Está en la página 1de 158

Informe de Bolivia al

Comité de los Derechos del Niño (2009)

Recomendaciones para el cumplimiento


de los derechos de la niñez y adolescencia
al Estado Plurinacional de Bolivia
,1)250('(%2/,9,$$/&20,7e
'(/26'(5(&+26'(/1,f2 

5HFRPHQGDFLRQHVSDUDHOFXPSOLPLHQWR
GHORVGHUHFKRVGHODQLxH]\DGROHVFHQFLD
DO(VWDGR3OXULQDFLRQDOGH%ROLYLD
,1)250('(%2/,9,$$/&20,7e'(/26'(5(&+26'(/1,f2 
5HFRPHQGDFLRQHVSDUDHOFXPSOLPLHQWRGHORVGHUHFKRVGHODQLxH]\DGROHVFHQFLD
DO(VWDGR3OXULQDFLRQDOGH%ROLYLD

&RRUGLQDFLyQ

'LVHxR\GLDJUDPDFLyQ%(+2%(FUHDFLyQHGLWRULDO
(GLFLyQ\FRUUHFFLyQGHHVWLOR0DUJDULWD%HKRWHJX\

'HSyVLWR/HJDO

,PSUHVRHQ

1RYLHPEUHGH
Ì1',&(

35(6(17$&,Ð1  

35Ð/2*2 

,1)250('(%2/,9,$$/
&20,7e'(/26'(5(&+26'(/1,f2   

5(&20(1'$&,21(6'(/&20,7e'(
/26'(5(&+26'(/1,f2$/(67$'2%2/,9,$12  

5(&20(1'$&,21(63$5$(/&803/,0,(172'(
/26'(5(&+26'(/$1,f(=<$'2/(6&(1&,$$/
(67$'23/85,1$&,21$/'(%2/,9,$  

2%6(59$&,Ð1*(1(5$/1ž
´5($/,=$&,Ð1'(/26'(5(&+26'(/1,f2
(1/$35,0(5$,1)$1&,$µ  

$1(;2
&219(1&,Ð162%5(/26'(5(&+26'(/1,f2  


35(6(17$&,Ð1



35Ð/2*2



,1)250('(%2/,9,$$/&20,7e
'(/26'(5(&+26'(/1,f2 
,1)250('(%2/,9,$$/
&20,7e'(/26'(5(&+26'(/1,f2 

3$57(, ODDQWHULRUHVLQPLQHQWHPHQWHGHWHQGHQFLD
VRFLDOLQFOXVLYDGHGLJQLILFDFLyQGHOVHUKX
6tUYDVHLQGLFDUVLGHVGH PDQRHQWHQGLGRQRFRPRXQREMHWRGHWUD
ODDGRSFLyQGHODQXHYD EDMRRXQLQVWUXPHQWRGHSRGHUVLQRFRPR
&RQVWLWXFLyQ1DFLRQDOHQ XQVXMHWRFRQGHUHFKRDOUHVSHWRDVXGLJQL
HQHURVHKDQDGRSWDGR GDG \ FRQ HO GHUHFKR D´9,9,5 %,(1µ FRQ
PHGLGDVSDUDDUPRQL]DUOD HVDV SUHUURJDWLYDV QXHVWUD QXHYD &RQVWLWX
OHJLVODFLyQQDFLRQDOFRQOD FLyQ3ROtWLFDGHO(VWDGRKDHOHYDGRDOUDQJR
&RQYHQFLyQHQSDUWLFXODU GH 3ULQFLSLRV )XQGDPHQWDOHV EDVH GH WRGD
HO&yGLJR1LxD1LxR\ QRUPD OHJDO UHJODPHQWDULD ORV GHUHFKRV \
$GROHVFHQWH SUHUURJDWLYDVGHFDUiFWHUVRFLDOLQFOXVLYRV

&RQODFRPSRVLFLyQGHOD$VDPEOHD&RQVWL (QORTXHVHUHILHUHDORVGHUHFKRVGHODQLxH]
WX\HQWHHQODJHVWLyQODPLVPDTXHKD \ DGROHVFHQFLD pVWRV HVWiQ SODVPDGRV HQ HO
WHQLGR OD ODERU IXQGDPHQWDO GH UHGDFWDU HO &DStWXOR4XLQWRVREUH'HUHFKRV6RFLDOHV\
QXHYR WH[WR GH OD &RQVWLWXFLyQ 3ROtWLFD GHO (FRQyPLFRV HQ VX 6HFFLyQ9$UWtFXORV 
(VWDGRODYLVLyQTXHKDFDUDFWHUL]DGRODUH \HVWDEOHFLHQGRGHPDQHUDHVSHFtILFD
GDFFLyQGHHVWHQXHYRWH[WR&RQVWLWXFLRQDO D /DFRQVROLGDFLyQGHOLQWHUpVVXSHULRUGHO
KDVLGRORVDYDQFHVHQORUHODWLYRDORV'HUH (VWDGRSRUODLQIDQFLDQLxH]\DGROHVFHQFLD
FKRV6RFLDOHVH,QFOXVLYRV E 3URPRYLHQGR\JDUDQWL]DQGRVXVGHUHFKRV
FLYLOHVDOGHVDUUROORLQWHJUDO HQHOPDUFRGH
(QHVHHQWHQGLGRHOWH[WRGHODQXHYD&RQV ODVDWLVIDFFLyQGHQHFHVLGDGHVLQWHUHVHV\DV
WLWXFLyQ 3ROtWLFD GHO (VWDGR D GLIHUHQFLD GH SLUDFLRQHV DODLGHQWLGDGDODIDPLOLD\FR


PXQLGDGF /DSURWHFFLyQFRQWUDWRGDIRUPD 'HFUHWR6XSUHPR1ƒGHQRPLQiQGR
GHYLROHQFLD6LQGHMDUGHODGRHQVX6HFFLyQ VHDSDUWLUGHODSURPXOJDFLyQGHOD&RQVWLWX
9,$UWtFXOR  OR UHODWLYR DO GHUHFKR TXH FLyQ3ROtWLFDGHO(VWDGR´3ODQGH'HVDUUROOR
WLHQHWRGRQLxRQLxD\DGROHVFHQWHVDWHQHU (FRQyPLFR\6RFLDOµHOPLVPRTXHHVWDEOHFH
XQDILOLDFLyQFRQRFLGD XQ QXHYR PRGHOR GH GHVDUUROOR VRFLDO FR
PXQLWDULR FRQVHFXHQWH FRQ ORV PRYLPLHQ
'H RWUD SDUWH HQ HO &DStWXOR 6H[WR GH OD WRVTXHJHQHUDQHOSURFHVRGHFDPELR\ODV
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRVHJDUDQWL]D RULHQWDFLRQHVGHOD&RQVWLWXFLyQ3ROtWLFDGHO
ODHGXFDFLyQFRQpQIDVLVODLQWUDFXOWXUDOLGDG (VWDGR(VWHQXHYRSDUDGLJPDHVWiIRFDOL]DGR
LQWHUFXOWXUDOLGDG DVSHFWR UHOHYDQWH GH SRU HQHO´9,9,5%,(1µTXHSRVLFLRQDXQHQIR
VLSRUTXHWRPDHQFXHQWDDODHGXFDFLyQHQ TXHDOWHUQDWLYRDORVHVWDEOHFLGRVHQHOSDtVD
WRGRVVXVQLYHOHV\HQWRGRHOHVSDFLR(QVX SDUWLUGHODFRORQLD\HQHOPXQGRDSDUWLUGH
$UWtFXORFRQVWLWX\HDODHGXFDFLyQFRPR ODUHYROXFLyQLQGXVWULDOHVWHPRGHORDUWLFXOD
IXQFLyQVXSUHPDHOSDUiJUDIR,,,GHO$UWtFX FXDWUR HVSDFLRV GH GHVDUUROOR OD HFRQRPtD
OR\HQHO$UWtFXORHVWDEOHFHODSROtWLFD OD JHQWH OD SDUWLFLSDFLyQGHPRFUDFLD \ ODV
GHHVWLPXODFLyQDWHQFLyQ\JDUDQWtDGHVHU UHODFLRQHVVREHUDQtD(QHVWDYLVLyQHOGHVD
YLFLRVHGXFDWLYRVSDUDODQLxH]\DGROHVFHQFLD UUROORGHFXDOTXLHUDFWRUVRFLDOHQHVWHFDVR
FRQGLVFDSDFLGDG\FRQWDOHQWRVH[WUDRUGLQD OD LQIDQFLDQLxH]DGROHVFHQFLD QR VH SXHGH
ULRV SHQVDUGHPDQHUDDLVODGDGHHVWRVFXDWURiP
ELWRVGHOGHVDUUROOR'HPDQHUDHVSHFtILFDHQ
(VWRVDVSHFWRVWUDVFULWRVHQQXHVWUD&RQVWLWX ODSROtWLFDVRFLDOMXQWRFRQHGXFDFLyQVDOXG
FLyQ3ROtWLFDGHO(VWDGRKDQVLGRLQFRUSRUD KDELWDELOLGDGVHHVWDEOHFLyODSROtWLFDGH3UR
GRVHQHO3ODQ1DFLRQDOGH'HVDUUROOR%ROLYLD WHFFLyQ 6RFLDO \ 'HVDUUROOR ,QWHJUDO &RPX
'LJQD3URGXFWLYD'HPRFUiWLFD\6REHUDQD QLWDULR GRQGH OD LQIDQFLDQLxH]DGROHVFHQFLD
SDUD´9,9,5%,(1µLQVWLWXFLRQDOL]DGRSRUHO VRQDFWRUHVGHSULPHURUGHQ

 $UWtFXOR(QYLUWXGGHOLQWHUpVVXSHULRUGHODVQLxDVQLxRV\DGROHVFHQWHV\GHVXGHUHFKRDODLGHQWLGDG
ODSUHVXQFLyQGHILOLDFLyQVHKDUiYDOHUSRULQGLFDFLyQGHODPDGUHRHOSDGUH(VWDSUHVXQFLyQVHUiYiOLGDVDOYR
SUXHEDHQFRQWUDULRDFDUJRGHTXLHQQLHJXHODILOLDFLyQ(QFDVRGHTXHODSUXHEDQLHJXHODSUHVXQFLyQORV
JDVWRVLQFXUULGRVFRUUHVSRQGHUiQDTXLHQKD\DLQGLFDGRODILOLDFLyQ
 $UWtFXOR,/DHGXFDFLyQFRQVWLWX\HXQDIXQFLyQVXSUHPD\SULPHUDUHVSRQVDELOLGDGILQDQFLHUDGHO(VWDGR
TXHWLHQHODREOLJDFLyQLQGHFOLQDEOHGHVRVWHQHUODJDUDQWL]DUOD\JHVWLRQDUOD
 $UWtFXOR,,,6HHVWLPXODUiFRQEHFDVDHVWXGLDQWHVGHH[FHOHQWHDSURYHFKDPLHQWRHQWRGRVORVQLYHOHVGHO
VLVWHPDHGXFDWLYR7RGDQLxDQLxR\DGROHVFHQWHFRQWDOHQWRQDWXUDOGHVWDFDGRWLHQHGHUHFKRDVHUDWHQGLGR
HGXFDWLYDPHQWHFRQPpWRGRVGHIRUPDFLyQ\DSUHQGL]DMHTXHOHSHUPLWDQHOPD\RUGHVDUUROORGHVXVDSWLWXGHV
\GHVWUH]DV
 $UWtFXOR(O(VWDGRSURPRYHUi\JDUDQWL]DUiODHGXFDFLyQSHUPDQHQWHGHQLxDVQLxRV\DGROHVFHQWHVFRQ
GLVFDSDFLGDGRFRQWDOHQWRVH[WUDRUGLQDULRVHQHODSUHQGL]DMHEDMRODPLVPDHVWUXFWXUDSULQFLSLRV\YDORUHV
GHOVLVWHPDHGXFDWLYR\HVWDEOHFHUiXQDRUJDQL]DFLyQ\GHVDUUROORFXUULFXODUHVSHFLDO


/DSROtWLFDGH3URWHFFLyQ6RFLDO\'HVDUUROOR \ SUR\HFWRV TXH SURPXHYDQ OD HTXLGDG \ OD
,QWHJUDO&RPXQLWDULRFDPELDGHPDQHUDHV LJXDOGDGGHRSRUWXQLGDGHVHPDQDGDVSRUOD
WUXFWXUDOODSROtWLFDDQWLSREUH]DSULYLOHJLDQ &RQVWLWXFLyQ\ORVLQVWUXPHQWRVLQWHUQDFLR
GRODDXWRJHVWLyQHQOXJDUGHODLQWHUYHQFLyQ QDOHVHQORViPELWRVQDFLRQDO\GHODVDXWRQR
GHVGH OD H[WHUQDOLGDG OD JHQHUDFLyQ VRVWH PtDV(VWD1RUPDOHGDDO9LFHPLQLVWHULROD
QLELOLGDG \ GHVDUUROOR GH DFWLYRV \ FDSDFL IDFXOWDGGHOLGHUDUHOSURFHVRDQLYHOQDFLRQDO
GDGHV HQ OXJDU GH GRQDFLRQHV LQVRVWHQLEOHV TXH SHUPLWH JDUDQWL]DU ORV GHUHFKRV GH LQ
ODLQWHUYHQFLyQFRPXQLWDULD\WHUULWRULDOHQ IDQWHVQLxRVQLxDV\DGROHVFHQWHV
OXJDUGHOHQIRTXHLQGLYLGXDOODLQWHJUDOLGDG
HQ OXJDU GH OR SDUFLDOVHFWRULDO HVWD SROtWL &RQWRGRVHVRVDQWHFHGHQWHVGHEHPRVLQGL
FDYLQFXODODHUUDGLFDFLyQGHODSREUH]DFRQ FDUTXHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRHQ
HO GHVDUUROOR LQWHJUDO FRPXQLWDULR HQ ORV ORUHODWLYRDORVSULQFLSLRVIXQGDPHQWDOHVTXH
iPELWRV HFRQyPLFRV VRFLDOHV WHUULWRULDOHV HQFDPLQDQORVGHUHFKRVGHODQLxH]\DGROHV
LQIUDHVWUXFWXUDOHV\RUJDQL]DWLYRVDXWRJHVWLR FHQFLD\ORWUDVFULWRHQHO&yGLJRGHO1LxR
QDULRV/DLQIDQFLDODQLxH]\ODDGROHVFHQFLD 1LxD \$GROHVFHQWH FRQWHPSOD OD DUPRQL
HQVXVGLVWLQWDVVLWXDFLRQHVGHSREUH]D\QR ]DFLyQ HQWUH DPEDV PLHQWUDV HQ OD &RQVWL
SREUH]DHVSDUWHGHODSROtWLFDGH3URWHFFLyQ WXFLyQVHGDQORVSLODUHVIXQGDPHQWDOHVTXH
6RFLDO \ 'HVDUUROOR ,QWHJUDO &RPXQLWDULR GHEHQSUHYDOHFHUHQODQRUPDHVSHFtILFDTXH
SHURVHSULYLOHJLDODDWHQFLyQLQWHUYHQFLyQH HVHO&yGLJRGHO1LxR1LxD\$GROHVFHQWH
LQYHUVLyQDORVVHJPHQWRVTXHYLYHQHQVLWXD (VWDQRUPDHVSHFtILFDGHEHUHJXODUODPDWH
FLyQGHH[WUHPDSREUH]DSUHFDULHGDGYXO ULDVREUHODEDVHOD&RQVWLWXFLyQ3ROtWLFDGHO
QHUDELOLGDG\GHVSDWULPRQLDOL]DFLyQ (VWDGR

(O 'HFUHWR 6XSUHPR 1ƒ  GH (VWUXF 6L ELHQ HV FLHUWR TXH HO &yGLJR GHO 1LxR
WXUD2UJDQL]DWLYDGHOÐUJDQR(MHFXWLYRGHO 1LxD \ $GROHVFHQWH KD VLGR SURPXOJDGR \
(VWDGR 3OXULQDFLRQDO TXH FXPSOH FRQ HO SXHVWRHQYLJHQFLDFRQDQWHULRULGDGDODSUR
PDQGDWRGHLQLFLDUODSXHVWDHQHMHFXFLyQGH PXOJDFLyQ\SXHVWDHQPDUFKDGHOD&RQVWL
OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR UHFLHQ WXFLyQ3ROtWLFDGHO(VWDGRQRVHSXHGHQHJDU
WHPHQWHDSUREDGDPHGLDQWHFRQVXOWDDQWHHO TXHVtH[LVWHDUPRQL]DFLyQHQWUHDPEDVQR
SXHEOR %ROLYLDQR HVWDEOHFH OD &RQVWLWXFLyQ REVWDQWH GH ORV JUDQGHV YDFtRV TXH WLHQH HO
GHO9LFHPLQLVWHULRGH,JXDOGDGGH2SRUWXQL &yGLJRGHO1LxR1LxD\$GROHVFHQWHIUHQWH
GDGHVFRPRSDUWHGHO0LQLVWHULRGH-XVWLFLD DORVDYDQFHVGHOD&RQVWLWXFLyQ3ROtWLFDGHO
'LFKD QRUPD HQ VX$UWtFXOR  GHWHUPLQD (VWDGRHQORTXHVHUHILHUHSULQFLSDOPHQWHD
TXH ODV DWULEXFLRQHV GHO9LFHPLQLVWHULR VRQ ODLGHQWLGDGpWQLFDDVSHFWRVTXHWLHQHQTXH
ODV GH IRUPXODU GLULJLU FRRUGLQDU HYDOXDU YHUFRQJpQHURFRPRSRUHMHPSORHOUHFR
PRQLWRUHDU WUDQVYHUVDOL]DU \ FRQFHUWDU HQ QRFLPLHQWRGHODQLxD\ODDGROHVFHQWHORUH
IRTXHVSROtWLFDVQRUPDVSODQHVSURJUDPDV ODWLYRDOGHUHFKRDXQDIDPLOLDVXVWLWXWDTXH


QRHVWiGHELGDPHQWHUHJXODGR\UHJODPHQWD GHIXQFLyQSRUPiVGHXQDLQVFULSFLyQHQ
GD SRU HO &yGLJR GHO 1LxR 1LxD \$GROHV ORVOLEURVGHO5HJLVWUR&LYLODVROLFLWXG
FHQWHHOGHUHFKRDSUHVHUYDUODUHVHUYDGHO GHOLQWHUHVDGR\HQHOPDUFRGHODVFRP
QLxRQLxDRDGROHVFHQWHLQVWLWXFLRQDOL]DGR\ SHWHQFLDV\DWULEXFLRQHVGHOD'LUHFFLyQ
RWURVWHPDVTXHGHEHQVHUDQDOL]DGRV\GH 1DFLRQDOGH5HJLVWUR&LYLOGHSHQGLHQWH
ELGDPHQWHLQFRUSRUDGRVRUHIRUPDGRVHQOD GHOD&RUWH1DFLRQDO(OHFWRUDO
QRUPDHVSHFtILFDHVGHFLUHQHO&yGLJRGHO
1LxR1LxD\$GROHVFHQWH 3DUDJDUDQWL]DUODSULRULGDGGHOLQWHUpVVXSH
ULRUGHODQLxDQLxR\DGROHVFHQWH
1XHYDOHJLVODFLyQQDFLRQDO
‡ 'HFUHWR6XSUHPR1žGHGHPDU
&RQ HO REMHWLYR GH OHJLVODU \ JDUDQWL]DU HO ]RGH5HJODPHQWDODLQDPRYLOLGDG
FXPSOLPLHQWR GH OR GLVSXHVWR HQ OD QXHYD ODERUDOGHODPDGUH\RSDGUHSURJHQL
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR HQ OR TXH WRUHVVHDFXDOIXHUHVXHVWDGRFLYLOGHV
UHVSHFWDDORVGHUHFKRVGHQLxRVQLxDV\DGR GHODJHVWDFLyQKDVWDTXHVXKLMRFXPSOD
OHVFHQWHV VH KDQ SURPXOJDGR ORV VLJXLHQWHV XQDxRGHHGDGQRSXGLHQGRVHUGHVSH
'HFUHWRV6XSUHPRV GLGRV R DIHFWDGR VX QLYHO VDODULDO QL VX
XELFDFLyQHQVXSXHVWRGHWUDEDMR
3DUDJDUDQWL]DUHOGHUHFKRDODLGHQWLGDGIL
OLDFLyQ\DOXVRGHXQDSHOOLGR $UW,9  6tUYDQVHLQIRUPDU
EUHYHPHQWHDO&RPLWpVREUH
 'HFUHWR 6XSUHPR 1ž  GH  GH HOPDQGDWRFRPSRVLFLyQ
IHEUHUR GH  HO PLVPR HVWDEOHFH IXQFLRQDPLHQWRHLPSDFWR
ORV PHFDQLVPRV GH FRRUGLQDFLyQ GH ORV GHO&RQVHMR1DFLRQDO\GH
yUJDQRVS~EOLFRVFRPSHWHQWHVSDUDUHV ODV&RPLVLRQHVGHOD1LxH]\
JXDUGDUHOGHUHFKRDODILOLDFLyQSRUSUH $GROHVFHQFLD
VXQFLyQ GH QLxRV QLxDV \ DGROHVFHQWHV
FRQORVDSHOOLGRVSDWHUQR\PDWHUQRGH (O&Ð',*2'(/1,f21,f$<$'2/(6
VXVSURJHQLWRUHV'HDFXHUGRDO$UWtFXOR &(17(FUHDHO&RQVHMR1DFLRQDOGHOD1LxH]
GHPHQFLRQDGR'6ODSUHVXQFLyQGH \$GROHVFHQFLDFRQIDFXOWDGHVSURSRVLWLYDV
OD ILOLDFLyQ VH KDUi YDOHU SRU LQGLFDFLyQ GH FRQVXOWD \ HYDOXDFLyQ GH ODV SROtWLFDV \
GHOSDGUHRGHODPDGUH4XLHQQLHJXHOD VHUYLFLRV LQWHJUDOHV SDUD OD QLxH] \ DGROHV
ILOLDFLyQDVXPLUiODFDUJDGHODSUXHED FHQFLDHQHOiPELWRQDFLRQDOFRQODVVLJXLHQ
WHVDWULEXFLRQHV
 'HFUHWR 6XSUHPR 1ž  GH  GH D 3URSRQHUHVWUDWHJLDV\SROtWLFDV
PD\RGH5HJXODODFDQFHODFLyQGH  S~EOLFDVQDFLRQDOHVGHDWHQFLyQDOD
SDUWLGDV GH QDFLPLHQWR PDWULPRQLR \ QLxH]\DGROHVFHQFLD


E 5HDOL]DUHOVHJXLPLHQWR\HYDOXDUHO J &XDWURUHSUHVHQWDQWHVGH
FXPSOLPLHQWRGHODVSROtWLFDVS~EOLFDV\ RUJDQL]DFLRQHVGHODVRFLHGDGFLYLOTXH
VHUYLFLRVQDFLRQDOHVGHDWHQFLyQ WHQJDQSHUVRQDOLGDGMXUtGLFD\WUDEDMHQ
F 3URSRQHUHOHVWDEOHFLPLHQWRGHSDUWLGDV HQHOiUHDGHODQLxH]\ODDGROHVFHQFLD
SUHVXSXHVWDUtDVSDUDODHMHFXFLyQGHODV VLQILQHVGHOXFUR
SROtWLFDVS~EOLFDVQDFLRQDOHVGLULJLGDVD
ODQLxH]\DGROHVFHQFLD $OJXQDVHVWUXFWXUDVGHO(VWDGRKDQFDPELD
G 3URSRQHUPHFDQLVPRVGHDVLVWHQFLD GRSHURVHFXHQWDQFRQODVLQVWDQFLDVTXHORV
WpFQLFD\ILQDQFLHUDSDUDODRUJDQL]DFLyQ VXVWLWX\HQODFRPSRVLFLyQGHO&RQVHMRHVWX
\IXQFLRQDPLHQWRGHVLVWHPDVGH YRRULHQWDGRDHVWDEOHFHUODSDUWLFLSDFLyQGHO
DWHQFLyQ *RELHUQR 1DFLRQDO HQ ORV GLIHUHQWHV WHPDV
H (ODERUDU\DSUREDUVXUHJODPHQWRGH TXH LQYROXFUDQ D OD QLxH] \ DGROHVFHQFLD D
IXQFLRQDPLHQWRLQWHUQR QLYHO 6XE 1DFLRQDO 'HSDUWDPHQWDO 0XQL
I &RQYRFDUDSHUVRQDVRLQVWLWXFLRQHV FLSDO (O LPSDFWR KD VLGR UHODWLYR \ HQ HVWH
TXHHVWpQUHODFLRQDGDVGLUHFWDPHQWH PRPHQWRFXPSOLHQGRORVSUHFHSWRV&RQVWL
FRQODSUHYHQFLyQDWHQFLyQRGHIHQVD WXFLRQDOHVGHSDUWLFLSDFLyQ\FRQWUROVRFLDO
GHODQLxH]\DGROHVFHQFLDSDUDHO $O SUHVHQWH HVWDPRV HQ SURFHVR GH FRQYR
DVHVRUDPLHQWRWpFQLFR FDWRULD D &RQVHMR SDUD HO DQiOLVLV FULWHULR
\ UHFRPHQGDFLRQHV VREUH 3ODQ 1DFLRQDO GH
2ULJLQDOPHQWH HO &RQVHMR HVWDED SUHVLGLGR 'HVDUUROOR,QWHJUDO&RPXQLWDULRGHOD,QIDQ
SRU HO 0LQLVWUR GH 'HVDUUROOR 6RVWHQLEOH \ FLDOD1LxH]\OD$GROHVFHQFLD 31',&,1$ 
3ODQLILFDFLyQHLQWHJUDGRSRU HVSHUDPRV TXH HVWH SURFHVR VHD VRVWHQLEOH
HVWUXFWXUDO\GHDOWDLQFLGHQFLDQRVRODPHQWH
D (O9LFHPLQLVWHULRGH$VXQWRVGH HQHOFXPSOLPLHQWRGHODVFRPSHWHQFLDVGHO
*pQHUR*HQHUDFLRQDOHV\)DPLOLDHQ *RELHUQR&HQWUDOVLQRWDPELpQHQORVQLYH
FDOLGDGGH6HFUHWDULR3HUPDQHQWH OHVVXEQDFLRQDOHVUHJLRQDOHVLQGtJHQDVGH
E 8QUHSUHVHQWDQWHGHO0LQLVWHULR SDUWDPHQWDOHV\PXQLFLSDOHVHQXQFRQWH[WR
 GH6DOXG DXWRQyPLFR\GHODSURSLDVRFLHGDGHVSHFLDO
F 8QUHSUHVHQWDQWHGHO0LQLVWHULRGH PHQWHHQODHVWUXFWXUDGHVXVUHGHVVRFLDOHV
(GXFDFLyQ SRSXODUHV\GHORVSURSLRVDFWRUHV
G 8QUHSUHVHQWDQWHGHO9LFHPLQLVWHULRGH
3UHYHQFLyQ6RFLDO (QORUHODWLYRDODV&RPLVLRQHVGHOD1LxH]
H 8QUHSUHVHQWDQWHGHOD,JOHVLD&DWyOLFD \ $GROHVFHQFLD HO SURSLR &yGLJR HVWDEOH
I 1XHYHUHSUHVHQWDQWHVGHOD&RPLVLyQ FH OD FUHDFLyQ GH OD &RPLVLyQ GH OD 1LxH]
GHOD1LxH]\$GROHVFHQFLDGHORV \$GROHVFHQFLD FRPR LQVWDQFLD GH FDUiFWHU
&RQVHMRV'HSDUWDPHQWDOHVGHO SURSRVLWLYD \ ILVFDOL]DGRUD GH ODV SROtWLFDV \
 3RGHU(MHFXWLYR VHUYLFLRVGHDWHQFLyQDODQLxH]\DGROHVFHQ


FLDGHOGHSDUWDPHQWRFRQODVVLJXLHQWHVDWUL /DPHQWDEOHPHQWHKHPRVWHQLGRSRFRVDYDQ
EXFLRQHV FHVHQODVFRQIRUPDFLRQHVGHHVWDVLQVWDQFLDV
D (ODERUDUHOSUHVXSXHVWRGHSDUWDPHQWDO TXHHVWiQDFDUJRGHODV3UHIHFWXUDV(O*R
SDUDODHMHFXFLyQGHODVSROtWLFDV\ ELHUQR1DFLRQDOMXQWRFRQHOSURFHVRGHGL
VLVWHPDVGHDWHQFLyQDODQLxH]\ QDPL]DFLyQGHO&RQVHMR1DFLRQDOGLDORJDUi
DGROHVFHQFLDGHOGHSDUWDPHQWR\ FRQ ORV *RELHUQRV 'HSDUWDPHQWDOHV SDUD
SUHVHQWDUORDO&RQVHMR'HSDUWDPHQWDO TXHVXFHGDORSURSLR\TXHDOPLVPRWLHPSR
SDUDVXDSUREDFLyQ VHIRUWDOH]FDFRQODSUHVHQFLDGHRUJDQL]DFLR
E 3URSRQHUODDWHQFLyQDODVGHPDQGDV\ QHV\PRYLPLHQWRVVRFLDOHV
SULRULGDGHVGHODQLxH]\DGROHVFHQFLD
GHODFDSLWDOSURYLQFLDV\FDQWRQHVGHO 6tUYDVHSURYHHU
GHSDUWDPHQWR LQIRUPDFLyQDFWXDOL]DGD
F $GHFXDUODVSROtWLFDVQDFLRQDOHVDODV VREUHHOVWDWXVGHOSODQ
QHFHVLGDGHVUHJLRQDOHV QDFLRQDOGHDFFLyQSDUDORV
G 3URSRQHUDO&RQVHMR'HSDUWDPHQWDO QLxRVVXUHODFLyQFRQHOSODQ
SROtWLFDV\HVWUDWHJLDVGHDWHQFLyQ QDFLRQDOGHGHVDUUROOR\ORV
\SUHYHQFLyQGHSDUWDPHQWDOHV\ UHFXUVRVSUHVXSXHVWDULRV
QDFLRQDOHVSDUDTXHVHDQHOHYDGDVDO GHVWLQDGRVSDUDVX
&RQVHMR1DFLRQDO LPSOHPHQWDFLyQ
H 5HDOL]DUHOPRQLWRUHRGHSROtWLFDV
SURJUDPDV\SUR\HFWRVGHDWHQFLyQGHO (ODFWXDOJRELHUQRDWUDYpVGHO9LFHPLQLVWH
GHSDUWDPHQWR ULRGH,JXDOGDGGH2SRUWXQLGDGHVVHHQFXHQ
I 3URPRYHUODFRRUGLQDFLyQFRQORV WUD HQ SURFHVR GH UHYLVLyQ GH OD SURSXHVWD
*RELHUQRV0XQLFLSDOHV\RWUDV GHO3ODQGH'HVDUUROOR,QWHJUDO&RPXQLWDULR
LQVWLWXFLRQHVS~EOLFDV\SULYDGDVGHO GH OD ,QIDQFLD 1LxH] \ $GROHVFHQFLD 
iUHDGHODQLxH]\ODDGROHVFHQFLDGHVX ²  HO PLVPR TXH UHVSRQGH D ORV SUR
MXULVGLFFLyQ FHVRVGHFDPELRLPSXOVDGRVSRUORVDFWRUHV
VRFLDOHVSULQFLSDOPHQWH3XHEORV,QGtJHQDV\
/D&RPLVLyQGHOD1LxH]\$GROHVFHQFLDHVWi 2ULJLQDULRV\0RYLPLHQWRV6RFLDOHV\HQHO
LQWHJUDGDSRU&RQVHMHURV'HSDUWDPHQWDOHV\ HQWHQGLGRGHTXHD~QVHHQFXHQWUDHQSURFH
UHSUHVHQWDQWHVGHODVRFLHGDGFLYLORUJDQL]D VRGHUHYLVLyQQRFXHQWDFRQXQSUHVXSXHVWR
GD TXH VHDQ GHOHJDGRV GH LQVWLWXFLRQHV FRQ DVLJQDGR
SHUVRQHUtD MXUtGLFD TXH HVWpQ UHODFLRQDGDV
GLUHFWDPHQWHFRQODVDFWLYLGDGHVGHSUHYHQ (O 3ODQ WLHQH SRU REMHWR JHQHUDU XQ PRYL
FLyQ DWHQFLyQ SURWHFFLyQ \ GHIHQVD GH OD PLHQWR TXH LPSOLTXH D LQVWDQFLDV HVWDWDOHV
QLxH]\DGROHVFHQFLDGHOGHSDUWDPHQWRFX\D \GHODVRFLHGDGTXHHQDOLDQ]DHVWUDWpJLFD
FRQIRUPDFLyQVHUiGHILQLGDSRUUHJODPHQWR LQFLGDQGHPDQHUDHVWUXFWXUDOHQODVLWXDFLyQ


GHODLQIDQFLDODQLxH]\ODDGROHVFHQFLDTXH 8QLYHUVDOSRUFXDQWRDEDUFDDWRGRVORVLQ
YLYHQ FRQGLFLRQHV GH YXOQHUDELOLGDG PDU IDQWHV QLxRV QLxDV \ DGROHVFHQWHV GHO SDtV
JLQDOLGDG\PD\RUH[SDQVLyQGHSREUH]D(O GHWRGDVODVFRQGLFLRQHVVRFLDOHVpWQLFDFXO
SODQHVGHYLWDOLPSRUWDQFLDSDUDHOSURFHVR WXUDOHVOLQJtVWLFDV\RWUDVIRUPDVGHGLYHU
GH FDPELR SDUD HO SDtV \ SDUD OD VRFLHGDG VLGDGSHURTXHSULYLOHJLD\RSWDSRUORVPiV
\DTXHLQFLGHVREUHFHUFDGHODPLWDGGHOD SREUHVGLVFULPLQDGRVPDUJLQDGRV\YXOQH
SREODFLyQ\HQHOELHQPD\RUGHOSDtV\VXV UDEOHV FRQ HO REMHWR GH HVWDEOHFHU HTXLGDG
DXWRQRPtDVQRVHSXHGHSHQVDUHOSUHVHQWH\ HVWUXFWXUDO
HOIXWXURVLQLQFLGLUGHPDQHUDVRVWHQLGDHQ
ORVLQIDQWHVQLxRVQLxDV\DGROHVFHQWHVFRQ (TXLWDWLYRHLJXDOLWDULRWLHQGHDJHQHUDU
HVWUDWHJLDVTXHSULYLOHJLHQODDXWRJHVWLyQ\OD FRQGLFLRQHVVRFLDOHVHFRQyPLFDVFXOWXUDOHV
FRJHVWLyQFRPRHVWUDWHJLDVGHFRQFXUUHQFLD WHUULWRULDOHV\SROtWLFDVVLPLODUHVSDUDWRGRV
\VRVWHQLELOLGDG$OVHUXQSODQFHQWUDGRHQ ORVDFWRUHVVRFLDOHVGHWDOPDQHUDTXHVHHVWD
ODJHQHUDFLyQGHVDUUROOR\SUR\HFFLyQGHDF EOH]FDQFRQGLFLRQHVGHHTXLGDGHVWUXFWXUDO
WLYRV\PHGLRVGHYLGDVHSODQWHDHVWUDWHJLDV SRUHOORVHSULRUL]DDORVDFWRUHVFRQPHQRV
TXH SULYLOHJLDQ OD SDUWLFLSDFLyQ \ OD DFFLyQ FRQGLFLRQHVSDUDJHQHUDUFRQGLFLRQHVLJXDOL
GLUHFWDGHORVDFWRUHVVRFLDOHVSUHFLVDPHQWH WDULDVSURDFWLYDV
HQHVWHSUHFHSWRUDGLFDVXSRWHQFLDOLGDG
,QWHJUDOTXHQRVHFRQFHQWUDQVRORHQXQD
9LVLyQ GLPHQVLyQVLQRHQHOFRQMXQWRGHGHWHUPL
QDQWHV\TXHDIURQWDQRVRORORVDVSHFWRVVX
(Q%ROLYLDORVSXHEORVLQGtJHQDV\RULJLQD SHUILFLDOHV\ODVPDQLIHVWDFLRQHVVLQRWDPELpQ
ULRVODVGLYHUVDVUHJLRQHV\0XQLFLSLRVJH ORVDVSHFWRVHVWUXFWXUDOHV/DLQWHJUDOLGDGHV
QHUDQ FRQGLFLRQHV GH YLGD EXHQD SDUD TXH HVWUDWpJLFD\DTXHHQGLVWLQWDVUHDOLGDGHVORV
ORVLQIDQWHVQLxRV\DGROHVFHQWHVGHVDUUROOHQ GHWHUPLQDQWHVQRVRQORVPLVPRVRQRHVWiQ
SOHQDPHQWHVXVFDSDFLGDGHVPRUDOHV\PDWH UHODFLRQDGRVGHODPLVPDPDQHUD
ULDOHV FRQYLUWLpQGRVH GH HVD PDQHUD HQ XQ
IDFWRUHVWUDWpJLFRGHOGHVDUUROORLQWHJUDOFR 7HUULWRULDO TXH FRQVLGHUD OR FRPXQLWDULR
PXQLWDULR HQ VXV GLVWLQWDV GLPHQVLRQHV GH DJUHJDFLyQ
\ WHUULWRULDOL]DFLyQ TXH HVWDEOHFH LQWHUYHQ
3ULQFLSLRV FLRQHVHQGLVWLQWDVOyJLFDVGHODV]RQDVWHUUL
WRULDOHVGHWDOPDQHUDTXHODDXWRQRPtDVH
&RPXQLWDULRPRGRGHVHU\GHYLGDFHQ FRQVWUX\DGHDFXHUGRDODVGLVWLQWDVGLPHQ
WUDGRHQODVROLGDULGDG\HOELHQFRP~QTXH VLRQHVWHUULWRULDOHV
HVWDEOHFHQ PRGHORV VRFLDOHV HFRQyPLFRV
FXOWXUDOHV\SROtWLFRVGHEDVHLQFOX\HQWH $XWRJHVWLRQDULR \ FRJHVWLRQDULR TXH
SULYLOHJLDODDFFLyQGLUHFWDGHORVDFWRUHV\DO


PLVPRWLHPSRODFRQFXUUHQFLDGHHVIXHU]RV ODGHILQLFLyQ\DSOLFDFLyQGHSROtWLFDV
HVWDWDOHVVRFLDOHV\FRPXQLWDULRVGHGLVWLQWD SODQHV\SURJUDPDV
HVFDOD K 'HGHVDUUROORGHODFUHDWLYLGDG
LQLFLDWLYD\PHQWDOLGDGWHFQROyJLFDGH
(VWUDWpJLFR \ GH LQFLGHQFLD UHDO TXH ORVLQIDQWHVQLxRVQLxDV\DGROHVFHQWHV
HVWDEOHFH IRUPDV GH LQWHUYHQFLyQ SODQLILFD
GD\PRQLWRUHDGDTXHSHUPLWHQUHVROYHUODV /D UHODFLyQ GHO 3ODQ GH 'HVDUUROOR ,QWHJUDO
SUREOHPiWLFDVGHPDQHUDHVWUXFWXUDO &RPXQLWDULRGHOD,QIDQFLD1LxH]\$GROHV
FHQFLD²FRQHO3ODQ1DFLRQDOGH
6RVWHQLEOH \ DXWRVXVWHQWDEOH TXH DO 'HVDUUROOR TXH FRQWHPSOD  SLODUHV IXQGD
LQVWDODU JHQHUDU \ IRUWDOHFHU FDSDFLGDGHV \ PHQWDOHV GHQRPLQDGRV %ROLYLD 'LJQD 3UR
DFWLYRVHVWDEOHFHHVWUDWHJLDVHVWUXFWXUDOHVGH GXFWLYD'HPRFUiWLFD\6REHUDQDSDUD9,9,5
VRVWHQLELOLGDG\DXWRVXVWHQWDELOLGDG %,(1HOPLVPRTXHKDVLGRLQVWLWXFLRQDOL]D
GRSRUHO'HFUHWR6XSUHPR1ƒ\TXH
3ROtWLFDV DSDUWLUGHODSURPXOJDFLyQGHOD&RQVWLWX
D &HQWUDGRHQORVLQIDQWHVSRUSUHVHQWDU FLyQ3ROtWLFDGHO(VWDGRVHGHQRPLQD3ODQGH
PD\RUHVFRQGLFLRQHVGHPD\RU 'HVDUUROOR(FRQyPLFR\6RFLDOHVWDEOHFHXQ
YXOQHUDELOLGDG QXHYRPRGHORGHGHVDUUROORVRFLDOFRPXQL
E 2ULHQWDGRDOGHVDUUROORGHFDSDFLGDGHV WDULRFRQVHFXHQWHFRQORVPRYLPLHQWRVTXH
\DFWLYRVLQGLYLGXDOHVIDPLOLDUHV\ JHQHUDQHOSURFHVRGHFDPELR\ODVRULHQWD
FRPXQLWDULRVLQWHJUDOHV\VRVWHQLEOHV FLRQHVGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR
F 'HLQFLGHQFLDHQHOIRUWDOHFLPLHQWRGH (VWH QXHYR SDUDGLJPD HVWi IRFDOL]DGR HQ HO
ODGLYHUVLGDGHVSHFLDOPHQWHHQHOSODQR 9,9,5%,(1TXHSRVLFLRQDXQHQIRTXHDOWHU
pWQLFRFXOWXUDO QDWLYRDORVHVWDEOHFLGRVHQHOSDtVDSDUWLUGH
G 'HLQFLGHQFLDHVWUXFWXUDOHQOD ODFRORQLD\HQHOPXQGRDSDUWLUGHODUHYR
HUUDGLFDFLyQGHODSREUH]DH[WUHPD OXFLyQLQGXVWULDOHVWHPRGHORDUWLFXODFXDWUR
LQGLJHQFLD  HVSDFLRVGHGHVDUUROORODHFRQRPtDODJHQWH
H 'HJHQHUDFLyQGHFRQGLFLRQHVSDUDOD ODSDUWLFLSDFLyQ GHPRFUDFLD \ODVUHODFLRQHV
VXSHUDFLyQGHODSREUH]DPRGHUDGD VREHUDQtD 
I 'HVRVWHQLELOLGDGGHODFRQGLFLyQGHQR
SREUH]DJHQHUDGRHVWUDWHJLDVSDUDTXH 8QD PDUFDGD UHODFLyQ HQWUH HO 3ODQ 1DFLR
ORVVHJPHQWRVXELFDGRVHQHO´XPEUDO QDO GH 'HVDUUROOR \ HO 3ODQ GH 'HVDUUROOR
GHSREUH]DµQRGHYHQJDQHQSREUH]D ,QWHJUDO&RPXQLWDULRGHOD,QIDQFLD1LxH]\
J 'HSURPRFLyQGHODFRQVXOWD\OD $GROHVFHQFLD²HVWiUHODFLRQDGR
SDUWLFLSDFLyQGLUHFWDGHORVDFWRUHV DOHQIRTXHJHQHUDOGHO3ODQ1DFLRQDOGH'H
LQIDQWHVQLxRVQLxDV\DGROHVFHQWHVHQ VDUUROOR´9,9,5%,(1µWDQWRFRPRFRQGLFLyQ


GHUHSURGXFFLyQVRFLDOGHPRGRGHVHU\GH WHFFLyQ GH OD QLxH] WUDEDMDGRUD SURWHFFLyQ
YLYLUFRPRVXVWHQWRGHYLGDGHHVWDVJHQHUD GHOPDOWUDWRYLROHQFLD\UHKDELOLWDFLyQ
FLRQHVTXHSUR\HFWDQHVWHHQIRTXHHQHOIX
WXURHVGHFLUODVRVWLHQHQHQHOODUJRSOD]R (O3ODQ1DFLRQDOSDUDOD,JXDOGDGGH2SRU
(OSDUDGLJPDGHO9LYLU%LHQHVSROLIDFpWLFRH WXQLGDGHVSXHVWRHQYLJHQFLDSRUHO'HFUHWR
LQFOXVLYRHVODH[SUHVLyQGHODVIRUPDVGHVHU 6XSUHPR 1ƒ HVWDEOHFH OD SROtWLFD GH
\GHYLYLUGHODVGLVWLQWDVFXOWXUDVLQGtJHQDV\ SURPRFLyQ SURWHFFLyQ \ GHVDUUROOR GH OD
QRLQGtJHQDV PXMHUHVWDEOHFLHQGRXQQXHYRHQIRTXHFRQ
VHLVHMHVGHLQWHUYHQFLyQGHVGHXQDSHUVSHF
(O9,9,5%,(1HVODEDVHGHXQPRGHORGH WLYDLQWHUVHFWRULDO
YLGDFRPXQLWDULRGRQGHSUHYDOHFHHOQRVR
WURVVREUHHO\RGRQGHVHSULYLOHJLDODFRP 6tUYDVHLQGLFDUVLVHKDQ
SOHPHQWDULHGDGODDUPRQtD\ODLQWHUGHSHQ DGRSWDGRPHGLGDVSDUD
GHQFLD GRQGH VH GHVDUUROOD ODV FRQGLFLRQHV HVWDEOHFHUXQ2PEXGVPDQ
PDWHULDOHV\DOPLVPRWLHPSRODVHVSLULWXD SDUDQLxRVRXQDVHFFLyQ
OHVGRQGHVHSULYLOHJLDODVUHODFLRQHVVRFLD RGLYLVLyQUHVSRQVDEOHGH
OHVODVUHGHVVRFLDOHV\ODVROLGDULGDGGRQGH ORVGHUHFKRVGHOQLxRHQOD
HOELHQFRP~QVHSULYLOHJLDVREUHHOELHQHVWDU RILFLQDGHO2PEXGVPDQ
SDUWLFXODU GRQGH OD SOHQLWXG HV XQD FRQGL
FLyQSHUPDQHQWH\H[SUHVDODVUHODFLRQHVHQ (V LPSRUWDQWH GHVWDFDU TXH /D 'HIHQVRUtD
WUHODVSHUVRQDV\HOPHGLRDPELHQWHQDWXUDO GHO3XHEORWLHQHFRPRSROtWLFDLQVWLWXFLRQDO
\FRQVWUXLGR XQDRSFLyQGHWUDEDMRSUHIHUHQFLDOGHDWHQ
FLyQ \ GHIHQVD GH ORV ''++ GH OD QLxH] \
7DPELpQVHFXHQWDFRQHO3ODQ1DFLRQDOGH DGROHVFHQFLDSRUHOORGHVDUUROODDFFLRQHVGH
$FFLyQ GH 'HUHFKRV +XPDQRV TXH IXH HOD VHJXLPLHQWR\H[LJLELOLGDGGHFXPSOLPLHQWR
ERUDGR SRU HO9LFHPLQLVWHULR GH -XVWLFLD \ GHODVQRUPDVGHSURWHFFLyQ\GHIHQVDGHORV
'HUHFKRV+XPDQRVFRQODSUHPLVDGHOFXP ''++GHODQLxH]\DGROHVFHQFLDHQLQVWDQ
SOLPLHQWR GH ORV 'HUHFKRV +XPDQRV HQ HO FLDVHVWDWDOHVSUHIHFWXUDV\JRELHUQRVPXQL
PDUFR GHO 3ODQ 1DFLRQDO GH 'HVDUUROOR HQ FLSDOHVDWUDYpVGHVXV5HSUHVHQWDFLRQHV
VX&DStWXORGH´'HUHFKRVGHORVJUXSRVHQ 'HIHQVRULDOHVTXHVHHQFXHQWUDQHQORVQXH
ULHVJRGHYXOQHUDELOLGDGµHVWDEOHFHORV´'H YHGHSDUWDPHQWRVGHOSDtVWDQWRHQODVFLXGD
UHFKRVGHODQLxH]\ODDGROHVFHQFLDµMXQWRD GHVFRPRHQHOiUHDUXUDO
RWURV JUXSRV YXOQHUDEOHV %iVLFDPHQWH HVWH
3ODQVHUHILHUHDODGLIXVLyQGHO&yGLJR1LxD /D 'HIHQVRUtD GHO 3XHEOR GHVGH VX LQLFLR
1LxR $GROHVFHQWH FRPSOHPHQWDFLyQ QRU FXHQWDFRQOD$GMXQWRUtDGH$FWXDFLRQHV8U
PDWLYDIRUWDOHFLPLHQWRGHGHIHQVRUtDVSUR JHQWHV\3URJUDPDV(VSHFLDOHVGHODFXDOHV


GHSHQGLHQWH HO 3URJUDPD 1DFLRQDO GH ORV WLHQHXQDYDQFHOHQWR\OLPLWDGRHQORUHOD
''++GH1LxH]\$GROHVFHQFLDTXHUHDOL]D WLYR D OD DSHUWXUD \ IXQFLRQDPLHQWR SRU OD
YLJLODQFLD\VHJXLPLHQWRDSROtWLFDVS~EOLFDV YLVLyQGHVDUUROOLVWDGHORV0XQLFLSLRVTXHHQ
HVWDWDOHV OD H[LJLELOLGDG DO FXPSOLPLHQWR PXFKRVFDVRVWLHQGHQDSULRUL]DQODVREUDVGH
GH OD QRUPDWLYD GH SURWHFFLyQ D OD QLxH] \ LQIUDHVWUXFWXUD
DGROHVFHQFLDLQYHVWLJDFLRQHVGHRILFLRVREUH
SUREOHPiWLFDV GH PD\RU SUHYDOHQFLD \ SUR $FWXDOPHQWHH[LVWHXQEDMRQLYHOGHLQVWLWX
SXHVWDQRUPDWLYDHQHOiPELWRGHODQLxH]\ FLRQDOLGDGGHODV'HIHQVRUtDV0XQLFLSDOHVGH
DGROHVFHQFLD OD1LxH]\$GROHVFHQFLDGHQWURGHO*RELHU
QR0XQLFLSDOTXHQRJDUDQWL]DODFDOLGDG\
/D'HIHQVRUtDGHO3XHEORFRQVLGHUDTXHPiV VRVWHQLELOLGDG GHO VHUYLFLR /DV FDSDFLGDGHV
TXHHVWDEOHFHUXQ'HIHQVRUGH1LxH]\$GR WpFQLFDV\GHJHVWLyQGHODV'HIHQVRUtDVVRQ
OHVFHQFLD HV QHFHVDULR IRUWDOHFHU ORV PHFD OLPLWDGDVHQODGHIHQVD\UHVWLWXFLyQGHGHUH
QLVPRV QDFLRQDOHV UHJLRQDOHV GHSDUWDPHQ FKRVDVtFRPRHQDFFLRQHVGHSURPRFLyQGH
WDOHV\ORFDOHVGHSURWHFFLyQVRFLDOGHVDUUR GHUHFKRV\SUHYHQFLyQGHULHVJRVRFLDO
OORLQWHJUDOFRPXQLWDULR\GHPHGLRVGHYLGD
6LQ HPEDUJR HV QHFHVDULR UHVDOWDU TXH ODV
6tUYDVHGHVFULELUHO 'HIHQVRUtDV VRQ LGHQWLILFDGDV SRU OD SREOD
LPSDFWRGHOWUDEDMRGHODV FLyQ FRPR XQ UHFXUVR DFFHVLEOH D QLYHO OR
'HIHQVRUtDVGHOD1LxH]\ FDO /D FRRUGLQDFLyQ LQWHULQVWLWXFLRQDO \ ODV
$GROHVFHQFLDDQLYHOORFDO DFFLRQHVGHFRQWUROVRFLDOVRQODVHVWUDWHJLDV
TXHHVWiQSHUPLWLHQGRODFRQVROLGDFLyQSUR
/D'HIHQVRUtDGHOD1LxH]\$GROHVFHQFLDHV JUHVLYDGHHVWHVHUYLFLR
XQ VHUYLFLR PXQLFLSDO JUDWXLWR FUHDGR SRU
GLVSRVLFLRQHVGHOD/H\GH3DUWLFLSDFLyQ3R &RQODFUHDFLyQ\IXQFLRQDPLHQWRGHODV'H
SXODU /H\1žGHGHDEULOGH  IHQVRUtDVGHOD1LxH]\$GROHVFHQFLDVHGLV
TXHDPSOtDODVFRPSHWHQFLDVPXQLFLSDOHVDOD SRQHGHXQHVSDFLRS~EOLFRQRVyORSDUDOD
GHIHQVD\SURWHFFLyQGHODQLxH]\DGROHVFHQ SUHVHQWDFLyQGHGHQXQFLDVVLQRSDUDODDWHQ
FLD(VWHVHUYLFLRGHVFRQFHQWUDVXVIXQFLRQHV FLyQHVSHFLDOL]DGDGHODVYtFWLPDVODSURPR
GHDFXHUGRFRQODGHQVLGDGSREODFLRQDOODV FLyQ VRVWHQLGD GH OD FXOWXUD GHO EXHQ WUDWR
XQLGDGHV WHUULWRULDOHV \ ODV SURSLDV FDUDFWH \HOPHMRUDPLHQWRGHODVUHODFLRQHVSDGUHV
UtVWLFDVGHFDGD0XQLFLSLR KLMRV

/DV UHFRPHQGDFLRQHV GHO &RPLWp VREUH HO (VLPSRUWDQWHGHQWURORVFDPELRVHVWUXFWX
HVWDEOHFLPLHQWRGH'HIHQVRUtDVHQWRGRVORV UDOHV HQORVTXHVHHQFXHQWUD%ROLYLDGHVD
PXQLFLSLRV SDUD OD SURWHFFLyQ GH ORV QLxRV UUROODU XQD QXHYD YLVLyQ LQVWLWXFLRQDO GH ODV


'HIHQVRUtDVGHPDQHUDTXHpVWDVVHDUWLFXOHQ GHUHFKRVGHODQLxH]\DGROHVFHQFLDSRUSDUWH
D SDUWLU GH PDQFRPXQLGDGHV UHJLRQDOHV HQ GH HVWD LQVWLWXFLyQ DVSHFWR TXH WLHQH OD YL
HOiUHDUXUDO\XQDFRRUGLQDFLyQJHQHUDOHQ VLyQGHVHUPHMRUDGDDSDUWLUGHOLQHDPLHQWRV
ODV FLXGDGHV WRPDQGR HQ FXHQWD ODV IRUPDV TXHVHSUR\HFWDILMDUDSDUWLUGHO9LFHPLQLVWH
GH SURWHFFLyQ SHUWLQHQWHV \ VRVWHQLEOHV GHO ULRGH,JXDOGDGGH2SRUWXQLGDGHV
HQWRUQR VRFLDO \ FXOWXUDO \D TXH HQ DOJX
QDPHGLGDVXHQIRTXHVLJXHVLHQGRXUEDQR 6tUYDQVHH[SOLFDUODV
\ UHVFDWD SRFR GH ODV FXOWXUDV LQGtJHQDV GH PHGLGDVDGRSWDGDVSDUD
SURWHFFLyQ VROXFLRQDUODVGLVSDULGDGHV
HQODGLVWULEXFLyQGHO
/D FUHDFLyQ FRQVLJXLHQWH IXQFLRQDPLHQWR SUHVXSXHVWR\GHOJDVWR
GHODV'HIHQVRUtDVGHOD1LxH]\$GROHVFHQ S~EOLFRHFRQyPLFRVRFLDO
FLDHQWRGRHOWHUULWRULR%ROLYLDQRKDWHQLGR HQWUHODVSURYLQFLDV
XQLPSDFWRGHVXPDLPSRUWDQFLD(VDVtTXH \ODV]RQDVXUEDQDV\
DFWXDOPHQWHVHFXHQWDFRQ'HIHQVRUtDV UXUDOHVIRFDOL]iQGRVH
0XQLFLSDOHVIXQFLRQDQGRDQLYHOQDFLR SULQFLSDOPHQWHHQORV
QDO/DLPSRUWDQFLDGHHVWHVHUYLFLRSDUWLFX GHUHFKRV\QHFHVLGDGHVGH
ODUPHQWH SDUD OD QLxH] \ DGROHVFHQFLD WLHQH ODVFRPXQLGDGHVFDPSHVLQDV
TXHYHUFRQODYLJHQFLDDWHQFLyQSURWHFFLyQ HLQGtJHQDVODVIDPLOLDV\ORV
\GHIHQVDGHVXVGHUHFKRVQRVyORHQODV]R QLxRVHVSHFLDOPHQWHSDUDOD
QDVXUEDQDVVLQRSULQFLSDOPHQWHHQODV]RQDV QLxH]DGROHVFHQFLDJUXSRV
UXUDOHV+R\HQGtDDSHVDUGHDVSHFWRVQHJD LQGtJHQDV
WLYRVGHODV'HIHQVRUtDVVHWLHQHODVHJXULGDG
TXHKDEUiXQDLQVWDQFLDHQFDGDPXQLFLSLRGH (Q SURPHGLR HO JDVWR VRFLDO SDUD OD LQIDQ
%ROLYLD TXH WLHQH OD IXQFLyQ GH DVLVWLU SUR FLD QLxH] \ DGROHVFHQFLD GH ORV PXQLFLSLRV
WHJHU\GHIHQGHUORVGHUHFKRVGHODQLxH]\ KDDXPHQWDGRGHPDQHUDLPSRUWDQWHHQORV
DGROHVFHQFLD ~OWLPRVDxRVGH%VSHUFiSLWDHQD
%VSHUFiSLWDHQ6LELHQODPD\R
(PSHURFRQHOORQRVHSXHGHGHMDUGHODGR UtDGHORVPXQLFLSLRVLQFUHPHQWDURQHOJDVWR
TXHHQFXDQWRDVXLPSOHPHQWDFLyQVXIXQ S~EOLFRVRFLDOGHVWLQDGRDHVWDSREODFLyQOD
FLRQDPLHQWR VX VRVWHQLELOLGDG WpFQLFD \ GH YDULDELOLGDGHQHOQLYHOGHJDVWRVHQWUHPXQL
HVWUXFWXUD VH KDQ WURSH]DGR FRQ GLYHUVRV FLSLRVWDPELpQDXPHQWyVLJQLILFDWLYDPHQWH
SUREOHPDVTXHYLHQHQGHVGHFXHVWLRQHVSR
OtWLFDV FRPR WDPELpQ SUHVXSXHVWDULDV D PiV 'DGRTXHODLQIRUPDFLyQGLVSRQLEOHVHUHILH
GHODVFXHVWLRQHVUHODWLYDVDODFDOLGDGGHSHU UHDODHMHFXFLyQPXQLFLSDOPHGLGDVQDFLR
VRQDOGHDWHQFLyQ\GHSUHVHUYDFLyQGHORV QDOHV LPSOHPHQWDGDV D SDUWLU GHO DxR 


FRPR ORV QXHYRV SURJUDPDV GH WUDQVIHUHQ HO Q~PHUR GH QLxRV EHQHILFLDULRV VH LQFUH
FLDV FRQGLFLRQDGDV ´%RQR -XDQFLWR 3LQWRµ \ PHQWy GH  QLxRV HQ HO DxR 
´%RQR -XDQD $]XUGX\µ GLULJLGRV HQ SDUWL DQLxRVHQHODxRGHELGRD
FXODU D ODV PDGUHV \ QLxRV LQFUHPHQWDUiQ TXHVHLQLFLyFRQXQDFREHUWXUDGHžDžGH
VLJQLILFDWLYDPHQWHORVQLYHOHVGHJDVWRVRFLDO SULPDULD\VHDPSOLyDžGHSULPDULDHODxR
SDUDODQLxH]\FRDG\XYDUiQDUHGXFLUODVGLV 
SDULGDGHVHQODGLVWULEXFLyQGHOJDVWRS~EOLFR 
VRFLDOHQWUHPXQLFLSLRV %RQR-XDQD$]XUGX\'LULJLGRDPXMHUHV
\QLxRVTXHQRVHEHQHILFLDQGHODVHJXULGDG
$FWXDOPHQWHOD8QLGDGGH$QiOLVLVGH3ROtWL VRFLDO GH FRUWR SOD]R (VWH SURJUDPD WLHQH
FDV6RFLDOHV\(FRQyPLFDVHVWiWUDEDMDQGROD FRPR REMHWLYR KDFHU HIHFWLYRV ORV GHUHFKRV
LQIRUPDFLyQ GH JDVWR S~EOLFR VRFLDO \ JDVWR IXQGDPHQWDOHV GH DFFHVR D OD VDOXG LQWHJUDO
S~EOLFR VRFLDO SDUD OD QLxH] \ DGROHVFHQFLD SDUD GLVPLQXLU ORV QLYHOHV GH PRUWDOLGDG
SDUDHOSHULRGRDQLYHOQDFLRQDO PDWHUQDHLQIDQWLO\ODGHVQXWULFLyQFUyQLFD
GHSDUWDPHQWDO\PXQLFLSDO GH ORV QLxRV \ QLxDV PHQRUHV GH GRV DxRV
3DUDHOORHOSURJUDPDVHEDVDHQXQHVTXH
$OJXQDV PHGLGDV SDUD PHMRUDU OD GLVWULEX PD GH LQFHQWLYR D OD GHPDQGD GH VHUYLFLRV
FLyQGHOJDVWRS~EOLFRVRFLDOSDUDODQLxH]\ GH VDOXG \ QXWULFLyQ D WUDYpV GH WUDQVIH
DGROHVFHQFLD UHQFLDV HQ HIHFWLYR HTXLYDOHQWHV D XQ PRQ
WR GH %V  GXUDQWH XQ SHULRGR GH 
,PSOHPHQWDFLyQGHSROtWLFDVSURJUD PHVHV \ FRQGLFLRQDGDV DO FXPSOLPLHQWR GH
PDV QDFLRQDOHV (QWUH ORV SURJUDPDV QD XQ FRQMXQWR GH FRUUHVSRQVDELOLGDGHV (VWDV
FLRQDOHVTXHHVWiQGLULJLGRVDWRGRVORVEHQH WUDQVIHUHQFLDVEXVFDQHOLPLQDUODVGLVSDULGD
ILFLDULRVSRULJXDOSHURFRQpQIDVLVHQSREOD GHVGHORVEHQHILFLRVTXHUHFLEHQODVPXMHUHV
FLRQHVYXOQHUDEOHV\GHVSURWHJLGDVGHVWDFDQ HQ]RQDVXUEDQDVTXHDFFHGHQDODVHJXULGDG
ODVVLJXLHQWHVSROtWLFDVODVPLVPDVTXHWLHQHQ VRFLDOGHFRUWRSOD]R\ODVPXMHUHVHQ]RQDV
HQWUH VXV REMHWLYRV GLVPLQXLU EUHFKDV HQWUH UXUDOHVR]RQDVXUEDQDVSHURTXHQRDFFHGHQ
]RQDVXUEDQDV\UXUDOHV D OD VHJXULGDG VRFLDO (O SULPHU DxR GH LP
SOHPHQWDFLyQ  HOSURJUDPDSUHWHQGH
%RQR -XDQFLWR 3LQWR 'LULJLGR D WRGRV EHQHILFLDUDPLOPXMHUHVHPEDUD]DGDV\
ORVHVWXGLDQWHVGHOFLFORSULPDULRGHHVFXH PLOQLxRVPHQRUHVGHXQDxR8QDYH]
ODVS~EOLFDV(VWHSURJUDPDWLHQHFRPRRE FRQFOXLGD OD IDVH GH LPSOHPHQWDFLyQ QDFLR
MHWLYRLQFHQWLYDUODPDWUtFXODSHUPDQHQFLD\ QDOHOSURJUDPDEHQHILFLDUiDFHUFDGH
FXOPLQDFLyQGHQLxRV\QLxDVHQODHVFXHODD PLO PXMHUHV HPEDUD]DGDV \  PLO QLxRV
WUDYpVGHXQLQFHQWLYRHFRQyPLFRGH%V PHQRUHVGHGRVDxRV
DQXDOHV /RV GDWRV HVWDGtVWLFRV LQGLFDQ TXH


3URJUDPD 1DFLRQDO GH $WHQFLyQ D $KRUDELHQHQWUHORVUHTXLVLWRVHVWDEOHFLGRV
1LxRV \ 1LxDV PHQRUHV GH VHLV DxRV DSDUWLUGHO$UWtFXORDOGHO&yGLJRGH
3$1 (O3$1HVXQSURJUDPDLQWHJUDOGL )DPLOLD HV SUHFLVDPHQWH HQ HO$UWtFXOR 
ULJLGRDQLxRVGHDDxRVGHHGDGFX\RRE TXHVHUHILHUHDODHGDGPtQLPDSDUDFRQWUDHU
MHWLYRHVFRPEDWLUODLQVHJXULGDGDOLPHQWDULD PDWULPRQLR HVSHFLILFDQGR ´(O YDUyQ DQWHV
\DSR\DUHOGHVDUUROORGHOFDSLWDOKXPDQRGH GH ORV GLHFLVpLV DxRV FXPSOLGRV \ OD PXMHU
QLxRV\QLxDVDWUDYpVGHOIRPHQWRGHVHUYL DQWHVGHORVFDWRUFHDxRVFXPSOLGRV1RSXH
FLRVGHHGXFDFLyQVDOXG\QXWULFLyQ GHQFRQWUDHUPDWULPRQLRµ

3URJUDPD'HVQXWULFLyQ&HUR)RFDOL]D 'HORDQWHULRUVHGHGXFHTXHQXHVWUDQRU
GRHQPXQLFLSLRVFRQDOWDYXOQHUDELOLGDG PDWLYLGDGIDPLOLDU%ROLYLDQDHQORTXHUHODWL
DODLQVHJXULGDGDOLPHQWDULD\SUHGRPLQDQWH YRDODHGDGPtQLPDSDUDFRQWUDHUPDWULPR
PHQWHUXUDOHV(OREMHWLYRGHHVWHSURJUDPD QLRHVFODUD\FRQFUHWDDxRVFXPSOLGRV
HVFRQWULEXLUDODHUUDGLFDFLyQGHODGHVQXWUL SDUD ODV PXMHUHV \  DxRV FXPSOLGRV SDUD
FLyQHQQLxRV\QLxDVPXMHUHVHPEDUD]DGDV\ ORV YDURQHV &RQVLJXLHQWHPHQWH DQWHV GH
HQSHULRGRGHODFWDQFLDDWUDYpVGHODPHMRUD HVDVHGDGHVQRVHSXHGHFRQWUDHUPDWULPR
HQVXDOLPHQWDFLyQ\FXLGDGRLQWHJUDO QLRFLYLO$H[FHSFLyQGHTXHVHDHO-XH]HQ
PDWHULDIDPLOLDU TXLHQSUHYLRHODQiOLVLV GHO
6tUYDQVHLQGLFDUVLOD FDVRFRQSOHQDSUXHEDSXHGDFRQFHGHUGLV
HGDGPtQLPDSDUDFRQWUDHU SHQVD8QHMHPSORFODURSDUDODGLVSHQVDHV
PDWULPRQLRFRQWLQ~DVLHQGR HQFDVRGHHPEDUD]R
DxRVSDUDODVQLxDV\
DxRVSDUDORVQLxRVDVLPLVPR $KRUDELHQUHVSHFWRDVLVHKDWRPDGRDOJXQD
VtUYDQVHLQGLFDUVLVHKDQ PHGLGDSDUDHOHYDUHVDVHGDGHVFDEHUHIHULU
DGRSWDGRPHGLGDVSDUD DOUHVSHFWRTXHODUHDOLGDGEROLYLDQDHVGLIH
HOHYDUHVDVHGDGHV UHQWH \ GLYHUVD ODV DXWRULGDGHV HMHFXWLYDV
MXGLFLDOHV\RDGPLQLVWUDWLYDVQRSXHGHQFH
&RQIRUPH OR GLVSXHVWR SRU HO$UWtFXOR  UUDUORVRMRVDXQDUHDOLGDGTXHVHSUHVHQWDHQ
GHO &yGLJR GH )DPLOLD %ROLYLDQR ´/D /H\ HOWHUULWRULREROLYLDQR$OFRQWUDULRODODERU
VyORUHFRQRFHHOPDWULPRQLRFLYLOTXHGHEH HVHQFLDOGHO(VWDGRVLQGHMDUGHODGRRWUDVD
FHOHEUDUVH FRQ ORV UHTXLVLWRV \ IRUPDOLGD IDYRUGHODDGROHVFHQFLDHQHGDGUHSURGXFWL
GHVSUHVFULWRVHQHOSUHVHQWHWtWXORµ(QHVH YDHVSURWHJHUODVXQLRQHVHQWUHYDUyQ\PX
HQWHQGLGR WRGR PDWULPRQLR SDUD VX YDOLGH] MHU TXH WHQJDQ SRU ILQDOLGDG FRQVWLWXLU XQD
GHEHVHUFRQIRUPDGRVHJ~QODQRUPDWLYLGDG IDPLOLDHVWDEOH8QDIRUPDGHSURWHFFLyQHQ
YLJHQWHFDVRFRQWUDULRHVVXVFHSWLEOHGHQX HVWHiPELWRHVWiGDGDDWUDYpVGHODYDOLGH]
OLGDG R DQXODELOLGDG TXH WDPELpQ GHEH VHU OHJDO GH ODV XQLRQHV HQWUH DGROHVFHQWHV QR
WUDWDGDGHDFXHUGRD/H\ VyOR D SDUWLU GHO PDWULPRQLR VLQR WDPELpQ


DSDUWLUGHOUHFRQRFLPLHQWRGHORVHIHFWRVGH DGROHVFHQFLDDOPLVPRWLHPSRVHWUDEDMDODV
ODVXQLRQHVOLEUHVGHKHFKR SROtWLFDVSDUDQLxRVQLxDV\DGROHVFHQWHV

/DILMDFLyQGHODHGDGPtQLPDSDUDFRQWUDHU /DVOtQHDVGHLQWHUYHQFLyQGHO3URJUDPDVRQ
PDWULPRQLR GH  DxRV SDUD ODV PXMHUHV \
DxRVSDUDORVYDURQHVUHVSRQGHSUHFLVD ‡ )RUPDFLyQFDSDFLWDFLyQ\
PHQWHDODUHDOLGDGGHO(VWDGREROLYLDQRSRU DFWXDOL]DFLyQGHIDPLOLDV\
FXDQWRODV$XWRULGDGHVQRSXHGHQVHUDMHQDV FRPXQLGDGHVFULDGRUDVGHLQIDQWHV

(032'(5$0,(172'(/$)$0,/,$
DODUHDOLGDGGLYHUVDWDQWRHQORVRFLDOFRPR QLxRV\DGROHVFHQWHV
‡ 0RQLWRUHRFRPXQLWDULRGHO
HQORFXOWXUDO/HJDOL]DUHOPDWULPRQLRDSDU

<'(/$&2081,'$'
GHVDUUROORLQWHJUDOFRPXQLWDULRGH
WLU GH HVDV HGDGHV KD WHQLGR XQD ILQDOLGDG
LQIDQWHVQLxRV\DGROHVFHQWHV
ODPLVPDSXHGHWUDGXFLUVHHQFXLGDUTXHORV
352*5$0$ ‡ ,QLFLDWLYDVFRPXQLWDULDVSRUODQLxH]
DGROHVFHQWHV WDQWR YDUyQ FRPR PXMHU TXH ‡ ,QLFLDWLYDVFRPXQLWDULDVSRUOD
SRU GLVWLQWDV UD]RQHV GHVHHQ XQLU VXV YLGDV DGROHVFHQFLD
FRQVLJXLHQWHPHQWH FRQIRUPDU XQD IDPLOLD ‡ ,QLFLDWLYDVGHQLxRV\DGROHVFHQWHV
QRTXHGHQDOERUGHGHODOH\ SRUHOGHVDUUROOR
‡ )RUPDFLyQFRPSOHPHQWDULDSDUD
6tUYDVHLQGLFDUVLVHKDQ QLxRV\DGROHVFHQWHV
DGRSWDGRPHGLGDVGHVWLQDGDV ‡ $OLDQ]DDXWRQyPLFDLQGtJHQD
DOGHVDUUROORHQODLQIDQFLD PXQLFLSDOUHJLRQDOGHSDUWDPHQWDO
WHPSUDQD SRUODQLxH]\DGROHVFHQFLD

(O3ODQGH'HVDUUROOR,QWHJUDO&RPX (QHODVSHFWRHGXFDWLYR
QLWDULRGHOD,QIDQFLD1LxH]\$GROHV
FHQFLD²FRQWHPSODXQDHVWUXF 6H FXHQWD FRQ HO QXHYR 'LVHxR &XUULFXODU
WXUD SURJUDPiWLFD TXH FRPSUHQGH FXDWUR GHVWLQDGR D OD HGXFDFLyQ LQLFLDO HODERUDGD
SURJUDPDVHQWUHORVFXDOHVVHHVWDEOHFHQD  SRU HO 0LQLVWHULR GH (GXFDFLyQ HO PLVPR
,QIDQFLDSDUDHOFDPELRHOPLVPRUHVSRQGH TXH FRQVWLWX\H OD EDVH IXQGDPHQWDO GHO 6LV
D OD SULRUL]DFLyQ GH ODV SHUVRQDV PHQRUHV WHPD(GXFDWLYR3OXULQDFLRQDO/DHVWUXFWXUD
GHVHLVDxRVTXHYLYHQFRQPD\RUGXUH]DOD GHHVWHQLYHOFRPSUHQGHGRVHWDSDV/D3UL
SREUH]D\ODYXOQHUDELOLGDG\TXHDOPLVPR PHUD(GXFDFLyQHQ)DPLOLDTXHFRPSUHQGH
WLHPSR HV HO VHJPHQWRGRQGHHO FDSLWDO VR OD DWHQFLyQ GH QLxRV GH  D  DxRV GH HGDG
FLDO IRUPD VX SRWHQFLDO E  (PSRGHUDPLHQ QR HVFRODUL]DGD  \ OD 6HJXQGD (GXFDFLyQ
WRGHODIDPLOLD\ODFRPXQLGDGHVWH~OWLPR HQ )DPLOLD &RPXQLWDULD FRPSUHQGLHQGR
RULHQWDGRDODFRQVROLGDFLyQGHODIDPLOLD\OD ODDWHQFLyQGHQLxRVGH\DxRVGHHGDG
FRPXQLGDGSDUDVXLQFLGHQFLDHQODVSROtWLFDV HVFRODUL]DGD (VWHSURFHVRUHVSRQGHDO'L
S~EOLFDV D IDYRU GH OD LQIDQFLD OD QLxH] \ OD VHxR&XUULFXODU%DVHGHO6LVWHPD(GXFDWLYR


3OXULQDFLRQDOHODERUDGRFRQODSDUWLFLSDFLyQ WtPXORV SVLFRDIHFWLYRV SDUD VX GHVDUUROOR
GHPDHVWUDV\PDHVWURV UXUDOHVXUEDQRV VD HTXLOLEUDGR
ELRVLQGtJHQDVRULJLQDULRVSURIHVLRQDOHVDFD
GpPLFRVGHGLIHUHQWHVGLVFLSOLQDV\WpFQLFRV /DFRPXQLGDGFRQVXVFRPSRQHQWHVQDWXUDO
GHO0LQLVWHULRGH(GXFDFLyQ \VRFLDOUHVXOWDVHUHOJUDQKRJDUGRQGHILQDO
PHQWHVHWHUPLQDGHFRQVROLGDUODSHUVRQD
/DV iUHDV HVWDEOHFLGDV GHQWUR OD QXHYD FX OLGDGGHOQLxRGHWHUPLQDQGRVXVYLVLRQHV\
UULFXOD SDUD OD SULPHUD HWDSD FRQWHPSODQ YDORUHVFXOWXUDOHVFRPRHOWLSRGHPXMHUHV\
'HVDUUROOR FRJQLWLYR 'HVDUUROOR DIHFWLYR KRPEUHVTXHVHSUHWHQGHIRUPDUDWUDYpVGH
'HVDUUROORGHOOHQJXDMH6DOXG1XWULFLyQ\ ODIDPLOLD\GHODVLQVWLWXFLRQHVHGXFDWLYDV/D
0DWHPiWLFD\HQODVHJXQGDHWDSDORV3OD QXHYDFXUULFXODGHILQHDODViUHDVGH'HVD
QHV\3URJUDPDVFRPSUHQGHQODVVLJXLHQWHV UUROORVRFLRDIHFWLYRUHIHULGDVDODVEDVHV
iUHDV (VSLULWXDOLGDG \ YDORUHV /HQJXDMH \ GHODIRUPDFLyQGHSDXWDVGHFRQYLYHQFLD\
&RPXQLFDFLyQ (GXFDFLyQ $UWtVWLFD (GX GHLQWHUDFFLyQJUXSDO\FRPXQLWDULDIDYRUH
FDFLyQ )tVLFD$PELHQWH 1DWXUDO \ 6RFLDO \ FLHQGRHOORJURGHODLGHQWLGDG\ODLQGHSHQ
0DWHPiWLFDRUJDQL]DGRVSRUVHPHVWUHVFRQ GHQFLDHVWLPXODQGRHOFRPSRUWDPLHQWRVR
HYDOXDFLRQHVELPHVWUDOHVLQWHUQDVRULHQWDGDV FLDODWUDYpVGHOHVWDEOHFLPLHQWRGHYtQFXORV
DODDWHQFLyQLQWHJUDOGHODVQLxDV\QLxRVGH DIHFWLYRVTXHKDFHQUHIHUHQFLDDORVSURFHVRV
VDUUROODQGRHOSHQVDPLHQWRODFRQVROLGDFLyQ GH LQWHUDFFLyQ \ FRPXQLFDFLyQ TXH VH GDQ
GH OD FRPXQLFDFLyQ OD DFWLYLGDG PRWUL] OD HQWUHODVSHUVRQDVFRQTXLHQHVODVQLxDV\ORV
DIHFWLYLGDGHOGHVDUUROORGHODHVSLULWXDOLGDG QLxRVVHUHODFLRQDQHLQIOX\HQPXWXDPHQWH
\YDORUHVODH[SUHVLyQGHDSWLWXGHVDFWLWXGHV 'HVDUUROORGHOOHQJXDMHTXHVHFDUDFWH
\KDELOLGDGHVDUWtVWLFDVODLQWHUDFFLyQVRFLDO UL]D SRU OD DGTXLVLFLyQ GH OD OHQJXD PDWHU
SURPRYLHQGRODUHFLSURFLGDGFRPSOHPHQWD QDEDVHIXQGDPHQWDOSDUDODDVLPLODFLyQGH
ULHGDG\DXWRQRPtDSHUVRQDOHQLQWHUUHODFLyQ OD H[SHULHQFLD DFXPXODGD7LHQH VX DQWHFH
FRQODIDPLOLDODFRPXQLGDG\ODVRFLHGDG GHQWHHQODVSULPHUDVUHDFFLRQHVODVTXHVRQ
SURSRUFLRQDGDV D WUDYpV GHO SURFHVR FRPX
/DLPSRUWDQFLDGHODHWDSDGHODLQIDQFLDVH QLFDWLYRHPRFLRQDOSRUHODGXOWRTXHORHV
FHQWUD HQ TXH HO HQWRUQR LQPHGLDWR GH ODV WLPXODPHGLDQWHHOFRQWDFWRFRQORVREMHWRV
QLxDV \ QLxRV HV OD IDPLOLD GH HVH HQWRUQR \ODHPLVLyQGHORVVRQLGRVYHUEDOHV(OOHQ
UHFLEH ODV SULPHUDV LQIOXHQFLDV IXQGDPHQ JXDMH SHUPLWH OD H[SUHVLyQ GH QHFHVLGDGHV
WDOPHQWHDWUDYpVGHODPDGUHGHTXLHQQR DIHFWRV UHFKD]RV \ SHQVDPLHQWRV PHGLDQWH
VyORUHFLEHQKHUHQFLDJHQpWLFDVLQRWDPELpQ OD XWLOL]DFLyQ GH VRQLGRV \ JHVWRV OD FRPX
HODOLPHQWRQXWULFLRQDO\DIHFWLYRQHFHVDULRV QLFDFLyQ GHEH FRLQFLGLU FRQ HO VLVWHPD GH
SDUD VX FUHFLPLHQWR \ GHVDUUROOR VDOXGDEOH OHQJXDMHHPSOHDGRSRUVXQ~FOHRIDPLOLDU\
'HQWUR GH OD IDPLOLD EDMR OD SURWHFFLyQ GH FRPXQLGDG'HVDUUROORVHQVRULRPRWUL]
ORV SDGUHV \ KHUPDQRV HQFXHQWUDQ ORV HV TXHVHFDUDFWHUL]DSRUODUHDOL]DFLyQVLVWHPi


WLFDGHDFFLRQHVFRQREMHWRVHVWLPXODGDVSRU 'HVDUUROORGHOOHQJXDMH
HO DGXOWR HQ IXQFLyQ GHO PRYLPLHQWR KDFLD
XQPD\RUFRQWUROGHOPLVPR/DVKDELOLGDGHV 3URPRYHUHQODVQLxDV\QLxRVHOGHVDUUROOR
PRWULFHVJUXHVDVDEDUFDQODFRRUGLQDFLyQGHO GHO OHQJXDMH \ HO XVR GH VX OHQJXD PDWHUQD
FXHUSRHOHTXLOLEULRGLQiPLFR\HOWRQRSRV / FRPRPHGLRGHH[SUHVLyQDSUHQGL]DMH
WXUDOTXHVRQSDUWHGHODPRWULFLGDGJUXHVD FRPXQLFDFLyQ \ YtD GH DSURSLDFLyQ \ YDOR
/DVKDELOLGDGHVPRWULFHVILQDVDEDUFDQODFR UDFLyQGHORVHOHPHQWRVGHODFXOWXUDGHVX
RUGLQDFLyQ RMRPDQR DFWLYLGDGHV PDQXDOHV FRPXQLGDGSDUDIDFLOLWDUVXLQWHUDFFLyQVRFLDO
\ HO JUDILVPR TXH VRQ SDUWH GH OD PRWULFL FRQORVTXHOHURGHDQ
GDGILQD6DOXG\QXWULFLyQFDUDFWHUL]DGD
FRQ XQD GLHWD QRUPDO VXILFLHQWH FRPSOHWD 'HVDUUROORVHQVRULRPRWUL]
HTXLOLEUDGDDGHFXDGD\YDULDGD$GHPiVGH
JDUDQWL]DUOHVORVQXWULHQWHVHVHQFLDOHVGHVGH (VWLPXODU HQ ODV QLxDV \ QLxRV HO GHVDUUROOR
HGDGHVWHPSUDQDVVHGHEHSUHVWDUDWHQFLyQ VHQVRULRPRWUL]HVWDEOHFLHQGRXQWRQRSRV
FRQUHODFLyQDODIRUPDHQTXHVHOHVRIUHFHQ WXUDO \ UHDFFLRQHV GH HTXLOLEULR DGHFXDGDV
ORVDOLPHQWRVDVtFRPRODFDQWLGDG\YDULH TXHSHUPLWDQXQEXHQFRQRFLPLHQWR\FRQ
GDGGHHVWRV$VLPLVPRODSDUWLFLSDFLyQGH WUROGHVXFXHUSRXELFiQGRVHHQHOHVSDFLR
QLxDV \ QLxRV HQ VX DOLPHQWDFLyQ GHEH VHU \HO WLHPSR SDUD UHODFLRQDUVHFRQHO PHGLR
FDGDYH]PiVDFWLYD TXH OR URGHD \ YDORUL]DQGR PHFDQLVPRV GH
H[SUHVLyQ SDUD FRPXQLFDU SHQVDPLHQWRV
2EMHWLYRVGHiUHDV HPRFLRQHVVHQWLPLHQWRV\IDQWDVtDV

6RFLRDIHFWLYD 6DOXG\QXWULFLyQ

'HVDUUROODUHQODVQLxDV\QLxRVVHQWLPLHQWRV 3URSLFLDPRV XQ EXHQ HVWDGR QXWULFLRQDO HQ
GHDIHFWR\DFWLWXGHVSRVLWLYDVTXHOHSHUPL OD PDGUH JHVWDQWH \ SURPRYHPRV DFWLWXGHV
WDQFRQRFHUVH\H[SUHVDUVXVLGHDV\HPRFLR \SUiFWLFDVTXHPDQWHQJDQHQODVQLxDV\QL
QHVGHPDQHUDHVSRQWiQHDKDFLDVtPLVPR\ xRV GH  D  DxR XQ EXHQ HVWDGR GH VDOXG
ORV GHPiV VHUHV GH VX HQWRUQR FRPXQLWDULR FRQRFLHQGRODKLJLHQHORVFXLGDGRVQHFHVD
SDUDIDFLOLWDUVXVUHODFLRQHVVRFLDOHV ULRVSDUDDOFDQ]DUXQFUHFLPLHQWR\GHVDUUR
OOR DFRUGHV D VX HGDG UHFRQRFLHQGR OD LP
3URPRYHU OD LQWHUUHODFLyQ SURJUHVLYD FRQ SRUWDQFLD TXH HOOR LPSOLFD HQ VX GHVDUUROOR
RWUDV QLxDV QLxRV \ DGXOWRV DSUHQGLHQGR D LQWHJUDO \ VX UHSHUFXVLyQ HQ OD IDPLOLD \ OD
FRPXQLFDUVH UHVSHWDU MXJDU FRPSDUWLU \ FRPXQLGDG
WRPDUUHVSRQVDELOLGDGHVMXQWRDHOORVSDUDOD
YLQFXODFLyQDIHFWLYDFRQHOHQWRUQRIDPLOLDU
\FRPXQLWDULR


'HVDUUROORFRJQLWLYR ‡ 0HMRUDUORVKiELWRVGHDOLPHQWDFLyQ
\FXLGDGRGHODVDOXGGHQLxRV\QLxDV
)RUWDOHFHPRVHQODVQLxDV\QLxRVHOGHVDUUR PHQRUHVGHFLQFRDxRV\PXMHUHV
OOR GH ORV SURFHVRV FRJQLWLYRV SHUFHSFLyQ HPEDUD]DGDV
DWHQFLyQPHPRULDUD]RQDPLHQWRLPDJLQD ‡ &RQWULEXLUDPHMRUDUODVFRQGLFLRQHV
FLyQ PHGLDQWHH[SHULHQFLDVGHH[SORUDFLyQ VRFLDOHVGHODSREODFLyQDWUDYpVGHO
LQWHUDFFLyQ\YDORUDFLyQGHOHQWRUQRQDWXUDO GHVDUUROORHLPSOHPHQWDFLyQGH
\ VRFLDO SURSLFLDGDV SRU OD IDPLOLD \ FRPX LQVWUXPHQWRVQRUPDWLYRVOHJDOHV
QLGDG SDUD DOFDQ]DU DSUHQGL]DMHV ySWLPRV \ RULHQWDGRVDOFXPSOLPLHQWRGHO
DFRUGHVDVXHGDG\FDUDFWHUtVWLFDVVRFLRFXO 'HUHFKR+XPDQRDOD$OLPHQWDFLyQ
WXUDOHV $GHFXDGD
‡ (QIRTXH0XOWLVHFWRULDOSDUDHUUDGLFDUOD
(O3URJUDPD0XOWLVHFWRULDO'HVQXWUL 'HVQXWULFLyQ,QIDQWLO
FLyQ &HUR 30'&  WLHQH ORV VLJXLHQWHV ‡ 3URJUDPD0XOWLVHFWRULDO'HVQXWULFLyQ
REMHWLYRV &HUR 30'& SURPXHYHHOWUDEDMR
‡ 2SWLPL]DUHOGHVDUUROORLQWHJUDOGH FRRUGLQDGRGHQXHYHPLQLVWHULRV
QLxRVQLxDVDWUDYpVGHSURPRFLyQ SUHIHFWXUDVPXQLFLSLRV\VRFLHGDG
GHGHUHFKRVVHUYLFLRVHGXFDWLYRV\OD FLYLORUJDQL]DFLRQHVVRFLDOHVEXVFDQGR
JHQHUDFLyQGHHQWRUQRVVDOXGDEOHV RSWLPL]DUHOXVRGHUHFXUVRVH
‡ (UUDGLFDUODGHVQXWULFLyQFUyQLFD\ LQWHUYHQLUQRVyORHQODGHWHFFLyQ
DJXGDHQPHQRUHVGHFLQFRFRQpQIDVLV WUDWDPLHQWR\UHKDELOLWDFLyQGHQLxRV
HQPHQRUHVGHGRVDxRV DVGHVQXWULGRVVLQRSULQFLSDOPHQWHHQ
ODSUHYHQFLyQ\VROXFLyQGHODVFDXVDV
2EMHWLYRVHVSHFtILFRV GHOSUREOHPDPHGLDQWHGRWDFLyQGH
‡ 0HMRUDUHOHVWDGRQXWULFLRQDOGH DJXDVHJXUDVHJXULGDGDOLPHQWDULDHQHO
QLxRVQLxDVPHQRUHVGHFLQFRDxRV KRJDUHGXFDFLyQDOLPHQWDULDQXWULFLRQDO
LQFUHPHQWDQGRHOFRQVXPRGHXQD \HQVDOXGSUR\HFWRVSURGXFWLYRV
DOLPHQWDFLyQDGHFXDGD ORFDOHVTXHPRGLILTXHQ\PHMRUHQOD
‡ 0HMRUDUHOHVWDGRGHVDOXGGHQLxRV DOLPHQWDFLyQGHOQLxRODIDPLOLD\OD
QLxDVPHGLDQWHXQPD\RUDFFHVRD FRPXQLGDG\TXHOHVSHUPLWDPHMRUDU
VHUYLFLRVGHSUHYHQFLyQSURPRFLyQ\ VXFDOLGDGGHYLGD
DWHQFLyQHQVDOXG
‡ &RQWULEXLUDPHMRUDUORVDFWLYRVVRFLDOHV (O 30'& VH FRQVWLWX\H HQ XQ PRGHOR
PHGLDQWHHODFFHVRDVHUYLFLRVEiVLFRV DOWHUQDWLYR GH VROXFLyQ DO IODJHOR GH OD GHV
DOLPHQWRVQXWULHQWHVHGXFDFLyQ\ QXWULFLyQLQIDQWLOTXHLQFOX\HODLPSOHPHQ
VDOXG WDFLyQ GH LQWHUYHQFLRQHV LQWHJUDOHV TXH HQ
IUHQWHQWRGDVODVFDXVDVGHODGHVQXWULFLyQDU


WLFXODQGRHQHOiPELWRPXQLFLSDOLQYHUVLRQHV 6tUYDQVHLQGLFDUHQ
GHGLYHUVRVVHFWRUHVFRPRDFFHVRDDJXDVH GHWDOOHFyPRHOUHVSHWR
JXUDVDQHDPLHQWREiVLFRVDOXGHGXFDFLyQ GHODRSLQLyQGHOQLxRHV
PHMRUDPLHQWRGHODSURGXFFLyQDJUtFRODHWF SXHVWRHQSUiFWLFDHQOD
IDPLOLDODVFRPXQLGDGHVODV
5HFXUVRV HVFXHODVODVLQVWLWXFLRQHV\
ORVSURFHGLPLHQWRVMXGLFLDOHV
(O *RELHUQR GH %ROLYLD FXHQWD FRQ LPSRU \DGPLQLVWUDWLYRVTXHOHV
WDQWHV UHFXUVRV TXH HVWiQ GHVWLQDGRV D ORV DIHFWDQ
SURJUDPDVVHFWRULDOHVYLQFXODGRVDO30'&
/RVUHFXUVRVSDUDLPSOHPHQWDUODHVWUDWHJLD &RQIRUPHH[SUHVDHO$UWtFXORGHO&yGL
SURYHQGUiQ HQ JUDQ SDUWH GH ORV UHFXUVRV JRGHO1LxR1LxD\$GROHVFHQWHEROLYLDQRHO
GHOLPSXHVWRGLUHFWRDORVKLGURFDUEXURVUH PLVPRTXHKDVLGRUHGDFWDGRVREUHODEDVHGH
JDOtDVHWF OD&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR
VHUHFRQRFHHOGHUHFKRDODOLEHUWDG\GHQWUR
(O iUHDREMHWLYR LGHQWLILFDGD SDUD OD LPSOH GHHVWHGHUHFKRHVWiLQPHUVRHOGHUHFKRDOD
PHQWDFLyQ GH OD HVWUDWHJLD PXOWLVHFWRULDO /,%(57$' '( 23,1,Ð1 GHO QLxR QLxD \
FRUUHVSRQGHDORVPXQLFLSLRVFRQPD\RU DGROHVFHQWHHQWRGRVORViPELWRVVLQQLQJ~Q
YXOQHUDELOLGDG D OD LQVHJXULGDG DOLPHQWDULD WLSRGHGLVFULPLQDFLyQ
/D PLVPD KDUi PD\RU KLQFDSLp HQ DTXHOORV
PXQLFLSLRVRFRPXQLGDGHVTXHVHHQFXHQWUHQ (OUHVSHWRDHVWHGHUHFKR\VXSXHVWDHQSUiF
GHPDVLDGR GLVSHUVRV SDUD EULQGDUOHV FREHU WLFDHVSHFLDOPHQWHGHQWURGHODIDPLOLDVHKD
WXUDGLUHFWDDXQFRVWREHQHILFLRDGHFXDGR LGRLQFRUSRUDQGRSDXODWLQDPHQWHFRPRWRGD
FRQTXLVWD VREUH GHUHFKRV KXPDQRV 6L ELHQ
&REHUWXUDJHQHUDOGHO30'& HVFLHUWRTXHQXHVWUR&yGLJRGHO1LxR1LxD
'(7$//( 1ž \$GROHVFHQWHKDPDUFDGRFRPRXQRGHVXV
'HSDUWDPHQWRV  HMHV SULQFLSDOHV HO UHVSHWR D OD 23,1,Ð1
5HJLRQHV  '(/ 1,f2 QR VHUtD SUXGHQWH LQGLFDU TXH
0XQLFLSLRVYXOQHUDEOHVD DQWHULRUPHQWH QR VH WRPDED HQ FXHQWD OD

LQWHUYHQLU RSLQLyQ GHO QLxR /D H[SHULHQFLD QRV KDFH
1~PHURGHFRPXQLGDGHV HQWHQGHUTXHHOUHVSHWRDOD23,1,Ð1'(/

DSUR[
3REODFLyQEHQHILFLDGDWRWDO
1,f2HQODIDPLOLDKDVLGRXQRGHORVSLOD
 UHVIXQGDPHQWDOHVSDUDTXHHVWHGHUHFKRVHD
DSUR[
3REODFLyQEHQHILFLDGDPXMHUHV UHVSHWDGR\WRPDGRHQFXHQWDHQRWUDVVLWXD

DSUR[ FLRQHVFRPRSRUHMHPSORHQODHGXFDFLyQ
3REODFLyQ EHQHILFLDGD KRPEUHV

DSUR[
)8(17(


(Q HVH HQWHQGLGR GHEHPRV LQGLFDU TXH OD GHO QLxR HQ ODV FRPXQLGDGHV KD WHQLGR XQ
SUiFWLFDGHOUHVSHWRDODRSLQLyQGHOQLxRHQ DYDQFH VLJQLILFDWLYR HPSHUR FRQVLGHUDPRV
ODIDPLOLDKDWHQLGRXQDYDQFHVLJQLILFDWLYRD TXH HVWH DVSHFWR UHTXLHUH GH PD\RU DSR\R
SDUWLUGHODYLJHQFLDGHO&yGLJR(VWDSUiFWLFD SRU SDUWH GH ORV GLYHUVRV DFWRUHV QR VyOR
GHOUHVSHWRQRVHSXHGHSHUFLELUGLUHFWDPHQ UHSUHVHQWDQWHV GHO (VWDGR VLQR GH ORV PLV
WHHVODPHQRVYLVLELOL]DGDSUHFLVDPHQWHSRU PRV UHSUHVHQWDQWHV GH ODV FRPXQLGDGHV /D
ODSULYDFLGDGTXHFDUDFWHUL]DDODVUHODFLRQHV SXHVWD HQ SUiFWLFD \ YLJHQFLD GHO UHVSHWR
IDPLOLDUHVVLQHPEDUJRH[LVWHQSDUiPHWURV GH OD RSLQLyQ GHO QLxR HQ ODV FRPXQLGDGHV
SDUD FRQFOXLU TXH KD\ DYDQFHV UHYHODGRUHV UHTXLHUH TXH SUHYLDPHQWH VH LQFRUSRUH GL
FRPRSRUHMHPSORHOGHVHQYROYLPLHQWRGH FKDSUiFWLFDHQORVPRGRV\FRVWXPEUHVGH
ODQLxH]\DGROHVFHQFLDHQODVHVFXHODV\FR PDQHUDIRFDOL]DGD\WUDVYHUVDODSDUWLUGHVX
OHJLRVVXSDUWLFLSDFLyQDFWLYDHQODWRPDGH SURPRFLyQHQODVXQLGDGHVHGXFDWLYDVHQODV
GHFLVLRQHV HQ GLFKDV LQVWLWXFLRQHV VX SDUWL UHXQLRQHV\DVDPEOHDVGHWRGDV\FDGDXQDGH
FLSDFLyQHQODVDFWLYLGDGHVSURSLDVGHGLFKDV ODVFRPXQLGDGHVSULQFLSDOPHQWH
LQVWLWXFLRQHV VX SDUWLFLSDFLyQ HQ DVSHFWRV 
TXHOHVDIHFWDHQVXGLDULRYLYLUHQVLWXDFLR (OUHVSHWRDODRSLQLyQGHOQLxRHQODVHVFXH
QHVTXHVRQGHVXLQWHUpV\RWURV3RUORTXH ODV WDPELpQ KD VLGR VLJQLILFDQWH \ GH PD\RU
VHSXHGHFRQFOXLUTXHXQSDUiPHWURLPSRU YLVLELOL]DFLyQ SULQFLSDOPHQWH SRU HO DSR\R
WDQWH GH PHGLFLyQ GHO UHVSHWR D OD RSLQLyQ TXH KD UHFLELGR OD SURPRFLyQ GH ORV GHUH
GHOQLxRHQODIDPLOLDHVODHVFXHODVXPHGLR FKRVGHODQLxH]\DGROHVFHQFLDDWUDYpVGHGL
VRFLDO\FRPXQLWDULR IHUHQWHVDFWRUHVVRFLDOHVFRPRSRUHMHPSOR
ODV 'HIHQVRUtDV GH OD 1LxH] \$GROHVFHQFLD
(PSHUR LOXVR VHUtD SHQVDU TXH HQ PXFKDV ODSXHVWDHQPDUFKD\YLJHQFLDGHODHVFXHOD
IDPLOLDV D~Q QR VH UHVSHWD HO GHUHFKR D OD GH SDGUHV HQ PXFKDV 8QLGDGHV (GXFDWLYDV
RSLQLyQ GHO QLxR ODPHQWDEOHPHQWH H[LV ODLQFOXVLyQGHXQDYLVLyQLQWHJUDOHQODGR
WHQ SDUiPHWURV TXH QRV D\XGDQ D YLVXDOL]DU FHQFLD GHO PDJLVWHULR \ RWURV DVSHFWRV TXH
HVWHDVSHFWRFRPRSRUHMHPSORODVGLYHUVDV VHYDQIRFDOL]DQGR\HVWUXFWXUDQGRSDUDGDU
GHQXQFLDVTXHOOHJDQDFRQRFLPLHQWRGHODV YLJHQFLD FDEDO D ORV GHUHFKRV GH OD QLxH] \
$XWRULGDGHV R IXQFLRQDULRV S~EOLFRV GH ODV DGROHVFHQFLD
'HIHQVRUtDV GH OD 1LxH] \$GROHVFHQFLD ODV 
%ULJDGDVGH3URWHFFLyQDOD)DPLOLDORV-X] $O KDEODU GH ,QVWLWXFLRQHV QHFHVDULDPHQWH
JDGRV\RWURV GHEHPRVLQFOXLUGHQWURGHpVWDVDODHVFXH
 ODLQVWLWXFLRQHVS~EOLFDVSULYDGDVGRQGHQR
(OSURFHVRGHDYDQFHGHOUHVSHWRDODRSLQLyQ H[LVWHXQDYLVLyQ~QLFDSRUFXDQWRVLELHQVH
GHOQLxRHVLQWHJUDOHQORTXHVHUHILHUHDOD KDDYDQ]DGRFRQODVSROtWLFDVS~EOLFDVSDUDOD
IDPLOLD \ ODV FRPXQLGDGHV SRU OR TXH WDP SXHVWD HQ YLJHQFLD DO UHVSHWR GH OD RSLQLyQ
ELpQ HQ OR UHODWLYR DO UHVSHWR GH OD RSLQLyQ GHOQLxRQRVHSXHGHJHQHUDOL]DUTXHVHDHQ


WRGDV ODV LQVWLWXFLRQHV WDQWR S~EOLFDV \ SUL 'HOFRQRFLPLHQWRGHDOJXQRVFDVRVVHWLHQH
YDGDVTXHVHGpYLJHQFLDDHVWHGHUHFKR6LQ TXHHOUHVSHWRDODRSLQLyQGHOQLxRVHGHMD
HPEDUJRODVSROtWLFDVGHSURJUDPDVGHVHQ SDUD FDVRV HQ ORV TXH QR H[LVWH DFXHUGR GH
VLELOL]DFLyQQRVyORDODVLQVWLWXFLRQHVS~EOL SDGUHVGHMDQGRODYLJHQFLDGHODRSLQLyQGHO
FDVRSULYDGDVVLQRDODSREODFLyQHQJHQHUDO QLxRVREUHVLWXDFLRQHVTXHOHDIHFWDQDFUL
KDQWHQLGRDVLGHURVYiOLGRV+R\HQGtDHVOD WHULRGLVFUHFLRQDOGHOMX]JDGRU
PLVPDSREODFLyQODTXHUHFODPDODYLJHQFLD 
GHOGHUHFKRDODRSLQLyQGHOQLxRHQWRGDVODV 'HRWUDSDUWHHQPDWHULDSHQDOFXDQGRHVWi
LQVWDQFLDVORTXHQRVD\XGDDSHUFLELU\DILU LQYROXFUDGRXQQLxRQLxDRDGROHVFHQWHHV
PDUHODYDQFHUHVSHFWRDODYLJHQFLDGHHVWH FXFKDUODRSLQLyQGHOQLxRHVGHWHUPLQDQWH
GHUHFKRHQODVLQVWLWXFLRQHVS~EOLFDVRSULYD DQWHV GH WRPDU FXDOTXLHU GHFLVLyQ MXGLFLDO
GDVVLQGHMDUGHPHQFLRQDUODLPSRUWDQFLDGH DVt OR HVSHFtILFD QXHVWUD 1RUPDO /HJDO HQ
ODSHUPDQHQWHVHQVLELOL]DFLyQTXHKDFHIDOWD PDWHULDGH1LxH]\$GROHVFHQFLD\GHEHVHU
 FXPSOLGD &RQ OD YLJHQFLD GHO &yGLJR GHO
(Q OR UHODWLYR DO UHVSHWR GH OD RSLQLyQ GHO 1LxR1LxD\$GROHVFHQWHUHVSHFWRDHVFX
QLxR HQ SURFHGLPLHQWRV MXGLFLDOHV OD VLWXD FKDUODRSLQLyQGHOQLxRFXDQGRODHGDGOR
FLyQHVGLYHUVDHVSHFLDOPHQWHGHVGHODSHUV SHUPLWHHQPDWHULDSHQDOKDVLGRXQDYDQ
SHFWLYDGHODPDWHULDGHO-X]JDGR\SULQFLSDO FHVLJQLILFDWLYRSRUFXDQWRVHKDGHMDGRGH
PHQWHGHVGHODSHUVSHFWLYDGHFDGDMX]JDGRU ODGRODVYLHMDVSUiFWLFDVGHMX]JDUDOQLxR\R
RMX]JDGRUDGHOTXHVHWUDWH DGROHVFHQWHVyORDWUDYpVGHORTXHGLFHQORV
 PHPRULDOHV\HVFULWRV
(Q HVH HQWHQGLGR VH SXHGH DILUPDU TXH HQ
ORV-X]JDGRVGH3DUWLGRHQPDWHULDIDPLOLDU $KRUDELHQHQORTXHVHUHILHUHDPDWHULDGH
FXDQGR HVWi LQYROXFUDGR HO LQWHUpV GH QLxR 1LxH]\$GROHVFHQFLDHVSHFLDOPHQWHHQSUR
HQWHPDVUHODWLYRVDJXDUGDGHUHFKRGHYL FHVRGHJXDUGDOHJDOH[WLQFLyQGHDXWRULGDG
VLWDDVLVWHQFLDIDPLOLDUQRHQWRGRVORVFDVRV PDWHUQD DGRSFLyQ \ RWURV OD RSLQLyQ GHO
VH HVFXFKD OD RSLQLyQ GHO QLxR (OOR GDGR D QLxRFXDQGRODHGDGGHOPLVPRORSHUPLWH
TXHHOSURFHGLPLHQWRHQPDWHULDIDPLOLDUQR WDPELpQGHEHVHUREOLJDWRULDVLQHPEDUJROD
FRQWHPSOD HO GHEHU GH HVFXFKDU OD RSLQLyQ UHDOLGDGQRVHQVHxDTXHQRHQWRGRVORVFDVRV
GHOQLxRRDGROHVFHQWH&RQHODFWXDOSURFH VHHVFXFKDDOQLxRQLxDRDGROHVFHQWHSRUOR
GLPLHQWRIDPLOLDUHVWHDVSHFWRHVWiVXMHWRDO TXHD~QIDOWDVHQVLELOL]DFLyQSDUDODYLJHQFLD
FULWHULRGLVFUHFLRQDOGHOMX]JDGRUQRREVWDQ SOHQDGHHVWHGHUHFKRSRUSDUWHGHWRGRVORV
WHODYLJHQFLDGHO&yGLJR1LxR1LxD\$GR DFWRUHV TXH SDUWLFLSDQ HQ ORV HVWUDGRV MXGL
OHVFHQWH SUHFLVDPHQWH SRU FXDQWR QXHVWUR FLDOHV HQ ORV TXH LQWHUYLHQHQ QLxRV QLxDV \
&yGLJRGHO1LxR1LxD\$GROHVFHQWHQRKD DGROHVFHQWHV
SUHYLVWRHVWHDVSHFWRHQPDWHULDIDPLOLDU 


)LQDOPHQWH HQ OR UHODWLYR D OD RSLQLyQ GHO 6tUYDVHSURYHHU
QLxRHQSURFHGLPLHQWRVDGPLQLVWUDWLYRVVLKD LQIRUPDFLyQDFHUFDGHORV
WHQLGRDYDQFHVVLJQLILFDWLYRVSULQFLSDOPHQWH UHVXOWDGRVGHOSURJUDPD
DSDUWLUGHORVSURJUDPDVGHVHQVLELOL]DFLyQ SDUDPHMRUDUORVUHJLVWURV
/D YLJHQFLD GHO &yGLJR GHO 1LxR 1LxD \ GHQDFLPLHQWRVJUDWXLWRV
$GROHVFHQWHVXSXHVWDHQSUiFWLFDKDUHFLELGR \REOLJDWRULRSDUD
HFRHQWRGDVODVLQVWDQFLDVS~EOLFDV\SULYDGDV FXEULUDWRGRVORVQLxRV
HMHFXWLYDV DGPLQLVWUDWLYDV MXGLFLDOHV RWURV LQGRFXPHQWDGRV$VLPLVPR
6LQHPEDUJRQRVHSXHGHDILUPDUTXHWRGRV VtUYDQVHSURYHHUGDWRV
ORV IXQFLRQDULRV DGPLQLVWUDWLYRV S~EOLFRV R HVWDGtVWLFRVVREUHORVQLxRV
SULYDGRV HQ VX JHQHUDOLGDG PXHVWUHQ \ GHQ TXHD~QQRVHHQFXHQWUDQ
YLJHQFLD DO UHVSHWR GH OD RSLQLyQ GHO QLxR UHJLVWUDGRVODV]RQDVHQODV
HPSHUR WDPSRFR VH SXHGH DILUPDU TXH QR TXHKDELWDQORVPRWLYRV
H[LVWDQ FDVRV HQ ORV TXH QR VH Gp HO YDORU SRUORVFXDOHVQRSXGR
UHDO D OD RSLQLyQ GHO QLxR DVSHFWRV TXH UHJLVWUiUVHORVDVtFRPR
QRV D\XGDQ D DILUPDU TXH VL ELHQ HO (VWDGR FXDOTXLHURWUDPHGLGD
EROLYLDQR KD WHQLGR XQ DYDQFH VLJQLILFDWLYR DGRSWDGDSDUDVROXFLRQDUHO
HQORTXHVHUHILHUHDOUHVSHWRGHODRSLQLyQ SUREOHPD
GH QLxR HQ WRGDV ODV VLWXDFLRQHV TXH ORV
DIHFWHQHVIXQGDPHQWDO\QHFHVDULRSROtWLFDV (QWUH ORV SURJUDPDV PiV LPSRUWDQWHV SDUD
\ SURJUDPDV GH VHQVLELOL]DFLyQ JHQHUDO \ PHMRUDUORVUHJLVWURVGHQDFLPLHQWRVVHHQ
SHUPDQHQWH FXHQWUDQ

3URJUDPDGH&HGXODFLyQ*UDWXLWD&RQGD
WRVDMXQLRGHHO3URJUDPDGH&HGXOD
FLyQ*UDWXLWDEHQHILFLyDQWHWRGRDODSREOD
FLyQPHQRU GHHGDGSRU FXDQWRSDUD VDFDU
OD&pGXODGH,GHQWLGDGYDOHGHFLUDQLxRV\
MyYHQHVPHQRUHVGHDxRVSXHVWRTXHHO
 GH ODV FpGXODV HPLWLGDV IDYRUHFLy D
HVWHVHJPHQWRGHODSREODFLyQ(VWRVHGHELy
D FRQYHQLRV VXVFULWRV HQWUH HO 3URJUDPD GH
&HGXODFLyQ \ FROHJLRV ILVFDOHV XELFDGRV HQ
HO iUHD UXUDO \ HQ ]RQDV SHULIpULFDV OR TXH
SHUPLWLy TXH PXFKRV MyYHQHV FXHQWHQ SRU
SULPHUDYH]FRQVX&pGXODGH,GHQWLGDG3RU


RWUDSDUWHHOGHODVFHGXODFLRQHVEH  , 6H SURKtEH \ VDQFLRQD WRGD IRUPD GH
QHILFLy D FLXGDGDQRV TXH WLHQHQ HQWUH  \ YLROHQFLDFRQWUDODVQLxDVQLxRV\DGROHVFHQ
DxRVHVGHFLUDEROLYLDQRVTXHVHJ~QOD WHVWDQWRHQODIDPLOLD\HQODVRFLHGDG
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRWLHQHQGHUH
FKRDOHMHUFLFLRSOHQRGHODFLXGDGDQtDFRPR ,,6HSURKtEHHOWUDEDMRIRU]DGR\ODH[SORWD
HOHJLU\VHUHOHFWRVHQGHWHUPLQDGRVFDUJRV FLyQLQIDQWLO/DVDFWLYLGDGHVTXHUHDOLFHQODV
S~EOLFRV6yORHOGHODVFpGXODVUHJLV QLxDVQLxRV\DGROHVFHQWHVHQHOPDUFRIDPL
WUDGDVFRUUHVSRQGHQDSHUVRQDVPD\RUHVGH OLDU\VRFLDOHVWDUiQRULHQWDGDVDVXIRUPDFLyQ
DxRV LQWHJUDOFRPRFLXGDGDQDV\FLXGDGDQRV\WHQ
GUiQXQDIXQFLyQIRUPDWLYD6XVGHUHFKRVJD
6tUYDQVHSURSRUFLRQDU UDQWtDV\PHFDQLVPRVLQVWLWXFLRQDOHVGHSUR
LQIRUPDFLyQVREUHOD WHFFLyQVHUiQREMHWRGHUHJXODFLyQHVSHFLDO
OHJLVODFLyQSHUWLQHQWHHQ
UHODFLyQFRQODSURKLELFLyQ E  /H\1žGHGHRFWXEUHGH
GHOFDVWLJRFRUSRUDOHQ &yGLJRGHO1LxR1LxD\$GROHVFHQWH
GLVWLQWRVHQWRUQRVWDOHV
FRPRHOPHGLRIDPLOLDUODV 7LHQHSRUREMHWRHVWDEOHFHU\UHJXODUHOUp
FRPXQLGDGHVODVHVFXHODVODV JLPHQGHSUHYHQFLyQSURWHFFLyQ\DWHQFLyQ
LQVWLWXFLRQHVSHQDOHV\ LQWHJUDO TXH HO (VWDGR \ OD VRFLHGDG GHEHQ
HQVLWXDFLRQHVODERUDOHV JDUDQWL]DU D WRGR QLxR QLxD \ DGROHVFHQWH
FRQHOILQGHDVHJXUDUOHVXQGHVDUUROORItVLFR
D  /D&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRSUR PHQWDOPRUDOHVSLULWXDOHPRFLRQDO\VRFLDO
PXOJDGDHQIHFKDGHIHEUHURGH HQ FRQGLFLRQHV GH OLEHUWDG UHVSHWR GLJQL
HVWDEOHFHORVLJXLHQWH GDGHTXLGDGXMXVWLFLD

$UW(VGHEHUGHO(VWDGRODVRFLHGDG\ /RVQLxRVQLxDVRDGROHVFHQWHVFRPRVXMH
ODIDPLOLDJDUDQWL]DUODSULRULGDGGHOLQWHUpV WRVGHGHUHFKRJR]DQGHWRGRVORVGHUHFKRV
VXSHULRUGHODQLxDQLxR\DGROHVFHQWHTXH IXQGDPHQWDOHV \ JDUDQWtDV FRQVWLWXFLRQDOHV
FRPSUHQGHODSUHHPLQHQFLDGHVXVGHUHFKRV LQKHUHQWHVDWRGDSHUVRQDVLQSHUMXLFLRGHOD
OD SULPDFtD GH UHFLELU SURWHFFLyQ \ VRFRUUR SURWHFFLyQLQWHJUDOTXHHO&yGLJRHVWDEOHFH
HQFXDOTXLHUFLUFXQVWDQFLDODSULRULGDGHQOD
DWHQFLyQGHORVVHUYLFLRVS~EOLFRV\SULYDGRV $UW7RGRQLxRQLxD\DGROHVFHQWHVWLHQH
\ HO DFFHVR D XQD DGPLQLVWUDFLyQ GH MXVWLFLD GHUHFKRDODYLGD\DODVDOXG(O(VWDGRWLHQH
SURQWDRSRUWXQD\FRQDVLVWHQFLDGHSHUVR OD REOLJDFLyQ GH JDUDQWL]DU \ SURWHJHU HVWRV
QDOHVSHFLDOL]DGR GHUHFKRVLPSOHPHQWDQGRSROtWLFDVVRFLDOHV
TXH DVHJXUHQ FRQGLFLRQHV GLJQDV SDUD VX


JHVWDFLyQQDFLPLHQWR\GHVDUUROORLQWHJUDO ‡ /DGHVHUFLyQHOHYDGDGHORVDOXPQRVFDX
VDGD SRU OD LQHSWLWXG R PDORV WUDWRV GHO
$UW/RVSDGUHVFRQMXQWDRVHSDUDGDPHQ PDHVWUR
WHSLHUGHQVXDXWRULGDG ‡ (OHPSOHRGHFDVWLJRVFRUSRUDOHVRSVLFR
&XDQGR VRQ GHFODUDGRV PHGLDQWH VHQWHQFLD OyJLFRVFRQWUDODGLJQLGDGGHODOXPQR
MXGLFLDO HMHFXWRULDGD DXWRUHV FyPSOLFHV R
LQVWLJDGRUHVGHGHOLWRVFRQWUDHOKLMR )DOWDVPX\JUDYHV
‡ ,QYLWDFLyQDOXVRGHVXEVWDQFLDVLQGHELGDV
&XDQGRSRUDFFLyQXRPLVLyQFXOSRVDRGR \SHOLJURVDVFRUUXSFLyQDFRVRVH[XDO\
ORVD ORV H[SRQJDQ D VLWXDFLRQHV DWHQWDWRULDV YLROHQFLDRLQWLPLGDFLyQItVLFDRSVtTXLFD
FRQWUDVXVHJXULGDGGLJQLGDGRLQWHJULGDG \RUJDQL]DFLyQGHEDQGDVGHOLQFXHQFLDOHV

&XDQGRVHDQDXWRUHVLQWHOHFWXDOHVGHGHOLWRV /DVVDQFLRQHVSRUIDOWDVJUDYHVVRQ
FRPHWLGRVSRUHOKLMR ‡ 6XVSHQVLyQGHIXQFLRQHVVLQJRFHGH
KDEHUGHDGtDV
G  /D /H\ 1ž  GH  GH GLFLHPEUH GH ‡ 3RVWHUJDFLyQGHDVFHQVRSRUXQDxR
GH3URWHFFLyQDODV9tFWLPDVFRQWUDOD ‡ 'HVFHQVRDXQFDUJRLQIHULRU
/LEHUWDG6H[XDO
/DVVDQFLRQHVSRUIDOWDVPX\JUDYHVVRQ
(VWDEOHFH´4XLHQWXYLHUDDFFHVRFDUQDOFRQ ‡ 5HWLURGHILQLWLYRGHOHMHUFLFLRGHO
SHUVRQD GH XQR X RWUR VH[R PHQRU GH  0DJLVWHULR
DxRV « VHUiVDQFLRQDGRFRQSULYDFLyQGH ‡ 'HVWLWXFLyQGHFDUJR
OLEHUWDGGHTXLQFH  DYHLQWH  DxRVVLQ
GHUHFKRDLQGXOWRDVtQRKD\DXVRGHODIXHU]D (QHO$UWtFXOR,,,'HUHFKRDO7UDEDMR\$O
RLQWLPLGDFLyQ\VHDOHJXHFRQVHQWLPLHQWR (PSOHRGHOD&RQVWLWXFLyQVHxDOD6HSURKtEH
WRGDIRUPDGHWUDEDMRXRWURPRGRDQiORJR
H 5HVROXFLyQ6XSUHPD1žGHGH GHH[SORWDFLyQTXHREOLJXHDXQDSHUVRQDD
DEULO GH  5HJODPHQWR GH )DOWDV \ 6DQ UHDOL]DUODERUHVVLQVXFRQVHQWLPLHQWR\MXVWD
FLRQHVGHO0DJLVWHULRTXHHVWDEOHFHODVIDOWDV UHWULEXFLyQ
OHYHVJUDYHV\PX\JUDYHV
(Q HO$UWtFXOR  , GLVSRQHV TXH´6H SUR
)DOWDVJUDYHV KtEH WRGD IRUPD GH YLROHQFLD FRQWUD ODV QL
‡ (OKRVWLJDPLHQWRODVUHSUHVDOLDVRUHSUR xDVQLxRV\DGROHVFHQWHVWDQWRHQODIDPLOLD
EDFLyQ GHO DxR HVFRODU D FDXVD GH UHFOD FRPRHQODVRFLHGDGµ
PDFLRQHVGHSDGUHVGHIDPLOLD


$VLPLVPRHQHO&yGLJR3HQDO$UWtFXOR \SULYDGDVGHDWHQFLyQ\SRURWUDSDUWHODV
LQGLFDTXHTXLHQVRPHWLHUDDVHUYLGXPEUHD SHUVRQDVFRQGLVFDSDFLGDGHVWiQRUJDQL]DGDV
RWUDSHUVRQDVHUiVDQFLRQDGRGHDDxRV DQLYHOQDFLRQDO\GHSDUWDPHQWDOSDUDOXFKDU
GHSULVLyQ SRUVXVGHUHFKRV

$~QSHUVLVWHODYLROHQFLDLQWUDIDPLOLDUHQFX /DVXSHUDFLyQGHODVGLIHUHQWHVPDQLIHVWDFLR
ELHUWD SRU VHU VXSXHVWDPHQWH XQD PHGLGD QHVGHGLVFULPLQDFLyQVRFLDOGHODVSHUVRQDV
HGXFDWLYD (VWD UD]yQ WDPELpQ GHWHUPLQD OD FRQ GLVFDSDFLGDG HV SURJUHVLYD \ ORV VHUYL
WROHUDQFLDVRFLDOTXHVHH[SUHVDHQHOOLPLWD FLRVGHDWHQFLyQVHKDFHQH[WHQVLYRVPiVDOOi
GRQ~PHURGHGHQXQFLDVRODSUiFWLFDGHDF GHODVRODVDWLVIDFFLyQGHQHFHVLGDGHVEiVLFDV
FLRQHVFRQFLOLDWRULDVHQODVTXHORVDJUHVRUHV \WHUDSpXWLFDV
TXHGDQLPSXQHV
/D &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR
6HHVSHUDTXHSURJUHVLYDPHQWHODUHDOL]DFLyQ 3OXULQDFLRQDO UHFRQRFH ORV 'HUHFKRV GH OD
GHDFFLRQHVGHVHQVLELOL]DFLyQFRQWULEX\DDOD 3HUVRQDVFRQ'LVFDSDFLGDGHQORVVLJXLHQWHV
WRPD GH FRQFLHQFLD VRFLDO VREUH ORV HIHFWRV DUWtFXORV
GHODYLROHQFLDHQODVDOXGPHQWDODXWRHVWLPD ‡ 5HFLELUHGXFDFLyQHQWRGRVORVQLYHOHV
\ GHVDUUROOR LQWHJUDO GH QLxRV QLxDV \ DGR GHPDQHUDXQLYHUVDOSURGXFWLYD
OHVFHQWHVWDQWRHQODVFLXGDGHVFRPRHQODV JUDWXLWDLQWHJUDOHLQWHUFXOWXUDOVLQ
]RQDVUXUDOHVDGRQGHGHEHQKDFHUVHH[WHQ GLVFULPLQDFLyQ $UW 
VLYDVODVDFFLRQHV ‡ &RQVWLWX\HXQDIXQFLyQVXSUHPD
SULPHUDUHVSRQVDELOLGDGILQDQFLHUDGHO
6tUYDQVHLQGLFDUORV (VWDGR2EOLJDFLyQLQGHFOLQDEOHGH
UHVXOWDGRVGHORVHVIXHU]RV VRVWHQHUOD $UW, 
KHFKRVSRUHO(VWDGRSDUWH ‡ (VXQLWDULDS~EOLFDXQLYHUVDO
SDUDPHMRUDUODVLWXDFLyQGH GHPRFUiWLFDSDUWLFLSDWLYDFRPXQLWDULD
ORVQLxRVFRQGLVFDSDFLGDGHV GHVFRORQL]DGRUD\GHFDOLGDG $UW
LQFOX\HQGRVXDFFHVRDOD , 
HGXFDFLyQDORVVHUYLFLRV ‡ &RQWULEXLUiDOIRUWDOHFLPLHQWRGHOD
VRFLDOHVGHVDOXG\DODV XQLGDGHLGHQWLGDGGHWRGDV\WRGRV
DFWLYLGDGHVFXOWXUDOHV\ FRPRSDUWHGHO(VWDGR3OXULQDFLRQDO
UHFUHDWLYDV $UW²,, 
 ‡ /DHGXFDFLyQHVREOLJDWRULDKDVWDHO
$FWXDOPHQWHKD\XQDYDQFHHQODFRQVLGHUD EDFKLOOHUDWR $UW, 
FLyQ\WUDWDPLHQWRGHODGLVFDSDFLGDGHQ%ROL ‡ (O(VWDGRJDUDQWL]DUiHODFFHVRDOD
YLD3RUXQDSDUWHKD\LQVWLWXFLRQHVS~EOLFDV HGXFDFLyQ\ODSHUPDQHQFLDGHWRGDV


ODVFLXGDGDQDV\ORVFLXGDGDQRVHQ 3URJUDPDVGHOD(GXFDFLyQ5HJXODUFRQ
FRQGLFLRQHVGHSOHQDLJXDOGDG $UW 3HUVRQDVFRQ1HFHVLGDGHV(GXFDWLYDV
,  $VRFLDGDVRQRD'LVFDSDFLGDG
‡ 6HKDQHODERUDGRODV*XtDVSDUD3DGUHV
(QHVWHPDUFRHO0RGHOR(GXFDWLYR6RFLR \0DGUHVSDUDHO7UDEDMRGH3ODQHV\
FRPXQLWDULR3URGXFWLYRDVXPHORVLJXLHQWH 3URJUDPDVGHOD(GXFDFLyQ5HJXODUFRQ
‡ /D,QFOXVLyQGH3HUVRQDVFRQ 3HUVRQDVFRQ1HFHVLGDGHV(GXFDWLYDV
'LVFDSDFLGDGHQWRGRHO6LVWHPD $VRFLDGDVR1RD'LVFDSDFLGDG
(GXFDWLYR3OXULQDFLRQDOGHVGHHO ‡ (QHO6LVWHPDGH)RUPDFLyQGH
HQIRTXHGH(GXFDFLyQ,QFOXVLYDHQOD 0DHVWURVVHLQFOX\HHO(QIRTXHGH
'LYHUVLGDG ,QFOXVLyQ(GXFDWLYD
‡ 5HFRQRFHODV1HFHVLGDGHV(GXFDWLYDV ‡ 6HWLHQHHQSURFHVRHO(TXLSDPLHQWR
$VRFLDGDVR1RD'LVFDSDFLGDGGHOFXDO GH'RV&HQWURVGH)RUPDFLyQ7pFQLFD
VHGHVSUHQGHODSREODFLyQDDWHQGHU \3URGXFWLYDSDUDGRV&HQWURVGH
‡ 3HUVRQDVFRQ1HFHVLGDGHV(GXFDWLYDV (GXFDFLyQ(VSHFLDO
$VRFLDGDVD'LVFDSDFLGDG ‡ 6HWLHQHHQSURFHVRGH(ODERUDFLyQOD
‡ 3HUVRQDVFRQ1HFHVLGDGHV(GXFDWLYDV (VWUDWHJLDGHREVHUYDFLyQ\HYDOXDFLyQ
GH7DOHQWR6XSHULRU\1R$VRFLDGDVD GHOQLYHOGHLPSOHPHQWDFLyQGHOD
'LVFDSDFLGDG HGXFDFLyQLQFOXVLYDHQWRGRVORV
‡ 5HFRQRFHDOD/HQJXDGH6HxDV QLYHOHV\PRGDOLGDGHVGHO6(3SDUD
%ROLYLDQD /6% SDUDOD&XOWXUD6RUGD ODFRQVROLGDFLyQGHOD(GXFDFLyQ
‡ ‡ $VXPHFRPR/HQJXD0DWHUQDD ,QFOXVLYDHQOD'LYHUVLGDGHQHO6LVWHPD
ODOHQJXDGH6HxDV%ROLYLDQD\FRPR (GXFDWLYR3OXULQDFLRQDODWUDYpVGHOD
6HJXQGD/HQJXDODOHQJXDGHVX DSOLFDFLyQGH,QGLFDGRUHVYDOLGDGRV\
FRQWH[WRGHIRUPDHVFULWD\OHFWXUD FRQVHQVXDGRV
SDUDODVSHUVRQDVGHOD&XOWXUD6RUGD ‡ 6HKDLQFRUSRUDGRHQHO3URJUDPDGH
‡ $VXPHORVVLVWHPDVGHFRPXQLFDFLyQ 3RVWDOIDEHWL]DFLyQ´<R6t3XHGR6HJXLUµ
HQ%UDLOOHVRQRUD\UHOLHYHSDUDODV DODV3HUVRQDVFRQ'LVFDSDFLGDG
SHUVRQDV&LHJDV ‡ 6HWLHQHHQSURFHVRGHHODERUDFLyQHO
‡ 6HKDHODERUDGRORV/LQHDPLHQWRVGH SUR\HFWRGH$OIDEHWL]DFLyQGH3HUVRQDV
7UDEDMRGH3ODQHV\3URJUDPDVGHOD FRQGLVFDSDFLGDG
(GXFDFLyQ5HJXODUFRQ3HUVRQDVFRQ ‡ 6HWLHQHHQSURFHVRGHHODERUDFLyQHO
1HFHVLGDGHV(GXFDWLYDV$VRFLDGDVR1R 3UR\HFWRGH$WHQFLyQDODV3HUVRQDV
D'LVFDSDFLGDG FRQ$XWLVPRHQHO6LVWHPD(GXFDWLYR
‡ 6HKDQHODERUDGRODV*XtDVSDUD 3OXULQDFLRQDO
'RFHQWHVSDUDHO7UDEDMRGH3ODQHV\


‡ 6HKDLQWHJUDGRDSHUVRQDV6RUGDV\ 6tUYDQVHLQGLFDUHO
&LHJDVHQOD)RUPDFLyQGH0DHVWURVHQ LPSDFWRGHOSURJUDPD
ODV(VFXHODV6XSHULRUHVGH)RUPDFLyQ ´'HVQXWULFLyQ&HURµHQOD
GH0DHVWURV PDOQXWULFLyQLQIDQWLO
$VXYH]H[LVWHXQD/H\HVSHFtILFDGHOD3HU (O3URJUDPD'HVQXWULFLyQ&HURKDORJUDGR
VRQD FRQ 'LVFDSDFLGDG´/H\ 1ž µ TXH UHGXFLUODPDOQXWULFLyQLQIDQWLO
HQ VX FDStWXOR ,9 GH OD 6DOXG \ OD$WHQFLyQ
LQGLFDHQVXDUWtFXOR\ORVLJXLHQWH ‡ 'HVQXWULFLyQ DJXGD VHYHUD TXH HQ XQ
SULQFLSLRODOHWDOLGDGHQ%ROLYLDGHQLxRV
$UWtFXOR HUDGH\TXHHQODDFWXDOLGDGKDV
/DVPHGLGDVGHSUHYHQFLyQSULPDULDVHFXQ WDHOPHVGHMXQLRVHWLHQHXQSRUFHQWDMH
GDULD\WHUFLDULD(O0LQLVWHULRGH6DOXGHQ GH OHWDOLGDG GH  SRU WDQWR HVWDPRV
FRRUGLQDFLyQFRQHO&21$',6SURJUDPD\ DGHOOHJDUDODPHWDTXHHVPHQRU
HMHFXWDORVSODQHVGHSUHYHQFLyQSULPDULDGH GHO
ODVHQIHUPHGDGHV\RWUDVFDXVDVTXHJHQHUHQ
GLVFDSDFLGDG$VLPLVPR HMHFXWD \ FRRUGLQD /DV HVWUDWHJLDV HIHFWXDGDV SDUD OOHJDU D HVWD
FRQHO,366\FRQORVHVWDEOHFLPLHQWRVGHVD FLIUD IXHURQ OD FDSDFLWDFLyQ DO SHUVRQDO GH
OXGGHORV0LQLVWHULRVGH'HIHQVD\GHO,QWH 6DOXGGH7HUFHU1LYHO\GH6HJXQGR1LYHOHQ
ULRUODVDFFLRQHVTXHSHUPLWDQODDWHQFLyQGH HO0DQHMRGH1LxRVFRQ'HVQXWULFLyQ6HYHUD
HQIHUPHGDGHV HVWDEOHFLGDV SDUD VX SUHYHQ $JXGD 3HGLDWUDV1XWULFLRQLVWDV/LF(QIHU
FLyQ VHFXQGDULD (Q FXDQWR D OD SUHYHQFLyQ PHUDV$X[LOLDUHV(QIHUPHUDV0pGLFRV*H
WHUFLDULD HMHFXWD \ SURPXHYH OD DPSOLDFLyQ QHUDOHV  ,QWURGXFFLyQ GH 0LFURQXWULHQWHV
GHODFREHUWXUDGHDWHQFLyQGHODVSHUVRQDV H ,QVXPRV 0pGLFRV SDUD HO7UDWDPLHQWR GH
FRQGLVFDSDFLGDGRULHQWiQGRVHDODUHKDELOL 1LxRV FRQ 'HVQXWULFLyQ$JXGD 6HYHUD 6H
WDFLyQHIHFWLYD JXLPLHQWR\0RQLWRUHRDO3HUVRQDOGH6DOXG
&DSDFLWDGR\2EWHQFLyQGH,QIRUPDFLyQ
$UWtFXOR ‡ 'HVQXWULFLyQOHYHHQPHQRUGHGRV
$FFHVR D ORV VHUYLFLRV GH VDOXG /D SHUVRQD DxRVVHJ~QSHVRWDOODVHORJUyUHGXFLU
FRQGLVFDSDFLGDGWLHQHGHUHFKRDODFFHVRDORV GHDFXHUGRDOD/tQHD%DVHGHO61,6
VHUYLFLRVGHVDOXGGHO0LQLVWHULRGH6DOXG(O  KDVWDODSUHVHQWHJHVWLyQGHO
SHUVRQDOPpGLFRSURIHVLRQDODX[LOLDU\DG PHVGHDxRHQXQ
PLQLVWUDWLYR OHV EULQGDQ XQD DWHQFLyQ HVSH ‡ 'HVQXWULFLyQPRGHUDGDVHJ~QSHVRWDOOD
FLDOHQEDVHDODFDSDFLWDFLyQ\DFWXDOL]DFLyQ VHORJUyUHGXFLUGHDFXHUGRDOD/tQHD
HQ OD FRPXQLFDFLyQ RULHQWDFLyQ \ FRQGXF %DVHGHO61,6  KDVWDODSUHVHQWH
FLyQTXHIDFLOLWHQVXDVLVWHQFLD\WUDWDPLHQWR JHVWLyQGHOPHVGHDxRHQXQ


‡ 'HVQXWULFLyQJUDYHVHJ~QSHVRWDOOD QXWULFLyQ\GHUHFKRVDSURSLDGRVSDUD
VHORJUyUHGXFLUGHDFXHUGRDOD/tQHD FDGDUHJLyQ
%DVHGHO61,6  KDVWDODSUHVHQWH ‡ (ODERUDFLyQGHPDWHULDOGHGLIXVLyQ
JHVWLyQGHOPHVGHDxRHQXQ LQWHJUDOHQGLIHUHQWHVLGLRPDV\
FDSDFLWDFLyQSDUDVXXVRDGHFXDGR
/DV HVWUDWHJLDV LPSOHPHQWDGDV SRU HO 3UR ‡ &RPLWp7pFQLFRGHO&RQVHMR1DFLRQDO
JUDPDGH'HVQXWULFLyQ&HURIXHURQODSUR GH$OLPHQWDFLyQ\1XWULFLyQ &7
PRFLyQ OD SUHYHQFLyQ D SDUWLU GHO 0RGHOR &21$1 
6$)&,FDSDFLWDFLyQSHUPDQHQWHDOSHUVRQDO
GH(VWDEOHFLPLHQWRGH6DOXG6HJXLPLHQWR\ ,QGLFDGRUHVGHLPSDFWR
0RQLWRUHRFDSDFLWDQWHDHVWHSHUVRQDOLQWUR ‡ 3UHYDOHQFLD GH GHVQXWULFLyQ FUyQLFD HQ
GXFFLyQGH1XWULEHEH$7/8 DOLPHQWRWHUD QLxRVDVPHQRUHVGHFLQFRDxRVDQLYHO
SpXWLFROLVWRSDUDVXXVR \FRQWLQXLGDGFRQ QDFLRQDO
ORVPLFURQXWULHQWHV ‡ 3UHYDOHQFLD GH GHVQXWULFLyQ FUyQLFD HQ
QLxRVDVPHQRUHVGHGRVDxRVDQLYHOQD
3RUWRGRORH[SXHVWRHVTXHLQGLFDPRVTXH FLRQDO\GHPXQLFLSLRVFXDWUR\FLQFR
HO SRUFHQWDMH GH GHVQXWULGRV JUDYHV  PR ‡ 3UHYDOHQFLD GH GHVQXWULFLyQ DJXGD PR
GHUDGRVDOFDQ]yGHODJHVWLyQ  GHUDGD\VHYHUDHQPHQRUHVGHFLQFRDxRV
VHJ~QSHVRWDOOD DODJHVWLyQDFWXDO PHVGH DQLYHOQDFLRQDO
PD\R D ‡ 3UHYDOHQFLDGHDQHPLDHQQLxRVDVGHD
PHVHVDQLYHOQDFLRQDO
(O 3URJUDPD 0XOWLVHFWRULDO 'HVQXWULFLyQ ‡ 3UHYDOHQFLD GH GHVQXWULFLyQ HQ HPEDUD
&HURKDLGHQWLILFDGRDFFLRQHVFRQFUHWDVTXH ]DGDVDQLYHOQDFLRQDO
WDPELpQ VH GHVDUUROODQ HQ ORV VHFWRUHV TXH ‡ 3UHYDOHQFLDGHDQHPLDHQPXMHUHVIpUWLOHV
FRQIRUPDQHO0LQLVWHULRGH(GXFDFLyQDFWL DQLYHOQDFLRQDO
YLGDGHVTXHVLQGXGDFRDG\XYDQHQHVWDWDUHD
,QGLFDGRUHVGHUHVXOWDGRV
$FWLYLGDGHVHVWUDWpJLFDV ‡ 3RUFHQWDMHGHQLxRVGHPHVHV
‡ $OIDEHWL]DFLyQ\SRVWDOIDEHWL]DFLyQ TXHWXYLHURQHSLVRGLRVGHGLDUUHD\
GHODSREODFLyQDGXOWDSULRUL]DQGR HQIHUPHGDGHVLQIHFFLRVDVODV~OWLPDV
PXMHUHVHQHGDGIpUWLO GRVVHPDQDV
‡ ,QFOXVLyQGHFRQWHQLGRVGH ‡ 3RUFHQWDMHGHQLxRV\QLxDVGH
DOLPHQWDFLyQQXWULFLyQ\GHUHFKRVHQOD PHVHVFRQODFWDQFLDPDWHUQDH[FOXVLYD
FXUUtFXODGHSRVWDOIDEHWL]DFLyQ\HQORV ‡ 3RUFHQWDMHGHQLxRV\QLxDVGH
GLIHUHQWHVQLYHOHVGHHGXFDFLyQIRUPDO PHVHVTXHUHFLEHQDOLPHQWDFLyQ
‡ ,PSOHPHQWDFLyQGHODFXUUtFXODHVFRODU FRPSOHPHQWDULD
FRQFRQWHQLGRVGHDOLPHQWDFLyQ


‡ 3RUFHQWDMHGHPXMHUHVHPEDUD]DGDVTXH UHDOL]yODSURPRFLyQ\DSR\RDOD
UHFLEHQDOLPHQWDFLyQFRPSOHPHQWDULD\ FRPHUFLDOL]DFLyQGHORVH[FHGHQWHVGH
FRQWUROSUHQDWDO ODSURGXFFLyQ
‡ 3RUFHQWDMHGHQLxRV\QLxDVPHQRUHV
GHFLQFRDxRVTXHUHFLEHQ\FRQVXPHQ 6tUYDQVHSURSRUFLRQDU
VXSOHPHQWRVGHPLFURQXWULHQWH LQIRUPDFLyQVREUHORV
FKLVSLWDVQXWULFLRQDOHVVXOIDWRIHUURVR REMHWLYRVGHODHGXFDFLyQ
9LWDPLQD$\=LQF  LQFOX\HQGRVLORVSULQFLSLRV
‡ 7DVDGHDQDOIDEHWLVPRSULRUL]DQGR HQXQFLDGRVHQHODUWtFXOR
PXMHUHVHQHGDGIpUWLO DDxRV  GHOD&RQYHQFLyQVRQ
‡ 3RUFHQWDMHGHKRJDUHVFRQDFFHVRDJXD FRPSOHWDPHQWHLQFRUSRUDGRV
VHJXUD HQODRUJDQL]DFLyQFXUULFXODU
‡ 3RUFHQWDMHGHKRJDUHVFRQDFFHVRD GHOVLVWHPDHGXFDWLYR
VDQHDPLHQWREiVLFR
‡ 'LHWDGHQLxRVPHQRUHVGHFLQFRDxRV (Q OD RUJDQL]DFLyQ FXUULFXODU HO QXHYR
DGHFXDGDVHQFDORUtDVSURWHtQDVGHDOWD PRGHOR HGXFDWLYR GHO 6LVWHPD (GXFDWLYR
FDOLGDG\PLFURQXWULHQWHV FRQWHQLHQGR 3OXULQDFLRQDO RUJDQL]D ORV FRQRFLPLHQWRV
DOLPHQWRVGHRULJHQDQLPDO GHVWUH]DV KDELOLGDGHV YDORUHV \ DFWLWXGHV
‡ 9DULHGDGDOLPHQWLFLD PD\RUFRQVXPR LQGLVSHQVDEOHV SDUD HO GHVDUUROOR LQWHJUDO
GHSURGXFWRVDQLPDOHV\GHRWURV GHOVHUKXPDQRGHDFXHUGRDODHGDG\DORV
DOLPHQWRVULFRVHQQXWULHQWHV  UHTXHULPLHQWRV GHO HQWRUQR QDWXUDO VRFLDO
‡ 3RUFHQWDMHGHODSURGXFFLyQIDPLOLDU FXOWXUDO\SURGXFWLYR2UGHQDQGRHO6LVWHPD
GHVWLQDGDDODXWRFRQVXPR GHOD(GXFDFLyQHQVXVGLYHUVRVVXEVLVWHPDV
‡ 3RUFHQWDMHGHIDPLOLDVTXHWLHQHQDFFHVR QLYHOHVPRGDOLGDGHV\iPELWRV
DULHJR
‡ 3RUFHQWDMHGHIDPLOLDVFRQDFFHVRD 8QRGHVXVREMHWLYRV3URSRUFLRQDUHOHPHQ
LQIUDHVWUXFWXUDGHDOPDFHQDPLHQWR\R WRV LQGLVSHQVDEOHV D ORV HVWXGLDQWHV SDUD HO
WUDQVIRUPDFLyQGHDOLPHQWRV GHVDUUROOR LQWHJUDO \ HTXLOLEUDGR GH WRGDV
‡ 3RUFHQWDMHGHIDPLOLDVFDSDFLWDGDVHQ ODVFDSDFLGDGHV\SRWHQFLDOLGDGHVFRJQLWLYDV
SURGXFFLyQDJURSHFXDULD\DJURIRUHVWDO GHDSWLWXGDIHFWLYDVHVSLULWXDOHVDUWtVWLFDV
PDQHMR\RSHUDFLyQGHVLVWHPDV pWLFDVHVWpWLFDVWpFQLFDWHFQROyJLFDItVLFDV\
GHPLFURUULHJRFRQVHUYDFLyQ\ GHSRUWLYDV
WUDQVIRUPDFLyQGHDOLPHQWRVHWF
‡ 3RUFHQWDMHGHIDPLOLDVFRQDFFHVRD (Q HVWH HQWHQGLGR OD SURSXHVWD GH FDPELR
IRJRQHVPHMRUDGRV LPSOLFD XQ QXHYR FXUUtFXOR EDVH GHO 6LVWH
‡ 3RUFHQWDMHGHPXQLFLSLRVGRQGHVH PD (GXFDWLYR 3OXULQDFLRQDO TXH RUJDQL]D
ODV iUHDV GH VDEHUHV \ FRQRFLPLHQWRV \ ODV


GLVFLSOLQDV FXUULFXODUHV EDMR SULQFLSLRV TXH YLYHQFLDFRQHOFRVPRV\ODQDWXUDOH]DFRQ
VXVWHQWDQ XQD HGXFDFLyQ GHVFRORQL]DGRUD VLGHUDQGRODGLYHUVLGDGGHODVFRVPRYLVLRQHV
FRPXQLWDULD LQWUDFXOWXUDO LQWHUFXOWXUDO VHJ~Q ORV FRQWH[WRV WHUULWRULDOHV HQ EDVH D
SOXULOLQJH SURGXFWLYD FLHQWtILFD WpFQLFD SURFHVRVGHFRPSUHQVLyQDSURSLDFLyQ\GL
WHFQROyJLFD<HQFDPSRVGHVDEHUHV\FRQR IXVLyQ GH FRQRFLPLHQWRV \ VDEHUHV VREUH HO
FLPLHQWRV FRVPRV \ SHQVDPLHQWR VRFLHGDG GHVDUUROORVRVWHQLEOHGHODYLGD\HQODYLGD
\FRPXQLGDGYLGDWLHUUD\WHUULWRULRFLHQ SDUDYLYLUELHQHQFRPXQLGDG
FLDWHFQROyJLFD\SURGXFFLyQ
(O$UWtFXOR,,GHOD
(O HMH GH HGXFDFLyQ LQWUDFXOWXUDOLQ &RQVWLWXFLyQKDSURKLELGR
WHUFXOWXUDO\SOXULOLQJHHVWiRULHQWDGR HOWUDEDMRIRU]DGR\OD
DOGHVDUUROORGHORVFRQRFLPLHQWRV\VDEHUHV H[SORWDFLyQLQIDQWLOSHUR
SURSLRVGHFDGDFXOWXUDLQWHJUDGRVDORVFR QRKDKHFKRUHIHUHQFLDVDOD
QRFLPLHQWRVGHODVFXOWXUDVQDFLRQDOHV\GHO HGDGPtQLPDSDUDHOWUDEDMR
PXQGRHQFDGDXQRGHORVFDPSRVGHFRQR LQIDQWLO3RUIDYRUH[SOLTXHQ
FLPLHQWRiUHDV\GLVFLSOLQDVGHOFXUUtFXOR(O ODVLPSOLFDQFLDVOHJDOHV\
REMHWLYRGHHVWHHMHDUWLFXODGRUHVUHFXSHUDU ODVFRQVHFXHQFLDVSROtWLFDV
YDORUDU\GHVDUUROODUODVOHQJXDVVDEHUHVVD GHHVDGHFLVLyQWHQLHQGRHQ
ELGXUtDV FRQRFLPLHQWRV \ YDORUHV UHFRQR FXHQWDHO$UWtFXORGHOD
FLHQGRODLGHQWLGDG\GLYHUVLGDGFXOWXUDOGH &RQYHQFLyQ\OD&RQYHQFLyQ
ORVSXHEORV GHOD2UJDQL]DFLyQ0XQGLDO
GHO7UDEDMR1R
(GXFDFLyQHQYDORUHVVRFLRFRPXQLWD
ULRV8QDHGXFDFLyQHQYDORUHVVRFLRFRPX (O$UWtFXOR,,GHOD&RQVWLWXFLyQ3ROtWLFD
QLWDULRVRULHQWDGRVDIRUWDOHFHUODFRQYLYHQ GHO(VWDGRWLHQHTXHVHUUHODFLRQDGRFRQHO
FLDDUPyQLFD\FRPSOHPHQWDUDODVSHUVRQDV $UWtFXORTXHH[SOLFD´(VGHEHUGHO(VWD
FRQODQDWXUDOH]DODFRPXQLGDG\HOFRVPRV GRODVRFLHGDG\ODIDPLOLDJDUDQWL]DUODSULR
(OREMHWLYRHVGHVDUUROODUYDORUHVGHUHFLSUR ULGDGGHOLQWHUpVVXSHULRUGHODQLxDQLxR\
FLGDGDUWLFXODFLyQFRQWULEXFLyQUHGLVWULEX DGROHVFHQWH TXH FRPSUHQGH OD SUHHPLQHQ
FLyQUHVSHWRMXVWLILFDOLEHUWDGSD]XQLGDG FLD GH VXV GHUHFKRV OD SULPDFtD HQ UHFLELU
KRQHVWLGDG \ RWURV HQ DUWLFXODFLyQ FRQ ORV SURWHFFLyQ \ VRFRUUR HQ FXDOTXLHU FLUFXQV
FDPSRVGHFRQRFLPLHQWRViUHDV\GLVFLSOLQDV WDQFLD«µ
GHOFXUUtFXOR
$VLPLVPRVHWLHQHTXHDUWLFXODUFRQORV$UWt
(GXFDFLyQ HQ FRQYLYHQFLD FRQ OD QD FXORV,´ODHGXFDFLyQHVREOLJDWRULDKDVWD
WXUDOH]D\VDOXGFRPXQLWDULD3DUWHGHO HOEDFKLOOHUDWR\,´(O(VWDGRJDUDQWL]DUi
UHVSHWRDODVSUiFWLFDVFRPXQLWDULDVGHFRQ HODFFHVRDODHGXFDFLyQ\ODSHUPDQHQFLDGH


WRGDVODVFLXGDGDQDV\ORVFLXGDGDQRVHQFRQ 3RU OR WDQWR QR H[LVWLUtDQ LPSOLFDQFLDV OH
GLFLRQHVGHSOHQDLJXDOGDGµ JDOHV \ FRQVHFXHQFLDV SROtWLFDV GHO DUWtFXOR
,,HQUHODFLyQDO$UWtFXORGHOD&RQYHQ
&RQORV$UWtFXORVVHxDODGRVVHUHWRPDQXH FLyQ\GHOD&RQYHQFLyQGHOD2UJDQL]DFLyQ
YDPHQWHHODUWtFXOR,,4XHDOILQDOGHVX 0XQGLDOGHO7UDEDMR1R
SiUUDIR PDQLILHVWD ´«6XV GHUHFKRV JD
UDQWtDV\PHFDQLVPRVLQVWLWXFLRQDOHVGHSUR 6tUYDQVHSURYHHU
WHFFLyQVHUiQREMHWRGHUHJXODFLyQHVSHFLDOµ LQIRUPDFLyQDFHUFD
GHODFRH[LVWHQFLDGHO
(Q HVWH VHQWLGR HO &yGLJR 1LxD 1LxR \ VLVWHPDMXGLFLDO\GHOD
$GROHVFHQWHGHOGHRFWXEUHGHHVWi MXVWLFLDDGPLQLVWUDGDSRU
HODERUDGRVREUHODEDVHGHORVSULQFLSLRVGHO OtGHUHVFRPXQDOHV\VX
,QWHUpV6XSHULRUGH1LxRSULQFLSLRTXHLQGL FRPSDWLELOLGDGFRQOD
FDTXHWRGDVODVPHGLGDVDDGRSWDUVHUHVSHFWR &RQYHQFLyQ
GHOQLxRQLxD\DGROHVFHQWHGHEHQHVWDUED
VDGDVHQODFRQVLGHUDFLyQGHOSOHQRHMHUFLFLR (Q%ROLYLDUHFLpQVHKDFHQYLVLEOHVODVIRUPDV
GHORVGHUHFKRVGHHVWDSREODFLyQ DOWHUQDWLYDV GH VROXFLyQ GH FRQIOLFWRV TXH
VLHPSUHH[LVWLHURQSHURTXHQRIXHURQUHFR
(QHO&DStWXOR9,3URWHFFLyQDO$GROHVFHQWH QRFLGDV(VSRUHVRTXHVHFRQRFHPX\SRFR
WUDEDMDGRUVHWRPDHQFXHQWDHODUWtFXOR \IiFLOPHQWHVHGLVWRUVLRQDHVWDVSUiFWLFDV
GH OD &RQYHQFLyQ \ HO &RQYHQLR  GH OD
2,7  /DDFWXDO&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR
HQVXV$UWtFXORVDOKDFHUHIHUHQFLD
$GHPiV HV LPSRUWDQWH VHxDODU TXH HQ OD DOD-XULVGLFFLyQ,QGtJHQD2ULJLQDULR&DP
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRHQHO7tWXOR SHVLQD
,,'HUHFKRVIXQGDPHQWDOHV\*DUDQWtDV$UWt
FXORLY/RVWUDWDGRV\FRQYHQLRVLQWHUQD $UW ,´/DV QDFLRQHV \ SXHEORV LQGtJHQD
FLRQDOHVUDWLILFDGRVSRUOD$VDPEOHD/HJLVODWL RULJLQDULR FDPSHVLQRV HMHUFHUiQ VXV IXQ
YD3OXULQDFLRQDOTXHUHFRQRFHQORVGHUHFKRV FLRQDOHV MXULVGLFFLRQDOHV \ GH FRPSHWHQFLD
KXPDQRV\TXHSURKtEHQVXOLPLWDFLyQHQORV D WUDYpV GH VXV DXWRULGDGHV \ DSOLFDUiQ VXV
(VWDGRVGH([FHSFLyQSUHYDOHFHQHQHORUGHQ SULQFLSLRVYDORUHVFXOWXUDOHVQRUPDV\SUR
LQWHUQR/RVGHUHFKRV\GHEHUHVFRQVDJUDGRV FHGLPLHQWRVSURSLRVµ
HQHVWD&RQVWLWXFLyQVHLQWHUSUHWDUiQGHFRQ
IRUPLGDGFRQORV7UDWDGRVLQWHUQDFLRQDOHVGH ,,´/DMXULVGLFFLyQLQGtJHQDRULJLQDULDFDPSH
GHUHFKRVKXPDQRVUDWLILFDGRVSRU%ROLYLD VLQDUHVSHWDHOGHUHFKRDODYLGDHOGHUHFKRD
ODGHIHQVD\GHPiVGHUHFKRV\JDUDQWtDVHVWD
EOHFLGRVHQODSUHVHQWH&RQVWLWXFLyQµ


$UW,,´3DUDHOFXPSOLPLHQWRGHODVGH (VWDGR SODQWHD FRPR OtPLWH GH OD ´MXVWLFLD
FLVLRQHVGHODMXULVGLFFLyQLQGtJHQDRULJLQDULD FRPXQLWDULDµHOUHVSHWRGHORVGHUHFKRVSRU
FDPSHVLQD VXV DXWRULGDGHV SRGUiQ VROLFLWDU ORWDQWRHVHYLGHQWHODFRPSDWLELOLGDGFRQOD
HODSR\RGHORVyUJDQRVFRPSHWHQWHVGHO(V &RQYHQFLyQ
WDGRµ
6tUYDVHLQGLFDUTXH
,,, ´(O (VWDGR SURPRYHUi \ IRUWDOHFHUi OD FXHVWLRQHVUHODFLRQHVLQGLFDU
MXVWLFLD LQGtJHQD RULJLQDULD FDPSHVLQD /D FRQODLQIDQFLDFRQVLGHUD
OH\ GH 'HVOLQGH -XULVGLFFLRQDO GHWHUPLQDUi HO(VWDGR3DUWHTXHVRQ
ORVPHFDQLVPRVGHFRRUGLQDFLyQ\FRRSHUD SULRULWDULDV\PHUHFHGRUDV
FLyQHQWUHODMXULVGLFFLyQLQGtJHQDRULJLQDULD GHODPi[LPDDWHQFLyQ
FDPSHVLQDFRQODMXULVGLFFLyQRUGLQDULD\OD UHVSHFWRDODDSOLFDFLyQGHOD
MXULVGLFFLyQDJURDPELHQWDO\WRGDVODVMXULV &RQYHQFLyQ
GLFFLRQHVFRQVWLWXFLRQDOPHQWHFRQVWLWXLGDVµ (Q SULPHUD LQVWDQFLD GHEHPRV VHxDODU TXH
 /DV LQVWLWXFLRQHV GH SURWHFFLyQ GH GHUH WRGRV\FDGDXQRGHORVGHUHFKRVGHQLxH]\
FKRV\GHDWHQFLyQDQLxRVQRWLHQHQSUH DGROHVFHQFLD UHFRQRFLGRV HQ OD &RQYHQFLyQ
VHQFLD HQ WRGR HO WHUULWRULR QDFLRQDO GH VREUHORVGHUHFKRVGHOQLxRVRQLPSRUWDQWHV
PDQHUDTXHVRQODVDXWRULGDGHVRULJLQDULDV 
ODVTXHGHEHQSURQXQFLDUVHDQWHKHFKRVGH (PSHUR HO (VWDGR 3OXULQDFLRQDO FRQVLGHUD
WUDVJUHVLyQGHGHUHFKRVGHORVQLxRV\QL SULRULWDULR
xDV$GHPiVGHEHWRPDUVHHQFXHQWDTXH 
HQ ODV FRPXQLGDGHV LQGtJHQDV RULJLQDULR ‡ 0HMRUDUHOQLYHOGHYLGDGHOD
FDPSHVLQDVORVQLxRVQRVRQLQGLYLGXDOL]D LQIDQFLDEROLYLDQDVLQQLQJ~QWLSRGH
GRVFRPRHQODVFLXGDGHV GLVFULPLQDFLyQDVSHFWRTXHFRQIRUPHOD
 6H FRQRFH TXH HQ DOJXQRV FDVRV \ HQ DO &RQYHQFLyQQRVyORLPSOLFDHOGHVDUUROOR
JXQRV OXJDUHV ORV UHVSRQVDEOHV GH ODV ItVLFRVLQRVXGHVDUUROORLQWHJUDO6LQ
'HIHQVRUtDVGHOD1LxH]\$GROHVFHQFLD\ GHVFXLGDUDQLQJ~QLQIDQWHVHDGHOD
ODV DXWRULGDGHV FRPXQLWDULDV OHJDOPHQ FLXGDGRGHSREODFLRQHVLQGtJHQDV(VWH
WH FRQVWLWXLGDV DFW~DQ GH FRP~Q DFXHUGR DVSHFWRFRQOOHYD
SDUDUHVWLWXLUGHUHFKRV ‡ 0HMRUDUORVVHUYLFLRVPpGLFRV\GHVDOXG
 (VXQWHPDDLQYHVWLJDUSDUDLQFRUSRUDUODV GHDWHQFLyQDODLQIDQFLD
IRUPDVDOWHUQDWLYDVGHUHVROXFLyQGHFRQ ‡ 0HMRUDUORVVHUYLFLRVGHVDOXGSDUD
IOLFWRVHQXQ&yGLJRGHO1LxR1LxD\$GR PXMHUHVHPEDUD]DGDVDQWHV\GHVSXpVGHO
OHVFHQWHTXHVHSUHWHQGHVHDLQWHUFXOWXUDO SDUWR

&RQ UHODFLyQ D OD FRPSDWLELOL]DFLyQ FRQ OD (Q HVWH VHQWLGR HO 3ODQ GH 'HVDUUROOR ,Q
&RQYHQFLyQ /D &RQVWLWXFLyQ 3ROtWLFD GHO WHJUDO &RPXQLWDULR GH OD ,QIDQFLD 1LxH] \


$GROHVFHQFLD  HVWDEOHFH XQD HV /D SULRUL]DFLyQ WHPiWLFD LQFLGH VXVWDQFLDO
WUXFWXUD SURJUDPiWLFD TXH FRQWHPSOD FXD PHQWH HQ ORV DFWLYRV VRFLDOHV HGXFDFLyQ
WURSURJUDPDVD LQIDQFLDSDUDHOFDPELRE  IRUPDFLyQ \ FUHDWLYLGDG MXQWR FRQ VDOXG
HPSRGHUDPLHQWRGHODIDPLOLD\ODFRPXQL QXWULFLyQ \ DOLPHQWDFLyQ \ SURWHFFLyQ (OOR
GDG F  GHUHFKRV \ HPSRGHUDPLHQWR GH ODV LPSOLFDLQFLGHQFLDHQODLQWHUVHFWRULDOLGDG\
LQVWDQFLDVHVWDWDOHV\GHODVRFLHGDGG SROt ODWUDQVYHUVDOL]DFLyQSHURDOPLVPRWLHPSR
WLFDV S~EOLFDV VHQVLELOL]DFLyQ LQWHUVHFWRULD ODFRPSOHPHQWDFLyQGHVGHHOSODQVREUHWRGR
OLGDG LQWHUWHUULWRULDOLGDG \ QRUPDWLYLGDG HQORUHIHULGRDODXQLYHUVDOL]DFLyQGHORVGH
SURJUDPDV TXH UHVSRQGHQ D OD SULRUL]DFLyQ UHFKRV
GHQLxRVQLxDV\DGROHVFHQWHVTXHYLYHQFRQ
PD\RUULJRUODSREUH]D\ODYXOQHUDELOLGDG\ 8QVHJXQGRQ~FOHRGHSULRUL]DFLyQWHPiWLFD
TXHDOPLVPRWLHPSRHVHOVHJPHQWRGRQGH HVODSURWHFFLyQHQJHQHUDO\HQSDUWLFXODUOD
HOFDSLWDOVRFLDOIRUPDVXSRWHQFLDO YLROHQFLD\ODH[SORWDFLyQ

3ULRUL]DFLyQGHDFWRUHV 8QWHUFHUQ~FOHRGHSULRUL]DFLyQHVODSDUWL
WHUULWRULRV\WHPiWLFDV FLSDFLyQTXHVHGHVDUUROODHQWRUQRDODGLQi
PLFDGHORV&RQVHMRV\TXHVHxDODSURFHVRV
6H SULRUL]D D ORV DFWRUHV LQIDQWHV QLxH] \ GHHPSRGHUDPLHQWRGHDFWRUHVHVSHFLDOPHQ
DGROHVFHQFLDHVGHFLUDODVSHUVRQDVTXHVH WHGHORVLQIDQWHVQLxRVQLxDV\DGROHVFHQ
HQFXHQWUDQ HQ HO WUDPR GH HGDG GH  D  WHVTXHDOGHVDUUROODUHVWHSRWHQFLDOHQULTXH
DxRV TXH FRPR \D KHPRV VHxDODGR VRQ ORV FH\GDQVHQWLGRDOHQIRTXHSHURDOPLVPR
TXH FRQ PD\RU ULJRU VRSRUWDQ OD SREUH]D WLHPSR JHQHUD VRVWHQLELOLGDG D OD GLQiPLFD
YXOQHUDELOLGDG\PDUJLQDOLGDG SDUWLFLSDWLYDGHIXWXUR

(Q FXDQWR D ODV SULRUL]DFLRQHV WHUULWRULD (O3ODQGH'HVDUUROOR,QWHJUDO&RPXQLWDULR


OHV VH HVWDEOHFHQ WUHV HVSDFLRV UXUDO VREUH GH OD ,QIDQFLD 1LxH] \$GROHVFHQFLD 
WRGRSRUORVDOWRVtQGLFHVGHSREUH]DFRPR  GHQWUR OD SURSXHVWD GH SURJUDPD
SRUODHVFDVD\FDVLLQH[LVWHQWHRIHUWDHVWDWDO GLULJLGD D ODV SREODFLRQHV GH QLxRV QLxDV \
\VRFLDOGHVHUYLFLRVSURJUDPDV\SUR\HFWRV DGROHVFHQWHVHQVLWXDFLyQGHULHVJR\YXOQH
ORVHVSDFLRVLQGtJHQDVTXHWDQWRHQODViUHDV UDELOLGDGHVWDEOHFH
XUEDQDVFRPRUXUDOHVVRQORVHVSDFLRVGRQGH
VH KD LQVWDODGR OD SREUH]D H[WUHPD \ ILQDO 3URJUDPD 'HUHFKRV \ (PSRGHUD
PHQWHHOFRQMXQWRGHHVSDFLRVWHUULWRULDOHV PLHQWRGHODV,QVWDQFLDV(VWDWDOHV\GH
XUEDQRV \ UXUDOHV GRQGH OD LQFLGHQFLD GH OD OD 6RFLHGDG TXH HVWi RULHQWDGR D FRQVROL
SREUH]DH[WUHPDHVDOWD GDUODVFDSDFLGDGHVLQVWLWXFLRQDOHVGHO(VWDGR
\ OD VRFLHGDG SDUD TXH UHVSRQGDQ GH PHMRU


PDQHUDDODVSROtWLFDVS~EOLFDVDIDYRUGHOD VDOL]DFLyQ \ OD FRQFXUUHQFLD GH SROtWLFDV H
LQIDQFLDODQLxH]\ODDGROHVFHQFLD$OPLVPR LQWHUYHQFLRQHV )LQDOPHQWH WDPELpQ WLHQH
WLHPSRVHWUDEDMDODVSROtWLFDVGHSURWHFFLyQ OD ILQDOLGDG GH HVWDEOHFHU HVWUDWHJLDV GH LQ
HQORVGLVWLQWRVQLYHOHV6LHQGRVXVOtQHDVGH IRUPDFLyQ FRPXQLFDFLyQ \ VHQVLELOL]DFLyQ
LQWHUYHQFLyQ PHGLDQWHPHGLRVIRUPDOHV\GHPRYLOL]DFLyQ
‡ 9LROHQFLDFHURRULHQWDUKDFLDOD VRFLDO6LHQGRVXVOtQHDVGHLQWHUYHQFLyQ
HUUDGLFDFLyQGHWRGDVODVIRUPDVGH ‡ 0RQLWRUHRDODWUDQVYHUVDOL]DFLyQ
YLROHQFLDVHFRQMXQFLRQDUiHVIXHU]RV VHFWRULDO\WHUULWRULDOGHODVSROtWLFDVSUR
FRQSURJUDPDVVLPLODUHVKDVWDFRQVWLWXLU LQIDQWHVQLxRVQLxDV\DGROHVFHQWHV
XQSURJUDPDQDFLRQDOGHLPSDFWR ‡ $FFLyQLQWHUVHFWRULDOFRPSOHPHQWDULD
‡ 3URWHFFLyQSDUDGHODYXOQHUDELOLGDG ‡ &RPXQLFDFLyQLQIRUPDFLyQ\
VRFLDO VHQVLELOL]DFLyQ
‡ 3URWHFFLyQSDUDODYXOQHUDELOLGDG ‡ 2EVHUYDWRULRSDUDODLQIDQFLDODQLxH]\
HFRQyPLFD\ODERUDO ODDGROHVFHQFLD
‡ 3URWHFFLyQDLQIDQWHVQLxRV\ ‡ &yGLJRGHLQIDQFLDQLxH]\DGROHVFHQFLD
DGROHVFHQWHVGHODVFDOOHVKXpUIDQRV\ \SDTXHWHQRUPDWLYRSDUDOD
PDGUHVVROWHUDV LPSOHPHQWDFLyQGHOD&RQVWLWXFLyQ
‡ $OEHUJXHV\HVWUDWHJLDVFRPXQLWDULDV 3ROtWLFDGHO(VWDGR
SDUDLQIDQWHVQLxRV\DGROHVFHQWHVHQ
ULHVJR 3$57(,,
‡ )RUWDOHFLPLHQWRGHFDSDFLGDGHVGH
ODVLQVWDQFLDVLQGtJHQDVPXQLFLSDOHV (QHVWDVHFFLyQVHLQYLWDDO(VWDGR3DUWHDDF
UHJLRQDOHV\GHSDUWDPHQWDOHVSDUD WXDOL]DUEUHYHPHQWH
ODDWHQFLyQGHLQIDQWHVQLxRV\
DGROHVFHQWHV D /RVQXHYRVSUR\HFWRVGH/H\
‡ )RUWDOHFLPLHQWRGHLQVWDQFLDVGH ROH\HVSURPXOJDGDV
SDUWLFLSDFLyQ
/D 1XHYD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR
3URJUDPD3ROtWLFDV3~EOLFDV6HQVLEL TXH HVWDEOHFH SDUD HO WHPD GH QLxH] \ DGR
OL]DFLyQ ,QWHUVHFWRULDOLGDG ,QWHUWH OHVFHQFLD
UULWRULDOLGDG\1RUPDWLYLGDGTXHWLHQH
FRPR REMHWLYR OD DFWXDOL]DFLyQ SHUPDQHQ $UWtFXOR6HFRQVLGHUDQLxDQLxRRDGR
WH GH ODV SROtWLFDV S~EOLFDV HQ OR UHIHULGR D OHVFHQWHDWRGDSHUVRQDPHQRUGHHGDG/DV
VX HVWUXFWXUD SURJUDPiWLFD 3RU RWUR ODGR QLxDV QLxRV \ DGROHVFHQWHV VRQ WLWXODUHV GH
VH FRQVROLGDUi OD LQWHUVHFWRULDOLGDG \ OD LQ ORVGHUHFKRVUHFRQRFLGRVHQOD&RQVWLWXFLyQ
WHUWHUULWRULDOLGDG JDUDQWL]DQGR OD WUDQVYHU FRQORVOtPLWHVHVWDEOHFLGRVHQpVWD\GHORV


GHUHFKRV HVSHFtILFRV LQKHUHQWHV D VX SURFH $UWtFXOR
VR GH GHVDUUROOR D VX LGHQWLGDG pWQLFD VR (VGHEHUGHO(VWDGRODVRFLHGDG\ODIDPLOLD
FLRFXOWXUDOGHJpQHUR\JHQHUDFLRQDO\DOD JDUDQWL]DU OD SULRULGDG GHO LQWHUpV VXSHULRU
VDWLVIDFFLyQ GH VXV QHFHVLGDGHV LQWHUHVHV \ GH OD QLxD QLxR \ DGROHVFHQWH TXH FRP
DVSLUDFLRQHV SUHQGH OD SUHHPLQHQFLD GH VXV GHUHFKRV OD
SULPDFtDHQUHFLELUSURWHFFLyQ\VRFRUURHQ
$UWtFXOR,7RGDQLxDQLxR\DGROHVFHQWH FXDOTXLHU FLUFXQVWDQFLD OD SULRULGDG HQ OD
WLHQHGHUHFKRDVXGHVDUUROORLQWHJUDO DWHQFLyQGHORVVHUYLFLRVS~EOLFRV\SULYDGRV
\ HO DFFHVR D XQD DGPLQLVWUDFLyQ GH MXVWLFLD
,,7RGDQLxDQLxR\DGROHVFHQWHWLHQHGHUH SURQWDRSRUWXQD\FRQDVLVWHQFLDGHSHUVR
FKRDYLYLU\DFUHFHUHQHOVHQRGHVXIDPL QDOHVSHFLDOL]DGR
OLDGHRULJHQRDGRSWLYD&XDQGRHOORQRVHD
SRVLEOHRVHDFRQWUDULRDVXLQWHUpVVXSHULRU $UWtFXOR
WHQGUi GHUHFKR D XQD IDPLOLD VXVWLWXWD GH 6HSURKtEH\VDQFLRQDWRGDIRUPDGHYLROHQ
FRQIRUPLGDGFRQODOH\ FLD FRQWUD ODV QLxDV QLxRV \ DGROHVFHQWHV
WDQWRHQODIDPLOLDFRPRHQODVRFLHGDG
,,,7RGDVODVQLxDVQLxRV\DGROHVFHQWHVVLQ
GLVWLQFLyQGHVXRULJHQWLHQHQLJXDOHVGHUH ,,6HSURKtEHHOWUDEDMRIRU]DGR\ODH[SORWD
FKRV\GHEHUHVUHVSHFWRDVXVSURJHQLWRUHV FLyQLQIDQWLO/DVDFWLYLGDGHVTXHUHDOLFHQODV
/D GLVFULPLQDFLyQ HQWUH KLMRV SRU SDUWH GH QLxDV QLxRV \ DGROHVFHQWHV HQ HO PDUFR ID
ORVSURJHQLWRUHVVHUiVDQFLRQDGDSRUODOH\ PLOLDU\VRFLDOHVWDUiQRULHQWDGDVDVXIRUPD
FLyQLQWHJUDOFRPRFLXGDGDQDV\FLXGDGDQRV
,97RGD QLxD QLxR \ DGROHVFHQWH WLHQH GH \ WHQGUiQ XQD IXQFLyQ IRUPDWLYD 6XV GHUH
UHFKRDODLGHQWLGDG\ODILOLDFLyQUHVSHFWRD FKRVJDUDQWtDV\PHFDQLVPRVLQVWLWXFLRQDOHV
VXVSURJHQLWRUHV&XDQGRQRVHFRQR]FDQORV GHSURWHFFLyQVHUiQREMHWRGHUHJXODFLyQHV
SURJHQLWRUHV XWLOL]DUiQ HO DSHOOLGR FRQYHQ SHFLDO
FLRQDOHOHJLGRSRUODSHUVRQDUHVSRQVDEOHGH
VXFXLGDGR $UWtFXOR
(Q YLUWXG GHO LQWHUpV VXSHULRU GH ODV QLxDV
9(O(VWDGR\ODVRFLHGDGJDUDQWL]DUiQODSUR QLxRV \ DGROHVFHQWHV \ GH VX GHUHFKR D OD
WHFFLyQSURPRFLyQ\DFWLYDSDUWLFLSDFLyQGH LGHQWLGDGODSUHVXQFLyQGHILOLDFLyQVHKDUi
ODVMyYHQHV\ORVMyYHQHVHQHOGHVDUUROORSUR YDOHUSRULQGLFDFLyQGHODPDGUHRHOSDGUH
GXFWLYR SROtWLFR VRFLDO HFRQyPLFR \ FXO (VWDSUHVXQFLyQVHUiYiOLGDVDOYRSUXHEDHQ
WXUDOVLQGLVFULPLQDFLyQDOJXQDGHDFXHUGR FRQWUDULRDFDUJRGHTXLHQQLHJXHODILOLDFLyQ
FRQODOH\ (QFDVRGHTXHODSUXHEDQLHJXHODSUHVXQ
FLyQORVJDVWRVLQFXUULGRVFRUUHVSRQGHUiQD
TXLHQKD\DLQGLFDGRODILOLDFLyQ


$UWtFXOR E  /DVQXHYDVLQVWLWXFLRQHV
, /D HGXFDFLyQ FRQVWLWX\H XQD IXQFLyQ VX
SUHPD \ SULPHUD UHVSRQVDELOLGDG ILQDQFLHUD (O 'HFUHWR 6XSUHPR 1ƒ  GH (VWUXF
GHO(VWDGRTXHWLHQHODREOLJDFLyQLQGHFOLQD WXUD2UJDQL]DWLYDGHOÐUJDQR(MHFXWLYRGHO
EOHGHVRVWHQHUODJDUDQWL]DUOD\JHVWLRQDUOD (VWDGR 3OXULQDFLRQDO TXH FXPSOH FRQ HO
PDQGDWRGHLQLFLDUODSXHVWDHQHMHFXFLyQGH
$UWtFXOR OD&RQVWLWXFLyQ3ROtWLFDGH(VWDGRUHFLHQWH
,,,6HHVWLPXODUiFRQEHFDVDHVWXGLDQWHVGH PHQWHDSUREDGDPHGLDQWHFRQVXOWDXQLYHUVDO
H[FHOHQWHDSURYHFKDPLHQWRHQWRGRVORVQL SRU HO SXHEOR EROLYLDQR HVWDEOHFH OD FRQV
YHOHVGHOVLVWHPDHGXFDWLYR7RGDQLxDQLxR WLWXFLyQ GHO9LFHPLQLVWHULR GH ,JXDOGDG GH
\DGROHVFHQWHFRQWDOHQWRQDWXUDOGHVWDFDGR 2SRUWXQLGDGHV FRPR SDUWH GHO 0LQLVWHULR
WLHQHGHUHFKRDVHUDWHQGLGRHGXFDWLYDPHQWH GH-XVWLFLD'LFKDQRUPDHQVX$UWtFXOR
FRQPpWRGRVGHIRUPDFLyQ\DSUHQGL]DMHTXH $WULEXFLRQHVGHO9LFHPLQLVWHULRGH,JXDOGDG
OHSHUPLWDQHOPD\RUGHVDUUROORGHVXVDSWL GH2SRUWXQLGDGHV /DVDWULEXFLRQHVGHO9L
WXGHV\GHVWUH]DV FHPLQLVWHULRGH,JXDOGDGGH2SRUWXQLGDGHV
HQHOPDUFRGHODVFRPSHWHQFLDVDVLJQDGDVDO
$UWtFXOR QLYHOFHQWUDOSRUOD&RQVWLWXFLyQ3ROtWLFDGHO
(O (VWDGR SURPRYHUi \ JDUDQWL]DUi OD HGX (VWDGRVRQODVVLJXLHQWHV
FDFLyQ SHUPDQHQWH GH QLxDV QLxRV \ DGR ‡ )RUPXODUGLULJLU\FRQFHUWDUSROtWLFDV
OHVFHQWHV FRQ GLVFDSDFLGDG R FRQ WDOHQWRV QRUPDVSODQHVSURJUDPDV\SUR\HFWRV
H[WUDRUGLQDULRV HQ HO DSUHQGL]DMH EDMR OD TXHSURPXHYDQODLJXDOGDGGH
PLVPD HVWUXFWXUD SULQFLSLRV \ YDORUHV GHO RSRUWXQLGDGHVHQWUHPXMHUHV\KRPEUHV
VLVWHPDHGXFDWLYR\HVWDEOHFHUiXQDRUJDQL GHQLxRVQLxDVDGROHVFHQWHVMXYHQWXG
]DFLyQ\GHVDUUROORFXUULFXODUHVSHFLDO SHUVRQDVDGXOWDVPD\RUHV\SHUVRQDVFRQ
GLVFDSDFLGDG
'HFUHWR6XSUHPR ‡ 3URPRYHUHOFXPSOLPLHQWRGHOD
'HUHFKRDOD,GHQWLGDG &RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\
GHLQVWUXPHQWRVLQWHUQDFLRQDOHV
(VWDEOHFHTXHODVQLxDVQLxRV\DGROHVFHQWHV HQORViPELWRVGHHTXLGDGGH
\GHVXGHUHFKRDODLGHQWLGDGODSUHVXQFLyQ JpQHURJHQHUDFLRQDO\SHUVRQDVFRQ
GHILOLDFLyQVHKDUiYDOHUSRULQGLFDFLyQGHOD GLVFDSDFLGDG
PDGUHRHOSDGUH(VWDSUHVXQFLyQVHUiYiOLGD ‡ 3URSRQHU\FRDG\XYDUHQOD
VDOYR SUXHED HQ FRQWUDULR D FDUJR GH TXLHQ LQFRUSRUDFLyQGHOSULQFLSLRGHOD
QLHJXHODILOLDFLyQ(QFDVRGHTXHODSUXHED LJXDOGDGGHRSRUWXQLGDGHVHQODV
QLHJXH OD SUHVXQFLyQ ORV JDVWRV LQFXUULGRV HQWLGDGHVWHUULWRULDOHVDXWyQRPDV
FRUUHVSRQGHUiQ D TXLHQ KD\D LQGLFDGR OD IL ‡ (YDOXDU\PRQLWRUHDUDODVHQWLGDGHV
OLDFLyQ WHUULWRULDOHVDXWyQRPDVHQODHMHFXFLyQ


\FXPSOLPLHQWRGHSODQHVSURJUDPDV F \G /DVSROtWLFDVDSOLFDGDV
\SUR\HFWRVUHODWLYRVDODHTXLGDGGH UHFLHQWHPHQWHORVSODQHVGH
JpQHUR\DODLJXDOGDGGHRSRUWXQLGDGHV DFFLyQSURJUDPDV\SUR\HFWRV
‡ 7UDQVYHUVDOL]DUHOHQIRTXHGHJpQHUR\ UHDOL]DGRVUHFLHQWHPHQWH\VX
SURPRYHUODLJXDOGDGGHRSRUWXQLGDGHV DOFDQFH
LQWHUJHQHUDFLRQDOHVHQODVSROtWLFDV
VHFWRULDOHV\GHODJHVWLyQS~EOLFD ‡ %RQR-XDQFLWR3LQWR
DUWLFXODQGRDFFLRQHVFRQORVyUJDQRV
GHO(VWDGR\ODVRUJDQL]DFLRQHVGHOD (O %RQR -XDQFLWR 3LQWR FRQVLVWHQWH HQ 
VRFLHGDGFLYLO EROLYLDQRVTXHVHSDJDDQXDOPHQWHDPiVGH
‡ 7UDQVYHUVDOL]DUHOHQIRTXHGHJpQHUR\ XQPLOOyQGHQLxRVDVGHWRGRHOSDtVORTXH
SURPRYHUODLJXDOGDGGHRSRUWXQLGDGHV VLJQLILFDTXHVHIDYRUHFLyDOGHHVFRODUHV
LQWHUJHQHUDFLRQDOHVHQODVSROtWLFDV EHQHILFLDULRV
VHFWRULDOHV\GHODJHVWLyQS~EOLFD
DUWLFXODQGRDFFLRQHVFRQORVyUJDQRV (O%RQR-XDQFLWR3LQWRTXHQDFLyFRQODQD
GHO(VWDGR\ODVRUJDQL]DFLRQHVGHOD FLRQDOL]DFLyQ GH ORV KLGURFDUEXURV HO 
VRFLHGDGFLYLO SDJy D  QLxRV \ QLxDV GH 
‡ )RUPXODUFRQFHUWDU\HMHFXWDUODV HVFXHODVGHORVFXDOHVVRQQLxRV
SROtWLFDVQDFLRQDOHVFRQODVHQWLGDGHV DVGHURDWRGHSULPDULDIRUPDOHV
WHUULWRULDOHVDXWyQRPDVHQODGHIHQVD QLxRVDVGHHVFXHODVHVSHFLDOHV VLQOtPLWH
SURWHFFLyQ\SURPRFLyQGHORVGHUHFKRV GHHGDG QLxRVDV HQWUHDDxRV 
GHODVPXMHUHVGHQLxDVQLxRV GH  8QLGDGHV GH (GXFDFLyQ $OWHUQDWLYD
MXYHQWXGHVSHUVRQDVDGXOWDVPD\RUHV\ $ WRGR HO JUXSR IXH LQFRUSRUDGR 
SHUVRQDVFRQGLVFDSDFLGDG QLxRVDVGHXQLGDGHVHGXFDWLYDVUH]DJD
‡ )RUPXODUQRUPDVSDUDIRUWDOHFHUORV GDV 
PHFDQLVPRVGHSURWHFFLyQSUHYHQFLyQ
DWHQFLyQUHFXSHUDFLyQ\VDQFLyQ &RQ UHODFLyQ DO DxR DQWHULRU HO SDJR GHO
GHODYLROHQFLDHQUD]yQGHJpQHUR %RQR-XDQFLWR3LQWRVHDPSOLyDWRGHSUL
JHQHUDFLRQDO\PDOWUDWRLQVWLWXFLRQDO PDULD HVWH  HV GHFLU D  QLxRV
PiV7DPELpQ EHQHILFLDUi D QLxRV TXH HVWX
GLDQ HQ XQLGDGHV HGXFDWLYDV DOWHUQDWLYDV HV
GHFLUDHVFRODUHVFRQHGDGHVGHD
DxRV

3RU WDQWR SDUD OD JHVWLyQ  HO WRWDO GH


EHQHILFLDULRV HV  PiV TXH HO 


OR TXH UHSUHVHQWD XQ  GH LQFUHPHQ 3$57(,,,
WR (Q HVH VHQWLGR HO SUHVXSXHVWR VXELy GH
EROLYLDQRVD%V $WHQRUGHORGLVSXHVWR
HQHODUWtFXORGHOD
‡ %RQR-XDQD$]XUGX\ &RQYHQFLyQVtUYDQVH
 GH3DGLOOD IDFLOLWDUGDWRVDFWXDOL]DGRV
FRUUHVSRQGLHQWHVDORVDxRV
(O %RQR -XDQD$]XUGX\ GH 3DGLOOD WLHQH OD \VREUHODV
ILQDOLGDG GH EDMDU ORV QLYHOHV GH PRUWDOLGDG DVLJQDFLRQHVSUHVXSXHVWDULDV
HQ %ROLYLD \ FXEULUi HO GH ODV IDPLOLDV LQFOX\HQGRXQDQiOLVLV HQ
TXHQRWLHQHQDFFHVRDODVHJXULGDGVRFLDOD UHODFLyQFRQODDSOLFDFLyQGH
FRUWRSOD]R(OREMHWLYRFHQWUDOGHHVWDPH OD&RQYHQFLyQHQODVHVIHUDV
GLGDHVUHVROYHUODVFRPSOLFDFLRQHVGHULYDGDV HGXFDFLyQVDOXG\VHUYLFLRV
GHOHPEDUD]R\HOSDUWRHQ%ROLYLDHYLWDUOD VRFLDOHV
PRUWDOLGDG LQIDQWLO PRUWDOLGDG PDWHUQD \
GHVQXWULFLyQ

/DVPXMHUHVHPEDUD]DGDVSHUFLELUiQWDPELpQ
XQSDJRGH%VSRUFDGDFRQWUROELPHV
WUDODOTXHSUHVHQWHQDVXVEHEpVKDVWDORVGRV
DxRVGHHGDG

3DUDHOSDJRGHOEHQHILFLRERQRPDGUHQLxR
HVWiQFRQVLGHUDGRVWRGRVORVPXQLFLSLRVGHO
SDtVWRGRVORVQLxRVGHDxRVVHUiQDFUHHGR
UHVDO%RQR-XDQD$]XUGX\GH3DGLOOD

/DSROtWLFDHVHMHFXWDGDSRUHO0LQLVWHULRGH
6DOXGHQHOPDUFRGHOSODQGHOXFKDFRQWUD
ODSREUH]DTXHWLHQHPXFKRTXHYHUFRQOD
RWRUJDFLyQGHOERQRPDGUH²QLxR(QHOPDU
FRGHODOXFKDFRQWUDODSREUH]DVHLGHQWLILFy
GRV SUREOHPDV HO SULPHUR OD PRUWDOLGDG
PDWHUQRLQIDQWLO\VHJXQGRHOQLYHOGHGHV
QXWULFLyQGHORVQLxRVDOQDFHUORTXHRULJLQD
RWUDVFRPSOLFDFLRQHVHQHOFXUVRGHVXYLGD


$32<2$'(5(&+26'(/1,f2$75$9e6*2%,(5126081,&,3$/(6
7,32 727$/ 727$/
*(67,Ð1 9,*(17( (-(&87$'2 9,*(17( (-(&87$'2 9,*(17( (-(&87$'2
'(*$672 9,*(17( (-(&87$'2


'HVDUUROORGHOD
        
VDOXG
'HVDUUROORGHOD
        
HGXFDFLyQ
'HVDUUROORGH
        
JHVWLyQVRFLDO
7RWDO*0        
)8(17(*RELHUQRV0XQLFLSDOHV

$32<2$'(5(&+26'(/1,f2$75$9e635()(&785$6'(3$57$0(17$/(6
7,32'( 727$/ 727$/
*(67,21 9,*(17( (-(&87$'2 9,*(17( (-(&87$'2 9,*(17( (-(&87$'2
*$672 9,*(17( (-(&87$'2
'HVDUUROORGHOD
        
VDOXG
'HVDUUROORGHOD
        
HGXFDFLRQ
'HVDUUROORGH
        
JHVWLRQVRFLDO
7RWDO3'        

7RWDO*03'        


)8(17(3UHIHFWXUDV'HSDUWDPHQWDOHV
+R\*RELHUQR$XWyQRPR'HSDUWDPHQWDO
*0*RELHUQRV0XQLFLSDOHV
3'3UHIHFWXUDV'HSDUWDPHQWDOHV
6tUYDVHSURSRUFLRQDU (Q FXDQWR DO Q~PHUR GH FDVRV GH DEXVR R
GDWRVDFWXDOL]DGRV PDOWUDWRGHQLxRVGXUDQWHHODUUHVWR\ROD
FRUUHVSRQGLHQWHVDORVDxRV GHWHQFLyQ DVt FRPR HO VHJXLPLHQWR GDGR D
\VREUHHO WDOHVFDVRVHO$UWtFXORGHOD/H\1ž
Q~PHURGHQLxRVPHQRUHVGH GH (MHFXFLyQ 3HQDO \ 6XSHUYLVLyQ VHxDOD OD
DxRVSULYDGRVGHOLEHUWDG REOLJDWRULHGDGGHODUHYLVLyQPpGLFDDWRGR
$VtPLVPRVtUYDQVHLQIRUPDU LQWHUQR DO PRPHQWR GH LQJUHVDU DO FHQWUR
DO&RPLWpHOQ~PHURGH SHQLWHQFLDULRHQHVWHHQWHQGLGRVHWLHQHOD
DEXVRVSRUPDOWUDWRGH QRWD&LWH'163'*531žHPL
QLxRVGXUDQWHHODUUHVWRV WLGD SRU HO 'LUHFWRU 1DFLRQDO GH 6HJXULGDG
\RODGHWHQFLyQDVtFRPR 3HQLWHQFLDULD&QHO0DQXHO*X]PiQ DQH[R
HOVHJXLPLHQWRGDGRDWDOHV 1ž HQODFXDOVHHVWDEOHFHTXHGXUDQWHODV
FDVRV JHVWLRQHV\QRVHUHJLVWUD
URQ FDVRV GH DEXVR R PDOWUDWR GHQXQFLDGRV
'HDFXHUGRFRQODLQIRUPDFLyQUHPLWLGDSRU SRU ORV DGROHVFHQWHV GH  D  DxRV TXH
ODV QXHYH 'LUHFFLRQHV 'HSDUWDPHQWDOHV GH LQJUHVDURQ D ORV FHQWURV SHQLWHQFLDULRV GH
5pJLPHQ3HQLWHQFLDULRVHWLHQH QXHVWURSDtV

1LxRVGHDDxRV 6tUYDQVHSURSRUFLRQDU
'(372 GDWRVDFWXDOL]DGRV
9DURQHV 0XMHUHV
/D3D]   FRUUHVSRQGLHQWHVDORV
2UXUR   DxRV\
3RWRVt  
VREUHHOQ~PHURGHQLxRV
&RFKDEDPED  
LQYROXFUDGRVHQH[SORWDFLyQ
VH[XDOLQFOX\HQGR
&KXTXLVDFD  
SURVWLWXFLyQSRUQRJUDItD
7DULMD  
\WUDWDGHSHUVRQDV\
3DQGR   VREUHHOQ~PHURGHWDOHV
6DQWD&UX]   QLxRVDORVTXHVHOHVKD\D
%HQL   SURSRUFLRQDGRDFFHVRD
727$/   VHUYLFLRVGHUHFXSHUDFLyQ\
)8(17( UHKDELOLWDFLyQVRFLDO

 $UW5HYLVLyQPpGLFD$VXLQJUHVRDOHVWDEOHFLPLHQWRDWRGRLQWHUQRVHOHSUDFWLFDUiXQH[DPHQPpGLFR
SDUDGHWHUPLQDUVXHVWDGRItVLFR\PHQWDO\HQVXFDVRDGRSWDUODVPHGLGDVTXHFRUUHVSRQGDQ7RGRLQWHUQR
GHEHVHUH[DPLQDGRSRUORPHQRVXQDYH]DODxRµ


&8$'52(67$',67,&2'(9,&7,0$6325('$'<6(;2'(/$*(67,21

D $ $ $ 727$/


'HOLWRV 9DU 0XM 9DU 0XM 9DU 0XM 9DU 0XM 
7UDILFRGH
        
SHUVRQDV
7UDWDGHVHUHV
        
KXPDQRV
3UR[HQHWLVPR         
3RUQRJUDILD\
HVSHFWDFXORV
REVHQRVFRQ         
QLxDVQLxRV\
DGROHVFHQWHV
&RUUXSFLRQGH
        
PHQRUHV
6XEVWUDFFLRQ
GHXQPHQRUR         
LQFDSD]
727$/         
727$/
YDURQHV\
PXMHUHV
)8(17(


&8$'52(67$',67,&2'(9,&7,0$6325('$'<6(;2'(/$*(67,21
D $ $ $ 727$/
'HOLWRV 9DU 0XM 9DU 0XM 9DU 0XM 9DU 0XM 
7UDWDGHVHUHV
        
KXPDQRV
7UDILFRGH
        
PLJUDQWHV
3UR[HQHWLVPR         
3RUQRJUDILD\
HVSHFWDFXORV
REVHQRVFRQ         
QLxDVQLxRV\
DGROHVFHQWHV
&RUUXSFLRQGH
        
PHQRUHV
6XEVWUDFFLRQ
GHXQPHQRUR         
LQFDSD]
727$/         
727$/
YDURQHV
\
PXMHUHV
)8(17(


&8$'52(67$',67,&2'(9,&7,0$6325('$'<6(;2'(/$*(67,21
D $ $ $ 727$/
'(/,726 9DU 0XM 9DU 0XM 9DU 0XM 9DU 0XM 
7UDWDGHVHUHV
        
KXPDQRV
7UDILFRGH
        
PLJUDQWHV
3UR[HQHWLVPR         
3RUQRJUDILD\
HVSHFWDFXORV
REVHQRVFRQ         
QLxDVQLxRV\
DGROHVFHQWHV
&RUUXSFLRQ
        
GHPHQRUHV
727$/         
727$/
YDURQHV\
PXMHUHV
)8(17(
)UHQWH D HVWD VLWXDFLyQ %ROLYLD FXHQWD FRQ SVLFROyJLFDVHUYLFLRVRFLDOSDUDODUHLQFRUSR
GRVFHQWURVWUDQVLWRULRVGHVWLQDGRVDODDWHQ UDFLyQGHODVYtFWLPDVDVXPHGLR\DVHVRUtD
FLyQ LQWHJUDO GH YtFWLPDV GH WUDWD XELFDGRV \UHSUHVHQWDFLyQOHJDOGHODVYtFWLPDVGHWUD
HQODVFLXGDGHVGH/D3D]\6DQWD&UX]DP WDPXMHUHVGHVGHORVKDVWDORVDxRVGH
ERVSHUWHQHFLHQWHVDOD*REHUQDFLyQGHFDGD HGDG
GHSDUWDPHQWR (Q HO SULPHU FDVR OD LQIUD
HVWUXFWXUD HV FRPSDUWLGD FRQ HO &HQWUR GH 5HVSHFWR D ORV VHUYLFLRV GHVWLQDGRV D YtFWL
'LDJQyVWLFR \7HUDSLD 0XMHUHV TXH DFRJH D PDVGHYLROHQFLDVH[XDOHQODFLXGDGGH6DQWD
DGROHVFHQWHV PXMHUHV LQIUDFWRUDV \ JUDFLDV &UX]VHWLHQHUHJLVWUDGRHO&HQWURGHDWHQ
D OD UHHVWUXFWXUDFLyQ GHO &HQWUR DKRUD VH FLyQ D YtFWLPDV GH WUDWD SHUWHQHFLHQWH D OD
FXHQWDFRQGRVJUDQGHVDPELHQWHVVHSDUDGRV 3UHIHFWXUDGHOGHSDUWDPHQWRGRQGHDOLJXDO
WDQWR HQ VX FRQVWUXFFLyQ FRPR HQ OD DWHQ TXHHO&HQWURGH/D3D]VHEULQGDDWHQFLyQ
FLyQ LQWHJUDO EULQGDGR VHUYLFLRV GH VDOXG SVLFROyJLFD PpGLFD VHUYLFLR VRFLDO UHSUH
HGXFDFLyQ WHUDSLDV RFXSDFLRQDOHV DWHQFLyQ VHQWDFLyQOHJDO\WHUDSLDVRFXSDFLRQDOHVWRGR

 $SDUWLUGHODV3UHIHFWXUDVSDVDURQDVHU*RELHUQRV$XWyQRPRV'HSDUWDPHQWDOHV


HQXQPDUFRGHFRRUGLQDFLyQ\FRRSHUDFLyQ VRGHDFUHGLWDFLyQSRUHO0LQLVWHULR3~EOLFR
GLUHFWDFRQOD8QLGDGGH$WHQFLyQ\3URWHF HQ FRPSDxtD GH OD 5HIRUPD 3HQDO JHVWDGD
FLyQ D YtFWLPDV GHSHQGLHQWH GH OD ILVFDOtD SRUHO0LQLVWHULRGH-XVWLFLD
GRQGHVHUHDOL]DXQDFRPSDxDPLHQWRDODYtF
WLPDPLHQWUDVGXUDHOSURFHVROHJDOSURFHVR 6tUYDVHSURSRUFLRQDU
HQHOTXHVHKDORJUDGRODSDUWLFLSDFLyQGHXQ GDWRVDFWXDOL]DGRV
HTXLSR PXOWLGLVFLSOLQDULR FRQIRUPDGR SRU FRUUHVSRQGLHQWHVDORV
XQSURIHVLRQDOSVLFyORJRXQDWUDEDMDGRUDVR DxRV\
FLDO\HOILVFDODVLJQDGRDDOFDVR VREUHHOQ~PHURGHQLxRV
LQYROXFUDGRVHQH[SORWDFLyQ
$SR\RWHUDSpXWLFR HFRQyPLFDLQFOX\HQGR
QLxRVHPSOHDGRVHQWUDEDMRV
$OHQFRQWUDUVHHVWHWLSRGHYLROHQFLDFRQWUD GRPpVWLFRVHQPLQDVHQ
YLQLHQGR GH PDQHUD IODJUDQWH OD SURWHFFLyQ SODQWDFLRQHVGHFDxDGH
LQWHJUDO GH ORV QLxRV QLxDV \ DGROHVFHQWHV D]~FDU\HQRWUDVFRQGLFLRQHV
VH KL]R QHFHVDULR FRQWDU FRQ FHQWURV TXH GHULHVJR
EULQGHQ DSR\R WHUDSpXWLFR PiV DOOi GH XQ
HVTXHPD GLDJQyVWLFR TXH DPSDUH FXDOTXLHU (Q HO 3ODQ 1DFLRQDO GH (UUDGLFDFLyQ GH ODV
SURFHVROHJDO 3HRUHV)RUPDVGH7UDEDMR,QIDQWLO 31(37, 
TXHHODERUyHO0LQLVWHULRGH7UDEDMR(PSOHR
(Q pVWH FRQWH[WR %ROLYLD FXHQWD FRQ ORV \3UHYLVLyQ6RFLDOFRQMXQWDPHQWHFRQRUJD
&HQWURVGH$WHQFLyQ7HUDSpXWLFD &$7 SHU QL]DFLRQHVGHODVRFLHGDGFLYLO\FRQDSR\RGH
WHQHFLHQWHVDODV3UHIHFWXUDVGHORVGHSDUWD ODFRRSHUDFLyQLQWHUQDFLRQDOVHVHxDODTXHHO
PHQWRVGH/D3D]2UXUR\7DULMDFRQWDQGR Q~PHURGHQLxRV\DGROHVFHQWHVWUDEDMDGRUHV
FRQ SURIHVLRQDOHV SVLFyORJRV TXH UHDOL]DQ VRQDSUR[LPDGDPHQWHPLO(VHQ~PHUR
VHVLRQHVWHUDSpXWLFDVDSDFLHQWHVSDUWLFXODUHV GH PHQRUHV WUDEDMDGRUHV QR HV HO UHVXOWDGR
RVHDQpVWRVGHULYDGRVGHLQVWLWXFLRQHVDFUH GHXQFHQVRHVSURGXFWRGHXQFiOFXORHVWL
GLWDGDV PDGRTXHVHHODERUDDSDUWLUGHOFHQVR
(VDFLIUDJOREDOSHUPLWLyILMDUORVREMHWLYRV\
6HSXHGHGHFLUTXHORH[LWRVRGHORVFHQWURV PHWDVGHO31(37,VLQHPEDUJR
&$7VHKDFRQFHQWUDGRHQODXWLOL]DFLyQGH SDUD WHQHU XQD GLPHQVLyQ \ FDUDFWHUtVWLFDV
ODVFiPDUDV*HVVHOPLVPDVTXHHVWiQVLHQGR GHOWUDEDMRLQIDQWLOVHUHTXHUtDXQQLYHOGHLQ
XWLOL]DGDVQRVRODPHQWHSDUDHOVHJXLPLHQWR IRUPDFLyQHVWDGtVWLFDGHWDOODGR(VWHWUDEDMR
WHUDSpXWLFR VLQR WDPELpQ SDUD HYLWDU OD UH OR YLHQHUHDOL]DQGR HO ,QVWLWXWR 1DFLRQDO GH
YLFWLPL]DFLyQVXVFLWDGDHQHOSURFHVRSHQDO (VWDGtVWLFD,1(FRQHODVHVRUDPLHQWRWpFQL
HQFRQWUiQGRVHVXQRUPDWLYL]DFLyQHQSURFH FR\ILQDQFLHURGHOD2,7HQHOPDUFRGHOD


&RPLVLyQ,QWHULQVWLWXFLRQDOGH(UUDGLFDFLyQ LQIDQWLO\GHOLQHDUSROtWLFDV\HVWUDWHJLDV
3URJUHVLYDGHO7UDEDMR,QIDQWLOFX\RVUHVXO TXHSRVLELOLWHQXQDPHMRULQWHUYHQFLyQ
WDGRVVHUiQSUHVHQWDGRVDILQHVGHOSUHVHQWH HQODHUUDGLFDFLyQSURJUHVLYDGHOWUDEDMR
DxR LQIDQWLO

/RVREMHWLYRVGHODHQFXHVWDGH &RQHVWRVDQWHFHGHQWHVSRGHPRVPHQFLRQDU
7UDEDMR,QIDQWLOVRQ ORVVLJXLHQWHVGDWRVH[WUDFWDGRVGHO0yGXOR
‡ *HQHUDULQGLFDGRUHVTXHSHUPLWDQ GH)RUPDFLyQVREUH7UDEDMR,QIDQWLOSDUD'L
FRQRFHUODVFDUDFWHUtVWLFDVGHPRJUiILFDV UHFWRUHVH,QVSHFWRUHVGHO0LQLVWHULRGH7UD
\VRFLRHFRQyPLFDVGHORVPHQRUHV EDMRHOPLVPRTXHIXHDSUREDGRFRQ
WUDEDMDGRUHV\VXVIDPLOLDV 5HVROXFLyQ0LQLVWHULDO1ž
‡ &RQRFHUODVFDUDFWHUtVWLFDVGHORV
VHFWRUHVGRQGHWUDEDMDQORVPHQRUHV 6HFWRU3ULPDULR
‡ &RQRFHUHOHVWDGRPLJUDWRULRGHORV
PHQRUHV\VXVIDPLOLDV (QODV]RQDVUXUDOHVGHQWURGHOVHFWRUDJUR
‡ &RQRFHUHOVHFWRUGHWUDEDMR\HO SHFXDULR OD PDQR GH REUD GH QLxRV \ QLxDV
WLHPSRTXHHPSOHDQHQHOGHVDUUROOR HVGHHOORVWUDEDMDQHQODFRVHFKDGH
GHOWUDEDMRTXHUHDOL]DQDVtFRPRORV WXEpUFXORVKRUWDOL]DVIUXWDHWF7DPELpQVH
IDFWRUHVTXHOOHYDQDOWUDEDMRRLQGXFHQ HQFXHQWUDDPHQRUHVHQODDJULFXOWXUDUHDOL
DVXVIDPLOLDVDWUDEDMDU ]DQGRIDHQDVGHGHVKLHUEHIXPLJDGRFXLGD
‡ &RQRFHUHOHVWDGRGHVDOXG\OD GRGHJDQDGRHQWUHRWUDV
VHJXULGDGODERUDOGHORVQLxRVQLxDV\
DGROHVFHQWHVWUDEDMDGRUHV 6HFWRU6HFXQGDULR
‡ &RQRFHUODVDFWLYLGDGHVHQODVFXDOHVVH
GHVHQYXHOYHQVHDQpVWDVHFRQyPLFDVR WUDEDMDGRUHVHQWUH\DxRVHVWiQ
QR GRPpVWLFDV  LQYROXFUDGRVHQDFWLYLGDGHVODERUDOHVLQGXV
‡ &RQRFHUODVLWXDFLyQHGXFDFLRQDOGH WULDOHV \ GH SURGXFFLyQ GH HVWRV SUREDEOH
ORVQLxRVQLxDV\DGROHVFHQWHVTXH PHQWHVHHQFXHQWUDQHQ]RQDVXUED
WUDEDMDQ QDV\HQiUHDVUXUDOHV
‡ 6HUYLUGHIXHQWHGHLQIRUPDFLyQD
LQVWLWXFLRQHVS~EOLFDV\SULYDGDVDVt (QFXDQWRDODVDFWLYLGDGHVPDQXIDFWXUHUDV
FRPRDLQYHVWLJDGRUHV GHQWUR GH ODV ]RQDV XUEDQDV VH HVWLPD TXH
‡ 6HFRQVLGHUDGHVXPDLPSRUWDQFLDORV QLxDVQLxRV\DGROHVFHQWHVHVWiQLQ
UHVXOWDGRVGHOD(QFXHVWDGH7UDEDMR FRUSRUDGRVHQHVWDDFWLYLGDG\TXHHQ
,QIDQWLOGHELGRDTXHSURSRUFLRQDUiQ ODV]RQDVUXUDOHV$TXtVHLQFOX\HORVVHFWRUHV
ORVLQVXPRVQHFHVDULRVSDUD GHFRQVWUXFFLyQHLQIUDHVWUXFWXUDItVLFD
GLPHQVLRQDUODSUREOHPiWLFDGHOWUDEDMR


6HFWRU7HUFLDULR 6tUYDQVHSURSRUFLRQDU
GDWRVDFWXDOL]DGRV
(O FRPHUFLR PLQRULVWD FRQFHQWUD D  FRUUHVSRQGLHQWHVDORVDxRV
QLxDV QLxRV \ DGROHVFHQWHV TXH HVWiQ DER VREUHHO
FDGRVDGLYHUVDVDFWLYLGDGHVFRPRSRUHMHP Q~PHURGHQLxRVSULYDGRV
SORYHQWDD\XGDQWHVOXVWUDERWDVHWF GHVXPHGLRIDPLOLDU\VREUH
HOWLSRGHFXLGDGRTXHVHOHV
6HWLHQHQWDPELpQDFWLYLGDGHVLOtFLWDV OHQRFL EULQGD KRJDUHVGHJXDUGD
QLRVFDVDVGHFLWDVPRWHOHVHWF GRQGHPH LQVWLWXFLRQHVXRWURV 
QRUHVGHDxRVHVWiQGHGLFDGRVDODYHQWD
GHEHELGDVDOFRKyOLFDV (O&yGLJR1LxR1LxD\$GROHVFHQWHJDUDQWL
]DSURWHFFLyQDORVQLxRV\QLxDVSULYDGRVGH
3RURWURODGRHOWUDEDMRGHOKRJDUVHFRQVWL VX PHGLR IDPLOLDU WHPSRUDO R SHUPDQHQWH
WX\HXQDDFWLYLGDGTXHDEDUFDXQDSUR[LPDGR PHQWHDWUDYpVGHOD´IDPLOLDVXVWLWXWDµ $UW
GH  QLxDV QLxRV \ DGROHVFHQWHV GH  ´TXHHVODTXHQRVLHQGRODGHRULJHQ
ORVFXDOHVVRQPXMHUHV DFRJHHQVXVHQRDXQQLxRQLxDRDGROHVFHQ
WHDVXPLHQGRODUHVSRQVDELOLGDGTXHFRUUHV
'HQWURGHO7UDEDMRLQIDQWLOHQVXVSHRUHVIRU SRQGHDODIDPLOLDELROyJLFD\SRUWDQWRREOL
PDVVHWLHQHQORVGDWRVGHOD]DIUDGHD]~FDU JiQGRVHDVXFXLGDGRSURWHFFLyQ\DVLVWHQFLD
FDxD\PLQHUtD PDWHULDO\PRUDOµ
‡ =DIUDGHD]~FDUQLxRVQLxDV
\DGROHVFHQWHVLQYROXFUDGRVHQHVWD $WUDYpVGHO'HFUHWR6XSUHPR1žGHO
DFWLYLGDG GHIHEUHURGHVHFUHDQORV6HUYLFLRV
‡ =DIUDGHFDVWDxDQLxDV\QLxRV 'HSDUWDPHQWDOHV GH *HVWLyQ 6RFLDO FRPR
\DGROHVFHQWHVUHDOL]DQDOJXQD yUJDQRVGHVFRQFHQWUDGRVGHODVSUHIHFWXUDV\
DFWLYLGDGHQOD]DIUD\HQHOEHQHILFLDGR GHVFHQWUDOL]DGRGHOPLQLVWHULRGHOiUHD&RQ
QLxDV\QLxRV\DGROHVFHQWHV DWULEXFLRQHVHQWUHHOODV
)XHQWH6LWXDFLyQGHORVQLxRVQLxDV
\DGROHVFHQWHV\VXVIDPLOLDVHQOD]DIUD $SDUWLUGHO&yGLJRGHO1LxR1LxD\$GR
\EHQHILFLDGRGHODFDVWDxD&('/$ OHVFHQWH$UW   ODV SUHIHFWXUDV GH
  GHSDUWDPHQWR GHEHQ LQFRUSRUDU SDUWLGDV
‡ 0LQHUtDQLxRVQLxDV\ SUHVXSXHVWDULDVSDUDSURPRYHUFUHDU\IRU
DGROHVFHQWHVUHDOL]DQDOJ~QWLSRGH WDOHFHUSURJUDPDVGHDWHQFLyQLQWHJUDOUHOD
WUDEDMRHQODPLQHUtDDUWHVDQDOFRPR FLyQ D OD SUHVWDFLyQ GH VHUYLFLRV GHQWUR GH
DXUtIHUD ORVFHQWURVGHDFRJLGDGLULJLGRDQLxRVQLxDV
\DGROHVFHQWHVHQVLWXDFLyQGHULHVJR\YXO
QHUDELOLGDG


/RV 6HUYLFLRV 'HSDUWDPHQWDOHV GH *HVWLyQ ‡ &HQWURVGHSULYDFLyQGHOLEHUWDGSDUD
6RFLDO VRQ GHSHQGHQFLDV DGPLQLVWUDWLYDV \ DGROHVFHQWHVHQFRQIOLFWRFRQODOH\
HMHFXWRUDVGHOD3UHIHFWXUDGHFDGDGHSDUWD
PHQWRSDUDHOiUHDGHODQLxH]\DGROHVFHQFLD /RV 6HUYLFLRV 'HSDUWDPHQWDOHV GH *HVWLyQ
TXHWLHQHQFRPRPLVLyQLPSOHPHQWDUDFFLR 6RFLDO 6('(*(6  VRQ GHSHQGHQFLDV DGPL
QHVGHSURWHFFLyQ\GHIHQVDGHORVGHUHFKRV QLVWUDWLYDV \ HMHFXWRUDV GH OD SUHIHFWXUD GH
GHODQLxH]\DGROHVFHQFLDDVtFRPREULQGDU FDGD GHSDUWDPHQWR SDUD HO iUHD GH OD QLxH]
VHUYLFLRV LQWHJUDOHV SDUD PHMRUDU ODV FRQGL \DGROHVFHQFLDTXHWLHQHQFRPRPLVLyQLP
FLRQHVGHYLGDGHORVQLxRVQLxDV\DGROHV SOHPHQWDUDFFLRQHVGHSURWHFFLyQ\GHIHQVD
FHQWHVHQHOPDUFRGHODVSROtWLFDV\QRUPDV GHORVGHUHFKRVGHODQLxH]\DGROHVFHQFLDDVt
QDFLRQDOHV FRPREULQGDUVHUYLFLRVLQWHJUDOHVSDUDPHMR
UDUODVFRQGLFLRQHVGHYLGDGHORVQLxRVQLxDV
&RQODLPSOHPHQWDFLyQGHO&yGLJRGHO1LxR \DGROHVFHQWHVHQHOPDUFR GHODV SROtWLFDV
1LxD\$GROHVFHQWH$UWODVSUH \ QRUPDV QDFLRQDOHV 6LQ HPEDUJR HO IXQ
IHFWXUDV GH GHSDUWDPHQWR GHEHQ LQFRUSR FLRQDPLHQWRGHORV6('(*(6VHYHDIHFWDGR
UDUSDUWLGDVSUHVXSXHVWDULDVSDUDSURPRYHU SRUODVLWXDFLyQFR\XQWXUDOSROtWLFDVRFLDOHQ
FUHDU\IRUWDOHFHUSURJUDPDVGHDWHQFLyQGH ODTXHVHHQFXHQWUD%ROLYLD

‡ *XDUGHUtDV\FHQWURVLQIDQWLOHVLQWHJUDOHV
\KRJDUHV
‡ 6HUYLFLRVGHRULHQWDFLyQ\DSR\RVRFLR
IDPLOLDU
‡ 6HUYLFLRVGHDSR\RVRFLRHGXFDWLYRHQ
PHGLRDELHUWR
‡ 6HUYLFLRVGHDWHQFLyQMXUtGLFD\SVLFR
VRFLDO
‡ 6HUYLFLRVGHLQWHJUDFLyQDIDPLOLD
VXVWLWXWD
‡ (QWLGDGHVGHDFRJLPLHQWR
‡ &HQWURVGHRULHQWDFLyQ\WUDWDPLHQWR
SDUDQLxRVQLxDV\DGROHVFHQWHV
GHSHQGLHQWHVDOFRKRO\RWUDVGURJDV
‡ &HQWURVGLULJLGRVDOFXPSOLPLHQWR
GHOUpJLPHQGHVHPLOLEHUWDGSDUD
DGROHVFHQWHVLQIUDFWRUHV
‡ 3URJUDPDVGLULJLGRVDOFXPSOLPLHQWRGHO
UpJLPHQGHOLEHUWDGDVLVWLGD


&(17526'($&2*,'$<
32%/$&,21$7(1','$3256('(*(61,f261,f$6$'2/(6&(17(6
3REODFLyQ $GP $GP'HOHJDGD
'HSDUWDPHQWR 1ž&HQWURV
$WHQGLGD 'LUHFWD &RQYHQLR
3RWRVt    
&RFKDEDPED    
6DQWD&UX]    
%HQL    
7DULMD    
3DQGR    
/D3D]    
2UXUR    
&KXTXLVDFD    
727$/    
)8(17(6('(*(6
,QFOX\HRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV

&(17526'($&2*,'$<32%/$&,Ð1$7(1','$
3256('(*(61,f261,f$6<$'2/(6(17(6


3REODFLyQ $GP $GP'HOHJDGD


'HSDUWDPHQWR 1ž&HQWURV
$WHQGLGD 'LUHFWD &RQYHQLR
3RWRVt    
&RFKDEDPED    
6DQWD&UX]    
%HQL    
7DULMD    
3DQGR    
/D3D]    
2UXUR    
&KXTXLVDFD    
727$/    
)8(17(6('(*(6
'DWRVGHO
'DWRV8'$3(


$SDUWLUGHOD&RQYHQFLyQGHORV'HUHFKRV 3DUDORVQLxRVQLxDV\DGROHVFHQWHVDFWXDO
GHO1LxR\ODYLJHQFLDGHO&yGLJR1LxR1LxD PHQWHUHVLGHQWHVHQLQVWLWXFLRQHVVHWUDED
\$GROHVFHQWHVHFXHVWLRQDODLQVWLWXFLRQDOL MDHQHOGLVHxRGHSURJUDPDVGHUHLQVHUFLyQ
]DFLyQ SRU FRQVWLWXLUVH QHJDWLYD SDUD HO GH IDPLOLDU
VDUUROORLQWHJUDOGHORVQLxRV\QLxDVSXHVWR
TXHHVWiQVRPHWLGRVDUXWLQDVFROHFWLYDV\VLQ 6RSRUWHLQVWLWXFLRQDO
HVSDFLR VXILFLHQWH SDUD TXH H[SUHVHQ GHVD
UUROOHQ\YDORUHQVXVSRWHQFLDOLGDGHVSHUVR (V LPSRUWDQWH GHVWDFDU ORV DYDQFHV ORJUD
QDOHV GRVSRUORVHTXLSRVWpFQLFRVDFWXDOHVGHORV
6('(*(6 TXH HQ VX PD\RUtD VH KD UHSODQ
/DHOLPLQDFLyQSURJUHVLYDGHORVPHFDQLVPRV WHDGR HO URO \ FRPSHWHQFLD GH ORV PLVPRV
GH H[FOXVLyQ FRPR ORV FHQWURV GH DFRJLGD FRQ XQD YLVLyQ GH SURWHFFLyQ LQWHJUDO D OD
ORVLQWHUQDGRVLQVWLWXFLRQHV\RWURVGHEHVHU QLxH]\DGROHVFHQFLDGHVXGHSDUWDPHQWR6H
XQR GHORV REMHWLYRV SULRULWDULRV GHODV LQV LQFRUSRUDQQXHYRVHQIRTXHVHLQLFLDWLYDVHQ
WDQFLDVUHVSRQVDEOHVGHSURPRYHUHOGHUHFKR ORV3ODQHV(VWUDWpJLFRVDVtFRPRHQVXSRVL
DODIDPLOLD FLRQDPLHQWRLQVWLWXFLRQDOHQHOHQWRUQR3UH
IHFWXUDOSHURWRGRHVWRQRHVD~QVXILFLHQWH
3RU WDQWR ODV LQVWDQFLDV HVWDWDOHV GHEHPRV \DTXHHOHMHUFLFLRGHORVGHUHFKRVGHODQLxH]
LQLFLDU XQ SURFHVR VRVWHQLGR GH GHVLQVWLWX \DGROHVFHQFLDHQORV&HQWURVGH$FRJLGDVRQ
FLRQDOL]DFLyQQRVRORFRPRXQDHUUDGLFDFLyQ YXOQHUDGRV SHUPDQHQWH \ VLVWHPiWLFDPHQWH
IRUPDOGHORVVLVWHPDVUHVLGHQFLDOHVGHVXVWL SHVH D OD QRUPDWLYD HVWDEOHFLGD HQ HO &yGL
WXFLyQIDPLOLDUVLQRFRPRSDUWHLQVHSDUDEOH JR 1LxR 1LxD \$GROHVFHQWH \ OD &RQYHQ
GH XQ SURFHVR FROHFWLYR GH WUDQVIRUPDFLyQ FLyQGHORV'HUHFKRVGHO1LxRORVGHUHFKRV
FXOWXUDOKDFLDXQSUR\HFWRFDSD]GHLQFOXLUD DFRQWDUFRQXQDIDPLOLDYHVWLGRDOLPHQWD
WRGRVORVPLHPEURVGHODVRFLHGDG FLyQ LGHQWLGDG VDOXG HGXFDFLyQ HWFpWHUD
QRVHFXPSOHQGHPDQHUDFRQWXQGHQWH
'H PRGR TXH ORV GHVDItRV VRQ HQRUPHV HQ
OD PHGLGD TXH QXHVWUD UHDOLGDG D~Q QR QRV (QORV~OWLPRVDxRVVHREVHUYDXQDSURJUHVL
SHUPLWH OD HUUDGLFDFLyQ GH FHQWURV GH DFR YDWRPDGHFRQFLHQFLDHQHOSHUVRQDOGHODV
JLGDSHURVHGHEHWUDEDMDUHQODUHLQJHQLHUtD LQVWLWXFLRQHV TXH WUDEDMDQ FRQ QLxRV \ DGR
GHHVWRVVHUYLFLRVDWUDYpVGHSURJUDPDVTXH OHVFHQWHV DVt FRPR HQ OD SREODFLyQ VREUH
SHUVLJDQ HO GHUHFKR D OD IDPLOLD D WUDYpV GH ODVGHVYHQWDMDVGHODLQVWLWXFLRQDOL]DFLyQSRU
ODUHLQVHUFLyQDFRJLPLHQWRIDPLOLDUVHDFXDO HVWDUD]yQORVHVIXHU]RVVHGLULJHQDIRUWDOH
IXHUHODPRGDOLGDG IDPLOLDVVXVWLWXWDVIDPL FHUODIDPLOLDHQVXSURSLRPHGLR
OLDVDPSOLDGDVJXDUGDDGRSFLyQQDFLRQDO 


/RV QLxRV QLxDV \ DGROHVFHQWHV LQVWLWXFLR /RVEDMRVVDODULRVTXHSHUFLEHHQJHQHUDOHO
QDOL]DGRV FUHFHQ VLQ UHIHUHQWHV DXWpQWLFRV SHUVRQDOTXHWUDEDMDHQORV&HQWURVGH$FR
RPRGHORVTXHDVXPDQORVUROHVSDWHUQRV\ JLGDHVRWURGHORVDVSHFWRVTXHLQFLGHHQOD
PDWHUQRV OD GHVSHUVRQDOL]DFLyQ HQ ODV UH FDOLGDGGHODDWHQFLyQ
ODFLRQHV KXPDQDV FUHD EDUUHUDV GH FRPXQL
FDFLyQWUDVWRUQRVGHSHUVRQDOLGDGEDMDDX 5HFXUVRVKXPDQRV\
WRHVWLPDHLQVHJXULGDGHQVXGHVDUUROOR FDSDFLWDFLyQ

/D PRYLOLGDG IXQFLRQDULD GHO SHUVRQDO R VX /RV UHFXUVRV KXPDQRV FRQ ORV TXH FXHQWDQ
HVFDVDSHUPDQHQFLDHQORV&HQWURVGH$FR ORV&HQWURVGH$FRJLGDHVRWURGHORVIDFWR
JLGD LPSLGHQ TXH VH HVWDEOH]FDQ OD]RV GH UHVTXHVHGHEHWRPDUHQFXHQWDSDUDGHWHU
DPLVWDG\FRQILDQ]DORVQLxRVQLxDV\DGR PLQDUODFDOLGDGGHYLGDDODTXHWLHQHQDFFH
OHVFHQWHVYHQHQVXVHGXFDGRUHVSHUVRQDOHQ VRORVQLxRVQLxDV\DGROHVFHQWHV
WUiQVLWRSDVDMHURV\WHPSRUDOHV
(VLPSRUWDQWHTXHFXHQWHQFRQHTXLSRVLQ
3UHVXSXHVWR WHUGLVFLSOLQDULRV WUDEDMDGRUHV VRFLDOHV SVL
FyORJRV SHGDJRJRV \ SHUVRQDO GH VDOXG H
6L ELHQ H[LVWHQ GHILFLHQFLDV SUHVXSXHVWDULDV LPSXOVHQXQDERUGDMHLQWHJUDOHQORUHIHULGR
HQORV6('(*(6VHKDREVHUYDGRHQPXFKRV DODQLxH]\DGROHVFHQFLD
&HQWURVXQPHMRUDPLHQWRHQODFDOLGDGGHOD
DOLPHQWDFLyQ GLVWULEXFLyQ GH YHVWLPHQWD \ 6H GHEH LPSXOVDU SURFHVRV GH FXDOLILFDFLyQ
~WLOHVHVFRODUHVSRUWDQWRXQXVRUDFLRQDO\ \ FDSDFLWDFLyQ SHUPDQHQWH GHO SHUVRQDO HQ
HTXLWDWLYRGHORVUHFXUVRV iUHDV IXQGDPHQWDOHV TXH VH UHODFLRQDQ FRQ
XQD DWHQFLyQ DGHFXDGD D OD QLxH] \ DGROHV
6LQHPEDUJRVHDGYLHUWHTXHODV3UHIHFWXUDV FHQFLD
\HO7HVRUR*HQHUDOGHOD1DFLyQQRFXPSOHQ
FRQ OD DVLJQDFLyQ DGHFXDGD \ VXILFLHQWH GHO ,QIUDHVWUXFWXUD\
SUHVXSXHVWRDGHPiVGHVHULQVXILFLHQWHORV HTXLSDPLHQWR
GHVHPEROVRVQROOHJDQHQIRUPDRSRUWXQDD
ORV &HQWURV GH$FRJLGD 6H SXHGH REVHUYDU /DV FDUHQFLDV PDWHULDOHV VRQ HYLGHQWHV HO
HQODVSDUWLGDVSUHVXSXHVWDULDVGHO6('(*(6 SUHVXSXHVWR TXH VH GLVSRQH SDUD FXEULU ORV
TXH ORV UHFXUVRV HVWiQ FRQVLJQDGRV FRPR JDVWRVGHPDQWHQLPLHQWRGHODLQIUDHVWUXFWX
JDVWRV \ QR FRPR XQD LQYHUVLyQ HQ FDSLWDO UD\HTXLSDPLHQWRHVUHGXFLGR(QORV&HQ
KXPDQR\PHQRVVHFRQVLGHUDHOGHVDUUROOR WURV GH $FRJLGD GH DGPLQLVWUDFLyQ GLUHFWD
LQWHJUDO GH ORV QLxRV QLxDV \ DGROHVFHQWHV HOGHWHULRUR\SUHFDULHGDGHVYLVLEOHSRUTXH
TXHVHHQFXHQWUDQHQORV&HQWURV GLVSRQHQ GH FDVDV DQWLJXDV \ QR DSWDV SDUD


ORV UHTXHULPLHQWRV /RV &HQWURV GH DGPL /D SUHFDULHGDG GH OD LQIUDHVWUXFWXUD HV JH
QLVWUDFLyQGHOHJDGDKDQUHDOL]DGRPHMRUDV\ QHUDOL]DGD GRUPLWRULRV EDxRV GXFKDV
DGHFXDFLRQHVFRQVXVSURSLRVUHFXUVRVRGH DXODV GH IRUPDFLyQ ]RQDV GHSRUWLYDV \ GH
GRQDFLyQ UHFUHDFLyQ ODJUDQPD\RUtDQRIXHGLVHxDGD
QLFRQVWUXLGDSDUDDFRJHUDHVWHWLSRGHSR
/DV GHILFLHQFLDV HQ OD LQIUDHVWUXFWXUD GH ORV EODFLyQ
&HQWURVLQFLGHQHQODYXOQHUDFLyQDORVGH
UHFKRV GH ORV QLxRV QLxDV \ DGROHVFHQWHV
SXHVWR TXH XQ HQWRUQR VDOXGDEOH SHUPLWH
DVHJXUDU\PDQWHQHUXQDYLGDGLJQD


5(&20(1'$&,21(6'(/
&20,7e'('(5(&+26'(/1,f2
$/(67$'2%2/,9,$12

2EVHUYDFLRQHVILQDOHV
(VWDGR3OXULQDFLRQDOGH%ROLYLD
5(&20(1'$&,21(6'(/
&20,7e'('(5(&+26'(/1,f2
$/(67$'2%2/,9,$12

2EVHUYDFLRQHVILQDOHV
(VWDGR3OXULQDFLRQDOGH%ROLYLD
 (O &RPLWp H[DPLQy HO FXDUWR LQIRUPH %0HGLGDVGHVHJXLPLHQWR
SHULyGLFRGH%ROLYLD &5&&%2/  DGRSWDGDV\SURJUHVRV
HQVXVVHVLRQHV\ &5&& UHDOL]DGRVSRUHO
65 \   FHOHEUDGDV HO  GH (VWDGRSDUWH
VHSWLHPEUH GH  \ DSUREy HQ VX
VHVLyQFHOHEUDGDHOGHRFWXEUH  (O &RPLWp FHOHEUD YDULRV DFRQWHFLPLHQ
GH  ODV VLJXLHQWHV REVHUYDFLRQHV WRV SRVLWLYRV HQ HO SHUtRGR GH TXH VH
ILQDOHV LQIRUPD FRPR OD DGRSFLyQ GH PHGLGDV
OHJLVODWLYDV\GHRWURWLSRHQFDPLQDGDVD
$,QWURGXFFLyQ DSOLFDUOD&RQYHQFLyQSRUHMHPSOR

 (O &RPLWp FHOHEUD OD SUHVHQWDFLyQ GHO D  /DDSUREDFLyQHQGHODQXHYD


FXDUWR LQIRUPH SHULyGLFR GHO (VWDGR &RQVWLWXFLyQHQTXHILJXUDXQFDStWXOR
SDUWH \ ODV UHVSXHVWDV HVFULWDV D VX OLVWD VREUHORVGHUHFKRVGHOQLxR
GH FXHVWLRQHV &5&&%2/4 E  /DDSUREDFLyQGHQXHYDVOH\HVFRPR
$GG TXHIDFLOLWDQODFRPSUHQVLyQGH ODOH\VREUHODVSUXHEDVGH$'1HQORV
ODVLWXDFLyQGHORVQLxRVHQHO(VWDGRSDU FDVRVSHQDOHVFRQWUDQLxRVODOH\GH
WH$JUDGHFHWDPELpQODSUHVHQFLDGHXQD SURFHGLPLHQWRVGHE~VTXHGD\UHJLVWUR
GHOHJDFLyQGHDOWRQLYHO\HOGLiORJRIUDQ GHQLxRVSHUGLGRV\ODVQRUPDVUHODWLYDV
FR\DELHUWRHQWDEODGRFRQODGHOHJDFLyQ DO9,+\ODODFWDQFLDPDWHUQD


F  /DSURFODPDFLyQFRPROH\GHOD  (O &RPLWp LQVWD DO (VWDGR SDUWH D TXH
'HFODUDFLyQGHODV1DFLRQHV8QLGDV DGRSWHWRGDVODVPHGLGDVQHFHVDULDVSDUD
VREUHORVGHUHFKRVGHORVSXHEORV DWHQGHU ODV UHFRPHQGDFLRQHV GH ODV RE
LQGtJHQDV VHUYDFLRQHV ILQDOHV GHO WHUFHU LQIRUPH
G  /DFUHDFLyQGHO&RQVHMR1DFLRQDOGH SHULyGLFR &5&&$GG  TXH
OD1LxH]\$GROHVFHQFLDDVtFRPRODV WRGDYtDQRVHKD\DQSXHVWRHQSUiFWLFDR
&RPLVLRQHVGHOD1LxH]\$GROHVFHQFLD QRVHKD\DQDSOLFDGRGHIRUPDVXILFLHQWH
HQORVQLYHOHVGHSDUWDPHQWDO\ VREUHWRGRODVUHODWLYDVDODDSUREDFLyQGH
PXQLFLSDO XQSODQGHDFFLyQQDFLRQDOSDUDODLQIDQ
FLDODHGDGPtQLPDEDMD\GHVLJXDOSDUD
 (O&RPLWpFHOHEUDWDPELpQODUDWLILFDFLyQ FRQWUDHU PDWULPRQLR ORV FDVWLJRV FRU
SRU HO (VWDGR SDUWH GH OD &RQYHQFLyQ SRUDOHV ORV QLxRV SULYDGRV GHO FXLGDGR
,QWHUQDFLRQDO SDUD OD SURWHFFLyQ GH WR GH ORV SDGUHV OD EUXWDOLGDG SROLFLDO OD
GDV ODV SHUVRQDV FRQWUD ODV GHVDSDULFLR MXVWLFLD MXYHQLO \ ORV QLxRV TXH FXPSOHQ
QHV IRU]DGDV HQ  \ GHO 3URWRFROR SHQDVGHSULYDFLyQGHOLEHUWDGMXQWRFRQ
)DFXOWDWLYR GH OD &RQYHQFLyQ FRQWUD OD DGXOWRV\YHODUSRUODDSOLFDFLyQ\HOVH
7RUWXUDHQ JXLPLHQWRGHELGRVGHODVUHFRPHQGDFLR
QHV TXH ILJXUDQ HQ ODV SUHVHQWHV REVHU
&3ULQFLSDOHVPRWLYRV YDFLRQHVILQDOHVVREUHHOFXDUWRLQIRUPH
GHSUHRFXSDFLyQ\ SHULyGLFR
UHFRPHQGDFLRQHV
/HJLVODFLyQ
0HGLGDVJHQHUDOHVGH
DSOLFDFLyQ DUWtFXORV\\  (
 O &RPLWp DFRJH FRPSODFLGR OD QXHYD
SiUUDIRGHODUWtFXORGHOD &RQVWLWXFLyQ TXH LQFOX\H XQD VHFFLyQ
&RQYHQFLyQ VREUHORVGHUHFKRVGHOQLxR6LQHPEDU
JR ODPHQWD TXH OD OHJLVODFLyQ QDFLRQDO
5HFRPHQGDFLRQHVDQWHULRUHV QR HVWp FRQIRUPH FRQ OD &RQYHQFLyQ
GHO&RPLWp HQ GHWHUPLQDGRV DVSHFWRV SRU HMHPSOR
HO&yGLJRGHO1LxR1LxD\$GROHVFHQWH
 (O&RPLWpREVHUYDTXHVHKDQWHQLGRHQ \ODVOH\HVFLYLOHV\SHQDOHVUHODWLYDVDOD
FXHQWD YDULDV LQTXLHWXGHV \ UHFRPHQGD SURKLELFLyQGHORVFDVWLJRVFRUSRUDOHVHO
FLRQHV TXH H[SUHVy DO H[DPLQDU HO WHU DXPHQWRGHODHGDGPtQLPDSDUDHOPD
FHULQIRUPHSHULyGLFRGHO(VWDGRSDUWH WULPRQLR\ODPRGLILFDFLyQGHODVGLVSR
SHURODPHQWDTXHPXFKDVRWUDVVHKD\DQ VLFLRQHV VREUH ODV IRUPDV VXVWLWXWLYDV GH
DERUGDGRGHIRUPDLQVXILFLHQWHRVRORHQ FXLGDGRGHORVQLxRV\HOVLVWHPDGHMXV
SDUWH


WLFLDMXYHQLOSDUDDGHFXDUODVDODVQRUPDV 2SRUWXQLGDGHVOD'LUHFFLyQGHOD1LxH]
LQWHUQDFLRQDOHV(O&RPLWpWDPELpQVHxD \$GROHVFHQFLDHO&RQVHMR1DFLRQDOGHOD
ODODVGLILFXOWDGHVTXHHQWUDxDHORUGHQD 1LxH]\$GROHVFHQFLDODV&RPLVLRQHVGH
PLHQWR MXUtGLFR GXDO \ FLHUWDV LQFRPSD OD1LxH]\$GROHVFHQFLD\ODV'HIHQVRUtDV
WLELOLGDGHVHQWUHHOGHUHFKRSRVLWLYR\HO 0XQLFLSDOHVGHOD1LxH]\$GROHVFHQFLD
GHUHFKRFRQVXHWXGLQDULRLQGtJHQD 6LQHPEDUJROHSUHRFXSDODSRFDVROLGH]
GHODVLQVWLWXFLRQHVFUHDGDV\ODVGLILFXO
 (O &RPLWp UHFRPLHQGD TXH OD DGRSFLyQ WDGHV TXH SODQWHD OD QXHYD HVWUDWHJLD GH
GH PHGLGDV HQFDPLQDGDV D ODV UHIRUPDV GHVFHQWUDOL]DFLyQ SDUD OD FRRUGLQDFLyQ
OHJLVODWLYDV VH HQPDUTXH HQ XQ DQiOLVLV HQWUH ORV QLYHOHV QDFLRQDO GHSDUWDPHQ
LQWHJUDO GHO VLVWHPD OHJLVODWLYR SDUD OR WDO \ PXQLFLSDO 7DPELpQ SUHRFXSD DO
JUDUTXHWDQWRHOGHUHFKRSRVLWLYRFRPR &RPLWp TXH OD LQVWLWXFLyQ HQFDUJDGD GH
HO GHUHFKR FRQVXHWXGLQDULR LQGtJHQD VH OD FRRUGLQDFLyQ KD\D SHUGLGR HQWLGDG DO
DMXVWHQDODVREOLJDFLRQHVGLPDQDQWHVGH SDVDU GH9LFHPLQLVWHULR D 'LUHFFLyQ GH
OD &RQYHQFLyQ HQ SDUWLFXODU HQ OR TXH PRGRTXHQRSRGUiORJUDUXQDFRRUGLQD
VH UHILHUH DO &yGLJR GHO 1LxR 1LxD \ FLyQHILFD]HQWRGRVORVQLYHOHV\HQORV
$GROHVFHQWHODVQRUPDVVREUHHOPDWUL GLVWLQWRV VHFWRUHV GDGR TXH HO YROXPHQ
PRQLR ORV FDVWLJRV FRUSRUDOHV ODV IRU GHUHFXUVRVTXHSUREDEOHPHQWHREWHQGUi
PDV VXVWLWXWLYDV GH FXLGDGR \ OD MXVWLFLD VHUiUHGXFLGR
MXYHQLO (O &RPLWp WDPELpQ UHFRPLHQGD
TXHVHHVWDEOH]FDXQDGLYLVLyQFODUDGHODV (O &RPLWp UHFRPLHQGD TXH HO (VWDGR
GLVWLQWDVFRPSHWHQFLDVHQWUHORVyUJDQRV SDUWHJDUDQWLFHXQDOWRQLYHOGHFRPSH
MXGLFLDOHV \ ODV DXWRULGDGHV ORFDOHV LQGt WHQFLDV\ORVUHFXUVRVQHFHVDULRVSDUDOD
JHQDVUHVSHFWRGHORVDVXQWRVFLYLOHVSH 'LUHFFLyQGHOD1LxH]\$GROHVFHQFLDDILQ
QDOHV \ DGPLQLVWUDWLYRV \ TXH HO (VWDGR GHTXHSXHGDGHVHPSHxDUVXVIXQFLRQHV
SDUWH SURPXHYD HO FRQRFLPLHQWR GH OD GH FRRUGLQDFLyQ HQWUH VHFWRUHV \ D HVH
OHJLVODFLyQHQSDUWLFXODUHQODVFRPXQL UHVSHFWR VHxDOD VX 2EVHUYDFLyQ JHQHUDO
GDGHVTXHVLJXHQDSOLFDQGROH\HVFRQVXH 1ž  VREUHODVPHGLGDVJHQHUDOHV
WXGLQDULDV GHDSOLFDFLyQGHOD&RQYHQFLyQVREUHORV
 'HUHFKRVGHO1LxR(O&RPLWpUHFRPLHQ
&RRUGLQDFLyQ GDWDPELpQTXHVHHVWDEOH]FDQSDXODWLQD
PHQWHODV'HIHQVRUtDV0XQLFLSDOHVGHOD
 (O &RPLWp WRPD QRWD GHO HVWDEOHFL 1LxH]\$GROHVFHQFLDHQSDUWLFXODUHQODV
PLHQWR GH QXHYDV LQVWLWXFLRQHV TXH FRPXQLGDGHVUXUDOHV\TXHVHODVGRWHGH
VH RFXSDQ GH ORV GHUHFKRV GHO QLxR ORVUHFXUVRVKXPDQRVILQDQFLHURV\WpF
FRPR HO9LFHPLQLVWHULR GH ,JXDOGDG GH QLFRVQHFHVDULRV(O&RPLWpUHFRPLHQGD


DVLPLVPR TXH VH IRUWDOH]FDQ ODV LQVWLWX HQ(O&RPLWpUHFRPLHQGDHQpUJL
FLRQHV PXOWLVHFWRULDOHV FUHDGDV D GLVWLQ FDPHQWH TXH HO SODQ GH DFFLyQ QDFLRQDO
WRV QLYHOHV HO &RQVHMR 1DFLRQDO \ ODV SDUD OD LQIDQFLD SUHYHD SOD]RV FRQFUHWRV
&RPLVLRQHVGHOD1LxH]\$GROHVFHQFLD  \ HVWp YLQFXODGR FRQ HO 3ODQ GH$FFLyQ
FRQ REMHWR GH TXH FRODERUHQ HQ OD HOD 1DFLRQDOGH'HUHFKRV+XPDQRVHO3ODQ
ERUDFLyQ GH SROtWLFDV UHVSHWXRVDV GH ODV GH 'HVDUUROOR (FRQyPLFR \ 6RFLDO \ HO
SDUWLFXODULGDGHVFXOWXUDOHVSUHVWHQDVLV 3ODQGH(UUDGLFDFLyQGHOD3REUH]DSDUD
WHQFLDHQHOVHJXLPLHQWRGHVXDSOLFDFLyQ PDQWHQHUVXFDUiFWHULQWHUVHFWRULDO\GH
\JDUDQWLFHQODSDUWLFLSDFLyQGHWRGDVODV FRRUGLQDFLyQ7DPELpQ UHFRPLHQGD TXH
SDUWHVLQFOXLGRVORVQLxRV HO(VWDGRSDUWHSURSRUFLRQHORVUHFXUVRV
KXPDQRV \ ILQDQFLHURV QHFHVDULRV SDUD
3ODQGH$FFLyQ1DFLRQDO HVWHSODQ\UHDOLFHODVDFWLYLGDGHVGHVH
JXLPLHQWR \ HYDOXDFLyQ QHFHVDULDV SDUD
(O&RPLWpDFRJHFRQVDWLVIDFFLyQHOQXH HYDOXDU SHULyGLFDPHQWH ORV SURJUHVRV
YR3ODQGH$FFLyQ1DFLRQDOGH'HUHFKRV FRQVHJXLGRV HQ ORV GLVWLQWRV VHFWRUHV \
+XPDQRV DSUREDGR HQ   \ HO 3ODQ GHWHUPLQDU ODV ODJXQDV H[LVWHQWHV \ ODV
GH'HVDUUROOR(FRQyPLFR\6RFLDODSUR PHGLGDVSDUDSDOLDUODV
EDGR GHVSXpV GH OD QXHYD &RQVWLWXFLyQ
QDFLRQDO   DVt FRPR HO 3ODQ GH 6XSHUYLVLyQLQGHSHQGLHQWH
(UUDGLFDFLyQGHOD3REUH]D\YDULRVSOD
QHV VHFWRULDOHV GHVWLQDGRV D OD LQIDQFLD $XQTXH WRPD QRWD GH OD ODERU UHDOL]DGD
SHUR ODPHQWD TXH WRGDYtD QR VH KD\D SRU OD RILFLQD GHO 'HIHQVRU GHO 3XHEOR
DSUREDGRHOSUR\HFWRGHOSODQGHDFFLyQ HQ GHIHQVD GH ORV GHUHFKRV GHO QLxR HO
QDFLRQDOSDUDODLQIDQFLD\TXHHOWH[WRGHO &RPLWp UHLWHUD VX LQTXLHWXG SRU OD IDOWD
SUR\HFWRQRDEDUTXHWRGDVODVHVIHUDVGH GH XQ PHFDQLVPR LQGHSHQGLHQWH DFFHVL
OD&RQYHQFLyQQLWRGRVORVQLxRVKDVWDORV EOHDWRGRVORVQLYHOHV\FRQXQPDQGDWR
DxRVGHHGDG HVSHFtILFRGHUHFLELUGHQXQFLDVSUHVHQWD
GDVSRUQLxRV\VXSHUYLVDU\HYDOXDUSH
(O &RPLWp UHFRPLHQGD TXH HO (VWDGR ULyGLFDPHQWH ORV SURJUHVRV FRQVHJXLGRV
SDUWHUHYLVH\DSUXHEHHOSODQGHDFFLyQ HQODDSOLFDFLyQGHOD&RQYHQFLyQ
QDFLRQDO SDUD OD LQIDQFLD SDUD TXH DEDU
TXHWRGRVORVDVSHFWRVGHOD&RQYHQFLyQ (O&RPLWpUHFRPLHQGDTXHHO(VWDGRSDU
\ VH DMXVWH DO GRFXPHQWR ILQDO GHO SH WHHVWDEOH]FDXQ'HIHQVRUGHO1LxRFRPR
UtRGR H[WUDRUGLQDULR GH VHVLRQHV GH OD HQWLGDGDSDUWHRHQHOVHQRGHODRILFLQD
$VDPEOHD*HQHUDOGHWLWXODGR´8Q DFWXDOGHO'HIHQVRUGHO3XHEORTXHVHD
PXQGR DSURSLDGR SDUD ORV QLxRVµ \ VX DFFHVLEOHSDUDORVQLxRV\VXVUHSUHVHQWDQ
H[DPHQ GH PLWDG GH SHUtRGR UHDOL]DGR WHVHQORVSODQRVQDFLRQDO\ORFDODILQGH


UHFLELU\WUDPLWDUGHQXQFLDVJDUDQWL]DQ GDVDODLQIDQFLDHQORVGLVWLQWRVVHFWRUHV
GRTXHVHDMXVWHDORV3ULQFLSLRVGH3DUtV GHSDUWDPHQWRV\PXQLFLSLRVSDUDYLJLODU
\WHQLHQGRHQFXHQWDOD2EVHUYDFLyQJH \HYDOXDUVXUHQGLPLHQWRDVtFRPRHOKH
QHUDO 1ž    VREUH HO SDSHO GH ODV FKRGHTXHHVIHUDVFRPRODSURWHFFLyQGH
LQVWLWXFLRQHV QDFLRQDOHV LQGHSHQGLHQWHV ODLQIDQFLD\ODMXVWLFLDSDUDORVQLxRVWRGD
GH GHUHFKRV KXPDQRV (O &RPLWp UHFR YtDQRKD\DQUHFLELGRSULRULGDG
PLHQGDDVLPLVPRTXHDGHPiVGHLQYHV
WLJDUGHQXQFLDVHO'HIHQVRUGHO1LxRVH (O &RPLWp UHFRPLHQGD HQpUJLFDPHQWH
HQFDUJXH GH SURPRYHU OD &RQYHQFLyQ \ TXHHO(VWDGRSDUWH
HO3URWRFROR)DFXOWDWLYR\YLJLODUVXDSOL
FDFLyQ (O &RPLWp UHFRPLHQGD WDPELpQ D  $VLJQH ORV UHFXUVRV QHFHVDULRV SDUD OD
TXH OD RILFLQD GHO 'HIHQVRU GHO 3XHEOR LQIDQFLDHQORVSODQRVQDFLRQDOGHSDUWD
VLJD UHIRU]DQGR ODV LQVWLWXFLRQHV ORFDOHV PHQWDO\PXQLFLSDOGHFRQIRUPLGDGFRQ
FRPR ODV 'HIHQVRUtDV 0XQLFLSDOHV \ ODV HODUWtFXORGHOD&RQYHQFLyQ\DVHJXUH
&RPLVLRQHV 0XQLFLSDOHV GH OD 1LxH] \ XQSURFHVRSUHVXSXHVWDULRWUDQVSDUHQWH
$GROHVFHQFLD \ SURFXUH DGDSWDUODV D ODV \SDUWLFLSDWLYREDVDGRHQHOGLiORJR\OD
FRPXQLGDGHV LQGtJHQDV R HVWDEOHFHU GH SDUWLFLSDFLyQ GH OD SREODFLyQ HVSHFLDO
IHQVRUHVFRPXQLWDULRVTXHFRODERUHQHV PHQWHORVQLxRV
WUHFKDPHQWHFRQHO'HIHQVRU E  $SOLTXHXQHQIRTXHEDVDGRHQORVGHUH
FKRVGHOQLxRDOHODERUDUHOSUHVXSXHVWR
$VLJQDFLyQGHUHFXUVRV GHO(VWDGRXWLOL]DQGRXQVLVWHPDGHVH
JXLPLHQWR SDUD OD DVLJQDFLyQ \ XWLOL]D
(O&RPLWpFHOHEUDODVLQLFLDWLYDVHQFDPL FLyQ GH UHFXUVRV GHVWLQDGRV D ORV QLxRV
QDGDVDDXPHQWDUODDVLJQDFLyQGHUHFXU HQ WRGR HO SUHVXSXHVWR GH PRGR TXH
VRVHQIDYRUGHODLQIDQFLDFRPRODVWUDQV DGTXLHUDQ PD\RU UHOLHYH ODV LQYHUVLRQHV
IHUHQFLDVGHHIHFWLYRFRQGLFLRQDGDVHQODV HQODLQIDQFLD(O&RPLWpLQVWDWDPELpQD
HVIHUDVGHODVDOXG\ODHGXFDFLyQSHUROH TXHHVHVLVWHPDGHVHJXLPLHQWRVHXWLOLFH
SUHRFXSDTXHODVDVLJQDFLRQHVSUHVXSXHV SDUD HIHFWXDU HYDOXDFLRQHV GH ORV HIHF
WDULDVGHVWLQDGDVDODLQIDQFLDSXHGDQQH WRVHQUHODFLyQFRQODIRUPDHQTXHODV
FHVLWDUXQDSHUVSHFWLYDDPiVODUJRSOD]R LQYHUVLRQHV HQ XQ VHFWRU GHWHUPLQDGR
TXH SRGUtD REWHQHUVH PHGLDQWH XQ SODQ SXHGHQ VHUYLU DO ´LQWHUpV VXSHULRU GHO
GHDFFLyQQDFLRQDOLQWHJUDO\FRQSOD]RV QLxRµ SURFXUDQGR TXH VH HYDO~HQ ORV
FRQFUHWRV HQPDUFDGR HQ XQD HVWUDWHJLD HIHFWRVGLIHUHQFLDOHVGHHVDVLQYHUVLRQHV
QDFLRQDO GH GHVDUUROOR FRPR VH KD GL HQODVQLxDV\ORVQLxRV
FKR PiV DUULED \ XQ SURFHVR DELHUWR \ F  (VWDEOH]FDDVLJQDFLRQHVGHUHFXUVRVELHQ
WUDQVSDUHQWH7DPELpQOHSUHRFXSDODGL GHILQLGDV SDUD ORV GHSDUWDPHQWRV GHO
ILFXOWDGGHVHJXLUODVLQYHUVLRQHVGHVWLQD (VWDGRSDUWHTXHVHRFXSDQSURJUHVLYD


PHQWH GH ODV GLVSDULGDGHV TXH UHYHODQ 'HUHFKRV GHO QLxR \ VHFWRU HPSUH
ORVLQGLFDGRUHVUHODWLYRVDOFXPSOLPLHQ VDULDO
WRGHORVGHUHFKRVGHOQLxR\JDUDQWLFH
TXHODVDXWRULGDGHVORFDOHVULQGDQFXHQ (O&RPLWpFRQVLGHUDSUHRFXSDQWHTXHD
WDV GHELGDPHQWH \ GH IRUPD DELHUWD \ PHGLGDTXHHO(VWDGRSDUWHDGTXLHUHPD
WUDQVSDUHQWH \RUFDSDFLGDGGHDWUDHULQYHUVLyQSULYDGD
G  'HILQD SDUWLGDV SUHVXSXHVWDULDV HVWUD H[WUDQMHUD\QDFLRQDODGHPiVGHDXPHQ
WpJLFDV SDUD ODV VLWXDFLRQHV TXH SXH WDUODLQYHUVLyQGHO(VWDGRHQORVVHFWRUHV
GDQ H[LJLU PHGLGDV VRFLDOHV DILUPDWLYDV FRPRODPLQHUtDODH[SORWDFLyQIRUHVWDO
FRPRODLQVFULSFLyQGHQDFLPLHQWRVOD \HOFXOWLYRGHVRMDWRGDYtDQRH[LVWDXQ
PDOQXWULFLyQ FUyQLFD OD HGXFDFLyQ GH HQWRUQR GH UHJXODFLyQ VREUH OD UHVSRQ
ORVQLxRVLQGtJHQDVRODYLROHQFLDFRQWUD VDELOLGDGVRFLDO\PHGLRDPELHQWDOGHODV
ORVQLxRV \VHDVHJXUHGHTXHHVDVSDU HPSUHVDVSDUDSUHYHQLUORVSRVLEOHVHIHF
WLGDVSUHVXSXHVWDULDVTXHGHQSURWHJLGDV WRVQHJDWLYRVHQORVQLxRV
DXQHQVLWXDFLRQHVGHFULVLVHFRQyPLFD
GHVDVWUHVQDWXUDOHVXRWUDVHPHUJHQFLDV (O &RPLWp VXJLHUH TXH HO (VWDGR SDUWH
H  6LHPSUH TXH VHD SRVLEOH VLJD ODV UHFR KDJD OR SRVLEOH SRU ORJUDU TXH OD LQYHU
PHQGDFLRQHVGHODV1DFLRQHV8QLGDVHQ VLyQ H[WUDQMHUD \ QDFLRQDO SRU FRQGXF
HOVHQWLGRGHHPSH]DUDXWLOL]DUODSUHVX WR GH HPSUHVDV SULYDGDV \ HVWDWDOHV VH
SXHVWDFLyQEDVDGDHQORVUHVXOWDGRVSDUD PXHVWUH FRQVFLHQWH \ UHFHSWLYD DQWH ORV
VHJXLU GH FHUFD \ HYDOXDU OD HILFDFLD GH GHUHFKRVGHOQLxR\DFW~HGHIRUPDUHV
ODDVLJQDFLyQGHUHFXUVRV\HQFDVRQH SRQVDEOHGHVGHORVSXQWRVGHYLVWDVRFLDO
FHVDULR SLGD FRRSHUDFLyQ LQWHUQDFLRQDO \ PHGLRDPELHQWDO SDUD VDOYDJXDUGDU ODV
DHVHUHVSHFWRGHO)RQGRGHODV1DFLRQHV FRPXQLGDGHVORFDOHV\VXVQLxRV
8QLGDV SDUD OD ,QIDQFLD 81,&()  HO
3URJUDPD GH ODV 1DFLRQHV 8QLGDV SDUD 5HXQLyQGHGDWRV
HO'HVDUUROOR\RWUDVSDUWHVLQWHUHVDGDV
FRPR OD TXH VH HVWi VXPLQLVWUDQGR D (O&RPLWpWRPDQRWDGHOHVIXHU]RUHDOL
RWURV(VWDGRV3DUWHVGHODUHJLyQ ]DGRSDUDVHJXLUPHMRUDQGRORVPHFDQLV
I  7HQJD HQ FXHQWD ODV UHFRPHQGDFLRQHV PRVGHUHXQLyQGHGDWRVFRPRGHPXHV
IRUPXODGDVSRUHO&RPLWpWUDVVXGtDGH WUDQODVHQFXHVWDVUHFLHQWHVVREUHORVQL
GHEDWHJHQHUDOFHOHEUDGRHQVREUH xRVHQODHVFXHOD1RREVWDQWHSUHRFXSD
´5HFXUVRV SDUD ORV GHUHFKRV GHO QLxR  DO&RPLWpODIDOWDGHXQVLVWHPDLQWHJUDO
5HVSRQVDELOLGDGGHORV(VWDGRVµ GHUHXQLyQ\DQiOLVLVGHGDWRV\ODHVFD
VH] GH GDWRV VREUH JUXSRV FRQFUHWRV GH
QLxRVHVSHFLDOPHQWHQLxRVLQGtJHQDVQL


xRVFRQGLVFDSDFLGDGQLxRVTXHQRDVLV SHUVRQDOGHLQVWLWXFLRQHVGHDWHQFLyQDOD
WHQDODHVFXHODQLxRVWUDEDMDGRUHVQLxRV LQIDQFLD H LQVWLWXFLRQHV MXGLFLDOHV \ TXH
HQVLWXDFLRQHVGHHPHUJHQFLD\RWURVQL VHLQFOX\DOD&RQYHQFLyQHQHOSURJUDPD
xRVTXHQHFHVLWDQHVSHFLDOSURWHFFLyQ GHHVWXGLRVGHWRGRVORVQLYHOHVHVFRODUHV

(O&RPLWpUHFRPLHQGDTXHHO(VWDGRSDU (O&RPLWpUHFRPLHQGDTXHORVPHGLRVGH
WHSRQJDPD\RUHPSHxRSRUHODERUDUXQ GLIXVLyQSULYDGRV\S~EOLFRVWUDWHQDORV
VLVWHPD FRPSOHWR GH UHXQLyQ GH GDWRV QLxRVFRQUHVSHWRGLIXQGDQORVGHUHFKRV
VREUHODDSOLFDFLyQGHOD&RQYHQFLyQ/RV GHOQLxRWHQLHQGRHQFXHQWDODGLYHUVLGDG
GDWRV GHEHUtDQ UHVSHWDU OD GHILQLFLyQ GH FXOWXUDOHLQFOX\DQHQVXVSURJUDPDVODV
QLxRVHJ~QHOFULWHULRGHODHGDGLQIHULRU H[SUHVLRQHV\ORVSXQWRVGHYLVWDGHORV
D  DxRV \ HVWDU GHVJORVDGRV SRU VH[R QLxRV (O &RPLWp UHFRPLHQGD WDPELpQ
HGDGRULJHQpWQLFR\RWUDVFDUDFWHUtVWLFDV TXH HO (VWDGR SDUWH DOLHQWH DO VHFWRU GH
SHUWLQHQWHV\FLUFXQVWDQFLDVYLWDOHVGHORV ORVPHGLRVGHGLIXVLyQDHVWDEOHFHUFyGL
QLxRV JRVSURIHVLRQDOHVGHpWLFDHQTXHVHWHQ
JDQHQFXHQWDORVGHUHFKRVGHOQLxR
'LIXVLyQFDSDFLWDFLyQ
\FRQFLHQFLDFLyQ &RRSHUDFLyQFRQODVRFLHGDGFLYLO

(O&RPLWpFRQVLGHUDSUHRFXSDQWHODIDOWD (O&RPLWpWRPDQRWDFRQUHFRQRFLPLHQ
GHXQDHVWUDWHJLDQDFLRQDOSDUDSURPRYHU WRGHODLPSRUWDQFLDTXHRWRUJDHO(VWDGR
ORVGHUHFKRVGHOQLxR\UHLWHUDVXLQTXLH SDUWH D OD SDUWLFLSDFLyQ GH OD VRFLHGDG
WXGSRUHOEDMRQLYHOGHFRQRFLPLHQWRGH FLYLO 6LQ HPEDUJR OH SUHRFXSD OD IDOWD
OD &RQYHQFLyQ HQWUH ORV SURIHVLRQDOHV GHXQDHVWUDWHJLDSDUDJDUDQWL]DUODSDU
TXHWUDEDMDQFRQQLxRV\SDUDORVQLxRV WLFLSDFLyQGHODVRFLHGDGFLYLOHQUHODFLyQ
LQFOXLGRVORVPHGLRVGHGLIXVLyQ\HQWUH FRQORVGHUHFKRVGHOQLxR\ODPHQWDTXH
OD SREODFLyQ HQ JHQHUDO HVSHFLDOPHQWH OD SUHSDUDFLyQ GHO LQIRUPH GHO (VWDGR
ORVSURSLRVQLxRV SDUWHQRVHEDVDUDHQXQDDPSOLDFRQVXOWD
FRQODVRUJDQL]DFLRQHVTXHFRQWULEX\HQD
(O&RPLWpUHFRPLHQGDTXHVHUHIXHUFHOD ODDSOLFDFLyQGHOD&RQYHQFLyQ\FRQORV
FDSDFLWDFLyQ VLVWHPiWLFD GHORV SURIHVLR SURSLRVQLxRV
QDOHVGHWRGDVODVFDWHJRUtDVTXHWUDEDMDQ
SDUDORVQLxRV\FRQQLxRVHQSDUWLFXODU (O &RPLWp UHFRPLHQGD TXH HO (VWDGR
PDHVWURVSROLFtDVDERJDGRVMXHFHVSHU SDUWH KDJD SDUWLFLSDU VLVWHPiWLFDPHQ
VRQDOGHVDOXGSURIHVLRQDOHVGHORVPH WH D ODV FRPXQLGDGHV \ OD VRFLHGDG FLYLO
GLRV GH GLIXVLyQ WUDEDMDGRUHV VRFLDOHV \ \ D ODV LQVWLWXFLRQHV LQWHUVHFWRULDOHV TXH


VHKDQFUHDGR HO&RQVHMR1DFLRQDO\ODV &RQVWLWXFLyQODFUHDFLyQGHOD'LUHFFLyQ
&RPLVLRQHVGHSDUWDPHQWDOHV\PXQLFLSD *HQHUDO GH 3UHYHQFLyQ \ (OLPLQDFLyQ
OHV \ODVRUJDQL]DFLRQHVGHQLxRVHQWR GH WRGD )RUPD GH 9LROHQFLD HQ 5D]yQ
GRVORVDVSHFWRVGHODHODERUDFLyQGHSR GH *pQHUR \ *HQHUDFLRQDO \ HO 3ODQ
OtWLFDVSODQHVOH\HV\QRUPDVHQODHVIHUD 1DFLRQDO GH ,JXDOGDG GH 2SRUWXQLGDGHV
GHORVGHUHFKRVGHOQLxRHVSHFLDOPHQWH SDUD ODV 0XMHUHV   6LQ HPEDUJR
HQ HO SURFHVR GH SUHVHQWDFLyQ GH LQIRU FRQVLGHUDSUHRFXSDQWHODLQH[LVWHQFLDGH
PHVDO&RPLWp\VXVHJXLPLHQWR PHFDQLVPRV LQVWLWXFLRQDOHV \ MXUtGLFRV
FRKHUHQWHV SDUD KDFHU IUHQWH D ORV SUR
'HILQLFLyQGHOQLxR EOHPDV GH GLVFULPLQDFLyQ \ HO VXSXHVWR
DUWtFXORGHOD&RQYHQFLyQ DXPHQWRGHORVDFWRVGHUDFLVPRFRQWUD
PLHPEURV GH SXHEORV LQGtJHQDV \ SHU
(O &RPLWp UHLWHUD VX SUHRFXSDFLyQ SRU VRQDV GH DVFHQGHQFLD DIULFDQD TXH PX
OD EDMD HGDG PtQLPD OHJDO SDUD FRQWUDHU FKDVYHFHVGHVHPERFDQHQYLROHQFLD\HO
PDWULPRQLRDVtFRPRSRUODGLVFUHSDQFLD PRGRHQTXHUHVXOWDQDIHFWDGRVORVQLxRV
HQWUHODHGDGPtQLPDSDUDODVFKLFDV  (O&RPLWpWDPELpQHVWiSUHRFXSDGRSRU
DxRV \ORVFKLFRV DxRV  ODVQRWDEOHVGLVSDULGDGHVH[LVWHQWHVHQHO
(VWDGRSDUWHHQORTXHUHVSHFWDDODRE
(O &RPLWp UHLWHUD VX UHFRPHQGDFLyQ GH VHUYDQFLDGHORVGHUHFKRVFRQVDJUDGRVHQ
TXHHO(VWDGRSDUWHHVWDEOH]FDXQDHGDG OD &RQYHQFLyQ FRPR UHIOHMDQ YDULRV LQ
PtQLPD OHJDO SDUD FRQWUDHU PDWULPR GLFDGRUHVVRFLDOHVFRPRODPDWULFXODFLyQ
QLRPiVHOHYDGDHLJXDOSDUDODVFKLFDV\ HVFRODU\ODWHUPLQDFLyQGHORVHVWXGLRV
ORV FKLFRV7DPELpQ UHFRPLHQGD TXH HO ODVWDVDVGHPRUWDOLGDGLQIDQWLO\HODFFH
(VWDGRSDUWHDGRSWHXQDUHIRUPDMXUtGL VRDODDWHQFLyQGHVDOXGTXHLQGLFDQXQD
FDFRPSOHWDSDUDXQLIRUPDUODGHILQLFLyQ GLVFULPLQDFLyQSHUVLVWHQWHFRQWUDORVQL
GHOQLxR\VXVGHUHFKRVHQORVFyGLJRVFL xRVLQGtJHQDV\GHDVFHQGHQFLDDIULFDQD
YLOGHODIDPLOLD\SHQDO ODVQLxDVORVQLxRVFRQGLVFDSDFLGDGORV
QLxRVTXHYLYHQHQ]RQDVUXUDOHV\DSDU
3ULQFLSLRVJHQHUDOHV WDGDV\ORVQLxRVGHIDPLOLDVHFRQyPLFD
DUWtFXORV\ PHQWHGHVIDYRUHFLGDV
GHOD&RQYHQFLyQ
$ODOX]GHODUWtFXORGHOD&RQYHQFLyQ
1RGLVFULPLQDFLyQ HO &RPLWp UHFRPLHQGD TXH HO (VWDGR
SDUWH LQWHQVLILTXH VXV HVIXHU]RV SRU
(O &RPLWp FHOHEUD OD DPSOLD GHILQLFLyQ DSOLFDU HO 3ODQ 1DFLRQDO GH ,JXDOGDG GH
GHGLVFULPLQDFLyQTXHILJXUDHQODQXHYD 2SRUWXQLGDGHVSDUDODV0XMHUHVIRUWDOH


FHUOD'LUHFFLyQ*HQHUDOGH3UHYHQFLyQ\ PHQWH SRU WRGRV ORV SURIHVLRQDOHV LQ
(OLPLQDFLyQGHWRGD)RUPDGH9LROHQFLD FOXLGRVORVGHOVLVWHPDMXGLFLDO
HQ 5D]yQ GH *pQHUR \ *HQHUDFLRQDO \
SRQHU HQ PDUFKD FDPSDxDV GH FRQFLHQ (O &RPLWp UHFRPLHQGD TXH HO (VWDGR
FLDFLyQSDUDSUHYHQLU\HOLPLQDUWRGDVODV SDUWHDGRSWHWRGDVODVPHGLGDVQHFHVDULDV
IRUPDVGHGLVFULPLQDFLyQGHKHFKRFRQ SDUDJDUDQWL]DUTXHORVQLxRVVHDQWUDWD
WUD ORV QLxRV LQGtJHQDV \ GH DVFHQGHQFLD GRV FRPR VXMHWRV GH GHUHFKRV \ TXH HO
DIULFDQD ORV QLxRV FRQ GLVFDSDFLGDG ODV SULQFLSLR GHO LQWHUpV VXSHULRU GHO QLxR
QLxDVORVQLxRVTXHYLYHQHQ]RQDVUXUD GH FRQIRUPLGDG FRQ HO DUWtFXOR  GH OD
OHV\DSDUWDGDV\ORVQLxRVGHIDPLOLDVHFR &RQYHQFLyQHVWpLQWHJUDGRGHELGDPHQWH
QyPLFDPHQWH GHVIDYRUHFLGDV (O &RPLWp HQWRGDVODVGLVSRVLFLRQHVMXUtGLFDV\VHD
WDPELpQ GHVHDUtD OODPDU OD DWHQFLyQ GHO REVHUYDGRHQODSUiFWLFDHQODVGHFLVLRQHV
(VWDGR SDUWH VREUH ORV SULQFLSLRV GH OD MXGLFLDOHV\DGPLQLVWUDWLYDV\HQORVSUR
'HFODUDFLyQ \ HO 3URJUDPD GH $FFLyQ JUDPDVSUR\HFWRV\VHUYLFLRVTXHDIHFWDQ
DSUREDGRVHQOD&RQIHUHQFLD0XQGLDOFRQ DORVQLxRV
WUDHO5DFLVPROD'LVFULPLQDFLyQ5DFLDO
OD ;HQRIRELD \ ODV )RUPDV &RQH[DV GH 5HVSHWRSRUODVRSLQLRQHVGHOQLxR
,QWROHUDQFLDGHDVtFRPRHOGRFX
PHQWR ILQDO DSUREDGR HQ OD &RQIHUHQFLD (O &RPLWp REVHUYD TXH HO SULQFLSLR GHO
GH([DPHQGH'XUEDQGH UHVSHWR SRU ODV RSLQLRQHV GHO QLxR HVWi
LQFRUSRUDGRHQODOHJLVODFLyQGHO(VWDGR
,QWHUpVVXSHULRUGHOQLxR SDUWH \ TXH OD $VDPEOHD /HJLVODWLYD
3OXULQDFLRQDO GH QLxDV QLxRV \ DGROHV
(O&RPLWpWRPDQRWDFRQUHFRQRFLPLHQ FHQWHVHVXQSURFHVRLQWHUHVDQWHGHHOHF
WRGHTXHHOSULQFLSLRGHOLQWHUpVVXSHULRU FLRQHVGHPRFUiWLFDVTXHOOHYDQDFDERORV
GHO QLxR HVWi LQFRUSRUDGR HQ OD OHJLVOD SURSLRVQLxRV6LQHPEDUJRSUHRFXSDDO
FLyQGHO(VWDGRSDUWHHVSHFLDOPHQWHHQ &RPLWp TXH HQ RFDVLRQHV QR VH UHFDEHQ
HODUWtFXORGHODQXHYD&RQVWLWXFLyQ R QR VH WHQJDQ HQ FXHQWD GHELGDPHQWH
6LQ HPEDUJR SUHRFXSD DO &RPLWp TXH ODVRSLQLRQHVGHOQLxRHQYDULDVVLWXDFLR
ORV QLxRV QR VHDQ WUDWDGRV SOHQDPHQWH QHVTXHDIHFWDQDOQLxRHQSDUWLFXODUHQ
FRPRVXMHWRVGHGHUHFKRV\ODPHQWDTXH ORV SURFHGLPLHQWRV MXGLFLDOHV DVXQWRV
HOSULQFLSLRGHOLQWHUpVVXSHULRUGHOQLxR UHODWLYRVDODDGPLQLVWUDFLyQHVFRODU\OD
WRGDYtDQRHVWpUHFRJLGRFRPRFRQVLGH HGXFDFLyQHQODVDXODV\GHEDWHVS~EOLFRV
UDFLyQSULQFLSDOHQWRGRVORVDVXQWRVOH 7DPELpQSUHRFXSDHO&RPLWpTXHODSDU
JLVODWLYRV\QRUPDWLYRVTXHDIHFWDQDORV WLFLSDFLyQ GH ORV QLxRV VHD HVFDVD HVSH
QLxRV7DPELpQSUHRFXSDDO&RPLWpTXH FLDOPHQWHHQORVSODQRVGHSDUWDPHQWDO\
HVWH SULQFLSLR QR VHD REVHUYDGR GHELGD PXQLFLSDO


(O &RPLWp UHLWHUD VXV DQWHULRUHV UHFR GDV QHFHVDULDV SDUD YHODU SRU TXH WRGRV
PHQGDFLRQHV HQ HO VHQWLGR GH TXH GH ORVQLxRVHVSHFLDOPHQWHORVGHODV]RQDV
FRQIRUPLGDG FRQ HO DUWtFXOR  GH OD UXUDOHV VHDQ LQVFULWRV HQ HO UHJLVWUR \
&RQYHQFLyQHO(VWDGRSDUWHGHEHLQFRU TXHDGRSWHPHGLGDVSDUDLGHQWLILFDUDWR
SRUDUIDFLOLWDU\DSOLFDUHQODSUiFWLFDHQ GRVORVQLxRVTXHQRKD\DQVLGRLQVFULWRV
HOVHQRGHODIDPLOLDODVHVFXHODV\ODFR RQRKD\DQUHFLELGRXQGRFXPHQWRLGHQ
PXQLGDG\HQODVLQVWLWXFLRQHV\ORVSUR WLILFDWLYR(O&RPLWpWDPELpQUHFRPLHQGD
FHGLPLHQWRV DGPLQLVWUDWLYRV \ MXGLFLDOHV DO(VWDGRSDUWHTXHDSOLTXHXQDHVWUDWHJLD
HO SULQFLSLR GHO UHVSHWR SRU ODV RSLQLR FRQFUHWDSDUDODVFRPXQLGDGHVLQGtJHQDV
QHVGHOQLxR7DPELpQUHFRPLHQGDTXHHO EDVDGDHQHOUHVSHWRGHVXVFXOWXUDV\TXH
(VWDGRSDUWHSUHVWHDSR\RDODVLQLFLDWLYDV WHQJD HQ FXHQWD OD 2EVHUYDFLyQ JHQHUDO
QDFLRQDOHV \ GHVFHQWUDOL]DGDV GH SDUWLFL 1ž  GHO&RPLWpVREUHORVQLxRV
SDFLyQ HQ WRGDV VXV IRUPDV$GHPiV HO LQGtJHQDV\VXVGHUHFKRVHQYLUWXGGHOD
&RPLWpOODPDODDWHQFLyQGHO(VWDGRSDU &RQYHQFLyQ
WH VREUH OD 2EVHUYDFLyQ JHQHUDO 1ž 
 GHO&RPLWpVREUHHOGHUHFKRGHO $FFHVRDODLQIRUPDFLyQSHUWLQHQWH
QLxRDVHUHVFXFKDGR
$O&RPLWpOHSUHRFXSDTXHHO(VWDGRSDU
'HUHFKRV\OLEHUWDGHVFLYLOHV WHFDUH]FDGHPHFDQLVPRVVLVWHPiWLFRVGH
DUWtFXORVD\D YLJLODQFLDGHORVPHGLRVGHFRPXQLFDFLyQ
GHOD&RQYHQFLyQ TXHSURWHMDQDORVQLxRVGHODH[SRVLFLyQ
D LQIRUPDFLyQ SHUMXGLFLDO FRPR YLROHQ
,QVFULSFLyQGHQDFLPLHQWRV FLD\SRUQRJUDItDHPLWLGDSRUORVPHGLRV
RSXEOLFDGDHQ,QWHUQHW
(O&RPLWpYDORUDSRVLWLYDPHQWHTXHHQHO
DUWtFXORGHO&yGLJRGHO1LxR1LxD\ (O &RPLWp UHFRPLHQGD DO (VWDGR SDU
$GROHVFHQWHVHHVWDEOH]FDTXHWRGRQLxR WH TXH HVWXGLH OD SRVLELOLGDG GH DSUREDU
RQLxDGHEHVHULQVFULWRHQHOUHJLVWURFLYLO OHJLVODFLyQ HVSHFtILFD DO UHVSHFWR \ TXH
\TXHHOSULPHUFHUWLILFDGRGHQDFLPLHQ HODERUH PHFDQLVPRV \ GLUHFWULFHV DSUR
WRHVJUDWXLWR$O&RPLWpOHSUHRFXSDVLQ SLDGRVSDUDSURWHJHUDOQLxRFRQWUDWRGD
HPEDUJR TXH QR WRGRV ORV QLxRV HVWpQ LQIRUPDFLyQ \ WRGR PDWHULDO SHUMXGLFLDO
LQVFULWRVHVSHFLDOPHQWHHQODV]RQDVUX SDUDVXELHQHVWDU
UDOHV\HQODVFRPXQLGDGHVLQGtJHQDV

(O &RPLWp UHFRPLHQGD DO (VWDGR SDUWH


TXHFRQWLQ~HDGRSWDQGRWRGDVODVPHGL


7RUWXUD\RWURVWUDWRVRSHQDV &DVWLJRVFRUSRUDOHV
FUXHOHVLQKXPDQRVRGHJUDGDQWHV
$XQTXH YDORUD SRVLWLYDPHQWH TXH HQ OD
$XQTXH DFRJH FRQ VDWLVIDFFLyQ OD SUR QXHYD &RQVWLWXFLyQ GH  VH SURKtED
KLELFLyQ GH OD WRUWXUD HQ OD QXHYD WRGR WLSR GH YLROHQFLD FRQWUD ORV QLxRV
&RQVWLWXFLyQDO&RPLWpOHSUHRFXSDQODV WDQWR HQ OD IDPLOLD FRPR HQ OD VRFLHGDG
QRWLFLDVGHFDVRVGHWRUWXUD\WUDWRVFUXH HQJHQHUDODO&RPLWpOHSUHRFXSDTXHHQ
OHVHLQKXPDQRVDPDQRVGHODSROLFtDLQ HOKRJDU\HQHQWRUQRVGHDFRJLGDLQVWL
FOXVRGHYLROHQFLDVH[XDO\ODVQRWLFLDVGH WXFLRQDOHV R UHVLGHQFLDOHV VLJDQ VLHQGR
TXHKD\QLxRVTXHYLYHQHQODFDOOH\GH OHJDOHV ORV FDVWLJRV FRUSRUDOHV \ TXH QR
TXHDOJXQRVDGROHVFHQWHVVRQYtFWLPDVGH VH SURKtED H[SUHVDPHQWH HVWD IRUPD GH
DFRVRSRUVXDSDULHQFLDItVLFDVXHWQLDR ´GLVFLSOLQDµHQWRGRVORVHQWRUQRV
VXVLWXDFLyQGHSREUH]D
(O &RPLWp UHFRPLHQGD DO (VWDGR SDUWH
(O &RPLWp UHFRPLHQGD DO (VWDGR SDU TXH SURKtED H[SUHVDPHQWH SRU OH\ ORV
WH TXH DSUXHEH PHGLGDV DGHFXDGDV SDUD FDVWLJRV FRUSRUDOHV HQ WRGRV ORV HQWRU
FRPEDWLU OD WRUWXUD ORV WUDWRV R SHQDV QRV WHQLHQGR HQ FXHQWD OD 2EVHUYDFLyQ
FUXHOHV LQKXPDQRV R GHJUDGDQWHV \ ODV JHQHUDO1ž  GHO&RPLWpVREUHHO
GHWHQFLRQHV DUELWUDULDV HQWUH RWUDV FR GHUHFKRGHOQLxRDODSURWHFFLyQFRQWUD
VDV PHGLDQWH SURJUDPDV VLVWHPiWLFRV ORVFDVWLJRVFRUSRUDOHV\RWUDVIRUPDVGH
GH FDSDFLWDFLyQ D QLYHO QDFLRQDO \ ORFDO FDVWLJRFUXHOHVRGHJUDGDQWHV(O&RPLWp
GHVWLQDGRVDWRGRVORVSURIHVLRQDOHVTXH WDPELpQUHFRPLHQGDDO(VWDGRSDUWHTXH
WUDEDMHQ FRQ QLxRV R SDUD ORV QLxRV HQ OOHYHDFDERFDPSDxDVS~EOLFDVGHHGXFD
FXHVWLRQHV UHODWLYDV D OD SUHYHQFLyQ GH FLyQHQWUHRWUDVFRVDVDWUDYpVGHORVPH
OD WRUWXUD \ RWUDV IRUPDV GH PDOWUDWR \ GLRVVREUHODVFRQVHFXHQFLDVQHJDWLYDVGH
OD SURWHFFLyQ FRQWUD HVWDV SUiFWLFDV (O LPSRQHUFDVWLJRVFRUSRUDOHVDORVQLxRV\
&RPLWp WDPELpQ UHFRPLHQGD DO (VWDGR TXHSURPXHYDIRUPDVGHGLVFLSOLQDSRVL
SDUWH TXH LQYHVWLJXH ODV GHQXQFLDV GH WLYDV\QRYLROHQWDV
WRUWXUD \ PDORV WUDWRV D QLxRV LQFOXLGR
HODFRVRDDGROHVFHQWHVSRUVXDSDULHQFLD 6HJXLPLHQWRGHOHVWXGLRGH
ItVLFDVXHWQLDRVXVLWXDFLyQGHSREUH]D ODV1DFLRQHV8QLGDVVREUHOD
\TXHDGRSWHWRGDVODVPHGLGDVQHFHVDULDV YLROHQFLDFRQWUDORVQLxRV
SDUD KDFHU FRPSDUHFHU DQWH OD MXVWLFLD D
ORVDXWRUHVGHHVRVDFWRV\HYLWDUTXHGLV (QUHODFLyQFRQHOHVWXGLRGHODV1DFLRQHV
IUXWHQGHLPSXQLGDG 8QLGDVVREUHODYLROHQFLDFRQWUDORVQLxRV
$ HO&RPLWpUHFRPLHQGDTXH
HO(VWDGRSDUWH


D  7RPHWRGDVODVPHGLGDVQHFHVDULDVSDUD F  6ROLFLWH DVLVWHQFLD WpFQLFD HQ HVWH VHQ
OD DSOLFDFLyQ GH ODV UHFRPHQGDFLRQHV WLGR D OD 5HSUHVHQWDQWH (VSHFLDO GHO
TXH ILJXUDQ HQ HO LQIRUPH GHO ([SHUWR 6HFUHWDULR *HQHUDO GH ODV 1DFLRQHV
LQGHSHQGLHQWH SDUD HO HVWXGLR GH ODV 8QLGDVVREUHODYLROHQFLDFRQWUDORVQL
1DFLRQHV8QLGDVVREUHODYLROHQFLDFRQ xRVDOD2ILFLQDGHO$OWR &RPLVLRQDGR
WUDORVQLxRV\WHQJDDVLPLVPRHQFXHQWD GH ODV 1DFLRQHV 8QLGDV SDUD ORV
HOUHVXOWDGR\ODVUHFRPHQGDFLRQHVGHOD 'HUHFKRV +XPDQRV $&18'+  DO
FRQVXOWD UHJLRQDO SDUD $PpULFD /DWLQD 81,&()DOD2UJDQL]DFLyQ0XQGLDOGH
FHOHEUDGD HQ %XHQRV $LUHV GHO  GH OD6DOXG 206 \DRWURVRUJDQLVPRVHV
PD\RDOžGHMXQLRGH(QSDUWLFX SHFLDOL]DGRV DVt FRPR D RUJDQL]DFLRQHV
ODUHO&RPLWpUHFRPLHQGDTXHHO(VWDGR QRJXEHUQDPHQWDOHV 21* DVRFLDGDV
SDUWH SUHVWH HVSHFLDO DWHQFLyQ D ODV VL
JXLHQWHVUHFRPHQGDFLRQHV (QWRUQRIDPLOLDU\RWUR
L  3URKLELUWRGDYLROHQFLDFRQWUDORVQL WLSRGHWXWHOD DUWtFXORV
xRVLQFOXLGRVORVFDVWLJRVFRUSRUDOHV SiUUDIRV\DD
HQWRGRVORVHQWRUQRV SiUUDIR\
LL 'DU SULRULGDG D OD SUHYHQFLyQ HQ GHOD&RQYHQFLyQ
SDUWLFXODUHQORVFDVRVGHYLROHQFLDHQ
ODIDPLOLD (QWRUQRIDPLOLDU
LLL $VHJXUDU OD UHQGLFLyQ GH FXHQWDV \
SRQHUILQDODLPSXQLGDG $XQTXHYDORUDSRVLWLYDPHQWHORVHVIXHU
LY (ODERUDU\DSOLFDUVLVWHPDVQDFLRQDOHV ]RV UHDOL]DGRV SDUD UHIRU]DU HO HQWRUQR
GHUHXQLyQGHGDWRVHLQYHVWLJDFLyQ IDPLOLDUPHGLDQWHWUDQVIHUHQFLDVHQHIHF
E  8WLOLFHHVDVUHFRPHQGDFLRQHVFRPRKH WLYR SDUD VDOXG \ HGXFDFLyQ DO &RPLWp
UUDPLHQWDSDUDWRPDUPHGLGDVHQFROD OH SUHRFXSDQ ODV GHILFLHQFLDV LQVWLWX
ERUDFLyQFRQODVRFLHGDGFLYLO\HQSDU FLRQDOHV TXH SUHVHQWDQ ODV 'HIHQVRUtDV
WLFXODUFRQODSDUWLFLSDFLyQGHORVQLxRV 0XQLFLSDOHV GH OD 1LxH] \$GROHVFHQFLD
SDUD JDUDQWL]DU TXH WRGRV ORV QLxRV VH HQFXDQWRDPHGLGDVSUHYHQWLYDV\DSR\R
EHQHILFLHQGHODSURWHFFLyQFRQWUDWRGDV SVLFRVRFLDODODVIDPLOLDV$O&RPLWpWDP
ODV IRUPDV GH YLROHQFLD ItVLFD VH[XDO \ ELpQOHSUHRFXSDTXHODIDOWDGHUHFXUVRV
SVLFROyJLFDDVtFRPRSDUDLPSXOVDUPH ILQDQFLHURVVHVLJDDFHSWDQGRFRPRPRWL
GLGDV FRQFUHWDV \ VHJ~Q SURFHGD VXMH YRSDUDVHSDUDUDXQQLxRGHVXIDPLOLD
WDVDXQFDOHQGDULRSDUDHYLWDUHVHWLSR
GHYLROHQFLD\DEXVRV\UHDFFLRQDUDQWH (O &RPLWp UHFRPLHQGD DO (VWDGR SDUWH
HOORV TXHLQWURGX]FDPHGLGDVSUHYHQWLYDVDQL
YHOGHODVFRPXQLGDGHVSDUDDSR\DUDODV


IDPLOLDV \ UHIRU]DU HO HQWRUQR IDPLOLDU (O &RPLWp UHFRPLHQGD DO (VWDGR SDUWH
SRUHMHPSORVHQVLELOL]DQGR\IRUPDQGRD TXH
ODV IDPLOLDV PHGLDQWH HQWUH RWUDV FRVDV D  /OHYHDFDERXQHVWXGLRSDUDHYDOXDUOD
RSRUWXQLGDGHV DFFHVLEOHV GH IRUPDFLyQ VLWXDFLyQGHORVQLxRVLQWHUQDGRVHQLQV
SDUDORVSDGUHV\TXHHYLWHTXHVHLQWHU WLWXFLRQHV HQWUH RWUDV FRVDV VXV FRQGL
QHDORVQLxRVHQLQVWLWXFLRQHV3DUDHOOR FLRQHVGHYLGD\ORVVHUYLFLRVTXHVHOHV
HO(VWDGRSDUWHGHEHUtDHVWDEOHFHUSULRUL SUHVWDQ
GDGHV\REMHWLYRVHVSHFtILFRVSRUORTXH E  $GRSWHWRGDVODVPHGLGDVQHFHVDULDVSDUD
UHVSHFWDDORVVHUYLFLRVVRFLDOHV\HODSR\R TXHORVQLxRVLQWHUQDGRVHQLQVWLWXFLRQHV
DODVIDPLOLDVDWRGRVORVQLYHOHV\GRWDU SXHGDQUHJUHVDUDVXIDPLOLDVLHPSUHTXH
DODV'HIHQVRUtDV0XQLFLSDOHVGHOD1LxH] VHDSRVLEOH\FRQVLGHUHHOLQWHUQDPLHQWR
\$GROHVFHQFLDGHXQPDQGDWRDGHFXDGR GHQLxRVHQLQVWLWXFLRQHVXQDPHGLGDGH
\GHUHFXUVRVVXILFLHQWHVSDUDDSOLFDUODV ~OWLPRUHFXUVRTXHGHEHUtDGXUDUHOPH
QRUPDVUHODWLYDVDORVGHUHFKRVGHOQLxR\ QRUWLHPSRSRVLEOH
YLJLODUVXFXPSOLPLHQWR F  'RWHDORV6('(*(6SDUDUHIRU]DUORV
GH ORV UHFXUVRV KXPDQRV \ ILQDQFLHURV
1LxRVSULYDGRVGHVXPHGLRIDPLOLDU \ ORV UHJODPHQWRV QHFHVDULRV SDUD GDU
SULRULGDGDOFXLGDGRHQHQWRUQRVGHWLSR
(O&RPLWpDFRJHFRQVDWLVIDFFLyQTXHHQ IDPLOLDUHYLWDUHOPDOWUDWRHQODVLQVWLWX
HO&yGLJRGHO1LxR1LxD\$GROHVFHQWH FLRQHV\HVWDEOHFHUPHFDQLVPRVDGHFXD
VH Gp SUHIHUHQFLD DO FXLGDGR GH WLSR ID GRV TXH SHUPLWDQ D ORV QLxRV IRUPXODU
PLOLDU VREUH HO DFRJLPLHQWR HQ LQVWLWX SURSXHVWDV R SUHVHQWDU TXHMDV VLQ FRP
FLRQHV SHUR H[SUHVD SUHRFXSDFLyQ SRU SURPHWHUVXLQWHJULGDGItVLFDRPHQWDO
HO FUHFLHQWH SURFHVR GH LQWHUQDPLHQWR G  )LMHQRUPDVFODUDVSDUDODVLQVWLWXFLRQHV
HQ FHQWURV GH WLSR UHVLGHQFLDO \ SRU HO H[LVWHQWHV \ JDUDQWLFH XQ PHFDQLVPR
FRODSVR GH ORV FHQWURV GH DFRJLGD $O JHQHUDOGHH[DPHQSHULyGLFRGHORVFD
&RPLWp OH SUHRFXSD TXH ORV 6HUYLFLRV VRVGHQLxRVFRORFDGRVHQLQVWLWXFLRQHV
'HSDUWDPHQWDOHV GH *HVWLyQ 6RFLDO GH FRQIRUPLGDG FRQ HO DUWtFXOR  GH
6('(*(6 QRGLVSRQJDQGHODFDSDFLGDG OD &RQYHQFLyQ \ ODV UHFRPHQGDFLRQHV
LQVWLWXFLRQDOQLGHORVUHFXUVRVKXPDQRV DSUREDGDVGHVSXpVGHODFHOHEUDFLyQHQ
\ILQDQFLHURVQHFHVDULRVSDUDDVXPLUGH GHOGtDGHGHEDWHJHQHUDOVREUHORV
ELGDPHQWHVXUHVSRQVDELOLGDGGHRIUHFHU QLxRVFDUHQWHVGHFXLGDGRSDUHQWDO
IRUPDVVXVWLWXWLYDVGHFXLGDGR$O&RPLWp
WDPELpQOHSUHRFXSDTXHORVUHJODPHQWRV
VREUHHVWDVIRUPDVVXVWLWXWLYDVGHFXLGDGR
QRVHDQDGHFXDGRV


$GRSFLyQ 0DORVWUDWRV\GHVFXLGR

(O &RPLWp DFRJH FRQ VDWLVIDFFLyQ ODV $O&RPLWpOHSUHRFXSDHOHOHYDGRtQGLFH


PHGLGDV DGRSWDGDV SRU HO (VWDGR SDUWH GHYLROHQFLDHMHUFLGDFRQWUDORVQLxRVHQ
FRPR OD SURPRFLyQ GH ODV DGRSFLRQHV HOKRJDUDPHQXGRFRQVLGHUDGDXQDPH
HQHOSDtVSHURH[SUHVDVXSUHRFXSDFLyQ GLGDHGXFDWLYD(O&RPLWpWDPELpQUHLWHUD
SRUODIDOWDGHHVWUDWHJLDVVLVWHPiWLFDVTXH ODSUHRFXSDFLyQGHO&RPLWpGH'HUHFKRV
JDUDQWLFHQSURFHVRVGHDGRSFLyQWUDQVSD (FRQyPLFRV6RFLDOHV\&XOWXUDOHVVREUH
UHQWHV\SRUODVGHILFLHQFLDVGHORVPHFD HODOWRtQGLFHGHQLxRVHQHO(VWDGRSDU
QLVPRVHQFDUJDGRVGHVXSHUYLVDUHOSUR WHVRPHWLGRVDDEXVRVItVLFRV\PHQWDOHV
FHVRSRVWHULRUDODDGRSFLyQ$O&RPLWp (&%2/&2SiUUF 
OHSUHRFXSDWDPELpQTXHODOLPLWDGDFD
SDFLGDG GHO 9LFHPLQLVWHULR GH ,JXDOGDG (O&RPLWpLQVWDDO(VWDGRSDUWHDTXH
GH2SRUWXQLGDGHVQROHSHUPLWDOOHYDUD D  ,QWHQVLILTXH ODV FDPSDxDV GH VHQVLELOL
FDERVXVIXQFLRQHVFRPRDXWRULGDGFHQ ]DFLyQ S~EOLFD \ SURSRUFLRQH LQIRUPD
WUDOSDUDODVDGRSFLRQHVLQWHUQDFLRQDOHV FLyQRULHQWDFLyQ\DVHVRUDPLHQWRD ORV
SDGUHVFRQREMHWRHQWUHRWUDVFRVDVGH
(O &RPLWp UHFRPLHQGD DO (VWDGR SDUWH SUHYHQLU ORV PDORV WUDWRV \ HO GHVFXLGR
TXH GHORVQLxRVHQWUHRWUDVFRVDVSRUFRQ
D  $GRSWHXQDHVWUDWHJLDHQODTXHVHWHQ GXFWRGHODV'HIHQVRUtDV0XQLFLSDOHVGH
JDQ HQ FXHQWD HO LQWHUpV VXSHULRU GHO OD1LxH]\$GROHVFHQFLD\ODV&RPLVLRQHV
QLxR\ORVGHPiVSULQFLSLRVJHQHUDOHVGH 0XQLFLSDOHVGHOD1LxH]\$GROHVFHQFLD
OD&RQYHQFLyQSDUDODVDGRSFLRQHVHQHO ORV PHGLRV GH FRPXQLFDFLyQ \ ORV GLUL
SDtVHLQWHUQDFLRQDOHV JHQWHVFRPXQLWDULRVWUDGLFLRQDOHV
E  (YLWH\SHUVLJDODVLUUHJXODULGDGHVHQORV E  3URFXUH TXH ORV SURIHVLRQDOHV TXH WUD
SURFHVRVGHDGRSFLyQ EDMDQFRQQLxRV HQSDUWLFXODUPDHVWURV
F  5HVSHWH ORV SULQFLSLRV GHO &RQYHQLR WUDEDMDGRUHVVRFLDOHVSURIHVLRQDOHVGHOD
GH/D+D\DUHODWLYRDOD3URWHFFLyQGHO PHGLFLQD \ PLHPEURV GH OD SROLFtD ODV
1LxR\DOD&RRSHUDFLyQHQPDWHULDGH 'HIHQVRUtDV 0XQLFLSDOHV GH OD 1LxH] \
$GRSFLyQ,QWHUQDFLRQDOGH $GROHVFHQFLD \ OD MXGLFDWXUD  UHFLEDQ
G  )DFLOLWHORVUHFXUVRVKXPDQRVWpFQLFRV\ IRUPDFLyQ VREUH VX REOLJDFLyQ GH GH
ILQDQFLHURVQHFHVDULRVSDUDHVWRVILQHV QXQFLDU\DGRSWDUPHGLGDVDSURSLDGDVHQ
ORVSUHVXQWRVFDVRVGHYLROHQFLDGRPpV
WLFDTXHDIHFWHQDORVQLxRVWHQLHQGRHQ
FXHQWDODGLYHUVLGDGFXOWXUDOGHODVGLV
WLQWDVDXWRQRPtDVLQGtJHQDV\UXUDOHV


F  5HIXHUFH HO DSR\R SUHVWDGR WDQWR D ORV F  5HGREOHORVHVIXHU]RVSDUDSURSRUFLRQDU
QLxRVYtFWLPDVGHPDORVWUDWRV\GHVFXL ORV UHFXUVRV SURIHVLRQDOHV HV GHFLU HV
GRFRPRDORVDXWRUHVGHHVDVSUiFWLFDV SHFLDOLVWDVHQGLVFDSDFLGDG \ILQDQFLHURV
SDUDJDUDQWL]DUVXDFFHVRDVHUYLFLRVDGH QHFHVDULRV HVSHFLDOPHQWH HQ HO SODQR
FXDGRVGHUHFXSHUDFLyQItVLFD\SVLFROy ORFDO \ SURPRYHU \ DPSOLDU ORV SUR
JLFD\VXUHLQVHUFLyQVRFLDO JUDPDV GH UHKDELOLWDFLyQ FRPXQLWDULRV
FRPRORVJUXSRVGHDSR\RDORVSDGUHV
6DOXGEiVLFD\ELHQHVWDU SDUDJDUDQWL]DUTXHWRGRVORVQLxRVFRQ
DUWtFXORVSiUUDIR GLVFDSDFLGDG UHFLEDQ VHUYLFLRV DGHFXD
\SiUUDIRVD GRV
GHOD&RQYHQFLyQ G  3URFHGDDUDWLILFDUOD&RQYHQFLyQLQWHU
QDFLRQDO VREUH ORV GHUHFKRV GH ODV SHU
1LxRVFRQGLVFDSDFLGDG VRQDV FRQ GLVFDSDFLGDG \ VX 3URWRFROR
IDFXOWDWLYRILUPDGRVHOGHDJRVWRGH
(O&RPLWpWRPDQRWDFRQUHFRQRFLPLHQWR 
GHODVLQLFLDWLYDVHPSUHQGLGDVSDUDJDUDQ H  7HQJD HQ FXHQWD HO DUWtFXOR  GH OD
WL]DUORVGHUHFKRVGHODVSHUVRQDVFRQGLV &RQYHQFLyQOD2EVHUYDFLyQJHQHUDO1ž
FDSDFLGDG FRPR OD QXHYD &RQVWLWXFLyQ   VREUHORVGHUHFKRVGHORVQLxRV
GHHQODTXHVHUHFRQRFHHOGHUHFKR FRQ GLVFDSDFLGDG \ ODV 1RUPDV XQLIRU
DXQDHGXFDFLyQXQLYHUVDOVLQQLQJ~QWLSR PHVVREUHODLJXDOGDGGHRSRUWXQLGDGHV
GHGLVFULPLQDFLyQ$XQDVtDO&RPLWpOH SDUDODVSHUVRQDVFRQGLVFDSDFLGDG UHVR
SUHRFXSDTXHORVQLxRVFRQGLVFDSDFLGDG OXFLyQGHOD$VDPEOHD*HQHUDO 
VLJDQVLHQGRREMHWRGHGLVFULPLQDFLRQHV
TXHODPD\RUtDGHORVSURIHVRUHVQRHVWpQ 6DOXG\VHUYLFLRVPpGLFRV
GHELGDPHQWH FDSDFLWDGRV SDUD WUDEDMDU
FRQ QLxRV FRQ GLVFDSDFLGDG \ TXH QR VH $XQTXH YDORUD HO 3ODQ (VWUDWpJLFR
OOHYHQ D FDER DFWLYLGDGHV GH UHXQLyQ \ 1DFLRQDOSDUD0HMRUDUOD6DOXG0DWHUQD
DQiOLVLVGHGDWRVVREUHHVWRVQLxRV 3HULQDWDO \ 1HRQDWDO HQ HO TXH VH SUR
PXHYH XQ 0RGHOR GH 6DOXG )DPLOLDU
(O &RPLWp UHFRPLHQGD DO (VWDGR SDUWH &RPXQLWDULD ,QWHUFXOWXUDO DO &RPLWp
TXH OHVLJXHSUHRFXSDQGRODHOHYDGDFLIUDGH
D  ,QYHVWLJXH HO DOFDQFH \ ODV FDXVDV GH OD PXHUWHV PDWHUQDV \ TXH QR VH KD\D UH
GLVFDSDFLGDG GXFLGR UHDOPHQWH OD WDVD GH PRUWDOLGDG
E  &UHH VLVWHPDV GH GHWHFFLyQH LQWHUYHQ LQIDQWLO HQ ODV ]RQDV UXUDOHV HQ HVSHFLDO
FLyQWHPSUDQDVFRPRSDUWHGHVXVVHUYL HQWUH ODV FRPXQLGDGHV LQGtJHQDV GRQGH
FLRVGHVDOXG


PHQRVGHOGHORVQDFLPLHQWRVWLHQHQ (O &RPLWp UHFRPLHQGD DO (VWDGR SDUWH
OXJDUHQFHQWURVGHVDOXGFRQDVLVWHQFLD TXH
D  5HDOLFHXQHVWXGLRDPSOLRFRQHOILQGH
(O&RPLWpUHFRPLHQGD FRPSUHQGHU OD QDWXUDOH]D \ HO DOFDQFH
D  $XPHQWDUHOSUHVXSXHVWRGHVWLQDGRDVD GHORVSUREOHPDVGHVDOXGGHORVDGROHV
OXGSDUDKDFHUPiVHILFD]ODDSOLFDFLyQGH FHQWHV HQ HO TXH HVWRV SDUWLFLSHQ SOH
GLVWLQWRVPRGHORVGHSUHVWDFLyQGHDVLV QDPHQWH\ORXWLOLFHFRPREDVHSDUDOD
WHQFLDVDQLWDULD IRUPXODFLyQGHSROtWLFDV\SURJUDPDVGH
E  5HDOL]DU GH IRUPD VLVWHPiWLFD HYDOXD VDOXGSDUDORVDGROHVFHQWHVFRQHVSHFLDO
FLRQHV\GHWHUPLQDFLRQHVGHORVHIHFWRV DWHQFLyQDODVFKLFDV
GHORVSURJUDPDVHQHMHFXFLyQ E  $GRSWH PHGLGDV HILFDFHV SDUD SUHYHQLU
F  5HIRU]DUODVLQLFLDWLYDVTXHRWRUJXHQXQ HOXVRLQGHELGRGHODVGURJDVHOWDEDFR\
PD\RUSDSHODODFRPXQLGDGHQODVDFWL HODOFRKRO
YLGDGHVGHFRQFLHQFLDFLyQ\HOGHVDUUROOR F  3URFXUH HVWDEOHFHU DOLDQ]DV FRQ RUJDQL
GH XQD DWHQFLyQ GH VDOXG TXH WHQJD HQ ]DFLRQHV SHUWLQHQWHV SDUD OOHYDU D FDER
FXHQWDODVGLIHUHQFLDVFXOWXUDOHVSDUDODV FDPSDxDV GH VHQVLELOL]DFLyQ VREUH SRU
PXMHUHVHPEDUD]DGDV HMHPSORORVULHVJRVSDUDODVDOXGWDQWR
G  +DFHUPD\RUKLQFDSLpHQODDSOLFDFLyQGH GHODPDGUHFRPRGHOEHEpGHORVHPED
LQLFLDWLYDVGHUHGXFFLyQGHODPRUWDOLGDG UD]RVHQHGDGDGROHVFHQWHRODLPSRUWDQ
QHRQDWDO FLDGHODYDFXQDFLyQ
G  3URPXHYD ORV VHUYLFLRV GH VDOXG UHSUR
6DOXGGHORVDGROHVFHQWHV GXFWLYDSDUDWRGRVORVDGROHVFHQWHVLQ
FOXLGDODHGXFDFLyQHQPDWHULDGHVDOXG
$XQTXH DFRJH FRQ VDWLVIDFFLyQ HO VH[XDO\UHSURGXFWLYDHQODVHVFXHODVODV
3URJUDPD 1DFLRQDO GH 6DOXG 6H[XDO \ FRPXQLGDGHV \ ORV FHQWURV GH VDOXG \
5HSURGXFWLYDDVtFRPRHOSURJUDPDTXH DVHJXUHHODFFHVRDGLFKRVVHUYLFLRV
HO 0LQLVWHULR GH (GXFDFLyQ &XOWXUD \ H  7HQJDHQFXHQWDOD2EVHUYDFLyQJHQHUDO
'HSRUWHVHVWiGHVDUUROODQGRDFWXDOPHQWH 1ž    GHO &RPLWp VREUH OD VDOXG
SDUDHYLWDUHODOFRKROLVPRHOFRQVXPRGH \HOGHVDUUROORGHORVDGROHVFHQWHVHQHO
WDEDFRODVHQIHUPHGDGHVGHWUDQVPLVLyQ FRQWH[WRGHOD&RQYHQFLyQ
VH[XDO\HO9,+6,'$HO&RPLWpUHLWHUD
VXSUHRFXSDFLyQSRUHOHOHYDGRQ~PHUR /DFWDQFLDPDWHUQD
GHHPEDUD]RVGHDGROHVFHQWHVHLQIHFFLR
QHV GH WUDQVPLVLyQ VH[XDO \ ORV QLYHOHV $XQTXHDFRJHFRQVDWLVIDFFLyQOD/H\1ž
TXHDOFDQ]DHODEXVRGHODOFRKROHOWDED GHIRPHQWRDODODFWDQFLDPDWHUQD
FR\ODVGURJDVHQHO(VWDGRSDUWH  HO&RPLWpFRQVLGHUDSUHRFXSDQ


WHODLQVXILFLHQFLDGHUHFXUVRVKXPDQRV\ G  &RQFLHQFLDQGRDORVSDGUHV\FXLGDGRUHV
ILQDQFLHURVSDUDDSOLFDUHVWDOH\ GHODLPSRUWDQFLDGHXQDQXWULFLyQVDOX
GDEOH
(O &RPLWp UHFRPLHQGD DO (VWDGR SDUWH H  &UHDQGR XQ VLVWHPD GH YLJLODQFLD GH OD
TXHDVLJQHUHFXUVRVKXPDQRV\ILQDQFLH QXWULFLyQ\DVHJXUDQGRUHFRQRFLPLHQWRV
URVVXILFLHQWHVSDUDODDSOLFDFLyQGHHVWD SHULyGLFRVGHORVODFWDQWHV\GHORVQLxRV
OH\\SDUDVXGLIXVLyQHQWUHODSREODFLyQ HQHGDGHVFRODU\DGROHVFHQWHV
HQ JHQHUDO HVSHFLDOPHQWH ODV PXMHUHV I  )LMDQGRFRPRSULQFLSDOREMHWLYRODV]R
RIUH]FD FDSDFLWDFLyQ VREUH OD OH\ DO SHU QDVSREUHV\UXUDOHV
VRQDOGHVDOXG\HVWDEOH]FDXQSURFHVRGH J  (YDOXDQGR OD HILFDFLD GH ODV HVWUDWHJLDV
YLJLODQFLDSDUDYHODUSRUTXHVHDOFDQFH\ H[LVWHQWHV
VHFXPSODVXSURSyVLWR
 1LYHOGHYLGD
0DOQXWULFLyQ
$O &RPLWp OH SUHRFXSD TXH HO  GH
$XQTXH YDORUD SRVLWLYDPHQWH HO SURJUD ORVQLxRVGHO(VWDGRSDUWHYLYDHQVLWXD
PD ´'HVQXWULFLyQ FHURµ DO &RPLWp OH FLyQGHSREUH]D\TXHHOGHHVWRVOR
SUHRFXSD HO DOWR QLYHO GH PDOQXWULFLyQ KDJDQ HQ VLWXDFLyQ GH SREUH]D H[WUHPD
FUyQLFD H[LVWHQWH HQWUH ORV QLxRV GHO $O&RPLWpOHSUHRFXSDWDPELpQHOQLYHO
(VWDGRSDUWH\TXHVXSUHYDOHQFLDVHDPX H[WUHPDGDPHQWH EDMR GH FREHUWXUD GH
FKRPD\RUHQODV]RQDVUXUDOHV\HQWUHODV VDQHDPLHQWRH[LVWHQWHHQHO(VWDGRSDU
SREODFLRQHVLQGtJHQDV WH OD JUDQ GLVFUHSDQFLD HQWUH ODV ]RQDV
UXUDOHV\XUEDQDV\TXHHO3ODQ1DFLRQDO
(O &RPLWp UHFRPLHQGD DO (VWDGR SDUWH GH6DQHDPLHQWR%iVLFRVLJDVLQHVWDURSH
TXHRWRUJXHSULRULGDGDODQXWULFLyQLQ UDWLYR7DPELpQH[SUHVDVXSUHRFXSDFLyQ
IDQWLODQLYHOQDFLRQDOHQWUHRWUDVFRVDV SRU OD IDOWD GH YLYLHQGDV VRFLDOHV \ ODV
D  &UHDQGR XQ SODQ GH DFFLyQ FRQ SOD]RV QHJDWLYDV FRQVHFXHQFLDV GH ORV GHVDORMRV
SUHFLVRV SDUD UHGXFLU OD PDOQXWULFLyQ IRU]RVRVSDUDORVQLxRVHQHVSHFLDOSDUD
FUyQLFD ORVQLxRVGHIDPLOLDVLQGtJHQDV\FDPSHVL
E  $VLJQDQGRUHFXUVRVKXPDQRV\ILQDQFLH QDV\UHLWHUDODSUHRFXSDFLyQPDQLIHVWD
URVVXILFLHQWHV GDDOUHVSHFWRSRUHO&RPLWpGH'HUHFKRV
F  &RRUGLQDQGRODVDFWLYLGDGHVGHORVLQWH (FRQyPLFRV 6RFLDOHV \ &XOWXUDOHV HQ
UHVDGRVSHUWLQHQWHVFRPRODVHQWLGDGHV  (&%2/&2SiUUK 
JXEHUQDPHQWDOHV\ORVPLQLVWHULRVFRP
SHWHQWHV\ODVRFLHGDGFLYLO


(O &RPLWp UHFRPLHQGD DO (VWDGR SDUWH 1LxRVFRQXQRGHVXVSDGUHV
TXHWUDQVIRUPHVXVLQLFLDWLYDVGHFDUiFWHU HQODFiUFHO
VRFLDOFRPRODVWUDVIHUHQFLDVHQHIHFWLYR
HQXQDPSOLRVLVWHPDGHSURWHFFLyQVRFLDO $O&RPLWpOHSUHRFXSDHOHOHYDGRQ~PH
TXHJDUDQWLFHDORVQLxRVGHO(VWDGRSDU UR GH QLxRV TXH YLYHQ HQ SULVLyQ SRU HO
WHXQQLYHOGHYLGDDGHFXDGR(O&RPLWp HQFDUFHODPLHQWR GH XQR GH VXV SDGUHV
UHFRPLHQGD WDPELpQ DO (VWDGR SDUWH /HSUHRFXSDQODVHJXULGDGODVDOXG\HO
TXH DXPHQWH OD FDSDFLGDG GH VXV VHUYL VDQRGHVDUUROOR\ODVFRQGLFLRQHVGHYLGD
FLRVPXQLFLSDOHV\GHSDUWDPHQWDOHVSDUD GHHVWRVQLxRV
DSOLFDU SURJUDPDV LQWHJUDGRV GH DEDVWH
FLPLHQWR GH DJXD VDQHDPLHQWR H KLJLH (O &RPLWp UHFRPLHQGD TXH HO (VWDGR
QHDODVFRPXQLGDGHVUXUDOHVDLVODGDV(O SDUWHHODERUH\DSOLTXHGLUHFWULFHVFODUDV
&RPLWp UHFRPLHQGD WDPELpQ DSOLFDU \ VREUH OD FRORFDFLyQ GH ORV QLxRV FRQ VX
DPSOLDUHO3URJUDPDGH9LYLHQGD6RFLDO\ SDGUH R PDGUH HQ OD FiUFHO HQ ORV FDVRV
6ROLGDULDDVtFRPRXQDSROtWLFDLQWHJUDGD HQTXHVHFRQVLGHUHTXHHOORFRUUHVSRQ
GHYLYLHQGDVRFLDO\WHQHUHQFXHQWDODVL GH DO LQWHUpV VXSHULRU GH HVRV QLxRV \
WXDFLyQGHODVIDPLOLDVFRQKLMRVDOWRPDU TXHYHOHSRUTXHODVHJXULGDG\ODVFRQ
ODVGHFLVLRQHVVREUHGHVDORMRV GLFLRQHV GH YLGD GH HVRV QLxRV LQFOXLGD
OD DWHQFLyQ VDQLWDULD TXH UHFLEHQ VHDQ
9,+6,'$ DGHFXDGDVSDUDVXGHVDUUROORGHDFXHUGR
FRQOR GLVSXHVWRHQHODUWtFXORGHOD
$XQTXH YDORUD SRVLWLYDPHQWH HO SUR\HF &RQYHQFLyQ5HFRPLHQGDDGHPiVTXHHO
WRGHOH\VREUHHO9,+6,'$GHDO (VWDGR SDUWH SUHYHD \ SRQJD HQ SUiFWL
&RPLWpOHSUHRFXSDTXHHO9,+6,'$VH FDXQVLVWHPDDOWHUQDWLYR\DGHFXDGRGH
HVWpH[WHQGLHQGRHQ%ROLYLD WXWHODSDUDORVQLxRVVDFDGRVGHODFiUFHO
\ TXH QR SXHGDQ UHFLELU FXLGDGRV GH VX
(O &RPLWp UHFRPLHQGD HQ UHODFLyQ FRQ IDPLOLDH[WHQVD\TXHHVRVQLxRVUHFLEDQ
VX2EVHUYDFLyQJHQHUDO1ž  VR DSR\RSDUDTXHSXHGDQPDQWHQHUHOFRQ
EUHHO9,+6,'$\ORVGHUHFKRVGHOQLxR WDFWR\XQDUHODFLyQSHUVRQDOFRQHOSDGUH
TXH HO (VWDGR SDUWH UHGREOH VXV HVIXHU RODPDGUHTXHSHUPDQH]FDQHQSULVLyQ
]RVHQODOXFKDFRQWUDHO9,+6,'$SRU
HMHPSORFHUFLRUiQGRVHGHTXHKD\DDQWL
FRQFHSWLYRVGLVSRQLEOHVHQWRGRHOSDtVR
PHGLDQWHFDPSDxDVGHVHQVLELOL]DFLyQ


(GXFDFLyQHVSDUFLPLHQWR (O &RPLWp UHFRPLHQGD TXH HO (VWDGR
\DFWLYLGDGHVFXOWXUDOHV SDUWH
DUWtFXORV\GHOD D  9HOH SRU OD JUDWXLGDG GH OD HQVHxDQ]D
&RQYHQFLyQ SULPDULD VXSULPLHQGR ORV GHUHFKRV GH
PDWUtFXOD\GHPiVFRVWRVHQWRGDVODVHV
(GXFDFLyQLQFOXLGDODIRUPDFLyQ FXHODV
\RULHQWDFLyQSURIHVLRQDOHV E  ,QWHQVLILTXH ODV PHGLGDV HPSUHQGLGDV
SDUDPDQWHQHUHVFRODUL]DGRVDORVQLxRV
(O &RPLWp DFRJH FRPSODFLGR OD QXHYD \SDUDIDFLOLWDUODWUDQVLFLyQHQWUHODHQ
&RQVWLWXFLyQ HQ OD TXH VH HVWDEOHFH OD VHxDQ]DSULPDULD\ODVHFXQGDULD
JUDWXLGDG\REOLJDWRULHGDGGHODHQVHxDQ F  9HOH SRU TXH WDQWR ODV QLxDV FRPR ORV
]D SULPDULD \ VHFXQGDULD7DPELpQ FHOH QLxRVLQGtJHQDVWDPELpQGLVIUXWHQSOHQD
EUDODFUHDFLyQGHO´%RQR-XDQFLWR3LQWRµ PHQWHGHVXGHUHFKRDODHGXFDFLyQ
TXHKDUHGXFLGRODVWDVDVGHDEDQGRQR\ G  0HMRUH OD FDOLGDG GH OD FDSDFLWDFLyQ GH
DEVHQWLVPRHVFRODU\WRPDQRWDGHOSUR ORVSURIHVRUHVHVSHFLDOPHQWHHQORTXH
\HFWR GH OH\ HGXFDWLYD´$YHOLQR 6LxDQLµ VHUHILHUHDODHGXFDFLyQLQWHUFXOWXUDO\
TXHVHRFXSDGHODGLYHUVLGDGFXOWXUDOGHO ELOLQJH
SDtV 1R REVWDQWH SUHRFXSD DO &RPLWp H  &UHH PiV FHQWURV GH IRUPDFLyQ SURIH
TXH QR WRGRV ORV QLxRV HVSHFLDOPHQWH VLRQDOHVSHFLDOPHQWHSDUDORVQLxRVTXH
HQHOFDVRGHORVQLxRVLQGtJHQDVDVLVWDQ DEDQGRQDQODHVFXHODDQWHVGHJUDGXDUVH
DODHVFXHODSULPDULDDSHVDUGHKDEHUVH I  &RQFLHQFLHDORVSDGUHVGHODLPSRUWDQ
HVWDEOHFLGR OD HVFRODUL]DFLyQ REOLJDWRULD FLDGHOGHVDUUROOR\ODHGXFDFLyQGHORV
\TXHVHVLJDQFREUDQGRGHUHFKRVGHPD QLxRVHQODSULPHUDLQIDQFLDHVWDEOH]FD
WUtFXODVHQODHQVHxDQ]DSULPDULDDSHVDU SURJUDPDV KROtVWLFRV SDUD HO GHVDUUROOR
GH TXH VX JUDWXLGDG HVWp JDUDQWL]DGD HQ HQODSULPHUDLQIDQFLDHLPSDUWDIRUPD
OD &RQVWLWXFLyQ 7DPELpQ SUHRFXSD DO FLyQ D ORV SXHULFXOWRUHV \ SURIHVRUHV
&RPLWpODIDOWDGHFHQWURVGHHQVHxDQ]D GHPRGRTXHSXHGDQDSOLFDUGHPDQH
SUHHVFRODUODHVFDVDFDOLGDGGHODHGXFD UDDGHFXDGD\FRQVHQVLELOLGDGKDFLDODV
FLyQGHELGRDODLQVXILFLHQWHFDSDFLWDFLyQ FXHVWLRQHV FXOWXUDOHV ORV QXHYRV WHPD
GHORVSURIHVRUHVHOUHGXFLGRSRUFHQWD ULRVSDUDHOGHVDUUROORHQODSULPHUDLQ
MHGHDOXPQRVTXHSDVDQGHODHQVHxDQ]D IDQFLDTXHGHEHUtDQVHUKROtVWLFRV\HVWDU
SULPDULDDODVHFXQGDULD\ODDFXVDGDGLV FHQWUDGRVHQHOQLxR
SDULGDGHQWUHJpQHURVTXHVHREVHUYDHQ
ODHQVHxDQ]DVHFXQGDULD


-XHJRVHVSDUFLPLHQWR\ GH FXLGDGRV HVSHFLDOHV \ DVLVWHQFLD D ORV
DFWLYLGDGHVFXOWXUDOHV QLxRVQRDFRPSDxDGRV\VHSDUDGRVGHVX
IDPLOLD
(O&RPLWpFHOHEUDTXHGXUDQWHHOGLiORJR
VHOHKD\DLQIRUPDGRGHTXHWRGDVODVLQV (O&RPLWpUHFRPLHQGDTXHHO(VWDGRSDU
WLWXFLRQHV GRFHQWHV QXHYDV \ UHQRYDGDV WHWRPHPHGLGDVSDUDTXHODVVROLFLWXGHV
GHEHQFRQWDUFRQLQVWDODFLRQHVO~GLFDV\ GH DVLOR SUHVHQWDGDV SRU QLxRV VH HVWX
GHSRUWLYDV SHUR FRQVLGHUD SUHRFXSDQWH GLHQFRQDUUHJORDXQSURFHGLPLHQWRGH
TXHHOGHUHFKRGHORVQLxRVDMXJDUQRVH GHWHUPLQDFLyQGHOHVWDWXWRGHUHIXJLDGR
UHFRQR]FDDGHFXDGDPHQWHHQODSODQLILFD TXHWHQJDHQFRQVLGHUDFLyQODVQHFHVLGD
FLyQ GHO GHVDUUROOR FRPXQLWDULR \ XUED GHV \ GHUHFKRV HVSHFtILFRV GH ORV QLxRV
QR VROLFLWDQWHVGHDVLORGHFRQIRUPLGDGFRQ
HO GHUHFKR LQWHUQDFLRQDO GH ORV UHIXJLD
(O&RPLWpUHFRPLHQGDTXHHO(VWDGRSDU GRV\ORVLQVWUXPHQWRVLQWHUQDFLRQDOHVGH
WHWHQJDGHELGDPHQWHHQFXHQWDHOGHUH GHUHFKRVKXPDQRV\TXHWHQJDHQFXHQ
FKRGHORVQLxRVDMXJDU\VHFHUFLRUHGH WD ODV 'LUHFWULFHV GH OD 2ILFLQD GHO$OWR
TXHODVLQVWLWXFLRQHVTXHVHRFXSDQGHORV &RPLVLRQDGR GH ODV 1DFLRQHV 8QLGDV
QLxRV UHVHUYHQ XQ WLHPSR \ XQ HVSDFLR SDUD ORV 5HIXJLDGRV $&185  SDUD OD
SDUDHOMXHJR\SDUDODVDFWLYLGDGHVVRFLD GHWHUPLQDFLyQ GHO LQWHUpV VXSHULRU GHO
OHV\FXOWXUDOHVGHVWLQDGDVDORVQLxRV PHQRU(QHVWHVHQWLGRHO&RPLWp KDFH
UHIHUHQFLDDVX2EVHUYDFLyQJHQHUDO1ž
0HGLGDVHVSHFLDOHVGH  VREUHHOWUDWRGHORVPHQRUHVQR
SURWHFFLyQ DUWtFXORV DFRPSDxDGRV \ VHSDUDGRV GH VX IDPLOLD
E DG \D IXHUDGHVXSDtVGHRULJHQ
GHOD&RQYHQFLyQ
 ([SORWDFLyQHFRQyPLFDLQFOXLGR
1LxRVVROLFLWDQWHVGHDVLOR HOWUDEDMRLQIDQWLO
\UHIXJLDGRV
(O &RPLWp H[SUHVD VX SUHRFXSDFLyQ \
(O &RPLWp DFRJH FRQ DJUDGR HO HVWDEOH FRPSDUWH OD GHO &RPLWp GH 'HUHFKRV
FLPLHQWR GH OD &RPLVLyQ 1DFLRQDO GHO (FRQyPLFRV 6RFLDOHV \ &XOWXUDOHV SRU
5HIXJLDGR \ ODV PHMRUDV LQWURGXFLGDV OD SHUVLVWHQFLD GH OD H[SORWDFLyQ HFRQy
HQ HO SURFHGLPLHQWR GH GHWHUPLQDFLyQ PLFD GH QLxRV HVSHFLDOPHQWH QLxRV LQ
GHO HVWDWXWR GH UHIXJLDGR SHUR UHLWHUD GtJHQDV (&%2/&2 SiUU 
VX SUHRFXSDFLyQ SRU OD IDOWD GH SURFH G 3UHRFXSDHVSHFLDOPHQWHDO&RPLWpOD
GLPLHQWRV HVSHFtILFRV SDUD OD SUHVWDFLyQ VLWXDFLyQGHORVQLxRVJXDUDQtHVGHODUH


JLyQGHO&KDFRTXHYLYHQHQFRQGLFLRQHV 1LxRVHQVLWXDFLyQGHFDOOH
GHVHUYLGXPEUHSDGHFHQHOWUDEDMRIRU
]RVR\VRQYtFWLPDVGHDEXVRVDVtFRPR 3UHRFXSD DO &RPLWp HO HOHYDGR Q~PHUR
ODXWLOL]DFLyQGHQLxRVHQWUDEDMRVGHPL GHQLxRVTXHVHHQFXHQWUDQHQVLWXDFLyQ
QHUtDSHOLJURVRV GHFDOOHHQODV]RQDVXUEDQDVORVFXDOHV
VHYHQH[SXHVWRVGHIRUPDFRQVWDQWHDOD
(O &RPLWp UHFRPLHQGD TXH HO (VWDGR YLROHQFLD OD H[SORWDFLyQ VH[XDO OD GLV
SDUWH DGRSWH PHGLGDV XUJHQWHV SDUD FULPLQDFLyQ HO FRQVXPR GH GURJDV \ OD
FRPEDWLU \ YLJLODU ODV IRUPDV GH WUDEDMR EUXWDOLGDGSROLFLDO
LQIDQWLOTXHFRQVWLWX\HQH[SORWDFLyQ\HQ
SDUWLFXODUTXH (O&RPLWpUHFRPLHQGDTXHHO(VWDGRSDU
D  7RPHPHGLGDVSDUDHYLWDUTXHORVQLxRV WHWRPHPHGLGDVXUJHQWHVSDUDDERUGDUOD
TXHQRKD\DQDOFDQ]DGRODHGDGPtQLPD FXHVWLyQGHORVQLxRVHQVLWXDFLyQGHFDOOH
WUDEDMHQ HQ ORV VHFWRUHV HVWUXFWXUDGR \ HQFRRSHUDFLyQFRQORVSURSLRVQLxRVOH
QRHVWUXFWXUDGRGHODHFRQRPtDHQODV UHFRPLHQGDSRUHMHPSORTXHHODERUHXQ
]DIUDV GH D]~FDU HQ OD H[WUDFFLyQ GH OD SODQGHDFFLyQQDFLRQDOFRQSURJUDPDV\
FDVWDxDGH3DUi\HQODPLQHUtD VHUYLFLRV GH SUHYHQFLyQ \ UHVSXHVWD TXH
E  0HMRUH ORV PHFDQLVPRV GH YLJLODQFLD HVWpQYLQFXODGRVDODVPHGLGDVGHHUUDGL
SDUDKDFHUFXPSOLUODOHJLVODFLyQYLJHQWH FDFLyQGHODSREUH]DH[WUHPD(O&RPLWp
HQPDWHULDODERUDO\SURWHJHUDORVQLxRV UHFRPLHQGDDODVDXWRULGDGHVTXHFRODER
GHODH[SORWDFLyQHFRQyPLFD UHQ HVWUHFKDPHQWH FRQ ODV 'HIHQVRUtDV
F  &UHH \ DSOLTXH QRUPDV SDUD UHJXODU OD 0XQLFLSDOHV GH OD 1LxH] \$GROHVFHQFLD
XWLOL]DFLyQGHDSUHQGLFHV SDUD IDFLOLWDU HO FRQWDFWR HQWUH HVWRV QL
G  9HOHSRUTXHORVQLxRVTXHYLYHQHQ]RQDV xRV\VXVIDPLOLDVRVLHVWRQRIXHUDSRVL
HVSHFLDOPHQWHYXOQHUDEOHV\VXVIDPLOLDV EOHSDUDSUHVWDUOHVRWURWLSRGHFXLGDGR
WHQJDQ DFFHVRD PHMRUHVRSRUWXQLGDGHV \SDUDTXHSXHGDQDFFHGHUDODDWHQFLyQ
GH GHVDUUROOR KXPDQR \ HFRQyPLFR \ VDQLWDULD D SURJUDPDV HVFRODUHV \ D OD
SRUTXHVHVLW~HDOQLxRHQHOFHQWURGH SUHSDUDFLyQ SDUD HO PXQGR ODERUDO DVt
WRGDVODVLQLFLDWLYDVSDUDHUUDGLFDUODSR FRPRDVHUYLFLRVGHDVLVWHQFLDMXUtGLFD\
EUH]DH[WUHPD SVLFROyJLFD
H  6ROLFLWH DVLVWHQFLD WpFQLFD DO 3URJUDPD
,QWHUQDFLRQDO SDUD OD (UUDGLFDFLyQ GHO ([SORWDFLyQ\DEXVRVVH[XDOHV
7UDEDMR ,QIDQWLO GH OD 2,7 DO 81,&()
DODV21*SHUWLQHQWHV\DVXVDVRFLDGRV 3UHRFXSD DO &RPLWp OD HVFDVH] GH GDWRV
SDUDHOGHVDUUROORFRQHOILQGHHODERUDU GLVSRQLEOHV VREUH HO Q~PHUR GH QLxRV
SURJUDPDVGHUHLQWHJUDFLyQSDUDORVQL TXH VRQ YtFWLPDV GH H[SORWDFLyQ R DEX
xRVH[SORWDGRV


VRVVH[XDOHV\VREUHHOHQMXLFLDPLHQWR\ VHQVLEOHFRQODVFXHVWLRQHVGHODLQIDQFLD
FRQGHQDGHORVDXWRUHVGHHVWRVGHOLWRV \HQHOUHVSHWRGHODFRQILGHQFLDOLGDG
7DPELpQOHSUHRFXSDQORVDEXVRVVH[XD G  2EWHQJDIRQGRVLQWHUFDPELHH[SHULHQ
OHVVXIULGRVSRUODVQLxDVJXDUDQtHV\GH FLDV\FRODERUHFRQRWURVSDtVHVSDUDODV
RWURV JUXSRV LQGtJHQDV TXH WUDEDMDQ HQ WDUHDVGHLQYHVWLJDFLyQ\HQMXLFLDPLHQWR
ODVFDVDVGHORVWHUUDWHQLHQWHVRTXHYLYHQ GHORVDXWRUHVGHHVWRVDFWRV
HQFRQGLFLRQHVTXHODVKDFHQYXOQHUDEOHV
DODH[SORWDFLyQVH[XDO 9HQWDWUDWD\VHFXHVWUR

(O &RPLWp UHFRPLHQGD TXH HO (VWDGR (O &RPLWp DFRJH FRQ DJUDGR OD DSURED
SDUWH FLyQGHOD/H\1žGHGHHQHURGH
D  'HVDUUROOHXQVLVWHPDGHUHFRSLODFLyQ\ VREUHODWUDWDGHSHUVRQDVHOSUR
DQiOLVLV GH GDWRV VREUH OD H[SORWDFLyQ \ \HFWRGHOH\LQWHJUDOGHVWLQDGRDIDFLOLWDU
ORV DEXVRV VH[XDOHV GH QLxRV \ VREUH HO HOHQMXLFLDPLHQWRSHQDO\DSURPRYHUOD
HQMXLFLDPLHQWR\FRQGHQDGHTXLHQHVORV SUHYHQFLyQODSURWHFFLyQ\ODDVLVWHQFLD
FRPHWDQ DODVYtFWLPDV\ODFUHDFLyQGHODFRPL
E  $SOLTXH OH\HV SROtWLFDV \ SURJUDPDV VLyQ LQWHUPLQLVWHULDO SDUD HO GHVDUUROOR
DGHFXDGRV SDUD OD SUHYHQFLyQ OD LQYHV GH OD (VWUDWHJLD 1DFLRQDO FRQWUD OD WUD
WLJDFLyQ \ HO HQMXLFLDPLHQWR GH ORV FD WD\WUiILFRSHURH[SUHVDVX
VRV GH H[SORWDFLyQ R DEXVRV VH[XDOHV \ SUHRFXSDFLyQSRUTXHHOSUR\HFWRGHOH\
SDUD OD UHFXSHUDFLyQ \ OD UHLQWHJUDFLyQ LQWHJUDOQRWHQJDHQFXHQWDHO3URWRFROR
VRFLDO GH ORV QLxRV YtFWLPDV WHQLHQGR )DFXOWDWLYR UHODWLYR D OD YHQWD GH QLxRV
HQ FXHQWD ORV GRFXPHQWRV UHVXOWDQWHV OD SURVWLWXFLyQ LQIDQWLO \ OD XWLOL]DFLyQ
GHOSULPHUVHJXQGR\WHUFHU&RQJUHVR GH QLxRV HQ OD SRUQRJUDItD \ SRU TXH
0XQGLDO FRQWUD OD ([SORWDFLyQ 6H[XDO HO (VWDGR SDUWH VLJD VLHQGR XQ OXJDU GH
&RPHUFLDOGHORV1LxRVFHOHEUDGRVUHV RULJHQ\GHVWLQRGHYtFWLPDVGHODWUDWD
SHFWLYDPHQWHHQ\\HO VREUHWRGRSURFHGHQWHVGHÉIULFD\$VLD
3URWRFROR)DFXOWDWLYRGHOD&RQYHQFLyQ (O&RPLWpWDPELpQH[SUHVDVXSUHRFXSD
VREUHORV'HUHFKRVGHO1LxRUHODWLYRDOD FLyQSRUODQRWLFLDGHTXHKD\XQHOHYDGR
YHQWDGHQLxRVODSURVWLWXFLyQLQIDQWLO\ Q~PHURGHQLxRVTXHODSROLFtDFRQVLGHUD
ODXWLOL]DFLyQGHQLxRVHQODSRUQRJUDItD GHVDSDUHFLGRV
F  ,PSDUWD FDSDFLWDFLyQ D ORV DJHQWHV GH
ODV IXHU]DV GHO RUGHQ ORV WUDEDMDGRUHV
VRFLDOHVORVMXHFHV\ORVILVFDOHVVREUHOD
PDQHUDGHUHFLELUVRPHWHUDVHJXLPLHQ
WRHLQYHVWLJDUODVGHQXQFLDVGHPDQHUD


(O &RPLWp UHFRPLHQGD TXH HO (VWDGR 1DFLRQDOGH-XVWLFLD-XYHQLOSHURPDQL
SDUWH ILHVWDVXLQTXLHWXGSRUTXHQRVHDSOLTXHQ
GH PDQHUD HILFD] PHGLGDV VRFLRHGXFDWL
D  $SUXHEH\SURPXOJXHODQXHYDOH\LQWH YDVSDUDORVQLxRVHQFRQIOLFWRFRQODOH\
JUDOVREUHODYHQWDGHQLxRVODH[SORWD \SRUTXHORVQLxRVPD\RUHVGHDxRV
FLyQVH[XDO\ODWUDWD\YHOHSRUTXHHVWD FXPSODQFRQGHQDHQFHQWURVSHQLWHQFLD
WHQJDHQFXHQWDHO3URWRFROR)DFXOWDWLYR ULRV SDUD DGXOWRV GRQGH ODV FRQGLFLRQHV
UHODWLYRDODYHQWDGHQLxRVODSURVWLWX VRQSUHFDULDV
FLyQLQIDQWLO\ODXWLOL]DFLyQGHQLxRVHQ
ODSRUQRJUDItD (O&RPLWpLQVWDDO(VWDGRSDUWHDTXHYHOH
E  (ODERUHXQSODQQDFLRQDOGHDFFLyQSDUD SRUODSOHQDDSOLFDFLyQGHODVQRUPDVGH
ODSUHYHQFLyQODUHLQWHJUDFLyQVRFLDOGH MXVWLFLD MXYHQLO HQ SDUWLFXODU ORV DUWtFX
ODV YtFWLPDV \ HO HQMXLFLDPLHQWR GH ORV ORVE \GHOD&RQYHQFLyQDVt
DXWRUHV FRPRODV5HJODVPtQLPDVGHODV1DFLRQHV
F  $GRSWHPHGLGDVSDUDHYLWDUTXHORVUHIX 8QLGDV SDUD OD DGPLQLVWUDFLyQ GH OD MXV
JLDGRV\ORVVROLFLWDQWHVGHDVLORLQFOXL WLFLDGHPHQRUHV 5HJODVGH%HLMLQJ ODV
GRVORVQLxRVFDLJDQYtFWLPDVGHODWUDWD 'LUHFWULFHVGHODV1DFLRQHV8QLGDVSDUD
\ FUHH XQ PHFDQLVPR TXH LGHQWLILTXH OD SUHYHQFLyQ GH OD GHOLQFXHQFLD MXYHQLO
UiSLGDPHQWHDODVYtFWLPDVGHODWUDWD\ 'LUHFWULFHVGH5LDG \ODV5HJODVGHODV
UHPLWDDOSURFHGLPLHQWRGHDVLORDTXLH 1DFLRQHV 8QLGDV SDUD OD SURWHFFLyQ GH
QHVSXHGDQQHFHVLWDUSURWHFFLyQ ORVPHQRUHVSULYDGRVGHOLEHUWDG 5HJODV
G  5DWLILTXHHO&RQYHQLRVREUHORVDVSHFWRV GH/D+DEDQD (QSDUWLFXODUHO&RPLWp
FLYLOHVGHODVXVWUDFFLyQLQWHUQDFLRQDOGH LQVWDDO(VWDGRSDUWHDWHQHUHQFXHQWDOD
PHQRUHV 2EVHUYDFLyQ JHQHUDO 1ž    GHO
&RPLWpVREUHODDGPLQLVWUDFLyQGHODMXV
$GPLQLVWUDFLyQGHMXVWLFLDMXYHQLO WLFLD GH PHQRUHV 7DPELpQ UHFRPLHQGD
TXH
(O &RPLWp FHOHEUD TXH OD OHJLVODFLyQ YL
JHQWHILMHHQORVDxRVODHGDGPtQLPD D  (O(VWDGRSDUWHYHOHSRUTXHHOVLVWHPD
GH UHVSRQVDELOLGDG SHQDO SHUR H[SUHVD MXUtGLFR SRVLWLYR \ HO VLVWHPD LQGtJHQD
VXSUHRFXSDFLyQSRUTXHODSULYDFLyQGH WUDGLFLRQDO UHVSHWHQ OD &RQYHQFLyQ H
OLEHUWDGQRVHDXQDPHGLGDGH~OWLPRUH LQWURGX]FDXQDFODUDVHSDUDFLyQGHFRP
FXUVR \ SRU TXH VH KD\D JHQHUDOL]DGR HO SHWHQFLDVHQWUHDPERVVLVWHPDV
XVR GH OD SULVLyQ SUHYHQWLYD SDUD QLxRV E  (O(VWDGRSDUWHWRPHPHGLGDVSUHYHQWL
GH HQWUH  \  DxRV (O &RPLWp DFR YDVFRPRUHVSDOGDUHOSDSHOGHODIDPLOLD
JH FRPSODFLGR OD FUHDFLyQ GH XQD 0HVD \ OD FRPXQLGDG SDUD HOLPLQDU ODV FRQ


GLFLRQHV VRFLDOHV TXH OOHYDQ D ORV QLxRV 9tFWLPDV\WHVWLJRV
HQWUDUHQFRQWDFWRFRQHOVLVWHPDGHMXV
WLFLDSHQDORFRQHOVLVWHPDLQGtJHQDWUD (O &RPLWp REVHUYD TXH QR KD\ GLVSRVL
GLFLRQDO\WRPHWRGDVODVGLVSRVLFLRQHV FLRQHVHVSHFtILFDVHQHOGHUHFKRSHQDOQL
SRVLEOHVSDUDHYLWDUODHVWLJPDWL]DFLyQ SURFHVDOSDUDRtUDORVQLxRVYtFWLPDVGH
F  /RV QLxRV HQ FRQIOLFWR FRQ OD OH\ VHDQ GHOLWRVFRPRODH[SORWDFLyQVH[XDORORV
MX]JDGRVSRUHOVLVWHPDGHMXVWLFLDMXYH DEXVRV VH[XDOHV \ H[SUHVD VX LQTXLHWXG
QLO\QRFRPRDGXOWRVHQORVWULEXQDOHV SRUTXHORVQLxRVTXHVRQWHVWLJRVRYtF
RUGLQDULRV WLPDV GH XQ GHOLWR FDUH]FDQ GH DFFHVR D
G  6HLQWURGX]FDHQWRGDVODVUHJLRQHVODIL XQRV VHUYLFLRV PpGLFRV \ SVLFRVRFLDOHV
JXUDGHOMXH]HVSHFLDOL]DGRHQODLQIDQFLD DGHFXDGRV
\TXHHVWRVMXHFHVHVSHFLDOHVUHFLEDQXQD
HGXFDFLyQ\FDSDFLWDFLyQDSURSLDGDV (O&RPLWpUHFRPLHQGDTXHHO(VWDGRSDU
H  /DSULYDFLyQGHOLEHUWDGFRQVWLWX\DXQD WHGpSULRULGDGDORVGHUHFKRVGHOQLxRHQ
PHGLGDGH~OWLPRUHFXUVRFRQODPHQRU ODVLQVWLWXFLRQHVGHODMXVWLFLD\HORUGHQ
GXUDFLyQ SRVLEOH \ FX\D DSOLFDFLyQ VH S~EOLFRTXHDXPHQWHHOSUHVXSXHVWRGHOD
H[DPLQHSHULyGLFDPHQWHFRQPLUDVDUH DGPLQLVWUDFLyQGHMXVWLFLD\TXHYHOHSRU
WLUDUOD OD UHVWLWXFLyQ GH ORV GHUHFKRV GHO QLxR
I  6H GHVDUUROOHQ SHQDV DOWHUQDWLYDV D OD $ HVWH UHVSHFWR HO &RPLWp UHFRPLHQGD
SULYDFLyQ GH OLEHUWDG WDQWR HQ HO VLVWH TXH HO (VWDGR SDUWH WHQJD HQ FXHQWD ODV
PDMXUtGLFRSRVLWLYRFRPRHQHOVLVWHPD 'LUHFWULFHV VREUH OD MXVWLFLD HQ DVXQWRV
LQGtJHQD WUDGLFLRQDO FRPR OD OLEHUWDG FRQFHUQLHQWHVDORVQLxRVYtFWLPDV\WHV
FRQGLFLRQDOODPHGLDFLyQORVVHUYLFLRVD WLJRVGHGHOLWRV UHVROXFLyQGHO
ODFRPXQLGDGRODFRQGHQDFRQGLFLRQDO &RQVHMR (FRQyPLFR \ 6RFLDO GH  GH
VLHPSUHTXHVHDSRVLEOH MXOLRGHDQH[R 
J  /RV QLxRV SULYDGRV GH OLEHUWDG WHQJDQ
DFFHVRDODHGXFDFLyQLQFOXVRFXDQGRVH 1LxRVLQGtJHQDV
HQFXHQWUHQHQSULVLyQSUHYHQWLYD
K  (O (VWDGR SDUWH VROLFLWH DVLVWHQFLD DO  (O &RPLWp DFRJH FRQ DJUDGR ODV UHIRU
*UXSR ,QWHULQVWLWXFLRQDO VREUH -XVWLFLD PDVSROtWLFDVMXUtGLFDVHLQVWLWXFLRQDOHV
-XYHQLOGHOTXHIRUPDQSDUWHOD2ILFLQD GHVWLQDGDVDFRUUHJLUODVLWXDFLyQGHH[
GHODV1DFLRQHV8QLGDVFRQWUDOD'URJD FOXVLyQ\PDUJLQDFLyQGHORVSXHEORVLQ
\HO'HOLWRHO81,&()HO$&18'+\ GtJHQDVSHURFRPSDUWHODSUHRFXSDFLyQ
GLYHUVDV21* GHO 5HODWRU (VSHFLDO VREUH OD VLWXDFLyQ
GHORVGHUHFKRVKXPDQRV\ODVOLEHUWDGHV
IXQGDPHQWDOHVGHORVLQGtJHQDVFRQUHV


SHFWR D OD DSURSLDFLyQ LOHJDO GH WLHUUDV UHFLEDQODDWHQFLyQTXHUHTXLHUHQHQODV
LQGtJHQDVSRUSDUWHGHHPSUHVDULRVDJUt VLWXDFLRQHVGHHPHUJHQFLD
FRODVODFRQWDPLQDFLyQGHODVWLHUUDV\
ODVDJXDVXWLOL]DGDVWUDGLFLRQDOPHQWHSRU (O &RPLWp UHFRPLHQGD TXH HO (VWDGR
ODVFRPXQLGDGHVLQGtJHQDVODVVLWXDFLR SDUWH HODERUH XQD SROtWLFD LQWHJUDO GH
QHVGHVHUYLGXPEUH\WUDEDMRIRU]RVROD SUHYHQFLyQ\UHVSXHVWDHILFD]DODVHPHU
LQFDSDFLGDGGHDGDSWDUHOVLVWHPDHGXFD JHQFLDVDOJRHVSHFLDOPHQWHQHFHVDULRHQ
WLYRQDFLRQDODODVFXOWXUDVLQGtJHQDVWUD ORTXHUHVSHFWDDODVYtFWLPDVPiVYXOQH
GLFLRQDOHVHODFFHVROLPLWDGRGHODSR UDEOHVFRPRVRQORVQLxRV\ODVHPEDUD
EODFLyQLQGtJHQDDORVVHUYLFLRVGHVDOXG ]DGDV\TXHSDUDHOORDVLJQHXQRVUHFXU
\ OD SHUVLVWHQFLD GH ODV PDQLIHVWDFLRQHV VRV DGHFXDGRV H LPSDUWD XQD IRUPDFLyQ
GHUDFLVPRFRQWUDODSREODFLyQLQGtJHQD LQWHQVD LQFOXVR D ORV QLxRV (O &RPLWp
WDPELpQ UHFRPLHQGD TXH HO (VWDGR SDU
 (O &RPLWp UHFRPLHQGD DO (VWDGR SDUWH WH WHQJD HQ FXHQWD ODV UHFRPHQGDFLRQHV
TXH WRPH WRGDV ODV PHGLGDV QHFHVDULDV GHOGtDGHGHEDWHJHQHUDOGHO&RPLWpGH
SDUD SURWHJHU ORV GHUHFKRV GH ORV QL ´(OGHUHFKRGHOQLxRDODHGXFDFLyQ
xRVLQGtJHQDV\SDUDJDUDQWL]DUTXHHVRV HQODVVLWXDFLRQHVGHHPHUJHQFLDµ
QLxRV GLVIUXWHQ GH ORV GHUHFKRV FRQVD
JUDGRV HQ OD &RQVWLWXFLyQ QDFLRQDO HO 5DWLILFDFLyQGHLQVWUXPHQWRV
GHUHFKR LQWHUQR \ OD &RQYHQFLyQ (Q LQWHUQDFLRQDOHVGHGHUHFKRV
HVWHVHQWLGRHO&RPLWpUHPLWHDO(VWDGR KXPDQRV
SDUWH D VX 2EVHUYDFLyQ JHQHUDO 1ž 
 \DODVUHFRPHQGDFLRQHVIRUPX (O &RPLWp UHFRPLHQGD TXH HO (VWDGR
ODGDVSRUHO5HODWRU(VSHFLDOVREUHODVL SDUWH UDWLILTXH ORV SULQFLSDOHV WUDWDGRV
WXDFLyQ GH ORV GHUHFKRV KXPDQRV \ ODV \ SURWRFRORV GH GHUHFKRV KXPDQRV GH
OLEHUWDGHVIXQGDPHQWDOHVGHORVLQGtJH ODV 1DFLRQHV 8QLGDV HQ ORV TXH D~Q QR
QDV YpDVH$+5&  VHD SDUWH HQ SDUWLFXODU OD &RQYHQFLyQ
VREUH ORV GHUHFKRV GH ODV SHUVRQDV
1LxRVHQVLWXDFLyQGHHPHUJHQFLD FRQ GLVFDSDFLGDG \ VX 3URWRFROR ID
FXOWDWLYR HO 3URWRFROR )DFXOWDWLYR
(O&RPLWpREVHUYDTXHHO(VWDGRSDUWHHV GHO 3DFWR ,QWHUQDFLRQDO GH 'HUHFKRV
SURSHQVR D ORV GHVDVWUHV \ ODV HPHUJHQ (FRQyPLFRV 6RFLDOHV \ &XOWXUDOHV \ HO
FLDV WDQWR GH RULJHQ KXPDQR FRPR QD 6HJXQGR3URWRFROR)DFXOWDWLYRGHO3DFWR
WXUDO\H[SUHVDVXSUHRFXSDFLyQSRUTXH ,QWHUQDFLRQDO GH 'HUHFKRV &LYLOHV \
ORVQLxRV\ODVHPEDUD]DGDVTXHFRQVWLWX 3ROtWLFRV
\HQODPLWDGGHODSREODFLyQDIHFWDGDQR


(O&RPLWpDOLHQWDDO(VWDGRSDUWHDSUH xRVDILQGHVXVFLWDUHOGHEDWH\DXPHQWDU
VHQWDU ORV LQIRUPHV LQLFLDOHV SUHYLVWRV ODVHQVLELOL]DFLyQVREUHOD&RQYHQFLyQVX
HQ ORV GRV 3URWRFRORV )DFXOWDWLYRV GH OD DSOLFDFLyQ\ODYLJLODQFLDGHpVWD
&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR
TXHWHQtDTXHKDEHUHQWUHJDGRHQMXOLRGH 3Uy[LPRLQIRUPH
 3URWRFROR)DFXOWDWLYRUHODWLYRDOD
YHQWDGHQLxRVODSURVWLWXFLyQLQIDQWLO\OD (O &RPLWp LQYLWD DO (VWDGR SDUWH D TXH
XWLOL]DFLyQGHQLxRVHQODSRUQRJUDItD \ SUHVHQWHVXVLQIRUPHVSHULyGLFRVTXLQWR
HQHQHURGH 3URWRFROR)DFXOWDWLYR \ VH[WR FRPELQDGRV D PiV WDUGDU HO ž
UHODWLYRDODSDUWLFLSDFLyQGHQLxRVHQORV GH VHSWLHPEUH GH  (O LQIRUPH QR
FRQIOLFWRVDUPDGRV  GHEHUtD H[FHGHU GH  SiJLQDV YpDVH
&5&& 
6HJXLPLHQWR\GLIXVLyQ
(O&RPLWpLQYLWDWDPELpQDO(VWDGRSDUWH
6HJXLPLHQWR DTXHSUHVHQWHXQGRFXPHQWREiVLFRDF
WXDOL]DGRTXHFXPSODORVUHTXLVLWRVSDUD
(O &RPLWp UHFRPLHQGD DO (VWDGR SDUWH HOGRFXPHQWREiVLFRFRP~QHVWDEOHFLGRV
TXH DGRSWH WRGDV ODV PHGLGDV DSURSLD HQ ODV GLUHFWULFHV DUPRQL]DGDV VREUH OD
GDVSDUDORJUDUODDSOLFDFLyQSOHQDGHODV SUHSDUDFLyQ GH LQIRUPHV DSUREDGDV HQ
SUHVHQWHV UHFRPHQGDFLRQHV HQ SDUWLFX ODTXLQWDUHXQLyQGHORVFRPLWpVTXHVRQ
ODU WUDQVPLWLpQGRODV DO 3DUODPHQWR ORV yUJDQRV FUHDGRV HQ YLUWXG GH WUDWDGRV
WULEXQDOHV ORV PLQLVWHULRV SHUWLQHQWHV \ GHGHUHFKRVKXPDQRVHQMXQLRGH
ODVDXWRULGDGHVORFDOHVSDUDTXHODVH[D +5,0& 
PLQHQDGHFXDGDPHQWH\DGRSWHQODVPH
GLGDVTXHSURFHGDQ

'LIXVLyQ

(O&RPLWpUHFRPLHQGDTXHHOFXDUWRLQ
IRUPHSHULyGLFRODVUHVSXHVWDVSUHVHQWD
GDVSRUHVFULWRSRUHO(VWDGRSDUWH\ODV
UHFRPHQGDFLRQHV FRQH[DV REVHUYDFLR
QHV ILQDOHV  DSUREDGDV SRU HO &RPLWp VH
GLIXQGDQDPSOLDPHQWHDOS~EOLFRHQJH
QHUDO ODV RUJDQL]DFLRQHV GH OD VRFLHGDG
FLYLOODVDJUXSDFLRQHVMXYHQLOHV\ORVQL


5(&20(1'$&,21(63$5$(/
&803/,0,(172'(/26
'(5(&+26'(/$1,f(=<
$'2/(6&(1&,$$/(67$'2
3/85,1$&,21$/'(%2/,9,$
5(&20(1'$&,21(63$5$(/
&803/,0,(172'(/26'(5(&+26'(
/$1,f(=<$'2/(6&(1&,$$/(67$'2
3/85,1$&,21$/'(%2/,9,$
/HJLVODFLyQHLJXDOGDG &RQVHMRGH'HUHFKRV+XPDQRV
GHJpQHUR 

&RPLWpSDUDOD(OLPLQDFLyQGHOD  3URVHJXLU ORV HVIXHU]RV HQFDPLQDGRV D


'LVFULPLQDFLyQFRQWUDODPXMHU JDUDQWL]DUODLJXDOGDGGHRSRUWXQLGDGHVSDUD
 ODVQLxDV\ODVPXMHUHVHQPDWHULDGHHGXFD
FLyQDFFHVRDOHPSOHRYLYLHQGD\FRQGLFLR
 (O &RPLWp UHFRPLHQGD TXH VH GHVDUUR QHVODERUDOHV (JLSWR 
OOHQ SROtWLFDV \ VH LPSOHPHQWHQ SURJUDPDV
GLULJLGRVDPXMHUHV\KRPEUHVWDQWRHQ]R &RPLVLyQ,QWHUDPHULFDQDGH
QDV UXUDOHV FRPR XUEDQDV TXH FRQWULEX\DQ 'HUHFKRV+XPDQRV 
D JDUDQWL]DU OD HOLPLQDFLyQ GH ORV HVWHUHRWL
SRVDVRFLDGRVDORVUROHVWUDGLFLRQDOHVHQOD  $GRSWH PHGLGDV GLULJLGDV D DPSOLDU OD
IDPLOLD TXH VH SRQHQ GH PDQLILHVWR HQ OD FREHUWXUD GH ODV 'HIHQVRUtDV GH OD 1LxH] \
HGXFDFLyQHOHPSOHRODSROtWLFD\ODVRFLH OD$GROHVFHQFLD\GHRWUDVLQVWLWXFLRQHVFRQ
GDG7DPELpQ UHFRPLHQGD TXH VH DOLHQWH D WHPSODGDV HQ OD OHJLVODFLyQ UHVSHFWLYD WDQWR
ORVPHGLRVGHFRPXQLFDFLyQDSUR\HFWDUXQD SDUDODSURWHFFLyQFRPRSDUDODSUHYHQFLyQ
LPDJHQSRVLWLYDGHODPXMHU\GHODLJXDOGDG LQYHVWLJDFLyQ\VDQFLyQGHORVGHOLWRVGHWRGD
GHFRQGLFLyQ\ORVUROHV\UHVSRQVDELOLGDGHV QDWXUDOH]D FRPHWLGRV HQ SHUMXLFLR GH QLxRV
FRPSDUWLGRVGHODVPXMHUHV\ORVKRPEUHVHQ \QLxDV
ODVHVIHUDVWDQWRSULYDGDFRPRS~EOLFD

 $SDUWLUGHORVDxRVVHJ~QHO&RPLWpGH'HUHFKRVGHO1LxR
 'XUDQWHHOVpSWLPRSHULRGRGHVHVLRQHVGHO&RQVHMRGH'HUHFKRV+XPDQRV DOGHIHEUHUR 
GHOHJDFLRQHVGHORVGLIHUHQWHVSDtVHVSDUWLFLSDQWHVIRUPXODURQVXVUHFRPHQGDFLRQHVDO(VWDGR3OXULQDFLRQDOGH
%ROLYLD(OSUHVHQWHGRFXPHQWRUHFXSHUDVyORODVUHODWLYDVDODQLxH]PHQFLRQDQGRDOILQDOGHFDGDLQWHUYHQFLyQ
HQWUHSDUpQWHVLVDOSDtVUHVSRQVDEOH


$GRSWH ODV PHGLGDV GH WRGD tQGROH TXH 1RGLVFULPLQDFLyQ
DVHJXUHQ OD SURWHFFLyQ GH ORV QLxRV \ QLxDV
FRQWUDWRGDVODVIRUPDVGHYLROHQFLD\DVHJXUH &RPLWpSDUDOD(OLPLQDFLyQGHOD
TXHODVQRUPDVQDFLRQDOHVQRLQFOX\DQQLQJX 'LVFULPLQDFLyQFRQWUDODPXMHU
QDIRUPXODFLyQDPELJXDFRPRSRUHMHPSOR 
´DEXVRGHPHGLRVFRUUHFWLYRVµR´GLVFLSOLQDµ
R ´GLVFLSOLQDULRVµ GDGR TXH JHQHUDQ GXGDV  (O &RPLWp LQVWD DO (VWDGR 3DUWH D TXH
VREUHORVFULWHULRVTXHVHHPSOHDQSDUDGH DGRSWHODVPHGLGDVQHFHVDULDVHQODUHIRUPD
WHUPLQDUFXiQGRORVPHGLRVFRUUHFWLYRVVRQ DFWXDOPHQWHHQFXUVRSDUDDXPHQWDUODHGDG
DEXVLYRV \ GDxDQ D ORV QLxRV (Q VX OXJDU PtQLPD SDUD FRQWUDHU PDWULPRQLR D ORV 
GHEHHVWDEOHFHUVHFODUDPHQWHTXHHOFDVWLJR DxRV WDQWR SDUD ODV PXMHUHV FRPR SDUD ORV
FRUSRUDOFRQWUDQLxRV\QLxDVHVWiSURKLELGR KRPEUHV FRQ HO ILQ GH DMXVWDUOD D ODV GLV
SRVLFLRQHV GHO DUWtFXOR  GH OD &RQYHQFLyQ
$GRSWHODVPHGLGDVQHFHVDULDVDHIHFWRV VREUH ORV 'HUHFKRV GHO 1LxR \ D ODV GHO
GHRWRUJDUODVJDUDQWtDVHVSHFLDOHVGHOGHELGR SiUUDIR  GHO DUWtFXOR  GH OD &RQYHQFLyQ
SURFHVRFRQVDJUDGDVHQODOHJLVODFLyQLQWHUQD VREUHODHOLPLQDFLyQGHWRGDVODVIRUPDVGH
GHFRQIRUPLGDGFRQORVHVWiQGDUHVLQWHUQD GLVFULPLQDFLyQFRQWUDODPXMHU\DODVGHOD
FLRQDOHV VREUH OD PDWHULD SDUWLFXODUPHQWH UHFRPHQGDFLyQJHQHUDOGHO&RPLWpSDUD
OD LPSOHPHQWDFLyQ HIHFWLYD FRQ OD PD\RU ODHOLPLQDFLyQGHODGLVFULPLQDFLyQFRQWUDOD
FREHUWXUDSRVLEOHGHORVMX]JDGRVHVSHFLDOL PXMHUVREUHODLJXDOGDGHQODVUHODFLRQHVPD
]DGRVFRQFRPSHWHQFLDSDUDGHFLGLUVREUHOD WULPRQLDOHV\IDPLOLDUHV
UHVSRQVDELOLGDGSHQDOGHQLxRV\QLxDV
&RQVHMRGH'HUHFKRV+XPDQRV
'HURJXHODVGLVSRVLFLRQHVGHO&yGLJRGHO 
1LxR1LxD\$GROHVFHQWHHQODVFXDOHVVHHV
WDEOHFHHO´SHOLJURSDUDWHUFHURVµFRPRXQD &RQWLQXDUODODERUGHHOLPLQDFLyQGHOD
FDXVDODWHQHUHQFXHQWDHQODGHWHUPLQDFLyQ GLVFULPLQDFLyQFRQWUDODVPXMHUHV\ORVQLxRV
GHODSURFHGHQFLDGHODGHWHQFLyQSUHYHQWLYD GHORVSXHEORVLQGtJHQDV .LUJXLVWiQ 
GH QLxRV \ QLxDV (O (VWDGR GHEH JDUDQWL]DU
ODDSOLFDFLyQH[FHSFLRQDOGHODPHGLGD\VX &RPLWpGH'HUHFKRV(FRQyPLFRV
FDUiFWHUH[FOXVLYDPHQWHSURFHVDO 6RFLDOHV\&XOWXUDOHV 

(O&RPLWpSLGHDO(VWDGR3DUWHTXHYHOH
SRU OD LJXDOGDG GH KRPEUHV \ PXMHUHV HQ
WRGDVODVHVIHUDVGHODYLGDHQSDUWLFXODUWR
PDQGRPHGLGDVHILFDFHV\GRWDQGRGHUHFXU


VRVHFRQyPLFRVSDUDOXFKDUFRQWUDODGLVFUL  'DU D FRQRFHU OD H[SHULHQFLD DGTXLULGD
PLQDFLyQHQODHGXFDFLyQGHODVQLxDV\DGR HQODHMHFXFLyQGHOSURJUDPD´'HVQXWULFLyQ
OHVFHQWHVHQHODFFHVRDOHPSOHRLJXDOGDGGH FHURµ\GHOSURJUDPDGHO´ERQR-XDQD$]XU
FRQGLFLRQHVGHWUDEDMRHQWUHHOKRPEUH\OD GX\µFRQORVFXDOHVVHKDQUHGXFLGRODVWDVDV
PXMHULQFOX\HQGRODLJXDOGDGGHVDODULRVHO GHPRUWDOLGDGPDWHUQD\PDOQXWULFLyQLQIDQ
DFFHVRDODYLYLHQGD\DODWHQHQFLDGHODVWLH WLO %DQJODGHVK 
UUDV(O&RPLWpUHFRPLHQGDDO(VWDGR3DUWH
TXHLQWHJUHXQHQIRTXHWUDQVYHUVDOGHJpQHUR  &RQWLQXDU DSOLFDQGR SURJUDPDV SDUD OD
DWRGDVVXVSROtWLFDVS~EOLFDV SURWHFFLyQ GH ORV GHUHFKRV GH OD PXMHU HQ
HVSHFLDOODPXMHUHPEDUD]DGDFRQHOREMHWR
0HFDQLVPRQDFLRQDO\ GHUHGXFLUGHPDQHUDVLJQLILFDWLYDODVWDVDVGH
SROtWLFDVS~EOLFDV PRUWDOLGDG PDWHUQRLQIDQWLO \ OD PDOQXWUL
FLyQ &KLOH VHJXLUDSOLFDQGRPHGLGDVSDUD
&RQVHMRGH'HUHFKRV+XPDQRV UHGXFLUODPRUWDOLGDGPDWHUQD 7XUTXtD 

&RQWLQXDUORVHVIXHU]RVSDUDLQFUHPHQ
6HJXLUDSOLFDQGRSROtWLFDVGHVWLQDGDVDGH WDU GH PDQHUD VRVWHQLGD OD FREHUWXUD \ ORV
IHQGHUHOLQWHUpVVXSHULRUGHORVQLxRV\ORV EHQHILFLRVGHO´ERQR-XDQD$]XUGX\µFRQPL
DGROHVFHQWHV \ FRQVLGHUDU OD SRVLELOLGDG GH UDVDGLVPLQXLUORVQLYHOHVGHPRUWDOLGDGPD
HVWDEOHFHUXQDGHIHQVRUtDGHODQLxH]HQHVH WHUQRLQIDQWLO\ODPDOQXWULFLyQFUyQLFDGHORV
FRQWH[WR %DQJODGHVK HVWDEOHFHUXQDGHIHQ QLxRVPHQRUHVGHDxRV &RORPELD 
VRUtDGHODQLxH] 3RORQLD 
(VWXGLDUODVSRVLELOLGDGHVGHLQWHQVLILFDUOD
3UHVWDUDWHQFLyQHVSHFLDODODSURWHFFLyQ FRRSHUDFLyQDQLYHOUHJLRQDOHLQWHUQDFLRQDO
\SURPRFLyQGHORVGHUHFKRVGHODPXMHU\HO FRQODVSDUWHVLQWHUHVDGDVFRQPLUDVDDOFDQ
QLxRHQORVSURFHVRVGHHODERUDFLyQ\DSOLFD ]DUORV2EMHWLYRVGH'HVDUUROORGHO0LOHQLR
FLyQGHODSROtWLFDQDFLRQDO %HODU~V  HQORUHODWLYRDODHUUDGLFDFLyQGHODSREUH]D
OD QXWULFLyQ HO DJXD \ HO VDQHDPLHQWR \ OD
5HIRU]DUODSROtWLFDGHSURPRFLyQGHORV VRVWHQLELOLGDGGHOPHGLRDPELHQWH 0DODVLD 
GHUHFKRVGHOQLxR\ODDSOLFDFLyQGHODV'L VROLFLWDU DVLVWHQFLD SDUD HO GHVDUUROOR D ORV
UHFWULFHV VREUH ODV PRGDOLGDGHV DOWHUQDWLYDV DVRFLDGRVHQHOGHVDUUROOR\DORVRUJDQLVPRV
GHFXLGDGRGHORVQLxRVGHFRQIRUPLGDGFRQ HVSHFLDOL]DGRV GH ODV 1DFLRQHV 8QLGDV D ILQ
ODUHVROXFLyQGHO&RQVHMRGH'HUHFKRV GHHQFRQWUDUVROXFLRQHVSDUDORVSUREOHPDV
+XPDQRV\ODUHVROXFLyQGHOD$VDP TXHREVWDFXOL]DQHOGLVIUXWHGHORVGHUHFKRV
EOHD*HQHUDO %UDVLO  KXPDQRV \ OD FRQVHFXFLyQ GH ORV 2EMHWLYRV
GH 'HVDUUROOR GHO 0LOHQLR 1LJHULD  VHJXLU


GHVSOHJDQGRHVIXHU]RVSDUDDOFDQ]DUORV2E &RPLWpGH'HUHFKRV(FRQyPLFRV
MHWLYRVGH'HVDUUROORGHO0LOHQLRHQSDUWL 6RFLDOHV\&XOWXUDOHV 
FXODUDVHJXUDQGRODHQVHxDQ]DSULPDULDXQL
YHUVDO\OXFKDQGRFRQWUDHODQDOIDEHWLVPROR  (O &RPLWp LQVWD DO (VWDGR 3DUWH D TXH
FXDOJDUDQWL]DUtDDODSREODFLyQHOHMHUFLFLRGH DERUGH ORV PRWLYRV FRQFUHWRV GH SUHRFXSD
VXVGHUHFKRVVRFLDOHV\HFRQyPLFRV /tEDQR  FLyQTXH\DH[SUHVyHQODVREVHUYDFLRQHVVR
EUHVXLQIRUPHLQLFLDO (&$GG 
(ODERUDUXQDHVWUDWHJLDQDFLRQDOSDUDLQ \OHUHLWHUDTXHHO(VWDGR3DUWHGHEHUtDDSOL
FRUSRUDUODHGXFDFLyQVREUHORVGHUHFKRVKX FDU ODV VXJHUHQFLDV \ UHFRPHQGDFLRQHV GHO
PDQRVHQHOVLVWHPDHVFRODUGHFRQIRUPLGDG &RPLWpDHVWHUHVSHFWR(QSDUWLFXODU
FRQHO3ODQGH$FFLyQGHO3URJUDPD0XQGLDO F (O&RPLWpUHFRPLHQGDDO(VWDGR3DUWHTXH
SDUDODHGXFDFLyQHQGHUHFKRVKXPDQRVFRQ UHDOLFH XQ HVWXGLR SDUD GHWHUPLQDU OD PDJ
ODSOHQDSDUWLFLSDFLyQGHWRGRVORVLQWHUHVD QLWXG \ VLWXDFLyQ GH ORV QLxRV HQ HO (VWDGR
GRV ,WDOLD  3DUWHTXHVRQVRPHWLGRVDPDOWUDWRItVLFR\
PHQWDO\VREUHODEDVHGHVXUHVXOWDGRWRPH
&RPLVLyQ,QWHUDPHULFDQDGH ODVPHGLGDVOHJLVODWLYDV\SUiFWLFDVQHFHVDULDV
'HUHFKRV+XPDQRV  GHSURWHFFLyQSDUDORVQLxRV

3ULRULFHODHMHFXFLyQGHSROtWLFDVS~EOLFDV G (O&RPLWpDOLHQWDDO(VWDGR3DUWHDUHGR
GLULJLGDVDSUHYHQLUODVVLWXDFLRQHVHVER]DGDV EODUVXVHVIXHU]RVSDUDHOLPLQDUHOWUDEDMRLQ
HQODSUHVHQWHVHFFLyQ\RWUDVTXHFRQVWLWX IDQWLOHQWRGRVORVVHFWRUHV\HVSHFLDOPHQWH
\DQJUDYHVYLRODFLRQHVDORVGHUHFKRVKXPD HQHOVHUYLFLRGRPpVWLFRWRPDQGRWRGDVODV
QRVGHORVQLxRV\QLxDVEROLYLDQRVDSDUWLU PHGLGDV OHJLVODWLYDV \ DSR\RV HFRQyPLFRV
GH GLDJQyVWLFRV FODURV GH OD VLWXDFLyQ TXH DSURSLDGRVSDUDFRPSHQVDUDODVIDPLOLDVSR
DTXHMDDHVWHVHFWRUGHODVRFLHGDG EUHV TXH GHMHQ GH SHUFLELU ORV LQJUHVRV GHO
WUDEDMRLQIDQWLO(O&RPLWpWDPELpQORH[KRU
&RQYHQFLyQ,QWHUQDFLRQDOVREUHOD WD D TXH UHDOLFH LQVSHFFLRQHV HQ ORV OXJDUHV
SURWHFFLyQGHORVGHUHFKRVGHWRGRV GHWUDEDMR\WRPHODVPHGLGDVQHFHVDULDVSDUD
ORVWUDEDMDGRUHVPLJUDWRULRV\GH HYLWDUODH[SORWDFLyQGHQLxRVWUDEDMDGRUHV\
VXVIDPLOLDUHV FDVWLJDUDORVUHVSRQVDEOHV

 (O &RPLWp UHFRPLHQGD TXH HO (VWDGR (O&RPLWpUHFRPLHQGDDO(VWDGR3DUWHD


3DUWHHVWXGLHGHPDQHUDH[KDXVWLYDODVLWXD TXHUHGREOHVXVHVIXHU]RVHQHOiUHDGHVDOXG
FLyQGHORVKLMRVGHIDPLOLDVPLJUDWRULDVFRQ \ OH SLGH TXH DGRSWH XQD SROtWLFD JOREDO GH
HOSURSyVLWRGHHODERUDUHVWUDWHJLDVDGHFXD VDOXGLQFOX\HQGRSURJUDPDVGHSUHYHQFLyQ
GDVSDUDJDUDQWL]DUVXSURWHFFLyQ\HOSOHQR TXHSHUPLWDQJDUDQWL]DUHODFFHVRGHODVSR
HMHUFLFLRGHVXVGHUHFKRV EODFLRQHVPiVSREUHVDXQDDWHQFLyQSULPDULD


XQLYHUVDO \ JUDWXLWD GH OD VDOXG LQFOX\HQGR &RPLVLyQ,QWHUDPHULFDQDGH
ORV FXLGDGRV GHQWDOHV (O &RPLWp VROLFLWD DO 'HUHFKRV+XPDQRV 
(VWDGR 3DUWH TXH HQ VX SUy[LPR LQIRUPH
SUHVHQWHLQIRUPDFLyQGHWDOODGD\DFWXDOL]DGD $GRSWHWRGDVODVPHGLGDVQHFHVDULDVSDUD
LQFOX\HQGRGDWRVHVWDGtVWLFRVGHVDJUHJDGRVH DPSOLDU HQ OD PD\RU PHGLGD SRVLEOH OD FR
LQGLFDGRUHVTXHSHUPLWDQDSUHFLDUORVDYDQ EHUWXUDGHODHGXFDFLyQS~EOLFDWDQWRHQOR
FHVORJUDGRVHQHVWDiUHD UHODFLRQDGRFRQHODFFHVRFRPRHQODFRQWL
QXLGDG\ODFDOLGDGGHODPLVPD
 (O &RPLWp UHFRPLHQGD TXH OD DWHQFLyQ
PpGLFDJUDWXLWDSURSRUFLRQDGDSRUHO6LVWH &RPLWpGH'HUHFKRV(FRQyPLFRV
PD8QLYHUVDO0DWHUQR,QIDQWLOVHDPSOtHFRQ 6RFLDOHV\&XOWXUDOHV 
ODILQDOLGDGGHDEDUFDUDWRGRVORVQLxRVKDVWD
ORVFLQFRDxRVGHHGDG\DVXVPDGUHVHQSDU J  (O &RPLWp UHFRPLHQGD DO (VWDGR 3DUWH
WLFXODUDODVIDPLOLDVLQGtJHQDV TXHFRQWLQ~HHQVXVHVIXHU]RVSRUHUUDGLFDU
HO DQDOIDEHWLVPR LQFOXVLYH H[WHQGLHQGR HO
(GXFDFLyQ SURJUDPD´<RVtSXHGRµDXQPD\RUQ~PHUR
GHSHUVRQDV\DTXHDGRSWHFXDQWRDQWHVHO
&RPLWpSDUDOD(OLPLQDFLyQGHOD SUR\HFWR GH OD 1XHYD /H\ GH OD (GXFDFLyQ
'LVFULPLQDFLyQFRQWUDODPXMHU %ROLYLDQD

7UDEDMR\VHJXULGDGVRFLDO
 (O &RPLWp XUJH DO (VWDGR 3DUWH D TXH
DGRSWHWRGDVODVPHGLGDVQHFHVDULDVLQFOXL &RPLWpSDUDOD(OLPLQDFLyQGHOD
GDVPHGLGDVHVSHFLDOHVGHFDUiFWHUWHPSRUDO 'LVFULPLQDFLyQFRQWUDODPXMHU
GHFRQIRUPLGDGFRQHOSiUUDIRGHODUWtFXOR 
GHOD&RQYHQFLyQ\ODUHFRPHQGDFLyQJH
QHUDOGHO&RPLWpUHODWLYDDPHGLGDVHVSH  (O &RPLWp VROLFLWD DO (VWDGR 3DUWH TXH
FLDOHVGHFDUiFWHUWHPSRUDODILQGHUHGXFLU DERUGHODFXHVWLyQGHOWUDEDMRLQIDQWLOHQJH
ODWDVDGHDQDOIDEHWLVPR\GHVHUFLyQHVFRODU QHUDO\ODVLWXDFLyQYXOQHUDEOHGHODVQLxDVHQ
GHODVQLxDVHQHVSHFLDOHQODV]RQDVUXUDOHV HVSHFLDO\TXHVXEVDQHODVGHELOLGDGHVHQHO
HLQGtJHQDV\SURSRUFLRQDUHGXFDFLyQWDQWR GLVHxR GHO 3URJUDPD 1DFLRQDO GH (UUDGLFD
HQIRUPDRILFLDOFRPRQRRILFLDO\HQORVLGLR FLyQ3URJUHVLYDGHODV3HRUHV)RUPDVGH7UD
PDVSHUWLQHQWHVDODVPXMHUHV\QLxDV EDMR ,QIDQWLO   \ HQ OD GRWDFLyQ
GHUHFXUVRVILQDQFLHURVDGLFKR3URJUDPD\
FRQIRUPHVXVSROtWLFDV\VXOHJLVODFLyQDODV
REOLJDFLRQHV TXH KDEtD DVXPLGR GH FRQIRU
PLGDGFRQORV&RQYHQLRV1R\1R


GHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR DVtFRPRYHODUSRUHOHVWULFWRFXPSOLPLHQWR
UHODWLYRV UHVSHFWLYDPHQWH D OD HGDG PtQLPD GHORVSDUiPHWURVHQORVFXDOHVVHHQFXHQWUD
GHDGPLVLyQDOHPSOHR DxRV \DODSURKL SHUPLWLGRHOWUDEDMRGHSHUVRQDVPHQRUHVGH
ELFLyQGHODVSHRUHVIRUPDVGHWUDEDMRLQIDQ DxRVHQFXDQWRDORVGHUHFKRVVRFLDOHVDVt
WLO\ODDFFLyQLQPHGLDWDSDUDVXHOLPLQDFLyQ FRPRODUHVWULFFLyQHQFXDQWRDODVMRUQDGDV
ODERUDOHV\ODVDFWLYLGDGHVUHDOL]DGDV
&RQVHMRGH'HUHFKRV+XPDQRV
 'HUHFKRVVH[XDOHV\
UHSURGXFWLYRV
5HIRU]DUODVPHGLGDVSDUDODDEROLFLyQGH
OD VHUYLGXPEUH \ GHO WUDEDMR IRU]RVR HQ HO &RPLWpSDUDOD(OLPLQDFLyQGHOD
SDtVFRQODD\XGDGHOD2UJDQL]DFLyQ,QWHU 'LVFULPLQDFLyQFRQWUDODPXMHU
QDFLRQDOGHO7UDEDMR\EXVFDUDVLVWHQFLDWpF 
QLFDSDUDORVSURJUDPDVGHUHLQWHJUDFLyQGH
ORVQLxRVH[SORWDGRVSDUDODMXVWLFLDMXYHQLO\ (O&RPLWpH[KRUWDDO(VWDGR3DUWHDWR
SDUDHOVHJXLPLHQWRGHOHVWXGLRVREUHYLROHQ PDU ODV PHGLGDV QHFHVDULDV SDUD UHVROYHU OD
FLDFRQWUDORVQLxRV (VSDxD LQWHQVLILFDUORV VLWXDFLyQ GH LPSDVVH HQ TXH VH HQFXHQWUD
HVIXHU]RVSDUDFRPEDWLUWRGDVODVIRUPDVGH OD /H\  \ SURPXOJDUOD OR DQWHV SRVL
VHUYLGXPEUH $UJHOLD  EOH$VLPLVPRHO&RPLWpLQVWDDO*RELHUQR
D TXH IRUWDOH]FD OD HMHFXFLyQ GH SURJUDPDV
 6HJXLU DSOLFDQGR SURJUDPDV SDUD OD \SROtWLFDVGHSODQLILFDFLyQIDPLOLDU\GHVD
SURWHFFLyQGHORVQLxRV\QLxDVHQSDUWLFX OXG UHSURGXFWLYD HQFDPLQDGDV D EULQGDU XQ
ODU SDUD HOLPLQDU HO WUDEDMR LQIDQWLO &KLOH  DFFHVRHIHFWLYRDODVPXMHUHV\DODVDGROHV
DGRSWDU PHGLGDV HILFDFHV SDUD SURWHJHU D FHQWHVHVSHFLDOPHQWHHQHOPHGLRUXUDODOD
ORV QLxRV FRQWUD ODV IRUPDV GH WUDEDMR TXH LQIRUPDFLyQVREUHODDWHQFLyQ\ORVVHUYLFLRV
FRQVWLWX\HQ H[SORWDFLyQ \ HO WUDEDMR HQ ]R GH VDOXG HQ SDUWLFXODU HQ PDWHULD GH VDOXG
QDVSHOLJURVDV $OHPDQLD DGRSWDU\DSOLFDU UHSURGXFWLYD \ PpWRGRV DQWLFRQFHSWLYRV
FRQFDUiFWHUGHXUJHQFLDPHGLGDVSDUDKDFHU DVHTXLEOHV GH DFXHUGR FRQ OD UHFRPHQGD
IUHQWHDOWUDEDMRLQIDQWLOHQSDUWLFXODUFXDQ FLyQ JHQHUDO  GHO &RPLWp VREUH HO DFFH
GRFRQVWLWX\HH[SORWDFLyQ (VORYDTXLD  VRDODDWHQFLyQGHVDOXG\OD'HFODUDFLyQ\
3ODWDIRUPDGH$FFLyQGH%HLMLQJ(O&RPLWp
&RPLVLyQ,QWHUDPHULFDQDGH UHFRPLHQGD DVLPLVPR TXH HO (VWDGR 3DUWH
'HUHFKRV+XPDQRV  LQWHQVLILTXH VXV HVIXHU]RV SRU LQFRUSRUDU OD
HGXFDFLyQ VH[XDO HQ IXQFLyQ GH OD HGDG HQ
'LVHxHSROtWLFDVSDUDODHUUDGLFDFLyQGHO ORV SODQHV GH HVWXGLRV \ RUJDQLFH FDPSDxDV
WUDEDMRGHQLxRV\QLxDVPHQRUHVGHDxRV GHLQIRUPDFLyQSDUDLPSHGLUORVHPEDUD]RV
WDQWRHQHOVHFWRUUXUDOFRPRHQHOXUEDQR HQWUHODVDGROHVFHQWHV


&RPLWpGH'HUHFKRV(FRQyPLFRV ,GHQWLGDG
6RFLDOHV\&XOWXUDOHV 
&RPLVLyQ,QWHUDPHULFDQDGH
I  (O &RPLWp DOLHQWD DO (VWDGR 3DUWH D TXH 'HUHFKRV+XPDQRV 
WRPHODVPHGLGDVQHFHVDULDVLQFOX\HQGRPH
GLGDVOHJLVODWLYDVSDUDDIURQWDUHOSUREOHPD  *DUDQWLFH HO DFFHVR DO UHJLVWUR FLYLO GH
GH OD PRUWDOLGDG GH ODV PXMHUHV D FDXVD GH PDQHUDJUDWXLWDWDOFRPRHVWiHVWDEOHFLGRHQ
ORV DERUWRV FODQGHVWLQRV /H UHFRPLHQGD DO OD&RQVWLWXFLyQ\DGRSWDUPHGLGDVGLULJLGDV
(VWDGR3DUWHTXHHQORVSURJUDPDVHVFRODUHV DODLGHQWLILFDFLyQGHWRGRVORVQLxRV\QLxDV
ORV WHPDV GH HGXFDFLyQ VH[XDO \ GH PpWR DTXLHQHVVHOHVKDREVWDFXOL]DGRSRUGLYHUVRV
GRVGHSODQLILFDFLyQIDPLOLDUVHDQDERUGDGRV PHGLRV OD SRVLELOLGDG GH REWHQHU XQ GRFX
DELHUWDPHQWH GH WDO PDQHUD TXH FRQWULEX PHQWRGHLGHQWLGDG
\DQ D SUHYHQLU ORV HPEDUD]RV SUHFRFHV \ OD
WUDQVPLVLyQ GH HQIHUPHGDGHV VH[XDOHV (O 9LROHQFLD
(VWDGR3DUWHGHEHWDPELpQFRQWLQXDUFRQVXV
HVIXHU]RV SDUD GLVPLQXLU OD PRUWDOLGDG PD &RPLWpSDUDOD(OLPLQDFLyQGHOD
WHUQD 3DUD HVWH ILQ HO &RPLWp UHFRPLHQGD 'LVFULPLQDFLyQFRQWUDODPXMHU
DO(VWDGR3DUWHFRQVLGHUDUODSURQWDSURPXO 
JDFLyQGHOD/H\0DUFRVREUH'HUHFKRV
6H[XDOHV\'HUHFKRV5HSURGXFWLYRV\FRQVL (O&RPLWpH[KRUWDDO(VWDGR3DUWHDTXH
GHUDUODQRGHURJDFLyQGHODUWtFXORGHO DVHJXUHODIRUPXODFLyQDGHFXDGD\ODDSOLFD
&yGLJR3HQDO FLyQ\HOFXPSOLPLHQWRHIHFWLYRGHODOHJLV
ODFLyQYLJHQWHHQPDWHULDGHOXFKDFRQWUDOD
$FFHVRDMXVWLFLD YLROHQFLD FRQWUD ODV PXMHUHV \ ODV QLxDV HQ
SDUWLFXODUODYLROHQFLDGRPpVWLFD\ODYLROHQ
&RQVHMRGH'HUHFKRV+XPDQRV FLDVH[XDO\GpPD\RUSULRULGDGDODFRQFHS
 FLyQ \ DSOLFDFLyQ GH XQD HVWUDWHJLD LQWHJUDO
SDUD FRPEDWLU \ HUUDGLFDU WRGDV ODV IRUPDV
 (VWXGLDU OD SRVLELOLGDG GH VROLFLWDU DVLV GH YLROHQFLD FRQWUD OD PXMHU GH FRQIRUPL
WHQFLD WpFQLFD SDUD ORV SURJUDPDV GH UHLQ GDGFRQODUHFRPHQGDFLyQJHQHUDODILQ
WHJUDFLyQ GH ORV QLxRV H[SORWDGRV \ SDUD OD GHSUHYHQLUODYLROHQFLDFDVWLJDUDTXLHQHVOD
MXVWLFLDGHPHQRUHV 0DODVLD  SHUSHWUHQ\SUHVWDUVHUYLFLRVGHDVLVWHQFLD\
SURWHFFLyQDODVYtFWLPDV(VDHVWUDWHJLDGH
EHUtD LQFOXLU WDPELpQ PHGLGDV GH FRQFLHQ
FLDFLyQ\VHQVLELOL]DFLyQHQSDUWLFXODUGHORV
IXQFLRQDULRVGHMXVWLFLDORVIXQFLRQDULRVHQ
FDUJDGRVGHKDFHUFXPSOLUODOH\\ORVILVFD


OHVDVtFRPRGHORVPDHVWURVHOSHUVRQDOGH 7UDWD\WUiILFR
ORVVHUYLFLRVGHVDOXGORVWUDEDMDGRUHVVRFLD
OHV\ORVPHGLRVGHFRPXQLFDFLyQ(O&RPLWp &RPLWpSDUDOD(OLPLQDFLyQGHOD
DOLHQWDDO(VWDGR3DUWHDTXHHQVXSUy[LPR 'LVFULPLQDFLyQFRQWUDODPXMHU
LQIRUPHSHULyGLFRLQFOX\DGDWRVHVWDGtVWLFRV 
SRUPHQRUL]DGRV VREUH OD LQFLGHQFLD GH OD
YLROHQFLD GRPpVWLFD DVt FRPR LQIRUPDFLyQ (O&RPLWpH[KRUWDDO(VWDGR3DUWHDTXH
VREUHODVPHGLGDVDGRSWDGDVSDUDFRPEDWLUHO YHOHSRUODSURPXOJDFLyQ\SOHQDDSOLFDFLyQ
SUREOHPDORVSURJUHVRVUHDOL]DGRV\ORVREV GHODOHJLVODFLyQUHODWLYDDODWUDWDWUiILFR\
WiFXORVTXHVXEVLVWHQ H[SORWDFLyQVH[XDOGHSHUVRQDVDVtFRPRGH
ORVSODQHVGHDFFLyQQDFLRQDOHV\GHPiVPH
&RQVHMRGH'HUHFKRV+XPDQRV GLGDVGHOXFKDFRQWUDWRGDVODVIRUPDVGHWUD
 WD\H[SORWDFLyQVH[XDOGHODVPXMHUHV(O&R
PLWpDOLHQWDDO(VWDGR3DUWHDTXHLPSXOVHHQ
,QWHQVLILFDUORVHVIXHU]RVSDUDSURWHJHUD ODPHGLGDGHORSRVLEOHDFXHUGRVUHJLRQDOHV
ORVQLxRV\DODVPXMHUHVGHWRGDVODVIRUPDV VREUHHVWHSUREOHPDHQHOiUHDGHO0HUFDGR
GHDEXVRHQSDUWLFXODUODWUDWD\ODYLROHQFLD &RP~QGHO6XU5HFRPLHQGDDGHPiVTXHHO
GRPpVWLFD (VORYHQLD  (VWDGR3DUWHDWDTXHODFDXVDIXQGDPHQWDOGH
OD WUDWD \ H[SORWDFLyQ VH[XDO LQWHQVLILFDQGR
$GRSWDUPHGLGDVHVSHFtILFDVSDUDFRPED VXVHVIXHU]RVSRUPHMRUDUODVLWXDFLyQHFRQy
WLUODYLROHQFLDGRPpVWLFDFRQWUDODVPXMHUHV PLFDGHODVPXMHUHVSDUDHOLPLQDUDVtVXYXO
\ORVQLxRV )UDQFLD DGRSWDUWRGDVODVPH QHUDELOLGDGDQWHODH[SORWDFLyQ\ORVWUDWDQ
GLGDV QHFHVDULDV SDUD HUUDGLFDU OD YLROHQFLD WHV\DGRSWHPHGLGDVSDUDODUHKDELOLWDFLyQH
GH JpQHUR LQFOXLGD OD WLSLILFDFLyQ GHO IHPL LQWHJUDFLyQVRFLDOGHODVPXMHUHV\ODVQLxDV
FLGLRFRPRGHOLWR\VXDGHFXDGDSHQDOL]DFLyQ YtFWLPDVGHODWUDWD\H[SORWDFLyQVH[XDODVt
3DtVHV%DMRV DGRSWDUQXHYDVPHGLGDVSDUD FRPR PHGLGDV SXQLWLYDV HIHFWLYDV D ORV UHV
SRQHU ILQ D OD YLROHQFLD FRQWUD ODV PXMHUHV SRQVDEOHVGHHVWRVFUtPHQHV
$]HUEDL\iQ 
&RQVHMRGH'HUHFKRV+XPDQRV
$GRSWDU PHGLGDV FRQFUHWDV SDUD SURWH 
JHUDORVQLxRVQLxDV\DGROHVFHQWHVGHWRGD
YLROHQFLD FRQWUD HOORV HUUDGLFDU HO WUDEDMR 3URPXOJDUDODPD\RUEUHYHGDGSRVLEOHOD
LQIDQWLO OXFKDU FRQWUD OD H[SORWDFLyQ GH ORV QXHYDOH\LQWHJUDOVREUHODYHQWDGHQLxRVOD
QLxRVQLxDV\DGROHVFHQWHV\SURKLELUWRGDV H[SORWDFLyQVH[XDO\ODWUDWD\DGRSWDUPHGL
ODVIRUPDVGHFDVWLJRFRUSRUDO &RVWD5LFD  GDVFRQFUHWDVHLQPHGLDWDVSDUDIRUWDOHFHUHO
&RQVHMR1DFLRQDOFRQWUDHO7UiILFR\OD7UDWD
GH3HUVRQDV 3RORQLD 


$GRSWDUVLQGHPRUDDSOLFDU\VXSHUYLVDU SHFLDO LQFOXLGRV ORV VHUYLFLRV GH QXWULFLyQ
ODVSROtWLFDV\ORVSURJUDPDVGHVWLQDGRVDOX VDOXG \ HGXFDFLyQ QHFHVDULRV SDUD VX GHVD
FKDUFRQWUDODYHQWDODH[SORWDFLyQVH[XDO\ UUROORDGHFXDGR $XVWULD 
ODWUDWDGHQLxRV (VORYDTXLD 
 $GRSWDU PHGLGDV SDUD UHGXFLU OD IUH
&RPLVLyQ,QWHUDPHULFDQDGH FXHQFLD GH OD GHWHQFLyQ SUHYHQWLYD RIUHFHU
'HUHFKRV+XPDQRV  XQ PD\RU Q~PHUR GH DOWHUQDWLYDV DO HQFDU
FHODPLHQWRHLGHDUSROtWLFDVTXHSURWHMDQHO
$GRSWHPHGLGDVLQPHGLDWDVSDUDSUHYHQLU LQWHUpVVXSHULRUGHORVQLxRVTXHWHQJDQDXQ
\HUUDGLFDUWRGDIRUPDGHH[SORWDFLyQVH[XDO SURJHQLWRUGHWHQLGR $XVWULD 
GHQLxRV\QLxDVDVtFRPRSDUDLQYHVWLJDU\
VDQFLRQDUWDOHVFRQGXFWDV3DUDHVWRHVIXQGD &RPLVLyQ,QWHUDPHULFDQDGH
PHQWDOTXHVHDGRSWHQWRGDVODVPHGLGDVSDUD 'HUHFKRV+XPDQRV 
ORJUDUODLPSOHPHQWDFLyQHIHFWLYDGHOPDUFR
QRUPDWLYRFUHDGRSDUDWDOHIHFWR  'HWHQJD LQPHGLDWDPHQWH OD SUiFWLFD GH
PDQWHQHU PHQRUHV GH  DxRV DFXVDGRV R
&RQGLFLRQHVFDUFHODULDV FRQGHQDGRVSULYDGRVGHOLEHUWDGMXQWDPHQ
WH FRQ DGXOWRV DFXVDGRV R FRQGHQDGRV D~Q
&RQVHMRGH'HUHFKRV+XPDQRV FXDQGRODGHWHQFLyQVLQGLVWLQFLyQVHUHDOLFH
 GHPDQHUDWHPSRUDO

0HMRUDUODVFRQGLFLRQHVGHGHWHQFLyQHQ $GRSWHODVPHGLGDVQHFHVDULDVSDUDDVH
JHQHUDO\HQSDUWLFXODUODVGHODVPXMHUHV\ JXUDUTXHFXDQGRORVKLMRVHKLMDVVHDQDORMD
ORVQLxRV ,WDOLD DGRSWDUPHGLGDVFRQFUHWDV GRVHQORVFHQWURVGHGHWHQFLyQMXQWRFRQVX
SDUDSUHYHQLUHOKDFLQDPLHQWRHQODVSULVLR SDGUHRPDGUHSULYDGRGHOLEHUWDGVHWHQJD
QHV\PHMRUDUODSRVLELOLGDGGHUHFLELUHGXFD HQFXHQWDHOLQWHUpVVXSHULRUGHOQLxRDOHVWD
FLyQ\IRUPDFLyQHQHOODVDILQGHUHLQWHJUDU EOHFHUODVSROtWLFDVSHUWLQHQWHVHQSDUWLFXODU
DORVUHFOXVRVHQODVRFLHGDG 7XUTXtD UHGR TXHWHQJDQDFFHVRDORVVHUYLFLRVGHSURWHF
EODU ORV HVIXHU]RV SDUD PHMRUDU OD VLWXDFLyQ FLyQHVSHFLDODOLPHQWDFLyQVDOXG\HGXFDWL
HQORVFHQWURVGHGHWHQFLyQ\ODVSULVLRQHV YRVQHFHVDULRVSDUDVXGHVDUUROORDGHFXDGR
WHQLHQGR HVSHFLDO FXLGDGR GH VHSDUDU D ORV $VLPLVPR TXH DGRSWH PHGLGDV SDUD JDUDQ
FRQGHQDGRVPHQRUHVGHORVUHFOXVRVDGXOWRV WL]DUHQORVPLVPRVWpUPLQRVHOLQWHUpVVX
(VORYDTXLD  SHULRUGHORVQLxRV\QLxDVTXHVHHQFXHQWUDQ
EDMRFXVWRGLDGHODVSHUVRQDVSULYDGDVGHOL
9HODUSRUTXHWRGRVORVQLxRVTXHYLYHQ EHUWDGSHURTXHQRYLYHQHQODVSULVLRQHV(Q
HQSULVLyQUHFLEDQDWHQFLyQ\SURWHFFLyQHV WDOVHQWLGROOHYHDFDERLQYHVWLJDFLRQHVVHULDV


\ GLOLJHQWHV FXDQGR VH SUHVHQWHQ GHQXQFLDV 2EOLJDFLRQHVLQWHUQDFLRQDOHV
GHDEXVRVH[XDOHQSHUMXLFLRGHODVSHUVRQDV
TXHFRQYLYHQHQORVFHQWURVSHQLWHQFLDULRV &RPLVLyQ,QWHUDPHULFDQDGH
'HUHFKRV+XPDQRV 
*DUDQWLFHTXHHQHOPDUFRGHODOODPDGD
UHVSRQVDELOLGDGVRFLDO\RSHQDOGHPHQRUHV  ,QFRUSRUH D OD OHJLVODFLyQ LQWHUQD VREUH
VHLPSRQJDFRPR~OWLPDPHGLGDODSULYDFLyQ SUR\HFWRVGHGHVDUUROORODVGLVSRVLFLRQHVGHO
GHODOLEHUWDG\HQWDOFDVRDGRSWHODVPHGL &RQYHQLRGHOD2,7VREUHODPDWHULD\
GDVQHFHVDULDVSDUDODFUHDFLyQGHHVWDEOHFL DGRSWHODVPHGLGDVSDUDVXLPSOHPHQWDFLyQ
PLHQWRVTXHJDUDQWLFHQODUHHGXFDFLyQGHORV HIHFWLYD
QLxRV\QLxDVHQHVDVLWXDFLyQ


2%6(59$&,Ð1*(1(5$/1ž
´5($/,=$&,Ð1'(/26'(5(&+26
'(/1,f2(1/$35,0(5$,1)$1&,$µ



2%6(59$&,Ð1*(1(5$/1ƒ
´5($/,=$&,Ð1'(/26'(5(&+26
'(/1,f2(1/$35,0(5$,1)$1&,$µ

&RPLWpGHORV'HUHFKRVGHO1LxR JHQHUDODOWHPD´5HDOL]DFLyQGHORVGHUHFKRV
žSHULRGRGHVHVLRQHV GHO QLxR HQ OD SULPHUD LQIDQFLDµ (OOR VH
*LQHEUDDGHVHSWLHPEUHGH WUDGXMRHQXQFRQMXQWRGHUHFRPHQGDFLRQHV
2EVHUYDFLyQJHQHUDO1ƒ  YpDVH FUFF VHFFLyQ YLL  DVt FRPR
5HDOL]DFLyQGHORVGHUHFKRVGHOQLxRHQOD HQ OD GHFLVLyQ GH SUHSDUDU XQD REVHUYDFLyQ
SULPHUDLQIDQFLD JHQHUDO VREUH HVWH LPSRUWDQWH WHPD
0HGLDQWH HVWD REVHUYDFLyQ JHQHUDO HO
,QWURGXFFLyQ &RPLWp GHVHD LPSXOVDU HO UHFRQRFLPLHQWR
GH TXH ORV QLxRV SHTXHxRV VRQ SRUWDGRUHV
 (VWD REVHUYDFLyQ JHQHUDO HV SURGXFWR GH GH WRGRV ORV GHUHFKRV FRQVDJUDGRV HQ OD
ODV H[SHULHQFLDV GHO &RPLWp DO H[DPLQDU &RQYHQFLyQ \ TXH OD SULPHUD LQIDQFLD HV
ORV LQIRUPHV GH ORV (VWDGRV 3DUWHV (Q XQ SHULRGR HVHQFLDO SDUD OD UHDOL]DFLyQ GH
PXFKRVFDVRVVHKDSURSRUFLRQDGRPX\SRFD HVWRV GHUHFKRV /D GHILQLFLyQ GH WUDEDMR GH
LQIRUPDFLyQVREUHODSULPHUDLQIDQFLD\ORV ´SULPHUD LQIDQFLDµ HODERUDGD SRU HO &RPLWp
FRPHQWDULRVVHKDQOLPLWDGRSULQFLSDOPHQWH DEDUFD WRGRV ORV QLxRV SHTXHxRV GHVGH HO
D OD PRUWDOLGDG LQIDQWLO HO UHJLVWUR GH QDFLPLHQWR \ SULPHU DxR GH YLGD SDVDQGR
ORV QDFLPLHQWRV \ OD DWHQFLyQ GH OD VDOXG SRUHOSHULRGRSUHHVFRODU\KDVWDODWUDQVLFLyQ
(O &RPLWp FRQVLGHUy TXH HUD QHFHVDULR DOSHULRGRHVFRODU YpDVHHOSiUUDIRLQIUD 
HVWXGLDU ODV UHSHUFXVLRQHV PiV DPSOLDV GH
OD&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR
HQORVQLxRVSHTXHxRV(QFRQVHFXHQFLDHQ
 HO &RPLWp GHGLFy VX GtD GH GHEDWH

 DFQXGK   ´5HSRUW RQ WKH 7KLUW\6HYHQWK 6HVVLRQ *HQHYD  6HSWHPEHU 2FWREHU  µ
FUFF LQIRUPHSHULRGLFRDQQXDOGHO&RPLWp &RPLWpGHORV'HUHFKRVGHO1LxRGHODV
1DFLRQHV8QLGDV2ILFLQDGHO$OWR&RPLVLRQDGRGHODV1DFLRQHV8QLGDVSDUDORV'HUHFKRV+XPDQRVZZZ
XQKFKUFKWEVGRFQVIIIEDIFIGG"


,2EMHWLYRVGHOD QDFLyQHOGHVPHPEUDPLHQWRIDPLOLDU\
2EVHUYDFLyQJHQHUDO P~OWLSOHVIDFWRUHVDGYHUVRVGHRWURWLSR
TXH YLRODQ VXV GHUHFKRV \ VRFDYDQ VX
 /RV REMHWLYRV GH OD REVHUYDFLyQ JHQHUDO ELHQHVWDU
VRQ J  &RQWULEXLUDODUHDOL]DFLyQGHORVGHUH
FKRV GH WRGRV ORV QLxRV SHTXHxRV PH
D  5HIRU]DUODFRPSUHQVLyQGHORVGHUHFKRV GLDQWH OD IRUPXODFLyQ \ SURPRFLyQ GH
KXPDQRVGHWRGRVORVQLxRVSHTXHxRV\ SROtWLFDV OH\HV SURJUDPDV SUDFWLFDV
VHxDODUDODDWHQFLyQGHORV(VWDGRV3DU FDSDFLWDFLyQ SURIHVLRQDO H LQYHVWLJDFLyQ
WHVVXVREOLJDFLRQHVSDUDFRQORVQLxRVHQ JOREDOHV FHQWUDGRV HVSHFtILFDPHQWH HQ
ODSULPHUDLQIDQFLD ORVGHUHFKRVHQODSULPHUDLQIDQFLD
E  &RPHQWDU ODV FDUDFWHUtVWLFDV HVSHFtILFDV
GHODSULPHUDLQIDQFLDTXHUHSHUFXWHQHQ ,,'HUHFKRVKXPDQRV
ODUHDOL]DFLyQGHORVGHUHFKRV \QLxRVSHTXHxRV
F  $OHQWDUHOUHFRQRFLPLHQWRGHORVQLxRV
SHTXHxRV FRPR DJHQWHV VRFLDOHV GHVGH /RVQLxRVSHTXHxRVVRQSRUWDGRUHVGHGHUHFKRV
HOLQLFLRGHVXH[LVWHQFLDGRWDGRVGHLQ /D&RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR
WHUHVHV FDSDFLGDGHV \ YXOQHUDELOLGDGHV GHILQHDOQLxRFRPR´WRGRVHUKXPDQRPHQRU
SDUWLFXODUHVDVtFRPRGHVXVQHFHVLGDGHV GHDxRVGHHGDGVDOYRTXHHQYLUWXGGHOD
HQPDWHULDGHSURWHFFLyQRULHQWDFLyQ\ OH\TXHOHVHDDSOLFDEOHKD\DDOFDQ]DGRDQWHV
DSR\RHQHOHMHUFLFLRGHVXVGHUHFKRV ODPD\RUtDGHHGDGµ DUW 3RUORWDQWRORV
G  +DFHUQRWDUODGLYHUVLGDGH[LVWHQWHGHQ QLxRV SHTXHxRV VRQ EHQHILFLDULRV GH WRGRV
WURGHODSULPHUDLQIDQFLDTXHGHEHWH ORVGHUHFKRVFRQVDJUDGRVHQOD&RQYHQFLyQ
QHUVHHQFXHQWDDODSOLFDUOD&RQYHQFLyQ 7LHQHQGHUHFKRDPHGLGDVHVSHFLDOHVGHSUR
HQSDUWLFXODUODGLYHUVLGDGGHFLUFXQVWDQ WHFFLyQ \ GH FRQIRUPLGDG GH VXV FDSDFLGD
FLDV FDOLGDG GH H[SHULHQFLDV H LQIOXHQ GHVHQHYROXFLyQDOHMHUFLFLRSURJUHVLYRGH
FLDV TXH GHWHUPLQD HO GHVDUUROOR GH ORV VXV GHUHFKRV $O &RPLWp OH SUHRFXSD TXH
QLxRVSHTXHxRV HQODDSOLFDFLRQHVVXVREOLJDFLRQHVHQYLUWXG
H  6HxDODU ODV GLIHUHQFLDV HQ FXDQWR D H[ GHOD&RQYHQFLyQORV(VWDGRV3DUWHVQRKD
SHFWDWLYDVFXOWXUDOHV\DWUDWRGLVSHQVDGR \DQSUHVWDGRDWHQFLyQVXILFLHQWHDORVQLxRV
DORVQLxRVHQSDUWLFXODUODVFRVWXPEUHV SHTXHxRVHQVXFRQGLFLyQGHSRUWDGRUHVGH
\SUiFWLFDVORFDOHVTXHGHEHQUHVSHWDUVH GHUHFKRV QL D ODV OH\HV SROtWLFDV \ SURJUD
VDOYR HQ ORV FDVRV HQ TXH FRQWUDYLHQHQ PDVQHFHVDULRVSDUDKDFHUUHDOLGDGVXVGHUH
ORVGHUHFKRVGHOQLxR FKRV GXUDQWH HVWD IDVH ELHQ GLIHUHQFLDGD GH
I  ,QVLVWLUHQODYXOQHUDELOLGDGGHORVQLxRV VXLQIDQFLD(O&RPLWpUHDILUPDTXHOD&RQ
SHTXHxRV DQWH OD SREUH]D OD GLVFULPL YHQFLyQ VREUH ORV 'HUHFKRV GHO 1LxR GHEH


DSOLFDUVHGHIRUPDKROtVWLFDHQODSULPHUDLQ H[LJHTXHORVQLxRVHQSDUWLFXODUORVQLxRV
IDQFLDWHQLHQGRHQFXHQWDORVSULQFLSLRVGH PX\ SHTXHxRV VHDQ UHVSHWDGRV FRPR SHU
XQLYHUVDOLGDG LQGLYLVLELOLGDG H LQWHUGHSHQ VRQDVSRUGHUHFKRSURSLR/RVQLxRVSHTXH
GHQFLDGHWRGRVORVGHUHFKRVKXPDQRV xRVGHEHQFRQVLGHUDUVHPLHPEURVDFWLYRVGH
ODV IDPLOLDV FRPXQLGDGHV \ VRFLHGDGHV FRQ
'HÀQLFLyQGHSULPHUDLQIDQFLD/DVGHILQLFLR VXV SURSLDV LQTXLHWXGHV LQWHUHVHV \ SXQWRV
QHVGHSULPHUDLQIDQFLDYDUtDQHQORVGLIHUHQ GHYLVWD(QHOHMHUFLFLRGHVXVGHUHFKRVORV
WHVSDtVHV\UHJLRQHVDWHQRUGHODVWUDGLFLR QLxRVSHTXHxRVWLHQHQQHFHVLGDGHVHVSHFtIL
QHVORFDOHV\ODIRUPDHQTXHHVWiQRUJDQL]D FDVHQPDWHULDGHFXLGDGRVItVLFRVDWHQFLyQ
GRV ORV VLVWHPDV GH HQVHxDQ]D SULPDULD (Q HPRFLRQDO\RULHQWDFLyQFXLGDGRVDDVtFRPR
DOJXQRVSDtVHVODWUDQVLFLyQGHODHWDSDSUH HQORTXHVHUHILHUHDWLHPSR\HVSDFLRSDUD
HVFRODUDODHVFRODUWLHQHOXJDUSRFRGHVSXpV HOMXHJRODH[SORUDFLyQ\HODSUHQGL]DMHVR
GHORVDxRVGHHGDG(QRWURVSDtVHVHVWD FLDOHV(VWDVQHFHVLGDGHVSXHGHQSODQLILFDUVH
WUDQVLFLyQWLHQHOXJDUHQWRUQRDORVDxRV PHMRU GHVGH XQ PDUFR GH OH\HV SROtWLFDV \
(QVXH[DPHQGHORVGHUHFKRVHQODSULPHUD SURJUDPDVGLULJLGRVDODSULPHUDLQIDQFLDHQ
LQIDQFLDHO&RPLWpGHVHDLQFOXLUDWRGRVORV SDUWLFXODU XQ SODQ GH DSOLFDFLyQ \ VXSHUYL
QLxRVSHTXHxRVDOQDFHU\GXUDQWHHOSULPHU VLyQLQGHSHQGLHQWHSRUHMHPSORPHGLDQWHHO
DxRGHYLGDGXUDQWHORVDxRVSUHHVFRODUHV\ QRPEUDPLHQWR GH XQ FRPLVLRQDGR SDUD ORV
HQ OD WUDQVLFLyQ KDVWD OD HVFRODUL]DFLyQ (Q GHUHFKRVGHOQLxR\DWUDYpVGHHYDOXDFLRQHV
FRQVHFXHQFLD HO &RPLWp SURSRQH TXH XQD GHLPSDFWRHQUHODFLyQFRQOH\HV\SROtWLFDV
GHILQLFLyQGHWUDEDMRDGHFXDGDGHODSULPHUD UHODWLYDVDODLQIDQFLD YpDVHOD2EVHUYDFLyQ
LQIDQFLD VHUtD HO SHULRGR FRPSUHQGLGR GHV JHQHUDO 1R    VREUH HO SDSHO GH ODV
GH HO QDFLPLHQWR KDVWD ORV  DxRV GH HGDG LQVWLWXFLRQHV QDFLRQDOHV LQGHSHQGLHQWHV GH
ORV(VWDGRV3DUWHVGHEHUiQUHFRQVLGHUDUVXV GHUHFKRV KXPDQRV HQ OD SURPRFLyQ \ SUR
REOLJDFLRQHVKDFLDORVQLxRVSHTXHxRVDODOX] WHFFLyQGHORVGHUHFKRVGHOQLxRSDU 
GHHVWDGHILQLFLyQ
&DUDFWHUtVWLFDVGHODSULPHUDLQIDQFLD/DSUL
8QSURJUDPDSRVLWLYRSDUDODSULPHUDLQIDQFLD PHUDLQIDQFLDHVXQSHULRGRHVHQFLDOSDUDOD
(O&RPLWpDOLHQWDDORV(VWDGRV3DUWHVDHOD UHDOL]DFLyQGHORVGHUHFKRVGHOQLxR'XUDQWH
ERUDUXQSURJUDPDSRVLWLYRHQUHODFLyQFRQ HVWHSHULRGR
ORV GHUHFKRV HQ OD SULPHUD LQIDQFLD 'HEHQ
DEDQGRQDUVHFUHHQFLDVWUDGLFLRQDOHVTXHFRQ D  /RVQLxRVSHTXHxRVDWUDYLHVDQHOSHULRGR
VLGHUDQ OD SULPHUD LQIDQFLD SULQFLSDOPHQWH GHPiVUiSLGRFUHFLPLHQWR\FDPELRGH
XQSHULRGRGHVRFLDOL]DFLyQGHXQVHUKXPDQR WRGRVXFLFORYLWDOHQWpUPLQRVGHPD
LQPDGXURHQHOTXHVHOHHQFDPLQDKDFLDOD GXUDFLyQGHOFXHUSR\VLVWHPDQHUYLRVR
FRQGLFLyQGHDGXOWRPDGXUR/D&RQYHQFLyQ GHPRYLOLGDGFUHFLHQWHGHFDSDFLGDGGH


FRPXQLFDFLyQ \ DSWLWXGHV LQWHOHFWXDOHV J  /DVH[SHULHQFLDVGHORVQLxRVSHTXHxRV
\GHUiSLGRVFDPELRVGHLQWHUHVHV\DSWL HQPDWHULDGHFUHFLPLHQWR\GHVDUUROOR
WXGHV HVWiQ SRGHURVDPHQWH LQIOXLGDV SRU
E  /RV QLxRV SHTXHxRV FUHDQ YLQFXODFLR FUHHQFLDVFXOWXUDOHVVREUHORTXHVRQVXV
QHVHPRFLRQDOHVIXHUWHVFRQVXVSDGUHV QHFHVLGDGHV\WUDWRLGyQHR\HQUHODFLyQ
XRWURVFXLGDGRUHVGHORVTXHEXVFDQ\ FRQODIXQFLyQDFWLYDTXHGHVHPSHxDQHQ
QHFHVLWDQFXLGDGRDWHQFLyQRULHQWDFLyQ ODIDPLOLD\ODFRPXQLGDG
\SURWHFFLyQTXHVHRIUH]FDQGHPDQH
UDV TXH VHDQ UHVSHWXRVDV FRQ VX LQGLYL 5HVSHWDUORVLQWHUHVHVH[SHULHQFLDV\SUR
GXDOLGDG\FRQVXVFDSDFLGDGHVFDGDYH] EOHPDVELHQGLIHUHQFLDGRVTXHDIURQWDQWRGRV
PD\RUHV ORV QLxRV SHTXHxRV HV HO SXQWR GH SDUWLGD
F  /RV QLxRV SHTXHxRV HVWDEOHFHQ LPSRU SDUD OD UHDOL]DFLyQ GH VXV GHUHFKRV GXUDQWH
WDQWHV UHODFLRQHV SURSLDV FRQ QLxRV GH HVWDIDVHHVHQFLDOGHVXVYLGDV
VXPLVPDHGDGDVtFRPRFRQQLxRVPiV
MyYHQHV \ PiV PD\RUHV 0HGLDQWH HVWDV  ,QYHVWLJDFLyQ VREUH OD SULPHUD LQIDQFLD (O
UHODFLRQHV DSUHQGHQ D QHJRFLDU \ FRRU &RPLWpREVHUYDHOFUHFLHQWHFRUSXVGHWHRUtD
GLQDU DFWLYLGDGHV FRPXQHV D UHVROYHU H LQYHVWLJDFLyQ TXH FRQILUPD TXH ORV QLxRV
FRQIOLFWRV D UHVSHWDU DFXHUGRV \ D UHV SHTXHxRV GHEHQ FRQVLGHUDUVH LGyQHDPHQWH
SRQVDELOL]DUVHGHRWURVQLxRV FRPR DJHQWHV VRFLDOHV FX\D VXSHUYLYHQFLD
G  /RVQLxRVSHTXHxRVFDSWDQDFWLYDPHQWH ELHQHVWDU\GHVDUUROORGHSHQGHQGHUHODFLRQHV
ODV GLPHQVLRQHV ItVLFDV VRFLDOHV \ FXO HVWUHFKDV \ VH FRQVWUX\HQ VREUH HVD EDVH
WXUDOHVGHOPXQGRHQTXHYLYHQDSUHQ 6RQ UHODFLRQHV PDQWHQLGDV QRUPDOPHQWH
GLHQGR SURJUHVLYDPHQWH GH VXV DFWLYL FRQXQSHTXHxRQ~PHURGHSHUVRQDVFODYH
GDGHV \ GH VXV LQWHUDFFLRQHV FRQ RWUDV PX\ D PHQXGR ORV SDGUHV PLHPEURV GH OD
SHUVRQDV\DVHDQQLxRVRDGXOWRV IDPLOLD DPSOLDGD \ FRPSDxHURV DVt FRPR
H  /RVSULPHURVDxRVGHORVQLxRVSHTXHxRV FRQ FXLGDGRUHV \ RWURV SURIHVLRQDOHV TXH
VRQODEDVHGHVXVDOXGItVLFD\PHQWDOGH VHRFXSDQGHODSULPHUDLQIDQFLD$OPLVPR
VXVHJXULGDGHPRFLRQDOGHVXLGHQWLGDG WLHPSRODLQYHVWLJDFLyQVREUHODVGLPHQVLRQHV
FXOWXUDO \ SHUVRQDO \ GHO GHVDUUROOR GH VRFLDOHV \ FXOWXUDOHV GH OD SULPHUD LQIDQFLD
VXVDSWLWXGHV LQVLVWH HQ ODV GLYHUVDV IRUPDV HQ ODV TXH VH
I  /DVH[SHULHQFLDVGHORVQLxRVSHTXHxRV FRPSUHQGH \ SURGXFH HO GHVDUUROOR HQ OD
HQPDWHULDGHFUHFLPLHQWR\GHVDUUROOR SULPHUDLQIDQFLDHQSDUWLFXODUODVGLIHUHQWHV
YDUtDQGHDFXHUGRFRQVXQDWXUDOH]DLQ H[SHFWDWLYDV GH ORV QLxRV SHTXHxRV \ OD
GLYLGXDO JpQHUR FRQGLFLRQHV GH YLGD PXOWLSOLFLGDG GH GLVSRVLFLRQHV SDUD VX
RUJDQL]DFLyQ IDPLOLDU HVWUXFWXUDV GH FXLGDGR \ HGXFDFLyQ 8QD FDUDFWHUtVWLFD GH
DWHQFLyQ\VLVWHPDVHGXFDWLYRV ODVVRFLHGDGHVPRGHUQDVHVTXHXQQ~PHUR


FDGDYH]PD\RUGHQLxRVSHTXHxRVFUHFHQHQ ,,,3ULQFLSLRVJHQHUDOHV
FRPXQLGDGHVPXOWLFXOWXUDOHV\HQFRQWH[WRV \GHUHFKRVHQ
PDUFDGRV SRU XQ UiSLGR FDPELR VRFLDO HQ ODSULPHUDLQIDQFLD
ORVTXHODVFUHHQFLDV\H[SHFWDWLYDVVREUHORV
QLxRV SHTXHxRV WDPELpQ HVWiQ FDPELDQGR (O&RPLWpKDLGHQWLILFDGRORVDUWtFXORV
GHELGR HQWUH RWUDV FRVDV D XQD PD\RU \GHOD&RQYHQFLyQFRPRSULQFLSLRV
FRQFLHQFLD VREUH VXV GHUHFKRV 6H DOLHQWD D JHQHUDOHV YpDVHOD2EVHUYDFLyQJHQHUDO1R
ORV (VWDGRV 3DUWHV D EDVDUVH HQ FUHHQFLDV \   VREUHODVPHGLGDVJHQHUDOHVGHDSOL
FRQRFLPLHQWRV VREUH OD SULPHUD LQIDQFLD GH FDFLyQ GH OD &RQYHQFLyQ  &DGD SULQFLSLR
XQD PDQHUD DSURSLDGD D ODV FLUFXQVWDQFLDV WLHQHVXVFRQVHFXHQFLDVSDUDORVGHUHFKRVHQ
ORFDOHV\ODVSUiFWLFDVFDPELDQWHV\DUHVSHWDU ODSULPHUDLQIDQFLD
ORV YDORUHV WUDGLFLRQDOHV VLHPSUH TXH HVWRV
QR VHDQ GLVFULPLQDWRULRV DUWtFXOR  GH OD  'HUHFKR D OD YLGD OD VXSHUYLYHQFLD \ HO
&RQYHQFLyQ QLSHUMXGLFLDOHVSDUDODVDOXG\ GHVDUUROOR(ODUWtFXORVHUHILHUHDOGHUHFKR
ELHQHVWDUGHOQLxR DUW QLYD\DQFRQWUD LQWUtQVHFRGHOQLxRDODYLGD\DODREOLJDFLyQ
VX LQWHUpV VXSHULRU DUW   3RU ~OWLPR GH ORV (VWDGRV 3DUWHV GH JDUDQWL]DU HQ OD
OD LQYHVWLJDFLyQ KD GHVWDFDGR ORV ULHVJRV Pi[LPD PHGLGD SRVLEOH OD VXSHUYLYHQFLD \
SDUWLFXODUHVTXHSDUDORVQLxRVSHTXHxRVVH HOGHVDUUROORGHOQLxR6HLQVWDDORV(VWDGRV
GHULYDQ GH OD PDOQXWULFLyQ OD HQIHUPHGDG 3DUWHV D DGRSWDU WRGDV ODV PHGLGDV SRVLEOHV
ODSREUH]DHODEDQGRQRODH[FOXVLyQVRFLDO SDUD PHMRUDU OD DWHQFLyQ SHULQDWDO SDUD
\ RWURV IDFWRUHV DGYHUVRV (OOR GHPXHVWUD PDGUHV \ EHEHV UHGXFLU OD PRUWDOLGDG GH
TXHODVHVWUDWHJLDVDGHFXDGDVGHSUHYHQFLyQ ODFWDQWHV\ODPRUWDOLGDGLQIDQWLO\FUHDUODV
H LQWHUYHQFLyQ GXUDQWH OD SULPHUD LQIDQFLD FRQGLFLRQHVTXHSURPXHYDQHOELHQHVWDUGH
WLHQHQ HO SRWHQFLDO GH LQIOXLU SRVLWLYDPHQWH WRGRV ORV QLxRV SHTXHxRV GXUDQWH HVWD IDVH
HQ HO ELHQHVWDU \ ODV SHUVSHFWLYDV GH IXWXUR HVHQFLDO GH VXV YLGDV /D PDOQXWULFLyQ \ ODV
GHORVQLxRVSHTXHxRV5HDOL]DUORVGHUHFKRV HQIHUPHGDGHV SUHYHQLEOHV FRQWLQ~DQ VLHQGR
GHOQLxRHQODSULPHUDLQIDQFLDHVSXHVXQD REVWiFXORV GH SULPHUD PDJQLWXG SDUD OD
PDQHUD HIHFWLYD GH D\XGDU D SUHYHQLU ODV RUJDQL]DFLyQ GH ORV GHUHFKRV HQ OD SULPHUD
GLILFXOWDGHVSHUVRQDOHVVRFLDOHV\HGXFDWLYDV LQIDQFLD*DUDQWL]DUODVXSHUYLYHQFLD\ODVDOXG
HQODPLWDGGHODLQIDQFLD\HQODDGROHVFHQFLD ItVLFDVRQSULRULGDGHVSHURVHUHFXHUGDDORV
YpDVH OD 2EVHUYDFLyQ JHQHUDO 1R  (VWDGRV3DUWHVTXHHODUWtFXORHQJOREDWRGRV
 VREUHODVDOXG\HOGHVDUUROORGHORV ORVDVSHFWRVGHOGHVDUUROOR\TXHODVDOXG\
DGROHVFHQWHV  HO ELHQHVWDU SVLFRVRFLDO GHO QLxR SHTXHxR
VRQHQPXFKRVDVSHFWRVLQWHUGHSHQGLHQWHV
$PERV SXHGHQ SRQHUVH HQ SHOLJUR SRU
FRQGLFLRQHV GH YLGD DGYHUVDV QHJOLJHQFLD


WUDWR LQVHQVLEOH R DEXVLYR \ HVFDVDV FRUUHQXQULHVJRHVSHFLDOGHGLVFULPLQD
RSRUWXQLGDGHV GH UHDOL]DFLyQ SHUVRQDO /RV FLyQSRUTXHVHHQFXHQWUDQHQXQDSRVL
QLxRVSHTXHxRVTXHFUHFHQHQFLUFXQVWDQFLDV FLyQGHUHODWLYDLPSRWHQFLD\GHSHQGHQ
HVSHFLDOPHQWH GLItFLOHV QHFHVLWDQ DWHQFLyQ GHRWURVSDUDODUHDOL]DFLyQGHVXVGHUH
SDUWLFXODU YpDVH OD VHFFLyQ YL LQIUD  (O FKRV
&RPLWp UHFXHUGD D ORV (VWDGRV 3DUWHV \ D E  (ODUWtFXORWDPELpQLPSOLFDTXHQRVH
RWUDVLQVWDQFLDVLQWHUHVDGD TXHHOGHUHFKRD GHEH GLVFULPLQDU D JUXSRV HVSHFtILFRV
ODVXSHUYLYHQFLD\HOGHVDUUROORVRORSXHGHQ GH QLxRV SHTXHxRV /D GLVFULPLQDFLyQ
UHDOL]DUVHGHXQDIRUPDKROtVWLFDPHGLDQWHHO SXHGHWUDGXFLUVHHQXQDSHRUQXWULFLyQ
UHIXHU]RGHOUHVWRGHODVGHPiVGLVSRVLFLRQHV HQXQDDWHQFLyQ\FXLGDGRLQVXILFLHQWHV
GHOD&RQYHQFLyQHQSDUWLFXODUORVGHUHFKRV HQ PHQRUHV RSRUWXQLGDGHV GH MXHJR
D OD VDOXG D OD QXWULFLyQ DGHFXDGD D OD DSUHQGL]DMH\HGXFDFLyQRHQODLQKLEL
VHJXULGDGVRFLDODXQQLYHODGHFXDGRGHYLGD FLyQUHVSHFWRDODOLEUHH[SUHVLyQGHVHQ
DXQHQWRUQRVDOXGDEOH\VHJXURDHGXFDFLyQ WLPLHQWRV\RSLQLRQHV/DGLVFULPLQDFLyQ
\ DO MXHJR DUWV     \   DVt SXHGHWDPELpQH[SUHVDUVHPHGLDQWHXQ
FRPRUHVSHWDQGRODVUHVSRQVDELOLGDGHVGHORV WUDWR UXGR \ H[SHFWDWLYDV SRFR UD]RQD
SDGUHV\RIUHFLHQGRDVLVWHQFLD\VHUYLFLRVGH EOHVTXHSXHGHQOOHJDUDODH[SORWDFLyQ
FDOLGDG DUWV  \   'HVGH VX PiV WLHUQD RHODEXVR3RUHMHPSOR
LQIDQFLDORVQLxRVGHEHUtDQVHULQFOXLGRVHQ L  /D GLVFULPLQDFLyQ FRQWUD ODV QLxDV HV
DFWLYLGDGHV TXH SURPXHYDQ WDQWR OD EXHQD XQDJUDYHYLRODFLyQGHGHUHFKRVTXH
QXWULFLyQFRPRXQHVWLORGHYLGDVDOXGDEOH DIHFWDDVXVXSHUYLYHQFLD\DWRGDVODV
TXHSUHYHQJDODVHQIHUPHGDGHV HVIHUDVGHVXVMyYHQHVYLGDVOLPLWDQ
GR WDPELpQ VX FDSDFLGDG GH UHDOL]DU
'HUHFKRDODQRGLVFULPLQDFLyQ(ODUWtFXOR XQD FRQWULEXFLyQ SRVLWLYD D OD VRFLH
 JDUDQWL]D ORV GHUHFKRV D WRGRV ORV QLxRV GDG3XHGHQVHUYtFWLPDVGHDERUWRV
VLQGLVFULPLQDFLyQGHQLQJ~QWLSR(O&RPLWp VHOHFWLYRV GH PXWLODFLyQ JHQLWDO GH
LQVWDDORV(VWDGRV3DUWHVDVHxDODUODVFRQVH QHJOLJHQFLD \ GH LQIDQWLFLGLR H LQ
FXHQFLDVTXHHVWHSULQFLSLRWLHQHHQODUHDOL FOXVRSXHGHQOOHJDUDUHFLELUXQDDOL
]DFLyQGHORVGHUHFKRVHQODSULPHUDLQIDQFLD PHQWDFLyQ LQVXILFLHQWH HQ VX SULPHU
DxRGHYLGD$YHFHVVHHVSHUDGHODV
D  (O DUWtFXOR  LPSOLFD TXH ORV QLxRV SH QLxDV TXH DVXPDQ UHVSRQVDELOLGDGHV
TXHxRVHQJHQHUDOQRGHEHQVHUGLVFUL IDPLOLDUHVH[FHVLYDV\VHOHVSULYDGH
PLQDGRVSRUQLQJ~QPRWLYRSRUHMHP RSRUWXQLGDGHV GH EHQHILFLDUVH GH
SORHQORVFDVRVHQTXHODVOH\HVQRSXH HGXFDFLyQSDUDODSULPHUDLQIDQFLD\
GHQRIUHFHULJXDOSURWHFFLyQIUHQWHDOD HGXFDFLyQEiVLFD
YLROHQFLDDWRGRVORVQLxRVHQSDUWLFXODU LL  /D GLVFULPLQDFLyQ FRQWUD QLxRV FRQ
ORVQLxRVSHTXHxRV/RVQLxRVSHTXHxRV GLVFDSDFLGDGHV UHGXFH VXV SHUVSHFWL


YDV GH VXSHUYLYHQFLD \ VX FDOLGDG GH /RVQLxRVSHTXHxRVSXHGHQWDPELpQVX
YLGD (VWRV QLxRV WLHQHQ GHUHFKR D IULUODVFRQVHFXHQFLDVGHODGLVFULPLQDFLyQGH
OD DWHQFLyQ OD QXWULFLyQ HO FXLGDGR TXH VRQ REMHWR VXV SDGUHV SRU HMHPSOR VL
\ HO DOLHQWR RIUHFLGRV D RWURV QLxRV KDQQDFLGRIXHUDGHOPDWULPRQLRRHQRWUDV
7DPELpQ SXHGHQ QHFHVLWDU DVLVWHQFLD FLUFXQVWDQFLDVTXHQRVHDMXVWDQDORVYDORUHV
DGLFLRQDORHVSHFLDODILQGHJDUDQWL]DU WUDGLFLRQDOHVRVLVXVSDGUHVVRQUHIXJLDGRVR
VXLQWHJUDFLyQ\ODUHDOL]DFLyQGHVXV GHPDQGDQWHVGHDVLOR/RV(VWDGRV3DUWHVWLH
GHUHFKRV QHQODUHVSRQVDELOLGDGGHYLJLODU\FRPEDWLU
LLL /DGLVFULPLQDFLyQFRQWUDQLxRVLQIHF OD GLVFULPLQDFLyQ FXDOTXLHUD TXH VHD OD IRU
WDGRV R DIHFWDGRV SRU HO9,+6,'$ PDTXHHVWDDGRSWH\GRQGHTXLHUDTXHVHGp
SULYDDHVRVQLxRVGHODD\XGD\HODSR WDQWRHQODIDPLOLDFRPRHQODVFRPXQLGDGHV
\RTXHPiVQHFHVLWDQ/DGLVFULPLQD ODV HVFXHODV X RWUDV LQVWLWXFLRQHV ,QTXLHWD
FLyQSXHGHGHWHFWDUVHHQODVSROtWLFDV HVSHFLDOPHQWH OD SRVLEOH GLVFULPLQDFLyQ HQ
S~EOLFDV \ HQ OD SURYLVLyQ GH VHUYL FXDQWRDODFFHVRDVHUYLFLRVGHFDOLGDGSDUD
FLRV\DFFHVRDORVPLVPRVDVtFRPR QLxRVSHTXHxRVHQSDUWLFXODUDOOtGRQGHORV
HQSUiFWLFDVFRWLGLDQDVTXHYLRODQORV VHUYLFLRVGHDWHQFLyQGHODVDOXGHGXFDFLyQ
GHUHFKRV GH HVWRV QLxRV YpDVH WDP ELHQHVWDU \ GH RWUR WLSR QR WLHQHQ FDUiFWHU
ELpQHOSiUUDIR  XQLYHUVDO \ VH SURSRUFLRQDQ PHGLDQWH XQD
LY  /D GLVFULPLQDFLyQ UHODFLRQDGD FRQ FRPELQDFLyQGHRUJDQL]DFLRQHVS~EOLFDVSUL
HO RULJHQ pWQLFR OD FODVHFDVWD ODV YDGDV\GHEHQHILFHQFLD&RPRSULPHUDPH
FLUFXQVWDQFLDV SHUVRQDOHV \ HO HVWL GLGDHO&RPLWpDOLHQWDDORV(VWDGRV3DUWHVD
ORGHYLGDRODVFUHHQFLDVSROtWLFDV\ YLJLODUODGLVSRQLELOLGDG\HODFFHVRDVHUYLFLRV
UHOLJLRVDV GHQLxRVRGHVXVSDGUHV  GHFDOLGDGTXHFRQWULEX\DQDODVXSHUYLYHQFLD
LPSRVLELOLWDDORVQLxRVSDUWLFLSDUSOH \GHVDUUROORGHORVQLxRVSHTXHxRVHQSDUWL
QDPHQWHHQVRFLHGDG$IHFWDDODVFD FXODUPHGLDQWHXQDUHFRSLODFLyQVLVWHPiWLFD
SDFLGDGHVGHORVSDGUHVSDUDFXPSOLU GH GDWRV GHVJORVDGRV VHJ~Q ODV SULQFLSDOHV
FRQ VXV UHVSRQVDELOLGDGHV SDUD FRQ YDULDEOHVTXHSUHVHQWHQORVDQWHFHGHQWHVID
VXV KLMRV7DPELpQ DIHFWD D ODV RSRU PLOLDUHV\ODVFLUFXQVWDQFLDVGHOQLxR&RPR
WXQLGDGHVGHORVQLxRV\DVXDXWRHVWL VHJXQGD PHGLGD SXHGHQ UHTXHULUVH LQL
PD\DOLHQWDWDPELpQHOUHVHQWLPLHQ FLDWLYDV TXH JDUDQWLFHQ TXH WRGRV ORV QLxRV
WR\HOFRQIOLFWRHQWUHQLxRV\DGXOWRV WHQJDQ LJXDOGDG GH RSRUWXQLGDGHV D OD KRUD
Y /RVQLxRVSHTXHxRVTXHVXIUHQGLVFUL GHEHQHILFLDUVHGHORVVHUYLFLRVGLVSRQLEOHV
PLQDFLyQ P~OWLSOH SRU HMHPSOR HQ &RQFDUiFWHUPiVJHQHUDOORV(VWDGRV3DUWHV
UHODFLyQ FRQ VX RULJHQ pWQLFR VLWXD GHEHUtDQPHMRUDUODFRQFLHQFLDFLyQVREUHOD
FLyQVRFLDO\FXOWXUDOJpQHUR\RODV GLVFULPLQDFLyQFRQWUDORVQLxRVSHTXHxRVHQ
GLVFDSDFLGDGHV HVWiQHQXQDVLWXDFLyQ JHQHUDO\FRQWUDORVJUXSRVYXOQHUDEOHVHQ
GHSDUWLFXODUULHVJR SDUWLFXODU


,QWHUpVVXSHULRUGHOQLxR(ODUWtFXORHVWD DOJXLHQTXHDFWXpHQLQWHUpVGHOQLxR\
EOHFHHOSULQFLSLRGHTXHHOLQWHUpVVXSHULRU DTXHVHHVFXFKHDORVQLxRVHQWRGRVORV
GHO QLxR VHUi XQD FRQVLGHUDFLyQ SULPRUGLDO FDVRVHQORVTXHVHDQFDSDFHVGHH[SUH
HQWRGDVODVPHGLGDVFRQFHUQLHQWHVDORVQL VDUVXVRSLQLRQHVRSUHIHUHQFLDV
xRV(QUD]yQGHVXUHODWLYDLQPDGXUH]ORV E  ,QWHUpV VXSHULRU GH ORV QLxRV SHTXHxRV FRPR
QLxRV SHTXHxRV GHSHQGHQ GH DXWRULGDGHV JUXSR R FROHFWLYR 7RGD LQQRYDFLyQ GH OD
UHVSRQVDEOHVTXHHYDO~DQ\UHSUHVHQWDQVXV OHJLVODFLyQ \ ODV SROtWLFDV GHFLVLyQ DG
GHUHFKRV \ VX LQWHUpV VXSHULRU HQ UHODFLyQ PLQLVWUDWLYD \ MXGLFLDO \ SURYLVLyQ GH
FRQ GHFLVLRQHV \ PHGLGDV TXH DIHFWHQ D VX VHUYLFLRVTXHDIHFWHQDORVQLxRVGHEHQ
ELHQHVWDUWHQLHQGRDOKDFHUORHQFXHQWDVXV WHQHUHQFXHQWDHOSULQFLSLRGHOLQWHUpV
RSLQLRQHV \ FDSDFLGDGHV HQ GHVDUUROOR (O VXSHULRUGHOQLxR(OORLQFOX\HODVPHGL
SULQFLSLRGHOLQWHUpVVXSHULRUGHOQLxRDSD GDVTXHDIHFWHQGLUHFWDPHQWHDORVQLxRV
UHFH UHSHWLGDPHQWH HQ OD &RQYHQFLyQ HQ SRU HMHPSOR HQ UHODFLyQ FRQ ORV VHU
SDUWLFXODUHQORVDUWtFXORV\TXH YLFLRV GH DWHQFLyQ GH OD VDOXG VLVWHPDV
VRQORVPiVSHUWLQHQWHVHQORUHODWLYRDODSUL GHJXDUGDRHVFXHODV DVtFRPRDTXHOODV
PHUDLQIDQFLD (OSULQFLSLRGHOLQWHUpVVXSH TXHUHSHUFXWDQLQGLUHFWDPHQWHHQORVQL
ULRUGHOQLxRVHDSOLFDDWRGDVODVPHGLGDVTXH xRVSHTXHxRV SRUHMHPSORHQUHODFLyQ
DIHFWHQDORVQLxRV\H[LJHPHGLGDVDFWLYDV FRQHOPHGLRDPELHQWHODYLYLHQGDRHO
WDQWR SDUD SURWHJHU VXV GHUHFKRV \ SURPR WUDQVSRUWH 
YHUVXVXSHUYLYHQFLDFUHFLPLHQWR\ELHQHVWDU
FRPR SDUD DSR\DU \ DVLVWLU D ORV SDGUHV \ D 5HVSHWRDODVRSLQLRQHV\VHQWLPLHQWRVGHORV
RWUDVSHUVRQDVTXHWHQJDQODUHVSRQVDELOLGDG QLxRV SHTXHxRV (O DUWtFXOR  HVWDEOHFH TXH
FRWLGLDQD GH OD UHDOL]DFLyQ GH ORV GHUHFKRV HOQLxRWLHQHGHUHFKRDH[SUHVDUVXRSLQLyQ
GHOQLxR OLEUHPHQWHHQWRGRVORVDVXQWRVTXHOHDIHF
WHQ\DTXHVHWHQJDQGHELGDPHQWHHQFXHQ
D  ,QWHUpVVXSHULRUGHORVQLxRVFRPRLQGLYLGXRV WD (VWH GHUHFKR UHIXHU]D OD FRQGLFLyQ GHO
7RGDV ODV GHFLVLRQHV DGRSWDGDV HQ UHOD QLxR SHTXHxR FRPR SDUWLFLSDQWH DFWLYR HQ
FLyQFRQODDWHQFLyQHGXFDFLyQHWFGHO OD SURPRFLyQ SURWHFFLyQ \ VXSHUYLVLyQ GH
QLxRGHEHQWHQHUHQFXHQWDHOSULQFLSLR VXV GHUHFKRV &RQ IUHFXHQFLD VH LJQRUD HO
GH LQWHUpV VXSHULRU GHO QLxR HQ SDU UHVSHWRDODHQWLGDGGHOQLxRSHTXHxRFRPR
WLFXODU ODV GHFLVLRQHV TXH DGRSWHQ ORV SDUWLFLSDQWH HQ OD IDPLOLD FRPXQLGDG \ VR
SDGUHV SURIHVLRQDOHV \ RWUDV SHUVRQDV FLHGDGRVHUHFKD]DSRULQDSURSLDGDHQUD]yQ
UHVSRQVDEOHV GH ORV QLxRV 6H DSUHPLD GH VX HGDG H LQPDGXUH] (Q PXFKRV SDtVHV
D ORV (VWDGRV 3DUWHV D TXH HVWDEOH]FDQ R UHJLRQHV ODV FUHHQFLDV WUDGLFLRQDOHV KDQ
GLVSRVLFLRQHVSDUDTXHORVQLxRVSHTXH KHFKRKLQFDSLpHQODQHFHVLGDGTXHORVQLxRV
xRVHQWRGRVORVSURFHVRVOHJDOHVVHDQ SHTXHxRVWLHQHQGHFDSDFLWDFLyQ\VRFLDOL]D
UHSUHVHQWDGRV LQGHSHQGLHQWHPHQWH SRU FLyQ/RVQLxRVKDQVLGRFRQVLGHUDGRVSRFR


GHVDUUROODGRVFDUHQWHVLQFOXVRGHFDSDFLGD GRHQODYLGDGLDULDGHOQLxRHQHOKRJDU
GHVHVHQFLDOHVSDUDODFRPSUHVLyQODFRPX HQ SDUWLFXODU VL SURFHGH HQ OD IDPLOLD
QLFDFLyQ\ODDGRSFLyQGHGHFLVLRQHV+DQFD DPSOLDGD \HQVXFRPXQLGDGHQWRGDOD
UHFLGRGHSRGHUHVGHQWURGHVXVIDPLOLDV\D JDPDGHLQVWDODFLRQHVGHDWHQFLyQGHOD
PHQXGRKDQVLGRPXGRVHLQYLVLEOHVHQODVR VDOXGFXLGDGR\HGXFDFLyQHQODSULPHUD
FLHGDG(O&RPLWpGHVHDUHDILUPDUTXHHODU LQIDQFLDDVtFRPRHQORVSURFHGLPLHQWRV
WtFXORVHDSOLFDWDQWRDORVQLxRVSHTXHxRV MXUtGLFRV\HQHOGHVDUUROORGHSROtWLFDV\
FRPR D ORV QLxRV GH PiV HGDG &RPR SRU VHUYLFLRVHQSDUWLFXODUPHGLDQWHLQYHV
WDGRUHV GH GHUHFKRV LQFOXVR ORV QLxRV PiV WLJDFLyQ\FRQVXOWDV
SHTXHxRVWLHQHQGHUHFKRDH[SUHVDUVXVRSL F  /RV(VWDGRV3DUWHVGHEHUiQDGRSWDUWR
QLRQHV TXH GHEHUtDQ´WHQHUVH GHELGDPHQWH GDVODVPHGLGDVDGHFXDGDVSDUDSURPR
HQFXHQWDHQIXQFLyQGHODHGDG\PDGXUH] YHU OD SDUWLFLSDFLyQ DFWLYD GH SDGUHV
GHO QLxRµ DUW   /RV QLxRV SHTXHxRV SURIHVLRQDOHV\DXWRULGDGHVUHVSRQVDEOHV
VRQH[WUHPDGDPHQWHVHQVLEOHVDVXHQWRUQR HQODFUHDFLyQGHRSRUWXQLGDGHVSDUDORV
\DGTXLHUHQFRQUDSLGH]FRPSUHQVLyQGHODV QLxRV SHTXHxRV D ILQ GH TXH HMHUFLWHQ
SHUVRQDVOXJDUHV\UXWLQDVTXHIRUPDQSDUWH GHIRUPDFUHFLHQWHVXVGHUHFKRVHQVXV
GHVXVYLGDVDGHPiVGHFRQFLHQFLDVREUHVX DFWLYLGDGHVGLDULDVHQWRGRVORVHQWRUQRV
SURSLD\~QLFDLGHQWLGDG3XHGHQKDFHUHOHF SHUWLQHQWHV LQFOXVLYH SURSRUFLRQDQGR
FLRQHV\FRPXQLFDUVXVVHQWLPLHQWRVLGHDV\ FDSDFLWDFLyQ HQ UHODFLyQ FRQ ODV DSWLWX
GHVHRVGHP~OWLSOHVIRUPDVPXFKRDQWHVGH GHVQHFHVDULDV3DUDORJUDUHOGHUHFKRD
TXH SXHGDQ FRPXQLFDUVH PHGLDQWH ODV FRQ ODSDUWLFLSDFLyQHVSUHFLVRTXHORVDGXO
YHQFLRQHV GHO OHQJXDMH KDEODGR R HVFULWR$ WRV DGRSWHQ XQD DSWLWXG FHQWUDGD HQ HO
HVWHUHVSHFWR QLxR HVFXFKHQ D ORV QLxRV SHTXHxRV
\ UHVSHWHQ VX GLJQLGDG \ VXV SXQWRV GH
D  (O &RPLWp DOLHQWD D ORV (VWDGRV 3DUWHV YLVWDLQGLYLGXDOHV7DPELpQHVQHFHVDULR
D DGRSWDU WRGDV ODV PHGLGDV DGHFXDGDV TXHORVDGXOWRVKDJDQJDODGHSDFLHQFLD
SDUDJDUDQWL]DUTXHHOFRQFHSWRGHQLxR \FUHDWLYLGDGDGDSWDQGRVXVH[SHFWDWLYDV
FRPRSRUWDGRUGHGHUHFKRVFRQOLEHU D ORV LQWHUHVHV GHO QLxR SHTXHxR D VXV
WDG SDUD H[SUHVDU RSLQLRQHV \ GHUHFKR QLYHOHVGHFRPSUHQVLyQ\DODVIRUPDVGH
DTXHVHOHFRQVXOWHQFXHVWLRQHVTXHOH FRPXQLFDFLyQSUHIHULGDV
DIHFWDQ VH KDJD UHDOLGDG GHVGH ODV SUL
PHUDVHWDSDVGHXQDIRUPDDMXVWDGDDODV ,95HVSRQVDELOLGDGHVGHORV
FDSDFLGDGHVGHOQLxRDVXLQWHUpVVXSH SDGUHV\DVLVWHQFLDGHORV
ULRU\DVXGHUHFKRDUHFLELUSURWHFFLyQ (VWDGRV3DUWHV
IUHQWHDH[SHULHQFLDVGDxLQDV
E  (OGHUHFKRDH[SUHVDURSLQLRQHV\VHQWL  8QD IXQFLyQ HVHQFLDO SDUD ORV SDGUHV \
PLHQWRV GHEH HVWDU ILUPHPHQWH DVHQWD RWURV WXWRUHV (Q FLUFXQVWDQFLDV QRUPDOHV ORV


SDGUHVGHXQQLxRSHTXHxRGHVHPSHxDQXQD EXVFDQ SURWHFFLyQ FXLGDGR \ FRPSUHQVLyQ
IXQFLyQHVHQFLDOHQHOORJURGHVXVGHUHFKRV GH ORV SDGUHV X RWURV FXLGDGRUHV D ORV TXH
MXQWR FRQ RWURV PLHPEURV GH OD IDPLOLD OD QHFHVLWDQSDUDVXVXSHUYLYHQFLDFUHFLPLHQWR
IDPLOLD DPSOLDGD R OD FRPXQLGDG LQFOXVLYH \ELHQHVWDU/RVEHEHVUHFLpQQDFLGRVSXHGHQ
ORV WXWRUHV OHJDOHV VHJ~Q SURFHGD (OOR VH UHFRQRFHUDVXVSDGUHV XRWURVFXLGDGRUHV 
UHFRQRFH SOHQDPHQWH HQ OD &RQYHQFLyQ PX\ SRFR GHVSXpV GHO QDFLPLHQWR \ SDUWL
HVSHFLDOPHQWHHQHODUWtFXOR MXQWRFRQOD FLSDQ DFWLYDPHQWH HQ XQD FRPXQLFDFLyQ QR
REOLJDFLyQ GH ORV (VWDGRV 3DUWHV GH RIUHFHU YHUEDO(QFLUFXQVWDQFLDVQRUPDOHVORVQLxRV
DVLVWHQFLDHQSDUWLFXODUVHUYLFLRVGHDWHQFLyQ SHTXHxRVIRUPDQYtQFXORVIXHUWHV\PXWXRV
LQIDQWLOGHFDOLGDG HVSHFLDOPHQWHHODUWtFXOR FRQ VXV SDGUHV R WXWRUHV (VWDV UHODFLRQHV
 (OSUHiPEXORGHOD&RQYHQFLyQVHUHILHUH RIUHFHQDOQLxRVHJXULGDGItVLFD\HPRFLRQDO
DODIDPLOLDFRPR´HOJUXSRIXQGDPHQWDOGHOD DVtFRPRFXLGDGR\DWHQFLyQFRKHUHQWHV0H
VRFLHGDG\PHGLRQDWXUDOSDUDHOFUHFLPLHQWR GLDQWHHVWDVUHODFLRQHVORVQLxRVFRQVWUX\HQ
\HOELHQHVWDUGHWRGRVVXVPLHPEURV\HQ XQD LGHQWLGDG SHUVRQDO \ DGTXLHUHQ DSWLWX
SDUWLFXODUGHORVQLxRVµ(O&RPLWpUHFRQRFH GHV FRQRFLPLHQWRV \ FRQGXFWDV YDORUDGDV
TXHIDPLOLDDTXtVHUHILHUHDXQDYDULHGDGGH FXOWXUDOPHQWH'HHVWDIRUPDORVSDGUHV \
HVWUXFWXUDVTXHSXHGHQRIUHFHUDORVQLxRV RWURVFXLGDGRUHV VRQQRUPDOPHQWHHOFRQ
SHTXHxRV DWHQFLyQ FXLGDGR \ GHVDUUROOR \ GXFWRSULQFLSDODWUDYpVGHOFXDOORVQLxRVSH
TXH LQFOX\HQ D OD IDPLOLD QXFOHDU OD IDPLOLD TXHxRVSXHGHQUHDOL]DUVXVGHUHFKRV
DPSOLDGD \ RWUDV YDULHGDGHV WUDGLFLRQDOHV
\ PRGHUQDV GH EDVH FRPXQLWDULD VLHPSUH /DHYROXFLyQGHODVIDFXOWDGHVFRPRSULQFLSLR
TXHVHDQDFRUGHVFRQORVGHUHFKRVHLQWHUpV KDELOLWDGRU(ODUWtFXORVHEDVDHQHOFRQFHSWR
VXSHULRUGHOQLxR GH´HYROXFLyQGHODVIDFXOWDGHVµSDUDUHIHULUVH
D SURFHVRV GH PDGXUDFLyQ \ GH DSUHQGL]DMH
3DGUHVWXWRUHVHLQWHUpVVXSHULRUGHOQLxR/D SRUPHGLRGHORVFXDOHVORVQLxRVDGTXLHUHQ
UHVSRQVDELOLGDGRWRUJDGDDORVSDGUHV\DRWURV SURJUHVLYDPHQWHFRQRFLPLHQWRVFRPSHWHQ
WXWRUHVHVWiYLQFXODGDDOUHTXLVLWRGHTXHDF FLDV\FRPSUHQVLyQHQSDUWLFXODUFRPSUHQ
W~HQHQHOLQWHUpVVXSHULRUGHOQLxR(ODUWt VLyQ GH VXV GHUHFKRV \ VREUH FRPR GLFKRV
FXORHVWDEOHFHTXHODIXQFLyQGHORVSDGUHV GHUHFKRVSXHGHQPDWHULDOL]DUVHPHMRU5HV
HVRIUHFHUGLUHFFLyQ\RULHQWDFLyQDSURSLDGDV SHWDUODVIDFXOWDGHVHQGHVDUUROORGHORVQLxRV
SDUD TXH HO´QLxR HMHU]D ORV GHUHFKRV UHFR SHTXHxRVHVHVHQFLDOSDUDODUHDOL]DFLyQGHVXV
QRFLGRVHQODSUHVHQWH&RQYHQFLyQµ(OORVH GHUHFKRV \ HVSHFLDOPHQWH LPSRUWDQWHV GX
DSOLFDLJXDOPHQWHDORVQLxRVPiVSHTXHxRV\ UDQWHODSULPHUDLQIDQFLDGHELGRDODVUiSLGDV
DORVPiVPD\RUHV/RVEHEHV\ORVODFWDQWHV WUDQVIRUPDFLRQHVTXHVHGDQHQHOIXQFLRQD
GHSHQGHQWRWDOPHQWHGHRWURVSHURQRVRQ PLHQWR ItVLFR FRJQLWLYR VRFLDO \ HPRFLRQDO
UHFHSWRUHV SDVLYRV GH DWHQFLyQ GLUHFFLyQ \ GHO QLxR GHVGH OD PiV WLHUQD LQIDQFLD KDVWD
RULHQWDFLyQ6RQDJHQWHVVRFLDOHVDFWLYRVTXH ORVLQLFLRVGHODHVFRODUL]DFLyQ(ODUWtFXOR


FRQWLHQHHOSULQFLSLRGHTXHSDGUHV \RWURV  \HOELHQHVWDUGHOQLxRVLHQGRVXSUHRFXSD
WLHQHQ UHVSRQVDELOLGDG GH DMXVWDU FRQWLQXD FLyQIXQGDPHQWDOHOLQWHUpVVXSHULRUGHOQLxR
PHQWHORVQLYHOHVGHDSR\R\RULHQWDFLyQTXH DUWV\ /RV(VWDGRV3DUWHVGHEH
RIUHFHQDOQLxR(VWRVDMXVWHVWLHQHQHQFXHQ UiQUHVSHWDUODVXSUHPDFtDGHSDGUHV\PD
WDORVLQWHUHVHV\GHVHRVGHOQLxRDVtFRPR GUHV(OORLPSOLFDODREOLJDFLyQGHQRVHSDUDU
ODVFDSDFLGDGHVGHOQLxRSDUDODWRPDGHGH ORVQLxRVGHVXVSDGUHVDPHQRVTXHHOORYD\D
FLVLRQHV DXWyQRPDV \ OD FRPSUHQVLyQ GH OR HQHOLQWHUpVVXSHULRUGHOQLxR DUW /RV
TXHFRQVWLWX\HVXLQWHUpVVXSHULRU6LELHQXQ QLxRV SHTXHxRV VRQ HVSHFLDOPHQWH YXOQHUD
QLxRSHTXHxRHQJHQHUDOUHTXLHUHPiVRULHQ EOHVDODVFRQVHFXHQFLDVDGYHUVDVGHELGRDVX
WDFLyQTXHXQQLxRPiVPD\RUHVLPSRUWDQWH GHSHQGHQFLD ItVLFD \ YLQFXODFLyQ HPRFLRQDO
WHQHUHQFXHQWDODVGLIHUHQFLDVLQGLYLGXDOHV\ FRQVXVSDGUHVRWXWRUHV7DPELpQVRQPHQRV
FDSDFLGDGHVHQWUHQLxRVGHODPLVPDHGDG\ FDSDFHV GH FRPSUHQGHU ODV FLUFXQVWDQFLDV
VXVPDQHUDVGHUHDFFLRQDUDSURFHVRVVLWXD GHFXDOTXLHUVHSDUDFLyQ/DVVLWXDFLRQHVTXH
FLRQDOHV/DVFDSDFLGDGHVHQGHVDUUROORGHEH SUREDEOHPHQWH UHSHUFXWDQ QHJDWLYDPHQWH
UtDQ FRQVLGHUDUVH SRVLWLYDV \ KDELOLWDGRUDV \ HQORVQLxRVSHTXHxRVVRQODQHJOLJHQFLD\OD
QRXQDH[FXVDSDUDSUDFWLFDVDXWRULWDULDVTXH SULYDFLyQGHFXLGDGRVSDUHQWDOHVDGHFXDGRV
UHVWULQMDQODDXWRQRPtDGHOQLxR\VXH[SUH DWHQFLyQ SDUHQWDO HQ VLWXDFLyQ GH JUDQ DQ
VLyQ\TXHWUDGLFLRQDOPHQWHVHKDQMXVWLILFD JXVWLDPDWHULDORSVLFROyJLFDRVDOXGPHQWDO
GRDOHJDQGRODUHODWLYDLQPDGXUH]GHOQLxR\ PHQRVFDEDGDODDWHQFLyQSDUHQWDOHQVLWXD
VXQHFHVLGDGGHVRFLDOL]DFLyQ/RVSDGUHV \ FLyQGHDLVODPLHQWRODDWHQFLyQTXHHVLQFR
RWURV  GHEHUtDQ VHU DOHQWDGRV D RIUHFHU´GL KHUHQWH DFDUUHD FRQIOLFWRV HQWUH ORV SDGUHV
UHFFLyQ\RULHQWDFLyQµGHXQDIRUPDFHQWUDGD RHVDEXVLYDSDUDORVQLxRV\ODVVLWXDFLRQHV
HQHOQLxRPHGLDQWHGLDORJR\HMHPSORVSRU HQODVTXHORVQLxRVH[SHULPHQWDQUHODFLRQHV
PHGLRV TXH PHMRUHQ OD FDSDFLGDG GHO QLxR LQWHUUXPSLGDV LQFOXVLYHVHSDUDFLRQHVIRU]D
SHTXHxRSDUDHMHUFHUVXVGHUHFKRVHQSDUWL GDV RHQODVTXHVHOHVSURSRUFLRQDDWHQFLyQ
FXODUVXGHUHFKRDSDUWLFLSDU DUW \VX LQVWLWXFLRQDO GH HVFDVD FDOLGDG (O &RPLWp
GHUHFKR D OD OLEHUWDG GH SHQVDPLHQWR FRQ DSUHPLDDORV(VWDGRV3DUWHVDDGRSWDUWRGDV
FLHQFLD\UHOLJLyQ DUW  ODV PHGLGDV QHFHVDULDV SDUD JDUDQWL]DU TXH
ORV SDGUHV SXHGHQ DVXPLU UHVSRQVDELOLGDG
5HVSHWDUODVIXQFLRQHVSDUHQWDOHV(ODUWtFXOR SULPRUGLDO GH VXV KLMRV D DSR\DU D ORV SD
GHOD&RQYHQFLyQUHDILUPDTXHORVSDGUHV GUHVDFXPSOLUFRQVXVUHVSRQVDELOLGDGHVHQ
RUHSUHVHQWDQWHVOHJDOHVWLHQHQODUHVSRQVD SDUWLFXODUUHGXFLHQGRSULYDFLRQHVLQWHUUXS
ELOLGDGSULPRUGLDOGHSURPRYHUHOGHVDUUROOR FLRQHV\GLVWRUVLRQHVTXHVRQGDxLQDVSDUDOD

 9pDVH*/DQVGRZQ7KH(YROYLQJ&DSDFLWLHVRIWKH&KLOG GLVSRQLEOHHQHVSDQRO/DHYROXFLyQGHODVIDFXOWDGHVGHOQLxR 
&HQWURGH,QYHVWLJDFLRQHV´,QQRFHQWLµGH8QLFHI)ORUHQFLD


DWHQFLyQ TXH VH SUHVWD DO QLxR \ D DGRSWDU HGXFDFLyQ GHO QLxR (O &RPLWp UHFRQRFH
PHGLGDVFXDQGRHOELHQHVWDUGHORVQLxRVSH TXH FDGD XQD GH HVWDV UHODFLRQHV SXHGH KD
TXHxRVSXHGDFRUUHUULHVJR/DVPHWDVJOR FHUXQDDSRUWDFLyQGLIHUHQFLDGDDODUHDOL]D
EDOHVGHORV(VWDGRV3DUWHVGHEHUiQLQFOXLUOD FLyQ GH ORV GHUHFKRV GHO QLxR FRQVDJUDGRV
GLVPLQXFLyQGHOQ~PHURGHQLxRVSHTXHxRV SRU OD &RQYHQFLyQ \ TXH GLYHUVRV PRGHORV
DEDQGRQDGRVRKXpUIDQRVDVtFRPRODUHGXF IDPLOLDUHV SXHGHQ DMXVWDUVH D OD SURPRFLyQ
FLyQDOPtQLPRGHOQ~PHURGHQLxRVTXHUH GHO ELHQHVWDU GHO QLxR (Q DOJXQRV SDtVHV \
TXLHUDQDWHQFLyQLQVWLWXFLRQDOXRWUDVIRUPDV UHJLRQHV ODV DFWLWXGHV VRFLDOHV FDPELDQWHV
GHDWHQFLyQGHODUJRSOD]RH[FHSWRFXDQGR HQ UHODFLyQ FRQ OD IDPLOLD HO PDWULPRQLR \
VHFRQVLGHUHTXHHOORYDHQHOPHMRULQWHUpV ODSDWHUQLGDGHVWiQUHSHUFXWLHQGRHQODVH[
GH XQ QLxR SHTXHxR YpDVH WDPELpQ OD VHF SHULHQFLDV GH SULPHUD LQIDQFLD GH ORV QLxRV
FLyQ9,LQIUD  SHTXHxRVSRUHMHPSORWUDVODVVHSDUDFLRQHV
\ UHFRQVWLWXFLRQHV IDPLOLDUHV /DV SUHVLRQHV
7HQGHQFLDVVRFLDOHV\ODIXQFLyQGHODIDPLOLD HFRQyPLFDV WDPELpQ LQIOX\HQ HQ ORV QLxRV
/D &RQYHQFLyQ KDFH KLQFDSLp HQ TXH ´DP SHTXHxRVSRUHMHPSORFXDQGRORVSDGUHVVH
ERV SDGUHV WLHQHQ REOLJDFLRQHV FRPXQHV HQ YHQREOLJDGRVDWUDEDMDUOHMRVGHVXVIDPLOLDV\
OR TXH UHVSHFWD D OD FULDQ]D \ HO GHVDUUROOR VXVFRPXQLGDGHV(QRWURVSDtVHV\UHJLRQHV
GHOQLxRµUHFRQRFLpQGRVHDSDGUHV\PDGUHV ODHQIHUPHGDG\PXHUWHGHXQRRGHDPERV
FRPR FXLGDGRUHV HQ SLH GH LJXDOGDG DUW SDGUHVXRWURSDULHQWHGHELGRDO9,+6,'$
 (O&RPLWpREVHUYDTXHHQODSUiFWLFD HVDKRUDXQDFDUDFWHUtVWLFDFRP~QGHODSUL
ORVPRGHORVIDPLOLDUHVVRQYDULDEOHV\FDP PHUDLQIDQFLD(VWRV\PXFKRVRWURVIDFWRUHV
ELDQWHVHQPXFKDVUHJLRQHVORPLVPRTXHOD UHSHUFXWHQHQODVFDSDFLGDGHVGHORVSDGUHV
GLVSRQLELOLGDGGHUHGHVQRHVWUXFWXUDGDVGH SDUD FXPSOLU FRQ VXV UHVSRQVDELOLGDGHV HQ
DSR\RDORVSDGUHVH[LVWLHQGRXQDWHQGHQFLD UHODFLyQ FRQ ORV QLxRV &RQ FDUiFWHU PiV
JOREDO KDFLD XQD PD\RU GLYHUVLGDG HQ HO WD JHQHUDOGXUDQWHSHULRGRVGHUiSLGRFDPELR
PDxRGHODIDPLOLDODVIXQFLRQHVSDUHQWDOHV VRFLDO ODV SUiFWLFDV WUDGLFLRQDOHV SXHGHQ \D
\ ORV FRQFLHUWRV HQ UHODFLyQ FRQ OD FULDQ]D QRVHUYLDEOHVRSHUWLQHQWHVDODVFLUFXQVWDQ
GH ORV QLxRV (VWDV WHQGHQFLDV VRQ HVSHFLDO FLDVSDUHQWDOHV\HVWLORVGHYLGDDFWXDOHVSHUR
PHQWHLPSRUWDQWHVHQORUHODWLYRDORVQLxRV VLQ TXH KD\D WUDQVFXUULGR WLHPSR VXILFLHQWH
SHTXHxRVFX\RGHVDUUROORItVLFRSHUVRQDO\ SDUDTXHODVQXHYDVSUiFWLFDVVHDVLPLOHQ\ODV
SVLFROyJLFRHVWDPHMRUVHUYLGRPHGLDQWHXQ QXHYDVFRPSHWHQFLDVSDUHQWDOHVVHHQWLHQGDQ
SHTXHxR Q~PHUR GH UHODFLRQHV FRKHUHQWHV \YDORUHQ
\ DWHQWDV (Q JHQHUDO HVWDV UHODFLRQHV FRQ
VLVWHQHQXQDFRPELQDFLyQGHPDGUHSDGUH  $VLVWHQFLD D ORV SDGUHV /RV (VWDGRV 3DU
KHUPDQRV DEXHORV \ RWURV PLHPEURV GH OD WHV GHEHQ SUHVWDU DVLVWHQFLD DGHFXDGD D ORV
IDPLOLDDPSOLDGDMXQWRFRQFXLGDGRUHVSUR SDGUHV UHSUHVHQWDQWHV OHJDOHV \ IDPLOLDV
IHVLRQDOHV HVSHFLDOL]DGRV HQ OD DWHQFLyQ \ DPSOLDGDV HQ HO GHVHPSHxR GH VXV UHVSRQ


VDELOLGDGHVHQUHODFLyQFRQODFULDQ]DGHORV YLHQGDDGHFXDGDKRUDULRVGHWUDEDMR DVt
KLMRV DUWV\ HQSDUWLFXODUDVLV FRPRDTXHOODVTXHWHQJDQFRQVHFXHQFLDV
WLHQGRDORVSDGUHVDRIUHFHUFRQGLFLRQHVGH PiV LQPHGLDWDV SRU HMHPSOR VHUYLFLRV
YLGD QHFHVDULDV SDUD HO GHVDUUROOR GHO QLxR GH DWHQFLyQ GH OD VDOXG SHULQDWDO SDUD
DUW \JDUDQWL]DQGRTXHORVQLxRVUH PDGUHV\EHEHVHGXFDFLyQSDUHQWDOYL
FLEDQ OD SURWHFFLyQ \ FXLGDGR DGHFXDGRV VLWDGRUHVDGRPLFLOLR 
DUW $O&RPLWpOHSUHRFXSDTXHQRVH E  6LVHTXLHUHRIUHFHUDVLVWHQFLDDGHFXDGD
WHQJDQVXILFLHQWHPHQWHHQFXHQWDORVUHFXU GHEHUiQ WHQHUVH HQ FXHQWD ODV QXHYDV
VRV FRQRFLPLHQWRV \ FRPSURPLVR SHUVRQDO IXQFLRQHV\FRQRFLPLHQWRVTXHVHH[LJHQ
TXHGHEHQWHQHUORVSDGUHV\RWURVUHVSRQ DORVSDGUHVDVtFRPRODVIRUPDVHQTXH
VDEOHV GH ORV QLxRV SHTXHxRV HVSHFLDOPHQ ODVGHPDQGDV\SUHVLRQHVYDUtDQGXUDQWH
WHHQVRFLHGDGHVHQODVTXHHOPDWULPRQLR\ ODSULPHUDLQIDQFLDSRUHMHPSORDPH
ODSDWHUQLGDGSUHPDWXURVWRGDYtDHVWiQELHQ GLGDTXHORVQLxRVDGTXLHUHQPiVPRYL
PLUDGRVDVtFRPRHQVRFLHGDGHVHQORVTXH OLGDGVHFRPXQLFDQPHMRUYHUEDOPHQWH
KD\ XQD DOWD SUHVHQFLD GH SDGUHV MyYHQHV \ VRQ PiV FRPSHWHQWHV VRFLDOPHQWH \
VROWHURV/DSULPHUDLQIDQFLDHVHOSHULRGRGH WDPELpQHQODPHGLGDHQTXHHPSLH]DQ
UHVSRQVDELOLGDGHVSDUHQWDOHVPiVDPSOLDV H DSDUWLFLSDUHQSURJUDPDVGHDWHQFLyQ\
LQWHQVDV HQUHODFLyQFRQWRGRVORVDVSHFWRV HGXFDFLyQ
GHO ELHQHVWDU GHO QLxR FRQWHPSODGRV SRU OD F  /DDVLVWHQFLDDORVSDGUHVGHEHUiLQFOXLU
&RQYHQFLyQ VX VXSHUYLYHQFLD VDOXG LQWH SURYLVLyQGHHGXFDFLyQSDUHQWDODVHVR
JULGDGItVLFD\VHJXULGDGHPRFLRQDOQLYHOHV UDPLHQWRDORVSDGUHV\RWURVVHUYLFLRV
GHYLGD\DWHQFLyQRSRUWXQLGDGHVGHMXHJR\ GHFDOLGDGSDUDPDGUHVSDGUHVKHUPD
DSUHQGL]DMH\OLEHUWDGGHH[SUHVLyQ(QFRQ QRVDEXHORV\RWUDVSHUVRQDVTXHGHYH]
VHFXHQFLDODUHDOL]DFLyQGHORVGHUHFKRVGHO HQFXDQGRSXHGHQDVXPLUUHVSRQVDELOL
QLxRGHSHQGHHQJUDQPHGLGDGHOELHQHVWDU GDGHVHQODSURPRFLyQGHOLQWHUpVVXSH
\UHFXUVRVGHTXHGLVSRQJDQTXLHQHVWLHQHQ ULRU GHO QLxR G  /D DVLVWHQFLD WDPELpQ
ODUHVSRQVDELOLGDGGHVXFXLGDGR5HFRQRFHU LQFOX\HODRIHUWDGHDSR\RDORVSDGUHV\
HVWDVLQWHUGHSHQGHQFLDVHVXQSXQWRGHSDU DRWURVPLHPEURVGHODIDPLOLDPHGLDQWH
WLGD DGHFXDGR SDUD SODQLILFDU OD DVLVWHQFLD \ PRGDOLGDGHVTXHDOLHQWHQUHODFLRQHVSR
VHUYLFLRVGHORVSDGUHVUHSUHVHQWDQWHVOHJD VLWLYDV\VHQVLEOHVFRQQLxRVSHTXHxRV\
OHV\RWURVFXLGDGRUHV3RUHMHPSOR PHMRUHQODFRPSUHQVLyQGHORVGHUHFKRV
HLQWHUpVVXSHULRUGHOQLxR
D  8Q HQIRTXH LQWHJUDO LQFOXLUtD LQWHUYHQ
FLRQHV TXH UHSHUFXWDQ LQGLUHFWDPHQWH /DPHMRUIRUPDGHORJUDUXQDDVLVWHQFLD
HQODFDSDFLGDGGHORVSDGUHVSDUDSUR DGHFXDGDDORVSDGUHVSXHGHVHUHQHOPDUFR
PRYHUHOLQWHUpVVXSHULRUGHOQLxR SRU GHSROtWLFDVJOREDOHVHQIDYRUGHODSULPHUD
HMHPSOR ILVFDOLGDG \ SUHVWDFLRQHV YL LQIDQFLD YpDVH OD VHFFLyQ9 LQIUD  HQ SDUWL


FXODU PHGLDQWH SURYLVLyQ GH DWHQFLyQ GH OD QRVFHQWUDO\ORFDO\VXSODQLILFDFLyQDPHQX
VDOXGDWHQFLyQ\HGXFDFLyQGXUDQWHORVSUL GRKDVLGRSRFRVLVWHPiWLFD\GHVFRRUGLQDGD
PHURVDxRV/RV(VWDGRV3DUWHVGHEHUtDQYH (QDOJXQRVFDVRVWDPELpQKDQFRUULGRDFDU
ODUSRUTXHORVSDGUHVUHFLEDQXQDSR\RDGH JRHQJUDQPHGLGDGHOVHFWRUSULYDGR\HOYR
FXDGRTXHOHVSHUPLWDLPSOLFDUDORVQLxRV OXQWDULDGRVLQUHFXUVRVQRUPDWLYDVRJDUDQ
SHTXHxRVSOHQDPHQWHHQHVRVSURJUDPDVHV WtDVGHFDOLGDGVXILFLHQWHV6HLQVWDDORV(V
SHFLDOPHQWHDORVJUXSRVPiVGHVDYHQWDMDGRV WDGRV3DUWHVDGHVDUUROODUHVWUDWHJLDVEDVDGDV
\YXOQHUDEOHV(QSDUWLFXODUHODUWtFXOR HQGHUHFKRVFRRUGLQDGDV\PXOWLVHFWRULDOHV
UHFRQRFHTXHPXFKRVSDGUHVVRQDFWLYRVHFR DILQGHTXHHOLQWHUpVVXSHULRUGHOQLxRVHD
QyPLFDPHQWHDPHQXGRHQRFXSDFLRQHVHV VLHPSUHHOSXQWRGHSDUWLGDHQODSODQLILFD
FDVDPHQWHUHPXQHUDGDVTXHFRPELQDQFRQ FLyQ\SUHVWDFLyQGHVHUYLFLRV(VWRVGHEHUiQ
VXVUHVSRQVDELOLGDGHVSDUHQWDOHV(ODUWtFXOR EDVDUVHHQXQHQIRTXHVLVWHPiWLFRHLQWHJUD
H[LJHDORV(VWDGRV3DUWHVTXHDGRSWHQ GRGHODHODERUDFLyQGHOH\HV\SROtWLFDVSDUD
WRGDVODVPHGLGDVDSURSLDGDVSDUDTXHORVQL WRGRVORVQLxRVGHKDVWDDxRVGHHGDG6H
xRVFX\RVSDGUHVWUDEDMDQWHQJDQGHUHFKRD QHFHVLWD XQD HVWUXFWXUD JOREDO GH VHUYLFLRV
EHQHILFLDUVHGHVHUYLFLRVGHDWHQFLyQLQIDQWLO GLVSRVLFLRQHV\FHQWURVSDUDODSULPHUDLQIDQ
GHSURWHFFLyQGHODPDWHUQLGDG\GHLQVWDOD FLDUHVSDOGDGDSRUVLVWHPDVGHLQIRUPDFLyQ\
FLRQHVFXDQGRUH~QDQODVFRQGLFLRQHVUHTXH VXSHUYLVLyQ(VRVVHUYLFLRVJOREDOHVVHFRRU
ULGDV$HVWHUHVSHFWRHO&RPLWpUHFRPLHQGD GLQDUDQFRQODDVLVWHQFLDRIUHFLGDDORVSDGUHV
TXHORV(VWDGRV3DUWHVUDWLILTXHQHO&RQYHQLR \UHVSHWDUDQSOHQDPHQWHVXVUHVSRQVDELOLGD
VREUHODSURWHFFLyQGHODPDWHUQLGDG GHVDVtFRPRVXVFLUFXQVWDQFLDV\QHFHVLGD
1R   GH OD 2UJDQL]DFLyQ ,QWHUQDFLRQDO GHV VHJ~QORSUHYLVWRHQORVDUWtFXORV\
GHO7UDEDMR GHOD&RQYHQFLyQYpDVHODVHFFLyQ,9VXSUD 
'HEHUiWDPELpQFRQVXOWDUVHDORVSDGUHVTXH
93ROtWLFDV\SURJUDPDV SDUWLFLSDUDQ HQ OD SODQLILFDFLyQ GH VHUYLFLRV
JOREDOHVHQIDYRUGH JOREDOHV
ODSULPHUDLQIDQFLD
HVSHFLDOPHQWHSDUDQLxRV &ULWHULRVSURJUDPiWLFRV\FDSDFLWDFLyQSURIH
YXOQHUDEOHV VLRQDO DGHFXDGRV DO JUXSR GH HGDG (O &RPLWp
KDFH KLQFDSLp HQ TXH XQD HVWUDWHJLD JOREDO
 (VWUDWHJLDV PXOWLVHFWRULDOHV EDVDGDV HQ ORV DIDYRUGHODSULPHUDLQIDQFLDGHEHWDPELpQ
GHUHFKRV(QPXFKRVSDtVHV\UHJLRQHVODSUL WHQHUHQFXHQWDODPDGXUH]HLQGLYLGXDOLGDG
PHUDLQIDQFLDKDUHFLELGRHVFDVDSULRULGDGHQ GH FDGD QLxR HQ SDUWLFXODU UHFRQRFLHQGR
HO GHVDUUROOR GH VHUYLFLRV GH FDOLGDG TXH D ODVSULRULGDGHVGHGHVDUUROORFDPELDQWHVGH
PHQXGRKDQVLGRIUDJPHQWDULRV)UHFXHQWH JUXSRV GH HGDG HVSHFtILFRV SRU HMHPSOR
PHQWH KDQ VLGR UHVSRQVDELOLGDG GH GLYHUVRV ODFWDQWHVQLxRVHQVXVSULPHURVSDVRVQLxRV
GHSDUWDPHQWRVJXEHUQDPHQWDOHVHQORVSOD HQHGDGSUHHVFRODU\JUXSRVGHORVSULPHURV


DxRVGHODHQVHxDQ]DSULPDULD \ODVUHSHU GHDWHQFLyQGHODVDOXGFXLGDGR\HGXFDFLyQ
FXVLRQHVTXHHOORWLHQHHQORVFULWHULRVSUR HVSHFLDOPHQWH GLVHxDGRV SDUD SURPRYHU VX
JUDPiWLFRV\GHFDOLGDG/RV(VWDGRV3DUWHV ELHQHVWDU 'HEHUi SUHVWDUVH HVSHFLDO DWHQ
GHEHQJDUDQWL]DUTXHODVLQVWLWXFLRQHVVHUYL FLyQ D ORV JUXSRV PiV YXOQHUDEOHV GH QLxRV
FLRV \ JXDUGHUtDV UHVSRQVDEOHV GH OD SULPH SHTXHxRV \ D TXLHQHV FRUUHQ ULHVJR GH GLV
UDLQIDQFLDVHDMXVWHQDFULWHULRVGHFDOLGDG FULPLQDFLyQ DUW (OORLQFOX\HDODVQLxDV
HVSHFLDOPHQWHHQODVHVIHUDVGHODVDOXG\OD DORVQLxRVTXHYLYHQHQODSREUH]DDQLxRV
LQWHJULGDG\TXHHOSHUVRQDOSRVHDODVFXD FRQGLVFDSDFLGDGHVDQLxRVSHUWHQHFLHQWHVD
OLGDGHV SVLFRVRFLDOHV DGHFXDGDV \ VHD DSWR JUXSRVLQGtJHQDVRPLQRULWDULRVDQLxRVGH
VXILFLHQWHPHQWH QXPHURVR \ ELHQ FDSDFLWD IDPLOLDV PLJUDQWHV D QLxRV TXH VRQ KXpUID
GR/DSUHVWDFLyQGHVHUYLFLRVDGDSWDGRVDODV QRVRFDUHFHQGHDWHQFLyQSDUHQWDOSRURWUDV
FLUFXQVWDQFLDV HGDG H LQGLYLGXDOLGDG GH ORV UD]RQHVDQLxRVTXHYLYHQHQLQVWLWXFLRQHV
QLxRV SHTXHxRV H[LJH TXH WRGR HO SHUVRQDO DQLxRVTXHYLYHQFRQVXVPDGUHVHQSULVLyQ
VHDFDSDFLWDGRSDUD WUDEDMDU FRQHVWHJUXSR D QLxRV UHIXJLDGRV \ GHPDQGDQWHV GH DVLOR
GHHGDG7UDEDMDUFRQQLxRVSHTXHxRVGHEH D QLxRV LQIHFWDGRV R DIHFWDGRV SRU HO9,+
UtD VHU YDORUDGR VRFLDOPHQWH \ UHPXQHUDGR 6,'$\DQLxRVGHSDGUHVDOFRKyOLFRVRGUR
GHELGDPHQWH D ILQ GH DWUDHU D XQD IXHU]D JDGLFWRV YpDVHWDPELpQODVHFFLyQYL 
ODERUDO GH KRPEUHV \ PXMHUHV DOWDPHQWH
FXDOLILFDGD(VHVHQFLDOTXHWHQJDQXQFRQR 5HJLVWURGHQDFLPLHQWRV/RVVHUYLFLRVJOR
FLPLHQWRFRUUHFWR\DFWXDOL]DGRWDQWRHQOR EDOHVSDUDODSULPHUDLQIDQFLDFRPLHQ]DQFRQ
WHyULFRFRPRHQORSUiFWLFRGHORVGHUHFKRV HOQDFLPLHQWR(O&RPLWpREVHUYDTXHHOUH
\HOGHVDUUROORGHOQLxR YpDVHWDPELpQHOSi JLVWUR GH WRGRV ORV QLxRV DO QDFHU FRQWLQ~D
UUDIR TXHDGRSWHQSUiFWLFDVGHDWHQFLyQ VLHQGR XQ UHWR GH SULPHUD PDJQLWXG SDUD
SODQHVGHHVWXGLR\SHGDJRJtDVDGHFXDGRV\ PXFKRVSDtVHV\UHJLRQHV(OORSXHGHUHSHU
FHQWUDGRVHQHOQLxR\TXHWHQJDQDFFHVRD FXWLU QHJDWLYDPHQWH HQ HO VHQWLPLHQWR GH
UHFXUVRV \ DSR\R SURIHVLRQDOHV HVSHFLDOL]D LGHQWLGDGSHUVRQDOGHOQLxR\ORVQLxRVSXH
GRVHQSDUWLFXODUXQVLVWHPDGHVXSHUYLVLyQ GHQYHUGHQHJDGRVVXVGHUHFKRVDDWHQFLyQ
\ FRQWURO GH ORV SURJUDPDV LQVWLWXFLRQHV \ HGXFDFLyQ \ ELHQHVWDU VRFLDO EiVLFRV &RPR
VHUYLFLRVS~EOLFRV\SULYDGRV SULPHUD PHGLGD SDUD JDUDQWL]DU HO GHUHFKR
GHO QLxR D OD VXSHUYLYHQFLD DO GHVDUUROOR \
$FFHVRDVHUYLFLRVHVSHFLDOPHQWHSDUDORVPiV DO DFFHVR D VHUYLFLRV GH FDOLGDG SDUD WRGRV
YXOQHUDEOHV (O &RPLWp KDFH XQ OODPDPLHQWR ORVQLxRV DUW HO&RPLWpUHFRPLHQGDTXH
D ORV (VWDGRV 3DUWHV SDUD TXH YHOHQ SRUTXH ORV(VWDGRV3DUWHVDGRSWHQWRGDVODVPHGLGDV
WRGRVORVQLxRVSHTXHxRV \TXLHQHVWLHQHQOD QHFHVDULDVSDUDYHODUSRUTXHWRGRVORVQLxRV
UHVSRQVDELOLGDG SULPRUGLDO GH VX ELHQHVWDU  VHDQUHJLVWUDGRVDOQDFHU(OORSXHGHORJUDU
WHQJDQJDUDQWL]DGRHODFFHVRDVHUYLFLRVDGH VH PHGLDQWH XQ VLVWHPD GH UHJLVWUR XQLYHU
FXDGRV\HIHFWLYRVHQSDUWLFXODUSURJUDPDV VDO\ELHQJHVWLRQDGRTXHVHDDFFHVLEOHSDUD


WRGRV \ JUDWXLWR 8Q VLVWHPD HIHFWLYR GHEH VXVHIHFWRVQHJDWLYRVHQHOELHQHVWDUGHOQLxR
VHUIOH[LEOH\UHVSRQGHUDODVFLUFXQVWDQFLDV +DQGHHPSOHDUVHWRGRVORVPHGLRVSRVLEOHV
GH ODV IDPLOLDV SRU HMHPSOR HVWDEOHFLHQGR LQFOXVLYH´DVLVWHQFLDPDWHULDO\SURJUDPDVGH
XQLGDGHV GH UHJLVWUR PyYLOHV FXDQGR HOOR DSR\RµDORVQLxRV\ODVIDPLOLDV DUW 
VHDQHFHVDULR(O&RPLWpREVHUYDTXHORVQL D ILQ GH JDUDQWL]DU D ORV QLxRV SHTXHxRV XQ
xRV HQIHUPRV R GLVFDSDFLWDGRV FXHQWDQ FRQ QLYHOGHYLGDEiVLFRDMXVWDGRDVXVGHUHFKRV
PHQRV SUREDELOLGDGHV GH VHU UHJLVWUDGRV HQ 5HDOL]DUHOGHUHFKRGHOQLxRDEHQHILFLDUVHGH
DOJXQDVUHJLRQHV\KDFHKLQFDSLpHQTXHWR ODVHJXULGDGVRFLDOLQFOXVRGHOVHJXURVRFLDO
GRVORVQLxRVGHEHQVHUUHJLVWUDGRVDOQDFHU HVXQLPSRUWDQWHHOHPHQWRGHFXDOTXLHUHV
VLQGLVFULPLQDFLyQGHQLQJ~QWLSR DUW (O WUDWHJLD DUW 
&RPLWpWDPELpQUHFXHUGDDORV(VWDGRV3DU
WHVODLPSRUWDQFLDGHIDFLOLWDUODLQVFULSFLyQ 3URYLVLyQGHDWHQFLyQGHODVDOXG/RV(VWD
WDUGtDGHORVQDFLPLHQWRV\GHYHODUSRUTXH GRV3DUWHVGHEHUiQJDUDQWL]DUTXHWRGRVORV
WRGRVORVQLxRVLQFOXVRORVQRLQVFULWRVWHQ QLxRVWHQJDQDFFHVRDOPiVDOWRQLYHOSRVLEOH
JDQHOPLVPRDFFHVRDDWHQFLyQGHODVDOXG GH VDOXG \ QXWULFLyQ GXUDQWH VXV SULPHURV
HGXFDFLyQ\RWURVVHUYLFLRVVRFLDOHV DxRVDILQGHUHGXFLUODPRUWDOLGDGLQIDQWLO\
SHUPLWLUDOQLxRGLVIUXWDUGHXQLQLFLRVDOXGD
1LYHOGHYLGD\VHJXULGDGVRFLDO/RVQLxRV EOHHQODYLGD DUW (QHVSHFLDO
SHTXHxRVWLHQHQGHUHFKRDXQQLYHOGHYLGD
DGHFXDGR SDUD VX GHVDUUROOR ItVLFR PHQWDO D  /RV(VWDGRV3DUWHVWLHQHQODUHVSRQVDEL
HVSLULWXDOPRUDO\VRFLDO DUW (O&RPL OLGDGGHJDUDQWL]DUHODFFHVRDDJXDSRWD
WpREVHUYDFRQSUHRFXSDFLyQTXHPLOORQHVGH EOH VDOXEUH D VDQHDPLHQWR H LQPXQL]D
QLxRVSHTXHxRVQRWLHQHQJDUDQWL]DGRLQFOX FLyQDGHFXDGRVDXQDEXHQDQXWULFLyQ\
VRHOQLYHOGHYLGDPiVHOHPHQWDODSHVDUGHO D VHUYLFLRV PpGLFRV TXH VRQ HVHQFLDOHV
UHFRQRFLPLHQWR JHQHUDOL]DGR GH ODV FRQVH SDUDODVDOXGGHOQLxRSHTXHxRDVtFRPR
FXHQFLDVDGYHUVDVTXHWLHQHQODVSULYDFLRQHV DXQHQWRUQRVLQWHQVLRQHV/DPDOQXWUL
&UHFHU HQ FRQGLFLRQHV GH SREUH]D UHODWLYD FLyQ\ODHQIHUPHGDGWLHQHQUHSHUFXVLR
PHQRVFDEDHOELHQHVWDUODLQWHJUDFLyQVRFLDO QHV D ODUJR SOD]R HQ OD VDOXG \ HO GHVD
\ODDXWRHVWLPDGHOQLxR\UHGXFHODVRSRUWX UUROORItVLFRVGHOQLxR$IHFWDQDOHVWDGR
QLGDGHVGHDSUHQGL]DMH\GHVDUUROOR&UHFHU PHQWDOGHOQLxRLQKLEHQVXSDUWLFLSDFLyQ
HQFRQGLFLRQHVGHDEVROXWDSREUH]DWLHQHLQ HQHODSUHQGL]DMH\VRFLDO\UHGXFHQVXV
FOXVR FRQVHFXHQFLDV PiV JUDYHV SXHV DPH SHUVSHFWLYDV GH UHDOL]DU WRGR VX SRWHQ
QD]D OD VXSHUYLYHQFLD GHO QLxR \ VX VDOXG \ FLDO/RPLVPRVHDSOLFDDODREHVLGDG\D
VRFDYDODFDOLGDGGHYLGDEiVLFD6HLQVWDDORV ORVHVWLORVGHYLGDSRFRVDOXGDEOHV
(VWDGRV3DUWHVDTXHSRQJDQHQPDUFKDHVWUD E  /RV (VWDGRV 3DUWHV WLHQHQ OD UHVSRQVD
WHJLDVVLVWHPiWLFDVSDUDUHGXFLUODSREUH]DHQ ELOLGDGGHKDFHUUHDOLGDGHOGHUHFKRGHO
ODSULPHUDLQIDQFLDDVtFRPRSDUDFRPEDWLU QLxR D OD VDOXG DOHQWDQGR OD HGXFDFLyQ


VREUHVDOXG\GHVDUUROORGHOQLxRHQSDU GRDVXVSDGUHVXRWURVWXWRUHVGHELGRDO
WLFXODUVREUHODVYHQWDMDVGHODODFWDQFLD 9,+6,'$ HQ SDUWLFXODU ORV KXpUIDQRV
PDWHUQDODQXWULFLyQODKLJLHQH\HOVD VDQRVHLQIHFWDGRV YpDVHWDPELpQOD2E
QHDPLHQWR 'HEHUi RWRUJDUVH SULRUL VHUYDFLyQJHQHUDO1R  VREUHHO
GDG WDPELpQ D OD SURYLVLyQ GH DWHQFLyQ 9,+6,'$\ORVGHUHFKRVGHOQLxR 
SUHQDWDO \ SRVWQDWDO DGHFXDGD D PDGUHV
\ODFWDQWHVDILQGHIRPHQWDUODVUHODFLR (GXFDFLyQHQODSULPHUDLQIDQFLD/D&RQ
QHVVDOXGDEOHVHQWUHODIDPLOLD\HOQLxR YHQFLyQ UHFRQRFH HO GHUHFKR GHO QLxR D OD
\HVSHFLDOPHQWHHQWUHHOQLxR\VXPDGUH HGXFDFLyQ\HVWLSXODTXHODHQVHxDQ]DSULPD
XRWURVWXWRUHV  DUW /RVQLxRV ULDGHEHVHUREOLJDWRULD\JUDWXLWDSDUDWRGRV
SHTXHxRV VRQ WDPELpQ FDSDFHV GH FRQ DUW   (O &RPLWp UHFRQRFH FRQ DSUHFLR
WULEXLUHOORVPLVPRVDYHODUSRUVXVDOXG TXH DOJXQRV (VWDGRV 3DUWHV WLHQHQ SUHYLVWR
SHUVRQDO\DOHQWDUHVWLORVGHYLGDVDOXGD KDFHU TXH WRGRV ORV QLxRV SXHGDQ GLVSRQHU
EOHVHQWUHVXVFRPSDxHURVSRUHMHPSOR GHXQDxRGHHGXFDFLyQSUHHVFRODUJUDWXLWD
PHGLDQWHODSDUWLFLSDFLyQHQSURJUDPDV (O&RPLWpLQWHUSUHWDTXHHOGHUHFKRDHGX
DGHFXDGRVGHHGXFDFLyQVDQLWDULDFHQWUD FDFLyQGXUDQWHODSULPHUDLQIDQFLDFRPLHQ]D
GDHQHOQLxR HQ HO QDFLPLHQWR \ HVWi HVWUHFKDPHQWH YLQ
F  (O&RPLWpGHVHDVHxDODUDODDWHQFLyQGH FXODGR DO GHUHFKR GHO QLxR SHTXHxR D XQ
ORV (VWDGRV 3DUWHV ORV HVSHFLDOHV UHWRV Pi[LPRGHVDUUROOR DUW /DYLQFXODFLyQ
TXHSODQWHDHO9,+6,'$SDUDODSULPH HQWUH HGXFDFLyQ \ GHVDUUROOR VH H[SOLFD HQ
UD LQIDQFLD 'HEHUtDQ WRPDUVH WRGDV ODV PD\RUGHWDOOHHQHOSiUUDIRGHODUWtFXOR
PHGLGDV QHFHVDULDV SDUD L  SUHYHQLU OD ´/RV(VWDGRV3DUWHVFRQYLHQHQHQTXHODHGX
LQIHFFLyQ GH SDGUHV \ QLxRV SHTXHxRV FDFLyQ GHO QLxR GHEHUi HVWDU HQFDPLQDGD D
HVSHFLDOPHQWH LQWHUYLQLHQGR HQ ODV FD D  GHVDUUROODU OD SHUVRQDOLGDG ODV DSWLWXGHV
GHQDV GH WUDQVPLVLyQ FRQFUHWDPHQWH \ODFDSDFLGDGPHQWDO\ItVLFDGHOQLxRKDVWD
HQWUHSDGUH\PDGUH\GHPDGUHDKLMR HOPi[LPRGHVXVSRVLELOLGDGHVµ/D2EVHU
LL  RIUHFHU GLDJQRVLV DGHFXDGDV WUDWD YDFLyQ JHQHUDO 1R  VREUH ORV SURSyVLWRV
PLHQWRVHIHFWLYRV\RWUDVIRUPDVGHDSR GH OD HGXFDFLyQ H[SOLFD TXH HO REMHWLYR HV
\R WDQWR D ORV SDGUHV FRPR D ORV QLxRV ´KDELOLWDUDOQLxRGHVDUUROODQGRVXVDSWLWXGHV
SHTXHxRV TXH HVWiQ LQIHFWDGRV SRU HO VX DSUHQGL]DMH \ RWUDV FDSDFLGDGHV VX GLJ
YLUXV LQFOXVLYH WHUDSLDV DQWLUUHWURYLUD QLGDGKXPDQDDXWRHVWLPD\FRQILDQ]DHQVt
OHV  LLL  JDUDQWL]DU DWHQFLyQ DOWHUQDWLYD PLVPRµ\TXHHOORGHEHORJUDUVHPHGLDQWH
DGHFXDGDSDUDORVQLxRVTXHKDQSHUGL PRGDOLGDGHVTXHHVWpQFHQWUDGDVHQHOQLxR
VHDQIDYRUDEOHVDOQLxR\UHIOHMHQORVGHUHFKRV

 9HDVH*OREDO6WUDWHJ\IRU,QIDQWDQG<RXQJ&KLOG)HHGLQJ2UJDQL]DFLRQ0XQGLDOGHOD6DOXG\8QLFHI
ZZZZKRLQWFKLOGDGROHVFHQWKHDOWK1HZB3XEOLFDWLRQVQXWULWLRQJVBL\FISGI 


\GLJQLGDGLQWUtQVHFDGHOQLxR SDU 6HUH E  (QODSODQLILFDFLyQGHODSULPHUDLQIDQ
FXHUGD D ORV (VWDGRV 3DUWHV TXH HO GHUHFKR FLDORV(VWDGRV3DUWHVGHEHUiQHQWRGR
GHO QLxR D OD HGXFDFLyQ LQFOX\H D WRGRV ORV PRPHQWR WUDWDU GH RIUHFHU SURJUDPDV
QLxRV\TXHODVQLxDVGHEHQSRGHUSDUWLFLSDU TXH FRPSOHPHQWHQ OD IXQFLyQ GH ORV
HQODHGXFDFLyQVLQGLVFULPLQDFLyQGHQLQJ~Q SDGUHV\TXHVHHODERUHQHQODPHGLGD
WLSR DUW  GH OR SRVLEOH HQ FRODERUDFLyQ FRQ ORV
SDGUHV LQFOXVLYH PHGLDQWH FRRSHUDFLyQ
 5HVSRQVDELOLGDGHV SDUHQWDOHV \ S~EOLFDV HQ DFWLYDHQWUHORVSDGUHVORVSURIHVLRQDOHV
PDWHULDGHHGXFDFLyQHQODSULPHUDLQIDQFLD(O \RWURVSDUDGHVDUUROODU´ODSHUVRQDOLGDG
SULQFLSLR GH TXH ORV SDGUHV \ RWURV FXLGD ODVDSWLWXGHV\ODFDSDFLGDGPHQWDO\It
GRUHV  VRQ ORV SULPHURV HGXFDGRUHV GH ORV VLFDGHOQLxRKDVWDHOPi[LPRGHVXVSR
QLxRVHVWiELHQHVWDEOHFLGR\UHVSDOGDGRPH WHQFLDOHVµ DUWD 
GLDQWHHOpQIDVLVTXHOD&RQYHQFLyQSRQHHQ
HOUHVSHWRDODUHVSRQVDELOLGDGGHORVSDGUHV  (O &RPLWp KDFH XQ OODPDPLHQWR D ORV
VHFFLyQ,9VXSUD 6HHVSHUDGHHOORVTXHSUR (VWDGRV3DUWHVSDUDTXHYHOHQSRUTXHWRGRV
SRUFLRQHQGLUHFFLyQ\RULHQWDFLyQDGHFXDGDV ORVQLxRVSHTXHxRVUHFLEDQHGXFDFLyQHQHO
D ORV QLxRV SHTXHxRV HQ HO HMHUFLFLR GH VXV VHQWLGRPiVDPSOLR WDOFRPRVHH[SOLFDHQ
GHUHFKRV\RIUH]FDQXQHQWRUQRGHUHODFLR HOSiUUDIRVXSUD TXHUHFRQR]FDODIXQFLyQ
QHVILDEOHV\DIHFWLYDVEDVDGDVHQHOUHVSHWR\ SULPRUGLDOGHORVSDGUHVODIDPLOLDDPSOLDGD
ODFRPSUHQVLyQ DUW (O&RPLWpLQYLWDD \ODFRPXQLGDGDVtFRPRODFRQWULEXFLyQGH
ORV(VWDGRV3DUWHVDKDFHUGHHVWHSULQFLSLROD ORVSURJUDPDVRUJDQL]DGRVGHHGXFDFLyQHQ
EDVHGHODSODQLILFDFLyQGHODHGXFDFLyQHQOD ODSULPHUDLQIDQFLDRIUHFLGRVSRUHO(VWDGROD
SULPHUDLQIDQFLD\HOORHQGRVVHQWLGRV FRPXQLGDGRODVLQVWLWXFLRQHVGHODVRFLHGDG
FLYLO/DVSUXHEDVREWHQLGDVPHGLDQWHLQYHV
D  3UHVWDQGR OD DVLVWHQFLD DSURSLDGD D ORV WLJDFLyQ GHPXHVWUDQ TXH ORV SURJUDPDV GH
SDGUHV SDUD HO GHVHPSHxR GH VXV IXQ HGXFDFLyQ GH FDOLGDG SXHGHQ UHSHUFXWLU GH
FLRQHV HQ OR TXH UHVSHFWD D OD FULDQ]D IRUPDPX\SRVLWLYDHQODWUDQVLFLyQFRQp[LWR
GHOQLxR DUW ORV(VWDGRV3DUWHV GHORVQLxRVSHTXHxRVDODHVFXHODSULPDULD
GHEHUiQ WRPDU WRGDV ODV PHGLGDV DSUR HQVXVORJURVHGXFDWLYRV\HQVXLQWHJUDFLyQ
SLDGDV SDUD PHMRUDU OD FRPSUHQVLyQ GH VRFLDODODUJRSOD]R0XFKRVSDtVHV\UHJLR
ORVSDGUHVGHVXIXQFLyQHQODHGXFDFLyQ QHVSURSRUFLRQDQHQODDFWXDOLGDGHGXFDFLyQ
WHPSUDQD GHO QLxR DOHQWDU ODV SUiFWL JOREDOHQODSULPHUDLQIDQFLDDSDUWLUGHORV
FDVGHFULDQ]DTXHHVWpQFHQWUDGDVHQHO DxRVGHHGDGXQDHGXFDFLyQTXHHQDOJXQRV
QLxRIRPHQWDUHOUHVSHWRDODGLJQLGDG SDtVHVVHLQWHJUDHQORVVHUYLFLRVGHJXDUGHUtD
GHOQLxR\RIUHFHURSRUWXQLGDGHVGHGH SDUDSDGUHVWUDEDMDGRUHV5HFRQRFLHQGRTXH
VDUUROODUODFRPSUHQVLyQODDXWRHVWLPD\ ODV GLYLVLRQHV WUDGLFLRQDOHV HQWUH VHUYLFLRV
ODFRQILDQ]DHQVtPLVPR GH´DWHQFLyQµ\´HGXFDFLyQµQRVLHPSUHKDQ


UHGXQGDGR HQ HO PHMRU LQWHUpV GHO QLxR HO UHODFLRQDGDV FRQ OD WUDQVLFLyQ D OD HVFXHOD
FRQFHSWRGH´(GXFDUHµVHXVDHQDOJXQDVRFD SULPDULDTXHJDUDQWLFHQODFRQWLQXLGDG\HO
VLRQHVSDUDLQGLFDUHVWDHYROXFLyQIDYRUDEOHD SURJUHVR D ILQ GH GHVDUUROODU OD FRQILDQ]D
ORVVHUYLFLRVLQWHJUDOHV\YLHQHDUHIRU]DUHO GHO QLxR VXV DSWLWXGHV SDUD FRPXQLFDUVH \
UHFRQRFLPLHQWR GH TXH HV QHFHVDULR FRQWDU VX HQWXVLDVPR SDUD DSUHQGHU PHGLDQWH VX
FRQXQHQIRTXHFRPELQDGRWRWDO\PXOWLVHF SDUWLFLSDFLyQ DFWLYD HQ HQWUH RWUDV FRVDV
WRULDOGHODSULPHUDLQIDQFLD DFWLYLGDGHVGHSODQLILFDFLyQ

3URJUDPDVGHEDVHFRPXQLWDULD(O&RPLWp (OVHFWRUSULYDGRFRPRSURYHHGRUGHVHUYLFLRV
UHFRPLHQGD TXH ORV (VWDGRV 3DUWHV DSR\HQ &RQUHIHUHQFLDDODVUHFRPHQGDFLRQHVDGRS
ORV SURJUDPDV GH GHVDUUROOR HQ OD SULPHUD WDGDV GXUDQWH HO GtD GH GHEDWH JHQHUDO GH
LQIDQFLDHQSDUWLFXODUORVSURJUDPDVSUHHV VREUHHOWHPD´(OVHFWRUSULYDGRFRPR
FRODUHVEDVDGRVHQHOKRJDU\ODFRPXQLGDG SURYHHGRUGHVHUYLFLRV\VXIXQFLyQHQODUHD
HQORVTXHODKDELOLWDFLyQ\HGXFDFLyQGHORV OL]DFLyQ GH ORV GHUHFKRV GHO QLxRµ YpDVH HO
SDGUHV \RWURVFXLGDGRUHV VHDQFDUDFWHUtVWL GRFXPHQWR FUFF SDJRV  D  
FDVVREUHVDOLHQWHV/RV(VWDGRV3DUWHVGHEHQ  HO &RPLWp UHFRPLHQGD TXH ORV (VWDGRV
WHQHU XQD IXQFLyQ HVHQFLDO TXH GHVHPSHxDU 3DUWHV EULQGHQ DSR\R D ODV DFWLYLGDGHV GHO
DORIUHFHUXQPDUFROHJLVODWLYRSDUDODSURYL VHFWRU QR JXEHUQDPHQWDO FRPR LQVWUXPHQ
VLyQGHVHUYLFLRVGHFDOLGDGVXILFLHQWHPHQWH WRSDUDODDSOLFDFLyQGHORVSURJUDPDV,QVWD
GRWDGRVGHUHFXUVRV\SDUDYHODUSRUTXHORV WDPELpQDWRGRVORVSURYHHGRUHVGHVHUYLFLRV
FULWHULRVHVWDQGDUL]DGRVVHDGHFXHQDODVFLU QR HVWDWDOHV SURYHHGRUHV ´FRPHUFLDOHVµ DVt
FXQVWDQFLDVGHORVJUXSRVHLQGLYLGXRVFRQ FRPR ´VLQ iQLPR GH OXFURµ  D UHVSHWDU ORV
FUHWRV \ D ODV SULRULGDGHV GH GHVDUUROOR GH SULQFLSLRV\GLVSRVLFLRQHVGHOD&RQYHQFLyQ
ORVJUXSRVHVSHFLDOHVGHHGDGGHVGHODODF \ HQ HVWH VHQWLGR UHFXHUGD D ORV (VWDGRV
WDQFLDKDVWDODWUDQVLFLyQDODHVFXHOD6HOHV 3DUWHV VX REOLJDFLyQ SULPDULD GH YHODU SRU
DOLHQWDDHODERUDUSURJUDPDVGHDOWDFDOLGDG VXDSOLFDFLyQ/RVSURIHVLRQDOHVTXHWUDEDMDQ
DGHFXDGRVDOGHVDUUROOR\ODFXOWXUDGHFDGD FRQORVQLxRVSHTXHxRV²HQORVVHFWRUHVS~
XQRSDUDORFXDOWUDEDMDUDQFRQODVFRPXQL EOLFR\SULYDGR²GHEHQFRQWDUFRQXQDSUH
GDGHVORFDOHVHQOXJDUGHLPSRQHUXQFULWHULR SDUDFLyQSURIXQGDIRUPDFLyQSHUPDQHQWH\
HVWDQGDUL]DGRHQUHODFLyQFRQODDWHQFLyQ\OD UHPXQHUDFLyQDGHFXDGD$OUHVSHFWRORV(V
HGXFDFLyQHQODSULPHUDLQIDQFLD WDGRV3DUWHVVRQUHVSRQVDEOHVGHODSURYLVLyQ
GHVHUYLFLRVSDUDHOGHVDUUROORHQODSULPHUD
(O &RPLWp UHFRPLHQGD DVLPLVPR TXH ORV LQIDQFLD (O SDSHO GH OD VRFLHGDG FLYLO GHEH
(VWDGRV 3DUWHV SUHVWHQ PD\RU DWHQFLyQ \ FRPSOHPHQWDU \ QR UHHPSOD]DU HO SDSHO
EULQGHQVXDSR\RDFWLYRDXQHQIRTXHGHORV GHO (VWDGR &XDQGR ORV VHUYLFLRV QR HVWDWD
SURJUDPDV SDUD OD SULPHUD LQIDQFLD EDVDGR OHVGHVHPSHxDQXQDIXQFLyQSUHSRQGHUDQWH
HQ ORV GHUHFKRV HQ SDUWLFXODU LQLFLDWLYDV HO&RPLWpUHFXHUGDDORV(VWDGRV3DUWHVTXH


WLHQHQODREOLJDFLyQGHVXSHUYLVDU\UHJXODU HQODYLGDFXOWXUDO\HQODVDUWHVµ(OMXHJRHV
ODFDOLGDGGHODHQWUHJDSDUDJDUDQWL]DUTXHVH XQDGHODVFDUDFWHUtVWLFDVPiVGLVWLQWLYDVGHOD
SURWHJHQORVGHUHFKRVGHOQLxR\VHDWLHQGHD SULPHUDLQIDQFLD0HGLDQWHHOMXHJRORVQL
VXLQWHUpVVXSHULRU xRVSXHGHQWDQWRGLVIUXWDUGHODVFDSDFLGDGHV
TXH WLHQHQ FRPR SRQHUODV D SUXHED WDQWR
(GXFDFLyQVREUHGHUHFKRVKXPDQRVHQODSUL VLMXHJDQVRORVFRPRHQFRPSDxtDGHRWURV
PHUDLQIDQFLD7HQLHQGRHQFXHQWDHODUWtFXOR (OYDORUGHOMXHJRFUHDWLYR\GHODSUHQGL]DMH
GHOD&RQYHQFLyQ\OD2EVHUYDFLyQJHQH H[SORUDWRULR HVWi DPSOLDPHQWH UHFRQRFLGR
UDO 1R    HO &RPLWp WDPELpQ UHFR HQ OD HGXFDFLyQ HQ OD SULPHUD LQIDQFLD 6LQ
PLHQGDTXHORV(VWDGRV3DUWHVLQFOX\DQHGX HPEDUJRUHDOL]DUHOGHUHFKRDOGHVFDQVRDO
FDFLyQVREUHGHUHFKRVKXPDQRVHQODHGXFD HVSDUFLPLHQWR\DOMXHJRDPHQXGRVHYHREV
FLyQHQODSULPHUDLQIDQFLD'LFKDHGXFDFLyQ WDFXOL]DGRSRUODIDOWDGHRSRUWXQLGDGHVSDUD
GHEHVHUDQWLFLSDWRULD\KDELOLWDGRUDSDUDORV TXHORVQLxRVVHHQFXHQWUHQMXHJXHQHLQWH
QLxRVRIUHFLpQGROHVRSRUWXQLGDGHVSUiFWLFDV UDFW~HQHQHQWRUQRVFHQWUDGRVHQHOQLxRVH
GHHMHUFLWDUVXVGHUHFKRV\UHVSRQVDELOLGDGHV JXURVSURSLFLRVHVWLPXODQWHV\FDUHQWHVGH
GHIRUPDTXHVHDGDSWHQDVXVLQWHUHVHVVXV WHQVLRQHV (Q PXFKRV HQWRUQRV XUEDQRV HO
LQTXLHWXGHV\VXVFDSDFLGDGHVHQGHVDUUROOR HVSDFLRHQHOTXHORVQLxRVSXHGHQHMHUFHUVX
/D HGXFDFLyQ VREUH GHUHFKRV KXPDQRV GH GHUHFKRDOMXHJRVHHQFXHQWUDHVSHFLDOPHQWH
QLxRVSHTXHxRVGHEHUtDJLUDUHQWRUQRDWH HQSHOLJUR\DTXHHOGLVHxRGHODYLYLHQGD\OD
PDVFRWLGLDQRVHQHOKRJDUHQORVFHQWURVGH GHQVLGDGGHHGLILFDFLyQORVFHQWURVFRPHU
DWHQFLyQLQIDQWLOHQSURJUDPDVGHHGXFDFLyQ FLDOHV \ ORV VLVWHPDV GH WUDQVSRUWHV VH DOtDQ
HQ OD SULPHUD LQIDQFLD \ HQ RWURV HQWRUQRV FRQHOUXLGRODFRQWDPLQDFLyQ\WRGRWLSRGH
FRPXQLWDULRV FRQ ORV TXH ORV QLxRV SHTXH SHOLJURVSDUDFUHDUXQHQWRUQRSHOLJURVRSDUD
xRVSXHGDQLGHQWLILFDUVH ORVQLxRVSHTXHxRV(OGHUHFKRGHORVQLxRV
D MXJDU WDPELpQ SXHGH YHUVH IUXVWUDGR SRU
'HUHFKRDOGHVFDQVRDORFLR\DOMXHJR(O&R ORV H[FHVLYRV TXHKDFHUHV GRPpVWLFRV TXH
PLWpREVHUYDTXHORV(VWDGRV3DUWHV\RWURV HVSHFLDOPHQWHDIHFWDQDODVQLxDV RSRUXQD
LQWHUHVDGRV QR KDQ SUHVWDGR DWHQFLyQ VXIL HVFRODUL]DFLyQFRPSHWLWLYD(QFRQVHFXHQFLD
FLHQWHDODDSOLFDFLyQGHODVGLVSRVLFLRQHVGHO HO&RPLWpKDFHXQOODPDPLHQWRDORV(VWDGRV
DUWtFXORGHOD&RQYHQFLyQTXHJDUDQWL]D 3DUWHVODVRUJDQL]DFLRQHVQRJXEHUQDPHQWD
´HOGHUHFKRGHOQLxRDOGHVFDQVR\DOHVSDUFL OHV 21*  \ ORV DFWRUHV SULYDGRV SDUD TXH
PLHQWRDOMXHJR\DODVDFWLYLGDGHVUHFUHDWLYDV VHxDOHQ\HOLPLQHQORVSRWHQFLDOHVREVWiFXORV
SURSLDVGHVXHGDG\DSDUWLFLSDUOLEUHPHQWH DOGLVIUXWHGHHVWRVGHUHFKRVSRUSDUWHGHORV

 9DVH DFQXGK   ´5HSRUW RQ WKH 7KLUW\)LUVW 6HVVLRQ *HQHYD  6HSWHPEHU 2FWREHU  µ
FUFF LQIRUPHSHULyGLFRDQXDOGHO&RPLWp &RPLWpGHORV'HUHFKRVGHO1LxRGHODV
1DFLRQHV8QLGDV2ILFLQDGHO$OWR&RPLVLRQDGRGHODV1DFLRQHV8QLGDVSDUDORV'HUHFKRV+XPDQRV ZZZ
XQKFKUFKWEVGRFQVIEDHFIIFFEFF"2SHQ'RFXPHQW 


QLxRVPiVSHTXHxRVLQFOXVLYHFRPRSDUWHGH MXGLFLDO 3UHRFXSDQ HVSHFLDOPHQWH OD UiSLGD
HVWUDWHJLDVGHUHGXFFLyQGHODSREUH]D(QOD PXOWLSOLFDFLyQHQFXDQWRDYDULHGDG\DFFH
SODQLILFDFLyQGHODVFLXGDGHV\GHLQVWDODFLR VLELOLGDGGHODVQXHYDVWHFQRORJtDVLQFOXVLYH
QHVGHHVSDUFLPLHQWR\MXHJRGHEHUiWHQHUVH ORVPHGLRVGHFRPXQLFDFLyQEDVDGRVHQ,Q
HQFXHQWDHOGHUHFKRGHORVQLxRVDH[SUHVDU WHUQHW/RVQLxRVSHTXHxRVVHHQFXHQWUDQHQ
VXV RSLQLRQHV DUW   PHGLDQWH FRQVXOWDV VLWXDFLyQGHHVSHFLDOULHVJRVLVHH[SRQHQD
DGHFXDGDV(QWRGRVHVWRVDVSHFWRVVHDOLHQWD PDWHULDOLQDGHFXDGRXRIHQVLYR6HLQVWDDORV
DORV(VWDGRV3DUWHVDSUHVWDUPD\RUDWHQFLyQ (VWDGRV3DUWHVDUHJXODUODSURGXFFLyQ\HQ
\ D DVLJQDU UHFXUVRV VXILFLHQWHV KXPDQRV \ WUHJDGHPHGLRVGHFRPXQLFDFLyQPHGLDQWH
ILQDQFLHURV  D OD UHDOL]DFLyQ GHO GHUHFKR DO PRGDOLGDGHVTXHSURWHMDQDORVQLxRVSHTXH
GHVFDQVRHOHVSDUFLPLHQWR\HOMXHJR xRVDVtFRPRDDSR\DUDORVSDGUHVFXLGDGR
UHVDFXPSOLUFRQVXVUHVSRQVDELOLGDGHVHQOD
 7HFQRORJtDV PRGHUQDV GH FRPXQLFDFLRQHV \ FULDQ]DGHORVQLxRVDHVWHUHVSHFWR DUW 
SULPHUD LQIDQFLD (O DUWtFXOR  UHFRQRFH OD
LPSRUWDQWHIXQFLyQTXHGHVHPSHxDQORVPH 9,1LxRVSHTXHxRV
GLRVGHFRPXQLFDFLyQWDQWRORVPHGLRVWUD FRQQHFHVLGDGHV
GLFLRQDOHVEDVDGRVHQODOHWUDLPSUHVDFRPR HVSHFLDOHVGHSURWHFFLyQ
ORV PRGHUQRV PHGLRV GH FRPXQLFDFLyQ ED
VDGRV HQ OD WHFQRORJtD DO FRQWULEXLU SRVLWL 9XOQHUDELOLGDGGHORVQLxRVSHTXHxRVDQWHORV
YDPHQWHDODUHDOL]DFLyQGHORVGHUHFKRVGHO ULHVJRV$ORODUJRGHHVWD2EVHUYDFLyQJHQH
QLxR/DSULPHUDLQIDQFLDHVXQPHUFDGRHV UDOHO&RPLWpREVHUYDTXHJUDQQ~PHURGH
SHFtILFRSDUDORVSXEOLFLVWDV\ORVSURGXFWRUHV QLxRV SHTXHxRV FUHFH HQ FLUFXQVWDQFLDV GL
GHPHGLRVGHFRPXQLFDFLyQDORVTXHGHEH ItFLOHV TXH IUHFXHQWHPHQWH FRQVWLWX\HQ XQD
DOHQWDUVHDGLIXQGLUPDWHULDOTXHVHDMXVWHD YLRODFLyQGHVXVGHUHFKRV/RVQLxRVSHTXH
ODV FDSDFLGDGHV H LQWHUHVHV GH ORV QLxRV SH xRV VRQ HVSHFLDOPHQWH YXOQHUDEOHV DO GDxR
TXHxRVTXHVHDEHQHILFLRVRVRFLDO\HGXFD FDXVDGRSRUUHODFLRQHVSRFRILDEOHVRLQFRQ
FLRQDOPHQWHSDUDVXELHQHVWDU\TXHUHIOH VHFXHQWHVFRQSDGUHV\FXLGDGRUHVRSRUHO
MH OD GLYHUVLGDG GH FLUFXQVWDQFLDV LQIDQWLOHV KHFKRGHFUHFHUHQFRQGLFLRQHVGHSREUH]D
WDQWRQDFLRQDOHVFRPRUHJLRQDOHVDVtFRPR H[WUHPD\SULYDFLyQURGHDGRVSRUFRQIOLFWRV
ODVGLVWLQWDVFXOWXUDV\OHQJXDV'HEHUiSUHV \YLROHQFLDGHVSOD]DGRVGHVXVKRJDUHVFRPR
WDUVHHVSHFLDODWHQFLyQDODQHFHVLGDGGHTXH UHIXJLDGRV R SRU FXDOTXLHU RWUR FXPXOR
ORV JUXSRV PLQRULWDULRV SXHGDQ DFFHGHU D GH DGYHUVLGDGHV GH RWUR WLSR SHUMXGLFLDOHV
PHGLRVGHFRPXQLFDFLyQTXHSURPXHYDQVX SDUD VX ELHQHVWDU /RV QLxRV SHTXHxRV VRQ
UHFRQRFLPLHQWRHLQWHJUDFLyQVRFLDO(ODUWt PHQRV FDSDFHV GH FDSWDU HVWDV DGYHUVLGDGHV
FXORHWDPELpQVHUHILHUHDODIXQFLyQGH RGHUHVLVWLUVHDVXVHIHFWRVGDxLQRVSDUDVX
ORV(VWDGRV3DUWHVDOSURWHJHUDOQLxRIUHQWH VDOXGRGHVDUUROORItVLFRPHQWDOHVSLULWXDO
DPDWHULDOLQDGHFXDGR\SRWHQFLDOPHQWHSHU PRUDORVRFLDO6HHQFXHQWUDQHVSHFLDOPHQWH


HQ VLWXDFLyQ GH ULHVJR FXDQGR ORV SDGUHV X PHQRVFDSDFHVGHHYLWDUORRUHVLVWLUVHD
RWURVFXLGDGRUHVVRQLQFDSDFHVGHRIUHFHUOHV pOGHFRPSUHQGHUORTXHHVWiVXFHGLHQ
OD DGHFXDGD SURWHFFLyQ ELHQ GHELGR D XQD GR\WDPELpQGHEXVFDUODSURWHFFLyQHQ
HQIHUPHGDG ELHQ SRU GHIXQFLyQ R GHELGR ORVGHPiV([LVWHQSUXHEDVFRQYLQFHQWHV
D OD GLVROXFLyQ GH ODV IDPLOLDV R FRPXQLGD GHTXHHOWUDXPDUHVXOWDGRGHODQHJOL
GHV&XDOHVTXLHUDTXHVHDQODVFLUFXQVWDQFLDV JHQFLD\HODEXVRWLHQHXQDUHSHUFXVLyQ
GLItFLOHV ORV QLxRV SHTXHxRV QHFHVLWDQ XQD QHJDWLYD HQ HO GHVDUUROOR LQFOXVLYH HQ
FRQVLGHUDFLyQSDUWLFXODUGHELGRDORVUiSLGRV ORTXHUHVSHFWDDORVQLxRVPX\SHTXH
FDPELRVGHGHVDUUROORTXHHVWiQH[SHULPHQ xRV HIHFWRV PHQVXUDEOHV HQ ORV SURFH
WDQGRVRQPiVYXOQHUDEOHVDODHQIHUPHGDG VRVGHPDGXUDFLyQFHUHEUDO7HQLHQGRHQ
HO WUDXPD \ DO GHVDUUROOR GLVWRUVLRQDGR R FXHQWDTXHHODEXVR\ODQHJOLJHQFLDVRQ
SHUWXUEDGR \ VH HQFXHQWUDQ UHODWLYDPHQWH PiVSUHSRQGHUDQWHVHQODSULPHUDLQIDQ
LPSRWHQWHVSDUDHYLWDUODVGLILFXOWDGHVRUH FLD \ FRQVLGHUDQGR TXH KD\ SUXHEDV GH
VLVWLUVHDHOODVGHSHQGLHQGRGHRWURVTXHOHV TXHWLHQHQUHSHUFXVLRQHVDODUJRSOD]R
RIUH]FDQSURWHFFLyQ\SURPXHYDQVXLQWHUpV ORV(VWDGRV3DUWHVGHEHUiQKDFHUFXDQWR
VXSHULRU(QORVVLJXLHQWHVSiUUDIRVHO&RPL HVWpHQVXPDQRSDUDVDOYDJXDUGDUDORV
WpVHxDODDODDWHQFLyQGHORV(VWDGRV3DUWHV QLxRV SHTXHxRV HQ VLWXDFLyQ GH ULHVJR
ODV SULQFLSDOHV FLUFXQVWDQFLDV GLItFLOHV D ORV \ RIUHFHU SURWHFFLyQ D ODV YtFWLPDV GH
TXH VH UHILHUH OD &RQYHQFLyQ \ TXH WLHQHQ DEXVR WRPDQGR PHGLGDV SRVLWLYDV SDUD
XQDFODUDUHSHUFXVLyQHQORVGHUHFKRVGHOD DSR\DUVXUHFXSHUDFLyQGHOWUDXPDHYL
SULPHUDLQIDQFLD WDQGR DO WLHPSR HVWLJPDWL]DUORV SRU ODV
YLRODFLRQHVGHODVTXHKDQVLGRYtFWLPDV
(VWD OLVWD QR HV H[KDXVWLYD \ HQ FXDOTXLHU E  1LxRVVLQIDPLOLD DUWV\ /RVGH
FDVR ORV QLxRV SXHGHQ YHUVH H[SXHVWRV D UHFKRV GHO QLxR DO GHVDUUROOR VH YHQ HQ
P~OWLSOHVULHVJRV(QJHQHUDOHOREMHWLYRGH JUDYH ULHVJR FXDQGR GLFKRV QLxRV VRQ
ORV(VWDGRV3DUWHVGHEHUiVHUJDUDQWL]DUTXH KXpUIDQRVHVWiQDEDQGRQDGRVRVHOHVKD
WRGRV ORV QLxRV HQ FXDOTXLHU FLUFXQVWDQFLD SULYDGR GH DWHQFLyQ IDPLOLDU R FXDQGR
UHFLEDQSURWHFFLyQDGHFXDGDHQODUHDOL]DFLyQ VXIUHQLQWHUUXSFLRQHVGHODUJRSOD]RHQ
GHVXVGHUHFKRV VXVUHODFLRQHVRVHSDUDFLRQHV SRUHMHP
SORGHELGRDGHVDVWUHVQDWXUDOHVXRWUDV
D  $EXVR\QHJOLJHQFLD DUW /RVQLxRVSH VLWXDFLRQHV GH HPHUJHQFLD HSLGHPLDV
TXHxRVVRQIUHFXHQWHPHQWHYtFWLPDVGH FRPRHO9,+6,'$HQFDUFHODPLHQWRGH
QHJOLJHQFLDV PDORV WUDWRV \ DEXVRV LQ ORV SDGUHV FRQIOLFWRV DUPDGRV JXHUUDV
FOXVLYHYLROHQFLDItVLFD\PHQWDO(ODEXVR \PLJUDFLRQHVIRU]RVDV (VWDVDGYHUVLGD
D PHQXGR VH GD GHQWUR GH ODV IDPLOLDV GHVUHSHUFXWLUiQGHIRUPDGLIHUHQWHHQ
SXGLHQGRVHUHQHVWHFDVRHVSHFLDOPHQ ORVQLxRVGHSHQGLHQGRGHVXUHVLVWHQFLD
WH GHVWUXFWLYR /RV QLxRV SHTXHxRV VRQ SHUVRQDO VX HGDG \ VXV FLUFXQVWDQFLDV


DVt FRPR GH OD GLVSRQLELOLGDG GH IXHQ F  5HIXJLDGRV DUW /RVQLxRVSHTXHxRV
WHVPiVDPSOLDVGHDSR\R\GHDWHQFLyQ TXH VRQ UHIXJLDGRV WLHQHQ ODV PD\RUHV
DOWHUQDWLYD 'H OD LQYHVWLJDFLyQ SDUHFH SRVLELOLGDGHVGHGHVRULHQWDUVHKDELHQGR
GHVSUHQGHUVHTXHODDWHQFLyQLQVWLWXFLR SHUGLGRJUDQSDUWHGHODVFRVDVTXHOHV
QDOGHEDMDFDOLGDGUDUDPHQWHSURPXHYH VRQIDPLOLDUHVHQVXVHQWRUQRV\UHODFLR
HOGHVDUUROORItVLFR\SVLFROyJLFRVDOXGD QHVFRWLGLDQRV(OORV\VXVSDGUHVWLHQHQ
EOH \ SXHGH WHQHU FRQVHFXHQFLDV QHJD GHUHFKRDXQDFFHVRLJXDOLWDULRDVDOXG
WLYDV JUDYHV SDUD OD LQWHJUDFLyQ VRFLDO D DWHQFLyQ HGXFDFLyQ \ RWURV VHUYLFLRV
ODUJRSOD]RHVSHFLDOPHQWHHQORUHODWLYR /RVQLxRVTXHQRHVWiQDFRPSDxDGRVR
DQLxRVPHQRUHVGHDxRVSHURWDPELpQ TXHHVWiQVHSDUDGRVGHVXVIDPLOLDVVHHQ
HQWUHQLxRVGHKDVWDDxRVGHHGDG(Q FXHQWUDQHQVLWXDFLyQGHHVSHFLDOULHVJR
OD PHGLGD HQ TXH VH QHFHVLWD DWHQFLyQ (O &RPLWp RIUHFH RULHQWDFLyQ GHWDOODGD
DOWHUQDWLYD OD FRORFDFLyQ WHPSUDQD HQ VREUHODDWHQFLyQ\SURWHFFLyQGHHVWRV
DWHQFLyQGHEDVHIDPLOLDURSDUDIDPLOLDU QLxRV HQ OD 2EVHUYDFLyQ JHQHUDO 1R 
WLHQHPD\RUHVSUREDELOLGDGHVGHSURGX  VREUHHOWUDWRGHORVPHQRUHVQR
FLU UHVXOWDGRV SRVLWLYRV HQWUH QLxRV SH DFRPSDxDGRV\VHSDUDGRVGHVXVIDPLOLDV
TXHxRV6HDOLHQWDDORV(VWDGRV3DUWHVD IXHUDGHVXSDtVGHRULJHQ
LQYHUWLUHQIRUPDVGHDWHQFLyQDOWHUQDWL G  1LxRV FRQ GLVFDSDFLGDG DUW   /D SUL
YD\DDSR\DUODVXQDVIRUPDVTXHSXHGDQ PHUDLQIDQFLDHVHOSHULRGRHQHOTXHVH
JDUDQWL]DU OD VHJXULGDG OD FRQWLQXLGDG VXHOHQ LGHQWLILFDU ODV GLVFDSDFLGDGHV \
GHODDWHQFLyQ\HODIHFWR\RIUH]FDQRFD VH HV FRQVFLHQWH GH OD UHSHUFXVLyQ TXH
VLyQGHTXHORVQLxRVSHTXHxRVIRUPHQ WHQGUiQHQHOELHQHVWDU\GHVDUUROORGHO
UHODFLRQHV D ODUJR SOD]R EDVDGDV HQ HO QLxR 1XQFD GHEHUi LQWHUQDUVH HQ LQV
UHVSHWR\ODFRQILDQ]DPXWXRVSRUHMHP WLWXFLRQHVDQLxRV~QLFDPHQWHHQUD]yQ
SORPHGLDQWHODDFRJLGDODDGRSFLyQ\HO GH VX GLVFDSDFLGDG (V SULRULWDULR YHODU
DSR\RDPLHPEURVGHIDPLOLDVDPSOLDGDV SRUTXH WHQJDQ LJXDOGDG GH RSRUWXQL
&XDQGRVHEXVTXHODDGRSFLyQ´HOLQWH GDGHV SDUD SDUWLFLSDU SOHQDPHQWH HQ OD
UpVVXSHULRUGHOQLxRVHUiODFRQVLGHUD YLGD HGXFDWLYD \ FRPXQLWDULD LQFOXVLYH
FLyQSULPRUGLDOµ DUW QRVROR´XQD PHGLDQWHODHOLPLQDFLyQGHEDUUHUDVTXH
FRQVLGHUDFLyQ SULPRUGLDOµ DUW   WH REVWDFXOLFHQ OD UHDOL]DFLyQ GH VXV GHUH
QLHQGRHQFXHQWD\UHVSHWDQGRGHIRUPD FKRV/RVQLxRVSHTXHxRVGLVFDSDFLWDGRV
VLVWHPiWLFDWRGRVORVGHUHFKRVSHUWLQHQ WLHQHQGHUHFKRDDVLVWHQFLDHVSHFLDOL]DGD
WHVGHOQLxR\REOLJDFLRQHVGHORV(VWDGRV DGHFXDGDHQSDUWLFXODUDODSR\RGHVXV
3DUWHVHVWDEOHFLGRVHQFXDOTXLHUSDUWHGH SDGUHV X RWURV FXLGDGRUHV  /RV QLxRV
OD&RQYHQFLyQ\VHxDODGRVHQODSUHVHQWH GLVFDSDFLWDGRVGHEHQHQWRGRPRPHQWR
REVHUYDFLyQJHQHUDO VHUWUDWDGRVFRQGLJQLGDG\GHXQDIRUPD


TXH DOLHQWH VX DXWRVXILFLHQFLD 9pDQVH 2,7UHODWLYRDODVSHRUHVIRUPDVGHWUD
WDPELpQODVUHFRPHQGDFLRQHVGHOGtDGH EDMRLQIDQWLO\ODDFFLyQLQPHGLDWDSDUDVX
GHEDWHJHQHUDOGHO&RPLWpGHVR HOLPLQDFLyQ 1R 
EUH´/RVGHUHFKRVGHORVQLxRVFRQGLVFD I  8VRDEXVLYRGHVXVWDQFLDVDGLFWLYDV DUW 
SDFLGDGHVµTXHILJXUDHQHOGRFXPHQWR 6LELHQORVQLxRVPX\SHTXHxRVUDUDYH]
FUFF  WLHQHQ SUREDELOLGDGHV GH VHU GURJDGLF
H  7UDEDMR SHOLJURVR DUW   (Q DOJXQRV WRVSXHGHQQHFHVLWDUDWHQFLyQVDQLWDULD
SDtVHV\UHJLRQHVVHVRFLDOL]DDORVQLxRV HVSHFLDOL]DGD VL QDFHQ GH PDGUHV DOFR
SDUD TXH WUDEDMHQ GHVGH XQD WHPSUD KyOLFDV R GURJDGLFWDV DVt FRPR SURWHF
QDHGDGLQFOXVRHQDFWLYLGDGHVTXHVRQ FLyQFXDQGRORVPLHPEURVGHODIDPLOLD
SRWHQFLDOPHQWH SHOLJURVDV H[SORWDGR DEXVDQGHODVGURJDV\FRUUHQULHVJRGH
UDV\GDxLQDVSDUDVXVDOXGHGXFDFLyQ\ HQWUDU HQ FRQWDFWR FRQ GURJDV 3XHGHQ
SHUVSHFWLYDVDODUJRSOD]R3RUHMHPSOR WDPELpQ VXIULU ODV FRQVHFXHQFLDV DGYHU
ORVQLxRVSXHGHQVHULQLFLDGRVHQWDUHDV VDVGHODOFRKROLVPRRHODEXVRGHGURJDV
GRPpVWLFDVRODERUHVDJUtFRODVRDVLVWLU HQORVQLYHOHVGHYLGDIDPLOLDU\HQODFD
DVXVSDGUHVRKHUPDQRVTXHUHDOL]DQDF OLGDGGHODDWHQFLyQDVtFRPRFRUUHUHO
WLYLGDGHV SHOLJURVDV ,QFOXVR QLxRV PX\ ULHVJRGHLQLFLDUVHWHPSUDQDPHQWHHQHO
SHTXHxRVSXHGHQVHUYXOQHUDEOHVDODH[ DEXVRGHVXVWDQFLDV
SORWDFLyQHFRQyPLFDFRPRFXDQGRVRQ J  $EXVR\H[SORWDFLyQVH[XDOHV DUW /RV
XWLOL]DGRV R DOTXLODGRV SDUD OD PHQGLFL QLxRVSHTXHxRVHVSHFLDOPHQWHODVQLxDV
GDG /D H[SORWDFLyQ GH QLxRV SHTXHxRV VRQYXOQHUDEOHVDDEXVRV\H[SORWDFLRQHV
HQ OD LQGXVWULD GH HQWUHWHQLPLHQWR HQ VH[XDOHV SUHFRFHV GHQWUR \ IXHUD GH OD
SDUWLFXODUHQODWHOHYLVLyQHQSHOtFXODV IDPLOLD/RVQLxRVSHTXHxRVHQFLUFXQV
HQ DQXQFLRV \ HQ RWURV PHGLRV PRGHU WDQFLDV GLItFLOHV VH HQFXHQWUDQ HQ VLWXD
QRVGHFRPXQLFDFLyQHVWDPELpQPRWLYR FLyQ HVSHFLDO GH ULHVJR SRU HMHPSOR
GHSUHRFXSDFLyQ/RV(VWDGRV3DUWHVWLH ODV QLxDV HPSOHDGDV FRPR WUDEDMDGRUDV
QHQUHVSRQVDELOLGDGHVHVSHFLDOHVHQUHOD GRPpVWLFDV/RVQLxRVSHTXHxRVSXHGHQ
FLyQFRQODVIRUPDVH[WUHPDVGHWUDEDMR WDPELpQVHUYtFWLPDVGHSURGXFWRUHVGH
LQIDQWLO VHxDODGDV HQ HO &RQYHQLR GH OD SRUQRJUDItD HVWH DVSHFWR VH HQFXHQWUD

 9pDQVHDFQXGK  ´,QIRUPHVREUHHOƒSHULRGRGHVHVLRQHV *LQHEUDGHVHSWLHPEUHDGHRFWXEUH


GH µFUFF HQHVSDxROZZXQKFKUFKWEVGRFQVIFDGGIDFD
GFFEEHFGDEGILOH*SGI  \ WDPELpQ DFQXGK  ´,QIRUPH
VREUHHOƒSHULRGRGHVHVLRQHV *LQHEUDGHPD\RDGHMXQLRGH µFUFF HQ
HVSDxRO ZZZXQKFKUWEVGRFQVIFDGGIDFDGFFHGGHHGE
ÀOH*SGI LQIRUPHVSHULyGLFRVDQXDOHVGHO&RPLWpGHORV'HUHFKRVGHO1LxRGHODV1DFLRQHV
8QLGDV2ILFLQDGHO$OWR&RPLVLRQDGRGHODV1DFLRQHV8QLGDVSDUDORV'HUHFKRV+XPDQRV


FXELHUWRSRUHO3URWRFROR)DFXOWDWLYRGH GHHGDGPtQLPDGHUHVSRQVDELOLGDGSH
OD &RQYHQFLyQ VREUH ORV 'HUHFKRV GHO QDO/RVQLxRVSHTXHxRVTXHWLHQHQPDOD
1LxRVREUHODYHQWDGHQLxRVODSURVWLWX FRQGXFWDRYLRODQOH\HVQHFHVLWDQD\XGD
FLyQLQIDQWLO\ODXWLOL]DFLyQGHQLxRVHQ \FRPSUHQVLyQIDYRUDEOHVFRQHOREMHWR
ODSRUQRJUDItDGH GHDXPHQWDUVXVFDSDFLGDGHVGHFRQWURO
K  9HQWD WUDWD \ VHFXHVWUR GH QLxRV DUW   SHUVRQDO VX HPSDWtD VRFLDO \ FDSDFLGDG
(O&RPLWpKDH[SUHVDGRFRQIUHFXHQFLD SDUDODUHVROXFLyQGHFRQIOLFWRV/RV(V
SUHRFXSDFLyQVREUHODVSUXHEDVH[LVWHQ WDGRV 3DUWHV GHEHUiQ JDUDQWL]DU TXH VH
WHV HQ UHODFLyQ FRQ OD YHQWD \ WUDWD GH RIUHFHDORVSDGUHVFXLGDGRUHVDSR\R\
QLxRV DEDQGRQDGRV \ VHSDUDGRV GH VXV FDSDFLWDFLyQDGHFXDGRVSDUDFXPSOLUFRQ
IDPLOLDV FRQ GLIHUHQWHV SURSyVLWRV 3RU VXVUHVSRQVDELOLGDGHV DUW \TXHORV
ORTXHUHVSHFWDDORVJUXSRVGHHGDGPiV QLxRV SHTXHxRV WLHQHQ DFFHVR D HGXFD
MyYHQHV HVWRV SURSyVLWRV SXHGHQ VHU OD FLyQ\DWHQFLyQGHFDOLGDGHQODSULPHUD
RSFLyQ HVSHFLDOPHQWH VL ELHQ QR ~QL LQIDQFLD \ VL SURFHGH  D RULHQWDFLyQ
FDPHQWH  SRU H[WUDQMHURV $GHPiV GHO WHUDSLDVHVSHFLDOL]DGDV
3URWRFROR)DFXOWDWLYRVREUHODYHQWDGH
QLxRV OD SURVWLWXFLyQ LQIDQWLO \ OD XWL (QFDGDXQDGHHVWDVFLUFXQVWDQFLDV\HQ
OL]DFLyQ GH QLxRV HQ OD SRUQRJUDItD HO HOFDVRGHWRGDVODVGHPiVIRUPDVGHH[SOR
&RQYHQLR GH /D +D\D VREUH OD 3URWHF WDFLyQ DUW HO&RPLWpLQVWDDORV(VWDGRV
FLyQ GH ORV 1LxRV \ OD &RRSHUDFLyQ HQ 3DUWHV D LQFRUSRUDU OD VLWXDFLyQ SDUWLFXODU
0DWHULD GH $GRSFLyQ ,QWHUQDFLRQDO GH GHORVQLxRVSHTXHxRVHQWRGDODOHJLVODFLyQ
RIUHFHXQPDUFR\XQPHFDQLVPR SROtWLFDV H LQWHUYHQFLRQHV SDUD SURPRYHU OD
SDUDSUHYHQLUORVDEXVRVHQHVWDHVIHUD\ UHFXSHUDFLyQItVLFD\SVLFROyJLFD\ODUHLQWH
HO&RPLWpHQFRQVHFXHQFLDKDVLHPSUH JUDFLyQVRFLDOHQXQHQWRUQRTXHSURPXHYD
DSUHPLDGRFRQVWDQWH\HQpUJLFDPHQWHD ODGLJQLGDG\HOUHVSHWRGHVtPLVPR DUW 
WRGRVORV(VWDGRV3DUWHVTXHUHFRQRFHQ
\R SHUPLWHQ OD DGRSFLyQ D TXH UDWLIL 9,,)RPHQWRGHOD
TXHQHVWHWUDWDGRRVHDGKLHUDQDpO8Q FDSDFLGDGHQPDWHULD
UHJLVWURGHQDFLPLHQWRVXQLYHUVDOVXPD GHSULPHUDLQIDQFLD
GRDODFRRSHUDFLyQLQWHUQDFLRQDOSXHGH
D\XGDUDFRPEDWLUHVWDYLRODFLyQGHGH $VLJQDFLyQGHUHFXUVRVSDUDODSULPHUDLQIDQ
UHFKRV FLD$ILQGHJDUDQWL]DUTXHORVGHUHFKRVGH
L  &RQGXFWD FRQÁLFWLYD H LQIUDFFLyQ GH OD OH\ ORV QLxRV SHTXHxRV VH UHDOL]DQ SOHQDPHQWH
DUW (QQLQJ~QFDVRORV QLxRVSH GXUDQWH HVWD IDVH FUXFLDO GH VXV H[LVWHQFLDV
TXHxRV GHILQLGRVFRPRORVQLxRVPHQR \WHQLHQGRHQFXHQWDODUHSHUFXVLyQTXHODV
UHVGHDxRVGHHGDGYpDVHHOSiUUDIR  H[SHULHQFLDVHQODSULPHUDLQIDQFLDWLHQHQHQ
VHUiQLQFOXLGRVHQGHILQLFLRQHVMXUtGLFDV VXVSHUVSHFWLYDVDODUJRSOD]R VHLQVWDDORV


(VWDGRV3DUWHVDTXHDGRSWHQSODQHVHVWUDWp 5HFRSLODFLyQ\JHVWLyQGHGDWRV(O&RPLWp
JLFRV\JHQHUDOHVVREUHHOGHVDUUROORGHODSUL UHLWHUD OD LPSRUWDQFLD GH FRQWDU FRQ GDWRV
PHUDLQIDQFLDGHVGHXQPDUFRGHGHUHFKRV\ FXDQWLWDWLYRV\FXDOLWDWLYRVDFWXDOL]DGRVVREUH
SRUFRQVLJXLHQWHDXPHQWHQODDVLJQDFLyQGH WRGRVORVDVSHFWRVGHODSULPHUDLQIDQFLDSDUD
UHFXUVRV KXPDQRV \ ILQDQFLHURV D ORV VHUYL ODIRUPXODFLyQVXSHUYLVLyQ\HYDOXDFLyQGH
FLRV\SURJUDPDVGHGHVDUUROORGHODSULPHUD ORVORJURVFRQVHJXLGRV\SDUDHYDOXDUODUH
LQIDQFLD DUW (O&RPLWpUHFRQRFHTXHORV SHUFXVLyQGHODVSROtWLFDV(O&RPLWpHVFRQV
(VWDGRV3DUWHVTXHDSOLFDQORVGHUHFKRVGHO FLHQWHGHTXHPXFKRV(VWDGRV3DUWHVFDUHFHQ
QLxR HQ OD SULPHUD LQIDQFLD OR KDFHQ GHVGH GHVLVWHPDVGHUHFRSLODFLyQGHGDWRVDQLYHO
GLIHUHQWHVSXQWRVGHSDUWLGDHQFXDQWRDODV QDFLRQDODGHFXDGRVVREUHODSULPHUDLQIDQFLD
HVWUXFWXUDV FRQ TXH FXHQWDQ HQ PDWHULD GH HQ UHODFLyQ FRQ PXFKDV HVIHUDV FRQWHPSOD
SROtWLFDVVHUYLFLRV\FDSDFLWDFLyQSURIHVLRQDO GDVHQOD&RQYHQFLyQ\HQSDUWLFXODUTXHQR
SDUDODSULPHUDLQIDQFLDDVtFRPRHQORTXH VH GLVSRQH LQPHGLDWDPHQWH GH LQIRUPDFLyQ
UHVSHFWDDORVQLYHOHVGHUHFXUVRVGHORVTXH HVSHFtILFD \ GHVJORVDGD VREUH ORV QLxRV HQ
SXHGHQGLVSRQHUSDUDDVLJQDUORVDODSULPHUD ORVSULPHURVDxRVGHYLGD(O&RPLWpLQVWDD
LQIDQFLD(O&RPLWpWDPELpQHVFRQVFLHQWHGH WRGRVORV(VWDGRV3DUWHVDGHVDUUROODUXQVLV
TXHORV(VWDGRV3DUWHVSXHGHQDIURQWDUSULR WHPDGHUHFRSLODFLyQGHGDWRVHLQGLFDGRUHV
ULGDGHVLQFRPSDWLEOHVDODSOLFDUORVGHUHFKRV DFRUGHFRQOD&RQYHQFLyQ\GHVJORVDGRVSRU
D OR ODUJR GH WRGD OD LQIDQFLD SRU HMHPSOR JpQHURHGDGHVWUXFWXUDIDPLOLDUUHVLGHQFLD
DOOtGRQGHWRGDYtDQRVHKDQORJUDGRVHUYLFLRV XUEDQD\UXUDO\RWUDVFDWHJRUtDVSHUWLQHQWHV
GH DWHQFLyQ GH OD VDOXG \ HGXFDFLyQ SULPD (VWH VLVWHPD GHEHUtD LQFOXLU D WRGRV ORV QL
ULDXQLYHUVDOHV(VQRREVWDQWHLPSRUWDQWH xRVKDVWDDxRVGHHGDGKDFLHQGRHVSHFLDO
TXHKD\DXQDLQYHUVLyQSXEOLFDVXILFLHQWHHQ KLQFDSLp HQ OD SULPHUD LQIDQFLD SDUWLFXODU
VHUYLFLRVLQIUDHVWUXFWXUDV\UHFXUVRVJORED PHQWHORVQLxRVSHUWHQHFLHQWHVDJUXSRVYXO
OHV HVSHFtILFDPHQWH DVLJQDGRV D OD SULPHUD QHUDEOHV
LQIDQFLDSRUODVP~OWLSOHVUD]RQHVH[SXHVWDV
HQ OD SUHVHQWH 2EVHUYDFLyQ JHQHUDO$ HVWH  )RPHQWR GH OD FDSDFLGDG HQ PDWHULD GH LQ
UHVSHFWRVHDOLHQWDDORV(VWDGRV3DUWHVDGH YHVWLJDFLyQVREUHODSULPHUDLQIDQFLD(O&RPLWp
VDUUROODUDFXHUGRVGHFRRSHUDFLyQIXHUWHV\ VHxDOy DQWHULRUPHQWH HQ HVWD REVHUYDFLyQ
HTXLWDWLYRV HQWUH HO *RELHUQR ORV VHUYLFLRV JHQHUDOTXHVHKDOOHYDGRDFDERXQDLQYHVWL
S~EOLFRV ODV 21* HO VHFWRU SULYDGR \ ODV JDFLyQH[KDXVWLYDVREUHDVSHFWRVGHODVDOXG
IDPLOLDVSDUDILQDQFLDUVHUYLFLRVJOREDOHVTXH FUHFLPLHQWR \ GHVDUUROOR FRJQLWLYR VRFLDO \
DSR\HQORVGHUHFKRVGHORVQLxRVSHTXHxRV FXOWXUDOGHORVQLxRVHQUHODFLyQFRQODLQ
3RU~OWLPRHO&RPLWpKDFHKLQFDSLpHQTXH IOXHQFLDGHIDFWRUHVWDQWRSRVLWLYRVFRPRQH
OD GHVFHQWUDOL]DFLyQ GH ORV VHUYLFLRV GRQGH JDWLYRV VREUH VX ELHQHVWDU \ WDPELpQ VREUH
H[LVWDQRGHEHUtDLUHQGHWULPHQWRGHORVQL HO LPSDFWR SRWHQFLDO GH ORV SURJUDPDV GH
xRVSHTXHxRV DWHQFLyQ\HGXFDFLyQHQODSULPHUDLQIDQFLD


6HHVWiOOHYDQGRDFDERXQDLQYHVWLJDFLyQFUH SHGDJRJtDDVtFRPRDODDSDULFLyQGHQXHYDV
FLHQWH VREUH OD SULPHUD LQIDQFLD GHVGH XQD LQYHVWLJDFLRQHV
SHUVSHFWLYDGHGHUHFKRVKXPDQRVVHxDODGD
PHQWHVREUHPDQHUDVHQTXHSXHGHQUHVSH /DUHDOL]DFLyQGHORVGHUHFKRVGHOQLxRHQOD
WDUVHORVGHUHFKRVGHORVQLxRVDODSDUWLFLSD SULPHUDLQIDQFLDSODQWHDUHWRVSDUDWRGDVODV
FLyQHQSDUWLFXODUPHGLDQWHVXSDUWLFLSDFLyQ SHUVRQDVUHVSRQVDEOHVGHORVQLxRVDVtFRPR
HQ HO SURFHVR GH LQYHVWLJDFLyQ /D WHRUtD \ SDUDORVQLxRVPLVPRVDPHGLGDTXHDGTXLH
ODV SUXHEDV SURFHGHQWHV GH OD LQYHVWLJDFLyQ UHQFRPSUHQVLyQGHVXIXQFLyQHQVXVIDPL
VREUHODSULPHUDLQIDQFLDWLHQHQPXFKRTXH OLDVHVFXHODV\FRPXQLGDGHV6HDOLHQWDDORV
DSRUWDUDOGHVDUUROORGHSROtWLFDV\SUiFWLFDV (VWDGRV3DUWHVDHPSUHQGHUXQDFDSDFLWDFLyQ
DVt FRPR D OD VXSHUYLVLyQ \ HYDOXDFLyQ GH VLVWHPiWLFDVREUHGHUHFKRVGHOQLxRGLULJLGD
LQLFLDWLYDV \ OD HGXFDFLyQ \ FDSDFLWDFLyQ GH DORVQLxRV\DVXVSDGUHVDVtFRPRDWRGRV
WRGDV ODV SHUVRQDV UHVSRQVDEOHV GHO ELHQHV ORVSURIHVLRQDOHVTXHWUDEDMDQFRQ\SDUDORV
WDU GH ORV QLxRV SHTXHxRV 6LQ HPEDUJR HO QLxRV HQ HVSHFLDO SDUODPHQWDULRV MXHFHV
&RPLWpVHxDODWDPELpQODVOLPLWDFLRQHVGHOD PDJLVWUDGRV DERJDGRV RILFLDOHV HQFDUJDGRV
DFWXDOLQYHVWLJDFLyQGHELGRDTXHVHFHQWUD GHKDFHUFXPSOLUODOH\IXQFLRQDULRVSHUVR
SULRULWDULDPHQWH HQ OD SULPHUD LQIDQFLD HQ QDO GH LQVWLWXFLRQHV \ FHQWURV GH GHWHQFLyQ
XQD VHULH OLPLWDGD GH FRQWH[WRV \ UHJLRQHV GH PHQRUHV PDHVWURV SHUVRQDO VDQLWDULR
GHO PXQGR &RPR SDUWH GH OD SODQLILFDFLyQ WUDEDMDGRUHV VRFLDOHV \ GLULJHQWHV ORFDOHV
HQ UHODFLyQ FRQ OD SULPHUD LQIDQFLD HO &R $GHPiVHO&RPLWpLQVWDDORV(VWDGRV3DUWHV
PLWpDOLHQWDDORV(VWDGRV3DUWHVDGHVDUUROODU DUHDOL]DUFDPSDxDVGHFRQFLHQFLDFLyQGLULJL
FDSDFLGDGHV QDFLRQDOHV \ ORFDOHV HQ PDWHULD GDVDOS~EOLFRHQJHQHUDO
GH LQYHVWLJDFLyQ VREUH OD SULPHUD LQIDQFLD
HVSHFLDOPHQWHGHVGHXQDSHUVSHFWLYDEDVDGD $VLVWHQFLDLQWHUQDFLRQDO&RQVFLHQWHGHODV
HQORVGHUHFKRV OLPLWDFLRQHV GH UHFXUVRV TXH DIHFWDQ D PX
FKRV(VWDGRV3DUWHVTXHWUDWDQGHDSOLFDUODV
 &DSDFLWDFLyQ HQ PDWHULD GH GHUHFKRV HQ GLVSRVLFLRQHV JOREDOHV H[SXHVWDV D JUDQGHV
OD SULPHUD LQIDQFLD (O FRQRFLPLHQWR \ OD UDVJRV HQ HVWD REVHUYDFLyQ JHQHUDO HO &R
FRPSHWHQFLD WpFQLFD VREUH OD SULPHUD PLWp UHFRPLHQGD TXH ODV LQVWLWXFLRQHV GR
LQIDQFLD QR VRQ HVWiWLFRV VLQR TXH FDPELDQ QDQWHV HQWUH HOODV HO %DQFR 0XQGLDO RWURV
FRQHOWLHPSR(VWRVHGHEHHQWUHRWUDVFRVDV RUJDQLVPRVGHODV1DFLRQHV8QLGDV\ORVGR
D ODV WHQGHQFLDV VRFLDOHV TXH UHSHUFXWHQ HQ QDQWHVELODWHUDOHVDSR\HQILQDQFLHUD\WpFQL
ODV YLGDV GH ORV QLxRV SHTXHxRV VXV SDGUHV FDPHQWHORVSURJUDPDVGHGHVDUUROORHQOD
\RWURVFXLGDGRUHVDSROtWLFDV\SULRULGDGHV SULPHUD LQIDQFLD \ TXH HOOR VHD XQR GH ORV
FDPELDQWHVHQORTXHUHVSHFWDDVXFXLGDGR SULQFLSDOHVREMHWLYRVGHODDVLVWHQFLDDOGHVD
\HGXFDFLyQ\DODVLQQRYDFLRQHVHQPDWHULD UUROORVRVWHQLEOHHQSDtVHVTXHUHFLEHQD\XGD
GH DWHQFLyQ GHO QLxR SODQHV GH HVWXGLRV \ LQWHUQDFLRQDO /D FRRSHUDFLyQ LQWHUQDFLRQDO


HIHFWLYDSXHGHWDPELpQUHIRU]DUHOIRPHQWR XQLYHUVLWDULR ORV JUXSRV SURIHVLRQDOHV \ ODV
GHODFDSDFLGDGHQPDWHULDGHSULPHUDLQIDQ FRPXQLGDGHV GH EDVH D FRQWLQXDU SURPR
FLD HQ WpUPLQRV GH GHVDUUROOR GH SROtWLFDV YLHQGRODFUHDFLyQGHLQVWLWXFLRQHVLQGHSHQ
HODERUDFLyQ GH SURJUDPDV LQYHVWLJDFLyQ \ GLHQWHVVREUHGHUHFKRVGHODLQIDQFLD\DID
FDSDFLWDFLyQSURIHVLRQDO FLOLWDUGLiORJRVHLQYHVWLJDFLyQFRQWLQXRV\GH
DOWRQLYHOHQPDWHULDGHSROtWLFDVDFHUFDGHOD
&RQODYLVWDHQHOIXWXUR(O&RPLWpLQVWDD LPSRUWDQFLDFUXFLDOGHODFDOLGDGHQODSULPH
WRGRVORV(VWDGRV3DUWHVODV RUJDQL]DFLRQHV UDLQIDQFLDHQSDUWLFXODUGLiORJRVHQORVSOD
LQWHUJXEHUQDPHQWDOHV ODV 21* HO VHFWRU QRVLQWHUQDFLRQDOQDFLRQDOUHJLRQDO\ORFDO


$1(;2
&219(1&,Ð162%5(
/26'(5(&+26'(/1,f2

$GRSWDGDSRUOD$VDPEOHD*HQHUDOGHODV
1DFLRQHV8QLGDVHOGHQRYLHPEUHGH



&219(1&,Ð162%5(/26
'(5(&+26'(/1,f2

$GRSWDGDSRUOD$VDPEOHD*HQHUDOGHODV
1DFLRQHV8QLGDVHOGHQRYLHPEUHGH
/H\ &RQYHQFLyQVREUHORV'HUHFKRVGHO1LxR\PDQL
ILHVWDTXHQRUHJLUiQHQVXMXULVGLFFLyQSRU
$SUXpEDVHOD&RQYHQFLyQVREUH HQWHQGHU TXH SDUD DSOLFDUORV GHEH FRQWDU
ORV'HUHFKRVGHO1LxR VHSUHYLDPHQWHFRQXQULJXURVRPHFDQLVPR
6DQFLRQDGDVHSWLHPEUHGH GH SURWHFFLyQ OHJDO GHO QLxR HQ PDWHULD GH
3URPXOJDGDGHKHFKRRFWXEUHGH DGRSFLyQLQWHUQDFLRQDODILQGHLPSHGLUVX
WUiILFR\YHQWD
(O6HQDGR\&iPDUDGH'LSXWDGRVGHOD1D
FLyQ$UJHQWLQD UHXQLGRV HQ &RQJUHVR HWF &RQ UHODFLyQ DO DUWtFXOR ž GH OD &RQYHQFLyQ
VDQFLRQDQFRQIXHU]DGHOH\ VREUHORV'HUHFKRVGHO1LxROD5HS~EOLFD$UJHQWL
QDGHFODUDTXHHOPLVPRGHEHLQWHUSUHWDUVH
$UWtFXOR HQHOVHQWLGRTXHVHHQWLHQGHSRUQLxRWRGR
$SUXpEDVHOD&RQYHQFLyQVREUHORV'HUHFKRVGHO VHUKXPDQRGHVGHHOPRPHQWRGHVXFRQFHS
1LxR DGRSWDGD SRU OD$VDPEOHD *HQHUDO GH FLyQ\KDVWDORVDxRVGHHGDG
ODV1DFLRQHV8QLGDVHQ1XHYD<RUN (VWDGRV
8QLGRVGH$PpULFD HOGHQRYLHPEUHGH &RQ UHODFLyQ DO DUWtFXOR  LQFLVR I  GH OD
TXHFRQVWDGHFLQFXHQWD\FXDWUR   &RQYHQFLyQVREUHORV'HUHFKRVGHO1LxROD5HS~
DUWtFXORVFX\DIRWRFRSLDDXWHQWLFDGDHQLGLR EOLFD$UJHQWLQDFRQVLGHUDQGRTXHODVFXHVWLR
PDHVSDxROIRUPDSDUWHGHODSUHVHQWHOH\ QHV YLQFXODGDV FRQ OD SODQLILFDFLyQ IDPLOLDU
DWDxHQDORVSDGUHVGHPDQHUDLQGHOHJDEOHGH
$UWtFXOR DFXHUGRDSULQFLSLRVpWLFRV\PRUDOHVLQWHU
$O UDWLILFDU OD &RQYHQFLyQ GHEHUiQ IRUPX SUHWDTXHHVREOLJDFLyQGHORV(VWDGRVHQHO
ODUVHODVVLJXLHQWHVUHVHUYDV\GHFODUDFLRQHV PDUFRGHHVWHDUWtFXORDGRSWDUODVPHGLGDV
DSURSLDGDVSDUDODRULHQWDFLyQDORVSDGUHV\
/D 5HS~EOLFD $UJHQWLQD KDFH UHVHUYD GH ORV ODHGXFDFLyQSDUDODSDWHUQLGDGUHVSRQVDEOH
LQFLVRV E  F  G  \ H  GHO DUWtFXOR  GH OD


&RQUHODFLyQDODUWtFXORGHOD&RQYHQFLyQ FLPLHQWR GH OD GLJQLGDG LQWUtQVHFD \ GH ORV
VREUHORV'HUHFKRVGHO1LxROD5HS~EOLFD$UJHQWL GHUHFKRVLJXDOHVHLQDOLHQDEOHVGHWRGRVORV
QDGHFODUDTXHHVVXGHVHRTXHOD&RQYHQFLyQ PLHPEURVGHODIDPLOLDKXPDQD
KXELHVHSURKLELGRWHUPLQDQWHPHQWHODXWLOL
]DFLyQGHQLxRVHQORVFRQIOLFWRVDUPDGRVWDO 7HQLHQGRSUHVHQWHTXHORVSXHEORVGHODV1DFLR
FRPRORHVWLSXODVXGHUHFKRLQWHUQRHOFXDO QHV8QLGDVKDQUHDILUPDGRHQOD&DUWDVXIH
HQYLUWXGGHODUWtFXORFRQWLQXDUiDSOLFDQ HQORVGHUHFKRVIXQGDPHQWDOHVGHOKRPEUH\
GRHQODPDWHULD HQODGLJQLGDG\HOYDORUGHODSHUVRQDKXPD
QD\TXHKDQGHFLGLGRSURPRYHUHOSURJUHVR
$UWtFXOR VRFLDO\HOHYDUHOQLYHOGHYLGDGHQWURGHXQ
&RPXQtTXHVH DO 3RGHU (MHFXWLYR 1DFLRQDO FRQFHSWRPiVDPSOLRGHODOLEHUWDG
$OEHUWR53LHUUL(GXDUGR0HQHP(VWKHU
+3HUH\UD$UDQGtDGH3pUH]3DUGR 5HFRQRFLHQGR TXH ODV 1DFLRQHV 8QLGDV KDQ
+XJR5)ORPEDXP SURFODPDGR \ DFRUGDGR HQ OD 'HFODUDFLyQ
8QLYHUVDO GH 'HUHFKRV +XPDQRV \ HQ ORV
'DGDHQODVDODGHVHVLRQHVGHOFRQJUHVRDU SDFWRV LQWHUQDFLRQDOHV GH GHUHFKRV KXPD
JHQWLQR HQ %XHQRV $LUHV D ORV YHLQWLVLHWH QRV TXH WRGD SHUVRQD WLHQH WRGRV ORV GH
GtDVGHOPHVGHVHSWLHPEUHGHODxRPLOQR UHFKRV\OLEHUWDGHVHQXQFLDGRVHQHOORVVLQ
YHFLHQWRVQRYHQWD GLVWLQFLyQDOJXQDSRUPRWLYRVGHUD]DFRORU
VH[RLGLRPDUHOLJLyQRSLQLyQSROtWLFDRGH
&RQYHQFLyQVREUHORV RWUD tQGROH RULJHQ QDFLRQDO R VRFLDO SRVL
'HUHFKRVGHO1LxR FLyQHFRQyPLFDQDFLPLHQWRRFXDOTXLHURWUD
FRQGLFLyQ
$GRSWDGDSRUOD$VDPEOHD*HQHUDOGHODV
1DFLRQHV8QLGDVHOGHQRYLHPEUHGH 5HFRUGDQGR TXH HQ OD 'HFODUDFLyQ 8QLYHUVDO
 GH'HUHFKRV+XPDQRVODV1DFLRQHV8QLGDV
SURFODPDURQTXHODLQIDQFLDWLHQHGHUHFKRD
3UHiPEXOR FXLGDGRV\DVLVWHQFLDHVSHFLDOHV

/RV(VWDGRV3DUWHVHQOD &RQYHQFLGRV GH TXH OD IDPLOLD FRPR JUXSR


SUHVHQWH&RQYHQFLyQ IXQGDPHQWDOGHODVRFLHGDG\PHGLRQDWXUDO
SDUD HO FUHFLPLHQWR \ HO ELHQHVWDU GH WRGRV
&RQVLGHUDQGR TXH GH FRQIRUPLGDG FRQ ORV VXVPLHPEURV\HQSDUWLFXODUGHORVQLxRV
SULQFLSLRV SURFODPDGRV HQ OD &DUWD GH ODV GHEH UHFLELU OD SURWHFFLyQ \ DVLVWHQFLD QH
1DFLRQHV 8QLGDV OD OLEHUWDG OD MXVWLFLD \ FHVDULDV SDUD SRGHU DVXPLU SOHQDPHQWH VXV
OD SD] HQ HO PXQGR VH EDVDQ HQ HO UHFRQR UHVSRQVDELOLGDGHV GHQWUR GH OD FRPXQLGDG


5HFRQRFLHQGRTXHHOQLxRSDUDHOSOHQR\DU 5HFRUGDQGR OR GLVSXHVWR HQ OD 'HFODUDFLyQ
PRQLRVRGHVDUUROORGHVXSHUVRQDOLGDGGHEH VREUH ORV SULQFLSLRV VRFLDOHV \ MXUtGLFRV UH
FUHFHUHQHOVHQRGHODIDPLOLDHQXQDPELHQ ODWLYRV D OD SURWHFFLyQ \ HO ELHQHVWDU GH ORV
WHGHIHOLFLGDGDPRU\FRPSUHQVLyQ QLxRVFRQSDUWLFXODUUHIHUHQFLDDODDGRSFLyQ
\ODFRORFDFLyQHQKRJDUHVGHJXDUGDHQORV
&RQVLGHUDQGR TXH HO QLxR GHEH HVWDU SOHQD SODQRVQDFLRQDOHLQWHUQDFLRQDOODVUHJODVPt
PHQWHSUHSDUDGRSDUDXQDYLGDLQGHSHQGLHQ QLPDVGHODV1DFLRQHV8QLGDVSDUDODDGPL
WH HQ VRFLHGDG \ VHU HGXFDGR HQ HO HVStULWX QLVWUDFLyQGHODMXVWLFLDGHPHQRUHV UHJODVGH
GHORVLGHDOHVSURFODPDGRVHQOD&DUWDGHODV %HLMLQJ \OD'HFODUDFLyQVREUHODSURWHFFLyQ
1DFLRQHV 8QLGDV \ HQ SDUWLFXODU HQ XQ HV GHODPXMHU\HOQLxRHQHVWDGRVGHHPHUJHQ
StULWXGHSD]GLJQLGDGWROHUDQFLDOLEHUWDG FLDRGHFRQIOLFWRDUPDGR
LJXDOGDG\VROLGDULGDG
5HFRQRFLHQGR TXH HQ WRGRV ORV SDtVHV GHO
7HQLHQGRSUHVHQWHTXHODQHFHVLGDGGHSURSRU PXQGR KD\ QLxRV TXH YLYHQ HQ FRQGLFLRQHV
FLRQDUDOQLxRXQDSURWHFFLyQHVSHFLDOKDVLGR H[FHSFLRQDOPHQWHGLItFLOHV\TXHHVRVQLxRV
HQXQFLDGD HQ OD 'HFODUDFLyQ GH *LQHEUD GH QHFHVLWDQHVSHFLDOFRQVLGHUDFLyQ
 VREUH ORV 'HUHFKRV GHO 1LxR \ HQ OD
'HFODUDFLyQGHORV'HUHFKRVGHO1LxRDGRS 7HQLHQGRGHELGDPHQWHHQFXHQWDODLPSRUWDQFLD
WDGDSRUOD$VDPEOHD GHODVWUDGLFLRQHV\ORVYDORUHVFXOWXUDOHVGH
*HQHUDOHOGHQRYLHPEUHGH\UHFR FDGDSXHEORSDUDODSURWHFFLyQ\HOGHVDUUR
QRFLGDHQOD'HFODUDFLyQ8QLYHUVDOGH'HUH OORDUPRQLRVRGHOQLxR
FKRV+XPDQRVHQHO3DFWR,QWHUQDFLRQDOGH
'HUHFKRV &LYLOHV \ 3ROtWLFRV HQ SDUWLFXODU 5HFRQRFLHQGR OD LPSRUWDQFLD GH OD FRRSHUD
HQORVDUWtFXORV\ HQHO3DFWR,QWHU FLyQLQWHUQDFLRQDOSDUDHOPHMRUDPLHQWRGH
QDFLRQDOGH'HUHFKRV(FRQyPLFRV6RFLDOHV ODVFRQGLFLRQHVGHYLGDGHORVQLxRVHQWRGRV
\&XOWXUDOHV HQSDUWLFXODUHQHODUWtFXOR  ORVSDtVHVHQSDUWLFXODUHQORVSDtVHVHQGH
\HQORVHVWDWXWRVHLQVWUXPHQWRVSHUWLQHQWHV VDUUROOR
GHORVRUJDQLVPRVHVSHFLDOL]DGRV\GHODVRU
JDQL]DFLRQHVLQWHUQDFLRQDOHVTXHVHLQWHUHVDQ +DQFRQYHQLGRHQORVLJXLHQWH
HQHOELHQHVWDUGHOQLxR

7HQLHQGR SUHVHQWH TXH FRPR VH LQGLFD HQ OD


'HFODUDFLyQ GH ORV 'HUHFKRV GHO 1LxR ´HO
QLxRSRUVXIDOWDGHPDGXUH]ItVLFD\PHQWDO
QHFHVLWDSURWHFFLyQ\FXLGDGRVHVSHFLDOHVLQ
FOXVRODGHELGDSURWHFFLyQOHJDOWDQWRDQWHV
FRPRGHVSXpVGHOQDFLPLHQWRµ


3$57(, RORVyUJDQRVOHJLVODWLYRVXQDFRQVLGHUD
FLyQSULPRUGLDODTXHVHDWHQGHUiVHUiHO
$UWtFXOR LQWHUpVVXSHULRUGHOQLxR
3DUDORVHIHFWRVGHODSUHVHQWH&RQYHQFLyQ
VHHQWLHQGHSRUQLxRWRGRVHUKXPDQRPH  /RV (VWDGRV 3DUWHV VH FRPSURPHWHQ D
QRUGHGLHFLRFKRDxRVGHHGDGVDOYRTXHHQ DVHJXUDUDOQLxRODSURWHFFLyQ\HOFXLGD
YLUWXGGHODOH\TXHOHVHDDSOLFDEOHKD\DDO GRTXHVHDQQHFHVDULRVSDUDVXELHQHVWDU
FDQ]DGRDQWHVODPD\RUtDGHHGDG WHQLHQGRHQFXHQWDORVGHUHFKRV\GHEH
UHVGHVXVSDGUHVWXWRUHVXRWUDVSHUVR
$UWtFXOR QDVUHVSRQVDEOHVGHpODQWHODOH\\FRQ
 /RV (VWDGRV 3DUWHV UHVSHWDUiQ ORV GHUH HVHILQWRPDUiQWRGDVODVPHGLGDVOHJLV
FKRVHQXQFLDGRVHQODSUHVHQWH&RQYHQ ODWLYDV\DGPLQLVWUDWLYDVDGHFXDGDV
FLyQ \ DVHJXUDUiQ VX DSOLFDFLyQ D FDGD
QLxR VXMHWR D VX MXULVGLFFLyQ VLQ GLVWLQ  /RV(VWDGRV3DUWHVVHDVHJXUDUiQGHTXH
FLyQ DOJXQD LQGHSHQGLHQWHPHQWH GH OD ODV LQVWLWXFLRQHV VHUYLFLRV \ HVWDEOHFL
UD]DHOFRORUHOVH[RHOLGLRPDODUHOL PLHQWRVHQFDUJDGRVGHOFXLGDGRRODSUR
JLyQODRSLQLyQSROtWLFDRGHRWUDtQGR WHFFLyQGHORVQLxRVFXPSODQODVQRUPDV
OHHORULJHQQDFLRQDOpWQLFRRVRFLDOOD HVWDEOHFLGDV SRU ODV DXWRULGDGHV FRPSH
SRVLFLyQ HFRQyPLFD ORV LPSHGLPHQWRV WHQWHV HVSHFLDOPHQWH HQ PDWHULD GH VH
ItVLFRV HO QDFLPLHQWR R FXDOTXLHU RWUD JXULGDGVDQLGDGQ~PHUR\FRPSHWHQFLD
FRQGLFLyQGHOQLxRGHVXVSDGUHVRGHVXV GHVXSHUVRQDODVtFRPRHQUHODFLyQFRQ
UHSUHVHQWDQWHVOHJDOHV ODH[LVWHQFLDGHXQDVXSHUYLVLyQDGHFXD
GD
 /RV(VWDGRV3DUWHVWRPDUiQWRGDVODVPH
GLGDV DSURSLDGDV SDUD JDUDQWL]DU TXH HO $UWtFXOR
QLxRVHYHDSURWHJLGRFRQWUDWRGDIRUPD /RV (VWDGRV 3DUWHV DGRSWDUiQ WRGDV ODV PH
GHGLVFULPLQDFLyQRFDVWLJRSRUFDXVDGH GLGDV DGPLQLVWUDWLYDV OHJLVODWLYDV \ GH RWUD
OD FRQGLFLyQ ODV DFWLYLGDGHV ODV RSLQLR tQGROH SDUD GDU HIHFWLYLGDG D ORV GHUHFKRV
QHVH[SUHVDGDVRODVFUHHQFLDVGHVXVSD UHFRQRFLGRVHQODSUHVHQWH&RQYHQFLyQ(Q
GUHVRVXVWXWRUHVRGHVXVIDPLOLDUHV ORTXHUHVSHFWDDORVGHUHFKRVHFRQyPLFRV
VRFLDOHV\FXOWXUDOHVORV(VWDGRV3DUWHVDGRS
$UWtFXOR WDUiQ HVDV PHGLGDV KDVWD HO Pi[LPR GH ORV
 (QWRGDVODVPHGLGDVFRQFHUQLHQWHVDORV UHFXUVRVGHTXHGLVSRQJDQ\FXDQGRVHDQH
QLxRVTXHWRPHQODVLQVWLWXFLRQHVS~EOL FHVDULRGHQWURGHOPDUFRGHODFRRSHUDFLyQ
FDVRSULYDGDVGHELHQHVWDUVRFLDOORVWUL LQWHUQDFLRQDO
EXQDOHV ODV DXWRULGDGHV DGPLQLVWUDWLYDV


$UWtFXOR $UWtFXOR
/RV (VWDGRV 3DUWHV UHVSHWDUiQ ODV UHVSRQVD  /RV (VWDGRV 3DUWHV VH FRPSURPHWHQ D
ELOLGDGHVORVGHUHFKRV\ORVGHEHUHVGHORV UHVSHWDUHOGHUHFKRGHOQLxRDSUHVHUYDU
SDGUHVRHQVXFDVRGHORVPLHPEURVGHOD VX LGHQWLGDG LQFOXLGRV OD QDFLRQDOLGDG
IDPLOLD DPSOLDGD R GH OD FRPXQLGDG VHJ~Q HOQRPEUH\ODVUHODFLRQHVIDPLOLDUHVGH
HVWDEOH]FD OD FRVWXPEUH ORFDO GH ORV WXWR FRQIRUPLGDG FRQ OD OH\ VLQ LQMHUHQFLDV
UHV X RWUDV SHUVRQDV HQFDUJDGDV OHJDOPHQWH LOtFLWDV
GHO QLxR GH LPSDUWLUOH HQ FRQVRQDQFLD FRQ  &XDQGRXQQLxRVHDSULYDGRLOHJDOPHQWH
OD HYROXFLyQ GH VXV IDFXOWDGHV GLUHFFLyQ \ GHDOJXQRVGHORVHOHPHQWRVGHVXLGHQ
RULHQWDFLyQDSURSLDGDVSDUDTXHHOQLxRHMHU WLGDGRGHWRGRVHOORVORV(VWDGRV
]D ORV GHUHFKRV UHFRQRFLGRV HQ OD SUHVHQWH  3DUWHV GHEHUiQ SUHVWDU OD DVLVWHQFLD \
&RQYHQFLyQ SURWHFFLyQDSURSLDGDVFRQPLUDVDUHVWD
EOHFHUUiSLGDPHQWHVXLGHQWLGDG
$UWtFXOR
 /RV(VWDGRV3DUWHVUHFRQRFHQTXHWRGR $UWtFXOR
QLxRWLHQHHOGHUHFKRLQWUtQVHFRDODYLGD  /RV(VWDGRV3DUWHVYHODUiQSRUTXHHOQLxR
QR VHD VHSDUDGR GH VXV SDGUHV FRQWUD OD
 /RV (VWDGRV 3DUWHV JDUDQWL]DUiQ HQ OD YROXQWDGGHpVWRVH[FHSWRFXDQGRDUH
Pi[LPDPHGLGDSRVLEOHODVXSHUYLYHQFLD VHUYDGHUHYLVLyQMXGLFLDOODVDXWRULGDGHV
\HOGHVDUUROORGHOQLxR FRPSHWHQWHV GHWHUPLQHQ GH FRQIRUPL
GDGFRQODOH\\ORVSURFHGLPLHQWRVDSOL
$UWtFXOR FDEOHVTXHWDOVHSDUDFLyQHVQHFHVDULDHQ
 (O QLxR VHUi LQVFULSWR LQPHGLDWDPHQWH HO LQWHUpV VXSHULRU GHO QLxR7DO GHWHU
GHVSXpVGHVXQDFLPLHQWR\WHQGUiGHUH PLQDFLyQ SXHGH VHU QHFHVDULD HQ FDVRV
FKRGHVGHTXHQDFHDXQQRPEUHDDG SDUWLFXODUHVSRUHMHPSORHQORVFDVRVHQ
TXLULUXQDQDFLRQDOLGDG\HQODPHGLGDGH TXHHOQLxRVHDREMHWRGHPDOWUDWRRGHV
ORSRVLEOHDFRQRFHUDVXVSDGUHV\DVHU FXLGRSRUSDUWHGHVXVSDGUHVRFXDQGR
FXLGDGRSRUHOORV pVWRV YLYHQ VHSDUDGRV \ GHEH DGRSWDUVH
XQDGHFLVLyQDFHUFDGHOOXJDUGHUHVLGHQ
 /RV(VWDGRV3DUWHVYHODUiQSRUODDSOLFD FLDGHOQLxR
FLyQ GH HVWRV GHUHFKRV GH FRQIRUPLGDG
FRQVXOHJLVODFLyQQDFLRQDO\ODVREOLJD  (QFXDOTXLHUSURFHGLPLHQWRHQWDEODGRGH
FLRQHVTXHKD\DQFRQWUDtGRHQYLUWXGGH FRQIRUPLGDGFRQHOSiUUDIRGHOSUHVHQ
ORV LQVWUXPHQWRV LQWHUQDFLRQDOHV SHUWL WHDUWtFXORVHRIUHFHUiDWRGDVODVSDUWHV
QHQWHVHQHVWDHVIHUDVREUHWRGRFXDQGR LQWHUHVDGDV OD RSRUWXQLGDG GH SDUWLFLSDU
HOQLxRUHVXOWDUDGHRWURPRGRDSiWULGD HQpO\GHGDUDFRQRFHUVXVRSLQLRQHV


 /RV (VWDGRV 3DUWHV UHVSHWDUiQ HO GHUH UiQ DGHPiV TXH OD SUHVHQWDFLyQ GH WDO
FKRGHOQLxRTXHHVWpVHSDUDGRGHXQRR SHWLFLyQQRWUDHUiFRQVHFXHQFLDVGHVIDYR
GH DPERV SDGUHV D PDQWHQHU UHODFLRQHV UDEOHV SDUD ORV SHWLFLRQDULRV QL SDUD VXV
SHUVRQDOHV\FRQWDFWRGLUHFWRFRQDPERV IDPLOLDUHV
SDGUHV GH PRGR UHJXODU VDOYR VL HOOR HV
FRQWUDULRDOLQWHUpVVXSHULRUGHOQLxR  (OQLxRFX\RVSDGUHVUHVLGDQHQ(VWDGRV
GLIHUHQWHVWHQGUiGHUHFKRDPDQWHQHUSH
 &XDQGRHVWDVHSDUDFLyQVHDUHVXOWDGRGH ULyGLFDPHQWHVDOYRHQFLUFXQVWDQFLDVH[
XQDPHGLGDDGRSWDGDSRUXQ(VWDGR3DU FHSFLRQDOHVUHODFLRQHVSHUVRQDOHV\FRQ
WHFRPRODGHWHQFLyQHOHQFDUFHODPLHQ WDFWRVGLUHFWRVFRQDPERVSDGUHV&RQWDO
WRHOH[LOLRODGHSRUWDFLyQRODPXHUWH ILQ \ GH FRQIRUPLGDG FRQ OD REOLJDFLyQ
LQFOXLGRHOIDOOHFLPLHQWRGHELGRDFXDO DVXPLGDSRUORV(VWDGRV3DUWHVHQYLUWXG
TXLHUFDXVDPLHQWUDVODSHUVRQDHVWpEDMR GHOSiUUDIRGHODUWtFXORORV(VWDGRV
ODFXVWRGLDGHO(VWDGR GHXQRGHORVSD 3DUWHV UHVSHWDUiQ HO GHUHFKR GHO QLxR \
GUHVGHOQLxRRGHDPERVRGHOQLxRHO GHVXVSDGUHVDVDOLUGHFXDOTXLHUSDtVLQ
(VWDGR3DUWHSURSRUFLRQDUiFXDQGRVHOH FOXLGRHOSURSLR\GHHQWUDUHQVXSURSLR
SLGDDORVSDGUHVDOQLxRRVLSURFHGH SDtV(OGHUHFKRGHVDOLUGHFXDOTXLHUSDtV
DRWURIDPLOLDULQIRUPDFLyQEiVLFDDFHUFD HVWDUiVXMHWRVRODPHQWHDODVUHVWULFFLRQHV
GHOSDUDGHURGHOIDPLOLDURIDPLOLDUHVDX HVWLSXODGDVSRUOH\\TXHVHDQQHFHVDULDV
VHQWHVDQRVHUTXHHOORUHVXOWDUHSHUMX SDUD SURWHJHU OD VHJXULGDG QDFLRQDO HO
GLFLDOSDUDHOELHQHVWDUGHOQLxR/RV(VWD RUGHQS~EOLFRODVDOXGRODPRUDOS~EOL
GRV3DUWHVVHFHUFLRUDUiQDGHPiVGHTXH FDV R ORV GHUHFKRV \ OLEHUWDGHV GH RWUDV
ODSUHVHQWDFLyQGHWDOSHWLFLyQQRHQWUDxD SHUVRQDV\TXHHVWpQHQFRQVRQDQFLDFRQ
SRUVtPLVPDFRQVHFXHQFLDVGHVIDYRUDEOHV ORV GHPiV GHUHFKRV UHFRQRFLGRV SRU OD
SDUDODSHUVRQDRSHUVRQDVLQWHUHVDGDV SUHVHQWH&RQYHQFLyQ

$UWtFXOR $UWtFXOR
 'HFRQIRUPLGDGFRQODREOLJDFLyQTXHLQ  /RV (VWDGRV 3DUWHV DGRSWDUiQ PHGLGDV
FXPEHDORV(VWDGRV3DUWHVDWHQRUGHOR SDUDOXFKDUFRQWUDORVWUDVODGRVLOtFLWRVGH
GLVSXHVWRHQHOSiUUDIRGHODUWtFXOR QLxRV DO H[WUDQMHUR \ OD UHWHQFLyQ LOtFLWD
WRGDVROLFLWXGKHFKDSRUXQQLxRRSRUVXV GHQLxRVHQHOH[WUDQMHUR
SDGUHVSDUDHQWUDUHQXQ(VWDGR3DUWHR
SDUDVDOLUGHpODORVHIHFWRVGHODUHXQLyQ  3DUDHVWHILQORV(VWDGRV3DUWHVSURPR
GHODIDPLOLDVHUiDWHQGLGDSRUORV(VWDGRV YHUiQ OD FRQFHUWDFLyQ GH DFXHUGRV ELOD
3DUWHVGHPDQHUDSRVLWLYDKXPDQLWDULD\ WHUDOHV R PXOWLODWHUDOHV R OD DGKHVLyQ D
H[SHGLWLYD/RV(VWDGRV3DUWHVJDUDQWL]D DFXHUGRVH[LVWHQWHV


$UWtFXOR  E 3DUDODSURWHFFLyQGHODVHJXULGDGQD
 /RV(VWDGRV3DUWHVJDUDQWL]DUiQDOQLxR FLRQDORHORUGHQS~EOLFRRSDUDSURWHJHU
TXHHVWpHQFRQGLFLRQHVGHIRUPDUVHXQ ODVDOXGRODPRUDOS~EOLFDV
MXLFLR SURSLR HO GHUHFKR GH H[SUHVDU VX
RSLQLyQOLEUHPHQWHHQWRGRVORVDVXQWRV $UWtFXOR
TXH DIHFWDQ DO QLxR WHQLpQGRVH GHELGD  /RV(VWDGRV3DUWHVUHVSHWDUiQHOGHUH
PHQWHHQFXHQWDODVRSLQLRQHVGHOQLxR FKRGHOQLxRDODOLEHUWDGGHSHQVDPLHQ
HQIXQFLyQGHODHGDG\PDGXUH]GHOQLxR WRGHFRQFLHQFLD\GHUHOLJLyQ

 &RQWDOILQVHGDUiHQSDUWLFXODUDOQLxR  /RV(VWDGRV3DUWHVUHVSHWDUiQORVGH


RSRUWXQLGDG GH VHU HVFXFKDGR HQ WRGR UHFKRV \ GHEHUHV GH ORV SDGUHV \ HQ VX
SURFHGLPLHQWR MXGLFLDO R DGPLQLVWUDWLYR FDVR GH ORV UHSUHVHQWDQWHV OHJDOHV GH
TXHDIHFWHDOQLxR\DVHDGLUHFWDPHQWHR JXLDUDOQLxRHQHOHMHUFLFLRGHVXGHUHFKR
SRUPHGLRGHXQUHSUHVHQWDQWHRGHXQ GHPRGRFRQIRUPHDODHYROXFLyQGHVXV
yUJDQR DSURSLDGR HQ FRQVRQDQFLD FRQ IDFXOWDGHV
ODV QRUPDV GH SURFHGLPLHQWRV GH OD OH\
QDFLRQDO  /DOLEHUWDGGHSURIHVDUODSURSLDUHOL
JLyQRODVSURSLDVFUHHQFLDVHVWDUiVXMHWD
$UWtFXOR ~QLFDPHQWH D ODV OLPLWDFLRQHV SUHVFULWDV
 (O QLxR WHQGUi GHUHFKR D OD OLEHUWDG GH SRUODOH\TXHVHDQQHFHVDULDVSDUDSUR
H[SUHVLyQHVHGHUHFKRLQFOXLUiODOLEHU WHJHUODVHJXULGDGHORUGHQODPRUDOROD
WDGGHEXVFDUUHFLELU\GLIXQGLULQIRUPD VDOXGS~EOLFRVRORVGHUHFKRV\OLEHUWDGHV
FLRQHVHLGHDVGHWRGRWLSRVLQFRQVLGHUD IXQGDPHQWDOHVGHORVGHPiV
FLyQGHIURQWHUDV\DVHDRUDOPHQWHSRU
HVFULWR R LPSUHVDV HQ IRUPD DUWtVWLFD R $UWtFXOR
SRUFXDOTXLHURWURPHGLRHOHJLGRSRUHO  /RV(VWDGRV3DUWHVUHFRQRFHQORVGHUH
QLxR FKRVGHOQLxRDODOLEHUWDGGHDVRFLDFLyQ
\DODOLEHUWDGGHFHOHEUDUUHXQLRQHVSD
 (O HMHUFLFLR GH WDO GHUHFKR SRGUi HVWDU FtILFDV
VXMHWR D FLHUWDV UHVWULFFLRQHV TXH VHUiQ
~QLFDPHQWH ODV TXH OD OH\ SUHYHD \ VHDQ  1RVHLPSRQGUiQUHVWULFFLRQHVDOHMHU
QHFHVDULDV FLFLR GH HVWRV GHUHFKRV GLVWLQWDV GH ODV
HVWDEOHFLGDV GH FRQIRUPLGDG FRQ OD OH\
 D 3DUDHOUHVSHWRGHORVGHUHFKRVRODUH \ TXH VHDQ QHFHVDULDV HQ XQD VRFLHGDG
SXWDFLyQGHORVGHPiV GHPRFUiWLFD HQ LQWHUpV GH OD VHJXULGDG
QDFLRQDO R S~EOLFD HO RUGHQ S~EOLFR OD


SURWHFFLyQGHODVDOXG\ODPRUDOS~EOLFDV FXOWXUDOHVQDFLRQDOHVHLQWHUQDFLRQDOHV
RODSURWHFFLyQGHORVGHUHFKRV\OLEHUWD F  $OHQWDUiQ OD SURGXFFLyQ \ GLIXVLyQ GH
GHVGHORVGHPiV OLEURVSDUDQLxRV
G  $OHQWDUiQDORVPHGLRVGHFRPXQLFDFLyQ
$UWtFXOR DTXHWHQJDQSDUWLFXODUPHQWHHQFXHQWD
 1LQJ~Q QLxR VHUi REMHWR GH LQMHUHQFLDV ODVQHFHVLGDGHVOLQJtVWLFDVGHOQLxRSHU
DUELWUDULDV R LOHJDOHV HQ VX YLGD SULYDGD WHQHFLHQWHDXQJUXSRPLQRULWDULRRTXH
VXIDPLOLDVXGRPLFLOLRRVXFRUUHVSRQ VHDLQGtJHQD
GHQFLDQLGHDWDTXHVLOHJDOHVDVXKRQUD\ H  3URPRYHUiQ OD HODERUDFLyQ GH GLUHF
DVXUHSXWDFLyQ WULFHV DSURSLDGDV SDUD SURWHJHU DO QLxR
FRQWUDWRGDLQIRUPDFLyQ\PDWHULDOSHU
 (OQLxRWLHQHGHUHFKRDODSURWHFFLyQGH MXGLFLDO SDUD VX ELHQHVWDU WHQLHQGR HQ
ODOH\FRQWUDHVDVLQMHUHQFLDVRDWDTXHV FXHQWDODVGLVSRVLFLRQHVGHORVDUWtFXORV
\
$UWtFXOR
/RV(VWDGRV3DUWHVUHFRQRFHQODLPSRUWDQWH $UWtFXOR
IXQFLyQTXHGHVHPSHxDQORVPHGLRVGHFR  /RV (VWDGRV 3DUWHV SRQGUiQ HO Pi[LPR
PXQLFDFLyQ \ YHODUiQ SRUTXH HO QLxR WHQJD HPSHxRHQJDUDQWL]DUHOUHFRQRFLPLHQWR
DFFHVRDLQIRUPDFLyQ\PDWHULDOSURFHGHQWHV GHOSULQFLSLRGHTXHDPERVSDGUHVWLHQHQ
GHGLYHUVDVIXHQWHVQDFLRQDOHVHLQWHUQDFLR REOLJDFLRQHVFRPXQHVHQORTXHUHVSHFWD
QDOHVHQHVSHFLDOODLQIRUPDFLyQ\HOPDWH DODFULDQ]D\HOGHVDUUROORGHOQLxR,Q
ULDO TXH WHQJDQ SRU ILQDOLGDG SURPRYHU VX FXPELUiDORVSDGUHVRHQVXFDVRDORV
ELHQHVWDUVRFLDOHVSLULWXDO\PRUDO\VXVDOXG UHSUHVHQWDQWHVOHJDOHVODUHVSRQVDELOLGDG
ItVLFD\PHQWDO SULPRUGLDO GH OD FULDQ]D \ HO GHVDUUROOR
GHO QLxR 6X SUHRFXSDFLyQ IXQGDPHQWDO
&RQWDOREMHWRORV(VWDGRV3DUWHV VHUiHOLQWHUpVVXSHULRUGHOQLxR

D  $OHQWDUiQDORVPHGLRVGHFRPXQLFDFLyQ  $ ORV HIHFWRV GH JDUDQWL]DU \ SURPRYHU


D GLIXQGLU LQIRUPDFLyQ \ PDWHULDOHV GH ORV GHUHFKRV HQXQFLDGRV HQ OD SUHVHQWH
LQWHUpVVRFLDO\FXOWXUDOSDUDHOQLxRGH &RQYHQFLyQORV(VWDGRV3DUWHVSUHVWDUiQ
FRQIRUPLGDGFRQHOHVStULWXGHODUWtFXOR ODDVLVWHQFLDDSURSLDGDDORVSDGUHV\DORV
 UHSUHVHQWDQWHVOHJDOHVSDUDHOGHVHPSHxR
E  3URPRYHUiQ OD FRRSHUDFLyQ LQWHUQDFLR GHVXVIXQFLRQHVHQORTXHUHVSHFWDDOD
QDOHQODSURGXFFLyQHOLQWHUFDPELR\OD FULDQ]DGHOQLxR\YHODUiQSRUODFUHDFLyQ
GLIXVLyQGHHVDLQIRUPDFLyQ\HVRVPD GHLQVWLWXFLRQHVLQVWDODFLRQHV\VHUYLFLRV
WHULDOHVSURFHGHQWHVGHGLYHUVDVIXHQWHV SDUDHOFXLGDGRGHORVQLxRV


 /RV (VWDGRV 3DUWHV DGRSWDUiQ WRGDV ODV $UWtFXOR
PHGLGDV DSURSLD GDV SDUD TXH ORV QLxRV  /RVQLxRVWHPSRUDORSHUPDQHQWHPHQWH
FX\RV SDGUHV WUDEDMDQ WHQJDQ GHUHFKR D SULYDGRVGHVXPHGLRIDPLOLDURFX\RVX
EHQHILFLDUVHGHORVVHUYLFLRVHLQVWDODFLR SHULRULQWHUpVH[LMDTXHQRSHUPDQH]FDQ
QHVGHJXDUGDGHQLxRVSDUDORVTXHUH HQHVHPHGLRWHQGUiQGHUHFKRDODSUR
~QHQODVFRQGLFLRQHVUHTXHULGDV WHFFLyQ\DVLVWHQFLDHVSHFLDOHVGHO(VWDGR

$UWtFXOR  /RV(VWDGRV3DUWHVJDUDQWL]DUiQGHFRQ


 /RV (VWDGRV 3DUWHV DGRSWDUiQ WRGDV ODV IRUPLGDGFRQVXVOH\HVQDFLRQDOHVRWURV
PHGLGDVOHJLVODWLYDVDGPLQLVWUDWLYDVVR WLSRVGHFXLGDGRSDUDHVRVQLxRV
FLDOHV \ HGXFDWLYDV DSURSLDGDV SDUD SUR
WHJHUDOQLxRFRQWUDWRGDIRUPDGHSHU  (QWUH HVRV FXLGDGRV ILJXUDUiQ HQWUH
MXLFLR R DEXVR ItVLFR R PHQWDO GHVFXLGR RWUDVFRVDVODFRORFDFLyQHQKRJDUHVGH
RWUDWRQHJOLJHQWHPDORVWUDWRVRH[SOR JXDUGDODNDIDODGHOGHUHFKRLVOiPLFROD
WDFLyQLQFOXLGRHODEXVRVH[XDOPLHQWUDV DGRSFLyQRGHVHUQHFHVDULDODFRORFDFLyQ
HOQLxRVHHQFXHQWUDEDMRODFXVWRGLDGH HQLQVWLWXFLRQHVDGHFXDGDVGHSURWHFFLyQ
ORVSDGUHVGHXQUHSUHVHQWDQWHOHJDORGH GHPHQRUHV$OFRQVLGHUDUODVVROXFLRQHV
FXDOTXLHURWUDSHUVRQDTXHORWHQJDDVX VHSUHVWDUiSDUWLFXODU DWHQFLyQDOD FRQ
FDUJR YHQLHQFLDGHTXHKD\DFRQWLQXLGDGHQOD
HGXFDFLyQGHOQLxR\DVXRULJHQpWQLFR
 (VDV PHGLGDV GH SURWHFFLyQ GHEHUtDQ UHOLJLRVRFXOWXUDO\OLQJtVWLFR
FRPSUHQGHU VHJ~Q FRUUHVSRQGD SURFH
GLPLHQWRVHILFDFHVSDUDHOHVWDEOHFLPLHQWR $UWtFXOR
GHSURJUDPDVVRFLDOHVFRQREMHWRGHSUR /RV(VWDGRV3DUWHVTXHUHFRQRFHQRSHUPL
SRUFLRQDU OD DVLVWHQFLD QHFHVDULD DO QLxR WHQHOVLVWHPDGHDGRSFLyQFXLGDUiQGHTXHHO
\ D TXLHQHV FXLGDQ GH pO DVt FRPR SDUD LQWHUpVVXSHULRUGHOQLxRVHDODFRQVLGHUDFLyQ
RWUDVIRUPDVGHSUHYHQFLyQ\SDUDODLGHQ SULPRUGLDO\
WLILFDFLyQ QRWLILFDFLyQ UHPLVLyQ D XQD
LQVWLWXFLyQ LQYHVWLJDFLyQ WUDWDPLHQWR \ D  9HODUiQ SRUTXH OD DGRSFLyQ GHO QLxR
REVHUYDFLyQ XOWHULRU GH ORV FDVRV DQWHV VyOR VHD DXWRUL]DGD SRU ODV DXWRULGDGHV
GHVFULWRVGHPDORVWUDWRVDOQLxR\VHJ~Q FRPSHWHQWHVODVTXHGHWHUPLQDUiQFRQ
FRUUHVSRQGDODLQWHUYHQFLyQMXGLFLDO DUUHJORDODVOH\HV\DORVSURFHGLPLHQ
WRVDSOLFDEOHV\VREUHODEDVHGHWRGDOD
LQIRUPDFLyQSHUWLQHQWH\ILGHGLJQDTXH
ODDGRSFLyQHVDGPLVLEOHHQYLVWDGHODVL
WXDFLyQMXUtGLFDGHOQLxRHQUHODFLyQFRQ


VXV SDGUHV SDULHQWHV \ UHSUHVHQWDQWHV GR R TXH VHD FRQVLGHUDGR UHIXJLDGR GH
OHJDOHV\TXHFXDQGRDVtVHUHTXLHUHODV FRQIRUPLGDG FRQ HO GHUHFKR \ ORV SUR
SHUVRQDVLQWHUHVDGDVKD\DQGDGRFRQFR FHGLPLHQWRV LQWHUQDFLRQDOHV R LQWHUQRV
QRFLPLHQWRGHFDXVDVXFRQVHQWLPLHQWR DSOLFDEOHVUHFLEDWDQWRVLHVWiVRORFRPR
DODDGRSFLyQVREUHODEDVHGHODVHVRUD VL HVWi DFRPSDxDGR GH VXV SDGUHV R GH
PLHQWRTXHSXHGDVHUQHFHVDULR FXDOTXLHU RWUD SHUVRQD OD SURWHFFLyQ \
E  5HFRQRFHUiQ TXH OD DGRSFLyQ HQ RWUR OD DVLVWHQFLD KXPDQLWDULD DGHFXDGDV SDUD
SDtV SXHGH VHU FRQVLGHUDGD FRPR RWUR HO GLVIUXWH GH ORV GHUHFKRV SHUWLQHQWHV
PHGLRGHFXLGDUGHOQLxRHQHOFDVRGH HQXQFLDGRVHQODSUHVHQWH&RQYHQFLyQ\
TXH pVWH QR SXHGD VHU FRORFDGR HQ XQ HQRWURVLQVWUXPHQWRVLQWHUQDFLRQDOHVGH
KRJDUGHJXDUGDRHQWUHJDGRDXQDIDPL GHUHFKRVKXPDQRVRGHFDUiFWHUKXPDQL
OLDDGRSWLYDRQRSXHGDVHUDWHQGLGRGH WDULRHQTXHGLFKRV(VWDGRVVHDQSDUWHV
PDQHUDDGHFXDGDHQHOSDtVGHRULJHQ
F  9HODUiQSRUTXHHOQLxRTXHKD\DGHVHU  $WDOHIHFWRORV(VWDGRV3DUWHVFRRSHUDUiQ
DGRSWDGRHQRWURSDtVJRFHGHVDOYDJXDU HQODIRUPDTXHHVWLPHQDSURSLDGDHQWR
GDV\QRUPDVHTXLYDOHQWHVDODVH[LVWHQ GRVORVHVIXHU]RVGHODV1DFLRQHV8QLGDV
WHVUHVSHFWRGHODDGRSFLyQHQHOSDtVGH \ GHPiV RUJDQL]DFLRQHV LQWHUJXEHUQD
RULJHQ PHQWDOHV FRPSHWHQWHV X RUJDQL]DFLRQHV
G  $GRSWDUiQWRGDVODVPHGLGDVDSURSLDGDV QR JXEHUQDPHQWDOHV TXH FRRSHUHQ FRQ
SDUDJDUDQWL]DUTXHHQHOFDVRGHDGRS ODV1DFLRQHV8QLGDVSRUSURWHJHU\D\X
FLyQ HQ RWUR SDtV OD FRORFDFLyQ QR Gp GDUDWRGRQLxRUHIXJLDGR\ORFDOL]DUDVXV
OXJDUDEHQHILFLRVILQDQFLHURVLQGHELGRV SDGUHVRDRWURVPLHPEURVGHVXIDPLOLD
SDUDTXLHQHVSDUWLFLSDQHQHOOD DILQGHREWHQHUODLQIRUPDFLyQQHFHVDULD
H  3URPRYHUiQ FXDQGR FRUUHVSRQGD ORV SDUD TXH VH UH~QD FRQ VX IDPLOLD (Q ORV
REMHWLYRVGHOSUHVHQWHDUWtFXORPHGLDQWH FDVRVHQTXHQRVHSXHGDORFDOL]DUDQLQJX
FRQFUHFLyQGHDUUHJORVRDFXHUGRVELOD QRGHORVSDGUHVRPLHPEURVGHODIDPLOLD
WHUDOHV R PXOWLODWHUDOHV \ VH HVIRU]DUiQ VHFRQFHGHUiDOQLxRODPLVPDSURWHFFLyQ
GHQWUR GH HVWH PDUFR SRU JDUDQWL]DU TXHDFXDOTXLHURWURQLxRSULYDGRSHUPD
TXHODFRORFDFLyQGHOQLxRHQRWURSDtV QHQWHRWHPSRUDOPHQWHGHVXPHGLRIDPL
VHHIHFW~HSRUPHGLRGHODVDXWRULGDGHV OLDUSRUFXDOTXLHUPRWLYRFRPRVHGLVSR
XRUJDQLVPRVFRPSHWHQWHV QHHQODSUHVHQWH&RQYHQFLyQ

$UWtFXOR $UWtFXOR
 /RV (VWDGRV 3DUWHV DGRSWDUiQ PHGLGDV  /RV(VWDGRV3DUWHVUHFRQRFHQTXHHOQLxR
DGHFXDGDV SDUD ORJUDU TXH HO QLxR TXH PHQWDO R ItVLFDPHQWH LPSHGLGR GHEHUi
WUDWH GH REWHQHU HO HVWDWXWR GH UHIXJLD GLVIUXWDUGHXQDYLGDSOHQD\GHFHQWHHQ


FRQGLFLRQHVTXHDVHJXUHQVXGLJQLGDGOH ODHVIHUDGHODDWHQFLyQVDQLWDULDSUHYHQ
SHUPLWDQ OOHJDU D EDVWDUVH D Vt PLVPR \ WLYD \ GHO WUDWDPLHQWR PpGLFR SVLFROy
IDFLOLWHQ OD SDUWLFLSDFLyQ DFWLYD GHO QLxR JLFR\IXQFLRQDOGHORVQLxRVLPSHGLGRV
HQODFRPXQLGDG LQFOXLGDODGLIXVLyQGHLQIRUPDFLyQVREUH
ORVPpWRGRVGHUHKDELOLWDFLyQ\ORVVHUYL
 /RV (VWDGRV 3DUWHV UHFRQRFHQ HO GHUH FLRVGHHQVHxDQ]D\IRUPDFLyQSURIHVLR
FKR GHO QLxR LPSHGLGR D UHFLELU FXLGD QDODVtFRPRHODFFHVRDHVDLQIRUPDFLyQ
GRV HVSHFLDOHV \ DOHQWDUiQ \ DVHJXUDUiQ D ILQ GH TXH ORV (VWDGRV 3DUWHV SXHGDQ
FRQ VXMHFLyQ D ORV UHFXUVRV GLVSRQLEOHV PHMRUDUVXFDSDFLGDG\FRQRFLPLHQWRV\
ODSUHVWDFLyQDOQLxRTXHUH~QDODVFRQGL DPSOLDUVXH[SHULHQFLDHQHVWDVHVIHUDV$
FLRQHVUHTXHULGDV\DORVUHVSRQVDEOHVGH HVWH UHVSHFWR VH WHQGUiQ HVSHFLDOPHQWH
VXFXLGDGRGHODDVLVWHQFLDTXHVHVROLFLWH HQFXHQWDODVQHFHVLGDGHVGHORVSDtVHVHQ
\TXHVHDDIHFWDGDDOHVWDGRGHOQLxR\D GHVDUUROOR
ODVFLUFXQVWDQFLDVGHVXVSDGUHVRGHRWUDV
SHUVRQDVTXHFXLGHQGHpO $UWtFXOR
 /RV(VWDGRV3DUWHVUHFRQRFHQHOGHUHFKR
 (Q DWHQFLyQ D ODV QHFHVLGDGHV HVSHFLDOHV GHOQLxRDOGLVIUXWHGHOPiVDOWRQLYHOSR
GHO QLxR LPSHGLGR OD DVLVWHQFLD TXH VH VLEOHGHVDOXG\DVHUYLFLRVSDUDHOWUDWD
SUHVWHFRQIRUPHDOSiUUDIRGHOSUHVHQWH PLHQWRGHODVHQIHUPHGDGHV\ODUHKDEL
DUWtFXORVHUiJUDWXLWDVLHPSUHTXHVHDSR OLWDFLyQGHODVDOXG/RV(VWDGRV3DUWHVVH
VLEOHKDELGDFXHQWDGHODVLWXDFLyQHFRQy HVIRU]DUiQSRUDVHJXUDUTXHQLQJ~QQLxR
PLFDGHORVSDGUHVRGHODVRWUDVSHUVRQDV VHDSULYDGRGHVXGHUHFKRDOGLVIUXWHGH
TXHFXLGHQGHOQLxR\HVWDUiGHVWLQDGDD HVRVVHUYLFLRVVDQLWDULRV
DVHJXUDUTXHHOQLxRLPSHGLGRWHQJDXQ
DFFHVRHIHFWLYRDODHGXFDFLyQODFDSDFL  /RV (VWDGRV 3DUWHV DVHJXUDUiQ OD SOHQD
WDFLyQORVVHUYLFLRVVDQLWDULRVORVVHUYL DSOLFDFLyQ GH HVWH GHUHFKR \ HQ SDUWL
FLRVGHUHKDELOLWDFLyQODSUHSDUDFLyQSDUD FXODU DGRSWDUiQ ODV PHGLGDV DSURSLDGDV
HOHPSOHR\ODVRSRUWXQLGDGHVGHHVSDU SDUD
FLPLHQWR \ UHFLED WDOHV VHUYLFLRV FRQ HO
REMHWRGHTXHHOQLxRORJUHODLQWHJUDFLyQ D  5HGXFLUODPRUWDOLGDGLQIDQWLO\HQODQL
VRFLDO\HOGHVDUUROORLQGLYLGXDOLQFOXLGR xH]
VX GHVDUUROOR FXOWXUDO \ HVSLULWXDO HQ OD E  $VHJXUDU OD SUHVWDFLyQ GH OD DVLVWHQFLD
Pi[LPDPHGLGDSRVLEOH PpGLFD \ OD DWHQFLyQ VDQLWDULD TXH VHDQ
QHFHVDULDV D WRGRV ORV QLxRV KDFLHQGR
 /RV(VWDGRV3DUWHVSURPRYHUiQFRQHV KLQFDSLpHQHOGHVDUUROORGHODDWHQFLyQ
StULWX GH FRRSHUDFLyQ LQWHUQDFLRQDO HO SULPDULDGHVDOXG
LQWHUFDPELRGHLQIRUPDFLyQDGHFXDGDHQ


F  &RPEDWLUODVHQIHUPHGDGHV\ODPDOQX FKR UHFRQRFLGR HQ HO SUHVHQWH DUWtFXOR
WULFLyQ HQ HO PDUFR GH OD DWHQFLyQ SUL $ HVWH UHVSHFWR VH WHQGUiQ SOHQDPHQWH
PDULDGHODVDOXGPHGLDQWHHQWUHRWUDV HQFXHQWDODVQHFHVLGDGHVGHORVSDtVHVHQ
FRVDV OD DSOLFDFLyQ GH OD WHFQRORJtD GHVDUUROOR
GLVSRQLEOH\HOVXPLQLVWURGHDOLPHQWRV
QXWULWLYRVDGHFXDGRV\DJXDSRWDEOHVD $UWtFXOR
OXEUHWHQLHQGRHQFXHQWDORVSHOLJURV\ /RV (VWDGRV 3DUWHV UHFRQRFHQ HO GHUHFKR
ULHVJRVGHFRQWDPLQDFLyQGHOPHGLRDP GHO QLxR TXH KD VLGR LQWHUQDGR HQ XQ HVWD
ELHQWH EOHFLPLHQWR SRU ODV DXWRULGDGHV FRPSHWHQ
G  $VHJXUDU DWHQFLyQ VDQLWDULD SUHQDWDO \ WHVSDUD ORV ILQHVGHDWHQFLyQ SURWHFFLyQR
SRVQDWDODSURSLDGDDODVPDGUHV WUDWDPLHQWRGHVXVDOXGItVLFDRPHQWDODXQ
H  $VHJXUDUTXHWRGRVORVVHFWRUHVGHODVR H[DPHQSHULyGLFRGHOWUDWDPLHQWRDTXHHVWp
FLHGDG \ HQ SDUWLFXODU ORV SDGUHV \ ORV VRPHWLGR\GHWRGDVODVGHPiVFLUFXQVWDQFLDV
QLxRV FRQR]FDQ ORV SULQFLSLRV EiVLFRV SURSLDVGHVXLQWHUQDFLyQ
GH OD VDOXG \ OD QXWULFLyQ GH ORV QLxRV
ODV YHQWDMDV GH OD ODFWDQFLD PDWHUQD OD $UWtFXOR
KLJLHQH\HOVDQHDPLHQWRDPELHQWDO\ODV  /RV (VWDGRV 3DUWHV UHFRQRFHUiQ D WRGRV
PHGLGDV GH SUHYHQFLyQ GH DFFLGHQWHV ORVQLxRVHOGHUHFKRDEHQHILFLDUVHGHOD
WHQJDQDFFHVRDODHGXFDFLyQSHUWLQHQWH VHJXULGDG VRFLDO LQFOXVR GHO VHJXUR VR
\UHFLEDQDSR\RHQODDSOLFDFLyQGHHVRV FLDO \ DGRSWDUiQ ODV PHGLGDV QHFHVDULDV
FRQRFLPLHQWRV SDUD ORJUDU OD SOHQD UHDOL]DFLyQ GH HVWH
I  'HVDUUROODU OD DWHQFLyQ VDQLWDULD SUH GHUHFKR GH FRQIRUPLGDG FRQ VX OHJLVOD
YHQWLYDODRULHQWDFLyQDORVSDGUHV\OD FLyQQDFLRQDO
HGXFDFLyQ\VHUYLFLRVHQPDWHULDGHSOD
QLILFDFLyQGHODIDPLOLD  /DV SUHVWDFLRQHV GHEHUtDQ FRQFHGHUVH
FXDQGR FRUUHVSRQGD WHQLHQGR HQ FXHQ
 /RV (VWDGRV 3DUWHV DGRSWDUiQ WRGDV ODV WD ORV UHFXUVRV \ OD VLWXDFLyQ GHO QLxR \
PHGLGDV HILFDFHV \ DSURSLDGDV SRVLEOHV GHODVSHUVRQDVTXHVHDQUHVSRQVDEOHVGHO
SDUDDEROLUODVSUiFWLFDVWUDGLFLRQDOHVTXH PDQWHQLPLHQWRGHOQLxRDVtFRPRFXDO
VHDQSHUMXGLFLDOHVSDUDODVDOXGGHORVQL TXLHURWUDFRQVLGHUDFLyQSHUWLQHQWHDXQD
xRV VROLFLWXG GH SUHVWDFLRQHV KHFKD SRU HO
QLxRRHQVXQRPEUH
 /RV (VWDGRV 3DUWHV VH FRPSURPHWHQ D
SURPRYHU \ DOHQWDU OD FRRSHUDFLyQ LQ
WHUQDFLRQDO FRQ PLUDV D ORJUDU SURJUH
VLYDPHQWH OD SOHQD UHDOL]DFLyQ GHO GHUH


$UWtFXOR R OD FRQFHUWDFLyQ GH GLFKRV FRQYHQLRV
 /RV(VWDGRV3DUWHVUHFRQRFHQHOGHUHFKR DVtFRPRODFRQFHUWDFLyQGHFXDOHVTXLHUD
GHWRGRQLxRDXQQLYHOGHYLGDDGHFXDGR RWURVDUUHJORVDSURSLDGRV
SDUDVXGHVDUUROORItVLFRPHQWDOHVSLUL
WXDOPRUDO\VRFLDO $UWtFXOR
 /RV(VWDGRV3DUWHVUHFRQRFHQHOGHUHFKR
 $ORVSDGUHVXRWUDVSHUVRQDVHQFDUJDGDV GHOQLxRDODHGXFDFLyQ\DILQGHTXHVH
GHO QLxR OHV LQFXPEH OD UHVSRQVDELOLGDG SXHGDHMHUFHUSURJUHVLYDPHQWH\HQFRQ
SULPRUGLDO GH SURSRUFLRQDU GHQWUR GH GLFLRQHV GH LJXDOGDG GH RSRUWXQLGDGHV
VXV SRVLELOLGDGHV \ PHGLRV HFRQyPLFRV HVHGHUHFKRGHEHUiQHQSDUWLFXODU
ODVFRQGLFLRQHVGHYLGDTXHVHDQQHFHVD D  ,PSODQWDUODHQVHxDQ]DSULPDULDREOLJD
ULDVSDUDHOGHVDUUROORGHOQLxR WRULD\JUDWXLWDSDUDWRGRV
E  )RPHQWDUHOGHVDUUROORHQVXVGLVWLQWDV
 /RV (VWDGRV 3DUWHV GH DFXHUGR FRQ ODV IRUPDVGHODHQVHxDQ]DVHFXQGDULDLQ
FRQGLFLRQHV QDFLRQDOHV \ FRQ DUUHJOR D FOXLGD OD HQVHxDQ]D JHQHUDO \ SURIHVLR
VXVPHGLRVDGRSWDUiQPHGLGDVDSURSLD QDOKDFHUTXHWRGRVORVQLxRVGLVSRQJDQ
GDVSDUDD\XGDUDORVSDGUHV\DRWUDVSHU GHHOOD\WHQJDQDFFHVRDHOOD\DGRSWDU
VRQDVUHVSRQVDEOHVSRUHOQLxRDGDUHIHF PHGLGDV DSURSLDGDV WDOHV FRPR OD LP
WLYLGDGDHVWHGHUHFKR\HQFDVRQHFHVD SODQWDFLyQ GH OD HQVHxDQ]D JUDWXLWD \
ULR SURSRUFLRQDUiQ DVLVWHQFLD PDWHULDO OD FRQFHVLyQ GH DVLVWHQFLD ILQDQFLHUD HQ
\ SURJUDPDV GH DSR\R SDUWLFXODUPHQWH FDVRGHQHFHVLGDG
FRQUHVSHFWRDODQXWULFLyQHOYHVWXDULR F  +DFHUODHQVHxDQ]DVXSHULRUDFFHVLEOHD
\ODYLYLHQGD WRGRVVREUHODEDVHGHODFDSDFLGDGSRU
FXDQWRVPHGLRVVHDQDSURSLDGRV
 /RV(VWDGRV3DUWHVWRPDUiQWRGDVODVPH G  +DFHUTXHWRGRVORVQLxRVGLVSRQJDQGH
GLGDV DSURSLDGDV SDUD DVHJXUDU HO SDJR LQIRUPDFLyQ\RULHQWDFLyQHQFXHVWLRQHV
GH OD SHQVLyQ DOLPHQWLFLD SRU SDUWH GH HGXFDFLRQDOHV \ SURIHVLRQDOHV \ WHQJDQ
ORV SDGUHV X RWUDV SHUVRQDV TXH WHQJDQ DFFHVRDHOODV
ODUHVSRQVDELOLGDGILQDQFLHUDSRUHOQLxR H  $GRSWDUPHGLGDVSDUDIRPHQWDUODDVLV
WDQWR VL YLYHQ HQ HO (VWDGR 3DUWH FRPR WHQFLDUHJXODUDODVHVFXHODV\UHGXFLUODV
VL YLYHQ HQ HO H[WUDQMHUR (Q SDUWLFXODU WDVDVGHGHVHUFLyQHVFRODU
FXDQGRODSHUVRQDTXHWHQJDODUHVSRQVD
ELOLGDGILQDQFLHUDSRUHOQLxRUHVLGDHQXQ  /RV (VWDGRV 3DUWHV DGRSWDUiQ FXDQWDV
(VWDGR GLIHUHQWH GH DTXHO HQ TXH UHVLGD PHGLGDV VHDQ DGHFXDGDV SDUD YHODU SRU
HOQLxRORV(VWDGRV3DUWHVSURPRYHUiQOD TXHODGLVFLSOLQDHVFRODUVHDGPLQLVWUHGH
DGKHVLyQDORVFRQYHQLRVLQWHUQDFLRQDOHV PRGRFRPSDWLEOHFRQODGLJQLGDGKXPD


QDGHOQLxR\GHFRQIRUPLGDGFRQODSUH WRGRVORVSXHEORVJUXSRVpWQLFRVQDFLR
VHQWH&RQYHQFLyQ QDOHV \ UHOLJLRVRV \ SHUVRQDV GH RULJHQ
LQGtJHQD
 /RV(VWDGRV3DUWHVIRPHQWDUiQ\DOHQWD H  ,QFXOFDU DO QLxR HO UHVSHWR GHO PHGLR
UiQODFRRSHUDFLyQLQWHUQDFLRQDOHQFXHV DPELHQWHQDWXUDO
WLRQHV GH HGXFDFLyQ HQ SDUWLFXODU D ILQ
GH FRQWULEXLU D HOLPLQDU OD LJQRUDQFLD \  1DGD GH OR GLVSXHVWR HQ HO SUHVHQWHDU
HODQDOIDEHWLVPRHQWRGRHOPXQGR\GH WtFXORRHQHODUWtFXORVHLQWHUSUHWDUi
IDFLOLWDU HO DFFHVR D ORV FRQRFLPLHQWRV FRPR XQD UHVWULFFLyQ GH OD OLEHUWDG GH
WpFQLFRV \ D ORV PpWRGRV PRGHUQRV GH ORV SDUWLFXODUHV \ GH ODV HQWLGDGHV SDUD
HQVHxDQ]D $ HVWH UHVSHFWR VH WHQGUiQ HVWDEOHFHU\GLULJLULQVWLWXFLRQHVGHHQVH
HVSHFLDOPHQWHHQFXHQWDODVQHFHVLGDGHV xDQ]DDFRQGLFLyQGHTXHVHUHVSHWHQORV
GHORVSDtVHVHQGHVDUUROOR SULQFLSLRVHQXQFLDGRVHQHOSiUUDIRGHO
SUHVHQWH DUWtFXOR \ GH TXH OD HGXFDFLyQ
$UWtFXOR LPSDUWLGDHQWDOHVLQVWLWXFLRQHVVHDMXVWH
 /RV (VWDGRV 3DUWHV FRQYLHQHQ HQ TXH OD DODVQRUPDVPtQLPDVTXHSUHVFULEDHO(V
HGXFDFLyQGHOQLxRGHEHUiHVWDUHQFDPL WDGR
QDGDD
D  'HVDUUROODU OD SHUVRQDOLGDG ODV DSWL $UWtFXOR
WXGHV\ODFDSDFLGDGPHQWDO\ItVLFDGHO (Q ORV (VWDGRV HQ TXH H[LVWDQ PLQRUtDV pW
QLxRKDVWDHOPi[LPRGHVXVSRVLELOLGD QLFDVUHOLJLRVDVROLQJtVWLFDVRSHUVRQDVGH
GHV RULJHQLQGtJHQDQRVHQHJDUiDXQQLxRTXH
E  ,QFXOFDUDOQLxRHOUHVSHWRGHORVGHUH SHUWHQH]FD D WDOHV PLQRUtDV R TXH VHD LQGt
FKRV KXPDQRV \ ODV OLEHUWDGHV IXQGD JHQDHOGHUHFKRTXHOHFRUUHVSRQGHHQFR
PHQWDOHV\GHORVSULQFLSLRVFRQVDJUDGRV P~QFRQORVGHPiVPLHPEURVGHVXJUXSR
HQOD&DUWDGHODV1DFLRQHV8QLGDV DWHQHUVXSURSLDYLGDFXOWXUDODSURIHVDU\
F  ,QFXOFDUDOQLxRHOUHVSHWRGHVXVSDGUHV SUDFWLFDUVXSURSLDUHOLJLyQRDHPSOHDUVX
GH VX SURSLD LGHQWLGDG FXOWXUDO GH VX SURSLRLGLRPD
LGLRPD\VXVYDORUHVGHORVYDORUHVQD
FLRQDOHVGHOSDtVHQTXHYLYHGHOSDtVGH $UWtFXOR
TXHVHDRULJLQDULR\GHODVFLYLOL]DFLRQHV  /RV(VWDGRV3DUWHVUHFRQRFHQHOGHUHFKR
GLVWLQWDVGHODVX\D GHOQLxRDOGHVFDQVR\HOHVSDUFLPLHQWR
G  3UHSDUDU DO QLxR SDUD DVXPLU XQD YLGD DO MXHJR \ D ODV DFWLYLGDGHV UHFUHDWLYDV
UHVSRQVDEOH HQ XQD VRFLHGDG OLEUH FRQ SURSLDV GH VX HGDG \ D SDUWLFLSDU OLEUH
HVStULWX GH FRPSUHQVLyQ SD] WROHUDQ PHQWHHQODYLGDFXOWXUDO\HQODVDUWHV
FLDLJXDOGDGGHORVVH[RV\DPLVWDGHQWUH


 /RV(VWDGRV3DUWHVUHVSHWDUiQ\SURPR $UWtFXOR
YHUiQ HO GHUHFKR GHO QLxR D SDUWLFLSDU /RV (VWDGRV 3DUWHV DGRSWDUiQ WRGDV ODV PH
SOHQDPHQWHHQODYLGDFXOWXUDO\DUWtVWLFD GLGDVDSURSLDGDVLQFOXLGDVPHGLGDVOHJLVODWL
\SURSLFLDUiQRSRUWXQLGDGHVDSURSLDGDV YDVDGPLQLVWUDWLYDVVRFLDOHV\HGXFDFLRQDOHV
HQFRQGLFLRQHVGHLJXDOGDGGHSDUWLFLSDU SDUDSURWHJHUDORVQLxRVFRQWUDHOXVRLOtFLWR
HQODYLGDFXOWXUDODUWtVWLFDUHFUHDWLYD\ GHORVHVWXSHIDFLHQWHV\VXVWDQFLDVVLFRWUySL
GHHVSDUFLPLHQWR FDVHQXPHUDGDVHQORVWUDWDGRVLQWHUQDFLRQD
OHVSHUWLQHQWHV\SDUDLPSHGLUTXHVHXWLOLFH
$UWtFXOR DQLxRVHQODSURGXFFLyQ\HOWUiILFRLOtFLWRV
 /RV(VWDGRV3DUWHVUHFRQRFHQHOGHUHFKR GHHVDVVXVWDQFLDV
GHO QLxR D HVWDU SURWHJLGR FRQWUD OD H[
SORWDFLyQHFRQyPLFD\FRQWUDHOGHVHP $UWtFXOR
SHxRGHFXDOTXLHUWUDEDMRTXHSXHGDVHU /RV (VWDGRV 3DUWHV VH FRPSURPHWHQ D SUR
SHOLJURVR R HQWRUSHFHU VX HGXFDFLyQ R WHJHUDOQLxRFRQWUDWRGDVODVIRUPDVGHH[
TXHVHDQRFLYRSDUDVXVDOXGRSDUDVXGH SORWDFLyQ\DEXVRVH[XDOHV&RQHVWHILQORV
VDUUROOR ItVLFR PHQWDO HVSLULWXDO PRUDO (VWDGRV3DUWHVWRPDUiQHQSDUWLFXODUWRGDV
RVRFLDO ODV PHGLGDV GH FDUiFWHU QDFLRQDO ELODWHUDO \
PXOWLODWHUDOTXHVHDQQHFHVDULDVSDUDLPSHGLU
 /RV(VWDGRV3DUWHVDGRSWDUiQPHGLGDVOH D  /DLQFLWDFLyQRODFRDFFLyQSDUDTXHXQ
JLVODWLYDVDGPLQLVWUDWLYDVVRFLDOHV\HGX QLxR VH GHGLTXH D FXDOTXLHU DFWLYLGDG
FDFLRQDOHV SDUD JDUDQWL]DU OD DSOLFDFLyQ VH[XDOLOHJDO
GHOSUHVHQWHDUWtFXOR&RQHVHSURSyVLWR E  /D H[SORWDFLyQ GHO QLxR HQ OD SURVWLWX
\ WHQLHQGR HQ FXHQWD ODV GLVSRVLFLRQHV FLyQXRWUDVSUiFWLFDVVH[XDOHVLOHJDOHV
SHUWLQHQWHVGHRWURVLQVWUXPHQWRVLQWHU F  /DH[SORWDFLyQGHOQLxRHQHVSHFWiFXORV
QDFLRQDOHV ORV (VWDGRV 3DUWHV HQ SDUWL RPDWHULDOHVSRUQRJUiILFRV
FXODU
D  )LMDUiQXQDHGDGRHGDGHVPtQLPDVSDUD $UWtFXOR
WUDEDMDU /RV (VWDGRV 3DUWHV WRPDUiQ WRGDV ODV PH
E  'LVSRQGUiQODUHJODPHQWDFLyQDSURSLDGD GLGDV GH FDUiFWHU QDFLRQDO ELODWHUDO \ PXO
GHORVKRUDULRV\FRQGLFLRQHVGHWUDEDMR WLODWHUDOTXHVHDQQHFHVDULDVSDUDLPSHGLUHO
F  (VWLSXODUiQ ODV SHQDOLGDGHV X RWUDV VDQ VHFXHVWUR OD YHQWD R OD WUDWD GH QLxRV SDUD
FLRQHVDSURSLDGDVSDUDDVHJXUDUODDSOL FXDOTXLHUILQRHQFXDOTXLHUIRUPD
FDFLyQHIHFWLYDGHOSUHVHQWHDUWtFXOR


$UWtFXOR FLD MXUtGLFD \ RWUD DVLVWHQFLD DGHFXDGD
/RV(VWDGRV3DUWHVSURWHJHUiQDOQLxRFRQWUD DVt FRPR GHUHFKR D LPSXJQDU OD OHJDOL
WRGDV ODV GHPiV IRUPDV GH H[SORWDFLyQ TXH GDGGHODSULYDFLyQGHVXOLEHUWDGDQWHXQ
VHDQSHUMXGLFLDOHVSDUDFXDOTXLHUDVSHFWRGH WULEXQDO X RWUD DXWRULGDG FRPSHWHQWH
VXELHQHVWDU LQGHSHQGLHQWHHLPSDUFLDO\DXQDSURQWD
GHFLVLyQVREUHGLFKDDFFLyQ
$UWtFXOR
/RV(VWDGRV3DUWHVYHODUiQSRUTXH $UWtFXOR
D  1LQJ~QQLxRVHDVRPHWLGRDWRUWXUDVQL  /RV (VWDGRV 3DUWHV VH FRPSURPHWHQ D
DRWURVWUDWRVRSHQDVFUXHOHVLQKXPD UHVSHWDU \ YHODU SRUTXH VH UHVSHWHQ ODV
QRVRGHJUDGDQWHV1RVHLPSRQGUiOD QRUPDVGHOGHUHFKRLQWHUQDFLRQDOKXPD
SHQDFDSLWDOQLODGHSULVLyQSHUSHWXDVLQ QLWDULRTXHOHVVHDQDSOLFDEOHVHQORVFRQ
SRVLELOLGDGGHH[FDUFHODFLyQSRUGHOLWRV IOLFWRV DUPDGRV \ TXH VHDQ SHUWLQHQWHV
FRPHWLGRV SRU PHQRUHV GH  DxRV GH SDUDHOQLxR
HGDG
E  1LQJ~QQLxRVHDSULYDGRGHVXOLEHUWDG  /RV (VWDGRV 3DUWHV DGRSWDUiQ WRGDV ODV
LOHJDORDUELWUDULDPHQWH/DGHWHQFLyQHO PHGLGDV SRVLEOHV SDUD DVHJXUDU TXH ODV
HQFDUFHODPLHQWRRODSULVLyQGHXQQLxR SHUVRQDVTXHD~QQRKD\DQFXPSOLGRORV
VHOOHYDUiDFDERGHFRQIRUPLGDGFRQOD  DxRV GH HGDG QR SDUWLFLSHQ GLUHFWD
OH\\VHXWLOL]DUiWDQVyORFRPRPHGLGD PHQWHHQODVKRVWLOLGDGHV
GH~OWLPRUHFXUVR\GXUDQWHHOSHUtRGR
PiVEUHYHTXHSURFHGD  /RV(VWDGRV3DUWHVVHDEVWHQGUiQGHUH
F  7RGR QLxR SULYDGR GH OLEHUWDG VHD WUD FOXWDUHQODVIXHU]DVDUPDGDVDODVSHUVR
WDGRFRQODKXPDQLGDG\HOUHVSHWRTXH QDV TXH QR KD\DQ FXPSOLGR ORV  DxRV
PHUHFHODGLJQLGDGLQKHUHQWHDODSHUVR GHHGDG6LUHFOXWDQSHUVRQDVTXHKD\DQ
QDKXPDQD\GHPDQHUDTXHVHWHQJDQ FXPSOLGRDxRVSHURTXHVHDQPHQR
HQFXHQWDODVQHFHVLGDGHVGHODVSHUVRQDV UHVGHORV(VWDGRV3DUWHVSURFXUDUiQ
GHVXHGDG(QSDUWLFXODUWRGRQLxRSUL GDUSULRULGDGDORVGHPiVHGDG
YDGRGHOLEHUWDGHVWDUiVHSDUDGRGHORV
DGXOWRV D PHQRV TXH HOOR VH FRQVLGHUH  'H FRQIRUPLGDG FRQ ODV REOLJDFLRQHV
FRQWUDULRDOLQWHUpVVXSHULRUGHOQLxR\ GLPDQDGDV GHO GHUHFKR LQWHUQDFLRQDO
WHQGUiGHUHFKRDPDQWHQHUFRQWDFWRFRQ KXPDQLWDULR GH SURWHJHU D OD SREODFLyQ
VXIDPLOLDSRUPHGLRGHFRUUHVSRQGHQFLD FLYLOGXUDQWHORVFRQIOLFWRVDUPDGRVORV
\GHYLVLWDVVDOYRHQFLUFXQVWDQFLDVH[ (VWDGRV3DUWHVDGRSWDUiQWRGDVODVPHGL
FHSFLRQDOHV GDVSRVLEOHVSDUDDVHJXUDUODSURWHFFLyQ\
G  7RGRQLxRSULYDGRGHVXOLEHUWDGWHQGUi HOFXLGDGRGHORVQLxRVDIHFWDGRVSRUXQ
GHUHFKRDXQSURQWRDFFHVRDODDVLVWHQ FRQIOLFWRDUPDGR


$UWtFXOR OH\HVQDFLRQDOHVRLQWHUQDFLRQDOHVHQHO
/RV (VWDGRV 3DUWHV DGRSWDUiQ WRGDV ODV PH PRPHQWRHQTXHVHFRPHWLHURQ
GLGDVDSURSLDGDVSDUDSURPRYHUODUHFXSHUD E  4XHWRGRQLxRGHOTXHVHDOHJXHTXHKD
FLyQItVLFD\SVLFROyJLFD\ODUHLQWHJUDFLyQVR LQIULQJLGRODVOH\HVSHQDOHVRDTXLHQVH
FLDOGHWRGRQLxRYtFWLPDGHFXDOTXLHUIRUPD DFXVHGHKDEHULQIULQJLGRHVDVOH\HVVHOH
GHDEDQGRQRH[SORWDFLyQRDEXVRWRUWXUDX JDUDQWLFHSRUORPHQRVORVLJXLHQWH
RWUDIRUPDGHWUDWRVRSHQDVFUXHOHVLQKX L  4XHVHORSUHVXPLUiLQRFHQWHPLHQWUDV
PDQRVRGHJUDGDQWHVRFRQIOLFWRVDUPDGRV QRVHSUXHEDVXFXOSDELOLGDGFRQIRUPH
(VDUHFXSHUDFLyQ\UHLQWHJUDFLyQVHOOHYDUiQ DODOH\
DFDERHQXQDPELHQWHTXHIRPHQWHODVDOXG LL  4XH VHUi LQIRUPDGR VLQ GHPRUD \ GL
HOUHVSHWRGHVtPLVPR\ODGLJQLGDGGHOQLxR UHFWDPHQWHRFXDQGRVHDSURFHGHQWH
SRU LQWHUPHGLR GH VXV SDGUHV R VXV
$UWtFXOR UHSUHVHQWDQWHV OHJDOHV GH ORV FDUJRV
 /RV(VWDGRV3DUWHVUHFRQRFHQHOGHUHFKR TXH SHVDQ FRQWUD pO \ TXH GLVSRQGUi
GHWRGRQLxRGHTXLHQVHDOHJXHTXHKD GH DVLVWHQFLD MXUtGLFD X RWUD DVLVWHQFLD
LQIULQJLGRODVOH\HVSHQDOHVRDTXLHQVH DSURSLDGDHQODSUHSDUDFLyQ\SUHVHQ
DFXVHRGHFODUHFXOSDEOHGHKDEHULQIULQ WDFLyQGHVXGHIHQVD
JLGR HVDV OH\HV D VHU WUDWDGR GH PDQHUD LLL  4XH OD FDXVD VHUi GLULPLGD VLQ GHPR
DFRUGHFRQHOIRPHQWRGHVXVHQWLGRGH UDSRUXQDDXWRULGDGXyUJDQRMXGLFLDO
OD GLJQLGDG \ HO YDORU TXH IRUWDOH]FD HO FRPSHWHQWHLQGHSHQGLHQWHHLPSDUFLDO
UHVSHWR GHO QLxR SRU ORV GHUHFKRV KX HQ XQD DXGLHQFLD HTXLWDWLYD FRQIRUPH
PDQRV\ODVOLEHUWDGHVIXQGDPHQWDOHVGH DODOH\HQSUHVHQFLDGHXQDVHVRUMX
WHUFHURV\HQODTXHVHWHQJDQHQFXHQWD UtGLFR X RWUR WLSR GH DVHVRU DGHFXDGR
ODHGDGGHOQLxR\ODLPSRUWDQFLDGHSUR \DPHQRVTXHVHFRQVLGHUDUHTXHHOOR
PRYHUODUHLQWHJUDFLyQGHOQLxR\GHTXH IXHUHFRQWUDULRDOLQWHUpVVXSHULRUGHO
pVWHDVXPDXQDIXQFLyQFRQVWUXFWLYDHQOD QLxRWHQLHQGRHQFXHQWDHQSDUWLFXODU
VRFLHGDG VXHGDGRVLWXDFLyQ\DVXVSDGUHVRUH
 &RQHVHILQ\KDELGDFXHQWDGHODVGLVSR SUHVHQWDQWHVOHJDOHV
VLFLRQHVSHUWLQHQWHVGHORVLQVWUXPHQWRV LY  4XH QR VHUi REOLJDGR D SUHVWDU WHV
LQWHUQDFLRQDOHVORV(VWDGRV3DUWHVJDUDQ WLPRQLR R D GHFODUDUVH FXOSDEOH TXH
WL]DUiQHQSDUWLFXODU SRGUi LQWHUURJDU R KDFHU TXH VH LQWH
D  4XHQRVHDOHJXHTXHQLQJ~QQLxRKDLQ UURJXH D WHVWLJRV GH FDUJR \ REWHQHU
IULQJLGRODVOH\HVSHQDOHVQLVHDFXVHR ODSDUWLFLSDFLyQ\HOLQWHUURJDWRULRGH
GHFODUHFXOSDEOHDQLQJ~QQLxRGHKDEHU WHVWLJRVGHGHVFDUJRHQFRQGLFLRQHVGH
LQIULQJLGR HVDV OH\HV SRU DFWRV X RPL LJXDOGDG
VLRQHVTXHQRHVWDEDQSURKLELGRVSRUODV


Y  6LVHFRQVLGHUDUHTXHKDLQIULQJLGRHQ ODOLEHUWDGYLJLODGDODFRORFDFLyQHQKR
HIHFWRODVOH\HVSHQDOHVTXHHVWDGHFL JDUHVGHJXDUGDORVSURJUDPDVGHHQVH
VLyQ\WRGDPHGLGDLPSXHVWDDFRQVH xDQ]D\IRUPDFLyQSURIHVLRQDODVtFRPR
FXHQFLDGHHOODVHUiQVRPHWLGDVDXQD RWUDV SRVLELOLGDGHV DOWHUQDWLYDV D OD LQ
DXWRULGDG X yUJDQR MXGLFLDO VXSHULRU WHUQDFLyQHQLQVWLWXFLRQHVSDUDDVHJXUDU
FRPSHWHQWH LQGHSHQGLHQWH H LPSDU TXH ORV QLxRV VHDQ WUDWDGRV GH PDQHUD
FLDOFRQIRUPHDODOH\ DSURSLDGDSDUDVXELHQHVWDU\TXHJXDUGH
YL  4XH HO QLxR FRQWDUi FRQ OD DVLVWHQFLD SURSRUFLyQ WDQWR FRQ VXV FLUFXQVWDQFLDV
JUDWXLWD GH XQ LQWpUSUHWH VL QR FRP FRPRFRQODLQIUDFFLyQ
SUHQGHRQRKDEODHOLGLRPDXWLOL]DGR
YLL  4XH VH UHVSHWDUi SOHQDPHQWH VX YLGD $UWtFXOR
SULYDGDHQWRGDVODVIDVHVGHOSURFHGL 1DGDGHORGLVSXHVWRHQODSUHVHQWH&RQYHQ
PLHQWR FLyQDIHFWDUiDODVGLVSRVLFLRQHVTXHVHDQPiV
FRQGXFHQWHVDODUHDOL]DFLyQGHORVGHUHFKRV
 /RV(VWDGRV3DUWHVWRPDUiQWRGDVODVPH GHOQLxR\TXHSXHGDQHVWDUUHFRJLGDVHQ
GLGDV DSURSLDGDV SDUD SURPRYHU HO HVWD D (OGHUHFKRGHXQ(VWDGR3DUWHR
EOHFLPLHQWR GH OH\HV SURFHGLPLHQWRV E (OGHUHFKRLQWHUQDFLRQDOYLJHQWHFRQUHV
DXWRULGDGHV H LQVWLWXFLRQHV HVSHFtILFRV SHFWRDGLFKR(VWDGR
SDUD ORV QLxRV GH TXLHQHV VH DOHJXH TXH
KDQLQIULQJLGRODVOH\HVSHQDOHVRDTXLH 3$57(,,
QHVVHDFXVHRGHFODUHFXOSDEOHGHKDEHU
LQIULQJLGRHVDVOH\HV\HQSDUWLFXODU $UWtFXOR
D  (OHVWDEOHFLPLHQWRGHXQDHGDGPtQLPD /RV(VWDGRV3DUWHVVHFRPSURPHWHQDGDUD
DQWHVGHODFXDOVHSUHVXPLUiTXHORVQL FRQRFHUDPSOLDPHQWHORVSULQFLSLRV\GLVSR
xRVQRWLHQHQFDSDFLGDGSDUDLQIULQJLUODV VLFLRQHVGHOD&RQYHQFLyQSRUPHGLRVHILFD
OH\HVSHQDOHV FHV\DSURSLDGRVWDQWRDORVDGXOWRVFRPRD
E  6LHPSUHTXHVHDDSURSLDGR\GHVHDEOHOD ORVQLxRV
DGRSFLyQ GH PHGLGDV SDUD WUDWDU D HVRV
QLxRV VLQ UHFXUULU D SURFHGLPLHQWRV MX $UWtFXOR
GLFLDOHVHQHOHQWHQGLPLHQWRGHTXHVH  &RQODILQDOLGDGGHH[DPLQDUORVSURJUH
UHVSHWDUiQSOHQDPHQWHORVGHUHFKRVKX VRVUHDOL]DGRVHQHOFXPSOLPLHQWRGHODV
PDQRV\ODVJDUDQWtDVOHJDOHV REOLJDFLRQHV FRQWUDtGDV SRU ORV (VWDGRV
3DUWHVHQODSUHVHQWH&RQYHQFLyQVHHV
 6H GLVSRQGUi GH GLYHUVDV PHGLGDV WDOHV WDEOHFHUiXQ&RPLWpGHORV'HUHFKRVGHO
FRPR HO FXLGDGR ODV yUGHQHV GH RULHQ 1LxRTXHGHVHPSHxDUiODVIXQFLRQHVTXH
WDFLyQ \ VXSHUYLVLyQ HO DVHVRUDPLHQWR DFRQWLQXDFLyQVHHVWLSXODQ


 (O&RPLWpHVWDUiLQWHJUDGRSRUGLH]H[  /DV HOHFFLRQHV VH FHOHEUDUiQ HQ XQD UH
SHUWRVGHJUDQLQWHJULGDGPRUDO\UHFR XQLyQ GH ORV (VWDGRV 3DUWHV FRQYRFDGD
QRFLGD FRPSHWHQFLD HQ ODV HVIHUDV UHJX SRUHO6HFUHWDULR*HQHUDOHQOD6HGHGH
ODGDV SRU OD SUHVHQWH &RQYHQFLyQ /RV ODV1DFLRQHV8QLGDV(QHVDUHXQLyQHQ
PLHPEURVGHO&RPLWpVHUiQHOHJLGRVSRU ODTXHODSUHVHQFLDGHGRVWHUFLRVGHORV
ORV(VWDGRV3DUWHVHQWUHVXVQDFLRQDOHV\ (VWDGRV 3DUWHV FRQVWLWXLUi TXyUXP ODV
HMHUFHUiQVXVIXQFLRQHVDWtWXORSHUVRQDO SHUVRQDVVHOHFFLRQDGDVSDUDIRUPDUSDU
WHQLpQGRVHGHELGDPHQWHHQFXHQWDODGLV WHGHO&RPLWpVHUiQDTXHOORVFDQGLGDWRV
WULEXFLyQJHRJUiILFDDVtFRPRORVSULQFL TXHREWHQJDQHOPD\RUQ~PHURGHYRWRV
SDOHVVLVWHPDVMXUtGLFRV \XQDPD\RUtDDEVROXWDGHORVYRWRVGHORV
UHSUHVHQWDQWHVGHORV(VWDGRV3DUWHVSUH
 /RV PLHPEURV GHO &RPLWp VHUiQ HOHJL VHQWHV\YRWDQWHV
GRVHQYRWDFLyQVHFUHWDGHXQDOLVWDGH
SHUVRQDVGHVLJQDGDVSRUORV(VWDGRV3DU  /RVPLHPEURVGHO&RPLWpVHUiQHOHJLGRV
WHV&DGD(VWDGR3DUWHSRGUiGHVLJQDUD SRU XQ SHUtRGR GH FXDWUR DxRV 3RGUiQ
XQD SHUVRQD HVFRJLGD HQWUH VXV SURSLRV VHUUHHOHJLGRVVLVHSUHVHQWDGHQXHYRVX
QDFLRQDOHV FDQGLGDWXUD(OPDQGDWRGHFLQFRGHORV
PLHPEURVHOHJLGRVHQODSULPHUDHOHFFLyQ
 /D HOHFFLyQ LQLFLDO VH FHOHEUDUi D PiV H[SLUDUiDOFDERGHGRVDxRVLQPHGLDWD
WDUGDU VHLV PHVHV GHVSXpV GH OD HQWUDGD PHQWH GHVSXpV GH HIHFWXDGD OD SULPHUD
HQ YLJRU GH OD SUHVHQWH &RQYHQFLyQ \ HOHFFLyQHO3UHVLGHQWHGHODUHXQLyQHQ
XOWHULRUPHQWH FDGD GRV DxRV &RQ FXD TXHpVWDVHFHOHEUHHOHJLUiSRUVRUWHRORV
WURPHVHVFRPRPtQLPRGHDQWHODFLyQ QRPEUHVGHHVRVFLQFRPLHPEURV
UHVSHFWRGHODIHFKDGHFDGDHOHFFLyQHO
6HFUHWDULR*HQHUDOGHODV1DFLRQHV8QL  6LXQPLHPEURGHO&RPLWpIDOOHFHRGLPL
GDVGLULJLUiXQDFDUWDDORV(VWDGRV3DUWHV WHRGHFODUDTXHSRUFXDOTXLHURWUDFDXVD
LQYLWiQGRORVDTXHSUHVHQWHQVXVFDQGLGD QRSXHGHVHJXLUGHVHPSHxDQGRVXVIXQ
WXUDVHQXQSOD]RGHGRVPHVHV(O6HFUH FLRQHVHQHO&RPLWpHO(VWDGR3DUWHTXH
WDULR*HQHUDOSUHSDUDUiGHVSXpVXQDOLVWD SURSXVR D HVH PLHPEUR GHVLJQDUi HQWUH
HQODTXHILJXUDUiQSRURUGHQDOIDEpWLFR VXV SURSLRV QDFLRQDOHV D RWUR H[SHUWR
WRGRV ORV FDQGLGDWRV SURSXHVWRV FRQ SDUDHMHUFHUHOPDQGDWRKDVWDVXWpUPLQR
LQGLFDFLyQGHORV(VWDGRV3DUWHVTXHORV DUHVHUYDGHODDSUREDFLyQGHO&RPLWp
KD\DQGHVLJQDGR\ODFRPXQLFDUiDORV(V
WDGRV3DUWHVHQODSUHVHQWH&RQYHQFLyQ (O&RPLWpDGRSWDUiVXSURSLRUHJODPHQWR


(O&RPLWpHOHJLUiVXPHVDSRUXQSHUtRGR UHFKRV UHFRQRFLGRV HQ OD &RQYHQFLyQ \
GHGRVDxRV VREUHHOSURJUHVRTXHKD\DQUHDOL]DGRHQ
FXDQWRDOJRFHGHHVRVGHUHFKRV
/DVUHXQLRQHVGHO&RPLWpVHFHOHEUDUiQ D  (Q HO SOD]R GH GRV DxRV D SDUWLU GH OD
QRUPDOPHQWHHQOD6HGHGHODV1DFLRQHV IHFKD HQ OD TXH SDUD FDGD (VWDGR 3DUWH
8QLGDVRHQFXDOTXLHURWUROXJDUFRQYH KD\DHQWUDGRHQYLJRUODSUHVHQWH&RQ
QLHQWHTXHGHWHUPLQHHO&RPLWp(O&R YHQFLyQ
PLWp VH UHXQLUi QRUPDOPHQWH WRGRV ORV E  (QORVXFHVLYRFDGDFLQFRDxRV
DxRV /D GXUDFLyQ GH ODV UHXQLRQHV GHO
&RPLWp VHUi GHWHUPLQDGD \ UHYLVDGD VL  /RV LQIRUPHV SUHSDUDGRV HQ YLUWXG GHO
SURFHGLHUDSRUXQDUHXQLyQGHORV(VWD SUHVHQWHDUWtFXORGHEHUiQLQGLFDUODVFLU
GRV3DUWHVHQODSUHVHQWH&RQYHQFLyQD FXQVWDQFLDV\GLILFXOWDGHVVLODVKXELHUH
UHVHUYDGHODDSUREDFLyQGHOD$VDPEOHD TXHDIHFWHQHOJUDGRGHFXPSOLPLHQWRGH
*HQHUDO ODVREOLJDFLRQHVGHULYDGDVGHODSUHVHQWH
&RQYHQFLyQ 'HEHUiQ DVLPLVPR FRQWH
(O 6HFUHWDULR *HQHUDO GH ODV 1DFLRQHV QHU LQIRUPDFLyQ VXILFLHQWH SDUD TXH HO
8QLGDV SURSRUFLRQDUi HO SHUVRQDO \ ORV &RPLWp WHQJD FDEDO FRPSUHQVLyQ GH OD
VHUYLFLRV QHFHVDULRV SDUD HO GHVHPSHxR DSOLFDFLyQGHOD&RQYHQFLyQHQHOSDtVGH
HILFD] GH ODV IXQFLRQHV GHO &RPLWp HVWD TXHVHWUDWH
EOHFLGRHQYLUWXGGHODSUHVHQWH&RQYHQ
FLyQ  /RV(VWDGRV3DUWHVTXHKD\DQSUHVHQWDGR
XQ LQIRUPH LQLFLDO FRPSOHWR DO &RPLWp
3UHYLDDSUREDFLyQGHOD$VDPEOHD*HQH QR QHFHVLWDQ UHSHWLU HQ VXFHVLYRV LQIRU
UDO ORV PLHPEURV GHO &RPLWp HVWDEOHFL PHVSUHVHQWDGRVGHFRQIRUPLGDGFRQOR
GRHQYLUWXGGHODSUHVHQWH&RQYHQFLyQ GLVSXHVWRHQHOLQFLVRE GHOSiUUDIRGHO
UHFLELUiQ HPROXPHQWRV FRQ FDUJR D ORV SUHVHQWH DUWtFXOR OD LQIRUPDFLyQ EiVLFD
IRQGRVGHODV1DFLRQHV8QLGDVVHJ~QODV SUHVHQWDGDDQWHULRUPHQWH
FRQGLFLRQHVTXHOD$VDPEOHDSXHGDHVWD
EOHFHU  (O&RPLWpSRGUiSHGLUDORV(VWDGRV3DU
WHVPiVLQIRUPDFLyQUHODWLYDDODDSOLFD
$UWtFXOR FLyQGHOD&RQYHQFLyQ
 /RV (VWDGRV 3DUWHV VH FRPSURPHWHQ
D SUHVHQWDU DO &RPLWp SRU FRQGXFWR  (O &RPLWp SUHVHQWDUi FDGD GRV DxRV D OD
GHO 6HFUHWDULR *HQHUDO GH ODV 1DFLRQHV $VDPEOHD*HQHUDOGHODV1DFLRQHV8QLGDV
8QLGDVLQIRUPHVVREUHODVPHGLGDVTXH SRU FRQGXFWR GHO &RQVHMR (FRQyPLFR \
KD\DQDGRSWDGRSDUDGDUHIHFWRDORVGH 6RFLDOLQIRUPHVVREUHVXVDFWLYLGDGHV


 /RV(VWDGRV3DUWHVGDUiQDVXVLQIRUPHV SHWHQWHV ORV LQIRUPHV GH ORV (VWDGRV
XQD DPSOLD GLIXVLyQ HQWUH HO S~EOLFR GH 3DUWHV TXH FRQWHQJDQ XQD VROLFLWXG GH
VXVSDtVHVUHVSHFWLYRV DVHVRUDPLHQWRRGHDVLVWHQFLDWpFQLFDR
HQORVTXHVHLQGLTXHHVDQHFHVLGDGMXQ
$UWtFXOR WR FRQ ODV REVHUYDFLRQHV \ VXJHUHQFLDV
&RQREMHWRGHIRPHQWDUODDSOLFDFLyQHIHFWL GHO&RPLWpVLODVKXELHUHDFHUFDGHHVDV
YDGHOD&RQYHQFLyQ\GHHVWLPXODUODFRRSH VROLFLWXGHVRLQGLFDFLRQHV
UDFLyQLQWHUQDFLRQDOHQODHVIHUDUHJXODGDSRU F  (O&RPLWpSRGUiUHFRPHQGDUDOD$VDP
OD&RQYHQFLyQ EOHD*HQHUDOTXHSLGDDO6HFUHWDULR*H
QHUDO TXH HIHFW~H HQ VX QRPEUH HVWX
D  /RVRUJDQLVPRVHVSHFLDOL]DGRVHO)RQGR GLRVVREUHFXHVWLRQHVFRQFUHWDVUHODWLYDV
GH ODV 1DFLRQHV 8QLGDV SDUD OD ,QIDQFLD DORVGHUHFKRVGHOQLxR
\GHPiVyUJDQRVGHODV1DFLRQHV8QLGDV G  (O&RPLWpSRGUiIRUPXODUVXJHUHQFLDV\
WHQGUiQ GHUHFKR D HVWDU UHSUHVHQWDGRV UHFRPHQGDFLRQHV JHQHUDOHV EDVDGDV HQ
HQHOH[DPHQGHODDSOLFDFLyQGHDTXH ODLQIRUPDFLyQUHFLELGDHQYLUWXGGHORV
OODV GLVSRVLFLRQHV GH OD SUHVHQWH &RQ DUWtFXORV\GHODSUHVHQWH&RQYHQ
YHQFLyQ FRPSUHQGLGDV HQ HO iPELWR GH FLyQ 'LFKDV VXJHUHQFLDV \ UHFRPHQGD
VX PDQGDWR (O &RPLWp SRGUi LQYLWDU D FLRQHVJHQHUDOHVGHEHUiQWUDQVPLWLUVHD
ORVRUJDQLVPRVHVSHFLDOL]DGRVDO)RQGR ORV (VWDGRV 3DUWHV LQWHUHVDGRV \ QRWLIL
GH ODV 1DFLRQHV 8QLGDV SDUD OD ,QIDQ FDUVHDOD$VDPEOHD*HQHUDOMXQWRFRQ
FLD \ D RWURV yUJDQRV FRPSHWHQWHV TXH ORV FRPHQWDULRV VL ORV KXELHUH GH ORV
FRQVLGHUH DSURSLDGRV D TXH SURSRUFLR (VWDGRV3DUWHV
QHQ DVHVRUDPLHQWR HVSHFLDOL]DGR VREUH
OD DSOLFDFLyQ GH OD &RQYHQFLyQ HQ ORV 3$57(,,,
VHFWRUHVTXHVRQGHLQFXPEHQFLDGHVXV
UHVSHFWLYRVPDQGDWRV(O&RPLWpSRGUi $UWtFXOR
LQYLWDU D ORV RUJDQLVPRV HVSHFLDOL]DGRV /D SUHVHQWH &RQYHQFLyQ HVWDUi DELHUWD D OD
DO)RQGRGHODV1DFLRQHV8QLGDVSDUDOD ILUPDGHWRGRVORV(VWDGRV
,QIDQFLD\GHPiVyUJDQRVGHODV1DFLRQHV
8QLGDVDTXHSUHVHQWHQLQIRUPHVVREUH $UWtFXOR
ODDSOLFDFLyQGHDTXHOODVGLVSRVLFLRQHVGH /DSUHVHQWH&RQYHQFLyQHVWiVXMHWDDUDWLIL
OD SUHVHQWH &RQYHQFLyQ FRPSUHQGLGDV FDFLyQ /RV LQVWUXPHQWRV GH UDWLILFDFLyQ VH
HQHOiPELWRGHVXVDFWLYLGDGHV GHSRVLWDUiQHQSRGHUGHO6HFUHWDULR*HQHUDO
E  (O &RPLWp WUDQVPLWLUi VHJ~Q HVWLPH GHODV1DFLRQHV8QLGDV
FRQYHQLHQWHDORVRUJDQLVPRVHVSHFLDOL
]DGRVDO)RQGRGHODV1DFLRQHV8QLGDV
SDUDOD,QIDQFLD\DRWURVyUJDQRVFRP


$UWtFXOR PHQRV GH ORV (VWDGRV 3DUWHV VH GHFODUD
/DSUHVHQWH&RQYHQFLyQSHUPDQHFHUiDELHU HQIDYRUGHWDOFRQIHUHQFLDHO6HFUHWDULR
WD D OD DGKHVLyQ GH FXDOTXLHU (VWDGR /RV *HQHUDO FRQYRFDUi XQD FRQIHUHQFLD FRQ
LQVWUXPHQWRVGHDGKHVLyQVHGHSRVLWDUiQHQ HODXVSLFLRGHODV1DFLRQHV8QLGDV7RGD
SRGHUGHO6HFUHWDULR*HQHUDOGHODV1DFLRQHV HQPLHQGDDGRSWDGDSRUODPD\RUtDGH(V
8QLGDV WDGRV 3DUWHV SUHVHQWHV \ YRWDQWHV HQ OD
FRQIHUHQFLDVHUiVRPHWLGDSRUHO6HFUH
$UWtFXOR WDULR*HQHUDODOD$VDPEOHD*HQHUDOSDUD
 /D SUHVHQWH &RQYHQFLyQ HQWUDUi HQ YL VXDSUREDFLyQ
JRU HO WULJpVLPR GtD VLJXLHQWH D OD IHFKD
HQTXHKD\DVLGRGHSRVLWDGRHOYLJpVLPR  7RGDHQPLHQGDDGRSWDGDGHFRQIRUPLGDG
LQVWUXPHQWRGHUDWLILFDFLyQRGHDGKHVLyQ FRQHOSiUUDIRGHOSUHVHQWHDUWtFXORHQ
HQ SRGHU GHO 6HFUHWDULR *HQHUDO GH ODV WUDUiHQYLJRUFXDQGRKD\DVLGRDSUREDGD
1DFLRQHV8QLGDV SRUOD$VDPEOHD*HQHUDOGHODV1DFLRQHV
8QLGDV \ DFHSWDGD SRU XQD PD\RUtD GH
 3DUDFDGD(VWDGRTXHUDWLILTXHOD&RQYHQ GRVWHUFLRVGHORV(VWDGRV3DUWHV
FLyQRVHDGKLHUDDHOODGHVSXpVGHKDEHU
VLGRGHSRVLWDGRHOYLJpVLPRLQVWUXPHQWR  &XDQGR ODV HQPLHQGDV HQWUHQ HQ YLJRU
GHUDWLILFDFLyQRGHDGKHVLyQOD&RQYHQ VHUiQREOLJDWRULDVSDUDORV(VWDGRV3DUWHV
FLyQ HQWUDUi HQ YLJRU HO WULJpVLPR GtD TXHODVKD\DQDFHSWDGRHQWDQWRTXHORV
GHVSXpVGHOGHSyVLWRSRUWDO(VWDGRGHVX GHPiV(VWDGRV3DUWHVVHJXLUiQREOLJDGRV
LQVWUXPHQWRGHUDWLILFDFLyQRDGKHVLyQ SRUODVGLVSRVLFLRQHVGHODSUHVHQWH&RQ
YHQFLyQ \ SRU ODV HQPLHQGDV DQWHULRUHV
$UWtFXOR TXHKD\DQDFHSWDGR
 7RGR (VWDGR 3DUWH SRGUi SURSRQHU XQD
HQPLHQGD\GHSRVLWDUODHQSRGHUGHO6H $UWtFXOR
FUHWDULR*HQHUDOGHODV1DFLRQHV8QLGDV  (O 6HFUHWDULR *HQHUDO GH ODV 1DFLRQHV
(O6HFUHWDULR*HQHUDOFRPXQLFDUiODHQ 8QLGDVUHFLELUi\FRPXQLFDUiDWRGRVORV
PLHQGD SURSXHVWD D ORV (VWDGRV 3DUWHV (VWDGRVHOWH[WRGHODVUHVHUYDVIRUPXOD
SLGLpQGROHV TXH OH QRWLILTXHQ VL GHVHDQ GDVSRUORV(VWDGRVHQHOPRPHQWRGHOD
TXH VH FRQYRTXH XQD FRQIHUHQFLD GH UDWLILFDFLyQRGHODDGKHVLyQ
(VWDGRV 3DUWHV FRQ HO ILQ GH H[DPLQDU
OD SURSXHVWD \ VRPHWHUOD D YRWDFLyQ 6L  1RVHDFHSWDUiQLQJXQDUHVHUYDLQFRPSD
GHQWUR GH ORV FXDWUR PHVHV VLJXLHQWHV D WLEOH FRQ HO REMHWR \ HO SURSyVLWR GH OD
ODIHFKDGHHVDQRWLILFDFLyQXQWHUFLRDO SUHVHQWH&RQYHQFLyQ


 7RGDUHVHUYDSRGUiVHUUHWLUDGDHQFXDO $UWtFXOR
TXLHUPRPHQWRSRUPHGLRGHXQDQRWLIL 6H GHVLJQD GHSRVLWDULR GH OD SUHVHQWH &RQ
FDFLyQKHFKDDHVHHIHFWR\GLULJLGDDO6H YHQFLyQDO6HFUHWDULR*HQHUDOGHODV1DFLR
FUHWDULR*HQHUDOGHODV1DFLRQHV8QLGDV QHV8QLGDV
TXLHQLQIRUPDUiDWRGRVORV(VWDGRV(VD
QRWLILFDFLyQVXUWLUiHIHFWRHQODIHFKDGH $UWtFXOR
VXUHFHSFLyQSRUHO6HFUHWDULR*HQHUDO (O RULJLQDO GH OD SUHVHQWH &RQYHQFLyQ FX
\RVWH[WRVHQiUDEHFKLQRHVSDxROIUDQFpV
$UWtFXOR LQJOpV\UXVRVRQLJXDOPHQWHDXWpQWLFRVVH
7RGR (VWDGR 3DUWH SRGUi GHQXQFLDU OD SUH GHSRVLWDUi HQ SRGHU GHO 6HFUHWDULR *HQHUDO
VHQWH&RQYHQFLyQPHGLDQWHQRWLILFDFLyQKH GHODV1DFLRQHV8QLGDV(QWHVWLPRQLRGHOR
FKDSRUHVFULWRDO6HFUHWDULR*HQHUDOGHODV FXDOORVLQIUDVFULWRVSOHQLSRWHQFLDULRVGHEL
1DFLRQHV8QLGDV/DGHQXQFLDVXUWLUiHIHFWR GDPHQWH DXWRUL]DGRV SDUD HOOR SRU VXV UHV
XQ DxR GHVSXpV GH OD IHFKD HQ TXH OD QRWL SHFWLYRVJRELHUQRVKDQILUPDGRODSUHVHQWH
ILFDFLyQKD\DVLGRUHFLELGDSRUHO6HFUHWDULR &RQYHQFLyQ
*HQHUDO


www.unicef.org/bolivia

También podría gustarte