You are on page 1of 77

'(6$)26

3DUD-yYHQHV
\$GROHVFHQWHV

-268e
'HYRFLRQDOHV

('*$5'272621,

(GLFLyQ
SRU(GJDUGR7RVRQL

(PDLOHGJDUGRWRVRQL#KRWPDLOFRP
7ZLWWHU#(GJDUGR7RVRQL

:HE3DJHV
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHVDILRMRYHQFRP

9LVLWDWDPELpQ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZHVWXGRVFULVWDRVFRP
7RGRVORVGHUHFKRVUHVHUYDGRV1LQJXQDSDUWHGHHVWH
OLEURSXHGHVHUUHSURGXFLGDSRUQLQJ~QPHGLRHOHFWUy
QLFRPHFiQLFRIRWRVWiWLFRIRWRJUiILFRRGHRWUDIRUPD
VLQHOSHUPLVRSUHYLRSRUHVFULWRGHODXWRUVDOYRHQEUHYHV
UHIHUHQFLDVQRPEUDQGRODIXHQWH
(GLWRU*HQHUDO(GJDUGR7RVRQL

6HULH'(6$),263-$
48H(6"
(VXQGHYRFLRQDOSDUDD\XGDUWHDTXH
&$'$'$WHQJDVXQHQFXHQWUR
SHUVRQDOFRQ'LRV
<TXHHVWHVHDXQHQFXHQWURGLQiPLFR\
HILFLHQWHTXHWHD\XGHDSHQVDUFRVDV
~WLOHV\WHDOLHQWHDWRPDUGHFLVLRQHV
LPSRUWDQWHVSDUDWXYLGD

(VXQ3/$1SDUDJXLDUWHDWUDYpVGHWRGDOD%LEOLD
3DUDTXHGHVFXEUDVTXHORVOLEURVGHOD%LEOLDQR
VRQVyORSDUDDGXOWRVVLQRTXHHVWiQOOHQRVGH
VLWXDFLRQHVH[SHULHQFLDVIUDFDVRV\p[LWRVFRQORV
FXDOHVSXHGHVLGHQWLILFDUWH

(VXQDPHGLRSDUDTXH'(6&8%5$6TXHHQ
WRGDVODVFLUFXQVWDQFLDVTXHYLYHVEXHQDVR
PDODVKD\DOJRGH'LRVSDUDWL
1DGDHVFDVXDOLGDGQDGDHVVXHUWHSRUTXH
KD\XQSODQGLVHxDGRSRU'LRVSDUDWXYLGD
([FLWDQWHHVSHFLDO\~QLFRFRQSURSyVLWRFRQ
SUR\HFFLyQGHIXWXURVLHVWiVWRWDOPHQWH
GLVSXHVWRDFRPSURPHWHUWHFRQeO

'LVIUXWDHVWH'HYRFLRQDO\&RPSiUWHOR (GJDUGR
(VFUtEHPH\FRPSDUWHWXVH[SHULHQFLDV 7RVRQL

F&0286$5/$"
7XDFWLWXGHVIXQGDPHQWDO1RHPSLHFHVFRQ
ODVUHDFFLRQHVTXHMRVDVWLSR8X\\KWRGDYtDPH
IDOWDQGtDVSDUDWHUPLQDU$SUHQGHDGLVIUXWDU
GHOD3DODEUDGH'LRVEUHODOpHOD\SLpQVDOD
FRQXQDDFWLWXGGHKXPLOGDG\H[SHFWDWLYDFRQXQ
FRUD]yQGHFLGLGR\GLVSXHVWRDTXH'LRVWHKDEOH
9DVDGLVIUXWDU\DVRUSUHQGHUWHSRUTXH'LRVWH
KDEODUi

(QpVWHWLHPSRtQWLPRHQWUHW~\HO6HxRUQXQFD
GHMHVGHSUDFWLFDUHOPiVSRGHURVRHMHUFLFLR
HVSLULWXDO25$525$5\25$5
2UDSDUDFRPSUHQGHUORTXHYDVDOHHU2UDSDUDTXH
WXFRUD]yQFDPELHVHJ~QODSDODEUDGH'LRV2UD
SDUDDGRUDUSDUDSHGLUSDUDUHQXQFLDUDWXV
SHFDGRV2UDSDUDIRUWDOHFHUWH\WRGRWHVDOGUiELHQ

3DUDFDGDGtDGHODVHPDQDHQFRQWUDUiVTXp\
FXiQWROHHU RFDStWXORVSRUGtD 
7HQGUiVSUHJXQWDV\H[SOLFDFLRQHVSDUDHQWHQGHUPHMRU
OR TXH OHHV \ GDUWH FXHQWD TXH HVR WDQ WDQ DQWLJXR
WLHQHPXFKRTXHYHUFRQORTXHYLYHVKR\
%XVFDHOPHMRUPRPHQWRTXHWHQJDVGHOGtDSRQWH
FyPRGR\OHHSULPHURORVFDStWXORVEtEOLFRVWUDWDQGRGH
HQWHQGHUORTXHOHHV\OXHJRJXtDWHFRQODVHULH
7RPD SDSHO \ OiSL] SDUD KDFHU WXV DQRWDFLRQHV
SHUVRQDOHVUHVSRQGHUDODVSUHJXQWDVDQRWDUODVGXGDV
TXHWHVXUMDQ\UHVDOWDUORVYHUVtFXORV\ODVHQVHxDQ]DV
IXHUDGHORFRP~QTXHGHVFXEUDV

9LVtWDQRVHQ ZZZGHYRFLRQDOGLDULRRUJ

120%5(

$8725

-268e HV HO QRPEUH GHO OtGHU \ SULQFLSDO


SURWDJRQLVWDGHOOLEUR
-RVXp IXH XQ OtGHU PLOLWDU FRQTXLVWDGRU \
DGHPiV XQ OtGHU HVSLULWXDO GLULJLHQGR DO
SXHEORGHDFXHUGRDOSURSyVLWRGH'LRV

1RKD\DFXHUGRVDFHUFDGHTXLpQHVHO
DXWRUGHOOLEURGH-RVXp(YLGHQWHPHQWHHODXWRU
GHELyVHUWHVWLJRRFXODUGHORVDFRQWHFLPLHQWRV
GHOOLEUR&LHUWDVVHFFLRQHVVHDWULEX\HQGLUHFWD
PHQWHD-RVXp  PLHQWUDVTXHRWUDV
QRSXGLHURQKDEHUVLGRHVFULWDVSRUpO HOUHODWR
GHVXPXHUWH (OOLEURGHEHKDEHUVHFRPSOHWD
GR SRFR GHVSXpV GH OD PXHUWH GH -RVXp
DOUHGHGRUGHO$&

&217(1,'2

(OOLEURWUDWDGLIHUHQWHVWHPDV

(OFUXFHGHOUtR-RUGiQ\HOLQJUHVRDODWLHUUDSURPHWLGD
GHVSXpVGHORVDxRVGHDQGDUSRUHOGHVLHUWR
/DFRQTXLVWDGHODVSULQFLSDOHVFLXGDGHVFDQDQHDVHQHO
VXU\HQHOQRUWHGHODUHJLyQ
/DUHSDUWLFLyQGH&DQDiQHQWUHODVWULEXVGH,VUDHO
/DDVLJQDFLyQGHFLXGDGHVGHUHIXJLR\GHFLXGDGHVSDUD
ORVOHYLWDV
/DVSDODEUDVILQDOHVGH-RVXpSDUDTXHHOSXHEORVHDVDQWR

-RVXp


',$

+2/$$$$$$%LHQYHQLGRV\%LHQYHQLGDV9ROYHPRVDHQFRQWUDUQRV
SDUDFRPSDUWLU\GLVIUXWDUGtDVHVSHFWDFXODUHVFRQOD3DODEUDGH'LRV
6LpQWDWHFyPRGRGHVWDSDODJDVHRVD\HPSHFHPRV
4XpVXFHGHGHVSXpVGHODPXHUWHGH0RLVpV" YV
(O QRPEUH -RVXp VLJQLILFD -HKRYi VDOYD /D YHUVLyQ JULHJD GHO QRPEUH
-RVXpHV-HV~V WHVXHQD" -RVXpHVHOOtGHUVXFHVRUGH0RLVpV\WLHQHD
VXFDUJRXQDWDUHDPX\FRPSOLFDGD\GLItFLO<FRPR'LRVORVDEHYHFHVOH
UHSLWHORPLVPRDORODUJRGHHVWHFDStWXOR4XpOHSLGH'LRV" YV\
(6)25=$'26
4Xp VLJQLILFD HVIRU]DGR" 9DPRV DO GLFFLRQDULR 3HUVRQD TXH WLHQH HO
YDORUSDUDUHDOL]DUWDUHDVGLItFLOHVRDUULHVJDGDV/DSDODEUDXVDGDHQHVWRV
YHUVtFXORVWDPELpQVLJQLILFDIRUWDOHFHUVHUIXHUWH
(QVtQWHVLVDOJXLHQHVIRU]DGRHVDOJXLHQYDOLHQWHIXHUWH\GHFLGLGRSDUD
UHDOL]DUXQDWDUHDRWUDEDMRTXHQRHVIiFLOSHURpOORKDFH
&XiOHVVRQODVWDUHDVELHQGLItFLOHVTXH'LRVOHGDD-RVXp" YV\
(VSHFtILFDPHQWHVRQ$QyWDODVDFRQWLQXDFLyQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB YV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB YV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB YV
/DV  WDUHDV TXH 'LRV OH DVLJQy D -RVXp QR HUDQ SDUD IORMLWRV PXFKR
PHQRVSDUDSHUH]RVRVTXHVRORTXLHUHQMXJDUFRQHOFHOXYHUWHOHWRGRHOGtD
\SLQWDUVHODVXxDV1RVHxRUHV(VWDVHUDQWDUHDVSDUDYDOLHQWHVIXHUWHV
GHFLGLGRV DUULHVJDGRV TXH DXQTXH VH HVWpQ PXULHQGR GH PLHGR QR
DUUXJDQQRKX\HQQRVHHVFRQGHQGHEDMRGHODFDPD
3HURDGHPiVGHORDQWHULRUTXpPiVWLHQHTXHKDFHU-RVXp" YV
(QWXERFDVLHPSUHWLHQHTXHKDEHUXQD3DODEUDGH'LRV%DVWDGHFULWLFDU
TXHMDUWHFKLVPHDUGHFLUFRVDVIHDVGHORVGHPiVRGHWLPLVPR7LHQHVTXH
KDEODUFRPR'LRVKDEOD<KDFHUORTXH'LRVWHPDQGD(QWRQFHVWHLUiELHQ
$ORVHVIRU]DGRV\~QLFDPHQWHDHOORVTXpOHVSURPHWH'LRV" YV
:ZRRRRZZZZ(UHVHVIRU]DGRHQWRGRORTXHWLHQHVTXHKDFHU"

<9$/,(17(6
&XDQGRHVFXFKDVODSDODEUDYDOLHQWHTXpHVORSULPHURTXHVHWHYLHQHD
ODFDEH]D"(QTXpRHQTXLpQHVSLHQVDV"
3HUPtWHPHFRPSDUWLUWHPLOLVWDGHYDOLHQWHV \KD\PXFKRVPiV 
9$/,(17(HVHOTXHUHFRQRFHVXHUURUSLGHSHUGyQ\FDPELD
9$/,(17(HVHOTXHVHFDVXVOiJULPDVUHDUPDVXFRUD]yQVHSRQHGHSLH\
FRQWLQ~D
9$/,(17(HVHOTXHSHUGRQDVLQLPSRUWDUFXiQWRORKD\DQODVWLPDGR
9$/,(17( HV DTXHO TXH YXHOYH D HPSH]DU VLQ LPSRUWDU FXiQWR KD\D
IUDFDVDGR
9$/,(17(HVHOTXHVHGDDVtPLVPRXQDVHJXQGDRSRUWXQLGDGDXQTXH
QDGLHPiVTXLHUDGiUVHOD
9$/,(17(HVHOTXHVHHVIXHU]DSRUUHSDUDUVXPHWLGDGHSDWDVXHUURU
9$/,(17(HVDTXHOTXHVHPDQWLHQHILHO\HOLJHDPDUWH~QLFDPHQWHDWL
9$/,(17(HVHOTXHHOLJHFUHFHUDYDQ]DU\VXSHUDUVH
9$/,(17(HVHODTXHOTXHQRVHGDSRUYHQFLGRD~QVLQWLHQGRXQJUDQ
PLHGR
9$/,(17(HVHOTXHHQIUHQWDORVSUREOHPDV\EXVFDVROXFLRQHVHQYH]GH
KXLUGHHOORV
9$/,(17(HVDTXHOTXHHOLJHODYLGDHQOXJDUGHODPXHUWH
9$/,(17(HVHOTXHSLGHD\XGDFXDQGR\DQRSXHGHPiV
9$/,(17(HVHOTXHQRUHQXQFLDDORVYDORUHVGH'LRVHQVXYLGDDXQTXH
WRGRVHOHYHQJDHQFRQWUD
9$/,(17(HVDTXHOTXHOHGLFH1RDOSHFDGR\DODPDOGDG\HOLJHYLYLU
FRPRXQDXWpQWLFRGLIHUHQWH
9$/,(17(HVHOTXHUHQXQFLDDORTXHQRHVGH'LRVSDUDUHFLELUWRGRORTXH
YLHQHGH'LRV
9$/,(17(HVDTXHOTXHFLHUUDVXSDVDGRSRUTXHKD\DOJRQXHYRSDUDpO
9$/,(17(HVDTXHOTXHKDEODORTXH'LRVKDEODTXHDPDORTXH'LRVDPD\
UHFKD]DORTXH'LRVUHFKD]D
9$/,(17(HVHOTXHVHODMXHJDSRUORVGHPiVSDUDFXLGDUORV\EHQGHFLUORV
9$/,(17(HVDTXHOTXHOXFKDSRUVXVXHxRSRUHVDYLVLyQTXH'LRVOHGLR
9$/,(17( HV DTXHO TXH FUX]D MRUGDQHV SDUD FRQTXLVWDU VX WLHUUD
SURPHWLGDFRPR-RVXp
(UHVXQYDOLHQWH"7HGHVDItRDTXHHVFULEDVWXSURSLDOLVWDGH9$/,(17(6
<RWHFRPSDUWtODPtD4XLpQHVVRQ9$/,(17(6SDUDWL"<SRUTXp"
/HH VREUH RWURV YDOLHQWHV \ VXV KD]DxDV HQ 'HVDItRV 3DUD -yYHQHV \
$GROHVFHQWHV&UyQLFDV'tD

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZGHYRFLRQDOHVFULVWLDQRVRUJ

-RVXp


',$

$QWHVGHDYDQ]DUWHKDJRXQDSUHJXQWD3RUTXpSLHQVDVTXH'LRVOHUHSLWLy
YHFHVD-RVXpTXHVHHVIXHUFH\VHDYDOLHQWH"
0PPPPPPP3LHQVD3LHQVD
&UHRTXHODSULQFLSDOUD]yQHVTXH-RVXpVHVHQWtDLQVHJXUR'LRVQROHGLFH
QRWHQJDVPLHGR1R'LRVOHGLFHVpYDOLHQWH(VGLVWLQWR-RVXpQRWHQtD
PLHGRSHURVHJXUDPHQWHVHVHQWtDLQFDSD]RQRDSWRRVHQWtDTXHQR
HVWDEDVXILFLHQWHPHQWHSUHSDUDGRSDUDVHPHMDQWHWDUHDVHUHOVXFHVRUGH
0RLVpV XQJURVRWRWDO OLGHUDUDOSXHEORKDFLDODWLHUUDSURPHWLGD YV 
UHSDUWLUODWLHUUDHQWUHODVWULEXVGH,VUDHO YV \VHUHVSLULWXDOPRVWUDQGRD
'LRVHQVXPDQHUDGHYLYLUGHKDEODU\GHGHFLGLU YV (VWRQRHVSDUD
FXDOTXLHUD1RHVQDGDIiFLO7LHQHVTXHVHUPXXXXX\\\\\YDOLHQWH
7HKDQLQYLWDGRDVHUYLUD'LRV"
+DQSHQVDGRHQWLSDUDXQDWDUHDRXQSUR\HFWRPX\LPSRUWDQWH"
(VWiVLQLFLDQGRSRUSULPHUDYH]DOJRTXHQXQFDKLFLVWHDQWHV"
7HVLHQWHVDQVLRVRLQVHJXURHLQFDSD]GHKDFHUOR"
%LHQYHQLGRDOFOXE3HURQRWHSDUDOLFHVQRVDOJDVFRUULHQGR(VF~FKDORD
'LRVGHFLUWHHVIXpU]DWH\VpYDOLHQWHHVIXpU]DWH\VpYDOLHQWHHVIXpU]DWH
\VpYDOLHQWHSRUTXHW~ORKDUiV6HULH'HVDILRV
2%('(=&26,1&8(67,21$5
6XSHUPRWLYDGR\OOHQRGHDGUHQDOLQDSRUODVSRGHURVDVSDODEUDVGH'LRV
TXpKDFHLQPHGLDWDPHQWH-RVXp" YV
<OXHJRFRQTXLpQHVKDEOD\TXpOHVSLGH" YV
7HH[SOLFRDOJRPX\LPSRUWDQWH'XUDQWHHOOLGHUD]JRGH0RLVpVODVWULEXVGH
5XEpQ\*DG\ODPHGLDWULEXGH0DQDVpVOHKDEtDQSHGLGRD0RLVpVTXHORV
GHMDUDSREODU\YLYLUHQODVWLHUUDVXELFDGDVDOHVWHGHODWLHUUDSURPHWLGD
0RLVpVDFFHGLyDGDUOHVHVDVWLHUUDVFRQXQDFRQGLFLyQTXHD\XGDUDQDODV
GHPiVWULEXVDHQWUDUHQODWLHUUDSURPHWLGD\FRQTXLVWDUOD 1~PHURV 
$KRUDOOHJyHOPRPHQWRGHFXPSOLUFRQDTXHOODSURPHVD\H[DFWDPHQWHHVR
HVORTXH-RVXpOHVUHFXHUGD
7('2</248(748,(5(6
3RU PHGLR GH 0RLVpV 'LRV OHV KDEtD GDGR OR TXH HOORV TXHUtDQ UHSRVR
WUDQTXLOLGDG SD] GLVIUXWH YDFDFLRQHV  \ OD WLHUUD GH VXV VXHxRV HVDV
WLHUUDVTXHWDQWRTXHUtDQ YV SHURHQWRQFHV

0('$6/248(<248,(52
4XpHUDORTXHODVGRVWULEXV\PHGLDVWHQtDQTXHGDUDFDPELR" YV
([DFWR(OORVWHQtDQTXHGDUHQWUHJDUDVXVKRPEUHVIXHUWHV\YDOLHQWHV
SDUDTXHD\XGHQDOUHVWRGHODVWULEXVDFUX]DUHO-RUGiQ\FRQTXLVWDUODWLHUUD
SURPHWLGD (OORV KDEtDQ UHFLELGR VXV EHQGLFLRQHV UHSRVR \ WLHUUDV 
DKRUDWHQtDQTXHUHWULEXLUGDUDOJRDFDPELR3DUDDOJXQRVHVDHQWUHJD
VHUtDWRWDO\GHILQLWLYDPRULUtDQHQHOFDPSRGHEDWDOOD\MDPiVYROYHUtDQD
YHUDVXVIDPLOLDV2WURVYROYHUtDQFRQXQRMRPHQRVXQEUD]RPHQRVRXQD
SLHUQDPHQRV<DOJXQRVSRFRVUHJUHVDUtDQHQWHURVSHURKDELHQGRGHMDGR
VXVHQHUJtDV\IXHU]DVHQFDGDEDWDOOD
5HFXHUGDV OD SHOtFXOD " (OORV KLFLHURQ XQD HQWUHJD WRWDO PXULHURQ
WRGRVGHIHQGLHQGRVXQDFLyQ SRUTXHORTXHKDEtDQUHFLELGRORTXHWHQtDQ
YDOtDHVDHQWUHJD9DOtDODSHQDHQWUHJDUORWRGRSRUODEHQGLFLyQUHFLELGD
4XpOHKDVSHGLGRD'LRV"+D]XQDOLVWDHVFUtEHOR7RGRORTXHOHKDV
SHGLGR\ORTXHYLHQHVSLGLpQGROHHVRTXHPiVTXLHUHVUHFLELUGHeOHVRTXH
DQKHODV FRQ WRGR WX FRUD]yQ (VFUtEHOR /LVWR" 2N $KRUD UHPDUFD R
VXEUD\DHQHVDOLVWDDTXHOODVFRVDVTXH'LRV\DWHKDGDGRORTXHUHFLELVWH
GHeO%LHQ0X\ELHQ7RGRHVRTXH'LRVWHKDGDGRHVVXEHQGLFLyQWX
UHSRVRWXWLHUUD6R\FODUR"
(QWRQFHV\DTXHKDVUHFLELGRORTXHWDQWRTXHUtDV\'LRVWHORKDGDGRFRQ
XQDJUDQVRQULVD SRUTXHpOHV3DSi\WHDPD\GLVIUXWDFRQWLJR ODSUHJXQWD
HV&yPROHUHWULEXLUiV"4XpOHGDUiVDFDPELR"4XpOHHQWUHJDUiV"
&yPR OH H[SUHVDUiV WX JUDWLWXG" 6yOR FRQ SDODEUDV" 6yOR FRQ XQ
JUDFLDV3DSi"6tHVWiEXHQRSHURWHWLHQHTXHFRVWDU/DHQWUHJDWHWLHQH
TXHFRVWDU$HOORVOHVFRVWyLQFOXVRODYLGD
1R DOFDQ]D FRQ XQD DGRUDFLyQ GH URGLOODV QR DOFDQ]D FRQ XQ VLPSOH
JUDFLDVWLHQHVTXHHQWUHJDUWXVHUYLFLRWXPHMRURIUHQGDWXWLHPSRWXV
GRQHVWXVFDSDFLGDGHVWXLQWHOLJHQFLDWXFUHDWLYLGDGSDUD'LRV7HWLHQH
TXH FRVWDU 7LHQHV TXH HVWDU GLVSXHVWR D KDFHU OR TXH 'LRV WH SLGD TXH
KDJDVHVRDORFXDO'LRVWHHVWiOODPDQGR7HGR\ORTXHW~TXLHUHVSHURD
FDPELRPHGDVORTXH\RTXLHURHVRWHGLFH'LRV6HULH'HVDILRV
&yPRUHDFFLRQDQODVGRVWULEXV\PHGLDV" YV
<TXpOHGLFHQHOORVD-RVXp" YV
(OORVOHSLGHQDOJRELHQHVSHFtILFRTXH'LRVHVWpFRQpOTXHVHDHVIRU]DGR\
YDOLHQWH (UD OR PLVPR TXH 'LRV OH KDEtD SHGLGR D -RVXp (VFXFKD 1R
LPSRUWD OR TXH OD JHQWH WH GHPDQGH VLHPSUH TXH VHD OR TXH 'LRV WH
GHPDQGH6LORTXHWHSLGHQHVORTXH'LRVWHSLGLySULPHURKD]OR

4XLHUHV
6DEHU0iV"

,QJUHVDD ZZZGHVDILRMRYHQFRP

-RVXp


',$

(;3/25$5$17(6'(&2148,67$5
4XpRUGHQELHQHVSHFtILFDOHGD-RVXpDVXVKRPEUHV" YV
$QWHVGHFRQTXLVWDUODWLHUUDKD\TXHH[SORUDUOD(VQHFHVDULRFRQRFHUHO
WHUULWRULR OD XELFDFLyQ HO HVWDGR GH ODV FLXGDGHV VXV IRUWDOH]DV \
GHELOLGDGHVHOSRGHUtRGHVXVHMpUFLWRV7RGDODLQIRTXHORVHVStDVSXGLHUDQ
REWHQHUOHD\XGDUtDD-RVXpSDUDDUPDUODHVWUDWHJLDGHEDWDOOD
$XQTXH UHVXOWH PX\ REYLR HVWH HV XQ SULQFLSLR EiVLFR TXH QR SXHGHV
LJQRUDUH[SORUDUDQWHVGHFRQTXLVWDU3RUHMHPSOR
$QWHVGHFRQTXLVWDUDODFKLFDRDOFKLFRGHWXVVXHxRVWyPHQVHWLHPSRGH
VRORDPLJRVSDUDFRQRFHUFH(VHWLHPSRGHDPLVWDGFRQILUPDUiRQRVLHV
ODSHUVRQDFRQODTXHWHJXVWDUtDSDVDUHOUHVWRGHWXYLGD
$QWHVGHPHWHUWHDFXUVDUXQDFDUUHUDWHUFLDULDRXQLYHUVLWDULDLQIyUPDWH
GHWRGDVODVSRVLELOLGDGHVTXHWHEULQGDUiDIXWXURFRVWRVPDWHULDVWLHPSR
\VLUHDOPHQWHHVGHORTXHTXLHUHVYLYLUFXDQGRWHUHFLEDV'HORFRQWUDULR
DEDQGRQDUiVHQODPLWDG\KDEUiVSHUGLGRWLHPSR\GLQHURLQ~WLOPHQWH
$QWHVGHDVXPLUHOFRPSURPLVRGHVHUYLUD'LRVKDEODFRQWXVSDGUHV\WXV
OtGHUHVSDUDTXHHOORVWHJXtHQ1RWRPHVXQFRPSURPLVRVLOXHJRYDVD
DEDQGRQDUPHWLHQGRXQPRQWyQGHH[FXVDV\ERUUiQGRWH
/RVHVStDVREHGHFHQLQPHGLDWDPHQWH\FXDQGROOHJDQD-HULFyHQGyQGH
SDVDQODQRFKH" YV
0PPPPPPTXpKDFtDQHVWRVGRVHVStDVHQODFDVDGHXQDSURVWLWXWD"
<SRUTXpVHTXHGDURQMXVWRDKtDSDVDUODQRFKH"0PPPPPPP7~
TXpSLHQVDV"
'HMDQGRDXQODGRODRSFLyQVH[XDOODFDVDGH5DKDEHUDHOOXJDUSHUIHFWR
SDUDTXHORVHVStDVVHHVFRQGLHUDQSRUTXHDOVHUXQDFDVDS~EOLFDODJHQWH
HQWUDED\VDOtDWRGRHOWLHPSR\HOORVQROODPDUtDQWDQWRODDWHQFLyQ3HUR
DGHPiVKD\RWURPRWLYR'LRVKDEtDGLULJLGRDORVHVStDVDODFDVDGHOD
~QLFDSHUVRQDHQWRGR-HULFyTXHFUHtDHQeO5DKDE<HVWRHVJHQLDO
6LQHPEDUJRTXpVXFHGHDFRQWLQXDFLyQ\TXpKDFH5DKDE" YV
3HURHQUHDOLGDGHQGyQGHHVWDEDQORVHVStDV" YV
3DUHPRVXQPRPHQWRDFiDVtWHH[SOLFRXQSDUGHFRVDVLPSRUWDQWHV

(/3(&$'2181&$(623&,1
DXQTXHHQHOPRPHQWRORYHDVFRPRODPHMRUVDOLGD
1RLPSRUWDGHTXpSHFDGRHVWHPRVKDEODQGR'HVGHORVPiVSHUYHUVRV
YLROHQWRV\KRUULEOHVKDVWDORVPiVFRPXQHV FRPXQHVSDUDQRVRWURVQR
SDUD'LRV HOSHFDGRHVSHFDGR\HQPD\RURPHQRUPHGLGDVLHPSUHWHQGUi
FRQVHFXHQFLDV8QRGLRSRUDFiXQFHORSRUKD\DXQDHQYLGLDXQDEURQFD
XQDPLUDGDFRQGREOHLQWHQFLyQXQFKLVPHXQDGHVFDOLILFDFLyQXQJULWR
3HQVHPRVHVSHFtILFDPHQWHHQ5DKDE
'LRVQRDSUXHEDODSURVWLWXFLyQ/DSURVWLWXFLyQPDVFXOLQDRIHPHQLQDOD
WUDWDGHEODQFDVHODEXVRVH[XDOODVYLRODFLRQHVVRQSHUYHUVLRQHV'LRVQR
ODVDYDODQRODVDSUXHED\QRVRWURVWDPSRFR/RTXHHVWiPDOHVWiPDO
1RWHSURVWLWX\DV1RYHQGDVWXFXHUSR6tHVFLHUWRHQXQDKRUDSXHGHV
JDQDUYHFHVPiVTXHHQWRGRXQODUJRGtDGHWUDEDMRSHURWHKXQGHVHQ
XQ FKLTXHUR TXH WH GHVWUX\H FRPSOHWDPHQWH7H DWDV VH[XDO \ HVSLULWXDO
PHQWHDSHUVRQDV\DGHPRQLRV7HYXHOYHVHOMXJXHWHTXHRWURVXVDQ\
OXHJRGHVHFKDQFXDQGRVHFDQVDQGHWLRFXDQGRDSDUHFHDOJXLHQ PiV
MRYHQRFRQPHMRUFXHUSR3LHUGHVWXGLJQLGDGSLHUGHVWXYDORUSLHUGHVHO
UHVSHWRSRUWLPLVPDRSLHUGHVWXOLEHUWDG SRUTXHWHYXHOYHVHVFODYRGHXQ
PRQWyQGHDGLFFLRQHV SLHUGHVHOSURSyVLWRGHWXYLGDSDUDHOFXDO'LRVWH
FUHy \QRORUHFXSHUDVFRQWRGRVORVELOOHWHVTXHJDQDV /DVKHULGDVGHWX
LQWHULRUQRODVVDQDVFRQGLQHURQLFRQORVUHJDORVTXHUHFLEHV
'LRVQRWHFUHyMXJXHWHGHQDGLH
(VFXFKDQHFHVLWDVYROYHUDO~QLFRDPRUTXHQRWHXVDQRWHDEXVDQRWH
GHMDPDUFDVGHGRORUQRWHFRPSUDQLWHYHQGHDO~QLFRDPRUTXHQRWH
MX]JDQRWHUHFKD]DQRWHJROSHDQLWHPDOWUDWD1HFHVLWDVYROYHUDODPRU
TXHGXUDSDUDVLHPSUHTXHQXQFDVHDFDEDDODPRUTXHWHHQWLHQGHTXHWH
SHUGRQD\WHEDQFDDHVHDPRUGHODVVHJXQGDVRSRUWXQLGDGHVDXQTXHVHD
PX\IHRRPDORORTXHKD\DVKHFKR1HFHVLWDVYROYHUDODPRUGH'LRV
'LRVWDPSRFRDSUXHEDODPHQWLUD0HQWLUHQJDxDUHQFXEULUSDUD]DIDUGH
ORTXHVHDVRORWHWUDHUiPD\RUHVSUREOHPDVSRUTXHWDUGHRWHPSUDQROD
YHUGDGVHVDEUi\ODVFRQVHFXHQFLDVVHUiQPD\RUHV
'LFHODSDVWRUD&LQG\2UWt]/REXHQRGHGHFLUODYHUGDGHVTXHMDPiV
WHQGUiVTXHUHFRUGDUTXpPHQWLUDGLMLVWH/DYHUGDGWHKDFHOLEUH
(Q FRQFOXVLyQ 5DKDE VX QRPEUH VLJQLILFD RUJXOORVD  HUD SURVWLWXWD \
DGHPiVPLQWLyGHOLEHUDGDPHQWHSDUDSURWHJHUODYLGDGHORVHVStDVSRU
TXpHQWRQFHVGLMHDQWHVTXHHOODHUDOD~QLFDTXHFUHtDHQ'LRV"
&217,18$5

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZHVWXGRVFULVWDRVFRP

-RVXp


',$

6tHVFLHUWRODYLGDGH5DKDEQRHUDODPHMRUGHODPHMRUSHURDOJRHQHOODKD
FRPHQ]DGRDFDPELDU
5HFXHUGDVTXpDFWLWXGWXYR5DKDEKDFLDORVHVStDVLVUDHOLWDV" YV
(VDDFWLWXGGHHVFRQGHUORV\SURWHJHUORVPXHVWUDTXHHOODWLHQHWHPRUGH
'LRV7HPRUGH'LRVQRHVPLHGRD'LRVQDGDTXHYHU7HPRUGH'LRVHV
UHVSHWRSRU'LRVUHVSHWRSRUVX3DODEUD\UHVSHWRSRUDTXHOORVTXHDPDQD
'LRV\FUHHQHQpO/DJHQWHVLQWHPRUGH'LRVVHEXUODGH'LRVGHODLJOHVLD\
GHORVKRPEUHV\PXMHUHVGH'LRV&RQRFHVDDOJXLHQDVt"1RORLPLWHV
3HURKD\PiVHQ5DKDETXHQRVPXHVWUDFyPRHVVXFRUD]yQ\ORVFDPELRV
TXHHVWiQVXFHGLHQGRGHQWURGHHOOD
0L DPLJR *HUDUGR 0H]D GLFH 4XLHUHV FRQRFHU HO FRUD]yQ GH XQD
SHUVRQD" 6yOR HVFXFKD FXLGDGRVDPHQWH FyPR KDEOD \ TXH FRVDV GLFH
#JHUDUGRPH]D &RPSOHWDPHQWHGHDFXHUGR9HDPRVMXQWRVTXpFRVDV
GLFH5DKDE
4XpVDEH5DKDE\FyPRORVDEH" YV
:RRZZ(OODVHGDFXHQWDGHTXHHOSiQLFRTXHWRGRVVLHQWHQHQ-HULFyQR
HVQRUPDODOJRHVSLULWXDOHVWiVXFHGLHQGR
4XpLQIRWLHQH5DKDE"4XpFRVDVKDRtGR" YV
6~SHU ZRRRZZ $OWD UHYHODFLyQ HVSLULWXDO (O 6HxRU VX 'LRV HV HO 'LRV
VXSUHPRDUULEDHQORVFLHORV\DEDMRHQODWLHUUD
(OODQRLEDDODLJOHVLD HUDSURVWLWXWDHQXQPRQWyQGHLJOHVLDVODKXELHUDQ
VDFDGRDSDWDGDVDXQTXHQRGHEHUtDVHUDVtQR" 
(OODQRRUDED1ROHtDOD3DODEUD1LVLTXLHUDSHUWHQHFtDDOSXHEORGH'LRV
'HGyQGHOHYLQRVHPHMDQWHUHYHODFLyQ"7~TXpSLHQVDV"
/DIHYLHQHSRUHORtUOD3DODEUD\FUHHUORTXH'LRVGLFH\KDFH(OFXHUSRGH
5DKDEHVWDEDFRQORVWLSRVTXHLEDQDVDFDUVHODVJDQDVFRQHOODSHURVXV
RtGRVVXFDEH]DVXVSHQVDPLHQWRVHVWDEDQHQRWURODGR(OODHVFXFKDED
ORTXHDTXHOORVVXFLRV\SHUYHUVRVWLSRVFRQWDEDQFRPRSXURVFKLPHQWRV
/DV DJXDV GHO 0DU 5RMR VH DEULHURQ \ PiV GH XQ PLOOyQ GH SHUVRQDV
FUX]DURQHQVHFR
6HKyQHOUH\DPRUUHR\VXHMpUFLWRIXHURQDSODVWDGRVFRPRPRVFDV

'H2JHORWURUH\DPRUUHRQRTXHGDURQQLORVKXHVRV
(OSRGHURVRHMpUFLWRLVUDHOLWDHVWiDFDPSDQGRGHORWURODGRGHO-RUGiQ

5DKDEHVFXFKDEDHVFXFKDED\HVFXFKDED6XFDEH]DQRHVWDEDFRQORV
WLSRV VXFLRV TXH VH DFRVWDEDQ FRQ HOOD 1L VLTXLHUD OH LPSRUWDEDQ 6X
FDEH]DHVWDEDPHWLGDHQVXSURSLRFRUD]yQSRUTXHHOODVHQWtDDOJRTXHQR
KDEtDVHQWLGRDQWHV$OJRPX\SURIXQGRGHQWURGHHOODHVWDEDQDFLHQGR<
FXDQWRPiVHVFXFKDEDODVWUHPHQGDVKD]DxDVGH'LRVHUDPD\RUORTXHVH
VDFXGtDGHQWURGHHOOD(UDUHYHODFLyQ(UDIHHQHVWDGRSXUR(UD'LRV
KDEOiQGROH FRPR QXQFD DQWHV (QWRQFHV GHFODUy HVD 3DODEUD OD KDEOy
3RUTXHFRQHOFRUD]yQVHFUHHSHURFRQODERFDVHFRQILHVD+DEODVORTXH
FUHHV
'LRVOHVKDGDGRODWLHUUD YV
'LRVKL]RVHFDUODVDJXDVGHO0DU5RMR YV
(O6HxRU'LRVGHXVWHGHVHVHO~QLFR'LRVHQORVFLHORV\HQODWLHUUD YV
$KRUD5DKDEFUHH<ORFRQILHVDORGHFODUD<DOTXHFUHH'LRVORHVFXFKD
'LRVORVDOYD<QRLPSRUWDHQTXpFKLTXHURHVWpVPHWLGRD'LRVWDPELpQWH
VDFDGHDKt3HURWLHQHVTXHWHQHUODGHWHUPLQDFLyQGH5DKDEWLHQHVTXH
WHQHUVXPLVPDDFWLWXGGHIH
7LHQHVTXHGHFLUEDVWD1RSXHGRVHJXLUKDFLHQGR ORTXHKDJR%DVWD
1HFHVLWR XQ FDPELR 'LRV WH QHFHVLWR$\~GDPH &UHR TXH VROR W~ PH
VDOYDVVyORW~PHVDQDV\VRORW~PHGDVODVIXHU]DVSDUDVDOLUGHHVWDPXJUH
HQODTXHHVWR\PHWLGDRSDUDYROYHUDHPSH]DU
(QWRQFHVOXHJRGHFUHHU\GHFRQIHVDUTXpOHSLGH5DKDEDORVHVStDV"<
HOORVTXpUHVSXHVWDOHGDQ" YV
1RVHWUDWDVRORGHWLGHWXSUREOHPDRGHWXVSUHRFXSDFLRQHV6HWUDWD
WDPELpQ GH ORV TXH WH DPDQ \ GH DTXHOORV D TXLHQHV W~ DPDV 1R YLYDV
HJRtVWDPHQWH7XVGHFLVLRQHVQRWHDIHFWDQVRORDWLWDPELpQDIHFWDQSDUD
ELHQRSDUDPDODODJHQWHTXHWHURGHD3LHQVDDQWHVGHDFWXDU\KD]OR
FRUUHFWRFRPR5DKDE
4XpKDFH5DKDEFRQORVHVStDV" YV
6XV LQGLFDFLRQHV WHQtDQ HO SURSyVLWR GH GDUOH VHJXULGDG D ORV HVStDV
GHPRVWUiQGROHVTXHHOODHVWDEDGHWHUPLQDGDDFXPSOLUFRQVXSDODEUD
)LQDOPHQWHTXpLQVWUXFFLRQHVSUHFLVDVOHGDQORVHVStDVD5DKDE\TXp
KDFHHOOD" YV
&XiOHVODSDODEUDGHIHTXHORVHVStDVKDEODQFXDQGRUHJUHVDQFRQ-RVXp"
YV

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZGHYRFLRQDOGLDULRRUJ

-RVXp


',$

/$35(9,$
9ROYDPRVUiSLGDPHQWHDOFDStWXOR4XpRUGHQHVSHFtILFDKDEtDGDGR
-RVXp"
(QGtDVFUX]DUtDQHO-RUGiQ3RUItQ'HVSXpVGHODUJRVDxRVGHHVWDU
GDQGR YXHOWDV SRU HO GHVLHUWR HVWiQ D VROR  GtDV GH HQWUDU D OD 7LHUUD
3URPHWLGDVRORGtDV1DGDSXHGHVDOLUPDO
$KRUDGtDVGHVSXpVWRGRHVWDEDSUHSDUDGRSDUDHOJUDQFUXFH'HVGH
6LWLPOXJDUHQHOTXHKDEtDQHVWDGRDFDPSDQGRKDFLDGyQGHVHGLULJHQ"
YV
<TXpVXFHGHOXHJRGHGtDVPiVGHGHVFDQVR" YV
&ODUR7RGRWLHQHTXHHVWDUHQRUGHQ(QWRQFHVORVOtGHUHVOHFRPXQLFDQDO
SXHEORTXpHVORTXHWLHQHQTXHKDFHUDQWHVGHFUX]DU6HODUJyODSUHYLD
/DSUHYLD/DSUHYLD/DSUHYLDHVLPSRUWDQWtVLPD
(QODSUHYLDGHXQDFRPSHWLFLyQGHSRUWLYDORVMXJDGRUHV\HOFXHUSRWpFQLFR
VH FRQFHQWUDQ 1DGD GH FRPHU FRPR FKDQFKRV QDGD GH WUDVQRFKDU 6H
UHSDVDQODVMXJDGDVODVWiFWLFDV\HVWUDWHJLDV+D\PXFKRHQMXHJR
(Q OD SUHYLD GH XQ UHFLWDO FULVWLDQR OD EDQGD VH SUHSDUD HQ RUDFLyQ \
E~VTXHGDGH'LRV PHUHILHURDODVEDQGDVTXHHQVHULRVRQHVSLULWXDOHV 
/DSUHYLDGHXQEXHQQRYLD]JRHVWHQHUXQDPX\EXHQDDPLVWDG
<ODSUHYLDGHXQPDWULPRQLRH[LWRVRHVGLVIUXWDUGHXQQRYLD]JRH[LWRVR
/DSUHYLDHVLPSRUWDQWtVLPDSDUDGLVIUXWDUORTXHYLHQHGHVSXpV
(QTXpFRQVLVWtDODSUHYLDGHOSXHEOR"4XpWHQtDQTXHKDFHU" YV
(VWDUDWHQWRVDORVPRYLPLHQWRVGHODUFD\VHJXLUOD
(ODUFDHVHOVtPERORGHODSUHVHQFLD\GHOSRGHUGH'LRV<PLUDVLVHUi
LPSRUWDQWHTXHVHODPHQFLRQDYHFHVHQHVWHFDStWXOR
<SRUTXpWHQtDQTXHVHJXLUOD" YV
(QWLHQGHV"1HFHVLWDPRVODGLUHFFLyQGH'LRV VX3DODEUDVXUHYHODFLyQ
VX FRQVHMR VXV HQVHxDQ]DV  SRUTXH KD\ FDPLQRV H[SHULHQFLDV UHOD
FLRQHV VLWXDFLRQHV GHFLVLRQHV GHVDItRV HWF  TXH QR FRQRFHPRV TXH
LJQRUDPRV\VLQRVPDQGDPRVGHXQDODHPEDUUDPRV
1HFHVLWDVD'LRV3RUTXHeOYHPiVDOOiGHORTXHWXYHVeO\DVDEHTXp
FRQVHFXHQFLDV KDEUi VL WRPDV HVD GHFLVLyQ VL KDFHV HVR TXH HVWiV
SHQVDQGRKDFHU+DEODFRQ'LRV\GHMDTXHeOWHJXtHKDFLDORPHMRU



6DQWLILFDUVH YV
6t 6H WHQtDQ TXH SXULILFDU (VWD SXULILFDFLyQ FRQVLVWtD HQ XQD OLPSLH]D
JHQHUDO\HQDOJXQRVFDVRVLQFOXtDODDEVWLQHQFLDVH[XDOQDGDGHUHODFLRQHV
VH[XDOHV PLUDSRUHMHPSOR([ 3XULILFDUVHRVDQWLILFDUVHHUD
XQDPDQHUDGHSUHSDUDUVHSDUDH[SHULPHQWDUHOSRGHUVREUHQDWXUDOGH'LRV
XQDSUHVHQFLDHVSHFLDOGH'LRV
&yPRWHSUHSDUDVDQWHVGHGDUOHODFODVHDWXVDOXPQRV"
&yPRWHSUHSDUDVDQWHVGHPLQLVWUDUHQWXPLQLVWHULRMXYHQLO"
&yPRWHSUHSDUDVDQWHVGHVDOLUDHYDQJHOL]DURGDUWHVWLPRQLRGHODQWHGH
WXVDPLJRV"
$TXp\DTXLpQHVWLHQHVTXHUHQXQFLDUGHILQLWLYDPHQWHHQWXYLGD"
4XpSHFDGRVVLJXHVHVFRQGLHQGRDSDUHQWDQGRTXHWRGRHVWiELHQ"
4XLHUHVUHDOPHQWHPiVGH'LRVHQWXYLGD"4XLHUHVPiVGHVXSRGHUGH
VXVDQWLGDGGHVXUHYHODFLyQGHVXDXWRULGDG"
(QWRQFHVWLHQHVTXHVDQWLILFDUWH6LTXLHUHVYHUODVFRVDVJUDQGHVTXH'LRV
KDUiWLHQHVTXHUHQXQFLDUDWRGRORTXHWHKDFHPDO
/$63520(6$6
/HHORVYHUVtFXORVDO/LVWR"2N+D\WUHVSURPHVDVELHQHVSHFtILFDV
+D\XQDSURPHVDSHUVRQDO$TXLpQHVWiGLULJLGD"
/D%LEOLDHVWiOOHQDGHSURPHVDVTXHSXHGHVWRPDUSDUDWXSURSLDYLGD
+D\XQDSURPHVDJUXSDO$TXLpQHVHVWiGLULJLGD"
(QOD%LEOLDWDPELpQKD\PRQWRQHVGHSURPHVDVSDUDODLJOHVLDODIDPLOLDHO
PDWULPRQLRODQDFLyQGH,VUDHOHWF
+D\XQDSURPHVDGHXQPLODJUR&XiOHV"
7RGDVODVSURPHVDVGH'LRVVHFXPSOHQVLHPSUH$SUpQGHODVFUpHODV\
GHFOiUDODVVLQGXGDUQLXQSRTXLWR6HULH'HVDILRV
/$6'(&,6,21(6
4XpKDFHQDFRQWLQXDFLyQ\TXpVXFHGH" YV
5HOLQGD OD SUHYLD OD V~SHU GLVIUXWDPRV SHUR 'LRV QR QRV OODPy D
TXHGDUQRVHQODSUHYLD'LRVQRVOODPDDTXHDYDQFHPRVFRQTXLVWHPRV
SRVHDPRV \ VXSHUHPRV WRGR DTXHOOR TXH VH LQWHUSRQH HQWUH QRVRWURV \
QXHVWUDEHQGLFLyQ1RWHTXHGHVHQODSUHYLD(VVRORSUHSDUDFLyQSDUD
WRGRORJUDQGHTXHVHYLHQHDWXYLGD3DUDWRGRORTXH'LRV\DKDGHFUHWDGR
\HVWDEOHFLGRSDUDWL
+DEtDXQ-RUGiQTXHVXSHUDUHQWUHHOORV\VXJUDQEHQGLFLyQ
4XpWLHQHVTXHYHQFHURVXSHUDUSDUDFRQTXLVWDUORTXH'LRVTXLHUHGDUWH"
&XiOHVWX-RUGiQ"3LpQVDOR\TXHQDGDWHGHWHQJD

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZGHYRFLRQDOHVFULVWLDQRVRUJ

-RVXp


',$

0,/$*52727$/
9XHOYHXQPRPHQWRDOFDStWXOR/pHORDWHQWDPHQWH\GLPHTXpHVOR
TXHVHUHSLWH\OODPDPXXXXFKRRRODDWHQFLyQHQHVHYHUVtFXOR"
0X\ELHQ(QVHFR2WUDVYHUVLRQHVGLFHQWLHUUDVHFDFDXVHVHFRR
WHUUHQRVHFR(QVtQWHVLVQRKDEtDEDUURQLPHWURVGHORGR&yPRHV
SRVLEOH VL HVWDPRV KDEODQGR GHO FDXFH GH XQ UtR SURIXQGR" $OJR
HPSDQWDQDGRWLHQHTXHKDEHU%DUURRWLHUUDORGRVDWLHQHTXHKDEHU
1RS1DGD1DGDGHQDGD7RGRSHUIHFWDPHQWHVHFR(VWRHVXQPLODJUR
WRWDO(QWLHQGHV"
'LRVQRVRORGLYLGLyODVDJXDVGHOUtR-RUGiQVLQRTXHDPHGLGDTXHHOODVVH
VHSDUDEDQODWLHUUDVHLEDVHFDQGRWRWDOPHQWH,PSUHVLRQDQWH
(VHHVHO'LRVTXHW~\\RWHQHPRV(VH'LRV7RGRSRGHURVRHVQXHVWUR
3DSiKDFHGRUGHPLODJURVWRWDOHV1RXQSRTXLWRPLODJURVRQRXQDSDUWH
WRWDOFRPSOHWR6yORWLHQHVTXHFUHHU\eOORKDUi(VWX3DSi
2%('(=&26,1&8(67,21$5
$KRUDVtPHWiPRQRVHQHOFDStWXORGHKR\
4XpRUGHQGLUHFWDOHGD'LRVD-RVXp"4XpWLHQHQTXHKDFHU" YV
4XpUDUR0X\H[WUDxRHVWHSHGLGRGH'LRV
4XpKDFH-RVXp" YV
(OWLSRREHGHFH&ODUR(VPHMRUREHGHFHUTXHFXHVWLRQDU0iVGHXQRGH
QRVRWURVOHKXELpUDPRVSUHJXQWDGRD'LRV<SDUDTXpMXQWDUSLHGUDV"
3HUR -RVXp WLHQH XQ FRUD]yQ REHGLHQWH 1R FXHVWLRQD REHGHFH 1R VH
TXHMDREHGHFH1RYDSRUDKtSDWHDQGRFRVDV\SURWHVWDQGReOREHGHFH
)H\REHGLHQFLDFDPLQDQMXQWDV6RQKHUPDQDV7RGRELHQHQWUHHOODV
1RSXHGHVWHQHUXQDVLQWHQHUODRWUD6tVtVtDTXtHVWiSHUPLWLGRVDOLUFRQ
ODV GRV 'H XQD PDQR FDPLQDV FRQ OD EHOOD IH 'H OD RWUD PDQR FRQ OD
SUHFLRVDREHGLHQFLD/DVGRVVRQKHUPRVDV\WLHQHVDXWRUL]DFLyQGHOFLHOR
SDUDHVWDUFRQDPEDV/DVQHFHVLWDVDODVGRV
6LGLFHVTXHFUHHV IH SHURQRREHGHFHVHQWRQFHVHUHVXQPHQWLURVR
6LREHGHFHVSHURFXHVWLRQDVWRGRHOWLHPSRHUHVXQLQFUpGXOR
/DPHGLGDGHWXREHGLHQFLDVHUiODPHGLGDGHWXIH$PD\RUREHGLHQFLD
PD\RUIH<DPD\RUIHPD\RUREHGLHQFLD$OREHGHFHUHVWiVGLFLHQGR'LRV
\RWHFUHR/RKDJRSRUTXHWHFUHRSRUTXHVpTXHFXPSOLUiVWXSDODEUD



$VtVHPRYtD\DFWXDED-RVXp(QXQDPDQRIHHQODRWUDREHGLHQFLD8Q
JHQLRWRWDO
7HSUHJXQWR4XpWHUHVXOWDPiVIiFLOREHGHFHUD'LRVRFUHHUOHD'LRV"
3RUTXp"
<(67$63,('5$648e6,*1,),&$1"
3DUDTXp'LRVOHVKL]RMXQWDUSLHGUDVGHOPHGLRGHO-RUGiQ"3DUDTXp
VHUYtDQ"4XpKDFtDQFRQHOODV"4XpVLJQLILFDGRWHQtDQ" YV
9DPRVSRUSDUWH
SLHGUDVHQUHSUHVHQWDFLyQGHODVWULEXVGH,VUDHO7RGRVVRQSDUWH
7RGRVHVWiQLQFOXLGRVLQFOXVRODVWULEXV\PHGLDTXHVHTXHGDURQDYLYLUGHO
RWURODGRGHO-RUGiQ7RGRVVRQSXHEOR
(QHOSXHEORGH'LRVW~\\RHVWDPRVLQFOXLGRV6RPRVSDUWH3HUWHQHFHPRV
1RWHVLHQWDVH[FOXLGRPDUJLQDGRRUHFKD]DGR'DOHJUDFLDVD'LRVSRUTXH
HUHVVXKLMRODLJOHVLDHVWXJUDQIDPLOLD\WLHQHVPLOORQHVGHKHUPDQRV\
KHUPDQDVHQWRGRHOPXQGR3HUWHQHFHV\HVRQRWLHQHSUHFLR'LVIU~WDOR
SLHGUDVTXHIRUPDQ81DOWDU$GHPiVGHSHUWHQHFHU\VHUSDUWHGHO
SXHEORGH'LRVWDPELpQVRPRVXQR7HQHPRVGLIHUHQWHVUD]DVGLIHUHQWHV
VH[RVGLIHUHQWHVHGDGHVGLIHUHQWHVQLYHOHVFXOWXUDOHVGLIHUHQWHVJXVWRV
GLIHUHQWHVFRVWXPEUHVSHQVDPRVGLIHUHQWHVSHURVRPRV812HQ&ULVWR
7HQHPRVHOPLVPR3DSiHOPLVPR6HxRU\6DOYDGRUHOPLVPR(VStULWX
7HQHPRVHOPLVPRGHVWLQRHWHUQRVLQLPSRUWDUFXiOKD\DVLGRQXHVWURRULJHQ
7HQHPRVHOPLVPRSURSyVLWRHWHUQRVHUIRUPDGRVDODLPDJHQGH-HV~V\
OOHQDUODWLHUUDGH6XJORULDHMHUFLHQGRDXWRULGDGVREUHWRGRORFUHDGR
SLHGUDVXQDOWDU81WHVWLPRQLRXQUHFRUGDWRULR(VWHQRHVXQDOWDU
SDUDVDFULILFLRV(VXQDOWDUSDUDGDUWHVWLPRQLR7HVWLPRQLRGHTXp"'HO
SRGHU VREUHQDWXUDO GH 'LRV VDFiQGRORV GH  DxRV GH GHVLHUWR \
PHWLpQGRORVHQODWLHUUDGHVXSURPHVD'LRVORKL]RVXPDQRHVSRGHURVD
YV (VWDWLHUUDHVHOSURSyVLWRGH'LRVSDUDHOORV\QRVHUiGHQDGLHPiV
$KRUD WLHQHQ TXH FRQTXLVWDUOD \ SRVHHUOD GLVIUXWDUOD \ KDFHUOD FUHFHU \
SURGXFLUD~QPiV7RGRORTXH'LRVWHGDHVSDUDTXHORKDJDVFUHFHU
(QTXpOXJDUOHYDQWDQHODOWDUGHOWHVWLPRQLRRUHFRUGDWRULR" YV
*LOJDOVLJQLILFDFtUFXORUXHGD$TXtOHYDQWDQHODOWDU\pVWHHVHOSULPHU
OXJDU HQ HO TXH HO SXHEOR DFDPSD GHQWUR GH OD WLHUUD SURPHWLGD *LOJDO
WDPELpQVHFRQYLHUWHHQHOFXDUWHOJHQHUDOGHRSHUDFLRQHVPLOLWDUHV
+D\XQDOWDUTXHHVOHYDQWDGR4XLpQORKDFH\HQGyQGH" YV

4XLHUHV
6DEHU0iV"

,QJUHVDD ZZZGHVDILRMRYHQFRP

-RVXp


',$

08(5726'(0,('2
1RQRHVWR\H[DJHUDQGR/HHHOYHUVtFXOR\ORYHUiVSRUWLPLVPRD
<QRHVWDPRVKDEODQGRGHQHQHVGHSHFKR1RVHxRUHV
(VRVWLSRVQRHUDQIiFLOHVGHDVXVWDU7LSRVILHURVKiELOHVFRQODVDUPDV
TXHROtDQDVDQJUH\WUDQVSLUDFLyQSRUWRGRVODGRV(VRVPLVPRVWLSRV
HVWDEDQPXHUWRVGHPLHGRDOHQWHUDUVHGHFyPR'LRVHVWDEDDIDYRUGH
,VUDHO
&XDQGR'LRVWHUHVSDOGDHVWXHQHPLJRHOTXHVHDVXVWD
2%('(=&26,1&8(67,21$5
4XpQXHYDRUGHQOHGD'LRVD-RVXp" YV
<TXpKDFH-RVXpLQPHGLDWDPHQWH" YV
8QJHQLRWRWDO-RVXp
(VFXFKDPH 6L KD\ DOJR GRORURVR \ ELHQ IHLWR HV OD FLUFXQFLVLyQ 'XHOH
PXFKRRRRRR3RUHVRHQODOH\VHFLUFXQFLGDEDQDORVEHEpVUHFLpQQDFLGRV
DSDUWLUGHORVGtDVGHYLGD$OVHUUHFLpQQDFLGRVKDEtDPtQLPRGRORU\
UiSLGD FLFDWUL]DFLyQ \ FXUDFLyQ SHUR FRQ ORV KRPEUHV DGXOWRV HV ELHQ
GLIHUHQWH0iVGRORURVR\PD\RUWLHPSRGHFXUDFLyQ\UHFXSHUDFLyQ
< SRU TXp PRWLYRV 'LRV OH GD HVWD RUGHQ WDQ HVSHFtILFD \ GRORURVD D
-RVXp"(VWDDDDDQQQQQHFHVDULRREHGHFHUHVWR"9DPRVSRUSDUWHV
4XLpQHVKDEtDQPXHUWRHQHOGHVLHUWR\SRUTXp" YV\
([DFWR'HWRGRVORVKRPEUHV\PXMHUHVTXHVDOLHURQGH(JLSWRDxRV
DWUiVORV~QLFRVGRVTXHD~QTXHGDEDQFRQYLGDHUDQ-RVXp\&DOHE7RGRV
ORVGHPiVKDEtDQPXHUWRHQHOGHVLHUWRSRUGHVREHGLHQWHVDODSDODEUDGH
'LRV
3HURTXpVXFHGHFRQORVKLMRVTXHQDFLHURQHQHOGHVLHUWR" YV\
&ODUR 1R HVWiQ FLUFXQFLGDGRV < HVSLULWXDOPHQWH KDEODQGR HVWR HV XQ
VHULR SUREOHPD 3RU TXp" 3RUTXH OD FLUFXQFLVLyQ FRUWDU HO SUHSXFLR GHO
SHQHDDD\\\\ WLHQHXQVLJQLILFDGRHVSLULWXDODGHPiVGHKLJLpQLFR
 (V XQ PDQGDPLHQWR TXH GHEH VHU REHGHFLGR SRU WRGRV ORV LVUDHOLWDV
SRUTXHHVWiUHODFLRQDGRFRQHOSDFWRHQWUH'LRV\$EUDKDP
(VWDQWRSDUDORVKLMRVFRPRSDUDORVH[WUDQMHURVTXHTXLHUHQSHUWHQHFHUDO
SXHEORGH'LRV



6HKDFHHQHOSHQHGHOKRPEUHSRUTXHpOHVODDXWRULGDGUHSUHVHQWDWLYDGH
'LRVIUHQWHDWRGDODIDPLOLD\HOUHVSRQVDEOHGHFRQWLQXDUODVJHQHUDFLRQHV
(VODVHxDOGHTXHWRGDODIDPLOLDHVWiLQFOXLGDHQHOSDFWRGH'LRV\HQODV
EHQGLFLRQHVGHOSDFWR<DGHPiVHVXQDVHxDOGHREHGLHQFLD
/HH PiV DFHUFD GHO SDFWR HQWUH 'LRV \ $EUDKDP HQ 'HVDItRV 3DUD
-yYHQHV\$GROHVFHQWHV*pQHVLV(GLFLyQ([WHQGLGD'tD
<TXpRQGDFRQQRVRWURVTXHQRVRPRVLVUDHOLWDV"
0X\EXHQDSUHJXQWD1RHVWDPRVREOLJDGRVDFLUFXQFLGDUQRVItVLFDPHQWH
SHURVtHVSLULWXDOPHQWH&LUFXQFLGDUQXHVWURVFRUD]RQHV
4Xpppppp"<HVRFyPRHV"
(VTXLWDUGHQXHVWUDVYLGDVWRGRDTXHOORTXH'LRVQRTXLHUHSDUDQRVRWURV
&RQIHVDU \ UHQXQFLDU D ORV KiELWRV QHJDWLYRV ORV SHFDGRV ORV PDORV
SHQVDPLHQWRVODVPDODVDFWLWXGHVODLQFUHGXOLGDGODVREHUELDHWFSDUD
TXH 'LRV SXHGD FXPSOLU VX SURSyVLWR HQ QXHVWUDV YLGDV VLQ QLQJ~Q
LPSHGLPHQWR/DFRQTXLVWDH[LJHVDQWLGDG6LQVDQWLGDGQRKD\FRQTXLVWD
4XLHUHVPiVGH'LRV"7LHQHVTXHREHGHFHU
4XLHUHVEHQGLFLRQHV\UHJDORVGHOFLHORPD\RUHV"7LHQHVTXHREHGHFHU
4XLHUHVHVRTXHWDQWRDQKHODV\OHSLGHVD'LRV"7LHQHVTXHREHGHFHU
/XHJRGHKDEHUFLUFXQFLGDGRDWRGRHOSXHEORTXpOHGLFH'LRVD-RVXp"
YV
:RRRZZ 2SURELR VLJQLILFD GHVKRQUD YHUJHQ]D 'LRV OHV HVWi
GLFLHQGR/DYHUJHQ]DGHOSDVDGRGHKDEHUVLGRHVFODYRVPDOWUDWDGRV\
DEXVDGRVHQ(JLSWRKR\HVTXLWDGD+R\YXHOYHQDVHUSXHEORGHSDFWR
SXHEOREHQGHFLGR\SURVSHUDGR
(VLJXDOSDUDWL\SDUDPL3RUPHGLRGH-HV~V\VXPXHUWHHQODFUX]WRGR
QXHVWURSDVDGRGHGRORUYHUJHQ]DIUDFDVRV\PDODVH[SHULHQFLDVKDVLGR
TXLWDGR SHUGRQDGR \ ROYLGDGR SDUD VLHPSUH +R\ VRPRV KLMRV GH 'LRV
KHUHGHURVGHWRGDVVXVEHQGLFLRQHV\HVFRJLGRVSDUDHMHUFHUDXWRULGDG\
JRELHUQR$OWDEHQGLFLyQ'LVIU~WDOD
4XpILHVWDFHOHEUDQ\TXpVXFHGHFXDQGRHOORVFRPLHQ]DDFRPHUGHOD
FRVHFKDGHODWLHUUD" YV
4XpH[SHULHQFLDYLYH-RVXp"4XLpQVHOHDSDUHFH" YV
,PSUHVLRQDQWH(O3UtQFLSHGHOHMHUFLWRGH'LRVQRHVXQiQJHOHVHOPLVPR
6HxRU-HV~V:RRRRZ<eOQRHVQLDOLDGRQLHQHPLJReOHVHOVREHUDQROD
Pi[LPDDXWRULGDGHQORVFLHORV\HQODWLHUUD\GHODQWHGHeOWRGRVVHLQFOLQDQ
\DGRUDQ<GRQGHeOHVWiKD\VDQWLGDG3LpQVDOR

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZHVWXGRVFULVWDRVFRP

-RVXp


',$

2N(VWiWRGROLVWR/RVPXFKDFKRV\DHVWiQFLUFXQFLGDGRV\UHFXSHUDGRV
/DSULPHUSDVFXDHQODWLHUUDSURPHWLGD\DKDVLGRFHOHEUDGD\HO3UtQFLSHGHO
(MpUFLWRGH'LRVOHKDFRQILUPDGRVXSUHVHQFLDD-RVXp7RGRHVWiSUHSDUDGR
SDUDDYDQ]DU\FRQTXLVWDUODSULPHUDFLXGDG1DGDSXHGHVDOLUPDO
(O~QLFRGHWDOOHHVFyPRFRQTXLVWDVXQDFLXGDGLPSHQHWUDEOH"
-(5,&81$)257$/(=$,1'(6758&7,%/(
/DFLXGDGGH-HULFyFRQVWUXLGDPLOHVGHDxRVDQWHVGHTXHQDFLHUD-RVXp
HUDXQDGHODVFLXGDGHVPiVDQWLJXDVGHOPXQGR(QDOJXQDVSDUWHVWHQtD
PXURVIRUWLILFDGRVTXHPHGtDQKDVWDPWVGHDOWR\PWVGHDQFKR/RV
VROGDGRV TXH PRQWDEDQ JXDUGLD HQFLPD GH ORV PXURV SRGtDQ REVHUYDU
PXFKRVNLOyPHWURVDODUHGRQGD-HULFyHUDXQVtPERORGHSRGHU\IXHU]D
PLOLWDU\ORVFDQDQHRVODFRQVLGHUDEDQLQYHQFLEOH
/RVFDQDQHRV KDELWDQWHVRULJLQDOHVGHODWLHUUDSURPHWLGDPLUDHO0DSDGH
OD3iJLQD VDEtDQTXHHO'LRVGH,VUDHOWHQtDSRGHUVREUHODQDWXUDOH]D
SRUTXHGLYLGLyHOUtR-RUGiQ6DEtDQTXHHUDXQ'LRVGHJXHUUDSRUTXHKDEtD
GHUURWDGRDORVUH\HVDPRUUHRV6HKyQ\2J3HURHOORVQRFUHtDQTXHHVH
PLVPR'LRVSXGLHUDFRQTXLVWDUXQDFLXGDGDPXUDOODGD\WDQLPSHQHWUDEOH
FRPR-HULFy(VRQRHUDSRVLEOH
2%('(=&26,1&8(67,21$5
4XpPHGLGDVSUHYHQWLYDVVHKDEtDQWRPDGRHQ-HULFy" YV
4XpSDODEUDSRGHURVD\GHILQLWLYDOHGD'LRVD-RVXp" YV
7UDQTXLORD6L'LRVWHORGLFH'LRVORKDFH1RIDOODQXQFD
'HTXpPDQHUDWHQtDSHQVDGR'LRVDWUDYHVDUVHPHMDQWHVPXUDOODV"
4XpLQGLFDFLRQHVSUHFLVDVOHEDMDD-RVXp"4XpWLHQHQTXHKDFHUSDUD
FRQTXLVWDUVHPHMDQWHFLXGDGIRUWLILFDGD" YV
(QVHULR"0HHVWiVHPEURPDQGR"'HYHUGDGWHQHPRVTXHKDFHU
HVR" 'DQGR YXHOWDV \ WRFDQGR WURPSHWDV YDPRV D WXPEDU VHPHMDQWHV
PXUDOODV"6HYDQDUHtUGHQRVRWURVGHVGHDFiKDVWDOD&KLQD9DPRVD
KDFHUHOULGtFXORIUHQWHDWRGDVHVWDVQDFLRQHV1RKD\XQSODQ%DOJRDVt
FRPRXQPLVLOFRQXQDFDEH]DQXFOHDU"6LHWHGtDVFDPLQDQGRDOUHGHGRU
GHODFLXGDG"(VWiEXHQRSDUDKDFHUGLHWDWUDQVSLUDUFRPRFKDQFKRV\
TXHPDUJUDVDVSHURKDFLHQGRHVRYDPRVDHQWUDUHQODFLXGDG"
1RFXHVWLRQHV2EHGHFH



7RGRHVHODUJRSODQWHR\DUJXPHQWRORKXELpUDPRVKHFKRWX\\R6HJXUR
3HURTXpKDFH-RVXpOXHJRGHUHFLELUODVLQGLFDFLRQHVGH'LRV" YV
-DMDMDMDHVXQJHQLR(OWLSRREHGHFHQRFXHVWLRQD
7HPDQGDQDKDFHUPDQGDGRV2EHGHFH
7HPDQGDQDRUGHQDUWXKDELWDFLyQ2EHGHFH
7HPDQGDQDODYDUSODWRV\ROODV2EHGHFH
7HSLGHQTXHFXLGHVDWXKHUPDQLWR2EHGHFH
'LRVWHKDEODGHSHUGRQDU2EHGHFH
'LRVWHKDEODGHUHSDUDUORTXHKLFLVWHPDO2EHGHFH
'LRVWHGLFHTXHRUHVSRUDOJXLHQSDUDVXVDQLGDG2EHGHFH
'LRVWHGLFHTXHHVHFKLFRTXHWHJXVWDWDQWRQRHVSDUDWL2EHGHFH
1RFXHVWLRQHV1RDUJXPHQWHV2EHGHFH6HULH'HVDItRV
5iSLGDPHQWH-RVXpEDMDODRUGHQDVXVJHQHUDOHVDORVVDFHUGRWHV\DO
SXHEORHQJHQHUDOTXpKDFHQWRGRV" YV
&ODUR2EHGHFHQ
3DGUHVREHGLHQWHVDODYR]GH'LRVOHHQVHxDQREHGLHQFLDDVXVKLMRV\VRQ
REHGHFLGRVSRUHOORV
/tGHUHVREHGLHQWHVDODYR]GH'LRVOHHQVHxDQREHGLHQFLDDVXVGLVFtSXORV\
VRQREHGHFLGRVSRUHOORV
2EHGHFHDORVREHGLHQWHVQXQFDDORVUHEHOGHV6HULH'HVDItRV
&XiOHVODHVWUDWHJLDGHFRPEDWH" YV
6ROGDGRVDOIUHQWHOXHJRORVVDFHUGRWHVWRFDQGRODVERFLQDVGHWUiVGH
HOORVHODUFD VtPERORGHODSUHVHQFLDSRGHURVDGH'LRV \HQODUHWDJXDUGLD
RWURJUXSRGHJXHUUHURV'XUDQWHGtDVGDQXQDYXHOWDFRPSOHWDDODFLXGDG
<DOGtDTXpQXHYDVLQGLFDFLRQHVOHVGD-RVXp" YV
7RGRHQODFLXGDGHVDQDWHPD FRQVDJUDGRD'LRVSDUDGHVWUXFFLyQ 1LOR
WRTXHV
([FHSWRHORURODSODWD\HOEURQFHTXHVHFRQVDJUDUiQD'LRV\TXHGDUiQ
HQHOWHVRURGHOSXHEOR
2N3HURTXpVXFHGHDOGtD"
(QHOGtDHOORVGDQYXHOWDV YV 
6HWRFDQODVERFLQDVHQODYXHOWD YV 
(OSXHEORJULWDFRPRORFR YV 7HLPDJLQDVDPiVGHGRVPLOORQHVGH
SHUVRQDVJULWDQGRDOPLVPRWLHPSR"8QDORFXUD7LHHHHHPEOD-HULFy
(OPXURVHYLHQHDEDMR YV
<FRORUtQFRORUDGRWRGRHQ-HULFyKDWHUPLQDGR YV
&217,18$5

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZGHYRFLRQDOGLDULRRUJ

-RVXp


',$

$1,48,/$&,1727$/
0LUDHO0DSDGHOD3iJLQD\YXHOYHXQRVPRPHQWRVDOYHUVtFXOR/pHOR
QXHYDPHQWH6HPHYLHQHQYDULDVSUHJXQWDVDODFDEH]D3RUHMHPSOR
(UDQHFHVDULRPDWDUDWRGRVPXMHUHV\QLxRVLQFOXLGRV"
<SRUTXpPDWDUWDPELpQDORVDQLPDOHV"
1RHVGHPDVLDGRVDQJULHQWR\GHVSLDGDGR"
6L'LRVHVDPRU\PLVHULFRUGLDSRUTXpRUGHQDXQDGHVWUXFFLyQWRWDO"
0PPPPFRPSOLFDGR,QWHQWHPRVDOJXQDVUHVSXHVWDV
1RWRGRVORVGH-HULFyIXHURQDVHVLQDGRV5DKDE\WRGDVXIDPLOLDIXHURQ
SHUGRQDGRV\VDOYDGRV YV (VWRQRVD\XGDDSHQVDUTXHQRVHWUDWDGH
XQD PDWDQ]D LQGLVFULPLQDGD QR HV PDWDU SRU PDWDU QR HV XQ JHQRFLGLR
VDOYDMH(QPHGLRGHOMXLFLRWDPELpQKD\PLVHULFRUGLD\VDOYDFLyQ
 /RV FDQDQHRV HVWDEDQ WDQ FRUURPSLGRV HQ WRGRV ORV VHQWLGRV  TXH
KXELHUD VLGR LPSRVLEOH FRQYLYLU FRQ HOORV 6LHPSUH VHUtDQ XQD LQIOXHQFLD
QHJDWLYDHQIHUPD\GHVWUXFWLYDSDUDHOSXHEORGH'LRV$TXt,VUDHOHVHO
LQVWUXPHQWRXVDGRSRU'LRVSDUDFDVWLJDUORVSRUVXVSUiFWLFDV\SHFDGRV
/HH'HXWHURQRPLR\ORHQWHQGHUiVPHMRU
7RGDVODVQDFLRQHVFDQDQHDVYLYtDQSHOHDQGR\PDWiQGRVHHQWUHHOORV
PLVPRV'LRVXVDHQFRQWUDGHHOORVVXVSURSLDVHVWUDWHJLDVGHGHVWUXFFLyQ\
WRGRVPXHUHQSRUODHVSDGD(QGHILQLWLYDFRVHFKDQFRPRQDFLyQORTXH
VHPEUDURQFRPRQDFLyQSHURHVWDYH]EDMRHOMXLFLRGH'LRV
6$/9$&,1&203/(7$
4XLpQHVVHVDOYDEDQMXQWRFRQ5DKDE" YV
/HtVWHELHQ"7RGRVORVTXHHVWXYLHVHQHQODFDVDFRQHOOD
3LpQVDORH[DJHUDGDPHQWH4XpKXELHUDVXFHGLGRFRQWRGRVORVKDELWDQWHV
GH-HULFyVLWRGRVHOORVKXELHUDQFDELGRHQODFDVDGH5DKDE"
2EYLR 7RGRV VH VDOYDEDQ 6tttttttt \D OR Vp HV XQD H[DJHUDFLyQ SHUR
KXELHUDVLGRDVt<SRUTXp"
3RUTXH KDEtD XQD SURPHVD TXH 'LRV \ -RVXp HVWDEDQ GHWHUPLQDGRV D
FXPSOLU  /DFDVDGH5DKDE\DQRHUDPiVXQSURVWtEXORDKRUDVH
KDFRQYHUWLGRHQXQDFDVDGHVDOYDFLyQ\GHEHQGLFLyQSDUDFXDOTXLHUDTXH
HVWXYLHUDHQHOODFXDQGROOHJDUDHOMXLFLRGH'LRV(QWLHQGHV"



4XpRUGHQOHVGDUiSLGDPHQWH-RVXpDVXVKRPEUHV" YV
<TXpKDFHQHOORVFRQ5DKDEWRGDVXIDPLOLD\VXVSHUWHQHQFLDV" YV
1RVRORIXHURQVDOYDGRV\OLEUDGRVGHODDQLTXLODFLyQWRWDO\GHOVDTXHRGH
VXVELHQHVVLQRTXHWDPELpQIXHURQHVFROWDGRVKDVWDHOFDPSDPHQWRGHORV
LVUDHOLWDV:RRRRZZ
8118(9235236,7281$9,'$18(9$
4XpVXFHGHFRQ5DKDEOXHJRGHVHUVDOYDGDGHODGHVWUXFFLyQ"&yPR
VLJXLyVXYLGD" YV
8QILQDOIHOL]SDUDXQDFKLFDTXHVXSRFDPELDUVXYLGDDWLHPSR
4XLHUHVFRQRFHUPiVDFHUFDGHOILQDOIHOL]SDUD5DKDE"
2N/HH+HEUHRV\6DQWLDJR
$SHVDUGHVHUXQDSURVWL5DKDEWXYRIHHQOD3DODEUDGH'LRV\PRVWUyHVD
IHHQDFFLRQHV REUDV ELHQHVSHFtILFDVGDUOHDORMDPLHQWR\SURWHJHUDORV
HVStDV GH ,VUDHO D~Q D ULHVJR GH VX SURSLD YLGD 3RU VX IH HQ 'LRV IXH
VDOYDGD<SRUHVDVDFFLRQHVGHIHIXHSUHPLDGDUHFRQRFLGD\PHQFLRQDGD
MXQWRDORVJUDQGHVKRPEUHV\PXMHUHVGHOD%LEOLD,PSUHVLRQDQWH
3HURD~QKD\PiiiiVVVVV
/HH0DWHR4XpGLFHGH5DKDE"
5HQXQFLySDUDVLHPSUHDODSURVWLWXFLyQVHFDVyFRQHOLVUDHOLWD6DOPyQ\
IXHODPDPiGH%RR] HOHVSRVRGH5XW TXHIXHURQORVELVDEXHORVGHOUH\
'DYLG\GHTXLHQVLJORVGHVSXpVQDFHUtDHO6HxRU-HVXFULVWR
(QWLHQGHV" 5DKDE DFDED GH HQWUDU HQ OD OtQHD JHQHDOyJLFD GH OD
GHVFHQGHQFLDGH-HV~V:RZ<QRHUDLVUDHOLWD6ROR'LRVSXGRKDFHUOR
SRUTXHHOODGHFLGLyFDPELDUHOUXPERGHVXYLGD
1RHVWDUGH7~WDPELpQSXHGHVFDPELDU(VWiVDWLHPSRGHKDFHUOR<
FXDQGR WH GHWHUPLQHV D FDPELDU HPSH]DUiV D GHVFXEULU HO HQRUPH \
PDJQtILFRSURSyVLWRTXH'LRVWLHQHGLVHxDGRSDUDWXYLGD
81$0$/',&,1*(1(5$&,21$/
4XpKLFLHURQFRQODFLXGDGGH-HULFy" YV
<TXpPDOGLFLyQVXHOWD-RVXpVREUHHOOD" YV
(VWRQRHVSDYDGD1RHVEURPD6HPDOGLFHORTXH'LRVUHFKD]DORTXHHO
FRUD]yQGH'LRVDERUUHFH\FODUDPHQWH'LRVHVWDEDHQFRQWUDGH-HULFy
6HUtDPDOGLWRHOTXHLQWHQWDUDYROYHUDFRQVWUXLU-HULFy\SDJDUtDFRQVDQJUH
DxRVGHVSXpV5H\HVQRVFXHQWDTXHODPDOGLFLyQVHFXPSOLy
FRQODPXHUWHGH$ELUDP\GH6HJXEORVGRVKLMRVGH+LHOGH%HWHOFXDQGRpO
UHHGLILFy-HULFy8QHQIHUPRWRWDO

&RPXQtFDWHFRQPLJRDHGJDUGRWRVRQL#KRWPDLOFRP

-RVXp


',$

12120(3,6$521/26'('26'(/3,(
(608&+23(2548((62
-HULFy VXQRPEUHVLJQLILFDFLXGDGGHOD/XQD \DKDEtDVLGRFRQTXLVWDGD
GHVWUXLGD \ TXHPDGD FRPSOHWDPHQWH (O PLHGR PiV WHUURUtILFR VH KDEtD
LQVWDODGRHQWRGRVORVKDELWDQWHVGH&DQDiQ7RGDVODVFLXGDGHVWHPEODEDQ
GHSiQLFR\HVSHUDEDQGHVHVSHUDGDVODKRUDGHVXGHVWUXFFLyQ
(O SXHEOR GH ,VUDHO EDMR OD SUHVHQFLD SRGHURVD GH 'LRV HUD XQD IXHU]D
LPSDUDEOHXQWVXQDPLGHGHVWUXFFLyQ3RUORWDQWRFXiOHVODFLXGDG
HOHJLGDSDUDFRQTXLVWDU" YV  0LUDHO0DSDGHOD3iJLQD 
+DLVLJQLILFDUXLQD\HUDXQDFLXGDGWDDDDDQQQQDQWLJXDFRPR-HULFySHUR
PXFKRPiVGpELO0XXXXXX\\\\\\IiFLOGHYHQFHU
4XpLQIRUPHVOHSUHVHQWDQORVHVStDVD-RVXp" YV
&ODUR3DUDTXpYDPRVDLUWRGRVDSHOHDU1RHVQHFHVDULR(VDFLXGDGHV
PX\IiFLOGHYHQFHU3RFRVVROGDGRV<\DVDEHQORTXHSDVyFRQ-HULFy
6LQHPEDUJRFRQTXpVKRFNHDQWHVRUSUHVDVHHQFXHQWUDQORVVROGDGRV
GH,VUDHO" YV
/HVIXHPDDDDOOO+RUULEOHPHQWHPDO)XHURQFRPSOHWDPHQWHKXPLOODGRV
SHUVHJXLGRV GHUURWDGRV \ HVSDQWDGRV GH +DL 1L VLTXLHUD OH KLFLHURQ XQ
UDVJXxRDODFLXGDG3DWpWLFR&yPRHVSRVLEOH"4XpSDVy"
(VDVPLVPDVSUHJXQWDVVHOHFUX]DEDQSRUODFDEH]DD-RVXp
'HUURWDGR HQRMDGR IUXVWUDGR \ VLQ HQWHQGHU QDGD GH QDGD TXp KDFH
-RVXp"4XpGHFLVLyQWRPD" YV
&XiQWRWLHPSRSDVDKXPLOODGRGHODQWHGH'LRV" YV
4XpTXHMDVPH]FODGDVFRQGRORU\DPDUJXUDOHSUHVHQWDD'LRV" YV
<TXpHVORTXHOHSUHRFXSDPXFKR" YV
7HIXHPDOHQORVH[iPHQHVILQDOHV"2UD+DEODFRQ'LRV3UHJ~QWDOH
7HIXHPDOHQWXQRYLD]JR\IUDFDVDVWH"+DEODFRQ'LRV3UHJ~QWDOHDeO
,QYHUWLVWHWXGLQHUR\SHUGLVWHWRGR"2UD+DEODFRQ'LRV3UHJ~QWDOHDeO
7XVSDGUHVVHGLYRUFLDURQ"2UD+DEODFRQ'LRV3UHJ~QWDOHDeO
7XPHMRUDPLJDWHWUDLFLRQy"2UD+DEODFRQ'LRV3UHJ~QWDOHDeO
6HURPSLyODDPLVWDGFRQWXPHMRUDPLJR"+DEODFRQ'LRV3UHJ~QWDOHDeO
7HUREDURQWHODVWLPDURQ"2UD+DEODFRQ'LRV3UHJ~QWDOHDeO



5(9(/$&,1'(/&,(/23$5$9(5/248(129(026
(QWRQFHV'LRVQRVR\H'LRVQRVUHVSRQGH\QRVD\XGDDHQWHQGHUTXpHVOR
TXHVXFHGLyTXpHVORTXHKLFLPRVPDORTXpHUURUHVFRPHWLPRV
4XpUHVSXHVWDOHGD'LRVD-RVXp"4XpKDEtDSDVDGR" YV
7HUULEOH 3UHVWDVWH DWHQFLyQ DO ODUJR OLVWDGR GH SHFDGRV TXH 'LRV OHV
PHQFLRQD"(QTXpPRPHQWRSHFDURQDVt"<TXLpQHVORKLFLHURQ"
<SRUFXOSDGHXQRVSRFRVWRGRVIXHURQGHUURWDGRV\KXPLOODGRV"
(QWHQGDPRVDOJXQRVSULQFLSLRVLPSRUWDQWtVLPRV
(OSHFDGRQRHVXQMXHJR(VWRWDOPHQWHRSXHVWRDODVDQWLGDGGH'LRV
'HWUiVGHFXDOTXLHUSHFDGR SLHQVDHQHOTXHTXLHUDV VHHVFRQGHQOD
UHEHOGtD\ODLQFUHGXOLGDG'LRVVHPXHYHHQVDQWLGDGIH\REHGLHQFLD
 (O SHFDGR HV GHVWUXFWLYR D ODUJR SOD]R DXQTXH LQLFLDOPHQWH QR SDVD
QDGDWRGRELHQ7HDWUDSDWHDWD\WHPDWD6LHPSUHHVDVt<ORSULPHUR
TXHWHPDWDHVWXGHVHRSRU'LRV\SRUODVFRVDVGH'LRV7HVLHQWHVIUtRKDFLD
'LRV7HUHVXOWDXQSORPD]RRUDULUDODLJOHVLDDEULUODERFD\DODEDU<SRU
TXp" 3RUTXH HO SHFDGR SLHQVD HQ HVH TXH VLHPSUH KDFHV  WH VDFD ODV
JDQDVWHDOHMDGH'LRV\EXVFDPiVSHFDGR<HQFLPDWHVLHQWHVFXOSDEOH
7HDIHFWDDWL\DIHFWDDWRGRVORVTXHWHURGHDQ6LWXFRUD]yQQRHVWiELHQ
SRUFDXVDGHOSHFDGRWXVSHQVDPLHQWRVWXVDFWLWXGHVWXVSDODEUDVWXV
UHDFFLRQHV\WXVGHFLVLRQHVWDPSRFRHVWDUiQELHQ<DIHFWDQORVGHPiV
(OSHFDGRWHUREDWRGDVODVEHQGLFLRQHVGHOFLHORWHFLHUUDSXHUWDV\WH
KDFHSHUGHUPiVGHORTXHJDQDV
&yPRVROXFLRQDQHOSUREOHPD"4XpOHVUHYHOD'LRV" YV
0PPPPP(VWRVHYDDSRQHUIHR1RVHMXHJDFRQODVDQWLGDGGH'LRV
2%('(=&26,1&8(67,21$5
$KRUD -RVXp OD WLHQH ELHQ FODUD 6DEH SRU TXp IXHURQ KXPLOODGRV \
GHUURWDGRV\VDEHTXpHVORTXHKD\TXHKDFHUSDUDQRYROYHUDIUDFDVDU
4XpGHFLVLyQWRPD\DTXLpQGHVFXEUHFRPRFXOSDEOH" YV
4XpKDEtDKHFKR$FiQ"&XiOIXHVXSHFDGR" YV
$FDXVDGHVXSHFDGRTXpFRQVHFXHQFLDVVXIUH$FiQ\TXLpQHVVXIUHQ
MXQWRFRQpO" YV
7HUULEOH1RVyORPXHUHpOVLQRWDPELpQVXVKLMRV\WRGDVXIDPLOLD
3DSi\PDPiFyPRHVWiQYLYLHQGRFyPRKDEODQFyPRUHDFFLRQDQ"
(QTXpFRQGXFWDV\SDODEUDVQRVRQXQEXHQHMHPSORSDUDVXVKLMRV"
'HTXpQHFHVLWDQDUUHSHQWLUVH\FDPELDUSDUDSURWHJHUDWRGDVXIDPLOLD"

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZGHYRFLRQDOHVFULVWLDQRVRUJ

-RVXp


',$

(/3/$1'(%$7$//$
'LRVOHKDEtDGDGRD-RVXpODHVWUDWHJLDSDUDSHQHWUDU-HULFy\FRQTXLVWDUOR
$KRUDOHGDUiXQDQXHYDHVWUDWHJLDSDUDFRQTXLVWDUODFLXGDGGH+DL
3HURTXpHVORSULPHURTXH'LRVOHGLFHD-RVXp" YV
<SRUTXpSLHQVDVTXHORDOLHQWDGHHVDPDQHUD"
$GLIHUHQFLDGH-HULFyTXpKDUtDQFRQHOERWtQGHJXHUUDGH+DL" YV
(Q-HULFyH[FHSWRHORUR\ODSODWDWRGRWHQtDTXHVHUGHVWUXLGR1RSRGtDQ
TXHGDUVHFRQQDGD(VWDEDFRPSOHWDPHQWHGHGLFDGRD'LRV3HURDKRUD
'LRVOHVSHUPLWHTXHGDUVHFRQWRGRORTXHUHFRMDQ(QWLHQGHV"
/R SULPHUR HV SDUD 'LRV7X SULPHU VXHOGR WX SULPHU LQVFULSWR WX SULPHU
LQJUHVRWXSULPHUDJDQDQFLDWXSULPHUIUXWRHVSDUD'LRV(VODSULPLFLDHV
GH 'LRV (V XQD PDQHUD GH UHFRQRFHU TXH WRGR OR TXH UHFLEHV JDQDV \
REWLHQHVYLHQHGH'LRVeOWHORGDeOWHEHQGLFH<ORUHFRQRFHV\DJUDGHFHV
HQWUHJiQGRVHORDeO7RGRORTXHJDQHVGHVSXpVHVWX\R
4XpWLHQHVTXHHQWUHJDUOHD'LRV"3LpQVDOR
&XiOHVODQXHYDHVWUDWHJLDGHEDWDOODSDUDFRQTXLVWDU+DL" YV
(VWDHVWUDWHJLDGHVLPXODFLyQTXHKR\YHPRVHQXQPRQWyQGHSHOtFXODV
IXHSXUDLQQRYDFLyQGH-RVXp'LRVVHODGLR\pOODSXVRHQSUiFWLFDDOSLHGH
ODOHWUD
/$&2148,67$'(/$&,8'$'
&yPRRUJDQL]D-RVXpDOSXHEOR\HQGyQGHXELFDDORVVROGDGRVSDUDOD
HPERVFDGD" YV
7RGRVWLHQHQELHQHQFODURORTXHWLHQHQTXHKDFHU(VWDYH]QDGDSXHGH
VDOLUPDO
4XpREVHUYDHOUH\GH+DL\UiSLGDPHQWHTXpGHFLVLyQWRPD" YV
4XpVXFHGHDFRQWLQXDFLyQ" YV
(VFXFKD7XHQHPLJR HOGLDEORORVGHPRQLRV QRORVDEHQWRGR1RVRQ
'LRVTXHFRQRFHDEVROXWDPHQWHWRGDVODVFRVDV7XHQHPLJRVRORFRQRFHOR
TXH W~ OH UHYHODV OR TXH W~ OH HQVHxDV7X HQHPLJR FRQRFH WX GHELOLGDG
SRUTXHW~VHODUHYHODV&DGDYH]TXHSHFDVOHHQVHxDVWXGHELOLGDGDWX
HQHPLJR\pOWHDWDFDUiDKtHQWXSXQWRGpELO
&DGDYH]TXHKDEODVPDOGHWLPLVPDOHHQVHxDVWXGHELOLGDGDOHQHPLJR\pO



YLHQH\WHERPEDUGHDODFDEH]DFRQSHQVDPLHQWRVPiVQHJDWLYRV&DGDYH]
TXHKDFHVDOJRHQRFXOWRDHVFRQGLGDV TXHD'LRVQROHDJUDGD OHDEUHV
XQD SXHUWD D WX HQHPLJR SDUD TXH WH VLJD DWDFDQGR \ YHQFLHQGR 7~ OH
UHYHODVWXGHELOLGDG\pOWHDWDFDSRUTXHWHRGLD\TXLHUHGHVWUXLUWHFRPSOHWD
PHQWH (QWLHQGHV" 7HQ FXLGDGR FRQ OR TXH KDEODV &XLGD WXV SDODEUDV
SRUTXHWRGDSDODEUDQHJDWLYDTXHVDOHGHWXERFDWRGDSDODEUDGHFUtWLFDGH
TXHMD GH PDOGLFLyQ GH GHVFDOLILFDFLyQ GH LQVXOWRV GH SHVLPLVPR GH
LQFUHGXOLGDG HV XQD SXHUWD TXH OH DEUHV DO HQHPLJR SDUD DWDFDUWH \
GHUURWDUWH/HUHYHODVWXGHELOLGDG\pOWHYHQFH
6LQ HPEDUJR HQ SOHQD KXLGD ILFWLFLD TXp OH GLFH 'LRV D -RVXp \ TXp
VXFHGH" YV
7LHQHVODODQ]DHQWXPDQR7LHQHVOD3DODEUDSRGHURVDGH'LRV+iEODODHQ
FRQWUDGHWXHQHPLJR+iEODODHQFRQWUDGHWXGRORU+iEODODHQFRQWUDGHWX
HQIHUPHGDG+iEODODHQFRQWUDGHWXVWHQWDFLRQHV+iEODODHQFRQWUDGHORV
TXHWHGHVFDOLILFDQ+iEODODHQFRQWUDGHWXVPLHGRV+iEODODHQFRQWUDGH
FDGD XQR GH ORV SHQVDPLHQWRV PHQWLURVRV HQ WX FDEH]D &RQTXLVWDORV
$SODVWDWXVPLHGRVFRQOD3DODEUDGH'LRV
5HFKD]DFDGDXQDGHWXVWHQWDFLRQHVFRQOD3DODEUDGH'LRV
&DQFHODFDGDXQRGHWXVSHQVDPLHQWRVPHQWLURVRVFRQOD3DODEUDGH'LRV
(UHVXQYDOLHQWH(UHVXQJXHUUHURGH'LRV(UHVXQDOXFKDGRUD1RWHGHV
SRU YHQFLGD 1R HV HO PRPHQWR GH DEDQGRQDU 6LJXH OXFKDQGR 6LJXH
SHOHDQGRFRQ'LRVHQFRQWUDGHWXVHQHPLJRV$XQTXHWHVLHQWDVGpELOHUHV
IXHUWH$XQTXHVLHQWDVTXHQRSXHGHVVtSXHGHV$XQTXHWHKD\DLGRPDO
DQWHV DKRUD WH LUi ELHQ &LHUUD ODV SXHUWDV TXH OH DEULVWH D WX HQHPLJR
&RQILHVD WXV SHFDGRV HVFRQGLGRV 5HQXQFLD D FDGD XQR GH HOORV HQ HO
QRPEUHGHO6HxRU-HV~V'HFODUDTXHODVDQJUHSUHFLRVDGHO6HxRU-HV~VWH
OLPSLDGHWRGRSHFDGR\TXHHQ-HV~VHUHVPiVTXHYHQFHGRU
+R\ HV WX GtD GH OHYDQWDUWH HQ FRQWUD GH WX HQHPLJR HQ FRQWUD GH WXV
PLHGRV HQ FRQWUD GH WXV WULVWH]DV HQ FRQWUD GH WXV VHQWLPLHQWRV GH
LQIHULRULGDGHQFRQWUDGHWXVLGHDVPHQWLURVDV\FRQTXLVWDUWRGRORTXH'LRV
WHKDGDGR%DVWDGHVHQWLUOiVWLPDGHWLPLVPD%DVWDGHWUDWDUWHDWLPLVPR
FRPREDVXUDFRPRSRUTXHUtD(UHVXQ-RVXpHQODVPDQRVGH'LRV(UHV
XQDJXHUUHUDWHPLEOHVLWHSRQHVHQREHGLHQFLDD'LRV%DVWDGHOORUDU6DO\
SHOHDMXQWRD'LRVSRUWRGRORTXHeOWHKDSURPHWLGR&RQTXLVWDDDDDDD
&yPRWHUPLQDODKLVWRULDSDUD+DLVXJHQWH\VXUH\" YV
$VtWHUPLQDUiODKLVWRULDSDUDWXVHQHPLJRV1LORGXGHV

6tJXHPHHQ7ZLWWHU#(GJDUGR7RVRQL

-RVXp


',$

5HFXHUGDV TXH +DL VLJQLILFD UXLQD" 2N -RVXp VH RFXSy GH GHMDUOD
FRPSOHWD \ WRWDOPHQWH DUUXLQDGD SDUD VLHPSUH 1R WHQJDV SLHGDG QL
PLVHULFRUGLD GH WX HQHPLJR SRUTXH 6DWDQiV WH RGLD D PRULU 6L W~ QR OR
DSODVWDVFRQHOSRGHUGH'LRVpOWHDSODVWDUiDWL3LpQVDOR
81$5(81,108/7,78',1$5,$
4XpKDFH-RVXpLQPHGLDWDPHQWHGHVSXpVGHODFRQTXLVWDGH+DL" YV
<HQGyQGHORFRQVWUX\H" YV
<GHDFXHUGRDODVLQGLFDFLRQHVGHTXLpQORFRQVWUX\y" YV
5HFXHUGDVHOVLJQLILFDGRGHORVSULPHURVDOWDUHVTXHFRQVWUX\HURQ" 'tD
%LHQ (UDQ DOWDUHV GH WHVWLPRQLR $OWDUHV TXH OHYDQWDURQ FRPR XQD
GHFODUDFLyQSURIpWLFDGHTXH'LRVHVWDEDFRQHOORV\TXHHOORVVHPRYtDQ
EDMRHOSRGHU\ODGLUHFFLyQVREUHQDWXUDOGH'LRV
3HURHVWHQXHYRDOWDUHVFRPSOHWDPHQWHGLIHUHQWHDORVDQWHULRUHV0RLVpV
\DOHVKDEtDGHMDGRLQVWUXFFLRQHVELHQFODUDVGHORTXHWHQtDQTXHKDFHU\
-RVXp VH PRYLy HQ IXQFLyQ GH DTXHOODV LQGLFDFLRQHV /HH 'HXWHURQRPLR
\ORHQWHQGHUiVPHMRU
(1(/0217('(/$0$/',&,1
(OPRQWH(EDOXELFDGRDXQRV.PVGH+DLKDEtDVLGRHOHJLGRSRU'LRV
FRPRHOPRQWHGHODPDOGLFLyQ 'HXWHURQRPLR 
<SRUTXpOHGHFtDQDVt"
/HH 'HXWHURQRPLR  :RZ 'XUtVLPR  PDOGLFLRQHV VHUtDQ
KDEODGDV\UHFRUGDGDVGHVGHHOPRQWH(EDOSDUDTXHDWRGRVOHVTXHGHELHQ
FODULWRTXHHOSURSRVLWRGH'LRVSDUDVXSXHEORHVODVDQWLGDG\SDUDTXH
QLQJXQRROYLGHTXHGHVREHGHFHUWLHQHFRQVHFXHQFLDVWUiJLFDV
(VFXFKDQRVRQWXVSDGUHVWXVSDVWRUHVROtGHUHVHV'LRVPLVPRTXLHQWH
SLGHVDQWLGDG SXUH]D 
(QODUHODFLyQFRQ'LRV\ODDGRUDFLyQ 'W 
(QODVUHODFLRQHVLQWHUSHUVRQDOHV 'W 
(QHOWUDWR\ODVDFWLWXGHVKDFLDORVPiVQHFHVLWDGRV 'W 
(QHOVH[R\ODVH[XDOLGDG 'W 
(QODREHGLHQFLDDOSDFWR DOD3DODEUDGH'LRV  'W 
(ODOWDUGHOPRQWH(EDOQRSRGtDWHQHUQDGDGHKLHUURVRORODVSLHGUDV(VWR



WLHQHXQSURIXQGRVLJQLILFDGR1DGDKXPDQR KLHUUR SXHGHPH]FODUVHFRQOD


REUDSHUIHFWDGH'LRV ODVSLHGUDVGHODOWDU /RTXH'LRVKDFHHVWDQSHUIHFWR
\WDQFRPSOHWRTXHQRSXHGHVHUPHMRUDGRSRUQLQJXQDGHQXHVWUDVEXHQDV\
ORFDVLGHDV'LRVHVSHUIHFWRVXSDODEUDHVSHUIHFWD\VXVSURSyVLWRVSDUD
QXHVWUDVYLGDVWDPELpQORVRQ
/RTXHW~\\RWHQHPRVTXHKDFHUHVH[DFWDPHQWHORTXHKL]R-RVXpFUHHU
REHGHFHU\HVIRU]DUQRV\HQWRGRORTXHKDJDPRVQRVLUiELHQ
(O DOWDU HVWDED FRQVWUXLGR FRQ SLHGUDV ELHQ JUDQGHV FDSD] GH VRSRUWDU
VDFULILFLRVJUDQGHV\GHSHUPDQHFHUSRUPXFKRWLHPSR$VtHVORTXH-HV~V
KL]RSRUQRVRWURVFXDQGRPXULy\UHVXFLWy6XSHUGyQVXDPRUVXJUDFLDVX
VDOYDFLyQSHUPDQHFHQSDUDVLHPSUH
<$+25$648e(03,(&((/&8/72
4XpRIUHFHQVREUHHODOWDU" YV
/HHPiVDFHUFDGHODVRIUHQGDVGHORVKRORFDXVWRV\ODVRIUHQGDVGHSD]HQ
'HVDItRV3DUD-yYHQHV\$GROHVFHQWHVe[RGR/HYtWLFR'tDV\
8QDYH]WHUPLQDGRVORVVDFULILFLRV\ODVRIUHQGDVTXpKDFH-RVXp"$TXp
VHGHGLFD" YV
:RRRRZZZ7HDFXHUGDVGH-RVXp"7HDFXHUGDVTXpHUDDTXHOOR
GHORTXH-RVXpQXQFDVHWHQtDTXHDOHMDU"
-RVXpHVPXFKRPiVTXHXQOtGHUPLOLWDU-RVXpHVXQOtGHUHVSLULWXDOFRQVX
YLGDFHQWUDGDHQ'LRV<SDUDORJUDUHVWRQRWHDOFDQ]DVRORFRQDVLVWLUD
FXUVRV GH OLGHUD]JR Vt VRQ LPSRUWDQWtVLPRV DSURYpFKDORV D WRGRV 
QHFHVLWDVDOJRPiVSURIXQGRQHFHVLWDVPHWHUWHSURIXQGDPHQWHFRQ'LRV
1HFHVLWDVVHUXQOHFWRUGHOD3DODEUDGH'LRV\RUDUSRUUHYHODFLyQSDUDTXH
'LRVVHWHUHYHOHWHKDEOHWHHQVHxHWHPLQLVWUHFDGDYH]TXHDEUHVVX
3DODEUD/DWpFQLFDGHOOLGHUD]JRODDSUHQGHVHQFXDOTXLHUFDSDFLWDFLyQ
SHURODHVSLULWXDOLGDGGHOOLGHUD]JRVRORODDSUHQGHVHQODSUHVHQFLDGH'LRV
4XHQDGDWHDSDUWHGHOD3DODEUDGH'LRV
4XpKDFHQDFRQWLQXDFLyQ" YV
7RGRHOSXHEORVHVHSDUyHQGRVJUDQGHVJUXSRVPLUiQGRVHXQRVDRWURV
8QDPLWDGHQHO0RQWH*HUL]LP GHFODUDQGRODVEHQGLFLRQHV \ODRWUDPLWDG
HQHO0RQWH(EDO UHFRUGDQGRODVPDOGLFLRQHV \HQHOFHQWURGHDPERV
JUXSRV HO DUFD GH 'LRV \ HO DOWDU < WRGRV DGXOWRV \ QLxRV ODV IDPLOLDV
UHXQLGDVIXHURQPLQLVWUDGRVFRQODOHFWXUDGHOD3DODEUDGH'LRV

4XLHUHV
6DEHU0iV"

,QJUHVDD ZZZGHVDILRMRYHQFRP

-RVXp


',$

(1(0,*2681,'26<$50$'26+$67$/26',(17(6
4XLHQHVVHXQLHURQSDUDHQIUHQWDUD-RVXp\D,VUDHO" YV
&RQ OD LPSHQHWUDEOH -HULFy ERUUDGD GH OD IDV GH OD WLHUUD < FRQ +DL
TXHPDGD\GHVWUXLGDKDVWDVXVFLPLHQWRVORVGHPiVUH\HVSUHVDJLDEDQXQ
IXWXURPXXXX\\\\QHJURSDUDHOORV\VXVFLXGDGHV\UiSLGDPHQWHIRUPDURQ
DOLDQ]DVHQWUHWRGRVSDUDHQIUHQWDUD,VUDHO
81(1(0,*2,17(/,*(17(<$67872
6LQHPEDUJRQRWRGRVVHSUHSDUDURQSDUDODJXHUUD+XERXQJUXSRTXH
RSWy SRU XQD HVWUDWHJLD PX\ GLIHUHQWH \ PX\ MXJDGD 6L OHV VDOtD ELHQ
YLYLUtDQSHURVLOHVVDOtDPDOFKDXFKDXDGLyV
4XLpQHVVRQ\FXiOHVVXHVWUDWHJLDSDUDFRQWLQXDUYLYRV" YV
7H SDVR XQ GDWR LPSRUWDQWH /RV FDQDQHRV GHEtDQ VHU FRPSOHWDPHQWH
GHVWUXLGRVSHUR'LRVDXWRUL]yD,VUDHODHVWDEOHFHUDOLDQ]DVFRQORVSXHEORV
GLVWDQWHV OHMDQRV /HH 'HXWHURQRPLR  \  SDUD HQWHQGHUOR
PHMRU 3HUR*DEDyQQRHUDXQSXHEOROHMDQRQLGLVWDQWHHOORVHVWDEDQD
VRORNPGH*LOJDO ODEDVHGHRSHUDFLRQHVPLOLWDUHVGH-RVXp NP
1DGDQLVLTXLHUDSDUDHVDpSRFDHQODTXHWRGRHOPXQGRDQGDEDDSLHD
FDUUR R HQ DQLPDOHV 6LQ HPEDUJR \ GH DOJXQD PDQHUD ORV JDEDRQLWDV
WHQtDQFRQRFLPLHQWRGHORTXHODOH\GH'LRVGHFtD\ODXVDURQDVXIDYRU
$678726<08<%8(126$&725(6
4XpKLVWRULDOHYHQGHQORVJDEDRQLWDVD-RVXp" YV
+DEUiQ HQVD\DGR DQWHV R LEDQ LPSURYLVDQGR VREUH OD PDUFKD" 7DQ
LQJHQXRV IXHURQ -RVXp \ VXV OtGHUHV SDUD FRPHUVH VHPHMDQWH YHUVR
FKDPX\REROD]RGLUtDPRVHQ$UJHQWLQD "
9HDPRVDOJXQDVHQVHxDQ]DVLPSRUWDQWHV
(OHQHPLJRORVFRQIXQGLySRUTXHFDPELyVXHVWUDWHJLD\HOORVODGHVFR
QRFtDQ2MR7XHQHPLJREXVFDUiGLIHUHQWHVPDQHUDVGHKDFHUWHFDHU
7XHQHPLJRDFWXDUiGHODQWHWX\RORTXHQRHVKDVWDHOGtDHQTXHOR
PHWDVHQWXYLGD<HQWRQFHVVHPRVWUDUiWDOFRPRHV)XLVWH
$WXHQHPLJRQROHLPSRUWDWXYLGDWXFRUD]yQWXUHODFLyQFRQ'LRVVyOROH
LPSRUWD]DIDUGHVXSURSLRSUREOHPD\DUUDVWUDUWHFRQpO&XLGDGR
 7X HQHPLJR EXVFDUi TXH WH FRPSURPHWDV FRQ pO SDUD GHVYLDU WX
FRPSURPLVRGH'LRV\WXE~VTXHGDGH6X3UHVHQFLD$EUHWXVRMRV



&2168/7$5&21',266,(035(
&XiOHVHOJUDQHUURUTXH-RVXp\ORVGHPiVOtGHUHVFRPHWHQ" YV
&ODUR(VODVHJXQGDYH]TXHDFW~DQVLQFRQVXOWDUFRQ'LRV5HFXHUGDV
FXiOIXHODSULPHUDYH]" 'tD 
+D\ GHFLVLRQHV FUXFLDOHV LPSRUWDQWtVLPDV TXH WHQGUiV TXH WRPDU \ TXH
PDUFDUiQWXYLGDSDUDELHQRSDUDPDOSRUORVSUy[LPRVDxRV6RQGHFLVLRQHV
TXHWHKDUiQDYDQ]DU\FUHFHUPXFKtVLPRRTXHWHIUHQDUiQPDO\WHKDUiQ
UHWURFHGHU3RUHMHPSOR
&RQTXLpQPHSRQGUpGHQRYLRDSDUDFRPSDUWLU72'$PLYLGD"
4XpFDUUHUDWHUFLDULDRXQLYHUVLWDULDHVWXGLDUp"
2QRHVWXGLRQDGD\PHPHWRDWUDEDMDUELHQIXHUWH"
&XiOHVODLJOHVLDHQODTXHPHWHQJRTXHTXHGDUGHILQLWLYDPHQWHSDUD
VHUYLUD'LRV\VHUXVDGRSRUeO"
+DFHUHODPRUFRQPLQRYLDRRHVSHUDUKDVWDFDVDUQRV"
 ,UPH GH PL FDVD \ KDFHUPH UHVSRQVDEOH SRU PL SURSLD YLGD R VHJXLU
YLYLHQGRFyPRGDPHQWHFRQPLVSDGUHV\TXHPHVLJDQPDQWHQLHQGR"
$ERUWDURQRDERUWDU"
&RPSUDUYHQGHULQYHUWLU"(QTXp"
9LDMDUDRWURSDtVSDUDFRPSOHWDUPLVHVWXGLRV\WUDEDMDU"
3HUGRQDUOR\VDFDUORGHPLYLGDSDUDVLHPSUHRVHJXLUVXIULHQGR"
(VHVWDODSHUVRQDFRQODTXHTXLHURFRPSDUWLU\YLYLUHOUHVWRGHPLYLGD"
<VHJXUDPHQWHVHWHFUXFHQPiVSUHJXQWDVSRUODFDEH]D6RQSUHJXQWDV
FODYHVIXQGDPHQWDOHVTXHHQDOJ~QPRPHQWRWHQGUiVTXHUHVSRQGHUWH
3UHJ~QWDOHD'LRV\HVSHUDXQDUHVSXHVWDGHeO'LRVWHUHVSRQGHUiSHUR
KDEOD FRQ eO DQWHV GH WRPDU XQD GHFLVLyQ 1R FRQItHV HQ WX SURSLD
LQWHOLJHQFLDVLHPSUHKDEUiXQRPiVLQWHOLJHQWH\PiVUiSLGRTXHWX/RVGH
*DEDyQIXHURQPiVLQWHOLJHQWHV\PiVUiSLGRVTXH-RVXp
$XQTXHODSURSXHVWDRODSHUVRQDVHDH[WUDRUGLQDULDIDQWiVWLFDLQFUHtEOH\
HVWpV FRPSOHWDPHQWH IODVKHDGRD SRUTXH KD VXSHUDGR WRGDV WXV
H[SHFWDWLYDVHVSHUD1RWHWLUHVGHFDEH]DQRWHPDQGHVGHXQDEDMDXQ
FDPELR +DEOD FRQ 'LRV 3UHJ~QWDOH &RQVXOWD FRQ eO 3tGHOH HYLGHQFLDV
FODUDVVHxDOHVFRQFUHWDV+DEODFRQWXVSDGUHVFRQVXOWDFRQWXVSDVWRUHV\
OtGHUHVRFRQDOJXLHQTXHVHSDVTXHWLHQHPDGXUH]\VDELGXUtDGH'LRV1R
WHDSUHVXUHV
&yPRWHUPLQDODKLVWRULDFXDQGRVHGHVFXEUHODYHUGDG"4XpVXFHGHFRQ
-RVXp\ORVJDEDRQLWDV" YV 3LpQVDOR\TXHQRWHVXFHGDORPLVPR

&RPXQtFDWHFRQPLJRDHGJDUGRWRVRQL#KRWPDLOFRP

-RVXp


',$

&,1&2&2175$812
1RRRRRRR(VRHVXQDEXVR(VXQURER&yPRFRQWUD"&REDUGHV
9DPRVSRUSDUWHV'HTXLpQHVODEULOODQWHLGHDGHDWDFDU*DEDyQ\SRUTXp
PRWLYRV" YV\
/RV DVWXWRV JDEDRQLWDV KDEtDQ KHFKR XQD DOLDQ]D SDFtILFD FRQ ,VUDHO
=DIDURQGHVHUGHVWUXLGRV3HURHVDDFWLWXGGHVSHUWyWRGDODEURQFD\HORGLR
GHOUH\GH-HUXVDOpQ$GRQLVHGHF VXQRPEUHVLJQLILFDVHxRUGHMXVWLFLD 
<SRUTXpWDQWDEURQFD"
3RUTXHVHVLQWLyWUDLFLRQDGR6LXQDFLXGDGJUDQGH\FRQKRPEUHVIXHUWHV
FRPR *DEDyQ VH UHQGtD WDDDDDQQQQQ SDFtILFDPHQWH IUHQWH DO HQHPLJR
,VUDHO  HQWRQFHV TXp VXFHGHUtD FRQ ODV GHPiV FLXGDGHV \ UH\HV"
7RGRV WHUPLQDUtDQ HQWUHJiQGRVH D -RVXp \ D ,VUDHO (VR QR VH SRGtD
SHUPLWLU+D\TXHKDFHUORVXIULUDOWUDLGRU*DEDyQ
&RQTXLpQHVVHXQH$GRQLVHGHF" YV\
1RPHFDEHQLQJXQDGXGDGHTXHHOUH\GH-HUXVDOpQSLVDEDIXHUWHWHQtD
LQIOXHQFLD\OHWHQtDQPLHGR/RVFXDWURUH\HVUHVWDQWHVUiSLGDPHQWHVH
XQLHURQDpOSDUDDWDFDU*DEDyQ\FDVWLJDUODSRUVXDOHYRVDWUDLFLyQ(VWRV
FLQFRUH\HVIRUPDEDQHOEORTXHVXURHVWHGH&DQDiQ
3LHQVDHQORVLJXLHQWH
7XHQHPLJRWHRGLD6DWDQiVWHRGLD6XVGHPRQLRVWHRGLDQ
7XHQHPLJRQXQFDDFHSWDUiTXHORDEDQGRQHVTXHORGHMHV\FDPELHVWX
PDQHUDGHYLYLU6HOHYDQWDUiHQWXFRQWUD7HEXVFDUiSDUDGHVWUXLUWH
7XHQHPLJREXVFDUiDOLDGRVTXHWHSHUVLJDQTXHKDEOHQPDOGHWL
3HUR QR WHQJDV PLHGR QR WH GHVHVSHUHV HO ILQDO GH WX HQHPLJR \D HVWi
GHFUHWDGReOSLHUGHW~JDQDV
-268e81/'(517(*52
4XpKDFHQORVGH*DEDyQFXDQGRVHHQWHUDQTXHORVUH\HVVHOHVYLHQHQ
HQFLPD" YV
<FyPRUHVSRQGH-RVXp"4XpKDFH" YV
(VFXFKD6LORVUH\HVGHVWUXtDQD*DEDyQQROHVDFDEDQXQSUREOHPDGH
HQFLPDD-RVXp"/RVGH*DEDyQPLQWLHURQHQJDxDURQ\REWXYLHURQXQD
DOLDQ]DFRQ-RVXpTXHORVIDYRUHFtD~QLFDPHQWHDHOORVSDUDTXpLUD



D\XGDUORV"3RUTXpQRGHMDUORVVRORV\TXHVHODVDUUHJOHQFRPRSXHGDQ
IUHQWHDORVUH\HV"7~TXpSLHQVDV"
,PDJLQD OD VLJXLHQWH VLWXDFLyQ 6H WH DFHUFD XQ FKLFR R XQD FKLFD UH
VLPSiWLFRDUHVRQULVDVUHEXHQDRQGD6HKDFHWXDPLJRD/RD\XGDVOR
HVFXFKDVORDFRQVHMDV7RGRELHQKDVWDHOGtDTXHWHHQWHUDVTXHVX~QLFR
LQWHUpV\PRWLYDFLyQHUD]DIDUGHVXVSUREOHPDVTXHUHDOPHQWHQXQFDOH
LPSRUWDVWH 4Xp KDUtDV" &yPR DFWXDUtDV OD SUy[LPD YH] TXH VH WH
DFHUTXHSDUDSHGLUWHDOJR"&RQTXpDFWLWXGORDWUDWDUtDV"
6DEHVSRUTXp-RVXpORVD\XGD"3RUTXHpOOHVKDEtDGDGRVXSDODEUD\XQ
OtGHUtQWHJURFXPSOHFRQVXSDODEUD6LGDVWXSDODEUDWLHQHVTXHFXPSOLU
VHDVRQRVHDVXQOtGHU6LGDVWXSDODEUD\SURPHWHVDOJRWLHQHVTXHFXPSOLU
6L GDV WX SDODEUD \ WH FRPSURPHWHV FRQ DOJR WLHQHV TXH FXPSOLU 'H OR
FRQWUDULRQDGLHWHWRPDUiHQVHULRQDGLHFUHHUiHQWL3LpQVDOR
&,1&2&2175$812',26(6&+25(2
(V SDUDGyMLFR TXH ,VUDHO GHILHQGD D *DEDyQ SRU WRGR OR TXH \D WH
H[SOLTXp SHURHVFXFKD'LRVHVWiPHWLGRHQHOSUR\HFWR<VL'LRVHVWi
QDGDSXHGHVDOLUPDO4XpSDODEUDSRGHURVDUHFLEH-RVXpGH'LRV" YV
:RRRZZZ,PSUHVLRQDQWH$VtFXDOTXLHUD-DMDMDMDMD
4XpVXFHGHDFRQWLQXDFLyQ" YV
(QWLHQGHV" 'LRV SHOHD SRU HOORV$KRUD VRQ ORV  UH\HV FRQWUD ,VUDHO \
-RVXpFRQWUD1R1R1RFRQWUD'LRV$KRUDVt
'LRVOHVPHWHPLHGR YV 'LRVORVHQWUHJDHQVXVPDQRV YV 'LRVOHV
URPSHODFDEH]D\ORVKXHVRVFRQJUDQL]RGHOFLHOR YV 'LRVORKDFH
(/'$(148((/62/</$/81$2%('(&,(521
/RTXHVXFHGHDFRQWLQXDFLyQHVH[WUDRUGLQDULR/pHORW~PLVPR YV 
$TXHOIXHHO~QLFRGtDGHKVHQWRGDODKLVWRULDGHODKXPDQLGDG6tHVH
GtDIXHGHKVQRGHKV(VWRHVXQPLODJURWUHPHQGR
&yPRHVSRVLEOH"3RUTXp'LRVR\HD-RVXp\OHUHVSRQGHWDQUiSLGR\GH
PDQHUDWDQHVSHFtILFD"(OVRO\ODOXQDOHREHGHFHQ0HHQWLHQGHV"1RHV
WXJDWRQLWXSHUUR&yPRHVSRVLEOH"3RUTXp"3RUTXHVRORVHQHFHVLWDOD
SDODEUDGHDXWRULGDGGHXQKRPEUHYLYLHQGREDMRDXWRULGDG6HULH'HVDILRV
-RVXpHVXQOtGHUTXHYLYHHQREHGLHQFLDDOD3DODEUDGH'LRVFRPSOHWD
PHQWHHQWUHJDGRDODDXWRULGDGGH'LRV<'LRVUHVSDOGDR\H\UHVSRQGHD
TXLHQHVYLYHQEDMRVXDXWRULGDGHQREHGLHQFLDDVX3DODEUD&yPRYLYHV"

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZHVWXGRVFULVWDRVFRP

-RVXp


',$

(/'$(148((/62/</$/81$2%('(&,(521
(VFXFKD3DUDORVKDELWDQWHVFDQDQHRVHOVRO\ODOXQDHUDQPXFKRPiVTXH
GRV DVWURV HQ HO FLHOR HUDQ VXV GLRVHV SULQFLSDOHV $TXHOORV SXHEORV
SDJDQRVOHUHQGtDQFXOWR\DGRUDFLyQDOVRO\DODOXQD
,PDJtQDWH HQWRQFHV HO VKRFN WUDXPiWLFR TXH OHV SHJy D ORV FLQFR UH\HV
FDQDQHRV\DWRGRVVXVHMpUFLWRVFXDQGRVXVGLRVHVOHREHGHFHQD-RVXp
VHGHWLHQHQHQHOFLHOR\HOGtDVHSURORQJDDQRUPDOPHQWH7DQSRGHURVR
HVHO'LRVGH-RVXpTXHKDVWDQXHVWURVSURSLRVGLRVHV VROOXQD\HVWUHOODV 
OH REHGHFHQ" (VWRV WLSRV TXHGDURQ FRPSOHWDPHQWH GHVFRORFDGRV \ VLQ
IXHU]DVSDUDVHJXLUSHOHDQGR
(QWLHQGHHVWRQRHUDVRORXQDEDWDOODGHHVSDGDVDUFRV\DUPDGXUDVHUD
WDPELpQXQDEDWDOODHVSLULWXDO(OSRGHUGH'LRVSRUPHGLRGH-RVXpH,VUDHO
FRQWUDODRSRVLFLyQGHORVGHPRQLRV/DFRQTXLVWDGH&DQDiQQRHVVRORXQD
FRQTXLVWD GH WLHUUDV \ FLXGDGHV HV PXFKtVLPR PiV TXH HVR HV XQD
FRQTXLVWDGHDPELHQWHVHVSLULWXDOHVGHUHJLRQHVGHRVFXULGDGJREHUQDGDV
SRU GHPRQLRV \ FXOWRV VDWiQLFRV TXH WHQtDQ TXH VHU H[WHUPLQDGRV SDUD
HVWDEOHFHUHOUHLQRGH'LRV
+8<$1&2%$5'(6
/XHJRGHDTXHOLPSUHVLRQDQWHPLODJURTXpKDFHQORVUH\HVHQHPLJRV"
YV
-DMDMDMDMD1ROHVDOFDQ]DEDQODVSLHUQDVSDUDVDOLUFRUULHQGR
4XpHVWUDWHJLDXVD-RVXpSDUDFDSWXUDUORVPLHQWUDVVLJXHSHUVLJXLHQGRDO
UHVWRGHVXVHMpUFLWRV" YV 
<FRQTXpSDODEUDGHIHDOLHQWDDVXVKRPEUHV" YV
(VFXFKD 8Q OtGHU GH YHUGDG DOLHQWD PRWLYD QR WH WLUD SDUD DWUiV QR WH
EDMRQHDQRWHPHWHPLHGR(OOtGHUGHYHUGDGWHGHVDItDDPiVTXHVLJDV
FRQTXLVWDQGRFUHFLHQGRDYDQ]DQGRTXHQXQFDWHGHVSRUYHQFLGRTXH
ORJUHVORLPSRVLEOHHQ'LRV
(Q TXp FRQGLFLRQHV UHJUHVD HO SXHEOR GH ,VUDHO OXHJR GH SHUVHJXLU \
DQLTXLODUDVXVHQHPLJRV" YV
4XpKDFH-RVXpFRQORVUH\HVFDSWXUDGRV" YV
(O SRQHU HO SLH VREUH HO FXHOOR GH ORV UH\HV YHQFLGRV HUD XQD FRVWXPEUH
PLOLWDUFRP~QHQHODQWLJXRRULHQWH6LPEROL]DEDHOGRPLQLRGHOYHQFHGRU



VREUH VXV FDXWLYRV$KRUD WRGR ,VUDHO SRGtD YHU TXH 'LRV HUD VXSHULRU D
FXDOTXLHUHMpUFLWRHQHPLJR\DFXDOTXLHUDGHVXVGLRVHVSDJDQRV
/HH QXHYDPHQWH HO YV 4Xp QXHYD SDODEUD GH IH \ GH PRWLYDFLyQ OH
VXHOWD-RVXpDVXVKRPEUHV\DWRGRHOSXHEORGH,VUDHO"
7H GLMH D\HU 'tD   TXH 'LRV HVWDED PHWLGR HQ HO SUR\HFWR \ OR TXH D
SULPHUD YLVWD VH YHtD PX\ FRPSOLFDGR SDUD -RVXp GHIHQGHU D *DEDyQ
FRQWUD OD XQLyQ GH  UH\HV JXHUUHURV  WHUPLQy IDYRUHFLpQGROR FRPSOHWD
PHQWH3RUTXp"3RUTXH'LRVOHSXVRDORVUH\HVVHUYLGRVHQEDQGHMD
(QYH]GHWHQHUTXHSHOHDUXQRFRQWUDXQR OHKXELHUDOOHYDGRPiVWLHPSR
PiVUHFXUVRV\PiVGHVJDVWH SHOHDFRQWUDORVUH\HVMXQWRV\ORVDSODVWD
WRWDOPHQWHGHXQDVRODYH]&LQFRPHQRVSRUORVTXHSUHRFXSDUVH
1RWHSUHRFXSHVSRUHOWDPDxRGHOGHVDItRTXHWHQJDVSRUGHODQWHVL'LRV
HVWiHQHODVXQWRWHLUiELHQ6HULH'HVDILRV
3LHQVDHQGHVDItRVHVSHFtILFRV3RUHMHPSORXQPLQLVWHULRDOTXHWHLQYLWDQ
XQDVHULHGHH[iPHQHVSDUDDSUREDUHODxRXQDPHWDGHSRUWLYDRHOGHVDItR
GHUHQXQFLDUSDUDVLHPSUHDXQKiELWRQHJDWLYR6LORKDFHVSDUWHD'LRVVLOH
GDVOXJDUVLOHSHUPLWHVPHWHUVHHQHODVXQWRHQWRQFHVORORJUDUiVWHLUi
ELHQ6XSHUDUiVHVHGHVDItRHLUiVSRUPiV
$55$6$1'2&2172'2$683$62/$&$03$f$'(/685
<DOOHYDPRVFLXGDGHVFRQTXLVWDGDV\UH\HVGHUURWDGRV5HSDVHPRV
-HULFy+DL
*DEDyQ HVWH~OWLPRSRUODDOLDQ]DSDUDQRVHUGHVWUXLGRV 
&yPRVLJXHODH[LWRVtVLPDFDPSDxDPLOLWDUGH-RVXp" YV
0DFHGD/LEQD
/DTXLV*H]HU
(JOyQ+HEUyQ'HELU
7RGDV HVWDV FLXGDGHV DUUDVDGDV \ GHVWUXLGDV SRU -RVXp DGHPiV GH XQ
PRQWyQGHSREODGRV\DOGHDVPiVSHTXHxDVGHODUHJLyQIRUPDURQSDUWHGH
ODFDPSDxDPLOLWDUGHOVXU 3DUDHQWHQGHUORPHMRUPLUDHO0DSDGHOD3iJLQD
 
&XiOHVHOVHFUHWRGHVXVYLFWRULDV" YV\ 
-RVXpREHGHFH<'LRVORUHVSDOGD\SHOHDSRUpO(OUHVXOWDGR"
/DFDPSDxDPLOLWDUGH-RVXpIXHIXOPLQDQWH\H[LWRVDFRQTXLVWDQGRWRGRD
VXSDVR1RLPSRUWDORTXHWHQJDVSRUGHODQWHVLREHGHFHV'LRVWHUHVSDOGD
6LHUHVREHGLHQWHWHLUiELHQ2EHGLHQFLDWRWDOQRDPHGLDV3LpQVDOR

6tJXHPHHQ7ZLWWHU#(GJDUGR7RVRQL

-RVXp


',$

$55$6$1'2&2172'2$683$62/$&$03$f$'(/1257(
-RVXp\DKDEtDFRQTXLVWDGRODVSULQFLSDOHVFLXGDGHVGHOFHQWURGH&DQDiQ
-HULFy +DL \ *DEDyQ  \ WDPELpQ KDEtD DUUDVDGR FRQ ODV SULQFLSDOHV
FLXGDGHVGHOVXUGH&DQDiQ 0DFHGD/LEQD/DTXLV*H]HU(JOyQ+HEUyQ
'HELU  8QD H[WUDRUGLQDULD \ IXOPLQDWH FRQTXLVWD DXQTXH QR GHO 
SRUTXHODVFLXGDGHVFRVWHUDV WLHUUDGHILOLVWHRV TXHGDURQVLQVHUWRFDGDV
$~QDVt,VUDHO\DSRVHtDODPD\RUtDGHOWHUULWRULRFHQWUR\VXUGH&DQDiQ
$KRUDKDEtDTXHDYDQ]DUKDFLDHOQRUWH
4XpUH\HVGHOQRUWHVHXQHQSDUDSHOHDUFRQWUD-RVXpH,VUDHO" YV
<FXiQWRVHUDQWRGRVHVWRVWLSRV" YV
:RZ/HtVWHELHQ"&RPRODDUHQDGHOPDUHQPXOWLWXGFRQPXFKtVLPRV
FDEDOORV\FDUURVGHJXHUUD:RZ&RPSOLFDGR0XXX\\\\FRPSOLFDGR
3DUDHQWHQGHUORPHMRUPLUDHO0DSDGHOD3iJLQD 
9HDPRV
-DEtQ VXQRPEUHVLJQLILFDLQWHOLJHQWH UH\GH+D]RU XQDGHODVFLXGDGHV
FDQDQHDVPiVLPSRUWDQWHVGHOQRUWH FRQYRFyDORVUH\HVGHODUHJLyQDORV
UH\HVGHOWHUULWRULRPRQWDxRVRGHO1RUWHDORVUH\HVGHODOODQXUDDOVXUGHO
PDU&LQHUHW VHUHILHUHDOODJRGH*DOLOHD \WDPELpQDORVUHVWRVGHORV
HMpUFLWRVGHUURWDGRVGHO6XUFDQDQHRVDPRUUHRVKHWHRVHWF
6HPHMDQWHPXOWLWXGGHVROGDGRVVHKDEtDQUHXQLGRFRQXQVRORREMHWLYRHQ
PHQWH IUHQDU HO DYDQFH GH -RVXp \ H[SXOVDUOR GHILQLWLYDPHQWH GH VXV
WHUULWRULRV DGHPiV GH YHQJDUVH DSODVWDUOR KXPLOODUOR \ GDUOH SDUD TXH
WHQJDSRUFDGDXQDGHODVFLXGDGHVTXHKDEtDDUUDVDGR\GHVWUXLGR
(Q VtQWHVLV $ -RVXp VH OR TXHUtDQ FRPHU FUXGR 3DUD HOORV pO HUD HO
HQHPLJRS~EOLFR1HUDHOWLSRPiVRGLDGRGHWRGRV
&DGD YH] TXH WH LQYROXFUHV FRQ 'LRV SDUD VHUYLUOR \ H[WHQGHU VX 5HLQR
VHUiVHOPiVRGLDGR\ODPiVRGLDGDGHWRGRV\WRGDVSRU6DWDQiV\VXV
LQPXQGRVGHPRQLRV
&DGDDPLJRRDPLJDTXHJDQHVSDUD&ULVWRVHUiXQDSRGHURVDFRQTXLVWD
TXHREWHQJDV(OLQILHUQRWHRGLDUiDPXHUWH
&DGD+RUD)HOL]FpOXODRUHGGHQLxRVTXHPHWDVHQXQEDUULRVHUiWHUUHQR
FRQTXLVWDGR\JDQDGRSDUD'LRV7HRGLDUiQD~QPiV
&DGDYH]TXHKDEOHVHQFRQWUDGHODERUWRGHORVPDWULPRQLRVJD\VGHOD



SRUQRJUDItDGHOVH[RDQWHVGHOPDWULPRQLRGHODOHJDOL]DFLyQGHODVGURJDV\
PXFKRVRWURVWHPDVFDOLHQWHVWHPLUDUiQFRPRDOELFKRUDURWHYHUiQ
FRPRXQDDPHQD]D\GHVDWDUiVWRGRHORGLRGHOLQILHUQRHQWXFRQWUD
&DGDYH]TXHGHMHVXQSHFDGRRDXQKiELWRQHJDWLYRHQWXYLGD XQDJUDQ
FRQTXLVWD  \ HOLMDV YLYLU HQ PD\RU VDQWLGDG \ E~VTXHGD GH 'LRV WRGR HO
LQILHUQRTXHUUiFRPHUWHFUXGR\IDVWLGLDUWHODYLGD
$QWHHVWHSDQRUDPDPX\SHURPX\FRPSOLFDGRTXpSDODEUDUHFLEH-RVXp
GHSDUWHGH'LRV" YV
(VDDDD7UDQTXLORD6L'LRVWHGDXQD3DODEUDQDGDSXHGHVDOLUPDO1R
LPSRUWDFXiQWRVVHDQORVHQHPLJRVQRLPSRUWDFXiQWDVVHDQODVDPHQD]DV
VL'LRVWHORGLMR'LRVORKDFH6RORFUHH\PXpYHWHHQORTXH'LRVWHPDQGD
2%('(=&26,1&8(67,21$5
(QWRQFHVTXpKDFH'LRV" YV
<TXpKDFH-RVXp" YV
/RLPSRVLEOHORKDFH'LRVORSRVLEOHORKDFHPRVQRVRWURV'LRVOHVHQWUHJD
ODWLHUUDSHURHOORVSHOHDQ\ODFRQTXLVWDQ0XFKRVPXHUHQPXFKtVLPRV
SHURHVSDUWHGHOSUHFLRTXHHVWiQGLVSXHVWRVDSDJDUSDUDFRQTXLVWDU\
SRVHHUORTXHOHVIXHSURPHWLGR
'LRV WH GD XQD 3DODEUD SHUR HV WX UHVSRQVDELOLGDG HVIRU]DUWH WUDEDMDU
HVWXGLDUDSUREDUH[iPHQHVPHMRUDUWXDSDULHQFLDFDPELDUWXVDFWLWXGHV
FRQTXLVWDU'LRVQXQFDKDUiORTXHWLHQHVTXHKDFHUW~MDPiV'LRVQR
DOLPHQWDSHUH]RVRVQLYDJRV'LRVWHGDXQD3DODEUDTXHW~WLHQHVTXHFUHHU
\REHGHFHU
'LRVWHEHQGHFLUiWHDFRPSDxDUiWHIRUWDOHFHUiWHGDUiLQWHOLJHQFLDWHKDUi
FDHUHQJUDFLDGHODQWHGHODVSHUVRQDVWHDEULUiODVSXHUWDVFHUUDGDV\ELHQ
GLItFLOHVSHURW~WLHQHVTXHHVIRU]DUWHW~WLHQHVTXHVDOLUGHWXFRPRGLGDG
W~ WLHQHV TXH PRYHUWH W~ WLHQHV TXH WRPDU ODV GHFLVLRQHV W~ WLHQHV TXH
WUDQVSLUDUODFDPLVHWDW~WLHQHVTXHSUHVHQWDUHOPHMRUSUR\HFWRW~WLHQHV
TXHHVIRU]DUWHSRUVHUH[FHOHQWHHQWRGRORTXHKDJDVW~WLHQHVTXHGHFLGLUWH
D FDPELDU \ D DSUHQGHU GH ORV HUURUHV TXH KD\DV FRPHWLGR 'LRV WH
VRUSUHQGHUiSHURHOWUDEDMRORWLHQHVTXHKDFHUW~
+DVWDGyQGHOOHJyODFRQTXLVWDGH-RVXp" YV
,PSUHVLRQDQWH 6H OD SDVy SHOHDQGR SHUR REWXYR OR TXH 'LRV OHV KDEtD
SURPHWLGR<GHQXHYRFXiOIXHHOVHFUHWRGHVXp[LWRDUUROODGRU"9XHOYHD
OHHUORVYHUVtFXORV\DKtWLHQHVODUHVSXHVWD3LpQVDOR

&RPXQtFDWHFRQPLJRDHGJDUGRWRVRQL#KRWPDLOFRP

-RVXp


',$

(VWHFDStWXORHVXQUHVXPHQGHODVFLXGDGHV\WHUULWRULRVFRQTXLVWDGRVSRU
,VUDHOEDMRHOOLGHUD]JRGH0RLVpV\GH-RVXp
7DQWR 0RLVpV FRPR -RVXp IXHURQ OtGHUHV H[WUDRUGLQDULRV 0X\ GLIHUHQWHV
HQWUHHOORVSHURSRGHURVDPHQWHXVDGRVSRU'LRV3RUHMHPSOR
3RUPHGLRGH0RLVpV'LRVKL]RPXFKtVLPRVPLODJURV3RUPHGLRGH-RVXp
VRORKDFHWUHV 'tDV\ 
3RUPHGLRGH0RLVpV'LRVOHVGDODOH\ PDQGDPLHQWRV DOSXHEOR3RU
PHGLRGH-RVXp'LRVOHVUHFXHUGDODLPSRUWDQFLDGHREHGHFHUODSHURQROHV
GDQLQJXQDOH\QXHYD
3RUPHGLRGH0RLVpV'LRVOLEHUDD,VUDHOFXDQGRHUDQHVFODYRV3RUPHGLR
GH-RVXp'LRVORVKDFHFRQTXLVWDGRUHVGHODWLHUUDSURPHWLGD
 0RLVpV VH UHODFLRQDED FRQ 'LRV FDUD D FDUD \ 'LRV VH UHYHODED
GLUHFWDPHQWHDpO\OHKDEODED&RQ-RVXpVRORHQXQDRSRUWXQLGDG'LRVOH
KDEOyGLUHFWDPHQWHFDUDDFDUD 'tD -RVXpWDPELpQUHFLEtD3DODEUDGH
'LRVSHURGHXQDIRUPDPX\GLIHUHQWHDODGH0RLVpV
0RLVpVQRSXGRHQWUDUHQODWLHUUDSURPHWLGDDXQTXHWUDEDMyWRGDVXYLGD
SDUD HVH PRPHQWR -RVXp \ &DOHE  IXHURQ ORV ~QLFRV TXH YLYLHURQ OD
H[SHULHQFLDGHOGHVLHUWR\DKRUDYLYHQODH[SHULHQFLDGHODFRQTXLVWD
0RLVpVIXHHOOtGHUGHODOLEHUDFLyQ\ODUHYHODFLyQGHORVPDQGDPLHQWRVGH
'LRV-RVXpIXHHOOtGHUGHODFRQTXLVWD\ODSRVHVLyQGHWRGRORTXH'LRVOHV
KDEtDSURPHWLGR
(QWLHQGHV"$PERVIXHURQOtGHUHVLQFUHtEOHVSHURPXXXXX\\\\\GLIHUHQWHV
HQ VXV SHUVRQDOLGDGHV FDSDFLGDGHV \ UHODFLyQ FRQ 'LRV 6LQ HPEDUJR
DPERVIXHURQOtGHUHVFRQFRUD]RQHVHQWUHJDGRVD'LRV\PX\REHGLHQWHVD
VX3DODEUD\GLUHFFLyQ<'LRVORVXVySDUDSURSyVLWRVIDQWiVWLFRV
$OJXQDVLGHDVVLOLGHUDVRGHVHDVKDFHUOR
1RWHFRPSDUHVFRQQDGLH
9DORUDWXVFDSDFLGDGHV\WXVFDUDFWHUtVWLFDVTXHWHKDFHQ~QLFRDFRPR
OtGHU1RWUDWHVGHLPLWDUDQDGLH'HVDUUROODORTXH'LRVWHKDGDGRDWL
1RVHWUDWDVRORGHFDULVPDVLQRGHTXHWHQJDVXQFRUD]yQHQWUHJDGRD
'LRVSDUDTXHeOSXHGDXVDUWH\WHFRPSURPHWDVPX\VHULDPHQWH
7XDFWLWXGGHIH\GHREHGLHQFLDVRQIXQGDPHQWDOHV/RVOtGHUHVUHEHOGHV
VLHPSUHIUDFDVDQ
7HQXQFRUD]yQHQVHxDEOH$SUHQGHGHORVPHMRUHVOtGHUHV



$55$6$1'2&2172'2$683$62/$6%$7$//$6'(02,6e6
'HORWURODGRGHO-RUGiQ DO(VWHQRHQODWLHUUDSURPHWLGD HOHQFDUJDGRGH
GHUURWDUHQHPLJRV\SRVHHUQXHYDVWLHUUDVIXH0RLVpV
&XiOHVODSULPHUJUDQEDWDOODTXHSHOHD0RLVpVDO(VWHGHOUtR-RUGiQ"
YV
&XiOHVODVHJXQGDJUDQEDWDOODTXHSHOHD0RLVpVHQHVDPLVPD]RQD"
YV
$TXpWULEXVGH,VUDHOOHVHQWUHJD0RLVpVWRGDVHVDVWLHUUDVHQSRVHVLyQ"
YV
$55$6$1'2&2172'2$683$62/$6%$7$//$6'(-268e
'HHVWHODGRGHO-RUGiQ DO2HVWHHQODWLHUUDSURPHWLGD HOUHVSRQVDEOHGH
GHUURWDUHQHPLJRV\SRVHHUQXHYDVWLHUUDVIXH-RVXp
'HVGHGyQGH\KDVWDGyQGHOOHJDURQODVFRQTXLVWDVGH-RVXp" YV
0LUDHO0DSDGHOD3iJLQDSDUDHQWHQGHUORPHMRU(QRUPHWHUULWRULR
4XLpQHVSRVHHQWRGRHVHWHUULWRULR" YV
&XiOHVVRQORVUH\HVGHUURWDGRVSRU-RVXp" YV
,PSUHVLRQDQWH<HQHVWRHOOLGHUD]JRGH-RVXpWDPELpQVHGLIHUHQFLDGHOGH
0RLVpV -RVXp GHUURWy D PD\RU FDQWLGDG GH HQHPLJRV )XH XQ OtGHU
FRQTXLVWDGRU
'(5527$5<326((5
/DYHUVLyQ5HLQD9DOHUDGHOKDEODHQWUHVRSRUWXQLGDGHVGHGHUURWDU\
SRVHHU 0LUD ORV YHUVtFXORV   \  2WUDV YHUVLRQHV XVDQ H[SUHVLRQHV
VLPLODUHVFRPRSRUHMHPSOR0DWDUTXLWDUGHVWUXLUUHSDUWLUGDUHWF/DLGHD
HVODPLVPD7LHQHVTXHGHUURWDUSDUDSRGHUSRVHHU6LQRGHUURWDVDWX
HQHPLJRVLQRORYHQFHVQXQFDSRGUiVSRVHHUORQXHYRTXHDQKHODVTXH
QHFHVLWDVRTXH'LRVTXLHUHSDUDWXYLGD
7LHQHVTXHGHUURWDUORQHJDWLYRORTXHWHHVFODYL]DORTXHWHDWDORTXHWH
IUHQD(QWRQFHVSRGUiVSRVHHUORTXHWHVDQDORTXHWHKDFHFUHFHUORTXH
WHSRWHQFLD\WHVXPDSRVLWLYDPHQWH3RUHMHPSOR
'HUURWDODTXHMDHOPDOKXPRUODLQFRQVWDQFLD QRWHUPLQDUQDGDGHORTXH
HPSLH]DVGHMDUWRGRSRUODPLWDG ODYDJDQFLDORVFKLVPHVODSRUQRJUDItD
4XpWLHQHVTXHGHUURWDUGHILQLWLYDPHQWHHQWXYLGD"(VFUtEHOR
3RVHHXQDEXHQDDFWLWXGVRQULVDVJUDWLWXGYDOHQWtDDPDELOLGDGSHUGyQ
KRQHVWLGDGVDQWLGDGIHFRPSURPLVRSXQWXDOLGDGRUGHQ
4XpWLHQHVTXHSRVHHU LQFRUSRUDUDJUHJDU HQWXYLGD"(VFUtEHOR

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZGHYRFLRQDOGLDULRRUJ

-RVXp


',$

81,03257$17(&$0%,2'(75$%$-2
4XpOHGLFH'LRVD-RVXp" YV
0PPPP,QWHUHVDQWH4XLHUHGHFLUTXHSDVDURQXQPRQWyQGHDxRVHQWUH
ORVSULPHURVFDStWXORV\HOFDStWXOR1LLGHDFXiQWRVDxRVSHURIXHURQ
PXFKRV-RVXp\DHVWiYLHMR\QRSXHGHVHJXLUOXFKDQGR\FRQTXLVWDQGR
4XpOHGHVFULEH'LRVDFRQWLQXDFLyQ" YV
&ODUR&RQOXMRGHGHWDOOHV'LRVOHVHxDODWRGRHOWHUULWRULRTXHD~QQRKDEtD
VLGRFRQTXLVWDGR6HH[WHQGtDGHVGHHOQRUWHGH'DPDVFRKDVWDODIURQWHUD
HJLSFLD/DVWULEXVGH,VUDHOWHQtDQTXHRFXSDU SRVHHU WRGDODWLHUUDTXH
KDEtDQFRQTXLVWDGR\DGHPiVH[WHQGHUODVFRQTXLVWDVKDFLDHVDVUHJLRQHV
QRFRQTXLVWDGDV
3HUR'LRVQRORVGHMDUiVRORVTXpOHVSURPHWH" YV
<GDGRTXH-RVXp\DHVWDPX\YLHMRSDUDOXFKDU\FRQTXLVWDUFXiOHVHO
QXHYRWUDEDMRTXH'LRVOHDVLJQD" YV
'LRVOHHQFDUJDD-RVXpODWDUHDGHUHSDUWLUOHDODVUHVWDQWHVQXHYH\PHGLD
WULEXVODWLHUUDTXHLEDQDRFXSDUGHHVWHODGRGHO-RUGiQ
'LRV QR OR GHVHFKD D -RVXp SRU VHU YLHMR VLQR TXH OH GD XQD QXHYD
UHVSRQVDELOLGDGDFRUGHDVXHGDG&XDQGR-RVXpHUDMRYHQWHQtDWRGDOD
HQHUJtD\ODVIXHU]DVSDUDOXFKDU\FRQTXLVWDUDUUDVyFRQWRGRSHURDKRUD
GHYLHMRpOWLHQHWRGDODVDELGXUtDODH[SHULHQFLD\HOFRQRFLPLHQWRSDUD
UHSDUWLU OD WLHUUD FRQTXLVWDGD KDFHUOR LQWHOLJHQWHPHQWH \ UHVROYHU ORV
SUREOHPDVWHUULWRULDOHVTXHVHSUHVHQWDVHQ
(QWLHQGHHVWR(Q'LRVQXQFDVHUiVXQYLHMRLQ~WLO-DPiV6HWHVXPDUiQ
DxRVFUHFHUiVVHWHOOHQDUiHOFDEHOORGHFDQDVWHQGUiVPHQRVHQHUJtDV
TXHDQWHVSHURVLDPDVD-HV~V\WHPDQWLHQHVFRPSURPHWLGRFRQeO'LRV
WHVHJXLUiXVDQGR\SRUWXPHGLR MRYHQRYLHMR eOVHJXLUiKDFLHQGRFRVDV
H[WUDRUGLQDULDV1RWHQJDVPLHGRGHFUHFHU<VL\DHUHVXQDGXOWRQROH
WHQJDVPLHGRDODYHMH]SRUTXHD~QHQODYHMH]'LRVWHQGUiDOJRSUHSDUDGR
H[FOXVLYDPHQWHSDUDWL
7(55,725,263$5$/$6'2675,%86<0(',$
'LRVFRQWLQ~DKDEODQGRFRQ-RVXp4XpOHGLFHFRQUHVSHFWRDODVWLHUUDVGH
ODVGRVWULEXV\PHGLDGHORWURODGRGHO-RUGiQ" YV



'HPDQHUDJHQHUDO'LRVOHGDXQDGHVFULSFLyQGHORVWHUULWRULRVTXH0RLVpV
KDEtDFRQTXLVWDGRDO(VWHGHOUtR-RUGiQ\TXH\DKDEtDQVLGRUHSDUWLGRV
HQWUHODVWULEXVGH5XEpQ*DG\ODPHGLDWULEXGH0DQDVpV YV  0LUD
HO0DSDGHOD3iJLQD 
3HURTXpIXHORTXH12KLFLHURQHVWDVGRVWULEXV\PHGLD" YV
([DFWR0X\ELHQ6XVFRQTXLVWDVIXHURQSDUFLDOHVSRUTXHQRHFKDURQD
SDWDGDVDWRGRVVXVHQHPLJRVVLQRTXHSHUPLWLHURQTXHDOJXQRVSXHEORV
FDQDQHRVYLYLHUDQFRQHOORV<\\\\"&XiOHVHOSUREOHPD"
&yPR FXiO HV HO SUREOHPD" 2EYLR TXH HV XQ SUREOHPD 8Q JUDQ
SUREOHPD3RUTXHORTXHQRGHUURWDV\FRQTXLVWDVWRWDOPHQWHPiVWDUGHWH
GHUURWDUi\WHFRQTXLVWDUiDWL6HULH'HVDILRV
6LQRVDFDVWRWDO\FRPSOHWDPHQWHGHWXYLGDORTXHWHODVWLPDWHHQIHUPDRWH
KDFH UHWURFHGHU VHDQ FRVDV SHUVRQDV SHFDGRV KiELWRV SHQVDPLHQWRV
PHQWLURVRVRHPRFLRQHVQHJDWLYDV WDUGHRWHPSUDQRVHUiVFRQTXLVWDGR\
GHUURWDGR8QSRTXLWRQRDOFDQ]D7LHQHTXHVHUWRGR&RQTXLVWDWRWDO
6t\DVpTXHQRHVIiFLO1RHVWR\GLFLHQGRTXHORVHD(VWR\GLFLHQGRTXH
WLHQHVTXHKDFHUORSRUPiVGLItFLOTXHVHD3LGHD\XGDDWXVSDGUHVDWXV
OtGHUHVRD\XGDSURIHVLRQDOVLQRSXHGHVVRORSHURGHFtGHWHILUPHPHQWHD
YHQFHU\VXSHUDUORTXHKR\WHWLHQHDWDGR\IUHQDGR
1RSXHGHVYLYLUWRGRHOGtDTXHMiQGRWH1RSXHGHVUHDFFLRQDUPDOWRGRHO
WLHPSR1RSXHGHVVHJXLUDWDGRDODSRUQRJUDItDRDOVH[RFRQWXQRYLDR
1RSXHGHVVHJXLUYLYLHQGRDPDUJDGD\VLQWLHQGROiVWLPDGHWLPLVPD
1RSXHGHVVHJXLULQGLIHUHQWHHQWXDPLVWDGFRQ-HV~V7LHQHVTXHYHQFHU
7(55,725,263$5$/$75,%8'(/(9
4XpWHUULWRULRVOHVUHSDUWHQDODWULEXGH/HYt" YV\
0X\ ELHQ (OORV QR UHFLEHQ QLQJXQD WLHUUD QLQJ~Q ORWH QLQJ~Q WHUUHQR
QLQJXQDFLXGDGQDGDGHQDGD1RKD\WHUULWRULRVSDUDHOORV<SRUTXp"
(V XQD KLVWRULD ODUJD /D YHUVLyQ FRUWD HV TXH D UDt] GH XQD PX\ PDOD
FRQGXFWD PX\ PDOD *Q  VX SDGUH -DFRE VXHOWD VREUH /HYt
FXDQGRWRGDYtDQRHUDXQDWULEX XQDSDODEUDSURIpWLFDELHQGXUD *Q
 $xRVGHVSXpVEDMRHOOLGHUD]JRGH0RLVpVODWULEXGH/HYtWLHQHXQD
LPSRUWDQWH DFWLWXG GH VDQWLGDG ([  \ 'LRV ORV HOLJH FRPR ORV
VDFHUGRWHVGHVXSXHEORSDUDVLHPSUH 1P 
$OHVWDUFRPSURPHWLGRVWRWDOPHQWHFRQVXIXQFLyQVDFHUGRWDO\HVSLULWXDO
HOORVHUDQVRVWHQLGRVHFRQyPLFDPHQWHSRUODVGHPiVWULEXV 'W <DO
YLYLUPH]FODGRVHQWUHWRGDVODVWULEXVHOORVSRGtDQVHUYLUHVSLULWXDOPHQWHD
WRGRV,QWHUHVDQWH /HHUiVPiVDFHUFDGHHVWRHO'tD 

4XLHUHV
6DEHU0iV"

,QJUHVDD ZZZGHVDILRMRYHQFRP

-RVXp


',$

+$<(48,32
$GHPiVGH-RVXpTXLpQHVPiVWUDEDMDURQHQODHQRUPHWDUHDGHUHSDUWLUOD
WLHUUDHQWUHODVWULEXVGH,VUDHO ODVWULEXV\PHGLD " YV
(QVHULRSHQVDVWHTXH-RVXpVHLEDDRFXSDUVROLWRGHVHPHMDQWHWUDEDMR"
1DDDDDKKKKK+D\WDUHDVSUR\HFWRVWUDEDMRVTXHVRORSXHGHQKDFHUVH
HQHTXLSRSRUTXHVHUtDQLPSRVLEOHSDUDXQDVRODSHUVRQD
'pFDGDV DWUiV XQ VyOR SURJUDPDGRU FUHDED XQ YLGHRMXHJR FRPSOHWR
SURJUDPDFLyQ GLVHxR GH QLYHOHV P~VLFD KLVWRULD HWF +R\ VH QHFHVLWDQ
HTXLSRVGHRSHUVRQDVSDUDXQVyORYLGHRMXHJR
'HQWUR GH OD LJOHVLD HV OR PLVPR &XDQWR PiV FUHFLPLHQWR KD\ PD\RU
FDQWLGDG GH SHUVRQDV GHEHQ FRPSURPHWHUVH SDUD OOHYDU DGHODQWH ORV
GLIHUHQWHVPLQLVWHULRV+D\PXFKtVLPDVFRVDVTXHQRSRGHPRVKDFHUVRORV
QRVQHFHVLWDPRVXQRVDRWURV
&XDQGRDORVDxRVGHHGDG VtVtVRORWHQtDDxRV OLGHUpPLSULPHUD
+RUD)HOL] XQDDFWLYLGDGVHPDQDOSDUDQLxRVIXHUDGHODLJOHVLD LQYLWpDPL
SULPD5XW\DXQSDUPiVGHDPLJRV WRGRVGHPLHGDG SRUTXH\RVRORQR
SRGtD(OORVWHQtDQGRQHV\KDELOLGDGHVTXH\RQRWHQtD\\RWHQtDORTXHD
HOORVOHVIDOWDED(OHTXLSRHVWDEDIRUPDGR'LRVQRVUHEHQGLMR\GXUDQWH
PXFKRVPHVHVPLQLVWUDPRVDXQPRQWyQGHQLxRV<VRORWHQtDPRV\
DxRVGHHGDG
(QHTXLSRSRGHPRVORJUDUORTXHVRORVMDPiVSRGUtDPRV3LpQVDOR\QRWH
DtVOHV (UHV SDUWH GH XQ SURSyVLWR PD\RU 1HFHVLWDV GH RWURV \ HOORV
QHFHVLWDQGHWL1DGLHHVLQGLVSHQVDEOHSHURWRGRVVRPRVQHFHVDULRV
4XpH[SOLFDFLRQHV\GHWDOOHVDSRUWDQORVVLJXLHQWHVYHUVtFXORV" YV
3DUDHQWHQGHUOR/DVWULEXVGH,VUDHOGHVFHQGtDQGHORVKLMRVGH-DFRE
<DVDEHPRVTXH/HYtQRUHFLELyQLQJ~QWHUULWRULR4XHGDQWULEXV-RVp
WDPSRFR4XHGDQWULEXV3HURHQOXJDUGH-RVpIXHURQLQFOXLGRVVXVGRV
KLMRV(IUDtQ\0DQDVpV3RUORWDQWRWHQHPRVWULEXVHQWRWDO
819,(-2//(12'((1(5*$
4XLpQHVVHUH~QHQFRQ-RVXpHQ*LOJDO" YV
5HFXHUGDTXH*LOJDOHUDHOFXDUWHOJHQHUDOGHRSHUDFLRQHV 'tD 7RGDVODV
HVWUDWHJLDVGHEDWDOODV\FRQTXLVWDVVHHODERUDEDQ\GLVFXWtDQDOOt<GHVGH
HVWHOXJDUWDPELpQVHSODQLILFDEDODGLVWULEXFLyQGHORVWHUULWRULRV\FLXGDGHV



4XLpQKDEODHQQRPEUHGHODWULEXGH-XGi\TXpOHSLGHD-RVXp" YV
%LHQ([FHOHQWH3HURYDPRVSRUSDUWHSDUDHQWHQGHUORPHMRU
 4XLpQ HV &DOHE" 1~PHURV   <  DxRV DWUiV TXp PLVLyQ
LPSRUWDQWtVLPDOHIXHDVLJQDGD" 1~PHURV
:RZ&DOHEIXHXQRGHORVSUtQFLSHVOtGHUHVTXHDxRVDWUiVIXHURQ
HVFRJLGRVSRU0RLVpVSDUDUHFRUUHUODWLHUUDSURPHWLGD &DQDiQ \SUHVHQWDU
XQLQIRUPHFRPSOHWRGHWRGRORTXHKDEtDHQHOOD
(QDTXHOODpSRFDFyPRUHDFFLRQy&DOHEFXDQGRWRGRV H[FHSWR-RVXp 
FRPHQ]DURQDTXHMDUVH\DWHQHUPLHGR" 1~PHUR
3RUODDFWLWXGGHUHEHOGtDTXHMDLQFUHGXOLGDG\PLHGRGHOSXHEOR'LRVORV
FDVWLJySURKLELpQGROHVHQWUDUHQODWLHUUDSURPHWLGDVLQHPEDUJRTXpGLMR
'LRVGH&DOHE" 1~PHURV\
,PSUHVLRQDQWH(QWLHQGHV"7HFRQYLHQHVHUILHOD'LRV\QRTXHMDUWHQL
UHEHODUWHSRUTXHVHUiQWX\DVODVEHQGLFLRQHVTXHRWURVGHVHFKDURQ
4XpPiVGLMR'LRVGH&DOHE \GH-RVXp " 1~PHURV
*XDDDXXX4Xp'LRVWHGLJDHVRQRWLHQHSUHFLR(VJHQLDO
DxRVDWUiVTXpSURPHVDOHKL]R'LRVD&DOHE\SRUTXp" 'W
(VSHFWDFXODU7UHPHQGR0HLPDJLQRHOODJULPyQTXHVHOHGHEHKDEHU
VDOWDGRDOHVFXFKDUORD'LRV'LRVUHFRPSHQVDODILGHOLGDG\ODREHGLHQFLD
/HHPiVVREUHpOHQ'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV1~PHURV
<$+25$$f26'(638e6
4XpOHUHFXHUGD&DOHEDVXDPLJR\OtGHU-RVXp" YV
'LRVPHKL]RXQDSURPHVDSRUTXH\ROHIXLILHO YV 
'LRVPHPDQWXYRFRQYLGD\UHFLpQDFDERGHFXPSOLUORVDxRV YV 
7RGDYtDHVWR\IXHUWHSDUDOXFKDUFRQTXLVWDU\SRVHHU YV 
'DPHHVHPRQWHFRQVXVFLXGDGHVIRUWLILFDGDV\\RORFRQTXLVWDUpSRUTXH
'LRVHVWDUiFRQPLJR YV 
1RWHQJRSDODEUDVSDUDGHFLUFXiQWRDGPLURDHVWHWLSR8QJHQLRWRWDO
7LHQHDxRVSHURSDUDpOODHGDGQRUHSUHVHQWDQLQJ~QSUREOHPD
6HPHWHDSHOHDUHQXQDGHODV]RQDVPiVGLItFLOHV\FRPSOLFDGDVGHWRGR
&DQDiQSHURQRWLHQHPLHGR(VWiVHJXURGHTXHODFRQTXLVWDUi
1XQFD GHMy GH FUHHU OD 3DODEUD TXH 'LRV OH KDEtD GDGR< KR\  DxRV
GHVSXpVpOUHFODPDHOFXPSOLPLHQWRGHHVDSDODEUD(VWRHVIHHQHVWDGR
SXUR)HTXHWHKDFHYHUPiVDOOiGHODVFLUFXQVWDQFLDVPiVDOOiGHWXV
SURSLDVGHELOLGDGHVPiVDOOiGHFXDOTXLHUREVWiFXOR\WHLPSXOVDFRPRXQ
PLVLODFRQTXLVWDUSRVHHU\GLVIUXWDUODYLFWRULD YV )HTYDOHODSHQD

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZGHYRFLRQDOHVFULVWLDQRVRUJ

-RVXp


',$

7(55,725,263$5$/$75,%8'(-8'
&DOHEIXHHOSULPHURHQUHFLELUVXKHUHGDGHLQPHGLDWDPHQWHGHVSXpVOD
WULEXDODTXHpOSHUWHQHFtD -XGi UHFLEHVXKHUHQFLDHQODWLHUUDSURPHWLGD
'HVGHGyQGH\KDVWDGyQGHOOHJDEDHOWHUULWRULRHQWUHJDGRDODWULEXGH
-XGi" YV
0LUDHOPDSDGHOD3iJLQDSDUDHQWHQGHUORPHMRU
/DSRUFLyQGHWHUULWRULRHQWUHJDGDDODWULEXGH-XGiVHH[WHQGtDGHVGH%HWHO
DO1RUWHKDVWDODIURQWHUDHJLSFLDDO6XU\GHVGHHO0DU0XHUWRDO(VWHKDVWDHO
PDU0HGLWHUUiQHRDO2HVWH<HUDXQRGHORVWHUULWRULRVPiVJUDQGHV/D
UD]yQGHVHPHMDQWHFDQWLGDGGHWLHUUDVHVPX\VLPSOH-XGiHUDODWULEXFRQ
ODPD\RUFDQWLGDGGHIDPLOLDVSRUORWDQWRHUDOyJLFRHQWUHJDUOHVODPD\RU
FDQWLGDGGHWLHUUDV
(OH[WHQVRWHUULWRULRSHUWHQHFLHQWHDODWULEXGH-XGiFRQWHQtDFLXGDGHV\
SXHEORVDJUXSDGRVHQGLVWULWRVR]RQDVSULQFLSDOHVODVWLHUUDVVLWXDGDVHQ
HO H[WUHPR VXU YV  HQ ODV OODQXUDV GHO RHVWH YV  HQ ODV
PRQWDxDV YV \HQHOGHVLHUWR YV 
819,(-2//(12'((1(5*$
$\HUKLFLPRVODSUHVHQWDFLyQRILFLDOGH&DOHE\YLPRVFyPRDVXVDxRV
GHHGDGHVWDEDOOHQRGHHQHUJtD\IXHU]DVSDUDOXFKDUFRQTXLVWDU\SRVHHU
5HSDVHPRVVXVFXDOLGDGHV\VXPHPRVODVGHOFDStWXOR
(VXQKRPEUHIXHUWH\YDOLHQWH QRPDULFRQHD 
(VXQKRPEUHGHFLGLGR\GHWHUPLQDGR QROHJXVWDHOKLVWHULTXHR 
(VXQKRPEUHTXHUHFRQRFHODDXWRULGDG\WLHQHDFWLWXGGHREHGLHQFLD QR
HVXQUHEHOGHFXHVWLRQDGRUTXHMRVR 
(VXQKRPEUHTXHOHFUHHD'LRV\FUHHVX3DODEUD QRHVXQLQFUpGXOR 
(VXQKRPEUHTXHGHILHQGHODYHUGDG\ODVDQWLGDGGH'LRV QRVHGHMD
LQIOXHQFLDUSRUORVUHEHOGHVLQFUpGXORV\PLHGRVRV 
(VXQKRPEUHTXHUHFODPDORTXHOHIXHSURPHWLGR\OXFKDSDUDREWHQHUOR
QRVHGDSRUYHQFLGRQLUHQXQFLDDORTXHOHSHUWHQHFH 
(VXQKRPEUHDOTXHQROHSUHRFXSDVHUHOVHJXQGRHQHOOLGHUD]JR
5HFRQRFHUHVSHWD\KRQUDDODSHUVRQDTXH'LRVHVFRJLySDUDHVWDUSRU
HQFLPDGHpO QRFRPSLWHQLFDXVDGLYLVLRQHV 
(VXQKRPEUHSUHSDUDGRSDUDFRPSOHWDUODPLVLyQTXHOHIXHDVLJQDGD QR
HVXQLPSURYLVDGRQLHVXQSXURYHUVREODEODEOD 



)XHHO~QLFRTXHH[SXOVyWRWDOPHQWHDORVHQHPLJRV YV-XHFHV
 <FRQTXLVWyHOPLVPROXJDUTXHKDEtDYLVWRDxRVDWUiV/RV
HQHPLJRV QR FDPELDQ  DxRV GHVSXpV VHJXtDQ HVWDQGR DOOt &DOHE VH
RFXSyGHVDFDUORVDSDWDGDV<QRHUDVHQHPLJRVFRPXQHVHUDQJLJDQWHV
(VXQKRPEUHJHQHURVR QRHVHJRtVWDQLPH]TXLQR  YV-XHFHV
 
7HSUHJXQWR
(UHVYDOLHQWHRHUHVSXURPDULFRQHR"
(UHVGHFLGLGRDROHGDVPLOYXHOWDVDODVFRVDVDQWHVGHGHFLGLUWH"
(UHVREHGLHQWHUHFRQRFHVODDXWRULGDG"
/HFUHHVD'LRVRFXHVWLRQDVWRGR"
7HODMXHJDVSRUODYHUGDGGH'LRV"
7HHVIXHU]DVSRUORTXHTXLHUHVREWHQHURUiSLGDPHQWHWHGDV[YHQFLGRD"
&RPSLWHVFRQORVGHPiVRYDORUDVHOOXJDUTXHWHGLHURQ"
7HHVWiVSUHSDUDQGR\FDSDFLWDQGRRHUHVSXUDLPSURYLVDFLyQ"
4XpHQHPLJRVWLHQHVTXHVDFDUGHILQLWLYDPHQWHGHWXYLGD"
(OHQHPLJRQRFDPELD/RHFKDVRSDJDVHOGXURSUHFLRGHFRQYLYLUFRQpO
81<(512//$0$'22721,(/
/XHJRGHFRQTXLVWDU\SRVHHU+HEUyQ 4XLULDWDUED KDFLDGyQGHDYDQ]D
&DOHE\TXpGHVDItROHVODQ]DDVXVJXHUUHURV" YV-XHFHV
4XLpQVHDUULHVJDDFHSWDQGRHOGHVDItR" YV-XHFHV
6LQRWHDUULHVJDVQXQFDORORJUDUiV6HULH'HVDItRV
2WRQLHO VH FRQYLUWLy HQ HO SULPHU MXH] GH ,VUDHO GHVSXpV GH OD PXHUWH GH
-RVXp /HH PiV DFHUFD GH 2WRQLHO HQ 'HVDItRV 3DUD -yYHQHV \
$GROHVFHQWHV-XHFHV'tD 
/DYLGDGH&DOHEGHMyXQOHJDGRGHILGHOLGDGOHDOWDG\YDOHQWtDTXHSDVyDOD
SUy[LPDJHQHUDFLyQ/tGHUHV\SDGUHVFXiOHVHOOHJDGRTXHOHHVWDPRV
GHMDQGRDQXHVWURVKLMRVDQXHVWUDVIDPLOLDV\DODVSUy[LPDVJHQHUDFLRQHV"
&2148,67$5<12326((5
&XiOHVHOJUDQHUURUTXHFRPHWHODWULEXGH-XGi" YV-XHFHV
(OORVQRFRQTXLVWDURQ72'2\QRSRVH\HURQ72'2(VRHVXQSUREOHPD
'LRVWHSLGHVDQWLGDGWRWDOQRXQSRFRGHVDQWLGDG
'LRVWHSLGHFRPSURPLVRWRWDOQRXQSRFRGHFRPSURPLVR
'LRVWHSLGHUHQXQFLDWRWDODOSHFDGRQRXQSRTXLWRGHUHQXQFLD
'LRVWHSLGHTXHFRQJUHJXHVHQVHULR\QRTXHYD\DVGHYH]HQFXDQGR

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZHVWXGRVFULVWDRVFRP

-RVXp


',$

(VWHHVXQFDStWXORFRUWRELHQFRUWR SHURXQYHUVtFXORPiVODUJRTXHHO
FDStWXORTXHHVHOFDStWXORPiiiiiiVVVVVFRUWRGH-RVXp SRUORWDQWRQR
WHQGUiVQLQJXQDGLILFXOWDGHQDSUHQGpUWHORGHPHPRULD-DMDMDMD
-RVXp\VXHTXLSRGHWUDEDMR ORVUHFXHUGDV"'tD VLJXHQDIXOOFRQ
ODLQWHQVDWDUHDGHUHSDUWLUWRGRHOWHUULWRULRGH&DQDiQHQWUHODVWULEXVGH
,VUDHO7UHVWULEXV\PHGLD\DWLHQHQVXVWLHUUDV5XEpQ*DGPHGLDWULEXGH
0DQDVpV GHORWURODGRGHO-RUGiQ \-XGi GHHVWHODGR  0DSD3iJLQD 
7(55,725,263$5$/$75,%8'(()5$1
$TXLpQOHWRFDDKRUDUHFLELUVXSDUWHGHWHUULWRULR" YV
7HH[SOLFRDOJRLPSRUWDQWH$XQTXH-RVpIXHXQRGHORVGRFHKLMRVGH-DFRE
QRKDEtDXQDWULEXTXHOOHYDUDVXQRPEUH(VWRIXHSRUTXH-RVpUHFLELyGHVX
SDSi-DFREXQDGREOHSRUFLyQGHODKHUHQFLD HUDHOKLMRSUHIHULGR 3HURHVWD
GREOHSRUFLyQ-DFREVHODHQWUHJyDORVGRVKLMRVGH-RVp(IUDtQ\0DQDVpV
VXVQLHWRV DTXLHQHV-DFREFRQVLGHUDEDFRPRKLMRVVX\RV *Q 
/HHPiVDFHUFDGHHVWRHQ'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
*pQHVLV(GLFLyQ([WHQGLGD'tD 
/RVSUy[LPRVYHUVtFXORV GHODO GHVFULEHQORVWHUULWRULRVHQWUHJDGRVDOD
WULEXGH(IUDtQ 0LUDHO0DSDGHOD3iJLQD 
&2148,67$5<12326((5
4XpHUURUFRPHWHODWULEXGH(IUDtQ" YV
/RPLVPRTXHKDEtDVXFHGLGRFRQ-XGi ORYLVWHD\HU VHUHSLWHDKRUD
FRQ(IUDtQ/DRUGHQGH'LRVHUDPX\FODUDH[WHUPLQLRWRWDO 'W 6LQ
HPEDUJRHQOXJDUGHHFKDUORVDSDWDGDVGHVXVWHUULWRULRVFRQYLYLHURQFRQ
HOORV KDFLpQGRORV WULEXWDULRV R VHD REOLJiQGRORV D SDJDU LPSXHVWRV \
H[LJLpQGROHVVHUYLFLRV%XVFDURQXQDVROXFLyQLQWHUPHGLDTXHQRHUDOR
TXH'LRVOHVKDEtDRUGHQDGR
'RVWULEXVGHHVWHODGRGHO-RUGiQ \QRVHUiQODV~QLFDV FRPHWHQHOHUURU
GHQRRFXSDUWRWDOPHQWHHOWHUULWRULRFRQTXLVWDGR<TXpVXFHGH"
6XFHGH TXH DTXHOORV WHUULWRULRV FRQTXLVWDGRV SHUR QR RFXSDGRV VH
SXHEODQRWUDYH]GHFDQDQHRV\GpFDGDVPiVWDUGH OLEURGHORV-XHFHV 
WLHQHQTXHYROYHUDFRPEDWLUSDUDSRVHHUORVQXHYDPHQWH
&RQHOHQHPLJRQRVLUYHQODVVROXFLRQHVLQWHUPHGLDVWLHQHVTXHVHUGXUR
WDMDQWHFRUWDU\FRUWDU6HWHUPLQy1XQFDPiV3XQWR



e&+$/26$3$7$'$6
3HQVHPRV MXQWRV HQ DOJXQRV HQHPLJRV TXH WLHQHV TXH HFKDU D SDWDGDV
GHILQLWLYDPHQWHGHWXYLGD \HVWRQRVLJQLILFDTXHQRYROYHUiQDPROHVWDUWH
VLJQLILFDTXHXQDYH]TXHUHQXQFLHVDHOORVWHQGUiVTXHFXLGDUWXFRUD]yQ\
QRSHUPLWLUOHVYROYHUDLQVWDODUVHHQWXYLGDVHHQWLHQGH" 
(OHQHPLJROODPDGR3(&$'2
$FXiORFXiOHVGHORVVLJXLHQWHVSHFDGRVWLHQHVTXHFRQIHVDU\UHQXQFLDU"
3RUQRJUDItD5HODFLRQHVVH[XDOHVSUHPDWULPRQLDOHV7UDQVDU
0DQRVHRV0HWHUORVFXHUQRV ,QILGHOLGDG +RPRVH[XDOLGDG
,GRODWUtD0DORVSHQVDPLHQWRV'LYLVLRQHV$EXVRV
5HQFRUHV'HVHRVGHYHQJDUWH$FXVDFLRQHV,QFUHGXOLGDG
&HORV(QYLGLDV&KLVPHV0XUPXUDFLRQHV'HVFDOLILFDFLRQHV
0HQWLU5REDU0DWDU6HFXHVWUDU$ERUWDU0DOGHFLU
%RUUDFKHUDV*ORWRQHUtD *XOD $PHQD]DU%XUODV
(QRMRV*ULWRVYLROHQWRV9LROHQFLD3HOHDV3HUH]D VHUYDJR 
4XpRWURVSHFDGRV TXHQRILJXUDQHQODOLVWDDQWHULRU WLHQHVTXHVDFDUGH
WXYLGDGHILQLWLYDPHQWH"(VFUtEHORV
<SRUTXpWHQJRTXHHFKDUGHPLYLGDDOHQHPLJROODPDGR3(&$'2"
3RUTXHHOSHFDGRDUUXLQDWXUHODFLyQSHUVRQDOFRQ'LRV(VXQPXURTXH
OHYDQWDVHQWUHWX\'LRVIUHQDQGRWRGDVVXVEHQGLFLRQHV
3RUTXHHOSHFDGRDUUXLQDWXUHODFLyQFRQODVGHPiVSHUVRQDV
3RUTXHHOSHFDGRWHKDFHSHUGHUHOGLVIUXWH\ODYLYHQFLDGHODPRUGH'LRV
7HVLHQWHVFRPSOHWDPHQWHOHMRVGH'LRV\WHDOHMDVPDV
3RUTXHHOSHFDGRWHDWDPiV\PiVKDVWDHVFODYL]DUWHFRPSOHWDPHQWH
3RUTXHHOSHFDGRWHKDFHYLYLUFRQFXOSD\WHTXLWDODSD]\ODFDSDFLGDGGH
GLVIUXWDU<WDUGHRWHPSUDQRVXIULUiVODVFRQVHFXHQFLDV
4Xp12WLHQHVTXHKDFHUFRQHOSHFDGR"
12WLHQHVTXHRFXOWDUORQLHYDGLUORGHQLQJXQDPDQHUD
12WLHQHVTXHMXVWLILFDUORQLEXVFDUOHH[SOLFDFLRQHV
12WLHQHVTXHWUDQVIHULUORDORVGHPiVHFKDQGRFXOSDV
4Xp6WLHQHVTXHKDFHUFRQHOSHFDGR"
7LHQHVTXHFRQIHViUVHORHVSHFtILFDPHQWHD'LRV
7LHQHVTXHUHQXQFLDUGHILQLWLYDPHQWHDpO

&RPXQtFDWHFRQPLJRDHGJDUGRWRVRQL#KRWPDLOFRP

-RVXp


',$

7(55,725,263$5$/$75,%8'(0$1$6e6 /$275$0,7$'
&yPRODRWUDPLWDG"2WUDPLWDGGHTXp"
/DWULEXGH0DQDVpVVHKDEtDGLYLGLGRHQGRV3RUTXp"1RWHQJRQLLGHD
8QDPLWDGVHKDEtDTXHGDGRGHORWURODGRGHO-RUGiQMXQWRDODVWULEXVGH
5XEpQ\*DG6RQODVIDPRVDVGRVWULEXV\PHGLD<GHORWURODGRKDEtDQ
UHFLELGRVXVWLHUUDV$KRUDOHWRFDHOWXUQRGHUHFLELUWLHUUDVDODPLWDGGH
0DQDVpVTXHKDEtDFUX]DGRHO-RUGiQ4XpFRPSOLFDGRV
7HGDVFXHQWDGHORTXHVXFHGHDTXt"
7HQHPRVDXQDWULEXGLYLGLGDHQVtPLVPD 0DQDVpV <DGHPiVWHQHPRVD
XQD QDFLyQ ,VUDHO  VHSDUDGD  WULEXV \ PHGLD SRU XQ ODGR HQ OD WLHUUD
SURPHWLGD \WULEXV\PHGLDSRUHORWURODGR IXHUDGHODWLHUUDSURPHWLGD 
(OORV ORJUDURQ PXFKtVLPDV FRVDV \ FRQTXLVWDURQ JUDQGHV WHUULWRULRV SHUR
QXQFDSXGLHURQFRQTXLVWDU72'2QLSRVHHU72'2QLUHFLELU72'$6ODV
EHQGLFLRQHVGH'LRV6DEHVSRUTXp"3RUTXHYLYtDQGLYLGLGRV
8QDSDUHMDGLYLGLGDYLYHGLVFXWLHQGR\WHUPLQDIUDFDVDQGR
8QDIDPLOLDGLYLGLGDVHSLHUGHPXFKtVLPDVEHQGLFLRQHV\RSRUWXQLGDGHV
8QQHJRFLRGLYLGLGRSLHUGHFOLHQWHV\GLQHUR
8QDLJOHVLDGLYLGLGDSLHUGHSURSyVLWRGRQHVYLVLyQ\HOUHVSDOGRGH'LRV
8QFRUD]yQGLYLGLGRHVUHELSRODU XQGtDWRGRELHQRWURGtDWRGRPDO 
/DVGLYLVLRQHVVRQODPHMRULGHDGH6DWDQiVSDUDHYLWDUTXHGLVIUXWHPRVGH
72'2ORTXH'LRVKDSUHSDUDGRSDUDQRVRWURV
4XpWHUULWRULRVUHFLEHODPHGLDWULEXGH0DQDVpV" YV
4XpUHFODPDQODVKLMDVGH=HORIHKDG" YV
(VFXFKD (VWDV  FKLFDV QR UHFODPDQ SRU UHFODPDU (OODV UHFODPDQ HO
FXPSOLPLHQWRGHXQDSURPHVD(VWHHVHOGHUHFKRGHODVKLMDV\GHORVKLMRV
GH'LRVUHFODPDUOHDQXHVWUR3DSiFHOHVWLDO72'2ORTXHeOQRVSURPHWLy
4XLpQHVWLHQHQXQDDFWLWXGQHJDWLYD\TXHUHVSXHVWDUHFLEHQ" YV
&2148,67$5<12326((5
4XpHUURUFRPHWHODWULEXGH0DQDVpV" YV
2WUDYH]VRSD/DVWULEXVVHYDQFRQWDJLDQGR PDO XQDVGHRWUDV<HQYH]
GHHFKDUDSDWDGDVDVXVHQHPLJRVOHVSHUPLWHQYLYLUFRQHOORV
'DOHOXJDUDOHQHPLJRHQWXYLGD\WHUPLQDUiVYLYLHQGRFRPRpOTXLHUH



e&+$/26$3$7$'$6
6LJDPRVSHQVDQGRHQDOJXQRVHQHPLJRVTXHWLHQHVTXHHFKDUDSDWDGDV
GHILQLWLYDPHQWHGHWXYLGD
(OHQHPLJROODPDGR2&8/7,602
$FXiORFXiOHVSUiFWLFDVRFXOWLVWDVVDWiQLFDVWLHQHVTXHUHQXQFLDU"
7DURW-XHJRGHOD&RSD7DEOD2XLMD&KDUO\&KDUO\<RJD
&RQMXURV(QFDQWDPLHQWRV%UXMHUtD&XUDQGHULVPR
$VWURORJtD&DUWDQDWDOR]RGLDFDO+RUyVFRSRV9LVXDOL]DFLyQ
,QYRFDFLyQGHIXHU]DVHVSLULWXDOHV&RQWUROPHQWDO3DFWRVGHVDQJUH
9LDMHVDVWUDOHV([SHULHQFLDIXHUDGHOFXHUSR3DUDSVLFRORJtD
3HUFHSFLyQH[WUDVHQVRULDO+LSQRVLV&ODULYLGHQFLD(VSLULWLVPR
3URFHVLRQHV$GLYLQDFLyQ FDUWRPDQFLDTXLURPDQFLDJUDIRORJtDHWF 
0DJLD HQWRGDVVXVYDULDQWHV 0HGLWDFLyQWUDVFHQGHQWDO
,GRODWUtD\RUDFLRQHVDORVPXHUWRV VDQWRVP~VLFRVDFWRUHVHWF 
(QFXHQWURFRQ291,6/HFWXUDGHOLEURV\UHYLVWDVRFXOWLVWDV
*XtDVHVSLULWXDOHV PpGLXPVSDLVPDLVJXU~HVHWF 
 2EMHWRV RFXOWLVWDV DPXOHWRV FLQWDV URMDV %XGDV FULVWDOHV SLUiPLGHV
FDODYHUDVHWF 
)XLVWHRWHOOHYDURQDOJXQDYH]DXQDFXUDQGHUD"
5HDOL]DVWHRWHUHDOL]DURQXQWUDEDMRPiJLFR"
+DVDVLVWLGRDOJXQDYH]DXQDHVFXHODHVSLULWLVWD"
*XDUGDVRXVDVDOJ~QWLSRGHREMHWRPiJLFR"
(QORVYLGHRMXHJRVWRPDVWHHOUROGHPDJRVEUXMRVKHFKLFHURVHWF\
XVDVWHRSDUWLFLSDVWHGHLQYRFDFLRQHVPDJLDKHFKL]RVULWXDOHVHWF"
7LHQHVWDWXDGRVtPERORVPiJLFRVRFXOWLVWDVRVDWiQLFRV"
0LUDVSHOtFXODVGHWHUURUROHHVKLVWRULDVGHWHUURU"
<$+25$48e+$*23$5$'(5527$5$(67((1(0,*2"
/DOLEHUDFLyQGHWRGDVHVWDVLQIOXHQFLDV\RSUHVLRQHVVHSURGXFHDWUDYpVGH
XQDSDODEUDGHIH\GHODRUDFLyQEDMRODJXtDGHO(VStULWX6DQWR
 (O 6HxRU -HV~V WH KDFH OLEUH SHUR QHFHVLWDUiV OD D\XGD GH OtGHUHV
HVSLULWXDOHV TXH RUHQ SRU WX YLGD SDUD UHSUHQGHU \ FDQFHODU WRGR SDFWR
RSUHVLyQSHQVDPLHQWRRGHVHRSRUORRFXOWR
6LKD\SHFDGRVHQWXYLGDFRQILpVDORV\UHQXQFLDDHOORV
 4XHPD GHVWUX\H \ UHQXQFLD D WRGRV ORV REMHWRV UHODFLRQDGRV FRQ OR
RFXOWRVDWiQLFR DQLPH YLGHRMXHJRV SHOtFXODV GH WHUURU MXHJRV GH URO R
FDUWDVILJXUDVLPiJHQHVSRVWHUVOLEURVUHYLVWDVHWF
(QDPRUDWHGH-HV~V)RUWDOHFHWXUHODFLyQSHUVRQDOFRQeO&RQJUHJD
$OLPpQWDWHGHWRGRORTXHKRQUDD-HV~V<QXQFDWHGHVSRUYHQFLGR

6tJXHPHHQ7ZLWWHU#(GJDUGR7RVRQL

-RVXp


',$

&RQTXpDFRQWHFLPLHQWRLPSRUWDQWHFRPLHQ]DHVWHFDStWXOR" YV
-RVXp WUDVODGD HO WDEHUQiFXOR GH UHXQLyQ GHVGH *LOJDO D 6LOR < DOOt
SHUPDQHFHUiKDVWDODpSRFDGH'DYLG(OWDEHUQiFXORGHUHXQLyQHUDHOOXJDU
GRQGH'LRVVHPDQLIHVWDED\VHFRPXQLFDEDFRQVXSXHEOR6LORHUDXQD
FLXGDGGH(IUDtQXELFDGDDXQRVNPDOQRUWHGH-HUXVDOpQ(UDXQOXJDU
HVWUDWpJLFRSDUDTXHWRGRV GHVGHFXDOTXLHUOXJDUGHODWLHUUDSURPHWLGD 
WXYLHUDQIiFLODFFHVRDODVILHVWDV\FXOWRVHVSHFLDOHVGHDGRUDFLyQ
088888<<<3(5(=2626(672608&+$&+26
7RGRPXXXX\OLQGRSHUR-RVXpVHHQRMDFRQWULEXV3RUTXp" YV
&ODUR KD\ PXFKtVLPR WUDEDMR KD\ PXFKtVLPD WLHUUD TXH UHSDUWLU KD\
PXFKtVLPRVHQHPLJRVTXHHFKDUDSDWDGDV\HOORVHVWiQPX\FyPRGRV
WRPDQGRPDWHHVFXFKDQGRP~VLFD\UDVFiQGRVHHOSXSR
&RQRFHVDPLJRVSHUH]RVRV\PXXXX\\\YDJRV"7HSUHVHQWRDOJXQRV RMR
DOJXQRVWLHQHQXQDFDUHWDGHV~SHUHVSLULWXDOLGDG 
(OTXHVHOOHYDPDWHULDV RPiV SDUDUHQGLUDILQGHDxR9DJRRRR
(OTXHSLHUGHVXWUDEDMRSRUQRFXPSOLUFRQODSURGXFFLyQH[LJLGD9DJRRRR
(OTXHTXLHUHWHQHUQRYLDSHURQRTXLHUHWUDEDMDU9DJRRRR
(OTXHVLJXHYLYLHQGRFRQORVSDGUHVSDUDTXHORPDQWHQJDQ9DJRRRR
(OTXHQRHVWXGLDQLWUDEDMDSRUTXHVHVLHQWHGHSULPLGR9DJRRRR
(OTXHQREXVFDWUDEDMRSRUTXHDPDVHUYLUD'LRV9DJRRRR
(OTXHGHMDWRGRSRUODPLWDGSRUTXH'LRVOHPRVWUyRWUDFRVD9DJRRRR
(OTXHHVWDDDQQQHVSLULWXDOTXHVRORRUD\QXQFDWUDEDMD9DJRRRR
$QWHWDDDQWDYDJDQFLD\IDOWDGHLQLFLDWLYDTXpOHVH[LJH-RVXp" YV
&ODURPDFKR4XLHUHVWHQHUQRYLD\KDFHUWHHOV~SHUFRPSURPHWLGRFRQ
'LRVSHUROR~QLFRTXHKDFHVHVUDVFDUODJXLWDUULWDWRGRHOGtD7UDEDMD
+DVDOJRSURGXFWLYR7RPDODLQLFLDWLYD'HMDGHGDUOiVWLPD(VIXpU]DWH
)LQDOPHQWHTXpKDFHQHOORV" YV 
7(55,725,263$5$/$75,%8'(%(1-$01
4XpWHUULWRULRVOHVHQWUHJDQDODWULEXGH%HQMDPtQ" YV
(OORVUHFLELHURQFLXGDGHVLQFOX\HQGRD-HUXVDOpQ$XQTXHHOWHUULWRULRHUD
SHTXHxRHVWDEDHVWUDWpJLFDPHQWHXELFDGRWDQWRGHVGHHOSXQWRGHYLVWD
PLOLWDUFRPRFRPHUFLDO 0LUDHO0DSDGHOD3iJLQD 



e&+$/26$3$7$'$6
6LJDPRVSHQVDQGRHQDOJXQRVHQHPLJRVTXHWLHQHVTXHHFKDUDSDWDGDV
GHILQLWLYDPHQWHGHWXYLGD
(OHQHPLJROODPDGR+(5,'$6(02&,21$/(6
&XiORFXiOHVGHODVVLJXLHQWHVKHULGDVKDVVXIULGRRH[SHULPHQWDGR"
$EXVRVH[XDO9LRODFLyQ5HFKD]R'LYRUFLRGHORVSDGUHV
$EXVRItVLFR JROSHVHPSXMRQHVSDOL]DVKHULGDVFDVWLJRVHWF 
 $EXVR HPRFLRQDO GHVFDOLILFDFLRQHV DPHQD]DV GHVSUHFLRV LQVXOWRV
JULWRVSDODEUDVYLROHQWDVDFWLWXGHVFRQWURODGRUDVPDQLSXODFLyQHWF 
$EXVRHVSLULWXDO SDVWRUHV\OtGHUHVTXHXVDQODDXWRULGDGSDUDVRPHWHU
PDQLSXODUFRQWURODU\VDWLVIDFHUVXVSURSLDVQHFHVLGDGHVItVLFDVVH[XDOHVR
HFRQyPLFDVDFRVWDGHORVPLHPEURVGHODLJOHVLD 
$EDQGRQR0XHUWHGHXQRGHORVSDGUHV([LJHQFLDVGHVPHGLGDV
%XOO\LQJ%XUODV)DOWDGHDPRU,QGLIHUHQFLD6REUHSURWHFFLyQ
)DOWDGHUHFRQRFLPLHQWRHORJLRVIHOLFLWDFLRQHV/tPLWHVPX\UtJLGRV
&RPSDUDFLRQHV FRQWXVKHUPDQRVFRQWXVSDGUHVFRQRWUDVSHUVRQDV 
)DOWDGHOtPLWHV WHGHMDEDQKDFHUORTXHVHWHGDEDODJDQD 
5HFXHUGDVDOJ~QKHFKRPX\WULVWHRGRORURVRGHWXLQIDQFLD"
6XIULVWHDEDQGRQRUHFKD]RIDOWDGHDIHFWR\DPRURYLROHQFLD"
7XVSDGUHVGHVHDEDQXQKLMRGHOVH[RRSXHVWR"
4XLVLHURQDERUWDUWH"7HYLRODURQRDEXVDURQGHWL"
4XpFRQVHFXHQFLDVPHWUDHYLYLUFRQKHULGDVHPRFLRQDOHV"
0LHGR7HPRUDOIUDFDVR,QGHFLVLyQ3HUIHFFLRQLVPR$XWRFDVWLJR
%~VTXHGDFRQVWDQWHGHDPRU\DFHSWDFLyQ$FWLWXGHVGHVXSHULRULGDG
6HQWLPLHQWRVGHLQIHULRULGDG&XOSDVPHQWLURVDV5HQFRUHV2GLRV
%DMRQHVGHSUHVLYRV$LVODPLHQWRHPRFLRQDO9LYLUOODPDQGRODDWHQFLyQ
,GHDVHTXLYRFDGDVDFHUFDGH'LRV2UJXOOR)DOVDKXPLOGDG$PDUJXUD
48e38('2+$&(53$5$6$1$50,6+(5,'$6"
3HUGRQD2UD\SHUGRQDDFDGDXQDGHODVSHUVRQDVTXHWHKDQODVWLPDGR
5HQXQFLDHVSHFtILFDPHQWHDFDGDGRORUDFWLWXGSDODEUD\KHULGD
+DEODFRQWXVOtGHUHVSDUDTXHHOORVRUHQSRUWLFDQFHODQGR\UHSUHQGLHQGR
WRGDSDODEUDRFRQGXFWDQHJDWLYDVREUHWXYLGD
(PSLH]DDYHUWHFRPR'LRVWHYH\DYDORUDUWHFRPReOWHYDORUD
$SUHQGHQXHYDVDFWLWXGHV\FRQGXFWDVVDQDVTXHWHKDJDQFUHFHU

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZGHYRFLRQDOGLDULRRUJ

-RVXp


',$

7(55,725,263$5$/$75,%8'(6,0(1
4XpWLHUUDV\FLXGDGHVOHVRQHQWUHJDGDVDODWULEXGH6LPHyQ" YV
6XVWHUULWRULRVHVWDEDQGHQWURGHOWHUULWRULRGH-XGi'pFDGDVGHVSXpVOD
WULEXGH6LPHyQIXHDVLPLODGDSRUODGH-XGiFXPSOLpQGRVHODSURIHFtDGH
*pQHVLV<SRUTXp"(QFXHQWUDODUHVSXHVWDHQ'HVDItRV3DUD
-yYHQHV\$GROHVFHQWHV*pQHVLV(GLFLyQ([WHQGLGD'tD
7(55,725,263$5$/$75,%8'(=$%8/1
4XpWLHUUDV\FLXGDGHVUHFLEHODWULEXGH=DEXOyQ" YV
(O%HOpQTXHVHPHQFLRQDDTXtQRHV%HOpQGH-XGiHQHOVXU(OWHUULWRULRHUD
IpUWLO\PRQWDxRVR6HKDOODEDHQWUHHOPDUGH*DOLOHD\HO0HGLWHUUiQHR
7(55,725,263$5$/$75,%8'(,6$&$5
4XpWLHUUDV\FLXGDGHVUHFLEHODWULEXGH,VDFDU" YV
/D KHUHQFLD GH ,VDFDU LQFOX\y SDUWH GHO YDOOH GH -HIWHHO XQD ULFD ]RQD
DJUtFROD\HVFHQDULRGHPXFKDVEDWDOODVDORODUJRGHODKLVWRULD
7(55,725,263$5$/$75,%8'($6(5
4XpWLHUUDV\FLXGDGHVUHFLEHODWULEXGH$VHU" YV
/DWULEXGH$VHUWHQtDWLHUUDVPX\IpUWLOHV\SODQWDFLRQHVGHROLYRV8QD]RQD
ELHQSURYLVWDGHDJXD6LQHPEDUJRQXQFDORJUDURQH[SXOVDUDORVIHQLFLRV
GHODVFLXGDGHVSRUWXDULDVGH$FR7LUR\6LGyQ -XHFHV 
7(55,725,263$5$/$75,%8'(1()7$/
4XpWLHUUDV\FLXGDGHVUHFLEHODWULEXGH1HIWDOt" YV
/DWLHUUDTXHUHFLELHURQHUDPRQWDxRVD\IpUWLO6LQHPEDUJRHOORVWDPSRFR
H[SXOVDURQDORVFDQDQHRVVLQRTXHORVGHMDURQYLYLUHQPHGLRGHHOORV
7(55,725,263$5$/$75,%8'('$1
4XpWLHUUDV\FLXGDGHVUHFLEHODWULEXGH'DQ" YV
/DWULEXQXQFDSXGRPDQWHQHUXQILUPHFRQWUROVREUHVXWHUULWRULR\SURQWR
FD\HURQHQSUiFWLFDVLGyODWUDV -XHFHV &RQTXLVWDUVLQSRVHHU
4XLpQHVHO~OWLPRHQUHFLELUVXKHUHQFLD" YV
<HVWRQRVPXHVWUDHOFRUD]yQGH-RVXp7LPQDWVHUDVLJQLILFDSRUFLyQGHO
VROHVODORFDOLGDGGRQGH-RVXpRUGHQyDOVROTXHVHGHWXYLHUD 'tD 



e&+$/26$3$7$'$6
6LJDPRVSHQVDQGRHQDOJXQRVHQHPLJRVTXHWLHQHVTXHHFKDUDSDWDGDV
GHILQLWLYDPHQWHGHWXYLGD
(OHQHPLJROODPDGR+(5(1&,$6
<HVWRTXpHV"1RHQWLHQGR<DWHH[SOLFR
$VtFRPRKHUHGDVGHWXVDEXHORV\SDGUHVUDVJRVELROyJLFRV\SVLFROyJLFRV
WDPELpQ KHUHGDV DVSHFWRV HVSLULWXDOHV (VWR TXLHUH GHFLU TXH KHUHGDV
FRQGXFWDVKiELWRVPDQHUDVGHSHQVDU\WDPELpQSHFDGRV
+D\HVStULWXVIDPLOLDUHVTXHSDVDQGHJHQHUDFLyQHQJHQHUDFLyQWUD\HQGR
SUREOHPDVFDXVDQGRGLYLVLRQHVHWF/DKHUHQFLDODUHFLEHVTXLHUDVRQR
SRUHVRHVGHVXPDLPSRUWDQFLDURPSHUWRGRORTXHVHUHSLWHHQWXYLGD
FRQGXFWDVKiELWRVPDQHUDVGHSHQVDUHWF TXHYLHQHGHVGHWXVDEXHORV
RPiVDWUiV \TXHQRHVVDQRSDUDWL3RUHMHPSOR
$EXHORPXMHULHJRSDGUHPXMHULHJRKLMRLQILHODVXHVSRVD (VStULWXGH
WUDLFLyQ\DGXOWHULR 
$EXHORSREUHSDGUHFRQGLILFXOWDGHVHFRQyPLFDVKLMRQRFRQVLJXHWUDEDMR
RQRGXUDHQQLQJXQR (VStULWXGHSREUH]D\HVFDVHV 
$EXHODDERUWyPDGUHDERUWyKLMDDERUWy (VStULWXGHPXHUWH 
7H GDV FXHQWD FyPR VH UHSLWH HQ OD IDPLOLD XQ KiELWR R FRQGXFWD
GHVWUXFWLYD"(VWDVVRQODVKHUHQFLDV
$TXLpQWHSDUHFHVItVLFDRHPRFLRQDOPHQWH"
2EVHUYDVHQWXIDPLOLD DEXHORVSDGUHVKLMRV DOJXQDUHSHWLFLyQGHYLFLRV
HQIHUPHGDGHVDFWLWXGHVYLROHQWDVKiELWRVQHJDWLYRVVXLFLGLR"
$OJXLHQHQWXIDPLOLD ELVDEXHORVDEXHORVSDGUHV SUDFWLFyULWXDOHVDVLVWLy
DVHFWDVIXHVHJXLGRUGHDOJ~QVDQWRRVHFRQVDJUyDHOORV"
*XDUGDVREMHWRVLGROiWULFRV\RFXOWLVWDV FUXFLILMRVHVWDPSLWDVHWF "
+D\HQWXIDPLOLDDOJXQDFRVWXPEUHRWUDGLFLyQTXHWHUHVXOWDUDUD"
48e+$*23$5$6(5/,%5('((67((1(0,*2"
+DEODFRQOtGHUHVRSDVWRUHV SHUVRQDVHVSLULWXDOPHQWHVDQDV\PDGXUDV 
SDUDTXHHOORVWHPLQLVWUHQ\RUHQSRUWXYLGDURPSLHQGRHQHOQRPEUHGHO
6HxRU-HV~VWRGDPDOGLFLyQVH[XDOHFRQyPLFDRFXOWLVWDRLGROiWULFD
3LHQVDHQORVSHFDGRVWX\RV\GHWXVDQWHSDVDGRV DEXHORVSDGUHVHWF 
FRQILpVDORVXQRDXQR\UHQXQFLDDHOORVXQRDXQR
3LHQVDHQORVREMHWRVRUHJDORVTXHKDVUHFLELGRRKHUHGDGR6LWLHQHQ
UHODFLyQFRQORRFXOWRRLGROiWULFRTXpPDORVUHQXQFLDQGRDHOORV

4XLHUHV
6DEHU0iV"

,QJUHVDD ZZZGHVDILRMRYHQFRP

-RVXp


',$

&,8'$'(6'(5()8*,2
(VWH Vt HV HO FDStWXOR PiiiiiiiiiiVVVV FRUWR GHO OLEUR GH -RVXp \ HVWi
GHGLFDGRH[FOXVLYDPHQWHDODVFLXGDGHVGHUHIXJLR9DPRVSRUSDUWHV
4XpRUGHQGLUHFWDOHGD'LRVD-RVXp" YV
3DUDTXpVHUYLUtDQODVFLXGDGHVGHUHIXJLR" YV\1~PHURV
2N(OWHPDHVDVt$FFLGHQWDOPHQWHPDWDVDDOJXLHQ QRQRQRHVWDPRV
KDEODQGRGHYLGHRMXHJRVHVODYLGDUHDO SHURQRIXHWXLQWHQFLyQPDWDUOR
1RORRGLDEDVQROHWHQtDVHQYLGLDQRWHKDEtDUREDGRDWXQRYLDQDGDGH
QDGD SHUR DFFLGHQWDOPHQWH OR PDWDV 6X SDSi \ VX KHUPDQR ORV
YHQJDGRUHV GH OD VDQJUH QR QR ORV$YHQJHUV QR HVRV VRQ RWURV  VH
HQWHUDQ TXH OR PDWDVWH \ VDOHQ D EXVFDUWH +X\HV GHVHVSHUDGDPHQWH \
OOHJDVDXQDGHODVFLXGDGHVGHUHIXJLR\WHTXHGDVDOOt
<DOOtTXpVXFHGH" YV
&XHQWDVWRGRORTXHVXFHGLy\FyPRPXULyODYtFWLPD
7HGDUiQUHIXJLRGHQWURGHODFLXGDG VLVDOHVGHHOODWHPXHUHV 
(YDO~DQWXFDVRVLHUHVLQRFHQWHRFXOSDEOH /HH1~PHURV 
2EYLR+D\XQMXLFLR6LHUHVLQRFHQWHQRWHHQWUHJDUDQDOYHQJDGRUGHOD
VDQJUH HOSDULHQWHPiVFHUFDQRGHOPXHUWRTXHTXLHUHDQLTXLODUWH 6LHUHV
FXOSDEOHSUHSDUDWHDPRULUQRYROYHUiVDMXJDUYLGHRMXHJRVQXQFDPiV
 9HUHGLFWR ,QRFHQWH =DIDVWH 3HUR QR TXHGDV OLEUHV 1R 7LHQHV TXH
SHUPDQHFHUHQODFLXGDGKDVWDODPXHUWHGHOVXPRVDFHUGRWH 1P
/DPXHUWHGHOVXPRVDFHUGRWHWHOLEHUD\SXHGHVUHJUHVDUDWXFLXGDGFRQ
WXIDPLOLD$KRUDVtWHSXHGHVLU PiVYLHMRGHORTXHOOHJDVWH 
&XiQWDVFLXGDGHVGHUHIXJLRKDEtD\HQGyQGHHVWDEDQXELFDGDV" YV
0LUDHO0DSDGHOD3iJLQD
-(66(618(67525()8*,2
$ GLIHUHQFLD GHO LQRFHQWH TXH DFFLGHQWDOPHQWH PDWy W~ \ \R QR pUDPRV
LQRFHQWHVGHODQWHGH'LRV1XHVWURVSHFDGRVSRFRVRPXFKRVDVTXHURVRV
RVRFLDOPHQWHDFHSWDGRV QRLPSRUWD QRVKDFtDQFXOSDEOHGHODQWHGHOD
VDQWLGDGGH'LRV\SRUORWDQWRPHUHFtDPRVODPXHUWH(OTXHSHFDWLHQHTXH
PRULU /D FRQVHFXHQFLD GLUHFWD GHO SHFDGR HV OD PXHUWH (QWRQFHV OOHJy
-HV~VSHURQRSDUDYHQJDUVHGHQRVRWURVVLQRSDUDDPDUQRV\GDUVXSURSLD



YLGDHQODFUX]SDUDVDOYDUQRV6XPXHUWHQRVOLEHUy<DKRUDHOTXHFUHHHQ
eO\OHUHFLEHFRPRVX6HxRU\6DOYDGRUHVSHUGRQDGRGHWRGRSHFDGRHV
OLEHUDGRHVVDQDGRHVDGRSWDGRFRPRKLMRSRU'LRV\UHFLEHYLGDHWHUQD<
QDGDQLQDGLHSRGUiVHSDUDUORGHODPRUGH'LRVQXQFDPiV
:RRRZZ(VWRHVJHQLDO-HV~VVHRFXSyGHPRULUHQOXJDUWX\R-HV~VVH
RFXSyGHWXVVXFLRVSHFDGRV SRUPiVVRFLDOPHQWHDFHSWDGRVTXHVHDQ 
-HV~VVHRFXSyGHWUDHUWHVDOYDFLyQFRPSOHWD QRSXHGHVKDFHUQDGDGH
QDGDSDUDPHMRUDUOD \SHUGyQFRPSOHWRGHWRGRVWXVSHFDGRV<OR~QLFR
TXHW~WLHQHVTXHKDFHUHVFUHHUHQeOHLQYLWDUORDWXFRUD]yQ
6HxRU-HV~VJUDFLDVSRUTXHW~ORKLFLVWHWRGRDIDYRUPtR7~VXIULVWHOD
PXHUWHSRUPLVSHFDGRV\PRULVWHSDUDOLEHUDUPH&UHRHQWL9HQDPLYLGD
7HUHFLERFRPRPL6HxRU\6DOYDGRUSHUGyQDPHOtPSLDPHViQDPHDKRUD
SRUTXHHUHVHO~QLFRTXHSXHGHKDFHUOR7HORSLGRHQWXQRPEUH$PpQ
<DKDVKHFKRHVWDRUDFLyQ"+D]OD\-HV~VVHUiWXUHIXJLRSDUDVLHPSUH
&2148,67$5<12326((5
'HVGHKDFHYDULRVGtDVYHQLPRVPHQFLRQDQGRHVWHWtWXOR&RQTXLVWDU\1R
3RVHHU 'tDV\ <ORYROYtDPHQFLRQDU VLQWtWXOR HO'tD
(VWRPHKDFHSHQVDUHQORVLJXLHQWH6LFRQTXLVWDVSHURQRSRVHHVFRUUHVHO
ULHVJRGHSHUGHUORFRQTXLVWDGR6HULH'HVDILRV
)XHORTXHVXFHGLyFRQFDGDXQDGHODVWULEXVGH,VUDHO(OORVOXFKDURQPX\
GXUR\FRQTXLVWDURQODWLHUUDSURPHWLGD+DVWDDKtWRGRELHQ(OSUREOHPDHV
TXH QR OD SRVH\HURQ WRWDOPHQWH \ SHUPLWLHURQ TXH DOJXQRV HQHPLJRV
YLYLHUDQFRQHOORV\TXHRWURVDORVTXHKDEtDQH[SXOVDGRVHOHVYROYLHUDQD
PHWHU /ROHHUiVHQ'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV-XHFHV 
(OWUDEDMRPiVGLItFLOQRHVODFRQTXLVWDVLQRODSRVHVLyQ$KtHVGRQGHORTXH
FRQTXLVWDPRVSHUPDQHFHRVHSLHUGH6HULH'HVDItRV
&RQTXLVWDVFXDQGRORJUDVORTXHWHKDVSURSXHVWRFXDQGROOHJDVDHVRTXH
TXHUtDV FXDQGR DOFDQ]DV WXV REMHWLYRV (VD HV OD FRQTXLVWD 3HUR OD
FRQTXLVWDVLQSRVHVLyQHVVRORODPLWDGGHOFDPLQRODPLWDGGHOWUDEDMROD
PLWDGGHOHVIXHU]R$KRUDWLHQHVTXHSRVHHUORTXHKDVFRQTXLVWDGR
3RVHHUOR VLJQLILFD FXLGDUOR PDQWHQHUOR PHMRUDUOR SURWHJHUOR
KDFHUORFUHFHUSRWHQFLDUORDPiV
$OJXQRVVRORSLHQVDQHQODFRQTXLVWD\GHVSXpVFKDX(VRHVXQJUDQ
HUURU(VWiEXHQRKDEHUORFRQTXLVWDGRKDEHUORJUDGRWXREMHWLYRSHURVLQR
WHHVIXHU]DVSRUSRVHHUORORDUUXLQDUiVORSHUGHUiVRWHORTXLWDUiQ\ORTXH
FRPHQ]yUHELHQSXHGHOOHJDUDWHUPLQDUUHPDO &217,18$5

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZGHYRFLRQDOHVFULVWLDQRVRUJ

-RVXp


',$

4XLpQHVVHUH~QHQFRQ-RVXp" YV
/DWULEXGH/HYtHVWDEDIRUPDGDSRUWUHVIDPLOLDVSULQFLSDOHVTXHGHVFHQGtDQ
GHFDGDXQRGHORVKLMRVGH/HYt*HUVyQ&RDW\0HUDUL7RGRVHUDQOHYLWDV
SHURFRQGLVWLQWDVIXQFLRQHV\UHVSRQVDELOLGDGHVPLQLVWHULDOHV
<TXpOHSLGHQ" YV1~PHURV
(QWLHQGHV"&RPRORVOHYLWDVQRWHQtDQWLHUUDSURSLDSRUTXHHUDQODWULEX
VDFHUGRWDOGHGLFDGDH[FOXVLYDPHQWHDOPLQLVWHULRWRGDVODVGHPiVWULEXV
WHQtDQTXHGDUOHVFLXGDGHVSDUDTXHHOORVSXGLHUDQYLYLU\SDVWL]DOHV HMLGRV 
DOUHGHGRUGHODVFLXGDGHVSDUDVXVDQLPDOHV YV 
&XiQWDVFLXGDGHVUHFLEHQFDGDXQDGHODVIDPLOLDVVDFHUGRWDOHV"
/RVFRDWLWDVHVWDEDQGLYLGLGRVHQIDPLOLDVPD\RUHV\VHOHVHQWUHJDURQ
FLXGDGHV8QDGHODVIDPLOLDVGHVFHQGtDGH0RLVpV\$DUyQ\UHFLELy
FLXGDGHV/DVUHVWDQWHVIDPLOLDVUHFLELHURQFLXGDGHV YVDO 
/RVGHVFHQGLHQWHVGH*HUVyQUHFLELHURQFLXGDGHVHQHOWHUULWRULRGH
,VDFDU$VHU1HIWDOt\DOHVWHGH0DQDVpV(VWRODVFRQYLUWLyHQODVFLXGDGHV
OHYtWLFDVPiVVHSWHQWULRQDOHV YVDO 
/RVPHUDULWDVUHFLELHURQFLXGDGHVHQORVWHUULWRULRVGH5XEpQ*DG\
=DEXOyQ YVDO 
(QWRWDOFXiQWDVFLXGDGHVUHFLELyODWULEXGH/HYt" YV
',26/2+,=2 /2+$&(</2+$5
4XpHVORSULPHURTXHKL]R'LRV" YV
/R TXH 'LRV OHV KDEtD SURPHWLGR PXFKtVLPRV VLJORV DWUiV *Q
'W DKRUDHVXQDUHDOLGDG/DWLHUUDSURPHWLGDHVGHHOORV
4XpHVORVHJXQGRTXHKL]R'LRV" YV
'LRVFXPSOLyVXSDODEUD\OHVGLRGHVFDQVR UHSRVR  'W 3HURHOORV
QRSRVH\HURQFRPSOHWDPHQWHODWLHUUD\SRUQRKDFHUORHOHQHPLJRQXQFD
ORVGHMRGHVFDQVDU
4XpHVORWHUFHURTXHKL]R'LRV" YV
'LRVOHVHQWUHJyDVXVHQHPLJRV3HURHOORVQRORVH[WHUPLQDURQWRWDOPHQWH
(QWLHQGHV"+D\XQDSDUWHTXHODKDFH'LRVORLPSRVLEOHHVVXUHVSRQVD
ELOLGDG'LRVFXPSOLyWRGRORTXHOHVSURPHWLy YV SHURKD\RWUDSDUWH
TXHODWHQHPRVTXHKDFHUQRVRWURV\VLQRODKDFHPRVFKDXSHUGHPRV



&2148,67$5<12326((5
$\HUYLPRVORTXHVLJQLILFDFRQTXLVWDU\SRVHHU$KRUDUHVSRQGDPRVXQD
SUHJXQWD LPSRUWDQWtVLPD < FyPR SRVHR OR TXH 'LRV PH SHUPLWH
FRQTXLVWDU"
3RUHMHPSOR
&RQTXLVWDVFXDQGRVDFDVGHWXYLGDSDUDVLHPSUHFRQGXFWDV\KiELWRV
TXHWHSHUMXGLFDQ FRPRUHVXOWDGRGHOSHFDGRGHORFXOWLVPRGHODVKHULGDV
HPRFLRQDOHV\GHODVKHUHQFLDV 
 &RQTXLVWDV FXDQGR WH DOHMDV GHILQLWLYDPHQWH GH UHODFLRQHV TXH VRQ
QHJDWLYDVSDUDWXYLGD DPLVWDGHVWy[LFDVXQQRYLD]JRTXHQRFUHFH\TXH
VRORWHKDFHVXIULUFRPSDxHURVGHHVWXGLRRWUDEDMRTXHQRWHDSRUWDQQDGD
SRVLWLYRXQDLJOHVLDPXHUWDTXHQRFUHFHQLDYDQ]DHWF 
&RQTXLVWDVODILQDOL]DFLyQGHODVHFXQGDULDRGHORVHVWXGLRVWHUFLDULRV\
XQLYHUVLWDULRVSDUDREWHQHUWXWtWXOR
 &RQTXLVWDV HO KiELWR GH FRQJUHJDU \ GH UHODFLRQDUWH GLDULDPHQWH FRQ
-HV~VOH\HQGROD3DODEUD\RUDQGRSDUDFUHFHUHQWXYLGDHVSLULWXDO
&RQTXLVWDVXQDUHODFLyQGHQRYLD]JRDSUREDGDSRU'LRVTXHWHKDFHELHQ
&RQTXLVWDVHOLQLFLRGHWXSURSLRQHJRFLRRHPSUHQGLPLHQWRSDUDHPSH]DU
DSURJUHVDUHFRQyPLFDPHQWH
<DKRUDTXHKDVFRQTXLVWDGRWLHQHVTXHSRVHHUFRPSOHWDPHQWHHVDWLHUUD
3RVHHVFXDQGRWHHVIXHU]DVPiV\PiVSRUPHMRUDUWRGRORTXHYDELHQ
3RVHHVFXDQGRVLJXHVDSUHQGLHQGR\FDSDFLWiQGRWHPiV
3RVHHVFXDQGRPHMRUDVPiV\PiVWXVFRQGXFWDV\KiELWRVSRVLWLYRV
3RVHHVFXDQGRWHHVIXHU]DVSRUSURIXQGL]DUODVUHODFLRQHVGHEHQGLFLyQ
3RVHHVFXDQGRWHHQDPRUDVPiV\PiVGH-HV~VEXVFDQGRDJUDGDUORHQ
WRGR\YLYLHQGRHQPD\RUVDQWLGDG
 3RVHHV FXDQGR PDQWLHQHV OHMRV D WXV HQHPLJRV SHFDGRV RFXOWLVPR
KHULGDVHPRFLRQDOHV\KHUHQFLDV \QRYXHOYDVQXQFDPiVDHVDVSUiFWLFDV
3RVHHVFXDQGRVLUYHVPiVD'LRV\WHFRPSURPHWHVPiVFRQODLJOHVLD
 3RVHHV FXDQGR WH HVIXHU]DV SDUD TXH WX QRYLDR VHD PiV IHOL] PiV
EHQGHFLGDR\PiVKHUPRVDRSRUHVWDUFRQWLJR
(QWLHQGHV"/XHJRGHODFRQTXLVWDYLHQHODSRVHVLyQ PDQWHQHUFXLGDU
PHMRUDUQRHFKDUORDSHUGHU /RSRVHHVFRQRUDFLyQGHWHUPLQDFLyQDPRU
WUDEDMR HVIXHU]R FRPXQLFDFLyQ VLQFHULGDG LQWHJULGDG UHVSRQVDELOLGDG
FRPSURPLVR UHVSHWR DFWLWXGHV GH EHQGLFLyQ \ GH SHUGyQ SDODEUDV TXH
VDQDQWUDQVSDUHQFLD$VtSRVHHV\FXLGDVWRGRORTXHUHFLEHVGH'LRV

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZHVWXGRVFULVWDRVFRP

-RVXp


',$

/XHJR GH TXH OD WLHUUD SURPHWLGD IXHUD FRQTXLVWDGD DXQTXH QR SRVHtGD
WRWDOPHQWH GHTXHODFLXGDGGH6LORIXHUDHOHJLGDFRPRHOQXHYRFHQWUR
UHOLJLRVR\HVSLULWXDOGHODQDFLyQGHTXHFDGDWULEXUHFLELHUDVXKHUHQFLD\
WHUULWRULR\GHTXHDORVOHYLWDVVHOHVHQWUHJDUDQFLXGDGHVSDUDKDELWDU
8QDYH]TXHWRGRHVWRHVWXYRWHUPLQDGR\RUJDQL]DGRDTXLpQHVPDQGDD
OODPDU-RVXp" YV
0X\ELHQ5HFXHUGDTXHODVGRVWULEXV\PHGLD 5XEpQ*DG\PHGLDWULEX
GH0DQDVpV YLYtDQGHORWURODGRGHO-RUGiQIXHUDGHODWLHUUDSURPHWLGD
(OORVKDEtDQHVFRJLGRYLYLUDOOt\0RLVpVDFFHGLyDGDUOHVHVDVWLHUUDV
/248(',2648,(5(/248(<248,(52
7HSUHJXQWR
(UDHOGHVHRGH'LRVTXHHOORVYLYLHUDQIXHUDGHODWLHUUDSURPHWLGD"
(UDYROXQWDGGH'LRVTXHHOORVFRQTXLVWDUDQ\SRVH\HUDQHVDVWLHUUDV"
(UDQEXHQDVWLHUUDV0X\EXHQDVWLHUUDV3HURHUDORTXH'LRVTXHUtD
SDUDHOORV"(UDHOSURSyVLWRGH'LRVSDUDHOORV"
<QR1RHUDQLHOGHVHRQLODYROXQWDGQLHOSURSyVLWRGH'LRVSDUDHOORV<
ODSUXHEDGHHVWRHVTXHGpFDGDVPiVWDUGHIXHURQODVSULPHUDVWULEXVHQ
GHVDSDUHFHUFRQTXLVWDGDVSRUVXVHQHPLJRV
4XHDOJRVHDEXHQRPX\EXHQRQRVLJQLILFDTXHVHDORTXH'LRVTXLHUH
SDUDWL6HULH'HVDILRV
<SRUTXp"3RUTXH'LRVYHPiVDOOiGHORTXHQRVRWURVYHPRVeOFRQRFHHO
ILQDOGHODSHOtFXODeOVDEHFRPRWHUPLQDUiHVDKLVWRULD<FRPReOORVDEH
HVLPSRUWDQWHHVFXFKDUOR\REHGHFHUORSDUDQRVXIULUWRQWDPHQWH
8QDQRYLDRXQDFDUUHUDXQLYHUVLWDULDXQQHJRFLRXQPLQLVWHULRMXJDUHQXQ
HTXLSR SURIHVLRQDO VRQ WRGDV FRVDV PX\ EXHQDV SHUR 'LRV QR TXLHUH
FXDOTXLHUQRYLDRQRYLRSDUDWLeOQRTXLHUHFXDOTXLHUPLQLVWHULRSDUDWLQL
FXDOTXLHUQHJRFLRSDUDWL'LRVWLHQHVXWLHUUDSURPHWLGDGHVLJQDGDSDUDWL\
HQHVDGLUHFFLyQWLHQHVTXHDYDQ]DUHQODGLUHFFLyQTXH'LRVWHVHxDOH
<Vt<DVpTXHQRHVIiFLOGDUVHFXHQWD EXHQRDYHFHVVt SRUHVRWH
UHFRPLHQGRTXHRUHVTXHQRWHDSUHVXUHVTXHSLGDVFRQVHMRVDWXVSDGUHV
\OtGHUHVTXHKDEOHVFRQSHUVRQDVFRQH[SHULHQFLD<FXDQGRWHQJDVFODUR
TXHHVRHVORTXH'LRVTXLHUHSDUDWLQLORGXGHV$YDQ]DFRQTXtVWDOR\
SRVpHORFRPSOHWDPHQWH'LRVWHEHQGHFLUi\HQWRGRWHLUiELHQ



/RTXH-RVXpOHVGLFHDODVGRVWULEXV\PHGLD\ODPDQHUDHQODTXHVHOR
GLFHQRVHQVHxDYDULDVFRVDVSDUDFRPXQLFDUQRVPHMRU
&8$1'2+$%/(6&$/,),&$326,7,9$0(17(
4XpGHVWDFD-RVXpGHODVGRVWULEXV\PHGLD" YV
/RV IHOLFLWD SRUTXH IXHURQ REHGLHQWHV D 'LRV IXHURQ REHGLHQWHV D VX
OLGHUD]JRQRDEDQGRQDURQDVXVKHUPDQRVREHGHFLHURQFDGDXQDGHODV
SDODEUDVGH'LRV5HELHQ /iVWLPDTXHYLYtDQGHORWURODGR 
+DVORPLVPR'HVWDFDOREXHQRGHODVSHUVRQDV)HOLFtWDORVSRUVXVORJURV
VXVEXHQDVQRWDVHQHOFROHJLRVXFRPSURPLVRFRQ'LRVVXHVIXHU]RVX
FRUD]yQ6LEXVFDVHQFRQWUDUiVDOJRSRVLWLYRSDUDGHFLUGHORVGHPiV
&8$1'2+$%/(6/,%(5$&217863$/$%5$6
4XpOHVGLFHDFRQWLQXDFLyQ-RVXp" YV
5HJUHVHQ D VXV WLHUUDV /RV OLEHUD OHV GD SHUPLVR SDUD YROYHU FRQ VXV
IDPLOLDV<DSDVDURQDOUHGHGRUGHDxRVGHVGHTXHFUX]DURQHO-RUGiQSRU
SULPHUDYH]$KRUDHVWLHPSRGHYROYHU
+D\SDODEUDVTXHDWDQDODVSHUVRQDV3RUHMHPSORQXQFDORORJUDUiVW~
QRSXHGHVHUHVLQFDSD]GHKDFHUDOJREXHQRQRVLUYHVSDUDQDGDHUHV
IUtRLQVHQVLEOHVRORFDXVDVSUREOHPDVHUHVXQGHVDVWUH
3HURKD\SDODEUDVTXHOLEHUDQ\GHVDWDQDORVGHPiV3RUHMHPSORFUHRHQ
WLVpTXHSRGUiVKDFHUORHVGLItFLOSHURQRLPSRVLEOHVLQRWHDUULHVJDV
QXQFDORFRQTXLVWDUiVDXQTXHWHKD\DVHTXLYRFDGRYXHOYHDLQWHQWDUOR
&8$1'2+$%/(6$/,(17$(63,5,78$/0(17(
$TXpORVGHVDItD-RVXp" YV
eOOHVODQ]DVHLVGHVDItRVHVSLULWXDOHV'HVF~EUHORV
+DVORPLVPR&RPSDUWHFRQWXVDPLJRVXQDSDODEUDGH'LRVXQDSURPHVD
XQDRUDFLyQXQDHQVHxDQ]DDOJRTXHORVDOLHQWH\ORVGHVDItHDUHODFLRQDUVH
PiVtQWLPDPHQWHFRQ'LRV
&8$1'2+$%/(6%(1',&(
&yPRORVGHVSLGH-RVXp" YV
%HQGHFLUVLJQLILFDGHFLUELHQ(VKDEODUELHQGHDOJXLHQ+DEODVELHQGH
WXVSDGUHV"+DEODVELHQGHWXVOtGHUHV"+DEODVELHQGHWXQRYLRD"
&XiOHVHO~OWLPRGHVDItRTXHOHVODQ]D-RVXp" YV
<RWUDYH]+DVORPLVPR'LVIUXWDWRGRORTXH'LRVWHGD\FRPSiUWHOR

&RPXQtFDWHFRQPLJRDHGJDUGRWRVRQL#KRWPDLOFRP

-RVXp


',$

/XHJRGHODVSDODEUDVGH-RVXpORVPXFKDFKRV XQRVWLSRVVHJ~Q
-RVXp   VH GHVSLGLHURQ VH DEUD]DURQ VH EHVDURQ QR QR HUDQ
JD\V \DOJXQRVOORUDURQ WHGLMHTXHQRHUDQJD\V 
/DFXHVWLyQHVTXHODVGRVWULEXV\PHGLDSHJDURQODYXHOWDSDUDYROYHUDVXV
FDVDVDORWURODGRGHO-RUGiQ+DVWDDTXtWRGRELHQSHUR
6(126$&$%$'(2&855,581$)$1767,&$,'($
<FXiOVHVXSRQHTXHIXHHVDIDQWiVWLFDLGHD" YV
(ODOWDUTXHOHYDQWDQDRULOODVGHO-RUGiQH[SUHVDYDULDVFRVDV
(VXQDOWDUGHDSDULHQFLDV/DSUHVHQFLDGH'LRVHVWDEDHQ6LOR FRQHO
DUFD\HOWDEHUQiFXOR QRHQHVHDOWDUGHO-RUGiQ
(VXQDOWDUFRQWUDGLFWRULR/ROHYDQWDQHQODWLHUUDSURPHWLGDSHURHOORVQR
YLYtDQHQODWLHUUDSURPHWLGDVLQRGHORWURODGRGHO-RUGiQ
(VXQDOWDULQ~WLO1RVLUYHSDUDQDGDDXQTXHHOORVOHGDQXQVLJQLILFDGR\
OHSRQHQXQQRPEUH YV 
(VXQDOWDUFRQIOLFWLYR<DYHUiVSRUTXp
(VFXFKD(VSHUDUTXH'LRVWHD\XGHTXH'LRVWHUHVSRQGDTXH'LRVWHGHOR
TXHOHHVWDVSLGLHQGRVLQREHGHFHUOHVLQKDFHUORTXHeOWHSLGHTXHKDJDV
VLQVDQWLGDGYLYLHQGRXQDGREOHYLGDHVFRPROHYDQWDUHVHDOWDUDRULOODV
GHO-RUGiQQRVLUYHSDUDQDGDHVFRPSOHWDPHQWHLQ~WLO
3XHGHVWHQHUWRGDODDSDULHQFLDGHKLMRGH'LRVGHFULVWLDQRGHFKLFRR
FKLFDGHLJOHVLDSHURVLQRREHGHFHVD'LRVVLQRORDPDVUHDOPHQWHVLQRWH
HQWUHJDVFRPSOHWDPHQWHDeOHUHVXQWUXFKR7DQWUXFKRFRPRHVHDOWDUD
RULOODVGHO-RUGiQ
&yPRUHDFFLRQDQODVUHVWDQWHVWULEXVDOHQWHUDUVHGHORTXHDFDEDQGH
KDFHUODVGRVWULEXV\PHGLD" YV
$DDKKKKEXHHHQRR+DFHXQSDUGHKRUDVDWUiVHVWDEDQWRGRVDORV
DEUD]RV \ VDOXGRV GHVHiQGRVH ODV PHMRUHV EHQGLFLRQHV OORUDQGR SRU OD
GHVSHGLGD\DKRUDHVWiQDSXQWRGHDJDUUDUVHDODVWURPSDGDV1DDDDD
0HHVWiVHPEURPDQGR"(VWRVPXFKDFKRVVRQXQRVELSRODUHV
0HSXHGHVH[SOLFDUTXpVHVXSRQHTXHVXFHGLySDUDTXHSDVHQGHODPRUD
ODJXHUUDHQFXHVWLyQGHKRUDV"1RHQWLHQGRQDGDGHQDGD<GHVSXpV
GLFHQTXHODVPXMHUHVVRPRVODVFRPSOLFDGDV



2N7UDQTXLOD<DWHH[SOLFR
4XpOHVGLFHQ)LQHHV\ORVOtGHUHVGHODVUHVWDQWHVWULEXV" YV
(GLILFDUXQDOWDUSDUDVDFULILFLRV\DGRUDFLyQIXHUDGHOWDEHUQiFXORXELFDGR
HQ6LORHUDXQDWUDLFLyQ\XQDPXHVWUDGHUHEHOGtDKDFLD'LRV YV <HVWR
VHFDVWLJDEDFRQODPXHUWH
)LQHHVOHVUHFXHUGDORTXHKDEtDVXFHGLGRHQ%DDOSHRUSRUKDEHUVLGR
GHVREHGLHQWHVD'LRV YV1~PHURV (OSHFDGRGHUHEHOGtD\
GHLGRODWUtDSHUMXGLFDEDDWRGDODQDFLyQ\WUDtDVREUHHOORVHOMXLFLRGH'LRV
0X\LQWHOLJHQWHPHQWH)LQHHVOHVRIUHFHXQDDOWHUQDWLYDSDUDVROXFLRQDU
HVWHSUREOHPDGHMHQHVDVWLHUUDV\YHQJDQDYLYLUDODWLHUUDSURPHWLGDFRQ
QRVRWURVSHURQRVHDQUHEHOGHVD'LRV YV 
)LQHHVOHVGDXQVHJXQGRHMHPSORGHUHEHOGtDGHVREHGLHQFLD\WUDJHGLD
QDFLRQDO$FiQ YV  'tD 
6(126$&$%$'(2&855,581$)$1767,&$(;3/,&$&,1
(Q YH] GH HVFXFKDU OD SURSXHVWD GH )LQHHV GH UHQXQFLDU D HVD WLHUUD
LQPXQGD GHORWURODGRGHO-RUGiQ \DFHSWDUHOGHVDItRGHPXGDUVHDOD
WLHUUDSURPHWLGD TXHHUDHOOXJDUHOHJLGRSRU'LRVSDUDHOORV TXpKDFHQ
ODVGRVWULEXV\PHGLD" YV
6t([DFWR([SOLFDQH[SOLFDQH[SOLFDQ\H[SOLFDQEXVFDQGRMXVWLILFDUVH
DVtPLVPRVHQOXJDUGHREHGHFHU\FUHHUOHD'LRV
6DEHVFXiOHVHOYHUGDGHURSUREOHPD"(OUtR-RUGiQQRVRORORVGLYLGtD
ItVLFDPHQWH WDPELpQ ORV VHSDUDED HVSLULWXDOPHQWH (O UtR TXH GHEtD
VHSDUDUORGHORVHQHPLJRVHQUHDOLGDGORVDSDUWDEDSDUDVLHPSUHGHOSXHEOR
GH 'LRV SRU OD GHFLVLyQ TXH HOORV KDEtDQ WRPDGR QDGLH OHV GLMR TXH VH
TXHGDUDQ GHO RWUR ODGR  < SRU PiV DOWDU TXH OHYDQWDUDQ \ SRU PiV
H[SOLFDFLRQHVTXHGLHUDQOD~QLFDUHDOLGDGHUDTXHHVWDEDQYROYLHQGRDWUiV
UHWURFHGLHQGRHQWRGR&RQRFHVDPLJRVTXHHVWiQUHWURFHGLHQGRHQWRGR"
<HODOWDU"
(VXQDOWDUFRQVWUXLGRSRUPLHGR YV 0LHGRDSHUGHUORTXH\D
KDEtDQSHUGLGRSRUHVWDUYLYLHQGRGHOODGRHTXLYRFDGR
 (V XQ DOWDU VLQ VDFULILFLR SDUD GDU WHVWLPRQLR YV   (O ~QLFR
GHWDOOHHVTXHVLQVDFULILFLRQRKD\WHVWLPRQLR
(VXQDOWDUVRORSDUDVHUREVHUYDGR YV 8QDUHOLTXLDTXHQRVLUYHQL
SDUDMXQWDUWLHUUD\YDFtDGHVLJQLILFDGRHVSLULWXDO
8QDOWDULQ~WLO\XQDODUJXtVLPD\DEXUULGDH[SOLFDFLyQWDPELpQLQ~WLOTXH
VRORVLUYLySDUDTXHQRVHPDWHQHQWUHHOORV YV 3LpQVDOR

6tJXHPHHQ7ZLWWHU#(GJDUGR7RVRQL

-RVXp


',$

$OILQDOL]DUHO'tDYLPRVD-RVXpFRPRXQOtGHUHVSLULWXDO$GHPiVGHOOtGHU
PLOLWDU TXH HUD -RVXp WHQtD XQ FRUD]yQ HQWUHJDGR D 'LRV XQ FRUD]yQ
REHGLHQWH \ XQD DFWLWXG GH E~VTXHGD GH 'LRV < FXDQGR UH~QHV HVWDV
FDUDFWHUtVWLFDV'LRVWHKDEOD'LRVVHWHUHYHOD'LRVWHGDSDODEUDVSDUDTXH
HQVHxHV \ PLQLVWUHV D ORV GHPiV (QWLHQGHV" (O VHFUHWR QR HV WX
LQWHOLJHQFLDHOVHFUHWRHVWXE~VTXHGDGH'LRV
<DKRUDHQVXV~OWLPRVDxRVGHYLGD -RVXp\DHVPXXXXXX\\\\\YLHMR 
YV FRQWLQ~DOLGHUiQGRORVHVSLULWXDOPHQWH
/XHJRGHFRQYRFDUDWRGDODQDFLyQDORVVDFHUGRWHV\OtGHUHVGHODVWULEXV
YV  -RVXp OHV KDEOD +D\ XQ WHPD TXH OR WLHQH PX\ SUHRFXSDGR \ QR
TXLHUHPRULUVHVLQGHMDUORELHQELHQFODUR9DPRVSRUSDUWH
',263(/(18(675$6%$7$//$6
4XpOHVUHFXHUGD-RVXpDWRGRHOSXHEOR" YV
1RSLHUGDVODPHPRULDGHWRGRORTXH'LRVKL]RSRUWLSRUWXIDPLOLDSRUWXV
SDGUHVSRUWXLJOHVLD
7DOYH]DKRUDPLVPRWHHQFXHQWUHVHQXQDEDWDOOD7DOYH]HVWiVSHOHDQGR
FRQWUDXQDHQIHUPHGDGFRQWUDXQDSpUGLGDFRQWUDXQDDGLFFLyQQRWHGHV
SRUYHQFLGR5HFXHUGDODVFRVDVJUDQGHV\EXHQDVTXH'LRVKDKHFKR
'LRVSHOHyVXVEDWDOODVSHURTXLpQOHVUHSDUWLyODVWLHUUDV" YV
7DPSRFRWHROYLGHVGHODVSHUVRQDVTXHWHEHQGLMHURQTXHWHD\XGDURQTXH
HVWXYLHURQFRQWLJRHQWXVPRPHQWRVGLItFLOHV\FRPSOLFDGRV$XQTXH\DQR
HVWpQPiVDJUDGpFHOHD'LRVSRUFDGDXQRGHHOORV<PXFKRPiVSRUORV
TXHKR\HVWiQDWXODGRHQYLDGRVSRU'LRVSDUDEHQGHFLUWH\QRGHMDUWHVROR
4XpSDODEUDGHIH\iQLPROHVVXHOWD-RVXp" YV
:RRRRRZZ(VWRHVSXUDIH5HFXHUGDTXH'LRVSHOHySRUWLSHURODEXHQD
QRWLFLDHVTXH'LRVVHJXLUiSHOHDQGRSRUWL
7XHQIHUPHGDG'LRVODSHOHDSRUWL7XGRORU'LRVORSHOHDSRUWL7XWULVWH]D
'LRVODSHOHDSRUWL7XVSpUGLGDV'LRVODVSHOHDSRUWL<FRQeOWHVHUiPiV
IiFLOYHQFHU7~FUHHFUHHFUHH\GHFODUDWXYLFWRULD VDOGUpGHHVWDPHLUi
ELHQORVXSHUDUpORPHMRUYLHQH <FXDQGR'LRVKD\DHFKDGRDSDWDGDV
DWXVHQHPLJRVQRROYLGHVTXHWXUHVSRQVDELOLGDGVHUiSRVHHU 'tD 



$12627526126&219,(1(6(56$1726
7RGRELHQFRQORTXHKDFH'LRVSHURFXiOHVODUHVSRQVDELOLGDGGHHOORV"
YV
3RUXQODGRKD\DFFLRQHVSRVLWLYDVHVIRU]DUVHJXDUGDUKDFHUQRDOHMDUVH
GH'LRVQLGHVXSDODEUD
3RURWURODGRKD\DFFLRQHVQHJDWLYDVQRPH]FODUVHFRQVXVGLRVHVQR
VHUYLUORVQLDGRUDUORV
+D\DOJRTXHWLHQHVTXHPHWHUHQWXYLGD WRGRORGH'LRV \KD\DOJRTXH
WLHQHVTXHPDQWHQHUOHMRVGHWXYLGD WRGRORTXHQRHVGH'LRVSHFDGRV
RFXOWLVPRKHULGDVHPRFLRQDOHV\KHUHQFLDV 
+D\XQDSRGHURVtVLPDUD]yQSRUODTXHYDOHODSHQDKDFHUORDQWHULRU\-RVXp
VHODVH[SOLFDFXiOHV" YV
(QWLHQGHV" 6L FRQ 'LRV SXHGHV HQIUHQWDU D WRGRV WXV HQHPLJRV \
YHQFHUORV VL FRQ 'LRV SXHGHV KDFHU KXLU WRGR OR TXH HO GLDEOR WH PHWD
DGHODQWH VL FRQ 'LRV HUHV PHMRU GH OR TXH HUHV HQWRQFHV YDOH OD SHQD
VHJXLUORFUHHUOH\REHGHFHUORHQWRGR1LSHQVDUORWHFRQYLHQHPiVHVWDU
FRQ'LRVTXHVLQeO
3HURHVWRQRHVOR~QLFR+D\PiV&XiOWLHQHTXHVHUWXDFWLWXGKDFLD
'LRV" YV
:RRRZZ(VFXFKD/DREHGLHQFLDHVLPSRUWDQWHODIHHVLPSRUWDQWHVHJXLU
D'LRVHVLPSRUWDQWHSHURDSUHQGHUDDPDUORHVVXSHULRUDWRGR(OTXHDPD
REHGHFH(OTXHDPDFUHH(OTXHDPDVLJXHD'LRVVLQLPSRUWDUOHORTXH
WHQJDTXHHQIUHQWDU$PDUD'LRVHVVXSHULRUDWRGRORGHPiV(OTXHDPDQR
DEDQGRQDHOTXHDPDQRVHERUUDHOTXHDPDQRGHMDGHFRQJUHJDUQLGH
VHUYLUQLGHVHUILHO(OTXHDPDQREDMDVXQLYHOGHFRPSURPLVRQLGHHQWUHJD
7LHQHVTXHDSUHQGHUDDPDUD'LRVFRQWRGRWXFRUD]yQ
4XpDGYHUWHQFLDWHUPLQDQWHOHVKDFH-RVXp" YV
1RWHHQUHGHVFRQDOJXLHQTXHQRDPDD'LRVFRQWRGRVXFRUD]yQVXIULUiV
6,',26/2',&(7(&219,(1((6&8&+$5/2
&yPRILQDOL]D-RVXpVXPLQLVWUDFLyQ" YV
(VIiFLO6LYLYHVFRPR'LRVTXLHUHTXHYLYDV\ORDPDV\WLHQHVXQFRUD]yQ
DJUDGHFLGR\REHGLHQWHWHLUiELHQHQWRGR
3HURVLHUHVUHEHOGHGHVREHGLHQWH\WHPH]FODVFRQORTXHQRHVGH'LRV
VXIULUiVSHUGHUiVRSRUWXQLGDGHV\ORPHMRUGH'LRVSDUDWL3LpQVDOR

4XLHUHV
6DEHU0iV"

,QJUHVDD

ZZZGHYRFLRQDOGLDULRRUJ

-RVXp


',$

)HOLFLWDFLRQHV/OHJDVWHDO~OWLPRFDStWXORGHOOLEURGH-RVXp$YDQFHPRV
$TXLpQHVUH~QHGHODQWHGHTXLpQORVUH~QH\FyPROHVKDEOD" YV
(VODSULPHUDYH]HQWRGRHOOLEURTXH-RVXpGLFH$VtGLFHHO6HxRU'LRVGH
,VUDHO (VWR HV XQD GHFODUDFLyQ SURIpWLFD (V FRPR VL -RVXp OHV GLMHUD
(VFXFKHQ SRUTXH 'LRV HVWi KDEODQGR D WUDYpV GH Pt (VWR QR HV XQ
GLVFXUVRSROtWLFRHVXQDPLQLVWUDFLyQHVSLULWXDO
6XVSDODEUDVWDPELpQQRVPXHVWUDQFyPRKDPDGXUDGR\FUHFLGR-RVXpHQ
VXLQWLPLGDGFRQ'LRVHQVXE~VTXHGDGH'LRV\HQVXUHODFLyQFRQeO
&UHFLVWHHQHVWRV~OWLPRVGtDV"<HQHO~OWLPRDxR"
$PDVPiVD'LRV"3DVDVPiVWLHPSRFRQeO"2UDVPiV"6LUYHVPiV"
3HUGRQDV PiV" 7LHQHV PHMRUHV DFWLWXGHV" 'LVIUXWDV PiV" 7UDWDV
PHMRUDWXIDPLOLD"(UHVPiVSDFLHQWH"7HHQRMDVPHQRV"
/$,03257$1&,$'(/26&58&(6
/XHJRGHVXGHFODUDFLyQSURIpWLFD-RVXpKDFHXQEUHYHUHFRUULGRKLVWyULFR
$TXLpQHVPHQFLRQDSULPHUR\TXpUtRFUX]DURQ" YV
(OORVFUX]DURQHOUtReXIUDWHVDEDQGRQDURQ%DELORQLD\IXHURQDODWLHUUD
SURPHWLGDSHURWHUPLQDURQHQ(JLSWR
$TXLpQHVPHQFLRQDOXHJR\TXpPDUFUX]DURQ" YV
'HODHVFODYLWXGGH(JLSWRFUX]DQHOPDU5RMRQXHYDPHQWHKDFLDODWLHUUD
SURPHWLGDSHURWHUPLQDQGDQGRYXHOWDVGXUDQWHDxRVHQHOGHVLHUWR
$TXLpQHVPHQFLRQDHQ~OWLPROXJDU\TXpUtRFUX]DURQ" YV
(OORVFUX]DURQHOUtR-RUGiQ\'LRVOHVHQWUHJyODWLHUUDSURPHWLGDGHUURWDQGR
DWRGRVVXVHQHPLJRV
&DGDFUXFHGHUtRV\PDUHVWLHQHXQVLJQLILFDGRHVSLULWXDO(QFDGDFUXFH
HOORVGHMDEDQDWUiVVXYLGDDQWHULRUSDUDHQWUDUHQORQXHYRTXH'LRVWHQtD
SUHSDUDGRSDUDHOORV(OFUXFHHVXQDGHFLVLyQTXHVHSDUDORYLHMRGHOR
QXHYR&UX]DUHVGHMDUDWUiVORTXHWHODVWLPDORTXHWHIUHQDORTXHWHDOHMD
GHOSURSyVLWRGH'LRV 'tDV\ &UX]DUVLJQLILFDUHQXQFLDU
D3LHQVD$TXpWLHQHVTXHUHQXQFLDUGHILQLWLYDPHQWH"(VXQDUHQXQFLD
GHILQLWLYDWRWDO(VXQFKDXFKDXDGLyV1XQFDPiV)XLVWH6HWHUPLQy
(/352%/(0$'(/$60(=&/$6
4XLpQOHVGLRWRGRORTXHWLHQHQ"<TXpHVSHUD'LRVGHHOORV" YV



3RUORTXHGLFHHOYHUVtFXORHOORVD~QFRQVHUYDEDQGLRVHVEDELOyQLFRV
HJLSFLRV \ FDQDQHRV /D PH]FOD HV XQ JUDYH SUREOHPD (Q S~EOLFR
DGRUDEDQD'LRVRIUHFtDQVDFULILFLRV\SDUWLFLSDEDQGHORVFXOWRVSHURHQ
SULYDGROHUH]DEDQDVXVGLRVHVSDJDQRV(VWRQRHVWiELHQ
(QWRQFHVTXpGXURGHVDItROHVODQ]D-RVXp" YV
&ODUR (OLJH D TXLpQ TXLHUHV VHUYLU D TXLpQ TXLHUHV VHJXLU D TXLpQ OH
TXLHUHVFUHHUSHURQRPH]FOHV'LRVQXQFDVHUiXQtGROR\ORVtGRORVQXQFD
VHUiQ'LRV(OLJH3HFDGRRVDQWLGDG"0HQWLUDVRYHUGDG"5HEHOGtDX
REHGLHQFLD"+DFHUORTXHVHWHGDODJDQDRKDFHUORTXH'LRVTXLHUH"
1RSXHGHVVHUYLUD'LRVFRQXQFRUD]yQGLYLGLGRFRQXQFRUD]yQPH]FODGR
FRQFRVDVRSHUVRQDVTXHQRVRQGH'LRVSDUDWL7LHQHVTXHWRPDUXQD
GHFLVLyQGHILQLWLYDRWHTXHGDVFRQ'LRVRWHTXHGDVFRQORTXHQRHVGH'LRV
(/352%/(0$'(/$6'(&,6,21(6$35(685$'$6
/XHJRGHOGHVDItRGLUHFWRGH-RVXpTXpOHUHVSRQGHHOSXHEOR" YV
/RUDURGHHVWRHVTXHHOORVQRGLFHQQDGDGHUHQXQFLDUDVXVtGRORV+DEODQ
GHVHUYLUD'LRVSHURQRGHUHQXQFLDUDVXVtGRORV6LJXHQVLQYHUTXHOD
PH]FODHVXQVHULR\PX\JUDYHSUREOHPD
<TXpYXHOYHDGHFLUOHV-RVXp" YV
2WUDYH]VRSDPXFKDFKRV3HURXVWHGHVVLJXHQVLQHQWHQGHU
<HOORVTXHUHVSRQGHQ\-RVXpTXpOHVUHSLWH\HOORVTXpGLFHQ" YV
/$,03257$1&,$'(/26$<8'$0(025,$
-RVXpXWLOL]DD\XGDPHPRULDELHQHVSHFtILFRVSDUDTXHHOSXHEOR\VXV
OtGHUHVQRROYLGHQODGHFLVLyQTXHDFDEDQGHWRPDUGHVHJXLU\VHUYLUD'LRV
&XiOHVVRQ" YV
(VFXFKD6LHVWiVOXFKDQGRFRQDOJR\WHFXHVWDYHQFHURVLOHSURPHWLVWH
DOJRD'LRV\\DWHROYLGDVWHHQWRQFHVKD]FRPR-RVXpSUHSiUDWHXQD\XGD
PHPRULD3XHGHVHUXQFDUWHOTXHFXHOJXHVHQWXKDELWDFLyQXQDWDUMHWDTXH
OOHYHVVLHPSUHFRQWLJRXQREMHWRTXHWHUHFXHUGHORTXHKD]SDFWDGRFRQ
'LRVXQDQLOORTXHWHUHFXHUGHHOFRPSURPLVRGHSXUH]DVH[XDOTXHKDV
KHFKRHWF8QD\XGDPHPRULDSDUDQRROYLGDU
(/$',6'(),1,7,92'(/*5$1/'(5&2148,67$'25
$TXpHGDGPXHUH-RVXp\HQGyQGHHVVHSXOWDGR" YV
4XpLQIOXHQFLDWXYRVXOLGHUD]JRHQHOSXHEOR" YV
,PSUHVLRQDQWH8QOtGHUFRQTXLVWDGRUFRQXQDSRGHURVDLQIOXHQFLDHVSLULWXDO
TXHSHUGXUyD~QGHVSXpVGHVXPXHUWH6RPRVDVtGHLQIOX\HQWHV"

4XLHUHV
6DEHU0iV"

,QJUHVDD ZZZGHVDILRMRYHQFRP





/RV7HUULWRULRV
DVLJQDGRVD
ODV7ULEXVGH,VUDHO
HQODWLHUUD
SURPHWLGD





275$62%5$6'(/$8725
/LEUR

HERRN
JUDWXLWR

9HUGDGHVTXH6DQDQ

(GLWRULDO/RJRV
3XHGHVDGTXLULUORHQOLEUHUtDVFULVWLDQDV

6HULH'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
*pQHVLV(GLFLyQ([WHQGLGD
'HYRFLRQDOHV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHVDILRMRYHQFRP
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ

HERRN
JUDWXLWR

6HULH'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
e[RGR\/HYtWLFR
'HYRFLRQDOHV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHVDILRMRYHQFRP
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ

HERRN
JUDWXLWR

6HULH'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
1~PHURV\'HXWHURQRPLR
'HYRFLRQDOHV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHVDILRMRYHQFRP
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ



275$62%5$6'(/$8725
HERRN
JUDWXLWR

6HULH'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
0DWHR
'HYRFLRQDOHV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP

HERRN
JUDWXLWR

6HULH'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
0DUFRV
'HYRFLRQDOHV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP

HERRN
JUDWXLWR

6HULH'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
/XFDV
'HYRFLRQDOHV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP

HERRN
JUDWXLWR

6HULH'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
-XDQ
'HYRFLRQDOHV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP



275$62%5$6'(/$8725
HERRN
JUDWXLWR

HERRN
JUDWXLWR

'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV0,1,
/RV(YDQJHOLRV
&ROHFFLyQGH7$5-(7$6FRQODVPHMRUHV
HQVHxDQ]DVUHIOH[LRQHV\IUDVHVGHOD6HULH'HVDItRV3DUD
-yYHQHV\$GROHVFHQWHV0DWHR0DUFRV/XFDV\-XDQ

6HULH'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
\&UyQLFDV
'HYRFLRQDOHV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP

HERRN
JUDWXLWR

6HULH'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
\5H\HV
'HYRFLRQDOHV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP

HERRN
JUDWXLWR

6HULH'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
\6DPXHO
'HYRFLRQDOHV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP



275$62%5$6'(/$8725
HERRN
JUDWXLWR

'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
(GLFLyQ(VSHFLDO(O5HLQR'LYLGLGR
/DKLVWRULDFRPSOHWDGHWRGRVORVUH\HVGH
,VUDHO\-XGiDSDUWLUGHODGLYLVLyQGHOUHLQR
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP

HERRN
JUDWXLWR

'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
(GLFLyQ(VSHFLDO6XUJH8Q'LYLGLGR
/DKLVWRULDFRPSOHWDGHORVWUHVSULPHURVUH\HV
GH,VUDHO6D~O'DYLG\6DORPyQ
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP

HERRN
JUDWXLWR

6HULH'HVDItRV3DUD-yYHQHV\$GROHVFHQWHV
5XW
'HYRFLRQDOHV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP

HERRN
,GHDV\5HFXUVRV\
JUDWXLWR 0iVGHLGHDVH[FOXVLYDVSDUDWX0LQLVWHULR-XYHQLO

3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP



275$62%5$6'(/$8725
HERRN
JUDWXLWR

/R4XH0LUDQ1XHVWURV+LMRV
/LEUR2FXOWLVPR\6DWDQLVPR

0DWHULDOJUiILFRQRDSWRSDUDQLxRVTXHH[SRQHODV
GLIHUHQWHVPDQLIHVWDFLRQHVRFXOWLVWDV
\VDWiQLFDV VtPERORVULWXDOHVSDFWRVSRVHVLRQHVHWF
GHODQLPH GLEXMRVDQLPDGRV MDSRQpV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP

HERRN
JUDWXLWR

/R4XH0LUDQ1XHVWURV+LMRV
/LEUR6H[R\9LROHQFLD

0DWHULDOJUiILFRQRDSWRSDUDQLxRVTXHH[SRQHOD
YLROHQFLDJUDWXLWD\H[FHVLYDODVSHUYHUVLRQHVVH[XDOHV
\ODVVHQVXDOHV\H[XEHUDQWHVQLxDVPXMHUHV
GHODQLPH GLEXMRVDQLPDGRV MDSRQpV
3XHGHVGHVFDUJDUORJUDWLVGH
ZZZGHYRFLRQDOGLDULRRUJ
ZZZGHYRFLRQDOHVFULVWLDQRVRUJ
ZZZGHVDILRMRYHQFRP

HERRN

3URJUDPD3DUD1XHYRV0LHPEURV

0yGXORVGLVHxDGRVSDUDHQWUHQDUDORVQXHYRVFUH\HQWHV
\JXLDUORVGHVGHORVFRQFHSWRVPiVEiVLFRVGHODYLGD
FULVWLDQDKDVWDORVFRQWHQLGRVGRFWULQDOHVIXQGDPHQWDOHVGH
QXHVWUDIH\VXLQYROXFUDPLHQWRHQHOVHUYLFLRGHODLJOHVLD
3XHGHVDGTXLULUORVHQ
ZZZGHYRFLRQDOGLDULRRUJ
KWWSPLVOLEURVFULVWLDQRVFRP



$&(5&$'(/$8725
3DGUHGHWUHVKLMRVDGROHVFHQWHVSVLFyORJR
GRFHQWH \ GLUHFWRU GH XQ ,QVWLWXWR GH
&DSDFLWDFLyQ/DERUDO
$XWRU GHO OLEUR 9HUGDGHV TXH 6DQDQ 3DUD
$GROHVFHQWHV (GLWRULDO/RJRV 
$XWRUGHOD6HULHGHYRFLRQDOGHHERRNV
'HVDItRV 3DUD -yYHQHV \$GROHVFHQWHV GH GLVWULEXFLyQ  JUDWXLWD
OHtGDHQWRGRVORVSDtVHVGHKDEODKLVSDQD
'LUHFWRUGH ZZZGHYRFLRQDOGLDULRRUJ\ ZZZGHVDILRMRYHQFRP
GRQGHPLOHVGHSHUVRQDVVRQEHQGHFLGDV\PRWLYDGDVDFRQRFHU\
VHJXLUD-HVXFULVWR
&RQXQDH[SHULHQFLDPLQLVWHULDOGHPiVGHDxRVHQHOSDVWRUDGRGH
ODQLxH]ODDGROHVFHQFLD\ODIRUPDFLyQGHPDHVWURV\OtGHUHVGHQLxRV
DGROHVFHQWHV\MyYHQHVDFWXDOPHQWHFRQJUHJRMXQWRFRQPLVKLMRVHQ
OD&RPXQLGDG5HGHQWRU5RVDULRGHORVDSyVWROHV'DQLHO\3DWULFLD
&DWWDQHR
6R\GH$UJHQWLQD\YLYRHQODFLXGDGGH6DQ/RUHQ]RSURYLQFLDGH
6DQWD)H

&217&7$0(
3RUPDLODHGJDUGRWRVRQL#KRWPDLOFRP
7HOHIyQLFDPHQWHDO   $UJHQWLQD 
2YtD7ZLWWHUD#(GJDUGR7RVRQL



(QFRQWUDUiVHQHVWRVGHYRFLRQDOHVGHVDItRV
SRGHURVRVSDUDWXYLGDSDUDWXIH
\SDUDODVLPSRUWDQWHVGHFLVLRQHV
TXHWLHQHVTXHWRPDU
'HVFXEULUiVYHUGDGHVLPSDFWDQWHV
\VHUiVPRWLYDGRDYLYLUWXYLGDFULVWLDQD
DSDVLRQDGDPHQWH
8WLOL]DHVWRVGHYRFLRQDOHVSDUDWX
FUHFLPLHQWRSHUVRQDO\GLVIU~WDORV

You might also like