Documentos de Académico
Documentos de Profesional
Documentos de Cultura
$ ILQHV GHO VLJOR ;9,,, DSDUHFH HQ HO 5R GH OD 3ODWD HO VDODGR GH FDUQHV HQ IRUPD
FRPHUFLDO PHUFHG D IUDQTXLFLDV DGXDQHUDV \ DEDUDWDPLHQWR GH OD VDO S¡JV
SHURODYHUGDGHUDLQGXVWULDERQDHUHQVHVXUJHSRVWHULRUPHQWHSRUHOOLEUHLQWHUFDPELR
\PHGLGDVGHIRPHQWRTXHLPSODQWDQORVSULPHURVJRELHUQRVQDFLRQDOHV
/D3ULPHUD-XQWDDSHQDVWRPDHOSRGHUFXDQGR\DIRPHQWDODVH[SRUWDFLRQHVHO
GHMXQLRUHEDMDORVGHUHFKRVGHH[WUDFFL³QSRUFXHURVYDFXQRVVHER\GHP¡VIUXWRV
&$3,78/2,9 GHOSDVWDVDMRHWFHQMXOLRDEUHHOSXHUWRGH5R1HJURDSULQFLSLRVGHQRYLHPEUH
SDUDFRQWUDUUHVWDUHOEORTXHRRULHQWDOGHOSXHUWRERQDHUHQVHKDELOLWDHOGH(QVHQDGD
(/6$/$'(52 FRQUHEDMDVGHOHQORVGHUHFKRVGHH[WUDFFL³Q\SUHFLRVILMRVSDUDODVODQFKDVTXH
GHEDQ OOHYDU ORV IUXWRV GHVGH WLHUUD KDVWD ORV EDUFRV HO GH GLFLHPEUH LQFOX\H OD
JUDVDHQWUHORVSURGXFWRVFRQIUDQTXLFLDVDGXDQHUDV$Q¡ORJRFDPLQRVLJXHHO3ULPHU
7ULXQYLUDWR HO GD DQWHV GH VX FDGD OLEHUD lGH WRGD FODVH GH GHUHFKRV HQ VX
H[WUDFFL³QODVFDUQHVVDODGDVWDVDMRPDQWDVOHQJXDVDWRFLQDGRV\GHP¡VSURGXFWRV
GHHVWDHVSHFLH{DVFRPRWRGDGXHOHUD\DUTXHUDXVDGDVSDUDHQYDVDUORVSURGXFWRV
PHQFLRQDGRVFRQWUDVWDQODVIUDQTXLFLDVFRQVLPXOW¡QHRVJUDY¡PHQHVVREUHODFDUQH
GHVWLQDGDDODEDVWRSRUWH±RSHURODDQRPDODREHGHFHDUD]RQHVTXHDSDUHFHU¡QFODUDV
P¡VDGHODQWH
([LVWLHQGR GHVGH WLHPSR DWU¡V DPSOLR PHUFDGR H[WHULRU IXQGDPHQWDOPHQWH
FRQVWLWXLGR SRU HVFODYRV GH ODV SODQWDFLRQHV EUDVLOH±DV \ FXEDQDV HO VDODGHUR
HQFRQWUDEDDKRUDUHXQLGDVWRGDVODVFRQGLFLRQHVQHFHVDULDVDVXGHVDUUROORQRYLOORV
EDUDWRV PHUFDGR VHJXUR IDFLOLGDGHV GH H[SRUWDFL³Q \ VHJXULGDG HQ HO
DSURYLVLRQDPLHQWR GH VDO SDWDJ³QLFD /D DQWLJXD DFWLYLGDG VDODGHULO SUDFWLFDGD HQ
IRUPD HVSRU¡GLFD \ VLPSOH SRU HO PLVPR HVWDQFLHUR FHGH DKRUD OXJDU SRU
DQWLHFRQ³PLFD DO VDODGHUR HVWDEOHFLPLHQWR LQGXVWULDO HVSHFLDOL]DGR FX\D FUHFLHQWH
GHPDQGD GH JDQDGR OR HULJH SURQWR HQ SULQFLSDO SXQWR GH FRORFDFL³Q SDUD KDFLHQGD
YDFXQDTXLWDQGRODVXSUHPDFDDODEDVWRSRUWH±R
35,0(5266$/$'(526
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
PD\RUSDUWHGHOWUDEDMRODFXPSODQORVDVDODULDGRVSXHVORVSURSLHWDULRVFRLQFLGDQ 0DQHMRGHORVSXHUWRV
FRQHOJRELHUQRSDWULRUHVSHFWRDOFHVHGHODHVFODYLWXG
3HUR HO YHUGDGHUR GHVDUUROOR GHO VDODGR KDEU¡ GH FRPHQ]DU EDVWDQWH GHVSX©V &RPR WRGR FXDQWR VDOLHUH SRU %XHQRV $LUHV ߚSXHUWR FO¡VLFRߚ GHED SDJDU
FXDQGR XQD IUDFFL³Q GH JDQDGHURV \ FRPHUFLDQWHV TXH DFRPSD±DURQ HO PRYLPLHQWR GHUHFKRVHOQHJRFLRUHVLGDHQKDFHUORSRURWURVSXHUWRV\HOXGLUWRGDVRSDUWHGHODV
GH 0D\R V³OR SRU ORJUDU IUDQTXLFLDV FRPHUFLDOHV GHVSOD]D FRQ KRPEUHV GH VX JDEHODVSHURORVHPEDUFDGHURVDOQRUWHGHODFDSLWDOHVWDEDQELHQFRQWURODGRV\ORV
FRQILDQ]DDODVILJXUDVUHYROXFLRQDULDVGHOJRELHUQR&DSLWDOHVTXHKDVWDHQWRQFHVVH GHOVXUHQPDQRVGH5RVDV\VXVVRFLRV
KDEDQ UHWUDGR WHPHURVRV PXHVWUDQ PHQRV YDFLODFL³Q \ -XDQ 0DQXHO GH 5RVDV QR $OWRPDUODVULHQGDVGHOJRELHUQRORVKRPEUHVTXHGHVSOD]DURQDORVSU³FHUHVGH
HQFXHQWUD GLILFXOWDG SDUD KDOODU VRFLRV FDSLWDOLVWDV TXH IRUPDURQ OD UD]³Q VRFLDO 0D\R XQD GH VXV SULPHUDV PHGLGDV IXH UHVXFLWDU HO GHFUHWR VREUH HO SXHUWR GH
5RVDV 7HUUHUR \ &D FX\R SULPHU VDODGHUR VH DEUL³ D ILQHV GH HQ l/DV (QVHQDGD Y©DVH S¡J DXQTXH QR H[LVWD \D HO EORTXHR TXH PRWLY³ VX DSHUWXUD
+LJXHULWDV{ SDUWLGR GH 4XLOPHV /DV SLQJ¼HV JDQDQFLDV GHO HVWDEOHFLPLHQWR ߚ l7RGR EXTXH PHUFDQWH ߚHVWDEOHFH HO QXHYR GHFUHWR ߚ VHD QDFLRQDO R
DWULEXLEOHV HQ EXHQD SDUWH D OD HILFD] ODERU GHO VRFLR /XLV 'RUUHJR KHUPDQR GHO H[WUDQMHURTXHQRSXHGDHQWUDUDOFDQDOGHEDOL]DVGHEHSUHFLVDPHQWHVLWXDUVHHQHO
FRURQHOߚSURYRFDODLQVWDODFL³QGHPXFKRVRWURVHQVXVYHFLQGDGHV3HGUR7U¡SDQL SXHUWR GH OD (QVHQDGD SDUD GHVFDUJDU \ FDUJDU ORV UHWRUQRV VLQ TXH HQ RWUD IRUPD
DEUL³ HO VX\R VREUH OD HQVHQDGD GH %DUUDJ¡Q D RULOODV GHO 5LDFKXHOR VH LQVWDODURQ SXHGD VHU DGPLWLGR D QXHVWUR FRPHUFLR{ 3DUD REYLDU FXDOTXLHU LQFRQYHQLHQWH HO
0LJXHO,ULJR\HQ0DULDQR'XU¡Q-RV©&DO]HQD-RUJH=HPERUDLQ\3HGUR&DSGHYLOOD JRELHUQR VH FRPSURPHWD D PDQWHQHU XQ FDPLQR TXH FRPXQLFDUD (QVHQDGD FRQ
OOHJDURQ SRU OR PHQRV D FDWRUFH WRGRV P¡V R PHQRV HVWUHFKDPHQWH YLQFXODGRV GH %XHQRV $LUHVߨ SDVDQGR SRU l/DV +LJXHULWDV{ 5RVDV WHQD DV SXHUWR SURSLR \
JUDGRRSRUIXHU]DDODILUPD5RVDV7HUUHUR\&D FRPXQLFDFLRQHVDVHJXUDGDVFRQODFDSLWDO
1RVHEDVDEDºQLFDPHQWHVREUHHOOLEUHDOEHGURODSUHHPLQHQFLDGHODSRGHURVD
UD]³QVRFLDO/DSURSLHGDGRFRQWUROGHHQRUPHVH[WHQVLRQHVWHUULWRULDOHVODDPSOLWXG
GH VXV FDSLWDOHV \ OD LQIOXHQFLD HMHUFLGD HQ HVIHUDV JXEHUQDPHQWDOHV FRORF¡EDQOD HQ $FFHVRDODVDO
VLWXDFL³QGHLQLJXDOSULYLOHJLRUHVSHFWRDORVFRPSHWLGRUHVTXHRVDUDQFRQWUDGHFLUOD
(QDJRVWRGHSDUWL³SDUD5R1HJURHOQXHYRJREHUQDGRUDFRPSD±DGRSRU
,QJHQLHURV SLQWD VX SRGHU FRQ SRFDV SDODEUDV /D VRFLHGDG VHPEUDED \ FRVHFKDED
OD ODQFKD GH -RV© 0DUD 5R[DV \ 3DWU³Q QWLPDPHQWH YLQFXODGR FRQ 5RVDV \ ORV
FULDEDJDQDGRVDEDVWHFDDOPHUFDGRVDODEDSDUDODH[SRUWDFL³QYHQGDFXHURVWHQD
VDODGHULVWDV \ FRQ HQFDUJR GH HQYLDU OD VDO GHO HVWDGR TXH DOO KXELHVH $ SDUWLU GHO
SXHUWROLEUH\ORJU³PX\SURQWRIRUPDUVHXQDPDULQDPHUFDQWHSURSLD
D±RVLJXLHQWHORVEDUFRVGH5RVDVYLDMDURQFRQUHJXODULGDGHQWUH3DWDJRQHV\4XLOPHV
l7RGRORTXHVHPRYDDORHVWHGH4XLOPHV\OD(QVHQDGDKDVWDHO6DODGRFD\³
R$WDOD\DSURYH\HQGRDVXVHVWDEOHFLPLHQWRVGHODVDOQHFHVDULD(OPRQRSROLRGHWDQ
EDMRODLQIOXHQFLDLQPHGLDWDGHODFWLYRHPSUHVDULRORVDFWXDOHVSDUWLGRVGH4XLOPHV
LPSRUWDQWH HOHPHQWR OH SHUPLWD PDQHMDU D ORV GHP¡V VDODGHURV QR GHMDURQ GH
6DQ 9LFHQWH &D±XHODV %UDQGVHQ 5DQFKRV 0RQWH \ /RERV /RV KDFHQGDGRV GH OD
SUHVHQWDUVH UHFODPDFLRQHV \ HQ KXER TXH DXWRUL]DU OD OLEUH H[SORWDFL³Q GH ODV
YHFLQGDGVHYLHURQDQWHHOGLOHPDGHWUDEDMDUFRQ5RVDVROXFKDUFRQWUD©O/XFKDU"
VDOLQDVULRQHJUHQVHVXELFDGDVHQWLHUUDSºEOLFD
'HVGH TXH 5RVDV SODQWH³ VXV HVWDEOHFLPLHQWRV VH LQLFL³ HQ OD FDPSD±D GHO VXU XQD
YHUGDGHUD HPLJUDFL³Q GH SHRQDGDV TXH DFXGDQ D OD QXHYD TXHUHQFLD GHO lJDXFKR{
-XDQ 0DQXHO ORV KDFHQGDGRV ULYDOHV WHQDQ TXH DERQDU MRUQDOHV GREOHV DGHP¡V GH
3HRQDGD
FRPHUFLDU SRU %XHQRV $LUHV GRQGH VH SDJDED DGXDQD /RV P¡V SRGHURVRV H
LQWHOLJHQWHV FRPSUHQGLHURQ TXH HUD DWLQDGR PDUFKDU GH DFXHUGR FRQ HO DEVRUEHQWH ([SOLFDURQ S¡JLQDV DQWHULRUHV HO RULJHQ GHO JDXFKR SULQFLSDO KDELWDQWH GH OD
YHFLQR SRFR D SRFR VX IDPLOLD VXV SDULHQWHV PXFKRV DPLJRV HQWUDURQ HQ OD FDPSD±D\SH³QLQVXVWLWXLEOHSDUDODERUHVJDQDGHUDVSHURHOGHVDSHJRSRUHOWUDEDMR
IDEXORVD FRPELQDFL³Q TXH DO ILQ GH FXHQWDV UHVXOWDED YHQWDMRVD SDUD WRGRV{ KHUHGDGRGHVXVPD\RUHV\ODSRVLELOLGDGGHYLYLUVLQ©OPHGLDQWHVLPSOHDSURSLDFL³Q
,QJHQLHURVW,S¡J GH JDQDGRV TXH SDVWDEDQ OLEUHPHQWH SRU GRTXLHU DOHMDED DO JDXFKR GH HVWDQFLDV \
(OPLVPRDXWRU,QJHQLHURVW,S¡JV
FRQSOXPDTXHWLHQHPXFKR VDODGHURVV³ORLEDDOOFXDQGRLPSHULRVDVQHFHVLGDGHVYLWDOHVORREOLJDEDQ(OJUXSR
GHHVFDOSHORVH±DODTXHHOVDODGRQHFHVLWDSDUDVXGHVDUUROORSXHUWRVVDOSHRQHV\ VDODGHULOGXH±RDVXYH]GHJUDQGHVHVWDQFLDVVXIUDHQFDUQHSURSLDODVLWXDFL³Q
WLHUUDTXLHQPDQHMDUDHVRVHOHPHQWRVSRGUDGLULJLUDVXDUELWULRODLQGXVWULD5RVDV 6RSUHWH[WRGHPRUDOL]DUFRVWXPEUHVHQODPLVPDIHFKDTXHVHKDELOLWDHOSXHUWR
7HUUHUR\&DDVORKLFLHURQUHVXOWDVXPDPHQWHLOXVWUDWLYRFRPSHQGLDUODIRUPDHQ GH (QVHQDGD H[SGHVH XQ EDQGR TXH HTXLSDUD WRGD OD SREODFL³Q UXUDO QR
TXHVHORJU³HOPDQHMRGHFDGDIDFWRUVHJºQODIXHQWHLQGLFDGD9©DQVHDKRUDORVWUHV HPSOHDGDHQHVWDQFLDVDVLPSOHVGHOLQFXHQWHV4XLHQQRWXYLHUDlSURSLHGDGOHJWLPD
SULPHURV\TXHGHHOºOWLPRSDUDP¡VDGHODQWH GH TX© VXEVLVWLU{ VHUD FRQVLGHUDGR VLUYLHQWH \ WRGR VLUYLHQWH REOLJDGR D OOHYDU XQD
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
lSDSHOHWD GH VX SDWU³Q YLVDGD SRU HO MXH] GHO 3DUWLGR{ Y¡OLGD SRU V³OR WUHV PHVHV YDFXQRVHQDGXUDQWH3RVLEOHPHQWHODFDQWLGDGUHDOIXHUD
TXLHQ QR WXYLHVH SDSHOHWD R DXQTXH OD WXYLHUD WUDQVLWDVH VLQ OLFHQFLD GHO MXH] VHUD PXFKRPD\RUGHELGRDGHILFLHQFLDVHVWDGVWLFDVHYDVL³QGHLPSXHVWRVHWF
FRQVLGHUDGRYDJR\FRPRWDOGHEDFXPSOLUFLQFRD±RVlHQORVFXHUSRVYHWHUDQRV{\ (OJUXSRVDODGHULOPDQHMDGRSRU5RVDVUHDOL]³VXVP¡VOXFUDWLYRVQHJRFLRVHQWUH
VLQRVLUYLHUDREOLJDGRDWUDEDMDUSDUDXQSDWU³QSRUVXMXVWRVXHOGRGXUDQWHGRVD±RV \FRQXQUHSXQWHGHDIHFKDHQTXHHO5HVWDXUDGRUGHODV/H\HV
&XDOTXLHU YHFLQR GH FDPSD±D SRGD H[LJLU HO GRFXPHQWR \ HQYLDU DO MXH] ORV OLTXLGD OD VRFLHGDG \ VH UHWLUD GH ORV QHJRFLRV JDQDGHURV HQ SRVHVL³Q GH VXFXOHQWD
SUHVXQWRVLQIUDFWRUHV IRUWXQD ,QJHQLHURV W ,, S¡JLQD 3RU VX DFFL³Q HFRQ³PLFD \ VXV
(UDODSHUPDQHQWHDPHQD]DFRQWUDWRGDXQDFODVHVRFLDOHQJHQGUDGDSRUHOSURSLR UHSHUFXVLRQHVSROWLFDVGLFKRJUXSRVDODGHULOHVKHUHGHURGLUHFWRGHORVPRQRSROLVWDV
VLVWHPD SDVWRULO TXH OD OHJLVODFL³Q SRVWHULRU KDEUD GH PDQWHQHU \ DPSOLDU 6H±DOD FRORQLDOHVl/D¡YLGDEXUJXHVDFRORQLDOFRPSXHVWDGHPRQRSROLVWDV\WUDILFDQWHVTXH
*RULS¡JVl(OFDU¡FWHUGHYDJR\GHPDOHQWUHWHQLGRߚHTXLSDUDGRHQFXDQWR OXFUDEDQ VREUH OD LPSRUWDFL³Q KDEDVH WUDQVIRUPDGR HQ XQD FDVWD GH KDFHQGDGRV \
D OD SHQD DO GHVHUWRU DO VLQ UHVJXDUGR R OLFHQFLDߚ SXGR DVHPHMDUVH D XQD VDODGHULVWDVTXHVHHQULTXHFDQGHODH[SRUWDFL³Q{,QJHQLHURVW ,S¡JV
FLUFXQIHUHQFLDGHSHUPHWURFUHFLHQWHGHQWURGHODFXDOSRGDFDEHUWRGRKRPEUHGH &RPR HQWRQFHV TXLHQHV QR HQWUDEDQ GHQWUR GHO FUFXOR SULYLOHJLDGR GHEDQ
FDPSR TXH QR IXHVH KDFHQGDGR R QR VLUYLHVH HQ ODV PLOLFLDV 'H PRGR TXH QR SRU VXEVLVWLU PDODPHQWH VH H[SOLFD DV OD DQLPDGYHUVL³Q TXH GHVSHUWDUDQ ORV VDODGHURV
FDVXDOLGDG HO DSUHVDPLHQWR GH YDJRV \ PDO HQWUHWHQLGRV UHFUXGHFH FRQ ORV D±RV GH HQWUH KDFHQGDGRV DMHQRV DO JUXSR \ DEDVWHFHGRUHV GH FDUQH D %XHQRV $LUHV Y©DQVH
PD\RU DGMXGLFDFL³Q GH WLHUUDV D ORV SULPHURV \ DXPHQWD FXDQGR ORV JRELHUQRV S¡JV\VLJWV
SURYLQFLDOHVOODPDQDOVHUYLFLRGHODVDUPDV{ 3RUHVHHQWRQFHVODH[SORWDFL³QJDQDGHUDVHYLREHQHILFLDGDSRUXQPRGHVWRSHUR
/DV WUDEDV LPSXHVWDV D OD YDJDEXQGD YLGD JDXFKD LPSHODQ DO WUDEDMR HQ ODV ºWLO DSRUWH HO EDOGH YROFDGRU /DV HVWDQFLDV JUDQGHV R SHTXH±DV V³OR SRGDQ
HVWDQFLDV \ GDEDQ D ORV HVWDQFLHURV DUPDV SDUD HMHUFHU PDQGR HIHFWLYR VREUH VXV HVWDEOHFHUVHGRQGHKXELHUDDJXDGDVQDWXUDOHVSHUPDQHQWHVH[LVWDQSR]RVGHEDOGH
SHRQDGDV\YHFLQRVQRSURSLHWDULRVQRHQYDQRIXHURQJUDQGHVKDFHQGDGRVWRGRVORV SHURUHTXHUDQGRVKRPEUHVXQRDFDEDOORTXHHOHYDUDHOEDOGHGHFXHURFLOLQGULFR
OHYDQWLVFRV FDXGLOORV TXH HQVRPEUHFLHURQ OD KLVWHULD DUJHQWLQD GXUDQWH HO SHURGR FRQXQDURGHKLHUURHQODERFD\RWURTXHORYROFDUDHQHOGHS³VLWRHOVLVWHPDHUD
DQ¡UTXLFR(OJDXFKRFRPRWDOTXHGDEDIXHUDGHODOH\VXVKRUL]RQWHVVHUHGXFHQD HQJRUURVR \ FDUR V³OR XWLOL]DEOH SDUD SRFRV DQLPDOHV 6LQ HPEDUJR OD YDORUL]DFL³Q
WUHV DOWHUQDWLYDV WUDEDMDU KXLU KDFLD ODV WROGHUDV R OOHYDU XQD YLGD D]DURVD GH YDFXQDSRUHOVDODGHUR\ODVJUDQGHVH[SRUWDFLRQHVGHFXHURVH[LJDQXQPHGLREDUDWR
SURVFULSWR /DV WUHV VDOLGDV DEUHQ OD SXHUWD KDFLD OD PRQWRQHUD GRQGH HO JDXFKR SDUD FRPEDWLU VHTXDV \ H[SORWDU ORV FDPSRV VLQ DJXDGDV QHFHVDULRV IUHQWH D XQD
KDEUDGHHQFRQWUDUFRPRDOLDGRRULYDODOFDPSHVLQRGHOLQWHULRUHPSREUHFLGRSRUHO PD\RUGHPDQGDTXHVRSRUWDEDWDPEL©QFRVWRVDOJRP¡VHOHYDGRV
OLEUHFDPELR 5HVSRQGLHQGRDHVDVH[LJHQFLDV/DQX]DXQHVSD±ROODQ]DHQHOEDOGHVLQ
IRQGRTXHSHUPLWHDXQDVRODSHUVRQDVLQEDMDUGHOFDEDOORH[WUDHUDJXD\YROFDUODHQ
XQWDQTXH(OEDOGHVHKDFDFRQODSLHOGHOSHVFXH]RGHXQWHUQHURRSRWULOORGXUDED
$8*('(/*58326$/$'(5,/ TXLQFHRYHLQWHGDVSHURODDEXQGDQFLD\EDUDWXUDGH\HJXDUL]RVSHUPLWDHQWRQFHV
VDFULILFDU OD FDQWLGDG QHFHVDULD GH DQLPDOHV VLQ PD\RU FRVWR *UDFLDV D HVH EDOGH
0LHQWUDVHOVDODGHURH[WHQGDVXVDFWLYLGDGHVORVHM©UFLWRVDPHULFDQRVOXFKDEDQSRU FREUDURQYDORUPXFKRVFDPSRV)XHXVDGRHQHVWDEOHFLPLHQWRVTXHSRVHDQKDVWDGRV
OD LQGHSHQGHQFLD $\DFXFKR FRQVDJUD GHILQLWLYDPHQWH SXHGH GHFLUVH OD R WUHV PLO FDEH]DV HQ FDPELR VHJºQ -XUDGR S¡JV lORV JUDQGHV
OLEHUWDG SROWLFD VXGDPHULFDQD ,QJODWHUUD TXH GHVGH KDED UHFRQRFLGR OD HVWDQFLHURV DFRVWXPEUDGRV D WHQHU URGHRV GH GLH] \ YHLQWH PLO FDEH]DV QR
LQGHSHQGHQFLDGHODV3URYLQFLDV8QLGDVߚP¡VLQWHUHVDGDHQIRPHQWDUXQOLEUHFDPELR FRPSUHQGDQ{ߨ lTXH VH SXGLHUD WHQHU HVWDQFLDV VLQ DJXDGDV SHUPDQHQWHV{ 0¡V
LPSXHVWR SRU VXV QHFHVLGDGHV HFRQ³PLFDV \ FRORFDU FDSLWDOHV TXH HQ FXPSOLU ORV DGHODQWHS¡JVHYHU¡QRWUDVFRQVHFXHQFLDVGHHVWDPHMRUD
GHVLJQLRVGHOD6DQWD$OLDQ]DHPSH±DGDHQGHYROYHUD(VSD±DVXVFRORQLDVߚGDRWUR
SDVRP¡V\HOGHIHEUHURGHILUPDXQWUDWDGRGHSD]\DPLVWDGHVSDOGDUD]RGH
(XURSDDODMRYHQQDFL³QTXHIDYRUHFH\HQVDQFKDHOLQWHUFDPELRFRPHUFLDOSRUWH±R 25*$1,=$&,1'(/75$%$-2
(ODILDQ]DPLHQWRSROWLFR\HFRQ³PLFRIDYRUHFHDOVDODGHURTXHHQWUDHQSHURGR
GH U¡SLGR SURJUHVR (Q VDOLHURQ SRU %XHQRV $LUHV TXLQWDOHV GH WDVDMR 8Q VDODGHUR ELHQ RUJDQL]DGR WUDEDMDED DV VHJºQ /HP©H S¡JV ORV
FDGDTXLQWDOHTXLYDOHDNJWUHVD±RVGHVSX©VOOHJDQ\HQVRQ DQLPDOHV SDVDEDQ GH XQ FRUUDO JUDQGH D RWUR FKLFR GH IRUPD FLUFXODU ߚHO EUHWHߚ
$GPLWLHQGRHQWRQFHVTXHVHREWXYLHUDFRPRHQ©SRFDVSRVWHULRUHVTXLQWDO GRQGHQRFDEHQP¡VGHGLH]YDFXQRVXQSH³QSDUDGRHQODSODWDIRUPDTXHFLUFXQGD
\PHGLRGHWDVDMRSRUFDEH]DIDHQDGDORVVDFULILFLRVHQVDODGHURVKDEUDQSDVDGRGH
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
OD SDUHG H[WHULRU GHO FRUUDO HQOD]D HO DQLPDO HOHJLGR \ OR DO]D SRU PHGLR GH XQD SROLOOD2WUDYHQWDMDGHOVDODGHURIXHODH[WUDFFL³QGHJUDVDTXHVHKDFDSRUPHGLRGH
UROGDQDXQDYH]VXMHWRHOGHVQXFDGRUORPDWDGHXQDFXFKLOODGD&DHODUHVVREUHXQD WLQDVFRQDJXDKLUYLHQGRGRQGHLEDQDSDUDUKXHVRVVHER\WRGDVODVSDUWHVGHODQLPDO
YDJRQHWD TXH VDOH GHO EUHWH SRU FRPSXHUWD HVSHFLDO \ ILQDOL]D OD PDWDQ]D GH JUDQ QRXWLOL]DGDVSDUDWDVDMR(VWHDQH[RDEVRUEHUDP¡VWDUGHJUDQQºPHURGHHTXLQRV\
FHOHULGDGSXHVEDVWDQSRFDVKRUDVSDUDVDFULILFDUPLORGRVPLOYDFXQRVY©DVHILJ RYLQRV(ODQLPDOSUHIHULGRHUDHOQRYLOORREXH\GHFLQFRD±RVGHFXHURSHVDGRߚ
SURGXFWRPX\YDOLRVRߚ\FDUQHPDJUDTXHWRPDEDELHQODVDOORVYDFXQRVFULROORV
VDWLVIDFDQDODSHUIHFFL³QWDOHVUHTXHULPLHQWRV
6HJºQ 5DPRV 0HMD W , S¡J lHO MRYHQ TXPLFR IUDQF©V GRQ $QWRQLR
&DPEDFHUHV WUDGR GH 3DUV SRU GRQ -XDQ /DUUHD FUHD OD YHUGDGHUD LQGXVWULD GHO
6DODGHUR SHUR VXSULPH OD DOHJUD \ ORV SHOLJURV GH ODV lPDWDQ]DV{ HQ ODV FXDOHV OD
GHVWUH]D GH OD SHRQDGD \ ODV YLFLVLWXGHV GH OD VLQJXODU IXQFL³Q DWUDDQ DO JXDFKDMH
DYHQWXUHURVXVWLWX\HHOEUD]RGHOFDPSHVLQRSRUHOlWRUQRVHQFLOOR{TXLWDDOOD]RVXV
HQFDQWRVDOFULROORSRUPHGLRGHODP¡TXLQDVXLPSRUWDQFLDFDSLWDOSRUP¡VTXHHO
VLOHQFLR GH OD IDHQD \ OD HFRQRPD UHDOL]DGD KDFHQ GH HVD LQGXVWULD \ FRQ PHQRV
FDSLWDOXQQHJRFLRPXOWLSOLFDGRUGHODVXWLOLGDGHV/DUHSXWDFL³QGHEUXMHUDFRPLHQ]D
D FLUFXODU FXDQGR HO VDODGHUR GHO IUDQF©V FRPSUD ODV SDWDV GH ORV DQLPDOHV
GHVSUHFLDGRV SRU HO FULROOR \ HQWUH FX\DV ILEUDV HO RMR GHO TXPLFR KD GHVFXELHUWR
PLQDVGHRURHQIRUPDGHDFHLWH>@{
/DDSDULFL³QGHOVDODGHURFRPRHQWLGDGLQGXVWULDOLQGHSHQGLHQWHGHODHVWDQFLD\
VX DJUXSDPLHQWR EDMR XQ FRPDQGR ºQLFR WXYR SURIXQGDV UHSHUFXVLRQHV HQ OD YLGD
QDFLRQDO KHFKR SRU WRGRV UHFRQRFLGR SHUR QR DQDOL]DGR HQ OD WRWDO FRPSOHMLGDG GH
VXVPºOWLSOHVIDFHWDV
),* (O EDOGH YROFDGRU /D IRWRJUDID PXHVWUD XQ EDOGH YROFDGRU UHODWLYDPHQWH PRGHUQR \ SHUIHFFLRQDGR
SHURVLPLODUHQOLQHDPLHQWRVJHQHUDOHVDOSULPLWLYR7RPDGRGH'$,5($8;/DHVWDQFLDDUJHQWLQD 9LVWR FRQ RMRV DFWXDOHV HO VDODGHUR SDUHFH UXGLPHQWDULR \ SULPLWLYR SHUR
HQWRQFHV FRQVWLWXD XQ HVWDEOHFLPLHQWR QRWDEOH GH YDVWDV SUR\HFFLRQHV
9LHQH OXHJR HO SURFHVR LQGXVWULDO 8Q YDJ³Q OOHYD DO DQLPDO PXHUWR D OD SOD\D HFRQRPLFRVRFLDOHV3DUDXELFDUHODWUDVRLQGXVWULDOSRUWH±RUHFX©UGHVHTXHHQOD
OXJDUWHFKDGR\GHSLVRILUPHGRQGHVHKDFHHOGHJ¼HOOR\FXHUHDGD/DFDUQHVHWUR]D FLXGDG GH %XHQRV $LUHV WHQD KDELWDQWHV SHUR V³OR H[LVWDQ
HQ WLUDV ODUJDV GH XQRV FXDWUR FHQWPHWURV GH HVSHVRU TXH SUHYLR RUHDGR GH KRUD \ HVWDEOHFLPLHQWRVHODERUDGRUHVGHPDWHULDSULPDHQVXPD\RUDPRGHVWRVWDOOHUHVGH
PHGLDYDQDGHS³VLWRVGHVDOPXHUDSRUEUHYHWLHPSR'HVSX©VTXHHVFXUUL³HOH[FHVR W©FQLFDUXGLPHQWDULDDSHQDVXQD±RDQWHV5LYDGDYLDKDEDVXSULPLGRORVJUHPLRVGH
GH OTXLGR VH DSLODQ ODV WLUDV VREUH EDVH GH DVWDV HQ FDPDGDV TXH OOHJDQ D FXDWUR DUWHVDQRVYLHMDU©PRUDGHIUDQFRFRUWHPHGLHYDO
PHWURVHQWUHFDPDGDVYDQFDSDVGHVDO&XDUHQWDRFLQFXHQWDGDVP¡VWDUGHHVW¡OLVWR /RVVDODGHURVVRQORVSULPHURVHVWDEOHFLPLHQWRVQRSDVWRULOHVTXHFRQFHQWUDQXQD
HO WDVDMR SHUR HQ HO ODSVR GHEH GHVKDFHUVH \ YROYHU D DUPDU ODV SLODV OXHJR GH PDVD FRQVLGHUDEOH GH WUDEDMDGRUHV &RPR OD HVFODYLWXG GHFOLQDED HQWRQFHV
DVROHDGDV XQDV GLH] YHFHV 3DUD H[SRUWDUOR HO WDVDMR VH FDUJDED D JUDQHO HQ ODV YHOR]PHQWH>@ GLFKRV RSHUDULRV IXHURQ DVDODULDGRV QR HVFODYRV HOHPHQWR TXH
ERGHJDVGHORVEDUFRVVLQQLQJXQDFODVHGHHQYDVH SUHGRPLQ³ HQ ORV GHP¡V RILFLRV $GHP¡V HO WUDEDMR GHO VDODGHUR GLIHUD
/DVDOD]³QGHVFULSWDHVVHFDPXFKRP¡VVHQFLOODTXHODHXURSHDFRQVDOPXHUD SURIXQGDPHQWHGHODDFWLYLGDGDUWHVDQDOLPSHUDQWHHQRWURVVHFWRUHV(OWDOOHUDXQTXH
SHUR HO SURGXFWR UHVXOWD LQIHULRU \ V³OR OR FRPDQ ORV HVFODYRV GH %UDVLO \ &XED IXHUD FROHFWLYR HUD VLPSOH OXJDU GH UHXQL³Q GH WUDEDMDGRUHV ©VWRV QR SHUGDQ OD
IRU]DGRV D HOOR (O VDODGR SRU P©WRGR KºPHGR SURSRUFLRQDED XQD FDUQH TXH LGHQWLILFDFL³Q FRQ HO IUXWR GH VX ODERU \D TXH SU¡FWLFDPHQWH QR H[LVWDQ
FRQVXPDQPDULQHURVGHEDUFRV\SUROHWDULRVGHSDVHVHXURSHRV HVSHFLDOL]DFLRQHV3HURDOVDODGHURDFXGHQWUDEDMDGRUHVFX\DVODERUHVHVSHFILFDVߚ
(O VDODGHUR SUHSDUDED WDPEL©Q ORV FXHURV YDFXQRV )XH SUHFLVDPHQWH VX FRPRHQODJUDQLQGXVWULDߚVHFRPSOHPHQWDQHQWUHVSDUDEULQGDUXQSURGXFWRILQDO
LPSODQWDFL³Q OR TXH SHUIHFFLRQ³ HVH DVSHFWR SXHV FRPHQ]³ FRQ HOOD HO VDODGR GH IUXWRGHOHVIXHU]RFRPºQ8QDWLUDGHWDVDMRQRHVREUDGHOWUDEDMDGRU$R%UHVXOWD
FXHURVSURFHGLPLHQWRTXHDODUJDODSUHFDULDYLGDGHORVFXHURVVHFDGRVDOVROI¡FLO GH OD VXPD GH WUDEDMR GH GLVWLQWRV REUHURV SXHV XQR HQOD]D OD UHV RWUR OD PDWD XQ
SDVWRGHSROLOODV\RIUHFHXQSURGXFWRIUHVFRGHP¡VFDOLGDG3RUHVD©SRFDVH WHUFHURFRQGXFHHOFDG¡YHUDODSOD\D\GLYHUVRVREUHURVFRQIXQFLRQHVGLVWLQWDVFDGD
DGRSW³ HO HQYHQHQDPLHQWR FRQ DUV©QLFR GH ORV FXHURV VHFRV SDUD OLEUDUORV GH OD XQR WUR]DQ ODV FDUQHV \ ODV VDODQ 3RU FRPRGLGDG X RWUDV FDXVDV ORV WUDEDMDGRUHV
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
YLYLU¡QFHUFDGHOVDODGHURRHQVXVPLVPRVWHUUHQRVSHURHQIRUPDLQGHSHQGLHQWHGHO SRGDQ RIUHFHU HQ UHWRPR KDULQDV \ RWURV SURGXFWRV DJUFRODV /RV FXHURV LEDQ HQ
HVWDEOHFLPLHQWR \ QR HQ YLYLHQGDV FROHFWLYDV FRPR HO SH³Q GH HVWDQFLDV 7DPSRFR FDPELRD,QJODWHUUD)UDQFLD\RWUDVQDFLRQHVLQGXVWULDOHVRFRPHUFLDQWHVTXHRIUHFDQ
UHFLEHQ FRPR ©VWH OD FRPLGD DKRUD HV QHFHVDULR lWUDEDMDU DOJXQRV PHVHV HQ HO DVXYH]SURGXFWRVPDQXIDFWXUDGRV$OJUXSRVDODGHULOOHLQWHUHVDUDSXHVPDQWHQHU
VDODGHUR\FRPSUDUFRQHOMRUQDOODFDUQHTXHVHSXGLHVH{ߨGLFHOYDUH]/DQGROH XQLQWHUFDPELRPX\GLVWLQWRDOTXHHVWDEDQDFRVWXPEUDGRVORVRWURVVHFWRUHVTXHV³OR
IXHUWHPHQWHHVWDFLRQDOGHOWUDEDMRTXHGXUDXQRVSRFRVPHVHVߚSULPDYHUD\YHUDQR YHQGDQRH[SRUWDEDQFXHURV
ߚGXUDQWHORVFXDOHVHOVLVWHPDSDVWRULOEULQGDDQLPDOHVDSWRVFUHDXQDLQHVWDELOLGDG
HVSHFLDOHQWRGRVHVRVWUDEDMDGRUHV
,19(51$'$63$5$6$/$'(52
(O VDODGHUR DO XWLOL]DU OD FDUQH YDORUL]D HO SURGXFWR \ SRU HQGH OD UHV FX\D FDUQH
DQWHULRUPHQWHVRORWHQDSDUDHOJDQDGHURERQDHUHQVHXQPHUFDGRODFDSLWDO(Q
OD FLXGDG GH %XHQRV $LUHV FRQVXPL³ DQLPDOHV YDFXQRV \ ORV VDODGHURV
IDHQDURQ UHVHV DXQTXH HO VDFULILFLR UHDO GHEL³ VHU PD\RU SRU SUHVXPLEOH
GHILFLHQFLDHVWDGVWLFDVDWLVIDFHUDPEDVGHPDQGDVUHTXHULUDXQDH[LVWHQFLDEDVWDQWH
VXSHULRUDGRVPLOORQHVGHFDEH]DVRVHDWRGRVORVURGHRVSUHVXPLEOHPHQWHXELFDGRV
GHQWURGHOVHPLFUFXORTXHWUD]DXQUDGLRGHNPFRQFHQWURHQ%XHQRV$LUHV>@
/RVVDODGHURVHVWDEDQXELFDGRVQHFHVDULDPHQWHVREUHSXHUWRVSXHVVXVSURGXFWRV
LEDQ D XOWUDPDU (O 5LDFKXHOR (QVHQDGD \ RWURV OXJDUHV DO VXU GH OD FDSLWDO HUDQ
DVLHQWRV LGHDOHV SDUD OD LQGXVWULD TXH VH FRQFHQWU³ D ODV SXHUWDV GH %XHQRV $LUHV
+DVWDDOOGHEDQOOHJDUORVDQLPDOHVGHODVHVWDQFLDVERQDHUHQVHVSRUDUUHRVP¡VR
PHQRV ODUJRV GH DFXHUGR FRQ VX XELFDFL³Q &RQGXFLUORV GHVGH ORV SXQWRV P¡V
),*8QVDODGHURSULPLWLYR9©DVHHQHOWH[WRODH[SOLFDFL³QGHVXIXQFLRQDPLHQWR7RPDGRGH0(1'2=$ GLVWDQWHVGHOD]RQDSURGXFWRUDQRGHEDVHUWDUHDI¡FLOGDGRHOFDU¡FWHUDULVFRGHOD
+LVWRULDGHODJDQDGHUDDUJHQWLQD
KDFLHQGD &XHQWD +RJJ S¡J TXH HQ HVD ©SRFD DUUHRV R DSDUWHV VH
UHDOL]DEDQ H[FOXVLYDPHQWH SRU PHGLR GH SHFKD]RV \ FRUULGDV FRPR VL IXHUDQ
6LODVUHSHUFXVLRQHVVRFLDOHVDOFDQ]DQLPSRUWDQWHUHOLHYHQRPHQRVSURIXQGDVVRQ
DQLPDOHVVDOYDMHVVHJºQHVHDXWRUGRVGDVHQWHURVGHDUGXRWUDEDMRUHTXLUL³HQXQD
ODV HFRQ³PLFDV /D SUHSDUDFL³Q GH WDVDMR HQ JUDQ HVFDOD WUDQVIRUPD OD FDUQH DQWHV
HVWDQFLDODWDUHDGHHOHJLUFLHQQRYLOORVSDUDVDODGHURIUHFXHQWHPHQWHORVFDEDOORVVH
UHVLGXR LQDSURYHFKDEOH HQ VXESURGXFWR ºWLO \ SHUPLWH XQD PHMRU XWLOL]DFL³Q GH
DJRWDEDQDQWHVTXHORVYDFXQRV(QHVDVFRQGLFLRQHVO³JLFRHVVXSRQHUTXHODVWURSDV
JUDVDVVHERDVWDVHWF(OFXHURFRQWLQºDVLHQGRSURGXFWRLPSRUWDQWHFLUFXQVWDQFLD
OOHJDUDQHQGHSORUDEOHHVWDGRIVLFRSRUODIDWLJDGHOYLDMHXQLGDDODSHUSHWXDOXFKD
IXQGDPHQWDO TXH QR GHEH ROYLGDUVH SHUR OD YDORUL]DFL³Q GH OD FDUQH \ HO PHMRU
FRQWUD HO KRPEUH SRU WDO FDXVD FRQYHQD DSDFHQWDU ORV JDQDGRV GXUDQWH XQ WLHPSR
DSURYHFKDPLHQWR GH JUDVD VHER \ DVWDV ߚUHVXOWDQWHV GH OD FRQFHQWUDFL³Q GH
SUXGHQFLDO HQ FDPSRV YHFLQRV D GLFKRV PHUFDGRV SDUD TXH UHWRPDUDQ ODV SHUGLGDV
DFWLYLGDGHVߚ HOHYD HO YDORU FRQMXQWR GH OD UHV 6LQ HPEDUJR QR VRQ ORV JDQDGHURV
FDUQHV
TXLHQHV P¡V DSURYHFKDQ HVD YDORUL]DFL³Q VLQR ORV VDODGHULVWDV TXH REUDQGR GH
FRPºQ DFXHUGR IUHQWH D XQD RIHUWD HVWDFLRQDO VXSHULRU D ODV QHFHVLGDGHV UHJXODQ +H DK HO RULJHQ SULPLWLYR GH QXHVWUDV DFWXDOHV LQYHUQDGDV 8Q FDPSR GH
LQYHUQDGD HV VHQFLOODPHQWH HO OXJDU GRQGH XQD KDFLHQGD FRPSOHWD VX HVWDGR KDVWD
SUHFLRVDYROXQWDG&RPRVHYHU¡S¡JHOGLYRUFLRHQWUHVDODGHULVWDV\JDQDGHURV
DOFDQ]DU HO JUDGR GH HQJRUGH UHTXHULGR LQYHUQDGD HV VLQ³QLPR GH HQJRUGH (O
HUDWDQDEVROXWRTXHHVWRVºOWLPRVSLGHQDODVDXWRULGDGHVHOFLHUUHGHORVVDODGHURV
W©UPLQR QDFL³ SUREDEOHPHQWH GH OD YHQWDMD TXH DOJXQRV FDPSRV EXHQRV GH SDVWR
SUXHEDSDOSDEOHGHOSRFREHQHILFLRTXHOHVUHSRUWDVXIXQFLRQDPLHQWR
/RV VDODGHULVWDV HUDQ WDPEL©Q JDQDGHURV TXH YDORUL]DEDQ HQ WDO IRUPD VX SHUPDQHQWH ߚFDPSRV GH LQYHUQDGDߚ VDFDQ VREUH RWURV TXH V³OR SHUPLWHQ HO
KDFLHQGD SHUR VL FRPR LQGXVWULDOHV WHQDQ LQWHUHVHV FRQWUDSXHVWRV D ORV HVWDQFLHURV SDVWRUHR HQ OD ©SRFD WHPSODGD IDYRUDEOH ߚFDPSRV GH YHUDQDGDߚ 0LHQWUDV IXH
%XHQRV$LUHVHOºQLFRFHQWURFRQVXPLGRUGHFDUQHODLQYHUQDGDVHUHGXMRDHVRSHUR
TXH ORV DEDVWHFDQ FRPR JDQDGHURV IRUPDEDQ FRQ HVWRV ºOWLPRV XQ JUXSR FRQ
FXDQGR HO VDODGR DEUL³ XQ QXHYR \ JUDQ PHUFDGR OD DPSOLWXG TXH DOFDQ]³ OD ]RQD
LQWHUHVHV GLVWLQWRV D ORV GH TXLHQHV QR HVWDEDQ YLQFXODGRV DO WDVDMR /RV SULQFLSDOHV
FHQWURV FRQVXPLGRUHV GH WDVDMR HUDQ %UDVLO \ &XED SDVHV QR LQGXVWULDOHV TXH V³OR SURGXFWRUD VXERUGLQ³ ORV JDQDGHURV P¡V OHMDQRV D ORV P¡V FHUFDQRV \ OD LQYHUQDGD
EDVDGD H[FOXVLYDPHQWH HQ OD HVWDFLRQDOLGDG GH ORV SDVWRV DPSOL³ VXV IXQFLRQHV
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
XVXIUXFWXDQGRODUHQWDGHSRVLFL³QTXHVLJQLILFDODYHFLQGDGGHOVDODGHUR FRPHUFLDOHV$PHGLDGRVGHVHDSRUTXHHODXPHQWRGHPDWDQ]DH[FHGHOPLWHV
/DV LQYHUQDGDV GHEDQ WHQHU SDVWXUDV WLHUQDV \ HQJRUGDGRUDV REMHWLYR TXH SUXGHQFLDOHV VHD SRU OD WRQLILFDFL³Q GH SUHFLRV TXH SURYRFD HO QXHYR PHUFDGR
VDWLVIDFDQORVFDPSRVSU³[LPRVDODFLXGDGGRQGHXQDJDQDGHUDFRQDQWLJXRDUUDLJR VDODGHULORELHQSRUXQDWHPSRUDULDHVFDVH]GHSDVWRVHODEDVWRSRUWH±RUHVL©QWHVHHQ
UHILQRSRUVPLVPDORVGXURVSDVWRVSULPLWLYRV(QFDPELRODV]RQDVP¡VSU³[LPDVD FDQWLGDG\SUHFLR(VFDVH]\FDUHVWDSURYRFDQHOLQWHU©VGHOJRELHUQRTXHDXWRUL]DHO
ODV IURQWHUDV TXH GXUDQWH HVRV D±RV VH DPSODQ FRQWLQXDPHQWH SRU VHU QXHYDV SHGLGRIRUPXODGRSRUDOJXQRVDEDVWHFHGRUHVSDUDWUDHUJDQDGRGHFLHUWDVHVWDQFLDV(O
RIUHFDQSDVWRVGHPHQRUFDOLGDG3HUR\DTXUDGLFDODGLIHUHQFLDIXQGDPHQWDOFRQOD SUREOHPD QR GHEL³ VROXFLRQDUVH GHO WRGR SXHV D ILQHV GHO PLVPR D±R VH HQYD XQD
LQYHUQDGD GH QXHVWURV GDV HO IDFWRU GHFLVLYR HUD OD SRVLFL³Q SXHV DO IDOWDU WRGR SDUWLGDDUPDGDDOVDODGHURGH6WDSOHV\0F1HLOHSDUDLPSHGLUODPDWDQ]DGHYDFDV
PHGLR GH WUDQVSRUWH SDUD ORV DQLPDOHV GH QDGD YDOD FRPR LQYHUQDGD XQ FDPSR DEXVLYDDOSDUHFHU
EXHQR XELFDGR OHMRV GHO VDODGHUR FXDQGR ORV DQLPDOHV OOHJDEDQ D ©VWH OXHJR GHO 0XFKRP¡VJUDYH\WRUWXRVRHVHOODUJRFRQIOLFWRHQWUHVDODGHULVWDVߚDJUXSDGRV
D]DURVR DUUHR KDEDQ SHUGLGR EXHQD SDUWH GH VX SULPLWLYR SHVR 3UXHED HYLGHQWH GH \DEDMROD©JLGDGH5RVDVߚ\DXWRULGDGHVQDFLRQDOHV&XPSOLHQGRRWUDHWDSDGHVX
TXH HQ HVDV LQYHUQDGDV SRFR SHV³ OD FDOLGDG GHO VXHOR HV TXH HO DGYHQLPLHQWR GHO SODQPRQRSROL]DGRUORVVDODGHURVPDQLREUDURQSDUDDFDSDUDUHODEDVWRSRUWH±RSUHVD
IULJRUILFR\GHOIHUURFDUULOODVWUDQVIRUP³HQFDPSRVGHFUD2WURIDFWRUGLIHUHQFLDO QRGHVSUHFLDEOHYLVWRODVUHVHVDQXDOHVTXHSUREDEOHPHQWHFRQVXPLHUD>@
HVWULED HQ TXH ODV LQYHUQDGDV GH HQWRQFHV V³OR DJUHJDEDQ DOJXQRV NLORV DO DQLPDO &RQVWLWXDQ ORV VDODGHURV HO SULQFLSDO \ P¡V VHJXUR FOLHQWH GH ORV KDFHQGDGRV
HUDQ FXDQWLWDWLYDV \ QR FXDOLWDWLYDV FRPR ODV GH KR\ SRU OR FXDO HO JDQDGHUR SRGD Y©DVH S¡J HQ FRQVHFXHQFLD FXDQGR 5RVDV \ VX JUXSR GHMDURQ GH FRPSUDU D
SUHVFLQGLUGHHOODV\OOHJDUGLUHFWDPHQWHDOVDODGHURFRQVXVWURSDVIODFDV\FDQVDGDV TXLHQHV WHQDQ WUDWRV FRPHUFLDOHV FRQ ORV FRQVLJQDWDULRV LQGHSHQGLHQWHV ORV
VL VH DYHQD D SHUFLELU XQRV SHVRV PHQRV (OOR OLPLWD VX LPSRUWDQFLD \ OD PDQWLHQH DEDVWHFHGRUHVVHYLHURQHQDSULHWRVSDUDFRQVHJXLUKDFLHQGDSXHVSRFRVJDQDGHURVVH
GHQWURGHGLVFUHWRVQLYHOHV DQLPDEDQ D FDHU HQ GHVJUDFLD FRQ ORV GXH±RV GH OD SOD]D 5HVXOWDGR FRPHQ]³ OD
(UDQHQWRQFHVFDPSRVGHFUDORVXELFDGRVDOVXUGHODFDSLWDO]RQDEDMDGHSDVWRV FDUQHDHVFDVHDU\HQFDUHFL³QRWDEOHPHQWHHQPHGLRGHSURIXQGDDJLWDFL³QSRSXODU
PHQRVULFRVTXHORVFDPSRVDOQRUWHGHODFLXGDG/RVLQYHUQDGRUHVGLVWULEXLGRVSRU &RPRSULPHUDPHGLGDXQGHFUHWRSURYLQFLDOIHFKDGRHQPD\RGHSURKEHOD
OR FRPºQ HQWUH ORV FDPSRV GH FUD \ HO VDODGHUR FRPSUDEDQ SXQWDV GH QRYLOORV DO PDWDQ]D GH YLHQWUHV \ WRGR YDFXQR PHQRU GH WUHV D±RV 6H FUHD HQ SHOLJUR OD
FRUWH D ORV HVWDQFLHURV SDUD OXHJR FODVLILFDUORV \ HQJRUGDUORV $O DFWXDU HQ IRUPD H[LVWHQFLDJDQDGHUD\DGRSW¡EDQVHPHGLGDVSDUDVDOYDJXDUGDUVXFDSLWDOUHJHQHUDGRU
GHFLVLYDODXELFDFL³QGHOFDPSRVHIDFLOLW³ODDFFL³QFRQMXQWDGHORVVDODGHULVWDVTXH ,JXDOSURYLGHQFLDDGRSWDDOD±RVLJXLHQWHHOJRELHUQRQDFLRQDOSHURQLQJXQDDOLYLDOD
HUDQDVXYH]ORVSULQFLSDOHVLQYHUQDGRUHV VLWXDFL³Q SURYRFDGD IXQGDPHQWDOPHQWH SRU RWUDV FDXVDV -XVWR HV UHFRQRFHU TXH HO
(Q GHILQLWLYD HO VDODGHUR DOHMD GREOHPHQWH DO SURGXFWRU GHO FHQWUR GH FRQVXPR SURSLRJRELHUQRDOUHEDMDUGHUHFKRVDGXDQHURVPLHQWUDVODFDUQHSDUDDEDVWRSDJDED
&XDQGRV³ORVHXWLOL]DEDHOFXHURORVHVWDQFLHURVFULDEDQ\PDWDEDQORVDQLPDOHVHQ LPSXHVWRV\WHQDSUHFLRILMRHQFDX]³ODVKDFLHQGDVKDFLDODH[SRUWDFL³Q\IRPHQW³OD
VXVFDPSRV\DOOPLVPRREWHQDQHOFXHUR\ODJUDVDTXHOOHYDEDQSRUPHGLRVSURSLRV HVFDVH]
DO FRPHUFLDQWH 3HUR OD SUHSDUDFL³Q GHO WDVDMR HQ JUDQ HVFDOD LQWURGXFH SURIXQGDV &RPLHQ]DHOD±RFRQDJXGRGHVDVRVLHJRSRSXODU$JULFXOWRUHVKDFHQGDGRV
PRGLILFDFLRQHV (O HVWDQFLHUR YHQGH DKRUD HO DQLPDO HQ SLH FRUUH SRU FXHQWD GHO DEDVWHFHGRUHV \ DUWHVDQRV SUHVHQWDQ XQ PHPRULDO TXH FXOSD D ORV VDODGHURV GH ODV
VDODGHULVWDVDFDUHOFXHURSUHSDUDUHOWDVDMR\H[WUDHUODJUDVD6LODHVWDQFLDQRSRVHH GLILFXOWDGHVSRUTXHDWUDYLHVDHODEDVWR\H[LJHQHOFLHUUHGHORVPLVPRV/DILUPDGH
XELFDFL³QDGHFXDGDH[LVWHRWUDHWDSDP¡VHOLQYHUQDGRUTXHFRPSUDDOFULDGRUSDUD HVWDQFLHURV FRQVWLWX\H QGLFH HORFXHQWH GH VX H[SOLFDGR GLYRUFLR FRQ ORV LQWHUHVHV
YHQGHUDOVDODGHUR/DRIHUWDFRQMXQWDGHYDFXQRVDMX]JDUSRUODVH[SRUWDFLRQHVGH VDODGHULOHV 5HXQLRQHV FRQ ODV SDUWHV LQWHUHVDGDV \ DOJXQD TXH RWUD PHGLGD LQRFXD
FXHURV H[FHGD HQ PXFKR OD GHPDQGD GH ORV VDODGHURV TXH DGHP¡V WUDEDMDEDQ GH QDGDORJUDURQSRUORFXDO3XH\UUHG³Qߚ'LUHFWRU6XSUHPRߚGHFUHWDHOGHPD\R
PXWXR DFXHUGR HO SURGXFWRU TXHGDED SXHV HQ LQIHULRULGDG GH FRQGLFLRQHV IUHQWH D ODFODXVXUDSURYLVLRQDOGHORVVDODGHURVHQODlFDSLWDO\VXMXULVGLFFL³Q{SRUTXHlKD
HOORV\GHEDDFHSWDUORVSUHFLRVTXHOHVLPSXVLHUDQ FUHGR GHEH KDFHU OXJDU FRQ SUHIHUHQFLD DO FODPRU SºEOLFR TXH SRU WRGDV SDUWHV
UHVXHQD{ \ SRU HO WHVWLPRQLR GH ORV KDFHQGDGRV lWDQWR P¡V UHYHODQWH HQ HO DVXQWR
SRUTXH HV PD\RU HO LQWHU©V TXH HOORV WLHQHQ HQ TXH QR VH REVWUX\DQ ORV FDQDOHV DO
$%$672$%8(126$,5(6 H[SHQGLR GH VXV JDQDGRV{ 6RVWLHQH ,QJHQLHURV W , S¡JV TXH ORV
VDODGHULVWDV YDOLGRV GH LQIOXHQFLD \ SRGHU EXUODURQ OD RUGHQ HO JLUR lFDSLWDO \ VX
$SHQDV LQVWDODGR HO SULPHU VDODGHUR VXUJHQ \D LQFRQYHQLHQWHV TXH PRWLYDQ OD MXULVGLFFL³Q{ KDEUD SHUPLWLGR HO WUDEDMR IXHUD GH ORV OPLWHV PXQLFLSDOHV KXER
LQWHUYHQFL³QRILFLDO/DLQGXVWULDGHOWDVDMRDSDUHFHHQPRPHQWRVTXHODH[SRUWDFL³Q WDPEL©Q DXWRUL]DFLRQHV HVSHFLDOHV FRQ PRWLYRV DSDUHQWHPHQWH DWHQGLEOHV TXH
GH FXHURV WRPD JUDQ YXHOR HVWLPXODGD SRU OD GHPDQGD H[WHULRU \ ODV IUDQTXLFLDV IDFLOLWDEDQODIDHQDFODQGHVWLQDHQFDQWLGDGHVVXSHULRUHVDORDXWRUL]DGR
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
$JLWDGD SRU ORV SURSLRV LQWHUHVHV \ D]X]DGD SRU ODV SDUWHV HQ OLWLJLR OD RSLQL³Q FDSWDQ ORV VDODGHURV HO DEDVWR ERQDHUHQVH WUDV DUGXD OXFKD D FRVWD GHO VXIULPLHQWR
SºEOLFD GLYLGL³VH HQ GRV EDQGRV 3DVTXLQHV LPSUHVRV PDQLILHVWRV \ PDQXVFULWRV SRSXODU
SURVD \ YHUVR WRGR IXH EXHQR SDUD OD FDPSD±D WHQGLHQWH D LQFOLQDU ODV PHGLGDV ,QJHQLHURVߚUHIHUHQFLDREOLJDGDSRUVXH[KDXVWLYRHVWXGLRGHOWHPDߚDILUPDlVL
JXEHUQDPHQWDOHV KDFLD HO ODGR SUHIHULGR SRU FDGD EDQGR (Q DJRVWR ORV JUDQGHV QR HUD HO JRELHUQR XQ LQVWUXPHQWR GHO WUXVW>@ WHQD PLHGR GH UH±LU FRQ ©O{
HVWDQFLHURV DIHFWRV D 5RVDV SUHVHQWDURQ XQ SHWLWRULR HQ TXH UHFODPDEDQ DSHUWXUD GH S¡J (YLGHQWHPHQWH KXER EODQGXUD 3XH\UUHG³Q DUUDVWUD HO SUREOHPD GRV
VDODGHURV H[SRUWDFL³Q OLEUH GH ODV FDUQHV \ DUUHJOR GHO DEDVWR SDUD OR ºOWLPR D±RV ODUJRV UHFRQRFH DO ILQ OD FXOSD GH ORV VDODGHURV \ HO LQFXPSOLPLHQWR GH ODV
SURSRQDQ OD YHQWD REOLJDWRULD GH KDFLHQGD FRQ GHVWLQR D OD FLXGDG DXQTXH IXHUDQ SURKLELFLRQHVSHURQRDGRSWDPHGLGDVUDGLFDOHV\SHUPLWHTXHHOORVFRSHQHODEDVWR
PD\RUHVORVSUHFLRVGHOVDODGHUR XUEDQRDXQTXHQRDXWRUL]DODH[SRUWDFL³Q&RQWRGRREUDQHQVXGHVFDUJRPXFKRV
,QLFLDGR\DORVHVWDGLVWDVFRPSUXHEDQTXHQRPHMRUDODVLWXDFL³Q\VFUHFH DWHQXDQWHVGHULYDGRVGHOPRPHQWRH[FHSFLRQDOPHQWHJUDYHTXHDWUDYHVDEDHOSDV\
HO GHVFRQWHQWR SRSXODU VH HQVD\D HQWRQFHV XQ QXHYR VLVWHPD GH YHQWDV GHO SRGHUR DOFDQ]DGR SRU ORV VDODGHULVWDV ߚSULQFLSDO IXHU]D HFRQ³PLFDߚ TXLHQHV
HVWXGLDGRSRUHOFDELOGRERQDHUHQVHl/RFRUULHQWHHUDFRPSUDUXQDDQLPDOHQWHURR OOHJDURQ KDVWD HO FRQDWR GH UHYROXFL³Q (Q PHGLR GH SDYRURVD FULVLV GH UHFXUVRV \
PHGLD UHV XQ FRVWLOODU R XQD SLHUQD /R TXH SRGD FRPHUVH VH DSURYHFKDED VL DOJR DGYHUVDEDODQ]DGHSDJRVFRQHOHQHPLJRDFRVDQGRSRUGRTXLHUDQWHODS©UGLGDGHO
VREUDEDORGHYRUDEDQORVDQLPDOHVGRP©VWLFRVRVHWLUDEDDODFDOOH{/DQºVS¡J $OWR3HUºߚLQVXVWLWXLEOHIXHQWHGHPHW¡OLFRߚTXHREOLJDEDDOHPLVLRQLVPRH[FHVLYR
(QVXVWLWXFL³QVHUHDOL]DHOSULPHULQWHQWRGHYHQWDDOSHVR\SRUFDOLGDGVHUD HOJRELHUQRGHEHOXFKDUFRQWUDODLQHYLWDEOHLQIODFL³Q\HODJLRGHVDWDGRSRUODP¡V
FDUQH VXSHULRU FRVWLOODU FDGHUDV PDWDPEUH OHQJXD \ TXLMDGD SLHUQD EUD]XHOR SRGHURVD GH ODV IXHU]DV HFRQ³PLFDV &DUQH \ SDQ HQFDUHFHQ VLQ PHGLGD FRPR
DJXMDVORPR"\FRJRWHVHFRQFHSWXDEDQGHFDOLGDGLQIHULRU&DGDFODVHWHQDSUHFLR SDOLDWLYRHOJRELHUQRSDUHFHFHJDUODVIXHQWHVPLVPDVGHVXVPDJURVUHFXUVRVH[LPH
ILMR\ODVYHQWDVVHUHDOL]DUDQH[FOXVLYDPHQWHDOSHVR GHJUDY¡PHQHVDORVSDQDGHURVLPSRQHGHUHFKRVDODH[SRUWDFL³QGHWDVDMR\FHUHDOHV
3RFRV GDV GHVSX©V 3XH\UUHG³Q PDQLILHVWD HQ RWUR GHFUHWR l/D \DFRQVHMDSURKLELUOD
FDUHVWD\HVFDVH]GHFDUQHTXHVHH[SHULPHQWDQGHVGHDOJºQWLHPSRHQHVWDFDSLWDOHQ 1RV³ORVHYHQWLODEDQLQWHUHVHVHFRQ³PLFRVLQPHGLDWRVWUDVODDUGXDOXFKDSHUHO
PHGLR GH OD DEXQGDQFLD GH JDQDGRV TXH SXHEODQ QXHVWUDV FDPSD±DV DO SDVR TXH DEDVWR FRPR OR SRQH HQ HYLGHQFLD FLHUWD VRVSHFKRVD FRQFRPLWDQFLD GH VLWXDFLRQHV
LQWHUHVDQPLVHQVLELOLGDGHQIDYRUGHODVFODVHVPHQRVSXGLHQWHVWLHQHQHQWRUWXUDPL ߡ/RVQHJRFLRVGHOWUXVWSHOLJUDURQFXDQGRVHIRUPDOL]³ODFRQYRFDWRULDGHO&RQJUHVR
HVSULWX SRU QR DOFDQ]DU HO RULJHQ FLHUWR TXH ODV SURGXFH QL HO UHPHGLR TXH SXHGH 1DFLRQDOSDUDFRQVWLWXLUHOSDV/RVKDFHQGDGRVGH%XHQRV$LUHVTXHVHDUUHJODEDQ
DSOLF¡UVHOHV{'HVWDFDTXHDQWHODGHQXQFLDGHO&DELOGRVREUHODlLQREVHUYDQFLD{GH PX\ELHQFRQVX-XQWDGH5HSUHVHQWDQWHVVXSXVLHURQTXHORVGLSXWDGRVGHOLQWHULRU
OD SURKLELFL³Q DSOLFDGD D ORV VDODGHURV>@ PDQG³ YHODU SRU VX FXPSOLPLHQWR l0DV YHQGUDQ QXHYDPHQWH D DEXOWDU HO SUHVXSXHVWR UHFDUJDQGR ORV GHUHFKRV GH
FRPRQLHVWHWHPSHUDPHQWRQLHOGHUHGXFLUDSHVDODFDUQHߨSXHGHQWUDQTXLOL]DUOD H[SRUWDFL³QSDUDTXHORVKDFHQGDGRVSRUWH±RVUHPHGLDUDQODSREUH]DPHGLWHUU¡QHD
DJLWDFL³QTXHPHFDXVDHOVRORQRPEUHGHODPLVHULDHQWUHODVFODVHVLQIHOLFHV{DFXGH l/DJXHUUDKHFKDDO&RQJUHVRGHVHUHQRY³FRQWUDHOGH&RLQFLGL³FRQ
DODFRQVXOWDSRSXODU\FRQFHGHDXGLHQFLDGLDULDGHGLH]DRQFHSDUDFXDOTXLHUDTXH OD PLVPD FULVLV HFRQ³PLFD JHQHUDO \ IXH OOHYDGD SRU HO WUXVW FRQ LG©QWLFD DUPD
GHVHDUHWUDWDUHOWHPD H[FLWDU HO GHVFRQWHQWR SRSXODU SURYRFDQGR OD FDUHVWD GH OD FDUQH OR TXH OH HUD HQ
$SULQFLSLRVGHOPHVVLJXLHQWHHO'LUHFWRU6XSUHPRPDQLILHVWDTXHGH H[WUHPRI¡FLOSRUWHQHUPRQRSROL]DGRHODEDVWRHQYLUWXGGHODFRQFHVL³QH[FOXVLYD
ORV SUR\HFWRV \ GLFW¡PHQHV VRPHWLGRV D VX FRQVLGHUDFL³Q UHVXOWD H[LVWH VXILFLHQWH GHOJRELHUQR{,QJHQLHURVW,S¡JV5LYDGDYLDWLHQHDKRUDODVULHQGDV
JDQDGR HVFDVH] \ FDUHVWD WLHQHQ SRU FDXVD OD LQVXILFLHQWH PDWDQ]D GLDULD SDUD HO GHO JRELHUQR \ DERUGD HO SUREOHPD FRQ RWUDV PLUDV WUDV VH±DODU TXH OD HVFDVH] GH
DEDVWRQRSXHGHUHVSRQVDELOL]DUVHDQDGLHGHHOORSRUQRVHUREOLJDWRULRHODEDVWRVL FDUQHV QR VH GHEH D FRQWUDWLHPSRV FOLP¡WLFRV QL IDOWD GH JDQDGR DSXQWD lTXH ORV
VHVDFDUDDUHPDWHHODEDVWRVHGHVYDORUL]DUDODKDFLHQGDQRHVMXVWRTXHVHH[SRUWH PDOHVTXH HQ QXHVWUR SDV VH VLHQWHQ WDQ IUHFXHQWHPHQWH FRQ HO DEDVWR GH OD FDUQH
XQDUWFXORHVFDVRGHSULPHUDQHFHVLGDGVRQORVKDFHQGDGRVTXLHQHVGHEHQFRQFLOLDU WLHQHQVXRULJHQHQHODQWLJXRHUURUߨGHUHJODUHOSUHFLRHQTXHGHEHSUHFLVDPHQWH
WDQ GLVSDUHV SRVLFLRQHV (Q GHILQLWLYD PDQGD TXH ORV JDQDGHURV QRPEUHQ YHQGHUVH HQ HO PHUFDGR{ WUDEDV TXH lDO ILQ SURGXFHQ QDWXUDOPHQWH XQ YHUGDGHUR
UHSUHVHQWDQWHVSDUDFRQYHQLUFRQHOORVODIRUPDHQTXHVHKDQGHREOLJDUDSURYHHUHO PRQRSROLRGHTXHVLQDGYHUWLUORYLHQHDVHUYFWLPDHOFRQVXPLGRU{6HQWDGDFRPR
DEDVWR FXHVWL³QGHIRQGRODVYHQWDMDVGHODOLEUHFRQFXUUHQFLD5LYDGDYLDSODQHDOOHJDUDHOOD
&RPR D QDGD SU¡FWLFR VH OOHJDUD HQ OD UHXQL³Q{ XQ EDQGR GHO GH MXQLR ߚTXH PHGLDQWH HWDSDV VXFHVLYDV lSRU FXDQWR ODV PDQRV TXH SRU XQD FRQVHFXHQFLD GH ORV
UHFRQRFHH[SOFLWDPHQWHHOERLFRWHRGHORVDEDVWHFHGRUHVSRUORVVDODGHURVߚPDQGD DQWHULRUHV5HJODPHQWRVVHKDQKHFKRH[FOXVLYDVSDUDHVWHDEDVWRSRGUDQHVWDEOHFHU
DO &DELOGR FRQYRFDU DPERV VHFWRUHV D ILQ GH FRQRFHU ODV FRQGLFLRQHV PHGLDQWH ODV XQPRQRSROLRDOPHQRVSRUDTXHOWLHPSRTXHHVQHFHVDULRSDUDTXHSXHGDKDEHUOD
FXDOHVVHREOLJDUDQDODEDVWRSDUDRWRUJDUORDTXLHQHVRIUHFLHUDQP¡VEHQHILFLRV$V OLEUHFRQFXUUHQFLDTXHORLPSRVLELOLWH{
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
(OGHPD\RGHVHGHFUHWDTXHDSDUWLUGHHQWRQFHV\KDVWDILQGHD±RIHFKD ILQHVGHVHKDEDUHDELHUWRODH[SRUWDFL³Q7HUUHURQRUHFRQRFHFRPRREVW¡FXOR
HQ TXH FHVDUD WRGD LQWHUYHQFL³Q RILFLDO OD FDUQH GHEHU¡ YHQGHUVH D SUHFLRV ILMRV QLQJXQDPHGLGDRILFLDOVLQRODFD³WLFDVLWXDFL³QLQWHUQD
VHJºQSHVR\FDOLGDGSDUDGHWHUPLQDUORVVHDGRSWDODFODVLILFDFL³QFRUUHVSRQGLHQWHDO /RV GLSXWDGRV DO &RQJUHVR 1DFLRQDO YLVWR TXH HO FHVH GH ODV H[SRUWDFLRQHV
IDOOLGR HQVD\R GH FRQ SUHFLRV PD\RUHV 4XLHQ GHIUDXGDVH HQ SHVR R SUHFLR PHQJXDEDFRQVLGHUDEOHPHQWHLPSUHVFLQGLEOHVUHFXUVRVVLQLPSHGLUODVDOLGDGHWDVDMR
VXIULUDODVSHQDVHVWDEOHFLGDVHQWRQFHVP¡VVXLQFRUSRUDFL³QDOHM©UFLWRRGRVD±RVGH DXWRUL]DURQ VX H[WUDFFL³Q HQ OD ©SRFD PHQFLRQDGD SHUR HOHYDQGR ORV GHUHFKRV D XQ
WUDEDMRVSºEOLFRVVLIXHUDLQDSWRSDUDHOOR(UDLQWHQFL³QGHOJRELHUQRVDFDUHODEDVWRD SHVR SRU TXLQWDO SRFR P¡V WDUGH VH HOHYDQ WDPEL©Q ORV FRUUHVSRQGLHQWHV D JUDVD R
UHPDWHVLODPHGLGDQRVXUWDHIHFWRIDYRUDEOHSHURQDGDSXGRPDWHULDOL]DUVHSXHVHO DFHLWHDQLPDO3HURQRELHQFDHQFRQJUHVR\JRELHUQRQDFLRQDOHVFDWRUFHVDODGHULVWDV
GHMXQLRUHQXQFLDED5LYDGDYLD UHFXUUHQ D ODV DXWRULGDGHV ERQDHUHQVHV \D GHVYLQFXODGDV GH ODV RWUDV SURYLQFLDV \
(OGHMXOLRWUHFHGDVGHVSX©VGHDVXPLUHOPDQGR9LFHQWH/³SH]DIURQWDHO VROLFLWDQUHEDMDHQORVGHUHFKRVTXHVHOHVFRQFHGHFDVLLQPHGLDWDPHQWHDSULQFLSLRV
HVSLQRVR SUREOHPD HQ IRUPD PXFKR P¡V FRQFLOLDWRULD SDUD HO JUXSR VDODGHULO VX GHDEULOGHOIDWGLFRD±R
GHFUHWR PDQLILHVWD FDQGRURVD LJQRUDQFLD VREUH HO IRQGR GHO SUREOHPD l(O <DHQSOHQDDQDUTXDPHMRUDODVLWXDFL³QGHOJUXSRVDODGHULO$ILQHVGHVH
GHVFXEULPLHQWRGHVXVFDXVDVLPSRUWDHQJUDGRVXPRSDUDGLFWDUODVPHGLGDVTXHODV H[LPHGHWRGRGHUHFKRODFDUQHH[WUDGDHQEXTXHVQDFLRQDOHV\IMDVHXQDUDQFHOGH
FRUWHQ GH XQ PRGR HILFD]{ 7RGR VH GLOX\H HQ HO EXURFU¡WLFR QRPEUDPLHQWR GH XQD GRV UHDOHV SRU TXLQWDO SDUD FDVR GH HPEDUTXHV HQ QDYLRV H[WUDQMHURV VLPLODU
FRPLVL³Q HVSHFLDO HQFDUJDGD GH SURSRQHU VROXFLRQHV HQWUH FX\RV FRPSRQHQWHV GLIHUHQFLDUHJLUDSDUDODVDOSDWDJ³QLFDVHJºQODEDQGHUDGHORVEXTXHVLQWURGXFWRUHV
ILJXUDQORVSURSLRVVDODGHULVWDV &RPR ORV ºQLFRV QDYLRV QDFLRQDOHV HVWDEDQ HQ PDQRV GHO UHIHULGR JUXSR TXHGDED
GHVWUXLGD FXDOTXLHU HYHQWXDO FRPSHWHQFLD \ GLSORP¡WLFDPHQWH DEROLGRV GHUHFKRV
HVHQFLDOHVSDUDODHFRQRPDJXEHUQDPHQWDO,QJHQLHURVW,S¡JV
/26'(5(&+26'((;3257$&,1 &XDQGR VH UHFRQVWLWX\H HO JRELHUQR QDFLRQDO VXUJH OD YLHMD OXFKD HQWUH
DXWRULGDGHV GLVSXHVWDV D LPSRQHU GHUHFKRV DGXDQHURV ߚE¡VLFD IXHQWH GH UHFXUVRV
QWLPD YLQFXODFL³Q WLHQHQ ORV GLODWDGRV FRQIOLFWRV SRU HO DEDVWR FRQ ODV OXFKDV SDUD QHFHVDULRV SDUD HO GHVHQYROYLPLHQWR JHQHUDOߚ \ VDODGHULVWDV ERQDHUHQVHV SRFR
REWHQHU UHEDMDV VREUH ODV H[SRUWDFLRQHV GH WDVDMR l/RV VDODGHULVWDV H[LJDQ FRPR SURSHQVRV D TXH VXV GLQHURV VH H[WHQGLHUDQ SRU WRGR HO SDV 3RU OH\ HVWDEOHFH HO
FRQGLFL³QSDUDDEDVWHFHUHOFRQVXPRODVXSUHVL³QRIXHUWHUHEDMDGHORVGHUHFKRVGH &RQJUHVR1DFLRQDOLPSXHVWRVVREUHODH[WUDFFL³QGHFDUQHVSHUROD-XQWD
H[SRUWDFL³Q PLHQWUDV QR OR FRQVLJXLHUDQ HO UHPHGLR HUD VLPSOH QR SDJDEDQ \ GH 5HSUHVHQWDQWHV ERQDHUHQVH DQXOD LQPHGLDWDPHQWH OD PHGLGD \ DO GD
H[SRUWDEDQOLEUHPHQWH{,QJHQLHURVW , S¡J (O FRQIOLFWR VH UHPRQWD D VLJXLHQWH HO JREHUQDGRU GLVSRQH OR QHFHVDULR SDUD FXPSOLU OD UHYRFDWRULD 'XUDQWH
JU¡YDVHODVDOLGDGHIUXWRVGHOSDVSHURVLQPHQFLRQDUODVFDUQHVVDODGDV
/RV JUDYHV SUREOHPDV TXH DFRVDEDQ DO JRELHUQR QDFLRQDO Y©DVH S¡J
IRU]DURQ PHGLGDV TXH LPSLGLHUDQ PD\RU FDUHVWD HQ FDVR GH JXHUUD D PHGLDGRV GH
GHEL³VHSURKLELUODH[SRUWDFL³QGHWDVDMRJUDQRV\RWURVSURGXFWRVlPLHQWUDV 352*5(62/$1$5
QR VH GHVYDQHFH R UHFKD]D OD LQYDVL³Q GH TXH VH KDOOD DPHQD]DGR HVH VXHOR{
&RQVLGHU¡EDVHLQPLQHQWHODOOHJDGDGHORVHM©UFLWRVSUHSDUDGRVSRU)HUQDQGR9,,FRQ (O SURJUHVR JDQDGHUR QR VH OLPLWD DO YDFXQR FRPLHQ]D HO ODQDU D VDOLU GH VX
D\XGDGHOD6DQWD$OLDQ]DSDUDUHFRQTXLVWDUVXVFRORQLDV YHUJRQ]RVRROYLGR+DVWDHQWRQFHVORVRYLQRVQRPHUHFLHURQPXFKDDWHQFL³QSHURHO
$SDUHQWHPHQWH ORV VDODGHULVWDV QR VH SUHRFXSDURQ PXFKR SRU HO GHFUHWR $O SDQRUDPDKDED\DFDPELDGRIXQGDPHQWDOPHQWH
ILQDOL]DU IHEUHUR GH 7HUUHUR HVFULEH D XQ DJHQWH HQ 5R GH -DQHLUR l7UHV PLO 3RU PXFKDV G©FDGDV IXH (VSD±D FHQWUR H[FOXVLYR GH SURGXFFL³Q ODQDU 6XV
TXLQWDOHV GH FDUQH VDODGD DFDEDQ GH VDOLU GH QXHVWURV HVWDEOHFLPLHQWRV \ HVWD IDPRVRVUHED±RVPHULQRVFDUHFLHURQGHFRPSHWHQFLDVHFUHDHQWRQFHVTXHODILQXUD
SURSRUFL³QVHPDQWHQGUDVLQXHVWURVRFLR5RVDVQRKXELHUDWHQLGRTXHDXVHQWDUVHGH GH OD ODQD HUD FRQGLFL³Q TXH V³OR SRGD PDQLIHVWDUVH EDMR HO FOLPD HVSD±RO \ GH
VXUHVLGHQFLDGHO0RQWHDOPDQGRGHODVPLOLFLDVGHHVWHGHSDUWDPHQWR\SRURUGHQ DFXHUGR FRQ HO U©JLPHQ SDVWRULO WUDVKXPDQWH PHUFHG DO FXDO ORV UHED±RV LEDQ
GHO JRELHUQR GH HVWD 3URYLQFLD SDUD LU D VRIRFDU PRYLPLHQWRV WXPXOWXDULRV HQ TXH DOWHUQDWLYDPHQWHGHODSODQLFLHDODPRQWD±DFRQJUDYHGHVFDODEURSDUDODDJULFXOWXUD
GHVJUDFLDGDPHQWHQRVYHPRVHQYXHOWRV{'HPXHVWUDODFDUWDTXHORVVDODGHURVߚSRU &UH\HQGR LPSRVLEOH TXH RWURV SDVHV SXGLHUDQ SURGXFLU ODQD ILQD IXHUD GHO FOLPD
OR PHQRV HO DOXGLGRߚ WUDEDMDEDQ SHVH D OD FODXVXUD LPSXHVWD SRU 3XH\UUHG³Q ©VWH SHQLQVXODU \ VLQ U©JLPHQ WUDVKXPDQWH (VSD±D DFRJL³ EXUORQDPHQWH ORV LQWHQWRV GH
UHQXQFL³ HQ MXQLR GH \ QR VHUD UDUR TXH IXQFLRQDULRV P¡V FRQWHPSRUL]DGRUHV $OHPDQLD$XVWULD\)UDQFLDSRUFULDUPHULQRVSHURELHQSURQWRVXIUL³UXGRFRQWUDVWH
KXELHUDQSHUPLWLGRODIDHQDVDODGHULOFRPHQ]DGDDQXDOPHQWHHQSULPDYHUD$XQTXHD FXDQGRHO©[LWRFRURQ³HVRVHQVD\RV)XHDVH[SDQGL©QGRVHODFUDPHULQDSRUEXHQD
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
SDUWHGH(XURSD\$P©ULFDGHO1RUWH HVWDEOHFHUHQ4XLOPHVVREUHFDPSRDUUHQGDGRD-RKQ0LOOHUߚP¡VWDUGHLQWURGXFWRU
&DPSRPDQHVHQOODPDEDODDWHQFL³QGHVXJRELHUQRVREUHODVSRVLELOLGDGHV GHO 6KRUWKRUQߚ HO WUDVODGR OR KL]R SDUD HOXGLU ORV FDUGDOHV FDXVD SULQFLSDO GH
RYLQDVGH%XHQRV$LUHVHOYLUUH\/RUHWRHQVXVPHPRULDVDFRQVHMDIRPHQWDU LQFHQGLRV 7UHV D±RV GHVSX©V 'HZDKDJHQ WUDVSDV³ OD FDED±D D ORV VH±RUHV
ODH[SRUWDFL³QGHODQDVSHURWDOHVPDQLIHVWDFLRQHVQRSRGDQO³JLFDPHQWHSURVSHUDU $JXLUUH+DHGR\5RMDVTXHHQODOLTXLGDURQSRUIDOWDGHSHUVRQDOFRPSHWHQWH
(VSD±DGHIHQGDFRQFHORVXDPHQD]DGRPRQRSROLRSURKLELHQGRODVDOLGDGHPHULQRV 6L OD SULPHUD FDED±D RYLQD WXYR ILQ SRFR JUDWR QR VXFHGL³ OR PLVPR FRQ ODV
SDUDLPSHGLUFXDOTXLHUFRPSHWHQFLDODVFRORQLDVQRSRGDQH[SRUWDUODQD6HH[SOLFD VLJXLHQWHVTXHHQFRQWUDURQXQDPELHQWHQDFLRQDOP¡VSURSLRߚUHODWLYDSD]LQWHUQDߚ
DVTXHORVPHULQRVTXHHQORJUDUD/DYDUG©QLQWURGXFLUHQOD%DQGD2ULHQWDOߚ \ FRQGLFLRQHV LQWHUQDFLRQDOHV IDYRUDEOHV DO WU¡ILFR FRPHUFLDO UHVXOWDGR GHO
ORVSULPHURVOOHJDGRVDO5RGHOD3ODWDߚQRWXYLHUDQPD\RUSRUYHQLU DILDQ]DPLHQWR ULRSODWHQVH SRU OD GRFWULQD 0RQURH \ HO UHFRQRFLPLHQWR SRU
+DFLD QXHVWUR SDV GHED WHQHU DSHQDV GRV R WUHV PLOORQHV GH RYLQRV GH SDUWH GH ,QJODWHUUD VHJXLGR SRU OD ILUPD GHO WUDWDGR GH SD] \ DPLVWDG
S©VLPDFDOLGDG*LEVRQS¡J([LVWDQGRVUD]DVGHFDUDFWHUVWLFDVGLVSDUHV FLUFXQVWDQFLDV WRGDV TXH XQLGDV D ORV ©[LWRV PLOLWDUHV GH ODV DUPDV VXGDPHULFDQDV
XQ{ PX\ QXPHURVD HUD OD FULROOD GH PHQXGR FXHUSR FRQ ODQD HVFDVD FRUWD DVHJXUDEDQGHILQLWLYDPHQWHODLQGHSHQGHQFLD\SRUHQGHODOLEHUWDGFRPHUFLDO
HQUXODGD\GHFRORUHVGLYHUVRVODUD]DSDPSDSRFRFRPºQWHQDP¡VFXHUSR\ODQD $FXGH WDPEL©Q HQ IDYRU GH ORV ODQDUHV HO LQFDQVDEOH DI¡Q SURJUHVLVWD GH
P¡VVXDYH$XQTXHSDUDDOJXQRVY©DVHS¡JODVSULPHUDVGHVFHQGDQGHPHULQRV 5LYDGDYLDTXHHQVXYLDMHSRU(XURSDSXGRDSUHFLDUODVSRVLELOLGDGHVGHORYLQR(Q
\ ODV VHJXQGDV GH RYHMDV HVSD±RODV RUGLQDULDV FKXUUDV OR P¡V SUREDEOH HV TXH 5LYDGDYLDKL]RYHQLUFLHQPHULQRVGH(VSD±D\6RXWKGRZQGH,QJODWHUUDORV
DPEDVSURYLQLHUDQGHHVWDVºOWLPDV/DVHVWDQFLDVTXHWHQDQDPERVWLSRVSURFXUDEDQ SULPHURVIXHURQDGTXLULGRVSRU0DQXHO3LQWRV\ORVVHJXQGRVSRU+DUUDW6KHULGDQ\
QRPHVWL]DUORVSDUDLPSHGLUTXHODVFULROODVHPSHRUDVHQODVSDPSDV &DSGHYLOOD/HP©H S¡J $O SRFR WLHPSR &DSGHYLOOD TXHGD FRPR ºQLFR
(Q PXFKDV ]RQDV GHO QRUWH DUJHQWLQR OD RYHMD VREUH WRGR OD SDPSD KDED SRVHHGRUGHORV6RXWKGRZQVXVH[VRFLRVVHXQHQD:KLWILHOG\FRPSUDQORVPHULQRV
GHVDORMDGRDODOJRG³QSRUVXPHQRUFRVWRSXHVWRTXHDSDFHQWDUUHED±RV\HVTXLODUORV GH 3LQWRV TXH SRQHQ EDMR FXLGDGR GH XQ SDVWRU DOHP¡Q ߚ-RKQ +DQQDKߚ WUDGR
HVPXFKRPHQRVSHVDGRTXHDUDUVHPEUDUDSRUFDUGHVPDOH]DU\FRVHFKDU&XDQGR HVSHFLDOPHQWH GHVGH VX SDV QDWDO &DEH GHVWDFDU TXH ORV WUHV VRFLRV QR HUDQ
ODVJUDQGHVPRUWDQGDGHVGHLQGLRVSURYRFDGDVSRUODH[SORWDFL³QVLQIUHQRUHGXMHURQ JDQDGHURV QL HQWHQGDQ HO RILFLR SURFHGLHURQ SRU FRQVHMR GH 'RPLQJR 2OLYHUD ߚ
ODPDQRGHREUDGLVSRQLEOHHODOJRG³QIXHFHGLHQGRDQWHODRYHMD&RQLS¡JV SDGUH GH (GXDUGRߚ \ :RRGELQH 3DULVK PLQLVWUR LQJO©V /D FDED±D ߚUHODWD +RJJ
(Q HO OLWRUDO QXQFD KDEDQ PHUHFLGR ODV RYHMDV PD\RU LQWHU©V VH ODV GHMDED ,S¡JVߚVHLQVWDO³HQ6DQ9LFHQWHDWUHVOHJXDVGHl/D&DOHGRQLD{
SURFUHDUVLQQLQJºQFXLGDGRYDORUDQGRP¡VVXSHOO³QTXHODODQD$OKDEODUGHHOODV HO FDPSR SODJDGR GH DEURMRV \ SDMD EUDYD VXIUL³ XQD SURIXQGD WUDQVIRUPDFL³Q
GHFD+DUUDWHVWDQFLHURLQJO©VGHHVD©SRFD VXUJLHURQFRUUDOHVEUHWHVFHUFRVGHIRVRVDJXDV\ߚDOJRLQDXGLWRSDUDXQD©SRFDHQ
ߚl1RVHFRQRFHHQQLQJXQDSDUWHGHOPXQGRXQDUD]DGHRYHMDVTXHGHPXHVWUH TXHV³ORPXMHUHVYLYDQEDMRWHFKRߚJDOSRQHVSDUDDOEHUJDUODVPDMDGDVILQDV6XV
P¡VODIDOWDGHFXLGDGRRP¡VELHQHODEDQGRQRWRWDOHQTXHODKDQGHMDGRTXHODTXH GXH±RV GHQRPLQDURQ l7UHV $PLJRV{ DO HVWDEOHFLPLHQWR SHUR HO YHFLQGDULR
KR\H[LVWHHQODSURYLQFLDGH%XHQRV$LUHVߨ{ SURIXQGDPHQWH LPSUHVLRQDGR SRU ODV FRQVWUXFFLRQHV ߚHVD lFRVD GH JULQJRV{ߚ VH
&XDQGR HO 5R GH OD 3ODWD VH OLEHU³ GH (VSD±D GHVDSDUHFLHURQ PXFKDV GH ODV REVWLQ³HQOODPDUORl/RV*DOSRQHV{QRPEUHTXHDOILQDOVHLPSXVR
OLPLWDFLRQHV TXH WUDEDEDQ HO GHVDUUROOR ODQDU &RPR ORV UHED±RV H[LVWHQWHV QR )LJXUDEDWDPEL©QHQWUHHOSODQWHOIXQGDGRUGHODFDED±DXQORWHGHRYHMDVSDPSDV
EULQGDEDQEDVHSDUDXQDH[SORWDFL³QVHULDSURGXFDFDGDDQLPDODSHQDVXQNLORGH VHOHFFLRQDGDVHQSRU:DOWHU/DLGODZFDED±HURHVFRF©VTXH5LYDGDYLDFRQWUDW³
ODQDEDVWD\GHVSDUHMDVHLPSRQDODLPSRUWDFL³QGHDQLPDOHVILQRV(OGRFWRU+XJR SDUD DVHVRUDU D ORV FULDGRUHV DUJHQWLQRV PX\ SRFR IDPLOLDUL]DGRV FRQ HVD DFWLYLGDG
6KHULGDQP¡VWDUGHP©GLFRGHODHVFXDGUDGH%URZQDFRQVHM³D7KRPDV+DOVH\ߚ +RJJ , S¡JV )XHURQ ODV RYHMDV SDPSDV ODV TXH SRU VXV PHMRUHV
F³QVXO GH ORV (VWDGRV 8QLGRVߚ OD LQWURGXFFL³Q GH ODQDUHV ILQRV (Q OOHJ³ D DSWLWXGHV SULPHUR VH HPSOHDURQ HQ ORV FUX]DPLHQWRV FRQ PHULQRV SHUR VX HVFDVR
%XHQRV $LUHV HO SODQWHO FRPSXHVWR SRU FLHQ RYHMDV PHULQDV \ VXV FDUQHURV +RJJ QºPHURREOLJ³GHVSX©VDXWLOL]DUODVPDMDGDVFULROODVP¡VDEXQGDQWHV
, S¡JV FLIUD VREUH OD FXDO QR KD\ XQLIRUPLGDG HQWUH ORV GLYHUVRV $ILQHVGH5LYDGDYLDKL]RYHQLURWUDPDMDGDILQDGHPHULQRVFRQGRV
FURQLVWDV+DOVH\IXQG³FRQHVRVDQLPDOHVODSULPHUDFDED±DDUJHQWLQDXELFDGDHQHO SDVWRUHVDOHPDQHVSDUDFXLGDUOD(OEDUFRTXHFRQGXFDHOFDUJDPHQWRHQFXHQWUDODV
FDPSR l/RV $OWRV{ SDUWLGR GH 0RU³Q SRQL©QGRORV EDMR HO FXLGDGR GHO RYHMHUR FRVWDVDUJHQWLQDVEORTXHDGDVSRUODHVFXDGUDEUDVLOH±DSHUROOHJDD%XHQRV$LUHV\OD
DOHP¡Q2WWR'HZDKDJHQTXHFXLG³DORVPHULQRVHQVXYLDMHGHVGH$OHPDQLD+RJJ VRFLHGDG +DUUDW 6KHULGDQ \ :KLWILHOG FRPSUD HQWRQFHV HO FDUJDPHQWR DO JRELHUQR
,S¡J/DFDED±DSURJUHV³EDVWDQWHSXHVHQWHQD\DFDEH]DV ERQDHUHQVH
SHURHQWRQFHVXQLQFHQGLRGHOFDPSRPDW³ODPD\RUDVHVDOYDURQV³ORDQLPDOHV (O PLVPR D±R PDQG³ WUDHU 5LYDGDYLD ODV SULPHUDV FDEUDV GHO 7LEHW \ $QJRUD
TXH +DOVH\ UHJDO³ D 'HZDKDJHQ OLTXLGDQGR DV HO QHJRFLR (VWH ºOWLPR VH IXH D VDFDGDVGH7XUTXDSHVHDODDEVROXWDSURKLELFL³QGHH[SRUWDUODV\FXDQGR(XURSDQR
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
ODV FRQRFD DºQ 0HQGR]D S¡J (VWRV YDOLRVRV DQLPDOHV IXHURQ HQYLDGRV D
0HUFHGHV \ FRPHQ]DEDQ D SURVSHUDU SHUR D XQ FDXGLOOHMR VH OH RFXUUL³ FDUQHDUODV 6LQ H[FOXLU D FULROORV VH GHVWDFDURQ HQ OD FUD RYLQD ORV H[WUDQMHURV VREUH WRGR
SDUDDOLPHQWDUVXWURSD6HVDOYDURQXQRVSRFRVDQLPDOHVTXHIXHURQFRPSUDGRVSRU LUODQGHVHV LQJOHVHV \ HVFRFHVHV TXH DFXGDQ DO SDV DPSDUDGRV SRU HO FRQYHQLR GH
0DQXHO &KRSLWHD SDUD OOHYDUORV D VX HVWDQFLD DO YHUORV XQ FDXGLOOR TXH SDVDED SRU DF¡EDVH GH YHU TXH ODV SULPHUDV FDED±DV HVWXYLHURQ HQ VXV PDQRV 1DGD GH
HVRVOXJDUHVORVKL]RPDWDUSDUDREWHQHUSHOORQHV/HP©HS¡J7ULVWHILQ H[WUD±R WLHQH HVD SUHHPLQHQFLD KRPEUHV UHFL©Q OOHJDGRV DO SDV DO DPSDUR GH
GHWDQYDOLRVRVDQLPDOHVTXHVLPEROL]D©OSDQRUDPDGHOD©SRFD IODPDQWHVOLEHUWDGHV\GHVHRVRVGHPHMRUDUVXSRVLFL³QHFRQ³PLFDHVRVH[WUDQLHURV
6RQ HVDV ]R]REUDV GHULYDGDV GHO FDXGLOOLVPR PRQWRQHUDV \ OXFKDV LQWHVWLQDV ODV VH GHGLFDEDQ D FXDQWD DFWLYLGDG SRGDQ HPSH]DQGR SRU HO FRPHUFLR SDUD OR FXDO
TXH WUDEDQ HO GHVDUUROOR RYLQR /D FUD GHO PHULQR FREUD HVSHFLDO VLJQLILFDGR SXHV DSURYHFKDEDQVXVUHODFLRQHVFRQHOSDVQDWDO6LHQGRODJDQDGHUDDFWLYLGDGE¡VLFD\
UHSUHVHQWDHOSDVRKDFLDXQDJDQDGHUDP¡VHYROXFLRQDGDGRQGHLQWHUYLHQHHOKRPEUH SUHGRPLQDQWHQRSRGDQGHMDUGHHMHUFHUODSHUROHVHVWDEDYHGDGRSRUORPHQRVDO
FRQPD\RUDVLGXLGDG3HURHVDPLVPDFDUDFWHUVWLFDKDFHTXHDOFRQWUDULRGHOYDFXQR FRPLHQ]R OD H[SORWDFL³Q YDFXQD ߚHQWRQFHV OD SULQFLSDOߚ SRU GHVFRQRFLPLHQWR GH
HO RYLQR QR SXHGD SURVSHUDU VLQ YLJLODQFLD HVWUHFKD (Q FRQVHFXHQFLD ORV ODQDUHV ODV SHFXOLDULGDGHV DUJHQWLQDV \ IDOWD GH GRPLQLR VREUH FDEDOOR \ OD]R DSWLWXGHV
DGTXLULU¡Q LPSRUWDQFLD HQ PRPHQWRV GH WUDQTXLOLGDG VRFLDO SDUD SHUGHUOD SULPRUGLDOHVSDUDHVDDFWLYLGDGGLVWLQWRHUDFRQHORYLQRVDEDQSRUKDEHUORYLVWRHQ
U¡SLGDPHQWHFXDQGRODVJXHUUDVFLYLOHVLPSLGDQODVWDUHDVUXUDOHV)XHURQ©SRFDVGH HOSDVQDWDOORVEHQHILFLRVTXHUHSRUWDEDFRQRFDQHOLQWHU©VPXQGLDOSRUHOWH[WLO\
UHODWLYD SD] HO JRELHUQR GH 5LYDGDYLD HO D±R \ ORV ºOWLPRV GH OD GLFWDGXUD DXQHQHOFDVRGHLJQRUDUODFUDGHRYLQRVHVWDEDQHQDEVROXWRSLHGHLJXDOGDGFRQORV
URVLVWD FULROORV3RUHVRORVH[WUDQMHURVPRGHVWRVVHGHGLFDEDQDODH[SORWDFL³QODQDUGLUHFWD
l/RV *DOSRQHV{ SURVSHUDED DXQTXH IXHUDQ VHSDU¡QGRVH VXV VRFLRV 3ULPHUR VH \ORVSURYLVWRVGHUHFXUVRVDFXGDQDW©FQLFRVHVSHFLDOPHQWHFRQWUDWDGRVVWRVDºQ
UHWLU³ :KLWILHOG \ HQ KL]R OR SURSLR +DUUDW SDUD IXQGDU RWUD FDED±D l/RV VLQ TXHUHUOR IXHURQ KDFLHQGR HVFXHOD FRQ OD GLDULD ODERU OR TXH SHUPLWL³ HO
*DOSRQHV&KLFRV{GRVOHJXDVDOQRUWHGHODSULPLWLYDHQVRFLHGDGFRQ+DQQDK(VH DSUHQGL]DMH GH PXFKD JHQWH KXPLOGH \ OD KDELOLW³ SDUD GHVHPSH±DUVH OXHJR
PLVPR D±R ODV YHQWDV GH l/RV *DOSRQHV{ WRWDOL]DURQ OLEUDV HVWHUOLQDV VHJºQ LQGHSHQGLHQWHPHQWH&DEHGHVWDFDUHOSDSHOGHORVFRORQRVHVFRFHVHVHVWDEOHFLGRVHQ
+RJJ,S¡J/HP©HS¡JDILUPDTXHODVYHQWDVVXSHUDEDQHO 0RQWH*UDQGHY©DVHS¡JGLYXOJDGRUHVGHODFUDODQDU
PLOO³Q GH SHVRV 3RVWHULRUPHQWH +DQQDK VH HVWDEOHFL³ SRU VX FXHQWD HQ l(O 3DUD OD ©SRFD GHO EORTXHR DQJORIUDQF©V HO SHUL³GLFR (O 1DFLRQDO LQGLFDED TXH
&DUPHQ{ GRQGH FHUF³ VXV SRWUHURV FRQ DUEXVWRV HVSLQRVRV H LPSODQW³ ORV SULPHURV SRVHDQPDMDGDVLUODQGHVHVLQJOHVHV\HVFRFHVHV0DF&DQQS¡J
ERVTXHV DUWLILFLDOHV +RJJ , S¡J (O PDJQILFR UHVXOWDGR GH l/RV YLDMHUR LQJO©V TXH UHFRUULHUD QXHVWUR SDV HQ HVD ©SRFD KDEOD GH XQD
*DOSRQHV{DILUPD3HOOHJULQLGHVSHUW³ODDWHQFL³QSºEOLFDKDFLD\HQJHQGU³P¡V ILUPD EULW¡QLFD TXH SRVHD HQ (QWUH 5RV P¡V GH KHFW¡UHDV \ FDUJDED
WDUGH XQD YHUGDGHUD lPHULQRPDQD{ &RPR HO PHULQR HVSD±RO QR SRGD VDOLU GH OD GLUHFWDPHQWH VX ODQD D (XURSD (O PLVPR DXWRU S¡J UHILHUH TXH HQ OHJXDV
SHQQVXODVHLPSRUWDEDHOQHJUHWHPHULQRGH6DMRQLD DOUHGHGRU GH OD FLXGDG DEXQGDEDQ ORV RYLQRV /D FUD RYLQD SRU H[WUDQMHURV GD
&RPLHQ]D HQ XQD EUHYH ©SRFD GH SD] TXH DOLHQWD D ORV FULDGRUHV DILUPD QDFLPLHQWR D XQD YHUGDGHUD FODVH PHGLD IRUPDGD SRU SHTXH±RV SURSLHWDULRV $V OR
0HQGR]D S¡J TXH GXUDQWH HVH D±R VH LPSRUWDURQ QHJUHWHV GH DFXHUGR VH±DOD 0DF &DQQ lORV SURSLHWDULRV GH FDPSRV GXH±RV GH JUDQGHV FDQWLGDGHV GH
FRQ/D*DFHWD0HUFDQWLOHQ\HQWUDURQDOSDVUHSURGXFWRUHV YDFDV \ RYHMDV IRUPDQ XQD FODVH ORV SHRQHV \ SDVWRUHV IRUPDQ RWUD SHUR ORV
KHPEUDV\PDFKRV6HDWULEX\HODGLIXVL³QGHODVDUQDߚSLQJDTXHKDEUDGH LQPLJUDQWHV HPSLH]DQ D IRUPDU XQD FODVH LQPHGLDWD GH SHTXH±RV SURSLHWDULRV GH
DIHFWDUSURIXQGDPHQWHDORVODQDUHVߚDXQDSDUWLGDGHPHULQRVVDMRQHVTXHOOHJ³DO JDQDGRVHPHMDQWHVDQXHVWURV\HRPHQ{S¡J
SDVHQDVHJXUDQDOJXQRVFRPHQWDULVWDVTXHWDOHSL]RRWLDQRH[LVWDDQWHVHQWUH %XHQD SDUWH GH HVRV H[WUDQMHURV ߚHVFULEH /HP©H S¡JLQD TXH ORV
RYHMDVDXQTXHDWDFDEDODVOODPDVSHURRWURVRSLQDQORFRQWUDULR FRQRFLHUD SHUVRQDOPHQWHߚ lKDEDQ FRPSUDGR FDPSRV D SUHFLRV QILPRV D ORV
5DPRV 0HMD VRVSHFKD TXH VH UHIOHMHQ HQ HVH WHUUHQR ODV OXFKDV SROWLFDV HQWUH XQLWDULRV SHUVHJXLGRV SRU 5RVDV TXH ORV YHQGDQ DQWHV GH TXH HO 'LFWDGRU ORV
IHGHUDOHV \ XQLWDULRV l$JXLUUH 5RMDV \ +DHGR WUHV GH ORV TXH HQ HO JUHPLR GH ORV HPEDUJDVH R SDUD SURSRUFLRQDUVH DOJXQRV UHFXUVRV HQ HO GHVWLHUUR{ /DV
KDFHQGDGRV WUDEDMDURQ P¡V SRU GLIXQGLU ODV LGHDV UHIRUPDGRUDV GH 5LYDGDYLD HQ OD SHUVHFXFLRQHVSROWLFDVKLFLHURQUHWURFHGHUODFUDRYLQDHQWUHFULROORV$ILUPD-XUDGR
JDQDGHUDHUDQXQLWDULRV3RUVXFDOLGDGGHH[WUDQMHURVWDPEL©QORHUDQORVFDUQHURV S¡JlODUHYROXFL³QGHO6XGHQ\ODODUJDJXHUUDFLYLOTXHOHVLJXL³
PHULQRV\VHSUHWHQGDHQWRQFHVTXHIXHURQHOORVORVGLIXQGLGRUHVGHODVDUQDFXDQGR GHVWUX\HURQ OD PD\RU SDUWH GH ORV HVWDEOHFLPLHQWRV GRQGH VH KDFDQ WDQ YDOLRVRV
HQ %XHQRV $LUHV OOHJ³ HQ D DIHFWDU SURSRUFLRQHV GH HSLGHPLD $ ORV JULWRV GH HQVD\RV{
ߡPXHUDQORVH[WUDQMHURVVDUQRVRVߢHOJDXFKDMHGLRFXHQWDGHORVUHED±RVH[LVWHQWHV
HQODVHVWDQFLDVHPEDUJDGDVRQRGHVDOYDMHV\H[WUDQMHURV{5DPRV0HMDW ,S¡J
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
(;3257$&,21(6325%8(126$,5(6 DQLPDOGHVXDPELHQWHFLUFXQGDQWH/HIDOWDEDYHORFLGDGHVWDPSD\RWURVFDUDFWHUHV
3URGXFWRV
SURSLRV GH UD]DV VHOHFFLRQDGDV SRU HO KRPEUH 3RU HOOR OODP³ SRGHURVDPHQWH OD
7DVDMRTXLQWDOHV>@ ߚ ߚ ߚ ߚ
&XHURVYDFXQRV ߚ ߚ ߚ ߚ
DWHQFL³QHOFDEDOORLQJO©VGHFDUUHUDSHUWHQHFLHQWHD%HUHVIRUGTXHTXHGDUDHQHOSDV
/DQDWRQHODGDV >@ FRPR ERWQ GH JXHUUD $ILFLRQDGRV ORV ULRSODWHQVHV HVSD±ROHV \ FULROORV D ODV
6HERWRQHODGDV ߚ ߚ ߚ ߚ ߚ FDUUHUDVGHFDEDOORVDGPLUDURQVXVOQHDV\VXYHORFLGDG9HQGLGRHQUHPDWHSºEOLFR
)XHQWHV*LEVRQS¡JV/DW]LQDS¡JV\3LOODGRS¡J-XQWD1DFLRQDOGH ORDGTXLUL³)UDQFLVFR$OPH\UDSDUDODHVWDQFLDl(O7DOD{/RERVGRQGHGHM³
&DUQHVS¡JV\([LVWHQDOJXQDVGLIHUHQFLDVHQWUHODVGLYHUVDVIXHQWHV
SRWULOORVOLJHURV'HVGHOXHJRQLQJXQDXWLOLGDGSUHVWDEDQHVRVDQLPDOHVYHORFHV
$SUHFLDEOH LQIOXHQFLD KDEU¡ WHQLGR HQ OD UDGLFDFL³Q GH PXFKRV SHTXH±RV SHURIU¡JLOHVHQORVUXGRVWUDEDMRVGHHVWDQFLDGRQGHHOFULROORHUDLQVXSHUDEOH
SURSLHWDULRV HO EDOGH YROFDGRU GHVFULSWR DQWHV S¡J JUDFLDV DO FXDO SXGLHURQ /DSULPHUDLPSRUWDFL³QGHOLEHUDGDGHHTXLQRVGHUD]DVHGHEHD5LYDGDYLDTXH
IRUPDUVH H[SORWDFLRQHV PRHVWDV HQ WHUUHQRV TXH OD JUDQ HVWDQFLD QHFHVLWDGD GH LPSUHVLRQDGR SRU ORV YLJRURVRV FDEDOORV GH WLUR SHVDGR YLVWRV GXUDQWH VX HVWDGD HQ
DJXDGDVSHUPDQHQWHVGHVSUHFLDEDSRULQºWLOHV(OPD\RUEHQHILFLRUHVXOWDQWHGHXQD ,QJODWHUUD KL]R YHQLU WUHV SDGULOORV \ XQD \HJXD 6KLUH $TX VH OODP³
H[SORWDFL³Q PHQRV H[WHQVLYD SHUPLWD D ORV SHTXH±RV JDQDGHURV DGTXLULU WLHUUDV IULVRQHV D HVWRV FDEDOORV QR SRU HUURU GH WUDGXFFL³Q FRPR SUHWHQGHQ DOJXQRV VLQR
YDOLRVDVSRUVXVEXHQRVSDVWRV\PHMRUXELFDFL³QLQGLVSHQVDEOHVSDUDHORYLQR SRUTXHWDOW©UPLQRVHDSOLFDEDDORVDQLPDOHVJUDQGHV\IXHUWHV6RODQHWS¡J
/DVH[SRUWDFLRQHVERQDHUHQVHVSURSRUFLRQDQFODUDLGHDGHOGHVDUUROORODQDU/RV /RVUHSURGXFWRUHVHVWXYLHURQHQXQDTXLQWDGH%XHQRV$LUHV\P¡VWDUGHORVOOHY³OD
HPEDUTXHVFREUDURQLPSXOVRDSDUWLUGHFXDQGRVREUHYLHQHXQSHURGRSDFILFR ILUPD)HOLSH3L±H\UR\+QRVDOl5LQF³QGH1RDULR{HVWDQFLDGHOHJXDVXELFDGD
\ \D ODV FDED±DV OOHYDEDQ D±RV GH WUDEDMR QHFHVDULRV SDUD H[WHQGHU VX DFFL³Q D ODV HQ0DJGDOHQD(VWDUD]DIDYRUHFL³HOWUDQVSRUWHXUEDQRQHFHVLWDGRGHDQLPDOHVP¡V
PDMDGDV JHQHUDOHV (Q KD\ OLJHUD GHFDGHQFLD SRU OD JXHUUD FLYLO \ HO EORTXHR SHVDGRV\UHVLVWHQWHVTXHHOFULROOR3RFRGHVSX©VVHLQWURGXMHURQGH&KLOHDOJXQRV
SHUR GH D ODV H[SRUWDFLRQHV VH FXDGUXSOLFDQ (O SURJUHVR QR UDGLFD FDEDOORVEUDFHDGRUHVTXHVXVGXH±RVOXFDQHQORVSDVHRVSRUODFLXGDG
VRODPHQWHHQHODXPHQWRGHWRQHODMHVLQRGHFDOLGDGSRUHOSDXODWLQRPHMRUDPLHQWR 3HUR VLQ UD]³Q HFRQ³PLFD SRGHURVD TXH REOLJDUD D WDOHV LPSRUWDFLRQHV HOODV
GH ORV UHED±RV $FHSWDQGR XQD SURGXFFL³Q PHGLD GH NJ SRU DQLPDO>@ ODV IXHURQ DEDQGRQDGDV $GHP¡V OD JXHUUD FLYLO FUHDED XQ FDRV HVSHFLDO TXH LPSHGD
H[SRUWDFLRQHV GH UHTXHULUDQ RYHMDV ODV FRUUHVSRQGLHQWHV D SUHRFXSDUVHSRUHOHTXLQRFLQFXHQWDD±RVGHOXFKDVHQWUHPRQWRQHUDVTXHFRPEDWDQ
UHSUHVHQWDUDQ FDEH]DV \ ODV UHJLVWUDGDV HQ GHPDQGDUDQ P¡V GH ºQLFDPHQWH D FDEDOOR VDOSLFDGRV GH VHTXDV LQYDVLRQHV GH LQGLRV \ lDX[LOLRV{ ߚ
&RPR HUD HQWRQFHV FRVWXPEUH WUDEDMDU ORV RYLQRV SRU PDMDGDV GL UHTXLVDVGHHTXLQRVSDUDVHUYLFLRGHODVIURQWHUDVߚQRSRGDQPHMRUDUODFDEDOODGDQL
RYHMDV EDMR HO FXLGDGR GH XQ SDVWRU HVWD ºOWLPD H[LVWHQFLD SHUPLWLUD VXSRQHU XQD DOHQWDUVXFXLGDGRl/RVFDEDOORVGLFHHO'U&HEDOORVQRHUDQSDUDHOYHFLQGDULRGH
FDQWLGDGPQLPDGHPDMDGDV OD3URYLQFLDXQDSURSLHGDG/D)URQWHUDORVGHYRUDEDDPLOODUHV/RVMXHFHVGHSD]GH
&RQWRGRQRGHEHH[WUHPDUVHHORSWLPLVPRORVRYLQRVRFXSDEDQDºQOXJDUPX\ FDGDSDUWLGRHVWDEDQREOLJDGRVDPDQWHQHULQYHUQDGDV\GDUFXHQWDSXQWXDO\PHQVXDO
VHFXQGDULR HQ ORV HPEDUTXHV GH ODQD UHSUHVHQWDEDQ DSHQDV HO GHO YDORU DO0LQLVWHULRGHOD*XHUUD{/HP©HS¡J/DDEXQGDQFLDGHFDEDOJDGXUDV
WRWDOH[SRUWDGRH[FOXLGRPHWDOHVSUHFLRVRV\GLQHURFXHURVYDFXQRV\WDVDMRߚSHVH KDFDTXHXQFXHURVDODGRGH\HJXDYDOLHVHWDQWRFRPRWUHV\PHGLRDQLPDOHVYLYRV
DXQDWUDQVLWRULDGHFDGHQFLDGHHVWHºOWLPRߚDEVRUEDQHQFDPELRHO(OODQDU -XUDGRS¡J
QR DOFDQ]DED JUDQ GHVDUUROOR SRUTXH ORV JUDQGHV HVWDQFLHURV ߚSULQFLSDO IXHU]D (O GHVDUUROOR GHO WDVDMR DOHQWDED WDPEL©Q RWUR HQHPLJR GH OD HVSHFLH HTXLQD OD
JDQDGHUDߚQRYHDQDºQVXFRQYHQLHQFLDVREUHHOYDFXQR JUDVHULD(VWHDQH[RGHORVVDODGHURVGHYRU³\HJXDVSRUPLOODUHVD±RVKXERHQTXHVH
PDWDURQP¡VGH*LEVRQS¡J&RPRSDUDREWHQHUPHMRUSUHFLRVH
HQYLDEDQDOVDFULILFLRORVDQLPDOHVP¡VUREXVWRV\JRUGRVI¡FLOUHVXOWDEDFRPSUHQGHU
(16$<2'(0(-25$0,(172(48,12 ODVHOHFFL³QQHJDWLYDTXHVXIUDQODVPDQDGDV
+DFLD KXER HVFDVH] GH FDEDOODUHV GLH]PDGRV SRU JXHUUDV JUDVHULDV
PDWDQ]DV SRU FXHURV VHTXDV OD GH HVH D±R IXH WHUULEOH HWF ,QWHUHVDGR 5RVDV HQ
/RVFDEDOORVH[LVWHQWHVHQHO5RGHOD3ODWDGHQRPLQDGRVFULROORVHUDQSURGXFWRGH PDQWHQHU OD DEXQGDQFLD HTXLQD D ILQ GH UHPRQWDU VXV HM©UFLWRV \ FRQVHJXLU \HJXDV
XQD ODUJD VHOHFFL³Q QDWXUDO HMHUFLGD VREUH HTXLQRV TXH VH PXOWLSOLFDURQ HQ WRWDO EDUDWDV SDUD HO UDFLRQDPLHQWR GH ORV LQGLRV DPLJRV>@ ߚKLS³IDJRVߚ SURKLEL³
OLEHUWDGGXUDQWHODUJRWLHPSR6HRULJLQ³DVXQDUD]DHVSHFILFDPHQWHDGDSWDGDDXQ VDFULILFDU\HJXDVHLPSXVRPXOWDVGHYHLQWHSHVRVSRUFDGDDQLPDOPXHUWR\GLH]SRU
PHGLRDPELHQWHSHFXOLDU&RQGLFLRQHVIVLFDVSHODMHWRGRUHVSRQGDDHVHILQHUDQ
FXHURQHJRFLDGRDOD±RVLJXLHQWHTXHG³VLQHIHFWRODPHGLGD3RUFRQILVFDFLRQHVGH
DQLPDOHV UºVWLFDV VREULRV GH UHGXFLGD DO]DGD FRQ SHODMH TXH GHVWDFDED SRFR HO
HVWDQFLDV R HTXLQRV FRQVHFXHQFLD D VX YH] GH OXFKDV FLYLOHV VH QRWD LJXDO HVFDVH]
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
GXUDQWH ORV D±RV \ &RPR HO FDEDOOR FRQVWLWXD HOHPHQWR HVHQFLDO SDUD
PDQWHQHU OD KDFLHQGD EDMR URGHR FDGD YH] TXH IDOW³ KXER SDUDOHOR DO]DPLHQWR \
S©UGLGDGHYDFXQRV
0(-25$6(1/$(;3/27$&,19$&81$
/DSUHVHQFLDGHH[WUDQMHURVTXHFRQRFDQHQVXWLHUUDYDFXQRVPX\VXSHULRUHVDORV
FULROORV\ODUHSHUFXVL³QGHODVSULPHUDVLQWURGXFFLRQHVGHODQDUHV\HTXLQRVILQRV
LQGXMHURQSRVLEOHPHQWHDOPHVWL]DPLHQWRYDFXQR+DVWDDKRUDSHUPDQHFHDOJRRVFXUD
ODIHFKDGHODVSULPHUDVLPSRUWDFLRQHVTXL]¡VHD+RJJS¡JTXLHQP¡V
DFODU³HOSXQWR\SRUORWDQWRFRQYLHQHVHJXLUOR(QODILUPD+XOOH\\&DGH
/RQGUHV DGTXLUL³ XQ WRUR 6KRUWKRUQ 'XUKDP VH GHFD HQWRQFHV>@ SRU FXHQWD GH
-RKQ 0LOOHU HVWDQFLHUR LQJO©V GXH±R GH l/D &DOHGRQLD{ &D±XHODV HO UHSURGXFWRU
OOHJ³D%XHQRV$LUHVHQWUH\SHURDQWHVGHLUDl/D&DOHGRQLD{TXHG³XQ
WLHPSRGHSRVLWDGRHQODTXLQWDGH0U-DPHV%ULWWDLQHQ%DUUDFDV$XQTXHHOQRPEUH
GHO DQLPDO 7DUTXQ R 7DUTXLQR FRUUHVSRQGH D YDULRV HMHPSODUHV LQVFULSWRV HQ ORV
OLEURV JHQHDO³JLFRV LQJOHVHV SDUHFHUD TXH OH IXH SXHVWR HQ OD HVWDQFLD SRU 0LOOHU
&DEHGHVWDFDUTXHHQODTXLQWDGH%ULWWDLQ\DSRUH[LVWDQFXDWURYDFDVOHFKHUDV
GH LPSRQHQWH WDPD±R \ UD]D LQJOHVD TXH PX\ ELHQ SXGLHURQ WHQHU HO PLVPR RULJHQ
TXH7DUTXLQRORV6KRUWKRUQVRQGLVFUHWRVOHFKHURV
$XQTXH HO WRUR LPSUHVLRQ³ YLYDPHQWH \ IXH FRQRFLGR SRU WRGRV WDQWR TXH HO ),*9DFXQRFULROORGHOD±R(QMXWRGHSDWDVODUJDV\HQRUPHVJXDPSDVHOYDFXQRFULROORHVODDQWLWHVLV
GHODQLPDOUHILQDGRTXHPXHVWUDODILJ7RPDGRGHODUHYLVWD$EHUGHHQ$QJXVRWR±RGH
QRPEUH GH 7DUTXLQR VH DSOLF³ D VX GHVFHQGHQFLD \ FRQYLUWL³VH HQ VLQ³QLPR GH
6KRUWKRUQ QR WXYR PD\RU DFHSWDFL³Q 6DODGHULVWDV \ KDFHQGDGRV HQ JHQHUDO VH /DV FRPSLODFLRQHV GH %URLGH PXHVWUDQ TXH SRU HVD ©SRFD ORV
RSRQDQDOSURJUHVRGHODUDMDSRUTXHVXSLHOHUDP¡VGHOJDGDRVHDPHQRVYDOLRVDOD FXHURVGHYDFDVHFRWL]DEDQDWUHFHRFDWRUFHSHVRVSDSHO\ORVGHEXH\OOHJDURQD
FDUQHJRUGDTXHSURGXFDQRVHSUHVWDEDWDQWRDOVDODGRFRPRHOPºVFXORHQMXWRGHO PLHQWUDVXQTXLQWDOGHWDVDMRGRQGHSHVDEDP¡VHOYDORUDJUHJDGRSRUODPDQXIDFWXUD
YDFXQRFULROOR TXH OD PDWHULD SULPD VH YHQGD D YHLQWH SHVRV $XQTXH FDGD DQLPDO SURSRUFLRQDUD
$O MX]JDU HO HSLVRGLR PXFKRV FXOSDQ D VDODGHULVWDV \ HVWDQFLHURV GH UXWLQDULRV TXLQWDO\PHGLRGHWDVDMRVXUJHODLPSRUWDQFLDGHOFXHUR$Q¡ORJDUHODFL³QGHYDORUHV
SRFRVDJDFHVRSXHVWRVDOSURJUHVRUHVXOWDHUU³QHRWDOMXLFLRSURYHQLHQWHGHOROYLGR LQGLFDQORVDIRURVDGXDQHURVVHJºQFXDGURVHVWDGVWLFRVGH/DW]LQDS¡JLQD/D
R GHVFRQRFLPLHQWR GH ODV FRQGLFLRQHV HFRQ³PLFDV LPSHUDQWHV (Q HVD ©SRFD HUD HO LQGXVWULDHXURSHDEXVFDED\DSUHFLDEDORVFXHURVULRSODWHQVHVSRUVXJURVRUGHELGRD
FXHURSURGXFWRPX\YDOLRVRPLHQWUDVODFDUQHSRUIDOWDGHPHUFDGRFRQVWLWXDFDVL OD UXVWLFLGDG GHO YDFXQR FULROOR HQ FRQWUDSRVLFL³Q D ODV UD]DV ILQDV HXURSHDV 7RGR
XQHVWRUERFXDQGRVREUHSDVDEDHOFRQVXPRGHODVSREODFLRQHVߚQILPRIUHQWHDODV HOORVLQPHQFLRQDUODIDOWDGHDODPEUDGRVTXHWRPDEDGLIFLOVHSDUDUURGHRVGHUD]DV
H[LVWHQFLDV GH YDFXQRVߚ OD IDOWD GH PHGLRV SDUD FRQVHUYDUOD V³OR SHUPLWD VX GLVWLQWDV (Q HVDV FRQGLFLRQHV SRGD SURVSHUDU HO 6KRUWKRUQ R FXDOTXLHU RWUD UD]D
H[SRUWDFL³Q FRPR WDVDMR SURGXFWR LQIHULRU GH HVFDVR SUHFLR TXH GHPDQGDED FDUQH SHUIHFFLRQDGD" &XDQGR PXFKR YHJHWDUD PHUFHG DO DEDVWR ERQDHUHQVH SHTXH±R
PDJUDFRPRODGHOYDFXQRFULROORY©DVHS¡J'HEHUHFRUGDUVHTXHHO6KRUWKRUQ HPSHUR IUHQWH D OD GHPDQGD VDODGHULO Y©DVH S¡J 'H DFXHUGR FRQ 1HZWRQ
GH HQWRQFHV ILHO D FRVWXPEUHV DOLPHQWDULDV \ K¡ELWRV GH YLGD LPSHUDQWHV HUD XQD OD GHVFHQGHQFLD GH 7DUTXLQR VH XWLOL]³ P¡V SRU VX SURGXFFL³Q O¡FWHD ߚ
LQPHQVDPROHGHFDUQH\JUDVDY©DQVHS¡JV HOHYDGD UHVSHFWR DO FULROORߚ TXH SRU OD FDUQH HQ V &XDQGR ODV OHFKHUDV \D QR
SURGXFDQ VH ODV HQYLDED DO PDWDGHUR SUHYLR HQJRUGH VREUHVDODQ DOO SRU HO DOWR
UHQGLPLHQWRHQFDUQH\VHER
'HEHQSDVDUODUJRVD±RVDQWHVGHTXHVHUHSLWDHOLQWHQWRHVWDYH]FRQPHVWL]RV
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
'XUDQWH+DUULQJWRQ\(GJHWUDMHURQGHO8UXJXD\YDFXQRV+HUHIRUGGHOURGHR /RVSURJUHVRVGHODJDQDGHUDSRVWHULRUHVDFUHDURQO³JLFDPHQWHLQWHU©VPXFKR
TXH+DUUDWWHQDHQVXHVWDQFLDGH&RORQLDDOD±RVLJXLHQWHORVPLVPRVHIHFWºDQXQD PD\RUSRUODWLHUUDDORTXHVHXQL³HOlKDPEUH{GHSURSLHGDGUHVXOWDQWHGHOVLVWHPD
FRPSUD VLPLODU GH FDEH]DV TXH YHQGLHURQ D 'RPLQJR 2OLYHUD +RJJ H[FOXVLYLVWDFRORQLDO&RQODLQGHSHQGHQFLDSROWLFD\HOGHVDUUROORJDQDGHURODWLHUUD
S¡J3HURVHJXDQREUDQGRODVFDXVDVDQWHGLFKDV\HOPHMRUDPLHQWRYDFXQRHQ SDVDDGHVHPSH±DUSDSHOSUHSRQGHUDQWH
JUDQ HVFDOD GHED TXHGDU SRVSXHVWR KDVWD HO DGYHQLPLHQWR GH FRQGLFLRQHV P¡V (O SULPHU JRELHUQR SDWULR HVWDED LQWHJUDGR SRU KRPEUHV GH PX\ GLYHUVDV
SURSLFLDV WHQGHQFLDV 8QRV KDEDQ FRQFXUULGR DO PRYLPLHQWR FRQ HO VROR ILQ GH DVHJXUDU
/DVºQLFDVPHMRUDVTXHVHQRWDQHQHOVLVWHPDGHH[SORWDFL³QYDFXQDVRQHOEDOGH IUDQTXLFLDV FRPHUFLDOHV QHFHVDULDV SDUD VX GHVHQYROYLPLHQWR HFRQ³PLFR RWURV HQ
YROFDGRU \ HO XVR GH VH±XHORV <D KHPRV KDEODGR S¡J GHO EDOGH YROFDGRU TXH FDPELREXVFDEDQWUDQVIRUPDFLRQHVSURIXQGDVDVSLUDEDQDFUHDUXQSDVHQHOFDEDO
SHUPLWL³ OD KDELOLWDFL³Q GH FDPSRV VLQ DJXDGDV QDWXUDOHV \ SURYH\³ XQ PHGLR SDUD VHQWLGR GH OD SDODEUD ,QILQLGDG GH HSLVRGLRV KLVW³ULFRV GHODWDQ HVD KHWHURJHQHLGDG
DOLYLDUODVVHTXDV(OVH±XHORHVXQDLQJHQLRVDSU¡FWLFDJDQDGHUDFX\DIHFKDFLHUWDGH SHURHQWUHORVTXHLQWHUHVDQDQXHVWURWHPDXQRGHORVSULPHURVDXQTXHLQDGYHUWLGR
DSDULFL³Q QR SRGHPRV SUHFLVDU OD QHFHVLGDG GH IRUPDU WURSDV \ DUUHDUODV SDUD HV HO TXH VH UHILHUH D OD PLVL³Q HQFRPHQGDGD DO FRURQHO *DUFD (O GHVDUUROOR
VDODGHURV\FLXGDGHVWDUHDLQJUDWDFRQKDFLHQGDOHYDQWLVFDIXHLPSRQLHQGRHOXVRGH JDQDGHUR H[LJD OD DPSOLDFL³Q GH IURQWHUDV OD -XQWD GHFUHWD HQWRQFHV TXH 3HGUR
WDOHV VH±XHORV FRQVLVWHQWHV HQ XQ JUXSR GH QRYLOORV R EXH\HV ELHQ PDQVRV FX\D $QGU©V*DUFDVHSRQJDDOIUHQWHGHXQDH[SHGLFL³QFRQGHVWLQRDODIURQWHUDSHURXQ
TXLHWXG \ PDQVHGXPEUH WUDQTXLOL]D D ORV DQLPDOHV FKºFDURV TXH VH DJUXSDQ D VX DJUHJDGRDXW³JUDIRGH0RUHQRWUDQVIRUPDODH[SHGLFL³QVLPSOHPHQWHPLOLWDUHQEDVH
DOUHGHGRU6HIDFLOLWDEDQDVHQRUPHPHQWHODVWDUHDVGHDSDUWH\DUUHR GHXQSODQDJUDULRDOHQFRPHQGDUDOMHIHHOHVWXGLRGHODFDPSD±DERQDHUHQVHSDUD
3RUHVHHQWRQFHVPXFKRVHVWDQFLHURVSURJUHVLVWDVTXHWHQDQDUEROHGDV\TXLQWDV SURSRQHUODPHMRUIRUPDGHUHSDUWLUODWLHUUD\FRORQL]DUOD
HQVXVHVWDQFLDVEXVFDEDQHOPRGRHFRQ³PLFRGHGHIHQGHUODVGHOJDQDGRVLQVXMHWDU (OGHVHRGHHQFDUULODUPHMRUHOXVRGHODWLHUUDVHPDQLILHVWDWDPEL©QSRUODRUGHQ
©VWH (Q ODV HVWDQFLDV QR KDED P¡V FHUFRV TXH ORV LQGLVSHQVDEOHV SDUD IRUPDU XQ GH UHWLUDU ORV JDQDGRV GH ODV FKDFUDV YLHMD FRVWXPEUH FRORQLDO TXH
FRUUDOGRQGHH[LVWDQ¡UEROHVVXILFLHQWHVVHORVKDFDGHWURQFRVFDVRFRQWUDULRKDED SDUHFD KDEHUVH ROYLGDGR DQWH HO DYDQFH GHO VLVWHPD SDVWRULO l)XH ߚGLFH *RQGUD
TXHGHOLPLWDUORVFRQ]DQMDVKHFKDVDSDODFRVWRVDV\QHFHVLWDGDVGHDUUHJORFRQVWDQWH S¡JߚHOºOWLPRDFWROLEHUDOGHOD3ULPHUD-XQWD{
SRU ORV GHVPRURQDPLHQWRV (VWH ºOWLPR P©WRGR DXQTXH FDUR HUD WDPEL©Q DSOLFDGR (O LQIRUPH GH *DUFD HOHYDGR D ILQHV GH YDOLRVR SRU VX SLQWXUD GH OD
SDUDDLVODUSODQWDFLRQHVSHURQRVDWLVIDFDDORVXVXDULRV)XH5LFDUGR1HZWRQTXLHQ FDPSD±DERQDHUHQVHUHYHODODWULVWHVLWXDFL³QGHORVDJULFXOWRUHV\VXEUHJDFRQVWDQWH
UHVROYL³VDWLVIDFWRULDPHQWHHOSUREOHPDDOYLVLWDU,QJODWHUUDGXUDQWHYLRHQOD FRQORVJDQDGHURVl6HKDEDIRUPDGRXQDOLJDGHSURSLHWDULRVߚGLFHߚSDUDDUURMDUD
SURSLHGDGGHOFRQGH)LW]:LOOLDPVDXQRVFLHUYRVFDXWLYRVHQXQSRWUHURFHUFDGRFRQ ORVODEUDGRUHVGHVXVKRJDUHVFRQYDULRVSUHWH[WRVTXHGDEDQFRORULGRDODLQMXVWLFLD\
DODPEUH9LVOXPEU³HQWRQFHVODSRVLELOLGDGGHOP©WRGRHQHO5RGHOD3ODWD\DVX HUDQHOYHORTXHODFXEUDQ{$WULEXDDHVDSHUVHFXFL³QlODPHQJXDFRQVLGHUDEOHGH
UHJUHVR WUDMR FRQVLJR XQD SDUWLGD GH DODPEUH FRQ YDULOODV \ SRVWHV PHW¡OLFRV (O QXHVWUDVFRVHFKDVGHJUDQRVSXHVORVSURSLHWDULRVQRSRGDQVXVWLWXLUODVHQPXFKRV
PDWHULDO OH VLUYL³ SDUD FHUFDU XQD TXLQWD GH YHUGXUD P¡V WDUGH UHVJXDUG³ GRV D±RV{ (O LQIRUPH WHUPLQD FRQ SURI©WLFDV SDODEUDV lOD GLVROXFL³Q GHO HVWDGR R OD
ERVTXHFLOORV\GHVSX©VKL]RYDULRVFRUUDOHVSDUDKDFLHQGD(QYLVWDGHO©[LWRREWHQLGR SURQWD UHJHQHUDFL³Q GH QXHVWUD DJULFXOWXUD ©VWD HV OD DOWHUQDWLYD HQ TXH QRV
VLJXL³DSOLFDQGRHOP©WRGRLPLWDGRSRUDOJXQRVGHVXVDPLJRV7RGRVHVWRVWUDEDMRV KDOODPRVߨ{&RQLS¡J
VHOLPLWDURQDSURWHJHUSODQWDFLRQHVRIRUPDUFRUUDOHVSRUHOORQRFDPELDQJUDQFRVD &RPR UHPHGLR *DUFD DFRQVHMD OD PHQVXUD H[DFWD GH ODV WLHUUDV FRPHQ]DQGR
OD H[SORWDFL³Q JDQDGHUD DXQTXH FRQVWLWX\HQ YDOLRVRV DQWHFHGHQWHV SDUD XQ IXWXUR GHVGH OD SURSLD 3OD]D GH OD 9LFWRULD SDUD GLYLGLUODV \ HQWUHJDUODV HQ SURSLHGDG R
SU³[LPR DUUHQGDPLHQWRODIRUPDFL³QGHSHTXH±DVSREODFLRQHV\ODVHJXULGDGGHODVIURQWHUDV
1RSXHGHQROYLGDUVHHQRWURRUGHQGHFRVDVODVSU¡FWLFDVJDQDGHUDVGLIXQGLGDV /RV SUROHJ³PHQRV GH OD DFFL³Q UHYROXFLRQDULD TXH DSXQWDEDQ FRQ EDVWDQWH
SRUORVHVFRFHVHVLQWHJUDQWHVGHODFRORQLD6DQWD0DUDTXHHQVHIXQGDUDHQ FHUWH]D FRPR HQ HVWH FDVR DO UHPHGLR GH PXFKR{ IDFWRUHV E¡VLFRV FDXVDQWHV GHO
6DQWD &DWDOLQD 0RQWH *UDQGH GRQGH KR\ VH DVLHQWD HO ,QVWLWXWR )LWRW©FQLFR GH OD DWUDVR HFRQRPLFRVRFLDO QR SRGDQ PHQRV TXH DODUPDU D ORV EHQHILFLDULRV GH HVWD
8QLYHUVLGDG GH /D 3ODWD $ HVRV FRORQRV G©EHVH OD HQVH±DQ]D GHO DPDQVDPLHQWR GH VLWXDFL³Q 3RU HVR YHPRV TXH D SRFR DQGDU VXUJHQ HQ HO VHQR GH OD 3ULPHUD -XQWD
YDFDVIDEULFDFL³QGHTXHVR\EXHQDPDQWHFDߚODGHHQWRQFHVQRPHUHFDWDOQRPEUH SURIXQGDVGLYHUJHQFLDVTXHVHSDUDQHOQºFOHRPRUHQLVWDߚLQVSLUDGRUGHQXHYDVLGHDV
ߚ\QRFLRQHVVREUHFUDGHODQDUHV&RQLS¡J ߚ GHO VHFWRU VDDYHGULVWD ߚPDQWHQHGRU GH VLWXDFLRQHV FUHDGDVߚ 3RGDQ DFDVR OD
PHGLDGRFHQDHVFDVDGHJUDQGHVODWLIXQGLVWDVFRORQLDOHVY©DVHS¡JߚIRUPDGRVD
IXHU]DGHSULYLOHJLRߚDSODXGLUODLGHDGHPHQVXUDUH[DFWDPHQWHODVWLHUUDVHVWXGLDU
',675,%8&,1'(/$7,(55$ VXVWWXORVRIUHFHUORVORWHVOLEUHVDTXLHQHVGHVHDUDQRFXSDUORV"
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
(Q ORV YDLYHQHV SROWLFRV OOHYDQ QXHYDPHQWH DO JRELHUQR D KRPEUHV SDUDIDYRUHFHUODDJULFXOWXUDWLHQHQVLHPSUHHQFXHQWDODFODVHVRFLDOGHORVGHGLFDGRV
SURJUHVLVWDV \ VH UHDFWXDOL]D HO WHPD GH OD WLHUUD 6H RUGHQD HO UHOHYDPLHQWR DHOOD\FRQWUDVWDQSRUVXPH]TXLQGDGFRQODVWRPDGDVHQEHQHILFLRGHODJDQDGHUD
WRSRJU¡ILFRGHODSURYLQFLDSRUWH±D(QVXVIXQGDPHQWRV5LYDGDYLDH[SOLFDlTXHHVD ODRFXSDFL³QGHORVJREHUQDQWHVROHJLVODGRUHV{S¡J
PHGLGDWHQDSRUREMHWRUHSDUWLUJUDWXLWDPHQWHDORVKLMRVGHOSDVVXHUWHVGHHVWDQFLDV (O GHVDUUROOR GH OD JDQDGHUD KDED HPSXMDGR \D OD HVWDQFLD KDVWD P¡V DOO¡ GHO
SURSRUFLRQDGDV \ FKDFUDV SDUD OD VLHPEUD GH JUDQRV EDMR XQ VLVWHPD SROWLFR TXH 6DODGR OD FO¡VLFD IURQWHUD FRQ HO LQGLR (Q OD FDPSD±D ERQDHUHQVH TXHGDEDQ SRFRV
DVHJXUH HO HVWDEOHFLPLHQWR GH SREODFLRQHV \ OD IHOLFLGDG GH WDQWDV IDPLOLDV SDWULFLDV FDPSRV DSWRV VLQ RFXSDU 3XH\UUHG³Q SODQH³ XQ VLVWHPD TXH WHQGD D UHVROYHU HQ
TXH VLHQGR YFWLPDV GH OD FRGLFLD GH ORV SRGHURVRV YLYHQ HQ OD LQGLJHQFLD \ HO IRUPD RUJ¡QLFD OD LQGLVSHQVDEOH DPSOLDFL³Q GH IURQWHUDV MXQWR FRQ OD SURSLHGDG
DEDWLPLHQWRFRQHVF¡QGRORGHODUD]³Q\HQSHUMXLFLRGHORVYHUGDGHURVLQWHUHVHVGHO WHUULWRULDO\HOWUDEDMR'XUDQWHHO&RQJUHVRORDXWRUL]DSDUDDGMXGLFDUFDPSRV
HVWDGR{2GGRQHS¡JV HQ SURSLHGDG D TXLHQHV SDUWLFLSDQ HQ OD H[SHGLFL³Q 3XH\UUHG³Q KDFH XQ OODPDGR D
(Q HO PLVPR D±R HO JRELHUQR UHVXHOYH GRQDU WLHUUD D H[WUDQMHURV TXH VH HVWDQFLHURV \ PLOLWDUHV UHWLUDGRV GHO VHUYLFLR DFWLYR EDMR HO LQFHQWLYR GH ODV
GHGLTXHQ DO FXOWLYR R PLQHUD ORV FXDOHV JR]DU¡Q GH ORV PLVPRV GHUHFKRV TXH ORV GRQDFLRQHV ©VWDV VH UHJODPHQWDQ FRQ HTXLGDG VH FRQFHGHUDQ ORV WHUUHQRV EDOGRV
QDWXUDOHV\VHU¡QDX[LOLDGRVSRUHOJRELHUQR(VFRPRDSXQWD&¡UFDQRS¡JV FRQ REOLJDFL³Q GH PHQVXUDUORV \ SREODUORV D ORV FXDWUR PHVHV GH OD HQWUHJD HQ
HO SULPHU GHFUHWR GHO JRELHUQR SDWULR TXH DIHFWD GLUHFWDPHQWH OD WLHUUD FRQ SURSLHGDGORVWU¡PLWHVVHKDUDQDQWHHOJRELHUQRFHQWUDOSDUDHYLWDUORVDEXVRVGHORV
PHGLGDVGHWUDVFHQGHQFLD&RPSOHPHQWDHVDVGLVSRVLFLRQHVODOLEHUDFL³QDEVROXWDGH MHIHV GH IURQWHUDV \ ODV PLOLFLDV SURWHJHUDQ D ORV QXHYRV SURSLHWDULRV 6H EXVFDED
GHUHFKRVDGXDQHURVSDUDLQWURGXFFL³QGHVHPLOODVSODQWDHLPSOHPHQWRVDJUFRODV/D UHFRPSHQVDU D ORV JXHUUHURV GH OD LQGHSHQGHQFLD DSURYHFKDQGR VX YHWHUDQD HQ XQD
$VDPEOHD GHO D±R SRU VX SDUWH DO DEROLU HO VLVWHPD GH YLQFXODFLRQHV FLYLOHV \ FRORQL]DFL³Q TXH LPSOLFDED OXFKD FRQVWDQWH FRQWUD HO LQGLR &RPR OD VLPSOH
PD\RUD]JRV WHQGD D IDYRUHFHU OD VXEGLYLVL³Q GH OD SURSLHGDG HQ GHIHQVD GH OD GRQDFL³QGDGRHOHVFDVRYDORUGHODWLHUUDQRSRGDDWUDHUDODJHQWHVLQFDSLWDOVH
PDOWUDWDGD DJULFXOWXUD GD QXHYDPHQWH RUGHQ GH DOHMDU ORV JDQDGRV GH ODV FKDFUDV DX[LOLDED FRQ UHFXUVRV D ORV SREODGRUHV \ VH ORV H[LPD GH LPSXHVWRV 3HUR OD
WDPEL©QUHDSDUHFHODSUHRFXSDFL³QSRUYHULILFDUOPLWHVGHSURSLHGDGHV GLVFRQWLQXLGDG SROWLFD \ HO FDXGLOOLVPR LPSLGLHURQ HO FXPSOLPLHQWR GH ODV
3HUR OD WLHUUD QR VH GLYLGL³ ORV LQPLJUDQWHV QR OOHJDURQ SRU IDOWD GH SD] \ GLVSRVLFLRQHV \ VH FRPHWLHURQ DEXVRV TXH ODV GHVYLUWXDURQ HQ DEVROXWR &¡UFDQR
HVWDELOLGDGVRFLDO\ODDJULFXOWXUDORFDOFDGDYH]P¡VGLILFXOWRVDQRSXGRDSURYHFKDU S¡JV
ODVIUDQTXLFLDV (Q VXEH 5RGUJXH] FRQ 5LYDGDYLD FRPR PLQLVWUR DO JRELHUQR GH %XHQRV
0HQGR]DS¡JTXHYLRHOPDSDGH3DULVKFRQODGHOLPLWDFL³QGHODV $LUHV\FRPLHQ]DXQD©SRFDGHWUDQTXLOLGDG\SURJUHVR$OD±RVLJXLHQWHVHSURKEH
HVWDQFLDV ERQDHUHQVHV VH DODUPD DQWH ODV LQPHQVDV SURSLHGDGHV TXH UHWHQDQ ORV WRGD YHQWD GH WLHUUD SºEOLFD KDVWD WDQWR VH GLFWDUD XQD OH\ GH IRQGR HUD HO
ODWLIXQGLVWDV IRUPDGRV HQ HO WLHPSR GH OD FRORQLD < &¡UFDQR S¡J SUROHJ³PHQR GH OD HQILWHXVLV TXH VH HVWDEOHFHUD SRFRV PHVHV GHVSX©V HQ HO RUGHQ
FRPSOHPHQWDDVODSLQWXUDl9LHMRVYLFLRVVHPDQWHQDQLQWDFWRVHQHOU©JLPHQGHOD SURYLQFLDO \ UHJLUD GHVGH SDUD WRGD OD QDFL³Q /DV SURYLQFLDV YLHURQ FRQ
SURSLHGDG &DPELDED GH QRPEUH HO GXH±R GH ODV JUDQGHV H[WHQVLRQHV <D QR HUD HO GLVJXVWR XQD OH\ TXH ODV SULYDUD GH UHVRUWHV YLWDOHV SDUD HO JRELHUQR EDVH GH VX
DFDXGDODGR HVSD±RO /R VXVWLWXD HO LQIOX\HQWH FDXGLOOR TXH VL QR HUD SURSLHWDULR GH IXHU]D\SULQFLSDOIXHQWHGHUHFXUVRV$XQTXHVXVUHSUHVHQWDQWHVODDSUREDURQHQOD
PXFKDVOHJXDVSURVSHUDEDFRPRHOSRVHHGRUP¡VWUDQTXLOR\UHVSHWDGR{ SU¡FWLFDQRULJL³IXHUDGH%XHQRV$LUHV
(O FXPSOLPLHQWR GH WRGDV ODV PHGLGDV KXELHUD PRWLYDGR XQD YHUGDGHUD UHIRUPD /DHQILWHXVLVFRQVLVWDHQDUUHQGDUODWLHUUDSºEOLFDSRUODUJRSOD]RFRQWUDHOSDJR
DJUDULDFDSD]GHFDPELDUORVPROGHVGHODVRFLHGDGFRORQLDOSHURQDGDSDV³P¡VDOO¡ GH XQ FDQRQ GH VREUH HO YDORU GH WDVDFL³Q SDUD ORWHV DJUFRODV \ SDUD
GHOSDSHO SDVWRULOHV OD GLIHUHQFLD GH FDQRQ HUD XQ HVWPXOR SDUD OD DJULFXOWXUD (O SUR\HFWR
3DUHFDDOJRFRQWUDGLFWRULRTXHKRPEUHVGHVGHDQWLJXRHPSH±DGRVHQHOIRPHQWR WHQGDDJDUDQWL]DUODGHXGDSºEOLFDߚSXHVVHODUHVSDOGDEDFRQODWLHUUDTXHTXHGDED
DJUFRODQRSXGLHUDQXQDYH]HQORVSULPHURVJRELHUQRVQDFLRQDOHVLPSRQHULGHDV HQSRGHUGHOHVWDGRߚDSURSRUFLRQDUUHFXUVRVDOHUDULR\DLPSXOVDUHOSURJUHVRGHO
UHFRQRFLGDV SRU WRGRV FRPR VDQDV /D FODYH GH OD DSDUHQWH LQFRKHUHQFLD OD SDV$SDUHQWHPHQWHQRFRQYHQDHOVLVWHPDDORVJUDQGHVSURSLHWDULRVVLQHPEDUJR
SURSRUFLRQD HO HVWDGR HFRQRPLFRVRFLDO GH HQWRQFHV FDXVDQWH GH XQD LQHVWDELOLGDG IXHXQDOHJLVODWXUDGRPLQDGDSRUHOORVGLFH&RQLS¡JODTXHVDQFLRQ³HO
SROWLFDLQFDSD]GHJDUDQWL]DUXQDFRORQL]DFL³QHIHFWLYD\ODH[LVWHQFLDGHXQDFDSD SUR\HFWR GH (O PLVPR DXWRU DFODUD HVD DSDUHQWH DQRPDOD 1R VH HVWDEOHFD
VRFLDO GH JDQDGHURV FDGD YH] P¡V LQIOX\HQWHV HQ FRQWUDSRVLFL³Q D ORV DJULFXOWRUHV FRPSURPLVR GH SREODU QL VXSHUILFLH P¡[LPD VH PRGLILF³ OD SULPLWLYD WDVDFL³Q SRU
JHQWH PLVHUDEOH H LQHUPH 'LFH &RQL l/D JHQWH FXOWD R VLPSOHPHQWH DFRPRGDGD ]RQDVSDUDHQWUHJDUODDXQMXUDGRFRPSXHVWRSRUORVPLVPRVHQILWHXWDVVHHOHY³GH
HQWUDED HQ XQD GH ODV WUHV FDWHJRUDV VLJXLHQWHV IXQFLRQDULRV HVWDQFLHURV \ GLH]DYHLQWHD±RVHOW©UPLQRGHODHQILWHXVLVQRH[LVWDREOLJDFL³QGHWUDEDMRSHUVRQDO
FRPHUFLDQWHV 3RU HVWR YHUHPRV P¡V DGHODQWH TXH WRGDV ODV GLVSRVLFLRQHV WRPDGDV SDUD HO HQILWHXWD \ VH SHUPLWD OD WUDQVPLVL³Q R DUULHQGR (O FRQMXQWR GH HVDV
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
SDUWLFXODULGDGHVFRQYLUWL³ORVVDQRVSURS³VLWRVGHODOH\HQIXHQWHGHHVSHFXODFL³Q\ DJUFRODVVHHTXLSDUDVXFDQRQDOGHORVSDVWRULOHVQRILJXUD\DHQODOH\ODVXSHUILFLH
OXFUR l'H HVWD PDQHUD OD WLHUUD GH WRGRV YHQD D VHUYLU SDUD HO OXFUR GH XQR VROR{ TXHDOUHGHGRUGHFDGDSXHEORVHUHVHUYDU¡SDUDDJULFXOWXUDVHDQXODQORVFRQWUDWRVGH
&RQLS¡J LQPLJUDFL³Q ILUPDGRV DQWHV VH H[FOX\H D ORV H[WUDQMHURV GH OD HQILWHXVLV>@ \ SRU
$ILQHVGHVHDPSODQQXHYDPHQWHODVIURQWHUDV\SDUDSREODUODV5LYDGDYLD ºOWLPR VH GLVXHOYH OD FRPLVL³Q GH LQPLJUDFL³Q $SXQWD &¡UFDQR S¡J DO
GHFUHWDXQU©JLPHQTXHDOWHUDODHQILWHXVLVVHRWRUJDQDODVIDPLOLDVKXPLOGHVTXHQR FRPHQWDU ORV KHFKRV l/D LQGXVWULD DJUFROD TXH WDQWRV HVWPXORV KDED PHUHFLGR
WLHQHQ SURSLHGDG ORWHV DJUFRODV \ SDVWRULOHV H[HQWRV GHO SDJR GH FDQRQ SRU YDULRV TXHGDED DKRUD SDJDQGR HO PLVPR FDQRQ TXH ORV FDPSRV SDVWRULOHV DKRJDGD SRU OD
D±RV/DVHVWULFWDVREOLJDFLRQHVGHOVLVWHPDKDFHQGHFLUD&RQLS¡Jl3RU JDQDGHUD /D LQIOXHQFLD GHO KDFHQGDGR HUD HQRUPH \ HO SUHGRPLQLR GHO JUHPLR
TX© D ODV SXHUWDV GH %XHQRV $LUHV HQ 3HUJDPLQR HQ 5RMDV R HQ 0RQVDOYR VH WRPDED OD LPSRUWDQFLD TXH HQ RWUR WLHPSR (VSD±D OH KDED GDGR HQ VX SHQQVXOD \
FRQFHGDQ\OHJXDVFXDGUDGDVQRVHH[LJDSREODFL³QDOJXQDQRVHH[LJD FRQFHGLGRHQODFRORQLD{
LQWURGXFFL³QGHOJDQDGRVHSHUPLWDTXHVHWUDQVILULHVHQORVGHUHFKRVVHSHUPLWDTXH /D HQILWHXVLV GHM³ WULVWH VDOGR GH VX WRUWXRVD DSOLFDFL³Q GH D
VH VXEDUUHQGDVHQ TXH VH HVSHFXODVH FRQ OD WLHUUD SºEOLFD TXH QR VH KDED SREODGR" SURSLHWDULRVHQWRWDOREWXYLHURQSRUORPHQRVOHJXDVRVHDKHFW¡UHDV
3RUTX©SRUHOFRQWUDULRDOHJXDVGH%XHQRV$LUHVHQODIURQWHUDGRQGHODYLGD 2GGRQH S¡J $OFDQ]DGR HVWH OPLWH OD HQILWHXVLV QR FRQYLQR P¡V D ORV
SHOLJUDED GH FRQWLQXR VH HUD WDQ H[LJHQWH"{ /D SUHJXQWD QR QHFHVLWDED UHVSXHVWD SURSLRV LQWHUHVDGRV TXH OD YRWDURQ VRQ ORV JUDQGHV HQILWHXWDV ߚORV PLVPRV TXH
SHURHOPLVPRDXWRUHVELHQH[SOFLWRl/DUD]³QHVFODUDHVDVWLHUUDVDOHMDGDVGHOD FODPDEDQ SRU OLPLWDFLRQHV HQ ODV VXSHUILFLHV DFRUGDGDV FXDQGR HOORV DOFDQ]DURQ
FDSLWDO HVWDEDQ GHVWLQDGDV lD ODV IDPLOLDV SREUHV GH OD FDPSD±D{ R D DTXHOODV lTXH OPLWHVFDVLLQIUDQTXHDEOHVߚORVTXHDKRUDGHVHDQDEROLUHOU©JLPHQ/DDFWLWXGHUD
HUDQHOD]RWHGHORVSURSLHWDULRV{HVGHFLUDORVSREUHVPLHQWUDVTXHODVRWUDVWLHUUDV O³JLFDSXHVQRFRQYHQDPDQWHQHUHVDVHQRUPHVH[WHQVLRQHVEDMRXQVLVWHPDTXHHQ
FHUFDQDVDODFDSLWDOHVWDEDQGHVWLQDGDVDORVFDSLWDOLVWDVDORVULFRVHQXQDSDODEUD{ GHILQLWLYDUHVHUYDEDODVWLHUUDVDOHVWDGRDGHP¡VSHVHDWRGRVORVIDYRULWLVPRVQRVH
S¡J SXGR HYLWDU TXH VH DEULHUDQ FDPLQR KDFLD OD WLHUUD \ VX H[SORWDFL³Q GLUHFWD RWURV
5LYDGDYLDDODUPDGRDQWHORVDEXVRVGHQXQFLDHODFDSDUDPLHQWRl/D SURGXFWRUHV FX\D SUROLIHUDFL³Q DIHFWDUD IXQGDPHQWDOPHQWH SULYLOHJLRV FUHDGRV GH
QLQJXQD OLPLWDFL³Q FRQ TXH KDVWD DKRUD VH KDQ FRQFHGLGR HQ HQILWHXVLV WLHUUDV GH DQWLJXR l8QD OH\ VHPHMDQWH TXH KDELOLWDED D WRGR LQGLYLGXR D SRVHHU WLHUUDV GHO
SURSLHGDG SºEOLFD ߚVRVWLHQHߚ KD GDGR OXJDU D XQ DEXVR FX\DV FRQVHFXHQFLDV (VWDGR SRU WDQ ODUJR QºPHUR GH D±RV VLQ P¡V FDSLWDO TXH HO HQ JDQDGRV SURGXMR HO
FRPLHQ]DQ\DDVHQWLUVH{\DJUHJDlDVHVTXHWRGDODH[WHQVL³QGHWLHUUDVSºEOLFDV VDOXGDEOHHIHFWRGHYHUHPLJUDUDODFDPSD±DODSREODFL³QGHODFLXGDGOOHYDQGRVXV
FRPSUHQGLGDV GHQWUR GH OD QXHYD OQHD GH IURQWHUD DXQTXH HQ VX PD\RU SDUWH JXVWRV H LGHDV \ FUHDQGR ORV QºFOHRV GH FLYLOL]DFL³Q \ ULTXH]D TXH HQFRQWU³ 5RVDV
GHVSREODGDHVW¡HQWHUDPHQWHUHSDUWLGD{3HURFRQWRGRQRVHHVWDEOHFHQOLPLWDFLRQHV SODQWHDGRV \D HQ H KLFLHURQ OD JORULRVD UHVLVWHQFLD GH { &¡UFDQR
H[SUHVDV GH VXSHUILFLH GH DFXHUGR FRQ OD DSWLWXG LQGLYLGXDO SDUD SREODUODV TXH S¡JLQD
VXUJLHUDGHORVLQIRUPHVFRUUHVSRQGLHQWHVHOJRELHUQRILMDUDODH[WHQVL³QDGMXGLFDEOH 5RVDV HO HVWDQFLHUR P¡V SRGHURVR GHO PRPHQWR VH±DOD l/D OH\ GH HQILWHXVLV
HQFDGDFDVR3RUHOFRQWUDULRSDUDFKDFUDV\TXLQWDVXUEDQDV'HFUHWRGHO SUHVW³ XQ JUDQ VHUYLFLR DO SREODU ORV FDPSRV LQFRUSRUDUORV D OD DJULFXOWXUD R DO
VHOLPLWDURQODVFRQFHVLRQHVDXQORWHSRUSHUVRQD'DVGHVSX©V5LYDGDYLDDEDQGRQD SDVWRUHR \ RUJDQL]DU OD YLGD UXUDO SHUR OD SURSLHGDG SULYDGD HUD QHFHVDULD GHVSX©V
OD SUHVLGHQFLD \ VX FDGD DFHOHUD HO SURFHVR TXH OOHYD OD HQILWHXVLV D XQ WRWDO SDUD HOHYDU SURJUHVLYDPHQWH HVD SREODFL³Q D XQ PD\RU DGHODQWR{ 3HUR FRPR
GHVYLUWXDPLHQWR YHUHPRV P¡V DGHODQWH V³OR ORV HQILWHXWDV TXH JR]DUDQ GHO IDYRU URVLVWD SDVDUDQ D
(Q IHEUHUR GH XQD OH\ EDMD HO FDQRQ GH ORV FRQWUDWRV GH SDVWRUHR DO SURSLHWDULRVORVGHP¡VVHYHUDQGHVSRMDGRVGHVXWLHUUD
DQWHV SDJDEDQ \ HVWDEOHFH OD YDOXDFL³Q ILMD SRU ]RQDV EDMR FX\R LPSHULR ORV )LHO D VX SHQVDPLHQWR HV 5RVDV TXLHQ UHDQXGD OD YHQWD GH WLHUUD SºEOLFD
FDPSRV FHUFDQRV D OD FDSLWDO SDJDEDQ PHQRV TXH DQWHV PLHQWUDV ORV GHP¡V QR \TXLHQHOGHMXQLRGHHIHFWºDHQ$]XOHOSULPHUUHSDUWR\GRQDFL³QFRQ
UHFLEDQYHQWDMDDSUHFLDEOHl(O*RELHUQRߚDILUPD&¡UFDQRS¡JߚHQHO ILQHV SROWLFRV HQWUH IDPLOLDV SREUHV \ H[FRPEDWLHQWHV FRQWUD ORV DPRWLQDGRV GH
GHVHRGHFRQWHQWDUDORVKDFHQGDGRVTXHHQSHGDQODUHEDMDGHOFDQRQ\HUDQ GLFLHPEUH 6L HQ OD WLHUUD TXH VH GLVWULEX\HVH H[LVWLHUDQ HQILWHXWDV FRQ WRGDV VXV
KR\HOHOHPHQWRTXHDSR\DEDDO*RELHUQRPRGLILFDEDFRPSOHWDPHQWHODSURSRUFL³Q REOLJDFLRQHV FXPSOLGDV VHUDQ LQGHPQL]DGRV FRQ XQD R GRV VXHUWHV GH HVWDQFLD HQ
ELHQ HQFRQWUDGD GHO YLHMR FDQRQ YLQFXODQGR HO YDORU GH WRGDV ODV WLHUUDV SRU OD SURSLHGDGFXDQGRHOJRELHUQRWXYLHUDlODEXHQDYROXQWDGGHKDFHUOR{QDGDVHGHFD
WDVDFL³Q ºQLFD{ 7UHV PHVHV P¡V WDUGH DO RIUHFHU WLHUUDV HQ OD IURQWHUD VH UHVXHOYH VREUHODXELFDFL³QGHORVFDPSRV(UDXQGHVSRMROLVR\OODQRTXHDGHP¡VGHLOHJDO
OLEHUDU GHO FDQRQ D ORV HQILWHXWDV TXH SREODUDQ LQPHGLDWDPHQWH VX FDPSR FRQ FRQVWLWXDHOILQGHODHQILWHXVLVSRUODLQVHJXULGDGTXHFUHDEDHQFXDQWRDOXVXIUXFWR
KDFLHQGDORTXHHTXLSDUDODHQILWHXVLVDODVDQWLJXDVPHUFHGHV GHODWLHUUD
6H SDVD LQPHGLDWDPHQWH D UHVWULQJLU ODV YHQWDMDV GH TXH JR]DEDQ ORV WHUUHQRV 5HVXOWDLQWHUHVDQWHREVHUYDUF³PRODVWLHUUDVHQWUHJDGDVHQHVD©SRFDQRVXIULHURQ
ZZZOHFWXODQGLDFRP3¡JLQD ZZZOHFWXODQGLDFRP3¡JLQD
PD\RU WUDQVIRUPDFL³Q HQ VXV OPLWHV %DVWD SDUD HOOR FRPSDUDU HO SODQR
FRUUHVSRQGLHQWH D OD IXQGDFL³Q GH $]XO FRQ HO GH QXHVWURV GDV (O FRWHMR GH HVRV
SODQRV FRQ HO GH XQD ]RQD SDUFHODGD SRU HIHFWR GH OD FRORQL]DFL³Q DJUFROD FRPR
l(VSHUDQ]D{ SHUPLWH DSUHFLDU HQ WRGD VX PDJQLWXG OD GLVWLQWD LQIOXHQFLD TXH
DJULFXOWXUD\JDQDGHUDHMHUFHQVREUHHOVXHORYHUILJVD
'HPDVLDGR FRQRFLGD \ ODUJD HV OD SRVWHULRU DFWXDFL³Q GH 5RVDV UHVSHFWR D OD
WLHUUDHQHIHFWºDXQDJUDQYHQWDGHWLHUUDSºEOLFDHQUHVXHOYHQRUHQRYDU
OD PD\RUD GH ORV FRQWUDWRV HQILW©XWLFRV \ GXSOLFDU HO FDQRQ OD FRQILVFDFL³Q GH OD
SURSLHGDGHQHPLJD\ODVHPLJUDFLRQHVHQPDVDGH\EULQGDURQP¡VWLHUUDV
<DKHPRVGHVWDFDGRODLQIOXHQFLDQHJDWLYDGHODVFRQILVFDFLRQHVVREUHODFUDRYLQD
$YHOODQHGD LQGLFD TXH HQ VHJºQ OD FDUWD JHRJU¡ILFD GH $UURZVPLWK
HVWDQFLDV ERQDHUHQVHV RFXSDEDQ P¡V GH OHJXDV KHFW¡UHDV \
SHUVRQDVSRVHDQOHJXDVKHFW¡UHDV&RWHMDQGRHVWDºOWLPDFLIUDFRQ
ODFRUUHVSRQGLHQWHDYHUS¡JVHDSUHFLDTXHHQWRQFHVHVWDEDHQPDQRVGH
SURSLHWDULRV\DKRUD©VD\DHQRUPHFRQFHQWUDFL³QVHUREXVWHFHDXQP¡VSXHVV³OR
TXHGDQ 6HJºQ &¡UFDQR S¡J GH D DXPHQWDURQ
SURGLJLRVDPHQWHORVJUDQGHVSURSLHWDULRV1RKD\SRUFRQVLJXLHQWHH[DJHUDFL³QHQ
HOMXLFLRGH6DUPLHQWRFXDQGRGLFH
l4XL©QHUD5RVDV"8QSURSLHWDULRGHWLHUUDV
4X©DFXPXO³5RVDV"7LHUUDV
4X©GLRDVXVVRVWHQHGRUHV"7LHUUDV
4X©TXLW³RFRQILVF³DVXVDGYHUVDULRV"7LHUUDV{
526$6
$XQTXHHVWDREUDGHVHDUHVH±DUHQUDVJRVJHQHUDOHVODHYROXFL³QJDQDGHUDDUJHQWLQD
HQVXDVSHFWRHFRQ³PLFRVLQSDUWLFXODUL]DUVREUHHSLVRGLRVQLKRPEUHVFRUUHVSRQGH
HVWXGLDUODSHUVRQDGH5RVDVSULQFLSDOJDQDGHURGHVX©SRFD\UHFWRUGXUDQWHODUJRV
OXVWURVGHODHFRQRPDDUJHQWLQDIXQGDPHQWDOPHQWHSHFXDULD(ODQ¡OLVLVVHU¡EUHYH\
FH±LGR DO WHPD SHUR FRQYHQGU¡ UHFRUGDU XQD IUDVH GH SURIXQGR VHQWLGR l6H KD
IDOVHDGR OD KLVWRULD DO UHVWULQJLU D 5RVDV XQD UHVSRQVDELOLGDG TXH FRUUHVSRQGH D
PXFKRV FUH\HQGR DFDVR TXH GH WDO PDQHUD VH LQGXOWDED D ORV GHP¡V{ ,QJHQLHURV
W,S¡J
)RUPDFL³Q
/D YRFDFL³Q JDQDGHUD \ VDODGHULO GH 5RVDV IXH SXHGH GHFLUVH SURGXFWR GH VX
IDPLOLD\GHVX©SRFD6XSDGUH/H³Q2UWL]GH5RVDVHUDJDQDGHUR\VHGHVWDF³SRU
VXKDELOLGDGSDUDWUDWDUFRQORVLQGLRVKDEDWRPDGRSDUWHDFWLYDHQODVOXFKDVFRQWUD
ZZZOHFWXODQGLDFRP3¡JLQD