Está en la página 1de 146

1

EL EVANGELIO DE LOS ESENIOS

«Es una gran responsabilidad anunciar que el Nuevo Testamento actual, base
de todas las iglesias cristianas, está deformado y falsificado, pero no hay
religión más elevada que la verdad.»
2

PRÓLOGO A LA EDICIÓN INGLESA DE 1937 *

Casi dos mil años han pasado desde que el Hijo del Hombre enseñase el
camino, la verdad y la vida a la humanidad. Llevó salud al enfermo, sabiduría
al ignorante y felicidad a quienes se hallaban en la desgracia.

Sus palabras casi se olvidaron, y no se recogieron hasta algunas generaciones


después de que fueron pronunciadas. Han sido malentendidas, mal anotadas,
cientos de veces reescritas y cientos de veces transformadas, pero aún así
han sobrevivido casi dos mil años.

Y aunque sus palabras, como las tenemos hoy en día en el Nuevo Testamento,
han sido terriblemente mutiladas y deformadas, han conquistado media
humanidad y la totalidad de la civilización occidental. Este hecho prueba la
eterna vitalidad de las palabras del Maestro, y su valor supremo e
incomparable.

Por esta razón hemos decidido publicar las palabras de Jesús, puras y
originales, traducidas directamente de la lengua aramea hablada por Jesús y
su amado discípulo Juan, quien, único entre los discípulos de Jesús, anotó con
exactitud perfecta las enseñanzas personales de su Maestro.

Es una gran responsabilidad anunciar el Nuevo Testamento actual, que es la


base de todas las Iglesias Cristianas, como deformado y falsificado, pero no
hay más alta religión que la verdad.

Este libro contiene sólo un fragmento –alrededor de una octava parte– de los
manuscritos completos que se conservan en arameo, en la Biblioteca del
Vaticano, y en antiguo eslavo en la Biblioteca Real de los Habsburgo,
actualmente propiedad del gobierno austriaco.

Debemos la existencia de ambas versiones a los monjes nestorianos, quienes,


ante el avance de las hordas de Gengis Khan, se vieron forzados a huir del
Este hacia el Oeste, trayendo consigo todas sus antiguas escrituras e iconos.

Los antiguos textos en arameo datan del primer siglo después de Cristo,
mientras que la versión en antiguo eslavo es una traducción literal de
aquellos. La arqueología aún no puede reconstruirnos exactamente cómo
viajaron estos textos desde Palestina hacia el interior de Asia, llegando a
manos de los monjes nestorianos.

Actualmente está en preparación una edición conteniendo el texto completo


con todas las referencias y notas explicativas (arqueológicas, históricas y
3

exegéticas) necesarias (1). La parte publicada trata los trabajos sanadores


de Jesús. Hemos emitido primero esta parte antes que el resto porque es de
la que la humanidad sufriente tiene hoy más necesidad.

Nada tenemos que añadir a este texto. Habla por sí solo. El lector que estudie
las páginas que siguen con concentración, sentirá la vitalidad eterna y la
poderosa evidencia de estas verdades profundas que la humanidad necesita
hoy más urgentemente que nunca.

"Y la verdad se demostrará por sí misma."

Edmond Székely

Londres, 1937

* The Gospel of Peace of Jesus Christ by the Disciple John. The C. W. Daniel Co. Ltd.,
London 1937.

(1) The Essene Gospel of Peace, que consta de los siguientes tomos: Book two: The
Unknown Books of the Essenes y Book three: Lost Scrolls of the Essene Broterhood,
Academy Books, San diego, California, 1974. El libro uno (Book one) es la versión
norteamericana del inglés The Gospel of Peace…, y lleva por título The Essene Gospel of
Peace. También fue editado por Academy Books. Book four: The Teachings of the Elect
(Academy Books, 1981).
4





(/(9$1*(/,2'(/$3$=



<HQWRQFHVPXFKRVHQIHUPRV\WXOOLGRVIXHURQD-HV~VSUHJXQWiQGROH6LWRGRORVDEHV
GLQRV¢SRUTXpVXIULPRVHVWDVSHQRVDVSODJDV"¢3RUTXpQRHVWDPRVHQWHURVFRPRORV
GHPiVKRPEUHV"0DHVWURF~UDQRVSDUDTXHQRVKDJDPRVIXHUWHV\QRWHQJDPRVTXH
YLYLUSRUPiVWLHPSRHQQXHVWURVXIULPLHQWR6DEHPRVTXHHQWXSRGHUHVWiFXUDUWRGR
WLSRGHHQIHUPHGDG/tEUDQRVGH6DWiQ\GHWRGRVVXVJUDQGHVPDOHV0DHVWURWHQ
FRPSDVLyQGHQRVRWURV

<-HV~VUHVSRQGLy)HOLFHVYRVRWURVTXHWHQpLVKDPEUHGHODYHUGDGSXHVRVVDWLVIDUp
FRQHOSDQGHODVDELGXUtD)HOLFHVYRVRWURVTXHOODPiLVSXHVRVDEULUpODSXHUWDGHOD
YLGD)HOLFHVYRVRWURVTXHUHFKD]iLVHOSRGHUGH6DWiQSXHVRVFRQGXFLUpDOUHLQRGHORV
iQJHOHVGHQXHVWUD0DGUHGRQGHHOSRGHUGH6DWiQQRSXHGHSHQHWUDU

<HOORVOHSUHJXQWDURQFRQGHVFRQFLHUWR¢4XLpQHVQXHVWUD0DGUH\FXiOHVVRQVXV
iQJHOHV"¢<GyQGHVHKDOODVXUHLQR"

9XHVWUD0DGUHHVWiHQYRVRWURV\YRVRWURVHQHOOD(OODRVDOXPEUy\HOODRVGDYLGD
)XHHOODTXLHQGLRYXHVWURFXHUSR\DHOODVHORGHYROYHUpLVGHQXHYRDOJ~QGtD)HOLFHV
YRVRWURVFXDQGROOHJXpLVDFRQRFHUODDVtFRPRDVXUHLQRVLUHFLEtVDORViQJHOHVGH
YXHVWUD0DGUH\FXPSOtVVXVOH\HV(QYHUGDGRVGLJRTXHTXLHQKDJDHVWRQXQFD
FRQRFHUiODHQIHUPHGDG3XHVHOSRGHUGHQXHVWUD0DGUHHVWiSRUHQFLPDGHWRGR<
GHVWUX\HD6DWiQ\VXUHLQR\WLHQHJRELHUQRVREUHWRGRVYXHVWURVFXHUSRV\VREUHWRGDV
ODVFRVDVYLYDV
5

/DVDQJUHTXHHQQRVRWURVFRUUHKDQDFLGRGHODVDQJUHGHQXHVWUD0DGUH7HUUHQDO6X
VDQJUHFDHGHODVQXEHVEURWDGHOVHQRGHODWLHUUDPXUPXUDHQORVDUUR\RVGHODV
PRQWDxDVIOX\HHVSDFLRVDPHQWHHQORVUtRVGHODVOODQXUDVGXHUPHHQORVODJRV\VH
HQIXUHFHSRGHURVDHQORVPDUHVWHPSHVWXRVRV

(ODLUHTXHUHVSLUDPRVKDQDFLGRGHODOLHQWRGHQXHVWUD0DGUH7HUUHQDO6XUHVSLUDFLyQ
HVD]XOFHOHVWHHQODVDOWXUDVGHORVFLHORVVLOEDHQODVFXPEUHVGHODVPRQWDxDVVXVXUUD
HQWUHODVKRMDVGHOERVTXHRQGHDVREUHORVWULJDOHVGRUPLWDHQORVYDOOHVSURIXQGRV\
DEUDVDHQHOGHVLHUWR

/DGXUH]DGHQXHVWURVKXHVRVKDQDFLGRGHORVKXHVRVGHQXHVWUD0DGUH7HUUHQDOGHODV
URFDV\GHODVSLHGUDV6H\HUJXHQGHVQXGDVDORVFLHORVHQORDOWRGHODVPRQWDxDVVRQ
FRPRJLJDQWHVTXH\DFHQGRUPLGRVHQODVIDOGDVGHODVPRQWDxDVFRPRtGRORVOHYDQWDGRV
HQHOGHVLHUWR\HVWiQRFXOWRVHQODVSURIXQGLGDGHVGHODWLHUUD

/DGHOLFDGH]DGHQXHVWUDFDUQHKDQDFLGRGHODFDUQHGHQXHVWUD0DGUH7HUUHQDOFDUQH
TXHPDGXUDDPDULOOD\URMDHQORVIUXWRVGHORViUEROHV\QRVDOLPHQWDHQORVVXUFRVGH
ORVFDPSRV

1XHVWURVLQWHVWLQRVKDQQDFLGRGHORVLQWHVWLQRVGHQXHVWUD0DGUH7HUUHQDO\HVWiQ
RFXOWRVDQXHVWURVRMRVFRPRODVSURIXQGLGDGHVLQYLVLEOHVGHODWLHUUD

/DOX]GHQXHVWURVRMRV\HORtUGHQXHVWURVRtGRVQDFHQDPERVGHORVFRORUHV\GHORV
VRQLGRVGHQXHVWUD0DGUH7HUUHQDOTXHQRVHQYXHOYHFRPRODVRODVGHOPDUDOSH]R
FRPRHODLUHDUUHPROLQDGRDODYH

(QYHUGDGRVGLJRTXHHO+RPEUHHV+LMRGHOD0DGUH7HUUHQDO\GHHOODUHFLELyHO+LMR
GHO+RPEUHWRGRVXFXHUSRGHOPLVPRPRGRTXHHOFXHUSRUHFLpQQDFLGRQDFHGHOVHQR
GHVXPDGUH(QYHUGDGRVGLJRTXHVRLVXQRFRQOD0DGUH7HUUHQDOHOODHVWiHQYRVRWURV
YYRVRWURVHQHOOD'HHOODQDFLVWHLVHQHOODYLYtV\DHOODGHQXHYRUHWRUQDUpLV*XDUGDG
SRUWDQWR6XVOHYHVSXHVQDGLHSXHGHYLYLUPXFKRQLVHUIHOL]VLQRDTXHOTXHKRQUDDVX
0DGUH7HUUHQDO\FXPSOH6XVOH\HV3XHVYXHVWUDUHVSLUDFLyQHV6XUHVSLUDFLyQYXHVWUD
VDQJUH6XVDQJUHYXHVWURVKXHVRV6XVKXHVRVYXHVWUDFDUQH6XFDUQHYXHVWURVLQWHVWLQRV
6XVLQWHVWLQRVYXHVWURVRMRV\YXHVWURVRtGRVVRQ6XVRMRV\6XVRtGRV

(QYHUGDGRVGLJRTXHVLGHMDVHLVGHFXPSOLUXQDVRODGHWRGDVHVWDVOH\HVVLGDxDVHLV
XQRVyORGHORVPLHPEURVGHWRGRYXHVWURFXHUSRRVSHUGHUtDLVLUUHPLVLEOHPHQWHHQ
YXHVWUDGRORURVDHQIHUPHGDG\VHUtDHOOORUDU\UHFKLQDUGHGLHQWHV<RRVGLJRTXHD
PHQRVTXHVLJiLVODVOH\HVGHYXHVWUD0DGUHQRSRGUpLVGHQLQJ~QPRGRHVFDSDUDOD
PXHUWH<TXLHQDEUD]DDODVOH\HVGHVX0DGUHDpODEUD]DUiVXPDGUHWDPELpQ(OOD
FXUDUiWRGDVVXVSODJDV\pOQXQFDHQIHUPDUi(OODOHGDUiODUJDYLGD\OHSURWHJHUiGH
WRGRPDOGHOIXHJRGHODJXDGHODPRUGHGXUDGHODVVHUSLHQWHVYHQHQRVDV3XHV\DTXH
YXHVWUDPDGUHRVDOXPEUyFRQVHUYDODYLGDHQYRVRWURV(OODRVKDGDGR6XFXHUSR\
QDGLHVLQR(OODRVFXUD)HOL]HVTXLHQDPDDVX0DGUH\\DFHVRVHJDGDPHQWHHQ6X
UHJD]R3RUTXHYXHVWUD0DGUHRVDPDLQFOXVRFXDQGROHGDLVODHVSDOGD<¢FXiQWRPiV
RVDPDUiVLUHJUHViLVGHQXHYRD(OOD"(QYHUGDGRVGLJRTXHPX\JUDQGHHV6XDPRU
6

PiVJUDQGHTXHODPD\RUGHODVPRQWDxDV\PiVSURIXQGRTXHHOPiVKRQGRGHORVPDUHV
<DTXHOORVTXLHQHVDPDQDVX0DGUH(OODQXQFDOHVDEDQGRQD$VtFRPRODJDOOLQD
SURWHJHDVXVSROOXHORVFRPRODOHRQDDVXVFDFKRUURVFRPRODPDGUHDVXUHFLpQQDFLGR
DVtSURWHJHOD0DGUH7HUUHQDODO+LMRGHO+RPEUHGHWRGRSHOLJUR\GHWRGRPDO

3XHVHQYHUGDGRVGLJRTXHPDOHV\SHOLJURVLQQXPHUDEOHVHVSHUDQDORV+LMRVGHORV
+RPEUHV%HOFHE~HOSUtQFLSHGHWRGRVORVGHPRQLRVODIXHQWHGHWRGRPDODFHFKDHQHO
FXHUSRGHWRGRVORV+LMRVGHORV+RPEUHVeOHVODPXHUWHHOVHxRUGHWRGDSODJD\
SRQLpQGRVHXQDYHVWLPHQWDDJUDGDEOHWLHQWD\VHGXFHDORV+LMRVGHORV+RPEUHV
3URPHWHULTXH]D\SRGHU\HVSOpQGLGRVSDODFLRV\DGRUQRVGHRUR\SODWD\QXPHURVRV
VLUYLHQWHV3URPHWHJORULD\UHQRPEUHVHQVXDOLGDG\IRUQLFDFLyQERUUDFKHUD\DWUDFyQ
YLGDGHVHQIUHQDGDKROJD]DQHUtD\RFLR<WLHQWDDFDGDFXDOVHJ~QDTXHOORSRUORTXHPiV
VHLQFOLQDVXFRUD]yQ<HOGtDHQTXHORV+LMRVGHORV+RPEUHV\DVHKDQYXHOWRHVFODYRV
GHWRGDVHVWDVYDQLGDGHV\DERPLQDFLRQHVHQWRQFHVpOHQSDJRGHHOOROHVDUUHEDWDWRGDV
DTXHOODVFRVDVTXHOD0DGUH7HUUHQDOWDQDEXQGDQWHPHQWHOHVGLR/HVDUUHEDWDVX
UHVSLUDFLyQVXVDQJUHVXVKXHVRVVXFDUQHVXVLQWHVWLQRVVXVRMRV\VXVRtGRV<OD
UHVSLUDFLyQGHO+LMRGHO+RPEUHVHYXHOYHFRUWD\VRIRFDGDWUDEDMRVD\PDOROLHQWHFRPR
ODGHODVEHVWLDVLQPXQGDV<VXVDQJUHVHYXHOYHHVSHVD\IpWLGDFRPRHODJXDGHODV
FLpQDJDVVHFRDJXOD\HQQHJUHFHFRPRODQRFKHGHODPXHUWH<VXVKXHVRVVHYXHOYHQ
GXURV\QXGRVRVVHGHVKDFHQSRUGHQWUR\SRUIXHUDVHUHVTXHEUDMDQFRPRXQDSLHGUD
FD\HQGRVREUHXQDURFD<VXFDUQHVHYXHOYHJUDVLHQWD\DFXRVDVHFRUURPSH\VHSXGUH
FRQFRVWUDV\IRU~QFXORVTXHVRQXQDDERPLQDFLyQ<VXVLQWHVWLQRVVHOOHQDQGH
LQPXQGLFLDGHWHVWDEOHUH]XPDQGRFRUULHQWHVHQSXWUHIDFFLyQ\HQHOORVKDELWDQ
QXPHURVRVJXVDQRVDERPLQDEOHV<VXVRMRVVHHQWXUELDQKDVWDTXHODQRFKHRVFXUDORV
HQYXHOYH\VXVRtGRVVHWDSDQFRPRHOVLOHQFLRGHODWXPED<SRU~OWLPRHO+LMRGHO
+RPEUHSHUGHUiODYLGD3XHVQRJXDUGyODVOH\HVGHVX0DGUHVLQRTXHVXPyXQSHFDGR
DRWUR3RUHOOROHVRQDUUHEDWDGRVWRGRVORVGRQHVGHOD0DGUH7HUUHQDOODUHVSLUDFLyQOD
VDQJUHORVKXHVRVODFDUQHORVLQWHVWLQRVORVRMRV\ORVRtGRV\SRU~OWLPRODYLGDFRQ
ODTXHFRURQyVXFXHUSROD0DGUH7HUUHQDO

3HURVLHOSHFDGRU+LMRGHO+RPEUHVHDUUHSLHQWHGHVXVFXOSDV\ODVUHSDUD\UHJUHVDGH
QXHYRDVX0DGUH7HUUHQDO\VLFXPSOHODVOH\HVGHVX0DGUH7HUUHQDO\VHOLEHUDGHODV
JDUUDVGH6DWiQUHVLVWLHQGRVXVWHQWDFLRQHVHQWRQFHVOD0DGUH7HUUHQDOUHFLEHGHQXHYRD
VX+LMRSHFDGRUFRQDPRU\OHHQYtDVXViQJHOHVSDUDTXHOHVLUYDQ(QYHUGDGRVGLJR
TXHFXDQGRHO+LMRGHO+RPEUHUHVLVWHDO6DWiQTXHKDELWDHQpO\QRKDFHVXYROXQWDGHQ
HVDPLVPDKRUDVHKDOODQDKtORViQJHOHVGHOD0DGUHSDUDVHUYLUOHFRQWRGRVXSRGHU\
OLEHUDUOHSRUHQWHURGHOSRGHUGH6DWiQ

3XHVQLQJ~QKRPEUHSXHGHVHUYLUDGRVVHxRUHV3RUTXHRELHQVLUYHD%HOFHE~\VXV
GHPRQLRVRVLUYHDQXHVWUD0DGUH7HUUHQDO\DVXViQJHOHV2VLUYHDODPXHUWHRVLUYHD
ODYLGD(QYHUGDGRVGLJRTXpIHOLFHVVRQDTXHOORVTXHFXPSOHQODVOH\HVGHODYLGD\QR
YDJDQSRUORVFDPLQRVGHODPXHUWH

<FXDQWRVOHURGHDEDQHVFXFKDEDQVXVSDODEUDVFRQDVRPEURSXHVVXSDODEUDWHQtDSRGHU
\HQVHxDEDGHPDQHUDELHQGLVWLQWDDODGHORVVDFHUGRWHV\HVFULEDV
7

<DXQTXHHOVRO\DVHKDEtDSXHVWRQRVHIXHURQDVXVFDVDV6HVHQWDURQDOUHGHGRUGH
-HV~V\OHSUHJXQWDURQ0DHVWUR¢FXiOHVVRQHVDVOH\HVGHODYLGD"4XpGDWHFRQQRVRWURV
XQUDWRPiV\HQVpxDQRV4XHUHUQRVHVFXFKDUWXHQVHxDQ]DSDUDTXHSRGDPRVFXUDUQRV\
YROYHUQRVUHFWRV

<HOSURSLR-HV~VVHVHQWyHQPHGLRGHHOORV\GLMR(QYHUGDGRVGLJRTXHQDGLHSXHGH
VHUIHOL]H[FHSWRTXLHQFXPSOHOD/H\

<ORVGHPiVUHVSRQGLHURQ7RGRVFXPSOLPRVODVOH\HVGH0RLVpVQXHVWUROHJLVODGRUWDO
FRPRHVWiQHVFULWDVHQODVVDJUDGDVHVFULWXUDV

<-HV~VOHVUHVSRQGLy1REXVTXpLVOD/H\HQYXHVWUDVHVFULWXUDVSXHVOD/H\HVOD9LGD
PLHQWUDVTXHORHVFULWRHVWiPXHUWR(QYHUGDGRVGLJRTXH0RLVpVQRUHFLELyGH'LRVVXV
OH\HVSRUHVFULWRVLQRDWUDYpVGHODSDODEUDYLYD/D/H\HVOD3DODEUD9LYDGHO'LRV
9LYRGDGDDORVSURIHWDVYLYRVSDUDORVKRPEUHVYLYRV(QGRQGHTXLHUDTXHKD\DYLGD
HVWiHVFULWDODOH\3RGpLVKDOODUODHQODKLHUEDHQHOiUEROHQHOUtRHQODPRQWDxDHQORV
SiMDURVGHOFLHORHQORVSHFHVGHOPDUSHUREXVFDGODSULQFLSDOPHQWHHQYRVRWURVPLVPRV
3XHVHQYHUGDGRVGLJRTXHWRGDVODVFRVDVYLYDVVHHQFXHQWUDQPiVFHUFDGH'LRVTXHOD
HVFULWXUDTXHHVWiGHVSURYLVWDGHYLGD'LRVKL]RODYLGD\WRGDVODVFRVDVYLYDVGHWDO
PRGRTXHHQVHxDVHQDOKRPEUHSRUPHGLRGHODSDODEUDVLHPSUHYLYDODVOH\HVGHO'LRV
YHUGDGHUR'LRVQRHVFULELyODVOH\HVHQODVSiJLQDVGHORVOLEURVVLQRHQYXHVWURFRUD]yQ
\HQYXHVWURHVStULWX6HHQFXHQWUDQHQYXHVWUDUHVSLUDFLyQHQYXHVWUDVDQJUHHQYXHVWURV
KXHVRVHQYXHVWUDFDUQHHQYXHVWURVLQWHVWLQRVHQYXHVWURVRMRVHQYXHVWURVRtGRV\HQ
FDGDSHTXHxDSDUWHGHYXHVWURFXHUSR(VWiQSUHVHQWHVHQHODLUHHQHODJXDHQODWLHUUD
HQODVSODQWDVHQORVUD\RVGHOVROHQODVSURIXQGLGDGHV\HQODVDOWXUDV7RGDVRVKDEODQ
SDUDTXHHQWHQGiLVODOHQJXD\ODYROXQWDGGHO'LRV9LYR3HURYRVRWURVFHUUiLVYXHVWURV
RMRVSDUDQRYHU\WDSiLVYXHVWURVRtGRVSDUDQRRtU(QYHUGDGRVGLJRTXHODHVFULWXUDHV
ODREUDGHOKRPEUHSHUROD9LGD\WRGDVVXVKXHVWHVVRQODREUDGHQXHVWUR'LRV¢3RUTXp
QRHVFXFKiLVODVSDODEUDVGH'LRVTXHHVWiQHVFULWDVHQ6XVREUDV"¢<SRUTXpHVWXGLiLV
ODVHVFULWXUDVPXHUWDVTXHVRQODREUDGHODVPDQRVGHOKRPEUH"

¢&yPRSRGHPRVOHHUODVOH\HVGH'LRVHQDOJ~QOXJDUGHQRVHUHQODV(VFULWXUDV"
¢'yQGHVHKDOODQHVFULWDV"/pHQRVODVGHDKtGRQGHW~ODVYHVSXHVQRVRWURVQR
FRQRFHPRVPiVTXHODVHVFULWXUDVTXHKHPRVKHUHGDGRGHQXHVWURVDQWHSDVDGRV'LQRV
ODVOH\HVGHODVTXHKDEODVSDUDTXHR\pQGRODVVHDPRVVDQDGRV\MXVWLILFDGRV

-HV~VGLMR9RVRWURVQRHQWHQGpLVODVSDODEUDVGHOD9LGDSRUTXHHVWiLVHQOD0XHUWH/D
RVFXULGDGRVFXUHFHYXHVWURVRMRV\YXHVWURVRtGRVHVWiQWDSDGRVSRUODVRUGHUD3XHVRV
GLJRTXHQRRVDSURYHFKDHQDEVROXWRTXHHVWXGLpLVODVHVFULWXUDVPXHUWDVVLSRUYXHVWUDV
REUDVQHJiLVDTXLHQRVODVKDGDGR(QYHUGDGRVGLJRTXH'LRV\VXVOH\HVQRVH
HQFXHQWUDQHQORTXHYRVRWURVKDFpLV1RVHKDOODQHQODJORWRQHUtDQLHQODERUUDFKHUDQL
HQXQDYLGDGHVHQIUHQDGDQLHQODOXMXULDQLHQODE~VTXHGDGHODULTXH]DQLPXFKR
PHQRVHQHORGLRDYXHVWURVHQHPLJRV3XHVWRGDVHVWDVFRVDVHVWiQOHMRVGHOYHUGDGHUR
'LRV\GHVXViQJHOHV7RGDVHVWDVFRVDVYLHQHQGHOUHLQRGHODRVFXULGDG\GHOVHxRUGH
WRGRVORVPDOHV<WRGDVHVWDVFRVDVODVOOHYiLVHQYRVRWURVPLVPRV\SRUHOORODSDODEUD
\HOSRGHUGH'LRVQRHQWUDQHQYRVRWURVSXHVHQYXHVWURFXHUSR\HQYXHVWURHVStULWX
8

KDELWDQWRGRWLSRGHPDOHV\DERPLQDFLRQHV6LGHVHiLVTXHODSDODEUD\HOSRGHUGHO'LRV
9LYRSHQHWUHQHQYRVRWURVQRSURIDQpLVYXHVWURFXHUSRQLYXHVWURHVStULWXSXHVHOFXHUSR
HVHOWHPSORGHOHVStULWX\HOHVStULWXHVHOWHPSORGH'LRV3XULILFDGSRUWDQWRHOWHPSOR
SDUDTXHHO6HxRUGHOWHPSORSXHGDKDELWDUHQpO\RFXSDUXQOXJDUGLJQRGHpO

<UHWLUDRVEDMRODVRPEUDGHOFLHORGH'LRVGHWRGDVODVWHQWDFLRQHVGHYXHVWURFXHUSR\
GHYXHVWURHVStULWXTXHYLHQHQGH6DWiQ

5HQRYDRV\D\XQDG3XHVHQYHUGDGRVGLJRTXH6DWiQ\VXVSODJDVVRODPHQWHSXHGHQ
VHUH[SXOVDGRVSRUPHGLRGHOD\XQR\ODRUDFLyQ,GSRUYXHVWUDFXHQWD\D\XQDGHQ
VROLWDULRVLQGHVFXEULUYXHVWURD\XQRDKRPEUHDOJXQR(O'LRV9LYRORYHUi\JUDQGH
VHUiYXHVWUDUHFRPSHQVD<D\XQDGKDVWDTXH%HOFHE~\WRGRVVXVGHPRQLRVRV
DEDQGRQHQ\WRGRVORViQJHOHVGHQXHVWUD0DGUH7HUUHQDOYHQJDQDVHUYLURV3XHVHQ
YHUGDGRVGLJRTXHDQRVHUTXHD\XQpLVQXQFDRVOLEUDUpLVGHOSRGHUGH6DWiQQLGHWRGDV
ODVHQIHUPHGDGHVTXHGH6DWiQYLHQHQ$\XQDG\RUDGIHUYLHQWHPHQWHEXVFDQGRHOSRGHU
GHO'LRVYLYRSDUDYXHVWUDFXUDFLyQ0LHQWUDVD\XQpLVHYLWDGDORVKLMRVGHORVKRPEUHV\
EXVFDGORViQJHOHVGHQXHVWUD0DGUH7HUUHQDOSXHVTXLHQEXVFDKDOODUi

%XVFDGHODLUHIUHVFRGHOERVTXH\GHORVFDPSRV\HQPHGLRGHHOORVKDOODUpLVHOiQJHO
GHODLUH4XLWDRVYXHVWURFDO]DGR\YXHVWUDVURSDV\GHMDGTXHHOiQJHOGHODLUHDEUDFH
YXHVWURFXHUSR5HVSLUDGHQWRQFHVODUJD\SURIXQGDPHQWHSDUDTXHHOiQJHOGHODLUH
SHQHWUHHQYRVRWURV(QYHUGDGRVGLJRTXHHOiQJHOGHODLUHH[SXOVDUiGHYXHVWURFXHUSR
WRGDLQPXQGLFLDTXHORSURIDQHSRUIXHUD\SRUGHQWUR<DVtVDOGUiGHYRVRWURVWRGDFRVD
VXFLD\PDOROLHQWHLJXDOTXHHOKXPRGHOIXHJRDVFLHQGHHQIRUPDGHSHQDFKR\VHSLHUGH
HQHOPDUGHODLUH3XHVHQYHUGDGRVGLJRTXHVDJUDGRHVHOiQJHOGHODLUHTXLHQOLPSLD
FXDQWRHVWiVXFLR\FRQILHUHDODVFRVDVPDOROLHQWHVXQRORUDJUDGDEOH1LQJ~QKRPEUH
TXHQRGHMHSDVDUHOiQJHOGHODLUHSRGUiDFXGLUDQWHODID]GH'LRV9HUGDGHUDPHQWHWRGR
GHEHQDFHUGHQXHYRSRUHODLUH\SRUODYHUGDGSXHVYXHVWURFXHUSRUHVSLUDHODLUHGHOD
0DGUH7HUUHQDO\YXHVWURHVStULWXUHVSLUDODYHUGDGGHO3DGUH&HOHVWLDO





'HVSXpVGHOiQJHOGHODLUHEXVFDGHOiQJHOGHODJXD4XLWDRVYXHVWURFDO]DGR\YXHVWUDV
URSDV\GHMDGTXHHOiQJHOGHODJXDDEUDFHWRGRYXHVWURFXHUSR(QWUHJDRVSRUHQWHURD
VXVDFRJHGRUHVEUD]RV\DVtFRPRHODLUHSHQHWUDHQYXHVWUDUHVSLUDFLyQTXHHODJXD
SHQHWUHWDPELpQHQYXHVWURFXHUSR(QYHUGDGRVGLJRTXHHOiQJHOGHODJXDH[SXOVDUiGH
YXHVWURFXHUSRWRGDLQPXQGLFLDTXHORPDQFLOOHSRUIXHUD\SRUGHQWUR<WRGDFRVDVXFLD
\PDOROLHQWHIOXLUiIXHUDGHYRVRWURVLJXDOTXHODVXFLHGDGGHODVYHVWLGXUDVODYDGDHQHO
DJXDVHYD\VHSLHUGHHQODFRUULHQWHGHOUtR(QYHUGDGRVGLJRTXHVDJUDGRHVHOiQJHO
GHODJXDTXHOLPSLDFXDQWRHVWiVXFLR\TXHFRQILHUHDWRGDVODVFRVDVPDOROLHQWHVXQRORU
DJUDGDEOH1LQJ~QKRPEUHDTXLHQQRGHMHSDVDUHOiQJHOGHODJXDSRGUiDFXGLUDQWHOD
ID]GH'LRV(QYHUGDGTXHWRGRGHEHQDFHUGHQXHYRGHODJXD\GHODYHUGDGSXHV
YXHVWURFXHUSRVHEDxDHQHOUtRGHODYLGDWHUUHQDO\YXHVWURHVStULWXVHEDxDHQHOUtRGH
9

ODYLGDHWHUQD3XHVUHFLEtVYXHVWUDVDQJUHGHQXHVWUD0DGUH7HUUHQDO\ODYHUGDGGH
QXHVWUR3DGUH&HOHVWLDO

3HURQRSHQVpLVTXHHVVXILFLHQWHTXHHOiQJHOGHODJXDRVDEUDFHVyORH[WHUQDPHQWH(Q
YHUGDGRVGLJRTXHODLQPXQGLFLDLQWHUQDHVFRQPXFKRPD\RUTXHODH[WHUQD<TXLHQ
VHOLPSLDSRUIXHUDSHUPDQHFLHQGRVXFLRHQVXLQWHULRUHVFRUQRODVWXPEDVEHOODPHQWH
SLQWDGDVSRUIXHUDSHUROOHQDVSRUGHQWURGHWRGRWLSRGHLQPXQGLFLDV\GH
DERPLQDFLRQHVKRUULEOHV3RUHOORHQYHUGDGRVGLJRTXHGHMpLVTXHHOiQJHOGHODJXDRV
EDXWLFHWDPELpQSRUGHQWURSDUDTXHRVOLEHUpLVGHWRGRVYXHVWURVDQWLJXRVSHFDGRV\
SDUDTXHDVtPLVPRLQWHUQDPHQWHVHiLVWDQSXURVFRPRODHVSXPDGHOUtRMXJXHWHDQGRDOD
OX]GHOVRO

%XVFDGSRUWDQWRXQDJUDQFDODED]DFRQHOFXHOORGHODORQJLWXGGHXQKRPEUHH[WUDHG
VXLQWHULRU\OOHQDGODFRQDJXDGHOUtRFDOGHDGDSRUHOVRO&ROJDGODGHODUDPDGHXQ
iUERODUURGLOODRVHQHOVXHORDQWHHOiQJHOGHODJXD\KDFHGTXHHOH[WUHPRGHOWDOORGHOD
FDODED]DSHQHWUHYXHVWUDVSDUWHVRFXOWDVSDUDTXHHODJXDIOX\DDWUDYpVGHWRGRVYXHVWURV
LQWHVWLQRV/XHJRGHVFDQVDGDUURGLOOiQGRRVHQHOVXHORDQWHHOiQJHOGHODJXD\RUDGDO
'LRVYLYRSDUDTXHRVSHUGRQHWRGRVYXHVWURVDQWLJXRVSHFDGRV\RUDGWDPELpQDOiQJHO
GHODJXDSDUDTXHOLEHUHYXHVWURFXHUSRGHWRGDLQPXQGLFLD\HQIHUPHGDG'HMDGHQWRQFHV
TXHHODJXDVDOJDGHYXHVWURFXHUSRSDUDTXHVHOOHYHGHVXLQWHULRUWRGDVODVFRVDVVXFLDV
\IpWLGDVGH6DWiQ<YHUpLVFRQYXHVWURVRMRV\ROHUpLVFRQYXHVWUDQDUL]WRGDVODV
DERPLQDFLRQHVHLQPXQGLFLDVTXHPDQFLOODEDQHOWHPSORGHYXHVWURFXHUSRLJXDOTXH
WRGRVORVSHFDGRVTXHUHVLGtDQHQYXHVWURFXHUSRDWRUPHQWiQGRRVFRQWRGRWLSRGH
GRORUHV(QYHUGDGRVGLJRTXHHOEDXWLVPRFRQDJXDRVOLEHUDGHWRGRHVWR5HQRYDG
YXHVWUREDXWLVPRFRQDJXDWRGRVORVGtDVGXUDQWHYXHVWURD\XQRKDVWDHOGtDHQTXHYHiLV
TXHHODJXDTXHH[SXOViLVHVWDQSXUDFRPRODHVSXPDGHOUtR(QWUHJDGHQWRQFHVYXHVWUR
FXHUSRDODFRUULHQWHGHOUtR\XQDYH]HQORVEUD]RVGHOiQJHOGHODJXDGDGJUDFLDVDO
'LRVYLYRSRUKDEHURVOLEUDGRGHYXHVWURVSHFDGRV<HVWHEDXWLVPRVDJUDGRSRUHOiQJHO
GHODJXDHVHOUHQDFLPLHQWRDODQXHYDYLGD3XHVYXHVWURVRMRVYHUiQDSDUWLUGHHQWRQFHV
\YXHVWURVRtGRVRLUiQ1RSHTXpLVPiVSRUWDQWRGHVSXpVGHYXHVWUREDXWLVPRSDUDTXH
ORViQJHOHVGHODLUH\GHODJXDKDELWHQHWHUQDPHQWHHQYRVRWURV\RVVLUYDQSDUDVLHPSUH

<VLTXHGDGHVSXpVGHQWURGHYRVRWURVDOJXQRGHYXHVWURVDQWLJXRVSHFDGRVH
LQPXQGLFLDVEXVFDGDOiQJHOGHODOX]GHOVRO4XLWDRVYXHVWURFDO]DGR\YXHVWUDVURSDV\
GHMDGTXHHOiQJHOGHODOX]GHOVRODEUDFHWRGRYXHVWURFXHUSR5HVSLUDGHQWRQFHVODUJD\
SURIXQGDPHQWHSDUDTXHHOiQJHOGHODOX]GHOVRORVSHQHWUH<HOiQJHOGHODOX]GHOVRO
H[SXOVDUiGHYXHVWURFXHUSRWRGDFRVDIpWLGD\VXFLDTXHORPDQFLOOHSRUIXHUD\SRU
GHQWUR<DVtVDOGUiGHYRVRWURVWRGDFRVDVXFLD\IpWLGDGHOPLVPRPRGRTXHOD
RVFXULGDGGHODQRFKHVHGLVLSDDQWHODOXPLQRVLGDGGHOVROQDFLHQWH3XHVHQYHUGDGRV
GLJRTXHVDJUDGRHVHOiQJHOGHODOX]GHOVROTXLHQOLPSLDWRGDLQPXQGLFLD\FRQILHUHD
ORPDOROLHQWHXQRORUDJUDGDEOH1DGLHDTXLHQQRGHMHSDVDUHOiQJHOGHODOX]GHOVRO
SRGUiDFXGLUDQWHODID]GH'LRV(QYHUGDGTXHWRGRGHEHQDFHUGHQXHYRGHOVRO\GHOD
YHUGDGSXHVYXHVWURFXHUSRVHEDxDHQODOX]GHOVROGHOD0DGUH7HUUHQDO\YXHVWUR
HVStULWXVHEDxDHQODOX]GHOVROGHODYHUGDGGHO3DGUH&HOHVWLDO
10

/RViQJHOHVGHODLUHGHODJXD\GHODOX]GHOVROVRQKHUPDQRV/HVIXHURQHQWUHJDGRVDO
+LMRGHO+RPEUHSDUDTXHOHVLUYLHVHQ\SDUDTXHpOSXGLHUDLUVLHPSUHGHXQRDRWUR

6DJUDGRHVDVtPLVPRVXDEUD]R6RQKLMRVLQGLYLVLEOHVGHOD0DGUH7HUUHQDODVtTXHQR
VHSDUpLVYRVRWURVDDTXHOORVDTXLHQHVODWLHUUD\HOFLHORKDQXQLGR'HMDGTXHHVWRVWUHV
iQJHOHVKHUPDQRVRVHQYXHOYDQFDGDGtD\KDELWHQHQYRVRWURVGXUDQWHWRGRYXHVWUR
D\XQR

3XHVHQYHUGDGRVGLJRTXHHOSRGHUGHORVGHPRQLRVWRGRVORVSHFDGRVHLQPXQGLFLDV
KXLUiQFRQSUHVWH]DGHDTXHOFXHUSRTXHVHDDEUD]DGRSRUHVWRVWUHViQJHOHV'HOPLVPR
PRGRTXHORVODGURQHVKX\HQGHXQDFDVDDEDQGRQDGDDOOOHJDUHOGXHxRGHpVWDXQRSRU
ODSXHUWDRWURSRUODYHQWDQD\XQWHUFHURSRUHOWHMDGRFDGDXQRGRQGHVHHQFXHQWUD\
SRUGRQGHSXHGHDVtPLVPRKXLUiQGHYXHVWURVFXHUSRVWRGRVORVGHPRQLRVGHOPDOWRGRV
YXHVWURVDQWLJXRVSHFDGRV\WRGDVODVLQPXQGLFLDV\HQIHUPHGDGHVTXHSURIDQDEDQHO
WHPSORGHYXHVWURVFXHUSRV&XDQGRORViQJHOHVGHOD0DGUH7HUUHQDOHQWUHQHQYXHVWURV
FXHUSRVGHPRGRTXHORVVHxRUHVGHOWHPSORORSRVHDQQXHYDPHQWHHQWRQFHVKXLUiQFRQ
SUHVWH]DWRGRVORVPDORVRORUHVDWUDYpVGHYXHVWUDUHVSLUDFLyQ\GHYXHVWUDSLHO\ODV
DJXDVFRUURPSLGDVSRUYXHVWUDERFD\YXHVWUDSLHO\SRUYXHVWUDVSDUWHVRFXOWDV\
VHFUHWDV<WRGDVHVWDVFRVDVODVYHUpLVFRQYXHVWURVSURSLRVRMRVODVROHUpLVFRQYXHVWUD
QDUL]\ODVWRFDUpLVFRQYXHVWUDVPDQRV<FXDQGRWRGRVORVSHFDGRVHLQPXQGLFLDVKD\DQ
DEDQGRQDGRYXHVWURFXHUSRYXHVWUDVDQJUHVHYROYHUiWDQSXUDFRPRODVDQJUHGHQXHVWUD
0DGUH7HUUHQDO\FRPRODHVSXPDGHOUtRMXJXHWHDQGRDODOX]GHOVRO<YXHVWURDOLHQWR
VHYROYHUiWDQSXURFRPRHODOLHQWRGHODVIORUHVSHUIXPDGDVYXHVWUDFDUQHWDQSXUDFRPR
ODFDUQHGHORVIUXWRVTXHHQURMHFHQVREUHODVUDPDVGHORViUEROHVODOX]GHYXHVWURRMR
WDQFODUD\OXPLQRVDFRPRHOEULOORGHOVROTXHUHVSODQGHFHHQHOFLFORD]XO<HQWRQFHVRV
VHUYLUiQWRGRVORViQJHOHVGHOD0DGUH7HUUHQDO<YXHVWUDUHVSLUDFLyQYXHVWUDVDQJUH\
YXHVWUDFDUQHVHUiQXQDFRQODUHVSLUDFLyQODVDQJUH\ODFDUQHGHOD0DGUH7HUUHQDOSDUD
TXHYXHVWURHVStULWXVHKDJDWDPELpQXQRFRQHOHVStULWXGHO3DGUH&HOHVWLDO3XHVHQ
YHUGDGQDGLHSXHGHOOHJDUDO3DGUH&HOHVWLDOVLQRDWUDYpVGHOD0DGUH7HUUHQDO'HO
PLVPRPRGRTXHXQQLxRUHFLpQQDFLGRQRSXHGHHQWHQGHUODHQVHxDQ]DGHVXSDGUH
PLHQWUDVVXPDGUHQRWHKD\DSULPHURDPDPDQWDGREDxDGRFXLGDGRGRUPLGR\
DOLPHQWDGR0LHQWUDVHOQLxRHVSHTXHxRVXOXJDUHVWiMXQWRDVXPDGUH\DHOODGHEH
REHGHFHU&XDQGRHOQLxR\DKDFUHFLGRVXSDGUHOHOOHYDDWUDEDMDUDOFDPSRDVXODGR\
HOQLxRUHJUHVDMXQWRDVXPDGUHVRODPHQWHFXDQGROOHJDODKRUDGHODFRPLGD\GHOD
FHQD<HQWRQFHVHOSDGUHOHHQVHxDSDUDTXHVHDGLHVWUHHQORVWUDEDMRVGHVXSDGUH<
FXDQGRHOSDGUHYHTXHVXKLMRHQWLHQGHVXHQVHxDQ]D\KDFHELHQVXWUDEDMROHGDWRGDV
ODVSRVHVLRQHVSDUDTXHpVWDVSHUWHQH]FDQDVXDPDGRKLMR\SDUDTXHpVWHFRQWLQ~HOD
REUDGHVXSDGUH(QYHUGDGRVGLJRTXHIHOL]HVHOKLMRTXHDFHSWDHOFRQVHMRGHVXPDGUH
\ORVLJXH<FLHQYHFHVPiVIHOL]HVHOKLMRTXHDFHSWD\VLJXHWDPELpQHOFRQVHMRGHVX
SDGUHSXHV\DVHRVGLMR+RQUDDWXSDGUH\DWXPDGUH3HUR\RRVGLJR+LMRVGHO
+RPEUH+RQUDGDYXHVWUD0DGUH7HUUHQDO\JXDUGDGWRGDV6XVOH\HVSDUDTXHVHDQ
ODUJRVYXHVWURVGtDVHQHVWDWLHUUD\KRQUDGDYXHVWUR3DGUH&HOHVWLDOSDUDTXHVHDYXHVWUD
HQORVFLHORVODYLGDHWHUQD3XHVHO3DGUH&HOHVWLDOHVXQFHQWHQDUGHYHFHVPiVJUDQGH
TXHWRGRVORVSDGUHVSRUVDQJUH\GHVFHQGHQFLD<PD\RUHVOD0DGUH7HUUHQDOTXHWRGDV
ODVPDGUHVSRUHOFXHUSR<PiVTXHULGRHVHO+LMRGHO+RPEUHDORVRMRVGHVX3DGUH
&HOHVWLDO\GHVX0DGUH7HUUHQDOTXHORVRQORVQLxRVDORVRMRVGHVXVSDGUHVSRUVDQJUH
11

\SRUGHVFHQGHQFLD\GHVXVPDGUHVSRUHOFXHUSR<PiVVDELDVVRQOD3DODEUD\OD/H\
GHYXHVWUR3DGUH&HOHVWLDO\GHYXHVWUD0DGUH7HUUHQDOTXHODVSDODEUDV\ODYROXQWDGGH
WRGRVORVSDGUHVSRUVDQJUH\SRUGHVFHQGHQFLD\GHWRGDVODVPDGUHVSRUHOFXHUSR<
WDPELpQGHPiVYDORUHVODKHUHQFLDGHYXHVWUR3DGUH&HOHVWLDO\GHYXHVWUD0DGUH
7HUUHQDOHOUHLQRHWHUQRGHODYLGDHWHUQD\FHOHVWLDOTXHWRGDVODVKHUHQFLDVGHYXHVWURV
SDGUHVSRUVDQJUH\SRUGHVFHQGHQFLD\GHYXHVWUDVPDGUHVSRUHOFXHUSR

<YXHVWURVYHUGDGHURVKHUPDQRVVRQWRGRVDTXHOORVTXHKDFHQODYROXQWDGGHYXHVWUR
3DGUH&HOHVWLDO\GHYXHVWUD0DGUH7HUUHQDO\QRYXHVWURVKHUPDQRVGHVDQJUH(Q
YHUGDGRVGLJRTXHYXHVWURVYHUGDGHURVKHUPDQRVHQODYROXQWDGGHO3DGUH&HOHVWLDO\GH
OD0DGUH7HUUHQDORVDPDUiQXQPLOODUGHYHFHVPiVTXHYXHVWURVKHUPDQRVGHVDQJUH
3XHVGHVGHORVGtDVGH&DtQ\$EHOFXDQGRORVKHUPDQRVGHVDQJUHWUDQVJUHGLHURQOD
YROXQWDGGH'LRVQRH[LVWHXQDYHUGDGHUDIUDWHUQLGDGSRUODVDQJUH<ORVKHUPDQRV
DFW~DQHQWUHVtFRPRH[WUDxRV3RUHOORRVGLJRDPDGDYXHVWURVYHUGDGHURVKHUPDQRVHQ
ODYROXQWDGGH'LRVXQPLOODUGHYHFHVPiVTXHDYXHVWURVKHUPDQRVGHVDQJUH



3XHVYXHVWUR3DGUH&HOHVWLDOHVDPRU

3XHVYXHVWUD0DGUH7HUUHQDOHVDPRU

3XHVHO+LMRGHO+RPEUHHVDPRU

3RUHODPRUHO3DGUH&HOHVWLDO\OD0DGUH7HUUHQDO\HO+LMRGHO+RPEUHVHKDFHQXQR
3XHVHOHVStULWXGHO+LMRGHO+RPEUHIXHFUHDGRGHOHVStULWXGHO3DGUH&HOHVWLDO\VX
FXHUSRGHOFXHUSRGHOD0DGUH7HUUHQDO+DFHRVSRUWDQWRSHUIHFWRVFRPRSHUIHFWRVVRQ
HOHVStULWXGHYXHVWUR3DGUH&HOHVWLDO\HOFXHUSRGHYXHVWUD0DGUH7HUUHQDO<DPDGDVtD
YXHVWUR3DGUH&HOHVWLDOLJXDOTXHeODPDYXHVWURHVStULWX<DPDGDVtDYXHVWUD0DGUH
7HUUHQDOLJXDOTXH(OODDPDYXHVWURFXHUSR<DPDGDVtDYXHVWURVYHUGDGHURVKHUPDQRV
LJXDOTXHYXHVWUR3DGUH&HOHVWLDO\YXHVWUD0DGUH7HUUHQDOOHVDPDQ<HQWRQFHVRVGDUi
YXHVWUR3DGUH&HOHVWLDOVXVDQWRHVStULWX\YXHVWUD0DGUH7HUUHQDORVGDUiVXFXHUSR
VDQWR<HQWRQFHVORV+LMRVGHORV+RPEUHVVHGDUiQDPRUXQRVDRWURVFRPRYHUGDGHURV
KHUPDQRVHODPRUTXHUHFLELHURQGHVX3DGUH&HOHVWLDO\GHVX0DGUH7HUUHQDO\WRGRV
VHFRQYHUWLUiQHQFRQVRODGRUHVXQRVGHRWURV<GHVDSDUHFHUiHQWRQFHVGHODWLHUUDWRGR
PDO\WRGDWULVWH]D\KDEUiDPRU\DOHJUtDVREUHODWLHUUD<VHUiHQWRQFHVODWLHUUDFRPR
ORVFLHORV\YHQGUiHOUHLQRGH'LRV<HQWRQFHVYHQGUiHO+LMRGHO+RPEUHHQWRGDVX
JORULDSDUDKHUHGDUHOUHLQRGH'LRV<HQWRQFHVORV+LMRVGHORV+RPEUHVGLYLGLUiQVX
GLYLQDKHUHQFLDHOUHLQRGH'LRV3XHVORV+LMRVGHO+RPEUHYLYHQHQHO3DGUH&HOHVWLDO\
HQOD0DGUH7HUUHQDO\HO3DGUH&HOHVWLDO\OD0DGUH7HUUHQDOYLYHQHQHOORV<HQWRQFHV
FRQHOUHLQRGH'LRVOOHJDUiHOILQGHORVWLHPSRV3XHVHODPRUGHO3DGUHFHOHVWLDOGDYLGD
HWHUQDDWRGRORTXHHVWiHQHOUHLQRGH'LRV3XHVHO$PRUHVHWHUQR(O$PRUHVPiV
IXHUWHTXHOD0XHUWH

$XQTXH\RKDEOHFRQODVOHQJXDVGHORVKRPEUHV\GHORViQJHOHVVLQRWHQJRDPRUPLV
SDODEUDVVRQFRPRHOVRQLGRGHOODWyQRFRPRHOWLQWLQHRGHXQSODWLOOR$XQTXHGLJDOR
12

TXHKDGHYHQLU\FRQR]FDWRGRVORVVHFUHWRV\WRGDODVDELGXUtD\DXQTXHWHQJDXQDIH
WDQIXHUWHFRPRODWRUPHQWDTXHPXHYHODVPRQWDxDVGHVXVLWLRVLQRWHQJRDPRUQRVR\
QDGD<DXQTXHGpWRGRVPLVELHQHVSDUDDOLPHQWDUDOSREUH\OHRIUH]FDWRGRHOIXHJRTXH
KHUHFLELGRGHPL3DGUHVLQRWHQJRDPRUQRKDOODUpHQHOORSURYHFKRDOJXQR(ODPRUHV
SDFLHQWH\HODPRUHVDPDEOH(ODPRUQRHVHQYLGLRVRQRKDFHHOPDOQRFRQRFHHO
RUJXOORQRHVUXGRQLHJRtVWD(VHFXiQLPHQRFUHHHQODPDOLFLDQRVHUHJRFLMDHQOD
LQMXVWLFLDVLQRTXHVHGHOHLWDHQODMXVWLFLD(ODPRUORGHILHQGHWRGRHODPRUORFUHH
WRGRHODPRUORHVSHUDWRGR\HODPRUORVRSRUWDWRGRQXQFDVHDJRWDSHURHQFXDQWRD
ODVOHQJXDVFHVDUiQ\HQFXDQWRDOFRQRFLPLHQWRVHGHVYDQHFHUi3XHVSRVHHPRVHQ
SDUWHODYHUGDG\HQSDUWHHOHUURUPDVFXDQGRYHQJDODSOHQLWXGGHODSHUIHFFLyQOR
SDUFLDOVHUiDQLTXLODGR&XDQGRHOKRPEUHHUDQLxRKDEODEDFRPRXQQLxRHQWHQGtDFRPR
XQQLxRSHQVDEDFRPRXQQLxRSHURFXDQGRVHKL]RKRPEUHDEDQGRQyODVFRVDVGHORV
QLxRV3RUTXHQRVRWURVYHPRVDKRUDDWUDYpVGHXQFULVWDO\DWUDYpVGHGLFKRVRVFXURV
$KRUDFRQRFHPRVSDUFLDOPHQWHPDVFXDQGRKD\DPRVDFXGLGRDQWHHOURVWURGH'LRV\D
QRFRQRFHUHPRVHQSDUWHSXHVQRVRWURVPLVPRVVHUHPRVHQVHxDGRVSRUpO<DKRUDQRV
TXHGDQWUHVFRVDVODIHODHVSHUDQ]D\HODPRUSHURODPiVJUDQGHGHHOODVHVHODPRU

<DKRUDRVKDEORHQODOHQJXDYLYDGHO'LRV9LYRSRUPHGLRGHOVDQWRHVStULWXGH
QXHVWUR3DGUH&HOHVWLDO1RKD\D~QQLQJXQRGHHQWUHYRVRWURVTXHSXHGDHQWHQGHUWRGR
FXDQWRRVGLJR4XLHQRVFRPHQWDODVHVFULWXUDVRVKDEODHQXQDOHQJXDPXHUWDGH
KRPEUHVPXHUWRVDWUDYpVGHVXFXHUSRHQIHUPR\PRUWDO3RUORWDQWRDpOOHSXHGHQ
HQWHQGHUWRGRVORVKRPEUHVSXHVWRGRVORVKRPEUHVHVWiQHQIHUPRV\WRGRVHVWiQHQOD
PXHUWH1DGLHYHODOX]GHODYLGD(OFLHJRJXtDDORVFLHJRVHQHORVFXURVHQGHURGHORV
SHFDGRVODVHQIHUPHGDGHV\ORVVXIULPLHQWRV\DOILQDOVHSUHFLSLWDQWRGRVHQODIRVDGH
ODPXHUWH

<RRVKHVLGRHQYLDGRSRUHO3DGUHSDUDTXHKDJDEULOODUODOX]GHODYLGDHQWUHYRVRWURV
/DOX]VHLOXPLQDDVtPLVPD\DODRVFXULGDGPDVODRVFXULGDGVHFRQRFHVyORDVtPLVPD
\QRFRQRFHODOX]$~QWHQJRTXHGHFLURVPXFKDVFRVDVPDVDXQQRSRGpLV
FRPSUHQGHUODV3XHVYXHVWURVRMRVHVWiQDFRVWXPEUDGRVDODRVFXULGDG\ODSOHQD/X]GHO
3DGUH&HOHVWLDORVFHJDUtD3RUHVRQRSRGpLVHQWHQGHUD~QFXDQWRRVKDEORDFHUFDGHO
3DGUH&HOHVWLDOTXLHQPHHQYLyDYRVRWURV6HJXLGSXHVSULPHURVyORODVOH\HVGHYXHVWUD
0DGUH7HUUHQDOGHTXLHQ\DRVKHFRQWDGR<FXDQGRVXViQJHOHVKD\DQODYDGR\
UHQRYDGRYXHVWURVFXHUSRV\IRUWDOHFLGRYXHVWURVRMRVVHUpLVFDSDFHVGHVRSRUWDUODOX]GH
QXHVWUR3DGUH&HOHVWLDO&XDQGRVHiLVFDSDFHVGHFRQWHPSODUHOEULOORGHOVROGHO
PHGLRGtDFRQORVRMRVILMRVSRGUpLVHQWRQFHVPLUDUODOX]FHJDGRUDGHYXHVWUR3DGUH
&HOHVWLDOODFXDOHVXQPLOODUGHYHFHVPiVEULOODQWHTXHHOEULOORGHXQPLOODUGHVROHV
0DV¢FyPRPLUDUtDLVODOX]FHJDGRUDGHYXHVWUR3DGUH&HOHVWLDOVLQRSRGpLVVRSRUWDU
VLTXLHUDODOX]GHOVROUDGLDQWH"&UHHGPHHOVROHVFRPRODOODPDGHXQDYHODFRPSDUDGR
FRQHOVROGHODYHUGDGGHO3DGUH&HOHVWLDO1RWHQJiLVSRUWDQWRVLQRIH\HVSHUDQ]D\
DPRU(QYHUGDGRVGLJRTXHQRGHVFDUpLVYXHVWUDUHFRPSHQVD6LFUHpLVHQPLVSDODEUDV
FUHpLVQTXLHQPHHQYLyTXHHVHOVHxRUGHWRGRV\SDUDTXLHQWRGDVODVFRVDVVRQ
SRVLEOHV3XHVORTXHUHVXOWDLPSRVLEOHFRQORVKRPEUHVHVSRVLEOHFRQ'LRV6LFUHpLVHQ
ORViQJHOHVGHOD0DGUH7HUUHQDO\FXPSOtVVXVOH\HVYXHVWUDIHRVVRVWHQGUi\QXQFD
FRQRFHUpLVODHQIHUPHGDG7HQHGHVSHUDQ]DWDPELpQHQHODPRUGHYXHVWURSDGUHFHOHVWLDO
SXHVTXLHQFRQItDHQpOQRVHUiQXQFDGHIUDXGDGRQLWDPSRFRFRQRFHUiDODPXHUWH
13

$PDRVORVXQRVDORVRWURVSXHV'LRVHVDPRU\DVtVDEUiQORViQJHOHVTXHYDLVSRUVXV
FDPLQRV<HQWRQFHVDFXGLUiQWRGRVORViQJHOHVDQWHYXHVWURURVWUR\RVVHUYLUiQ<6DWiQ
SDUWLUiGHYXHVWURFXHUSRFRQWRGRVVXVSHFDGRVHQIHUPHGDGHVHLQPXQGLFLDV,G
UHQXQFLDGDYXHVWURVSHFDGRVDUUHSHQWLRVYRVRWURVPLVPRV\EDXWL]DRVYRVRWURVPLVPRV
SDUDTXHQD]FiLVGHQXHYR\QRSHTXpLVPiV

(QWRQFHV-HV~VVHOHYDQWy3HURWRGRVORVGHPiVSHUPDQHFLHURQVHQWDGRVSXHVFDGD
KRPEUHVHQWtDHOSRGHUGHVXVSDODEUDV<HQWRQFHVDSDUHFLyODOXQDOOHQDHQWUHODVQXEHV
GHVJDUUDGDV\HQYROYLyD-HV~VHQVXUHVSODQGRU'HVXFDEHOORDVFHQGtDQGHVWHOORV\
SHUPDQHFLyHUJXLGRHQWUHHOORVHQODOX]GHODOXQDFRPRVLIORWDVHHQHODLUH<QDGLHVH
PRYLyQLWDPSRFRVHR\yODYR]GHQDGLH<QDGLHVXSRFXiQWRWLHPSRKDEtDSDVDGR
SXHVHOWLHPSRSDUHFtDSDUDGR

(QWRQFHV-HV~VWHQGLyVXVPDQRVKDFLDHOORV\GLMR/DSD]VHDFRQYRVRWURV<GHHVWH
PRGRSDUWLyFRPRODEULVDTXHPHFHODVKRMDVGHORViUEROHV

<D~QGXUDQWHXQEXHQUDWRSHUPDQHFLyODFRPSDxtDVHQWDGDVLQPRYHUVH\OXHJRIXHURQ
VDOLHQGRGHOVLOHQFLRXQRWUDVRWURFRPRWUDVXQODUJRVXHxR3HURQDGLHGHVHDEDLUVH
FRPRVLODVSDODEUDVGHTXLHQOHVKDEtDGHMDGRD~QVRQDVHQHQVXVRtGRV<
SHUPDQHFLHURQVHQWDGRVFRPRVLHVFXFKDVHQDOJXQDP~VLFDPDUDYLOORVD

3HURDOILQXQRGLMRFRPRVLHVWXYLHUDDOJRDWHPRUL]DGR£4XpELHQVHHVWiDTXt2WUR
GLMR£2MDOiHVWDQRFKHQRDFDEDUDQXQFD<RWURV£2MDOiSXGLHUDHVWDUHQWUHQRVRWURV
SDUDVLHPSUH'HYHUGDGTXHHVHOPHQVDMHURGH'LRVSXHVSXVRODHVSHUDQ]DHQ
QXHVWURVFRUD]RQHV<QDGLHGHVHDEDLUVHDVXFDVDGLFLHQGR<RQRYR\DFDVDGRQGH
WRGRHVRVFXUR\WULVWH¢3RUTXpKHPRVGHLUDFDVDGRQGHQDGLHQRVTXLHUH"

<GHHVWHPRGRKDEODURQSXHVFDVLWRGRVHOORVHUDQSREUHVFRMRVFLHJRVOLVLDGRV
YDJDEXQGRVJHQWHVVLQKRJDUGHVSUHFLDGDVHQVXGHVGLFKDTXHVyORKDEtDQQDFLGRSDUD
VHUPRWLYRGHOiVWLPDHQODVFDVDVGRQGHGXUDQWHDSHQDVXQRVGtDVHQFRQWUDVHQUHIXJLR
LQFOXVRDOJXQRVTXHWHQtDQWDQWRFDVDFRPRIDPLOLDGLMHURQ7DPELpQQRVRWURVQRV
TXHGDUHPRVFRQYRVRWURV3XHVWRGRVVHQWtDQTXHODVSDODEUDVGH4XLHQVHKDEtDLGR
XQtDQDODSHTXHxDFRPSDxtDFRQKLORVLQYLVLEOHV<WRGRVVHQWtDQTXHKDEtDQQDFLGRGH
QXHYR9HtDQDQWHVtXQPXQGROXPLQRVRLQFOXVRFXDQGRODOXQDVHRFXOWyHQODVQXEHV
<HQORVFRUD]RQHVGHWRGRVVHDEULHURQIORUHVPDUDYLOORVDVGHXQDEHOOH]DPDUDYLOORVD
ODVIORUHVGHODDOHJUtD

<FXDQGRORVEULOODQWHVUD\RVGHOVRODSDUHFLHURQVREUHHOKRUL]RQWHWRGRVVLQWLHURQTXH
DTXHOHUDHOVROGHOUHLQRGH'LRVTXHYHQtD<FRQVHPEODQWHVDOHJUHVVHDGHODQWDURQD
HQFRQWUDUDORViQJHOHVGH'LRV

<PXFKRVVXFLRV\HQIHUPRVVLJXLHURQODVSDODEUDVGH-HV~V\EXVFDURQODVRULOODVGHODV
FRUULHQWHVPXUPXUDQWHV6HGHVFDO]DURQ\GHVYLVWLHURQD\XQDURQ\HQWUHJDURQVXV
FXHUSRVDORViQJHOHVGHODLUHGHODJXD\GHODOX]GHOVRO<ORViQJHOHVGHOD0DGUH
7HUUHQDOOHVDEUD]DURQ\SRVH\HURQVXVFXHUSRVSRUGHQWUR\SRUIXHUD<WRGRVHOORV
YLHURQFyPRWRGRVORVPDOHVSHFDGRVHLQPXQGLFLDVOHVDEDQGRQDEDQUiSLGDPHQWH
14

<HODOLHQWRGHDOJXQRVVHYROYLyWDQIpWLGRFRPRHORORUTXHVXHOWDQORVLQWHVWLQRV\D
DOJXQRVOHVIOXtDQEDEDV\GHVXVSDUWHVLQWHUQDVVXUJLyXQYyPLWRPDOROLHQWH\VXFLR
7RGDVHVWDVLQPXQGLFLDVVDOLHURQSRUVXVERFDV(QDOJXQRVSRUODQDUL]\HQRWURVSRU
ORVRMRV\ORVRtGRV<DPXFKRVOHVYLQRSRUWRGRVXFXHUSRXQVXGRUDSHVWRVR\
DERPLQDEOHSRUWRGDVXSLHO<HQPXFKRVGHVXVPLHPEURVVHDEULHURQIRU~QFXORV
JUDQGHV\FDOLHQWHVGHORVTXHVDOtDQLQPXQGLFLDVPDOROLHQWHV\GHVXVFXHUSRVIOXtD
RULQDHQDEXQGDQFLD\HQPXFKRVVXRULQDQRHVWDEDVLQRVHFD\VHYROYtDWDQHVSHVD
FRUQRODPLHOGHODVDEHMDVODGHORVRWURVHUDFDVLURMD\GXUDFDVLFRPRODDUHQDGHORV
UtRV0XFKRVODQ]DEDQIpWLGRVSHGRVGHVXVLQWHVWLQRVVHPHMDQWHVDODOLHQWRGHORV
GHPRQLRV<VXKHGRUVHKL]RWDQJUDQGHTXHQDGLHSRGtDVRSRUWDUOR

<FXDQGRVHEDXWL]DURQDVtPLVPRVHOiQJHOGHODJXDSHQHWUyHQVXVFXHUSRV\GHHOORV
VDOLHURQWRGDVODVDERPLQDFLRQHVHLQPXQGLFLDVGHVXVDQWLJXRVSHFDGRV\VHPHMDQWHDXQ
UtRTXHGHVFHQGLHVHGHXQDPRQWDxDVDOLHURQDERUERWRQHVGHVXVFXHUSRVJUDQFDQWLGDG
GHDERPLQDFLRQHVGXUDV\EODQGDV<ODWLHUUDGRQGHFD\HURQVXVDJXDVTXHGy
FRQWDPLQDGD\WDQJUDQGHHUDHOKHGRUTXHQDGLHSRGtDSHUPDQHFHUHQDTXHOOXJDU<ORV
GHPRQLRVDEDQGRQDURQVXVLQWHVWLQRVHQIRUPDGHQXPHURVRVJXVDQRVTXHVHUHWRUFtDQHQ
HOORGRGHVXVLQPXQGLFLDVLQWHUQDV<GHVSXpVTXHHOiQJHOGHODJXDOHVKXERH[SXOVDGR
GHORVLQWHVWLQRVGHORV+LMRVGHORV+RPEUHVVHUHWRUFLHURQHQHOVXHORFRQLUDLPSRWHQWH
<HQWRQFHVGHVFHQGLyVREUHHOORVHOSRGHUGHOiQJHOGHODOX]GHOVRO\DOOtSHUHFLHURQHQ
VXVGHVHVSHUDGDVFRQYXOVLRQHVSLVRWHDGRVEDMRORVSLHVGHOiQJHOGHODOX]GHOVRO<
WRGRVVHHVWUHPHFLHURQDWHUURUL]DGRVDOPLUDUWRGDVDTXHOODVDERPLQDFLRQHVGH6DWiQGH
TXLHQHVOHVKDEtDQVDOYDGRORViQJHOHV<GLHURQJUDFLDVD'LRVSRUKDEHUOHVHQYLDGRVXV
iQJHOHVSDUDOLEHUDUOHV

<KDEtDDOJXQRVDWRUPHQWDGRVSRUJUDQGHVGRORUHVTXHQRSDUHFtDQTXHUHUDEDQGRQDUOHV
\QRVDELHQGRTXpKDFHUGHFLGLHURQHQYLDUDOJXQRGHHOORVD-HV~VSXHVGHVHDEDQPXFKR
WHQHUOHHQWUHHOORV

<FXDQGRGRVKXELHURQLGRHQVXEXVFDYLHURQDOPLVPR-HV~VDFHUFiQGRVHSRUODRULOOD
GHOUtR<VXVFRUD]RQHVVHOOHQDURQGHHVSHUDQ]D\GHDOHJUtDFXDQGRR\HURQVXVDOXGR
/DSD]VHDFRQYRVRWURV<PXFKDVHUDQODVSUHJXQWDVTXHGHVHDEDQKDFHUOHPDVHQVX
VRUSUHVDQRSRGtDQHPSH]DUSXHVQDGDDFXGtDDVXVPHQWHV/HVGLMRHQWRQFHV-HV~V+H
YHQLGRSRUTXHPHQHFHVLWiLV<XQRJULWy0DHVWURWHQHFHVLWDPRVGHYHUGDG9HQ\
OtEUDQRVGHQXHVWURVVXIULPLHQWRV

<-HV~VOHVKDEOyHQSDUiERODV6RLVFRPRHOKLMRSUyGLJRTXLHQGXUDQWHPXFKRVDxRV
FRPLy\EHELy\SDVyVXVGtDVFRQVXVDPLJRVHQHOGHVHQIUHQR\ODODVFLYLD<FDGD
VHPDQDVLQTXHVXSDGUHORVXSLHVHFRQWUDtDQXHYDVGHXGDVPDOJDVWDQGRFXDQWRWHQtDHQ
SRFRVGtDV<ORVSUHVWDPLVWDVVLHPSUHOHSUHVWDEDQSXHVVXSDGUHSRVHtDJUDQGHV
ULTXH]DV\VLHPSUHSDJDEDSDFLHQWHPHQWHODVGHXGDVGHVXKLMR<HQYDQRDPRQHVWDEDD
VXKLMRFRQEXHQDVSDODEUDVSRUTXHQXQFDHVFXFKDEDODVDGYHUWHQFLDVGHVXSDGUHTXLHQ
OHVXSOLFDEDHQYDQRTXHUHQXQFLDVHDVXVYLFLRVVLQILQ\TXHIXHUDDVXVFDPSRVD
YLJLODUHOWUDEDMRGHVXVVLUYLHQWHV<HOKLMROHSURPHWtDVLHPSUHWRGRVLSDJDEDVXV
DQWLJXDVGHXGDVPDVDOGtDVLJXLHQWHHPSH]DEDGHQXHYR<GXUDQWHPiVGHVLHWHDxRVHO
KLMRFRQWLQXyHQVXYLGDOLFHQFLRVD3HURDOILQVXSDGUHSHUGLyODSDFLHQFLD\QRSDJy
15

PiVDORVSUHVWDPLVWDVODVGHXGDVGHVXKLMR6LVLJRSDJiQGRODVVLHPSUH±GLMR±QR
DFDEDUiQORVSHFDGRVGHPLKLMR(QWRQFHVORVSUHVWDPLVWDVTXHVHYLHURQHQJDxDGRVHQ
VXFyOHUDVHOOHYDURQDOKLMRFRUQRHVFODYRSDUDTXHFRQVXWUDEDMRGLDULROHVSDJDVHHO
GLQHURTXHKDEtDQWRUQDGRSUHVWDGR<HQWRQFHVVHDFDEyHOFRPHUHOEHEHU\WRGRVORV
H[FHVRVGLDULRV'HODPDxDQDDODQRFKHPRMDEDORVFDPSRVFRQHOVXGRUGHVXIUHQWH\
FRQHOWUDEDMRGHVDFRVWXPEUDGRWRGRVVXVPLHPEURVOHGROtDQ<YLYtDGHSDQVHFRQR
WHQLHQGRPiVTXHVXVSURSLDVOiJULPDVSDUDKXPHGHFHUOR$OWHUFHUGtDKDEtDVXIULGR
WDQWRSRUHOFDORU\HOFDQVDQFLRTXHOHGLMRDVXGXHxR1RSXHGRWUDEDMDUPiVSRUTXH
PHGXHOHQWRGRVPLVPLHPEURV¢3RUFXiQWRWLHPSRPiVPHDWRUPHQWDUiV"+DVWDHOGtD
HQTXHSRUHOWUDEDMRGHWXVPDQRVPHKD\DVSDJDGRWRGDVWXVGHXGDV\FXDQGRKD\DQ
SDVDGRVLHWHDxRVVHUiVOLEUH<HOKLMRGHVHVSHUDGRUHVSRQGLyOORUDQGR£3HURVLQR
SXHGRVRSRUWDUORQLVLTXLHUDGXUDQWHVLHWHGtDV$SLDGDRVGHPtSXHVWRGRVPLVPLHPEURV
PHGXHOHQ\PHDEUDVDQ<HOPDOYDGRDFUHHGRUOHJULWy£6LJXHFRQWXWUDEDMR6L
SXGLVWHGHGLFDUWXVGtDV\WXVQRFKHVDOGHVHQIUHQRGXUDQWHVLHWHDxRVWHQGUiVTXHWUDEDMDU
DKRUDGXUDQWHVLHWHDxRV1RWHSHUGRQDUpKDVWDTXHPHKD\DVSDJDGRWRGDVWXVGHXGDV
KDVWDHO~OWLPRGUDFPD<HOKLMRUHJUHVyGHVHVSHUDGRDORVFDPSRVFRQVXVPLHPEURV
DWRUPHQWDGRVSRUHOGRORUSDUDVHJXLUFRQVXWUDEDMR<DGLItFLOPHQWHSRGtDWHQHUVHHQ
SLHGHELGRDOFDQVDQFLR\DORVGRORUHVFXDQGROOHJyHOVpSWLPRGtDHOGtDGHO6DEDWKHQ
HOFXDOQDGLHWUDEDMDHQHOFDPSR5HXQLyHOKLMRHQWRQFHVHOUHVWRGHVXVIXHU]DV\VH
DUUDVWUyKDVWDODFDVDGHVXSDGUH<HFKiQGRVHDORVSLHVGHVXSDGUHOHGLMR3DGUH
FUpHPHSRU~OWLPDYH]\SHUGyQDPHWRGDVPLVRIHQVDVFRQWUDWL7HMXURTXHQXQFDPiV
YROYHUpDYLYLUGHVHQIUHQDGDPHQWH\WHREHGHFHUpHQWRGR/LEpUDPHGHODVPDQRVGHPL
RSUHVRU3DGUHPtUDPH\FRQWHPSODPLVPLHPEURVHQIHUPRV\QRHQGXUH]FDVWX
FRUD]yQ(QWRQFHVEURWDURQOiJULPDVGHORVRMRVGHOSDGUHTXHWRPDQGRDVXKLMRHQ
EUD]RVGLMR$OHJUpPRQRVSRUTXHKR\VHPHKDGDGRXQDJUDQDOHJUtDSXHVKH
UHFXSHUDGRDPLDPDGRKLMRTXHHVWDEDSHUGLGR/HYLVWLyFRQVXVPHMRUHVURSDV\
GXUDQWHWRGRHOGtDKLFLHURQILHVWD<DODPDxDQDVLJXLHQWHGLRDVXKLMRXQDEROVDGH
SODWDSDUDTXHSDJDVHDVXVDFUHHGRUHVFXDQWROHVGHEtD<FXDQGRVXKLMRUHJUHVyOHGLMR
<DYHVKLMRPtRORIiFLOTXHHVFRQXQDYLGDGHVHQIUHQDGDFRQWUDHUGHXGDVSRUVLHWH
DxRVSHURHVGLItFLOSDJDUODVFRQHOWUDEDMRGHVLHWHDxRV3DGUHHVYHUGDGHUDPHQWH
GXURSDJDUODVLQFOXVRGXUDQWHVyORVLHWHGtDV<HOSDGUHOHDGYLUWLyGLFLpQGROH6yOR
SRUHVWDYH]VHWHKDSHUPLWLGRSDJDUWXVGHXGDVHQVLHWHGtDVHQOXJDUGHHQVLHWHDxRVHO
UHVWRWHHVWiSHUGRQDGR3HURFXLGDGHQRFRQWUDHUPiVGHXGDVHQHOWLHPSRYHQLGHUR
3XHVHQYHUGDGWHGLJRTXHQDGLHPiVTXHWXSDGUHSHUGRQDWXVGHXGDVSRUVHUVXKLMR
3RUTXHGHKDEHUVLGRFRQFXDOTXLHURWURKDEUtDVWHQLGRTXHWUDEDMDUGXUDPHQWHGXUDQWH
VLHWHDxRVFRPRHVWiRUGHQDGRHQQXHVWUDVOH\HV3DGUHDSDUWLUGHDKRUDVHUpWXKLMR
DPDQWH\REHGLHQWH\QXQFDPiVFRQWUDHUpGHXGDVSXHVVpTXHSDJDUODVHVGXUR

<IXHDOFDPSRGHVXSDGUH\WRGRVORVGtDVYLJLODEDHOWUDEDMRGHORVODEUDGRUHVGHVX
SDGUH<QXQFDOHVKL]RWUDEDMDUGHPDVLDGRGXURSXHVUHFRUGDEDVXSURSLRWUDEDMR
SHVDGR<SDVDURQORVDxRV\ODVSRVHVLRQHVGHVXSDGUHDXPHQWDURQPiV\PiVEDMRVX
PDQRSXHVVXWDUHDFRQWDEDFRQODEHQGLFLyQGHVXSDGUH<OHQWDPHQWHGHYROYLyDVX
SDGUHGLH]YHFHVPiVGHFXDQWRKDEtDGHUURFKDGRGXUDQWHDTXHOORVVLHWHDxRV<FXDQGR
HOSDGUHYLRTXHHOKLMRWUDWDEDELHQDVXVVLUYLHQWHV\WRGDVVXVSRVHVLRQHVOHGLMR+LMR
PtRYHRTXHPLVSRVHVLRQHVHVWiQHQEXHQDVPDQRV7HGR\WRGRPLJDQDGRPLFDVD
PLVWLHUUDV\PLVWHVRURV4XHWRGRHVWRVHDWXKHUHQFLDFRQWLQ~DDXPHQWiQGRODSDUDTXH
16

JRFHHQWL<FXDQGRHOKLMRKXERUHFLELGRODKHUHQFLDGHVXSDGUHSHUGRQyODVGHXGDVD
WRGRVVXVGHXGRUHVTXHQRSRGtDQSDJDUOHSXHVQRROYLGyTXHVXGHXGDKDEtDVLGR
WDPELpQSHUGRQDGDFXDQGRQRSRGtDSDJDUOD<'LRVOHEHQGLMRFRQXQDYLGDODUJDFRQ
PXFKRVKLMRV\FRQPXFKDVULTXH]DVSXHVHUDDPDEOHFRQWRGRVVXVVLUYLHQWHV\FRQWRGR
VXJDQDGR

-HV~VVHYROYLyHQWRQFHVDOSXHEORHQIHUPR\GLMR2VKDEORHQSDUiERODVSDUDTXH
HQWHQGiLVPHMRUODSDODEUDGH'LRV/RVVLHWHDxRVGHFRPHU\EHEHU\GHYLGD
GHVHQIUHQDGDVRQORVSHFDGRVGHOSDVDGR(OPDOYDGRDFUHHGRUHV6DWiQ/DVGHXGDVVRQ
ODVHQIHUPHGDGHV(OWUDEDMRGXURVRQORVGRORUHV(OKLMRSUyGLJRVRLVYRVRWURVPLVPRV
(OSDJRGHODVGHXGDVHVODH[SXOVLyQGHYRVRWURVGHORVGHPRQLRV\GHODVHQIHUPHGDGHV
\ODFXUDFLyQGHYXHVWURFXHUSR/DEROVDGHSODWDUHFLELGDGHOSDGUHHVHOSRGHUOLEHUWDGRU
GHORViQJHOHV(OSDGUHHV'LRV/DVSRVHVLRQHVGHOSDGUHVRQHOFLHOR\ODWLHUUD/RV
VLUYLHQWHVGHOSDGUHVRQORViQJHOHV(OFDPSRGHOSDGUHHVHOPXQGRTXHVHFRQYLHUWHHQ
HOUHLQRGHORVFLHORVVLORV+LMRVGH+RPEUHWUDEDMDQHQpOMXQWRDORViQJHOHVGHO3DGUH
&HOHVWLDO3XHV\RRVGLJRTXHHVPHMRUTXHHOKLMRREHGH]FDDVXSDGUH\YLJLOHDORV
VLUYLHQWHVGHVXSDGUHHQHOFDPSRDTXHVHFRQYLHUWDHQGHXGRUGHOPDOYDGRDFUHHGRU\
IDWLJDUVH\VXGDUHQODVHUYLGXPEUHSDUDUHVWLWXLUWRGDVVXVGHXGDV'HLJXDOPRGRHV
PHMRUTXHORV+LMRVGHO+RPEUHREHGH]FDQWDPELpQODVOH\HVGHVX3DGUH&HOHVWLDO\TXH
WUDEDMHQFRQVXViQJHOHVHQVXUHLQRDFRQYHUWLUVHHQGHXGRUHVGH6DWiQHOVHxRUGHOD
PXHUWHGHWRGRVORVSHFDGRV\WRGDVODVHQIHUPHGDGHVDVXIULUFRQGRORUHV\VXGRUKDVWD
KDEHUUHSDUDGRWRGRVVXVSHFDGRV(QYHUGDGRVGLJRTXHJUDQGHV\PXFKRVVRQYXHVWURV
SHFDGRV'XUDQWHPXFKRVDxRVKDEpLVFHGLGRDODVWHQWDFLRQHVGH6DWiQ+DEpLVVLGR
JORWRQHVEHEHGRUHV\SXWDQHURV\YXHVWUDVDQWLJXDVGHXGDVVHKDQPXOWLSOLFDGR<DKRUD
GHEpLVUHSDUDUODV\HOSDJRHVGXUR\GLItFLO1RRVLPSDFLHQWpLVSRUWDQWR\DDOWHUFHUGtD
FRPRHOKLMRSUyGLJRVLQRHVSHUDGSDFLHQWHPHQWHDOVpSWLPRGtDTXHHVWiVDQWLILFDGRSRU
'LRV\HQWRQFHVDFXGLGFRQFRUD]yQKXPLOGH\REHGLHQWHDQWHHOURVWURGHYXHVWUR3DGUH
&HOHVWLDOSDUDTXHRVSHUGRQHYXHVWURVSHFDGRV\WRGDVYXHVWUDVDQWLJXDVGHXGDV(Q
YHUGDGRVGLJRTXHYXHVWUR3DGUH&HOHVWLDORVDPDLQILQLWDPHQWHSXHVWDPELpQpORV
SHUPLWHSDJDUHQVLHWHGtDVODVGHXGDVGHVLHWHDxRV4XLHQHVOHGHEDQORVSHFDGRV\
HQIHUPHGDGHVGHVLHWHDxRVSHUROHSDJXHQKRQHVWDPHQWH\SHUVHYHUHQKDVWDHOVpSWLPR
GtDDHOORVSHUGRQDUiQXHVWUR3DGUH&HOHVWLDOODVGHXGDVGHORVVLHWHDxRVFRPSOHWRV

¢<VLKHPRVSHFDGRGXUDQWHVLHWHYHFHVVLHWHDxRV"SUHJXQWyXQKRPEUHHQIHUPRTXH
VXIUtDKRUULEOHPHQWH,QFOXVRHQHVHFDVRHO3DGUH&HOHVWLDORVSHUGRQDWRGDVYXHVWUDV
GHXGDVHQVLHWHYHFHVVLHWHGtDV

)HOLFHVVRQDTXHOORVTXHSHUVHYHUDQKDVWDHOILQSXHVORVGHPRQLRVGH6DWiQHVFULEHQ
WRGDVYXHVWUDVPDODVDFFLRQHVHQXQOLEURHOOLEURGHYXHVWURFXHUSR\GHYXHVWURHVStULWX
(QYHUGDGRVGLJRTXHQRKD\XQDVRODDFFLyQSHFDPLQRVDKDVWDGHVGHHOSULQFLSLRGHO
PXQGRTXHQRVHDHVFULWDDQWHQXHVWUR3DGUH&HOHVWLDO3XHVSRGpLVHVFDSDUDODVOH\HV
KHFKDVSRUORVUH\HVSHURDODVOH\HVGHYXHVWUR'LRVDHVDVQRSXHGHHVFDSDUQLQJXQRGH
ORV+LMRVGHO+RPEUH<FXDQGRDFXGtVDQWHHOURVWURGH'LRVORVGHPRQLRVGH6DWiQ
KDFHQGHWHVWLJRVHQFRQWUDYXHVWUDSRUPHGLRGHYXHVWURVDFWRV\'LRVYHYXHVWURV
SHFDGRVHVFULWRVHQHOOLEURGHYXHVWURFXHUSR\GHYXHVWURHVStULWX\VXFRUD]yQHVWi
WULVWH0DVVLRVDUUHSHQWtVGHYXHVWURVSHFDGRV\EXVFiLVDORViQJHOHVGH'LRVSRUPHGLR
17

GHOD\XQR\GHODRUDFLyQHQWRQFHVSRUFDGDGtDTXHVHJXtVD\XQDQGR\RUDQGRORV
iQJHOHVGH'LRVERUUDQXQDxRGHYXHVWUDVPDODVDFFLRQHVGHOOLEURGHYXHVWURFXHUSR\
GHYXHVWURHVStULWX<FXDQGROD~OWLPDSiJLQDKDVLGRWDPELpQERUUDGD\OLPSLDGDGH
WRGRVYXHVWURVSHFDGRVRVHQFRQWUiLVDQWHODID]GH'LRV\'LRVVHDOHJUDHQVXFRUD]yQ
\RVSHUGRQDWRGRVYXHVWURVSHFDGRV2VOLEHUDGHODVJDUUDVGH6DWiQ\GHOVXIULPLHQWR
RVKDFHHQWUDUHQVXFDVD\RUGHQDDWRGRVVXVVLUYLHQWHV\DWRGRVVXViQJHOHVTXHRV
VLUYDQ2VGDODUJDYLGD\QXQFDPiVFRQRFpLVODHQIHUPHGDG<VLHQDGHODQWHHQOXJDU
GHSHFDUSDViLVYXHVWURVGtDVKDFLHQGREXHQDVDFFLRQHVHQWRQFHVHVFULELUiQORViQJHOHV
GH'LRVWRGDVYXHVWUDVEXHQDVDFFLRQHVHQHOOLEURGHYXHVWURFXHUSR\GHYXHVWURHVStULWX
(QYHUGDGRVGLJRTXHQLQJXQDDFFLyQEXHQDTXHGDVLQVHUHVFULWDDQWH'LRV\DVtRFXUUH
GHVGHHOSULQFLSLRGHOPXQGR3XHVGHYXHVWURVUH\HV\GHYXHVWURVJREHUQDGRUHVSRGpLV
HVSHUDUHQYDQRYXHVWUDUHFRPSHQVDPDVQXQFDKDQGHHVSHUDUYXHVWUDVDFFLRQHVEXHQDV
VXSUHPLRGH'LRV

<FXDQGRDFXGtVDQWHHOURVWURGH'LRVVXViQJHOHVDWHVWLJXDQDYXHVWURIDYRUSRUPHGLR
GHYXHVWUDVEXHQDVDFFLRQHV<'LRVYHYXHVWUDVEXHQDVDFFLRQHVHVFULWDVHQYXHVWURV
FXHUSRV\HQYXHVWURVHVStULWXV\VHDOHJUDHQVXFRUD]yQ%HQGLFHYXHVWURFXHUSR\
YXHVWURHVStULWX\WRGDVYXHVWUDVDFFLRQHV\RVGDHQKHUHQFLDVXUHLQRWHUUHQDO\
FHOHVWLDOSDUDTXHHQpOWHQJiLVODYLGDHWHUQD)HOL]HVDTXHOTXHSXHGHHQWUDUHQHOUHLQR
GH'LRVSXHVQXQFDFRQRFHUiODPXHUWH

<XQJUDQVLOHQFLRVHKL]RWUDVVXVSDODEUDV<TXLHQHVVHVHQWtDQGHVDQLPDGRVREWXYLHURQ
QXHYDIXHU]DGHVXVSDODEUDV\FRQWLQXDURQD\XQDQGR\RUDQGR<TXLHQKDEtDKDEODGR
SULPHURH[FODPy3HUVHYHUDUpKDVWDHOVpSWLPRGtD<HOVHJXQGRLJXDOPHQWHGLMR<R
WDPELpQSHUVHYHUDUpGXUDQWHVLHWHYHFHVHOVpSWLPRGtD

-HV~VOHVUHVSRQGLy)HOLFHVVRQDTXHOORVTXHSHUVHYHUDQKDVWDHOILQSXHVKHUHGDUiQOD
WLHUUD

<KDEtDHQWUHHOORVPXFKRVHQIHUPRVDWRUPHQWDGRVSRUIXHUWHVGRORUHV\VHDUUDVWUDURQ
FRQGLILFXOWDGKDVWDORVSLHVGH-HV~V3XHVQRSRGtDQ\DFDPLQDUVREUHVXVSLHV'LMHURQ
0DHVWURHOGRORUQRVDWRUPHQWDLQWHQVDPHQWHGLQRVTXpKDUHPRV<PRVWUDURQD
-HV~VVXVSLHVFX\RVKXHVRVHVWDEDQUHWRUFLGRV\QXGRVRV\GLMHURQ1LHOiQJHOGHODLUH
QLHOGHODJXDQLHOGHODOX]GHOVROKDQGLVPLQXLGRQXHVWURVGRORUHVDSHVDUGHKDEHUQRV
EDXWL]DGRQRVRWURVPLVPRV\GHKDEHUD\XQDGR\RUDGR\VHJXLGRWXVSDODEUDVHQWRGR

(QYHUGDGRVGLJRTXHYXHVWURVKXHVRVVDQDUiQ1RGHVHVSHUpLVSHURQREXVTXpLV
YXHVWUDFXUDFLyQVLQRHQHOVDQDGRUGHORVKXHVRVHOiQJHOGHODWLHUUD3XHVGHHOOD
VDOLHURQYXHVWURVKXHVRV\DHOODUHWRUQDUiQ

<VHxDOyFRQVXPDQRGRQGHODFRUULHQWHGHDJXD\HOFDORUGHOVROKDEtDQDEODQGDGROD
WLHUUDGDQGRXQEDUURDUFLOORVRHQHOERUGHGHODJXD+XQGLGYXHVWURVSLHVHQHOIDQJR
SDUDTXHHODEUD]RGHOiQJHOGHODWLHUUDH[WUDLJDGHYXHVWURVKXHVRVWRGDLQPXQGLFLD\
WRGDHQIHUPHGDG<YHUpLVFyPR6DWiQ\YXHVWURVGRORUHVKX\HQGHODEUD]RGHOiQJHOGH
ODWLHUUD$VtGHVDSDUHFHUiQODVQXGRVLGDGHVGHYXHVWURVKXHVRV\VHHQGHUH]DUiQ\WRGRV
YXHVWURVGRORUHVGHVDSDUHFHUiQ
18

/RVHQIHUPRVVLJXLHURQVXVSDODEUDVSXHVVDEtDQTXHVHFXUDUtDQ

<KDEtDWDPELpQRWURVHQIHUPRVTXHVXIUtDQPXFKRFRQVXVGRORUHVDSHVDUGHORFXDO
SHUVLVWtDQHQVXD\XQR<VXVIXHU]DVVHDJRWDEDQ\XQFDORUH[WUHPROHVDWRUPHQWDED<
FXDQGRVHOHYDQWDEDQGHVXOHFKRSDUDLUGRQGH-HV~VOHVHPSH]DEDDGDUYXHOWDVOD
FDEH]DFRPRVLXQYLHQWRUDFKHDGROHVD]RWDVH\WDQWDVYHFHVFRPRWUDWDEDQGHSRQHUVH
HQSLHFDtDQQXHYDPHQWHDOVXHOR(QWRQFHV-HV~VDFXGLyDHOORV\OHVGLMR6XIUtVSRUTXH
6DWiQ\VXVHQIHUPHGDGHVDWRUPHQWDQYXHVWURVFXHUSRV0iVQRWHPiLVSXHVVXSRGHU
VREUHYRVRWURVWHUPLQDUiSURQWR3RUTXH6DWiQHVFRPRXQYHFLQRFROpULFRTXHSHQHWUyHQ
ODFDVDGHVXYHFLQRPLHQWUDVpVWHHVWDEDDXVHQWHSUHWHQGLHQGROOHYDUVHVXVELHQHVDVX
SURSLDFDVD3HURDOJXLHQDYLVyDORWURTXHVXHQHPLJRHVWDEDVDTXHDQGRVXFDVD\
UHJUHVyDpVWDFRUULHQGR<FXDQGRHOPDOYDGRYHFLQRWUDVKDEHUUHXQLGRFXDQWROHKDEtD
DSHWHFLGRYLRGHOHMRVDOGXHxRGHODFDVDTXHUHJUHVDEDDWRGDSULVDVHHQFROHUL]ySRUQR
SRGHUOOHYDUVHWRGR\VHSXVRDURPSHU\HVWURSHDUFXDQWRDOOtKDEtDSDUDGHVWUXLUORWRGR
$VtDXQTXHDTXHOODVFRVDVQRSXGLHUDQVHUVX\DVWDPSRFRODVWHQGUtDHORWUR3HURHO
GXHxRGHODFDVDOOHJyLQPHGLDWDPHQWH\DQWHVGHTXHHOPDOYDGRYHFLQRFRQVLJXLHVHVX
SURSyVLWROHDVLy\OHHFKyGHODFDVD(QYHUGDGRVGLJRTXHGHLJXDOPRGRSHQHWUy6DWiQ
HQYXHVWURVFXHUSRVTXHVRQODPRUDGDGH'LRV<WRPyHQVXSRGHUFXDQWRGHVHyUREDU
YXHVWUDUHVSLUDFLyQYXHVWUDVDQJUHYXHVWURVKXHVRVYXHVWUDFDUQHYXHVWURVLQWHVWLQRV
YXHVWURVRMRV\YXHVWURVRtGRV0DVSRUPHGLRGHYXHVWURD\XQR\GHYXHVWUDRUDFLyQ
KDEpLVOODPDGRGHQXHYRDOVHxRUGHYXHVWURFXHUSR\DVXViQJHOHV<DKRUD6DWiQYHTXH
HOYHUGDGHURVHxRUGHYXHVWURFXHUSRYXHOYH\TXHHVHOILQGHVXSRGHU3RUHOORHQVX
FyOHUDUH~QHXQDYH]PiVVXVIXHU]DVSDUDGHVWUXLUYXHVWURVFXHUSRVDQWHVGHODOOHJDGD
GHOVHxRU3RUHVR6DWiQRVDWRUPHQWDFRQWDQWRGRORUSXHVVLHQWHTXHVXILQKDOOHJDGR
0DVQRGHMpLVTXHYXHVWURVFRUD]RQHVVHHVWUHPH]FDQSXHVSURQWRDSDUHFHUiQORViQJHOHV
GH'LRVSDUDRFXSDUQXHYDPHQWHVXVOXJDUHV\YROYHUDFRQVDJUDUORVFRPRWHPSORVGH
'LRV<DVLUiQD6DWiQ\OHH[SXOVDUiQGHYXHVWURVFXHUSRVMXQWRFRQWRGDVVXV
HQIHUPHGDGHV\WRGDVVXVLQPXQGLFLDV)HOLFHVVHUpLVSXHVUHFLELUpLVODUHFRPSHQVDGH
YXHVWUDFRQVWDQFLD\QXQFDPiVFRQRFHUpLVHQIHUPHGDG

<KDEtDHQWUHORVHQIHUPRVXQRDTXLHQ6DWiQDWRUPHQWDEDPiVTXHDQLQJ~QRWUR6X
FXHUSRHVWDEDHQMXWRFRPRXQHVTXHOHWR\VXSLHODPDULOODFRPRXQDKRMDVHFD(VWDED\D
WDQGpELOTXHQLVLTXLHUDDJDWDVSRGtDDUUDVWUDUVHKDVWD-HV~V\VyORGHOHMRVSXGR
JULWDUOH0DHVWURDSLiGDWHGHPtSXHVQXQFDKDVXIULGRQLQJ~QKRPEUHQLVLTXLHUD
GHVGHHOSULQFLSLRGHOPXQGRFRPR\RVXIUR6pTXHKDVVLGRHQYHUGDGHQYLDGRSRU
'LRV\VpTXHVLORGHVHDVSXHGHVH[SXOVDULQPHGLDWDPHQWHD6DWiQGHPLFXHUSR¢1R
REHGHFHQORViQJHOHVGH'LRVDOPHQVDMHURGH'LRV"9HQ0DHVWUR\H[SXOVDDKRUDD
6DWiQGHPtSXHVVHHQIXUHFHFROpULFRHQPLLQWHULRU\GRORURVRHVVXWRUPHQWR

<-HV~VOHUHVSRQGLy6DWiQWHDWRUPHQWDWDQWRSRUTXH\DKDVD\XQDGRPXFKRVGtDV\QR
SDJDVVXWULEXWR1ROHDOLPHQWDVFRQWRGDVODVDERPLQDFLRQHVFRQODVTXHKDVWDDKRUD
SURIDQDEDVHOWHPSORGHWXHVStULWX$WRUPHQWDVD6DWiQFRQHOKDPEUH\SRUHVRHQVX
FyOHUDWHDWRUPHQWDpODWLDVXYH]1RWHPDVSXHVWHGLJRTXH6DWiQVHUiGHVWUXLGRDQWHV
GHTXHWXFXHUSRVHDGHVWUXLGRSXHVPLHQWUDVD\XQDV\RUDVORViQJHOHVGH'LRVSURWHJHQ
WXFXHUSRSDUDTXHHOSRGHUGH6DWiQQRWHGHVWUX\D<ODLUDGH6DWiQHVLPSRWHQWHFRQWUD
ORViQJHOHVGH'LRV
19

(QWRQFHVDFXGLHURQWRGRVMXQWRVD-HV~V\FRQJUDQGHVYRFHVOHVXSOLFDURQGLFLHQGR
0DHVWURFRPSDGpFHWHGHpOSXHVVXIUHPiVTXHWRGRVQRVRWURV\VLQRH[SXOVDV
HQVHJXLGDD6DWiQGHVXFXHUSRWHPHPRVTXHQRVREUHYLYLUiKDVWDPDxDQD

<-HV~VOHVUHSOLFy*UDQGHHVYXHVWUDIH6HDVHJ~QYXHVWUDIH\SURQWRYHUpLVFDUDD
FDUDHOKRUULEOHVHPEODQWHGH6DWiQ\HOSRGHUGHO+LMRGHO+RPEUH3XHVH[SXOVDUpGHWL
DOSRGHURVR6DWiQSRUPHGLRGHODIRUWDOH]DGHOLQRFHQWHFRUGHURGH'LRVODFULDWXUDPiV
GpELOGHO6HxRU3RUTXHHOHVStULWXVDQWRGH'LRVKDFHPiVSRGHURVRDOPiVGpELOTXHDO
PiVIXHUWH

<-HV~VRUGHxyDXQDRYHMDTXHHVWDEDSDVWDQGRODKLHUED<SXVRODOHFKHVREUHODDUHQD
FDOGHDGDSRUHOVROGLFLHQGR+HDTXtTXHHOSRGHUGHOÈQJHOGHODJXDKDSHQHWUDGRHQ
HVWDOHFKH<DKRUDSHQHWUDUiWDPELpQHQHOODHOSRGHUGHOiQJHOGHODOX]GHOVRO

<ODOHFKHVHFDOHQWyFRQODIXHU]DGHOVRO

<DKRUDORViQJHOHVGHODJXD\GHOVROVHXQLUiQDOiQJHOGHODLUH

<KHDTXtTXHHOYDSRUGHODOHFKHFDOLHQWHHPSH]yDHOHYDUVHOHQWDPHQWHSRUHODLUH

9HQ\DVSLUDSRUODERFDODIXHU]DGHORViQJHOHVGHODJXDGHODOX]GHOVRO\GHODLUH
SDUDTXHpVWDSHQHWUHHQWXFXHUSR\H[SXOVHGHpOD6DWiQ

<HOHQIHUPRDTXLHQ6DWiQWDQWRDWRUPHQWDEDDVSLUyDVXLQWHULRUSURIXQGDPHQWHDTXHO
YDSRUEODQTXHFLQRTXHDVFHQGtD

6DWiQDEDQGRQDUiLQPHGLDWDPHQWHWXFXHUSR\DTXHOOHYDWUHVGtDVVLQFRPHU\QRKDOOD
DOLPHQWRDOJXQRGHQWURGHWL6DOGUiGHWLSDUDVDWLVIDFHUVXKDPEUHFRQODOHFKHFDOLHQWH\
KXPHDQWHSXHVHVWHDOLPHQWRHVGHVXDJUDGR2OHUiVXDURPD\QRVHUiFDSD]GHUHVLVWLU
HOKDPEUHTXHOOHYDDWRUPHQWiQGROHGHVGHKDFHWUHVGtDV3HURHO+LMRGHO+RPEUH
GHVWUXLUiVXFXHUSRSDUDTXHQRDWRUPHQWHDQDGLHPiV

(QWRQFHVHOFXHUSRGHOKRPEUHVHHVWUHPHFLyFRQXQDFRQYXOVLyQ\SDUHFLyFRPRVLIXHVH
DYRPLWDUSHURQRSRGtD(OKRPEUHDEUtDODERFDHQEXVFDGHDLUHSXHVVHOHFRUWDEDOD
UHVSLUDFLyQ<VHGHVPD\yHQHOUHJD]RGH-HV~V

$KRUD6DWiQDEDQGRQDVXFXHUSR9HGOH<-HV~VVHxDOyODERFDDELHUWDGHOKRPEUH
HQIHUPR

<HQWRQFHVYLHURQWRGRVFRQDVRPEUR\WHUURUFyPRVXUJtD6DWiQGHVXERFDHQIRUPDGH
XQJXVDQRDERPLQDEOHHQEXVFDGHODOHFKHKXPHDQWH(QWRQFHV-HV~VWRPyGRVSLHGUDV
DQJXORVDVFRQVXVPDQRV\DSODVWyODFDEH]DGH6DWiQ\H[WUDMRGHOFXHUSRGHOHQIHUPR
WRGRHOFXHUSRGHOPRQVWUXRTXHHUDFDVLWDQODUJRFRPRHOKRPEUH8QDYH]TXHKXER
VDOLGRDTXHODERPLQDEOHJXVDQRGHODJDUJDQWDGHOHQIHUPRpVWHUHFXSHUyGHLQPHGLDWRHO
DOLHQWR\HQWRQFHVFHVDURQWRGRVVXVGRORUHV<ORVGHPiVPLUDEDQFRQWHUURUHO
DERPLQDEOHFXHUSRGH6DWiQ
20

0LUDTXpEHVWLDDERPLQDEOHKDVOOHYDGR\DOLPHQWDGRHQWXSURSLRFXHUSRGXUDQWHWDQWRV
DxRV/DKHH[SXOVDGRGHWL\PDWDGRSDUDTXHQXQFDPiVWHDWRUPHQWH'DJUDFLDVD'LRV
SRUKDEHUWHOLEHUDGRVXViQJHOHV\QRSHTXHVPiVQRYD\DDUHWRUQDURWUDYH]6DWiQDWX
FXHUSR4XHWXFXHUSRVHDHQDGHODQWHXQWHPSORGHGLFDGRDWX'LRV

<WRGRVSHUPDQHFtDQDVRPEUDGRVSRUVXVSDODEUDV\VXSRGHU<GLMHURQ0DHVWUR
YHUGDGHUDPHQWHHUHVHOPHQVDMHURGH'LRV\FRQRFHVWRGRVORVVHFUHWRV

<YRVRWURV±OHVUHSOLFy-HV~V±VHGYHUGDGHURV+LMRVGH'LRVSDUDSDUWLFLSDUWDPELpQGH
VXSRGHU\GHOFRQRFLPLHQWRGHWRGRVORVVHFUHWRV3XHVODVDELGXUtD\HOSRGHUVRODPHQWH
SXHGHQSURYHQLUGHODPRUD'LRV$PDGSXHVDYXHVWUR3DGUH&HOHVWLDO\DYXHVWUD
0DGUH7HUUHQDOFRQWRGRYXHVWURFRUD]yQ\FRQWRGRYXHVWURHVStULWX<VHUYLGOHVSDUD
TXH6XViQJHOHVRVVLUYDQWDPELpQDYRVRWURV6DFULILFDGWRGRVYXHVWURVDFWRVD'LRV<
QRDOLPHQWpLVD6DWiQSXHVODUHWULEXFLyQGHOSHFDGRHVODPXHUWH0LHQWUDVTXHHQ'LRV
VHKDOODODUHFRPSHQVDGHOELHQVXDPRUHOFXDOHVHOFRQRFLPLHQWR\HOSRGHUGHODYLGD
HWHUQD

<WRGRVVHDUURGLOODURQSDUDGDUJUDFLDVD'LRVSRUVXDPRU

<-HV~VSDUWLyGLFLHQGR9HQGUpGHQXHYRMXQWRDTXLHQHVSHUVLVWDQHQODRUDFLyQ\HO
D\XQRKDVWDHOVpSWLPRGtD/DSD]VHDFRQYRVRWURV

<HOKRPEUHHQIHUPRGHTXLHQKDEtDH[SXOVDGR-HV~VD6DWiQVHSXVRHQSLHSXHVOD
IXHU]DGHODYLGDKDEtDUHJUHVDGRDpO5HVSLUySURIXQGDPHQWH\VXVRMRVVHHVFODUHFLHURQ
SXHVWRGRGRORUOHKDEtDDEDQGRQDGR<DUURMiQGRVHDOVXHORGRQGH-HV~VKDEtDHVWDGR
EHVyODKXHOODGHVXVSLHV\OORUy



  



<HUDHQHOOHFKRGHXQUtRGRQGHPXFKRVHQIHUPRVD\XQDEDQ\RUDEDQFRQORViQJHOHVGH
'LRVGXUDQWHVLHWHGtDV\VLHWHQRFKHV<JUDQGHIXHVXUHFRPSHQVDSXHVVHJXtDQODV
SDODEUDVGH-HV~V<DODFDEDUHOVpSWLPRGtDWRGRVVXVGRORUHVOHVDEDQGRQDURQ<
FXDQGRHOVROVHOHYDQWyVREUHHOKRUL]RQWHGHODWLHUUDYLHURQTXH-HV~VYHQtDKDFLDHOORV
GHVGHODPRQWDxDFRQHOUHVSODQGRUGHOVROQDFLHQWHDOUHGHGRUGHVXFDEH]D

/DSD]VHDFRQYRVRWURV

<HOORVQRGLMHURQXQDSDODEUDVLQRTXHVyORVHSRVWUDURQDQWHpO\WRFDURQHOERUGHGHVX
YHVWLGXUDHQDJUDGHFLPLHQWRSRUVXFXUDFLyQ
21

1RPHGHLVODVJUDFLDVDPtVLQRDYXHVWUD0DGUH7HUUHQDOODFXDORVHQYLyDVXV
iQJHOHVVDQDGRUHV,G\QRSHTXpLVPiVSDUDTXHQXQFDYROYiLVDFRQRFHUODHQIHUPHGDG
<GHMDGTXHORViQJHOHVVDQDGRUHVVHDQYXHVWURVJXDUGLDQHV

3HURHOORVOHFRQWHVWDURQ¢$GyQGHLUHPRV0DHVWUR"3XHVHQWLHVWiQODVSDODEUDVGHOD
YLGDHWHUQD'LQRVFXiOHVVRQORVSHFDGRVTXHGHEHPRVHYLWDUSDUDTXHQXQFDPiV
FRQR]FDPRVODHQIHUPHGDG

-HV~VUHVSRQGLy$VtVHDVHJ~QYXHVWUDIH\VHVHQWyHQWUHHOORVGLFLHQGR

)XHGLFKRDDTXHOORVGHORVDQWLJXRVWLHPSRV+RQUDDWX3DGUH&HOHVWLDO\DWX0DGUH
7HUUHQDO\FXPSOHVXVPDQGDPLHQWRVSDUDTXHWXVGtDVVHDQFXDQWLRVRVVREUHODWLHUUD
<OXHJRVHOHVGLRHOVLJXLHQWHPDQGDPLHQWR1RPDWDUiVSXHV'LRVGDDWRGRVODYLGD
\ORTXH'LRVKDGDGRQRGHEHHOKRPEUHDUUHEDWDUOR3XHVHQYHUGDGRVGLJRTXHGHXQD
PLVPD0DGUHSURFHGHFXDQWRYLYHVREUHODWLHUUD3RUWDQWRTXLHQPDWDPDWDDVX
KHUPDQR<GHpOVHDOHMDUiOD0DGUH7HUUHQDO\OHUHWLUDUiVXVSHFKRVYLYLILFDGRUHV<VH
DSDUWDUiQGHpOVXViQJHOHV\6DWiQWHQGUiVXPRUDGDHQVXFXHUSR<ODFDUQHGHORV
DQLPDOHVPXHUWRVHQVXFXHUSRVHFRQYHUWLUiHQVXSURSLDWXPED3XHVHQYHUGDGRVGLJR
TXHTXLHQPDWDVHPDWDDVtPLVPR\TXLHQFRPHODFDUQHGHDQLPDOHVPXHUWRVFRPHGHO
FXHUSRGHODPXHUWH3XHVFDGDJRWDGHVXVDQJUHVHPH]FODFRQODVX\D\ODHQYHQHQDVX
UHVSLUDFLyQHVXQKHGRUVXFDUQHVHOOHQDGHIRU~QFXORVVXVKXHVRVVHFRQYLHUWHQHQ
\HVRVXVLQWHVWLQRVVHOOHQDQGHGHVFRPSRVLFLyQVXVRMRVVHOOHQDQGHFRVWUDV\VXV
RtGRVGHFHUDV<VXPXHUWHVHUiODVX\DSURSLD3XHVVRODPHQWHHQHOVHUYLFLRGHYXHVWUR
3DGUH&HOHVWLDOVRQYXHVWUDVGHXGDVGHVLHWHDxRVSHUGRQDGDVHQVLHWHGtDV0LHQWUDVTXH
6DWiQQRRVSHUGRQDQDGD\GHEpLVSDJDUOHWRGR2MRSRURMRGLHQWHSRUGLHQWHPDQRSRU
PDQRSLHSRUSLHTXHPDGXUDSRUTXHPDGXUDKHULGDSRUKHULGDYLGDSRUYLGDPXHUWH
SRUPXHUWH3XHVHOFRVWHGHOSHFDGRHVODPXHUWH1RPDWpLVQLFRPiLVODFDUQHGH
YXHVWUDLQRFHQWHSUHVDQRVHDTXHRVFRQYLUWiLVHQHVFODYRVGH6DWiQ3XHVpVHHVHO
FDPLQRGHORVVXIULPLHQWRV\FRQGXFHDODPXHUWH6LQRKDFHGODYROXQWDGGH'LRVGH
PRGRTXHVXViQJHOHVRVVLUYDQHQHOFDPLQRGHODYLGD2EHGHFHGSRUWDQWRODVSDODEUDV
GH'LRV0LUDGRVKHGDGRWRGDKLHUEDTXHOOHYDVHPLOODVREUHODID]GHWRGDODWLHUUD\
WRGRiUEROHQHOTXHVHKDOODHOIUXWRGHXQDVHPLOODTXHGDUiHOiUERO(VWHVHUiYXHVWUR
DOLPHQWR<DWRGRDQLPDOGHODWLHUUD\DWRGDDYHGHOFLHOR\DWRGRORTXHVHDUUDVWUD
VREUHODWLHUUDGRQGHVHKDOOHHODOLHQWRGHODYLGDGR\WRGDKLHUEDYHUGHFRPRDOLPHQWR
7DPELpQODOHFKHGHWRGRORTXHVHPXHYH\TXHYLYHVREUHODWLHUUDVHUiYXHVWUR
DOLPHQWR$OLJXDOTXHDHOORVOHVKHGDGRWRGDKLHUEDYHUGHDVtRVGR\DYRVRWURVVX
OHFKH3HURQRFRPHUpLVODFDUQHQLODVDQJUHTXHODDYLYD<HQYHUGDGGHPDQGDUp
YXHVWUDVDQJUHTXHEURWDFRQIXHU]D\YXHVWUDVDQJUHHQODTXHVHKDOODYXHVWUDDOPD
'HPDQGDUpWRGRVORVDQLPDOHVDVHVLQDGRV\ODVDOPDVGHWRGRVORVKRPEUHVDVHVLQDGRV
3XHV\RHO6HxRUWX'LRVVR\XQ'LRVIXHUWH\FHORVRFDVWLJDQGRODLQLTXLGDGGHORV
SDGUHVVREUHVXVKLMRVKDVWDODWHUFHUD\FXDUWDJHQHUDFLyQGHDTXHOORVTXLHQHVPHRGLDQ
\PRVWUDQGRPLVHULFRUGLDKDFLDORVPLOODUHVGHDTXHOORVTXHPHDPDQ\FXPSOHQPLV
PDQGDPLHQWRV$PDDO6HxRUWX'LRVFRQWRGRFRUD]yQFRQWRGDWXDOPD\FRQWRGDVWXV
IXHU]DVpVWHHVHOSULPHU\PiVJUDQGHPDQGDPLHQWR<HOVHJXQGRHVVHJ~QpVWH$PD
DWXSUyMLPRFRPRDWLPLVPR1RKD\PDQGDPLHQWRPiVJUDQGHTXHpVWRV
22

<WUDVHVWDVSDODEUDVWRGRVSHUPDQHFLHURQHQVLOHQFLRH[FHSWRXQRTXHYRFHy¢4Xp
GHERKDFHU0DHVWURVLYHRTXHXQDEHVWLDVDOYDMHDWDFDDPLKHUPDQRHQHOERVTXH"
¢'HERGHMDUSHUHFHUDPLKHUPDQRRPDWDUDODEHVWLDVDOYDMH"¢1RWUDQVJUHGLUtDDVtOD
OH\"

<-HV~VOHUHVSRQGLy)XHGLFKRDDTXHOORVGHORVDQWLJXRVWLHPSRV7RGRVORVDQLPDOHV
TXHVHPXHYHQVREUHODWLHUUDWRGRVORVSHFHVGHOPDU\WRGDVODVDYHVGHOFLHORKDQVLGR
SXHVWRVEDMRYXHVWURSRGHU(QYHUGDGRVGLJRTXHGHWRGDVODVFULDWXUDVTXHYLYHQVREUH
ODWLHUUDVyORHOKRPEUHFUHy'LRVDVXLPDJHQ3RUHOORORVDQLPDOHVVRQSDUDHO
KRPEUH\QRHOKRPEUHSDUDORVDQLPDOHV1RWUDQVJUHGLUiVSRUWDQWRODOH\VLPDWDVDO
DQLPDOVDOYDMHSDUDVDOYDUDWXKHUPDQR3XHVHQYHUGDGWHGLJRTXHHOKRPEUHHVPiVTXH
HODQLPDO3HURTXLHQPDWDDODQLPDOVLQFDXVDDOJXQDVLQTXHpVWHOHDWDTXHSRUHOGHVHR
GHPDWDURSRUVXFDUQHRSRUTXHVHRFXOWDRLQFOXVRSRUVXVFROPLOORVPDOYDGDHVOD
DFFLyQTXHFRPHWHSXHVpOPLVPRVHFRQYLHUWHHQEHVWLDVDOYDMH<3RUWDQWRVXILQKDGH
VHUWDPELpQFRPRHOILQGHORVDQLPDOHVVDOYDMHV

<RWURGLMRHQWRQFHV0RLVpVHOPiVJUDQGHGH,VUDHOFRQVLQWLyDQXHVWURVDQWHSDVDGRV
FRPHUODFDUQHGHDQLPDOHVOLPSLRV\VyORSURKLELyODFDUQHGHORVDQLPDOHVLPSXURV
¢3RUTXpHQWRQFHVQRVSURKtEHVODFDUQHGHWRGRVORVDQLPDOHV"¢4XpOH\YLHQHGH'LRV
ODGH0RLVpVRODWX\D"

<-HV~VUHVSRQGLy'LRVGLRDWUDYpVGH0RLVpVGLH]PDQGDPLHQWRVDYXHVWURV
DQWHSDVDGRV(VWRVPDQGDPLHQWRVVRQGXURVGLMHURQYXHVWURVDQWHSDVDGRV\QR
SXGLHURQFXPSOLUORV&XDQGR0RLVpVYLRHVWRWXYRFRPSDVLyQGHVXVJHQWHV\QRTXLVR
TXHVHSHUGLHVHQ<OHVGLRHQWRQFHVGLH]YHFHVGLH]PDQGDPLHQWRVPHQRVGXURVSDUD
TXHORVVLJXLHVHQ(QYHUGDGRVGLJRTXHVLYXHVWURVDQWHSDVDGRVKXELHVHQVLGRFDSDFHV
GHVHJXLUORVGLH]PDQGDPLHQWRVGH'LRV0RLVpVQRKDEUtDWHQLGRQXQFDQHFHVLGDGGH
VXVGLH]YHFHVGLH]PDQGDPLHQWRV3XHVDTXHOFX\RVSLHVVRQIXHUWHVFRPRODPRQWDxDGH
6LyQQRQHFHVLWDPXOHWDVPLHQWUDVTXHDTXHOFX\RVPLHPEURVIODTXHDQOOHJDPiVOHMRV
FRQPXOHWDVTXHVLQHOODV<0RLVpVGLMRDO6HxRU0LFRUD]yQHVWiOOHQRGHWULVWH]DSXHV
PLSXHEORVHSHUGHUi3RUTXHQRWLHQHQFRQRFLPLHQWRQLVRQFDSDFHVGHFRPSUHQGHUWXV
PDQGDPLHQWRV6RQFRPRQLxRVSHTXHxRVTXHQRSXHGHQHQWHQGHUD~QODVSDODEUDVGHVX
SDGUH&RQVLHQWH6HxRUTXHOHVGpRWUDVOH\HVSDUDTXHQRVHSLHUGDQ6LHOORVQRSXHGHQ
HVWDUFRQWLJR6HxRUTXHDOPHQRVQRHVWpQFRQWUDWLTXHSXHGDQPDQWHQHUVHDVtPLVPRV
\FXDQGRKD\DOOHJDGRHOPRPHQWR\HVWpQPDGXURVSDUDWXVSDODEUDVUHYpODOHVWXV
OH\HV3RUHVRURPSLy0RLVpVODVGRVWDEODVGHSLHGUDGRQGHHVWDEDQHVFULWRVORVGLH]
PDQGDPLHQWRV\OHVGLRHQVXOXJDUGLH]YHFHVGLH]<GHHVWDVGLH]YHFHVGLH]ORV
HVFULEDV\ORVIDULVHRVKDQKHFKRFLHQYHFHVGLH]PDQGDPLHQWRV<KDQSXHVWR
LQVRSRUWDEOHVFDUJDVVREUHYXHVWURVKRPEURVTXHQLHOORVPLVPRVVREUHOOHYDQ3XHV
FXDQWRPiVFHUFDQRVD'LRVHVWiQORVPDQGDPLHQWRVPHQRVQHFHVLWDPRV\FXDQWRPiV
OHMDQRVVHKDOODQGH'LRVPiVQHFHVLWDPRVHQWRQFHV3RUHVRLQQXPHUDEOHVVRQODVOHYHV
GHORVIDULVHRV\GHORVHVFULEDVVLHWHODVOH\HVGHO+LMRGHO+RPEUHWUHVODVGHORV
iQJHOHV\XQDODGH'LRV

3RUHVR\RVRODPHQWHRVHQVHxRODVOH\HVTXHSRGpLVFRPSUHQGHUSDUDTXHRVFRQYLUWiLV
HQKRPEUHV\VLJiLVODVVLHWHOH\HVGHO+LMRGHO+RPEUH(QWRQFHVRVUHYHODUiQWDPELpQ
23

ORViQJHOHVVXVOH\HVSDUDTXHHOHVStULWXVDQWRGH'LRVGHVFLHQGDVREUHYRVRWURV\RV
JXtHKDFLDVXOH\

<WRGRVHVWDEDQDVRPEUDGRVGHVXVDELGXUtD\OHSHGtDQ&RQWLQ~D0DHVWUR\
HQVpxDQRVWRGDVODVOH\HVTXHSRGHPRVUHFLELU

<-HV~VFRQWLQXy'LRVRUGHQyDYXHVWURVDQWHSDVDGRV1RPDWDUiV3HURVXFRUD]yQ
HVWDEDHQGXUHFLGR\PDWDURQ(QWRQFHV0RLVpVGHVHyTXHSRUORPHQRVQRPDWDVHQ
KRPEUHV\OHVSHUPLWLyPDWDUDORVDQLPDOHV<HQWRQFHVHOFRUD]yQGHYXHVWURV
DQWHSDVDGRVVHHQGXUHFLyPiVD~Q\PDWDURQDKRPEUHV\DQLPDOHVSRULJXDO0DV\RRV
GLJR1RPDWpLVQLDKRPEUHVQLDDQLPDOHVQLVLTXLHUDHODOLPHQWRTXHOOHYpLVDYXHVWUD
ERFD3XHVVLFRPpLVDOLPHQWRYLYRpOPLVPRRVYLYLILFDUiSHURVLPDWiLVYXHVWUR
DOLPHQWRODFRPLGDPXHUWDRVPDWDUiWDPELpQ3XHVODYLGDYLHQHVyORGHODYLGD\GHOD
PXHUWHYLHQHVLHPSUHODPXHUWH3RUTXHWRGRFXDQWRPDWDYXHVWURVDOLPHQWRVPDWD
WDPELpQDYXHVWURVFXHUSRV<WRGRFXDQWRPDWDYXHVWURVFXHUSRVWDPELpQPDWDYXHVWUDV
DOPDV<YXHVWURVFXHUSRVVHFRQYLHUWHQHQORTXHVRQYXHVWURVDOLPHQWRVLJXDOTXH
YXHVWURVHVStULWXVVHFRQYLHUWHQHQORTXHVRQYXHVWURVSHQVDPLHQWRV3RUWDQWRQR
FRPiLVQDGDTXHHOIXHJRHOKLHORRHODJXDKD\DGHVWUXLGR3XHVORVDOLPHQWRV
TXHPDGRVKHODGRVRGHVFRPSXHVWRVTXHPDUiQKHODUiQ\FRUURPSHUiQWDPELpQYXHVWUR
FXHUSR1RVHiLVFRUQRHOORFRDJULFXOWRUTXHVHPEUyHQVXFDPSRVHPLOODVFRFLQDGDV
KHODGDV\GHVFRPSXHVWDV\OOHJyHORWRxR\VXVFDPSRVQRGLHURQQDGD<JUDQGHIXHVX
DIOLFFLyQ6LQRVHGFRPRDTXHODJULFXOWRUTXHVHPEUyHQVXFDPSRVHPLOODYLYD\FX\R
FDPSRGLRHVSLJDVYLYDVGHWULJRSDJiQGROHHOFpQWXSORSRUODVVHPLOODVTXHSODQWy3XHV
HQYHUGDGRVGLJRYLYLGVyORGHOIXHJRGHODYLGD\QRSUHSDUpLVYXHVWURVDOLPHQWRVFRQ
HOIXHJRGHODPXHUWHTXHPDWDYXHVWURVDOLPHQWRVYXHVWURVFXHUSRV\WDPELpQYXHVWUDV
DOPDV0DHVWUR¢GyQGHVHKDOODHOIXHJRGHODYLGD"SUHJXQWDURQDOJXQRVGHHOORV

(QYRVRWURVHQYXHVWUDVDQJUH\HQYXHVWURVFXHUSRV

¢<HOIXHJRGHODPXHUWHSUHJXQWDURQRWURV

(VHOIXHJRTXHDUGHIXHUDGHYXHVWURFXHUSRTXHHVPiVFDOLHQWHTXHYXHVWUDVDQJUH
&RQHVHIXHJRGHPXHUWHFRFLQiLVYXHVWURDOLPHQWRHQYXHVWURVKRJDUHV\HQYXHVWURV
FDPSRV(QYHUGDGRVGLJRTXHHOPLVPRIXHJRGHVWUX\HYXHVWURDOLPHQWR\YXHVWURV
FXHUSRVFRPRHOIXHJRGHODPDOGDGTXHGHVWUR]DYXHVWURVSHQVDPLHQWRV\GHVWUR]D
YXHVWURVHVStULWXV3XHVYXHVWURFXHUSRHVORTXHFRPpLV\YXHVWURHVStULWXHVORTXH
SHQViLV1RFRPiLVQDGDSRUWDQWRTXHKD\DPDWDGRXQIXHJRPiVIXHUWHTXHHOIXHJRGH
ODYLGD3UHSDUDGSXHV\FRPHGWRGDVODVIUXWDVGHORViUEROHVWRGDVODVKLHUEDVGHORV
FDPSRV\WRGDOHFKHGHORVDQLPDOHVEXHQDSDUDFRPHU3XHVWRGDVHVWDVFRVDVODVKD
QXWULGR\PDGXUDGRHOIXHJRGHODYLGDWRGDVVRQGRQHVGHORViQJHOHVGHQXHVWUD0DGUH
7HUUHQDO0DVQRFRPiLVQDGDDORTXHVyORHOIXHJRGHODPXHUWHKD\DGDGRVDERUSXHV
WDOHVGH6DWiQ

¢&yPRGHEHUtDPRVFRFHUVLQIXHJRHOSDQQXHVWURGHFDGDGtD0DHVWUR"SUHJXQWDURQ
DOJXQRVFRQGHVFRQFLHUWR
24

'HMDGTXHORViQJHOHVGH'LRVSUHSDUHQYXHVWURSDQ+XPHGHFHGYXHVWURWULJRSDUDTXH
HOiQJHOGHODJXDORSHQHWUH3RQHGORHQWRQFHVDODLUHSDUDTXHHOiQJHOGHODLUHORDEUDFH
WDPELpQ<GHMDGORGHODPDxDQDDODWDUGHEDMRHOVROSDUDTXHHOiQJHOGHODOX]GHOVRO
GHVFLHQGDVREUHpO<ODEHQGLFLyQGHORVWUHViQJHOHVKDUiSURQWRTXHHOJHUPHQGHOD
YLGDEURWHHQYXHVWURWULJR0ROHGHQWRQFHVYXHVWURJUDQR\KDFHGILQDVREOHDVFRPR
KLFLHURQYXHVWURVDQWHSDVDGRVFXDQGRSDUWLHURQGH(JLSWRODPRUDGDGHODHVFODYLWXG
3RQHGODVGHQXHYREDMRHOVROHQFXDQWRDSDUH]FD\FXDQGRVHKDOOHHQORPiVDOWRGHORV
FLHORVGDGOHVODYXHOWDSDUDTXHHOiQJHOGHODOX]GHOVROODVDEUDFHWDPELpQSRUHORWUR
ODGR\GHMDGODVDVtKDVWDTXHHOVROVHSRQJD3XHVORViQJHOHVGHODJXDGHODLUH\GHOD
OX]GHOVRODOLPHQWDURQ\PDGXUDURQHOWULJRHQHOFDPSR\HOORVGHEHQLJXDOPHQWH
SUHSDUDUWDPELpQYXHVWURSDQ<HOPLVPRVROTXHFRQHOIXHJRGHODYLGDKL]RTXHHO
WULJRFUHFLHVH\PDGXUDVHGHEHFRFHUYXHVWURSDQFRQHOPLVPRIXHJR3XHVHOIXHJRGHO
VROGDYLGDDOWULJRDOSDQ\DOFXHUSR3HURHOIXHJRGHODPXHUWHPDWDHOWULJR\HOSDQ\
HOFXHUSR<ORViQJHOHVYLYRVGHO'LRV9LYRVRODPHQWHVLUYHQDORVKRPEUHVYLYRV3XHV
GLRVHVHO'LRVGHORYLYR\QRHO'LRVGHORPXHUWR

&RPHGSXHVVLHPSUHGHODPHVDGH'LRVORVIUXWRVGHORViUEROHVHOJUDQR\ODV
KLHUEDVGHOFDPSRODOHFKHGHORVDQLPDOHV\ODPLHOGHODVDEHMDV3XHVWRGRPiVDOOiGH
HVWRHVGH6DWiQ\SRUORVFDPLQRVGHOSHFDGR\ODHQIHUPHGDGFRQGXFHKDFLDODPXHUWH
0LHQWUDVTXHORVDOLPHQWRVTXHFRPpLVGHODDEXQGDQWHPHVDGH'LRVGDQIRUWDOH]D\
MXYHQWXGDYXHVWURFXHUSR\QXQFDFRQRFHUpLVODHQIHUPHGDG3XHVODPHVDGH'LRV
DOLPHQWyD0DWXVDOpQHOYLHMR\HQYHUGDGRVGLJRTXHVLYLYtVLJXDOFRPRpOYLYLy
WDPELpQHO'LRVGHORYLYRRVGDUiXQDODUJDYLGDVREUHODWLHUUDFRPRODVX\D

3XHVHQYHUGDGRVGLJRTXHHO'LRVGHORYLYRHVPiVULFRTXHWRGRVORVULFRVGHODWLHUUD
\VXDEXQGDQWHPHVDHVPiVULFDTXHODPiVULFDGHODVPHVDVGHIHVWtQGHWRGRVORVULFRV
GHOD7LHUUD&RPHGSXHVGXUDQWHWRGDYXHVWUDYLGDHQODPHVDGHQXHVWUD0DGUH
7HUUHQDO\QXQFDFRQRFHUpLVODQHFHVLGDG<FXDQGRFRPiLVHQVXPHVDFRPHGORWRGR
WDOFRPRVHKDOOHHQODPHVDGHOD0DGUH7HUUHQDO1RFRFLQpLVQLPH]FOpLVWRGDVODV
FRVDVXQDVFRQRWUDVRYXHVWURVLQWHVWLQRVVHFRQYHUWLUiQHQFLpQDJDVKXPHDQWHV3XHVHQ
YHUGDGRVGLJRTXHHVWRHVDERPLQDEOHDORVRMRVGHO6HxRU

<QRVHiLVFRPRHOVLUYLHQWHDYDULFLRVRTXHFRPtDVLHPSUHGHODPHVDGHVXVHxRUOD
UDFLyQGHRWURV<WRGRORGHYRUDED\ORPH]FODEDHQVXJORWRQHUtD<YLHQGRDTXHOORVX
VHxRUVHHQFROHUL]yFRQpO\OHH[SXOVyGHODPHVD<FXDQGRWRGRVDFDEDURQVXFRPLGD
PH]FOyFXDQWRTXHGyHQODPHVD\OODPyDOJORWyQVLUYLHQWH\OHGLMR7RPD\FRPHHVWR
MXQWRDORVFHUGRVSXHVWXOXJDUHVWiHQWUHHOORV\QRHQPLPHVD

7HQHG,RHQFXHQWDSRUWDQWR\QRSURIDQpLVFRQWRGRWLSRGHDERPLQDFLRQHVHOWHPSOR
GHYXHVWURVFXHUSRV&RQWHQWDRVFRQGRVRWUHVWLSRVGHDOLPHQWRTXHVLHPSUHKDOODUpLVHQ
ODPHVDGHQXHVWUD0DGUH7HUUHQDO<QRGHVHpLVGHYRUDUWRGRFXDQWRYHiLVHQGHUUHGRU
YXHVWUR3XHVHQYHUGDGRVGLJRTXHVLPH]FOiLVHQYXHVWURFXHUSRWRGRWLSRGHDOLPHQWRV
HQWRQFHVFHVDUiODSD]HQYXHVWURFXHUSR\VHGHVDWDUiHQYRVRWURVXQDJXHUUD
LQWHUPLQDEOH<VHDQLTXLODUiYXHVWURFXHUSRFRPRORVKRJDUHV\ORVUHLQRVTXHGLYLGLGRV
HQWUHVtDVHJXUDQVXSURSLDGHVWUXFFLyQ3XHVYXHVWUR'LRVHVHO'LRVGHODSD]\QXQFD
D\XGDDODGLYLVLyQ1ROHYDQWpLVSXHVFRQWUDYRVRWURVODFyOHUDGH'LRVSDUDTXHQR
25

YD\DDH[SXOVDURVGHVXPHVD\RVYHiLVREOLJDGRVDLUDODPHVDGH6DWiQGRQGHHOIXHJR
GHORVSHFDGRVGHODVHQIHUPHGDGHV\GHODPXHUWHFRUURPSHUiYXHVWURVFXHUSRV

<FXDQGRFRPiLVQRFRPiLVKDVWDQRSRGHUPiV+XLGGHODVWHQWDFLRQHVGH6DWiQ\
HVFXFKDGODYR]GHORViQJHOHVGH'LRV3XHV6DWiQ\VXSRGHURVWHQWDUiQVLHPSUHDTXH
FRPiLVPiV\PiV3HURYLYLGSRUHOHVStULWX\UHVLVWLGORVGHVHRVGHOFXHUSR<TXH
YXHVWURD\XQRFRPSOD]FDVLHPSUHDORViQJHOHVGH'LRV$VtTXHWRPDGFXHQWDGHFXDQWR
KD\iLVFRPLGRFXDQGRRVVLQWiLVVDFLDGRV\FRPHGVLHPSUHPHQRVGHXQDWHUFHUDSDUWHGH
HOOR

4XHHOSHVRGHYXHVWURDOLPHQWRGLDULRQRVHDPHQRVGHXQDPLQD∗SHURYLJLODGTXHQR
H[FHGDGHGRV(QWRQFHVRVVHUYLUiQVLHPSUHORViQJHOHVGH'LRV\QXQFDFDHUpLVHQOD
HVFODYLWXGGH6DWiQ\GHVXVHQIHUPHGDGHV1RREVWDFXOLFpLVODREUDGHORViQJHOHVHQ
YXHVWURFXHUSRFRPLHQGRGHPDVLDGRDPHQXGR3XHVHQYHUGDGRVGLJRTXHTXLHQFRPH
PiVGHGRVYHFHVGLDULDVKDFHHQpOODREUDGH6DWiQ<ORViQJHOHVGH'LRVDEDQGRQDQVX
FXHUSR\SURQWRWRPD6DWiQSRVHVLyQGHpO&RPHGWDQVyORFXDQGRHOVROHVWpHQORPiV
DOWRGHORVFLHORV\GHQXHYRFXDQGRVHSRQJD<QXQFDFRQRFHUpLVHQIHUPHGDGSXHVHOOR
KDOODDSUREDFLyQDORVRMRVGHO6HxRU<VLGHVHiLVTXHORViQJHOHVVHFRPSOD]FDQHQ
YXHVWURFXHUSR\TXH6DWiQRVHYLWHGHOHMRVVHQWDRVHQWRQFHVVyORXQDYH]DOGtDDOD
PHVDGH'LRV<HQWRQFHVVHUiQQXPHURVRVYXHVWURVGtDVVREUHODWLHUUDSXHVHVWRHV
JUDWRDRMRVGHO6HxRU&RPHGVLHPSUHFXDQGRVHDVHUYLGDDQWHYRVRWURVODPHVDGH'LRV
\FRPHGVLHPSUHGHDTXHOORTXHKDOOpLVVREUHODPHVDGH'LRV3XHVHQYHUGDGRVGLJR
TXH'LRVVDEHELHQORTXHYXHVWURFXHUSRQHFHVLWD\FXiQGRORQHFHVLWD

&RQODOOHJDGDGHOPHVGH,\DUFRPHGFHEDGDFRQHOPHVGH6LYDQFRPHGWULJRODPiV
SHUIHFWDGHODVKLHUEDVTXHGDQVHPLOOD<TXHYXHVWURSDQGHFDGDGtDVHDKHFKRGHWULJR
SDUDTXHHO6HxRUFXLGHYXHVWURVFXHUSRV&RQHOPHVGH7DPPX]FRPHGODXYDiFLGD
SDUDTXHYXHVWURFXHUSRDGHOJDFH\6DWiQORDEDQGRQH(QHOPHVGH(OXOUHFRJHGODXYD
SDUDTXHVXMXJRRVVLUYDGHEHELGD(QHOPHVGH0DUFKHVKYDQUHFRJHGODXYDGXOFH
HQGXO]DGD\VHFDSRUHOiQJHOGHODOX]GHOVROSDUDTXHDXPHQWHYXHVWURVFXHUSRV\TXH
ORViQJHOHVGHO6HxRUPRUHQHQHOORV'HEpLVFRPHUORVKLJRVMXJRVRVHQORVPHVHVGH$E
\GH6KHEDW\ORVTXHVREUHQTXHHOiQJHOGHODOX]GH@VRORVORVJXDUGH&RPHGLRVFRQ
ODVDOPHQGUDVGXUDQWHWRGRVORVPHVHVHQTXHORViUEROHVQRGDQIUXWRV<ODVKLHUEDVTXH
EURWDQGHVSXpVGHODOOXYLDFRPHGODVGXUDQWHHOPHVGH7KHEHWSDUDSXULILFDUYXHVWUD
VDQJUHGHWRGRVYXHVWURVSHFDGRV<HQHOPLVPRPHVHPSH]DGDEHEHUWDPELpQODOHFKH
GHYXHVWURVDQLPDOHVSXHVSDUDHOORGLRHOVHxRUODVKLHUEDVGHORVFDPSRVDWRGRVORV
DQLPDOHVTXHSURGXFHQOHFKHSDUDTXHHOORVDOLPHQWDVHQDOKRPEUHFRQVXOHFKH3XHVHQ
YHUGDGRVGLJRTXHIHOLFHVVRQDTXHOORVTXHFRPHQVyORHQODPHVDGH'LRV\UHQXQFLDQD
WRGDVODVDERPLQDFLRQHVGH6DWiQ1RFRPiLVDOLPHQWRVLPSXURVWUDtGRVGHSDtVHV
OHMDQRVVLQRFRPHGVLHPSUHFXDQWRSURGX]FDQYXHVWURViUEROHV3XHVYXHVWUR'LRVVDEH
ELHQORTXHRVHVQHFHVDULR\GyQGH\FXiQGR<eOGDDWRGRVORVSXHEORVGHWRGRVORV
UHLQRVORVDOLPHQWRVPHMRUHVSDUDFDGDXQRGHHOORV1RFRPiLVFRPRORVSDJDQRVTXHVH
DWLERUUDQFRQSULVDSURIDQDQGRVXVFXHUSRVFRQWRGRWLSRGHDERPLQDFLRQHV

3XHVHOSRGHUGHORViQJHOHVGH'LRVSHQHWUDHQYRVRWURVFRQHODOLPHQWRYLYRTXHHO
6HxRURVSURSRUFLRQDGHVXPHVDUHDO<FXDQGRFRPiLVWHQHGVREUHYRVRWURVDOiQJHOGHO
26

DLUH\EDMRYRVRWURVDOiQJHOGHODJXD5HVSLUDGODUJD\SURIXQGDPHQWHHQWRGDVYXHVWUDV
FRPLGDVSDUDTXHHOiQJHOGHODLUHEHQGLJDYXHVWURDOLPHQWR<PDVWLFDGORELHQFRQ
YXHVWURVGLHQWHVSDUDTXHVHYXHOYDDJXD\TXHHOiQJHOGHODJXDORFRQYLHUWDGHQWURGH
YXHVWURFXHUSRHQVDQJUH<FRPHGOHQWDPHQWHFRPRVLIXHVHXQDRUDFLyQTXHKLFLHVHLV
DO6HxRU3XHVHQYHUGDGRVGLJRTXHHOSRGHUGH'LRVSHQHWUDHQYRVRWURVVLFRPpLVGH
WDOPRGRHQVXPHVD0LHQWUDVTXH6DWiQFRQYLHUWHHQFLpQDJDKXPHDQWHHOFXHUSRGH
DTXHODTXLHQQRGHVFLHQGHQORViQJHOHVGHODLUH\GHODJXDHQVXVFRPLGDV<HO6HxRUQR
OHSHUPLWHSHUPDQHFHUSRUPiVWLHPSRHQVXPHVD3XHVODPHVDGHO6HxRUHVFRPRXQ
DOWDU\TXLHQFRPHHQODPHVDGH'LRVVHKDOODHQXQWHPSOR3XHVHQYHUGDGRVGLJRTXH
HOFXHUSRGHORV+LMRVGHO+RPEUHVHFRQYLHUWHHQXQWHPSOR\VXVHQWUDxDVHQXQDOWDUVL
FXPSOHQORVPDQGDPLHQWRVGH'LRV3RUWDQWRQRSRQJiLVQDGDVREUHHODOWDUGHO6HxRU
FXDQGRYXHVWURHVStULWXHVWpLUULWDGRQLSHQVpLVGHDOJXLHQFRQLUDHQHOWHPSORGH'LRV<
HQWUDGVRODPHQWHHQHOVDQWXDULRGHO6HxRUFXDQGRVLQWiLVHQYRVRWURVODOODPDGDGHVXV
iQJHOHVSXHVFXDQWRFRPpLVFRQWULVWH]DRFRQLUDRVLQGHVHRVHFRQYLHUWHHQYHQHQRHQ
YXHVWURFXHUSR3XHVHODOLHQWRGH6DWiQORFRUURPSHWRGR3RQHGFRQDOHJUtDYXHVWUDV
RIUHQGDVVREUHDODOWDUGHYXHVWURFXHUSR\GHMDGTXHWRGRVYXHVWURVPDORVSHQVDPLHQWRV
VHDOHMHQGHYRVRWURVDOUHFLELUHQYXHVWURFXHUSRHOSRGHUGH'LRVSURFHGHQWHGHVXPHVD
<QXQFDRVVHQWpLVDODPHVDGH'LRVDQWHVGHTXHpORVOODPHSRUPHGLRGHOiQJHOGHO
DSHWLWR

5HJRFLMDRVSXHVVLHPSUHFRQORViQJHOHVGH'LRVHQVXPHVDUHDOSXHVHVWRFRPSODFH
DOFRUD]yQGHO6HxRU<YXHVWUDYLGDVHUiODUJDVREUHODWLHUUDSXHVHOPiVYDOLRVRGHORV
VLUYLHQWHVGH'LRVRVVHUYLUiWRGRVORVGtDVHOiQJHOGHODDOHJUtD

<QRROYLGpLVTXHFDGDVpSWLPRGtDHVVDQWR\HVWiFRQVDJUDGRD'LRV'XUDQWHVHLVGtDV
DOLPHQWDGYXHVWURFXHUSRFRQORVGRQHVGHOD0DGUH7HUUHQDOPDVHQHOVpSWLPRGtD
VDQWLILFDGYXHVWURFXHUSRSDUDYXHVWUR3DGUH&HOHVWLDO<HQHOVpSWLPRGtDQRFRPiLV
QLQJ~QDOLPHQWRWHUUHQDOVLQRYLYLGWDQVyORGHODVSDODEUDVGH'LRV<HVWDGWRGRHOGtD
FRQORViQJHOHVGHO6HxRUHQHOUHLQRGHO3DGUH&HOHVWLDO<HQHOVpSWLPRGtDGHMDGTXH
ORViQJHOHVGH'LRVOHYDQWHQHOUHLQRGHORVFLHORVHQYXHVWURFXHUSR\DTXHWUDEDMDVWHLV
GXUDQWHVHLVGtDVHQHOUHLQRGHOD0DGUH7HUUHQDO<QRGHMpLVTXHQLQJ~QDOLPHQWR
HQWRUSH]FDODREUDGHORViQJHOHVHQYXHVWURFXHUSRDORODUJRGHOVpSWLPRGtD<'LRVRV
FRQFHGHUiODUJDYLGDVREUHODWLHUUDSDUDTXHWHQJiLVYLGDHWHUQDHQHOUHLQRGHORVFLHORV
3XHVHQYHUGDGRVGLJRTXHVLQRFRQRFpLVPiVHQIHUPHGDGHVVREUHODWLHUUDYLYLUpLVSRU
VLHPSUHHQHOUHLQRGHORVFLHORV

<'LRVRVHQYLDUiFDGDPDxDQDHOiQJHOGHODOX]GH@VROSDUDGHVSHUWDURVGHYXHVWUR
VXHxR2EHGHFHGSRUWDQWRODOODPDGDGHYXHVWUR3DGUH&HOHVWLDO\QRSHUPDQH]FiLV
RFLRVRVHQYXHVWURVOHFKRVSXHVORViQJHOHVGHODLUH\GHODJXD\DRVDJXDUGDQDIXHUD<
WUDEDMDGGXUDQWHWRGRHOGtDFRQORViQJHOHVGHOD0DGUH7HUUHQDOSDUDTXHOOHJXpLVD
FRQRFHUORVDHOORV\DVXVREUDVFDGDYH]PiV\PHMRU0DVFXDQGRHOVROVHSRQJD\
YXHVWUR3DGUH&HOHVWLDORVHQYtHVXiQJHOPiVSUHFLDGRHOVXHxRLGDGHVFDQVDU\
SHUPDQHFHGWRGDODQRFKHFRQHOiQJHOGHOVXHxR<HQWRQFHVRVHQYLDUiHO3DGUH
&HOHVWLDOVXViQJHOHVGHVFRQRFLGRVSDUDTXHSHUPDQH]FDQMXQWRDYRVRWURVDORODUJRGHOD
QRFKH<ORViQJHOHVGHVFRQRFLGRVGHO3DGUH&HOHVWLDORVHQVHxDUiQPXFKDVFRVDVVREUH
HOUHLQRGH'LRVDVtFRPRORViQJHOHVTXHFRQRFpLVGHOD0DGUH7HUUHQDORVLQVWUX\HQHQ
27

ODVFRVDVGHVXUHLQR3XHVHQYHUGDGRVGLJRTXHVHUpLVFDGDQRFKHORVLQYLWDGRVGHOUHLQR
GHYXHVWUR3DGUH&HOHVWLDOVLFXPSOtVVXVPDQGDPLHQWRV<FXDQGRRVGHVSHUWpLVSRUOD
PDxDQDVHQWLUpLVHQYRVRWURVHOSRGHUGHORViQJHOHVGHVFRQRFLGRV<YXHVWUR3DGUH
&HOHVWLDORVORVHQYLDUiFDGDQRFKHSDUDTXHHQULTXH]FDQYXHVWURHVStULWXLJXDOTXHOD
0DGUH7HUUHQDORVHQYtDVXViQJHOHVSDUDTXHFRQVWUX\DQYXHVWURFXHUSR3XHVHQYHUGDG
RVGLJRTXHVLGXUDQWHHOGtDRVDFRJHHQVXVEUD]RVYXHVWUD0DGUH7HUUHQDO\VLGXUDQWH
ODQRFKHRVUHVSLUDVXEHVRHO3DGUH&HOHVWLDOHQWRQFHVORV+LMRVGHORV+RPEUHVRV
FRQYHUWLUpLVHQORV+LMRVGH'LRV

5HVLVWLGGHGtD\GHQRFKHODVWHQWDFLRQHVGH6DWiQ1RRVGHVSHUWpLVGHQRFKHQL
GXUPiLVGHGtDQRRVDEDQGRQHQORViQJHOHVGH'LRV

1LWDPSRFRRVGHOHLWpLVFRQQLQJXQDEHELGDQLHQQLQJ~QKXPRGH6DWiQTXHRV
GHVSHUWDUiQSRUODQRFKH\RVKDUiQGRUPLUGHGtD3XHVHQYHUGDGRVGLJRTXHWRGDVODV
EHELGDV\KXPRVGH6DWiQVRQDERPLQDFLRQHVDORVRMRVGHYXHVWUR'LRV

1RFRPHWiLVSXWDtVPRQLGHGtDQLGHQRFKHSXHVHOSXWDxHURHVFRPRXQiUEROFX\D
VDYLDVHYDGHOWURQFRÈUEROTXHVHVHFDUiDQWHVGHWLHPSR\QROOHJDUiDGDUIUXWR3RU
WDQWRQRSXWDxHpLVSDUDTXH6DWiQQRVHTXHYXHVWURFXHUSR\HO6HxRUKDJDLQIUXFWXRVD
YXHVWUDVHPLOOD

(YLWDGFXDQWRHVWpGHPDVLDGRFDOLHQWHRGHPDVLDGRIUtR3XHVHVODYROXQWDGGHYXHVWUD
0DGUH7HUUHQDOTXHQLHOFDORUWL£HOIUtRGDxHQYXHVWURFXHUSR<QRGHMpLVTXHYXHVWURV
FXHUSRVHVWpQPiVFDOLHQWHVRPiVIUtRVGHOFDORURGHOIUtRTXHOHVSURSRUFLRQHQVXV
iQJHOHV<VLFXPSOtVORVPDQGDPLHQWRVGHOD0DGUH7HUUHQDOHQWRQFHVHQFXDQWR
YXHVWURFXHUSRVHYXHOYDGHPDVLDGRFDOLHQWHRVHQYLDUiHOiQJHOGHOIUHVFRUSDUDTXHRV
UHIUHVTXH\HQFXDQWRYXHVWURFXHUSRHVWpGHPDVLDGRIUtRRVHQYLDUiHOiQJHOGHOFDORU
SDUDFDOHQWDURVGHQXHYR

6HJXLGHOHMHPSORGHWRGRVORViQJHOHVGHO3DGUH&HOHVWLDO\GHOD0DGUH7HUUHQDOTXH
WUDEDMDQGtD\QRFKHVLQFHVDUHQORVUHLQRVGHORVFLHORV\GHODWLHUUD3RUWDQWRUHFLELG
WDPELpQHQYRVRWURVPLVPRVDORVPiVSRGHURVRVGHWRGRVORViQJHOHVGH'LRVORV
iQJHOHVGHORVDFWRV\WUDEDMDGMXQWRVVREUHHOUHLQRGH'LRV6HJXLGHOHMHPSORGHODJXD
FXDQGRFRUUHGHOYLHQWRDOVRSODUGHOVROQDFLHQWH\SRQLHQWHGHODVSODQWDV\ORViUEROHV
HQVXFUHFHUGHORVDQLPDOHVFXDQGRFRUUHQ\UHWR]DQGHODOXQDFUHFLHQWH\PHQJXDQWH
GHODVHVWUHOODVHQVXLU\YHQLUWRGDVHVWDVFRVDVVHPXHYHQ\UHDOL]DQVXVWDUHDV3RUTXH
FXDQWRWLHQHYLGDVHPXHYH\VyORORTXHHVWiPXHUWRSHUPDQHFHTXLHWR<'LRVHVHO
'LRVGHORYLYR\6DWiQHOGHORPXHUWR6HUYLGSXHVDO'LRV9LYRSDUDTXHHO
PRYLPLHQWRHWHUQRGHODYLGDRVPDQWHQJD\SDUDTXHHVFDSpLVGHODHWHUQDLQPRYLOLGDG
GHODPXHUWH7UDEDMDGSXHVVLQFHVDUSDUDOHYDQWDUHOUHLQRGH'LRVGHPRGRTXHQR
VHiLVDUURMDGRVDOUHLQRGH6DWiQ3XHVXQDDOHJUtDHWHUQDDEXQGDHQHOUHLQRYLYRGH'LRV
PLHQWUDVTXHXQDTXLHWDWULVWH]DRVFXUHFHHOUHLQRGHODPXHUWHGH6DWiQ6HGSXHV
YHUGDGHURV+LMRVGHYXHVWUD0DGUH7HUUHQDO\GHYXHVWUR3DGUH&HOHVWLDOSDUDTXHQR
FDLJiLVHQHVFODYRVGH6DWiQ<YXHVWUD0DGUH7HUUHQDO\YXHVWUR3DGUH&HOHVWLDORV
HQYLDUiQVXViQJHOHVSDUDTXHRVHQVHxHQRVDPHQ\RVVLUYDQ<VXViQJHOHVHVFULELUiQ
28

ORVPDQGDPLHQWRVGH'LRVHQYXHVWUDFDEH]DHQYXHVWURFRUD]yQ\HQYXHVWUDVPDQRV
SDUDTXHFRQR]FiLVVLQWiLV\FXPSOiLVORVPDQGDPLHQWRVGH'LRV

<RUDGWRGRVORVGtDVDYXHVWUR3DGUH&HOHVWLDO\DYXHVWUD0DGUH7HUUHQDOSDUDTXH
YXHVWUDDOPDVHYXHOYDWDQSHUIHFWDFRUQRHOVDQWRHVStULWXGHYXHVWUR3DGUH&HOHVWLDO\
SDUDTXHYXHVWURFXHUSRVHYXHOYDWDQSHUIHFWRFRPRHOFXHUSRGHYXHVWUD0DGUH
7HUUHQDO3XHVVLHQWHQGpLVVHQWtV\FXPSOtVORVPDQGDPLHQWRVHQWRQFHVWRGRFXDQWR
SLGiLVDYXHVWUR3DGUH&HOHVWLDO\DYXHVWUD0DGUH7HUUHQDORVVHUiFRQFHGLGR3RUTXHOD
VDELGXUtDHODPRU\HOSRGHUGH'LRVHVWiQSRUHQFLPDGHWRGR

2UDGSRUWDQWRGHOVLJXLHQWHPRGRDYXHVWUR3DGUH&HOHVWLDO3DGUHQXHVWURTXHHVWiV
HQORVFLHORVEHQGLWRVHD7X1RPEUH9HQJDDQRVRWURV7X5HLQR+iJDVH7X9ROXQWDG
FRPRHQORVFLHORVDVtHQODWLHUUD(OSDQQXHVWURGHFDGDGtDGiQRVOHKR\<SHUGRQD
QXHVWUDVGHXGDVDVtFRPRQRVRWURVSHUGRQDPRVDQXHVWURVGHXGRUHV<QRQRVFRQGX]FDV
DODWHQWDFLyQVLQROtEUDQRVGHO0DOLJQRSXHVWX\RHVHOUHLQRHOSRGHU\ODJORULDSRU
VLHPSUH$PpQ

<RUDGGH£VLJXLHQWHPRGRDYXHVWUD0DGUH7HUUHQDO0DGUHQXHVWUDTXHHVWiVHQOD
WLHUUDEHQGLWRVHDWXQRPEUH9HQJDDQRVRWURVWXUHLQR\KiJDVHWXYROXQWDGHQQRVRWURV
DVtFRPRHQWLVHKDFH,JXDOTXHHQYtDVFDGDGtDDWXViQJHOHVHQYtDORVWDPELpQD
QRVRWURV3HUGyQDQRVQXHVWURVSHFDGRVSRUTXHWRGRVORVH[SLDPRVHQWL1RQRV
FRQGX]FDVDODHQIHUPHGDGVLQROtEUDQRVGHOPDOSXHVWX\DHVODWLHUUDHOFXHUSR\OD
VDOXG$PpQ

<WRGRVUH]DURQMXQWRD-HV~VDO3DGUH&HOHVWLDO\DOD0DGUH7HUUHQDO

<GHVSXpV-HV~VOHVKDEOyDVt,JXDOTXHYXHVWURVFXHUSRVKDQUHQDFLGRSRUPHGLRGHORV
iQJHOHVGHOD0DGUH7HUUHQDOTXHYXHVWURHVStULWXUHQD]FDGHLJXDOPRGRSRUPHGLRGH
ORViQJHOHVGHO3DGUH&HOHVWLDO&RQYHUWLRVSXHVHQYHUGDGHURV+LMRVGHYXHVWUR3DGUH\
GHYXHVWUD0DGUH\HQYHUGDGHURV+HUPDQRVGHORV+LMRVGHORV+RPEUHV+DVWDDKRUD
HVWXYLVWHLVHQJXHUUDFRQYXHVWUR3DGUHFRQYXHVWUD0DGUH\FRQYXHVWURV+HUPDQRV<
KDEpLVVHUYLGRD6DWiQ9LYLGDSDUWLUGHKR\HQSD]FRQYXHVWUR3DGUH&HOHVWLDOFRQ
YXHVWUD0DGUH7HUUHQDO\FRQYXHVWURV+HUPDQRVORV+LMRVGHORV+RPEUHV<OXFKDG
~QLFDPHQWHHQFRQWUDGH6DWiQSDUDTXHQRRVUREHYXHVWUDSD]$YXHVWURFXHUSRGR\OD
SD]GHYXHVWUD0DGUH7HUUHQDO\ODSD]GHYXHVWUR3DGUH&HOHVWLDODYXHVWURHVStULWX<
TXHODSD]GHDPERVUHLQHHQWUHORV+LMRVGHORV+RPEUHV

£9HQLGDPtFXDQWRVRVVLQWiLVKDVWLDGRV\FXDQWRVSDGH]FiLVORVFRQIOLFWRV\ODV
DIOLFFLRQHV3XHVPLSD]RVIRUWDOHFHUi\FRQIRUWDUi3RUTXHPLSD]UHERVDGLFKD3RUHVR
RVVDOXGRVLHPSUHGHHVWHPRGR£/DSD]VHDFRQYRVRWURV6DOXGDRVVLHPSUHSRUWDQWR
HQWUHYRVRWURVGHLJXDOPDQHUDSDUDTXHDYXHVWURFXHUSRGHVFLHQGDODSD]GHYXHVWUD
0DGUH7HUUHQDO\DYXHVWURHVStULWXODSD]GHYXHVWUR3DGUH&HOHVWLDO<HQWRQFHV
KDOODUpLVODSD]WDPELpQHQWUHYRVRWURVSXHVHOUHLQRGH'LRVHVWDUiHQYXHVWURLQWHULRU<
DKRUDUHJUHVDGHQWUHYXHVWURV+HUPDQRVFRQTXLHQHVKDVWDDKRUDHVWXYLVWHLVHQJXHUUD\
GDGOHVDHOORVWDPELpQYXHVWUDSD]3XHVIHOLFHVVRQTXLHQHVOXFKDQSRUODSD]SRUTXH
29
KDOODUiQODSD]GH'LRV,G\QRSHTXpLVPiV<GDGDWRGRVYXHVWUDSD]LJXDOTXH\RRV
KHGDGRODPtD3XHVPLSD]HVODGH'LRV/DSD]VHDFRQYRVRWURV

<OHVGHMy

<VXSD]GHVFHQGLyVREUHHOORV\FRQHOiQJHOGHODPRUHQVXFRUD]yQFRQODVDELGXUtDGH
ODOH\HQVXFDEH]D\FRQHOSRGHUGHOUHQDFLPLHQWRHQVXVPDQRVVHGLVSHUVDURQHQWUHORV
+LMRVGHORV+RPEUHVSDUDOOHYDUODOX]GHODSD]DDTXHOORVTXHOXFKDEDQHQODRVFXULGDG

<VHVHSDUDURQGHVHiQGRVHXQRVDRWURV



/$3$=6($&217L*2


/$3$=6($&217L*2



$3e1',&( 



$PHGLDGRVGHOVLJOR,96DQMHUyQLPRFRPHQ]yDHQFRQWUDUWUR]RVGHDOJXQRV
PDQXVFULWRVDQWLJXRVHQSRGHUGHXQRVDQDFRUHWDVTXHYLYtDQHQFDEDxDVHQXQYDOOH
HVFRQGLGRGHOGHVLHUWRGH&DONLV$PHGLGDTXHDSUHQGtDKHEUHR\DUDPHRHPSH]yD
HQWHQGHUHOVLJQLILFDGRGHORVSHUJDPLQRVIUDJPHQWDGRV\SRFRDSRFRFRPHQ]yDUHXQLU
PiV'XUDQWHORVDxRVVLJXLHQWHVORVIXHWUDGXFLHQGRDOODWtQ/DVHQVHxDQ]DVTXHHVRV
UROORVFRQWHQtDQOHDIHFWDURQSURIXQGDPHQWH4XHGyPDUFDGRSDUDHOUHVWRGHVXYLGD
SRUTXHHQWUHHOORV±TXHWDQWROHFRVWyWUDGXFLUSDUDORFXDOWXYRTXHDSUHQGHUGRV
GLItFLOHVOHQJXDV\VDFULILFDUWRGDXQDYLGDGHLQWHQVDGHGLFDFLyQDODYtDGHOGHVLHUWR±
HVWDEDHO(YDQJHOLR(VHQLRGHOD3D]

7UDVVXPXHUWHVXVPDQXVFULWRVVHGLVSHUVDURQDVtFRPRVXVWUDGXFFLRQHVKHEUHDV\
DUDPHDVSHURPXFKRVDOFDQ]DURQHOUHIXJLRGHORV$UFKLYRV9DWLFDQRV$OVLJOR
VLJXLHQWHHQVXE~VTXHGDGHODYHUGDGHOMRYHQ6DQ%HQLWRWURSH]yHQDOJ~QOXJDUFRQODV
WUDGXFFLRQHVGH6DQ-HUyQLPRLJXDOTXHPXFKRVDxRVDQWHVHOPLVPR-HUyQLPRWURSH]y
FRQORVUROORVRULJLQDOHVHQVXSURSLDE~VTXHGDGHODYHUGDG/DVHQVHxDQ]DVHVHQLDV
WXYLHURQXQSURIXQGRHIHFWRVREUHHOMRYHQHUHPLWDDWRUPHQWDGRFRPRHVWDEDSRUHO
DPHQD]DGRUGHVRUGHQPXQGLDOGHOD(GDG0HGLD,QVSLUDGRSRUODYLVLyQGHOD
+HUPDQGDG(VHQLD%HQLWRFRQFLELyODVDQWD5HJODHVDREUDPDHVWUDGHRUGHQ\
VLPSOLFLGDGTXHGLROXJDUDXQVLVWHPDPRQiVWLFRTXHDODODUJDVDOYyDODFXOWXUD
RFFLGHQWDOGHODH[WLQFLyQGXUDQWHODV(GDGHV2VFXUDV&XDQGR%HQLWRIXQGyHOPiV
IDPRVRGHVXVPRQDVWHULRVHQ0RQWH&DVVLQRFLHUWRVDQWLJXRVUROORVHQFRQWUDURQXQ
OXJDUVHJXURGHWUiVGHHVDVWUDQTXLODVSDUHGHV<DOOtGXUPLHURQHQORVHVWDQWHVGHO
6FULSWRULXPGRQGHORVPRQMHVSDFLHQWHPHQWHFRSLDEDQSHUJDPLQRWUDVSHUJDPLQRVLJOR
WUDVVLJOR(VSHUDURQWDPELpQSDFLHQWHPHQWHEDMRFDSDVGHSROYRHQORV$UFKLYRV
6HFUHWRVGHO9DWLFDQR+DEtDQVLGRHVFULWRVFHQWHQDUHVGHDxRVDQWHVSRUORVPLVPRV
30

HVHQLRVODPLVWHULRVDIXHQWH)XHURQUHVXFLWDGRV\WUDGXFLGRVHQHOVLJOR,9SRU6DQ
MHUyQLPRODFRUULHQWH,QVSLUDURQODIXQGDFLyQGHXQD2UGHQTXHVDOYDUtDDODFXOWXUD
RFFLGHQWDOGHODH[WLQFLyQSRU6DQ%HQLWRHOUtR<DKRUDHVWDEDQDSXQWRGHVHU
UHGHVFXELHUWRVSRUPt

7RGRFRPHQ]yFRQXQWUDEDMRTXHHVFULEtVREUH6DQ)UDQFLVFR\OHtFRPRGHVSHGLGDHQ
PL~OWLPRFXUVRGHHQVHxDQ]DPHGLD6HWLWXODED'HMDTXH6DQ)UDQFLVFRFDQWHHQWX
FRUD]yQ\SRQtDHQSDODEUDVPLDPRU\GHYRFLyQSRUHODPDEOH

VDQWRSDJDQRTXH
VLHPSUHKDEtDVLGRPLIDYRULWR(VWDEDDFDEDQGRPLVDxRVGHHVWXGLRVVHFXQGDULRVHQXQ
PRQDVWHULR3LDULVWDDQWHVGHVDOLUSDUDXQDXQLYHUVLGDG8QLWDULD0LPDGUH±IUDQFHVD
FDWyOLFD±\PLSDGUH±WUDQVLOYDQRXQLWDULR±KDEtDQOOHJDGRDXQDVROXFLyQSDFtILFDHQ
FXDQWRDPLHGXFDFLyQ0LWUDEDMRLPSUHVLRQyPXFKRDQXHVWURTXHULGRGLUHFWRU
PRQVHxRU0RQGLN\HQFXDQWRPHOLFHQFLpPHOODPyDVXGHVSDFKRSDUDGDUPHXQDV
QRWLFLDVDVRPEURVDV<RKDEtDGLFKRHQHOWUDEDMRTXHPLPD\RUGHVHRHUDDSUHQGHUWRGR
ORTXHSXGLHUDVREUH6DQ)UDQFLVFR\DKRUDpOPHFRQWDEDTXH\RKDEtDVLGRHOHJLGRSDUD
HVWXGLDUGXUDQWHDOJXQRVPHVHVHQORV$UFKLYRV6HFUHWRV\OOHYDUDFDERSUHFLVDPHQWH
HVR0RQV0RQGLNPHGLRXQDFDUWDGHSUHVHQWDFLyQSDVDVXDPLJRGHODLQIDQFLD0RQV
0HUFDWLTXHDKRUDHUDMHIHGHORV$UFKLYRV/D~QLFDFRQGLFLyQHUDTXHGHEHUtDYLYLUHQ
ODSREUH]DHQODFDVWLGDG\HQODREHGLHQFLD±MXVWRFRPRXQPRQMHIUDQFLVFDQR±GXUDQWH
HOWLHPSRGHSHUPDQHQFLDHQ5RPDORTXHVLJQLILFDEDYLYLU\YHVWLUGHOPRGRPiVVLPSOH
SRVLEOH\FRPHUVyORSDQPRUHQRTXHVRIUXWD\KRUWDOL]DV3RURWURODGR0RQV0RQGLN
PHGLMRTXHWHQGUtDXQEDQTXHWHHVSLULWXDOFDGDGtDDOGLVSRQHUGHORVLQDJRWDEOHVWHVRURV
GHODVHGDGHVTXHVHHQFRQWUDEDQHQORV$UFKLYRV\HQOD%LEOLRWHFDGHO9DWLFDQR'HVGH
ODSHUVSHFWLYDDFWXDOWUDQVFXUULGRVPXFKRVDxRVWRGRORRFXUULGRIXHTXHYLYtFRPRXQ
HVHQLRSDUDHVWXGLDUDOTXHHUDODSHUVRQLILFDFLyQPLVPDGHOHVStULWXHVHQLR6DQ
)UDQFLVFR<DXQTXHHQWRQFHVQRORVDEtDSURQWRFRQRFHUtDGHORVHVHQLRVPiVTXHQDGLH
HQFDVLTXLQLHQWRVDxRV  

0RQV0HUFDWLXQDGHODVSHUVRQDOLGDGHVPiVLQROYLGDEOHVTXHMDPiVKHFRQRFLGRXQ
DPDEOH\ERQGDGRVRVDELRGHRMRVDUGLHQWHV\XQDPHPRULDVREUHKXPDQDTXH±VHGHFtD±
DEDUFDEDORVFXDUHQWDNLOyPHWURVGHODUJRVHVWDQWHVGHORV$UFKLYRV0HGLMRTXHKDEtD
OHtGRPLWUDEDMR\PHSUHJXQWySRUTXpTXHUtD\RHVWXGLDUHQORV$UFKLYRV/HFRQWpPL
GHVHRGHFRQRFHUODIXHQWHGHOFRQRFLPLHQWRGH6DQ)UDQFLVFRHVWXGLDUWRGRORTXHKDEtD
FRQRFLGRHOVDQWRPiVRULJLQDO\~QLFR/DUHVSXHVWDTXHPHGLRIXHPLVWHULRVD\
IDVFLQDQWH0HGLMRTXH6DQ)UDQFLVFRHUDHORFpDQR\\RGHEtDHQFRQWUDUHOUtRTXHOR
QXWULDLJXDOTXHpOORKL]R(QWRQFHVGHEHUtDEXVFDUODFRUULHQWH<OXHJRVLHVWDED
DILUPDGRHQHO&DPLQRHQFRQWUDUtDODIXHQWH

<RHVWDEDWUHPHQGDPHQWHDQLPDGRQRVyORSRUHOUHWRGHVXVSDODEUDVVLQRWDPELpQSRU
VXDPDELOLGDGKDFLDPtSRUODVHxRULDOFRPSDVLyQTXHEULOODEDHQVXVRMRV\PHHQYROYtD
FRPRHQXQDEUD]R'HFLGtHQFRQWUDUODIXHQWHTXHGHFtDDXQTXHPHOOHYDUDHOUHVWRGHOD
YLGD<FXDQGRREVHUYpELHQSRUSULPHUDYH]ORV$UFKLYRV6HFUHWRVGHO9DWLFDQR
FRPHQFpDSHQVDUTXHHVRPHRFXSDUtDRWDOYH]PiV+DEtDVDODV\FRUUHGRUHVVLQILQ
GRFHQDVGHVXEGLYLVLRQHVXQDKDELWDFLyQFRQPiVGHtQGLFHVHVFULWRVDPDQR\PiV
GHNLOyPHWURVGHHVWDQWHUtDVGHUROORVSHUJDPLQRVPDQXVFULWRV\FyGLFHV(QXQD
HVTXLQDKDEtDXQDKDELWDFLyQHPSROYDGDFRQPiVGHHQYROWRULRVGHGRFXPHQWRV
31

£VLQH[DPLQDU3HURQRHVWDEDVRORHQPLSHUSOHMLGDG+DEtDDOOtHVWXGLDQWHVGHWRGRHO
PXQGR\FRPSDUWLPRVXQDIUDWHUQDODWPyVIHUDGHFDPDUDGHUtD\XQLyQ1RVLHPSUH
HQWHQGtDPRVODVOHQJXDVGHORVGHPiVSHURWHQtDPRVHQFRP~QXQDLQWHQVDGHGLFDFLyQD
QXHVWURVHVWXGLRV\XQDLQTXHEUDQWDEOHGHYRFLyQD0RQV0HUFDWLDTXLHQWRGRV
TXHUtDPRV

4XL]iSRUPLIOXLGH]HQODWtQ\JULHJRTXL]iSRUPLSDFLHQWHOXFKDFRQORVtQGLFHV
SROYRULHQWRVXQGtD0RQV0HUFDWLPHSUHPLyFRQRWUDGHVXVPLVWHULRVDV
PDQLIHVWDFLRQHV5HFXHUGDKLMRPtRTXHHORFpDQRODWLQRHVWiDOLPHQWDGRSRUHOUtR
JULHJRTXHHVWiDOLPHQWDGRSRUODFRUULHQWHDUDPHDTXHVHRULJLQDHQODIXHQWHKHEUHD
<PHDVLJQyXQPRQMHIUDQFpVSDUDTXHPHD\XGDUDHQDUDPHR\HQKHEUHROHQJXDVTXH
QRGRPLQDEDFRPRHOODWtQ\HOJULHJR6XVSDODEUDVLOXPLQDURQDOJRHQPLPHQWHFRPR
XQPRYLPLHQWRGHODMHGUH]TXHUHSHQWLQDPHQWHUHYHODWRGRHOMXHJR\SRFRGHVSXpVVXSH
TXHHVWDEDHQHOFDPLQRFRUUHFWR

)XHHQWRQFHVFXDQGRGHFLGtGHVFHQGHUSRUXQDPLVWHULRVDHVFDOHUDFLUFXODUTXHFRQGXFtDD
ODSDUWHPiVDQWLJXDGHORV$UFKLYRVGRQGHVHJXDUGDEDQORVGRFXPHQWRVPiVSUHFLRVRV
\DQWLJXRV7DPELpQPHKDEtDILMDGRHQXQDSXHUWDVLHPSUHFHUUDGDSUy[LPDDOILQDOGHO
FRUUHGRULQIHULRUTXHFRQGXFtDDOGHVSDFKRGH0RQV0HUFDWLGHODTXHVyORpOWHQtDOD
OODYH3HURSRUHOPRPHQWRPHFRQFHQWUpHQODPHQFLRQDGDSDUWHPiVDQWLJXDGHORV
$UFKLYRVEUHJDQGRFRUQRQXQFDDQWHVFRQFXDWUROHQJXDVDUFDLFDVPRYLpQGRPHWDQWR
FRQODLQWXLFLyQFRPRFRQXQWUDEDMRGHGHWHFWLYHSHUVHYHUDQWH

&XDQGRILQDOPHQWHWXYHPLSULPHUDFODYHUHDOVHQWtXQDSURIXQGDVDWLVIDFFLyQ\XQ
LQVDFLDEOHGHVHRGHVDEHUPiV)XLLQPHGLDWDPHQWHD0RQV0HUFDWL\OHSHGtSHUPLVR
SDUDYLVLWDUORVDUFKLYRVGHOPRQDVWHULREHQHGLFWLQRGH0RQWH&DVLQR0HORFRQFHGLy
FRQXQJXLxRGHRMRV6XFDUWDGHUHFRPHQGDFLyQSDUDHO$EDGHVWDEDIHFKDGDGHOGtD
DQWHULRU6HGLYLUWLyFRQPLDVRPEUR9HFRQ'LRVKLMRPtR&UHRTXHKDVHQFRQWUDGRHO
UtR

+DEtDHQFRQWUDGRHOUtRDXQTXHPLSULPHUDYLVLWDD0RQWH&DVVLQRQRUHYHOyOD
FRUULHQWH3HURGHVSXpVGHSDVDUXQDVHPDQDHQHOPRQDVWHULRREVHUYDQGRHOSDVHRGHORV
PRQMHVSRUORVERVTXHFLOORV\WUDEDMDQGRHQVXKXHUWRFRPLHQGRVXSDQ\ORVIUXWRVWRGRV
MXQWRVHQVXVFRPLGDVFRPXQLWDULDVPHGLWDQGRHQVXVSHTXHxDVFHOGDVFDQWDQGRXQLGRV
VXVEHOORVFiQWLFRVPDxDQD\WDUGHVXSHORTXHWHQtDTXHHQFRQWUDUHQORV$UFKLYRV
9DWLFDQRV\VXSHGyQGHEXVFDUOR

9ROYtD0RQV0HUFDWL5HXQtWRGRPLYDORU\OHSHGtODOODYHGHVXKDELWDFLyQFHUUDGD
+XERXQDODUJDSDXVDPLHQWUDVVXVRMRVEXVFDURQORVPtRV\HQWRQFHVPHODGLR
VROHPQHPHQWHGHVHiQGRPHVXHUWH\GLFLpQGRPHTXHPHDVHJXUDVHGHGHYROYpUVHOD

(QWUpHQODKDELWDFLyQVHFUHWDFRPRXQDQWLJXRLQLFLDGRGHEtDKDEHUHQWUDGRHQODFiPDUD
VHFUHWDGHOD*UDQ3LUiPLGH\PHDEUtFDPLQRVRORDWUDYpVGHORVSROYRULHQWRV
PDQXVFULWRVHPSOHDQGRWRGRHOFRQRFLPLHQWR±TXHPHKDEtDFRVWDGRWDQWRFRQVHJXLU±
SDUDHQFRQWUDUHOFDPLQR1RWUDQVFXUULyPXFKRWLHPSRKDVWDTXHHQFRQWUpORTXH
EXVFDED
32

3RFRVGtDVGHVSXpVGHYROYtODOODYHD0RQV0HUFDWL\OHSHGtSHUPLVRSDUDYROYHUD
0RQWH&DVVLQR0LUyPLURVWUR\VRQULy0HDOHJURGHTXHKD\DVHQFRQWUDGROD
FRUULHQWHKLMRPtR$KRUDHVSHURTXHHQFXHQWUHVODIXHQWH<GHQXHYRPHHQWUHJyXQD
FDUWDIHFKDGDGHOGtDDQWHULRUHVWDYH]SLGLHQGRDO$EDGTXHPHGHMDUDXVDUODVJUDQGHV
YLWULQDVGHO6FULSWRULXP

$KRQGpHQORVDUFKLYRVGH0RQWH&DVVLQRFRPRSH]HQHODJXD(OUtRGH6DQ%HQLWRPH
OOHYyPHLPSXOVyODFRUULHQWHGH6DQ-HUyQLPRTXHKDEtDGHVFXELHUWRHQHOSUHFLRVR
DOPDFpQGHODKDELWDFLyQFHUUDGD\HVFXGULxpYHUVLRQHVLQpGLWDVGH-RVHIR)LOyQ\3OLQLR
MXQWRDPXFKRVRWURVFOiVLFRVODWLQRV'HQXHYRYLORVKHUPRVRVPDQXVFULWRVGH6DQ
-HUyQLPR0XFKRVGHHVWRVLQDSUHFLDEOHVWUDEDMRVVHKDEtDQFRQVLGHUDGRSHUGLGRVGHVGH
KDFtDPXFKRWLHPSR\\ROHtD\OHtDFRPRHQXQFXHQWRGHWHVRURVGHLQFUHtEOHULTXH]D
$YHULJpTXHRWUDVFRSLDVGHVXVWUDEDMRVH[LVWtDQD~QHQWUHRWURVPRQDVWHULRV
EHQHGLFWLQRVFRPRHQODELEOLRWHFDGH6DQ6DOYDWRUHGRQGHSHUPDQHFLySRUVLJORVXQD
EHOODFRSLDKDVWDTXHFRQODGHVWUXFFLyQGHODDEDGtDOOHJyDOD%LEOLRWHFD/DXUHQ]LDQDGH
)ORUHQFLDGRQGHDKRUDVHODKDFDWDORJDGRFRPRHO(YDQJHOLR$PXWLQR

/RVPDQXVFULWRVRULJLQDOHVGH6DQ-HUyQLPRTXHVHFUHtDQSHUGLGRVHQHOVLJOR9SRU
IRUWXQDVREUHYLYLHURQHQHOPRQDVWHULREHQHGLFWLQRGH0RQWH&DVVLQR\HQHO9DWLFDQR
(QWUHHVWRVPDQXVFULWRVHVWDEDHOWH[WRFRPSOHWRGHO(YDQJHOLR(VHQLRGHOD3D]

+DEtDHQFRQWUDGRODIXHQWHIUDJPHQWRVKHEUHRVGHO(YDQJHOLR(VHQLRODYHUVLyQDUDPHD
GHODFXDO\RKDEtDOHtGRHQORVHVWDQWHVGHODKDELWDFLyQFHUUDGDGH0RQV0HUFDWL6XSH
DKRUDODSURFHGHQFLDGHODOX]LQWHQVDTXHEULOODEDHQHVDILJXUDDPDGD\SHUFLEtSRUXQ
LQVWDQWHODKHURLFDPHGLGDGHVXVLOHQFLR¢'HEHUtDWDPELpQ\RDKRUDJXDUGDUVLOHQFLR"

9ROYtDO9DWLFDQR\IXLLQPHGLDWDPHQWHDOGHVSDFKRGH0RQV0HUFDWLHVHHVWXGLROOHQR
GHOLEURVTXHKDEtDOOHJDGRDFRQRFHUWDQELHQ&XDQGROHYDQWyODYLVWDYLDOJRQXHYRHQ
VXH[SUHVLyQPH]FODGDFRQVXIDPLOLDUPLUDGDGHVDELDFRPSDVLyQKDEtDXQD
LQGHVFLIUDEOHPLUDGDFDVLGHFRQPLVHUDFLyQGHDOJRFRPSDUWLGRTXHpOQXQFDKDEtD
FRPSDUWLGRFRQQLQJXQDSHUVRQD

±+DVHQFRQWUDGRODIXHQWH±GLMRHQWRQREDMR

±¢&yPRORVDEH"±SUHJXQWp

±3RUTXHKLMRPtR±GLMRFHQWHOOHiQGROHODPLUDGD±WLHQHVHVDDSDULHQFLD

<GHQXHYRHVDH[WUDxDH[SUHVLyQFUX]yVXURVWUR9LUHIOHMDGDHQHOODWRGDODVDELGXUtD\
ODFRPSDVLyQGHODVHGDGHVPH]FODGDFRQHOWLHUQRKXPRU\ODSDUWLFLSDFLyQHQXQVHFUHWR
LQGHFLEOHPHQWHSUHFLRVR5HSHQWLQDPHQWHODVOiJULPDVLQXQGDURQPLVRMRV

±¢4XpKDUp3DGUH"±SUHJXQWp

±'HMDTXH6DQ)UDQFLVFRFDQWHHQWXFRUD]yQ±VXVXUUy
33

0HDUURGLOOp\EHVpVXPDQReOGLMRVyORXQDSDODEUDODSDODEUDHQODWtQPiVFRUWD,
YH <PHIXL\QXQFDPiVOHYROYtDYHU







2WURVGDWRVH[WUDtGRVGHODVSiJV\GHOPLVPROLEUR



/D6RUERQD8QLYHUVLGDGGH3DUtVRWRxRGH$QWHVXVFRPSDxHURVGHFODVHHODXWRU
OHHODDFRVWXPEUDGDFRQIHUHQFLDDQXDO±TXHFDGDDOXPQRWLHQHTXHGDU±DFHUFDGHVXV
WUDEDMRVHQORV$UFKLYRV9DWLFDQRV/DFRQIHUHQFLDVLJXLyORVFDXFHVKDELWXDOHVGH
SXEOLFDFLyQHQPXOWLFRSLVWDSDUDVHUGLVWULEXLGDHQWUHORVDOXPQRV  \ORPLVPRRFXUULy
FRQODWUDGXFFLyQOLWHUDOGHODUDPHRDOIUDQFpVGHO(YDQJHOLR(VHQLRGHOD3D]

(QDSDUHFHODWUDGXFFLyQLQJOHVDDSDUWLUGHOIUDQFpVGH3XUFHOO:HDYHUODDTXt
SUHVHQWH

(Q&LXGDG9LFWRULD0p[LFRODSURIHVRUDGHOLWHUDWXUDHVSDxROD5LWDGH9DUJDV\HO
SURIHVRUGHKLVWRULDH[LODGRSRUODUHFLHQWHJXHUUDFLYLOHVSDxROD/DFDOOHUHDOL]DQOD
SULPHUDWUDGXFFLyQ\SXEOLFDQ(O(YDQJHOLR(VHQLRGHOD3D]


/D9,6,21GH(12&+8QDUHYHODFLyQ

'RQGH'LRVKDEODDOKRPEUH

1RWD(GLWRULDOHOWHPRU²VRVWLHQHHOWLEHWDQR'.HQ(VSHMLVPR²*ODPRXU
8Q3UREOHPD0XQGLDOGH$$%HVODUDt]GHWRGRVORVHVSHMLVPRV&XDQGR
ORVDSyVWROHVGH-HVXFULVWRVHHQFRQWUDEDQHQXQDPDUWXUEXOHQWD\RVFXUDeO
OHVEULQGyWUDQTXLOLGDGGLFLpQGROHV&DOPD6R\<R1RWHPiLV/DWUDQVFULSFLyQ
GHODVLJXLHQWHYLVLyQSUHVHQWDDO'LRVHQ4XLHQYLYLPRVQRVPRYHPRV\
WHQHPRVQXHVWRVHU(OQRVDFRPSDxDGHVGHQXHVWURLQWHULRUHQWRGDVODV
HWDSDVFODYHVRGHWUDQVIRUPDFLyQHQQXHVWUDYLGDHQPHGLRGHORVIHQyPHQRV
QDWXUDOHVGHOD7LHUUD\HOFRVPRVGRQGHQRVGHVHQYROYHPRV/DSDODEUD
VHUpQDWHHVXQDIRUPDSRVLWLYDSDUDGHFLUQRVFDOPDWUDQTXLORVVLHPSUH
HVWR\FRQYRVRWURV

7HKDEOR6HUpQDWHUHFRQRFHTXH6R\'LRV

7HKDEOpFXDQGRQDFLVWH6HUpQDWH6R\'LRV
34

7HKDEOpHQWXSULPHUDPLUDGD6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEOpHQWXSULPHUDSDODEUD6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEOpHQWXSULPHUSHQVDPLHQWR6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEOpHQWXSULPHUDPRU6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEOpHQWXSULPHUFiQWLFR6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEORDWUDYpVGHOSDVWRGHODVSUDGHUDV6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEORDWUDYpVGHORViUEROHVGHORVERVTXHV6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEORDWUDYpVGHORVYDOOHV\GHODVFROLQDV6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEORDWUDYpVGHODPRQWDxDVDJUDGD6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEORDWUDYpVGHODOOXYLD\GHODQLHYH6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEORDWUDYpVGHODVRODVGHOPDU6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEORDWUDYpVGHOURFtRGHODPDxDQD6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEORDWUDYpVGHODSD]GHODWDUGHFHU6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEORDWUDYpVGHOIXOJRUGHOVRO6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEORDWUDYpVGHODVHVWUHOODVEULOODQWHV6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEORDWUDYpVGHODVQXEHV\GHODVWRUPHQWDV6HUpQDWH\UHFRQRFH6R\
'LRV

7HKDEORDWUDYpVGHOWUXHQR\GHOUHOiPSDJR6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEORDWUDYpVGHODUFRLULVPLVWHULRVR6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEODUpFXDQGRHVWpVVROR6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEODUpDWUDYpVGHODVDELGXUtDGHORV$QWLJXRV6HUpQDWH\UHFRQRFH6R\
'LRV

7HKDEODUpFXDQGRKD\DVYLVWRDPLV$QJHOHV6HUpQDWH\UHFRQRFH6R\'LRV

7HKDEODUpSRUWRGDOD(WHUQLGDG6HUpQDWH\UHFRQRFH6R\'LRV
35
7HKDEOR6HUpQDWH\UHFRQRFHVR\'LRV

(//,%52(6(1,2'(02,6e6

/26',(=0$1'$0,(1726

<HOPRQWH6LQDtHVWDEDHQYXHOWRHQXQDQXEHSRUTXHHO6HxRUGHVFHQGtDVREUH
pOHQOHQJXDVGHIXHJR\HOKXPRTXHGHDOOtDVFHQGtDHUDFRPRHOGHXQKRUQR
\WRGDODPRQWDxDWHPEOyIXHUWHPHQWH

<HO6HxRUEDMyDOPRQWH6LQDtVREUHODFLPDGHODPRQWDxD\HO6HxRUOODPyD
0RLVpVDODFLPD\0RLVpVVXELy

(O6HxRUOOHYyD0RLVpVIXHUDGHOPRQWHGLFLHQGR9HQD0LTXHWHGDUpOD/H\
SDUDWXSXHEORODFXDOVHUiXQFRQYHQLRFRQORV+LMRVGHOD/X]<0RLVpVIXH
MXQWRD'LRV<'LRVKDEOyHQHVWDVSDODEUDVGLFLHQGR

6R\OD/H\WX'LRVTXLHQWHKDVDFDGRGHODVSURIXQGLGDGHVGHODHVFODYLWXG\
GHODVWLQLHEODV1RWHQGUiVRWUD/H\IXHUDGH0L1RFRQVWUXLUiVQLQJXQD
LPDJHQGHOD/H\HQHOFLHORQLDEDMRHQODWLHUUD6R\OD/H\LQYLVLEOHVLQ
SULQFLSLR\VLQILQ1RFUHDUiVSDUDWLIDOVDVOH\HVSRUTXH6R\OD/H\\OD/H\
WRWDOGHWRGDVODVOH\HV6LUHQXQFLDVD0LWHQGUiVGHVDVWUHVGHJHQHUDFLyQHQ
JHQHUDFLyQ6LJXDUGDVPLVPDQGDPLHQWRVHQWUDUiVHQHO-DUGtQ,QILQLWRGRQGH
HVWiHO$UEROGHOD9LGDHQPHGLRGHO0DU(WHUQR1RYLRODUiVOD/H\/D/H\HV
WX'LRVTXLHQQRWHOLEUDUiGHWXFXOSD

+RQUDDWX0DGUH7HUHQDOSDUDTXHWXVGtDVSXHGDQVHUODUJRVHQODWLHUUD\
KRQUDDWX3DGUH&HOHVWLDOSDUDTXHWHQJDVYLGDHWHUQDHQORVFLHORVSXHVORV
FLHORV\ODWLHUUDWHVRQGDGRVSRUOD/H\TXHHVWX'LRV

6DOXGDUiVDOD0DGUH7HUUHQDOHQODPDxDQDGHOViEDGR

6DOXGDUiVDO$QJHOGHOD7LHUUDHQODVHJXQGDPDxDQD

6DOXGDUiVDO$QJHOGHOD9LGDHQODWHUFHUDPDxDQD

6DOXGDUiVDO$QJHOGHO5HJRFLMRHQODFXDUWDPDxDQD

6DOXGDUiVDO$QJHOGHO6ROHQODTXLQWDPDxDQD

6DOXGDUiVDO$QJHOGHO$JXDHQODVH[WDPDxDQD

6DOXGDUiVDO$QJHOGHO$LUHHQODVpSWLPDPDxDQD

7RGRVHVWRViQJHOHVGHOD0DGUH7LHUUDVDOXGDUiV\WHFRQVDJUDUiVDHOORVSDUD
TXHSXHGDVHQWUDUDO-DUGtQ,QILQLWRHQGRQGHHVWiHO$UEROGHOD9LGD
36
$GRUDUiVDWX3DGUH&HOHVWLDOHQODWDUGHGHOViEDGR

&RPXOJDUiVFRQHO$QJHOGH9LGD(WHUQDHQODVHJXQGDWDUGH

&RPXOJDUiVFRQHO$QJHOGHO7UDEDMRHQODWHUFHUDWDUGH

&RPXOJDUiVFRQHO$QJHOGHOD3D]HQODFXDUWDWDUGH

&RPXOJDUiVFRQHO$QJHOGHO3RGHUHQODTXLQWDWDUGH

&RPXOJDUiVFRQHO$QJHOGHO$PRUHQOD6H[WDWDUGH

&RPXOJDUiVFRQHO$QJHOGHOD6DELGXUtDHQODVpSWLPDWDUGH

&RQWRGRVORViQJHOHVGHO3DGUH&HOHVWLDOFRPXOJDUiVSDUDTXHWXHVStULWXSXHGD
SXULILFDUVHHQOD)XHQWHGH/X]\HQWUDUHQHO0DUGHOD(WHUQLGDG

(OVpSWLPRGtDHVHOViEDGRORFRQPHPRUDUiV\ORJXDUGDUiVFRPRGtDVDQWR(O
ViEDGRHVHOGtDGHOD/X]GHOD/H\WX'LRV(QpOQRKDUiVQLQJ~QWLSRGH
WUDEDMRH[FHSWREXVFDUOD/X]HO5HLQRGH'LRV\WRGDVODVFRVDVVHWHGDUiQ
6DEHGSXHVYRVRWURVTXHWUDEDMDUHLVGXUDQWHVHLGGtDVFRQORViQJHOHV\DTXH
HOVpSWLPRGtDPRUDUHLVHQOD/X]GHWX6HxRUTXLHQHVOD/H\6DQWD

1RWRPDUHLVODYLGDGHFXDOTXLHUFRVDYLYLHQWH/DYLGDYLHQH~QLFDPHQWHGH
'LRVTXLHQODGD\ODTXLWD

1RGHJUDGDUiVHO$PRU(VHOGRQVDJUDGRGHO3DGUH&HOHVWLDO

1RQHJRFLDUiVWXDOPDHOGRQLQYDOXDEOHGHODERQGDGGH'LRVSXHVORVULFRV
GHOPXQGRVRQFRPRODVVHPLOODVTXHFDHQHQWHUUHQRSHGUHJRVRGRQGHQR
HFKDQUDtFHV\YLYHQPX\SRFRWLHPSR

1RGDUiVIDOVRWHVWLPRQLRGHOD/H\SDUDXWLOL]DUODFRQWUDWXVKHUPDQRV
~QLFDPHQWH'LRVFRQRFHHOSULQFLSLR\HOILQGHWRGDVODVFRVDVSXHV6XRMRHV
~QLFR\(OHVOD/H\6DQWD

1RFRGLFLDUiVORVELHQHVDMHQRV/D/H\WHGDJUDQGHVGRQHVLQFOXVRORVFLHORV\
OD7LHUUDVLJXDUGDVORVPDQGDPLHQWRVGHO6HxRUWX'LRV

<0RLVpVR\yODYR]GHO6HxRU\SDFWyGHQWURGHVtXQFRQYHQLRTXHHUDHQWUHHO
6HxRU\ORV+LMRVGHOD/X]<0RLVpVVHYROYLy\EDMyGHOPRQWHFRQODVGRV
WDEODVGHOD/H\HQVXVPDQRV

<ODVWDEODVHUDQODREUDGH'LRV\ODHVFULWXUDHUDODHVFULWXUDGH'LRVJUDEDGD
VREUHODVWDEODV
37

&RPRHOSXHEORQRVDEtDTXHKDEtDVLGRGH0RLVpVVHUHXQLy\IXQGLHURQWRGRV
VXVDUHWHVGHRUR\FRQVWUX\HURQXQEHFHUURDGRUDURQDOtGROR\OHRIUHFLHURQ
VDFULILFLRV

&RPLHURQEHELHURQ\GDQ]DURQGHODQWHGHpO\VHDEDQGRQDURQDODFRUUXSFLyQ
\DODSHUYHUVLGDGGHODQWHGHO6HxRU

<RFXUULyGHSURQWRTXH0RLVpVHVWXYRHQODDOGHD\YLyHOEHFHUURODVGDQ]DV\
ODPDOGDGGHOSXHEOR0RLVpVVHOOHQyGHIXULD\DUURMyODVWDEODVGHVXVPDQRV\
ODVTXHEUyFRQWUDHOPRQWH

<DODPDxDQDVLJXLHQWH0RLVpVOHGLMRDVXSXHEORYRVRWURVKDEpLVFRPHWLGRXQ
JUDQSHFDGRYRVRWURVKDEHLVQHJDGRDQXHVWUR&UHDGRU\RVXELUpGRQGHHO
6HxRUHLPSORUDUpSRUYXHVWURHUURU

<YROYLHQGR0RLVpVGRQGHHO6HxRUOHGLMR7XKDVYLVWRODSURIDQDFLyQGHWX/H\
6DQWD3XHVWXVKLMRVSHUGLHURQODIH\DGRUDURQODVWLQLHEODVHKLFLHURQSDUD
HOORVXQEHFHUURGHRUR

<HOVHxRUOHGLMRD0RLVpV(VFXFKDDOSULQFLSLRGHORVWLHPSRVKXERXQ
FRQYHQLRHQWUH'LRV\HOKRPEUH\HO)XHJR6DQWRGHO&UHDGRUHQWUyHQpO<pO
VHKL]R+LMRGH'LRV\VHOHHQFRPHQGyJXDUGDUVXKHUHQFLDGHOSULPRJpQLWR\
KDFHUIUXFWtIHUDOD7LHUUDGHVX3DGUH\PDQWHQHUOD6DQWD<pOUHFKD]yDO
&UHDGRUGHVLPLVPRROYLGiQGRVHVXSULPRJHQLWXUDQRH[LVWHHUURUPiV
GRORURVRDORVRMRVGH'LRV

<HO6HxRUKDEOyGLFLHQGR8QLFDPHQWHORV+LMRVGHOD/X]SXHGHQJXDUGDUORV
PDQGDPLHQWRVGHOD/H\(VFXFKDSXHVWHKDEORDVtODVWDEODVTXHWX
TXHEUDVWHHVDVQXQFDPDVVHUiQHVFULWDVHQODVSDODEUDVGHORVKRPEUHVFRPR
WXODVFRQYHUWLVWHHQWLHUUD\IXHJRDVtHOODVYLYLUiQLQYLVLEOHVHQORV
FRUD]RQHVGHDTXHOORVTXHVHDQFDSDFHVGHVHJXLUVX/H\

$WXJHQWHGHSRFDIHTXHHUUyFRQWUDHO&UHDGRUD~QFXDQGRHVWXYRHQHO
/XJDU6DQWRGHODQWHGHWX'LRVOHGDUpRWUD/H\6HUiXQD/H\VHYHUDHVPDV
OHREOLJDUiSXHVHOORVQRFRQRFHQWRGDYtDHO5HLQRGHOD/X]

<0RLVpVJXDUGyOD/H\LQYLVLEOHGHQWURGHVXSHFKR\ODOOHYyFRPRVHxDODORV
+LMRVGHOD/X]<'LRVOHGLyD0RLVpVOD/H\HVFULWDSDUDHOSXHEOR\pOEDMy
GRQGHHOORV\OHVKDEOyFRQXQFRUD]yQIXHUWH

0RLVpVGLMRDOSXHEOR(VWDVVRQODVOH\HVTXHYXHVWUR'LRVRVKDGDGR

1RWHQGUiVRWUR'LRVIXHUDGH0L

1RKDUiVSDUDWLQLQJXQDLPDJHQHVFXOSLGD
38

1RMXUDUiVHOQRPEUHGHO6HxRUWX'LRVHQYDQR

5HFRUGDUiVHOGtDViEDGR\ORJXDUGDUiVFRPRVDQWR

+RQUDUiVDWX3DGUH\DWX0DGUH

1RPDWDUiV

1RFRPHWHUiVDGXOWHULR

1RUREDUiV

1ROHYDQWDUiVIDOVRVWHVWLPRQLRVFRQWUDWXSUyMLPR

1RFRGLFLDUiVORVELHQHVGHWXSUyMLPRQLODPXMHUGHWXSUyMLPR

QLQDGDTXHVHDGHWXSUyMLPR

<KXERXQGtDGHGXHOR\DUUHSHQWLPLHQWRSRUHOJUDQHUURUFRQWUDHO&UHDGRU
TXHQRWHUPLQD

<ODVWDEODVTXHEUDGDVGHOD/H\,QYLVLEOHYLYLHURQRFXOWDVHQHOFRUD]yQGH
0RLVpVKDVWDTXHVXFHGLyTXHORV+LMRVGHOD/X]DSDUHFLHURQHQHOGHVLHUWR\
ORV$QJHOHVKDELWDURQOD7LHUUD

1((QHO7UDWDGRVREUH)XHJR&yVPLFRGH$$%HOLQVWUXFWRUWLEHWDQR'
.SUHVHQWDHQODSDUWHILQDOGHOOLEURXQDVGHQRPLQDFLRQHVSDUDOD8QLFD/H\
GHO3DGUH6XWULSOHPDQLIHVWDFLyQ OD/H\GH6tQWHVLVODGHDWUDFFLyQ
PDJQpWLFD\ODGH(FRQRPtD UHODFLRQDGDVFRQORV7UHV6ROHVGHODVWUHV
HYROXFLRQHVSDUDOHODVODGHOHVStULWXODGHODOPD\ODGHODPDWHULD/XHJR
SUHVHQWDRWUDVHULHGH/H\HVPHQRUHV(QUHDOLGDGODVDXWpQWLFDV/H\HV
HPDQDQGHQXHVWUD'LYLQLGDG&UHDGRUDH[SUHVDQGRFXDOLGDGHV6X\DV/DV
OH\HVKHFKDVSRUQXHVWURVOHJLVODGRUHVDOWHQHUPLFRVRFXxDVSDUDVXV
LQWHUHVHVFUHDGRVFDXVDUtDQH[WUDxH]DDQDWLYRVKXPDQRVHQXQDDUPRQtD
UHODWLYDFRQHOPHGLRDPELHQWHHVSHFLDOPHQWHVLDPHQXGRVHODPRGLILFD

(VWDLQIRUPDFLyQHVFODYH\DTXHFRQWLQ~DOD5HYHODFLyQGHXQDPDQHUDPiV
SURIXQGD\H[SOtFLWDDFRUGHFRQHOGHVDUUROORHYROXWLYR&ODURHVWiTXHOD
VHQFLOOH]\HODFLHUWRGHODV3DODEUDVGHO&ULVWRHQWUHORV(VHQLRVQRVGHMDQYHU
ODYLJHQFLDGHHOODVSDUDTXLHQHVUHDOPHQWHDVSLUDQDORV0LVWHULRV
HVSHFLDOPHQWHDOD,QLFLDFLyQ7UDQVILJXUDGRUDTXHYLYLHUD0RLVpVHQOD0RQWDxD
6DJUDGDTXHKRUDGDODQXEHRFDPSRGHFRQVFLHQFLDGLPHQVLRQDOTXH
UHYHODGRUGHOVHOHFWLYR4XLQWR5D\RpVWHKDFHWURQDUODYR]GLYLQDHQOD
1XEHVREUHOD0RQWDxD
39

(Q/RV5D\RV\ODV,QLFLDFLRQHVGH$$%'.KDFHLPSRUWDQWHVDSRUWHVVREUH
OD7UDQVILJXUDFLyQSDUDORVSUHSDUDGRVDOLJXDOTXHHQHOWRPR,,GH
'LVFLSXODGRHQOD1XHYD(UDHQORVFRPHQWDULRVDODVIyUPXODVSDUDOD
LQFLDFLyQJUXSDO

/$6&2081,21(6

<HUDSRUHOFDXFHGHODFRUULHQWHTXHORVDJRELDGRV\DIOLJLGRVYHQtDQDEXVFDU
D-HV~V<FRPRQLxRVKDEtDQROYLGDGROD/H\\FRPRORVKLMRVEXVFDEDQDVX
3DGUHSDUDTXHOHVGLMHUDHQGRQGHKDEtDQHUUDGR\FRORFDUVXVSDVRV
QXHYDPHQWHHQHOFDPLQR<FXDQGRHOVRODSDUHFLyHQHOKRUL]RQWHYLHURQD
-HV~VTXHGHVFHQGtDKDFLDHOORVGHVGHODPRQWDxDFRQHOEULOORGHOVROQDFLHQWH
VREUHVXFDEH]D

<(OOHYDQWyVXPDQR\OHVVRQULyGLFLHQGR/DSD]VHDFRQYRVRWURV

3HURHOORVHVWDEDQDYHUJRQ]DGRVFRPRSDUDFRQWHVWDUOHHOVDOXGRSXHVFDGD
XQRDVXPDQHUDOHKDEtDGDGRODHVSDOGDDODV6DJUDGDV(QVHxDQ]DV\ORV
iQJHOHVGHOD0DGUH7HUUHQD\GHO3DGUH&HOHVWLDOQRHVWDEDQFRQHOORV8Q
KRPEUH²PLUiQGRORDSHQDGROHGLMR0DHVWURHVWDPRVXUJLGRVGHWX6DELGXUtD
SXHVQRVRWURVVDEHPRVTXHHVOREXHQR\D~QVHJXLPRVHQHOPDO6DEHPRVTXH
SDUDSRGHUHQWUDUHQHOUHLQRGHORVFLHORVGHEHPRVFDPLQDUFRQORViQJHOHVGHO
'tD\GHOD1RFKH\WRGDYtDQXHVWURVSLHVWUDQVLWDQSRUORVFDPLQRVGHOR
PDOLJQR/DOX]GHOGtDEULOODXQLFDPHQWHHQODE~VTXHGDGHQXHVWURSODFHU\OD
QRFKHFDHVREUHQXHVWURLQFRQFLHQWHOHWDUJR'LQRV0DHVWUR¢FyPRSRGHPRV
KDEODUFRQORViQJHOHV\SHPDQHFHUGHQWURGHVXFtUFXORVDQWRSDUDTXHOD/H\
SXHGDDUGHUHQQXHVWURVFRUD]RQHVFRQOODPDFRQVWDQWH"

<-HV~VOHVKDEOy1RHVIiFLOHOHYDUYXHVWURVRMRVDOFLHORFXDQGRWRGRVORVRMRV
GHORVKRPEUHVHVWiQSHJDGRVDODWLHUUD$GRUDUDORVSLHVGHORViQJHOHV²
FXDQGRWRGRVORVKRPEUHVDGRUDQXQLFDPHQWHODIDPD\ODVULTXH]DVQRHV
IiFLO3HURORPiVGLItFLOGHWRGRHVWHQHUORVSHQVDPLHQWRVHQORViQJHOHV
KDEODUODVSDODEUDVGHORViQJHOHV\KDFHUORTXHORViQJHOHVKDFHQ

<XQKRPEUHGLMR3HUR0DHVWURQRVRWURVVRPRVVRORKRPEUHVQRVRWURVQR
VRPRViQJHOHV¢&yPRHQWRQFHVSRGHPRVHVSHUDUDQGDUSRUVXVFDPLQRV"'LQRV
TXHGHEHPRVKDFHU

<-HV~VOHVGLMR&RPRORVKLMRVKHUHGDQODWLHUUDGHVXSDGUHDVtQRVRWURV
KHPRVKHUHGDGRXQD7LHUUD6DQWDGHQXHVWURVSDGUHV(VWDWLHUUDQRHVXQ
FDPSRSDUDVHUDUDGRVLQRXQOXJDUGHQWURGHQRVRWURVGRQGHSRGHPRV
FRQVWUXLUXQ7HPSOR6DQWRHLQFOXVRFRPRXQWHPSORGHEHVHUOHYDQWDGR
SLHGUDDSLHGUDFRQYROXQWDG<RGR\DYRVRWURVHVWDVSLHGUDVSDUDOD
FRQVWUXFFLyQGHO7HPSOR6DQWRDTXHOTXHKHPRVKHUHGDGRGHQXHVWURVSDGUHV
\VXVSDGUHVGHVXVSDGUHV
40

<WRGRVORVKRPEUHVVHUHXQLHURQDOUHGHGRUGH-HV~V\VXVURVWURVEULOODEDQFRQ
HOGHVHRGHRLUODVSDODEUDVTXHYHQtDQGHVXVODELRV<(OOHYDQWyVXURVWUR
KDFLDHOVROQDFLHQWH\HOHVSOHQGRUGHVXVUD\RVOOHQDURQVXVRMRVFXDQGRKDEOy

(O7HPSOR6DQWRSXHGHVHUFRQVWUXLGRXQLFDPHQWHFRQODVFRPXQLRQHVDQWLJXDV
DTXHOODVTXHVHKDEODQDTXHOODVTXHVHSLHQVDQ\DTXHOODVTXHVHYLYHQSXHVVL
HOODVVHKDEODQXQLFDPHQWHFRQODERFDVRQFRPRXQDFROPHQDTXHODVDEHMDV
KDQDEDQGRQDGR\QRGDPiVPLHO/DVFRPXQLRQHVVRQFRPRXQSXHQWHSXHGH
VHUFRQVWUXLGRXQLFDPHQWHFRQSDFLHQFLDDVtFRPRVHFRQVWUX\HXQSXHQWH
VREUHHOUtRSLHGUDSRUSLHGUDDPHGLGDTXHVHHQFXHQWUDQSRUODVRULOODVGHO
DJXD

/DVFRPXQLRQHVVRQFDWRUFHHQQ~PHURORViQJHOHVGHO3DGUH&HOHVWLDOVRQ
VLHWHHQQ~PHUR\ORViQJHOHVGHOD0DGUH7LHUUDVRQVLHWHHQQ~PHUR<FRPR
ODVUDLFHVGHORViUEROHVFDYDQHQODWLHUUD\VRQQXWULGRV\ODVUDPDVGHORV
iUEROHVOHYDQWDQVXVEUD]RVDOFLHORDVtHVHOKRPEUHFRPRHOWURQFRGHOiUERO
FRQVXVUDtFHVSURIXQGDVHQHOFRUD]yQGHOD0DGUH7HUUHQDO\VXHVStULWX
DVFHQGLHQGRDODVHVWUHOODVEULOODQWHVGHVX3DGUH&HOHVWLDO<ODVUDLFHVGHO
iUEROVRQORViQJHOHVGHOD0DGUH7HUUHQDO\ORVEUD]RVGHOiUEROVRQORViQJHOHV
GHO3DGUH&HOHVWLDO\HVWHHVHO6DJUDGR$UEROGHOD9LGDTXHFUHFHHQHO0DUGH
OD(WHUQLGDG

/D35,0(5$&2081,21HVFRQHO$QJHOGHO6ROHOTXHYLHQHFDGDPDxDQD
FRPRXQDGRQFHOODGHVXFiPDUDSDUDGHUUDPDUVX/X]GRUDGDVREUHHOPXQGR

2KWXLQPRUWDOEULOODQWHFRUFHOYHOR]$QJHOGHO6RO1RKD\FDORUVLQWLQR
KD\YLGDVLQWL(OYHUGHGHORViUEROHVVDOHSDUDDGRUDUWH\HVDWUDYpVGHWL
FRPRHOGLPLQXWRJUDQRGHWULJRVHFRQYLHUWHHQXQUtRGHHVSLJDVGRUDGDV
PHFLGDVFRQHOYLHQWR$WUDYpVGHWLVHDEUHODIORUHQHOFHQWURGHPLFXHUSR
3RUHVRQXQFDGHVHRRFXOWDUORTXHKD\HQPLSURFHGHQWHGHWL

$QJHOGHO6ROPHQVDMHURVDQWRGHOD0DGUH7HUUHQDOHQWUDHQHO7HPSOR6DQWR
GHQWURGHPL\GDGPHHO)XHJRGH9LGD

/D6(*81'$&2081,21HVFRQHO$QJHOGHO$JXD(OTXHKDFHTXHODOOXYLD
FDLJDVREUHODVOODQXUDViULGDVTXLHQOOHQDODIXHQWHVHFDKDVWDGHVERUGDU6L
WHDGRUDPRV$JXDGH9LGD

'HVGHHO0DU&HOHVWLDOODVDJXDVFRUUHQ\IOX\HQGHODVIXHQWHVLQDJRWDEOHV(Q
PLVDQJUHIOX\HQPLOIXHQWHVSXUDVYDSRUHVQXEHV\WRGDVODVDJXDVTXHVH
HVSDUFHQVREUHORV6LHWH5HLQRV

7RGDVODVDJXDVTXHHO&UHDGRUKDKHFKRVRQVDQWDV/DYR]GHO6HxRUHVWi
VREUHODVDJXDVHO'LRVGH*ORULDVHKDFHVHQWLUHO6HxRUHVWiVREUHPXFKDV
DJXDV
41
$QJHOGHO$JXDPHQVDMHURVDQWRGHOD0DGUH7HUUHQDOHQWUDHQODVDQJUHTXH
IOX\HDWUDYpVGHPLEDxDPLFXHUSRFRQODOOXYLDTXHFDHGHOFLHOR\GDGPHHO
$JXDGH9LGD

/D7(5&(5$&2081,21HVFRQHO$QJHOGHO$LUHTXLHQHVSDUFHHOSHUIXPHGH
FDPSRVGHGXOFHVDURPDVGHKLHUEDVSULPDYHUDOHVGHVSXpVGHODOOXYLDGHO
FDSXOORTXHVHDEUHGHOD5RVDGH6KDURQ

$GRUDPRVHO$OLPHQWR6DQWRTXHHVWiFRORFDGRPiVDOWRTXHWRGDVODVFRVDV
FUHDGDV0LUDGSXHVHOHWHUQR\VREHUDQRHVSDFLROXPLQRVRGRQGHUHLQDQODV
LQFRQWDEOHVHVWUHOODVHVHODLUHTXHQRVRWURVUHVSLUDPRV\HVHODLUHTXH
QRVRVWURVH[KDODPRV

<HQHOLQVWDQWHHQWUHODDVSLUDFLyQ\ODH[KDODFLyQHVWiQRFXOWRVWRGRVORV
PLVWHULRVGHO(GpQ,QILQLWR

$QJHOGHO$LUHPHQVDMHURVDQWRGHOD0DGUH7HUUHQDOHQWUDHQORSURIXQGRGH
PLFRPRODJRORQGULQDFDHUHFWDGHOHVSDFLRSDUDTXH\RSXHGDVDEHUORV
VHFUHWRVGHOYLHQWR\ODP~VLFDGHODVHVWUHOODV

/D&8$57$&2081,21HVFRQHO$QJHOGHOD7LHUUD(OTXLHQSURGXFHHOFHUHDO
\ODVXYDVGHODSOHQLWXGGHOD7LHUUD(OTXLHQWUDHDORVQLxRVGHODXQLyQGH
ORVHVSRVRV(OTXLHQVHPEUDUiODWLHUUDFRQHOEUD]RGHUHFKR\FRQHOEUD]R
L]TXLHUGRDVXYROXQWDGHOODGDUiHQDEXQGDQFLDIUXWRV\JUDQRVSODQWDV
GRUDGDVVXUJLHQGRGHODWLHUUDHQODSULPDYHUDKDVWDORVFRQILQHVGHODWLHUUD
KDVWDORVFRQILQHVGHORVUtRVWDQOHMRVFRPRHOVROVHOHYDQWDSDUDLPSDUWLUVXV
GRQHVGHDOLPHQWRDOKRPEUH

(VWDDQFKDWLHUUDTXH\RDODERH[SDQGLGDFRQFDPLQRVODSURGXFWLYDOD
FRPSOHWDPHQWHIpUWLO7X0DGUHSODQWDVDQWD6LDODERODVWLHUUDVGRQGHWX
FUHFHVSHUIXPDGDVXWLOPHQWHHVSDUFLGDOREXHQRGHO6HxRU(OTXLHQVLHPEUD
HOFHUHDOODVXYDV\ODVIUXWDV

<VXFRVHFKDVHUiDEXQGDQWH\VXVVHPEUDGRVPDGXUDUiQHQORVPRQWHV

&RPRXQDUHFRPSHQVDSDUDORVVHJXLGRUHVGHOD/H\HO6HxRUHQYLyHOiQJHOGH
OD7LHUUDPHQVDMHURVDQWRGHOD0DGUH7HUUHQDOSDUDKDFHUJHUPLQDUODV
SODQWDV\KDFHUIpUWLODOYLHQWUHGHODPXMHUSRUTXHODWLHUUDQXQFDSXHGHHVWDU
VLQODULVDGHORVQLxRV$GRUHPRVDO6HxRUHQ(O

/D48,17$&2081,21HVFRQHO$QJHOGHOD9LGD(OTXLHQGDIRUWDOH]D\YLJRU
DOKRPEUH3XHVPLUDGTXHVLODFHUDQRHVSXUD¢FyPRSXHGHHQWRQFHVODYHOD
GDUXQDOODPDILUPH",GHQWRQFHVKDFLDORViUEROHVTXHFUHFHQDOWRV\GHODQWH
GHXQRGHHOORVTXHVHDKHUPRVRTXHVHDDOWR\IXHUWHGHFLGHVWDVSDODEUDV
6DOYHDWLRKPDJQtILFR$UEROGH9LGDKHFKRSRUHO&UHDGRU(QWRQFHVHOUtRGH
ODYLGDIOXLUiHQWUHWX\WXKHUPDQRHOiUERO\ODVDOXGGHOFXHUSRODDJLOLGDG
42
GHOSLHODDJXGH]DGHORVRLGRVODHQHUJtDGHORVEUD]RV\ODYLVWDGHOiJXLOD
VHUiQYXHVWURV

$VLHVODFRPXQLyQFRQHO$QJHOGHOD9LGDPHQVDMHURVDQWRGHOD0DGUH
7HUUHQDO

/D6(;7$&2081,21HVFRQHO$QJHOGHO5HJRFLMR(OTXHGHVFLHQGHVREUHOD
WLHUUDSDUDGDUEHOOH]DDWRGRVORVKRPEUHV<DTXHHO6HxRUQRVHDGRUDFRQ
WULVWH]DVQLFRQJULWRVGHGHVHVSHURGHMDGYXHVWURVJHPLGRV\ODPHQWDFLRQHV\
FDQWDGDO6HxRUXQQXHYRFiQWLFRFDQWDGDO6HxRUWRGDODWLHUUDTXHORVFLHORV
VHUHJRFLMHQ\ODWLHUUDVHDOHJUHTXHORVFDPSRVHVWpQMXELORVRV\TXHODV
DJXDVVHDJLWHQTXHWRGRVORVPRQWHVHVWpQJR]RVRVGHODQWHGHO6HxRU3DUD
TXHYD\DLVFRQDOHJULD\HVWHLVHQSD]ODVPRQWDxDV\ODVFROLQDVVHDEULUiQ
GHODQWHGHYRVRWURVHQFiQWLFRV

$QJHOGHO5HJRFLMRPHQVDMHURGHOD0DGUH7HUUHQDOFDQWDUpDO6HxRUPLHQWUDV
YLYDHQWRQDUpDODEDQ]DVDPL'LRVHQWRGDPLH[LVWHQFLD

/D6(37,0$&2081,21HVFRQQXHVWUD0DGUH7HUUHQDO(OODTXLHQHQYtDVXV
iQJHOHVSDUDJXLDUODVUDLFHVGHOKRPEUH\ORVHQYtDDORPiVSURIXQGRGHOD
WLHUUDEHQGHFLGD

,QYRFDPRVDOD0DGUH7HUUHQDOODSURWHFWRUDVDQWDODGHIHQVRUD(V(OODTXLHQ
UHVWDEOHFHUiHOPXQGRODWLHUUDHVVX\D\ODSOHQLWXGGHODWLHUUDHOPXQGR\
WRGRVORTXHPRUDQHQpO

$GRUDPRVODEXHQDODIXHUWHODERQGDGRVD0DGUH7HUUHQDO\DWRGRVVXV
iQJHOHVJHQHURVRVYDOLHQWHV\SOHQRVGHHQHUJtDIXHQWHGHELHQHVWDU
EHQpYROD\IXHQWHGHVDOXG

$WUDYpVGHWXEULOODQWH]\JORULDODVSODQWDVJHUPLQDQHQODWLHUUDHQODVHWHUQDV
SULPDYHUDV$WUDYpVGHWXEULOODQWH]\JORULDORVYLHQWRVVRSODQSUHFLSLWDQGR
ODVQXEHVKDFLDODVIXHQWHVLQDJRWDEOHV

/D0DGUH7LHUUD\\RVRPRVXQR7HQJRPLVUDLFHVHQ(OOD\(OODVHFRPSODFHHQ
PLHQFRQFRUGDQFLDFRQOD/H\6DQWD

(QWRQFHVKXERXQJUDQVLOHQFLRPLHQWUDVODPXFKHGXPEUHUHIOH[LRQDEDODV
SDODEUDVGH-HV~V<KXERQXHYDHQHUJtDHQHOORV\HOGHVHR\ODHVSHUDQ]D
EULOODEDQHQVXVURVWURV

<OXHJRXQKRPEUHGLMR0DHVWURHVWDPRVOOHQRVGHM~ELORSDUDFRPHQ]DU
QXHVWUDFRPXQLyQFRQORViQJHOHVGHOD0DGUH7HUUHQDOTXLHQVHPEUyORV
JUDQGHVMDUGLQHVGHODWLHUUD3HUR¢<ORViQJHOHVGHO3DGUH&HOHVWLDOTXHULJHQ
ODQRFKH"¢&yPRFDPLQDUHPRVKDFLDHOORVVLHVWiQWDQOHMRVGHQRVRWURV\VRQ
LQYLVLEOHVDQXHVWURVRMRV"3XHVSRGHPRVYHUORVUD\RVGHOVROVHQWLUHODJXD
43
IUHVFDGHODFRUULHQWHGRQGHQRVEDxDPRV\ODVXYDVVRQFiOLGDVDQXHVWUR
SDODGDUFXDQGRVHPDGXUDQHQODVYLGHV3HURORViQJHOHVGHO3DGUH&HOHVWLDOQR
ORVSRGHPRVYHUVHQWLUQLWRFDU¢&yPRSRGHPRVSXHVFDPLQDUKDFLDHOORVHQ
HO(GpQ,QILQLWR"0DHVWURGLQRVTXpGHEHPRVKDFHU

<HOVROGHODPDxDQDURGHyVXFDEH]DFRQXQDDXUHRODFXDQGR-HV~VORVPLUy\
OHVGLMR

+LMRVPLRV¢QRVDEHLVTXHODWLHUUD\WRGRORTXHPRUDHQHOODHVVRORXQUHIOHMR
GHO5HLQRGHO3DGUH&HOHVWLDO"<FRPRVRQDPDPDQWDGRV\SURWHJLGRVSRUVX
PDGUHFXDQGRQLxRV\VRORYDLV\RVXQtVFRQYXHVWURVSDGUHVHQHOFDPSR
FXDQGR\DFUHFHLVDVtPLVPRORViQJHOHVGHOD0DGUH7LHUUDJXtDQYXHVWURV
SDVRVKDFLDHOTXHHVYXHVWUR3DGUH\KDFLDWRGRVVXViQJHOHVVDQWRV\GHHVWH
PRGRSRGHLVFRQRFHUYXHVWURYHUGDGHURKRJDU\FRQYHUWLURVHQYHUGDGHURV
+LMRVGH'LRV0LHQWUDVVHDPRVQLxRVYHUHPRVORVUD\RVGHOVROSHURQRHO
SRGHUTXHORVFUHyPLHQWUDVVHDPRVQLxRVRLUHPRVODVPHORGtDVGHODUUR\RTXH
IOX\HPDVQRHO$PRUTXHORVFUHyPLHQWUDVVHDPRVQLxRVYHUHPRVODV
HVWUHOODVPDVQRODVPDQRVTXHODVGLVWULEX\ySRUWRGRHOHVSDFLRFRPRHO
ODEUDGRUTXHHVSDUFHVXVVHPLOODV8QLFDPHQWHDWUDYpVGHODVFRPXQLRQHVFRQ
ORViQJHOHVGHO3DGUH&HOHVWLDODSUHQGHUHPRVDYHUORLQYLVLEOHDRLUORTXH
SXHGHVHURLGR\H[SUHVDUODSDODEUDQRKDEODGD

/D35,0(5$&2081,21HVFRQHO$QJHOGHO3RGHUTXLHQOOHQDDOVROGHFDORU\
JXtDODPDQRGHOKRPEUHHQWRGDVVXVREUDV7X\RRK3DGUH&HOHVWLDOIXHHO
SRGHUFXDQGRKLFLVWHGHORUGHQXQFDPLQRSDUDFDGDXQRGHQRVRWURV\SDUD
WRGR$WUDYpVGHWXSRGHUPLVSLHVHQFRQWUDURQHOVHQGHURGHOD/H\DWUDYpV
GHWXSRGHUPLVPDQRVHMHFXWDURQWXVREUDV(OUtRGRUDGRGHSRGHUIOX\H
VLHPSUHGHVGHWLKDFLDPL\PLFXHUSRVHGLULJHKDFLDWLVLHPSUHFRPRODV
IORUHVVHGLULJHQKDFLDHOVROSXHVQRKD\RWURSRGHUTXHHOTXHYLHQHGHO3DGUH
&HOHVWLDOWRGRORGHPiVHVVRORXQVXHxRXQDQXEHGHSROYRTXHWUDWDGH
FXEULUODOX]GHOVRO

1RKD\KRPEUHTXHWHQJDSRGHUVREUHHOHVStULWXQLTXHWHQJDSRGHUHOGtDGH
ODPXHUWH8QLFDPHQWHHOSRGHUTXHYLHQHGH'LRVSXHGHVDFDUQRVGHOD&LXGDG
GHOD0XHUWH

*XtDQXHVWURVREUDV\DFWRVRK$QJHOGHO3RGHUPHQVDMHURVDQWRGHO3DGUH
&HOHVWLDO

/D6(*81'$&2081,21HVFRQHO$QJHOGHO$PRUFX\DVDJXDVPDQVDVIOX\HQ
HQXQDFRUULHQWHLQILQLWDGHO0DUGHOD(WHUQLGDG

%LHQDPDGRVDPDRVORVXQRVDORVRWURVSXHVHO$PRUHVGHO3DGUH&HOHVWLDO\
WRGRHOTXHDPDQDFHGHOD2UGHQ&HOHVWLDO\FRQRFHDORViQJHOHV3XHVVLQ
$PRUHOFRUD]yQGHOKRPEUHHViULGR\DJULHWDGRFRPRHOIRQGRGHXQDIXHQWH
VHFD\VXVSDODEUDVVRQYDFtDVFRPRXQDFDODED]DKXHFD3HURODVSDODEUDVGH
44

$PRUVRQFRPRXQSDQDOGHPLHOGXOFHDODOPDODVSDODEUDVGH$PRUHQODERFD
GHOKRPEUHVRQFRPRDJXDVSURIXQGDV\ORVPDQDQWLDOHVGH$PRUFRPRXQ
DUUR\RTXHIOX\H6LVHGLMRHQORVSULPHURVGtDV$PDUiVDWX3DGUH&HOHVWLDO
FRQWRGRWXFRUD]yQFRQWRGDWXPHQWH\FRQWRGRVWXVDFWRV<DPDUiVDWX
SUyMLPRFRPRDWLPLVPR

(O3DGUH&HOHVWLDOHV$PRU\HOTXHPRUDHQHO$PRUPRUDHQHO3DGUH&HOHVWLDO
\HO3DGUH&HOHVWLDOHQpO

(OTXHQRDPDHVFRPRXQSiMDURHUUDQWHIXHUDGHOQLGRSDUDpOODKLHUEDVH
DFDEy\HODUUR\RWLHQHXQVDERUDPDUJR<VLXQKRPEUHGLFH\RDPRDO3DGUH
&HOHVWLDOSHURRGLRDPLKHUPDQRHVXQPHQWLURVRSXHVTXLHQQRDPDDVX
KHUPDQRTXHSXHGHYHU¢FyPRSXHGHDPDUDO3DGUH&HOHVWLDODTXLHQQRYH"

3RUpVWRUHFRQRFHUHLVDORV+LMRVGHOD/X]DTXHOORVTXHFDPLQDQFRQHO$QJHO
GHO$PRUSXHVHOORVDPDQDO3DGUH&HOHVWLDO\DPDQDVXVKHUPDQRV\DFDWDQOD
/H\6DQWD

(O$PRUHVPiVIXHUWHTXHODVFRUULHQWHVGHDJXDVSURIXQGDVHO$PRUHVPiV
IXHUWHTXHODPXHUWH

/D7(5&(5$&2081,21HVFRQHO$QJHOGHOD6DELGXUtDTXLHQKL]RDOKRPEUH
OLEUHGHWHPRUDELHUWRGHFRUD]yQ\VHQFLOORGHFRQFLHQFLD6DELGXUtD6DQWDHO
HQWHQGLPLHQWRTXHPXHVWUDVFRQWLQXDPHQWHFRPRXQPDQXVFULWRVDQWRTXHQR
YLHQHD~QDWUDYpVGHODSUHQGL]DMH7RGDOD6DELGXUtDYLHQHGHO3DGUH&HOHVWLDO
\HVWiFRQ(OSRUVLHPSUH¢4XLpQSXHGHFRQWDUODVDUHQDVGHOPDUODVJRWDVGH
OOXYLD\ORVGtDVGHODHWHUQLGDG"¢4XLpQSXHGHPHGLUODDOWXUDGHOFLHOR\OD
DQFKXUDGHOXQLYHUVR"¢4XLpQSXHGHHQXQFLDUHOSULQFLSLRGHOD6DELGXUtD"

/D6DELGXUtDVHKDFUHDGRDQWHVGHWRGDVODVFRVDV$TXHOTXHHVWiVLQ6DELGXUtD
HVFRPRHOTXHOHGLFHDXQOHxR'HVSLHUWD\DODSLHGUDPXGD/HYiQWDWH\
HQVHxD6XVSDODEUDVVRQDVtGHYDFtDV\VXVDFWRVLQ~WLOHVFRPRXQQLxRTXH
HVJULPHODHVSDGDGHVXSDGUH\GHVFRQRFHVXILORFRUWDQWH3HURODFRURQDGH
OD6DELGXUtDKDFHTXHODSD]\ODVDOXGSHUIHFWDVIORUH]FDQODVFXDOHVVRQGRQHV
GH'LRV

2KWX2UGHQ&HOHVWLDO\WX$QJHOGHOD6DELGXUtDWHDGRUDUpDWL\DO3DGUH
&HOHVWLDOSRUTXLHQ²GHQWURGHQRVRWURVIOX\HHOUtRGHSHQVDPLHQWRVKDFLDHO
0DU6DQWRGHOD(WHUQLGDG

/D&8$57$&2081,21HVFRQHO$QJHOGHOD9LGD(WHUQD TXHWUDHDOKRPEUHHO
PHQVDMHGHOD(WHUQLGDG3RUTXHHOTXHFDPLQDFRQORViQJHOHVDSUHQGHUiD
HOHYDUVHVREUHODVQXEHV\VXKRJDUHVWDUiHQHO0DU(WHUQRGRQGHHVWi
SODQWDGRHO6DJUDGR$UEROGHOD9LGD
45
1RHVSHUHLVODPXHUWHSDUDUHYHODUHOJUDQPLVWHULRVLQRFRQRFHLVDYXHVWUR
3DGUH&HOHVWLDOPLHQWUDVYXHVWURVSLHVFDPLQDQSRUHOVXHORSROYRULHQWRQR
KDEUiSDUDYRVRWURVVLQRVRPEUDVHQODYLGDTXHHVWiSRUYHQLU

$TXt\DKRUDHOPLVWHULRVHUHYHOD$TXt\DKRUDVHFRUUHHOYHORPDVQRWHPDV
RKKRPEUHVXMpWDWHGHODVDODVGHO$QJHOGHOD9LGD(WHUQD\UHPyQWDWHSRUORV
FDPLQRVGHODVHVWUHOODVODOXQDHOVRO\OD/X](WHUQDPRYLpQGRWHDOUHGHGRU
GHVXVyUELWDVSRUVLHPSUH\YRODQGRDO0DU&HOHVWLDOGH9LGD(WHUQD

/D48,17$&2081,21HVFRQHO$QJHOGHO7UDEDMRTXHFDQWDHQHO]XPELGRGH
ODDEHMDHQVXHODERUDFLyQVLQGHVFDQVRGHODPLHOGRUDGDHQODIODXWDGHO
SDVWRUTXHGXHUPHWHPHURVRGHTXHVXUHEDxRVHH[WUDYtHHQHOFDQWRGHOD
GRQFHOODFXDQGRFRORFDVXPDQRVREUHHOKXVR<VLSHQVDLVTXHHVWDVFRVDVQR
VRQDJUDGDEOHVDORVRMRVGHO6HxRU²FXDQGRODPiVVXEOLPHSOHJDULDUHVXHQDHQ
ODPiVDOWDPRQWDxDHQWRQFHVYRVRWURV²HQYHUGDGRVHTXLYRFDLV3XHVHO
WUDEDMRKRQHVWRGHODVPDQRVKXPLOGHVHVXQDRUDFLyQGLDULDGHDFFLyQGH
JUDFLDV\ODPHORGtDGHODUDGRHVXQFiQWLFRMXELORVRDO6HxRU

(OTXHFRPHHOSDQGHODSHUH]DGHEHPRULUGHKDPEUHSXHVXQFDPSRGH
SLHGUDVXQLFDPHQWHSURGXFHSLHGUDV3DUDpOHOGtDQRWLHQHPDxDQD\ODQRFKH
HVXQYLDMHDPDUJRGHVXHxRVIXQHVWRV/DPHQWHGHOSHUH]RVRHVWiOOHQDGHOD
PDOH]DGHOGHVFRQWHQWRPDVHOTXHFDPLQDFRQHO$QJHOGHO7UDEDMROOHYD
GHQWURGHVLXQFDPSRVLHPSUHIpUWLOGRQGHPDt]\XYDV\WRGDFODVHGHSODQWDV
\IORUHVGXOFHPHQWHSHUIXPDGDVJHUPLQDQHQDEXQGDQFLD&RPRVHPEUHLVDVt
UHFRJHUHLV(OKRPEUHGH'LRVTXHKDHQFRQWUDGRVXGHVLJQLRQRSUHJXQWDUiSRU
QLQJ~QRWURGRQ

/D6(;7$&2081,21HVFRQHO$QJHOGHOD3D]FX\REHVRFRQFHGHODFDOPD\
FX\RURVWURHVFRPRODVXSHUILFLHGHODJXDWUDQTXLODGRQGHODOXQDVHUHIOHMD

,QYRFDUpOD3D]FX\RDOLHQWRHVEHQpYRORFX\DPDQRVXDYL]DHOVHPEODQWH
SHUWXUEDGR(QHO5HLQRGHOD3D]QRKD\KDPEUHQLVHGQLFRUULHQWHVIUtDVQL
FDOLHQWHVQLYHMH]QLPXHUWH3HURHOTXHQRWLHQH3D]HQVXDOPDQRWLHQH
OXJDUSDUDFRQVWUXLUGHQWURGHpOHO7HPSOR6DJUDGRSXHV¢FyPRSXHGHHO
FDUSLQWHURFRQVWUXLUHQPHGLRGHXQWRUEHOOLQR"/DVHPLOODGHODYLROHQFLDVROR
SXHGHSURGXFLUFRVHFKDGHGHVRODFLyQ\GHODWLHUUDiULGDQRFUHFHQDGDFRQ
YLGD

%XVFDGSXHVHO$QJHOGHOD3D]TXHpOHVFRPRODHVWUHOODGHODPDxDQDHQ
PHGLRGHXQDQXEHFRPRODOXQDOOHQDFRPRHOKHUPRVRROLYRHPSH]DQGRD
GDUIUXWR\FRPRHOVROEULOODQGRVREUHHO7HPSORGHO$OWtVLPR

/DSD]PRUDHQHOFRUD]yQGHOVLOHQFLR6HUpQDWH\UHFRQRFHVR\'LRV

/D6(37,0$&2081,21HVFRQHO3DGUH&HOHVWLDOTXLHQHVTXLHQIXH\TXLHQ
VHUiSRUORVVLJORVGHORVVLJORV
46

2K*UDQ&UHDGRU7XHUHVPLUHIXJLR\PLIRUWDOH]D7XHUHVGHVGHODHWHUQLGDG
6HxRU7XKDVVLGRQXHVWUDPRUDGDHQWRGDVODVJHQHUDFLRQHV$QWHVGHTXHODV
PRQWDxDVIXHUDQFUHDGDVGHVGHVLHPSUHWXIRUPDVWHODWLHUUDSRUORVVLJORVGH
ORVVLJORV7XHUHV'LRV

¢4XLpQKDKHFKRODVDJXDV\TXLpQKDFHODVSODQWDV"¢4XLpQKDDWDGRDOYLHQWR
ORVQXEDUURQHVORVYHORFHVHLQFOXVRORVPiVYHORFHV"¢4XLpQRK*UDQ
&UHDGRU"¢HVWiODIXHQWHGH9LGD(WHUQDGHQWURGHQXHVWUDVDOPDV"¢4XLpQKD
KHFKRODOX]\ODVWLQLHEODV"¢4XLpQKDKHFKRHOVXHxR\HOHQWXVLDVPRGHO
GHVSHUWDU"¢4XLpQHVSDUFLyORVDWDUGHFHUHV\ODPHGLDQRFKH"7XRK*UDQ
&UHDGRU7XKDVKHFKRODWLHUUDSRUWXSRGHUKDVFUHDGRHOXQLYHUVRSRUWX
VDELGXUtD\KDVH[WHQGLGRORVFLHORVSRUWX$PRU

6L7XUHYHODVHQPLRK3DGUH&HOHVWLDOWXQDWXUDOH]DTXHHVHOSRGHUGHORV
iQJHOHVGHO5HLQR6DQWR

/DLQPRUWDOLGDG\OD2UGHQ&HOHVWLDOWXKDVGDGRRK&UHDGRU\ORPHMRUGH
WRGDVODVFRVDVWX/H\6DQWD$ODEDUpWXVREUDVFRQFiQWLFRVGHDFFLyQGH
JUDFLDVFRQWLQXDPHQWHHQWRGDVODVJHQHUDFLRQHVGHOWLHPSR

$OOOHJDUHOGtDDEUD]RDPL0DGUHDOOOHJDUODQRFKHPHXQRDPL3DGUH\FRQ
ODOOHJDGDGHODWDUGHFHU\GHODPDxDQDUHVSLUDUpWX/H\\QRLQWHUUXPSLUp
HVWDVFRPXQLRQHVKDVWDHOILQGHORVWLHPSRV

<HQHOFLHOR\ODWLHUUDKXERJUDQVLOHQFLR\OD3D]GHO3DGUH&HOHVWLDO\GHOD
0DGUH7LHUUDEULOOyVREUHODVFDEH]DVGH-HV~V\GHODPXOWLWXG

/$6(3783/(3$=

<YLHQGRDODPXOWLWXG-HV~VVXELyDXQDPRQWDxD\VXVGLVFtSXORVYLQLHURQD(O
\WRGRVDQVLDEDQVXVSDODEUDV9LpQGRORVUHXQLGRVpODEULyVXERFD\OHVHQVHxy
GLFLHQGR

3D]WUDLJRDYRVRWURVPLVKLMRVOD6pSWXSOH3D]GHOD0DGUH7LHUUD\GHO3DGUH
&HOHVWLDO

3D]WUDLJRDYXHVWURFXHUSRJXLDGRSRUHO$QJHOGHO3RGHU

3D]WUDLJRDYXHVWURFRUD]yQJXLDGRSRUHO$QJHOGHO$PRU

3D]WUDLJRDYXHVWUDPHQWHJXLDGRSRUHO$QJHOGHOD6DELGXUtD

$WUDYpVGHORViQJHOHVGHO3RGHU$PRU\6DELGXUtDYRVRWURVFRQRFHUHLVORV
6LHWH&DPLQRVGHO(GHQ,QILQLWR\YXHVWURFXHUSRYXHVWURFRUD]yQ\YXHVWUD
PHQWHVHUiQXQDXQLGDGHQHO9XHOR6DJUDGRDO0DU&HOHVWLDOGH3D]
47

6LHQYHUGDGRVGLJRORVFDPLQRVVRQVLHWHDWUDYpVGHO(GpQ,QILQLWR\FDGD
XQRGHEHVHUFUX]DGRSRUHOFXHUSRHOFRUD]yQ\ODPHQWHFRPR8QR1RVHD
TXHYDFLOHLV\FDLJDLVHQHODELVPRGHODQDGDSXHVFRPRHODYHQRSXHGHYRODU
FRQXQDODDVLYXHVWUDDYHGHVDELGXUtDQHFHVLWDGRVDODVGH3RGHU\$PRUSDUD
VREUHYRODUORVDELVPRVKDFLDHO$UERO6DQWRGH9LGD3XHVHOFXHUSRVRORHV
FRPRXQDFDVDDEDQGRQDGDYLVWDGHOHMRVTXHSDUHFtDKHUPRVDSHURHVUXLQD\
GHVRODFLyQYLVWDGHFHUFD

(OFXHUSRHVFRPRXQFRFKHKHFKRGHRUR\FX\RFRQVWUXFWRUORFRORFDHQXQ
SHGHVWDOUHQXHQWHDGDxDUORFRQHOXVRSHURFRPRXQtGRORGHRURHVIHR\
VLQJUDFLD\DTXHXQLFDPHQWHHQPRYLPLHQWRFXPSOLUiVXSURSyVLWR

&RPRODRVFXULGDGSURIXQGDGHXQDYHQWDQD²FXDQGRHOYLHQWRDSDJDVXYHODHV
HOFXHUSRVRORVLQFRUD]yQ\VLQPHQWHSDUDOOHQDUORGHOX]

<HOFRUD]yQVRORHVXQVROVLQWLHUUDSDUDLOXPLQDUHVXQDOX]HQHOYDFtRXQD
ERODGHFRORUDKRJDGDHQXQPDUGHRVFXULGDG<DTXHFXDQGRXQKRPEUHDPD
HVHDPRUVHWUDQVIRUPDHQVXSURSLDGHVWUXFFLyQVLQRKD\PDQRILUPHSDUD
KDFHUEXHQDVREUDV\QRKD\PHQWHSDUDWHMHUFRQODVOODPDVGHOGHVHRXQWDSt]
GHVDOPRV

&RPRXQWRUEHOOLQRHQHOGHVLHUWRHVHOFRUD]yQVRORVLQFXHUSR\VLQPHQWH
SDUDJXLDUORFDQWDQGRDWUDYpVGHORVFLSUHFHV\SLQRV

<ODPHQWHVRODHVXQPDQXVFULWRVDQWRTXHVHKDGHWHULRUDGR\GHEHVHU
HQWHUUDGRODYHUGDG\ODEHOOH]DGHVXVSDODEUDVQRKDQFDPELDGRSHURORV
RMRVQRSXHGHQOHHU\DODVLQWHOLJLEOHVOHWUDV\VHGHVPRURQDDSHGD]RVHQODV
PDQRV

$VLHVODPHQWHVLQHOFRUD]yQSDUDGDUOHSDODEUDV\VLQHOFXHUSRSDUDKDFHUVXV
REUDV3XHV¢GHTXpVLUYHODVDELGXUtDVLQXQFRUD]yQSDUDVHQWLU\XQDOHQJXD
SDUDGDUOHYR]"(VWpULOFRPRHOYLHQWUHGHXQDDQFLDQDHVODPHQWHVRODVLQ
FRUD]yQ\VLQFXHUSRSDUDOOHQDUODGHYLGD

3XHVHQYHUGDGRVGLJRHOFXHUSRHOFRUD]yQ\ODPHQWHVRQFRPRXQFRFKH
XQFDEDOOR\XQFRFKHUR

(OFRFKHHVHOFXHUSRFUHDGRFRQIRUWDOH]DSDUDKDFHUODYROXQWDGGHO3DGUH
&HOHVWLDO\OD0DGUH7HUUHQDO

(OFRUD]yQHVHOFRUFHOEULRVRJORULRVR\YDOLHQWHTXHOOHYDHOFRFKH
EUDYtDPHQWH\DVHDSRUXQFDPLQRVXDYHR\DVHDTXHKD\DSLHGUDV\SDORV
DWUDYHVDGRVHQVXFDPLQR
48

<HOFRFKHURHVODPHQWHVRVWHQLHQGRODVULHQGDVGHODVDELGXUtDYLHQGRGHVGH
DUULEDORTXHKD\HQHOKRUL]RQWHOHMDQRGLVHxDQGRHOFXUVRGHODVSDWDV\ODV
UXHGDV

3UHVWDGRLGRRKYRVRWURVFLHORV\KDEODUp\HVFXFKDRKWLHUUDODVSDODEUDVGH
PLERFD

0LGRFWULQDGHVFHQGHUiFRPROOXYLDPLSDODEUDGHVWLODUiFRPRHOURFtRFRPR
ODVXDYHOOXYLDVREUHODKLHUEDWLHUQD\FRPRHOFKDSDUUyQVREUHHOSDVWR

%LHQDYHQWXUDGRHVHO+LMRGHOD/X]TXHHVIXHUWHHQFXHUSRSXHVVHUi8QR
FRQOD7LHUUD&HOHEUDUHLVGLDULDPHQWHXQEDQTXHWHFRQWRGRVORVGRQHVGHO
$QJHOGHOD7LHUUD

(OWULJR\HOFHUHDOGRUDGRVODVXYDVS~USXUDGHRWRxRORVIUXWRVPDGXURVGH
ORViUEROHVODPLHOGHODVDEHMDV

%XVFDUHLVHODLUHIUHVFRGHOERVTXH\ORVFDPSRV\HQHOORVHQFRQWUDUHLV(O$QJHO
GHO$LUH4XLWDRVYXHVWUDVVDQGDOLDV\YXHVWUDVYHVWLGXUDVVHQWLGHO$QJHOGHO
$LUHTXHHQYXHOYHWRGRYXHVWURFXHUSR5HVSLUDGOXHJRODUJD\SURIXQGDPHQWH
SDUDTXHHO$QJHOGHO$LUHSXHGDSHQHWUDUGHQWURGHYRVRWURV

(QWUDGHQHOUtRIUHVFR\IOXLGR\VHQWLGDO$QJHOGHO$JXDTXHDEUD]DWRGR
YXHVWURFXHUSR$EDQGRQDRVWRWDOPHQWHHQVXVDFRJHGRUHVEUD]RV\DOULWPR
TXHPXHYHHODLUHFRQODUHVSLUDFLyQPRYHGFRQYXHVWURFXHUSRHODJXD
WDPELpQ

%XVFDGDO$QJHOGHO6RO\SHQHWUDGHQHVHDEUD]RTXHSXULILFDFRQOODPDV
VDQWDV

7RGDVHVWDVFRVDVVRQGHOD6DJUDGD/H\GHOD0DGUH7LHUUD(OODTXLHQWHGLRD
OX]

(OTXHKDHQFRQWUDGR3D]HQHOFXHUSRKDFRQVWUXLGRXQ7HPSOR6DQWRGRQGH
SXHGHPRUDUSRUVLHPSUHHO(VStULWXGH'LRV

&RQRFHGHVWD3D]FRQYXHVWUDPHQWHGHVHDGHVWD3D]FRQYXHVWURFRUD]yQ
FXPSOLGHVWD3D]FRQYXHVWURFXHUSR

%LHQDYHQWXUDGRHVHO+LMRGHOD/X]TXHHVGHPHQWHVDELDHVXQFDPSRELHQ
DUDGRTXHSURGXFHDSOHQLWXG\HQDEXQGDQFLD3XHVVLPXHVWUDVXQSXxDGRGH
VHPLOODVDXQKRPEUHVDELRpOYHUiFRQORVRMRVGHVXPHQWHXQWULJDOGRUDGR\
VLOHPXHVWUDVXQSXxDGRGHVHPLOODVDXQQHFLRpOYHUiXQLFDPHQWHORTXH
WLHQHHQIUHQWH\ODVOODPDUiJXLMDUURVVLQYDORU
49

<FRPRHOFDPSRGHOKRPEUHVDELRTXHGDJUDQRHQDEXQGDQFLD\HOFDPSRGHO
QHFLRGDXQDFRVHFKDVRORGHSLHGUDVDVLHVFRQQXHVWURVSHQVDPLHQWRV&RPR
HOWULJRGRUDGRSHUPDQHFHRFXOWRGHQWURGHOGLPLQXWRJUDQRDVLHVWiHO5HLQR
GHO&LHORRFXOWRDQXHVWURVSHQVDPLHQWRVVLHOORVHVWXYLHUDQSOHQRVGHO3RGHU
HO$PRU\OD6DELGXUtDGHORViQJHOHVGHO3DGUH&HOHVWLDOQRVOOHYDUtDQDO0DU
&HOHVWLDOSHURVLHOORVHVWiQPDQFKDGRVGHFRUUXSFLyQRGLRHLJQRUDQFLD
HQFDGHQDUiQQXHVWURVSLHVDFROXPQDVGHGRORU\VXIULPLHQWR

1LQJ~QKRPEUHSXHGHVHUYLUDGRVVHxRUHVQLSXHGHQORVSHQVDPLHQWRVLQGLJQRV
SHUPDQHFHUHQXQDPHQWHOOHQDFRQOD/X]GHOD/H\(OTXHKDHQFRQWUDGROD
3D]HQODPHQWHKDDSUHQGLGRDYRODUPDVDOOiGHO5HLQRGHORViQJHOHV
&RQRFHGHVWD3D]FRQYXHVWUDPHQWHGHVHDGHVWD3D]FRQYXHVWURFRUD]yQ
FXPSOLGHVWD3D]FRQYXHVWURFXHUSR

%LHQDYHQWXUDGRHVHO+LMRGHOD/X]TXHHVSXURGHFRUD]yQ\DTXHYHUiD
'LRV3XHVDGLFRPRHO3DGUH&HOHVWLDOWHKDGDGRVX(VStULWX6DQWR\WX0DGUH
7LHUUDVXFXHUSRVDQWRDVLGDUHLV$PRUYRVRWURVDWRGRVWXVKHUPDQRV\WXV
YHUGDGHURVKHUPDQRVVRQWRGRVDTXHOORVTXHKDFHQODYROXQWDGGHVX3DGUH
&HOHVWLDO\GHVX0DGUH7LHUUD

4XHWX$PRUVHDFRPRHOVROTXHEULOODVREUHWRGDVODVFULDWXUDVGHODWLHUUD\
QRSUHILHUHXQDKLHUEDPDVTXHRWUD<HVWH$PRUIOXLUiFRPRXQDIXHQWHGH
KHUPDQRDKHUPDQR\FXDQGRVHFRQVXPDVHUiUHVWDEOHFLGR\DTXHHO$PRUHV
PDVIXHUWHTXHODPXHUWH<VLXQKRPEUHQRWLHQH$PRUFRQVWUX\HXQPXUR
HQWUHpO\WRGDVODVFULDWXUDVGHODWLHUUD\FRQHOORpOPRUDHQVROHGDG\GRORU

2KHOKRPEUHVHSXHGHFRQYHUWLUHQXQUHPROLQRYLROHQWRTXHOOHYDDVXV
SURIXQGLGDGHVWRGRORTXHIORWDGHPDVLDGRFHUFD3XHVHOFRUD]yQHVXQPDU
FRQRODVSRGHURVDV\HO$PRU\OD6DELGXUtDGHEHQDSDFLJXDUORFRPRHOFiOLGR
VROSHQHWUDDWUDYpVGHODVQXEHV\FDOPDDOPDULQTXLHWR

(OTXHKDHQFRQWUDGRODSD]HQVXVKHUPDQRVKDHQWUDGRDO5HLQRGHO$PRU\
YHUiD'LRVIUHQWHDIUHQWH&RQRFHGHVWD3D]FRQYXHVWUDPHQWHGHVHDGHVWD
3D]FRQYXHVWURFRUD]yQFXPSOLGHVWD3D]FRQYXHVWURFXHUSR

%LHQDYHQWXUDGRHVHO+LMRGHOD/X]TXHFRQVWUX\HHQOD7LHUUDHO5HLQRGHO
&LHORSXHVpOPRUDUiHQDPERVPXQGRV6HJXLUiVOD/H\GHOD+HUPDQGDGTXH
GLFHTXHQDGLHWHQGUiULTXH]D\QDGLHVHUiSREUH\WRGRVWUDEDMDUiQXQLGRVHQHO
(GpQGHOD+HUPDQGDG

6LQHPEDUJRFDGDXQRVHJXLUiVXSURSLRFDPLQR\FDGDXQRFRPXOJDUiFRQVX
SURSLRFRUD]yQSXHVHQHO(GpQ,QILQLWRKD\PXFKDV\GLYHUVDVIORUHV¢4XLpQ
GLUiTXHXQDHVPHMRUSRUTXHVXFRORUHVS~USXUDRTXHXQDHVSUHIHULGD
SRUTXHVXWDOORHVODUJR\GHOLFDGR"
50

$XQTXHORVKHUPDQRVVHDQGHFRQVWLWXFLyQGLIHUHQWHD~QDVLWRGRVHOORV
WUDEDMDUiQHQOD9LxDGHOD0DGUH7HUUHQDO\WRGRVHOORVHOHYDUiQVXVYRFHV
XQLGDVHQRUDFLyQDO3DGUH&HOHVWLDO<MXQWRVSDUWLUiQHO6DQWR3DQ\HQ
VLOHQFLRFRPSDUWLUiQHODOLPHQWRVDQWRGHDFFLyQGHJUDFLDV

1RKDEUiSD]HQWUHORVKRPEUHVKDVWDTXHQRKD\DXQ(GpQGHOD+HUPDQGDG
VREUHODID]GHOD7LHUUD3XHV¢FyPRSXHGHKDEHUSD]FXDQGRFDGDXQRGHORV
KRPEUHVEXVFDVXSURSLRSURYHFKR\YHQGHVXDOPDDODHVFODYLWXG"7X+LMRGH
OD/X]UH~QHWHFRQWXVKHUPDQRV\OXHJRLG\HQVHxDGORVVHQGHURVGHOD/H\D
WRGRVORVTXHTXLVLHUDQRLU(OTXHKDHQFRQWUDGRODSD]HQODKHUPDQGDGGHO
KRPEUHVHKDKHFKRDVLPLVPRHOFRPSDxHURGHODODERUGH'LRV

&RQRFHGHVWD3D]FRQYXHVWUDPHQWHGHVHDGHVWD3D]FRQYXHVWURFRUD]yQ
FXPSOLGHVWD3D]FRQYXHVWURFXHUSR

%LHQDYHQWXUDGRHVHO+LMRGHOD/X]TXHHVWXGLDHQHOOLEURGHOD/H\\DTXH
VHUiFRPRXQDOiPSDUDHQODRVFXULGDGGHODQRFKH\XQDLVODGHYHUGDGHQXQ
PDUGHIDOVHGDG3XHVVDEHGTXHODSDODEUDHVFULWDTXHYLHQHGH'LRVHVXQ
UHIOHMRGHO0DU&HOHVWLDODVLFRPRODVHVWUHOODVEULOODQWHVUHIOHMDQOD3D]
GHOFLHOR

&RPRODVSDODEUDVGHORVDQWLJXRVHVWiQJUDEDGDVFRQODPDQRGH'LRVHQORV
PDQXVFULWRVVDQWRVDVLHVWiOD/H\JUDEDGDHQORVFRUD]RQHVGHODILIHOLGDGGH
TXLHQORVHVWXGLD3XHVFRPRVHGLMRDQWHVTXHHQHOSULQFLSLRKDEtDJLJDQWHV
HQOD7LHUUD\KRPEUHVSRGHURVRVGHDQWDxRKRPEUHVGHUHQRPEUH<ORV+LMRV
GHOD/X]SURWHJHUiQVXVHVFULWXUDVSDUDTXHQRVHFRQYLHUWDQRWUDYH]FRPR
EHVWLDV\QRFRQR]FDQHO5HLQRGHORViQJHOHV

6DEHGWDPELpQTXHVRORDWUDYpVGHODVHVFULWXUDVHQFRQWUDUHLVOD/H\TXHQR
HVWiHVFULWDFRPRODSULPDYHUDTXHEURWDGHOFDPSRWLHQHXQDIXHQWHRFXOWD
HQODVSURIXQGLGDGHVVHFUHWDVEDMRODWLHUUDOD/H\HVFULWDHVHOLQVWUXPHQWR
SRUPHGLRGHOFXDOODSDODEUDHVFULWDVHHQWLHQGHFRPRODUDPDPXGDGHXQ
iUEROVHFRQYLHUWHHQPHORGLRVDIODXWDHQODVPDQRVGHOSDVWRU

0XFKRVKD\TXHGHVHDUtDQHVWDUHQHOYDOOHWUDQTXLORGHODLJQRUDQFLDGRQGH
ORVQLxRVMXHJDQ\ODVPDULSRVDVGDQ]DQDOVROHQVXVFRUWDVKRUDVGHYLGDSHUR
QDGLHSXHGHSHUPDQHFHUDOOtPXFKR\DVFHQGHUODVVRPEUtDVPRQWDxDVGHO
DSUHQGL]DMHPXFKRVKD\WHPHURVRVGHFUX]DU\PXFKRVKD\TXHKDQFDLGR
JROSHDGRV\VDQJUDQGRGHVXVHPSLQDGDV\DEUXSWDVFXHVWDV3HURODIHHVHO
JXtDHQHOYDFtRGHODELVPR\ODSHUVHYHUDQFLDHVHODSR\RHQODVHVFDEURVDV
SHxDV

0DVDOOiGHODVKHODGDVFXPEUHVGHOXFKD\DFHOD3D]\ODEHOOH]DGHO(GpQ
,QILQLWRGHFRQRFLPLHQWRGRQGHHOVLJQLILFDGRGHOD/H\VHGDDFRQRFHUDORV
+LMRVGHOD/X]
51

$TXtHQHOFHQWURGHVXERVTXHHVWiSODQWDGRHO$UEROGHOD9LGDPLVWHULRGH
ORVPLVWHULRV(OTXHKDHQFRQWUDGR3D]HQODVHQVHxDQ]DVGHORVDQWLJXRVD
WUDYpVGHOD/X]GHODPHQWHDWUDYpVGHOD/X]GHODQDWXUDOH]D\DWUDYpVGHO
HVWXGLRGHOD3DODEUD6DQWDKDHQWUDGRHQOD0DQVLyQVXSUHPDGHORVDQWLJXRV
GRQGHPRUDOD+HUPDQGDG6DQWDGHTXLHQQDGLHSXHGHKDEODU

&RQRFHGHVWD3D]FRQYXHVWUDPHQWHGHVHDGHVWD3D]FRQYXHVWURFRUD]yQ
FXPSOLGHVWD3D]FRQYXHVWURFXHUSR

%LHQDYHQWXUDGRHO+LMRGHOD/X]TXHFRQRFHDVX0DGUH7HUUHQDOSXHV(OODHV
ODGDGRUDGH9LGD(QWLHQGHTXH0DGUHHVWiHQWL\WXHVWiVHQ(OOD(OODWHGLy
DOX]\(OODWHGDODYLGD(OODIXHTXLHQWHGLyFXHUSR\D(OODVHORGHYROYHUiV
GHQXHYRXQGtD

6DEHGTXHODVDQJUHTXHFRUUHHQWtQDFHGHWX0DGUH7LHUUDVXVDQJUHFDHGH
ODVQXEHVVDOWDGHODVHQWUDxDVGHOD7LHUUDPXHUPXUDHQORVDUUR\RVGHODV
PRQWDxDVIOX\HHQORVUtRVDPSOLRVGHORVOODQRVGXHUPHHQORVODJRVEUDPD
LPSHWXRVDHQORVPDUHVWHPSHVWXRVRV

6DEHGTXHHODLUHTXHUHVSLUDVQDFHGHODOLHQWRGHOD0DGUH7LHUUDVXDOLPHQWR
VHYXHOYHD]XOHQODVDOWXUDVGHORVFLHORVVXVSLUDHQODVFLPDVGHODVPRQWDxDV
VXVXUUDHQODVKRMDVGHOERVTXHVHPHFHVREUHORVVHPEUDGRVVHDGRUPHFHHQ
ORVYDOOHVSURIXQGRVVHFDOLHQWDHQHOGHVLHUWR

6DEHGTXHODGXUH]DGHWXVKXHVRVQDFHGHORVKXHVRVGHOD0DGUH7LHUUDGHODV
SHxDVGHODVURFDV

6DEHGTXHODGHOLFDGH]DGHWXFDUQHQDFHGHODFDUQHGHWX0DGUH7LHUUD(OOD
FX\DFDUQHVHWRUQDDPDULOOD\URMDHQORVIUXWRVGHORViUEROHV

/DOX]GHWXVRMRVODDXGLFLyQGHWXVRLGRVpVWRVQDFHQGHORVFRORUHV\ORV
VRQLGRVGHWX0DGUH7LHUUDTXHWHHQYXHOYHDWLFRPRODVRODVGHOPDU
HQYXHOYHQDOSH]FRPRHODLUHDOSiMDUR

(QYHUGDGWHGLJRHOKRPEUHHVHOKLMRGHOD0DGUH7LHUUD\GH(OODHO+LMRGHO
+RPEUHUHFLEHVXFXHUSRWRWDODVLFRPRHOFXHUSRGHODFULDWXUDUHFLpQQDFLGD
YLHQHGHOYLHQWUHGHVXPDGUH

(QYHUGDGWHGLJRTXHWXHUHVXQRFRQOD0DGUH7LHUUDHOODHVWiHQWL\WX
HVWiVHQHOODGH(OODQDFHVHQ(OODYLYHV\D(OODUHJUHVDUiVGHQXHYR&XPSOH
SRUHVRVXVOH\HVSXHVQDGLHSXHGHYLYLUPXFKRQLVHUIHOt]VLQRHOTXHKRQUD
DVX0DGUH7LHUUD\JXDUGDVXVOH\HV3XHVWXDOLHQWRHVVXDOLHQWRWXVDQJUHHV
VXVDQJUHWXVKXHVRVVRQVXVKXHVRVWXFDUQHHVVXFDUQHWXVRMRV\WXVRLGRV
VRQVXVRMRV\VXVRLGRV

(OTXHHQFXHQWUDOD3D]HQVXPDGUH7LHUUDQXQFDFRQRFHUiODPXHUWH
52

&RQRFHGHVWD3D]FRQYXHVWUDPHQWHGHVHDGHVWD3D]FRQYXHVWURFRUD]yQ
FXPSOLGHVWD3D]FRQYXHVWURFXHUSR

%LHQDYHQWXUDGRHVHO+LMRGHOD/X]TXHEXVFDDVX3DGUH&HOHVWLDO\DTXH
WHQGUi9LGD(WHUQD(OTXHPRUDHQHOOXJDUVHFUHWRGHO6XSUHPRPRUDUiEDMR
HODPSDURGHOWRGRSRGHURVR3XHV(OHQYLDUiVXViQJHOHVVREUHpOSDUD
SURWHJHUOHHQWRGRVVXVVHQGHURV6DEHGYRVRWURVTXHHO6HxRUKDVLGRYXHVWUD
PRUDGDHQWRGDVODVJHQHUDFLRQHV

$QWHVTXHODVPRQWDxDVVXUJLHUDQSRUVLHPSUH(OKDIRUPDGROD7LHUUD\HO
XQLYHUVR6LSRUORVVLJORVGHORVVLJORVKDH[LVWLGR$PRUHQWUHHO3DGUH&HOHVWLDO
\VXVKLMRV¢FyPRHVWH$PRUVHYDDURPSHU"6LGHVGHHOSULQFLSLRKDVWDHOILQDO
GHORVWLHPSRVODOODPDVDQWDGH$PRUURGHDODVFDEH]DVGHO3DGUH&HOHVWLDO\
ORVKLMRVGHOD/X]¢FyPRVHH[WLQJXLUiHVWH$PRUHQWRQFHV"

3XHVQRHVFRPRXQDOODPDTXHVHSUHQGHQLD~QFRPRXQIXHJRLPSHWXRVRHQ
HOERVTXH0LUDG(ODUGHFRQODOODPDGHOD/X](WHUQD\HVDOODPDQRVHSXHGH
FRQVXPLU9RVRWURVTXHDPDLVDYXHVWUR3DGUH&HOHVWLDKDFHGSXHVVX
YROXQWDG

&DPLQDGFRQVXViQJHOHVVDQWRV\KDOODGOD3D]HQVX/D\6DQWDSXHVVX/H\HV
OD/H\WRWDOVLHVOD/H\GH/H\HV$WUDYpVGHVX/H\KDKHFKRTXHOD7LHUUD\
ORVFLHORVVHDQXQRODVPRQWDxDV\HOPDUVRQVXVDSR\RV&RQVXVPDQRV(OQRV
IRUPy\QRVFUHy\QRVGLyHOHQWHQGLPLHQWRSDUDTXHDSUHQGLHUDPRVVX/H\

/D/X]ORFXEUHFRPRXQPDQWRH[WLHQGHORVFLHORVFRPRXQDFRUWLQDKDFHGH
ODVQXEHVVXYHKtFXORFDPLQDHQODVDODVGHOYLHQWRHQYtDODSULPDYHUDDORV
YDOOHV\VXDOLHQWRHVWiHQORViUEROHVSRGHURVRV(QVXPDQRHVWiQORVOXJDUHV
UHFyQGLWRVGHOD7LHUUDODIRUWDOH]DGHORVPDQWHVWDPELpQHVVX\DHOPDUHV
VX\R\VXVPDQRVIRUPDURQODWLHUUDILUPH7RGRVORVFLHORVQDUUDQOD*ORULDGH
'LRV\HOILUPDPHQWRPXHVWUDVX/H\<DVXVGLVFtSXORV(OOHVGHMDVX5HLQRD
DTXHOORVTXHFDPLQDQFRQVXViQJHOHV\HQFXHQWUDQOD3D]HQVXVDJUDGD/H\

¢'HVHDLVVDEHUPiVPLVGLVFtSXORV"¢&yPRSRGUHPRVH[SUHVDUHQQXHVWURV
ODELRVDTXHOORGHORTXHQRVHSXHGHKDEODU"(VFRPRFXDQGRXQPXGRVHFRPH
XQDJUDQDGD¢FyPRSXHGHpOKDEODUQRVGHVXVDERU"6LGHFLPRVTXHHO3DGUH
FHOHVWLDOPRUDHQQRVRWURV\OXHJRVHDYHUJHQ]DQORVFLHORVHVPHQWLUDVL
GHFLPRVTXH(OPRUDHQQRVRWURV

(VHORMRTXHHVFXGULxDHOKRUL]RQWHOHMDQR\HORMRTXHYHORVFRUD]RQHVGHORV
KRPEUHV(OVHFRPSRUWDFRPRXQRMR

(OQRVHPDQLILHVWDQRVHRFXOWD(OQRHVUHYHODGRQLHVLUUHYHODEOH0LV
GLVFtSXORVQRKD\SDODEUDVSDUDGHFLUORTXHHV/R~QLFRTXHVLVDEHPRVHVTXH
VRPRVVXVKLMRV\TXH(OHVQXHVWUR3DGUH(OHVQXHVWUR'LRV\QRVRWURVORV
GHVFHGLHQWHVGHVXWLHUUDGHSDVWRUHR\ODVRYHMDVGHVXUHEDxR
53

(OTXHHQFXHQWUDOD3D]HQVX3DGUH&HOHVWLDOKDHQWUDGRDO6DQWXDULRGHOD
6DJUDGD/H\\KDFHOHEUDGRXQSDFWRFRQ'LRVTXHSHUGXUDUiSRUVLHPSUH

&RQRFHGHVWD3D]FRQYXHVWUDPHQWHGHVHDGHVWD3D]FRQYXHVWURFRUD]yQ
FXPSOLGHVWD3D]FRQYXHVWURFXHUSR

$XQTXHHOFLHOR\ODWLHUUDSDVHQQLXQDOHWUDGHOD6DJUDGD/H\FDPELDUiR
SDVDUiSXHVHQHOSULQFLSLRIXHOD/H\\OD/H\HVWDEDHQ'LRV\OD/H\HUD'LRV

/DVpSWXSOH3D]GHO3DGUH&HOHVWLDOVHDVLHPSUHFRQWLJR

1RWD3DUWHILQDOGHO/LEUR,,GH3DODEUDVGH3D]GHORV(VHQLRV

6HJ~QODVLQVWUXFFLRQHVGHO7LEHWDQR'. YHU'LVFLSXODGRHQOD1XHYD(UDGH
$OLFH$%DLOH\ ODUHODFLyQ0DHVWUR²GLVFtSXORVKDFDPELDGRSRUODHQWUDGDGHO
R5D\RHQPD\RUYLJHQFLD\SUHSRQGHUDQFLDTXHHODQWHULRURGHGHYRFLyQH
LGHDOLVPR(O0DHVWURVXJLHUHVLQH[LJLUREHGLHQFLDDWDOHVVXJHUHQFLDV
EXVFDQGRVHUHDOLFHODDFFLyQSRUFRQYLFFLyQLQWHULRUPDVTXHSRUYHQHUDFLyQR
VRPHWLPLHQWR

/,%52,,,

(/$1*(/'(/62/

£+DFLDDUULED£/HYiQWDWH\UHFRUUHHOHVSDFLR

£7XLQPRUWDO\OXPLQRVR$QJHOGHO6RO

4XHYDVVREUHYHOR]FRUFHO

£3DVDVREUHODVPRQWDxDV<GDOHWX/X]DOPXQGR

2K$QJHOGHO6ROWXHUHVODIXHQWHGH/X]DWUDYLHVDODVWLQLHEODV\DEUHOD
SXHUWDGHOKRUL]RQWH(O$QJHOGHO6ROKDELWDDOWRVREUHOD7LHUUD\VLQHPEDUJR
VXVUD\RVOOHQDQQXHVWURVGtDVGHYLGD\FDORU(OFDUUXDMHGHODPDxDQDWUDHOD
OX]GHOVROQDFLHQWH\DOHJUDORVFRUD]RQHVGHORVKRPEUHV

(O$QJHOGHO6ROLOXPLQDQXHVWUDVHQGDFRQUD\RVGHUHVSODQGRU

£2K$QJHOGHO6ROODQ]DWXVUD\RVVREUHPL£4XHHOORVPHWRTXHQTXHHOORVPH
SHQHWUHQ\RPHHQWUHJRDWL\DWXDEUD]R\VR\EHQGHFLGRFRQHOIXHJRGHOD
YLGD£8QIOXMRFiOLGRGH6DQWD$OHJUtDIOX\HGHVGH7LKDFLDPL0HLQFOLQRDQWH
7L$QJHOGHO6RO\DTXHQLQJ~QKRPEUHSXHGHPLUDUDO6ROFRQORVRMRV
DELHUWRVDVtSXHVQLQJ~QKRPEUHSXHGHYHUD'LRVFDUDDFDUDVLQVHU
FRQVXPLGRSRUODVOODPDVTXHJXDUGDQHO$UEROGHOD9LGD
54

(QWRQFHVHVWXGLDOD/H\6DQWD3RUTXHHOURVWURGHO6RO\HOURVWURGH'LRVVROR
SXHGHQVHUYLVWRVSRUDTXHOTXHWHQJDGHQWURGHVLODUHYHODFLyQGHOD/H\
¢&UHHVWXTXHODPXHUWHHVHOILQ"7XVSHQVDPLHQWRVVRQHVW~SLGRVFRPRORVGH
XQQLxRTXHYHHOFLHORRVFXUR\ODOOXYLDTXHFDH\JULWDGLFLHQGRTXHHOVROQR
H[LVWH¢4XLHUHVSURJUHVDUHQOD/H\"6HHQWRQFHVFRPRHOVRODOPHGLRGtDTXH
EULOODFRQOX]\FDORUVREUHWRGRVORVKRPEUHV\GDOLEUH\DEXQGDQWHVXGRUDGR
HVSOHQGRU

(QWRQFHVOD)XHQWHGH/X]IOXLUiRWUDYH]VREUHWLSXHVWRTXHHOVROQXQFDHVWi
VLQ/X]SRUTXHpVWDIOX\HOLEUHPHQWH\VLQUHVWULFFLyQ<FXDQGRHOVROVHHOHYD
HQWRQFHVOD7LHUUDTXHIXHKHFKDSRUHO&UHDGRUTXHGDOLPSLDODVDJXDVTXH
FRUUHQVHKDFHQSXUDVODVDJXDVGHODVIXHQWHVVHKDFHQSXUDVODVDJXDVGHO
PDUVHKDFHQSXUDVODVDJXDVTXLHWDVVHKDFHQSXUDV\WRGDVODVVDQWDV
FULDWXUDVVHKDFHQSXUDV

(VSRUHOEULOOR\ODJORULDGHHOODVTXHQDFHHOKRPEUHTXHHVFXFKDELHQODV
VDQWDVSDODEUDVGHOD/H\FX\D6DELGXUtDpOWLHQHHQJUDQHVWLPD

(VSRUHOEULOOR\ODJORULDGHHOODVTXHHOVROVLJXHVXVHQGDSRUHOEULOOR\OD
JORULDGHHOODVODOXQDVLJXHVXVHQGDSRUHOEULOOR\ODJORULDGHHOODVODV
HVWUHOODVVLJXHQVXUXWDDOVROLQPRUWDO\EULOODQWHTXHYDHQHOYHOR]FRUFHOOH
VHDKHFKDODLQYRFDFLyQFRQVDFULILFLR\RUDFLyQ&XDQGROD/X]GHO6RODXPHQWD
HQEULOORFXDQGRHOEULOORGHOVRODXPHQWDHQFDORUHQWRQFHVVXUJHQODVIXHU]DV
FHOHVWLDOHV 1($ILUPDFLyQSDUDYDORUDUODLUUDGLDFLyQVRODUH[FHSFLRQDOGH
QXHVWUDpSRFD 

9LHUWDQVXJORULDVREUHOD7LHUUDTXHIXHKHFKDSRUHO&UHDGRUSRUHODXPHQWR
GHORV+LMRVGHOD/X]SRUHODXPHQWRGHORTXHHVLQPRUWDO2K6RO

(OTXHRIUHFHXQVDFULILFLRDOVROEULOODQWHHLQPRUWDOTXHYLDMDVREUHUiSLGR
FRUFHOSDUDOXFKDUFRQWUDODVWLQLHEODVSDUDOXFKDUFRQWUDODPXHUWHTXH
DYDQ]DVLOHQFLRVDHQORLQYLVLEOHORHVWiRIUHFLHQGRDO3DGUH&HOHVWLDOORHVWi
RIUHFLHQGRDORViQJHOHV\ORHVWiRIUHFLHQGRDVXSURSLRHVStULWX

(OTXHRIUHFHXQVDFULILFLRDOVROEULOODQHHLQPRUWDOTXHYLDMDVREUHUiSLGR
FRUFHOUHJRFLMDDWRGDVODVIXHU]DVFHOHVWLDOHV\WHUUHVWUHV

<ROHRIUHFHUpSRUDTXHOODDPLVWDGODPHMRUGHWRGDVODVDPLVWDGHVTXHUHLQD
DQWUHHO$QJHOGHO6RO\ORVKLMRVGHOD0DGUH7LHUUD

<REHQGLJROD*ORULD\ODOX]ODIXHU]D\HOYLJRUGHOVROEULOODQWHHLQPRUWDOTXH
YLDMDVREUHUiSLGRFRUFHO

(/$1*(/'(/$*8$

'HVGH(/0DUFHOHVWLDOIOX\HQVLHPSUH
55
ODVIXHQWHVTXHQXQFDVHDFDEDQ

/RVKHUPDQRVKDQWUDLGRHO$QJHOGHO$JXDKDVWDHOGHVLHUWRHVWpULO\VHFRSDUD
TXHKD\DXQMDUGtQ\XQOXJDUFXELHUWRGHYHUGRUOOHQRGHiUEROHV\FRQOD
IUDJDQFLDGHODVIORUHV$UUyMDWHHQORVEUD]RVHQYROYHQWHVGHO$QJHOGHO$JXD
SXHV(OVDFDUiGHWLWRGRORTXHHVVXFLR\PDOpILFR4XHPL$PRUIOX\DKDFLD
7L3DGUH&HOHVWLDOFRPRHOUtRIOX\HKDFLDHOPDU<TXH7X$PRUIOX\DKDFLD
PL3DGUH&HOHVWLDOFRPRODOOXYLDDSDFLEOHEHVDODWLHUUD

/D/H\6DQWDHVFRPRHOUtRTXHSDVDSRUHOERVTXH7RGDVODVFULDWXUDV
GHSHQGHQGHpO\QROHQLHJDQDGDDQLQJXQDGHHOODV/D/H\HVSDUDHOPXQGR
GHORVKRPEUHVORTXHXQJUDQUtRHVSDUDORVULDFKXHORV\ORVDUUR\RV

/RVKHUPDQRVTXHWUDHQOD/H\6DQWDDOPXQGRGHORVKRPEUHVVRQFRPRUtRV
GHDJXDHQXQOXJDUVHFR3XHGHVWXVXPHUJLUWHHQHODJXDSXHGHVDKRJDUWHHQ
HOODRSXHGHVPLWLJDUWXVHG$VtSXHVOD/H\6DQWDHVXQDHVSDGDGHGREOH
ILORSRUOD/H\SXHGHVGHVWUXLUWHDWLPLVPR\SRUOD/H\SXHGHVYHUD'LRV

£2K3DGUH&HOHVWLDO'HVGH7XPDUFHOHVWLDOIOX\HQWRGDVODVDJXDVTXHULHJDQ
WRGRVORVVLHWHUHLQRV(VWHPDUFHOHVWLDOTXHHVXQLFDPHQWHWX\RWX\RVH
PXHYH\DVtWUDHODVDJXDVHQHOYHUDQR\HQHOLQYLHUQR\HQWRGDVODV
HVWDFLRQHV(VWHPDU7X\RSXULILFDODVLPLHQWHGHORVKRPEUHV\HOYLHQWUHGH
ODVPXMHUHV\SXULILFDODOHFKHGHORVVHQRVGHODPXMHU7XPDUFHOHVWLDOIOX\H
OLEUHPHQWH\OOHJDKDVWDODVJUDQGHVOODQXUDVVHPEUDGDVFRQFHUHDO\OOHJD
KDVWDORVSHTXHxRVFDPSRVFXELHUWRVGHSDVWR\OOHJDDWRGRHOPXQGR
WHUUHVWUH

0LOIXHQWHVSXUDVFRUUHQKDFLDORVSDVWRVTXHGDQDOLPHQWRDORV+LMRVGHOD/X]
$TXLHQWHRIUH]FDXQVDFULILFLR£RK7X6DQWR$QJHOGHO$JXDDHVHOHGDUiV
PDJQLILFHQFLD\JORULDFRQVDOXG\YLJRUSDUDHOFXHUSR/HGDUiVXQDODUJDYLGD
\GHVSXpVOHGDUiVHO0DU&HOHVWLDO$GRUDPRVWRGDVODVDJXDVVDQWDVTXH
PLWLJDQODVHGGHOD7LHUUDDGRUDPRVWRGDVODVDJXDVVDQWDVKHFKDVSRUHO
&UHDGRU\DWRGDVODVSODQWDVKHFKDVSRUHO&UHDGRUSRUTXHWRGDVHOODVVRQ
VDQWDV$GRUDPRVHODJXDGHODYLGD\WRGDVODVDJXDVTXHKD\VREUHOD7LHUUD
ODVDJXDVTXHHVWiQTXLHWDVODVTXHHVWDQHQPRYLPLHQWR\ODVDJXDVGHODV
IXHQWHVTXHIOX\HQFRQVWDQWHPHQWHDGRUDPRVODVJRWDVEHQGLWDVGHODVOOXYLDV
KDFHPRVXQVDFULILFLRDODVDJXDVVDQWDV\EHQpILFDVTXHOD/H\FUHy

4XHUXMDODPDU\WRGDVODVDJXDVHOPXQGR\WRGRVORTXHHQpOKDELWDQ4XH
ORVPDUHVSDOPRWHHQFRQVXVPDQRV\ORVFHUURVVHUHJRFLMHQPXWXDPHQWH/D
YR]GHO6HxRUVXHQDVREUHODVDJXDVHO'LRVGH*ORULDHQYtD6XVWUXHQRV£3DGUH
&HOHVWLDO<7X£$QJHOGHO$JXD2VHVWDPRVDJUDGHFLGRV\EHQGHFLPRVYXHVWUR
QRPEUH

'HVGHORVOXJDUHVRFXOWRVTXHHVWiQEDMRODWLHUUDVHHOHYDXQIOXMRGH$PRU
56

/D+HUPDQGDGKDVLGREHQGHFLGDSDUDVLHPSUHHQHO$JXD6DQWDGHOD9LGD

(/$1*(/'(/$,5(

$GRUDPRVDO6DQWR$OLHQWRTXHHVWiPiVDOWRTXHWRGDV

ODVFRVDVFUHDGDV\DGRUDPRVODYHUGDGHUD6DELGXUtD

(QFRQWUDUiVDO$QJHOGHO$LUHHQPHGLRGHODLUHIUHVFRGHOERVTXH\ORVFDPSRV
SDFLHQWHPHQWHpOWHHVSHUDDODEDQGRQDUODVFDEDxDVK~PHGDV\DWHVWDGDVGH
ODFLXGDG(QWRQFHVE~VFDOR\EHEHKDVWDODVDFLHGDGODFRUULHQWHGHDLUH
FXUDWLYRTXHpOWHRIUHFH5HVSLUDODUJD\SURIXQGDPHQWHSDUDTXHHO$QJHOGHO
$LUHSXHGDHQWUDUHQWL3RUTXHHOULWPRGHWXDOLHQWRHVODFODYHGHO
FRQRFLPLHQWRTXHUHYHODOD/H\6DQWD 1($ILUPDFLyQSDUDFRQVLGHUDU
GHWHQLGDPHQWH 

(O$QJHOGHO$LUHYXHODFRQDODVLQYLVLEOHV\VLQHPEDUJRGHEHVFDPLQDUSRUVX
VHQGHURLQYLVLEOHVLTXLHUHVYHUODID]GH'LRV/DIUDJDQFLDGHOYLHQWRHQHO
ERVTXHGHORVFLSUHFHVHVPDVDJUDGDEOHTXHHOPiVGXOFHQpFWDUGHOD
JUDQDGD<PDVGXOFHD~QHVHODURPDGHOGHYRWRTXHKRQUD\HQVHxDOD/H\
6DQWD

6DQWRHVHOiQJHOGHO$LUHTXHOLPSLDORTXHHVWiVXFLR\GDVXDYHIUDJDQFLDD
WRGDVODVFRVDVPDOROLHQWHV

£9HQLGYHQLGRKQXEHV9HQLG\GHVFHQGHQVREUHODWLHUUDFRQYHUWLGDVHQ
PLOHVGHJRWDV\SRUHOEULOOR\ODJORULDGHHVWDVJRWDVVRSODQORVYLHQWRVTXH
EDMDQODVQXEHVKDFLDODVIXHQWHVTXHQXQFDVHDFDEDQ

/RVYDSRUHVVHHOHYDQGHVGHORVYDOOHVVLWXDGRVHQWUHODVPRQWDxDVSHUVHJXLGRV
SRUHOYLHQWRTXHUHFRUUHHOFDPLQRGHOD/H\ORTXHDFUHFLHQWDHO5HLQRGHOD
/X]

(O3DGUH&HOHVWLDOFRQ6XSRGHUKL]ROD7LHUUDFRQ6XVDELGXUtDHVWDEOHFLyHO
PXQGR\FRQ6XYROXQWDGKL]RTXHORVFLHORVVHH[WHQGLHUDQ

&XDQGR(OHPLWH6XYR]KD\XQDPXOWLWXGGHDJXDVHQORVFLHORV\KDFHTXH
DVFLHQGDQORVYDSRUHVGHVGHORVFRQILQHVGHOD7LHUUD(OKDFHORVUHOiPSDJRV
TXHFDHQFRQOOXYLD\KDFHVDOLUHOYLHQWRGHVXERFD

$VtFRPRHOPDUHVHOOXJDUGRQGHVHUHXQHQODVDJXDV\pVWDVVXEHQ\EDMDQ
DVFHQGLHQGRSRUHOVHQGHURFHOHVWH\EDMDQGRKDVWDODWLHUUD\DVFHQGLHQGRGH
QXHYRSRUHOVHQGHURFHOHVWHDVLOHYiQWDWH\PXpYHWHWXSRUFX\DHOHYDFLyQ\
FUHFLPLHQWRKDKHFKRHO3DGUH&HOHVWLDOHOOXPLQRVRHVSDFLRHWHUQR\
VREHUDQR
57

1LQJ~QKRPEUHSXHGHOOHJDUDQWHHOURVWURGH'LRVVLHO$QJHOGHO$LUHQROH
GHMDSDVDU7XFXHUSRGHEHUHVSLUDUHODLUHGHOD0DGUH7LHUUD\WXHVStULWX
GHEHUHVSLUDUOD/H\6DQWDGHO3DGUH&HOHVWLDO

(/$1*(/'(/$7,(55$

,QYRFDPRVDODWLHUUDGHDEXQGDQFLDTXHSRVHHVDOXG

\IHOLFLGDG\HVPiVSRGHURVDTXHWRGDVODVFULDWXUDV

$ODEDPRVDHVWDWLHUUDYDVWDTXHVHH[WLHQGHDORODUJRGHVXVFDPLQRV7XRK
0DGUHHUHViUEROGHVDQWLGDGSRUTXHHUHVSURGXFWLYD\HVWiVOOHQDGH
YLUWXGHV

$ODEDPRVODVWLHUUDVGHVGHGRQGHWXDVFLHQGHVRKIUDJDQFLDTXHKDVWD
QRVRVWURVOOHJDV\TXHH[SDQGHVUiSLGDPHQWHHORORUGHOIUXWRSUHFLRVRGHOD
0DGUH7LHUUD

$ODEDPRVDOERQGDGRVRIXHUWH\EHQpILFR$QJHOGHOD7LHUUDSRUTXHVH
UHJRFLMDHQHOURFtRGHORVFLHORVFRQODIHUWLOLGDGGHODWLHUUD\FRQODFRVHFKD
DEXQGDQWHGHFHUHDOHV\XYDV

$ODEDPRVODVDOWDVPRQWDxDVULFDVHQSUDGHUDV\DJXDSRUTXHVREUHHOODV
FRUUHQPXFKDVFRUULHQWHV\UtRV

$ODEDPRVORViUEROHVVDJUDGRVGHO$QJHOGHOD7LHUUDTXHEURWDQGHOVXHORSDUD
DOLPHQWDUDORV+LMRVGHOD/X]

/DWLHUUDHVODIXHQWHSUHVHUYDGRUDODVDQWDSUHVHUYDGRUD\HOHOHPHQWR
VXVWHQWDGRU

$ODEDPRVDODIRUWDOH]D\HOYLJRUGHODSRGHURVDSUHVHUYDGRUDGHODWLHUUDTXH
IXHKHFKDSRUHO3DGUH&HOHVWLDO

$ODEDPRVDORVTXHFXUDQFRQODVSODQWDVGHODWLHUUDDORVTXHFRQRFHQORV
VHFUHWRVGHKLHUEDV\SODQWDVDDTXHOORVDTXLHQHVHO$QJHOGHOD7LHUUDOHVKD
UHYHODGRVXDQWLJXDVDELGXUtD

(O6HxRUKDFUHDGRODVPHGLFLQDVYDOLpQGRVHGHODPLVPDWLHUUD\HOTXHSRVHD
HVWDVDELGXUtDGHEHUiXVDUOD¢$FDVRQRIXHKHFKDHODJXDSDUDTXHODPDGHUD
IORWDVHHQHOODDVtHOVHFUHWRGHHOORSXGLHVHVHUFRQRFLGR"(OOHKDGDGR
FRQRFLPLHQWRDDOJXQRVGHORV+HUPDQRVSDUDTXHOD/H\SXHGDVHUYHQHUDGD\
FXPSOLGD

&RQHVWDVDELGXUtDHOORVFXUDQDORVKRPEUHV\OHVTXLWDQVXVGROHQFLDV\VRQ
LQFRQWDEOHVODVFXUDFLRQHVTXHKDFHQ<SRUHOORVKD\SD]HQWRGDOD7LHUUD
58

(QWRQFHVGDGOHDFRJLGDDORVTXHFXUDQ\WHQHGOHVDSUHFLRSRUTXHHO3DGUH
&HOHVWLDOORVFUHy4XHHOORVQRVHDOHMHQGHWLSRUTXHORVQHFHVLWDV

$ODEDPRVDORVTXHFXOWLYDQODWLHUUD\WUDEDMDQHQHO-DUGtQGHOD+HUPDQGDG
ODERUDQGRHQORVFDPSRVTXHHO6HxRUKDEHQGHFLGR

$OTXHFXOWLYDODWLHUUDFRQHOEUD]RL]TXLHUGR\FRQHOGHUHFKRHOODOHGDUi
DEXQGDQFLDGHIUXWRV\SODQWDVYHUGHV\VDOXGDEOHV\OHGDUiJUDQRVGRUDGRV

/DIUDJDQFLD\ODIHUWLOLGDGIOXLUiQGHDTXHOODWLHUUD\GHDTXHOORVFDPSRV\OD
VDOXG\VDQDFLyQYHQGUiQFRQSOHQLWXGLQFUHPHQWR\DEXQGDQFLD

(OTXHVLHPEUDHOFHUHDOODVSODQWDV\ODVIUXWDVVLHPEUDOD/H\6DQWD\KDFH
TXHOD/H\GHO&UHDGRUVHDXQHOHPHQWRGHSURJUHVR

&XDQGRWRGDODWLHUUDVHFRQYLHUWDHQXQMDUGtQHQWRQFHVWRGRVORVFXHUSRV
WHUUHVWUHVVHUiQOLEUHVGHODYHMH]\ODPXHUWHGHODFRUUXSFLyQ\OD
SXWUHIDFFLyQSRUVLHPSUH\VLHPSUH/DPLVHUHFRUGLD\ODYHUGDGVHXQLUiQOD
UHFWLWXG\ODSD]VHEHVDUiQXQDDRWUDODYHUGDGEURWDUiGHODWLHUUD\ODJORULD
KDELWDUiHQQXHVWUDWLHUUD

(/$1*(/'(/$9,'$

1RVHDVLQJUDWRFRQWX&UHDGRUSRUTXH(OWHKDGDGRODYLGD

1REXVTXHVOD/H\HQODVHVFULWXUDVSRUTXHOD/H\HVODYLGD\ODVHVFULWXUDV
VRORVRQSDODEUDV

7HGLUpHQYHUGDG0RLVpVQRUHFLELyGH'LRV6XVOH\HVHQIRUPDHVFULWDVLQRD
WUDYpVGHODSDODEUDYLYLHQWH/D/H\HVODSDODEUDYLYDGHO'LRVYLYLHQWHSDUD
ORVSURIHWDVYLYLHQWHV\SDUDORVKRPEUHVYLYLHQWHV/D/H\HVWiHVFULWDHQWRGR
DTXHOORTXHWLHQHYLGD

/D/H\VHHQFXHQWUDHVFULWDHQODVSUDGHUDVHQORViUEROHVHQHOUtRHQODV
PRQWDxDVHQODVDYHVGHOFLHORHQODVFULDWXUDVVHOYiWLFDV\HQORVSHFHVGHO
PDU

3HUROD/H\VHHQFXHQWUDHVFULWDGHPRGRHVSHFLDOHQWLPLVPR7RGDVODVFRVDV
YLYLHQWHVHVWiQPiVFHUFDGH'LRVTXHODVHVFULWXUDVTXHQRWLHQHQYLGD$VL
FUHy'LRVOD9LGD\WRGDVODVFRVDVYLYLHQWHVGHPRGRTXHHOODVSXGLHVHQ
HQVHxDUOHDORV+LMRVGHORV+RPEUHVODVOH\HVGHO3DGUH&HOHVWLDO\OD0DGUH
7LHUUDSRUPHGLRGHODSDODEUDHWHUQDPHQWHYLYD

'LRVQRHVFULELyODVOH\HVHQODVSiJLQDVGHORVOLEURVVLQRHQWXFRUD]yQ\WX
HVStULWX(VDVOH\HVHVWiQHQWXDOLHQWRHQWXVDQJUHHQWXFDUQHHQWXVRMRV
HQWXVRLGRV\HQWRGDVODVSDUWHVSHTXHxDVGHWXFXHUSR
59

/DVOH\HVHVWiQSUHVHQWHVHQHODLUHHQHODJXDHQODWLHUUDHQODVSODQWDVHQ
ORVUD\RVVRODUHVHQORVDELVPRV\HQODVDOWXUDV

7RGDVHOODVWHKDEODQSDUDTXHSXHGDVHQWHQGHUHOOHQJXDMH\ODYROXQWDGGHO
'LRVYLYLHQWH

/DVHVFULWXUDVVRQREUDGHOKRPEUHSHURODYLGD\WRGDVVXVKXHVWHVVRQODREUD
GH'LRV

2KJUDQ&UHDGRUSULPHURKLFLVWHORV3RGHUHV&HOHVWLDOHV\UHYHODVWHODVOH\HV
FHOHVWLDOHVGHVGH7XSURSLDPHQWHQRVGLVWHHQWHQGLPLHQWRHKLFLVWHQXHVWUD
YLGDFRUSyUHD

7HGDPRVJUDFLDVRK3DGUH&HOHVWLDOSRUWRGRV7XVP~OWLSOHVGRQGHVGHYLGD
SRUODVFRVDVSUHFLRVDVTXHHVWiQHQORVFLHORVSRUHOURFtRSRUODVFRVDV
SUHFLRVDVTXHVHKDFHQPDQLILHVWDVDQWHODOX]GHODOXQDSRUODVJUDQGHVFRVDV
TXHKD\HQODVFROLQDVDEUXSWDV\SRUODVFRVDVSUHFLRVDVTXHKD\HQODWLHUUD

7HGDPRVJUDFLDV3DGUH&HOHVWLDOSRUHOYLJRUGHODVDOXGSRUODVDOXGGHO
FXHUSRSRUHOEULOORUDSLGH]\FODULGDGGHORVRMRVMXQWRFRQODDJLOLGDGGHORV
SLHV\ODSURQWLWXGFRQTXHORVRLGRVHVFXFKDQSRUODIXHU]DGHORVEUD]RV\OD
YLVWDSRWHQWHGHOiJXLOD

3RUWRGRVORVP~OWLSOHVGRQHVGHYLGDDGRUDPRVHOIXHJRGHODYLGDDGRUDPRV
OD/X]6DQWDGHOD-HUDUTXtD&HOHVWLDODGRUDPRVHOIXHJRODERQGDG\OD
DPLVWDGDGRUDPRVHOIXHJRGHODYLGD

$GRUDPRVHOIXHJRGHODYLGDSRUTXHHVPX\EHQpILFR\PX\~WLOHOSURWHFWRU
\JHQHURVRDGRUDPRVHOIXHJRTXHHVOD&DVDGHO6HxRU

+HDTXtDKRUDDO1LxRGHOD/X]TXHKDEODFRQHO$QJHOGHOD9LGD

0LUDGVXIXHU]DODWLHQHHQODFLQWXUD\VXYLJRUHVWiHQORVP~VFXORVGHVX
SHFKR0XHYHVXVSLHUQDVFRPRXQFHGURORVWHQGRQHVGHVXVPXVORVHVWiQ
XQLGRVHQWUHVLVXVKXHVRVVRQFRPRWXERVGHEURQFHVXVPLHPEURVVRQFRPR
EDUUDVGHKLHUUR(OFRPHGHORTXHKD\HQODPHVDGHOD0DGUH7LHUUDOD
KLHUEDGHOFDPSR\ODVDJXDVGHODUUR\RORQXWUHQ&LHUWDPHQWHODVPRQWDxDV
OHGDQDOLPHQWR%HQGLWRVVHDQVXIRUWDOH]D\VXEHOOH]DSRUTXHpOVLUYHDOD
/H\

8QVDQWXDULRGHO(VStULWX6DQWRHVHOFXHUSRHQHOTXHDUGHFRQOX]HWHUQDHO
IXHJRGHODYLGD

7HGDPRVJUDFLDV3DGUH&HOHVWLDOSRUTXHQRVKDVVLWXDGRHQXQDIXHQWHGH
DJXDFRUULHQWHSRUTXHQRVKDVGDGRXQDSULPDYHUDYLYLHQWHHQHVDWLHUUDGH
VHTXtD\ODFXDOULHJDXQMDUGtQHWHUQRGHPDUDYLOODV
60
(O$UEROGHOD9LGDPLVWHULRGHPLVWHULRVKDFHFUHFHUUDPDVGXUDGHUDVSDUD
VHPEUDUHWHUQDPHQWHSDUDKXQGLUVXVUDtFHVHQODFRUULHQWHGHYLGDGHXQD
IXHQWHHWHUQD

(/$1*(/'(/5(*2&,-2

/RVFLHORVPDQLILHVWDQVXUHJRFLMRODWLHUUDSURILHUHDODEDQ]DV

ODVHVWUHOODVGHODPDxDQDHQWRQDQVXFDQWR\WRGRVORV+LMRV

GHOD/X]JULWDQGHDOHJUtD

&DQWDGDO3DGUH&HOHVWLDOXQFiQWLFRQXHYRFDQWDGDOD0DGUH7LHUUDDWRGDOD
7LHUUD4XHORVFLHORVVHUHJRFLMHQ\TXHODWLHUUDHVWpDOHJUH4XHEUDPHHO
PDU\TXHVHPDQLILHVWHODSOHQLWXGGHODYLGDHWHUQD4XHHOFDPSRHVWp
MXELORVRORPLVPRTXHWRGRORTXHKD\HQpO

(QWRQFHVWRGRVORViUEROHVGHOERVTXHVHUHJRFLMDUiQDQWHOD/H\6DQWD&DQWDG
DO3DGUH&HOHVWLDORKYRVRWURV&LHORVGHORV&LHORV\YRVRWUDVRKDJXDVTXH
HVWDLVVREUHORVFLHORV

7RGDVODVPRQWDxDV\WRGDVODVFROLQDVHOYLHQWRWHPSHVWXRVRTXHHMHFXWDOD
SDODEUDGH(OORViUEROHVIUXWDOHV\WRGRVORVFHGURVODVEHVWLDV\WRGRHO
JDQDGRODVSODQWDV\DQLPDOHVUDVWUHURV\ODVDYHVTXHYXHODQORVUH\HVGHOD
7LHUUD\WRGDODJHQWHORVSUtQFLSHV\WRGRVORVMXHFHVGHOD7LHUUDORVMyYHQHV
\ODVGRQFHOODVORVDQFLDQRV\ORVQLxRV4XHHOORVFDQWHQFRQUHJRFLMRDO3DGUH
&HOHVWLDO

&DQWDGDO6HxRUFRQHODUSDFDQWDGOHVDOPRV&RQWURPSHWDV\VRQLGRGH
IODXWDVIRUPDGXQFRURDOHJUHGHODQWHGHORViQJHOHV4XHORVPDUHVSDOPRWHHQ
FRQVXVPDQRVTXHODVFROLQDVHVWpQMXELORVDVDQWHHO6HxRU)RUPDGXQFRUR
DOHJUHDQWHHO6HxRURKYRVRWUDVWLHUUDV6HUYLGDO3DGUH&HOHVWLDO\DOD0DGUH
7LHUUDFRQDOHJUtD\UHJRFLMR

9HQLGFDQWDQGRDQWH6XSUHVHQFLD(OHVStULWXGHOD/H\6DQWDHVWiVREUHPL
SRUTXHORVDQFLDQRVVHKDQXQJLGRSDUDSUHGLFDUODVEXHQDVQXHYDVDORV
KXPLOGHV

(OORVPHKDQHQYLDGRSDUDDOLYLDUDORVDIOLJLGRVSDUDSURFODPDUODOLEHUWDGGH
ORVFDXWLYRV\DEULUODSULVLyQDORVTXHHVWiQHQFDGHQDGRVSDUDFRQIRUWDUD
WRGRVORVTXHHVWiQVXIULHQGRSDUDHQYLDUOHVHO6DQWR$QJHOGHO5HJRFLMRSDUD
GDUOHVEHOOH]DHQYH]GHFHQL]DVDFHLWHGHDOHJUtDHQYH]GHODPHQWRVSDUD
GDUOHVODYHVWLGXUDGHOD/X]HQYH]GHODDIOLFFLyQSRUTXHHOOODQWRSXHGH
GXUDUXQDQRFKHSHURHOUHJRFLMRYHQGUiSRUODPDxDQD
61

/DJHQWHTXHFDPLQDHQODVWLQLHEODVYHUiXQDJUDQ/X]\HQFXDQWRDORVTXH
KDELWDQHQODWLHUUDTXHHVWiFXELHUWDSRUODVRPEUDGHODPXHUWHVREUHHOORV
EULOODUiOD/X]GHOD/H\6DQWD

'HVFHQGHQRKFLHORV\GHUUDPDGUHJRFLMR

4XHODJHQWHWULVWHVDOJDFRQDOHJUtD\VHDJXLDGDSRUOD3D]4XHODVPRQWDxDV
\ODVFROLQDVVDOWHQFDQWDQGRDQWHVTXHHOORVSDUDTXHSXHGDQSDUWLFLSDUGHOD
6DQWD&HOHEUDFLyQ\FRPHUHOIUXWRGHO$UEROGHOD9LGDTXHHVWiHQHO0DU
(WHUQR

(OVROQRGDUiPDVOX]SDUDHOGtDQLWDPSRFRGDUiVXEULOORQLODOXQDOHVGDUi
OX]3HUROD/H\VHUiSDUDHOORVXQDOX]HWHUQD\HO3DGUH&HOHVWLDO\OD0DGUH
7LHUUDVHUiQJORULDHWHUQDGHHOORV(OVROTXHHOORVYHQ\DQREDMDUiPiVQL
VDOGUiODOXQDTXHHOORVYHQSRUTXHOD/H\VHUiSDUDHOORVXQDOX]HWHUQD\ORV
GtDVGHVXODPHQWRVHDFDEDUiQ

<RPHUHJRFLMRPXFKRHQOD/H\6DQWD\PLHVStULWXVHJR]DUiHQORViQJHOHV
SRUTXHHOORVVHYLVWLHURQFRQURSDMHVGH/X]HOORVPHFXEULHURQFRQW~QLFDVGH
M~ELOR

$VLFRPRODWLHUUDGDVXVFDSXOORVDVLFRPRHOMDUGtQKDFHTXHEURWHQVXV
VHPLOODVDVtHO3DGUH&HOHVWLDOKDUiTXHOD/H\6DQWDEURWHFRQDOHJUtD\M~ELOR
DQWHWRGRVORV+LMRVGHOD/X]

(QHO-DUGtQGHOD+HUPDQGDGWRGDODWLHUUDEULOODFRQVDQWLGDG\M~ELOR
DEXQGDQWHSRUTXHHQHOODVHVWiQVHPEUDGDVODVVHPLOODVGHOD/H\6DQWD/D
/H\SDUDORV+LMRVGHOD/X]HVHOPHMRUGHORVELHQHV

(OODOHVGDEULOOR\JORULD\VDOXG\IRUWDOH]DSDUDHOFXHUSRHOODOHVGDXQDODUJD
YLGDHQFRPXQLyQFRQORViQJHOHV\JR]RHWHUQRHLQILQLWR

&DQWDUHPRVDO3DGUH&HOHVWLDO\DOD0DGUH7LHUUD\DWRGRVORViQJHOHV
GXUDQWHHOWLHPRTXHYLYDPRVHQHO-DUGtQGHOD+HUPDQGDGFDQWDUHPRV
DODEDQ]DVDOD/H\6DQWDSRUVLHPSUH\VLHPSUH

/$0$'5(7,(55$

+RQUDDWX0DGUH7LHUUDSDUDTXHWXYLGDVHDODUJDVREUHODWLHUUD

7X0DGUH7LHUUDHVWiHQWL\WXHQ(OODSRU(OODQDFLVWH(OODWHGDODYLGD(OOD
IXHODTXHWHGLyWXFXHUSR\D(OODKDEUiVGHGHYROYpUVHORDOJ~QGtD

)HOt]GHWtTXHOOHJDVWHDFRQRFHUOD\DFRQRFHUVX5HLQR6LUHFLEHVORViQJHOHV
GHWX0DGUH\VLFXPSOHVODV/H\HVGH(OOD\VLKDFHVHVWDVFRVDVQXQFD
HQIHUPDUiV
62

3RUTXHHOSRGHUGHQXHVWUD0DGUH7LHUUDHVWiVREUHWRGR(OODWLHQHUHJHQFLD
VREUHORVFXHUSRVGHWRGRVORVKRPEUHV\GHWRGDVODVFRVDVYLYLHQWHV

/DVDQJUHTXHFLUFXODHQQRVRWURVQDFHGHODVDQJUHGHQXHVWUD0DGUH7LHUUD
VXVDQJUHPXUPXUDHQORVDUUR\RVGHODVPRQWDxDVIOX\HFRQDPSOLWXGHQORV
UtRVTXHSDVDQSRUODVOODQXUDVGXHUPHHQORVODJRVVHHQIXUHFHWHUULEOHPHQWH
HQORVPDUHVWHPSHVWXRVRV

(ODLUHTXHUHVSLUDPRVQDFHGHODOLHQWRGHQXHVWUD0DGUH7LHUUD6XDOLHQWRHV
HOD]XOGHODVDOWXUDVFHOHVWHVVXVXUUDHQODVFXPEUHVGHODVPRQWDxDV
PXUPXUDHQODVKRMDVGHODVHOYDFUHFHVREUHORVFDPSRVGHFHUHDOGRUPLWDHQ
ORVYDOOHVSURIXQGRVDUGH\VHFDOLHQWDHQHOGHVLHUWR

/DGXUH]DGHQXHVWURVKXHVRVSURFHGHGHORVKXHVRVGHQXHVWUD0DGUH7LHUUD
GHODVURFDV\GHODVSLHGUDVHOODVSHUPDQHFHQGHVQXGDVDQWHORVFLHORV\VREUH
ODVFXPEUHVGHODVPRQWDxDVHOODVVRQFRPRJLJDQWHVTXHUHSRVDQGXUPLHQGR
HQODVODGHUDVGHODVPRQWDxDVVRQFRPRtGRORVSXHVWRVHQHOGHVLHUWR\
WDPELpQHVWiQHQODVSURIXQGLGDGHVGHODWLHUUD

/DVXDYLGDGGHQXHVWUDFDUQHSURFHGHGHODFDUQHGHQXHVWUD0DGUH7LHUUD
FX\DFDUQHVHYXHOYHDPDULOOD\URMDHQODVIUXWDVGHORViUEROHV\QRVFUtDHQ
ORVVXUFRVGHORVFDPSRV

/DOX]GHQXHVWURVRMRVODDXGLFLyQGHQXHVWURVRLGRVDPERVWLHQHQVXRULJHQ
HQORVFRORUHV\VRQLGRVGHQXHVWUD0DGUH7LHUUDTXHQRVFLUFXQGDQFRPRODV
RODVGHOPDUURGHDQDORVSHFHV\FRPRORVWRUEHOOLQRVGHODLUHHQYXHOYHQDODV
DYHV

(OKRPEUHHVHOKLMRGHOD0DGUH7LHUUD\HOHO+LMRGHO+RPEUHUHFLELyVX
FXHUSRHQWHURGH(OODDVtFRPRHOFXHUSRGHXQQLxRUHFLpQQDFLGRVDOHGHO
YLHQWUHGHVXPDGUHDVLWDPELpQWXHUHVXQRFRQWX0DGUH7LHUUD(OODHVWiHQ
WL\WXHQ(OODGH(OODQDFLVWHHQ(OODYLYHV\D(OODUHJUHVDUiVGHQXHYR

3RUHVRJXDUGDVXV/H\HVSRUTXHQDGLHSXHGHYLYLUODUJRWLHPSRQLVHUIHOt]D
PHQRVTXHKRQUHDVX0DGUH7LHUUD\FXPSODVXV/H\HV

3RUTXHWXDOLHQWRHVVXDOLHQWRWXVDQJUHHVVXVDQJUHWXVKXHVRVVRQVXV
KXHVRVWXFDUQHVXFDUQHWXVRMRV\RLGRVVRQVXVRMRV\RLGRV£/D0DGUH
7LHUUD

6LHPSUHHVWDPRVURGHDGRVSRU(OODVLHPSUHQRVFLUFXQGDVXEHOOH]DQXQFD
SRGHPRVVHSDUDUQRVGH(OODQXQFDSRGHPRVFRQRFHUVXVSURIXQGLGDGHV
SRUTXH(OODHVODTXHHVWiVLHPSUHFUHDQGRQXHYDVIRUPDVORTXHH[LVWHQXQFD
DQWHVH[LVWLyORTXHH[LVWLyQRUHJUHVDGHQXHYR(QVXUHLQRWRGRHVVLHPSUH
QXHYR\VLHPSUHYLHMRYLYLPRVHQVXPHGLR\VLQHPEDUJRQRODFRQRFHPRV(OOD
QRVKDEODFRQWLQXDPHQWH\D~QDVtQXQFDQRVUHYHODVXVVHFUHWRV
63

6LHPSUHVHPEUDPRVHQHOVXHOR\UHFRJHPRVVXVFRVHFKDVSHURQRWHQHPRV
SRGHUVREUH(OOD(OODFRQWLQXDPHQWHHVWiFRQVWUX\HQGR\FRQWLQXDPHQWHHVWi
GHVWUX\HQGR\HOOXJDUGRQGH(OODODERUDHVWiRFXOWRDORVRMRVGHORVKRPEUHV

(/$1*(/'(/325'(5

7XHUDVHOSRGHURK3DGUH&HOHVWLDOFXDQGRRUGHQDVWHXQ

6HQGHURSDUDFDGDXQRGHQRVRWURV\DODYH]SDUDWRGRV

¢4XpHVODDFFLyQELHQKHFKD"(VODTXHKDFHQORV+LMRVGHOD/X]TXLHQHV
FXPSOHQOD/H\DQWHVTXHWRGDVODVRWUDVFRVDV3RUHVR\RWHSLGRHOPHMRUGH
WRGRVORVGRQHVRK3DGUH&HOHVWLDOSXHV7XHUHVHOPiVSHUIHFWRGHWRGRVORV
VHUHV

4XHOD/H\6DQWDJRELHUQHGHQWURGHQRVRWURVDWUDYpVGH7XiQJHOGHO3RGHU
<RSRQJRFHUFDGH7LPLVLQYRFDFLRQHVSDUDTXH7XVJUDQGHVGRQHVGH3RGHU
SURWHMDQ7X2UGHQ&HOHVWLDO\SDUDTXH7XPHQWHFUHDWLYDHVWpGHQWURGH
QRVRWURVSRUVLHPSUH

7HHQVDO]DPRV3DGUH&HOHVWLDORK5H\3RGHURVR\EHQGHFLPRV7XSRGHUSRU
VLHPSUH\VLHPSUHPLHQWUDVVHDPRVDSWRV\SRGDPRVWHQHUHOSRGHU\PLHQWUDV
TXHOHHQVHxHPRVDOSXHEORODVFRVDVTXHGHEHQKDFHUWHQLHQGRIHHQHO3DGUH
&HOHVWLDOHQOD0DGUH7LHUUDHQORVVDQWRViQJHOHV\HQWRGRVORV+LMRVGHOD
/X]TXLHQHVVLHPEUDQHQHOVXHORGHOMDUGtQGHOD+HUPDQGDGVLQWLHQGRHO
GHVHRGHOD2UGHQ&HOHVWLDOHQVXVHVStULWXV\HQVXVFXHUSRV

7X\RHUDHO3RGHURK3DGUH&HOHVWLDOVLRK&UHDGRUGHO$PRUD7L
SHUWHQHFtDQHOHQWHQGLPLHQWR\HOHVStULWXFXDQGRRUGHQDVWHXQVHQGHURSDUD
FDGDXQRGHQRVRWURV\DODYH]SDUDWRGRV

3RU7X3RGHULUHPRVKDVWDODJHQWH\OHHQVHxDUHPRVGLFLHQGRFRQILDGHQOD
/H\\FDPLQDGSRUORVFDPLQRVGHORVVDQWRViQJHOHVDVtYLYLUHLVHQOD7LHUUD\
FLHUWDPHQWHVHUHLVDOLPHQWDGRVGHVGHODPHVDGRQGHHVWiHOIHVWtQGHOD0DGUH
7LHUUD

'HOHLWDRVWDPELpQHQHO3RGHUGHO3DGUH&HOHVWLDO\(ORVFRQFHGHUiORVGHVHRV
GHYXHVWURFRUD]yQ

4XHODDUURJDQFLDQRVDOJDGHYXHVWUDERFDSRUTXHHO3DGUH&HOHVWLDOJRELHUQD
PHGLDQWHOD/H\6DQWD\(OSHVDODVDFFLRQHV(OHVHOTXHKDFHEDMDUDODWXPED
\HOTXHUHVFDWDGHHOOD

(OSRGHUGHOD/H\SXHGHWUDHUODSREUH]DRGDUODULTXH]D6XSRGHUSXHGH
FDXVDUODFDLGDRSURPRYHUHODVFHQVR
64

(OSRGHUGHOD/H\OHYDQWDDOSREUHGHVGHHOSROYR\VDFDDOPHQGLJRGHO
HVWHUFROHUR\ORVKDFHKHUHGHURVGHO7URQRGHOD*ORULD

'HVGHDIXHUDGHORVFLHORV(OKDFHFDHUWUXHQRVVREUHORVKLMRVGHODVWLQLHEODV
(O6HxRUMX]JDUiFRQ6XSRGHUORVFRQILQHVGHOD7LHUUD(OHVFXFKDODVYRFHVGH
ORVKHUPDQRVTXHFODPDQGHVGHHOGHVLHUWRHVWpULO

3UHSDUDRVSDUDHOFDPLQRGHOD/H\KDFHGTXHVHDQUHFWRVORVFDPLQRVGHO
3DGUH&HOHVWLDOORVGHOD0DGUH7LHUUD\ORVGHWRGRVORVVDQWRViQJHOHVGHO'tD
\GHOD1RFKH

7RGRYDOOHVHUiOOHQDGR\WRGDPRQWDxD\FROLQDVHUiQSXHVWRVDEDMR\ORTXH
HVWiWRUFLGRVHUiHQGHUH]DGR\ORVFDPLQRVHVFDEURVRVVHYROYHUiQVXDYHV\
WRGDFDUQHYHUiHO3RGHUGHOD/H\7HHQVDO]DPRV3DGUH&HOHVWLDOSRUTXHQRV
KDVOHYDQWDGR2KVHxRUTXHHUHVQXHVWUR3DGUH7RGRSRGHURVR7XQRVVDQDVWH
FXDQGR7HLQYRFDPRV

+DVOLEUDGRGHODWXPEDORVHVStULWXVGHODJHQWH\ORVPDQWLHQHVFRQYLGDSDUD
TXHQRGHVFLHQGDQDODVHSXOWXUD2K3DGUH&HOHVWLDO7XHUHVOD/H\WDUGHR
WHPSUDQRKHPRVGHEXVFDUD7XViQJHOHV1XHVWURVHVStULWXVWLHQHQVHGGH7L
QXHVWUDFDUQHVXVSLUDSRUOD/H\

/D/H\HVXQUtRGHVDQWR3RGHUHQXQDWLHUUDVHFD\VHGLHQWDGRQGHQRKD\
DJXD1XHVWURVODELRVDODEDUiQ7X3RGHUPLHQWUDVHVWHPRVYLYRVOHYDQWDUHPRV
QXHVWUDVPDQRVHQ7XQRPEUH

3UHVHUYDUHPRV\SURPRYHUHPRV7X2UGHQ&HOHVWLDOPHGLDQWHHOFXPSOLPLHQWR
GHORVKHFKRV,QYRFDUHPRV\SURQXQFLDUHPRV7XVDQWR3RGHUGHGtD\GHQRFKH
\DTXHOVDQWR3RGHUYHQGUiDD\XGDUQRV<VHUiFRPRVLKXELHUHPLOiQJHOHV
SURWHJLHQGRDXQVRORKRPEUH

$7L3DGUH&HOHVWLDOSHUWHQHFHWRGRHO3RGHU\WDPELpQ7HSHUWHQHFHOD
0LVHULFRUGLD3RUTXHOD/H\UHFRPSHQVDDWRGRKRPEUHGHDFXHUGRFRQVXV
REUDV

(/$1*(/'($025

(O$PRUHVPiVIXHUWHTXHODVFRUULHQWHVGHDJXDVSURIXQGDV

(O$PRUHVPiVIXHUWHTXHODPXHUWH

2KELHQDPDGRDPpPRQRVORVXQRVDORVRWURV3RUTXHHODPRUSHUWHQHFHDO
3DGUH&HOHVWLDO\WRGRHOTXHDPDQDFHGHO3DGUH&HOHVWLDO\GHOD0DGUH7LHUUD
\FRQRFHDORViQJHOHV
65

$PDRVORVXQRVDORVRWURVDVLFRPRHO3DGUH&HOHVWLDORVKDDPDGR3RUTXHHO
3DGUH&HOHVWLDOHV$PRU

<HOTXHYLYHHQHO$PRUYLYHHQHO3DGUH&HOHVWLDO\HO3DGUH&HOHVWLDOYLYHHQ
pO<HOTXH/RDPDTXHVHDFRPRHOVROFXDQGRVDOHFRQVXSRGHU

+HUPDQRVVHGWRGRVXQiQLPHVDOWHQHULQILQLWR$PRU\FRPSDVLyQHOXQRKDFLD
HORWUR1RWRPHLVYHQJDQ]DQLWHQJDLVUHQFRUFRQWUDORVKLMRVGHYXHVWUR
SXHEORVLQRTXHDPDGDWXSUyMLPRFRPRDWLPLVPR

6LXQKRPEUHGLFH<RDPRDO3DGUH&HOHVWLDOSHURRGLRDPLKHUPDQRHVHHV
XQPHQWLURVRSRUTXHHOTXHQRDPDDVXKHUPDQRDTXLHQSXHGHYHU¢FyPR
SXHGHDPDUDO3DGUH&HOHVWLDOD4XLHQQRKDYLVWR"

(OTXHDPDDO3DGUH&HOHVWLDOWDPELpQDPDDVXKHUPDQR$PDGWDPELpQDO
IRUDVWHURSRUTXHYRVRWURVIXLVWHLVH[WUDJHURVHQODWLHUUDGH(JLSWR

'RQGHKD\$PRUHVPHMRUXQDFRPLGDGHKLHUEDVTXHXQDUHVDVDGDHQXQ
DPELHQWHGHRGLR

/DVSDODEUDVDPDEOHVVRQFRPRODPLHOGXOFHVSDUDHOHVStULWX\VDOXGDEOHV
SDUDORVKXHVRV/DVSDODEUDVHQODERFDGHXQKRPEUHVRQFRPRODVDJXDV
SURIXQGDV\HOPDQDQWLDOGHO$PRUHVFRPRXQDUUR\RTXHIOX\H

/RTXHOD/H\H[LJHGHWLHVWXMXVWLFLD\WX$PRUDODPLVHULFRUGLD\TXH
FDPLQHVFRQKXPLOGDGDOODGRGHORViQJHOHV&RQpVWRVDEHPRVTXHHO$QJHO
GHO$PRUKDELWDHQQRVRWURVFXDQGRDPDPRVDO3DGUH&HOHVWLDO\FXPSOLPRV6X
/H\

2K$PRUSULPRURVRRK&UHDGRUGHO$PRUGLQRVSDODEUDVGLFKRVDVSRUPHGLRGH
7XPHQWHGLYLQDTXHYLYHGHQWURGHQRVRWURV

'HFLGOHDORV+LMRVGHOD/X]TXHFXOWLYHQHOVXHORGHO-DUGtQGHOD+HUPDQGDG

5HVSHWDGDWRGRVORVKRPEUHVDPDGODKHUPDQGDGKXPDQDREHGHFHGOD/H\

(/$1*(/'(/$6$%,'85,$

6HJXLUDO6HxRUHVHOSULQFLSLRGHODVDELGXUtD\FRQRFHU

D$TXHOTXHHV6DQWRHVHQWHQGLPLHQWRSRUTXH(O

PXOWLSOLFDUiWXVGtDV\DXPHQWDUiORVDxRVGHWXYLGD

7RGDVDELGXUtDSURFHGHGHO3DGUH&HOHVWLDO\SHUPDQHFHSRUVLHPSUHFRQ(O(O
$QJHOGHOD6DELGXUtDJXtDDORV+LMRVGHOD/X]SRUPHGLRGHOD/H\6DQWD
66

¢4XLpQSXHGHFRQWDUODVDUHQDVGHOPDUODVJRWDVGHODOOXYLD\ORVGtDVGHOD
HWHUQLGDG"

¢4XLpQSXHGHVDEHUODDOWXUDGHORVFLHORVODDQFKXUDGHOD7LHUUD"¢4XLpQ
FRQRFHODVSURIXQGLGDGHV\TXLpQOD6DELGXUtD"

/D6DELGXUtDIXHFUHDGDDQWHVTXHWRGDVODVFRVDV8QRSXHGHFXUDUFRQOD
ERQGDGFRQODMXVWLFLDFRQODVKLHUEDV\FRQODSDODEUDGH6DELGXUtD

(QWUHWRGRVORVUHPHGLRVHVpVWHHOTXHYHUGDGHUDPHQWHVDQDHOTXHDOLYLDFRQ
ODSDODEUDVDELDpVWDHVODTXHPHMRUGHVWHUUDUiODHQIHUPHGDGGHORVFXHUSRV
GHORVILHOHVSRUTXHOD6DELGXUtDHVHOPHMRUGHWRGRVORVUHPHGLRV

6HJXLUOD/H\6DQWDHVODFRURQDGHOD6DELGXUtDKDFLHQGRTXHIORUH]FDQOD3D]
\ODVDOXGSHUIHFWDVSXHVHVWDVGRVVRQORVGRQHVGHORViQJHOHV

&DPLQDUHPRVFHUFDGH7LRK3DGUH&HOHVWLDOFRQODD\XGDGH7X$QJHOGHOD
6DELGXUtD4XLHQQRVJXtDSRUPHGLRGH7X2UGHQ&HOHVWLDO\FRQODVDFFLRQHV\
ODVSDODEUDVLQVSLUDGDVSRU7X6DELGXUtDGLYLQD

3DGUH&HOHVWLDOYHQDQRVRWURVFRQ7XPHQWHFUHDWLYD\7X4XLHQFRQFHGHVORV
GRQHVSRU7X2UGHQ&HOHVWLDOFRQFpGHQRVWDPELpQHOGRQGHOD6DELGXUtD
(WHUQDDORV+LMRVGHOD/X]SDUDTXHHVWDYLGDSXHGDVHUXWLOL]DGDSDUDHO
VDQWRVHUYLFLRHQHO-DUGtQGHOD+HUPDQGDG

(QHO5HLQRGH7XEXHQDYROXQWDG\\DHQFDUQDGDHQQXHVWUDVPHQWHVIOX\HHO
VHQGHURGHOD6DELGXUtDGHVGH7X2UGHQ&HOHVWLDOGRQGHKDELWDHO$UERO
VDJUDGRGHOD9LGD

¢'HTXpPDQHUDVHPDQILHVWD7X/H\RK3DGUH&HOHVWLDO"

(O3DGUH&HOHVWLDOUHVSRQGHSRUWXVEXHQRVSHQVDPLHQWRVHQXQLGDGSHUIHFWD
FRQOD6DELGXUtDRK+LMRVGHOD/X]

¢4XpHVODSDODEUDELHQGLFKD"(VODEHQGLFLyQTXHQRVRWRUJDODSDODEUDGH
6DELGXUtD

¢4XpHVHOSHQVDPLHQWRELHQSHQVDGR"(VORTXHSLHQVDHO+LMRGHOD/X]TXLHQ
PDQWLHQHSHQVDPLHQWRVGHVDQWLGDGSRUVHUODPiVYDOLRVDGHWRGDVODVFRVDV

$VtFUHFHUiHO+LMRGHOD/X]HQFRQFHQWUDFLyQ\FRPXQLyQSDUDSRGHU
GHVFXEULUOD6DELGXUtD\DVtFRQWLQXDUiKDVWDTXHOHVHDQUHYHODGRVWRGRVORV
PLVWHULRVGHO-DUGtQ,QILQLWRGRQGHHVWiHO$UEROGHOD9LGD

(QWRQFHVpOGLUiHVWDVSDODEUDVYLFWRULRVDV2K3DGUH&HOHVWLDODVtJQDPHPL
WDUHDSDUDFRQVWUXLU7X5HLQRHQOD7LHUUDDWUDYpVGHORVEXHQRV
67

SHQVDPLHQWRVGHODVSDODEUDVERQGDGRVDV\GHODVEXHQDVDFFLRQHVTXHSDUDHO
+LMRGHOD/X]VHUiQHOGRQPiVSUHFLDGR

2K7X2UGHQ&HOHVWLDO\7X0HQWH8QLYHUVDO7HDGRUDUp\DGRUDUpDO3DGUH
&HOHVWLDOSRUTXHSRUFDXVDGH(OODPHQWDFUHDGRUDTXHHVWiGHQWURGH
QRVRWURVKDFHSRUJUHVDUHO5HLQRLQGHVWUXFWLEOH

6DELGXUtDGLYLQDKD]TXHWRGRVORVKRPEUHVVHDQOLEUHVGHOWHPRU\VHDQ
DPSOLRVGHFRUD]yQ\IiFLOHVGHFRQFLHQFLD

6DELGXUtDGLYLQDHOHQWHQGLPLHQWRTXHHVWiVLHQGRUHYHODGRHWHUQDPHQWH
FRQWLQXDPHQWH\VLQILQQRVHDGTXLHUHSRUPHGLRGHODV6DJUDGDV(VFULWXUDV

(VWDHVODLJQRUDQFLDTXHDUUXLQDDODPD\RUtDGHODJHQWHWDQWRDORVTXHKDQ
PXHUWRFRPRDORVTXHPRULUiQ

&XDQGRODLJQRUDQFLDVHDVXVWLWXtGDSRUOD6DELGXUtDGLYLQDHQWRQFHVODGXO]XUD
\ODIHUWLOLGDGUHJUHVDUiQDQXHVWUD7LHUUD\DQXHVWURVFDPSRVFRQVDOXG\
FXUDFLyQFRQSOHQLWXG\DEXQGDQFLD\FRQJUDQFDQWLGDGGHFHUHDO\SDVWR\
ORVUtRVGHOD3D]IOXLUiQDWUDYpVGHOGHVLHUWR

(/$1*(/'(/$9,'$(7(51$

<(QRFKFDPLQyFRQ'LRV\(O\DQRHVWXYRPiV

SRUTXH'LRVVHOROOHYy

6REUHOD7LHUUDQRKXERXQKRPEUHFUHDGRFRPRORIXH(QRFKSRUTXH(OIXH
OOHYDGRGHOD7LHUUD

(OHUDFRPRODHVWUHOODGHODPDxDQDHQPHGLRGHXQDQXEH\FRPRODOXQDHQ
VXSOHQLWXGHUD(OFRPRHOVROEULOODQGRVREUHHO7HPSORGHO$OWtVLPRFRPRHO
DUFRLULVGDQGROX]HQODVQXEHVUHVSODQGHFLHQWHVFRPRODIORUGHODVURVDVHQ
ODSULPDYHUD\FRPRODVUDPDVGHOiUEROGHLQFLHQVRGXUDQWHHOYHUDQR\FRPR
XQKHUPRVRROLYRGDQGRVXIUXWR\HUDFRPRXQFLSUpVTXHFUHFHKDVWDODV
QXEHV

(OSULPHUVHJXLGRUGHOD/H\IXH(QRFK\(OIXHHOSULPHUVDQDGRUHOSULPHU
VDELRHOSULPHUKRPEUHIHOt]JORULRVR\IXHUWHTXLHQH[SXOVyODV
HQIHUPHGDGHV\GHVWHUUyODPXHUWH

(OREWXYRXQDFDQWLGDGGHUHPHGLRVSDUDFRPEDWLUODVHQIHUPHGDGHV\
UHFKD]DUODPXHUWHSDUDFXUDUHOGRORU\TXLWDUODILHEUHSDUDGHVWHUUDUHOPDO
\ODLQIHFFLyQTXHHOROYLGRGHOD/H\KDWUDLGRFRQWUDORVFXHUSRVGHORV
PRUWDOHV
68
,QYRFDPRVD(QRFKHO0DHVWURGHODYLGDHOIXQGDGRUGHQXHVWUD+HUPDQGDG
HOKRPEUHGHOD/H\HOPiVVDELRGHWRGRVORVVHUHVHOPiVSRGHURVRGHWRGRV
HOPiVEULOODQWHGHWRGRVHOPiVJORULRVRGHWRGRVHOPiVGLJQRGHVHU
LQYRFDGRHQWUHWRGRVORVVHUHVHOSULPHURTXHPHGLWyVREUHORTXHHVHOELHQ
HOSULPHURTXHKDEOyVREUHORTXHHVHOELHQHOSULPHURTXHKL]RORTXHHV
EXHQR

(OIXHHOSULPHUVDFHUGRWHHOSULPHUODEUDGRUGHODWLHUUDHOSULPHURTXH
FRQRFLy\HQVHxyOD3DODEUD\ODREHGLHQFLDDOD/H\6DQWD

$WRGRVORV+LMRVGHOD/X]OHVGLyWRGDVODVFRVDVEXHQDVGHODYLGD(OIXHHO
SULPHURTXHWUDMROD/H\

/DVSDODEUDVGHOSDWULDUFD(QRFKTXHGDURQHVFULWDVRIUHFHPRVVDFULILFLRVDO
&UHDGRUDO3DGUH&HOHVWLDO\DORViQJHOHVOXPLQRVRV\OOHQRVGHJORULD

2IUHFHPRVVDFULILFLRVDORVFLHORVHVSOHGRURVRVDOD6DELGXUtDOXPLQRVDOOHQDGH
IHOLFLGDG\ELHQDYHQWXUDQ]DTXHSHUWHQHFHDORVVDQWRViQJHOHVGHODHWHUQLGDG

&RQFpGHQRV3DGUH&HOHVWLDOHOGHVHR\HOFRQRFLPLHQWRGHOVHQGHURGHUHFWLWXG
ODUHFWLWXGGHO2UGHQGHOD9LGDFHOHVWLDOODYLGDYHQWXURVDGHORViQJHOHV
OOHQRVGH/X]\GHWRGDJORULD

$VtFRPRODVDOXGHVH[FHOHQWHDVtWDPELpQORHVODYLGDHWHUQDSXHVDPEDV
IOX\HQGHO2UGHQ&HOHVWLDO

(OTXHSUDFWLFDODERQGDGHQVXPHQWH\FRQVXVDFFLRQHVHQODYLGDHMHUFHOD
GHYRFLyQKDFLDHO&UHDGRUGHOD9LGDHWHUQD

2IUHFHPRVVDFULILFLRVDORVFLHORVVXSHULRUHVDOWLHPSRLOLPLWDGRDORFpDQR
LQILQLWRGH9LGDHWHUQDLQYRFDPRVOD/H\JORULRVDLQYRFDPRVDO5HLQRGHORV
FLHORVDOWLHPSRLOLPLWDGR\DORViQJHOHVLQYRFDPRVOD/H\6DQWD\HWHUQD

1RVRWURVVHJXLPRVORVVHQGHURVGHODVHVWUHOODVODOXQDHOVRO\VX/X]LQILQLWD
PRYLpQGRVHHQVXyUELWDFLUFXODU

<FRQYHUDFLGDGGHSHQVDPLHQWRSODEUD\REUDHOHVtULWXGHOKRPEUHMXVWRVH
FRORFDUiHQOD/X]LQILQLWDGHOD9LGDHWHUQD

(O3DGUH&HOHVWLDOPHSRVH\yGHVGHHOFRPLHQ]RGH6XVHQGD\GHODQWHGH6XV
REUDV\DDQWLTXtVLPDV\RIXLHUHJLGRGHVGHODHWHUQLGDGGHVGHHOFRPLHQ]R
FXDQGROD7LHUUDD~QQRHVWDED&XDQGRD~QQRKDEtDDELVPRV\RIXLFUHDGR\
(OWRGDYtDQRKDEtDKHFKROD7LHUUDQLORVFDPSRVQLHOFRPLHQ]RGHOSROYRGHO
PXQGR&XDQGR(OHVWDEOHFLyORVFLHORV\RHVWDEDDOOt
69

&XDQGR(OSXVRXQFtUFXORVREUHODID]GHODELVPRFXDQGR(ODILUPyORVFLHORV
FXDQGRVHHQGXUHFLHURQORVFLPLHQWRVGHODELVPRFXDQGR(OOHSXVROtPLWHDO
PDUSDUDTXHODVDJXDVQRWUDVJUHGLHUDQ6X/H\FXDQGR(OHVWDEOHFLyORV
IXQGDPHQWRVGHOD7LHUUDHQWRQFHV\RHVWDEDHQ(OFRPRXQPDHVWUR\DUWtILFH
\\RHUDGLDULDPHQWH6XGHOHLWHDOHJUiQGRPHVLHPSUHGHODQWHGH(O
FRPSODFLpQGRPHVLHPSUHHQ6X7LHUUDKDELDWDG\PLDOHJUtDHVWDEDHQORV+LMRV
GHORV+RPEUHV

3RUTXHHO3DGUH&HOHVWLDOUHLQDSRUWRGDODHWHUQLGDG\HVWiYHVWLGRFRQ
PDMHVWDG\IRUWDOH]D£(OH[LVWHGHVGHVLHPSUH/RVPDUHVVHKDQVXELGRRK
6HxRUORVPDUHVKDQOHYDQWDGRVXYR]ORVPDUHVKDQOHYDQWDGRVXVRODVHO
3DGUH&HOHVWLDOTXHHVWiHQORDOWRHVPiVSRGHURVRTXHHOUXLGRGHPXFKDV
DJXDVVLPiVSRGHURVRTXHODVWHUULEOHVRODVGHOPDU6XQRPEUHGXUDUiSRU
VLHPSUH6XQRPEUHVHUiWDQH[WHQVRFRPRODHWHUQLGDG\WRGRVORV+LMRVGHOD
/X]VHUiQEHQGLWRVHQ(O\WRGRVORVKRPEUHV/REHQGHFLUiQ

4XHOD7LHUUDHQWHUDVHOOHQHFRQODJORULDGHO3DGUH&HOHVWLDOGHOD0DGUH
7LHUUD\GHWRGRVORViQJHOHV

+HDOFDQ]DGRODYLVLyQLQWHUQD\SRU7XHVStULWXTXHHVWiHQPtHVFXFKp7X
VHFUHWRPDUDYLOORVR

3RU7XVHQWLGRPtVWLFRKDVKHFKRTXHIOX\DGHQWURGHPtXQPDQDQWLDOGH
FRQRFLPLHQWRXQDIXHQWHGHSRGHUYHUWLHQGRODVDJXDVGHYLGDXQIOXMRGH
$PRU\6DELGXUtDTXHWRGRORDEDUFDFRPRHOEULOORGHOD/X]HWHUQD

(/$1*(/'(/75$%$-2

¢4XLpQKDPHGLGRODVDJXDVHQODVFXHQFDVGH6XPDQR"

¢<KDGLVWULEXtGRORVFLHORVFRQXQSDOPR"

¢<HQFHUUDGRHOSROYRGHOD7LHUUDHQXQDYDVLMD"

¢<SHVDGRODVPRQWDxDVHQODEDODQ]D"

¢<WDPELpQDODVFROLQDVKDSHVDGR"

(OVROVDOH\ORVKHUPDQRVVHOHYDQWDQSDUDLUDVXVWUDEDMRVHQORVFDPSRVFRQ
HVSDOGDVIXHUWHV\FRUD]RQHVDOHJUHVHOORVYDQDWUDEDMDUHQHO-DUGtQGHOD
+HUPDQGDG

(OORVVRQORVREUHURVGHOELHQSRUTXHHOORVWUDEDMDQFRQODERQGDGGHO3DGUH
&HOHVWLDO
70

(OORVVRQHOHVStULWXODFRQFLHQFLD\HOHVStULWXGHDTXHOORVTXHHQVHxDQOD/H\\
OXFKDQSRUHOOD

&RQHOEUD]RGHUHFKR\HOL]TXLHUGRHOORVFXOWLYDQHOVXHOR\HOGHVLHUWREURWD
HQFRORUHVGRUDGR\YHUGH

&RQHOEUD]RGHUHFKR\HOL]TXLHUGRHOORVFRORFDQODVSLHGUDVTXHFRQVWUXLUiQ
HQOD7LHUUDHO5HLQRGHORV&LHORV

(OORVVRQORVPHQVDMHURVGHO$QJHOGHO7UDEDMROD/H\6DQWDHVWiUHYHODGDHQ
HOORV2K3DGUH&HOHVWLDOFXiQP~OWLSOHVVRQ7XVREUDV$WRGDVKDVKHFKRFRQ
7X6DELGXUtDOD7LHUUDHVWiOOHQDGH7XVULTXH]DV7XKLFLVWHTXHEURWDUDQODV
IXHQWHVGHDJXDHQORVYDOOHV\pVWDVFRUUHQHQWUHODVFROLQDV7XOHGDVGH
EHEHUDWRGDVODVEHVWLDVGHOFDPSR\KDFHVTXHODKLHUEDFUH]FDSDUDHO
JDQDGR

7XSODQWDVWHHQVXVLWLRORViUEROHVJLJDQWHVFRVSDUDTXHORVSiMDURVGHOFLHOR
SXGLHVHQWHQHUHQHOORVVXKDELWDFLyQ\YRODUVXDYHPHQWHHQWUHVXVUDPDV

7XGDVODVOHJXPEUHVSDUDTXHpVWDVEHQHILFLHQDOKRPEUH\SDUDTXHpOSXHGD
REWHQHUDOLPHQWRGHODWLHUUD

7RGDV7XVGiGLYDVSURGXFHQIUXWRHQODVPDQRVGHORVKHUPDQRVSRUTXHHOORV
HVWiQFRQVWUX\HQGRVREUHODWLHUUDHO5HLQRGHORV&LHORV$EUHV7XVPDQRV\
HOORVVHOOHQDQGHELHQHVWDU([KDODVWH7XHVStULWX\HOORVIXHURQFUHDGRV\HQ
FRPSDxtDFRQORVVDQWRViQJHOHVUHQRYDUiQODID]GHODWLHUUD

2K3DGUH&HOHVWLDO7XTXLHQHUHVODYHUGDGHUDXQLGDGGLOHDORV+LMRVGHOD
/X]FXiOHVHOSULPHUOXJDUGRQGHODWLHUUDVLHQWHJUDQM~ELOR

(O3DGUH&HOHVWLDOUHVSRQGH\GLFH(VHOOXJDUSRUGRQGHFDPLQDXQRGHORV
KHUPDQRVTXHVLJXHQOD/H\6DQWDOOHYDQGRVXVEXHQRVSHQVDPLHQWRVVXV
SDODEUDVERQGDGRVDV\VXVEXHQDVDFFLRQHV<FX\DHVSDOGDHVIXHUWHSDUDHO
VHUYLFLRFX\DVPDQRVQRSHUPDQHFHQRFLRVDV\TXHOHYDQWDVXYR]HQWRWDO
DUPRQtDFRQOD/H\

(VVDQWRHOOXJDUGRQGHXQRGHORVKHUPDQRVVLHPEUDODPD\RUSDUWHGHFHUHDO
KLHUED\IUXWRV

(VVDQWRHOOXJDUGRQGH(OPRMDHOVXHORTXHHVWiVHFRRGRQGH(OVHFDHOOXJDU
TXHHVWiGHPDVLDGRK~PHGR

3RUTXHOD7LHUUDKDVLGRHQWUHJDGDDODFXVWRGLDGHORV+LMRVGHOD/X]SDUD
TXHODYDORUHQ\ODJXDUGHQFRQFXLGDGR\WUDLJDQGHVXVSURIXQGLGDGHVVROR
DTXHOORTXHVLUYHSDUDDOLPHQWDUHOFXHUSR
71
%HQGLWRVVRQORV+LMRVGHOD/X]SRUTXHVXDOHJUtDHVWiHQWUDEDMDUGHDFXHUGR
FRQOD/H\SRUTXHGXUDQWHHOGtDWUDEDMDQHQHO-DUGtQGHODKHUPDQGDG\HQOD
QRFKHVHUHXQHQFRQORViQJHOHVGHO3DGUH&HOHVWLDO

'HVXVODELRVVHHVFXFKDXQDKLVWRULDTXHVLUYHFRPRHQVHxDQ]DDORV+LMRVGH
ORV+RPEUHV

6HGLFHTXHORViUEROHVVDOLHURQXQDYH]SDUDXQJLUXQUH\TXHJREHUQDVHHQWUH
HOORV\OHGLMHURQDOROLYRUHLQDWXVREUHQRVRWURV3HURHOROLYROHVGLMR¢GHER
DEDQGRQDUHODFHLWHFRQHOFXDOKRQURD'LRV\DORVKRPEUHVSDUDVHU
DVFHQGLGRVREUHORViUEROHV"

<ORViUEROHVOHGLMHURQDODKLJXHUDYHQWX\UHLQDVREUHQRVRWURV3HUROD
KLJXHUDOHVGLMR¢GHERGHMDUPLGXO]RU\PLSUHFLRVRIUXWRSDUDVHUDVFHQGLGD
VREUHORViUEROHV"(QWRQFHVORViUEROHVOHGLMHURQDODYLGYHQWX\UHLQDVREUH
QRVRWURV<ODYLGOHVGLMR¢GHER\RGHMDUPLYLQRTXHHVODDOHJUtDGH'LRV\
GHOKRPEUHSDUDVHUDVFHQGLGRVREUHORViUEROHV"

(OKRPEUHGHOD/H\TXHFXPSOHFRQVXVGHEHUHVQRQHFHVLWDRWURVIDYRUHV

(/$1*(/'(/$3$=

3RUTXHDVtFRPRODVDJXDVFXEUHQHOPDUDVtOD7LHUUD

VHUiFROPDGDFRQOD3D]GHO3DGUH&HOHVWLDO

,QYRFDUpDO$QJHOGHOD3D]FX\RDOLHQWRHVDPLVWRVR\FX\DPDQRHVWi
LQYHVWLGDGH3RGHU

(QHO5HLQRGHOD3D]QRKD\KDPEUHQLVHGQLYLHQWRIUtRQLYLHQWRFiOLGRQL
YHMH]QLPXHUWH

(QHO5HLQRGHOD3D]QRPXHUHQORVDQLPDOHVQLORVKRPEUHV\QLHODJXDQLODV
SODQWDVVHVHFDQ\QXQFDIDOWDHODOLPHQWRYLWDO

6HGLFHTXHODVPRQWDxDVOHGDQ3D]DODJHQWH\ODVFROLQDVOHGDQUHFWLWXG$OOt
OD3D]HVWDQGXUDEOHFRPRHOVRO\ODOXQD\SHUPDQHFHUiDWUDYpVGHWRGDVODV
JHQHUDFLRQHV

/D3D]GHVFLHQGHFRPRODOOXYLDVREUHODKLHUEDVHJDGD\DVtFRPRHODJXDPRMD
DODWLHUUDHQHO5HLQRGHOD3D]OD/H\FUHFHFRQIXHU]D\ORV+LMRVGHOD/X]
WLHQHQGRPLQLRGHPDUDPDUKDVWDORVFRQILQHVGHOD7LHUUD

(O5HLQRGHOD3D]WLHQHVXRULJHQHQHO3DGUH&HOHVWLDOSRU6XIRUWDOH]D(O
FRORFyILUPHPHQWHODVPRQWDxDV\SURGXFHODDXURUD\HOFUHS~VFXORSDUD
UHJRFLMDUVHFRQOD/X](OOHKDREVHTXLDGRDOD7LHUUDHO5tRGHOD/H\SDUD
72

PRMDUOD\IHUWLOL]DUOD(OKDFHTXHODWLHUUDVHVXDYLFHFRQODVOOXYLDVHOODVFDHQ
VREUHORVSDVWRVGHOGHVLHUWR\ODVFROLQDVVHDOHJUDQHQWRGRVVXVFRVWDGRV

/RVSDVWRVVHFXEUHQFRQODVPDQDGDVGHDQLPDOHV\ORVYDOOHVWDPELpQHVWiQ
FXELHUWRVGHFHUHDO\GDQYRFHVGHM~ELOR\WDPELpQFDQWDQ

2K3DGUH&HOHVWLDOWUDHKDVWDOD7LHUUDHO5HLQRGHOD3D](QWRQFHV
UHFRUGDUHPRVODVSDODEUDVGHDTXHOTXHGHVGHWLHPSRDWUiV/HHQVHxyDORV
+LMRVGHOD/X]

9HQLGDPLWRGRVORVTXHHVWHLVIDWLJDGRV\ORVTXHVXIUtVSHQDV\DIOLFFLyQ
SRUTXHPL3D]RVIRUWDOHFHUi\FRQIRUWDUi3RUTXHPL3D]VHH[FHGHHQ
SOHQLWXGGHUHJRFLMR

3RUHVRVLHPSUHWHVDOXGRGHHVWDPDQHUD/D3D]VHDFRQWLJRSRUHVRVDOXGDRV
VLHPSUHHOXQRDORWURGHHVWDPDQHUDSDUDTXHSXHGDGHVFHQGHUVREUH
YXHVWURFXHUSROD3D]GHYXHVWUD0DGUH7LHUUD\VREUHWXHVStULWXOD3D]GHO
3DGUH&HOHVWLDO

<HQWRQFHVWDPELpQHQFRQWUDUHLVOD3D]HQWUHYRVRWURVPLVPRVSRUTXHHO
5HLQRGHOD/H\HVWiGHQWURGHYRVRWURV<UHVSRQGHGOHDYXHVWURVKHUPDQRV\
GDGOHVYXHVWUD3D]IHOLFHVVRQORVTXHVHHPSHxDQHQOD3D]SRUTXHHOORV
KDOODUiQOD3D]GHO3DGUH&HOHVWLDO

<GDGOHDFDGDXQRYXHVWUD3D]DVtFRPRRVKHGDGRPL3D]3RUTXHPL3D]HV
GH'LRV

/D3D]VHDFRQWLJR/D3D]VHDFRQYRVRWURV

(/3$'5(&(/(67,$/

(QHO5HLQRGHORVFLHORVKD\FRVDVH[WUDxDV\PDUDYLOORVDV

SRUTXHSRU6XSDODEUDH[LVWHQWRGDVODVFRVDV3HURD~QKD\

JUDQGHVFRVDVRFXOWDVPiVGHORTXHpVWDVSXHGHQVHU

SRUTXHQRKHPRVYLVWRVLQRXQSRFRGHVXVREUDV

(O3DGUH&HOHVWLDOKDKHFKRWRGDVODVFRVDV

/DEHOOH]DGHORVFLHORV\ODJORULDGHODVHVWUHOODVGDQOX]HQORVDOWRVOXJDUHV
GHO0DUFHOHVWLDO(OORVVRQFHQWLQHODVGHO$OWtVLPRTXHFRQWLQ~DQHQVXVVLWLRV\
QXQFDGHVFXLGDQVXYLJLODQFLD
73
0LUDGKDFLDHODUFRLULV\DODEDGDOTXHORKL]RPX\KHUPRVRHVVXEULOORSXHV
FLUFXQGDORVFLHORVFRQXQFtUFXORJORULRVR\ODVPDQRVGHO$OWtVLPRORKDQ
WUD]DGR

3RU6X/H\(OKDFHTXHODQLHYHFDLJDUiSLGR\HQYtDSURQWDPHQWHORVUD\RVGH
VXVPDQGDWRVDVtFRPRVHDEUHQORVWHVRURV\ODVQXEHVYXHODQFRPRDYHV

3RU6XJUDQSRGHU(OKDFHTXHODVQXEHVSHUPDQH]FDQ\VHGHVSUHQGDHO
JUDQL]R&RQ6XPLUDGDVDFXGHODVPRQWDxDV\HOYLHQWRGHOVXUVRSODSRU6X
YROXQWDG

(OUXLGRGHOWUXHQRKDFHWHPEODUODWLHUUDORPLVPRTXHODWRUPHQWDTXHYLHQH
GHOQRUWH\HOYLHQWRKXUDFDQDGR

$VtFRPRYXHODQORVSiMDURV(OGLVSHUVDODQLHYH\HORMRVHPDUDYLOODSRUOD
EODQFXUDGHpVWD\HOFRUD]yQVHDVRPEUDDOYHUFDHUODOOXYLD$VtORVFLHORV
SURFODPDQODJORULDGH'LRV\HOILUPDPHQWRPXHVWUDODREUDGH6XVPDQRV

¢4XLpQKL]RODVDJXDV"¢<TXLpQODVSODQWDV"¢4XLpQVRPHWLyODVQXEHV
WRUPHQWRVDVDODGLUHFFLyQGHOYLHQWR"¢4XLpQFUHyORVYLHQWRVTXHSDVDQUiSLGR"
¢<ORVTXHSDVDQD~QPiVUiSLGR"¢4XLpQRK3DGUH&HOHVWLDOHVHOFUHDGRUGHOD
/H\6DQWDTXHHVWiGHQWURGHQXHVWURVHVStULWXV"

¢4XLpQKL]ROD/X]\ODVWLQLHEODV"¢4XLpQKL]RHOVXHxR\HOEXHQiQLPRTXHVH
VLHQWHHQODVKRUDVGHYLJLOLD"¢4XLpQOHGLyVXUXWDLQDOWHUDEOHDOVRO\DODV
HVWUHOODVSDUDTXHIXHVHQ\YLQLHVHQSHULyGLFDPHQWH"

¢4XLpQHVWDEOHFLyOD/H\VHJ~QODFXDOODOXQDFUHFH\GLVPLQX\H"¢4XLpQVLQR
7X3DGUH&HOHVWLDOKDKHFKRHVWDVFRVDVJORULDVRV6HxRU7XKDVVLGRQXHVWUR
OXJDUGHKDELWDFLyQGXUDQWHWRGDVODVJHQHUDFLRQHVDQWHVGHTXHODVPRQWDxDV
IXHVHQKHFKDVRD~QDQWHVGHTXH7XKXELHVHVIRUPDGROD7LHUUD\HOXQLYHUVR
D~QGHVGHVLHPSUH\SRUVLHPSUH7XHUHVOD/H\

7XQRPEUHHV(QWHQGLPLHQWR7XQRPEUHHV6DELGXUtD7XQRPEUHHV(O
%RQGDGRVR7XQRPEUHHV(O,QYHQFLEOH7XQRPEUHHV(O4XH+DFH-XVWLFLD
9HUGDGHUD7XQRPEUHHV$TXHOTXHGD/D6DOXG7XQRPEUHHVHO&UHDGRU7X
HUHVHO'HIHQVRU7XHUHVHO&UHDGRU\HO3UHVHUYDGRU7XHUHVHO(VStULWXTXH
'LVFLHUQH7XHUHV/D/H\6DQWD

(VWRVQRPEUHVIXHURQSURQXQFLDGRVDQWHVGHODFUHDFLyQGHORVFLHORVDQWHV
TXHODVDJXDV\ODVSODQWDVIXHVHQFUHDGDVDQWHVGHOQDFLPLHQWRGHQXHVWUR
3DWULDUFD(QRFK

'HVGHDQWHVGHTXHHOWLHPSRH[LVWLHVHHO3DGUH&HOHVWLDOSODQWyHO$UEROGHOD
9LGDTXHSHUPDQHFHSRUVLHPSUH\VLHPSUHHQPHGLRGHO0DUHWHUQR
74
(QVXVUDPDVPiVDOWDVFDQWDXQDYH\VyORDTXHOORVTXHKDQYLDMDGRKDVWDDOOt\
KDQHVFXFKDGRHOPLVWHULRVRFDQWRGHODYHVyORHVRVYHUiQDO3DGUH&HOHVWLDO
/HSUHJXQWDUiQFXiOHV6XQRPEUH\(OUHVSRQGHUi6R\HOTXHVR\6LHQGR
VLHPSUHHO0LVPRSRUTXH6R\HWHUQR

2K7X3DGUH&HOHVWLDOF~DQJUDQGHHV7XQRPEUHSRUVREUHWRGDOD7LHUUD+DV
SXHVWR7XJORULDVREUHORVFLHORV

&XDQGRSHQVDPRVTXHORVFLHORVVRQODREUDGH7XVGHGRV\ODOXQD\ODV
HVWUHOODV7XODVLQVWLWXLVWH¢TXpHVHOKRPEUHSDUDTXH7XFXLGHVGHpO"

6LQHPEDUJRKDVKHFKRXQDDOLDQ]DFRQORV+LMRVGHOD/X]\HOORVFDPLQDQFRQ
7XVVDQWRViQJHOHVORVKDVFRURQDGRFRQJORULD\KRQRU\KDVKHFKRTXHWHQJDQ
GRPLQLRVREUHODVREUDVGH7XVPDQRV\OHVKDVGDGRODWDUHDGHDOLPHQWDU\
SURWHJHUDWRGRORTXHYLYH\FUHFHVREUH7X7LHUUDYHUGH

2K3DGUH&HOHVWLDOFXiQJUDQGHHVWXQRPEUHVREUHWRGDOD7LHUUD(VFXFKDOD
YR]TXHFODPDD7L

¢$GyQGHSRGUtDKXLUGH7XHVStULWX"2¢GyQGHHVFDSDUpGH7XSUHVHQFLD"6L
DVFLHQGRKDVWDORVFLHORVDKtHVWiV7X6LKDJRPLOHFKRHQHOLQILHUQRKHDTXt
TXHDKtHVWiV7X6LWRPRODVDODVGHODDXURUD\OOHJRKDVWDODVOHMDQDVUHJLRQHV
GHOPDUD~QKDVWDDOOiPHFRQGXFLUi7XPDQR\7XGLHVWUDPHVRVWHQGUi

6L\RGLJRVHJXUDPHQWHODVWLQLHEODVPHFXEULUiQD~QODQRFKHDPLDOUHGHGRU
VHUi/X]&LHUWDPHQWHODVWLQLHEODVQRORJUDQHVFRQGHUPHGH7LSRUTXHOD
QRFKHUHVSODQGHFHFRPRHOGtDODVWLQLHEODV\ODOX]VRQLJXDOHVSDUD7LSRUTXH
7XGLULJHVPLGHVWLQR

$VtFRPRHOFLHUYREXVFDORVDUUR\RVGHDJXDDVtPLHVStULWXVXVSLUDSRU7LRK
'LRVPLHVStULWXDQVtDDO3DGUH&HOHVWLDOTXHYLYHSRUVLHPSUH

/D/H\HVPL/X]\VDOYDFLyQ¢DTXLpQWHPHUp"/D/H\HVODURFD\ODIRUWDOH]D
GHPLYLGD¢TXLpQSXHGHLQWLPLGDUPH"

8QDFRVDKHGHVHDGRGHOD/H\\ODHVWR\EXVFDQGRTXHSXHGDYLYLUHQODFDVD
GHOD/H\WRGRVORVGtDVGHPLYLGDSDUDFRQWHPSODUODEHOOH]DGHO3DGUH
&HOHVWLDO

$TXHOORVTXHKDELWDQHQHOOXJDUVHFUHWRGHO$OWtVLPRYLYLUiQEDMRODVRPEUD
GHO7RGRSRGHURVR

/HGLUHPRVDOD/H\WXHUHVQXHVWURUHIXJLR\IRUWDOH]DFRQILDUHPRVHQOD/H\
6DQWD<HO3DGUH&HOHVWLDOQRVFXEULUiFRQVXVSOXPDV\EDMRVXVDODVHVWDUHPRV
VHJXURVVXYHUGDGVHUiQXHVWURHVFXGR\SURWHFFLyQ
75

1RWHQGUHPRVORVWHUURUHVQRFWXUQRVQLODIOHFKDODQ]DGDGXUDQWHHOGtDQLOD
SHVWHTXHFDPLQDHQODVWLQLHEODVQLHOFDORUTXHDJRELDDOPHGLRGtD

3RUTXHGXUDQWHHOGtDFDPLQDUHPRVFRQORViQJHOHVGHOD0DGUH7LHUUD\
GXUDQWHODQRFKHFRPXOJDUHPRVFRQORViQJHOHVGHO3DGUH&HOHVWLDO\FXDQGRHO
VRODOFDQFHVX]HQLWDOPHGLRGtDHVWDUHPRVHQVLOHQFLRDQWHOD6pSWXSOH3D]

<QLQJ~QPDOQRVVXFHGHUiQLFDODPLGDGDOJXQDVHDFHUFDUiDQXHVWUDVFDVDV
SRUTXH(OKDRUGHQDGRD6XViQJHOHVTXHQRVFXLGHQ\QRVSURWHMDQHQWRGRV
QXHVWURVFDPLQRV

(O3DGUH&HOHVWLDOHVQXHVWURUHIXJLR\IRUWDOH]DSRUHVRQRWHPHUHPRV
DXQTXHOD7LHUUDVHDGHVWUXtGD\DXQTXHODVPRQWDxDVVHDQOOHYDGDVDOPHGLR
GHOPDUDXQTXHODVDJXDVGHORFpDQREUDPHQ\HVWpQDJLWDGDV\DXQTXHODV
PRQWDxDVWLHPEOHQSRUHOIXHUWHROHDMH

+D\XQUtRTXHIOX\HKDFLDHO0DUHWHUQR\FHUFDDOUtRHVWiHO$UEROGHOD9LGD
$OOtHVGRQGHKDELWDPL3DGUH\PLPRUDGDHVWiHQ(O(O3DGUH&HOHVWLDO\\R
VRPRV8QR

/$/(<6$17$

7XRK/H\6DQWDHO$UEROGHOD9LGDTXHHVWiHQPHGLR

GHO0DU(WHUQR\DHVWHiUEROVHOHOODPDHOiUEROGHOD

FXUDFLyQHOiUEROGHODFXUDFLyQSRUWHQWRVDHOiUEROTXH

WRGRORFXUD\VREUHHOFXDOGHVFDQVDQODVVHPLOODVGH

WRGRORTXHLQYRFDPRV

¢$~QQRORVDEHV"¢$~QQRORKDVRLGR"¢1RWHORGLMHURQGHVGHHOSULQFLSLR"
/HYDQWDWXVRMRVKDFLDODVDOWXUDV\FRQWHPSODOD/H\6DQWDTXHIXHHVWDEOHFLGD
PXFKRDQWHVTXHHOHWHUQRVREHUDQR\OXPLQRVRHVSDFLRFRQWHPSODOD/H\
6DQWDTXHFUHyORVFLPLHQWRVGHOD7LHUUDOD/H\6DQWDTXHHVORSULPHUR\OR
~OWLPR\TXHYLYHHQORVFRUD]RQHVGHORV+LMRVGHOD/X]

3RUTXHOD/H\HVJUDQGHFRPRJUDQGHHVHO3DGUH&HOHVWLDOVREUH6XV$QJHOHV

(OHVHOTXHQRVGDOD/H\\(OHVOD/H\HQ6XPDQRHVWiQORVOXJDUHVSURIXQGRV
GHOD7LHUUD/DILUPH]DGHODVFROLQDVWDPELpQHVGH(O(OPDUHV6X\R
SRUTXH(OORKL]R\6XVPDQRVIRUPDURQODWLHUUDVHFD
76
9HQLGDGRUHPRVHLQFOLQpPRQRVDUURGLOOpPRQRVDQWHHO3DGUH&HOHVWLDO
SRUTXH(OHVOD/H\\QRVRWURVVRPRVORVKDELWDQWHVGH6XVSUDGHUDV\ODVRYHMDV
GH6XPDQR

/RV+LMRVGHOD/X]LQYRFDQOD/H\6DQWDFRQFDQWRVGHDOHJUtDODV
HQIHUPHGDGHVKX\HQGH6XSUHVHQFLDODPXHUWHKX\H\WDPELpQKX\HQOD
LJQRUDQFLD\HORUJXOORHOGHVSUHFLRODILHEUHFDOXURVDODFDOXPQLDOD
GLVFRUGLD\ODPDOGDGWRGDLUD\YLROHQFLD\ODVSDODEUDVOOHQDVGHPHQWLUD\
IDOVHGDGWRGRHVWRKX\HDQWHHOSRGHUGHOD/H\6DQWD

$TXtHVWiOD/H\TXHGHVWUXLUiWRGDHQIHUPHGDG\GHVWUXLUiWRGDFODVHGH
PXHUWH\GHVWUXLUiDORVRSUHVRUHVGHORVKRPEUHV\DORUJXOOR\DOGHVSUHFLR
FRPRWDPELpQDODVILHEUHVFDOXURVDVDODVFDODPLGDGHV\DWRGDFODVHGH
GLVFRUGLD\DOSHRUGHWRGRVORVPDOHV\GHVWHUUDUiODLJQRUDQFLDH[SXOViQGROD
GHOD7LHUUD

%HQGHFLPRVODLQYRFDFLyQ\ODRUDFLyQODIRUWDOH]D\HOYLJRUGHOD/H\6DQWD
LQYRFDPRVDOHVStULWXDODFRQFLHQFLD\DOHVStULWXGHORV+LMRVGHOD/X]
TXLHQHVHQVHxDQOD/H\\OXFKDQHQHOUHLQRGHODVWLQLHEODVSDUDDWUDHUOD/X]
GHOD/H\DORV+LMRVGHORV+RPEUHV

%HQGHFLPRVHOWULXQIRGHORVEXHQRVSHQVDPLHQWRVGHODVSDODEUDVERQGDGRVDV
\GHODVEXHQDVDFFLRQHVTXHIRUWDOHFHQORVIXQGDPHQWRVGHO5HLQRGHOD/X]

4XHORV+LMRVGHORV+RPEUHVTXLHQHVWLHQHQEXHQRVSHQVDPLHQWRVKDEODQ
SDODEUDVERQGDGRVDV\KDFHQEXHQDVDFFLRQHVKDELWHQHQORVFLHORVFRPRVL
HVWXYLHUDQHQVXSURSLDFDVD

<DTXHOORVTXHWLHQHQPDORVSHQVDPLHQWRVSURQXQFLDQSDODEUDVPDOLJQDV\
KDFHQPDODVDFFLRQHVKDELWHQHQHOFDRV

/DSXUH]DHVSDUDHOKRPEUHMXQWRFRQODYLGDHOPiVJUDQGHGHWRGRVORV
ELHQHVDTXHOODSXUH]DHVWiHQOD/H\6DQWDTXHKDFHFUHFHUODKLHUEDVREUHODV
PRQWDxDV\OLPSLDORVFRUD]RQHVGHORVKRPEUHV

&RQORVEXHQRVSHQVDPLHQWRVODVSDODEUDVERQGDGRVDV\ODVEXHQDVDFFLRQHV
VHUiSXULILFDGRHOIXHJRVHUiSXULILFDGRHODJXDVHUiSXULILFDGDODWLHUUDVHUiQ
SXULILFDGDVODVHVWUHOODVODOXQD\HOVRO\VHUiQSXULILFDGRVHOKRPEUH\OD
PXMHUIHUYRURVRV\OD/X]HWHUQDHLQILQLWDDSDUHFHUiGLiIDQD\SXUD\VHUi
SXULILFDGRHO5HLQRGHOD0DGUH7LHUUD\HO5HLQRGHO3DGUH&HOHVWLDO\VHUiQ
SXULILFDGDVWRGDVODVFRVDVTXHIXHURQKHFKDVSRUOD/H\FX\D+LMDHVOD
&UHDFLyQOOHQDGHVDQWLGDG

2K+LMRVGHORV+RPEUHVSRUREWHQHUORVWHVRURVGHOPXQGRPDWHULDOQRYD\DLV
DUHQXQFLDUDOPXQGRTXHOD/H\RVRIUHFHSRUTXHDTXHOTXHFRQWDOGH
REWHQHUORVWHVRURVGHOPXQGRPDWHULDOGHVWUX\HHQVLPLVPRHOPXQGRGHOD
77

/H\QRWHQGUiQLIXHU]DYLWDOQL/H\QL/X]FHOHVWLDO3HURHOTXHFDPLQDFRQ
ORViQJHOHV\VLJXHHOFDPLQRGHOD/H\6DQWDREWHQGUiWRGDVODVFRVDVEXHQDV\
HQWUDUiDO0DU(WHUQRGRQGHHVWiHO$UEROGHOD9LGD

/DVHQVHxDQ]DVGHOD/H\VRQSHUIHFWDVSRUTXHWUDQVSRUWDQHOHVStULWXGHVGH
ODVWLQLHEODVKDVWDOD/X]HOWHVWLPRQLRGHOD/H\HVILUPHSRUTXHDOKRPEUH
KXPLOGHORFRQYLHUWHHQVDELRORVGLFWDGRVGHOD/H\VRQUHFWRVSRUTXHDOHJUDQ
HOFRUD]yQ

/RVPDQGDPLHQWRVGHOD/H\VRQSXURVSRUTXHLOXPLQDQORVRMRVSRUTXHGDQ
/X]DODYLVWD/DYHUGDGGHOD/H\HVSXUD\GXUDSRUVLHPSUH

4XHORV+LMRVGHOD/X]WULXQIHQHQFXDOTXLHUOXJDUGHORVFLHORV\OD7LHUUD

(QQXHVWUDVRUDFLRQHVDVSLUHPRVHOKiOLWRGHOD/H\6DQWDRK3DGUH&HOHVWLDO
F~DQKHUPRVRVRQ7XVWDEHUQiFXORV0LHVStULWXVXVSLUD\ODQJXLGHFHVLSRUHO
$UEROGHOD9LGDTXHHVWiHQPHGLRGHO0DUHWHUQR

0LFRUD]yQ\PLFDUQHFODPDQSRUHO'LRVYLYLHQWHVLHOJRUULyQHQFRQWUyXQ
OXJDU\ODJRORQGULQDXQQLGRSDUDHOODGRQGHSXHGHDTXLHWDUVXFULD/RV+LMRV
GHOD/X]TXLHQHVWUDEDMDQHQHO-DUGtQGHOD+HUPDQGDGKDELWDQGHQWURGHOD
/H\6DQWD%HQGLWRVVHDQORVTXHYLYHQDOOt

/26$1*(/(6

(O3DGUH&HOHVWLDOGLyD6XViQJHOHVXQHQFDUJRUHVSHFWRDWL

\HOORVWHOOHYDUiQVREUHVXVPDQRVKDVWDHO$UEROGHOD9LGD

TXHHVWiHQPHGLRGHO0DU(WHUQR

3RUODVDELGXUtDGHOD/H\SRUHOSRGHULQYHQFLEOHGHOD/H\SRUHOYLJRUGHOD
VDOXGSRUODJORULDGHO3DGUH&HOHVWLDO\OD0DGUH7LHUUD\SRUWRGDVODV
EHQGLFLRQHV\UHPHGLRVGHODVpSWXSOH3D]DGRUHPRVDORVVDQWRViQJHOHV\TXH
WRGRVVXVHVIXHU]RV\FRPXQLRQHVVHDQSDUDHOORVSRUTXHVRQHOORVORVTXHQRV
FRQYLHUWHQHQVHUHVERQGDGRVRVDORVRMRVGHO3DGUH&HOHVWLDO

/D/H\VHFXPSOHGHDFXHUGRFRQORViQJHOHVTXHVRQVHUHVOXPLQRVRV\SXURV
TXHFRQHOEULOORGHVXVPLUDGDVUHDOL]DQVXVGHVHRVFRQSRGHU\VHxRUtRSXHV
HOORVVRQVHUHVSXURVHLQPXWDEOHV\HOORVVRQVLHWHHQQ~PHUR\WRGRVORVVLHWH
WLHQHQXQVRORSHQVDPLHQWRVRQVLHWHHQQ~PHUR\WRGRVORVVLHWHKDEODQXQ
VRORLGLRPDVRQVLHWHHQQ~PHUR\WRGRVORVVLHWHUHDOL]DQXQDVRODDFFLyQ

<WLHQHQHOPLVPRSHQVDPLHQWR\HOPLVPRLGLRPD\UHDOL]DQODPLVPDDFFLyQ\
WLHQHQXQPLVPR3DGUHHVGHFLUHO3DGUH&HOHVWLDO
78

/RViQJHOHVYHQORVHVStULWXVGHOXQR\GHORWUR\VRQORVTXHWUDHQHOUHLQRGHOD
0DGUH7LHUUD\HOUHLQRGHO3DGUH&HOHVWLDODORV+LMRVGHOD/X]TXHWUDEDMDQHQ
HO-DUGtQGHOD+HUPDQGDG

/RViQJHOHVVRQORVFUHDGRUHV\UHJHQWHVORVFRQVWUXFWRUHV\ORV
DGPLQLVWUDGRUHVORVJXDUGLDQHV\SURWHFWRUHVGHODWLHUUDIpUWLO\GHWRGDVODV
FUHDFLRQHVGHO3DGUH&HOHVWLDO

,QYRFDPRVDORViQJHOHVERQGRGDVRV\IXHUWHVGHO3DGUH&HOHVWLDO\GHOD0DGUH
7LHUUDLQYRFDPRVDOiQJHOGHOD/X]DOiQJHOGHO&LHORDOiQJHOGHO$JXDDO
iQJHOGHOD7LHUUDDOiQJHOGHODV3ODQWDVDOiQJHOGHORV+LMRVGHOD/X]DO
iQJHOGHOD&UHDFLyQHWHUQD\VDQWD

$GRUDPRVDORViQJHOHVSRUTXHHOORVIXHURQORVSULPHURVTXHHVFXFKDURQORV
SHQVDPLHQWRV\ODVHQVHxDQ]DVGHO3DGUH&HOHVWLDO\GH(OORViQJHOHVIRUPDURQ
ODVHPLOODTXHGLyRULJHQDODVQDFLRQHVDGRUDPRVDORViQJHOHVSRUTXHHOORV
IXHURQORVSULPHURVTXHWRFDURQODIUHQWHGHQXHVWUR3DGUH(QRFK\JXLDURQD
ORV+LMRVGHOD/X]DWUDYpVGHORVVLHWH\VLHWHVHQGHURVTXHFRQGXFHQKDVWDHO
$UEROGHOD9LGDTXHSHUPDQHFHHQPHGLRGHO0DUHWHUQR

$GRUDPRVDWRGRVORViQJHOHVDGRUDPRVDORViQJHOHVERQGDGRVRVKHUyLFRV\
JHQHURVRVGHOPXQGRItVLFRGHOD0DGUH7LHUUD\DORViQJHOHVGHODVHVIHUDV
LQYLVLEOHV\DORVTXHHVWiQHQORVPXQGRVFHOHVWLDOHVGHO3DGUH&HOHVWLDO

$GRUDPRVDORViQJHOHVLQPRUWDOHVTXHVLHPSUHVRQQXHVWURVELHQKHFKRUHVD
ORVVHUHVOXPLQRVRVGHID]UHVSODQGHFLHQWHDGRUDPRVHVWDVJUDQGLRVDV\VDQWDV
FULDWXUDVGHO3DGUH&HOHVWLDOSRUTXHVRQVHUHVHWHUQRV\SXURV

$GRUDPRVDORVVDQWRViQJHOHVUHVSODQGHFLHQWHVJORULRVRV\ELHQKHFKRUHVTXH
ULJHQFRQUHFWLWXG\GLVSRQHQWRGDVODVFRVDVFRUUHFWDPHQWH

(VXFKDGODVYRFHVDOHJUHVGHORV+LMRVGHOD/X]TXHHQWRQDQODVDODEDQ]DVGH
ORVVDQWRViQJHOHVSXHVORV+LMRVGHOD/X]WUDEDMDQHQHO-DUGtQGHOD
+HUPDQGDG

/HFDQWDPRVFRQUHJRFLMRDODJXDDODWLHUUD\DODVSODQWDVDHVWDWLHUUD\D
ORVFLHORVDOYLHQWRDOVRO\DODOXQDDODVHVWUHOODVHWHUQDVTXHQRWXYLHURQ
SULQFLSLR\DWRGDVODVVDQWDVFULDWXUDVGHO3DGUH&HOHVWLDO

$GRUDPRVDORViQJHOHVGHORVGtDV\DORViQJHOHVGHORVPHVHVDORViQJHOHV
GHORVDxRVDORVGHODVHVWDFLRQHV\DWRGRVORViQJHOHVLQPRUWDOHV
ERQGDGRVRV\KHUyLFRVTXHQRVIDYRUHFHQ\TXHVRVWLHQHQ\SURWHJHQHO2UGHQ
&HOHVWLDO

'HVHDPRVDFHUFDUQRVDORViQJHOHVSRGHURVRVDWRGRVORViQJHOHVGHO2UGHQ
&HOHVWLDO\DFDXVDGHOD/H\6DQWDTXHHVHOPHMRUGHWRGRVORVELHQHV
79
$ORViQJHOHVERQGDGRVRVHLQPRUWDOHVTXLHQHVHMHUFHQVXVJRELHUQRVFRQ
UHFWLWXGOHVRIUHFHPRVHVWRVSHQVDPLHQWRVTXHVRQEXHQRVSHQVDPLHQWRV
HVWDVSDODEUDVTXHVRQSDODEUDVERQGDGRVDV\HVWDVDFFLRQHVTXHVRQEXHQDV
DFFLRQHV

/HRIUHFHPRVHVWRVSUHVHQWHVDORViQJHOHVGHOGtD\DORViQJHOHVGHODQRFKH
DORViQJHOHVTXHYLYHQSRUVLHPSUH\TXHFRQVWDQWHPHQWHQRVD\XGDQ\TXH
YLYHQHWHUQDPHQWHFRQOD0HQWH'LYLQD

4XHORViQJHOHVERQGDGRVRV\KHUyLFRVGHO3DGUH&HOHVWLDO\GHOD0DGUH7LHUUD
FDPLQHQFRQVXVSLHVVDQWRVSRUHO-DUGtQGHOD+HUPDQGDG\TXHHOORVYD\DQGH
ODPDQRVFRQQRVRWURVOOHYDQGRODVYLUWXGHVFXUDWLYDVGHVXVGRQHVEHQGLWRV
TXHVRQWDQWDVFRPRORHVODDQFKXUDGHOD7LHUUDVLHQGRWDQGLODWDGDVFRPR
ORVUtRV\WDQDOWDVFRPRHOVROSDUDDVtD\XGDUDOPHMRUDPLHQWRGHOKRPEUH\
SDUDTXHKD\DFRVHFKDVDEXQGDQWHV

6RQHOORVORVVDQWRViQJHOHVORVTXHUHFRQVWUX\HQHOXQLYHUVR\SRUHVRHO
XQLYHUVRQXQFDHQYHJHFHUi\QXQFDSHUHFHUiQXQFDHQWUDUiHQGHFDGHQFLD
VLQRTXHVLHPSUHYLYLUi\FRQWLQXDUiH[SDQGLpQGRVH

(QWRQFHVYHQGUiQOD9LGD\OD,QPRUWDOLGDG\HOXQLYHUVRVHUiUHQRYDGROD
FUHDFLyQVHH[SDQGLUi\QRKDEUiPXHUWHIORUHFHUiHOUHLQRGHO3DGUH&HOHVWLDO
\HOPDOSHUHFHUi

/$+(50$1'$'

0LUDGF~DQEXHQR\DJUDGDEOHHVSDUDORV+LMRVGHOD/X]

HOYLYLUMXQWRVHQODXQLGDG3RUTXHHO3DGUH&HOHVWLDOKD

RUGHQDGROD/H\SDUDTXHKD\D+HUPDQGDG\9LGDHWHUQD

/D/H\IXHSODQWDGDHQHO-DUGtQGHOD+HUPDQGDGSDUDLOXPLQDUORVFRUD]RQHV
GHORV+LMRVGHOD/X]\SDUDKDFHUOHVPDVGLUHFWRVORVVLHWH\VLHWHVHQGHURV
TXHFRQGXFHQDO$UEROGHOD9LGDHOFXDOHVWiHQPHGLRGHO0DUHWHUQR

/D/H\IXHSODQWDGDHQHO-DUGtQGHOD+HUPDQGDGSDUDTXHHOORVSXGLHVHQ
UHFRQRFHUDORVHVStULWXVGHODYHUGDG\DORVHVStULWXVGHODIDOVHGDGSDUDTXH
SXGLHVHQUHFRQRFHUOD9HUGDGTXHEURWyGHODIXHQWHGH/X]\ODIDOVHGDGTXH
QDFLyGHOSR]RGHODVWLQLHEODV

(OJRELHUQRGHWRGRVORV+LMRVGHOD9HUGDGHVWiHQODVPDQRVGHORVSRGHURVRV
iQJHOHVGHOD/X]SDUDTXHHOORVSXHGDQDQGDUSRUORVFDPLQRVGHOD/X]
80
/RV+LMRVGHOD/X]VRQORVVHUYLGRUHVGHOD/H\\HO3DGUH&HOHVWLDOQRVH
ROYLGDUiGHHOORV(OKDERUUDGRVXVHUURUHVTXHHUDQFRPRXQGHQVRQXEDUUyQ
(OKDHQFHQGLGROD/X]GHOD9HUGDGGHQWURGHVXVFRUD]RQHV

&DQWDGRKFLHORVJULWDGRKYRVRWUDVTXHVRLVODVUHJLRQHVLQIHULRUHVGHOD
WLHUUDSURUUXPSLGHQFiQWLFRVYRVRWUDVPRQWDxDVWXVHOYD\WRGRVORViUEROHV
TXHHVWDLVHQHOOD

3RUTXHHO3DGUH&HOHVWLDOKDHQFHQGLGRVXOODPDHQORVFRUD]RQHVGHORV+LMRV
GHOD/X]\VHKDJORULILFDGRHQHOORV

/D/H\6DQWDGHO&UHDGRUSXULILFDDORVVHJXLGRUHVGHOD/X]GHWRGRPDO
SHQVDPLHQWRGHWRGDSDODEUDPDOLJQD\GHWRGDPDODDFFLyQDVtFRPRHO
YLHQWRYHOR]TXHHVIXHUWH\UiSLGROLPSLDODOODQXUD

4XHODSDODEUDVDJUDGDVHDHQVHxDGDDO+LMRGHOD/X]TXHORGHVHHGXUDQWHOD
SULPHUDYLJLOLDGHOGtD\GXUDQWHOD~OWLPDGXUDQWHODSULPHUDYLJLOLDGHOD
QRFKH\GXUDQWHOD~OWLPDTXHVXPHQWHVHH[SDQGDHQLQWHOLJHQFLD\TXHVX
HVStULWXFUH]FDIXHUWHHQOD/H\6DQWD

$ODKRUDGHODPDGUXJDGDPLUDUiDOVROQDFLHQWH\VDOXGDUiFRQDOHJUtDDVX
0DGUH7LHUUD

$ODKRUDGHODPDGUXJDGDODYDUiVXFXHUSRFRQDJXDIUHVFD\VDOXGDUiFRQ
UHJRFLMRDVX0DGUH7LHUUD

$ODKRUDGHODPDGUXJDGDLQKDODUiDODLUHOOHQRGHIUDJDQFLD\VDOXGDUiFRQ
DOHJUtDDVX0DGUH7LHUUD

<GXUDQWHHOGtDWUDEDMDUiFRQVXVKHUPDQRVHQHO-DUGtQGHOD+HUPDQGDG

<DODKRUDGHOFUHS~VFXORVHUHXQLUiFRQVXVKHUPDQRV\MXQWRVHVWXGLDUiQODV
SDODEUDVVDQWDVGHQXHVWURSDGUHV\GHORVSDGUHVGHQXHVWURVSDGUHV\D~Q
KDVWDODVSDODEUDVGHQXHVWUR3DGUH(QRFK

<FXDQGRODVHVWUHOODVHVWpQ\DHQODDOWXUDGHORVFLHORVVHFRPXQLFDUiFRQORV
VDQWRViQJHOHVGHO3DGUH&HOHVWLDO

<VXYR]VHOHYDQWDUiFRQDOHJUtDKDVWDHODOWtVLPRGLFLHQGR

$GRUDPRVDO&UHDGRUDO+DFHGRUGHWRGDVODVFRVDVEXHQDVDOD0HQWH
ERQGDGRVDDODLQPRUWDOLGDGGHOD/H\\DOIXHJRVDJUDGRGHOD9LGDOH
RIUHFHPRVDOD/H\OD6DELGXUtDGHODOHQJXDHOLGLRPDVDJUDGRODVEXHQDV
DFFLRQHV\ODVSDODEUDVGLFKDVFRUUHFWDPHQWHFRQFpGHQRV3DGUH&HOHVWLDOTXH
SRGDPRVKDFHUGHVFHQGHUODDEXQGDQFLDKDVWDHOPXQGRTXH7XKDVFUHDGR
FRQFpGHQRVWDPELpQTXHSRGDPRVGHVWHUUDUHOKDPEUH\ODVHGGHOPXQGRTXH
81

7XKDVFUHDGR\TXHSRGDPRVGHVWHUUDUODYHMH]\ODPXHUWHGHOPXQGRTXH
FUHDVWH

2KFOHPHQWH\PLVHULFRUGLRVR3DGUH&HOHVWLDOFRQFpGHQRVTXHQXHVWURV
SHQVDPLHQWRVVHDQGHDFXHUGRFRQOD/H\TXHQXHVWUDVSDODEUDVVHDQGH
DFXHUGRFRQOD/H\\TXHQXHVWUDVDFFLRQHVHVWpQGHDFXHUGRFRQOD/H\

3DGUH&HOHVWLDO¢FXiOHVODLQYRFDFLyQPiVGLJQDGHJUDQGH]D\EHQHYROHQFLD"

+LMRVGHOD/X]HVDTXHOODTXHXQRUHFLWDFXDQGRHVWiGHVSHUWDQGR\
OHYDQWiQGRVHGHOVXHxRVLDODYH]VHKDQWHQLGREXHQRVSHQVDPLHQWRVVHKDQ
GLFKRSDODEUDVERQGDGRVDV\VHKDQKHFKREXHQDVDFFLRQHV\VLVHKDQ
UHFKD]DGRORVPDORVSHQVDPLHQWRV\VHKDQHYLWDGRODVPDODVSDODEUDV\ODV
DFFLRQHVLQGLJQDV

(OSULPHUSDVRTXHGLyHOHVStULWXGHO+LMRGHOD/X]ORVLWXyHQHOSDUDLVRGHO
EXHQSHQVDPLHQWRHOVDQWRUHLQRGHOD6DELGXUtD(OVHJXQGRSDVRTXHGLyHO
HVStULWXGHO+LMRGHOD/X]ORFRORFyHQHOSDUDLVRGHODSDODEUDERQGDGRVDHO
VDQWRUHLQRGHO$PRU(OWHUFHUSDVRTXHGLyHOHVStULWXGHO+LMRGHOD/X]OR
FRORFyHQHOSDUDLVRGHODEXHQDDFFLyQHOVDQWRUHLQRGHO3RGHU(OFXDUWR
SDVRTXHGLyHOHVStULWXGHO+LMRGHOD/X]ORFRORFyHQOD/X]LQILQLWD

(O3DGUH&HOHVWLDOFRQRFHORVFRUD]RQHVGHORV+LMRVGHOD/X]SXHVODKHUHQFLD
GHHOORVVHUiHWHUQDGXUDQWHORVWLHPSRVDGYHUVRVHOORVQRWHPHUiQ\HQORV
GtDVGHKDPEUHVHUiQVDFLDGRVSRUTXHODIXHQWHGH9LGDHVWiFRQHOORV\HO
3DGUH&HOHVWLDOQRDEDQGRQDDVXVKLMRV6XVHVStULWXVWHQGUiQKiOLWRGH9LGD
SRUVLHPSUH\VLHPSUH\VXVFXHUSRVUHFLELUiQOD9LGDHWHUQD

%HQGLFLRQHVDORV+LMRVGHOD/X]TXHKDQKHFKDGRVXVVXHUWHVFRQOD/H\\TXH
YHUGDGHUDPHQWHFDPLQDQSRUWRGRVVXVVHQGHURVTXHOD/H\ORVEHQGLJDFRQ
WRGDFODVHGHERQGDGHV\ORVJXDUGHGHWRGRPDOHLOXPLQHVXVFRUD]RQHVFRQHO

FRQRFLPLHQWRSURIXQGRGHODVFRVDVGHODYLGD\ORVIDYRUH]FDFRQHO
FRQRFLPLHQWRGHODVFRVDVHWHUQDV

/26$5%2/(6

9HKDFLDORViUEROHVGHJUDQDOWXUD\DQWHXQRGHHOORV

TXHVHDKHUPRVRDOWR\IXHUWHGLHVWDVSDODEUDV

6DOYHDWLRKiUEROJHQHURVR\YLYLHQWHKHFKRSRUHO&UHDGRU

(QORVGtDVGHODDQWLJHGDGFXDQGRODFUHDFLyQHUDUHFLHQWHOD7LHUUDHVWDED
OOHQDGHiUEROHVJLJDQWHVFRVFX\DVUDPDVVHUHPRQWDEDQVREUHODVQXEHV
82
GRQGHKDELWDURQQXHVWURVSULPHURVSDGUHVTXHFDPLQDEDQFRQORViQJHOHV\
YLYLDQSRUOD/H\6DQWD

$ODVRPEUDGHVXVUDPDVWRGRVORVKRPEUHVYLYtDQHQ3D]\SRVHtDQOD
6DEXGXUtD\HOFRQRFLPLHQWRORPLVPRTXHODUHYHODFLyQGHOD/X]LQILQLWD

<DWUDYpVGHODVVHOYDVWHUUHVWUHVIOXtDHO5tR(WHUQR\HQHOFHQWURHVWDEDHO
$UEROGHOD9LGDTXHSDUDHOORVQRHVWDEDRFXOWR(OORVFRPtDQGHODPHVDGHOD
0DGUH7LHUUD\GRUPtDQHQORVEUD]RVGHO3DGUH&HOHVWLDO\VXDOLDQ]DFRQOD/H\
6DQWDHUDHWHUQD

(QDTXHOODpSRFDORViUEROHVHUDQKHUPDQRVGHORVKRPEUHV\VXDOWXUDHUD
JUDQGHWDQGLODWDGDFRPRHOUtR(WHUQRTXHIOXtDLQFHVDQWHPHQWHGHVGHOD
)XHQWHGHVFRQRFLGD

$KRUDHOGHVLHUWRDEUD]DODWLHUUDFRQDUHQDFDOLHQWH\ORViUEROHVJLJDQWHVFRV
VRQSROYR\FHQL]DV\HOUtRDQFKXURVRHVXQFKDUFRIDQJRVR

3RUTXHODVDQWDDOLDQ]DFRQHO&UHDGRUIXHYLRODGDSRUORV+LMRVGHORV+RPEUHV
IXHURQH[SXOVDGRVGHODVFDVDVTXHWHQtDQHQORViUEROHV

(OVHQGHURTXHFRQGXFHDO$UEROGHOD9LGDHVWiDKRUDRFXOWRDORVRMRVGHORV
KRPEUHV\ODWULVWH]DOOHQDHOFLHORYDFtRKDFLDGRQGHXQDYH]VHUHPRQWDURQ
ODVUDPDVDOWDV

$KRUDORV+LMRVGHOD/X]YDQDOGHVLHUWRDUGLHQWHSDUDWUDEDMDUHQHO-DUGtQGH
OD+HUPDQGDGODVHPLOODTXHVLHPEUDQHQHOVXHORHVWpULOVHFRQYHUWLUiHQXQD
H[WHQVDVHOYD\ORViUEROHVVHPXOWLSOLFDUiQ\H[WHQGHUDQVXVUDPDVYHUGHV
KDVWDTXHFXEUDQODWLHUUDHQWHUDRWUDYH]OD7LHUUDHQWHUDVHUiXQMDUGtQ\ORV
iUEROHVDOWRVFXEULUiQVXVXHORHVHGtDORV+LMRVGHOD/X]HQWRQDUiQXQFiQWLFR
QXHYR2K$UEROKHUPDQRPtRTXH\RQRPHDSDUWHGHWLVLQRTXH
FRPSDUWDPRVHODOLHQWRGHYLGDTXHQXHVWUD0DGUH7LHUUDQRVKDGDGR

0iVKHUPRVDTXHODSLH]DPiVILQDHQHODUWHGHORVWDSLFHVHVODDOIRPEUDGH
KRMDVYHUGHVTXHKD\EDMRPLVSLHVGHVFDO]RVPiVPDMHVWXRVRTXHHOWDSt]GH
VHGDGHOFRPHUFLDQWHULFRHVHOWHFKRGHUDPDVTXHKD\VREUHPLFDEH]D\D
WUDYpVGHOFXDOODVHVWUHOODVEULOODQWHVGDQVXOX]

(OYLHQWRTXHSDVDHQWUHORVFLSUHFHVSURGXFHXQVRQLGRSDUHFLGRDOFRURGHORV
iQJHOHVOD0DGUH7LHUUDOHKDHQYLDGRXQPHQVDMHGH9LGDHWHUQDDO3DGUH
&HOHVWLDODWUDYpVGHOUREOHIXHUWH\GHOFHGURKHUPRVR

0LSOHJDULDOOHJDKDVWDORViUEROHVPiVDOWRVFX\DVUDPDVVHH[WLHQGHQKDFLDHO
FLHOR\DVLPLYR]OOHJDUiKDVWDHO3DGUH&HOHVWLDO
83
3RUFDGDQLxRTXHQD]FDSODQWDUiVXQiUEROSDUDTXHHOYLHQWUHGHWXPDGUH
7LHUUDSURGX]FDYLGDDVLFRPRHOYLHQWUHGHODPXMHUWUDHODYLGD

(OTXHGHVWUX\HXQiUEROHVWiFRUWDQGRVXVSURSLRVPLHPEURV

&XDQGROD7LHUUDYXHOYDDFRQYHUWLUVHHQXQMDUGtQORV+LMRVGHOD/X]FDQWDUiQ
DVt

2K$UEROVDQWRTXHHUHVXQGRQGLYLQRGHOD/H\WXPDMHVWDGUHXQHDWRGRV
DTXHOORVTXHVHKDQDOHMDGRGHVXYHUGDGHURKRJDUTXHHVHO-DUGtQGHOD
+HUPDQGDGEDMRWXVUDPDVIURQGRVDVWRGRVORVKRPEUHVVHUiQKHUPDQRVRWUD
YH]DVLFRPRHO3DGUH&HOHVWLDODPDDWRGRVVXVKLMRVDVLQRVRWURVDPDUHPRV\
FXLGDUHPRVORViUEROHVSDUDTXHFUH]FDQHQQXHVWUDWLHUUD\ORVFXLGDUHPRV\
SURWHJHUHPRVSDUDTXHFUH]FDQDOWRV\IXHUWHV\ODWLHUUDVHOOHQHRWUDYH]FRQ
VXEHOOH]D

3RUTXHORViUEROHVVRQQXHVWURVKHUPDQRV\FRPRKHUPDQRVGHEHPRVFXLGDUQRV
\DPDUQRVPXWXDPHQWH

/$6(675(//$6

/DVHVWUHOODVEODQFDV\EULOODQWHVTXHVHYHQGHOHMRV

/RVUD\RVSHQHWUDQWHVTXHYLHQHQGHODVHVWUHOODVOHMDQDV

QRVWUDHQLQIOXHQFLDVVDOXGDEOHV/RVUD\RVOXPLQRVRV

\HOEULOOR\ODJORULDGHODVHVWUHOODVWRGRVHOORV

RK3DGUH&HOHVWLDOVRQORVTXHSUHJRQDQ7XDODEDQ]D

(O3DGUH&HOHVWLDOFRORFy6XSRGHUtRVREUHODID]GHORVFLHORV\KHDTXtTXH(O
GHMyXQUtRGHHVWUHOODVHQ6XQRFKH

,QYRFDPRVDODVHVWUHOODVEULOODQWHV\JORULRVDVTXHKDFHQGHVYDQHFHUWRGRVORV
WHPRUHV\GDQVDOXG\YLGDDWRGDVODVFUHDFLRQHV,QYRFDPRVDODVHVWUHOODV
EULOODQWHV\JORULRVDVDODVTXHHO3DGUH&HOHVWLDOKDGDGRPLOHVGHVHQWLGRVD
ODVHVWUHOODVJORULRVDVTXHWLHQHQGHQWURGHVLPLVPDVODVLPLHQWHGH9LGD\
$JXD

$ODVHVWUHOODVEULOODQWHV\JORULRVDVOHVRIUHFHPRVXQDLQYRFDFLyQFRQ
6DELGXUtD3RGHU\DPRU\FRQ5HFWLWXGGHSDODEUD\DFFLyQOHRIUHFHPRVXQ
VDFULILFLRDODVHVWUHOODVEULOODQWHV\JORULRVDVTXHYXHODQSRUHO0DUFHOHVWLDO
WDQUiSLGDVFRPRXQDIOHFKDODQ]DGDKDFLDHOHVSDFLRFHOHVWH
84

,QYRFDPRVDODVHVWUHOODVEULOODQWHV\JORULRVDVTXHVLHPSUHHVWiQOOHQDVGH
KHUPRVXUDHVSDUFLHQGRDOLYLR\DOHJUtDPLHQWUDVVHFRPXQLFDQLQWHULRUPHQWH
FRQVLJRPLVPDV

/DVREUDVVDJUDGDVGHODFUHDFLyQODVHVWUHOODVORVVROHV\ODDXURUDGH
P~OWLSOHVFRORUHVTXHQRVWUDHOD/X]GHORVGtDVWRGRVHVWRVHQVX2UGHQ
FHOHVWLDOVRQORVSUHJRQHURVGHWXDODEDQ]DRKJUDQ'DGRUGHYLGDRK/H\
6DQWD

,QYRFDPRVDO6HxRUGHODVHVWUHOODVDOiQJHOGHOD/X]TXLHQVLHPSUHHVWi
DOHUWD\TXLHQWRPDSRVHVLyQGHOD/H\KHUPRVDTXHVLHPSUHHVWiHQH[SDQVLyQ
\ORKDFHJUDQGLRVDPHQWH\FRQ3RGHUTXHHVYHOR]HQWUHORVYHORFHVEHQpYROR
HQWUHORVEHQHYROHQWHVIXHUWHHQWUHORVIXHUWHVHOTXHGDODSURVSHULGDGHO
TXHGDODVREHUDQtDHOTXHGDODDOHJUtD\ODIHOLFLGDG

,QYRFDPRVDO6HxRUGHODVHVWUHOODVDO$QJHOGHOD/X]TXHHVGH3DODEUD
YHUGDGHUDTXHWLHQHPLORLGRV\GLH]PLORMRVTXHWLHQHJUDQFRQRFLPLHQWR\
TXHVLHPSUHHVIXHUWH\SHUPDQHFHDOHUWD

(O2UGHQ&HOHVWLDOSHQHWUDHQWRGDVODVFRVDVSXUDV\D(OSHUWHQHFHQODV
HVWUHOODV\ORViQJHOHVJORULRVRVVHYLVWHQFRQ6X/X]

*UDQGHHVQXHVWUR3DGUH&HOHVWLDO\WLHQHJUDQ3RGHU6XHQWHQGLPLHQWRHV
LQILQLWR(OFRQRFHHOQ~PHURGHODVHVWUHOODV\DWRGDVODVOODPDSRUVXQRPEUH

0LUDGORDOWDVTXHHVWiQODVHVWUHOODVPLUDGORDOWDVTXHHVWiQ\VLQHPEDUJRHO
3DGUH&HOHVWLDOODVVRVWLHQHHQ6XVSDOPDVDVtFRPRQRVRVWURVVRVWHQHPRVOD
DUHQDHQQXHVWUDVPDQRV

(OTXHQRFRQRFHOD/H\6DQWDHVXQDHVWUHOODHUUDQWHHQODVWLQLHEODVGHXQ
FLHORGHVFRQRFLGR

¢&UHHVWXTXHQRKD\VLQRXQDPDQHUDGHPLUDUHOILUPDPHQWR"

,PDJLQDGTXHODVHVWUHOODVQRIXHVHQVLQROXJDUHVDLVODGRVHQHOFLHOR\TXHD
WUDYpVGHHOODVVHUHYHODUDODJORULDGHORVFLHORVHQIUDJPHQWRVGH/X]
UHVSODQGHFLHQWHHQODQRFKHS~USXUDDWUDYHVDGDFRQWLQXDPHQWHSRUHVWUHOODV
ORVHVStULWXVGHORV+LMRVGHOD/X]WHQGUiQDODV\VHUHXQLUiQFRQORViQJHOHVGHO
3DGUH&HOHVWLDO

(QWRQFHVHO0DUHWHUQRUHOIHMDUiODJORULDOXPLQRVDGHORVFLHORV\ODVUDPDVGHO
$UEROGHOD9LGDDOFDQ]DUiQODVHVWUHOODV

(QWRQFHVHO5HLQRGHORVFLHORVOOHQDUiWRGDOD7LHUUDGHJORULD\ODVHVWUHOODV
EULOODQWHVGHO$OWtVLPRUHVSODQGHFHUiQHQORVFRUD]RQHVGHORV+LMRVGHOD/X]\
HOFDORU\ODDOHJUtDOOHJDUiQKDVWDORV+LMRVGHORV+RPEUHV
85
/$/81$

4XHKD\DLQYRFDFLyQFRQVDFULILFLR\RUDFLyQDODOXQDOXPLQRVD

TXHPDQWLHQHGHQWURGHVLODVHPLOODGHPXFKDVHVSHFLHV

&XDQGRODOX]GHOD/XQDVHYXHOYHPiVFiOLGDSODQWDVGHPDWLFHVGRUDGRV
FUHFHQHQODWLHUUDGXUDQWHODHVWDFLyQGHSULPDYHUD

2IUHFHPRVVDFULILFLRVDODV/XQDV1XHYDV\DODV/OHQDVHOFUHFLHQWHGHOD/XQD
1XHYDHVWiOOHQRGHVDQWD3D]RIUHFHPRVVDFULILFLRVDO$QJHOGHOD3D]

/D/XQDUDGLDQWH\OXPLQRVDPDQWLHQHGHQWURGHVLODVHPLOODODEULOODQWHOD
JORULRVDODGDGRUDGHDJXDODGDGRUDGHFDORUGHVDELGXUtDGHUHIOH[LyQGH
IUHVFXUDODVDQDGRUDOD/XQDGH3D]

&RQOX]VLOHQFLRVD\DSDFLJXDGRUDEULOODOD/XQDVREUHORVSDVWRVODVPRUDGDV
ODVDJXDVODVWLHUUDV\ODVSODQWDVGHQXHVWURMDUGtQWHUUHVWUH

/D/XQD\HO6ROHOVDQWRYLHQWR\ODVHVWUHOODVVLQFRPLHQ]RTXHVH
DXWRGHWHUPLQDQ\VHPXHYHQDVLPLVPDVVRQWRGRVORVUHJLGRUHVGHO6DQWR
2UGHQGHORVGtDV\ODVQRFKHVGHORVPHVHV\ORVDxRV

/DFDUDGHOD/XQDFDPELDVXDVSHFWRVLQHPEDUJRHV VLHPSUHODPLVPDDVt
FRPROD6DQWD/H\UHYHODXQDFDUDGLIHUHQWHDFDGDXQRGHORV+LMRVGHOD/X]\
VLQHPEDUJRSHUPDQHFHLQPXWDEOHHQVXHVHQFLD

,QYRFDPRVDOD/XQD1XHYD\DOD/XQDTXHGHFUHFH\DOD/XQD/OHQDTXH
HVSDUFHVXOX]HQODQRFKH\DORVIHVWLYDOHVDQXDOHV\DODVHVWDFLRQHVGHO3DGUH
&HOHVWLDOSXHVIXH(O4XLHQGLyDOD/XQDVXFUHFLPLHQWR\GLVPLQXFLyQSDUD
TXHDWUDYpVGHHOODSXGLHUDPRVVDEHUORVPRYLPLHQWRVGHOGtD\GHODQRFKH

7X£RK/XQDSODWHDGD\UHVSODQGHFLHQWH'DPRVJUDFLDVSRUTXHSRGHPRVYHUWH\
YHUHQWXUHIOH[LyQODFDUDEHQGLWDGHQXHVWUD0DGUH7LHUUD

(QWUHHOPXQGRGHORV+LMRVGHORV+RPEUHVORV+HUPDQRVGHOD/X]VRQOODPDV
UDGLDQWHVDVtFRPRODVHVWUHOODVSDOLGHFHQHQSUHVHQFLDGHOD/XQDEULOODQWH\
UHIXOJHQWH

/D/XQDUHFRUUHHOFLHORHQVXEULOOR\HOGHOHLWHHQOD6DQWD/H\OOHQDQXHVWURV
FRUD]RQHV

3D]3D]3D]6DQWR$QJHOGHOD3D]LOXPLQDOD/XQDSODWHDGDFRQWXVDQWLGDG
GHPRGRTXHWRGRVSXHGDQYHUVXEHOOH]D\VHQWLUWX3D](WHUQD
86
(OFLHORGHVLHUWRHVD]XOHQODQRFKH\QRVRWURVYHPRVHOSULPHUUD\RGHOD
/OXQD1XHYDFDVWD\KHUPRVD

(QWRQFHVORV+HUPDQRVVHVDOXGDQFRQ$PRU\DJUDGHFLPLHQWRGLFLHQGR/D3D]
VHDFRQWLJROD3D]VHDFRQYRVRWURV

6$/026'($/$%$1=$<$*5$'(&,0,(172

7HGR\JUDFLDV3DGUH&HOHVWLDOSXHVPHKDVHOHYDGRDXQDDOWXUDHWHUQD\
FDPLQRHQWUHODVPDUDYLOODVGHODSUDGHUD

0HJXLDVWHGHVGHODVSURIXQGLGDGHVGHOD7LHUUDKDVWDDOFDQ]DU7XHWHUQD
FRPSDxtD

+DVSXULILFDGRPLFXHUSRSDUDXQLUPHDOHMpUFLWRGHORViQJHOHVGHOD7LHUUD\
PLHVStULWXSDUDDOFDQ]DUODFRQJUHJDFLyQGHORViQJHOHVFHOHVWHV

/HGLVWHHWHUQLGDGDOKRPEUHSDUDDODEDUFRQFDQFLRQHVGHM~ELORHQOD
DOERUDGD\HQHORFDVRWXVREUDV\PDUDYLOODV

2KYRVRWUDVWRGDVODVREUDVGHO2UGHQ&HOHVWLDOEHQGHFLGOD/H\DODEDG\
H[DOWDGOD/H\VREUHWRGDVODVFRVDV\SRUVLHPSUH

2KYRVRWURVFLHORVWRGRVEHQGHFLGODV/H\DODEDG\H[DOWDGOD/H\VREUHWRGDV
ODVFRVDV\SRUVLHPSUH

2KYRVRWURViQJHOHVGHO3DGUH&HOHVWLDO\YRVRWURViQJHOHVGHOD0DGUH7LHUUD
EHQGHFLGOD/H\DODEDG\H[DOWDGOD/H\VREUHWRGDVODVFRVDV\SRUVLHPSUH

2KYRVRWUDVWRGDVODVDJXDVTXHHVWDLVVREUHORVFLHORVEHQGHFLGOD/H\

2KYRVRWURVWRGRVORVSRGHUHVGHORVVDQWRViQJHOHVEHQGHFLGOD/H\

2KYRVRWURV6RO\/XQDEHQGHFLGOD/H\

2KYRVRWUDVHVWUHOODVGHOFLHOREHQGHFLGOD/H\

2KYRVRWURVOOXYLD\URFtREHQGHFLGOD/H\

2KYRVRWURVWRGRVORVYLHQWRVEHQGHFLGOD/H\

2KYRVRWURVIXHJR\FDORUEHQGHFLGOD/H\

2KYRVRWURVLQYLHUQR\YHUDQREHQGHFLGOD/H\

2KYRVRWURV/X]\RVFXULGDGEHQGHFLGOD/H\
87

2KYRVRWURVURFtR\WRUPHQWDVGHQLHYHEHQGHFLGOD/H\

2KYRVRWURVQRFKHV\GtDVEHQGHFLGOD/H\

2KYRVRWURVUHOiPSDJRV\QXEHVEHQGHFLGOD/H\

2KYRVRWURVPRQWDxDV\FROLQDVEHQGHFLGOD/H\

2KYRVRWUDVWRGDVODVFRVDVTXHFUHFHLVVREUHODWLHUUDEHQGHFLGOD/H\

2KYRVRWUDVIXHQWHVEHQGHFLGOD/H\

2KYRVRWURVPDUHV\UtRVEHQGHFLGOD/H\

2KYRVRWUDVEDOOHQDV\WRGRORTXHVHPXHYHHQODVDJXDVEHQGHFLGOD/H\

2KYRVRWUDVWRGDVODVDYHVGHOFLHOREHQGHFLGOD/H\

2KYRVRWURVWRGDVODVEHVWLDV\HOJDQDGREHQGHFLGOD/H\

2KYRVRWURV+LMRVGHORV+RPEUHVEHQGHFLGOD/H\

2KYRVRWURVHVStULWXV\DOPDVGHORV+LMRVGHOD/X]EHQGHFLGOD/H\

2KYRVRWURVVDQWRV\KXPLOGHVWUDEDMDGRUHVGHO-DUGtQGHOD+HUPDQGDG
EHQGHFLGOD/H\

4XHODWLHUUDHQWHUDEHQGLJDOD/H\

'DGJUDFLDVDO3DGUH&HOHVWLDO\DOD0DGUH7LHUUD\DWRGRVORVVDQWRViQJHOHV
GDGOHVJUDFLDVSXHVOD/H\SHUPDQHFHSRUVLHPSUH

$GRUDPRVOD/H\GtD\QRFKH

$FODPDGDO3DGUH&HOHVWLDO

$FODPDGDOD0DGUH7LHUUD

$FODPDGDORVVDQWRViQJHOHV

$FODPDGDORV+LMRVGHOD/X]

$FODPDGDQXHVWUR6DQWR3DGUH(QRFK

$FODPDGDWRGDODVDQWDFUHDFLyQTXHIXHHVRVHUi
88
2IUHFHPRVVDFULILFLRVDODVHVWUHOODVEULOODQWHV\JORULRVDVDOFLHORVREHUDQRDO
WLHPSRLQILQLWRRIUHFHPRVVDFULILFLRVDODEXHQD/H\GHORVDGRUDGRUHVGHO
&UHDGRUGHORV+LMRVGHOD/X]TXHWUDEDMDQHQHO-DUGtQGHOD+HUPDQGDG

2IUHFHPRVVDFULILFLRVDOVHQGHURGHOD6DQWD/H\

2IUHFHPRVVDFULILFLRVDWRGRVORVVDQWRViQJHOHVGHOPXQGRLQYLVLEOH

2IUHFHPRVVDFULILFLRVDWRGRVORViQJHOHVGHOPXQGRPDWHULDO

'DGJUDFLDVDO3DGUH&HOHVWLDOSXHV(OHVEXHQRGDGJUDFLDVVtDO'LRVGHORV
iQJHOHVGDGJUDFLDVVtDO6HxRUGHOD/X]SXHV6XPLVHULFRUGLDGXUDSRU
VLHPSUH

'DGJUDFLDV\DODEDQ]DLQLILQLWDD$TXHOTXHKDFHODVJUDQGHVPDUDYLOODVD
4XLHQFRQ6DELGXUtDKL]RORVFLHORVDO4XHH[WHQGLyODWLHUUDVREUHODVDJXDVDO
4XHKL]RODVJUDQGHVOXFHVHQORVFLHORVD4XLHQFUHyHOVROSDUDTXHULJLHUDHO
GtD\ODOXQD\ODVHVWUHOODVSDUDTXHULJLHUDQODQRFKHSXHVVXPLVHULFRUGLD
GXUDHWHUQDPHQWH

<DGRUDPRVDODVDQWD\DQWLJXDUHOLJLyQTXHIXHLQVWLWXLGDHQODFUHDFLyQTXH
HVWDEDHQOD7LHUUDHQHOWLHPSRGHORVJUDQGHViUEROHVODVDQWDUHOLJLyQGHO
&UHDGRUODUHVSODQGHFLHQWH\ODJORULRVDUHYHODGDDQXHVWUR3DGUH(QRFK

$GRUDPRVDO&UHDGRU\DOIXHJRGHOD9LGD\DODVEXHQDVDJXDVTXHVRQVDQWDV\
DOVRO\ODOXQDUHVSODQGHFLHQWHV\DODVEULOODQWHV\JORULRVDVHVWUHOODV\VREUH
WRGRDGRUDPRVOD6DQWD/H\TXHHO&UHDGRUQXHVWUR3DGUH&HOHVWLDOQRVKD
GDGR

(VOD/H\ODTXHKDFHVDQWDQXHVWUDPRUDGDODWLHUUDYHUGH\DQFKDDODEDGOD
/H\

/D/H\VDQDHOFRUD]yQDGRORULGR\FXUDODVKHULGDV

*UDQGHHVOD/H\\GHJUDQSRGHUODFRPSUHQVLyQGHOD/H\HVLQILQLWD

/D/H\OHYDQWDDORVKXPLOGHV\GHUULEDDORVPDOYDGRV

&DQWDGDOD/H\FRQDJUDGHFLPLHQWRFDQWDGDODEDQ]DVFRQDUSDVDOD/H\TXH
FXEUHHOFLHORFRQQXEHVSUHSDUDODOOXYLDSDUDODWLHUUDTXHKDFHFUHFHUOD
KLHUEDHQODVPRQWDxDV

$ODEDPRVFRQUHFLDYR]HOSHQVDPLHQWRUHFWRODSDODEUDUHFWD\ODEXHQD
DFFLyQ
89
9HQGUHPRVDYRVRWURVRKERQGDGRVRVLQPRUWDOHVYHQGUHPRVD
YRVRWURVHQVDO]DQGRRVHLQYRFDQGRRViQJHOHVGHO3DGUH&HOHVWLDO\GHOD0DGUH
7LHUUD

$GRUDPRVDO6DQWR6HxRUGHO2UGHQ&HOHVWLDOHO&UHDGRUGHWRGDVODVEXHQDV
FULDWXUDVGHOD7LHUUD

<DGRUDPRVODVGHFODUDFLRQHVGHQXHVWUR3DGUH(QRFK\VXUHOLJLyQDQWLJXD\
SXUDVXIH\VXVDEHUDQWHULRUHVDOFRPLHQ]RGHORVWLHPSRV

/HFDQWDUHPRVDOD/H\PLHQWUDVYLYDPRVOHFDQWDUHPRVDODEDQ]DVDQXHVWUR
3DGUH&HOHVWLDOPLHQWUDVWHQJDPRVQXHVWURVHUPLHQWUDVSHUGXUHHO-DUGtQGH
OD+HUPDQGDG

1RVUHJRFLMDUHPRVHQOD/H\EHQGLFHOD/H\RKDOPDPtDDODEDGOD/H\6DQWD

/RV+LMRVGHOD/X]DPDQOD/H\SRUTXHOD/H\HVFXFKDQXHVWUDVYRFHV\
QXHVWUDVV~SOLFDV

/D/H\WLHQHXQRLGRTXHWRGRORHVFXFKDLQFOLQDGRKDFLDQRVRWURVSRUHVWR
LQYRFDUHPRVOD/H\PLHQWUDVYLYDPRV

/D/H\KDOLEUDGRQXHVWUDVDOPDVGHODPXHUWHQXHVWURVRMRVGHODVOiJULPDV\
QXHVWURVSLHVGHODVFDLGDV

&DPLQDUHPRVDQWHOD/H\HQOD7LHUUDGHORVYLYLHQWHVHQORVVHQGHURVGHO
-DUGtQLQILQLWRGHOD+HUPDQGDG

/RVGtDVGHORV+LMRVGHORV+RPEUHVVRQFRPRODKLHUEDFRPRODVIORUHVGHO
FDPSRDVtIORUHFHQHOORV3XHVHOYLHQWRSDVDVREUHODVIORUHV\HOODVVH
GHVYDQHFHQSHURODPLVHULFRUGLDGHOD/H\VHHVSDUFHGHHWHUQLGDGDHWHUQLGDG
VREUHTXLHQHVODVLJXHQ

%HQGHFLGDO3DGUH&HOHVWLDOYRVRWURVWRGRV6XViQJHOHVYRVRWURV6XVPLQLVWURV
TXHKDFHLV6XYROXQWDG

%HQGHFLGDO6HxRUWRGDVVXVREUDVHQWRGRVORVOXJDUHVGH6XUHLQREHQGLFHDO
6HxRURKDOPDPtD

2K3DGUH&HOHVWLDO7XHUHVJUDQGLRVRHVWiVUHYHVWLGRGHKRQRU\PDMHVWDG
7X4XLHQ7HFXEUHVGH/X]FXDOVLIXHUDXQYHVWLGR4XLHQH[WLHQGHVORVFLHORV
FRPRXQDFRUWLQDTXHKDVFRORFDGRODVFROXPQDVGH7XVPRUDGDVHQODVDJXDV
4XLHQKLFLVWHGHODVQXEHV7XFDUUR]D7XTXHFDPLQDVVREUHODVDODVGHORV
YLHQWRV4XLHQFRQYLHUWHVD7XVHVStULWXVDQJpOLFRV7XV+LMRVGHOD/X]HQIXHJR
UHIXOJHQWHSDUDHQFHQGHUODYHUGDGHQORVFRUD]RQHVGHORV+LMRVGHORV
+RPEUHV7X4XLHQFRORFDVWHODVIXQGDFLRQHVGHOD7LHUUD
90

%HQGLFHDO3DGUH&HOHVWLDO2KDOPDPtD

/$0(1726 &RUWRDSDUWHUHSUHVHQWDWLYR 

1RWD(VSHUDPRV²VLHVGHPXFKRLQWHUpVEXVFDUHOUHVWRGHOWH[WRFRPRXQ
HMHUFLFLRGHLQYHVWLJDFLyQ\DPSOLDFLyQpOHVPDVELHQFRUWR3UHIHULPRV
H[WHQGHU PXFKRPiVDPSOLRTXHpVWH\HORWURWLWXODGR352)(&,$6 
)UDJPHQWRVGHO/LEURGHODV5HYHODFLRQHVGHORV(VHQLRVTXHYHQGUiGHQWURGHO
/LEUR,9

«3RUHVWRODPHQWR\RFXOWRPLFDUDFRQFRQJRMDSRUODEHOOH]DGHOMDUGtQ
SHUGLGR\ODGXO]XUDDXVHQWHGHOFDQWRGHODYHTXHFDQWDEDHQODVUDPDVGHO
$UEROGHOD9LGD«

$RULOODVGHORVUtRVGH%DELORQLDVLDOOtQRVVHQWDPRV\JHPLPRVFXDQGR
UHFRUGDEDPRVD=LyQ&ROJDEDPRVQXHVWUDVDUSDVGHORVVDXFHV¢&yPR
KDEUHPRVGHFDQWDUODFDQFLyQHQXQDWLHUUDPDOYDGD"4XHPLPDQRGHUHFKD
ROYLGHVXGHVWUH]DVLWHROYLGRRK-HUXVDOpQ4XHPLOHQJXDVHSHJXHDO
SDODGDUVLQRWHUHFXHUGRSXHV%DELORQLDHVODHVFODYLWXUGHOPXQGR\=LyQHV
ODOLEHUWDGGHOD+HUPDQGDG

2KD7LFODPDUp3XHVHOIXHJRKDGHYRUDGRORVSDVWRVGHODVSUDGHUD\ODV
OODPDVKDQTXHPDGRWRGRVORViUEROHVGHOFDPSR

/DVEHVWLDVGHODOODQXUDWDPELpQFODPDQD7LSXHVORVUtRVGHDJXDVHKDQ
VHFDGR\HOIXHJRKDGHYRUDGRORVSDVWRVGHODSUDGHUD

1RWDHO,QVWUXFWRU7LEHWDQR'MZDO.KXOVRVWLHQHTXHPLHQWUDVORVGHYDVR
iQJHOHV ODHYROXFLyQGpYLFDSDUDOHODDODKXPDQDSURSLDGHO3ULPHU6LVWHPD
6RODUHQPDQLIHVWDFLyQRGHOVLVWHPDGHODHYROXFLyQGHODPDWHULD FUHDQR
FRQVWUX\HQODHYROXFLyQGHODFRQFLHQFLDRKXPDQDKDGHXVXIUXFWXDU HQ
FRUUHFWDUHODFLyQRHQEHQHILFLRGHDPEDVHYROXFLRQHV WDOREUDHQVDFULILFLR
7DPELpQDILUPDHVWH6DELRFRPSUHQVLYRTXHORViUEROHVVHLQLFLDQPHGLDQWHHO
IXHJR IXHJRGHPDGHUDDOVHUYLFLR²SRUHMHPSORGHODpSRFDGHOYDSRUR
GHELGRDOFDORUGHOVRO \TXHKD\OXJDUHVHQHOSODQHWDTXHGHEHQVHU
FRQVHUYDGRVWDOFRPRHVWiQ FLHUWRVGHVLHUWRVR]RQDVVHOYiWLFDVSURWHJLGDVSRU
ORVGHYDVYHUGHVPDJQpWLFRV (VPX\IDFWLEOHTXHDOOtVHYHDXQSDLVDMHDJUHVWH
SHURHQRWUDVGLPHQVLRQHVVXWLOHVHQPDWHULDHWpULFDPiVUHILQDGDVH
HQFXHQWUHQSDUDMHVRPRUDGDVTXHVHLUiQKDFLHQGRYLVLEOHVDPHGLGDTXHORV
QXHYRVQLxRV FRQFXDOLGDGHVLQKHUHQWHVDVXQDWXUDOH]DWDOFRPRODYLUWXGGH
ODYLVLyQHWpULFD \RWUDVSHUVRQDVVHQVLEOHVGHQVXVWHVWLPRQLRVVLQWHPRUD
TXHGDUHQHOUtGtFXORDQWHODVPHQWHVHVFpSWLFDVSURSLDVGHXQDLJQRUDQFLD
LOXVWUDGD

352)(&,$6 $SDUWHVUHSUHVHQWDWLYRV 
91
(VF~FKDPHSXHEORPtR\SUHVWDRLGRDWHQWROHYDQWDWXVRMRVDOFLHOR\PLUDOD
7LHUUDTXHVHH[WLHQGHEDMRWXVSLHVSXHVORVFLHORVVHGHVYDQHFHUiQFRPRHO
KXPR\OD7LHUUDVHHQYHJHFHUiFRPRXQWUDMHYLHMR\WRGRVORVTXHPRUDQHQ
HOODPRULUiQSRULJXDOSHURHOUHLQRGXUDUiSRUVLHPSUH\0L/H\QRVHUi
DEROLGD

«$\GHDTXHOORVTXHQRKD\DQJXDUGDGROD/H\6DQWD

$\GHODFRURQDGHORUJXOOR

$\GHDTXHOORVTXHDPELFLRQDQODVFRVDVGHOPXQGR\VHFRUURPSHQHQPDODV
DFFLRQHVTXLHQHVYHQHUUDGDPHQWH\GXGDQHQHOMXLFLRSXHVVRQJHQWH
UHEHOGHJHQWHPHQWLURVDJHQWHTXHQRHVFXFKDOD/H\GHO6HxRUJHQWHTXH
GLFHDORVYLGHQWHVQRYHDLV\DORVSURIHWDVQRSURIHWLFHLVFRVDVFRUUHFWDV
SDUDQRVRWURVGHFLGQRVPDVELHQFRVDVDJUDGDEOHVSURIHWL]DGHQJDxRV«

$\GHDTXHOORVTXHXQDQFDVDDFDVDTXH\DVFDQGHFDPSRHQFDPSRKDVWD
TXHQRKD\VLWLRHQOD7LHUUDGRQGHXQKRPEUHSXHGDHVWDUVROR«

$\GHDTXHOORVTXHPHQRVSUHFLHQDOQHFHVLWDGRGHMXLFLR\DOHMHQDORVMXVWRV
GHORVSREUHVTXHFRQYLHUWDQDODVYLXGDVHQVXVSUHVDV\UREHQDORV
KXpUIDQRVSXHVVXFHGHUiTXHODPDQRGHO6HxRUFHUFHQDUiODUDPDFRQHO
MXLFLRGHOD/H\\ORVDOWRVGHHVWDWXUDVHUiQEDMDGRV\ORVRUJXOORVRVVHUiQ
KXPLOODGRV«

6XFHGHUiHQHVHGtDTXHHO6HxRUFDVWLJDUiDODKXHVWHGHORVHOHYDGRV\DORV
UH\HVGHOD7LHUUDVHUiQUHXQLGRVFRPRORVSULVLRQHURVVRQUHXQLGRVHQHOSDWLR
\VHUiQKHFKRVSULVLRQHURV

<HO6HxRUVDOGUiGH6XOXJDU\GHVFHQGHUiFDPLQDUiVREUHORVDOWRVVLWLRVGHOD
7LHUUD\ODVPRQWDxDVVHGHUUHWLUiQEDMR6XVSLHV\ORVYDOOHVVHDJULHWDUiQFRPR
ODFHUDDQWHHOIXHJRFRPRODVDJXDVGHVFLHQGHQFROLQDDEDMR«

<VREUHFDGDDOWDPRQWDxD\FDGDFROLQDKDEUiUtRV\FRUULHQWHVGHDJXDHQHO
GtDGHODJUDQFDWiVWURIHFXDQGRFDLJDQODVWRUUHV

(QHVHGtDODOX]GHODOXQDVHUiFRPRODOX]GHOVRO\ODGHOVROVHUiVLHWH
YHFHVPD\RU«

/DFLXGDGGHODFRQIXVLyQVHUiGLYLGLGD 1(¢ODDFWXDO-HUXVDOpQ" WRGDVODV


FDVDVVHUiQFHUUDGDVGHPRGRTXHQLQJ~QKRPEUHSXHGDHQWUDUKDEUiOODQWR\
DODULGRVHQODVFDOOHVHOM~ELORVHRVFXUHFHUiHOUHJRFLMRGHOD7LHUUD
GHVDSDUHFHUi«

1XHVWUDFDVDVDQWD\KHUPRVDGRQGHQXHVWURVSDGUHV7HDGRUDEDQKDVLGR
TXHPDGDSRUHOIXHJR
92
$~QHODQWLJXRVDEHUGHQXHVWUR3DGUH(QRFKHVWiSLVRWHDGRHQHOSROYR\ODV
FHQL]DV«

3XHVDVtORKDGLFKRHO6HxRUWRGDOD7LHUUDVHUiGHVRODGDVLQHPEDUJRQRKDUp
TXHVHDHOILQ

0LUDGODPDQRGHOD/H\QRHVWDQFRUWDFRPRSDUDTXHQRSXHGDVDOYDURVQL
HORLGRGHOD/H\HVWDQGpELOFRPRSDUDTXHQRSXHGDHVFXFKDURV

'HOGHVLHUWRWUDHUpXQDVHPLOOD\ODVHPLOODVHUiSODQWDGDHQHOMDUGtQGHOD
+HUPDQGDG\pVWDIORUHFHUi\ORV+LMRVGHOD/X]FXEULUiQODWLHUUDiULGDFRQ
DOWDVKLHUEDV\iUEROHVOOHQRVGHIUXWRV

<HOORVFRQVWUXLUiQVREUHODVDQWLJXDVUXLQDVUHSDUDUiQODVFLXGDGHVDUUDVDGDV
ODVGHVRODFLRQHVGHPXFKDVJHQHUDFLRQHVVHUiQOODPDGRVORVHQPHQGDGRUHVGH
ODEUHFKD\ORVUHVWDXUDGRUHVGHODVYHUHGDVSDUDKDELWDU

(OORVVHUiQXQDFRURQDGHJORULDVREUHODFDEH]DGHO6HxRU\XQDGLDGHPDUHDO
HQODPDQRGHOD/H\

(O\HUPR\HOOXJDUGHVRODGRVHDOHJUDUiQSRUVXSUHVHQFLD\HOGHVLHUWRVH
UHJRFLMDUi\IORUHFHUiFRPRODVURVDVUHWRxDUiDEXQGDQWHPHQWH\VHUHJRFLMDUi
\FDQWDUi

6HDEULUiQORVRMRVGHOFLHJR\ORVRtGRVGHOVRUGR\DQRHVWDUiQREVWUXtGRV
HQWRQFHVHOOLVLDGRVDOWDUiFRPRXQFLHUYR\ODOHQJXDGHOWRQWRFDQWDUi

<DTXHHQHOGHVLHUWRLUUXPSLUiQODVDJXDV\IOXLUiQORVDUUR\RVHQHO\HUPR\HO
VXHORTXHPDGRVHFRQYHUWLUiHQODJR\ODWLHUUDVHGLHQWDHQIXHQWHVGHDJXD\
KDEUiDOOtXQFDPLQR\XQVHQGHUR\pVWHVHUiOODPDGRHO6HQGHURGHOD/H\ORV
LQPXQGRVQRSDVDUiQSRUpOSXHVVHUiSDUDORV+LMRVGHOD/X]SDUDTXHFUXFHQ
VREUHHO5tR(WHUQRKDVWDHOOXJDURFXOWRGRQGHVHKDOODHO$UEROGHOD9LGD

<ORV+LMRVGHORV+RPEUHVUHWRUQDUiQDODWLHUUD\YHQGUiQDO-DUGtQ,QILQLWR
FRQDFFLRQHV\FRQUHJRFLMRHWHUQRVREUHVXVFDEH]DVREWHQGUiQJR]R\DOHJUtD
\ODSHQD\ORVVXVSLURVGHVDSDUHFHUiQ

<VXFHGHUiHQORV~OWLPRVGtDVTXHOD0RQWDxDGHOD&DVDGHO6HxRUVHUi
UHVWDEOHFLGDHQODFXPEUHGHODVPRQWDxDV\VHUiH[DOWDGDVREUHODVFROLQDV\
WRGRVORV+LMRVGHORV+RPEUHVGHOD7LHUUDIOXLUiQKDFLDHOOD\PXFKDJHQWHLUi
\GLUiYHQLGYDPRVDOD0RQWDxDGHO6HxRUDO7DEHUQiFXORGHOD6DQWD/H\\
ORVVDQWRViQJHOHVQRVHQVHxDUiQORV6HQGHURVGHO3DGUH&HOHVWLDO\OD0DGUH
7LHUUD\FDPLQDUHPRVSRUORVVHQGHURVGHOMXVWRSRUTXHGHO-DUGtQGHOD
+HUPDQGDGEURWDUiOD/H\\OD3DODEUDGHO6HxRUGHORV+LMRVGHOD/X]
93
<HO6HxRUMX]JDUiHQWUHODVQDFLRQHV\UHSUHQGHUiPXFKDJHQWH\HOORV
FRQYHUWLUiQVXVHVSDGDVHQDUDGRV\VXVODQ]DVHQSRGDGRUDVQLQJXQDQDFLyQ
OHYDQWDUiODHVSDGDFRQWUDRWUDQLHPSUHQGHUiODJXHUUD«

(VFXFKDGPH+LMRVGHOD/X]6R\HOTXH6R\6R\HOSULPHUR\6R\WDPELpQHO
~OWLPRPLPDQRWDPELpQFRORFyORVFLPLHQWRVGHOD7LHUUD\PLPDQRGHUHFKD
KDH[WHQGLGRORVFLHORV«

(/(9$1*(/,2(6(1,2'(3$=

/,%52,9

/$6(16(f$1=$6'(/(/(*,'2

/DV&RPXQLRQHVGHO(VHQLR

<VXFHGLyTXH-HV~VUHXQLyDORV+LMRVGHOD/X]DODRULOODGHOUtRSDUDUHYHODUOHVORTXH
KDEtDHVWDGRRFXOWRKDEtDQSDVDGRVLHWHDxRV\FDGDXQRHVWDEDSUHSDUDGRSDUDODYHUGDG
DVtFRPRODIORUVHDEUHGHOFDSXOORFXDQGRORViQJHOHVGHO6RO\HOGHO$JXDOHWUDHQHO
IORUHFLPLHQWR

<WRGRVHOORVHUDQGLIHUHQWHVXQRVDRWURVXQRVSRUTXHHUDQPD\RUHVGHHGDGRWURVD~Q
WHQtDQHOURFtRGHODMXYHQWXGVREUHVXVPHMLOODV\DOJXQRVKDEtDQVLGROHYDQWDGRVGH
DFXHUGRFRQODVWUDGLFLRQHVGHVXVSDGUHV\RWURVSRUTXHQRFRQRFtDQTXLHQHVKDEtDQVLGR
VXVSDGUHV\VXVPDGUHV0DVWRGRVSRVHtDQFODULGDGGHGLVFHUQLPLHQWR\GRFLOLGDGGH
FXHUSRSRUTXHHUDQVHxDODGRVSXHVSRUVLHWHDxRVKDEtDQFDPLQDGRFRQORViQJHOHVGHOD
0DGUH7LHUUD\REHGHFLGRVXVOH\HV<SRUVLHWHDxRVORViQJHOHVLQFyJQLWRVGHO3DGUH
&HOHVWHOHVKDEtDQHQVHxDGRDWUDYpVGHVXVKRUDVGHVXHxR<GHVSXpVGHpVWROOHJyHOGtD
HQTXHHOORVHQWUDUtDQHQODKHUPDQGDGGHORVHOHJLGRV\DSUHQGHUtDQODVHQVHxDQ]DV
RFXOWDVGHORVDQWHSDVDGRVD~QDTXHOODVGH(QRFK\ODVDQWHULRUHV

<-HV~VOOHYyDORV+LMRVGHOD/X]KDFLDXQiUERODQWLJXRDOODGRGHOUtR\VHDUURGLOOy
DOOtHQHOOXJDUGRQGHODVQXGRVDV\HVFDUFKDGDVUDtFHVFRQPXFKRVDxRVVHH[WLHQGHQ
VREUHODRULOODGHOUtR<ORV+LMRVGHOD/X]WDPELpQVHDUURGLOODURQ\WRFDURQFRQ
UHYHUHQFLDHOWURQFRGHOiUERODQWLJXRSRUTXHOHVIXHHQVHxDGRTXHORViUEROHVVRQORV
KHUPDQRVGHORV+LMRVGHORV+RPEUHV3RUTXHOD0DGUHGHHOORVHVODPLVPDOD0DGUH
7LHUUDFX\DVDQJUHFRUUHHQODVDYLDGHOiUERO\HQHOFXHUSRGHO+LMRGHO+RPEUH<HO
3DGUHGHHOORVHVHOPLVPRHO3DGUH&HOHVWHFX\DVOH\HVHVWiQHVFULWDVHQODVUDPDVGHO
iUERO\FX\DVOH\HVHVWiQHVFXOSLGDVHQODIUHQWHGHO+LMRGHO+RPEUH

<-HV~VWHQGLy6XVPDQRVKDFLDHOiUERO\GLMR+HDTXtHO$UEROGHOD9LGDHOFXDOHVWi
FRORFDGRHQPHGLRGHO0DU(WHUQR1RPLUHQVRODPHQWHFRQORVRMRVGHOFXHUSRVLQRFRQ
ORVRMRVGHOHVStULWXDO$UEROGHOD9LGDHQXQDIXHQWHGHDUUR\RVFRUULHQWHVHQXQ
PDQDQWLDOVXEVLVWHQWHHQXQDWLHUUDGHVHTXtD

94

0LUDGHOMDUGtQHWHUQRGHPDUDYLOODV\HQVXFHQWURHO$UEROGHOD9LGDPLVWHULRGH
PLVWHULRVEURWDQGRUDPDVSHUGXUDEOHVSDUDXQDSODQWDFLyQHWHUQDSDUDVXPHUJLUVXV
UDtFHVGHQWURGHO7RUUHQWHGH9LGDGHXQDIXHQWHHWHUQD0LUDGFRQORVRMRVGHOHVStULWX
ORViQJHOHVGHO'tD\ORViQJHOHVGHOD1RFKHORVFXDOHVSURWHJHQODVIUXWDVFRQHOIXHJR
GHOD/X]HWHUQDTXHPDQGRSRUWRGDVSDUWHV

0LUHQ2K+LMRVGHOD/X]ODVUDPDVGHO$UEROGHOD9LGDOOHJDQGRKDVWDHO5HLQRGHO
3DGUH&HOHVWH<PLUHQODVUDtFHVGHO$UEROGHOD9LGDGHVFHQGLHQGRDOVHQRGHOD0DGUH
7LHUUD<HO+LMRGHO+RPEUHHVDVFHQGLGRDXQDHOHYDFLyQHWHUQD\FDPLQDHQODV
PDUDYLOODVGHOOODQRSRUTXHVRODPHQWHHO+LMRGHO+RPEUHOOHYDHQVXFXHUSRODVUDtFHV
GHO$UEROGHOD9LGDODVPLVPDVUDtFHVTXHORDPDPDQWDURQGHVGHHOVHQRGHOD
0DGUH7LHUUD\VRODPHQWHHO+LMRGHO+RPEUHOOHYDHQVXHVStULWXODVUDPDVGHO$UEROGH
OD9LGDODVPLVPDVTXHOOHJDQKDVWDHOFLHOR\D~QKDVWDHO5HLQRGHO3DGUH&HOHVWH

<SRUVLHWHDxRVXVWHGHVKDQODERUDGRGXUDQWHWRGRHOGtDFRQORViQJHOHVGHOD0DGUH
7LHUUD\SRUVLHWHDxRVXVWHGHVKDQGRUPLGRHQORVEUD]RVGHO3DGUH&HOHVWH<DKRUD
YXHVWUDUHFRPSHQVDVHUiJUDQGHSRUHVWROHVVHUiGDGRHOGRQGHODVOHQJXDVSDUDTXH
SXHGDQDWUDHUKDFLDYRVRWURVHOSRGHUFRPSOHWRGHYXHVWUD0DGUH7LHUUD\WHQHUPDQGR
VREUHVXViQJHOHV\GRPLQLRVREUHWRGRVXUHLQR\SDUDTXHSXHGDDWUDHUKDFLDYRVRWURVOD
JORULDGHVOXPEUDQWHGHWX3DGUH&HOHVWHSDUDTXHSXHGDQGLULJLUVXViQJHOHV\HQWUDUHQOD
9LGD(WHUQDHQORVUHLQRVFHOHVWHV

<SRUVLHWHDxRVHVWDVSDODEUDVQROHVIXHURQGDGDVSRUTXHDTXHOTXHXWLOLFHHOGRQGHODV
OHQJXDVHQEXVFDUULTXH]DVRSDUDGRPLQDUDVXVHQHPLJRV\DQRVHUi+LMRGHOD/X]
VLQRXQFDFKRUURGHOGHPRQLR\XQDFULDWXUDGHODVWLQLHEODV

3RUTXHVRODPHQWHHODJXDSXUDSXHGHUHIOHMDUODOX]GHO6RO\DTXHOODDJXDTXHVHKD
WRUQDGRYLVFRVDFRQVXFLHGDG\OREUHJXH]QRSXHGHUHIOHMDUQDGD<FXDQGRHOFXHUSR\HO
HVStULWXGHO+LMRGHO+RPEUHKDQFDPLQDGRFRQORViQJHOHVGHOD0DGUH7LHUUD\HO3DGUH
&HOHVWHSRUVLHWHDxRVHQWRQFHVpOHVFRPRHOUtRWRUUHQWRVREDMRHOVROGHOPHGLRGtD
UHIOHMDQGROXFHVGHVOXPEUDQWHVGHMR\DVEULOODQWHV

(VF~FKHQPH+LMRVGHOD/X]SRUTXHOHVLPSDUWLUpHOGRQGHODVOHQJXDVDTXHOSRUHOFXDO
KDEODQGRDYXHVWUD0DGUH7LHUUDHQODPDxDQD\DYXHVWUR3DGUH&HOHVWLDOHQODQRFKH
SXHGHQLUDFHUFiQGRVHPiV\PiVDODXQLGDGFRQORVUHLQRVGHODWLHUUD\HOFLHORDTXHOOD
XQLGDGSDUDODFXDOHO+LMRGHO+RPEUHHVWiGHVWLQDGRGHVGHORVSULQFLSLRVGHORVWLHPSRV

+DUpTXHFRQR]FDQFRVDVSURIXQGDV\PLVWHULRVDV3RUTXHOHVGLJRHQYHUGDGWRGDVODV
FRVDVH[LVWHQSRU'LRV\QRKD\QLQJXQDIXHUDGH(O'LULMDQYXHVWURVFRUD]RQHVSRUOR
WDQWRSDUDTXHSXHGDQFDPLQDUVREUHORVVHQGHURVUHFWRVGRQGHHVWi6XSUHVHQFLD


&XDQGRDEUDQVXVRMRVHQODPDxDQDLQFOXVRDQWHVGHTXHYXHVWURFXHUSRKD\DVLGR
OODPDGRSRUHOiQJHOGHO6ROGtJDQVHDXVWHGHVPLVPRVHVWDVSDODEUDVGHMiQGRODV
UHSHUFXWLUHQYXHVWURHVStULWXSRUTXHODVSDODEUDVVRQFRPRODVKRMDVPXHUWDVFXDQGR
GHQWURGHHOODVQRKD\YLGDGHOHVStULWX'HFLGHQWRQFHVHVWDVSDODEUDV
95

<RHQWURHQHO-DUGtQHWHUQRHLQILQLWRGHPLVWHULRHOHVStULWXHQXQLGDGFRQHO3DGUH
&HOHVWLDOPLFXHUSRHQXQLGDGFRQOD0DGUH7LHUUDPLFRUD]yQHQDUPRQtDFRQPLV
KHUPDQRVORV+LMRVGHORV+RPEUHVGHGLFDQGRPLHVStULWXPLFXHUSR\PLFRUD]yQDOR
VDJUDGRHQVHxDQ]DSXUD\VDOYDGRUDLQFOXVRDTXHOODHQVHxDQ]DTXHGHVGHDQWDxRIXH
GDGDDFRQRFHUD(QRFK

<GHVSXpVGHTXHHVWDVSDODEUDVKD\DQHQWUDGRHQYXHVWURHVStULWXHQODSULPHUDPDxDQD
GHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV

/D0DGUH7LHUUD\\RVRPRVXQRVXDOLHQWRHVPLDOLHQWRVXVDQJUHHVPLVDQJUHVXV
KXHVRVVXFDUQHVXVHQWUDxDVVXVRMRV\RLGRVVRQPLVKXHVRVPLFDUQHPLVHQWUDxDV
PLVRMRV\RLGRV1XQFDODDEDQGRQDUp\VLHPSUHHOODQXWULUi\VRVWHQGUiPLFXHUSR

<VHQWLUiQHOSRGHUGHOD0DGUH7LHUUDIOX\HQGRSRUYXHVWURFXHUSRFRQJUDQUXLGRFRPR
HOUtRFXDQGRHVDFUHFHQWDGRFRQSRGHURVDVOOXYLDV

<HQODVHJXQGDPDxDQDGHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV

$QJHOGHOD7LHUUDKDVIpUWLOPLVLPLHQWH\FRQWXSRGHUGDYLGDDPLFXHUSR,JXDOFRPR
YXHVWUDVLPLHQWHFUHDYLGDQXHYDDVtFRUUHDWUDYpVGHOD7LHUUDODVHPLOODGHO$QJHOGHOD
7LHUUDHQODKLHUEDHQHOVXHORHQWRGDVODVFRVDVYLYLHQWHVTXHFUHFHQGHOVXHOR

6DEHGRK+LMRVGHOD/X]TXHHOPLVPRiQJHOGHOD7LHUUDTXHFRQYLHUWHYXHVWUDVLPLHQWH
HQKLMRVWDPELpQFRQYLHUWHODGLPLQXWDEHOORWDHQHVWHSRGHURVRUREOH\KDFHSURGXFLUOD
VHPLOODGHOWULJRSDUDTXHFUH]FDSDUDHOSDQGHO+LMRGHO+RPEUH<HOVHPHQGHYXHVWUR
FXHUSRQRQHFHVLWDHQWUDUHQHOFXHUSRGHODPXMHUSDUDFUHDUYLGDSRUTXHHOSRGHUGHO
$QJHOGHOD7LHUUDHVVXSHULRUHQJUDQGH]D\HO$QJHOGHOD7LHUUDSXHGHFUHDUODYLGDGHO
HVStULWXDGHQWURDVtFRPRODYLGDGHOFXHUSRDIXHUD

<HQODWHUFHUDPDxDQDGHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV

$QJHOGHOD9LGDHQWUDFRQIXHU]DHQORVPLHPEURVGHPLFXHUSR<FRQHVWDVSDODEUDV
DEUDFHQHO$UEROGHOD9LGDLJXDOFRPR\RDEUD]RHVWHUREOHKHUPDQR\VHQWLUiQHOSRGHU
GHO$QJHOGHOD9LGDFRUUHUSRUYXHVWURVEUD]RV\SLHUQDV\SRUWRGDVODVSDUWHVGHYXHVWUR
FXHUSRFRPRODVDYLDIOX\HHQHOiUEROHQSULPDYHUDD~QVLFRUUHIXHUDGHOWURQFRDVtHO
$QJHOGHOD9LGDLQXQGDUiYXHVWURFXHUSRFRQHOSRGHUGHOD0DGUH7LHUUD

<HQODFXDUWDPDxDQDGHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV

$QJHOGHOUHJRFLMRGHVFLHQGHVREUHOD7LHUUDYHUWLHQGREHOOH]D\GHOHLWHDWRGRVORV+LMRV
GHOD0DGUH7LHUUD\HO3DGUH&HOHVWLDO<VDOGUiQDORVFDPSRVGHIORUHVGHVSXpVGHOD
OOXYLD\GDUiQJUDFLDDYXHVWUD0DGUH7LHUUDSRUHOGXOFHRORUGHOIORUHFLPLHQWRSRUTXH
OHVGLJRHQYHUGDGXQDIORUQRWLHQHRWURSURSyVLWRTXHWUDHUUHJRFLMRDOFRUD]yQGHO+LMR
GHO+RPEUH<HVFXFKDUiQFRQRLGRVQXHYRVODFDQFLyQGHODVDYHV\PLUDUiQFRQRMRV
QXHYRVORVFRORUHVGHOVROHQVXVDOLGD\SXHVWD\WRGRVHVWRVGRQHVGHOD0DGUH7LHUUD
96
FDXVDUiQUHJRFLMRSDUDYHUWLUORGHQWURGHYRVRWURVDVtFRPRGHUHSHQWHIOX\HXQ
PDQDQWLDOHQXQOXJDUiULGR<VDEUiQTXHQDGLHOOHJDDQWHHO3DGUH&HOHVWHVLHO$QJHO
GHO5HJRFLMRQROHSHUPLWHSDVDUSRUTXHHQUHJRFLMRIXHFUHDGDOD7LHUUD\HQUHJRFLMROD
0DGUH7LHUUD\HO3DGUH&HOHVWLDOOHGLHURQQDFLPLHQWRDO+LMRGHO+RPEUH

<HQODTXLQWDPDxDQDGHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV

$QJHOGHO6ROHQWUDDPLFXHUSR\SHUPLWHEDxDUPHHQHOIXHJRGHOD9LGD<VHQWLUiQORV
UD\RVGHOVROQDFLHQWHHQWUDUHQHOSXQWRFpQWULFRGHYXHVWURFXHUSRDOOtHQHOFHQWUR
GRQGHORViQJHOHVGHO'tD\GHOD1RFKHVHMXQWDQ<HOSRGHUGHOVROVHUiYXHVWURSDUD
GLULJLUORDFXDOTXLHUSDUWHGHYXHVWURFXHUSRSRUTXHORViQJHOHVPRUDQDOOtGHQWUR

<HQODVH[WDPDxDQDGHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV

$QJHOGHO$JXDHQWUDHQPLVDQJUH\GDDPLFXHUSRHO$JXDGH9LGD<VHVHQWLUiQ
FRPRODWRUUHQWRVDFRUULHQWHGHOUtR\VHQWLUiQHOSRGHUGHO$QJHOGHO$JXDHQWUDUHQ
YXHVWUDVDQJUH\FRPRORVULDFKXHORVGHXQDUUR\RHQYLDUHOSRGHUGHOD0DGUH7LHUUDD
WUDYpVGHYXHVWUDVDQJUHDWRGDVODVSDUWHVGHYXHVWURFXHUSR

<HVWDVHUiODFXUDFLyQSRUTXHHOSRGHUGHO$QJHOGHO$JXDHVPX\JUDQGH\FXDQGROH
KDEOHVDpOWHHQYLDUiVXSRGHUGRQGHTXLHUDTXHVHORRUGHQHVSRUTXHFXDQGRORViQJHOHV
GH'LRVPRUDQGHQWURGHO+LMRGHO+RPEUHWRGDVODVFRVDVVRQSRVLEOHV

<HQODVpSWLPDPDxDQDGHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV

$QJHOGHO$LUHHQWUDHQPLDOLHQWR\GDDPLFXHUSRHODLUHGHOD9LGD&RQRFHGRK+LMRV
GHOD/X]TXHHO$QJHOGHO$LUHHVHOPHQVDMHURGHO3DGUH&HOHVWLDO\QDGLHOOHJDDQWHHO
URVWURGH'LRVVLHO$QJHOGHO$LUHQROHSHUPLWHSDVDU3RUTXHQRVRWURVQRSHQVDPRVHQ
HO$QJHOGHO$LUHFXDQGRUHVSLUDPRVSRUTXHQRVRWURVUHVSLUDPRVVLQPHGLWDFLyQFRPR
ORVKLMRVGHODVWLQLHEODVTXHYLYHQVXVYLGDVVLQPHGLWDFLyQ3HURFXDQGRHOSRGHUGHOD
9LGDHQWUDHQYXHVWUDVSDODEUDV\HQYXHVWUDUHVSLUDFLyQHQWRQFHVHQWRGRVORVPRPHQWRV
TXHLQYRTXHQDO$QJHOGHO$LUHDVtWDPELpQLQYRFDQDORV$QJHOHVLQFyJQLWRVGHO3DGUH
&HOHVWLDO\VHDFHUFDUiQPiVDORVUHLQRVFHOHVWLDOHV

<HQODQRFKHGHO6DEEDWKGHFLGHVWDVSDODEUDV

(O3DGUH&HOHVWLDO\\RVRPRV8QR<FLHUUHQVXVRMRV+LMRVGHOD/X]\HQVXHxRVHQWUHQ
HQORVUHLQRVGHVFRQRFLGRVGHO3DGUH&HOHVWLDO

<VHEDxDUiQHQODOX]GHODVHVWUHOODV\HO3DGUH&HOHVWLDOOHVVRVWHQGUiHQ6XVPDQRV\
FDXVDUiXQDIXHQWHGHFRQRFLPLHQWRSDUDYHUWLUODGHQWURGHYRVRWURVXQDIXHQWHGHSRGHU
YHUWLHQGR$JXDV9LYLHQWHVXQGLOXYLRGH$PRU\GHWRGRHOFRQWHQLGRGHOD6DELGXUtD
FRPRHOHVSOHQGRUGHOD/X](WHUQD<XQGtDORVRMRVGHYXHVWURHVStULWXVHDEULUiQ\
FRQRFHUiQWRGDVODVFRVDV

<HQODSULPHUDQRFKHGHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV
97

$QJHOGHOD9LGD(WHUQDGHVFLHQGHVREUHPL\GDDPLHVStULWXYLGDHWHUQD<FLHUUHQVXV
RMRV+LMRVGHOD/X]\HQVXHxRVFRQWHPSOHQODXQLGDGGHODYLGDHQWRGDVSDUWHV3RUTXH
OHVGLJRHQYHUGDGHQODVKRUDVGHOX]GHOGtDQXHVWURVSLHVHVWiQVREUHODWLHUUD\QR
WHQHPRVDODVFRQTXHYRODUSHURQXHVWURVHVStULWXVQRHVWiQDWDGRVDODWLHUUD\FRQOD
OOHJDGDGHODQRFKHYHQFHPRVQXHVWURDSHJRDODWLHUUD\QRVXQLPRVFRQORHWHUQR3DUD
HO+LMRGHO+RPEUHWRGRQRHVFRPRDpOOHSDUHFH\VRORFRQORVRMRVGHOHVStULWX
SRGHPRVYHUDTXHOORVKLORVGRUDGRVORVFXDOHVQRVXQHQFRQODYLGDHQWRGDVSDUWHV

<HQODVHJXQGDQRFKHGHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV

$QJHOGHO7UDEDMR&UHDGRUGHVFLHQGHVREUHOD7LHUUD\GDDEXQGDQFLDDWRGRVORV+LMRV
GHORV+RPEUHV3RUTXHpVWHHOPiVSRGHURVRGHORV$QJHOHVGHO3DGUH&HOHVWHHVOD
FDXVDGHOPRYLPLHQWR\VRODPHQWHHQHOPRYLPLHQWRHVWiOD9LGD7UDEDMDGRK+LMRVGHOD
/X]HQHOMDUGtQGHOD+HUPDQGDGSDUDFUHDUHOUHLQRGHORVFLHORVVREUHOD7LHUUD<DVt
FRPRWUDEDMHQDVtHO$QJHOGHO7UDEDMR&UHDGRUQXWULUi\PDGXUDUiODVHPLOODGHYXHVWUR
HVStULWXSDUDTXHSXHGDQYHUD'LRV

<HQODWHUFHUDQRFKHGHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV

3D]SD]SD]$QJHOGHOD3D]HVWDGVLHPSUHHQWRGDVSDUWHV%XVFDGDO$QJHOGHOD3D]
HQWRGRORTXHYLYHHQWRGRORTXHKDJDQHQWRGDVODVSDODEUDVTXHGLJDQ3RUTXHODSD]
HVODOODYHSDUDWRGRHOFRQRFLPLHQWRSDUDWRGDYLGD$OOtGRQGHQRKD\SD]DOOtUHLQD
VDWiQ<ORVKLMRVGHODVWLQLHEODVDPELFLRQDQPDVTXHWRGRUREDUGHORV+LMRVGHOD/X]
VXSD],GSRUORWDQWRHQHVWDQRFKHDO7RUUHQWH'RUDGRGHOD/X]TXHHVODYHVWLGXUDGHO
$QJHOGHOD3D]\WUDHGSRUODPDxDQDOD3D]GH'LRVTXHVREUHSDVDODFRPSUHQVLyQSDUD
TXHSXHGDQFRQIRUWDUORVFRUD]RQHVGHORV+LMRVGHORV+RPEUHV

<HQODFXDUWDQRFKHGHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV

$QJHOGHO3RGHUGHVFLHQGHVREUHPL\OOHQDFRQ3RGHUWRGRVPLVDFWRV/HVGLJRHQ
YHUGDGSUHFLVDPHQWHFRPRVREUHOD7LHUUDQRKD\YLGDVLQHO6RODVtPLVPRQRKD\YLGD
GHOHVStULWXVLQHO$QJHOGHO3RGHU/RTXHSLHQVHQ\VLHQWDQVRQFRPRODVHVFULWXUDV
PXHUWDVTXHVyORVRQSDODEUDVVREUHXQDSiJLQDRHOOHQJXDMHPXHUWRGHKRPEUHV
PXHUWRV0DVORV+LMRVGHOD/X]QRVRODPHQWHSHQVDUiQQRVRODPHQWHVHQWLUiQVLQRTXH
WDPELpQDFWXDUiQ\VXVDFWRVUHDOL]DUiQVXVSHQVDPLHQWRV\VHQWLPLHQWRVFRPRODIUXWD
GRUDGDGHOYHUDQROHGDHOVHQWLGRDODVKRMDVYHUGHVGHODSULPDYHUD

<HQODTXLQWDQRFKHGHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV

$QJHOGHO$PRUGHVFLHQGHVREUHPL\OOHQDFRQDPRUWRGRVPLVVHQWLPLHQWRV3RUTXHHV
SRU$PRUTXHHO3DGUH&HOHVWHOD0DGUH7LHUUD\HO+LMRGHO+RPEUHOOHJDQDVHUXQR(O
$PRUHVHWHUQR(O$PRUHVPiVIXHUWHTXHODPXHUWH<WRGDVODVQRFKHVORV+LMRVGHOD
/X]GHEHQEDxDUVHHQHO$JXD6DJUDGDGHO$QJHOGHO$PRUSDUDTXHFRQODPDxDQD
SXHGDQEDXWL]DUDORV+LMRVGHORV+RPEUHVFRQDFWRVERQGDGRVRV\SDODEUDVJHQWLOHV

98

3RUTXHFXDQGRHOFRUD]yQGHO+LMRGHOD/X]HVWiEDxDGRSRU$PRUVRORGLFHSDODEUDV
ERQGDGRVDV\VXDYHV

<HQODVH[WDQRFKHGHVSXpVGHO6DEEDWKGHFLGHVWDVSDODEUDV

$QJHOGHOD6DELGXUtDGHVFLHQGHVREUHPL\OOHQDFRQVDELGXUtDWRGRVPLVSHQVDPLHQWRV
6DEHGRK+LMRVGHOD/X]TXHYXHVWURVSHQVDPLHQWRVVRQWDQSRGHURVRVFRPRHOUD\RGHO
UHOiPSDJRTXHURPSHDWUDYpVGHODWRUPHQWD\SDUWHHOSRGHURVRiUEROHQSHGD]RV 1(
9HUHODSHQGLFH((O3RGHUGHO3HQVDPLHQWR 

(VSRUpVWRTXHKDQHVSHUDGRVLHWHDxRVSDUDDSUHQGHUFyPRKDEODUFRQORV$QJHOHV
SRUTXHQRFRQRFHQHOSRGHUGHVXVSHQVDPLHQWRV

8WLOLFHQHQWRQFHVVDELGXUtDHQWRGRORTXHSLHQVHQGLJDQRKDJDQ3RUTXHOHVGLJRHQ
YHUGDGDTXHOORTXHHVWpKHFKRVLQVDELGXUtDHVFRPRXQFDEDOORVLQMLQHWHHFKDQGR
HVSXPD\HQIXUHFLGRFRUULHQGRHQORTXHFLGRKDFLDHOLQWHULRUGHXQDELVPR

3HURFXDQGRHO$QJHOGHOD6DELGXUtDJRELHUQDYXHVWUDVDFFLRQHVHQWRQFHVHOVHQGHURD
ODVUHJLRQHVLQFyJQLWDVHVHVWDEOHFLGR\HORUGHQ\ODDUPRQtDULJHQYXHVWUDVYLGDV

<HVWDVVRQODVFRPXQLRQHVFRQORViQJHOHVODVFXDOHVVRQGDGDVDORV+LMRVGHOD/X]
SDUDTXHFRQORVFXHUSRVSXULILFDGRVSRUHO3DGUH&HOHVWLDOSXHGDQFRPDQGDU\VHUYLUD
ORViQJHOHVFRQWLQXDPHQWHGHSHUtRGRHQSHUtRGRHQODVHWDSDVGHOGtD\HQVXRUGHQILMR
FRQODOOHJDGDGHOD/X]GHVGHVXIXHQWH\HQHOWRUQDUGHODQRFKH\ODLGDGHODOX]HQOD
LGDGHODVWLQLHEODV\HQHOOOHJDUGHOGtDFRQWLQXDPHQWHHQWRGDVODVJHQHUDFLRQHVGHO
WLHPSR

/DYHUGDGHVQDFLGDGHOD)XHQWHGH/X]ODIDOVHGDGGHOSR]RGHODVWLQLHEODV(OGRPLQLR
GHWRGRVORV+LMRVGHOD9HUGDGHVWiHQODPDQRVGHORViQJHOHVGHOD/X]GHPRGRTXH
HOORVSXHGHQFDPLQDUSRUORVVHQGHURVGHOD/X]

%HQGLFLRQHVVREUHWRGRVORV+LMRVGHOD/X]TXHKDQKHFKRVXVXHUWHFRQOD/H\SDUDTXH
FDPLQHQFRQFHUWH]DHQWRGDVGLUHFFLRQHV/D/H\SXHGHEHQGHFLUORVFRQWRGROREXHQR\
SURWHJHUORVGHWRGRORPDORHLOXPLQDUVXVFRUD]RQHVFRQSHUFHSFLyQHQODVFRVDVGHOD
YLGD\SULYLOHJLDUOHVFRQHOFRQRFLPLHQWRGHODVFRVDVHWHUQDV

<ODOXQDFUHFLHQWHGHOD3D]GHVFHQGLyVREUHODPRQWDxD\EUL]QDVGHOX]UHOXFLHURQVREUH
ODVDJXDVGHOUtR<ORV+LMRVGHOD/X]VHDUURGLOODURQHQUHYHUHQFLD\DFFLyQGHJUDFLDV
SRUODVSDODEUDVGH-HV~VFRPR(OVHORVHQVHxyHQODVIRUPDVDQWLJXDVGHVXVSDGUHVD~Q
FRPRD(QRFKOHIXHHQVHxDGRGHVGHDQWDxR

<-HV~VGLMR/D/H\IXHLPSODQWDGDSDUDUHFRPSHQVDUDORV+LMRVGHOD/X]FRQFXUDFLyQ
\SD]DEXQGDQWHFRQODUJDYLGDFRQVHPLOODIpUWLOGHEHQGLFLRQHVSHUGXUDEOHVFRQ
UHJRFLMRHWHUQRHQLQPRUWDOLGDGGH/X]HWHUQD

99

&RQHOOOHJDUGHOGtDDEUD]RDPL0DGUHFRQHOOOHJDUGHODQRFKHPHXQRDPL3DGUH\
FRQODLGDGHODQRFKH\ODPDxDQDUHVSLUDUp6X/H\\QRLQWHUUXPSLUpHVWDVFRPXQLRQHV
KDVWDHOILQGHOWLHPSR

(/'21'(/$9,'$(1(/+80,/'(3$672

(VWRIXHHQHOPHVGH7KHEHWFXDQGRODWLHUUDIXHFXELHUWDFRQUHWRxRVGHSDVWRMRYHQ
GHVSXpVGHODVOOXYLDV\ODFXELHUWDGHYHUGHHVPHUDOGDHUDGHOLFDGDFRPRHOILQRSOXPyQ
GHXQSROOLWR

<HVWRRFXUULyHQXQDEULOODQWHPDxDQDOOHQDGHVRO-HV~VUHXQLyORVQXHYRVKHUPDQRVGHO
FtUFXORGHORV(OHJLGRVDOUHGHGRUGH(OSDUDTXHHOORVSXGLHUDQHVFXFKDUFRQVXVRLGRV\
HQWHQGHUFRQVXVFRUD]RQHVODVHQVHxDQ]DVGHVXVSDGUHVLQFOXVRFRPROHIXHHQVHxDGRD
(QRFKGHVGHDQWDxR

<-HV~VVHVHQWyEDMRXQQXGRVR\DQWLJXRiUEROVRVWHQLHQGRHQVXVPDQRVXQDSHTXHxD
ROODGHEDUUR\HQODROODFUHFLHQGRXQSDVWRWLHUQRGHWULJRODPiVSHUIHFWDKLHUEDHQWUH
WRGDVODVVHPLOODVSURGXFWLYDV<HOSDVWRWLHUQRGHODROODHVWDEDUDGLDQWHFRQYLGDDVL
FRPRHOSDVWR\ODVSODQWDVTXHFXEULHURQORVFHUURVKDVWDPX\DGHQWURGHORVGLVWDQWHV
FDPSRV\PiVDOOi

<-HV~VIURWyVXDYHPHQWHFRQVXVPDQRVHOSDVWRGHODROODWDQVXDYHFRPR(OWRFDUtDOD
FDEH]DGHXQSHTXHxRQLxR

<-HV~VGLMR)HOLFHVXVWHGHV+LMRVGHOD/X]SRUTXHKDQHQWUDGRHQHOFDPLQRGHOR
LQPRUWDO\FDPLQDQHQHOVHQGHURGHODYHUGDGDVtFRPRORKLFLHURQYXHVWURVSDGUHV
GHVGHODDQWLJHGDGTXLHQHVIXHURQHQVHxDGRVSRUORV*UDQGHV&RQORVRMRV\RtGRVGHO
HVStULWXYHQ\HVFXFKDQODVYLVLRQHV\VRQLGRVGHOD0DGUH7LHUUDHOFLHORD]XOGRQGH
PRUDHO$QJHOGHO$LUHHOHVSXPRVRUtRGRQGHIOX\HHO$QJHOGHO$JXDOD/X]GRUDGDOD
FXDOIOX\HGHVGHHO$QJHOGHO6RO

<OHVGLJRHQYHUGDGWRGRHVWRHVWiGHQWURGHYRVRWURVDVtFRPRHVWiDIXHUDSRUTXH
YXHVWURDOLHQWRYXHVWUDVDQJUHHOIXHJRGHODYLGDGHQWURGHYRVRWURVWRGRVVRQXQRFRQ
OD0DGUH7LHUUD

3HURWRGRHVWR\PiVHOPiVSUHFLRVRGRQGHYXHVWUD0DGUH7LHUUDHVHOSDVWRTXHHVWi
EDMRYXHVWURVSLHVLQFOXVRDTXHOSDVWRVREUHHOFXDOSLVDQVLQSHQVDUOR+XPLOGH\VXPLVR
HVHO$QJHOGHOD7LHUUDSRUTXHHOODQRWLHQHDODVSDUDYRODUQLUD\RVGRUDGRVGHOX]SDUD
DWUDYH]DUODQLHEOD3HURJUDQGHHVVXSRGHU\VLQHOODORV+LMRVGHORV+RPEUHVQRVHUtDQ
PiVSRUTXHQLQJ~QKRPEUHSXHGHYLYLUVLQHOSDVWRORViUEROHV\ODVSODQWDVGHOD0DGUH
7LHUUD<HVWRVVRQORVGRQHVGHO$QJHOGHOD7LHUUDSDUDORV+LMRVGHORV+RPEUHV

3HURDKRUDOHVKDEODUpGHFRVDVPLVWHULRVDVSRUTXHOHVGLJRHQYHUGDGHOSDVWRKXPLOGH
HVPiVTXHHODOLPHQWRSDUDHOKRPEUH\HODQLPDO

100
(VWHRFXOWDVXJORULDEDMRXQDVSHFWRKXPLOGHDVtORGLMRXQJREHUQDQWHGHDQWDxRFXDQGR
YLVLWyODVSREODFLRQHVGHVXVV~EGLWRVGLVIUD]DGRFRPRXQPHQGLJRVDELHQGRTXHHOORVOH
GLUtDQPXFKDVFRVDVDXQVHPHMDQWHSHURFDHUtDQHQWHPRUDQWHVXUH\$VtHOSDVWR
KXPLOGHRFXOWDVXJORULDEDMDVXFDSDYHUGHKXPLOGH\ORV+LMRVGHORV+RPEUHVFDPLQDQ
VREUHpVWHDUiQGRORGiQGROHGHFRPHUGHpVWHDVXVDQLPDOHVSHURQRFRQRFHQORV
VHFUHWRVSXHVHVWiQRFXOWRVGHQWURGHpVWHD~QDTXHOORVGHODYLGDHWHUQDHQORVUHLQRV
FHOHVWLDOHV

3HURORV+LMRVGHOD/X]FRQRFHUiQORTXHHVWiRFXOWRHQHOSDVWRSRUTXHpVWRHVGDGRD
HOORVSDUDOOHYDUFRQVXHORDORV+LMRVGHORV+RPEUHV1RREVWDQWHQRVRWURVVRPRV
HQVHxDGRVSRUOD0DGUH7LHUUDFRQHVWHSHTXHxRPDQRMRGHWULJRHQXQDVLPSOHROOD
LQFOXVRODPLVPDROODGHEDUURTXHXWLOL]DVSDUDWRPDUODOHFKH\UHFRJHUPLHOGHDEHMDV
$KRUDODROODHVWiRFXSDGDFRQWLHUUDQHJUDIpUWLOFRQKRMDVDxHMDV\K~PHGDVFRQHO
URFtRGHODPDxDQDFRQDTXHOGRQPiVSUHFLRVRGHO$QJHOGHOD7LHUUD

<KXPHGHFtXQPDQRMRGHWULJRDILQTXHHO$QJHOGHO$JXDHQWUDUDGHQWURGHpVWHHO
$QJHOGHO$LUHWDPELpQORDEDUFy\HO$QJHOGHO6RO<HOSRGHUGHORVWUHViQJHOHV
GHVSHUWyWDPELpQDO$QJHOGHOD9LGDGHQWURGHOWULJR\XQUHWRxR\XQDUDt]QDFLHURQHQ
FDGDJUDQR

/XHJRFRORTXpHOWULJRDFWLYDGRHQHOVXHORGHO$QJHOGHOD7LHUUD\HOSRGHUGHOD0DGUH
7LHUUD\WRGRVVXV$QJHOHVHQWUDURQHQHOWULJR\FXDQGRHOVROKDEtDVDOLGRFXDWURYHFHV
ORVJUDQRVVHFRQYLUWLHURQHQSDVWR/HVGLJRYHUGDGHUDPHQWHQRKD\PLODJURPDVJUDQGH
TXHpVWH 1RWDHGLWRULDO¢4XpGHFLUHQWRQFHVGHOPLODJURGHODIHFXQGDFLyQKXPDQD" 

<ORVKHUPDQRVPLUDURQFRQUHYHUHQFLDODVKRMDVEODQGDVGHOSDVWRHQODVPDQRVGH-HV~V
\DOJXLHQOHSUHJXQWy0DHVWUR¢&XiOHVHOVHFUHWRGHOSDVWRTXHVRVWLHQHVHQWXVPDQRV"
¢3RUTXppVWHHVGLIHUHQWHGHOSDVWRTXHFXEUHODVFROLQDV\ODVPRQWDxDV"<-HV~V
UHVSRQGLy(VWHQRHVGLIHUHQWHRK+LMRGHOD/X]WRGRVORVSDVWRVWRGRVORViUEROHV
WRGDVODVSODQWDVHQWRGDVSDUWHVGHOPXQGRWRGRVVRQSDUWHVGHOUHLQRGHOD0DGUH7LHUUD
SHURKHVHSDUDGRHQHVWDROODXQDSRUFLyQGHOUHLQRGHYXHVWUD0DGUHSDUDTXHSXHGDV
WRFDUODFRQODVPDQRVGHOHVStULWX\SDUDTXHVXSRGHUSXHGDHQWUDUHQYXHVWURFXHUSR

3RUORTXHWLJRHQYHUGDGKD\XQ7RUUHQWH6DJUDGRGH9LGDHOFXDOGLyQDFLPLHQWRDOD
0DGUH7LHUUD\DWRGRV6XViQJHOHV,QYLVLEOHHVHVWH7RUUHQWHGH9LGDSDUDORVRMRVGHORV
+LMRVGHORV+RPEUHVSRUTXHHOORVFDPLQDQHQODVWLQLHEODV\QRYHQORViQJHOHVGHO'tD
\GHOD1RFKHTXHORVURGHDQ\URQGDQVREUHHOORV

3HURORV+LMRVGHOD/X]KDQFDPLQDGRSRUVLHWHDxRVFRQORViQJHOHVGHO'tD\GHOD
1RFKH\DKRUDHOORVOHVHVWiQGDQGRORVVHFUHWRVGHODFRPXQLyQFRQORViQJHOHV

<ORVRMRVGHYXHVWURHVStULWXVHUiQDELHUWRV\YHUiQ\HVFXFKDUiQ\WRFDUiQHO7RUUHQWHGH
9LGDTXHOHGLyQDFLPLHQWRDOD0DGUH7LHUUD<HQWUDUiQDO7RUUHQWH6DJUDGRGH9LGD\
pVWHORVOOHYDUiFRQWHUQXUDLQILQLWDDOD9LGDHWHUQDHQHOUHLQRGHYXHVWUR3DGUH&HOHVWLDO

101
¢&yPRSRGUtDPRVKDFHUpVWR0DHVWUR"$OJXQRVSUHJXQWDURQFRQDVRPEUR¢4Xp
VHFUHWRVGHEHPRVFRQRFHUSDUDPLUDUHVFXFKDU\SDOSDUHVWH7RUUHQWH6DJUDGRGH9LGD"

<-HV~VQRUHVSRQGLySHURFRORFy6XVGRVPDQRVHQODROODDOUHGHGRUGHODVKRMDV
EURWDGDVGHOSDVWRVXDYHPHQWHFRPRVLIXHUDODIUHQWHGHXQSHTXHxRQLxR<FHUUyVXV
RMRV\DOUHGHGRUGH(OKXERVHxDOHVGH/X]UHVSODQGHFLHQGRHOVRODVtFRPRHOFDOXURVR
YHUDQRKDFHHVWUHPHFHUODOX]EDMRXQFLHORGHVSHMDGR

<ORVKHUPDQRVVHDUURGLOODURQHLQFOLQDURQVXVFDEH]DVFRQUHYHUHQFLDDQWHHOSRGHUGHO
ORViQJHOHVTXHVXUJtDQGHODILJXUDVHQWDGDGH-HV~V\(OSHUPDQHFLyVHQWDGRHQVLOHQFLR
FRQVXVPDQRVFHUUDGRVFRPRVLHVWXYLHVHRUDQGRDOUHGHGRUGHODVKRMDVGHSDVWR

<QDGLHVHGLyFXHQWDVLKDEtDSDVDGRXQDKRUDRXQDxRSRUTXHHOWLHPSRVHGHWXYR\IXH
FRPRVLWRGDODFUHDFLyQKXELHVHUHWHQLGRVXDOLHQWR<-HV~VDEULyVXVRMRV\HODURPDGH
ODVIORUHVOOHQyHODLUHPLHQWUDV-HV~VKDEODED$TXtHVWiHOVHFUHWRRK+LMRVGHOD/X]
DTXtHQHOKXPLOGHSDVWRDTXtHQHOOXJDUGHUHXQLyQGHOD0DGUH7LHUUD\HO3DGUH
&HOHVWLDODTXtHVWiHO7RUUHQWHGH9LGDTXHGLyQDFLPLHQWRDWRGDODFUHDFLyQ

/HVGLJRHQYHUGDGVyORDO+LMRGHO+RPEUHOHHVGDGRpVWRSDUDTXHYHDHVFXFKH\
SDOSHHO7RUUHQWHGH9LGDTXHIOX\HHQWUHORVUHLQRVWHUUHVWUHV\FHOHVWHV&RORFDGYXHVWUDV
PDQRVDOUHGHGRUGHOSDVWRWLHUQRGHO$QJHOGHOD7LHUUD\YHUiQHVFXFKDUiQ\WRFDUiQHO
SRGHUGHWRGRVORViQJHOHV

<XQRSRUXQRFDGDXQRGHORVKHUPDQRVVHVHQWyHQUHYHUHQFLDDQWHHOSRGHUGHORV
iQJHOHVVRVWHQLHQGRHQVXVPDQRVHOSDVWRWLHUQR<FDGDXQRVLQWLyHO7RUUHQWHGH9LGD
HQWUDUHQVXFXHUSRFRQODIXHU]DGHXQWRUUHQWHSUHFLSLWDGRGHVSXpVGHXQDWRUPHQWD
SULPDYHUDO<HOSRGHUGHORViQJHOHVIOX\yHQWUHVXVPDQRVKDFLDDUULEDHQWUHVXVEUD]RV
\ORVHVWUHPHFLySRGHURVDPHQWHDVtFRPRHOYLHQWRGHO1RUWHDJLWDODVUDPDVGHORV
iUEROHV<WRGRVHOORVDGPLUDURQHOSRGHUHQHOKXPLOGHSDVWRSRUTXHpVWHSXGRFRQWHQHU
DWRGRVORViQJHOHV\DORVUHLQRVGHOD0DGUH7LHUUD\DO3DGUH&HOHVWH<HOORVVH
VHQWDURQDQWH-HV~V\IXHURQHQVHxDGRVSRU(O

<-HV~VGLMR+HDTXtRK+LMRVGHOD/X]HOKXPLOGHSDVWR0LUDGGRQGHHVWiQ
FRQWHQLGRVWRGRVORViQJHOHVGHOD0DGUH7LHUUD\HO3DGUH&HOHVWLDO3RUTXHDKRUDKDQ
HQWUDGRHQHO7RUUHQWHGH9LGD\VXVFRUULHQWHVOHVOOHYDUiQDVXWLHPSRDODYLGDHWHUQD
HQHO5HLQRGHYXHVWUR3DGUH&HOHVWH

3RUTXHHQHOSDVWRHVWiQWRGRVORViQJHOHVDTXtHVWiHOiQJHOGHO6RODTXtHQHO
HVSOHQGRUGHOFRORUYHUGHGHODVKRMDVGHWULJR3RUTXHQDGLHSXHGHFRQWHPSODUHOVRO
FXDQGRHVWiHQORDOWRHQORVFLHORVSRUTXHORVRMRVGHO+LMRGHO+RPEUHVRQFHJDGRVSRU
VXOX]UDGLDQWH3RUpVWRHVTXHHO$QJHOGHO6ROWRUQDYHUGHDWRGRDTXHOORDORFXDOpOOH
GDYLGDSDUDTXHHO+LMRGHO+RPEUHSXHGDFRQWHPSODUORVPXFKRV\GLYHUVRVPDWLFHVGH
YHUGH\SXHGDHQFRQWUDUIXHU]D\FRQVXHORDOOtGHQWUR

/HVGLJRHQYHUGDGWRGRORTXHHVWpYHUGH\FRQYLGDWLHQHHOSRGHUGHO$QJHOGHO6RO
GHQWURGHVLLQFOXVRDTXHOODVKRMDVWLHUQDVGHOWULJRMyYHQ
102

<DVtHO$QJHOGHO$JXDEHQGLFHHOSDVWRSRUTXHOHVGLJRHQYHUGDGKD\PiVGHO$QJHO
GHO$JXDGHQWURGHOSDVWRTXHGHFXDOTXLHUDGHORVRWURViQJHOHVGHOD0DGUH7LHUUD6L
WULWXUDQHQWUHODVPDQRVHOSDVWRVHQWLUiQHODJXDGHODYLGDTXHHVODVDQJUHGHOD0DGUH
7LHUUD

<WRGRVORVGtDVFXDQGRWRTXHQHOSDVWR\HQWUHQDO7RUUHQWHGH9LGDGHQDODWLHUUDXQDV
SRFDVJRWDVGHDJXDSDUDTXHHOSDVWRSXHGDVHUUHQRYDGRSRUHOSRGHUGHO$QJHOGHO
$JXD

6DEHGWDPELpQTXHHO$QJHOGHO$LUHHVWiGHQWURGHOSDVWRSRUTXHWRGRORTXHHVWpFRQ
YLGD\YHUGHHVODFDVDGHO$QJHOGHO$LUH

&RORFDGYXHVWURURVWURFHUFDGHOSDVWRUHVSLUDSURIXQGDPHQWH\SHUPLWHDO$QJHOGHO
$LUHHQWUDUHQORSURIXQGRGHYXHVWURFXHUSRSRUTXHDOOtPRUDHQHOSDVWRFRPRHQHO
UREOHPRUDODEHOORWD\FRPRHOSH]PRUDHQHOPDU

(O$QJHOGHOD7LHUUDHVHOTXHGDQDFLPLHQWRDOSDVWRDVtFRPRHOEHEpHQHOYLHQWUHYLYH
GHODOLPHQWRGHVXPDGUHDVtODWLHUUDGDGHVLPLVPDDOJUDQRGHWULJRKDFLHQGRDpVWH
JHUPLQDUSDUDFRQWHQHUHO$QJHOGHO$LUH

/HVGLJRYHUGDGHUDPHQWHFDGDJUDQRGHWULJRTXHUHYLHQWHKDFLDHOFLHORHVXQDYLFWRULD
VREUHODPXHUWHGRQGHUHLQDVDWiQ3RUTXHOD9LGDVLHPSUHHPSLH]DGHQXHYR

(VHO$QJHOGHOD9LGDTXLHQIOX\HDWUDYpVGHODVKRMDVGHSDVWRGHQWURGHOFXHUSRGHO
+LMRGHOD/X]HVWUHPHFLpQGRORFRQVXSRGHUSRUTXHHOSDVWRHV9LGD\HO+LMRGHOD/X]
HV9LGD\OD9LGDIOX\HHQWUHHO+LMRGHOD/X]\ODVKRMDVGHOSDVWRKDFLHQGRXQSXHQWH
SDUDHO7RUUHQWH6DJUDGRGH/X]HOFXDOOHGLyQDFLPLHQWRDWRGDODFUHDFLyQ

<FXDQGRHO+LMRGHOD/X]VRVWLHQHHQWUHVXVPDQRVODVKRMDVGHOSDVWRHVHO$QJHOGHO
5HJRFLMRTXLHQOOHQDVXFXHUSRFRQP~VLFDSDUDHQWUDUHQHO7RUUHQWHGH9LGD\VHUXQR
FRQHOFDQWRGHODYHORVFRORUHVGHODVIORUHVVLOYHVWUHVHODURPDGHODJDYLOODGHOJUDQR
UHFLpQUHYXHOWDHQORVFDPSRV

/HVGLJRHQYHUGDGFXDQGRHO+LMRGHO+RPEUHQRVLHQWHUHJRFLMRHQVXFRUD]yQWUDEDMD
SDUDVDWiQ\OHRFDVLRQDHVSHUDQ]DVDORVKLMRVGHODVWLQLHEODV1RKD\WULVWH]DHQHO5HLQR
GHOD/X]VyORHO$QJHOGHO5HJRFLMR$SUHQGHGHQWRQFHVGHODVKRMDVWLHUQDVGHSDVWROD
FDQFLyQGHO$QJHOGHO5HJRFLMRSDUDTXHORV+LMRVGHOD/X]SXHGDQFDPLQDUFRQHOOD
VLHPSUH\DVtFRQVRODUORVFRUD]RQHVGHORV+LMRVGHORV+RPEUHV

/D0DGUH7LHUUDHVTXLHQSURYHHSDUDQXHVWURVFXHUSRVSRUTXHQRVRWURVRPRVQDFLGRV
GH(OOD\WHQHPRVQXHVWUDYLGDHQ(OOD$Vt(OODQRVSURYHHGHDOLPHQWRHQODVPXFKDV
KRMDVGHOSDVWRTXHQRVRWURVWRFDPRVFRQQXHVWUDVPDQRVSRUTXHOHVGLJRHQYHUGDGQR
HVVRODPHQWHFRPRSDQTXHHOWULJRQRVSXHGHDOLPHQWDU3RGHPRVFRPHUWDPELpQGHODV
KRMDVEODQGDVGHOSDVWRSDUDTXHODIXHU]DGHOD0DGUH7LHUUDSXHGDHQWUDUGHQWURGH
QRVRWURV3HURPDVWLFDELHQODVKRMDVSRUTXHHO+LMRGHO+RPEUHWLHQHGLHQWHVGLIHUHQWHV
103
GHDTXHOORVDQLPDOHV\VRODPHQWHFXDQGRPDVWLTXHPRVELHQODVKRMDVGHOSDVWRSRGUiHO
DQJHOGHO$JXDHQWUDUHQQXHVWUDVDQJUH\GDUQRVIXHU]D&RPHGHQWRQFHVRK+LMRVGHOD
/X]GHpVWDODPiVSHUIHFWDKLHUEDGHODPHVDGHQXHVWUD0DGUH7LHUUDSDUDTXHYXHVWURV
GtDVSXHGDQVHUODUJRVHQOD7LHUUDSRUORFXDOKDOODUHLVJUDWLILFDFLyQDORVRMRVGH'LRV

/HVGLJRHQYHUGDGHO$QJHOGHO3RGHUHQWUDGHQWURGHYRVRWURVFXDQGRWRFDQHO7RUUHQWH
GH9LGDDWUDYpVGHODVKRMDVGHSDVWRSRUTXHHO$QJHOGHO3RGHUHVFRPRXQDOX]
EULOODQWHTXHURGHDWRGDVODVFRVDVYLYLHQWHVMXVWDPHQWHDVtFRPRODOXQDOOHQDHVURGHDGD
SRUDQLOORVGHUHVSODQGRU\DVtFRPRODQHEOLQDVHOHYDQWDGHORVFDPSRVFXDQGRHOVRO
DVFLHQGHHQHOFLHOR

<HO$QJHOGHO3RGHUHQWUDHQHO+LMRGHOD/X]FXDQGRVXFRUD]yQHVSXUR\VXGHVHRHV
VyORFRQVRODU\HQVHxDUDORVKLMRVGHORVKRPEUHV7RFDGHQWRQFHVODVKRMDVGHSDVWR\
VHQWLGHO$QJHOGHO3RGHUHQWUDUHQODVSXQWDVGHYXHVWURVGHGRVIOX\HQGRKDFLDDUULEDD
WUDYpVGHYXHVWURFXHUSR\HVWUHPHFLpQGROHVKDVWDTXHWLHPEOHQFRQDGPLUDFLyQH
LPSUHVLyQ

6DEHGWDPELpQTXHHO$QJHOGHO$PRUHVWiSUHVHQWHHQODVKRMDVGHOSDVWRSRUTXHHO
$PRUHVWiHQORRWRUJDGR\JUDQGHHVHO$PRUGDGRDORV+LMRVGHOD/X]SRUODVKRMDV
WLHUQDVGHOSDVWR

3RUTXHOHVGLJRHQYHUGDGHO7RUUHQWHGH9LGDFRUUHDWUDYpVGHWRGDVODVFRVDVYLYLHQWHV
\WRGRORTXHHVWpFRQYLGDHVEDxDGRHQHO7RUUHQWH6DJUDGRGHOD9LGD<FXDQGRHO
+LMRGHOD/X]WRFDFRQ$PRUODVKRMDVGHOSDVWRHVWDVUHWRUQDQVX$PRU\ORFRQGXFHQ
DO7RUUHQWHGH9LGDGRQGHSXHGHHQFRQWUDUOD9LGDHWHUQD<HVWH$PRUVHFRQVXPLUi
SRUTXHVXIXHQWHHVWiHQHO7RUUHQWHGH9LGDHOFXDOIOX\HGHQWURGHO0DU(WHUQR\SRU
PX\OHMRVTXHHO+LMRGHO+RPEUHVHDLVOHGHVX0DGUH7LHUUD\VX3DGUH&HOHVWLDOHO
WRTXHGHODVKRMDVGHOSDVWRVLHPSUHOHOOHYDUiXQPHQVDMHGHO$QJHOGHO$PRU\VXVSLHV
VHEDxDUiQHQHO7RUUHQWH6DJUDGRGH9LGD

0LUDHVWHHVHO$QJHOGHOD6DELGXUtDTXHJRELHUQDHOPRYLPLHQWRGHORVSODQHWDVHO
FLFORGHODVHVWDFLRQHV\HOFUHFLPLHQWRRUGHQDGRGHWRGDVODVFRVDVYLYLHQWHV$VtHO
$QJHOGHOD6DELGXUtDRUGHQDODFRPXQLyQGHORV+LMRVGHOD/X]FRQHO7RUUHQWHGH9LGD
DWUDYpVGHODVKRMDVWLHUQDVGHOSDVWRSRUTXHOHVGLJRHQYHUGDGYXHVWURFXHUSRHV
VDJUDGRSRUTXHVHEDxDHQHO7RUUHQWHGH9LGDHOFXDOHV2UGHQ(WHUQR

7RFDGODVKRMDVGHOSDVWR+LMRVGHOD/X]\WRFDGHO$QJHOGHOD9LGDHWHUQDSRUTXHVL
PLUDQFRQORVRMRVGHOHVStULWXYHUiQYHUGDGHUDPHQWHTXHHOSDVWRHVHWHUQR$KRUDpVWH
HVWiMyYHQ\WLHUQRFRQHOHVSOHQGRUGHXQQLxRUHFLpQQDFLGRSURQWRVHUiDOWR\JUDFLRVR
FRPRHOiUEROYiVWDJRFRQVXVSULPHUDVIUXWDVOXHJRVHYROYHUiDPDULOORFRQORVDxRV\
GREODUiVXSXQWDHQSDFLHQFLDDVtFRPRHOFDPSRGHVSXpVGHODFRVHFKD)LQDOPHQWHVH
PDUFKLWDUiSRUTXHODSHTXHxDROODGHEDUURQRSXHGHFRQWHQHUODGXUDFLyQFRPSOHWDGHOD
YLGDGHOWULJR3HURpVWHQRPXHUHSRUTXHODVKRMDVSDUGDVUHWRUQDQDO$QJHOGHOD7LHUUD
\HOODVRVWLHQHODSODQWDHQVXVEUD]RV\RUGHQDHVWHVXHxR\WRGRVORViQJHOHVWUDEDMDQ
GHQWURGHODVKRMDVPDUFKLWDV\£PLUDHOORVKDQFDPELDGR\QRPXHUHQVLQRTXHVXUJHQ
GHQXHYRHQRWURDVSHFWR
104

<DVtORV+LMRVGHOD/X]QXQFDYHQODPXHUWHSHURVHKDOODQDVLPLVPRVFDPELDGRV\
DVFHQGLGRVDOD9LGD(WHUQD

<DVtHO$QJHOGHO7UDEDMRQXQFDGXHUPHSHURFODYDODVUDtFHVGHOWULJRHQORSURIXQGR
GHO$QJHOGHOD7LHUUDSDUDTXHORVUHWRxRVWLHUQRVGHFRORUYHUGHSXHGDQYHQFHUOD
PXHUWH\HOUHLQRGHVDWiQ3RUTXHODYLGDHVPRYLPLHQWR\HO$QJHOGHO7UDEDMRQXQFD
HVWiTXLHWR(OLQFOXVRWUDEDMDVLQFHVDUHQODYLxDGHO6HxRU

&LHUUHQVXVRMRVFXDQGRWRTXHQHOSDVWR+LMRVGHOD/X]SHURQRVHTXHGHQGRUPLGRV
SRUTXHSDOSDUHO7RUUHQWHGH9LGDHVSDOSDUHOULWPRHWHUQRGHORVUHLQRVHWHUQRV\
EDxDUVHHQHO7RUUHQWHGH9LGDHVVHQWLUPiV\PiVHOSRGHUGHO$QJHOGHO7UDEDMRGHQWUR
GHYRVRWURVFUHDQGRVREUHOD7LHUUDHOUHLQRGHOFLHOR

3D]HVHOGRQGHO7RUUHQWHGH9LGDSDUDORV+LMRVGHOD/X]SRUTXHQRVRWURVVLHPSUHQRV
VDOXGDPRVPXWXDPHQWHODSD]VHDFRQWLJR$VtWDPELpQHOSDVWRVDOXGDYXHVWURFXHUSR
FRQHOEHVRGHODSD]

/HVGLJRHQYHUGDGODSD]QRHVODDXVHQFLDGHODJXHUUDSRUTXHHOUtRWUDQTXLORSXHGH
FRQYHUWLUVHPX\SURQWRHQXQWRUUHQWHIXULRVR\ODVPLVPDVRODVTXHDUUXOODQDOERWH
SURQWRORSXHGHQURPSHUHQSHGD]RVFRQWUDODVURFDV$VtODYLROHQFLDDFHFKDDORV+LMRV
GHO+RPEUHFXDQGRQRPDQWLHQHQODYLJLODQFLDGHODSD]

7RFDGODVKRMDVGHSDVWR\GHHVWHPRGRWRFDGHO7RUUHQWHGH9LGDDOOtHQFRQWUDUiQOD
SD]ODSD]FRQVWUXLGDFRQHOSRGHUGHWRGRVORViQJHOHV$VtFRQHVWDSD]ORVUD\RVGHOD
/X]6DJUDGDDUURMDUiQIXHUDWRGDRVFXULGDG

&XDQGRORV+LMRVGHOD/X]VHDQXQRFRQHO7RUUHQWHGH9LGDHQWRQFHVHOSRGHUGHODV
KRMDVGHSDVWRORVJXLDUiQDOUHLQRGHO3DGUH&HOHVWLDO\VDEUiQPiVGHDTXHOORVPLVWHULRV
GHORVFXDOHVD~QQRHVHOWLHPSRSDUDTXHORVHVFXFKHQ

3RUTXHDOOtHQORVUHLQRVHWHUQRVKD\RWURV7RUUHQWHV6DJUDGRVOHVGLJRHQYHUGDGORV
UHLQRVFHOHVWLDOHVVRQFUX]DGRVXQD\RWUDYH]SRUFRUULHQWHVGH/X]'RUDGDVLJXLHQGRHO
DUFRGHODF~SXODGHOFLHOR\QRWHQLHQGRILQ<ORV+LMRVGHOD/X]SXHGHQYLDMDUSRUHVWDV
FRUULHQWHVVLHPSUHVLQPRULUJXLDGRVSRUHO$PRU(WHUQRGHO3DGUH&HOHVWLDO<OHVGLJR
HQYHUGDGWRGRVHVWRVPLVWHULRVHVWiQHQFHUUDGRVHQHOSDVWRKXPLOGH\ORVFRQRFHUiQ
FXDQGRSDOSHQFRQWHUQXUD\DEUDQYXHVWURFRUD]yQDO$QJHOGHOD9LGDHQYXHVWUR
LQWHULRU

5HFRJHGHQWRQFHVORVJUDQRVGHWULJRSODQWiQGRORVHQSHTXHxDVROODVGHEDUUR\WRGRVORV
GtDVFRQHOFRUD]yQDOHJUHFRPXQtTXHQVHFRQORViQJHOHVSDUDTXHSXHGDQJXLDUORVDO
7RUUHQWH6DJUDGRGHOD9LGD\SXHGDQWUDHUGHVXRULJHQHWHUQRFRQVXHOR\IXHU]DSDUD
ORV+LMRVGHORV+RPEUHV

3RUTXHOHVGLJRHQYHUGDGWRGRORTXHDSUHQGDQWRGRORTXHORVRMRVGHYXHVWURHVStULWX
YHDWRGRORTXHORVRLGRVGHYXHVWURHVStULWXHVFXFKHWRGRHVWRHVFRPRXQMXQGRYDFtR
105

HQHOYLHQWRVLQROHVHQYtDVXQPHQVDMHGHYHUGDG\OX]DORV+LMRVGHORV+RPEUHV
3RUTXHSRUHOIUXWRFRQRFHPRVODLPSRUWDQFLDGHOiUERO\DPDUHVHQVHxDUVLQILQVLQ
FHVDU3RUTXHDVtIXHURQYXHVWURVSDGUHV,GDKRUD\TXHODSD]VHDFRQYRVRWURV

<-HV~VRIUHFLyODSHTXHxDROODFRQODVKRMDVGHOSDVWRMRYHQFRPREHQGLFLyQ\FDPLQy
KDFLDODVFROLQDVGHOVROVLJXLHQGRODRULOODGHOUtRFRPRHUDODFRVWXPEUHGHWRGRVORV
KHUPDQRV<ORVRWURVOHVLJXLHURQFDGDXQRUHWHQLHQGRODVSDODEUDVGH-HV~VFRPRVL
IXHUDQXQDMR\DSUHFLRVDGHQWURGHVXSHFKR

/$6(3783/(3$=

/DSD]VHDFRQYRVRWURVGLMRHOGHPiVHGDGHQELHQYHQLGDDORVGHPiVKHUPDQRV
TXLHQHVVHKDEtDQUHXQLGRSDUDODVHQVHxDQ]DV

/DSD]VHDFRQWLJRUHVSRQGLHURQ\FDPLQDURQMXQWRVDORODUJRGHOUtRSRUTXHDVt
IXHURQVXVFRVWXPEUHVFXDQGRHOPiVDQFLDQRHQVHxyDVXVKHUPDQRVSDUDTXHSXGLHUDQ
FRPSDUWLUODVHQVHxDQ]DVFRQORViQJHOHVGHOD0DGUH7LHUUDGHO$LUHGHO6ROGHO$JXD
GHOD7LHUUDGHOD9LGD\GHO5HJRFLMR

<HOPiVDQFLDQRGLMRDORVKHUPDQRV<ROHVKDEODUpGHSD]SRUTXHGHWRGRVORViQJHOHV
GHO3DGUH&HOHVWLDOSD]HVORTXHHOPXQGRPiVDQKHODDVtFRPRXQEHEpIDWLJDGRDQVtD
FRORFDUVXFDEH]DVREUHHOSHFKRGHVXPDGUH(VODIDOWDGHSD]ORTXHFRQJRMDDORV
UHLQRVLQFOXVRFXDQGRQRHVWpQHQJXHUUD3RUTXHODYLROHQFLD\ODJXHUUDSXHGHQUHLQDU
D~QFXDQGRORVVRQLGRVGHODVHVSDGDVFROLVLRQDGDVQRVHDQHVFXFKDGRVD~QFXDQGRORV
HMpUFLWRVQRPDUFKHQXQRVFRQWUDRWURVQRKD\SD]FXDQGRORV+LMRVGHORV+RPEUHVQR
FDPLQDQFRQORViQJHOHVGH'LRV

/HVGLJRHQYHUGDGPXFKRVVRQDTXHOORVTXHQRFRQRFHQODSD]SRUTXHDTXHOORVHVWiQHQ
JXHUUDHQVXVSURSLRVFXHUSRVHVWiQHQJXHUUDFRQVXVSHQVDPLHQWRVQRWLHQHQSD]FRQ
VXVSDGUHVVXVPDGUHVVXVKLMRVQRWLHQHQSD]FRQDPLJRV\YHFLQRVHOORVQRFRQRFHQOD
EHOOH]DGHORVOLEURVVDJUDGRVQRWUDEDMDQDWUDYpVGHOGtDHQHOUHLQRGHOD0DGUH7LHUUD
QLGXHUPHQHQODQRFKHHQORVEUD]RVGHVX3DGUH&HOHVWLDO/DSD]QRUHLQDGHQWURGH
HOORVSRUTXHVLHPSUHDQKHODQORTXHDOILQDOOHVWUDHVRORPLVHULD\GRORUD~QDTXHOORV
DGRUQRVGHULTXH]D\IDPDORVFXDOHVXWLOL]DVDWiQSDUDWHQWDUDORV+LMRVGHORV+RPEUHV
\HOORVYLYHQHQLJQRUDQFLDGHOD/H\D~QGHDTXHOOD/H\6DJUDGDSRUODFXDOQRVRWURV
YLYLPRV(OVHQGHURGHORViQJHOHVGHOD0DGUH7LHUUD\GHO3DGUH&HOHVWLDO

¢&yPRHQWRQFHV0DHVWURSRGHPRVOOHYDUOHVSD]DQXHVWURVKHUPDQRV"3UHJXQWyDOJXQR
GHORVPiVDQFLDQRVSRUTXHQRVRWURVTXLVLHUDPRVTXHWRGRVORV+LMRVGHORV+RPEUHV
SDUWLFLSDUDQGHODVEHQGLFLRQHVGHO$QJHOGHOD3D]

<(OUHVSRQGLy9HUGDGHUDPHQWHVyORDTXHOTXHHVWpHQSD]FRQWRGRVORViQJHOHVSXHGH
GLIXQGLUODOX]GHODSD]VREUHRWURV3RUORWDQWRSULPHURHVWpQHQSD]FRQWRGRVORV
iQJHOHVGHOD0DGUH7LHUUD\GHO3DGUH&HOHVWLDO3RUTXHORVYLHQWRVGHXQDWRUPHQWD
DJLWDQ\UHYXHOYHQODVDJXDVGHOUtR\VyORODTXLHWXGTXHVLJXHSXHGHFDOPDUORVXQDYH]
PiV
106

7HQFXLGDGRFXDQGRWXKHUPDQRWHSLGDSDQSDUDTXHQROHGHVSLHGUDV9LYHSULPHURHQ
SD]FRQWRGRVORViQJHOHVSXHVHQWRQFHVWXSD]VHUiFRPRXQDIXHQWHTXHVHDEDVWHFHUiD
VLPLVPDFRQODGRQDFLyQ\FXDQWRPiVGHVWDQWRPiVWHVHUiGDGRSRUTXHDVtHVOD/H\

7UHVVRQODVPRUDGDVGHO+LMRGH+RPEUH\TXLHQQRFRQR]FDDO$QJHOGHOD3D]HQFDGD
XQDGHODVWUHVQRSRGUiOOHJDUDQWHHOURVWURGH'LRV(VWRVVRQVXFXHUSRVXV
SHQVDPLHQWRV\VXVVHQWLPLHQWRV&XDQGRHO$QJHOGHOD6DELGXUtDJXtHVXVSHQVDPLHQWRV
FXDQGRHO$QJHOGHO$PRUSXULILTXHVXVVHQWLPLHQWRV\FXDQGRODVDFFLRQHVGHOFXHUSR
UHIOHMHQDODYH]$PRU\6DELGXUtDHQWRQFHVHO$QJHOGHOD3D]ORJXLDUi
LQGHIHFWLEOHPHQWHDOWURQRGHVX3DGUH&HOHVWLDO<GHEHRUDUVLQFHVDUSDUDTXHHOSRGHU
GHVDWiQFRQWRGRVVXVHQIHUPHGDGHVHLPSXUH]DVSXHGDVHUDUURMDGRGHWRGDVVXVWUHV
PRUDGDVSDUDTXHHOSRGHUODVDELGXUtD\HODPRUSXHGDQUHLQDUHQVXFXHUSRVXV
SHQVDPLHQWRV\VXVVHQWLPLHQWRV

3ULPHURHO+LMRGHO+RPEUHEXVFDUiODSD]FRQVXSURSLRFXHUSRHVFRPRXQDODJXQDGH
PRQWDxDTXHUHIOHMDHOVROFXDQGRHVWiWUDQTXLOD\FODUDSHURFXDQGRHVWiOOHQDGHORGR\
SLHGUDVQRUHIOHMDQDGD3ULPHURVDWiQGHEHVHUDUURMDGRGHOFXHUSRSDUDTXHORViQJHOHV
GH'LRVSXHGDQHQWUDUGHQXHYR\PRUDUDOOtGHQWUR9HUGDGHUDPHQWHODSD]QRSXHGH
UHLQDUHQHOFXHUSRDQRVHUTXHpVWHVHDFRPRXQWHPSORGHOD/H\6DJUDGD

3RUFRQVLJXLHQWHFXDQGRTXLHQVXIUDFRQGRORUHV\SODJDVGRORURVDVWHSLGDD\XGDGLOH
TXHVHUHQXHYHDVLPLVPRFRQD\XQR\RUDFLyQGLOHTXHLQYRTXHHO$QJHOGHO6ROHO
$QJHOGHO$JXD\HO$QJHOGHO$LUHSDUDTXHHOORVSXHGDQHQWUDUHQVXFXHUSR\DUURMDU
GHpVWHHOSRGHUGHVDWiQ

(QVHxDGOHHOEDXWLVPRGHDGHQWUR\HOEDXWLVPRGHDIXHUD'LOHTXHVLHPSUHTXHFRPDGH
ODPHVDGHQXHVWUD0DGUH7LHUUDSUHSDUDGDFRQVXVGRQHVODVIUXWDVGHORViUEROHVORV
SDVWRVGHORVFDPSRVODOHFKHGHORVDQLPDOHVEXHQDSDUDODDOLPHQWDFLyQ\ODPLHOGH
DEHMDVQRLQYRTXHHOSRGHUGHVDWiQFRPLHQGRODFDUQHGHORVDQLPDOHVSRUTXHDTXHOTXH
PDWDPDWDDVXKHUPDQR\TXLHQTXLHUDTXHVHFRPDODFDUQHGHORVDQLPDOHVPXHUWRVVH
FRPHHOFXHUSRGHODPXHUWH'LOHTXHSUHSDUHVXFRPLGDFRQHOIXHJRGHODYLGDQRFRQ
HOIXHJRGHODPXHUWHSRUTXHORViQJHOHVYLYLHQWHVGHO'LRVYLYLHQWHVLUYHQVyORDORV
KRPEUHVYLYLHQWHV

<DXQTXHpOQRORVYHDQRORVHVFXFKH\QRORVWRTXHHVWiHQWRGRPRPHQWRURGHDGRFRQ
HOSRGHUGHORViQJHOHVGH'LRV0LHQWUDVVXVRMRV\RLGRVHVWiQFHUUDGRVSRUOD
LJQRUDQFLDGHOD/H\\DQKHODQWHVSRUORVSODFHUHVGH6DWiQpOQRORVYHUiQLORV
HVFXFKDUiQLORVWRFDUiSHURFXDQGRpOD\XQH\OHSLGDDO'LRVYLYLHQWHDUURMDUWRGDVODV
HQIHUPHGDGHVHLPSXUH]DVGH6DWiQHQWRQFHVVXVRMRV\RLGRVVHUiQDELHUWRV\HQFRQWUDUi
OD3D]

3RUTXHQRVRODPHQWHVXIUHDTXHOTXHDOEHUJDODVHQIHUPHGDGHVGHVDWiQGHQWURGHpOVLQR
WDPELpQVXPDGUHVXSDGUHVXHVSRVDVXVKLMRVVXVFRPSDxHURVWDPELpQVXIUHQSRUTXH
QLQJ~QKRPEUHHVXQDLVODHQVLPLVPR\ORVSRGHUHVTXHIOX\HQDWUDYpVGHpOVHDGHORV
iQJHOHVRGHVDWiQYHUGDGHUDPHQWHHVWRVSRGHUHVDFW~DQVREUHRWURVSDUDELHQRSDUDPDO
107

'HHVWHPRGRSRUORWDQWRStGDQOHDYXHVWUR3DGUH&HOHVWLDOFXDQGRHOVROHVWpDOWRDO
PHGLRGtD3DGUH1XHVWURTXHHVWiVHQHOFLHORHQYtDDWRGRVORV+LMRVGHORV+RPEUHV7X
$QJHOGH3D]\HQYtDOHDQXHVWURFXHUSRHO$QJHOGHOD9LGDSDUDTXHPRUHDOOtGHQWURSRU
VLHPSUH

(QWRQFHVHO+LMRGHO+RPEUHEXVFDUiSD]FRQVXVSURSLRVSHQVDPLHQWRVSDUDTXHHO
$QJHOGHOD6DELGXUtDSXHGDJXLDUORSRUTXHOHVGLJRHQYHUGDGQRKD\SRGHUPiVJUDQGH
HQHOFLHOR\HQODWLHUUDTXHORVSHQVDPLHQWRVGHO+LMRGHO+RPEUHDXQTXHLQDGYHUWLGR
SDUDORVRMRVGHOFXHUSRVLQHPEDUJRFDGDSHQVDPLHQWRWLHQHIXHU]DSRGHURVDWDOTXH
LQFOXVRSXHGHHVWUHPHFHUORVFLHORV

3RUTXHDQLQJXQDFULDWXUDHQHOUHLQRGHOD0DGUH7LHUUDOHHVGDGRHOSRGHUGHO
SHQVDPLHQWRSRUTXHWRGRVORVDQLPDOHVTXHVHDUUDVWUDQ\ODVDYHVTXHYXHODQQRYLYHQ
GHVXSURSLRSHQVDPLHQWRVLQRGHOD~QLFD/H\TXHJRELHUQDWRGR6yORDORV+LMRVGHORV
+RPEUHVOHVHVGDGRHOSRGHUGHOSHQVDPLHQWRLQFOXVRDTXHOSHQVDPLHQWRTXHSXHGH
URPSHUORVOD]RVGHODPXHUWH

1RSLHQVHQTXHpVWHQRSXHGHVHUYLVWRHVWHSHQVDPLHQWRQRWLHQHSRGHU/HVGLJR
YHUGDGHUDPHQWHHOUD\RTXHSDUWHHOUREOHIXHUWHRHOWHPEORUTXHDEUHODVJULHWDVHQOD
WLHUUDVRQFRPRMXHJRVGHQLxRVFRPSDUDGRVFRQHOSRGHUGHOSHQVDPLHQWR
9HUGDGHUDPHQWHFDGDSHQVDPLHQWRRVFXURVHDHVWHGHPDOLFLDIXULDRYHQJDQ]D
GHVFDUJDGHVWUXFFLyQFRPRDTXHOIXHJRDUUROODGRUDWUDYpVGHODOHxDPHQXGDVHFDEDMRXQ
FLHORFDOPDGR£3HURHOKRPEUHQRYHODPDWDQ]DQLHVFXFKDHOODVWLPRVROODQWRGHVXV
YtFWLPDVSRUTXHHVWiFHJDGRDOPXQGRGHOHVStULWX

3HURFXDQGRHVWHSRGHUHVJXLDGRSRUOD6DELGXUtD6DJUDGDHQWRQFHVORVSHQVDPLHQWRV
GHO+LMRGHO+RPEUHORJXtDQDORVUHLQRVFHOHVWLDOHV\DVtHOSDUDLVRHVFRQVWUXLGRHQOD
7LHUUDHVSRUHVWRTXHYXHVWURVSHQVDPLHQWRVHOHYDQODVDOPDVGHORVKRPEUHVFRPRODV
DJXDVIUtDVGHXQWRUUHQWHDFHOHUDGRUHDQLPDQYXHVWURFXHUSRHQHOFDOXURVRYHUDQR

&XDQGRXQDYHLQH[SHUWDWUDWDGHYRODUSRUSULPHUDYH]VXVDODVQRODSXHGHQVRVWHQHU\
FDHXQD\RWUDYH]DODWLHUUDSHURWUDWDGHQXHYR\XQGtDYXHODPX\DOWRGHMDQGROD
WLHUUD\VXQLGRPX\DWUiV$VtHVFRQORVSHQVDPLHQWRVGHORV+LMRVGHORV+RPEUHV
HQWUHPiVWLHPSRpOFDPLQHFRQORViQJHOHV\FXPSODVXV/H\HVFRQPiVIXHU]DVXV
SHQVDPLHQWRVVHFRQYHUWLUiQHQ6DELGXUtD6DJUDGD

<OHVGLJRHQYHUGDGOOHJDUiHOGtDHQTXHVXVSHQVDPLHQWRVGRPLQDUiQLQFOXVRHOUHLQR
GHODPXHUWH\VHUHPRQWDUiQDOD9LGD(WHUQDHQORVUHLQRVFHOHVWHVSRUTXHFRQVXV
SHQVDPLHQWRVJXLDGRVSRUOD6DELGXUtD6DJUDGDORV+LMRVGHORV+RPEUHVFRQVWUX\HQXQ
SXHQWHGH/X]SDUDOOHJDUD'LRV 1((O3XHQWHGHO$UFR,ULVR$QWDNDUDQDGHOTXH
VHKDEODHQHODSpQGLFH( 

'HHVWHPRGRSRUORWDQWRStGDQOHDYXHVWUR3DGUH&HOHVWLDOFXDQGRHOVROHVWpDOWRDO
PHGLRGtD3DGUH1XHVWURTXHHVWiVHQHOFLHORHQYtDDWRGRVORV+LMRVGHORV+RPEUHV7X
108
$QJHOGH3D]\HQYtDDQXHVWURVSHQVDPLHQWRVHO$QJHOGHO3RGHUSDUDTXHSRGDPRV
URPSHUORVOD]RVGHODPXHUWH

(QWRQFHVHO+LMRGHO+RPEUHEXVFDUiOD3D]FRQVXVSURSLRVVHQWLPLHQWRVSDUDTXHVX
IDPLOLDSXHGDGHOHLWDUVHHQVXDPRURVDERQGDGLQFOXVRVXSDGUHPDGUHVXHVSRVDVXV
KLMRV\ORVKLMRVGHORVKLMRV3RUTXHHO3DGUH&HOHVWLDOHVXQFLHQWRGHYHFHVPiVJUDQGH
TXHWRGRVORSDGUHVSRUVLPLHQWH\SRUVDQJUH\OD0DGUH7LHUUDHVXQFLHQWRGHYHFHVPiV
JUDQGHTXHWRGDVODVPDGUHVSRUFXHUSR\YXHVWURVYHUGDGHURVKHUPDQRVVRQWRGRV
DTXHOORVTXHKDFHQODYROXQWDGGHYXHVWUR3DGUH&HOHVWLDO\GHYXHVWUD0DGUH7LHUUD\QR
YXHVWURVKHUPDQRVSRUVDQJUH1RREVWDQWHYHUiQDO3DGUH&HOHVWLDOHQYXHVWURSDGUHSRU
ODVLPLHQWH\YXHVWUD0DGUH7LHUUDHQYXHVWUDPDGUHSRUHOFXHUSR3RUTXH¢DFDVRHVWRV
QRVRQWDPELpQKLMRVGHO3DGUH&HOHVWLDO\GHOD0DGUH7LHUUD"

1RREVWDQWHDPDUiQDYXHVWURVKHUPDQRVSRUVDQJUHDVtFRPRDPDQDWRGRVYXHVWURV
KHUPDQRVYHUGDGHURVTXLHQHVFDPLQDQFRQORViQJHOHV3RUTXH¢DFDVRQRVRQpVWRV
WDPELpQKLMRVGHO3DGUH&HOHVWLDO\GHOD0DGUH7LHUUD"

/HVGLJRHQYHUGDGHVPiVIiFLODPDUDDTXHOORVUHFLpQFRQRFLGRVTXHDTXHOORVGH
QXHVWUDSURSLDFDVDTXHKDQFRQRFLGRQXHVWUDVGHELOLGDGHVHVFXFKDGRQXHVWUDVSDODEUDV
GHFyOHUD\QRVKDQYLVWRHQQXHVWUDGHVQXGH]SRUTXHHOORVQRVFRQRFHQDVtFRPRQRV
FRQRFHPRVDQRVRWURVPLVPRV\QRVRWURVHVWDPRVDYHUJRQ]DGRVHQWRQFHVDFXGLUHPRVDO
$QJHOGHO$PRUSDUDTXHHQWUHHQQXHVWURVVHQWLPLHQWRV\pVWRVVHDQSXULILFDGRV<WRGR
ORTXHDQWHVIXHLPSDFLHQFLD\GLVFRUGLDVHWRUQDUiHQDUPRQtD\SD]DVtFRPRODWLHUUD
UHVHFDDEVRUYHODOOXYLDDSDFLEOH\VHFRQYLHUWHHQYHUGHVXDYH\WLHUQDFRQYLGDQXHYD

0XFKRV\GRORURVRVVRQORVVXIULPLHQWRVGHORV+LMRVGHORV+RPEUHVFXDQGRQRVHXQHQ
DO$QJHOGHO$PRU9HUGDGHUDPHQWHXQKRPEUHVLQDPRUODQ]DXQDVRPEUDRVFXUDVREUH
WRGRVFRQTXLHQHVVHHQFXHQWUD\VREUHODPD\RUtDGHDTXHOORVFRQTXLHQHVpOYLYHVXV
SDODEUDViVSHUDV\FROpULFDVFDHQVREUHVXVKHUPDQRVFRPRHODLUHIpWLGROHYDQWDGRGHXQ
FKDUFRHVWDQFDGR<pOVXIUHPiVDOSURQXQFLDUODVSRUTXHODRVFXULGDGTXHORHQFLHUUD
DWUDHDVDWiQ\DVXVGHPRQLRV

3HURFXDQGRpODFXGHDO$QJHOGHO$PRUODRVFXULGDGHVGLVSHUVDGD\ODOX]GHOVROIOX\H
GHpO\ORVFRORUHVGHODUFRLULVJLUDQDOUHGHGRUGHVXFDEH]D\ODOOXYLDDSDFLEOHFDHGHVGH
VXVGHGRV\pOOHVWUDHSD]\IXHU]DDWRGRVDTXHOORVTXHVHOHDFHUTXHQ

'HHVWHPRGRSRUORWDQWRStGDQOHDYXHVWUR3DGUH&HOHVWLDOFXDQGRHOVROHVWpDOWRDO
PHGLRGtD3DGUH1XHVWURTXHHVWiVHQHOFLHORHQYtDDWRGRVORV+LMRVGHORV+RPEUHV7X
$QJHOGH3D]\HQYtDDDTXHOORVGHQXHVWUDVLPLHQWH\GHQXHVWUDVDQJUHHO$QJHOGHO
$PRUSDUDTXHOD3D]\$UPRQtDSXHGDQPRUDUHQQXHVWUDFDVDSRUVLHPSUH

(QWRQFHVHO+LMRGHO+RPEUHEXVFDUiSD]FRQORVRWURV+LMRVGHORV+RPEUHVLQFOXVRFRQ
ORVIDULVHRV\VDFHUGRWHVFRQOLPRVQHURV\GHVDPSDUDGRV\KDVWDFRQUH\HV\
JREHUQDGRUHV3RUTXHWRGRVVRQ+LMRVGHORV+RPEUHVFXDOTXLHUDTXHVHDQVXV
FRQGLFLRQHVFXDOTXLHUDTXHVHDQVXVSURIHVLRQHVVHDTXHVXVRMRVKD\DQVLGRDELHUWRV
SDUDYHUORVUHLQRVFHOHVWLDOHVRTXHD~QFDPLQHQHQRVFXULGDGHLJQRUDQFLD
109


3RUTXHODMXVWLFLDGHORVKRPEUHVSXHGHUHFRPSHQVDUDOLQGLJQR\FDVWLJDUDOLQRFHQWH
PDVOD/H\6DJUDGDHVODPLVPDSDUDWRGRVVHDOLPRVQHURRUH\VHDSDVWRURVDFHUGRWH
1(ODUHIHUHQFLDGH-HV~VFXDQGRVHDEXVDGHXQPHQRUHVVHYHUDQRKD\SRVLELOLGDG
GHHVFXGDUVHEDMRODVOH\HVGHOGHUHFKRFDQyQLJRKHFKDVSRUODHVSHFXODFLyQWHROyJLFD
FX\DPHQWHQRHVWiHQ&ULVWR 

%XVFDODSD]FRQWRGRVORV+LMRVGHORV+RPEUHV\GpMDODVHUFRQRFLGDGHORV+HUPDQRV
GHOD/X]SRUTXHQRVRWURVKHPRVYLYLGRGHDFXHUGRFRQOD/H\6DJUDGDGHVGHHOWLHPSR
GH(QRFKGHVGHDQWDxR\GHVGHDQWHV3RUTXHQRVRPRVULFRVQLSREUHV\FRPSDUWLPRV
WRGDVODVFRVDVLQFOXVRQXHVWUDVURSDV\ORVLQVWUXPHQWRVTXHXWLOL]DPRVSDUDFXOWLYDUOD
WLHUUD\MXQWRVWUDEDMDPRVHQORVFDPSRVFRQWRGRVORViQJHOHVKDFLHQGRSURGXFLUORV
GRQHVGHOD0DGUH7LHUUDSDUDTXHWRGRVFRPDQ

3RUTXHHOPiVIXHUWHGHORViQJHOHVGHO3DGUH&HOHVWLDOHO$QJHOGHO7UDEDMREHQGLFH
FDGDKRPEUHTXHWUDEDMHGHODPHMRUPDQHUDSDUDpO\SRUHVRpOQRFRQRFHUiQLQHFHVLGDG
QLH[FHVR9HUGDGHUDPHQWHHQORVUHLQRVGHOD0DGUH7LHUUD\GHO3DGUH&HOHVWLDOKD\
DEXQGDQFLDSDUDWRGRVORVKRPEUHVFXDQGRFDGDKRPEUHWUDEDMDHQVXODERUSRUTXH
FXDQGRXQKRPEUHHYDGHVXODERUHQWRQFHVRWURGHEHWRPDUSRVHVLyQSRUTXHHVWDPRV
GDQGRWRGDVODVFRVDVHQORVUHLQRVGHOFLHOR\ODWLHUUDDOSUHFLRGHOWUDEDMR

/RV+HUPDQRVGHOD/X]VLHPSUHKDQYLYLGRHQGRQGHVHUHJRFLMDQORViQJHOHVGHOD
0DGUH7LHUUDFHUFDDORVUtRVDORViUEROHVDODVIORUHVFHUFDDODP~VLFDGHODVDYHV
GRQGHHOVRO\ODOOXYLDSXHGHQDEUD]DUHOFXHUSRHOFXDOHVHOWHPSORGHOHVStULWX

1RGHEHPRVHQWHQGHUQRVFRQORVHGLFWRVGHORVJREHUQDQWHVQLHQDSR\DUORV\DTXH
QXHVWUD/H\HVOD/H\GHO3DGUH&HOHVWLDO\OD0DGUH7LHUUDQLRSRQHUQRVDHOORV 1(
3DUDORVFDVRVGHDEXVRVHFRQyPLFRV\VH[XDOHVTXHKDFHQGHOVDFHUGRWHFDHUHQHOPDUFR
GHODVOH\HVKXPDQDV SRUTXHQDGLHJRELHUQDVLQRHVSRUODYROXQWDGGH'LRV6L
QRVRWURVPiVELpQKDFHPRVORSRVLEOHSRUYLYLUGHDFXHUGRFRQOD/H\6DJUDGD\
IRUWLILFDPRVVLHPSUHDTXHOORTXHHVEXHQRHQWRGDVODVFRVDVHQWRQFHVHOUHLQRGHODV
WLQLHEODVVHUiFDPELDGRSRUHO5HLQRGHOD/X]3RUTXHGRQGHKD\/X]¢FyPRSXHGH
SHUPDQHFHUHQWRQFHVODRVFXULGDG"

'HHVWHPRGRSRUORWDQWRStGDQOHDYXHVWUR3DGUH&HOHVWLDOFXDQGRHOVROHVWpDOWRDO
PHGLRGtD3DGUH1XHVWURTXHHVWiVHQHOFLHORHQYtDDWRGRVORVKRPEUHV7X$QJHOGHOD
3D]\HQYtDOHDWRGDODKXPDQLGDGHO$QJHOGHO7UDEDMRSRUTXHWHQLHQGRXQDODERU
VDJUDGDQRGHEHPRVSHGLUQLQJXQDRWUDEHQGLFLyQ

(QWRQFHVHO+LMRGHO+RPEUHEXVFDUiODSD]FRQODVDELGXUtDGHORVDxRVDQWHpOSRUTXH
OHVGLJRHQYHUGDGHQORVOLEURVVDJUDGRV 1(HVSHFLDOPHQWHFXDQGRHVWRVOLEURVQRKDQ
VLGRDOWHUDGRVSRUODSOXPDPHQWLURVDGHHVFULEDV HVWiXQWHVRURXQFLHQWRGHYHFHVPiV
JUDQGHTXHFXDOTXLHUDGHODVMR\DV\GHORURGHORVUHLQRVPiVULFRV\PiVSUHFLRVRV
SRUTXHVHJXUDPHQWHHOORVFRQWLHQHQWRGDODVDELGXUtDUHYHODGDSRU'LRVDORV+LMRVGHOD
/X]LQFOXVRDTXHOODVWUDGLFLRQHVTXHYLQLHURQDQRVRWURVDWUDYpVGH(QRFKGHVGHDQWDxR
\DQWHVGHpOVREUHXQVHQGHURLQILQLWRHQHOSDVDGRODVHQVHxDQ]DVGHORV*UDQGHV
110

<pVWDVVRQQXHVWUDVKHUHQFLDVDVtFRPRHOKLMRKHUHGDWRGDVODVSRVHVLRQHVGHVXSDGUH
FXDQGRGHPXHVWUDVHUGLJQRGHODEHQGLFLyQGHpVWH9HUGDGHUDPHQWHHVWXGLDQGRODV
HQVHxDQ]DVGHODVDELGXUtDSHUHQQHOOHJDPRVDFRQRFHUD'LRVSRUTXHOHVGLJR
YHUGDGHUDPHQWHORV*UDQGHVYLHURQD'LRVFDUDDFDUDQRREVWDQWHFXDQGROHHPRVORV
OLEURVVDJUDGRVQRVRWURVWRFDPRVORVSLHVGH'LRV

<XQDYH]KD\DPRVYLVWRFRQORVRMRVGHODVDELGXUtD\HVFXFKDGRFRQORVRtGRVGHO
HQWHQGLPLHQWRODVSHUHQQHVYHUGDGHVGHORV/LEURV6DJUDGRVHQWRQFHVGHEHUHPRVLUHQWUH
ORV+LMRVGHORV+RPEUHV\HQVHxDUOHVSRUTXHVLRFXOWDPRVFHORVDPHQWHHOFRQRFLPLHQWR
6DJUDGRSUHWHQGLHQGRTXHpVWHSHUWHQHFHVyODPHQWHDQRVRWURVHQWRQFHVVRPRVFRPR
DTXHOTXHHQFXHQWUDXQPDQDQWLDODOWRHQODVPRQWDxDV\DQWHVGHGHMDUTXHIOX\DHQHO
YDOOHSDUDDSDJDUODVHGGHOKRPEUH\GHODQLPDOORVHSXOWDEDMRODVURFDV\HOSROYR
UREiQGRVHDVLPLVPRHODJXDWDPELpQ

,GHQWUHORV+LMRVGHORV+RPEUHV\KDEODGOHVGHOD/H\6DJUDGDSDUDTXHGHHVWHPRGR
HOORVSXHGDQVDOYDUVH\HQWUDUHQORVUHLQRVFHOHVWLDOHV3HURKDEOiGOHVFRQSDODEUDVTXH
SXHGDQHQWHQGHUHQSDUiERODVGHQDWXUDOH]DTXHKDEOHQDOFRUD]yQSRUTXHORVDFWRV
GHEHQH[LVWLUSULPHURFRPRXQGHVHRHQHOFRUD]yQGHVSLHUWR

'HHVWHPRGRSRUORWDQWRStGDQOHDYXHVWUR3DGUH&HOHVWLDOFXDQGRHOVROHVWpDOWRDO
PHGLRGtD3DGUH1XHVWURTXHHVWiVHQHOFLHORHQYtDDWRGRVORV+LMRVGHORV+RPEUHV7X
$QJHOGHOD3D]\HQYtDDQXHVWURFRQRFLPLHQWRHO$QJHOGHOD6DELGXUtDSDUDTXH
SRGDPRVFDPLQDUHQORVVHQGHURVGHORV*UDQGHVTXLHQHVKDQYLVWRD'LRV

(QWRQFHVHO+LMRGHO+RPEUHEXVFDUiSD]FRQHOUHLQRGHVX0DGUH7LHUUDSRUTXHQDGLH
SXHGHYLYLUPXFKRQLVHUIHOt]H[FHSWRDTXHOTXHKRQUHDVX0DGUH7LHUUD\VLJDVXV
OH\HV

3RUTXHYXHVWURDOLHQWRHVVXDOLHQWRYXHVWUDVDQJUHVXVDQJUHYXHVWURVKXHVRVVXVKXHVRV
YXHVWUDFDUQHVXFDUQHYXHVWUDVHQWUDxDVVXVHQWUDxDVYXHVWURVRMRV\YXHVWURVRtGRVVRQ
VXVRMRV\RtGRV

/HVGLJRHQYHUGDGXVWHGHVVRQXQRFRQOD0DGUH7LHUUDHOODHVWiHQYRVRWURV\YRVRWURV
HQHOODGHHOODQDFLHURQ\HQHOODYLYHQ\DHOODUHJUHVDUiQGHQXHYR(VODVDQJUHGH
YXHVWUD0DGUH7LHUUDODTXHFDHGHVGHODVQXEHV\IOX\HHQORVUtRVHVHODOLHQWRGH
QXHVWUD0DGUH7LHUUDHOTXHVXVXUUDHQODVKRMDVGHOERVTXH\VRSODFRQYLHQWRSRGHURVR
GHVGHODVPRQWDxDVGXOFH\ILUPHHVODFDUQHGHQXHVWUD0DGUH7LHUUDHQODVIUXWDVGHORV
iUEROHVIXHUWHV\ILUPHVVRQORVKXHVRVGHQXHVWUD0DGUH7LHUUDHQODVURFDV\SLHGUDV
JLJDQWHVODVFXDOHVVHPDQWLHQHQFRPRFHQWLQHODVGHWLHPSRVSHUGLGRVYHUGDGHUDPHQWH
VRPRVXQRFRQOD0DGUH7LHUUD\DTXHOTXHVHXQDDODVOH\HVGHVX0DGUHDpOWDPELpQ
VHXQLUiVX0DGUH

3HUROOHJDUiXQGtDFXDQGRHO+LMRGHO+RPEUHYROWHDUiVXFDUDGHVX0DGUH7LHUUD\OD
WUDLFLRQDUiLQFOXVRQHJDQGRDVX0DGUH\DVXSULPRJHQLWXUD(QWRQFHVODYHQGHUiDOD
HVFODYLWXG\VXFDUQHVHUiGHVWUXLGDVXVDQJUHSURIDQDGD\VXDOLPHQWRDKRJDGRpO
111

OOHYDUiHOIXHJRGHODPXHUWHDWRGDVSDUWHVGHO5HLQRGH(OOD\VXKDPEUHGHYRUDUiWRGRV
VXVGRQHV\GHMDUiHQVXOXJDUVyORXQGHVLHUWR

7RGDVHVWDVFRVDVpOODVKDUiSRULJQRUDQFLDGHOD/H\\FRPRXQKRPEUHDJRQL]DQGR
OHQWDPHQWHQRSXHGHROHUVXSURSLRKHGRUDVtHO+LMRGHO+RPEUHVHUiFHJDGRDOD
YHUGDG

3RUTXHDVtFRPRpOGHVSRMyDUUXLQy\GHVWUX\yVX0DGUH7LHUUDDVtpOVHGHVSRMDUiVH
DUUXLQDUi\VHGHVWUXLUiDVLPLVPR3RUTXHpOQDFLyGHVX0DGUH7LHUUD\pOHVXQRFRQ
(OOD\WRGRORTXHpOKDFHDVX0DGUHVHORKDFHDVtPLVPR

+DFHPXKRWLHPSRDQWHVGHOJUDQGLOXYLRORV*UDQGHVFDPLQDURQOD7LHUUD\ORViUEROHV
JLJDQWHV±D~QDTXHOORVTXHDKRUDQRVRQPiVTXHOH\HQGDIXHURQVXFDVD\UHLQR(OORV
YLYLHURQPXFKDVJHQHUDFLRQHVSRUTXHFRPLHURQGHODPHVDGHOD0DGUH7LHUUD\
GXUPLHURQHQORVEUD]RVGHO3DGUH&HOHVWLDO\QRFRQRFLHURQHQIHUPHGDGHVODYHMH]ROD
PXHUWH

$ORV+LMRVGHORV+RPEUHVOHVOHJDURQWRGDODJORULDGHVXVUHLQRVLQFOXVRHO
FRQRFLPLHQWRRFXOWRGHO$UEROGHOD9LGDHOFXDOHVWiHQPHGLRGHO0DU(WHUQR

3HURORVRMRVGHORV+LMRVGHORV+RPEUHVIXHURQFHJDGRVSRUODVYLVLRQHVGHVDWiQ\SRU
SURPHVDVGHSRGHULQFOXVRHOSRGHUTXHVHFRQTXLVWDSRUIXHU]D\VDQJUH\HQWRQFHVHO
+LMRGHO+RPEUHURPSLyORVKLORVGRUDGRVTXHORVXMHWDEDQDVX0DGUH7LHUUD\DVX
3DGUH&HOHVWLDOFDPLQyGHVGHHO7RUUHQWH6DJUDGRGH9LGDGRQGHVXFXHUSRVXV
SHQVDPLHQWRV\VXVVHQWLPLHQWRVHVWDEDQXQLGRVFRQOD/H\\HPSH]DURQDXWLOL]DUVyOR
VXVSURSLRVSHQVDPLHQWRVVXVSURSLRVVHQWLPLHQWRV\VXVSURSLRVKHFKRVKDFLHQGR
FLHQWRVGHOH\HVGRQGHVRORKDEtDXQD

<DVtORV+LMRVGHORV+RPEUHVVHGHVWHUUDURQDVXVFDVDV\GHVGHHQWRQFHVVHKDQ
DPRQWRQDGRGHWUiVGHVXVPXURVGHSLHGUDQRHVFXFKDQGRHOVXVXUURGHOYLHQWRHQORV
iUEROHVDOWRVGHORVERVTXHVPiVDOOiGHVXVSXHEORV

/HVGLJRHQYHUGDGHOOLEURGHODQDWXUDOH]DHVXQ/LEUR6DJUDGR\VLGHVHDQTXHORV+LMRV
GHORV+RPEUHVVHVDOYHQDVLPLVPRV\KDOOHQOD9LGD(WHUQDHQVpxHQOHVXQDYH]
PiVFyPROHHUODVSiJLQDVYLYLHQWHVGHOD0DGUH7LHUUDSRUTXHHQWRGDFRVDTXHHVWpFRQ
YLGDHVWiHVFULWDOD/H\HVWiHVFULWDHQHOSDVWRHQORViUEROHVHQORVUtRVHQODV
PRQWDxDVHQODVDYHVGHOFLHOR\HQORVSHFHVGHOPDU\ODPD\RUSDUWHHVWiGHQWURGHO
+LMRGHO+RPEUH6yORFXDQGRpOUHJUHVHDOVHQRGHVX0DGUH7LHUUDHQFRQWUDUiOD9LGD
(WHUQD\HO7RUUHQWHGH9LGDORJXLDUiKDFLDVX3DGUH&HOHVWLDOVyORGHHVWHPRGRSXHGH
HYLWDUVHODYLVLyQWHQHEURVDGHOIXWXUR

'HHVWHPRGRSRUORWDQWRStGDQOHDYXHVWUR3DGUH&HOHVWLDOFXDQGRHOVROHVWpDOWRDO
PHGLRGtD3DGUH1XHVWURTXHHVWiVHQHOFLHORHQYtDDWRGRVORV+LMRVGHORV+RPEUHV7X
$QJHOGHOD3D]\HQYtDDO5HLQRGHQXHVWUD0DGUH7LHUUDHO$QJHOGHO5HJRFLMRSDUDTXH
QXHVWURVFRUD]RQHVSXHGDQHVWDUOOHQRVGHFDQWR\UHJRFLMR\DVtQRVDEULJXHPRVHQORV
EUD]RVGHQXHVWUD0DGUH
112

$OItQHO+LMRGHO+RPEUHEXVFDUiSD]FRQHO5HLQRGHVX3DGUH&HOHVWLDOSRUTXH
YHUGDGHUDPHQWHHO+LMRGHO+RPEUHHVQDFLGRGHVXSDGUHSRUVLPLHQWH\GHPDGUHSRU
FXHUSRSDUDTXHSXHGDHQFRQWUDUVXYHUGDGHUDKHUHQFLD\FRQRFHUTXHHVHO+LMRGHO5H\


(O3DGUH&HOHVWLDOHVOD~QLFD/H\4XLHQKL]RODVHVWUHOODVHOVROODOX]\ODRVFXULGDG\
OD/H\6DJUDGDGHQXHVWUDVDOPDV(QWRGDVSDUWHV(OHVWi\QRKD\OXJDUGRQGH(OQRVH
HQFXHQWUH

7RGRHQQXHVWURHQWHQGLPLHQWR\WRGRORTXHFRQRFHPRVWRGRHVJREHUQDGRSRUOD/H\
ODFDtGDGHODVKRMDVODFRUULHQWHGHORVUtRVODP~VLFDGHORVLQVHFWRVHQODQRFKHWRGR
pVWRHVUHJLGRSRUOD/H\

(QHO5HLQRGHQXHVWUR3DGUH&HOHVWLDOKD\PXFKDVPDQVLRQHV\PXFKDVVRQODVFRVDV
RFXOWDVTXHD~QQRSXHGHQFRQRFHU

/HVGLJRHQYHUGDGHO5HLQRGHQXHVWUR3DGUH&HOHVWLDOHVYDVWRWDQYDVWRTXHQLQJ~Q
KRPEUHSXHGHFRQRFHUVXVOtPLWHVSRUTXHDOOtQRORVKD\

6LQHPEDUJRWRGR6X5HLQRSXHGHVHUHQFRQWUDGRHQODJRWDPiVSHTXHxDGHOURFtRVREUH
XQDIORUVLOYHVWUHRHQHODURPDGHOSDVWRUHFLpQFRUWDGRHQORVFDPSRVEDMRHOVROGH
YHUDQR

£9HUGDGHUDPHQWHQRKD\SDODEUDVSDUDGHVFULELUHO5HLQRGHO3DGUH&HOHVWLDO

*ORULRVDGHYHUDVHVODKHUHQFLDGHO+LMRGHO+RPEUHSRUTXHVRODPHQWHDpOOHHVWi
GDGDSDUDHQWUDUDO7RUUHQWHGH9LGDHOFXDOORJXLDUiDOUHLQRGHVX3DGUH&HOHVWLDO3HUR
SULPHURGHEHEXVFDU\HQFRQWUDUODSD]FRQVXFXHUSRFRQVXVSHQVDPLHQWRVFRQVXV
VHQWLPLHQWRVFRQORV+LMRVGHORV+RPEUHVFRQHOFRQRFLPLHQWR6DJUDGR\FRQHO5HLQR
GHVX0DGUH7LHUUD

3RUTXHOHVGLJRHQYHUGDGHVWHHVHOEDUFRTXHOOHYDUiDO+LMRGHO+RPEUHVREUHHO
7RUUHQWHGH9LGDKDFLDVX3DGUH&HOHVWLDO

(OGHEHWHQHUODSD]TXHHVVpSWXSOHDQWHVGHTXHSXHGDFRQRFHUOD~QLFD3D]TXHVXSHUD
HOHQWHQGLPLHQWRLQFOXVRGHVX3DGUH&HOHVWLDO

'HHVWHPRGRSRUORWDQWRStGDQOHDYXHVWUR3DGUH&HOHVWLDOFXDQGRHOVROHVWpDOWRDO
PHGLRGtD3DGUH1XHVWURTXHHVWiVHQHO&LHORHQYtDDWRGRVORV+LMRVGHORV+RPEUHV
7X$QJHOGHOD3D]\HQYtD7X5HLQR3DGUH1XHVWUR&HOHVWLDO7X$QJHOGHOD9LGD
(WHUQDSDUDTXHSRGDPRVHOHYDUQRVPiVDOOiGHODVHVWUHOODV\YLYLUSRUVLHPSUH

<HQWRQFHVHOPiVDQFLDQRVHTXHGyFDOODGR\XQJUDQVLOHQFLRVHHVFDEXOOyVREUHORV
KHUPDQRV\QDGLHGHVHyKDEODU/DVVRPEUDVGHODWDUGHVHUHIOHMDURQVREUHHOUtR
113
WUDQTXLOR\SODWHDGRFRPRXQFULVWDO\HQHOFLHORTXHVHHVWDEDRVFXUHFLHQGR
HVFDVDPHQWHVHSRGtDYHUODILOLJUDQDFUHFLHQWHGHODOXQDGHSD]

<ODJUDQ3D]GHO3DGUH&HOHVWLDOORVHQYROYLyHQWRGR6X$PRULQPRUWDO

/267255(17(66$*5$'26

+DVYHQLGRGHQWURGHOFtUFXORPiVUHFyQGLWRHQHOPLVWHULRGHORVPLVWHULRVORVFXDOHV
HUDQDQWLJXRVFXDQGRQXHVWURSDGUH(QRFKIXHMRYHQ\FDPLQROD7LHUUD

7XKDVDGHODQWDGRWXYLDMHPXFKRVDxRVVLJXLHQGRHOVHQGHURGHODUHFWLWXGYLYLHQGRGH
DFXHUGRFRQOD/H\6DJUDGD\FRQORVYRWRVVDFURVGHQXHVWUD)UDWHUQLGDG\KDVKHFKRGH
WXFXHUSRXQWHPSORVDJUDGRHQGRQGHPRUDQORViQJHOHVGH'LRV1RREVWDQWHKDV
WUDEDMDGRPXFKRVDxRVHQODVKRUDVGHODOX]GHOGtDFRQORViQJHOHVGHOD0DGUH7LHUUD\
KDVGRUPLGRFDGDQRFKHHQORVEUD]RVGHWX3DGUH&HOHVWLDOHQVHxDGRSRU6XV$QJHOHV
LQFyJQLWRV

$KRUDWXVDEUiVGHORVWUHV7RUUHQWHV6DJUDGRV\GHODPDQHUDDQWLJXDSDUDDWUDYHVDUORV
DVtWHEDxDUiVHQODOX]GHOFLHOR\WRGDVODVFRVDVTXHDQWHVVyORIXHURQVRxDGDVOOHJDUiQ
DVHUFRQRFLGDV$KRUDHQXQDKRUDDQWHVGHODVDOLGDGGHOVROMXVWRDQWHVGHTXHORV
iQJHOHVGHOD0DGUH7LHUUDH[KDOHQYLGDHQODWLHUUDWRGDYtDGRUPLGDHQWRQFHVHQWUDHQHO
7RUUHQWH6DJUDGRGHOD9LGD(VWXiUEROKHUPDQRTXLHQFRQWLHQHHOPLVWHULRGHHVWH
7RUUHQWH6DJUDGR\HVWXiUEROKHUPDQRHOTXHFRQWHQGUiVHQWXSHQVDPLHQWRDVtFRPR
HQHOGtDORDEUD]DVHQVDOXGRFXDQGRFDPLQDVSRUODRULOODGHOODJR<WXVHUiVFRPRHO
iUEROSRUTXHHQHOSULQFLSLRGHORVWLHPSRVDVtWRGRVQRVRWURVSDUWLFLSDPRVHQHO
7RUUHQWH6DJUDGRGHOD9LGDTXHOHGLyQDFLPLHQWRDWRGDODFUHDFLyQ

<PLHQWUDVDEDUTXHVWXiUEROKHUPDQRHOSRGHUGHO7RUUHQWH6DJUDGRGH9LGDOOHQDUiWX
FXHUSRFRPSOHWDPHQWH\WHHVWUHPHFHUiVDQWHVXIXHU]D

/XHJRUHVSLUDSURIXQGDPHQWHGHO$QJHOGHO$LUH\SURQXQFLDODSDODEUD9LGDFRQOD
VDOLGDGHODOLHQWR(QWRQFHVOOHJDUiVDVHUHQYHUGDGHO$UEROGHOD9LGDHOFXDOHQWLHUUD
VXVUDtFHVSURIXQGDVHQHO7RUUHQWH6DJUDGRGHOD9LGDGHXQDIXHQWHHWHUQD

<DVtFRPRHO$QJHOGHO6ROFDOLHQWDOD7LHUUD\WRGDVODVFULDWXUDVGHODWLHUUDHODJXD\
HODLUHVHUHJRFLMDQHQHOQXHYRGtDDVtWXFXHUSR\HVStULWXVHUHJRFLMDUiQHQHO7RUUHQWH
6DJUDGRGH9LGDTXHIOX\HKDFLDWLDWUDYpVGHWXiUEROKHUPDQR

<FXDQGRHOVROHVWpDOWRHQORVFLHORVHQWRQFHVEXVFDUiVHO7RUUHQWH6DJUDGRGHO6RQLGR
(QHOFDORUGHOPHGLRGtDWRGDVODVFULDWXUDVHVWiQHQVLOHQFLR\EXVFDQODVRPEUDORV
iQJHOHVGHOD0DGUH7LHUUDVHTXHGDQHQVLOHQFLRSRUXQPRPHQWR(QWRQFHVHVFXDQGRWX
GHMDUiVHQWXVRLGRVHO7RUUHQWH6DJUDGRGHO6RQLGRSRUTXHpVWHVyORSXHGHVHU
HVFXFKDGRHQVLOHQFLR3LHQVDHQORVWRUUHQWHVTXHKDQQDFLGRHQHOGHVLHUWRGHVSXpVGH
XQDWRUPHQWDUHSHQWLQD\HQHOVRQLGRUXJLHQWHGHODVDJXDVFRQIRUPHDVXSDVR
LPSHWXRVR9HUGDGHUDPHQWHHVWDHVOD9R]GH'LRV£VLVyORXVWHGHVORVXSLHUDQ

114
3RUTXHDVtHVWiHVFULWRHQHOSULQFLSLRHUDHOVRQLGR\HOVRQLGRHVWDEDFRQ'LRV\HO
VRQLGRHUD'LRV7HGLJRHQYHUGDGFXDQGRQDFHPRVHQWUDPRVDOPXQGRFRQHOVRQLGRGH
'LRVHQQXHVWURVRtGRVHLQFOXVRFRQHOFDQWRGHOFRURLQILQLWRGHOFLHOR\HOFDQWR
VDJUDGRGHODVHVWUHOODVHQVXVURQGDVILMDVHVWHHVHO7RUUHQWH6DJUDGRGHO6RQLGRTXH
DWUDYLHVDHOILUPDPHQWRGHHVWUHOODV\FUX]DHO5HLQRLQILQLWRGHO3DGUH&HOHVWLDO(VWHHVWi
VLHPSUHHQQXHVWURVRtGRVDVtQRVRWURVQRORHVFXFKHPRV(VFXFKDGHQWRQFHVHQHO
VLOHQFLRGHOPHGLRGtDEixDWHHQpO\GHMDTXHHOULWPRGHODP~VLFDGH'LRVVXHQHHQWXV
RtGRVKDVWDTXHVHDVXQRFRQHO7RUUHQWH6DJUDGRGHO6RQLGR

(VWHIXHHOVRQLGRTXHIRUPyOD7LHUUD\HOPXQGR\GLyRULJHQDODVPRQWDxDV\FRORFy
ODVHVWUHOODVHQVXVWURQRVGHJORULDHQORVPiVDOWRVFLHORV

<WHEDxDUiVHQHO7RUUHQWHGHO6RQLGR\ODP~VLFDGHVXVDJXDFDHUiVREUHWLSRUTXHHQ
HOSULQFLSLRGHORVWLHPSRVGHHVWHPRGRWRGRVSDUWLFLSDPRVHQHO7RUUHQWH6DJUDGRGHO
6RQLGRTXHOHGLyQDFLPLHQWRDWRGDODFUHDFLyQ

<HOSRGHURVRUXJLGRGHO7RUUHQWHGHO6RQLGROOHQDUiWRGRWXFXHUSR\WHHVWUHPHFHUiV
DQWHVXIXHU]D(QWRQFHVUHVSLUDSURIXQGDPHQWHGHO$QJHOGHO$LUH\FRQYLpUWHWHHQHO
VRQLGRPLVPRSDUDTXHHO7RUUHQWH6DJUDGRGHO6RQLGRSXHGDOOHYDUWHDOUHLQRLQILQLWR
GHO3DGUH&HOHVWHDOOtGRQGHHOULWPRGHOPXQGRDVFLHQGH\GHVFLHQGH

<FXDQGRODRVFXULGDGVXDYHPHQWHFLHUUHORVRMRVGHORViQJHOHVGHOD0DGUH7LHUUD
HQWRQFHVWDPELpQGRUPLUiVSDUDTXHWXHVStULWXSXHGDXQLUVHDORViQJHOHVLQFyJQLWRVGHO
3DGUH&HOHVWLDO<HQORVPRPHQWRVDQWHVGHGRUPLUHQWRQFHVSHQVDUiVHQODVUHOXFLHQWHV
\JORULRVDVHVWUHOODVODVEODQFDVEULOODQWHVOHMDQDV\SHQHWUDQWHVHVWUHOODV3RUTXHWXV
SHQVDPLHQWRVDQWHVGHGRUPLUVRQFRPRHODUFRGHXQDUTXHURH[SHUWRTXLHQODQ]DOD
IOHFKDGRQGHpOTXLHUH 1(9HUHODQH[R((O3RGHUGHO3HQVDPLHQWR 'HMDTXHWXV
SHQVDPLHQWRVHVWpQFRQODVHVWUHOODVDQWHVGHGRUPLUSRUTXHODVHVWUHOODVVRQOX]\HO
3DGUH&HOHVWLDOHV/X]D~QDTXHOOD/X]TXHHVPLOYHFHVPiVEULOODQWHTXHHOHVSOHQGRU
GHXQPLOODUGHVROHV

(QWUDDO7RUUHQWH6DJUDGRGH/X]SDUDTXHORVJULOOHWHVGHODPXHUWHSXHGDQOLEHUDUVX
SUHVDSDUDVLHPSUH\VROWiQGRWHGHORVOD]RVGHOD7LHUUDDVFLHQGDVDO7RUUHQWHGHOD/X]
DWUDYpVGHOUHVSODQGRUEULOODQWHGHODVHVWUHOODVDOUHLQRLQILQLWRGHO3DGUH&HOHVWLDO

'HVSOLHJDWXVDODVGH/X]\HQHORMRGHWXSHQVDPLHQWRUHPyQWDWHFRQODVHVWUHOODVDODV
PiVOHMDQDVH[WHQVLRQHVGHOFLHORGRQGHVROHVGHVFRQRFLGRVUHVSODQGHFHQGH/X]SRUTXH
DOSULQFLSLRGHORVWLHPSRVOD/H\6DJUDGDGLMR3HUPLWHTXHDOOtKD\D/X]\DOOtKXER
/X]<VHUiVXQRFRQpVWH\HOSRGHUGHO7RUUHQWHGH/X]6DJUDGROOHQDUiWRGRWXFXHUSR
\WHHVWUHPHFHUiVDQWHVXIXHU]D

3URQXQFLDODSDODEUD/X]DPHGLGDTXHUHVSLUHVSURIXQGDPHQWHGHO$QJHOGHO$LUH\
OOHJDUiVDVHUOD/X]PLVPD\HO7RUUHQWH6DJUDGRWHOOHYDUiDO5HLQRLQILQLWRGHO3DGUH
&HOHVWLDOSHUGLpQGRVHDOOtHQHO0DU(WHUQRGH/X]HOFXDOOHGDQDFLPLHQWRDWRGDOD
FUHDFLyQ

115
/267255(17(66$*5$'26

+DVYHQLGRGHQWURGHOFtUFXORPiVUHFyQGLWRHQHOPLVWHULRGHORVPLVWHULRVORVFXDOHV
HUDQDQWLJXRVFXDQGRQXHVWURSDGUH(QRFKIXHMRYHQ\FDPLQROD7LHUUD

7XKDVDGHODQWDGRWXYLDMHPXFKRVDxRVVLJXLHQGRHOVHQGHURGHODUHFWLWXGYLYLHQGRGH
DFXHUGRFRQOD/H\6DJUDGD\FRQORVYRWRVVDFURVGHQXHVWUD)UDWHUQLGDG\KDVKHFKRGH
WXFXHUSRXQWHPSORVDJUDGRHQGRQGHPRUDQORViQJHOHVGH'LRV1RREVWDQWHKDV
WUDEDMDGRPXFKRVDxRVHQODVKRUDVGHODOX]GHOGtDFRQORViQJHOHVGHOD0DGUH7LHUUD\
KDVGRUPLGRFDGDQRFKHHQORVEUD]RVGHWX3DGUH&HOHVWLDOHQVHxDGRSRU6XV$QJHOHV
LQFyJQLWRV

$KRUDWXVDEUiVGHORVWUHV7RUUHQWHV6DJUDGRV\GHODPDQHUDDQWLJXDSDUDDWUDYHVDUORV
DVtWHEDxDUiVHQODOX]GHOFLHOR\WRGDVODVFRVDVTXHDQWHVVyORIXHURQVRxDGDVOOHJDUiQ
DVHUFRQRFLGDV$KRUDHQXQDKRUDDQWHVGHODVDOLGDGGHOVROMXVWRDQWHVGHTXHORV
iQJHOHVGHOD0DGUH7LHUUDH[KDOHQYLGDHQODWLHUUDWRGDYtDGRUPLGDHQWRQFHVHQWUDHQHO
7RUUHQWH6DJUDGRGHOD9LGD(VWXiUEROKHUPDQRTXLHQFRQWLHQHHOPLVWHULRGHHVWH
7RUUHQWH6DJUDGR\HVWXiUEROKHUPDQRHOTXHFRQWHQGUiVHQWXSHQVDPLHQWRDVtFRPR
HQHOGtDORDEUD]DVHQVDOXGRFXDQGRFDPLQDVSRUODRULOODGHOODJR<WXVHUiVFRPRHO
iUEROSRUTXHHQHOSULQFLSLRGHORVWLHPSRVDVtWRGRVQRVRWURVSDUWLFLSDPRVHQHO
7RUUHQWH6DJUDGRGHOD9LGDTXHOHGLyQDFLPLHQWRDWRGDODFUHDFLyQ

<PLHQWUDVDEDUTXHVWXiUEROKHUPDQRHOSRGHUGHO7RUUHQWH6DJUDGRGH9LGDOOHQDUiWX
FXHUSRFRPSOHWDPHQWH\WHHVWUHPHFHUiVDQWHVXIXHU]D

/XHJRUHVSLUDSURIXQGDPHQWHGHO$QJHOGHO$LUH\SURQXQFLDODSDODEUD9LGDFRQOD
VDOLGDGHODOLHQWR(QWRQFHVOOHJDUiVDVHUHQYHUGDGHO$UEROGHOD9LGDHOFXDOHQWLHUUD
VXVUDtFHVSURIXQGDVHQHO7RUUHQWH6DJUDGRGHOD9LGDGHXQDIXHQWHHWHUQD

<DVtFRPRHO$QJHOGHO6ROFDOLHQWDOD7LHUUD\WRGDVODVFULDWXUDVGHODWLHUUDHODJXD\
HODLUHVHUHJRFLMDQHQHOQXHYRGtDDVtWXFXHUSR\HVStULWXVHUHJRFLMDUiQHQHO7RUUHQWH
6DJUDGRGH9LGDTXHIOX\HKDFLDWLDWUDYpVGHWXiUEROKHUPDQR

<FXDQGRHOVROHVWpDOWRHQORVFLHORVHQWRQFHVEXVFDUiVHO7RUUHQWH6DJUDGRGHO6RQLGR
(QHOFDORUGHOPHGLRGtDWRGDVODVFULDWXUDVHVWiQHQVLOHQFLR\EXVFDQODVRPEUDORV
iQJHOHVGHOD0DGUH7LHUUDVHTXHGDQHQVLOHQFLRSRUXQPRPHQWR(QWRQFHVHVFXDQGRWX
GHMDUiVHQWXVRLGRVHO7RUUHQWH6DJUDGRGHO6RQLGRSRUTXHpVWHVyORSXHGHVHU
HVFXFKDGRHQVLOHQFLR3LHQVDHQORVWRUUHQWHVTXHKDQQDFLGRHQHOGHVLHUWRGHVSXpVGH
XQDWRUPHQWDUHSHQWLQD\HQHOVRQLGRUXJLHQWHGHODVDJXDVFRQIRUPHDVXSDVR
LPSHWXRVR9HUGDGHUDPHQWHHVWDHVOD9R]GH'LRV£VLVyORXVWHGHVORVXSLHUDQ

3RUTXHDVtHVWiHVFULWRHQHOSULQFLSLRHUDHOVRQLGR\HOVRQLGRHVWDEDFRQ'LRV\HO
VRQLGRHUD'LRV7HGLJRHQYHUGDGFXDQGRQDFHPRVHQWUDPRVDOPXQGRFRQHOVRQLGRGH
'LRVHQQXHVWURVRtGRVHLQFOXVRFRQHOFDQWRGHOFRURLQILQLWRGHOFLHOR\HOFDQWR
VDJUDGRGHODVHVWUHOODVHQVXVURQGDVILMDVHVWHHVHO7RUUHQWH6DJUDGRGHO6RQLGRTXH
DWUDYLHVDHOILUPDPHQWRGHHVWUHOODV\FUX]DHO5HLQRLQILQLWRGHO3DGUH&HOHVWLDO(VWHHVWi
116
VLHPSUHHQQXHVWURVRtGRVDVtQRVRWURVQRORHVFXFKHPRV(VFXFKDGHQWRQFHVHQHO
VLOHQFLRGHOPHGLRGtDEixDWHHQpO\GHMDTXHHOULWPRGHODP~VLFDGH'LRVVXHQHHQWXV
RtGRVKDVWDTXHVHDVXQRFRQHO7RUUHQWH6DJUDGRGHO6RQLGR

(VWHIXHHOVRQLGRTXHIRUPyOD7LHUUD\HOPXQGR\GLyRULJHQDODVPRQWDxDV\FRORFy
ODVHVWUHOODVHQVXVWURQRVGHJORULDHQORVPiVDOWRVFLHORV

<WHEDxDUiVHQHO7RUUHQWHGHO6RQLGR\ODP~VLFDGHVXVDJXDFDHUiVREUHWLSRUTXHHQ
HOSULQFLSLRGHORVWLHPSRVGHHVWHPRGRWRGRVSDUWLFLSDPRVHQHO7RUUHQWH6DJUDGRGHO
6RQLGRTXHOHGLyQDFLPLHQWRDWRGDODFUHDFLyQ

<HOSRGHURVRUXJLGRGHO7RUUHQWHGHO6RQLGROOHQDUiWRGRWXFXHUSR\WHHVWUHPHFHUiV
DQWHVXIXHU]D(QWRQFHVUHVSLUDSURIXQGDPHQWHGHO$QJHOGHO$LUH\FRQYLpUWHWHHQHO
VRQLGRPLVPRSDUDTXHHO7RUUHQWH6DJUDGRGHO6RQLGRSXHGDOOHYDUWHDOUHLQRLQILQLWR
GHO3DGUH&HOHVWHDOOtGRQGHHOULWPRGHOPXQGRDVFLHQGH\GHVFLHQGH

<FXDQGRODRVFXULGDGVXDYHPHQWHFLHUUHORVRMRVGHORViQJHOHVGHOD0DGUH7LHUUD
HQWRQFHVWDPELpQGRUPLUiVSDUDTXHWXHVStULWXSXHGDXQLUVHDORViQJHOHVLQFyJQLWRVGHO
3DGUH&HOHVWLDO<HQORVPRPHQWRVDQWHVGHGRUPLUHQWRQFHVSHQVDUiVHQODVUHOXFLHQWHV
\JORULRVDVHVWUHOODVODVEODQFDVEULOODQWHVOHMDQDV\SHQHWUDQWHVHVWUHOODV3RUTXHWXV
SHQVDPLHQWRVDQWHVGHGRUPLUVRQFRPRHODUFRGHXQDUTXHURH[SHUWRTXLHQODQ]DOD
IOHFKDGRQGHpOTXLHUH 1(9HUHODQH[R((O3RGHUGHO3HQVDPLHQWR 'HMDTXHWXV
SHQVDPLHQWRVHVWpQFRQODVHVWUHOODVDQWHVGHGRUPLUSRUTXHODVHVWUHOODVVRQOX]\HO
3DGUH&HOHVWLDOHV/X]D~QDTXHOOD/X]TXHHVPLOYHFHVPiVEULOODQWHTXHHOHVSOHQGRU
GHXQPLOODUGHVROHV

(QWUDDO7RUUHQWH6DJUDGRGH/X]SDUDTXHORVJULOOHWHVGHODPXHUWHSXHGDQOLEHUDUVX
SUHVDSDUDVLHPSUH\VROWiQGRWHGHORVOD]RVGHOD7LHUUDDVFLHQGDVDO7RUUHQWHGHOD/X]
DWUDYpVGHOUHVSODQGRUEULOODQWHGHODVHVWUHOODVDOUHLQRLQILQLWRGHO3DGUH&HOHVWLDO

'HVSOLHJDWXVDODVGH/X]\HQHORMRGHWXSHQVDPLHQWRUHPyQWDWHFRQODVHVWUHOODVDODV
PiVOHMDQDVH[WHQVLRQHVGHOFLHORGRQGHVROHVGHVFRQRFLGRVUHVSODQGHFHQGH/X]SRUTXH
DOSULQFLSLRGHORVWLHPSRVOD/H\6DJUDGDGLMR3HUPLWHTXHDOOtKD\D/X]\DOOtKXER
/X]<VHUiVXQRFRQpVWH\HOSRGHUGHO7RUUHQWHGH/X]6DJUDGROOHQDUiWRGRWXFXHUSR
\WHHVWUHPHFHUiVDQWHVXIXHU]D

3URQXQFLDODSDODEUD/X]DPHGLGDTXHUHVSLUHVSURIXQGDPHQWHGHO$QJHOGHO$LUH\
OOHJDUiVDVHUOD/X]PLVPD\HO7RUUHQWH6DJUDGRWHOOHYDUiDO5HLQRLQILQLWRGHO3DGUH
&HOHVWLDOSHUGLpQGRVHDOOtHQHO0DU(WHUQRGH/X]HOFXDOOHGDQDFLPLHQWRDWRGDOD
FUHDFLyQ

<VHUiVXQRFRQHO7RUUHQWH6DJUDGRGH/X]VLHPSUHDQWHVGHTXHWHGXHUPDVHQORV
EUD]RVGHO3DGUH&HOHVWLDO

7HGLJRHQYHUGDGWXFXHUSRIXHKHFKRQRVRODPHQWHSDUDUHVSLUDUFRPHU\SHQVDUVLQR
WDPELpQSDUDHQWUDUDO7RUUHQWH6DJUDGRGH9LGD<WXVRLGRVIXHURQKHFKRVQRVRODPHQWH
117
SDUDHVFXFKDUODVSDODEUDVGHORVKRPEUHVHOFDQWRGHODVDYHV\ODP~VLFDGHODOOXYLDDO
FDHUVLQRWDPELpQSDUDHVFXFKDUHO7RUUHQWH6DJUDGRGHO6RQLGR<WXVRMRVIXHURQ
KHFKRVQRVRODPHQWHSDUDPLUDUODVDOLGD\ODSXHVWDGHOVROHOVXDYHRQGXODUGHODV
HVSLJDVGHWULJR\ODVSDODEUDVGHORVOLERUVVDJUDGRVVLQRWDPELpQSDUDYHUHO7RUUHQWH
6DJUDGRGHOD/X]

8QGtDWXFXHUSRUHJUHVDUiDOD0DGUH7LHUUDLQFOXVRWDPELpQWXVRLGRV\WXVRMRVSHURHO
7RUUHQWH6DJUDGRGHOD9LGDHO7RUUHQWH6DJUDGRGHO6RQLGR\HO7RUUHQWH6DJUDGRGH
/X]QXQFDQDFLHURQ\QXQFDSXHGHQPRULU

(QWUDDORV7RUUHQWHV6DJUDGRVLQFOXVRDOGHOD9LGDDOGHO6RQLGR\DDTXHOGH/X]ORV
FXDOHVWHGLHURQQDFLPLHQWRSDUDTXHSXHGDVOOHJDUKDVWDHOUHLQRGHO3DGUH&HOHVWLDO\
OOHJDUDVHUXQRFRQ(ODVtFRPRHOUtRGHVHPERFDHQHOPDUOHMDQR

0iVTXHpVWRQRSXHGHVHUGLFKRSRUTXHORV7RUUHQWHV6DJUDGRVWHOOHYDUiQD$TXHO
GRQGHQRKD\PiVSDODEUDV\TXHLQFOXVRORVOLEURVVDJUDGRVQRSXHGHQLQGLFDUORV
PLVWHULRVGHDOOtGHQWUR

$)5$*0(1726,'(17,&26$/260$186&5,726'(/0$508(572

<(QRFKFDPLQyFRQ'LRV\QRHUDpOSXHV'LRVORFRQGXFtD *pQHVLVGHORV(VHQLRV
 

/D/H\HVWDEDSODQWDGDHQHO(GpQGHOD+HUPDQGDGSDUDLOXPLQDUHOFRUD]yQGHOKRPEUH
\HQVHxDUOHWRGDVODVIRUPDVGHODYLUWXGYHUGDGHUDHVStULWXKXPLOGHWHPSHUDPHQWR
HTXLOLEUDGRQDWXUDOH]DDELHUWDPHQWHFRPSDVLYDERQGDGHWHUQDHQWHQGLPLHQWR\YLVLyQ
LQWHUQDVVDELGXUtDSRGHURVDTXHFUHHHQODVREUDVGH'LRVSOHQDFRQILDQ]DHQPXFKDV
EHQGLFLRQHVHVStULWXGHUHIOH[LyQHQWRGDVODVFRVDVGHOD*UDQ2UGHQVHQWLPLHQWRV
VLQFHURVKDFLDWRGRVORV+LMRVGHOD9HUGDGSXUH]DUDGLDQWHTXHGHVHFKHWRGDLPSXUH]D
GLVFUHFLyQUHVSHFWRDWRGRVORVDVSHFWRVRFXOWRVGHODYHUGDG\VHFUHWRVGHODUHIOH[LyQ
LQWHUQD 'HOPDQXDOGHGLVFLSOLQDGHORVPDQXVFULWRVGHO0DU0XHUWR 

0HKDVGDGRDFRQRFHU7XVSURIXQGDV\PLVWHULRVDVFRVDV7RGDVODVFRVDVH[LVWHQSRU7L
\QRH[LVWHQDGLHDSDUWHGH7L+DVFRQGXFLGRPLFRUD]yQGHDFXHUGRFRQOD/H\SDUDTXH
PLVSDVRVVHGLULMDQSRUORVFDPLQRVFRUUHFWRV\FDPLQHQGRQGHHVWi7XSUHVHQFLD 'HO
/LEURGHORVKLPQRVGHORVPDQXVFULWRVGHO0DU0XHUWR 

/D/H\HVWDEDSODQWDGDSDUDUHFRPSHQVDUDORV+LMRVGHOD/X]FRQVDOXG\3D]
DEXQGDQWHVFRQODUJDYLGDFRQODVLPLHQWHIUXFWtIHUDGHHWHUQDVEHQGLFLRQHVFRQJR]R
HWHUQRHQOD,QPRUWDOLGDGGHOD/X](WHUQD 'HOPDQXDOGHGLVFLSOLQDGHORVPDQXVFULWRV
GHO0DU0XHUWR 

7HDJUDGH]FR3DGUH&HOHVWLDOSRUTXHPHKDVFRORFDGRHQXQDIXHQWHGHDUUR\RVIOXLGRV
HQXQPDQDQWLDOGHYLGDHQXQDWLHUUDGHVHTXtDLUULJDQGRXQMDUGtQHWHUQRGHSURGLJLRV
HO$UEROGHOD9LGDPLVWHULRGHPLVWHULRVTXHH[WLHQGHVXVUDPDVLQILQLWDPHQWHSXHVHO
SODQWtRHWHUQRVXPHUJHVXVUDtFHVHQHODUUR\RGHYLGDGHXQDIXHQWHHWHUQD<7X3DGUH
118
&HOHVWLDOSURWHJHVVXVIUXWRVFRQORV$QJHOHVGHO'tD\GHOD1RFKH\FRQOODPDVGH/X]
(WHUQDDUGLHQGRSRUGRTXLHU 'HORV6DOPRVGH$FFLyQGH*UDFLDVGHORVPDQXVFULWRVGHO
0DU0XHUWR 

$JUDGHFLGRHVWR\3DGUH&HOHVWLDOSXHVPHKDVHOHYDGRDODFLPDHWHUQD\DQGRHQHO
HVSOHQGRUGHOOODQR0HJXLDVWHGHVGHODVSURIXQGLGDGHVGHODWLHUUDSDUDHVWDUHQYXHVWUD
FRPSDxtDHWHUQD+DVSXULILFDGRPLFXHUSRSDUDXQLUVHDOHMpUFLWRGHORViQJHOHVGHOD
7LHUUD\DPLHVStULWXFRPXQLFDUVHFRQODFRQJUHJDFLyQGHORViQJHOHVFHOHVWLDOHV'LVWHDO
KRPEUHODHWHUQLGDGSDUDDODEDUHQODDOERUDGD\HQHOFUHS~VFXOR7XVREUDV\SURGLJLRV
FRQMXELORVRFiQWLFR 'HORV6DOPRVGH$FFLyQGH*UDFLDVGHORVPDQXVFULWRVGHO0DU
0XHUWR 

$ODEDUp7XVREUDVFRQFiQWLFRVGH$FFLyQGH*UDFLDVVLQGHVFDQVRHQODVIDVHVGHOGtD\
HQVXRUGHQILMDGRHQODYHQLGDGHODOX]GHVGHVXRULJHQDODYXHOWDGHODQRFKH\OD
SDUWLGDGHODOX]DODSDUWLGDGHODRVFXULGDG\ODYHQLGDGHOGtDFRQWLQXDPHQWHHQWRGRV
ORVLQVWDQWHV 'HORV6DOPRVGH$FFLyQGH*UDFLDVGHORV0DQXVFULWRVGHO0DU0XHUWR 

(OWHEHQGLFHHQWRGROREXHQRHOWHSURWpJpGHWRGDPDOGDGHLOXPLQDWXFRUD]yQFRQHO
FRQRFLPLHQWRGHYLGD\WHIDYRUHFHFRQVDELGXUtDHWHUQD\WHGD6XVVpSWXSOHV
EHQGLFLRQHVSDUDOD3D](WHUQD 'HOPDQXDOGHODGHVFLSOLQDGHORVPDQXVFULWRVGHO0DU
0XHUWR 

$ODYHQLGDGHOGtDDEUD]RDPL0DGUHDODYHQLGDGHODQRFKHPHXQRDPL3DGUH\DOD
SDUWLGDGHODWDUGHFHU\GHODPDxDQDYLYLUp7X/H\<QRLQWHUUXPSLUpHVWDVFRPXQLRQHV
KDVWDHOILQGHOWLHPSR 'HOPDQXDOGHGLVFLSOLQDGHORVPDQXVFULWRVGHO0DU0XHUWR 

(OGLyDOKRPEUHGRVHVStULWXVFRQORVTXHGHEtDFDPLQDU6RQORVHVStULWXVGHODYHUGDG\
ODPHQWLUDODYHUGDGQDFHGHODIXHQWHODOX]ODPHQWLUDGHOSR]RGHODVWLQLHEODV(O
GRPLQLRGHWRGRVOR+LMRVGHOD9HUGDGHVWiHQPDQRVGHORV$QJHOHVGHOD/X]DVtTXH
HOORVFDPLQDQSRUORVVHQGHURVGHOD/X]/RVHVStULWXVGHODYHUGDG\ODPHQWLUDOXFKDQ
HQHOFRUD]yQGHOKRPEUHFRPSRUWiQGRVHFRQVDELGXUtD\ORFXUD<GHDFXHUGRFRPRHO
KRPEUHKHUHGDODYHUGDGDVtHYLWDODRVFXULGDG

%HQGLFLRQHVSDUDWRGRVORVTXHHVWpQGHDFXHUGRFRQOD/H\TXHFDPLQDQ
YHUGDGHUDPHQWHSRUWRGRVVXVVHQGHURV/D/H\ORVEHQGLFHHQWRGROREXHQR\ORV
SURWHJHGHWRGRORPDORHLOXPLQDVXVFRUD]RQHVFRQODYLVLyQGHODVFRVDVGHODYLGD\ORV
FROPDFRQHOFRQRFLPLHQWRGHODVFRVDVWHUUHQDV 'HOPDQXDOGHODGLVFLSOLQDGHORV
PDQXVFULWRVGHO0DU0XHUWR 

+HDOFDQ]DGRODYLVLyQLQWHUQD\DOSHQHWUDU7X(VStULWXHQPLKHRLGR7XPDUDYLOORVR
VHFUHWR3RUPHGLRGH7XPtVWLFDPLUDGDKDVKHFKREURWDUXQPDQDQWLDOGHFRQRFLPLHQWR
GHQWURGHPLXQDIXHQWHGHSRGHUGHUUDPDQGRDJXDVGHYLGDXQGLOXYLRGH$PRU\GH
6DELGXUtDDEUD]DGRUHVFRPRHOHVSOHQGRUGHOD/X](WHUQD 'HOOLEURGHORV+LPQRVGH
ORVPDQXVFULWRVGHO0DU0XHUWR 

%'(//,%52(6(1,2'(/0$(6752'(5(&7,78'
119

<HO0DHVWURIXHDODRULOODGHXQDUUR\RGRQGHODJHQWHHVWDEDUHXQLGDDTXHOORVTXH
HVWDEDQDQVLRVRVOXHJRGHRLUVXVSDODEUDV\ORVEHQGLMR\OHVSUHJXQWyHQTXpHVWDEDQ
FRQIXQGLGRV

<XQRGHHOORVGLMR0DHVWURGLQRV¢FXiOHVVRQODVFRVDVTXHGHEHPRVPDQWHQHUFRPRGH
JUDQYDORU\FXiOHVFRVDVGHEHPRVDEDQGRQDU"

<HO0DHVWUROHVUHVSRQGLyGLFLHQGR7RGRVORVPDOHVTXHHOKRPEUHSDGHFHVRQFDXVDGRV
SRUODVFRVDVH[WHUQDVDQRVRVWURVSXHVORTXHHVWiGHQWURGHQRVRWURVQXQFDSXHGH
KDFHUQRVSDGHFHU8QQLxRVHPXHUHXQDIRUWXQDVHSLHUGHODFDVD\ORVVHPEUDGRVVH
LQFHQGLDQ\WRGRVORVKRPEUHVHVWiQGHVDPSDUDGRV\FODPDQ¢$KRUDTXpKDUp"¢$KRUD
TXpVXFHGHUi"¢3DVDUiQHVWDVFRVDV"

(VWDVVRQWRGDVODVSDODEUDVGHORVTXHVHDIOLJHQ\DFRQJRMDQSRVODVFRVDVTXHOHV
VXFHGHQFRVDVTXHQRVRQGHVXDUELWULR3HURVLQRVODPHQWDPRVSRUODVFRVDVTXHQRVRQ
GHQXHVWUDSRWHVWDGVRPRVFRPRHOQLxRSHTXHxRTXHOORUDFXDQGRHOVRODSDUHFHHQHO
ILUPDPHQWR6HGLMRGHVGHODDQWLJHGDGQRFRGLFLDUiVORVELHQHVGHWXSUyMLPR\DKRUDWH
GLJRQRGHVHDUiVQLQJXQDFRVDTXHQRVHDGHWXSRWHVWDGSXHVVyORORTXHKD\GHQWURGH
WLWHSHUWHQHFH\ORTXHHVWiIXHUDGHWLSHUWHQHFHDRWUR(QHVWRUHVLGHODIHOLFLGDGHQ
VDEHUTXpHVWX\R\TXpQRHVORWX\R

6LGHVHDVWHQHUYLGDHWHUQDDFyJHWHDODHWHUQLGDGTXHKD\GHQWURGHWL\QRSHUPH]FDVDO
DPSDURGHORVKRPEUHVGHOPXQGRTXHJXDUGDQODVVHPLOODVGHODPXHUWH

¢1RHVWiWRGRORTXHVXFHGHIXHUDGHWLIXHUDGHWXGRPLQLR"/RHVWi\¢WXFRQRFLPLHQWR
GHOREXHQR\ORPDORQRHVWiGHQWURGHWL"/RHVWi¢1RHVWiSXHVHQWXSRGHUWUDWDUGH
TXHWRGRWUDQVFXUUDDOD/X]GHOD6DELGXUtD\HO$PRUHQOXJDUGHODWULVWH]D\HO
GHVHVSHUR"/RHVWi

¢$OJ~QKRPEUHWHSXHGHLPSHGLUFRPSRUWDUWHGHHVWHPRGR"1LQJ~QKRPEUHSXHGH
(QWRQFHVQRFODPDUiV¢4XpKDUp"¢4XpPHVXFHGHUi"¢3DVDUiQHVWDVFRVDV"3XHV
FXDOTXLHUFRVDTXHRFXUUDWXODMX]JDUiVDOD/X]GHOD6DELGXUtD\HO$PRU\YHUiVWRGDV
ODVFRVDVFRQORVRMRVGHORViQJHOHV

3XHVVRSHVDUWXIHOLFLGDGGHDFXHUGRFRQORTXHWHVXFHGHHVYLYLUFRPRXQHVFODYR<
YLYLUGHDFXHUGRFRQORViQJHOHVTXHKDEODQFRQWLJRHVVHUOLEUH9LYLUiVHQOLEHUWDGFRPR
XQYHUGDGHUR+LMRGH'LRVHLQFOLQDUiVODFDEH]DVyORDORVPDQGDPLHQWRVGHOD6DJUDGD
/H\

(QHVWDIRUPDYLYLUiVSDUDTXHFXDQGRHO$QJHOGHOD0XHUWHYHQJDSRUWLSXHGDV
OHYDQWDUWXVPDQRVD'LRV\GHFLU/DVFRPXQLRQHVTXHKHUHFLELGRGH7LSDUDHO
FRQRFLPLHQWRGH7X/H\\HOFDPLQDUSRUORVVHQGHURVGHORViQJHOHVQRODVKH
GHVGHxDGRQR7HKHGHVKRQUDGRHQPLVDFFLRQHV9HGFyPRKHXWLOL]DGRHORMRTXHYHDO
LQWHULRU¢DOJXQDYH]WHKHFXOSDGR"¢+HYRFLIHUDGRFRQWUDORTXHPHKDVXFHGLGRR
GHVHDGRTXHVHDGHRWUDPDQHUD"¢+HGHVHDGRTXHEUDQWDU7X/H\"
120

7XPHKDVGDGRODYLGDWHDJUDGH]FRSRUORTXHPHKDVGDGRSXHVWRTXHKHXWLOL]DGRODV
FRVDVTXHVRQWX\DVHVWR\VDWLVIHFKR7yPDODVGHQXHYR\FRORFDODVGRQGHPHMRU
GLVSRQJDVSXHVWX\DVVRQWRGDVODVFRVDVD~QKDVWDODHWHUQLGDG

6DEHGYRVRWURVTXHQLQJXQRSXHGHVHUYLUDGRVVHxRUHVQRSXHGHVGHVHDUWHQHUODV
ULTXH]DVGHOPXQGR\WHQHUWDPELpQHO5HLQRGHORV&LHORV1RSXHGHVGHVHDUSRVHHU
WLHUUDV\HMHUFHUSRGHUVREUHORVKRPEUHV\WHQHUWDPELpQHO5HLQRGHORV&LHORV

5LTXH]DVWLHUUD\SRGHUHVWDVFRVDVQRSHUWHQHFHQDQLQJ~QKRPEUHSXHVHOODVVRQGHO
PXQGRPDVHO5HLQRGHORV&LHORVHVWX\RVLHPSUH\DTXHHVWiGHQWURGHWL<VLEXVFDV
\GHVHDVORTXHQRWHSHUWHQHFHVHJXUDPHQWHHQWRQFHVSHUGHUiVORTXHHVWX\R6DEHG
YRVRWURV\HQYHUGDGRVGLJRTXHQDGDVHGDQLVHWLHQHLQ~WLOPHQWHSXHVWRGDVODVFRVDV
HQHOXQLYHUVRGHORVKRPEUHV\ORViQJHOHVWLHQHQSUHFLR(OTXHGHVHDUHXQLUULTXH]DV\
RSXOHQFLDVGHEHLUGHXQODGRDRWURUHQGLUSOHLWHVtDDDTXHOORVTXHQRORPHUHFHQ
GHVWUXLUVHHQIDWLJDHQODFDVDGHRWURVKRPEUHVGHFLU\KDFHUPXFKDVFRVDVIDOVDVGDU
SUHVHQWHVGHRUR\SODWD\DFHLWHVSHUIXPDGRV7RGRHVWR\PiVGHEHKDFHUXQKRPEUH
SDUDUHXQLUULTXH]D\OXFUR\FXDQGRODVKDVFRQVHJXLGR¢TXpWLHQHHQWRQFHV"

(VWDULTXH]D\SRGHU¢WHDVHJXUDUiQODOLEHUDFLyQGHOWHPRU"¢XQDPHQWHHQSD]"¢SDVDU
HOGtDHQFRPSDxtDGHORViQJHOHVGHOD0DGUH7LHUUD"¢SDVDUODQRFKHHQFRPSDxtDGH
ORViQJHOHVGHO3DGUH&HOHVWLDO"(VSHUDVLQXWLOPHQWH¢WHQHUFRVDVWDQJUDQGHV"2
HVWLPDUiDOXQR\GHVSUHFLDUiDORWUR1RSRGHLVVHUYLUD'LRV\WDPELpQDOPXQGR$FDVR
WXIXHQWHVHVHFDWXDFHLWHSUHFLRVRVHGHUUDPDWXFDVDVHTXHPDWXVFRVHFKDVVH
PDUFKLWDQRWUDWDVORTXHWHVXFHGHFRQ6DELGXUtD\$PRU

/DVOOXYLDVOOHQDUiQGHQXHYRODIXHQWHODVFDVDVVHFRQVWUXLUiQGHQXHYRVHPLOODVQXHYDV
VHVHPEUDUiQWRGDVHVWDVFRVDVSDVDUiQ\YHQGUiQGHQXHYR\SDVDUiQD~QRWUDYH]0DV
HO5HLQRGHORV&LHORVHVHWHUQR\QRSDVDUi1RFDPELHLVHQWRQFHVORTXHHVHWHUQRSRU
ORTXHPXHUHHQXQDKRUD

&XDQGRORVKRPEUHVWHSUHJXQWHQDTXpSDtVSHUWHQHFHVQRGLJDVTXHHUHVGHpVWHRDTXHO
SXHVHQYHUGDGVRODPHQWHHOFXHUSRLQIHULRUHVHOTXHQDFHHQXQSHTXHxRUHFRGRGHHVWD
WLHUUD3HURWXRK+LMRGHOD/X]SHUWHQHFHVDOD+HUPDQGDGTXHFRPSUHQGHWRGRVORV
FLHORV\PiVDOOi'HWX3DGUH&HOHVWLDOKDGHVFHQGLGRODVLPLHQWHQRVyORGHWXSDGUH\
DEXHORVLQRGHWRGRVORVVHUHVTXHVHKDQHQJHQGUDGRVREUHODWLHUUD

(QYHUGDGHUHV+LMRGH'LRV\WRGRVORVKRPEUHVWXVKHUPDQRVKDFHUGH'LRVWXKDFHGRU
SDGUH\JXDUGLiQ¢QRQRVOLEHUDUiGHWRGRVXIULPLHQWR\WHPRUHV"

3RUHVRWHGLJRQRSLHQVHVHQDFXPXODUELHQHVPXQGDQRVSRVHVLRQHVRUR\SODWDSXHV
HVWRVWUDHQ~QLFDPHQWHFRUUXSFLyQ\PXHUWH0LHQWUDVPD\RUVHDWXDWHVRUDPLHQWRGH
ULTXH]DPiVJUXHVDVVHUiQODVSDUHGHVGHWXWXPED

$EUHGHSDUHQSDUODVYHQWDQDVGHWXDOPD\UHVSLUDHODLUHIUHVFRGHXQKRPEUHOLEUH
¢3RUTXpRVSUHRFXSDLVSRUHOYHVWLGR"0LUDGORVOLULRVGHOFDPSRFyPRFUHFHQQRVH
121
DIDQDQQLKLODQ\WHGLJRTXHQLD~Q6DORPyQHQVXJORULDVHYLVWLyFRPRXQRGHpVWRV
¢3RUTXpRVSUHRFXSDLVSRUHODOLPHQWR"0LUDGORGRQHVGHWX0DGUH7LHUUDORVIUXWRV
PDGXURVGHVXViUEROHV\HOJUDQRGRUDGRGHVXVXHOR¢3RUTXpRVSUHRFXSDLVSRUFDVD\
WLHUUDV"8QKRPEUHQRWHSXHGHYHQGHUORTXHQROHSHUWHQHFH\QRSXHGHDGXHxDUVHGHOR
TXH\DSHUWHQHFHDWRGRV(VWDWLHUUDH[WHQVDHVWX\D\WRGRVORVKRPEUHVVRQWXV
KHUPDQRV

/RViQJHOHVGHOD0DGUH7LHUUDDQGDQFRQWLJRHQHOGtD\ORViQJHOHVGHO3DGUH&HOHVWLDO
WHJXtDQHQODQRFKH\GHQWURGHWLHVWiOD/H\6DJUDGD1RHVWiELHQSDUDHOKLMRGHXQUH\
FRGLFLDUXQJXLMDUURGHODYHUDGHOFDPLQR7RPDWXSXHVWRHQWRQFHVHQODPHVDGHO
EDQTXHWH\FXPSOHWXOHJDGRFRQKRQRU

3XHVHQ'LRVYLYLPRVQRVPRYHPRV\WHQHPRVQXHVWURVHU(QYHUGDGQRVRWURVVRPRV
6XVKLMRV\(OHVQXHVWUR3DGUH

8QLFDPHQWHHVOLEUHTXLHQYLYHFRPRpOGHVHDYLYLUHOTXHQRVHUHSULPHHQVXVDFWRV\
FX\RVGHVHRVVHFXPSOHQHOTXHQRVHFRKLEHHVOLEUHSHURHOTXHVHFRKLEH\VHUHSULPH
VHJXUDPHQWHHVHKRPEUHHVXQHVFODYR3HUR¢TXLpQQRHVHVFODYR"8QLFDPHQWHDTXHO
TXHQRGHVHDORTXHOHSHUWHQHFHDORVGHPiV<¢TXpFRVDVVRQODVTXHWHSHUWHQHFHQ"
+LMRVPtRVVRODPHQWHHO5HLQRGHORV&LHORVTXHHVWiGHQWURGHWLGRQGHOD/H\GHWX
3DGUH&HOHVWLDOPRUDWHSHUWHQHFH

(O5HLQRGHORV&LHORVHVFRPRXQFRPHUFLDQWHTXHEXVFDEDSHUODVKHUPRVDV\FXDQGR
HQFRQWUyXQDGHEXHQSUHFLRIXH\YHQGLyWRGRORTXHWHQtD\ODFRPSUy<VLODSHUOD
SUHFLRVDHVWX\DSRUVLHPSUH¢SRUTXpODFDPELDVSRUJXLMDUURV\SLHGUDV"6DEHG
YRVRWURVTXHWXFDVDWXWLHUUDWXVKLMRVHKLMDVWRGDVODVDOHJUtDVGHODIRUWXQD\ODVSHQDV
GHODWULEXODFLyQVtODRSLQLyQTXHWLHQHQORVGHPiVGHWLWRGDVHVWDVFRVDVQRWH
SHUWHQHFHQ

6LYRVRWURVDQVLDLVSXHVHVWDVFRVDVRVDSHJDUHLVDHOODVRVDIOLJLUHLV\UHJRFLMDUHLVHQ
HOODVHQWRQFHVHQYHUGDGVHUHLVHVFODYRV\HQHVFODYLWXGSHUPDQHFHUHLV

+LMRVPtRVQRSHUPLWiLVTXHODVFRVDVTXHQRVRQYXHVWUDVVHDGKLHUDQDWL1RGHMHLVTXH
ORWHUUHQDOFUH]FDHQWLFRPRFUHFHDIHUUDGDDOUREOHODGpELOHQUHGDGHUD\DTXHSDGHFHUHLV
GRORUFXDQGRVHDQDUUDQFDGDVGHWL

9LQLVWHGHVQXGRGHODVHQWUDxDVGHWXPDGUH\GHVQXGRYROYHUHLVDHOOD(OPXQGRWHGD\
HOPXQGRWHTXLWDSHURQLQJXQDIXHU]DGHOFLHORRGHODWLHUUDSXHGHTXLWDUWHOD/H\
6DJUDGDTXHPRUDGHQWURGHWL

3XHGHVYHUTXHDVHVLQDQDWXVSDGUHV\SXHGHVVHUGHVWHUUDGRGHWXSDtV/XHJRLUiV
DOHJUHDYLYLUDRWURSDtV\PLUDUiVFRQFRPSDVLyQDODVHVLQRGHWXVSDGUHVVDELHQGRTXH
SRUHODFWRpOPLVPRVHKDDVHVLQDGR3XHVFRQRFHVDWXVYHUGDGHURVSDGUHV\YLYHV
VHJXURHQWXSDtVYHUGDGHUR<DTXHWXVYHUGDGHURVSDGUHVGRQWX3DGUH&HOHVWLDO\WX
0DGUH7LHUUD\WXSDtVYHUGDGHURHVHO5HLQRGHORV&LHORV/DPXHUWHQXQFDWHSXHGH
122

VHSDUDUGHWXVYHUGDGHURV3DGUHV\QRH[LVWHH[LOLRGHWXVSDtVYHUGDGHUR<GHQWURGHWL
XQDURFDTXHUHVLVWHWRGDVODVWRUPHQWDVHVOD/H\6DJUDGDWXEDOXDUWH\WXVDOYDFLyQ

  

<GHHVWDPDQHUDORV+HUPDQRVHQVHxDEDQOD6DJUDGD/H\DORVTXHGHVHDEDQRLUOD\VH
GHFtDTXHHOORVKDFtDQFRVDVPDUDYLOORVDVFXUDEDQDORVHQIHUPRV\DORVDIOLJLGRVFRQ
GLYHUVDVKLHUEDV\XWLOL]DFLRQHVPDUDYLOORVDVGHO6RO\GHO$JXD+XERRWUDVPXFKDV
FRVDVTXHKLFLHURQTXHVLHOORVKXELHUDQHVFULWRFDGDXQDQLHOPXQGRHQWHURFRQWHQGUtD
ORVOLEURVTXHGHEHUtDQKDEHUHVFULWR

$6,6($ 20 

')5$*0(1726'(/(9$1*(/,2(6(1,2'(-8$1

(QHOSULQFLSLRIXHOD/H\\OD/H\HVWDEDHQ'LRV\OD/H\HUD'LRV(UDORPLVPRHO
SULQFLSLR\'LRV7RGDVODVFRVDVODVKL]R(O\VLQ(OQRH[LVWtDQDGD/D9LGDHVWDEDHQ
(O\OD9LGDHUDOD/X]GHORVKRPEUHV\ODOX]EULOODEDHQODRVFXULGDG\ODRVFXULGDGQR
ODRSDFy

'HVGHXQOXJDUOHMDQRHQHOGHVLHUWRYLQLHURQORV+HUPDQRVSDUDGDUWHVWLPRQLRGHOD
/X]SDUDTXHWRGRVORVKRPEUHV±SRUPHGLRGHHOORVSXGLHUDQDQGDUDOD/X]GHOD
6DJUDGD/H\3XHVOD/X]YHUGDGHUDLOXPLQDOD/H\\VHOHVGDHOSRGHUGHVHUORV+LMRVGH
'LRV\HQWUDUDO0DU(WHUQRGRQGHHVWiHO$UEROGHOD9LGD

<-HV~VOHVHQVHxDEDGLFLHQGR(QYHUGDGHQYHUGDGRVGLJRQDGLHSXHGHYHUHO5HLQRGH
ORV&LHORVH[FHSWRHOTXHYXHOYHDQDFHU<XQKRPEUHOHGLMR¢&yPRSXHGHXQKRPEUH
YLHMRYROYHUDQDFHU"¢3XHGHHQWUDUSRUVHJXQGDYH]HQHOYLHQWUHGHVXPDGUH\QDFHU"

<-HV~VOHGLMR(QYHUGDGRVGLJRVyORHOKRPEUHTXHQDFHGHOD0DGUH7LHUUD\GHO
3DGUH&HOHVWLDO\FDPLQDFRQORViQJHOHVGHOGtD\GHODQRFKHSXHGHHQWUDUDO5HLQR
(WHUQR(OTXHQDFHDODFDUQHFDUQHHV\HOTXHQDFHDOHVStULWXHVStULWXHV/DFDUQHGH
WXFXHUSRQDFHGHOD0DGUH7LHUUD\WXHVStULWXLQWHUQRQDFHGHO3DGUH&HOHVWLDO

'RQGHHOYLHQWRVRSODVHOHHVFXFKD\VHR\HHOVRQLGRSHURQRVHSXHGHGHFLUGHGRQGH
YLHQH$VtPLVPRHVFRQOD6DJUDGD/H\7RGRVORVKRPEUHVODR\HQSHURQROD
HQWLHQGHQSXHVGHVGHVXSULPHUKiOLWRHVWiFRQHOORV0DVDOQDFHUGHQXHYRGHO3DGUH
&HOHVWLDO\GHOD0DGUH7LHUUDRLUiQFRQQXHYRVRLGRV\YHUiQFRQQXHYRVRMRV\ODOODPD
GHOD6DJUDGD/H\HVWDUiHQFHQGLGDFRQHOORV

<XQKRPEUHSUHJXQWy¢&yPRSXHGHQVHUHVWDVFRVDV"-HV~VOHUHVSRQGLy\OHGLMRHQ
YHUGDGRVGLJRKDEODPRVGHORTXHFRQRFHPRV\DWHVWLJXDPRVORTXHKHPRVYLVWR\
YRVRWURVQRDFHSWDLVQXHVWURWHVWLPRQLR3XHVHOKRPEUHQDFHSDUDDQGDUFRQORViQJHOHV
SHURHQOXJDUGHHVRpOEXVFDMR\DVHQHOIDQJR

123

$pOKDHQWUHJDGRHO3DGUH&HOHVWLDOVXKHUHQFLDSDUDTXHFRQVWUX\HUDHO5HLQRGHORV
&LHORVHQOD7LHUUDSHUROHKDYXHOWRODHVSDOGDDVX3DGUH\DGRUDDOPXQGR\VXVtGRORV
<pVWRHVODFRQGHQDFLyQ\DTXHSRUOD/X]YLHQHDOPXQGR\HOKRPEUHDPDODRVFXULGDG
PDVELHQTXHDOD/X]SRUTXHVXVDFFLRQHVVRQHUUDGDV

3XHVWRGRHOTXHKDFHPDORGLDOD/X]\QRYLHQHDOD/X]7RGRVVRPRV+LMRVGH'LRV\
'LRVVHJORULILFDHQQRVRWURV/D/X]TXHEULOODDOUHGHGRUGH'LRV\GHVXV+LMRVHVOD/X]
GHOD6DJUDGD/H\

(OTXHRGLDOD/X]QLHJDDVX3DGUH\DVX0DGUHTXHORKDQHQJHQGUDGR

<XQKRPEUHSUHJXQWy0DHVWUR¢FyPRSRGHPRVFRQRFHUOD/X]"<-HV~VOHUHVSRQGLy
HQYHUGDGHQYHUGDGRVGLJRRVGR\XQQXHYRPDQGDPLHQWRTXHRVDPpLVORVXQRVDORV
RWURVDVtFRPRRVDPDQORVTXHWUDEDMDQHQHO(GpQGHOD+HUPDQGDG3RUHVWRVDEUiQ
WRGRVORVKRPEUHVTXHYRVRWURVVRLVKHUPDQRVDVtFRPRWRGRVVRPRV+LMRVGH'LRV

<XQKRPEUHGLMR7RGRORTXH7XKDEODVHVGHOD+HUPDQGDGWRGRVQRVRWURVQR
SRGHPRVVHUD~QGHOD+HUPDQGDG'HVHDPRVDGRUDUOD/X]\HYLWDUODRVFXULGDGSXHVQR
KD\QDGLHHQWUHQRVRWURVTXHGHVHHHOPDO

<-HV~VUHVSRQGLy1RGHMHLVTXHYXHVWURFRUD]yQVHWXUEHYRVRWURVFUHHLVHQ'LRV
6DEHGYRVRWURVTXHHQODFDVDGHQXHVWUR3DGUHKD\PXFKDVPDQVLRQHV\YXHVWUD
KHUPDQGDGHVFRPRXQYLGULRHVFXURTXHUHIOHMDOD+HUPDQGDG&HOHVWLDODODTXHWRGDVODV
FULDWXUDVGHOFLHOR\ODWLHUUDSHUWHQHFHQ

/D+HUPDQGDGHVODYLG\QXHVWUR3DGUH&HOHVWLDOHOTXHODFXOWLYD7RGDUDPDQXHVWUD
TXHQRGDIUXWR(OODFRUWD\WRGDUDPDQXHVWUDTXHGDIUXWR(OODOLPSLDSDUDTXHSXHGD
GDUPDVIUXWR0RUDHQQRVRWURV\QRVRWURVHQ(O

&RPRODUDPDTXHSRUVLPLVPDQRGDIUXWRVDOYRODTXHHVWiHQODYLGDVtWDPSRFR
SRGHLVYRVRWURVGDUIUXWRVDOYRORVTXHPRUDQHQOD6DJUDGD/H\TXHHVODURFDVREUHOD
TXHQXHVWUD+HUPDQGDGSHUPDQHFH(OTXHPRUDHQOD/H\GHODPLVPDPDQHUDGD
PXFKRIUXWRSXHVIXHUDGHOD/H\QRSRGHLVKDFHUQDGD

6LXQKRPEUHQRPRUDHQOD/H\HVFRUWDGRFRPRXQDUDPD\pVWDVVHPDUFKLWDQ\VH
MXQWDQSDUDHFKDUODVDOIXHJR\TXHPDUODV

<FRPRORV+HUPDQRVTXHPRUDQHQHO$PRUGHORVXQRVDORVRWURVFRPRHO$QJHOGHO
$PRUOHVHQVHxDDVtRVSHGLPRVTXHRVDPHLVORVXQRVDORVRWURV

0D\RU$PRUTXHpVWHQDGLHWLHQHHQVHxDUOD6DJUDGD/H\ORVXQRVDORVRWURV\DPDUDO
RWURFRPRDVLPLVPR(O3DGUH&HOHVWLDOHVWiHQQRVRWURV\QRVRWURVHVWDPRVHQ(O\
H[WHQGHPRVQXHVWUDVPDQRVGHDPRU\SHGLPRVTXHSXHGDVVHUXQRDVtFRPRQRVRVWURV
VRPRVXQR3XHVWX3DGUHHQHOFLHORWHDPyDQWHVGHODFUHDFLyQGHOPXQGR

)5$*0(1726'(//,%52'(/$65(9(/$&,21(6 (O$SRFDOLSVLV 
124

'(/26(6(1,26

+HDTXtTXHHO$QJHOGHO$LUH/RWUDHUi\WRGRVORVRMRV/RYHUiQ\OD+HUPDQGDGWRGD
ODYDVWD+HUPDQGDGGHOD7LHUUDOHYDQWDUiVXYR]FRPRXQR\FDQWDUiGHELGRD(O$VtHV
DVtVHD

<RVR\HO$OID\OD2PHJDHOSULQFLSLR\HOILQHOTXHHVHOTXHIXH\HOTXHYHQGUi

<ODYR]KDEODED\JLUpSDUDYHUODYR]TXHKDEODEDFRQPLJR\KDELHQGRJLUDGRYLVLHWH
OiPSDUDV\HQPHGLRGHVXOX]EULOODQWHYLDXQRFRPRHO+LMRGHO+RPEUHYHVWLGRGH
EODQFREODQFRFRPRODQLHYH<VXYR]OOHQDEDHODLUHFRQXQVRQLGRFRPRGHDJXD
WHPSHVWXRVD\HQVXVPDQRVWHQtDVLHWHHVWUHOODVOOHQDVGHOD/X]DUGLHQWHGHORVFLHORVGH
GRQGHHOODVYHQtDQ

<FXDQGR(OKDEOy6XURVWURVHOOHQyGH/X]EULOODQGR\GRUDQGRFRPRPLOVROHV\OHV
GLMRQRWHPDLV<RVR\HOSULPHUR\HO~OWLPR<RVR\HOSULQFLSLR\HOILQ(VFULEHODV
FRVDVTXHKDVYLVWR\ODVFRVDVTXHVRQ\ODVFRVDVTXHVHUiQGHDTXtHQDGHODQWHHO
PLVWHULRGHODVVLHWHHVWUHOODVTXHOOHQDQPLVPDQRV\ORVVLHWHFDQGHODEURVGRUDGRVTXH
UHVSODQGHFHQFRQ/X]HWHUQD/DVVLHWHHVWUHOODVVRQODViQJHOHVGHO3DGUH&HOHVWLDO\ODV
VLHWHOODPDVVRQORViQJHOHVGHOD0DGUH7LHUUD

<HOHVStULWXGHOKRPEUHHVODOODPDTXHIOX\HHQWUHODOX]GHODVHVWUHOODV\ODOiPSDUD
UHVSODQGHFLHQWHXQSXHQWHGH/X]VDQWDHQWUHHO&LHOR\OD7LHUUD

(VWDVFRVDVGLMRHOTXHVRVWHQtDODVVLHWHHVWUHOODVHQ6XVPDQRV4XLHQFDPLQDHQPHGLR
GHODVOODPDVGHODVVLHWHOiPSDUDVGRUDGDV

(OTXHWHQJDRLGRVTXHRLJDORTXHHOHVStULWXGLFHDOTXHYHQFLHUH<ROHGDUpGHFRPHU
GHO$UEROGHOD9LGDTXHHVWiSODQWDGRHQPHGLRGHO3DUDLVREULOODQWHGH'LRV

<OXHJR(OPLUy\KHDTXtTXHXQDSXHUWDVHDEULyHQHOFLHOR\XQDYR]TXHUHWXPEDED
SRUWRGDVSDUWHVFRPRXQDWURPSHWDPHKDEOy

6XEHDTXt\WHPRVWUDUpODVFRVDVTXHYDQDVXFHGHUDSDUWLUGHDKRUD(LQPHGLDWDPHQWH
HVWXYHDOOtHQHVStULWXHQODHQWUDGDGHODSXHUWDDELHUWD<FUXFpSRUODSXHUWDDELHUWD
SHQHWUDQGRDXQ0DUGH/X]UDGLDQWH<HQODPLWDGGHORFpDQRHQFHJXHFHGRUGH
UHVSODQGRUKDEtDXQWURQR\VREUHHOWURQRHVWDEDXQRFX\RURVWURHVWDEDRFXOWR\KDEtD
XQDUFRLULVURGHDQGRHOWURQRSDUHFtDFRPRXQDHVPHUDOGD

<DOUHGHGRUGHOWURQRKDEtDWUHFHVLOODV\VREUHORVDVLHQWRVYLWUHFHDQFLDQRVYHVWLGRVFRQ
FDSDVEODQFDV\VXVURVWURVHVWDEDQFXELHUWRVSRUXQDQXEHGHOX]TXHJLUDED

<VLHWHFDQGHODEURVGHIXHJRDUGtDQGHODQWHGHOWURQRHOIXHJRGHOD0DGUH7LHUUD<ODV
VLHWHHVWUHOODVGHOFLHOREULOODEDQHQIUHQWHGHOWURQRHOIXHJRGHO3DGUH&HOHVWLDO

125

<GHODQWHGHOWURQRKDEtDXQPDUWUDQVSDUHQWHFRPRXQFULVWDO\UHIOHMDGRVDOOtHVWDEDQ
WRGDVODVPRQWDxDV\YDOOHV\RFpDQRVGHOD7LHUUD\WRGDVODVFULDWXUDVTXHKDELWDQHQ
HOOD

<ORVWUHFHDQFLDQRVVHLQFOLQDEDQDQWHHOHVSOHQGRUGHOTXHHVWDEDVHQWDGRHQHOWURQR
FX\RURVWURHVWDEDRFXOWR\UtRVGHOX]IOXtDQGH6XVPDQRVGHODXQDDODRWUD\HOORV
DODEDEDQGLFLHQGR6DQWR6DQWR6DQWR6HxRU'LRVWRGRSRGHURVRHOTXHHUDHOTXHHV\
HOTXHKDGHYHQLUWXHUHVGLJQRRK6HxRUGHUHFLELUODJORULDHOKRQRU\HOSRGHUSXHV
7XKDVFUHDGRWRGDVODVFRVDV

<OXHJRYLDODGLHVWUDGHOTXHHVWDEDVHQWDGRHQHOWURQRFX\RURVWURHVWDEDRFXOWRXQ
OLEURHVFULWRSRUGHQWUR\SRUIXHUDVHOODGRFRQVLHWHVHOORV<YLDXQiQJHOSUHJRQDQGR
FRQYR]IXHUWH¢4XLpQHVGLJQRGHDEULUHOOLEUR\GHTXLWDUORVVHOORVGHpO"

<QLQJ~QVHUHQHOFLHORQLHQOD7LHUUDQLGHEDMRGHODWLHUUDIXHFDSD]GHDEULUHOOLEUR
QLD~QGHPLUDUHQFLPDGHpO<PHDIOLJtSRUTXHHOOLEURQRSRGtDVHUDELHUWRQL\RHUD
FDSD]GHOHHUORTXHKDEtDHVFULWR

<XQRGHORVDQFLDQRVPHGLMR1RWHDIOLMDVH[WLHQGHWXPDQR\WRPDHOOLEURVL
SUHFLVDPHQWHHOOLEURFRQORVVLHWHVHOORV\iEUHORSXHVIXHHVFULWRSDUDWLTXLHQHUHVDOD
YH]HOPiVEDMRGHORVEDMRV\HOPiVDOWRGHORVDOWRV

<H[WHQGtPLVPDQRV\WRTXpHOOLEUR<KHDTXtTXHODWDSDVHOHYDQWy\PLVPDQRV
SDOSDURQODVSiJLQDVGRUDGDV\PLVRMRVFRQWHPSODURQHOPLVWHULRGHORVVLHWHVHOORV

<REVHUYp\RtODYR]GHPXFKRViQJHOHVDOUHGHGRUGHOWURQR<HOQ~PHURHUDGLH]PLO
YHFHVGLH]PLO\PLOHVGHPLOHVGLFLHQGR7RGDODJORULD\ODVDELGXUtD\ODIRUWDOH]D\HO
SRGHUVLHPSUH\SRUVLHPSUHD(OTXLHQUHYHODUiORVPLVWHULRVGHPLVWHULRV<YLODVQXEHV
GHOX]GRUDGDTXHJLUDEDQH[WHQGLpQGRVHFRPRXQSXHQWHGHIXHJRHQWUHPLVPDQRV\ODV
PDQRVGHORVWUHFHDQFLDQRV\ORVSLHVGHOTXHHVWDEDVHQWDGRHQHOWURQRFX\RURVWUR
HVWDEDRFXOWR

<TXLWpHOSULPHUVHOOR\YL\REVHUYpDO$QJHOGHO$LUH<GH6XVODELRVIOXtDHODOLHQWR
GHYLGD<(OVHLQFOLQyVREUHOD7LHUUD\OHGLyDOKRPEUHORVYLHQWRVGHODVDELGXUtD<HO
KRPEUHUHVSLUy\FXDQGRH[KDOyHOHVSDFLRVHRVFXUHFLy\ORVDURPDVVHYROYLHURQ
KHGLRQGRV\IpWLGRV\QXEHVGHPDOGDGDSDUHFLHURQVREUHOD7LHUUD<JLUpPLVURVWURFRQ
YHUJHQ]D

<TXLWpHOVHJXQGRVHOOR\YL\REVHUYpDO$QJHOGHO$JXD<GH6XVODELRVIOXtDHODJXD
GHODYLGD<(OVHDUURGLOOyVREUHOD7LHUUD\OHGLyDOKRPEUHXQRFpDQRGH$PRU<HO
KRPEUHHQWUyDODVDJXDVFODUDV\UHOXFLHQWHV<FXDQGRWRFyHODJXDODVFRUULHQWHVFODUDV
VHRSDFDURQ\ODVDJXDVGHFULVWDOVHYROYLHURQWXUELDV\FRQODPD<ORVSHFHVDJRQL]DEDQ
HQODRVFXULGDGLQPXQGD\WRGDVODVFULDWXUDVPXULHURQGHVHG<JLUpPLURVWURFRQ
YHUJHQ]D

126

<TXLWpHOWHUFHUVHOOR\YL\REVHUYpDO$QJHOGHO6RO\GH6XVODELRVIOXtDOD/X]GHOD
9LGD\(OVHLQFOLQyVREUHOD7LHUUD\OHGLyDOKRPEUHHOIXHJRGHOSRGHU<ODIRUWDOH]D
GHOVROSHQHWUyHQHOFRUD]yQGHOKRPEUH\pVWHWRPyHOSRGHUHKL]RFRQpOXQIDOVRVRO\
KHDTXtTXHpOHVSDUFLyORVUD\RVGHODGHVWUXFFLyQTXHPDQGRORVERVTXHVDFDEDQGRFRQ
ORVYDOOHVGHYHUGRUGHMDQGRVyORORVKXHVRVFDUERQL]DGRVGHVXVKHUPDQRV<JLUpPL
URVWURFRQYHUJHQ]D

<TXLWpHOFXDUWRVHOOR\YL\REVHUYpDO$QJHOGHO5HJRFLMR\GH6XVODELRVIOXtDOD
P~VLFDGHOD9LGD\(OVHLQFOLQyVREUHOD7LHUUD\OHGLyDOKRPEUHHOFDPLQRGHSD]<
OD3D]\HO5HJRFLMRFRPRODP~VLFDIOXtDQDWUDYpVGHOHVStULWXGHOKRPEUH3HURHO
KRPEUHR\yXQLFDPHQWHODHVWULGHQFLDGHODWULVWH]D\HOGHVFRQWHQWR\OHYDQWyVXHVSDGD
\FRUWyODVPDQRVGHORVSDFLILFDGRUHV\ODOHYDQWyXQD\RWUDYH]\FRUWyODVFDEH]DVGH
ORVFDQWRUHV<JLUpPLURVWURFRQYHUJHQ]D

<TXLWpHOTXLQWRVHOOR\YL\REVHUYpDO$QJHOGHOD9LGD\GH6XVODELRVIOXtDOD$OLDQ]D
6DQWDHQWUH'LRV\HOKRPEUH\(OVHLQFOLQyVREUHOD7LHUUD\OHGLyDOKRPEUHHOGRQGH
ODFUHDFLyQ<HOKRPEUHFUHyXQDVHJDGRUDGHKLHUURFRQIRUPDVGHVHUSLHQWH\OD
FRVHFKDTXHUHFRJLyIXHGHKDPEUH\PXHUWH<JLUpPLURVWURFRQYHUJHQ]D

<TXLWpHOVH[WRVHOOR\YL\REVHUYpDO$QJHOGHOD7LHUUD\GH6XVODELRVIOXtDHOUtRGHOD
9LGDHWHUQD\(OVHLQFOLQyVREUHOD7LHUUD\OHGLyDOKRPEUHHOVHFUHWRGHODHWHUQLGDG\
OHGLMRDOKRPEUHTXHDEULHUDVXVRMRV\JXDUGDUDORVPLVWHULRVGHO$UEROGHOD9LGDHQHO
0DU(WHUQR3HURHOKRPEUHOHYDQWyVXPDQR\VDFyVXVSURSLRVRMRV\GLMRTXHQRKDEtD
HWHUQLGDG<JLUpPLURVWURFRQYHUJHQ]D

<TXLWpHOVpSWLPRVHOOR\YL\REVHUYpDO$QJHOGHOD0DGUH7LHUUD\(OPHHQYLyFRQ
(OODXQPHQVDMHGH/X]IODPHDQWHGHO3DGUH&HOHVWLDO<HVWHPHQVDMHHUDSDUDORVRLGRV
GHOKRPEUHTXHHVWDEDVyORHOTXHFDPLQDHQWUHHOFLHOR\OD7LHUUD<HQHORLGRGHO
KRPEUHHVWDEDVXVXUUDQGRHOPHQVDMH<QRRtD0DV\RJLUpPLURVWURFRQYHUJHQ]D

£0LUDGH[WHQGtPLPDQRKDFLDODVDODVGHO$QJHO\GLULJtPLYR]DOFLHORGLFLHQGR'LPH
HOPHQVDMHSDUDTXHSXHGDFRPHUGHOIUXWRGHO$UEROGHOD9LGDTXHFUHFHHQHO0DUGHOD
(WHUQLGDG<HO$QJHOPHPLUyFRQJUDQWULVWH]D\KXERVLOHQFLRHQHOFLHOR<HQWRQFHVRt
XQDYR]TXHHUDFRPRHOVRQLGRGHXQDWURPSHWDGLFLHQGRRKKRPEUH¢TXLVLHUDVWX
PLUDUODPDOGDGTXHKDVKHFKRFXDQGRYROWHDVWHWXURVWURGHOWURQRGH'LRVFXDQGRQR
KLFLVWHXVRGHORVGRQHVGHORVVLHWHiQJHOHVGHOD0DGUH7LHUUD\GHORVVLHWHiQJHOHVGHO
3DGUH&HOHVWLDO"

<XQGRORUWHUULEOHVHDSRGHUyGHPLFXDQGRVHQWtGHQWURGHPLORVHVStULWXVGHWRGRV
DTXHOORVTXHVHKDEtDQHQFHJXHFLGRHOORVPLVPRVFRPRSDUDYHUXQLFDPHQWHVXVSURSLRV
GHVHRVGHODFDUQH<YLORVVLHWHiQJHOHVTXHHVWDEDQGHODQWHGH'LRV\DHOORVOHVIXHURQ
GDGDVVLWHWURPSHWDV<RWURiQJHOYLQR\VHFRORFyDQWHHODOWDUSRUWDQGRXQLQFHQVDULR
GRUDGR\VHOHKDEtDGDGREDVWDQWHLQFLHQVRTXHGHEHUtDRIUHQGDUFRQODVRUDFLRQHVGH
WRGRVORViQJHOHVHQHODOWDUGRUDGRTXHHVWDEDGHODQWHGHOWURQR<HOKXPRGHOLQFLHQVR
DVFHQGtDKDVWD'LRVOHMRVGHORViQJHOHV<HO$QJHOWRPyHOLQFHQVDULROROOHQyFRQHO
IXHJRGHODOWDU\ORDUURMyDOD7LHUUD\KXERYRFHV\WUXHQRV\UHOiPSDJRV\WRUPHQWDV
127

<ORVVLHWHiQJHOHVTXHWHQtDQVLHWHWURPSHWDVVHSUHSDUDURQSDUDWRFDUODV

(OSULPHUiQJHOWRFy\KXERJUDQL]R\IXHJRPH]FODGRFRQVDQJUHTXHIXHURQDUURMDGRV
HQOD7LHUUD\ORVERVTXHVYHUGHV\ORViUEROHVVHTXHPDURQ\WRGRSDVWRYHUGHVHYROYLy
FHQL]DV

<HOVHJXQGR$QJHOWRFy\FXDQGRHVWRFRFXUULyXQDJUDQPRQWDxDDUGLHQGRHQIXHJR
HVWDEDSUFLSLWiQGRVHHQHOPDU\VDQJUHVHOHYDQWyGHVGHODWLHUUDFRPRXQYDSRU 1(
GHODWUDGXFFLyQGHO,QJOpVDOWUDQVFULELUODDO&DVWHOODQRHOHGLWRUROYLGyLQFOXLUDOHU
$QJHO6LDOJXLHQSXHGHFRPSOHWDUHVWHSHTXHxRSiUUDIRORSXHGHKDFHUHQYLiQGRORSRU
FRUUHRHOHFWUyQLFR 

<HOFXDUWR$QJHOWRFy\KHDTXtTXHKXERXQJUDQWHUUHPRWR\HOVROVHYROYLyQHJUR
FRPRXQPHFKyQGHSHOR\ODOXQDVHFRQYLUWLyHQVDQJUH

<HOTXLQWRiQJHOWRFy\ODVHVWUHOODVGHOFLHORFD\HURQVREUHOD7LHUUDDVtFRPRODKLJXHUD
GHMDFDHUVXVKLJRVFXDQGRHVVDFXGLGDSRUXQYLHQWRIXHUWH

<HOVH[WR$QJHOWRFy\HOFLHORVHUHFRJLyFRPRXQSDSLURTXHVHHQUROOD\QRKXERiUERO
VREUHWRGDODWLHUUDQLXQDIORUQLXQDEUL]QDGHKLHUED<\RHVWDEDGHSLHVREUHODWLHUUD
\PLVSLHVVHKXQGLHURQHQHOVXHOREODQGR\HPERWDGRHQVDQJUHH[WHQGLpQGRVHWDQOHMRV
FRPRPLVRMRVSRGtDQYHU<VREUHWRGDOD7LHUUDKXERVLOHQFLR

<HOVpSWLPR$QJHOWRFy\YLXQVHUSRGHURVRTXHGHVFHQGtDGHOFLHORHQYXHOWRHQXQD
QXEH\XQDUFRLULVHVWDEDVREUH6XFDEH]D\6XURVWURHUDFRPRHOVRO\VXVSLHVFRPR
FROXPQDVGHIXHJR<WHQtDHQ6XVPDQRVXQOLEURDELHUWR\FRORFy6XSLHGHUHFKRVREUH
HOPDU\6XSLHL]TXLHUGRVREUHODWLHUUD\FODPyFRQJUDQYR]TXHHUDPDUDYLOORVRRtURK
KRPEUH¢GHVHDUiVWXWHQHUODYLVLyQGHORTXHKDGHRFXUULU"

<\RUHVSRQGt7XVDEHVRK8QLFR6DQWRTXHQRGHVHDUtDQDGDFRQWDOTXHHVWDVWHULEOHV
FRVDVQRRFXUULHUDQ<(OGLMR(OKRPEUHKDFUHDGRHVWRVSRGHUHVGHGHVWUXFFLyQ(OORV
KDFUHDGRFRQVXSURSLDPHQWH(OVHKDGLVWDQFLDGRGHORViQJHOHVGHO3DGUH&HOHVWLDO\
GHOD0DGUH7LHUUD\KDPROGHDGRVXSURSLDGHVWUXFFLyQ<\ROHGLMH¢(QWRQFHVQRKD\
HVSHUDQ]DOXPLQRVR$QJHO"

<XQDOX]IODPHDQWHIOX\yFRPRXQUtRGH6XVPDQRV\UHVSRQGLy6LHPSUHKD\XQD
HVSHUDQ]DRKWXSDUDTXLHQHOFLHOR\ODWLHUUDIXHURQFUHDGRV

<HQWRQFHVHOiQJHOTXHHVWDEDVREUHHOPDU\ODWLHUUDOHYDQWy6XVPDQRVDOFLHOR\MXUy
SRUHOTXHYLYHSDUDVLHPSUHSRUVLHPSUH4XLHQFUHyHOFLHOR\ODVFRVDVTXHHVWiQHQpO
\HOPDU\ODVFRVDVTXHHVWiQHQpOTXHHOWLHPSRQRVHUiPiVSHURHQORVGtDVGHODYR]
GHOVpSWLPR$QJHOFXDQGR(OFRPLHQFHDWRFDUHOPLVWHULRGH'LRVGHEHUiVHUUHYHODGRD
DTXHOORVTXHKD\DQFRPLGRGHO$UEROGHOD9LGDTXHHVWiSRUVLHPSUHHQHO0DUHWHUQR

128
<ODYR]KDEOyGHQXHYRGLFLHQGR9H\WRPDXQOLEURTXHHVWiDELHUWRHQODPDQRGHO
$QJHOTXHHVWiVREUHHOPDU\VREUHODWLHUUD

<IXtGRQGHHO$QJHO\OHGLMH'DGPHHOOLEURSDUDTXH\RSXHGDFRPHUGHO$UEROGHOD
9LGDTXHHVWiHQODPLWDGGHO0DU(WHUQR<HO$QJHOPHGLyHOOLEUR\DEUtHOOLEUR\OHtOR
TXHVLHPSUHKDEtDVLGRORTXHHUDDKRUD\ORTXHYHQGUtD

<YLHOKRORFDXVWRHQHOTXHVHVXPHUJtDODWLHUUD\ODJUDQGHVWUXFFLyQTXHDKRJDUtDD
WRGRVORVKDELWDQWHVHQRFpDQRVGHVDQJUH\YLWDPELpQODHWHUQLGDGGHOKRPEUH\HO
SHUGyQLQILQLWRGHO7RGRSRGHURVR

/DVDODVGHORVKRPEUHVHUDQFRPRSiJLQDVEODQFDVHQHOOLEURVLHPSUHOLVWDVSDUDTXH
XQDQXHYDFDQFLyQIXHUDHVFULWD

<OHYDQWpPLURVWURKDFLDORVVLHWHiQJHOHVGHOD0DGUH7LHUUDKDFLDORVVLHWHiQJHOHVGHO
3DGUH&HOHVWLDO\VHQWtTXHPLVSLHVWRFDEDQODIXHQWHVDJUDGDGHOD0DGUH7LHUUD\PLV
GHGRVWRFDEDQORVSLHVVDJUDGRVGHO3DGUH&HOHVWLDO\HVFULEtXQKLPQRGHDFFLyQGH
JUDFLDV

7HDJUDGH]FR3DGUH&HOHVWLDOSRUTXHPHKDVFRORFDGRHQXQDIXHQWHGHDUUR\RVIOXLGRV
HQXQPDQDQWLDOGHYLGDHQXQDWLHUUDGHVHTXtDLUULJDQGRXQMDUGtQHWHUQRGHSURGLJLRV
HO$UEROGHOD9LGDPLVWHULRGHPLVWHULRVTXHH[WLHQGHVXVUDPDVLQILQLWDPHQWHSXHVHO
SODQWtRHWHUQRVXPHUJHVXVUDtFHVHQHODUUR\RGHYLGDGHXQDIXHQWHHWHUQD<7X3DGUH
&HOHVWLDOSURWHJHVVXVIUXWRVFRQORViQJHOHVGHO'tD\GHOD1RFKH\FRQOODPDVGH/X]
HWHUQDDUGLHQGRSRUGRTXLHU

<ODYR]KDEOyGHQXHYR\GHQXHYRPLVRMRVVHDSDUWDURQGHO5HLQRGHOD/X]

£$WLHQGHRKKRPEUHWXSXHGHVDYDQ]DUSRUHOVHQGHURFRUUHFWR\FDPLQDUHQODSUHVHQFLD
GHORViQJHOHV7XSXHGHVJORULILFDUDOD0DGUH7LHUUDHQHOGtD\DO3DGUH&HOHVWLDOHQOD
QRFKH\SRUWXVHUFRUUHHODUUR\RGHOD/H\

3HUR¢GHMDUtDVWXKXQGLUVHDWXVKHUPDQRVHQHODELVPRGHVDQJUHFRPRHOGHVWUXLGRSRU
HOGRORUWLHPEOD\JLPHEDMRODVFDGHQDVGHSLHGUD"

¢3XHGHVWXEHEHUGHOFiOL]DGH9LGD(WHUQDFXDQGRWXVKHUPDQRVPXHUHQGHVHG"

<PLFRUD]yQHVWDEDKHQFKLGRGHFRPSDVLyQ\PLUp\KHDTXtTXHDSDUHFLyXQDJUDQVHxDO
HQHOFLHOR8QDPXMHUYHVWLGDGHVRO\FRQODOXQDEDMRVXVSLHV\VREUHVXFDEH]DXQD
FRURQDGHVLHWHHVWUHOODV<VXSHTXH(OODHUDODIXHQWHGHORVDUUR\RVTXHIOXtDQ\OD
0DGUHGHORVERVTXHV

<PHSDUpVREUHODDUHQDGHOPDU\YLVXELUGHOPDUXQDEHVWLD\GHVXVIRVDVH[SXOVyDLUH
IpWLGRUHSXJQDQWH\HOPDUGHGRQGHpOVHOHYDQWyWRUQyVXVDJXDVOLPSLDVHQIDQJR<VX
FXHUSRHVWDEDFXELHUWRGHURFDQHJUD\KXPHDQWH

129
<ODPXMHUYHVWLGDFRPRHOVROH[WHQGLyVXVPDQRVKDFLDODEHVWLD\ODEHVWLDVHDUUDVWUy\
ODDEUD]y<KHDTXtTXHVXSLHOGHQiFDUVHPDUFKLWyFRQVXIpWLGRDOLHQWR\VXHVSDOGDVH
SDUWLySRUVXVEUD]RVGHURFD

<FRQOiJULPDVGHVDQJUHHOODVHVXPHUJLyHQHOFKDUFRGHIDQJR\GHODERFDGHODEHVWLD
VDOLHURQHMpUFLWRVGHKRPEUHVEODQGLHQGRHVSDGDV\SHOHDQGRHOXQRFRQHORWUR<
SHOHDEDQFRQXQDIXULDWHUULEOH\FRUWDURQVXVSURSLRVPLHPEURVYLULOHV\H[WUDMHURQVXV
SURSLRVRMRVKDVWDTXHVHVXPLHURQHQHODELVPRGHORGRJULWDQGRHQDJRQtD\GRORU

<PHDFHUTXpDODRULOODGHOFKDUFR\PHWtPLVPDQRV\SXGHYHUHOUHPROLQRGHVDQJUH\
ORVKRPEUHVDOOtDWUDSDGRVFRPRODVPRVFDVHQXQDWHODUDxD\KDEOpHQYR]DOWDGLFLHQGR

+HUPDQRVGHMDGYXHVWUDVHVSDGDV\VXMHWDRVGHPLPDQR'HMDGHVWHGHVDFDWR\
SURIDQDFLyQGH(OODTXLHQWHKDGDGRWXQDFLPLHQWR\GH(OTXHWHKDGDGRWXKHUHQFLD
3XHVWXVGtDVGHFRPSUD\YHQWDVHKDQWHUPLQDGR\VHKDQDFDEDGRDGHPiVORVGtDVGH
SHUVHFXFLyQ\PDWDQ]D3XHVHOTXHYDHQFDXWLYLGDGLUiHQFDXWLYHULR\HOTXHPDWDFRQ
ODHVSDGDVHUiPDWDGRFRQODHVSDGD

<ORVPHUFDGHUHVGHODWLHUUDVHODPHQWDUiQ\OORUDUiQSXHVQLQJ~QKRPEUHFRPSUDVX
PHUFDGHUtDQXQFDPiV/DVPHUFDGHUtDVGHRURGHSODWDGHSLHGUDVSUHFLRVDVSHUODVGH
OLQRILQRGHS~USXUD\GHVHGD\GHHVFDUODWD\GHPiUPRO\GHEHVWLDV\GHRYHMDVGH
FDEDOORV\FDUURV\GHHVFODYRV\HVStULWXVGHORVKRPEUHVWRGDVHVWDVFRVDVQRSXHGHQ
VHUFRPSUDGDVQLYHQGLGDVSXHVWRGRHVVHSXOWDGRHQXQPDUGHVDQJUHSRUTXHWXOHKDV
GDGRODHVSDOGDDWX3DGUH\D7X0DGUH\DGRUDVWHODEHVWLDTXHVyORFRQVWUX\HXQ
SDUDLVRGHSLHGUD

$OHMDGYXHVWUDVHVSDGDVKHUPDQRVPLRV\VXMHWDRVGHPLPDQR\HQWUHODFHPRVQXHVWURV
GHGRV

<YLHQODGLVWDQFLDXQDJUDQFLXGDGEODQFD\EULOODQWHHQHOKRUL]RQWHOHMDQRGHDODEDVWUR
EULOODQWH\KXERYRFHV\WUXHQRV\UHOiPSDJRV\KXERXQJUDQWHUUHPRWRFRPRQDKD
KDELGRMDPiVGHVGHTXHORVKRPEUHVH[LVWHQHQOD7LHUUDDVtGHSRGHURVR\DVtGHJUDQGH
<ODJUDQFLXGDGHVWDEDGLYLGLGDHQWUHVSDUWHV\ODVFLXGDGHVGHODVQDFLRQHVFD\HURQ<
ODJUDQFLXGDGYLQRDODPHQWHGH'LRVSDUDGDUOHDHOODHOFiOL]GHOYLQRGHODUGRUGHVX
LUD 1(XQDSRVLEOHLQWHUSUHWDFLyQGHHVWDYLVLyQSURIpWLFDVHUtDHOLGHDOGHOD-HUXVDOHQ
FHOHVWLDOFRPRXQFDPSRGHFRQVFLHQFLDUDGLDQWHWURFDGRSRUXQDLOXVLyQWHUUHQDRFRPR
HSLFHQWURSDUDMXVWLILFDUHODYDVDOODPLHQWRWHUULWRULDOGHRWUDVSREODFLRQHV4XL]iVHOJUDQ
WHUUHPRWRSRGUtDKDEHUVLGRODDJXHUUDPXQGLDOFRQVXVERPEDVDWyPLFDVOXHJRGHODV
FXDOHVVHFRPHWLyHOHUURUGHGLYLGLUHQWUHVD-HUXVDOpQHQWUHMXGtRVPXVXOPDQHV\
FULVWLDQRV2MDOiHODUGRUGHODLUDQRVHDLQWHUSUHWDGRFRPRHOGHUHFKRDGHVDWDUXQD
ROHDGDGHWHUURUHQHOPXQGREDMRHOSUHWH[WRGHTXHHORWURHVHOHUUDGR\WHUURULVWDDVt
VHKDOODFDLGRHQODPLVPDROHDGDGHWHUURUDVXVDGDSRUHOHQHPLJR 

<HOFXDUWR$QJHOWRFy\KHDTXtTXHKXERXQJUDQWHUUHPRWR\HOVROVHYROYLyQHJUR
FRPRXQPHFKyQGHSHOR\ODOXQDVHFRQYLUWLyHQVDQJUH

130
<HOTXLQWRiQJHOWRFy\ODVHVWUHOODVGHOFLHORFD\HURQVREUHOD7LHUUDDVtFRPRODKLJXHUD
GHMDFDHUVXVKLJRVFXDQGRHVVDFXGLGDSRUXQYLHQWRIXHUWH

<HOVH[WR$QJHOWRFy\HOFLHORVHUHFRJLyFRPRXQSDSLURTXHVHHQUROOD\QRKXERiUERO
VREUHWRGDODWLHUUDQLXQDIORUQLXQDEUL]QDGHKLHUED<\RHVWDEDGHSLHVREUHODWLHUUD
\PLVSLHVVHKXQGLHURQHQHOVXHOREODQGR\HPERWDGRHQVDQJUHH[WHQGLpQGRVHWDQOHMRV
FRPRPLVRMRVSRGtDQYHU<VREUHWRGDOD7LHUUDKXERVLOHQFLR

<HOVpSWLPR$QJHOWRFy\YLXQVHUSRGHURVRTXHGHVFHQGtDGHOFLHORHQYXHOWRHQXQD
QXEH\XQDUFRLULVHVWDEDVREUH6XFDEH]D\6XURVWURHUDFRPRHOVRO\VXVSLHVFRPR
FROXPQDVGHIXHJR<WHQtDHQ6XVPDQRVXQOLEURDELHUWR\FRORFy6XSLHGHUHFKRVREUH
HOPDU\6XSLHL]TXLHUGRVREUHODWLHUUD\FODPyFRQJUDQYR]TXHHUDPDUDYLOORVRRtURK
KRPEUH¢GHVHDUiVWXWHQHUODYLVLyQGHORTXHKDGHRFXUULU"

<\RUHVSRQGt7XVDEHVRK8QLFR6DQWRTXHQRGHVHDUtDQDGDFRQWDOTXHHVWDVWHULEOHV
FRVDVQRRFXUULHUDQ<(OGLMR(OKRPEUHKDFUHDGRHVWRVSRGHUHVGHGHVWUXFFLyQ(OORV
KDFUHDGRFRQVXSURSLDPHQWH(OVHKDGLVWDQFLDGRGHORViQJHOHVGHO3DGUH&HOHVWLDO\
GHOD0DGUH7LHUUD\KDPROGHDGRVXSURSLDGHVWUXFFLyQ<\ROHGLMH¢(QWRQFHVQRKD\
HVSHUDQ]DOXPLQRVR$QJHO"

<XQDOX]IODPHDQWHIOX\yFRPRXQUtRGH6XVPDQRV\UHVSRQGLy6LHPSUHKD\XQD
HVSHUDQ]DRKWXSDUDTXLHQHOFLHOR\ODWLHUUDIXHURQFUHDGRV

<HQWRQFHVHOiQJHOTXHHVWDEDVREUHHOPDU\ODWLHUUDOHYDQWy6XVPDQRVDOFLHOR\MXUy
SRUHOTXHYLYHSDUDVLHPSUHSRUVLHPSUH4XLHQFUHyHOFLHOR\ODVFRVDVTXHHVWiQHQpO
\HOPDU\ODVFRVDVTXHHVWiQHQpOTXHHOWLHPSRQRVHUiPiVSHURHQORVGtDVGHODYR]
GHOVpSWLPR$QJHOFXDQGR(OFRPLHQFHDWRFDUHOPLVWHULRGH'LRVGHEHUiVHUUHYHODGRD
DTXHOORVTXHKD\DQFRPLGRGHO$UEROGHOD9LGDTXHHVWiSRUVLHPSUHHQHO0DUHWHUQR

<ODYR]KDEOyGHQXHYRGLFLHQGR9H\WRPDXQOLEURTXHHVWiDELHUWRHQODPDQRGHO
$QJHOTXHHVWiVREUHHOPDU\VREUHODWLHUUD

<IXtGRQGHHO$QJHO\OHGLMH'DGPHHOOLEURSDUDTXH\RSXHGDFRPHUGHO$UEROGHOD
9LGDTXHHVWiHQODPLWDGGHO0DU(WHUQR<HO$QJHOPHGLyHOOLEUR\DEUtHOOLEUR\OHtOR
TXHVLHPSUHKDEtDVLGRORTXHHUDDKRUD\ORTXHYHQGUtD

<YLHOKRORFDXVWRHQHOTXHVHVXPHUJtDODWLHUUD\ODJUDQGHVWUXFFLyQTXHDKRJDUtDD
WRGRVORVKDELWDQWHVHQRFpDQRVGHVDQJUH\YLWDPELpQODHWHUQLGDGGHOKRPEUH\HO
SHUGyQLQILQLWRGHO7RGRSRGHURVR

/DVDODVGHORVKRPEUHVHUDQFRPRSiJLQDVEODQFDVHQHOOLEURVLHPSUHOLVWDVSDUDTXH
XQDQXHYDFDQFLyQIXHUDHVFULWD

<OHYDQWpPLURVWURKDFLDORVVLHWHiQJHOHVGHOD0DGUH7LHUUDKDFLDORVVLHWHiQJHOHVGHO
3DGUH&HOHVWLDO\VHQWtTXHPLVSLHVWRFDEDQODIXHQWHVDJUDGDGHOD0DGUH7LHUUD\PLV
131
GHGRVWRFDEDQORVSLHVVDJUDGRVGHO3DGUH&HOHVWLDO\HVFULEtXQKLPQRGHDFFLyQGH
JUDFLDV

7HDJUDGH]FR3DGUH&HOHVWLDOSRUTXHPHKDVFRORFDGRHQXQDIXHQWHGHDUUR\RVIOXLGRV
HQXQPDQDQWLDOGHYLGDHQXQDWLHUUDGHVHTXtDLUULJDQGRXQMDUGtQHWHUQRGHSURGLJLRV
HO$UEROGHOD9LGDPLVWHULRGHPLVWHULRVTXHH[WLHQGHVXVUDPDVLQILQLWDPHQWHSXHVHO
SODQWtRHWHUQRVXPHUJHVXVUDtFHVHQHODUUR\RGHYLGDGHXQDIXHQWHHWHUQD<7X3DGUH
&HOHVWLDOSURWHJHVVXVIUXWRVFRQORViQJHOHVGHO'tD\GHOD1RFKH\FRQOODPDVGH/X]
HWHUQDDUGLHQGRSRUGRTXLHU

<ODYR]KDEOyGHQXHYR\GHQXHYRPLVRMRVVHDSDUWDURQGHO5HLQRGHOD/X]

£$WLHQGHRKKRPEUHWXSXHGHVDYDQ]DUSRUHOVHQGHURFRUUHFWR\FDPLQDUHQODSUHVHQFLD
GHORViQJHOHV7XSXHGHVJORULILFDUDOD0DGUH7LHUUDHQHOGtD\DO3DGUH&HOHVWLDOHQOD
QRFKH\SRUWXVHUFRUUHHODUUR\RGHOD/H\

3HUR¢GHMDUtDVWXKXQGLUVHDWXVKHUPDQRVHQHODELVPRGHVDQJUHFRPRHOGHVWUXLGRSRU
HOGRORUWLHPEOD\JLPHEDMRODVFDGHQDVGHSLHGUD"

¢3XHGHVWXEHEHUGHOFiOL]GH9LGD(WHUQDFXDQGRWXVKHUPDQRVPXHUHQGHVHG"

<PLFRUD]yQHVWDEDKHQFKLGRGHFRPSDVLyQ\PLUp\KHDTXtTXHDSDUHFLyXQDJUDQVHxDO
HQHOFLHOR8QDPXMHUYHVWLGDGHVRO\FRQODOXQDEDMRVXVSLHV\VREUHVXFDEH]DXQD
FRURQDGHVLHWHHVWUHOODV<VXSHTXH(OODHUDODIXHQWHGHORVDUUR\RVTXHIOXtDQ\OD
0DGUHGHORVERVTXHV

<PHSDUpVREUHODDUHQDGHOPDU\YLVXELUGHOPDUXQDEHVWLD\GHVXVIRVDVH[SXOVyDLUH
IpWLGRUHSXJQDQWH\HOPDUGHGRQGHpOVHOHYDQWyWRUQyVXVDJXDVOLPSLDVHQIDQJR<VX
FXHUSRHVWDEDFXELHUWRGHURFDQHJUD\KXPHDQWH

<ODPXMHUYHVWLGDFRPRHOVROH[WHQGLyVXVPDQRVKDFLDODEHVWLD\ODEHVWLDVHDUUDVWUy\
ODDEUD]y<KHDTXtTXHVXSLHOGHQiFDUVHPDUFKLWyFRQVXIpWLGRDOLHQWR\VXHVSDOGDVH
SDUWLySRUVXVEUD]RVGHURFD

<FRQOiJULPDVGHVDQJUHHOODVHVXPHUJLyHQHOFKDUFRGHIDQJR\GHODERFDGHODEHVWLD
VDOLHURQHMpUFLWRVGHKRPEUHVEODQGLHQGRHVSDGDV\SHOHDQGRHOXQRFRQHORWUR<
SHOHDEDQFRQXQDIXULDWHUULEOH\FRUWDURQVXVSURSLRVPLHPEURVYLULOHV\H[WUDMHURQVXV
SURSLRVRMRVKDVWDTXHVHVXPLHURQHQHODELVPRGHORGRJULWDQGRHQDJRQtD\GRORU

<PHDFHUTXpDODRULOODGHOFKDUFR\PHWtPLVPDQRV\SXGHYHUHOUHPROLQRGHVDQJUH\
ORVKRPEUHVDOOtDWUDSDGRVFRPRODVPRVFDVHQXQDWHODUDxD\KDEOpHQYR]DOWDGLFLHQGR

+HUPDQRVGHMDGYXHVWUDVHVSDGDV\VXMHWDRVGHPLPDQR'HMDGHVWHGHVDFDWR\
SURIDQDFLyQGH(OODTXLHQWHKDGDGRWXQDFLPLHQWR\GH(OTXHWHKDGDGRWXKHUHQFLD
3XHVWXVGtDVGHFRPSUD\YHQWDVHKDQWHUPLQDGR\VHKDQDFDEDGRDGHPiVORVGtDVGH
132
SHUVHFXFLyQ\PDWDQ]D3XHVHOTXHYDHQFDXWLYLGDGLUiHQFDXWLYHULR\HOTXHPDWDFRQ
ODHVSDGDVHUiPDWDGRFRQODHVSDGD

<ORVPHUFDGHUHVGHODWLHUUDVHODPHQWDUiQ\OORUDUiQSXHVQLQJ~QKRPEUHFRPSUDVX
PHUFDGHUtDQXQFDPiV/DVPHUFDGHUtDVGHRURGHSODWDGHSLHGUDVSUHFLRVDVSHUODVGH
OLQRILQRGHS~USXUD\GHVHGD\GHHVFDUODWD\GHPiUPRO\GHEHVWLDV\GHRYHMDVGH
FDEDOORV\FDUURV\GHHVFODYRV\HVStULWXVGHORVKRPEUHVWRGDVHVWDVFRVDVQRSXHGHQ
VHUFRPSUDGDVQLYHQGLGDVSXHVWRGRHVVHSXOWDGRHQXQPDUGHVDQJUHSRUTXHWXOHKDV
GDGRODHVSDOGDDWX3DGUH\D7X0DGUH\DGRUDVWHODEHVWLDTXHVyORFRQVWUX\HXQ
SDUDLVRGHSLHGUD

$OHMDGYXHVWUDVHVSDGDVKHUPDQRVPLRV\VXMHWDRVGHPLPDQR\HQWUHODFHPRVQXHVWURV
GHGRV

<YLHQODGLVWDQFLDXQDJUDQFLXGDGEODQFD\EULOODQWHHQHOKRUL]RQWHOHMDQRGHDODEDVWUR
EULOODQWH\KXERYRFHV\WUXHQRV\UHOiPSDJRV\KXERXQJUDQWHUUHPRWRFRPRQDKD
KDELGRMDPiVGHVGHTXHORVKRPEUHVH[LVWHQHQOD7LHUUDDVtGHSRGHURVR\DVtGHJUDQGH
<ODJUDQFLXGDGHVWDEDGLYLGLGDHQWUHVSDUWHV\ODVFLXGDGHVGHODVQDFLRQHVFD\HURQ<
ODJUDQFLXGDGYLQRDODPHQWHGH'LRVSDUDGDUOHDHOODHOFiOL]GHOYLQRGHODUGRUGHVX
LUD 1(XQDSRVLEOHLQWHUSUHWDFLyQGHHVWDYLVLyQSURIpWLFDVHUtDHOLGHDOGHOD-HUXVDOHQ
FHOHVWLDOFRPRXQFDPSRGHFRQVFLHQFLDUDGLDQWHWURFDGRSRUXQDLOXVLyQWHUUHQDRFRPR
HSLFHQWURSDUDMXVWLILFDUHODYDVDOODPLHQWRWHUULWRULDOGHRWUDVSREODFLRQHV4XL]iVHOJUDQ
WHUUHPRWRSRGUtDKDEHUVLGRODDJXHUUDPXQGLDOFRQVXVERPEDVDWyPLFDVOXHJRGHODV
FXDOHVVHFRPHWLyHOHUURUGHGLYLGLUHQWUHVD-HUXVDOpQHQWUHMXGtRVPXVXOPDQHV\
FULVWLDQRV2MDOiHODUGRUGHODLUDQRVHDLQWHUSUHWDGRFRPRHOGHUHFKRDGHVDWDUXQD
ROHDGDGHWHUURUHQHOPXQGREDMRHOSUHWH[WRGHTXHHORWURHVHOHUUDGR\WHUURULVWDDVt
VHKDOODFDLGRHQODPLVPDROHDGDGHWHUURUDVXVDGDSRUHOHQHPLJR 

<HOFXDUWR$QJHOWRFy\KHDTXtTXHKXERXQJUDQWHUUHPRWR\HOVROVHYROYLyQHJUR
FRPRXQPHFKyQGHSHOR\ODOXQDVHFRQYLUWLyHQVDQJUH

<HOTXLQWRiQJHOWRFy\ODVHVWUHOODVGHOFLHORFD\HURQVREUHOD7LHUUDDVtFRPRODKLJXHUD
GHMDFDHUVXVKLJRVFXDQGRHVVDFXGLGDSRUXQYLHQWRIXHUWH

<HOVH[WR$QJHOWRFy\HOFLHORVHUHFRJLyFRPRXQSDSLURTXHVHHQUROOD\QRKXERiUERO
VREUHWRGDODWLHUUDQLXQDIORUQLXQDEUL]QDGHKLHUED<\RHVWDEDGHSLHVREUHODWLHUUD
\PLVSLHVVHKXQGLHURQHQHOVXHOREODQGR\HPERWDGRHQVDQJUHH[WHQGLpQGRVHWDQOHMRV
FRPRPLVRMRVSRGtDQYHU<VREUHWRGDOD7LHUUDKXERVLOHQFLR

<HOVpSWLPR$QJHOWRFy\YLXQVHUSRGHURVRTXHGHVFHQGtDGHOFLHORHQYXHOWRHQXQD
QXEH\XQDUFRLULVHVWDEDVREUH6XFDEH]D\6XURVWURHUDFRPRHOVRO\VXVSLHVFRPR
FROXPQDVGHIXHJR<WHQtDHQ6XVPDQRVXQOLEURDELHUWR\FRORFy6XSLHGHUHFKRVREUH
HOPDU\6XSLHL]TXLHUGRVREUHODWLHUUD\FODPyFRQJUDQYR]TXHHUDPDUDYLOORVRRtURK
KRPEUH¢GHVHDUiVWXWHQHUODYLVLyQGHORTXHKDGHRFXUULU"

133

<\RUHVSRQGt7XVDEHVRK8QLFR6DQWRTXHQRGHVHDUtDQDGDFRQWDOTXHHVWDVWHULEOHV
FRVDVQRRFXUULHUDQ<(OGLMR(OKRPEUHKDFUHDGRHVWRVSRGHUHVGHGHVWUXFFLyQ(OORV
KDFUHDGRFRQVXSURSLDPHQWH(OVHKDGLVWDQFLDGRGHORViQJHOHVGHO3DGUH&HOHVWLDO\
GHOD0DGUH7LHUUD\KDPROGHDGRVXSURSLDGHVWUXFFLyQ<\ROHGLMH¢(QWRQFHVQRKD\
HVSHUDQ]DOXPLQRVR$QJHO"

<XQDOX]IODPHDQWHIOX\yFRPRXQUtRGH6XVPDQRV\UHVSRQGLy6LHPSUHKD\XQD
HVSHUDQ]DRKWXSDUDTXLHQHOFLHOR\ODWLHUUDIXHURQFUHDGRV

<HQWRQFHVHOiQJHOTXHHVWDEDVREUHHOPDU\ODWLHUUDOHYDQWy6XVPDQRVDOFLHOR\MXUy
SRUHOTXHYLYHSDUDVLHPSUHSRUVLHPSUH4XLHQFUHyHOFLHOR\ODVFRVDVTXHHVWiQHQpO
\HOPDU\ODVFRVDVTXHHVWiQHQpOTXHHOWLHPSRQRVHUiPiVSHURHQORVGtDVGHODYR]
GHOVpSWLPR$QJHOFXDQGR(OFRPLHQFHDWRFDUHOPLVWHULRGH'LRVGHEHUiVHUUHYHODGRD
DTXHOORVTXHKD\DQFRPLGRGHO$UEROGHOD9LGDTXHHVWiSRUVLHPSUHHQHO0DUHWHUQR

<ODYR]KDEOyGHQXHYRGLFLHQGR9H\WRPDXQOLEURTXHHVWiDELHUWRHQODPDQRGHO
$QJHOTXHHVWiVREUHHOPDU\VREUHODWLHUUD

<IXtGRQGHHO$QJHO\OHGLMH'DGPHHOOLEURSDUDTXH\RSXHGDFRPHUGHO$UEROGHOD
9LGDTXHHVWiHQODPLWDGGHO0DU(WHUQR<HO$QJHOPHGLyHOOLEUR\DEUtHOOLEUR\OHtOR
TXHVLHPSUHKDEtDVLGRORTXHHUDDKRUD\ORTXHYHQGUtD

<YLHOKRORFDXVWRHQHOTXHVHVXPHUJtDODWLHUUD\ODJUDQGHVWUXFFLyQTXHDKRJDUtDD
WRGRVORVKDELWDQWHVHQRFpDQRVGHVDQJUH\YLWDPELpQODHWHUQLGDGGHOKRPEUH\HO
SHUGyQLQILQLWRGHO7RGRSRGHURVR

/DVDODVGHORVKRPEUHVHUDQFRPRSiJLQDVEODQFDVHQHOOLEURVLHPSUHOLVWDVSDUDTXH
XQDQXHYDFDQFLyQIXHUDHVFULWD

<OHYDQWpPLURVWURKDFLDORVVLHWHiQJHOHVGHOD0DGUH7LHUUDKDFLDORVVLHWHiQJHOHVGHO
3DGUH&HOHVWLDO\VHQWtTXHPLVSLHVWRFDEDQODIXHQWHVDJUDGDGHOD0DGUH7LHUUD\PLV
GHGRVWRFDEDQORVSLHVVDJUDGRVGHO3DGUH&HOHVWLDO\HVFULEtXQKLPQRGHDFFLyQGH
JUDFLDV

7HDJUDGH]FR3DGUH&HOHVWLDOSRUTXHPHKDVFRORFDGRHQXQDIXHQWHGHDUUR\RVIOXLGRV
HQXQPDQDQWLDOGHYLGDHQXQDWLHUUDGHVHTXtDLUULJDQGRXQMDUGtQHWHUQRGHSURGLJLRV
HO$UEROGHOD9LGDPLVWHULRGHPLVWHULRVTXHH[WLHQGHVXVUDPDVLQILQLWDPHQWHSXHVHO
SODQWtRHWHUQRVXPHUJHVXVUDtFHVHQHODUUR\RGHYLGDGHXQDIXHQWHHWHUQD<7X3DGUH
&HOHVWLDOSURWHJHVVXVIUXWRVFRQORViQJHOHVGHO'tD\GHOD1RFKH\FRQOODPDVGH/X]
HWHUQDDUGLHQGRSRUGRTXLHU

<ODYR]KDEOyGHQXHYR\GHQXHYRPLVRMRVVHDSDUWDURQGHO5HLQRGHOD/X]

£$WLHQGHRKKRPEUHWXSXHGHVDYDQ]DUSRUHOVHQGHURFRUUHFWR\FDPLQDUHQODSUHVHQFLD
GHORViQJHOHV7XSXHGHVJORULILFDUDOD0DGUH7LHUUDHQHOGtD\DO3DGUH&HOHVWLDOHQOD
QRFKH\SRUWXVHUFRUUHHODUUR\RGHOD/H\
134

3HUR¢GHMDUtDVWXKXQGLUVHDWXVKHUPDQRVHQHODELVPRGHVDQJUHFRPRHOGHVWUXLGRSRU
HOGRORUWLHPEOD\JLPHEDMRODVFDGHQDVGHSLHGUD"

¢3XHGHVWXEHEHUGHOFiOL]GH9LGD(WHUQDFXDQGRWXVKHUPDQRVPXHUHQGHVHG"

<PLFRUD]yQHVWDEDKHQFKLGRGHFRPSDVLyQ\PLUp\KHDTXtTXHDSDUHFLyXQDJUDQVHxDO
HQHOFLHOR8QDPXMHUYHVWLGDGHVRO\FRQODOXQDEDMRVXVSLHV\VREUHVXFDEH]DXQD
FRURQDGHVLHWHHVWUHOODV<VXSHTXH(OODHUDODIXHQWHGHORVDUUR\RVTXHIOXtDQ\OD
0DGUHGHORVERVTXHV

<PHSDUpVREUHODDUHQDGHOPDU\YLVXELUGHOPDUXQDEHVWLD\GHVXVIRVDVH[SXOVyDLUH
IpWLGRUHSXJQDQWH\HOPDUGHGRQGHpOVHOHYDQWyWRUQyVXVDJXDVOLPSLDVHQIDQJR<VX
FXHUSRHVWDEDFXELHUWRGHURFDQHJUD\KXPHDQWH

<ODPXMHUYHVWLGDFRPRHOVROH[WHQGLyVXVPDQRVKDFLDODEHVWLD\ODEHVWLDVHDUUDVWUy\
ODDEUD]y<KHDTXtTXHVXSLHOGHQiFDUVHPDUFKLWyFRQVXIpWLGRDOLHQWR\VXHVSDOGDVH
SDUWLySRUVXVEUD]RVGHURFD

<FRQOiJULPDVGHVDQJUHHOODVHVXPHUJLyHQHOFKDUFRGHIDQJR\GHODERFDGHODEHVWLD
VDOLHURQHMpUFLWRVGHKRPEUHVEODQGLHQGRHVSDGDV\SHOHDQGRHOXQRFRQHORWUR<
SHOHDEDQFRQXQDIXULDWHUULEOH\FRUWDURQVXVSURSLRVPLHPEURVYLULOHV\H[WUDMHURQVXV
SURSLRVRMRVKDVWDTXHVHVXPLHURQHQHODELVPRGHORGRJULWDQGRHQDJRQtD\GRORU

<PHDFHUTXpDODRULOODGHOFKDUFR\PHWtPLVPDQRV\SXGHYHUHOUHPROLQRGHVDQJUH\
ORVKRPEUHVDOOtDWUDSDGRVFRPRODVPRVFDVHQXQDWHODUDxD\KDEOpHQYR]DOWDGLFLHQGR

+HUPDQRVGHMDGYXHVWUDVHVSDGDV\VXMHWDRVGHPLPDQR'HMDGHVWHGHVDFDWR\
SURIDQDFLyQGH(OODTXLHQWHKDGDGRWXQDFLPLHQWR\GH(OTXHWHKDGDGRWXKHUHQFLD
3XHVWXVGtDVGHFRPSUD\YHQWDVHKDQWHUPLQDGR\VHKDQDFDEDGRDGHPiVORVGtDVGH
SHUVHFXFLyQ\PDWDQ]D3XHVHOTXHYDHQFDXWLYLGDGLUiHQFDXWLYHULR\HOTXHPDWDFRQ
ODHVSDGDVHUiPDWDGRFRQODHVSDGD

<ORVPHUFDGHUHVGHODWLHUUDVHODPHQWDUiQ\OORUDUiQSXHVQLQJ~QKRPEUHFRPSUDVX
PHUFDGHUtDQXQFDPiV/DVPHUFDGHUtDVGHRURGHSODWDGHSLHGUDVSUHFLRVDVSHUODVGH
OLQRILQRGHS~USXUD\GHVHGD\GHHVFDUODWD\GHPiUPRO\GHEHVWLDV\GHRYHMDVGH
FDEDOORV\FDUURV\GHHVFODYRV\HVStULWXVGHORVKRPEUHVWRGDVHVWDVFRVDVQRSXHGHQ
VHUFRPSUDGDVQLYHQGLGDVSXHVWRGRHVVHSXOWDGRHQXQPDUGHVDQJUHSRUTXHWXOHKDV
GDGRODHVSDOGDDWX3DGUH\D7X0DGUH\DGRUDVWHODEHVWLDTXHVyORFRQVWUX\HXQ
SDUDLVRGHSLHGUD

$OHMDGYXHVWUDVHVSDGDVKHUPDQRVPLRV\VXMHWDRVGHPLPDQR\HQWUHODFHPRVQXHVWURV
GHGRV

<YLHQODGLVWDQFLDXQDJUDQFLXGDGEODQFD\EULOODQWHHQHOKRUL]RQWHOHMDQRGHDODEDVWUR
EULOODQWH\KXERYRFHV\WUXHQRV\UHOiPSDJRV\KXERXQJUDQWHUUHPRWRFRPRQDKD
135

KDELGRMDPiVGHVGHTXHORVKRPEUHVH[LVWHQHQOD7LHUUDDVtGHSRGHURVR\DVtGHJUDQGH
<ODJUDQFLXGDGHVWDEDGLYLGLGDHQWUHVSDUWHV\ODVFLXGDGHVGHODVQDFLRQHVFD\HURQ<
ODJUDQFLXGDGYLQRDODPHQWHGH'LRVSDUDGDUOHDHOODHOFiOL]GHOYLQRGHODUGRUGHVX
LUD 1(XQDSRVLEOHLQWHUSUHWDFLyQGHHVWDYLVLyQSURIpWLFDVHUtDHOLGHDOGHOD-HUXVDOHQ
FHOHVWLDOFRPRXQFDPSRGHFRQVFLHQFLDUDGLDQWHWURFDGRSRUXQDLOXVLyQWHUUHQDRFRPR
HSLFHQWURSDUDMXVWLILFDUHODYDVDOODPLHQWRWHUULWRULDOGHRWUDVSREODFLRQHV4XL]iVHOJUDQ
WHUUHPRWRSRGUtDKDEHUVLGRODDJXHUUDPXQGLDOFRQVXVERPEDVDWyPLFDVOXHJRGHODV
FXDOHVVHFRPHWLyHOHUURUGHGLYLGLUHQWUHVD-HUXVDOpQHQWUHMXGtRVPXVXOPDQHV\
FULVWLDQRV2MDOiHODUGRUGHODLUDQRVHDLQWHUSUHWDGRFRPRHOGHUHFKRDGHVDWDUXQD
ROHDGDGHWHUURUHQHOPXQGREDMRHOSUHWH[WRGHTXHHORWURHVHOHUUDGR\WHUURULVWDDVt
VHKDOODFDLGRHQODPLVPDROHDGDGHWHUURUDVXVDGDSRUHOHQHPLJR 

7RGDVODVLVODVKX\HURQ\ODVPRQWDxDVGHVDSDUHFLHURQ\FD\yGHOFLHORVREUHORVKRPEUHV
XQDHQRUPHJUDQL]DGDWRGRVORVJUDQL]RVGHOSHVRGHXQWDOHQWR

<XQiQJHOSRGHURVRFRJLyXQDSLHGUDFRPRXQDJUDQSLHGUDGHPROLQR\ODDUURMyDOPDU
GLFLHQGR$VtFRQYLROHQFLDODJUDQFLXGDGVHUiGHUULEDGD\QXQFDPiVVHUiKDOODGD

<ODYR]GHORVDUSLVWDVP~VLFRV\IODXWLVWDV\GHFDQWDQWHV\WURPSHWLVWDVQRVHRLUiQ
QXQFDPiVHQWL\QLQJ~QDUWLVWDVHDFXDOVHDVXDUWHVHKDOODUiQXQFDPiVHQWLQLHO
UXLGRGHXQDSLHGUDGHPROLQRVHRLUiQXQFDPiVHQWLODOX]GHXQDOiPSDUDQREULOODUi
PiVHQWLQLODYR]GHOHVSRVR\GHODHVSRVDVHUiQPiVRLGDVHQWLSXHVWXVPHUFDGHUHV
IXHURQORVJUDQGHVKRPEUHVGHODWLHUUDSXHVSRUWXVEUXMHUtDVWRGDVODVQDFLRQHVIXHURQ
HQJDxDGDV\HQHOODVHKDOOyODVDQJUHGHORVSURIHWDV\GHORVVDQWRV\GHWRGRVORVTXH
KDQVLGRPXHUWRVHQODWLHUUD<PLVKHUPDQRVVHDVLHURQGHPLPDQR\VDOLHURQGHODJXD
GHIDQJR\HVWXYLHURQHQWUDQGRHQHOPDUGHDUHQD\ORVFLHORVVHDEULHURQ\EDxDURQVXV
FXHUSRVGHVQXGRVFRQODOOXYLD

<RLXQDYR]GHOFLHORFRPRHOHVWUXHQGRGHPXFKDVDJXDV\FRPRODYR]GHXQJUDQ
WUXHQR<RLODYR]GHORVDUSLVWDVWRFDQGRVXVDUSDV\FDQWDURQFRPRVLIXHUDXQQXHYR
FDQWRGHODQWHGHOWURQR

<YLDRWURiQJHOYRODUSRUODPLWDGGHOFLHORSRUWDQGRORVFiQWLFRVGHOGtD\GHODQRFKH
\YLSURQXQFLDUDWRGRVORVTXHPRUDQHQODWLHUUDHO(YDQJHOLRSHUIHFWRDHOORVTXHKDQ
DVFHQGLGRGHODELVPRGHOIDQJR\SHUPDQHFHQGHVQXGRV\EDxDGRVSRUODOOXYLDGHODQWH
GHOWURQR

<HOiQJHOFODPy7HPHGD'LRV\GDGOHJORULDD(OSXHVODKRUDGHOMXLFLRKDOOHJDGR\
DGRUDGOHTXH(OKDKHFKRHOFLHOR\ODWLHUUD\HOPDU\ODVIXHQWHVGHDJXDV

<YLDEULUVHORVFLHORV\REVHUYpXQFDEDOOREODQFR\HOTXHORPRQWDEDHUDOODPDGR)LHO\
9HUGDGHUR\FRQMXVWLFLD(OMX]JDED6XVRMRVHUDQFRPRXQDOODPDGHIXHJR\VREUH6X
FDEH]DKDEtDPXFKDVFRURQDV\HVWDEDHQYXHOWRHQXQDOX]UHVSODQGHFLHQWH\6XVSLHV
HVWDEDQGHVQXGRV<6XQRPEUHHUDOD3DODEUDGH'LRV<OD+HUPDQGDG6DQWD/HVLJXLy
HQFDEDOORVEODQFRVYHVWLGRVHQOLQRILQREODQFR\SXUR\HOORVHQWUDEDQDO(GpQLQILQLWR
HQFX\DPLWDGHVWiHO$UEROGHOD9LGD
136

<ODPXOWLWXGGHVQXGDEDxDGDSRUODOOXYLDFUX]yDOIUHQWHGHHOORVWHPEODQGRSDUD
UHFLELUVXMXLFLR

3XHVVXVHUURUHVHUDQPXFKRV\KDEtDQGHVKRQUDGRDOD7LHUUD3XHVKDEtDQGHVWUXLGRODV
FULDWXUDVGHOPDU\GHODWLHUUDHQYHQHQDGRHOFDPSRFRQWDPLQDGRHODLUH\TXHPDGR
YLYDOD0DGUHTXHOHVGLyDOX]

3HURQRYLTXHSDVyFRQHOORVSXHVPLYLVLyQFDPELy\YLXQFLHORQXHYR\XQDWLHUUD
QXHYD\DTXHHOSULPHUFLHOR\ODSULPHUDWLHUUDKDEtDQGHVDSDUHFLGR 1(SDVRDOR
VLVWHPDVRODUGHFRUUHFWDVUHODFLRQHVUHOHYDQGRDOSULPHURGHOD0DGUH0DWHULD±VHJ~Q
ODWHUPLQRORJtDGHO7LEHWDQR'.HPHUJLHQGRHOUHLQRGHODOPDGHQWURGHOUHLQR
KXPDQRODQXHYDFRQVROLGDFLyQHQWUHFLHOR\WLHUUD <QRKXERPiVPDU 1(VHJ~Q
'.ILQGHOHPRFLRQDOLVPRDWODQWHRGHOHVSHMLVPRTXHVXPHUJLyHQHODJXDDHVH
FRQWLQHQWH\UD]D 

<YLODFLXGDGVDQWDGHOD+HUPDQGDGEDMDQGRGHOFLHORGHVGH'LRVSUHSDUDGDFRPRXQD
QRYLDDGRUQDGDSDUDVXHVSRVR\RLXQDYR]IXHUWHGHOFLHORTXHGHFtD9HGODPRQWDxDGH
ODFDVDGHO6HxRUHVWiHQODFXPEUHGHODPRQWDxD\HVH[KDOWDGDVREUHODVFROLQDV\WRGD
ODJHQWHLUiDHOOD9HQLG\YDPRVDODPRQWDxDGHO6HxRUODFDVDGH'LRV\(OQRV
HQVHxDUi6XVFDPLQRV\FDPLQDUHPRVSRU6XVVHQGHURVHQFRPSDxtDGHOD+HUPDQGDG
6DQWD\HQREVHUYDQFLDGHOD/H\

+HDTXtHOWDEHUQiFXORGH'LRVHVWiFRQORVKRPEUHV\(OYLYLUiHQHOORV\HOORVVHUiQ6X
SXHEOR\'LRVHVWDUiFRQHOORV(OVHUi6X'LRV<'LRVHQMXJDUiWRGDOiJULPDGHVXVRMRV
\QRKDEUiPiVPXHUWHQLFRQJRMDQLOODQWRQLKDEUiQLQJ~QGRORUSRUTXHODVSULPHUDV
FRVDVSDVDUiQ

$TXHOORVTXHSURYRFDURQODJXHUUDFRQYHUWLUiQVXVHVSDGDVHQUHMDVGHDUDGR\VXVODQ]DV
HQSRGDGRUDV/DVQDFLRQHVQROHYDQWDUiQVXHVSDGDFRQWUDRWUDVQDFLRQHVQLKDUiQOD
JXHUUDQXQFDPiVSRUTXHODVSULPHUDVFRVDVSDVDUiQ

<(OKDEOyRWUDYH]+HDTXt<RFUHRWRGDVODVFRVDVQXHYDV<RVR\HODOID\ODRPHJD
HOSULQFLSLR\HOILQ$OTXHWXYLHUHVHG<ROHGDUpGHODIXHQWHGHODJXDGHODYLGD(OTXH
YHQFLHUHKHUHGDUiWRGDVODVFRVDV\<RVHUpVX'LRV\pOVHUiPL+LMR

3HURORVFREDUGHVHLQFUpGXORVORVDERPLQDEOHV\KRPLFLGDV\WRGRVORVIDUVDQWHV
FDYDUiQVXSURSLDWXPEDTXHDUGHFRQIXHJR\D]XIUH

<GHQXHYRPLYLVLyQFDPELy\RtODVYRFHVGHOD+HUPDQGDG6DQWDHQWRQDQGRFiQWLFRV\
GLFLHQGR9HQLGYRVRWURV\FDPLQHPRVDODPSDURGHOD/H\<YLODFLXGDGVDQWD<ORV
+HUPDQRVGHVILODIDQSRUHOOD

/DFLXGDGQRWHQtDQHFHVLGDGGHOVROQLGHODOXQDSDUDTXHODLOXPLQDUDSXHVODJORULDGH
'LRVOHGDED/X]<YLHOUtRSXURGHO$JXDGH9LGDFODURFRPRHOFULVWDOSURYHQLHQWH
GHOWURQRGH'LRV\HQPHGLRGHOUtRSODQWDGRHO$UEROGHOD9LGDTXHGDEDFDWRUFH
137

FODVHVGHIUXWRV\GDEDVXVIUXWRDDTXHOORVTXHGHEHUtDQFRPHUGHpO<ODVKRMDVGHO
$UERO 1(¢HOROLYRVLPEyOLFR"5HFRUGDUHOFDQGHOHURGHOODPDVVXVWXERVR
QDGLVTXHFRQHFWDQFRQORVGRV7HVWLJRVGHGRQGHKDEUiGHSDUWLUHO+LORGHOD
&UHDWLYLGDGTXHKDEUiGHDVFHQGHU HUDQSDUDODVDOYDFLyQGHODVQDFLRQHV

<QRKDEUiDOOtPiVQRFKH\QRWHQGUiQQHFHVLGDGGHOX]GHOiPSDUDQLGHOX]GHVRO
SRUTXH'LRVHO6HxRUORVLOXPLQDUi\UHXQLUiSRUORVVLJORVGHORVVLJORV

+HDOFDQ]DGRODYLVLyQLQWHUQD\DWUDYpVGH7X

HVStULWXHQPLKHRLGR7XVHFUHWRPDUDYLOORVR

$WUDYpVGH7XPtVWLFDPLUDGDKDVKHFKRTXHXQD

)XHQWHGHFRQRFLPLHQWRPRUHGHQWURGHPLXQD

IXHQWHGHSRGHUIOX\HQGRDJXDVGHYLGD

8QDDEXQGDQFLDGHDPRU\GHVDELGXUtDDEUD]DGRUD

FRPRHOHVSOHQGRUGHOD/X](WHUQD

$QH[RFRPSOHPHQWDULR

((/32'(5'(/3(16$0,(172 (O3XHQWHGHO$UFR,ULV 

'HO/LEUR,9TXHKHPRVWUDVFULWRGHVWDFDPRVDKRUDHOWtWXOR/$6(3783/(3$=
4XHUHPRVSUHVHQWDULQTXLHWXGHVSDUDORVGHPHQWH\FRUD]yQDELHUWRGLVSXHVWRVD
DPSOLDUVXFRQFLHQFLD3DUDHOORSUHVHQWDPRVODDPSOLDFLyQGHODUHYHODFLyQGHODTXHHO
&ULVWRGHMyODVHPLOODSURIpWLFDEULQGDGDFRQVLPSOLFLGDGGHELGRDODVFLUFXQVWDQFLDV
HYROXWLYDVGHODKXPDQLGDGGHKDFHXQRVGRVPLODxRV

(QODSiJLQDGH/RV5D\RV\ODV,QLFLDFLRQHVHOSHQVDGRU7LEHWDQR'MZDO.KXO
FRQMXQWDPHQWHFRQ$OLFH$%DLOH\ GLFH

(OMXGtRKDVLGRVLHPSUH VHUtD~WLOTXHORUHFRUGDUD HOVtPERORGHODKXPDQLGDG
HYROXFLRQDQWHEXVFDGRULQTXLHWRPDWHULDOLVWDVHSDUDWLVWD\FRGLFLRVR(VHOVtPERORGH
ODFRQFLHQFLDPDVLYDTXHSUHVHQWDHVWDFRQFLHQFLDHQIRUPDH[DJHUDGDEXVFDVLHPSUHXQ
KRJDU\HVHOYHUGDGHUR+LMR3UyGLJRGHO1XHYR7HVWDPHQWR

&XULRVDPHQWHORVMXGtRVQXQFDIXHURQXQDUD]DJXHUUHUDGHVGHHOWLHPSRGHODWULVWH
KLVWRULDGHODFRQTXLVWDGHODVSULPLWLYDVWULEXVGH3DOHVWLQDKDQVLGRSHUVHJXLGRV\
UHSXGLDGRVDWUDYpVGHORVVLJORV\HQUHSUHVDOLDKDQVHJXLGRVLPSOHPHQWHDGHODQWH±HO
MXGtRHUUDQWHEXVFDQGRXQKRJDU\ODKXPDQLGDGHUUDQWHGLFLHQGRVLHPSUHGHERLUDPL
3DGUH(OPyYLOGHO+LMR3UyGLJRHQODKLVWRULDGHO(YDQJHOLRHVHVWULFWDPHQWH
138

PDWHULDOLVWD\WHQHPRVDTXtXQHMHPSORVREUHVDOLHQWHGHOFRQRFLPLHQWRSURIpWLFRGH
&ULVWR

(OMXGtRQRVRODPHQWHKDUHSXGLDGRDO0HVtDV TXHVXUD]DSURGXMR VLQRTXHKDROYLGDGR
VXH[FHSFLRQDOUHODFLyQFRQODKXPDQLGDG«

5HFRUGHPRVEUHYHPHQWHGHO/LEUR,,,HOWtWXOR3URIHFtDVPiVRPHQRVKDFLDODPLWDGGH
VXFRQWHQLGRGRQGHVHOHH<VREUHFDGDPRQWDxD\FDGDFROLQDKDEUiUtRV\FRUULHQWHV
GHDJXDHQHOGtDGHODJUDQFDWiVWURIHFXDQGRFDLJDQODVWRUUHV

(QHVHGtDODOX]GHODOXQDVHUiFRPRODOX]GHOVRO\ODOX]GHOVROVHUiVLHWHYHFHV
PD\RU <DVHKDEtDQKHFKRFRPHQWDULRVFRQLQYLWDPRVDUHOHHU 

7DPELpQDOILQDOGHORV)UDJPHQWRVGHO/LEURGHODV5HYHODFLRQHVGHORV(VHQLRV
DSUHFLDPRVXQDSURIHFtDLQWHUSUHWDGDFRPRODGLYLVLyQHQWUHVGH-HUXVDOpQ

3HURDQWHWRGRGHEHPRVUHFRUGDUTXHFXDQGRDSDUHFLyHQODYLVLyQHO6pSWLPR$QJHOHO
YLGHQWHOHGLMR¢(QWRQFHVQRKD\HVSHUDQ]DOXPLQRVR$QJHO"<XQD/X]IODPHDQWH
IOX\yFRPRXQUtRGH6XVPDQRV\UHVSRQGLy6LHPSUHKD\XQDHVSHUDQ]DRKWXSDUD
TXLHQHOFLHOR\ODWLHUUDIXHURQKHFKRV

5HFRUGHPRVWDPELpQTXHHQWRGRORTXHVHDYHUGH\FRQYLGDWLHQHDO$QJHOGHO6RO\
TXHVREUHHOWURQRHVWDED8QRFX\RURVWURHVWDEDRFXOWR\KDEtDXQDUFRLULVURGHDQGRDO
WURQRSDUHFtDFRPRXQDHVPHUDOGD7DPELpQUHFRUGHPRVTXHHO6pSWLPR$QJHOHVXQ
SRGHURVRVHUTXHGHVFHQGtDGHOFLHOR HQODYLVLyQSURIpWLFD HQYXHOWRHQXQDQXEH\XQ
DUFRLULVHVWDEDVREUH6XFDEH]D(VWH$QJHOHVWDEDVREUHHOPDU VtPERORGHO&ULVWR
UHVXUUHFWRTXHUHVXFLWy\HPHUJLyGHHQWUHODVDJXDVHPRFLRQDOHVGHODKXPDQLGDGDTXLHQ
WUDWDGHUHGLPLU\VDOYDUGHVXVHVSHMLVPRV \WDPELpQFRORFDED6XSLHGHUHFKRVREUHHO
PDU\6XSLHL]TXLHUGRVREUHODWLHUUD DVHPHMDGRDODLPiJHQVLPEyOLFDGHODVGHO
7DURW 

$KRUDQRVUHIHULPRVD/$6(3783/(3$=GHVGHVXSiUUDIR\VLJXLHQWHV'HHOORV
UHFRUGDPRVDOJXQRVDSDUWHV

(QWRQFHVHO+LMRGHO+RPEUHEXVFDUiSD]FRQVXVSURSLRVSHQVDPLHQWRVSDUDTXHHO
$QJHOGHOD6DELGXUtDSXHGDJXLDUORSRUTXHOHVGLJRHQYHUGDGQRKD\SRGHUPiVJUDQGH
HQHOFLHOR\HQODWLHUUDTXHORVSHQVDPLHQWRVGHO+LMRGHO+RPEUHDXQTXHLQDGYHUWLGR
SDUDORVRMRVGHOFXHUSRVLQHPEDUJRFDGDSHQVDPLHQWRWLHQHIXHU]DSRGHURVDWDOTXH
LQFOXVRSXHGHHVWUHPHFHUORVFLHORV

«9HUGDGHUDPHQWHFDGDSHQVDPLHQWRRVFXURVHDpVWHGHPDOLFLDIXULDRYHQJDQ]D
GHVFDUJDGHVWUXFFLyQFRPRDTXHOIXHJRDUUROODGRUDWUDYpVGHODOHxDPHQXGDVHFDEDMRXQ
FLOHRFDOPDGR£3HURHO+LMRGHO+RPEUHQRYHODPDWDQ]DQLHVFXFKDHOODVWLPRVROODQWR
GHVXVYtFWLPDVSRUTXHHVWiFHJDGRDOPXQGRGHOHVStULWX«

139
&XULRVDPHQWHORVMXGtRVQXQFDIXHURQXQDUD]DJXHUUHUDGHVGHHOWLHPSRGHODWULVWH
KLVWRULDGHODFRQTXLVWDGHODVSULPLWLYDVWULEXVGH3DOHVWLQDKDQVLGRSHUVHJXLGRV\
UHSXGLDGRVDWUDYpVGHORVVLJORV\HQUHSUHVDOLDKDQVHJXLGRVLPSOHPHQWHDGHODQWH±HO
MXGtRHUUDQWHEXVFDQGRXQKRJDU\ODKXPDQLGDGHUUDQWHGLFLHQGRVLHPSUHGHERLUDPL
3DGUH(OPyYLOGHO+LMR3UyGLJRHQODKLVWRULDGHO(YDQJHOLRHVHVWULFWDPHQWH
PDWHULDOLVWD\WHQHPRVDTXtXQHMHPSORVREUHVDOLHQWHGHOFRQRFLPLHQWRSURIpWLFRGH
&ULVWR

(OMXGtRQRVRODPHQWHKDUHSXGLDGRDO0HVtDV TXHVXUD]DSURGXMR VLQRTXHKDROYLGDGR
VXH[FHSFLRQDOUHODFLyQFRQODKXPDQLGDG«

5HFRUGHPRVEUHYHPHQWHGHO/LEUR,,,HOWtWXOR3URIHFtDVPiVRPHQRVKDFLDODPLWDGGH
VXFRQWHQLGRGRQGHVHOHH<VREUHFDGDPRQWDxD\FDGDFROLQDKDEUiUtRV\FRUULHQWHV
GHDJXDHQHOGtDGHODJUDQFDWiVWURIHFXDQGRFDLJDQODVWRUUHV

(QHVHGtDODOX]GHODOXQDVHUiFRPRODOX]GHOVRO\ODOX]GHOVROVHUiVLHWHYHFHV
PD\RU <DVHKDEtDQKHFKRFRPHQWDULRVFRQLQYLWDPRVDUHOHHU 

7DPELpQDOILQDOGHORV)UDJPHQWRVGHO/LEURGHODV5HYHODFLRQHVGHORV(VHQLRV
DSUHFLDPRVXQDSURIHFtDLQWHUSUHWDGDFRPRODGLYLVLyQHQWUHVGH-HUXVDOpQ

3HURDQWHWRGRGHEHPRVUHFRUGDUTXHFXDQGRDSDUHFLyHQODYLVLyQHO6pSWLPR$QJHOHO
YLGHQWHOHGLMR¢(QWRQFHVQRKD\HVSHUDQ]DOXPLQRVR$QJHO"<XQD/X]IODPHDQWH
IOX\yFRPRXQUtRGH6XVPDQRV\UHVSRQGLy6LHPSUHKD\XQDHVSHUDQ]DRKWXSDUD
TXLHQHOFLHOR\ODWLHUUDIXHURQKHFKRV

5HFRUGHPRVWDPELpQTXHHQWRGRORTXHVHDYHUGH\FRQYLGDWLHQHDO$QJHOGHO6RO\
TXHVREUHHOWURQRHVWDED8QRFX\RURVWURHVWDEDRFXOWR\KDEtDXQDUFRLULVURGHDQGRDO
WURQRSDUHFtDFRPRXQDHVPHUDOGD7DPELpQUHFRUGHPRVTXHHO6pSWLPR$QJHOHVXQ
SRGHURVRVHUTXHGHVFHQGtDGHOFLHOR HQODYLVLyQSURIpWLFD HQYXHOWRHQXQDQXEH\XQ
DUFRLULVHVWDEDVREUH6XFDEH]D(VWH$QJHOHVWDEDVREUHHOPDU VtPERORGHO&ULVWR
UHVXUUHFWRTXHUHVXFLWy\HPHUJLyGHHQWUHODVDJXDVHPRFLRQDOHVGHODKXPDQLGDGDTXLHQ
WUDWDGHUHGLPLU\VDOYDUGHVXVHVSHMLVPRV \WDPELpQFRORFDED6XSLHGHUHFKRVREUHHO
PDU\6XSLHL]TXLHUGRVREUHODWLHUUD DVHPHMDGRDODLPiJHQVLPEyOLFDGHODVGHO
7DURW 

$KRUDQRVUHIHULPRVD/$6(3783/(3$=GHVGHVXSiUUDIR\VLJXLHQWHV'HHOORV
UHFRUGDPRVDOJXQRVDSDUWHV

(QWRQFHVHO+LMRGHO+RPEUHEXVFDUiSD]FRQVXVSURSLRVSHQVDPLHQWRVSDUDTXHHO
$QJHOGHOD6DELGXUtDSXHGDJXLDUORSRUTXHOHVGLJRHQYHUGDGQRKD\SRGHUPiVJUDQGH
HQHOFLHOR\HQODWLHUUDTXHORVSHQVDPLHQWRVGHO+LMRGHO+RPEUHDXQTXHLQDGYHUWLGR
SDUDORVRMRVGHOFXHUSRVLQHPEDUJRFDGDSHQVDPLHQWRWLHQHIXHU]DSRGHURVDWDOTXH
LQFOXVRSXHGHHVWUHPHFHUORVFLHORV

140
«9HUGDGHUDPHQWHFDGDSHQVDPLHQWRRVFXURVHDpVWHGHPDOLFLDIXULDRYHQJDQ]D
GHVFDUJDGHVWUXFFLyQFRPRDTXHOIXHJRDUUROODGRUDWUDYpVGHODOHxDPHQXGDVHFDEDMRXQ
FLOHRFDOPDGR£3HURHO+LMRGHO+RPEUHQRYHODPDWDQ]DQLHVFXFKDHOODVWLPRVROODQWR
GHVXVYtFWLPDVSRUTXHHVWiFHJDGRDOPXQGRGHOHVStULWX«

3HURFXDQGRHVWHSRGHUHVJXLDGRSRUOD6DELGXUtD6DJUDGDHQWRQFHVORVSHQVDPLHQWRV
GHO+LMRGHO+RPEUHORJXtDQDORV5HLQRV&HOHVWLDOHV\DVtHOSDUDLVRHVFRQVWUXLGRVREUH
OD7LHUUDHVSRUpVWRTXHYXHVWURVSHQVDPLHQWRVHOHYDQODVDOPDVGHORVKRPEUHVFRPR
ODVDJXDVIUtDVGHXQWRUUHQWHDFHOHUDGRUHDQLPDQHOFXHUSRHQHOFDOXURVRYHUDQR«

$FRQWLQXDFLyQWUDQVFULELPRVXQDDPSOLDFLyQGHODVLPLHQWHSURIpWLFDGHO&ULVWR
UHDOL]DGDDWUDYpVGH6X0HQWH\&RUD]yQ ODVFRVDVPiVJUDQGHVTXH(O0LVPR
SURIHWL]y PHGLDQWH6XV'LVFtSXORVORV0DHVWURVGH$PRU\6DELGXUtDWDOHVFRPR
QXHVWURLQVWUXFWRURULHQWDO7LEHWDQRDOLDGRHQPLVLyQFRQORV0DHVWURV0RU\D.XW+XPt
\HOPLVPR-HVXFULVWR

/$1$785$/(=$'(/38(17('(/6,0%2/,&2$5&2,5,6

(/$17$.$5$1$

/DFRQVWUXFFLyQGHO3XHQWHGHO$UFR,ULVR$QWDNDUDQD

/DFRQFHSFLyQGHHVWHWUDEDMRFUHDGRU\ODFRQVWUXFFLyQGHOSXHQWHDOSULQFLSLRWLHQH
SRFDUHVSXHVWDHQODQDWXUDOH]DPHQWDO

« 'LFHHO7LEHWDQR'.TXHVXSURSyVLWRHVDGYHUWLU« DTXLHQHVHVWXGLDQHVWRV
WySLFRVTXHFRQHOWLHPSROOHJDUiQDFRPSUHQGHUORVSHURHQODDFWXDOLGDGWRGRORTXH
SXHGHQKDFHUHVGHSHQGHUGHODLQYDULDEOHWHQGHQFLDGHOVXEFRQFLHQWHDSHQHWUDUHQOD
VXSHUILFLHGHODFRQFLHQFLDHQIRUPDGHDFWLYLGDGUHIOHMDSDUDHVWDEOHFHUFRQWLQXLGDGGH
FRQFLHQFLD(VWDDFWLYLGDGUHIOHMDGHODQDWXUDOH]DLQIHULRUFRUHVSRQGHDOGHVDUUROORGHOD
FRQWLQXLGDGHQWUHODVXSHUFRQFLHQFLD\ODFRQFLHQFLDTXHVHGHVDUUROODHQHOVHQGHURGHO
GLVFLSXODGR7RGRHOORIRUPDSDUWHGHOSURFHVRGHLQWHJUDFLyQHQWUHVHWDSDVSUREiQGROH
DOGLVFtSXORTXHWRGDYLGDHQWpUPLQRVGHFRQFLHQFLDHV5(9(/$&,215HIOH[LRQHQ
VREUHpVWR /RV5D\RV\ODV,QLFLDFLRQHVGH$OLFH$%DLOH\\'.(G.LHUSiJLQD
 

2WUDGLILFXOWDGHVHOGHODIDOWDGHOOHQJXDMHDSURSLDGR/DVPLVPDVFLHQFLDVPRGHUQDV
GHELHURQHODERUDUVXSURSLDWHUPLQRORJtD2WUDGHODVGLILFXOWDGHVGHOHVWXGLRGHODV
FLHQFLDVHVRWpULFDVUHVSHFWRDORTXHVHGHQRPLQDGHVDUUROORFRQVFLHQWHGHORV
UHFRQRFLPLHQWRVGLYLQRV RYHUGDGHUDSHUFHSFLyQ HVHODQWLJXRKiELWRGHODKXPDQLGDG
GHPDWHULDOL]DUFXDOTXLHUFRQRFLPLHQWR 1(FRVDLQFUHPHQWDGDSRUHODIiQGHOOXFUR
GHQWURGHODGLFWDGXUDGHOFRPHUFLRGHQWURGHOWUDVODGRGHOVLVWHPDGHYHQWDVDOD
QXHYDHUDFRVPpWLFD 7RGRFXDQWRKDDSUHQGLGRHOKRPEUHHQHOWUDQVFXUVRGHORV
VLJORVKDVLGRDSOLFDGRDOPXQGRGHORVIHQyPHQRV\SURFHVRVQDWXUDOHV\QRDO
UHFRQRFLPLHQWRGHO<RGHO&RQRFHGRUGHO7HVWLJRGHO2EVHUYDGRU3HURFXDQGRHO
KRPEUHHQWUDHQHOVHQGHURGHEHDXWRHGXFDUVHHQHOSURFHVRGHXWLOL]DUHOFRQRFLPLHQWR
141
UHVSHFWRDOD,GHQWLGDGFRQFLHQWH\DXWRFRQFLHQWHRDO,QGLYLGXRDXWRFRQWHQLGR\
DXWRLQLFLDGR&XDQGROOHJXHDUHDOL]DUORWUDQVPXWDHOFRQRFLPLHQWRHQVDELGXUtD

$QWHULRUPHQWHKDEOpGHFRQRFLPLHQWRVDELGXUtDWpUPLQRVLQyQLPRGHIXHU]DHQHUJtD
(O&212&,0,(172$3/,&$'2(6)8(5=$48(6((;35(6$$6,0,60$/$
6$%,'85,$$3/,&$'$(6(1(5*,$(1$&&,21(VWDVSDODEUDVH[SUHVDQXQD
JUDQOH\HVSLULWXDOTXHKDUtDQELHQHQFRQVLGHUDUFXLGDGRVDPHQWH/DIXHU]D
FRQRFLPLHQWRFRQFLHUQHDODSHUVRQDOLGDG\DOPXQGRGHORVYDORUHVPDWHULDOHVOD
HQHUJtDVDELGXUtDVHH[SUHVDSRUPHGLRGHOKLORGHODFRQVFLHQFLD\GHOKLORFUHDGRUSXHV
FRQVWLWX\HQGRVKLORVWUHQ]DGRVHQXQVRORFRUGyQ(QHOGLVFtSXORUHSUHVHQWDQODIXVLyQ
GHOSDVDGR HOKLORGHODFRQFLHQFLD \GHOSUHVHQWH HOKLORFUHDGRU FRQVWLWX\HQGRHQ
FRQMXQWRDTXHOORTXHHQHOVHQGHURGHUHWRUQRVHGHQRPLQDJHQHUDOPHQWHDQWDNDUDQDOR
FXDOHVWRWDOPHQWHH[DFWR(OKLORGHHQHUJtDVDELGXUtDHVHOKLORGHODYLGDR
6875$70$SXHVpVWH FXDQGRVHKDIXVLRQDGRFRQHOKLORGHODFRQFLHQFLD VHOR
GHQRPLQDWDPELpQDQWDNDUDQD«([LVWHHOKLORGHODYLGDRVXWUDWPD\HOKLORGHOD
FRQFLHQFLDHOSULPHURHVWiDQFODGRHQHOFRUD]yQ\HOVHJXQGRHQODFDEH]D(OKLOR
FUHDGRUHQXQRGHVXVWUHVDVSHFWRVHQSDVDGRVVLJORVKDVLGROHQWDPHQWHWHMLGRSRUHO
KRPEUH(VWHKHFKRORFRPSUXHEDODDFWLYLGDGFUHDGRUDGHOKRPEUHGXUDQWHORVGRV
~OWLPRVVLJORVGHPDQHUDTXHHOKLORFUHDGRUHVHQWpUPLQRVJHQHUDOHVXQDXQLGDGHQOR
TXHUHVSHFWDDOFRQMXQWRKXPDQR\HVSHFLDOPHQWHDOGLVFtSXORLQGLYLGXDOIRUPDQGRXQ
IXHUWHKLORFRPSDFWDPHQWHXUGLGRHQHOSODQRPHQWDO

(VWRVWUHVKLORVSULQFLSDOHV«IRUPDQHODQWDNDUDQD,QFRUSRUDQODH[SHULHQFLDGHOSDVDGR
\GHOSUHVHQWH\HODVSLUDQWHDVtORUHFRQRFH8QLFDPHQWHHQHOVHQGHURODIUDVHOD
FRVQWUXFFLyQGHODQWDNDUDQDHVH[DFWD\DSURSLDGD«

'HILQLUHPRVDO$17$.$5$1$FRPRODH[WHQVLyQGHOWULSOHKLOR LQFRQFLHQWHPHQWH
WHMLGRKDVWDDKRUDDWUDYpVGHODH[SHULHQFLDGHODYLGD\GHODUHVSXHVWDDOPHGLR
DPELHQWH PHGLDQWHHOSURFHVRGHSUR\HFWDUFRQVFLHQWHPHQWHODVWULSOHVHQHUJtDV
IXVLRQDGDVGHODSHUVRQDOLGDGFXDQGRVRQLPSXOVDGDVSRUHODOPDSDUDHOLPLQDUOD
EUHFKDTXHKDH[LVWLGRKDVWDDKRUDHQODFRQFLHQFLD«

(ODQWDNDUDQDHVHOUHVXOWDGRGHOHVIXHU]RFRQMXQWRGHODOPD\GHODSHUVRQDOLGDG
WUDEDMDQGRFRQVFLHQWHPHQWHDOXQtVRQRSDUDFUHDUGLFKRSXHQWH8QDYH]FRQVWUXLGRVH
HVWDEOHFHXQDSHUIHFWDUHODFLyQHQWUHODPyQDGD\VXH[SUHVLyQHQHOSODQRItVLFRHO
LQLFLDGRHQHOPXQGRH[WHUQR/DWHUFHUDLQLFLDFLyQPDUFDODFRQVXPDFLyQGHHVWH
SURFHVR\H[LVWHHQWRQFHVXQDOtQHDGLUHFWDGHUHDOFLyQHQWUHODPyQDGD\HO\RSHUVRQDO
LQIHULRU/DFXDUWDLQLFLDFLyQLQGLFDTXHHOLQLFLDGRFRPSUHQGHWRWDOPHQWHHVWDUHODFLyQ
SHUPLWLpQGRVHOHGHFLU<R\PL3DGUHVRPRV8QR3RUHVWDUD]yQWLHQHOXJDUOD
&UXFLIL[LyQROD*UDQ5HQXQFLDFLyQ6LQHPEDUJRUHFXHUGHQTXHHODOPDHVOD
FUXFLILFDGD&ULVWRHVHOTXHPXHUH1RHVHOKRPEUHQRHV-HV~V(OFXHUSRFDXVDO
GHVDSDUHFH\HOKRPEUHHVPRQiGLFDPHQWHFRQVFLHQWH(OFXHUSRDOPD\DQRVLUYHD
QLQJ~QSURSyVLWR~WLOSXHVQRHVQHFHVDULR1DGDTXHGDH[FHSWRHOVXWUDWPDFXDOLILFDGR
SRUODFRQFLHQFLD±XQDFRQFLHQFLDTXHPDQWLHQHVXLGHQWLGDGDXQTXHHVWpIXVLRQDGDHQHO
WRGR2WUDFXDOLGDGHVODFUHDWLYLGDGGHHVWHPRGRODFRQFLHQFLDSXHGHVHUHQIRFDGDD
142
YROXQWDGHQHOSODQRItVLFRHQXQFXHUSRH[WHUQRRIRUPD(VWHFXHUSRHVFUHDGRSRUOD
YROXQWDGGHO0DHVWUR

(O3XHQWHHQWUHORV7UHV$VSHFWRVGHOD0HQWH«6HUiHYLGHQWHTXHFXDQGROD
SHUVRQDOLGDGVHPDJWHQL]DDGHFXDGDPHQWHGHVGHHOiQJXORHVSLULWXDOVXQRWDRVRQLGR
VXUJLUi\HYRFDUiUHVSXHVWDGHVHHODOPDHQVXSURSLRSODQR0iVDGHODQWHODVQRWDVGHOD
SHUVRQDOLGDG\HODOPDDOXQtVRQRSURGXFLUiQXQHIHFWRGHILQLGDPHQWHDWUDFWLYRVREUHOD
7UtDGDHVSLULWXDOODFXDODVXYH]KDHVWDGRHMHUFLHQGRXQFUHFLHQWHHIHFWRPDJQpWLFR
VREUHODSHUVRQDOLGDG(VRHPSLH]DHQHOPRPHQWRHQTXHVHHVWDEOHFHHOSULPHUFRQWDFWR
FRQVFLHQWHFRQHODOPD/DUHVSXHVWDGHOD7UtDGDHVQHFHVDULDPHQWHWUDQVPLWLGDHQHVWD
HWDSDLQLFLDOSRULQWHUPHGLRGHOVXWUDWPDSURGXFLHQGRLQHYLWDEOHPHQWHHOGHVSHUWDUGHO
FHQWURFRURQDULRKHDTXtSRUTXpODGRFWULQDGHOFRUD]yQHPSLH]DDUHHPSOD]DUOD
GRFWULQDGHORMR/DGRFWULQDGHOFRUD]yQULJHHOGHVDUUROORHVRWpULFRODGRWULQDGHORMR±
GHODYLVLyQULJHODH[SHULHQFLDPtVWLFD/DGRFWULQDGHOFRUD]yQHVWiEDVDGDVREUHOD
QDWXUDOH]DXQLYHUVDOGHODOPDFRQGLFLRQDGDSRUOD0yQDGDHO812HLPSOLFDUHDOLGDG
/DGRFWULQDGHORMRVHEDVDHQODUHODFLyQGXDOHQWUHHODOPD\ODSHUVRQDOLGDG,QYROXFUD
ODVUHODFLRQHVHVSLULWXDOHVSHURWDPELpQVHKDOODLPSOtFLWDODDFWLWXGGHOGXDOLVPRRHO
UHFRQRFLPLHQWRGHORVSRORVRSXHVWRV(VWRVVRQLPSRUWDQWHVSXQWRVTXHGHEHQVHU
UHFRUGDGRVDPHGLGDTXHHVWDQXHYDFLHQFLDVHDFRQRFLGDPiVDPSOLDPHQWH

(ODVSLUDQWHOOHJDILQDOPHQWHDOSXQWRGRQGHHOKLORGHODYLGDHOKLORGHODFRQFLHQFLD\
HOKLORFUHDGRUVRQFHQWUDOL]DGRVUHFRQRFLGRVFRPRFRUULHQWHGHHQHUJtD\XWLOL]DGRV
GHOLEHUDGDPHQWHSRUHOGLVFtSXORDVSLUDQWHHQHOSODQRPHQWDOLQIHULRU$OOt±KDEODQGR
HVRWpULFDPHQWHSHUPDQHFH\PLUDQGRKDFLDDUULEDYHODWLHUUDSURPHWLGDGHDPRU
EHOOH]D\YLVLyQIXWXUD

,QLFLDOPHQWHHODOPDIXHPiVDFWLYDSDUDODIXVLyQFRQODSHUVRQDOLGDG$KRUDHQOD
DFWXDOHWDSDODSHUVRQDOLGDGLQWHJUDGD\HQSURFHVRGHUiSLGRGHVDUUROOROOHJDDVHU
FRQVFLHQWHPHQWHDFWLYD\±DOXQtVRQRFRQHODOPDHPSUHQGHODFRQVWUXFFLyQGHO
DQWDNDUDQD±ODIXVLyQGHORVWUHVKLORV\VXSUR\HFFLyQGHQWURGHODVPiVYDVWDV\
HOHYDGDVUHJLRQHVGHOSODQRPHQWDOKDVWDTXHODPHQWHDEVWUDFWD\ODPHQWHFRQFUHWD
LQIHULRUVHUHODFLRQHQPHGLDQWHHOWULSOHKLOR

(QHOSDVDGRHOGLVFtSXOREXVFDEDKDFHUFRQWDFWRFRQHODOPD«DKRUDODPHWDGHHVRV
GLVFtSXORVDYDQ]DGRVQRVyORLQYROXFUDHOFRQWDFWRFRQHODOPDFRPRSULPRUGLDO
REMHWLYR SXHV\DIXHORJUDGRHQFLHUWDPHGLGD VLQRODFRQVWUXFFLyQGHOSXHQWHGHVGHOD
SHUVRQDOLGDGKDVWDOD7UtDGDHVSLULWXDO 1(0DQDV%XGL\$WPDQFXDOLGDGHVHPDQDGDV
GHOD0yQDGDHVSLULWXDOVLPEROL]DGDSRUOD-R\DHQHOHQFXEULGRUFDSXOORFHQWUDOGHOD
)ORUGHO/RWR FRQODFRQVLJXLHQWHFRPSUHQVLyQPRQiGLFD\ODDSHUWXUDSDUDHOLQLFLDGR
GHO&DPLQRKDFLDODHYROXFLyQVXSHULRU«

/RVWUHVDVSHFWRVGHODPHQWHVRQ/DPHQWHFRQFUHWDLQIHULRUHO+LMRGHOD0HQWH HO
DOPDPLVPDUHIOHMRGHOSULQFLSLRE~GLFR \OD0HQWH$EVWUDFWD UHIOHMDDOSULQFLSLR
$WPLFR «(VWHUDGLDQWHSXHQWHRDUFRLULVXQHODSHUVRQDOLGDGLOXPLQDGDHQIRFDGDHQ
HOFXHUSRPHQWDOPRWLYDGDSRUHO$PRUGHODOPDFRQOD0yQDGDROD9LGD8QDORFXDO
SHUPLWHDO+LMRGH'LRVHQPDQLIHVWDFLyQH[SUHVDUHOVLJQLILFDGRGHODVSDODEUDV'LRVHV
143
$PRU\'LRVHV)XHJRFRQVXPLGRU«(VWRHVVyORHOHPSOHRGHSDODEUDVVLPEyOLFDV\
SLFWyULFDVDILQGHH[SUHVDUODPHWDXQLILFDGRUDGHODHYROXFLyQPDWHULDO\HVSLULWXDOWDO
FRPRVHOOHYDDFDERKDVWDVXWHUPLQDFLyQ±SDUDHVWHFLFORPXQGLDOPHGLDQWHHO
GHVDUUROORGHORVWUHVDVSHFWRVGHODPHQWHHQHOSODQRPHQWDO«

3DUDODFRQVWUXFFLyQGHODQWDNDUDQDVHUtDLQWHOLJHQWH±FRPRSDVRSUHOLPLQDUFRQVLGHUDUOD
QDWXUDOH]DGHODVXVWDQFLDFRQODFXDOHODVSLUDQWHFRQVFLHQWHGHEHFRQVWUXLUHOSXHQWHHQ
PDWHULDPHQWDOOXPLQRVD(OWpUPLQRRULHQWDOTXHGHILQHHVWDPDWHULDPHQWDOHV
FKLWWD«

(OSODQRPHQWDOHVVLPLODUDXQDJUDQFRUULHQWHGHFRQFLHQFLDRVXVWDQFLDFRQVFLHQWH\
GHEHVHUFRQVWUXLGRHODQWDNDUDQDSDUDSRGHUFUX]DUOD(VWHHVHOFRQFHSWRTXHVXE\DFH
GHWUiVGHHVWDHQVHxDQ]D\GHOVLPEROLVPRGHOVHQGHUR$QWHVGHTXHXQKRPEUHSXHGD
KROODUHOVHQGHURGHEHFRQYHUWLUVHHQHO6HQGHURPLVPR&RQODVXVWDQFLDGHVXSURSLD
YLGDGHEHFRQVWUXLUHVWHDUFRLULVR&DPLQR,OXPLQDGR/RWHMH\DQFODDVtFRPROD
DUDxDWHMHHOKLORSRUHOFXDOVHGHVSOD]D 1(UHIOH[LRQDUVREUHHOVLPEROLVPRGHOKLOR
GH$ULDGQDSDUDTXH7HVHRSXHGDVDOLUGHOODEHULQWRPHQWDOGRQGHODSHUVRQDOLGDG
OLPLWDDODOPD «

8QRGHORVSXQWRVHVHQFLDOHVTXHGHEHQDSUHQGHUORVHVWXGLDQWHVHVHOKHFKR
SURIXQGDPHQWHHVRWpULFRGHTXHHVWHDQWDNDUDQDHVFRQVWUXLGRSRUHOFRQVFLHQWHHVIXHU]R
UHDOL]DGRHQODFRQFLHQFLDPLVPD\QRVyORWUDWDQGRGHVHUEXHQRGHPRVWUDUEXHQD
YROXQWDGRFXDOLGDGHVDOWUXLVWDV\DVSLUDFLyQHOHYDGD pVWRVHVXSRQHTXHORSRVHHHO
GLVFtSXORDOKDEHUSDVDGRSRUHOVHQGHURGHSUREDFLyQ «&XDQGRODVEDVHVGHOEXHQ
FDUiFWHU\ODDFWLYLGDGLQWHOLJHQWHHVWiQILUPHPHQWHHVWDEOHFLGDVDOJRWRGDYtDPiV
HOHYDGR\VXWLOGHEHVHUHULJLGRVREUHODVXEHVWUXFWXUD

&XDQGRODSHUVRQDOLGDGFRPLHQ]DDWUDQVPXWDUHOFRQRFLPLHQWRHQVDELGXUtDHOIRFRGHOD
YLGDGHODSHUVRQDOLGDGVHWUDVODGDDOSODQRPHQWDOSXHVODWUDQVPXWDFLyQ FRQVXVHWDSDV
GHFRPSUHQVLyQDQiOLVLVUHFRQRFLPLHQWR\DSOLFDFLyQ HVIXQGDPHQWDOPHQWHXQSURFHVR
PHQWDO 3RUODWUDQVPXWDFLyQXQFXHUSRVXSHULRUGHO6HUDEVRUYHDOLQPHGLDWDPHQWH
LQIHULRU 

&RQRFLPLHQWR6DELGXUtDGHEHVHUUHHPSOD]DGRSRUODFRPSUHQVLyQLQWXLWLYD«(OKLOR
FUHDGRUPiVRPHQRVSUHSDUDGRGHEHVHUSXHVWRHQIXQFLyQDFWLYD\FRQVFLHQWH

$PRUGHVRGHEHVHULQWHUSUHWDGRHQWpUPLQRVGHGLYLQDDWUDFFLyQLPSOLFDQGRHOFRUUHFWR
RLQFRUUHFWRHPSOHRGHODVHQHUJtDV\IXHU]DV«(OGLVFtSXOROOHJDDVHUFRQFLHQWHFRQ
WRGRORTXH(6FRQODWRWDOLGDGPHGLDQWHXQDFUHFLHQWH\YtYLGDH[SDQVLyQGHFRQFLHQFLD
TXHFRQGXFHDODLQLFLDFLyQUHDOL]DFLyQHLGHQWLILFDFLyQ(VWDVVRQODVWUHVHWDSDVGHOD
LQLFLDFLyQ

(OKLORGHODFRQFLHQFLDHQFRODERUDFLyQFRQORVKLORVFUHDGRU\GHODYLGDGHVSLHUWDDXQ
SURFHVRSOHQDPHQWHFRQVFLHQWHGHSDUWLFLSDFLyQGHQWURGHO3ODQFUHDGRUGLYLQR3ODQ
PRWLYDGRSRUHODPRUHLQWHOLJHQWHPHQWHHMHFXWDGR

144
9ROXQWDGGLUHFFLyQ ODFRPSUHQVLyQGHORVGRVSURFHVRVFRQRFLPLHQWRVDELGXUtD\
GHVHRDPRU 3DUDHOORGHEHSURGXFLUVHODRULHQWDFLyQILQDOGHODSHUVRQDOLGDG\HODOPD
IXVLRQDGDVPH]FODGDV\XQLILFDGDVKDFLDODOLEHUDFLyQGHOD7UtDGDHVSLULWXDOHQWRQFHVOD
WHQWDWLYDFRQVFLHQWHGHXWLOL]DUHVWDVWUHVHQHUJtDVFXOPLQDHQODFUHDFLyQGHODQWDNDUDQD
2EVHUYDUiQTXHHQHVWDSULPHUDHWDSDGHOSURFHVRKDJRKLQFDSLpHQODVSDODEUDV
RULHQWDFLyQ\WHQWDWLYD6HxDODQVLPSOHPHQWHTXHHOLQLFLDGRFRQWURODILQDOPHQWHOD
VXVWDQFLD

«(OKHFKRGHTXHHOKRPEUHSDVHGHOUHLQRGHODDVSLUDFLyQ\GHODGHYRFLyQDOPXQGR
GHODYROXQWDGHQIRFDGDLQGLFDTXH\DQRHVWiHQHOVHQGHURGHSUREDFLyQ

(QHOIXWXUROD&LHQFLDGHO$QWDNDUDQD\VXDQDORJtDLQIHULRUOD&LHQFLDGHOD(YROXFLyQ
6RFLDO HODQWDNDUDQDRODWRWDOLGDGGHORVVHUHVKXPDQRV VHUiQFRQRFLGDVFRPROD
&LHQFLDGH,QYRFDFLyQ\(YRFDFLyQ(QUHDOLGDGHVOD&LHQFLDGHOD5HODFLyQ0DJQpWLFD
GRQGHVHHVWDEOHFHQUHFWDVUHODFLRQHVPHGLDQWHODPXWXDLQYRFDFLyQHIHFWXiQGRVHXQ
SURFHVRGHUHVSXHVWDODHYRFDFLyQ(VWDFLHQFLDVXE\DFHGHWUiVGHOGHVSHUWDUFRQVFLHQWH
GHORVFHQWURV\VXLQWHUUHODFLyQHQODUHODFLyQHQWUHXQKRPEUH\RWURXQJUXSR\RWUR\
HYHQWXDOPHQWHHQWUHXQDQDFLyQ\RWUD(VWDLQYRFDFLyQ\ODFRQVLJXLHQWHHYRFDFLyQ
RSRUWXQDPHQWHUHODFLRQDDODOPD\ODSHUVRQDOLGDG\DODOPD\ODPyQDGD&RQVWLWX\HHO
SULQFLSDOREMHWLYRGHODGHPDQGDKXPDQDD'LRVDOD-HUDUTXtD\DORV3RGHUHV
HVSLULWXDOHVGHOFRVPRVQRLPSRUWDFyPRVHORVGHVLJQH(OFODPRUVHHOHYD/D
LQYRFDFLyQGHODKXPDQLGDGSXHGHHYRFDU\HYRFDUiUHVSXHVWDGHOD-HUDUTXtDHVSLULWXDO\
GDUiODSULPHUDGHPRVWUDFLyQHQYDVWDHVFDODGHHVWDQXHYDFLHQFLD±HVRWpULFDSRUTXH
HVWiEDVDGDHQHOVRQLGR'HDOOtHOHPSOHRGHO20

«&XDQGRVHKDWHQLGRp[LWRHQLQLFLDUHODQWDNDUDQDLQGLYLGXDO\KD\XQWHQXHKLORGH
HQHUJtDYLYLHQWHTXHFRQHFWDODWULSOHSHUVRQDOLGDG\OD7UtDGDHVSLULWXDOHQWRQFHVHV
SRVLEOHODDIOXHQFLDGHHQHUJtDGHOD9ROXQWDG(VWRSXHGHVHUPX\SHOLJURVRHQODV
SULPHUDVHWDSDVFXDQGRQRHVWiFRQWUDUUHVWDGRSRUODHQHUJtDGHODPRUGHODOPD6yORXQ
KLORGHOWULSOHDQWDNDUDQDSDVDDWUDYpVGHOORWRHJRLFR 1(HOFXUVRDGLVWDQFLD
$FWLYDFLyQUDGLDFWLYDGHODV$OPDVVLFRFLHQWtILFDVHQVXQXPHUDO9/D&LHQFLD
$WyPLFD2FXOWDRIUHFHFODULGDGVREUHODWHUPLQRORJtDUHODFLRQGDFRQHO/RWRFRQVXV
SpWDORVGHUDGLDFLyQ\FRQOD-R\D /RV2WURVGRVVHUHODFLRQDQGLUHFWDPHQWHFRQOD
7UtDGDGHDOOtHYHQWXDOPHQWHFRQODPyQDGDODIXHQWHGHODYLGDWULDGDO(VWRHVYHUGDG
WDQWRSDUDHOLQGLYLGXRFRPRSDUDWRGDODKXPDQLGDG\ORVHIHFWRVGHHVWHDOLQHDPLHQWR
SXHGHDFWXDOPHQWHYHUVHPDQLIHVWiQGRVHHQHOPXQGR«

'HVSXpVGHODWHUFHUDLQLFLDFLyQFXDQGRHOFXHUSRGHODOPDHOFDXVDOFRPLHQ]DD
GLVLSDUVHODOtQHDGHUHODFLyQ\FRQH[LyQSXHGHVHU\HVGLUHFWD(QWRQFHVHOLQLFLDGR
SHUPDQHFHHQHORFpDQRGHDPRUDIOX\HQGRHVHDPRUDWUDYpVGHpOVXYROXQWDGHVDPRU
\SXHGHWUDEDMDUVLQSHOLJURSXHVHODPRUGLYLQRPDWL]DUiWRGDVXYROXQWDG\SRGUi
SUHVWDUVHUYLFLRLQWHOLJHQWHPHQWH(QWRQFHVHODPRU\ODLQWHOLJHQFLDVHFRQYLHUWHQHQ
VHUYLGRUHVGHODYROXQWDG

/DFRQVWUXFFLyQGHO$QDWDNDUDQDHQODDFWXDOUD]DPHQWDO $ULD (OSURFHVRFUHDGRU
FRQVLVWHHQHVWDEOHFHUUHODFLRQHVFRQVWUXFWLYDVHQWUHODVHQHUJtDVQHJDWLYDV\SRVLWLYDV\OD
145
FRQVLJXLHQWHSURGXFFLyQGHIXHU]DPDJQpWLFD(VWRHVYHUGDGUHVSHFWRDODDFWLYLGDGGH
XQ/RJRVVRODUGHXQ/RJRVSODQHWDULR\GHXQVHUKXPDQR±~QLFRVFUHDGRUHV
FRQVFLHQWHVHQHOXQLYHUVR«

(VHVHQFLDOODFRPSUHQVLyQGHOPpWRGRSDUDODFRQVWUXFFLyQGHODQWDNDUDQDVLOD
KXPDQLGDGGHEHDYDQ]DUFRPRHVWiSODQLILFDGR\HQHVWHDYDQFHORVGLVFtSXORV\
DVSLUDQWHVGHEHQFRQVWLWXLU\FRQVWLWX\HQODYDQJXDUGLD«/DVGRVWHUFHUDVSDUWHVTXH
UHDOL]DQODPHWDGHODHYROXFLyQHQHVWHFLFORPXQGLDOKDQFRPHQ]DGRDKDFHUOR

6LQHPEDUJRHQHVWHSURFHVRFUHDGRUHQWUDHQDFWLYLGDGHOWHUFHUDVSHFWRGLYLQR±HOGHO
$FWRU&UHDGRU/RPLVPRVXFHGLyHQHOSURFHVRFUHDGRUHQTXHHVWDEDLQYROXFUDGRHO
XQLYHUVRWDQJLEOH/RVHUiWDPELpQFXDQGRHOGLVFtSXORLQGLYLGXDOOOHJXHDVHUHODJHQWH
FUHDGRU'XUDQWHHRQHVKDFRQVWUXLGR\HPSOHDGRVXVYHKtFXORVGHPDQLIHVWDFLyQHQORV
WUHVPXQGRV/XHJROOHJyXQPRPHQWRHQTXHODVSHUVRQDVDYDQ]DGDVHPSH]DURQDFUHDU
HQHOSODQRPHQWDOVRxDURQWXYLHURQYLVLRQHVKLFLHURQFRQWDFWRFRQODEHOOH]D
LQWDQJLEOHHQWUDURQHQFRQWDFWRFRQOD0HQWHGH'LRV\UHWRUQDURQDOD7LHUUDFRQDOJXQD
LGHD$HVWDLGHDOHGLHURQIRUPD\OOHJDURQDVHUFUHDGRUHVHQHOSODQRPHQWDOVH
WUDQVIRUPDURQHQDUWLVWDVHQDOJ~QDVSHFWRGHOHVIXHU]RFUHDGRU«5HVSHFWRDHVWDILUPH
RULHQWDFLyQORTXHpOFRQVWUX\DDVFHQGHUiDOFHQWURGHODYLGD\QRGHVFHQGHUiDO
FHQWURGHODFRQFLHQFLDRDORTXHWLHQHDSULHQFLDGHOX]

$TXtUHVLGHODGLILFXOWDGSDUDHOSULQFLSLDQWH'HEHWUDEDMDUSRUDVtGHFLUHQODRVFXULGDG
\QRHVWiHQVLWXDFLyQGHYHULILFDUODH[LVWHQFLDGHORTXHWUDWDGHFRQVWUXLU6XFHUHEUR
ItVLFRHVLQFDSD]GHUHJLVWUDUVXFUHDFLyQFRPRXQKHFKRFRQVXPDGR7LHQHTXHGHSHQGHU
WRWDOPHQWHGHODWpFQLFDSUREDGDHQHOWUDEDMRGHOLQHDGR\DFWXDUFRQIH/D~QLFD
HYLGHQFLDGHOp[LWRSXHGHOOHJDUFRQOHQWLWXGSXHVHVWiLQYROXFUDGDODVHQVLELOLGDGGHO
FHUHEUR\IUHFXHQWHPHQWHFXDQGRKD\XQp[LWRPX\UHDOODVFpOXODVGHOFHUHEURQRWLHQHQ
HOFDOLEUHVXILFLHQWHSDUDUHJLVWUDUOR/DSRVLEOHHYLGHQFLDGHHVWDHWDSDSXHGHVHUXQ
GHVWHOORGHODLQWXLFLyQHVSLULWXDORODUHSHQWLQDFRPSUHQVLyQGHODYROXQWDGDOELHQHQ
IRUPDGLQiPLFD\JUXSDO

8QRGHORVSDVRVHQHO3URFHVRGH&RQVWUXFFLyQ\HOLQLFLDOHVOD,QWHQFLyQ7DOFRPR
/RKL]RHO/RJRVFXDQGRFRQFHQWUyODVXVWDQFLDGHQWURGHVXFLUFXORQRVHSDVDSDUD6X
SURSyVLWRGHPDQLIHVWDFLyQ(VWRGHEHKDFHUORWDPELpQHOGLVFtSXORUHXQLHQGRIXHU]DVHQ
HOSXQWRPiVHOHYDGRGHVXFRQFLHQFLDPHQWDOPDQWHQLpQGRODVDOOtHQXQHVWDGRGH
WHQVLyQDEVROXWD3XHGHQYHUHOSURSyVLWRVXE\DFHQWHHQDOJXQRVGHORVSURFHVRV\
WpFQLFDVGHPHGLWDFLyQWDOFRPRHVWiUHSUHVHQWDGRHQODVSDODEUDVPX\DPHQXGR
HPSOHDGDVHQORVGHOLQHDPLHQWRVGHPHGLWDFLyQHOHYDUODFRQFLHQFLDDOFHQWURGHOD
FDEH]DPDQWHQHUODFRQFLHQFLDHQHOSXQWRPiVHOHYDGRSRVLEOHHVIRU]DUVHSRU
PDQWHQHUODPHQWHILUPHHQODOX]\PXFKDVRWUDVH[SUHVLRQHVVLPLODUHV7RGDV
FRQFLHUQHQDODWDUHDGHOOHYDUDOGLVFtSXORDODHWDSDHQTXHSXHGDORJUDUHOSXQWR
GHVHDGRGHWHQVLyQ\HQIRTXHGHHQHUJtD(VWROHSHUPLWLUiLQLFLDUFRQVFLHQWHPHQWHOD
WDUHDGHFRQVWUXFFLyQGHODQWDNDUDQD7DOHVHOSHQVDPLHQWRTXHHQUHDOLGDGVXE\DFHVLQ
TXHVHORUHFRQR]FDHQODSDODEUDLQWHQFLyQWDQDPHQXGRHPSOHDGDSRUORV&DWyOLFRV
5RPDQRV\$QJOR&DWyOLFRVFXDQGRSUHSDUDQDVSLUDQWHVSDUDODFRPXQLyQ6LQHPEDUJR
HOORVVHxDODQXQDGLUHFFLyQGLIHUHQWHSRUTXHVXRULHQWDFLyQQRVHGLULJHKDFLDODPyQDGD
146
RHVStULWXVLQRKDFLDHODOPDHQXQHVIXHU]RSDUDTXHODSHUVRQDOLGDGDGTXLHUDXQPHMRU
FDUiFWHU\VHLQWHQVLILTXHHODFHUFDPLHQWRPtVWLFR

&XDQGRVHWUDWDGHODLQWHQFLyQGHOGLVFtSXORTXHHVWiFRQVFLHQWHPHQWHFRQVWUX\HQGRHO
DUFRLULVORVSULPHURVSDVRVQHFHVDULRVVRQ« FRQVXOWDUHQ/RV5D\RV\ODV
,QLFLDFLRQHVGH$OLFH$%DLOH\\HO7LEHWDQR'./RDQWHULRUVHHQFXHQWUDHQWUHODV
SiJLQDV\ 

/DLPDJLQDFLyQFUHDGRUDGHEHDFHOHUDUVXQDWXUDOH]DYLEUDWRULDSDUDSRGHUDIHFWDUOD
UHVHUYDGHHQHUJtDRODVXVWDQFLDHQHUJtDDFRSLDGDSDUDODFRQVWUXFFLyQGHOSXHQWH/D
DFWLYLGDGFUHDGRUDGHODLPDJLQDFLyQHVODSULPHUDLQIOXHQFLDRUJDQL]DGRUDTXHDFW~D
VREUH\GHQWURGHOFtUFXORQRVHSDVDGHODVHQHUJtDVDFXPXODGDVPDQWHQLGDVHQHVWDGRGH
WHQVLyQSRUODLQWHQFLyQGHOGLVFtSXOR«



/DQDWXUDOH]DGHODLPDJLQDFLyQFUHDGRUDFRQVWLWX\HXQDHQHUJtDDFWLYDSXHVWDHQUHODFLyQ
FRQHOSXQWRGHWHQVLyQHQWRQFHVSURGXFHHIHFWRVHQODVXVWDQFLDPHQWDO$VtDFUHFLHQWD
ODWHQVLyQ\FXDQWRPiVSRWHQWH\FODURHVHOSURFHVRGHYLVXDOL]DFLyQWDQWRPiVEHOOR\
IXHUWHVHUiHOSXHQWH/DYLVXDOL]DFLyQHVHOSURFHVRSRUPHGLRGHOFXDOODLPDJLQDFLyQ
FUHDGRUDVHDFWLYDUHVSRQGHDOSXQWRGHWHQVLyQHQHOSODQRPHQWDO\HVDWUDtGDSRUpVWH
«

/DUD]DHQVXWRWDOLGDG«VHKDOODDKRUDHQODHQWUDGDGHOVHQGHURGHOGLVFLSXODGR«(O
ILQGHODUD]DPHQWDO $ULDRODD QRVHUHILHUHDXQVHQWLGRGHFXOPLQDFLyQVLQRDOD
ILQDOL]DFLyQGHTXHODPHQWHVHUiDSOLFDGDFRUUHFWDPHQWHFRPRLQVWUXPHQWRGH
DOLQHDPLHQWR\GHVSXpVFRPRIDURGHODOPD\FRQWURODGRUDGHODSHUVRQDOLGDG«

/DVJUDQGHVDYHQLGDVGHDFHUFDPLHQWRDOD5HDOLGDGVRQGHQDWXUDOH]DHVSLULWXDOH
LQWHUSUHWDQHOSURSyVLWRGLYLQR\DXQTXHODUHOLJLyQFULVWLDQDKDEOHGHOUHLQRGH'LRVRHO
KXPDQLVWDSRQJDpQIDVLVVREUHODKHUPDQGDGGHOKRPEUHRORVOtGHUHVTXHOXFKDQFRQWUD
HOPDOGLULMDQODEDWDOODSDUDREWHQHUHOQXHYRRUGHQPXQGLDOODV&XDWUR/LEHUWDGHVROD
&DUWDGHO$WOiQWLFRWRGRVH[SUHVDQHOVXUJLPLHQWRGHODPRUGH'LRVHQODIRUPDGH
HVStULWXFUtVWLFR /RV5D\RV\«SiJLQD 6HSXHGHFRPSOHPHQWDUHVWHWHPD
FRQVXOWDQGRODVHOHFFLyQ$57(9,'$<+80$1,'$' OD218 7DPELpQHO
QXPHUDO,,,,PDJLQDFLyQ\&UHDWLYLGDGGHOFXUVRDGLVWDQFLD$FWLYDFLyQUDGLDFWLYD
«

'HELGRDTXHODVJXHUUDVFRPLHQ]DQHQODPHQWHGHORVKRPEUHVHQODPHQWHGHORV
KRPEUHVGHEHQHULJLUVHODVGHIHQVDVGHODSD]%XHQD9ROXQWDG0XQGLDO\ODV1DFLRQHV
8QLGDV


También podría gustarte