1RWD(QVX7HWUDELEORV3WRORPHRQRVH[SRQHHOPHWRGRSDUDHO

FDOFXORGHOWHUPLQRGHODYLGD2WURVDXWRUHVDQWLJXRVDERUGDQHO
PLVPRPHWRGRFRQGLIHUHQWHVFULWHULRV+R\SUHVHQWDPRVDTXLOD
VHJXQGDSDUWHGHXQDUWLFXORVREUHHOWHPDSRUHO'U*RQ]DOR3HxD
7DPH]PDWHPDWLFR\DVWURORJRGH0H[LFR(VSHUDPRVOHVUHVXOWHGH
LQWHUHV\HQRFDVLRQGHSXEOLFDUHVWDVHJXQGDSDUWHDJUDGHFHPRV
FDOXURVDPHQWHDODXWRUVXJHQHURVLGDGDILQGHTXHHVWHWUDEDMRSXHGD
VHUOHLGRSRUHOSXEOLFRODWLQRTXHQRPDQHMDODOHQJXDLQJOHVDUHYLVWD
%HLEHQLD

³/DSUHGLFFLyQGHODPXHUWH\HO$OFRFRGHQ3UHGLFFLyQ
DVWUROyJLFDGHOPRPHQWRGHODPXHUWHHQEDVHDOPDSDQDWDO´
'U*RQ]DOR3HxD7DPH]DVWURORJR
7UDGXFFLyQDOHVSDxROSRUDOKHQDFDVDQRYD

$UWLFXORSXEOLFDGRRULJLQDOPHQWHHQOD/LVWD)HVWLYDO\HQHOVLWLRGHODXWRUDPERVQR
GLVSRQLEOHVKR\GLD5HFLHQWHPHQWHIXHUHYLVDGR\UHGLVWULEXLGRSRUHODXWRUHQODOLVWD
LBSUHGLFWHQORV\DKRRJURXSVHQLQJOHV
(VWHWUDEDMRVHHQFXHQWUDEDMRFRS\ULJKWGHODXWRUGHVGHDJUHJDQGRVHSDUDOD
HGLFLRQHQHVSDxROHOFRS\ULJKWGHODWUDGXFWRUD\GHUHYLVWD%HLEHQLDGRQGHIXH
SXEOLFDGRHQORVQURV\GHODxR

FRQWLQXDFLRQ3$57(,,
SDUWH,WDPELHQGLVSRQLEOHHQODZHE UHYLVWD%HLEHQLD 

/$)2508/$'(/$/&+2&+2'(13$5$35('(&,5/$08(57($
3$57,5'(/0$3$1$7$/

6HKDSHQVDGRTXHODSDODEUD$OFKRFKRGHQWDPELpQHQVXYDULDQWH
$OFRFRGHQSXHGHKDEHUGHULYDGRGHODDQWLJXDSDODEUDSHUVD
³.$'.8'$+´TXHVLJQLILFDOD³&DEH]DGHOD&DVD´&RQHOSUHILMRiUDEH
³$/´SUREDEOHPHQWHVHFRUURPSLyDDOFRFKRGHQ\DOFRFRGHXV\DVtSDVR
DORVDVWUyORJRVGHO5HQDFLPLHQWR+LVWyULFDPHQWHHQPDVGHXQVLWLR
&UHRTXHHOWHUPLQRSUREDEOHPHQWHKDVLGRFRQIXQGLGRFRQHOFRQFHSWR


FRUULHQWHGH$OPXWHQTXHDVXYH]YLHQHGHXQDSDODEUDiUDEHTXHVLJQLILFD
³(O6XSHULRU´TXHDKRUDHQDVWURORJtDHPSOHDPRVSDUDVLJQLILFDUDXQ
SODQHWDTXHGHELGRDVXXELFDFLyQGLJQLGDGHVIRUWDOH]DV\DVSHFWRVYLHQH
DWHQHUPDVLPSRUWDQFLDTXHHOUHJHQWHVHDGHODFDUWDHQWHUDRGH
FXDOTXLHU&DVDGHOPDSD7DPELpQRWURVFRQVLGHUDQDOWHUPLQR
DOFKRFKRGHQUHODFLRQDGRFRQODSDODEUDiUDEH³&ROFRGHD´ODFXDOYLQRD
VLJQLILFDUYDULRVFRQFHSWRVILORVyILFRVHQUD]yQGHVXVLJQLILFDGRGH³GDGRU
GHIRUPD´HQ$YLFHQDFX\DILORVRItDSURYLHQHWDQWRGH
$ULVWyWHOHVFRPRGHORV1HR3ODWyQLFRV1RREVWDQWHHOFRQFHSWRSDUHFH
KDEHUHVWDGRUHODFLRQDGRFRQODQRFLyQGHXQDHQWLGDGRQWRORJLFD
FRH[LVWHQWHFRQODVFRVDV\TXHOHVFRQIHULUtDVXLQGLYLGXDOLGDGSHUR
FRPSOHWDPHQWHLQGHSHQGLHQWHGHODPDWHULD(VWHWHUPLQRSDVROXHJRD
VLJQLILFDU³HO$OPD´HQORVWUDEDMRVGHGLYHUVRVILOyVRIRViUDEHV\OXHJRD
WUDYpVGHXQDXOWHULRUFRUUXSFLyQHQORVWUDEDMRVGHORVDVWUyORJRVLWDOLDQRV
WHPSUDQRVSDVRDVLJQLILFDU\DQR³HOGDGRUGHODIRUPD´VLQR³HOGDGRUGH
ORVDxRV´UHSUHVHQWDQGRDKRUDDOSODQHWDTXHHQODFDUWDQDWDOUHYHODOD
FDQWLGDGGHDxRVTXHODSHUVRQDYLYLUi

(QVXOLEUR³0pWRGRV\7pFQLFDVGHORV$VWUyORJRV0HGLHYDOHV´5REHUW
=ROOHUDILUPDTXHRULJLQDOPHQWHODSDODEUDDVWUROyJLFDiUDEH
$O.DGNKXGDKL\\DSURYLHQHGHO*ULHJR\VLJQLILFDHO³5HJHQWHGHOD
1DWLYLGDG´R³5HJHQWHGHOD&DUWD´'HPRGRWDOTXHHQXQDFDUWDQDWDO
HO$OFKRFKRGHQHVHOSODQHWDTXHLQIRUPDGLUHFWDPHQWHHOQXPHURGHDxRV
PHVHV\GtDVTXHODSHUVRQDYLYLUi'HVFXEULUTXHSODQHWDHVHO
DOFKRFKRGHQHQXQDGHWHUPLQDGDFDUWDSXHGHVHUDOJRFRQIXVRSULPHUR
SRUTXHVHUHTXLHUHSUHVWDUDWHQFLyQDGLJQLGDGHVSODQHWDULDVTXH\DQRVRQ
GHDPSOLDXWLOL]DFLyQKR\GtD\VHJXQGRSRUTXHKD\GLVFUHSDQFLDVHQWUHODV
GLIHUHQWHVWUDGLFLRQHVTXHFRPXQLFDQHOSURFHGLPLHQWRSDUDKDOODUOR(V
FODURTXHVHUHTXLHUHDTXtUHDOL]DUPXFKDLQYHVWLJDFLyQSDUDREWHQHUXQD
IRUPXODTXHIXQFLRQH&RPHQFHPRVSRUGHFLUTXHDQWHVGHKDOODUHO
$OFKRFKRGHQHQXQDFDUWDHVQHFHVDULRKDOODUHO+\OHJGHGLFKDFDUWD\
DTXtHQWUDPRVHQSUREOHPDV\DTXHKD\YDULDVGHILQLFLRQHVGHO+\OHJHQOD
OLWHUDWXUDDVWUROyJLFD&LWDQGRD5REHUW+DQG³1RHVWDVXILFLHQWHPHQWH
HQWHQGLGRHQWUHORVPRGHUQRVTXHORVOXJDUHVGHODFDUWDTXHSRGUtDQGDU
RULJHQDO+\OHJYDUtDQDPSOLDPHQWHHQWUHODVDXWRULGDGHVGHODDQWLJHGDG


7DQWRTXHSRGUtDPRVIiFLOPHQWHUHQXQFLDUDFRQVWUXLUDOJ~QVHQWLGRHQ
FXDQWRDODVXQWRHQVL´'HKHFKRKD\FDVLWDQWDVGHVFULSFLRQHVSDUD
GHVFXEULUFXDOHVHO+\OHJGHXQDFDUWDFRPRDXWRUHVHQODPDWHULD

6HGLFHTXHHOWHUPLQR+\OHJSURYLHQHGHOSHUVD³+D\ODM´TXHVLJQLILFD³HO
FXHUSRItVLFR´(OWHUPLQR+\OHJFRPRHO³GDGRUGHYLGD´SUHVHQWDXQDJUDQ
VXSHUSRVLFLyQHQFXDQWRDOVLJQLILFDGRFRQUHVSHFWRDOWHUPLQRJULHJR
³DSKHWD´RHOODWtQ³SURUURJDWRU´HVWDPRVKDEODQGRGHWpUPLQRVTXH
DSXQWDQGHWRGDVPDQHUDVDOPLVPRFRQFHSWR

(QODpSRFDPHGLHYDOORV³/XJDUHVK\OHJLDFRV´VLJQLILFDQGRORVOXJDUHV
GRQGHHO+\OHJGHEHHVWDUVRQORVDUFRVTXHVHH[WLHQGHQGHVGHHOJUDGR
GHOD&DVDKDVWDHOJUDGRGHOD&DVDOXHJRGHVGHHOJUDGR
GHOD&DVDKDVWDHOJUDGRGHOD&DVD\GHVGHHOJUDGRGH
OD&DVDKDVWDHOJUDGRGHOD&DVD3RUVXSXHVWRTXHODV
ORQJLWXGHVHFOtSWLFDVH[DFWDVGHGLFKRVDUFRVYDQDYDULDUVHJ~QVHDHO
VLVWHPDGHFDVDVHPSOHDGR5REHUW+DQGSDUHFHDFRQVHMDUSDUDHVWHILQ
HOXVRGHODV&DVDV,JXDOHV6LQHPEDUJRODDUULEDPHQFLRQDGDOLPLWDFLyQ
SDUDLGHQWLILFDUORVDUFRVK\OHJtDFRVSXHGHHQFRQWUDUVH\DHQ3WRORPHR
IDOOHFLGRDPLWDGHVGHO6LJOR,,TXLHQGHDFXHUGRFRQ5REHUW+DQGQR
HPSOHDEDHVWHVLVWHPDGHFDVDV

2WURVDXWRUHVSLHQVDQTXH3WRORPHRVLHPSOHRHOVLVWHPDGH&DVDV
,JXDOHV(QDOJXQDVWUDGLFLRQHVORVDUFRVK\OHJtDFRVVHFRUUHVSRQGHQ
SUHFLVDPHQWHFRQORVDVtOODPDGRV³/XJDUHV$IHWLFRV´%HUQDGHWWH%UDG\
FRQVLGHUDTXHHVPHMRUHPSOHDUODV&DVDVVHJ~Q$OFDELWLXVR3ODFLGXV
TXHHVVLPLODUHQFXDQWRDODVORQJLWXGHVGHF~VSLGHVTXHVHREWLHQHQ
H[FHSWRHQODWLWXGHVH[WUHPDVVLHQGRHVWHXOWLPRPDVIiFLOGHKDOODUHQODV
DOWHUQDWLYDVGHVRIWZDUH(QODDVWURORJtDJUHFRURPDQDSRUHMHPSORORV
OXJDUHVDIHWLFRVHUDQDTXHOODV]RQDVGHODFDUWDTXHVHFRQVLGHUDED
PDQWHQtDQRIDYRUHFtDQODYLGDSHURDXQDTXtKD\DPSOLDVGLVFUHSDQFLDVHQ
FXDQWRDTXHiUHDVFRQVWLWXtDQH[DFWDPHQWHHVWRVOXJDUHVDIHWLFRVGHMRHO
DQiOLVLVGHHVWDVGLVFUHSDQFLDVSDUDRWURDUWLFXOR

(QXQDFDUWDGLXUQDVHFWRUGLXUQRVLJQLILFDQGR6ROVREUHHOKRUL]RQWHHO

6ROHVHOSULPHUFDQGLGDWRSDUDVHUFRQVLGHUDGR+\OHJ'HPRGRTXHVL
HO6ROVHKDOODHQXQDUFRK\OHJtDFR\VHWUDWDGHXQQDFLPLHQWRGLXUQRHO6RO
HV+\OHJGHODFDUWD$OJXQDVWUDGLFLRQHVPDVDOOiGHHVWRHVSHFLILFDQ


TXHHO6ROGHEHHQFRQWUDUVHHQXQVLJQRPDVFXOLQRSDUDVHU+\OHJDGHPiV
GHKDOODUVHHQHODUFRK\OHJtDFRHQXQQDFLPLHQWRGLXUQR

6LODFDUWDHVXQQDFLPLHQWRQRFWXUQRVHFWRU1RFWXUQRVLJQLILFDQGR6RO
EDMRHOKRUL]RQWHHQWRQFHVHOSULPHUFDQGLGDWRSDUDVHU+\OHJVHUiOD/XQD
SHURQXHYDPHQWHDTXtDOJXQDVWUDGLFLRQHVHVSHFLILFDQTXHDGHPiVOD
OXQDGHEHKDOODUVHHQVLJQRIHPHQLQRSDUDVHU+\OHJ

6LHO6ROHQXQQDFLPLHQWRGLXUQRQRHVWDHQXQDUFRK\OHJtDFRHQWRQFHV
QRSXHGHVHU+\OHJ\HVWXGLDUHPRVDOD/XQDFRPRFDQGLGDWDVHJXQGD6L
WDQWRHO6ROFRPROD/XQDQRSXHGHQVHU+\OHJ\DTXHQLQJXQRGHDPERVVH
KDOODHQDUFRK\OHJtDFRHQWRQFHVYHULILFDUHPRVOD3DUWH/RWGHOD)RUWXQD
FRPRWHUFHUFDQGLGDWRSDUDVHU+\OHJVHDHQFDUWDGLXUQDRQRFWXUQD
3HURVLDXQOD)RUWXQDQRHVWXYLHUDHQDUFRK\OHJtDFRLQYHVWLJDUHPRV
FRPRWRFDQGLGDWRSDUDVHU+\OHJODSRVLFLyQVREUHODHFOtSWLFDGHOD
/XQDFLRQLQPHGLDWDPHQWHSUHFHGHQWHDOQDFLPLHQWRHVGHFLUOD/XQD1XHYD
R/XQD/OHQDSUHQDWDODTXHOODTXHHVWHPDVSUy[LPD6LHVWDOXQDFLyQ
SUHQDWDOHVWXYLHUDHQDUFRK\OHJtDFRWRPDUHPRVVXORQJLWXGFRPR+\OHJ
3HURVLOD/XQDFLRQ3UHQDWDOQRFDHHQDUFRK\OHJtDFRHQWRQHVYDPRVD
FRQVLGHUDUFRPRWRFDQGLGDWRDOSODQHWDQDWDOTXHKDOOiQGRVHHQDUFR
K\OHJtDFRWXYLHUDHOPi[LPRSXQWDMHHQFDVRGHKDOODUVHXELFDGRHQHOOXJDU
DFWXDOGHOHUFDQGLGDWRD+\OHJHVGHFLUHO6ROHQXQQDFLPLHQWRGLXUQRR
OD/XQDHQXQRQRFWXUQR6LELHQORVDVWUyORJRVKHOHQtVWLFRVQRHPSOHDEDQ
XQVLVWHPDGHSHVRVFRPSDUDWLYRV\FRQVLGHUDEDQODVGLJQLGDGHVFRPR
GHLJXDOLPSRUWDQFLDHQODpSRFDPHGLHYDOKDOODPRVYDULDVIRUPDVGH
YDORUL]DUHVWDVGLJQLGDGHVXQPpWRGRFRP~QFRQVLVWHSRUHMHPSORHQ
DVLJQDUDOSODQHWDXQYDORUQXPpULFRGHVLHVUHJHQWHVLHVWDHQVX
H[DOWDFLyQSRUHVWDUHQWUtJRQRRVHUUHJHQWHGHWULSOLFLGDGXQDIRUPDGH
GLJQLGDGDXQQRDVLPLODGDSRUODDVWURORJtD³PRGHUQD´H[FHSWRODVHVFXHODV
³WUDGLFLRQDOHV´FDGDVLJQRSRVHH6HxRUHVR5HJHQWHVGH7ULSOLFLGDG
GLIHUHQWHVWDPELHQVHJ~QODFDUWDVHDGLXUQDRQRFWXUQDORVFXDOHVWLHQHQ
GRPLQLRVREUHHOVLJQRFRPSOHWRVLQSDUWLFLRQDUORHQXQVHFWRUSDUDFDGD
XQRORVVLJQRVGHXQDWULSOLFLGDGGHHOHPHQWRVFRPSDUWHQHOPLVPR
JUXSRGH5HJHQWHVHQ7ULJRQRSRUVHU6HxRUGHO7HUPLQRORVWHUPLQRV
FRQVWLWX\HQRWUDDQWLJXDGLJQLGDGRUHODFLRQGHUHJHQFLDTXHODDVWURORJLD
PRGHUQDKDSHUGLGRHQHOODFDGDVLJQRTXHGDGLYLGLGRHQDUFRVGH
GLVWDQFLDGHVLJXDODVLJQiQGRVHOHXQ5HJHQWHSODQHWDULRDFDGDXQRGH
HVWRVWpUPLQRV\SDUDHO5HJHQWHGHOD)D]HVWDGLJQLGDG


DSDUHQWHPHQWHGHJHQHURHQORTXHKR\HVFRQRFLGRFRPRUHJHQWHGHFDQDO
TXHGLYLGHFDGDVLJQRHQVHFWRUHVLJXDOHVGHJUDGRVFDGDXQR
DVLJQDQGRXQUHJHQWHQDWXUDODFDGDGHFDQR(QIXWXURVDUWtFXORVHVWDUp
WUDWDQGRFRQWRGRGHWDOOHHOWHPDGHHVWDVGLJQLGDGHVQHFHVDULDVKR\IXHUD
GHXVRHQODDVWURORJtDPRGHUQD(VWDPRVWRPDQGRFRQFLHQFLD
ODPHQWDEOHPHQWHGHTXHQRHUDSRVLEOHSUHVFLQGLUGHODVGLJQLGDGHV
SHUGLGDV\QRWHQHPRVRWUDRSFLyQVLQRUHFXSHUDUODV/RPLVPRSXHGH
VHUFLHUWRHQFXDQWRDDOJXQRVGHORVSULQFLSDOHVVLVWHPDVGH6HxRUHVGHO
7LHPSRTXHORVDQWLJXRVDVWUyORJRVYHQHUDEDQ

6LPDVGHXQSODQHWDHVWXYLHUDHQDUFRK\OHJtDFRHQXQDFDUWDHQODFXDOQR
KHPRVSRGLGRLQVWDODUFRPR+\OHJQLQJXQRGHORVSULPHURVFDQGLGDWRV
HQWRQFHVFRPSDUDUHPRVORVSXQWRVDFXPXODGRVSRUFDGDXQRGHHVWRV
SODQHWDVHQHOFDVRGHTXHHVWXYLHUDQSRVLFLRQDGRVHQORVOXJDUHVGHORV
PHQFLRQDGRVFDQGLGDWRVHO6ROOD/XQDOD3DUWHGH)RUWXQD\OD/XQDFLRQ
3UHQDWDO(OSODQHWDTXHREWLHQHHOPi[LPRSXQWDMHFRQGLFKRVLVWHPDVHUi
+\OHJGHODFDUWD6LPDVGHXQSODQHWDREWLHQHHOPLVPRSXQWDMHDTXHO
TXHIRUPHHODVSHFWRPDVFHUUDGRFRQODSRVLFLyQHQODFXDOHVHYDOXDGR
VHUiHOHOHJLGRSDUDGHYHQLU+\OHJ6LQRVHKDOODUDQLQJ~QSODQHWDHQDUFR
K\OHJtDFRKDELHQGRIUDFDVDGRWDPELpQFRQORVSULPHURVFDQGLGDWRV
HQWRQFHVHO$VFHQGHQWHVHUiWRPDGRFRPR+\OHJSHURHQFXDQWRDHVWR
DOJXQDVWUDGLFLRQHVDJUHJDQTXHVLHVWHIXHUDHOFDVRODSHUVRQDQRYLYLUi
PDVDOOiGHDxRV(QHOVLVWHPDGH%RQDWWLSRUHMHPSORVRORSXHGHQ
VHU+\OHJHO6ROOD/XQDOD)RUWXQDOD/XQDFLRQ3UHQDWDORHO$VFHQGHQWH
3HURRWUDVWUDGLFLRQHVSHUPLWHQTXHFXDOTXLHUSODQHWDVHD+\OHJVL
HVWXYLHUDHQDUFRK\OHJtDFR'HPRGRTXHHVWHHVHOSURFHGLPLHQWRSDUD
HVWDEOHFHUHO+\OHJGHXQDFDUWD$OJXQRVSURJUDPDVGHVRIWZDUHSXHGHQ
HVWLPDUFXDOHVHO+\OHJSHURFRPRODVGLVWLQWDVWUDGLFLRQHVYDUtDQHQ
FXDQWRDOSURFHGLPLHQWRSXHGHRFXUULUTXHHO+\OHJFDOFXODGRFRQXQ
SURJUDPDVHDGLVWLQWRGHO+\OHJREWHQLGRSRURWURSURJUDPDSDUDOD
PLVPDFDUWD&LWDQGRDKRUDD%HUQDGHWWH%UDG\³8QRGHORVJUDQGHV
GHEDWHVHQODDVWURORJtD0HGLHYDOORFRQVWLWX\HHOPpWRGRSDUDKDOODUHO
+\OHJ$YHFHVKHSHQVDGRTXHHVWHIXHGHOLEHUDGDPHQWHIDOVHDGRSDUD
LPSHGLUHOKDOOD]JRGHO$OFRFRGHQ´

8QDYH]KDOODGRHO+\OHJR³GDGRUGHYLGD´GHODFDUWDSRGUHPRVLQWHQWDU
KDOODUVX$OFKRFKRGHQHVGHFLUDTXHOSODQHWDTXHUHYHODHOQXPHURGHGtDV
TXHVHFXHQWDQGHVGHHOQDFLPLHQWRKDVWDODPXHUWHSDUDGLFKDFDUWD


/RSULPHURTXHKHPRVGHDFODUDUDTXtHVTXHHO$OFKRFKRGHQGHEHHVWDU
HQRUEHGHDVSHFWRFRQHO+\OHJ/DPD\RUtDGHODVWUDGLFLRQHVGHVFDUWDQ
HOVHPLVH[WLO\HOTXLQFXQFLRDPERVJHQpULFDPHQWHFRQVLGHUDGRVFRPR
³DYHUVLRQHV´HQWDQWRFRQHFWRUHVYDOLGRVHQWUHHO$OFKRFKRGHQ\HO+\OHJ
SHURH[LVWLHURQWDPELpQHQODWUDGLFLyQDQWLJXDFRPSOHMDVUHVWULFFLRQHVSDUD
GHFLGLUFXDQGRXQDDYHUVLyQSRGtDFDOLILFDU\FXDQGRQR'HWRGRVPRGRV
QXHVWURSUy[LPRSDVRVHUiKDFHUXQDOLVWDGHWRGRVORVSODQHWDVTXH
DVSHFWDQDO+\OHJSDUDYHULILFDUORVXQRDXQR\GHFLGLUFXDOVHUiHO
$OFKRFKRGHQ&RQHVWHSURSyVLWRFRQVLGHUDUHPRVFXDQWRVSXQWRV
VXPDULDHOSODQHWDVLHVWXYLHUDSRVLFLRQDGRHQHOJUDGRHQHOFXDOHO+\OHJ
VHKDOODUHDOPHQWH'HPRGRTXHDTXtQXHYDPHQWHKHPRVGHSRQGHUDU
FDGDSODQHWDDVSHFWDQWHGHO+\OHJ\FRQVLGHUDUORHQFXDQWRDVX5HJHQFLD
([DOWDFLyQ6HxRUGHO7UtJRQRRGHOD7ULSOLFLGDG6HxRUGHO
7HUPLQR\UHJHQWHGHOD)D]RGHFDQDWR\DTXHOSODQHWDTXH
DVSHFWHDO+\OHJ\REWHQJDHOPDVDOWRYDORUFRQHVWHVLVWHPDVHUiHO
$OFKRFKRGHQGHODFDUWD

9DOHQRWDUDTXtTXHDOJXQRVDXWRUHVHQIDWL]DQ~QLFDPHQWHDOJXQDVGHODV
FLWDGDVGLJQLGDGHV9HWWLXV9DOHQV6LJOR,,SRUHMHPSORSUHVFULEHTXHHO
$OFKRFKRGHQGHODFDUWDHVHOVHxRUGHO7HUPLQRGHOSODQHWDTXHVHD+\OHJ
9DULRVDXWRUHVODWLQRVWHPSUDQRVHOHJLUtDQHOSULPHU6HxRUGH7ULSOLFLGDG
GHO+\OHJFRPRHOYHUGDGHUR$OFKRFKRGHQ5HFLHQWHVWUDGXFFLRQHV
UHDOL]DGDVSRUHOJUXSR*UDFHQWURGH%DUFHORQD(VSDxDPXHVWUDQTXH
HVWDIXHXQDIyUPXODSRSXODUGXUDQWHORV~OWLPRVVLJORV\HQWUHORViUDEHV
1RGXGRTXHORVDVWUyORJRVPRGHUQRVVHLQFOLQHQDFUHHUTXHHO
$OFKRFKRGHQGHEHUtDVHUHOUHJHQWHGHGRPLFLOLRGHOVLJQRHQHOTXHVH
KDOODHO+\OHJHQODFDUWD6LQHPEDUJRHQODpSRFD0HGLHYDO$QWRQLR'H
0RQWXOPRHVFULELyODVLJXLHQWHFLWD³(O$OFKRFKRGHQVHWRPDVLHPSUHGHO
SODQHWDTXHHVVHxRUGHDOJXQDGLJQLGDGGHO+\OHJ\TXHDVSHFWDDGLFKR
OXJDU~QLFDPHQWHWDOSODQHWDSXHGHVHUHOGDGRUGHORVDxRVSDUDHOQDWLYR
\PRVWUDUDWDPELpQFXDQWRVDxRVHOQDWLYRYLYLUi

6LYDULRVSODQHWDVWXYLHUDQGLJQLGDGHVHQHOVLWLRGHO+\OHJ\ORDVSHFWDUDQ
VHWRPDUDDTXHOSODQHWDTXHHQWUHHOORVWXYLHUDODVPD\RUHVGLJQLGDGHVHQ
GLFKROXJDUSUHVXSRQLpQGRVHTXHDVSHFWHDGLFKROXJDU<VLWXYLHUDQ
LJXDOHVGLJQLGDGHVWyPHVHHOSODQHWDTXHGHDFXHUGRDOQXPHURGH
JUDGRVHVWHPDVFHUFDQRDODVSHFWR<VLORVSODQHWDVWXYLHUDQLJXDOHV
GLJQLGDGHV\DVSHFWDUDQSRULJXDOWyPHVHDTXHOTXHWHQJDODFRQGLFLyQ


PDVIXHUWH\ODPHMRUGLVSRVLFLyQ\TXHHQYtHVXVUD\RVSRUHODVSHFWRPDV
DMXVWDGR\GHPHMRUFDOLGDGKDFLDHO+\OHJ´/XHJR0RQWXOPRH[SOLFDHQ
GHWDOOHTXHHVPDVLPSRUWDQWHTXHHO$OFKRFKRGHQWHQJDODPD\RUGLJQLGDG
HQHOJUDGRHQTXHVHKDOODHO+\OHJFRQUHVSHFWRDTXHHODVSHFWRHQWUH
DPERVIXHUDPDVSUy[LPR(VWRGHEHUtDVHUYLUSDUDTXHQRVRWURV
DVWUyORJRVGHODPRGHUQLGDGQRVGHWHQJDPRV\SDVHPRVDHYDOXDU(O
PLVPRDXWRUGLUiWDPELpQ³<FXDQGRXQDOXPLQDULDHVWDXELFDGDHQXQ
OXJDUDGHFXDGRSDUDVHU+\OHJ\VHKDOODHQVXSURSLRGRPLFLOLRR
H[DOWDFLRQHQWRQFHVHOODHV$OFKRFKRGHQ´(QRWUDVSDODEUDVHO+\OHJ\HO
$OFKRFKRGHQSXHGHQVHUXQR\HOPLVPRSURYLVWRTXHVHDQHO6ROROD/XQD
\HVWpQXELFDGRVHQVXVLJQRGHUHJHQFLDRH[DOWDFLyQ0RQWXOPRSDVD
OXHJRDH[SOLFDUFRQJUDQGHWDOOHFRPRVLELHQHVQHFHVDULRTXHHO
$OFKRFKRGHQHVWHHQDVSHFWRFRQHO+\OHJFXDQGRKD\YDULRVSODQHWDVTXH
FDOLILFDQSDUDVHU$OFKRFKRGHQHVLPSRUWDQWHTXHHODVWUyORJRHOLMDDTXHO
TXHSRVHHODPDVDOWDGLJQLGDGHQHOOXJDUGHO+\OHJ\QRDTXHOTXH
DVSHFWDPHMRURPDVSDUWLOPHQWHDO+\OHJFRQHOPHQRURUEH&RPR\D
PHQFLRQHORVSODQHWDVTXHVHKDOODQHQVLJQRVHQDYHUVLyQVHPLVH[WLOR
TXLQFXQFLRQRVHOHVFRQVLGHUDEDHQDVSHFWRVDOYRVLFXPSOtDQFRQFLHUWRV
UHTXLVLWRV8QRGHHOORVHUDTXHHVWXYLHUDQHQVXOXJDUGHDQWLVFLR$TXt
DJUHJRTXHHQPLSURSLDH[SHULHQFLDFRQSODQHWDVHQVLJQRVHQDYHUVLyQ
HQXQDFDUWDQDWDOHOORVIXQFLRQDQPDVELHQFRPREXHQRVDVSHFWRVFXDQGR
HVWiQIRUPDGRVSRUSODQHWDVTXHULJHQVLJQRVTXHWDPELpQVHKDOODQHQ
DYHUVLyQPDVDXQFXDQGRFXDOTXLHUDRDPERVSODQHWDVLQYROXFUDGRVHQOD
DYHUVLyQULJHQVLJQRVTXHHVWiQHQDYHUVLyQFRPRHVHOFDVRGH9HQXV
WDPELpQ7DXUR\/LEUDHVWiQHQTXLQFXQFLRR0DUWHWDPELpQ$ULHV\
(VFRUSLRHVWiQHQTXLQFXQFLR3RUORWDQWRXQTXLQFXQFLR9HQXVPDUWH
VHULDYDOXDGRFRPRDVSHFWREXHQRRDOPHQRVDPHQXGRVHFRPSRUWDUD
FRPRWDO\DTXHDPERVSODQHWDVWLHQHVXVGRPLFLOLRVGLXUQR\QRFWXUQRHQ
TXLQFXQFLR0HUFXULR\3OXWyQWDPELpQVHFRQHFWDQELHQYtDTXLQFXQFLR
SUREDEOHPHQWHSRUTXH9LUJR\(VFRUSLRVRQUHVSHFWLYDPHQWHTXLQFXQFLR
GLHVWUR\VLQLHVWURGHOILGXFLR(TXLQRFFLDOHQFHUR$ULHV+HPRVYLVWRFRQ
IUHFXHQFLDFDVRVGHPXHUWHHQFDUWDVHQODVFXDOHVORVDVSHFWRVDFWXDQWHV
SRUWUDQVLWR\SURJUHVLyQDOWHPDQDWDOQRHUDQFXDGUDWXUDVVLQRDYHUVLRQHV
VHPLVH[WLOHVRTXLQFXQFLRV\SRUVXSXHVWRTXHHVWRVFDVRVEULQGDQXQD
RSRUWXQLGDGDODVWUyORJRSDUDDSUHQGHUDGLVFHUQLUTXHDYHUVLRQHVVHUiQ
DIHWLFDV\FXDOHVVHUiQDQHUHWLFDV,QFOXVLYHKHYLVWRTXLQFXQFLRVVLQLHVWURV
TXHDSRUWDEDQXQDOWRYDORUDQHUHWLFR5HFRUGHPRVTXHHQODWLWXGHVQR
PX\H[WUHPDVOD&~VSLGHGH&DVDGHOD6DOXGHVWDVLHPSUHHQ


TXLQFXQFLRGLHVWURFRQHO$VFHQGHQWHHQWDQWROD&~VSLGHGH&DVDGHOD
0XHUWHHVWDHQTXLQFXQFLRVLQLHVWURFRQHO$VFHQGHQWH(VWDPELpQ
IUHFXHQWHKDOODUXQVHPLVH[WLODQHUHWLFRIXOPLQDQWHSDUWLODOPRPHQWRGHOD
PXHUWH\HVIiFLOYHUTXH³XQVLJQRFRPSOHWR´SXHGHUHSUHVHQWDUHQOD
VLPERORJtDFyVPLFD³XQDYLGDFRPSOHWD´H[SOLFDQGRDVtSRUTXp
IUHFXHQWHPHQWHREVHUYDPRVTXHODSHUVRQDPXHUHFXDQGRHODQDUHWD
SURJUHVDGRFRPSOHWDXQDUFRGHVLJQRDSDUWLUGHODIHWD(QHVWHSXQWRPH
SDUHFHTXHFRPSDUDQGRQRWDVDFHUFDGHHVWHSXQWRSRGHPRVHODERUDUXQ
FRQVHQVRSDUDGHFLGLUFXDQGRXQSODQHWDHQODFDUWDQDWDOKDOOiQGRVHHQ
DYHUVLyQFRQHO+\OHJGHEHUtDVHUWRPDGRFRPR$OFKRFKRGHQVLWXYLHUDOD
PDVDOWDGLJQLGDGHQHOOXJDUGHO+\OHJDXQFXDQGRKXELHUDRWURVSODQHWDV
HQDVSHFWRHVWiQGDU\FRQRUEHPDVFHUFDQRKDFLDHO+\OHJSHURFX\DV
GLJQLGDGHV\IRUWDOH]DVHQHOOXJDUGHO+\OHJQRSRGUtDQFRPSHWLUFRQHO
SXQWDMHREWHQLGRSRUHOSODQHWDHQDYHUVLyQDO+\OHJ1RGXGDPRVTXHHO
PDQHMRSUHFLVRGHODVDYHUVLRQHVHVXQDEXHQDPHGLGDGHQXHVWUD
FRPSUHQVLyQSURIXQGDGHOVLVWHPDDVWUROyJLFR$XQWHQHPRVPXFKRTXH
DSUHQGHUDFHUFDGHOVHPLVH[WLO\HOTXLQFXQFLRVLQGXGD\GHEHUtDPRV
UHDOL]DUXQDREVHUYDFLyQFULWLFDGHHVWRViQJXORVKDELWXDOPHQWHPDO
LQWHUSUHWDGRVFDGDYH]TXHOHHPRVXQDFDUWD5REHUW6FKPLGWQRVGLFH
SRUHMHPSORTXHHQODDVWURORJtDKHOHQtVWLFDVHFRQVLGHUDSHRUTXHHOH[LOLR
WHQHUXQSODQHWDHQDYHUVLyQDO]RLGLDHQHOFXDOWLHQHVXGRPLFLOLR
(VSRVLEOHTXHQRVRWURVDVWUyORJRVGHODPRGHUQLGDGKD\DPRVVLGRWDQ
FLHJRVFRPRSDUDQRKDEHUGHWHFWDGR\FRGLILFDGRHVWDVGLJQLGDGHV
QHJDWLYDV"

8QDYH]TXHVHKDLGHQWLILFDGRHO$OFKRFKRGHQHQODFDUWDQDWDOKD\TXH
WRPDURWUDVGHFLVLRQHVSXHVDFDGDSODQHWDLQFOXVRHO6RO\OD/XQDVHOH
KDQDVRFLDGRWUDGLFLRQDOPHQWHORVOODPDGRVDxRV0D\RUHV0HGLRV\
0HQRUHV(VWRVDxRVVHDVRFLDQWDPELHQDORVSHULRGRVGHORV³6HxRUHV
GHO7LHPSR´TXHIXHURQWDQLPSRUWDQWHVHQODDQWLJXDDVWURORJLDFRPR
WRQDOL]DGRUHVGHOLPSDFWRGHODVSURJUHVLRQHV\ORVWUDQVLWRV'HPRGR
TXHVLHO$OFKRFKRGHQHVWDSDUWLFXODUPHQWHELHQXELFDGRSRUHMHPSORHQ
VLWLRGHUHJHQFLD\VLQFXDGUDWXUDVGHVGHORVPDOHILFRVIXQFLRQDOHVHQHVH
FDVRWRPDUHPRVORVDxRV0D\RUHVTXHFRUUHVSRQGHQDOSODQHWD6LHO


 $OFKRFKRGHQHVWXYLHUDHQGRPLFLOLRSHURFXDGUDGRSRU6DWXUQRHQWRQFHV
WRPDUHPRVORVDxRV0HGLRV<VLHO$OFKRFKRGHQHVWXYLHUDHQGHWULPHQWR
\FRQPDORVDVSHFWRVRGRPLILFDGRHQFDVDFDGHQWHWRPDUHPRVVXVDxRV
0HQRUHV

/DVLJXLHQWH7DEODPXHVWUDORVDxRVTXHFRUUHVSRQGHQDFDGDXQRGHORV
SODQHWDVWUDGLFLRQDOHVHQHVWDVWUHVPRGDOLGDGHV

7DEODGHOQURGHDxRVPD\RUHVPHGLRV\PHQRUHVSDUDFDGD
SODQHWD

3ODQHWD$xRV0D\RUHV$xRV0HGLRV$xRV0HQRUHV
6RO
/XQD
0HUFXULR
9HQXV
0DUWH
-XSLWHU
6DWXUQR

$VLXQDYH]TXH8GKDHVWDEOHFLGRTXHSODQHWDVHUDVX$OFKRFKRGHQHQHO
PDSDQDWDO\KDGHFLGLGRDVLJQDUOHORVDxRV0D\RUHV0HGLRVR0HQRUHV
8GSDVDUDDUHYLVDUORVDVSHFWRVQDWDOHVTXHUHFLEHVX$OFKRFKRGHQ\
PRGLILFDUDORVDxRVGHDFXHUGRDXQDUHJODEDVLFDVHJ~QODFXDOXQEXHQ
DVSHFWRVH[WLORWULJRQRGHXQEHQHILFRHQEXHQHVWDGRLPSOLFDDJUHJDUXQ
QXPHURGHDxRVLJXDODORVDxRVPHQRUHVGHOEHQHILFRDVSHFWDQWHPDVXQ
QXPHURGHPHVHVLJXDODOQXPHURGHVXVDxRV0HGLRV

(QIRUPDVLPLODUXQPDODVSHFWRGHXQPDOHILFRLPSOLFDVXVWUDHUXQQXPHUR
GHDxRVLJXDODORVDxRVPHQRUHVGHOPDOHILFRDVSHFWDQWH$YHFHVVHKD
FRPSOLFDGRHVWDUHJODDJUHJDQGR\VXVWUD\HQGRQRVRORPHVHVVLQR
WDPELHQGLDV


+DELHQGRKHFKRORDQWHULRU8GKDOOHJDGRDODPHGLGDGHOSHULRGRGHYLGD
GHDFXHUGRDODIRUPXODGHO$OFKRFKRGHQ8GKDGHGXFLGRXQLQWHUYDORGH
WLHPSRHQDxRVPHVHV\GLDVHOFXDOVHVXSRQHVHUDHOSHULRGRDVLJQDGR
GHYLGDSDUDODSHUVRQDHQFX\RPDSDQDWDO8GWUDEDMD

$OJXQDVWUDGLFLRQHVHQVHxDQTXHVLVHORDSOLFDDSURSLDGDPHQWHOD
IRUPXODGHO$OFKRFKRGHQOHSHUPLWLUDFRQRFHUHOQXPHURH[DFWRGHGLDVTXH
XQDSHUVRQDYLYLUD2WUDVWUDGLFLRQHVLQGLFDQTXHXQDYH]TXHVHKD
FDOFXODGRHOQXPHURGHGLDVHVWLSXODGRSRUHO$OFKRFKRGHQDXQQRVH
SURGXFLUDODPXHUWHKDVWDTXHXQDSURJUHVLRQVHFXQGDULDDQHUHWLFD
SUHFLSLWDGDSRUXQWUDQVLWRDQHUHWLFRVHKDJDSDUWLO

6HGLFHTXHXQDSURJUHVLRQRXQWUDQVLWRDQHUHWLFRVQRSXHGHQWUDHUOD
PXHUWHKDVWDWDQWRQRKD\DWUDQVFXUULGRHOSHULRGRGHWLHPSRGHO
$OFKRFKRGHQHLQYHUVDPHQWHTXHXQDYH]TXHVHKDQYLYLGRODFDQWLGDGGH
GLDVDVLJQDGDSRUHO$OFKRFKRGHQFXDOTXLHUSURJUHVLRQRWUDQVLWR
DQHUHWLFRVPDUFDUDHOWHUPLQRGHODYLGD3RUVXSXHVWRFRQRFHPRVSRU
QXHVWUDH[SHULHQFLDHQHOHVWXGLRGHODVSURJUHVLRQHV\WUDQVLWRVHQHO
PRPHQWRGHODPXHUWHHQPXFKDVFDUWDVTXHODUHJODHVTXHWRGRVHXQH
ODSURJUHVLRQVHFXQGDULDDQHUHWLFDFRQYHUJHFRQORVWUDQVLWRVOHQWRV
DQHUHWLFRVFRQHO(FOLSVH\/XQDFLRQHVDQHUHWLFDVODV'LUHFFLRQHV
DQHUHWLFDVSRU$UFR6RODU\HOFLUFXLWRDQHUHWLFRHQOD5HYROXFLRQ6RODU
YLJHQWH\HQODVFDUWDVGH5HWRUQR/XQDUDVLFRPRHQODFDUWD'LDULD(V
FRPRVLWRGRVORVSODQRVFRQYHUJLHUDQHQXQDFDVFDGDVLQFURQLFDSDUD
VHxDODUHOPRPHQWRGHODPXHUWHHQFDGDFDVRLQGLYLGXDO

3HURODGRFWULQDGHODOFKRFKRGHQHQVXVYHUVLRQHVGHEDVHSDUHFH
LQGLFDUTXHHVSRVLEOHGHGXFLUGLUHFWDPHQWHGHVGHHOPDSDQDWDOHO
FRQRFLPLHQWRGHOQXPHURH[DFWRGHGLDVTXHXQDSHUVRQDKDGHYLYLU8QD
IRUPXODGHHVWHWLSRHVXQPHGLRSDUDUHYHODUQRVODHVWUDWLILFDFLRQ
MHUDUTXLFDREMHWLYDGHORVSODQRVGHODGHWHUPLQDFLRQGLVFHUQLEOHHQHO
PDSDQDWDO(VHVWDXQDUD]RQPDVSRUODFXDOUHVXOWDYDOLRVRDSUHQGHUOR
TXHODVDQWLJXDVWUDGLFLRQHVQRVKDQOHJDGRVREUHHOWHPD

$PHQXGRVHSLHQVDTXHODUD]RQSRUODFXDOORVWUDQVLWRVXQDVYHFHV
DFWXDQPDVGUDPDWLFDPHQWHTXHRWUDVGHEHEXVFDUVHHQHOVLVWHPDGH
6HxRUHVGHO7LHPSRTXHORVDQWLJXRVDVWURORJRVHPSOHDEDQ\WHQLDQHQ
JUDQHVWLPDFRPRKR\ORKDFHQORVDVWURORJRVYHGLFRV


&RPRDVWURORJRHVSHFLDOL]DGRHQODSUHGLFFLRQGHODPXHUWHHVWR\
FRQYHQFLGRGHTXHKDOOHJDGRHOWLHPSRHQTXHGHEHPRVFRPSDUDU
QXHVWUDVQRWDVGHLQYHVWLJDFLRQ\SRQHUQRVDWUDEDMDUSDUDHVWUXFWXUDUXQD
IRUPDREMHWLYDGHDSUR[LPDFLRQDHVWHFDPSRIDVFLQDQWHSDUDOD
LQYHVWLJDFLRQ1RKDVLGRVLQRUHFLHQWHPHQWHTXHKHFRPHQ]DGRD
LQYHVWLJDUODDSOLFDFLyQGHOLPLWHVHQHODOJRULWPRGHODOFKRFKRGHQHQFDUWDV
FODYHVGHHVWXGLR\HQPLSUDFWLFDGLDULDFRQORVFOLHQWHVTXLHQHVD
PHQXGREULQGDQGDWRVVREUHIDPLOLDUHVIDOOHFLGRVSDUDODUHFWLILFDFLRQ
3HURVLQGXGDFXDQGRSHQVDPRVHQWHUPLQRVGHODVFDWHJRULDVLPSOLFLWDV
HQHODOJRULWPRGHODOFKRFKRGHQ\ODVUHODFLRQDPRVFRQODLQWHUSUHWDFLRQ
GHODFDUWDVHDEUHQPXFKDV\SURGXFWLYDVOLQHDVGHLQYHVWLJDFLRQDSWDV
SDUDFRQGXFLUQRVDXQDFRPSUHQVLRQYHUGDGHUDGHODVLQWHUUHODFLRQHVHQWUH
ORVGLIHUHQWHVSODQRVGHOPDSDQDWDOHQWDQWRVHFRUUHODFLRQDQFRQOD
UHDOLGDGPDQLILHVWD8QDDSUR[LPDFLRQLQLFLDODHVWHURPSHFDEH]DVGHOD
IRUPXODGHODOFKRFKRGHQSXHGHVHUFRQVLGHUDUODKLSRWHVLVGHTXHODV
FDWHJRULDVFRQFHSWXDOHVGHORVDQWLJXRVDVWURORJRVSDUDSHQVDUDFHUFDGH
ODFDUWDUHVXOWDURQDSURSLDGDV\SDUFLDOPHQWHH[LWRVDVFRPRSDUDSURGXFLU
XQDOJRULWPRTXHDGHFXDGDPHQWHDSOLFDGRSHUPLWLDDOSUDFWLFDQWHVDELR
GHFRGLILFDUXQDPHGLGDVLQWHWLFDFXDQWLWDWLYDGHOSHULRGRGHYLGDGHOQDWLYR
DSDUWLUGHVXFDUWDQDWDO

4XL]DVDOURPSHFDEH]DVOHIDOWHQDOJXQDVSLH]DVTXL]DVODVSLH]DV
H[LVWHQWHVKD\DQSHUGLGRVXIRUPDSURSLDFRPRSDUDHQFDMDU
DGHFXDGDPHQWHFRQODVYHFLQDVSHURREVHUYDUORTXHWHQHPRVVREUHOD
PHVDSRGULDDEULUPXFKRVVHFUHWRVDXQDPHQWHHGXFDGD(QWUHWDQWRDXQ
KD\PXFKRWUDEDMRTXHUHDOL]DUHQFXDQWRDODUHVWDXUDFLRQGHOFRUSXV
DVWURORJLFRTXLHQVDEH"

4XL]DVDOJXQDVGHODVFDEH]DVSHQVDQWHVTXHKR\WUDEDMDQHQHOORKDUDQ
DSDUHFHUSURQWRODVSLH]DVSHUGLGDVGHOURPSHFDEH]DVGHODOFKRFKRGHQ

6LXQSDOHRQWRORJRSXHGHUHFRQVWUXLUXQDJUDQEHVWLDDSDUWLUGHWDQVROR
XQDSLH]DGHKXHVRQRSRGULDPRVQRVRWURVORVDVWURORJRVUHXQLUODWHRULD
GHODOFKRFKRGHQHQEDVHDWRGDVHVWDVSLH]DVTXHKR\GLVSRQHPRV"
3URQWRWHQGUHPRVDOJXQVRIWZDUHSDUDFDOFXODUHODOFKRFKRGHQGHXQDFDUWD
GHDFXHUGRDODVGLVWLQWDVWUDGLFLRQHV\HVWDUHPRVOLVWRVSDUDGHMDUTXHOD
UHDOLGDGQRVHQVHxHFXDOHVHODOJRULWPRFRUUHFWRSDUDGHGXFLU


REMHWLYDPHQWHHOQXPHURH[DFWRGHGLDVTXHXQDSHUVRQDYLYLUD&UHRTXH
ODHUDGH$FXDULRKDUDVXUJLUSHTXHxDVPDTXLQDVHQORVFHQWURV
FRPHUFLDOHVHQODVFXDOHV8GSRGUDFRORFDUXQDPRQHGD\VDOGUDXQWLFNHW
FRQHOQXPHURH[DFWRGHGLDVTXH8GSXHGHYLYLU&RQRFHUHOGHVWLQR
DQWLFLSDGDPHQWHHVXQSUHUUHTXLVLWRSDUDFDPELDUODPDQHUDHQTXHODV
FRVDVRFXUUHQ(OFRQRFLPLHQWRFDEDOSXHGHQRVHUVXILFLHQWHSHURSRU
FLHUWRHVXQLQJUHGLHQWHQHFHVDULRFXDQGRVHWUDWDGHFDPELDUODWUD\HFWRULD
LPSXHVWDSRUHOGHVWLQR

/DVFRVDVSXHGHQRFXUULUGHPXFKDVPDQHUDVVL\HOJUDQVLVWHPDHO
XQLYHUVRSRGULDHVWDUFRQILJXUDGRHQPXFKDVIRUPDVSHURHOKHFKRHVTXH
HQFDGDLQVWDQWHSDUWLFXODUHOXQLYHUVRVHFRQILJXUDHQVRORXQDIRUPD
SDUWLFXODUDSDUWLUGHODVSRVLELOLGDGHVH[LVWHQWHV\ODVFRVDVRFXUUHQHQOD
IRUPDTXHRFXUUHQHQWUHWRGDVODVIRUPDVHQTXHORSRGULDQKDFHUSRUTXH
HOXQLYHUVRH[LVWHHQODIRUPDHQTXHH[LVWHHQWUHWRGDVODVIRUPDV
SRVLEOHV

/DVHIHPHULGHVPHGLFHQFRPRIXHHOVLVWHPDFRPRHV\FRPRVHUD\
SDUHFLHUDTXHPDVTXHSRUFXDOTXLHURWUDUD]RQVRORPLYLVLRQLQVLJKW\
KDELOLGDGDVWURORJLFDVUHSUHVHQWDQHOOLPLWHGHODVLPSOLFDFLRQHV
YHUGDGHUDVTXHSXHGRGHULYDUDSDUWLUGHORVQXPHURVTXHGHVFULEHQHO
HVWDGRGHOVLVWHPD

3DUDXQDPHQWHDFRVWXPEUDGDDSHQVDUHQWHUPLQRVGHWUDQVLWRV\
SURJUHVLRQHVDVWURORJLFDVDOJXQRVGHORVIDFWRUHVFRPSUHQGLGRVHQORV
DOJRULWPRVGHO+\OHJ\HO$OFKRFKRGHQVRQPX\UHYHODGRUHVHOORVDEUHQ
SODQRVGHFRPSUHQVLRQHOHYDGD\VLQWHWL]DGRUDGHOPDSDQDWDO\DWUDHQDO
LQYHVWLJDGRUDGHVFLIUDUHOYHUGDGHURVLJQLILFDGRGHODIRUPXODPHGLDQWHOD
SUXHEDGHVXVSUHPLVDVDWUDYHVGHODREVHUYDFLRQGHFDVRVUHDOHV(O
SULQFLSDOSUREOHPDSDUDDSOLFDUODWHFQLFDGHODOFKRFKRGHQHQORVPDSDV
HVTXHPX\DPHQXGRVHGHEHQPDQHMDUPXFKDVRSFLRQHVSRUTXHHO
DOJRULWPRQRHVWDVXILFLHQWHPHQWHFODURRH[LVWHQLQVWUXFFLRQHVHQFRQIOLFWR
FXDQGRVHDFXGHDODVGLVWQWDVIXHQWHVTXHH[LVWHQVREUHHOWHPDGHO
DOFKRFKRGHQ

%HUQDUGHWWH%UDG\LQIRUPDTXHHOODFRQVLGHUDTXHODYHUVLRQGH%RQDWWLGH
ODIRUPXODGHO$OFKRFKRGHQIXQFLRQDELHQHQEXHQDFDQWLGDGGHORV
FDVRVHQORVFXDOHVHOODODKDFKHTXHDGRKDVWDDKRUD<RKHHQFRQWUDGR


PDSDVHQORVFXDOHVODIRUPXODGHODOFKRFKRGHQIXQFLRQDSHUIHFWDPHQWH
FRPRHVHOFDVRGHODFDUWDGHPLSDGUHGRQGHODIRUPXODGHODOFKRFKRGHQ
LQGLFDXQSHULRGRGHYLGDGHDxRVORFXDOFRLQFLGHH[DFWDPHQWHFRQVX
HGDGDOPRPHQWRGHPRULU<RKDELDSUHGLFKRODIHFKDHQTXHPLSDGUH
SRGULDPRULUGHQWURGHXQPHVGHVGHXQRVDxRVDQWHVGHTXHHO
IDOOHFLHUDHQHPSOHDQGRVRORWUDQVLWRV\SURJUHVLRQHVDPLFDUWD\D
ODVX\D3HURDKRUDVLDSOLFRODIRUPXODGHODOFKRFKRGHQFRQVLGHUDQGRORV
OLPLWHVDQWHVLQGLFDGRVREWHQJRODFLIUDGHDxRVFRPRVXSHULRGRGH
YLGD\HOIDOOHFLRVRORXQRVGLDVDQWHVGHSDVDUORV+HYLVWRRWURV
FDVRVHQORVFXDOHVODIRUPXODGHODOFKRFKRGHQVHDSOLFDGHXQDPDQHUD
VHQFLOOD\SDUHFHIXQFLRQDU2WUDVYHFHVKD\TXHGDUYXHOWDV\KDFHU
SUXHEDVSRUTXHQRUHVXOWDPX\FODURFRPRDSOLFDUODVUHJODVFRPRHVHO
FDVRGHORVQXHYRVSODQHWDVFX\RVDxRVPD\RUHVPHGLRV\PHQRUHVQR
HVWDQFRQWHPSODGRVHQODVWDEXODFLRQHVWUDGLFLRQDOHV

(VXQDEXHQDSUHJXQWDFRQVLGHUDUFRPRSRGULDPRVHVWDEOHFHUORV
DxRVPHVHVGLDVDVRFLDGRVFRQORVSODQHWDVPRGHUQRV

2WUDVYHFHVHQFDPELRFXDQGRLQWHQWDPRVDSOLFDUHODOJRULWPRGHO
DOFKRFKRGHQSDUDHVWXGLDUFDUWDVGHSHUVRQDV\DIDOOHFLGDVODVFRVDVQR
VHDFRPRGDQSDUDFRUUHODFLRQDUFRQORVKHFKRVFRQORFXDOHOSUDFWLFDQWH
VHTXHGDHQODGXGDGHVLORVGDWRVQDWDOHVVHUDQSUHFLVRVRTXH

(VPX\LPSRUWDQWHFRPSUHQGHUSRUVXSXHVWRTXHPRYHUODKRUDGH
QDFLPLHQWRVRORXQSDUGHPLQXWRVSXHGHGDUXQUHVXOWDGRFRPSOHWDPHQWH
GLIHUHQWHFXDQGRVHDSOLFDODIRUPXODGHODOFKRFKRGHQHQXQDFDUWDSXHV
FODUDPHQWHORVDUFRVK\OHJLDFRVGHSHQGHQGHO$VFHQGHQWH(VSRUHOORTXH
HQHVWRFRPRHQWRGRRWURFDVRHVXQDUHJODGHRURUHVWULQJLUOD
LQYHVWLJDFLRQDPDSDVTXHKDQVLGRSUHFLVDPHQWHUHFWLILFDGRV
'HVDIRUWXQDGDPHQWHHVWROLPLWDPXFKRODFDQWLGDGGHFDUWDVGLVSRQLEOHV
SHURWHPRTXHQRKD\RWUDIRUPDGHVXSHUDUHVWHREVWDFXOR

-XVWDPHQWHHQHOFDVRGHO3DSD-XDQ3DEOR,,GLVSRQJRGHKRUDVGH
QDFLPLHQWR³RILFLDOHV´GDGDVSRUGLYHUVDVIXHQWHV(ODxRDQWHULRUWXYLPRV
XQDDUGLHQWHJXHUUDHQODVPDLOLQJOLVWVGHDVWURORJLD\QRSXGLPRVGHFLGLU
FXDOHUDHODVFHQGHQWHUHFWLILFDGRGH%LOO&OLQWRQ'HPRGRTXHQXQFD
KHPRVGHVXEHVWLPDUHVWHREVWDFXOL]DQWHEORTXHRLQLFLDO3RUVXSXHVWR
TXHHQODFRQVXOWDQXQFDOHRXQDFDUWDFX\R$VFHQGHQWHQRKD\DVLGR


SUHYLDPHQWHUHFWLILFDGRSRUPLPLVPRSHURHQHOFDVRGHODVFHOHEULGDGHV
SRUHMHPSORDPHQXGRHVGLILFLOREWHQHUIHFKDVFRQILDEOHVGHHYHQWRV
ELRJUDILFRVSDUDUHDOL]DUXQDUHFWLILFDFLRQHQSURIXQGLGDGRDOPHQRV
GHFHQWHGHO$VFHQGHQWH

(QXQDUWLFXORIXWXURVREUHHOWHPDGHODOFKRFKRGHQLQWHQWDUHDQDOL]DUOD
DSOLFDFLyQGHODOJRULWPRDODGHWHUPLQDFLRQGHOWHUPLQRGHODYLGDHQYDULRV
FDVRVGHHVWXGLR\YHUTXHFRQFOXVLRQHVVHH[WUDHQGHHOOR

0(72'26'(35(',&&,21'(/7(50,12'(/$9,'$(1%$6($/
0$3$1$7$/

'XUDQWHORVXOWLPRVWUHVDxRVKHHYDOXDGRHQPXFKDVFDUWDVGHHVWXGLRXQ
LQGLFDGRUSDUWLFXODUTXHOODPRHO³3XQWRGHOD(GDG´HQODFDUWDQDWDOHOFXDO
SHUPLWHUHDOL]DUXQDIRUPDGHSURJUHVLRQ

(OSXQWRIXHGHVFXELHUWRSRUHODVWURORJRVXL]R%UXQR+XEHU\VXHVSRVD
/RXLVH+XEHUIXQGDGRUHVGHODIDPRVD(VFXHOD+XEHU(OORVDILUPDQTXH
HQHOPRPHQWRGHOQDFLPLHQWRFRPLHQ]DDPRYHUVHXQSXQWRTXHSDUWHGHO
$VFHQGHQWH\TXHUHFRUUHH[DFWDPHQWHXQDFDVDVLVWHPD.RFKFDGD
DxRVSDUDOXHJRYROYHUDSDVDUSRUHO$VFHQGHQWHOXHJRGHUHFRUUHUODV
FDVDV.RFKDXQDYHORFLGDGTXHREYLDPHQWHGHSHQGHGHODH[WHQVLRQGH
FDGDSDUWLFXODU&DVD.RFKORFXDOYDDGHSHQGHUSRUVXSXHVWRGHODODWLWXG
JHRJUDILFDGHOOXJDUGHQDFLPLHQWR\TXHOXHJRVHUHDMXVWDFDGDYH]TXH
HO³SXQWRGHODHGDG´FDPELDGH&DVD.RFKFDGDDxRV

(QHVWHPHWRGRTXHVHJ~QFUHRIXHOODPDGRRULJLQDOPHQWHSRU+XEHUOD
3URJUHVLRQGHOD(GDGVHGLFHTXHHOPHQFLRQDGR3XQWRGH3URJUHVLRQ
GHOD(GDGKDFHFRQMXQFLRQFRQHODQHUHWDGHODFDUWDH[DFWDPHQWHHQHO
PRPHQWRGHODPXHUWH$SDUWLUGHPLVOLPLWDGDVREVHUYDFLRQHVHOPHWRGR
SRVHHFLHUWDYDOLGH]+HYLVWRSRUHMHPSORTXHHO3XQWRGH3URJUHVLRQGH
OD(GDGKDFHFRQMXQFLRQFRQHODOPXWHQGHODDYDFDVDHQHOPRPHQWRGH
ODPXHUWHRFRQ6DWXUQR3OXWRQXRWURSXQWRFODUDPHQWHDQHUHWLFRFRPR
HQHOFDVRGHPLSDGUHFXDQGRHOIDOOHFLRDORVDxRVHQVXSXQWR
GH3URJUHVLRQGHOD(GDGHVWDEDHQJUDGRVGH6FRUSLRHQRSRVLFLRQ
SDUWLODVXPDUWHQDWDOHQH[LOLRHQJUDGRVGH7DXUR\H[DFWDPHQWH
FRQMXQWRDVXFDVDDYDGHODPXHUWH3RUVXSXHVWRTXHOD3URJUHVLRQGH


OD(GDGHVXQPHWRGRJHQHUDO\ODSUHGLFFLRQGHODPXHUWHHVVRORXQDGH
VXVPXFKDVDSOLFDFLRQHVSHUREDVWDQWHREYLDFRPRSDUDWHVWHDUHOPHWRGR


0XFKRPDVLQWHUHVDQWHGHVGHHOSXQWRGHYLVWDGHSUHGHFLUHOPRPHQWRGH
ODPXHUWHHQEDVHDOPDSDHVXQPHWRGRTXHXOWLPDPHQWHKDVLGRDWULEXLGR
DODVWURORJR5RVV+DUYH\SHURTXH\RFUHRHVFRQVLGHUDEOHPHQWHPDV
DQWLJXRGHORTXHVHSLHQVD(VWDWHFQLFDKDVLGROODPDGDOD5HYROXFLRQ
GHO7HUPLQRGHOD9LGD/LIH6SDQ5HYROXWLRQR/65\SRVWXODTXHHQHO
PRPHQWRHQTXHVHQDFHHO$VFHQGHQWHFRPLHQ]DDDYDQ]DUHQHOVHQWLGR
GLUHFWRGHODUXHGDLQYHUVRDODVDJXMDVGHOUHORM

3HURDTXtORPDVLPSRUWDQWHHVODYHORFLGDGGHHVWH$VFHQGHQWHGHOD
5HYROXFLRQGHO7HUPLQRGHOD9LGD/65$TXHVLELHQHVFRQVWDQWHHV
HVSHFLILFDSDUDFDGDPDSDGHPRGRTXHSXHGHFRPSOHWDUXQDUHYROXFLRQ
\WUDHUODPXHUWHHQXQVHJXQGRGHVSXHVGHOQDFLPLHQWRRHQDxRVR
PDV(QRWUDVSDODEUDVFXDQGR8GQDFHHO/65$FRPLHQ]DDSURJUHVDU\
FXDQGRFRPSOHWDXQDUHYROXFLRQ\YXHOYHDSDVDUVREUHHO$VFHQGHQWH
QDWDOHVHHVHOPRPHQWRGHVXPXHUWH

0X\FODUDPHQWHHQWRQFHVODFXHVWLRQHVWULEDHQGHVFXEULUPHGLDQWHXQ
HVFUXWLQLRPHWLFXORVRGHODFURQRORJLDELRJUDILFDGRQGHVHHQFXHQWUDHO
/65$HQODFDUWDOXHJRHVXQDFXHVWLRQVHQFLOODH[WUDSRODU\FDOFXODU
FXDQGRFRPSOHWDUDXQDUHYROXFLRQSDUDKDOODUODIHFKDGHODPXHUWHGHOD
SHUVRQD

(VWHPHWRGRPHLPSDFWDFRPRPX\ORJLFRGHVGHHOSXQWRGHYLVWD
DVWURORJLFRVLQRVSRQHPRVDSHQVDUHQHOFRQFHSWR<RPLVPRKDELD
FRQFHELGRHVWDLGHD\OXHJRUD]RQDEDTXHFRPROD&XVSLGHGHHVWDD
PHGLRFDPLQRHQWUHHOFLFORGHUHYROXFLRQGHO/65$\HO$VFHQGHQWHQDWDO
ODVHVWDGLVWLFDVGHEHULDQPRVWUDUXQDWHQGHQFLDVLJQLILFDWLYDHQODV
SHUVRQDVDYLYLUHOGREOHGHODHGDGDODFXDOVHKDELDQFDVDGR7DOHV
HVWDGLVWLFDVUHVXOWDULDQVLQGXGDXQDSUXHEDFULWLFDGHODYDOLGH]GHO
PHWRGR

/RVDQWLJXRVDVWURORJRVFUHLDQTXHXQRSXHGHGLVFHUQLUFRQH[DFWLWXGHO
SXQWRPHGLRGHODYLGDPHGLDQWHXQDVLPSOHUHYLVLRQGHORVKHFKRVYLWDOHV


6LELHQSXHGDSDUHFHUULGLFXORDSULPHUDYLVWDKHYLVWRFDVRVTXHPH
KDFHQSHQVDUVLQRVHULDXQDWDMRIDFLOLQYHVWLJDUHVWDGLVWLFDPHQWHHQHVD
GLUHFFLRQ3RUVXSXHVWRVLHPSUHHVSRVLEOHTXHODIHFKDGHERGDFRLQFLGD
QRFRQODFRQMXQFLRQGHO/65$FRQODFXVSLGHGHVLQRFRQHODOPXWHQGH
ODFDVD\TXL]DVKD\DRWURFDVDPLHQWRVLJQLILFDWLYRQRHOSURSLRTXH
FRLQFLGDVLQFURQLFDPHQWHFRQHOSDVDMHGHO/65$SRUHO'HVFHQGHQWHHWF

3HURDXQDVLHVWDPRVKDEODQGRGHDOJRTXHSRGULD\GHEHULDVHU
HVWXGLDGRHVWDGLVWLFDPHQWH<DTXHHQHORUGHQGHODVFDVDVOXHJRGHOD
FXVSLGHGHYLHQHODFXVSLGHGHODFDVDGHODPXHUWHSRGULDWDPELHQ
HVWLPDUVHODYHORFLGDGGHPRYLPLHQWRGHO/65$PLGLHQGRHOLQWHUYDORGH
WLHPSRHQWUHODFHUHPRQLDGHERGD\HOVLJXLHQWHHSLVRGLRGHGXHORHQOD
SURSLDYLGDSRUHMHOIDOOHFLPLHQWRGHSDGUHRPDGUHDVXPLHQGRTXHQR
KD\DDQDUHWDVHQODFDVD

$VLFRQXQHMHPSORVLPSOLILFDGRVLDOJXLHQVHFDVD\DxRVPDVWDUGH
IDOOHFHVXPDGUHWHQGULD\RXQDFRQYLFFLRQPDVIXHUWHSDUDFRQFOXLUTXHHQ
YHUGDGFXDQGRODSHUVRQDVHFDVRVX/65$KL]RFRQMXQFLRQFRQVXFDVD
GHOPDWULPRQLR\\DTXHVXPDGUHIDOOHFLRDxRVPDVWDUGHHVHHVHO
WLHPSRTXHHO/65$UHTXLULRSDUDPRYHUVHGHVGHODFXVSLGHGHPDDOD
FXVSLGHGHDYDGHHVWHPRGRLQPHGLDWHPHQWHSXHGRFDOFXODUHOWHUPLQR
GHODYLGD(OXQLFRSUREOHPDDTXtVHULDHOVLVWHPDGHFDVDVSHURHVWR
SXHGHSHQVDUVHHQEDVHDODREVHUYDFLRQGHGDWRVELRJUDILFRVGH
SHUVRQDV\DIDOOHFLGDV

$VLVLODSHUVRQDVHFDVRDORV\VXPDGUHIDOOHFLRDORV
SRVLEOHPHQWHVXPXHUWHRFXUUDDORVDxRV3UREDUODYDOLGH]GHOD
KLSRWHVLVGHHVWD5HYROXFLRQGHO7HUPLQRGHOD9LGDHVXQLQWHQWRYDOLRVR
SDUDHQFDUDU\DTXHSHUPLWLULDXQUHDODYDQFHHQQXHVWUDKDELOLGDGSDUD
FRPSUHQGHUODFDUWDQDWDOQRHVDVL"

(OSUREOHPDHQHVWRUHVLGHHQODGLILFXOWDGSDUDREWHQHUEXHQRVOLVWDGRV
FURQRORJLFRVGHGDWRVELRJUDILFRVDILQGHLQYHVWLJDUHVWHPHWRGRHQ
GHWDOOH+HPDQWHQLGRPLVRMRVDELHUWRVSDUDSUREDUHVWDKLSRWHVLV
WDPELHQ\R

&UHRTXHHVWDHVXQDHSRFDH[FLWDQWH\DTXHODVFRPSXWDGRUDV
DVWURORJLFDVRULHQWDGDVDOFDPSRSUHGLFWLYRHVWDQKDFLHQGRODVFRVDV


PXFKRPDVIDFLOHV\ODUHGGHDVWURORJRVHVWDDSXQWRGHFUX]DUSURQWRXQ
XPEUDOFULWLFRFRQ8UDQR\1HSWXQRHQ$FXDULR\PDVDGHODQWHDPERVHQ
PXWXDUHFHSFLRQFXDQGR8UDQRLQJUHVDHQ3LVFLV

$OPLVPRWLHPSRORVPDWHPDWLFRVHVWDQFRPHQ]DQGRDJHQHUDUSRGHURVDV
HFXDFLRQHVSDUDSUHGHFLUGLVWLQWRVFDPSRVGHODUHDOLGDGFRQWRWDO
LQGHSHQGHQFLDGHODFDXVDOLGDGILVLFD
0HSDUHFHTXHHVWHFDPSRGHODSUHGLFFLRQGHODPXHUWHHQEDVHDOPDSD
HVWDOODPDGRDFRQVWLWXLUXQQXFOHRLPSRUWDQWHDOFXDOSXHGHQFRQYHUJHU
YDULDVOLQHDVGHFRQRFLPLHQWR3RUXQDSDUWHH[LVWHQHVIXHU]RVGHILQLGRV\
FDQDOL]DGRVDWUDYHVGHOLQHDVFRPRHO3UR\HFWR+LQGVLJKW\$UKDWGHQWUR
GHODOHQJXDLQJOHVDDVLFRPR*UDFHQWUR\RWURVHQODOHQJXDHVSDxROD
TXHLQWHQWDQWUDGXFLUDODOHQJXDDFWXDOHOFRUSXVGHFRQRFLPLHQWR
DVWURORJLFRGHODWUDGLFLRQDQWLJXD3URQWRHVWDUHPRVSUREDQGRYDULRV
VLVWHPDVGH6HxRUHVGHO7,HPSRWDOFRPRORVSUDFWLFDEDQORVDQWLJXRV
DVWURORJRV\HVWRQRVSRGUDGHFLUFRPRWRQDOL]DUPRGXODU\FDOLILFDUHO
LPSDFWRGHORVWUDQVLWRVODVSURJUHVLRQHV\ODVGLUHFFLRQHV0HMRUHV
VRIWZDUHVQRVSHUPLWLUDQPDQHMDUODVFRPSOHMLGDGHVSURYHQLHQWHVGHO
HVWXGLRGHORVVLVWHPDVDQWLJXRVGHSUHGLFFLRQDVWURORJLFD

3HURSRURWUDSDUWHYLQLHQGRQRGHOSDVDGRVLQRGHOIXWXURWHQGUHPRV
YHUGDGHURVDYDQFHVHQODVPDWHPDWLFDVGHSUHGLFFLRQGHOIXWXUR
5HFLHQWHVGHVDUUROORVWDOHVFRPRODHFXDFLRQIUDFWDOGH(OOLRWSDUDSUHGHFLU
ODVIOXFWXDFLRQHVGHFXDOTXLHUFXUYDHFRQRPLFDRFRPHUFLDOHQHOWLHPSRR
ODHFXDFLRQIUDFWDO7LHPSR&HUR2QGDGH7HUHQFH0F.HQQDSDUDSUHGHFLUHO
PRQWRGHQRYHGDGHVSDUDFXDOTXLHUIHFKDGDGDGHVGHHO%LJ%DQJKDVWD
HO(VFKDWRQVRQVRORODSULPHUDJHQHUDFLRQGHODVHFXDFLRQHVSUHGLFWLYDV

,QGHSHQGLHQWHPHQWHGHFXDQHILFD]PHQWHHVWRVSDUWLFXODUHVVLVWHPDV
SXHGDQUHDOPHQWHIXQFLRQDUHQVXDSOLFDFLyQODFXHVWLRQHVTXHHOIXWXUR
LQPHGLDWRQRVWUDHUDPDVSUXHEDVGREOHFLHJRHQHVWDGLUHFFLRQ\
HYHQWXDOPHQWHODSUHGLFFLRQPDWHPDWLFDGHOIXWXURDVLPLODUDORTXHKR\GLD
FRQRFHPRVFRPRDVWURORJLD

6HKDGLFKRTXHDFWXDOPHQWHODDVWURORJLDHVFRPROD)LVLFDDQWHVGH
1HZWRQ&RPRWRGRVVDEHPRV&ODXGLR3WRORPHRVLJOR,,FRPSLORWDQWR
OD$VWURQRPLDFRPROD)LVLFDGHVXWLHPSRHQVX$OPDJHVWR\OD


$VWURORJLDHQVX7HWUDELEORV

7XYLHURQTXHSDVDUVLJORVSDUDTXHXQJHQLRGHODVPDWHPDWLFDV,VDDF
1HZWRQDSDUHFLHUDHQHOHVFHQDULRHKLFLHUDSRVLEOHODOOHJDGDGHODHUDGH
ODILVLFDLQFOXVRGHODFLHQFLDHQWRWDOLGDGJUDFLDVDOFDOFXORLQILQLWHVLPDO
DSOLFDGRDODGLQDPLFD(OQXHYRFDOFXORGLIHUHQFLDOYLQRDVLJQLILFDUXQ
YHUGDGHURVDOWRHSLVWHPRORJLFRDODSRUWDUODSUHFLVLRQWRWDOGRQGHSRGLD
VHUDSOLFDGR

'HLQPHGLDWRKL]RSRVLEOHHOFDOFXORSUHFLVRGHODVHIHPHULGHV8QD
PHFDQLFDFHOHVWHREMHWLYDVLJQLILFRTXHDKRUDODFLHQFLDGLVSRQLDGHEDVHV
YHUGDGHUDVSDUDDYDQ]DUHQHOFRQRFLPLHQWRGHOFLHOR(OWHPSORGHOD
FLHQFLDSRUSULPHUDYH]PRVWUDEDDOJXQDVYHUGDGHVSRUORFXDOSXGLPRV
LQJUHVDUDHO\SUDFWLFDUHOFXOWR(OPLVPRFDOFXORVHDSOLFRDOD
SUHGLFFLRQGHOFRPSRUWDPLHQWRGHODVEDODVGHOFDxRQ\GHVLVWHPDV
PDWHULDOHVRHQHUJHWLFRVGHWRGRWLSR$VLHVWDQXHYDKHUUDPLHQWD
PDWHPDWLFDTXHKL]RSRVLEOHODFLHQFLDJHQHURWRGDVODVDSOLFDFLRQHV
WHFQLFDV\GHLQJHQLHULDTXHKDQGDGRIRUPDDQXHVWURPXQGRWDOFRPRHV
KR\GLD

<DTXHODQXHYDPDWHPDWLFDKL]RSRVLEOHPDQHMDUHOPRYLPLHQWR\HO
PRYLPLHQWRHVWDEDHQWRGDVSDUWHVHOFDORUHUDPRYLPLHQWRGHORVDWRPRV
\DVLVHSXGRPDQHMDUODWHUPRGLQDPLFD3HURODDVWURORJLDDXQHVSHUDTXH
OOHJXHVX1HZWRQ\EULQGHHOPHWRGRPDWHPDWLFRDGHFXDGRSDUDPDQHMDU
ODVUHODFLRQHVTXHKDFHQSRVLEOHXQDSUHGLFFLRQDFHUWDGDGHORVKHFKRV
SRUYHQLU

7DOFRPRDQWHVGHOQDFLPLHQWRGHXQJUDQDYDWDUUHOLJLRVRDSDUHFHQ
PXFKRVSURIHWDVPHQRUHVFRPRKHUDOGRVGHVXOOHJDGDDVLPXFKDV
PHQWDOLGDGHVJHQLDOHVPHQRUHVYLHQHQDIHUWLOL]DUHVWHFDPSRTXHKDUD
SRVLEOHXQJLJDQWHVFRGHVFXEULPLHQWRFRPRHOGH1HZWRQSDUDSRGHUGDU
IRUPDDOQXHYRSDUDGLJPD(OHVWXGLRPDWHPDWLFRGHODVUHODFLRQHVHQ
JHQHUDOFRPRFRUUHVSRQGHQFLDVHQWUHMXHJRV

/D$VWURORJLDHVWXGLDODVUHODFLRQHVH[LVWHQWHVHQWUHODVFDUDFWHULVWLFDVGH


ORTXHRFXUUHHQHOPXQGRSRUXQDSDUWH\ODVSDXWDVGHODVYDULDEOHVGH
PRYLPLHQWRGHOFLHORSRUODRWUD
1HFHVLWDPRVXQDPDWHPDWLFDDGHFXDGDSDUDFRGLILFDU\PDQHMDUHVWDV
UHODFLRQHVHQIRUPDVLPEROLFD\DOJHEUDLFDDILQGHSRGHUH[WUDHUVXV
LPSOLFDFLRQHV

(OKHFKRGHTXHH[FHSWRSDUDORVFDVRVPDVREYLRVGHLQIOXHQFLD
PHGLDWL]DGDILVLFDPHQWHHVGHFLUHO62/\OD/81$HQHOFDVRGHOD
PD\RULDGHORVFXHUSRVDVWURQRPLFRVVXFRUUHODFLRQDVWURORJLFDFRQOD
IRUPDHQTXHH[SHULPHQWDPRVODUHDOLGDGDTXtHQHOPXQGRHV
VLQFURQLVWLFD\DFDXVDOHVGHFLUQRPHGLDWL]DGDSRUORILVLFRSHURHVWRQR
VLJQLILFDGHQLQJXQPRGRTXHHVWDVUHODFLRQHVQRSXHGDQVHUHVWXGLDGDV
PDWHPDWLFDPHQWHFRQODPD\RUSUHFLVLRQPDVELHQWRGRORFRQWUDULR6ROR
WHQHPRVTXHPDWHPDWL]DUQXHVWURVLVWHPDVLTXHUHPRVLUPDVDOOD/RV
D[LRPDVDVWURORJLFRVSHUPLWHQDODVWURORJRSUHGLFWLYRPDQWHQHUVHILUPHHQ
VXFRQYLFFLRQGHTXHWRGRSXHGHVHUSUHGLFKRFXDQWLWDWLYDPHQWHHQHOIXWXUR
FRQXQDSUHFLVLRQSUR[LPDDLQILQLWRHQIXQFLRQGHODKDELOLGDGPDWHPDWLFD
GHOSUDFWLFDQWHQRVRORHOWLHPSRGHYLGDGHXQDSHUVRQDDWUDYHVGHXQ
DOJRULWPRFRPRHO$OFKRFKRGHQSHURDXQHOSUR[LPRJDQDGRUHQXQD
GHWHUPLQDGDORWHULD/DFLHQFLDQRFRPSUHQGHDODDVWURORJLDSRUTXHQR
FRPSUHQGHORFDVXDOQLODYHUGDGHUDMHUDUTXLDGHODSDUHQWHD]DUH[FHSWR
PHGLDQWHODWHRULDGHODSUREDELOLGDG\ODHVWDGLVWLFD/DFLHQFLDHVWD
FRORFDQGRDO&DRVSRUHQFLPDGHO&RVPRVSHURGHHVWRHODVWURORJR
FRQRFHPDV\PHMRU$XQHQHOQLYHOFXDQWLFRGRQGHODVHVWDGLVWLFDVWLHQHQ
VHQWLGRWDQWR3LWDJRUDVFRPR/HLEQL]KDEUDQSUREDGRVXFHUWH]DFXDQGR
ODVPHQWHVSXHGDQHQFRQWUDUODYLDGHODSUHGLFFLRQFXDQWLWDWLYDGHOIXWXURD
WUDYHVGHOIXQFLRQDPLHQWRIUDFWDOGHODVPDWULFHVPRQDGLFDVQDWXUDOHV(VWD
FDSDFLGDGGHQLYHOXUDQLDQRSDUDVXSHUDUHOLPSUHGHFLEOHTXDQWXP
QHSWXQLDQRPRVWUDUDDORVFLHQWLILFRV
ODSUR[LPDJUDQOHFFLRQ/RD]DURVRQRGHEHVHUDERUGDGRDWUDYHVGHOD
SUREDELOLGDG\ODHVWDGLVWLFDVLQRPHGLDQWHHODOJHEUD\HOFDOFXOR<DTXH
UHVXOWDFODURTXHHOSDUDGLJPDYLJHQWHVHJ~QHOFXDOHOQXPHURJDQDGRUHQ
XQVRUWHRSDUWLFXODUQRGHSHQGHGHOJDQDGRUGHOVRUWHRSUHYLRHQODPLVPD
ORWHULDHVXQHUURU6RORKD\TXHWRPDUXQDFDOFXODGRUDFLHQWLILFD
DYDQ]DGDDOLPHQWDUODFRQVHULHVGHJDQDGRUHVGHVRUWHRVFRQVHFXWLYRVGH
XQDORWHULDGDGD\OXHJRGHPRGXODUODVHFXHQFLDHQJUDGRVGH
PRGXODFLRQYHULILFDUODVHFXHQFLDGHODVSULPHUDVGLIHUHQFLDVHQWUH
JDQDGRUHVFRQWLJXRV3URQWRFRPHQ]DUD8GDGHVFXEULUODVFRQVWDQWHV\


ODVUHJODVGHOMXHJR4XHSDVRVDOJHEUDLFRV\PHGLDQWHTXHFRQVWDQWHVVH
SXHGHOOHJDUHQIRUPDFRQVLVWHQWHGHVGHHOJDQDGRUSUHYLRDOVLJXLHQWH"
(VWRQRWLHQHQLQJXQVHQWLGRSDUDODFLHQFLDSXHVODFLHQFLDDXQQR
FRPSUHQGHTXHODVORWHULDVQRVRQSURFHVRVHVWRFDVWLFRV

1RTXLHURGHFLUTXH\DKHGHVFXELHUWRXQDIRUPXODHILFD]TXHPHSHUPLWD
H[WUDSRODUHOUHJLVWURKLVWRULFRGHJDQDGRUHVGHXQDORWHULDHQORV
JDQDGRUHVGHORVVRUWHRVIXWXURVSHUR\DKHYLVWRVXILFLHQWHFRPRSDUD
HVWDUILUPHPHQWHFRQYHQFLGRGHTXHH[LVWHPDVGHXQDIRUPXODPDWHPDWLFD
\QRKDEORGHHVWDGLVWLFDVQLGHSUREDELOLGDGHVTXHDVXPHQTXH8GQR
FRQRFHODVUHJODVGHOMXHJRSDUDGHVDUUROODUHVWDVVHULHVHQHOIXWXUR\DVL
GHGXFLUORVJDQDGRUHVGHWRGRVORVVRUWHRVIXWXURVGHGLFKDORWHULD

,QFOXVLYHDWUDYHVGHORVDxRVGHDSOLFDFLyQ\GHGLFDFLRQKHSRGLGR
GHVFXEULUDOJXQDVOH\HVEDVLFDVTXHJRELHUQDQODVPDUDYLOORVDVVLPHWULDV\
PRGHORVGHRUGHQGLVFHUQLEOHVHQFXDOTXLHUVHFXHQFLDPRGXODGDGH
JDQDGRUHVGHVRUWHRVFRQVHFXWLYRVGHXQDORWHULDGDGD
+HTXHGDGRFDXWLYDGRSRUHVWHPDUDYLOORVRPXQGRGHUHODFLRQHV\\DQR
SXHGRDEDQGRQDUHVWDLQYHVWLJDFLRQQXQFDPDV'HEDWLUHDOJXQRVGHPLV
KDOOD]JRVHQRWURVDUWLFXORV&XDQGRYLQHDGHVFXEULUTXHH[LVWLDXQRUGHQ
HQHOVXSXHVWRFDRVGHORVJDQDGRUHVGHORWHULDFURQRORJLFRVIXHDOJR
VLPLODUDOLQVWDQWHHQTXHHOHVWXGLDQWHGHDVWURORJLDGHVFXEUHHQVXSURSLD
H[SHULHQFLDGHODUHDOLGDGODYHUGDGGHORVWUDQVLWRV\ODVSURJUHVLRQHV\
VXELWDPHQWHVHSUHJXQWDFRPRSXHGHQORVFLHQWLILFRVGHVFDUWDUOD
H[LVWHQFLDGHWRGDFRUUHODFLRQHQWUHORVVLJQLILFDGRVDVLJQDGRVDORV
SODQHWDV\VXVDVSHFWRVFRQORTXH8GH[SHULPHQWDFXDQGRVXIUHXQD
FXDGUDWXUDGHPDUWHRXQWULJRQRGH-XSLWHU/DUHDOLGDGOHJROSHDHQHO
URVWUR\8GVHSUHJXQWD³(VWDQFLHJRVRTXH"´&RPSUHQGH8GHQWRQFHV
TXHHOORVMDPDVKDQHFKDGRXQYLVWD]RDXQDHIHPHULGHV\TXHUHFKD]DQOR
TXHQXQFDKDQHVWXGLDGRVRORSRUTXHFKRFDFRQHOSDUDGLJPDYLJHQWHHQ
HOFXDOIDOWDHOD[LRPDEDVLFRHQHOFXDOVHVRVWLHQHODDVWURORJLDHOD[LRPD
GHODVLQFURQLFLGDGFRVPLFD'HODPLVPDIRUPDFXDQGR8GSURFHGHDO
DQDOLVLVPDWHPDWLFRGHODVVHFXHQFLDVPRGXODGDVGHVRUWHRVVXFHVLYRVGH
XQDORWHULDGDGDVXELWDPHQWHSHUFLEH8GHORUGHQ\ODVFRQVLVWHQWHV
SDXWDVGHFRQJUXHQFLDSDUWLFXODUPHQWHHQDOJXQDVWUDQVIRUPDFLRQHVGH
HVWDVVHFXHQFLDVGHPRGRTXH8GSDVDDHVWDUFRQYHQFLGRGHTXHQR
H[LVWHHOD]DUDOPHQRVHQHVWDVVHFXHQFLDV(QHVWHSXQWRHOSDUDGLJPD


YLJHQWHWLHPEOD8GFUHLDTXHQRKDELDUHJODVDKRUD8GVDEHTXH
H[LVWHQXQLFDPHQWHTXH8GGHEHGHVFXEULUODV

/D$VWURORJLDFDUHFHDXQGHODVKHUUDPLHQWDVPDWHPDWLFDVDSURSLDGDV
SDUDFRGLILFDUODUHDOLGDG\SHUPLWLUODSUHGLFFLRQSUHFLVD1RVRWURVFRPR
DVWURORJRVRULHQWDGRVDORSUHGLFWLYRFRQVFLHQWHVGHOSUREOHPDTXHVXSRQH
HOPDQHMRPDWHPDWLFRGHUHODFLRQHVUHOHYDQWHVXQLFDPHQWHSRGHPRV
IHUWLOL]DUHOWHUUHQR\DVLKDFHUSRVLEOHODOOHJDGDGHO1HZWRQGHODDVWURORJLD
&LHQFLDVLJQLILFDFRQRFLPLHQWRYHUGDGHURWDQWRFXDOLWDWLYRFRPR
FXDQWLWDWLYRODDVWURORJLDSXHGHVHUFRQRFLPLHQWRYHUGDGHURVROR
QHFHVLWDPRVODVPDWHPDWLFDVDGHFXDGDVSDUDKDFHUORUHDO0L8UDQR
EXVFDFRQRFLPLHQWRQXPHULFRYHUGDGHURPLHQWUDVPL1HSWXQRFUHHTXHHO
VDELRHVWDOOHJDQGR4XL]DVHVWDYH]HODYDWDUVHDXQDPDTXLQD1R
ROYLGHPRVTXHHOVRIWZDUHDVWURORJLFRHVXQEHEHUHFLHQQDFLGR\FUHRTXH
HVWHEHEHQRVYDDVRUSUHQGHUFXDQGRFRPLHQFHDKDEODUGHOIXWXURFRQ
SDODEUDVYHUGDGHUDV(OFDPSRGHODSUHGLFFLRQDVWURORJLFDGHOIXWXUR
PHGLDQWHPDTXLQDVWLHQHSRUGHODQWHXQOXPLQRVRIXWXURVLHQSULPHUOXJDU
QRVD\XGDDGHVDFWLYDUHO(VFKDWRQ(VWDVPDTXLQLOODVGHYHQWDHQORV
FHQWURVFRPHUFLDOHVHQODVFXDOHV8GFRORFDULDXQDPRQHGD\OH
GHYROYHULDQXQWLFNHWFRQHOQURH[DFWRGHGLDVTXH8GKDGHYLYLUSXHGHQ
HVWDUPX\FHUFD\D$OJXQDVSRGULDQWUDEDMDUFRQHODOJRULWPRGHO
$OFKRFKRGHQRWUDVFRQHODOJRULWPRGHOD5HYROXFLRQGHO3HULRGRGHOD
9LGD$OJXQDVSRGULDQRUJDQL]DUVHVRORFRQSURJUHVLRQHV\WUDQVLWRV
/RVDVWURORJRVYHGLFRV\DHVWDQDWUDVDGRVSDUDSUREDUVXVDOJRULWPRV
PHGLDQWHPDTXLQDV,QFOXVRDOJXQRVDOJRULWPRVDYDQ]DGRVSRGULDQVHU
PXFKRPDVVHQFLOORVTXHHVWRV\DXQPDVSUHFLVRVVRORWHQHPRVTXH
GHVFXEULUORV4XL]DVSDUWHVGHHVWRVDOJRULWPRVPHMRUDGRVIXHURQ
FRQRFLGRVSRUORVDQWLJXRVTXHORVWHQLDQHQDOWDHVWLPDSHURQRSRVHLDQ
FRPSXWDGRUDVSDUDKDFHUXQXVRDSURSLDGRGHHOORV

(VXQDUHJODTXHORVKHFKRVLPSRUWDQWHVVRQPDVIDFLOHVGHSUHGHFLUD
SDUWLUGHOPDSDTXHORVHYHQWRVSRFRLPSRUWDQWHV(VSRUHOORTXH
SRGHPRVVHUWDQSUHFLVRVSDUDSURQRVWLFDUSRUHMHPSORXQDERGD/D
PXHUWHHVXQHYHQWRPX\LPSRUWDQWH\HOPDSDLQGLFDVXQDWXUDOH]D\VX
WHPSRUDOL]DFLRQFRQJUDQGHVVLJQRVFHQWHOOHDQWHVTXHGXUDQWHEDVWDQWH
WLHPSRVHOHKDFHQREYLRVD8GGHVGHHOPDSDDXQFXDQGR8GQRHVWH
SUHSDUDGRSDUDKDOODUORVFRPRWRGRDVWURORJRVDEH


3HURFRPRVHWUDWDGHXQMXLFLRWDQGHOLFDGRSDUDHQXQFLDUHVLPSRUWDQWH
DTXtVHUVDELRHQHOPRPHQWRGHSRQHUHQSDODEUDVHVWHVDEHU/DV
FRQVLGHUDFLRQHVHWLFDVVRQPX\LPSRUWDQWHVSHURSDUDQRVRWURVTXH
WUDWDPRVGHDEULUQRVSDVRHQXQFRQRFLPLHQWRQXHYRVRQWDQYDOLGDVFRPR
SRGULDQKDEHUVLGRSDUD+HQU\)RUGODVIXWXUDVHVWDGLVWLFDVGHPXHUWHV
SRUDFFFLGHQWHGHDXWR(OVRORWHQLDTXHJHQHUDUODSURGXFFLRQGHHVH
DUWHIDFWRQDFLGRSDUDPDWDUPDVJHQWHTXHWRGDVODVJXHUUDVMXQWDVDO
PHQRVKDVWDDKRUD&RQILDPRVHQORVDHURSODQRVFRQILDPRVHQORV
WUDQVSODQWHVGHFRUD]RQVRORWHQHPRVTXHDSUHQGHUDFRQILDUHQHO
$OFKRFKRGHQ

&RS\ULJKWSRUHO'U*RQ]DOR3HxD7DPH]
WUDGXFFLRQ\SXEOLFDFLRQDXWRUL]DGDSRUHODXWRUSDUDUHYLVWD%HLEHQLD



(O'U*RQ]DOR3HxD7DPH]DND*RQ]RHVXQFLHQWILFR\PDWHPDWLFRTXH

VHKDRFXSDGRGHODLQYHVWLJDFLRQSUDFWLFD\HQVHxDQ]DGHDVWURORJLD
GXUDQWHDxRV6XVLQYHVWLJDFLRQHVVREUHORVPRGHORVPDWHPDWLFRV
GHQWURGHODVVHFXHQFLDVPRGXODGDVGHJDQDGRUHVGHORWHULDRUGHQDGRV
FURQRORJLFDPHQWHORFRQGXMRDODDVWURORJLD

'LULJHXQDHVFXHODGHDVWURORJLDSUHGLFWLYDHQ0RQWHUUH\0H[LFR6H
RIUHFHQFXUVRVGHDVWURORJLDSUHGLFWLYDSDUDHVWXGLDQWHVQRYHOHV
LQWHUPHGLRV\DYDQ]DGRV

*RQ]RVHHVSHFLDOL]DHQODUHFWLILFDFLRQGHO$VFHQGHQWHORTXHLPSOLFD
KDOODUHOLQVWDQWHH[DFWRHQHOFXDOXQDSHUVRQDQDFLRPHGLDQWHXQPHWRGR
GHVXDXWRULDEDVDGRHQIXQGDPHQWRVPDWHPDWLFRV\HQXQDFRPSUHQVLRQ
SURIXQGDGHODVWHFQLFDVDVWURORJLFDV
7DPELHQUHDOL]DGLDULDPHQWHFRQVXOWDDVWURORJLFDWDQWRHQ(VSDxROFRPR
HQ,QJOHVHQSHUVRQDRYLD,QWHUQHW/DSUHGLFFLRQGHODPXHUWHDSDUWLUGHO
PDSDQDWDOKDVLGRXQDSUHRFRXSDFLRQFRQVWDQWHHQODFDUUHUDGH*RQ]R
(OWLHQHHQYLVWDHVFULELUXQOLEURWLWXODGR³/DSUHGLFFLRQFXDQWLWDWLYDHQ
$VWURORJLD´XQDYH]TXHKD\DOOHJDGRDXQEXHQQLYHOGHH[SHULHQFLDHQOD


WHPDWLFD(OQRVFRQILHVDTXH³$YHFHVFUHRTXHQRHVWDUHOLVWRSDUD
WHUPLQDUFRQWRGDHVWDWDUHDKDVWDPLSUR[LPDYLGD´