Está en la página 1de 25

&DStWXOR

&yPRVHUSDGUHVH¿FLHQWHV²6HJXQGDSDUWH
,QWURGXFFLyQ
8QD QRFKH XQ SDGUH RUDED ³3HUGyQDPH KLMR (VWR\
DO ODGR GH WX FDPD PLHQWUDV GXHUPHV +H YHQLGR D
DUUHSHQWLUPH1RWHVDOXGpFRQXQDVRQULVDSRUODPDxDQD
VLQR TXH WH UHJDxp SRU FHSLOODUWH ORV GLHQWHV OHQWDPHQWH
/XHJRHQHOGHVD\XQRHVWDEDVHPRFLRQDGRSRUDOJR1R
VXSHHOPRWLYRSRUTXHWHGLMHTXHQRKDEODUDVFRQODERFD
OOHQD$OVDOLUSDUDODHVFXHODGLMLVWHDGLyVDJLWDQGRODPDQR
FRQDOHJUtD£3HUR\RWHPLUpIUXQFLHQGRHOFHxRPLHQWUDV
WH GHFtD TXH WH SDUDUDV GHUHFKR 0iV WDUGH UHJUHVDVWH
GH OD HVFXHOD <R VHJXt QRWDQGR ODV FRVDV SHTXHxDV H
LJQRUDQGR ODV JUDQGHV &ULWLTXp OD PDQHUD HQ TXH KLFLVWH
WXVWDUHDV&XDQGRWXSHORWDFD\yVREUHODVSODQWDVWHJULWp
¢< UHFXHUGDV FXDQGR LQWHUUXPSLVWH PL OHFWXUD" (QWUDVWH
DOFXDUWRVLOHQFLRVDPHQWH<RPHLUULWp\WHSUHJXQWpTXp
TXHUtDV7~GLMLVWHµ1DGD¶SHURPHGLVWHXQJUDQDEUD]R
/XHJRFRUULUVWHDMXJDUDIXHUD3HUGyQDPHKLMR<RKHVLGR )LJX
)LJXUD
JXUD
UD 
 
 /R/RV VQL
VQLxR
QL xRV
xR VJH
VJHQH
JH QHUD
QH UDOP
UD OPHQ
OPHQWH
HQ WH
WH
XQ IDULVHR H[LJLpQGWH OD OH\ DO SLH GH OD OHWUD 0LHQWUDV OOHJ
OO HJDQ
HJDQD
DQ DV
DVHU
V HUF
HU FRP
FRPR RVX
R VXV
VXVSD
VSDGU
GUHV
GU HV
WDQWR KH GHVFXLGDGR ORV JUDQGHV WHPDV GHO DPRU \ OD
PLVHULFRUGLD0DxDQDVHUiGLIHUHQWH&DGDYH]TXHWHFULWLTXHSRUXQDFRVDQRVYDPRVDUHtU\DFHOHEUDU
GLH]FRVDV'XHUPHELHQKLMRPtR(QODPDxDQDWXSDSiWHWUDWDUiFRPR'LRVQRVWUDWDDQRVRWURV£6HUpPiV
SDFLHQWH\PHQRVH[LJLHQWH´
$OLJXDOTXHHVWHSDGUHQLQJXQRGHQRVRWURVVRPRVSHUIHFWRV3HURJUDFLDVD'LRVTXHSRGHPRVDUUHSHQWLUQRV
\VHUPiVFRPRQXHVWUR3DGUHFHOHVWLDO3RGHPRVVHJXLUDSUHQGLHQGRDVHUEXHQRVSDGUHV
-HV~VFUHFLyHQJUDFLDSDUDFRQ'LRV\ORVKRPEUHV(QHVWHFDStWXORHVWXGLDUHPRVFyPRD\XGDUDQXHVWURV
KLMRVDFUHFHUHQHVWDVGRViUHDV

/HFFLRQHV
$\XGHDVXVKLMRVDFUHFHUHQJUDFLDSDUDFRQ'LRV²(VSLULWXDOPHQWH
2EMHWLYR$ ([SOLFDUSRUTXpHOHMHPSORGHORVSDGUHVHVWDQLPSRUWDQWH
 2EMHWLYR%5HVXPLUORVSDVRVTXHORVSDGUHVGHEHQGDUSDUDHQVHxDUDVXVKLMRV
2EMHWLYR&'HVFULELUSDXWDVSDUDORVPRPHQWRVGHYRFLRQDOHVGLDULRVFRQODIDPLOLD
$\XGHDVXVKLMRVDFUHFHUHQJUDFLDFRQORVKRPEUHV²6RFLDOPHQWH
2EMHWLYR$ &RPHQWDUVREUHODUHODFLyQHQWUHODVHJXULGDG\HOFUHFLPLHQWRVRFLDO
 2EMHWLYR%([SOLFDUPDQHUDVGLIHUHQWHVHQTXHORVSDGUHVSXHGHQGHPRVWUDUDPRUDVXVKLMRV
2EMHWLYR&5HVXPLUFyPRORVSDGUHVSXHGHQD\XGDUDOKLMRDVHQWLUVHDFHSWDGR\DWHQHUDXWRHVWLPD
2EMHWLYR'$QDOL]DUHOOXJDUGHORVPRGDOHVDFWLWXGHV\KDELOLGDGHVHQODVUHODFLRQHVFRQORVGHPiV
'LVFLSOLQHDVXVKLMRVSDUDTXHFUH]FDQHQJUDFLDSDUDFRQ'LRV\ORV
KRPEUHV
 2EMHWLYR$ ([SOLFDUGHORVSULQFLSLRVVREUHODGLVFLSOLQD
2EMHWLYR%5HVXPLUWLSRVGHGLVFLSOLQD

3DODEUDVFODYH
GLVFLSOLQD


/HFFLyQ
$\XGHDVXVKLMRVDFUHFHUHQJUDFLDSDUDFRQ'LRV²(VSLULWXDOPHQWH
2EMHWLYR$ ([SOLFDUSRUTXpHOHMHPSORGHORVSDGUHVHVWDQLPSRUWDQWH
 2EMHWLYR%5HVXPLUORVSDVRVTXHORVSDGUHVGHEHQGDUSDUDHQVHxDUDVXVKLMRV
2EMHWLYR&'HVFULELUSDXWDVSDUDORVPRPHQWRVGHYRFLRQDOHVGLDULRVFRQODIDPLOLD

&RQWH[WR
'LRVOHVKDGDGRDODVIDPLOLDVODWDUHDGHHGXFDUDVXVKLMRVHQORVFDPLQRVGHO6HxRU 3  ¢3RUTXpORVSDGUHV
&XDQGReOOHHQWUHJyOD/H\DVXSXHEOROHVGLMRDODVIDPLOLDVTXHVHODHQVHxDUDQDVXV VRQPDHVWURVWDQSRGHURVRV"
KLMRV 'W /DVLJOHVLDVORVSDVWRUHV\ORVPDHVWURVRFXSDQXQOXJDUSDUDD\XGDU
3HURORVSDGUHV\ODVIDPLOLDVVRQORVPDHVWURVSULQFLSDOHV/RVSDGUHVVRQSRGHURVRV
PDHVWURV(OORVSXHGHQWHQHUODPD\RULQÀXHQFLDSRUTXHYLYHQFRQVXVKLMRVORVFRQRFHQ
PHMRU\ORVDPDQWDQWR9HDPRVDOJXQDVPDQHUDVHQTXHORVSDGUHVSXHGHQGLULJLUDVXV
QLxRVSDUDTXHFUH]FDQHQJUDFLDSDUDFRQ'LRV 3  ¢&XiOHVVRQ
PDQHUDVHQTXHORVSDGUHV
$ /RVHMHPSORVGHORVSDGUHVD\XGDQDORVKLMRVDFUHFHU SXHGHQD\XGDUDVXVKLMRVD
HVSLULWXDOPHQWH FUHFHUHVSLULWXDOPHQWH"

8Q SDGUH \ VX KLMR VXEtDQ SRU XQ FDPLQR DQJRVWR SRU OD PRQWDxD (O KLMR VHJXtD
GHFHUFDDVXSDGUH(OPXFKDFKRGLMR³)tMDWHELHQGyQGHSLVDVSDSiSRUTXH\RYR\
SRQLHQGRORVSLHVVREUHWXVKXHOODV´
/RV KLMRV LPLWDQ OR TXH YHQ KDFHU D VXV SDGUHV$Vt TXH UD]yQ ORV SDGUHV VDELRV
VH HVIXHU]DQ SRU GDUOHV XQ EXHQ HMHPSOR /RV KLMRV DSUHQGHQ GH VXV SDGUHV DO HVWDU
MXQWRVFRQHOORVHLPLWDQGRVXFRPSRUWDPLHQWR$VtTXHORVSDGUHVGHEHQSDVDUWLHPSR
FRQ FDGD QLxR FRQWDUOHV KLVWRULDV HVFXFKDU ODV VX\DV \ MXJDU FRQ HOORV (Q PXFKRV
KRJDUHVODVPDGUHV\VXVKLMRVHVWiQMXQWRVFRQIUHFXHQFLD3HURORVSDGUHVGHEHQKDFHU
XQHVIXHU]RHVSHFLDOSDUDHVWDUFRQVXVKLMRV$OJXQRVSDGUHVDFRVWXPEUDQFDUJDUDORV
QLxRVSHTXHxRVHQORVEUD]RVSDUDGDUXQSDVHR$YHFHVHOQLxRVHVXEHDODHVSDOGDGH
VXSDSiMXJDQGRDTXHPRQWDDFDEDOOR(VWROHGDJUDQDOHJUtDDOQLxR8QDFRVDVHJXUD
HVTXHFXDQGRHOSDSiHVWiFHUFDHOORVORREVHUYDQPiVGHORTXHpOVHLPDJLQD
$OJXQRVKRPEUHVFUHHQTXHWHQHUXQDUHODFLyQDPLVWRVDFRQVXVKLMRVGLVPLQX\HHO 3  ¢3RUTXpDOJXQRV
UHVSHWR\HOKRQRUTXHUHFLEHQ&RPRUHVXOWDGRHVWRVKRPEUHVPDQWLHQHQXQDUHODFLyQ SDGUHVPDQWLHQHQXQD
IUtD\GLVWDQWHFRQVXVKLMRV/RVWUDWDQFRPRXQMHIHWUDWDDVXVHPSOHDGRV/D~QLFD UHODFLyQIUtD\GLVWDQWHFRQ
VXVKLMRV"
UHODFLyQTXHWLHQHQHVWRVSDGUHVFRQVXVKLMRVHVSRUPHGLRGHUHJDxRVRGHODYDUDGH
ODGLVFLSOLQD(VWRVKRPEUHVVLHQWHQWHPRUGHVRQUHtU\UHtUFRQVXVKLMRV1XQFDVHORV
VLHQWDQHQODVURGLOODVQLOHVFXHQWDQKLVWRULDV7LHQHQWHPRUGHMXJDUFRQHOORV(VWRHV
PX\WULVWH
/RVFRQVHMHURVLQIRUPDQTXHODPD\RUtDGHORVQLxRVTXHVHUHEHODQVRQGHKRJDUHV 3
HQORVTXHHOSDGUHHVIUtR\VHYHUR8QSDGUHDPRURVR\DPLVWRVRWLHQHSRFRVSUREOHPDV
GH GLVFLSOLQD FRQ VXV KLMRV &RQ IUHFXHQFLD VRODPHQWH XQD SDODEUD GH FRUUHFFLyQ HV
VX¿FLHQWHSRUTXHORVKLMRVORUHVSHWDQPXFKR-HV~VHVHOPHMRUHMHPSORSDUDWRGRVORV
KRPEUHVeOHUDXQKRPEUHIXHUWHTXHVHHQIUHQWDEDYDOLHQWHPHQWHFRQHOSHFDGR\OD
KLSRFUHVtD6LQHPEDUJRORVQLxRVORDPDEDQ\TXHUtDQHVWDUFRQeO/HVKDEODEDORV
WRPDEDHQVXVEUD]RV\ORVDPDED3HURD~QDVtQRSRGHPRVHQFRQWUDUQLXQVRORUHODWR
GRQGHORVQLxRVOHIDOWDUDQUHVSHWR£1RVRWURVORVSDGUHVSRGHPRVDSUHQGHUPXFKRGH
-HV~V(QWUHPiVFHUFDQDVHDVXUHODFLyQFRQXQEXHQKRPEUHPiVORUHVSHWDUiXVWHG
/DVPDGUHV\ORVSDGUHVVRQORVSULQFLSDOHVPDHVWURVGHORVQLxRV<HOORVOHVHQVHxDQ
ODPD\RUtDGHODVFRVDVFRQVXHMHPSOR
(MHPSORGHIHSHUVRQDO $QWHVGHGDUOHVLQVWUXFFLRQHVDODVIDPLOLDVSDUDTXHHQVHxDUDQ
DVXVKLMRV0RLVpVOHVGLMRDORVDGXOWRV³$PDUiVD-HKRYiWX'LRVGHWRGRWXFRUD]yQ
\GHWRGDWXDOPD\FRQWRGDVWXVIXHU]DV<HVWDVSDODEUDVTXH\RWHPDQGRKR\HVWDUiQ

 &DStWXOR 0DWULPRQLR\IDPLOLD

VREUHWXFRUD]yQ´ 'W /RVQLxRVDSUHQGHQPiVREVHUYDQGRTXHR\HQGRSDODEUDV


/DVSDODEUDVVLQXQEXHQHMHPSORKDFHQWURSH]DUDORVQLxRV\ORVGHVDQLPDQGHVHJXLUD
-HV~V/RVSDGUHVWLHQHQTXHOOHYDUXQDYLGDGHIHSDUDHVWLPXODUODIHGHVXVKLMRV
3  ¢&XiOHVHO (MHPSORHQHOPDWULPRQLR /D%LEOLDGLFHTXHORVKLMRVSLDGRVRVVRQHOUHVXOWDGRGH
UHVXOWDGRQDWXUDOGHXQ OD¿GHOLGDGHQHOPDWULPRQLR
PDWULPRQLRVDQWR" 
³0DVGLUpLV¢3RUTXp"3RUTXH-HKRYiKDDWHVWLJXDGRHQWUHWL\ODPXMHUGHWX
MXYHQWXGFRQWUDODFXDOKDVVLGRGHVOHDOVLHQGRHOODWXFRPSDxHUD\ODPXMHUGH
WXSDFWR ¢1RKL]RpOXQRKDELHQGRHQpODEXQGDQFLDGHHVStULWX"¢<SRUTXp
XQR"3RUTXHEXVFDEDXQDGHVFHQGHQFLDSDUD'LRV*XDUGDRVSXHVHQYXHVWUR
HVStULWX\QRVHiLVGHVOHDOHVSDUDFRQODPXMHUGHYXHVWUDMXYHQWXG 0DO 
'LRVSHUPLWHHOGLYRUFLRSRUUD]RQHVEtEOLFDVSHURHVRVLHPSUHDIHFWDDORVKLMRV
(OORV JHQHUDOPHQWH UHFKD]DQ XQD IH TXH QR SURGXFH DPRU HQ VX IDPLOLD &XDQGR ORV
FyQ\XJHVVRQ¿HOHVD'LRV\HOXQRDORWURHOKRJDUUHERVDGHDPRU\JR]R(OUHVXOWDGR
QDWXUDOHVTXHORVKLMRVVLJDQORVSDVRVGHVXVSDGUHV
8Q GtD XQ KLMR GH  DxRV FRPHQ]y D
VHJXLU D VX SDGUH D GRQGHTXLHUD TXH pVWH
LED(VWROHKDFtDGLItFLOKDFHUVXWUDEDMR
3 (OQLxRORVHJXtDWDQGHFHUFDTXHDYHFHV
FXDQGR HO SDGUH VH GHWHQtD VH WURSH]DED
FRQpO6XSDSiOHGHFtDTXHIXHUDDMXJDU
SHUR pO VRODPHQWH VRQUHtD \ GHFtD ³(VWi
ELHQ SDSi 6RODPHQWH TXLHUR HVWDU DTXt
FRQWLJR´ (O KLMR FRQWLQXy VLJXLpQGROR
SHURGHVSXpVGHWURSH]DUFRQpOSRUTXLQWD
YH] VH OH DFDEy OD SDFLHQFLD ³¢3RU TXp
PH HVWiV VLJXLHQGR FRQVWDQWHPHQWH"´ OH
SUHJXQWy VX SDSi (O KLMLWR FRQWHVWy ³0L
PDHVWUDGH(VFXHODGRPLQLFDOPHGLMRTXH
VLJXLHUDORVSDVRVGH-HV~V&RPRQRSXHGR
YHUORDeOHVWR\VLJXLHQGRORVWX\RV´
(OHMHPSORGHORVSDGUHVHVODLQÀXHQFLD )LJX
)LJXUD
UD
 ³£3DSiFXFXDQ
DQGR
GRV
VHD
HD
PiV JUDQGH HQ OD YLGD GHO QLxR (O SDGUH JUDQGH\RTX
TXLHURVHU
HUF
FRP
RPR
RW~
W~´

GHEH WUDWDU GH SRGHU GHFLUOHV D VXV KLMRV
³6HG LPLWDGRUHV GH Pt DVt FRPR \R GH
&ULVWR´ &R 
% /DHQVHxDQ]DGHORVSDGUHVD\XGD
DORVKLMRVDFUHFHUHVSLULWXDOPHQWH
&RQVLGHUH HVWD SDUiEROD GH GRV iUEROHV
IUXWDOHV 8Q iUERO FUHFLyQ VLQ QLQJ~Q SODQ
8Q KRPEUH TXH FDPLQDED SRU HO ERVTXH
FRPLpQGRVHXQPDQJRERWyODVHPLOODDOVXHOR
'HVSXpVGHXQRVPHVHVFRPHQ]yDFUHFHUXQ
iUEROGHPDQJR/DPDODWLHUUDODSRFDOX]\
ODVHQUHGDGHUDVVLOYHVWUHVHYLWDURQTXHHOiUERO
SURGXMHUDEXHQIUXWR(QFRQWUDVWHXQKRPEUH
VHPEUy XQD VHPLOOD GH PDQJR GRQGH YLYtD
/RDERQy\ORUHJy$OPHGLGDTXHFUHFtDOH
SRGDED DOJXQDV UDPDV 9LJLOy HO FUHFLPLHQWR
GHOiUEROKDVWDTXHXQGtDSURGXMREXHQIUXWR
VRPEUDSDUDODFDVD\EHOOH]D
&yPRVHUSDGUHVH¿FLHQWHV²6HJXQGDSDUWH 

8QKRPEUHWXYRXQYLVLyQGHORTXHVHUtDHOiUEROPDGXUR(VWROHD\XGyDGLULJLUVX
FUHFLPLHQWR'HXQDPDQHUDSDUHFLGDORVSDGUHVGHEHQWHQHUXQDYLVLyQVDQWDGHORTXH
TXLHUHQTXHOOHJXHDVHUFDGDXQRGHVXVKLMRV/XHJRGHEHQWHQHUXQSODQSDUDTXHVH
FXPSODHVDYLVLyQ9HDPRVDOJXQDVPDQHUDVHQODVTXHORVSDGUHVGHEHQSODQHDUSDUD
D\XGDUDVXVKLMRVDFUHFHUHVSLULWXDOPHQWH
3DVRVTXHGHEHQGDUORVSDGUHVSDUDHQVHxDUDVXVKLMRV 3
‡ 'HGLTXHVXVKLMRVGHVGHHOFRPLHQ]RGHVXYLGDD'LRV 6/F 
‡ (QVpxHOHVDVXVKLMRVDDPDUDO6HxRU\DUHFKD]DUHOSHFDGR$\~GHOHVDFRPSUHQGHU
ORVUHVXOWDGRVGHOSHFDGRHQHVWDYLGD\HQHOMXLFLR¿QDO(QIDWLFHHODPRU\FXLGDGR
GH'LRVFRQORVQLxRVSHTXHxRV
‡ (GXTXHDVXVKLMRVSDUDTXHFUH]FDQDPDQGRD'LRV (I &DGDGtDHVWiOOHQRGH
RSRUWXQLGDGHVSDUDHQVHxDUORVFDPLQRVGH'LRV³<ODVUHSHWLUiV>ODVSDODEUDVGH
'LRV@DWXVKLMRV\KDEODUiVGHHOODVHVWDQGRHQWXFDVD\DQGDQGRSRUHOFDPLQR
\ DO DFRVWDUWH \ FXDQGR WH OHYDQWHV´ 'W  < HVWi OOHQR GH RSRUWXQLGDGHV SDUD
FRQWHVWDU VXV SUHJXQWDV ³0DxDQD FXDQGR WH SUHJXQWDUH WX KLMR GLFLHQGR ¢4Xp
VLJQL¿FDQORVWHVWLPRQLRV\HVWDWXWRV\GHFUHWRVTXH-HKRYiQXHVWUR'LRVRVPDQGy"

HQWRQFHVGLUiVDWXKLMR´ /HD'W 
‡ +DJDGLYHUWLGRDSUHQGHUGH'LRVSRUPHGLRGHKLVWRULDVEtEOLFDVLOXVWUDGDV(QVpxHOHV
FDQWRVDOHJUHVDFHUFDGH'LRV\GHODVYHUGDGHVEtEOLFDV&XHOJXHFXDGURV\WH[WRV
EtEOLFRVHQODVSDUHGHV 'W 
‡ (QVpxHOHV D VXV KLMRV D VHU REHGLHQWHV 4XH HOORV VHSDQ TXH OH GHEHQ UHVSHWR \
REHGLHQFLDDXVWHG(VRORVSUHSDUDSDUDUHVSHWDU\REHGHFHUD'LRV +H 
‡ 3URWHMD D VXV KLMRV GH ODV PDODV LQÀXHQFLDV \ GH ORV DPLJRV GH PDOD UHSXWDFLyQ  ¢&yPRSXHGHQORV
(QVpxHOHVDDQGDUFRQ'LRVHQXQPXQGRTXHORUHFKD]DDeO 3U-Q SDGUHVKDFHUTXHDSUHQGHU
  VHDGLYHUWLGR"
‡ $\~GHOHVDHQWHQGHUTXH'LRVVLHPSUHVDEHORTXHHOORVKDFHQSLHQVDQ\GLFHQ 6DO
 
‡ /OpYHORVDUHFLELUD&ULVWRDXQDWHPSUDQDHGDG\DVHUEDXWL]DGRVHQDJXD 0W 
9HDHO)LJXUD 
‡ /OHYHVXVKLMRVDXQDLJOHVLDTXHHQVHxH\REHGH]FDOD3DODEUDGH'LRV
‡ $QtPHORVDGDUWHVWLPRQLRGHO6HxRU\DWUDEDMDUSDUDeO6HDXQHMHPSORGHHVWRH 3
LQFO~\DORVHQVXVHUYLFLRD'LRV$\~GHOHVDHQWHQGHUTXHQRVRQGHHVWHPXQGRVLQR
GHOPXQGRFHOHVWLDO &R±)LO&RO+H6WJ 
‡ $QLPHDVXVKLMRVDVHUEDXWL]DGRVHQHO(VStULWX6DQWR +FK 
‡ (QVpxHOHVDVXVKLMRVTXH'LRVORVFUHyTXHORVDPD\TXHWLHQHXQSURSyVLWRSDUDVX
YLGD /F5R3 $\~GHOHVDGHVFXEULUORVGRQHVHVSLULWXDOHVTXH
'LRVOHVKDGDGR 5R&R(I 
‡ $QLPHDVXVKLMRVOHHUOD%LEOLDWRGRVORVGtDV 'W7L7L \D
RUDUGXUDQWHHOGtD +FK5R(I6WJ 
‡ $\~GHOHVDVXVKLMRVDFRPSUHQGHUTXHHVQRUPDOTXHORVSHFDGRUHVSHUVLJDQDORV
MXVWRV 0W7L 
‡ 2UHSRUVXVKLMRVWRGRVORVGtDV -Q(I6WJ 
‡ 1XQFDVHDXQDSLHGUDGHWURSLH]RFRQORTXHKDFH\FRQVXVDFWLWXGHV0iVELHQVHD
XQHMHPSORFRPRORIXH3DEORSDUDVXVKLMRVHVSLULWXDOHV )LO 
‡ )RPHQWHHOEXHQFDUiFWHUHQVXVKLMRV6HJXQGDGH3HGURSUHVHQWDXQDOLVWD
GHRFKRFXDOLGDGHVTXHHO6HxRUGHVHDSDUDQXHVWURVKLMRV\SDUDQRVRWURV'HVSXpV
GH OD OLVWD VLJXH XQD JUDQ SURPHVD ³SRUTXH KDFLHQGR HVWDV FRVDV QR FDHUpLV
MDPiV3RUTXHGHHVWDPDQHUDRVVHUiRWRUJDGDDPSOLD\JHQHURVDHQWUDGDHQHO
UHLQRHWHUQRGHQXHVWUR6HxRU\6DOYDGRU-HVXFULVWR´ 3 3RGHPRVHVWDU  ¢&XiOHVVRQODV
VHJXURVGHTXHQXHVWURVKLMRVWHQGUiQHOIDYRUGH'LRVVLOHVD\XGDPRVDGHVDUUROODU FXDOLGDGHVGHFDUiFWHUHQ
HVWDVRFKRFXDOLGDGHV 3HGUR"
 &DStWXOR 0DWULPRQLR\IDPLOLD

 )H²FRQ¿DUHQ'LRV
 9LUWXG²KDFHUORFRUUHFWR
 &RQRFLPLHQWR²DSUHQGHUGH'LRV\VXVFDPLQRV
 'RPLQLR SURSLR²SHUPLWLU TXH (VStULWX 6DQWR FRQWUROH QXHVWURV
GHVHRVFDUQDOHV
 3DFLHQFLD²SHUVHYHUDU\WHUPLQDUODWDUHD
 3LHGDG²VHUFRPR'LRV
 $IHFWRIUDWHUQDO²VHUFRQVLGHUDGRFRQORVGHPiV
 $PRU²SHQVDUHQRWURV /HD&R

)LJXUD 
/RVSDGUHVGHEHQHQVHxDUDVXVKLMRVDSURGXFLUORVIUXWRVGHXQEXHQFDUiFWHU
3  ¢&XiOHVVRQODV ‡ (QVpxHOHVDORVQLxRVDGHSHQGHU\DFRRSHUDUFRQHO(VStULWX6DQWRSDUDSURGXFLUHO
FODYHVSDUDWHQHUHOIUXWRGH IUXWRGHXQEXHQFDUiFWHUHQVXYLGD
XQEXHQFDUiFWHU" 
0DVHOIUXWRGHO(VStULWXHVDPRUJR]RSD]SDFLHQFLDEHQLJQLGDGERQGDG
IHPDQVHGXPEUHWHPSODQ]DFRQWUDWDOHVFRVDVQRKD\OH\3HURORVTXHVRQ
GH&ULVWRKDQFUXFL¿FDGRODFDUQHFRQVXVSDVLRQHV\GHVHRV6LYLYLPRVSRUHO
(VStULWXDQGHPRVWDPELpQSRUHO(VStULWX *i 

&RQIUHFXHQFLDORVSDGUHVSXHGHQOOHYDUDVXVSURSLRVKLMRVD&ULVWR&RPRSDGUHVTXH
VRPRVGHEHPRVVHUVHQVLEOHVDO(VStULWX6DQWR1XQFDGHEHPRVHPSXMDUDQXHVWURVKLMRV
KDFLDODVFRVDVHVSLULWXDOHVSHURVLHPSUHGHEHPRVHVWDUDOHUWDVSDUDGLVFHUQLUFXiQGRHO
FRUD]yQGHOQLxRHVWiGLVSXHVWRDUHFLELUD'LRV$TXtKD\DOJXQDVVHxDOHVTXHLQGLFDQTXH
HOQLxRHVWiOLVWRSDUDUHFLELUD&ULVWRRSDUDFUHFHUHQJUDFLD
% &XDQGRHOQLxRVLHQWHXQDQHFHVLGDGGHWHQHUVXSURSLDUHODFLyQFRQHO6HxRU
% &XDQGRHOQLxRGXGDGHTXHVHYDDLUDOFLHOR
% &XDQGRHOQLxRVHVLHQWHFXOSDEOHSRUKDEHUKHFKRDOJRTXHVDEHTXHHVPDOR
% &XDQGRHOQLxRVHDUUHSLHQWHSRUDOJRTXHKL]RSHURWHPHTXHORYROYHUiDKDFHU
% &XDQGRHOQLxRKDFHSUHJXQWDVHVSLULWXDOHVRFXDQGRPXHVWUDLQWHUpVDFHUFDGHWHQHU
XQDUHODFLyQFRQHO6HxRU

)LJXUD %XVTXHVHxDOHVTXHLQGLTXHQTXHVXKLMRHVWiOLVWR
SDUDGHVDUUROODUXQDUHODFLyQSHUVRQDOFRQ'LRV
5HFXHUGHTXHPXFKRVQLxRVDFHSWDQD-HV~VHQVXSURSLRKRJDU<UHFXHUGHTXHORV
QLxRVGHEHQDSUHQGHUPXFKRPiVGH'LRV\OD%LEOLDHQHOKRJDUTXHGXUDQWHODVSRFDV
KRUDVTXHSDVDQHQODLJOHVLD
/RVPLVLRQHURV.HQ\7UXG\0RHFNOUHFXHUGDQFRQGHOHLWHORVPRPHQWRVHQTXHVXV
GRVKLMDVUHFLELHURQD&ULVWRHQODFDVD+HLGLWHQtDDxRV/DIDPLOLDHVWDEDFDQWDQGR
³eOPHUHVFDWy´'HUHSHQWH+HLGLGLMR³£<RTXLHURTXHHVRPHVXFHGDDPt3RUIDYRU
RUHQFRQPLJR´$VtTXH.HQ\7UXG\WRPDURQXQRVPLQXWRVSDUDH[SOLFDUOHHOHYDQJHOLR
HQSDODEUDVVHQFLOODV2UDURQMXQWRV\OXHJRDQLPDURQD+HLGLDTXHRUDUDHQVXVSURSLDV
SDODEUDV<FRQHVDVHQFLOODRUDFLyQGHQLxD-HV~VOOHJyDVXFRUD]yQ\DVXYLGD'HLJXDO
PDQHUDVXKLMD+HDWKHUHVWDEDR\HQGRXQDKLVWRULDEtEOLFDHQFDVD$ORtUODKLVWRULD
'LRVOHDEULyHOFRUD]yQ(OODVHGLRFXHQWDGHTXHQHFHVLWDEDD-HV~VFRPRVX6DOYDGRU
$VtTXHVXVSDGUHVODOOHYDURQD&ULVWR£4XpJR]R\TXHUHFXHUGRVWDQPDUDYLOORVRV
&RQVLGHUHODVLJXLHQWHSDUiERODTXHGHVFULEHODPDQHUDHQTXHWUHVSDGUHVHQVHxDURQ
DVXKLMR
3ULPHUSDGUH³7RPpODPDQLWDGHXQQLxRHQODPtDeO\\RtEDPRVDGDUXQSDVHR
SRUXQUDWR<RLEDDOOHYDUORDO3DGUH(UDDOJRTXHPHSDUHFtDWDQJUDQGH£4XpJUDQ
UHVSRQVDELOLGDG$VtTXHOHKDEOpDOQLxRVyORGHO3DGUH/HGLMHDOQLxRTXH'LRVVHHQRMD
PXFKRFXDQGRORGHVDJUDGDPRV/HGLMHDOQLxRTXHVHSRUWDUDELHQSDUDTXH'LRVQRVH
HQRMDUD&DPLQDPRVHQWUHiUEROHVPX\DOWRV\\ROHDGYHUWtDOQLxRTXHHO3DGUHSRGtD
PDQGDUUD\RV\WUXHQRVSDUDGHVWUXLUHVRViUEROHV&DPLQDPRVMXQWRVEDMRHOFDQGHQWH
&yPRVHUSDGUHVH¿FLHQWHV²6HJXQGDSDUWH 

VRO<RHQIDWLFpHOKHFKRGHTXH'LRVKDFHHOVRODUGLHQWH\DEUD]DGRU(QWRQFHVXQD
WDUGHQRVHQFRQWUDPRVFRQHO3DGUH(OQLxRVHHVFRQGLyGHWUiVGHPteOWHQtDPLHGR
GHWRPDUODPDQRGHO3DGUH<RHVWDEDHQWUHHOQLxR\HO3DGUH<RPHSUHJXQWpVLKDEtD
VLGRGHPDVLDGRVHULRFRQpO´
6HJXQGRSDGUH³7RPpODPDQLWDGHXQQLxRHQODPtD<RLEDDOOHYDUORDO3DGUH
6HQWtODFDUJDGHODVPXFKDVFRVDVTXHWHQtDTXHHQVHxDUOH$VtTXHQRGHVSHUGLFLDPRV
WLHPSR 1RV DSUHVXUDPRV GH XQ OXJDU D RWUR &RPSDUDPRV ODV KRMDV GH GLIHUHQWHV
iUEROHV5iSLGDPHQWHSDVDPRVDH[DPLQDUXQQLGRGHSiMDUR(OQLxRFRPHQ]yDKDFHU
SUHJXQWDVVREUHHOQLGR3HUR\RORDSUHVXUpSDUDTXHDWUDSDUDXQDPDULSRVD$YHFHV
HOQLxRVHFDQVDED\VHGRUPtD3HUR\RORGHVSHUWDEDSDUDTXHQRVHSHUGLHUDGHWDQ
VLTXLHUD XQD OHFFLyQ +DEODPRV GHO 3DGUH IUHFXHQWH \ UiSLGDPHQWH /H FRQWp DO QLxR
WRGDVODVKLVWRULDVTXHpOGHEtDVDEHU3HURPXFKDVYHFHVODVFRVDVQRVLQWHUUXPStDQ
8QDYH]HOYLHQWRVRSOy\WXYHTXHGHMDUGHFRQWDUOHXQDKLVWRULDSDUDH[SOLFDUOHORTXH
HVHOYLHQWR(QPHGLRGHRWUDKLVWRULDHOQLxRKL]RXQDSUHJXQWDVREUHXQUtR$VtTXH
OHH[SOLTXpVREUHHOUtRWDQWRFRPRSXGH(QWRQFHVXQDWDUGHQRVHQFRQWUDPRVFRQHO
3DGUH(OQLxRVyORORPLUy\VXVSHQVDPLHQWRVGLYDJDURQHQPXFKDVRWUDVGLUHFFLRQHV
(O3DGUHOHWHQGLyODPDQRDOQLxR3HURHOQLxRQRHVWDEDLQWHUHVDGRORVX¿FLHQWHFRPR
SDUDWRPDUOD(QYH]GHHVRHOQLxRVHUHFRVWyDGHVFDQVDU<RPHSUHJXQWpVLKDEtD
WUDWDGRGHHQVHxDUOHGHPDVLDGDVFRVDV"´
7HUFHU SDGUH ³7RPp OD PDQLWD GH XQ QLxR HQ OD PtD<R LED D OOHYDUOR DO 3DGUH
0LFRUD]yQVHUHJRFLMySRUHVWHSULYLOHJLR&DPLQDPRVGHVSDFLR<RGDEDSDVRVFRUWRV
SDUDPDQWHQHUPHDOODGRGHOQLxR+DEOiEDPRVGHODVFRVDVTXHHOQLxRQRWDED$YHFHV
UHFRJtDPRVODVÀRUHVGHO3DGUH/HVWRFiEDPRVORVVXDYHVSpWDORV\QRVHQFDQWDEDQVXV
EULOODQWHVFRORUHV$YHFHVREVHUYiEDPRVDXQDGHODVDYHVGHO3DGUHPLHQWUDVKDFtDVX
QLGR9HtDPRVORVKXHYRVTXHSRQtD'HVSXpVQRVPDUDYLOOiEDPRVSRUODPDQHUDHQ
TXHODPDPiDYHFXLGDEDGHVXVSLFKRQHV&RQWiEDPRVDPHQXGRKLVWRULDVGHO3DGUH
<RVHODVFRQWDEDDOQLxR\pOPHODVYROYtDDFRQWDUDPt/DVFRQWiEDPRVHOQLxR\\R
XQD\RWUDYH]$YHFHVQRVGHWHQtDPRVSDUDGHVFDQVDUDSR\iQGRQRVFRQWUDXQRGHORV
iUEROHVPX\DOWRVGHO3DGUH1RVSDUiEDPRVHQVLOHQFLRVLQWLHQGRHQODFDUDVXIUHVFR
YLHQWR(QWRQFHVXQDWDUGHQRVHQFRQWUDPRVFRQHO3DGUH/RVRMRVGHOQLxROHEULOODURQ
GHJR]R&RQDQVLHGDGPLUyFRQDPRU\FRQ¿DQ]DDOURVWURGHO3DGUH/HSXVRVXPDQR
HQODPDQRGHO3DGUH3RUHOPRPHQWR\RTXHGpROYLGDGRSHURVDWLVIHFKR´
3DGUHVQRSHUPLWDQTXHVXVKLMRVFUH]FDQFRPRHOiUEROGHPDQJRGHOERVTXH(QHO
KRJDUGLULMiQORVDFXPSOLUODYLVLyQTXH'LRVWLHQHSDUDFDGDXQR

&/RVGHYRFLRQDOHVFRQODIDPLOLDD\XGDQDORVKLMRV
DFUHFHUHVSLULWXDOPHQWH
7RGDIDPLOLDGHEHWHQHU GHYRFLRQDOHVWRGRVORVGtDV(VXQ
PRPHQWR FXDQGR OD IDPLOLD VH UH~QH SDUD OHHU OD %LEOLD RUDU
FDQWDU \ DGRUDU (VWRV PRPHQWRV FRUWRV FDGD GtD VRQ XQ EXHQ
KiELWRSDUDIRUWDOHFHUHVSLULWXDOPHQWHDODIDPLOLD/DIDPLOLDTXH
RUDXQLGDSHUPDQHFHXQLGD
(OGHYRFLRQDOFRQODIDPLOLDYLQFXODODIHFRQODYLGDGLDULD²
QR VRODPHQWH FRQ ORV FXOWRV GH OD LJOHVLD /RV GHYRFLRQDOHV
GLDULRVUHFXHUGDQDODIDPLOLDTXHFDGDGtDVHYLYHHQODSUHVHQFLD
GH 'LRV (VWRV SRFRV PLQXWRV FDGD GtD D\XGDQ D OD IDPLOLD )LJX
)LJXUD
JX UD
UD 

 &D&DGD
GDI
GDIDP
I DPLO
DP LOLD
LOLDG
LD GHE
GHEH
HE HVD
H VDFD
VD FDU
FDUWL
U WLHP
WL HPSR
HP SR
SR
D SHUPDQHFHU XQLGD D SHUGRQDU \ RUDU ORV XQRV SRU ORV RWURV SDUD
SDUDW
UD WHQ
WHQHU
HQ HUP
HU PRP
P RPHQ
RP HQWR
HQWRV
WR VGH
V GHYR
GH YRFL
YR FLRQ
FL RQDO
RQ DOHV
DOHVM
HV MXQ
M XQWR
XQ WRV
WR V
9HDPRVDOJXQDVFODYHVSDUDWHQHUGHYRFLRQDOHVFRQODIDPLOLD
3
 (VFRMDXQEXHQPRPHQWR (OKiELWRGHORVGHYRFLRQDOHVFRQODIDPLOLDHVPiV
IiFLOVLVHWLHQHDODPLVPDKRUDFDGDGtD-XQWRVORVSDGUHV\ORVKLMRVGHEHQHVFRJHU
HOPHMRUPRPHQWRSDUDWRGRV0XFKDVIDPLOLDVVHUH~QHQGHVSXpVGHODFHQD2WUDVVH
 &DStWXOR 0DWULPRQLR\IDPLOLD

UH~QHQDQWHVGHDFRVWDUVH(OGHYRFLRQDOGHEHGXUDUSRFRWLHPSRHVSHFLDOPHQWHSDUDORV
QLxRVSHTXHxRV3HURGHEHVHUFRQVLVWHQWH²FHUFDGHODPLVPDKRUDWRGRVORVGtDV
 8VH SDODEUDV VHQFLOODV /RVFRURVODOHFWXUDEtEOLFD\HOHVWXGLRGHEHQVHUWDQ
VHQFLOORVTXHDXQHOPiVSHTXHxRORVHQWLHQGDQ-HV~VHQVHxDEDJUDQGHVYHUGDGHVSRU
PHGLR GH QDUUDFLRQHV \ OHQJXDMH VHQFLOOR 'HEHPRV VHJXLU VX HMHPSOR HQ QXHVWURV
GHYRFLRQDOHV
3  ¢4XpKDFHTXHORV  3URFXUH WHQHU XQ HTXLOLEULR HQWUH OD HQVHxDQ]D ORV FRURV OD RUDFLyQ \ OD
GHYRFLRQDOHVFRQODIDPLOLD DODEDQ]D 6LUYD XQD GLHWD HVSLULWXDO HTXLOLEUDGD 3RU HMHPSOR VL HQVHxD VREUH OD
VHDQHTXLOLEUDGRV" PLVHULFRUGLD WDPELpQ LQFOX\D HQVHxDQ]DV VREUH HO MXLFLR 8QD PDQHUD H[FHOHQWH GH
KDFHUHVWRHVHVWXGLDUXQOLEURFRPSOHWRGHOD%LEOLDSRUXQWLHPSR$VtWHQGUiPXFKRV
WySLFRVSDUDGLVFXWLU'HOPLVPRPRGREXVTXHHTXLOLEULRHQRWUDViUHDV3RUHMHPSOR
FDQWHQFRURVDQWLJXRV\QXHYRVOHDRUDFLRQHVGHOD%LEOLD\KDJDRUDFLRQHVGHOFRUD]yQ
(QVHxHDORVQLxRVFyPRDODEDUD'LRV3RUHMHPSORXQDQRFKHHQVpxHOHVDDODEDUOR
FRPR HO &UHDGRU 2WUD QRFKH HQVpxHOHV D DODEDUOR SRUTXH eO QRV DPD HV VDQWR R HV
PLVHULFRUGLRVR'LYLGDHOWLHPSRHQWUHFDGDSDUWHGHOGHYRFLRQDO²HQVHxDQ]DFDQWRV
RUDFLyQ\DODEDQ]D
3  ¢&yPRSXHGHQ  ,QFO~\DORVDWRGRV $ORVQLxRVOHVJXVWDSDUWLFLSDU'HOHVDOJRSDUDKDFHU$HOORV
ORVQLxRVKDFHUDOJRHQORV OHVJXVWDUHSUHVHQWDUODVKLVWRULDVGHOD%LEOLD<QRROYLGHTXHKDVWDORVPiVSHTXHxRV
GHYRFLRQDOHVFRQODIDPLOLD" SXHGHQRUDU$OJXQRVSXHGHQGLULJLUXQFDQWR3XHGHLQFOXLUDORVPD\RUHVDOFDPELDU
OtGHUHVSDUDORVGHYRFLRQDOHVGHYH]HQFXDQGR²SHURVLHPSUHEDMRODGLUHFFLyQGHORV
SDGUHV/RVSDGUHVGHEHQVHUHMHPSORVGHODPRUGH'LRVSDUDORVGHPiV7RPHWLHPSR
SDUDSODQHDUDQWHVTXHODIDPLOLDVHVLHQWHSDUDWHQHUHOGHYRFLRQDO
 'HPXHVWUHUHVSHWRKDFLD'LRV (OPRPHQWRGHOGHYRFLRQDOHVUHODMDGR1RH[LJH
HOPLVPRFRPSRUWDPLHQWRTXHHVQHFHVDULRHQODLJOHVLD&DGDSHUVRQDVHGHEHFRQGXFLU
GHDFXHUGRDVXHGDG/RVPiVSHTXHxRVWDOYH]QHFHVLWHQPRYHUVHXQSRFR3HURORV
SDGUHVVLHPSUHGHEHQLQFXOFDUUHVSHWRD'LRV
 (YLWH ODV H[SHULHQFLDV QHJDWLYDV (O GHYRFLRQDO FRQ OD IDPLOLD GHEH VHU XQ
PRPHQWRSDUDFRQFHQWUDUVHHQ'LRV1RHVHOPRPHQWRGHGLVFXWLUDVXQWRVIDPLOLDUHV
1LHVHOPRPHQWRSDUDRtUTXHMDVQLFRQÀLFWRV6LHVWRFRPLHQ]DDRFXUULUODIDPLOLD
VH FRQIXQGH UHVSHFWR DO SURSyVLWR GHO GHYRFLRQDO \ ORV QLxRV VH GHVDQLPDUiQ /RV
SUREOHPDV VH GHEHQ GHMDU SDUD RWUD RFDVLyQ 3HUR ODV GHYRFLRQHV GHEHQ SHUPDQHFHU
VLHQGRXQPRPHQWRSRVLWLYR²FXDQGRWRGRVVHGLULJHQDO3DGUHFHOHVWLDO\JR]DQGHOD
SUHVHQFLDGH'LRV
&RQFOXVLyQ
/D%LEOLDHQIDWL]DODLPSRUWDQFLDGHD\XGDUDORVQLxRVDFUHFHUHQJUDFLDSDUDFRQ
'LRV/RVSDGUHVD\XGDQDVXVKLMRVDFUHFHUHVSLULWXDOPHQWHDOGDUOHVEXHQRVHMHPSORV
HQVHxDUOHVDFHUFDGH'LRV\FHOHEUDUPRPHQWRVGHYRFLRQDOHVFRQODIDPLOLD

$\XGHDVXVKLMRVDFUHFHUHQJUDFLDFRQORVKRPEUHV²6RFLDOPHQWH
/HFFLyQ 2EMHWLYR$ &RPHQWDUVREUHODUHODFLyQHQWUHODVHJXULGDG\HOFUHFLPLHQWRVRFLDO
 2EMHWLYR%([SOLFDUPDQHUDVGLIHUHQWHVHQTXHORVSDGUHVSXHGHQGHPRVWUDUDPRUDVXVKLMRV
2EMHWLYR&5HVXPLUFyPRORVSDGUHVSXHGHQD\XGDUDOKLMRDVHQWLUVHDFHSWDGR\DWHQHUDXWRHVWLPD
2EMHWLYR'$QDOL]DUHOOXJDUGHORVPRGDOHVDFWLWXGHV\KDELOLGDGHVHQODVUHODFLRQHVFRQORVGHPiV

&RQWH[WR
3 -HV~VFUHFLyHQJUDFLDFRQORVKRPEUHV(VWRQRTXLHUHGHFLUTXHKD\TXHYLYLUVyOR
SDUDFRPSODFHUDORVGHPiV/RVTXHYLYHQVyORSDUDFRPSODFHUDORVGHPiVVHDMXVWDQ
DORTXHRWURVFUHHQTXHGHEHUtDQVHU3HURODJHQWHWLHQHPX\SRFRUHVSHWRSDUDORVTXH
YLYHQVyORSDUDFRPSODFHUDORVGHPiV-HV~VUHSUHQGLyDORVTXHEXVFDEDQHOIDYRUGH
&yPRVHUSDGUHVH¿FLHQWHV²6HJXQGDSDUWH 

ORVKRPEUHV\QRHOIDYRUGH'LRV³¢&yPRSRGpLVYRVRWURVFUHHUSXHVUHFLEtVJORULDORV
XQRVGHORVRWURV\QREXVFiLVODJORULDTXHYLHQHGHO'LRV~QLFR"´ -Q 5HFXHUGH
TXH-HV~VFUHFLyHQJUDFLDSDUDFRQ'LRV\ORVKRPEUHV /F 
/DYHUGDGHUDJUDFLDFRQORVKRPEUHVHVSDUDORVTXHWLHQHQIRUWDOH]DLQWHULRU 3  ¢&XiOHVVRQODV
‡ 7LHQHQXQIXHUWHFRQRFLPLHQWRGHVXYDORU\SURSyVLWR FODVHVGHIRUWDOH]DLQWHULRU
‡ 7LHQHQXQDIXHUWHKDELOLGDGGHFRPSUHQGHUDRWURV TXH-HV~VGHPRVWUy\TXH
QRVRWURVGHEHPRVWHQHU"
‡ 7LHQHQXQIXHUWHLQWHUpVSRUORVGHPiV
-HV~V GHPRVWUy HVWDV WUHV IRUWDOH]DV LQWHULRUHV FXDQGR WHQtD  DxRV GH HGDG eO
FRQRFtDVXVYDORUHV\VXOODPDPLHQWR(QWHQGtDODVSUHJXQWDV\FRPHQWDULRVGHRWURVHQ
HOWHPSOR<HVWDEDGLVSXHVWRDVRPHWHUVHDVXVSDGUHV /F 'HEHPRVEXVFDU
D\XGDUDQXHVWURVKLMRVDGHVDUUROODUHVWDVIRUWDOH]DVLQWHULRUHV
(OUHODFLRQDUVHELHQFRQORVGHPiVGHSHQGHGHODVDOXGHPRFLRQDOGHOQLxR/RVTXH 3
WUDWDQGHFRPSODFHUVRORDODJHQWHWLHQHQQHFHVLGDGHVHPRFLRQDOHVQRVDWLVIHFKDV7DO
YH]HVWDVSHUVRQDVGpELOHVQRIXHURQDPDGDVDFHSWDGDVQLVHVLHQWLHURQVHJXUDVFXDQGR
QLxRV1XHVWUDIDPLOLDGHEHVDWLVIDFHUQXHVWUDVQHFHVLGDGHVHPRFLRQDOHVEiVLFDVFXDQGR
VRPRVQLxRV6LHVWDVQHFHVLGDGHVQRVRQVDWLVIHFKDVODSHUVRQDEXVFDHVDVDWLVIDFFLyQ
HQ RWUDV SHUVRQDV (VWD E~VTXHGD GH DSR\R HPRFLRQDO DIHFWD QXHVWUD UHODFLyQ FRQ OD
JHQWH3HURODSHUVRQDFRQEXHQDVDOXGHPRFLRQDOVHUHODFLRQDELHQFRQORVGHPiV
(MHPSOR 2PROOR WHQtD  DxRV GH HGDG $OJXQRV GH ORV RWURV PXFKDFKRV GHO
LQWHUQDGRORLQYLWDURQDXQD¿HVWD/HGLMHURQTXHLEDDKDEHUGLYHUVLyQFRPLGDDOFRKRO
\GURJDVSDUDWRGRV7DPELpQLEDQDOOHJDUYDULDVMyYHQHVPX\SRSXODUHV2PROORVRQULy
'LMR TXH DJUDGHFtD OD LQYLWDFLyQ SHUR TXH pO QR FRQVXPtD QL DOFRKRO QL GURJDV /HV
H[SOLFyTXHpO\YDULRVGHVXVDPLJRVVHJXtDQD-HVXFULVWR
2EVHUYHPRVFLQFRPDQHUDVHQTXHORVQLxRVGHVDUUROODQIRUWDOH]DLQWHULRU\PDGXUH]
VRFLDO
$3DUDFUHFHUVRFLDOPHQWHORVQLxRVGHEHQVHQWLUVH
VLQSHOLJUR\VHJXURV
3DUDUHODFLRQDUVHELHQFRQODJHQWHHOQLxRWLHQHTXHDSUHQGHUDFRQ¿DU/RVQLxRV 3
DSUHQGHQ D FRQ¿DU FXDQGR ORV SDGUHV OHV D\XGDQ D VHQWLUVH VHJXURV +H DTXt DOJXQDV
FRVDV TXH ORV SDGUHV GHEHQ KDFHU SDUD D\XGDU D TXH VXV KLMRV VH VLHQWDQ VHJXURV \ D
VDOYR
‡ 5HVSRQGDUiSLGDPHQWHFXDQGRHOEHEpOORUD
‡ 3yQJDOHDWHQFLyQDVXKLMRFXDQGRGLFHTXHWLHQHWHPRU
‡ 3URWHMDDVXVKLMRVGHODEXVRItVLFRVH[XDOYHUEDO\HPRFLRQDO  ¢&yPRSXHGHQORV
‡ &RQWUROHVXVHPRFLRQHV8QDGXOWRHQRMDGRDWHPRUL]DDORVQLxRV SDGUHVORJUDUTXHVXVKLMRVVH
‡ 6HDFRQVLVWHQWH/RVQLxRVVHVLHQWHQVHJXURVGHQWURGHODUXWLQD VLHQWDQVHJXURV\DVDOYR"
‡ (VWpSUHVHQWHHQODYLGDGHVXVKLMRV
‡ &XPSODFRQVXVSURPHVDV
‡ 1RSRQJDFDUJDGHDGXOWRVHQORVQLxRVSHTXHxRV
‡ (QVpxHOHVDVXVKLMRVTXH'LRVVLHPSUHHVWiSUHVHQWH
(OQLxRTXHVHVLHQWHVHJXURDSUHQGHUiDFRQ¿DUHQVXVSDGUHV/XHJRSRGUiSDVDU
D RWUDV UHODFLRQHV FRQ FRQ¿DQ]D HQ YH] GH FRQ GXGDV /D KDELOLGDG GH FRQ¿DU HQ ODV
SHUVRQDVEXHQDVD\XGDDORVQLxRVDFUHFHUVRFLDOPHQWH
%3DUDFUHFHUVRFLDOPHQWHORVQLxRVGHEHQVHQWLUVHDPDGRV
/D PD\RUtD GH ORV SDGUHV DPDQ D VXV KLMRV 3HUR DOJXQRV SDGUHV XVDQ D VXV KLMRV
SDUD VDWLVIDFHU VXV SURSLDV QHFHVLGDGHV \ VXHxRV 2WURV SDGUHV VH VLHQWHQ HQRMDGRV
FRQVXVKLMRVRORVGHVFXLGDQ/RVQLxRVTXHQRVHVLHQWHQDPDGRVSRUVXVSDGUHVVRQ
SURIXQGDPHQWHKHULGRVVRFLDOPHQWH
 &DStWXOR 0DWULPRQLR\IDPLOLD

3  ¢&yPRSXHGHQ /D PD\RUtD GH ORV SDGUHV DPDQ D VXV KLMRV 3HUR HVR QR HV VX¿FLHQWH 7RGR QLxR
VDEHUORVQLxRVTXHVRQ QHFHVLWDVDEHUTXHVXVSDGUHVORDPDQ/RVQLxRVSHTXHxRVQRUHFRQRFHQHODPRUSRU
DPDGRVSRUVXVSDGUHV" ORVVDFUL¿FLRVTXHKDFHQORVSDGUHVSDUDSURYHHUOHVORQHFHVDULR&XDQGRWRGDYtDHVWiQ
SHTXHxRVORVQLxRVVHVLHQWHQDPDGRVSRUODPDQHUDHQTXHVXVSDGUHVVHUHODFLRQDQ
FRQHOORV/HVWRFDDORVSDGUHVGHPRVWUDUOHVHODPRUGHXQDPDQHUDHQTXHVXVKLMRV
SXHGDQHQWHQGHUOR(QRWUDVSDODEUDVORVSDGUHVGHEHQKDEODUXQOHQJXDMHTXHORVQLxRV
3 SXHGDQFRPSUHQGHU/DVDOXGHPRFLRQDO\VRFLDOGHVXVKLMRVGHSHQGHGHVDEHUTXHVRQ
DPDGRV+D\WUHVPDQHUDVSDUDDVHJXUDUOHVDVXVKLMRVTXHXVWHGORVDPD
 ¢6XVSDGUHVOH /RVSDGUHVGHPXHVWUDQDPRUDOWRFDU (OVXDYHWRTXHGHOSDGUHRGHODPDGUHHV
GHPRVWUDURQVXDPRUSRU FRPRDOLPHQWRSDUDODVHPRFLRQHVGHOQLxR1RHVXQDWRTXHVH[XDOHVHODPRUSXUR
PHGLRGHWRFDUORV"([SOLTXH
QDWXUDOGHORVSDGUHV(VWHWRTXHLQFOX\HFDUJDUORHQORVEUD]RVVHQWDUORHQVXUHJD]R
PHFHUORDEUD]DUOREHVDUOHODPHMLOODGDUOHSDOPDGLWDVHQODHVSDOGDVREDUOHORVSLHV
R OD HVSDOGD WRPDUOH OD PDQR DO FDPLQDU \ MXJDU D OD OXFKD OLEUH FRQ pO7RGDV HVWDV
PDQHUDVGHWRFDUGLFHQ³7HDPRPLKLMRTXHULGR´/DPDQHUDHQTXHXVWHGDFDULFLDD
3  ¢&XiOHVVRQ VXKLMRSXHGHFDPELDUDPHGLGDTXHHOQLxRFUHFH3HURQXQFDGHMHGHWRFDUDVXKLMR
DOJXQDVEXHQDVPDQHUDVHQ 8QWRTXHGHDPRUHVDOJRTXHQHFHVLWDPRVWRGDODYLGD/RVSDGUHVTXHQXQFDIXHURQ
TXHORVSDGUHVWRFDQDVX WRFDGRVFXDQGRQLxRVSXHGHQVHQWLUVHH[WUDxRVRWRUSHVDOWRFDUDVXVKLMRV3HURWRGRV
QLxR"
SXHGHQ DSUHQGHU D GHPRVWUDU DPRU DO WRFDU 1HJDUVH D WRFDU D VXV KLMRV HV LJXDO TXH
QHJDUVHDGDUOHVDOLPHQWR
/DPDGUHWLHQGHDWRFDU\GHPRVWUDUDPRUPiVTXHHOSDGUH3HURHOSDGUHWDPELpQ
GHEHGHPRVWUDUVXDPRUDOWRFDUDVXVKLMRVGHPDQHUDVFRUUHFWDV(OWRTXHVXDYHGHO
SDGUHD\XGDDVXVKLMRVDFUHFHUVRFLDOPHQWH
3 /RV SDGUHV GHPXHVWUDQ DPRU GLFLHQGR SDODEUDV DPDEOHV 0RVWUDPRV DPRU D
QXHVWURVKLMRVSRUODPDQHUDHQTXHOHVKDEODPRVGLDULDPHQWH/DPDQHUDHQTXHOHV
KDEODPRVSXHGHD¿UPDU\IRUWDOHFHUDORVQLxRVHQYH]GHKXPLOODUORV/RVSDGUHVGHEHQ
HYLWDUGHFLUFRVDVQHJDWLYDVDQLGHVXVKLMRVGHVDQLPDUORVQLULGLFXOL]DUORV¢3RUTXp"
 ¢4XpSDVDUiVL £3RUTXHORVQLxRVFUHHQORTXHXVWHGOHVGLFH6LOHGLFHDXQQLxRTXHHVROHUGRWRQWR
XVWHGOHGLFHDVXKLMRTXHHV PDOR\IHRORFUHHUi\FRPHQ]DUiDFRPSRUWDUVHGHHVDPDQHUD(QFDPELRORVSDGUHV
KROJD]iQWHUFR\UHEHOGH" SXHGHQVDFDUORPHMRUTXHKD\HQVXVKLMRVGiQGROHVSDODEUDVGHiQLPR(ORJLHDORV
QLxRVFXDQGRKDJDQELHQDOJR(OyJLHORVSRUODPDQHUDHQTXHVRQUtHQ'tJDOHVTXHVRQ
KHUPRVRV (QVpxHOHV D GHFLU SRU IDYRU \ JUDFLDV< OXHJR FXDQGR XVHQ HVWRV EXHQRV
PRGDOHVHOyJLHORVSRUVHUELHQHGXFDGRV(QVpxHOHVDVHFDUORVSODWRV\OXHJRHOyJLHORV
SRU D\XGDU &XHQWH D ORV GHPiV FXDQGR VDTXHQ EXHQDV QRWDV HQ OD HVFXHOD R FXDQGR
VH OOHYHQ ELHQ FRQ RWURV QLxRV (QVpxHOH DO QLxR D FRPSDUWLU DO FRPSDUWLU FRQ pO R DO
SHUPLWLUOHTXHORYHDDXVWHGFRPSDUWLU/XHJRFXDQGRHOQLxRFRPSDUWDHOyJLHORSRUVHU
JHQHURVR6LHPSUHGHVWDTXHORSRVLWLYR²HQIDWLFHODVFXDOLGDGHVEXHQDVTXHOHJXVWDQ
HQHOQLxR6LVHFDHRVHJROSHDKiEOHOHFRQSDODEUDVFRPSDVLYDVGHDPRU$VtHOQLxR
DSUHQGHUiDVHUDPDEOHFRPRXVWHGHVDPDEOH
3  ¢&XiOHVSDODEUDV 1XHVWURVKLMRVQHFHVLWDQVHQWLUTXHHVWiELHQDUULHVJDUVHHQODYLGD\KDVWDIDOODUD
QHFHVLWDQRtUORVQLxRVFRQ YHFHV6LHOQLxRIUDFDVDHQDOJRHOyJLHORSRUWUDWDUGHKDFHUOR\GtJDOH³&DGDIUDFDVR
IUHFXHQFLD" HVXQSDVRKDFLDHOp[LWR´/RVQLxRVGHVFXEUHQVXVWDOHQWRVHLQWHUHVHVFXDQGRWUDWDQGH
KDFHUFRVDVQXHYDV&XDQGRIDOOHQDQtPHORV\D\~GHORVDWUDWDURWUDYH]3RUODPDQHUD
HQ TXH OHV KDEODPRV VDEHQ TXH ORV DPDPRV FXDQGR WLHQHQ p[LWR \ FXDQGR IDOODQ (O
DPRUVLHPSUHHVFXFKD\UHVSRQGHFRQFRQVXHOR\HVSHUDQ]D<UHFXHUGHTXHODVSDODEUDV
VHQFLOODV³WHDPR´VRQSDODEUDVTXHORVQLxRVQHFHVLWDQRtUDPHQXGR
&UHDHQVXVKLMRV\HOORVDSUHQGHUiQDFUHHUHQVtPLVPRV-DFREOODPyDXQRGHVXV
KLMRV-RVp²TXHTXLHUHGHFLU³IUXFWtIHUR´/HGLRXQDW~QLFDHVSHFLDOSDUDGHPRVWUDUOH
VXDPRU(ODPRUTXH-DFREOHPRVWUyD-RVpSRUPHGLRGHKHFKRV\GHSDODEUDVDPDEOHV
D\XGyD-RVpDVHUXQDEHQGLFLyQVRFLDOSDUDRWURV6XSDGUHORDPyWDQWRTXHHVWROH
D\XGyDSHUGRQDUODFUXHOGDGFRQTXHRWURVORWUDWDURQ
&yPRVHUSDGUHVH¿FLHQWHV²6HJXQGDSDUWH 

8VHLOXVWUDFLRQHVFRQSDODEUDVSDUDGHFLUOHVFRVDVGHiQLPRDVXVKLMRV2UH\StGDOH 3
D 'LRV TXH OH Gp HVWDV LOXVWUDFLRQHV FRQ SDODEUDV VREUH FDGD KLMR /HD *pQHVLV 
2EVHUYHWRGDVODVSDODEUDVGHiQLPRTXH-DFREGLMRGHFDGDKLMR-DFREDQLPyDOD
PD\RUtDGHVXVKLMRVFRQLOXVWUDFLRQHVFRQSDODEUDV
+LMRGH-DFRE ,OXVWUDFLRQHVFRQSDODEUDVTXH-DFREOHVGLRDVXVKLMRV
-XGi
=DEXOyQ
,VDFDU
1HIWDOt
-RVp
)LJXUD -DFREXVyLOXVWUDFLRQHVFRQSDODEUDVSDUDDQLPDUDVXVKLMRV *Q 

8QDPDGUHRUDEDYDULDVKRUDVFDGDGtDSRUVXKLMR'LRVOHPRVWUyXQURPSHFDEH]D
DOTXHOHIDOWDEDXQDSLH]DHQPHGLRGHOGLEXMR(QWRQFHVHO6HxRUOHGLMRTXHVXKLMR
HUDHVDSLH]DTXHIDOWDED²IRUPDGDSDUDFRQHFWDUWRGDVODVSLH]DVDVXDOUHGHGRU(OOD
FRPSDUWLyHVWRFRQVXKLMReOORUHFRUGyWRGDVXYLGD/DVSDODEUDVDPDEOHVGHVXPDGUH
ORDQLPDURQDFXPSOLUFRQHOSODQGH'LRVSDUDVXYLGDHQODVRFLHGDG
/RV SDGUHV GHPXHVWUDQ DPRU GDQGR GH VX WLHPSR²SRQLpQGROH DWHQFLyQ D VX
KLMR (O6DOPRGLFH³&HUFDQRHVWi-HKRYiDWRGRVORVTXHOHLQYRFDQDWRGRV
ORVTXHOHLQYRFDQGHYHUDV´'LRVQRVR\H\GHVHDSDVDUWLHPSRFRQQRVRWURV6LJDPRV
VXHMHPSORSUHVWiQGROHVDWHQFLyQDQXHVWURVKLMRV
(OQLxRSRGUtDXVDUSDODEUDVSDUDSHGLUDWHQFLyQ  ¢&XiOHVVRQ
‡ ³¢3XHGHVMXJDUFRQPLJR"´ DOJXQDVPDQHUDVHQTXHORV
‡ ³¢3XHGRLUFRQWLJR"´ QLxRVSLGHQDWHQFLyQ"
‡ ³¢0HSXHGHVD\XGDU"´
‡ ³¢0HFXHQWDVXQDKLVWRULD"´
(OQLxRSRGUtDXVDUDFFLRQHVSDUDSHGLUDWHQFLyQ
‡ /RSRGUtDVHJXLUDXVWHGSRUWRGDODFDVD
‡ 3RGUtDWUDWDUGHD\XGDUOH
‡ 3RGUtDVXELUVHDVXUHJD]R
‡ 3RGUtDVREUHVDOLUHQDOJRTXHHVLPSRUWDQWHSDUDXVWHG
3RQHUOH DWHQFLyQ D XQ QLxR OH FRPXQLFD XQ PHQVDMH IXHUWH FODUR \ PDUDYLOORVR 3  ¢4XpPHQVDMHOH
6XDWHQFLyQGLFH³£7($02´(QFDPELRFXDQGRHOSDGUHFRQWLQXDPHQWHVHQLHJDD HVWiFRPXQLFDQGRXVWHGDVX
SRQHUOHDWHQFLyQHOQLxRR\HHOPHQVDMH³7~QRHUHVLPSRUWDQWHQLPHLPSRUWDV´$Vt KLMR"
TXHWHQJDFXLGDGRFRQHOPHQVDMHTXHOHHVWiFRPXQLFDQGRDVXKLMR
6LXVWHGLJQRUDDVXKLMRpOSRGUtDKDFHUFRVDVPDODVSDUDOODPDUVXDWHQFLyQ/RV 3
QLxRVSUH¿HUHQODDWHQFLyQSRUVXPDODFRQGXFWDDQWHVTXHQRWHQHUQLQJXQDDWHQFLyQ
/DVSHOHDVFRQRWURVQLxRVRORVSUREOHPDVHQODHVFXHODSRGUtDQVHUVHxDOHVGHTXHHO
QLxRVHVLHQWHLJQRUDGR
8QPLQLVWURVHQWtDXQDJUDQFDUJDSRUORVGURJDGLFWRV3DVDEDWDQWDVKRUDVHQHVWH
PLQLVWHULR TXH GHVFXLGDED D VXV SURSLRV KLMRV &DGD QRFKH ORV QLxRV SUHJXQWDEDQ
TXH FXiQGR OOHJDUtD VX SDGUH D FDVD /D PD\RUtD GH ODV QRFKHV \D HVWDEDQ GRUPLGRV
FXDQGRpOOOHJDED$OSDVDUORVDxRVGHMDURQGHSUHJXQWDU/DIDPLOLD\ODFRQJUHJDFLyQ
VH DVRPEUDURQ FXDQGR XQR GH ORV KLMRV GHO PLQLVWUR HPSH]y D FRQVXPLU GURJDV (VR
QRWHQtDVHQWLGR6HJXUDPHQWHHOMRYHQVDEtDODVWHUULEOHVFRQVHFXHQFLDVGHFRQVXPLU
GURJDV(UDODPHQWDEOHSHURDTXHOMRYHQKDEtDHQFRQWUDGRODPDQHUDGHUHFLELUWRGDOD
DWHQFLyQGHVXSDGUH
'HEHPRVHVWDUDWHQWRVSDUDUHVSRQGHUDODVSHWLFLRQHVGHDWHQFLyQGHQXHVWURVKLMRV
3HURHOQLxRQRGHEHUtDQHFHVLWDUSHGLUVLHPSUHXQSRTXLWRGHOWLHPSRGHSDSiRGHPDPi
4XpDOHJUtDHVSDUDHOQLxRFXDQGRHOSDGUHGLFH³7UDHWXSHORWD\YDPRVDMXJDUXQUDWR´
 &DStWXOR 0DWULPRQLR\IDPLOLD

2³£&RUUHVLQRWHDOFDQ]R\WHKDJRFRVTXLOODV´2³(QVpxDPHHVHQXHYRMXHJRTXH
WDQWRWHJXVWD´/RVQLxRVFRPSUHQGHQTXHVRQDPDGRVFXDQGRORVSDGUHVVHRIUHFHQ
YROXQWDULDPHQWHSDUDGDUOHVWLHPSR\DWHQFLyQ/RVSDGUHVGLFHQ³£7HDPR´FXDQGR
WRFDQFXDQGRGLFHQSDODEUDVDPDEOHV\FXDQGROHVGDQWLHPSRDVXVKLMRV
+D\SRUORPHQRVRWUDVGRVPDQHUDVHQTXHORVSDGUHVWDPELpQGHPXHVWUDQDPRU
$OJXQRV GHPXHVWUDQ DPRU FRQ KHFKRV DPEDOHV D~Q VDFUL¿FiQGRVH 3HUR FRPR
YLPRVDQWHULRUPHQWHORVQLxRVQRVLHPSUHUHFRQRFHQTXHHOWUDEDMRGHVXVSDGUHV
SRUODIDPLOLDHVXQDIRUPDGHDPRU7DPELpQORVSDGUHVGHPXHVWUDQDPRUGDQGR
UHJDORV3RUHMHPSOR-DFREOHGLRXQDW~QLFDHVSHFLDOD-RVp1XHVWUR3DGUHFHOHVWLDO
QRVDPyWDQWRTXHHQWUHJyDVX+LMR8QLJpQLWRSDUDPRULUSRUQRVRWURV -Q 
& 3DUDFUHFHUVRFLDOPHQWHORVQLxRVGHEHQVHQWLUVHDFHSWDGRV
&DGDQLxRHVGLIHUHQWHHQDSDULHQFLDWDOHQWRV\SHUVRQDOLGDG/RVSDGUHVGHEHQ
DFHSWDUDFDGDKLMRVLQWUDWDUGHIRU]DUORVDVHULJXDODRWUR&RPRSDGUHVGHEHPRV
DFHSWDUDWRGRVQXHVWURVKLMRVSRULJXDO&DGDXQRHVXQUHJDORGH'LRV<DTXHQRV
KD\DQQDFLGRDQRVRWURVVHDQKLMDVWURVDGRSWDGRVRKLMRVGHFULDQ]DORVKLMRVVRQ
XQUHJDORGH'LRV6XREMHWLYRGHEHVHUTXHFDGDQLxRFXPSODFRQHOSODQGH'LRV
6RFLDOPHQWHHOQLxRFUHFHPiVIXHUWHFXDQGRHVDFHSWDGR/DDFHSWDFLyQD\XGDDORV
QLxRVDGHVDUUROODUFRQ¿DQ]DHQVXVUHODFLRQHVHQYH]GHWHPRUDOUHFKD]R&RPXQLFDPRV
ODDFHSWDFLyQDOQLxRSRUPHGLRVGHWRFDUSDODEUDVGHHORJLR\SUHVWiQGROHDWHQFLyQ
3 (VSRVLEOHPRVWUDUDVXKLMRDPRU\UHFKD]R(ODPRUHVSHUVRQDO²HVHQWUHXQSDGUH
\VXKLMR3HURODDFHSWDFLyQSXHGHWUDWDUFRQHOQLxRHQUHODFLyQFRQORVGHPiV3RU
HMHPSORTXL]iVKD\DOJRHQODDSDULHQFLDGHOQLxRTXHDXVWHGORDYHUJHQ]D$VtTXH
XVWHGOHVH[SOLFDDRWURVHVWDGHELOLGDG/RVQLxRVYHQR\HQHVWDVFRVDV(OORVFRPLHQ]DQ
DHQWHQGHUTXHDXQTXHXVWHGORVDPDGHVHDUtDTXHIXHUDQGLIHUHQWHV
1LQJXQR GH QRVRWURV HV SHUIHFWR 1XHVWUR 3DGUH FHOHVWLDO QRV KD DGRSWDGR FRPR
VXV KLMRV +HPRV UHFLELGR JUDFLD PDUDYLOORVD 6HJXUDPHQWH TXH SRGHPRV SDViUVHOD D
QXHVWURVKLMRV/D(VFULWXUDGLFH³5HFLEtRVORVXQRVDORVRWURVFRPRWDPELpQ&ULVWR
QRVUHFLELy´ 5R (VEXHQRFDPELDUODVFRVDVSDUDKDFHUODVPHMRU3HURPXFKDV
YHFHVHOQLxRQRSXHGHFDPELDUVXHVWDWXUDVXQDUL]VXVGLHQWHVVXLQWHOLJHQFLDQLVX
SHUVRQDOLGDG$VtTXHDFHSWHDFDGDKLMRFRPR'LRVORFUHy(QWRQFHVHOQLxRFUHFHUi\
OOHJDUiDWHQHUODFRQ¿DQ]DVRFLDOTXHQHFHVLWD
 ¢&XiOHVOD '3DUDFUHFHUVRFLDOPHQWHORVQLxRVGHEHQWHQHUXQEXHQFRQFHSWRGH
GLIHUHQFLDHQWUHHORUJXOOR VtPLVPRV\DXWRHVWLPD²VHQWLUVHUHVSHWDGRVSRUVtPLVPRV\SRUORV
\ODDXWRHVWLPDVDOXGDEOH" GHPiV
/D%LEOLDDGYLHUWHFRQWUDHORUJXOORHVXQSHFDGRPRUWDO8QDSHUVRQDRUJXOORVDQR
VHUHODFLRQDELHQVRFLDOPHQWH/D(VFULWXUDQRVHQVHxD³1RWHQJDPiVDOWRFRQFHSWR
GHVtTXHHOTXHGHEHWHQHUVLQRTXHSLHQVHGHVtFRQFRUGXUDFRQIRUPHDODPHGLGDGH
IHTXH'LRVUHSDUWLyDFDGDXQR´ 5R 
/DSHUVRQDSUXGHQWHHYLWDGRVHUURUHVVREUHVtPLVPD²QRSLHQVDGHVtPLVPDQLPX\
SRFRQLGHPDVLDGR/DSHUVRQDTXHHVVDOXGDEOHVRFLDOPHQWHQRVHVLHQWHQLVXSHULRUQL
LQIHULRU6DEHFXiOHVVXYHUGDGHUDHVWDWXUD²QRVHFUHHQLPiVDOWDQLPiVEDMDGHORTXH
HV/RTXHODSHUVRQDFUHHGHVtPLVPDDIHFWDFyPRVHUHODFLRQDFRQORVGHPiV 9HDOD
)LJXUD 
3HUVRQDFRQDOWDDXWRHVWLPD 3HUVRQDFRQXQEDMRFRQFHSWRGHVtPLVPD
3 $FW~DHQIRUPDLQGHSHQGLHQWH (VIiFLOGHLQÀXHQFLDU
$VXPHUHVSRQVDELOLGDGHV &XOSDDRWURVSRUVXVIDOWDV
,QWHQWDHQIUHQWDUVHDQXHYRVGHVDItRV (YLWDKDFHUDOJRQXHYR
9DORUDVXWUDEDMR 7LHQHXQEDMRFRQFHSWRGHVXVWDOHQWRV\KDELOLGDGHV
&yPRVHUSDGUHVH¿FLHQWHV²6HJXQGDSDUWH 

7ROHUDODIUXVWUDFLyQ (VLQFDSD]GHWROHUDUODIUXVWUDFLyQ
2IUHFHD\XGDUDRWURV 6HVLHQWHLQGHVHDGD\GHVSUHFLDGD
3XHGH PDQHMDU ODV HPRFLRQHV
&UHHR¿QJHFUHHUTXHQROHLPSRUWD
QHJDWLYDVRSRVLWLYDV
)LJXUD 6XDXWRHVWLPDDIHFWDODVUHODFLRQHVGHODSHUVRQD
¢&yPRSRGHPRVD\XGDUDQXHVWURVKLMRVDVHQWLUVHYDOLRVRV²DTXHGHVDUUROOHQXQD
DXWRHVWLPDVDOXGDEOH"/DRSLQLyQTXHHOQLxRWLHQHGHVtPLVPRHVLQÀXHQFLDGDGHGRV
PDQHUDVSRUORVGHVXFDVD\SRUORVGHIXHUDGHFDVD
'HEHPRVVHUUHDOLVWDV/RVSDGUHVSXHGHQDPDUDFHSWDU\DSR\DUDVXVKLMRV3HUR
IXHUDGHODIDPLOLDODJHQWHSXHGHVHUFUXHO(QHOPXQGRQXHVWURVSRGUtDQHFRQWUDUVHFRQ
HOGRORUHPRFLRQDOUHFKD]R\DFWRVOOHQRVGHRGLR3HURORVSDGUHVQRVRQLPSRWHQWHV
9HDPRVFLQFRSULQFLSLRVSDUDTXHORVSDGUHVD\XGHQDVXVKLMRVDVHQWLUVHELHQFRQVLJR
PLVPRV
 5HGX]FD DO PtQLPR²KDEOH SRFR²GH ODV FRVDV TXH HO QLxR QR SXHGH 3  0HQFLRQH
FDPELDU 6LPLKLMRHVIHRQRYDPRVDHQIDWL]DUODEHOOH]DItVLFDHQQXHVWURKRJDU6LPL PDQHUDVGHGHVDUUROODU
DXWRHVWLPDHQHOQLxR
KLMRQRWLHQHDJLOLGDGQRYDPRVDHQIDWL]DUHODWOHWLVPR6LPLKLMRDSUHQGHOHQWDPHQWH
QRYDPRVDHORJLDUDORVTXHDSUHQGHQUiSLGDPHQWHQLYDPRVDGDUSULRULGDGHQQXHVWUR
KRJDUDDSUHQGHUUiSLGDPHQWH7RGRVSXHGHQWHQHUp[LWRHQODVFRVDVLPSRUWDQWHVGHOD
3  ¢4XpGHEHQ
YLGD'HVFXEUDODVFRVDVTXHVXVKLMRVSXHGHQKDFHUELHQ\UHJRFtMHVHFRQFDGDQLxR KDFHUORVSDGUHVVREUHODV
1RLQVLVWDHQTXHWRGRVORVKLMRVVDOJDQELHQHQODVPLVPDVFRVDV1XQFDFRPSDUHDVXV FRVDVTXHVXKLMRQRSXHGH
KLMRVHOXQRFRQHORWUR1XQFDHQIDWLFHQLVDTXHDUHOXFLUODVGHELOLGDGHVTXHVXKLMRQR FDPELDU"
SXHGHFDPELDU
 $\XGHDVXKLMRDPHMRUDUWDQWRFRPRVHDSRVLEOH 4XL]iVODVRFLHGDGYDORUH 3
PiVODViUHDVHQODVTXHVXKLMRHVGpELO7DOYH]ODVSHUVRQDVYDORUHQODVFRVDVTXHVX
KLMR QR WLHQH FRPR EHOOH]D LQWHOLJHQFLD KDELOLGDG DWOpWLFD FDSDFLGDG YHUEDO \ URSD
FDUD0XFKRVGHORVYDORUHVGHOPXQGRQRVRQGH'LRV&RQWRGRVLHQGRTXHYLYLPRV
HQHOPXQGRGHEHPRVWUDWDUGHUHODFLRQDUQRVELHQFRQORVGHPiV$\XGHDVXKLMRD
FDPELDUODVFRVDVTXHSXHGHFDPELDUSDUDUHODFLRQDUVHELHQFRQORVGHPiV3RUHMHPSOR
VLWXHUFHORVSLHVSURFXUHTXHVHORVDUUHJOHQ6LVXURSDHVPX\YLHMDWUDWHGHFRPSUDUOH
URSDTXHHVWpPiVDODPRGD6LHVWiOXFKDQGRFRQVXVHVWXGLRVE~VTXHOHXQWXWRU6L
WDUWDPXGHDEXVTXHXQPDHVWURSDUDODUHKDELOLWDFLyQGHOKDEOD(QVpxHOHDVHUOLPSLRD
FXLGDUVHORVGLHQWHV\DSHLQDUVH6HJ~QXVWHGSXHGDGHOHDVXKLMRODPHMRURSRUWXQLGDG
SDUDWHQHUp[LWR\UHODFLRQDUVHELHQFRQRWURV&XpQWHOHKLVWRULDVGHRWUDVSHUVRQDVTXH
KDQVXSHUDGRGHELOLGDGHV5HFXpUGHOHDVXKLMRHOJUDQYDORUTXHpOWLHQHSDUD'LRVSRUHO
SUHFLRTXH'LRVSDJySRUpO(OYDORUGHDOJRVLHPSUHHVGHWHUPLQDGRSRUHOSUHFLRTXH
DOJXLHQSDJDSRUHOOR'LRVSDJyXQJUDQSUHFLRSDUDUHGLPLUQRV£eOHQWUHJyDVX~QLFR
+LMR£(VWRGHPXHVWUDTXHFDGDXQRGHQRVRWURVWLHQHXQJUDQYDORU
 3RWHQFLHDOPi[LPR²KDEOHPXFKR²GHORVSXQWRVIXHUWHV\FDSDFLGDGGHVX  'pXQHMHPSOR
KLMR SDUD ORJUDU p[LWR $\XGHDVXKLMRD FRPSHQVDU²HTXLOLEUDU\FRPSHQVDUVXV GHFyPRHOSDGUHSXHGH
SXQWRVGpELOHV&RPSHQVDPRVXQDGHELOLGDGXVDQGRXQDIRUWDOH]D6LHOEUD]RL]TXLHUGR HQIDWL]DUORVSXQWRVIXHUWHV
GHOKLMR
HV GpELO SHUR HO GHUHFKR HV IXHUWH HVWH SXHGH FRPSHQVDU DO L]TXLHUGR /RV SDGUHV
SXHGHQD\XGDUDVXKLMRDHQFRQWUDUVXVSXQWRVIXHUWHV\DXVDUORV(QWRQFHVFXDQGR
DOJXLHQORFULWLFDRORUHFKD]DSRUVXGHELOLGDGpOSXHGHGHFLU³%XHQRWDOYH]QRVR\
XQEXHQDWOHWDSHURVpFDQWDUELHQ´6XIRUWDOH]DSXHGHVHUXQDKDELOLGDGFRPRFDQWDU
FRFLQDUFRFHUGDUiQLPRHQVHxDURUJDQL]DUFXLGDUKDEODUYHQGHUHGL¿FDUFRPSRQHU
RODVPDWHPiWLFDV(OQLxRTXHQRHVDWOHWDSHURFRQRFHWRGDVODVUHJODVGHOGHSRUWH
WDOYH]HQFXHQWUHXQSXHVWRHQHOHTXLSR$\XGHDVXKLMRDGHVFXEULU\DGHVDUUROODUVXV
IRUWDOH]DV&XDQGRHOQLxRHQFXHQWUD\UHFRQRFHVXVIRUWDOH]DVDXPHQWDVXDXWRHVWLPD
$VtWDPELpQODVGHPiVSHUVRQDVYDORUDQDOQLxRTXHWLHQHIRUWDOH]DVFRPRFRQRFLPLHQWR
\KDEOLGDGSDUDHOWUDEDMR6XEUD\HODVIRUWDOH]DVGHVXKLMR(QIDWLFHODVPHMRUHVFRVDV
PHMRUGHpO
 &DStWXOR 0DWULPRQLR\IDPLOLD

3  (QIDWLFH ORV EXHQRV YDORUHV GH VX KLMR (QVpxHOHV D VXV KLMRV D YDORUDU ODV
FXDOLGDGHVGHODKRQHVWLGDGHODUGXRWUDEDMRODEXHQDUHSXWDFLyQ\ODVEXHQDVDFWLWXGHV
(VWRVYDORUHVSXHGHQDQLPDUDWRGDODIDPLOLDVLQFRQFHQWUDUVHHQODVGHELOLGDGHVTXH
QRSXHGHQFDPELDU(QVpxHOHDOQLxRVHQWLUVHVDWLVIHFKRGHVtPLVPRSRUWHQHUXQEXHQD
UHSXWDFLyQ
8Q SDVWRU OHV SLGLy D ORV MyYHQHV TXH D\XGDUDQ D OLPSLDU OD SURSLHGDG OD LJOHVLD
3URQWR HO SDVWRU VH GLR FXHQWD GH TXH VX SULQFLSDO WUDEDMR GHO GtD VHUtD PRWLYDU D ORV
MyYHQHVSDUDTXHWUDEDMDUDQ/DPD\RUtDGHHOORVVHGLVWUDtDQ\QRWUDEDMDEDQELHQ3HUR
KDEtDWUHVMyYHQHVTXHHUDQGLIHUHQWHV(OORVWUDEDMDEDQGXURELHQ\FRQJR]R(OSDVWRU
YLRODGLIHUHQFLDHQHVWRVMyYHQHV\FRPHQ]yDSUHSDUDUORVSDUDHOOLGHUD]JR
 ¢4XpVXFHGHDO  (QVpxHOH D VX KLMR FyPR KDFHU ODV FRVDV SRU Vt PLVPR /RV SDGUHV SXHGHQ
EXHQFRQFHSWRGHVtPLVPRV KDFHUGHPDVLDGRSRUVXVKLMRV1RTXLHUHQTXHVHYHDQDQWHHOIUDFDVRHOSHOLJURQLOD
GHORVQLxRVTXHKDFHQ
ODVFRVDVSRUVtPLVPRV"
FUXHOGDG4XLHUHQTXHODYLGDVHDIiFLO3HURGHPDVLDGDSURWHFFLyQ\FXLGDGRGHELOLWDD
([SOLTXH QXHVWURVKLMRV\ORVKDFHSHQVDUPDOGHVtPLVPRV$VtTXHHQVHxHDVXKLMRDKDFHUODV
FRVDVSRUVtVROR
7RGDODIDPLOLDFXLGDEDGHODKLMDPHQRU&XDQGRVHSRQtDORV]DSDWRVKDEtDDOJXLHQ
TXHVHORVDPDUUDED6LHPSUHTXHHOODWUDWDEDGHKDFHUORSRUVtVRODDOJXLHQGHODIDPLOLD
VHORKDFtD8QGtDHQODHVFXHODVHOHGHVDPDUUyXQ]DSDWR(OODOHSLGLyD\XGDDOD
PDHVWUD\DOJXQRVGHVXVFRPSDxHURVFRPHQ]DURQDEXUODUVHGHHOOD/DQLxDTXHGy
PX\DVRPEUDGDFXDQGRVXSRTXHWRGRVORVRWURVQLxRVVHSRGtDQDPDUUDUVXVSURSLRV
]DSDWRV³¢+DEUiHORPDOHQPt"´FRPHQ]yDSUHJXQWDUVH
&XDQGRORVKLMRVDSUHQGHQDKDFHUODVFRVDVSRUVtPLVPRVVXDXWRHVWLPDDXPHQWD
(OORV QHFHVLWDQ DSUHQGHU D FXLGDUVH \ D UHVROYHU VXV SURSLRV SUREOHPDV /RV SDGUHV
VLHPSUH GHEHQ HVWDU OLVWRV SDUD DFRQVHMDU \ DSR\DU FXDQGR VHD QHFHVDULR 3HUR SDUD
GHVDUUROODUDXWRHVWLPDORVSDGUHVGHEHQLQVLVWLUTXHORVKLMRVKDJDQSRUVtPLVPRVODV
FRVDVTXHSXHGDQFRPRFRFLQDUOLPSLDUWUDEDMDUSDUDJDQDUGLQHUR\HVWXGLDU$PHGLGD
TXH HO QLxR FUHFH ORV SDGUHV GHEHQ GDUOH PiV UHVSRQVDELOLGDG SDUD VX SURSLD YLGD \
VXVGHFLVLRQHV3HUPLWDTXHHOQLxRDSUHQGDDXQTXHFRPHWHUiXQRVFXDQWRVHUURUHV6X
DXWRHVWLPDDXPHQWDUiPLHQWUDVDXPHQWDQVXVKDELOLGDGHV&XDQGRQXHVWURVKLMRVWLHQHQ
p[LWRHQORTXHKDFHQVHVLHQWHQFRQ¿DGRVYDOLRVRV\DSUHFLDGRV(VWROHVD\XGDUiD
UHODFLRQDUVHFRQORVGHPiV\DFUHFHUHQJUDFLDFRQORVKRPEUHV
 (QVpxHOHDVXKLMRFRPSRUWDPLHQWRVRFLDO 8QMRYHQIXHDVROLFLWDUXQHPSOHR
eOHUDDSWRSDUDHOWUDEDMRTXHWHQGUtDTXHGHVHPSHxDU\WHQtDEXHQDUHSXWDFLyQ3HURIXH
DODHQWUHYLVWDFRQURSDGH¿HVWD<OHKDEOyDOJHUHQWHFRPRVLIXHUDXQDPLJR$VtTXH
QRFRQVLJXLyHOHPSOHR6XVKDELOLGDGHV\VXEXHQDUHSXWDFLyQQRIXHURQVX¿FLHQWHV(UD
QHFHVDULRTXHVHSUHVHQWDUDGHPRGRTXHFXSLHUDGHQWURGHOPXQGRGHORVQHJRFLRV
(QHOKRJDUORVSDGUHVGHEHQHQVHxDUOHVDVXVKLMRVDWHQHUEXHQFRPSRUWDPLHQWR
VRFLDOSDUDWHQHUEXHQDVUHODFLRQHV9HDPRVWUHVGLIHUHQWHViUHDV
3  (VFULEDiUHDVGH 0RGDOHV 7RGR QLxR GHEH DSUHQGHU UHJODV GH FRUWHVtD 3RU HMHPSOR VHJ~Q ODV
EXHQFRPSRUWDPLHQWRVRFLDO FRVWXPEUHVGHVXSDtVLQGtTXHOHVLHVFRUUHFWRRQRPLUDUDORVRMRVGHXQDGXOWR¢(O
TXHVRQQHFHVDULDVSDUD QLxR GHEH SRQHUVH HQ SLH FXDQGR XQ DGXOWR HQWUD D OD VDOD" ¢(O QLxR GHEH GHFLU ³SRU
UHODFLRQDUVHFRQORVGHPiV
IDYRU´ \ ³JUDFLDV´" /RV SDGUHV GHEHQ HQVHxDU MXQWRV D ORV KLMRV ORV EXHQRV PRGDOHV
TXH VH DFRVWXPEUDQ HQ VX SDtV VL HV TXH KDQ GH
YLYLUVDELDPHQWH/DJHQWHQRTXLHUHHVWDUFHUFDGH /$0(-250$1(5$
ORVQLxRVTXHVRQLQFXOWRV3HURFXDQGRORVQLxRV
'((16(f$5$/261,f26
VRQFRUWHVHVVHUiQEHQGHFLGRVSRUODSUHVHQFLDGH
3 DGXOWRV\GHRWURVQLxRV (67$61250$662&,$/(6
/DPHMRUPDQHUDGHHQVHxDUDORVQLxRVHVWDV <%8(12602'$/(6(6$
QRUPDVVRFLDOHV\EXHQRVPRGDOHVHVDWUDYpVGH 75$9e6'(/$)$0,/,$
ODIDPLOLD,QVLVWDHQTXHFDGDSHUVRQDGHQWURGHOD
&yPRVHUSDGUHVH¿FLHQWHV²6HJXQGDSDUWH 

IDPLOLDWUDWHDORVRWURVFRQUHVSHWR\FRUWHVtD(QVpxHOHVDORVQLxRVTXHQXQFDGHEHQ
SHJDUOHDXQDQLxD6HDXQHMHPSORGHODVEXHQDVDFWLWXGHV\GHODEXHQDFRPXQLFDFLyQ
DQWHVXVKLMRV(QODFDVDHOORVSXHGHQDSUHQGHUTXHODVUHODFLRQHVVRQLPSRUWDQWHV<
SXHGHQDSUHQGHUTXHODVSHUVRQDVSXHGHQ\GHEHQKDEODUDPDEOHPHQWHSDUDUHVROYHUORV
SUREOHPDV<SXHGHQYHUTXHSHUGRQDUDRWURV\SHGLUSHUGyQHVSDUWHGHXQDYLGDVDELD
$FWLWXGHV 7RGR QLxR GHEH GHVDUUROODU DFWLWXGHV VRFLDOHV (QVpxHOHV D VXV KLMRV D 3
VDOXGDUDRWUDVSHUVRQDVFRQXQDVRQULVD(QVpxHOHVDVHUKRVSLWDODULRV3RUPHGLRGH
VXHMHPSORHQVpxHOHVDSRQHUDWHQFLyQFXDQGRDOJXLHQKDEOD\DKDFHUSUHJXQWDVVREUH
ORVLQWHUHVHVGHODRWUDSHUVRQD'HEHQDSUHQGHUDYDORUDU\DUHVSHWDUODVLGHDVGHORV
GHPiV(QVpxHOHVFyPRUHVSRQGHUFRQFRUWHVtDDXQTXHQRHVWpQGHDFXHUGRFRQODRWUD
SHUVRQD(QVpxHOHVODEXHQDDFWLWXGGHHVSHUDU²GHVHUSDFLHQWHV/DSDFLHQFLDHVXQD
DFWLWXGTXHQHFHVLWDUiQDPHQXGRDQWHV\GHVSXpVGHOPDWULPRQLR(QVpxHOHVHOYDORUGH
ODFRRSHUDFLyQ\ODUHVSRQVDELOLGDGHQHOKRJDU\HQODFRPXQLGDG
2WUDDFWLWXGLPSRUWDQWHHVHOFRUD]yQGHVLHUYR/RVQLxRVSHTXHxRVFUHHQTXHGHEHQ
VHUHOFHQWURGHDWHQFLyQ&XDQGROORUDQVXVDPRURVRVSDGUHVOHVD\XGDQ(VRHVEXHQR
3HUR ORV QLxRV QR GHEHQ SHUPDQHFHU FRPR EHEpV UHVSHFWR D VXV DFWLWXGHV 'HEHPRV
RULHQWDUORV D SHQVDU HQ ODV QHFHVLGDGHV GH RWURV GH OD PLVPD PDQHUD HQ TXH SLHQVDQ
HQODVVX\DVSURSLDV/RVQLxRVSXHGHQDSUHQGHUDVHUYLUWpRFDIpDODVYLVLWDV3XHGHQ
DSUHQGHUDVHUYLUDODIDPLOLDDOOLPSLDUFRFLQDU\WUDEDMDU/RVHMHPSORVGHORVSDGUHV
SXHGHHQVHxDUDORVKLMRVDVHUYLU<HO(VStULWX6DQWRSXHGHD\XGDUOHVFRQWRGDVVXV
DFWLWXGHV/DYLGDHJRtVWDVHSDUDDODJHQWH3HURORVTXHHVWiQGLVSXHVWRVDVHUYLUVH
UHODFLRQDQELHQFRQORVGHPiV
+DELOLGDGHV 7RGRQLxRGHEHDSUHQGHUKDELOLGDGHVSHUVRQDOHV'RVPX\LPSRUWDQWHV
VRQ OD FRPXQLFDFLyQ \ HO PDQHMR GH ODV HPRFLRQHV GXUDQWH HO FRQÀLFWR (O FDStWXOR
 HQVHxD VREUH HVWDV KDELOLGDGHV HQ ORV DGXOWRV SHUR ORV QLxRV SXHGHQ DSUHQGHUODV D
PHGLGDTXHFUHFHQ6XKLMRSXHGHDSUHQGHUFXDOTXLHUFRVDTXHXVWHGKD\DDSUHQGLGRVL
XVWHGWRPDWLHPSRSDUDHQVHxDUOH
'HEHPRV D\XGDU D QXHVWURV KLMRV D FUHFHU HQ JUDFLD FRQ ORV KRPEUHV FRPR -HV~V
FUHFLyVRFLDOPHQWH(VQHFHVDULRTXHOHVD\XGHPRVDGHVDUUROODUODIRUWDOH]DLQWHULRUTXH
OHVHYLWDWUDWDUGHFRPSODFHUDORVKRPEUHV/RVQLxRVVHUHODFLRQDQELHQVRFLDOPHQWH
FXDQGRVHVLHQWHQVHJXURVDPDGRVDFHSWDGRV\YDORUDGRV/RVSDGUHVGHEHQHQVHxDUD
VXVKLMRVORVPRGDOHVFRUUHFWRVDFWLWXGHV\KDELOLGDGHVVRFLDOHV-HV~VFUHFLyHQJUDFLD
FRQORVKRPEUHV\DVtWDPELpQSXHGHQKDFHUORQXHVWURVKLMRV
/RVQLxRVDSUHQGHQDUHODFLRQDUVHFRQ'LRV\FRQORVGHPiVDOREVHUYDUHOHMHPSOR
GHVXVSDGUHV\SRUPHGLRGHOD GLVFLSOLQD²TXHHVHOWHPDGHQXHVWUDSUy[LPDOHFFLyQ

/HFFLyQ
'LVFLSOLQHDVXVKLMRVSDUDTXHFUH]FDQHQJUDFLDSDUD
FRQ'LRV\ORVKRPEUHV
 2EMHWLYR$ ([SOLFDUGHORVSULQFLSLRVVREUHODGLVFLSOLQD
2EMHWLYR%5HVXPLUWLSRVGHGLVFLSOLQD

(QHVWDOHFFLyQHQIDWL]DPRVODSDODEUDGLVFLSOLQDQRFDVWLJR(QHO1XHYR7HVWDPHQWR  (QHO1XHYR
HO pQIDVLV SDUD ORV FUH\HQWHV HVWi HQ ODV SDODEUDV FRPR GLVFtSXOR \ GLVFLSOLQD (Q 7HVWDPHQWR¢FyPRVH
FRQWUDVWHODVSDODEUDVFDVWLJDU\FDVWLJR²HQHO1XHYR7HVWDPHQWR²SRUORUHJXODUHVWiQ GLIHUHQFLDQODVSDODEUDV
³GLVFLSOLQD´\³FDVWLJR´"
UHODFLRQDGDVFRQORVHQHPLJRVGH'LRV(O1XHYR7HVWDPHQWRUHODFLRQDODGLVFLSOLQDFRQ
ODLQVWUXFFLyQ\SUHSDUDFLyQHOFDVWLJRWLHQGHDUHODFLRQDUVHFRQODMXVWLFLDSDUDORVTXH
VHQLHJDQDDUUHSHQWLUVH
3  ¢&XiOHVHO
(OSURSyVLWRGHODGLVFLSOLQDHVWUDHUEHQGLFLRQHVFRPRHOFUHFLPLHQWR/DGLVFLSOLQD SURSyVLWRGHODGLVFLSOLQD"
VH HQIRFD HQ HO IXWXUR 'LVFLSOLQDPRV D QXHVWURV KLMRV SDUD FRUUHJLUORV HQVHxDUOHV ([SOLTXH
 &DStWXOR 0DWULPRQLR\IDPLOLD

PHMRUDUORV\GLULMLUORV/RVGLVFLSOLQDPRVSRUTXHTXHUHPRVTXHQXHVWURVKLMRVWHQJDQ
p[LWRFRPRDGXOWRVTXHVLUYHQD'LRV
$4XLQFHSDXWDVRSULQFLSLRVVREUHODGLVFLSOLQD
3  'LVFLSOLQH SRU DPRU 'LRV HV QXHVWUR HMHPSOR 'HEHPRV GLVFLSOLQDU D QXHVWURV
KLMRVFRPRQXHVWUR3DGUHFHOHVWLDOORKDFHFRQQRVRWURV'LRVGLFH

³+LMRPtRQRPHQRVSUHFLHVODGLVFLSOLQDGHO6HxRU
QLGHVPD\HVFXDQGRHUHVUHSUHQGLGRSRUpO SRUTXHHO
6HxRUDOTXHDPDGLVFLSOLQD\D]RWDDWRGRHOTXHUHFLEH
SRUKLMR´6LVRSRUWiLVODGLVFLSOLQD'LRVRVWUDWDFRPR
DKLMRVSRUTXH¢TXpKLMRHVDTXHODTXLHQHOSDGUHQR
GLVFLSOLQD"3HURVLVHRVGHMDVLQGLVFLSOLQDGHODFXDO
WRGRVKDQVLGRSDUWLFLSDQWHVHQWRQFHVVRLVEDVWDUGRV
\QRKLMRV 3RURWUDSDUWHWXYLPRVDQXHVWURVSDGUHV
WHUUHQDOHV TXH QRV GLVFLSOLQDEDQ \ ORV YHQHUiEDPRV
¢3RU TXp QR REHGHFHUHPRV PXFKR PHMRU DO 3DGUH GH
ORVHVStULWXV\YLYLUHPRV"<DTXpOORVFLHUWDPHQWHSRU
SRFRVGtDVQRVGLVFLSOLQDEDQFRPRDHOORVOHVSDUHFtD
SHUR pVWH SDUD OR TXH QRV HV SURYHFKRVR SDUD TXH
SDUWLFLSHPRVGHVXVDQWLGDG (VYHUGDGTXHQLQJXQD
GLVFLSOLQDDOSUHVHQWHSDUHFHVHUFDXVDGHJR]RVLQRGH
WULVWH]DSHURGHVSXpVGDIUXWRDSDFLEOHGHMXVWLFLDDORV
TXHHQHOODKDQVLGRHMHUFLWDGRV +H 
 ¢'LRVGLVFLSOLQDD 'LRVQRVDPD\QRVGLVFLSOLQDSDUDQXHVWURELHQ1XHVWUR3DGUHFHOHVWLDO²\SDGUHV
VXVKLMRVFRQLUD"([SOLTXH WHUUHQDOHV²VDEHQTXHODGLVFLSOLQDWUDHEHQGLFLRQHVHQHOIXWXUR'LRVHVPLVHULFRUGLRVR
DPDEOH SHUGRQDGRU \ ERQGDGRVR FXDQGR GLVFLSOLQD 1RVRWURV GHEHPRV GLVFLSOLQDU D
QXHVWURVKLMRVFRQHOPLVPRDPRUTXHQXHVWUR3DGUHFHOHVWLDOQRVGHPXHVWUD
/D (VFULWXUD QRV GLFH ³3RUTXH HO 6HxRU DO TXH DPD GLVFLSOLQD´ +H   /D
GLVFLSOLQDHVXQDVHxDOGHDPRU6LQRFRUUHJLPRVODLQVHQVDWH]\HOPDOFRPSRUWDPLHQWR
GH QXHVWURV KLMRV GHPRVWUDPRV TXH QR ORV DPDPRV OR VX¿FLHQWH 6L XVWHG DPD D VXV
KLMRVGLVFLSOtQHORVFXDQGRKDJDQDOJRPDOR
3  ¢&yPRVDOYDOD  'LVFLSOLQH SDUD VDOYDU D VXV KLMRV 3URYHUELRV  GLFH ³&RUULJH D WX KLMR
GLVFLSOLQDDORVQLxRV" PLHQWUDVD~QKD\HVSHUDQ]DQRWHKDJDVFyPSOLFHGHVXPXHUWH´ 19, /DIDOWDGH
GLVFLSOLQDSXHGHOOHYDUDODPXHUWHItVLFD\HVSLULWXDO/DGHVWUXFFLyQHQFRQWUDUiDOKLMR
TXHVHQLHJDDREHGHFHU8QQLxRLQGLVFLSOLQDGRHVWDUiLQFOLQDGRKDFLDHOFULPHQ\OD
YLROHQFLD²LQFOLQDFLRQHVTXHOOHYDQDODGHVWUXFFLyQ(OSURSyVLWRGHOD/H\HUDOOHYDUQRV
DODVDOYDFLyQ³'HPDQHUDTXHODOH\KDVLGRQXHVWURD\RSDUDOOHYDUQRVD&ULVWRD¿Q
GHTXHIXpVHPRVMXVWL¿FDGRVSRUODIH´ *i $VtWDPELpQODGLVFLSOLQDOOHYDDORV
KLMRVOHMRVGHODGHVWUXFFLyQ\KDFLDODVHJXULGDG
3  ¢&yPRHVTXHOD  'LVFLSOLQH SDUD GDU VHJXULGDG D VXV KLMRV /RV SDGUHV MyYHQHV SRGUtDQ
GLVFLSOLQDGDVHJXULGDGDXQ VRUSUHQGHUVHDOHQWHUDUVHGHTXHVXVKLMRVGHVHDQTXHVXVSDGUHVWHQJDQDXWRULGDGVREUH
QLxR" HOORV/RVQLxRVVHVLHQWHQFRQIXQGLGRV\WHPHURVRVFXDQGRQRKD\XQDGXOWRTXHORV
GLULMD/DVUHJODV\ODGLUHFFLyQD\XGDQDOQLxRDWHQHURUGHQHQVXPXQGR'HRWURPRGR
VLHOQLxRQRDSUHQGHODGLIHUHQFLDHQWUHOREXHQR\ORPDORpOQRVDEHFXiQGRGHWHQHUVH
QLFXiQGRVHJXLUDGHODQWH/RVQLxRVVLQGLVFLSOLQDVRQFRPRXQDFDVDVLQSDUHGHV
$~QDVtORVQLxRVSRGUtDQH[SUHVDUFLHUWDUHEHOGtD<SRGUtDQTXHUHUOLEHUWDGDQWHV
GH HVWDU OLVWRV SDUD HOOD 3HUR HQ HO IRQGR GH VX FRUD]yQ GHVHDQ TXH VXV SDGUHV²
HVSHFLDOPHQWH VX SDGUH²VHD OR VX¿FLHQWHPHQWH IXHUWH FRPR SDUD LPSRQHU OtPLWHV
FRQ DPRU /RV QLxRV SURVSHUDQ FXDQGR KD\ GLVFLSOLQD DGHFXDGD 6H VLHQWHQ VHJXURV
\ WUDQTXLORV FXDQGR VDEHQ TXH VXV SDGUHV ORV SURWHJHQ FRQ OtPLWHV TXH VRQ MXVWRV \
FRUUHFWRV/RVQLxRVVHVLHQWHQVHJXURV\FXLGDGRVFXDQGRVDEHQTXHDOJXLHQPiVJUDQGH
&yPRVHUSDGUHVH¿FLHQWHV²6HJXQGDSDUWH 

TXHHOORVHVWiHQFRQWUROGHVXYLGD(VWDVHJXULGDGDWHPSUDQDHGDGOHVGDDORVQLxRV
ODFRQ¿DQ]DSDUDDFHSWDUPiVOLEHUWDGDPHGLGDTXHPDGXUDQ\ORVOtPLWHVGLVPLQX\HQ
 'LVFLSOLQH FRUULMD  FRQVLVWHQWHPHQWH (Q DVXQWRV GH GLVFLSOLQD ORV SDGUHV 3  /DGLVFLSOLQD
WLHQHQ TXH VHU FRQVLVWHQWHV²FRQVWDQWHV FRQ¿DEOHV LQDOWHUDEOHV ¿UPHV VLQ FDPELRV FRQVLVWHQWHHOLPLQDOD
3RUHMHPSORVLGLVFLSOLQDDOKLMRSRUUREDUHOOXQHVHQWRQFHVWLHQHTXHGLVFLSOLQDUORSRU BBBBBBBBBBBBBGHORVQLxRV
UREDUHOPDUWHV£,PDJtQHVHODFRQIXVLyQTXHWHQGUtDPRVVLODVOH\HVFDPELDUDQFDGDGtD
6LQHPEDUJRDVtYLYHQDOJXQRVQLxRV8QGRPLQJRWLHQHQTXHLUDODLJOHVLD(OSUy[LPR
GRPLQJRQRLPSRUWD8QPHVGHEHQWHQHUEXHQRVPRGDOHV(OSUy[LPRPHVDORVSDGUHV
QROHVLPSRUWDQORVEXHQRVPRGDOHV
¢<TXpVLODVOH\HVIXHUDQODVPLVPDVWRGRVORVGtDVSHURODSROLFtDLJQRUDUDXQD
RIHQVDXQGtD\ODFDVWLJDUDDOVLJXLHQWH"/DPD\RUtDGHORVQLxRV \DGXOWRV GHFLGHQ
VLODUHJODHVGHYHUGDGSRUODPDQHUDHQTXHVHKDFHFXPSOLU0XFKDVYHFHVORVQLxRV
LJQRUDQODVUHJODVSRUTXHFUHHQTXHVXVSDGUHVQRODVWRPDQHQVHULR
3RUHMHPSORXQDPDGUHOHVGLMRDVXVGRVKLMRVSHTXHxRV²'DYLG\'DQLHO²TXH
FRPSDUWLHUDQVXVGXOFHVFRQODVYLVLWDV'DYLGOHVRIUHFLyGHORVVX\RVSHUR'DQLHOVH
ORVJXDUGyWRGRV/DPDGUHQROHKL]RFDVRDOFRPSRUWDPLHQWRHJRtVWDGH'DQLHO¢4Xp
FUHHXVWHGTXH'DYLGKDUiODSUy[LPDYH]TXHVXPDGUHOHGLJDTXHFRPSDUWDDOJR"
8QKRUDULRFRQVLVWHQWHWDPELpQD\XGDDORVQLxRVDSUDFWLFDUDXWRGLVFLSOLQD GRPLQLR
SURSLR /DSUiFWLFDGHVDUUROODEXHQRVKiELWRV/RVTXHKDFHUHVGHODFDVDHOHVWXGLR
ODRUDFLyQFHSLOODUVHORVGLHQWHV\HOGHVFDQVRUHJXODUVRQHMHPSORVGHEXHQRVKiELWRV
(QVHxDU\DSUHQGHUHVWRVKiELWRVHVPiVIiFLOFXDQGRFDGDXQRWLHQHVXSURSLRWLHPSR
GXUDQWHHOGtD/RVQLxRV\ORVSDGUHVUHFRUGDUiQ\SUDFWLFDUiQORVEXHQRVKiELWRVPiV
IiFLOPHQWHFXDQGRODIDPLOLDWLHQHXQKRUDULRUHJXODU
/DGLVFLSOLQDFRQVLVWHQWHD\XGDDORVQLxRVDVDEHUFyPRDJUDGDUDVXVSDGUHV/DV
UHJODV¿UPHV¿MDV\ODGLVFLSOLQDFRQVLVWHQWHHOLPLQDQODFRQIXVLyQ8QKRUDULR¿MRKDFH
PiVIiFLOODDXWRGLVFLSOLQD/DEXHQDGLVFLSOLQDWLHQHTXHVHUFRQVLVWHQWH
 'LVFLSOLQHSDUDHQVHxDUUHVSHWRDODDXWRULGDG (OQLxRGHEHUHVSHWDUODDXWRULGDG
HQHOKRJDU\IXHUDGHpO(QHOKRJDU'LRVPDQGDTXHORVKLMRVKRQUHQDVXVSDGUHV(VWH
HVHO~QLFRPDQGDPLHQWRTXH'LRVGDGLUHFWDPHQWHDORVKLMRV e[(I 
/RVQLxRVGHEHQDSUHQGHUDUHVSHWDUODDXWRULGDGSDUDTXHOHVYD\DELHQHQODHVFXHOD 3  ¢3RUTXpHVWDQ
HQHOWUDEDMRHQODLJOHVLD\HQODVRFLHGDG(OQLxRTXHFUHFHGLFLHQGR³£$PtQDGLHPH LPSRUWDQWHTXHORVQLxRV
PDQGD´YDDIUDFDVDU+D\PXFKDVRFDVLRQHVFXDQGRODVSHUVRQDVWLHQHQTXHREHGHFHU DSUHQGDQDUHVSHWDUOD
DXWRULGDG"
DODDXWRULGDG²TXLHUDQRQR
7RGRQLxRGHEHDSUHQGHUGRVDVSHFWRVVREUHODDXWRULGDG
‡ /D GHVREHGLHQFLD SURGXFH GRORU /D 3DODEUD GH 'LRV HQVHxD TXH D ORV TXH
GHVREHGHFHQOHVVXFHGHQFRVDVPX\PDODV3RUHMHPSOROHDWRGDVODVPDOGLFLRQHV
SRUODGHVREHGLHQFLDTXHHVFULELy0RLVpVHQ'HXWHURQRPLR
‡ /DREHGLHQFLDSURGXFHEHQGLFLyQ(QWUHPiVREHGHFHPRVD'LRV\ORVSULQFLSLRV
GHVX3DODEUDPiVQRVEHQGLFH
3DGUHVHQVpxHQOHVDVXVKLMRVDUHVSHWDUODDXWRULGDG/DREHGLHQFLDOOHYDDODYLGD
SHURODGHVREHGLHQFLDOOHYDDODPXHUWH

3RUTXHHVWHPDQGDPLHQWRTXH\RWHRUGHQRKR\QRHVGHPDVLDGRGLItFLOSDUDWL
QLHVWiOHMRV 1RHVWiHQHOFLHORSDUDTXHGLJDV¢4XLpQVXELUiSRUQRVRWURV
DOFLHOR\QRVORWUDHUi\QRVORKDUiRtUSDUDTXHORFXPSODPRV" 1LHVWiDO
RWURODGRGHOPDUSDUDTXHGLJDV¢4XLpQSDVDUiSRUQRVRWURVHOPDUSDUDTXH
QRVORWUDLJD\QRVORKDJDRtUD¿QGHTXHORFXPSODPRV" 3RUTXHPX\FHUFD
GHWLHVWiODSDODEUDHQWXERFD\HQWXFRUD]yQSDUDTXHODFXPSODV0LUD\R
KHSXHVWRGHODQWHGHWLKR\ODYLGD\HOELHQODPXHUWH\HOPDO SRUTXH\RWH
PDQGRKR\TXHDPHVD-HKRYiWX'LRVTXHDQGHVHQVXVFDPLQRV\JXDUGHVVXV
 &DStWXOR 0DWULPRQLR\IDPLOLD

PDQGDPLHQWRVVXVHVWDWXWRV\VXVGHFUHWRVSDUDTXHYLYDV\VHDVPXOWLSOLFDGR
\-HKRYiWX'LRVWHEHQGLJDHQODWLHUUDDODFXDOHQWUDVSDUDWRPDUSRVHVLyQGH
HOOD 'W 
(OUHVSHWRDODDXWRULGDGHVXQDVXQWRGHHVFRJHURODYLGDRODPXHUWH
3  ¢&XiOHVHOPDO  'LVFLSOLQHQ FRPR XQ HTXLSR²WUDEDMHQ XQLGRV FRPR SDGUHV (O SDGUH \ OD
PpWRGRGH³GLYLGLUSDUD PDGUHGHEHQHVWDUGHDFXHUGRVREUHODGLVFLSOLQD3HUPLWDTXHVXVKLMRVYHDQTXHXVWHGHV
YHQFHU´"¢&yPRVHSXHGH HVWiQXQLGRVFRPRSDGUHV²HVSHFLDOPHQWHHQORTXHORVDIHFWDDHOORV(OORVORVDPDUiQ
HYLWDU"
\ORVUHVSHWDUiQSRUHVR3DUDWUDEDMDUXQLGRVORVSDGUHVGHEHQSRQHUVHGHDFXHUGRVREUH
ORVREMHWLYRV\ORVPpWRGRVGHODGLVFLSOLQD&XDQGRVXUMDQGHVDFXHUGRVHQWUHXVWHG\
VXFyQ\XJHDUUpJOHQORVHQSULYDGR1RLQWHU¿HUDFXDQGRVXFyQ\XJHHVWiFRUULJLHQGR
DVXKLMR DPHQRVTXHHOQLxRHVWpHQSHOLJUR &XDQGRORVSDGUHVHVWiQHQGHVDFXHUGR
VREUHODGLVFLSOLQDORVQLxRVXVDQHOPpWRGR³GLYLGLUSDUDYHQFHU´$VtTXHORVSDGUHV
WLHQHQ TXH HVWDU XQLGRV HQ HVWR SXHV VL QR HO QLxR KDEODUi FRQ XQR GH ORV GRV SDUD
FRQWUDGHFLUODDXWRULGDGGHORWUR1RSHUPLWDTXHVXVKLMRVORVVHSDUHQ'LRVORVKDXQLGR
SDUDVHUXQDVRODFDUQHDVtTXHWLHQHQTXHHVWDUGHDFXHUGR\XQLGRVHQFXDQWRDODV
FRUUHFFLRQHV
3  ¢&XiOHVVRQ /RVSDGUHVSXHGHQD\XGDUVHHOXQRDORWURDVHUMXVWRV\ELHQHTXLOLEUDGRV8QRGHORV
DFWLWXGHVTXHGHELOLWDQOD SDGUHVTXL]iVQHFHVLWHHOFRQVHMRGHORWURSDUDVDEHUVLODVUHJODVVRQGHPDVLDGRHVWULFWDV
GLVFLSOLQD" \VHYHUDV$OJXQDVSUHJXQWDVTXHSXHGHQKDFHUVHVRQ
‡ ¢(VWDPRVUHDFFLRQDQGRIUHQWHDQXHVWURVKLMRVFRQLUD" 1XQFDGLVFLSOLQHDVX
KLMRFXDQGRHVWpHQRMDGR7RPHWLHPSRSDUDDSODFDUVXVHPRFLRQHVSULPHUR
‡ ¢(VUD]RQDEOHODFRQGXFWDTXHHVSHUDPRVGHQXHVWURVKLMRV"
‡ ¢0RVWUDPRVHOPLVPRDPRU\DIHFWRDWRGRVORVKLMRV"
‡ ¢6RPRVEXHQRVHMHPSORVDQXHVWURVKLMRV"
/RVSDGUHVGHEHQHVWDUXQLGRVHQORVDVXQWRVGHGLVFLSOLQD+DUiQXQWUDEDMRPHMRU
MXQWRVTXHVLFXDOTXLHUDGHORVGRVORKDFHVROR(QDVXQWRVGHGLVFLSOLQDGRVFDEH]DV
VRQPHMRUTXHXQD
-DFRE\(VD~VHRGLDEDQ-DFRESRUPHGLRGHOHQJDxROHUREyD(VD~(VD~pVWHOOHQR
GHLUDTXHUtDPDWDUD-DFRE-DFREKX\ySDUDVDOYDUVXYLGD *Q (VWDHVXQDKLVWRULD
WULVWHGHGRVKHUPDQRV¢4XpIXHORTXHFDXVyODGLYLVLyQ"/RVSDGUHVVHPEUDURQODV
VHPLOODVGHGLYLVLyQ&DGDXQRWHQtDXQKLMRIDYRULWR\HOIDYRULWLVPRHUDPX\FODUR³<
DPy,VDDFD(VD~SRUTXHFRPtDGHVXFD]DPDV5HEHFDDPDEDD-DFRE´ *Q 
(VWRUHVXOWyHQGLYLVLyQHQWUHORVSDGUHV\ORVKLMRV8QDIDPLOLDVDOXGDEOHQHFHVLWDD
SDGUHVXQLGRVTXHWUDEDMHQHQHTXLSR
 'LVFLSOLQHWUDQTXLODPHQWH 1RGHEHPRV SHJDUFRQLUD3URYHUELRVGLFH
³(OQHFLRGDULHQGDVXHOWDDWRGDVXLUDPDVHOVDELRDO¿QODVRVLHJD´6LH[SUHVDPRV
WRGR QXHVWUR HQRMR KHULPRV D QXHVWURV KLMRV \ D QRVRWURV PLVPRV (IHVLRV  GLFH
³<YRVRWURVSDGUHVQRSURYRTXpLVDLUDDYXHVWURVKLMRVVLQRFULDGORVHQGLVFLSOLQD\
DPRQHVWDFLyQGHO6HxRU´3RGHPRVGHVDQLPDUDQXHVWURVKLMRVDOIDVWLGLDUORVHPSXMDUORV
\IUXVWUDUORV(VWRSRUORJHQHUDOFDXVDUHEHOLyQHQFRQWUDGHORVSDGUHV\GH'LRV3XHGH
KDEHUXQDRGRVYHFHVHQODYLGDFXDQGRORVSDGUHVGHEHQSRVWHUJDUODGLVFLSOLQDSRU
FDXVDGHODLUD(VWpWUDQTXLOR\FDOPDGRDQWHVGHFRUUHJLU
3  'LVFLSOLQHLQPHGLDWDPHQWH 1RUHWUDVHODGLVFLSOLQDDPHQRVTXHHVWpHQRMDGR
/RV QLxRV DSUHQGHQ PHMRU FXDQGR UHFLEHQ SURQWD FRUUHFFLyQ (QWUH PiV SHTXHxR VHD
HOQLxRPiVSURQWRGHEHVHUFRUUHJLGR/DGLVFLSOLQDHQVHxDUiPHMRUVLVHDSOLFDFHUFD
GHO PRPHQWR GHO FRPSRUWDPLHQWR GHO QLxR 1R REVWDQWH HV QHFHVDULR TXH ORV SDGUHV
WHQJDQHQFXHQWDHOOXJDUGRQGHVHHQFXHQWUDQ(QPX\UDUDVRFDVLRQHVVHGHEHLPSRQHU
GLVFLSOLQDHQS~EOLFR/DPD\RUtDGHODGLVFLSOLQDGHEHDSOLFDUVHHQSULYDGR²D~QDSDUWH
GHORVKHUPDQRV/RTXHXVWHGTXLHUHHVTXHHOQLxRVHFRQFHQWUHHQODFRUUHFFLyQ\QR
HQODYHUJHQ]DTXHVLHQWH3HURFRUULMDWDQSURQWRFRPRVHDSRVLEOH\VDELRKDFHUOR
&yPRVHUSDGUHVH¿FLHQWHV²6HJXQGDSDUWH 

&RUULMDODIDOWDLQPHGLDWDPHQWHVLHPSUHTXHRFXUUD/RVSDGUHVSLHUGHQHOUHVSHWRGH
VXVKLMRVFXDQGRSDUHFHQQRVDEHUTXpKDFHU/DUHEHOLyQHQFRQWUDGHFXDOTXLHUDGHORV
SDGUHVGHEHVHUFRUUHJLGD²£LQPHGLDWDPHQWH'LVFLSOLQHDOKLMRSRUHOFRPSRUWDPLHQWR
SHURDODYH]GHPXpVWUHOHDPRU\DFHSWDFLyQ(VEXHQRGHFLU³+LFLVWHDOJRPDOR´3HUR
ORVSDGUHVQRGHEHQGHFLU³£(UHVXQQLxRPDOR´&RUULMDHOFRPSRUWDPLHQWRSHURD¿UPH
VXDPRUSRUHOQLxREXHQRTXH'LRVOHKDGDGR
 'LVFLSOLQH FRQ PRGHUDFLyQ (VWR TXLHUH GHFLU ³QR GLVFLSOLQH D WRGD KRUD´ 3
&RORVHQVHV  GLFH ³3DGUHV QR H[DVSHUpLV D YXHVWURV KLMRV SDUD TXH QR VH
GHVDOLHQWHQ´(OKRJDUGHEHVHUXQOXJDUGHUHIXJLRQRXQDSULVLyQ/RVQLxRVQHFHVLWDQ
FDQWLGDGHVVDOXGDEOHVGHOLEHUWDG\GLYHUVLyQ1RWRPHHQFXHQWDODVHTXLYRFDFLRQHV
SHTXHxDV\VRODPHQWHGLVFLSOLQHDOQLxRGHYH]HQFXDQGR3URFXUHGHFLUSRUORPHQRV
GLH]FRVDVEXHQDVDFHUFDGHOQLxRHQWUHODVYHFHVTXHWHQJDTXHFRUUHJLUOR'HKHFKR
£PHMRUHVVLSXHGHGHFLUFLHQFRVDVEXHQDVDFHUFDGHOQLxRHQWUHODVYHFHVTXHWLHQHTXH
FRUUHJLUOR(OiQLPRVDFDDUHOXFLUORPHMRUHQWRGRVQRVRWURV&XDQGRORVQLxRVSLHQVHQ 3
HQXVWHGHVPHMRUTXHUHFXHUGHQXQURVWURTXHVRQUtH\QRXQRTXHIUXQFHHOFHxR
'LVFLSOLQHVHJ~QFDGDQLxR 1RKD\GRVQLxRVLJXDOHV&DGDXQRYHVXPXQGRD
VX SURSLD PDQHUD /RV SDGUHV GHEHQ GLULJLU DO QLxR VHJ~Q VX SHUVRQDOLGDG \ VXV
QHFHVLGDGHV 8Q QLxR REVWLQDGR QHFHVLWD PpWRGRV
Pp
GLIHUHQWHVTXHXQQLxRVHQVLEOH8QRTXHVHDWtPLGR LG
LGR
QHFHVLWDXQWUDWRGLIHUHQWHGHOTXHHVDWUHYLGR&DGDDG
DGD
QLxRGHEHVHUGLVFLSOLQDGRWDPELpQVHJ~QVXHGDG DG
DG
/DGLVFLSOLQDGHEHFDPELDU\GLVPLQXLUDPHGLGD D
TXH HO QLxR FUHFH 3HJDUOH DO QLxR PD\RU OH
SURGXFH DPDUJXUD YHD OD )LJXUD   6HU
MXVWR TXLHUH GHFLU WUDWDU D FDGD QLxR VHJ~Q VX
HGDG WHPSHUDPHQWR\QHFHVLGDGHV
'LVFLSOLQH GH DFXHUGR D OD IDOWD (Q OD
D
%LEOLD'LRVQRGDODPLVPDGLVFLSOLQDSDUDWRGRV GRV
ORVSHFDGRV&RPR-HV~VOHGLMRD3LODWRDOJXQRVSHFDGRVVRQPD\RUHVTXHRWURV -Q
  £5REDU XQD JDOOLQD HV PDOR SHUR QR PHUHFH OD SHQD GH PXHUWH$Vt WDPELpQ
KD\ YHFHV FXDQGR HV VX¿FLHQWH GLVFLSOLQD TXH HO SDGUH VRODPHQWH PXHYD OD FDEH]D \
GLJD³QR´PRVWUDQGRXQURVWURVHYHUR2WUDVYHFHVHVVX¿FLHQWHGLVFLSOLQDTXHHOSDGUH
GLJDSRFDVSDODEUDVSDUDFRUUHJLUDOKLMR(QXQRVSRFRVFDVRVSRGUtDVHUQHFHVDULRXVDU
XQDIRUPDPiVIXHUWHGHGLVFLSOLQD$VtTXHFRPRSDGUHQRUHDFFLRQHGHPDVLDGR1R
QHFHVLWDXQDSDODSDUDVDFDUXQDPRVFDGHODWD]DWp
'LVFLSOLQH FRUULMD VRODPHQWHFXDQGRHOQLxRGHFLGDDFWXDUPDO\VHQLHJXHD
KDFHUORTXHpOVDEHTXHHVFRUUHFWR ,QIyUPHOHVDORVQLxRVH[DFWDPHQWHTXpHVOR
TXHGHEHQRQRGHEHQKDFHU/RVQLxRVWLHQHQTXHHQWHQGHUHVWRDQWHVGHVHUGHFODUDGRV
FXOSDEOHVSRUGHVREHGLHQFLD/RVSDGUHVGHEHQLQVWUXLUDOQLxRTXHKDFHORPDORSHUR
TXHQRVDEtDTXHHUDPDOR3RUHMHPSORXQSDGUHTXHGyDVRPEUyDORtUDVXKLMRUHSHWLU
XQDPDODSDODEUDTXHKDEtDRtGRHQODHVFXHOD3HURHOQLxRQRVDEtDTXHODSDODEUDHUD
PDODGHPRGRTXHHOSDGUHQROHSHJy0iVELHQHOSDGUHOHHQVHxyDOQLxRORTXHTXHUtD
GHFLU OD SDODEUD \ SRU TXp QR GHEtD XVDUOD 1XQFD OH SHJXH DO QLxR SRU XQD IDOWDTXH
FRPHWDSRULJQRUDQFLDRLQRFHQFLD/RVSDGUHVVDELRVHVWDUiQVHJXURVGHTXHODVUHJODV
VRQFODUDVUD]RQDEOHV\MXVWDV
'LVFLSOLQH FRUULMD  SRU OD UHEHOLyQ SHUR QR SRU ORV DFFLGHQWHV /RV SDGUHV
GHEHQHQWHQGHUSRUTXpORVQLxRVVHSRUWDQFRPRORKDFHQ(OQLxRTXHOORUDFXDQGRHV
KRUDGHDFRVWDUVHSRGUtDVHUUHEHOGH2SRGUtDWHQHUPLHGRGHODRVFXULGDG(VSHUMXGLFLDO
FDVWLJDUDOQLxRSRUVXWHPRU'HEHPRVSHJDUSRUODUHEHOGtDQRSRUHOFRPSRUWDPLHQWR
LQIDQWLORSRUORVDFFLGHQWHV²DXQTXHpVWRVQRVFDXVHQHQRMRFRPRSDGUHV3RGUtDPRV
 &DStWXOR 0DWULPRQLR\IDPLOLD

H[LJLUOHDOQLxRTXHOLPSLHTXHGHUUDPyHQHOVXHOR XQUHVXOWDGROyJLFR 3HURQRGHGHPRV


FDVWLJDUORSRUXQHUURUWDQLQIDQWLO(VXQDLQVHQVDWH]HVSHUDUTXHHOQLxRSLHQVHKDEOH\
VHFRPSRUWHFRPRXQDGXOWR8QDPDGUHLJQRUDQWHOHSHJyDVXEHEp²TXHWHQtDVyOR
PHVHV²SRUPRYHUVHFXDQGRHOODWUDWDEDGHYHVWLUOR8QSDGUHLJQRUDQWHGLVFLSOLQyDVX
KLMRGHDxRVSRUQRWUDEDMDUWDQUiSLGRFRPRVXKHUPDQRGHDxRV
1ROHSHJXHDOQLxRTXHGHUUDPDVXEHELGDVHRULQDHQODFDPDQRWHUPLQDGHSRGDU
WRGRHOMDUGtQRVHOHROYLGDSRQHUVHODJRUUD(VWDVVRQVyORFRVDVGHQLxRV+D\PXFKDV
FRVDVTXHQHFHVLWDQJUDFLD\QRFDVWLJR
3 'LVFLSOLQH SDUD HQVHxDU 'HVSXpV GH GLVFLSOLQDU
DO QLxR HO SDGUH WLHQH HO GHEHU GH DVHJXUDUOH TXH OR
DPD TXH OR YDORUD \ TXH OR SHUGRQD SRU VX HUURU /RV
EXHQRVSDGUHVDEUD]DQDOKLMR\KDVWDRUDQFRQpOSDUD
TXH'LRVORSHUGRQH(VWRVSRGUtDQVHUORVPLQXWRVPiV
LPSRUWDQWHVTXH ORV SDGUHV SDVHQ FRQ VX KLMR (O DPRU
GH ORV SDGUHV²GXUDQWH \ GHVSXpV GH OD GLVFLSOLQD²
GHPXHVWUDDOQLxRTXHVXFRQGXFWDIXHUHFKD]DGDSHUR
TXHpOHVDPDGR
 ¢&yPRSXHGH 'LVFLSOLQH HQ XQD IRUPD SURYHFKRVD \ ~WLO /D
VDEHUHOSDGUHVLHVWiXVDQGR )LJX
)LJXUD
JXUD
UD 
 
 
SUXHED HVWi HQ OD PDQHUD HQ TXH ORV QLxRV UHDFFLRQDQ 'HVSXpV VGH
V GHO
GHOD
O DGL
D GLVF
GL VFLS
VF LSOL
LS OLQD
OL QD
QD 
ODGLVFLSOLQDFRUUHFWD"
&RQVLGHUHWUHVSUHJXQWDV KiJDOHVVHQ
VHQWL
HQ WLU
WL UVH
U VHJX
VH JXUL
JX ULGD
UL GDG
GD G
‡ ³¢0LV KLMRV VLHQWHQ WHPRU GH Pt"´ (V QRUPDO GHVX
XDP
XDPRU
DP RUD
RU DV
D VX
V XKL
X KLMR
KL MR
MR
TXHORVQLxRVOORUHQGXUDQWHODGLVFLSOLQD3HURHO
QLxRQXQFDGHEHWHPHUTXHODGLVFLSOLQDOHYDDFDXVDUGHPDVLDGRGDxRRGRORU
/RVSDGUHVGHEHQUHFRUGDUTXHVRQPXFKRPiVJUDQGHV\IXHUWHVTXHVXVWLHUQRV
\GpELOHVKLMRV(VPHMRUTXHODGLVFLSOLQDVHDGHPDVLDGROLYLDQD\QRGHPDVLDGR
SHVDGD 6L FRPHWH HUURU FRPR SDGUH HV PHMRU TXH HO HUURU VHD SRU H[FHVR GH
PLVHULFRUGLD
‡ ³¢0LVKLMRVVHVLHQWHQUHFKD]DGRV"´(OQLxRQRVHVHQWLUiDFHSWDGRFXDQGRVXV
SDGUHVORFULWLFDQ\ORFDVWLJDQFRQVWDQWHPHQWH/DGLVFLSOLQDHVFRPRODVDOXQ
SRFRHVVX¿FLHQWH
‡ ³¢/DGLVFLSOLQDHVWiWHQLHQGRXQHIHFWREXHQRSRVLWLYRHQPLKLMR"´6LODV
DFWLWXGHV\ODFRQGXFWDGHOQLxRQRPHMRUDQFRQHOWLHPSRODGLVFLSOLQDKDSHUGLGR
VXIXHU]DSDUDD\XGDU(QYH]GHHVRKDOOHJDGRDVHUXQDIXHQWHGHUHEHOLyQ6LOD
GLVFLSOLQDHVLQMXVWDGHPDVLDGRVHYHUDRPX\IUHFXHQWHSXHGHKDFHUTXHHOQLxR
VHOOHQHGHDPDUJXUD\GHViQLPR$VtTXHORVSDGUHVVDELRVGHEHQH[DPLQDUVXV
PpWRGRVGHGLVFLSOLQDSDUDYHUTXpHVORTXHIXQFLRQDPHMRU
(VWRV TXLQFH SULQFLSLRV QRV GDQ SDXWDV EiVLFDV SDUD OD GLVFLSOLQD$KRUD YHDPRV
DOJXQRVPpWRGRVSDUDGLVFLSOLQDU
% 0pWRGRVGHGLVFLSOLQD
/RV SDGUHV \ ODV FXOWXUDV QR VRQ SHUIHFWRV 7RGR SDGUH \ WRGD FXOWXUD FRPHWHQ
HUURUHVHQODGLVFLSOLQD$YHFHVVRPRVGHPDVLDGRVXDYHVRWUDVYHFHVVRPRVGHPDVLDGR
VHYHURV$YHFHVSRGHPRVGHVFXLGDUORTXHHVPHMRUSDUDQXHVWURKLMRSRUTXHWHPHPRV
OD RSLQLyQ GH ORV GHPiV 7RGRV ORV SDGUHV FRPHWHQ HUURUHV 3HUR ORV SDGUHV SXHGHQ
DSUHQGHU HO XQR GHO RWUR 3RGHPRV DSUHQGHU GH ORV
IUDFDVRV\GHORVp[LWRVGHRWURVSDGUHV$VtTXHYHDPRV 81$17,*82
FXDWURPpWRGRVGHGLVFLSOLQDTXHXVDQORVSDGUHVVDELRV 3529(5%,2',&(³/$
3  ¢&yPRVHUHFLEH HQWRGDVODVFXOWXUDV
GLVFLSOLQDSRUPHGLRGHORV (;3(5,(1&,$(6(/
³UHVXOWDGRVQDWXUDOHV´"'pXQ  /RV UHVXOWDGRV QDWXUDOHV VRQ H[SHULHQFLDV 0(-250$(6752´
HMHPSOR TXH GLVFLSOLQDQ 8Q DQWLJXR SURYHUELR GLFH ³/D
&yPRVHUSDGUHVH¿FLHQWHV²6HJXQGDSDUWH 

H[SHULHQFLD HV HO PHMRU PDHVWUR´ /RV SDGUHV SXHGHQ SHUPLWLU TXH OD H[SHULHQFLD OHV
HQVHxHDVXVKLMRVSRUPHGLRGHUHVXOWDGRVQDWXUDOHV$OJXQRVOODPDQHVWR³£DSUHQGHU
D ODV PDODV´ 'LRV QRV GLFH TXH QR QRV SUHRFXSHPRV 6L OH GHVREHGHFHPRV \ QRV
SUHRFXSDPRVORVUHVXOWDGRVQDWXUDOHVVRQODVFDULHVGHQWDOHVODKLSHUWHQVLyQVDQJXtQHD
HOLQVRPQLR\ODV~OFHUDV&RVHFKDPRVORTXHVHPEUDPRV *i /RVUHVXOWDGRV
QDWXUDOHV GHO SHFDGR VH[XDO VRQ ODV HQIHUPHGDGHV VH[XDOHV OD YHUJHQ]D ODV KHULGDV
HPRFLRQDOHV\HOHPEDUD]RLQHVSHUDGR(OUHVXOWDGRQDWXUDOGHWRFDUXQDHVWXIDFDOLHQWH
HVTXHPDUVH(OUHVXOWDGRQDWXUDOGHKDODUOHODFRODDXQSHUURHVUHFLELUXQPRUGLVFR
(VEXHQRTXHHOSDGUHOHGLJDDOQLxRTXHQROHKDOHODFRODDOSHUUR3HURORVSDGUHVQR
QHFHVLWDUHSHWLUHVWDHQVHxDQ]DRDGYHUWHQFLD£(OUHVXOWDGRQDWXUDOOHYDDHQVHxDUDO
QLxRTXHREHGHFHODDGYHUWHQFLD
8QD QLxLWD HVWDED MXJDQGR FRQ XQ JDWLWR (OOD VHJXtD DO JDWLWR \ OH KDODED OD FROD
/DPDGUHOHGLMRDODQLxD³£1RPDOWUDWHVDOJDWLWR´3HURODQLxDHVWDEDGLYLUWLpQGRVH
GHPDVLDGRSDUDHVFXFKDU/DPDGUHGHFLGLyQRSHJDUOHDODQLxLWD(QYH]GHHVRGHFLGLy
TXH ORV UHVXOWDGRV QDWXUDOHV OH HQVDxDUtDQ D VX KLMD D REHGHFHU &XDQGR HO JDWLWR QR
DJXDQWyPiVVHYROWHy\ODUDVJXxy/DQLxDDVXVWDGDOORUy\FRUULyKDFLDVXPDGUH³(VR
HVORTXHVXFHGHFXDQGRPDOWUDWDVDOJDWLWRKDOiQGROHODFROD$pOOHJXVWDMXJDUSHUR
VyORVLORWUDWDVFRQFXLGDGR<RVDEtDHVRFXDQGRWHGLMHTXHGHMDUDVGHKDODUOHODFROD
6LOHKDFHVFDVRDPDPiYDVDHYLWDUORVUHVXOWDGRVQDWXUDOHVGHGHVREHGHFHU£$KRUDW~
VDEHVTXHPDPiVDEHORTXHHVPHMRU´(QWRQFHVODPDGUHOHOLPSLyORVUDVJXxRV\OH
SXVRPHGLFLQD
(O SDGUH QR FDVWLJy DO KLMR SUyGLJR FXDQGR pVWH UHJUHVy /RV UHVXOWDGRV QDWXUDOHV
GHVXFRQGXFWD\DOHKDEtDQHQVHxDGRODOHFFLyQTXHWHQtDTXHDSUHQGHU(OKDPEUHOD
YHUJHQ]D\ODSREUH]DOROOHYDURQDODUUHSHQWLPLHQWR/RVUHVXOWDGRVQDWXUDOHVIXHURQ
WRGDODGLVFLSOLQDTXHpOQHFHVLWDED /F 
/RVSDGUHVGHEHQFRQVLGHUDUODHGDGGHOQLxR\HOSHOLJURGHORVUHVXOWDGRVDOXVDU
HVWHPpWRGR(OSDGUHGHOKLMRSUyGLJROHHQWUHJyHOGLQHURTXHOHSLGLy\OHSHUPLWLyVDOLU
GHVXFDVD8QEXHQSDGUHQRKDUtDORPLVPRFRQXQKLMRGHDxRV7DPSRFRSRGUtD
HQVHxDUOHDOQLxRHOSHOLJURGHFUX]DUODFDOOHDOGHMDUTXHXQFDUURORDWURSHOOH&RQWRGR
KD\RFDVLRQHVFXDQGRORVSDGUHVSXHGHQXVDUORVUHVXOWDGRVQDWXUDOHVFRPRXQPpWRGR
GHGLVFLSOLQD
 /RV UHVXOWDGRVOyJLFRVGLVFLSOLQDQSRUPHGLRGHODH[SHULHQFLD (OVHJXQGR 3
PpWRGR GH GLVFLSOLQD TXH VH XVD SRU WRGR HO PXQGR VH OODPD UHVXOWDGRV OyJLFRV /RV
UHVXOWDGRV OyJLFRV GH OR TXH VH KDFH QR VXFHGHQ SRU Vt VRORV /RV SDGUHV WLHQHQ TXH
FRQWURODUORVUHVXOWDGRV3HURXQUHVXOWDGROyJLFRHVWiYLQFXODGRFRQODDFFLyQGHOQLxR
9HDPRVXQHMHPSOR
8QSDGUHOHDVLJQyXQTXHKDFHUGHODFDVDDFDGDXQRGHVXVWUHVKLMRV²\TXHOR
WHUPLQDUDQDQWHVGHTXHpOUHJUHVDUDGHOWUDEDMR'RVGHORVKLMRVWHUPLQDURQVXWDUHD
$XQTXHHOPD\RUSHQVDEDKDFHUHOWUDEDMRHOVRODUGtD\QRFRPHQ]y&XDQGRHOSDGUH
UHJUHVyGHWUDEDMRJUDPDQRHVWDEDFRUWDGD(OPXFKDFKRKDEtDGHVREHGHFLGRDVXSDGUH
DOQRKDFHUQDGD/XHJRpOVXSRTXHVXSDGUHORVLEDDOOHYDUDQDGDUHVDWDUGH3HUROD
JUDPDWRGDYtDQRHVWDEDFRUWDGD3DUDGRVGHORVKLMRVHOUHVXOWDGROyJLFRGHREGHFHU
IXHEHQGLFLyQ3HURSDUDHORWURHOUHVXOWDGROyJLFRIXHTXHWXYRTXHTXHGDUVHHQFDVD
&RUWyODJUDPDPLHQWUDVHOUHVWRGHODIDPLOLDIXHURQDQDGDU\DGLYHUWLUVH
£/RVWUHVKLMRVDSUHQGLHURQPXFKRGHHVWDH[SHULHQFLD8QPXFKDFKRIXHGLVFLSOLQDGR
VLQLUDQLUHJDxRVGHVXSDGUH(VWDOHFFLyQOHVHQVHxyDORVKLMRVTXHODREHGLHQFLDWUDH
EHQGLFLyQ &XDOTXLHU SDGUH TXH WLHQH SDFLHQFLD \ VDELGXUtD SXHGH XVDU ORV UHVXOWDGRV
QDWXUDOHV \ ORV OyJLFRV SDUD HQVHxDU D VXV KLMRV (O KRJDU SXHGH VHU XQ OXJDU PiV
SODFHQWHURSDUDWRGRV(QWRGDFXOWXUDORVSDGUHVSXHGHQXVDUORVUHVXOWDGRVQDWXUDOHV\
OyJLFRVSDUDHQVHxDUDVXVKLMRV
 &DStWXOR 0DWULPRQLR\IDPLOLD

3  'pXQHMHPSOR  (O GDU iQLPR GLVFLSOLQD HQWUHQD JXtD  DO UHIRU]DU OR EXHQR $QLPDU HV XQD
GHGLVFLSOLQDUSRUPHGLRGH IRUPD GH HQVHxDU D ORV KLMRV$XQTXH DOJXQRV TXL]iV QR OR OODPHQ GLVFLSOLQD HV XQD
SDODEUDVGHiQLPR PDQHUDSRGHURVDGHGLULJLUDORVQLxRV²DVtTXHTXHUHPRVHQIDWL]DUOD/RVQLxRVUHSLWHQ
ODV DFFLRQHV \ DFWLWXGHV TXH VXV SDGUHV HORJLDQ HQ HOORV (VWR HV XQD YHUGDG GH OD
QDWXUDOH]DKXPDQDHQWRGDVODVFXOWXUDV$VtTXHORVSDGUHVGHEHQHORJLDU\DQLPDUDVXV
KLMRVFXDQGRH[SUHVHQEXHQDDFWLWXGRFRQGXFWD/RVSDGUHVSRUWRGRHOPXQGRXVDQHO
iQLPRSDUDHQVHxDUDVXVKLMRV
/DVSDODEUDVGHiQLPRVRQFRPRDJXDSDUDXQDSODQWDUHFLpQVHPEUDGD$OJXQRV
SDGUHVFRQVWDQWHPHQWHHVWiQFRUULJLHQGR\UHJDxDQGRDVXVKLMRV6LHPSUHYHQORPDOR
SHUR HVWiQ FLHJRV D OR EXHQR 6LQ HPEDUJR ODV SDODEUDV SRVLWLYDV \ DQLPDGRUDV
JHQHUDOPHQWHWLHQHQPiVIXHU]DTXHODVSDODEUDVQHJDWLYDVGHFUtWLFD2EVHUYHODEXHQD
FRQGXFWDHQVXVKLMRV\OXHJRHOyJLHORV$YHFHVHVEXHQRQRWHQHUHQFXHQWDFXDQGRHO
QLxRVHSRUWDPDO\HORJLDUORFXDQGRVHSRUWDELHQ
8QQLxRVHOHYDQWyGHODPHVDGHVSXpVGHFHQDU\OHGLRJUDFLDVDVXPDGUHSRUOD
EXHQDFRPLGD0iVWDUGHHOSDGUHOHGLMRDOQLxR³<RWHRtFXDQGROHGLVWHODVJUDFLDVDWX
PDGUHSRUODFRPLGD(VEXHQRTXHVHDVDJUDGHFLGR
SRUORTXHKDFHQRWURVSRUWL\HUHVPX\DPDEOHDO (6352%$%/(48(
H[SUHVDUOR 0H VLHQWR DJUDGHFLGR SRU WHQHU XQ KLMR (/1,f212(1&8(175(
VDELR\DPDEOH´(VDHUDODSULPHUDYH]TXHHOSDGUH
KDEtD RtGR D VX KLMR GDUOH ODV JUDFLDV D VX PDGUH 813$'5((1',266,12
£3HURHVVHJXURTXHQRIXHOD~OWLPDYH]3URQWRHO (1&8(175$$/*2'(
QLxRYROYLyDGDUOHODVJUDFLDVDVXPDGUH(QWRQFHV ',26(1683$'5(
pO PLUy D VX SDGUH TXLHQ OH VRQULy \ D¿UPy FRQ OD
FDEH]DHQDSUREDFLyQ
8QDPDGUHREVHUYDEDDVXKLMDOXFKDQGRSRUKDFHUVXVWDUHDVHVFRODUHV(OODOHGLMR
³9HRTXHHVWiVWUDEDMDQGRHQORVSUREOHPDVGHPDWHPiWLFDVDXQTXHHVPX\GLItFLOSDUD
WL7~QRWHGDVSRUYHQFLGDFXDQGRODVFRVDVVHWHGL¿FXOWDQ7LHQHVODSLGDGRVDFXDOLGDG
GHODSHUVHYHUDQFLD'HEHVVHQWLUWHPX\ELHQSRUHVR´
8QSDGUHWHQtDODFRVWXPEUHGHHORJLDUDVXKLMRGHODQWHGHORVGHPiV6LHOQLxR
OOHJDEDFRQXQDPLJRDODFDVDHOSDGUHEXVFDEDODRSRUWXQLGDGSDUDGHFLUOHDOYLVLWDQWH
DOJREXHQRVREUHVXKLMReOVDEtDTXHHVWHDPLJRVHORGLUtDDVXKLMR
(OEHEpTXHHVWiDSUHQGLHQGRDFDPLQDUUHFLEHPXFKDDWHQFLyQSDUDDQLPDUOR/RV
SDGUHVQRORUHJDxDQFXDQGRVHFDHVLQRTXHORDSODXGHQSRUFDGDVHxDOGHSURJUHVR
8QRSRGUtDGHFLU³<DVHSXVRGHSLH £+XUUD6HSXVRGHSLHVLQVRVWHQHUVHGHQDGD
£+XUUD'LRVXSULPHUSDVRVROR£9LYD´6HUHPRVPHMRUHVSDGUHVVLSUDFWLFDPRVHVWH
PpWRGRGHHORJLDUDQXHVWURVKLMRV,JXDOTXHHOSHUULWRPHQHDODFRODFXDQGRORDFDULFLDQ
HOQLxRKDFHORPHMRUTXHSXHGHFXDQGRORHORJLDQ
/RV SUHPLRV HVWLPXODQ \ GLULJHQ DO QLxR OR PLVPR TXH HO RORU GH OD FRPLGD QRV
GLULJHKDFLDODPHVD8QSUHPLRSRGUtDVHUPiVWLHPSRFRQXQRGHORVSDGUHV3RGUtD
VHUXQDFRPLGDHVSHFLDO3RGUtDVHUDWHQFLyQRSULYLOHJLR3RGUtDVHUXQUHJDORRGLQHUR
(OSUHPLROHGHPXHVWUDDOQLxRTXHVXVDFFLRQHVRDFWLWXGHVVRQEXHQDV3RURWURODGR
VLORVSDGUHVOHGDQGHPDVLDGRVSUHPLRVSRGUtDQ³FRUURPSHU´ODDFWLWXGGHOQLxR1R
REVWDQWHKDXQPRPHQWRSDUDGLULJLUDORVQLxRVFRQSUHPLRV5HFXHUGHTXH'LRVOHV
SURPHWHSUHPLRVDVXVKLMRVeOOHVSURPHWLySUHPLRVDORVFUH\HQWHVGHODVVLHWHLJOHVLDV
$S± <eOOHVSURPHWLyHOSUHPLRSUHPLRGHVDODULRHWHUQRDORVTXHJDQDPRVDODV
DOPDVSHUGLGDV -Q 
8QD QLxLWD VRUSUHQGLy D VX SDGUH OOHYiQGROH FDIp PLHQWUDV pO GHVFDQVDED (OOD OR
KDEtDYLVWRWUDEDMDQGRGXUR\TXHUtDRIUHFHUOHDOJRHVSHFLDOeOVHSXVRWDQFRQWHQWRTXH
OHGLRXQDPRQHGD$OGtDVLJXLHQWHOHRIUHFLyFDIpQXHYDPHQWH\pOOHGLRRWUDPRQHGD
3  ¢&XiOHVHOSHOLJUR $PHGLGDTXHHOKiELWRGHRIUHFHUOHFDIpFRQWLQXDEDODQLxDSHQVDEDFDGDGtDPHQRVHQ
GHXVDUSUHPLRV" VXSDGUHPLHQWUDVOHSUHSDUDEDHOFDIp$KRUDVXGHVHRHUDUHFLELUPiVPRQHGDV
&yPRVHUSDGUHVH¿FLHQWHV²6HJXQGDSDUWH 

'HEHPRVWHQHUSUHFDXFLyQDOGDUSUHPLRVSRUHOEXHQFRPSRUWDPLHQWR8QDPDQHUD
GHXVDUHOSRGHUGHORVSUHPLRVFRQPHQRVSRVLELOLGDGGHGDxDUODDFWLWXGHVGDU SUHPLRV
RFDVLRQDOHV GDUSUHPLRVGHYH]HQFXDQGR 
8QDPDGUHOHGDEDSUHPLRVRFDVLRQDOHVDVXKLMRSRUVXVEXHQDVDFFLRQHV\DFWLWXGHV
(OKLMRGHPRVWUDEDEXHQDVDFFLRQHV\DFWLWXGHVSHURQRUHFLEtDSUHPLRVWRGRVORVGtDV
<HOSUHPLRFDPELDEDFDGDYH]

'tD &RQGXFWDGHOQLxR 3UHPLRTXHOHGLRODPDGUH


'tD +L]RWRGDVVXVWDUHDVVLQTXHMDUVH /HSHUPLWLyHVFRJHUVXFRPLGDIDYRULWDSDUDODFHQD
'tD $\XGyDFXLGDUDVXKHUPDQLWR 3DVyXQWLHPSROH\pQGROHVXOLEURIDYRULWR
'tD 'HIHQGLyDXQQLxRGHOTXHVHEXUODEDQ /HHVFULELyXQDQRWLWDDFHUFDGHVXYDORU
'tD 7UDEDMyHQHOMDUGtQ /HGLRGLQHUR
)LJXUD (MHPSORGHSUHPLRVRFDVLRQDOHV
3DEORTXHUtDGLVFLSOLQDUD-XDQ0DUFRVFXDQGRpVWHHUDMRYHQ3DEORXVyUHVXOWDGRV
OyJLFRV&RPR-XDQ0DUFRVDEDQGRQyHOHTXLSRHQVXSULPHUYLDMHPLVLRQHUR3DEORQR
OHSHUPLWLyDFRPSDxDUORHQVXVHJXQGRYLDMH3HUR%HUQDEp²FX\RQRPEUHTXLHUHGHFLU (/2%-(7,92
³KLMRGHFRQVRODFLyQ´²TXHUtDDQLPDUD0DUFRV$VtTXHIRUPyRWURJUXSRGHPLQLVWHULR '(/$',6&,3/,1$
TXHOHGLRD-XDQ0DUFRVXQDVHJXQGDRSRUWXQLGDG0DUFRVOOHJyDVHUXQPLQLVWUR¿HO )Ë6,&$12(6
IUXFWtIHUR\HVFULELyXQRGHORV(YDQJHOLRV +FK7L &RPR\DKHPRV
GLFKRHOGDUiQLPRSRQHGHPDQL¿HVWRORPHMRUHQODVSHUVRQDV '$f$5$/1,f2²
(/2%-(7,92(668
 /DGLVFLSOLQDItVLFDSXHGHFRUUHJLUFRQDPRU /DPD\RUtDGHODVYHFHVHVPHMRU
HQVHxDU DO QLxR SRU PHGLR GH UHVXOWDGRV QDWXUDOHV UHVXOWDGRV OyJLFRV \ iQLPR 3HUR $55(3(17,0,(172
KD\RFDVLRQHVFXDQGRODGLVFLSOLQDItVLFDHVQHFHVDULD/RVSDGUHVGHEHQFRQVLGHUDUFRQ
FXLGDGRFyPRXVDUODGLVFLSOLQDItVLFDVLQSHFDUHQFRQWUDGHVXVKLMRV
/D%LEOLDSHUPLWHDORVSDGUHVGLVFLSOLQDUDVXVKLMRVItVLFDPHQWHFRQDPRU+D\ 3  ¢4XpDFWLWXGHV
GLIHUHQWHVRSLQLRQHVVREUHHVWR$OJXQRVFUHHQTXHSHJDUOHDOQLxRVLHPSUHHVDEXVR(Q GHEHQOOHYDUDODGLVFLSOLQD
DOJXQRVOXJDUHVHVLOHJDOSHJDUOHDOQLxRHQFXDOTXLHUIRUPD3HUROD%LEOLDHQVHxDTXH ItVLFD"
ODGLVFLSOLQDItVLFDHVXQLQVWUXPHQWRGHYDORUSDUDORVSDGUHV³1RUHK~VHVFRUUHJLUDO
PXFKDFKRSRUTXHVLORFDVWLJDVFRQYDUDQRPRULUi´ 3U /DGLVFLSOLQDItVLFDHV
GHVDJUDGDEOHHQHOPRPHQWR²SDUDORVSDGUHV\SDUDORVKLMRV3HURFXDQGRVHKDFHFRQ
DPRUSXHGHVHUXQLQVWUXPHQWR~WLO
/RVEXHQRVSDGUHVGLVFLSOLQDQDVXVKLMRVSRUVDELGXUtD\DPRU12SRUTXHHVWiQ
DLUDGRV$YHFHVORVSDGUHVDLUDGRVHVWiQIXHUDGHFRQWURO(OFDVWLJRItVLFRSLHUGHVX
YDORUVLHVPRWLYDGRSRULUDHQYH]GHDPRU'HKHFKRODGLVFLSOLQDTXHVHGDSRULUD
GDxDHPRFLRQDOPHQWHDORVQLxRV
0i[LPRp[LWR 








0tQLPRp[LWR 
            DxRV

)LJXUD 
(Op[LWRGHODGLVFLSOLQDItVLFDGHVPLQX\HDPHGLGDTXHDXPHQWDODHGDGGHOQLxR
 &DStWXOR 0DWULPRQLR\IDPLOLD

3 5HFXHUGHTXHODGLVFLSOLQDItVLFDHVSDUDORVKLMRVSHTXHxRVQRSDUDORVMyYHQHV(QWUH
PiVHGDGWHQJDHOQLxRPHQRVHIHFWLYDHVODGLVFLSOLQDItVLFD(VWDFODVHGHGLVFLSOLQD
TXL]iVD\XGHDOQLxRHQVXVSULPHURVDxRV\WDOYH]GHYH]HQFXDQGRKDVWDORVDxRV
3HURHQWUHPiVJUDQGHVHDHOQLxRPHQRV~WLOVHUiHOFDVWLJRItVLFR/DGLVFLSOLQDItVLFD
SRGUtDFDXVDUDPDUJXUD\UHVHQWLPLHQWRHQORVKLMRVTXHHVWiQHQOD DGROHVFHQFLD
6LXVWHGFUHHTXHGHEHFDVWLJDUItVLFDPHQWHDVXKLMRWHQJDFXLGDGRGHQRFDXVDUOH
GDxR1ROHSHJXHFRQQLQJ~QREMHWRTXHOHFDXVHFRQWXVLRQHVQLFRUWDGXUDV6LWLHQH
TXHSHJDUOHXVHXQDYDUDFRUWDÀH[LEOH\GHPHQRVGHODWHUFHUDSDUWHGHOJUXHVRGHO
GHGRPHxLTXH1ROHSHJXHUHSHWLGDPHQWH8QDPDGUHVyOROHSHJDEDDVXKLMRXQD
RGRVYHFHV(OKLMRSRUORUHJXODUGHUUDPDEDOiJULPDV<ODPDGUHWDPELpQVHLPSUH
GHUUDPDEDOiJULPDVFXDQGROHSHJDEDDVXKLMR(VEXHQRTXHHOKLMRYHDDVXVSDGUHV
OORUDUFXDQGROHSHJDQ(QWRQFHVHOKLMRVDEHTXHHOFRUD]yQGHVXVSDGUHVHVWiOOHQR
GHDPRU
6LOHSHJDDVXKLMRSDUDGLVFLSOLQDUORWHQJDFXLGDGRGHVRODPHQWHGDUOHHQHOWUDVHUR
GRQGHVHVLHQWD²GRQGH'LRVKDSXHVWRPiVFDUQH1XQFDOHSHJXHHQODHVSDOGDHQORV
EUD]RVHQHOHVWyPDJRQLHQODFDUD3XHGHKDFHUOHPXFKRGDxRVLOHSHJDHQODSDUWH
EDMDGHODHVSDOGD(YLWHWDPELpQJROSHDUORFRQODPDQRDPHQRVTXHVHDXQWRTXHFLWR
VXDYH D XQ SHTXHxLWR &XDQGR HO QLxR YHD VX PDQR GHEH UHFRUGDU OD YHFHV FXDQGR
XVWHGORWRFDVXDYHPHQWH/RTXHXVWHGTXLHUHHVTXHHOQLxRDVRFLHODGLVFLSOLQDFRQXQ
REMHWR²FRPRXQDUDPLWD²\QRODPDQRGHXVWHG

'HVSXpV GH GLVFLSOLQDU D VX KLMR ItVLFDPHQWH WRPH XQRV PLQXWRV


SDUD HQVHxDUOH $EUiFHOR R WyPHOR HQ VX UHJD]R 3UHJ~QWHOH D VX
KLMR ´¢6DEHV SRU TXp WXYH TXH FDVWLJDUWH"µ ([SOtTXHOH SRU TXp VX
FRPSRUWDPLHQWRIXHPDOR5HFXpUGHOHODVHQVHxDQ]DV\DGYHUWHQFLDV
TXH\DKDEtDUHFLELGR(QIDWLFHTXHpOHVXQQLxREXHQR\TXHXVWHG
QR HVSHUD YHU HVWD FODVH GH FRQGXFWD RWUD YH] 'tJDOH FXiQWR OR
DPD'LUtMDORHQXQDRUDFLyQSLGLHQGRSHUGyQ\StGDOHDO6HxRUTXH
IRUWDOH]FD\EHQGLJDDVXKLMR

3DUDPiVVXJHUHQFLDVVREUHODGLVFLSOLQDItVLFDYHDHOFDStWXORGHOOLEURGHO'U
-DPHV'REVRQ&yPRFULDUDXQQLxRGHYROXQWDG¿UPH 
 ¢4XpFDXVDHO /D%LEOLDQRSHUPLWHHODEXVRDORVQLxRV(ODEXVRGHORVSDGUHVHVXQDIRUPDGH
DEXVRDOFRUD]yQ\PHQWHGH RGLRUHFKD]RFUXHOGDGHLUD/D(VFULWXUDQRMXVWL¿FDDOSDGUHTXHJROSHDDVXKLMR/RV
XQQLxR" QLxRVVRQSHUVRQDV²DOLJXDOTXHVXVSDGUHV²FRQVHQWLPLHQWRVHPRFLRQHV\GLJQLGDG
/RVSDGUHVGHEHQUHFRUGDUHVWRDOHQVHxDUDVXVKLMRV6LJDHOHMHPSORGHQXHVWUR3DGUH
FHOHVWLDOTXLHQHVERQGDGRVRFRQQRVRWURV
(VSRVLEOHGHVWUXLUDORVKLMRVSRUPHGLRGHODGLVFLSOLQDItVLFD/D%LEOLDDGYLHUWH
³<YRVRWURV3DGUHVQRSURYRTXpLVDLUDDYXHVWURVKLMRVVLQRFULDGORVHQGLVFLSOLQD\
DPRQHVWDFLyQGHO6HxRU´ (I /RVQLxRVVDEHQFXiQGRHVWiQUHFLELHQGRFRUUHFFLyQ
HQ DPRU< HOORV VDEHQ FXiQGR VRQ YtFWLPDV GH OD LUD \ GH OD IXHU]D VXSHULRU GH VXV
SDGUHV(ODPRUOOHYDDXQFRUD]yQDEODQGDGRDUUHSHQWLGR(ODEXVROOHYDDXQFRUD]yQ
HQGXUHFLGRKDFLDWRGDDXWRULGDG
(OREMHWLYRGHODGLVFLSOLQDItVLFDQRHVGDxDUDOQLxR²HOREMHWLYRHVVXDUUHSHQWLPLHQWR
$OJXQRV QLxRV SXHGHQ DUUHSHQWLUVH FRQ VRODPHQWH XQD SDODEUD GH UHSUHQVLyQ 2WURV
QHFHVLWDQPHGLRVPiVIXHUWHV$~QDVtHOSDGUHQXQFDGHEHDEXVDUGHOQLxRFRQKHFKRV
QL SDODEUDV 1XQFD OH GHEH GHFLU ³2MDOi QXQFD KXELHUDV QDFLGR²\R QR WH TXHUtD GH
WRGRVPRGRV(UHVXQQLxRPDORPDOYDGR´(VDVLGHDVDEXVLYDVTXHGDQHQODPHQWHGHO
QLxRSDUDWRGDVXYLGD'tJDOHFRVDVEXHQDVDVXKLMR\pOYDDYLYLUDODDOWXUDGHHOODV
'tJDOHFRVDVPDODV\YDDTXHUHUYLYLUDODEDMH]DGHHOODV
&yPRVHUSDGUHVH¿FLHQWHV²6HJXQGDSDUWH 

&RQFOXVLyQ
(QHVWHFDStWXORHVWXGLDPRVFyPRD\XGDUDQXHVWURVKLMRVDFUHFHUHQJUDFLDSDUD
FRQ'LRV\ORVKRPEUHV7HUPLQDPRVQXHVWURHVWXGLRH[DPLQiQGRGHFHUFDODGLVFLSOLQD
1L'LRVQLQXHVWURVKLMRVHVSHUDQTXHORVSDGUHVVHDQSHUIHFWRV<ORVSDGUHVQRGHEHQ
HVSHUDUSHUIHFFLyQGHVtPLVPRV3HURDPHGLGDTXHWUDWDPRVGHDSUHQGHU\PDGXUDU
'LRVQRVGDUiODVDELGXUtDJUDFLD\DPRUSDUDVHUEXHQRVSDGUHV
3HQVDPLHQWRV¿QDOHVVREUH³&yPRVHUEXHQSDGUHREXHQDPDGUH´
1XHVWURVKLMRVVRQEHQGLFLRQHVGH'LRV\ORVSDGUHVVRPRVDGPLQLVWUDGRUHV'LRVQRV 3
GDXQRVSRFRVDxRVSDUDIRUPDUXQIXQGDPHQWRSLDGRVRSDUDHOUHVWRGHVXYLGD2UDPRV
SDUDTXHHOORVOHVLUYDQDO6HxRUVHFDVHQFRQXQDSHUVRQDFULVWLDQD\VHHVIXHUFHQSDUD
FULDUKLMRVSLDGRVRV/RVSDGUHVHMHUFHQXQDJUDQLQÀXHQFLDHQVXVKLMRV/RVKLMRVVRQ
XQUHÀHMRGHORTXHYHQHQVXKRJDU'RURWK\.QROWHHVFULELy

/RVQLxRVDSUHQGHQORTXHREVHUYDQ
6LORVQLxRVYLYHQHQWUHFUtWLFDVDSUHQGHQDMX]JDU\DFULWLFDU
6LORVQLxRVYLYHQHQODKRVWLOLGDGDSUHQGHQDHQRMDUVH\DSHOHDU
6LORVQLxRVYLYHQHQWUHEXUODVDSUHQGHQDVHUWtPLGRV\UHWUDtGRV
6LORVQLxRVYLYHQHQYHUJHQ]DDSUHQGHQDVHQWLUFXOSDELOLGDG
6LORVQLxRVYLYHQHQODWROHUDQFLDDSUHQGHQDVHUSDFLHQWHV
6LORVQLxRVYLYHQFRQSDODEUDVGHiQLPRDSUHQGHQDWHQHUFRQ¿DQ]D
6LORVQLxRVYLYHQHQWUHHORJLRVDSUHQGHQDDSUHFLDU
6LORVQLxRVYLYHQFRQORTXHHVMXVWRDSUHQGHQMXVWLFLD
6LORVQLxRVYLYHQFRQVHJXULGDGDSUHQGHQDWHQHUIH
6LORVQLxRVYLYHQFRQDSUREDFLyQDSUHQGHQDDPDUVHDVtPLVPRV
6LORVQLxRVYLYHQFRQDFHSWDFLyQ\DPLVWDGDSUHQGHQDYLYLUHQHOPXQGR
$Vt TXH DO ¿QDO GH HVWH HVWXGLR VH QRV SUHVHQWD QXHVWUD SUHJXQWD RULJLQDO ³¢4Xp
FODVHGHHMHPSORVR\SDUDPLVKLMRV"´
 &DStWXOR 0DWULPRQLR\IDPLOLD

 ([DPtQHVH 0DUTXHODOHWUDTXHPHMRUFRPSOHWHFDGDSUHJXQWDRGHFODUDFLyQ

 /RVQLxRVDSUHQGHQYDORUHVDO  /RVSDGUHVGHVDUUROODQDXWRHVWLPDHQHOQLxRDO


D  HVFXFKDU D  MDFWDUVHGHRWURVQLxRV
E  REVHUYDU E  VDFDUDUHOXFLUODVFRVDVTXHHOQLxRQRSXHGH
F  KDFHU FDPELDU
G  PHPRUL]DU F  KDFHUWRGRORTXHSXHGDQSRUHOQLxR
 3DUDHQVHxDUELHQDVXVKLMRVORVSDGUHVGHEHQ G  HQIDWL]DUODVFXDOLGDGHVGHOEXHQFDUiFWHU
D  VHSDUDUHOMXHJRGHODVHQVHxDQ]DVUHOLJLRVDV
E  EDXWL]DUORVDWHPSUDQDHGDG  3DUDUHODFLRQDUVHELHQFRQRWURVODSHUVRQDQHFHVLWD
F  DGYHUWLUOHVTXH'LRVORVDEHWRGR D  PRGDOHV
G  KDFHUTXHHODSUHQGHUVHDGLYHUWLGR E  HGXFDFLyQ
F  LQIOXHQFLD
 (QORVGHYRFLRQDOHVFRQODIDPLOLDORVSDGUHVGHEHQ G  GLQHUR
D  PDQWHQHUHOHQIRTXHVREUHORVSDGUHV\OD%LEOLD
E  XVDUSDODEUDVGLItFLOHVSDUDTXHORVQLxRVSXHGDQ
 (OSDGUHGHEHGLVFLSOLQDUDOKLMR
DSUHQGHU
D  DXQTXHHOSDGUHHVWpPX\HQRMDGR
F  DQLPDUDORVQLxRVDWRPDUHOSDSHOGHDOJXQRV
E  DXQTXHHOKLMRKD\DFRPHWLGRXQHUURUSRU
SHUVRQDMHVGHOD%LEOLD
HTXLYRFDFLyQ
G  WUDWDUGHDUUHJODUORVFRQIOLFWRV\DUJXPHQWRVGHOD
F  HQIRUPDDGHFXDGDDODRIHQVD\DODHGDG
IDPLOLD
G  SRUFXDOTXLHURIHQVDSHTXHxD
 /RVSDGUHVSXHGHQD\XGDUDVXVKLMRVDVHQWLUVH
VHJXURVDO  5HFLELUXQUDVJXxRSRUKDODUOHODFRODDOJDWRHV
D  GHMDUTXHORVEHEpVOORUHQSDUDIRUWDOHFHUVX D  GLVFLSOLQDSRUPHGLRGHUHVXOWDGRVQDWXUDOHV
LQGHSHQGHQFLD E  GLVFLSOLQDSRUPHGLRGHUHVXOWDGRVOyJLFRV
E  GDUOHVUHVSRQVDELOLGDGHVGHDGXOWRV F  XQHMHPSORGHODGLVFLSOLQDHPRFLRQDO
F  FXPSOLUFRQODVSURPHVDVTXHVHOHVKDFH G  XQHMHPSORGHODGLVFLSOLQDItVLFD
G  VHUFUHDWLYRVFRQXQDQXHYDUXWLQDFDGDGtD
 /RVSDGUHVDPRURVRVVLHPSUHGHEHQ /DGLVFLSOLQDItVLFDGHEHFHVDUDODHGDGGH
D  GDUOHDFDGDQLxREDVWDQWHGLQHUR D  DxRV
E  HQVHxDUOHVDORVKLMRVDVHUYLVWRVSHURQRRtGRV E  DxRV
F  HYLWDUWRFDUDORVQLxRVPD\RUHVGHDxRV F  DxRV
G  KDEODUOHFRQDPDELOLGDGDFDGDKLMR G  DxRV

 7HPDVSDUDORVH[DPHQHVGHHQVD\R (VFULEDSDODEUDVVREUHFDGDXQRGHHVWRV
REMHWLYRVTXHHVWXGLyHQHVWHFDStWXOR
$\XGHDVXVKLMRVDFUHFHUHQJUDFLDSDUDFRQ'LRV²(VSLULWXDOPHQWH
2EMHWLYR([SOLFDUSRUTXpHOHMHPSORGHORVSDGUHVHVWDQLPSRUWDQWH
2EMHWLYR5HVXPLUORVSDVRVTXHORVSDGUHVGHEHQGDUSDUDHQVHxDUDVXVKLMRV
2EMHWLYR'HVFULELUSDXWDVSDUDORVPRPHQWRVGHYRFLRQDOHVGLDULRVFRQODIDPLOLD
$\XGHDVXVKLMRVDFUHFHUHQJUDFLDFRQORVKRPEUHV²6RFLDOPHQWH
2EMHWLYR&RPHQWDUVREUHODUHODFLyQHQWUHODVHJXULGDG\HOFUHFLPLHQWRVRFLDO
2EMHWLYR([SOLFDUPDQHUDVGLIHUHQWHVHQTXHORVSDGUHVSXHGHQGHPRVWUDUDPRUDVXVKLMRV
2EMHWLYR5HVXPLUFyPRORVSDGUHVSXHGHQD\XGDUDOKLMRDVHQWLUVHDFHSWDGR\DWHQHUDXWRHVWLPD
2EMHWLYR$QDOL]DUHOOXJDUGHORVPRGDOHVDFWLWXGHV\KDELOLGDGHVHQODVUHODFLRQHVFRQORVGHPiV
'LVFLSOLQHDVXVKLMRVSDUDTXHFUH]FDQHQJUDFLDSDUDFRQ'LRV\ORVKRPEUHV
2EMHWLYR([SOLFDUSULQFLSLRVVREUHODGLVFLSOLQD
2EMHWLYR5HVXPLUWLSRVGHGLVFLSOLQD

También podría gustarte