQWH GH %RVWRQ OR SUREDUD HO PXQGR
GRORULGR\0RUWRQUHVXOWDUtDQLJXDOPHQWHEHQHILFLDGRV
(QHO+RVSLWDO*HQHUDOGH0DVVDFKXVHWWVKDOOyDGRVKRPEUHVGLVSXHVWRVDKDFHUODSUXHED(O
GRFWRU -RKQ & :DUUHQ HO FLUXMDQR PiV IDPRVR GH 1XHYD ,QJODWHUUD \ SURIHVRU GH &LUXJtD GH OD
(VFXHODGH0HGLFLQDGH+DUYDUGFRQVLQWLyHQUHDOL]DUXQDRSHUDFLyQHQHODQILWHDWURTXLU~UJLFRGHO
+RVSLWDO *HQHUDO GH 0DVVDFKXVHWWV HQ OD PDxDQD GHO YLHUQHV  GH RFWXEUH GH  (O SDFLHQWH
*LOEHUW$EERWWXQLPSUHVRUGHYHLQWHDxRVIXHOOHYDGRDODQILWHDWUR7HQtDXQWXPRUYDVFXODUEDMROD
PDQGtEXODTXHGHEtDVHUH[WLUSDGR0RUWRQVHDFHUFyDOSDFLHQWH\VDFyHOFRUFKRGHOLQKDODGRUGH
YLGULR$EERWWSXVRHOWXERHQVXERFD\WUHVPLQXWRVPiVWDUGHHVWDEDGRUPLGR
:DUUHQTXHWHQtDFHUFDGHVHWHQWDDxRVWUDEDMyUiSLGD\KiELOPHQWHFRQHOELVWXUt\HOWXPRUIXH
H[WUDtGR (O SDFLHQWH VHJXtD UHVSLUDQGR SHVDGDPHQWH \ WDUGy FLQFR PLQXWRV HQ VDOLU GH VX HVWXSRU
:DUUHQOHSUHJXQWyVLKDEtDVHQWLGRGRORU/DUHVSXHVWDIXHTXHQRTXHVRODPHQWHKDEtDVHQWLGRXQ
OLJHUR DUDxD]R 9ROYLpQGRVH DO GRFWRU +HQU\ - %LJHORZ \ D ORV GHPiV PpGLFRV DOOt UHXQLGRV \
GLULJLpQGRVHWDPELpQDORVHVWXGLDQWHVTXHVHKDOODEDQHQVXVEDQFRVHOGRFWRU:DUUHQH[FODPy

6HxRUHVHVWRQRHVXQFXHQWR

8Q PHV GHVSXpV GH OD SUXHED KLVWyULFD GH %RVWRQ %LJHORZ SXEOLFy XQ DUWtFXOR HQ HO %RVWRQ
0HGLFDO DQG 6XUJLFDO -RXUQDO DQXQFLDQGR HO JUDQ DFRQWHFLPLHQWR D WRGR HO PXQGR PpGLFR (O
IDPRVRSHULyGLFRPpGLFRGH,QJODWHUUD7KH/DQFHWDQXQFLy
 (OGHVFXEULPLHQWRGHOGRFWRU0RUWRQLQGXGDEOHPHQWHRFXSDUiXQOXJDUSURPLQHQWHHQWUHORV
GRQHVGHORVFRQRFLPLHQWRV\GHVFXEULPLHQWRVGHOKRPEUH

/DFLUXJtDGHJROSHFDPELyORVFLUXMDQRVSRGtDQDWUHYHUVHDUHDOL]DURSHUDFLRQHVTXHSDUHFtDQ
LPSRVLEOHVDQWHVGHODDQHVWHVLDGHOpWHU/RVH[SHULPHQWRVHQDQLPDOHVUHFLELHURQWDPELpQXQQXHYR
LPSXOVR $QWHV GH FRQFOXLU HO DxR  ORV FLUXMDQRV GH /RQGUHV \ 3DUtV HVWDEDQ HPSOHDQGR OD
DQHVWHVLDGHOpWHU\HQHQHURGHODxRVLJXLHQWH$OHPDQLD\$XVWULDSXGLHURQGLVSRQHUGHHVDQXHYD
DUPDGHODPHGLFLQD
(QWUH ORV TXH DSOLFDURQ HO PpWRGR HVWDED HO GRFWRU -DPHV <RXQJ 6LPSVRQ MHIH GH ODV VDODV GH
PDWHUQLGDGGHOD(QIHUPHUtDGH(GLPEXUJRTXLHQVLELHQVDEtDTXHHOpWHUHUDPHMRUTXHQDGDIXH
LPSXOVDGRSRUXQDVHULHGHHIHFWRVGHVDJUDGDEOHVDEXVFDUXQDQHVWpVLFRTXHORVXVWLWX\HUD<SUREy
FRQHOFORURIRUPRTXHWDPELpQWHQtDVXKLVWRULD(QUHDOLGDGKDEtDVLGRSURGXFLGRSRUSULPHUDYH]
SRU6DPXHO*XWKULHXQFLUXMDQRPLOLWDUQRUWHDPHULFDQRDILQHVGHFXDQGRWUDWyHOFORUXURGH
FDOFLRFRQDOFRKROGHPDt]3XEOLFyVXVUHVXOWDGRVGRVDxRVPiVWDUGHPLHQWUDVRWURVGRVTXtPLFRV
6RXEHLUDQHQ)UDQFLD\/LHELJHQ$OHPDQLDOOHJDEDQGHPDQHUDLQGHSHQGLHQWHDOPLVPRSURGXFWR
TXtPLFR DSUR[LPDGDPHQWH HQ OD PLVPD IHFKD (Q VX DUWtFXOR RULJLQDO *XWKULH GHPRVWUy TXH QR
LJQRUDEDHOXVRSRVLEOHGHHVWHQXHYRSURGXFWRTXtPLFR

(QORV~OWLPRVVHLVPHVHVXQJUDQQ~PHURGHSHUVRQDVKDEHELGRODVROXFLyQGHpWHUFDOyULFR
OODPDGRSRVWHULRUPHQWHFORURIRUPRSRU'XPDVHQPLODERUDWRULRQRHQJUDQFDQWLGDG
SHURIUHFXHQWHPHQWHKDVWDHOSXQWRGHHPEULDJDUVHSDUDGHVFXEULUVXSUREDEOHYDORUFRPR
PHGLFLQD

/DFXHVWLyQHVTXH6LPSVRQTXHQRHVWDEDGHOWRGRFRQWHQWRFRQHOpWHUHQVD\yORVHIHFWRVGHO
FORURIRUPRHQFRQHMRV\RWURVDQLPDOHVSHTXHxRV&XDQGRORVUHVXOWDGRVSDUHFLHURQVDWLVIDFWRULRVpO
\GRVGHVXVDPLJRVLQKDODURQSHUVRQDOPHQWHORVYDSRUHVGHOOtTXLGR\VHFRQYHQFLHURQGHTXHHUDXQ
DQHVWpVLFR VHJXUR \ HILFD] (Q QRYLHPEUH GH  SRU SULPHUD YH] HPSOHy HO FORURIRUPR FRPR
DQHVWpVLFR GXUDQWH XQ SDUWR PLHQWUDV ORV WHyORJRV HVFRFHVHV VH HVFDQGDOL]DEDQ SRUTXH UHVXOWDED
FRQWUDULRDODYROXQWDGGH'LRVHVGHFLUDOPDQGDWREtEOLFRGHVXIULU
/D UHIXWDFLyQ GH 6LPSVRQ IXH LQWHOLJHQWH UHFXUULy D OD %LEOLD \ HOLJLy HO YLJpVLPR SULPHU
YHUVtFXORGHOVHJXQGRFDStWXORGHO/LEURGHO*pQHVLVFRQIURQWDQGRDORVWHyORJRVFRQHOUHODWRGHOD
H[WUDFFLyQGHODFRVWLOODGH$GiQGHODFXDOIXHKHFKD(YD6LPSVRQVHxDOyTXH'LRVKDEtDKHFKRTXH
$GiQ TXHGDUD SURIXQGDPHQWH GRUPLGR DQWHV GH UHDOL]DU OD FLUXJtD OR FXDO GHPRVWUDED TXH DO
6HxRUFXDQGROHWRFDEDRILFLDUGHFLUXMDQRQRVHRSRQtDDTXHIXHUDVXSULPLGRHOGRORU/DGLVSXWD
WHUPLQyHQDEULOGHFXDQGROD5HLQD9LFWRULDGLRDOX]DVXVpSWLPRKLMRHOSUtQFLSH/HRSROGR
EDMRODDFFLyQGHOFORURIRUPR

/DFRQWURYHUVLDGHOpWHU
$OPLVPRWLHPSRTXHHOpWHUHOy[LGRQLWURVR\HOFORURIRUPRHPSH]DEDQDDOLYLDUORVGRORUHVGHOD
KXPDQLGDG \ D VDOYDU YLGDV VH GHVDUUROODED XQD YLROHQWD FRQWURYHUVLD VREUH OD SULRULGDG GHO
GHVFXEULPLHQWR\ORVGHUHFKRVGHSDWHQWHGHOpWHUODOODPDGDFRQWURYHUVLDGHOpWHU0iVRPHQRV
IXH DVt PLHQWUDV 0RUWRQ HVWDED GHGLFDGR D VX QHJRFLR RGRQWROyJLFR VLJXLy DOJXQRV FXUVRV HQ OD
(VFXHOD GH 0HGLFLQD GHO &ROHJLR GH +DUYDUG GRQGH FRQRFLy DO GRFWRU &KDUOHV 7KRPDV -DFNVRQ
HQFX\DFDVDYLYLyGXUDQWHDOJ~QWLHPSRPLHQWUDVHVWXYRHQ%RVWRQ-DFNVRQSRVHtDVX
SURSLRODERUDWRULRGHTXtPLFDVHGHGLFyDWUDEDMRVJHROyJLFRV\UHDOL]yQXPHURVRVLQYHQWRV&XDQGR
0RUWRQOHFRQWyHOIUDFDVRGHOy[LGRQLWURVRFRPRDQHVWpVLFR-DFNVRQPHQFLRQyTXHSRGtDSUREDUHO
pWHU \ OH RIUHFLy XQD FLHUWD FDQWLGDG 0RUWRQ HVFXFKy DWHQWDPHQWH WRGRV ORV LQIRUPHV UHODFLRQDGRV
FRQ ORV XVRV \ SURSLHGDGHV GH HVD VXVWDQFLD SHUR VH UHVLVWLy D HQWUDU HQ FXDOTXLHU VRFLHGDG R
DFXHUGR FRQ -DFNVRQ TXLHQ WHQtD XQD UHSXWDFLyQ SRFR HQYLGLDEOH VROtD VH GLFH DUURJDUVH OD
SULRULGDGGHPXFKRVGHVFXEULPLHQWRVTXHDQXQFLDEDQVXVFROHJDV
0RUWRQ LQGLFy TXH XQD GHPRVWUDFLyQ S~EOLFD GHO HPSOHR GHO pWHU FRPR DQHVWpVLFR HQ FLUXJtD
WHQGUtDXQp[LWRLQPHGLDWR\-DFNVRQOHVXJLULyTXHVHSXVLHUDHQFRQWDFWRFRQHOGRFWRU:DUUHQGHO
+RVSLWDO*HQHUDOGH0DVVDFKXVHWWV3HURDQWHVGHGDUHVWHSDVROHUHFRPHQGyTXHSDWHQWDUDVXpWHU
EDMR DOJ~Q QRPEUH FRPHUFLDO 0RUWRQ VROLFLWy XQD SDWHQWH SDUD VX /HWKHRQ HQ KRQRU D ODV DJXDV
PLWROyJLFDV GHO /HWHR TXH KDFtDQ ROYLGDU WRGRV ORV UHFXHUGRV GRORURVRV HQ VX QRPEUH \ HO GH
-DFNVRQDFRUGDQGRGDUOHDHVWH~OWLPRHOGLH]SRUFLHQWRGHODVJDQDQFLDVTXHVHREWXYLHUDQFRQHO
HPSOHR GHO pWHU \ VX LQKDODGRU -DFNVRQ DFHSWy HO DUUHJOR SHUR PiV WDUGH WHPLHQGR XQ SRVLEOH
IUDFDVRGHODGHPRVWUDFLyQS~EOLFDSLGLyHOSDJRGHGyODUHVDOFRQWDGRSRUHOFRQVHMRGDGRD
0RUWRQUHQXQFLDQGRDWRGRRWURGHUHFKR
'HVSXpVGHKDEHUGHFODUDGRS~EOLFDPHQWHHOGRFWRU:DUUHQDOPXQGRHQWHURTXHODDQHVWHVLDGHO
pWHUQRHUDXQDIiEXOD0RUWRQFRQWLQXyPDQWHQLHQGRHQVHFUHWRODQDWXUDOH]DGHOOtTXLGRTXHHVWDED
HPSOHDQGR3HURHOGHQRYLHPEUHDPHQRVGHXQPHVGHODKLVWyULFDSUXHEDOHIXHFRQFHGLGDOD
SDWHQWH10RUWRQGLYXOJyHOVHFUHWRD:DUUHQ\D%LJHORZTXLHQHVDQXQFLDURQODJUDQQXHYD
HQHO0HGLFDODQG6XUJLFDO-RXUQDOGH%RVWRQ(VWDQRWLFLDGHEtDVHUGHVSDFKDGDHQXQYDSRUTXH
]DUSDEDSDUD(XURSDHOGHGLFLHPEUH-DFNVRQHQWUHWDQWRHQYLyXQDFDUWDSRUHOPLVPREXTXHD
XQ DPLJR (OLH GH %HDXPRQW PLHPEUR GH OD $FDGHPLD GH &LHQFLDV IUDQFHVD SLGLpQGROH TXH
UHFODPDUDODSULRULGDGGHOGHVFXEULPLHQWRGHODDQHVWHVLDGHOpWHUHQVXQRPEUHVLQSHUGHUWLHPSR
-DFNVRQHYLGHQWHPHQWHHVWDEDGHFLGLGRDQRGHMDUHVFDSDUGHVXVPDQRVHVDPLQDGHRUR(O
GHPDU]RGHHQXQDUHXQLyQGHOD$FDGHPLDGH%RVWRQDILUPyVHUHO~QLFRGHVFXEULGRUGHOD
QXHYDDQHVWHVLDVLQVLTXLHUDPHQFLRQDUHOQRPEUHGH0RUWRQ1XHVWURYLHMRFRQRFLGR+RUDFH:HOOV
GHFLGLyWDPELpQVDFDUVXSDUWHGHODVJDQDQFLDV0RUWRQOHKDEtDHVFULWRSLGLpQGROHTXHORD\XGDUDD
DFHOHUDUODREWHQFLyQGHODSDWHQWHGHOpWHUHQ1XHYD<RUN(QOXJDUGHKDFHUOR:HOOVUHFODPySDUD
VtODSULRULGDGGHOGHVFXEULPLHQWRHOGHGLFLHPEUHGHHQHO&RXUDQWGH+DUWIRUG
0RUWRQHQWDQWRSUR\HFWDEDXQDFDPSDxDPXQGLDOGHYHQWDVSDUDVXDQHVWHVLD3DUDHPSH]DUGLR
DOJRELHUQRQRUWHDPHULFDQRLQKDODGRUHVDSUHFLRGHFRVWRSDUDHOHMpUFLWR\ODDUPDGD\VHRIUHFLyD
HQVHxDU JUDWXLWDPHQWH HO XVR GH OD DQHVWHVLD GHO pWHU (O HMpUFLWR \ OD DUPDGD HIHFWLYDPHQWH OD
HPSOHDURQ GXUDQWH OD JXHUUD GH 0p[LFR HQ OD FXDO ORV ((88 VH DSURSLDURQ GH OD PLWDG GHO
WHUULWRULRPH[LFDQRGHDTXHOHQWRQFHVSHUR0RUWRQQRUHFLELyFRPSHQVDFLyQDOJXQDGHOJRELHUQR<
GHKHFKRMDPiVFRQVLJXLyTXHHOGHVFXEULPLHQWROHGLHUDJDQDQFLDV&LUXMDQRVGHQWLVWDV\KRVSLWDOHV
GHOPXQGRHQWHURHPSOHDURQVXDQHVWHVLDVLQSDJDUQLQJ~QWLSRGHGHUHFKRV
 6X VLWXDFLyQ ILQDQFLHUD HPSHRUy UiSLGDPHQWH (Q  VROLFLWy DO &RQJUHVR XQD UHFRPSHQVD
PRQHWDULDHQOXJDUGHORVGHUHFKRVTXHQROHKDEtDQVLGRSDJDGRV\HOVHQDGRU6WHSKHQ$'RXJODV
KDEOy HQ VX IDYRU *UDQ %UHWDxD KDEtD UHFRPSHQVDGR D -HQQHU FRQ  OLEUDV SRU VX
GHVFXEULPLHQWRGHODYDFXQDFRQWUDODYLUXHODSRUTXpQRGHEtD(VWDGRV8QLGRVKDFHUORPLVPRFRQ
VXV KLMRV" 7DO YH] KXELHUD UHFLELGR 0RUWRQ HO GLQHUR GH QR KDEHU VLGR SRU HO UHFODPR GH -DFNVRQ
TXLHQDVHJXUDEDKLSyFULWDPHQWHTXHKDEtDUHFKD]DGRODSDWHQWHSRUTXHQRTXHUtDEHQHILFLDUVHFRQORV
VXIULPLHQWRVGHODKXPDQLGDG\FDOLILFDEDD0RUWRQGHFKDUODWiQHLQGLYLGXRYLO
(OVXLFLGLRGH+RUDFH:HOOVHQHVRVGtDVQRKL]RPiVTXHDXPHQWDUODVGLILFXOWDGHVGH0RUWRQ
/D YLXGD SLGLy DO &RQJUHVR TXH UHFRQRFLHUD ODV UHFODPDFLRQHV GH VX GLIXQWR HVSRVR \ HO VHQDGRU
7UXPDQ6PLWKHPSOHyHVDUHFODPDFLyQFRPRXQDUJXPHQWRPiVFRQWUDODFRQFHVLyQGHXQDVXPDHQ
IDYRUGH0RUWRQ(ODVXQWRHVWXYRDSXQWRGHFRQYHUWLUVHHQXQHVFiQGDORS~EOLFR
<OOHJyKDVWD(XURSDHQOD$FDGHPLDGH&LHQFLDIUDQFHVDGLVSXVRTXHHO3UHPLR0RQW\RQ
GHIUDQFRVIXHUDGLYLGLGRLJXDOPHQWHHQWUHORVGRVEHQHIDFWRUHVGHODKXPDQLGDG0RUWRQ\
-DFNVRQ$OUHFKD]DU0RUWRQLQGLJQDGRVXSDUWHGHOSUHPLRVHDFXxyXQDPHGDOODGHRURHQVXKRQRU
(Q,QJODWHUUDVHUHFROHFWDURQGyODUHVSDUDHOGHQWLVWDQRUWHDPHULFDQRSHURFXDQGRORVDPLJRV
GH -DFNVRQ OR VXSLHURQ SURYRFDURQ WDO WXPXOWR TXH HO GLQHUR IXH GHYXHOWR D ORV GRQDQWHV 2WUDV
QDFLRQHV HXURSHDV GLYLGLHURQ VXV VLPSDWtDV 0RUWRQ UHFLELy FRQGHFRUDFLRQHV GH 5XVLD 6XHFLD \
3UXVLDPLHQWUDV,WDOLD\7XUTXtDKRQUDEDQD-DFNVRQ
2FKR DxRV GHVSXpV GH KDEHU GDGR 0RUWRQ OD DQHVWHVLD GH pWHU DO PXQGR HO &RQJUHVR
QRUWHDPHULFDQR VHJXtD GHEDWLHQGR D~Q VL GHEtD SUHVWDUOH D\XGD 0LHQWUDV WDQWR OD 8QLYHUVLGDG GH
+DUYDUGOHRWRUJyXQJUDGRKRQRUDULR\HO+RVSLWDO*HQHUDOGH0DVVDFKXVHWWVOHUHJDOyXQDFRSDGH
SODWDTXHFRQWHQtDGyODUHVHQHIHFWLYR3HUR-DFNVRQVHJXtDFRPEDWLHQGRDVXULYDOFRQWRGDV
ODV DUPDV D VX DOFDQFH SRU HQWRQFHV VH HQWHUy GH TXH XQ PpGLFR UXUDO GH *HRUJLD SDUHFtD KDEHU
XWLOL]DGR OD DQHVWHVLD GH pWHU FXDWUR DxRV DQWHV GH OD GHPRVWUDFLyQ S~EOLFD GH 0RUWRQ (Q $WKHQV
*HRUJLDDGRQGHVHGLULJLyHVSHFLDOPHQWHORFXDOGHPXHVWUDODVDxDGHOSHUVRQDMHFRQILUPyTXH
&UDZIRUG:/RQJKDEtDVLGRHOSULPHURHQUHDOL]DUXQDRSHUDFLyQTXLU~UJLFDEDMRODDQHVWHVLDGHO
pWHU
/D KLVWRULD KDEtD VLGR DVt /RQJ KDEtD SUHVWDGR VHUYLFLRV FRPR LQWHUQR HQ XQD VDOD GH FLUXJtD
GXUDQWHGLHFLRFKRPHVHV\KDEtDHPSH]DGRDSHQVDUHQODDQHVWHVLDFRPRWRGRVFRQWHPSODQGRDXQ
DUWLVWD DPEXODQWH KDFHU GHPRVWUDFLRQHV GHO HIHFWR GHO JDV KLODUDQWH (Q YHUGDG PiV TXH HQ OD
DQHVWHVLD SHQVDED HQ OD GLYHUVLyQ HO pWHU SRVHtD SURSLHGDGHV HPEULDJDGRUDV \ ORV MyYHQHV VROtDQ
UHXQLUVH \ GLYHUWLUVH LQKDOiQGROR 3HUR XQ GtD /RQJ REVHUYy TXH YDULRV MyYHQHV TXH VH KDEtDQ
ODVWLPDGR GXUDQWH HVDV VHVLRQHV HWpUHDV SRU OODPDU GH XQD PDQHUD HOHJDQWH D OR TXH HUDQ HQ
UHDOLGDGRUJtDVKHFKDV\GHUHFKDVQRGDEDQVHxDOHVGHVHQWLUGRORU3UREyHQWRQFHVSHUVRQDOPHQWH\
YHULILFy OR TXH VRVSHFKDED HO pWHU SRGtD XVDUVH SDUD RSHUDU 3RU HVR FXDQGR VX DPLJR -DPHV 0
9HQDEOHOHFRQWyVREUHORVWXPRUHVTXHWHQtDHQODQXFD/RQJYLRODSRVLELOLGDG~QLFDGHRSHUDUOR
DQHVWHVLiQGRORFRQpWHU9HQDEOHDFHSWy
(O  GH PDU]R GH  /RQJ HFKy pWHU HQ XQD WRDOOD OD FRORFy VREUH OD QDUL] GH VX DPLJR \
HVSHUy D TXH VH GXUPLHUD HPSH]DQGR D FRUWDU HO WXPRU &XDQGR OH SDUHFLy TXH VX SDFLHQWH
FRPHQ]DEDDVDOLUGHVXVXHxRHFKyRWUDVJRWDVGHOOtTXLGRHQODWRDOOD\FRQWLQXyODRSHUDFLyQKDVWD
TXH OH H[WLUSy XQR GH ORV WXPRUHV 9HQDEOH UHFXSHUy HO FRQRFLPLHQWR \ /RQJ VH GLR FXHQWD GH TXH
KDEtDUHDOL]DGRODSULPHUDRSHUDFLyQFRQDQHVWHVLDHQODKLVWRULDGHODKXPDQLGDG
3HUR QL HO XQR QL HO RWUR VH GLULJLHURQ D ORV SHULyGLFRV R OD RILFLQD GH SDWHQWHV /RQJ TXH
HQWRQFHV WHQtD YHLQWLVpLV DxRV QL VLTXLHUD QRWLILFy D QLQJXQD VRFLHGDG PpGLFD DFHUFD GHO
WUDVFHQGHQWDOVXFHVR4XHUtDUHSHWLUHOH[SHULPHQWR(QMXQLRGHOPLVPRDxRHPSOHDQGRREYLDPHQWH
VXQXHYRPpWRGR/RQJH[WLUSyHOVHJXQGRWXPRUGHOFXHOORGH9HQDEOH\DOPHVVLJXLHQWHDPSXWyXQ
SLH (Q ORV FXDWUR DxRV VLJXLHQWHV UHDOL]y RFKR LQWHUYHQFLRQHV TXLU~UJLFDV GH LPSRUWDQFLD
VHFXQGDULDXVDQGRpWHUHQHOODV
(OSUREOHPDHVTXH/RQJFRQVLGHUDEDFRQFLHUWRHVFHSWLFLVPRODSRVLELOLGDGGHXQDDSOLFDFLyQ
PiVDPSOLDGHODDQHVWHVLDGHpWHU\QRVHWRPyHOWUDEDMRGHGDUFXHQWDGHVXVRSHUDFLRQHVKDVWD
GLFLHPEUH GH  PiV GH VLHWH DxRV GHVSXpV GH KDEHUOR XVDGR SRU SULPHUD YH] \ FXDQGR \D OD
FRQWURYHUVLDHVWDEDHQVXSXQWRiOJLGR
/RQJVHKDEtDDEVWHQLGRKDVWDHQWRQFHVGHSDUWLFLSDUGHODSROpPLFD3HURHQHVFULELyHQ
HO6RXWKHUQ0HGLFDODQG6XUJLFDO-RXUQDO

6p TXH KH GHPRUDGR GHPDVLDGR WLHPSR OD SXEOLFDFLyQ SDUD UHFLELU KRQRU DOJXQR SRU OD
SULRULGDG GHO GHVFXEULPLHQWR SHUR KDELHQGR VLGR SHUVXDGLGR SRU PLV DPLJRV GH TXH
SUHVHQWDUD PLV GHUHFKRV DQWH OD SURIHVLyQ SUHILHUR TXH VX H[DFWLWXG VHD SOHQDPHQWH
LQYHVWLJDGDSRUOD6RFLHGDG0pGLFD6LOD6RFLHGDGGLMHUDTXHPLUHFODPDFLyQDXQTXHELHQ
IXQGDGDKDSUHVFULSWRSRUQRKDEHUVLGRSUHVHQWDGDDQWHVFRQWHVWDUpDOHJUHPHQWH$VtVHD

$SDUHFtDXQQXHYRDFWRU\0RUWRQ\DHVWDEDFDQVDGR

0LVLVWHPDQHUYLRVRSDUHFHHVWDUWDQGHVWUR]DGRTXHFXDOTXLHUVRUSUHVDRUXLGRUHSHQWLQRPH
SURGXFHXQFKRTXH

3HUR OD GLVSXWD SRU OD SDWHQWH FRQWLQXy GXUDQWH GLHFLVpLV DxRV -DFNVRQ WULXQIy DO ILQDO \ OD
SDWHQWHGH0RUWRQIXHDQXODGDRILFLDOPHQWHHOGHGLFLHPEUHGH(QWUHWDQWRKDEtDHVWDOODGR
OD*XHUUD&LYLO0RUWRQRIUHFLyYROXQWDULDPHQWHVXVVHUYLFLRVDO1RUWH\DGPLQLVWUypWHUDFHQWHQDUHV
GHKHULGRV\DQTXLV/RVHMpUFLWRVGHOVXUWDPELpQXVDURQHVWDDQHVWHVLD
3HUR QL ORV KRUURUHV GH OD JXHUUD SXGLHURQ KDFHU ROYLGDU D 0RUWRQ VX OXFKD SHUVRQDO (Q 
DSDUHFLyHQXQDUHYLVWDXQDUWtFXORTXHPDQWHQtDORVGHUHFKRVGH-DFNVRQ0RUWRQOROH\yPLHQWUDVVH
HQFRQWUDED HQ 1XHYD <RUN \ HV GH SHQVDU TXH QR SXGR VRSRUWDUOR VXIULy XQ DWDTXH \ PXULy SRFR
GHVSXpVHQHO+RVSLWDOGH6W/XNHGHMDQGRHQODLQGLJHQFLDDVXHVSRVD\FLQFRKLMRV$-DFNVRQQR
OHIXHPHMRU6XPHQWHFHGLyEDMRHVDODUJDWHQVLyQ\GHELyVHUFRQILQDGRHQXQPDQLFRPLRHQGRQGH
IDOOHFLyHQ
(QILQGHGLTXpWRGRVHVWRVH[WHQVRVSiUUDIRVDODDQHVWHVLD\VXKLVWRULD\DODVyUGLGDGLVSXWD
VREUHVXSDWHUQLGDGSRUTXHFUHRTXHSRFDVFRVDVIXHURQWDQLPSUHVLRQDQWHPHQWH~WLOHVSDUDDOLYLDU
HOVXIULPLHQWRFRVDTXHSLHQVRFDGDYH]TXHPHVLHQWRHQHOVLOOyQGHOGHQWLVWD3HURODDQHVWHVLDQR
VH OLPLWy D HVR VLQR TXH SHUPLWLy XQD H[SORUDFLyQ GHO FXHUSR KXPDQR LQFRQFHELEOH KDVWD HQWRQFHV
5HVROYLyPLOHVGHSUREOHPDV\QRVyORHQHOFDPSRGHODFLUXJtD
:HOOV VH VXLFLGy HQ XQ DWDTXH GH ORFXUD 0RUWRQ PXULy GH XQ DWDTXH -DFNVRQ WHUPLQy HQ XQ
PDQLFRPLRIXHURQWULVWHVILQDOHVSDUDHVWRVEHQHIDFWRUHVGHODKXPDQLGDG

/LVWHU\ODDQWLVHSVLD
'HVSXpVGHOJLJDQWHVFRPRQVWUXRVRSDVRDGHODQWHTXHVLJQLILFyODDQHVWHVLDODDQWLVHSVLDVHOOHYyOD
VLJXLHQWHFRURQDGHODXUHOHV(Op[LWRVHGHELyHQJUDQSDUWHDORVWUDEDMRVGHOLQJOpV-RVHSK/LVWHU
 7HUPLQDGRV VXV HVWXGLRV HQ /RQGUHV VH WUDVODGy D (GLPEXUJR FLXGDG GRQGH
SHUPDQHFLy VLHWH DxRV \ OOHYy D FDER OD PD\RU SDUWH GH VX REUD /LVWHU SDUWLy GH XQD REVHUYDFLyQ
EiVLFD ODV IUDFWXUDV H[SXHVWDV VLHPSUH VXSXUDEDQ PLHQWUDV TXH DTXHOODV HQ ODV TXH OD SLHO HVWDED
LQWDFWDVHPDQWHQtDQOLEUHVGHSXV&RPELQDQGRVXVREVHUYDFLRQHVFRQODVGH3DVWHXU\DVXPLHQGR
TXHODWHRUtDPLFURELDQDHUDDSOLFDEOHDODSXWUHIDFFLyQGHORVWHMLGRVYLYRVHQODVKHULGDVVXSXVR
TXHODIXHQWHSULPRUGLDOGHODLQIHFFLyQUHVLGtDHQORVPLFURRUJDQLVPRVH[LVWHQWHVHQHODLUHDXQTXH
QRVHOHHVFDSyTXHORVPLFURELRVSRGtDQVHUWUDQVSRUWDGRVSRUORVLQVWUXPHQWRVTXLU~UJLFRV
3DUD HOLPLQDU ORV PLFURRUJDQLVPRV /LVWHU FRPHQ]y SRU EXVFDU XQD VXVWDQFLD DQWLVpSWLFD HV
GHFLU TXH GLVPLQX\HUD ODV SRVLELOLGDGHV GH XQD LQIHFFLyQ (QVD\y FRQ FORUXUR GH ]LQF OXHJR FRQ
VXOILWRV\ILQDOPHQWHHQVHGHWXYRHQHOiFLGRIpQLFRTXH\DKDEtDVLGRUHFRPHQGDGRSRUHO
TXtPLFRIUDQFpV)UDQoRLV-XOHV/HPDLUH/LVWHUFRPHQ]yDOLPSLDUODVKHULGDVFRQSXOYHUL]DFLRQHV
GHiFLGRIpQLFRSURWHJLpQGRODVOXHJRFRQYDULDVFDSDVLPSUHJQDGDVXQDVFRQiFLGRIpQLFRRWUDVFRQ
SDUDILQD (O p[LWR IXH H[WUDRUGLQDULR HQ ORV WUHV SULPHURV DxRV GH DFXHUGR FRQ ODV SURSLDV
HVWDGtVWLFDV KRVSLWDODULDV ORJUy GLVPLQXLU GUiVWLFDPHQWH OD PRUWDOLGDG (Q  SXEOLFy ORV
UHVXOWDGRVGHVXVWUDWDPLHQWRVGHIUDFWXUDVH[SXHVWDV\GHDEVFHVRVHQGRVDUWtFXORVHOVHJXQGRGH
ORVFXDOHV6REUHORVSULQFLSLRVDQWLVpSWLFRVHQODSUiFWLFDGHODFLUXJtDSXHGHVHUFRQVLGHUDGR
FRPRHOWH[WRIXQGDQWHGHODDQWLVHSVLD&XULRVDPHQWHWXYRSRFDUHSHUFXVLyQHQ,QJODWHUUDDXQTXHVH
GLIXQGLy UiSLGDPHQWH HQ (XURSD HO SULPHUR GH ORV OLVWHULDQRV IUDQFHVHV -XVW /XFDV
&KDPSLRQQLqUHGLRXQSDVRPiVDOUHFRQRFHUODLPSRUWDQFLDGHODHVWHULOL]DFLyQGH
ORV LQVWUXPHQWRV PHGLDQWH HO YDSRU PLHQWUDV TXH HO DOHPiQ (UQVW YRQ %HUJPDQQ 
LQWURGXMRORVSURFHGLPLHQWRVDVpSWLFRVTXHOXHJRVHYROYLHURQFOiVLFRV
5HFRUGHPRVDTXtTXHWDQWR/LVWHUFRPR%HUJPDQQWXYLHURQXQLQFRPSUHQGLGR\JUDQSUHFXUVRUHQ
ODILJXUDGHOJLQHFyORJRK~QJDUR,JQD]6HPPHOZHLVFX\DYLGDWUiJLFDOHVFRQWpHQHOFDStWXOR

(QEXVFDGHODVEDODVPiJLFDV
'HVSXpVGHHVWHUHFRUULGRTXLU~UJLFRIXQGDPHQWDOSDUDHQWHQGHUHQTXpDQGDEDQODVFRVDVHQHOVLJOR
;,; YROYDPRV DO SURJUDPD SULQFLSDO GH OD PHGLFLQD TXH VH HVWDEOHFLy DO WLHPSR TXH WULXQIDED OD
WHRUtDGHODHQIHUPHGDGPLFURELDQD&XDQGRHQVHLGHQWLILFyODEDFWHULDTXHSURGXFHODVtILOLV
HO PRGHOR PLFURELDQR VH DILDQ]y \ JHQHUDOL]y \ FRPR VXFHGH PXFKDV YHFHV OD WHRUtD H[WHQGLy VX
LPSHULDOLVPR /D LGHD IXQGDPHQWDO HUD TXH WRGDV ODV HQIHUPHGDGHV HUDQ SURGXFLGDV SRU XQ DJHQWH
ELROyJLFR\HOSURJUDPDFRPR\DOHVGLMHFRQVLVWtDHQHQFRQWUDUFRPSXHVWRVTXtPLFRVFDSDFHVGH
H[WHUPLQDU DO DJHQWH FDXVDO VLQ SURGXFLU GDxRV FRODWHUDOHV HQ HO SDFLHQWH (VRV FRPSXHVWRV
TXtPLFRVHUDQHVFXUULGL]RV\WDUGDURQPXFKRHQVHUGHVFXELHUWRV
 $XQTXHDGHFLUYHUGDGHOQDWXUDOLVWDLUODQGpV-RKQ7\QGDOO\DVHKDEtDWRSDGRFRQXQRGHHOORV
PXFKRDQWHVGHTXHVHGHVFXEULHUDQ\VHHPSH]DUDQDXVDUORVDQWLELyWLFRVSURSLDPHQWHGLFKRV(Q
HVWXGLDQGRODGLVWULEXFLyQGHODVEDFWHULDVHQHODLUHKDEtDREVHUYDGRTXHHQODVXSHUILFLHGH
DOJXQRV FDOGRV TXH XWLOL]DED SDUD VXV H[SHULPHQWRV IORWDEDQ PRKRV GHO JUXSR 3HQLFLOOLXP (Q XQ
DUWtFXORTXHSXEOLFyXQDxRGHVSXpVHVFULELyTXH

HQWRGRVORVFDVRVHQTXHHOPRKRHUDGHQVRODVEDFWHULDVPRUtDQRVHYROYtDQLQDFWLYDVR
FDtDQDOIRQGRFRPRVHGLPHQWR

(UD SRU OR YLVWR XQ PRKR TXH PDWDED ODV EDFWHULDV QL PiV QL PHQRV 3HUR GH OD PLVPD
PDQHUD TXH ORV TXH YHtDQ DLUH GHIORJLVWLFDGR GRQGH HQ YHUGDG KDEtD R[tJHQR 7\QGDOO KDEtD
HQFRQWUDGR OD EDOD PiJLFD FRPR OD OODPDUtD PXFKRV DxRV GHVSXpV HO JUDQ PpGLFR DOHPiQ 3DXO
(KUOLFK DQWHV GH WLHPSR D~Q QR HVWDED IUDJXDGD GHO WRGR OD WHRUtD GH OD LQIHFFLyQ PLFURELDQD \
7\QGDOODSHQDVOHSUHVWyDWHQFLyQDORTXHREVHUYy
&XDQGRHOSURSLR(KUOLFKFRPHQ]yDHVWXGLDUHODVXQWRODKLVWRULDHUDGLIHUHQWHDWDOSXQWRTXH
GHGLFy VX YLGD D HVWD WDUHD 6X PpWRGR HUD FODUD \ SXUDPHQWH HPStULFR SUREDED HQ DQLPDOHV
VXVWDQFLDWUDVVXVWDQFLD\PHGtDORVUHVXOWDGRVHQJHQHUDO\QDWXUDOPHQWHVLQp[LWR+DVWDTXHHQ
GHWHUPLQDGR PRPHQWR GHVSXpV GH SUREDU \ SUREDU HQFRQWUy XQD VXVWDQFLD OD  TXH WXYR
UHVXOWDGRV LQPHGLDWRV HQ FRQHMRV LQIHFWDGRV FRQ OD EDFWHULD GH OD VtILOLV \ IXH PX\ SURPLVRULD HQ
KXPDQRV DXQTXH JHQHUDED HIHFWRV VHFXQGDULRV GHVDOHQWDGRUHV DOJXQRV SDFLHQWHV TXHGDURQ
SHUPDQHQWHPHQWHVRUGRVRWURVGHVDUUROODURQJDQJUHQD(UDHOFRPLHQ]RGHWRGRSHURVRODPHQWHHO
FRPLHQ]R

/RVDQWLELyWLFRV
/DJORULDTXHGySDUD$OH[DQGHU)OHPLQJXQHVFRFpVTXHKDEtDHVWXGLDGRPHGLFLQDHQ
HOKRVSLWDO6W0DU\VGH/RQGUHV\VHGHGLFDEDGHVGHVXJUDGXDFLyQHQDODEDFWHULRORJtDODV
YDFXQDV\ODPLFURELRORJtDGHODVKHULGDVGHJXHUUD\VXWUDWDPLHQWR/DKLVWRULDHVTXHHQHQOD
YtVSHUDGHVXVYDFDFLRQHV)OHPLQJVHPEUyXQRVFXOWLYRVEDFWHULDQRVHQYDULDVSODFDVGHYLGULRSDUD
TXH VH GHVDUUROODUDQ GXUDQWH VX DXVHQFLD (UD XQD RSHUDFLyQ GH UXWLQD SHUR GRV VHPDQDV GHVSXpV
FXDQGR UHJUHVy HQFRQWUy TXH ODV SODFDV VH KDEtDQ FRQWDPLQDGR DOJXQDV GH HOODV FRQ PRKRV GHO
JUXSR 3HQLFLOOLXP HO PLVPR TXH KDEtD HQFRQWUDGR 7\QGDOO PiV GH VHVHQWD DxRV DQWHV 4XH VH
KXELHUDQ OOHQDGR GH PRKR QR HUD QDGD GHPDVLDGR H[WUDxR SHUR KDEtD RWUD FRVD TXH Vt OR HUD
DOUHGHGRUGHHVHPRKRQRKDEtDFUHFLGRQLQJXQDFRORQLDGHEDFWHULDV)OHPLQJKDEtDHQFRQWUDGRR
UHHQFRQWUDGRSDUDVHUPiVSUHFLVRVODEDODPiJLFD
1RVHGLRFXHQWDLQPHGLDWDPHQWHSHURGHVSXpVGHYDULRVH[SHULPHQWRVOOHJyDODFRQFOXVLyQGH
TXHHOPRKRIDEULFDEDXQDVXVWDQFLDTXHFRPEDWtDODVFRORQLDVGHEDFWHULDVODOODPySHQLFLOLQD\QR
WDUGyHQSUREDUODFRQp[LWRHQSDFLHQWHVTXHWHQtDQLQIHFFLRQHVRFXODUHV
$Vt\WRGR)OHPLQJQRYLRORVDOFDQFHVUHDOHVGHORTXHKDEtDHQFRQWUDGR\VLELHQSXEOLFyXQ
SDUGHDUWtFXORVVREUHHOWHPDODSHQLFLOLQDFD\yHQHOROYLGR$XQTXHSRUSRFRWLHPSR(QXQ
GLVFtSXORGH(KUOLFK*HKUDUG'RPDJNGHVFXEULyORTXHVXPDHVWURKDEtDEXVFDGRWRGDVXYLGDHO
SURWRQVLO XQ FRORUDQWH TXH OD LQGXVWULD WH[WLO KDEtD GHVFDUWDGR WHQtD HYLGHQWHV SURSLHGDGHV
DQWLEDFWHULDQDV 'RPDJN REVHUYy TXH HQ HIHFWR OD LQ\HFFLyQ LQWUDYHQRVD FXUDED D ORV UDWRQHV
LQIHFWDGRV FRQ EDFWHULDV (QWRQFHV GHFLGLy LQ\HFWiUVHOR D VX KLMD TXH \D HUD FRQVLGHUDGD XQ FDVR
SHUGLGR SRU XQD LQIHFFLyQ TXH QLQJ~Q PpGLFR KDEtD SRGLGR FRQWURODU /D LQ\HFFLyQ OD FXUy SRU
FRPSOHWR
(O SURWRQVLO UHDYLYy OD HVSHUDQ]D GH HQFRQWUDU VXVWDQFLDV TXH DWDFDUDQ ODV EDFWHULDV GH PDQHUD
HIHFWLYD 3RFR GHVSXpV (UQVW &KDLQ  XQ TXtPLFR TXH KDEtD HVFDSDGR GH OD GLFWDGXUD
QD]L FRQVLJXLy IRQGRV GH OD )XQGDFLyQ 5RFNHIHOOHU \ DUPy XQ JUXSR TXH ORJUy GHWHUPLQDU OD
HVWUXFWXUDTXtPLFDGHODSHQLFLOLQDODSXULILFyHQIRUPDGHFULVWDOHV\GHPRVWUyTXHVXWR[LFLGDGHQ
ORVDQLPDOHVGHODERUDWRULRHUDEDMtVLPD(OH[SHULPHQWRFRQHOTXHFRPSUREyHVWR~OWLPRHVORTXH
VHFRQRFHFRPRXQH[SHULPHQWRFUXFLDOLQIHFWDURQDRFKRUDWRQHVFRQGRVLVPRUWDOHVGHEDFWHULDV
\ D FXDWUR GH HOORV OHV DSOLFDURQ DGHPiV XQD GRVLV GH SHQLFLOLQD /RV UDWRQHV TXH UHFLELHURQ HO
DQWLELyWLFRVREUHYLYLHURQORVRWURFXDWURPXULHURQ
/RV UHVXOWDGRV IXHURQ SXEOLFDGRV HQ HO Q~PHUR GHO  GH DJRVWR GH  GH 7KH /DQFHW
QXHYDPHQWH (UD HO DQXQFLR S~EOLFR GH OD EDOD PiJLFD TXH DO VHU SUREDGD HQ KXPDQRV GLR
UHVXOWDGRVHVSHFWDFXODUHV&LQFRDxRVPiVWDUGHODSHQLFLOLQD\DKDEtDVDOYDGRPLOHVGHYLGDV

/DLQPXQRORJtD
(ORULJHQGHODLQPXQRORJtDVHLGHQWLILFDFRQHOGHODVYDFXQDVGHELGDVD-HQQHU\FRQHOGHOSULPHU
PpWRGRJHQHUDOSDUDSURGXFLUODVGHVDUUROODGRSRU3DVWHXU3HURQL-HQQHUQL3DVWHXUWHQtDQODPHQRU
LGHDDFHUFDGHTXpHUDORTXHRFXUUtDHQHORUJDQLVPRFXDQGRVHKDFtDUHVLVWHQWHDXQDHQIHUPHGDG
LQIHFFLRVD (O SULPHUR TXH SXGR GHFLU DOJR DO UHVSHFWR IXH (OLH 0HWFKQLNRII  ELyORJR
RULJLQDULRGH5XVLDTXHUHDOL]yODPD\RUSDUWHGHVXFDUUHUDHQHO,QVWLWXWR3DVWHXUGH3DUtV
eO PLVPR FXHQWD TXH HQ  PLHQWUDV VX IDPLOLD GLVIUXWDED GH XQ HVSHFWiFXOR GH PRQRV
DPDHVWUDGRVHQHOFLUFRVHKDEtDTXHGDGRREVHUYDQGRHQHOPLFURVFRSLRODDFWLYLGDGGHXQDVFpOXODV
PyYLOHVGHXQDODUYDGHHVWUHOODGHPDU'HUHSHQWHVHOHYLQRXQDLGHDDODPHQWHSHQVyTXHWDO
YH]FpOXODVVLPLODUHVSRGUtDQIXQFLRQDUSDUDSURWHJHUDORUJDQLVPRFRQWUDLQYDVRUHVGDxLQRV

3HQVpTXHVLPLVXSRVLFLyQHUDFRUUHFWDXQDDVWLOODFODYDGDHQODODUYDGHODHVWUHOODGHPDU
SURQWRGHEHUtDURGHDUVHGHFpOXODVPyYLOHVWDOFRPRVHREVHUYDHQODYHFLQGDGGHXQDDVWLOOD
HQ HO GHGR 7DQ SURQWR FRPR OR SHQVp OR KLFH (Q HO SHTXHxR MDUGtQ GH QXHVWUD FDVD WRPp
YDULDVHVSLQDVGHXQURVDO\ODVLQWURGXMHSRUGHEDMRGHODFXELHUWDGHDOJXQDVEHOODVODUYDV
GH HVWUHOODV GH PDU WUDQVSDUHQWHV FRPR HO DJXD 0X\ QHUYLRVR QR GRUPt GXUDQWH OD QRFKH
HVSHUDQGRORVUHVXOWDGRVGHPLH[SHULPHQWR(QODPDxDQDVLJXLHQWHPX\WHPSUDQRHQFRQWUp
FRQDOHJUtDTXHKDEtDVLGRWRGRXQp[LWR(VWHH[SHULPHQWRIXHODEDVHGHODWHRUtDIDJRFtWLFD
DODTXHGHGLTXpORVVLJXLHQWHVDxRVGHPLYLGD

0HWFKQLNRII GLVFXWLy VXV KDOOD]JRV FRQ 9LUFKRZ HO JUDQ UHVSRQVDEOH GHO WULXQIR GH OD WHRUtD
FHOXODU FXDQGR pVWH YLVLWy 0HVLQD PHVHV GHVSXpV \ HVWLPXODGR SRU HO JUDQ SDWyORJR DOHPiQ
SXEOLFyVXIDPRVRDUWtFXOR8QDHQIHUPHGDGSURGXFLGDSRUOHYDGXUDVHQ'DSKQLDXQDFRQWULEXFLyQ
D OD WHRUtD GH OD OXFKD GH ORV IDJRFLWRV HQ FRQWUD GH ORV SDWyJHQRV  GRQGH SUHVHQWDED FRQ
FODULGDGVXWHRUtD\H[SOLFDEDHOSURFHVRGHIDJRFLWRVLVHVGHFLUDTXHOSRUHOFXDODOJXQDVFpOXODV
DWUDSDQSDUWtFXODVVyOLGDV\ODVGHVLQWHJUDQHQVXLQWHULRU

+D VXUJLGR TXH OD UHDFFLyQ LQIODPDWRULD HV OD H[SUHVLyQ GH XQD IXQFLyQ PX\ SULPLWLYD GHO
UHLQR DQLPDO EDVDGD HQ HO DSDUDWR QXWULWLYR GH DQLPDOHV XQLFHOXODUHV \ GH PHWD]RDULRV
LQIHULRUHVHVSRQMDV3RUORWDQWRGHEHHVSHUDUVHTXHWDOHVFRQVLGHUDFLRQHVOOHYHQDLOXPLQDU
ORV RVFXURV IHQyPHQRV GH OD LQPXQLGDG \ OD YDFXQDFLyQ SRU DQDORJtD FRQ HO HVWXGLR GHO
SURFHVRGHODGLJHVWLyQFHOXODU

GHFtDDOOt
/DWHRUtDGH0HWFKQLNRIIHUDVyOLGD\WHQtDXQEXHQVXVWHQWRPDWHULDOSHURSURQWRDSDUHFLyRWUD
HVFXHOD TXH LED D FRQWHQGHU SRU OD VXSUHPDFtD GHO PHFDQLVPR IXQGDPHQWDO GH OD LQPXQLGDG D OD
WHRUtDFHOXODURGHODIDJRFLWRVLVVHRSXVRODWHRUtDKXPRUDOXQSpVLPRQRPEUHGLJDPRVGHSDVR
\D TXH UHPLWtD D FRQFHSFLRQHV SHULPLGDV KDFtD WLHPSR R GH ORV DQWLFXHUSRV GH (PLO %HKULQJ
TXLHQHQLQJUHVyDODQREOH]D\GHVGHHQWRQFHVDxDGLyYRQDVXDSHOOLGR/D
GLVSXWDIXHKLVWyULFDSHURFRPRDYHFHVRFXUUHHQHVWDFODVHGHGLVSXWDV%HKULQJDGPLUDEDPXFKRD
3DVWHXU \ HUD JUDQ DPLJR \ FRPSDGUH GH 0HWFKQLNRII DGHPiV UHVXOWy TXH ORV GRV EDQGRV WHQtDQ
UD]yQ\TXHWDQWRODVFpOXODVFRPRORVDQWLFXHUSRVTXHQRVRQFpOXODVVLQRSURWHtQDVSDUWLFLSDQHQOD
LQPXQLGDG 'H KHFKR %HKULQJ UHFLELy HO 3UHPLR 1REHO HQ  \ 0HWFKQLNRII OR FRPSDUWLy FRQ
(KUOLFKHQ
/DQDWXUDOH]DTXtPLFD\ODHVWUXFWXUDPROHFXODUGHORVDQWLFXHUSRVVHHVWDEOHFLHURQHQODVHJXQGD
PLWDGGHOVLJOR ;;MXQWRFRQORVPHFDQLVPRVJHQpWLFRVTXHFRQWURODQVXHVSHFLILFLGDG8QRGHORV
DYDQFHVPiVLPSRUWDQWHVHQODLQPXQRORJtDIXHHOGHVFXEULPLHQWRGHODSDUWLFLSDFLyQGHORVOLQIRFLWRV
JOyEXORVEODQFRVUHDOL]DGRSRU-DPHV/*RZDQVQ\VXVFRODERUDGRUHVDXQTXHDQWHV\D
VHKDEtDLGHQWLILFDGRDODFpOXODSODVPiWLFDFRPRODUHVSRQVDEOHGHODVtQWHVLVGHORVDQWLFXHUSRV
(O FRQRFLPLHQWR D IRQGR GHO VLVWHPD LQPXQROyJLFR FRQGXMR D OD SRVLELOLGDG GHO WUDVSODQWH GH
yUJDQRV (Q  HO FLUXMDQR VXGDIULFDQR &KULVWLDQ %DUQDUG OOHYy D FDER HO SULPHU WUDVSODQWH
PXQGLDOGHFRUD]yQHQHOSDFLHQWH/RXLV:DVKNDQVN\(QHVWHFDVRHOSDFLHQWHIDOOHFLyDORVGtDV
SRUFRPSOLFDFLyQSXOPRQDUSHURDKRUDORVWUDVSODQWHVVHSUDFWLFDQFRQJUDQp[LWRGHVGHKDFHYDULRV
DxRV /D RSHUDFLyQ SLRQHUD GH %DUQDUG IXH HO LQLFLR GH PXFKDV RWUDV HQWUH ODV TXH VH SXHGHQ
PHQFLRQDUORVWUDVSODQWHVFDUGLRSXOPRQDUHVHQEORTXHORVWUDVSODQWHVGHULxyQGHPpGXODyVHD

/DLPSRVLELOLGDGGHUHVXPLU
1DUUDU OD KLVWRULD GH DOJR HQ OD VHJXQGD PLWDG GHO VLJOR ;; \ VREUH WRGR OD GH OD FLHQFLD HV
SUiFWLFDPHQWH LPSRVLEOH 6HUtD XQD HPSUHVD VLQ VHQWLGR LQWHQWDU UHVXPLU DTXt OD DYDODQFKD GH
GHVFXEULPLHQWRV\p[LWRVPpGLFRVGHOVLJOR ;;PXFKRVSURYHQLHQWHVGHORVWHUUHQRVGHODTXtPLFD
8Q EXHQ HMHPSOR VRQ ODV YLWDPLQDV GHVGH OD LQWURGXFFLyQ GHO WpUPLQR HQ  SRU SDUWH GHO
ELRTXtPLFR SRODFR &DVLPLU )XQN VH KD DLVODGR XQD JUDQ YDULHGDG GH HVWRV FRPSXHVWRV \ VH KDQ
GHILQLGRVXVIXQFLRQHVQXWULFLRQDOHV3HURODELRTXtPLFDTXH\DHVFDSD]GHHVFXGULxDU\PRGLILFDU
PROpFXODV KD VLGR HVHQFLDO WDPELpQ SDUD GHWHUPLQDU OD IXQFLyQ GH ODV KRUPRQDV SDUD DLVODU \
HVWXGLDU ODV SURWHtQDV OR FXDO FRQGXMR DO GHVFXEULPLHQWR GHO $'1 \ SDUD GHVDUUROODU IiUPDFRV
HVSHFtILFRVSDUDGLIHUHQWHVHQIHUPHGDGHV
$ OD PHMRUD HQ HO WUDWDPLHQWR \ GLDJQyVWLFR VH DJUHJDURQ DSDUDWRV FDGD YH] PiV \ PiV
VRILVWLFDGRV HO HOHFWURHQFHIDORJUDPD HO HOHFWURFDUGLRJUDPD ORV UD\RV ; PiV FHUFD GH QXHVWUR
SUHVHQWH OD WRPRJUDItD FRPSXWDGD TXH FRQVLVWH HQ XQD VHULH GH UDGLRJUDItDV TXH SHUPLWHQ
UHFRQVWUXFFLRQHV HQ WUHV GLPHQVLRQHV OD WRPRJUDItD PHGLDQWH HPLVLyQ GH SRVLWURQHV SDUWtFXODV
H[DFWDPHQWH LJXDOHV DO HOHFWUyQ SHUR GH VLJQR FRQWUDULR OD UHVRQDQFLD PDJQpWLFRQXFOHDU HO
PLFURVFRSLR HOHFWUyQLFR ORV PDWHULDOHV UDGLDFWLYRV SDUD GHVWUXLU FpOXODV GDxDGDV ORV PDUFDGRUHV
UDGLDFWLYRVSDUDSRGHUVHJXLUODVHYROXFLRQHVILVLROyJLFDVGHQWURGHOFXHUSR1DGLHORVKDFRQWDGR
SHUR HV SUREDEOH TXH KR\ H[LVWDQ PiV GH PLO H[iPHQHV \ SUXHEDV GH ODERUDWRULR ~WLOHV SDUD HO
GLDJQyVWLFR\HOWUDWDPLHQWRGHODPD\RUtDGHORVHQIHUPRVFRQODVTXHQL+LSyFUDWHVQL%RHUKDDYH
QL+DUYH\VRxDURQHQVXVUHVSHFWLYRVWLHPSRVSDUDDX[LOLDUDVXVSDFLHQWHV
<DOPLVPRWLHPSRFUHFLy\VHLPSXVRODPHGLFLQDFRPRELHQVRFLDO\HODFFHVRDODVDOXGGH
WRGRV FRPR XQ PDQGDWR TXH HQ OD DFWXDOLGDG VH FXPSOD R QR HV DFHSWDGR SRU WRGRV ORV SDtVHV \
ILJXUD HQWUH ORV GHUHFKRV GHO KRPEUH ILMDGRV SRU ODV 1DFLRQHV 8QLGDV &RPR UHVXOWDGR GH HOOR VH
FUHDURQODVRUJDQL]DFLRQHVPXQGLDOHVGHODVDOXGHQVHIXQGyOD:RUOG0HGLFDO$VVRFLDWLRQ
TXHHQJOREDDPiVGHFLQFXHQWDDVRFLDFLRQHVPpGLFDVQDFLRQDOHV\HQQDFLyOD2UJDQL]DFLyQ
0XQGLDOGHOD6DOXG206DXWRULGDGTXHFRRUGLQDORVSUREOHPDV\SUR\HFWRVVDQLWDULRVGHFDUiFWHU
LQWHUQDFLRQDO
'H HVWD PDQHUD OD PHGLFLQD TXH KDEtD YDJDGR VLQ EU~MXOD GXUDQWH OD PD\RU SDUWH GH VX ODUJD
KLVWRULDSRUILQVHHVWDELOL]y<WRGRKDEtDFRPHQ]DGRVLVHTXLHUHPiVGHGRVPLODxRVDWUiVFRQ
DTXHOODVYLHMDVHVSHFXODFLRQHVJULHJDVVREUHHOHTXLOLEULR\GHVHTXLOLEULRGHORVKXPRUHV
3HUVLJXLHQGRHORULJHQHOFDPLQRDODSDUWtFXODGLYLQD
 &$378/2

/DPHFiQLFDFXiQWLFD

0X\SURQWRODUHDOLGDGFHGLyHQPiVGHXQSXQWR

-/%25*(67ORQ8TEDU2UELV7HUWLXV

7RGRHPSH]yGHODPDQHUDPiVLQRFHQWHFRQODOX]\ODUDGLDFLyQ(QODV~OWLPDVGpFDGDVGHOVLJOR
;,;ODWHRUtDRQGXODWRULDGHODOX]KDEtDWULXQIDGRFRQWXQGHQWHPHQWHVREUHODWHRUtDFRUSXVFXODUOR
FXDO VLJQLILFDED TXH VH FRQFHEtD OD OX] FRPR XQD UDGLDFLyQ HOHFWURPDJQpWLFD WDO \ FRPR KDEtD
SUHGLFKR0D[ZHOO\FRPRKDEtDGHPRVWUDGRH[SHULPHQWDOPHQWH+HUW]HQ8QDYH]HVWDEOHFLGDV
ODV GRV SDUWHV TXH FRPSRQtDQ HO PXQGR OD PDWHULD \ OD UDGLDFLyQ OD FXHVWLyQ HUD DYHULJXDU FyPR
LQWHUDFWXDEDQHQWUHHOODV
1RVHQRWDEDDVLPSOHYLVWDTXHWDOUHODFLyQSXGLHUDWUDHUGHPDVLDGDVFRPSOLFDFLRQHV3HUROR
FLHUWRHVTXHGHVDWyXQDUHYROXFLyQWDQJUDQGHHQODItVLFDTXHWRGRVORVFRQFHSWRVWXYLHURQTXHVHU
UHYLVDGRVPiVD~QTXHFRQODWHRUtDGHODUHODWLYLGDG\VHFRQYLUWLHURQHQXQFXHUSRGHGRFWULQD
FRPSOHWtVLPR \ WUHPHQGDPHQWH HILFD] OD PHFiQLFD FXiQWLFD (V XQ FDPLQR UtVSLGR \ FRPSOHMR
SRUTXHODPHFiQLFDFXiQWLFDORHV6HDPRVSDFLHQWHVHQWRQFHV\VLJDPRVFRQFXLGDGR\DWHQFLyQORV
SDVRVGHVXFRQVWUXFFLyQ

(OKLORVHFRUWDSRUORPiVJUXHVR
7RGRHPSH]yOHVGHFtDGHODPDQHUDPiVLQRFHQWH$SULQFLSLRVGHOVLJOR ;;\\DUHSXHVWRVRD
PHGLDVUHSXHVWRVDGHFLUYHUGDGGHOVKRFNGHOGHVFXEULPLHQWRGHTXHHOiWRPRHUDDOJRFRPSXHVWR
\ TXH KDEtD SDUWtFXODV LQFOXVR PiV FKLFDV ORV ItVLFRV FUHtDQ WHQHU XQ PDSD PiV R PHQRV FRPSOHWR
JUDFLDVDOFXDOVDEtDQDSUR[LPDGDPHQWHELHQTXpGHEtDQKDFHU$OPHQRVORKDFtDQEDMRHODPSDUR
GHXQDiYLGD\VHJXUDFRQFHSFLyQORVREMHWRVPDWHULDOHVFRPRORViWRPRVRORVUHFLpQOOHJDGRV\
\D DFHSWDGRV HOHFWURQHV WHQtDQ TXH VHU GHVFULSWRV FRPR SDUWtFXODV SHUR OD UDGLDFLyQ
HOHFWURPDJQpWLFD LQFOXLGD OD OX] KDEtD TXH HQWHQGHUOD HQ IRUPD GH RQGDV 'H OR TXH VH WUDWDED
DKRUD HUD GH FRPSUHQGHU GH TXp PDQHUD LQWHUDFWXDED OD UDGLDFLyQ FRQ OD PDWHULD XQD WDUHD VL VH
TXLHUH GH UXWLQD SDUHFtD VHJXUR TXH SRU DKt LEDQ ODV FRVDV TXH SHUPLWLUtDQ FRQVWUXLU XQD LPDJHQ
DUPRQLRVDTXHXQLILFDUDODItVLFD3HURGHEHPRVUHWURFHGHUXQSRFRSDUDHQWHQGHUODGLPHQVLyQGHOD
UHYROXFLyQFRQFHSWXDOTXHVHGHVDWyFXDQGRVHLQGDJyDIRQGRHQHVWRVWHPDV
3DUD HPSH]DU KD\ TXH GHFLU TXH WRGR FXHUSR HPLWH UDGLDFLRQHV HOHFWURPDJQpWLFDV (O HVSHFWUR
HOHFWURPDJQpWLFR TXH SXHGHQ YHU HQ OD LPDJHQ VLJXLHQWH FODVLILFD ODV GLYHUVDV UDGLDFLRQHV GH
DFXHUGRFRQVXIUHFXHQFLDHVGHFLUHOQ~PHURGHUHSHWLFLRQHVSRUXQLGDGGHWLHPSR\VXORQJLWXGGH
RQGDLQYHUVDPHQWHSURSRUFLRQDODODIUHFXHQFLD$VtSRUHMHPSORXQFXHUSRTXHHPLWHFRQPXFKD
IUHFXHQFLD\ORQJLWXGGHRQGDFRUWDORKDUiHQXOWUDYLROHWDRD~QPiVHPLWLUiUD\RVJDPPD
 /D IRUPD GH HVWXGLDU FyPR LQWHUDFFLRQDQ PDWHULD \ UDGLDFLyQ FRQVLVWH HQ REVHUYDU XQ REMHWR
FDOLHQWH\DTXHpVWHLUUDGLDPXFKDHQHUJtDHOHFWURPDJQpWLFD&XDQWRPiVFDOLHQWHHVWiPiVHQHUJtD
LUUDGLDFDGDYH]FRQORQJLWXGHVGHRQGDPiVFRUWDVORTXHHVORPLVPRTXHGHFLUFRQIUHFXHQFLDV
PiV DOWDV $Vt SRU HMHPSOR XQ FXHUSR GHPDVLDGR IUtR SDUD LUUDGLDU OX] YLVLEOH SXHGH HPLWLU
UDGLDFLyQ LQIUDUURMD GH EDMD IUHFXHQFLD LQDSUHKHQVLEOH SDUD HO RMR KXPDQR SHUR SHUIHFWDPHQWH
GHWHFWDEOHSRUORVDSDUDWRV
(O UHFXUVR HVWiQGDU TXH VH XWLOL]DED SDUD PHGLU OD UDGLDFLyQ HQ HVH PRPHQWR HUD HO OODPDGR
FXHUSRQHJURXQREMHWRWHyULFRSHUIHFWRDEVRUEHQWHRHPLVRUGHUDGLDFLyQHVGHFLUTXHDEVRUEH
WRGD OD UDGLDFLyQ TXH OH OOHJD $GHPiV GH VHU XQ H[FHOHQWH REMHWR WHyULFR HV IiFLO FRQVWUXLU XQ
FXHUSRQHJURPiVRPHQRVULJXURVRHQHOODERUDWRULREDVWDWRPDUXQDHVIHUDKXHFDRXQWXERFRQORV
H[WUHPRVFHUUDGRV\SUDFWLFDUXQSHTXHxRDJXMHURHQVXVXSHUILFLH&XDOTXLHUUDGLDFLyQFRPRODOX]
TXH SHQHWUH SRU HVH DJXMHUR TXHGDUi DWUDSDGD HQ HO LQWHULRU UHERWDQGR HQ ODV SDUHGHV KDVWD VHU
DEVRUELGDHVPX\LPSUREDEOHTXHSXHGDVDOLUDWUDYpVGHOKXHFRGHELGRDHVHUHERWHRVLVDOHOR
KDUiHQXQDIUDFFLyQPtQLPD3RUORWDQWRHOFXHUSRODDEVRUEH\HVHDJXMHURHVXQFXHUSRQHJUR
<HVHQWRQFHVFXDQGRVHSURGXMRXQFKLVSD]RHQWUHORTXHVHPHGtDH[SHULPHQWDOPHQWH\ODWHRUtD
FOiVLFD /D FXHVWLyQ HV DVt ODV OH\HV GHO HOHFWURPDJQHWLVPR FOiVLFR SUHYHtDQ TXH XQ FXHUSR QHJUR
LGHDO FXDQGR HVWDED HQ HTXLOLEULR WpUPLFR GHEtD HPLWLU HQHUJtD HQ WRGRV ORV UDQJRV GH IUHFXHQFLD
GHVGHODVRQGDVPiVODUJDVDODVPiVFRUWDVSHURVLJXLHQGRXQDSURSRUFLRQDOLGDGPX\HVSHFtILFDD
PD\RUIUHFXHQFLDPD\RUHQHUJtDHPLWLGD/RFXDOVXSRQtDTXHHQHOUDQJRPiVHOHYDGRGHOHVSHFWUR
HVGHFLUDTXHOFRQIUHFXHQFLDVPiVDOWDV\ORQJLWXGHVGHRQGDPiVFRUWDVHOXOWUDYLROHWDGDGRTXH
ORVUD\RVJDPPDD~QQRVHFRQRFtDQODHPLVLyQGHHQHUJtDGHEtDVHUHQRUPHLQILQLWDHQUHDOLGDG
<UHVXOWDTXHODFXUYDGHHPLVLyQGHOFXHUSRQHJURQRHQFDMDEDSDUDQDGDFRQORTXHVHHVSHUDED
(VDHQHUJtDLQILQLWDTXHSUHGHFtDODWHRUtD\TXHREYLDPHQWHQRSRGtDVHUIXHOODPDGDFDWiVWURIH
GHOXOWUDYLROHWD\DWUDMRODDWHQFLyQGHXQEXHQQ~PHURGHItVLFRVGXUDQWHOD~OWLPDGpFDGDGHOVLJOR
;,;8QRGHHOORVIXH0D[3ODQFNXQFLHQWtILFRDWRGDVOXFHVFOiVLFRTXHTXHUtDH[SOLFDU
ODFDWiVWURIHGHOXOWUDYLROHWDPHGLDQWHODVOH\HVGHODWHUPRGLQiPLFDHQODVFXDOHVVHKDEtDPRVWUDGR
HVSHFLDOPHQWHLQWHUHVDGR
3RU HQWRQFHV VH FRQRFtDQ GRV HFXDFLRQHV TXH XQLGDV R PHMRU GLFKR SHJDGDV R HQJDQFKDGDV
SURSRUFLRQDEDQXQDSDVDEOHGHVFULSFLyQGHOFRPSRUWDPLHQWRGHOFXHUSRQHJURXQDTXHGDEDEXHQRV
UHVXOWDGRV SDUD JUDQGHV ORQJLWXGHV GH RQGD \ RWUD TXH VH DMXVWDED EDVWDQWH D ODV REVHUYDFLRQHV
HIHFWXDGDVDEDMDORQJLWXGGHRQGD3HURORFLHUWRHVTXHHUDXQSDVWLFKH\QDGLHSRGtDFUHHUTXHQR
H[LVWLHUD XQD ~QLFD OH\ TXH GHVFULELHUD HO FRPSRUWDPLHQWR GH XQ FXHUSR TXH HQ HO IRQGR HUD XQ
GLVSRVLWLYRVHQFLOOR\HVWLOL]DGR
 3ODQFNWHQtDHQIUHQWHDOFXHUSRQHJUR\XQSXxDGRGHOH\HVHQODVTXHQRFRQILDEDGHOWRGRWDOIXH
ODFXHVWLyQ
6HYHQtDRFXSDQGRGHpOGHVGH\KDVWDSXEOLFyYDULRVDUWtFXORVPX\LQWHUHVDQWHVVt
SHURTXHQRUHVROYtDQHOSUREOHPD(QVD\DEDYXHOWDVGHWXHUFDGLIHUHQWHVSHURVLHPSUHVHTXHGDEDD
PLWDG GH FDPLQR SDUHFtD VHU TXH R ELHQ KDEtD TXH DFHSWDU OD GLVFUHSDQFLD HQWUH OD WHRUtD \ OD
HPSLULDRELHQKDEtDTXHDUUHJOiUVHODVFRQODHQVDODGDGHODVGRVOH\HV
3HURHQ3ODQFNFDPELyGHHVWUDWHJLD\GLRXQVDOWRDOYDFtR&RPRPXFKDVYHFHVSDVDHQOD
KLVWRULD GH OD FLHQFLD XQD YH] DJRWDGRV ORV UHFXUVRV UD]RQDEOHV VH SUXHED FRQ XQR TXH D SULPHUD
YLVWD QR OR HV \ HVWR QR VLHPSUH VH SURGXFH FRPR UHVXOWDGR GH FRQVLGHUDFLRQHV FLHQWtILFDV IUtDV
VHUHQDV\OyJLFDVVLQRFRPRXQPHGLRH[WUHPRHQHOTXHVHPH]FODQHOD]DUODLQWXLFLyQ\ODEXHQDR
PDODVXHUWH
$Vt IXH DKt OR WHQHPRV D 3ODQFN GHFLGLGR D SUREDU FRQ XQD VROXFLyQ LQYHURVtPLO QL PiV QL
PHQRVTXHVXSRQHUFRQWUDWRGDODWHRUtDFOiVLFDGHODItVLFD\WRGRORTXHVHVDEtDVREUHODQDWXUDOH]D
GHODHQHUJtDTXHpVWDQRHUDHPLWLGDQLDEVRUELGDHQIRUPDFRQWLQXDVLQRHQSHTXHxRVSDTXHWHVR
FXDQWRVWDOFRPRVLVHWUDWDUDGHSDUWtFXODV(UDXQGLVSDUDWHFRVDTXHpOPLVPRSHQVDEDDPHGLDV
SHUR UHVXOWD TXH FRQ HVD VXSRVLFLyQ HQ DSDULHQFLD GLVSDUDWDGD FRQVLJXLy XQD IyUPXOD PDWHPiWLFD
VLPSOH TXH SURSRUFLRQDED OD IRUPD FRPSOHWD GH OD FXUYD \ TXH FRQFRUGDED SHUIHFWDPHQWH FRQ ODV
REVHUYDFLRQHVGHODUDGLDFLyQ HPLWLGDSRU HOFXHUSRQHJUR$XQTXHSRU VXSXHVWRQDGLHQLpO
HQWHQGtDFXiOSRGtDVHUHOVRSRUWHItVLFRGHVHPHMDQWHKLSyWHVLV
8QD YH] TXH KL]R FRQRFHU VX IyUPXOD HQ XQD UHXQLyQ GH OD 6RFLHGDG GH )tVLFD GH %HUOtQ HQ
RFWXEUH GH  3ODQFN LQWHQWy HQFRQWUDU XQD LQWHUSUHWDFLyQ ItVLFD SDUD VX OH\ HVHQFLDOPHQWH
PDWHPiWLFDKDFLHQGRYDULDVKLSyWHVLVSDUDYHUFXiOHQFDMDEDPHMRUFRQODVHFXDFLRQHV)LQDOPHQWH
WXYR TXH DFHSWDU XQD TXH QR OH UHVXOWDED PX\ JUDWD LPDJLQDU D ORV HPLVRUHV GH UDGLDFLyQ FRPR
SHTXHxRVSHTXHxtVLPRVRVFLODGRUHVTXHHPLWtDQHQHUJtDVTXHVHH[SUHVDEDQSRUODIyUPXOD

H K

GRQGH  HV OD IUHFXHQFLD \ K HV XQD FRQVWDQWH TXH GHVGH HQWRQFHV VH FRQRFH FRPR OD &RQVWDQWH GH
3ODQFN /D IyUPXOD HV XQD GH ODV PiV LPSRUWDQWHV GH WRGD OD KLVWRULD GH OD ItVLFD FRPSDUDEOH D OD
HLQVWHLQLDQD\XQRVDxRVSRVWHULRU

H PF

/RTXHGHFtDGHPDQHUDLQFUHtEOHPHQWHVLQWpWLFDHUDMXVWDPHQWHTXHODUDGLDFLyQQRSXHGHVHU
HPLWLGD QL DEVRUELGD GH PDQHUD FRQWLQXD VLQR VyOR HQ SDTXHWHV FX\D HQHUJtD GHSHQGH GH OD
IUHFXHQFLDGHODUDGLDFLyQ
3ODQFNKDEtDORJUDGRPRVWUDUTXHVLVHWUDWDEDGHPDQHUDGLVFUHWDDTXHOORTXHWRGRXQVLJORKDEtD
SHQVDGRFRPRFRQWLQXRODVFRVDVHQFDMDEDQ/DHQHUJtDHUDGLVFUHWDVHFRPSRUWDEDFRPRVLIXHUD
XQD SDUWtFXOD (UD LQFUHtEOH WDQ LQFUHtEOH TXH HO SURSLR 3ODQFN HQ XQD FDWDUDWD GH DUWtFXORV
SRVWHULRUHVVLJXLyWUDWDQGRGHHQFRQWUDUXQDH[SOLFDFLyQFOiVLFDPLHQWUDVPXFKRVGHORVItVLFRVTXH
FRQRFLHURQVXWUDEDMRFRQWLQXDEDQFRQVLGHUiQGRORVLPSOHPHQWHXQWUXFRPDWHPiWLFRXQDUWLILFLRSDUD
VDOLUGHOSDVRWDQSURYLVRULRVLVHTXLHUHFRPRHOSHJRWHRFRQTXHVHWUDEDMDEDDQWHULRUPHQWH(Q
HQXQDFDUWDD5REHUW:LOOLDP:RRG3ODQFNUHFRUGDEDVXWUDEDMRGH

3XHGR FDUDFWHUL]DU HO SURFHGLPLHQWR HQWHUR FRPR XQ DFWR GH GHVHVSHUDFLyQ 7HQtD TXH
HQFRQWUDUVHXQDLQWHUSUHWDFLyQWHyULFDDFXDOTXLHUSUHFLRSRUDOWRTXHpVWHIXHUD

'HOPLVPRPRGRTXHORVUHSUHVHQWDQWHVGHORV(VWDGRV*HQHUDOHVIUDQFHVHVTXHVHUHVLVWLHURQD
OD RUGHQ GH GHVDORMR GHO UH\ HQ  QR VDEtDQ TXp HUD OR TXH HVWDEDQ GHVDWDQGR OD IyUPXOD GH
3ODQFN WtPLGD SRU FLHUWR DSOLFDEOH VRODPHQWH D FDVL WHyULFRVRVFLODGRUHV GHO FXHUSR QHJUR HUD HO
FRPLHQ]RGHXQDSURIXQGDUHYROXFLyQ\SRQtDGHPDQLILHVWRXQDOLPLWDFLyQDODItVLFDFOiVLFD
1RLPSRUWDEDHODOFDQFHH[DFWRGHWDOOLPLWDFLyQHOKHFKRGHTXHH[LVWLHUDQIHQyPHQRVTXHQR
SRGtDQVHUH[SOLFDGRV~QLFDPHQWHFRQODVLGHDVFOiVLFDVHUDVXILFLHQWHSDUDDQXQFLDUODSUR[LPLGDG
GHXQDFULVLV\XQDQXHYDHUDHQODKLVWRULDGHODItVLFD
<D QR KDEUtD PDUFKD DWUiV (O SULPHU SDVR HVWDED GDGR HO VHJXQGR SDVR GH OD VDJD HVWDUtD
DVRFLDGRDOQRPEUHGH(LQVWHLQ\DOIHQyPHQRFRQRFLGRFRPRHIHFWRIRWRHOpFWULFR

(OWXUQRGH(LQVWHLQ\HOHIHFWRIRWRHOpFWULFR
&XDQGR KDEODPRV GH (LQVWHLQ KDFH XQ SDU GH FDStWXORV QRV GHWXYLPRV HQ HO DxR PLODJURVR GH
 \ HQ DOJXQDV GH VXV JUDQGHV FRQWULEXFLRQHV 8QD HUD OD UHODWLYLGDG HVSHFLDO OD VHJXQGD HO
PRYLPLHQWREURZQLDQR\ODWHUFHUDHOHIHFWRIRWRHOpFWULFR1RHVGLVSDUDWDGRFRQVLGHUDUTXHHVWD
~OWLPDHVWDQLPSRUWDQWHFRPRODPLVPtVLPDUHODWLYLGDG\DTXHSXVRHQPDUFKDODPHFiQLFDFXiQWLFD
SDVDQGRSRUHQFLPDGHORVHVFU~SXORVGHORVItVLFRVGHODpSRFD(LQVWHLQIXHHOSULPHURHQWRPDUHQ
VHULR ODV LPSOLFDFLRQHV ItVLFDV GHO WUDEDMR GH 3ODQFN \ HQ WUDWDUODV FRPR DOJR PiV TXH ODV
FRQVHFXHQFLDVGHXQWUXFRPDWHPiWLFRDODSOLFDUODVDRWURSUREOHPDGHFDUiFWHUEDVWDQWHPLVWHULRVR
TXHVHDUUDVWUDEDGHVGHHOVLJORDQWHULRU
5HVXOWDTXHGRVItVLFRV3KLOOLS/HQDUG\--7KRPVRQHOGHVFXEULGRUGHOHOHFWUyQ
KDEtDQFRQVHJXLGRGHPRVWUDUHQORV~OWLPRVDxRVGHOVLJOR;,;\WUDEDMDQGRLQGHSHQGLHQWHPHQWHTXH
VL VH LOXPLQDED OD VXSHUILFLH GH XQ PHWDO VLWXDGR HQ HO YDFtR OD OX] DUUDQFDED HOHFWURQHV 3HUR
KDEtDXQDFRVDVRUSUHQGHQWH(UDREYLRTXHVLVHDXPHQWDEDODLQWHQVLGDGGHODOX]FDGDFHQWtPHWUR
FXDGUDGR GH VXSHUILFLH PHWiOLFD UHFLELUtD XQD FDQWLGDG PD\RU GH HQHUJtD \ WDPELpQ SDUHFtD REYLR
TXHVLXQHOHFWUyQUHFLEtDPiVHQHUJtDGHEtDVHUH[SXOVDGRGHOPHWDOFRQPD\RUYHORFLGDG
3HURUHVXOWDTXHODHPSLULDQRUHSDUDHQREYLHGDGHVGHQXHYRWR]XGDPHQWHGHFtDTXHDTXHOOR
TXH UHVXOWDED OR PiV HVSHUDEOH QR HUD OR TXH YHUGDGHUDPHQWH RFXUUtD 3RU PiV YDULDFLRQHV TXH VH
KLFLHUDQHQODLQWHQVLGDGODYHORFLGDGGHVDOLGDGHORVHOHFWURQHVQRVHDOWHUDED
$ODFHUFDUHOIRFROXPLQRVRDOPHWDODXPHQWDEDHOQ~PHURGHHOHFWURQHVOLEHUDGRVSHURFDGDXQR
GH pVWRV HPHUJtD FRQ OD PLVPD YHORFLGDG FRQ TXH OR KDFtDQ ORV H[SXOVDGRV SRU XQ KD] GH OX] PiV
GpELORPiVIXHUWHGHOPLVPRFRORU6LHQFDPELRVHXWLOL]DEDQKDFHVGHOX]GHIUHFXHQFLDPiVDOWD
XOWUDYLROHWDSRUHMHPSORHQOXJDUGHOX]D]XORURMDORVHOHFWURQHVDYDQ]DEDQPiVUiSLGDPHQWH(O
DVXQWR HUD LQH[SOLFDEOH GHVGH OD PHFiQLFD FOiVLFD $XQTXH QR OR HUD WDQWR VL VH XWLOL]DEDQ ORV
UHVXOWDGRVGH3ODQFN\VHFRQVLGHUDEDQVXVHFXDFLRQHVFRPREDVH3HURQDGLHVHDWUHYtDDGDUHVWH
LPSRUWDQWH\SHOLJURVRSDVR
([FHSWR(LQVWHLQ
/R TXH KL]R IXH DSOLFDU OD HFXDFLyQ GH 3ODQFN \ DILUPDU TXH DVt FRPR OD UDGLDFLyQ
HOHFWURPDJQpWLFD VH WUDQVPLWtD HQ SDTXHWHV OD OX] QR HV XQD RQGD FRQWLQXD FRPR ORV FLHQWtILFRV
KDEtDQ FUHtGR GXUDQWH FLHQ DxRV VLQR TXH HVWi LQWHJUDGD SRU FXDQWRV TXH GHVSXpV VH OODPDUtDQ
IRWRQHV&RQHVWDDVXQFLyQVLPSOHVHH[SOLFDEDWRGR
$ODILUPDUTXHODOX]HVWDEDFRPSXHVWDSRUIRWRQHV(LQVWHLQHVWDEDGLFLHQGRTXHWRGDODOX]GH
XQD GHWHUPLQDGD IUHFXHQFLD Y HV GHFLU GH XQ FRORU SDUWLFXODU GHO HVSHFWUR HOHFWURPDJQpWLFR
FRQVLVWHHQIRWRQHVGHODPLVPDHQHUJtD(&DGDYH]TXHXQRGHHVWRVIRWRQHVJROSHDDXQHOHFWUyQOH
SURSRUFLRQDODPLVPDFDQWLGDGGHHQHUJtD\SRUWDQWRODPLVPDYHORFLGDG0D\RULQWHQVLGDGGHOX]
VLJQLILFDVLPSOHPHQWHTXHKD\PiVFXDQWRVGHOX]IRWRQHVGHODPLVPDHQHUJtDVLQHPEDUJRVLKD\
FDPELRGHOFRORUGHODOX]ODIUHFXHQFLDYDUtD\SRUHOORVHDOWHUDODHQHUJtDWUDQVSRUWDGDSRUFDGD
IRWyQ (Q FRQVHFXHQFLD HVH IRWyQ OH WUDQVPLWH PiV HQHUJtD DO HOHFWUyQ TXH SDUWH FRQ PD\RU
YHORFLGDG
/DWHRUtDGHORVIRWRQHVQRIXHDFHSWDGDGHLQPHGLDWR\DXQTXHORVH[SHULPHQWRVFRQHOHIHFWR
IRWRHOpFWULFRFRQFRUGDEDQFRQODSURSXHVWDGH(LQVWHLQSDVDURQPiVGHGLH]DxRVKDVWDTXHHOItVLFR
H[SHULPHQWDOQRUWHDPHULFDQR5REHUW0LOOLNDQTXHORJUyXQDGHWHUPLQDFLyQDMXVWDGtVLPDGHOYDORU
GH OD FRQVWDQWH GH 3ODQFN TXH PLGLy PX\ SUHFLVDPHQWH OD FDUJD GHO HOHFWUyQ HQ XQ FpOHEUH
H[SHULPHQWR\TXHFRVDFXULRVDKDEtDVLGRXQWHQD]RSRVLWRUDODSRVWXODFLyQHLQVWHLQLDQDPRVWUy
H[SHULPHQWDOPHQWHTXHODWHRUtDGHOHIHFWRIRWRHOpFWULFRHUDFRUUHFWD
0LHQWUDVWDQWR(LQVWHLQDPSOLyVXVLGHDVFXiQWLFDVVREUHODUDGLDFLyQHQORVDxRVTXHVLJXLHURQ\
PRVWUyTXHODHVWUXFWXUDFXiQWLFDGHODOX]HVXQDFRQVHFXHQFLDLQHYLWDEOHGHODHFXDFLyQGH3ODQFN
$QWH XQD FRPXQLGDG FLHQWtILFD SRFR UHFHSWLYD HO ItVLFR PiV LPSRUWDQWH GHO VLJOR VRVWXYR TXH OD
PHMRUIRUPDGHHQWHQGHUODOX]SRGUtDFRQVLVWLUHQXQDIXVLyQGHODVWHRUtDVRQGXODWRULD\FRUSXVFXODU
TXH KDEtDQ FRPSHWLGR HQWUH Vt GHVGH HO VLJOR ;9,, $ SHVDU GH TXH HQ  (LQVWHLQ \D HVWDED
FRQYHQFLGR GH OD UHDOLGDG GH OR TXH KR\ VH OODPDQ IRWRQHV UHFLpQ HQ  TXHGy FRPSOHWDPHQWH
GHPRVWUDGDVXH[LVWHQFLD(OHIHFWRIRWRHOpFWULFRGLJDPRVGHSDVRVHFRQYLUWLyHQXQDSLH]DFHQWUDO
GHODWHFQRORJtDPRGHUQDHOIXQFLRQDPLHQWRGHODVFpOXODVIRWRHOpFWULFDVVHEDVDHQpODVtTXHFDGD
YH]TXHYHDPRVFyPRVHDEUHQDXWRPiWLFDPHQWHODVSXHUWDVGHXQDVFHQVRUHVWDPRVUHFLELHQGRXQ
UDPDOD]RGHOWUDEDMRGH(LQVWHLQ
3HURDKRUDUHWURFHGDPRVXQRVDxRVKDVWD'LVF~OSHQPHSRUHVWDVLGDV\YXHOWDVODKLVWRULD
GHODFLHQFLDHVWDQGHVRUGHQDGDFRPRODKLVWRULDKXPDQD\PXFKDVYHFHVODFURQRORJtDHVSDUDOD
QDUUDFLyQ PiV XQ REVWiFXOR TXH XQD KHUUDPLHQWD 5HYLVLWHPRV XQ WHPD TXH KHPRV WRFDGR \D \ TXH
FRQVWLWX\yXQHVSDOGDUD]RPiVSDUDODWHRUtDFXiQWLFD

(OiWRPRGH%RKUQXHYDPHQWH
<D KDEODPRV HQ VX PRPHQWR VREUH OD PDQHUD HQ TXH %RKU UHVROYLy ODV GLILFXOWDGHV GHO PRGHOR GH
5XWKHUIRUG GHO iWRPR TXH OR SUHVHQWDED FRPR XQ VLVWHPD VRODU HQ PLQLDWXUD FRQ XQ Q~FOHR HQ HO
FHQWUR\EDQGDVGHHOHFWURQHVJLUDQGRDOUHGHGRUFRPRORVSODQHWDVDOUHGHGRUGHO6RO<YLPRVFXiO
HUDODGLILFXOWDG$OJLUDUVLJXLHQGRODVOH\HVGH0D[ZHOOORVHOHFWURQHVGHEtDQSHUGHUHQHUJtDFRQ
ORFXDOVHVXSRQtDTXHGHEtDQFDHUKDFLDHOFHQWURFRVDTXHREYLDPHQWHQRRFXUUtDODPDWHULDQRVH
VXLFLGDED9LPRVWDPELpQFyPR%RKUVROXFLRQyHOSUREOHPDDILUPyTXHORVHOHFWURQHVDOUHGHGRUGHO
Q~FOHRGHXQiWRPRVHPDQWHQtDQHQODPLVPDyUELWDSRUTXHQRSRGtDQUDGLDUHQHUJtDFRQWLQXDPHQWH
FRPRH[LJtDODWHRUtDFOiVLFDVLQRTXHVyORSRGtDQHPLWLURDEVRUEHUXQFXDQWRFRPSOHWRGHHQHUJtD
XQIRWyQ\HVR~QLFDPHQWHHQGHWHUPLQDGDVyUELWDV3RURWUDSDUWHODVPLVPDVyUELWDVHVWDEDQ
FXDQWLILFDGDV \ QR WRGDV HVWDEDQ SHUPLWLGDV 0LHQWUDV HO HOHFWUyQ VH PRYtD HQ HVWDV yUELWDV QR
LUUDGLDED\VyORORKDFtDFXDQGRVDOWDEDGHXQDyUELWDDRWUDDEVRUELHQGRRHPLWLHQGRXQIRWyQ(O
PRGHORGH%RKUXWLOL]DEDH[SOtFLWDPHQWHHOPRGHORGHORVFXDQWRVGH3ODQFN\FRQHVRKDEtDORJUDGR
QRVyORXQDVROXFLyQWHyULFDDOLQHVWDEOHiWRPRGH5XWKHUIRUGVLQRYDULDVSUHGLFFLRQHVHQUHODFLyQ
FRQ OD HQHUJtD UDGLDGD SRU XQ iWRPR GH KLGUyJHQR TXH FRLQFLGtDQ SXQWXDOPHQWH FRQ ORV UHVXOWDGRV
GHOODERUDWRULR
(UD XQD UXSWXUD FRPSOHWD FRQ ODV LGHDV FOiVLFDV SHUR UHVROYtD ODV GLILFXOWDGHV PX\
HOHJDQWHPHQWH $Vt %RKU LQWURGXMR OD LGHD GH FXDQWLILFDFLyQ HQ XQ PRGHOR FRQFUHWR FRPR HUD HO
iWRPR GH KLGUyJHQR DXQTXH VXV SRVWXUDV GHVGH \D QR FRQYHQFLHURQ D WRGR HO PXQGR (O SURSLR
5XWKHUIRUGGXGDED\UHFRPHQGDEDPRGHUDFLyQ
(O SUREOHPD HQ YHUGDG HV TXH D~Q QR KDEtD XQD YHUGDGHUD WHRUtD FXiQWLFD \ ORV ItVLFRV
DYDQ]DEDQ D WLHQWDV PH]FODQGR FRQFHSWRV QXHYRV \ YLHMRV SDUD ORJUDU TXH ODV FRVDV IXQFLRQDUDQ
'XUDQWHXQDGpFDGDODHPSLULDWRPyODYHQWDMDDXQTXHODWHRUtDHVSHUDEDDKtDJD]DSDGD
3HURHQWRQFHVHVWDOOyOD3ULPHUD*XHUUD0XQGLDO\ODLQYHVWLJDFLyQWHyULFDFRPRVXHOHVXFHGHU
HQODVJXHUUDVTXHGHVWUX\HQHOOLEUHIOXMRGHODVLGHDVVHGHWXYR

,PSDVVHHOD]DU
0LHQWUDV PDQWHQHPRV HQ PHQWH D ODV SRWHQFLDV HXURSHDV GHVWUR]iQGRVH HQ HO FDPSR GH EDWDOOD
SURGXFLHQGRXQDGHODVPDVDFUHVPiVHVSDQWRVDVGHODKLVWRULDQRVRWURVUHWURFHGHUHPRVD~QPiVD
ORVSULPHURVDxRVGHOVLJOR;;FXDQGR5XWKHUIRUG\VXFROHJD)UHGHULFN6RGG\HVWDEDQLQYHVWLJDQGR
OD QDWXUDOH]D GH OD UDGLDFWLYLGDG 5HFXHUGHQ TXH IXH DOOt GRQGH DSDUHFLy XQD QXHYD H LQWULJDQWH
SURSLHGDGGHOiWRPRRPiVELHQGHVXQ~FOHRODGHVLQWHJUDFLyQUDGLDFWLYD\DVHDHQSDUWtFXODVDOID
REHWDWRGDYtDQRVHFRQRFtDODUDGLDFLyQJDPPDTXHVHSURGXFtDHQFDGDiWRPRLQGLYLGXDO\QR
SDUHFtDYHUVHDIHFWDGDSRUQLQJXQDLQIOXHQFLDH[WHULRU6HFDOHQWDUDQORViWRPRVRVHHQIULDUDQVHOHV
FRORFDUD HQ YDFtR R HQ XQ GHSyVLWR GH DJXD HO SURFHVR GH OD GHVLQWHJUDFLyQ UDGLDFWLYD FRQWLQXDED
LPSHUWXUEDEOH
/RFXDOQRHUDSDUWLFXODUPHQWHDODUPDQWH/RTXHVtUHVXOWDEDQRYHGRVRHUDTXHQRSDUHFtDH[LVWLU
IRUPD DOJXQD GH SUHGHFLU H[DFWDPHQWH FXiQGR XQ iWRPR SDUWLFXODU GH OD VXVWDQFLD UDGLDFWLYD VH
GHVLQWHJUDUtDHPLWLHQGRXQDSDUWtFXODDOIDRXQDSDUWtFXODEHWD
1L5XWKHUIRUGQL6RGG\FRPSUHQGtDQODFDXVDSRUODFXDOXQiWRPRVHGHVLQWHJUDHQXQPRPHQWR
GDGR \ RWUR QR \ HPSH]DURQ D WUDWDU HO IHQyPHQR HVWDGtVWLFDPHQWH < DKt ORV H[SHULPHQWRV
GHPRVWUDEDQ TXH FXDQGR HO Q~PHUR GH iWRPRV UDGLDFWLYRV HVWXGLDGR HUD JUDQGH XQD FLHUWD
SURSRUFLyQ VH GHVLQWHJUDED VLHPSUH HQ XQ FLHUWR WLHPSR 5HFXHUGHQ TXH SDUD FDGD HOHPHQWR
UDGLDFWLYR H[LVWH XQ WLHPSR FDUDFWHUtVWLFR OODPDGR YLGD PHGLD GXUDQWH HO FXDO VH GHVLQWHJUD
H[DFWDPHQWHODPLWDGGHORViWRPRVGHODPXHVWUD<DKHPRVGLFKRHVWRHOUDGLRSRUHMHPSORWLHQH
XQDVHPLYLGDGHDxRVHOFDUERQRWLHQHXQDVHPLYLGDGHXQSRFRPHQRVGHDxRVOR
FXDO UHVXOWD ~WLO SDUD ODV GDWDFLRQHV DUTXHROyJLFDV \ HO SRWDVLR UDGLDFWLYR VH GHVLQWHJUD FRQ
VHPLYLGDGHPLOORQHVGHDxRV
(UDXQDVROXFLyQSUiFWLFDSHURQRGHMDEDVDWLVIHFKRVDORVFLHQWtILFRVTXHDXQTXHPXFKDVYHFHV
QRORDGPLWDQQRVyORHVWiQLQWHUHVDGRVSRUPRGHORVRH[SOLFDFLRQHVHPStULFDVVLQRSRUFRQRFHU
OD YHUGDGHUD QDWXUDOH]D GH ODV FRVDV (Q HIHFWR HO PLVWHULR GH OR TXH SDVDED FRQ FDGD iWRPR
LQGLYLGXDOSHUVLVWtDWHQD]PHQWH(UDFRPROXHJRORGHPRVWUDUtD(LQVWHLQXQSUREOHPDVLPLODUDOTXH
VH GHVSUHQGtD GHO PRGHOR DWyPLFR GH %RKU TXH HVWLSXODED TXH XQ HOHFWUyQ VDOWDED GH XQD yUELWD
SUHILMDGDDRWUDSHURQRGHFtDQDGDDFHUFDGHFXiQGRORKDFtD\PXFKRPHQRVFRPRVHYHUiTXpHV
ORTXHKDFtDFXDQGRHVWDEDHQWUiQVLWR5XWKHUIRUG6RGG\\HOPLVPtVLPR(LQVWHLQSHQVDEDQTXH
DOJ~Q GtD DOJXLHQ GHVFXEULUtD H[DFWDPHQWH HO PHFDQLVPR GH OD GHVLQWHJUDFLyQ GH XQ iWRPR
LQGLYLGXDOL]DGR\FRQHOORVHORJUDUtDH[SOLFDUHODVXQWR
<HVDTXtGRQGHVHSURGXFHXQDELIXUFDFLyQHQWUHODVLGHDVFOiVLFDV\ODVFXiQWLFDVRGLJiPRVOR
GHRWUDPDQHUDHQWUHODPDQHUDFOiVLFDGHSHQVDUHOPXQGR\ODPDQHUDFXiQWLFDGHSHQVDUHOPXQGR
(QHOPXQGRFOiVLFRWRGRWLHQHVXFDXVD<QRPHUHILHURVyORDOPXQGRGHODItVLFDFOiVLFDVLQR
DDTXHOLQDXJXUDGRSRUODSULPHUDIRUPXODFLyQGHODFLHQFLDKHFKDSRUQXHVWURYLHMtVLPRDPLJR7DOHV
GH0LOHWRXQREXVFDODFDXVD\ODFDXVDGHODFDXVD\VHUHPRQWDSRUODFDGHQDFDXVDOKDVWDGRQGH
TXLHUDRKDVWDXQDFDXVDSULPHUDVLHVTXHODKD\RVLXQRFUHHTXHODKD\3HURXQiWRPRUDGLDFWLYR
VHGHVLQWHJUDHQXQ PRPHQWRGDGRVLQ TXH DSDUHQWHPHQWH KD\D XQD UD]yQ SDUD TXH HVWR RFXUUD
7LHQHXQDSUREDELOLGDGGHKDFHUORHQFDGDPRPHQWR\HQDOJ~QPRPHQWRORKDFH<SXQWR
8Q IHQyPHQR FRPR pVWH GHVDItD XQD GH ODV PiV DUUDLJDGDV FRQFHSFLRQHV GH OD FLHQFLD HO
GHWHUPLQLVPR4XpHVHVWR"6LQWpWLFDPHQWHXQPRGRGHFRQFHELUODUHDOLGDGGHPDQHUDWDOTXHQDGD
HVWi OLEUDGR DO D]DU VL KD\ FRVDV TXH QR SRGHPRV SUHYHU R H[SOLFDU QR VH GHEH D TXH VHDQ
QDWXUDOPHQWHLPSUHGHFLEOHVRLQH[SOLFDEOHVVLQRDDOJXQDGHILFLHQFLDQXHVWUDIDOWDGHLQIRUPDFLyQR
IDOWDGHLQVWUXPHQWRVDGHFXDGRVRIDOWDGHDWHQFLyQ/RGHFtD3LHUUH6LPRQ/DSODFH

3RGHPRVPLUDUHOHVWDGRSUHVHQWHGHOXQLYHUVR FRPRHO HIHFWRGHOSDVDGR\ODFDXVDGH VX

IXWXUR 6H SRGUtD FRQFHELU XQ LQWHOHFWR TXH HQ FXDOTXLHU PRPHQWR GDGR FRQRFLHUD WRGDV ODV
IXHU]DV TXH DQLPDQ OD QDWXUDOH]D \ ODV SRVLFLRQHV GH ORV VHUHV TXH OD FRPSRQHQ VL HVWH
LQWHOHFWR IXHUD OR VXILFLHQWHPHQWH YDVWR FRPR SDUD VRPHWHU ORV GDWRV D DQiOLVLV SRGUtD
FRQGHQVDU HQ XQD VLPSOH IyUPXOD HO PRYLPLHQWR GH ORV JUDQGHV FXHUSRV GHO XQLYHUVR \ GHO
iWRPRPiVOLJHURSDUDWDOLQWHOHFWRQDGDSRGUtDVHULQFLHUWR\HOIXWXURDVtFRPRHOSDVDGR
HVWDUtDQIUHQWHDVXVRMRV

(OD]DUDOTXHQRVUHIHULPRVKDELWXDOPHQWHGHVGHHVWDSHUVSHFWLYDHVVyORSURGXFWRGHQXHVWUD
IDOWDGHLQIRUPDFLyQODEROLOODGHODUXOHWDJLUD\FDHHQXQQ~PHURDOD]DUSHURVLXQGHPRQLRDO
HVWLORGHOGH'HVFDUWHVRXQDV~SHUV~SHUFRPSXWDGRUDFRPROD0XOWLYDFGH$VLPRYSXGLHUDUHXQLU
WRGRV ORV GDWRV VREUH OD WUD\HFWRULD GH OD EROLWD VXV FKRTXHV FRQ ODV UDQXUDV GH OD UXOHWD OD
YHORFLGDG FRQ OD TXH FRUUH OD PDJQLWXG GHO UR]DPLHQWR SRGUtD SURQRVWLFDU H[DFWDPHQWH HQ TXp
OXJDUFDHUtD6LFRORFRXQDOILOHUHQSXQWDHQXQDPHVDHQSHUIHFWRHTXLOLEULR\QRKD\XQDUD]yQSDUD
TXHFDLJDSDUDXQODGRRSDUDHORWURUD]yQTXHLQVLVWRQRVRWURVSRGHPRVGHVFRQRFHUSHURQRSDVDU
SRUDOWRpVWHVHTXHGDUiGRQGHHVWiSRUORVVLJORVGHORVVLJORV(OXQLYHUVRDFW~DVLHPSUH\FXDQGR
KD\DXQDEXHQDUD]yQSDUDTXHKDJDHVWRRDTXHOORVLQRQRKDFHQDGD\SHUPDQHFHGRQGHHVWi
3HURUHVXOWDTXH HQHOPXQGRFXiQWLFRQR HV DVt HVWDFDXVDOLGDGGLUHFWD GHWHUPLQLVWD TXHD~Q
KR\ D QRVRWURV QRV SDUHFH DOJR EDVWDQWH LQWXLWLYR GHVDSDUHFH WDQ SURQWR FRPR QRV ILMHPRV HQ OD
GHVLQWHJUDFLyQUDGLDFWLYD\HQODVWUDQVLFLRQHVGHORVHOHFWURQHVHQHOiWRPR
(QFLHUWRPRGRHUDIDWDOTXHHVWRRFXUULHUDDXQTXHHVWDEDLPSOtFLWRHQODWHRUtDGHOFXHUSRQHJUR
GH 3ODQFN SDUD OOHJDU D VX IyUPXOD HO ItVLFR DOHPiQ VH KDEtD LQVSLUDGR HQ %ROW]PDQQ ODV LGHDV
QXQFD VXUJHQ GH OD QDGD \ VX LQWHUSUHWDFLyQ HVWDGtVWLFD GH OD HQWURStD GH OD FXDO KDEODPRV HQ HO
FDStWXORUHVSHFWLYR/DHQWURStDYLPRVHQWRQFHVHUDSDUDpOXQIHQyPHQRSUREDELOtVWLFR1RHUDXQD
FRVD TXH FUHFtD VLQR TXH H[SUHVDED OD WHQGHQFLD GHO XQLYHUVR D XELFDUVH HQ ORV HVWDGRV PiV
SUREDEOHVTXHVRQORVPiVGHVRUGHQDGRV
$WUDYpVGHHVHKXHFRTXHDEUtDQ3ODQFN(LQVWHLQ5XWKHUIRUG\%RKUXQDQXHYDIRUPDGHD]DUXQ
D]DU RQWROyJLFR VH GHVOL]DED HQ HO PXQGR (O DVXQWR HUD VDEHU VL OR KDFtD SDUD TXHGDUVH $O
SULQFLSLRODPD\RUtDGHORVItVLFRVSHQVDEDQTXHQRSHURHQVHJXLGDIXHURQGHVERUGDGRVSRUQXHYRV
\D~QPiVH[WUDxRVGHVFXEULPLHQWRV

'H%URJOLHSDUWtFXODV\RQGDV
<D OHV FRQWp TXH ORV IRWRQHV SDVDURQ D IRUPDU SDUWH GHO OHQJXDMH FLHQWtILFR RUGLQDULR GHVSXpV GH
SHURQRKHPRVGLFKRTXHIXHHQRFDVLyQGHOTXLQWR&RQJUHVR6ROYD\EDMRHOWtWXOR(OHFWURQHV
\ IRWRQHV /R FXULRVR HUD TXH DO PLVPR WLHPSR TXH ORV IRWRQHV KDFtDQ UHYLYLU OD YLHMD WHRUtD
FRUSXVFXODUGHODOX]HUDWDPELpQHYLGHQWHVXQDWXUDOH]DRQGXODWRULD&RPRDILUPy(LQVWHLQ

UHVXOWDEDQHQWRQFHVGRVWHRUtDVGHODOX]DPEDVLQGLVSHQVDEOHVVLQQLQJXQDUHODFLyQOyJLFD

/DLGHDJHQLDOTXHYHQGUtDDUHVROYHUODVFRVDVRDFRPSOLFDUODVYD\DXQRDVDEHUSURYLQR
GH XQ ItVLFR IUDQFpV /RXLV GH %URJOLH  GHVFHQGLHQWH GH XQD IDPLOLD GH QREOHV FX\DV
DFWXDFLRQHV HQ OD KLVWRULD IUDQFHVD VH UHPRQWDEDQ D GRV VLJORV R PiV $ /RXLV GH %URJOLH VH OH
RFXUULyXQSODQWHDPLHQWRPX\VLPSOHFRPRPXFKRVGHORVSODQWHDPLHQWRVJHQLDOHV6LODRQGXODWRULD
OX]FRPRHUDHYLGHQWHVHGLVIUD]DEDGHSDUWtFXODSRUTXpXQHOHFWUyQQRSRGUtDGLVIUD]DUVHGH
RQGD"
'H%URJOLHGHVDUUROOyPDWHPiWLFDPHQWHHVWDSRVLELOLGDGHQVXWHVLVGRFWRUDOGHVFULELHQGRFyPR
VHGHEHUtDQFRPSRUWDUODVRQGDVGHPDWHULD\VXJLULHQGRIRUPDVHQODVTXHSRGUtDQVHUREVHUYDGDV
$OPLVPRWLHPSRDFODUDEDTXHpOQRVRVWHQtDTXHHOHOHFWUyQSRGtDHVWXGLDUVHFRPRXQDSDUWtFXODR
XQDRQGDVLQRTXHHUDXQDSDUWtFXOD\XQDRQGDVLJQLILFDUHHVWRORTXHVLJQLILFDUH
6RVWHQtDTXHHOIUDFDVRGHORVH[SHULPHQWRVSDUDSRQHUGHPDQLILHVWRGHXQDYH]SRUWRGDVVLOD
OX]HVRQGDRSDUWtFXODVHGHEtDDTXHDPERVWLSRVGHFRPSRUWDPLHQWRYDQXQLGRVKDVWDHOSXQWRGH
TXHSDUDPHGLUODSURSLHGDGFRUSXVFXODUTXHUHSUHVHQWDODYHORFLGDGKD\TXHFRQRFHUODSURSLHGDG
RQGXODWRULD OODPDGD IUHFXHQFLD < OR PLVPR RFXUUtD FRQ ORV HOHFWURQHV TXH SRU HQWRQFHV HUDQ
FRQVLGHUDGRVFRPRSDUWtFXODVWtSLFDVH[FHSWRSRUHOFXULRVRPRGRGHRFXSDUORVGLVWLQWRVQLYHOHV
GHHQHUJtDGHQWURGHORViWRPRV\TXHVHFRQYHUWtDQJUDFLDVD'H%URJOLHHQDOJRGXDOSDUWtFXODV
VtSHURWDPELpQRQGDV
(OMXUDGRTXHHVWXGLyODWHVLVGH'H%URJOLHDSUHFLyODVPDWHPiWLFDVTXHH[KLEtDSHURQRFUH\yQL
SRUXQPRPHQWRTXHODSURSXHVWDGHXQDRQGDDVRFLDGDDXQDSDUWtFXODFRPRHOHOHFWUyQWXYLHUDDOJ~Q
VHQWLGRUHDOORHVWLPDURQFRPRXQVLPSOHWUXFRPDWHPiWLFRWDOFRPRKDEtDRFXUULGRHQVXPRPHQWR
FRQODHFXDFLyQGH3ODQFN'H%URJOLHQRHVWXYRGHDFXHUGR\FXDQGRXQRGHORVH[DPLQDGRUHVOH
SUHJXQWyVLVHSRGUtDGLVHxDUDOJ~QH[SHULPHQWRSDUDGHWHFWDUODVRQGDVGHPDWHULDpOFRQWHVWyTXH
VHUtD SRVLEOH HIHFWXDU ODV REVHUYDFLRQHV UHTXHULGDV GLIUDFWDQGR XQ KD] GH HOHFWURQHV PHGLDQWH XQ
FULVWDOGHOPLVPRPRGRTXHVHGLIUDFWDXQDRQGDGHOX]DWUDYpVGHXQJUXSRGHUDQXUDVQRVDEtDTXH
\D HQ  GRV ItVLFRV QRUWHDPHULFDQRV &OLQWRQ 'DYLVVRQ \ VX FROHJD &KDUOHV .XQVPDQ KDEtDQ
GHWHFWDGR HVWH FXULRVR FRPSRUWDPLHQWR DO XWLOL]DU KDFHV GH HOHFWURQHV SDUD HO HVWXGLR GH FULVWDOHV
DXQTXHORLQWHUSUHWDURQGHRWUDPDQHUD
'H%URJOLHWUDWyGHSHUVXDGLUDH[SHULPHQWDOLVWDVSDUDOOHYDUDFDERODSUXHEDGHODKLSyWHVLVGH
ODRQGDGHOHOHFWUyQPLHQWUDVWDQWRVXGLUHFWRUGHWHVLVHQYLyXQDFRSLDGHOWUDEDMRD(LQVWHLQTXLHQ
VH OR WRPy PX\ HQ VHULR \ HQ YH] GH FRQVLGHUDUOR XQ DUWLILFLR PDWHPiWLFR SHQVy TXH ODV RQGDV GH
PDWHULDGHEtDQVHUUHDOHV

&UHRTXHUHSUHVHQWDPiVTXHXQDPHUDDQDORJtD

DVHJXUy
<OHSDVyODVQRWLFLDVD0D[%RUQGH*RWWLQJHQGRQGHHOGLUHFWRUGHO'HSDUWDPHQWRGH)tVLFD
([SHULPHQWDO -DPHV )UDQFN FRPHQWy TXH ORV H[SHULPHQWRV GH 'DYLVVRQ \D KDEtDQ HVWDEOHFLGR OD
H[LVWHQFLDGHOHIHFWRHVSHUDGR'HWRGRVPRGRVORVH[SHULPHQWDOLVWDVQRVHGHMDURQLQIOXLUSRUHVWD
UHLQWHUSUHWDFLyQ GH VXV UHVXOWDGRV \ ORV GHYDQHRV GH XQ WHyULFR TXH QR HUD PiV TXH XQ SULPHUL]R
HVWXGLDQWHGHYHLQWL~QDxRV,QFOXVRHQDSHVDUGHKDEHUVHGHPRVWUDGRH[SHULPHQWDOPHQWHOD
WHRUtDGHODVRQGDVGHPDWHULDQRSDVDEDGHVHUXQFRQFHSWRYDJR
6yOR FXDQGR (UZLQ 6FKU|GLQJHU UHDOL]y XQD QXHYD WHRUtD GH OD HVWUXFWXUD DWyPLFD TXH
LQFRUSRUDED\DPSOLDEDODLGHDGH'H%URJOLHORVH[SHULPHQWDOLVWDVFRQVLGHUDURQXUJHQWHFRPSUREDU
ODKLSyWHVLVGHODRQGDGHOHOHFWUyQPHGLDQWHODUHDOL]DFLyQGHH[SHULPHQWRVGHGLIUDFFLyQ

6FKU|GLQJHU
&XDQGR VH WRPy FRQFLHQFLD GH TXH QR VyOR ORV IRWRQHV \ ORV HOHFWURQHV VLQR WRGDV ODV SDUWtFXODV \
WRGDV ODV RQGDV VRQ GH KHFKR XQD PH]FOD GH RQGD \ SDUWtFXOD SXHGH GHFLUVH TXH VH FRQVXPy OD
UXSWXUDFRQODItVLFDFOiVLFD
(Q QXHVWUR PXQGR RUGLQDULR OD FRPSRQHQWH FRUSXVFXODU GRPLQD GH PDQHUD WRWDO HQ HO FyFWHO
RQGDSDUWtFXOD6LVHWUDWDSRUHMHPSORGHXQDSLHGUDRGHXQDXWRHOHIHFWRRQGXODWRULRHVWiSHUR
HVFRPSOHWDPHQWHLQVLJQLILFDQWHORFXDOVHGHEHDOSHTXHxtVLPRYDORUGHODFRQVWDQWHGH3ODQFNGHO
PLVPRPRGRTXHORVHIHFWRVUHODWLYLVWDVHVWiQSHURVRQLQVLJQLILFDQWHVGHELGRDODOWtVLPRYDORUGHOD
FRQVWDQWH F OD YHORFLGDG GH OD OX] (Q HO PXQGR GH OR PX\ SHTXHxR GRQGH ORV DVSHFWRV
FRUSXVFXODUHV \ ORV RQGXODWRULRV GH OD UHDOLGDG ItVLFD VRQ LJXDOPHQWH VLJQLILFDWLYRV ODV FRVDV VH
FRPSRUWDQGHXQPRGRUDGLFDOPHQWHGLVWLQWRGHOGHODH[SHULHQFLDFRWLGLDQD\ORTXHHVSHRUGH
ODItVLFDFOiVLFD
6LU$UWKXU(GGLQJWRQORUHVXPLyHQ

1RSXHGHQHODERUDUVHFRQFHSFLRQHVIDPLOLDUHVVREUHHOHOHFWUyQ

DILUPy\HOiWRPRHV

DOJRGHVFRQRFLGRTXHKDFHQRVDEHPRVTXp

(UDQHFHVDULRGHVWHUUDUODDVRFLDFLyQLQVWLQWLYDGHORViWRPRVFRQHVIHUDVGXUDV\GHHOHFWURQHV
FRQGLPLQXWDVSDUWtFXODV
$ILQDOHVGHFXDQGRODWHRUtDGHODVRQGDVGHHOHFWURQHVGH'H%URJOLH\DKDEtDDSDUHFLGR
HQ HVFHQD SHUR QR VH KDEtDQ UHDOL]DGR ORV H[SHULPHQWRV GHILQLWLYRV TXH SUREDUtDQ OD QDWXUDOH]D
RQGXODWRULDGHOHOHFWUyQVHSURGXMRXQQXHYRSDVRDGHODQWHHOGHXQDWHRUtDPDWHPiWLFDTXHGDED
FXHQWDGHORVIHQyPHQRVFXiQWLFRVEDViQGRVHHQODWHRUtDRQGXODWRULD
)XHHQXQRGHORVWUDEDMRVGH(LQVWHLQSXEOLFDGRHQIHEUHURGHGRQGH(UZLQ6FKU|GLQJHU
OH\yORVFRPHQWDULRVVREUHODLGHDGH'H%URJOLH/DVRSLQLRQHVGH(LQVWHLQWHQtDQXQ
SHVRHVSHFtILFRJLJDQWHVFR\IXHURQVXILFLHQWHVSDUDTXHQXHVWURSHUVRQDMHVHGHGLFDUDDLQYHVWLJDU
FXiOHVSRGtDQVHUORVFDPLQRVTXHVHDEUtDQVLVHWRPDEDD'H%URJOLHOLWHUDOPHQWH
6FKU|GLQJHU WUDWy GH UHVWDXUDU OD FRPSUHQVLyQ VHQFLOOD GH ODV LGHDV ItVLFDV PHGLDQWH OD
GHVFULSFLyQ GH OD ItVLFD FXiQWLFD HQ WpUPLQRV GH RQGDV HQWLGDGHV IDPLOLDUHV HQ HO PXQGR ItVLFR \
OXFKy KDVWD VX PXHUWH FRQWUD ORV QXHYRV FRQFHSWRV GH LQGHWHUPLQDFLyQ \ WUDQVLFLyQ LQVWDQWiQHD GH
HOHFWURQHVGHXQHVWDGRDRWUR
'H %URJOLH KDEtD LQGLFDGR HO FDPLQR FRQ VX LGHD GH TXH ODV RQGDV GH HOHFWURQHV HQ yUELWD
DOUHGHGRUGHXQQ~FOHRDWyPLFRKDEtDQGHDMXVWDUVHDXQQ~PHURHQWHURGHORQJLWXGHVGHRQGDHQFDGD
yUELWDSRUORTXHH[LVWtDQyUELWDVLQWHUPHGLDVSURKLELGDV6FKU|GLQJHUDPSOLyODVPDWHPiWLFDVVREUH
RQGDVSDUDFDOFXODUORVQLYHOHVGHHQHUJtDSHUPLWLGRVHQWDOVLWXDFLyQ\FRQVLJXLyXQEXHQDFXHUGR
FRQ ODV REVHUYDFLRQHV /DV HFXDFLRQHV HQ OD YDULDQWH GH 6FKU|GLQJHU VREUH OD WHRUtD FXiQWLFD
SHUWHQHFHQ D OD PLVPD IDPLOLD TXH GHVFULEHQ RQGDV UHDOHV HQ HO PXQGR RUGLQDULR RQGDV VREUH OD
VXSHUILFLHGHORFpDQRRODVRQGDVTXHWUDQVPLWHQUXLGRVDWUDYpVGHODDWPyVIHUD(OPXQGRGHORV
ItVLFRVUHFLELyHVWDDSRUWDFLyQFRQHQWXVLDVPRSUHFLVDPHQWHSRUUHVXOWDUWDQIDPLOLDU
$OJXQRVKDEUiQSHQVDGRTXHODVFRVDVWRGDYtDSRGtDQHQFDUULODUVH
3HURQR7RGDYtDIDOWDEDXQH[SHULPHQWRIXQGDPHQWDO

(OH[SHULPHQWRGHODGREOHUDQXUD
6HDFXHUGDQGHOH[SHULPHQWRGH<RXQJGHFRQHOTXHVHTXLVRYHULILFDUVLODOX]HUDXQDRQGD
R XQD SDUWtFXOD" ,PDJtQHQVH XQD SDQWDOOD FRQ GRV SHTXHxRV DJXMHURV HQ HOOD $ XQ ODGR GH HVWD
SDQWDOOD KD\ RWUD TXH OOHYD LQFRUSRUDGD XQ GHWHFWRU 8QD IXHQWH ODQ]D IRWRQHV R HOHFWURQHV
GLJDPRVHOHFWURQHVFRQWUDODSDUHGTXHWLHQHORVGRVDJXMHURV/DSUHJXQWDHVTXpVXFHGHFXDQGR
ORVREMHWRVSDVDQDWUDYpVGHORVDJXMHURV\OOHJDQKDVWDODSDQWDOOD"(VGHFLUTXpILJXUDFRQVLJXHQ
TXHIRUPHHOGHWHFWRU"
(O UHVXOWDGR HV VRUSUHQGHQWH SRU FLHUWR 6L VH WDSD XQD GH ODV GRV UHQGLMDV ORV HOHFWURQHV VH
FRPSRUWDQHVWULFWDPHQWHFRPRSDUWtFXODV\FDHQHQHOVLWLRTXHFRUUHVSRQGHHQHOGHWHFWRUFRPRVH
YHHQODILJXUD

),*85$

$KRUDItMHQVHORTXHSDVDFRQXQDRQGDODRQGDSDVDSRUODVGRVUHQGLMDVVHELIXUFD\IRUPDGRV
RQGDV GLIHUHQWHV TXH VH VXSHUSRQHQ SRU PRPHQWRV (Q GRQGH ODV RQGDV HVWiQ VXSHUSXHVWDV OD
SDQWDOOD GHWHFWRUD PRVWUDUi PD\RU LQWHQVLGDG HO SDWUyQ TXH VH REWLHQH HV FRPR HO TXH VH YH HQ OD
ILJXUD
$KRUD ELHQ TXp SDVD VL DUURMR XQ KD] GH HOHFWURQHV D WUDYpV GH ODV GRV UHQGLMDV DELHUWDV" 6L
FRQVLGHURTXHVHWUDWDGHSDUWtFXODVORPiVOyJLFRVHUtDSHQVDUTXHFDGDHOHFWUyQLQGLYLGXDOSDVDD
WUDYpVGHXQDJXMHURRGHORWURFRQORFXDOVHIRUPDUtDXQSDWUyQVLPLODUDOGHODILJXUDSHURFRQ
GRVOtQHDVHQOXJDUGHXQDVRODWDOFRPRVHSXHGHYHUHQODILJXUD
 ),*85$

<VLQHPEDUJRQR&DGDHOHFWUyQSDUHFLHUDDWUDYHVDUDPEDVUHQGLMDVFRPRXQDRQGD\SURGXFH
VREUHODSDQWDOODILJXUDVGHLQWHUIHUHQFLDFRPRVLIXHUDXQDRQGDHVGHFLUFRPRVHYHHQODILJXUD
3HURFyPRVDEHHOHOHFWUyQVLHVWiDELHUWDXQDVRODUHQGLMDRODVGRVPLHQWUDVVHDSUR[LPDDOD
SDUHGSDUDGHFLGLUFyPRFRPSRUWDUVH"(VXQYHUGDGHURPLVWHULR
 ),*85$

$GHPiVVXSRQJDPRVTXHHOHOHFWUyQHVWiYLDMDQGRKDFLDODVGRVUHQGLMDVDELHUWDVVHVXSRQH
TXH FRPR XQD RQGD \ HQWRQFHV GHFLGLPRV REVHUYDUOR PLHQWUDV ODV DWUDYLHVD (Q HVH FDVR HO
HOHFWUyQLQVWDQWiQHDPHQWHFRODSVDKDFLDXQDSDUWtFXODFRPRVLVXSLHUDTXHORTXHUHPRVREVHUYDU
<HVPiVFRODSVDVLGHFLGLPRVREVHUYDUORGHVSXpVGHTXHKD\DSDUWLGRSRUORFXDOYROYHUtDPRVD
REWHQHUODILJXUD
4XpFRQFOXVLyQVHSXHGHVDFDUGHHVWR"6HWUDWDGHODGXDOLGDGRQGDFRUS~VFXORFRQODTXHVH
KD DSUHQGLGR D FRQYLYLU" 6L HV XQD RQGD QR VRUSUHQGH HQFRQWUDU TXH VH GLIUDFWH \ SURGX]FD XQD
ILJXUDGHLQWHUIHUHQFLD0LOODUHVGHHOHFWURQHVLQFLGHQVREUHORVDJXMHURV\VHSXHGHSUHGHFLUVREUH
XQDEDVHHVWDGtVWLFDGyQGHOOHJDUiQHPSOHDQGRHVWDLQWHUSUHWDFLyQGHODRQGD3HURTXpOHVXFHGHD
FDGD HOHFWUyQ LQGLYLGXDO" $Fi YLHQH XQD GH ODV JUDQGHV UHYROXFLRQHV FRQFHSWXDOHV GH OD PHFiQLFD
FXiQWLFD

/DLQWHUSUHWDFLyQGH&RSHQKDJXH
(QWRGDVODVILFFLRQHVFDGDYH]TXHXQKRPEUHVHHQIUHQWDFRQGLYHUVDVDOWHUQDWLYDVRSWDSRUXQD
\HOLPLQDODVRWUDVHQODGHOFDVLLQH[WULFDEOH7VXL3HQRSWDVLPXOWiQHDPHQWHSRUWRGDV
&UHDDVtGLYHUVRVSRUYHQLUHVGLYHUVRVWLHPSRVTXHWDPELpQSUROLIHUDQ\VHELIXUFDQ

-/%25*(6(OMDUGtQGHVHQGHURVTXHVHELIXUFDQ

8QHOHFWUyQLQGLYLGXDORXQIRWyQFXDQGRLQFLGHVREUHXQDJXMHURGHODSDUHGREHGHFHHQFDGDFDVR
DODVOH\HVHVWDGtVWLFDVSUHYLVWDVORFXDOVyORSXHGHRFXUULUVLVDEHVLHORWURDJXMHURHVWiDELHUWR
RFHUUDGR6HSXHGHWUDWDUGHGHVSLVWDUDOHOHFWUyQGLVSDUDQGRPiVRDEULHQGRUHSHQWLQDPHQWHXQR
GHORVDJXMHURVPLHQWUDVHOHOHFWUyQHVWi\DHQWUiQVLWRSRUHODSDUDWR1RLPSRUWDODILJXUDHQOD
SDQWDOOD HV VLHPSUH OD FRUUHFWD DWHQGLHQGR DO HVWDGR GH ORV DJXMHURV HQ HO LQVWDQWH HQ TXH HO
HOHFWUyQOOHJDDODSULPHUDSDUHG
6HSXHGHWDPELpQWUDWDUGHYHUSRUFXiOGHORVDJXMHURVSDVDHOHOHFWUyQ&XDQGRHOH[SHULPHQWR
FRUUHVSRQGLHQWH VH UHDOL]D HO UHVXOWDGR HV WRGDYtD PiV H[WUDxR ORV HOHFWURQHV VH FRPSRUWDQ FRPR
ODVSDUWtFXODVFRUULHQWHVGHOPXQGRRUGLQDULR6LHPSUHVHGHWHFWDXQHOHFWUyQSDVDQGRSRUXQRXRWUR
GHORVDJXMHURVSHURQXQFDSRUORVGRVDODYH]/RVHOHFWURQHVUHVXOWDTXHQRVyORVDEHQVLORV
GRV DJXMHURV HVWiQ DELHUWRV R QR VLQR WDPELpQ VL HVWiQ VLHQGR REVHUYDGRV R QR \ DMXVWDQ VX
FRPSRUWDPLHQWRHQFRQVRQDQFLD1RH[LVWHXQHMHPSORPiVFODURGHLQWHUDFFLyQHQWUHHOREVHUYDGRU\
HO H[SHULPHQWR &XDQGR VH LQWHQWD REVHUYDU OD RQGD GLVSHUVD GHO HOHFWUyQ pVWD VH FRODSVD HQ XQD
SDUWtFXODGHILQLGDSHUR VLQRVHODREVHUYDPDQWLHQHVXFDUiFWHURQGXODWRULR 6DOYRTXH DOJXLHQ OR
REVHUYHODQDWXUDOH]DPLVPDLJQRUDSRUTXpDJXMHURSDVDHOHOHFWUyQ
$VtSXHVSRUORTXHSDUHFHHODSDUDWRORVHOHFWURQHV\HOREVHUYDGRUVRQSDUWHVLQWHJUDQWHVGHO
H[SHULPHQWR 1R VH SXHGH DILUPDU TXH XQ HOHFWUyQ SDVD SRU XQR GH ORV DJXMHURV VL QR VH HVWiQ
REVHUYDQGR ORV DJXMHURV DQWH HO SDVR GH ORV HOHFWURQHV 8Q HOHFWUyQ VDOH GHO GLVSDUDGRU \ OOHJD DO
GHWHFWRU \ SDUHFH TXH SRVHH LQIRUPDFLyQ GHO PRQWDMH H[SHULPHQWDO FRPSOHWR LQFOX\HQGR DO
REVHUYDGRU
(VWRHV ORTXHVHFRQRFH FRPRLQWHUSUHWDFLyQ GH&RSHQKDJXH TXHIXHHQFDEH]DGDSRU1LHOV
%RKU (Q OD ItVLFD FOiVLFD FXDOTXLHU VLVWHPD GH SDUWtFXODV VH FRPSRUWD GH PDQHUD GHWHUPLQLVWD
LQGHSHQGLHQWHPHQWHGHTXHHVWpVLHQGRREVHUYDGRRQRHQODFXiQWLFDHOREVHUYDGRULQWHUDFW~DGHWDO
PDQHUD FRQ HO VLVWHPD TXH FDVL QR SXHGH VHU FRQVLGHUDGR XQ PHUR REVHUYDGRU 6X DFWLYLGDG
REVHUYDQWHPRGLILFDHOVLVWHPDTXHTXLHUHHVWXGLDUVLHOLJHPHGLUFRQSUHFLVLyQODSRVLFLyQIXHU]DD
XQD SDUWtFXOD D SUHVHQWDU PD\RU LQFHUWLGXPEUH HQ VX YHORFLGDG \ YLFHYHUVD 6L HOLJH DOJ~Q
H[SHULPHQWRSDUDPHGLUSURSLHGDGHVRQGXODWRULDVVHHOLPLQDQSHFXOLDULGDGHVFRUSXVFXODUHV\QRKD\
H[SHULHQFLDSRVLEOHFDSD]GHSRQHUHQMXHJRDPEDVQDWXUDOH]DV/DVSDUWtFXODVFXiQWLFDVDGLIHUHQFLD
GHODVFOiVLFDVQRWLHQHQXQDSRVLFLyQ\YHORFLGDGSUHFLVDVHQHOHVSDFLRWLHPSR
(QUHDOLGDGHVGLItFLOGHFUHHUSHURODPHFiQLFDFXiQWLFDHVXQDWHRUtDGHXQDILUPH]DTXHSDUHFH
LQGHVWUXFWLEOHHVFRKHUHQWHFRQWRGRVORVH[SHULPHQWRV\KDSHUPLWLGRHOGHVDUUROORGHWHFQRORJtDV
PX\SRGHURVDVFRPRORVOiVHUHVORVPLFURVFRSLRVHOHFWUyQLFRVTXHXWLOL]DQRQGDVGHHOHFWURQHVHQ
OXJDU GH RQGDV GH OX] \ TXH VRQ PXFKR PiV SRWHQWHV TXH ORV ySWLFRV OD JHQHUDFLyQ GH HQHUJtD
QXFOHDUORVFLUFXLWRVLQWHJUDGRVTXHDVXYH]SHUPLWHQODVJUDQGHVFRPSXWDGRUDV\ODOLVWDVLJXH
+XER GH SDVDU PXFKR WLHPSR SDUD TXH HVWDV LGHDV VH GHVDUUROODUDQ \ SDUD TXH VX VLJQLILFDGR
IXHUD FDSWDGR +R\ ODV FDUDFWHUtVWLFDV GH OD LQWHUSUHWDFLyQ GH &RSHQKDJXH VH SXHGHQ H[SOLFDU \
HQWHQGHUPiVIiFLOPHQWHHQWpUPLQRVGHORTXHSDVDFXDQGRVHHIHFW~DXQDREVHUYDFLyQH[SHULPHQWDO
(Q SULPHU OXJDU VH KD GH DFHSWDU TXH HO PHUR KHFKR GH REVHUYDU XQD FRVD OD FDPELD \ TXH HO
REVHUYDGRU IRUPD SDUWH GHO H[SHULPHQWR HV GHFLU QR KD\ XQ PHFDQLVPR TXH IXQFLRQH
LQGHSHQGLHQWHPHQWHGHTXHVHORREVHUYHRQR(QVHJXQGROXJDUWRGDODLQIRUPDFLyQODFRQVWLWX\HQ
ORV UHVXOWDGRV GH ORV H[SHULPHQWRV 6H SXHGH REVHUYDU XQ iWRPR \ YHU XQ HOHFWUyQ HQ HO HVWDGR GH
HQHUJtD$GHVSXpVYROYHUDREVHUYDU\YHUXQHOHFWUyQHQHOHVWDGRGHHQHUJtD%6HVXSRQHTXHHO
HOHFWUyQVDOWyGH$D%TXL]iVDFDXVDGHODREVHUYDFLyQ'HKHFKRQRVHSXHGHDVHJXUDUVLTXLHUD
TXHVHWUDWHGHOPLVPRHOHFWUyQ\QRVHSXHGHKDFHUQLQJXQDKLSyWHVLVVREUHORTXHRFXUUtDFXDQGRQR
VH REVHUYDED /R TXH VH SXHGH GHGXFLU GH ORV H[SHULPHQWRV R GH ODV HFXDFLRQHV GH OD WHRUtD
FXiQWLFD HV OD SUREDELOLGDG GH TXH VL DO REVHUYDU HO VLVWHPD VH REWLHQH HO UHVXOWDGR $ RWUD
REVHUYDFLyQSRVWHULRUSURSRUFLRQDHOUHVXOWDGR%1DGDVHSXHGHDILUPDUVREUHORTXHSDVDFXDQGR
QR VH REVHUYD QL GH FyPR SDVD HO VLVWHPD GH $ D % VL HV TXH SDVD /RV VDOWRV FXiQWLFRV VRQ
VLPSOHPHQWH XQD LQWHUSUHWDFLyQ VXEMHWLYD GH SRU TXp VH REWLHQHQ GRV UHVXOWDGRV GLIHUHQWHV SDUD HO
PLVPRH[SHULPHQWR\HVXQDIDOVDLQWHUSUHWDFLyQ$YHFHVODVFRVDVVHREVHUYDQHQHOHVWDGR$D
YHFHV HQ HO % \ OD FXHVWLyQ GH TXp KD\ HQ PHGLR R GH FyPR SDVDQ GH XQ HVWDGR D RWUR FDUHFH
FRPSOHWDPHQWHGHVHQWLGR
/RH[WUDxRGHODLQXVXDOLQWHUSUHWDFLyQGH&RSHQKDJXHGHOPXQGRFXiQWLFRHVTXHHVHODFWRGH
REVHUYDUDOVLVWHPDItVLFRHOTXHORREOLJDDVHOHFFLRQDUXQDGHVXVRSFLRQHV1DGDHVUHDOVDOYRTXH
VHDREVHUYDGR\FHVDGHVHUUHDOHQFXDQWRVHGHWLHQHODREVHUYDFLyQ
9LYLPRVHQXQ PXQGRGRQGHODVSDUWtFXODV VyORSDUHFHQUHDOHV FXDQGRVHODVREVHUYD\GRQGH
LQFOXVRSURSLHGDGHVFRPRODYHORFLGDG\ODSRVLFLyQVRQ~QLFDPHQWHDUWLOXJLRVGHODVREVHUYDFLRQHV
(QFLHUWRPRGRPHKDFHDFRUGDUDODLQWHUSUHWDFLyQGH:LWWHQEHUJGHODDVWURQRPtDFRSHUQLFDQD
TXHFRQVLGHUDEDWDPELpQORVUHVXOWDGRVLQGHSHQGLHQWHPHQWHGHODH[LVWHQFLDGHHSLFLFORVRQRGHVGH
XQSXQWRGHYLVWDLQVWUXPHQWDOLVWD1DWXUDOPHQWHODDVWURQRPtDGH&RSpUQLFRQRWHQtDSUHVXSXHVWRV
WDQHVWUDIDODULRVFRPRTXHXQDSDUWtFXODVDEHTXpSDVDFRQODVUHQGLMDVSHURTXL]iVHOPRYLPLHQWR
GHOD7LHUUDDPXFKRVOHVUHVXOWDUDLJXDOGHDOXFLQDQWH

(OSULQFLSLRGHLQFHUWLGXPEUH
(OIXWXURSXHGHSUHGHFLUVHDSDUWLUGHOSDVDGR6LFRQRFLpUDPRVODYHORFLGDG\SRVLFLyQGHWRGDV
ODVSDUWtFXODVGHOXQLYHUVRSRGUtDPRVSUHGHFLUHOIXWXURFRQWRWDOH[DFWLWXG

/$3/$&(RWUDYH]

$XQTXH SXHGD VRQDU XQ WDQWR RPQLSRWHQWH OD DILUPDFLyQ GH /DSODFH GH KDFH PHQRV GH  DxRV
UHIOHMDEDPX\ELHQHOHVStULWXTXHSUHVLGLyHOGHVDUUROOR\FHQLWGHODFLHQFLDFOiVLFDGXUDQWHHOVLJOR
;,;\SULQFLSLRVGHO ;;VLVHWXYLHUDQDGLVSRVLFLyQWRGRVORVGDWRVGHOSUHVHQWHVHSRGUtDSUHGHFLU
SHUIHFWDPHQWH HO IXWXUR 1DWXUDOPHQWH QDGLH SHQVDED TXH VH SRGtDQ WHQHU GH PDQHUD HIHFWLYD HVRV
GDWRV SHUR HUD WDQ VyOR XQD FXHVWLyQ GH LPSRVLELOLGDG SUiFWLFD (Q WHRUtD HUD SRVLEOH HO IXWXUR
HVWDEDH[DFWDPHQWHGHWHUPLQDGRSRUHOSUHVHQWHPHGLDQWHODDFFLyQGHODVOH\HVItVLFDV(OPXQGRHQ
VXPD HUD SUHGLFWLEOH SRU OD FLHQFLD (VWH FUHGR GHWHUPLQLVWD GHO TXH \D KHPRV KDEODGR VXIULy XQ
GXURUHYpVFRQODPHFiQLFDFXiQWLFD
0iVRPHQRVDOPLVPRWLHPSRTXH6FKU|GLQJHUGHVDUUROODEDVXPRGHORRQGXODWRULR+HLVHQEHUJ
HQFRQWUDED XQD IRUPXODFLyQ DOWHUQDWLYD TXH OXHJR VH PRVWUy TXH HUD HTXLYDOHQWH XQD GH FX\DV
FRQVHFXHQFLDVPiVLQTXLHWDQWHV\PiVHVSHFWDFXODUHVHVMXVWDPHQWHHOSULQFLSLRGHLQFHUWLGXPEUH
TXHHQXQFLyHQ/DSODFHVRVWHQtDTXHVHSRGUtDSUHGHFLUHOIXWXURGHOXQLYHUVRVLVHSXGLHUDQ
FRQRFHU OD SRVLFLyQ \ YHORFLGDG GH WRGDV ODV SDUWtFXODV GHO XQLYHUVR (O SULQFLSLR GH
LQFHUWLGXPEUHSUHFLVDPHQWHDILUPDTXHHVWRHVLPSRVLEOH3HURQRLPSRVLEOHFRPRHOVHQWLGRFRP~Q
VDEHTXHHVLPSRVLEOHHVGHFLUWpFQLFDPHQWHLPSRVLEOHVLQRRQWROyJLFDPHQWHLPSRVLEOH(VPiVQL
VLTXLHUDVHSXHGHQFRQRFHUH[DFWDPHQWHODSRVLFLyQ\YHORFLGDGGHXQDSDUWtFXODDLVODGD6HSXHGH
PHGLUFRQH[DFWLWXGODSRVLFLyQGHXQHOHFWUyQ7DPELpQVHSXHGHPHGLUFRQH[DFWLWXGODYHORFLGDGGH
HVHHOHFWUyQ/RTXHQRVHSXHGHKDFHUHVPHGLUDPEDVSRVLFLyQ\YHORFLGDGVLPXOWiQHDPHQWH\FRQ
DEVROXWD SUHFLVLyQ &XDQWR PiV SUHFLVDPHQWH VH PLGD OD YHORFLGDG PiV LQFHUWLGXPEUH KDEUi HQ
FXDQWRDODSRVLFLyQ\FXDQWRPiVH[DFWDPHQWHVHPLGDODSRVLFLyQPiVLQGHWHUPLQDGDTXHGDUiOD
YHORFLGDG
(VFRPRVLQRVHSXGLHUDQVDEHUDODYH]HOWHOpIRQR\ODGLUHFFLyQGHXQDSHUVRQDFRPRVLHQOD
DJHQGDGRQGHHVWiQDQRWDGRVHOQ~PHURGHWHOpIRQRVHWRUQDUDPiVERUURVRDPHGLGDTXHVHFODULILFD
ODGLUHFFLyQ\DODLQYHUVDDPHGLGDTXHVHYXHOYHPiVIiFLOOHHUHOQ~PHURGHWHOpIRQRODGLUHFFLyQ
IXHUD ERUUiQGRVH < HQ HO FDVR H[WUHPR HQ TXH HO WHOpIRQR TXHGDUD DEVROXWDPHQWH FODUR HO OXJDU
FRUUHVSRQGLHQWHDODGLUHFFLyQTXHGDUtDHQEODQFR
(O SURSLR +HLVHQEHUJ WUDWy GH H[SOLFDU HVWH FXULRVR UDVJR GH OD QDWXUDOH]D GH PDQHUD PiV R
PHQRVLQWXLWLYDVLXQRTXLHUHGHWHUPLQDUODSRVLFLyQGHXQHOHFWUyQGHEHLOXPLQDUORSDUDYHUGyQGH
HVWiSHURSDUDODHVFDODGHOHOHFWUyQORVIRWRQHVGHOX]VRQVXILFLHQWHPHQWHHQHUJpWLFRVFRPRSDUD
DOWHUDU VX YHORFLGDG 5HFtSURFDPHQWH VL XQR TXLHUH DYHULJXDU OD YHORFLGDG GHEH DEVWHQHUVH GH
LOXPLQDUOR \ HQWRQFHV QR VDEUi GyQGH VH HQFXHQWUD 2 XQD PDJQLWXG R OD RWUD 2 ODV GRV SHUR QR
GHPDVLDGRSUHFLVDPHQWH
(O HMHPSOR GH +HLVHQEHUJ QR REVWDQWH VX YDORU LQWXLWLYR SXHGH VXJHULU TXH HO SUREOHPD GH OD
PHGLFLyQVLPXOWiQHDGHPDJQLWXGHVFRPRODYHORFLGDG\ODSRVLFLyQRODHQHUJtD\HOWLHPSRSXHGH
GHEHUVHDXQSUREOHPDUHODFLRQDGRFRQODPHGLFLyQ1DGDGHHVR/DLQFHUWLGXPEUHFXiQWLFDSDUHFH
VHUXQUDVJRIXQGDPHQWDOGHODQDWXUDOH]DQRHVTXHVHDLPSRVLEOHPHGLUVLPXOWiQHDPHQWHYHORFLGDG
\ SRVLFLyQ GH XQD SDUWtFXOD DWyPLFD R VXEDWyPLFD VLQR TXH KDEODU GH OD YHORFLGDG \ OD SRVLFLyQ
VLPXOWiQHDVGHXQDSDUWtFXODFDUHFHGHVHQWLGR9ROYLHQGRDOHMHPSORGHODGLUHFFLyQ\HOWHOpIRQROR
TXHHOSULQFLSLRGHLQFHUWLGXPEUHDILUPDHVTXHHOVHxRU;QRSXHGHWHQHUDOPLVPRWLHPSRGLUHFFLyQ
\WHOpIRQRGHILQLGRVRELHQOROODPDPRVDXQWHOpIRQRFHOXODUFX\DSRVLFLyQHVWRWDOPHQWHLPSUHFLVD
R ELHQ OR OODPDPRV D XQ WHOpIRQR GH OtQHD TXH VDEHPRV GyQGH HVWi SHUR TXH QR QRV GD QLQJXQD
JDUDQWtDGHHQFRQWUDUOR
1DWXUDOPHQWHHVWRVIHQyPHQRVQRVHREVHUYDQHQHOPXQGRPDFURVFySLFRGHELGRDVXLQFLGHQFLD
LQILQLWHVLPDOSHURGHWRGDVPDQHUDVSODQWHDQSUHJXQWDVSRUDKRUDVLQUHVSXHVWDVREUHODHVWUXFWXUD
GHODUHDOLGDG

3DUDGRMDV\SRVLELOLGDGHV
1RHVVRUSUHQGHQWHTXHPXFKRVItVLFRVGHSUHVWLJLRLQFOX\HQGRD(LQVWHLQKD\DQGHGLFDGRGpFDGDV
HQWHUDVDWUDWDUGHHQFRQWUDUYtDVDOWHUQDWLYDVDHVWDLQWHUSUHWDFLyQGHODPHFiQLFDFXiQWLFD3HURVXV
LQWHQWRVKDQIDOODGRWRGRV\FDGDQXHYRIUDFDVRHQODE~VTXHGDGHDFDEDUFRQODLQWHUSUHWDFLyQGH
&RSHQKDJXHQRKDKHFKRVLQRUHIRU]DUVXEDVH
<D GLMLPRV TXH SDUD ORV ItVLFRV GH &RSHQKDJXH ODV LPSUHFLVLRQHV SUREDELOLGDGHV H
LQFHUWLGXPEUHV GH OD PHFiQLFD FXiQWLFD QR VRQ XQD OLPLWDFLyQ GH OD ItVLFD R OD VHxDO GH TXH OD
PHFiQLFD FXiQWLFD HV XQD WHRUtD LQFRPSOHWD VLQR TXH OD QDWXUDOH]D HV DVt XQ HOHFWUyQ HV XQD
VXSHUSRVLFLyQGHSUREDELOLGDGHVGHHVWDUDTXtRDOOiWDO\FRPRODPHFiQLFDFXiQWLFDORGHVFULEH
3HQVDU HQ XQ HOHFWUyQ HQ WDO OXJDU QR WLHQH VHQWLGR D PHQRV TXH OR REVHUYHPRV HQ FX\R FDVR OD
IXQFLyQ GH RQGD FRODSVD KDFLD XQD SRVLFLyQ ILMD WRGRV ORV HVWDGRV VH FRQGHQVDQ \ HO HOHFWUyQ
DSDUHFHWDQFDPSDQWHRFXSDQGRXQDGHWHUPLQDGDSRVLFLyQ
/DSULPHUDSDUDGRMDIDPRVDSRVWXODGDSDUDSRQHUHQHQWUHGLFKRHVWDSRVWXUDIXHSODQWHDGDSRUHO
PLVPtVLPR 6FKU|GLQJHU TXLHQ HQ  SURSXVR XQ FXULRVR H[SHULPHQWR PHQWDO TXH TXHGy HQ HO
IRONORUHFRPRODSDUDGRMDGHOJDWRGH6FKU|GLQJHU<HVDVt
,PDJLQHPRVXQDFDMDFRPSOHWDPHQWHFHUUDGDTXHFRQWLHQHXQJDWRYLYR\XQDSHTXHxDFDQWLGDGGH
PDWHULDO UDGLDFWLYR ,PDJLQHPRV WDPELpQ TXH GHQWUR GH OD FDMD KD\ XQ GLVSRVLWLYR GLDEyOLFR SHUR
SHUIHFWDPHQWH SRVLEOH SRU HO FXDO FXDQGR XQD SDUWtFXOD HV HPLWLGD SRU DOJXQR GH ORV iWRPRV
UDGLDFWLYRV VH SRQH HQ IXQFLRQDPLHQWR XQ GHWHFWRU TXH D VX YH] VXHOWD XQ PDUWLOOR TXH URPSH XQD
DPSROOD GH YLGULR OOHQD GH XQ JDV YHQHQRVR HIHFWLYR H LQVWDQWiQHR 2 VHD DSHQDV XQ iWRPR VH
GHVLQWHJUD HO JDWR PXHUH 3DUD OD PHFiQLFD FXiQWLFD QR KD\ PDQHUD GH VDEHU HQ TXp PRPHQWR XQ
iWRPRVHYDDGHVLQWHJUDUWRGRVHUHGXFHDSUREDELOLGDGHV6RODPHQWHPLUDQGRSRGHPRVVDEHUVLHO
iWRPRVHKDGHVLQWHJUDGRRQR\PLHQWUDVODFDMDHVWpFHUUDGDORViWRPRVHQFXHVWLyQVRQXQDPH]FOD
GHGRVHVWDGRVVHGHVLQWHJUyQRVHGHVLQWHJUy(QWRQFHVUD]RQDED6FKU|GLQJHUSXHVWRTXHQRWLHQH
VHQWLGRSUHJXQWDUVHVLHOPDWHULDOUDGLDFWLYRVHGHVLQWHJUyRQRKDVWDTXHDEUDPRVODFDMD\PLUHPRV
WDPSRFRWLHQHVHQWLGRSUHJXQWDUVHVLHOJDWRHVWiYLYRRQRKDVWDHVHPLVPRPRPHQWR6LPSOHPHQWH
VLJXLHQGRODLQWHUSUHWDFLyQGH&RSHQKDJXHHOJDWRHVWiHQXQDPH]FODGHGRVHVWDGRVYLYR\
QRYLYR\SHQVDUTXHHVWiYLYRRTXHHVWiPXHUWRQRWLHQHVHQWLGR
2EYLDPHQWHODLQWHQFLyQGH6FKU|GLQJHUIXHDPSOLILFDUODLQFHUWLGXPEUHFXiQWLFDKDVWDOOHYDUODD
WpUPLQRV FRWLGLDQRV TXLpQ SXHGH LPDJLQDUVH D XQ JDWR FRPR XQD PH]FOD GH JDWR YLYR \ JDWR
PXHUWR"GHWDOPDQHUDTXHFKRFDUDD~QDORVWHyULFRVGH&RSHQKDJXH1DWXUDOPHQWHDpVWRVQROHV
FKRFy DXQTXH KDVWD DKRUD QR KD\ UHVSXHVWDV HQWHUDPHQWH VDWLVIDFWRULDV D OD SDUDGRMD TXH (LQVWHLQ
FHOHEUyHIXVLYDPHQWH
'LFKRVHDGHSDVRQRHVUDURTXH6FKU|GLQJHUKD\DHOHJLGRDXQJDWRDQLPDOTXHWLHQHPXFKR
GHPLVWHULRVR\H[WUDxR(OJDWRGH6FKU|GLQJHUFRQVXPH]FODGHHVWDGRVHVSULPRGLUHFWRGHOJDWR
GH&KHVKLUHGH/HZLV&DUUROOHQ$OLFLDHQHO3DtVGHODV0DUDYLOODVFDSD]GHHVIXPDUVHSRUSDUWHV
\GHMDUVXVRQULVDIORWDQGR
/D VHJXQGD SDUDGRMD FRUULy SRU FXHQWD GH (LQVWHLQ TXLHQ GXUDQWH ORV DxRV WUHLQWD \ FXDUHQWD
PDQWXYRXQDSHUWLQD]\GLYHUWLGDGLVFXVLyQFRQ1LHOV%RKUVREUHHVWHPLVPRSXQWR3DUD(LQVWHLQHO
HOHFWUyQWHQtDTXHWHQHUXQDYHORFLGDG\XQDSRVLFLyQGHWHUPLQDGDVVLODWHRUtDVHODVQHJDEDHUDXQD
PXHVWUDGHODGHELOLGDGGHODWHRUtDSDUD%RKUODWHRUtDHUDILUPHFRPRXQDURFD\HQWRGRFDVROD
GHELOLGDGHUDGHODQDWXUDOH]DRGHQXHVWURFRQFHSWRGHODUHDOLGDG(LQVWHLQSURSRQtDH[SHULPHQWRV
WHyULFRV TXH SHUPLWLHUDQ PHGLU YHORFLGDG \ SRVLFLyQ GH XQ HOHFWUyQ HQ IRUPD VLPXOWiQHD SDUD
PRVWUDU TXH VH YLRODED HO 3ULQFLSLR GH ,QFHUWLGXPEUH H[SHULPHQWRV TXH %RKU UHIXWDED
JUDFLRVDPHQWH8QRGHORVPiVVRQDGRVTXHGyHQODOLWHUDWXUDFRPRODSDUDGRMD(35SRU(LQVWHLQ
3RGROVN\\5RVHQTXHORVXJLULHURQHQ
6LPSOLILFDQGRODVFRVDVKDVWDHOHVFiQGDORODLGHDHUDODVLJXLHQWHVXSRQJDPRVGHFtDQ(LQVWHLQ
3RGROVN\\5RVHQTXHGRVSDUWtFXODV$\%SDUWHQHQGLUHFFLRQHVFRQWUDULDVGHWDOPDQHUDTXHD
SDUWLUGHXQDGHHOODVXQRSXHGDGHGXFLUODVLWXDFLyQGHODRWUD(QWRQFHVXQRSRGUtDSHUIHFWDPHQWH
PHGLUODSRVLFLyQGH$\ODYHORFLGDGGH%$SDUWLUGHODYHORFLGDGGH%VHGHGXFHODGH$FRQOR
FXDOVDEUtDPRVH[DFWDPHQWHDPEDVPDJQLWXGHVGH$HQFRQWUDGHO3ULQFLSLRGH,QFHUWLGXPEUH%RKU
QRVHLQPXWy\DVHJXUyTXHDOPHGLUVHODSRVLFLyQGHODSDUWtFXOD$ODYHORFLGDGGHODSDUWtFXOD%
VH DOWHUDUtD FRPR VL VXSLHUD TXH D VX FRPSDxHUD OD HVWDEDQ PLGLHQGR (Q HVWH SXQWR OD FRVD
GHVHPERFyHQXQFDOOHMyQVLQVDOLGDSRUTXHHOH[SHULPHQWRHUDHQWRQFHVLPSUDFWLFDEOH
3HUR HQ ORV DxRV VHWHQWD HO ItVLFR EULWiQLFR -RKQ %HOO LQLFLy XQ FDPLQR WHyULFR TXH SHUPLWLy D
$ODLQ $VSHFW HQ  OOHYDU D FDER XQ H[SHULPHQWR TXH ]DQMy OD GLVFXVLyQ (Q YH] GH HOHFWURQHV
SRVLFLRQHV \ YHORFLGDGHV VH XVDURQ IRWRQHV \ GLUHFFLRQHV GH SRODUL]DFLyQ SHUR HO VHQWLGR GHO
H[SHULPHQWRIXHHOPLVPR<WDQWRORVWUDEDMRVGH$VSHFWGHFRPRODVUHSHWLFLRQHVXOWHULRUHVOH
GLHURQODUD]yQD1LHOV%RKU\UHIXWDURQD(LQVWHLQ
/D SROpPLFD VREUH OD PHFiQLFD FXiQWLFD VLJXH 1R HV SDUD VRUSUHQGHUVH (Q HOOD HVWi
FRPSURPHWLGDQXHVWUDFRQFHSFLyQGHOPXQGR\GHORTXHHQWHQGHPRVSRUUHDOLGDG(OXQLYHUVRHV
WDOYH]XQOXJDUD~QPiVPLVWHULRVRGHORTXHVROHPRVLPDJLQDU

,17(50(==20$7(07,&2/$&5,6,6'(/26)81'$0(1726
/D GHQRPLQDGD FULVLV GH ORV IXQGDPHQWRV ILHO DO HVStULWX HSRFDO FRQWULEX\y D GHVDUPDU XQD
LPDJHQFRQVWUXLGDDSDUWLUGHOD5HYROXFLyQ&LHQWtILFDVHJ~QODFXDOOD&LHQFLDDVtFRQPD\~VFXOD
SURJUHVDED HQ XQ FDPLQR LOLPLWDGR KDFLD OD 9HUGDG WDPELpQ DVt FRQ PD\~VFXOD FDPLQR TXH QR
SUHVHQWDEDPiVREVWiFXORVVHULRVTXHHOHQRUPHWLHPSRTXHOOHYDEDUHFRUUHUOR

3DUDGRMDV
/D SDODEUD SDUDGRMD YLHQH GH OD SDODEUD ODWLQD SDUDGR[XV D VX YH] GHVFHQGLHQWH GLUHFWD GHO
JULHJRSDUDVRIRV\HQORVWUHVLGLRPDVVLJQLILFDFRQRFLPLHQWRTXHFKRFDFRQHOVHQWLGRFRP~Q
3RUDOJXQDUD]yQODVSDUDGRMDVWLHQHQDOJRHQFDQWDGRUHODWUDFWLYRTXHGHVSLHUWDODSRVLELOLGDGGH
ORVYLDMHVHQHOWLHPSRSRUHMHPSORDXPHQWDFRQODSDUDGRMDTXHORVLPSLGHTXpRFXUUHVL\RYLDMR
DO SDVDGR \ DVHVLQR D PLV DQFHVWURV LPSLGLHQGR PL SURSLR QDFLPLHQWR" (VWH GLOHPD LUUHVROXEOH
PXHVWUD TXH YLDMDU DO SDVDGR HV LPSRVLEOH SHUR TXH HV SRVLEOH OD WULORJtD 9ROYHU DO )XWXUR GH
=HPHFNLV \ 6SLHOEHUJ TXH HV PXFKR PHMRU \ HV REMHWR GH GHYRFLyQ SRU SDUWH GHO YROiWLO DXWRU GH
HVWDVSiJLQDV
&XDQGR(LQVWHLQHQXQFLyOD7HRUtDGHOD5HODWLYLGDG5HVWULQJLGDHQGLRSLHSDUDPXFKRV
MXHJRV SDUDGRMDOHV HVSHFLDOPHQWH FRQ HO WLHPSR TXH GHVYHODURQ D ORV FLHQWtILFRV 3RU HMHPSOR OD
SDUDGRMDGHORVJHPHORVVHJ~QODWHRUtDGHODUHODWLYLGDGUHVWULQJLGDXQRYHTXHVREUHXQFRKHWH
HQPRYLPLHQWRHOWLHPSRWUDQVFXUUHPiVOHQWDPHQWH(QWRQFHVLPDJLQHPRVDGRVKHUPDQRVJHPHORV
XQRGHORVFXDOHVVHHPEDUFDHQXQFRKHWHSDUDHPSUHQGHUXQODUJRYLDMHHVSDFLDO(OKHUPDQRTXH
SHUPDQHFHHQWLHUUDYHTXHHOUHORMGHOYLDMHURYDPiVGHVSDFLRTXHHOVX\RSRUTXHHOWLHPSRHQOD
QDYHFRUUHPiVGHVSDFLRTXHVXKHUPDQRHVWHODUHQYHMHFHPiVOHQWDPHQWHTXHpO\SRUORWDQWROR
YHPiVMRYHQTXHpO
 3HUR D VX YH] HO KHUPDQR TXH YLDMD HQ HO FRKHWH VLHPSUH VHJ~Q OD 7HRUtD GH OD 5HODWLYLGDG
5HVWULQJLGDVXSRQHTXHHQUHDOLGDGpOHVWiTXLHWRTXHHVOD7LHUUDODTXHVHPXHYHFRQVXKHUPDQR
VREUHHOOD<HQFRQVHFXHQFLDHOUHORMGHVXKHUPDQRWHUUHVWUHYDPiVGHVSDFLR\VXKHUPDQRHVPiV
MRYHQ2VHDFDGDXQRYHDORWURPiVMRYHQ4XpSDVDFXDQGRHOYLDMHURUHJUHVD\VHSURGXFHHO
UHHQFXHQWUR" 1R SXHGH VHU TXH FDGD KHUPDQR VHD PiV MRYHQ TXH HO RWUR /D VROXFLyQ QR HV QDGD
VHQFLOOD\UHTXLHUHUHFXUVRVGHOD5HODWLYLGDG*HQHUDOTXHH[FHGHQSRUFRPSOHWRDHVWHOLEUR
/D PHFiQLFD FXiQWLFD FRPR XVWHGHV \D VDEHQ QR GHMy GH DJUHJDU VX FXRWD HQ HVWH PXQGR
FRQWUDULRDOVHQWLGRFRP~QHOJDWRGH6FKU|GLQJHUHVHOPHMRUHMHPSOR
eVWDVVRQSDUDGRMDVSODQWHDGDVSRUODItVLFDSHURXQDGHODVPiVIDPRVDVQRYLHQHGHDOOtVLQR
GHO FDPSR GH OD OyJLFD VH WUDWD GH OD GHO FDWiORJR GH FDWiORJRV SURSXHVWD SRU HO JUDQ ILOyVRIR
PDWHPiWLFR\OyJLFRLQJOpV%HUWUDQG5XVVHOO
6tJDQPHFRQDWHQFLyQ
&RPRWRGRVVDEHPRVKD\FDWiORJRVGHOLEURVTXHVHLQFOX\HQDVtPLVPRVFRPRXQOLEURPiVKD\
RWURVHQFDPELRTXHQR,QFOXLUVHDVtPLVPRRQRHVXQDGHFLVLyQTXHHQFDGDFDVRWRPDHOHGLWRU
EDVDGRHQVXVSUHIHUHQFLDVSHUVRQDOHV
3HURLPDJLQHPRVSURSXVR%HUWUDQG5XVVHOOTXHTXHUHPRVKDFHUXQ6XSHUFDWiORJRGRQGHILJXUHQ
WRGRVORVFDWiORJRVTXHQRVHLQFOX\HQDVtPLVPRV\VRODPHQWHHOORV
$ SULPHUD YLVWD SDUHFH IiFLO 3HUR QR HV DVt 3RUTXH TXp KDFHPRV FRQ HO SURSLR
6XSHUFDWiORJR"/RLQFOXLPRVRQRORLQFOXLPRV"/RSRQHPRVRQRORSRQHPRV"<QR3RUTXHVLOR
LQFOXLPRVHQHOtQGLFHHO6XSHUFDWiORJRVHFRQYLHUWHHQXQFDWiORJRGHOLEURVTXHVHFRQWLHQHDVt
PLVPR\SRUHQGHQRGHEHILJXUDU(QWRQFHVQRORSRQHPRV
3HUR VL QR OR SRQHPRV QXHVWUR 6XSHUFDWiORJR HV XQ FDWiORJR TXH QR VH FRQWLHQH D Vt PLVPR \
HQWRQFHVVtGHEHILJXUDU
2VHDTXHQRKD\PDQHUDGHUHVROYHUHOSUREOHPD5XVVHOOSODQWHyHVWDSDUDGRMDHQWpUPLQRVGH
OD7HRUtDGH&RQMXQWRV\HQVHODHQYLyDOPDWHPiWLFRDOHPiQ*RWWOLHE)UHJH
)UHJHDFDEDEDGHWHUPLQDUHOVHJXQGRYROXPHQGHXQDPELFLRVRLQWHQWRGHFRQVWUXFFLyQGHXQD
HVWUXFWXUD PDWHPiWLFD FRKHUHQWH \ FRPSOHWD GHVGH HO SXQWR GH YLVWD OyJLFR (O OLEUR VH HVWDED
LPSULPLHQGRVDOLyHQFXDQGRUHFLELyODFDUWDGH5XVVHOO)UHJHFRPSUREyTXHVXVLVWHPDQR
SRGtD UHVROYHUOD \ WXYR TXH DxDGLU DO ILQDO GHO YROXPHQ XQ SiUUDIR HQ HO TXH DGPLWtD TXH HO
IXQGDPHQWR GH VX UD]RQDPLHQWR KDEtD IDOODGR \ TXH SRU OR WDQWR HO OLEUR HUD LQ~WLO )XH XQD
YHUGDGHUDFDWiVWURIHLQWHOHFWXDOTXHGHPRVWUyORTXHQDGLHSRGtDFRQFHELUORVIXQGDPHQWRVGHODV
PDWHPiWLFDVHUDQGXGRVRV<VLORVIXQGDPHQWRVGHODPDWHPiWLFDHVWiQPDOFyPRSRGHPRVHVWDU
VHJXURVGHTXHODItVLFDHVWiELHQ"<VLODItVLFDHVGXGRVDQRORVHUiWDPELpQODPHGLFLQDTXHOH
GHEH WDQWR" /RV PDWHPiWLFRV VH ODQ]DURQ HQWRQFHV D WUDWDU GH HQFRQWUDU XQ VLVWHPD GH D[LRPDV TXH
SXGLHUDIXQGDPHQWDUODVPDWHPiWLFDV<QRWDEOHPHQWHHQXQOyJLFROODPDGR*|GHOPRVWUyTXH
QRVHSXHGHEXHQRQRH[DFWDPHQWHVLQRTXHHOLQWHQWRWLHQHPXFKRVEHPROHV

(OWHRUHPDGH*|GHO
&DGDKRPEUHHVWiHWHUQDPHQWHREOLJDGRHQHOFXUVRGHVXEUHYHYLGDDHOHJLUHQWUHODHVSHUDQ]D
LQIDWLJDEOH\ODSUXGHQWHIDOWDGHHVSHUDQ]DHQWUHODVGHOLFLDVGHOFDRV\ODVGHODHVWDELOLGDG
 0HPRULDVGH$GULDQR0$5*8(5,7(<285&(1$5

'HVGH PX\ DQWLJXR VH FRQVLGHUy D OD PDWHPiWLFD \ FRQ EDVWDQWH MXVWLFLD FRPR OD UHLQD GH ODV
FLHQFLDV(VWHSUHFHSWRFXDQGR*DOLOHRHQHOVLJOR ;9,,SURFODPyTXHHOOLEURGHODQDWXUDOH]DHVWi
HVFULWRFRQFDUDFWHUHVPDWHPiWLFRVFRQILULyDODFRURQDORVDWULEXWRVGHOGHUHFKRGLYLQR<KDVWD
FLHUWR SXQWR ORV GH XQD PRQDUTXtD DEVROXWD 6L ODV PDWHPiWLFDV QXQFD SDUDIUDVHDURQ D /XLV ;,9
GLFLHQGR OD FLHQFLD VR\ \R IXH WDQ VyOR SRUTXH VRQ LQFDSDFHV GH KDEODU \ WDO YH] SRU IDOVD
PRGHVWLD /R FLHUWR HV TXH D SDUWLU GHO WULXQIR GH OD PHFiQLFD QHZWRQLDQD ODV PDWHPiWLFDV VH
FRQYLUWLHURQ HQ OD DVSLUDFLyQ FRP~Q GH WRGDV ODV GLVFLSOLQDV FLHQWtILFDV PDWHPDWL]DU XQD FLHQFLD
JDUDQWL]DED VX YHUGDG (V SUHFLVR UHFRQRFHU GH SDVR \ D GHVSHFKR GH FXDOTXLHU DVSLUDFLyQ
UHSXEOLFDQDTXHHVWHVLVWHPDGHJRELHUQRGLRUHVXOWDGRVHVSHFWDFXODUHVODUHGXFFLyQGHODVFLHQFLDV
D IyUPXODV \ VX PDQLSXODFLyQ SURGXMHURQ OD DFXPXODFLyQ GH FRQRFLPLHQWRV PiV IRUPLGDEOH TXH
UHFXHUGHODPHPRULDKXPDQD
(VHSDSHOFHQWUDOGHODPDWHPiWLFDGHULYDGHVXPpWRGRODREWHQFLyQGHUHVXOWDGRVPHGLDQWHOD
GHGXFFLyQ SXUDPHQWH OyJLFD D SDUWLU GH XQ SXxDGR GH D[LRPDV HOHPHQWDOHV TXH VH DFHSWDQ FRPR
YHUGDGHURV'HKHFKRpVWDIXHODPHWRGRORJtDTXHXWLOL]y(XFOLGHVHQVXVFpOHEUHV(OHPHQWRVTXH
FRQRFLPRVHQHOOHMDQRFDStWXORVREUHOD(VFXHODGH$OHMDQGUtDDXQTXHFRPRYHQWRGRYXHOYH
TXH VH XVDURQ VLQ PD\RUHV YDULDQWHV KDVWD KDFH FLHQWR FLQFXHQWD DxRV \ TXH SHUPDQHFHQ VLQ
GHPDVLDGDV WUDQVIRUPDFLRQHV HQ ORV WH[WRV GH JHRPHWUtD TXH VH XWLOL]DQ D~Q KR\ HQ OD HVFXHOD
VHFXQGDULD
(V YHUGDG TXH GXUDQWH HO VLJOR SDVDGR OD VXSXHVWD YHUGDG DEVROXWD GH ORV D[LRPDV GH OD
JHRPHWUtD HXFOLGHDQD UHFLELy XQ GXUR JROSH SDUWLHQGR GH D[LRPDV GLIHUHQWHV GH ORV GH (XFOLGHV
/REDFKHYVNL \ 5LHPDQQ FRQVWUX\HURQ JHRPHWUtDV SHUIHFWDPHQWH FRKHUHQWHV DXQTXH GLVWLQWDV GH OD
HXFOLGHDQD\GHDOJXQDPDQHUDODE~VTXHGDGHODYHUGDGIXHVXVWLWXLGDSRUHODIiQGHFRKHUHQFLD\QR
FRQWUDGLFFLyQ
3HUR KDFLD ILQDOHV GH VLJOR ;,; HO WULXQIR GHO PpWRGR D[LRPiWLFR HUD FRPSOHWR ODV
LQYHVWLJDFLRQHVGHODOyJLFDPDWHPiWLFDVHGLULJtDQFRQHVSHFLDOpQIDVLVDEXVFDUXQDIRUPDOL]DFLyQ\
D[LRPDWL]DFLyQGHWRGDODPDWHPiWLFD
/D LGHD VH LQVFULEtD SHUIHFWDPHQWH HQ OD PX\ ILQLVHFXODU FRQFHSFLyQ GHO SURJUHVR XQD YH]
HQFRQWUDGRV ORV D[LRPDV DGHFXDGRV WRGDV ODV YHUGDGHV SRGUtDQ VHU GHGXFLGDV D SDUWLU GH HOORV
PHGLDQWH OD OyJLFD \ OD SDFLHQFLD &XDQGR HQ  HO JUDQ PDWHPiWLFR 'DYLG +LOEHUW SUHVHQWy XQ
SURJUDPD HQXQFLDQGR OD OLVWD GH SUREOHPDV PDWHPiWLFRV SHQGLHQWHV DSHQDV XQ SXxDGR KL]R XQ
DODUGHGHFRQILDQ]DUHVROYHUORVHUDVyORFXHVWLyQGHWLHPSR/DSRWHQFLDGHODVPDWHPiWLFDVSDUHFtD
LQILQLWD\VLJXLySDUHFLHQGRLQILQLWDKDVWD
3RUTXHHQHVHDxRHQHIHFWRHOPDWHPiWLFR\OyJLFR.XUW*|GHOGLRDFRQRFHUXQWHRUHPDTXHVH
WUDQVIRUPy HQ XQ FOiVLFR GH OD OyJLFD PDWHPiWLFD (Q pO VH GHPXHVWUD TXH QR WRGDV ODV YHUGDGHV
PDWHPiWLFDV SXHGHQ VHU DOFDQ]DGDV 0iV VHQFLOODPHQWH TXH HQ FXDOTXLHU VLVWHPD TXH FRQWHQJD OD
DULWPpWLFD H[LVWH SRU OR PHQRV XQD IyUPXOD TXH DXQ VLHQGR YHUGDGHUD QR SRGUi MDPiV VHU
GHPRVWUDGD1RLPSRUWDFXiOVHDHOFRQMXQWRGHD[LRPDVTXHVHXVHVLHPSUHKDEUiDOJRTXHVLELHQ
HVYHUGDGHURQRVHSXHGHGHPRVWUDU
(V GHFLU HQ HO VHQR PLVPR GH ODV PDWHPiWLFDV KD\ FRVDV QR DOFDQ]DEOHV OXJDUHV D GRQGH OD
SDFLHQWH GHGXFFLyQ QR OOHJDUi MDPiV 1DWXUDOPHQWH HVWH FXULRVR UHVXOWDGR QR DIHFWD SDUD QDGD OD
XWLOL]DFLyQ GH ODV PDWHPiWLFDV SRU HO UHVWR GH ORV FLHQWtILFRV QL DO SDSHO FHQWUDO TXH pVWD MXHJD HQ
WRGRHOVLVWHPDGHODVFLHQFLDV3HURGHDOJXQDPDQHUDOLPLWDVXRPQLSRWHQFLD'HVGHOD5HYROXFLyQ
)UDQFHVD HQ DGHODQWH \ FRPR ELHQ OR SXGR FRPSUREDU /XLV ;9, \D VH VDEH TXH ODV PRQDUTXtDV
DEVROXWDVQRVRQGHOWRGRVHJXUDV\VLELHQQRHVFLHUWRTXHODVPDWHPiWLFDVKD\DQSHUGLGRVXFHWUR
SXHGHGHFLUVHTXHVXODUJR\JORULRVRUHLQDGRGHVGHHOWHRUHPDGH*|GHOHQDGHODQWHDGTXLULyORV
FRQWRUQRVGHXQDPRQDUTXtDFRQVWLWXFLRQDO
 &$378/2

/DILVLyQQXFOHDU\ODERPEDDWyPLFD

(VFRQFHELEOHTXHHQPDQRVFULPLQDOHVHOUDGLRSXHGDOOHJDUDVHUPX\SHOLJURVR\XQRSXHGH
SUHJXQWDUVHVLHVFRQYHQLHQWHSDUDHOKRPEUHUHYHODUORVVHFUHWRVQDWXUDOHVVLHVWiSUHSDUDGR
SDUDEHQHILFLDUVHFRQHOORVRVLHVWHFRQRFLPLHQWRLUiHQGHWULPHQWRVX\R(OHMHPSORGHORV
GHVFXEULPLHQWRVGH1REHOHVFDUDFWHUtVWLFRORVH[SORVLYRVGHJUDQSRGHUKDQSHUPLWLGRTXHHO
KRPEUHOOHYDUDDFDERWUDEDMRVDGPLUDEOHV6RQWDPELpQXQPHGLRWHUULEOHGHGHVWUXFFLyQHQ
PDQRVGHORVJUDQGHVFULPLQDOHVTXHOOHYDQDORVSXHEORVDODJXHUUD0HFXHQWRHQWUHDTXHOORV
TXHFUHHQORPLVPRTXH1REHOTXHODKXPDQLGDGREWHQGUiPiVELHQTXHPDOGHORVQXHYRV
GHVFXEULPLHQWRV

'LVFXUVRGH3,(55(&85,(DOUHFLELUHO3UHPLR1REHOGH)tVLFDFRPSDUWLGRFRQ0$5$&85,(\
+(15,%(&48(5(/

(Q HO DxR  OD ItVLFD /LVH 0HLWQHU  TXH GHVGH  GLULJtD HO 'HSDUWDPHQWR GH
)tVLFD5DGLDFWLYDGHO,QVWLWXWR.iLVHU:LOKHOPHVWDEDWUDEDMDQGRMXQWRD2WWR+DKQFRQ
ORVQ~FOHRVDWyPLFRV/DLGHDHUDIDEULFDUXQHOHPHQWRWUDQVXUiQLFR
<TXpHUDXQHOHPHQWRWUDQVXUiQLFR"
3XHV HVWR OD 7DEOD 3HULyGLFD OOHJDED KDVWD HO XUDQLR HO HOHPHQWR  /LVH \ 2WWR ODQ]DEDQ
QHXWURQHV FRQWUD HO Q~FOHR GH XUDQLR FRQ OD HVSHUDQ]D GH TXH XQR GH HOORV IXHUD DEVRUELGR SRU HO
WUDQVIRUPDGRHQSURWyQ\GLHUDHOHOHPHQWRHOSULPHUWUDQVXUiQLFRTXHLUtDPiVDOOiGHOOtPLWH
TXHLPSRQtDODWDEODSHULyGLFD3HURQRORFRQVHJXtDQ
3RUFLHUWRHQHVHDxRGHKDEtDRWUDVFRVDVGHTXHSUHRFXSDUVH'HVGH+LWOHU\VXV
VHFXDFHVGHOSDUWLGRQD]LJREHUQDEDQ$OHPDQLDFRQXQDSROtWLFDFDUDFWHUL]DGDSRUGUiVWLFDVPHGLGDV
DQWLVHPLWDV\GHSHUVHFXFLyQUDFLDOTXHDGHPiVGHFRQGXFLUDXQDGHODVPDVDFUHVPiVWHUULEOHVGH
ODKLVWRULDSURYRFy HOUD]RQDEOHp[RGR GHFLHQWtILFRV MXGtRV 1LHOV%RKU D TXLHQ\DKHPRVYLVWR
HODERUDQGR XQ PRGHOR GHO iWRPR GH KLGUyJHQR HQ  UHFRUUtD ODV XQLYHUVLGDGHV DOHPDQDV
WUDWDQGRGHD\XGDUDVXVFROHJDVHQSUREOHPDVEXVFiQGROHVHPSOHRHQRWURVOXJDUHVGH(XURSD\HQ
ORV(VWDGRV8QLGRV
/LVH 0HLWQHU SHUWHQHFtD D XQD IDPLOLD SURWHVWDQWH SHUR XQR GH VXV DEXHORV HUD MXGtR UD]yQ
VXILFLHQWH SDUD FDHU GHQWUR GH OD EUXWDOLGDG GH ODV OH\HV QD]LV TXH H[SXOVDEDQ D ORV MXGtRV GH
FXDOTXLHUSXHVWRGHODDGPLQLVWUDFLyQ\DIRUWLRULGHODVXQLYHUVLGDGHV+DVWDHO0HLWQHUTXH
HUD GH QDFLRQDOLGDG DXVWUtDFD KDEtD HVWDGR PiV R PHQRV SURWHJLGD 3HUR FXDQGR +LWOHU LQYDGLy
$XVWULD \ OD DQH[y DO 7HUFHU 5HLFK 0HLWQHU VH FRQYLUWLy GH IDFWR HQ FLXGDGDQD DOHPDQD \
DXWRPiWLFDPHQWH HVWXYR HQ SHOLJUR HO  GH MXOLR GH  SDUWLy KDFLD +RODQGD GHVGH GRQGH
YLDMDUtDD6XHFLD
-XVWRDWLHPSR(OGHQRYLHPEUHVHSURGXFtDHQ$OHPDQLDODIDPRVD.ULVWDOOQDFKW1RFKHGH
ORVFULVWDOHVHQTXHVHGHVWUX\HURQ\VDTXHDURQORVQHJRFLRVSHUWHQHFLHQWHVDMXGtRVVHTXHPDURQ
WRGDVODVVLQDJRJDV\VHGHSRUWDURQYHLQWHPLOMXGtRVDFDPSRVGHFRQFHQWUDFLyQ
0LHQWUDV/LVH0HLWQHUVHUHIXJLDEDHQ6XHFLD2WWR+DKQVHJXtDLQYHVWLJDQGRHQODSLVWDGHORV
WUDQVXUiQLFRV3HURORVWUDQVXUiQLFRVQRDSDUHFtDQSRUPiVTXHVHERPEDUGHDUDHOQ~FOHRGHXUDQLR
DXQTXH Vt DSDUHFtDQ RWURV HOHPHQWRV PiV OLYLDQRV FRPR HO EDULR &yPR SRGtD KDEHU EDULR FX\R
Q~FOHRHVDSUR[LPDGDPHQWHODPLWDGGHOQ~FOHRGHXUDQLRHQWUHORVUHVWRVGHOXUDQLRERPEDUGHDGR"
&yPRSRGtDVHU"(UDFRPRVLHOQ~FOHRGHXUDQLRVHKXELHUDSDUWLGRHQGRVSHUR+DKQQRSRGtD
FUHHUHQVHPHMDQWHFRVD

7DOYH]XVWHGSXHGDVXJHULUDOJXQDH[SOLFDFLyQIDQWiVWLFD&RPSUHQGHPRVSHUIHFWDPHQWHTXH
HOXUDQLRQRSXHGH GHQLQJXQD PDQHUDTXHEUDUVH\GDUEDULR DVtTXHSRUTXpQRWUDWDGH
SHQVDUHQDOJXQDRWUDSRVLELOLGDG"

OHHVFULELyD0HLWQHU
0HLWQHUFRQWHVWyLQPHGLDWDPHQWH

6XVUHVXOWDGRVVRQUHDOPHQWHDVRPEURVRV8QSURFHVRTXHFRQGXFHDOEDULR3RUHOPRPHQWR
ODKLSyWHVLVGHXQDUXSWXUDGHOQ~FOHRGHXUDQLRPHSDUHFHGLItFLOGHDFHSWDUSHURHQItVLFD
QXFOHDU KHPRV UHFLELGR \D WDQWDV VRUSUHVDV TXH HQ QLQJ~Q FDVR DQWH XQD VLWXDFLyQ H[WUDxD
SRGHPRVGHFLUVLQGXGDUHVLPSRVLEOH

<VHIXHDSDVDUODV1DYLGDGHVHQ.XQJDOYHQHOVXUGH6XHFLDDFDVDGHXQDIDPLOLDTXHODKDEtD
LQYLWDGR$OOtVHOHXQLyVXVREULQRHOItVLFR2WWR)ULVFKTXHDODVD]yQYLYtDHQ'LQDPDUFDGRQGH
VHKDEtDUHIXJLDGRGHORVQD]LV
7tD \ VREULQR FDPLQDURQ SDVHDURQ \ HVTXLDURQ SHUR LQHYLWDEOHPHQWH OD FRQYHUVDFLyQ UHFD\y
VREUHORVVRUSUHQGHQWHVH[SHULPHQWRVGH%HUOtQ

3DUHFtD LPSRVLEOH (UD LPSHQVDEOH FRUWDU HO Q~FOHR VL VH SLHQVD HQ OD FDQWLGDG GH
OLJD]RQHVQXFOHDUHVTXHKDEtDTXHURPSHU

FRQWyPiVWDUGH)ULVFKTXLHQDXQTXHHVWDEDLQWULJDGRSRUHODVXQWRHVWDEDPiVXUJLGRSRUHVTXLDU
3HUR/LVHHUDLPSODFDEOH\ILQDOPHQWHWtD\VREULQRVHVHQWDURQVREUHXQRVWURQFRV0HLWQHUVDFyXQ
SDSHO\XQOiSL]HKL]RDOJXQRVGLEXMRVHQORVTXHVXJHUtDODPDQHUDHQTXHHOQ~FOHRSRGtDGLYLGLUVH
HORQJiQGRVHORVXILFLHQWH\OXHJRGLYLGLpQGRVHHQGRVSDUWHVGRVSHTXHxRVQ~FOHRVGHUHODWLYDPHQWH
SRFR WDPDxR HQ HVWH FDVR EDULR HO HOHPHQWR  \ FULSWyQ HO HOHPHQWR  TXH VH
VHSDUDUtDQ D JUDQ YHORFLGDG GHELGR D OD HQHUJtD OLEHUDGD  PLOORQHV GH HOHFWUyQYROW (O
HOHFWUyQYROWHVXQDPHGLGDGHHQHUJtDXQDPHGLGDPX\FKLFDTXHVHXVDDQLYHODWyPLFR\QXFOHDU
$~Q GRVFLHQWRV PLOORQHV GH HOHFWUyQYROW QR VRQ GHPDVLDGR SDUD HO PXQGR HQ TXH QRV PRYHPRV
FRWLGLDQDPHQWHSHURSDUDXQVRORiWRPRVRQXQDEDUEDULGDG
'HGyQGHSRGUtDVDOLUVHPHMDQWHFDQWLGDGGHHQHUJtD"'HGyQGHSRGtDQYHQLUQDGDPHQRVTXH
GRVFLHQWRVPLOORQHVGHHOHFWUyQYROW"/LVH0HLWQHUKDEtDDVLVWLGRDFRQIHUHQFLDVGH(LQVWHLQHQ
HQODVTXHpVWHKDEtDH[SXHVWRODIyUPXODGHHTXLYDOHQFLDHQWUHPDVD\HQHUJtD( PF\HVHGtD
HUDHOGHGLFLHPEUHGHODVUHFRUGDEDSHUIHFWDPHQWHELHQ

7DPELpQ HVWDED DO WDQWR GH TXH FRQWy )ULVFK DO SDUWLUVH HO Q~FOHR GH XUDQLR ORV GRV
Q~FOHRVUHVXOWDQWHVQRSHVDEDQH[DFWDPHQWHORPLVPRTXHHOQ~FOHRRULJLQDOVLQRXQSRTXLWR
PHQRV<SRQLHQGRHVHSRTXLWRPHQRVHQODIyUPXODGH(LQVWHLQOHGDEDMXVWRPLOORQHV
GHHOHFWUyQYROW7RGRHQFDMDED

(VD PDVD TXH IDOWDED VH KDEtD OLEHUDGR HQ IRUPD GH HQHUJtD +DVWD WDO SXQWR HQFDMDED TXH
DXQTXH QLQJXQR GH ORV GRV OR VDEtD HQ HVH PRPHQWR \ HQ DTXHO DSDUWDGR ULQFyQ GH 6XHFLD
FRPHQ]DEDODHUDQXFOHDU

/DILVLyQGHOXUDQLR
0HLWQHU QR HVWDED GHO WRGR VHJXUD SRU OR FXDO QR FRPXQLFy VXV FRQFOXVLRQHV D +DKQ \ UHJUHVy D
(VWRFROPR)ULVFKHQFDPELRYROYLyD&RSHQKDJXH\IXHFRUULHQGRDFRQWDUOHODVQRYHGDGHVD%RKU
TXLHQLQPHGLDWDPHQWH\HQWRGRVHSXVRGHDFXHUGRFRQQRVRWURVVHJ~QOHHVFULELyD0HLWQHUHVH
PLVPRGtD0HLWQHU\)ULVFKHVFULELHURQ XQWUDEDMR VREUHHO WHPD FRQVXOWiQGRVHSRUWHOpIRQRSRU
ORVWHOpIRQRVGHHQWRQFHV)ULVFKORUHGDFWyHQERUUDGRUHOGHHQHUR\VHORPRVWUyD%RKUTXHOH
SLGLyHOWUDEDMRHQOLPSLR(OWLHPSRYRODED)ULVFKDOFDQ]yDSDVDUVyORGRVSiJLQDVGHOWUDEDMR\VH
ODVDOFDQ]yD%RKUHQODHVWDFLyQGHVGHGRQGHVDOtDHOWUHQTXHOROOHYDUtDDOSXHUWRSDUDHPEDUFDUVH
KDFLD ORV (VWDGRV 8QLGRV %RKU SURPHWLy QR GHFLU XQD SDODEUD GXUDQWH HO YLDMH SDUD SUHVHUYDU OD
SULRULGDGGH0HLWQHU\)ULVFKTXHGHGLFyORVGtDVVLJXLHQWHVDSUHSDUDUORVH[SHULPHQWRVHLQLFLyODV
PHGLFLRQHVHOGHHQHUR(OGHHQHURDSDUHFLyHOSULPHUDUWtFXORHQ1DWXUH
4XpQRPEUHSRQHUOHDXQIHQyPHQRWDQLQVyOLWR")ULVFKIXHDYHUD:LOOLDP$UQROGXQELyORJR
DPLJR\OHSUHJXQWy&yPRVHOODPDHQELRORJtDHOSURFHVRSRUHOFXDOXQDFpOXODVHGLYLGHHQ
GRV"
<$UQROGOHFRQWHVWyILVLyQ

/DQRWLFLDVHH[WLHQGH
%RKUKDEtDSURPHWLGRQRFRPHQWDUORVUHVXOWDGRVSHURGXUDQWHHOYLDMHHQEDUFRQRVHSXGRFRQWHQHU
\KDEOyGHODILVLyQFRQ/HyQ5RVHQIHOGHOJUDQWHyULFREHOJDTXHWDPELpQYLDMDED$
VXYH]FXDQGRHOOXQHVGHHQHURGHGHVHPEDUFDURQHQORV(VWDGRV8QLGRV5RVHQIHOGFRQWy
OD KLVWRULD TXH LQPHGLDWDPHQWH VH HVSDUFLy FRPR XQ UHJXHUR GH SyOYRUD HO Q~FOHR GH XUDQLR VH
SDUWtDOLEHUDQGRFDQWLGDGHVHQRUPHVGHHQHUJtD(UDHOGHVFXEULPLHQWRGHOVLJOR(QVHJXLGDOOHJyD
ORVSHULyGLFRVSULPHURHO:DVKLQJWRQ3RVWOXHJRHO1HZ<RUN7LPHV\HQVHJXLGDHO6DQ)UDQFLVFR
&KURQLFOH
/DILVLyQGHOXUDQLRDEUtDXQDSRVLELOLGDGLQTXLHWDQWH6LXQiWRPRGHXUDQLRDOSDUWLUVHEDMRHO
LPSDFWR GH XQ QHXWUyQ OLEHUDED DGHPiV QHXWURQHV DGLFLRQDOHV HVRV QHXWURQHV SRGtDQ D OD YH]
SDUWLUQXHYRVQ~FOHRVJHQHUDQGRORTXHVHOODPDXQDUHDFFLyQHQFDGHQD
(QPDU]RGHVGHHORWURODGRGHO$WOiQWLFROOHJDURQQRWLFLDVHQ3DUtV)UpGpULF-ROLRW+DQVYRQ
+DOEDQ \ /HZ .RZDUVNL LQIRUPDURQ TXH HIHFWLYDPHQWH DO ILVLRQDUVH HO XUDQLR DGHPiV GH ORV
SURGXFWRVGHILVLyQ\DFRQRFLGRVVHHPLWtDQQHXWURQHV(QWRQFHVHQSULQFLSLRODUHDFFLyQHQFDGHQD
HUDSRVLEOH
3HURKDVWDQRWHQHUODQRVHWHQGUtDQDGD

/$),6,1'(/85$1,2

(OXUDQLR\ODHQHUJtD
(O PLFURFRVPRV QR VH DQGD FRQ YXHOWDV \ FXDQGR HQWUHJD HQHUJtD OR KDFH HQ VHULR DO SDUWLUVH XQ
iWRPRVHOLEHUDQ ODVIXHU]DVTXHVRSRUWDQDO XQLYHUVR HVDV TXHPDQWLHQHQORV Q~FOHRVSHJDGRVVLQ
TXHVHGHVSDUUDPHQ\QRVSHUPLWHQH[LVWLU/DILVLyQGHXQQ~FOHRGHXUDQLROLEHUDPLOORQHV
GHH9MRXOHTXHDHVFDODPDFURVFySLFDQRSDUHFHPXFKR\GHKHFKRQRORHV
 OD ILVLyQ GH XQ VROR iWRPR GH XUDQLR FRQVHJXLUtD PRYHU XQ NLORJUDPR GH PDVD DSHQDV XQD
PLOORQpVLPDGHPLOORQpVLPDGHPHWUR$QDGLHOHFRQYLHQHJXDUGDUXQiWRPRGHXUDQLRHQODKHODGHUD
SDUDTXHVXILVLyQORD\XGHHQODVWDUHDVFRWLGLDQDV
3HURVLODHQHUJtDOLEHUDGDSRUODILVLyQGHXQiWRPRHVSRFDWDPELpQHVFLHUWRTXHORViWRPRV
VRQPXFKRVRPHMRUGLFKRTXHHQXQSHTXHxRYROXPHQFDEHQPXFKRViWRPRVJUDPRVGHXUDQLR
FRQWLHQHQ VHLVFLHQWRV PLO PLOORQHV GH ELOORQHV  [  GH iWRPRV 6L WRGRV HOORV VH ILVLRQDUDQ
OLEHUDUtDQHQHUJtDVXILFLHQWHFRPRSDUDOHYDQWDUXQPLOOyQGHWRQHODGDVDGLH]PLOPHWURVGHDOWXUD<
HVR\DHVFRPRSDUDWHQHUHQFXHQWDODILVLyQQXFOHDUHVHQUHODFLyQFRQODPDVDLQYROXFUDGDXQRGH
ORVSURFHVRVPiVHQHUJpWLFRVGHOXQLYHUVR
'HGyQGHVDOHHVDHQHUJtD"&RPROHVGHFtDDQWHVHVODTXHHVWDEDDFXPXODGDHQHOQ~FOHRSDUD
PDQWHQHUOR DPDUUDGR 6RQ IXHU]DV SRGHURVDV 'HVSXpV GH SURGXFLGD OD ILVLyQ GHVSXpV GH KDEHUVH
SDUWLGRHOQ~FOHRGHXUDQLRODVPDVDVVXPDGDVGHORVVXESURGXFWRVUHVXOWDQWHVHOEDULRHOFULSWyQ\
ORVWUHVQHXWURQHVYLDMHURVHVOLJHUDPHQWHPHQRUTXHODPDVDRULJLQDOTXHDOEHUJDEDHOQ~FOHRUHFLpQ
ILVLRQDGR(VDSHTXHxDGLIHUHQFLDGHPDVDGDFXHQWDGHODHQHUJtDOLEHUDGDVLJXLHQGRODIyUPXOD
GH(LQVWHLQ
2WUD SRVLELOLGDG HUD HO SOXWRQLR TXH VHJ~Q VH KDEtD FDOFXODGR WDPELpQ VH ILVLRQDED 3HUR HO
SOXWRQLR WLHQH XQ SHTXHxR LQFRQYHQLHQWH QR H[LVWH HQ OD QDWXUDOH]D \ VL H[LVWLy DOJXQD YH] \D VH
GHVLQWHJUy 6L XQR TXLHUH SOXWRQLR QR SXHGH LU \ VHUYLUVH WLHQH TXH IDEULFDUOR HUD XQR GH ORV
IDPRVRV WUDQVXUiQLFRV HO HOHPHQWR  (QWUH QRYLHPEUH GH  \ PDU]R GH  (UQHVW
/DZUHQFHFRQVXFLFORWUyQGH&DOLIRUQLDORFRQVLJXLy\SXGRIDEULFDUSRUSULPHUDYH]
HOHPHQWRVLQH[LVWHQWHVHQODQDWXUDOH]D<ELHQDKtHVWDEDHOSOXWRQLROLVWRSDUDVHUH[SORUDGR
/RFLHUWRHVTXHFXDQGRVHGHVFXEULyODILVLyQORVItVLFRVSHQVDURQGHLQPHGLDWRTXHHOiWRPRQR
VyOR VHUtD XQ WHUUHQR D H[SORUDU SDUD VDWLVIDFHU OD HWHUQD FXULRVLGDG GHO KRPEUH VLQR TXH WDPELpQ
SRGtD FRQYHUWLUVH HQ XQ LQPHQVR VXUWLGRU GH HQHUJtD (O GHVWLQR GHO PXQGR QR VH MXJDED HQ ORV
FDPSRVGHEDWDOODRHQODVFRUWHVGHODSROtWLFDVLQRFRPRRFXUUtDGHVGHODUHYROXFLyQFLHQWtILFD
 HQ ORV ODERUDWRULRV < ORV ODERUDWRULRV GHFtDQ DVHJXUDEDQ FUHtDQ TXH HO Q~FOHR DWyPLFR
SURSRUFLRQDUtD FDQWLGDGHV LOLPLWDGDV GH HQHUJtD WRGD OD HQHUJtD QHFHVDULD SDUD KDFHU PDUFKDU DO
PXQGR
/R FXDO SHUPLWLy LPDJLQDU RWUD FRVD VL HVD HQHUJtD VH OLEHUDED GH SURQWR \ GH PDQHUD
GHVFRQWURODGDWHQGUtDXQHQRUPHSRWHQFLDOGHVWUXFWLYR6HUtDXQDERPEDDWyPLFD7DQWRORVLQJOHVHV
FRPRORVQRUWHDPHULFDQRVVHGLHURQFXHQWDTXHGHKHFKRXQDERPEDHUDPXFKRPiVIiFLOGHIDEULFDU
TXHXQUHDFWRUSDUDREWHQHUHQHUJtDTXHSXHGDXWLOL]DUVHKD\TXHFRQWURODUODUHDFFLyQPLHQWUDVTXH
SDUDREWHQHUXQDH[SORVLyQEDVWDFRQGHMDUTXHODVFRVDVFRUUDQ\VHGHVFRQWUROHQVRODV

/DJXHUUD
(OGHVHSWLHPEUHGHXQRVPLQXWRVDQWHVGHODVFLQFRGHODPDxDQDHOHMpUFLWRDOHPiQFUX]y
ODIURQWHUDSRODFD\GHVHQFDGHQyOD6HJXQGD*XHUUD0XQGLDO
1RYR\DH[WHQGHUPH VREUHORVKRUURUHVGHOQD]LVPRSUREDEOHPHQWHHO UpJLPHQPiVUHSXOVLYR
TXHVHKD\DFRQFHELGRQXQFD\FX\DPiVtQWLPDFDUDFWHUtVWLFDIXHODSHUVHFXFLyQOHWDODORVMXGtRV
PHGLGDVDQWLVHPLWDVVHVXFHGLHURQDPHGLGDVDQWLVHPLWDV\ODUHSUHVLyQUDFLDO\SROtWLFDHVWXYLHURQD
ODRUGHQGHOGtD(QVHJXLGDVHLQVWDODURQORVSULPHURVFDPSRVGHFRQFHQWUDFLyQSDUDORVDGYHUVDULRV
GHOUpJLPHQ\ODVUD]DVLQIHULRUHV
7UDVODLQYDVLyQD3RORQLD)UDQFLDH,QJODWHUUDGHFODUDURQODJXHUUDD$OHPDQLD
3HUR ORV SRODFRV SRGtDQ KDFHU SRFR IUHQWH DO PLOOyQ \ PHGLR GH VROGDGRV DOHPDQHV TXH
DYDQ]DURQUiSLGDPHQWHKDFLD9DUVRYLD\ODGRPLQDURQHQVHSWLHPEUH(QSRFRVGtDVPiVVHFRPSOHWy
ODRFXSDFLyQ(QHO(VWHORVUXVRVKLFLHURQVXSDUWHLQYDGLHQGROD3RORQLDRULHQWDOFX\RWHUULWRULR
OHV KDEtD VLGR JDUDQWL]DGR JUDFLDV DO IDPRVR \ GHOH]QDEOH SDFWR GH QR DJUHVLyQ GH OD 8QLyQ
6RYLpWLFDFRQ$OHPDQLDFRQRFLGRFRPR3DFWR5LEEHQWURS0yORWRYSRUORVQRPEUHVGHORVPLQLVWURV
TXHORILUPDURQ
+XER XQ LPSDVVH LQYHUQDO PLHQWUDV HQ 3RORQLD UHLQDED HO WHUURU OD LQWHOOLJHQW]LD SRODFD HUD
PDVDFUDGD ORV MXGtRV HUDQ SHUVHJXLGRV \ PXHUWRV \ VH HPSH]DED D HQYLDUORV D ORV FDPSRV GH
FRQFHQWUDFLyQ3RORQLDKDEtDGHVHUODVHGHGHPXFKRVGHHOORVHQWUHHOORVDFDVRHOPiVIDPRVRGH
WRGRV $XVFKZLW] GHO FXDO GLR EXHQD FXHQWD 3ULPR /HYL HQ VX PDJQtILFD \ WUHPHQGD 7ULORJtD GH
$XVFKZLW]
 (Q DEULO VH UHDQXGy OD RIHQVLYD DOHPDQD FRQ OD RFXSDFLyQ GH 1RUXHJD \ 'LQDPDUFD (Q PD\R
FD\HURQ +RODQGD \ %pOJLFD )UDQFLD HVWDED HQ OD PLUD /RV DOHPDQHV HQWUDQGR GHVGH %pOJLFD
VRUWHDURQODVGHIHQVDVIUDQFHVDV(OGHMXQLRGHOOHJDURQDO6HQD\HOGHMXQLRHQWUDURQHQ
3DUtV
3DUtVHQPDQRVGH+LWOHU+XERXQDFRQPRFLyQPXQGLDO
/DUHQGLFLyQGH)UDQFLDGHMyD,QJODWHUUDDEVROXWDPHQWHVROD0LHQWUDVWDQWR5XPDQLD%XOJDULD\
+XQJUtDVHFRQYLUWLHURQHQVDWpOLWHVQD]LV\HQVHJXLGDODVWURSDVDOHPDQDVLQYDGLHURQ<XJRVODYLD\
*UHFLD'HFLGLGRVDOLTXLGDUHO~OWLPRIRFRGHUHVLVWHQFLDHOGHPD\RWURSDVDHURWUDQVSRUWDGDVVH
ODQ]DURQVREUH&UHWD
$ ILQHV GH PD\R GHO  H[FHSWR 6XHFLD \ 6XL]D TXH HUDQ QHXWUDOHV \ QDWXUDOPHQWH ,QJODWHUUD
(XURSDRFFLGHQWDOVHKDEtDFRQYHUWLGRHQXQLQPHQVR\WHPLEOHODJRQD]L'HORVSDtVHVQHXWUDOHVGHO
VXU OD (VSDxD GH )UDQFR \ HO 3RUWXJDO GH 6DOD]DU HUDQ UHJtPHQHV IDVFLVWDV %HUOtQ VH KDEtD
WUDQVIRUPDGRHQHOFHQWURGHXQYDVWRLPSHULRHXURSHRH,QJODWHUUDVHVRVWHQtDWDQVyORGHELGRDVX
IXHU]DDpUHD\DVXSULYLOHJLRLQVXODU3DUHFtDTXHQDGDSRGtDSDUDUD$OHPDQLD
(QWRQFHVORVREMHWLYRVPLOLWDUHVDOHPDQHVVHYROYLHURQKDFLDHO(VWH(OGH MXQLRGH
XQR GH ORV HMpUFLWRV PiV JUDQGHV TXH MDPiV VH KXELHUD UHXQLGR HQ OD +LVWRULD WUHV PLOORQHV GH
KRPEUHVVLHWHPLOSLH]DVGHDUWLOOHUtD\GRVPLOTXLQLHQWRVDYLRQHVHPSH]yODLQYDVLyQGHOD8QLyQ
6RYLpWLFD/DVGHIHQVDVUXVDVVHGHUUXPEDURQ\HQDJRVWRORVQD]LVDOFDQ]DURQODVERFDVGHO'QLHSHU
HQHO0DU1HJUR(OGHGLFLHPEUHGHDOJXQDVDYDQ]DGDVDOHPDQDVSHQHWUDURQHQORVVXEXUELRV
GH0RVF~3HURDOOtPLVPRHPSH]yODUHDFFLyQVRYLpWLFDTXHFRUWyODRIHQVLYDDOHPDQD3DUDPDU]R
HO(MpUFLWR5RMRKDEtDUHFXSHUDGRFDVLNLOyPHWURV
&RPR XQD UXHGD TXH FDH SRU OD ODGHUD GH OD PRQWDxD \ QDGLH SXHGH SDUDU OD JXHUUD VH
JOREDOL]DEDHOGHGLFLHPEUHGHORVMDSRQHVHVDWDFDURQSRUVRUSUHVD\GHVWUX\HURQSDUWHGH
OD )ORWD GHO 3DFtILFR HQ OD HQRUPH EDVH QRUWHDPHULFDQD GH 3HDUO +DUERU /RV (VWDGRV 8QLGRV
UHVSRQGLHURQ GHFODUDQGR OD JXHUUD DO -DSyQ \ DXWRPiWLFDPHQWH \ HQ FXPSOLPLHQWR GH OD DOLDQ]D
JHUPDQRQLSRQD+LWOHUGHFODUyODJXHUUDDORV(VWDGRV8QLGRV$KRUDHOFRQIOLFWRHUDWRWDOGHVGH
2ULHQWHD2FFLGHQWHHOSODQHWDHQWHURHVWDEDLQYROXFUDGR(QHOYHUDQRGHOODVWURSDVDOHPDQDV
VRUWHDURQ0RVF~\FUX]DURQHO'RQHW](VWDYH]HOREMHWLYRHUDXQDFLXGDGOODPDGD6WDOLQJUDGR
0LHQWUDVWDQWRHQ&KLFDJR\HQHOPi[LPRVHFUHWREDMRODVJUDGDVGHODWULEXQDGHOFDPSRGH
GHSRUWHV GH OD XQLYHUVLGDG VH HVWDED FRQVWUX\HQGR XQ UHDFWRU QXFOHDU TXH HVWXYR OLVWR SDUD VHU
SUREDGRHOGHGLFLHPEUH\IXHXQSHUIHFWRp[LWR1RKDEtDVLGRQLKDEtDSUHWHQGLGRVHUXQJUDQ
QHJRFLRODSRWHQFLDDOFDQ]DGDKDEtDVLGRVyORPHGLRZDWW\KDEtDFRVWDGRXQPLOOyQGHGyODUHV(Q
HO3DFtILFRVHGHVDUUROODEDODEDWDOODGH*XDGDOFDQDOODPD\RUDYDQ]DGDUHDOL]DGDKDVWDHOPRPHQWR
VREUHHO,PSHULRGH-DSyQ\HO'HSDUWDPHQWRGH(VWDGRQRUWHDPHULFDQRLQIRUPDEDTXHGRVPLOORQHV
GHMXGtRVKDEtDQSHUHFLGRHQ(XURSD\TXHFLQFRPLOORQHVPiVHVWDEDQEDMRLQPHGLDWDDPHQD]D7RGR
VHVDEtD

/DFDUUHUDSRUODERPED
6LVHORSLHQVDIUtDPHQWHKDEtDEXHQDVUD]RQHVSDUDWHPHUTXHORVDOHPDQHVIDEULFDUDQXQDERPED
DWyPLFD UD]RQHV WDQWR KLVWyULFDV FRPR FLHQWtILFDV (Q UHDOLGDG ORV ItVLFRV GH $OHPDQLD \ ORV GHO
FDPSR DOLDGR HUDQ PiV R PHQRV OR PLVPR KDEtDQ SDUWLFLSDGR MXQWRV GH ORV DxRV GRUDGRV KDEtDQ
LQWHJUDGR ORV PLVPRV HTXLSRV HUDQ GLVFtSXORV XQRV GH RWURV FRPR +HLVHQEHUJ GH %RKU ,GpQWLFD
IRUPDFLyQLGpQWLFDLQIRUPDFLyQ3RUTXpQRKDEUtDQGHSODQHDU\SUR\HFWDUODVPLVPDVFRVDV"3RU
TXpQRKDEtDQGHSHQVDUHQXQDERPEDVLHUDXQDLGHDTXHSUiFWLFDPHQWHDWRGRHOPXQGRVHOHKDEtD
RFXUULGRDSHQDVVHGHVFXEULyODILVLyQ"
(IHFWLYDPHQWH HQ VHSWLHPEUH GH  OD 2ILFLQD GH *XHUUD DOHPDQD KDEtD FRQYRFDGR D XQD
FRQIHUHQFLD HQ %HUOtQ D OD TXH DVLVWLy OD SULPHUD SODQD GH OD ItVLFD QXFOHDU GRQGH VH DQDOL]y HO
HVWDGRGHODFXHVWLyQVHH[DPLQDURQODVSUREDELOLGDGHVGHIDEULFDUXQDUPDEDVDGDHQODILVLyQ(Q
XQDVHJXQGDFRQIHUHQFLDGHVDUUROODGDHQVHSWLHPEUHVHGHOLQHyXQ3ODQ3UHSDUDWRULRSDUDH[SORWDU
ODV FRQVHFXHQFLDV GH OD ILVLyQ QXFOHDU /D GLUHFFLyQ GH OD LQYHVWLJDFLyQ WHyULFD HVWDUtD D FDUJR GH
+HLVHQEHUJHOPLVPRTXHKDEtDHQXQFLDGRHOSULQFLSLRGHLQFHUWLGXPEUHTXHYLPRVHQXQFDStWXOR
DQWHULRU
1R WLHQH QDGD GH VRUSUHQGHQWH TXH DOJXQRV GH ORV ItVLFRV QR DOHPDQHV VH DVXVWDUDQ 0LHQWUDV
$OHPDQLD DYDQ]DED VREUH (XURSD VHPEUDQGR HO WHUURU \ OD GHVWUXFFLyQ WDPELpQ DYDQ]DED HQ HO
FDPLQRGHODERPED$OFRPHQ]DUODJXHUUDORVItVLFRVDOHPDQHVHVWDEDQPX\DODSDUGHVXVFROHJDV
EULWiQLFRV\QRUWHDPHULFDQRV

(OSUR\HFWR0DQKDWWDQ
(QHOYHUDQRGHORVItVLFRV/HR6]LODUG\(XJHQH:LJQHUVHKDEtDQHQWUHYLVWDGRFRQ(LQVWHLQ\
OHKDEtDQSHGLGRTXHOHHVFULELHUDXQDFDUWDDOSUHVLGHQWHQRUWHDPHULFDQR)UDQNOLQ'HODQR5RRVHYHOW
SDUDLQIRUPDUOHTXHHVWDQXHYDIRUPDGHHQHUJtDVHSRGtDXWLOL]DUSDUDIDEULFDUERPEDV\DGYHUWLUOH
VREUHHOSHOLJURGHTXHHVDVERPEDVTXHGDUDQHQSRGHUGH$OHPDQLD/DFDUWDVLQWHWL]DGDGHFtDOR
VLJXLHQWH

(OWUDEDMRUHFLHQWHKHFKRSRU()HUPL\/6]LODUGPHFRQGXFHDFUHHUTXHHOHOHPHQWRXUDQLR
SXHGHWUDQVIRUPDUVHHQXQDQXHYDHLPSRUWDQWHIXHQWHGHHQHUJtDHQHOIXWXURSUy[LPR(VWH
QXHYRIHQyPHQRSRGUtDFRQGXFLUDODFRQVWUXFFLyQGHERPEDV\HVFRQFHELEOHDXQTXHPiV
LQFLHUWR TXH SXHGDQ IDEULFDUVH ERPEDV H[WUHPDGDPHQWH SRGHURVDV GH XQ QXHYR WLSR 8QD
VROD ERPED GH HVWD FODVH OOHYDGD SRU XQ EDUFR VLF \ GHWRQDGD HQ XQ SXHUWR SRGUtD
SHUIHFWDPHQWH GHVWUXLU HO SXHUWR HQWHUR MXQWR FRQ SDUWH GHO WHUULWRULR FLUFXQGDQWH 6LQ
HPEDUJR HVDV ERPEDV SRGUtDQ VHU PX\ SHVDGDV SDUD WUDQVSRUWDU SRU DLUH 7HQJR HQWHQGLGR
TXH$OHPDQLDKDVXVSHQGLGRODYHQWDGHXUDQLRGHODVPLQDVFKHFRVORYDFDVTXHKDRFXSDGR
(VWDDFFLyQSUREDEOHPHQWHGHEHVHUHQWHQGLGDHQHOVHQWLGRGHTXHHOKLMRGHOYLFHPLQLVWURGH
5HODFLRQHV([WHULRUHVDOHPiQ9RQ:HL]DFNHUIXHDVLJQDGRDOLQVWLWXWR.DLVHU*XLOOHUPRHQ
%HUOtQ GRQGH DOJXQRV GH ORV WUDEDMRV QRUWHDPHULFDQRV VREUH HO XUDQLR HVWiQ VLHQGR
UHSURGXFLGRV

/DFDUWDVHHQWUHJyD5RRVHYHOWHOGHRFWXEUHGH\DKDEtDHVWDOODGRODJXHUUDSHUROD

GHFLVLyQGHILQLWLYDIXHWRPDGDSRU5RRVHYHOWUHFLpQHOGHRFWXEUHGHHVHGtDUHVROYLyXVDUOD
HQRUPHPDVDGHUHFXUVRVTXHKDFtDIDOWDSDUDFRQVWUXLUODERPEDDWyPLFD(UDPX\RSRUWXQRXQPHV
\ PHGLR PiV WDUGH HO  GH GLFLHPEUH ORV MDSRQHVHV ERPEDUGHDEDQ 3HDUO +DUERU \ ORV (VWDGRV
8QLGRVHQWUDEDQHQODJXHUUD'LFKRVHDGHSDVRpVWDQRIXHOD~QLFDLQWHUYHQFLyQGH(LQVWHLQHQHO
SUREOHPD QXFOHDU PiV WDUGH HO  GH PDU]R GH  HQYLDUtD RWUD PiV SDUD LQVLVWLU VREUH OD
QHFHVLGDGGHFRQWDUFRQXQDERPEDQXFOHDU\DXQGHVSXpVXQDWHUFHUDSDUDSHGLUTXHODERPEDTXH
\DKDEtDVLGRFRQVWUXLGDQRVHDUURMDUDVREUH+LURVKLPD
&RPR HV QDWXUDO OD JXHUUD DFHOHUy WRGR (O 3UR\HFWR 0DQKDWWDQ OODPDGR DVt SRU XQD RILFLQD
SUHFLVDPHQWHHQ0DQKDWWDQGRQGHVHWRPDURQODVSULPHUDVGHFLVLRQHVIXQGDPHQWDOHVIXHXQDYDVWD\
FRPSOHMDRUJDQL]DFLyQTXHLQYROXFUyDOUHGHGRUGHPLOSHUVRQDVFRVWyXQRVGRVPLOPLOORQHVGH
GyODUHV GH OD pSRFD PXFKtVLPR PiV TXH GRV PLO PLOORQHV GH DKRUD FRQVWUX\y XQD YHUGDGHUD
FLXGDG DWyPLFD HQ /RV ODPRV 1XHYR 0p[LFR \ HVWDED GHFLGLGD D IDEULFDU HQ WUHV DxRV HO
DUPDPiVSRGHURVDTXHMDPiVH[LVWLy
1DWXUDOPHQWHORVPLOLWDUHVVHUHVHUYDURQODFRQGXFFLyQJOREDOTXHUHFD\yHQHOJHQHUDO/HVOLH
5LFKDUG *URYHV XQ HVSHFLDOLVWD HQ LQJHQLHUtD PLOLWDU TXH KDEtD GLULJLGR OD FRQVWUXFFLyQ GHO
3HQWiJRQR /D GLUHFFLyQ FLHQWtILFD HVWXYR D FDUJR GH 5REHUW 2SSHQKHLPHU XQ FLHQWtILFR TXH
UHSUHVHQWDEDHOSURWRWLSRGHOFLHQWtILFRFRQWHPSRUiQHRFRQXQDEDQLFRPX\DPSOLRGHLQWHUHVHV\D
TXLHQ QDGD KXPDQR OH HUD DMHQR \ TXH GH SDVR VHD GLFKR KDEtD VLGR XQ YLVLRQDULR HQ XQ WHUUHQR
FRPSOHWDPHQWHGLVWLQWRHOGHODDVWURItVLFDGRQGHSUHGLMRODH[LVWHQFLDGHHVWUHOODVGHQHXWURQHV\
DJXMHURVQHJURV
/D YLGD HQ /RV ODPRV QR HUD IiFLO ORV FLHQWtILFRV HVWDEDQ EDMR OD QDGD VLPSiWLFD YLJLODQFLD
PLOLWDU \ YLYtDQ GHQWUR GH XQ FHUFR GH DODPEUH GH S~DV FRQ FRUUHVSRQGHQFLD FHQVXUDGD WHOpIRQRV
FRUWDGRV\HQXQDEVXUGRUpJLPHQGHFRPSDUWLPHQWDOL]DFLyQVHJ~QHOFXDOHOTXHWUDEDMDEDHQXQ
VHFWRUWHQtDSURKLELGRKDEODUGHVXVWDUHDVFRQTXLHQWUDEDMDEDHQRWUR/DYLGDHQPHGLRGHOGHVLHUWR
GHEHKDEHUVLGRSHQRVDSDUDJHQWHDFRVWXPEUDGDDFLXGDGHVFRPR5RPD%HUOtQ/RQGUHVR1XHYD
<RUN
<DGHPiVHVWDEDODSDUDQRLDGH*URYHVHQSDUWHGHELGRDXQDQWLVHPLWLVPRODUYDOTXHODWtDHQpO
6RVSHFKDEDQRVyORGHORVHQHPLJRVJHUPiQLFRVVLQRGHORVDOLDGRV\FRODERUDGRUHVLQJOHVHV\GH
WRGRVORVFLHQWtILFRVGHDVFHQGHQFLDHXURSHDHQHVSHFLDOVLHUDQGHRULJHQMXGtRTXHWUDEDMDEDQ
HQHOSUR\HFWR1DWXUDOPHQWHWDPELpQVREUHYLYtDXQDFLHUWDDQLPDGYHUVLyQKDFLDORVUXVRVWDPELpQ
DOLDGRVSRURWUDSDUWH
< PLHQWUDV *URYHV WRPDED PHGLGDV REVHVLYDV \ KDVWD ULGtFXODV VH WUDQVPLWtDQ VHFUHWRV D ORV
UXVRV HQ VXV SURSLDV QDULFHV .ODXV )XFKV XQR GH ORV FLHQWtILFRV GHO SUR\HFWR OHV SDVDED D ORV
VRYLpWLFRV WRGD OD LQIRUPDFLyQ TXH QHFHVLWDEDQ VDEHU D WUDYpV GH PHFDQLVPRV UHDOPHQWH LQJHQXRV
VDOtD HQ VX DXWRPyYLO OOHYDQGR XQ VREUH FRQ OD LQIRUPDFLyQ VHFUHWtVLPD VH HQFRQWUDED FRQ VX
FRQWDFWRHQXQDFDOOHGH6DQWD)HSUy[LPDD/RVODPRV\OHGDEDHOVREUH$VtD\XGyDORVUXVRVD
JDQDUDOUHGHGRUGHGLHFLRFKRPHVHVHQVXSURSLRFDPLQRKDFLDODERPEDDWyPLFD$OILQ\DOFDER
QRKL]RPiVTXHORTXH1LHOV%RKU\RWURVKDEtDQSURSXHVWRFRPSDUWLUHOFRQRFLPLHQWRQXFOHDUFRQ
OD8QLyQ6RYLpWLFD
/RVFLHQWtILFRVIXHURQLQFDSDFHVGHFRQYHQFHUDOJRELHUQRQRUWHDPHULFDQRTXHODIDEULFDFLyQGH
OD ERPED DWyPLFD QR HUD DOJR TXH VH SXGLHUD PDQWHQHU RFXOWR PXFKR WLHPSR \ GH TXH WDUGH R
WHPSUDQR ORV UXVRV IDEULFDUtDQ OD SURSLD (O JHVWR GH EXHQD YROXQWDG GH ORV (VWDGRV 8QLGRV DO
FRPSDUWLUHONQRZKRZ QXFOHDU R SDUWH GH pVWH SRGUtD KDEHU DKRUUDGR XQD EXHQD GRVLV GH *XHUUD
)UtD

'HQXHYRHQ6WDOLQJUDGR
6WDOLQJUDGRTXHORVUXVRVGHILHQGHQGHVGHKDFHWUHVPHVHVVLJXHVLQFDHUHQPDQRVGHORV
DOHPDQHV

'LDULRGH$QD)UDQNOXQHVGHQRYLHPEUHGH

&XDQGROOHJyDOFDPSR>GH$XVFKZLW]@SRUTXpHOLJLyQRPRULU"
/DYHUGDGHVTXHWRGRVQRVRWURVTXHUtDPRVPRULU1RWHQtDPRVODIHGHXQDSURQWDOLEHUDFLyQQL
GHTXHODEDWDOODVHUtDSURVHJXLGDSRURWURV1RVRWURVQRWHQtDPRVHVSHUDQ]DV
&XiQGRFDPELyHVWR"
&RQODVQRWLFLDVGH6WDOLQJUDGR&XDQGRQRVHQWHUDPRVGHTXHORVQD]LVKDEtDQVLGRGHUURWDGRV
HQXQDEDWDOODSHQVDPRVTXHSRGtDQVHUGHUURWDGRVHQRWUDVEDWDOODV

5HSRUWDMHD&+$5/(63$3,(51,.VREUHYLYLHQWHGH$XVFKZLW]SRU&/$8',285,$57(3iJLQD
GHHQHURGH

'HMDPRV D ORV DOHPDQHV GRPLQDGRUHV GH FDVL WRGD OD (XURSD RFFLGHQWDO HYLWDQGR 0RVF~ \
GLULJLpQGRVHKDFLD6WDOLQJUDGR/DJXHUUDVHDFHUFDEDDVtDVXSXQWRGHTXLHEUHHOHMpUFLWRDOHPiQ
TXH HVWDED KDVWD HQWRQFHV LQYLFWR IXH GHUURWDGR HQ OD PiV VDQJULHQWD EDWDOOD GH OD KLVWRULD GH OD
KXPDQLGDGTXHVHFREUyVHJ~QVHHVWLPDHQWUHWUHV\FXDWURPLOORQHVGHYLGDV
/XHJR GH VHLV PHVHV GH XQD OXFKD WHQD] \ HQFDUQL]DGD HO  GH HQHUR GH  HO WHQLHQWH 9RQ
3DXOXV FRPSOHWDPHQWH FHUFDGR SRU HO HMpUFLWR VRYLpWLFR GHVREHGHFLy ODV yUGHQHV GH +LWOHU \ VH
ULQGLyFRQPLOVROGDGRVKDPEULHQWRV'HVGHHVHPRPHQWRHQDGHODQWHORVQD]LVQRKDUtDQPiVTXH
UHWURFHGHU
8QRVPHVHVDQWHVHQHOQRUWHGHIULFDHOJHQHUDOLQJOpV0RQWJRPHU\KDEtDUHVXHOWRHVSHUDUDO
HMpUFLWR DOHPiQ FRPDQGDGR SRU (UZLQ 5RPPHO FHUFD GH XQD HVWDFLyQ GH IHUURFDUULO OODPDGD (O
$ODPHLQGRQGHOHKDEtDLQIOLJLGRXQDWHUULEOHGHUURWDHOGHRFWXEUHGH(OQRUWHGHIULFD
HVWDEDSHUGLGRSDUDORVDOHPDQHV
< SDUD FROPR \D GHVGH SULQFLSLRV GH  OD DYLDFLyQ LQJOHVD \ VXV DOLDGRV QRUWHDPHULFDQRV
KDEtDQ HPSH]DGR HO ERPEDUGHR VLVWHPiWLFR GHO 5HLFK DOHPiQ \ ORV UDLGHV SHQHWUDEDQ FDGD YH]
PiVSURIXQGDPHQWHHQHOWHUULWRULRHQHPLJRFRQODLQWHQFLyQGHGHVWUXLUODLQGXVWULDGHJXHUUDQD]L
(QODVPLVLRQHVHPSH]DURQDERPEDUGHDU%HUOtQ(UDHOFRPLHQ]RGHOILQ$OHPDQLDKDEtD
SHUGLGRODJXHUUD

/DGHUURWDDOHPDQD
1HJUDOHFKHGHODOEDWHEHEHPRVGHQRFKH
 WHEHEHPRVDPHGLRGtDODPXHUWHHVXQPDHVWURYHQLGRGH$OHPDQLD
WHEHEHPRVHQODWDUGH\ODPDxDQDEHEHPRV\EHEHPRV
ODPXHUWHHVXQPDHVWURYHQLGRGH$OHPDQLDVXVRMRVVRQD]XOHV
WHKLHUHFRQXQDEDODGHSORPRFRQSUHFLVLyQWHKLHUH
XQKRPEUHKDELWDHQODFDVDWXVFDEHOORVGHRUR0DUJDUHWH
D]X]DFRQWUDQRVRWURVVXVPDVWLQHVQRVVHSXOWDHQHODLUH
MXHJDFRQODVVHUSLHQWHV\VXHxDODPXHUWHHVXQPDHVWURYHQLGRGH$OHPDQLD

3$8/&(/$17RGHVIXJH

+R\'tD'KDGLFKROD%%&DOPHGLRGtD\FRQUD]yQeVWHHVHOGtD(OGHVHPEDUFRKD
FRPHQ]DGR7UDQVPLVLyQLQJOHVDHQDOHPiQKRODQGpVIUDQFpV7UDQVPLVLyQLQJOHVDHQDOHPiQD
ODVRQFHGLVFXUVRGHOFRPDQGDQWHHQMHIHHOJHQHUDO'ZLJKW(LVHQKRZHU$PHGLRGtDHQLQJOpV
ODOXFKDGXUDHPSH]DUiDKRUDSHURGHVSXpVGHHOODODYLFWRULD(ODxRHVHODxRGHOD
YLFWRULDFRPSOHWD%XHQDVXHUWH

'LDULRGH$QD)UDQNPDUWHVGHMXQLRGH

(IHFWLYDPHQWH HO  GH MXQLR GH  ORV DOLDGRV RFFLGHQWDOHV FRPHQ]DURQ OD LQYDVLyQ GH (XURSD
%DMRHOFRPDQGRJHQHUDOGH'ZLJKW(LVHQKRZHUFLHQWRVGHPLOHVGHKRPEUHVGHVHPEDUFDURQHQODV
FRVWDVIUDQFHVDVGH1RUPDQGtDPLHQWUDVORVDYLRQHVGHMDEDQFDHUPLOHVGHSDUDFDLGLVWDVGHWUiVGH
ODVILODVDOHPDQDV(UDHOHVSHUDGR'tD'$ODVQXHYHGHODPDxDQDODVGHIHQVDVDOHPDQDVKDEtDQ
VLGR TXHEUDGDV \ OD FDEH]D GH SOD\D VH KDEtD FRQVROLGDGR 7UDQVPLVLyQ GH OD %%& RQFH PLO
DYLRQHV GHMDQ FRQVWDQWHPHQWH FDHU WURSDV HQ SDUDFDtGDV GHWUiV GH ODV OtQHDV HVFULEH $QD )UDQN
FXDWUR PLO QDYtRV PiV SHTXHxDV HPEDUFDFLRQHV DVHJXUDQ HO VHUYLFLR FRQVWDQWH GH WUDQVSRUWH GH
WURSDV \ GH PDWHULDO HQWUH &KHUEXUJR \ /H +DYUH /DV RSHUDFLRQHV GH ODV WURSDV LQJOHVDV \
QRUWHDPHULFDQDV KDQ FRPHQ]DGR 'LVFXUVRV GH *HUEUDQG\ GHO SULPHU PLQLVWUR GH %pOJLFD GHO UH\
+DDNRQ GH 1RUXHJD GH 'H *DXOOH SDUD )UDQFLD VLQ ROYLGDU HO GH &KXUFKLOO 0iV \ PiV WURSDV
GHVHPEDUFDEDQ HQ 1RUPDQGtD \ OD DYLDFLyQ VHJXtD ERPEDUGHDQGR HO LPSHULR QD]L FDGD YH] PiV
FKLFR(OGHDJRVWRGHHUDOLEHUDGD3DUtV6LJXLyHOVXUGH)UDQFLD\HOYDOOHGHO5yGDQR
0X\SURQWRODVSRVLFLRQHVDOHPDQDVFRODSVDURQHQHOQRUWHGH)UDQFLD\HOGHDJRVWRORVDOLDGRV
HQWUDEDQHQ%UXVHODV
7DPELpQ VH SURJUHVDED GHVGH HO 6XU 'HVGH VHSWLHPEUH GHO  ODV WURSDV DOLDGDV FUX]DURQ HO
HVWUHFKRGH0HVVLQDSXVLHURQVXSLHHQ(XURSDFRQWLQHQWDO\HPSH]DURQDDYDQ]DUKDFLDHOQRUWHSRU
ODSHQtQVXODLWDOLDQD
'HVGHHO(VWHHO(MpUFLWR5RMRHQMXQLRGHODOFDQ]yODVRULOODVGHO9tVWXOD(OGHMXQLRGHO
 OOHJDURQ D 9DUVRYLD \ VH GHWXYLHURQ SRU VHLV PHVHV GHMDQGR WUDQTXLOD \ VLQLHVWUDPHQWH TXH ORV
DOHPDQHVGHVWUX\HUDQODLQVXUUHFFLyQSRODFD
$OHPDQLDIHOL]PHQWHVHGHUUXPEDEDORVDYLRQHVDOLDGRVERPEDUGHDEDQ%HUOtQODVIiEULFDVGH
DYLRQHV \ ODV UHILQHUtDV GH SHWUyOHR DOHPDQDV $ SULQFLSLRV GH  HO VLVWHPD GH WUDQVSRUWHV GHO
7HUFHU 5HLFK \D HVWDED SDUDOL]DGR (Q HQHUR GHO  FD\y 9DUVRYLD HQ SRGHU GH ORV UXVRV TXH HQ
SRFRVGtDVPiVKLFLHURQSLHHQ$OHPDQLD
/RVDOLDGRVVHDFHUFDEDQSRUHORHVWHWDPELpQHQODQRFKHGHOGHPDU]RFUX]DURQHO5LQ\
HQDEULOHO(OEDPLHQWUDVORVVRYLpWLFRVOOHJDEDQDORVVXEXUELRVGH%HUOtQHQUXLQDV
(OGHDEULO+LWOHUVHVXLFLGyHQVXE~QNHUPLHQWUDVODVWURSDVVRYLpWLFDVHVWDEDQDSHQDVDXQ
NLOyPHWURGHGLVWDQFLD6XVXFHVRU'RHQLW]OXHJRMX]JDGR\HMHFXWDGRHQORVMXLFLRVGH1XUHPEHUJ
ILUPyODUHQGLFLyQLQFRQGLFLRQDOGH$OHPDQLDHQODPHGLDQRFKHGHOGHPD\RGH/D6HJXQGD
*XHUUD0XQGLDORSRUORPHQRVVXSDUWHHXURSHDKDEtDWHUPLQDGR
/D JXHUUD SURYRFDGD SRU +LWOHU IXH SUREDEOHPHQWH OD PiV GHVWUXFWLYD GH OD KLVWRULD HQ 
FLQFXHQWD SDtVHV VH KDEtDQ XQLGR D ORV DOLDGRV \ PRYLOL]DURQ VHVHQWD PLOORQHV GH SHUVRQDV GH ORV
FXDOHVSRUORPHQRVGLH]PLOORQHVPXULHURQDXQTXHODVFLIUDVGH&KLQD\8566VRQYDJDV1XHYH
SDtVHVVHKDEtDQXQLGRDO(MH\PRYLOL]DGRWUHLQWDPLOORQHVGHKRPEUHVGHORVFXDOHVSRUORPHQRV
VHLVPLOORQHVPXULHURQ(OWRWDOGHORVH[SORVLYRVTXHVHXVDURQIXHGHVHLVPLOORQHVGHWRQHODGDVGH
717/DVEDMDVFLYLOHVGHELGRDOKDPEUHHQIHUPHGDGHVERPEDUGHRV\FDPSRVGHH[WHUPLQLRIXHURQ
DXQPD\RUHVHOPXQGRHQWHURVHYLRHQYXHOWRHQXQDYDVWDPDTXLQDULDGHFRQIOLFWR/DVDWURFLGDGHV
FRPHWLGDVSRUORVQD]LVHVWDEOHFLHURQXQDQWHV\XQGHVSXpVHQODKLVWRULDGHODEDUEDULHKXPDQDELHQ
QXWULGDSRUFLHUWR
4XHGDED-DSyQ\ODJXHUUDHQHO/HMDQR2ULHQWH/RVQRUWHDPHULFDQRVDYDQ]DEDQGHLVODHQLVODD
FRVWD GH JUDQGHV SpUGLGDV KXPDQDV 3RU HO RWUR ODGR ORV HMpUFLWRV VRYLpWLFRV OLEHUDGRV GHO IUHQWH
DOHPiQVHSUHSDUDEDQSDUDODLQYDVLyQGH0DQFKXULDRFXSDGDSRUORVMDSRQHVHV
/R FLHUWR HV TXH D HVD DOWXUD -DSyQ \D HVWDED GHUURWDGR /RV ERPEDUGHRV KDEtDQ GDxDGR
FRPSOHWDPHQWH VX FDSDFLGDG GH JXHUUD \ VXV HMpUFLWRV FHGtDQ /R FXDO QR VLJQLILFD TXH ODV FRVDV
IXHUDQIiFLOHVHODOWRPDQGRMDSRQpVQRDFHSWDEDORVWpUPLQRVGHUHQGLFLyQLQFRQGLFLRQDOH[LJLGRV
SRU ORV DOLDGRV /D GHUURWD ILQDO HUD VHJXUD SHUR OD LQYDVLyQ \ RFXSDFLyQ GH -DSyQ LEDQ D VHU
VDQJULHQWDV\FRVWRVDV

0iVEULOODQWHTXHPLOVROHV
<RVR\HO7LHPSRTXHFUHFLHQGRDYDQ]D
\DUUHEDWDWRGR
<RVR\OD0XHUWHTXHHVWUHPHFHORVPXQGRV

%+$*$9$'*,7$

9ROYDPRVHQWRQFHVDORQXHVWUR(QMXOLRGHODJXHUUDHQ(XURSD\DKDEtDWHUPLQDGROD
ERPEDDWyPLFDHVWDEDOLVWDSDUDVHUSUREDGD\ODIHFKDGHOHQVD\RIXHILMDGDSDUDHOGHHVHPHV
/RVFLHQWtILFRVHVWDEDQWDQVHJXURVVREUHODERPEDGHXUDQLRTXHQRODSUREDURQSHURVtODGH
SOXWRQLR\VXGHOLFDGRPHFDQLVPRGHGHWRQDFLyQ/DSUXHEDVHOODPDUtD7ULQLW\QRPEUHWRPDGRGH
XQVRQHWRGH-RKQ'RQQHFX\DSRHVtDUHOLJLRVD2SSHQKHLPHUDQGDEDOH\HQGRSRUHVRVGtDV
(Q PLWDG GHO GHVLHUWR WUHVFLHQWRV FLQFXHQWD NLOyPHWURV DO VXU GH /RV ODPRV HQ XQ OXJDU PX\
DSURSLDGDPHQWH OODPDGR -RUQDGD GHO 0XHUWR GHVGH ORV WLHPSRV GH ORV HVSDxROHV OOHQR GH
HVFRUSLRQHV YtERUDV GH FDVFDEHO \ WDUiQWXODV VH PRQWy XQD WRUUH GH DFHUR VREUH XQD EDVH GH
KRUPLJyQ$WUHLQWDPHWURVGHDOWXUDKDEtDXQDSODWDIRUPDGRQGHVHLQVWDOyHODUWHIDFWRGHSOXWRQLR
$ TXLQFH NLOyPHWURV HQ FDGD GLUHFFLyQ VH SXVLHURQ SXHVWRV GH REVHUYDFLyQ SDUD DTXHOORV TXH
WHQGUtDQHOUDURSULYLOHJLRGHSUHVHQFLDUHOH[SHULPHQWRHQPD\RUHVFDODGHODKLVWRULDKXPDQD
$ODVGRVGHODPDxDQDWRGRVORVSDUWLFLSDQWHVHVWDEDQHQVXOXJDUHQHOFDPSREDVH$ODV
HODUWHIDFWRHVWDOOy
(OJHQHUDO7KRPDV)DUUHOOXQDGHODVILJXUDVIXHUWHVGHOSUR\HFWR0DQKDWWDQSHQVy

7RGR HO OXJDU VH LOXPLQy FRQ XQD OX] LPSUHVLRQDQWH GH XQD LQWHQVLGDG PXFKR PD\RU TXH HO
PHGLRGtDWUHLQWDVHJXQGRVGHVSXpVGHODH[SORVLyQODSUHVLyQGHODLUHTXHQRVHPSXMyD
ORV XQRV FRQWUD ORV RWURV QRV KL]R SHQVDU TXH KDEtDPRV GHVDWDGR IXHU]DV VRODPHQWH
UHVHUYDGDVDO7RGRSRGHURVR

(OItVLFR+DQV%HWKHTXHKDEtDGHVFLIUDGRHOIXQFLRQDPLHQWRGHODVHVWUHOODVSHQVy

3DUHFtD FRPR XQ JLJDQWHVFR IODVK GH PDJQHVLR TXH VH PDQWXYLHUD SRU XQR R GRV PLQXWRV
DXQTXHIXHURQHQUHDOLGDGXQRRGRVVHJXQGRV

(PLOLR 6HJUq TXH KDEtD GHVFXELHUWR HO WHFQHFLR \ D\XGDGR D FRPSOHWDU OD 7DEOD 3HULyGLFD
SHQVy

/RPiVLPSUHVLRQDQWHIXHODEULOODQWHOX]<RHVWDEDDQRQDGDGRSRUHOHVSHFWiFXOR(OFLHOR
HQWHURVHLQXQGyGHXQDOX]EULOODQWH3RUXQPRPHQWRFUHtTXHODH[SORVLyQSRGtDLQFHQGLDU
ODDWPyVIHUDHQWHUD\WHUPLQDUFRQHOSODQHWDDXQTXHVDEtDSRVLWLYDPHQWHTXHQRHUDSRVLEOH

,VLGRU,VDDF5DELTXHKDEtDHVWXGLDGRFRPRQDGLHHOPRPHQWRPDJQpWLFRGHORViWRPRVSHQVy

+DEtDQDFLGRDOJRQXHYRXQDQXHYDIRUPDGHFRQWUROXQDQXHYDIRUPDGHFRQRFLPLHQWRTXH
HOKRPEUHKDEtDDGTXLULGRVREUHODQDWXUDOH]D

<HUDFLHUWRORViWRPRVTXH'HPyFULWRVHLPDJLQyFRPRHVIHUDVFRPSDFWDV\TXH1HZWRQTXLVR
\ QR SXGR VRPHWHU D ODV OH\HV GH OD JUDYLWDFLyQ ORV iWRPRV WHyULFRV GH 'DOWRQ ORV iWRPRV
OOHQRV GH 7KRPVRQ FRQ HOHFWURQHV LQFUXVWDGRV ORV iWRPRV YDFtRV TXH 5XWKHUIRUG LPDJLQy FRPR
VLVWHPDVVRODUHVHQPLQLDWXUDHOiWRPRTXH%RKUGLVFLSOLQy\VRPHWLyDODVOH\HVFXiQWLFDVHOiWRPR
UDGLDQWH GH 0DUtD &XULH HO iWRPR TXH +HLVHQEHUJ UHGXMR D OD LQFHUWLGXPEUH HO TXH )HUPL
ERPEDUGHy VLQ SLHGDG \ /LVH 0HLWQHU \ 2WWR +DKQ ORJUDURQ SDUWLU HQ GRV HO iWRPR FX\R VHFUHWR
GHVFXEULHURQ 0HLWQHU \ )ULVFK ORV iWRPRV HVWUXMDGRV LQYHVWLJDGRV SHUVHJXLGRV DGLYLQDGRV
DQKHODGRVWHRUL]DGRVSRUOHJLRQHVGHFLHQWtILFRVDORODUJRGHFLQFXHQWDDxRVGHHVIXHU]RLQWHOHFWXDO
HQDSHQDVPLOORQpVLPRVGHVHJXQGRVHSDUWLHURQ\OLEHUDURQODHQHUJtDDOPDFHQDGDHQGRFHPLOORQHV
GH PLOORQHV GH PLOORQHV GH PLOORQHV GH Q~FOHRV GH SOXWRQLR SURGXFLHQGR XQD SDYRURVD H[SORVLyQ
HTXLYDOHQWHDYHLQWHPLOWRQHODGDVGH717HOH[SORVLYRPiVSRGHURVRKDVWDHOPRPHQWR
 (OHVWDOOLGRTXHIXHFXDWURYHFHVPD\RUTXHORHVSHUDGRLQGLFDEDHQHIHFWRHOFRPLHQ]RGH
DOJRQXHYRODVIXHU]DVGHOPLFURFRVPRVODVPiVGXUDVHLQWHQVDVGHOXQLYHUVRLUUXPSLHURQHQHO
PXQGRHQHOGHVLHUWRGH1XHYR0p[LFR/DJXHUUDHVWDEDJDQDGDSHURHOPXQGR\DQRYROYHUtDDVHU
HOPLVPR
7DOYH]IXHORTXHSHQVy2SSHQKHLPHUFXDQGRWUDVHOHVWDOOLGRUHFRUGyXQSDVDMHGHO%KDJDYDG
*LWDHOOLEURVDJUDGRGHOKLQGXLVPR

6LXQDOX]PiVEULOODQWHTXHPLOVROHV
LUUXPSLHUDGHSURQWRHQORVFLHORV
VHUtDSDUHFLGD
DOHVSOHQGRUGHO$OWtVLPR

+LURVKLPD
(UDWHPSUDQRODPDxDQDSDUHFtDTXLHWDFiOLGD\EHOOD

'HOGLDULRGH0,&+,&+,.2+$&+,<$PpGLFRGHOKRVSLWDOGH&RPXQLFDFLRQHVGH+LURVKLPD

(Q OD SULPDYHUD GH  XQ JUXSR HVSHFLDO GHQWUR GHO SUR\HFWR 0DQKDWWDQ VH GHGLFy D HOHJLU XQ
EODQFRSDUDHOSULPHUHPSOHRGHODERPEDDWyPLFDODVFLXGDGHVSRVLEOHVIXHURQ+LURVKLPD.RNXUD
1LJDWD1DJDVDNL\.\RWRODFLXGDGMDSRQHVDGHORVWHPSORV)LQDOPHQWH.\RWRVHWDFKyGHODOLVWD
SHUR ODV RWUDV IXHURQ FXLGDGRVDPHQWH PDQWHQLGDV DSDUWH GH ORV ERPEDUGHRV 6H HQWLHQGH HO
ODQ]DPLHQWRGHODERPEDDWyPLFDODSUXHEDGHODQXHYDDUPDFtQLFDPHQWHGHEtDKDFHUVHVREUHXQD
FLXGDGLQWDFWD
(OGHMXQLRGHORVKDELWDQWHVGH+LURVKLPDHUDQSRFRPiVGHGRVFLHQWRVFXDUHQWD\FLQFR
PLO$OHPDQLD\DVHKDEtDUHQGLGR\-DSyQOD~QLFDGHODVSRWHQFLDVIDVFLVWDVD~QHQJXHUUDHUD
IRU]DGR D UHWLUDUVH GH ORV WHUULWRULRV RFXSDGRV ORV DOLDGRV KDEtDQ UHFXSHUDGR ODV )LOLSLQDV \ VH
FRPEDWtDWHQD]PHQWHHQ2NLQDZD/DDYLDFLyQMDSRQHVDHVWDEDGHVWUXLGD\ODHFRQRPtDGHO-DSyQHQ
UXLQDV 0XFKDV FLXGDGHV MDSRQHVDV FRPR 7RNLR KDEtDQ VLGR WHUULEOHPHQWH ERPEDUGHDGDV 3HUR
VREUH +LURVKLPD QR KDEtD FDtGR ERPED DOJXQD R WDQ SRFDV TXH SDUHFtDQ KDEHU VLGR DUURMDGDV SRU
HUURU
(O JRELHUQR MDSRQpV LQLFLy XQ GLVFUHWR PRYLPLHQWR SDUD TXH HO JRELHUQR UXVR DFWXDUD FRPR
PHGLDGRU DQWH ORV DOLDGRV \ SLGLHUD OD SD] (O SDUWLGR PLOLWDULVWD SRU VX SDUWH SUHVLRQDED DO
(PSHUDGRU+LURKLWRSDUDTXHVLJXLHUDODOXFKD
0LQXWRVDQWHVGHODVWUHVGHODPDxDQDGHOGHDJRVWRGHHO(QROD*D\ERPEDUGHUR%
GH OD )XHU]D $pUHD QRUWHDPHULFDQD GHVSHJy GH OD EDVH VLWXDGD HQ 7LQLDQ HQ ODV LVODV 0DULDQDV
(VWDED OLJHUDPHQWH VREUHSDVDGR HQ SHVR D ERUGR OOHYDED D /LWWOH %R\ XQD GH ODV WUHV ERPEDV
DWyPLFDVIDEULFDGDVSRUORV(VWDGRV8QLGRV(UDXQDUWHIDFWRGHPiVGHFXDWURWRQHODGDVGHSHVR
HODYLyQHVWDEDWDQVREUHFDUJDGRTXHDGXUDVSHQDVSXGROHYDQWDUYXHORWUHVPHWURV\PHGLRGH
ODUJR\XQRVVHWHQWD\FLQFRFHQWtPHWURVGHGLiPHWURTXHKDEtDVLGRWUDQVSRUWDGDGHVGHORV(VWDGRV
8QLGRVD7LQLDQSRUSDUWHVHQXQDFRUD]DGRSHVDGR\YDULRVDYLRQHV
$ ODV  HO (QROD*D\ VH DFHUFy D +LURVKLPD YRODQGR D XQRV FLQFR PLO PHWURV GH DOWXUD
1LQJ~QDYLyQMDSRQpVWUDWyGHLQWHUFHSWDUORQLUHFLELyIXHJRDQWLDpUHR3RFRGHVSXpVGHODVQXHYHHO
(QROD*D\GHMyFDHUODERPEDHLQPHGLDWDPHQWHVHDOHMySDUDHVFDSDUGHOIXHUWHLPSDFWRFRQYHFWLYR
GHODH[SORVLyQ&XDUHQWD\WUHVVHJXQGRVPiVWDUGHODERPEDDWyPLFDH[SORWyDVHLVFLHQWRVPHWURV
GHDOWXUDVREUHHOKRVSLWDO6KLPDFRQXQDSRWHQFLDHTXLYDOHQWHDWRQHODGDVGH717

<R PH KDEtD OHYDQWDGR GH XQD VLOOD SDUD KDEODU SRU WHOpIRQR /D FDVD TXHGy OOHQD GH XQ
IXHJRDPDULOOR\HOIXHJRVHYROYLyGHVSXpVD]XO\HOD]XOVHKL]RURMRKDVWDTXHODFLXGDG
WDQFODUD\VLQQXEHVHVDPDxDQDVHKXQGLyGHSURQWRHQXQDQRFKHVXFLD

FRQWyHOVHxRU0LFKL\RVKL1DNXVKLQDTXHHUDXQFRPHUFLDQWHGHVDNHHQ

&XDQGRPLUpKDFLDHOFLHORYLXQHVWDOOLGRGHOX]EODQFD\HOYHUGHGHODVSODQWDVHQYXHOWRHQ
HVDOX]ODVKDFtDSDUHFHUKRMDVVHFDV

UHFRUGyXQDFKLFDTXHWHQtDDxRVDTXHOGHDJRVWR
$FRPSDxDQGR D HVH HVWDOOLGR GH OX] KXER XQ HVWDOOLGR GH FDORU OD WHPSHUDWXUD HQ ODV
LQPHGLDFLRQHVGHODH[SORVLyQVHHOHYyGHWDOPDQHUDTXHXQDHQRUPHOHQJXDGHIXHJRHQYROYLyDOD
FLXGDG /RV SiMDURV ORV LQVHFWRV \ ODV SHUVRQDV VLWXDGDV FHUFD GHO HSLFHQWUR GH OD H[SORVLyQ VH
FDUERQL]DURQHQHODFWR
(QVyORXQLQVWDQWHODFLXGDGHQWHUDVHFRQYLUWLyHQXQPRQWyQGHUXLQDV$ORVWUHLQWDPLQXWRVGH
ODH[SORVLyQVHLQLFLyHOLQFHQGLRFRQXQDWRUPHQWDGHIXHJRTXHDOFDQ]yXQDYHORFLGDGGHGLHFLRFKR
PHWURVSRUVHJXQGRHQGRVRWUHVKRUDV(QWUHODVRQFHGHODPDxDQD\ODVWUHVGHODWDUGHXQYLROHQWR
WRUEHOOLQRDYDQ]yGHVGHHOFHQWURGHODFLXGDGKDFLDODSDUWHQRUWH(QXQUDGLRGHGRVNLOyPHWURVGH
ODH[SORVLyQWRGRKDEtDTXHGDGRGHVWUXLGRSRUHOHVWDOOLGR\HQXQUDGLRGHWUHFHNLOyPHWURVWRGROR
H[LVWHQWHIXHDUUDVDGRSRUODWRUPHQWDGHIXHJR(QWUHODVQXHYHGHODPDxDQD\ODVFXDWURGHODWDUGH
HPSH]yDFDHUXQDO~JXEUHOOXYLDQHJUDFRQPDWHULDOHVUDGLDFWLYRV
(O Q~PHUR GH YtFWLPDV IXH DWHUUDGRU )XHURQ DIHFWDGDV GLUHFWDPHQWH  PLO SHUVRQDV HQWUH OD
SREODFLyQ HVWDEOH \ OD WUDQVLWRULD HQWUH OD TXH KDEtD PXFKRV FRUHDQRV OOHYDGRV SDUD HO WUDEDMR
REOLJDWRULRHQ-DSyQ3DUDHOGHGLFLHPEUHKDEtDQPXHUWRPLOSHUVRQDV\DIXHUDDFDXVDGHOD
UDGLDFLyQRGHODRQGDGHFDORUGHWUHVDFXDWURPLOJUDGRVHQHOFHQWURGHODH[SORVLyQ\JUDGRV
DXQNLOyPHWURGHGLVWDQFLD
/RV TXH IXHURQ OHVLRQDGRV SRU ODV UDGLDFLRQHV VXIULHURQ GHSUHVLyQ GH OD PpGXOD yVHD IDOWD GH
JOyEXORV EODQFRV GHVSUHQGLPLHQWR GH FDEHOORV QiXVHDV YyPLWRV DXQTXH ORV WHVWLPRQLRV VRQ
FRQIXVRV\DTXHORVPRULEXQGRVPXFKDVYHFHVQRHVWDEDQHQFRQGLFLRQHVGHGHVFULELUVXVVtQWRPDV
/DVLWXDFLyQHPSHRUyD~QPiVSRUTXHODPD\RUtDGHORVHVWDEOHFLPLHQWRVKRVSLWDODULRVHVWDEDQ
FHUFD GHO FHQWUR GH OD FLXGDG \ IXHURQ DUUDVDGRV SRU HO HVWDOOLGR 0XFKD JHQWH SHUHFLy HQ HO FDRV
JHQHUDGR \ HQ ODV ILODV GH JHQWH TXH KXtD GHO DYDQFH GH ODV OHQJXDV GH IXHJR EXVFDQGR
GHVHVSHUDGDPHQWHUHIXJLRHQHODJXD'HPLOHGLILFLRVTXHKDEtDHQ+LURVKLPDVHWHQWDPLOIXHURQ
GDxDGRVGHORVFXDOHVPLOSRUFRPSOHWR
 1RKD\HVWLPDFLRQHVH[DFWDVGHODFDQWLGDGGHPXHUWHVGDGRTXHPXFKDVVHSURGXMHURQGHVSXpV
GHELGR D HIHFWRV VHFXQGDULRV GH OD UDGLDFLyQ DXQTXH D ORV FLQFR DxRV ODV PXHUWHV GHELGDV D ORV
HIHFWRVVHFXQGDULRVGHODERPEDSRGtDQHVWLPDUVHHQGRVFLHQWDVPLO&HUFDGHOHSLFHQWURHQDOJXQDV
SDUHGHV TXH VH FRQVHUYDURQ HQ SLH TXHGDURQ UHJLVWUDGDV ODV VRPEUDV GH ODV SHUVRQDV TXH IXHURQ
HYDSRUDGDVSRUHOFDORU
(O JRELHUQR MDSRQpV QR UHDFFLRQy LQPHGLDWDPHQWH OD GHVWUXFFLyQ GH +LURVKLPD KDEtD VLGR WDQ
FRPSOHWD TXH ODV QRWLFLDV WDUGDURQ XQ GtD HQWHUR HQ OOHJDU DO 3DODFLR ,PSHULDO \ DO $OWR 0DQGR
1XHYDPHQWHVHUHDQXGyODOXFKDGHIDFFLRQHVPLHQWUDVHO(PSHUDGRUTXHUtDODUHQGLFLyQHOSDUWLGR
PLOLWDU QR VH WRPDED PX\ HQ VHULR OD QXHYD DUPD \ SURSRQtD XQD UHVLVWHQFLD SURORQJDGD (O  GH
DJRVWR )DW 0DQ XQD VHJXQGD ERPED DWyPLFD HVWD YH] GH SOXWRQLR HVWDOOy VREUH 1DJDVDNL
PDWDQGRDVHWHQWDPLOSHUVRQDV
$QWH OR FXDO HO HPSHUDGRU +LURKLWR WRPy VX GHFLVLyQ LQGHSHQGLHQWHPHQWH GH ORV FRPDQGRV
PLOLWDUHV \ D WUDYpV GH 6XL]D KL]R XQD RIHUWD GH SD] DFHSWDQGR ORV WpUPLQRV GH OD GHFODUDFLyQ GH
3RVWGDPHVWRHVUHQGLFLyQLQFRQGLFLRQDO$KRUDVtODJXHUUDKDEtDWHUPLQDGR'HWUiVTXHGDEDQODV
UXLQDV KXPHDQWHV GHO GHVDVWUH ORV FDPSRV GH FRQFHQWUDFLyQ ODV FiPDUDV GH JDV ODV FLXGDGHV HQ
UXLQDVORVSXHEORVGHVDUWLFXODGRVODVHFRQRPtDVHXURSHDVGHVWUXLGDVODVPDVDFUHVGH0DQFKXULD
(+LURVKLPD
(QHOGHVLHUWRGH1XHYR0p[LFRODH[SORVLyQGH7ULQLW\\HOKRQJRQXFOHDUGHPDOYDGDEHOOH]D
SRGtD FRQVLGHUDUVH XQ WULXQIR GHO LQWHOHFWR KXPDQR ItVLFD JUDQGLRVD FRPR KDEtD GLFKR )HUPL
DOJXQD YH] /D GHVWUXFFLyQ GH +LURVKLPD \ ODV SHUVRQDV TXHPDGDV \ YDJDEXQGHDQGR DWHUURUL]DGDV
FRQVXSLHODFXHVWDVHUDQ\DRWUDFRVDPX\GLVWLQWD

.RNXUD

1DGLHUHFXHUGDHOQRPEUHGH.RNXUD
.RNXUDHVWiHQHOQRURHVWHGHODSUHIHFWXUDGH)XNXRNR
HQODLVODGH.\XVKX
3HURTXLpQFRQRFHHOQRPEUHGH.RNXUD"
(QVHFRQVWUX\yXQDUVHQDO\GHVGHHQWRQFHV
ODFLXGDGVHYROYLyXQSXQWRHVWUDWpJLFR
<QDGLHR\yKDEODUGH.RNXUD
/DJHQWHGH.RNXUDVLJXLyYLYLHQGRFRPRKL]RVLHPSUH
\ORVGtDVDPDQHFLHURQ\WHUPLQDURQFRPRVLHPSUH
<HOWLHPSRSDVy\ODJHQWHQDFLy\PXULyFRPRIXHVLHPSUH

<HQ.RNXUD\FLQFRFLXGDGHVFHUFDQDVVHIXQGLHURQ
HQXQDQXHYDFLXGDGTXHVHOODPy.LWDN\XVKX
<HOQRPEUHGH.RNXUDGHMyGHILJXUDUHQORVPDSDV
.LWDN\XVKXHVDKRUDXQJUDQFHQWURGHFRPHUFLR
FRQPiVGHXQPLOOyQGHKDELWDQWHV
<QDGLHKDEODUiPiVGH.RNXUD

1DGLHKDEODGH.RNXUDQDGLH
ODUHFXHUGD\VLQHPEDUJR
ODVHJXQGDERPEDDWyPLFD
ODTXHKL]RHVWDOODUHQSHGD]RV1DJDVDNL
HVDPLVPD
QRHVWDEDGHVWLQDGDD1DJDVDNL
VLQRD.RNXUD

(ODYLyQVHOODPDED
FyPRVHOODPDEDHODYLyQ"
%RFNV&DUHVRHV
HVWiELHQTXHORUHFXHUGHQ
\DERUGR
LQVWDODURQODERPEDGHSOXWRQLR
\DO]yYXHOR

WUHVGtDVGHVSXpVGH+LURVKLPD
DO]yYXHORDO]yYXHORSRFRDQWHV
GHODVFXDWURGHODPDxDQDGHXQDPDQHFHUGH7LQLDQ
QDYHJDQGRKDFLDHO6RO
DO]yYXHORDO]yYXHOR
KDFLD.RNXUD

<YROy
<YROy
<YROy

(QWUHODVRFKR\ODVQXHYHPHQRVGLH]
GLRYXHOWDVVREUH<DNRVKLPD
HVSHUDQGRDVXVHVFROWDV
XQRGHORVFXDOHVQROOHJy
\VLQpO
VLQHVSHUDUOR
VLJXLyYXHORKDFLD.RNXUD

<YROy
<YROy
<YROy

&yPRVHUtDHVHGtD"1RORVp
4XpGHVWLQRWHQtDHQHODOPDQDTXHGHOWLHPSR"
4XLpQGHFLGLyTXHVREUH.RNXUDKXELHUDQXEHVEDMDV"

<YROy
<YROy
<YROy

(ODYLyQOOHJyDODVGLH]PHQRVGLH]
<YROy\YROyHQFtUFXORHVSHUDQGR
TXHHOFLHORVHGHVSHMDUD

(VHGtDORVKDELWDQWHVGH.RNXUD
KDEUiQPLUDGRHOFLHOR\GLFKRTXpGtDJULV
VREUHHOIRQGRJULVGHODJXHUUD
$OJXQRVKDEUiQGLFKRDTXHOODVQXEHV
QRQRVGDQWUHJXD
QRSRGUtDQPRVWUDUQRVXQSRFRHO6RO
VREUHHOIRQGRJULVGHODJXHUUD"

<SRUHQFLPDGHHVDVQXEHV
XQDYLyQFyPRVHOODPDED"HO%RFNV&DU
FRQXQDERPEDDWyPLFD\DOLVWD
YRODED
\YRODED
\YRODED
GDQGRYXHOWDV\YXHOWDVHQFtUFXORHVSHUDQGR
TXHODVQXEHVVHDEULHUDQ
&XiQWRVKDELWDQWHVGH.RNXUDKDEUiQPLUDGRDOFLHOR
GHVHDQGRTXHHOFLHORVHGHVSHMDUD
FRPRORHVSHUDEDHOSLORWR"

3HURQDGDODPHWHRURORJtDLQFOHPHQWH
QRGLRWUHJXD\SDUDWULVWH]D
GHORVKDELWDQWHVGH.RNXUD
HOWLHPSRQRPHMRUy
\FRPRQRKDEtDHVSHUDQ]DVQLQRWLFLDVGHXQFLHORGHVSHMDGR
HODYLyQGHMyGHGDUYXHOWDVHQFtUFXORV
\YROy
\YROy
\YROy
KDFLD1DJDVDNL

/RVKDELWDQWHVGH.RNXUDYLYLHURQSRUTXHHVHGtDHVWDEDQXEODGR
,17(5/8',2
/$5*$+,6725,$'(/$%20%$

8Q VHJXQGR GHVSXpV GHO RULJHQ GHO XQLYHUVR VH IRUPDURQ ORV SULPHURV Q~FOHRV GH KLGUyJHQR \ GH
KHOLRWUHVFLHQWRVPLODxRVPiVWDUGHHVRVQ~FOHRVFDSWXUDURQHOHFWURQHVVHHQVDPEOyODPDWHULDHQ
JUDQ HVFDOD \ QDFLHURQ ORV iWRPRV HQ PHGLR GH XQ HQRUPH HVWDOOLGR GH UDGLDFLyQ (UDQ iWRPRV
VLPSOHV PRGHVWRV iWRPRV GH KLGUyJHQR \ GH KHOLR TXH VH FRQGHQVDURQ HQ JUDQGHV QXEHV < ODV
JUDQGHVQXEHVVHFRQWUDMHURQEDMRODDFFLyQGHODJUDYHGDGKDVWDTXHODSUHVLyQ\ODWHPSHUDWXUDHQ
VXFHQWURIXHWDQJUDQGHTXHORViWRPRVGHKLGUyJHQRFRPHQ]DURQDIXQGLUVHDDSUHWDUVHHQQ~FOHRV
PiVSHVDGRV\PiVJUDQGHV\DHPLWLUJUDQGHVFDQWLGDGHVGHOX]\FDORUVHHVWDEDQHQFHQGLHQGRODV
SULPHUDVHVWUHOODV
3DFLHQWHPHQWHODVHVWUHOODVDWDURQHQVXVKRUQRVQXFOHDUHVQ~FOHRVFRPSOHMRVDOPDFHQDQGRHQ
HOORVJUDQGHVFDQWLGDGHVGHHQHUJtDDQXGDQGRSURWRQHV\QHXWURQHVHQSDTXHWHVGHFDUERQRFDOFLR
R[tJHQR KLHUUR \ OXHJR FXDQGR VH DJRWy HO FRPEXVWLEOH QXFOHDU HVWDOODURQ GLVSHUVDQGR SRU HO
HVSDFLRORVQXHYRVHOHPHQWRV
(OXQLYHUVRWUDEDMySDFLHQWHPHQWHSDUDFRQVWUXLUORVHOHPHQWRV\OOHQDUORVFDVLOOHURVGHOD7DEOD
3HULyGLFDSHQRVDPHQWHQDFLHURQHOR[tJHQR\HOQLWUyJHQRHOEDULR\HOFDGPLRODSODWD\HOKLHUUR
HORUR\HODOXPLQLRHOWRULR\HOXUDQLR$OJXQRVHUDQHVWDEOHVRWURVVHGHVLQWHJUDEDQUiSLGDPHQWH\
GXUDEDQ PHQRV TXH ODV HVWUHOODV HO SOXWRQLR DSDUHFLy VH H[WLQJXLy \ GHVDSDUHFLy GH OD QDWXUDOH]D
SHURpVWDLPSODFDEOHPHQWHWUDEDMDEDFRPELQDQGRDKRUDORViWRPRVHQFRPSOHMDVPROpFXODVFDSDFHV
GH UHSURGXFLUVH \ HYROXFLRQDU SRU OR PHQRV VREUH XQ FXHUSR RSDFR TXH JLUDED DOUHGHGRU GH XQD
HVWUHOOD FXDOTXLHUD < HVDV PROpFXODV FRPSOHMDV WUDV FXDWUR PLO PLOORQHV GH DxRV GH HYROXFLyQ
UHFRQVWUX\HURQ HO SOXWRQLR OR HQFHUUDURQ HQ XQ GLVSRVLWLYR QR PiV JUDQGH TXH XQD QDUDQMD \ VH
GHGLFDURQDREVHUYDUTXpRFXUUtDFXDQGRORVQ~FOHRVDQXGDGRVSDFLHQWHPHQWHDWUDYpVGHORVHRQHV
VHOLEHUDUDQGHUHSHQWHHQXQDUHDFFLyQGHVFRQWURODGD
 &$378/2

(OQ~FOHRDWyPLFR\HOPRGHORHVWiQGDU

8QRGHORVWHUUHQRVHQORVTXHHOVLJOR ;;LQGDJyFRQHQRUPHVUHVXOWDGRVIXHHOGHOiWRPRDTXHOOD
XQLGDGFRQVWLWXWLYDGHWRGDVODVFRVDVGRQGHVHHVFRQGtDQ\SUREDEOHPHQWHVHVLJXHQHVFRQGLHQGR
ORVVHFUHWRVPHMRUJXDUGDGRVGHOXQLYHUVR
(OGHVFXEULPLHQWRGHOHOHFWUyQDILQHVGHOVLJOR ;,;KDEtDOOHYDGRDODFRQFOXVLyQHYLGHQWHGH
TXHORViWRPRVQRHUDQFRPRVHFUHtDSDUWtFXODVLQGLYLVLEOHVVLQRHVWUXFWXUDVFRPSXHVWDVORFXDO
GLVHxyWRGRXQSURJUDPDGHLQYHVWLJDFLyQ
5HVXOWDED REYLR TXH ORV HOHFWURQHV QR SRGtDQ VHU ORV ~QLFRV FRPSRQHQWHV GH ORV iWRPRV
FXDOTXLHUDIXHUDODHVWUXFWXUDGHpVWRVSRUXQDUD]yQPX\VHQFLOOD2GRVPHMRUGLFKRSRUXQODGR
ORV iWRPRV VRQ HOpFWULFDPHQWH QHXWURV \ SRU OR WDQWR HQ DOJ~Q OXJDU WHQtD TXH KDEHU XQD FDUJD
SRVLWLYDTXHQHXWUDOL]DUDODFDUJDQHJDWLYDGHORVHOHFWURQHVSRUHORWURODPDVDWRWDOGHORViWRPRV
HVPXFKRPiVJUDQGHTXHODGHORVHOHFWURQHV(QDOJ~QOXJDUWHQtDQTXHHVWDUODFDUJD\ODPDVDTXH
IDOWDEDQ
7KRPVRQ UHVROYLy HVWH LQFRQYHQLHQWH FRQ VX PRGHOR GHO SOXP SXGGLQJ VHJ~Q HO FXDO ORV
HOHFWURQHVHVWDEDQLQFUXVWDGRVHQXQDHVIHUDGHFDUJDSRVLWLYD\SDUHFLyTXHVHWHQtDODFODYHGHOD
HVWUXFWXUDGHODPDWHULD
3HURUHVXOWDTXHFRPR\DYLPRVORViWRPRVUDGLDFWLYRVHPLWtDQSDUWtFXODVDOIDDJUDQYHORFLGDG
<FRPRWDPELpQYLPRV5XWKHUIRUGXVyHVDVSDUWtFXODVSDUDERPEDUGHDUXQDOiPLQDGHPHWDO\YLR
FRQWUDWRGRSURQyVWLFRTXHODPD\RUtDDWUDYHVDEDODOiPLQDVLQGHVYLDUVHPLHQWUDVTXHDOJXQDVVH
GHVYLDEDQ PXFKR FRPR VL KXELHUDQ FKRFDGR FRQWUD DOJR PX\ JUDQGH \ SHVDGR FRQFOX\y HQWRQFHV
TXH DO UHYpV GH OR VXJHULGR HQ HO PRGHOR GH 7KRPVRQ OD PDVD \ OD FDUJD SRVLWLYD GHO iWRPR QR
HVWDEDQ GLVWULEXLGDV VLQR FRQFHQWUDGDV HQ HO FHQWUR GHO iWRPR < FRQFHQWUDGDV HQ XQ HVSDFLR PX\
SHTXHxR DO TXH OODPy Q~FOHR $Vt VH HODERUy HO PRGHOR GHO iWRPR FRPR XQ VLVWHPD VRODU HQ
PLQLDWXUD8QQ~FOHRHQHOFHQWUR\ORVHOHFWURQHVJLUDQGRDOUHGHGRU
/RFXDOH[SOLFDEDSRUTXpVHUHSHWtDQODVSURSLHGDGHVGHORVHOHPHQWRVHQOD7DEOD3HULyGLFD
/RVHOHFWURQHVVHPXHYHQHQyUELWDVDOUHGHGRUGHOQ~FOHR\HVDVyUELWDVWLHQHQODFDSDFLGDGGHDORMDU
XQ FLHUWR Q~PHUR GH HOHFWURQHV QDGD PiV &XDQGR XQD FDSD VH OOHQD ORV HOHFWURQHV VH YDQ D OD
VLJXLHQWH
/DVSURSLHGDGHV TXtPLFDVGHXQ iWRPRGHSHQGHQ H[FOXVLYDPHQWH GHOD ~OWLPD FDSD(OOLWLRHO
VRGLR\HOSRWDVLRWLHQHQXQ~QLFRHOHFWUyQHQOD~OWLPDFDSD\SRUHVRVXVSURSLHGDGHVVHSDUHFHQ
7DPELpQ VH SDUHFHQ ORV TXH WLHQHQ GRV HQ OD ~OWLPD FDSD FRPR HO PDJQHVLR \ HO FDOFLR \ ORV TXH
WLHQHQWUHVFRPRHODOXPLQLR\HOJDOLR$PHGLGDTXHODVFDSDVVHYDQOOHQDQGRVHHPSLH]DFRQOD
VLJXLHQWH\HVSRUHVRTXHODVSURSLHGDGHVVHUHSLWHQ
(OHFWURQHV \ Q~FOHR RWUD YH] ORV ItVLFRV SHQVDURQ TXH KDEtDQ DOFDQ]DGR OD OODYH TXH DEUtD HO
VHFUHWRGHODPDWHULD
/RVSURWRQHV
3HUR YROYDPRV DO DVXQWR GHO Q~FOHR )tMHQVH TXH VH SODQWHDED GH QXHYR OD PLVPD SUHJXQWD GH
VLHPSUHTXpHUDHOQ~FOHR"6HWUDWDEDGHXQDHVIHUDGHPDWHULDFDUJDGDSRVLWLYDPHQWHRHUDDVX
YH] DOJR FRPSXHVWR GH FRVDV D~Q PiV SHTXHxDV" /DV GRV UHVSXHVWDV HUDQ UD]RQDEOHV SHUR VyOR OD
VHJXQGD HUD FLHUWD (Q  HO SURSLR 5XWKHUIRUG GHPRVWUy TXH HO Q~FOHR HVWDED FRPSXHVWR GH
SDUWtFXODV TXH OODPy SURWRQHV OR FXDO VLJQLILFD ORV SULPHURV /RV SURWRQHV TXH GHILQLy
5XWKHUIRUGWHQtDQXQDFDUJDHOpFWULFDH[DFWDPHQWHLJXDODODGHOHOHFWUyQDXQTXHGHVLJQRRSXHVWR
VRQORVHQFDUJDGRVGHHTXLOLEUDUODVFDUJDVHOHFWUyQLFDVGHPRGRWDOTXHHOiWRPRVHDHIHFWLYDPHQWH
QHXWUR6LKD\VLHWHSURWRQHVKD\VLHWHHOHFWURQHV/DGLIHUHQFLDHVTXHORVSULPHURVVRQPXFKtVLPR
PiVJUDQGHVYHFHVSDUDVHUSUHFLVRVTXHORV~OWLPRV
$VXYH]VRQORVSURWRQHVORVTXHOHGDQLGHQWLGDGDORVHOHPHQWRVXQiWRPRGHKLGUyJHQRHO
PiVVLPSOHGHWRGRVORViWRPRVWLHQHHQVXQ~FOHRXQ~QLFRSURWyQDOUHGHGRUGHOFXDOVHPXHYHXQ
~QLFRHOHFWUyQ8QSURWyQ\XQQ~FOHRGHKLGUyJHQRVRQH[DFWDPHQWHODPLVPDFRVD3HURVLVHDJUHJD
RWURSURWyQ\DQRWHQHPRVXQQ~FOHRGHKLGUyJHQRVLQRGHKHOLR<VLKD\WUHV\DHVWDPRVDQWHHO
OLWLRFXDWUREHULOLRVHLVFDUERQR6LHORURQRHVORPLVPRTXHHOKLHUURHVSRUTXHHOKLHUURWLHQH
YHLQWLVpLVSURWRQHVHQVXQ~FOHR\HORURVHWHQWD\QXHYH6LXQRWLHQHXQiWRPRGHKLHUUR\OHDJUHJD
SURWRQHVWLHQHXQRGHRUR(VRHVWRGR
$VtFDGDHOHPHQWRGHOD7DEOD3HULyGLFDWLHQHXQQ~PHURGHSURWRQHVTXHORLGHQWLILFDTXHVH
OODPDQ~PHURDWyPLFR\HVORPLVPRTXHHOQRPEUH8QRSXHGHGHFLUHOHPHQWRRKLGUyJHQR
HOHPHQWRRKLHUUR1RUPDOPHQWHHOQ~PHURDWyPLFRVHHVFULEHDEDMRDODL]TXLHUGDGHOQRPEUH
GHO HOHPHQWR + )H (O Q~PHUR DWyPLFR HV GHFLU HO Q~PHUR GH SURWRQHV HV HO GRFXPHQWR GH
LGHQWLGDGGHOHOHPHQWR$KRUDItMHQVHTXHVLXQRSXHGH\VHSXHGHDJUHJDUOHSURWRQHVDOQ~FOHRGH
XQ HOHPHQWR \ REWHQHU RWUR HVWi UHDOL]DQGR XQD WUDQVPXWDFLyQ HO VXHxR GHOLUDQWH GH ORV
DOTXLPLVWDV
$GHPiV REVHUYHQ WDPELpQ TXH VL ORV Q~FOHRV VRQ DJUHJDGRV GH SURWRQHV \ FDGD SURWyQ HV XQ
Q~FOHRGHKLGUyJHQR3URXWQRDQGDEDWDQHTXLYRFDGRFXDQGRHQVXSXVRTXHWRGRVORViWRPRV
HUDQDJUHJDGRVGHiWRPRVGHKLGUyJHQR
+D\ XQ SHTXHxR SUREOHPD VLQ HPEDUJR /RV SURWRQHV TXH HVWiQ DSHORWRQDGRV HQ HO Q~FOHR
WLHQHQWRGRVFDUJDVHOpFWULFDVSRVLWLYDVUD]yQVXILFLHQWHSDUDTXHSHQVHPRVTXHVHGHEHUtDQUHFKD]DU
ORVXQRVDORVRWURV3RUTXpHQWRQFHVQRVHGHVSDUUDPDQ"/DUD]yQHVTXHHVWiQXQLGRVSRUXQD
IXHU]D PXFKR PiV SRGHURVD TXH HO UHFKD]R HOpFWULFR 3HUR SDUD HQWUDU HQ HVWH WHPD WHQHPRV TXH
KDEODUDQWHVGHODVHJXQGDJUDQSDUWtFXODGHOQ~FOHRDWyPLFR

$OJROODPDGRQHXWUyQ
5XWKHUIRUGTXHGHMRYHQKDEtDFRVHFKDGRSDSDVFRQRFtDDODSHUIHFFLyQHODQWLJXRFRQVHMRGHQR
GRUPLUVHVREUHORVSURWRQHVFRQVHMR~WLOVLORVKD\<QRVHGXUPLy
+DFLD MXQLR GH  FXDQGR SURQXQFLy VX FRQIHUHQFLD DQWH OD 5R\DO 6RFLHW\ GH /RQGUHV
5XWKHUIRUG \D HUD XQR GH ORV KpURHV GH OD ItVLFD /D GLVHUWDFLyQ VLQ HPEDUJR QR OD GHGLFy D VX
DFODPDGRPRGHORGHOiWRPRVLQRTXHFRPHQ]yKDEODQGRGHODWUDQVPXWDFLyQGHOiWRPRGHKLGUyJHQR
OXHJR KL]R XQD UHFDSLWXODFLyQ VREUH HO HVWDGR GH OD ItVLFD HQ HO PRPHQWR \ GHVSXpV \ VLQ SUHYLR
DYLVRVHSXVRDGLYDJDUVREUHODHVWUXFWXUDGHOQ~FOHRDWyPLFR,PDJLQyXQQ~FOHRQHXWURXQQ~FOHR
GH KLGUyJHQR VLQ FDUJD HOpFWULFD 8QD HVSHFLH GH DVRFLDFLyQ HQWUH XQ SURWyQ \ XQ HOHFWUyQ SHJDGRV
TXHDQXODUDQPXWXDPHQWHVXVFDUJDV\FRPSXVLHUDQXQDHVSHFLHGHVLVWHPDGHFDUJDFHURXQiWRPR
QHXWUR1ROHSDUHFtDSDUDQDGDLPSRVLEOHODH[LVWHQFLDGHXQREMHWRVHPHMDQWH

(VWHiWRPRWHQGUtDQRYHGRVDVSURSLHGDGHVVXFDPSRHOpFWULFRVHUtDFHUR\SRUORWDQWRVH
PRYHUtDFRQPXFKDFRPRGLGDGSRUGHQWURGHODPDWHULD3RGUtDPHWHUVHGLUHFWDPHQWHGHQWUR
GHODHVWUXFWXUDGHRWURViWRPRV\VHUtDXQDKHUUDPLHQWDLGHDOSDUDH[SORUDUODPDWHULD

GLMR
1DGLH HQWHQGLy PX\ ELHQ SRU TXp UD]yQ 5XWKHUIRUG KDEtD HPSH]DGR D IDQWDVHDU FRQ
SUREDELOLGDGHVWDQH[yWLFDVVLQTXHYLQLHUDGHPDVLDGRDFXHQWR
3HURHQWUHORVDVLVWHQWHVDODFRQIHUHQFLDHVWDED-DPHV&KDGZLFNXQMRYHQItVLFRTXHFRODERUDED
FRQ5XWKHUIRUG\TXHVHWRPyHQVHULRODVGLYDJDFLRQHVGHVXPDHVWUR3HQVyTXH5XWKHUIRUGHVWDED
SRVWXODQGRXQDSDUWtFXODQHXWUDXQDQXHYDSDUWtFXODTXHELHQSRGUtDOODPDUVHQHXWUyQ
'XUDQWHPXFKRWLHPSR&KDGZLFNVHGHGLFyDSHUVHJXLUDOQHXWUyQVLQQLQJ~QUHVXOWDGR3HURHQ
HORWRxRGHHOItVLFRDOHPiQ:%RWKHD\XGDGRSRUXQMRYHQLQYHVWLJDGRU+%HFNHUREVHUYy
TXH HO EHULOLR HO FXDUWR HOHPHQWR GH OD 7DEOD 3HULyGLFD DO VHU ERPEDUGHDGR SRU XQD IXHQWH
UDGLDFWLYD HPLWtD XQD UDGLDFLyQ PX\ SHQHWUDQWH TXH VXSXVR TXH HUD UDGLDFLyQ JDPPD XQR GH ORV
SURGXFWRV GH OD GHVLQWHJUDFLyQ UDGLDFWLYD 3HUR HVWD UDGLDFLyQ JDPPD HUD GHPDVLDGR SHQHWUDQWH
PXFKRPiVTXHFXDOTXLHUUDGLDFLyQJDPPDFRQRFLGDKDVWDHQWRQFHV
&KDGZLFNVHHQWHUyGHHVWRVUHVXOWDGRV\VHHQWHUyWDPELpQGHORTXHRFXUULySRFRPiVGHXQ
DxRGHVSXpVHQ3DUtV$OOtHQGLFLHPEUHGH,UHQH&XULHODKLMDGHODJUDQ0DULH&XULH\
VXHVSRVR)UpGpULF-ROLRWUHSLWLHURQORVH[SHULPHQWRVGH%HUOtQ\HOGHHQHURGHSXEOLFDURQ
HQODVDFWDVGHOD$FDGHPLDGH&LHQFLDVXQUHVXOWDGRVRUSUHQGHQWHODUDGLDFLyQGHOEHULOLRHUDWDQ
SRWHQWHTXHSRGtDDUUDQFDUSURWRQHVDVXVWDQFLDVFRPRODSDUDILQDHODJXD\HOFHORIiQ
&XDQGR &KDGZLFN OH\y HVWRV UHVXOWDGRV HQ HO &DYHQGLVK /DERUDWRU\ GH &DPEULGJH FRUULy D
PRVWUiUVHORVD5XWKHUIRUGTXLHQH[FODPyTXHQRORVFUHtDHQDEVROXWR\OHSLGLyTXHYHULILFDUD
ODV PHGLFLRQHV GH ORV -ROLRW&XULH (O GLVFtSXOR WDPSRFR FUHtD HQ HVDV PHGLFLRQHV OH SDUHFtD
LPSRVLEOH TXH OD UDGLDFLyQ JDPPD IXHUD FDSD] GH DUUDQFDU SDUWtFXODV WDQ SHVDGDV FRPR HO SURWyQ
3DUDDUUDQFDUSURWRQHVKDFtDQIDOWDSDUWtFXODVPiVRPHQRVFRPRHOORVSHURFDSDFHVGHSHQHWUDUVLQ
GHPDVLDGR SUREOHPD HQ ORV Q~FOHRV WDO FRPR KDEtD VXJHULGR 5XWKHUIRUG HQ DTXHOOD OHMDQD
FRQIHUHQFLDPiVGHGLH]DxRVDQWHV
(QRWUDVSDODEUDV&KDGZLFNSHQVDEDTXHHQODPLVWHULRVDUDGLDFLyQGHOEHULOLRQRKDEtDQLQJ~Q
UD\R JDPPD VLQR ODV DQKHODGDV \ KDVWD DKRUD DXVHQWHV SDUWtFXODV QHXWUDV &RQ HVD KLSyWHVLV
GHGLFyGLH]IDWLJRVRVGtDVDUHILQDUODVPHGLFLRQHV(OILQGHVHPDQDGHO\GHIHEUHURFUH\y
KDEHU REWHQLGR VX PHWD (O PLpUFROHV  GH IHEUHUR GH  HQYLy D OD UHYLVWD XQ LQIRUPH FRQ HO
WtWXOR6REUHODSRVLEOHH[LVWHQFLDGHOQHXWUyQ
 )LQDOPHQWHORKDEtDHQFRQWUDGR
/D YHUGDG HV TXH HUD LPSRVLEOH FUHHU TXH HO Q~FOHR DWyPLFR HVWDED FRPSXHVWR VRODPHQWH GH
SURWRQHV &RPR \D YLPRV XQ iWRPR GH KLGUyJHQR WLHQH HQ VX Q~FOHR XQ ~QLFR SURWyQ FX\D FDUJD
HOpFWULFDHVQHXWUDOL]DGDSRUXQHOHFWUyQ6LQHPEDUJRHOQ~FOHRGHKHOLRHOHOHPHQWRTXHVLJXHDO
KLGUyJHQR HQ OD 7DEOD 3HULyGLFD \ TXH WLHQH GRV FDUJDV SRVLWLYDV HQ VX Q~FOHR HV GHFLU GRV
SURWRQHVQRSHVDHOGREOHGHOQ~FOHRGHKLGUyJHQRVLQRHOFXiGUXSOH/RFXDOVXJLHUHTXHDKtKD\
DOJRPiV

(/1&/(2'(+(/,2

<HIHFWLYDPHQWHHQHOQ~FOHRGHKHOLRDGHPiVGHORVGRVSURWRQHVGHULJRUKD\GRVQHXWURQHV
DTXHOODVSDUWtFXODVTXHLPDJLQy5XWKHUIRUGHQVXFRQIHUHQFLDGH\TXH&KDGZLFNHQFRQWUyHQ

/RVQHXWURQHVVRQPX\SDUHFLGRVDORVSURWRQHVDXQTXHVXPDVDHVOLJHUDPHQWHPD\RU8QSURWyQ
HTXLYDOHDHOHFWURQHV(QFDPELRXQQHXWUyQHTXLYDOHDHOHFWURQHV(VXQDGLIHUHQFLD
PtQLPDSHURHQILQVRQPiVJUDQGHV
$XQTXH QDWXUDOPHQWH OD GLIHUHQFLD SULQFLSDO HQWUH SURWRQHV \ QHXWURQHV HV TXH HO SURWyQ HVWi
HOpFWULFDPHQWH FDUJDGR \ ORV QHXWURQHV QR $O QR WHQHU FDUJD VRQ H[FHOHQWHV SUR\HFWLOHV SDUD
ERPEDUGHDUHOQ~FOHR6LVHERPEDUGHDXQQ~FOHRFRQSURWRQHVYDDVXIULUHOUHFKD]RGHODVFDUJDV
HOpFWULFDV SRVLWLYDV 3HUR FRQ ORV QHXWURQHV QR H[LVWH HVH SUREOHPD \ SRU HVR SXHGHQ SHQHWUDU
SURIXQGDPHQWHHQODPDWHULD'HKHFKRVRQORVUHVSRQVDEOHVGHORVSURFHVRVGHILVLyQQXFOHDU\ORV
TXHVHXWLOL]DQSDUDERPEDUGHDUQ~FOHRVWUDQVPXWDUORV\YROYHUORVUDGLDFWLYRV
$GLIHUHQFLDGHORVSURWRQHVVLVHDJUHJDQQHXWURQHVDXQQ~FOHRHOHOHPHQWRQRFDPELD6LHUD
FDUERQR VLJXH VLHQGR FDUERQR 6LQ HPEDUJR HO Q~FOHR QR HV HO PLVPR \D TXH HO Q~PHUR GH
SDUWtFXODV KD YDULDGR 'RV Q~FOHRV FRQ HO PLVPR Q~PHUR GH SURWRQHV SHUR GLIHUHQWH Q~PHUR GH
QHXWURQHVVRQLVyWRSRVVHOODPDQLVyWRSRVTXHVLJQLILFDHOPLVPROXJDUSRUTXHHIHFWLYDPHQWH
RFXSDQ HO PLVPR OXJDU HQ OD 7DEOD 3HULyGLFD \D TXH HO HOHPHQWR QR FDPELD &DVL WRGRV ORV
HOHPHQWRVQDWXUDOHVH[LVWHQHQGLIHUHQWHVIRUPDVLVRWySLFDVHVGHFLUHQYDULHGDGHVGHDFXHUGRDOD
FDQWLGDG GH QHXWURQHV 3RU HMHPSOR XQ Q~FOHR GH KLGUyJHQR WLHQH XQ VROR SURWyQ HQ VX Q~FOHR 6L
DGHPiVGHOSURWyQKD\XQQHXWUyQVLJXHVLHQGRKLGUyJHQRSRUVXSXHVWRSHURHQODYDULDQWHOODPDGD
GHXWHULR6LWLHQHGRVQHXWURQHVVHOODPDWULWLR

1&/(2'(+,'5*(121&/(2'('(87(5,21&/(2'(75,7,2

6LJXHVLHQGRKLGUyJHQRFODURHVWiHOGHXWHULR\HOWULWLRVRQVyORYDULDQWHVRLVyWRSRV3RUHVR
MXQWR DO QRPEUH GHO HOHPHQWR VH SRQHQ GRV Q~PHURV XQR HV HO Q~PHUR GH SURWRQHV HO Q~PHUR
DWyPLFR \ HO RWUR HV HO Q~PHUR PiVLFR TXH VH PDUFD FRPR VXSHUtQGLFH D OD L]TXLHUGD GHO
HOHPHQWR\TXHLQGLFDODVXPDGHSURWRQHV\QHXWURQHV$Vt+HLQGLFDTXHVHWUDWDGHKHOLRFRQ
GRV SURWRQHV Q~PHUR DWyPLFR  3HUR HO FXDWUR LQIRUPD TXH HQ HVH Q~FOHR KD\ FXDWUR SDUWtFXODV
FXDWUR QXFOHRQHV QXFOHRQHV HV OD SDODEUD TXH VH XWLOL]D SDUD UHIHULUVH D ORV LQWHJUDQWHV GHO
Q~FOHRVLQGLVFULPLQDUVLVRQSURWRQHVRQHXWURQHVHQWRWDO(VGHFLUTXHDGHPiVGHORVSURWRQHV
KD\GRVQHXWURQHV8 QRVGLFHTXHHOXUDQLRGHQ~PHUR DWyPLFRFRQSURWRQHV SRUOR
WDQWRWLHQHSDUWtFXODVHQWRWDO(VGHFLU QHXWURQHV(O8HVRWURLVyWRSRR
YDULDQWHGHOXUDQLRHVWDYH]FRQQHXWURQHV
/RV QHXWURQHV MXHJDQ XQ SDSHO FHQWUDO HQ OD HVWDELOLGDG GHO Q~FOHR DWyPLFR 6LQ ORV QHXWURQHV
SUREDEOHPHQWH HQ HO PXQGR QR KDEUtD QDGD PiV TXH KLGUyJHQR 3DUD FRPSUHQGHU HVWR KDEOHPRV
SULPHURGHODVFXDWURIXHU]DVTXHH[LVWHQHQHOPXQGR

/DVFXDWURIXHU]DV
&XDWURKLMXHORVKXERHOUH\
FXDWURKLMXHORVTXHQRPiV

5RPDQFHSRSXODUHVSDxRO

4XHODFRPSOHMDDUTXLWHFWXUDGHOXQLYHUVRHVWpEDVDGDVRODPHQWHHQFXDWURIXHU]DVTXHVHHQFDUJDQ
GH PDQWHQHU HQ SLH \ HQ IXQFLRQDPLHQWR WRGR OR H[LVWHQWH HV VLQ GXGD DVRPEURVR < UHFLpQ HQ ORV
~OWLPRVRFKHQWDDxRVHOHVTXHPDTXHGyFRPSOHWR
3ULPHURODIXHU]DJUDYLWDFLRQDOODIXHU]DTXHQRVDGRVDDOD7LHUUD\QRVGRWDGHSHVRODTXH
PDQWLHQHDORVSODQHWDVHQVXVyUELWDV\DJUXSDDODVJDOD[LDVHQJUDQGHVF~PXORV6XXQLYHUVDOLGDG
HV YHUGDGHUDPHQWH HVSHOX]QDQWH WRGRV ORV FXHUSRV HMHUFHQ DWUDFFLyQ JUDYLWDWRULD VREUH WRGRV ORV
RWURV FXHUSRV VLQ H[FHSFLyQ (V OD DPDOJDPD FyVPLFD TXH PDQWLHQH XQLGR DO XQLYHUVR HV EHOOD \
DUPRQLRVD<DVt\WRGRHVODPiVGpELOGHWRGDVODVIXHU]DV(VWULVWHSHURHVYHUGDG
/DJUDYLWDFLyQSDUHFHPX\SREUHFXDQGRVHODFRPSDUDFRQODIXHU]DHOHFWURPDJQpWLFDpVWDHV
XQELOOyQGHELOORQHVGHELOORQHVGHYHFHVPiVSRGHURVD$XQTXHORTXHJDQDHQIXHU]DORSLHUGHHQ
XQLYHUVDOLGDG\DTXHVRODPHQWHDFW~DDOOtGRQGHKD\FDUJDVHOpFWULFDVRFDPSRVPDJQpWLFRV(VOD
TXHKDFHTXHGRVFXHUSRVFRQFDUJDVGHGLVWLQWRVLJQRVHDWUDLJDQ\TXHGRVFXHUSRVFRQFDUJDGH
LJXDOVLJQRVHUHFKDFHQHVODTXHPXHYHODVOLPDGXUDVGHKLHUURKDFLDHOLPiQODTXHPDQWLHQHDORV
HOHFWURQHV OLJDGRV DO Q~FOHR DWyPLFR OD UHVSRQVDEOH GH TXH ORV iWRPRV VH FRPELQHQ IRUPDQGR
PROpFXODV\TXHODVPROpFXODVVHHQODFHQHQWUHVt
3HURHVWDVGRVIXHU]DVVRODVQREDVWDUtDQ(QHOQ~FOHRGHORViWRPRVFRQYLYHQSDUWtFXODVFRQ
FDUJDV GH LJXDO VLJQR VLQ TXH OD IXHU]D HOHFWURPDJQpWLFD TXH OHV RUGHQD UHFKD]DUVH ODV KDJD VDOLU
GLVSDUDQGRXQDVGHRWUDV6LHVWRRFXUUHDVtHVSRUTXHXQDWHUFHUDIXHU]DPiVSRGHURVDD~QTXHOD
HOHFWURPDJQpWLFD EULOOD HQ HO IRQGR GH OD PDWHULD \ HV FDSD] GH YHQFHU HO UHFKD]R HOpFWULFR (V OD
IXHU]DQXFOHDUIXHUWHFLHQYHFHVPiVLQWHQVDTXHODHOHFWURPDJQpWLFD\TXHDWDDORVSURWRQHV\D
ORV QHXWURQHV GHO Q~FOHR DWyPLFR HQWUH Vt \ TXH GHQWUR GH ORV QHXWURQHV \ SURWRQHV DPDUUD D ORV
TXDUNVODVSDUWtFXODVIXQGDPHQWDOtVLPDVTXHORVIRUPDQDODVFXDOHV\DQRVUHIHULUHPRV$XQTXHGH
FRUWRDOFDQFHHLPSHUFHSWLEOHIXHUDGHOQ~FOHRJUDFLDVDHOODpVWHQRVHGHVSDUUDPDHQXQGHOLULR
HOHFWURPDJQpWLFR $OOt GRQGH KD\D TXH MXQWDU GRV FDUJDV GH LJXDO VLJQR OD IXHU]D QXFOHDU IXHUWH HV
DOWDPHQWHUHFRPHQGDEOH(VODPiVSRGHURVDGHODVFXDWURIXHU]DV\ODTXHJDUDQWL]DODHVWDELOLGDGGH
ODPDWHULD
<HQILQKD\XQDFXDUWDIXHU]DODIXHU]DQXFOHDUGpELOTXHQRSURYRFDDWUDFFLRQHVQLUHFKD]RV
VLQR TXH DFW~D HQ GHWHUPLQDGRV SURFHVRV UDGLDFWLYRV FRPR OD UDGLDFLyQ EHWD HQ TXH ORV Q~FOHRV
H[SXOVDQHOHFWURQHVDJUDQYHORFLGDGRKDFHQDYHFHVHVWDOODUXQQHXWUyQHQXQSURWyQXQHOHFWUyQ\
XQQHXWULQR(VXQDIXHU]DPXFKRPiVGpELOTXHODQXFOHDUIXHUWHRTXHODHOHFWURPDJQpWLFDDXQTXH
PiVSRWHQWHTXHODJUDYLWDWRULD\GHODVFXDWURSUREDEOHPHQWHODGHPHQRUHVWDWXV
< SXQWR /D IXHU]D JUDYLWDWRULD OD HOHFWURPDJQpWLFD OD QXFOHDU IXHUWH \ OD QXFOHDU GpELO EDVWDQ
SDUDH[SOLFDUWRGRVORVIHQyPHQRVGHODItVLFD(VXQDUHDOLGDGEDVWDQWHVLPSOHVLQGXGDSHURORV
ItVLFRVVXHxDQFRQHQFRQWUDUXQDVXSHUIXHU]D~QLFDTXHORH[SOLTXHWRGRXQD*UDQ)XHU]D8QLILFDGD
GHODFXDOODVFXDWURH[LVWHQWHVVHDQDVSHFWRVSDUFLDOHV<DXQTXHHVDPHWDSDUHFHHVWDUOHMRVWRGDYtD
DOJRVHKDDYDQ]DGRHQHOFDPLQRHQ6WHYHQ:HLQEHUJ\$EGXV6DODPFRQVLJXLHURQXQLILFDUOD
IXHU]D HOHFWURPDJQpWLFD \ OD QXFOHDU GpELO HQ XQD VROD OD IXHU]D HOHFWURGpELO )XH XQ HQRUPH SDVR
DGHODQWHHQODSHUVHFXFLyQGHXQDWHRUtDXQLILFDGD

(OQ~FOHRDWyPLFR
(OYDFtRDTXHOOD1DGDTXHKRUURUL]DEDDODHVFXHODHOHiWLFDTXHSDUD3DUPpQLGHVHUDHOSDUDGLJPD
GH OR TXH 1R (V \ TXH VHJ~Q $ULVWyWHOHV \ 'HVFDUWHV QR SRGtD H[LVWLU FRQVWLWX\H VLQ
HPEDUJRODIRUPDSUHGRPLQDQWHGHH[LVWHQFLDHQHVWHRVFXURDJXMHURTXHOODPDPRVXQLYHUVR
1R HV VyOR HO YDFtR GH ORV HVSDFLRV LQWHUHVWHODUHV FRQ VXV UDURV iWRPRV IORWDQGR HQ LQPHQVDV
FROPHQDVGHRVFXULGDGGRQGHDSDUHFHQGHDUDWRVEXUEXMDVGHOJDVGHJDOD[LDVTXHGDODDSDULHQFLD
DOFRVPRV
 1DGDGHHVR(QORPiVtQWLPRHQHOFHQWURPLVPRGHODPDWHULDDOOtGRQGHXQRGHEHUtDFRQILDU
HQHQFRQWUDUORVyOLGRHOVRVWpQGH/R4XH(VQRKD\PiVTXHHVSDFLRYDFtR(OiWRPRHVVyORXQ
PLVHUDEOH SDTXHWH GH FDVL QDGD SUiFWLFDPHQWH WRGD VX PDVD VH FRQFHQWUD HQ HO Q~FOHR \ HO
YROXPHQGHOQ~FOHRHVLQVLJQLILFDQWHHQUHODFLyQDOiWRPRWRWDO6LHOQ~FOHRWXYLHUDHOWDPDxRGHXQD
QXH]FRORFDGDHQHOFHQWURGHXQDFDQFKDGHI~WEROORVHOHFWURQHVGHODSULPHUDyUELWDDQGDUtDQSRU
ODV WULEXQDV < HQ HO PHGLR QDGD $XQTXH HO Q~FOHR FRQWLHQH FDVL WRGD OD PDWHULD GHO iWRPR VX
YROXPHQHVXQFHQWpVLPRGHPLOORQpVLPRGHPLOORQpVLPRGHOYROXPHQWRWDOGHO
iWRPRDSHQDVXQDHVIHULWDGHXQGLH]PLOpVLPRGHPLOORQpVLPRGHPLOORQpVLPRGHPLOtPHWURGHUDGLR
3HURDVtFRPRVXYROXPHQHVPtQLPRODGHQVLGDGGHOQ~FOHRHVLPSUHVLRQDQWHFLHQPLOORQHVGH
PLOORQHVGHYHFHVODGHQVLGDGGHODJXD8QDWD]DGHFDIpFRPSDFWDPHQWHOOHQDGHQ~FOHRVDWyPLFRV
SHVDUtDPLOPLOORQHVGHWRQHODGDV
(OiWRPRFRORFDDFXDOTXLHUDIUHQWHDOYpUWLJRGHOYDFtRHFROHMDQRGHDTXHOKRUURU YDFXLTXH
WDQWRGDxRSURGXMRHQVXPRPHQWRVLFRQFHQWUiUDPRVORVQ~FOHRVGHWRGDODPDWHULDGHOD7LHUUDHQ
XQD HVIHUD FRPSDFWD QR WHQGUtD PiV GH FLQFXHQWD PHWURV GH UDGLR 6L OR KLFLpUDPRV FRQ HO 6RO
REWHQGUtDPRVXQDVWURGHSRFRVNLOyPHWURVGHUDGLRFRPRRFXUUHSRURWUDSDUWHHQODVHVWUHOODVGH
QHXWURQHV (Q UHDOLGDG VL OD QDWXUDOH]D WXYLHUD KRUURU DO YDFtR FRPR VH FUH\y GXUDQWH VLJORV OD
QDWXUDOH]D QR SRGUtD H[LVWLU 3DUHFHUtD PiV ELHQ TXH D OD QDWXUDOH]D OH HQFDQWD HO YDFtR \D TXH OR
GHVSDUUDPDWDQDOHJUH\JHQHURVDPHQWHTXHGDYpUWLJR
(QILQHOQ~FOHRHVWiFRPSXHVWRGHSURWRQHV\QHXWURQHV/RVSURWRQHVSDUDGDUOHLGHQWLGDG/RV
QHXWURQHVSDUDDSRUWDUIXHU]DQXFOHDUVLQUHFKD]RHOpFWULFR/RVSURWRQHVVHUHFKD]DQHOpFWULFDPHQWH
DXQTXHVHDWUDHQFRQODIXHU]DIXHUWHTXHDFW~DVyORDPX\FRUWDGLVWDQFLD(VFRPRVLXQRTXLVLHUD
DSUR[LPDU GRV LPDQHV GH LJXDO SROR FDGD XQR GH ORV FXDOHV HVWXYLHUD HPEDGXUQDGR FRQ XQ
SHJDPHQWRGHEXHQDFDOLGDG/RVLPDQHVVHUHFKD]DUtDQVtSHURVLXQRFRQVLJXLHUDTXHVHWRFDUDQ
TXHGDUtDQ SHJDGRV SRUTXH OD IXHU]D GHO SHJDPHQWR QHXWUDOL]D HO UHFKD]R PDJQpWLFR &XDQGR XQ
Q~FOHRHVJUDQGH\KD\PXFKRVSURWRQHVODFRVDVHSRQHEUDYDSRUTXHHOUHFKD]RHOHFWURPDJQpWLFR
HV PX\ JUDQGH \ DPHQD]D FRQ KDFHU XQ GHVDVWUH < HQWRQFHV SDUD HVR HVWiQ ORV QHXWURQHV /RV
QHXWURQHVDJUHJDQIXHU]DIXHUWHDJUHJDQSHJDPHQWR\UHIXHU]DQODFRKHVLyQGHOQ~FOHRDOWLHPSR
TXHFRPRVRQQHXWURVQRDJUHJDQUHFKD]RHOpFWULFR
/RVSURWRQHVGDQLGHQWLGDGDOQ~FOHROHGDQXQQ~PHURDWyPLFR\OHGDQVXFDUJDRSRUWXQDPHQWH
QHXWUDOL]DGD SRU ORV OHMDQRV HOHFWURQHV /RV QHXWURQHV FRODERUDQ FRQ OD HVWDELOLGDG HYLWDQGR TXH
HVWDOOHSRUHIHFWRGHODUHSXOVLyQHOHFWURPDJQpWLFDHQWUHODVFDUJDVGHLJXDOVLJQRSRVLWLYRGHORV
SURWRQHV$GHPiVXQQHXWUyQVHSXHGHFRQYHUWLUHQXQSURWyQ\YLFHYHUVD6LXQRDJDUUDXQSURWyQ\
OHDJUHJDXQHOHFWUyQVHWUDQVPXWDHQXQQHXWUyQ6LXQQHXWUyQHPLWHXQHOHFWUyQ\XQQHXWULQRVH
WUDQVIRUPDHQXQSURWyQ
(OQ~FOHRDWyPLFRHVWRGRXQPXQGRXQPXQGRGLQiPLFRGRQGHWRGRHVPRYLPLHQWR\FDPELR\
GRQGHULJHQFRPRHQXQDFiUFHOXQDIiEULFDRXQSDUDtVROH\HVSURSLDV3HURQRWRGRVORVQ~FOHRV
VRQ SRVLEOHV R PHMRU GLFKR HVWDEOHV 1R FXDOTXLHU DPDOJDPD GH SURWRQHV \ QHXWURQHV VH
PDQWHQGUiILUPH1RVHSXHGHQMXQWDUWUHLQWDSURWRQHVVLQQLQJ~QQHXWUyQRFXDWURFLHQWRVQHXWURQHV\
VyOR GRV SURWRQHV &RPR ODV HVSHFLHV QR WRGRV ORV Q~FOHRV SXHGHQ VREUHYLYLU HQ OD OXFKD SRU OD
H[LVWHQFLD3HURDTXtQRULJHODOH\GHOPiVDSWRVLQRODVHVWULFWDVH[LJHQFLDVGHODItVLFDSDUDFDGD
Q~PHURGHSURWRQHVKD\XQQ~PHURySWLPRGHQHXWURQHVTXHSHUPLWHTXHHOQ~FOHRHVWpHQHOQLYHOGH
HQHUJtDPiVEDMRSRVLEOH
7RGRHQHOPXQGRWUDWDGHDOFDQ]DUHOQLYHOGHHQHUJtDPiVEDMRSRVLEOH\GHGHVSUHQGHUVHGH
OD HQHUJtD TXH OH VREUD 8QD SLHGUD HQ OR DOWR GH XQD PRQWDxD WUDWD GH FDHU \ GH SHUGHU HQHUJtD
SRWHQFLDO2VLVHTXLHUHXQHMHPSORPiVSURVDLFRXQFKLFRFXDQGRHVWiPX\H[FLWDGRVHPXHYH\
PROHVWDDVXVSDGUHVKDVWDTXHDJRWDVXHQHUJtDVHFDQVD\VHGXHUPH<FRPRODOH\HVODOH\\HQ
ODQDWXUDOH]DQRKD\FRLPDVQLFRUUXSFLyQTXHSHUPLWDQHVTXLYDUODFXDQGRXQQ~FOHRWLHQHH[FHVR
GH QHXWURQHV R GH SURWRQHV QR VREUHYLYH (VR \ QR RWUD FRVD HV HO IHQyPHQR DO TXH OODPDPRV
UDGLDFWLYLGDG

8QUHSDVRODUDGLDFWLYLGDG
/HVYR\DFRQWDUXQDOH\HQGDJXDUDQtTXHDFDERGHLQYHQWDUFXDQGRWRGRVORVKRPEUHV\ODVPXMHUHV
WDPELpQHVWXYLHURQIRUPDGRVVHSUHVHQWDURQDQWH*XDQGHtHOGLRVUHVSRQVDEOHGHHVRVDVXQWRV\OH
GLMHURQ)tMDWHTXHQRVKLFLHURQGHPDQHUDDSUHVXUDGD\DVtDOJXQRVWLHQHQPXFKRVEUD]RV\RWURV
QLQJXQR\DOJXQRVWLHQHQGRVFDEH]DV\RWURVPDUFKDQFRQORVRMRVSHODGRV\VREUDQSRUDTXtORV
RMRV \ SRU DOOi IDOWDQ RUHMDV 1R SRGUtDV KDFHU DOJR PiV HTXLWDWLYR" (O GLRV FRQWHVWy 1R <D
WHUPLQyHOPRPHQWRGHODFUHDFLyQ\QDGDSXHGHUHPHGLDUVH<ORVKRPEUHVGLMHURQ<HQWRQFHV
TXHKDUHPRV"<HOGLRVSHQVyXQSRFR\FRQWHVWy,QYHQWDUpDOJRSDUDTXHWRGRTXHGHHQVXOXJDU
\GHVDSDUH]FDQORVEUD]RV\ODVSLHUQDVGHPiV\HOPXQGRHVWpXQSRFRPiVRUGHQDGR
(LQYHQWyODJXHUUD<HQODVJXHUUDVTXHVHVXFHGLHURQVHFRUWDURQORVEUD]RV\ODVSLHUQDVTXH
VREUDEDQ \ OHQWDPHQWH ODV FRVDV YROYLHURQ D OD QRUPDOLGDG VL HV TXH HVR VH SXHGH OODPDU
QRUPDOLGDG
$OJR SDUHFLGR RFXUULy FRQ ORV Q~FOHRV DWyPLFRV SHUR GH PDQHUD PHQRV H[SHGLWLYD \D TXH OD
EXURFUDFLDGHOXQLYHUVRDXQTXHPHQRVSHUVRQDOHVPiVFRPSOHMD3RFRGHVSXpVGHO%LJ%DQJOD
H[SORVLyQ TXH GLR RULJHQ DO 8QLYHUVR HPSH]DURQ D IRUPDUVH ORV Q~FOHRV KLGUyJHQR KHOLR \
Q~FOHRVOLYLDQRVOXHJRDSHQDVVHHQFHQGLHURQODVSULPHUDVHVWUHOODVHQVXLQWHULRUVHFRFLQDURQORV
Q~FOHRVPiVSHVDGRV3HURHQDTXHOORVWLHPSRVSULPDULRVHO8QLYHUVRWHQtDSRFDH[SHULHQFLD\ORV
Q~FOHRV VH IRUPDURQ FDVL GH FXDOTXLHU PDQHUD MXQWDQGR SURWRQHV \ QHXWURQHV D OD IXHU]D $OJXQRV
Q~FOHRVTXHGDURQFRQQHXWURQHVGHPiVDRWURVOHVIDOWDURQQHXWURQHVORVGHPiVDOOiTXHGDURQFRQ
PiVHQHUJtDGHODTXHSXHGHQVRSRUWDU\HQVXLQWHULRUODVSDUWtFXODVHPSH]DURQDDJLWDUVH\PRYHUVH
2WURV Q~FOHRV HQ ILQ WXYLHURQ OD VXHUWH GH WHQHU OD FRQILJXUDFLyQ ySWLPD TXH ODV OH\HV GH OD
QDWXUDOH]DSHUPLWHQ
/R FLHUWR HV TXH LQPHGLDWDPHQWH ORV Q~FOHRV LQHVWDEOHV ORV PDO IRUPDGRV LQYHQWDURQ XQ
PHFDQLVPR GH FRUUHFFLyQ OD UDGLDFWLYLGDG 'HO PLVPR PRGR TXH WRGRV ORV KRPEUHV DVSLUDQ D OD
IHOLFLGDG WRGRV ORV Q~FOHRV DVSLUDQ D OD HVWDELOLGDG \ HQWRQFHV VH OLEHUDQ GH ODV SDUWtFXODV
H[FHGHQWHVKDVWDDOFDQ]DUXQDFRQILJXUDFLyQySWLPD\HVWDEOH<ORKDFHQGHVLQWHJUiQGRVH3DUD
FRQVHJXLUODHVWDELOLGDGXQQ~FOHRWLHQHYDULRVFDPLQRV8QRGHHOORVHVHPLWLUXQDSDUWtFXODDOID
FRPSXHVWDGHGRVSURWRQHV\GRVQHXWURQHVTXHHVXQQ~FOHRGHKHOLRGLFKRVHDGHSDVRFRQOR
FXDOVHOLEHUyGHFXDWURSDUWtFXODV$OGHMDULUGRVSURWRQHVHOiWRPRFDPELDVXSRVLFLyQHQOD7DEOD
3HULyGLFDGHVFHQGLHQGRGRVOXJDUHV&RQXQDSDUWtFXODDOIDPHQRVHOQ~FOHRHVPiVHVWDEOH
7DPELpQSXHGHVHUTXHHPLWDXQDSDUWtFXODEHWDTXHQRHVRWUDFRVDTXHXQHOHFWUyQ$OHPLWLUXQ
HOHFWUyQHOQ~FOHRVHOLEHUDGHXQDFDUJDQHJDWLYDXQQHXWUyQVHFRQYLHUWHHQSURWyQ\DODFFHGHUD
HVDSRVLFLyQPiVHVWDEOHDVFLHQGHXQOXJDUHQOD7DEOD3HULyGLFDSRUTXHDGTXLHUHXQSURWyQH[WUD
2SXHGHHPLWLUUD\RVJDPPDTXHVRQVLPSOHPHQWHUDGLDFLyQGHPX\FRUWDORQJLWXGGHRQGDFRQ
ODHPLVLyQJDPPDHOQ~FOHRVLPSOHPHQWHSLHUGHHQHUJtD\DOFDQ]DQLYHOHVGHHQHUJtDPiVEDMRV\
SRUORWDQWRPiVHVWDEOHV/DUDGLDFWLYLGDGHVDVtXQDSDUWtFXODDOID\VHEDMDGRVOXJDUHVHQOD7DEOD
3HULyGLFD XQD SDUWtFXOD EHWD \ VH VXEH XQ HVFDOyQ XQ KD] GH UD\RV JDPPD \ XQR VH TXHGD GRQGH
HVWDED
6LQHPEDUJRHVWHPHFDQLVPRGHFRUUHFFLyQTXHHO8QLYHUVRHQFRQWUySDUDUHPHGLDUORVHUURUHV
LQLFLDOHVFRPHWLGRVHQPDWHULDQXFOHDUQRHVVHQFLOOR3RUTXHFXDQGRXQQ~FOHRVHGHVSUHQGHGHXQD
SDUWtFXODDOIDSLHUGHGRVQHXWURQHV\GRVSURWRQHV&XDQGRVHGHVSUHQGHGHXQDSDUWtFXODEHWDXQ
QHXWUyQVHYXHOYHSURWyQFRQORFXDOSLHUGHXQQHXWUyQ\JDQDXQSURWyQ(QFXDOTXLHUDGHORVGRV
FDVRVDOPRGLILFDUVHHOQ~PHURGHSURWRQHVVHWUDQVIRUPDHQXQQ~FOHRGLVWLQWR

/DYLGDH[DJHUDGDGHXQQ~FOHRGHXUDQLR

6LJDQHOLWLQHUDULRQDGDIiFLOGHXQQ~FOHRGHXUDQLR3ULPHURHPLWHXQDSDUWtFXODDOIDSLHUGHGRVSURWRQHV\SRU
OR WDQWR GHVFLHQGH GRV OXJDUHV HQ OD 7DEOD 3HULyGLFD \ VH YXHOYH WRULR HO HOHPHQWR  3HUR D~Q DVt VLJXH VLHQGR
LQHVWDEOH SRU OR FXDO HPLWH XQD SDUWtFXOD EHWD VXEH XQ SHOGDxR HQ OD 7DEOD \ VH WUDQVIRUPD HQ SURWDFWLQLR /XHJR
HPLWH RWUD SDUWtFXOD EHWD \ YXHOYH D VHU XUDQLR 3HUR QR HO PLVPR TXH HO RULJLQDO VLQR XQD YDULDQWH XQ LVyWRSR
1DWXUDOPHQWHQRVHTXHGDTXLHWRHPLWHXQDDOIDEDMDGRVOXJDUHV\KHWHDTXtTXHVHWUDQVIRUPDQXHYRHQWRULR
1XHYDDOID\HVUDGLR$OIDRWUDYH]\HVUDGyQHQODFDVLOOD<\DYDEDUUDQFDDEDMRFRPROHRFXUUHDFXDOTXLHUD
TXH HPLWD PXFKDV SDUWtFXODV DOID 2WUD DOID \ VHUi SRORQLR HQ HO OXJDU  1L FRUWR QL SHUH]RVR QXHYD DOID \ VH
WUDQVIRUPDHQSORPRSHURXQDYDULDQWHLQHVWDEOHGHOSORPR\HQXQ~OWLPRHVWHUWRUHPLWHXQDSDUWtFXODEHWDWUHSDXQ
HVFDOyQ\VHFRQYLHUWHHQELVPXWR8QDEHWDPiVQXHYRHVFDOyQKDFLDDUULED\YXHOYHVHUSRORQLR\WUDVXQDDOID
DOFDQ]DUiHODQKHODGRSORPRXQQ~FOHRUHDOPHQWHHVWDEOH7RGDVHVWDVLGDV\YXHOWDVYDOLHURQDOILQODSHQD\
IHOL]VHHQWUHJDUiDODVGHOLFLDVGHODHVWDELOLGDGDOOtFRPRSORPRVHTXHGDUiSDUDVLHPSUH
<DORGLFHHOUHIUiQXUDQLRHUHV\HQSORPRVHUiVWRUQDGR

3HUR HVWH QXHYR Q~FOHR SXHGH VHU LQHVWDEOH WDPELpQ FRQ OR FXDO VH UHLQLFLD HO SURFHVR QXHYD
GHVLQWHJUDFLyQQXHYRQ~FOHR\DVtVXFHVLYDPHQWH$VtDSDUHFHQYHUGDGHUDVIDPLOLDVUDGLDFWLYDVTXH
FRPRODVGHODPDILDWLHQHQXQDLPSUHVLRQDQWHFRKHUHQFLDLQWHUQDSHURWDPELpQVXVLGDV\YXHOWDV
8QDIDPLOLDUDGLDFWLYDHVDOJRGLJQRGHYHUVH

0DWHULD\HQHUJtD
$HVWDDOWXUDGHQXHVWURFRQRFLPLHQWRSRGHPRVSHQVDUTXHHQHOXQLYHUVRKD\VRODPHQWHGRVFRVDV
PDWHULD\HQHUJtD7HQHPRVXQDLGHDGHORTXHHVODPDWHULDHOEULOORGHORURODFRQWXQGHQFLDGHO
KLHUUR HO FDUERQR TXH LQYLVLEOH ODWH HQ HO SHWUyOHR HO SDSHO \ QXHVWURV FXHUSRV (O PXQGR GH OD
PDWHULDHVQXHVWURPXQGRYHPRVXQDPRQWDxDYHPRVHODJXDYHPRVHOYDSRUTXHVHHVFDSDGHOD
GXFKDVHQWLPRVDODLUHUHIUHVFDUODSLHO/DVHVWUHOODV\ORViUEROHVORVSURWRQHV\ORVSiMDURVORV
HOHFWURQHV\ODVYtVFHUDVVRQFODUDPHQWH PDWHULD3HURVyORWHQHPRVXQDLGHD YDJD GHORTXH HV OD
HQHUJtD
(OPXQGRVHPXHYHFDPELDFKRFDFKLVSRUURWHD<ORTXHSHUPLWHTXHODVFRVDVGHOPXQGRVH
WUDQVIRUPHQHVODHQHUJtDTXHHVPiVGLItFLO\HOXVLYDTXHODPDWHULD/DHQHUJtDHVODFDSDFLGDGGH
SURGXFLUWUDQVIRUPDFLRQHVGHVSOD]DUPDWHULDWUDQVIRUPDUDJXDHQYDSRUVXELUXQDURFDKDVWDORDOWR
GHXQDPRQWDxDPDQWHQHUHQFHQGLGDXQDOiPSDUDHOpFWULFDTXHPDUXQOHxRFDPLQDU
/DKLVWRULDGHOKRPEUHHVODKLVWRULDGHVXUHODFLyQFRQODHQHUJtD\ODIRUPDGHGRPLQDUOD/D
SULPHUDIRUPDSULPDULDGHXWLOL]DFLyQGHODHQHUJtDIXHHOFRQWUROGHOIXHJR(OVLJOR ;9,,,SUHVHQFLy
OD GRPHVWLFDFLyQ GHO YDSRU FDSD] GH PRYHU WHODUHV \ SLVWRQHV HO UHVXOWDGR IXH OD UHYROXFLyQ
LQGXVWULDO (Q HO VLJOR ;,; HO PRWRU GH H[SORVLyQ SURGXMR OD UHYROXFLyQ GH ORV WUDQVSRUWHV /D
XWLOL]DFLyQPDVLYDGHODHQHUJtDHOpFWULFDFDPELyODYLGDGHODKXPDQLGDG
/D HQHUJtD FRPR OD PDWHULD VH WUDQVIRUPD (Q XQD OiPSDUD HOpFWULFD OD HQHUJtD HOpFWULFD VH
WUDQVIRUPD HQ HQHUJtD OXPLQRVD (Q ODV WXUELQDV KLGURHOpFWULFDV TXH JHQHUDURQ HVD HOHFWULFLGDG OD
HQHUJtD FLQpWLFD GHO DJXD TXH FDtD SRU OD FDWDUDWD VH WUDQVIRUPy HQ OD HQHUJtD PHFiQLFD GHO
PRYLPLHQWR GH ODV WXUELQDV \ HVD HQHUJtD PHFiQLFD D VX YH] VH WUDQVIRUPy HQ HQHUJtD HOpFWULFD
&XDQGRKLHUYHXQDSDYDGHDJXDODHQHUJtDFDOyULFDHQWUHJDGDSRUODOODPDVHWUDQVIRUPDHQHQHUJtD
FLQpWLFD GH PRYLPLHQWR GH ODV PROpFXODV GHO OtTXLGR TXH VH PXHYHQ FDGD YH] PiV UiSLGR \
HVFDSDQHQIRUPDGHYDSRU(OPXQGRHVXQHVFHQDULRGRQGHSHUPDQHQWHPHQWHODVIRUPDVGHHQHUJtD
VH LQWHUFDPELDQ $Vt FRPR ORV FLHQWtILFRV GHO VLJOR ;9,, SHQVDEDQ HO PXQGR FRPR XQ HQRUPH
PHFDQLVPRTXHVHGDFXHUGDDVtPLVPRORVItVLFRVGHOVLJOR;,;XQDYH]DVHQWDGDODLGHDGHHQHUJtD
FRPRFRQFHSWRHVWUXFWXUDQWHGHODItVLFDVHLPDJLQDEDQDOPXQGRFRPRXQPRWRUFRQODHQHUJtDHQHO
SDSHO GHO FRPEXVWLEOH DXQTXH D GLIHUHQFLD GHO FRPEXVWLEOH OD HQHUJtD QR VH JDVWD VLQR TXH VH
WUDQVIRUPD\VLQRVSRQHPRVHVWULFWRVHOFRPEXVWLEOHGHGLJDPRVXQDXWRWDPSRFRVHJDVWDVLQR
TXHVHWUDQVIRUPDHQRWUDVFRVDV
$ ILQDOHV GHO VLJOR ;,; ORV FLHQWtILFRV HVWDEDQ PX\ VHJXURV GH VDEHU TXp HUD OD HQHUJtD \ GH
FRQRFHU XQD GH VXV OH\HV IXQGDPHQWDOHV OD SULPHUD OH\ GH OD WHUPRGLQiPLFD TXH HVWDEOHFH TXH OD
FDQWLGDGGHHQHUJtDSUHVHQWHHQHOXQLYHUVRHVFRQVWDQWHHVVLHPSUHODPLVPD
3HURODUDGLDFWLYLGDGORVGHVFRQFHUWy/DVHPLVLRQHVUDGLDFWLYDVOLEHUDEDQXQDFDQWLGDGHQRUPH
GHHQHUJtDTXHREYLDPHQWHQRSRGtDYHQLUGHODQDGD'HGyQGHVDOtD"1LQJ~QSURFHVRFRQRFLGR
HUDFDSD]GHSURGXFLUWDQWR
< HV TXH HQ UHDOLGDG ORV FLHQWtILFRV QR VDEtDQ WRGR VREUH OD HQHUJtD $Vt VH ORV GHPRVWUy OD
7HRUtD GH OD 5HODWLYLGDG HQ OD TXH (LQVWHLQ DGHPiV GH ORV PDODEDULVPRV FRQ HO HVSDFLR \ HO
WLHPSRVXVWLWX\yODYLVLyQGXDOGHPDWHULD\HQHUJtDSRUXQDFRQFHSFLyQXQLWDULDHQTXHDPEDVVRQ
DVSHFWRVGLIHUHQWHVGHXQDPLVPDFRVD5HFXHUGHQGHFLUPDWHULD\GHFLUHQHUJtDHVHTXLYDOHQWH
\ OD HVWULFWD PHGLGD GH OD HTXLYDOHQFLD HVWi GDGD SRU OD IyUPXOD (  PF 3DUD OD 7HRUtD GH OD
5HODWLYLGDGODPDVDQRHVVLQRXQDIRUPDPiVGHODHQHUJtD
3HURODIyUPXOD( PFGLFHPiVTXHHVRODSUHVHQFLDGHOWpUPLQRFODYHORFLGDGGHODOX]
XQRVNLOyPHWURVSRUVHJXQGRSDUDFROPRHOHYDGDDOFXDGUDGRVLJQLILFDTXHHQUHDOLGDG
FDQWLGDGHVPX\PRGHVWDVGHPDVDHTXLYDOHQDFDQWLGDGHVPX\JUDQGHVGHHQHUJtD&RQHOHTXLYDOHQWH
HQHQHUJtDGHVRODPHQWHXQDWRQHODGDGHPDWHULDSRGUtDPRVVDWLVIDFHUHOFRQVXPRHQHUJpWLFRDQXDO
GHOSDtVTXHPiVHQHUJtDGHYRUDHQHOPXQGRORV(VWDGRV8QLGRV
/D YHUGDG HV TXH OD IyUPXOD GH HTXLYDOHQFLD HQWUH OD PDVD \ OD HQHUJtD IXH XQD VRUSUHVD
IHQRPHQDO 3HUR DVt \ WRGR HO PXQGR GH ODV SDUWtFXODV WRGDYtD LED D GHSDUDU EDVWDQWHV VRUSUHVDV
PiVVLORVItVLFRVSHQVDEDQTXHFRQHOSURWyQHOQHXWUyQ\HOHOHFWUyQKDEtDQOOHJDGRDGHVFLIUDUOD
HVWUXFWXUDGHODPDWHULDHVWDEDQHTXLYRFDGRV
8QDGHODVJUDQGHVVRUSUHVDVIXHODDQWLPDWHULD

/DVXQLGDGHVHQTXHVHPLGHODHQHUJtD

/DXQLGDGTXHVHXVDKDELWXDOPHQWHHVHOMRXOHFRPRKRPHQDMHD-DPHV3UHVFRWW-RXOHXQRGHORVGHVFXEULGRUHV
GHODOH\GHFRQVHUYDFLyQGHODHQHUJtD&RPRHONLORHOPHWUR\HOVHJXQGRXQMRXOHHVVRODPHQWHXQDXQLGDGHV
ODHQHUJtDTXHFXHVWDDSOLFDUXQDIXHU]DGHXQNLORDORODUJRGHGLH]FHQWtPHWURVRODTXHVHQHFHVLWDSDUDTXHXQ
FXHUSRGHXQNLORTXHHVWiTXLHWRDOFDQFHHQXQVHJXQGRXQDYHORFLGDGGHXQPHWURSRUVHJXQGR
(VSRFRUHDOPHQWHHQFHQGHUXQIyVIRURLPSOLFDXQDHQHUJtDGHFXDWURPLOMRXOHFDPLQDUGXUDQWHXQDKRUDUHTXLHUH
PLOOyQGHMRXOH8QDWRQHODGDGH717TXHH[SORWDLQYROXFUDFXDWURFLHQWRVPLOORQHV/DERPEDGH+LURVKLPDRFKHQWD
PLOORQHVGHPLOORQHVODHUXSFLyQGHXQYROFiQXQPLOOyQGHELOORQHV
8QD ERPELWD GH FLHQ ZDWW SUHQGLGD GXUDQWH XQD KRUD FRQVXPH FLHQ MRXOH 8QD FRSD GH OHFKH QRV HQWUHJD 
FDORUtDV HTXLYDOHQWHV D  PLO MRXOH /D ERPED GH +LURVKLPD OLEHUy XQD HQHUJtD HTXLYDOHQWH D  PLO PLOORQHV GH
FRSDVGHOHFKH
8QiWRPRGHXUDQLRTXHVHSDUWHOLEHUDVRODPHQWHXQDFLHQPLOpVLPDGHXQDPLOORQpVLPDSDUWHGHXQMRXOH3DUHFH
PX\SRFRSHURHQXQJUDPRGHXUDQLRKD\PXFKtVLPRViWRPRV8QKRPEUHMRYHQQHFHVLWDXQDVFDORUtDVSRU
GtDTXHHOFXHUSRWUDQVIRUPDHQPRYLPLHQWR\FDORU

4XpHVHVDFRVDOODPDGDDQWLPDWHULD"
3DUDVDEHUXQSRFRTXpHVHVDFRVDFXULRVDOODPDGDDQWLPDWHULDWHQHPRVTXHKDEODUGH3DXO'LUDF
 1DFLy HQ ,QJODWHUUD GRQGH HVWXGLy LQJHQLHUtD HOpFWULFD FRQ XQD IXHUWH IRUPDFLyQ
PDWHPiWLFD\ItVLFD\SURQWRVHHQFDPLQyD&DPEULGJHODJORULRVD0HFDGHODItVLFDGRQGHUHLQDED
6X0DMHVWDG5XWKHUIRUG
(Q&DPEULGJH'LUDFFRODERUyHQODHGLILFDFLyQGHODPHFiQLFDFXiQWLFDFX\DVOtQHDVPDHVWUDV
WUD]DEDQ +HLVHQEHUJ \ 6FKU|GLQJHU \ HQ  HQFRQWUy XQD HFXDFLyQ TXH GHVFULEtD HO
FRPSRUWDPLHQWRGHOHOHFWUyQSHURUHVSHWDQGRORVSULQFLSLRVGHOD7HRUtDGHOD5HODWLYLGDG
/DHFXDFLyQGH'LUDFSDUHFLyPLODJURVDDORVItVLFRVHQJUDQSDUWHSRUTXHSUHGHFtDXQPRQWyQGH
UHVXOWDGRV H[SHULPHQWDOHV SHUR WDPELpQ SRUTXH KDEtD VLGR XQD GHGXFFLyQ D SDUWLU GH ORV SULPHURV
SULQFLSLRV D OD PDQHUD GH 1HZWRQ 3HUR HO IUXWR PiV HVSHFWDFXODU GH OD HFXDFLyQ PLODJURVD
WRGDYtDHVWDEDSRUYHQLU
< HV TXH HQVHJXLGD 'LUDF VH GLR FXHQWD GH TXH OD HFXDFLyQ PLODJURVD QR WHQtD XQD VLQR GRV
VROXFLRQHV SRVLEOHV GHO PLVPR PRGR TXH XQD UDt] FXDGUDGD WLHQH GRV UHVXOWDGRV SRVLEOHV OD UDt]
FXDGUDGD GH FXDWUR SRU HMHPSOR WLHQH FRPR VROXFLRQHV D  \ D  8QR GH ORV UHVXOWDGRV
FRUUHVSRQGtD D XQD SDUWtFXOD GH FDUJD QHJDWLYD \ RWUR D XQD GH FDUJD SRVLWLYD &RQ OD SDUWtFXOD GH
FDUJDQHJDWLYDQRKDEtDQLQJ~QSUREOHPD\DTXHHUDHOHOHFWUyQ3HUR\ODRWUDVROXFLyQ"$TXp
SDUWtFXODSRGtDFRUUHVSRQGHU"
$O SURWyQ SHQVy 'LUDF &RUUtD HO DxR  \ VH FRQRFtDQ VRODPHQWH GRV SDUWtFXODV
HOHPHQWDOHVHOHOHFWUyQGHFDUJDQHJDWLYD\HOSURWyQGHFDUJDSRVLWLYD(UDQDWXUDOTXH'LUDF
SHQVDUDORTXHSHQVy
3HURODYHUGDGHVTXHKDEtDDOJRPDORHOSURWyQQRHQFDMDEDGHOWRGRFRPRFRQWUDSDUWLGDGHO
HOHFWUyQDXQTXHPiVQRIXHUDSRUODHQRUPHVXSHULRULGDGGHVXPDVD4XHHOSURWyQWDQGLIHUHQWHHQ
UHDOLGDGGHOHOHFWUyQIXHUDVXFRQWUDSDUWLGDSRVLWLYDKHUtDODGHOLFDGDGHELOLGDGTXHORVItVLFRV\
DFDVR OD QDWXUDOH]D WLHQHQ SRU OD VLPHWUtD 6L QR HUD HO SURWyQ KDFtD IDOWD XQD SDUWtFXOD GH FDUJD
SRVLWLYDSHURPiVSDUHFLGDDOHOHFWUyQHQ'LUDFGLRPDUFKDDWUiVFRQVXSURSXHVWDSURWyQLFD\
VXJLULyTXHHVDVROXFLyQH[WUDxDFRUUHVSRQGtDDXQDSDUWtFXODH[DFWDPHQWHLJXDODOHOHFWUyQHQWRGR
VDOYRHQXQGHWDOOHVXFDUJDTXHVHUtDSRVLWLYD8QDHVSHFLHGHDQWLHOHFWUyQ
(UDXQDSUHGLFFLyQWHyULFDXQDFRQMHWXUD\QDGDPiV3HURDYHFHVODVFRQMHWXUDVSDUHFHQWHQHU
YLGDSURSLDHQVHSWLHPEUHGH&DUO'$QGHUVRQXQMRYHQItVLFRH[SHULPHQWDOGHO,QVWLWXWRGH
)tVLFDGH&DOLIRUQLDHQYLyDODUHYLVWD6FLHQFHXQDUWtFXORGRQGHFRQWDEDTXHHVWXGLDQGRORVUD\RV
FyVPLFRV KDEtD HQFRQWUDGR XQD SDUWtFXOD FDUJDGD SRVLWLYDPHQWH \ FRQ XQD PDVD FRPSDUDEOH D OD
GHOHOHFWUyQ,QFUHtEOHPHQWHHUDHODQWLHOHFWUyQLPDJLQDGRWHyULFDPHQWHSRU'LUDFDOTXHOHIXH
FRQFHGLGRHOQRGHPDVLDGRRULJLQDOQRPEUHGHSRVLWUyQ6XGHVFXEULGRUIXHHOSULPHUKRPEUHTXH
YLR DQWLPDWHULD TXH GH PDQHUD VXWLO KDEtD KHFKR VX DSDULFLyQ HQ XQ PXQGR PX\ VHJXUR GH VX
PDWHULDOLGDG
'HVSXpV QDWXUDOPHQWH OD DQWLPDWHULD DUUHFLy (Q  VH YLR SRU SULPHUD YH] HO DQWLSURWyQ \
FDVL LQPHGLDWDPHQWH HO DQWLQHXWUyQ (Q ORV JUDQGHV DFHOHUDGRUHV VH ORJUy SURGXFLU iWRPRV GH
DQWLKLGUyJHQRXQDQWLHOHFWUyQJLUDQGRDOUHGHGRUGHXQDQWLSURWyQ(QUHDOLGDGKR\HQGtDWRGDVODV
SDUWtFXODV WLHQHQ VX FRUUHVSRQGLHQWH DQWLSDUWtFXOD 8QD SDUWtFXOD VLQ DQWLSDUWtFXOD SHUGHUtD
LQVWDQWiQHDPHQWH WRGD FRQVLGHUDFLyQ VRFLDO VHUtD H[SXOVDGD GH ORV FtUFXORV VHOHFWRV ODV
DVRFLDFLRQHV\ORVFOXEHVGHSDUWtFXODV
3HUR TXp TXLHUH GHFLU DQWLSDUWtFXOD" 3RU TXp HO HOHFWUyQ \ HO SRVLWUyQ HO SURWyQ \ HO
DQWLSURWyQHOQHXWUyQ\HODQWLQHXWUyQVRQDQWLFDGDXQRGHORWURHQYH]GHWUDWDUVHVHQFLOODPHQWH
GHGRVSDFtILFDVSDUWtFXODVGLIHUHQWHV"
3RU TXp HVD RSRVLFLyQ LUUHPHGLDEOH" /D UHVSXHVWD HV WULVWH SHUR YHUGDGHUD DQWH WRGR ODV
SDUWtFXODV\VXVUHVSHFWLYDVDQWLSDUWtFXODVVRQLGpQWLFDVVDOYRHQVXFDUJDHOpFWULFDFXDQGRODKD\<
WDPELpQ GLILHUHQ HQ DOJR TXH OODPD VSLQ \ TXH JUXHVDPHQWH PX\ JUXHVDPHQWH SXHGH
LQWHUSUHWDUVHFRPRODFDSDFLGDGGHURWDUVREUHVtPLVPD<HVWDGLIHUHQFLDGLVWDGHVHUVXSHUILFLDO
XQDGDQ]D\XQDFRQWUDGDQ]DSXHGHQVXFHGHUVHVLQLQFRQYHQLHQWHVHQ(O$UWHGHOD)XJDHOLQILQLWR
-RKDQQ 6HEDVWLDQ %DFK QRV PXHVWUD H[WUDxDV FRPSRVLFLRQHV HQ HVSHMR IXJDV \ FRQWUDIXJDV \ HO
FRQMXQWR HV PDUDYLOORVR 3HUR HQWUH OD PDWHULD \ OD DQWLPDWHULD QR SXHGH KDEHU QLQJXQD FODVH GH
FRPSRQHQGDV&XDQGRXQDSDUWtFXOD\XQDDQWLSDUWtFXODHQWUDQHQFRQWDFWRDGLyV6HQFLOODPHQWHVH
DQLTXLODQGHVDSDUHFHWRGDPDWHULDOLGDG\VHYRODWLOL]DQHQXQWRUUHQWHGHUDGLDFLyQJDPPD
(V SRVLEOH WDPELpQ HO SURFHVR LQYHUVR HQ FXDOTXLHU ODERUDWRULR GH PHGLFLQD QXFOHDU XQ UD\R
JDPPDHPLWLGRSRUHOFREDOWRFKRFDGHUHSHQWHFRQXQiWRPRGHSORPR<HQWRQFHVODHQHUJtD
GHOUD\RJDPPDVHPDWHULDOL]DHQXQHOHFWUyQ\XQDQWLHOHFWUyQ
'HPRGRTXHODDQWLPDWHULDH[LVWHVt\DXQTXHODVDQWLSDUWtFXODVVRQDOWDPHQWHHYDQHVFHQWHVHQ
PX\ SRFR WLHPSR FKRFDQ FRQWUD OD PDWHULD \ VH DQLTXLODQ SUHVWDQ XQD QRWDEOH FRQWULEXFLyQ D OD
PHGLFLQDSRUHMHPSORFRQOD7RPRJUDItDGH(PLVLyQGH3RVLWURQHV
< VL OD PDWHULD \ OD DQWLPDWHULD QR VH DQLTXLODQ HQ JUDQ HVFDOD GHVWUX\HQGR HO XQLYHUVR HV
VRODPHQWH SRUTXH KD\ PX\ SRFD DQWLPDWHULD 6yOR SRU HVR < VL KD\ SRFD DQWLPDWHULD HV SRUTXH \D
KXERXQDDQLTXLODFLyQDHVFDODFyVPLFDIXHHQORVWHPSUDQRVPRPHQWRVGHOXQLYHUVRHQORVFXDOHV
XQOLJHURH[FHVRGHODPDWHULDVREUHODDQWLPDWHULDQRVVDOYyRPHMRUGLFKRQRVSHUPLWLyODYLGD
8QSHUVRQDMHH[WUDxRHOQHXWULQR
eVWD HV XQD KLVWRULD TXH VH SDUHFH D OD GH 'LUDF \ HO SRVLWUyQ /D GHVLQWHJUDFLyQ UDGLDFWLYD HQ
HVSHFLDOODGHVLQWHJUDFLyQEHWDWHQtDXQVHULRSUREOHPDDOILQDOGHOSURFHVRKDEtDVLHPSUHXQSRFR
PHQRVGHHQHUJtDTXHDOSULQFLSLRGHPRGRTXHHOEDODQFHHQHUJpWLFRQRVHHTXLOLEUDED8QDFLHUWD
FDQWLGDG GH HQHUJtD VH HVIXPDED SRU FRPSOHWR YLRODQGR HO VDFURVDQWR SULQFLSLR GH FRQVHUYDFLyQ
4Xp RFXUUtD FRQ OD HQHUJtD IDOWDQWH" $OJR KDEtD TXH KDFHU DO UHVSHFWR \ IXH HQWRQFHV FXDQGR
DSDUHFLyHQHVFHQD:ROIDQJ3DXOLRWURGHORVKpURHVGHODpSRFDGHRURGHODItVLFDHVHSHUtRGR
HQWUH  \  HQ HO FXDO VH ORJUy R VH FUH\y TXH VH ORJUy GHVHQWUDxDU OD HVWUXFWXUD GHO
iWRPR
3DXOLKDEtDQDFLGRHQ9LHQDHQHVWXGLDGRFRQHOJUDQItVLFR6RPPHUIHOGHQ0XQLFK\HQ
KDEtDDQXQFLDGRVX3ULQFLSLRGH([FOXVLyQTXHSHUPLWtDH[SOLFDU\DQRFyPRVLQRSRUTXpORV
HOHFWURQHVGHXQiWRPRVHGLVWULEX\HQHQFDSDVVXSHUSXHVWDV\SURGXFHQODVSURSLHGDGHVTXtPLFDVGH
ORVHOHPHQWRVGHOD7DEOD3HULyGLFD\TXHHQRWURUHODWRPHUHFHUtDXQFDStWXORHQWHURSHURTXHSRU
VX GLILFXOWDG OR VDOWHDUp /R FLHUWR HV TXH HV XQR GH ORV EDVDPHQWRV HQ ORV TXH VH DSR\D OD ItVLFD
QXFOHDU\DWyPLFD
3HUR QR HV pVD OD FDXVD SRU OD TXH HQWUD HQ HVFHQD DTXt VLQR FRPR VRVSHFKDUiQ SRU KDEHU
FRQWULEXLGRDGLVLSDUHOPLVWHULRGHODHQHUJtDGHVDSDUHFLGDGXUDQWHODHPLVLyQEHWD(Q3DXOL
VXJLULyTXHGXUDQWHODGHVLQWHJUDFLyQEHWDVHHPLWtDRWUDSDUWtFXODVLQFDUJD\WDOYH]VLQPDVD/D
HQHUJtD GH HVD SDUWtFXOD GLMR 3DXOL HUD MXVWDPHQWH OD TXH HVWDED IDOWDQGR /R SRQJR HQWUH
FRPLOODV SRUTXH HQ UHDOLGDG QR IDOWDED VH XWLOL]DED SDUD HPLWLU XQD SDUWtFXOD D OD TXH VH OODPy
QHXWULQRTXHVLJQLILFDSHTXHxDFRVDQHXWUD
(O QHXWULQR DVt SODQWHDGR QR HUD PiV TXH XQD FRQVWUXFFLyQ WHyULFD GH SURSLHGDGHV UHDOPHQWH
VRUSUHQGHQWHVXQQHXWULQRSXHGHDWUDYHVDUOD7LHUUDGHODGRDODGRFRQODPLVPDIDFLOLGDGFRQTXH
XQUD\RGHOX]DWUDYLHVDXQYLGULR/DLQWHUDFFLyQGHORVQHXWULQRVFRQODPDWHULDRUGLQDULDHVPtQLPD
FDVLULGtFXODPLHQWUDV\RHVFULERHVWR\XVWHGHVOROHHQHVWDPRVVLHQGRDWUDYHVDGRVSRUFLHQWRVGH
PLOHV GH PLOORQHV GH QHXWULQRV TXH VLJXHQ VX FDPLQR WDQ FDPSDQWHV VLQ SUHVWDUQRV OD PiV PtQLPD
DWHQFLyQ
8QDSDUWtFXODWDQHVFXUULGL]DREYLDPHQWHHVFDVLLPSRVLEOHGHGHWHFWDU3HURHQVHLQWHQWy
XQ H[SHULPHQWR TXH UHVXOWy H[LWRVR VH WUDWy GH SHVFDU QHXWULQRV HQ OR SURIXQGR GH XQD PLQD GH
'DNRWDGHO6XU(VWDGRV8QLGRVHVSHUDQGRTXHDOJXQRVGHHVRVFLHQWRVGHPLOHVGHPLOORQHVGHHOORV
LQWHUDFWXDUDQFRQHOPDWHULDOFRQWHQLGRHQWDQTXHVGLVSXHVWRVFRQHVHILQ3RUVXSXHVWRVHXWLOL]DURQ
LQVWUXPHQWRVXOWUDVHQVLEOHV\ODVQXHYDVSDUWtFXODVIXHURQHIHFWLYDPHQWHGHWHFWDGDVORVLQVWUXPHQWRV
PLGLHURQODLQFLGHQFLDGHDOJXQRVQHXWULQRVFRQILUPDQGRDVtGHPDQHUDH[SHULPHQWDOODSUHGLFFLyQ
GH3DXOL
(Q FRQWUD GH OR TXH VH SHQVy DO SULQFLSLR HO QHXWULQR WLHQH PDVD \ HV PiV KD\ WLSRV GH
QHXWULQRV
'LFKR VHD GH SDVR 3DXOL QR HUD WDQ DIRUWXQDGR FRQ WRGDV VXV SUHGLFFLRQHV (Q  HO GtD
VLJXLHQWH GHO LQFHQGLR GHO 5HLFKVWDJ TXH SUR\HFWy D +LWOHU DO SRGHU DEVROXWR KXER XQD UHXQLyQ HQ
*RWLQJD9DULRVItVLFRVHQWUHORVFXDOHVVHHQFRQWUDED(GZDUG7HOOHUTXHPiVWDUGHVHUtDHOFHUHEUR
GH OD ERPED GH KLGUyJHQR QRUWHDPHULFDQD GLVFXWLHURQ OD VLWXDFLyQ SROtWLFD GH $OHPDQLD 3DXOL
GHFODUy HQIiWLFDPHQWH TXH OD LGHD GH XQD GLFWDGXUD HQ $OHPDQLD HUD XQ GLVSDUDWH +H YLVWR XQD
GLFWDGXUDHQ5XVLDHQ$OHPDQLDVLPSOHPHQWHQRSXHGHVXFHGHU

(QVDODGDVGHSDUWtFXODV
/DYHUGDGHVTXHFXDQGRORVQHXWURQHVHQWUDURQHQHVFHQDSDUHFLyTXHKDVWDDKtVHOOHJDED\TXHHO
SUREOHPDGHODHVWUXFWXUDGHODPDWHULDKDEtDHQFRQWUDGRXQDVROXFLyQSHUPDQHQWHHVWDEDKHFKDGH
iWRPRVDVXYH]IRUPDGRVSRUQHXWURQHVSURWRQHVHOHFWURQHV<SXQWR1RHUDODLGHDGH'DOWRQR
'HPyFULWRSDUDTXLHQHVORViWRPRVHUDQODVSDUWtFXODVYHUGDGHUDPHQWHHOHPHQWDOHVSHURHUDDVt6L
VHORSHQVDEDELHQHUDLQFOXVRPHMRUHQOXJDUGHPXFKDVFODVHVGHiWRPRVKDEtDVyORWUHVSDUWtFXODV
YHUGDGHUDPHQWH HOHPHQWDOHV TXH HQ VXV P~OWLSOHV FRPELQDFLRQHV IRUPDEDQ WRGR OR TXH KDEtD
'HPyFULWRKXELHVHHVWDGRFRQWHQWtVLPR
3HUR OD QDWXUDOH]D QR UHVSHWD ODV GHFLVLRQHV KXPDQDV QL VLTXLHUD ODV GH DOJXLHQ WDQ JUDQGH \
JHQLDO FRPR 'HPyFULWR HQ OD PLVPD GpFDGD GHO WUHLQWD HO DQiOLVLV GH OD PDWHULD ORV ERPEDUGHRV
FRQSDUWtFXODVHOXVRGHORVLQPHQVRVDFHOHUDGRUHV\GHPiV\HUEDVIXHURQDPSOLDQGRFDGDYH]PiV
HO PHQ~ GH ODV SDUWtFXODV HOHPHQWDOHV KDVWD IRUPDU XQD YHUGDGHUD H LQVRSRUWDEOH VHOYD SLRQHV
NDRQHV HQ WUHV YHUVLRQHV SRVLWLYRV QHJDWLYRV \ QHXWURV PXRQHV SDUWtFXODV WDX WUHV WLSRV GH
QHXWULQRV\XQDODUJXtVLPDOLVWDFDGDXQRFRQVXDQWLSDUWtFXODDGHPiV
(O SDQRUDPD HPSH]DED D FRPSOLFDUVH GH WDO PRGR TXH FUHFLHURQ ORV VXVSLURV SRU XQ RUGHQ
VXE\DFHQWH $O ILQ \ DO FDER SHQVDEDQ ORV ItVLFRV GH SDUWtFXODV OD QDWXUDOH]D QXQFD HV WDQ
FRPSOLFDGDORFXDOGHVGH\DHVXQDFUHHQFLDSHURXQDFUHHQFLDTXHDOILQ\DOFDERVRVWLHQHEXHQD
SDUWH GHO LPSXOVR FLHQWtILFR \ TXH KDVWD DKRUD KD GDGR UHVXOWDGR &RPR FXHQWD HO ItVLFR /HyQ
/HGHUPDQ(QORVDTXLHQGHVFXEUtDXQDQXHYDSDUWtFXODHOHPHQWDOVHOHGDEDHO3UHPLR1REHO
(QORVVHORPDOGHFtD

/RVTXDUNV
7KUHHTXDUNVIRU0XVWHU0DUN
6XUHKHKDVQRWJRWPXFKRIDEDUN
$QGVXUHDQ\KHKDVLWVDOOEHVLGHWKHPDUN

-$0(6-2<&()LQQHJDQV:DNH

< DVt IXH FRPR HQ ORV DxRV VHVHQWD 0XUUD\ *HOO0DQQ Q  \ *HRUJH =ZHLJ Q 
SUHVHQWDURQ XQD SURSXHVWD OD H[LVWHQFLD GH HQWLGDGHV DXQ PiV IXQGDPHQWDOHV \ WRGDYtD PiV FKLFDV
TXHORVQHXWURQHV\ORVSURWRQHVDORVTXH*HOO0DQQOODPRTXDUNVHQKRQRUDXQDIUDVHLUyQLFDGH
-DPHV-R\FHHQ)LQQHJDQV:DNH+DEtDHQODQDWXUDOH]DVHJ~QHOORVWUHVWLSRVGHTXDUNVDORV
TXH VH OHV SXVLHURQ H[WUDxRV QRPEUHV ORV TXDUNV XS DUULED ORV TXDUN GRZQ DEDMR \ ORV
TXDUN VWUDQJH H[WUDxR /DV FRPELQDFLRQHV HQWUH HOORV GDEDQ FXHQWD GH WRGDV ODV SDUWtFXODV
FRQRFLGDVKDVWDHOPRPHQWRGRVTXDUNVXS\XQRGRZQIRUPDEDQXQSURWyQGRVGRZQ\XQRXSXQ
QHXWUyQORVPHVRQHV\SLRQHVVHIRUPDEDQFRQGRVTXDUNV

8135271<811(8751&2168675(65(63(&7,92648$5.6

(O HOHFWUyQ \ VX QR PX\ QXPHURVD IDPLOLD HQ OD FXDO VH FXHQWDQ ORV PXRQHV OD SDUWtFXOD WDX \
XQRV WLSRV HVSHFtILFRV GH QHXWULQRV HQ FDPELR HUDQ ORV ~QLFRV TXH QR HVWDEDQ FRPSXHVWRV SRU
TXDUNV\TXHSDUHFtDQYHUGDGHUDPHQWHHOHPHQWDOHV
*HOO0DQQ FRPR VLHPSUH VH FXLGy GH DFODUDU TXH VXV TXDUNV HUDQ HQWLGDGHV PHUDPHQWH
HVSHFXODWLYDVREMHWRVPDWHPiWLFRVSHURWDPELpQFRPRVLHPSUHRFRPRFDVLVLHPSUHHQORV
ItVLFRVGHOJUDQ$FHOHUDGRU/LQHDOGH6WDQIRUGERPEDUGHDQGRSURWRQHVXQDRSHUDFLyQDHVFDODD~Q
PiV UHGXFLGD GHO IDPRVR H[SHULPHQWR GH 5XWKHUIRUG FRPSUREDURQ TXH GHQWUR GHO SURWyQ KDEtD
HIHFWLYDPHQWHWUHVSDUWtFXODVPiVSHTXHxDV/DUXHGDQRVHGHWXYRDOOt\IXHURQDSDUHFLHQGRQXHYRV
HLQVRVSHFKDGRVTXDUNVKR\VHFRQRFHQVHLV\VXVUHVSHFWLYRVDQWLTXDUNVFODURHVWi
/DYHUGDGHVTXHVHKDEtDUHFRUULGRXQODUJRFDPLQRGHVGHDTXHOORVSULPLWLYRViWRPRVGHWLHUUD
DJXDDLUH\IXHJRGH(PSpGRFOHVTXHVHXQtDQVLPSOHPHQWHSRUDPRU\GLVFRUGLD

(OPRGHORHVWiQGDU
/DH[SHULHQFLDGHWRGRXQVLJOR\ORVTXDUNVGH*HOO0DQQSHUPLWLHURQFRQVWUXLUORTXHKR\VHOODPD
HOPRGHORHVWiQGDUTXHUHIOHMDORPiVSURIXQGRTXHVHOOHJyDFRQRFHUVREUHODHVWUXFWXUDGHOD
PDWHULD
<HVDVtODPDWHULDREVHUYDEOHXQDPROpFXODGHDJXDXQIUDJPHQWRGH$'1RXQFDEDOORHVWi
IRUPDGDEiVLFDPHQWHSRUiWRPRVTXHPLGHQXQGLH]PLOORQpVLPRGHPLOtPHWURGHGLiPHWUR$VXYH]
ORViWRPRVHVWiQIRUPDGRVSRUHOHFWURQHVTXHJLUDQPX\OHMRVGHXQQ~FOHRFHQWUDOGHGLiPHWURGLH]
PLOYHFHVPiVFKLFRGHXQFLHQPLOpVLPRGHPLOORQpVLPRGHPLOtPHWUR3HURHOQ~FOHRHVWiIRUPDGR
SRU SURWRQHV \ QHXWURQHV GLH] YHFHV PiV GLPLQXWRV PHQRV GH XQ PLOORQpVLPR GH PLOORQpVLPR GH
PLOtPHWUR<HVRVSURWRQHV\QHXWURQHVDVXYH]HVWiQIRUPDGRVSRUSDUWtFXODVPiVGHFLHQPLOYHFHV
PiV SHTXHxDV ORV TXDUNV GH PHQRV GH XQ FLHQPLOpVLPR GH PLOORQpVLPR GH PLOORQpVLPR GH
PLOtPHWURGHGLiPHWUR
/RV VHLV WLSRV GLVWLQWRV GH TXDUNV FRPELQDGRV GH D WUHV R GH D GRV SXHGHQ GDU XQD YDULHGDG
HQRUPHGHRWUDVSDUWtFXODVLQWHUPHGLDVFRPRORVPHVRQHV\ORVSLRQHV
3RU RWUR ODGR HVWiQ ORV OHSWRQHV TXH QR HVWiQ IRUPDGRV SRU TXDUNV HO HOHFWUyQ HO PXyQ XQD
HVSHFLHGHHOHFWUyQPiVSHVDGRODSDUWtFXODWDX\WUHVFODVHVGHQHXWULQRVTXHDSDUHQWHPHQWHVtVRQ
HOHPHQWDOHV
3HURFRQ HVWRQRDOFDQ]D KD\TXHDJUHJDUODVSDUWtFXODVTXH WUDQVSRUWDQODV FXDWUR IXHU]DVTXH
PDQWLHQHQDORVWURFLWRVGHPDWHULDXQLGRV\VLQODVFXDOHVTXDUNV\OHSWRQHVIORWDUtDQVXHOWRVSRUHO
XQLYHUVR \ QXQFD SRGUtD OOHJDUVH D HVWUXFWXUDV PiV FRPSOHMDV FRPR XQ SURWyQ XQ iWRPR XQD
PROpFXODHVWHOLEURRVXOHFWRU
/D LQWHUDFFLyQ IXHUWH OD GpELO HO HOHFWURPDJQHWLVPR \ OD JUDYLWDFLyQ IXQFLRQDQ KDVWD GRQGH VH
VDEH D WUDYpV GH SDUWtFXODV DXQTXH XQD GH HOODV OD TXH WUDQVSRUWDUtD OD IXHU]D GH JUDYHGDG HO
JUDYLWRQDXQQRSXGRVHUGHWHFWDGDDSHVDUGHORVWUHPHQGRVHVIXHU]RVSRUKDFHUOR
(OPRGHORHVWiQGDUSRGUtDSDUHFHUVLPSOHRPHMRUGLFKRRUGHQDGR&ODURVLHPSUH\FXDQGRQR
KXELHUD QDGD PiV 3HUR H[WUDxDPHQWH HQ XQ PXQGR TXH SDUHFH DPDU OD VLPSOLFLGDG DSDUHFHQ GH
PDQHUDFRQVWDQWH\IXJD]RWUDVSDUWtFXODVKXLGL]DVDXQTXHODJUDQPD\RUtDWLHQHXQDHVWDELOLGDGWDQ
HQGHEOHTXHVLORJUDQFUHDUVHHVSRQWiQHDPHQWHQRVREUHYLYHQHQORVODERUDWRULRVPiVTXHXQDVSRFDV
IUDFFLRQHVGHVHJXQGRVHQHOPHMRUGHORVFDVRV
(Q DSDULHQFLD KDVWD DTXt VH OOHJy \ HV OR ~OWLPR TXH VH SXHGH HQFRQWUDU HQ HO LQWHULRU GH OD
PDWHULD$Vt\WRGRSDUDTXHHOPRGHORHVWiQGDUFHUUDUDGHPDQHUDGHILQLWLYDFRPRVLWDOFRVDIXHUD
SRVLEOHHQHOFDPSRGHODFLHQFLDIDOWDEDDOJRODIDPRVDSDUWtFXODGLYLQD

/DVWUHVJHQHUDFLRQHVGHOD0DWHULD)HUPLRQHV

7$%/$'(3$57&8/$6(/(0(17$/(6
,17(5/8',2
',26<3$8/,

3DXOLHUDFRQRFLGR\DGPLUDGRSRUVXLQFUHtEOHFDSDFLGDGSDUDHQFRQWUDUHUURUHVHQORVWUDEDMRV\ODV
WHRUtDVGHORVGHPiV\DXQHQORVVX\RVSURSLRV3DXOLPXULyHQH,VDDF$VLPRYFRQWDEDOD
VLJXLHQWH KLVWRULD $SHQDV SURGXFLGD VX PXHUWH 'LRV OH GLVSHQVy XQ WUDWR HVSHFLDO \ OR UHFLELy HQ
SHUVRQD
6XSRQJROHGLMR'LRVTXHGHVSXpVGHXQDYLGDGHGLFDGDDODItVLFDDODTXHKDD\XGDGR
WDQWRLJXDOOHTXHGDUiQPXFKDVGXGDV
$VtHVFRQWHVWy3DXOLPHKHSDVDGRWDQWRWLHPSRFRQWURODQGRDPLVFROHJDVSDUDTXHQR
FRPHWDQQLQJ~QHUURUTXHKD\FRVDVTXHQRWXYHWLHPSRGHDYHULJXDU
%XHQRGtJDPHSLGLy'LRV
3RUHMHPSORXQDFRVDTXHVLHPSUHPHSHUWXUEyIXHODFXHVWLyQGHOSURWyQ\HOHOHFWUyQTXH
FRPRXVWHGVDEUiSHUIHFWDPHQWHVRQGRVGHODVSDUWtFXODVTXHFRPSRQHQHOiWRPR
/R Vp OR Vp DVLQWLy 'LRV /RV SURWRQHV HVWiQ HQ HO Q~FOHR MXQWR D ORV QHXWURQHV \ ORV
HOHFWURQHVJLUDQDOUHGHGRU1RHVXQOLQGRPRGHOR"0HOOHYyKRUDVGLVHxDUOR
(V OLQGR DGPLWLy 3DXOL VLQ GXGD DOJXQD DXQTXH SDUD Pt KD\ XQ HUURU +D\ DOJR TXH PH
SHUWXUED(OSURWyQ\HOHOHFWUyQWLHQHQODPLVPDFDUJDSRVLWLYDHQXQFDVRQHJDWLYDHQHORWUR3HUR
ODPDVDGHOSURWyQHV YHFHV ODGHOHOHFWUyQ3RU TXpKD\XQDUHODFLyQWDQDEVXUGDHQWUHODV
PDVDVXQQ~PHURWDQGHVDJUDGDEOHVLODFDUJDVDFDQGRHOVLJQRHVODPLVPD"(QWRGRVORVWUDEDMRV
VREUHHOWHPDHQFRQWUpHUURUHV
$K GLMR 'LRV VRQULHQGR $TXt WLHQH H[SOLFDGR HQ WpUPLQRV ULJXURVRV FRQ HFXDFLRQHV \
FiOFXORVODYHUGDGHUDUD]yQGHODUHODFLyQHQWUHODPDVDGHOSURWyQ\ODGHOHOHFWUyQ<OHDODUJy
XQIDMRGHSDSHOHV
3DXOLVHSUHFLSLWyVREUHODVKRMDVODVPLUy\UiSLGDPHQWHUHYLVyODSULPHUDSiJLQDODFRPSDUy
FRQODFXDUWDFRQWUROyOD~OWLPD\OHGHYROYLyHOIDMRD'LRV
$TXtWDPELpQKD\HUURUHVVXVSLUy
 &$378/2

(QEXVFDGHORULJHQ

9DPRVDDEDQGRQDUSRUXQUDWRORVSURWRQHVQHXWURQHVTXDUNVQHXWULQRV\HOQ~FOHRGHOiWRPRSDUD
FHQWUDUQRVHQXQWHPDGHOTXHTXHUtDKDEODUOHVDQWHVGHTXHHVWDKLVWRULDWHUPLQHODH[SORUDFLyQGHO
SDVDGR KXPDQR \ ODV LQYHVWLJDFLRQHV DOUHGHGRU GHO RULJHQ GHO KRPEUH TXH REYLDPHQWH HVWiQ
FRQHFWDGDVHQWUHVt
(OVLJOR ;,;URPSLyGHXQDYH]SRUWRGDVFRQODFURQRORJtDEtEOLFDTXHUHPRQWDEDODHGDGGHOD
7LHUUDDODQWHVGHQXHVWUDHUDORFXDO\DQRGDEDSDUDPXFKRHQXQVLJORHO ;,;TXHVHFUHtD
FRQ OD VXILFLHQWH SRWHQFLD LQWHOHFWXDO FRPR SDUD UHEDVDU WRGRV ORV OtPLWHV \D YLPRV FyPR ORV
DVWUyQRPRV H[SDQGtDQ HO XQLYHUVR FRQRFLGR ORV JHyORJRV ORV KRUL]RQWHV GH QXHVWUR SODQHWD HO
GDUZLQLVPR ORV FRQILQHV GH OD ELRORJtD ORV ItVLFRV \ ORV TXtPLFRV HO FRUD]yQ GH OD PDWHULD (O
FRFNWDLO HUD H[SORVLYR \ QR SRGtD VLQR PiV WHPSUDQR TXH WDUGH HVWDOODU DXQTXH FUpDVH R QR OD
FURQRORJtDEtEOLFDVXEVLVWLySDUDPXFKRVKDVWDDYDQ]DGRHOVLJOR;;
(OGHVFXEULPLHQWRGHOSDVDGRGHSDUyPXFKDVVRUSUHVDVSRUXQODGRKL]RUHWURFHGHUODKLVWRULD
FRQRFLGD HQJOREDQGR D ORV WLHPSRV PtWLFRV SRU HO RWUR GHVHQWHUUy OLWHUDOPHQWH WRGR XQ LQPHQVR
SHUtRGRGHODH[SHULHQFLDKXPDQDTXHRFXSDQDGDPHQRVTXHHOSRUFLHQWRGHVXKLVWRULD\
HQ~OWLPDLQVWDQFLDIXHPXFKRPiVDOOiUDVWUHDQGRORVRUtJHQHVELROyJLFRVGHQXHVWUDHVSHFLH
'HVGH TXH OD EXUJXHVtD LUUXPSLy DOOi SRU HO 5HQDFLPLHQWR LQLFLDQGR HO SURFHVR TXH KR\
OODPDPRV JOREDOL]DFLyQ \ TXH QR HV RWUD FRVD TXH OD XQLILFDFLyQ GHO PXQGR SRU OD IXHU]D R OD
SHUVXDVLyQEDMRODFXOWXUD\ODWHFQRORJtDRFFLGHQWDOHVORVRMRVKDEtDQHVWDGRSXHVWRVHQHOIXWXUR
6LQHPEDUJRXQDVHULHGHDFRQWHFLPLHQWRV\GHVFXEULPLHQWRVREOLJyHQHOVLJOR;,;\OXHJRHQHO
;;DYROYHUHVRVPLVPRVRMRVDOSDVDGRGRQGHVHHVFRQGtDQULTXH]DVHQRUPHVTXHQRVSHUPLWLUtDQ
FRPSUHQGHUPHMRUTXLpQHVVRPRV\GHGyQGHYHQLPRV&XULRVDPHQWHHPSH]yDDEULUVHSDVRODLGHD
GHTXHQXHVWURIXWXURHVWDEDDWDGRDOSDVDGRTXHORTXHVHUtDPRVWHQtDTXHYHUFRQORTXHIXLPRV
TXHVRPRVFULDWXUDVQRVyORFXOWXUDOHVVLQRELROyJLFDV\TXHWRGRVHVRVDVSHFWRVHVWiQUHODFLRQDGRV
0XFKDV GLVFLSOLQDV FRQYHUJHUtDQ HQ OD HPSUHVD (O SDVDGR HUD XQD GH ODV SLH]DV IDOWDQWHV GHO
URPSHFDEH]DV 3LH]D TXH OD DUTXHRORJtD XQD FLHQFLD GH OD TXH SRFR \ QDGD KHPRV KDEODGR KDVWD
DKRUDVHHQFDUJDUtDGHSURYHHU

/DDUTXHRORJtD\HOD]DU
&XDQGR+RZDUG&DUWHULQLFLyVXVH[FDYDFLRQHVHQ(JLSWRVDEtDSHUIHFWDPHQWHORTXH
HVWDEDEXVFDQGRODWXPEDGH7XWDQNDPyQXQLQVLJQLILFDQWHIDUDyQHJLSFLRTXHVXFHGLyDODUHYXHOWD
FRQWUDHOJUDQ$PHQRILV,9\VXYLVLRQDULDUHYROXFLyQUHOLJLRVDPRQRWHtVWDGHODxRDGH&TXH
VHWUDGXMRWDPELpQHQXQPRYLPLHQWRSLFWyULFRQDWXUDOLVWD
3HURQRVLHPSUHHVDVt\GHKHFKRSRGUtDGHFLUVHTXHODDUTXHRORJtDOHGHEHPXFKRPXFKRPiV
GH OR TXH TXLVLHUD VHJXUR D OD FDVXDOLGDG 0DU\ /HDNH\ XQD FRQRFLGD DUTXHyORJD LQJOHVD FDVDGD
FRQXQDUTXHyORJR\PDGUHGHRWURGLMRXQDYH](QHVWDFLHQFLDXQRQXQFDVDEHTXpHVORTXHYDD
EXVFDUQLORTXHYDDHQFRQWUDU$VtHVODKLVWRULDHOSULPHUDUTXHyORJRXQFDPSHVLQRLWDOLDQR
TXHHQVHSXVRDFDYDUXQSR]RHQVXJUDQMDGHOVXUGH,WDOLDVDEtDSHUIHFWDPHQWHORTXHHVWDED
EXVFDQGRDJXDSHURHQVXOXJDUHQFRQWUyDOJRTXHKXELHUDOODPDGRODDWHQFLyQGHFXDOTXLHUDXQD
FLXGDG
(Q UHDOLGDG HVWR\ H[DJHUDQGR XQ SRFR /R TXH HQFRQWUy IXHURQ IUDJPHQWRV GH XQD HVFXOWXUD GH
PiUPROSHURXQSUtQFLSHLWDOLDQR,WDOLDQRHUDXQSDtVSRUDTXHOHQWRQFHVVLQRXQDPRQWRQDPLHQWR
GHUHJLRQHVR\yKDEODUGHOKDOOD]JRFRPSUyOD]RQD\FRQWUDWyWUDEDMDGRUHVSDUDTXHHQVDQFKDUDQ
HO SR]R YHUWLFDO \D FDYDGR \ OXHJR LQLFLDUDQ XQ W~QHO KRUL]RQWDO $ PHGLGD TXH DYDQ]DEDQ
HQFRQWUDURQGLYHUVDVHVFXOWXUDVUHSUHVHQWDQGRPXMHUHVHOW~QHOKDEtDLGRDGHVHPERFDUGHSXUtVLPD
FDVXDOLGDGGLUHFWDPHQWHHQHOWHDWURGHODFLXGDGGH+HUFXODQRVHSXOWDGDPiVGHDxRVDWUiV
MXQWRFRQ3RPSH\DSRUXQDHUXSFLyQGHO9HVXELR
/DV QRWLFLDV VREUH ODV FLXGDGHV HQWHUUDGDV VH GLIXQGLHURQ UiSLGDPHQWH DO SXQWR TXH HO UH\
LWDOLDQR&DUOR,,,PDQGyOODPDUDXQLQJHQLHURHVSDxROSDUDTXHH[FDYDUD\H[WUDMHUDFDGDXQRGHORV
WHVRURVFRQHOXQWDQWRHJRPDQtDFRREMHWRGHLQWHJUDUVXPXVHRSULYDGR$SHQDVHVQHFHVDULRGHFLU
TXHHOUHVXOWDGRIXHXQGHVDVWUHSDUDODVUXLQDVLJXDOTXHORIXHURQODVH[FDYDFLRQHVOOHYDGDVDFDER
FDVL XQ VLJOR PiV WDUGH SRU ORV IUDQFHVHV GXUDQWH ODV JXHUUDV QDSROHyQLFDV TXH DVRODURQ ,WDOLD
)UHVFRV \ HVWDWXDV IXHURQ VDFDGRV GH VXV VLWLRV \ VH GHMDURQ DO DLUH HGLILFLRV TXH OHQWDPHQWH
HPSH]DURQDDUUXLQDUVH5HFLpQHQHOUH\GH,WDOLD9tFWRU0DQXHO,,HPSUHQGLyH[FDYDFLRQHV
FRQFULWHULRPRGHUQR\FRQVHUYDFLRQLVWD
$Vt \ WRGR HO PpWRGR DUTXHROyJLFR GH H[FDYDU SR]RV GH DJXD LQDXJXUDGR SRU DTXHO LJQRWR
FDPSHVLQR LWDOLDQR VLJXLy GDQGR IUXWRV KDVWD ELHQ HQWUDGR HO VLJOR ;; HQ  HQ OD UHS~EOLFD
3RSXODU&KLQDXQJUXSRGHFDPSHVLQRVFDYDEDSR]RVGHDJXDFHUFDGHOPDXVROHRGH4LQ6KLKXDQJGL
TXHHQHODxRDQWHVGH&ULVWRVHSURFODPySULPHUHPSHUDGRUGHOD&KLQDXQLILFDGD\TXHGLFKR
VHDGHSDVRIXHHOFRQVWUXFWRUGHOD*UDQ0XUDOODFXDQGRHQFRQWUDURQYDULDVILJXUDVGHWHUUDFRWDGH
WDPDxRQDWXUDOTXHUHSUHVHQWDEDQJXHUUHURV)XHODVHxDOSDUDTXHORVDUTXHyORJRVSURIHVLRQDOHVVH
ODQ]DUDQVREUHHODVXQWRTXHWHUPLQyGDQGRVXVMXJRVRVIUXWRVVHHQFRQWUDURQVHLVPLOHVWDWXDVGH
VROGDGRV HQ WDPDxR QDWXUDO VHLV FDUUR]DV \ PLO FXDWURFLHQWDV HVWDWXDV GH MLQHWHV WRGR HOOR HQ
WHUUDFRWD0iVWDUGHDSDUHFLHURQVHWHQWD\WUHVILJXUDVGHVROGDGRVJXDUGLDQHVGHORVFRPDQGDQWHVGH
ODV FDUUR]DV &DGD XQR GH HVWRV VROGDGRV WHQtD XQ URVWUR GLVWLQWR OR FXDO VXJLHUH TXH IXHURQ
PRGHODGRVVREUHSHUVRQDVUHDOHV\FRQUDVJRVFRUUHVSRQGLHQWHVDODVGLIHUHQWHVQDFLRQDOLGDGHVTXH
SREODEDQ HO &HOHVWH ,PSHULR VXJLULHQGR OD YDULHGDG GH HOHPHQWRV TXH FRQIRUPDEDQ HO HMpUFLWR
LPSHULDO
(QUHDOLGDGQRVyORORVSR]RVGHDJXDGLHURQXQDPDQRDODDUTXHRORJtDFXDWURDxRVGHVSXpVGHO
P~OWLSOHGHVFXEULPLHQWRHQ&KLQDHQ0p[LFR')XQRVREUHURVTXHWUDWDEDQGHDEULUXQSDVDGL]R
SDUD WHQGHU FDEOHV GH HOHFWULFLGDG HQFRQWUDURQ XQ HQRUPH GLVFR GH SLHGUD FRQ ILJXUDV JUDEDGDV \
UHFRQRFLHURQ HQ HOODV LPiJHQHV GH OD GLRVD D]WHFD GH OD /XQD (Q XQ VDQWLDPpQ OOHJDURQ ORV
DUTXHyORJRVVLHPSUHDWHQWRVDHVWRVOODPDGRVGHHPHUJHQFLD\HOWHQGLGRHOpFWULFRTXHGyROYLGDGR
-XVWLILFDGDPHQWHSRUFLHUWRGXUDQWHFXDWURVLJORV7HQRFKWLWOiQODFLXGDGFDSLWDOGHOLPSHULRD]WHFD
KDEtD HVWDGR HQWHUUDGD GHEDMR GH OD FLXGDG GH 0p[LFR \ DKRUD DSDUHFtDQ JUDFLDV DO FDSULFKR GHO
D]DUODVUXLQDVGHOWHPSORGH+XLW]LORSRFKWOLGLRVD]WHFDGHODJXHUUD

(OGHVFXEULPLHQWRGH7UR\D
/RVGHVHQWLHUURVGH3RPSH\DGH+HUFXODQRGH7HQRFKWLWOiQIXHURQHPSUHVDVTXHLQGDJDURQHQORV
WLHPSRVKLVWyULFRV\DEDVWDQWHELHQFRQRFLGRVSRUODOLWHUDWXUDGHODpSRFD(OVLJXLHQWHSDVRHQOD
E~VTXHGDGHOSDVDGRFRQVLVWLyHQLUHQSRVGHORVWLHPSRVPtWLFRV
9DOHSDUDHOORXQDDFODUDFLyQ/DDUTXHRORJtDHVKR\XQDFLHQFLDSHUIHFWDPHQWHUHJODPHQWDGD\
ODV H[SHGLFLRQHV TXH FDGD WDQWR GHVHQWLHUUDQ ORV UHVWRV GH XQD FXOWXUD SDVDGD TXH DQGDQ WUDV ODV
KXHOODV GH SREODFLRQHV GH OD (GDG GH 3LHGUD R TXH LQWHQWDQ UHFRQVWUXLU HO WLSR GH DJULFXOWXUD
SUDFWLFDGD SRU GHWHUPLQDGRV SXHEORV HVWiQ VXMHWDV D XQD ULJXURVD GLVFLSOLQD (O WHUUHQR TXH VH
H[SORUDHVPHGLGRDOPLOtPHWURODWLHUUDVHWDPL]D\ORVDUTXHyORJRVDFW~DQFRPRVLVXVRMRVIXHUDQ
OXSDVFDSDFHVGHFDSWDUKDVWDHOPiVPtQLPRGHWDOOH
6LQHPEDUJRQRIXHpVHHOPpWRGRTXHDGRSWy+HLQULFK6FKOLHPDQQTXLHQSUDFWLFy
XQD DUTXHRORJtD TXH VL ELHQ IXH LQJHQXD EUXWDO \ GHVWUXFWLYD DEULy QXHYRV KRUL]RQWHV SDUD OD
LQYHVWLJDFLyQ6FKOLHPDQQIXHXQDUTXHyORJRDILFLRQDGRHQXQDpSRFDHQTXHQRDEXQGDEDQRPHMRU
GLFKR FDVL QR H[LVWtDQ ORV DUTXHyORJRV SURIHVLRQDOHV \ OD KLVWRULD GH VX YLGD WLHQH DLUHV GH
DYHQWXUD)XHXQSHUIHFWRPRGHORGHOVHOIPDGHPDQKLMRGHXQSDGUHSREUH\ERUUDFKRLQFDSD]GH
GDUOHHGXFDFLyQFRQVLJXLyHQWUDUFRPRDSUHQGL]GHHPSOHDGRGHFRPHUFLRFRQXQVXHOGRGHSRFDV
PRQHGDV \ SRU ODV QRFKHV HVWXGLDED OHQJXDV $ ORV YHLQWH DxRV GRPLQDED VLHWH LGLRPDV D ORV
YHLQWLFLQFR \D HUD XQ DYH]DGR FRPHUFLDQWH D ORV WUHLQWD HUD ULFR D ORV FXDUHQWD \ FLQFR HUD
PLOORQDULR \ GHFLGLy SRQHU HQ SUiFWLFD HO SUR\HFWR TXH OR KDEtD SHUVHJXLGR VLHPSUH HQFRQWUDU ODV
UXLQDVGHODFLXGDGGH7UR\DHVFHQDULRGHOD,OtDGD\SXQWRGHSDUWLGDGHOD2GLVHD
$XQTXH DOJXQRV RVDGRV KDEtDQ H[SORUDGR ODV FRVWDV GH 7XUTXtD HQ EXVFD GH ODV UXLQDV GH OD
FLXGDGSHUGLGDODSRVLFLyQRILFLDOGHODpSRFDFRQVLGHUDEDORVUHODWRVKRPpULFRVFRPROH\HQGDVVLQ
YDORUKLVWyULFRFRPSUREDEOH(QHIHFWRQRKDEtDQLQJ~QLQGLFLRFRQFUHWRTXHSHUPLWLHUDGHGXFLUTXH
ODFLXGDGGH7UR\DKDEtDH[LVWLGRDOJXQDYH]RTXHODJXHUUDGH7UR\DKXELHUDWHQLGROXJDU(QOD
$QWLJHGDG SRU HO FRQWUDULR VH WRPDED D ORV SRHPDV KRPpULFRV FRPR KLVWRULD SXUD ORV URPDQRV
OOHJDURQDIXQGDULQFOXVRXQDFLXGDG1XHYD,OLyQFHUFDGHODFROLQDGH+LVVDUOLNDFWXDO7XUTXtD
VXSXHVWRHPSOD]DPLHQWRGHODVXSXHVWDFLXGDG1RHUDXQJHVWRPHQRUGDGRTXHORVURPDQRVVH
FRQVLGHUDEDQ GHVFHQGLHQWHV GH (QHDV HVH SUtQFLSH WUR\DQR TXH ORJUy KXLU GH OD FLXGDG HQ OODPDV
FRPRFXHQWD9LUJLOLRHQHO&DQWR,,GHOD(QHLGD
&RQWUDWRGDHYLGHQFLD\FRQODIHGHORVIDQiWLFRV6FKOLHPDQQFUHtDHQODYHUGDGOLWHUDOGHORV
SRHPDVGH+RPHURH,OtDGDHQPDQRUHFRUULyWRGRVORVVLWLRVSUREDEOHVKDVWDGHFLGLUVHSRUOD
WUDGLFLRQDOFROLQDGH+LVVDUOLN
(Q  LQLFLy OD H[FDYDFLyQ IXH HO SULPHU LQWHQWR DUTXHROyJLFR GH WDO HQYHUJDGXUD WDQWR SRU
VXVREMHWLYRVFRPRSRUVXPDJQLWXG$OFDERGHWUHVWHPSRUDGDV\WUDVH[WUDHUFLHQWRVGHPLOHVGH
PHWURVF~ELFRVGHWLHUUDPRVWUyDOPXQGRDVRPEUDGRTXHGHQWURGHODGLFKRVDFROLQDVHHVFRQGtDQ
QR XQD VLQR VLHWH FLXGDGHV VXSHUSXHVWDV FDGD XQD GH HOODV FRQVWUXLGD VREUH ODV UXLQDV GH OD RWUD
3DUHFHVHUTXHHUDQpSRFDVHQTXHODFRPSOHWDGHVWUXFFLyQGHFLXGDGHVHUDXQGHSRUWHPXFKRPiV
DVLGXDPHQWHSUDFWLFDGRTXHKR\HQGtDDXQTXHQRIXHFRPSOHWDPHQWHDEDQGRQDGRSRUFLHUWR\SRU
GHVJUDFLD
(QXQRGHORVHVWUDWRV6FKOLHPDQQHQFRQWUyXQDVXVWDQFLDODFXPXODFLyQGHREMHWRVGHRUR\HQ
VLQYDFLODUSURFODPyTXHKDEtDGHVFXELHUWRHO7HVRURGH3UtDPRUH\GH7UR\DHQOD,OtDGD
\SDGUHGHOKpURHWUR\DQR+pFWRUDTXLHQPDWD$TXLOHV\GHFLGLyTXHORVUHVWRVGHODWHUFHUDFLXGDG
FRQWDQGRGHVGHODPiVDQWLJXD FRUUHVSRQGtDQ D OD7UR\DGH +RPHUR (Q UHDOLGDGVHHTXLYRFyOD
FLXGDGKRPpULFDFRUUHVSRQGHVHJ~QVHFUHHKR\DOVH[WRHVWUDWRFRQWDQGRGHVGHDEDMR/DFLXGDG
TXH6FKOLHPDQQFRQIXQGLyFRQ7UR\DGHELyVHUSRUORPHQRVPLODxRVPiVDQWLJXD
/RVGHVFXEULPLHQWRVGH6FKOLHPDQQHQ+LVVDUOLNMXQWRDORVTXHSRVWHULRUPHQWHOOHYyDFDERHQ
0LFHQDVWUDQVIRUPDURQODLPDJHQTXHORVKLVWRULDGRUHVWHQtDQGHODHYROXFLyQKLVWyULFDGH*UHFLD
6HVROtDILMDUHOSXQWRGHSDUWLGDGHODFURQRORJtDHQOD3ULPHUD2OLPStDGDHQHODxRDQWHVGH
&ULVWR DSUR[LPDGDPHQWH $ SDUWLU GH 6FKOLHPDQQ OD KLVWRULD JULHJD UHWURFHGLy GRV PLO DxRV GH XQ
VRORVDTXH
$VtORVKDOOD]JRVGHXQDUTXHyORJRDILFLRQDGRSURSRUFLRQDURQDODFLHQFLDQDFLHQWHXQSRGHURVR
LPSXOVR TXH UHERWy HQ GHVFXEULPLHQWRV WDPELpQ HVSHFWDFXODUHV HQ  6LU $UWKXU (YDQV
GHVHQWHUUyHOSDODFLRGH&QRVVRVHQ&UHWDVHGHGHXQDFXOWXUDPLQRLFDTXHGRPLQyHOPDU(JHR
PLOTXLQLHQWRVDxRVDQWHVGHOD(UD&OiVLFD(Q&DUWHUDTXLHQ\DQRVKHPRVUHIHULGRHQFRQWUy
HQ (JLSWR OD WXPED LQWDFWD GHO IDUDyQ 7XWDQNDPyQ 3HUR QLQJXQD GH HVWDV KD]DxDV SXHGH
SUREDEOHPHQWH FRPSDUDUVH D OD TXH UHDOL]y 6FKOLHPDQQ DO UHVFDWDU DTXHOOD FLXGDG TXH LQVSLUy OD
,OtDGD\OD2GLVHDORVGRVSLODUHVGHODOLWHUDWXUD\ODFXOWXUDHXURSHDV
/D HSRSH\D GH 6FKOLHPDQQ WXYR OD SDUWLFXODULGDG GH VHU VHJXLGD SRU OD SUHQVD PXQGLDO TXH
PHGLDQWHHOWHOpJUDIRLQIRUPDEDGtDDGtDORVGHVFXEULPLHQWRV\ORVIUDFDVRV3HURORVSHULRGLVWDV
VLHPSUHDQVLRVRVQRHVWiQKHFKRVSDUDORVWLHPSRVGHODDUTXHRORJtDFXDQGRHQ7LULQWRSHQtQVXOD
GHO 3HORSRQHVR ODV H[FDYDFLRQHV DYDQ]DEDQ D SDVR GH DUTXHyORJR OHQWD \ FXLGDGRVDPHQWH HO
FRUUHVSRQVDOGHO1HZ<RUN7LPHVDQXQFLyTXHD+HLQULFKVHOHKDEtDDFDEDGRODVXHUWH6XHUWHTXH
HQ UHDOLGDG UHFLpQ KDEtD FRPHQ]DGR SRFRV GtDV GHVSXpV VH SURGXMR HO PiV HVSHFWDFXODU GH VXV
KDOOD]JRV ORV UHVWRV GH XQ SDODFLR TXH ULYDOL]DED FRQ ORV KDOODGRV HQ 7UR\D R 0LFHQDV $Vt SXHV
6FKOLHPDQQGHVHQWHUUyODHGDGPtWLFD\ODLQFOX\yHQODHSRSH\DKXPDQD
<PLHQWUDVODSUHQVDWUDQVPLWtDORVYLVWRVRVGHVFXEULPLHQWRVGH6FKOLHPDQQKDEtDRWURSURFHVR
DOJRPiVVLOHQFLRVRHQPDUFKDHOGHVFXEULPLHQWRGHODSUHKLVWRULD

(OGHVFXEULPLHQWRGHODSUHKLVWRULD
-XQWR FRQ ODV SODQWDV DQLPDOHV \ PLQHUDOHV TXH ORV SLRQHURV H[SORUDGRUHV \ QDWXUDOLVWDV WUDtDQ D
(XURSDDSDUWLUGHOVLJOR;9,OOHJDEDQWDPELpQREMHWRVSURGXFLGRVSRUODPDQRGHOKRPEUHTXHLEDQ
D SDUDU GLUHFWDPHQWH D ODV YLWULQDV GH FXULRVLGDGHV FRQYLUWLpQGRVH HQ SLH]DV GH PRELOLDULR
KDELWXDOHVHQORVKRJDUHVGHORVULFRV \ ORVSRGHURVRV D SDUWLUGHO5HQDFLPLHQWR$Vt QDFLHURQODV
JUDQGHVFROHFFLRQHVGHSDODFLRV\PRQDVWHULRVODVGHORV8IIL]L\3LWWLGH)ORUHQFLDHO/RXYUHGH
3DUtV(O(VFRULDOFHUFDGH0DGULG\RWUDVHQODVFDSLWDOHVGXFDOHVFRPR'UHVGH
3HURHQHOVLJOR ;9,,, DSDUHFLyHQ (XURSD RWURWLSRGHFROHFFLyQ HOPXVHRS~EOLFRTXHH[LJtD
QXHYDV PDQHUDV GH FODVLILFDU +DVWD HQWRQFHV OD DWHQFLyQ HVWDED FRQFHQWUDGD HQ ORV REMHWRV
FRQVLGHUDGRVEHOORVFRPRDQWLJXRVFHWURV\HVWDWXLOODVGHRURRDOJ~QLQVWUXPHQWRFLHQWtILFRUDUR1R
VHUtDQHVRVREMHWRVVLQRORVPiVFRPXQHV\SURVDLFRVORVTXHDEULUtDQORVRMRVDODSUHKLVWRULDDTXHO
SHUtRGR SUHYLR D OD HVFULWXUD TXH FRPR DKRUD VDEHPRV UHSUHVHQWD HO  SRU FLHQWR GH OD KLVWRULD
KXPDQD
3RU XQD VHULH GH FLUFXQVWDQFLDV HO SDSHO FUXFLDO OR MXJy QR XQ FLHQWtILFR VLQR XQ KRPEUH GH
QHJRFLRVGDQpV&KULVWLDQ-UJHQVHQ7KRPVHQ+DEtDVLGRHGXFDGRHQHOPXQGRGHORV
QHJRFLRVSHURFDVXDOPHQWHFRQRFLyDODIDPLOLDGHXQFROHFFLRQLVWDTXHKDEtDHVWDGRGHVWLQDGRHQ
3DUtV GXUDQWH OD 5HYROXFLyQ )UDQFHVD \ KDEtD OOHYDGR GH YXHOWD D VX SDtV YDULDV FROHFFLRQHV
FRPSUDGDV D OD FRQ PXFKtVLPD UD]yQ DVXVWDGD QREOH]D (VDV SLH]DV MXQWR D RWUDV TXH IXH
DJUHJDQGRIXHURQHOSXQWRGHSDUWLGDGHXQDLPSRUWDQWHFROHFFLyQGHWRGRWLSRGHREMHWRVTXHGHXQD
PDQHUDXRWUDKDEtDTXHFODVLILFDUSDUDH[KLELUHQXQPXVHRS~EOLFR
7KRPVHQSXVRPDQRVDODREUDVLQQDGDTXHOHVLUYLHUDGHJXtD\RUGHQyORVREMHWRVJXLiQGRVH
SRUHOVHQWLGRFRP~Q\DJUXSiQGRORVVHJ~QHOPDWHULDOGHOTXHHVWDEDQKHFKRV/XHJRORVVXEGLYLGLy
VHJ~QVXXVR\DIXHUDFRPRDUPDVKHUUDPLHQWDVUHFLSLHQWHVSDUDDOLPHQWRVXREMHWRVUHOLJLRVRV
&XDQGRDEULyHOPXVHRDOS~EOLFRHQORVYLVLWDQWHVYLHURQORVREMHWRVUHSDUWLGRVHQWUHV
YLWULQDV/DSULPHUDFRQWHQtDREMHWRVGHSLHGUDODVHJXQGDGHEURQFH\ODWHUFHUDGHKLHUUR(VWH
HMHUFLFLRGHFODVLILFDFLyQ\RUGHQDPLHQWROOHYyD7KRPVHQDVRVSHFKDUTXHORVREMHWRVKHFKRVFRQ
ORVPLVPRVPDWHULDOHVSRGtDQVHUUHVWRVGHODPLVPDHUD6XSHUVSHFWLYDGHDILFLRQDGRGHFtDTXHORV
REMHWRVGHSLHGUDSRGtDQ VHUPiV DQWLJXRV TXHORVGH EURQFH\TXH pVWRVDVXYH]GHEtDQ VHUPiV
DQWLJXRVTXHORVGHKLHUUR
7KRPVHQ QR WHQtD OD VXILFLHQWH IRUPDFLyQ DFDGpPLFD $Vt \ WRGR GLR D OX] ILQDOPHQWH XQ OLEUR
/HGHWUDDG WLO QRUGLVN 2OGN\QGLJKHG *XtD GH ODV DQWLJHGDGHV HVFDQGLQDYDV HQ HO TXH GLIXQGLy
SRU WRGD (XURSD VX GLYLVLyQ HQWUH HGDGHV GH SLHGUD GH EURQFH GH KLHUUR /D DGDSWDFLyQ GHO
HVTXHPDGHODVWUHVHGDGHVDWRGRHOSDVDGRKXPDQRGH(XURSDQRIXHWDUHDIiFLOSHURIXHHOSULPHU
LQWHQWRVHULRGHRUGHQDUODSUHKLVWRULDDGHPiVGHTXHRULHQWyDORVDUTXHyORJRVHQODEXVFD\DQRGH
JUDQGHV SDODFLRV VLQR GH REMHWRV LQVLJQLILFDQWHV \ FRWLGLDQRV SDUD OR FXDO HUD QHFHVDULR UHYROYHU
FRPR HOORV PLVPRV GHFtDQ HQ ORV PRQWRQHV GH EDVXUD GHO SDVDGR $Vt VH GHVFXEULy TXH OD
SUHKLVWRULDYLVLEOHVyORHUDODSXQWDGHXQLFHEHUJJLJDQWHVFRTXHPiVWDUGHKDEUtDGHGLYLGLUVHHQ
VXESHUtRGRV<WRGRDUUDQFyGHDTXHOODVWUHVYLWULQDV

(OKRPEUHGH1HDQGHUWDO
(O GHVFXEULPLHQWR GH OD SUHKLVWRULD SURQWR VH YHUtD HFOLSVDGR SRU QXHYRV KDOOD]JRV TXH KDUtDQ
UHWURFHGHUODH[SHULHQFLDKXPDQDPXFKRPiVDWUiV
'XUDQWHHOYHUDQRGHXQDFXDGULOODGHREUHURVHVWDEDWUDEDMDQGRHQXQDFDQWHUDDRULOODV
GHO UtR 'XVVHO HQ XQ OXJDU GRQGH HO UtR DWUDYLHVD XQ YDOOH DQJRVWR HO YDOOH GHO 1HDQGHU R
1HDQGHUWDOGHWDOYDOOHTXHWLHQHODUDUDSDUWLFXODULGDGGHVHUODWUDGXFFLyQJULHJDGHOQRPEUH
1HXPDQQ KRPEUH QXHYR $ XQRV YHLQWH PHWURV GH DOWXUD VREUH HO UtR KDEtD XQDV SHTXHxDV
FXHYDVORVREUHURVYRODURQXQD\DOH[FDYDUORVUHVWRVHQFRQWUDURQXQRVKXHVRVTXHWLUDURQHQWUH
ORVHVFRPEURV
 (/+20%5('(1($1'(57$/(648(/(72<5(&216758&&,1

(O GXHxR GH OD FDQWHUD SHQVy TXH GHEtD WUDWDUVH GH ORV UHVWRV GH XQ RVR \ HQWUHJy ORV SRFRV
KXHVRVUHFXSHUDGRVDXQSURIHVRUGHFLHQFLDVQDWXUDOHVGHODORFDOLGDGTXLHQFRPSUHQGLyHQVHJXLGD
TXH VH WUDWDED GH ORV UHVWRV GH XQ KRPEUH DUFDLFR MDPiV YLVWR 3UREDEOHPHQWH VH WUDWDUD GH XQ
VREUHYLYLHQWHGHO'LOXYLR8QLYHUVDOSHQVyHOKRPEUHHQ\VHORVOOHYyDOJUDQDQDWRPLVWD
+HUPDQQ6FKDDIKDXVHQGHOD8QLYHUVLGDGGH%RQQTXHWDPELpQFRQILUPyTXHVHWUDWDEDVLQGXGDGH
ORV UHVWRV GH XQ KRPEUH DUFDLFR /D RSLQLyQ IXH PX\ FRQWURYHUWLGD SXHVWR TXH KXER TXLHQHV
DWULEX\HURQODVGLIHUHQFLDVHQHOHVTXHOHWRDGHIRUPDFLRQHVGHELGDVDOUDTXLWLVPRJROSHV\DUWURVLV
\ QR IDOWy TXLHQ GLMHUD EDViQGRVH HQ TXLpQ VDEH TXp HYLGHQFLDV TXH VH WUDWDED GH XQ FRVDFR TXH
KHULGR HQ XQD EDWDOOD FRQWUD 1DSROHyQ VH KDEtD DUUDVWUDGR KDVWD OD FXHYD ODV SLHUQDV DUTXHDGDV
GDEDQFXHQWDGHWRGDXQDYLGDSDVDGDDFDEDOOR1DGDPHQRVTXH5XGROI9LUFKRZTXHKDEtDIXQGDGR
ODUHS~EOLFDFHOXODUVHDFXHUGDQ"GLMRTXHVHWUDWDEDGHXQLGLRWDSDWROyJLFRTXHGHEtDKDEHU
UHFLELGRPXFKRVJROSHVDORODUJRGHVXYLGD
(QUHDOLGDGSDUDHVHHQWRQFHV\DKDEtDKDELGRXQSDUGHKDOOD]JRVSRUHOHVWLORXQRHQ/LHMDHQ
RWURHQHQ*LEUDOWDUSHURQRVHOHVKDEtDSUHVWDGRGHPDVLDGDDWHQFLyQ$KRUDFRQWRGD
ODDWHQFLyQTXHVHPHUHFtDKDFtDVXHQWUDGDWULXQIDOHOKRPEUHGH1HDQGHUWDOHVSHFLHTXHKDELWyHO
PXQGR KDVWD KDFH XQRV  PLO DxRV DWUiV \ TXH LQFOXVR FRQYLYLy \ KDVWD WXYR GHVFHQGHQFLD FRQ
LQGLYLGXRV GH OD HVSHFLH +RPR VDSLHQV /RV QHDQGHUWDOHV GHVSHUWDURQ OD FXULRVLGDG GH WRGRV ORV
HVWXGLRVRVGHOSDVDGRKXPDQRSRUTXHGXUDQWHPXFKRWLHPSRIXHURQOD~QLFDRWUDHVSHFLHKXPDQDTXH
VH FRQRFtD SHUR D SHVDU GH TXH VH GHVFXEULUtDQ RWUDV HVSHFLHV KXPDQDV IyVLOHV ORV QHDQGHUWDOHV
VLJXHQVLHQGRORVPiVHVWXGLDGRV\ORVTXHPiVFRQWURYHUVLDVJHQHUDQ
6yOR IDOWDEDQ WUHV DxRV SDUD TXH 'DUZLQ SXEOLFDUD (O RULJHQ GH ODV HVSHFLHV TXH RUGHQDUtD
FRQRFLPLHQWRVKDVWDHQWRQFHVGLVSHUVRV\FRORFDUtDODKLVWRULDGHOKRPEUHHQFRQH[LyQFRQHOUHVWR
GHODELRORJtDSHUPLWLHQGRH[SOLFDUKDOOD]JRVWDQVRUSUHQGHQWHV

(ORULJHQGHODVHVSHFLHV\HORULJHQGHOKRPEUH
6L ELHQ \D KDEtD KDELGR DOJXQRV DQWHFHGHQWHV HO HQFLFORSHGLVWD URPDQR &DLXV 3OLQLXV 6HFXQGXV
KDEtDOODPDGRDORVJUDQGHVPRQRVGHIULFDKRPEUHVFRQFDUDGHDQLPDO/LQQHRKDEtDUHXQLGRD
ORVKRPEUHV\DORVVLPLRVHQXQPLVPRJUXSRWD[RQyPLFR\/DPDUFNKDEtDLQVLQXDGRODLGHDGHXQ
SDUHQWHVFR HQWUH DPERV FRQ OD REUD GH 'DUZLQ ORV DOFDQFHV GHO SUREOHPD FDPELDURQ
IXQGDPHQWDOPHQWH (O QH[R GHO KRPEUH FRQ HO UHVWR GHO UHLQR DQLPDO \D QR HUD IRU]DGR VLQR TXH
UHVXOWDED SHUIHFWDPHQWH OyJLFR SXHVWR TXH VH OR HQWHQGtD FRPR OD FRQVHFXHQFLD GH XQ SURFHVR \
SULQFLSLRJHQHUDOODHYROXFLyQSRUVHOHFFLyQQDWXUDO&RQXQDRVDGtDDEUXPDGRUDODREUDGH'DUZLQ
KL]R LQJUHVDU DO KRPEUH HQ HO PXQGR ]RROyJLFR DO VXJHULU TXH QR KDEtD QDGD TXH LQGLFDUD TXH QR
HVWDEDVXMHWRDODVOH\HVGHODHYROXFLyQ
'DUZLQQRREVWDQWHIXHSUXGHQWH\HVTXLYyFRPRSXGRXQWHPDWDQVHQVLEOHGLFLHQGRDSHQDVTXH
VX WHRUtD DUURMDUtD XQ GtD OX] VREUH HO RULJHQ \ OD KLVWRULD GHO KRPEUH < SXQWR 3HUR RWURV
LQYHVWLJDGRUHVFRPR&KDUOHV/\HOOHOJUDQJHyORJRSDUWLGDULRGHOXQLIRUPLWDULDQLVPRTXHKDEtD
D\XGDGRDSODQWHDUHOHVFHQDULRSDUDTXH'DUZLQGHVSOHJDUDVXWHRUtD\7KRPDV+X[OH\XQRGH
ORVJUDQGHVGHIHQVRUHVS~EOLFRVGHODWHRUtDGHODHYROXFLyQDOSXQWRTXHVHOROODPDEDHOEXOOGRJ
GH'DUZLQIXHURQPiVDOOi
/\HOOUHXQLySDFLHQWHPHQWHSUXHEDVHQIDYRUGHODHOHYDGDHGDGGHOJpQHURKXPDQRFRPSUREDGD
SRU ORV KDOOD]JRV GHO IUDQFpV -DFTXHV %RXFKHU GH 3HUWKHV XQR GH ORV SULPHURV DUTXHyORJRV
PRGHUQRV TXH KDEtD HQFRQWUDGR SHGHUQDOHV \ RWURV LQVWUXPHQWRV GHO KRPEUH SUHKLVWyULFR HQ
VHGLPHQWRVSOLRFpQLFRVGHXQRVPLOORQHVGHDxRVGHDQWLJHGDG
<VLUHFXHUGDQIXHMXVWDPHQWH+X[OH\TXLHQWXYRHOIDPRVRGHEDWHFRQHORELVSR:LOOEHUIRUFH
TXLHQ OH SUHJXQWy VL GHVFHQGtD GHO PRQR SRU SDUWH GH SDGUH R GH PDGUH D OR FXDO FRQWHVWy TXH
SUHIHUtD GHVFHQGHU GHO PRQR SRU SDUWH GH DPERV DQWHV GH WHQHU HO FHUHEUR DWURILDGR GH VX
LQWHUORFXWRU6XREUDPiVLPSRUWDQWH(YLGHQFHRI0DQV3ODFHLQ1DWXUHIXHXQDYHUGDGHUD
WULQFKHUDHQODKLVWRULDGHOGDUZLQLVPR(QHOODPHGLDQWHFXLGDGRVRVUD]RQDPLHQWRVEDVDGRVHQOD
DQDWRPtD\ODHPEULRORJtD+X[OH\GHIHQGtDODWHRUtDGHODHYROXFLyQDXQTXHUHFRQRFtDHQFRQWUDGH
TXLHQ OD KDEtD SRVWXODGR OD SRVLELOLGDG GH TXH HQ HO GHVDUUROOR GH OD YLGD VH KXELHUDQ SURGXFLGR
YDULDFLRQHVUHSHQWLQDV/DYHUGDGHVTXHODVSUXHEDVHVWDEDQDODOFDQFHGHFXDOTXLHUD\HVRHUDOR
TXH +X[OH\ TXHUtD PRVWUDU HQ VX HVWUXFWXUD ORV HVTXHOHWRV GHO KRPEUH \ HO JRULOD UHVXOWDEDQ
H[WUDRUGLQDULDPHQWHVLPLODUHVDOPLVPRWLHPSRORVFHUHEURVGHORVVLPLRVPiVGHVDUUROODGRVWHQtDQ
PHQRVGLIHUHQFLDVFRQORVFHUHEURVKXPDQRVTXHODVTXHSRGtDQSUHVHQWDUFRQXQPRQRLQIHULRUXQ
OHP~ULGR SRU HMHPSOR < SRU VL IXHUD SRFR DKt HVWDED HO IDPRVR FUiQHR GHO KRPEUH GH
1HDQGHUWDOTXHUHIRU]DEDODFRQYLFFLyQDFHUFDGHOHVWUHFKRSDUHQWHVFRGHQXHVWUDHVSHFLHFRQODGH
ORVSULPDWHV
)UHQWHDHVWHSDQRUDPD'DUZLQVHYLRHQODREOLJDFLyQPRUDOGHGHFLUDOJRDOUHVSHFWR(Q
GHKHFKRSXEOLFyXQJUXHVRYROXPHQ7KH'HVFHQWRI0DQDQG6HOHFWLRQLQUHODWLRQWRVH[HQHO
TXH HQFDUDED HO SUREOHPD GH XQD PDQHUD FyPR GHFLUOR" PiV SROtWLFDPHQWH FRUUHFWD DO PHQRV
SDUD ORV HVWiQGDUHV GH OR SROtWLFDPHQWH FRUUHFWR HQ OD VRFLHGDG YLFWRULDQD LQVLVWtD PHQRV HQ HO
SDUHQWHVFRFRQORVPRQRVHLQWHQWDEDSRVLFLRQDUDODHVSHFLHKXPDQDGHQWURGHODFODVHPiVJHQHUDO
GHORVPDPtIHURV8WLOL]DQGRODH[WUDRUGLQDULDKHUUDPLHQWDGHODDQDWRPtDFRPSDUDGDODPLVPDGHOD
TXHVHKDEtDYDOLGR+X[OH\'DUZLQVHxDODEDHOLQVRVOD\DEOHSDUDOHOLVPRHQWUHHOFXHUSRGHOKRPEUH
\ HO GHO UHVWR GH ORV PDPtIHURV SDUD FDGD yUJDQR KXPDQR KDEtD XQ yUJDQR HTXLYDOHQWH HQ OD
HVWUXFWXUDGHHVWRV~OWLPRV<ODVHYLGHQFLDVQRVHDJRWDEDQHQODDQDWRPtDFRPRTXHGDEDFODURSRU
HOKHFKRGHTXHHOUHVWRGHORVPDPtIHURV\HOKRPEUHVHPRVWUDEDQYXOQHUDEOHVDHQIHUPHGDGHV\
SDUiVLWRVHQFRP~Q
$Vt \ WRGR QR HUD IiFLO DFHSWDU TXH HO KRPEUH IRUPDUD SDUWH GH XQD FDGHQD WDQ SURVDLFD \
WHUUHQDO 1R HUD HYLGHQWH DFDVR TXH ODV FXDOLGDGHV PRUDOHV H LQWHOHFWXDOHV HUDQ DEVROXWDPHQWH
SULYDWLYDVGHQXHVWUDHVSHFLH"6HSRGtDDFHSWDUODH[LVWHQFLDHQORVDQLPDOHVGHDOJRSDUHFLGRDOD
DEVWUDFFLyQ OD LPDJLQDFLyQ OD JHQHUDOL]DFLyQ" (UDQ FDSDFHV GH SHUFLELU OD EHOOH]D" 'DUZLQ
SRVWXODED TXH FRQWUD OR TXH HO VHQWLGR FRP~Q LQGLFDED WRGDV HVWDV IDFXOWDGHV QR HUDQ
HVSHFtILFDPHQWH KXPDQDV VLQR TXH DSDUHFtDQ HQ IRUPD UXGLPHQWDULD HQ DOJXQRV DQLPDOHV SDUD OR
FXDOVHYDOtDGHHMHPSORVTXHpOPLVPRKDEtDYLYLGR\TXHPiVRPHQRVFXDOTXLHUDSRGtDLGHQWLILFDU
OD ILGHOLGDG GH ORV SHUURV HO XVR GH KHUUDPLHQWDV SRU SDUWH GH ORV VLPLRV OD REHGLHQFLD GH ORV
HOHIDQWHV OD D\XGD TXH FLHUWDV DYHV OH SUHVWDEDQ D VXV FRPSDxHUDV LQFDSDFHV GH YDOHUVH SRU Vt
PLVPDV/DFRQFOXVLyQHVWDEDDODOFDQFHGHODYLVWDHOVHUKXPDQR SURGXFWRFRPRWRGRVGH OD
VHOHFFLyQQDWXUDOWHQtDGLIHUHQFLDVPDUFDGDVFRQORVDQLPDOHVSHURHVWDVGLIHUHQFLDVHUDQWDQVyOR
GHJUDGR\QRGHHVHQFLD

6LHOKRPEUHQRKXELHVHVLGRVXSURSLRFODVLILFDGRUQRVHOHKDEUtDRFXUULGRFUHDUSDUDVt
PLVPRXQUHLQRHVSHFLDO

DVHJXUDED
(O KRPEUH TXH SRU ORV VLJORV GH ORV VLJORV KDEtD VLGR FRQVLGHUDGR HO SXQWR FXOPLQDQWH GH OD
FUHDFLyQHOHVODEyQLQIDOWDEOH\GHILQLWLYRGHOD*UDQ&DGHQDGHO6HUSDVDEDDVHUXQRPiVHQOD
LPSHUVRQDO FDGHQD HYROXWLYD JREHUQDGD SRU OD WDPELpQ LPSHUVRQDO VHOHFFLyQ QDWXUDO 8QD YH]
GHUULEDGR GH VX SHGHVWDO HUD QHFHVDULR WUD]DU XQD JHQHDORJtD GHO KRPEUH < 'DUZLQ OR LQWHQWy
DGPLWLHQGRTXHHODQWHSDVDGRGHORVKXPDQRVSHUWHQHFtDDOJUXSRGHORVDQWURSRLGHV(QHVWHVHQWLGR
HVFULELy

'HEHPRV UHFRQRFHU D OR TXH FUHR TXH HO VHU KXPDQR FRQ VXV QREOHV FXDOLGDGHV FRQ OD
FRQVLGHUDFLyQTXHVLHQWHSRUORPiVGHVGLFKDGRFRQODEHQHYROHQFLDTXHGHPXHVWUDQRVyOR
SDUD VXV VHPHMDQWHV \ VLPSDWtD SDUD FRQ ORV VHUHV YLYLHQWHV PiV KXPLOGHV FRQ VX GLYLQD
LQWHOLJHQFLD TXH OH SHUPLWLy GHVFXEULU ORV PRYLPLHQWRV \ OD FRQVWLWXFLyQ GHO VLVWHPD VRODU
GHEHPRVUHFRQRFHUTXHFRQWRGDVHVWDVVXEOLPHVIDFXOWDGHVHOKRPEUHOOHYDHQVXHVWUXFWXUD
VRPiWLFDHOVHOORLQGHOHEOHGHVXKXPLOGHRULJHQ

<PLHQWUDVWDQWR
/RVKDOOD]JRVIyVLOHVVHPXOWLSOLFDURQHQ(XJqQH'XERLVHQFRQWUyDOKRPEUHGH-DYD+RPR
HUHFWXVGHFDVLPLOORQHVGHDxRVGHDQWLJHGDG\HQWUH\DOKRPEUHGH3HNtQGHHQWUH
 PLO \  PLO DxRV GH DQWLJHGDG 3RFR D SRFR OD LGHD GH TXH HO KRPEUH HUD PXFKR PiV
DQFHVWUDO GH OR TXH VH FUHtD LED DFXPXODQGR HYLGHQFLDV \ OD SDOHRDQWURSRORJtD HPSH]DED D
FRQVWLWXLUVHHQXQDFLHQFLDLQGHSHQGLHQWH3RUVLIXHUDSRFRHQJUDQ%UHWDxDDSDUHFLyXQHVTXHOHWR
DQWHULRUDOGH-DYD\DOGH1HDQGHUWDOTXHHQDUGHFLyDORVSDOHRDQWURSyORJRVEULWiQLFRV\SDUHFLy
DSRUWDUHYLGHQFLDVLQFRQWUDVWDEOHV
/D KLVWRULD IXH OD VLJXLHQWH HQ  XQ DERJDGR \ DUTXHyORJR DILFLRQDGR OODPDGR &KDUOHV
'DZVRQVHSUHVHQWyDQWH$UWKXU6PLWK:RRGZDUGGLUHFWRUGHO'HSDUWDPHQWRGH*HRORJtDGHO0XVHR
%ULWiQLFR \ OH PRVWUy IUDJPHQWRV IyVLOHV GH XQ FUiQHR GHVHQWHUUDGR HQ XQD FDQWHUD GH DUFLOOD HQ
3LOWGRZQ6XVVH[,QJODWHUUD/RVKXHVRVGHVJDVWDGRV\FRORUHDGRVSDUHFtDQSURFHGHUGHDUFLOODV
PX\DQWLJXDVDXQTXHODIRUPDGHOFUiQHRHUDEDVWDQWHPRGHUQD
0X\H[FLWDGR6PLWK:RRGZDUGDFRPSDxyD'DZVRQD3LOWGRZQ\DOOtMXQWRDOSDGUH7HLOKDUG
GH &KDUGLQ TXH KDEtD LGR D ,QJODWHUUD SDUD HVWXGLDU HQ HO FROHJLR MHVXLWD GH +DVWLQJV VH SXVR D
UHYROYHU ORV HVFRPEURV WDQWR EXVFDU WXYR VX UHFRPSHQVD \ XQ EXHQ GtD DSDUHFLy XQD PDQGtEXOD
LQIHULRU (VWDED WDPELpQ FRORUHDGD 3HUR DVt FRPR HO FUiQHR GH 3LOWGRZQ HUD VRUSUHQGHQWHPHQWH
KXPDQRODPDQGtEXODVHSDUHFtDGHPDVLDGRDODGHXQPRQRDXQTXHWHQtDGRVPRODUHVGHVJDVWDGRV
GHXQDPDQHUDTXHQXQFDDSDUHFHHQORVPRQRV\VtHQORVKXPDQRV/DPHQWDEOHPHQWHIDOWDEDQODV
SDUWHVTXHSRGtDQHVWDEOHFHUVLQQLQJ~QWLSRGHGXGDVODSHUWHQHQFLDRQRDOFUiQHR
(OFUiQHRPX\KXPDQR\ODPDQGtEXODPX\VLPLHVFDIRUPDEDQXQDH[WUDxDFRQMXQFLyQ(Q
6PLWK:RRGZDUG\ 'DZVRQ H[SXVLHURQS~EOLFDPHQWHVXVKDOOD]JRVDQWH OD6RFLHGDG*HROyJLFD GH
/RQGUHV 1R WRGR HO PXQGR OHV FUH\y SHUR OD RSLQLyQ JHQHUDO OHV IXH IDYRUDEOH < VL DOJR IDOWDED
SDUDFRQYHQFHUDORVLQFUpGXORVVHSURGXMRRWUDVHULHGHGHVFXEULPLHQWRVHQHOSDGUH7HLOKDUG
HQFRQWUy XQ GLHQWH FDQLQR TXH RWUD YH] DXQTXH GH DSDULHQFLD VLPLHVFD HVWDED GHVJDVWDGR PX\
KXPDQDPHQWH < SDUD DYHQWDU FXDOTXLHU GXGD HQ  'DZVRQ PRVWUy XQD PH]FOD VHPHMDQWH GH
FUiQHRKXPDQR\PDQGtEXODGHPRQRKDOODGDHQXQDH[FDYDFLyQFHUFDQDD3LOWGRZQ$VtIXHFRPRHO
+RPEUHGH3LOWGRZQDGTXLULyFDUWDGHFLXGDGDQtDVHOHDVLJQyXQQRPEUHFLHQWtILFRTXHKRQUDEDDVX
GHVFXEULGRU(RDQWKURSXVGDZVRQL VH OH DWULEX\y XQD DQWLJHGDG GH  PLO DxRV \ VH OOHJy D
FRQVLGHUDUFRQVRUSUHVDTXHHO+RPRVDSLHQVGHVFHQGtDGHpO
6LQ HPEDUJR XQD EXHQD FDQWLGDG GH DQWURSyORJRV PDQWXYR VXV GXGDV ORV DxRV PLHQWUDV WDQWR
SDVDURQ \ FRQ HO SDVR GH ORV DxRV ODV WpFQLFDV GH GDWDFLyQ PHMRUDURQ +DVWD TXH HQ  VH
VRPHWLHURQ ORV UHVWRV D XQD SUXHED FUXFLDO /RV KXHVRV TXH SHUPDQHFHQ HQWHUUDGRV PXFKR WLHPSR
JUDGXDOPHQWH DFXPXODQ IO~RU : ( /H *URV \ - ( :HLQHU GH 2[IRUG H[DPLQDURQ ORV IyVLOHV GH
3LOWGRZQ \ GHVFXEULHURQ TXH QR FRQWHQtDQ VXILFLHQWH IO~RU HO FUiQHR VH UHYHOy ILQDOPHQWH HUD
UHDOPHQWHXQIyVLOSHURGHDSHQDVPLODxRVFRPRVHHQFXHQWUDQDFDUUDGDVHQPXFKDVSDUWHV/D
PDQGtEXODHQFDPELRHUDOLVD\OODQDPHQWHGHRUDQJXWiQ&UiQHR\PDQGtEXODKDEtDQVLGRHQWHUUDGRV
HQHOVLJOR;;(QVXPDHUDXQDSHUIHFWDIDUVDFLHQWtILFD
8OWHULRUHV H[iPHQHV PRVWUDURQ TXH ORV KXHVRV KDEtDQ VLGR WHxLGRV UHFLHQWHPHQWH \ TXH ORV
GLHQWHV KDEtDQ VLGR OLPDGRV FRQ FXLGDGR SDUD GDUOHV DVSHFWR KXPDQR 7RGR KDEtD VLGR
PHWLFXORVDPHQWHSUHSDUDGRSDUDHQJDxDUDODFRPXQLGDGFLHQWtILFDFRVDTXHVHORJUyDFDEDGDPHQWH
3HUR TXLpQ OR KDEtD KHFKR" 'DZVRQ HO PiV VRVSHFKRVR SDUD DFFHGHU D OD IDPD" 6PLWK
:RRGZDUGTXHSDUHFtDLQVRVSHFKDEOH"7HLOKDUGGH&KDUGLQTXHJDVWyXQDEURPDGHHVWXGLDQWH"
/RVWUHVGHFRP~QDFXHUGR"(ODUPDGRGHORVKXHVRVH[LJtDXQDPDQRSURIHVLRQDOKXERXQFXDUWR
KRPEUH HQ FRPSOLFLGDG FRQ ORV WUHV R VLQ HOOD" /RV SDOHRQWyORJRV DILFLRQDGRV D ODV KLVWRULDV
SROLFLDOHV EDUDMDURQ DFXVDFLRQHV SHUR OD YHUGDG GH OD PLODQHVD HV TXH HO DXWRU GHO IUDXGH GH
3LOWGRZQTXHGyHQHOPLVWHULRDSHVDUGHODDEXQGDQFLDGHVRVSHFKRVRV

(OFXDUWRKRPEUHSRVGDWDD3LOWGRZQ
(OGHPD\RGHODUHYLVWD1DWXUHUHODWDEDODVROXFLyQGHOPLVWHULRGH3LOWGRZQ5HVXOWyTXH
HQ  DSDUHFLy XQ ED~O TXH KDEtD SHUPDQHFLGR FLQFXHQWD DxRV JXDUGDGR HQ ORV GHVYDQHV GHO
0XVHR GH +LVWRULD 1DWXUDO GH /RQGUHV 6X FRQWHQLGR IXH FXLGDGRVDPHQWH FDWDORJDGR SRU $QGUHZ
&XUUDQW GHO 'HSDUWDPHQWR GH 3DOHRQWRORJtD GHO PXVHR \ KHWH DTXt TXH HO ED~O FRQWHQtD WUR]RV GH
KXHVRV\GLHQWHVWDOODGRV\WHxLGRVH[DFWDPHQWHLJXDOTXHODFROHFFLyQGH3LOWGRZQ1RHUDQHFHVDULR
VHU 6KHUORFN +ROPHV SDUD VRVSHFKDU GHO GXHxR GHO ED~O 7DPSRFR HUD QHFHVDULR VHU 6KHUORFN
+ROPHVSDUDGHGXFLUTXHODVLQLFLDOHVTXHILJXUDEDQHQHOED~OHUDQODVGHVXGXHxR0DUWLQ+LQWRQ
FRQVHUYDGRU GH ]RRORJtD GHO 0XVHR HQWUH  \  /R H[WUDxR GHO DVXQWR HV TXH HO ED~O
GHVSXpVVHH[WUDYLy<WDPELpQTXHUHFLpQHQ&XUUDQWKDEOyGHODVXQWRFRQ%ULDQ*DUGLQHUGHO
.LQJV&ROOHJHORQGLQHQVHSDOHRQWyORJRLQWHUHVDGRGHVGHKDFtDDxRVHQHOFDVR3LOWGRZQ
0DUWLQ +LQWRQ HUD XQ H[SHUWR HQ JHRORJtD GH OD HUD JODFLDO \ UHXQtD SHUIHFWDPHQWH ODV
FDUDFWHUtVWLFDVQHFHVDULDVSDUDFRPHWHUHOIUDXGH/DVSUXHEDVHUDQFDQWDGDVORVKXHVRVFRQWHQLGRV
HQHOED~OGH+LQWRQFRQWHQtDQKLHUUR\PDQJDQHVRHQODVPLVPDVSURSRUFLRQHVTXHVHKDEtDQXVDGR
SDUDWUDWDUORVKXHVRVGH3LOWGRZQ<DGHPiVKDEtDUDVWURVGHFURPRTXHEDMRODIRUPDGHiFLGR
FUyPLFR VH KDEtD XVDGR SDUD GHVJDVWDU OD VXSHUILFLH GHO KXHVR ,QFOXVR KDEtD XQ PyYLO +LQWRQ
PDQWHQtDXQDGHVDYHQHQFLDFRQHOGLUHFWRUGHOPXVHR7RGDVODVSLH]DVHQFDMDEDQ\DVtILQDOPHQWH
UHVXOWy TXH QR KDEtD VLGR 'DZVRQ QL :RRGZDUG QL 7HLOKDUG GH &KDUGLQ QL ORV WUHV GH FRP~Q
DFXHUGR
< VLQ HPEDUJR QR WRGRV ORV HVSHFLDOLVWDV HQ HO FDVR 3LOWGRZQ FRPSDUWHQ HVWD FHUWH]D GH OD
FXOSDELOLGDGGH+LQWRQKD\TXLHQHVVXJLHUHQTXHSRUORPHQRVKXERFRPSOLFLGDGGH'DZVRQRTXH
WDOYH]'DZVRQIDOVLILFy\+LQWRQORGHVFXEULy\QRGLMRQDGD4XLHQHVDVtRSLQDQ\TXLHUHQDODUJDU
HOFDVR3LOWGRZQVDEHQSHUIHFWDPHQWHTXHODVVROXFLRQHVUDUDYH]HVWiQDODDOWXUDGHORVPLVWHULRV

/DVKXHOODVGH/DHWROL
1R TXLHUR FDQVDUORV FRQ OD HQRUPH OLVWD GH GHVFXEULPLHQWRV TXH OOHYy D FRQVWUXLU OD WRGDYtD
LQFRPSOHWDJHQHDORJtDGHOKRPEUHTXHVHFRPSOHML]DPiVDPHGLGDTXHVHYDQGHVHQWHUUDQGRSLH]DV
TXHFRPSOHWDQHOUHJLVWURIyVLO3HURVtTXLVLHUDKDEODUOHVGHXQRGHORVKDOOD]JRVPiVLPSUHVLRQDQWHV
GHHVWDKLVWRULDHOGHODVKXHOODVGH/DHWROL
(QHOYHUDQRGHHQ/DHWROLXQDORFDOLGDGHQHOVXUGH7DQ]DQLDXQJUXSRGHLQYHVWLJDGRUHV
HQFRQWUyXQDVHULHGHKXHOODVGHMDGDVVREUHODVFHQL]DVYROFiQLFDVKDFHPiVGHWUHVPLOORQHV\PHGLR
GHDxRVSRUGRVRTXL]iVWUHVKRPtQLGRV
 +8(//$6'(/$(72/,

/DV KXHOODV VH KDEtDQ FRQVHUYDGR JUDFLDV DO WUDEDMR VLOHQFLRVR \ SHUPDQHQWH GH OD FDVXDOLGDG
DTXHOORVKRPtQLGRVFDPLQDEDQVREUHXQPDQWRGHFHQL]DVSURFHGHQWHVGHODHUXSFLyQGHXQYROFiQ
HO6DGLPiQXQSRFRPiVDO(VWHTXHVHKDEtDLPSUHJQDGRGHDJXDGHOOXYLDGXUDQWHXQGtDDOILQDO
GHODHVWDFLyQVHFD6LKXELHUDKDELGRKLHUEDDOWDODVFHQL]DVQRKXELHUDQSRGLGRSRVDUVHGHPDQHUD
WDQXQLIRUPHODKLHUEDKDEtDVLGRFRPLGDGHKHFKRSRUGLYHUVRVDQLPDOHVFX\DVKXHOODVWDPELpQVH
HQFRQWUDURQ
3HUR 4XLpQHV HUDQ HVWRV GRV R WUHV LQGLYLGXRV" /DV GRV ILODV GH SDVRV PXHVWUDQ FODUDPHQWH
KXHOODV GLVWLQWDV PiV JUDQGHV \ PiV SHVDGDV ODV GH OD GHUHFKD PiV SHTXHxDV \ OLJHUDV ODV GH OD
L]TXLHUGD OR FXDO SHUPLWH SHQVDU TXH ODV SULPHUDV SHUWHQHFtDQ D XQ PDFKR \ ODV VHJXQGDV D XQD
KHPEUD (O UDVWUR VH H[WLHQGH D OR ODUJR GH XQRV FLQFXHQWD PHWURV \ VRQ GRV ILODV SDUDOHODV
GLVWDQFLDGDVVyORYHLQWLFLQFRFHQWtPHWURV
/DVKXHOODVSRGUtDQLQGLFDURELHQTXHLEDQPX\SHJDGRVGHODPDQRSUiFWLFDPHQWHRELHQTXH
ORVKRPtQLGRVSDVDURQ SRUDOOtHQ PRPHQWRVGLVWLQWRVGHKHFKRODSULPHUD ILODODGH ODGHUHFKD
HVWiERUGHDGDGHVDOSLFDGXUDVFRPRVLKXELHUDVLGRGHMDGDVREUHXQWHUUHQRPiVIDQJRVRPLHQWUDV
TXH OD VHJXQGD OD GH OD L]TXLHUGD DSDUHFH PiV GHILQLGD FRPR VL KXELHUD VLGR KHFKD VREUH XQ
WHUUHQRXQSRFRPiVHQGXUHFLGR
3HURDGHPiVFRPR\DORGLMHKD\TXLHQYHXQDWHUFHUDILODGHSDVRVFRQWHQLGDH[DFWDPHQWHHQHO
LQWHULRUGHODSULPHUDFRPRVLDOJXLHQKXELHUDYXHOWRDSDVDUSRUODVKXHOODVGHTXLHQORSUHFHGtD6H
KDKHFKRRWUDLQWHUHVDQWHREVHUYDFLyQDFHUFDGHODVKXHOODVGHODL]TXLHUGDVHWLHQHODLPSUHVLyQDO
REVHUYDUODVGHTXHHOKRPtQLGRVHKXELHUDGHWHQLGRHQXQPRPHQWRGDGR\JLUDGRKDFLDODL]TXLHUGD
/DORQJLWXGGHOSDVRHUDGHXQRVFHQWtPHWURV\ODDOWXUDGHHVWRVKRPtQLGRVKDVLGRFDOFXODGD
HQWUH  \  FHQWtPHWURV OLJHUDPHQWH LQIHULRU D OD GH ORV SLJPHRV DFWXDOHV /R PiV
LPSUHVLRQDQWHHVTXHJUDFLDVDODIRWRJUDPHWUtDTXHFRQVLVWHHQFDUWRJUDILDUORVGLVWLQWRVQLYHOHV
FRPRVHKDFHSDUDORVPDSDVJHRJUiILFRVTXHGHVFULEHQODVGLVWLQWDVFRWDVGHXQDPRQWDxDRGHXQ
YDOOH VH SXGR FRQILUPDU TXH HO PRGR GH FDPLQDU GH ORV KRPEUHV GH /DHWROL HUD DEVROXWDPHQWH
VHPHMDQWH DOQXHVWURFRQORVPLVPRV SXQWRVGHDSR\RHOWDOyQ\ODFDEH]DGHOSULPHUPHWDWDUVR
FRQHODUFRGHODSODQWDHOHYDGR\HOSXOJDUDOLQHDGRQRRSRQLEOH
(Q VXPD VH WUDWDED GH XQD KXHOOD \D GH WLSR KXPDQR D SHVDU GH TXH FLHUWDPHQWH H[LVWtDQ
GLIHUHQFLDVHQODHVWUXFWXUDyVHD/RFXDOVLJQLILFDEDQLPiVQLPHQRVTXHKDFHPLOORQHVGHDxRV
ODSRVLFLyQHUHFWDHVWDED\DSHUIHFWDPHQWHDGTXLULGD
3HURTXLpQHVHUDQHVWRVKRPtQLGRV"

/XF\HQHOIULFDFRQGLDPDQWHV

/8&<

&XDQGRHOHVFULWRUQRUWHDPHULFDQR$OH[DQGHU+DOH\HPSUHQGLyODE~VTXHGDPiVWDUGHUHIOHMDGDHQOD
VHULHWHOHYLVLYD\HOOLEUR5DtFHVGHVXVRUtJHQHVDIULFDQRVDSXQWDEDHQODGLUHFFLyQFRUUHFWD\HQ
PiVGHXQVHQWLGRSXHVWRTXHVHJ~QLQGLFDFDGDYH]FRQPD\RUILUPH]DODLQYHVWLJDFLyQPRGHUQDQR
VyORODIDPLOLDGH+DOH\VLQRWRGDODHVSHFLHKXPDQDGHVFLHQGHGHDQWHSDVDGRVTXHFRUUHWHDURQSRU
HO HVWH GH IULFD (O FyPR \ HO FXiQGR GH OD HYROXFLyQ GHO KRPEUH IXH REMHWR GH P~OWLSOHV
FRQWURYHUVLDV \ HO iUERO HYROXWLYR IXH FRUUHJLGR PXFKDV YHFHV SHUR D PHGLGD TXH ODV UDPDV VH
DILQDQODVUDtFHVSDUHFHQKXQGLUVHFDGDYH]PiVILUPHPHQWHHQHOVXHORDIULFDQR
(O JUDQ GHVFXEULPLHQWR TXH DSXQWDOy HVWD KLSyWHVLV VH SURGXMR HQ  FXDQGR XQ HTXLSR GH
LQYHVWLJDGRUHVGLULJLGRSRUHOHVWDGRXQLGHQVH'RQDOG-RKDQVRQH[KXPyHQHOGHVLHUWRGH(WLRStDXQ
HVTXHOHWRGHOVH[RIHPHQLQRTXHIXHOODPDGRJHQWLOPHQWH/XF\6HWUDWDEDGHXQDGDPDKRPtQLGD
SUHKXPDQD GHOD HVSHFLH$XVWUDORSLWHFXV DIDUHQVLV \ GH WUHV D FXDWUR PLOORQHV GH DxRV GH HGDG
IyVLOHV VLPLODUHV HQFRQWUDGRV PiV WDUGH PRVWUDURQ TXH IXHURQ MXVWDPHQWH HVWRV $XVWUDORSLWHFXV ORV
TXHGHMDURQODVKXHOODVGH/DHWROL/DHYLGHQFLDTXHVXUJHGHWpFQLFDVGHILOLDFLyQJHQpWLFDVD\XGyD
UHFRQVWUXLU\SUHFLVDUORVSDVRVFRQTXHODOtQHDHYROXWLYDGHORVSULPDWHVHPSUHQGLyHOODUJRFDPLQR
TXHODOOHYDUtDKDVWDORVHMHPSODUHVPRGHUQRV\ORFLHUWRHVTXHVHJ~QVHFUHHODFXQDGHOKRPEUH
HVWiVLWXDGDHQIULFDHQDOJ~QOXJDUHQWUH(WLRStD\7DQ]DQLD

(/9$//('(/5,)7

5HODWDGDSRUODSDOHRQWRORJtDDFWXDOODKLVWRULDIXHPiVRPHQRVDVtKDFHVLHWHXRFKRPLOORQHV
GHDxRVVHIRUPyHOPDFL]RPRQWDxRVRDORODUJRGHOYDOOHGHO5LIWXQDHQRUPHIUDFWXUDGHWUHVPLO
NLOyPHWURV TXH EDUUH HO IULFD RULHQWDO GH 1RUWH D 6XU SURYRFDQGR XQ FRQVLJXLHQWH FDRV \
WUDQVIRUPDFLyQFOLPiWLFDHQSDUWLFXODUODVVHOYDVGHORHVWHDIULFDQRVHWUDQVIRUPDURQHQVDEDQDV\
ORV JUDQGHV VLPLRV DLVODGRV D FDXVD GH OD UHFLpQ HVWUHQDGD FDGHQD PRQWDxRVD FRQ WHQDFLGDG \
GLVFLSOLQD GDUZLQLDQD HPSH]DURQ D HYROXFLRQDU DGDSWiQGRVH DO QXHYR PHGLR DPELHQWH DGRSWDQGR
FRVWXPEUHVGHVDEDQD8QDGHHOODVIXHODSRVWXUDEtSHGDSULPHUDFDUDFWHUtVWLFDGHORVKRPtQLGRV
PX\~WLOSDUDODVXSHUYLYHQFLDHQWDQWRSHUPLWHXQDPHMRUYLJLODQFLDHQHOHVSDFLRDELHUWR
(QWUHVRFXDWURPLOORQHVGHDxRVKDEtDQFRQVHJXLGRDOFDQ]DUHOHVWDWXVGH$XVWUDORSLWHFXVHO
SXHEORGH/XF\PLHQWUDVVXVSDULHQWHVORVJUDQGHVVLPLRVGHORWURODGRGHODFDGHQDGHO5LIWVLQ
VHPHMDQWHVSUREOHPDVGHDGDSWDFLyQHYROXFLRQDEDQFRQPRGHVWLDKDFLDORVFKLPSDQFpV\ORVJRULODV
DFWXDOHV
7RGDYtD IDOWDED XQ PLOOyQ GH DxRV SDUD TXH QDFLHUD /XF\ SHUR \D HPSH]DEDQ D GHILQLUVH ODV
FDUDFWHUtVWLFDVGHODSREODFLyQDODTXHSHUWHQHFLyPHQRVGHXQPHWURYHLQWHGHDOWXUDDQGDUHQGRV
SLHVJUDQGHVPDQGtEXODVFHUHEURSHTXHxR$SDUWLUGHHQWRQFHVODSHOtFXODVHDFHOHUy+DFHWUHV
PLOORQHV GH DxRV HO SXHEOR GH /XF\ GLYHUJLy HQ GRV OtQHDV XQD GH HOODV VH TXHGy HQ
$XVWUDORSLWHFXVXQDUDPDVLQVDOLGDTXHYLYLy\VHH[WLQJXLyHQIULFD
(O RWUR UDPDO WXYR PHMRU VXHUWH HQ VyOR PHGLR PLOOyQ GH DxRV HYROXFLRQy KDVWD GDU HO +RPR
KDELOLVFDSD]GHIDEULFDUJUDQGHVFDQWLGDGHVGHKHUUDPLHQWDVGHSLHGUD8QPLOOyQGHDxRVGHVSXpV
HO+RPRKDELOLVTXHKDELWyORTXHKR\VRQ(WLRStD.HQ\D7DQ]DQLD\6XGiIULFDGLRSDVRD+RPR
HUHFWXVTXHFDPLQDED\DHQSRVLFLyQHUJXLGDFRPRODQXHVWUDHQVHGHVHQWHUUyHOHVTXHOHWRGH
XQFKLFRGHRQFHDxRVHOPXFKDFKRGH7XUNDQDTXHYLYLy\PXULyKDFHXQPLOOyQVHLVFLHQWRV
PLODxRV3DUDHVDpSRFDRTXL]iVXQSRFRDQWHVHO+RPRHUHFWXV\DKDEtDWRPDGRODGHFLVLyQGH
HPLJUDU&RQVXQXHYDSRVLFLyQHUJXLGDTXHOHSHUPLWtDYHUPiV\PiVOHMRVTXLVRYLVLWDU\FRQRFHU
QXHYDVWLHUUDV
$VtD~QQRVWiOJLFRGHVXVSUDGHUDVDIULFDQDVHVWDEOHFLyFDPSDPHQWRVIXHUDGHIULFDKDFHXQ
PLOOyQGHDxRV\DKDEtDSREODFLRQHVGH+RPRHUHFWXVHQ(XURSD$VLDH,QGRQHVLDVHKDQGHWHFWDGR
UHVWRVIyVLOHVHQ*HRUJLDGHXQPLOOyQRFKRFLHQWRVPLODxRVGHDQWLJHGDGDXQTXHODGDWDFLyQD~QVH
GLVFXWH
+DVWD DTXt HVWDED WRGR PiV R PHQRV FODUR 3HUR FRPR VLHPSUH RFXUUH HQ OD KLVWRULD GHO
SHQVDPLHQWR SURQWR VXUJLy XQ QXHYR SUREOHPD IXHURQ HVRV +RPR HUHFWXV PLJUDWRULRV ORV TXH
HYROXFLRQDURQ HQ GLVWLQWRV VLWLRV KDVWD GDU HO KRPEUH PRGHUQR R HQ UHDOLGDG HO KRPEUH PRGHUQR
VXUJLyHQXQVROROXJDU\OXHJRVHHVSDUFLyEDUULHQGRDVXSDVRFRQFXDQWRKRPtQLGRX+RPRHUHFWXV
HQFRQWUy"

(O$UFDGH1Rp\HO&DQGHODEUR
/DVRSLQLRQHVHQHVWHSXQWRQRFRLQFLGHQ6HJ~QODKLSyWHVLVGHOFDQGHODEURHODERUDGDSRU)UDQ]
:HLGHQUHFKHQORVFXDUHQWDHO+RPRHUHFWXVVHGLVWULEX\yHQ(XUDVLD\HYROXFLRQySRUVXFXHQWDHQ
GLVWLQWRVOXJDUHV\GHGLVWLQWDVPDQHUDVKDVWDGDUHOKRPEUHPRGHUQRSUHFLVDPHQWHFRPRODVUDPDV
GH XQ FDQGHODEUR (V PX\ SUREDEOH GH KHFKR TXH ODV GLVWLQWDV SREODFLRQHV GH +RPR HUHFWXV
HYROXFLRQDUDQHQGLVWLQWDVSDUWHV\GLHUDQORVSULPHURVHMHPSODUHVGH+RPRVDSLHQVXQDGHHVWDV
YDULHGDGHVIXHQXHVWURFRQRFLGRKRPEUHGH1HDQGHUWDOTXHYLYtDHQFDYHUQDV\FRQRFtDHOIXHJR\
WHQtDXQDFXOWXUDVRILVWLFDGDDGHPiVGHXQDLQWHOLJHQFLDPHGLGDHQFDSDFLGDGFUDQHDOVHPHMDQWH
DODQXHVWUD/RVQHDQGHUWDOHVVRQQXHVWURVSULPRVPiVFHUFDQRV
 5%2/*(1($/*,&2'(/26+201,'26

3RU HO FRQWUDULR OD KLSyWHVLV GHO $UFD GH 1Rp VXSRQH TXH HO KRPEUH PRGHUQR HYROXFLRQy D
SDUWLU GH XQD VROD SREODFLyQ TXH OXHJR VH SURSDJy eVWD HV OD RSLQLyQ PiV GLIXQGLGD HQWUH ORV
FLHQWtILFRV\KR\VHDFHSWDHQJHQHUDOTXHGHVFHQGHPRVGHXQD~QLFDUDPDGH+RPRVDSLHQVTXHKDFH
GRVFLHQWRVPLODxRVVHRULJLQyHQIULFD\OXHJRHPLJUyDOUHVWRGHORVFRQWLQHQWHV
(O KRPEUH DFWXDO HO +RPRVDSLHQV QR GHVFLHQGH GHO KRPEUH GH 1HDQGHUWDO TXH VH H[WLQJXLy
KDFHWUHLQWDPLODxRVQLGHODVGLYHUVDVYDULDQWHVGH+RPRGLVWULEXLGDVSRU(XUDVLD3DUDEXVFDUVXV
RUtJHQHVFRPRHQHOFDVRGHODXWRUGH5DtFHVKD\TXHUHJUHVDUDOIULFD
$OOtHQDOJ~QPRPHQWRVLWXDGRHQWUHGRVFLHQWRV\FLHQPLODxRVDWUiVHO+RPRVDSLHQVVDSLHQV
VH DEULy DO ILQ SDVR D WUDYpV GH OD PDUDxD SUHKLVWyULFD D SDUWLU GH XQD ~QLFD SREODFLyQ GH +RPR
VDSLHQVORFDO\VHSUHSDUySDUDLQLFLDUODFRQTXLVWDGHOSODQHWD+DFHFXDUHQWDPLODxRVHOKRPEUH
DIULFDQRSRQtDSRUSULPHUDYH]VXSLHHQ(XURSD\FRORQL]DED$VLD\$XVWUDOLDKDFHGRFHPLODxRV
DXQTXHODFLIUDHVGLVFXWLEOH\KD\TXLHQHVODUHPRQWDQDWUHLQWD\WUHVPLOVHLQVWDODEDHQ$PpULFD
6HJ~QSDUHFHQRIXHXQDFRQTXLVWDFRQGHVSOD]DPLHQWRVIRU]RVRV\H[WHUPLQLRVFRPRVXHOHQVHUODV
FRQTXLVWDV KR\ VH DFHSWD TXH SRU HO FRQWUDULR KXER PXFKR LQWHUFDPELR HQWUH ODV GLVWLQWDV
SREODFLRQHV(O+RPRVDSLHQVFRPRGLMHHQVXPRPHQWRFRQYLYLyFRQORVQHDQGHUWDOHVHQ0HGLR
2ULHQWHGXUDQWHPLOHVGHDxRVHQORVFXDOHVQRSXHGHGHMDUGHKDEHUKDELGRLQWHUFDPELRVGHWRGR
WLSR'HKHFKRKDVWDWHQHPRVJHQHVQHDQGHUWDOHVGHHVRVLQWHUFDPELRVQRVyORFRQORVQHDQGHUWDOHV
VLQRFRQODVRWUDVHVSHFLHVRVXEHVSHFLHVVHIRUPyHOSRROJHQpWLFRGHOKRPEUHPRGHUQR
6RPRV XQD VROD HVSHFLH TXH QDYHJD KDFLD HO IXWXUR \ FDGD GtD QRV FRQHFWD FRQ WRGD QXHVWUD
KLVWRULD TXH VH LQLFLy HQ OD QRFKH GH ORV WLHPSRV 1R VDEHPRV GHO WRGR GH GyQGH YHQtDQ ORV
KRPtQLGRVTXHGHMDURQODVKXHOODVGH/DHWROLSHURVDEHPRVELHQKDFLDGyQGHVHGLULJtDQDXQTXHQR
GHPDQHUDOLQHDOKDFLDKR\

(OWLHPSRXQDFRPSDxDQWHHVFXUULGL]R
/DFRVPRORJtDODJHRORJtD\ODWHRUtDGHODHYROXFLyQQRVKDQDFRVWXPEUDGRDSHUtRGRVGHWLHPSR
ODUJXtVLPRVTXLQFHDYHLQWHPLOPLOORQHVGHDxRVGHVGHHOFRPLHQ]RGHOXQLYHUVRFLQFRPLOPLOORQHV
GH DxRV GHVGH HO QDFLPLHQWR GHO 6RO FHQWHQDUHV GH PLOORQHV GH DxRV SDUD OD HYROXFLyQ GH ODV
HVSHFLHVRVHVHQWD\FLQFRPLOORQHVGHDxRVGHVGHTXHVHH[WLQJXLHURQORVGLQRVDXULRV$XQXQDFLIUD
WDQ PRGHVWD FRPR HO PLOOyQ GH DxRV TXH DEDUFD OD KLVWRULD GHO KRPEUH KDFH SDOLGHFHU D FXDOTXLHU
ODSVRDOTXHHVWHPRVDFRVWXPEUDGRVHQODYLGDFRWLGLDQD\ORJUDTXHHOGHEDWHVREUHVLODGXUDFLyQ
GHXQPDQGDWRSUHVLGHQFLDOGHEHVHUGHVHLVRGHFXDWURDxRVSDUH]FDULGtFXOR/RFLHUWRHVTXHHVRV
SHUtRGRV GH WLHPSR GH VHLV FLIUDV R PiV PXFKDV YHFHV UHVXOWDQ DEVWUDFWRV \ GLItFLOHV GH SDOSDU
LQWXLWLYDPHQWH 3RU HVR HV XQ GLYHUWLGR HMHUFLFLR DOWHUDU ODV HVFDODV WHPSRUDOHV KDVWD WpUPLQRV
FRWLGLDQRV\WUDWDUGHLPDJLQDUFRQHVRVOtPLWHVODHYROXFLyQGHODYLGD$VtSRGHPRVFRPSULPLUORV
FXDWURPLOPLOORQHVGHDxRVGHKLVWRULDGHOD7LHUUDHQHOIDPLOLDUSHUtRGRGHWUHVFLHQWRVVHVHQWD\
FLQFRGtDV\YHUFyPRVHGHVDUUROODHOSURFHVRGHHYROXFLyQGHODVHVSHFLHVHQHVDHVFDODHQODTXH
XQPHVUHSUHVHQWDWUHVFLHQWRVWUHLQWDPLOORQHVGHDxRVXQGtDRQFHPLOORQHV\XQPLOHQLRVHUHGXFHD
DSHQDVRFKRVHJXQGRV
)LMHPRVSXHVODIRUPDFLyQGHQXHVWURSODQHWDDODFHURKRUDGHOSULPHURGHHQHUR'XUDQWHOD
PD\RU SDUWH GHO DxR TXH KHPRV DGRSWDGR FRPR PDUFR VyOR KDEUi IRUPDV HVTXHPiWLFDV GH YLGD
DSHQDV PROpFXODV FDSDFHV GH GXSOLFDUVH DXQTXH HQ DEULO \D HQFRQWUDPRV EDFWHULDV \ HQ MXQLR
SUREDEOHPHQWH RUJDQLVPRV XQLFHOXODUHV 5HFLpQ D SULQFLSLRV GH RFWXEUH DSDUHFHQ ORV RUJDQLVPRV
PXOWLFHOXODUHV\KD\TXHHVSHUDUXQPHV\DOJXQRVGtDVPiVSDUDORVSULPHURVYHUWHEUDGRV(OYHLQWH
GHQRYLHPEUH\DHQFRQWUDPRVSHFHVHQORVPDUHVSULPLWLYRV$OUHGHGRUGHOSULPHURGHGLFLHPEUHVH
SURGXFHXQJUDQVDOWRHQODHYROXFLyQDOJXQRVSHFHVDEDQGRQDQHOPDU\HPSLH]DQODFRORQL]DFLyQ
GHODWLHUUDILUPH$TXHOORVHVIRU]DGRVSLRQHURVVRPHWLGRVDODVSRGHURVDVIXHU]DVGHODVHOHFFLyQ
QDWXUDOFDPELDQ\VHWUDQVIRUPDQHQDQLPDOHVHQWHUDPHQWHQXHYRVORVUHSWLOHVTXHKDFLDHOGLH]GH
GLFLHPEUH LQLFLDQ VX HSRSH\D GDQGR RULJHQ D PXFKDV OtQHDV HYROXWLYDV ODJDUWRV \ VHUSLHQWHV
WRUWXJDVFRFRGULORVGLQRVDXULRV\SiMDURV\XQDQRYHGRVDOtQHDGHSURGXFWRVELROyJLFRVTXHWLHQH
HVSHFLDO LQWHUpV SDUD QRVRWURV +DFLD HO  GH GLFLHPEUH ORV PDPtIHURV HQWUDQ HQ DFFLyQ $O
SULQFLSLRSRFD\DTXHSRUXQODUJRSHUtRGRGHYHLQWHGtDVHOPXQGRHVGHORVGLQRVDXULRVTXHVRQ
OD IRUPD SUHYDOHQWH KDVWD TXH SRU FDXVDV WRGDYtD RVFXUDV VH H[WLQJXHQ SDUD OD 1DYLGDG HO
YHLQWLFLQFRGHGLFLHPEUHORVGLQRVDXULRVDEDQGRQDQODHVFHQD\ORVPDPtIHURVKHUHGDQOD7LHUUD
$KRUD WRGR VH DFHOHUD ORV PDPtIHURV FUHFHQ \ VH GLYHUVLILFDQ (O YHLQWLRFKR GH GLFLHPEUH
DSDUHFHQORVPRQRV\DQWURSRLGHV3HURKD\TXHHVSHUDUKDVWDODVWUHVGHODWDUGHGHOWUHLQWD\XQRGH
GLFLHPEUH HO ~OWLPR GtD GHO DxR SDUD TXH HO WURQFR SULQFLSDO GH ORV SULPDWHV VH ELIXUTXH SRU
~OWLPDYH]\ODUDPDHYROXWLYDGHOKRPEUHVHSHUILOHFRQFLHUWDFODULGDG
$ODVFLQFRGHHVDWDUGHGHFLVLYDORVSULPHURVKRPtQLGRVDOXPEUDQHQHOKRUL]RQWH\HPSLH]DQ
VXVFRUUHUtDVSRUHOQRUWHGHIULFDDODVRFKRPHQRVYHLQWHKDFHVXHQWUDGDHO+RPRKDELOLVFDSD]
GHIDEULFDUKHUUDPLHQWDVGHSLHGUD\GRVKRUDVGHVSXpVHO+RPRHUHFWXV$ODVRQFH\PHGLDGHOD
QRFKH GH HVH  GH GLFLHPEUH \D WHQHPRV DO +RPR VDSLHQV SHUR VyOR D ODV GRFH PHQRV FXDUWR
DSDUHFHHOKRPEUHFRPSOHWDPHQWHPRGHUQRTXHGHVGHHOQRUWHGHIULFDHPSLH]DDH[SDQGLUVHSRU
HO PXQGR (O UHVWR HV KLVWRULD D ODV  GH OD QRFKH VH SLQWDQ ODV FXHYDV GH $OWDPLUD D ODV
 VH FRQVWUX\HQ ODV SLUiPLGHV GH (JLSWR D ODV  VH IXQGD 5RPD D ODV 
*XLOOHUPRHO&RQTXLVWDGRULQYDGH,QJODWHUUD\GHUURWDD+DUROGRHQODEDWDOODGH+DVWLQJVFXDQGR
IDOWDQVyORWUHVVHJXQGRV\PHGLRSDUDODPHGLDQRFKH&ROyQVHHPEDUFDHQHO3XHUWRGH3DORV
$ODV\FXDWURGpFLPDVGHVHJXQGRHVWDOODOD3ULPHUD*XHUUD0XQGLDO$ODVGRFHGHOD
QRFKHGHOGHGLFLHPEUH1HLO$UPVWURQJSRQHVXSLHVREUHOD/XQD(VHOGHMXOLRGH
,17(5/8',2
e;2'2

3RUTXHXQGtDVDOLPRVGHOIULFDWDQWHDQGR
ODSLHOGHVFRQRFLGDGHOSODQHWD
%XVFiEDPRVHOPDUSDUDHPEDUFDUQRV
HODLUHSDUDYRODUVREUHODVQXEHV
ODWLHUUDSDUDDUDUODPLHVHOIUXWR
ODVPiTXLQDVHOIXHJR/DHVFULWXUD
\HOFDEOHTXHWUDQVSRUWDODVSDODEUDV

<XQGtDQRVGHVSHGLPRVHQXQVLWLR
$TXtRDOOiIXHHQFXDOTXLHUPLOHQLR

4XpVHKL]R
GHDTXHODPLJRGHDTXHOODWULEXHPSDUHQWDGD
TXHWRPyKDFLDHOVXUHQXQFUXFHGHFDPLQRV
\GHTXLHQHVQXQFDPiVVHVXSRQDGD"

4XpIXHGHPLVSULPRVTXHHVDWDUGH
GHFLGLHURQTXHGDUVHHQODFDYHUQD
FXDQGRWRGRVSDUWLPRVDRWUDVWLHUUDV
FRQPiVVROPiVKLHUURRPHMRUYLQR"

4XpVHKL]RGHDTXHOJUXSRGHIDPLOLDV
TXHFUX]DURQHOUtR\QRYROYLHURQQXQFD"

<HVDJHQWH
TXHIDEULFyXQDFDQRD\VHDOHMySRUHOPDU"

+R\UHJUHVDPRVDOIULFDSREODGD
GHKHUPDQRVTXHXQDYH]VHGHVSLGLHURQ
SRUXQVLJORXQPLOHQLR\QRYROYLHURQ

$QKHODQWH
FDGDSDODEUDFDGDOHWUDTXHSHOHD
SRUYLYLUUHFRQVWUX\HDTXHOODDOGHD
GRQGHD~QODWHWXQRPEUH
HQFDGDLQVWDQWH
 &$378/2

/DHVWUXFWXUDGHOXQLYHUVR\ODWHRUtDGHO%LJ%DQJ

1RVHVWDPRVDFHUFDQGRDOILQDO\FRPRDOSULQFLSLRQRVYROYHPRVKDFLDHOFLHOR\VXHVWUXFWXUDTXH
IXHHOSULPHUOXJDUDGRQGHORVKRPEUHVGLULJLHURQVXFXULRVLGDGD\XGDGRVFRQORVWRVFRVHOHPHQWRV
TXH WHQtDQ FXDQGR QR D VLPSOH YLVWD \ ORJUDURQ FRQVHJXLU DXQ HQ HVDV FRQGLFLRQHV UHVXOWDGRV
DVRPEURVRV 3HUR DKRUD OD %LJ 6FLHQFH OD FLHQFLD D JUDQ HVFDOD \ OD H[SORVLyQ GH SURGLJLRVRV
DSDUDWRV QRV SHUPLWHQ HFKDU XQD PLUDGD \ WUDWDU GH FRPSUHQGHU OD HVWUXFWXUD D JUDQ HVFDOD GHO
XQLYHUVR DOFDQ]DQGR KRUL]RQWHV TXH QL +LSDUFR QL 7RORPHR QL HO JUDQ &RSpUQLFR QL 7\FKR QL
.HSOHUVRxDURQHQVXVGLYDJDFLRQHV\DQKHORVPiVIDQWDVLRVRV
< PH SDUHFH TXH SDUD HVD H[FXUVLyQ D ORV FRQILQHV GHO HVSDFLR \ HO WLHPSR QDGD PHMRU TXH
HPSH]DUSRUQXHVWUDHVWUHOODHO6RO\VXHVIRU]DGDYLGD

,/$(6758&785$'(/81,9(562

(O6RO
$USDVR\VDOWHULRVR\
GRQGHYLYHHOXQLYHUVR
9HQJRGHO6RO\DO6ROYR\
6R\HODPRUVR\HOYHUVR

-26e0$57

(O VRO QR SXHGH KDFHU KXHOJD QL WRPDU YDFDFLRQHV \ VLQ HPEDUJR VXV FRQGLFLRQHV GH WUDEDMR VRQ
SHQRVDVQRFREUDVXHOGRDXQTXHSURGX]FDFRQSDVPRVDHILFLHQFLD\VyOROHFDEHHVSHUDUXQDPXHUWH
VHJXUD FRPR SUHPLR D VXV HVIXHU]RV 3RU HPSH]DU VH RFXSD GH DWUDHU D ORV SODQHWDV \ PDQWHQHU DO
VLVWHPD VRODU HQ IXQFLRQDPLHQWR (VWD PHQXGD IDHQD JUDYLWDWRULD HV UHODWLYDPHQWH IiFLO DO ILQ \ DO
FDER WRGRV ORV FXHUSRV GHO XQLYHUVR OD FXPSOHQ VL VH OD FRPSDUD FRQ OD WLWiQLFD WDUHD GH EULOODU
$WUDHUHOVRODWUDHGHWDTXLWR%ULOODUVRQSDODEUDVPD\RUHV<DXQTXHFXHVWHUHQGLUVHDODHYLGHQFLD
KD\ TXH UHFRQRFHU TXH HO 6RO HVWi OHMRV GH SHUWHQHFHU DO VHFWRU VHUYLFLRV PX\ SRU HO FRQWUDULR
WUDEDMDHQXQRGHORVVHFWRUHVEiVLFRVGHODHFRQRPtDHVWHODUODSURGXFFLyQGHHQHUJtDGHODFXDO
FRPR XQD HVSHFLH GH DULVWRFUDFLD SDUiVLWD QRVRWURV \ WRGRV ORV VHUHV GH OD 7LHUUD YLYLPRV \ QRV
GHVDUUROODPRVFXDQGRQRVGHMDQ
$SULPHUDYLVWDODHVWUXFWXUDGHO6ROQRSDUHFHJUDQFRVDQRHVVLQRXQDHQRUPHHVIHUDGHJDVGH
 NLOyPHWURV GH GLiPHWUR FRPSXHVWD FDVL H[FOXVLYDPHQWH SRU ORV GRV PDWHULDOHV PiV
VLPSOHVGHOPXQGRKLGUyJHQR\KHOLR$SHQDVXQ\DXQPHQRVTXHGDSDUDHO
UHVWRGHORVHOHPHQWRVHQHVSHFLDOHOFDUERQR\HOR[tJHQR
3HURHVHSDLVDMHHQDSDULHQFLDVHQFLOORHQFXEUHHOGHVDUUROORGHXQGUDPD%DMRODDFFLyQGHVX
SURSLRSHVRTXHODVDUUDVWUDKDFLDHOFHQWURODVFDSDVH[WHULRUHVFRPSULPHQDODVLQWHULRUHV\HVWD
FRPSUHVLyQ GH ODV FDSDV LQWHULRUHV SURGXFH HQ HO FHQWUR GHO DVWUR XQD HVFDODGD GH SUHVLyQ \
WHPSHUDWXUD TXH DOFDQ]D YDORUHV GH SHVDGLOOD ORV PRGHVWRV  JUDGRV GH OD VXSHUILFLH VRODU
UHPRQWDQKDVWDYHLQWHPLOORQHVGHJUDGRVRPiVHQHOQ~FOHRHQVHPHMDQWHDPELHQWHQDGLHSXHGH
UD]RQDEOHPHQWHSUHWHQGHUTXHODPDWHULDPDQWHQJDVXFRPSRVWXUD/RVQ~FOHRVDWyPLFRVGHKHFKR
VHDSODVWDQXQRVFRQWUDRWURV\VHGHVHQFDGHQDQUHDFFLRQHVQXFOHDUHVGRVQ~FOHRVGHKLGUyJHQRVH
IXQGHQSDUDIRUPDUXQRGHKHOLR
(O GHWDOOH SLQWRUHVFR HV TXH OD PDVD ILQDO OD GHO Q~FOHR GH KHOLR HV OLJHUDPHQWH LQIHULRU D OD
VXPDGHODVPDVDVGHKLGUyJHQRHPSOHDGDVSDUDIRUPDUOD/DPDVDTXHIDOWDVHHYDSRUyHQIRUPD
GHHQHUJtDVHJ~QODFpOHEUHIRUPXODHLQVWHLQLDQDH PF
&DGD VHJXQGR HO 6RO FRFLQD VHLVFLHQWRV WUHLQWD PLOORQHV GH WRQHODGDV GH KLGUyJHQR
WUDQVIRUPiQGRODVHQKHOLR'HHVDHQRUPHVXPDFDGDVHJXQGRWDPELpQFXDWURPLOORQHVVHLVFLHQWDV
PLOWRQHODGDVGHVDSDUHFHQSDUDSURYHHUODHQHUJtDVRODU
)XVLRQDU KLGUyJHQR SDUD IDEULFDU KHOLR HO PLVPR SURFHVR TXH HQ SHTXHxR HO KRPEUH KD
FRQVHJXLGRUHSURGXFLUHQODERPEDGHKLGUyJHQRTXHHVXQDHVSHFLHGHVROHQPLQLDWXUDFRQYLHUWH
DO6ROHQXQKRUQRQXFOHDUDHVFDODFyVPLFD0DOTXHQRVSHVHpVHHVHOVHFUHWRGHO6RO\pVDVVRQ
ODVFRQGLFLRQHVGHVXYLGD
$KRUDELHQ+DVWDFXiQGRSXHGHGXUDUWDPDxRGHVSLOIDUUR"3RUTXHHOKLGUyJHQRHVODPDWHULD
SULPDTXHKDVRVWHQLGRDODHVWUHOODGHVGHVXQDFLPLHQWRKDFHFLQFRPLOPLOORQHVGHDxRVSHUROD
SURYLVLyQGHKLGUyJHQRVLELHQPX\JUDQGHQRSXHGHVHUHWHUQD
<QRORHVGHQWURGHXQRVFLQFRPLOPLOORQHVGHDxRVOOHJDUiHOPRPHQWRIDWDOHQTXHWRGRHO
KLGUyJHQR VH KDEUi FRQVXPLGR HQ FHQL]DV GH KHOLR \ HO 6RO VH TXHGDUi VLQ FRPEXVWLEOH (VH GtD
FRPHQ]DUi OD PXHUWH GH HVWH HVIRU]DGR LQWHJUDQWH GHO SUROHWDULDGR HVWHODU DO TXH VyOR SRU
GHVFRQRFLPLHQWRGHORVSURFHVRVQXFOHDUHVVHFRQILULyGXUDQWHVLJORVHODWULEXWRGHODLQPRUWDOLGDG\
ORVRURSHOHVGHODPRQDUTXtD3ULPHURVHH[SDQGLUiKDVWDFRQYHUWLUVHHQXQD*LJDQWH5RMDTXHVH
H[WHQGHUiKDVWDDOFDQ]DUPiVRPHQRVODyUELWDGH0DUWHOXHJRWHQGUiXQEUHYHFKLVSD]RGHYLGD
FXDQGR ODV WHPSHUDWXUDV SHUPLWDQ TXH DUGD HO KHOLR WUDQVIRUPiQGRVH HQ FDUERQR \ OXHJR OD
JUDYLWDFLyQUHWRPDUiVXWDUHDHO6ROVHFRQWUDHUiKDVWDFRQYHUWLUVHHQXQDHQDQDEODQFDRTXL]iVHQ
XQDHVWUHOODGHQHXWURQHV3HURQRYHUHPRVDODVWURUH\FDHUGHVXWURQROD7LHUUDFRPR0HUFXULR\
9HQXVVHKDEUiHYDSRUDGRKDFHPXFKR3RGUtDVHUSHRU/DPXHUWHGHO6ROVHUiOHQWD\FRQWLQXDQR
KDEUiVHJ~QVHVDEHKDVWDDKRUDQLQRYDVQLVXSHUQRYDVQLPDORVFRPSRUWDPLHQWRVTXHVXSRQJDQXQ
EUXVFR$SRFDOLSVLV6yORXQOHQWRFDOLHQWH\ODUJRPRPHQWRILQDO

0XHUWH\WUDQVILJXUDFLyQGHODVHVWUHOODV
&XHQWDQ TXH XQ DVWURItVLFR HVWDED FRQWDQGR HVWDV FRVDV HQ XQD FRQIHUHQFLD \ FXDQGR KDEOy GH OD
PXHUWHGHO6ROXQDYLHMLWDPX\YLHMLWDTXHHVWDEDHQWUHHOS~EOLFRHPSH]yDJULWDUD\QRD\QR
< VH GHVPD\y &XDQGR FRQVLJXLHURQ UHDQLPDUOD HO FRQIHUHQFLVWD OH DFODUy 6HxRUD HVWR RFXUULUi
GHQWURGHFLQFRPLOPLOORQHVGHDxRV&LQFRPLOPLOORQHVGHDxRVPHHQWLHQGH"
 /DYLHMLWDVXVSLUyDOLYLDGD$K0HQRVPDO<RKDEtDHQWHQGLGRPLOPLOORQHVGHDxRV
(O 6RO HV XQD PiTXLQD R XQ PRWRU FRPR SUHILHUDQ XVWHGHV \ HO UHVWR GH ODV HVWUHOODV VRQ
PiTXLQDVRPRWRUHVPiVRPHQRVSDUHFLGRVFX\RIXQFLRQDPLHQWR\HYROXFLyQGHSHQGHQGHVXPDVD
&RPR HQ HO 6RO HO FRPEXVWLEOH GH IRQGR HV QL PiV QL PHQRV TXH OD HQHUJtD JUDYLWDWRULD HO PHUR
SHVR TXH WUDWD GH FRPSULPLU HO FHQWUR \ FX\R UHVXOWDGR VRQ PLOORQHV GH JUDGRV GH WHPSHUDWXUD
VXILFLHQWHVSDUDIXQGLUHOKLGUyJHQRHQKHOLRSURFHVRTXHLUUDGLDFDORU\OX]VXILFLHQWHVFRPRSDUD
FRQWHQHUODSUHVLyQJUDYLWDWRULD<FRPRHOVROVHIRUPDURQDSDUWLUGHJUDQGHVQXEHVGHJDV\SROYR
TXHVHFRQWUDMHURQSRUHIHFWRGHODJUDYHGDG
6LHVFLHUWRTXHODYLGDGHXQDHVWUHOODGHFLQHHVXQDOXFKDFRQVWDQWHFRQWUDORVSHULRGLVWDVTXHOD
DFRVDQ\HVWiSODJDGDGHHVFiQGDORVGLYRUFLRV\UHFRQFLOLDFLRQHVODYLGDGHXQDHVWUHOODGHYHUGDG
HVXQDOXFKDQRPHQRVSHUPDQHQWHHVWDYH]FRQWUDODJUDYLWDFLyQTXHSUHWHQGHDSODVWDUODFRQWUDVX
FHQWUR/DVFDSDVH[WHULRUHVGHXQDHVWUHOODSUHVLRQDQVREUHODVLQWHULRUHVTXHDVXYH]HPSXMDQDODV
TXHWLHQHQODGHVJUDFLDGHHQFRQWUDUVHWRGDYtDPiVFHUFDGHOFHQWUR\HQWUHWRGDVWUDWDQGHTXHHO
DVWUR VH GHUUXPEH VREUH Vt PLVPR \ TXHGH UHGXFLGR VL HVWR IXHUD SRVLEOH D XQ PHUR SXQWR 6L HO
GHVWLQRGHXQDHVWUHOODGHFLQHGHSHQGHGHVXVXHUWH\HQFLHUWDPHGLGDQRPXFKDGHVXWDOHQWR
HO GHVWLQR GH XQD HVWUHOOD GH YHUGDG GHSHQGH GH VX PDVD HV GHFLU GH OD FDQWLGDG GH PDWHULD TXH
FRQWHQJD (V pVWD OD TXH GHFLGLUi VL KD GH WHUPLQDU VX FDUUHUD FRQ XQD JLJDQWHVFD H[SORVLyQ R VH
HQIULDUiSDFtILFDPHQWHKDVWDVHUROYLGDGDHQWUHRWUDVDOWHUQDWLYDVQRPHQRVLQWHUHVDQWHV
&XDQGR HO KLGUyJHQR VH DFDED \ ORV SURFHVRV QXFOHDUHV \D QR SXHGHQ VRVWHQHUOD OD IXHU]D
JUDYLWDWRULDUHFXSHUDODLQLFLDWLYD\PLHQWUDVODVFDSDVPiVH[WHULRUHVODDEDQGRQDQ\VHH[SDQGHQOD
HVWUHOODFRPLHQ]DLQH[RUDEOHPHQWHDFRQWUDHUVH\HOHYDUD~QPiVVXWHPSHUDWXUDKDVWDTXH HOKHOLR
HPSLH]D D IXVLRQDUVH HQ HOHPHQWRV PiV SHVDGRV $TXt HV GRQGH HQWUD D MXJDU OD PDVD SRUTXH HV
MXVWDPHQWH HO SHVR GH OD HVWUHOOD VREUH VX FHQWUR HO TXH GHWHUPLQD ODV WHPSHUDWXUDV TXH VH SRGUiQ
DOFDQ]DU\ORTXHKDGHRFXUULUDFRQWLQXDFLyQ6LODHVWUHOODHVSHTXHxDVLWLHQHXQDPDVDPHQRUTXH
RFKRPDVDVVRODUHVHOREYLRFDVRGHO6ROVHHQIULDUiSDFtILFDPHQWHKDVWDFRQYHUWLUVHHQXQD
HQDQD EODQFD XQD HVWUHOOD SHTXHxD \ ROYLGDEOH VL VH WUDWD GH XQD HVWUHOOD PDVLYD ORV VXFHVRV VH
SUHFLSLWDQ\HVWDOODUiXQDVXSHUQRYD
$O WHUPLQDUVH HO KLGUyJHQR OD UDGLDFLyQ OLEHUDGD KDFLD DIXHUD GLVPLQX\H \ OD SUHVLyQ
JUDYLWDWRULD QL OHQWD QL SHUH]RVD HPSLH]D D SUHGRPLQDU KDFLHQGR TXH HO Q~FOHR GH OD HVWUHOOD VH
FRQWUDLJD +DVWD DTXt VDEHPRV WRGR VH IXVLRQD HO KHOLR TXH IRUPD FDUERQR VH IXVLRQD OXHJR HO
FDUERQRTXHGDQHyQR[tJHQR\VLOLFLR3HURFDGDYH]ODHQHUJtDOLEHUDGDHVPHQRU\SRUORWDQWRHV
PHQRU OD IXHU]D FRQ OD TXH VH FRQWUDUUHVWD OD SUHVLyQ GH OD PDVD HVWHODU (O ~OWLPR DFWR GHO GUDPD
QXFOHDUHPSLH]DFXDQGRVHIXVLRQDHOVLOLFLRSDUDGDUQ~FOHRVGHKLHUURORFXDOVyORSXHGHRFXUULUHQ
HVWUHOODV PX\ PDVLYDV PiV GH GLH] PDVDV VRODUHV < pVH HV \D HO ILQDO SRUTXH HO KLHUUR HV PX\
HVWDEOH\\DQRSXHGHIXQGLUVHDVXYH]HQHOHPHQWRVPiVSHVDGRV/DHVWUHOODQRSXHGHLUPiVDOOi\
ODVFDPSDQDVHPSLH]DQDGREODUSRUHOOD
/D IXVLyQ GHO VLOLFLR HQ KLHUUR HV PX\ UiSLGD HQ XQ GtD \D WHQHPRV XQ Q~FOHR GH KLHUUR
SHUIHFWDPHQWH IRUPDGR 3HUR FRPR HQ HO Q~FOHR GH KLHUUR \D QR VH SURGXFH HQHUJtD FRPR SDUD
GHWHQHUDODHQRUPHPDVDGHODHVWUHOODWRGDODPDWHULDVHSUHFLSLWDKDFLDHOFHQWURFRPSULPLpQGROR
KDVWDGHQVLGDGHVHTXLSDUDEOHVDODVGHXQQ~FOHRDWyPLFRHQHVWHSXQWRLQVRSRUWDEOHODHVWUHOODKDFH
XQ ~OWLPR LQWHQWR SRU UHVLVWLU \ SRU XQ PLFURLQVWDQWH HO SURFHVR VH GHWLHQH SURGXFLHQGR RQGDV GH
VRQLGRTXHYLDMDQDWUDYpVGHOPDWHULDOGHODHVWUHOODVHDOFDQ]DQXQDVDRWUDV\VHDFXPXODQDXQD
FLHUWD GLVWDQFLD GHO FHQWUR TXH VH GHQRPLQD SXQWR VyQLFR PLHQWUDV HO Q~FOHR GHVDUUROOD VXV
~OWLPDV GHIHQVDV OD PDWHULD RIUHFH XQD IXJD] UHVLVWHQFLD FHGH VH FRPSULPH PiV DOOi GH VXV
SRVLELOLGDGHV \ OXHJR UHERWD FRPR XQ SHGD]R GH JRPD TXH XQR FRPSULPH \ OXHJR YXHOYH D VX
SRVLFLyQLQLFLDOHVWHLGD\YXHOWDGHOQ~FOHRXOWUDFRPSULPLGRDJUHJDQXHYDVRQGDVTXHVHVXPDQDO
SXQWRVyQLFR\DKRUDVtWRGDVHOODVVHHPSDTXHWDQHQHOIHQyPHQRTXHVHFRQRFHFRPRRQGDGH
FKRTXH XQD YLROHQWD GLVFRQWLQXLGDG HQ OD SUHVLyQ TXH VH SURSDJD D WUDYpV GH OD HVWUHOOD KDFLD
DIXHUDDXQDYHORFLGDGGHFLQFXHQWDPLONLOyPHWURVSRUVHJXQGRDUUDQFDQGRPDWHULD\SURYRFDQGR
XQD SDYRURVD H[SORVLyQ TXH OD SXHGH KDFHU EULOODU FRPR XQD JDOD[LD HQWHUD XQD VXSHUQRYD (O
QRYHQWDSRUFLHQWRGHOPDWHULDOTXHFRPSRQHODHVWUHOODYXHODSRUHOHVSDFLR\HQHOFHQWURTXHGD
XQDSHTXHxDHVWUHOODGHQHXWURQHVFRQWUD\pQGRVHRELHQXQDJXMHURQHJUR
7RGRHOSURFHVRGHVGHHOFRPLHQ]RGHOFRODSVRGXUyDOUHGHGRUGHXQPLOpVLPRGHVHJXQGR
/DV HVWUHOODV GH QHXWURQHV VRQ XQ DPRQWRQDPLHQWR GH QHXWURQHV GH DKt VX QRPEUH \ PX\
FKLFDVWLHQHQXQUDGLRGHXQDVSRFDVGHFHQDVGHNLOyPHWURVSHURWHUULEOHPHQWHFRPSULPLGDV\HQ
UDSLGtVLPD URWDFLyQ HQ HVRV GLH] R YHLQWH NLOyPHWURV GH UDGLR VH FRQGHQVDQ PDVDV GH KDVWD GRV
YHFHVODPDVDVRODUGHPRGRTXHXQDFXFKDUDGDGHPDWHULDQHXWUyQLFDSHVDUtDPLOHVGHPLOORQHVGH
NLORV<HVWDVHVWUHOODVWLHQHQFDPSRVPDJQpWLFRVSDUWLFXODUPHQWHLQWHQVRVTXHJHQHUDQXQFKRUURGH
HPLVLyQ HQ ORV SRORV PDJQpWLFRV DO URWDU OD HVWUHOOD TXHGDPRV EDxDGRV SHULyGLFDPHQWH HQ HVH
FKRUUR HOHFWURPDJQpWLFR GH OD PLVPD PDQHUD TXH XQ EDUFR UHFLEH SHULyGLFDPHQWH ORV LPSXOVRV
OXPLQRVRVGHXQIDURTXHJLUD3RUHVRVHORVOODPDS~OVDUHV
/RVS~OVDUHVGLFKRVHDGHSDVRWLHQHQXQDFXULRVDKLVWRULDGHVGH\DIXHURQGHVFXELHUWRVDQWHV
TXHODVHVWUHOODVGHQHXWURQHVHQIHEUHURGH\HQFDVLWRGDVSDUWHVODSUHQVDSXEOLFyTXHXQ
JUXSRGHDVWUyQRPRVKDEtDUHFLELGRVHxDOHVGHUDGLRSURFHGHQWHVGHXQDFLYLOL]DFLyQH[WUDWHUUHVWUH
HQOD$UJHQWLQDXQSHULyGLFRWLWXOyHQSULPHUDSiJLQD126//$0$1
/DYHUGDGGHODPLODQHVDHUDTXHHQODUHYLVWDLQJOHVD1DWXUHXQDGHODVUHYLVWDVFLHQWtILFDVPiV
SUHVWLJLRVDV GHO PXQGR KDEtD VDOLGR XQ DUWtFXOR GRQGH XQ JUXSR GH DVWUyQRPRV GH &DPEULGJH
LQIRUPDEDKDEHUUHFLELGRVHxDOHVGHUDGLRDLQWHUYDORVUHJXODUHV\FRQPX\DOWDIUHFXHQFLDYDULDV
YHFHVSRUVHJXQGR\TXHKDVWDFLHUWRSXQWRKDEtDQMXJDGRFRQODLGHDGHVHxDOHVLQWHOLJHQWHVSHUR
PX\SURQWRODGHVHFKDURQ
$XQTXH HO VHQVDFLRQDOLVPR GH OD QRWLFLD VH GLVLSy UiSLGDPHQWH HO PLVWHULR GH ORV S~OVDUHV
FRPR VH GLR HQ OODPDUORV VXEVLVWLy SRU XQ WLHPSR /D HQRUPH IUHFXHQFLD GH ODV SXOVDFLRQHV TXH
SRGtD DOFDQ]DU FHQWHQDUHV GH SXOVRV SRU VHJXQGR LQGLFDED TXH ODV IXHQWHV HUDQ REMHWRV PX\
SHTXHxRVGHQRPiVGHWUHLQWDNLOyPHWURVGHUDGLRHQDOJXQRVFDVRV4XpSRGtDQVHU"8QRVPHVHV
PiV WDUGH GRV MyYHQHV DVWUyQRPRV H[DPLQDQGR PLQXFLRVDPHQWH ODV HVWUHOODV HQ OD ]RQD GH OD
1HEXORVDGHO&DQJUHMRUHVWRGHODVXSHUQRYDREVHUYDGDSRUORVFKLQRVHQHODxRGRQGHODWtD
XQS~OVDUDUD]yQGHWUHLQWDYHFHVSRUVHJXQGRILQDOPHQWHORJUDURQTXHHOSULPHUS~OVDUGHOSXxDGR
FRQRFLGRKDVWDHQWRQFHV\TXHVyORVHKDEtDQPDQLIHVWDGRHQRQGDVGHUDGLRVHKLFLHUDYLVLEOH(UD
XQDHVWUHOODGHQHXWURQHVHQUDSLGtVLPDURWDFLyQ
1R WRGR HV PXHUWH VLQ HPEDUJR HQ XQD VXSHUQRYD WDPELpQ KD\ WUDQVILJXUDFLyQ /D PDWHULD
ODQ]DGDDOHVSDFLRVHUYLUiSDUDIRUPDUQXHYDVHVWUHOODV/RViWRPRVGHFDUERQRTXHIRUPDQQXHVWURV
FXHUSRVVHFRFLQDURQDOJXQDYH]HQDOJXQDHVWUHOODSULPLWLYD\IXHURQUHFLFODGRVSRUXQDVXSHUQRYD
(QFLHUWRVHQWLGRODVVXSHUQRYDVVRQXQDFHQWUDOGHGLVWULEXFLyQGHPDWHULDOHV\FRQVWLWX\HQDVtXQD
SDODQFDFODYHGHODHYROXFLyQ\ODHFRORJtDGHOXQLYHUVR6RPRVORTXHVRPRVSRUTXHDOJXQDYH]XQD
VXSHUQRYDDUURMyDOHVSDFLRORViWRPRVTXHQRVFRQVWLWX\HQ\DXQTXHVyORVHDSRUHVRQRVGHEHUtDQ
UHVXOWDUVLPSiWLFDV

/HQWHVJUDYLWDFLRQDOHV
&RQ HO WULXQIR GH OD 7HRUtD *HQHUDO GH OD 5HODWLYLGDG OD LPDJHQ GHO XQLYHUVR FDPELy \D HVWDED
DELHUWRHOFDPLQRKDFLDHO%LJ%DQJ\ORVDJXMHURVQHJURV\WDPELpQKDFLDODVOHQWHVJUDYLWDFLRQDOHV
8QD OHQWH ySWLFD QR HV PiV TXH XQ YLGULR FDSD] GH GHVYLDU ORV UD\RV GH OX] &XDQGR XQD OXSD
DPSOLILFDXQREMHWRSRUHMHPSORXQDFXFDUDFKDHOYLGULRSRUVXVSURSLHGDGHV\VXIRUPDVHSDUD
ORV UD\RV SURYHQLHQWHV GHO GLJQtVLPR LQVHFWR GH WDO PDQHUD TXH OR YHPRV PiV JUDQGH 8QD OHQWH
JUDYLWDFLRQDO KDFH SDUHFLGDV SLUXHWDV OXPLQRVDV VyOR TXH D HVFDOD FyVPLFD \ VLQ LQWHUYHQFLyQ GH
FXFDUDFKDVQLYLGULRVVRQREMHWRVHVWHODUHVORVTXHSDUWLFLSDQGHOSURFHVR\HOPRWLYRSRUHOFXDOOD
OX]FDPELDGHUXPERHVODJUDYLWDFLyQGHDOJ~QDVWURRFRQMXQWRGHDVWURVPDVLYRVJDOD[LDJUXSRGH
JDOD[LDVVLWXDGRVHQWUHHOREMHWRDREVHUYDU\QRVRWURV

/(17(*5$9,7$&,21$/

$XQTXHSUHYLVWDVWHyULFDPHQWHGHVGHORVDxRVWUHLQWDODVOHQWHVJUDYLWDFLRQDOHVVLQHPEDUJRVH
KLFLHURQHVSHUDUODSULPHUDIXHGHVFXELHUWD\FDVLSRUFDVXDOLGDGHOGHPDU]RGHSRU'
:DOVK \ 5 &DUVZHOO HQ ,QJODWHUUD \ 5 :HL\PDQ HQ ORV (VWDGRV 8QLGRV (VWRV FDEDOOHURV HVWDEDQ
WUDWDQGR GH XELFDU ySWLFDPHQWH PHGLDQWH WHOHVFRSLR HO RULJHQ GH XQD HPLVLyQ HOHFWURPDJQpWLFD
GHWHFWDGDSRUORVUDGDUHVODUDGLRIXHQWH1RKDEtDPiVTXHGRVFDQGLGDWRVGRVTXiVDUHV
REMHWRV PX\ DOHMDGRV SXQWXDOHV \ EULOODQWHV DPERV GH LJXDO OXPLQRVLGDG \ FDUDFWHUtVWLFDV FDVL
LGpQWLFDVVHSDUDGRVDSHQDVSRUVHJXQGRVGHDUFR3RUFXiOGHFLGLUVH"
9HQtDFDVLVHUYLGDXQDDXGD]\VDORPyQLFDFRQFOXVLyQQLXQTXiVDUQLHORWUR(QUHDOLGDGDPEDV
LPiJHQHVFRUUHVSRQGtDQDXQPLVPRTXiVDU$OJ~QREMHWRPDVLYRXELFDGRHQWUHHOTXiVDUHPLVRU\
QRVRWURV FRPR XQ JLJDQWHVFR YLGULR HVWHODU VHSDUDED HQ GRV HO UD\R SXQWXDO HPLWLGR SRU HO TXiVDU
PRVWUDQGR DO WHOHVFRSLR ySWLFR GRV TXiVDUHV GRQGH KDEtD VyOR XQR GH OD PLVPD PDQHUD TXH XQD
SLHGUDFRORFDGDDSURSLDGDPHQWHVHSDUDHQGRVHOKLORGHDJXDTXHFDHSRUODODGHUDGHXQDPRQWDxD
KDFLHQGRFUHHUDXQREVHUYDGRUTXHKD\GRVIXHQWHVGHDJXDHQYH]GHXQD8OWHULRUHVREVHUYDFLRQHV
FRQILUPDURQ OD KLSyWHVLV XQD JDOD[LD HOtSWLFD SRFR EULOODQWH HUD OD UHVSRQVDEOH GHO IHQyPHQR
,QWHUSXHVWDHQODWUD\HFWRULDGHODOX]HPLWLGDSRUHOTXiVDUVXHQRUPHSRGHUJUDYLWDWRULRFXUYDEDHO
UD\R REOLJiQGROR D GLYLGLUVH SDUD FRQWRUQHDUOD GH WDO PDQHUD TXH ORV LQYHVWLJDGRUHV UHFLEtDQ GRV
UD\RVGLVWLQWRV\HQFRQVHFXHQFLDYHtDQGRVLPiJHQHVGHXQREMHWR~QLFR(VGHFLUXQDYHUGDGHUD
OHQWH
'HVSXpV GH HVWD SULPHUD DSDULFLyQ VH GHVFXEULHURQ YDULDV OHQWHV JUDYLWDFLRQDOHV PiV REMHWRV
HVWHODUHVYHUGDGHUDPHQWHH[WUDxRV$XQTXHQRWDQWRFRPRORVDJXMHURVQHJURV

$JXMHURVQHJURV
&RPRYHPRVODDVWURQRPtDFRQWHPSRUiQHDSREOyHOSDFtILFRXQLYHUVRGHQXHVWURVDQWHSDVDGRVFRQ
XQD IDXQD H[yWLFD IUHQWH D ODV HVWUHOODV TXH H[SORWDQ \ EULOODQ FRPR XQD JDOD[LD HQWHUD D TXp VH
UHGXFHQ ORV IXHJRV LQIHUQDOHV TXH DUGtDQ PiV DOOi GH OD HVIHUD GH HVWUHOODV ILMDV" $ XQ LQRFHQWH
SDVDWLHPSR(OVHUHQRXQLYHUVRTXHWXUEDEDD.DQWORVVRPHWLGRVFLHORVTXHFUH\yGRPLQDU/DSODFH
HO WUDQVSDUHQWH XQLYHUVR FRQVWUXLGR SRU 1HZWRQ H LQFOXVR HO FRVPRV WUDQTXLOR \ HVWDFLRQDULR TXH
LPDJLQy(LQVWHLQGyQGHHVWiQDKRUD"/DDVWURQRPtDQRVHQIUHQWDDXQXQLYHUVRYLYD]HQHEXOOLFLyQ
VLJQDGRSRUHOPRYLPLHQWRODYLROHQFLD\HOFDPELR
6LQHPEDUJRQLORVTXiVDUHVQLODVVXSHUQRYDVQLODVOHQWHVJUDYLWDWRULDVQLHOQDFLPLHQWR\HO
FRODSVR GH ODV HVWUHOODV QL ODV JDOD[LDV HQ FROLVLyQ SURGXFHQ OD SXQ]DQWH LQTXLHWXG TXH VH
H[SHULPHQWD DQWH DOJXQRV UHFLHQWHV LQWHJUDQWHV GHO ]RROyJLFR HVWHODU ORV DJXMHURV QHJURV FX\D
WHUULEOHSUHVHQFLDHVXQRGHORVWDQWRVVXESURGXFWRVGHOD7HRUtDGHOD5HODWLYLGDG*HQHUDO6HJ~Q
pVWD UHFRUGHPRV OD PDWHULD DFW~D VREUH HO HVSDFLRWLHPSR FLUFXQGDQWH \ OR PRGLILFD 8Q UHORM
FRORFDGRHQHO6ROPDUFDUtDORVVHJXQGRVPiVOHQWDPHQWHTXHXQRWHUUHVWUH\DTXtPLVPRHOWLHPSR
WUDQVFXUUHPiVGHVSDFLR\VHHQYHMHFHPiVOHQWDPHQWHHQXQDSODQWDEDMDTXHHQXQSLVRGLH]GRQGH
HOFDPSRJUDYLWDWRULRWHUUHVWUHHVPiVGpELODXQTXHHVWHHIHFWRHVLPSHUFHSWLEOH\GLItFLOPHQWHSXHGD
LQIOXLUHQHOPHUFDGRLQPRELOLDULR
/RFLHUWRHVTXHLPSHUFHSWLEOHRQRFRPRXQDSRWHQWHWHQD]DODPDWHULDFXUYDHOHVSDFLR\HO
WLHPSR<FXDQWRPiVIXHUWHHVHOFDPSRJUDYLWDWRULRPiVVHFXUYDHOHVSDFLRWLHPSRKDVWDTXHHQ
SUHVHQFLD GH XQD FRQFHQWUDFLyQ GH PDWHULD VXILFLHQWHPHQWH JUDQGH \ SRU OR WDQWR GH XQ FDPSR
JUDYLWDWRULR VXILFLHQWHPHQWH LQWHQVR HVWRV IHQyPHQRV VH H[DVSHUDQ HO HVSDFLRWLHPSR VH FLHUUD
VREUH Vt PLVPR IRUPDQGR XQ ERUGH X KRUL]RQWH /R TXH SHUPDQHFH GHQWUR GH HVH KRUL]RQWH HV XQ
DJXMHUR QHJUR 1DGD HQ DGHODQWH SRGUi HVFDSDU GH pO QL VLTXLHUD OD OX] GH DKt MXVWDPHQWH VX
QRPEUH1LQJ~QSXOVROXPLQRVRVDOGUiMDPiVGHHOORVSHURQRSRUTXHKD\DXQDEDUUHUDTXHLPSLGDHO
SDVRVLQRSRUTXHHOHVSDFLRPLVPRVHKDFHUUDGREDMRODSRGHURVDJDUUDGHODJUDYLWDFLyQ(VFRPR
VLDOJXQDIXHU]DWRUFLHUDXQDFDVD\FRORFDUDODSXHUWDGHDGHODQWHHQH[DFWDFRUUHVSRQGHQFLDFRQOD
SXHUWD GH DWUiV 1DGLH VDOGUtD GH OD FDVD DXQTXH UHFRUULHUD LQWHUPLQDEOHPHQWH ORV FRUUHGRUHV
VHQFLOODPHQWHSRUTXHQRH[LVWHQFDPLQRVGHVDOLGD
6HVRVSHFKDODH[LVWHQFLDGHDJXMHURVQHJURVJUDYLWDQWHVHQDOJXQRVVLVWHPDVGHHVWUHOODVELQDULDV
\XQDWHRUtDFRUULHQWHVREUHORVTXiVDUHVXELFDDJXMHURVQHJURVHQHOFHQWURGHODVJDOD[LDVPDVLYDV
ODQXHVWUDHQWUHRWUDV'HOPLVPRPRGRODWHRUtDSUHGLFHTXHHOGHVWLQRILQDOGHPXFKDVHVWUHOODV
DXQTXHQRGHOVROHVXQDYH]TXHVHDJRWHHOFRPEXVWLEOHQXFOHDU\TXHFRODSVHQEDMRODDFFLyQGH
VXSURSLRSHVRWUDQVIRUPDUVHHQDJXMHURVQHJURV\HQFHUUDUVHSDUDVLHPSUHGHWUiVGHOKRUL]RQWHTXH
QDGDDWUDYLHVDGRVYHFHV
/D YHUGDG HV TXH ORV DJXMHURV QHJURV HVWiQ FHUFD GHO OtPLWH FRQVWLWX\HQ XQD GH ODV ~OWLPDV
EDUUHUDVGHODItVLFDODFRVPRORJtD\TXL]iVGHODQDWXUDOH]DPLVPD$OJXQDVWHRUtDVVXSRQHQTXH
HQ HO FHQWUR GH HOORV H[LVWHQ VLQJXODULGDGHV GRQGH HO HVSDFLR \ HO WLHPSR VHQFLOOD \ IUtDPHQWH
WHUPLQDQ 3DUD JUDILFDU HVD WHUULEOH VHQVDFLyQ VyOR VH PH RFXUUH LQYHQWDU XQD EDODGD PHGLHYDO
HVFRFHVDTXHFXHQWDODVGHVYHQWXUDVGHO7KDQHGH&DZGRUGHVSXpVGHVXGHUURWDDQWHHO7KDQHGH
0RZEHUU\HQODVDOWXUDVGH+LQJIRUG+LOOV

\ODQ]DQGRGHVWHOORVGHIXURU\PLHGR
KX\ySHUVHJXLGRSRUODLPSODFDEOHMDXUtD
KDVWDKXQGLUVHHQHOFHQWURGHODFLpQDJD
GRQGHXQLQPHQVRDJXMHURQHJUR
ORDUUDVWUyKDVWDHOIRQGRPLVPR
GHORVLQILHUQRV

3HURGHORVLQILHUQRVVHYXHOYH'DQWHDOPHQRVORKL]R'HORVDJXMHURVQHJURVQR

*DOD[LDVDHVFDODFyVPLFD
'XUDQWH OD PD\RU SDUWH GH OD KLVWRULD GH OD KXPDQLGDG VH SHQVy TXH OD 7LHUUD HUD ~QLFD &XDQGR
&RSpUQLFRODGHVDORMyGHOFHQWURGHPXQGR\FRORFyDO6ROHQVXOXJDUDSHVDUGHWRGRORTXHHVWR
VLJQLILFyHOSDLVDMHDJUDQHVFDODGHOXQLYHUVRQRVHDOWHUyGHPDVLDGRHOVLVWHPDVRODUFRSHUQLFDQR
FRQVWLWXtDXQFRVPRVUHODWLYDPHQWHSHTXHxRTXHWHUPLQDEDHQODHVIHUDGHODVHVWUHOODVILMDVTXHVH
LPDJLQDEDQ PiV R PHQRV FRPR SLHGUHFLWDV DGKHULGDV D HOOD 3HUR HO 6RO JR]y SRFR WLHPSR GHO
SULYLOHJLR GH OD XQLFLGDG LQPHGLDWDPHQWH VH FRPSUHQGLy TXH ODV HVWUHOODV WDPELpQ VRQ VROHV R
PHMRUTXHHO6ROHVXQDHVWUHOODHQWUHWDQWDVRWUDVHVWUHOODV
6LQHPEDUJRODREVHUYDFLyQDVLPSOHYLVWDGHOFLHORQRFWXUQRPXHVWUDTXHODVHVWUHOODVOHMRVGH
GLVWULEXLUVHXQLIRUPHPHQWHVHFRQFHQWUDQHQXQDHVWUHFKDIUDQMDOD9tD/iFWHDGRQGHKD\FLHQWRVGH
PLOHVGHHOODV GHMDQGRDO UHVWRGHOFLHOR FDVLGHVSREODGR/DDVWURQRPtDGHORV VLJORV ;9,,, \ ;,;
LPDJLQyTXHOD9tD/iFWHDHUDWRGRHOXQLYHUVRXQDPHUD\DSUHWDGDFRQFHQWUDFLyQGHHVWUHOODVVROD
DEDQGRQDGD \ OiFWHD HQ OD LQILQLWXG GHO HVSDFLR YDFtR .DQW GHILQLy D OD 9tD /iFWHD FRPR XQ
XQLYHUVRLVOD \ DGHODQWy OD LGHD GH TXH SRGtD KDEHU RWURV IDOWDUtD XQ WLHPSR SDUD TXH VH OD
GHQRPLQDUDJDOD[LD\VHGHVFXEULHUDTXHFRQWLHQHHQWUHFLHQ\GRVFLHQWRVPLOPLOORQHVGHHVWUHOODV
/D *DOD[LD VH FRQYLUWLy HQWRQFHV HQ XQ EXHQ FDQGLGDWR SDUD VHU OD HVWUXFWXUD ~QLFD \ FHQWUDO GHO
XQLYHUVR

/$9$/&7($

3HUR D OR ODUJR GH OD KLVWRULD UHLWHUDGDPHQWH OD XQLFLGDG GHPRVWUy QR VHU EXHQ QHJRFLR (Q HO
FLHOR QR VyOR KD\ HVWUHOODV GHO PLVPR PRGR TXH HQ HO FDPSR QR VyOR KD\ HVSLQDV (O WHOHVFRSLR
PRVWUDEDWDPELpQQXEHVGLIXVDVGHQDWXUDOH]DPLVWHULRVDTXHVHVXSXVLHURQFRQFHQWUDFLRQHVGHJDVR
SROYRLQWHUHVWHODU\TXHJXDUGDQGRILGHOLGDGDVXDVSHFWRVHOODPDURQQHEXORVDV
(QHODVWUyQRPR:LOOLDP3DUVRQVODQ]yXQDKLSyWHVLVDXGD]VXJLULyTXHOHMRVGHVHUQXEHV
GHJDVSHUWHQHFLHQWHVDOD9tD/iFWHDTXHGDEDQSRUHOFRQWUDULRPX\OHMRVGHHOOD\HUDQQDGDPHQRV
TXH RWUDV 9tDV /iFWHDV RWURV XQLYHUVRVLVODV HQ WRGR VLPLODUHV DO QXHVWUR /D KLSyWHVLV GH 3DUVRQV
WXYRSRFRVVHJXLGRUHV\DXQHQVHGLVFXWtDODXELFDFLyQGHODVQHEXORVDV'HQWURRIXHUDGHOD
JDOD[LD"7DOHUDODFXHVWLyQ
1RGXUyPXFKR(Q(GZLQ+XEEOH]DQMyGHXQDYH]SRUWRGDVHODVXQWRDOPRVWUDUTXHXQD
GH ODV QHEXORVDV PiV QRWDEOHV $QGUyPHGD TXHGDED VLQ GXGD SRVLEOH IXHUD \ PX\ OHMRV GH OD 9tD
/iFWHD/DLQWXLFLyQGH3DUVRQVUHVXOWyFHUWHUD$QGUyPHGDHVHIHFWLYDPHQWHXQDJDOD[LDWDQJDOD[LD
FRPROD9tD/iFWHD8QDYH]GHVFXELHUWDODQDWXUDOH]DGHODVQHEXORVDVQRGHWRGDV\DTXHDOJXQDV
VtVRQHIHFWLYDPHQWHQXEHVGHJDV\SROYRQXHVWUDJDOD[LDSHUGLyWRGRSULYLOHJLR\SDVyDVHUXQD
HQWUH WDQWDV HQ XQ XQLYHUVR VXSHUSREODGR *DOD[LDV GH GLVWLQWDV IRUPDV \ WDPDxRV HOtSWLFDV
HVSLUDOHV SHUR WRGDV FRQ VXV PLOHV R FLHQWRV GH PLOHV GH PLOORQHV GH HVWUHOODV /DV JDOD[LDV
UHVXOWDURQ VHU WDQ QXPHURVDV FRPR ORV JUDQRV GH DUHQD GH XQD SOD\D R ODV SDODEUDV KXHFDV GH XQ
GLVFXUVRSROtWLFR

3HUR RFXUUH TXH ODV JDOD[LDV GH OD PLVPD PDQHUD TXH ODV HVWUHOODV QR HVWiQ GLVWULEXLGDV GH
PDQHUDPiVRPHQRVUHJXODU+D\UHJLRQHVWRWDOPHQWHGHVJDOD[LDGDV\UHJLRQHVGRQGHODVJDOD[LDVVH
DJUXSDQ JUDYLWDWRULDPHQWH $ HVWDV DJUXSDFLRQHV VH ODV FRQRFH FRPR F~PXORV /D 9tD /iFWHD
$QGUyPHGDODGHO7ULiQJXOR\RWUDVWUHLQWDJDOD[LDVPiVSHTXHxDVFRQIRUPDQORTXHVHFRQRFHFRPR
HO*UXSR/RFDOHOQXHVWUR
<HQFLPDGHWRGRDOOtQRWHUPLQDODFRVD1XHVWUR*UXSR/RFDOSHUWHQHFHDXQDHVWUXFWXUDPiV
JUDQGHOODPDGD&~PXORGH9LUJRIRUPDGDSRUXQDVGRVPLOJDOD[LDV<ORVF~PXORVJDOiFWLFRVDVX
YH] VH DJUXSDQ HQ VXSHUF~PXORV HO &~PXOR GH 9LUJR \ RWURV VRQ PRGHVWRV LQWHJUDQWHV GH
6XSHUF~PXORV GH GHFHQDV R FLHQWRV GH PLOHV GH JDOD[LDV (O 6XSHUF~PXOR GH 9LUJR SRU VX SDUWH
WDPELpQ WLHQH YRFDFLyQ YLDMHUD $ OD QDGD GHVSUHFLDEOH YHORFLGDG GH QRYHFLHQWRV NLOyPHWURV SRU
VHJXQGRVHGLULJHGHODPLVPDPDQHUDTXHHOVXSHUF~PXORYHFLQRHOGH+\GUD&HQWDXURKDFLDXQD
FRQFHQWUDFLyQGHPDVDWRGDYtDPiVJUDQGHHO*UDQ$WUDFWRUXQDIDEXORVDPHJDOySROLVGHGHFHQDV
GHPLOHVGHJDOD[LDVVLWXDGDDXQRVFLHQWRFLQFXHQWDPLOORQHVGHDxRVOX]GHQRVRWURV
(VWUHOODV JDOD[LDV F~PXORV VXSHUF~PXORV JDOD[LDV TXH HPLJUDQ GH XQ F~PXOR D RWUR
VXSHUF~PXORVDEVRUELGRVSRUHO*UDQ$WUDFWRUHVXQDHQRUPLGDGTXHDSODVWD5HVXOWDFXULRVROD
LGHDGHXQLYHUVRHVVXILFLHQWHPHQWHJHQHUDOFRPRSDUDWUDQVIRUPDUVHHQXQDH[SHULHQFLDHVWpWLFD
FDVLHQXQHVWDGRGHiQLPR/DLGHDGHVHVHQWDJDOD[LDVYLDMDQGRMXQWDVHQQXHVWUR*UXSR/RFDO
WLHQHDOJRFRQFUHWR\FRQWXQGHQWHTXHSHUWXUEDODLPDJLQDFLyQ(OYLHMRXQLYHUVRSUHFRSHUQLFDQR\
DXQ HO FRSHUQLFDQR URGHDGR \ SURWHJLGR SRU OD HVIHUD GH ODV HVWUHOODV ILMDV SXHGH UHVXOWDU
LQJHQXRSHURVLQGXGDHUDKRJDUHxR\VHJXUR(O&~PXOR/RFDOHVIUtRYDVWRGHVWHPSODGR\DVXVWD
.DQWGHFtDTXHHUDQGRVODVFRVDVTXHPiVORLPSUHVLRQDEDQODFRQFLHQFLDPRUDOHQORPiVtQWLPR
GH Vt \ HO FLHOR HVWUHOODGR HQ OR PiV DOWR 3HUR .DQW QR SRGtD VLTXLHUD LPDJLQDU OD GDQ]D GH ODV
JDOD[LDVHQHVHFLHORUHODWLYDPHQWHVLPSOHGHOVLJOR;9,,,

(VDRVFXUDPDWHULDGHOGHVHR
(Q (O 3ULQFLSLWR 6DLQW ([XSpU\ HVFULELy TXH OR HVHQFLDO HV LQYLVLEOH D ORV RMRV IUDVH TXH WXYR
LQPHGLDWDV GHULYDFLRQHV FRVPROyJLFDV <D HQ ORV DxRV WUHLQWD HO DVWUyQRPR VXL]RQRUWHDPHULFDQR
)ULW]=ZLFN\REVHUYDEDWtPLGDPHQWHTXHODPDVDWRWDOGHOFXPXORJDOiFWLFR&RPDQRDOFDQ]DEDSDUD
PDQWHQHUJUDYLWDFLyQPHGLDQWHDODVJDOD[LDVDJUXSDGDVVLQTXHVHGLVSHUVDUDQSRUWRGDVSDUWHVFRQ
ODFDQWLGDGGHPDWHULDTXHVHYHtDHOF~PXORQRSRGtDVRVWHQHUVH\GHEHUtDKDEHUVHGHVKHFKRPXFKR
WLHPSR DWUiV 8QDV GpFDGDV PiV WDUGH FXLGDGRVDV PHGLFLRQHV GH OD YHORFLGDG GH URWDFLyQ GH ODV
JDOD[LDV PRVWUDURQ TXH pVWDV H[KLEtDQ XQD FRKHVLyQ TXH OD JUDYLWDFLyQ SURGXFLGD SRU VX PDVD QR
MXVWLILFDED 'LFKR GH RWUD IRUPD OD PDWHULD TXH FRQWLHQH XQD JDOD[LD QR DOFDQ]D SDUD H[SOLFDU OD
IXHU]DJUDYLWDFLRQDOTXHHVDPLVPDJDOD[LDH[KLEH'HGyQGHVDOHODIXHU]DJUDYLWDFLRQDOTXHIDOWD"
'DGR TXH OD IXHU]D JUDYLWDFLRQDO HV GLUHFWDPHQWH SURSRUFLRQDO D OD PDVD QR KDEtD GHPDVLDGDV
DOWHUQDWLYDVWHQtDTXHKDEHUPiVPDVDPiVPDWHULDHVFRQGLGDHQDOJ~QOXJDU(VDPDWHULDTXHQRVH
YHSHURTXHWLHQHTXHHVWDUSDUDTXHVHFXPSODQODVOH\HVGHODItVLFDIXHOODPDGDPDWHULDRVFXUD
/RV FRVPyORJRV VLHQWHQ XQD HVSHFLDO SUHGLOHFFLyQ SRU HOOD \ DOJXQRV VRVWLHQHQ TXH FRQIRUPD HQ
UHDOLGDGHOQRYHQWDSRUFLHQWRGHODPDWHULDH[LVWHQWHHQHOFRVPRV
3RU LPSUHVLRQDQWH TXH SDUH]FD HO KHFKR GH TXH OD PD\RU SDUWH GHO XQLYHUVR VHD LQYLVLEOH OD
PDWHULD RVFXUD HQ UHDOLGDG QR VLJQLILFD XQD JUDQ VRUSUHVD WRGDV ODV KLSyWHVLV VREUH HO RULJHQ GHO
XQLYHUVRDSDUWLUGHODWHRUtDHVWiQGDUGHO%LJ%DQJODJUDQH[SORVLyQDILUPDURQTXHODFDQWLGDGGH
PDWHULDTXHYHQQXHVWURVLQVWUXPHQWRVHVSRFD/DFRQVWDWDFLyQH[SHULPHQWDOGHHVWHKHFKRTXHKD\
PiVPDWHULDGHODTXHVHYHDSDUWLUGHPHGLFLRQHVUHFLHQWHVUHSUHVHQWDXQDLPSRUWDQWHYLFWRULDGHOD
WHRUtD\XQDSUXHEDPiVGHTXH6DLQW([XSpU\HQJHQHUDOWHQtDUD]yQ
0DWHULD RVFXUD ELHQ ,QYLVLEOH SRU DKRUD SHUIHFWR 3HUR GH TXp SXHGH HVWDU IRUPDGD" +D\
GLYHUVDV SRVLELOLGDGHV &LHUWDV H[WUDxDV H LPSDOSDEOHV SDUWtFXODV GH VRQRURV QRPEUHV FRPR ORV
IRWLQRV ORV :,036 \ ORV JUDYLWLQRV SUHVHQWDQ VXV FDQGLGDWXUDV 3HUR HVDV SDUWtFXODV KDVWD DKRUD
QXQFDIXHURQREVHUYDGDV\VXH[LVWHQFLDHVSXUDPHQWHWHyULFD2VHDVHVDEHTXHH[LVWHSHURQRVH
VDEH TXp HV 7DPSRFR VH VDEH PX\ ELHQ FyPR HVWi GLVWULEXLGD +R\ SRU KR\ OD PD\RU SDUWH GH OD
PDWHULDTXHIRUPDQXHVWURXQLYHUVRHVWiHQFHUUDGDHQWUHGRVJLJDQWHVFRVVLJQRVGHSUHJXQWD

&DQWDUGHO$OPDTXHVHHOHYDHQSRVGHOD0DWHULD2VFXUDJORVD

8QDQRFKHGHORFXUD
FRQHODQVLDFLHQWtILFDLQIODPDGD
EXVTXpPDWHULDRVFXUD
GLVSHUVDRDJUXSDGD
SRUPX\SRFRVLQVWUXPHQWRVGHWHFWDGD

(QVLOHQFLREXVFDED
HVDPDWHULDTXHQDGLHFRPSUHQGtD
\HQSRVGHHOODYLDMDED
VLQRWUDOX]QLJXtD
TXHXQDYDJDREVHUYDFLyQ\XQDWHRUtD

$TXpOODPHJXLDED
 PiVFLHUWDTXHODOX]GHOPHGLRGtD
\FRQIH\RHVSHUDED
TXHVHJ~QVHSUHYHtD
ODPDWHULDRVFXUDDOILQVHPRVWUDUtD

2KGLFKRVDDYHQWXUD
([WHQGHUSRUHOHVSDFLRODPLUDGD
EXVFDUPDWHULDRVFXUD
FRQDQVLDVLQIODPDGDV
\PiVWDUGHYROYHUVLQKDOODUQDGD

,,/$7(25$'(/%,*%$1*<(/25,*(1'(/81,9(562

3ULPHURIXHHOHVSDFLR\HOWLHPSR
4XLQLHQWRVDxRVDQWHVGHQXHVWUDHUDHOJUDQGH\TXHULGR7DOHVGH0LOHWRVRVWXYRTXHHOPXQGRVH
KDEtDRULJLQDGRHQHODJXDYHLQWLFLQFRVLJORVPiVWDUGH(GZLQ+XEEOHHOPLVPRHQKRQRUDTXLHQ
VHQRPEUyHOTXHIXHUDKDVWDKDFHSRFRHOWHOHVFRSLRPiVJUDQGHGHOPXQGRHVFXGULxDEDHOFLHOR
IRFDOL]iQGRVHHQORTXHVHOODPDEDQQHEXORVDVPDQFKDVEODQFDV\GLIXVDVVREUHFX\DQDWXUDOH]D
FRPROHVFRQWpVHGLVFXWtD+DEtDTXLHQHVGHFtDQTXHVHWUDWDEDGHREMHWRVGHOD9tD/iFWHD\KDEtD
TXLHQHVVRVWHQtDQTXHHQUHDOLGDGHVWDEDQIXHUDGHHOOD\HUDQHQMDPEUHVGHHVWUHOODVLGpQWLFRVDOD
9tD/iFWHD\TXHHOXQLYHUVRHVWDEDSREODGRSRUPXFKtVLPRVDJUXSDPLHQWRVVLPLODUHV
3HURQRKDEtDPDQHUDGH]DQMDUODGLVFXVLyQKDVWDTXH+XEEOHHPSUHQGLyVXWUDEDMRWLWiQLFR\
ORJUyGHPRVWUDUTXHHIHFWLYDPHQWHODVQHEXORVDVHUDQRWUDVJDOD[LDVWUHPHQGDPHQWHDOHMDGDVGHOD
QXHVWUD \ TXH FRQWHQtDQ WDPELpQ FLHQWRV GH PLOHV GH PLOORQHV GH HVWUHOODV DJUXSDGDV SRU OD
JUDYLWDFLyQ
3HURQRIXHWRGRORTXHYLR
+DEtDXQDFRVDUDUDFRQODOX]GHHVDVJDOD[LDVOHMDQDVDSDUHFtDHQURMHFLGDFRUULGDKDFLDHO
URMRFRPRGLFHQORVDVWUyQRPRV$KRUDELHQHOFRUULPLHQWRDOURMRHVHOHTXLYDOHQWHHQODOX]DO
FRUULPLHQWR D ORV JUDYHV GH XQ VRQLGR FXDQGR OD IXHQWH VH DOHMD GH QRVRWURV +XEEOH DGHODQWy
HQWRQFHVODLQFUHtEOH\VRUSUHQGHQWHLGHDGHTXHWRGDVODVJDOD[LDVVHDOHMDQGHQXHVWURSODQHWDDXQD
YHORFLGDG SURSRUFLRQDO D OD GLVWDQFLD TXH QRV VHSDUD GH HOODV /DV PiV OHMDQDV TXH SRGtDQ
REVHUYDUVH HQ VX pSRFD UHWURFHGtDQ D OD UHVSHWDEOH YHORFLGDG GH  NLOyPHWURV SRU VHJXQGR
SHURDPHGLGDTXHORVLQVWUXPHQWRVVHSHUIHFFLRQDURQ\VHDOFDQ]DURQUHJLRQHVD~QPiVGLVWDQWHVHQ
HO HVSDFLR SURIXQGR SXGLHURQ YHUVH JDOD[LDV TXH HVFDSDEDQ D  NLOyPHWURV SRU VHJXQGR \
PiV 8Q WHUFLR GH OD YHORFLGDG GH OD OX] 6L ELHQ D SULPHUD YLVWD SRGUtD KDEHU SXHVWR XQ SRFR
SDUDQRLFR D PiV GH XQR HVD DQVLHGDG GH OD PDWHULD GHO 8QLYHUVR SRU DOHMDUVH GH OD 7LHUUD HQ
UHDOLGDG OR TXH GHPRVWUDED HVWD REVHUYDFLyQ HUD DOJR PXFKR PiV JUDQGLRVR \ H[WUDxR TXH HO
8QLYHUVRHQWHURHVWDEDHQH[SDQVLyQ\TXHFDGDREVHUYDGRUHQFXDOTXLHUDGHODVJDOD[LDVYHUtDTXH
ODVGHPiVVHDOHMDQGHpO
<DHVFOiVLFDODLPDJHQGHXQJORERFRQPDQFKDVHQVXVXSHUILFLHTXHVHLQIOD6LXQRVHSDUDUD
VREUH FXDOTXLHUD GH HVDV PDQFKDV YHUtD TXH HO UHVWR GH HOODV VH DOHMD \ TXH OR KDFH PiV UiSLGR
FXDQWRPiVOHMRVHVWi1RHVTXHFDGDJDOD[LDHQSDUWLFXODUHVWpUHWURFHGLHQGRGHVGHQXHVWURSXQWRGH
YLVWD VLQR TXH HO XQLYHUVR HQ VX FRQMXQWR HO PLVPR TXH 7RORPHR FUH\y OLPLWDGR \ ILQLWR HO TXH
1HZWRQLPDJLQyFRPRLQILQLWR\HWHUQRHOTXH(LQVWHLQGHVFULELyFRPRILQLWRFHUUDGRLOLPLWDGR\
HVWiWLFR HVH FRVPRV GHVSXpV GH KDEHU VXIULGR WDQWRV DYDWDUHV FRPR XQ LQPHQVR JORER
WULGLPHQVLRQDOFUHFH\VHH[SDQGHDUUDVWUDQGRHQVXH[SDQVLyQDORVREMHWRVTXHORFRQIRUPDQ
(OGHVFXEULPLHQWRGHODH[SDQVLyQGHOXQLYHUVRIXHFRPRXQIRJRQD]RVHFRQYLUWLyHQHOHMHHQ
HO FRQFHSWR TXH RUJDQL]y HQ DGHODQWH WRGD OD FRVPRORJtD \ OD LPSUHJQy GH KLVWRULD (O XQLYHUVR
DTXHO SDLVDMH TXH SDFLHQWHPHQWH VH GHVFXEUtD \ GHVFULEtD DTXHO OXJDU GH WRGRV ORV OXJDUHV
GRQGHRFXUUtDQORVVXFHVRVDVWURQyPLFRVDTXHOHVFHQDULRTXHFRELMDEDHOWUDQVFXUULUGHODPDWHULD
VHWUDQVIRUPyHQXQREMHWRSDOSLWDQWH\HQFRQWLQXRFDPELRHQSHUPDQHQWHPRGLILFDFLyQHQDOJRFDVL
YLYRTXHWHQtDXQSDVDGR\TXHGHEtDDFDGDPRPHQWRUHVSRQGHUSRUpO
(OSUREOHPDGHORTXHHOXQLYHUVRHUDTXHGyOLJDGRGHPDQHUDLQGLVROXEOHDORTXHHOXQLYHUVR
KDEtDVLGR\DODPDQHUDHQTXHKDEtDHPSH]DGRSRUTXHHQHOXQLYHUVRHQH[SDQVLyQQRHVSRVLEOH
OD HWHUQLGDG $OJR HUD HYLGHQWH ODV JDOD[LDV QR SXGLHURQ HVWDU DOHMiQGRVH XQDV GH RWUDV GHVGH
VLHPSUH$PHGLGDTXHVHUHWURFHGLHUDHQHOWLHPSRGHEHUtDQKDEHUHVWDGRPiV\PiVSUy[LPDV/D
H[SDQVLyQ WXYR TXH KDEHU HPSH]DGR DOJXQD YH] +DEtD TXH H[SORUDU KDFLD DWUiV \ DOOt HQ HO
SULQFLSLR VyOR VH DYL]RUDED XQD JUDQ PDVD FDOLHQWH \ GHQVD TXH FRQFHQWUDED WRGD OD PDWHULD \
HQHUJtD
(QHOVDFHUGRWH\DVWUyQRPREHOJD*HRUJHV/HPDvWUHHODERUyXQDWHRUtDGHO
RULJHQ GHO 8QLYHUVR DO TXH LPDJLQy HQ HO SULQFLSLR FRPR XQD HVIHUD GHO WDPDxR GH WUHLQWD YHFHV
QXHVWUR6ROHQODTXHHVWDEDFRQFHQWUDGRWRGRDODTXHOODPyKXHYRFyVPLFR6HJ~Q/HPDvWUHDO
H[SORWDUHVWHJLJDQWHVFRKXHYRHO8QLYHUVRHPSH]yDOOHQDUVHGHPDWHULD\DWUDQVIRUPDUVHHQORTXH
HVKR\
(Q OD GpFDGD GHO FXDUHQWD *HRUJHV *DPRZ  HODERUy XQD WHRUtD PiV UHILQDGD \
GHPRVWUyFyPRHVTXHODVLQWHUDFFLRQHVQXFOHDUHVTXHWHQtDQOXJDUHQHOXQLYHUVRSULPLWLYRSRGUtDQ
KDEHU FRQYHUWLGR HO KLGUyJHQR HQ KHOLR OR TXH H[SOLFDED ODV SURSRUFLRQHV GH HVWRV HOHPHQWRV HQ
HVWUHOODVPX\YLHMDV*DPRZSXEOLFyVXLGHDHQXQDUWtFXORGHGRQGHVHSUHGHFtDTXHGHEtD
SRGHUSHUFLELUVHD~QUDGLDFLyQGHODVHWDSDVPiVWHPSUDQDV\FDOLHQWHVGHO8QLYHUVRGHOPRPHQWRHQ
TXH OD OX] HQ IRUPD GH IRWRQHV SXGR SURSDJDUVH OLEUHPHQWH GHVSXpV GH OD JUDQ H[SORVLyQ XQD
UDGLDFLyQTXHGHEtDKDEHUVHHQIULDGRGHVGHHQWRQFHV\TXHGHEHUtDWHQHUDKRUDXQRVJUDGRV.HOYLQ
RVHDJUDGRVFHQWtJUDGRVEDMRFHUR
1DWXUDOPHQWHVHWUDWDEDGHXQDKLSyWHVLVDOWDPHQWHHVSHFXODWLYD\UHVSDOGDGDSRUSRFDHYLGHQFLD
HPStULFDKDVWDHOSXQWRGHTXHHOQRPEUHFRQTXHVHODFRQRFH%LJ%DQJR*UDQH[SORVLyQ
IXHSXHVWRFRQVRUQDSRUXQRGHVXVPiVVHULRVRSRVLWRUHVHODVWUyQRPRLQJOpV)UHG+R\OH

3HURRFXUULyTXHHQ$UQR3HQ]LDV\5REHUW:LOVRQGRVFLHQWtILFRVGHORVODERUDWRULRV%HOO
PLHQWUDVWUDWDEDQGHFDOLEUDUXQDDQWHQDGHVFXEULHURQXQUXLGRHQODIUDQMDGHPLFURRQGDVGH
JUDGRV.TXHSURYHQtDGHWRGDVODVGLUHFFLRQHV\TXHQRYDULDEDQLGHGtDQLGHQRFKHQLFRQHO
WUDQVFXUULUGHODxR(UDQLPiVQLPHQRVTXHODUDGLDFLyQSUHGLFKDSRU*DPRZHOJULWRGHOXQLYHUVR
WHPSUDQR
/DGHWHFFLyQGHODUDGLDFLyQGH*DPRZGLRDODWHRUtDGHO%LJ%DQJXQQXHYRLPSXOVR\GHVGH
HQWRQFHVODHYLGHQFLDVHDFXPXOyKDVWDHOSXQWRGHTXHHVKR\XQDWHRUtDILUPHPHQWHDVHQWDGDHQWUH
ORVFRVPyORJRV

/$5$',$&,1&60,&$'()21'2
8QDIRWRGHOXQLYHUVRFXDQGRWHQtDDSHQDVPLODxRVGHH[LVWHQFLD

(O%LJ%DQJ
$VtVHSXGRHODERUDUXQDWHRUtDFRPSOHWDRFDVL3RUTXHDXQTXHHOPRPHQWRSUHFLVRGHO%LJ%DQJHO
WLHPSRFHURVHHVFXUUHWRGDYtDGHODVPDQRVGHItVLFRV\DVWUyQRPRVODDFWXDOWHRUtDFRVPROyJLFD
KD OOHJDGR EDVWDQWH FHUFD KDVWD HO PRPHQWR HQ TXH HO 8QLYHUVR WHQtD VyOR XQ ELOORQpVLPR GH
WULOORQpVLPRGHWULOORQpVLPRGHVHJXQGRGHHGDG(UDHQWRQFHVPiVSHTXHxRTXHXQQ~FOHRDWyPLFR
WHQtDXQDWHPSHUDWXUDGHXQWULOOyQGHWULOOyQGHJUDGRV\ODVIXHU]DVTXHKR\PDQHMDQHOXQLYHUVRD
QLYHO LQWUDDWyPLFR \ HQWUH iWRPRV WDPELpQ HVWDEDQ PH]FODGDV HQ XQD VXSHUIXHU]D /D KD]DxD QR HV
SHTXHxD\WDPSRFRORHVKDEHUGHVFULSWRFRQEDVWDQWHFRKHUHQFLDORTXHRFXUULyGHVGHHQWRQFHVKDVWD
KR\PLHQWUDVHO8QLYHUVRVHH[SDQGtD\HQIULDED
/D JUDYLWDFLyQ IXH OD SULPHUD HQ VHSDUDUVH GH HVD IXHU]D ~QLFD /D IXHU]D QXFOHDU IXHUWH IXH OD
VHJXQGD\DFWRVHJXLGRHO8QLYHUVRHPSUHQGLyXQDHWDSDGHH[SDQVLyQXOWUDUUiSLGDFRQRFLGDFRPR
HWDSDLQIODFLRQDULDGHODFXDOHPHUJLyFRQHOWDPDxRGHXQDQDUDQMD\FRPRXQDVRSDGHTXDUNV
OHSWRQHV IRWRQHV \ VXV UHVSHFWLYDV DQWLSDUWtFXODV (QWRQFHV IXH HO WXUQR GH OD IXHU]D GpELO \
HQVHJXLGD GH OD HOHFWURPDJQpWLFD FRQ OR FXDO ODV FXDWUR IXHU]DV GH OD QDWXUDOH]D DGTXLULHURQ VX
LGHQWLGDGDFWXDO
0LHQWUDVWDQWRSDUWtFXODV\DQWLSDUWtFXODVVHDQLTXLODURQHQJUDQHVFDODWUDQVIRUPiQGRVHHQOX]
XQPLQ~VFXORSUHGRPLQLRGHODVSULPHUDVVREUHODVVHJXQGDVJDUDQWL]yHOWULXQIRGHODPDWHULDVREUH
ODDQWLPDWHULD/RVTXDUNVVHXQLHURQIRUPDQGRSURWRQHV\QHXWURQHVHO8QLYHUVRDOFDQ]yHOWDPDxR
GHXQDSHORWDGHI~WEROSHURWRGDYtDQRWHQtDXQVHJXQGRGHHGDG
(UDWDQGHQVRTXHODOX]QRSRGtDDWUDYHVDUORDWUDYpVGHODPDUDxDGHHOHFWURQHV\SDUWtFXODVTXH
OROOHQDEDQ\ORWRUQDEDQRSDFR&XDQGRHOUHORMLQGLFyTXH\DKDEtDQSDVDGRWUHVPLQXWRVGHVGHHO
RULJHQHVWHXQLYHUVREHEpTXH\DOOHJDEDDDSHQDVHOPLOOyQGHJUDGRVHPSUHQGLyXQDLQIDQFLDGH
FLHQPLODxRVGXUDQWHODFXDOVHIRUPDURQORVSULPHURVQ~FOHRVGHKHOLR\VHJHQHUyODUDGLDFLyQGH
IRQGR/RViWRPRVGHEHUtDQHVSHUDUD~QDTXHODWHPSHUDWXUDEDMDUDORVXILFLHQWHFRPRSDUDTXHORV
Q~FOHRVSXGLHUDQFDSWDU\UHWHQHUHOHFWURQHV6yORHQWRQFHVODOX]HPSH]yDHQFRQWUDUHOSDVROLEUH\
HQDGHODQWHHOFRVPRVIXHWUDQVSDUHQWH\RVFXUR
$SHQDV FLHQ PLOORQHV GH DxRV PiV WDUGH WRGR HVWDED EDxDGR HQ XQ JDV GLIXVR GH iWRPRV GH
KLGUyJHQR\KHOLRDTXt\DOOiHOJDVVHFRQGHQVDEDHQJUDQGHVQXEHVEDMRODDFFLyQJUDYLWDWRULDHQ
FX\RLQWHULRU\OOHJDGRHOPRPHQWRVHHQFHQGHUtDQODVSULPHUDV\SULPLWLYDVHVWUHOODV
/DV SULPHUDV HVWUHOODV GXUDURQ SRFR DSHQDV XQRV FLHQWRV GH PLOORQHV GH DxRV (UDQ JUDQGHV
SHVDGDV \ H[SORWDURQ FRPR JLJDQWHVFDV VXSHUQRYDV TXH ODQ]DURQ WRGD OD PDWHULD DO HVSDFLR (VD
PDWHULDIRUPyQXHYDVQHEXORVDVTXHHPSH]DURQDFRQWUDHUVHSRUHIHFWRGHODJUDYLWDFLyQ+DFHFLQFR
PLO PLOORQHV GH DxRV XQD GH HVDV HVWUHOODV VH HQFHQGLy \ DOUHGHGRU GH HOOD XQD QXEH GH SROYR VH
FRQFHQWUyHQSODQHWDVHOWHUFHURGHHOORVIRUPyXQDFRUWH]D\RFpDQRV\DOOtODVPROpFXODVGHVSXpV
GH PXFKD SUXHED \ HUURU LQYHQWDURQ XQD HVWUXFWXUD FDSD] GH UHSOLFDUVH WUDQVSRUWDQGR LQIRUPDFLyQ
JHQpWLFD TXH WUHV PLO PLOORQHV GH DxRV PiV WDUGH *HRUJ 0HQGHO XQ PRQMH SDFLHQWH ORJUDUtD
GHFRGLILFDU H LQLFLDURQ HO FLFOR GH OD VHOHFFLyQ QDWXUDO /XHJR VH UHFXEULHURQ GH XQD PHPEUDQD \
IRUPDURQXQDFpOXODTXHHYROXFLRQyKDVWDGDUFULDWXUDVFDSDFHVGHPLUDUDODVHVWUHOODV\UHPRQWDUOD
KLVWRULDKDVWDDGLYLQDUORVSULPHURVLQVWDQWHVGHOXQLYHUVR

&RVPRJRQtD
7RGDVODVFXOWXUDVWXYLHURQVXFRVPRJRQtDGHVGHODVSULPLWLYDVWRUWXJDVTXHVRVWHQtDQDOPXQGRDOD
OXFKDGH7LDPDWODVHUSLHQWHHVHQFLDO\0DUGXNHO GLRVEDELORQLR GHO RUGHQ\ODDUPRQtDGLRVHV
GHVGLEXMDGRV \ WULVWHV TXH IDEULFDEDQ XQ PXQGR SRUTXH QR WHQtDQ RWUD FRVD TXH KDFHU 3HUR HO
XQLYHUVR GH KR\ HV PX\ FRPSOHMR SDUD GHMDUOR HQ PDQRV GH GLRVHV TXH VH FRQIXQGLUtDQ \ VHUtDQ
LQFDSDFHV GH OLGLDU FRQ QHXWURQHV \ QHXWULQRV FRQ JDOD[LDV \ FRQ HVWUHOODV FRQ HVDV PiTXLQDV
PDUDYLOORVDV TXH WUDQVIRUPDQ JUDYHGDG HQ OD OX] \ HO FDORU TXH LUUDGLDQ GLRVHV TXH VyOR SRGtDQ
SHQVDUHQWpUPLQRVGHELHQ\PDOGHOX]\RVFXULGDGLQFDSDFHVGHLPDJLQDUVLTXLHUDORVGHOLFDGRV
PHFDQLVPRVGHODYLGD\HOVLVWHPDVXWLOSRUHOTXHVHWUDQVPLWHODKHUHQFLDGLRVHVVLQHOLQJHQLRGH
0HQGHORODWHQDFLGDGGH3DVWHXURODYLVLyQDEDUFDGRUDGH'DUZLQGLRVHVWHPHURVRVVLQODDXGDFLD
GH&RSpUQLFRVLKXELHUDVLGRSRUORVGLRVHVKDEUtDQGHMDGRDOD7LHUUDHQHOFHQWURGHOPXQGRSRU
VLHPSUH
/DWHRUtDGHO%LJ%DQJHVKR\QXHVWUDFRVPRJRQtDSURYLVRULDFRPRWRGRDTXHOORTXHODUD]yQ
GHVFXEUHXQDWHRUtDTXHSUHWHQGHGDUFXHQWDGHWRGRORTXHH[LVWHWRGRORTXHIXH\ORTXHVHUi\
TXH LQWHQWD GHVFULELU FyPR OOHJy D VHU HO XQLYHUVR GHVDIRUDGR \ P~OWLSOH SREODGR SRU FLHQ PLO
PLOORQHVGHJDOD[LDVFDGDXQDFRQFLHQPLOPLOORQHVGHHVWUHOODVTXHVHHVSDUFHQFRPRILODPHQWRV
DVRPEURVRV
(Q FLHUWR PRGR HV OD FXOPLQDFLyQ GHO JLJDQWHVFR URPSHFDEH]DV TXH FRPHQ]y D DUPDUVH GHVGH
TXH &RSpUQLFR PRYLy D OD 7LHUUD GHVGH HO FHQWUR GHO XQLYHUVR \ ORV KRPEUHV GH OD 5HYROXFLyQ
&LHQWtILFD GHVFLIUDURQ ORV PHFDQLVPRV EiVLFRV GHO PXQGR TXH FUHFLy FRQ /DYRLVLHU \ OD ODUJD
HSRSH\DTXHDUUDQFyFRQ'DOWRQ\VHDGHQWUyHQORVVHFUHWRVGHODPDWHULDTXHLQYDGLyODELRORJtD
FXDQGR 'DUZLQ ORJUy GHVFULELU OD VDJD GH OD YLGD D WUDYpV GH ODV pSRFDV \ 3DVWHXU \ 0HQGHO
LQFOLQDURQVXPLUDGDLQWHOLJHQWHVREUHVXVPLQ~VFXORVPHFDQLVPRVTXHVHUHGRQGHyFXDQGR(LQVWHLQ
EDUULy FRQ ODV LGHDV GH HVSDFLR \ WLHPSR DEVROXWRV \ HVWDEOHFLy HO IXQGDPHQWR GH XQD QXHYD
FRVPRORJtD\ODWHFWyQLFDGHSODFDVOLJyODKLVWRULD\HOSUHVHQWHGHQXHVWURSODQHWDDODKLVWRULDGHO
FRVPRV
/D WHRUtD GHO %LJ %DQJ QRV FXHQWD FyPR GH FDVL XQ SXQWR GH WHPSHUDWXUDV LQIHUQDOHV VH OOHJy
KDVWDXQXQLYHUVRKHODGRVXWHPSHUDWXUDHVKR\GH&EDMRFHUR<DGHPiVYDFtR\DTXHFDVLQR
KD\PDWHULD\GHODTXHKD\FHUFDGHWUHVFXDUWRVVRQKLGUyJHQRFDVLWRGRHORWURFXDUWRHVKHOLR\
VyORHOTXHGDSDUDORVGHPiVHOHPHQWRVHQWUHHOORVORVTXHIRUPDQDOKRPEUH
'HQWURGHODVJDOD[LDVIXQFLRQDQHVDVPiTXLQDVTXHVRQODVHVWUHOODVHQFX\RLQWHULRUVHIDEULFDQ
ORVHOHPHQWRVPiVSHVDGRVFRPRHOFDUERQR\HOR[tJHQRTXHFRQODPXHUWHGHODVHVWUHOODVVHUiQ
GHYXHOWRVDOHVSDFLR6LQODVHQRUPHVGRVLVGHHQHUJtDGHOFHQWURGHODVHVWUHOODVVHUtDLPSRVLEOHTXH
VH IRUPDUDQ iWRPRV PiV FRPSOHMRV FRPR HO R[tJHQR R HO FDUERQR SDUD QR KDEODU GHO XUDQLR TXH
VyORVHIRUPDHQODVH[SORVLRQHVGHHVWUHOODV
8QD GH HVWDV FLHQ PLO PLOORQHV GH JDOD[LDV HV OD QXHVWUD OD 9tD /iFWHD TXH YHPRV FUX]DQGR HO
FLHORHQODVQRFKHVRVFXUDV\HO6ROHVXQDGHODVFLHQPLOPLOORQHVGHHVWUHOODVTXHODIRUPDQPX\
OHMRVGHOFHQWURHQXQEUD]RHVSLUDODGR
<DVXDOUHGHGRUJLUDQORVSODQHWDVHQODGHOJDGDFRVWUDGHXQRGHHOORVYLYLPRVQRVRWURVHQXQ
PXQGRHQHOTXHVRPRVDEVROXWDPHQWHPLQRULWDULRVIUHQWHDORVLQVHFWRVRDODVEDFWHULDV6RPRVXQD
HVSHFLH UHFLHQWH GH DSHQDV WUHV PLOORQHV GH DxRV GH DQWLJHGDG TXH PLUD DVRPEUDGD LQWHQWDQGR
FRPSUHQGHUHVHXQLYHUVR
<ODWHRUtDWDPELpQQRVGLFHFyPRVHJXLUiWRGRPLHQWUDVHOXQLYHUVRVHH[SDQGH\VHH[SDQGH\
VHHQIUtD+DFHSRFRVHGHVFXEULyTXHODH[SDQVLyQVHDFHOHUDPiV\PiV1DGLHVDEHDTXpVHGHEH
HVWH IHQyPHQR SHUR HQ PXFKRV FDVRV VH OR DWULEX\H D OD DFFLyQ GH OD HQHUJtD RVFXUD FRQFHSWR
HOXVLYRVLORVKD\\GHOTXHQDGLHSXHGHGDUXQDH[SOLFDFLyQFDEDOQLGHPRVWUDUVXH[LVWHQFLD
'HQWURGHWUHVPLOPLOORQHVGHDxRV$QGUyPHGD\OD9tD/iFWHDFKRFDUiQIXQGLpQGRVHHQXQD
VXSHUJDOD[LD
'HQWUR GH FLQFR PLO PLOORQHV GH DxRV HO 6RO KDEUi DJRWDGR VX FRPEXVWLEOH \ HQ VX ~OWLPR
VXVSLUR GHVWUXLUi D ORV SODQHWDV PiV FHUFDQRV D pO FRPR 0HUFXULR 9HQXV \ OD 7LHUUD \ VH
WUDQVIRUPDUi SULPHUR HQ XQD HVIHUD GHO WDPDxR GH QXHVWUR SODQHWD XQD HQDQD QHJUD GH FDUERQR \
R[tJHQR
<PLHQWUDVWDQWRHOXQLYHUVRVHVHJXLUiH[SDQGLHQGR\VHLUiKDFLHQGRPHQRVGHQVRGHQWURGHXQ
PLOOyQGHPLOORQHVGHDxRVORVF~PXORVJDOiFWLFRVTXHHVWiQFHUFDVHYDQDIXVLRQDUHQWUHVt\ODV
VXSHUJDOD[LDVTXHUHVXOWHQVHDOHMDUiQ\DXQDVGHRWUDVVLQUHPHGLR
3HURDOPLVPRWLHPSRVHLUiQDJRWDQGRODVUHVHUYDVGHKLGUyJHQRGHWRGRHOXQLYHUVR\\DQRVH
SRGUiQFUHDUQXHYDVHVWUHOODVKDEUiXQPRPHQWRHQTXHPXHUDOD~OWLPDHVWUHOODTXHH[LVWH\SRUOR
WDQWRODVVXSHUJDOD[LDVQRVHUiQPiVTXHFHPHQWHULRVHVWHODUHVVLQEULOOR
<HOXQLYHUVRFRQWLQXDUiVXH[SDQVLyQ
6yORORVDJXMHURVQHJURVHVRVH[WUDxRVREMHWRVQDFLGRVGHODUHODWLYLGDGJHQHUDOSHUPDQHFHUiQ
OLJHUDPHQWHDFWLYRVSHURWDPELpQHOORVVHDJRWDUiQDOJXQDYH]
<HOXQLYHUVRVHVHJXLUiH[SDQGLHQGRKDVWDTXHQRTXHGHQVLTXLHUDDJXMHURVQHJURV
 <TXHGHVRODPHQWHODQDGD\ODUDGLDFLyQFDGDYH]PiVIUtD\PiVWHQXHTXHVHDSUR[LPDUiVLQ
VDEHUOR\VLQDOFDQ]DUORQXQFDDOFHURDEVROXWR
<HOXQLYHUVRVHVHJXLUiH[SDQGLHQGR\H[SDQGLHQGRVLQILQ
<VHUiVyORSXUDLQPHQVLGDGHQH[SDQVLyQ
4XHVHH[SDQGH\VHH[SDQGH
<VHH[SDQGH
<VHH[SDQGH
,17(5/8',2
0,/21*$'(/%,*%$1*

+XERHQODFDOOH%UDVLO
OOHJDQGRD&RQVWLWXFLyQ
XQKRPEUHOODPDGR$UWHDJD
PX\KiELOFRQHOIDFyQ

6XSRHODUWHGHOSXQWD]R
HQHOPRPHQWRRSRUWXQR
\HOViEDGRHQODPLORQJD
EDLODEDFRPRQLQJXQR

1ROHLPSRUWDEDODJORULD
QLHOILORGHORVHVSHMRV
QLOHLPSRUWDEDQORVFXHQWRV
TXHHQWUHWLHQHQDORVYLHMRV

(OKRPEUHVHGHGLFDED
DHVWXGLDUFRVPRORJtD
TXHHUDFLHQFLDGHPDOHYR
\PiVDVLJ~QGHFtD

3DUDEDWRGDVODVWDUGHV
HQHOEROLFKHGH$UPDQGR
HPSLQDEDXQDJLQHEUD
\DQGDEDVLHPSUHHVSOLFDQGR

<OHKDEODEDDOPDOHYDMH
SDUDGDUOHHGXFDFLyQ
+DHPSH]DXQXHVWURXQLYHUVR
FRQXQDJUDQHVSORVLyQ

/DVDEHQOODPDU%LJ%DQJ
TXHHVHVSORVLyQHQLQJOpV
XVWHGHVPHDSUHQGHQHVR
DQWHVGHTXHFXHQWHGLH]

6HOHDVRPEUyHOUHQJR3DQQR
QDFLGRHQ/D3DWHUQDO
\RFUHLEDTXHHOXQLYHUVR
KDEtDVLGRVLHPSUHLJXDO

<$UWHDJDOHFRQWHVWy
PHYDDSHUGRQDUKHUPDQR
VLOHGLJRFRQUHVSHWR
TXHXVWpHVSUHFRSHUQLFDQR

<RVR\QDFLGRHQHOGLH]GLMRXQR
\QRORWHQJRVDELGR
VLDTXtODFRVDH[SORWy
WXYRTXHKDFHUPXFKRUXLGR
\DOJXQRODKXELHUDRtGR

&RQWHVWy$UWHDJDORVRLJR
\QRFUHRORTXHHVFXFKR
HVWDVFRVDVTXHOHVFXHQWR
RFXUULHURQKDFHPXFKR

1RVHKDJDQORVVREUDGRUHV
QLPHKDEOHQFRQDVSDYLHQWRV
HO%LJ%DQJWXYROXJDU
DQWHVGHOPLOQRYHFLHQWRV

<RWURGLMRGHVGHDWUiV
FRQXQPRYLPLHQWRGHKRPEURV
VLDTXtKXERDOJXQDHVSORVLyQ
HQGyQGHHVWiQORVHVFRPEURV"

'LMR$UWHDJDXVWHGHVVt
TXHVRQXQRVLQRUDQWHV
HVWDVFRVDVHQ8URSD
VHVDEHQGHPXFKRDQWHV

6HSLHQVDQTXHHOXQLYHUVR
HVVyOR&RVWLWXFLyQ"
1RVDEHQTXHHVWi3RPSH\D
\GHVSXpVODLQXQGDFLyQ"

<H[SOLFyFRQJUDQSDFLHQFLD
DWRGDYHORFLGi
VHQRVIXJDQODVJDODVLDV
ORPLVPRTXHKDFHQXVWHGHV
FXDQGROD\XWDKDFHUD]]LDV

<HVFRVDPX\VLPSOHYHU
FyPRODVFRVDVDSXQWDQ
VLODVJDODVLDVVHIXJDQ
HVTXHDQWHVHVWDEDQMXQWDV

(QWRQFHVEDVWDSDVDU
ODSHOtFXODKDFLDDWUiV
SDYHUXQPXQGRWDQOOHQR
TXH\DQRGDSDUDPiV

<HVWDEDQ\DDUUHMXQWDGRV
HQHVHLQVWDQWHLQLFLDO
HOWDQJRGHPHWD\SRQJD
\HOIDUROGHPLDUUDEDO
ODFDOOHFLWDHPSHGUDGD
ODVPXFKDFKDVGHPLIORU
\XQPDOHYDMHTXHPH]FOD
HORGLRFRQHODPRU

<XQXQLYHUVRUHSOHWR
FyPRQRTXLHUHQTXHHVSORWH"
VLHVWDEDQPiVDSUHWDGRV
TXHPXOWLWXGHQXQERWH

$VtQDFLyHOXQLYHUVR
\DVtQDFLyHODUUDEDO
OHGLRULWPRGHPLORQJD
ODHVSDQVLyQXQLYHUVDO

4XLHURTXHXVWHGHVFRPSUHQGDQ
ODVYHUGDGHVGHODFLHQFLD
FRPELQDQGRDOPLVPRWLHPSR
ODWHRUtD\ODHVSHULHQFLD

6DEHQTXHDPtPHJXVWD
FRQYHQFHUSRUSHUVXDVLyQ
SHURVLDOJXLHQVHUHWRED
VLHPSUHPHTXHGDHOIDFyQ

<HQORVFLHQEDUULRVSRUWHxRV
VHGHFtDFRQUD]yQ
TXHVRODPHQWHGRVFLHQFLDV
KDEtDHQ&RQVWLWXFLyQ
ODFLHQFLDTXHHVWXGLDHOFRVPRV
\ODFLHQFLDGHOIDFyQ

/DPLORQJDGHO%LJ%DQJ
VHFDQWDFRQGHYRFLyQ
DOOiHQODFDOOH%UDVLO
OOHJDQGRD&RQVWLWXFLyQ
 &$378/2

/D0iTXLQDGH'LRV

<ILQDOPHQWHOOHJDPRVDODHVWDFLyQILQDOGHQXHVWURODUJRUHFRUULGRXQDJUDQFRQYHUVDFLyQHQODTXH
IXLPRVGHWHQLpQGRQRVHQGLIHUHQWHVOXJDUHVGLVWLQWRVKLWRVTXHPDUFDURQHOSHQVDPLHQWRFLHQWtILFR\
FX\RVKLORVWUDWDPRVGHVHJXLUDYHFHVFRQPiV\DYHFHVFRQPHQRVp[LWRGHVGH7DOHVKDVWDKR\
/RV FDPLQRV QR VRQ OLQHDOHV SRU VXSXHVWR SHUR SRU PiV TXH VH GHIRUPHQ VH ELIXUTXHQ \ KDVWD VH
FRUWHQVLHPSUHWHUPLQDQDSRUWDQGRDOJRDOGHVDUUROORGHOFRQRFLPLHQWRORVFLHQWtILFRVTXHIUDFDVDQ
DXQTXH PXFKDV YHFHV SHUPDQH]FDQ HQ OD RVFXULGDG \ VHDQ ROYLGDGRV OH GHMDQ XQD KHUHQFLD
IXQGDPHQWDODODVVLJXLHQWHVJHQHUDFLRQHVPRVWUiQGROHVORVFDPLQRVTXHQRKD\TXHVHJXLU
$ OR ODUJR GH QXHVWUR YLDMH SXGLPRV YHU FyPR FDGD JHQHUDFLyQ HQ OD E~VTXHGD GH UHVSXHVWDV
UD]RQDEOHVRQRYHUGDGHUDVRQRDEUHQXHYDVSUHJXQWDVTXHPXFKDVYHFHVSHUPDQHFHQODWHQWHVSRU
VLJORV DVt SRU HMHPSOR (XFOLGHV DO UHVSRQGHU D OD SUHJXQWD GH FyPR R SRU GyQGH HPSH]DU D
UD]RQDUGHMDXQIODQFRDELHUWRTXHVHDEULUiD~QPiVGRVPLODxRVPiVWDUGHFRQODVJHRPHWUtDVQR
HXFOLGHDQDVGH/REDFKHYVNL\5LHPDQQ7DOHVDOSRVWXODUODHPSLULDFRPRODIXHQWHLPSUHVFLQGLEOH
SDUD HO FRQRFLPLHQWR GHMD OD SXHUWD DELHUWD D VX FXHVWLRQDPLHQWR \ 3DUPpQLGHV DO QHJDU
UDGLFDOPHQWHHVDHPSLULDPXHVWUDFODUDPHQWH\VLQTXHUHUORGHVGH\DTXHVLQHOODODWRWDOLGDG
GHODFLHQFLDVHSDUDOL]DFRPRTXHGDUiFODUtVLPRGHVSXpVGHOD5HYROXFLyQ&LHQWtILFD
7DPELpQ IXHURQ DSDUHFLHQGR GLYHUVRV MXHJRV GH RSRVLFLRQHV TXH PXFKDV YHFHV GXUDURQ ODUJRV
VLJORV ORV DWRPLVWDV FRQWUD ORV TXH VRVWHQtDQ TXH OD PDWHULD HUD LQILQLWDPHQWH GLYLVLEOH ORV
SDUWLGDULRV\ORVDGYHUVDULRVGHODH[LVWHQFLDGHOYDFtRORVTXHGHIHQGtDQODLGHDGHXQDHOHFWULFLGDG
~QLFD \ ORV TXH VH LQFOLQDEDQ SRU FUHHU TXH KDEtD GRV ORV GHIHQVRUHV GH OR FRQWLQXR \ ORV GH OR
GLVFUHWRORVTXHFUHtDQHQODILQLWXGGHOXQLYHUVR\ORVTXHRSWDEDQSRUODLQILQLWXGORVLQGXFWLYLVWDV
\ ORV UDFLRQDOLVWDV 6H WUDWD GH FRQWURYHUVLDV ODUJXtVLPDV TXH HQ VX GHYHQLU FRQIRUPDURQ HO
JUDQGLRVRHVSHFWiFXORGHOGHVDUUROORGHOFRQRFLPLHQWRUDFLRQDOGHOXQLYHUVR
(QHVHODUJRWUD\HFWRTXHWUDQVLWDPRVMXQWRVQRKXERPiVUHPHGLRTXHGHMDUDIXHUDDOJXQRVGHORV
~OWLPRVDGHODQWRVFRPRSRUHMHPSORODLQIRUPiWLFDTXHFDPELy\FRQWLQ~DFDPELDQGRGHPDQHUDV
LQVRVSHFKDGDV QXHVWUD YLGD FRWLGLDQD OD XWLOL]DFLyQ GH ODV FpOXODV PDGUH HQ PHGLFLQD R ODV
QHXURFLHQFLDVTXHDYDQ]DURQHVSHFWDFXODUPHQWHHQODV~OWLPDVGpFDGDVHOFRFNWDLODFWXDOGHQXHYRV
GHVFXEULPLHQWRVFRQHOERPEDUGHRFDGDYH]PiVYHUWLJLQRVRGHUHVXOWDGRVQRSHUPLWHHQFRQWUDUORV
KLORV GHO SHQVDPLHQWR QL DGLYLQDU FXiOHV VRQ UHDOHV DYDQFHV \ FXiOHV VRQ HO VLPSOH UHVXOWDGR GHO
HVWDGR GH iQLPR FLHQWtILFR R GH OD PRGD %DVWD SDUD MXVWLILFDU PL FDXWHOD UHVSHFWR GH ORV QXHYRV
DGHODQWRVUHFRUGDUODVP~OWLSOHVYHFHVHQODKLVWRULDGHODFLHQFLDHQTXHORVSUREOHPDVSDUHFLHURQ
UHVXHOWRVFXDQGRHQUHDOLGDGQRVHKDFtDVLQRHPSH]DU\PXFKDVYHFHVHUUDQGRHOFDPLQR
$Vt\WRGRPHSDUHFHTXHHVQHFHVDULRPHQFLRQDUDOJXQRVGHORVJUDQGHVSUREOHPDVDFWXDOHVGH
ODFLHQFLDSRUPiVTXHHOSDQRUDPDQRHVWpGHPDVLDGRFODUR8QRGHHOORVHVVLQOXJDUDGXGDVHO
IDPRVRFDPELRFOLPiWLFRHODXPHQWRGHXQRVSRFRVJUDGRVGHODWHPSHUDWXUDSURPHGLRGHOSODQHWD
TXH SURYLHQH GHO HIHFWR LQYHUQDGHUR HVWR HV GHO ODQ]DPLHQWR D OD DWPyVIHUD GH FRPEXVWLEOHV
IyVLOHVDPHQD]DFRQXQFDPELRJOREDOTXHVHJ~QGLFHQDOJXQRVSXHGHOOHJDUDDFDUUHDUWUDVWRUQRV
GH WRGR WLSR VXELGD GHO QLYHO GHO PDU FDPELR GH UpJLPHQ GH OOXYLDV YLHQWRV \ IHQyPHQRV
PHWHRUROyJLFRV HQ JHQHUDO \ PRGLILFDU HO SDQRUDPD JHRFOLPiWLFR GHO SODQHWD FRQ LPSRUWDQWHV
FRQVHFXHQFLDVFXOWXUDOHVHFRQyPLFDV\GHPRJUiILFDV
1R HVWi FODUR HQ YHUGDG TXp FRVD HV HO FDPELR FOLPiWLFR KD\ TXLHQHV SLHQVDQ TXH HV
DQWURSRJpQLFR HV GHFLU TXH VH GHEH D PRWLYRV UHODFLRQDGRV FRQ HO DFFLRQDU GHO KRPEUH \ KD\
TXLHQHV OR DWULEX\HQ D IDFWRUHV DVWURQyPLFRV FRPR PRGLILFDFLRQHV GH DOJXQRV SDUiPHWURV GH OD
yUELWD GH OD 7LHUUD DOUHGHGRU GHO 6RO TXH VH GDQ FtFOLFDPHQWH /D GLVFXVLyQ QR HV RFLRVD VL HO
SUREOHPDHVDQWURSRJpQLFRVHSXHGHFRQWUDUUHVWDUPiVGLUHFWDPHQWHTXHVLHVDVWURQyPLFRDXQTXH
HVWR HVWi SRU YHUVH D MX]JDU SRU OD IDOWD GH FXPSOLPLHQWR GH OD PD\RUtD GH ORV SDtVHV GH ORV
SURWRFRORVILUPDGRVSDUDUHGXFLUODVHPLVLRQHV
$Vt FRPR QR KDEOp GHO FDPELR FOLPiWLFR WDPSRFR OR KLFH HQ VX PRPHQWR GH OD FLHQFLD
KXPEROGWLDQD SRU $OH[DQGHU YRQ +XPEROGW  TXH HQ OXJDU GH EXVFDU XQ VXVWUDWR
PDWHPiWLFR GH OD UHDOLGDG FRPR TXHUtD 3ODWyQ R OD OLJD]yQ SXQWR D SXQWR HQWUH ORV IHQyPHQRV
H[SHULPHQWDOHV FRPR SUHWHQGtD $ULVWyWHOHV HQVD\y \D HQWRQFHV OD GHVFULSFLyQ GH VLVWHPDV
LQWHJUDOHVHQORVTXHJUDQGHVFRQMXQWRVGHGDWRVHVWiQLQWHUUHODFLRQDGRVGHXQDPDQHUDGLQiPLFDHO
FOLPDODJHRJUDItDODILWRJHRJUDItD\PXFKRVRWURVTXHGHULYDUtDQHQXQDFLHQFLDGHVLVWHPDV\QR
\DGHKHFKRV\GHVHPERFDUtDQHQORVTXHKR\OODPDPRVVLVWHPDVFRPSOHMRVDXQTXHODSDODEUDWLHQH
FLHUWRFRQWHQLGRWpFQLFR\QRVLJQLILFDVLPSOHPHQWHGLItFLORFRPSOLFDGRHQFLHUWRPRGRVLJXLHQGR
OD WUDGLFLyQ GH )UDQFLV %DFRQ OLVWDV GH UHVXOWDGRV \ WDEODV SHUR DQXGDQGR HVDV WDEODV FRQ QH[RV
FDXVDOHVRFRUUHODFLRQHV
3HUR KDVWD DTXt OOHJy HO ODPHQWR $SURYHFKHPRV HO HVSDFLR TXH TXHGD SDUD FXPSOLU FRQ OD
SURPHVDTXHKLFLPRVDOSULQFLSLRpVWDLEDDVHUXQDKLVWRULDGHODVLGHDVFLHQWtILFDVGHVGH7DOHVGH
0LOHWR KDVWD OD 0iTXLQD GH 'LRV 7DOHV GH 0LOHWR IXH HO SURWDJRQLVWD GHO SULPHU FDStWXOR < GH OD
0iTXLQDGH'LRVMXVWDPHQWHQRVWRFDKDEODUDKRUD

(OPRGHORHVWiQGDUGHQXHYR
3HURSDUDHVR\DXQTXH\DKD\DPRVKDEODGRGHpOWHQHPRVTXHKDFHUXQEUHYHUHSDVRGHOPRGHOR
HVWiQGDU (Q SDUWH SRUTXH DFDVR TXHGy XQ SRFR FRQIXVR FXDQGR KDEODPRV GH pO KDFH DOJXQRV
FDStWXORVSHURPiVWRGDYtDSRUTXHHVYLWDOSDUDFRPSUHQGHUSRUTXpVHSXVRWDQWDHQHUJtD\HVIXHU]R
SDUD HQFRQWUDU DO HVFXUULGL]R %RVyQ GH +LJJV XQD SDUWtFXOD TXH PLHQWUDV VH HVFULEHQ ODV ~OWLPDV
OtQHDV GH QXHVWUR UHODWR VLJXH VLHQGR HVWXGLDGD HQ HO PD\RU H[SHULPHQWR GH OD KLVWRULD GH OD
KXPDQLGDG
(O PRGHOR HVWiQGDU GH SDUWtFXODV HV PiV TXH XQ PRGHOR XQD WHRUtD TXH LGHQWLILFD D WRGDV ODV
SDUWtFXODV PDWHULDOHV TXH FRPSRQHQ HO XQLYHUVR \ H[SOLFD ORV PRGRV HQ TXH LQWHUDFFLRQDQ 'H
DFXHUGR D pVWH ODV SDUWtFXODV YHUGDGHUDPHQWH HOHPHQWDOHV HQ HO VHQWLGR GH TXH QR SXHGHQ VHU
GLYLGLGDVXOWHULRUPHQWHVRQ

/RV TXDUNV TXH IRUPDQ D VX YH] RWUDV SDUWtFXODV FRPR ORV PHVRQHV ORV EDULRQHV \ ORV
KDGURQHV'HQWURGHORV~OWLPRVIRUPDGRVSRUWUHVTXDUNVVHHQFXHQWUDQGRVGHQXHVWURVYLHMRV
 FRQRFLGRVORVSURWRQHV\ORVQHXWURQHV+D\HQWRWDOVHLVTXDUNV
/RVOHSWRQHVTXHQRHVWiQIRUPDGRVSRUTXDUNVHOHFWUyQPXyQSDUWtFXODWDX\WUHVWLSRVGH
QHXWULQR

$OPLVPRWLHPSRKD\FXDWURIXHU]DVODHOHFWURPDJQpWLFDODJUDYLWDWRULDODQXFOHDUIXHUWH\OD
QXFOHDUGpELOTXHDFW~DQSRUPHGLDFLyQGHRWUDVSDUWtFXODVTXHODVWUDQVSRUWDQ(VWRHVFRPSOLFDGR
GH HQWHQGHU SHUR VLPSOLILFDQGR XQ SRFR SRGHPRV GHFLU D PRGR GH HMHPSOR TXH HQ HO FDVR GH OD
IXHU]D HOHFWURPDJQpWLFD HO IRWyQ HV OD SDUWtFXOD HQFDUJDGD GH LQWHUDFFLRQDU FRQ OD PDWHULD SDUD
WUDQVPLWLUODGRVFDUJDVTXHVHDWUDHQRUHFKD]DQLQWHUFDPELDQIRWRQHV\ODIXHU]DVHUiPiVRPHQRV
LQWHQVD GH DFXHUGR D OD LQWHUDFFLyQ GH ODV SDUWtFXODV &XDQGR GRV SDUWtFXODV FDUJDGDV VH DWUDHQ
LQWHUFDPELDQ IRWRQHV GHO PLVPR PRGR TXH GRV SHUVRQDV TXH LQWHUFDPELDUDQ XQD SHORWLWD GH JROI
SDUHFHUtDQ XQLGDV $ ODV SDUWtFXODV IXQGDPHQWDOHV TXH YLPRV DO SULQFLSLR ORV TXDUNV FRQ VXV
P~OWLSOHVYDULDFLRQHV\ORVOHSWRQHVWHQHPRVTXHVXPDUOHVHQWRQFHVRWUDVSDUWtFXODV

)RWyQWUDQVSRUWDODIXHU]DHOHFWURPDJQpWLFD
3DUWtFXODV:\=WUDQVSRUWDQODIXHU]DGpELO
*OXRQHV7UDQVSRUWDQODIXHU]DIXHUWH

< SRGUtDPRV LQFOXLU DO JUDYLWyQ TXH WUDQVSRUWDUtD OD IXHU]D JUDYLWDWRULD SHUR D~Q QR IXH
GHWHFWDGR
3RUVXSXHVWRFDGDXQDGHHOODVFXHQWDFRQVXUHVSHFWLYDDQWLSDUWtFXOD
3DUHFH GHPDVLDGR QR" < HQFLPD KD\ XQ SUREOHPD IXQGDPHQWDO HO PRGHOR QR FLHUUD 3RU
HPSH]DUQRLQFOX\HDODJUDYLWDFLyQ\DODVLQWHUDFFLRQHVJUDYLWDWRULDVTXHVHUHVLVWHQDVRPHWHUVHD
ORVULJRUHVGHODPHFiQLFDFXiQWLFDSRURWURODGRQRH[SOLFDGHGyQGHVDFDQODVSDUWtFXODVVXPDVD
SRU TXp HO HOHFWUyQ HV FDVL GRV PLO YHFHV PHQRV PDVLYR TXH HO SURWyQ R HO IRWyQ FDUHFH
FRPSOHWDPHQWHGHPDVD
3DUD UHVROYHU HVWH LQFRQYHQLHQWH XQ LQFRQYHQLHQWH XQ SRFR PiV SXQWXDO HQ UHDOLGDG SHUR QR
LPSRUWDHQHOItVLFREULWiQLFR3HWHU+LJJVVXJLULyTXHHOXQLYHUVRHQWHURHVWiLQPHUVRHQXQ
FDPSRHOFDPSRSUHFLVDPHQWHGH+LJJVTXHHVHOTXHFRQILHUHPDVDDODVSDUWtFXODV/DSDUWtFXOD
FXiQWLFDTXHORUHSUHVHQWDDTXHOODTXHLQWHUDFFLRQDFRQHOUHVWRGHODVSDUWtFXODVHVQLPiVQLPHQRV
TXHHOERVyQGH+LJJV
(O0RGHOR(VWiQGDUSURSRQHHQWRQFHVDGHPiVGHODVSDUWtFXODV\GHODVIXHU]DVODH[LVWHQFLDGH
XQFDPSRTXHVHHQFDUJDGHGDUOHDFDGDSDUWtFXODVXPDVDGHDFXHUGRDFyPRLQWHUDFFLRQHFRQpO$
VLPSOHYLVWDSDUHFHGLItFLOGHHQWHQGHUSHURQRORHVWDQWR3LpQVHQORDVtVLODPDVDHVODPHGLGDGH
FXiQGLItFLOUHVXOWDDFHOHUDUXQREMHWRHVGHFLUGHFXiQGLItFLOOHUHVXOWDPRYHUVHTXH$WHQJDHO
GREOHGHPDVDTXH%TXLHUHGHFLUTXHKD\TXHKDFHUHOGREOHGHIXHU]DSDUDDFHOHUDUD$TXHSDUD
DFHOHUDUD%,PDJtQHQVHTXHHQWUDQXQYHQGHGRUGHGLDULRV\XQYHQGHGRUGHKHODGRVDXQVDOyQOOHQR
GH QLxRV (V HYLGHQWH TXH HO YHQGHGRU GH GLDULRV SDVDUi VLQ SHQD QL JORULD LQWHUDFFLRQDQGR
PtQLPDPHQWH FRQ ORV FKLFRV (Q FDPELR HO YHQGHGRU GH KHODGRV WHQGUi HQRUPHV GLILFXOWDGHV SDUD
DEULUVHSDVRHQWUHODPXOWLWXG6LDFHSWDPRVODLGHDGHTXHODPDVDHVODUHVLVWHQFLDTXHRIUHFHXQ
FXHUSRDOPRYLPLHQWRVHSXHGHSHQVDUTXHHOKHODGHURHVPiVPDVLYRTXHHOYHQGHGRUGHGLDULRV
SRUPiVTXHSHVHQH[DFWDPHQWHORPLVPR
 (QHOFDPSRGHODItVLFDGHSDUWtFXODVHOVDOyQIXQFLRQDUtDFRPRHOFDPSRGH+LJJV\FDGDXQR
GHORVQLxRVFRPRHOERVyQODSDUWtFXODTXHWLHQHDVRFLDGD(VFRPRVLHOFDPSRGH+LJJVIXHUDXQD
HVSHFLHGHYLVFRVLGDGTXHLPSUHJQDHOHVSDFLRWLHPSR\TXHIUHQDFRQGLIHUHQWHLQWHQVLGDGDODV
SDUWtFXODVHOHPHQWDOHVRWRUJiQGROHVXQHIHFWRHTXLYDOHQWHDORTXHQRVRWURVPHGLPRVFRPRPDVD6L
QRVRWURVREVHUYiUDPRVHOIHQyPHQRGHVGHDIXHUDGLUtDPRVTXHHOKHODGHURSURWyQHVPiVPDVLYR
TXH HO FDQLOOLWD HOHFWUyQ VLPSOHPHQWH SRUTXH LQWHUDFFLRQD GH PDQHUD PiV LQWHQVD FRQ ORV QLxRV
ERVRQHVGH+LJJVHQHOVDOyQFDPSRGH+LJJV
'HDOOtODLPSRUWDQFLDIXQGDPHQWDOSDUDODItVLFDDFWXDOGHOERVyQGH+LJJVVLVHORHQFRQWUDUD
SRGUtDFHUUDUHO0RGHOR(VWiQGDUTXHOLVWDODWRWDOLGDGGHODVSDUWtFXODVHOHPHQWDOHVTXHH[LVWHQ
H[FHSWXDQGR D ODV UHODFLRQDGDV FRQ OD JUDYLWDFLyQ \ VL QR REOLJDUtD D UHSODQWHDU YDULRV GH VXV
SRVWXODGRV
(VWDLPSRUWDQFLDFDSLWDOHVODUD]yQSRUODFXDOVHHVWXGLDFRQWDQWRpQIDVLVHOHOXVLYRERVyQHQHO
*UDQ &ROLVLRQDGRU GH +DGURQHV GHO &(51 &HQWUH 1DWLRQDO SRXU OD 5HFKHUFKH 6FLHQWLILTXH HO
PD\RU H[SHULPHQWR FLHQWtILFR GH OD KLVWRULD GH OD KXPDQLGDG QR VyOR SRU HO WDPDxR \ OD LQYHUVLyQ
UHTXHULGDVLQRSRUODVDPELFLRQHVFHUUDUGHPDQHUDGHILQLWLYD\ORSRQJRHQWUHFRPLOODVSRUTXH
FRPR\DVDEHPRVQDGDHQODFLHQFLDHVGHILQLWLYRHOPRGHORHVWiQGDUGHSDUWtFXODVTXHH[SOLFDHQ
GHWDOOHFyPRHVWiFRQVWLWXLGRHOXQLYHUVR/RTXHVHUHDOL]DDOOtHVVHQFLOORVHKDFHQFROLVLRQDU
KDFHVGHSURWRQHVDXQDYHORFLGDGFHUFDQDDODGHODOX]SURGXFLHQGRDHVFDODVVXEDWyPLFDVHQHUJtDV
DOWtVLPDVLPSRVLEOHVGHREWHQHUGHRWUDPDQHUD
3DUD ORJUDU TXH SDUWtFXODV GLPLQXWDV FRPR VRQ ORV SURWRQHV FROLVLRQHQ D HVDV YHORFLGDGHV IXH
QHFHVDULRGLVHxDUXQW~QHOGHNLOyPHWURVGHFLUFXQIHUHQFLDHQFX\DFRQVWUXFFLyQWUDEDMDURQPiV
GH  ItVLFRV GH  SDtVHV \ TXH FRVWy SDUD SRQHUOR HQ IXQFLRQDPLHQWR OD IULROHUD GH  PLO
PLOORQHVGHHXURVDGHPiVGHORVPLOORQHVTXHQHFHVLWDSDUDIXQFLRQDUFDGDDxR
3HUR OD LQYHUVLyQ DSDUHQWHPHQWH YDOH OD SHQD DGHPiV GH KDEHU SURSRUFLRQDGR \ VHJXLU
SURSRUFLRQDQGRLQIRUPDFLyQUHOHYDQWHVREUHHOKLSRWpWLFR\HVFXUULGL]RERVyQGH+LJJVVHHVSHUD
TXHHOVXSHUFROLVLRQDGRUD\XGHDHQWHQGHUDOUHFUHDUODVFRQGLFLRQHVTXHWHQtDHOXQLYHUVRPHQRVGH
XQDPLOPLOORQpVLPDGHVHJXQGRGHVSXpVGHO%LJ%DQJTXpHVHVDFRVDTXHOODPDPRVPDVDTXH
HVFODUH]FDDOPHQRVHQSDUWHTXpHVODPDWHULDRVFXUD\TXHSURSRUFLRQHDOJXQDHYLGHQFLDHPStULFDD
ODSRUDKRUDSXUDPHQWHWHyULFDWHRUtDGHFXHUGDV

(OHOXVLYRERVyQ
/D YHUGDG HV TXH HO ERVyQ VH KL]R HVSHUDU \ QR HUD SDUD PHQRV VHJ~Q ORV FiOFXORV OD PDVD GHO
+LJJVWHQtDTXHVHUSRUORPHQRVXQDVYHFHVODGHOSURWyQ\SRUORWDQWRKDFtDIDOWDPXFKtVLPD
HQHUJtDSDUDFUHDUOR\GHVSXpVSRGHUREVHUYDUOR
3RUTXH GH DFXHUGR D OR TXH SODQWHDED OD WHRUtD HO ERVyQ GH +LJJV VH WHQtD TXH GHVLQWHJUDU HQ
RWUDVSDUWtFXODVDQWHVGHUHFRUUHUVLTXLHUDXQDGLVWDQFLDHTXLYDOHQWHDOGLiPHWURGHXQSURWyQ3DUD
SUREDU TXH H[LVWtD R TXH QR VH EXVFDEDQ SUHFLVDPHQWH ORV SURGXFWRV GH HVD GHVLQWHJUDFLyQ (O
WHPD HV TXH GDGR HO FDUiFWHU FXiQWLFR GH HVWRV IHQyPHQRV OD PD\RUtD GH ORV SURGXFWRV HUDQ
JHQHUDGRVSRURWURVPHFDQLVPRVPiVFRQYHQFLRQDOHV\HVSRUHVRTXHSDUDPLQLPL]DUORVPiUJHQHV
GHHUURUUHVXOWDEDQHFHVDULRUHFROHFWDU\DQDOL]DUXQDHQRUPHFDQWLGDGGHGDWRV TXHGLHUDQFHUWHUD
FXHQWDGHODGLFKRVD\HVFXUULGL]DSDUWtFXODSHVFDUHOERVyQHUDFRPRHVFXFKDUXQVXVXUURHQPHGLR
GH XQ PXOWLWXGLQDULR IHVWLYDO GH URFN GHVGH GLH] NLOyPHWURV GH GLVWDQFLD 'LVWLQJXLUOR VHSDUiQGROR
GHO UXLGR GH IRQGR QR HV SRU FLHUWR IiFLO \ VHUtD DFRQVHMDEOH TXH HO DYLVDGR OHFWRU QR WUDWH GH
KDFHUORHQVXFDVDFRPRSDVDWLHPSRGHOGRPLQJR
<DVt\WRGRORVGDWRVDFXPXODGRVGHVGHTXHFRPHQ]yHOH[SHULPHQWRSHUPLWLHURQLUSRQLHQGR
SRFRDSRFROtPLWHVPiVHVWULFWRVDODSRVLEOHPDVDGHOSRVLEOHERVyQGH+LJJV6HJ~QHOHTXLSRGH
ItVLFRVFRQRFLGRFRPR&RODERUDFLyQ$WODVGHEtDHVWDUHQELOORQHVGHHOHFWURQYROWLRVXQ
HOHFWURQYROW HV OD XQLGDG GH HQHUJtD TXH UHSUHVHQWD OD HQHUJtD FLQpWLFD TXH DGTXLHUH XQ HOHFWUyQ
FXDQGRHVDFHOHUDGRSRUXQDGLIHUHQFLDGHSRWHQFLDOGHYROWLRHVGHFLUYHFHVPiVTXHODGH
XQSURWyQ\PLOYHFHVODGHXQHOHFWUyQ<HIHFWLYDPHQWHHOGHMXOLRGHVHKL]RXQDQXQFLR
HQHO&06\HO$WODVGRVGHORVGHWHFWRUHVGHSDUWtFXODVSUHVHQWHVHQHO6XSHUFROLVLRQDGRUKDEtD
DSDUHFLGRXQDPDVDFRQVLVWHQWHFRQODPDVDGHOERVyQ
/DFXHVWLyQQRHVWiFHUUDGD\D~QVHVLJXHLQYHVWLJDQGRVLHVDSDUWtFXODHVHIHFWLYDPHQWHHOERVyQ
GH+LJJVRDOJXQDRWUDSDUWtFXODQRSUHGLFKDSRUODWHRUtD6HDFRPRIXHUHHOVRORKHFKRGHTXHKD\D
DSDUHFLGRXQDPDVDFRQVLVWHQWHFRQODSUHGLFFLyQUHVXOWDLPSUHVLRQDQWH
&RPR1HSWXQRJUDFLDVDORVFiOFXORVGH/H9HUULHUFRPRORVHOHPHQWRVTXHYLQLHURQDFRPSOHWDU
GHDSRFRODWDEODSHULyGLFDGH0HQGHOHLHYHOERVyQSDUHFHLUUXPSLUFRQWRGDVXYDFLODQWHHPSLULD
HQHOPXQGRGHODVSDUWtFXODVHOHPHQWDOHVSDUDGDUOHODUD]yQDXQDSUHGLFFLyQWHyULFDIRUPXODGDSRU
3HWHU+LJJVKDFHPHGLRVLJOR\GHPRVWUDUXQDYH]PiVHODOFDQFHGHODPD\RUKHUUDPLHQWDTXHWLHQH
HOVHUKXPDQRODTXHGHVGH7DOHVGH0LOHWRKDVWDHO6XSHUFROLVLRQDGRUGHKDGURQHVKL]RSRVLEOHHO
GHVDUUROORGHHVWDKLVWRULD
 )LQDOH

+DFH FXDWURFLHQWRV PLO DxRV VH HQFHQGLHURQ ODV KRJXHUDV GHO KRPEUH GH 3HNtQ DXQTXH HV PX\
SUREDEOHTXHHOGRPLQLRGHOIXHJRKD\DVLGRPX\DQWHULRU\VHUHPRQWHKDVWDXQPLOOyQGHDxRVDWUiV
(V LPSUHVLRQDQWH SHQVDU HQ ORV FDPELRV TXH HO IXHJR SXGR WUDHU D ORV SRFRV JUXSRV R PDQDGDV GH
KRPtQLGRVTXHYDJDEXQGHDUtDQSRUORVFRQWLQHQWHV(OIXHJRJDUDQWL]DEDHOFDORUODSRVLELOLGDGGH
FRFLQDU OD FRPLGD OD GHIHQVD OD OX] \ OD FHUiPLFD 1DGLH SXHGH KR\ UHFRQVWUXLU PHQWDO \
DSURSLDGDPHQWH DTXHOORV PXQGRV GHVSREODGRV \ VDOYDMHV \ HV PX\ GLItFLO LQFOXVR LPDJLQDUVH XQD
QRFKHGHVGHQXHVWUDVFLXGDGHVLOXPLQDGDVDOSXQWRTXHRVFXUHFHQODVHVWUHOODVXQDQRFKHHQODTXHHO
IRJyQVHFRQYLUWLyHQHOSXQWRGHUHXQLyQ\GHUHIHUHQFLD1RHVH[WUDxRTXHHOIXHJRKD\DSHQHWUDGR
HQODVPLWRORJtDV3URPHWHRDUUHEDWyHOIXHJRDORVGLRVHV\ORVGLRVHVORFDVWLJDURQKRUULEOHPHQWH
3RUTXHFRQHOIXHJRORVKRPEUHVQRWHQtDQ\DQDGDTXHWHPHU/DDGRUDFLyQGHOIXHJRSHUVLVWHD~Q
KR\ HQ HO IXHJR ROtPSLFR HQ ODV OODPDV YRWLYDV R SHUHQQHV TXH DUGHQ HQ ORV DOWDUHV \ ORV
PRQXPHQWRV
<IXHHVHIXHJRPXOWLSOLFDGRHQDQWRUFKDVHOTXHDOXPEUyHOFDPLQRGHOKRPEUHDWUDYpVGHOD
ODUJDQRFKHSUHKLVWyULFD
+DFH GLH] PLO DxRV VH LQYHQWy OD DJULFXOWXUD < FRQ OD DJULFXOWXUD QDFLy HO SREODGR OXHJR OD
FLXGDGGRQGHIORUHFLHURQHOUD]RQDPLHQWR\HOSHQVDPLHQWRDEVWUDFWR<HOFHUHEURWUDWyGHHQWHQGHU
HOIXQFLRQDPLHQWRGHOPXQGRSUHVFLQGLHQGRGHORVGLRVHVGDUFXHQWDGHODHPSLULDGHORTXHVHYHtD
FRQ WHRUtDV QDWXUDOHV 7DPELpQ KXER TXLHQHV QHJDURQ D OD HPSLULD WRGD YDOLGH] \ SURSXVLHURQ HO
UD]RQDPLHQWR VyOR FRPR FDPLQR \ TXLHQHV FRPR ORV SLWDJyULFRV GHVFXEULHURQ ODV PDWHPiWLFDV
DEVWUDFWDV\SHQVDURQHQXQXQLYHUVRIDQWDVLRVR\GLQiPLFR
< D PHGLGD TXH ODV WHRUtDV FUHFtDQ \ VH FRPSOHML]DEDQ ORV JULHJRV OOHJDURQ D H[SOLFDU HO
IXQFLRQDPLHQWR GH ORV FLHORV \ D SUHGHFLU ORV HFOLSVHV TXLWiQGROHV HVD SRWHVWDG D ORV GLRVHV < OD
FHUiPLFD\ODPHWDOXUJLDGLHURQORVSULPHURVSDVRVWUpPXORVGHODTXtPLFD\HVWDEOHFLHURQXQSULPHU
PRGHOR HVWiQGDU GH HOHPHQWRV DJXD DLUH WLHUUD IXHJR TXH ORV DWRPLVWDV FRQGHQVDURQ HQ
SHTXHxDV SDUWtFXODV LQGLYLVLEOHV 0LHQWUDV ORV DVWUyQRPRV SXGLHURQ FRQVWUXLU XQD FRVPRORJtD
FRPSOHWDTXHVLQHPEDUJRGHVFULEtDXQXQLYHUVRSHTXHxRGRQGHHO6ROSUHVLGtDHOFHQWUR\TXHVH
H[WHQGtDKDVWDODHVIHUDGHODVHVWUHOODVILMDVPiVRPHQRVGRQGHHVWiODyUELWDGH8UDQR<pVWDHVOD
KLVWRULDGHOKRPEUH\GHODFLHQFLD\GHODQHFHVLGDGGHFRPSUHQGHU\H[SOLFDU
3HURHUDSRFR\VHFRQWDURQODVHVWUHOODV\VHHVWUXMDURQORVLPDQHV\VHFRQVLJXLyEDMDUHOUD\R
GH VX WURQR iXUHR FRPR SRWHVWDG GH =HXV \ VRPHWHU OD HOHFWULFLGDG D ORV FDEOHV < VH LQGDJy HO
SDVDGR\VHVXSRTXHOD7LHUUDHUDDQWLJXDPX\DQWLJXDPiVDQWLJXDTXHORVPiVDQWLJXRVGLRVHVTXH
VHSXGLHUDQLPDJLQDU\VHHPSH]DURQDUDVWUHDUVXVRUtJHQHV\ODIRUPDHQTXHVHIRUPDURQORVPDUHV
\PRQWDxDV\DVRVSHFKDUFyPRODYLGDQDFLy\HYROXFLRQy<pVWDHVODKLVWRULDGHOKRPEUH\GHOD
FLHQFLD\GHODQHFHVLGDGGHFRPSUHQGHU\H[SOLFDU
<OXHJRUHVXOWyTXHORVPHFDQLVPRVGHOFLHORUHVXOWDEDQGHPDVLDGRFRPSOLFDGRV\XQFLHQWtILFR
\ ILOyVRIR JHQLDO PRYLy D OD 7LHUUD GH VX OXJDU FHQWUDO PLHQWUDV VXV VXFHVRUHV H[SOLFDEDQ ORV
PLVWHULRVGHOPRYLPLHQWRODLQHUFLD\ODFDtGD\RWURHQXQFLDEDXQDOH\GHOH\HVTXHGHVFULEtDWRGRV
ORVPRYLPLHQWRVGHOXQLYHUVR<pVWDHVODKLVWRULDGHOKRPEUH\GHODFLHQFLD\GHODQHFHVLGDGGH
FRPSUHQGHU\H[SOLFDU
6HH[SDQGLHURQODVIURQWHUDVGHOXQLYHUVR\VHREVHUYDURQODV~OWLPDVJDOD[LDV\VHLQGDJyHQOD
SURIXQGLGDGGHORViWRPRVGRQGHDKRUDPLVPRVHFRQWLQ~DLQYHVWLJDQGRODSDUWtFXODGLYLQD<pVWDHV
ODKLVWRULDGHOKRPEUH\GHODFLHQFLD\GHODQHFHVLGDGGHFRPSUHQGHU\H[SOLFDU
<HVHOUHVXOWDGRGHOPRPHQWRHQTXHVHHQFLHQGHHOIXHJRGHOUD]RQDPLHQWRPHGLDQWHHOJROSH
LQWHOLJHQWHGHGRVSLHGUDVGHVtOH[
 %LEOLRJUDItD

+DFHUXQDOLVWDH[KDXVWLYDGHWRGRVORVWH[WRVTXHIXHURQFRQVXOWDGRV\XWLOL]DGRVSDUDHVFULELUHVWH
OLEUR VHUtD XQD WDUHD LQWHUPLQDEOH \ HQ EXHQD PHGLGD LQ~WLO 3UHIHULPRV HQ OXJDU GH HVR FLWDU
FLQFXHQWD REUDV TXH FRQVLGHUDPRV IXQGDPHQWDOHV GH \ VREUH OD KLVWRULD GH OD FLHQFLD SDUD TXH HO
OHFWRUFXULRVRTXHSUHWHQGDLQGDJDUXQSRFRPiVVREUHDOJ~QWHPDHQSDUWLFXODUSXHGDKDFHUORFRQ
FRQILDQ]D

$QWLVHUL ' \ 5HDOH * +LVWRULD GHO SHQVDPLHQWR ILORVyILFR \ FLHQWtILFR  WRPRV %DUFHORQD
+HUGHU
QJHOD3\$/DH[WUDRUGLQDULDKLVWRULDGHODYLGD0DGULG*ULMDOER
%RLGR*1RWLFLDVGHOSODQHWD7LHUUD%XHQRV$LUHV$=
%RZOHU37KHHQYLURQPHQWDOVFLHQFHV1HZ<RUN/RQGRQ1RUWRQ &R
%URFN:7KHIRQWDQDKLVWRU\RIFKHPLVWU\/RQGRQ+DUSHU&ROOLQV
%XWWHUILHOG+/RVRUtJHQHVGHODFLHQFLDPRGHUQD0DGULG7DXUXV
&RKHQ%(OQDFLPLHQWRGHXQDQXHYDItVLFD%XHQRV$LUHV(XGHED
'DZEHQ-:*HRUJ&DQWRU3ULQFHWRQ3ULQFHWRQ8QLYHUVLW\3UHVV
&DVVLUHU(,QGLYLGXR\FRVPRVHQODILORVRItDGHO5HQDFLPLHQWR%XHQRV$LUHV(PHFp
&KDOPHUV$4XpHVHVDFRVDOODPDGDFLHQFLD0DGULG6LJOR;;,
&RKHQ + ) 7KH 6FLHQWLILF 5HYROXWLRQ D KLVWRULRJUDSKLFDO LQTXLU\ &KLFDJR 8QLYHUVLW\ RI
&KLFDJR3UHVV
&RSpUQLFR16REUHODV5HYROXFLRQHVGHORVRUEHVFHOHVWHV0DGULG(GLWRUD1DFLRQDO
&URPELH$+LVWRULDGHODFLHQFLD'H6DQ$JXVWtQD*DOLOHR0DGULG$OLDQ]D8QLYHUVLGDG
'DUZLQ&K'LDULRGHOYLDMHGHXQQDWXUDOLVWDDOUHGHGRUGHOPXQGR0DGULG(VSDVD&DOSH
(ORULJHQGHODVHVSHFLHV%DUFHORQD3ODQHWD
(LQVWHLQ$H,QIHOG3/DItVLFDDYHQWXUDGHOSHQVDPLHQWR%XHQRV$LUHV/RVDGD
*DOLOHL * &RQVLGHUDFLRQHV \ GHPRVWUDFLRQHV PDWHPiWLFDV VREUH GRV QXHYDV FLHQFLDV 0DGULG
(GLWRUD1DFLRQDO
'LiORJRVREUHORVGRVPi[LPRVVLVWHPDVGHOPXQGRSWROHPDLFR\FRSHUQLFDQR0DGULG$OLDQ]D

*H\PRQDW/+LVWRULDGHODILORVRItD\GHODFLHQFLD%DUFHORQD&UtWLFD
*LOVRQ((OHVStULWXGHODILORVRItDPHGLHYDO0DGULG5LDOS
*ULEELQ-(QEXVFDGHODGREOHKpOLFH/DHYROXFLyQGHODELRORJtDPROHFXODU%DUFHORQD6DOYDW

*UXEH*0$(OSHQVDPLHQWRGH3ODWyQ0DGULG*UHGRV
*XWKULH:.&+LVWRULDGHODILORVRItDJULHJDWRPRV0DGULG*UHGRV
+DOO57KH5HYROXWLRQLQ6FLHQFH1HZ<RUN/RQJPDQ
+DZNLQJ6 $KRPEURVGH JLJDQWHV/DVJUDQGHVREUDVGHODItVLFD\ODDVWURQRPtD %DUFHORQD
 &UtWLFD
+LVWRULDGHOWLHPSRGHO%LJ%DQJDORVDJXMHURVQHJURV%DUFHORQD&UtWLFD
+ROWRQ * (QVD\RV VREUH HO SHQVDPLHQWR FLHQWtILFR HQ OD pSRFD GH (LQVWHLQ 0DGULG $OLDQ]D

-D\*RXOG6/DVRQULVDGHOIODPHQFR%DUFHORQD&UtWLFD
.LUN*5DYHQ-6FKRILHOG0/RVILOyVRIRVSUHVRFUiWLFRV0DGULG*UHGRV
.R\Up$'HOPXQGRFHUUDGRDOXQLYHUVRLQILQLWR0DGULG6LJOR;;,
(VWXGLRVGHKLVWRULDGHOSHQVDPLHQWRFLHQWtILFR0p[LFR')6LJOR;;,
eWXGHVQHZWRQLHQQHV3DUtV*DOOLPDUG
.XKQ7K/DHVWUXFWXUDGHODVUHYROXFLRQHVFLHQWtILFDV0p[LFR)&(
/DWHRUtDGHOFXHUSRQHJUR\ODGLVFRQWLQXLGDGFXiQWLFD0DGULG$OLDQ]D
/LQGEHUJ'/RVLQLFLRVGHODFLHQFLDRFFLGHQWDO%DUFHORQD3DLGyV
/OR\G*(5'H7DOHVD$ULVWyWHOHV%XHQRV$LUHV(XGHED
0ROHGR/\0DJQDQL('LH]WHRUtDVTXHFRQPRYLHURQDOPXQGRWRPRV%XHQRV$LUHV&DSLWDO
,QWHOHFWXDO
0ROHGR/'HODVWRUWXJDVDODVHVWUHOODV%XHQRV$LUHV$=
1HZWRQ,3ULQFLSLRVPDWHPiWLFRVGHODILORVRItDQDWXUDO0DGULG$OLDQ]D
3DLV$(OVHxRUHVVXWLO/DFLHQFLD\ODYLGDGH$OEHUW(LQVWHLQ%DUFHORQD$ULHO
5XGJOH\5/RV SDVRV OHMDQRV XQD QXHYD LQWHUSUHWDFLyQ GH OD SUHKLVWRULD %DUFHORQD *ULMDOER

6DJDQ&&RVPRV%DUFHORQD3ODQHWD
6iQFKH] 5RQ - 0 +LVWRULD GH OD ItVLFD FXiQWLFD (O SHUtRGR IXQGDFLRQDO %DUFHORQD &UtWLFD

6HUUHV0+LVWRULDGHODVFLHQFLDV0DGULG&iWHGUD
6PLWK5(OXQLYHUVRHQH[SDQVLyQ0DGULG$OLDQ]D
6WDFKHO-(LQVWHLQXQDxRPLODJURVR&LQFRDUWtFXORVTXHFDPELDURQODItVLFD %DUFHORQD
&UtWLFD
6WHZDUW,+LVWRULDGHODVPDWHPiWLFDV%DUFHORQD&UtWLFD
6WUDWKHUQ3(OVXHxRGH0HQGHOHLHYGHODDOTXLPLDDODTXtPLFD0DGULG6LJOR;;,
6\NHV%/DVVLHWHKLMDVGH(YD0DGULG'HEDWH
7DWRQ5FRPS+LVWRULDJHQHUDOGHODVFLHQFLDVWRPRV%DUFHORQD'HVWLQR
 $JUDGHFLPLHQWRV

$+XJR6RULDQL
$ (VWHEDQ 0DJQDQL 0DULDQR 5LEDV 0i[LPR 5XGHOOL 0DUWtQ &DJOLDQL 5D~O $O]RJDUD\ SRU
FRPSDUWLUWH[WRVHLGHDVFRQQRVRWURV
$3DXOD3pUH]$ORQVR
<FRPRVLHPSUHD5R[DQD%DURQH