/DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRV

WLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUH
GH%U\

3DEOR0RQWR\D&DPSX]DQR
(VFULWRU0DJLVWHU\'RFWRUHQ(VWXGLRV+LVSiQLFRV8QLYHUVLGDG1RXYHOOH6RUERQQH3DULV,,,
3URIHVRUWLWXODU)DFXOWDGGH&RPXQLFDFLRQHV8QLYHUVLGDGGH$QWLRTXLD
'LUHFFLyQHOHFWUyQLFDSDEORMPRQWR\D#\DKRRFRP

0RQWR\D3DEOR³/DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDV

HQ -DFTXHV /H 0R\QH \7KpRGRUH GH %U\´ (Q %ROHWtQ GH$QWURSRORJtD
8QLYHUVLGDGGH$QWLRTXLD0HGHOOtQ9RO1RSS
7H[WRUHFLELGRDSUREDFLyQ¿QDO

5HVXPHQ(OGLiORJRSLFWyULFRTXHHVWDEOHFHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\HVLPSRUWDQWH
SDUDODKLVWRULDGHODUHSUHVHQWDFLyQGHOLQGtJHQDGHVGHODHVWpWLFDHXURSHDGHOVLJOR[Y,(VWHDUWtFXOR
HVXQDLQWURGXFFLyQWHQLHQGRHQFXHQWDHOiPELWRDFDGpPLFRFRORPELDQRDODLQWHUSUHWDFLyQGHXQDV
LPiJHQHVTXHVRQLQGLVSHQVDEOHVSDUDFRPSUHQGHUGHTXpPDQHUDHOLQGtJHQDSDVyHQHOLPDJLQDULR
RFFLGHQWDOGHVHUXQPRQVWUXRDVHUXQDVXHUWHGHEXHQVDOYDMH/RVJUDEDGRVGH/H0R\QH\'H%U\
VREUHORVWLPXFXDVKDQDSRUWDGRDVXPRGRDOWHPDGHODFRPSUHQVLyQGHOLQGLRDPHULFDQR
3DODEUDV FODYH WLPXFXDV -DFTXHV /H 0R\QH 7KpRGRUH GH %U\ UHSUHVHQWDFLyQ SLFWyULFD GHO
LQGtJHQDPRQVWUXRDOWHULGDGWDWXDMHKHUPDIURGLWD

 (VWHWUDEDMRHVXQRGHORVUHVXOWDGRVGHODLQYHVWLJDFLyQ³/DYLVLyQGHOLQGLRDPHULFDQRHQHO
VLJOR ;9, HQWUH OD EDUEDULH \ OD FLYLOL]DFLyQ´ LQVFULWD HQ OD OtQHD GH OLWHUDWXUD FRPSDUDGD GHO
*UXSRGH(VWXGLRV/LWHUDULRV*(/FDWHJRUtD$GH&ROFLHQFLDVGHOD8QLYHUVLGDGGH$QWLRTXLD
(VSURGXFWRLJXDOPHQWHGHXQDEHFDGHLQYHVWLJDFLyQGHO'HXWVFKHU$NDGHPLVFKHU$XVWDXVFK
'LHQVW'$$'RWRUJDGDSRU$OHPDQLDHQWUHHOGHVHSWLHPEUH\HOGHGLFLHPEUHGH
5HFLELy¿QDOPHQWHHODSR\RGHO*UXSRGH(VWXGLRV(XURSHRV\$PHULFDQRV&(</$\GHOD
8QLYHUVLGDGGH$QWLRTXLDTXHPHRIUHFLyXQDFRPLVLyQGHHVWXGLRVGHFRUWDGXUDFLyQSDUDSRGHU
OOHYDUDFDERODLQYHVWLJDFLyQ(ORWURUHVXOWDGRGHHVWDSDVDQWtDKDVLGRWHUPLQDUODQRYHOD/RV
SLQWRUHVGHOPXQGRTXHVHUiHGLWDGDHQHOWUDQVFXUVRGH/DQRYHODWUDWDMXVWDPHQWHVREUH
HOHQFXHQWURGH(XURSD\$PpULFDDWUDYpVGHODYLGDGHWUHVSLQWRUHVSURWHVWDQWHVGHOVLJOR ;9,
HQWUHORVFXDOHVVHHQFXHQWUDQ7KpRGRUHGH%U\\-DFTXHV/H0R\QH
 /DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\

7KHSLFWRULDOUHSUHVHQWDWLRQRIWKH7LPXFXDV,QGLDQV
LQ-DFTXHV/H0R\QHDQG7KHRGRUHGH%U\
$EVWUDFW)URPWKHSRLQWRIYLHZRIWKH(XURSHDQDHVWKHWLFVLQWKHVL[WHHQWKFHQWXU\WKHSLFWRULDO
GLDORJXHHVWDEOLVKHGEHWZHHQ-DFTXHV/H0R\QHDQG7KHRGRUHGH%U\LVRIJUHDWLPSRUWDQFHIRUWKH
KLVWRU\RIWKHUHSUHVHQWDWLRQRIWKHLQGLJHQRXVSHRSOHV%DVHGRQ&RORPELDQDFDGHPLFVHWWLQJVWKLV
DUWLFOHRIIHUVDQLQWURGXFWLRQWRWKHLQWHUSUHWDWLRQRIVRPHLPDJHVWKDWDUHQHFHVVDU\WRXQGHUVWDQGKRZ
WKHLQGLJHQRXVSHRSOHVWRSSHGEHLQJLQWKH(XURSHDQLPDJLQDWLRQDPRQVWHUWREHFRPHDVRUWRIQREOH
VDYDJH7KHHQJUDYLQJVRI/H0R\QHDQG'H%U\DERXWWKH7LPXFXD¶VSHRSOHKDYHFRQWULEXWHGLQWKHLU
RZQZD\WRWKHXQGHUVWDQGLQJRI$PHULFDQLQGLJHQRXV
.H\ZRUGV7LPXFXDV-DFTXHV/H0R\QH7KpRGRUHGH%U\SLFWRULDOUHSUHVHQWDWLRQRIWKHLQGL
JHQRXVPRQVWHURWKHUQHVVWDWWRRKHUPDSKURGLWH

'HOPRQVWUXRDOEXHQVDOYDMH

(Q HO SDQRUDPD GH ORV YLDMHV TXH ORV HXURSHRV UHDOL]DURQ D$PpULFD GXUDQWH HO
VLJOR;9,KD\XQRTXHVREUHVDOHSRUHOWHVWLPRQLRSLFWyULFRTXHVHGHULYyGHpOVH
WUDWDGHODH[SHGLFLyQTXHFRPDQGy5HQpGH/DXGRQQLqUHOXJDUWHQLHQWH
IUDQFpV¿QDQFLDGDSRUHODOPLUDQWHGH&ROLJQ\\HOUH\&KDUOHV,;
 (O REMHWLYR R¿FLDO GHO YLDMH IXH REVHUYDU ODV WLHUUDV GH /D )ORULGD
FRPROXJDUSRVLEOHGHLQVWDODFLyQSDUDFRORQRVIUDQFHVHVSURWHVWDQWHV(QOD)UDQFLD
PHWURSROLWDQDVDFXGLGDSRUODSULPHUDJXHUUDGHUHOLJLyQ\ODLQHVWDELOLGDGGHOD
DXWRULGDGPRQiUTXLFDTXHKDEtDSURGXFLGR-RXDQQDHOEDQGRGHORV
SURWHVWDQWHVYLRHQODVWLHUUDVDPHULFDQDVXQDDOWHUQDWLYDGHVDOYDFLyQ\RWUDPiV
GHOXFUR3HURLJXDOPHQWHHVWDVH[SHGLFLRQHVD$PpULFDWXYLHURQFRPRREMHWLYR
HVWDEOHFHUXQVLVWHPDFRORQLDOGHVGHHOFXDOVHSXGLHUDFRPEDWLUHOSRGHUHVSDxRO
UHSUHVHQWDGRSRU)HOLSH,,TXLHQVHFUHtDLQYHVWLGRSRU'LRVSDUDGH
IHQGHUOD,JOHVLDFDWyOLFDGHODVKHUHMtDVKXJRQRWHV
/DHVWDQFLDGH/DXGRQQLqUH\VXVKRPEUHVHQ)ORULGDDEDUFyXQSRFRPiVGH
XQDxRMXQLRGHVHSWLHPEUHGH,QLFLyFRPRXQDYLYHQFLDSDFt¿FD\
HQFLHUWDPHGLGDFRUGLDOGHO1XHYR0XQGRFDUDFWHUL]DGDSRUODVUHODFLRQHVTXH
PDQWXYLHURQORVIUDQFHVHVFRQORVLQGtJHQDVSHUWHQHFLHQWHVDOJUXSRGHORVWLPX
FXDV\WHUPLQyHQODWUDJHGLDSXHVFDVLWRGDODH[SHGLFLyQSHUHFLyHQPDQRVGH
ORVFRQTXLVWDGRUHVHVSDxROHVFRPDQGDGRVSRUHODGHODQWDGR0HQpQGH]GH$YLOpV
(VWH~OWLPRDQLTXLOyDORVVROGDGRVIUDQFHVHVHQWDQWRTXHHUDQKHUH
MHVSURWHVWDQWHV\HQHPLJRVGHOD(VSDxDFDWyOLFDFLUFXQVWDQFLDTXHSXVRHQFULVLV
ODUHODFLRQHVHQWUH(VSDxD\)UDQFLDTXHDODVD]yQHUDQLPSHULRVTXHQRVHKDEtDQ
GHFODUDGRR¿FLDOPHQWHODJXHUUD\FX\RVUH\HVWUDWDEDQGHFRQWURODUHOYHOR]FUH

 6HJ~Q$UOHWWH-RXDQQD³&HTXHO¶RQDFRXWXPHG¶DSSHOHUJXHUUHVGH5HOLJLRQFHVDIIURQWHPHQWV
TXLGHjRQWRSSRVpG¶DERUGOHVFDWKROLTXHVHWOHVSURWHVWDQWVSXLVjOD¿QVXUWRXW
OHVFDWKROLTXHVHQWUHHX[OHVFRQWHPSRUDLQVOHVRQWGqVOHGHEXWDSSHOpVWRXWVLPSOHPHQWJXHUUHV
FLYLOHV´/DSULPHUDGHHVWDVJXHUUDVVXFHGLyHQWUHPDU]RGH\PDU]RGH
%ROHWtQGH$QWURSRORJtD9RO1žSULPHUVHPHVWUHGH8QLYHUVLGDGGH$QWLRTXLD

FLPLHQWRGHODUHOLJLyQUHIRUPDGD/DPDVDFUHTXHPDUFyHQHO1XHYR0XQGROD
SUR\HFFLyQGHODVJXHUUDVGHUHOLJLyQHXURSHDVWDPELpQVHxDOyHO¿QDOGHODVWHQWD
WLYDVFRORQLDOHVDOPHQRVGXUDQWHHOVLJOR;9,GH)UDQFLDHQOD$PpULFDFRQWLQHQ
WDO7HQWDWLYDVTXHVHUHDOL]DURQHQSULQFLSLRIDYRUDEOHPHQWHDOJXQRVDxRVDQWHV
FRQODVFDPSDxDVGHFRQTXLVWDDO%UDVLOGH1LFRODV9LOOHJDJQRQHQWUH
\SHURTXHKDEtDQLQLFLDGRFRQODVH[SHGLFLRQHVH[SORUDWRULDVGHOQRUWH
GH$PpULFDSRUSDUWHGHORVKHUPDQRV9HUUD]DQRHQ
6LQHPEDUJRHQWUHORVFLQFXHQWDKRPEUHVTXHVHVDOYDURQGHODUHSUHVLyQGH
0HQpQGH]GH$YLOpVHVWDED-DFTXHV/H0R\QHGH0RUJXHVDUFDEX
FHURGHDYHQWXUDVHQVXMXYHQWXG\SLQWRUGHFLHUWRWDOHQWR/DDYHQWXUDFRORQLDOGH
ORVIUDQFHVHVHQ/D)ORULGDFRPRORH[SOLFD-HDQ3DXO'XYLROVWXYRXQWHVWLPR
QLRSULYLOHJLDGRHQODSUHVHQFLDGHHVWHSLQWRUQDFLGRHQODFLXGDGGH'LHSSHSRU
HQWRQFHVXQRGHORVFHQWURVPiVLPSRUWDQWHVGHODFDUWRJUDItDHXURSHD
$XQTXH HUD FRVWXPEUH HQ ORV YLDMHV GH GHVFXEULPLHQWR \ FRQTXLVWD OOHYDU HQ ODV
WULSXODFLRQHV XQ FDUWyJUDIR QR SDUHFtD XVXDO TXH YLDMDUD DOJXLHQ HGXFDGR HQORV
GRPLQLRVGHODSLQWXUD/H0R\QHHUDGXHxRGHXQDHVWpWLFDUHQDFHQWLVWDTXHFRQ
IURQWyDVXPRGRREYLDPHQWHHXURSHRODVQXHYDVUHDOLGDGHVGHVFXELHUWDV&RQ/H
0R\QHVHSUHVHQWyDOJRVLQJXODUHQODKLVWRULDGHOHQFXHQWURGHORVGRVPXQGRVHQ
HOVLJOR;9,TXLHQYLDMDEDQRVRORHUDXQKRPEUHTXHVDEtDGHORVR¿FLRVGHODJXH
UUDVLQRTXHDOPLVPRWLHPSRJR]DEDGHODVGRWHVGHXQSLQWRUTXHOHSHUPLWLHURQ
SODVPDUODVIRUPDVGHH[LVWHQFLDGHORVQDWLYRVDPHULFDQRV

 &RPSDUDGDVFRQODVPDVDFUHVRFXUULGDVHQ)UDQFLD\HQEXHQDSDUWHGH(XURSDODVFRPHWLGDVSRU
0HQpQGH]GH$YLOpVHQODVWLHUUDVÀRULGDVHQWUHHOGHVHSWLHPEUH\HOGHRFWXEUHGH
VRQXQDFODUDDQWLFLSDFLyQHQHOFRQWH[WRGHODFRQTXLVWDSRUODVHYLFLD\HOQ~PHURGHYtFWLPDV
DSUR[LPDGDPHQWHSHUVRQDVGHOD0DVDFUHGH6DQ%DUWRORPpVXFHGLGDHOGHDJRVWRGH
GRQGHKXERDSUR[LPDGDPHQWHYtFWLPDV$OUHVSHFWRODELEOLRJUDItDHVFRSLRVDSHUR
HVUHFRPHQGDEOHSRUVXULJRU\DFWXDOLGDGOHHUODVREVHUYDFLRQHVTXH)UDQN/HVWULQJDQWKDFH
HQ/HKXJXHQRWHHWOHVDXYDJH/¶$PpULTXHHWODFRQWURYHUVHFRORQLDOHHQ)UDQFHDXWHPSVGHV
*XHUUHVGH5HOLJLRQ\LJXDOPHQWHHVWiHOOLEUR9R\DJHXUVIUDQoDLVHQ
$PpULTXHFRORQLHVHVSDJQROHVHWSRUWXJDLVHVGH-HDQ3DXO'XYLROV
 /HVWULQJDQWDSURSyVLWRGHODSUHVHQFLDIUDQFHVDHQ$PpULFDGLFH³'DQVO¶RUGUHOHVWURLVSULQFLSDX[
pWDEOLVVHPHQWVVRQWHQHIIHWFHX[GX&DQDGDGX%UpVLOHWGHOD)ORULGHOHSUHPLHUHQ
VRXVOHFRPPDQGHPHQWGH5REHUYDOOHVHFRQGHQVRXVO¶pJLGHGH9LOOHJDJQRQHW
OHWURLVLqPHVRXVO¶DXWRULWpFRQFXUUHQWHGH5HQp/DXGRQQLqUHHWGH-HDQ5LEDXOW$X¿OGHWURLV
GpFHQQLHVVXFFHVVLYHVHWVRXVWURLVPRQDUTXHVGLIIpUHQWV)UDQoRLV,HU+HQUL,,HW&KDUOHV,;
WURLVK\SRWKqVHVGLVWLQFWHVTXDQWjO¶LPSODQWDWLRQG¶XQHPSLUHIUDQoDLVDX1RXYHDX0RQGHVRQW
HQYLVDJpHVWRXUjWRXU/¶DEVHQFHGHFRQWLQXLWpG¶XQHHQWUHSULVHjO¶DXWUHH[SOLTXHODUpSpWLWLRQGH
O¶pFKHF´S$GHPiVGHHVWDIDOWDGHFRQWLQXLGDGRWURVPRWLYRVTXHSUHFLSLWDURQWDOIUDFDVR
IXHURQORVREVWiFXORVFOLPiWLFRVORVDWDTXHVGH(VSDxD\3RUWXJDOODVGLYHUJHQFLDVUHOLJLRVDV
HQWUHORVH[SHGLFLRQDULRVIUDQFHVHV\PX\HVSHFLDOPHQWHODFULVLVHFRQyPLFD\HVSLULWXDOHQTXH
VHVXPLy)UDQFLDGXUDQWHODVJXHUUDVGHUHOLJLyQ
 /DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\

/RVGLEXMRVGH-DFTXHV/H0R\QHORVFRPSUyHOJUDEDGRULPSUHVRU\HGLWRU
EHOJD7KpRGRUH GH %U\  D OD YLXGD GHO SLQWRU DTXpO KDEtD PXHUWR HQ
/RQGUHVDxRVDQWHV'H%U\TXHVHKDEtDIRUPDGRHQODWUDGLFLyQÀDPHQFDGH$OEHUW
'UHUTXHKDEtDHVWDGRDOWDQWRGHODVHYROXFLRQHVGHOJUDEDGR\ODVPDQHUDVHQTXH
ODFDUWRJUDItDVHHQOD]DEDFRQHVWHUHDOL]DGDVHQORVWDOOHUHVGH2UWHOLXVHQODFLXGDG
GH$PEHUHVUHHODERUyORVGLEXMRVGH/H0R\QHFRQODWpFQLFDGHOJUDEDGRHQFREUH
\ODVSXEOLFyHQHQVXFpOHEUHFROHFFLyQGH*UDQGHV9LDMHV&RPRVHVDEHHVWD
FROHFFLyQHVHOSURGXFWRGHXQDHPSUHVDIDPLOLDUHQODTXHFRODERUDURQWDPELpQORV
GRVKLMRVGH7KpRGRUHGH%U\-HDQ7KpRGRUH\-HDQ,VUDsO*UDQGHV9LDMHVVHFRQVWy
GHWUHFHHQWUHJDVSXEOLFDGDVHQWUH\\FX\RFHQWURGHLPSUHVLyQ\HGL
FLyQIXHODFLXGDGGH)UiQFIRUWGHO0HQR/RVJUDEDGRVEDVDGRVHQORVGLEXMRVGH/H
0R\QHDSDUHFLHURQHQODVHJXQGDHQWUHJDGHODFROHFFLyQDFRPSDxDQGRXQDEUHYH
QDUUDFLyQGHORVHYHQWRVHVFULWDSRUHOPLVPRSLQWRUIUDQFpV6RQHVWDVSODQFKDVODV
TXHSHUPLWHQFRPSUHQGHUODLPSRUWDQFLDGHODUHSUHVHQWDFLyQSLFWyULFDTXHSURSRQHQ
7KpRGRUHGH%U\\-DFTXHV/H0R\QHHQHOKRUL]RQWHGHODYLVLyQTXH(XURSDKD
FRQVWUXLGRGHOLQGtJHQDDORODUJRGHORVVLJORV6HWUDWDGHXQFRQMXQWRGHLPiJHQHV
TXHDFW~DQFRPRXQGRVVLHULFRQRJUi¿FR\DODYH]ORJUDQHGL¿FDUXQRGHORVWHVWL
PRQLRVPiVDWUDFWLYRVGHODFRQTXLVWDDPHULFDQD'XYLROVDSURSyVLWRSUHFLVD

6LO¶RQIDLWODSDUWG¶XQHFHUWDLQHPLVHHQVFqQHHWGXUDFFRXUFLREOLJDWRLUHGDQVODFRP
SRVLWLRQGHVWDEOHDX[QRXVDYRQVDIIDLUHjO¶XQGHVWpPRLJQDJHVHWKQRKLVWRULTXHVOHV
SOXVFRPSOHWVHWOHVSOXVRULJLQDX[GHO¶KLVWRLUHDQFLHQQHGHO¶$PpULTXH,OHVWUDULVVLPH
HQHIIHWTXHOHYR\DJHXUSLRQQLHUVRLWHQPrPHWHPSVXQDUWLVWHHWSDUFRQVpTXHQWXQ
REVHUYDWHXUGHPpWLHU

(ODVSHFWRPiVLQWHUHVDQWHTXHVXVFLWDHOWUDEDMRGH/H0R\QH'H%U\UHVLGH
HQODYLVLyQGHOLQGtJHQDWLPXFXD(VSHUWLQHQWHVHxDODUVLQHPEDUJRTXHGHWR
GRVORVGLEXMRVTXHKL]R/H0R\QHVREUHVXVYLYHQFLDVHQ/D)ORULGDVRORVHKD
FRQVHUYDGRXQR/DYLGDGH/H0R\QHHVEDVWDQWHGHVFRQRFLGDDXQTXHQRVXREUD
SLFWyULFDVREUHWRGRODTXHUHDOL]yHQVXV~OWLPRVDxRVHQ/RQGUHVSHURHVSRVL
EOHVXSRQHUTXHORVP~OWLSOHVLWLQHUDULRVODFRQVWDQWHH[SHULHQFLDGHOH[LOLRYLYLGD
SRUHOSLQWRUGH'LHSSH\HOSRFRLPSDFWRSURGXFLGRSRUVXSLQWXUDHQHVRVDxRV
RFDVLRQDURQODSpUGLGDGHVXVOiPLQDV&RQWRGRFXDQGRVHKDFHODFRQIURQWDFLyQ
GHHVWDOiPLQD\HOUHVSHFWLYRJUDEDGRTXHKL]R'H%U\HVIDFWLEOHFRQFOXLUTXHHO
VHJXQGRUHVSHWyHQORIXQGDPHQWDOODHVWpWLFDGHOSULPHUR\DXQTXHVHSUHVHQWDXQD
GLQiPLFDHGLWRULDOSRVWHULRUDORVGLEXMRVGH/H0R\QHHOODQRDIHFWDPD\RUPHQWH
ODUHSUHVHQWDFLyQSURSXHVWDSRUHVWHSLQWRUGHLQGLRVYpDVH¿JXUD

 9pDVHSRUHMHPSORHOOLEURGH3DXO+XOWRQ\VXVFRODERUDGRUHV7KHZRUNRI-DFTXHV/H

0R\QHGH0RUJXHVD+XJXHQRW$UWLVWLQ)UDQFH)ORULGDDQG(QJODQG(VWHWUDEDMRHVKDVWDHO
PRPHQWRHOWUDEDMRPiVH[KDXVWLYRVREUHODREUDSLFWyULFDGH/H0R\QH
%ROHWtQGH$QWURSRORJtD9RO1žSULPHUVHPHVWUHGH8QLYHUVLGDGGH$QWLRTXLD

)LJXUD 'LEXMRGH-DFTXHV/H0R\QH³$WKRUpPXHVWUDD/DXGRQQLqUHODFROXPQDOHYDQWDGDSRU
5LEDXOW´*UDEDGRGH7KpRGRUHGH%U\3ODQFKD9,,,³/RVKDELWDQWHVGHOD)ORULGDYHQHUDQ
ODFROXPQDFRQVWUXLGDSRUHOMHIHGHORVIUDQFHVHV5LEDXOW´

)XHQWH+XOWRQ'XYLROV\%RX\HU

(QPHGLRGHXQDpSRFDFRPRIXHHOVLJOR;9,FDUDFWHUL]DGDSRUODSUHVHQFLD
GHOPRQVWUXRHQHOLPDJLQDULRGHORVYLDMHURVHXURSHRVTXHHVWXYLHURQHQ$PpULFD
ODDSUR[LPDFLyQGH/H0R\QHKDFHSHQVDUHQODSUHVHQFLDGHXQHOHPHQWRYLVXDO
TXHD\XGDUiDXQTXHVXPLUDGD\VXYDORUDFLyQVHDQGHtQGROHHXURSHDDTXHHQ
ORVVLJORVSRVWHULRUHVVHFRQVWUX\DXQDLGHDDQWURSROyJLFDGHODDOWHULGDG(QORV
GLEXMRVGH/H0R\QH\ORVJUDEDGRVGH7KpRGRUHGH%U\ORTXHVHYHVRQKRPEUHV
GLIHUHQWHVHQFLHUWDPHGLGDDORVFRQTXLVWDGRUHV+RPEUHVTXHVRQGXHxRVGHXQD
GLIHUHQFLD TXH QR HV GHJUDGDQWH &RQ /H 0R\QH \ ODV LOXVWUDFLRQHV TXH KL]R HO
LQJOpV-RKQ:KLWHHQVXYLVLWDD9LUJLQLDSRUHVRVPLVPRVDxRV²\
TXHHOPLVPR'H%U\XWLOL]yHQODSULPHUDHQWUHJDGHVXFROHFFLyQSDUDLOXVWUDUOD
UHODFLyQHVFULWDSRUHOWDPELpQLQJOpV7KRPDV+DUULRW²VXUJHXQD

 6HWUDWDGHODSULPHUDHQWUHJDGH*UDQGHV9LDMHV$GPLUDQGDQDUUDWLRSXEOLFDGDHQHQ
YDULDVOHQJXDVLQJOpVODWtQIUDQFpV\DOHPiQORTXHGHPXHVWUDHOFDUiFWHUFRVPRSROLWDGHOD
FROHFFLyQPLVPD/DH[SHGLFLyQODFRQGXMR6LU5LFKDUG*UHQYLOOHFRQHODSR\RHFRQyPLFRGH
6LU:DOWHU5DOHLJKHQ7KRPDV+DUULRWSDUWLFLSyHQHOYLDMHFRPRJHyJUDIR\ODVDFXDUHODV
GH-RKQ:KLWHTXHVLUYLHURQDORVJUDEDGRVGH7KpRGRUHGH%U\GDQWHVWLPRQLRGHODIDXQDOD
ÀRUD\ODVFRPXQLGDGHVLQGtJHQDV(OPLVPR5DOHLJKYDOJDODSHQDGHFLUORIXHTXLHQ¿QDQFLy
 /DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\

UHSUHVHQWDFLyQPiVREMHWLYD\UHDOGHOQDWLYRDPHULFDQRQRVRORSRUTXHTXLHQHV
DSDUHFHQVRQLQHYLWDEOHPHQWHLQGtJHQDVDSHVDUGHODVPDUFDVHXURSHDVUHQDFHQ
WLVWDVTXHKD\HQVXVSRVHVVLQRWDPELpQSRUTXHHOHVWHUHRWLSRGHOPRQVWUXRGHV
DSDUHFHSDUDGDUSDVRDXQLQGtJHQDDWDYLDGRGHUDVJRVH[yWLFRV1RHVDUULHVJDGR
D¿UPDUHQWRQFHVTXHHODFHUFDPLHQWRDOLQGtJHQDSUHVHQWHHQORVGLEXMRVGH/H
0R\QHJUDEDGRVSRU'H%U\SXHGHXELFDUVHDOODGRGHWHVWLPRQLRVHVFULWRVTXHDO
JXQRVHXURSHRVSLpQVHVHSRUHMHPSORHQHOUHODWRGH$OYDU1~xH]&DEH]DGH9DFD
FDFD\HQHOHVWXGLRGHODVOHQJXDVGHORVLQGLRVGHOFDULEHGH5DPyQ
3DQpKDFLDODVHJXQGDPLWDGGHOVLJOR;9HQDUDVGHFRPSUHQGHUPHMRUVXUHDOLGDG
FXOWXUDOTXHKLFLHURQVREUHHOLQGLRDPHULFDQR
¢&yPRHUDHOPRQVWUXRTXH(XURSDOOHYyD$PpULFD"(VGHFLU¢&yPRHUDVX
UHSUHVHQWDFLyQ"<SDUWLFXODUPHQWH¢FyPRDFWXDEDHQHOLPDJLQDULRGHORVHXURSHRV"
&ULVWyEDO &ROyQ FD  \$PpULFR9HVSXFLR  TXLHQHV IXH
URQORVSULPHURVHQHVFULELUVREUH$PpULFD\VXVKDELWDQWHVGHPXHVWUDQKDVWDTXp
SXQWRVXVYLVLRQHVGHO1XHYR0XQGRHVWDEDQD¿QFDGDVHQOHFWXUDVGHWH[WRVPH
GLHYDOHV&ROyQSRUHMHPSORLPSUHJQDGRGHODVOHFWXUDVTXHKL]RGH0DUFR3ROR
\GH3LHUUHG¶$LOO\UHDOL]yVXVYLDMHVD$PpULFDFUH\HQ
GRTXHDOOtHQFRQWUDUtDVLUHQDVDPD]RQDV\DFpIDORV9HVSXFLRSRUVXSDUWHDQRWy
ODSUHVHQFLDGHFDQtEDOHVHQWLHUUDVGH%UDVLO\+DQV6WDGHQFDFDGLR
WHVWLPRQLRGHHOORVGHVSXpVGHVXSHUPDQHQFLDHQWUHORVWXSLQDPEDVHQ<HO
FDQtEDOGHVGHORVSULPHURVWHVWLPRQLRVTXHOOHJDURQD(XURSDVLHPSUHIXHWRPDGR
FRPRXQDPRGDOLGDGGHOPRQVWUXRPtWLFRTXHODDQWLJHGDGFRQRFtDFRPRHOFL
QRFpIDOR/RVPRQVWUXRVRFXSDURQDGHPiVXQOXJDUHVHQFLDOHQODLFRQRJUDItDGH
ODFROHFFLyQGHYLDMHVGHOVLJOR;9,\WDPELpQWRPDURQVXHVSDFLRHQODFDUWRJUDItD
GHODpSRFD3DUDFLWDUXQVRORHMHPSORUHFXpUGHVHTXHHQHO$WODV0LOOHU
 VX DXWRU SRUWXJXpV VLW~D HQ WLHUUDV GHO %UDVLO DO ODGR GH ORV QDWLYRV TXH

ODHGLFLyQGHHVWDSULPHUDHQWUHJDGH*UDQGHV9LDMHV3DUDPHMRUFRPSUHQVLyQGHHVWDFROHFFLyQ
\GHVXSULPHUDHQWUHJDYpDQVHORVGLIHUHQWHVHVWXGLRVUHXQLGRVSRU0LFKpOH'XFKHWHQ
/¶$PpULTXHGH7KpRGRUHGH%U\XQHFROOHFWLRQGHYR\DJHVSURWHVWDQWHVGX;9,HVLqFOH
 6HWUDWDGH1DXIUDJLRVGH$OYDU1~xH]&DEH]DGH9DFDSXEOLFDGRHQ\5HODFLyQDFHUFDGH
ODVDQWLJHGDGHVGHORVLQGLRVSXEOLFDGRHQ
 (ODUFDEXFHURGH+HVVH+DQV6WDGHQHVWXYRSULVLRQHURQXHYHPHVHVHQWUHORVLQGLRVWXSLQDPEDV
HQ'HVXH[SHULHQFLDVLQJXODUHVFULELyXQOLEUR9HUGDGHUDKLVWRULD\GHVFULSFLyQGHXQSDtV
GHVDOYDMHVGHVQXGRVSXEOLFDGRHQTXHIXHXQp[LWRHGLWRULDOHQVXpSRFD/DWHUFHUDHQWUHJD
GHODFROHFFLyQ*UDQGHV9LDMHVSXEOLFDGDHQHVWiGHGLFDGDDODVDYHQWXUDVGH6WDGHQ\DOD
QDUUDFLyQGHOIUDQFpV-HDQGH/pU\
 /DUHSUHVHQWDFLyQGHOPRQVWUXRHQHOLPDJLQDULRHXURSHRGHVGHHO0HGLRHYRKDVWDHOVLJOR;9,
WLHQHPRPHQWRVVLJQL¿FDWLYRV(QWUHHOORVSRGHPRVPHQFLRQDUODVFULDWXUDVGHVFULWDVSRU%HGD
HO9HQHUDEOH ORV FDVRV HVWUDPEyWLFRV GH OD QDWXUDOH]D FLWDGRV SRU7KRPDV GH &DQWLPSUp ODV
IRUPDVYLYLHQWHVGHIRUPDGDVGHOFURQLVWDGH1~UHPEHUJORVVHUHVDQyPDORVGH$PEURLVH3DUp
(VHYLGHQWHTXHHVWRVPRQVWUXRVHVWDEOHFHQXQDUHODFLyQFRQORVLQGtJHQDVTXH(XURSDGHVFXEUH
%ROHWtQGH$QWURSRORJtD9RO1žSULPHUVHPHVWUHGH8QLYHUVLGDGGH$QWLRTXLD

FRUWDQODPDGHUDURMDWDQDSHWHFLGDHQ(XURSDDXQGUDJyQYHUGH\YRODGRU9DO
(QHVWHVHQWLGR$PpULFDSREODGDGHDQLPDOHVHVSDQWRVRV\GHKXPD
QRVLJXDOPHQWHWHPLEOHVDFWXyFRPRXQDSUR\HFFLyQGHORVGHOLULRVLPDJLQDWLYRV
GH (XURSD \ VH SRGUtD GHFLU TXH OR TXH EXVFDEDQ VXV PDULQHURV HUD OR FRQRFLGR
²ORVWH[WRVOLWHUDULRVKDEODEDQGHHOORVGHVGH+HUyGRWR(VWUDEyQ\3OLQLRHO9LH
MRHQOD$QWLQJHGDGSDVDQGRSRU,VLGRURGH6HYLOODKDVWD-HDQGH0DQGHYLOOH\
0DUFR3RORHQHO0HGLRHYR²SHURTXHMDPiVVHKDEtDYLVWR
6HGLHQWD GH VRUSUHVDV \ ULTXH]DV PDWHULDOHV (XURSD HQFRQWUy XQD UHDOLGDG
SDUDGyMLFD HQ$PpULFD +DEtD HQ HVWDV WLHUUDV XQD HVSHFLH GH OXJDU SDUDGLVLDFR
3HURDOOtYLYtDQKRPEUHVTXHDVRFLDURQUiSLGDPHQWHFRQPRQVWUXRV6HUHVSULPL
WLYRVSHOXGRVWDWXDGRVTXHLEDQ\YHQtDQDWDYLDGRVGHSOXPDVRLPS~GLFDPHQWH
GHVQXGRV \ TXH QR WHQtDQ UHOLJLyQ R VL OD WHQtDQ HUD GHPHQFLDO \ KRUURURVD$
HVWRVPRQVWUXRVDPHULFDQRVDVtODREVHUYDFLyQHVWXYLHVHKHFKDDYHFHVGHVGHHVH
RWURH[WUHPRTXHFUHtDTXHHOORVUHSUHVHQWDEDQXQDHVSHFLHGHHVWDGLRGRUDGRGHOD
KXPDQLGDGORVGH¿QtDVLHPSUHODLPSHUIHFFLyQ)HUQDQGR$tQVDDSURSyVLWRGLFH
³/RGLIHUHQWHVHSUR\HFWDDSDUWLUGHODQXHYDGLVWDQFLDJHQHUDGDOR©PRQVWUXGRª
HVWiVLHPSUHHQRWUROXJDUFRPRHORUR\ODVULTXH]DVDIDQRVDPHQWHEXVFDGDVQXQ
FDHQFRQWUDGDVDOHMDGDVFRPRXQHVSHMLVPRUHQRYDGRHQODGLVWDQFLD´
&RQWRGRQRVHSXHGHROYLGDUTXHVLHQGRPRQVWUXRREXHQVDOYDMHHOLQGLRDPH
ULFDQRFRPRORGLFH)ORULDQH9LGDOWHUPLQyVLHQGRREMHWRGHFRPHUFLRHOHPHQWR
VREUHHOTXHVHEDVyHOIUHQHVtPHUFDQWLOLVWDGH(XURSD
/RVGLEXMRVGH/H0R\QHVHDOHMDQHQWRQFHVGHORVSDUDGLJPDVPRQVWUXRVRV
WDQIUHFXHQWHVGHVXpSRFD8QSLQWRUKDEtDHVWDGRDOOi\KDEtDYLVWRFRQVXVSURSLRV
RMRVHOPRGXVYLYHQGLGHORVLQGtJHQDV7DODVSHFWRIXHSRUORGHPiVIXQGDPHQWDOHQ
HOWUDEDMRGHHGLFLyQGH7KpRGRUHGH%U\6RORDOOtHQVXFDUiFWHUWHVWLPRQLDOUHVLGtD
VHJ~QGH%U\ODIXHQWHGHOYHUGDGHURFRQRFLPLHQWRGHHVHFRQWLQHQWHTXHVHGHVFX
EUtD\VHFRQTXLVWDEDHQPHGLRGHODDYHQWXUDH[yWLFD\ODLQIDPLDGHOH[WHUPLQLR(V
SHUWLQHQWHVXEUD\DUDGHPiVTXHPLHQWUDVODPD\RUSDUWHGHORVLOXVWUDGRUHVGHUHODWRV
GHYLDMHGHODpSRFDWUDEDMDEDQVLQPRGHORV'H%U\GHVGHVXWDOOHUHQ)UiQFIRUWGHO
0HQRUHFRUULyODVFLXGDGHVGHOD(XURSDGHHQWRQFHV/LHMD(VWUDVEXUJR$PEHUHV\

HQ$PpULFD<VXDVLPLODFLyQVHSXHGHYHUHQORVGLEXMRV\JUDEDGRVTXHVHKLFLHURQDQWHVGHOD
FROHFFLyQGH7KpRGRUHGH%U\
 &RPRGLFH&ODXGH.DSSOHUHQVXOLEUR0RQVWUHVGpPRQVHWPHUYHLOOHVjOD¿QGX0R\HQÆJH
³FHWDXWUHPRQGHQ¶HVWQRXYHDXTXHGDQVODPHVXUHRLOQ¶DYDLWMDPDLVpWpYLVLWpMXVTX¶DORUV>@
&HTX¶RQFKHUFKHF¶HVWGXFRQQXTX¶RQDMDPDLVYX´
 <9LGDOFRQFOX\H³,OHOLQGtJHQDDPHULFDQRUHVWHUDORQJWHPSVPDUFKDQGLVHQpJRFLDEOHrWUH
VDQVVWDWXWSOXVYLOTX¶XQHVFODYHSOXVPpSULVDEOHTX¶XQDQLPDO´S(VQHFHVDULRVHxDODU
HQWRGRFDVRTXHGHVGHHOVLJOR;9,(XURSDPLUDDOLQGtJHQDWDQWRFRPRPDO\FRPREXHQVDO
YDMH1RVHSRGUtDGHFLUTXHHOXQRDQWHFHGHDORWUR(VWDGREOHPLUDGDROHFWXUDHQHOFDPSRGH
ODOLWHUDWXUDVHUHDOL]DVLPXOWiQHDPHQWH6LQHPEDUJRHQODUHSUHVHQWDFLyQSLFWyULFDVtKD\XQD
FLHUWDHYROXFLyQ
 /DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\

/RQGUHVIXHURQORVVLWLRVPiVLPSRUWDQWHVHQHOLWLQHUDULRH[LVWHQFLDOGH7KpRGRUHGH
%U\HQEXVFDGHGLEXMRVDFXDUHODV\FURTXLVTXHKDEUtDQGHVHUYLUOHFRPRPRGHORV
DVXVJUDEDGRV(QHVWDGLUHFFLyQ\DVtORSUHFLVD0DUF%RX\HU7KpGRUH'H%U\TXH
MDPiVYLRDXQLQGtJHQDHQVXYLGDRPiVELHQTXHQXQFDYLDMyD$PpULFDVHSUHVHQ
WDHQVXV*UDQGHV9LDMHVFRPRDOJXLHQVX¿FLHQWHPHQWHVHULRSUHRFXSDGRSRUUHVFDWDU
HOGRFXPHQWR¿HO7KpRGRUHGH%U\³HVWO¶LQWHUPpGLDLUHQpFHVVDLUHHQWUHFHTXLDpWp
QRWpGHVVLQpUHOHYpVXUSODFHHWODPLVHHQIRUPHG¶XQH°XYUHjYRFDWLRQGLGDFWLTXH
HWGHGLIIXVLRQ´%RX\HU6LQGXGDVHWUDWDEDGHPRVWUDUXQHVSHFWiFXOR
DPHULFDQRSHURHVWHGHEtDSRVHHUODVJDUDQWtDVGHOKHFKRYLYLGRHQFDUQHSURSLD(Q
ODQRWDGHODHGLFLyQGHHQODTXHDSDUHFHQSUHFLVDPHQWHODVSODQFKDVVREUHORV
GLEXMRVGH/H0R\QHVHOHGLFHDOOHFWRU³(VSHURDPLJROHFWRUTXHDFRMDVFRQWRGR
HOFRUD]yQORVPDSDVGHGLFKRSDUDMH\ORVUHWUDWRVGHVXVKDELWDQWHVGHFyPRYLYHQ\
FXiOHVVRQVXVFRVWXPEUHVSXHVWDQYLYRVHSUHVHQWDWRGRDQWHWXVRMRVTXHHVFRPR
VLW~PLVPRHVWXYLHVHVHQHVRVSDJRV´'H%U\
$QWHVGHSDVDUDODVLPiJHQHVSURSLDPHQWHGLFKDV\KDFHUXQFRPHQWDULRSDQR
UiPLFRGHVXVSDUWLFXODULGDGHVSUHFLVHPRVHQWRQFHVFRQ-HDQ3DXO'XYLROVFXiOHV
VRQODVJUDQGHVSUHRFXSDFLRQHVTXHVHGHVSUHQGHQGHHVWDVUHSUHVHQWDFLRQHVSLFWyUL
FDVGHOLQGLRDPHULFDQRSURSLDVGHO5HQDFLPLHQWR(QSULPHUOXJDUHVWiODUHÀH[LyQ
KXPDQLVWDTXHFRQYLYHFRQODPLUDGDGHOFRORQL]DGRU8QDUHÀH[LyQTXHGHVHPERFD
HQ OD FRQVWUXFFLyQ GH XQD LPDJHQ D OD YH] LGtOLFD \ EiUEDUD HV GHFLU OD GHO EXHQ
VDOYDMHLQRFHQWH\HSLF~UHR\ODGHOFDQtEDOTXHKDELWDXQPXQGRVLQUHVWULFFLRQHV
(QVHJXQGRWpUPLQRHQODVLPiJHQHVVHSUHVHQWDXQVXHxRH[yWLFRGRQGHSDOSLWDQ
PLWRVGHODDQWLJHGDG\FULDWXUDVIDEXORVDVTXHSRU¿QKDQHQFRQWUDGRHQORVWHUUL
WRULRVGH$PpULFDXQHVSDFLRIDYRUDEOHSDUDVXVUHSUHVHQWDFLRQHV<HQWHUFHUOXJDU
HQHVWDVLPiJHQHVKD\XQWHOyQGHIRQGRLQHOXGLEOHHOGHODFRQWURYHUVLDUHOLJLRVD\
SROtWLFDTXHHVWUHPHFtDD(XURSDHQHOVLJOR;9,'XYLROV(QORVJUDEDGRV
GH7KpRGRUHGH%U\WDOVLWXDFLyQHVWiFODUDPHQWHH[SXHVWD(QHOORVWUiWHVHGHORV
TXHUHDOL]ySDUDODHGLFLyQGHODUHODFLyQGHYLDMHGH-DFTXHV/H0R\QHRGHORVTXH
DFRPSDxDQODHGLFLyQGHOD%UHYtVLPDUHODFLyQGHODGHVWUXFFLyQGHODV,QGLDVGH%DU
WRORPpGHODV&DVDVKD\XQDFRQGHQDFLyQSRUSDUWHGHORVSURWHVWDQWHV

 3DUDHOFRQRFLPLHQWRGHWDOODGRGHODYLGD\ODREUDGH7KpRGRUHGH%U\\VXVKLMRVYpDVHHOOLEUR
GH0LFKLHOYDQ*URHVHQ7KH5HSUHVHQWDWLRQVRIWKH2YHUVHDV:RUOGLQWKHGH%U\&ROOHF
WLRQRI9R\DJHV6XFDStWXOR,,³)URPJROGVPLWKVWRSXEOLVKHUV7KHWUDQVIRUPDWLRQ
RIWKHGH%U\IDPLO\´VHGHGLFDHQSDUWHDVHJXLUHOSHULSORGH7KpRGRUHGH%U\SRUGLIHUHQWHV
FLXGDGHVGH(XURSDHQSURFXUDGHORVGLEXMRVTXHIRUMDUiQVXFROHFFLyQ
 9pDVH$PpULFDGH7KpRGRUHGH%U\SXEOLFDGDSRU(GLFLRQHV6LUXHOD+DVWD
HOPRPHQWRHVWDHVOD~QLFDHGLFLyQHQHVSDxROTXHUHFRJHWRGRVORVJUDEDGRVFRQVXVWH[WRV
H[SOLFDWLYRVGHODFROHFFLyQ*UDQGHV9LDMHV3DUDODFLWDS
 (VWDHGLFLyQTXHIXHHO~OWLPRWUDEDMRUHDOL]DGRSRU7KpRGRUHGH%U\VHSXEOLFyHQHQ)UiQFIRUW
GHO0HQR$OWH[WRSROpPLFR\GHQXQFLDGRUGH%DUWRORPpGHODV&DVDVORDFRPSDxDURQJUDEDGRV
HQWDOODGXOFHVREUHFREUH6RQHVWDVLPiJHQHVHQSDUWLFXODU\SRUODGXUH]DGHVXUHSUHVHQWDFLyQ
%ROHWtQGH$QWURSRORJtD9RO1žSULPHUVHPHVWUHGH8QLYHUVLGDGGH$QWLRTXLD

GHORVDEXVRV\H[FHVRVFRPHWLGRVSRUORVFDWyOLFRVHVSDxROHV\ORVLQGtJHQDVVRQ
SUHVHQWDGRVFRPRYtFWLPDVLQRFHQWHVSDUDDVtGHVOHJLWLPDUODFRQTXLVWDGH$PpULFD
YpDVH)LJXUD

)LJXUD 3ULPHUJUDEDGRGH7KpRGRUHGH%U\VREUHOD%UHYtVLPDUHODFLyQGHODGHVWUXFFLyQGH
ODVLQGLDVGH%DUWRORPpGHODV&DVDV

)XHQWHGH%U\\GHODV&DVDV

ODVTXHKDQFRQWULEXLGRDUHODFLRQDUHOQRPEUHGH7KpRGRUHGH%U\GLUHFWDPHQWHFRQODOH\HQGD
QHJUDGHODFRQTXLVWDGH$PpULFDSRUSDUWHGH(VSDxD(VYHUGDGTXHHQHOFRQWH[WRGHORVFRQ
ÀLFWRVHQWUHFDWyOLFRV\SURWHVWDQWHVGHOVLJOR;9,ORVJUDEDGRVGH'H%U\VRQVXVFHSWLEOHVGHVHU
LQWHUSUHWDGRVGHWDOPRGR1RKD\TXHROYLGDUTXHHVWDVLPiJHQHVFRPRGLFH'XFKHWWLHQHQXQ
YDORUGHPRVWUDWLYR\DFXVDGRU\SRUORWDQWRVXIXQFLyQSROtWLFDHVHYLGHQWH3HURDSDUWLU
GHODVLQYHVWLJDFLRQHVPiVUHFLHQWHVHQWHQGHPRVTXHODREUDHGLWDGDSRU'H%U\QRVRORUHFLELyHO
DSR\RGHOEDQGRSURWHVWDQWHWDPELpQJR]yGHODVLPSDWtDGHSHUVRQDOLGDGHVQRWDEOHVGHOD,JOHVLD
FDWyOLFD\TXHHODUWLVWD\VXIDPLOLDSHVHDODVP~OWLSOHVSHUVHFXFLRQHVGHODVTXHIXHURQYtFWLPDV
SRUSDUWHGHOSRGHUFDWyOLFRHQDOJXQRVPRPHQWRVGHVXVYLGDVWXYLHURQUHODFLRQHVFRUGLDOHVFRQ
HVWDVLQVWDQFLDV3UXHEDGHHOORHVTXHSRUXQODGRHQVXDPSOtVLPRFDWiORJRGHSXEOLFDFLRQHVKD\
DXWRUHVFDWyOLFRV\SRUHORWURYDULDVGHVXVGHGLFDWRULDVHVWiQGLULJLGDVDOtGHUHVUHOLJLRVRVGHOD
&RQWUDUUHIRUPD$OUHVSHFWRYHUHOOLEURGH0LFKLHOYDQ*URHVHQ5HFRPHQGDPRV
LJXDOPHQWHHODQiOLVLVTXHKDFH-HDQ3DXO'XYLROVVREUHORVJUDEDGRVGHOD%UHYtVLPD'HVWUXFFLyQ
HQODHGLFLyQIUDQFHVDGHHVWHOLEURUHDOL]DGDSRUODHGLWRULDO&KDQGHLJQH
 /DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\

&XHUSRVWDWXDGRVFXHUSRVYHVWLGRV

(QORVJUDEDGRVGH7KpRGRUHGH%U\FRPRGLFH0LFKqOH'XFKHWRQGHDDOJRTXH
WLHQHTXHYHUFRQHOPLHGRDORWUR(OLQGLRHVDYHFHVXQFDQtEDO$
YHFHVXQDHVSHFLHGHKRPEUHLGHDOL]DGRXQSULPLWLYR$GiQDWLERUUDGRGHWDWXDMHV
(VWDFLUFXQVWDQFLDDPELJXDVHSUHVHQWDSDUWLFXODUPHQWHHQODVLOXVWUDFLRQHVTXH'H
%U\KL]RSDUDLOXVWUDUOD+LVWRULDGHO%UDVLOGH+DQV6WDGHQ\ODQDUUDFLyQGH-HDQGH
/pU\$PERVWH[WRVFRQIRUPDQODWHUFHUDSDUWHGHODFROHFFLyQ*UDQGHV
9LDMHV7KpRGRUHGH%U\VHEDVyHQORVJUDEDGRVHQPDGHUDKHFKRVSRU$QGUHDV
.ROEHTXHDFRPSDxyODSULPHUDHGLFLyQGHOOLEURGH6WDGHQ$OFRWHMDUORVVREUHVDOH
GHLQPHGLDWRHOR¿FLRSURIHVLRQDOGH'H%U\YpDVH¿JXUD
(QODVLPiJHQHVGH'H%U\VHPDQL¿HVWDSRURWUDSDUWHHOFDUiFWHUWHUULEOH
GH ODDQWURSRIDJLDSUDFWLFDGDSRU ORV WXSLQDPEDV(QHOODV 6WDGHQSDUHFHLPSOR
UDQGRODPLVHULFRUGLDGH'LRVHQPHGLRGHXQDEDUEDULHTXHVLHPSUHHVWiDSXQWR
GHGHYRUDUOR3HURHQODVLOXVWUDFLRQHVTXHPXHVWUDQODYLGDGHORVWLPXFXDVGH/D
)ORULGDQRDSDUHFHHOPLHGRSRUHVHH[WUHPR³VDOYDMH´GHOQDWLYRDPHULFDQR<QR
DSDUHFHSRUTXHHVWHOtPLWHGHODFRQGLFLyQKXPDQDQRH[LVWHHQWUHHOORV/RVWLPX
FXDVDOFRQWUDULRGHORVWXSLQDPEDVIXHURQFRUGLDOHV\VHFRPSRUWDURQGHXQPRGR
SDFt¿FR D ORV RMRV GH ORV IUDQFHVHV FRQTXLVWDGRUHV &RUGLDOLGDG \ SDFL¿VPR TXH
VHH[SOLFDQGHELGRDTXHORVIUDQFHVHVQRSUHWHQGLHURQVRPHWHUORVSRUODYLROHQFLD
FRPRIXHODGLYLVDGHORVFRQTXLVWDGRUHVGHOD(VSDxDFDWyOLFD(VWDPLVPDFRU

 6REUHHOWDWXDMHVHKDQHVFULWROLEURVLPSRUWDQWHV(QWUHHOORVHVWiFRPRUHIHUHQFLDFOiVLFD7ULV
WHVWUySLFRVGH&ODXGH/pYL6WUDXVVTXHHQHOFDStWXOR8QDVRFLHGDGLQGtJHQD\VXHVWLORVH
UH¿HUHDOVLJQL¿FDGRGHORVPRWLYRVGHODVSLQWXUDVFRUSRUDOHVHQWUHORVPED\i\ORVFDGXYHRV
HQ%UDVLO(QSULQFLSLRODVSLQWXUDVFRUSRUDOHVHQWUHORVLQGtJHQDVGH$PpULFDPDQL¿HVWDQXQ
RUGHQMHUiUTXLFRSHURHOPLVPR/pYL6WUDXVVFRQ¿HVDVXLQFDSDFLGDGGHGHVFLIUDUODWHRUtDVXE
\DFHQWHDHVWDHVWLOtVWLFDLQGtJHQD+D\GHWRGDVPDQHUDVSRVLEOHVPRWLYRVGHSRU
TXpORVLQGtJHQDVVHWDW~DQSDUDH[SOLFDUHOVHQWLGRGHVXVH[LVWHQFLDVSRURFLR\GLYHUVLyQSDUD
GHPRVWUDUVXFRQGLFLyQGHKRPEUHVSDUDLQFUHPHQWDUHOHURWLVPRSDUDPDUFDUODGLIHUHQFLDFRQ
VXVGLRVHVHWF(QWRGRFDVRFRPRGLFH-pU{PH7KRPDVSDUD/pYL6WUDXVVHOWDWXDMHOHMRVGHVHU
XQDIRUPDDQiUTXLFDGHH[KLELFLRQLVPRHVXQDIRUPDGHSHQVDPLHQWRORFDO$XQTXH
QRVHFRQRFHQDGDVREUHORVWDWXDMHVHQWUHORVWLPXFXDVGHELGRDVXSURQWDGHVDSDULFLyQSRUOD
FRQTXLVWDHXURSHDVHSRGUtDSHQVDUTXHVXVPRWLYRVFRQVLVWtDQHQ¿JXUDVJHRPpWULFDVHVSLUDO
OtQHDFtUFXORWULiQJXORHWFGHKHFKRDVtDSDUHFHQHQODOiPLQDGH/H0R\QH\HQORVJUDEDGRV
GH'H%U\\TXHVXVWpFQLFDV\FRORUHVXWLOL]DGRVHOQHJURHOURMRHOD]XOHODPDULOORHOQHJUR
\HOEODQFRHUDQVLPLODUHVDODVTXHVLJXHQXWLOL]DQGRFLHUWDVFRPXQLGDGHVLQGtJHQDVGH$PpULFD
GHO6XUSHUWHQHFLHQWHVDXQHVWDGLRFXOWXUDOVLPLODU&RPRHVWHDUWtFXORVHSURSRQHFRPRXQD
LQWURGXFFLyQSDQRUiPLFDDODUHODFLyQHQWUHGRVSLQWRUHVHXURSHRVGHOVLJOR;9,QRVHGHWLHQHHQ
HOWHPDGHOWDWXDMH6LQHPEDUJRUHFRPHQGDPRVHOOLEURGH-pU{PH7KRPDV(PEHOOLUOH
FRUSVOHVSDUXUHVFRUSRUHOOHVDPpULQGLHQQHVGX;9,HDX;9,,,HVLqFOH
 (VWDLQWHQFLyQSDFt¿FDVHIXHWUDQVIRUPDQGRHQGHVHVSHUDFLyQDQWHODKDPEUXQDTXHDEDWLyDORV
IUDQFHVHV(QOXJDUGHSUHRFXSDUVHSRUJHQHUDUXQDHFRQRPtDGHVHPEUDGtRORVKRPEUHVGH/DX
GRQQLqUHVHFRQ¿DURQDOWUXHTXH\DODEDVWHFLPLHQWRGHYtYHUHVSRUSDUWHGHORVLQGtJHQDV&XDQGR
%ROHWtQGH$QWURSRORJtD9RO1žSULPHUVHPHVWUHGH8QLYHUVLGDGGH$QWLRTXLD

)LJXUD *UDEDGRGH.ROEHVREUHHVFHQDFDQtEDOVHJ~Q6WDGHQ\JUDEDGRGHGH%U\VREUHOD
PLVPDVLWXDFLyQ

)XHQWH'XYLROV

GLDOLGDGHVORTXHGHHQWUDGDGHVSHUWyODVVLPSDWtDVGHORVSULPHURVREVHUYDGRUHV
GHODVSODQFKDV/RTXHDOOtYHtDQQRHUDFRPHGRUHVGHKRPEUHVVLQRKXPDQRVPiV
RPHQRVHVSHFWDFXODUHVTXHWHQtDQWRGDVODVFDSDFLGDGHVSDUDHQWDEODUXQDFRPXQL
FDFLyQGLJDPRVFLYLOL]DGDFRQORVHXURSHRV
'HHVWHSXQWRGHYLVWDVHSRGUtDGHFLUTXHODVSODQFKDVWLHQHQFRPRIXQ
FLyQODGHLQVWUXLUDTXLHQVHDFHUTXHDHOODVVREUHXQDWULEXLQGtJHQDPHQRUTXH
HVWiPiVDFiGHODFLYLOL]DFLyQUHQDFHQWLVWD\EDVWDQWHDOHMDGDGHORVH[FHVRVSULPL
WLYRVGHORVLQGLRVGHO%UDVLO(VWDDFODUDFLyQQRREVWDQWHHVSROpPLFDSRUTXHHQ
ODUHSUHVHQWDFLyQGHOFDQLEDOLVPRWXSLQDPED7KpRGRUHGH%U\TXLVRFRQVWUXLUXQD

HVWRVIDOWDURQVHGLHURQORVSULPHURVEURWHVGHYLROHQFLD,JXDOPHQWHHOFDSLWiQ/DXGRQQLqUH
DOTXHUHUVHUDPLJRGHMHIHVLQGtJHQDVTXHHVWDEDQHQJXHUUDSURSLFLyXQDSROtWLFDDPELJXDTXH
HQUDUHFLyODVUHODFLRQHVHQWUHORVWLPXFXDV\ORVIUDQFHVHVJHQHUDQGRDVtQXHYRVHQIUHQWDPLHQWRV
 /DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\

HVSHFLHGHHVSHMRGRQGHORVHXURSHRVSXGLHUDQYHUXQUHÀHMRGHODVVDQJXLQDULDV
JXHUUDVGHUHOLJLyQ\HOUDVWURHYLGHQWHGHORVFDVRVGHDQWURSRIDJLDSUHVHQWDGRVHQ
(XURSD(VFRPRVLHQHOODVÀRWDUDHOHFRGHODUHÀH[LyQGH0RQWDLJQHHQODTXH
VHSUHJXQWDSRUORVQLYHOHVGHODEDUEDULH0RQWDLJQHQRYDFLODHQVXHQVD\RVREUH
ORVFDQtEDOHVHQGHFLUTXHDpOOHUHVXOWDPiVFUXHOYHUFyPRORVKRPEUHVVHFRPHQ
HQWUHVtHVWDQGRYLYRVFRVDTXHVXFHGtDHQODVPDVDFUHV\ODVYLROHQFLDVFRPHWLGDV
GXUDQWHODVJXHUUDVGHUHOLJLyQTXHYHUFyPRORVLQGLRVGH%UDVLOVHFRPHQDORV
PXHUWRV3RUHOORHVLQREMHWDEOHHOYDORUGHOGRFXPHQWRSROtWLFRTXH
VXVWHQWDORVJUDEDGRVGHGH%U\(OORVSRQHQHQWHODGHMXLFLRXQDFRQTXLVWDUHDOL]D
GDSRUHXURSHRVTXHVXSHUDEDQHQVDOYDMLVPR\FUXHOGDGDORVQDWLYRVGH$PpULFD
+D\DOJRTXHUHVXOWDFRQPRYHGRUFXDQGRVHREVHUYDQODVSODQFKDVTXH'H
%U\UHDOL]yVREUHORVGLEXMRVGH/H0R\QH6HWUDWDDOGHFLUGH0LFKqOH'XFKHW
GHXQFDQWRI~QHEUHDSHVDUGHVXFRORULGR\ODEHOOH]DGHVXVWUD]RVHQKRQRUDO
LQGtJHQDTXHGHVDSDUHFtDDFHOHUDGDPHQWHHQHVRVDxRV6LORVJUDQGHV
FRQJORPHUDGRVDPHULFDQRVFRPRHOD]WHFD\HOLQFDEDVFXODURQGHLQPHGLDWRKD
FLDODPXHUWHDQWHODOOHJDGDGHORVHXURSHRVSRUODVHQIHUPHGDGHVODVJXHUUDV\
HOPDOWUDWRHQODVPLQDVGHRUR\SODWDORVWLPXFXDVIXHURQDQLTXLODGRVFRQXQD
UDSLGH]D~QPiVYHUWLJLQRVDVDELHQGRTXHVHWUDWDEDGHXQDFRPXQLGDGGHIUiJLO
HTXLOLEULRHFRQyPLFR\VRFLDOTXHYLYtDQGHODFD]D\GHODSHVFD\SDGHFtDQXQDVH
ULHGHJXHUUDVLQWHUPLQDEOHVFRQWULEXVYHFLQDV$OYHUHVWDVLPiJHQHVUHVXHQDQGH
KHFKRODVSDODEUDVGH/pYL6WUDXVVHQ7ULVWHVWUySLFRV³£2KVDOYDMHV£WLHUQDVH
LPSRWHQWHVYtFWLPDV´
$KRUDELHQHOWUDWDPLHQWRTXHVHGDDORVLQGLRVWLPXFXDVGHVGHHOSXQWRGH
YLVWDSLFWyULFRHVWiWRFDGRSRUXQDFDGHPLFLVPRTXHDIHFWDODYHURVLPLOLWXGGHHVWD
UHSUHVHQWDFLyQLQGtJHQD9HURVLPLOLWXGGHODUHSUHVHQWDFLyQDPHULFDQDTXHKDEUtDGH
FRQYHUWLUVHHQXQDHVSHFLHGHPLWRUHQDFHQWLVWD/DSURSRUFLyQGHVXVFXHUSRVWUiWHVH

 0LFKqOH'XFKHWGLFHDSURSyVLWR³GH%U\DXVVLVHPEOHO¶DYRLUVX>@VHVJUDYXUHV¿[HQWSRXU
ODSRVWpULWpGHVLPDJHVDWURFHVHWFUXHOOHVG¶RODFUDLQWHGHODSHUVpFXWLRQQ¶HVWSDVDEVHQWH/HV
FULPHVGHV(VSDJQROVOXLGLVHQWDVVH]TXHOHV©KpUpWLTXHVªSHXYHQWjO¶RFFDVLRQQ¶HVWFHSDV
GpMjDUULYp"rWUHHQ(XURSHWUDLWpVFRPPHGHV,QGLHQVYRLUHPrPHWUDLWpVFRPPHOHV,QGLHQV
WUDLWHQWOHXUVSURSUHVHQQHPLHV/DSHXUU{GHDXWRXUGHFHVLPDJHVFHOOHGHVJXHUUHVGHUHOLJLRQ
GHVPDVVDFUHVHWGHVYLROHQFHVHQFHWWH5HQDLVVDQFHFRQIXVHHWGLI¿FLOHFRPPHXQFRPEDWR
O¶KXPDQLVPHQHVDXYHSDVO¶KRPPHGHODFRQTXrWHHWGHODKLVWRLUH´
 /DFRQVWUXFFLyQOLWHUDULDDQWURSROyJLFD\SLFWyULFDGHOEXHQVDOYDMHHQ(XURSDHVSRVLEOHUDV
WUHDUODGHVGHHOVLJOR;9,KDVWDQXHVWURVGtDV,QLFLDFRQORVOLEURVGH%DUWRORPpGHODV&DVDV-HDQ
GH/pU\$QGUp7KpYHW\0LFKHOGH0RQWDLJQH\ORJUDQVXPD\RUFRPSOHMLGDG\PDGXUH]FRQ
ODREUDGH/pYL6WUDXVVGHGLFDGDD$PpULFD<HQHVWHFDXGDOORVJUDEDGRVGH7KpRGRUHGH%U\
TXLHQLOXVWUyWDQWRD/DV&DVDVFRPRD/pU\HVGHJUDQVLJQL¿FDFLyQ9DOJDODSHQDVHxDODUSRU
ORGHPiVTXHHQWRGRVHVWRVDXWRUHVVHREVHUYDDOLQGtJHQDFRQLQWHUpV\KD\DOPLVPRWLHPSR
XQDSURIXQGDTXHMDSRUVXDQLTXLODFLyQ6LQGXGDHVODGREOHFDUDGHOD(XURSDLPSHULDOLVWDVX
FUXHODPELFLyQHFRQyPLFDVXSRGHUPLOLWDULQVDFLDEOH\VXLQWHUpVFRJQLWLYRDFRPSDxDGRGH
TXHMDKXPDQtVWLFD
%ROHWtQGH$QWURSRORJtD9RO1žSULPHUVHPHVWUHGH8QLYHUVLGDGGH$QWLRTXLD

GHORVUH\HV\ODVUHLQDV\ORVMHIHVJXHUUHURVJR]DGHORVHOHPHQWRVHVWpWLFRVH[LJLGRV
SRUORVFiQRQHVGHODEHOOH]DHXURSHDGHODpSRFD&RPRGLFH*DEULHO*LUDOGR³(O
LQGLRDPHULFDQRHVODUHHQFDUQDFLyQGHORVJXHUUHURVGHOPXQGRFOiVLFRDOWRVUREXV
WRVDGPLUDEOHPHQWHSURSRUFLRQDGRViJLOHV\KHUPRVRVHVODWUDGLFLyQSLFWyULFDGHO
©EXHQVDOYDMHªGHOKLMRGHODQDWXUDOH]D´$OJXQDVGHODVSRVHVYpDVH
SRUHMHPSORODSULPHUDSODQFKDTXHDFW~DFRPRIURQWLVSLFLRGHODVHULHGRQGHDSD
UHFHHOUH\WLPXFXDWUDMHDGR\FRURQDGR\ORVGRVVROGDGRVXELFDGRVDDPERVODGRV\
HQODEDVHGHODVFROXPQDVVRQFODURVPRGHORVGHODHVWDWXDULDUHQDFHQWLVWD'HHVWH
PRGRORVLQGLRVVHLQWHJUDEDQD(XURSDLPSUHJQiQGRVHGHORVPRGHORVJUHFRUURPD
QRVWDQFDURVDORVLGHDOHVHVWpWLFRVGHHQWRQFHVYpDVH¿JXUD/RVDGHPDQHVGHORV
LQGtJHQDVFXDQGRKDFHQVXVMRUQDGDVPLOLWDUHVYpDVH¿JXUDFXDQGRUHDOL]DQVXV
DFWLYLGDGHVGHUHFUHDFLyQYpDVH¿JXUDRFXDQGRSDUWLFLSDQHQVXVSRPSDVUHDOHV
YpDVH¿JXUDWLHQHQLQHYLWDEOHPHQWHWRGDVODVWUD]DVGHOR\DYLVWR6LWXDFLyQTXH
H[SOLFDUtDSRUXQODGRODSUHWHQVLyQGHORVDUWLVWDVFRPR'H%U\GHTXHUHUPRVWUDU
DORVLQGtJHQDVFRPRVHUHVKXPDQRVWDQKLMRVGH'LRV\WDQGHVFHQGLHQWHVGHORV

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³)URQWLVSLFLRGH,QGtJHQDVTXHKDELWDQOD3URYLQFLDGH
)ORULGD´

)XHQWH'XYLROV\%RX\HU
 /DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³*UDFLDVDORVIUDQFHVHV8WLQDJDQDODEDWDOOD´

)XHQWH'XYLROV\%RX\HU

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³(MHUFLFLRVGHODMXYHQWXG´

)XHQWH'XYLROV\%RX\HU
%ROHWtQGH$QWURSRORJtD9RO1žSULPHUVHPHVWUHGH8QLYHUVLGDGGH$QWLRTXLD

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³(QPHGLRGHODSRPSDODUHLQDHVFRQGXFLGDDOUH\´

)XHQWH'XYLROV\%RX\HU

KLMRVGH1RpFRPRHUDQORVPLVPRVHXURSHRV3HURSRURWURODGRVHSUHVHQWDDTXt
XQDVLWXDFLyQSURSLDGHHVWDVUHSUHVHQWDFLRQHV6HWUDWDEDGHXQDUHDOLGDGQXHYDTXH
GHEtDLQWHJUDUVHDODPDQHUDHQTXH(XURSDYHtDWRGDUHDOLGDG3DUDSRGHUYHUDORWUR
(XURSDH[LJtDYHUVHDVtPLVPD(QHVWHVHQWLGRORVJUDEDGRVGH7KpRGRUHGH%U\
VRQUHDOL]DGRV\QRSRGUtDVHUGHRWUDIRUPDSDUDHOJXVWRGHORVHXURSHRVPLVPRV
(VWRVJHVWRVVRQHMHFXWDGRVSXHVSRUKRPEUHV\PXMHUHVTXHVLHPSUHYDQR
VHPLGHVQXGRVRFRPSOHWDPHQWHGHVQXGRV7DOGHVQXGH]SURYRFDGHOPLVPRPRGR
LQWHUSUHWDFLRQHVFRPSOHMDV'XFKHWKDEODGHXQGLiORJRSHUPDQHQWHHQWUHFXHUSRV
GHVQXGRVSURSLRVGHODQDWXUDOH]DGHORVSULPHURVWLHPSRV\GHFXHUSRVYHVWLGRV
SHUWHQHFLHQWHVDXQDFLYLOL]DFLyQGHWHUPLQDGD8QGLiORJRHQHOTXHSRU
VXSXHVWRVRQORVKRPEUHVXQLIRUPDGRV\DUPDGRVFRQORVDUFDEXFHV\DODEDUGDV
TXLHQHVSRVHHQXQHVWDWXVVXSHULRU3HURHVWDVXSHULRULGDGHQODVSODQFKDVHQTXH
ORVIUDQFHVHVHVWiQHQFRPSDxtDGHORVLQGLRVYpDVH¿JXUDHVWiPDWL]DGDSRUXQD
DFWLWXGYLJLODQWH\FXULRVDSRUSDUWHGHHVWRV~OWLPRV

 ([LVWtDHQWUHORVSURWHVWDQWHVGHOVLJOR;9,ODFUHHQFLDGHTXHORVLQGtJHQDVGH$PpULFDSURYHQtDQ
FRPRORVQHJURVGH&DPHOKLMRPDOGHFLGRSRU1Rp2WURVPHQRVRUWRGR[RVFUHtDQHQXQRULJHQ
PRQRJpQLFRGHORVKRPEUHVHQHOVHQWLGRTXHWRGRVSURYHQtDQVXFHGLGRHOGLOXYLRXQLYHUVDOGH
ORVGHVFHQGLHQWHVGH1Rp6HP&DP\-DIHWYpDVH'XFKHW
 /DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³&RQVDJUDFLyQVROHPQHGHODSLHOGHXQFLHUYRDOVRO´

)XHQWH'XYLROV\%RX\HU

$SHVDUGHTXHVHLQ¿HUHGHHVWDVLPiJHQHVODDUURJDQFLD\ODDFHFKDQ]DGHO
SRGHUPLOLWDUGHORVHXURSHRVVHWUDWDGHXQHQFXHQWURTXHPXHVWUDDGRVFXOWXUDV
GLDORJDUHQXQDHVSHFLHGHDUPRQtDFRPRORSURSRQtDODFRQFHSFLyQGHODFRQTXLV
WD\ODFRORQLDGHO1XHYR0XQGRHQDUERODGDSRUHOVHFWRUSURWHVWDQWH(QHVWDV
LPiJHQHVORTXHVHSUHVHQWDHVXQDGHVQXGH]DERULJHQTXHHVWiDWDYLDGDDVXPRGR
3XHVORTXHYHPRVVRQFXHUSRVPLQXFLRVDPHQWHWDWXDGRVPXWLODGRVFXDQGRVHWUD
WDGHODVHVFHQDVGHODJXHUUDYpDVH¿JXUDDGRUQDGRVGHFROODUHV\GHFRQFKDV
GHFDEHOOHUDVHPSOXPDGDVGHFRUUHDV\W~QLFDVGHSLHOHVGHEUD]DOHWHVFODUDPHQWH
XELFDGRVHQSLHUQDV\EUD]RV<WRGRHOORKDEOD\HVWRQRHVSDUDQDGDVHFXQGDULR
HQODUHSUHVHQWDFLyQGHHVWDQXHYDKXPDQLGDGGHXQDFXOWXUD
6HWUDWDGHH[SUHVLRQHVFXOWXUDOHVTXHVHPDQL¿HVWDQHQODVSODQFKDVGHGL
FDGDVDODVGLYHUVDVFRVWXPEUHVGHORVWLPXFXDV\DODSUiFWLFDGHODJXHUUDWDQ
IUHFXHQWHHQHOORV(QUHDOLGDGHOFRQMXQWRGHODVSODQFKDVFRPRORSURSRQH0DUF
%RX\HUSXHGHGLYLGLUVHHQWUHVJUXSRVTXHJLUDQDVXYH]HQWRUQRDWUHVWHPDV
(OSULPHURPXHVWUDHOGHVFXEULPLHQWRGHXQDUHJLyQHQFLHUWDPHGLGD

 6HSRGUtDGHFLUTXHHQHVWDVSULPHUDVWHQWDWLYDVIUDQFHVDVGHFRORQL]DUD$PpULFDKD\XQSULQFLSLR
KXPDQLVWDPiVRPHQRVORDEOH3HUROXHJRGHHVWHIUDFDVRFRORQLDOSURWHVWDQWHYHQGUiHOWULXQIR
GHVFRPXQDO\VDQJULHQWREDVDGRHQHOH[WHUPLQLRLQGtJHQDGHOD,QJODWHUUDDQJOLFDQDHQ$PpULFD
GHO1RUWH
%ROHWtQGH$QWURSRORJtD9RO1žSULPHUVHPHVWUHGH8QLYHUVLGDGGH$QWLRTXLD

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³/DGLVFLSOLQDPLOLWDUGH8WLQDDOSDUWLUDODJXHUUD´

)XHQWH'XYLROV\%RX\HU

SDUDGLVLDFDFDUDFWHUL]DGDSRUXQSDLVDMHQXHYR\DPDEOH8QSDLVDMHTXHSRUHIHFWR
GHODVEXHQDVUHODFLRQHVHQWUHHXURSHRV\DPHULFDQRVGHMDGHVHULQTXLHWDQWHSDUD
WRUQDUVH FDGD YH] PiV IDPLOLDU (VWD SULPHUD SDUWH FRPSUHQGH ODV SULPHUDV GLH]
SODQFKDV(QHOODVDSDUHFHODOOHJDGDGHORVFRQTXLVWDGRUHVHQVXVQDYtRV\ODPLUD
GDVLHPSUHHVSDQRUiPLFD/DVSULPHUDVVLHWHSODQFKDVSRVHHQUDVJRVGLVWLQWLYRVGH
ODFDUWDJHRJUi¿FDTXHHVWDEDHQERJD\TXH/H0R\QHFRQRFtDEDVWDQWHELHQSRUOD
IRUPDFLyQFRVPRJUi¿FDTXHWXYRHQ'LHSSHYpDVH¿JXUD(QFLHUWDVLPiJHQHV
VHYHODPDQHUDHQTXHORVHXURSHRVKDFHQVX\DXQDQDWXUDOH]DFRQODHGL¿FDFLyQ
GHO)XHUWH&DUROLQDTXHFRPRVHVDEHVHUiHOOXJDUGHVXUHVLGHQFLDKDVWDTXHOOHJD
0HQpQGH]GH$YLOpVFRQVXVKRPEUHV\FRPHWHQODPDVDFUHYpDVH¿JXUD
(Q QXHYH SODQFKDV HO VHJXQGR Q~FOHR HV OD JXHUUD /RV LQGLRV VH YXHOYHQ
EHOLFRVRV \ HMHPSODUHV HQ VXV DFWLYLGDGHV PDUFLDOHV /DV LPiJHQHV YDQ GHVGH OD
UHSUHVHQWDFLyQGHORVSUHSDUDWLYRVGHODJXHUUDFRQODDUHQJDHQWXVLDVWDGHORVMHIHV
LQGtJHQDV\ODFRQVXOWDDOFKDPiQGHODWULEXSDUDVDEHUVXYHUHGLFWRVREUHHOGH
VDUUROORGHODVIXWXUDVDFFLRQHV\ORTXHHOODVSXHGHQVLJQL¿FDUSDUDODWULEXKDVWD
ODVSDUDGDVSUHYLDVDORVFRPEDWHV\ORVFDVWLJRVTXHORVWLPXFXDVLQÀLJHQDVXV
HQHPLJRV(VWD~OWLPDHVXQDGHODVLPiJHQHVPiVLPSUHVLRQDQWHV\PDJLVWUDOHVGHO
FRQMXQWR&RQVWUXLGDHQWUHVQLYHOHVGHDFFLyQODSODQFKDQRYDFLODHQPRVWUDUOD
DJUHVLYLGDGLQGtJHQD7UHVWLPXFXDVHQHOSULPHUSODQRGHVSHGD]DQOLWHUDOPHQWHD
XQHQHPLJRORUDSDQOHFRUWDQEUD]RV\SLHUQDV\OHSHQHWUDQXQDÀHFKDSRUHODQR
(QHOVHJXQGRFXDWURQDWLYRVVHRFXSDQGHUHVHFDUDOIXHJRODVH[WUHPLGDGHVPX
 /DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³&DUWDGH/D)ORULGDGH/H0R\QH´

)XHQWHGH%U\

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³7UD]DGRGHO)XHUWH&DUROLQD´

)XHQWH'XYLROV\%RX\HU
%ROHWtQGH$QWURSRORJtD9RO1žSULPHUVHPHVWUHGH8QLYHUVLGDGGH$QWLRTXLD

WLODGDV\ODVFDEHOOHUDVTXHOXHJRHQHOWHUFHUSODQROOHYDQFROJDGDVGHVXVODQ]DV
FRPRVtPERORGHYLFWRULDYpDVH¿JXUD

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³7UDWDPLHQWRVLQÀLJLGRVSRUORVVROGDGRVGH8WLQDDVXV
HQHPLJRVYHQFLGRV´

)XHQWH'XYLROV\%RX\HU

7UDQVFXUULGDVODVMRUQDGDVGHODJXHUUDDSDUHFHODVHFFLyQGHGLFDGDDPRVWUDU
ODVIRUPDVGHYLGD\ODRUJDQL]DFLyQGHODVRFLHGDGWLPXFXD(VWDOYH]ODTXHSR
VHHPiVYDORUHWQRJUi¿FRGHODVWUHVVHFFLRQHV$TXtVHSUHVHQWDQODVPDQHUDVGHO
VHPEUDGtRHOPRGRHQTXHORVLQGLRVFRQVHUYDQORVSURGXFWRVDOLPHQWLFLRVHQODV
JUDQGHVFKR]DVGHDOPDFHQDPLHQWRVXVFDFHUtDVGHYHQDGR\FRFRGULORVXVPR
PHQWRVGHRFLRHQTXHODIDPLOLDWLPXFXDVHEDxDHQHOPDUORVFDVWLJRVDORVPDORV
FHQWLQHODVHOVDFUL¿FLRGHORVSULPRJpQLWRVHQKRQRUDOUH\\FLHUWDVDFWLYLGDGHVTXH
FRQFLHUQHQODFHOHEUDFLyQGHVXVUH\HV(Q¿QHODEDQLFRGHHVFHQDVGHODYLGDGH
ORVWLPXFXDVHVEDVWDQWHYDULDGR(QOD~OWLPDHVFHQDGHOEDxRHQHOPDUFRPROR
GLFH%RX\HUVXUJHFRPRXQDHYLGHQFLDODDWPyVIHUDGHSD]GHEHOOH]D
GHDUPRQtD\GHJUDFLDTXHEDxDODVFRPDUFDVGH/D)ORULGD(VFRPRVLFRQWRGRV
HVRVIUXWRVFRORULGRVHODJXDOLPSLD\WUDQVSDUHQWHODWLHUUDVLHPSUHYHUGHODFRPL
GDQXQFDHVFDVDODVDQDWRPtDVGHLQGLRVEHOORV\YLJRURVRVVHHVWXYLHVHHYRFDQGR
HOSDUDtVRHVDHGDGGHRURTXHORVHXURSHRVKDEtDQSHUGLGRGH¿QLWLYDPHQWHHQVX
FRQWLQHQWHHQVDQJUHQWDGR\TXHSHQVDEDQHQFRQWUDUHQ$PpULFDYpDVH¿JXUD

 1RHQYDQRODVJUDQGHVXWRStDVOLWHUDULDVGHOVLJOR;9,WDOHVFRPR8WRStDGH7KRPDV0RUR/D
1XHYD$WOiQWLGDGH)UDQFLV%DFRQ\/DFLXGDGGHOVROGH7RPDVRGH&DPSDQHOODTXHWDQWROH
 /DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³'LYHUVLRQHVGHORVLQGLRVHQHOPDU´

)XHQWH'XYLROV\%RX\HU

(VQHFHVDULRGHWHQHUVHHQXQRGHORVUDVJRVPiVLQVyOLWRVGHODVIRUPDVGH
YLGDTXHPXHVWUDQHVWDVLPiJHQHV6HWUDWDGHODIXQFLyQTXHGHQWURGHODVRFLHGDG
WLPXFXDRFXSDEDQORVKHUPDIURGLWDVDVtORVOODPD-DFTXHV/H0R\QHHQVXUH
ODFLyQHVFULWD3RUpOVDEHPRVTXHVHWUDWDEDGHKRPEUHVTXHUHDOL]DEDQIXQFLRQHV
SURSLDVGHORVGRVVH[RV(VWHHVVXFRPHQWDULRDSURSyVLWRGHOGLEXMRTXHUHDOL]D

,O\GDQVFHSD\VGHQRPEUHX[KHUPDSKURGLWHVSDUWLFLSDQWVGHVGHX[VH[HVHWQpVGHV
LQGLHQVHX[PrPHV&RPPHLOVVRQWUREXVWHVHWVROLGHVRQOHVXWLOLVHjSRUWHUOHVIDUGHDX[
jODSODFHGHVErWHVGHVRPPH4XDQGOHVURLVSDUWHQWHQJXHUUHFHVRQWOHVKHUPDSKURGLWHV
TXLWUDQVSRUWHQWOHVYLYUHV,OVSODFHQWOHV,QGLHQVPRUWVGHEOHVVXUHVRXGHPDODGLHVXUXQ
EUDQFDUGIRUPpGHGHX[ORQJXHVSHUFKHVDVVH]VROLGHVUHFRXYHUWHVGHURQGLQVDYHFXQH
QDWWHWLVVpHGHMRQFVPLQFHV

&RPRVHFRPSUHQGH/H0R\QHQRHVPX\H[SOtFLWRHQODGHVFULSFLyQGHOR
TXHKDFtDQORVKHUPDIURGLWDV'LFHTXHHUDQUREXVWRV\VyOLGRV\TXHVHUYtDQSDUD

GHEHQDVXYH]DODVXWRStDVDQWLJXDVFRPROD(GDGGH2URGH+HVtRGR\OD$WOiQWLGDSODWyQLFD
VRQXELFDGDVHQLVODVDPHULFDQDV
 (QODHGLFLyQUHDOL]DGDSRU7KpRGRUHGH%U\HQVXFROHFFLyQ*UDQGHV9LDMHVKD\VRORSDVDMHV
HVFRJLGRVGHFDUiFWHUGLGiFWLFRGHODUHODFLyQGH-DFTXHV/H0R\QH(QODPRQXPHQWDOHGLFLyQ
VREUHHOWUDEDMRGH/H0R\QHHVWDEOHFLGDSRU3DXO+XOWRQSXHGHOHHUVHODYHUVLyQIDFVLPLODUHQ
ODWtQGHOWH[WRGH/H0R\QH\VXUHVSHFWLYDWUDGXFFLyQHQLQJOpV(VWDHGLFLyQDGHPiVGHYDULRV
HVWXGLRVLQWHUSUHWDWLYRVUH~QHWRGDODREUDGHOSLQWRUGH'LHSSHLQFOXLGRVORVJUDEDGRVTXHGH
pOKL]R'H%U\
%ROHWtQGH$QWURSRORJtD9RO1žSULPHUVHPHVWUHGH8QLYHUVLGDGGH$QWLRTXLD

FDUJDUIDUGRVFRPRVLIXHVHQEHVWLDVGHFDUJD7DPELpQGLFHTXHVRQHOORVTXLHQHV
VHHQFDUJDEDQGHWUDQVSRUWDUORVKHULGRV\ORVPXHUWRVGHVSXpVGHORVFRPEDWHV
7UDEDMDEDQ MXQWR D ODV PXMHUHV HQ ODV ODERUHV GHO FDPSR \ HQ ODFXUD GH ORV HQ
IHUPRVYpDQVH¿JXUDV\)UHQWHDHVWDVGHVFULSFLRQHVGHOSLQWRU'XYLROV
H[SOLFD TXH OD GHVLJQDFLyQ GH ³KHUPDIURGLWDV´ HV XQ WpUPLQR PLWROyJLFR TXH ORV
HXURSHRVWUDVODGDURQDO1XHYR0XQGR(QODPHGLFLQDSRUHMHPSORGHOVLJOR;9,
HOWpUPLQRVHUHIHUtDDSHUVRQDVTXHWHQtDQGREOHVJHQLWDOHVXQRVPiVGHVDUUROODGRV
TXH RWURV \ HQ JHQHUDO VH FRQVLGHUDEDQ FRPR SHUVRQDV DQRUPDOHV R SRUWHQWRV
SURGLJLRVGHODQDWXUDOH]DRVLPSOHPHQWHPRQVWUXRVRGHVKHFKRVGHODKXPDQLGDG
-RUJH$QRUPDOLGDGTXHVRORKDVWDDKRUDHQORVLQLFLRVGHOVLJOR ;;,
VHWUDWDGHHQWHQGHUFRPRXQDYDULDQWHGHODVH[XDOLGDGKXPDQD'HWDOPRGRTXHD
ORVKHUPDIURGLWDVGHO5HQDFLPLHQWRHVRVVHUHVTXHQRHUDQQLPDFKRVQLKHPEUDV\
DORVFXDOHVQHFHVLWDEDQRWRUJDUOHVXQVH[RSDUDTXHSXGLHUDQVHUWHQLGRVHQFXHQWD
SDUDHOUHLQRGHORVFLHORVVHGHQRPLQDQHQORVFtUFXORVPpGLFRVPiVSURJUHVLV
WDVFRPR³LQWHUVH[XDOHV´SDUDTXHSXHGDQLQJUHVDUDORUGHQVRFLDOFRQWHPSRUiQHR
S&RQWRGRSDUD'XYLROVORVKHUPDIURGLWDVGH/H0R\QHVRQSUHVHQWDGRV
FRPR³GLIHUHQWHV´GHORVJXHUUHURVQRUPDOHV6LQHPEDUJRODGLIHUHQFLDVHJ~QHO
JUDEDGRQRHV¿VLROyJLFDVLQRTXHWLHQHTXHYHUFRQHOHVWDWXWRVRFLDOTXHVHOHVKD
RWRUJDGR\TXHHVFHUFDQRDOGHODVPXMHUHV$HVWRV³KHUPDIURGLWDV´TXHHQHOFRQ
WH[WRGH0HVRDPpULFDVHOHVGHQRPLQDED³EDUGDFKHV´\TXHQRIXHURQWROHUDGRVQL
SRUORVHVSDxROHVQLSRUODVD]WHFDV\VRORSRUJUXSRVLQGtJHQDVGHODVSUDGHUDVGH
$PpULFDGHO1RUWHQRVHOHVFRQVLGHUDEDHQVXFRPXQLGDGQLFRPRGHVYLDGRVQL
FRPRPDUJLQDOHV6XGLIHUHQFLDVHLQVFULEtDGHQWURGHODVFRVWXPEUHVSURSLDVGHORV
WLPXFXDV'H%U\
/H0R\QHQRVHUH¿HUHDODVDFFLRQHVVH[XDOHVGHORVKHUPDIURGLWDV3HUR\
SHVHDHVWDHVSHFLHGHSXGRUGHpSRFDHQVXPLUDGDQRKD\XQMXLFLRQHJDWLYRDO
UHVSHFWR1DGDTXHYHUFRQODDFWLWXGGH9DVFR1~xH]GH%DOERDTXHPDQGyDVX
PDQDGDGHSHUURVDGHYRUDUXQDJUDQFDQWLGDGGHLQGLRVTXHFRPHWtDQHOSHFDGR
GHODVRGRPtD7KpRGRUHGH%U\LQFOXVRKL]RXQJUDEDGRGRQGHUHSUHVHQWDHVWH
HSLVRGLRDFDVRXQRGHODVPiVDJUHVLYRVHQWRGDODUHSUHVHQWDFLyQSLFWyULFDTXHVH
KL]RGHODFRQTXLVWD/DHVFHQDIRUPDSDUWHGHODVLOXVWUDFLRQHVTXHDFRPSDxDQOD
+LVWRULDGHODV,QGLDV2FFLGHQWDOHVGH*LURODPR%HQ]RQLSXEOLFDGDHQODFROHF
FLyQ*UDQGHV9LDMHVHQYpDVH¿JXUD

 $SHVDUGHHVWHUHFKD]RGHORVKHUPDIURGLWDVDORODUJRGHODKLVWRULDGH2FFLGHQWHHVLQWHUHVDQWH
VHxDODUTXHODFRQGLFLyQELVH[XDOGHORVVHUHVKXPDQRVHVHOWHPDIXQGDPHQWDOGHXQDFXULRVD
XWRStDHVFULWDSRU*DEULHOGH)RLJQ\/DWLHUUDDXVWUDOGHVFRQRFLGDHQODTXHODIHOLFLGDG
FROHFWLYDHVWiEDVDGDHQHOKHFKRGHTXHFDGDKDELWDQWHKHUPDIURGLWDHVSDGUH\PDGUHGHVt
PLVPR5LRW6DUFH\
 /DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³)XQFLRQHVGHORVKHUPDIURGLWDV´

)XHQWH'XYLROV\%RX\HU

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³7UDQVSRUWHGHSURYLVLRQHV´

)XHQWH'XYLROV\%RX\HU
%ROHWtQGH$QWURSRORJtD9RO1žSULPHUVHPHVWUHGH8QLYHUVLGDGGH$QWLRTXLD

)LJXUD *UDEDGRGH7KpRGRUHGH%U\³%DOERDHFKDDYDULRVLQGLRVFXOSDEOHVGHOSHFDGRGHOD
VRGRPtDDORVSHUURV´

)XHQWH'H%U\

$PRGRGHFRQFOXVLyQ

/DUHSUHVHQWDFLyQGH7KpRGRUHGH%U\\-DFTXHV/H0R\QHGHXQDFXOWXUDLQGtJHQD
HVSXHVGHXQDYDOtDVRUSUHQGHQWHHQODODUJDKLVWRULDGHODVLQWROHUDQFLDVVRFLDOHV
(QHVWDVLPiJHQHVKD\XQDYLVLyQGLIHUHQWHGHORTXHVHKDFtDHQHVHVLJORUHQDFHQWLVWD
\H[WUHPLVWDHQHOFXDOHOLQGtJHQDHUDHVHRWURVLQUHOLJLyQVLQKLVWRULDVLQSDODEUD\
UHGXFLGR D ODV FRQGLFLRQHV GH XQ VHU VLQ DOPD \ VLQ UD]yQ (V WDOYH] H[DJHUDGR
FRQVLGHUDUTXH7KpRGRUHGH%U\\-DFTXHV/H0R\QHSRVH\HURQGRWHVDJXGDVGH
DQWURSyORJRVHQFLHUQHSHURVXVLPiJHQHVGHOLQGtJHQDVLJQL¿FDQXQSDVRDGHODQWH
HQHVDDSUR[LPDFLyQVLHPSUHFRQÀLFWLYDHQWUH(XURSD\$PpULFD6XOHJDGRQRIRUPD
SDUWHGHODFDULFDWXUDDSODVWDQWH\ODWHUJLYHUVDFLyQLPS~GLFDGHORWUR$VtHQHVWD
VHULHGHSODQFKDVKD\DFLUFXQVWDQFLDVTXHSHUPLWHQSHQVDUHQHORWURFRPRREMHWR\
FRPRSRVLEOHYtFWLPDTXHVHUiSURQWRGHVSRVHtGRGHVXVDWULEXWRVSDUDVHUODQ]DGR
DODKXPLOODFLyQ\DODPXHUWHKD\WDPELpQXQDYDORUDFLyQSRVLWLYDIXQGDGDHQHO
UHODWLYLVPRFXOWXUDOSURSXHVWRSRUHO0RQWDLJQHGHORVHQVD\RV³'H&DQtEDOHV´\
³'H&RFKHV´<HVWDYDORUDFLyQFRPRH[SOLFD'DQLHO'HIHUWHVWiEDVDGD
HQXQLQWHUURJDQWH¢'HTXpKDEODQHVWRVLQGLRVFXDQGRYDQ\YLHQHQSRUVXVWLH
UUDVHQSURFXUDGHFXPSOLUVXVQHFHVLGDGHVVRFLDOHV\FXOWXUDOHV"3DUDHOLPDJLQDULR
HXURSHRGHODVJXHUUDVGHUHOLJLyQKDEODQGHOLEHUWDGGHGHUHFKRVSHUGLGRVHQXQD
JHRJUDItDVHPEUDGDGHSHUPDQHQWHVYLRODFLRQHV\PH]TXLQGDGHVGHXQDJHQXLQD
DVSLUDFLyQ SRU UHJUHVDU D OD OHMDQD HGDG GH ODV IHOLFLGDGHV SULPLWLYDV 3HUR SDUD
 /DUHSUHVHQWDFLyQSLFWyULFDGHORVLQGLRVWLPXFXDVHQ-DFTXHV/H0R\QH\7KpRGRUHGH%U\

QRVRWURVREVHUYDGRUHVGHOVLJOR;;,KDEODQGHORVSULPHURVSDVRVGHXQDWUDGLFLyQ
TXHHQ(XURSDLQLFLDSUHFLVDPHQWHFRQHVWRVWHVWLPRQLRV\DFDVRFXOPLQDQFRQODV
WHRUtDVFRQWHPSRUiQHDVPXOWLFXOWXUDOLVWDVHQODVTXHHORWURTXHKDELWDODSHULIHULD
RFFLGHQWDOVHREVHUYDFRQFXULRVLGDGVHDEUD]DFRQSDVLyQFRJQLWLYDPLHQWUDVVH
OHH[SROLD\VRPHWH

5HIHUHQFLDVELEOLRJUi¿FDV

$tQVD)HUQDQGR'HOD(GDGGH2URDO(O'RUDGR*pQHVLVGHOGLVFXUVRXWySLFRDPHULFDQR

)RQGRGH&XOWXUD(FRQyPLFD0p[LFR')
%HQ]RQL*LURODPR>@³/D+LVWRULDGHODV,QGLDV2FFLGHQWDOHV´(Q+LVWRULDGHO1XHYR
0XQGR&ROHFFLyQ*UDQGHV9LDMHV$OLDQ]D(GLWRULDO0DGULG
%RX\HU0DUF³/HVSHFWDFOHGHOD)ORULGHRXOHVEHDX[©VDXYDJHVªGH7KpRGRUHGH%U\´(Q
eWXGHVVXUO¶LPSDFWFXOWXUHOGXQRXYHDXPPRQGH9RO,,,VI3DUtVSS
&DEH]DGH9DFDÈOYDU1~xH]>@1DXIUDJLRV&iWHGUD0DGULG
'H%U\7HRGRUR$PpULFD(GLFLRQHV6LUXHOD0DGULG
BBB/H7KpkWUHGX1RXYHDX0RQGH/HV*UDQGV9R\DJHVGH7KpRGRUHGH%U\'pFRXYHUWHV
*DOOLPDUG$OEXPV3DULV
BBB\GHODV&DVDV%DUWRORPp,OOXVWUDWLRQVGHQDUUDWLRUHJLRQXPLQGLFDUXPSHU+LVSDQRV
TXRVGDPGHYDVWDWWDUXP$UFKLYRVGHOD%LEOLRWKqTXH1DWLRQDOHGH)UDQFH
'H)RLJQ\*DEULHO>@/D7HUUHDXVWUDOHFRQQXH5RQ]HDXG3LHUUH(G6RFLpWpGHVWH[WHV
IUDQoDLVPRGHUQHV3DULV
'HIHUW'DQLHO³&ROOHFWLRQVHWQDWLRQVDX;9,HVLqFOH´(Q/¶$PpULTXHGH7KpRGRUHGH%U\XQH
FROOHFWLRQGHYR\DJHVSURWHVWDQWVGX;9,HVLqFOH(GLWLRQVGX&1560HXGRQ%HOOHYXHSS
'XFKHW0LFKqOH³/HWH[WHJUDYpGH7KpRGRUHGH%U\´(Q/¶$PpULTXHGH7KpRGRUHGH%U\XQH
FROOHFWLRQGHYR\DJHVSURWHVWDQWVGX;9,HVLqFOH(GLWLRQVGX&1560HXGRQ%HOOHYXHSS
'XYLROV -HDQ3DXO  9R\DJHXUV IUDQoDLV HQ $PpULTXH FRORQLHV HVSDJQROHV HW SRUWXJDLVHV
%RUGDV3DULV
BBB³/DFRORQLHGH)ORULGHHWODGpFRXYHUWHGHQRXYHDX[©VDXYDJHVª´(QeWXGHV
VXUO¶LPSDFWFXOWXUHOGXQRXYHDXPRQGH9RO,,3DULVSS
BBB/HPLURLUGX1RXYHDX0RQGHLPDJHVSULPLWLYHVGHO¶$PpULTXH38363DULV
BBB\%RX\HU0DUFHGVFLHQWt¿FRV9R\DJHVHQ)ORULGH(GLWLRQVGH/¶HVSDFH
(XURSpHQ1DQWHUUH
*LUDOGR*DEULHO³(OLQGLRDPHULFDQRHQHODUWHHXURSHR´(Q(VWXGLRVFRORPELDQRV0LQHGX
FDFLyQ(GLFLRQHV5HYLVWD%ROtYDU%RJRWiSS
*URHVHQ0LFKLHOYDQ7KH5HSUHVHQWDWLRQVRIWKH2YHUVHDV:RUOGLQWKHGH%U\&ROHFFWLRQRI
9R\DJHV/HLGHQ%RVWRQ
+XOWRQ3DXO7KHZRUNRI-DFTXHV/H0R\QHGH0RUJXHVD+XJXHQRW$UWLVWLQ)UDQFH)ORULGD
DQG(QJODQG9RO,,7KH7UXVWHHVRI%ULWLVK0XVHXP/RQGRQ
-RUJH-XDQ&DUORV³/HFFLRQHVPpGLFDVVREUHODYDULDQWHVH[XDOORVKHUPDIURGLWDVGHOVLJOR;9,
\ORVLQWHUVH[XDOHVGHOVLJOR;;,´(Q&XLFXLOFR5HYLVWDGHOD(VFXHOD1DFLRQDOGH$QWURSRORJtD
H+LVWRULD9RO1R0p[LFR&RQDFXOWD,1$+SS
-RXDQQD$UOHWWH+LVWRLUHHWGLFWLRQQDLUHGHV*XHUUHVGH5HOLJLRQ5REHUW/DIIRQW3DULV
%ROHWtQGH$QWURSRORJtD9RO1žSULPHUVHPHVWUHGH8QLYHUVLGDGGH$QWLRTXLD

.DSSOHU&ODXGH0RQVWUHVGpPRQVHWPHUYHLOOHVjOD¿QGX0R\HQÆJH3D\RW3DULV

/HVWULQJDQW )UDQN  /H KXJXHQRW HW OH VDXYDJH /¶$PpULTXH HW OD FRQWURYHUVH FRORQLDOH HQ
)UDQFHDXWHPSVGHVJXHUUHVGH5HOLJLRQ'52=*HQqYH
/pYL6WUDXVV&ODXGH7ULVWHVWUySLFRV3DLGyV%DUFHORQD
0RQWDLJQH0LFKHOGH(QVD\RVFRPSOHWRV(GLWRULDO3RUU~D&LXGDGGH0p[LFR
1~xH]ÈOYDU1DXIUDJLRV&iWHGUD0DGULG
3DQp5DPyQ>@5HODFLyQDFHUFDGHODVDQWLJHGDGHVGHORVLQGLRV&ROHFFLyQGH/LEURV
5DURVR&XULRVRVTXHWUDWDQGH$PpULFD(GLFLRQHV/HWUDVGH0p[LFR&LXGDGGH0p[LFR
5LRW6DUFH\0LFKqOH'LFWLRQQDLUHGHVXWRSLHV/DURXVVH3DULV
6WDGHQ +DQV  9HUGDGHUD KLVWRULD \ GHVFULSFLyQ GH XQ SDtV GH VDOYDMHV GHVQXGRV GH +HVVH
&ROHFFLyQ*UDQGHV9LDMHV%DUFHORQD
BBB>@9HUGDGHUDKLVWRULD\GHVFULSFLyQGHXQSDtVGHVDOYDMHVGHVQXGRV(GLWRULDO$UJRV
9HUJDUD%DUFHORQD
7KRPDV -pU{PH  (PEHOOLU OH FRUSV OHV SDUXUHV FRUSRUHOOHV DPpULQGLHQQHV GX ;9,H DX ;9,,,H
VLqFOH&156eGLWLRQV3DULV
9DO&DUPHQ³1RXYHDX[PRQGH1RXYHDX[PRQVWUHV"´(Q'HV0RQVWUHV2XYUDJHVKRUVGH
FROOHFWLRQGHV&DKLHUVGH)RQWHQD\eFROH1RUPDOH6XSpULHXUHGH)RQWHQD\6W&ORXG)RQWHQD\
SS
9LGDO )ORULDQH  ³/H PRQVWUH DPpULFDLQ´ (Q (XURSH 5HYXH /LWWpUDLUH 0HQVXHOOH 1R 
3DULVSS