METAPOLÍTICA

1P*"YZ6"2i9W"[\6"<,(.*";"$':3.'9-%'"7'"]^Y]
!"#$%&'
eeeW9'3&:*(.3.8&W8*9W9d"
('%)$*'+&'
!"#$%&'#(!$)("%*!$
!"#$%&'()*+*",-%.'#)-+'(% G !"#$%&'#()*+",%(-(.*%#/01/)(&23)45(%*62")7)8
,'%("(0#+20/09#(:"7(0#1+%#+"(-(:"+*0+21(1)#)*21
!"#$%&'#(!$)(%'+,$-'($!"&'#".)
"#$%&'(")*+&%%,-.&$"

)'+,$-'($!"&'#".) !',&-.$./$0&-%)$
/*$0"123*2.*"14,.(&%"5.+'%&6"5*7'%.8"1.")&9:6"1(';
<&27%*"12&=&6"123*2.*"122.2*6">(+&%*"1%&4?2"5.+'; HI "7( +*02#.)( :"( .*%#/)01( ;)77%#:"( <( "7( %=%#/"( :"7(
%&6"#$%&'("1%%*=*6"@&%A&"B,.$&"C&%8&('33"D0%'E6"@.4,'("
)&%-*2'((6" /*%4'" !&+.7" )*%30$" @*%'2*6" /*$0"123*; #")>)>2701&)("#(.*%#/0%(!"#$%&'($)#*+,-.'/$)#&0$123&2/,'+
2.*" )%'$:*6" /&.9'" 7'(" 1%'2&(" F'2*8G.*6" 5&H&'(" (
I$3%&7&" @.8G'(6" J0$3*%" K&%8A&" )&28(.2.6" 1%9&27*" JJ 0#+"7"/+2%7"1?( >)7'+0/%( <( /27+2*%@( >72*%7?( !)/"+)(
K*2EL('E" M*%%'$6" D&*(&" @&%3A2'E" N'%2L27'E6" @&%A&" :"(2#%(*"=01+%(!"#$4(,"(*"$5-!20$6*7'#2+
GH ORV ÉQJHOHV 0DVFRWW 6iQFKH]$OÀR 0DVWURSDROR
/'&2"@'='%6"I74&%"@*%&('$"F(*%'$6"B'*2&%7*"@*%(.2*6"
/*$0"B,.$"O%*E8*6"/,&2"D&-(*"D&9:.((*"C&(.P*6"@&%.*" KH 0,#%/0)(:'%4(:"(7%(1"*#%5(A>%*%(!%+%077"?(7%(+*%#1,*"8
D'%2.*(&6"Q4*"D.:.3*2'6"/,&2"@&2,'("5&9A%'E"R&AE6" 109#(197)(+0"#"(=%7)*(/2%#:)(1"(77"=%(%(/%!)(:"(&%8
SA83*%"5'=2*$*6"T&+.'%"5*7%A4,'E"B'7'$9&6"5*-'%3*" #"*%(/)#1/0"#+"B(8(,#23*+,'$#2'/*0'9'$!"#$89:'#$6"#'/2+$;/"#2+
RL28G'E6" 123*(A2" RL28G'E" ),'%+*6" >24'(" R'%9'P*6"
F'7'%.8*" SLEU,'E" )&('%*6" R.(+'$3%'" S.(('4&$" 5';
+,'(3&$6"!&2.(*"V*(*W
.-0$)-!
)''#!"+.!'#(!$(!"#$%"&'!$)(/#$,$+&$(+01$#'2( +1/23456781/189:141
#$%&'(")*+&%%,-.&$"
(;38<=3=/></7?6<;81@A73/<?6;</74<B147>1>C/83;;D287E?/F/><@38;1871
!",$3'4(%'1/',"%"5+(6(!".*#.1.%"5+"
@&2,'("1G,&83E.2 GL 7%(/)**2>/09#("#("7(101+"&%(>)7'+0/)(!"#$4/2++'(9#"$
@&%.$*("N'%2L27'E"R&23&9&%A& <*00"#("
@IM1DOBXM#)16" &P*" YZ6" JOW" [\6" /,(.*" &" R':3.'9-%'"
7'"]^Y]6"'$",2&":,-(.8&8.?2"3%.9'$3%&("'7.3&7&":*%"(&" MI C+0"**%( :"( ;)&!*"1( 0#.%&"1D( 7%( "/)#)&'%( >)7'+08
C'2'90%.3&"Q2.+'%$.7&7"1,3*2?9&"7'"D,'-(&6"8*2"7*; /%(:"(7%(/)**2>/09#("#(%&E*0/%(7%+0#%(!"#$1"9"/="$
9.8.(.*" '2" _" R,%" Y^_6" )*(W" )'23%*6" )WDW" []^^6" D,'-(&6"
D,'W6"="7.$3%.-,.7&"&"3%&+0$"7'("#2$3.3,3*"7'").'28.&$"7'" ƒ”•Ƥ‡Ž†
K*-.'%2*"="!'$&%%*((*"I$3%&304.8*6"8*2"7*9.8.(.*"'2"_"
6XU7HUFHUSDWLRGHO(GLÀFLR&DUROLQR&RO&HQWUR
)WDW"[]^^^6"D,'-(&6"D,'W6"M'(W"`a]b"`]]]b"]]caa^^"'d3W"
NG /)**2>/09#( <( .)*&%1( :"1=0%:%1( :"( 7%( >)7'+0/%(
aaac6" eeeW9'3&:*(.3.8&W8*9W9d6" I7.3*%" 5'$:*2$&; :"&)/*F+0/%("#(&EG0/)@(2#(%#F70101(:"(12(>%1%:)(
-('" !%&W" )(&,7.&" 5.+'%&" N'%2L27'E6" 8%.+G'%fG*39&.(W *"/0"#+"(!"#$>+#'2/$)"3'##&.*'+$
8*9W" 5'$'%+&" 7'" !'%'8G*$" &(" ,$*" 'd8(,$.+*" ^_;]^YY;
Y^]aY\gY]^^^;Y^]W" #RRJh" Y_^a;_aa\6" &9-*$" *3*%4&7*$"
:*%"'("#2$3.3,3*"J&8.*2&("7'("!'%'8G*"7'"1,3*%W")*2"Ji; OJ &EG0/)(HIJH@(%=%#/"1(<(*0"1,)1(!"#$<'./"$)'.'?'+$@A'0
PHURGH&HUWLÀFDGRGH/LFLWXGGH7tWXOR/LFLWXG
7'")*23'2.7*h"Y]^gc6"&9-*$"*3*%4&7*$":*%"(&"")*9.$.?2"
&DOLÀFDGRUDGH3XEOLFDFLRQHV\5HYLVWDV,OXVWUDGDVGHOD OI &EG0/)?( >*)!7"&%1( :"( 07",%70:%:?( >*)!7"&%1( :"(
R'8%'3&%A&"7'"K*-'%2&8.?2W"#9:%'$&"'2"D5O@OD1B"K5>; 0#+"*/%&!0)(>)7'+0/)(!"#$<'./"$B'C,D($E'(,*':"
F#)16" RW1W" !I" )WSW6" M'8&9&8G&(8*" J*W" _g6" )*(W" B&" D&E6"
D,'-(&6" D,'-(&W" )WDW" []YZ^6" M'(W" `]]]b" Y_YYgg^6" !#R;
M5#CQ)#jJW" )#MI@6" RW1" !I" )WSW6" 1+W" !'(" )%.$3*" Y^Y6"
)*(W" T*8*=&G,&(8*6" )WDW" a_^\^6" M(&(2':&23(&6" I$3&7*"
7'"@0d.8*6"M'(W"a]"g\"^]"^^6"0$3'"2i9'%*"$'"3'%9.2*"
7'" .9:%.9.%" '2" /,2.*" 7'" ]^Y]" 8*2" ,2" 3.%&<'" 7'" g^^^""
'<'9:(&%'$W" )*$3*" 7'(" '<'9:(&%" ka^W^^" '2" @0d.8*W""
179.2.$3%&8.?2" =" $,$8%.:8.*2'$" !.2*%&G" D*(.26"M'(W" ^Y"
`]]]b" _" __" [a" _a6" $,$8%.:8.*2'$f9'3&:*(.3.8&W8*9W
9d6"7.2*%&G]Z^ZfG*39&.(W8*9W""

B&$"*:.2.*2'$"'d:%'$&7&$":*%"(*$"&,3*%'$"2*"2'8'$&%.&;
PHQWHUHÁHMDQODSRVWXUDGHOHGLWRUGHODSXEOLFDFLyQ

l,'7&"'$3%.83&9'23'":%*G.-.7&"(&"%':%*7,88.?2"3*3&("*"
:&%8.&("7'"(*$"8*23'2.7*$"'".9L4'2'$"7'"(&":,-(.8&8.?2"
$.2" :%'+.&" &,3*%.E&8.?2" 7'" (&" C'2'90%.3&" Q2.+'%$.7&7"
1,3?2*9&"7'"D,'-(&W

@IM1DOBXM#)1" &:&%'8'" '2" (*$" $.4,.'23'$" A27.8'$h" )B1RI6"

)#M1R"B1M#JO1@I5#)1J1R"IJ")#IJ)#1R"RO)#1BIR"`)'23%*"
GH ,QIRUPDFLyQ &LHQWtÀFD \ +XPDQtVWLFD 81$0 ,1,67
,QVWLWXWHGH/·,QIRUPDWLRQ6FLHQWLÀTXHHW7HFQLTXH6R;
FLRORJLFDO$EVWUDFW ,QF 3$,6 3XEOLF$IIDLUV ,QIRUPDWLRQ
6HUYLFH ,%66 ,QWHUQDFLRQDO 3ROLWLFDO 6FLHQFH $EVWUDFW
Q5B#)NmR"`#23'%2&8.*2&("D'%.*7.8&($"!.%'83*%=b"="ICR)O"#2;
H*%9&3.*2"R'%+.8'$W"@IM1DOBXM#)1"2*"$'"G&8'"%'$:*2$&;
-('":*%"9&3'%.&('$"2*"$*(.8.3&7*$W"MA3,(*$"="$,-3A3,(*$"
7'"(&"%'7&88.?2W
&#(%-P)$/(Q0+&,$
RG %&01+%:(<(*%:0/%70:%:(:"&)/*F+0/%("#(7%(,*"/0%(%#+0,2%(!"#$
%&'($)#*+,-.'/$)#&0$123&2/,'+

HLH 1KLMN("7(&%7("#("7(>"#1%&0"#+)(&):"*#)@(2#%(;01+)*0%(#)(/)#8
="#/0)#%7(:"(7%(.07)1).'%(ON(1PQRS(#NTURS?(!"#$89:'#$6"#'/2+$;/"#2+$

HLG 1KLMN(!*"="(0#+*):2//09#(%7(>"#1%&0"#+)(:"(;","7(ON(,NMRMOK(
FVRWKQ(+NSKMTK?(!"#$4#,&#"$E'(,*//'('$4(9#'F'

HLI 1KLMN("1/%+)7),'%()//0:"#+%7(ON($RXKL(+RPLYQ?(!"#$4(,"(*"$%G$H2#(D(920$

HLR 1KLMN(/02:%:(:"7(/*0&"#@(/02:%:($2F*"4(<(7)1(#2"=)1(/%&>)1(
:"( "G+"*&0#0)( :"( 7%( "/)#)&'%( ,7)!%7( ON( /ZRMWNQ( !K[ONS?( !"#$
>+#'2/$)"3'##&.*'+$

HHM 1KLMN(&2#0/0>0)1?(/).*%:'%1(<(+0"**%1(/)&2#%7"1\(7)1(>2"!7)1(
/;)/;)7+"/%1( :"( )%G%/%( "#( "7( 10,7)( G0G( ON( "O]RM( &NSOK^R(
,RMX_R?(!"#$6'#,A($ID0J&20$E'(9"3'/

HHO 1KLMN(&EG0/)(>%'15(EG0+)()(.*%/%1)(ON(*NSY(:MPX`NM(/KW_S(a(*KQRW8
LR(#RUTZTMR?(’‘”
—‹ŽŽ‡”‘‘‘™ƒơ‡
ƒ”…Àƒ
 !"#$%&'&()!*%*
+%'*,-./!-/%*0*+%/",/$.*.&-&"$.
Po r t a f o l i o !"#$%&'#()*+",%(-(.*%#/01/2(34526
.
DVHULHIRWRJUi¿FDIXHGHVFXELHUWDFRPR\DFL/
PLHQWRGHDUTXHRORJtDHVWpWLFDHQXQDVHQFLOOD
FDUSLQWHUtD \ FRPR DUWLVWDDUTXHyORJR QDGD
IXHLQWHUYHQLGRWRGRIXHFUHDGRLQWXLWLYDPHQWH2WUR
PpULWRGHODVFRPSRVLFLRQHVIRWRJUi¿FDVHVVXLPSOt/
FLWDRH[SOtFLWDDOXVLyQDO&RQVWUXFWLYLVPRDO9RUWL/
FLVPRDO6XSUHPDWLVPR\DO&XELVPR(VWRRFXUULy
SRVWHULRUPHQWHDOHGLWDU\WLWXODUPL\DFLPLHQWRHVWp/
WLFR(VWDHYRFDFLyQDXQDSDUWHGHODKLVWRULDGHODUWH
GHO VLJOR ;; GHQWUR GH XQD GLPLQXWD \ DUULQFRQDGD
FDUSLQWHUtDFRQ¿UPDTXHFXDOTXLHUFRVDSXHGHVXVFL/
WDUXQDH[SHULHQFLDHVWpWLFDWRGRGHSHQGHGHOJR]RGH
ODLQWXLFLyQGHTXLHQUHDOLFHHOGHVFXEULPLHQWR$VL/
PLVPRGHVSRMRVHVWpWLFRVTXHSDVDQGHVDSHUFLELGRV
SXHGHQSRVHHUXQOHQJXDMHOLWHUDULR\VRQRURORFXDO
SXHGHYHUL¿FDUVHHQORVWtWXORVGHODV³SLH]DV´
$FHUFDGHOOHQJXDMHVRQRURHQXQSULQFLSLRSHQVp
PXVLFDOL]DUFDGDSLH]DFRQGRVREUDVGH$QQLH*RV/
¿HOG%XUQW,YRU\$QG/RRVH:LUHV\)O\LQJ6SDUNV
DQG+HDY\0DFKLQHU\\DTXHHOODWDPELpQGHVFXEUH
ODEHOOH]DHQORTXHSXGLHUDVHUDEHUUDQWHRLQFRUUHFWR
LQVWUXPHQWRV PXVLFDOHV GHVD¿QDGRV \ GHWHULRUDGRV
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
G
intuición
!"#$%&%#'%#()*#*+#,-./%-&.0'1#*"#'%#()*#*+#/2+#+./,'*1#*"#'0#
,030#*#."4')+%#*"#'0+#5*4*+#6#*"#'0#/.+/0#/)*-$*1#()*-0/%+#%#
"%1#*+$2#60#'0#7%-/04.8"#."4.,.*"$*#&*#$%&%#")*9%#4.4'%#9.$0'"
#$%&$'!()*'+,-!:0&0#*+#/*;()."%"
1R REVWDQWH FDVL DO PLVPR WLHPSR GHO KDOOD]JR GH
*RV¿HOGFRQRFtD)UDQFLVFR0XxR]TXLHQPHHQVHxy
VX LQFLSLHQWH REUD ³/DWWM´ LQWHUYHQFLyQ VRQRUD D
XQFODYHFtQHQGHWULPHQWRODFXDOPHFDXWLYySRUTXH
VRQRUDPHQWHHVWDQVLPLODUDORTXHYLVXDOPHQWHUHDOL/
]R$VtTXHGHFLGtFRPSDUWLUOHPLSUR\HFWRHLQYLWDUOR
SDUDTXHLQWHUYLQLHUDPLVIRWRJUDItDV
)LQDOPHQWHHOUHVXOWDGRIXHURQORV<*$-.$)+#=%"%>
-)+1#VHULHGHSLH]DVFRPSXHVWDVPHGLDQWHODH[SORUD/
FLyQGHWpFQLFDVH[WHQGLGDVFRQWUHVLQVWUXPHQWRVHQ
GHWHULRUREDQGXUULDFODYHFtQ\VDOWHULRDVtFRPRGH
VX YLROtQ \D TXH FRPR P~VLFR VH ³HVSHFLDOL]y´ HQ
GLFKRLQVWUXPHQWR<*$-.$)+#=%"%-)+FRPRELHQGLFH
)UDQFLVFR ³«HV OD H[SORUDFLyQ GH QXHYDV SRVLELOL/
GDGHV\UHYDORUDFLyQGHOPDWHULDOVRQRURHPLWLGRSRU
XQLQVWUXPHQWRFXDOTXLHUDHMHFXWDGRSRUPHGLRGHOD
LPSURYLVDFLyQ\ODOLEHUWDGFUHDGRUDGHOHMHFXWDQWH´
3RUTXHVLQLPSRUWDUODVFRQGLFLRQHVRPDWHULDOHVGHO
LQVWUXPHQWRRGHORVREMHWRVIRWRJUD¿DGRVHVWRVD~Q
DOEHUJDQEHOOH]DVRQRUD\YLVXDO
?*"30/@"#A-$*B0
 !"#$%&'#()*+",%(-(.*%#/01/)(&23)4 0(('%)$*'+&'

%HQMDPtQ2UWHJDC0"&+40,*#0#'0#D0'*9.45IRWRJUDItDGLJLWDO[FP
0
)UDQFLVFR0XxR]<*$-.$)+#=%"%-)+#EEE&ODYHFtQHQGHWHULRURKWWSELWO\.=W;93

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

M
('%)$*'+&'//0 !"#$%&'#()*+",%(-(.*%#/01/)(&23)4

%HQMDPtQ2UWHJDFG().*/#,0-0#C)4.%#D)H%;IRWRJUDItDGLJLWDO[FP
0
)UDQFLVFR0XxR]<*$-.$)+#=%"%-)+#IEE6DOWHULRHQGHWHULRURKWWSELWO\-+/L'$

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

N
 !"#$%&'#()*+",%(-(.*%#/01/)(&23)4 0(('%)$*'+&'

%HQMDPtQ2UWHJD!'*B@0#,0-0#'0#,%*+@0IRWRJUDItDGLJLWDO[FP
0
)UDQFLVFR0XxR]<*$-.$)+#=%"%-)+#EE&ODYHFtQHQGHWHULRURKWWSELWO\.&J$S

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

I
('%)$*'+&'//0 !"#$%&'#()*+",%(-(.*%#/01/)(&23)4

%HQMDPtQ2UWHJD!'*B@0#-%$0#,0-0#")*+$-%+#&*+0,0-*4.&%+IRWRJUDItDGLJLWDO[FP
0
)UDQFLVFR0XxR]<*$-.$)+#+%"%-%+#IEJ%DQGXUULDHQGHWHULRURYLROtQSUHSDUDGRFRQXQSDVDGRUKWWSELWO\-7PH'

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

O
 !"#$%&'#()*+",%(-(.*%#/01/)(&23)4 0(('%)$*'+&'

%HQMDPtQ2UWHJDF*().*/#,0-0#?-0()*#6#KL,.*+IRWRJUDItDGLJLWDO[FP
0
)UDQFLVFR0XxR]<*$-.$)+#=%"%-)+#I6DOWHULRHQGHWHULRURKWWSELWO\/9O&Y

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

R
 ('%)$*'+&'//0 !"#$%&'#()*+",%(-(.*%#/01/)(&23)4

%HQMDPtQ2UWHJDM)0+.#)"0#+%"0$0#,0-0#D.B)*'#N*-"2"&*;IRWRJUDItDGLJLWDO[FP
0
)UDQFLVFR0XxR]<*$-.$)+#=%"%-)+#EJ&ODYHFtQHQGHWHULRURKWWSELWO\.=X\;]

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

HL
 !"#$%&'#()*+",%(-(.*%#/01/)(&23)4 0(('%)$*'+&'

%HQMDPtQ2UWHJD=4*'+.O#P-()*%'%B@0#=%"%-0IRWRJUDItDGLJLWDO[FP
0
)UDQFLVFR0XxR]<*$-.$)+#=%"%-)+#JE%DQGXUULDHQGHWHULRUR\YLROtQKWWSELWO\-:2=E

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

HH
 ('%)$*'+&'//0 !"#$%&'#()*+",%(-(.*%#/01/)(&23)4

%HQMDPtQ2UWHJD!'#-*,%+%#&*'#7)*B%O#P#Q%+G#!/.'.%#R045*4%IRWRJUDItDGLJLWDO[FP
0
)UDQFLVFR0XxR]<*$-.$)+#=%"%-)+#E&ODYHFtQHQGHWHULRURKWWSELWO\.=X**(

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

HJ
 !"#$%&'#()*+",%(-(.*%#/01/)(&23)4 0(('%)$*'+&'

%HQMDPtQ2UWHJD!'#4%"*3%#&*#=0)-0IRWRJUDItDGLJLWDO[FP
0
)UDQFLVFR0XxR]<*$-.$)+#=%"%-)+#JEE%DQGXUULDHQGHWHULRURKWWSELWO\-[T]

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

HK
('%)$*'+&'//0 !"#$%&'#()*+",%(-(.*%#/01/)(&23)4

%HQMDPtQ2UWHJDC0#=.B"0$)-0#&*#'0#J.&0IRWRJUDItDGLJLWDO[FP
0
)UDQFLVFR0XxR]<*$-.$)+#=%"%-)+#J&ODYHFtQHQGHWHULRURKWWSELWO\,2-PF,

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

HG
 !"#$%&'#()*+",%(-(.*%#/01/)(&23)4 0(('%)$*'+&'

%HQMDPtQ2UWHJDC0+#,*+0&.''0+#&*#S0T%IRWRJUDItDGLJLWDO[FP
0
)UDQFLVFR0XxR]<*$-.$)+#+%"%-%+#IJ%DQGXUULDHQGHWHULRURKWWSELWO\.=W)

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

HM
('%)$*'+&'//0 !"#$%&'#()*+",%(-(.*%#/01/)(&23)4

%HQMDPtQ2UWHJDK0$'."O#J*+$.B.%#&*#/%")/*"$%#)$8,.4%IRWRJUDItDGLJLWDO[FP
0
)UDQFLVFR0XxR]<*$-.$)+#=%"%-)+#JEEE%DQGXUULDHQGHWHULRURKWWSELWO\-[P[0

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

HN
%'*/",$-1&*+%*1"!-2&,.*3&''!-+%*
4*%'*!5!-6%*+%'* neopopulismo
%-*1"!-6,!

74%#(8*01+9:%;(8*46(<"=4";+%1>

.
XHJR GH  DxRV GH OD SULPHUD YLFWRULD GH XQ MHIH GH (VWDGR IUDQFpV GHVGH 1DSROHyQ´ LURQL]D
)UDQoRLV 0LWWHUUDQG \ D  DxRV GH OD ~OWLPD 3KLOLS *RXUHYLWFK SHULRGLVWD GHO:*U# V%-W*- C.T*>
YLFWRULDGHO3DUWLGR6RFLDOLVWDIUDQFpVHQXQDV
HOHFFLRQHVSUHVLGHQFLDOHVODGH)UDQoRLV+ROODQGHHO
 GH PD\R SDVDGR FRQ XQ SRUFHQWDMH GH YRWRV FDVL
LGpQWLFRDOTXHREWXYR0LWWHUUDQGHQQRSXHGH
VLQR UHSUHVHQWDU XQ p[LWR SDUD XQ FDQGLGDWR UHSXWD/
-0$.%"  GH PD\R GH  GH DKRUD HQ DGHODQWH
FRPSDUWH VyOR FRQ *LVFDUG G¶(VWDLQJ HO WULVWH WtWXOR
GH SUHVLGHQWH IUDQFpV TXH QR KD SRGLGR PDQWHQHUVH
PiVGHXQPDQGDWR$KRUDELHQGLIHUHQWHVPRWLYRV
KDFHQSHQVDUTXHODGHUURWDGH6DUNR]\FDQGLGDWRGH
GRJULVDMHQRDORVSXHVWRVJXEHUQDPHQWDOHV\FX\D OD8QLyQSRU(O0RYLPLHQWR3RSXODU803HVFRQGH
HVWUDWHJLD HOHFWRUDO FRQVLVWLy HQ SUHVHQWDUVH EDMR OD DOJRPiVTXHXQDVLPSOH\FRQWLQJHQWHH[SUHVLyQGH
LPDJHQ GH ³XQ KRPEUH QRUPDO´ )XH HO WULXQIR GHO FDVWLJR\GHOPDOKXPRUGHOHOHFWRUDGRIUDQFpVRDOJR
RVFXUR FDQGLGDWR HPHUJHQWH OXHJR GHO VXLFLGR ¢R PiVTXHXQDVLPSOHFRQVHFXHQFLDSROtWLFDGHODDFWXDO
DVHVLQDWR" SROtWLFR GHO RWURUD SRSXODU SROtWLFR TXH
JR]DUD GH XQ  SRU FLHQWR GH RSLQLRQHV IDYRUDEOHV
D SULQFLSLRV GH  'RPLQTXH 6WUDXVV.DKQ 3RU
VHJXQGD YH] HQ OD YLGD GH OD 9 5HS~EOLFD )UDQFLD
WHQGUiXQSUHVLGHQWHVRFLDOLVWD6LQHPEDUJRHVLQGX/
GDEOHTXHODVHOHFFLRQHVVHMXJDURQPHQRVHQWRUQRDO
SURJUDPDRDODSHUVRQDOLGDGGHOFDQGLGDWRVRFLDOLV/
WDTXHDPDQHUDGHXQUHIHUpQGXPHQWRUQRDOD¿JXUD
GHO 3UHVLGHQWH VDOLHQWH 1LFRODV 6DUNR]\ (Q HIHFWR
6DUNR]\ PDQWXYR XQ DOWR JUDGR GH LPSRSXODULGDG
FDVLGHVGHHOSULPHUDxRGHVXJRELHUQRKWWSZZZ
FULVLVHFRQyPLFD'HDTXtTXHYDOJDODSHQDREVHUYDU
FRQGHWHQLPLHQWRTXpH[SUHVDQHVWDVHOHFFLRQHVHQOD
HYROXFLyQUHFLHQWHGHODVRFLHGDGIUDQFHVD
(Q SULPHU OXJDU HO WULXQIR GHO 3DUWLGR 6RFLDOLVWD
WLHQH DOJR GH SDUDGyMLFR SXHV VH GD HQ XQD )UDQFLD
PD\RULWDULDPHQWH GH GHUHFKD $O PHQRV HVWR HV OR
TXH VXJLHUHQ ORV UHVXOWDGRV REWHQLGRV HO  GH DEULO
HQODSULPHUDYXHOWDSRUSDUWHGHORVWUHVSULQFLSDOHV
SDUWLGRVGHGHUHFKDTXHUHXQLGRVVXPDURQSRU
FLHQWRVDOYRODKLSyWHVLVVRVWHQLGDSRUDOJXQRVTXH
KR\HQGtDHOHOHFWRUDGRIUDQFpVHVPX\KHWHURJpQHR\
WQVVRIUHVFRPBDVVHWV¿OHVVDUNR]\SGI YROiWLO3RUORGHPiVODYLFWRULDHQODVHJXQGDYXHOWD
GHVFRQWHQWR TXH VH UHÀHMy HQWUH HO  SRU FLHQWR GH VHFRQVLJXLySRUXQPDUJHQHVWUHFKRSRUFLHQ/
TXLHQHV YRWDURQ SRU +ROODQGH SDUD HYLWDU VHJ~Q OD WR GH +ROODQGH FRQWUD  SRU FLHQWR GH 6DUNR]\
HQFXHVWD9LDYRLFHSDUDC.T*-0$.%"ODUHHOHFFLyQGHO ¢&yPRH[SOLFDUHQWRQFHVHOWULXQIRGH+ROODQGH"0DV
SUHVLGHQWH HQ IXQFLRQHV C.T*-0$.%"  GH PD\R GH DOOi GHO IXHUWH UHFKD]R D OD SHUVRQD \ DO GHVHPSHxR
(ODUWt¿FHGHODFDtGDGHOGLFWDGRUOLELR0XD/
PDUHO*DGD¿OD~OWLPDYHUGDGHUDYLFWRULDPLOLWDU³GH
1!
8QLYHUVLGDG$XWyQRPDGHOHVWDGRGH0RUHORV
GH6DUNR]\HVGHQRWDUTXHXQVHFWRULPSRUWDQWHGHO
HOHFWRUDGR GH H[WUHPD GHUHFKD SXGR FRQVLGHUDU FRQ
EHQHSOiFLWRODGHUURWDGHOKDVWDDKRUDSUHVLGHQWH\D
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HI
 !',&-.$./$0&-%)$//0 $2%#(/*01+9!%7(/*24(*"=2"7+%1

TXHHOHVSDFLROLEHUDGRSRUHOIUDFDVRGHO803DEUH GHO3DUWLGR6RFLDOLVWD/LRQHO-RVSLQ(OUHVXOWDGRGHO
ODSRVLELOLGDGGHXQUHDFRPRGRGHOHVSHFWURSROtWLFR GHOSDVDGRDEULOVHHQFXHQWUDHQWRQFHVHQFRQWLQXL/
DIDYRUGHO)UHQWH1DFLRQDO)16LHVWHHVFHQDULRUH/
VXOWDUDFLHUWRHVWDUtDPRVDQWHXQDPiVDJXGD³GHUHFKL/
]DFLyQGHODGHUHFKD´GHWRGRHOLQWHUpVGH0DULQH/H
3HQTXLHQEXVFDSRVLFLRQDUVHVHJ~QVXVSURSLDVSDOD/
EUDVFRPR³OD~QLFDRSRVLFLyQDODL]TXLHUGDXOWUDOLEH/
GDGFRQHOFUHFLPLHQWRFRQVWDQWHGHHVHSDUWLGRGHV/
GHODVGpFDGDVGHORVRFKHQWD6LQHPEDUJRWDPELpQ
HVHOUHVXOWDGRGHODHVWUDWHJLDDGRSWDGDSRUODDFWXDO
SUHVLGHQWDGHOSDUWLGR\FDQGLGDWDHQHVWH~OWLPRSUR/
FHVRDODSUHVLGHQFLDGH)UDQFLD0DULQH/H3HQ(OOD
UDOOD[LVWD\OLEHUWDULD´C.T*-0$.%"GHDEULOGH
(QVHJXQGROXJDUODGHUHFKL]DFLyQGHODVRFLHGDG
IUDQFHVDYDDODSDUFRQODFRQVROLGDFLyQHQHOSDLVDMH
SROtWLFRGHORVSDUWLGRVSRSXOLVWDVGHL]TXLHUGD\GH/
UHFKD1RVHWUDWDGHXQIHQyPHQRFR\XQWXUDOHOSR/
SXOLVPRSDUHFHKDEHUVHLQVWDODGRGH¿QLWLYDPHQWHHQ
HOSDLVDMHSROtWLFRIUDQFpV(QHIHFWRFRQVXSRU
FLHQWRGHORVYRWRVHQODMRUQDGDGHOGHDEULOGHO
SUHVHQWHDxRHOPiVDOWRHQODV~OWLPDVWUHVGpFDGDVOD
QRVyORORJUyGDUFRQWLQXLGDGDOSDUWLGRTXHOHKHUH/
GDUDVXSDGUH-HDQ0DULH/H3HQVLQRTXHORVXSHUy
HQSRUFHQWDMH\VREUHWRGRHQYRWDFLyQREWHQLGDFRQ
XQQ~PHURGHYRWRVGHFLIUDTXHQLOHMD/
QDPHQWHREWXYRVXSURJHQLWRU6LODHVWUDWHJLDHOHFWR/
UDODGRSWDGDSRU0DULQH/H3HQULQGLyVXVIUXWRVIXH
SRUTXHWXYRODVX¿FLHQWHDVWXFLDSDUDGHMDUDWUiVODV
YLHMDVSURYRFDFLRQHVFRQWXIR¿ORQD]LGHVXSDGUH
*UDFLDVDHVWHFDPELRGHURVWURORJUy³GHVGLDEROL]DU´
L]TXLHUGDOLJDGDDO3DUWLGR&RPXQLVWD3&FRQIHGH/
UDGDEDMRODGHQRPLQDFLyQGH³)UHQWHGH,]TXLHUGD´
KL]RROYLGDUTXHHQHOSURFHVRHOHFWRUDOGHOHO
3&REWXYRVyORHOSRUFLHQWRGHOYRWR'HKHFKR
GXUDQWHODSULPHUDIDVHGHO~OWLPRSURFHVRHOHFWRUDO
PXFKRVFUH\HURQYHUHQVXFDQGLGDWR-HDQ/XF0p/
OHQFKRQXQDHVSHFLHGHDUWt¿FHGHODUHVXUUHFFLyQGHO
SXHEOReOPLVPRQRGXGyHQDQXQFLDUHQVXGLVFXUVR
DOSDUWLGR\FRQVLJXLyKDFHUROYLGDUVXDxHMDHWLTXHWD
GHSDUWLGRGHH[WUHPDGHUHFKDSDUDSUHVHQWDUORFRPR
HO QXHYR SDODGtQ UHSXEOLFDQR GH OD ODLFLGDG 1R H[/
WUDxDTXHHQVXGHVHRGHFDSWDUORVYRWRVGH/H3HQ
SDUD OD VHJXQGD YXHOWD 1LFRODV 6DUNR]\ ³FRPSUy´
HVDLGHDGHXQDQRUPDOL]DFLyQGHPRFUiWLFDGHO)1DO
JUDGRGHFDOL¿FDUORVHJ~QHOSHULyGLFRGHL]TXLHUGD
C.T*-0$.%"GHSDUWLGR³FRPSDWLEOHFRQOD5HS~EOL/
GHOD%DVWLOODGHOGHPDU]RHO³UHJUHVRDOSXHEORGH FD´ C.T*-0$.%"  GH DEULO GH  $XQTXH HVWR
ODVUHYROXFLRQHV\GHODVUHEHOLRQHV´$SHVDUGHTXH LPSOLFD ROYLGDU PiV GH XQ HQFXHQWUR GH 0DULQH /H
0pOHQFKRQFRPSDUWHPXFKDVGHODVDFWLWXGHV\WHPDV 3HQFRQDOJXQRVUHSUHVHQWDQWHVGHODH[WUHPDGHUHFKD
GHODH[WUHPDGHUHFKD5H\QLp(V DXVWURJHUPDQD0XFFKLHOOL
VLQ HPEDUJR FRQ HO    SRU FLHQWR C.T*-0$.%"-! (QUHDOLGDGYLVWRGHVGHXQDSHUVSHFWLYDPiVDP/
GHDEULOGHGHODYRWDFLyQHOSDUWLGRGHGH/ SOLDODGLULJHQWHGHO)1QRKL]RVLQRVXPDUVXDJUX/
UHFKD)1TXHJDQDODKHJHPRQtDHQWUHORVSDUWLGRV SDFLyQDODWUDQVIRUPDFLyQTXHKDQVXIULGRQXPHUR/
SRSXOLVWDVIUDQFHVHVGHMDQGRDPSOLDPHQWHDWUiVDOD VRVSDUWLGRVSRSXOLVWDVHXURSHRVFRPRHO3DUWLGRGHO
L]TXLHUGDGH0pOHQFKRQ1RREVWDQWHHVGHQRWDUTXH 3XHEOR 'DQpV <0"+W# X%'W*,0-$. HO 3DUWLGR GH ORV
HQEXHQDPHGLGDHOp[LWRGHORVSDUWLGRVSRSXOLVWDVGH 'HPyFUDWDV GH 6XHFLD =9*-.B*&*/%W-0$*-"0 R HO
L]TXLHUGDHQ(XURSDVREUHWRGRHQODDQWLJXD(XURSD 3DUWLGR GH ORV 9HUGDGHURV )LQODQGHVHV R*-)++)%>
GHO(VWHUDGLFDHQKDFHUSURSLDVODVDFWLWXGHV[HQyIR/ /0'0.+*$ (VWRV KDQ ORJUDGR GHMDU DWUiV OD LPDJHQ
EDVGHODH[WUHPDGHUHFKD8QHMHPSORVRQODVSRVL/ GHSDUWLGRVUDFLVWDVSDUDSUHVHQWDUVHEDMRXQQXHYR
FLRQHVGHOSROtWLFRDOHPiQ2VNDU/DIRQWDLQHPLVPDV SHU¿O ³UHSXEOLFDQR´ 6H WUDWD GH DGRSWDU OR TXH HO
TXHDYHFHVVRQGLItFLOHVGHGLVWLQJXLUGHDTXHOODVGH SROLWyORJR 'RPLQLTXH 5H\QLp GHQRPLQD ,%,)'.+>
XQDH[WUHPDGHUHFKDWUDGLFLRQDO5H\QLp
/DFRQVROLGDFLyQGHOSRSXOLVPRGHGHUHFKDQRHV
XQIHQyPHQRQXHYRQLH[FOXVLYDPHQWHIUDQFpV/RV
SDUWLGRVSRSXOLVWDVHXURSHRVQDFLGRVHQORVDxRVVH/
WHQWDKDQREWHQLGRVXVPHMRUHVUHVXOWDGRVGXUDQWHHO
/%#,0$-./%".0'.+$0Y#(VWHVHGLVWLQJXHSRUEXVFDUXQ
SRVLFLRQDPLHQWR TXH SHUPLWD WDQWR GHVOLQGDUVH GHO
YLHMRH[WUHPLVPRUDFLVWDFRPRDSURYHFKDUHOHVSD/
FLR DEDQGRQDGR SRU ODV L]TXLHUGDV HXURSHDV (VWDV
~OWLPDVSHFDUtDQSRUKDEHUGHVDWHQGLGRGHVGHKDFH
SHULRGR5H\QLp7DPELpQHQ
HVRVDxRVHQODVHOHFFLRQHVSUHVLGHQFLDOGHHO
IXQGDGRUGHO)UHQWH1DFLRQDO-HDQ0DULH/H3HQKD/
EtD DOFDQ]DGR \D HO  SRU FLHQWR GH ORV YRWRV \
FRQHOORKDEtDORJUDGRSDVDUDODVHJXQGDURQGD&RQ
HVHUHVXOWDGRHOHQWRQFHVGLULJHQWHGHO)1GHVEDQFy
DXQRGHORVFDQGLGDWRVIDYRULWRVQDGDPHQRVTXHDO
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HO
GpFDGDVDODVFODVHVSRSXODUHV\REUHUDVDOUHRULHQ/
WDUVXVSURJUDPDVKDFLDODVFODVHVPHGLDV\VXSHULR/
UHV FRQ XQD RIHUWD GH WHPDV SRVWPDWHULDOHV FRPR
ORVRQHOPXOWLFXOWXUDOLVPR\ORVQXHYRVGHUHFKRV!
8QHMHPSORGHHVWHQXHYRWLSRGHSRSXOLVPRQRVOR
RIUHFHHQORV3DtVHV%DMRVHO3DUWLGRSRUOD/LEHUWDG

(VWDHVHQHIHFWRODWHVLVGHIHQGLGDSRU5H\QLp
 "7(+*02#.)(:"(.*%#h)01(;)77%#:"( 0(!',&-.$./$0&-%)$

0DQLIHVWDFLyQGHOGHPD\RGHGHOD&RQIHGHUDFLyQ*HQHUDOGHO7UDEDMR3DUtV)UDQFLD)RWR0DUWKD(OLVD/ySH]3HGUD]D

R0-$.3#9%%-#&*#J-.35*.&GH*HHUW:LOGHUVTXHPH]/ HO FXULRVR FRQFHSWR GH ³GHVPXQGLDOL]DFLyQ´ 'HVGH

FODODGHQXQFLDGHO,VODPFRQODGHIHQVDGHORVMXGtRV HOPDUJLQDOFDQGLGDWRDODSUHVLGHQFLD-DFTXHV&KH/
\ORVKRPRVH[XDOHVDOJRLPSHQVDEOHSDUDORVYLHMRV PLQDGH XQD YHUVLyQ IUDQFHVD GHO SROpPLFR /\QGRQ
SDUWLGRVSRSXOLVWDVGHGHUHFKD(OQXHYRSRSXOLVPR
VHHULJHQRVyOR HQ JDUDQWH GHO SDWULPRQLRLQPDWH/
ULDOODIRUPDGHYLGDVLQRWDPELpQGHOSDWULPRQLR
PDWHULDODVDEHUHOQLYHOGHYLGD¢(QFRQWUDGHTXp
RGHTXLpQ"³1DWXUDOPHQWH´HQFRQWUDGHODJOREDOL/
/D5RXFKHDPHULFDQRTXHRIUHFH³XQPXQGRVLQOD
&LW\QL:DOO6WUHHW´KDVWDORVGRVSULQFLSDOHVFDQGL/
GDWRVSDVDQGRQDWXUDOPHQWHSRU/H3HQ\0pODQFKRQ
HVWRV WHPDV IXHURQ HIHFWLYDPHQWH FDQWDOHWDV GXUDQWH
ODSDVDGDFDPSDxDHOHFWRUDO$QWHHVWDRODDSODVWDQ/
]DFLyQ\GHWRGRORTXHVHFUHHOLJDGRDHOODHOHXUR WHGHOD³LGHRORJtDGHODVIURQWHUDV´$ODQ'XKDPHO
OD8QLyQHXURSHDORVLQPLJUDQWHVHO,VODP« HOHGLWRULDOLVWD1LFRODV%DYHUH]QRGXGyHQGHSORUDU
/RVWHPDVSUHIHULGRVGHOQXHYRSRSXOLVPRKLFLH/ TXH³ODVHOHFFLRQHVIUDQFHVDVFRQVWLWX\HQXQUHIHUpQ/
URQDPSOLRHFRHQODFDPSDxD/DUDGLFDOL]DFLyQGHO GXPFRQWUDHOPXQGRGHOVLJOR;;,´C*#R%."$GH
GLVFXUVR \ OD UHWyULFD GHPDJyJLFD QR IXHURQ H[FOX/
VLYRV GH ORV SDUWLGRV SRSXOLVWDV $O FRQWUDULR HQ HO
SDVDGRSURFHVRHOHFWRUDOVHGLVWLQJXLySRUODGHQXQ/
FLD0&#"0)+*0/#GHORVEDQFRVGHOFDSLWDOLVPRGHOD
JOREDOL]DFLyQGHODV¿QDQ]DVGHOQHROLEHUDOLVPRGHO
OLEHUDOLVPR\«GHOD8QLyQHXURSHD(QFRQWUDSDU/
WLGDVHHYRFyWDPELpQKDVWDHOKDUWD]JRODSUHIHUHQ/
FLDQDFLRQDOHOSURWHFFLRQLVPRODVIURQWHUDVLQFOXVR
DEULOGH/RPiVSDUDGyMLFR\SUHRFXSDQWHIXH
HO KHFKR GH TXH VL KXER XQ FRQVHQVR HQWUH ORV GLH]
FDQGLGDWRVTXHSDUWLFLSDURQHQODFRQWLHQGDpVWHFRQ/
VLVWLyHQODFUtWLFDGHVDWDGDFRQWUDHOOLEHUDOLVPR'H
QXHYR1LFRODV%DYHUH]QRWLHQHUHSDURHQD¿UPDUTXH
HO³DQWLOLEHUDOLVPRHVXQDFDODPLGDGTXHVHHQFXHQWUD
HQHORULJHQGHOGHFOLYH\GHODUHJUHVLyQGH)UDQFLD´
4XHODLGHRORJtDDFWXDOPHQWHGRPLQDQWHHQODSDWULD
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HR
 !',&-.$./$0&-%)$//0 $2%#(/*01+9!%7(/*24(*"=2"7+%1

GHORVGHUHFKRVKXPDQRVVHQXWUDGHDQWLOLEHUDOLVPR SUHYpQ±TXL]iFRQXQWRTXHGHDODUPLVPR±OD³GHVDSDUL/
TXH HQ )UDQFLD DFWXDO VHD PHMRU YLVWR OHHU D XQ LQ/ FLyQ´GHORVDOHPDQHVSDUDHODxR(VGHREVHUYDU
WHOHFWXDOFHUFDQRDOQD]LVPRFRPR&DUO6FKPLWWTXH TXHHQWUH\$OHPDQLDSHUGLyPLOKDELWDQ/
%HQMDPLQ&RQVWDQWTXHVHPDUJLQHDXQDGHODVFR/
UULHQWHVLQWHOHFWXDOHVPiVIUXFWtIHUDVGHOPXQGRPR/
GHUQRQRGHMDGHVHUSDUDGyMLFR\HVHIHFWLYDPHQWH
SUHRFXSDQWHSDUDVXIXWXUR
(VGHQRWDUTXHHVWDDWPyVIHUDLGHROyJLFDQRH[SUHVD
WDPSRFRXQVLPSOHHVWDGRGHKXPRUWHPSRUDOGHOHOHFWR/
UDOIUDQFpV<DHQGLFLHPEUHGHXQDHQFXHVWDKDFtD
SDWHQWHTXHHOSRUFLHQWRGHORVIUDQFHVHVHVWLPDQ³TXH
)UDQFLDGHEHSURWHJHUVHPiVGHOPXQGRGHKR\´ZZZ
RSLQLRQZD\FRPSGIEMBFHYLSRIBEDURPHWUHBFRQ¿DQ/
WHVKWWSHSSHXURVWDWHFHXURSDHX
+R\HQGtDHOLPSDFWRGHODLQPLJUDFLyQHQVXPD/
\RUtDGHRULJHQPXVXOPiQFRQVWLWX\HXQDGHODVJUDQGHV
LQWHUURJDQWHVUHVSHFWRGHOIXWXURGH(XURSD6REUHWRGR
TXH HOOD VH SXHGH FRQMXJDU MXVWD R LQMXVWDPHQWH FRQ
QXPHURVRV SUREOHPDV \ WUDQVIRUPDFLRQHV PD\RUHV GH
GLYHUVRRUGHQFRPRORVRQHOHVSHFWDFXODUGHFOLYHGHPR/
JUi¿FRGH(XURSDHOHQYHMHFLPLHQWRGHVXSREODFLyQHO
HVWDQFDPLHQWRHFRQyPLFRODGHVFULVWLDQL]DFLyQGHDP/
SOLRVVHFWRUHVGHODSREODFLyQFRLQFLGHQWHFRQHODXJHGHO
FHBHQBSROLWLTXHBYDJBSUH]YIBBSGI3DUDH[SOLFDU HVWH
WLSRGHUHDFFLyQVHSXHGHFRQVLGHUDUTXHHIHFWLYDPHQWH
ORVIUDQFHVHVD~QQRDFDEDQGHGLJHULUHOQXHYRHVFHQDULR
PXQGLDOGHOVLJOR;;,+DELWDQWHVGHXQDDQWLJXDJUDQ
SRWHQFLDD~QFRQFLHUWRSHVRFXOWXUDOGHDOFDQFHPXQ/
,VODPHOHVWDWXVGHODVPXMHUHVHOWHUURULVPRLVODPLVWD
HOGHELOLWDPLHQWRGHODVLGHQWLGDGHVQDFLRQDOHVODFULVLV
GHODHGXFDFLyQS~EOLFDODLQVHJXULGDG\HOUHVXUJLPLHQ/
WR GH ODV LGHQWLGDGHV UHOLJLRVDV OD GHVWHUULWRULDOL]DFLyQ
GHODVLGHQWLGDGHVGHSHUWHQHQFLDJUDFLDVDORVQXHYDV
GLDOORVIUDQFHVHVQRWHUPLQDGHDVXPLUODQXHYDHVFDOD
GHOSODQHWDHQHOTXHVXVFDVLPLOORQHVGHKDELWDQWHV
SHVDQSRFRDQWHORVPLOORQHVGHFKLQRVORV
PLOORQHV GH KLQG~HV R ORV  PLOORQHV GH EUDVLOHxRV
7RGRLQGLFDTXHODFRPSHWHQFLDFRQORVQXHYRVJLJDQWHV
HFRQyPLFRVFUHDDQVLHGDGHQWUHORVIUDQFHVHVSXHVSRQH
HQGXGDVXDOWRQLYHOGHYLGD\VXVVLVWHPDGHVHJXULGDG
WHFQRORJtDVGHODFRPXQLFDFLyQ(VGHQRWDUTXHODLQ/
PLJUDFLyQHVSHUFLELGDFRPRXQSHOLJURSRUHOFRQMXQWR
GHODVFODVHVVRFLDOHVODVFODVHVEDMDVWHPHQODFRPSH/
WHQFLD³GHVOHDO´HQHOPHUFDGRGHOHPSOHRHQWDQWRTXH
ODVFODVHVPHGLDV\DOWDVYHQHQODLQPLJUDFLyQXQULHVJR
SDUDODSUHVHUYDFLyQGHVXVYDORUHVFXOWXUDOHVSRUHMHP/
SORODODLFLGDGODLJXDOGDGKRPEUHPXMHUODOLEHUWDGGH
VRFLDO7RGG&RPRYHUHPRVDFRQWLQXDFLyQRWUR H[SUHVLyQVLWXDFLyQTXHSRUORGHPiVOHVOOHYDDSRQHU
DVSHFWRTXHFDXVDHOUHSOLHJXHQDFLRQDO\SRSXOLVWDGH HQGXGDVX³VROLGDULGDG¿VFDO´IUHQWHDORVSRVLEOHVEH/
ORVIUDQFHVHVHVVXVHQVLELOLGDGFDGDGtDPiVDJXGDDQWH
ODLQPLJUDFLyQ
/$'(02*5$)Ë$</$,10,*5$&,Ï1
(QORV%HDWOHVUHHVFULEHQXQDGHVXVPiVFHOH/
EUHV FDQFLRQHV S*$# ?04W ¢FRQ TXp ¿Q" 6H WUDWD GH
DWDFDUDXQGLSXWDGRFRQVHUYDGRUEULWiQLFRGHQRP/
EUH(QRFK3RZHOOSRUXQGLVFXUVRHQHOTXHFULWLFDODV
SROtWLFDVGHPLJUDFLyQYLJHQWHVHQDTXHOHQWRQFHVHQ
VXSDtV(OGLDJQRVWLFRGH3RZHOOSRUORGHPiVWUD/
GXFWRUFRPRHQVXWLHPSRORIXHUD7KRPDV+REEHV
GH7XFtGLGHVHVUHFLELGRFRPRH[DJHUDGR\D¿QGH
FXHQWDVFRPRUDFLVWD\³GLDEyOLFR´WDOHVHOFDOL¿FD/
WLYRXWLOL]DGRHQODUHVHxDGHOSHULyGLFRK./*+#GHO
QH¿FLDULRVORVLQPLJUDQWHVGHOGLQHURGHVXVLPSXHVWRV
$KRUDELHQFRPRORKDFHSDWHQWHHOFDVRGH3RZHOO
SRUUD]RQHVFRPSUHQVLEOHVHOGHEDWHHQWRUQRDODLQPL/
JUDFLyQHVXQRGHORVPiVGHOLFDGRV(QSDUWLFXODUGHELGR
DOSHOLJURGHFDHUHQODHVWLJPDWL]DFLyQGHLQGLYLGXRVR
JUXSRVSRUVXRULJHQRSRUVX³¿VRQRPtDH[WUDQMHUD´DO
KDFHUXVRGHFDWHJRUtDVpWQLFDVRUDFLDOHVGHWLSRGLVFUL/
PLQDWRULR2SHRUHOQD]LVPRRUHFLHQWHPHQWHHOFDVR
GHOQRUXHJR$QGHUV%HKULQJ%UHLYLNQRVPXHVWUDTXHOD
REVHVLyQ\HOPLHGR³DOH[WUDQMHUR´SXHGHOOHYDUDDFWL/
WXGHVIUDQFDPHQWHFULPLQDOHV\JHQRFLGDV(VWRH[SOLFD
TXH XVXDOPHQWH OD L]TXLHUGD VH FRQWHQWH FRQ GHVLJQDU
FRPR[HQyIRERVDTXLHQHVWRFDQHOWHPDGHODLQPLJUD/
FLyQ3HURDOPHQRVHQHOFDVRGHODVHOHFFLRQHVIUDQFH/
GHDEULOGH6LQHPEDUJR3RZHOOQRUHSURFKD
HQVtHOKHFKRGHODLQPLJUDFLyQVLQRODHVFDODGHOD
PLVPD/DVSUR\HFFLRQHVGHODXPHQWRGHODSREODFLyQ
LQPLJUDQWHTXHKDFH3RZHOOHQGHPRVWUDUtDQVHU
FLHUWDVFRQHOWLHPSR&RQJUXHQWHVFRQHOSURQRVWLFRGH
3RZHOODSUR[LPDGDPHQWHHOSRUFLHQWRGHODSREOD/
FLyQGHO5HLQR8QLGRHVGHRULJHQH[WUDQMHURHOSRU
FLHQWRHQ)UDQFLD\HOHQHOFRQMXQWRGHOD8QLyQHX/
VDVTXHQRVRFXSDQDTXtVHKDYXHOWRIUHFXHQWHHOSUH/
JXQWDUVHVLHOOHQJXDMHSROtWLFDPHQWHFRUUHFWRGHVWLQDGR
SUHFLVDPHQWHDHYLWDUUHIHUHQFLDVGLVFULPLQDWRULDVQRHV
WDPELpQXQDIRUPDGHFHQVXUDTXHQLHJDODH[LVWHQFLDGH
³SUREOHPDVREMHWLYRV´SXHVSDUWHGHODLGHDTXH$%&%#+,!
HOVLPSOHSURGXFWRGHODVPHQWDOLGDGHVFRPRORGHSOR/
UDHORWURUDGLUHFWRUGHODFpOHEUHUHYLVWDCZ!+,-.$HQODV
FROXPQDVGHXQFRQRFLGRSHULyGLFRGHL]TXLHUGDC.T*>
URSHDSULPHUSRORGHPLJUDFLyQPXQGLDO3DUDDJUDYDU -0$.%"GHDEULOGH
HVWHHVFHQDULRDFDXVDGHOGHFOLYHGHPRJUi¿FRDOJXQRV $MHQDDOOHQJXDMHSROtWLFDPHQWHFRUUHFWR0DULQH/H

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

JL
 "7(+*02#.)(:"(.*%#h)01(;)77%#:"( 0(!',&-.$./$0&-%)$

3HQUHLYLQGLFDODOLEHUWDGSDUDKDEODUGH³ODVYHUGDGHUDV ³SULPDYHUDiUDEH´(PPDXHO7RGGGH¿HQ/

SUHRFXSDFLRQHV´GHORVIUDQFHVHVZZZKDUULVLQWHUDFWL/ GHTXHODVVRFLHGDGHViUDEHVFDGDGtDPiVDOIDEHWL]D/
YHIUQHZVDVS\DSURYHFKDUSDUDDWUDHU
DVXIDYRUDSR\RVGHSHVRFRPRHOGHOSROpPLFRHVFUL/
WRU 5HQDXG &DPXV (Q HIHFWR DO H[SUHVDU VX YRWR SRU
0DULQH/H3HQHQODVSiJLQDVGHOSHULyGLFRC*#D%"&*-!
&DPXVHQRWURWLHPSRFHUFDQRD5RODQG%DUWKHVGH/
FODUDTXH³FRQODLQPLJUDFLyQGHPDVD\HOFRQVHFXHQWH
FDPELR GH SXHEOR TXH VXFHGH D VLPSOH YLVWD )UDQFLD
HVWiFRQIURQWDGDDOFKRTXHPiVSURIXQGRHOPiVUDGL/
FDOSRUVXVFRQVHFXHQFLDVTXHKDFRQRFLGRGHVGHKDFH
TXLQFH R GLHFLVpLV VLJORV´ C*# D%"&*  GH DEULO GH
GDV\HQYtDVGHQRUPDOL]DFLyQGHPRJUi¿FDQRVRQ
XQDDPHQD]DSDUD(XURSD4XL]iHVWRVDXWRUHVSHFDQ
GHRSWLPLVPRIUHQWHDODHYROXFLyQGHODVVRFLHGDGHV
iUDEHVSHURHOGHEDWHQRGHEHVHUDEDQGRQDGRDORV
SDUWLGRVSRSXOLVWDV0HQRVD~QFXDQGRVDEHPRVTXH
HOFRQVHQVRSRSXOLVWDDGHPiVGHMXJDUFRQODVEDMDV
SDVLRQHVFRQODHPRFLyQ\ODJHVWLFXODFLyQHQQRP/
EUH GHO ³SXHEOR FRQWUD OD pOLWH´ WLHQH HQWUH VXV FKL/
YRVH[SLDWRULRVSUHIHULGRVDOD8QLyQHXURSHDVLHQGR
TXHpVWDHVOD~QLFDVDOLGDYLDEOHSDUDTXHORVSDtVHV
4XL]iTXLHQHVVHSDVHDQFHUFDGHOD%DVtOLFDGH
6DLQW'HQLV OXJDU GRQGH VH HQFXHQWUDQ ODV WXPEDV GH
ORVUH\HVGH)UDQFLD\GRQGHKDFHDSUR[LPDGDPHQWHPLO
DxRVQDFLyHOHVWLORJyWLFRHQFXHQWUHQTXHSRUHOWLSRGH
SREODFLyQGH0,0-.*"4.0³DIULFDQD´TXHYLYHFHUFDGHO
PRQXPHQWRVHDQXQFLHXQIXWXUR³DUPHQLR´R³FRSWR´
GH (XURSD SXHGDQ HOHYDUVH D OD WDOOD ±GHPRJUi¿FD
HFRQyPLFD ¿QDQFLHUD WHFQROyJLFD R PLOLWDU GH ODV
QXHYDVSRWHQFLDVGHOVLJOR;;,3HURVREUHWRGRXQD
H¿FD] FRRSHUDFLyQ HQWUH ORV SDtVHV GH (XURSD HV OD
~QLFDYtDSDUDHYLWDUUHYLYLUORVYLHMRVGHPRQLRVQD/
FLRQDOLVWDV\PDQWHQHUODYLDELOLGDGGHODGHPRFUDFLD
SDUDORVFULVWLDQRVGH(XURSDSRUORGHPiVODUHIHUHQFLD GHODTXHDOJXQRVHPSLH]DQDGXGDU
D6DLQW'HQLVHVFRQVWDQWHHQODGLVFXVLyQVREUHHOPXO/ 9LVWRDVtHOHVFHQDULRTXHVHDEUHSDUDHO UHFLpQ
WLFXOWXUDOLVPR(VWHPLHGRDO³H[WUDQMHUR´VLQGXGDSHVy HOHFWRSUHVLGHQWHGH)UDQFLD)UDQoRLV+ROODQGHVHUi
HQODVHOHFFLRQHVDOJUDGRTXHHOSRUFLHQWRGHTXLHQHV FRPSOHMR\GLItFLOGHSUHYHUSXHVHOMXHJRSROtWLFRVH
YRWDURQSRU/H3HQORKLFLHURQWHQLHQGRFRPRSULQFLSDO HQFRQWUDUi FRQVWDQWHPHQWH EDMR OD FDGD YH] PD\RU
PRWLYRODLQPLJUDFLyQC*#R%."$DEULO SUHVLyQGHORV³HQHPLJRVtQWLPRVGHODGHPRFUDFLD´
$O UHVSHWR HV GH QRWDU TXH HQ XQ SHULRGR FHUFD/ 7]YHWDQ 7RGRURY D VDEHU ORV GRV H[WUHPRV GH
QRHQWUH¿QDOHVGHO\SULQFLSLRVGHOHO
SULPHUPLQLVWURGH*UDQ%UHWDxD'DYLG&DPHURQOD
&DQFLOOHUDOHPDQD$QJHOD0HUNHOHO3ULPHU0LQLV/
WURGHORV3DtVHV%DMRV0DUN5XWWH\HO3UHVLGHQWH
GH)UDQFLD6DUNR]\GLHURQSRUVHQWDGRHOIUDFDVRGHO
PXOWLFXOWXUDOLVPR6LQHPEDUJRODLQPLJUDFLyQHVXQ
IHQyPHQR LQHOXGLEOH SDUD (XURSD 'RPLQLTXH 5H\/
L]TXLHUGD R GHUHFKD SRSXOLVWD TXH WLHQHQ HQWUH VXV
SULQFLSDOHVREMHWLYRVGHVWUXLUHOHXUROD8QLyQ(XUR/
SHD«\¿QDOPHQWHDFDEDUFRQODVRSFLRQHVPRGH/
UDGDV\FHQWULVWDVGHJRELHUQR¢4XpVHUiGH)UDQFLD
GH(XURSD\GHOVLJOR;;,VLHVWRVH[WUHPRVORJUDQ
VXVSURSyVLWRV"
QLpREVHUYDTXHHQHO\DFHUFDQRHO 5()(5(1&,$6
Q~PHURGHGHFHVRVVXSHUDUiHQ(XURSDDOQ~PHURGH 0XFFKLHOOL/³&HVVRQGHYLFWLPLVHUOD)1HW
QDFLPLHQWRV /DV VRFLHGDGHV HXURSHDV QHFHVLWDQ LQ/ VHVpOHFWHXUV´C.T*-0$.%"GHDEULO
PLJUDQWHVSDUDVHUYLDEOHV7]YHWDQ7RGRURYFRLQFLGH 5H\QLp'R%,)'.+/*+O#'0#,*"$*#70$0'*3DUtV3ORQ
HQTXHODLQPLJUDFLyQUHMXYHQHFHDODVVRFLHGDGHVHX/ 7RGG(P,-[+#'0#&G/%4-0$.*3DUtV*DOOLPDUG
URSHDV\DSXQWDODTXHHOPXOWLFXOWXUDOLVPRQRHVXQD
H[FHSFLyQVLQRXQDFRQVWDQWHDQWURSROyJLFDVLHPSUH
YLYLPRVHQWUHJUXSRVGLIHUHQFLDGRV0iVDOOiGHOD

(QUHDOLGDGODSDODEUD R HO IHQyPHQR ³PXOWLFXOWXUDOLVPR´HVWi OHMRV
GH FRQWDU FRQ XQD GH¿QLFLyQ FODUD \ SRU OR GHPiV HV LQWHUSUHWDGR GH
PDQHUDGLVWLQWDHQ)UDQFLD\HQHOPXQGRDQJORVDMyQ(QXQGHEDWHHQWUH
+ROODQGH\HO¿OyVRIR(GJDU0RULQDQWHODGHIHQVDGHOPXOWLFXOWXUDOLV/ ³FUHDDPELJHGDGHV\SHUPLWHSHQVDUTXHVRPRVXQDVRFLHGDGHQODTXH
PRSRU(GJDU0RULQ)UDQoRLV+ROODQGHSUH¿ULyHYLWDUHOWpUPLQRSRUTXH QRKD\PiVUHIHUHQFLDVFRPXQHV´C*#D%"&*GHPD\R

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

JH
,-/%'%6/$!'%.7*8&')/,6!*4*6$'/$"!9*
PLURAL7*:&6%/&*+%*$-!*"%5,./!
?#+2#02(@9A"6(30$%*"1>
(
O REMHWLYR GH HVWH DUWtFXOR HV PRVWUDU OD SUH/
VHQFLD GH OD UHYLVWD R')-0'# HQ ORV HVFHQDULRV
S~EOLFRVGH0p[LFRHQODSULPHUDPLWDGGHOD
GpFDGDGHORVDxRVVHWHQWD\HOSDSHOHLQÀXHQFLDTXH
HMHUFLyDWUDYpVGHOUHJLVWURHLQWHUSUHWDFLyQGHFXHV/
WLRQHVSROtWLFDVVRFLDOHVHFRQyPLFDVFXOWXUDOHVTXH
SUHRFXSDEDQSRUHQWRQFHVDORVPH[LFDQRV
3XHGHUHVXOWDULQWHUHVDQWHSDUDORVOHFWRUHVGHKR\
DFHUFDUVHDXQDUHYLVWDGHFXOWXUDTXHDSDUHFLyHQXQ
HQWRUQRFRQFUHWRSDUDUHVSRQGHUDGHWHUPLQDGDVQHFH/
VLGDGHVGHH[SUHVLyQ\GLIXVLyQFXOWXUDOR')-0'DVX/
PLyFODUDPHQWHSRUYR]GHVXGLUHFWRU2FWDYLR3D]
XQSURJUDPDGHSXHUWDV\YHQWDQDVDELHUWDVDOWLHPSR
UHDOGHOPXQGRFRQHODIiQGH³DLUHDU´HVDKDELWDFLyQ
FHUUDGD\GHDWPyVIHUD\DHQUDUHFLGDTXHHUDQXHVWUR
SDtVVHJ~QDSUHFLDFLyQGH3D]\RWURVPH[LFDQRVHQ
ORVDxRVGHDSRJHRGHOVLVWHPDSROtWLFRPH[LFDQR\
GHODVLOXVLRQHVVXVFLWDGDVSRUHOSURJUHVRHFRQyPLFR
FRQHVWDELOLGDGVRFLDO
R')-0' DGHPiV GH VHU XQD UHYLVWD LQQRYDGRUD HQ
WHPDVGHDUWH\OLWHUDWXUDIXHWDPELpQXQDUHYLVWDSR/
OtWLFDTXHGHIHQGLyFRQ¿UPH]DODVFRQYLFFLRQHVGHVX
GLUHFWRU\GHOFtUFXORLQWHOHFWXDOTXHFRQWULEX\yDGH/
¿QLUODGLFKDVFRQYLFFLRQHVVLQGXGDQRGHOWRGRKR/
PRJpQHDVHQFRQWUDEDQXQGHQRPLQDGRUFRP~QHQOD
LGHDGHTXH0p[LFR\HOFRQMXQWRGHORVSDtVHVODWLQRD/
PHULFDQRVGHEtDDEDQGRQDUHOODVWUHKLVWyULFRGHVXV
KHUHQFLDVDXWRULWDULDVSDUDFRQYHUWLUVHHQXQDVRFLHGDG
GHFLXGDGDQRVORTXHVXSRQtD\GHPDQGDEDODFRQVROL/
GDFLyQGHXQDYLGDS~EOLFDGLJQDGHHVHQRPEUH
1
3URIHVRULQYHVWLJDGRUHQHO'HSDUWDPHQWRGH(VWXGLRV6RFLRSROtWLFRV
\-XUtGLFRVGHO,QVWLWXWR7HFQROyJLFR\GH(VWXGLRV6XSHULRUHVGH2F/
3XHGHD¿UPDUVHTXHODSXEOLFDFLyQPHQVXDODXV/
SLFLDGDSRUHOGLDULR!\4G'+.%-#FRQWULEX\yDODIRUPX/
ODFLyQ\SXHVWDDOGtDGHXQDDJHQGDWHPiWLFDQRYH/
GRVDTXHLQFOXtDSODQWHDPLHQWRVUHIHUHQWHVDOPHGLR
DPELHQWH D ORV OtPLWHV GHO FUHFLPLHQWR \ D OD FULVLV
GHOPRGHORLQGXVWULDOL]DGRUHQ2ULHQWH\2FFLGHQWH
FXHVWLRQHV pVWDV TXH HQ VX PRPHQWR HQULTXHFLHURQ
QXHVWUDYLVLyQVREUHORTXHSRGtDVHUXQOHJtWLPRSUR/
\HFWRGHGHVDUUROORHURVLRQDQGRQRFLRQHVDUUDLJDGDV
VREUHODVFRQGLFLRQHVGHODPRGHUQL]DFLyQ\ODVLOX/
VLRQHVGHSURJUHVRLQFHVDQWH
&RQHOSUR\HFWRGHR')-0'#\VXHPSHxRH[SOtFLWRHQ
SHQVDU\PRGL¿FDUVXFLUFXQVWDQFLDPHGLDQWHODVLGHDV
\ODFUtWLFDVHVXVFLWDODFXHVWLyQGHOSDSHOGHVHPSH/
xDGRSRUQXHVWURVLQWHOHFWXDOHVHQODSROtWLFDQDFLRQDO
GHVGH HO VLJOR ;,; ¢&XiO HV VX OXJDU HQ OD FUHDFLyQ
GHXQDYLGDS~EOLFDHVGHFLUGHHVHHVSDFLRGRQGHORV
FLXGDGDQRV SRU OR PHQRV HQ XQ SODQR IRUPDO GHOL/
EHUDQ SDUD WRPDU GHFLVLRQHV GH tQGROH SROtWLFD GHVGH
OD DXWRGHWHUPLQDFLyQ" 2 PHQRV LGHDOPHQWH ¢FyPR
HYDOXDUVXVUHVSRQVDELOLGDGHVHQODOHJLWLPDFLyQGHOD
UD]yQGH(VWDGR\HQODH[DOWDFLyQGHOSRGHUSRUHOGLV/
FXUVR"9DOHODSHQDVLWXDUHOWHPDHQHOFRQWH[WRGHOD
DSDULFLyQGHHVWDUHYLVWDFXOWXUDO
2&7$9,23$=<RC]FPC
2FWDYLR3D]UHJUHVDD0p[LFRHQOXHJRGHXQD
DXVHQFLDGHGRFHDxRVTXHOROOHYyHQWUH\
DYLYLUHQ)UDQFLD\OD,QGLDGRQGHFXPSOLyIXQFLR/
QHV GLSORPiWLFDV LQFOX\HQGR OD GH PD\RU MHUDUTXtD
HPEDMDGRUGH0p[LFRHQ1XHYD'HOKLGHVGH\
OXHJR D ,QJODWHUUD \ (VWDGRV 8QLGRV SDtV HQ HO TXH
FLGHQWH,7(62

/D UHYLVWD IXH HGLWDGD SRU ([FpOVLRU &RPSDxtD (GLWRULDO 6&/ HP/
LPSDUWLyFRQIHUHQFLDVHQGLYHUVDVXQLYHUVLGDGHV
SUHVDFRRSHUDWLYDUHVSRQVDEOHGHOGLDULR!\4G'+.%-HOPiVSUHVWLJLRVR\ 6XYXHOWDD0p[LFRWLHQHYDULRVSURSyVLWRVHQWUH
SROtWLFDPHQWHGLYHUVL¿FDGRGHODpSRFD(QDTXHOHQWRQFHVORGLULJtDHO ORVFXDOHVHVWiHOGHSURPRYHUODFLUFXODFLyQGHLGHDV
SHULRGLVWD-XOLR6FKHUHU*DUFtD

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

JJ
( 0#+"7"/+2%7"1?(>)7'+0/%(<(/27+2*%@(>72*%7?(!)/"+)(:"(2#%(*"=01+% 0(!',&-.$./$0&-%)$

\HOHYDUHOQLYHOGHOGHEDWHVREUHORVGLYHUVRVSUR/ LQWHUSUHWDU OD SUHWHQGLGD IDVFLQDFLyQ GH ORV PH[LFD/

\HFWRVGHSDtVDOHQWDUODSDUWLFLSDFLyQSROtWLFDFRQ QRV KDFLD HO SRGHU $GHPiV WDQWR HQ VX LQWHUYHQ/
XQD SHUVSHFWLYD FODUDPHQWH GHPRFUDWL]DGRUD UHYL/ FLyQHQODPHVDUHGRQGD³0p[LFRSUHVHQWH\IXWX/
VDUFRQiQLPRFUtWLFRDFWLWXGHVHLQVWLWXFLRQHVKDVWD UR´ HQ +DUYDUG DFRPSDxDGR SRU -RKQ :RPDFN \
HVHPRPHQWRFRQVLGHUDGDVLQDPRYLEOHVVHSURSRQH )UHGHULFN&7XUQHUHVWXGLRVRVGH0p[LFRR')-0'-!
WDPELpQDOHQWDUHOGLiORJRGHORVDUWLVWDVHLQWHOHF/ Q~P  PDU]R  FRPR HQ OD FDUWD D $GROIR
WXDOHV FRQ VXV SDUHV GH RWUDV ODWLWXGHV VREUH WRGR *LOO\ R')-0' Q~P  IHEUHUR  GD FXHUSR D
DVSLUDDSRQHUHQHYLGHQFLDODSDUDpO\DLQRFXOWDEOH VXVLGHDVVREUHHOUpJLPHQSROtWLFRPH[LFDQRDOTXH
SHWUL¿FDFLyQGHOSUR\HFWRUHYROXFLRQDULRORPLVPR FRQVLGHUD XQD YDULDQWH GH ODV EXURFUDFLDV SROtWLFDV
TXHHODXWRULWDULVPRGHVXFHVLYRVJRELHUQRVHPDQD/ DXWRULWDULDVGHOVLJOR;;SHURWDPELpQHOSURGXFWR
GRVGHO3DUWLGR5HYROXFLRQDULR,QVWLWXFLRQDO35,
LQFDSDFHVDVXMXLFLRGHDVXPLUORVFDPELRVSURIXQ/
GRV RFXUULGRV HQ ORV ~OWLPRV GHFHQLRV TXH DIHFWD/
EDQ VREUH WRGR D ODV JHQHUDFLRQHV EHQH¿FLDULDV GH
ODHGXFDFLyQPDVLYD\GHODFFHVRFUHFLHQWHDIXHQWHV
DOWHUQDWLYDVGHLQIRUPDFLyQ
7DPELpQUHJUHVDFRQHOREMHWLYRGHVXPDUVHDORV
HVIXHU]RVGHXQVHFWRUGHOD."$*''.B*"$+.0GHL]TXLHU/
GD+HEHUWR&DVWLOOR'HPHWULR9DOOHMR/XLV7RPiV
&HUYDQWHV &DEH]D GH 9DFD &DUORV )XHQWHV *DVWyQ
*DUFtD&DQW~9tFWRU)ORUHV2OHDHQWUHORVPiVGHV/
WDFDGRVSDUDFUHDUXQSDUWLGRSROtWLFRGHWLQWHVRFLDO/
GHPyFUDWDFRQXQSURJUDPDSURJUHVLVWD\DOPLVPR
WLHPSRFRPSURPHWLGRFRQHOHMHUFLFLRGHODVOLEHUWD/
GHV S~EOLFDV /D DOLDQ]D HQWUH OD L]TXLHUGD QDFLRQD/
OLVWD\OD."$*''.B*"$+.0#OLEHUDOQXQFDOOHJDUtDDFXDMDU
GHKHFKRODVGLIHUHQFLDVVHDFHQWXDURQFRQIRUPHHO
VLVWHPDSROtWLFRHQWUDEDHQFULVLV\REOLJDEDDGH¿QL/
FLRQHVSHUHQWRULDVVREUHHOIXWXURGHVHDEOHGHODGH/
PRFUDFLDPH[LFDQD
(QHVWHVHQWLGRODUHVSXHVWDXQtYRFDGHOUpJLPHQ
SROtWLFR DO SOLHJR SHWLWRULR GHO &RPLWp 1DFLRQDO GH
+XHOJDUHVSXHVWDTXHH[KLEtDXQDSURIXQGDLQFRP/
GHORVSDUWLFXODULVPRVGHQXHVWUDKLVWRULDSURIXQGD
YLVLEOHVHQODVDFWLWXGHVFROHFWLYDVGHVXPLVLyQIDV/
FLQDFLyQKDFLDHOSRGHU\VXVXVXIUXFWXDULRVVXFHVL/
YRVHO$'0$%0".HOFDXGLOORHOOLFHQFLDGR
 /$&,5&8167$1&,$0(;,&$1$
/DUHVSXHVWDGHOUpJLPHQDODUHEHOLyQHVWXGLDQWLOGH
 SUXHED PDQL¿HVWD GH OD LQFDSDFLGDG GHO (VWDGR
UHYROXFLRQDULR SDUD FRQIURQWDU \ DUWLFXODU GH PDQH/
UDFRQVWUXFWLYDODFRPSOHMLGDGGHORVGLYHUVRVSDtVHV
TXH SHUYLYtDQ HQ 0p[LFR VXVFLWy UHDFFLRQHV GLVtP/
ERODVHQWUHORVLQWHOHFWXDOHVPH[LFDQRVHODSR\RUH/
WLFHQWHRH[SOtFLWRGHHVFULWRUHVFRPR$JXVWtQ<ixH]
HQWRQFHV 6HFUHWDULR GH (GXFDFLyQ 3~EOLFD 0DUWLQ
/XLV *X]PiQ -RVp /XLV 0DUWtQH] 0DXULFLR 0DJ/
GDOHQR HQWUH RWURV OD DTXLHVFHQFLD GLVFUHWD QR SRU
HOORPHQRVQRWRULDGHJUDQSDUWHGHORVLQWHOHFWXDOHV
YLQFXODGRVDODVWDUHDVS~EOLFDV\WDPELpQODDELHUWD
LQFRQIRUPLGDG GH XQD PLQRUtD HQFDEH]DGD SRU )HU/
QDQGR %HQtWH] &DUORV 0RQVLYiLV &DUORV )XHQWHV
-RVp(PLOLR3DFKHFR\*DVWyQ*DUFtD&DQW~TXLHQHV
GHQXQFLDURQGHVGHODVSiJLQDVGH³/D&XOWXUDHQ0p/
[LFR´VXSOHPHQWRFXOWXUDOGHODUHYLVWD=.*/,-*^OD
SUHQVLyQKDFLDORVDOFDQFHV\OtPLWHVGHODSURWHVWD
HVWXGLDQWLO±GDEDODUD]yQDORVREVHUYDGRUHVQDFLR/
QDOHV\H[WUDQMHURVGHOHVFHQDULRPH[LFDQRTXLHQHV
VHxDODEDQ OD HVFDVD FDSDFLGDG GH UHVSXHVWD GHO VLV/
WHPDSROtWLFRWDQFHOHEUDGRSRUWHyULFRV\SUiFWLFRV
DQWHHOUHWRTXHVXSRQtDODUHYXHOWDGHXQDSDUWHVLJQL/
¿FDWLYDGHODVFODVHVPHGLDV
(QXQDHQWUHYLVWDFRQFHGLGDDOGLDULR!\4G'+.%-#2!
PHGLDGRVGH2FWDYLR3D]FLWDGRHQ0DULH-RVp
UHDFFLyQ JXEHUQDPHQWDO KDFLD OD GLVLGHQFLD \ VREUH
WRGRGHEDWLHURQODVUD]RQHVGHO0p[LFRLQVWLWXFLRQDO
\GHVXVYRFHURVFRPSURPHWLGRVDIRQGRHQODGHIHQ/
VDDXOWUDQ]DGHODHVWDELOLGDGHVGHFLUGHODKHJHPR/
QtDGHO(VWDGR\VXSDUWLGRVREUHODYLGDS~EOLFD
2FWDYLR 3D] UHQXQFLy D VX SXHVWR GLSORPiWLFR \
DO6HUYLFLR([WHULRUOXHJRGHFRQRFHUVHORVVXFHVRV
WUiJLFRVGHOGHRFWXEUHHQOD&LXGDGGH0p[LFR(Q/
VHJXLGDKL]RGHFODUDFLRQHVFUtWLFDVKDFLDHOJRELHUQR
3D]*$#0'D¿UPDTXHVXVLGHDVHVSHFLDO/
PHQWHHOVHQWLGRGHVXUHÀH[LyQSROtWLFDVREUH0p[L/
FRHQSDUWLFXODU\VREUHORVGLOHPDVGHODFLYLOL]DFLyQ
FRQWHPSRUiQHDHQJHQHUDOGHPDQHUDHVSHFt¿FDSDUD
HOFDVRGH$PpULFD/DWLQDSRGtDQVHUHQFRQWUDGDVHQ
R%+&0$0GRQGHKDFtDXQDQiOLVLVGREOHVRFLDO\SR/
OtWLFRSRUXQDSDUWHKLVWyULFR\SVLFROyJLFRSRURWUD
HVWH~OWLPRPX\FULWLFDGRSRUVXVUHFXUUHQFLDVDOLQ/
FRQVFLHQWH\DOSHVRGHOPLWR\GHORVVtPERORVSDUD
\HOVLVWHPDSROtWLFRLPSHUDQWHVHxDOyODSHWUL¿FDFLyQ
GHOUpJLPHQ\VXLQYROXFLyQVRFLDODGYLUWLyVREUHODV
FRQVHFXHQFLDVQHJDWLYDVTXHWHQGUtDQHQODVVLJXLHQ/
WHV GpFDGDV OD FDUHQFLD GH DOWHUQDWLYDV GHPRFUiWLFDV
VREUHWRGRHQWUHORVMyYHQHVSURSLFLiQGRVHFRQHOOR
ODYLROHQFLDFRPRUHVSXHVWDDODHVFOHURVLVGHOUpJL/
PHQ7ODWHOROFRHOHVSDFLRGRQGHVHFRQGHQVDHOPLWR
\ODWUDJHGLDSDUDODPHPRULDFROHFWLYDHOGHVWLQRGHO
PRYLPLHQWRHVWXGLDQWLO\VXGLVROXFLyQSRUHOFULPHQ
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
JK
 !',&-.$./$0&-%)$//0 %#+)#0)(79>"4(&0$%*"1

GHVSLHUWD OD LUD \ OD LPDJLQDFLyQ FUHDGRUD GHO SRHWD PLFD\SROtWLFDFX\R~QLFRSDUDQJyQKLVWyULFRHQWUH

TXHHVFULEH³0p[LFRROLPSLDGDGH´LQFOXLGRHQ QRVRWURVORUHSUHVHQWDEDHOSHULRGRSRU¿ULVWDODODUJD
HOOLEURC0&*-0#*+$*\FX\DHVWURID³/RVHPSOHDGRV KHJHPRQtDGHOSDUWLGRR¿FLDOREUDSULQFLSDOGH3OX/
0XQLFLSDOHVODYDQODVDQJUH(QOD3OD]DGHORV6DFUL/ WDUFR (OtDV &DOOHV TXH /i]DUR &iUGHQDV FRQVROLGy
¿FLRV´SDUHFHPDQLIHVWDUHQVXLUyQLFRODFRQLVPRHO H LQVWUXPHQWR SROtWLFR PHGLDQWH HO FXDO HO SUHVLGHQ/
WDODQWHJHQHUDOKDFLDODLQVHQVDWD¢FDOFXODGD"UHDF/
FLyQJXEHUQDPHQWDOHQOD3OD]DGHODV7UHV&XOWXUDV
/DLQTXLHWXGGH3D]SRUORVGLOHPDVTXHHQIUHQWDED
HOSDtV\SRUODVFXHVWLRQHVXUJHQWHVTXHDÀRUDURQFRQ
ODUHEHOLyQHVWXGLDQWLOGHDVtFRPRODVVDOLGDVSRVL/
WHGHODUHS~EOLFDLPSRQtDVXGHVLJQLRGLVWULEXtDODV
SUHEHQGDV\RULHQWDEDSRUFDXFHVSUHYLVLEOHVORVSR/
WHQFLDOHVFRQÀLFWRVHQWUHORVPLHPEURVGHOD³IDPLOLD
UHYROXFLRQDULD´7UDQVIRUPDFLRQHVDFHOHUDGDVODVGH
QXHVWUDPRGHUQL]DFLyQEDMRXQDH¿FD]\EHQLJQDFRQ
EOHVTXHYLVOXPEUDEDWDQWRSDUDODVROXFLyQGHOFRQÀLF/ VXVDVHJXQHVVRQDGRVWXWHODDXWRULWDULDODGHO(VWDGR
WRFRPRSDUDODDXVHQFLDGHDOWHUQDWLYDVGHPRFUiWLFDV KHUHGHURGHODUHYROXFLyQFX\DHQFDUQDFLyQSROtWLFR
UHDOHVVHH[SUHVDQFRQFODULGDGHQODFDUWDTXHGLULJH MXUtGLFDDPDQHUDGHWH[WRVDJUDGRHVSRUVXSXHVWR
D$QWRQLR&DUULOOR)ORUHVHQWRQFHV6HFUHWDULRGH5H/
ODFLRQHV([WHULRUHVXQDVVHPDQDVDQWHVGHODPDWDQ]D
(VFULEH3D]UH¿ULpQGRVHDORVHVWXGLDQWHVPRYLOL]DGRV GHRUGHQ\FRQWUROFRUSRUDWLYRODVPDQLIHVWDFLRQHV
>@HVWRVJUXSRVGHXQPRGRLQWXLWLYRHQFXHQWUDQTXHQXHV/
WUR GHVDUUROOR SROtWLFR \ VRFLDO QR FRUUHVSRQGH DO SURJUHVR
HFRQyPLFR$VtDXQTXHDYHFHVODIUDVHRORJtDGHHVWXGLDQ/
WHV \ RWURV JUXSRV UHFXHUGH D OD GH ORV MyYHQHV IUDQFHVHV
QRUWHDPHULFDQRV\DOHPDQHVHOSUREOHPDHVDEVROXWDPHQWH
GLVWLQWR1RVHWUDWDGHXQDUHYROXFLyQVRFLDODXQTXHPX/
FKRV GH VXV GLULJHQWHV VHDQ UHYROXFLRQDULRV UDGLFDOHV VLQR
GHUHDOL]DUXQDUHIRUPDHQQXHVWURVLVWHPDSROtWLFR6LQRVH
FRPLHQ]DDKRUDODSUy[LPDGpFDGDVHUiYLROHQWDFLWDGRHQ
OD&RQVWLWXFLyQGH
(VD H¿FDFLD PDQL¿HVWD SDUD FRQGXFLU SRU VHQGDV
GHODYLGDS~EOLFDIXHFDUDFWHUL]DGDGHPDQHUDHMHP/
SODU SRU 'DQLHO &RVtR 9LOOHJDV HQ VX DQiOLVLV VREUH
HO OODPDGR VLVWHPD SROtWLFR PH[LFDQR GRQGH TXHGD
HQHYLGHQFLDODYROXQWDGDXWRULWDULDTXHGRVL¿FDEDD
SDUWLUGHXQDSROtWLFDVDELDPHQWHRSRUWXQLVWDHOSDOR
\OD]DQDKRULDODFRRSWDFLyQ\ODH[FOXVLyQ
/DGHVLJXDOGDGHFRQyPLFD\VRFLDODXQTXHDFHQ/
WXDGD SRU ODV FRQVHFXHQFLDV QR SUHYLVWDV GH OD PR/
GHUQL]DFLyQVHUiHQHVWHFRQWH[WRHOSHFDGRRULJLQDO
.UDX]H
(VDV OtQHDV SUHPRQLWRULDV HQ XQ VHQWLGR GHO YDWL/
FLQLR VREUH OD YLROHQFLD SROtWLFD TXH FDUDFWHUL]DUtD
HIHFWLYDPHQWHODSULPHUDPLWDGGHORVDxRVVHWHQWDHQ
0p[LFRFRQGHQVDQHOWRQRGHORTXHVHUiQODSUpGLFD
GHPRFUDWL]DGRUD\HOWDODQWHFUtWLFRGHORVSUR\HFWRV
HGLWRULDOHVGH3D]HQORVDxRVVLJXLHQWHV
/$5(92/8&,Ï16(%$-Ï'(/&$%$//2
(O0p[LFRGHORVDxRVFLQFXHQWD\VHVHQWDHOGHODUH/
YROXFLyQLQVWLWXFLRQDOL]DGDSXHVFRPRGLMHUD0LJXHO
$OHPiQ9DOGH] ³OD UHYROXFLyQ VH EDMy GHO FDEDOOR´
GHXQPRGHORFRQVLGHUDGRHQPXFKRVVHQWLGRVHMHP/
SODU SRU DOJXQRV SROLWyORJRV HQWUH HOORV 6DPXHO 3
+XQWLQJWRQTXLHQHQ!'#%-&*"#,%'@$.4%#*"#'0+#+%4.*>
&0&*+# *"# 40/T.% FDUDFWHUL]D OD FDSDFLGDG LQFOXVLYD
GHO UpJLPHQ UHYROXFLRQDULR R *LRYDQQL 6DUWRUL TXH
OR FODVL¿FD FRPR UpJLPHQ GH ³SDUWLGR KHJHPyQLFR
SUDJPiWLFR´±\REVHUYDGRUHVH[WHUQRVXQRV\RWURV
DGPLUDGRUHVGHODPH]FODGHDXWRULWDULVPROHJLWLPL/
GDG\H¿FDFLDTXHORFDUDFWHUL]DED(VWDGHVLJXDOGDG
IXHFRQFHSWXDOL]DGDHQODWHRUtDGHORV³GRV0p[LFR´
GH 3DEOR *RQ]iOH] &DVDQRYD HQ VX OLEUR C0# &*/%>
4-04.0# *"# DG\.4% FX\D SULPHUD HGLFLyQ DSDUHFH HQ
HODxR
SDUDVHUGLULJLGDSRUKRPEUHVGHWUDMH\FRUEDWDIXH
HO GHO PRGHVWR SHUR LQQHJDEOH ³PLODJUR PH[LFDQR´
H[SUHVLyQSRFRRULJLQDOSHURTXHVLQWHWL]DEDFRQH¿/
FDFLD VHPiQWLFD OD VXPD GH WUDQVIRUPDFLRQHV GH OD
YLGD PH[LFDQD TXH KDEtDQ GHVHPERFDGR HQ XQ LQ/
(OKHFKRGHTXHODGLVWDQFLDHQWUHORVGRV0p[LFR
OHMRVGHDPLQRUDUVHKXELHVHDKRQGDGROXHJRGHPiV
GHWUHVGpFDGDVGHJRELHUQRVVXSXHVWDPHQWHFRPSUR/
PHWLGRV FRQ HO SURJUHVR PDWHULDO GH ODV PD\RUtDV
SDUHFHKDEHUVLGRXQRGHORVIDFWRUHVGHWHUPLQDQWHV
WHQVR\GHVDUWLFXODGRSURFHVRGHXUEDQL]DFLyQFRQ
VLJQL¿FDWLYDV VHFXHODV VHFXODUL]DFLyQ DFHOHUDGD GH
VHQVLELOLGDGHV\FRVWXPEUHVDPSOLDFLyQVLJQL¿FDWLYD
GHODVFODVHVPHGLDVDFFHVRGHSRUFLRQHVLPSRUWDQWHV
GH OD SREODFLyQ D IRUPDV GH YLGD PRGHODGDV HQ QR
HVFDVDPHGLGDSRUODVLPiJHQHVWDQSHUVXDVLYDVHQ/
WRQFHVFRPRDKRUDGHO0/*-.40"#U06#%7#'.7*"
&XOPLQDEDDVtHQXQDHYLGHQWHHVWDELOLGDGHFRQy/
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
JG
HQ OD SDXODWLQD SURSDJDFLyQ GH XQ FUHFLHQWH iQLPR
DGYHUVR HQWUH SHUVRQDOLGDGHV \ JUXSRV LQWHOHFWXDOHV
XQLYHUVLWDULRVSROtWLFRV\VRFLDOHVDXQGHQWURGHO*+>
$0T'.+5/*"$# UHYROXFLRQDULR KDFLD OR TXH VH SHUFLEtD
FRPRXQDWUDLFLyQGHODVQXHYDVpOLWHVGLULJHQWHVDORV
SULQFLSLRV EiVLFRV GHO SURJUDPD QDFLRQDOUHYROXFLR/
QDULR'LFKRSURJUDPDKDEtDHQFRQWUDGRVXPHMRUGH/
¿QLFLyQHQVXDQWLLPSHULDOLVPR\HQVXUHLYLQGLFD/
( 0#+"7"/+2%7"1?(>)7'+0/%(<(/27+2*%@(>72*%7?(!)/"+)(:"(2#%(*"=01+% 0(!',&-.$./$0&-%)$

FLyQGHORVLQWHUHVHVGHREUHURV\FDPSHVLQRV\HQ DUUDLJRUHODWLYL]DGRSRUHOSHTXHxRQ~PHURGHOHFWR/

ODH[DOWDFLyQXQWDQWRDUWL¿FLDOGHXQDFXOWXUDDUUDL/ UHVGHHGLWRULDOHVFRPR(UD-RDTXtQ0RUWL]\6LJOR
JDGDHQ³ORPH[LFDQR´HQHOSHULRGRGHJRELHUQR
GHOJHQHUDO/i]DUR&iUGHQDVGHDRPiV
SURIXQGDPHQWH HQ VX KHUHQFLD SROtWLFD HO ³FDUGH/
QLVPR´H[SUHVLyQGHXQiQLPRUHLYLQGLFDWRULRGHOR
QDFLRQDO\ORSRSXODUTXHKDOOHJDGRKDVWDQXHVWURV
GtDVDWUDYpVGHYHUWLHQWHVJUXSRV\SHUVRQDOLGDGHV
TXHVLJXHQLQÀX\HQGRHQORVGHUURWHURV\HQHOWRQR
GHODSROtWLFDQDFLRQDO
8723Ë$6<352<(&726
;;,(GLWRUHVGHDPSOLDVLJQL¿FDFLyQKDVWDHOGtDGH
KR\HQODFRQ¿JXUDFLyQGHODVLGHDVGRPLQDQWHVHQWUH
ORVS~EOLFRVOHWUDGRV
3UHGRPLQD XQD YLWDOLGDG GLIXVD DXQTXH DXWpQWL/
FDXQHQWXVLDVPRH[SOtFLWRKDFLDODVSRWHQFLDOLGDGHV
HQWUHYLVWDVGHOFDPELRVRFLDOSRUYtDGHPRFUiWLFDR
UHYROXFLRQDULDHVWD~OWLPDYtDHPEOHPDWL]DGDHQORV
SURFHVRVGHGHVFRORQL]DFLyQTXHFXOPLQDQDSULQFL/
SLRVGHORVVHVHQWDHQÈIULFDSHURVREUHWRGRFRQODV
UHYROXFLRQHV VRFLDOLVWDV HQ DOJXQD PHGLGD WDPELpQ
81$9,7$/,'$'',)86$
/D LQFRQIRUPLGDG DELHUWD R VRWHUUDGD GH DOJXQRV
JUXSRV LQWHOHFWXDOHV HPSHxDGRV GHVGH GLYHUVDV SR/
VLFLRQHV DXQTXH DGVFULWDV HQ VX PD\RUtD DO DPSOLR
HVSHFWUR GH OD L]TXLHUGD SROtWLFD HQ KDFHU OD FUtWLFD
GHOUpJLPHQSROtWLFRSULLVWDSRUVXWUDLFLyQDORVSRV/
WXODGRV UDGLFDOHV GH OD &RQVWLWXFLyQ GH  \ SRU
FRQVLGHUDUOR HVHQFLDOPHQWH DQWLGHPRFUiWLFR HQ OD
PHGLGDHQTXHREVWDFXOL]DEDSRUWRGRVORVPHGLRVHO
QDFLRQDOLVWDVGH&KLQD9LHWQDP\&XED6HSURSDJD
FRQUDSLGH]XQDQHFHVLGDGFRPSDUWLGDSRUPXFKRV
GHYHQWLODUFRQLGHDV\SUiFWLFDVUHQRYDGDVORVHVSD/
FLRVHQUDUHFLGRVGHOSRGHUSROtWLFR\GHVXVH[SUHVLR/
QHVLQVWLWXFLRQDOHV
³/DFXOWXUDHQ0p[LFR´VXSOHPHQWRGH=.*/,-*^#
TXH IXQGD )HUQDQGR %HQtWH] OXHJR GH VX H[SXOVLyQ
GHOGLDULR:%9*&0&*+#SRUVXDSR\RHQWXVLDVWDGHVGH
³0p[LFRHQODFXOWXUD´DODQDFLHQWHUHYROXFLyQFXED/
GHVDUUROORGHXQDFLXGDGDQtDSDUWLFLSDWLYDQRFDUHFtD QDVHFRQYLHUWHHQODFDMDGHUHVRQDQFLDGHQRYHGD/
GHHFRHQWUHGHWHUPLQDGRVVHFWRUHVXUEDQRV GHVDUWtVWLFROLWHUDULDV\HQHOiPELWRSRUH[FHOHQFLD
/RVDxRVVHVHQWDYHQODDSDULFLyQHVWLPXODGDSRU GRQGH OD FUtWLFD LOXVWUDGD GHQXQFLD HO FOLPD FXOWXUDO
HO KHFKR ODWLQRDPHULFDQR PiV QRWDEOH H LQÀX\HQWH
GHHVRVDxRVOD5HYROXFLyQFXEDQDGHGLYHUVRVSUR/
\HFWRV HGLWRULDOHV \ SHULRGtVWLFRV TXH UHLYLQGLFDQ
FRQ WRGRV ORV PDWLFHV SRVLEOHV XQD GLYHUVLGDG GH
LQWHUSUHWDFLRQHVFXOWXUDOHV\SROtWLFDVVREUHODVFDX/
VDVSURIXQGDVGHOVXEGHVDUUROORPH[LFDQR\ODWLQR/
DPHULFDQRDWULEXLGDVHQORIXQGDPHQWDODOYtQFXOR
GHSHQGLHQWHGHQXHVWUDVVRFLHGDGHVFRQHOLPSHULD/
OLVPRQRUWHDPHULFDQR
3UROLIHUDQODVH[SUHVLRQHVGHXQDFODVHHPHUJHQWH
GHLQWHOHFWXDOHVGHVDIHFWRVGHOVLVWHPDSROtWLFRDXQ/
TXHSRFDVYHFHVFRPRHQHOFDVRGH-RVp5HYXHOWDV
\PRUDOSUHYDOHFLHQWHORPLVPRTXHORVUDVJRVDX/
WRULWDULRVGHXQVLVWHPDTXHVHSHUFLEHDJRWDGRLUUH/
IRUPDEOH (O VXSOHPHQWR JDQD VX SUHVWLJLR FXOWXUDO
FRPRHO~QLFRyUJDQRFDSD]GHFRQWUDGHFLUYHUVLRQHV
R¿FLDOHVXR¿FLRVDVGHOD³JUDQSUHQVD´\HQJHQHUDO
GHODLQPHQVDPD\RUtDGHODVSXEOLFDFLRQHVSHULyGL/
FDVQDFLRQDOHVVREUHWHPDVFRQÀLFWLYRVODVVHFXHODV
GH OD UHSUHVLyQ D ORV PRYLPLHQWRV UHLYLQGLFDWRULRV
GHPpGLFRVPDHVWURV\IHUURFDUULOHURVD¿QHVGHORV
FLQFXHQWDORVFRQÀLFWRVDJUDULRVHQSDUWLFXODUHODVH/
VLQDWRGHXQOtGHUFDPSHVLQR5XEpQ-DUDPLOOR\GH
VXIDPLOLDTXHVXVFLWDUtDODLQGLJQDFLyQGHORVVHFWR/
PDUJLQDGRVGHOPLVPRUHYLVWDVFRPR!'#*+,*4$0&%-#
\#R%'@$.40RULHQWDGDVH[SOtFLWDPHQWHDOH[DPHQGHOD
VLWXDFLyQQDFLRQDOGHVGHXQDSHUVSHFWLYDGHL]TXLHU/
GD GRQGH FRODERUDQ &DUORV )XHQWHV 9tFWRU )ORUHV
2OHD-DLPH*DUFtD7HUUpV(QULTXH*RQ]iOH]3HGUH/
URHVGHFLUEXHQDSDUWHGHODGHQRPLQDGD³JHQHUD/
UHVPiVLQIRUPDGRV\XQDFpOHEUHFUyQLFDGH&DUORV
)XHQWHVORVUHLWHUDGRV\FUHFLHQWHPHQWHGHQXQFLDGRV
IUDXGHVHOHFWRUDOHV³/DFXOWXUDHQ0p[LFR´RSRQHD
ODKRUDGHOFRQÀLFWRHQWUHORVHVWXGLDQWHV\HOJRELHU/
QRHQODUHÀH[LyQSROtWLFRFXOWXUDO\ODGHQXQ/
FLDGHODUHSUHVLyQDQWHHOVLOHQFLRJHQHUDORODUHFX/
FLyQ GH PHGLR VLJOR´ .UDX]H   \ OD
F*9.+$0# D*\.40"0# &*# C.$*-0$)-0 HVSDFLR GH OD DOWD
FXOWXUD \ GH HVStULWX UHQRYDGRU R DJUXSDFLRQHV SR/
OtWLFDVFRPRHO0RYLPLHQWRGH/LEHUDFLyQ1DFLRQDO
TXHVLELHQHItPHUDVGDQFXHQWDGHXQPDULGDMHHQWUH
ODVLGHDV\HODFWLYLVPRSROtWLFRTXHVHUiHOHVWLOR\
HOGHVWLQRGHEXHQDSDUWHGHORVLQWHOHFWXDOHVHQORV
DxRVVHVHQWD\VHWHQWD$VLPLVPRVRQLQGLFLRVFODURV
GHFDPELRJHQHUDFLRQDO\FXOWXUDOODIXQGDFLyQ\HO
UUHQWH GLDWULED R¿FLRVD 6yOR !\4G'+.%- UHYLWDOL]DGR
HQDTXHOORVDxRVSRUVXGLUHFWRU-XOLR6FKHUHU*DUFtD
\ HVSRUiGLFDPHQWH !'# <@0 VRQ FDSDFHV GH DOEHUJDU
YRFHV GLVRQDQWHV VREUH OD VLWXDFLyQ GHO PRPHQWR
'HVGHHQWRQFHV)HUQDQGR%HQtWH]DFRPSDxDGRSRU
&DUORV)XHQWHV*DVWyQ*DUFtD&DQW~+HQULTXH*RQ/
]iOH] 5RMR &DUORV 0RQVLYiLV \ -RVp (PLOLR 3DFKH/
FRJDQDVXOXJDUHQODKLVWRULDSROtWLFD\FXOWXUDOGHO
SDtVDWUDYpVGHXQFRPSHWHQWHSHULRGLVPRGHLGHDV
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
JM
 !',&-.$./$0&-%)$//0 %#+)#0)(79>"4(&0$%*"1

DFRPSDxDQGR OD FUyQLFD FRWLGLDQD GHO SDtV \ GLDOR/ FLGDGSDUDSHQVDUHLPDJLQDUDOWHUQDWLYDVSRVLEOHVDO

JDQGRFRQGHWHUPLQDGDVYHUWLHQWHVGHODFUHDFLyQ\OD PDUDVPRGHODYLGDSROtWLFDPH[LFDQDFRPRVXIDV/
UHÀH[LyQGHODpSRFD(QHVWHVHQWLGRHOSDSHOGH³/D FLQDFLyQSRUODVVROXFLRQHVUDGLFDOHV\HOGHVGpQGH
FXOWXUDHQ0p[LFR´HVLQHVWLPDEOH PXFKRV SRU OD GHPRFUDFLD ~QLFD DOWHUQDWLYD YiOLGD
VHJ~Q3D]SDUDGDUUHVSXHVWDDQXHVWURVGLOHPDVKLV/
81,17(/(&78$/32/Ë7,&2 WyULFRV \ GLVLSDU QXHVWURV IDQWDVPDV FROHFWLYRV /DV
(QODHQWUHYLVWDDOGLDULR!\4G'+.%-#GH3D]SXQ/ VLJXLHQWHV OtQHDV VLQWHWL]DQ VX SHQVDPLHQWR VREUH OD
WXDOL]DUHVSRQGLHQGRDODSUHJXQWDVREUHVXVSUHVXQ/ PLVLyQ GHO LQWHOHFWXDO SHQVDPLHQWR DO TXH VHUi ¿HO
WDV D¿QLGDGHV FRQ OD SRVLFLyQ GH &DUORV )XHQWHV HQ FRPRSURWDJRQLVWDGHODYLGDSROtWLFDPH[LFDQDKDVWD
WRUQRDODDSHUWXUDSROtWLFDTXHHPSUHQGtDHQHVHPR/ HO¿QGHVXVGtDV
PHQWRHOSUHVLGHQWH/XLV(FKHYHUUtD³>@SDUDVDEHU
ORTXHSLHQVD2FWDYLR3D]KD\TXHOHHUORTXHHVFULEH (VFRPSUHQVLEOHODREVHVLyQGHORVLQWHOHFWXDOHVPH[LFDQRV
2FWDYLR3D]0LVFDUWDVPLVWH[WRVHVWiQDODYLVWD SRUHOSRGHU>@1RSUHGLFRODDEVWHQFLyQORVLQWHOHFWXDOHV
XQ SHTXHxR OLEUR R%+&0$0 GRV DUWtFXORV \ XQD HQ/ SXHGHQVHU~WLOHVGHQWURGHOJRELHUQRDFRQGLFLyQGHTXHVH/
WUHYLVWDDUDt]GHODPDWDQ]DGHOGHMXQLRGH SDQJXDUGDUODVGLVWDQFLDVFRQHO3UtQFLSH*REHUQDUQRHVOD
PLVLyQHVSHFt¿FDGHOLQWHOHFWXDO(O¿OyVRIRHQHOSRGHUWHU/
ODD*+0#F*&%"&0#FRQ:RPDFN\7XUQHUPL&DUWDD
PLQDFDVLVLHPSUHHQHOSDWtEXORRFRPRWLUDQRFRURQDGR>@
$GROIR*LOO\HQHOQ~PHURGHR')-0'(QHVRVWH[WRV $KRUDELHQODFUtWLFDHVLQVHSDUDEOHGHOTXHKDFHULQWHOHFWXDO
WUDWRGHLQGDJDUODUHDOLGDGFRQWHPSRUiQHDGH0p[L/ (QXQPRPHQWRRHQRWURFRPR'RQ4XLMRWH\6DQFKRFRQOD
FR´0-3D] ,JOHVLDHOLQWHOHFWXDOWURSLH]DFRQHOSRGHU(QWRQFHVHOLQWH/
(OSRHWDKDEtDUHFRUULGRKDVWDHVHPRPHQWRXQODU/ OHFWXDOGHVFXEUHTXHVXYHUGDGHUDPLVLyQSROtWLFDHVODFUtWLFD
JR FDPLQR LQWHOHFWXDO SDUD GDUOH FXHUSR D VX YLVLyQ GHOSRGHU\GHORVSRGHURVRV3D]
SROtWLFD GH 0p[LFR GHVGH ORV SULPHURV WH[WRV HVWX/
GLDQWLOHV ODV UHYLVWDV LQLFLDOHV ?0-0"&0'# \# M)0&*-> /RVDxRVVHWHQWD\RFKHQWDVRQGHSOHQLWXGHQVXH[/
"%+#&*'#J0''*#&*#DG\.4%#KDVWDVXVQRWDVSHULRGtVWLFDV SUHVLyQSROtWLFD\HQVXFDSDFLGDGFRPEDWLYDHVFUL/
VREUHODPLVHULDGHOFDPSHVLQRPD\DLPSUHJQDGDVGH EHXQOLEURFUXFLDOVREUHODVYtDVPXHUWDVGHODPR/
OLULVPR \ DO PLVPR WLHPSR FRPSURPHWLGDV FRQ XQD GHUQLGDGDXWRULWDULDHQVXYHUVLyQPH[LFDQDR%+&0$0#
SHUVSHFWLYDSROLWL]DGDGHOSUREOHPDDJUDULR  \ UH~QH HQ GRV WtWXORV (O RJUR ¿ODQWUySLFR!
$¿QHVGHORVDxRVFXDUHQWDHVFULEH!'#'0T*-."$%# \ORVWUHVYRO~PHQHVGHDG\.4%#*"#'0#%T-0#&*#
&*# '0# +%'*&0& FRQGHQVDFLyQ GH VX FRPSOHMR YtQFX/ A4$09.%#R0;VXSHQVDPLHQWRVREUHODVVRFLH/
OR FRQ OD SURSLD WLHUUD ³DO HVFULELU PH YHQJDED GH GDGHVFRQWHPSRUiQHDVFRQWHPSODGDVGHVGHORViP/
0p[LFR XQ LQVWDQWH GHVSXpV PL HVFULWXUD VH YROYtD ELWRVGHODUWHODFXOWXUD\ODSROtWLFD$WUDYpVGHHVDV
FRQWUD Pt \ 0p[LFR VH YHQJDED GH Pt´ 3D]  REUDV\GHVGHXQOLEHUDOLVPRFUHFLHQWHPHQWHDVXPL/
DSUR[LPDFLyQDQDOyJLFDDQXHVWUDKLVWRULDGRQ/ GR DMXVWD FXHQWDV FRQ HO VLVWHPD SROtWLFR PH[LFDQR
GHVHSUHFRQL]DTXHORVPH[LFDQRVSRUSULPHUDYH] \FRQHOVRFLDOLVPRUHDOSRUXQDSDUWH\FRQODTXH
³VRPRVFRQWHPSRUiQHRVGHWRGRVORVKRPEUHV´GDGR FRQFLEHGHVGHVXFRQFHSFLyQGHODOLEHUWDGGHSHQVD/
TXHQXHVWUDPDUJLQDOLGDG KLVWyULFD KDEtD VLGRWUDQV/ PLHQWRFRPROD³GLPLVLyQGHORVLQWHOHFWXDOHV´VR/
IRUPDGD SRU QXHYDV UHDOLGDGHV ODV UHYROXFLRQHV OD EUHWRGRHQ$PpULFD/DWLQDUHVSHFWRGHVXVUHVSRQVD/
GHVFRORQL]DFLyQ OD LQWHQVL¿FDFLyQ GH ORV LQWHUFDP/ ELOLGDGHVFLYLOHVHQHOHVFODUHFLPLHQWRGHORVDVXQWRV
ELRV\HOFDPELRJHQHUDOQRVOOHYDEDGHODLVODPLHQWR FROHFWLYRV3XHGHGHFLUVHTXHHQHVWRVOLEURVGDIRUPD
DODLQWHPSHULHHVGHFLUDOGHVDPSDURGHOVHUKLVWy/ GH¿QLWLYDDVXVPLUDGDVVREUH0p[LFR
ULFRFRQGHQDGRSRUDVtGHFLUORDODFRQWLQJHQFLD\ 2FWDYLR 3D] YLYH ORV DFRQWHFLPLHQWRV PiV VLJ/
D OD OLEHUWDG VXSHUDQGR FRQ HOOR ORV GHWHUPLQLVPRV QL¿FDWLYRV GHO VLJOR ;; PH[LFDQR DFRPSDxDQGR
UHOLJLRVRVGRFWULQDULRVSROtWLFRVTXHORDSULVLRQDEDQ GXUDQWHGpFDGDVHOSURFHVRGHLQVWLWXFLRQDOL]DFLyQ\
'HVSXpVGH!'#'0T*-."$%#&*#'0#+%'*&0&GHVDUUROOD PRGHUQL]DFLyQGHODYLGDSROtWLFD\HFRQyPLFDQD/
FRQFDGDYH]PD\RUDPSOLWXG\FRQFUHFLyQVXVMXLFLRV FLRQDODVtFRPRODFUHDFLyQFRQVROLGDFLyQ\GHWH/
\VXVSUHMXLFLRVVREUHHOPRGHORSROtWLFRYLJHQWH\ ULRURGHXQVLVWHPDSROtWLFR
OD EXURFUDFLD JREHUQDQWH VREUH ODV FRQVHFXHQFLDV (OSRHWD\HQVD\LVWDVHFRQYLHUWHHQXQDFWLYRHV/
GH OD PRGHUQL]DFLyQ DXWRULWDULD \ REVHVLyQ ¿MD VR/ FULWRU SROtWLFR D UDt] GH ORV DFRQWHFLPLHQWRV GHO 
EUHHOSDSHOS~EOLFRGHORVLQWHOHFWXDOHVDpVWRVVXV PH[LFDQR'HVGHOXHJRODREUDDQWHULRUGHOSRHWDH[/
JHQXLQRV LQWHUORFXWRUHV FRPR KRPEUH GH LGHDV OHV SORUDODVUHODFLRQHVHQWUHKLVWRULDSDODEUDHURWLVPR
UHSURFKDDORODUJRGHFLQFRGHFHQLRVWDQWRVXLQFDSD/ \ SRHVtD PDQL¿HVWD HQ FLHUQH ODV TXH VHUiQ FRQ HO

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

JN
( 0#+"7"/+2%7"1?(>)7'+0/%(<(/27+2*%@(>72*%7?(!)/"+)(:"(2#%(*"=01+% 0(!',&-.$./$0&-%)$

WLHPSRFRQYLFFLRQHVSROtWLFDVVREUHFXHVWLRQHVFRPR
ODRPQLSRWHQFLDGHO(VWDGR\GHVXVEXURFUDFLDVHQ
FXDOTXLHUD GH VXV YHUVLRQHV LGHROyJLFDV ODV FRQWUD/
GLFFLRQHVGHOFDSLWDOLVPRPiVHVSHFt¿FDPHQWHHQOD
VRFLHGDGSRVWLQGXVWULDOHQWUHHOLPSXOVRGHFUHDFLyQ
HUyWLFR \ OD UDFLRQDOLGDG LQVWUXPHQWDO GHO VLVWHPD
WpFQLFREXURFUiWLFR\VREUHWRGRORVGLOHPDVLUUHVR/
OXEOHVSODQWHDGRVSRUHOFXOWRDOSURJUHVRWHPDpVWH
TXH3D]GHVDUUROODFRQDWHQFLyQHVSHFt¿FDDOFDVRGH
0p[LFR\GHODVLOXVLRQHVFROHFWLYDVTXHVHFRQGHQ/
VDEDQFRQJHQXLQRHLQWHQVRHQWXVLDVPRDOOiSRUORV
VHVHQWDHQHOVHJXLPLHQWR\FHOHEUDFLyQGHOGHQRPL/
QDGR³PLODJURPH[LFDQR´
6LQ HPEDUJR ODV SRVLFLRQHV GH 3D] QR SHUPDQH/
FHQLQDOWHUDGDV6LHQR%+&0$0#HQIDWL]DEDHOFDUiFWHU
HVHQFLDOPHQWHDXWRULWDULR\DQWLGHPRFUiWLFRGHO35,
SRVWHULRUPHQWH \ GH PDQHUD JUDGXDO PRGL¿FDUi VX
SRVWXUDGHODGHVFRQ¿DQ]DKDFLDODVFDSDFLGDGHVGHO
VLVWHPDSDUD UHIRUPDUVH \ WUDQVLWDU KDFLD SRVLFLRQHV
IDYRUDEOHVDOSOXUDOLVPR\DODSDUWLFLSDFLyQGHWRGRV
ORVJUXSRVSROtWLFRV3D]WUDQVLWDDSRVLFLRQHVPHQRV
KRVWLOHVFRPRHQHOFDVRGHODDFHSWDFLyQH[SOtFLWDGH
ODV UHIRUPDV SULYDWL]DGRUDV HPSUHQGLGDV HQ VX PR/
PHQWRSRU6DOLQDVGH*RUWDUL\UHSURFKHVLJQL¿FDWL/
YRTXHOHKDFHQDOJXQRVLQWHOHFWXDOHVGHVXVXSXHVWD
LQGLIHUHQFLDKDFLDHOHTXtYRFRUHVXOWDGRHOHFWRUDOGH
\ODPDUJLQDFLyQGHODL]TXLHUGDHQHOVH[HQLR
GHOFLWDGRSUHVLGHQWH
;DYLHU 5RGUtJXH] /HGHVPD   SRQH GH
PDQL¿HVWR HVH VHQWLPLHQWR DGYHUVR D GHWHUPLQDGDV
DFWLWXGHVS~EOLFDVGH3D]

(O(VWDGRQRVGLFH3D]GHEHDXWROLPLWDUVHHQORHFRQyPLFR
GHEHDEDQGRQDUVXSDSHOSURWDJyQLFRHQHOGHVDUUROORGHOD
HFRQRPtDPH[LFDQD\DVtVHKDKHFKRSDUFLDOPHQWHHQOD~O/
WLPDGpFDGD3RUHORWURODGRHVDDXWROLPLWDFLyQVHUHVWULQJH
~QLFDPHQWHDOiPELWRGHORHFRQyPLFR\DTXHHQORSROtWLFR
3RUWDGDGHOQ~PGHODUHYLVWD3OXUDORFWXEUHGH7RPDGRGHP#
HO(VWDGRPH[LFDQRVHVLJXHDEURJDQGRHOGHUHFKRGHGHFL/ $-*."$0#0H%+#&*#R')-0'#_`ab`>`abcd0p[LFR)&(
GLU\GH¿QLUWRGRORTXHVHUH¿HUDDHVWDDFWLYLGDG\HQHVWH
iPELWR 3D] QR VH PXHVWUD WDQ FODUR \ FRQWXQGHQWH HQ VXV
SRVLFLRQHVGHPRFUiWLFDVYpDVHVLQRVXDFWLWXGGHKDFHXQRV 'XUDQWHORVQ~PHURVHQTXHIXHGLULJLGDSRU2F/
DxRVSDUDDFiHVSHFLDOPHQWHGHVGHIUHQWHDORVJUDYHV
FRQÀLFWRVHOHFWRUDOHVTXHVHKDQSUHVHQWDGRHQQXHVWURSDtV
¢32548e<3$5$48eRC]FPC3
/DLPSRUWDQFLDGHODUHYLVWDR')-0'#FRPRHVSDFLRGH
DQLPDFLyQGHODFXOWXUDPH[LFDQDHQVXWLHPSRSDUHFH
QRDGPLWLUGHPDVLDGRVUHSDURVORVWHVWLPRQLRVGHVXV
FRQWHPSRUiQHRVFRQ¿UPDQDWUDYpVGHODDODEDQ]DHO
GHQXHVWRRHOGLiORJRUD]RQDGRTXHR')-0'#HUDXQDUH/
IHUHQFLDVLJQL¿FDWLYDSDUDORVOHFWRUHVLQIRUPDGRVGH
ODpSRFDLQFOXLGDVODVGLYHUVDVIDPLOLDVLQWHOHFWXDOHV
WDYLR3D]RFWXEUHGHDMXOLRGHD¿UPyXQ
HVWLOR\XQWHPSHUDPHQWRXQDYLVLyQFRKHUHQWHVREUH
ODFXOWXUDODSROtWLFDHODUWHTXHHVSUHFLVRFRQVLGHUDU
DOKDFHUHOUHFXHQWRGHDTXHOORVDxRVSULPHUDPLWDG
GHODGpFDGDGHORVVHWHQWD\GHORTXHUHSUHVHQWDURQ
SDUDQXHVWUDKLVWRULDSROtWLFDHLQWHOHFWXDO
4XL]i OD LGHQWLGDG GH OD UHYLVWD UHVSHFWR GH VXV
SUHVWLJLRVRV UHIHUHQWHV KLVSDQRDPHULFDQRV \ HXUR/
SHRVKD\DGHVFDQVDGRHQODIXQFLyQFUtWLFDTXHDVSL/
UyDGHVHPSHxDUVLPXOWiQHDPHQWHFRQVXVSUHYLVWDV
UHVSRQVDELOLGDGHV HQ OD GLIXVLyQ DUWtVWLFD \ OLWHUDULD
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
JI
 !',&-.$./$0&-%)$//0 %#+)#0)(79>"4(&0$%*"1
IXQFLyQTXHVHWUDGXMRHQXQFODURGHVLJQLRSROtWLFR
ODUHLYLQGLFDFLyQGHODLGHDOLEHUDO\GHOPRGHORGH/
PRFUiWLFRUHSUHVHQWDWLYRSDUD0p[LFR\/DWLQRDPpUL/
FD(VWHUDVJRVXSXVRHQORVKHFKRVXQDHTXLGLVWDQFLD
UHVSHFWR WDQWR GH ODV UHYLVWDV DSROtWLFDV GHIHQVRUDV
GHODDXWRQRPtDGHODUWH\GHODFXOWXUDDQWHODVGH/
WHUPLQDFLRQHVVRFLRKLVWyULFDVFRPRGHDTXHOODVTXH
ODVDUWHVYLVXDOHVVREUHWRGRODFUHDFLyQ\ODFUtWLFD
OLWHUDULDV WDPELpQ OD DSUR[LPDFLyQ PXOWLGLVFLSOLQDU
DORVSUREOHPDVGHQXHVWUDVRFLHGDGHQVXFRQMXQWR
GHVGH SHUVSHFWLYDV TXH LQFRUSRUDEDQ FDWHJRUtDV GH
DQiOLVLVDKRUDKDELWXDOHV\HQWRQFHVQRYHGRVDVHQWUH
HOODVHO³GHVDUUROORLQWHJUDO´R³VXVWHQWDEOH´\QRFLR/
QHVFRPRODGH³VRFLHGDGGHFRQVXPR´
DVXPtDQXQDH[SOtFLWDYRFDFLyQDOVHUYLFLRGHLGHDV\
SODQWHDPLHQWRVSROtWLFRVR')-0'IXHHQHVWHVHQWLGR
XQD UHYLVWD LQHTXtYRFDPHQWH FXOWXUDOLVWD \ OLWHUDULD
TXH$0/T.G"DVXPLyUHVSRQVDELOLGDGHVFLYLOHV
&RPRLQGLFDQORVtQGLFHVSXEOLFDGRVDQXDOPHQWH
ORV FRUUHVSRQGLHQWHV D FXDWUR DxRV GH RFWXEUH GH
&RPSDUWRFRQ)UDQFLVFR-RVp3DROL%ROLROD
SHUFHSFLyQGHTXHR')-0'#IXHXQDUHYLVWDPH[LFDQDLQV/
FULWDHQXQDWUDGLFLyQSROtWLFD\HQXQDJHQHDORJtDFXO/
WXUDOHVSHFt¿FDVGRQGHFRVPRSROLWLVPR\FRPSURPLVR
FRQODSURSLDFLUFXQVWDQFLDVHHQWUHOD]DURQSDUDFDUDF/
WHUL]DUORVDIDQHV³UHJHQHUDFLRQLVWDV´GHORVLQWHOHFWXD/
 D VHSWLHPEUH GH  XQ SRUFHQWDMH GH VXV
FRQWHQLGRVQRPHQRUDOSRUFLHQWRFRUUHVSRQGLyD
HQVD\RV\REUDVGHFUHDFLyQOLWHUDULDDQWURSROyJLFD
GHDUWHVSOiVWLFDV\YLVXDOHVUHVHxDVFUtWLFDVPLHQWUDV
TXHHORSRUFLHQWRUHVWDQWHDERUGyWHPDVQDFLR/
QDOHVHLQWHUQDFLRQDOHVGHHFRQRPtD\SROtWLFD
6LELHQODUHYLVWDUHÀHMyHOSHQVDPLHQWR\ORVMXL/
FLRV GH VX GLUHFWRU QR SRGtD VHU GH RWUR PRGR XQ
VRPHURDQiOLVLVGHVXVFRQWHQLGRVDORODUJRGHFLQFR
DxRV\GHODWUD\HFWRULDGHVXVFRODERUDGRUHVDOJXQRV
GHHOORVFRQSUHVWLJLRVLPLODUDOGH3D]SHUPLWHDVH/
YHUDUTXHR')-0'#IXHXQSUR\HFWRSOXUDOHQHOVHQWLGR
OHVTXHDVXPLHURQFRPRSURSyVLWRpWLFRHLQWHOHFWXDOOD
SXHVWDDOGtDGH0p[LFRHQWUHODVQDFLRQHVPRGHUQDV
8QVRPHURDQiOLVLVGHORVWHPDV\FRODERUDFLRQHV
TXHDERUGDEDQGLYHUVRVDVSHFWRVGHODYLGDSROtWLFDHQ
0p[LFRPXHVWUDTXHODVUHIHUHQFLDVSULQFLSDOHVVHFHQ/
WUDQHQXQDVSRFDVFXHVWLRQHVODPD\RUtDUHODFLRQDGDV
FRQ ODV FDUDFWHUtVWLFDV GHO VLVWHPD SROtWLFR HQWRQFHV
YLJHQWH \ FRQ ODV FRQVHFXHQFLDV GHO OODPDGR ³GHVD/
UUROORHVWDELOL]DGRU´(VQRWRULRHOSHVRGHODYHUWLHQWH
SROtWLFDHQR')-0'GHXQWRWDOGHFRODERUDFLRQHV
DERUGDURQFXHVWLRQHVSROtWLFDVHFRQyPLFDV\VR/
FLDOHVUHODFLRQDGDVGLUHFWDPHQWHFRQ0p[LFRXQ
GHXQDFRH[LVWHQFLDHQVXVSiJLQDV\VXVVHFFLRQHVGH
SRVLFLRQHV GLVWLQWDV D YHFHV HQFRQWUDGDV VREUH ORV
WHPDVTXHLQWHUHVDURQDOGLUHFWRUDORVFRODERUDGRUHV
KDELWXDOHVDORVVXFHVLYRVFRQVHMRVGHUHGDFFLyQ
&DEHUHFRQRFHUHQHVWHVHQWLGRTXHKD\XQDPD\RU
YDULHGDGWHPiWLFDHQFXDQWRDODLQFOXVLyQHTXLOLEUD/
GDGHOLWHUDWXUD\DUWHSRUXQDSDUWH\GHFXHVWLRQHV
VRFLRSROtWLFDV H KLVWyULFDV SRU RWUD HQ ORV SULPHURV
WUHVDxRVGHODUHYLVWDTXHHQORVWUHVUHVWDQWHVFRPR
LQGLFDODOHFWXUDGHORVtQGLFHVJHQHUDOHV\ORVHVSHFt/
¿FRVGHFDGDQ~PHURHQORVDxRV\
OD SROtWLFD OD KLVWRULD OD UHÀH[LyQ VREUH VRFLHGDGHV
\ WHPDV UHODFLRQDGRV FRQ ORV GLOHPDV HQ WRUQR D OD
PRGHUQLGDGSLHUGHQWHUUHQRDIDYRUGHODFXOWXUDDU/
WtVWLFDHQWRGDVVXVPDQLIHVWDFLRQHV(VWDSDXWDHVVL/
PLODUSRUORTXHVHUH¿HUHDODYDULHGDGGHSRVLFLRQHV
SROtWLFDV GH ORV FRODERUDGRUHV GH R')-0' HV QRWRULD
GLFKDYDULHGDGHQORVSULPHURVDxRV\WLHQGHDGLV/
PLQXLU FRQIRUPH HO pQIDVLV OLEHUDO GH ODV SOXPDV \
ORVFRQWHQLGRVRGLVWDQFLDPLHQWRIUHQWHDGLIHUHQWHV
SRUFLHQWRGHOWRWDO(VWHSRUFHQWDMHVHLQFUHPHQWDQR/
WDEOHPHQWHVLVHWRPDQHQFRQVLGHUDFLyQVyORODV
FRODERUDFLRQHVVREUHWHPDPH[LFDQRHQWRQFHVHOSRU/
FHQWDMHVHHOHYDDXQSRUFLHQWRHVGHFLUPiVGHXQD
WHUFHUDSDUWHGHODVUHIHUHQFLDVD0p[LFRHQR')-0'!+42$!
GHtQGROHVRFLRSROtWLFD\HFRQyPLFD
3RUORTXHVHUH¿HUHDTXLHQHVHVFULELHURQHQODUH/
YLVWDHOFRODERUDGRUPiVDVLGXRIXH*DEULHO=DLGFRQ
FRODERUDFLRQHVGHODVFXDOHVDSDUHFLHURQHQVX
FROXPQD GHVGH DJRVWR GH  M."$0# &*# D%*T.% HO
UHVWRIXHURQHQVD\RV\DUWtFXORV2FWDYLR3D]DVXPLy
ODDXWRUtDGHFRODERUDFLRQHVGHODVFXDOHVDSDUH/
FLHURQHQODVHFFLyQC*$-0+1#'*$-.''0+1#'*$-%"*+GHGLFDGD
DUHJLVWUDU\FRQIUHFXHQFLDDVDWLUL]DUKHFKRV\SHU/
VRQDMHVGHODYLGDQDFLRQDOHLQWHUQDFLRQDOKD\RWUDV
FRODERUDFLRQHVDQyQLPDVVREUHFXHVWLRQHVSROtWLFDV
PH[LFDQDV HQ GLFKD VHFFLyQ GH ODV TXH SXHGH VRVSH/
FKDUVH FRQ VyOLGRV IXQGDPHQWRV TXH IXHURQ HVFULWDV
SRU3D](OWHUFHUDXWRUPiVDVLGXRHQODVSiJLQDVGH
R')-0'IXH'DQLHO&RVtR9LOOHJDVFRQGRFHDUWtFXORV\
SUR\HFFLRQHVGHOVRFLDOLVPRYDGH¿QLHQGRHQPD\RU
PHGLGDHOSHU¿OGHODUHYLVWD
R')-0'IXHXQDUHYLVWDPH[LFDQDHQHOVHQWLGRQR
VyORGHVXSURFHGHQFLDHLGHQWLGDGHGLWRULDOVLQRVR/
EUHWRGRSRUODLPSRUWDQFLDFXDQWLWDWLYD\FXDOLWDWLYD
GHORVWHPDVQDFLRQDOHVHQVXVSiJLQDVGHVGHOXHJR
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
JO
HQVD\RVODPD\RUtDVREUHORVUDVJRVFDUDFWHUtVWLFRVGHO
VLVWHPDSROtWLFRPH[LFDQRVLHWHGHHVWRVDSDUHFLHURQ
HQ VX FROXPQD M%/,)*-$0 2WURV HVFULWRUHV FRQ SUH/
VHQFLDHVSRUiGLFDDORODUJRGHORVQ~PHURVIXHURQ
/XLV 9LOORUR &DUORV )XHQWHV *DVWyQ *DUFtD &DQW~
)HUQDQGR3pUH]&RUUHD5DIDHO6HJRYLD
( 0#+"7"/+2%7"1?(>)7'+0/%(<(/27+2*%@(>72*%7?(!)/"+)(:"(2#%(*"=01+% 0(!',&-.$./$0&-%)$

3RU RWUD SDUWH DOJXQRV ³PRPHQWRV SROtWLFRV´
UHJLVWUDGRV HQ R')-0' FRQVLGHUDQGR HO LQWHUpV TXH
PDQWLHQHQSRUVXWUDWDPLHQWR\DVLPLVPRFRPRLQ/
GLFLRV GH OR TXH HQWRQFHV LQWHUHVDED R SUHRFXSDED
D XQ VHFWRU GH QXHVWURV LQWHOHFWXDOHV \ OHFWRUHV HQ
FXHVWLRQHVVRFLDOHV\SROtWLFDV
(QWUH HVWRV PRPHQWRV VLJQL¿FDWLYRV GHVWDFD OD
DSUR[LPDFLyQ D ORV GLOHPDV GHO GHVDUUROOR PH[LFDQR
HQHOPDUFRFRQFHSWXDO\SROtWLFRTXHDEULyHO&OXEGH
5RPD FRQ VXV DSUR[LPDFLRQHV D OD YLDELOLGDG GH ODV
VRFLHGDGHVLQGXVWULDOHVGHVGHXQDSHUVSHFWLYDDPELHQ/
WDOR')-0'LQFOX\yHQVXVSiJLQDVHOWHPDDWUDYpVGH
HQVD\RVDUWtFXORV\UHVHxDVGHDXWRUHVFRPR/XLV9L/
OORURTXLpQDGHPiVGHHVFULELUXQHQVD\RGHSURVSHF/
WLYD³9DULDEOHVSDUDHOIXWXUR´SUHVHQWyHOOLEURC%+#
'@/.$*+#&*'#4-*4./.*"$%REUDSLRQHUDVREUHODGHSUHGD/
GHODUHYLVWDDEULOGHDOPHVGHOIDOOHFLPLHQWR
GHOHPSUHVDULRFXOWXUDOHKLVWRULDGRU³'DQLHO&RVtR
9LOOHJDVODVLOXVLRQHV\ODVFRQYLFFLRQHV´UHFRQRFL/
PLHQWRDOOHJDGRLQWHOHFWXDO\SROtWLFRGHDTXpO
(VGHVXEUD\DUODSUHVHQFLDFRQVWDQWHGHODSROtWLFD
HQ/HWUDVOHWULOODVOHWURQHVODVHFFLyQTXH3D]VXV
DOOHJDGRV \ DOJXQRV HSLVyGLFRV LQYLWDGRV UHVHUYDURQ
SDUD OD UHYLVLyQ GH OD SROtWLFD FRWLGLDQD HQ 0p[LFR
\ HQ HO H[WHULRU (QWUH RWUDV FRODERUDFLRQHV ³7DSD/
GLVPR\GHVWDSDGLVPR´GH6DOYDGRU(OL]RQGR³(VD
PD\R´GH*DEULHO=DLG³,QIRUPDFLyQ\SDUWLFLSD/
FLyQ´SUHVXPLEOHPHQWHGH5DIDHO6HJRYLDYDULDVGH
2FWDYLR3D]³(QWUH9LULDWR\)DQWRPDV´³(OSODJLR
ODSODJDODOODJD´³/DGRFWDDGXODFLyQ´³%RKHPLD
\UHYROXFLyQ´³(ORJLRVTXHPDWDQ´³¢+D\VDOLGD"´
³(OGHVD\XQRGHOFDQGLGDWR´&RODERUDFLRQHVDQyQL/
FLyQGHODQDWXUDOH]DHQQRPEUHGHOSURJUHVR7DPELpQ
ODVFRODERUDFLRQHVGH9tFWRU/8UTXLGLRIUHFLHURQXQ
SDQRUDPDJOREDOVREUHORVGHVHTXLOLEULRVFDXVDGRVSRU
ODGLODSLGDFLyQGHUHFXUVRVQDWXUDOHV
/DFUtWLFDPiVFHUWHUDDODVSUR\HFFLRQHVLGHRORJL/
]DGDVGHOSURJUHVR\GHODPRGHUQL]DFLyQHQVXYHU/
WLHQWHPH[LFDQDSURYLQRGH*DEULHO=DtGTXLHQHQODV
 M."$0+# &*# D%*T.%# DSDUHFLGDV VH ODV DUUHJOy SDUD
GHPROHUSRUODYtDGHOKXPRUHODEVXUGR\ODSDUDGRMD
ODVLOXVLRQHVODVFRDUWDGDVLQWHOHFWXDOHV\ORVFRVWRV
PDV¢FXDOHVVRQGH3D]"VREUHVDOHQSRUVXRSRUWX/
QLGDG\VXYLUXOHQFLDHQWUHHOODV³&DQFLyQGHODPiV
DOWDWRUUH´\³/RVPLVWHULRVGHOSHGUHJDO´VREUHORV
SUREOHPDVTXHDIHFWDEDQHQHVHHQWRQFHVDOD8QLYHU/
VLGDG1DFLRQDO$XWyQRPDGH0p[LFR
2WURVHQVD\RVDSDUHFLGRVHQR')-0'#VREUHVDOHQSRU
VXFDOLGDGLQWUtQVHFD\SRUHODFLHUWRFRQTXHVXVDXWR/
UHVUHÀH[LRQDURQVREUHWHPDVGHLPSRUWDQFLDS~EOLFD
´&DUUHUDVGHYLGDHQOD81$0´GH/DULVVD/RPQLW]
ORVHVFULWRVSRU0DULR2MHGD³,/DSROtWLFDLQWHUQD/
WDQJLEOHVGHQXHVWURSURJUHVR\GHVXVSURWDJRQLVWDV FLRQDO´ 5DIDHO 6HJRYLD ,, /D SROtWLFD QDFLRQDO´
ODVpOLWHVXQLYHUVLWDULDVSROtWLFDVHPSUHVDULDOHV'L/
FKDVFRODERUDFLRQHVGLHURQSLHDGRVWtWXORVLPSUHV/
FLQGLEOHVGHQXHVWUDWUDGLFLyQLQWHOHFWXDOPRGHUQD!'#
,-%B-*+%#./,-%&)4$.9%\C0#*4%"%/@0#,-*+.&*"4.0'"!
2WUDSUHVHQFLDVLJQL¿FDWLYDGHOGHEDWHSROtWLFRHQ
ODUHYLVWDORFRQVWLWX\HURQORVHQVD\RV\DUWtFXORVGH
'DQLHO&RVtR9LOOHJDVGRQGHIRUPXOD\DGHODQWDWUD/
PRVHQWHURVGHODTXHVHUtDVXFpOHEUHWULORJtDVREUHHO
VLVWHPD SROtWLFR PH[LFDQR LQWHJUDGD SRU !'# +.+$*/0#
,%'@$.4%#/*\.40"%-!!'#*+$.'%#,*-+%"0'#&*#B%T*-"0-\
C0#+)4*+.8"#,-*+.&*"4.0'Y
(QHOPLVPR VHQWLGR KD\ TXH PHQFLRQDUDOJXQDV
GH ODV FRODERUDFLRQHV GH 2FWDYLR 3D] OD \D FLWDGD
³&DUWDD$GROIR*LOO\´GLDJQyVWLFRGHOHVFHQDULRSR/
OtWLFRQDFLRQDOHLQWHUQDFLRQDOGHOPRPHQWR\FDUDFWH/
UL]DFLyQKLVWyULFRSROtWLFDGHODUHYROXFLyQPH[LFDQD
DVt FRPR ODV LQWHUYHQFLRQHV HQ OD PHVD UHGRQGD GH
+DUYDUG³0p[LFRSUHVHQWH\IXWXUR´6RQDVLPLVPR
LPSRUWDQWHVODVFRQVLGHUDFLRQHVYHUWLGDVHQHOHQVD\R
³/DOHWUD\HOFHWUR´GRQGHGHVDUUROODVXVLGHDVVREUH
ODFRPSOHMDUHODFLyQHQWUHSROtWLFD\OLWHUDWXUD\HV/
WDEOHFHODTXHGHVGHVXSHUVSHFWLYDGHEHVHUHOSDSHO
GHFUtWLFDHLPDJLQDFLyQIUHQWHDOSRGHU7DPELpQGHV/
WDFDHOTXHGHGLFDD&RVtR9LOOHJDVHQHOQ~PHUR
&DUORV%D]GUHVFK³,,,/DSROtWLFDHFRQyPLFD´EDMR
HOWtWXORFRP~QGH³2MHDGDDODVLWXDFLyQGH0p[LFR´
³/RVOtPLWHVGHODVXFHVLyQSUHVLGHQFLDO´GH)HUQDQ/
GR3pUH]&RUUHD7DPELpQLQWHUHVDQWHVVRQ³(OHVWDGR
PH[LFDQRGHOIXWXUR´GH0DQXHO&DPDFKR³/DSDU/
WLFXODULGDGDXWyQRPDGH0p[LFR´GH-RUJH+HUQiQ/
GH] &DPSRV ³¢,QLFLDWLYD SULYDGD R VHFWRU S~EOLFR"
/DV DOWHUQDWLYDV SROtWLFDV GH QXHVWUR GHVDUUROOR´ GH
9tFWRU)ORUHV2OHD
,QFOX\R SRU ~OWLPR XQD SROpPLFD GH DPSOLD UH/
SHUFXVLyQHQVXPRPHQWRVREUHODQDWXUDOH]DGHOUp/
JLPHQHFKHYHUULVWDTXHLQYROXFUyD&DUORV)XHQWHV\
D*DEULHO=DtGHOSULPHURKDEtDHVFULWRXQDVXHUWHGH
PDQL¿HVWR³2SFLRQHVFUtWLFDVHQHOYHUDQRGHQXHVWUR
GHVFRQWHQWR´GRQGHUD]RQDEDODQHFHVLGDGGHDSR\DU
DO JRELHUQR GH /XLV (FKHYHUUtD DQWH ODV DFHFKDQ]DV
VXSXHVWDVRUHDOHVGHOIDVFLVPRODUHVSXHVWDGHOSR/
OtJUDIRUHJLRPRQWDQRHQVX³&DUWDD&DUORV)XHQWHV´
VHxDODEDTXHORTXHYHUGDGHUDPHQWHLPSRUWDEDHQHVH
PRPHQWRHUDSRUHQFLPDGHODGHIHQVDGHOUpJLPHQ
SURPRYHUODUHVWLWXFLyQLQWHJUDOGHVXVGHUHFKRVFtYL/
FRVDORVFLXGDGDQRVPH[LFDQRV³6LODVFLUFXQVWDQ/
FLDVGHODF*0',%'.$.W#KDQKHFKRLQGLVSHQVDEOHFLHUWD
YHQWLODFLyQS~EOLFDVLODWHQHEUDSDUDFRQVROLGDUVX
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
JR
 !',&-.$./$0&-%)$//0 %#+)#0)(79>"4(&0$%*"1

MXHJRQHFHVLWDVROWDUOHSRGHUDODOX]S~EOLFDORTXHD .UDX]H (  C0# ,-*+.&*"4.0# ./,*-.0'Y# P+4*">

QRVRWURVQRVFRUUHVSRQGHQRHVVHJXLUHVHMXHJRSDUD +%# 6# 40@&0# &*'# +.+$*/0# ,%'@$.4%# /*\.40"%# _`aef>
FRQVROLGDU HO DGHQWUR VLQR SDUD FRQVROLGDU HO DIXH/ `aacd0p[LFR7XVTXHWV
UD7UDWDUGHDUUHEDWDUODRSRUWXQLGDGGHTXHKD\DXQ 3DROL%ROLR)-M%"4.*"4.0#6#,%&*-#*"#DG\.>
YHUGDGHURµFXDUWRSRGHU¶GHTXHKD\DXQDYHUGDGHUD 4%Y#=.B'%+#IEI#6#II0p[LFR0LJXHOÈQJHO3RUU~D
YLGDS~EOLFD´R')-0'Q~PVHSWLHPEUH 3D] 2  DG\.4%# *"# '0# %T-0# &*# A4$09.%# R0;"!
¢$FDVR QR HV pVWD XQD FRQGHQVDFLyQ FDEDO GH OR 9ROXPHQ!'#,*-*B-."%#*"#+)#,0$-.0Y#N.+$%-.0#6#
TXH SXHGHQ KDFHU ±GH OR TXH VH HVSHUD TXH KDJDQ± ,%'@$.40#&*#DG\.4%0p[LFR)&(
ORVGHQRPLQDGRV³LQWHOHFWXDOHV´HQODVFLUFXQVWDQFLDV 3D]2E$."*-0-.%0p[LFR)&(
PH[LFDQDV SUHVHQWHV HQ HVWH  SDUD UHLYLQGLFDU 3D]0-$&DVWDxyQ'7RUUHV)LHUURHGV
³XQDYHUGDGHUDYLGDS~EOLFD´" P#$-*."$0#0H%+#&*#R')-0'!_`ab`>`abcdY#F*9.+$0#7)">
&0&0#6#&.-.B.&0#,%-#A4$09.%#R0;0p[LFR)&(
5()(5(1&,$6 5RGUtJXH]/HGHVPD;!'#,*"+0/.*"$%#,%'@>
.UDX]H (  ³&XDWUR HVWDFLRQHV GH OD FXOWXUD $.4%#&*#A4$09.%#R0;Y#C0+#$-0/,0+#&*#'0#.&*%'%B@0-!
PH[LFDQD´ HQ ( .UDX]H M0-0+# &*# '0# 5.+$%-.0-! 0p[LFR81$03OD]D\9DOGpV
0p[LFR&XDGHUQRVGH-RDTXtQ0RUWL]

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

KL
 !"#$!"%&'()(*++",&(&-.&(/#%&0"&%1&21"$)"
,(-!6,&*+)!;*+%*'!*.%"-!<
=8!"!*:!/!,''%7*'!*
.>'&*/,%-%*5!'&"*6$!-+&*.%*''%5!*!*6!:&*
+%*?!-%"!* consciente”
B#+*"=01+%(*"%;06%C%(A2*(BC,%*(32*%;"1(.;2*"1>
(
'# a# &*# 3)'.%# +*# 4)/,'*"# 4."4)*"$0# 0H%+# &*# '0#
/)*-$*#&*#S*%-B*#?0$0.''*_`gab>`achd1#0)$%-#
LQFODVL¿FDEOHSHQVDGRU\HVFULWRUTXHDSDU>
$.-# &*# +)# %T-0# ."4%/%&8# 0# '0# 9.&0# ."$*'*4$)0'# &*# +)#
G,%40Y#!&.$%-#&*#-*9.+$0+#7)"&0/*"$0'*+#,0-0#'0#-*>
ÀH[LyQ WHyULFD GH OD PRGHUQLGDG FRPR 'RFXPHQWV
$FpSKDOH6&ULWLTXH1#4)6%+#*3*/,'0-*+#+%"#0'#&@0#&*#
5%6#."&.+,*"+0T'*+#*"#'0#4%"+$-)44.8"#&*'#,*"+0/.*">
$%#4%"$*/,%-2"*%Y#=)#,*"+0/.*"$%#"%#50#,*-&.&%#9.>
B*"4.01#'0#*\,*-.*"4.0#&*#'**-#+)+#$*\$%+#$*-/."0"#*"#
*'#4)*+$.%"0/.*"$%#&*#")*+$-0+#-*,-*+*"$04.%"*+1#0+@#
FRPRGHFRQ¿DQ]DVPRUDOHVRFLHQWt¿FDV8VXDOPHQ>
WHQRVKDFHQSHQVDUQRHQODVVXSHU¿FLHVVLQRHQORV
4./.*"$%+#&*#'%#()*#+%/%+#6#&*#'0#-*0'.&0&#()*#5*/%+#
4%"+$-).&%Y#P#/2+#&*#/*&.%#+.B'%#&*#'0#,)T'.404.8"#
&*#+)+#$*\$%+1#&*#*''%+#0i"#*/0"0"#/i'$.,'*+#&*+07@%+#
6# $-0"+B-*+.%"*+1# ,*"+0/.*"$%+# 4%/,'*3%+# ()*# 50"#
+%T-*9.9.&%#0#'0+#/%&0+#."$*'*4$)0'*+#6#+*#50"#4%"+>
$.$).&%#*"#'*4$)-0+#%T'.B0&0+#*"#&.9*-+%+#2/T.$%+#&*#
'0+#5)/0".&0&*+#6#'0+#4.*"4.0+#+%4.0'*+Y#!"$-*#+)+#+)+#
'.T-%+#05%-0#4'2+.4%+#+*#*"4)*"$-0"O#+LVWRULDGHORMR
_`ahgdj#/DH[SHULHQFLDLQWHULRU#_`aekdj#/DOLWHUDWXUD
\ HO PDO# _`albdj# (O HURWLVPR# _`albdj# /DV OiJULPDV
GHHURV#_`ac`dj#6#'0#*&.4.8"#&*#+)+#2EUDVFRPSOHWDV
1!
3URIHVRUHQOD)DFXOWDGGH)LORVRItD\/HWUDVGHOD81$0
transgresión
_`abf>`aggd1#,)T'.40&0+#,%-#'0#*&.$%-.0'#S0''./0-&Y
!+$*# 0H%1# *'# X%"&%# &*# M)'$)-0# !4%"8/.40# 50#
,)*+$%#*"#4.-4)'04.8"#)"0#0/,'.0#0"$%'%B@0#&*#$*\$%+#
&*'# 0)$%-# 4%"# *'# $@$)'%# 3DUD OHHU# 2# *HRUJHV %DWDLOOH
*&.4.8"#0#40-B%#&*#EB"04.%#<@0;#&*#'0#=*-"0#6#R5.'.,>
,*#A''G>C0,-)"*1#4%"#'0#$-0&)44.8"#&*#S'*""#S0''0->
&%Y#C)*B%#*"$%"4*+1#-*B-*+0-#0#?0$0.''*#0#4."4)*"$0#
0H%+#&*#+)#/)*-$*#*+#/2+#)"#,-*$*\$%#,0-0#-*4%"%4*-#
\UHÀH[LRQDUVREUHQXHVWUDpSRFDSHURWDPELpQHVOD
,%+.T.'.&0&#&*#&.0'%B0-#4%"#EB"04.%#<@0;#&*#'0#=*-"01#
,-%7)"&%#4%"%4*&%-#&*#'0#%T-0#&*#?0$0.''*Y
EB"04.%#<@0;#&*#'0#=*-"0#*+#*+4-.$%-#6#040&G/.4%#
*"# *'# M*"$-%# &*# E"9*+$.B04.%"*+# +%T-*# P/G-.40# &*'#
:%-$*#_ME=P:>]:PDdY#F*0'.;8#*+$)&.%+#&*#,%+B-0&%#
*"#'0#]".9*-+.&0&#M%/,')$*"+*#&*#D0&-.&Y#!+#&%4$%-#
*"# X.'%+%7@0# ,%-# '0# ]:PD1# 6# /.*/T-%# &*'# =.+$*/0#
:04.%"0'#&*#E"9*+$.B0&%-*+Y#!"$-*#+)+#,)T'.404.%"*+#
+*#*"4)*"$-0"O#)UDQNOLQ\-HIIHUVRQHQWUHGRVUHYR/
OXFLRQHV,QLFLRVGHODSROtWLFDLQWHUQDFLRQDOHVWDGXQL/
GHQVH _DG\.4%1# ME=P:>]:PD1# hffadj# C%+# 04%-&*+#
*+7G-.4%+#_DG\.4%1#!-0mM%"04)'$01#hffldj#3UtQFLSHGH
/LJQHH[WUDYtRVRPLVLGHDVDOYXHOR_DG\.4%1#=*\$%#
R.+%1# hffe1# 6# *&.4.8"# *+,0H%'0# *"# '0# /.+/0# *&.$%>
-.0'1#hffadj#*HRUJHV%DWDLOOHODRVFXULGDGQRPLHQWH
7H[WRV\DSXQWHVSDUDODFRQWLQXDFLyQGHOD6XPPD
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
KH
 !',&-.$./$0&-%)$//0 ":,%*(&)*%7"1(.7)*"1

DWHROyJLFD_DG\.4%1#K0)-)+1#hff`#6#*&.4.8"#*+,0H%>
'0#*"#'0#/.+/0#*&.$%-.0'1#hffhdj#'HOGHVRUGHQGH'LRV#
_DG\.4%1# K0)-)+1# `aabdj# *HRUJHV %DWDLOOH 3RHPDV
_DG\.4%1# !'# K)42"# &*# J.-B.".01# `aaldj# /RV EXIRQHV
FHOHVWLDOHV#_DG\.4%1#S0//01#`aaedj6#+XPRV\'LV/
*+4,&,!_DG\.4%1#n)."()G1#`agadY
(O SDQRUDPD GH ODV LGHDV HQ )UDQFLD D ¿QDOHV GHO
+.B'%# II# *# .".4.%+# &*'# IIE# 50# $*".&%# )"# &*+0--%''%#
90-.0&%# 6# +8'.&%Y# oN0+$0# ()G# ,)"$%# *+$*# &*+0--%''%#
$*8-.4%#$.*"*#-*'04.8"#4%"#*'#,*"+0/.*"$%#&*#S*%-B*+#
?0$0.''*p1# o+)# ,-*+*"4.0# *"# *'# ,*"+0/.*"$%# 4%"$*/>
,%-2"*%# 50# +.&%# /0-B."0'1# ().;2# )"# ,%4%# 4%/%# *\>
$*"+.8"#&*#+)#"0$)-0'*;0#-*$.4*"$*#0#'%+#4%"9*"4.%"0>
'.+/%+#040&G/.4%+p
&RPHQ]DUpGLFLHQGRTXHXQIHQyPHQRSHFXOLDUHQOD
VHJXQGDPLWDGGHOVLJOR;;KDVLGRHOTXHORVDXWRUHV
FX\RSHQVDPLHQWRSDVDSRUHOiPELWRDFDGpPLFRWHU/
PLQDpVWHWHQLHQGRXQDDPSOLDGLIXVLyQ&UHRTXHHQ
HVWHVHQWLGRHVPX\HPEOHPiWLFRHOSHQVDPLHQWRGH
'HUULGDFX\DUHÀH[LyQHPSLH]DDLQWHUHVDUDSDUWLUGH
VXYLQFXODFLyQFRQHQWLGDGHVDFDGpPLFDVGH(VWDGRV
8QLGRV3RUORTXHVpORVLQWHQWRVSRULQJUHVDUHOSHQ/
VDPLHQWRGH%DWDLOOHHQHOiPELWRDFDGpPLFRIUDQFpV
VLHPSUHKDQIUDFDVDGRSRUORTXHUHVXOWDLQWHUHVDQWH
ODSUHJXQWDGH¢SRUTXpHOSHQVDPLHQWRGH%DWDLOOH
QRKDSRGLGRVHUDVLPLODGRSRUHOiPELWRDFDGpPLFR"
/R SULPHUR TXH GLUtD TXL]i VHD XQD UHVSXHVWD IiFLO
(QUHDOLGDGHOSHQVDPLHQWRGH%DWDLOOHVHDVHPHMDDO
SHQVDPLHQWRGH1LHW]VFKHQRKD\QDGDTXHHQVHxDU
DKtSHURODUHVSXHVWDFRPSOHMDHVTXHFLHUWDPHQWHQR
VyORKD\XQHOHPHQWRVLQRPXFKRVHOHPHQWRVHQHO
SHQVDPLHQWRGH%DWDLOOHTXHHQODPHGLGDTXHVHUH/
VLVWHQDVHUFDWHJRUL]DGRVQRSXHGHQIRUPDUSDUWHGH
XQFXUULFXOXPHQODVLQVWLWXFLRQHVDFDGpPLFDV
o=*-@0#."5*-*"$*#0'#,*"+0/.*"$%#T0$0.''*0"%#*+$0#-*$.>
4*"4.0#0#+)#0+./.'04.8"#040&G/.40p
6HUtDLQKHUHQWHDVXSHQVDPLHQWRXQDHVSHFLHGHGLVLGHQ/
FLDGHOSHQVDPLHQWRDFDGpPLFR1RHVTXHRWURVSHQVD/
GRUHVFRPR)RXFDXOWR'HOHX]HKD\DQFRQVWUXLGRXQ
WLSRGHSHQVDPLHQWRTXHVtIXHDGHFXDGR\VRPHWLGRDOD
DFDGHPLDTXL]iXQDSRVLEOHH[SOLFDFLyQWHQGUtDTXHYHU
FRQHOUHFRUULGRGH%DWDLOOHQRIXHSRUODVLQVWLWXFLRQHV
FOiVLFDVTXHHUDODYtDSRUODTXHSDVDURQODPD\RUtDGH
ORV ¿OyVRIRV IUDQFHVHV GHO VLJOR ;; SRU HMHPSOR SRU
QRPEUDUXQDODeFROH1RUPDOH6XSpULHXUH
oM8/%#+*#9*"#05%-0#'0+#$*"+.%"*+#()*#5)T%#*"$-*#?0$0.>
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
KJ
''*#6#%$-%+#,-%/."*"$*+#."$*'*4$)0'*+#7-0"4*+*+#4%"$*/>
SRUiQHRVFRPR%UHWRQR6DUWUH"¢HVWDEDQMXVWL¿FDGDV
$*8-.40/*"$*#$0'*+#()*-*''0+p
&UHRTXHHVDVSXJQDVQRLQFLGHQHQQXHVWURSUHVHQWH
3RU HMHPSOR %DWDLOOH \ %UHWRQ DFDEDURQ WUDWiQGRVH
FRQ UHVSHWR VH VDOXGDEDQ FXDQGR VH HQFRQWUDEDQ
%DWDLOOHHQYHUGDGQXQFDSHUWHQHFLyDOJUXSRGHORV
VXUUHDOLVWDV\HOFRQWDFWRTXHWXYRFRQHOORVIXHHVHQ/
FLDOPHQWHDWUDYpVGHVXDPLJR0LFKHO/HLULVTXLHQ
VtIRUPySDUWHGHODJHQHUDFLyQLQLFLDOSHURIXHFRQ
HOVHJXQGRPDQL¿HVWRVXUUHDOLVWDTXH%UHWRQHPSLH]D
D HVWLJPDWL]DU \ H[FRPXOJDU D GLHVWUD \ VLQLHVWUD \
0LFKHO/HLULVIXHGHORVSULPHURVTXHVHVHSDUyGHO
PRYLPLHQWRHOFXDOSDUDHVHPRPHQWRHVWDED\DGH/
PDVLDGR HQFODXVWUDGR KDEtD SHUGLGR OD YLWDOLGDG GH
VXVLQLFLRV'LJDPRVTXHHVDSXJQDIRUPDSDUWHGHODV
P~OWLSOHVSXJQDVTXHKXERQRVyORHQHOVLJOR;;
VLQRTXHVHJHQHUDQHQXQPRPHQWRFODYH'HEHPRV
UHFRUGDUTXHHOSHULRGRHQWUHJXHUUDVHQ)UDQFLDIXH
HOPRPHQWRGHPD\RUGLQDPLVPRLQWHOHFWXDOIXHXQR
GHORVLQVWDQWHVFODYHGHOSHQVDPLHQWR¿ORVy¿FRGHOD
OLWHUDWXUDGHODVLGHDVUHFWRUDVGHOVLJOR;;
R0-*4.*-0# ()*# 506# )"0# ."40,04.&0&# &*# =0-$-*# ,0-0#
0+./.'0-# *'# ,*"+0/.*"$%# T0$0.''*0"%# ()*# +*# ,)*&*#
'**-#*"#0'B)"%+#*"+06%+Y#R.*"+%#*"#+)#0-$@4)'%#³8Q
QRXYHDXP\VWLTXH´1#&%"&*#504*#)"0#4-@$.40#0$-%;#&*#
?0$0.''*1#()*#,)&.*-0#-*&)4.-+*#0#)"#*B%$.+/%#,*&*+>
$-*#/2+#()*#0#)"#&*+04)*-&%#+%T-*#)"#0+)"$%#$*8-.4%Y
/DPD\RUSDUWHGHODJHQWHTXHFRQR]FRKDEODPX\
ELHQGH6DUWUH$PtPHSDUHFHXQKRPEUHLPSRUWDQWH
LQFUHtEOHPHQWHLQWHOLJHQWHTXHSHQVyFRVDVIXQGDPHQ/
WDOHVSDUDHOVLJOR;;6LQHPEDUJRFUHRTXHHQ6DUWUH
KDEtDXQDWHQGHQFLDDODLQVWLWXFLRQDOL]DFLyQGHVXREUD
\GHVXSHQVDPLHQWR(UDXQWLSRGXHxRGHXQDKDEL/
OLGDG LQFUHtEOH FRQ XQD SHUVRQDOLGDG PX\ FRPSOHMD
TXHQRVHSXHGHQLFDOL¿FDUQLFDWDORJDUGHXQDPDQHUD
VLPSORQD SHUR HVWDED LQFDSDFLWDGR SDUD HQWHQGHU DO/
J~QWLSRGHQXHYDSURSXHVWDGHOSHQVDPLHQWRGH%D/
WDLOOHVREUHWRGRFRQUHVSHFWRDC0#*\,*-.*"4.0#."$*>
-.%-SULPHUDHQWUHJDGHOD=)//0#0$*%'8B.40(QHVWH
PRPHQWR HQ SDUWLFXODU OR TXH VXFHGH HV TXH HQ HVWH
WH[WR%DWDLOOHVHHQFXHQWUDHQODVDQWtSRGDVQRVyORGH
ORHVWDEDSHQVDQGR6DUWUHVLQRWDPELpQGHWRGRORTXH
KDEtDFRQVWUXLGRDQWHV\ORTXHYHQGUiGHVSXpVHQVX
REUD(Q6DUWUHHVWiSUHVHQWHHOHMHUFLFLRGHFUHHUDSLH
MXQWLOODVHQTXHODLPSRUWDQFLDGHOD¿ORVRItDHVWiHQHO
WUDEDMRGHFDWHJRUL]DFLyQTXHVHKDFHGHVGHHOGRPLQLR
GHOD¿ORVRItD1RGLUpTXH%DWDLOOHHVWDEDPiVDOOiR
 >%*%(!%+%077"?(7%(+*%#1,*"109#(197)(+0"#"(=%7)*@@@ 0(!',&-.$./$0&-%)$

VL QRV GLYHUWLPRV MXQWRV´ HWFpWHUD %DWDLOOH HVWXYR

PiV DFi GH HVR SHUR GLFKD FDWHJRUL]DFLyQ HUD MXVWD/
PHQWHORTXHQRLQWHUHVDEDD%DWDLOOHTXLHQVHVLW~DHQ VLHPSUHIDVFLQDGRSRUODRUJDQL]DFLyQGHHVDFODVH
HOODGRFRQWUDULRFRQUHODFLyQDHVWR(OSUR\HFWREDWDL/ GHVRFLHGDGHV)XHXQJUDQDQLPDGRUFXOWXUDOQRVR/
OOHDQRFRPRORKDQVHxDODGRDOJXQRVHUDXQSUR\HFWR ODPHQWHGHUHYLVWDVVLQRXQDQLPDGRUGHRUJDQL]D/
DEVROXWDPHQWHLQVHQVDWRTXHHVSRVLEOHREVHUYDUHQOD FLRQHVUHXQLRQHVHWFpWHUD/DPiVLPSRUWDQWHSRU
=)//0#0$*%'8B.40(OSUR\HFWRGH%DWDLOOHHUDREOLJDU ODVFRQVHFXHQFLDVTXHWXYRIXHHO&ROHJLRGH6RFLR/
DOSHQVDPLHQWR¿ORVy¿FRDOSHQVDUPLVPRDGLULJLUVH ORJtD0HJXVWDSHQVDUTXH%DWDLOOHKDFtDWRGRHVWR
KDFLDVXSURSLRDELVPRKDFLDVXGLVROXFLyQFRQUHOD/ SRUTXHOHUHVXOWDEDGLYHUWLGR([LVWHXQWHVWLPRQLR
FLyQDODUDFLRQDOLGDG(VWRXQ¿OyVRIRVHULRFRPRHO PHSDUHFHTXHGH3DWULFN:DOEHUJTXLHQQDUUDTXH
VHxRU6DUWUHQRSRGUtDFRPSDUWLU HVWDED DEVROXWDPHQWH DWHUUDGR SRUTXH %DWDLOOH OR
LQYLWy XQD QRFKH DO %RLV GH %RXORJQH HVH ERVTXH
=%T-*#'0#+%4.*&0&#&*#'%+#04G70'%+1#D0)-.4*#?'0"45%$# TXHHVWiHQODVDIXHUDVGH3DUtVGRQGHLEDQDFHOH/
50# *\,-*+0&%# ()*# 0'-*&*> EUDUXQDHVSHFLHGHULWXDOR
&%-#&*#*+*#B-),%#()*#7)"&8# PLVD QHJUD GRQGH SDUHFtD
?0$0.''*# 3)"$%# 0# D0++%"# 6# TXHLEDDWHQHUOXJDUXQVD/
.ORVVRZVNLKDFLD¿QDOHVGH FUL¿FLRKXPDQR3HURQRVH
'%+# 0H%+# $-*."$0# B.-0"# /)> WLHQH QRWLFLD GH TXH DOJ~Q
45%+#*".B/0+1#."4')+%#+*#50# VDFUL¿FLRKXPDQRKD\DVX/
50T'0&%# &*# )"# 40-24$*-# &*# FHGLGRHQHO%RLVGH%RX/
q+%4.*&0&# +*4-*$0rY# on)G# ORJQHRHQOXJDUDOJXQRGH
+*# +0T*# 0'# &@0# &*# 5%6# 4%"# ODV FHUFDQtDV GH 3DUtV ,Q/
-*+,*4$%#0#'0#0+%4.04.8"#&*# VLVWRHQTXHPHSDUHFHTXH
*+$%+#,*"+0&%-*+p FRVDV FRPR HVWD ODV KDFtD
%DWDLOOHHQHIHFWRSRUXQD
+DVWD GRQGH \R Vp VH VDEH DFWLWXG WUDQVJUHVRUD XQD
SRFR SRUTXH MXVWDPHQWH QR DFWLWXG GH FKLFR PDOR VH/
HVSRVLEOHVDEHUPXFKRVREUH JXUDPHQWHODVKDFtDSRUTXH
ODVVRFLHGDGHVVHFUHWDVVLQR VHGLYHUWtDFRPRHQDQR
GHMDQ GH VHU VHFUHWDV SHUR
DOJRVHVDEHDOGtDGHKR\ K%/0"&%# %$-%# 40/."%# 4%"#
-*'04.8"# 0'# 504*-# 6# ,*">
!"$%"4*+1# o+@# *-0# )"0# +%> +0-# &*# ?0$0.''*1# *'# -*0'.;0-#
4.*&0&#+*4-*$0p )"0# 0"0'@$.40# &*# '0# "%4.8"#
&*# q,%&*-r# *"# +)# &.+4)-+%#
6tORHUD&XDQGRFRPHQFp SODQWHDFLHUWDVGL¿FXOWDGHV
D KDFHU PL LQYHVWLJDFLyQ oN0+$0# ()G# ,)"$%# +)# 4-@$.>
SDUD PL WHVLV GH GRFWRUD/ 40# *+$2# *"40/."0&01# 4%/%#
GRDSULQFLSLRVGHORVDxRV *"# '%+# /0-\.+/%+# 9.B*"$*+#
QRYHQWD PH HQFRQWUp TXH *"#+)+#&@0+1#4%"$-0#'%+#,-%>
HQ )UDQFLD D~Q KDEtD XQD 6*4$%+#&*#'0+#&*-*450+1#+*0"#
ELEOLRJUDItD HVFXHWD VREUH 70+4.+$0+# %# 40,.$0'.+$0+p1#
%DWDLOOH \ TXH HUD HVHQFLDOPHQWH XQD ELEOLRJUDItD o().;2#+)#4-@$.40#0'#,%&*-#6#'0#&*7*"+0#&*#+)#,*4)'.0-#
FRQVWLWXLGDSRUWHVWLPRQLRVTXHFRQVLVWtDQHQGDWRV 7%-/0#&*#*"$*"&*-#'0#q+%T*-0"@0r1#90"#/2+#0''2#&*#'%+#
FRPRTXHVLKDEtDQFRQRFLGRD%DWDLOOHTXHVLKD/ 2/T.$%+#,iT'.40/*"$*#-*4%"%4.&%+#4%/%#q,%'@$.4%+rp
EtDQ IRUPDGR SDUWH GH DOJXQD UHXQLyQ GH HVWDV VR/
FLHGDGHVVHFUHWDVVRVSHFKRVDPHQWHVHFUHWDVSRUTXH +D\TXHUHFRUGDUTXHHQGLIHUHQWHVPRPHQWRVGHVX
VyORDOJRVHVDEHGHHOODV3HURLQVLVWRGHXQDVRFLH/ YLGD%DWDLOOHIXHXQJUDQOHFWRUGH)UHXG\GH0DU[
GDGVHFUHWDQRVHSXHGHVDEHUDEVROXWDPHQWHQDGD SHURQXQFDHVWRVWXYLHURQLQÀXHQFLDHQODHODERUDFLyQ
(VRFRQHOWLHPSRFDPELyKDKDELGRXQFUHFLPLHQWR GHVXSHQVDPLHQWRFRPRVtODWXYRHQVXPRPHQWR
GHODELEOLRJUDItDVREUH%DWDLOOHTXH\DQRVyORFRQ/ +HLGHJJHU GH TXLHQ VH DSDUWD GHVSXpV (Q FDPELR
VLVWHHQHVWDUFRQWDQGRHVWDVEDWDOOLWDV³VLORFRQRFt GHVWDFRODLQÀXHQFLDGHFLVLYDGH+HJHO\1LHW]VFKH

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

KK
 !',&-.$./$0&-%)$//0 ":,%*(&)*%7"1(.7)*"1
3HURDHVWDSUHJXQWDUHVSRQGHUtDTXHIXHURQPRPHQ/
WRV LPSRUWDQWHV GH %DWDLOOH +D\ TXH UHFRUGDU TXH
%DWDLOOHIXHXQRGHORVSULPHURVTXHFRPHQ]DURQOD
UHKDELOLWDFLyQQRVRODPHQWHHQ)UDQFLDVLQRHQWRGD
(XURSDGHOSHQVDPLHQWRGH1LHW]VFKHGHVYLQFXOiQ/
GRORGHODMXVWL¿FDFLyQWHyULFDGHOQDFLRQDOVRFLDOLV/
PR DOHPiQ ([LVWHQ YDULRV DUWtFXORV GH %DWDLOOH TXH
GDWDQGHGRQGHUHKDELOLWDWDQWRVX¿JXUDFRPR
VXSHQVDPLHQWR+D\WDPELpQXQOLEULWRTXHHVHOSUL/
PHURTXHDSDUHFHHQ)UDQFLDTXHVHOODPD:.*$;+45*-!
GH+HQUL/HIHEYUHTXHVHUHPRQWDD\FRQVWL/
WX\HODSULPHUDGHIHQVDHQ)UDQFLDGHOSHQVDPLHQWR
GH1LHW]VFKHTXLWiQGROHHVHHVWLJPD(VWRHVLPSRU/
WDQWHSRUTXHPDUFDUiXQDWHQGHQFLDHQODHODERUDFLyQ
GHO SHQVDPLHQWR SRVWHULRU GH %DWDLOOH (V DOJR TXH
W~ PHQFLRQDV \ TXH PH LQWHUHVD GHVWDFDU XQD REUD
GH%DWDLOOHTXHQRHVWiWUDGXFLGDWRWDOPHQWHDOHVSD/
xROHVC0#+%T*-0"@0VRODPHQWHKD\XQDWUDGXFFLyQ
C%# ()*# *"$.*"&%# ,%-# +%T*-0"@0 \ FX\R HGLWRU WXYR
HOGHVDFLHUWRGHQRVHxDODUTXH~QLFDPHQWHHUDODLQ/
R0+0"&%#0'#$*/0#&*#'%#+0B-0&%1o,)*&*#4%"+.&*-0->
+*#0i"#q'%#+0B-0&%r#4%/%#)"#5%-.;%"$*#&.+4)-+.9%#
()*#+)+4.$0#'0#$-0"+B-*+.8"p1#o*"#()G#+*"$.&%1#+.#'%#
5061#,)*&*#+*-#,*"+0&%#'%#+0B-0&%#4%/%#OHLWPRWLY#
&*#)"0#4%"4.*"4.0#-*9%')4.%"0-.0p
/R VDJUDGR HV UHYROXFLRQDULR HQ HO iPELWR HQ TXH
YLYLPRVHVWRHVHOiPELWRGHODSURIDQLGDG(QHVH
VHQWLGR Vt OR HV 5HYROXFLRQDULR HQ OD PHGLGD TXH
VXEYLHUWH OD OyJLFD GH WRGD RSHUDFLyQ LQVWUXPHQWDO
TXHKD\HQHOiPELWRGHORSURIDQRGHOWUDEDMRGHOD
RUJDQL]DFLyQVRFLDO$SURYHFKRODRFDVLyQSDUDSUH/
FLVDUTXHORVDJUDGRHQ%DWDLOOHQDGDWLHQHTXHYHU
FRQFUHHQFLDVUHOLJLRVDVQDGDTXHYLQFXOHDXQDQH/
FHVLGDGGHWUDVFHQGHQFLD/RVDJUDGRQRHVDOJRTXH
D SDUWLU GH XQD UHYROXFLyQ SRGDPRV LQVWDODUQRV HQ
HOORORVDJUDGRQRFRQVWLWX\HOD¿QDOLGDGGHQLQJ~Q
WLSRGHYLGDHQWpUPLQRVLQGLYLGXDOHVRVRFLDOHV3RU
HOOR HV UHYROXFLRQDULR \D TXH HVH IXOJRU TXH FRQVWL/
WX\HODH[SHULHQFLDGHORVDJUDGRFODURTXHVXEYLHU/
WURGXFFLyQWHRUpWLFDDGLFKDREUDDGYLHUWHGHVGHVXV
SULPHURV UHQJORQHV TXH QR VH KDEODUi GH VREHUDQtD
WDOFRPRIXHFDWHJRUL]DGDHQODWUDGLFLyQPRGHUQDGH
OD¿ORVRItDSROtWLFDHVWRHVORTXHDSDUWLUGHOVLJOR
;9,,FRQ+REEHV\/RFNHGH¿QHHOSURFHVRKLVWy/
ULFRGHOVXUJLPLHQWRGHORV(VWDGRVQDFLRQDOHV(VWR
HVMXVWDPHQWHORTXH%DWDLOOHQRHQWLHQGHSRU³VREH/
UDQtD´6REHUDQtDHQ~OWLPDLQVWDQFLDQRHVXQFRQ/
FHSWRHQ%DWDLOOHVLQRXQYRFDEORTXHUH~QHXQFRQ/
MXQWRGHDFWLWXGHVYLWDOHVTXHYDQPiVDOOiGHOiPELWR
GHVSUHVWLJLDGRGHODSROtWLFDWDOFRPRODHQWHQGLyHVD
WUDGLFLyQGHOD¿ORVRItDSROtWLFDPRGHUQD
oR%&-@0#&*4.-+*#()*#/.*"$-0+#'%+#&.+4)-+%+#'.T*-0'*+#+%>
EUHODVREHUDQtDSUHWHQGHQHULJLUXQSHU¿OGHOVXMHWRHQ
$G-/."%+#&*#4.)&0&0"@01#().;2#'0#+%T*-0"@0#T0$0.''*0"0#
90#*"#&.-*44.8"#4%"$-0-.01#*+#&*4.-1#+*#*"40/."0#504.0#*'#
&*+/%"$03*#&*#'0#+)T3*$.9.&0&#$0'#4%/%#'0#/%&*-".&0&#
'0#50T@0#*"$-*B0&%p
6t\RHVWDUtDGHDFXHUGRFRQHOOR/DVREHUDQtDHQ
%DWDLOOHQRHVXQSURFHVRGHFRQVROLGDFLyQGHXQD
LGHQWLGDGRPHWDLGHQWLGDGFRPRODGHO(VWDGR/R
TXH%DWDLOOHFRQFLEHSRUVREHUDQtDQDGDWLHQHTXH
YHUHQHOiPELWRSROtWLFRFRQORVGHUHFKRVLQDOLH/
QDEOHV GH ORV LQGLYLGXRV R FRQ HO (VWDGR VL WLH/
QHGHUHFKRRQRGHUHSUHVHQWDUORVFRDFFLRQDUORV
HWFpWHUD (V XQ iPELWR FRPSOHWDPHQWH GLIHUHQWH
$GHPiVODPHGLWDFLyQVREUHODVREHUDQtDDSDUHFH
WDUGtDPHQWH HQ OD REUD GH %DWDLOOH GHVSXpV GH OD
=)//0#0$*%'8B.40HVGHFLUHQODSRVJXHUUD
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
KG
WHWRGDODOyJLFDGHODSURIDQLGDG(QHVHVHQWLGRVt
3HURORVDJUDGRQRVHSXHGHVHxDODUGLVFXUVLYDPHQWH
(VRHVLPSRVLEOHMXVWRSRUTXHFDUHFHGHGXUDFLyQ/R
VDJUDGR HV OD QRGXUDFLyQ PLHQWUDV TXH HQ HO iP/
ELWR GH OD SURIDQLGDG XQD GH ODV FDUDFWHUtVWLFDV TXH
OD GLVWLQJXHQ HV OD GXUDFLyQ (VWH IXH XQ SXQWR TXH
%DWDLOOHUHWRPyGH+HLGHJJHUSHURDGLIHUHQFLDGHpO
%DWDLOOHVHxDODTXHWRGRSUR\HFWRHQUHDOLGDGQRVHQ/
YLOHFHSRUTXHFRQVWLWX\HXQUpJLPHQGHVHUYLGXPEUH
QRV HQFDGHQD D pO QR VyOR D WUDYpV GH VX GXUDFLyQ
VLQRDQWHODVH[SHFWDWLYDVGHVXFRQFOXVLyQ
]"#$*/0#+%$*--0&%#*"#'0+#."9*+$.B04.%"*+#+%T-*#?0$0.''*#
*+#'0#./,%-$0"4.0#()*#$.*"*#*'#'*"B)03*#*"#'0#4%"7%-/0>
4.8"#&*#'0#+)T3*$.9.&0&Y#on)G#,)*&*#&*4.-+*#0'#-*+,*4$%p
+D\ DXWRUHV TXH KDQ KHFKR GH %DWDLOOH XQD OHFWX/
UD SURPLQHQWHPHQWH SROtWLFD $ Pt PH KD LQWHUHVD/
GR %DWDLOOH SRUTXH HQ pO HQFXHQWUR XQD H[SHULHQFLD
FDUDFWHUtVWLFD GH DOJXQRV HVFULWRUHV GHO VLJOR ;; \
GHER GHFLU TXH OR TXH PH KD LQWHUHVDGR GH %DWDLOOH
KD VLGR VX H[SHULHQFLD FRPR HVFULWRU (VWD SUREOH/
PiWLFD VH HQFXHQWUD HVWUHFKDPHQWH YLQFXODGD FRQ HO
OHQJXDMH/DOHFWXUDGH%DWDLOOHQRHVIiFLOQRSRUTXH
VHD PX\ FRPSOHMR HQ WpUPLQRV FRQFHSWXDOHV FRPR
SXHGHVHU+HJHOVLQRSRUTXHVXVWH[WRVFRPRRFX/
UUH HQ HO Q~FOHR GH VX SHQVDPLHQWR TXH SDUD Pt HV
OD=)//0#0$*%'8B.40HVWiQFRQFHELGRVGHWDOPDQHUD
TXH QR SHUPLWHQ HVSHUDU OR TXH QRUPDOPHQWH HVSH/
UDPRVFRPROHFWRUHVHVGHFLUODFRQWLQXLGDGGHXQD
GLVFXUVLYLGDGODVHFXHQFLDRUGHQDGDGHXQSULQFLSLR
 >%*%(!%+%077"?(7%(+*%#1,*"109#(197)(+0"#"(=%7)*@@@
GHVDUUROOR\¿Q/RVVX\RVVRQWH[WRVTXHQRVDWLVID/
FHQODVH[SHFWDWLYDVGHQRVRWURVFRPROHFWRUHV(VRV
WH[WRVVHFRPSRUWDQGHPRGRLQXVXDOLQHVSHUDGR\
ODSUHJXQWDTXHFDEHKDFHUVHHVSRUTXpQRVHFRP/
SRUWDQ GH HVD PDQHUD HVSHUDGD (VWR VXFHGH SRUTXH
MXVWDPHQWH OR TXH DFRQWHFH HQ HOORV HV OD GLVROX/
FLyQGHOOHQJXDMHPLVPR%DWDLOOHHVWiPX\OHMRV
GHFRQVLGHUDUORLQHIDEOHFRPRHO~OWLPRPRPHQWR
GHOOHQJXDMH(QpOQRH[LVWHHVDGLPHQVLyQPtVWL/
FDWUDGLFLRQDOVLQRVLPSOHPHQWHDORTXHXQRHVWi
0(!',&-.$./$0&-%)$
DVLVWLHQGRHQOD=)//0#0$*%'8B.40#HVDODGLVROX/
FLyQGHOOHQJXDMH\HVR\DHVGHPDVLDGRHVODGL/
VROXFLyQWDPELpQGHOVXMHWRTXHSLHQVD\GHOSHQ/
VDPLHQWR (V GHFLU GHVSXpV GH HVR OR ~QLFR TXH
TXHGD HQ VHQWLGR EDWDLOOHDQR QR HQ XQ VHQWLGR
PtVWLFRWUDGLFLRQDOHVODSRVLELOLGDGGHOVLOHQFLR
HOVLOHQFLRUDGLFDOURWXQGR/DSDODEUD³VLOHQFLR´
HVWRGDYtDOHQJXDMHODSDODEUDVLOHQFLRQRGHVLJQD
HOVLOHQFLRTXHVREUHYLHQHDHVH~OWLPRPRPHQWR
HQODGLVROXFLyQGHOOHQJXDMH
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
KM
 !',&-.$./$0&-%)$//0 ":,%*(&)*%7"1(.7)*"1

PLJHQHUDFLyQQRYLVOXPEUDUHPRVXQSUR\HFWRKLVWy/
!"$-*#'0#B*"*-04.8"#()*#'**#,%-#,-./*-0#9*;#'%+#$*\> ULFRGHWDOHQYHUJDGXUDFRPRIXHHOSUR\HFWRKLVWyULFR
$%+#T0$0.''*0"%+#0#/*&.0&%+#&*'#+.B'%#II#6#"%+%$-%+1# SURSXHVWRSRUORVLOXVWUDGRVIUDQFHVHV/RTXHLGHDURQ
5*-*&*-%+#&*#)"0#+%4.*&0&#*+4G,$.401#5*&%".+$0#6#+."# IXHMXVWDPHQWHQXHVWURPXQGRQXHVWUDVIRUPDVGHRU/
B*")."%+#."$*-&.4$%+1#+*#0T-*#)"0#T-*450#."4%"4.'.0> JDQL]DFLyQVRFLDO\FRQYLYHQFLD
T'*Y# o!+# $%&09@0# 4-*@T'*# ()*# ,%&0/%+# *\,*-./*"$0-#
q'%#./,%+.T'*r1#-%;0-#'0#4%"$.").&0&#9.$0'1#,-04$.40-# o!'# 90'%-# &*'# ,*"+0/.*"$%# T0$0.''*0"%# +*-@0# ,)-0>
)"#*-%$.+/%#q$-0"+B-*+%-rp /*"$*#"*B0$.9%1#&*+$-)4$%-#&*#'%#()*#,-%,%"@0#'0#E')+>
$-04.8"1#%#*\.+$*#0'Bi"#$.,%#&*#,-%,)*+$0#%"$%'8B.40#6#
6L QRV UHPLWLPRV FRQFUHWDPHQWH D OR TXH IXH OD H[/ +%4.0'#*"#*'#,*"+0/.*"$%#T0$0.''*0"%p
SHULHQFLD GH OD OHFWXUD GH %DWDLOOH HQ OD JHQHUDFLyQ
GH ORV DxRV FLQFXHQWD HQ 0p[LFR XQD JHQHUDFLyQ 1XQFDKHSRGLGRHQWHQGHUFyPRVHSXHGHGHULYDUXQD
TXH HVHQFLDOPHQWH VH YROFy D OD OHFWXUD GH ORV WH[/ SURSXHVWDFRQFRQWHQLGRVRFLDOGHXQDSURSXHVWDRQ/
WRVHUyWLFRVQRVpVLDWtWXORSHUVRQDOOHVLQWHUHVDED WROyJLFD HV XQ ODGR ¿FFLRQDO TXH SRVHH HO GLVFXUVR
HVRSRUHMHPSORD6DOYDGRU(OL]RQGRR-XDQ*DUFtD ¿ORVy¿FR1RPHSDUHFHTXHHOSHQVDPLHQWRGH%DWDL/
3RQFH/RTXHSDVDHVTXHHTXLYDOtDDGHMDUGHODGR OOHVHDWRWDOPHQWHGHVWUXFWRU0HLQWHUHVDUHVSRQGHUOR
HQ EXHQD PHGLGD OR TXH D Pt PH SDUHFH PiV LQWH/ TXHYR\DUHVSRQGHUSRUTXHFUHRTXHVHUtDXQDIRUPD
UHVDQWHHQHOSHQVDPLHQWRGH%DWDLOOH'LJDPRVTXH GHWUDLFLRQDUORPHQRVSRVLEOHHOSHQVDPLHQWRGH%D/
OD YXOJDUL]DFLyQ GH OD REUD GH %DWDLOOH VREUH WRGR WDLOOHHVHLPSXOVRHVHG'0"#TXHDOLPHQWyD%DWDLOOHD
ORVWH[WRVHUyWLFRVHVXQDVXQWRTXH\RQRGLJRTXH ORODUJRGHVXREUD+D\PX\SRFDVREUDVQRVyORHQ
HVWpELHQRPDOSHURKD\DOJRPXFKRPiVUDGLFDOHQ HO VLJOR ;; TXH PXHVWUDQ XQD SRVLELOLGDG KXPDQD
%DWDLOOHTXHHVMXVWDPHQWHORTXHVHHQFXHQWUDHQOD \QDGDPiVSRVLELOLGDGTXHQRIXQFLRQDFRPRLGHDO
=)//0#0$*%'8B.40ODLPSRVLELOLGDGGHTXHHOSHQVDU HVGHFLUTXHQRIXQFLRQDFRPRVLIXHVHXQDVXHUWHGH
ODUD]yQVLJDFRQVWUX\HQGRHQWpUPLQRVGLVFXUVLYRV LPSHUDWLYRFDWHJyULFR<DFHDKtHQQXHVWURKRUL]RQWH
XQDMXVWL¿FDFLyQGHOPXQGRGHXQDPDQHUDFRKHUHQ/ QDGDPiVFRPRXQDSRVLELOLGDG3HURVLFRQVHUYDPRV
WHHVGHFLUORTXHSURSLFLD%DWDLOOHHVHOVXLFLGLRGHO XQ PtQLPR GH VHQVDWH] HV LPSHQVDEOH VXSRQHU TXH
SHQVDUPLVPR\HVQHFHVDULRVHxDODUTXHKDEtDTXH SRGUtDPRV RUJDQL]DU XQ PXQGR VRFLDO EDMR FLHUWDV
WHQHU EDVWDQWHV DUUHVWRV SDUD SURSRQHUOR SRUTXH HQ SUHPLVDVTXHH[LVWHQHQHOSHQVDPLHQWRGH%DWDLOOH
~OWLPD LQVWDQFLD HV OD SURSXHVWD GH XQ QRSUR\HFWR (VWi FODUR TXH QR VLUYH FRPR PRGHOR GH RUJDQL]D/
¿ORVy¿FR (Q HVWH VHQWLGR FXDOTXLHU LGHD DFHUFD GH FLyQ1RREVWDQWHGHQWURGHQXHVWURPXQGRTXHHVWi
ODFRQWLQXLGDGGHOSHQVDPLHQWR¿ORVy¿FRFRPRXQD WRGRpOUHFRUULGRSRUODSURIDQLGDGODLPSRUWDQFLDGH
WUDGLFLyQIXQGDPHQWDOHQ2FFLGHQWHWHUPLQDFRQ%D/ XQSHQVDPLHQWRFRPRHOGH%DWDLOOHUHSUHVHQWDXQUHV/
WDLOOH1RHVTXHDSDUWLUGH%DWDLOOH\DQRKD\DSRVL/ TXLFLRTXHVHDEUHFRPRSRVLELOLGDGQRGHKDFHUXQ
ELOLGDG GH KDFHU ¿ORVRItD$O FRQWUDULR FRQ %DWDLOOH PXQGRPHMRURGHKDFHUQRVPHMRUHVVLQRMXVWDPHQ/
WHUPLQD XQ WLSR GH KDFHU ¿ORVRItD XQ PRGR \ XQD WH FRPR SRVLELOLGDG TXH WHQHPRV ORV LQGLYLGXRV GH
DVSLUDFLyQFX\DFXOPLQDFLyQHVDOFDQ]DGDSRU+HJHO LUPiVDOOiGHHVHiPELWRGHODSURIDQLGDG6REUHOD
/D LQPHGLDWH] HQ QXHVWUR PXQGR OD LQPHGLDWH] GHO REUDGH%DWDLOOHQRVHSXHGHFRQVWUXLUXQDRQWRORJtD
SUHVHQWHQRFUHRTXHVHDXQDWUDGXFFLyQ¿GHGLJQDGH GHVGHODFXDOVHSUHWHQGDGLVHxDUXQQXHYRSUR\HFWR
ODYDORUDFLyQTXH%DWDLOOHKDFHGHODLQPHGLDWH]GHO VRFLDO1RVHSXHGHGHULYDUXQQXHYRSUR\HFWRSDUD
SUHVHQWHHQHOiPELWRVDJUDGRGHOQRSUR\HFWR1R\R FRQVWUXLU OD VRFLDELOLGDG KXPDQD HQ HVH VHQWLGR QR
FUHRTXHHVXQFRURODULRGHORTXHKDVXFHGLGRHQODV VHSXHGHGHULYDUDEVROXWDPHQWHQDGD3HUR¢TXpSD/
~OWLPDVGpFDGDVDOJRTXH\DVHxDODED/\RWDUGHQC0# VDUtD VLQ HVD SHTXHxD YHQWDQD DELHUWD SRU %DWDLOOH \
4%"&.4.8"# ,%+/%&*-"0 6RPRV KR\ XQD FLYLOL]DFLyQ RWURV SHQVDGRUHV" (VWH PXQGR VHUtD FXDUHQWD YHFHV
TXH QR WLHQH XQ SUR\HFWR KLVWyULFR \ YDPRV GDQGR PiVWHUULEOHGHORTXHHV1RVHSXHGHVXSRQHUTXH
WXPERVDUDWRVDODL]TXLHUGDDUDWRVDODGHUHFKD HVHWLSRGHSHQVDPLHQWRWHQJDXQDXWLOLGDGVyORDEUH
4XH+DEHUPDVSLHQVHTXHHVIDFWLEOHXQDVHJXQGDSR/ HVDSXHUWD\PXFKDVYHFHVSHUPLWHTXHHQWUHXQSRFR
VLELOLGDGHQODKLVWRULD\TXHHVHSUR\HFWRTXHSURYLH/ GHDLUHIUHVFR(QVXPDSHUPLWHTXHQXHVWUDYLGDVHD
QHGHOD,OXVWUDFLyQIUDQFHVDDKRUDVtORUHDOL]DUHPRV VDFXGLGD SRU OD LQWHQVLGDG SRU XQ GHVWHOOR VREUHFR/
DGHFXDGDPHQWH EXHQR HV OR TXH SLHQVD +DEHUPDV JHGRU
2WURVSLHQVDQTXHQRH[LVWHHVDSRVLELOLGDG3HUROR
TXHHVWiFODURHVTXHQRYLVOXPEUR\PLHQWUDVYLYD !"#/DVOiJULPDVGH(URV+*#,)*&*#'**-#()*#q"%#$*"*>

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

KN
 >%*%(!%+%077"?(7%(+*%#1,*"109#(197)(+0"#"(=%7)*@@@ 0(!',&-.$./$0&-%)$

/%+#%$-0#+0'.&0#0,0-$*#&*#'0#4%"4.*"4.0rY#oR%&*/%+#
&*-.90-#&*#7-0+*+#4%/%#G+$0#()*#+)#0)$%-#")"40#4-*68# R%-# i'$./%1# +.*"&%# ?0$0.''*# )"%# &*# '%+# ,*"+0&%-*+#
&*'# $%&%# *"# '0# ,%+.T.'.&0&# *7*4$.90# &*# 0T3)-0-# &*# '0# /2+#%-.B."0'*+#+%T-*#*'#$*/0#&*#'0#9.%'*"4.01#6#+.*"&%#
9.&0#&.+4%"$.")0#T0+0&0#*"#*'#'*"B)03*p ()*#9.9./%+#*"#+%4.*&0&*+#()*#-*B.+$-0"#0'$0+#&%+.+#
&*#*+$01#o48/%#,)*&*#0)\.'.0-"%+#,0-0#4%/,-*"&*-#6#
(VWD SUHJXQWD VH UHODFLRQD FRQ OR TXH DFDER GH GH/ *"7-*"$0-#4%--*4$0/*"$*#'0+#,-24$.40+#9.%'*"$0+p
FLU 1XQFD SRGHPRV DEDQGRQDU OD GLVFXUVLYLGDG HO
iPELWRGHODSURIDQLGDGGHOWUDEDMRGHOSUR\HFWRHV <RFUHRTXHQRD\XGDQLSRFRQLQDGD(Q~OWLPDLQV/
¿QDOPHQWHDTXHOORTXHVRVWLHQHORTXHJDUDQWL]DXQD WDQFLDSRUTXHWRGDSRVLEOHUHÀH[LyQHQ%DWDLOOHTXH
FLHUWDFRQWLQXLGDGHQODYLGDVRFLDO1RHVXQVtQWRPD ODKD\DFHUFDGHODYLROHQFLDQXQFDRFXUUHHQWpUPLQRV
GHSHVLPLVPR3DUDSRQHUXQHMHPSORDSURSyVLWRGH FDWHJRULDOHV 0H H[SOLFR /R TXH %DWDLOOH QR KDFH HV
ODUHKDELOLWDFLyQGHXQDDFWLYLGDGFRPROD¿HVWDRHO FRQVWUXLUXQDFDWHJRUtDGHODYLROHQFLD/RTXHpOOODPD
VDFUL¿FLRHVLPSHQVDEOHTXHXQDVRFLHGDGHVWpRUJDQL/ YLROHQFLDRULJLQDULDODYLROHQFLDH[FHGHQWHHVDOJRTXH
]DGDVyORHQIXQFLyQGHHVHWLSRGHDFWLYLGDGHV$FD/ MXVWDPHQWHHVFDSDDODSRVLELOLGDGGHVHUSHQVDGDDOD
UUHDUtDQ VX GLVROXFLyQ LQPHGLDWD 6RPRV XQD HVSHFLH SRVLELOLGDGGHVHUH[SUHVDGD/DYLROHQFLDHQHOWHUUH/
DQLPDOLUUHPHGLDEOHPHQWHFRQGHQDGDDODFRQFLHQFLD QRGHORVRFLDO\GHORLQGLYLGXDOQRHVXQDH[SUHVLyQ
VLQRIXHVHDVtQRVHUtDPRVORTXHVRPRV1RVHWUD/ GHHVDYLROHQFLD'LFKDYLROHQFLDHVODUHVLVWHQFLD GH
WDDTXtGHSUHVHUYDUDWRGDFRVWDODLGHQWLGDGKXPDQD DOJRLQGHWHUPLQDGRUHVLVWHQFLDDVHUFDWHJRUL]DGRSRU
VHQFLOODPHQWHQRSRGHPRVUHQXQFLDUDHOOD6yORDSDU/ ODUD]yQ\HOGLVFXUVR¿ORVy¿FRRFXDOTXLHURWURWLSRGH
WLUGHODFRQFLHQFLDSRGHPRVDWLVEDUORVUHVTXLFLRVGH GLVFXUVR3RUHOORQRH[LVWHHQ%DWDLOOHXQDHQVHxDQ]D
ORVTXHKDEODEDDQWHV%DWDLOOHHQPXFKRVPRPHQWRV VREUHODYLROHQFLDFyPRDWDMDUODFyPRFLUFXQVFULELU/
GH VX REUD DUJXPHQWD TXH OD WUDQVJUHVLyQ VyOR WLHQH OD/DYLROHQFLDH[FHGHQWHQHFHVDULDPHQWHSHUPDQHFH
YDORUFXDQGRVHOOHYDDFDERGHPDQHUDFRQVFLHQWH/D HQ HO iPELWR GH OR LQGHWHUPLQDGR &XDOTXLHU LQWHQWR
FRQFLHQFLDQRHVORTXHVRPRVQLVLTXLHUDHVXQHVWDGR GHHODERUDUXQGLVFXUVRIUHQWHDODYLROHQFLDHVWiPX\
HVRTXHQRVGH¿QHFRPRVHUHVFRQVFLHQWHVHVORTXH ELHQSHURQRWLHQHTXHYHUFRQODSRVLELOLGDGTXHDEUH
QRVSHUPLWHUHDOL]DUXQDFWRWUDQVJUHVRUFRQHOSOHQR %DWDLOOH 8QD SRVLELOLGDG GH DWLVEDUOD SHUR QXQFD GH
YDORUTXHOHDGMXGLFD%DWDLOOH7UDQVJUHGLUXQDOH\FRQ SURQXQFLDUODFRQGHQDUODHVWLJPDWL]DUOD1RVHSXHGH
ODYROXQWDGH[SUHVDGHWUDQVJUHGLUOD\QRSRUFDVXDOL/ GHFLUQRVHSXHGHFDWHJRUL]DUQRVHSXHGHFRQVWUXLUD
GDGRSRUDFFLGHQWHHVORTXHGLJQL¿FDDOKRPEUH SDUWLUGHHOODWHRUtDDOJXQD

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

KI
DEBATES
'!*8&')/,6!*!6@1!'!
8"&6%.&.*+%*,-/%"6!?:,&*%-/"%*,'%(!',+!+7*
6&""$86,>-*4*+%?&6"!6,!
(
O XVR GH OD PHWiIRUD GH OD SROtWLFD DFpIDOD HV
VLJQL¿FDWLYDSDUDODGH¿QLFLyQGHXQDVHULHGH
SURFHVRV \ IHQyPHQRV TXH VH KDQ GHVDUUROOD/
GRHQODYLGDS~EOLFDGHODVGHPRFUDFLDVFRQWHPSR/
UiQHDV&RQMXQWDPHQWHFRQHO³UHJUHVR´DOPRPHQWR
TXHDQWHFHGHODOODPDGDUHYROXFLyQOLEHUDOODDXVHQ/
FLDGHGLUHFFLyQ\OLGHUD]JRHQORVUHJtPHQHVSROtWL/
FRV\HQORV(VWDGRVDFWXDOHVKDQDOFDQ]DGRVXSXQWR
GH LQWHUFRQH[LyQ \ UHSURGXFFLyQ HQ ORV SURFHVRV GH
GH LQWHUFDPELR SROtWLFR \ JDUDQWtD GH H[SDQVLyQ GH
ORVFDQDOHVGHODSDUWLFLSDFLyQSLHUGHPXFKRVGHVXV
HVSDFLRV IUHQWH D OD LQDXJXUDFLyQ GH OR TXH VH SXH/
GH OODPDU XQ SURFHVR HVWDWDO GH FRQWUDFWXDOL]DFLyQ
S~EOLFRSULYDGD D HVFDOD QDFLRQDO \ WUDQVQDFLRQDO
TXHUHSHUFXWHIHKDFLHQWHPHQWHHQVXVSULQFLSDOHVVH/
GHV GHFLVLRQDOHV (V GHFLU HO DVFHQVR GH ODV QXHYDV
IXQFLRQHVHVWDWDOHVVHLQVFULEHDSDUWLUGHODSULPHUD
GpFDGDGHOVLJOR;;,DXQTXHVXSURFHVR\DHVWiHQ
LQWHUFDPELRGHODFRUUXSFLyQ\ODLOHJDOLGDGHQiPELWR PDUFKD GHVGH WLHPSR DWUiV FRQ HO SDVDMH GHO (VWD/
GHHODERUDFLyQGHOB*")+GHPRFUiWLFR'HKHFKRWDQ/ GREHQHIDFWRUDO(VWDGRUHJXODGRURQHROLEHUDOHQVX
WRODFRUUXSFLyQFRPRORVPHUFDGRVGHODLOHJDOLGDG DFHSFLyQSROLWL]DGD\GHHVWH~OWLPRKDFLDHO(VWDGR
VRQODH[SUHVLyQVXE\DFHQWHDOSURFHVRGHDJRWDPLHQ/ FRQWUDFWXDO(QHOLQWHULRUGHHVWDQXHYDPRGDOLGDGGH
WRGHODVHVWUXFWXUDVLGHROyJLFDVSHURQRGHODUHSUH/ RUGHQHVWDWDOHQSDUWLFXODUGHRUGHQMXUtGLFRHVWDWDO
VHQWDFLyQSROtWLFD\DTXHVXLQFLGHQFLDQRGHMDGHVHU XQDGHODVWUDQVIRUPDFLRQHVPiVDFXFLRVDVKDVLGROD
FUXFLDOSDUDSRQHUHQDFFLyQHOSURFHVRGHPRFUiWLFR HQWUDGDHQODDUHQDS~EOLFDGHXQPHFDQLVPRGHSR/
'HHVWHPRGRWHQHPRVTXHHO(VWDGRFRPROXJDU OLFHQWULVPRHQODWRPDGHGHFLVLRQHVODRUJDQL]DFLyQ
WDQWR GHO SRGHU SROtWLFR HQ VX VHQWLGR WUDGLFLRQDO
FRPRHQODHURJDFLyQGHVHUYLFLRV\HQODFUHDFLyQGH
QXHYDVIXHQWHVGHUHFXUVRVHFRQyPLFRVSDUDFXPSOLU
ODVGRVIXQFLRQHVDQWHULRUHV
(O KHFKR GH TXH HO (VWDGR HQWUH HQ XQD FRQVWDQ/
WH FRQWUDFWXDOL]DFLyQ FRQ GLVWLQWRV DFWRUHV SROtWLFRV
VRFLDOHV\HFRQyPLFRVHVWiHQUHODFLyQGLUHFWDPHQWH
SURSRUFLRQDOFRQODFUHFLHQWHGLVSHUVLyQGHORVSRGH/
UHV S~EOLFRV UHVXOWDGR GH OD DXWRQRPtD \ HVSHFLDOL/
]DFLyQ GH ORV SRGHUHV S~EOLFRDGPLQLVWUDWLYRV 1R
ROYLGHPRV TXH OD GLVSHUVLyQ GH SRGHUHV HV XQ HOH/
PHQWRFHQWUDOGHODGLQiPLFDGHFRQWUROKRUL]RQWDOGH
ODVGHPRFUDFLDV6LQHPEDUJRHO(VWDGRFRQWUDFWXDO
DOSHUPLWLUHOGHVDUUROORGHODUHSUHVHQWDFLyQSULYDGD
SRUHMHPSOREDMRODIRUPDGHPDQLIHVWDFLRQHV³SOX/
WRFUiWLFDV´ HQ ORV FDPSRV QHXUiOJLFRV GH OD GHPR/
VHQWDFLyQSROtWLFRWHUULWRULDO\SRUHORWURHVWiREOL/
JDGRDJDUDQWL]DUHOGHVDUUROORGHODUHSUHVHQWDFLyQGH
ORVLQWHUHVHVHQHOWHUUHQRLQVWLWXFLRQDOS~EOLFR EDMR
PRGDOLGDGHV TXH FRQHFWDQ FRPELQDFLRQHV \ DJUX/
SDPLHQWRVFRQHO¿QGHLQWURGXFLUHOSULPDGRGHORV
SULQFLSLRVGHOPHUFDGRQRHQVXVHQWLGRGHFRQFXUUHQ/
FLDOLEUHGH³SUHMXLFLRVSROtWLFRV´VLQRHQODIRUPDGH
ODVDOLDQ]DV\DFXHUGRVRSHUDWLYRVWDO\FRPRVXFHGtD
SUHYLRDODUHYROXFLyQOLEHUDOGHFLPRQyQLFD
'HWDOPRGRWHQHPRVXQDHVWUXFWXUDFLyQGHUHJt/
PHQHVGHPRFUiWLFRVEDVDGRVHQODGLVWULEXFLyQWHUUL/
WRULDOGHODVSUHIHUHQFLDVSROtWLFDVXQDPRQRSROL]D/
FLyQGHORVUHFXUVRVHFRQyPLFRVHQPDQRVSULYDGDV
\XQDVHULHGHFRPELQDFLRQHVHQODHURJDFLyQGHORV
VHUYLFLRV TXH SHUPLWHQ HVWDEOHFHU DOJXQRV FULWHULRV
SDUDDERUGDUWDQWRHOPDOHVWDUVRFLDOFRQODVGHPRFUD/
FUDFLDHQODVVHGHVLQVWLWXFLRQDOHVFRPRHIHFWRGHOD FLDVFRPRDTXHOODHVWUDWHJLDGLVFXUVLYDGLULJLGDDOD
GLVSHUVLyQGHORVSRGHUHVS~EOLFRVOHJLWLPDUiDODUH/ VHFWRULDOL]DFLyQGHORVJUXSRV\GHPDQGDVVRFLDOHVGH
SUHVHQWDFLyQSULYDGDHQDUHQDVTXHWUDGLFLRQDOPHQWH ORTXHHOVRFLyORJRIUDQFpV(PPDQXHO7RGGVXJLHUH
QRRFXSDEDFRPRORVRQODVLQVWLWXFLRQHVS~EOLFDV FRPROD³LPSROtWLFD´GHOUHVHQWLPLHQWRHQWUHXQLYHU/
,QFOXVR JDUDQWL]D TXH pVWD UHSUHVHQWDFLyQ SULYDGR VRV VRFLDOHV DQWDJyQLFRV 3HUR WDPELpQ DVLVWLPRV D
SROtWLFD SDUWLFLSH GLUHFWDPHQWH HQ HO SURFHVR GH OD ODFRUURERUDFLyQGHTXHODFRUUXSFLyQ\ODLOHJDOLGDG
WRPDGHGHFLVLRQHVDOSXQWRGHREOLJDUHOUHWLURGHOD QRVyORVRQXQDYDULDEOHGHSHQGLHQWHDODVSUiFWLFDV
UHSUHVHQWDFLyQS~EOLFDSDUWLGRVSROtWLFRV\TXHSRU
VXSDUWHRUJDQL]DEDXQFRQMXQWRGHIXQFLRQHVHVSH/
Ft¿FDV HQ SDUWLFXODU HO FRQWURO \ OD GLVWULEXFLyQ GH
ORVVHUYLFLRVVRFLDOHVSRUPHGLRGHOWXWHODMHSROtWLFR
GHOQLYHODGPLQLVWUDWLYRGHO(VWDGRGDQGROXJDUDOD
DXWRQRPL]DFLyQ \ VHFWRULDOL]DFLyQ GH ORV DSDUDWRV H
LQVWLWXFLRQHVGHODDGPLQLVWUDFLyQS~EOLFD
(QWRQFHV HO (VWDGR FRQWUDFWXDO KD SURGXFLGR XQ
VLVWHPDSROtWLFRGHGREOHUHSUHVHQWDFLyQ\DTXHSRU
XQODGRJDUDQWL]DHOGHVDUUROORSUHFDULRGHODUHSUH/
GH HODERUDFLyQ GHO OODPDGR VXHOR FRP~Q OH\ VLQR
VRQYDULDEOHVLQGHSHQGLHQWHVDOWLSRGHUpJLPHQSR/
OtWLFR GRQGH VH GHVDUUROODQ \D TXH FRQWULEX\HQ SRU
XQDSDUWHDODUHGXFFLyQGHODFDSDFLGDGGHOLGHUD]JR
\FRQGXFFLyQGHODVGHPRFUDFLDVHQHOFRQFLHUWRDF/
WXDOHQWUH(VWDGRVSRUODRWUDSRQHQHQFRQWDFWRDORV
XQLYHUVRVVRFLDOHVHQFRQÀLFWR\HQVXFDVRSHUPLWHQ
ODVXSHUDFLyQGHpVWH~OWLPR
E+-0*'#M%90--)T.0+
'!* corrupción
%-*%'*.,./%?!*8&')/,6&A
?;"11%#C*2(D0662*#2>>
&21',&,21(6*(1(5$/(6'(/$&25583&,Ï1
5
DUD OD H[LVWHQFLD GH OD FRUUXSFLyQ VRQ QHFHVD/
ULDV GRV FRQGLFLRQHV /D SULPHUD HV HQFRQWUDU
HQODQDWXUDOH]DSDUWLFXODUGHODUHODFLyQHQWUH
HOPLHPEURGHXQDRUJDQL]DFLyQHQFDUJDGRGHWRPDU
FLHUWDV GHFLVLRQHV DO TXH OODPDUHPRV /0"&0$0-.%! &!
0B*"$* FXDOTXLHUD TXH RFXSH XQ FDUJR VHD XQ SR/
SHUR FRQ UHODFLyQ DO VLVWHPD \ QR D OD SHUVRQD ([/
SUHVDODGLVWLQFLyQHQWUHIXHQWHVGHSRGHULQWHUQDVD
OD RUJDQL]DFLyQ \ IXHQWHV GH SRGHU H[WHUQDV (Q HO
FDVRGHO(VWDGR±VREUHHOFXDOGHDKRUDHQDGHODQWH
¿MDUHPRVH[FOXVLYDPHQWHQXHVWUDDWHQFLyQ±HOSRGHU
LQWHUQRHVDTXHOGDGRSRUHOFRQWUROGHORVDFWRVGH
OD DXWRULGDG SROtWLFD OHJDO (O SRGHU H[WHUQR HV JH/
OtWLFRHOHFWRXQGLULJHQWHRXQIXQFLRQDULRSRUXQD QHUDOPHQWHHORIUHFLGRSRUHOFRQWUROGHORVUHFXUVRV
SDUWH\HOWLWXODUGHORV¿QHVHLQWHUHVHVSRUORVFXDOHV SURGXFLGRVSRUHOPHUFDGR/DFDSDFLGDGGHDOJXQRV
OD RUJDQL]DFLyQ DFW~D DO TXH OODPDPRV /0"&0"$*! &! LQGLYLGXRVRJUXSRVGHVXVFLWDUXQDSR\RGHPDVDV
,-."4.,0'TXHSXHGHVHUHOSURSLHWDULRHOVREHUDQR GHUHSUHVHQWDULGHQWLGDGHVLGHROyJLFDVUHOLJLRVDVWH/
HOSXHEORODFROHFWLYLGDGHQJHQHUDO UULWRULDOHVFOLHQWHODUHVSRUORWDQWRGHKDEODUHQQRP/
$ HVWD GLYLVLyQ HQWUH GRV ¿JXUDV WtSLFDV GH FDGD
UHDOLGDGRUJDQL]DWLYDFRUUHVSRQGHXQDGLYLVLyQLQWH/
ULRUDFDGDDJHQWH8QPLVPRLQGLYLGXRWLHQH¿QHV\
REOLJDFLRQHVHQFXDQWRWLWXODUGHXQDIXQFLyQSXEOLFD
\ WLHQH ¿QHV H LQWHUHVHV HQ FXDQWR SHUVRQD SULYDGD
$ YHFHV WDOHV ¿QHV SULYDGRV FRUUHVSRQGHQ D REOLJD/
FLRQHV KDFLD XQD FLHUWD FROHFWLYLGDG OD IDPLOLD HO
SDUWLGRHOJUXSRUHOLJLRVRRLGHROyJLFRHOJUXSRGH
DPLJRV R FRPSDWULRWDV HWFpWHUD (QWUH ORV ¿QHV GHO
SULQFLSDO \ SRU WDO GH OD IXQFLyQ S~EOLFD \ ORV ¿/
QHVSULYDGRVGHODSHUVRQDGHODJHQWHSXHGHQDFHUXQ
FRQÀLFWR3DUDUHVROYHUORRHYLWDUORVRQHVWDEOHFLGRV
FLHUWRVORVSURFHGLPLHQWRV6LHOFRQÀLFWRHVUHVXHOWR
YLRODQGRWDOHVSURFHGLPLHQWRV\DFRVWDGHORV¿QHV
GHOSULQFLSDOVHGDODFRUUXSFLyQ!
/D VHJXQGD FRQGLFLyQ HV SDUDOHOD D OD SULPHUD
1
7UDGXFFLyQGH,VUDHO&RYDUUXELDV
11
3URIHVRUHPpULWRGHO,QVWLWXWR8QLYHUVLWDULR(XURSHR)LHVROH,WDOLD

/DVFRQGLFLRQHVSDUDTXHH[LVWDFRUUXSFLyQVRQGH¿QLGDVDTXtHQWpU/
PLQRVJHQHUDOHV(QWpUPLQRVMXUtGLFRVQRHVGHOWRGRFODURVLODVFRQGL/
FLRQHVTXHORVHIHFWRVGHXQDFWRGHEDQSURYRFDUGDxRDOSULQFLSDOVHDQ
QHFHVDULDVSDUDTXHGLFKRDFWRVHDFRQVLGHUDGRFRUUXSWR
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
GL
EUHGHpVWDV\SRGHUDVHJXUDUHOFRQVHQVRFRQVWLWX\HQ
RWUDVWDQWDVIXHQWHVGHSRGHUH[WHUQDVDODVSURSLDVGH
OD DXWRULGDG OHJDO &DGD VLVWHPD SROtWLFR VHxDOD FRQ
QRUPDV DSURSLDGDV OD OtQHD TXH VHSDUD HO IXQFLRQD/
PLHQWRGHOSRGHULQWHUQRGHODVGHOSRGHUH[WHUQRORV
PDQGDWRVGHODDXWRULGDGGHODVH[LJHQFLDVSULYDGDV
/DFRUUXSFLyQHVHQWRQFHVGH¿QLGDFRPRODDFWLYLGDG
TXHWLHQGHDVREUHSDVDURDOWHUDUWDOOtQHD
6HSRGUtDREVHUYDUTXHGHORVUHFXUVRVH[WHUQRVDO
(VWDGRVyORORVGHRULJHQSULYDGRLQGLYLGXDOQRORV
GHWLSRFROHFWLYRWLHQHQUHOHYDQFLDSDUDHOIHQyPHQR
GHODFRUUXSFLyQ(VWDVHPDQL¿HVWDHQODDFFLyQGH
FDGDLQGLYLGXR\SDUDHYDOXDUODSRUORWDQWRVyORHO
SHVRGHORVUHFXUVRVGHOPHUFDGRVRQORVTXHFXHQWDQ
(V GHFLU OD FRUUXSFLyQ GHEHUtD VHU HVWXGLDGD ~QLFD/
PHQWH FRPR XQ FRPSRUWDPLHQWR UDFLRQDO FRQ PLUDV
D OD PD[LPL]DFLyQ GH ORV EHQH¿FLRV PRQHWDULRV GH
FLHUWRVLQGLYLGXRVRHQWpUPLQRVJHQHUDOHVDODUHD/
OL]DFLyQGHVXVLQWHUHVHVSHUVRQDOHV&DGDLQGLYLGXR
SRUFRQVLJXLHQWHDFWXDUtDHQPRGRFRUUXSWRFDGDYH]
 7%(/)**2>/09#("#("7(101+"&%(>)7'+0/) 0(.-0$)-!
TXHODVYHQWDMDVSUREDEOHVGHODFRUUXSFLyQVXSHUHQORV
FRVWRVSUREDEOHVORVFXDOHVVRQGH¿QLGRVSRUODSRVL/
ELOLGDGGHVHUGHVFXELHUWRV\GHVXIULUODVUHVSHFWLYDV
VDQFLRQHV $ HVWH WLSR GH FRVWRV GHEHUi DJUHJiUVHOH
XQRGHQDWXUDOH]DGLVWLQWDOODPDGRJHQHUDOPHQWH4%+$%#
/%-0'SHURGHOFXDOQRVHRIUHFHGH¿QLFLyQHVSHFL¿FD!
7DO FRQFHSFLyQ HV OLPLWDGD $QWH WRGR TXHGD H[/
FOXLGDSRUHVWUHFKDTXHSXHGDUHVXOWDUODFRUUXSFLyQ
HPSUHQGLGDQRKDFLDORV¿QHVLQGLYLGXDOHVVLQRFROHF/
WLYRVSRUHMHPSORHQIDYRUGHOSDUWLGRGHJUXSRVGH
VROLGDULGDGWHUULWRULDOUHOLJLRVDLGHROyJLFDGHDPLJRV
RDPLJRVGHDPLJRV 1R VH SXHGH GHFLU TXHDO¿QDO
HQHVWRVFDVRVQRSXHGDQREWHQHUVHEHQH¿FLRVLQGLYL/
GXDOHV(QHIHFWRHVWRVQRSRGUiQVHUVLQRHOIUXWRGH
ODREUDGHPHFDQLVPRVSXHVWRVHQDFFLyQSRUODSHUWH/
QHQFLDGHOLQGLYLGXRDODXQLGDGFROHFWLYDHQFXHVWLyQ
3RUORWDQWRODWHRUtDGHEHUiHVWDUHQJUDGRGHH[SOLFDU
FXiQGR\FyPRORVPHFDQLVPRVRSHUDQ\FXiOHVVHUiQ
ODVFRQVHFXHQFLDVHVSHFt¿FDVTXHSRUODDFFLyQGHXQ
LQGLYLGXRFRPSRUWDVXSHUWHQHQFLDDXQJUXSR
$GHPiVFRQFLELHQGRDODFRUUXSFLyQFRPRHOFiO/
TXHODVQRUPDVTXHORVVRVWLHQHQVHDQSURSRUFLRQDOHVD
ODVTXHJHQHUDOPHQWHJXtDQODREVHUYDQFLDGHODOH\\
SRUORWDQWRODOHDOWDGKDFLDHO(VWDGR\ODKRQHVWLGDG
DGPLQLVWUDWLYD±RDOPHQRVTXHQRFRQWUDGLJDQGLFKRV
YDORUHV6HGHEHUiSRUHMHPSORSHQVDUHQODVIXHQWHV
GHUHFRQRFLPLHQWRVPRUDORULJLQDGDVSRUHO*+,@-.$)#&*#
4)*-,%UHODWLYRDORVFXHUSRVGHODEXURFUDFLDRSRU
HO *+,@-.$)# &*# 40+$0 FRPR LPSURSLDPHQWH VH GLFH GH
ODIXHU]DGHUHFRQRFLPLHQWRPRUDOH[SUHVDGDSRUXQD
FODVHDULVWRFUiWLFDTXHWLHQHHOSRGHUSROtWLFRRSRUHO
HVStULWX GH SDUWLGR R SRU RWUDV IXHQWHV GH PRUDOLGDG
FXOWXUDOUHOLJLRVDVRYDULDQWHVLGHROyJLFDVTXHHQGH/
WHUPLQDGRPRPHQWRKLVWyULFRHVWiQHQSRVLELOLGDGHVGH
VXVFLWDUIXHUWHVOHDOWDGHVRWUDQVPLWLUQRUPDVLQWHULRUL/
]DEOHV\SRQHQHVWDIXHU]DDOVHUYLFLRGHO(VWDGRRGH
ODREVHUYDQFLDGHODOH\
3RU FRQVLJXLHQWH HO HVWXGLR GH OD FRUUXSFLyQ QR
SXHGHTXHGDUVHHQXQQLYHOJHQHUDOGHODQiOLVLVGHODV
UHODFLRQHVHQWUHHOLQGLYLGXRODOH\YLVWD~QLFDPHQWH
FRPRYtQFXOR\HOPHUFDGRFRPROXJDUGHRFDVLRQHV
SDUD OD PD[LPL]DFLyQ GH OD XWLOLGDG 0iV ELHQ GHEH
FXOR GH FRVWRV VDQFLRQHV \ EHQH¿FLRV LQGLYLGXDOHV
QR VH H[SOLFD OD "%>4%--),4.8"# HQ SUHVHQFLD GH RFD/
VLRQHV IDYRUDEOHV FRQ FHUR R EDMtVLPD SUREDELOLGDG
GHVDQFLyQ(QHVWRVFDVRVVHSXHGHVyORVXSRQHUTXH
HO FRVWR PRUDO VHD WDQ DOWR DO SXQWR GH GHVDOHQWDU OD
FRUUXSFLyQ 3HUR ¢FXiQGR VRQ SRVLEOHV ORV FDVRV GH
4%+$%# /%-0'# 0'$%" 8QD WHRUtD GH OD FRUUXSFLyQ GHEH
DIURQWDUHOSUREOHPDGHODVFRQGLFLRQHVTXHKDFHQYD/
ULDUHOFRVWRPRUDO6HGHEHUiQLGHQWL¿FDUORVRUtJHQHV
GHGLVWLQWDVIXHQWHVGHPRUDOLGDGSDUWLFXODUPHQWHGH
VHUYLUVHGHODGHVFULSFLyQGHODVFRQGLFLRQHVHVSHFt¿/
FDVTXHGHWHUPLQDQODIXHU]DRODGHELOLGDGGHODVGLV/
WLQWDVIXHQWHVGHUHFRQRFLPLHQWRPRUDO(VWRVHDSUHFLD
FODUDPHQWHVLVHREVHUYDDODFRUUXSFLyQHQORVUHJtPH/
QHVGHPRFUiWLFRV
/$98/1(5$%,/,'$''(/$
'(02&5$&,$$/$&25583&,Ï1
$ODEULUHOFDStWXORGHD%&*-"#<*/%4-04.*+GHGLFDGR
DOSRGHUGHOGLQHURHQODSROtWLFD-DPHV%ULFH
ODV IXHQWHV GH -*4%"%4./.*"$%# /%-0'# GHO LQGLYLGXR
\ORTXHKDFHFUHFHURGLVPLQXLUORVHIHFWRV6HGHEH
SHQVDUHQHIHFWRTXHODFRUUXSFLyQSLHUGHVXDWUDFWLYR
FXDQGRDOSUDFWLFDUODREOLJDDXQLQGLYLGXRDOGLVWDQ/
FLDPLHQWRGHORVFtUFXORVVRFLDOHVHQORVFXDOHVDVSLUD
DVHUDSUHFLDGR6HYXHOYHHQFDPELRPDVIiFLOFXDQ/
GR HVWRV GH GHELOLWDQ $ FRQGLFLyQ QDWXUDOPHQWH GH

/DPDVDPSOLD\DUWLFXODGDSUHVHQWDFLyQGHHVWHSXQWRGHYLVWDSXHGH
YRO ,,  UHFXHUGD TXH )LOLSSR GH 0DFHGRQLD VH
MDFWDED GH SRGHU FRQTXLVWDU FXDOTXLHU FLXGDG HQ OD
FXDOSXGLHVHKDFHUHQWUDUXQEXUURFDUJDGRGHRUR<
6DOXVWLRQRVGLFHTXH*XJXUWDSHQVDEDTXH5RPDHV/
WDEDOLVWDSDUDYHQGHUVHVRODPHQWHGHEtDHQFRQWUDUVH
DO FRPSUDGRU (VWR SDUD UHFRUGDU TXH OD FRUUXSFLyQ
QR HV XQ PDO SURSLR D ORV UHJtPHQHV GHPRFUiWLFRV
UHSUHVHQWDWLYRV 5HJtPHQHV DEVROXWLVWDV ROLJiUTXL/
HQFRQWUDUVHHQ5RVH$FNHUPDQYpDVHWDPELpQ5RVH$FNHUPDQ
 &RPR FXDOTXLHU RWUR HMHPSOR GH DSOLFDFLyQ GH OD WHRUtD GH OD
FRV DXWRULWDULRV WRWDOLWDULRV R UHYROXFLRQDULRV SRU
HOHFFLyQUDFLRQDOWDPELpQHVWDDVXPH³JXVWRV\YDORUHVFRPRGDWRV´S HMHPSOR 'DQWRQ \ VX DPELHQWH KDQ FRQRFLGR IDVHV
/DDXWRUDGHVDUUROODVLQHPEDUJRXQDQiOLVLVTXHXVDKDELWXDOPHQ/ GHFRUUXSFLyQGHVHQIUHQDGD6LQHPEDUJRKD\UD]yQ
WH FLHUWDV FDWHJRUtDV GH OD FLHQFLD SROtWLFD \ UHFKD]D OD OtQHD RUWRGR[D
6WLJOHUEHFNHULDQD
FXDQGRVHGLFHTXHODGHPRFUDFLDUHSUHVHQWDWLYDWLHQH

5RVH$FNHUPDQ\RWURVGDQSRUGHVFRQWDGRODFRPSUHQVLyQGHO XQDUHODFLyQHVSHFLDOFRQODFRUUXSFLyQ\ODVUD]RQHV
VLJQL¿FDGRGH³FRVWRPRUDO´/LJHUDPHQWHGLIHUHQWHSDUHFHVHUHOFRQ/ VRQPiVGHXQD
FHSWRGH³DYHUVLyQDODFRUUXSFLyQ´XVDGRSRU-RKQVRQ\$ODP
TXHORGH¿QHQFRPR³HOYDORUDWULEXLGRDXQGyODUGHPiVVDFDGR
$QWHWRGRREVpUYHPRVFyPRODFRUUXSFLyQWLHQGH
GHDFWLYLGDGHVLOtFLWDVFRQIURQWDGRFRQXQGyODUGHPiVVDFDGRGHDFWLYL/ DLQFLGLUVREUHODVFRQGLFLRQHVGHODDFWLYLGDGSROtWL/
GDGHVOLFLWDV´ FDVLQODVFXDOHVODGHPRFUDFLDQRVHUtDWDOHOSULQ/

(VWDVIXHQWHVGHFRUUXSFLyQVRQGRPLQDQWHVHQSDtVHVHQYtDVGHGHVD/
UUROOR47-$ODP(QPXFKRVFDVRVHVLPSURSLRKDEODUGHFRUUXS/
FLyQSRUTXHVHWUDWDGHFRPSRUWDPLHQWRVTXHUHVSRQGHQDREOLJDFLRQHV\
OHDOWDGHVKDFLDHQWLGDGHVFROHFWLYDVFRQVLGHUDGDVWUDGLFLRQDOPHQWHFRPR
FLSLRGHOD$-0"+,0-*"4.0\RWURTXHSRGUtDOODPDU/

/RVFUtWLFRVFOiVLFRVGHODGHPRFUDFLD0RVFD\3DUHWRKDQSXHVWRHODFHQ/
WRVREUHODVFRQH[LRQHVQHFHVDULDVHQWUHFRUUXSFLyQ\UpJLPHQSDUODPHQWD/
PRUDOPHQWHPiVREOLJDQWHVTXHHO(VWDGR ULR&LWDFLRQHVHORFXHQWHVVRQRIUHFLGDVHQ%HOOLJQLVV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

GH
 .-0$)-!//0 %7"11%#:*)(>044)*#)
VHODLJXDOGDGGHORVGHUHFKRVSROtWLFRVHVGHFLUHO
LJXDO DFFHVR GH WRGRV ORV FLXGDGDQRV DO (VWDGR /D
FRUUXSFLyQVLHQGRQHFHVDULDPHQWHRFXOWDVXVWUDHGHO
SULQFLSLRGHODWUDQVSDUHQFLDDTXHOSURFHVRGHODVGH/
FLVLRQHV SROtWLFDV TXH FRQWDPLQD 6L GHVSXpV FRPR
SXHGHVXFHGHUQRHVRFXOWDVLQRODUJDPHQWHQRWDEOH
HLQVROHQWHHOGDxRHVREYLDPHQWHPD\RUSRUTXHOD
WUDQVSDUHQFLD GHYLHQH XQ GHVPHQWLGR PDQL¿HVWR GH
ODLJXDOGDGGHDFFHVR\DSDUHFHFRPRXQDEXUOD(Q
HOORODFRUUXSFLyQHVYLVWDFRPRXQDGHODVFRQGLFLR/
QHV TXH SURIXQGL]D OD GLYHUJHQFLD WtSLFD GH OD YLGD
SROtWLFDGHORVUHJtPHQHVGHPRFUiWLFRVFRQWHPSRUi/
QHRVHQWUHSXEOLFLGDG\RFXOWDPLHQWR3RUXQDSDUWH
HQFRQWUDPRVODH[DVSHUDGDSUHVHQFLDS~EOLFDGHLPi/
JHQHV SROtWLFDV LUUHOHYDQWHV R UHSUHVHQWDFLRQHV YLQ/
FXODQWHV GH XQD UHDOLGDG LQDFFHVLEOH SRU RWUD SDUWH
SUHFLVDPHQWHODVUHDOLGDGHVLQDFFHVLEOHVGHODVGHFL/
VLRQHVTXHFXHQWDQ\SRUODVFXDOHVVHEXVFDRFXOWDU
HOPHGLRDWUDYpVGHOFXDOVHKDOOHJDGRDHOOR
(QFXDQWRDODVQXHYDVIRUPDVGHODGHVLJXDOGDG
HQ HO DFFHVR DO (VWDGR pVWDV VRQ HO SURGXFWR GH OD
SDUWLFXODU QDWXUDOH]D TXH OD LQWHUPHGLDFLyQ SROtWLFD
DVXPH HQ ORV UHJtPHQHV GHPRFUiWLFRV 6H DJXGL]DQ
FRQODVWUDQVIRUPDFLRQHVTXHHQFXHQWUDDOGLIXQGLUVH
ODFRUUXSFLyQ
FLGRVSROtWLFDPHQWH'HHVWHPRGRDORVRMRVGHOD
DGPLQLVWUDFLyQGHO(VWDGRODVRFLHGDGHVGLVWLQJXL/
EOH HQ GLVWLQWRV FRPSRQHQWHV (V GHFLU VH FRQVWL/
WX\HVHJ~QXQD*+$-)4$)-0#&*#&.+$."B).T.'.&0&#TXH
RULHQWDWDQWRDODVPHGLGDVPLVPDVGHODDGPLQLV/
WUDFLyQFRPRODDFFLyQSROtWLFDGHORVFLXGDGDQRV
7DPELpQ HV XQD HVWUXFWXUD GH GLVWLQJXLELOLGDG GH
ORVLQWHUHVHVODTXHSHUPLWHDOREVHUYDGRUFRPSDUDU
VLVWHPDVSROtWLFRVGLIHUHQWHV
$KRUDELHQORVUHJtPHQHVOLEHUDOGHPRFUiWLFRVVH
FDUDFWHUL]DQSRUODFLUFXQVWDQFLDGHTXHODDFWLYLGDG
GHLQWHUPHGLDFLyQHVFDPELDGDQRSRUORVIXQFLRQD/
ULRVGHO(VWDGRVLQRSRUORVDJHQWHVSULYDGRV7DOHV
HQHIHFWRSXHGHQFRQVLGHUDUVHWRGRVORVKRPEUHVSR/
OtWLFRVGHSDUWLGRRQRHQXQUpJLPHQUHSUHVHQWDWLYR
(OORV OOHJDQ D RFXSDU FDUJRV GHO (VWDGR LQYLUWLHQGR
UHFXUVRVSULYDGRVWDPELpQVLQRQHFHVDULDPHQWHSHU/
VRQDOHVSDUDHO¿QDQFLDPLHQWRGHVXFDUUHUD\GHVX
DFWLYLGDGHQJHQHUDOeVWDHQFXDQWRHVXQDDFWLYLGDG
GH LQWHUPHGLDFLyQ HQ HO VHQWLGR DUULED GH¿QLGR HV
LJXDOPHQWHSULYDGD0HGLGDVOHJLVODWLYDV±SRUHMHP/
SORFRPRHO¿QDQFLDPLHQWRS~EOLFRGHORVSDUWLGRV±
KDQ UHGXFLGR UHFLHQWHPHQWH HQ DOJXQRV UHJtPHQHV
GHPRFUiWLFRV HO SULQFLSLR TXH KDEtD SHUPDQHFLGR
ULJXURVRHQOD YLVLyQOLEHUDO GHO (VWDGR DTXHO GH OD
&DGD UpJLPHQ SROtWLFR QR SULPLWLYR WLHQH QHFHVL/
GDG GH XQD IRUPD X RWUD GH PHGLDFLyQ HQWUH SREOD/
FLyQ\JRELHUQR(VGHFLUGHXQDDFWLYLGDGTXHVLUYD
SDUDODWUDQVPLVLyQDODVDXWRULGDGHVSROtWLFDVGHLQ/
IRUPDFLRQHVVREUHODGHPDQGDSROtWLFDSRWHQFLDOSRU
HQGHVREUHODVQHFHVLGDGHVVRFLDOHVHPHUJHQWHVODV
RSLQLRQHV UHOHYDQWHV ODV DJUHJDFLRQHV \ GLYLVLRQHV
GHORVLQWHUHVHVODVIRUPDVGHSRGHUQRS~EOLFRTXH
FRPSRQHQODHVWUXFWXUDGHXQDGHWHUPLQDGDVRFLHGDG
\TXHODDXWRULGDGSROtWLFDGHEHFRQRFHUSDUDSRGHU
PRYLOL]DUODKDFLDVXVREMHWLYRVRSDUDGHIHQGHUVHVL
FRQVWLWX\HQ IXHQWHV GH KRVWLOLGDG (VWD DFWLYLGDG GH
LQWHUPHGLDFLyQSRUXQDSDUWHUHSUHVHQWDDODVRFLHGDG
FLYLOIUHQWHDORVPHFDQLVPRVGHODDGPLQLVWUDFLyQSR/
OtWLFDSRUODRWUDGLIXQGHHQODSULPHUDHOFRQVHQVR
HQODVFRQIURQWDFLRQHVGHOUpJLPHQODVUD]RQHVGHOD
REVHUYDQFLD GH OD OH\ \ ODV UD]RQHV HQ JHQHUDO TXH
MXVWL¿FDQXQGHWHUPLQDGRPRGRGHJREHUQDU6HWUD/
SULYDFLGDGGHODIXQFLyQGHPHGLDFLyQDOSXQWRGH
GHOLQHDU XQD ¿JXUD VHPLS~EOLFD GHO PHGLDGRU SR/
OtWLFR /RV UHFXUVRV FRQ ORV FXDOHV GLFKD IXQFLyQ HV
DOLPHQWDGD FRQWLQ~DQ VLHQGR VLQ HPEDUJR HQ JUDQ
PHGLGDSULYDGRV±VHDQHVWRVUHFROHFWDGRVSRUORVSDU/
WLGRVSDUDVXDFWLYLGDGJHQpULFDRSRUORVFDQGLGDWRV
SDUD VXV FDPSDxDV HOHFWRUDOHV# /D FLUFXQVWDQFLD GH
TXHORVFRVWRVGHODLQWHUPHGLDFLyQ\ODLGHQWL¿FDFLyQ
GHORVLQWHUHVHVVRQVRVWHQLGRVSULYDGDPHQWHRULJLQD
ORVSUREOHPDVUHODWLYRVDOFyPRPRYLOL]DUORVUHFXU/
VRVQHFHVDULRVSDUD¿QDQFLDUODDFWLYLGDGGHLQWHUPH/
GLDFLyQ(VGHVGHHVWHiPELWRTXHGHEHLQLFLDUXQGLV/
FXUVRVREUHODFRUUXSFLyQ
(OFDUiFWHUSULYDGRSUHRH[WUDHVWDWDOGHODDFWLYL/
GDGGHLQWHUPHGLDFLyQSROtWLFDFRPSRUWDGRVFRQVH/
FXHQFLDV SULQFLSDOHV $QWH WRGR KDFH QR VRODPHQWH
OHJtWLPDVLQRIXQFLRQDOODH¿FLHQFLDGHODLQWHUPHGLD/
FLyQPLVPDHQFXDQWRTXHIDFLOLWDODLGHQWL¿FDFLyQGH
WDHQSRFDVSDODEUDVGHWpFQLFDVSDUDHFRQRPL]DUOD
SURGXFFLyQ GH FRQVHQVR ODV FXDOHV QR VyOR RSHUDQ
FRPRFRPXQLFDFLyQHQGRVVHQWLGRVVLQRTXHUHGH/
¿QHQ ORV PLVPRV LQWHUHVHV TXH ODV PHGLGDV GHO JR/
ELHUQRSXHGHQVDWLVIDFHU(QWpUPLQRVVLQWpWLFRVWRGR
HOFRQMXQWRGHDFWLYLGDGHVSXHGHVHUOODPDGR04$%#&*#
LGHQWL¿FDFLyQGHORVLQWHUHVHV\DTXHDWUDYpVGHpO
ORVLQWHUHVHVUHFLEHQLGHQWLGDG\SXHGHQVHUUHFRQR/
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
GJ
ORVLQWHUHVHVSRUUHSUHVHQWDUODIRUPDFLyQGHOHDOWD/
GHVFROHFWLYDVLQWHUPHGLDVLQVWLWXFLRQDOPHQWHVXERU/
GLQDGDVSHURSVLFROyJLFDPHQWHDOWHUQDWLYDVDODOHDO/
WDGKDFLDHO(VWDGR±HQWHQGLGRFRPRDGPLQLVWUDFLyQ
(VWDVVRQODVOHDOWDGHVGHSDUWLGRSHURWDPELpQFRPR
VHGLMRODVOHDOWDGHVGHRWURWLSRDVRFLDWLYDVUHOLJLR/

 (Q HVWH VHQWLGR VRQ GH¿QLGRV FRPR ³SULYDGRV´ WDPELpQ ORV UHFXUVRV
H[WUDtGRVGHODHFRQRPtDS~EOLFDSDUDHO¿QDQFLDPLHQWRGHORVSDUWLGRV
FXDQGRHVWRVFRQWURODQODGLUHFFLyQ
 7%(/)**2>/09#("#("7(101+"&%(>)7'+0/) 0(.-0$)-!
VDVWHUULWRULDOHV\HQGLVWLQWDVIRUPDVSHUVRQDOHV(V
ODIXHUWHOHJLWLPLGDGHQHOUpJLPHQGHPRFUiWLFRGH
pVWDVOHDOWDGHVLQWHUPHGLDVODTXHSHUPLWHDOFDQ]DU
ORVH[WUHPRVGHOSDUWLFXODULVPRDOJUDGRGHTXHSXH/
GH VXUJLU XQD GLVWRUVLRQDGD MXVWL¿FDFLyQ GH FLHUWRV
FRPSRUWDPLHQWRVFRUUXSWRV
/DVHJXQGDFRQVHFXHQFLDHVTXH'0#04$.9.&0&#&*#
."$*-/*&.04.8"#,%'@$.40#"%#*+$2#+*,0-0&0#&*#0()*>
''0#&*+$."0&0#0#'0#-*4%'*44.8"#&*#'%+#-*4)-+%+#"*>
4*+0-.%+#,0-0#+)#&*+0--%''%6HGLUiTXHDYHFHVORV
UHFXUVRVVHUiQUHFROHFWDGRVFRQODVFRQWULEXFLRQHV
YROXQWDULDV\QRVLHPSUHGDUiQOXJDUDXQLQWHUFDP/
ELRHQHOFXDOTXLHQGLVWULEX\HHVSHUDGHVXFRQWUL/
EXFLyQYHQWDMDVSULYDGDV6LQHPEDUJRHQVHQWLGR
HVWULFWRHVWRVGRVSULQFLSLRVODYROXQWDULHGDG\HO
LQWHUpVQRVRQIiFLOPHQWHVHSDUDEOHV7DPELpQODV
FRQWULEXFLRQHV YROXQWDULDV ODV VXVFULSFLRQHV \ OD
DGTXLVLFLyQ GH OD FUHGHQFLDO GHO SDUWLGR SXHGHQ
WHQHU HQ HO KRUL]RQWH \ HQ PDQHUD QR HVSHFLILFD
ODVDWLVIDFFLyQGHGHWHUPLQDGRVLQWHUHVHV$YHFHV
VHUHFRQRFHUiPiVRPHQRVH[SOtFLWDPHQWHTXHGL/
FKRVLQWHUHVHVVRQSDUWLFXODUHVHVGHFLUOLPLWDGRV
DXQDSDUWHGHILQLGDJHRJUiILFDRIXQFLRQDOPHQWH
ELHQGHODFROHFWLYLGDG#(QVtQWHVLVDXQFLXGDGDQR
FRQWDUiVyORSRUTXH4%"%4*RSXHGHPHWHUVH*"#4%">
$04$%FRQDOJXLHQTXHOHKDUiSRVLEOHHODFFHVRDORV
PHFDQLVPRV GHO (VWDGR SRUTXH WLHQH XQ FDQDO XQD
³IDPLOLDULGDG´XQDPSDURXQDSUHVHQWDFLyQDFUHGL/
WDGDRXQDSR\RFyPSOLFH
/$69$5,$&,21(6(1(/3(5621$/32/Ë7,&2
3RU VX QDWXUDOH]D OD DFWLYLGDG GH LQWHUPHGLDFLyQ
HQWUHODVRFLHGDGFLYLO\HO(VWDGRHVWiH[SXHVWDDOD
SUHVLyQGHLQWHUHVHVGLVWLQWRVDORVJHQHUDOHVGHODFR/
OHFWLYLGDG&XDQGRHVSHQHWUDGDSRUODVWUDQVDFFLRQHV
FRUUXSWDVGDUiOXJDUSUHFLVDPHQWHDODVDOWHUDFLRQHV
GHVFULWDV (Q FXDQWR TXH LQFLGHQ VREUH OD WUDQVSD/
UHQFLD \ OD LJXDOGDG SROtWLFD pVWDV ~OWLPDV DSDUHFHQ
FRPR HOHPHQWRV IXQGDPHQWDOHV SDUD OD FDOLGDG GH
XQD GHPRFUDFLD 6LQ HPEDUJR QR VRQ ODV ~QLFDV$
HOODVVHDJUHJDQODVDOWHUDFLRQHVTXHODVPRWLYDFLRQHV
FRQOOHYDQSDUDHOHJLUODDFWLYLGDGSROtWLFDSHUPDQHQWH
SRUHQFLPDGHODVFRPSHWHQFLDVUHTXHULGDVDOSHUVR/
QDOSROtWLFRVREUHORVFULWHULRVGHVHOHFFLyQGHGLFKR
SHUVRQDO\ODVDJUHJDFLRQHVGHQWURGHODVFXDOHVVHUi
SRVLEOHVXRUJDQL]DFLyQ
R VHJ~Q RWURV FULWHULRV GH OD FROHFWLYLGDG 2WUDV
YHFHVVHGHFODUDUDWHQHUHQODPLUDORVLQWHUHVHVGH
ODFROHFWLYLGDGHQVXFRQMXQWR6yORHQHVWHFDVRVH
SRGUiGHFLUTXHODFRQWULEXFLyQSDUDKDFHUIXQFLR/
QDUODDFWLYLGDGGHLQWHUPHGLDFLyQHVWiGDGDFRPR
DFWLYLGDGSXEOLFDHVGHFLUSDUDUHDOL]DULQWHUHVHV
GHO³S~EOLFR´3HURQDWXUDOPHQWHODHYDOXDFLyQGH
FXiQGRHVHIHFWLYDPHQWHHQHVWHFDVRGLItFLOGHVD/
EHU/DIDOVDFRQFLHQFLDGHODLGHRORJtDVLUYHSDUD
HVFRQGHULQWHUHVHVSULYDGRVGHWUiVGHOOHQJXDMHGH
ORVLQWHUHVHVGHODFROHFWLYLGDG
&XDOTXLHUD TXH VHD HO YHVWLGR UHWyULFR FXDQGR
SRGHPRVGHFLUTXHODFRQWULEXFLyQDODDFWLYLGDG\D
ODV¿QDQ]DVSROtWLFDVWLHQHQFRPRHIHFWRHODEULUHO
DFFHVRDO(VWDGRSDUDJUXSRVRSHUVRQDVHVSHFL¿FDV
\SRUORWDQWRLPSOtFLWDRH[SOtFLWDPHQWHH[FOX\HQ/
GRDRWUDVDXQVLORVSURFHGLPLHQWRVOHJDOHVVRQUHV/
SHWDGRVGHEHPRVGHFLUTXHVHGDPDQRDXQSURFHVR
3RU HMHPSOR VL XQD SHUVRQD VH UHSUHVHQWD OD DF/
WLYLGDG GH LQWHUPHGLDFLyQ SROtWLFD HQ XQD GHPRFUD/
FLDFRPRODWDUHDGHLQGLYLGXDUODVQHFHVLGDGHV\ORV
GHVHRVGHODSREODFLyQLQWHUSUHWDUORVVHOHFFLRQDUORV
SROtWLFDPHQWH H[SUHVDEOHV JHQHUDOL]DUORV SURSRQHU
PHGLGDV\SROtWLFDVDYDQ]DUMXVWL¿FDFLRQHVRFUtWLFDV
GHHVWDVRHQVXFDVRGDUUD]yQUHVSHFWRDOSRUTXp
FLHUWDV GHPDQGDV QR VH SXHGHQ VDWLVIDFHU HVWD SHU/
VRQDHVWDUiSUREDEOHPHQWHPRWLYDGDSDUDHPSUHQGHU

7DPELpQ PHGLGDV QRUPDOHV \ OHJDOHV SXHGHQ GHWHUPLQDU GHVLJXDOGD/
GHVHQHODFFHVRDORVEHQH¿FLRVGHO(VWDGR$VtXQDOH\TXHIDYRUHFH
GLJDPRVDORVLQYiOLGRVGHJXHUUDHQODDVLJQDFLyQGHODVR¿FLQDVS~EOL/
FDVFUHDXQDGHVLJXDOGDGGHDFFHVR2XQDOH\TXHIDYRUHFHH[HQFLRQHV
¿VFDOHVDLQYHUVLRQHVHQGHWHUPLQDGDViUHDVGHOSDtVIDYRUHFHDTXLHQ
HVWiGLVSXHVWRDHPSUHQGHUODVLQYHUVLRQHV$QiORJDPHQWHVHSXHGHVRV/
WHQHUODOH\QRHVFULWDGHODWDQJHQWHIDYRUHFHDTXLHQHVWiGLVSXHVWRD
SDJDUXQDFLHUWDVXPDSDUDREWHQHUFLHUWDVPHGLGDV/DGLIHUHQFLDHQWUH
ORVGRVWLSRVGHGHVLJXDOGDGVHUHGXFLUtDHQWRQFHVD³HVFULWD±QRHVFUL/
WD´RELHQ³S~EOLFD±QRS~EOLFD´HVGHFLUDODYLRODFLyQGHOSULQFLSLR
GH OD WUDQVSDUHQFLD \D LQGLFDGR (Q UHDOLGDG OD GLIHUHQFLD QR HV VyOR
HQWUHGHVLJXDOGDGGHFODUDGD\GHVLJXDOGDGRFXOWD(VHQWUHGHVLJXDOGDG
GLVFULPLQDWRULR FX\R SURGXFWR HV XQD VLWXDFLyQ GH MXVWL¿FDEOH\SUHYLVLEOHXQDYH]HPDQDGDODPHGLGDHQFRQWUDGHOD
GHVLJXDOGDGTXHHVHIHFWRGHODOEHGUtRGHORVSDUWLFXODUHV(VWDVFRQVLGH/
&*+.B)0'&0&# ,%'@$.40 GH DFFHVR GHVLJXDO D ORV EH/ UDFLRQHVFRQGXFHQDOUHFKD]RGHODD¿UPDFLyQSDUDGyMLFD\DSUHVXUDGD
QH¿FLRVTXHFRQVLJXHQGHODDFFLyQGHO(VWDGR/D
LGHQWLGDGGHODVSHUVRQDV\ORVJUXSRVTXHVRQSULYL/
OHJLDGRVHQHODFFHVRDHVWRVEHQH¿FLRVVHUiGH¿QLGD
SRUVXSRVLFLyQHQODUHGGHUHODFLRQHVTXHOOHJDQD
HVWDEOHFHUFRQODDFWLYLGDGGHORVLQWHUPHGLDULRV\
HQ /RPEDUGL   VHJ~Q OD FXDO OD FRUUXSFLyQ HV XQ PRGR GH
LQWURGXFLUFHUWH]DVHQODVUHODFLRQHVHQWUHEXURFUDFLD\FLXGDGDQRV/D
WDQJHQWHSXHGHLQWURGXFLUH¿FLHQFLD\FHUWH]DHQXQiUHDGHUHODFLRQHV
VyORDOSUHFLRGHDXPHQWDUODLQFHUWLGXPEUH\ODLQH¿FLHQFLDHQHOUHVWR
GHOVLVWHPD&RQIUyQWHVHFXDQGRPiVDGHODQWHDERUGHODQRFLyQGH³FD/
UULOSUHIHUHQFLDO´(OYtQFXORHQWUHFRUUXSFLyQ\DOWHUDFLyQGHORVGHUH/
FKRVGHLJXDOGDGHVWiLPSOtFLWDPHQWHSXHVWRHQHOFHQWURGHOSUREOHPD
HQSDUWLFXODUFRQHO¿QDQFLDPLHQWRGHORVPLVPRV GHODFRUUXSFLyQHQ&HQWRUULQR8QDQiOLVLVFODURGHODVIRUPDV
\QRSRUHOFRPSDUWLUFULWHULRVGHYDORUXRSLQLRQHV GH GLVWULEXFLyQGH ORV UHFXUVRV DFWXDOHV PHGLDQWHODOH\\ VXVHIHFWRV
VREUHFXiOHVGHELHUDQVHUORVPRGRVSDUDUHDOL]DUHO FRQYHQLGRVRQRHQHODOWHUDUODVSRVLFLRQHVUHODWLYDVHQWUHFDWHJRUtDV
VRFLDOHVVHHQFXHQWUDHQ&RUVR

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

GK
 .-0$)-!//0 %7"11%#:*)(>044)*#)

WDODFWLYLGDG\SRUFRQVLJXLHQWHODSURIHVLyQSROtWLFD VLVWHPDV \ QDWXUDOPHQWH HQ GLVWLQWRV QLYHOHV GH GH/

MXQWRDOUHFRQRFLPLHQWRS~EOLFRTXHUHFLELUiGHHOOR FLVLyQVXMHWRVRUJDQL]DGRVDSHVDUGHVXGLYHUVLGDG
(VWRSRGUiPDQLIHVWDUVHRHQODDGTXLVLFLyQGHSRVL/ WDOHV FRPR ORV VHUYLFLRV VHFUHWRV GH VHJXULGDG ODV
FLRQHVGHDXWRULGDG\SUHVWLJLRRGHSRGHU\ULTXH]D DVRFLDFLRQHV VHFUHWDV R VHPLVHFUHWDV SRU HMHPSOR
R HQ VXV FRPELQDFLRQHV (Q FXDOTXLHU FDVR ORV UH/
FRQRFLPLHQWRVGHEHUiQVHUSRUGH¿QLFLyQ,iT'.4%+-!
OXHJR SXHVWRV HQ DFFLyQ SRU DTXHOORV HQ FX\R LQWH/
UpVODDFWLYLGDGVHGHVDUUROOD/DVFRPSHWHQFLDVTXH
DVHJXUDQ HO p[LWR HQ GLFKD DFWLYLGDG SXHGHQ VHU GH
GLVWLQWR WLSR SHUR HVHQFLDOPHQWH VH WUDGXFLUiQ HQ OD
FDSDFLGDG GH JHQHUDOL]DU ODV GHPDQGDV SDUWLFXODUHV
OD0DVRQHUtD\ODFULPLQDOLGDGRUJDQL]DGDeVWDVVH
HQFXHQWUDQHQSRVLFLyQGHRIUHFHUSUHFLVDPHQWHXQD
FRPSHWHQFLD LOHJDO \ VX LQWHUYHQFLyQ HQ ORV DVXQWRV
SROtWLFRVHVPXFKRPiVUHTXHULGDHQWUHPiVVRQREOL/
JDGRV D HQWUDU HQ UHGHV GH WUDQVDFFLRQHV LOtFLWDV ORV
VXMHWRVSROtWLFRVWUDGLFLRQDOHV
&RQODH[SDQVLyQGHHVWHWLSRGHWUDQVDFFLRQHVVH
HQ WpUPLQRV SROtWLFRV LGHROyJLFRV SURJUDPiWLFRV
DOSXQWRTXHODUHVSXHVWDHQFXHQWUHHOPi[LPRFRQ/
VHQVRSRVLEOHGDGRVFLHUWRVYtQFXORV(QFXDQWRDORV
PRGRV GH RUJDQL]DU OD DFWLYLGDG GH LQWHUPHGLDFLyQ
pVWRV DGRSWDUiQ OD IRUPD GH ORV SDUWLGRV SROtWLFRV
PRYLPLHQWRVDVRFLDFLRQHVGHLQWHUpVFROHFWLYRHQHO
VHQWLGRDPSOLRGHOWpUPLQRRHQRWURVDJUXSDPLHQWRV
S~EOLFDPHQWHLGHQWL¿FDEOHV
HVSHFLDOL]DUiQ GRV QLYHOHV GH SRVLFLRQHV (Q XQ QL/
YHORSHUDODLQWHUPHGLDFLyQHVSHFt¿FDFRQGXFLGDSRU
DTXHOORVTXHKHPRVLQGLFDGRFRPR7044*"&.*-."(V/
WRVQRSDUWLFLSDQHQSULPHUDSHUVRQDHQODYLGDSROt/
WLFD\VLORKDFHQHVVyORHQDFWLYLGDGHVPHQRUHVD
YHFHV QL VLTXLHUD HVWiQ LQVFULWRV HQ XQ SDUWLGR &RQ
IUHFXHQFLD GHVDUUROODQ XQD DFWLYLGDG GH LQWHUPHGLD/
FLyQWDPELpQSRUDIXHUDGHODSROtWLFDDJHQWHVLQPR/
$KRUD ELHQ FRQVLGpUHQVH ODV FRPSHWHQFLDV \ ODV
IXQFLRQHVGHORVLQWHUPHGLDULRVTXHDFW~DQHQXQVLVWH/
PDSHQHWUDGRSRUODFRUUXSFLyQ(VSUREDEOHDQWHWRGR
TXHHVWRV±RXQDSDUWHGHHOORV±WHQGUiQODWDUHDGHLQ/
IRUPDUGRQGHVRQSRVLEOHVODVRFDVLRQHVSDUDREWHQHU
YHQWDMDVSDUWLFXODUHVGHPHGLGDVDGPLQLVWUDWLYDVROH/
JLVODWLYDVLQGLFDUODVWUDQVDFFLRQHVLOtFLWDVQHFHVDULDV
SURYRFDUODVGHVFXEULUDTXHOORVTXHHVWpQGLVSRQLEOHV
SDUDDSURYHFKDUODVSRQHUHQFRQWDFWRHQWUHHOORVDORV
DGPLQLVWUDGRUHVSROtWLFRV\SULYDGRVFRLQWHUHVDGRV
'DGRTXHORVDFWRVGHFRUUXSFLyQVRQSXQLEOHVSRU
ODOH\\ODVWUDQVDFFLRQHVUHODWLYDVGHEHQSRUFRQVL/
JXLHQWH SHUPDQHFHU FODQGHVWLQDV HVWH WLSR GH LQWHU/
PHGLDULRVTXHHOOHQJXDMHRUGLQDULROODPDH¿FD]PHQ/
%+!7044*"&.*-.6GHEHUiVHUSURYLVWRGHXQFRQMXQWRGH
FDSDFLGDGHVHVSHFL¿FDVTXHVHSXHGHQGH¿QLUFRQHO
WpUPLQRJHQpULFRGH4%/,*$*"4.0#&*#'0#.'*B0'.&0&6H
WUDWDSDUDTXLHQWLHQHHVWHVXPLQLVWURGHVDEHUDFWXDU
EDMRODDPHQD]DGHVDQFLRQHVHOHJLUORVFDPLQRVGLV/
SXHVWRVVDEHUFRPRFXEULUVH\SURWHJHUVHSHURPiV
LPSRUWDQWHD~QWHQHUXQDPSOLRFRQRFLPLHQWRWDQWR
GHRWUDVSHUVRQDVGLVSRQLEOHVDSDUWLFLSDUHQODVWUDQ/
VDFFLRQHVLOtFLWDVFRPRGHSHUVRQDVTXHQRREVWDQWH
TXHQRVHLQYROXFUDQRFXSHQSRVLFLRQHVGHDXWRULGDG
TXHFXEUDQODViUHDVGHQWURODVFXDOHVODVWUDQVDFFLR/
QHVVRQPiVIUHFXHQWHV/DLPSRUWDQFLDGHODFRPSH/
WHQFLD GH LOHJDOLGDG SXHGH GDU FXHQWD GH OD IXQFLyQ
SROtWLFDTXHWLHQGHDDGTXLULUHQODHYROXFLyQGHHVWRV

ELOLDULRVUHODFLRQHVS~EOLFDVSXEOLFLGDG\VLPLODUHV
(QHOVHJXQGRQLYHOVHVLW~DODDFWLYLGDGTXHFRP/
ELQDLQWHUPHGLDFLRQHVGHQHJRFLRVOtFLWRVRLOtFLWRV\
HQ JHQHUDO SDUWLFLSDFLyQ HQ OD DFWLYLGDG HFRQyPLFD
FRQLQWHUPHGLDFLyQSROtWLFDHQVHQWLGRWUDGLFLRQDO(O
WpUPLQRTXHXVDUHPRVDTXtVHUiHOGH,%'@$.4%#&*#"*B%>
4.%+Y#(QFLHUWDPHGLGDODVFXDOLGDGHVTXHVHOHSLGHQDO
SROtWLFRGHQHJRFLRVQRGL¿HUHQGHODVGHOKRPEUHSROt/
WLFRWUDGLFLRQDO(QWUHHOODVHVWiODFDSDFLGDGGHDQXGDU
UHGHVGHUHODFLRQHVYtQFXORVGHFRQ¿DQ]DIXHUWHVSDUD
LQGXFLU ORV IDYRUHV PXWXRV \ ORJUDU HVWDEOHFHU REOL/
JDFLRQHVUHFtSURFDVSDUDFRQRFHUDODVSHUVRQDV\VXV
PRWLYDFLRQHV PHQRV DELHUWDV $PERV SROtWLFRV QRU/
PDOHV\SROtWLFRVFRUUXSWRVVHPXHYHQVREUHWHUUHQRV
GRQGHVHHQFXHQWUDQDPLVWDGJHQHURVLGDGDVRFLDFLyQ
UHFLSURFLGDG EDQDOLGDGHV FDPDUDGHUtD SDGULQD]JR
HQ UHVXPLGDV FXHQWDV PRGRV WUDGLFLRQDOHV LQHVSHUD/
GRVHLQYHQWDGRVGHYtQFXORVGHVROLGDULGDG
6LQHPEDUJRKD\TXHDJUHJDURWUDVFXDOLGDGHV/D
OLVWD SRWHQFLDO DSDUHFHUi IiFLOPHQWH VL LQGLFDPRV VX
UDt] (O SROtWLFR LQFOLQDGR D OD FRUUXSFLyQ GHEH SHU/
WHQHFHUDODFDWHJRUtDGHSHUVRQDVTXHWHPHQSRFRD
ORVULHVJRVLQKHUHQWHVDWDOFRQGLFLyQSRUTXHHQFDGD
RFDVLyQ³WLHQHQSRFRTXHSHUGHU´(QRWUDVSDODEUDV
VHWUDWDGHSHUVRQDVTXHHPSUHQGHQODFDUUHUDSROtWLFD
FRQEDMR40,.$0'#.".4.0'TXHSXHGHVHUPHGLGRHQWpU/
PLQRVPRQHWDULRVRGHSUHVWLJLRVRFLDOFRQRFLPLHQ/
WRVWpFQLFRVQHFHVDULRVSDUDODVWDUHDVDGPLQLVWUDWL/
*DPEHWWDKDEODGH³FRVWRVGHLGHQWL¿FDFLyQ´TXHHOLQWHUPH/
GLDULRGHEHVRVWHQHU(VWRVSRUVXSDUWHQRVRQPiVTXHXQDHVSHFLHGHO
PiVDPSOLRJpQHURGHORVFRVWRVGHWUDQVDFFLyQ
/DSDODEUDQRWLHQHHTXLYDOHQWHSUHFLVRHQHVSDxRO(QHOFRQWH[WRHQHO

(OWpUPLQRLWDOLDQRHVSDUWLFXODUPHQWHHVSHFt¿FR\H[SUHVLYR/DOLWH/
UDWXUDHQOHQJXDLQJOHVDSDUD¿JXUDVDQiORJDVXVDHOWpUPLQRPiVJHQp/
ULFRGHT-%W*-RDYHFHV/.&&'*/0"8QDLQYHVWLJDFLyQUHFLHQWHH[SOtFL/
WDPHQWHGHGLFDGDDXQDPDQLIHVWDFLyQGHHVWD¿JXUDHVWiHQ2OGHQEXUJ
FXDO3L]]RUQRODXWLOL]DSXHGHVHUWUDGXFLGDFRPRWUD¿FDQWHQHJRFLDQWH 8QEXHQDQiOLVLVGHORVSUREOHPDVPHWRGROyJLFRVFRQHFWDGRVDO
RLQWHUPHGLDULR1RWDGHOWUDGXFWRU FRQFHSWRGHLQWHUPHGLDFLyQSROtWLFDHV&DOLVHVV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

GG
 7%(/)**2>/09#("#("7(101+"&%(>)7'+0/) 0(.-0$)-!

YDVTXHSXHGHFXEULUHLQWHOHFWXDOHVQHFHVDULRVSDUD ODVIRUPDVHQODVFXDOHVVHLUiDJUHJDQGRFDPELDUiQ

LQWHUSUHWDUODLGHRORJtD
)LJXUDV FDUDFWHUtVWLFDV GH HVWH WLSR H[SUHVDQ GH/
WHUPLQDGD ³IXHU]D´ HQ OD FRQIURQWDFLyQ GLUHFWD FRQ
RWURV WLSRV GH KRPEUH SROtWLFR SRU VX FDSDFLGDG GH
VHU GHVSUHMXLFLDGRV VDEHU XVDU PHGLRV TXH RWURV
HYLWDQ DQXGDU LQGLVFULPLQDGDPHQWH UHODFLRQHV FRQ
FXDOTXLHU WLSR GH VXMHWRV SROtWLFRV \ VRFLDOHV HQ HO
FRQIRUPiQGRVHGHDFXHUGRFRQODVFDUDFWHUtVWLFDVGH
ORVUHFXUVRVXVDGRVHQODQXHYDDFWLYLGDG/DVDJUH/
JDFLRQHV SDUWLGDULDV VRQ LPSRUWDQWHV SHUR FDPELDQ
GH QDWXUDOH]D $QWHV GH OD VLWXDFLyQ GH FRUUXSFLyQ
GLIXVDVXIXQFLyQHVHQFLDOFRQVLVWtDHQPRYLOL]DUHO
FRQVHQVR DOUHGHGRU GH GHWHUPLQDGRV SURJUDPDV GH
DFFLyQ GH JRELHUQR < SRU FRQVLJXLHQWH LQWHUSUHWDU
OtPLWHFULPLQDOHV(QFDPELRVRQJHQHUDOPHQWHGp/
ELOHV UHVSHFWR D OD FDSDFLGDG GH DYDQ]DU SURJUDPDV
\ HQ OD HODERUDFLyQ GH SROtWLFDV GRQGH HV QHFHVDULR
FRPSURPHWHUVHFRQFRKHUHQFLD\SHUVHYHUDQFLDSDUD
UHFODPDUVLQWHPRUDSHUGHUFRQVHQVRVDFUL¿FLRVGH
EHQH¿FLRVLQPHGLDWRVHQQRPEUHGHREMHWLYRVGHODU/
JR SHULRGR 1R WHQLHQGR VHJXULGDGHV DUUDLJDGDV HQ
FRPXQLRQHV LGHROyJLFDV UHOLJLRVDV pWQLFDV WHUULWR/
ULDOHV R WUDGLFLRQDOHV FRQ TXLHQ ORV VLJXH \ DSR\D
HO FRPSRUWDPLHQWR GH HVWRV SROtWLFRV GHEH PDQLIHV/
WDUVHJXULGDGHVGHVXSHU¿FLH(VWRHVDVtSRUTXHODV
VHJXULGDGHVGHVXSHU¿FLHDUURJDQFLDH[KLELFLyQGH
ODFDSDFLGDGGHWRPDUGHFLVLRQHVDUELWUDULDVFDSDFL/
GDGGHVDWLVIDFHULQWHUHVHVSULYDGRVFRQLQVWUXPHQWRV
S~EOLFRV\SRUFRQVLJXLHQWHYLRODUODOH\VLQWHPRU
ODVGHPDQGDVGHFRUWDGXUDFLyQGHODSREODFLyQDOD
OX] GH XQD FRQFHSFLyQ GH TXH VRQ ORV LQWHUHVHV FR/
OHFWLYRVGHODUJRDOFDQFH8QDYH]SUHVHQWDGRVHVWRV
SURJUDPDVORVSDUWLGRVVLHVQHFHVDULRGHEHQIRUPDU
FRDOLFLRQHV FRQ IXHU]DV SURJUDPiWLFDPHQWH D¿QHV \
JREHUQDU FRQ HOODV /D DFFLyQ GH PRYLOL]DFLyQ GHO
FRQVHQVRFRQOOHYDTXHDODSREODFLyQVHOHSURSRQJDQ
LGHQWLGDGHV FROHFWLYDV SROtWLFDPHQWH GLVWLQJXLEOHV \
TXHDOVHJXLUODVWXYLHUDODSRVLELOLGDGGHDJUHJDUVH
UHIRU]DQGRDVtODVROLGDULGDGGHJUXSR\SRUHQGHHO
SDUWLFLSDUDXQTXHIXHUDGHPRGRSDUFLDOHLQGLUHFWR
HQ OD IRUPDFLyQ GH ODV GHFLVLRQHV FROHFWLYDV$ WUD/
YpVGHHVWHSURFHVRODSREODFLyQVRFLDOL]DFRQODYLGD
SROtWLFD H LQWHJUD HQ XQ VLVWHPD GH UHODFLRQHV TXH
WDPELpQ D WUDYpV GHO FRQÀLFWR GD VLJQL¿FDGR D ODV
HWFpWHUDVRQIXQFLRQDOHVDODH[WHQVLyQGHODVH[LJHQ/
FLDVGHIDYRUHV\FRQVHQVRVSDUDKDFHUORVYDOHUFRPR
UHFXUVRVTXHSHUPLWDQLQFUHPHQWDUVXSRGHUSROtWLFR
/DV VHJXULGDGHV GH VXSHU¿FLH LQGLFDQ TXH XQD SHU/
VRQDHVWiHQJUDGRGHWRPDUGHFLVLRQHVDUELWUDULDV\
SRU OR WDQWR OH RIUHFHQ OD YHQWDMD GH VHU FUHtGD FRQ
SRGHUGDQGROXJDUDORTXHVHOODPD³ODYHQWDMDGHOD
PDODUHSXWDFLyQ´$GHPiVKDFHQPiVLQVRSRUWDEOH
ODFRQGLFLyQGHH[FOXVLyQLQGXFLHQGRDRWURVH[FOXL/
LQVWLWXFLRQHVSROtWLFDVGHODFRPXQLGDG/RVSDUWLGRV
GHYLHQHQ OD ¿JXUD FHQWUDO GH pVWH SURFHVR (VWRV VH
DEUtDQDODSREODFLyQRIUHFLpQGROHSRUGHFLUORGHDO/
JXQDIRUPDODRFDVLyQGHSDUWLFLSDUHQXQ³VHJXQGR
QLYHO´GHUHODFLRQHVVRFLDOHV
6XSRQJDPRVDKRUDTXHVHGLIXQGDQODVWUDQVDFFLR/
QHV FRUUXSWDV \ FRQ HVWDV DSDUH]FD OD UHSURGXFFLyQ
GHOSHUVRQDOSROtWLFRGHQHJRFLRV/DDFWLYLGDGGHORV
SDUWLGRVWHQGHUiDFRQFHQWUDUVHHQGHPDQGDVHVSHFt/
GRVDSHGLULQFOXVLyQ\IDYRUHVDXQSUHFLRPiVDOWR ¿FDVTXHSXHGHQVHUUHFRQRFLEOHVFRPRSRUWDGRUDVGH
'HHVWHPRGRVHIRUPDORTXHSXHGHGH¿QLUVHFRPR XQDOWRSRGHUGHDGTXLVLFLyQ'HKHFKRVHYROYHUiXQ
HO 4@-4)'%# 9.4.%+%# &*# '0# 0--%B0"4.01# TXH QDFH GH OD LQWHUpVGHORVSDUWLGRVVDWLVIDFHULQPHGLDWDPHQWHWDOHV
VLJXLHQWHVHFXHQFLDFDXVDODUURJDQFLDH[KLELFLyQGH GHPDQGDV DJXDQWDQGR HO SUHFLR FRPSOHWR LQFOXVR
ODFDSDFLGDGGHDUELWULRUHSXWDFLyQGHVHUSRGHURVR GHVFRQWDQGRHOFRVWRGHODPHGLDFLyQDFDPELRGH
JFRQFHQWUDFLyQGHH[LJHQFLDVGHIDYRUHV\SURWHF/ VXVSHQGHUODVDWLVIDFFLyQLQGLYLGXDOSDUDDJUHJDURU/
FLyQJFRQVHQVRSDUDKDFHUVHYDOHUHQODVHGHSROtWLFD JiQLFDPHQWHODVGHPDQGDVGLVSHUVDVJHQHUDOL]DUODV\
DELHUWDJSRGHUSROtWLFRJDUURJDQFLDDPSOLDGDPiV KDFHUODVKRPRJpQHDVDXQSURJUDPDTXHWHQJDHIHF/
H[WHQVDFDSDFLGDGGHDUELWULR WRVHQHOODUJRSOD]R$GHPiVGHODWtSLFDIXQFLyQGH
ORVSDUWLGRVGHVHOHFFLRQDUDOSHUVRQDOTXHRFXSHFDU/
/$65('(6</26$*5(*$'26 JRVFLYLOHVGHGHVLJQDFLyQS~EOLFDHOOODPDGR³FOLHQ/
'(/$&25583&,Ï1 WHOLVPR´HOVHQWLGRGHODLQVFULSFLyQDORVSDUWLGRV
6LHVWHWLSRGHSHUVRQDOSROtWLFRVHH[SDQGHWDPELpQ HVWi DOWHUDGR 8Q VXMHWR QR VH LQVFULEH SDUD GDU XQD

1RHVWiFRQVLGHUDGDXQDH[FHSFLyQODSRVHVLyQGHXQUHFXUVR³SUH
DSRUWDFLyQ YROXQWDULD D OD DFFLyQ GHO JRELHUQR VLQR
SROtWLFR´FRPRHVHOFDVRGHODFDSDFLGDGGHDJUHJDFLyQTXHPXFKDVGH SDUDVHUDGPLWLGRHQODFRPSHWHQFLDGHODVSRVLFLRQHV
HVWDV¿JXUDVSUHVHQWDQGHVGHHOLQLFLRGHVXFDUUHUD(VWDSXHGHSURYHQLU GHO LQWHUpV SULYDGR 'H DTXt GHULYD TXH ORV SDUWLGRV
WDQWRGHORVGRWHVGHFDUiFWHUFRPRGHODSRVLFLyQRULJLQDULDHQXQJUXSR
VXEFXOWXUDUHGGHDPLVWDG*HQHUDOPHQWHHVWHWLSRGHFDSLWDOLQLFLDOQR
WLHQGHQ D FHUUDUVH \ PiV ELHQ D REVWDFXOL]DU QXHYDV
HVSXHVWRHQULHVJRSRUODDFWLYLGDGSRVWHULRUGHOSROtWLFRGHQHJRFLRV LQVFULSFLRQHVSXHVORVTXH\DHVWiQLQVFULWRVQRWLH/
PiVELHQHVYDORUL]DGR QHQLQWHUpVHQTXHRWURVDFFHGDQDSRVLFLRQHVTXHSX/
5HXWHUHQXQDUWtFXORLQpGLWRUH¿ULpQGRVHDODPD¿D


#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

GM
 .-0$)-!//0 %7"11%#:*)(>044)*#)
GLHVHQHVWDUFRPSLWLHQGRSDUDVDFDUDOJ~QEHQH¿FLR
6LVHEXVFDQLQVFULSFLRQHVHVPiVSDUDUHIRU]DUDORV
OtGHUHVRDXQDIUDFFLyQ(QWRQFHVORVGLVWLQWRVSUR/
FHVRVGH¿OWUDFLyQVRQGHMDGRVDOHVFUXWLQLRVREUHVLHO
IXWXURSROtWLFRGHQHJRFLRVHVXQDSHUVRQDGLVSRQLEOH
SDUD SDUWLFLSDU HQ IRUPDV GH LQWHUFDPELR LOtFLWR ±R
DO PHQRV TXH QR SRQJD REMHFLRQHV PRUDOHV FXDQGR
ODV FRQR]FD \ SRU FRQVLJXLHQWH SXHGD FRPSRUWDUVH
³UHVSRQVDEOHPHQWH´ $ FDGD IRUPD GH FRDFFLyQ OH
VXFHGHXQDDOLDQ]DHQWUHHODXPHQWRGHFHUFDQtDFRQ
HOSRGHU\FRQHOLQFUHPHQWRGHFRPSOLFLGDGSRUOR
PHQRVFRQUHODFLyQDVXFRQRFLPLHQWRHQODVUHDOLGD/
GHVQRS~EOLFDVGHOSRGHU/DVRFLDOL]DFLyQGHODFRP/
SOLFLGDGWRPDHOOXJDUGHDTXHOODTXHSUHWHQGtDVHUOD
VRFLDOL]DFLyQGHODDFWLYLGDGSDUDHODERUDUORV¿QHVFR/
OHFWLYRV6LQHPEDUJRWDPELpQHQODVVLWXDFLRQHVPiV
SUy[LPDVDOWLSRLGHDOGHOVLVWHPDWRWDOPHQWHFRUUXSWR
ORVSDUWLGRVGHEHQFRQVHUYDUXQDIXQFLyQXOWHULRUTXH
WHQGUiFRPRREMHWRDODSREODFLyQH[FOXtGDGHODFFHVR
DODFRPSHWHQFLDSROtWLFDSHURTXHTXHGDHQSRVHVLyQ
GHOUHFXUVRGHOYRWR3DUDHVWDSDUWHGHODSREODFLyQHO
SDUWLGRGHEHWHQHUFDSDFLGDGGHFRQVWUXLUWUDQVPLWLU\
KDFHUDFHSWDUXQDGHWHUPLQDGDLPDJHQGHOVLVWHPDSR/
OtWLFR\GHVXVSURWDJRQLVWDV1DWXUDOPHQWHQRH[LVWHQ
SDUWLGRVTXHVyORDFW~HQSDUDORJUDUHVWHREMHWLYR2U/
JDQL]DFLRQHVSULYDGDVSXEOLFLWDULDVGH³UHODFLRQHVS~/
EOLFDV´HVSHFLDOLVWDVHQORVPHGLRVGHFRPXQLFDFLyQ
SXHGHQ VHU PXFKR PiV H¿FLHQWHV TXH ORV SDUWLGRV
'DGDVODVFRQGLFLRQHVGHVFULWDVVHSXHGHHVSHUDUTXH
VXSHVRFRQWLQXDUiHQDXPHQWR$SHVDUGHTXHHVWDV
RUJDQL]DFLRQHVSULYDGDVHVWiQDOVHUYLFLRGHXQSDUWL/
GRRGHKRPEUHVSROtWLFRVHVWiQREOLJDGDVDUHIHULUVH
LQFOXVRDXQTXHVHDLQGLUHFWDPHQWHDODVSURPHVDVGH
GHFLVLRQHVTXHHOJRELHUQRSXHGHOOHJDUDDVXPLU1R
SUHVHQWDUiQSURJUDPDVPiVELHQODQ]DUDQ³WHPiWLFDV´
3HURODLGHQWLGDGGHSDUWLGRGHEHUiHQDOJ~QSXQWRGHO
GLVFXUVRVHUUHFRQRFLGD
'H HVWH PRGR VH SXHGH GHFLU TXH VH ¿MD OD GR/
EOH ¿JXUD GH OD LQWHUPHGLDFLyQ 3RU XQD SDUWH GL/
UDGRHOFRQWUROGHODSUHVHQFLDGHODLPDJHQORTXH
FXHQWDHVODSHUVHFXFLyQGHORVEHQH¿FLRVSULYDGRV
H[WUDtEOHV GH ODV IXQFLRQHV SXEOLFDV SURYHQLHQWHV
GHOGHWHQWDUFDUJRVRGHODVJDQDQFLDVGHODFRUUXS/
FLyQ(QWDODFWLYLGDGODFRPSHWLFLyQSXHGHGHYHQLU
iVSHUD\DJUHVLYDPXFKRPiVGHORTXHORTXHHVHQ
XQVLVWHPDFRQGLYLVLRQHV\DGKHVLRQHVGHQDWXUDOH/
]D LGHROyJLFD 0iV ELHQ VH WUDWD GH XQD OXFKD TXH
SRQGUiGHIUHQWHDIUDFFLRQHVJUXSRVRLQGLYLGXRV
\QRDORVSDUWLGRV\VHH[SUHVDHQSROpPLFDVSHU/
VRQDOHVPiVTXHLGHROyJLFDVRGHSURJUDPDFDVLXQ
FRQÀLFWRHQWUHSULYDGRVHQYH]GHVHUORHQWUH¿JX/
UDVTXHHQFDUQHQDOWHUQDWLYDVSDUDODFRQGXFFLyQGHO
(VWDGR'HDTXtWDPELpQODDWHQFLyQTXHODRSLQLyQ
SXEOLFD SUHVWD D OD YLGD SULYDGD GH ORV SROtWLFRV!
/RVUHFXUVRVSDUDHOFRQÀLFWRSURYLHQHQGHODHVIHUD
SULYDGDHVHQWRQFHVHQHVWDGLUHFFLyQTXHVHGLULJHQ
ORVLQWHQWRVGHFRQWURO
6LQHPEDUJRDXQTXHVHDHQWDOPRGRDOWHUDGD
ODDFWLYLGDGGHORVSDUWLGRVSROtWLFRVSRUVLVRODQR
EDVWD SDUD FXEULU ODV P~OWLSOHV IXQFLRQHV TXH ODV
DJUHJDFLRQHVGHPDQGDQHQXQVLVWHPDDELHUWRDOD
FRUUXSFLyQ 'DGR TXH ODV WUDQVDFFLRQHV FRUUXSWDV
VRQSRUGHILQLFLyQLOtFLWDV\SRUWDQWRVRQFRQ/
GXFLGDVFRQSURWHFFLyQHVSUREDEOHTXHVHIRUPHQ
RWUDV DJUHJDFLRQHV ODV FXDOHV VH PRVWUDUiQ FDSD/
FHV GH UHVSRQGHU D OD QHFHVLGDG GH FRQILGHQFLD/
OLGDG \ SURWHFFLyQ D OD H[SRVLFLyQ S~EOLFD (VWRV
QXHYRVVXMHWRVSROtWLFRVQHFHVLWDQRIUHFHUSUHPLRV
DO VLOHQFLR \ HQ VX FDVR FDVWLJDU D TXLHQ KDEOD
FXDQGRQRGHEHKDEODU
$ OD JDUDQWtD GHO VLOHQFLR VH OOHJD SRU GLIHUHQWHV
PHGLRV $QWH WRGR VH GHEH FXLGDU OD VHOHFFLyQ GH
TXLHQVHUiDGPLWLGRDSDUWLFLSDUDORVSDFWRVLOtFL/
WRV6HGHEHDGHPiVHVWDUHQJUDGRGHSURWHJHUD
TXLHQ VH H[SRQH D ORV ULHVJRV GH XQD WUDQVDFFLyQ
LOtFLWDULHVJRVTXHSXHGHQQDFHURGHODGHIHFFLyQ
GHXQRGHORVFRQWUD\HQWHVRSRUHOGHVFXEULPLHQ/
WR LQGHSHQGLHQWH SRU XQD GHQXQFLD GH WHUFHURV
ULJLGDKDFLDODSREODFLyQLQGLVFULPLQDGDPHQWH3RU
OD RWUD LQGLVFULPLQDGDPHQWH WDPELpQ SURSRQH OD
UHDOL]DFLyQ GH ORV LQWHUHVHV SULYDGRV GH XQ HVSHFt/
¿FRSHUVRQDOSROtWLFR(OFXLGDGRTXHVHSRQHHQOD
DSDULHQFLDGHOURVWURGHVWLQDGRDSRQHUVHIUHQWHDOD
SREODFLyQH[SOLFDHOFUHFLHQWHLQWHUpVFRQHOFXDOODV
IXHU]DVSROtWLFDVPLUDQORVSUREOHPDVGHORVPHGLRV
GHFRPXQLFDFLyQGHPDVDV\DVXFRQWURO$VHJX/
$SHVDUGHTXHVHDFRQRFLGRSRUODVPiVFRQ¿DEOHVLQYHVWLJDFLRQHV

FRQGXFLGDV DO GtD GH KR\ TXH HO HVFXFKDU R OD OHFWXUD GH ORV PHGLRV
GHFRPXQLFDFLyQGHPDVDVQRHMHUFHLQÀXHQFLDVREUHODVGHFLVLRQHVGH
DQyQLPD X RWUD GHO LOtFLWR /D SURWHFFLyQ REYLD/
PHQWHVHSXHGHSURPHWHUFXDQGRHVWDPRVHQSRVL/
ELOLGDGHVGHPRYLOL]DUSHUVRQDVSRGHURVDVTXHQR
HVWiQ QHFHVDULDPHQWH LQYROXFUDGDV HQ OD WUDQVDF/
FLyQLOtFLWD(QHIHFWRHQRFDVLRQHVODWUDQVDFFLyQ
VL HV VLPSOH FRQWLHQH HQ Vt HO LQFHQWLYR D QR GH/
IHFFLRQDUGHSHUPDQHFHUHQORVSDFWRVSRUTXHHO
QRFXPSOLUORVH[SRQHDODGHQXQFLDGHFRUUXSFLyQ
3HUR DSHQDV OD WUDQVDFFLyQ VH H[WLHQGH D PiV GH
8Q¿QRDQiOLVLVGHODLQÀXHQFLDGHODVDYHQWXUDVSULYDGDVVREUHODVIRUWXQDV


YRWR(O¿QPiVRPHQRVFRQFLHQWHHVHQUHDOLGDGHOGHPDQWHQHUXQD GHORVKRPEUHVSROtWLFRVQRUWHDPHULFDQRVVHHQFXHQWUDHQ0RUJDQ

SUHVHQFLDGHODLPDJHQGHOSHUVRQDOSROtWLFRHQWUHODSREODFLyQ

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

GN
 7%(/)**2>/09#("#("7(101+"&%(>)7'+0/) 0(.-0$)-!

GRVRVHSDUDOL]DRVHYXHOYHFRPSOHMD(VWRHV SHURQHFHVLWDGRGHYRWRVSDUDKDFHUSDVDUXQDGHWHU/
ODPHMRUSURWHFFLyQHQFRQWUDGHTXLHQQRFXPSOHORV PLQDGD SROtWLFD VX\D 3RU VX SRVLFLyQ HQ OD SROtWLFD
SDFWRVRQRHVWiHQHOORV\GHEHEXVFDUVHRHQVDQFLR/ ORFDOHOJUXSRMQRSXHGHVHUGHMDGRHQODRVFXULGDG
QHVTXHVHSXHGHQHMHUFHUHQFRQWUDGHTXLHQGHFOLQD GH OD WUDQVDFFLyQ HQWUH P \ ? 6LQ HPEDUJR WHQGUi
RHQHOPXWXRLQWHUpVJHQHUDGRSRUODSHUVSHFWLYDGH HO LQWHUpV GH PDQWHQHU HO VLOHQFLR VL HO JUXSR ? OHV
FRQWLQXLGDGGHODUHODFLyQHQWUHORVFRQWUD\HQWHV3RU SURPHWHORVYRWRVQHFHVDULRVHQODVYRWDFLRQHVPXQL/
FRQVLJXLHQWHHVFRQYHQLHQWHDORVVXMHWRVTXHHQWUDQ FLSDOHVFRPRHVLOXVWUDGRHQOD)LJXUD
HQWDOHVWUDQVDFFLRQHVHOSURYHHUVHGHXQDFLHUWDUH/
JXODULGDG GH YtQFXORV (O VXMHWR FROHFWLYR TXH QDFH
GH HOOR VHUi PD\RUPHQWH FDSD] TXH ORV LQGLYLGXRV
DLVODGRV VHD SDUD FRQPLQDU VDQFLRQHV R PHMRU GH
WUDQVPLWLUFUHtEOHVDGYHUWHQFLDVGHVDQFLRQHVDOPR/
PHQWRGHFRQWUDHUODVREOLJDFLRQHVFRPRSDUDDVH/
JXUDUFRQWLQXLGDGGHMDQGRSUHYHUODUHLWHUDFLyQGHOD
UHODFLyQ$OLQWHULRUGHXQVXMHWRFROHFWLYRHVDGHPiV
PiV SUREDEOH LQYROXFUDU SHUVRQDV TXH SRU VXV SRVL/
FLRQHVSHUVRQDOHVGHSRGHUR¿FLDOHVWiQHQJUDGRGH
LQWHUYHQLUSDUDSUHYHQLUXRULHQWDUORVSURFHGLPLHQWRV
MXGLFLDOHVVLHODFWRLOtFLWRHVGHQXQFLDGRRGHVFXELHU/
WRWDPELpQVLHYHQWXDOPHQWHVHPDQWLHQHQDMHQRVD
ORVDFWRVYHUGDGHURVGHFRUUXSFLyQ
3DUDUHVXPLUODJDUDQWtDGHOVLOHQFLRREOLJDGRSRU
ODVWUDQVDFFLRQHVLOtFLWDVRHVLQKHUHQWHDODVFRQGL/
FLRQHV GHO LQWHUFDPELR R HV GDGD SRU HO LQWHUpV GH
FRQWLQXDU OD UHODFLyQ HQWUH ODV SDUWHV R HV REWHQLGD
JUDFLDV D OD SRVLELOLGDG GH VDQFLRQHV H[WHUQDV TXH
SXHGHQ VHU GLULJLGDV  D TXLHQ QR HVWi GHQWUR GH ORV
SDFWRVRYLRODFLHUWDVUHJODV(QHOVHJXQGR\HOWHUFHU
FDVR OD SUHVHQFLD GH XQ VXMHWR FROHFWLYR RUJDQL]D/
GRRUDPL¿FDGR\HQDOJ~QPRGRLGHQWL¿FDEOHFRPR
UHODWLYDPHQWH GXUDGHUR SUHVHQWD YHQWDMDV QRWDEOHV
$ ODV FXDOHV DGHPiV VRQ DJUHJDGDV ODV UHODWLYDV DO
DODUJDPLHQWR GHO LQWHUFDPELR $QWH WRGR WDOHV DODU/
JDPLHQWRVVRQORVTXHSHUPLWHQHVWUHFKRVSDFWRVGH
SURWHFFLyQSDUDHOVLOHQFLR6LLPDJLQDPRVXQJUXSR
?HQHOSRGHUHQXQDMXQWDPXQLFLSDOFDSD]GHGHFL/
VLRQHVUHODWLYDVDXQSUR\HFWRXUEDQRTXHWLHQHJUDQ $XQTXHHVWDIRUPDGHLQWHUFDPELRHVSRVLEOHWDPELpQ
LQFLGHQFLD SDUD ORV LQWHUHVHV GHO JUXSR LQGXVWULDO P-! HQHOFDVRGHTXH?VHDXQLQGLYLGXRHOODDGRSWDUH/
TXHHVWiGLVSXHVWRDSDJDUXQDVXPDVLODVGHFLVLRQHV OLHYHVyORVL?VHHQFXHQWUDHQSRVLFLyQGHFRQWURODU
GH?OHVRQIDYRUDEOHV$JUpJXHVHODSUHVHQFLDHQHO ODDFFLyQGHPXFKRV
FRQVHMR PXQLFLSDO GH XQ JUXSR SROtWLFR M UHDFLR D (QHVSHFL¿FRHVODQHFHVLGDGGHVXMHWRVFROHFWLYRV
HQWUDU HQ HO LQWHUFDPELR GH SUiFWLFDV FRQWUD GLQHUR HQRSHUDFLRQHVHQODVFXDOHVVHSXHGHKDEODUGHFHU/

8QHQWUHYLVWDGRDVHVRUPXQLFLSDO\DFRQGHQDGRHQSULPHUJUDGRSRU
WL¿FDFLyQGHODFRQ¿DQ]DRELHQHQODVFXDOHVSDUD
FRUUXSFLyQGLFHTXHFXDQGRODFRUUXSFLyQWLHQH~QLFDPHQWH¿QHVSULYD/ REWHQHUXQEHQH¿FLRVHXVDQSURPHVDVGHRWURVODV
GRV\ODUHODFLyQVHDJRWDHQWUHFRUUXSWRU\FRUURPSLGRODLPSXQLGDG TXHGHEHUiQVHUHQDOJ~QPRGRJDUDQWL]DGDV
HVSUiFWLFDPHQWHFLHUWDSRUTXHGRVVXMHWRVVRQORV~QLFRVTXHVDEHQOR
TXHKDVXFHGLGR\QLQJXQRGHHOORVWLHQHHOLQWHUpVGHKDEODU/RVFDVRV
,PDJLQHPRVODVLJXLHQWHKLVWRULD8QLQGXVWULDOE6!
GHFRUUXSFLyQTXHVRQGHVFXELHUWRVVRQFDVLVLHPSUHORVTXHLQYROXFUDQ TXLHUHREWHQHUIDFLOLGDGHVTXHXQGHWHUPLQDGRDVHVRU
DSDUWLGRVRJUXSRV8QPRGRGHVXSHUDUHVWRVSDFWRVGHKLHUURVHUtDHO
MX]JDUQRSXQLEOHDOFRUUXSWRUDUUHSHQWLGR(OOR\DKDEtDVLGRSURSXHVWR
SHURQROOHYDGRDODSUDFWLFDSRUORTXHUHVSHFWDODFRUUXSFLyQLPSURSLD
HVGHFLUSRUDTXHOTXHWLHQHTXHSDJDUSRUXQDDFFLyQGHFDUJRS~EOLFR
CHVWiHQSRVLELOLGDGHV±DXQTXHFRQGL¿FXOWDG±GH
RIUHFHU DO SDVDU XQD GHWHUPLQDGD GHOLEHUDFLyQ 6LQ
HPEDUJRHODVHVRUQRSLGHDFDPELRGLQHUR\DTXHOR
GHELGDGXUDQWHODVGLVFXVLRQHVSDUDODQXHYDOH\LWDOLDQDVREUHODFR/ FUHHGHPDVLDGRULHVJRVRRVLPSOHPHQWHSRUTXHWLHQH
UUXSFLyQHQ

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

GI
 .-0$)-!//0 %7"11%#:*)(>044)*#)

RWUDVDPELFLRQHVGHp[LWRHQODSROtWLFDQDFLRQDO(VWDV MVLVHKDHQWHQGLGRUHSUHVHQWDHOFtUFXORGHORV
DPELFLRQHVGHSHQGHQHQJUDQPHGLGDGHODSR\RTXH FDEDOOHURVDUULEDGHVFULWR/DVÀHFKDVTXHXQHQDC-!E-!
HOSROtWLFRORFDOSXHGHUHFLELUGHXQSROtWLFRQDFLRQDO :LQGLFDQODVWUDQVDFFLRQHVGH¿QLGDVDQWHULRUPHQWH
:(VWRVSRUVXSDUWHVHHQFXHQWUDQHQDSXUR¿QDQ/
FLHURGDGRHOJDVWRHOHFWRUDORGHRWURWLSR\IUHQWHD
ORVFXDOHVKDQWHQLGRTXHUHVSRQGHU(OGLQHURTXH#E!
HVWiGLVSXHVWRDGHVHPEROVDUOHKDUtDPXFKRELHQ6L
ORV WUHV VH FRQRFHQ \ WLHQHQ XQD VyOLGD FRQ¿DQ]D HO
XQRHQHORWURQRVXUJLUiQSUREOHPDVSRGUiQOOHJDU
DXQDFXHUGRIiFLOPHQWH 3HURHV SUREDEOH TXHVHDQ
PiV IUHFXHQWHV ORV FDVRV HQ ORV FXDOHV ODV SHUVRQDV
TXHWLHQHQXQSRWHQFLDOLQWHUpVHQHQWUDUHQHVWHWLSR
GHLQWHUFDPELRVH[WHQGLGRVQRWHQJDQODIDPLOLDULGDG
VX¿FLHQWH ORV XQRV FRQ ORV RWURV SDUD SURGXFLU FRQ/
¿DQ]D UHFtSURFD 6XSRQJDPRV XQD DVRFLDFLyQ ±TXH
OODPDUHPRV³FtUFXORGHORVFDEDOOHURVGHOHVWXFKHGH
RUR´±ODFXDODGHPiVGHGHVDUUROODUDFWLYLGDGHVS~/
EOLFDVGHGLVWLQWRWLSRHVWiLJXDOPHQWHLQWHUHVDGDHQ
VDFDUYHQWDMDVGHODSDUWLFLSDFLyQHQODVWUDQVDFFLRQHV
LOtFLWDVTXHHVWiQHQDFFLyQRSXHGHQVHUSURPRYLGDV
/D DVRFLDFLyQ LPSXOVD SRU FRQVLJXLHQWH OD DGKHVLyQ
GHLQGLYLGXRVTXHWHQJDQODGLVSRQLELOLGDGSDUDHQWUDU
HQDTXHOWLSRGHWUDQVDFFLRQHVVREUHWRGRIDYRUHFLHQ/
GR ODV LPSOLFDFLRQHV P~OWLSOHV GH ORV PLHPEURV ORV
XQRVFRQORVRWURVODUHFROHFFLyQGHLQIRUPDFLyQVREUH
LPSOLFDFLRQHVSDVDGDV¿FKHURVHWFpWHUD$GHPiVHVWi
HQ FRQWDFWR FRQ RUJDQL]DFLRQHV TXH SXHGHQ UHPXQH/
UDUDTXLHQVHDQHFHVDULRHQIRUPDOHJDOFRQVXOWRUHV
VXVLJQL¿FDGRQRFDXVDGL¿FXOWDG/DVOtQHDVSXQWHD/
GDVTXHXQHMFRQORVWUHVSURWDJRQLVWDVVRQPHQRV
REYLDV /D OHWUD0 FRQ OD FXDO ODV KH GHVLJQDGR UH/
SUHVHQWDOD³SHUWHQHQFLD´3HURVXFHGHDKRUDH[SOLFDU
FRQSUHFLVLyQODQDWXUDOH]DGHOYtQFXORTXHLQGLFDQ
(QXQDSULPHUDDSUR[LPDFLyQDTXHOYtQFXORSDUH/
FHVHUHOPLVPRTXHXQHDORVSRUWDGRUHVGHXQDFDUWD
GHFUpGLWRFRQHOLQVWLWXWREDQFDULRTXHVHODVRWRUJD
C1#E1#:SDUHFLHUDQVHUORVSRUWDGRUHVGHODFDUWDGHFUp/
GLWRM\HVWRHVVX¿FLHQWHSDUDTXHUHFLEDQORVXQRV
GH ORV RWURV FRQ¿DQ]D (Q UHDOLGDG LQVWLWXFLRQHV GH
HVWHWLSRXVDQGLVWLQWDVIRUPDVSDUDSUHYHQLUVHFRQWUD
ORVLQFXPSOLGRVPRGRVTXHFDVLWRGRVLPSOLFDQDO/
JXQDIRUPDGHLQWHUYHQFLyQGHOVLVWHPDMXUtGLFR1R
VHSXHGHGHFLUORPLVPRSDUDODDFFLyQGHM$SULPH/
UDYLVWDVHSXGHSHQVDUTXHORTXHM#SXHGHDVHJXUDUHV
ODSRVLELOLGDGSDUDORVFRQWUD\HQWHVGHSHUPDQHFHU
HQODUHODFLyQ\DQWLFLSDUORVEHQH¿FLRVIXWXURVGHODV
WUDQVDFFLRQHVTXHODUHODFLyQKDUiSRVLEOHV\TXHVX
LQFXPSOLPLHQWRRFDVLRQDUtDVXSHUGLGD3HURHVSHUDU
ODVYHQWDMDVIXWXUDVSXHGHUHVXOWDUPHQRVFRQYHQLHQ/
WHTXHJR]DULQPHGLDWDPHQWHGHODJDQDQFLDREWHQLGD
FRQHOQRLQFXPSOLPLHQWR'HSHQGHGHXQDVXEMHWLYD
HYDOXDFLyQGHODVXWLOLGDGHVHVSHUDGDV\GHORVULHVJRV
SUREDEOHV8QRSRGUiKDFHUVXVFiOFXORV\HVFRJHUOD
HQFDUJRV:-!C!+!EIRUPDQSDUWHRDOPHQRVIRUPDQ
SDUWHVXVDPLJRVtQWLPRV*UDFLDVDHVWDFLUFXQVWDQFLD
ODWUDQVDFFLyQQRSUHVHQWDUiGL¿FXOWDG\VHSXHGHGHV/
FULELUFRPRVHLOXVWUDHQOD)LJXUD
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
GO
VHJXQGDYtDHQYH]GHODSULPHUD/DWHRUtDGHMXHJRV
KDUHSHWLGDPHQWHSRURWUDSDUWHGHPRVWUDGRTXHHV
UDFLRQDOGHIHFFLRQDUDOSULPHUMXHJRDPHQRVGHTXH
QRSRGDPRVHVSHUDUXQDUHLWHUDFLyQLQGHWHUPLQDGDGH
ORVMXHJRV
3DUD TXH HVWRV LQWHUFDPELRV LOHJDOHV H[WHQGLGRV
VHDQ SRVLEOHV HV QHFHVDULR TXH VX LQFXPSOLPLHQWR
FRQOOHYHFRVWRVTXHQLQJXQRHVWiGLVSXHVWRDSDJDU
/DVVDQFLRQHVYLROHQWDVFRQVWLWX\HQXQDSRVLELOLGDG
VREUHWRGRVLVHGDHOFDVRTXHHO³FtUFXOR´WHQJDUDPL/
¿FDFLRQHVHQODFULPLQDOLGDGRUJDQL]DGD6LQHPEDU/
JRSDUDODPD\RUtDGHORVFDVRVGHFRUUXSFLyQSROtWLFD
HOXVRGHODVVDQFLRQHVYLROHQWDVHVLPSUREDEOHSRUOD
GL¿FXOWDGSUiFWLFD\SRURWURVULHVJRV(QFDPELRHO
LQFXPSOLPLHQWRHVHYLWDGRSRUGRVFLUFXQVWDQFLDV3RU
XQDSDUWHHVWiODFRQVLGHUDFLyQGHOSULYDGRGHKDEHU
LQYHUWLGRGHPDVLDGRFRPRSDUDSRGHUGDUVHHOOXMRGH
GHVHFKDUWRGR3RURWURODGRDSDUWLUGHXQIHQyPH/
QRSVLFROyJLFDPHQWHDQiORJRSHURTXHQRVHH[SUHVD
HQ WpUPLQRV PRQHWDULRV \ TXH SRGUHPRV OODPDU GH
+*B)"&0# .&*"$.&0& 6H FUHDQ VLWXDFLRQHV HVSHFLDOHV
JUDFLDVDODVFXDOHVDTXHOTXHVLHQWH,*-$*"*4*-#DXQD
HQWLGDG FROHFWLYD VHD HOOD GH¿QLEOH FRPR VRFLHGDG
 7%(/)**2>/09#("#("7(101+"&%(>)7'+0/) 0(.-0$)-!
VHFUHWDFODQB0"BJUXSRGH³DPLJRVSDUDODYLGD´R
TXL]iVLPSOHPHQWHSDUWLGRSROtWLFRHVWLPDTXHHOWUDL/
FLRQDU OD FRQ¿DQ]D GH DTXHO JUXSR VHUi PXFKR PiV
LQGHVHDEOHTXHFXDQWRSXHGDVHUGHVHDEOHODHYHQWXDO
JDQDQFLD LQPHGLDWD REWHQLGD FRQ OD GHIHFFLyQ (VWR
FRQIRUPDODLGHQWLGDGPLVPDGHOLQGLYLGXRTXHVHKD
LGR FRQVWLWX\HQGR VREUH HO IXQGDPHQWR GH VX GHWHU/
PLQDGDSHUWHQHQFLDFRPRFRQVHFXHQFLDGHORVUHFR/
QRFLPLHQWRV TXH UHFLEH HQ HVWD R GHO H[WHULRU SHUR
JUDFLDVDHOOD\ODGHIHFFLyQKDUtDTXHODSHUGLHUDDOD
YH]TXHWHQGUtDTXHLQYHUWLUORVUHFRQRFLPLHQWRVTXH
QRSRGUtDQVHUVXVWLWXLGRVRQRIiFLOPHQWH\PXFKR
PHQRVUiSLGR3RUFRQVLJXLHQWHVHSRGUiSUHYHUTXH
ORVSDFWRVVHUiQUHVSHWDGRV\FRQHOORHOVLOHQFLR\
RWURV VDFUL¿FLRV LQGLYLGXDOHV SRGUiQ VHU H[LJLGRV \
SUREDEOHPHQWHVHREWHQGUiQ
(O VXUJLPLHQWR HQ XQ LQGLYLGXR GH HVWD VHJXQGD
LGHQWLGDGSXHGHVHUHOIUXWRGHGLVWLQWDVFLUFXQVWDQFLDV
$YHFHVVHXVDQYHUGDGHUDVWpFQLFDVGHUHIRU]DPLHQWR
\¿MDFLyQGHODVROLGDULGDGULWXDOHV\FHUHPRQLDVPiV
RPHQRVVROHPQHVFRPRHQFLHUWDVVRFLHGDGHVVHFUH/
ODGHYLQFXODUHQGHWHUPLQDGDVOHDOWDGHVODFRQGXFWD
GHORVLQGLYLGXRVTXHIRUPDQSDUWHGHHOODVLQRODGH
GLIXQGLU LQVWUXPHQWDOPHQWH SRU XQD SDUWH LQIRUPD/
FLRQHVVREUHODVSRVLEOHVRFDVLRQHVGHWUDQVDFFLRQHV
LOtFLWDV\SRUODRWUDODGHUHIRU]DU\FRRUGLQDUODVLQ/
WHUYHQFLRQHVGHSURWHFFLyQGHDTXHOODVTXHKDQWHQLGR
OXJDU3XHGHVXFHGHUTXHHQDOJXQRVFDVRVYHUGDGHUDV
DVRFLDFLRQHVLOtFLWDVR³FXELHUWDV´VHFRQHFWHQDHVWRV
UHWtFXORV\VDQFLRQHQ\UHIXHUFHQORVYtQFXORV3HUR
OD LQGXFFLyQ D FDOODU \ D ³FRPSRUWDUVH UHVSRQVDEOH/
PHQWH´PDVDOOiGHOJHQpULFRLQWHUpVSDUD³SHUPDQH/
FHUMXQWRVHQORVQHJRFLRV´HVVX¿FLHQWHFRQODVFRV/
WXPEUHVGHUHODFLRQHVVRFLDOHVTXHVHLQMHUWDQVREUH
ODVUHSHWLGDVWUDQVDFFLRQHVRFXOWDV*UDFLDVDHOODVVH
FRQVWLWX\HQFtUFXORVGHUHFRQRFLPLHQWRREOLJDWRULRV
SDUD TXLHQ KD HQWUDGR HQ XQR GH HOORV DO SXQWR GH
LPSRQHUOHODGH¿QLFLyQGHORTXHSXHGH\GHORTXH
QRGHEHKDFHU\GHKDFHUHYLGHQWHVHQFXiOHV¿JXUDV
pOVHGHEHUiVHQWLU³UHVSRQVDEOH´
(QWRQFHVSDUHFHSRVLEOHHVWDEOHFHUXQDVLWXDFLyQ
GHHTXLOLEULRHQODFXDOSROtWLFRVGHQHJRFLRV\SROtWL/
WDVFtUFXORVRJDQJSUXHEDVGHLQLFLDFLyQ$YHFHV FRVQRUPDOHVFX\DIXHU]DSURYLHQHGHUHFXUVRVDXWy/
HVVX¿FLHQWHDOJXQDSUiFWLFDGHDPLVWDGH[FOXVLYDTXH
KDJDGHOJUXSRHO~QLFRRHOIXQGDPHQWDOJUXSRGH
UHIHUHQFLD GHVGH HO FXDO OD SHUVRQD HVSHUD XQ MXLFLR
VREUHVXVDFFLRQHV\SRUFRQVLJXLHQWHVXSHUWHQHQFLD
D GLFKR JUXSR OH SHUPLWLUi DGRSWDU ORV FULWHULRV TXH
QRPRVFRH[LVWHQ3HURQRVHWUDWDUtDGHXQHTXLOLEULR
HVWDEOH/RVSROtWLFRVGHQHJRFLRVUHFRJHQODVJDQDQ/
FLDVGHODFRUUXSFLyQ\ODVLQYLHUWHQSRUGHFLUORGHDO/
J~QPRGRHQODSROtWLFDQRUPDOPHQWHFRQGXFLGDFRQ
VLPLOLWXG D ORV RSHUDGRUHV GH ORV PHUFDGRV LOHJDOHV
VLUYHQ SDUD HYDOXDU ODV FRQVHFXHQFLDV HVSHUDGDV GH
VXVSURSLDVHOHFFLRQHV
3DUDOHORDORVFDVRVHQORVFXDOHVHOYtQFXORGHXQ
LQGLYLGXRFRQXQJUXSRHVPX\IXHUWHHQWDQWRUHVXOWD
GHXQDSHUWHQHQFLDH[FOXVLYD\SRUFRQVLJXLHQWHFRQ/
GLFLRQDQWHGHVXVGHFLVLRQHVPD\RUHVSDUDHQFRQWUDU
DJUHJDFLRQHVRFXOWDVTXHRSHUHQFRQXQDJDPDSDUH/
FLGDGHFDUDFWHUtVWLFDVGHEHPRVVLWXDUQRVHQXQDIDVH
DYDQ]DGDGHOSURFHVRGHIUDJPHQWDFLyQGHXQVLVWHPD
SROtWLFR 3RU XQD SDUWH ODV SUiFWLFDV GH FRUUXSFLyQ
GHEHQ VHU PX\ H[WHQGLGDV 3RU RWUD FLHUWDV IXHU]DV
LQVWLWXFLRQDOHVGHODSROtWLFDGHODPDJLVWUDWXUDGH
GURJDMXHJRVGHD]DUXVXUDH[WRUVLyQTXHUHLQYLHU/
WHQHQHPSUHVDVOHJDOHVVXVJDQDQFLDVUHFROHFWDGDVGH
HVRV PHUFDGRV 1R VyOR HV HO GLQHUR TXH HO SROtWLFR
GHQHJRFLRVUHLQYHUWLUiWDPELpQHVWiQORV³UHFXUVRV
GH UHODFLyQ´ TXH SURYLHQHQ GH ODV UHGHV HQOD]DGDV
JUDFLDVDODVWUDQVDFFLRQHVLOtFLWDVODVLQIRUPDFLRQHV
SULYLOHJLDGDVTXHKDWHQLGRTXHFRQRFHUHOFRQVHQVR
GHTXLHQKDUHFLELGRIDYRUHVRHVSHUDUHFLELUORVRGH
TXLHQ DGPLUD GHO SROtWLFR VHxDODGR R TXL]i \D GH/
QXQFLDGRHOp[LWRHQHOFRPSOHWRGHVSUHMXLFLR
7RGR HVWR ORV KDFH PiV IXHUWHV TXH ORV ,%'@$.4%+#
*\,*-$%+ R TXH ORV ,%'@$.4%+# &*# ./0B*" ,QFOXVR VL
ODRSLQLyQS~EOLFDGHEHUiQHVWDUD~QFRQGXFLHQGROD
OXFKDHQFRQWUDGHWDOHVSUiFWLFDV8VXDOPHQWHVHHQ/
FRQWUDUiQPDVELHQIRUPDVGHDJUHJDFLyQTXHSRGH/
PRVOODPDU³VHPLFXELHUWDV´UHWtFXORVPXOWLFDSDFHV
GH UHODFLRQHV SHUVRQDOHV TXH LQIRUPDOPHQWH FRRUGL/
QDQODDFFLyQGHSHUVRQDVPLOLWDQWHVR¿FLDOPHQWHHQ
VHFWRUHV GLVWLQWRV GH OD IRUPDFLyQ SROtWLFD DOLDQ]DV
QR GHFODUDGDV SHUR VX¿FLHQWHPHQWH GXUDGHUDV TXH
LQFOX\DQ PLHPEURV GH SDUWLGRV GLVWLQWRV FRQMXQWD/
PHQWHFRQDPELHQWHVGHORVQHJRFLRVGHODDGPLQLV/
WUDFLyQSXEOLFD\HOSRGHUMXGLFLDOGHORVPHGLRVGH
FRPXQLFDFLyQ/DIXQFLyQGHHVWRVUHWtFXORV\DQRHV
ORV VHJXQGRV SXGLHUDQ SDUHFHU PiV QHFHVDULRV TXH
ORV SULPHURV DPERV VH HQFXHQWUDQ HQ XQD SRVLFLyQ
GH GHELOLGDG 3RGUtDQ HQ OD FRH[LVWHQFLD SHUPDQH/
FHUKRQHVWRVSHURMDPiVOLVWRVDGHQXQFLDUODGHVKR/
QHVWLGDGSRUTXHHVWRURPSHUtDHOHTXLOLEULR(OSDSHO
GHTXLHQRIUHFHXQDLPDJHQSRURWUDSDUWHHVSRUVt
PLVPR YXOQHUDEOH GDGR TXH QR HVWi IXQGDGR VREUH
HOFRQWUROGHORVUHFXUVRVSURSLRVLUUHIXWDEOHVVLQR
+D\TXHUHFRUGDUORVQXPHURVRVFDVRVHQPXFKRVVLVWHPDVSROtWLFRV

GHSROtWLFRVGHQXQFLDGRV\DYHFHV\DFRQGHQDGRVSRUFRUUXSFLyQTXH
FRQWLQ~DQ UHFLELHQGR VXIUDJLRV GHO HOHFWRUDGR 6REUH ORV IDFWRUHV TXH
FRQGXFHQDFRQVHUYDURVDOYDUODFRQ¿DQ]DDORVSROtWLFRVFRUUXSWRV47-"!
5XQTXLVW*$Y#0'\VV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

GR
 .-0$)-!//0 %7"11%#:*)(>044)*#)
SRUGH¿QLFLyQVREUHXQUHFXUVRSURYHQLHQWHGHOUHFR/
QRFLPLHQWRGHORVRWURV<HVWRSXHGHVHUIiFLOPHQWH
PLQDGR(QHOKiELWDWGHOERVTXHSROtWLFRHOSURFHVR
GHVHOHFFLyQQDWXUDOSHUPLWLUtDODVREUHYLYHQFLDVROD/
PHQWHGHORVSROtWLFRVGHQHJRFLRV&RPRSDUDODPR/
QHGDLQFOXVRFRQHOPLVPRPHFDQLVPRORVPDORV
SROtWLFRVHVSDQWDUtDQDORVEXHQRV
(48,/,%5,2<&,&/2'(/$&25583&,Ï1
3UREHPRV DKRUD PHGLDQWH XQ H[SHULPHQWR PHQWDO
LPDJLQDUXQDVLWXDFLyQ GH HTXLOLEULR HQ FRQGLFLRQHV
GHFRUUXSFLyQJHQHUDOL]DGD,PDJLQDUHPRVTXHWRGR
HO SHUVRQDO SROtWLFR \ DGPLQLVWUDWLYR HVWi LPSOLFDGR
HQ WUDQVDFFLRQHV LOtFLWDV (VWDV QR VXFHGHUtDQ QL VL/
TXLHUD VL VH TXHGDVHQ RFXOWDV SRUTXH OD FRUUXSFLyQ
WHQGUtD OXJDU HQ FRQGLFLRQHV GH WROHUDQFLD SRU SDUWH
WDQWRGHORVDGYHUVDULRVFRPRGHODVLQVWLWXFLRQHVHQ/
FDUJDGDVGHOUHVSHWRGHODOH\/DVSUiFWLFDVGHOVHFUH/
WRGHORFXOWDPLHQWRGHODVWUDQVDFFLRQHVHQODVFRQ/
IURQWDFLRQHVGHODRSLQLyQS~EOLFDGHSURWHFFLyQHQ
ODVFRQIURQWDFLRQHVGHORVyUJDQRVGHLQYHVWLJDFLyQ
VHVXVSHQGHUtDQ(OXVRGHOVLOHQFLRFRPRUHFXUVRGH
LQWHUFDPELRQRWHQGUtDPiVDOJ~QYDORUQRFRQVWLWXL/
UtDPiVHOFLPLHQWRVLPEyOLFRGHODVDOLDQ]DV
(QWRQFHV HO VLVWHPD SROtWLFR VH SRGUtD GHVFULELU
FRPR XQ GLVSRVLWLYR HQ GRV FtUFXORV (Q HO LQWHUQR
HVWiQORVTXHWLHQHQDFFHVRDODWRPDGHGHFLVLRQHV\
SXHGHQHMHUFHUVREUHpVWDVXQJUDGRPD\RURPHQRU
GHLQÀXHQFLDSDUD GLULJLUODV HQ HO VHQWLGR GH VXVLQ/
WHUHVHVSULYDGRV\SRUFRQVLJXLHQWHHVWDEOHFHUVHVR/
EUHSRVLFLRQHVGHJDQDQFLDSDUDVLWDULDHQHOVLVWHPD
HFRQyPLFR (O DFFHVR D HVWH FtUFXOR VH REWLHQH JUD/
FLDVDOSDJRGHXQLPSXHVWRVXSOHPHQWDULRGHORVFR/
P~QPHQWHREOLJDGRVXQ./,)*+$%#&*#4%--),4.8"#TXH
HVHVSHFt¿FRHQWDQWRTXHHVSDJDGRDHVWHRDTXHO
PLHPEURGHODFODVHSROtWLFRDGPLQLVWUDWLYDDFDPELR
GHEHQH¿FLRVHVSHFt¿FRV/DVSRVLFLRQHVGHJDQDQFLD
REWHQLGDVGHHVWHPRGRVHUtDQVDOGDGDVFRQORVSDJRV

(QHIHFWRHVGLItFLOSHQVDUTXHORVXVXDULRVGHODSROtWLFDREHGHFLHQGR
DXQDVXHUWHGHOH\GH*UHVKDPH[WLHQGDQ³ODDFXPXODFLyQGHELHQHV´
D£ORVSROtWLFRVEXHQRV6LQHPEDUJRVHSXHGHGHFLUTXHORVSROtWLFRV
EXHQRVVRQDTXHOORVTXHSXHGHQVHUPiVDSUHFLDGRVHQODVSURIHVLRQHV
FLYLOHV,QFOXVRSRUHVWDUD]yQDEDQGRQDUiQPiVUiSLGRODSROtWLFD

/DUHODFLyQHQWUHFRUUXSFLyQ\³E~VTXHGDGHODJDQDQFLDSDUDVLWDULD´
GHORVLPSXHVWRVRUGLQDULRVORVFXDOHVVRQREOLJDWR/
ULRVSDUDODSDUWHGHODSREODFLyQH[FOXtGDGHODFFHVR
DOFtUFXORLQWHUQR6HFUHDUtDQIRUPDVGHUHSULYDWL]D/
FLyQ GH ORV FDUJRV \ ORV VXHOGRV S~EOLFRV FUHFHUtDQ
SRU ODV JDQDQFLDV GH OD FRUUXSFLyQ SURSRUFLRQDOHV D
ORVUpGLWRVTXHODVGHFLVLRQHVGHXQGHWHUPLQDGRFDU/
JRHVWiQHQJUDGRGHDVHJXUDU
/RV GHQXQFLDQWHV GLOLJHQWHV GH OD FRUUXSFLyQ VH/
UtDQLJQRUDGRVH[FOXLGRVGHOMXHJRRSHQDOL]DGRV/D
FRPSHWHQFLDSROtWLFDWRPDUtDFRPRPHGLGDGHOp[LWR
ODDPSOLWXGGHODVSRVLFLRQHVGHODJDQDQFLDFRQWUROD/
GD(OREMHWLYRGHFDGDSDUWLFLSDQWHVHUtDHOGHOOHJDU
DFRQVWLWXLUSHTXHxRVLPSHULRVSROtWLFRSULYDGRVJUD/
FLDVDORVFXDOHVVHUiSRVLEOHFRQWURODUHOPD\RUQ~/
PHURGHQRPLQDV\SRVLFLRQHVGHUpGLWRPiV~WLOHV
6LQHPEDUJRHVWHVLVWHPD"%#HVWDUtDHQHTXLOLEULR
QR VHUtD FDSD] GH UHSURGXFLUVH D Vt PLVPR /DV GL/
¿FXOWDGHV UHVLGHQ HQ ODV UHODFLRQHV FRQ DTXHOOR TXH
KHOODPDGRHOFtUFXORH[WHUQRDTXHOGRQGHWHUPLQDQ
ORVH[FOXLGRVGHODFFHVRDORVEHQH¿FLRVSROtWLFRV$
SHVDUGHVHUH[FOXLGRVFRQVHUYDQGRVIXQFLRQHVHVHQ/
FLDOHVSDJDUORVLPSXHVWRV\YRWDU/RVJDVWRVSDUD
REOLJDU D SDJDU ORV LPSXHVWRV WHQGHUiQ D FUHFHU HQ
PRGR SODXVLEOH SRGHPRV KLSRWHWL]DU HQ HIHFWR TXH
ODGLIXVLyQGHODVSRVLFLRQHVGHODH[FOXVLyQWLHQGHD
GLVPLQXLUODPRUDOLGDG¿VFDO\SRUWDOHOFRQWURO\OD
LQVSHFFLyQGHORVFRPSRUWDPLHQWRV¿VFDOHVGHODSR/
EODFLyQGHEHUiQSRUFRQVLJXLHQWHLQWHQVL¿FDUVH(VWH
PD\RUSHVRGHORVFRVWRVGHLPSRVLFLyQLUtDHQGHWUL/
PHQWRGHOUpGLWRGLVWULEXtEOHHQHOVHFWRULQFOXLGRHO
FXDOSURPXHYHSRUVXSDUWHODFRPSHWHQFLD(QFDP/
ELRVHDFUHFHQWDHOSHVR¿VFDOJOREDODXPHQWDQGROD
LQWROHUDQFLD HQWUH OD SREODFLyQ H[FOXLGD FRQ FRQVH/
FXHQFLDVHQVXVFRPSRUWDPLHQWRVHOHFWRUDOHV
(VYHUGDGTXHORVHIHFWRVGHODFRPSHWHQFLDHOHF/
WRUDOSXHGHQUHGXFLUVHDFHURJUDFLDVDODVFRPSOLFL/
GDGHVHQWUHODVIXHU]DVTXHVHSUHVHQWDQSDUDSHGLUHO
YRWR3RGUtDHIHFWLYDPHQWHVHUFRQYHQLHQWHSDUDGH/
WHUPLQDGDV IXHU]DV SROtWLFDV VLPSOHPHQWH KDFHU XQD
+./)'04.8"# GH FRPSHWLU \ HQ FDPELR VHFUHWDPHQWH
SRQHUVHGHDFXHUGRVREUHODYLFWRULDGHORVXQRVRGH
ORVRWURVHQXQDDUHQDGHWHUPLQDGDVDOYRSDUDLQYHUWLU
ODVSDUWHVHQRWUDRPiVELHQSDUDUHFLELUEHQH¿FLRV
-*"$#+**W."BHVDQDOL]DGRSRUGLVWLQWRVDXWRUHV/DLGHDJHQHUDOHVTXH
ODVRFDVLRQHVGHUHVWULFFLyQDODFFHVRLQGXFHQDWUDQVDFFLRQHVFRUUXSWDV
TXHLPSLGHQODFRPSHWHQFLD\PDQWLHQHQSUHFLRVGHPRQRSROLR/DDF/
WLYLGDGGHODE~VTXHGDGHOUpGLWRHVSUHFLVDPHQWHHVRTXHGDOXJDUDOD
FRUUXSFLyQ\ORVFRVWRVGHHOODVRQXQDSHUGLGDQHWDSDUDODFROHFWLYLGDG
GHRWURWLSRDFDPELRGHODSRFDFRPSHWLWLYLGDGHOHF/
WRUDO 0iV D~Q SRQHUVH GH DFXHUGR SRU DQWLFLSDGR
VREUHODGLYLVLyQGHORVHVFDxRVFXDOTXLHUDTXHIXHVH
HOp[LWRGHORVUHVXOWDGRVHOHFWRUDOHV3HURWRGRHOOR
M7-Y%XFKDQDQ7XOORFN7ROOLVRQ0XOOHU
\VV9pDVHDGHPiV&HQWRUULQRTXLHQVXJLHUHTXH³OD 
3DUDVXWUDWDPLHQWRGHDOJXQRVFDVRVKLVWyULFRVYpDVH1DPLHU
FRUUXSFLyQ SROtWLFD OOHYD D UHFRQVLGHUDU OD WHRUtD GHO FLFOR SROtWLFR GH 3OXPE\/HY\3HFN
OD HFRQRPtD´ &HQWUDGD VREUH OD WHRUtD GHO -*"$>+**W."B \ HO FRQFHSWR 
3RUHMHPSORHOFDVRGHSUiFWLFDVPX\FRPXQHVHQODKLVWRULDSROt/
GHULYDGRGHHVFDVH]LQVWLWXFLRQDOVHHQFXHQWUDWDPELpQODUHVHxDGHOD WLFDQRUWHDPHULFDQD
OLWHUDWXUDVREUHODFRUUXSFLyQHQ/RPEDUGL 
&RPRSDUHFHVHUODSUDFWLFDHQHOFDVRLWDOLDQR

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

ML
 7%(/)**2>/09#("#("7(101+"&%(>)7'+0/) 0(.-0$)-!

LPSOLFD XQD KLSyWHVLV GH OD FDSDFLGDG JHQHUDOL]DGD
GH ORV DFXHUGRV VLQ ¿VXUDV HQWUH ODV IXHU]DV TXH VH
PXHYHQVREUHODHVFHQDSROtWLFDORTXHFRQWUDVWDFRQ
ODKLSyWHVLVFRQVWLWXWLYDGHOPRGHORTXHVHGHFRP/
SHWHQFLD SDUD DGTXLULU SRVLFLRQHV GH UpGLWR HVFDVDV
6RQ LPDJLQDEOHV ODV FROXVLRQHV HQWUH ORV JUXSRV GH
IXHU]DV HQ FRPSHWHQFLD 3HUR QR HV SRVLEOH REYLD/
PHQWHLQFOXLUDWRGRVSRUTXHVXEVLVWLUtDVLHPSUHHO
LQWHUpVGHDOJXQRGHORVSDUWLFLSDQWHVHQHODFXHUGR
GH GHIHFFLRQDU \ XWLOL]DU ORV UHFXUVRV TXH VH GHMDQ
OLEUHV \ TXH GHULYDQ GHO SRVLEOH DFDSDUDPLHQWR GHO
YRWRGHORVH[FOXLGRV
3RUFRQVLJXLHQWHVHGHEHLPDJLQDUXQPRYLPLHQ/
WRFtFOLFRSURGXFWRGHODDFFLyQGHGRVWLSRVGHHV/
WUDWHJLDV3RUXQDSDUWHORVVXMHWRVGRPLQDQWHVHQHO
VHFWRULQWHUQRPLUDUtDQKDFLDODSRVLELOLGDGGHYROYHU
H¿FDFHVODVEDUUHUDVGHDFFHVR\DVHDGLVWULEX\HQGR
SRVLFLRQHV GH UHQWD D TXLHQ WLHQH PiV FDSDFLGDG GH
LQFRPRGDUDOVLVWHPDGHVGHHOH[WHULRURELHQDSUR/
SLiQGRVHGHOGLVFXUVRPRUDOL]DQWHGHVGHGRQGHGHV/
SOLHJXHDUJXPHQWRVSHQHWUDQWHVSDUDVDOYDUDOVLVWH/
PDGHODFDSWXUDSRUSDUWHGHVXMHWRV³LUUHVSRQVDEOHV´
IRUPDGHH[WRUVLyQFRPLHQ]DDVHURIUHFLGDDSUHFLRV
PiVDOWRV'HHVWHPRGRVHLQWHUFDPELDXQDIDVHDOWD
\XQDEDMD(QFDPELRHVSRVLEOHVDOLUGHOFLFORVyOR
VL LQWHUYLHQHQ HYHQWRV H[yJHQRV FRQ UHODFLyQ D ORV
PHFDQLVPRVGHOVLVWHPDGHODVWUDQVDFFLRQHVLOtFLWDV
VHDTXHHVWRVHYHQWRVPRGL¿TXHQODHVWUXFWXUDGHODV
RFDVLRQHVGHFRUUXSFLyQ\ORVREVWiFXORVLQKHUHQWHVD
HOODVHDTXHDOWHUHQODVGHWHUPLQDQWHVGHOFRVWRPR/
UDO6REUHHVWH~OWLPRSXQWRTXHKDVWDHVWHPRPHQWR
KDTXHGDGRHQODVRPEUDSUHVHQWDUpHQVHJXLGDDOJX/
QDVFRQVLGHUDFLRQHVHKLSyWHVLV
+,3Ï7(6,67(Ï5,&$662%5(/$6
&$86$6'(/$&25583&,Ï1
(QHVWHDUWtFXORKHPRVGHFLGLGRUHÀH[LRQDUVREUHORV
PHFDQLVPRVGHOIXQFLRQDPLHQWR\QRVREUHODVFDXVDV
GH OD FRUUXSFLyQ 3DUD HVWXGLDU ODV FDXVDV GH XQ IH/
QyPHQRHVQHFHVDULRHVWDUHQSRVLELOLGDGHVGHPHGLU
ODVYDULDFLRQHV±HVGHFLUVDEHUH[DFWDPHQWHHQFXiOHV
FLUFXQVWDQFLDV VH PDQL¿HVWD PD\RUPHQWH HQ FXiOHV
PHQRVRHQFXiOHVHQQLQJ~QFDVRVHSUHVHQWD$KRUD
ELHQLQWHQWDUHVWRHQHOFDVRGHODFRUUXSFLyQHVGLIt/
HVGHFLUQRLQYROXFUDGRVHQODVFRPSOLFLGDGHVSHUR
TXH VH PDQWLHQH *"# *'# ".9*'# &*# /*-%# &.+4)-+%"! 5&4!
RWUDSDUWHODVIXHU]DVTXHVHDXWRSHUFLEHQFRPRGD/
xDGDVSRUHOIXQFLRQDPLHQWRGHODFRPSHWHQFLDLQWHU/
QDPLUDUtDQKDFLDHOUHIRU]DPLHQWRGHORVLQFHQWLYRV
DO FRPSRUWDPLHQWR PRUDOL]DQWH SRU FRQVLJXLHQWH
PRYLOL]DU R VXVFLWDU FtUFXORV GH UHFRQRFLPLHQWR SR/
VLWLYRSDUDORVSROtWLFRVKRQHVWRVRQHJDWLYRSDUDORV
FRUUXSWRV±FRPRDTXHOORVTXHSXHGHQHQFRQWUDUVHHQ
FLOVHGLUtDLQFOXVRLPSRVLEOH
3RU OR WDQWR ODV KLSyWHVLV D SURSRQHU VH SXHGHQ
H[WUDHUVyORGHODHODERUDFLyQGHPRGHORVWHyULFRV$O
UHVSHFWRVHSXHGHQGLVWLQJXLUODVYDULDEOHVTXHSUR/
EDEOHPHQWH WLHQHQ LQÀXHQFLD HQ QXHVWUR IHQyPHQR
TXHSRUXQDSDUWHVRQODVTXHRSHUDQVREUHODV%40>
+.%"*+#&*#4%--),4.8"\ODRWUDODVTXHDFW~DQVREUHOD
&.+,%".T.'.&0&SDUDHQWUDUHQWUDQVDFFLRQHVFRUUXSWDV
HV GHFLU HQ OD WHUPLQRORJtD TXH KHPRV HQFRQWUDGR
LQVWLWXFLRQHV PDJLVWUDWXUD EXURFUDFLD HWFpWHUD HQ 
(IHFWLYDPHQWHQRH[LVWHQVHJ~QQXHVWURFRQRFLPLHQWRLQYHVWLJDFLRQHV
SURGXFWRUHV GH RSLQLyQ PHGLRV GH FRPXQLFDFLyQ VDWLVIDFWRULDVTXHVHKD\DQSURSXHVWRWDOREMHWLYR(QUHDOLGDGXQDPHWR/
GRORJtD SDUD FRQVHJXLUOR H[LVWH SHUR HV FRVWRVD DXQTXH QR LUUHDOL]DEOH
¿JXUDVSRSXODUHVHWFpWHUDRHQiUHDVGHSREODFLyQ 'HEHUi VHU GH OD PLVPD QDWXUDOH]D GH OD XVDGD HQ GLVWLQWRV SDtVHV SDUD
DFWLYDHQJHQHUDO#/DHVWUDWHJLDGHFRUUXSFLyQJHQH/ PHGLUODFULPLQDOLGDG\SDUDUHPHGLDUODLQFHUWLGXPEUHTXHSURGXFHQODV
UDOL]DGDSHUGHUtDIXHU]DSRUXQDSDUWHSRUHODEDUD/ HVWDGtVWLFDVR¿FLDOHVFX\RVGDWRVVRQXQDIXQFLyQGHODHVWUXFWXUDGHRE/
WDPLHQWRGHOSUHFLRGHODRIHUWDGHFRUUXSFLyQVLVH
SXHGHQ HQFRQWUDU IXQFLRQDULRV FRUUXSWRV GRQGH VHD
FDGDXQRGHHOORVGHEHUiSHGLUVRERUQRVPiVEDMRV
VHUYDFLyQDFWLYLGDGGHORVyUJDQRVGHODSROLFtD\QRGHOIHQyPHQRUHDO
0iVD~QHVWRHVYHUGDGSDUDODFRUUXSFLyQXQDGLVPLQXFLyQGHODVGHQXQ/
FLDVGHFRUUXSFLyQSXHGHVHUODH[SUHVLyQGHXQDDGHFXDFLyQDSUiFWLFDVGH
FRUUXSFLyQVLHPSUHPiVH[WHQGLGDV\SRUFRQVLJXLHQWHSDUDGyMLFDPHQWH
VLJQL¿FDTXHODVSUiFWLFDVGHFRUUXSFLyQKDQDXPHQWDGR/DPHWRGRORJtD
H[FHSWRODVIRUPDFLRQHVGHQLFKRVPRQRSROL]DGRV# DSURSRQHUSXGLHUDVHUODVLJXLHQWH([WUDHUXQDPXHVWUDGHODSREODFLyQ
SHUR LQHYLWDEOHPHQWH DLVODGDV R GH EUHYH GXUDFLyQ SDUWLFXODUPHQWHH[SXHVWDDSUiFWLFDVGHFRUUXSFLyQSROtWLFRVIXQFLRQD/
SRURWUDSDUWHSRUODDFXPXODFLyQGHODIXHU]DGHORV ULRV S~EOLFRV HPSUHVDULRV FRPHUFLDQWHV SURIHVLRQLVWDV VLQGLFDOLVWDV
3UHVHQWDUXQFXHVWLRQDULRDQyQLPRHVWUXFWXUDGRHQFtUFXORVGHDSUR[LPD/
H[FOXLGRV/DHVWUDWHJLDPRUDOL]DQWHGHFUHFHFXDQGR FLRQHVVXFHVLYDVDOIHQyPHQR3UHJXQWDUVLTXLHQUHVSRQGHKDVLGRREMHWR
GLVPLQX\HQ ORV FDVRV GH FRUUXSFLyQ \ pVWD EDMR OD

(OPRUDOLVPRSXULWDQRKDVLGRLQWHUSUHWDGRFRPRUHDFFLyQDODFRUUXS/
FLyQGHODFODVHSROtWLFDYLQFXODGDDODFRURQD)XHDTXHOXQFDVRWtSLFRGH
IRUPDFLyQRUHIRU]DPLHQWRGHXQJUXSRGHUHFRQRFLPLHQWRTXHSURGXFtD
GHSURSXHVWDVGHH[WRUVLyQRFRUUXSFLyQHVSHFL¿FDQGRORVWLSRVVLVDEH
GHIDPLOLDUHVDPLJRVFRQRFLGRVTXHORKD\DQVLGRVLVDEHGHVHFWRUHV
HQORVFXDOHVODFRUUXSFLyQHVGLIXVDVLFRQRFHDQyQLPDPHQWHFDVRVHV/
SHFt¿FRV\DVtSRUHOHVWLOR&RQPXHVWUDVUHSUHVHQWDWLYDV\FRQJUDQGHV
IXHUWHVLQFHQWLYRVGHKRQHVWLGDGDGPLQLVWUDWLYD/HY\3HFN Q~PHURV±WDPELpQSUHYLQLHQGRXQUHJUHVRGHUHVSXHVWDVDODPLWDGRSRFR

,PDJLQDUHOPHUFDGRGHORVVRERUQRVFRPRSHUIHFWDPHQWHFRQFXUUHQ/ PiVGHODPXHVWUD±VHUtDSRVLEOHWHQHUGDWRVFRPSDUDGRVSRUiUHDVXU/
FLDO HV REYLDPHQWH XQ DVXQWR IXHUWH /DV VLWXDFLRQHV PRQRSROtVWLFDV EDQDV\UXUDOHVUHJLRQHVHYHQWXDOPHQWHQDFLRQHVVREUHODGHQVLGDGGH
SDUHFHQ VHU SHUWLQHQWHV D OD HVWUXFWXUD GH OD RIHUWD GH ELHQHV SROtWLFRV ODFRUUXSFLyQVREUHODQDWXUDOH]DGHODSHUFHSFLyQTXHVHWLHQHGHHOODHQ
PHGLGDV(QUHDOLGDGFRPR5RVH$FNHUPDQ\GHPXHVWUD GLVWLQWRVDPELHQWHVVREUHODGLVWULEXFLyQSRUVXVWLSRVHWFpWHUD3RUORWDQ/
HVSRVLEOHFRQFHELUIRUPDVGHFRPSHWHQFLDEXURFUiWLFDTXHHQLJXDOGDG WRHVSRVLEOHFRQIURQWDUHVWRVGDWRVFRQORVMXGLFLDOHV\OOHJDUDHVWLPDUOD
GHVDQFLRQHVWLHQGDQDEDMDUODFRUUXSFLyQ OODPDGD³FLIUDQHJUD´

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

MH
 .-0$)-!//0 %7"11%#:*)(>044)*#)
VREUHHO4%+$%#/%-0'3UiFWLFDPHQWHWRGRVORVPRGH/
ORV WHyULFRV KDVWD KR\ SURSXHVWRV GDGR TXH VH LQV/
SLUDQ HQ PHWRGRORJtDV GH OD ³HOHFFLyQ UDFLRQDO´ VH
RFXSDQGHOSULPHUWLSRGHYDULDEOHV\DVXPHQFRPR
FRQVWDQWH HO VHJXQGR 3DUD EXVFDU OOHQDU WDO YDFtR!
HVFRJHUpFRPR\DDQWLFLSpODHVWUDWHJLDRSXHVWDDOD
KR\GRPLQDQWHGHVSXpVGHXQEUHYHUHVXPHQGHODV
KLSyWHVLVVREUHODVFDXVDVGHODFRUUXSFLyQSUHVHQWD/
GDVSRUORVPRGHORVH[LVWHQWHVGHVDUUROODUpDOJXQDV
FRQVLGHUDFLRQHV VREUH XQ PRGHOR TXH QR VH XELFD
FRPR XQD DOWHUQDWLYD D ORV SULPHURV VLQR FRPR FD/
SD] GH LQWHJUDUORV FRQ KLSyWHVLV VREUH OD QDWXUDOH]D
GHO³FRVWRPRUDO´
/RV PRGHORV TXH VH RFXSDQ GH ORV IDFWRUHV TXH
LQÀX\HQHQODV%40+.%"*+#&*#'0#4%--),4.8"LGHQWL¿/
FDQ ODV YDULDEOHV WUDGLFLRQDOHV GH WLSR PDFURHFRQy/
PLFR TXH VH UH¿HUHQ D OD IRUPD GHO PHUFDGR GH ORV
LQWHUFDPELRV FRUUXSWRV HV GHFLU DO JUDGR \ WLSR GH
FRPSHWHQFLD R PRQRSROLR TXH OR UHJXODQ (Q FDP/
ELR UHODFLRQDGDV FRQ HO VLVWHPD SROtWLFR VRQ FXDWUR
YDULDEOHVODVTXHSXHGHQDQDOL]DUVH\FRPELQDUVHHQ
ORV GLIHUHQWHV PRGHORV SHUR TXH VH FRQVLGHUDQ SR/
VLWLYDPHQWH FRUUHODFLRQDGDV FRQ OD LQWHQVLGDG GH OD
FRUUXSFLyQ(OODVVRQODLQWHUYHQFLyQGHO(VWDGRHQOD
RUJDQL]DFLyQGHODYLGDHFRQyPLFDHOJUDGRGHGLV/
J~Q OD FXDO ORV QXHYRV LQJUHVRV HQ XQ VLVWHPD SROt/
WLFRWLHQGHQDIDYRUHFHUODFRUUXSFLyQ0LLQWHUpVSRU
HVWDKLSyWHVLVVHIXQGDVREUHODWHRUtDTXHLPSOtFLWD/
PHQWHH[SUHVDODFRUUXSFLyQDXPHQWDQRRVyORHQ
SDUWH JUDFLDV  D TXH DXPHQWHQ ODV RFDVLRQHV DQWHV
ELHQSRUTXHH[LVWHQYDULDFLRQHVHQHOFRVWRPRUDOTXH
SHUPLWHQ D ORV QXHYRV SDUWLFLSDQWHV XQ FRVWR PHQRU
DOVHUFRUUXSWRVTXHDTXLHQ\DSRVHHXQHVWDWXVUH/
FRQRFLGR/RVJUXSRVHQORVFXDOHVVHSLHQVDSXHGHQ
VHUP~OWLSOHVODQXHYDEXUJXHVtDGH(VWDGRHQSDtVHV
HQYtDVGHGHVDUUROORHQORVFXDOHVHOFDSLWDOLVPRSUL/
YDGR\ODVRFLHGDGFLYLOHQJHQHUDOVRQPX\GpELOHV
RELHQJUXSRVGHEXUJXHVtDSULYDGDGHQXHYDULTXH]D
TXH GHEH DEULUVH DFFHVR HQ VLVWHPDV SROtWLFRV WRGD/
YtDFRQWURODGRVSRUYLHMDVFODVHVDULVWRFUiWLFDVRHQ
FXDOTXLHU FDVR SRU FODVHV FX\D ULTXH]D KD VLGR KH/
UHGDGDRELHQFODVHVSROtWLFDV\DGPLQLVWUDWLYDVTXH
OOHQDQORVOXJDUHVGHXQDSDUDWRSROtWLFRHVWDWDOHQH[/
SDQVLyQ&DUJRVTXHQRSXHGHQVHUFXELHUWRVSRUORV
QRWDEOHV\RRWURVSROtWLFRVFRQHFWDGRVFRQODVFODVHV
GLULJHQWHVWUDGLFLRQDOHV
/DLGHDGHTXHORVPLHPEURVGHHVWDVQXHYDVFOD/
VHVGHORV5%/."*+#"%9.#GHODUHS~EOLFDURPDQDDORV
LUODQGHVHV LWDOLDQRV \ MXGtRV HQ (VWDGRV 8QLGRV KD/
FLD¿QDOHVGHOVLJOR;,;HLQLFLRVGHOVLJOR;;KDVWD
FUHFLRQDOLGDGGHODDFFLyQDGPLQLVWUDWLYDHOFRVWRGH
ODLQWHUPHGLDFLyQODHQWUDGDGHQXHYRVJUXSRVHQHO
VLVWHPDSROtWLFR/DFRQH[LyQHQWUHODVGRVSULPHUDV
YDULDEOHV\ODFRUUXSFLyQHVREYLD\QRH[WHQGHUpHO
GLVFXUVRVREUHHOODV/DWHUFHUDKDFHUHIHUHQFLDDORV
IHQyPHQRVTXHKHPRVDQDOL]DGRSRUPHQRUL]DGDPHQ/
WH3DUDHODVSHFWRFDXVDOTXHDTXtQRVLQWHUHVDEDVWD
GHFLUTXHORVDXPHQWRVHQORVFRVWRVGHLQWHUPHGLD/
FLyQHVGHFLUGHODVFDPSDxDVHOHFWRUDOHVGHODVDF/
WLYLGDGHV GHO SDUWLGR \ GH ODV RUJDQL]DFLRQHV GH ORV
LQWHUHVHV H[SDQGHQ DXWRPiWLFDPHQWH ODV RFDVLRQHV
VLQRORVDFWRVGHFRUUXSFLyQ
0H GHWHQGUp XQ PRPHQWR VREUH OD KLSyWHVLV VH/

3HURQRHVVRODPHQWHSRUHVWRWDPELpQSRUTXHSLHQVRTXHODVYDULD/
FLRQHV GH OD GHQVLGDG GH OD FRUUXSFLyQ GHSHQGHQ PiV GH OD YDULDFLyQ
GH ODV GLVSRQLELOLGDGHV GH ODV SHUVRQDV SDUD GHMDUVH FRUURPSHU \ SRU
FRQVLJXLHQWH GHO FRVWR PRUDO TXH SRU OD HVWUXFWXUD GH ODV RFDVLRQHV
OOHJDUDORV³WUHSDGRUHV´ORFDOHVVHDQSURFOLYHVDOD
FRUUXSFLyQ QDFH GH XQD VHULH GH FRQVLGHUDFLRQHV GH
VHQWLGR FRP~Q /D SULPHUD HV TXH ODV SHUVRQDV TXH
HVWiQSRUSULPHUDYH]HQHOSRGHU±VHDQORVTXHGLUHF/
WDPHQWHORHMHUFHQVHDQORVTXHORLQÀX\HQ±HVWDUiQ
FRQPXFKDSUREDELOLGDGiYLGRVSRUTXHSDUWHQGHXQ
QLYHO GH ULTXH]D SHUVRQDO PiV EDMR 6L GHVSXpV KDQ
HPSUHQGLGRFDUUHUDSROtWLFDKDELHQGRHQWUDGRFRPR
KHGHVFULWRDQWHVVLQXQFDSLWDOSURSLRWHQGUiQQHFH/
VLGDGGHIRUPDUVHXQRTXHORVTXLWHGHODVLWXDFLyQGH
GHVYHQWDMD UHVSHFWR D ORV SROtWLFRV \D FRQVROLGDGRV
/DQHFHVLGDGGH³KDFHUGLQHURFRPRVHD´DSDUHFHHQ/
WRQFHVFRPRIXQFLRQDODVXFDUUHUDSROtWLFD<WHQGUiQ
PHQRUHV HVFU~SXORV SRUTXH HVWDUiQ HQ JUDGR GH UD/
FLRQDOL]DU0#,%+$*-.%-.VXDYLGH]FRPR³MXVWDLQGHP/
QL]DFLyQ´SRUVXGHVIDYRUHFLGDSRVLFLyQGHSDUWLGD
&RQFXHUGRHQHVWRPiVTXHFRQ+LUVFKPDQFRQ(OVWHU8QD /RV ³KRPEUHV QXHYRV´ HQWUDQGR HQ OD SROtWLFD
WtSLFDH[SUHVLyQGHODSRVLFLyQRSXHVWDTXHFRQVLGHUDHOOODPDGR,)T'.4!
+,.-.$*&"*++#R³HVSLULWXFtYLFR´\SRUHQGHHOFRVWRPRUDOLUUHOHYDQWHV
URPSHQFRQORTXHD~QORVYLQFXODFRQVXVUDtFHVVH
SRUTXHVRQFRQVWDQWHVVHHQFXHQWUDHQ*DPEHWWDVHJ~QHO
FXDO³ODGLVWULEXFLyQµQDWXUDO¶GHODVSUREDELOLGDGHVD>SHURTXL]iTXHUtD
GHFLU&.+,%".T.'.&0&#0@ODGHOLQFXHQFLDGHXQSREODFLyQWLHQHXQDIRUPD
GHFDPSDQD´8QDD¿UPDFLyQFRPRHVWDHVLUUHOHYDQWHDODUJXPHQWRR
HVIDOVD(VLUUHOHYDQWHDORV¿QHVGHSUREDUODKLSyWHVLVVHJ~QODFXDO
ODV YDULDFLRQHV HQ HO JUDGR GHO HVStULWX FtYLFR HQ HO WLHPSR R GH XQ
SDtV D RWUR H[SOLFDQ ODV YDULDFLRQHV HQ OD FRUUXSFLyQ VRQ ORV YDORUHV
DEVROXWRVGHOSULPHURQRVXGLVWULEXFLyQORTXHGHEHPRVHQHVWHFDVR
FDOFXODU/DD¿UPDFLyQHVIDOVDJUDWXLWDRYDOHFRPRFKLVWHIRONOyULFRVL
VREUHHQWLHQGHTXHHOJUDGRGHHVStULWXFtYLFRQRYDUtDGHSDtVDSDtV\GH
XQSHULRGRKLVWyULFRDRWUR
GHVSUHQGHQ GH ORV FtUFXORV GH UHFRQRFLPLHQWR HQ HO
LQWHULRU GH ORV FXDOHV KDEtDQ VLGR VRFLDOL]DGRV /RV
KRPEUHV SROtWLFRV TXH SHUWHQHFHQ D ODV FODVH GH ORV
TXHVRQWDPELpQVRFLDOPHQWHGRPLQDQWHV\TXHSRU
FRQVLJXLHQWHKDQVLGRVRFLDOL]DGRVHQORVFtUFXORVGH
UHFRQRFLPLHQWRJXLDGRVSRUXQDPRUDOLGDGVLPpWULFD
DODTXHVRVWLHQHODDXWRULGDGOHJDOFRQWLQ~DQHQFDP/
ELRUHSUHVHQWDQGRVXDFFLyQFRPRMX]JDEOH\UHFRQR/

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

MJ
 7%(/)**2>/09#("#("7(101+"&%(>)7'+0/) 0(.-0$)-!

FLGDVHJ~QORVFULWHULRVSURSLRVGHDTXHOORVFtUFXORV TXHGHEHQVHUYLUOHSDUDJXLDUVXFRQGXFWDVRFLDO6LQ
\VHFRQIRUPDQFRQODVQRUPDVTXHGHHOORVHPDQDQ HPEDUJR RWURV JUXSRV H LQVWLWXFLRQHV SXHGHQ VXFH/
(QWpUPLQRVGH+LUVFKPDQGDGRTXHOD+0'.&0#
GHORVFtUFXORVHVWDEOHFHXQDUHQXQFLDDODVSRVLFLRQHV
GHDOWRSUHVWLJLRVLHPSUHFRPSRUWDXQFRVWRHOHYDGR
'HVHFKRVGHOD¿GHOLGDGDODLPDJHQIRUPDGDDWUDYpV
GH OD VRFLDOL]DFLyQ HQ ORV FtUFXORV VRQ LPSUREDEOHV
ORV UHQGLPLHQWRV GH OD FRUUXSFLyQ SDJDUtDQ PDO ORV
FRVWRVGHOD+0'.&0(VGHFLUOD+0'.&0#KDFHPiVGLItFLO
FRQIURQWDUFRQODVLWXDFLyQSUHFHGHQWHODVQXHYDVVD/
WLVIDFFLRQHVREWHQLGDVJUDFLDVDODFRUUXSFLyQ<HVR
VLYDPHQWH DFWXDU FRQ HIHFWRV DQiORJRV 3URFHVRV GH
VRFLDOL]DFLyQVHFXQGDULDSXHGHQFRQPD\RURPHQRU
LQWHQVLGDGVHJXLUDFWXDQGRVREUHODIRUPDFLyQGHOD
LGHQWLGDGGHXQDSHUVRQDKDVWDODHGDGDGXOWD<DKH
HVER]DGRODLPSRUWDQFLDTXHSXHGHWHQHUVREUHODLQ/
WHULRUL]DFLyQGHODVQRUPDVXQDOWRHVStULWXGHFXHUSR
HQXQVHUYLFLRGHO(VWDGRTXHJRFHHQVXFRQMXQWRGH
DOWRSUHVWLJLRVRFLDO'DGRTXHHVPX\YHQWDMRVRSHU/
WHQHFHUpOVHUPLHPEURHVSHUFLELGRFRPRYLQFXODQWH
FRPR VH VXHOH GHFLU SRUTXH OD KRQHVWLGDG HQ FDVRV
FRPRHVWRVQRWLHQHSUHFLRDQWHVELHQSRUTXHWRGD
JDQDQFLDPRQHWDULDDGTXLHUHVHQWLGRHQODVFRQGLFLR/
QHV HQ ODV FXDOHV SXHGH VHU FRQVXPDGR R LQYHUWLGR
$Vt FXDQGR VH SLHUGH OD UHODFLyQ FRQ HO FtUFXOR GH
SHUVRQDV TXH SHUPLWtDQ OD PHGLGD UHDO VXEMHWLYD \
QRPRQHWDULDGHODVJDQDQFLDVDGTXLULGDVODJXtDGH
OD FRQGXFWD LQGLYLGXDO GHYHQGUi LQFLHUWD $O PHQRV
KDVWD TXH RWUR FtUFXOR GH UHFRQRFLPLHQWR VH YXHOYD
RSHUDEOH 6LQ HPEDUJR HV SUREDEOH TXH HVWH QXHYR
FtUFXOR QR SXHGD PiV TXH JR]DU HQ JHQHUDO GH EDMR
SUHVWLJLRVLDFHSWDOHJLWLPDUODFRUUXSFLyQ6LHOFtU/
FXOR HQ HO FXDO VH FRUUH HO ULHVJR GH SHUGHU HO UHFR/
QRFLPLHQWRHUDFRPRHQODKLSyWHVLVGHDOWRHVWDWXV
HO UHFRQRFLPLHQWR SRVLEOH HQ OD QXHYD VLWXDFLyQ QR
VHUiHVWUXFWXUDGRHQXQiPELWRGHWHUPLQDGRVLQR~QL/
FDPHQWHFRPRPDOPHQRU
3DUD HO KRPEUH QXHYR FRPR OR KHPRV GH¿QLGR
HVFRPRVLORVFtUFXORVGHUHFRQRFLPLHQWRHQHOFXDO
IXH IRUPDGR GH UHSHQWH KXELHVHQ GHVDSDUHFLGR GHO
KRUL]RQWH(QWUDQGRHQODSROtWLFDpOPLUDDODIRUPD/
FLyQGHXQDQXHYDLGHQWLGDGJUDFLDVDOIXHUWHUHFRQR/
FLPLHQWR PRUDO TXH SXHGH GHULYDU GH OD SHUWHQHQFLD
LGHROyJLFD6LHVWRVHGL¿FXOWDVXREMHWLYRVHUHGXFLUi
DODSHUVHFXFLyQGHODDGTXLVLFLyQGHDTXHOORTXHOH
HQXQDVLWXDFLyQDQiORJDDOGLFKR³QREOH]DREOLJD´
(OULHVJRGH+0'.&0#VHUiHYDOXDGRFRPRSHQRVRVREUH
WRGRVLGHULYDGHODYLRODFLyQGHQRUPDVH[SOLFLWDVGHO
JUXSR6LHOQRSDUWLFLSDUHQWUDQVDFFLRQHVFRUUXSWDV
HVXQDGHHVWDVQRUPDVSRGHPRVHVSHUDUTXHVHDRE/
VHUYDGD /R PLVPR SXHGH GHFLUVH FXDQGR ORV FtUFX/
ORVGHUHIHUHQFLDVRQGHQDWXUDOH]DSURIHVLRQDORPX\
FRPSURPHWHGRUHVDOJUDGRGHVHUH¿FDFHVDWUDYpVGH
ODVRFLDOL]DFLyQVHFXQGDULDVREUHODPRGHODFLyQGHOD
LGHQWLGDGVRFLDOGHODSHUVRQD
,QFOXVRODSHUWHQHQFLDSROtWLFD\ODH[SHULHQFLDGH
ODYLGDSROtWLFDHQJHQHUDOWLHQHQHIHFWRVGHVRFLDOL/
]DFLyQVHFXQGDULDTXHVHYXHOYHQFRQVWLWXWLYRVGHOD
LGHQWLGDGGHODSHUVRQD\GHVXVSULQFLSLRVPRUDOHV
4XLHQSHUWHQHFHDXQDDVRFLDFLyQSROtWLFDSXHGHUHFL/
ELUHOUHFRQRFLPLHQWRGHVXYDORURSRUODVFDSDFLGD/
GHVWpFQLFDV\FXOWXUDOHVTXHH[SUHVDSRUOD¿GHOLGDG
GH VX DGKHVLyQ LGHROyJLFD R OD OHDOWDG KDFLD DOJ~Q
OtGHU SRU VX DVWXFLD R DJUHVLYLGDG SRU OD DXVHQFLD
GH HVFU~SXORV DO ³VDFDU´ D ORV DGYHUVDULRV R SRU VX
FDSDFLGDGGHWHMHUUHODFLRQHVHQODVRFLHGDGH[WHUQD
TXHOHVSHUPLWDQOOHYDUGLQHURDODVDUFDVGHOSDUWLGR
SRUODVFRQWULEXFLRQHVGHYDULDGRWLSRRQDWXUDOPHQWH
SRUFRPELQDFLRQHVGHHVWDVFXDOLGDGHV6HJ~QORVFUL/
WHULRVGHUHFRQRFLPLHQWRTXHSUHYDOH]FDQ#WDPELpQ
SHUPLWDLQFUHPHQWDUVXSRGHURGHORVVX\RVVREUH
TXLHQD~QQRORUHFRQRFH(OXVRGHODFRUUXSFLyQHV
VLPSOHPHQWH XQR GH HVWRV PHGLRV 6X FRVWR PRUDO
VHUiPiVEDMRFXDQWRPiVHItPHURVDSDUHFHQDQWHORV
RMRV GH XQ GHWHUPLQDGR LQGLYLGXR ORV FRQWRUQRV GH
ORV FtUFXORV GH UHFRQRFLPLHQWR TXH OH KDEtDQ VXPL/
QLVWUDGRORVFULWHULRVGHHYDOXDFLyQPRUDOSRVLWLYDDO
UHVSHWDUODREVHUYDQFLDGHODOH\
0H KH UHIHULGR D ORV SRVLEOHV HIHFWRV TXH VREUH
OD FRUUXSFLyQ SXHGHQ GHULYDU GH OD UHODFLyQ TXH ORV
LQGLYLGXRVPDQWLHQHQFRQVXVFtUFXORVRULJLQDULRVGH
UHFRQRFLPLHQWR \ SRU HO HVWDWXV TXH OH GHULYD HQ OD
VRFLHGDG(VWRVFtUFXORVVRQDTXHOORVGRQGHIXHSR/
VLEOHVXVRFLDOL]DFLyQSULPDULD(OORVKDQRSHUDGRVR/
EUHHOLQGLYLGXRSHUPLWLpQGROHLQWHULRUL]DUODVQRUPDV
OD³FDOLGDGPRUDO´GHODYLGDDVRFLDGDVHUiGLVWLQWD
&XDQWRPiVODDFWLYLGDG\ODVUHODFLRQHVGHXQLQGL/
YLGXR VRQ OLPLWDGDV HQ OR UHIHUHQWH D OD YLGD GH XQ
SDUWLGR WDQWR PiV ORV UHFRQRFLPLHQWRV IUHQWH D ORV
FXDOHVPRGHODUiVXLGHQWLGDGVHUiQKRPRJpQHRVDOD
³FDOLGDGPRUDO´/DVYDULDFLRQHVHQHO³FRVWRPRUDO´
GHODFRUUXSFLyQGHSHQGHUiQGHHOOR
)LQDOPHQWHHVQHFHVDULRFRQVLGHUDUHOFDVRGRQGH
HOFRQMXQWRGHODFXOWXUDRVXEFXOWXUDGHXQDUHJLyQ
RGHXQDVHFFLyQGHODVRFLHGDGQRFRQWLHQHQRUPDV
PRUDOHVTXHVDQFLRQHQODFRUUXSFLyQ\HQJHQHUDOHO
HQJDxR HQ ODV FRQIURQWDFLRQHV GHO (VWDGR (Q RWUDV
SDODEUDVODVQRUPDVTXHUHJXODQODVUHODFLRQHVVRFLD/
&RPRFRQVHFXHQFLDGHODPRUDOLGDGSUHYDOHQFLHQWHHQODVRFLHGDGR

GHODSDUWLFXODUSRVLFLyQHVWUXFWXUDOHQODFXDOVHHQFXHQWUDXQDDVRFLD/
FLyQRSDUWLGR\GHORVYtQFXORVGHFRQGXFWDTXHGHHOORGHULYDQ
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
MK
 .-0$)-!//0 %7"11%#:*)(>044)*#)
OHVHQODFXOWXUDQRLQFOX\HQFRPRREMHWRGHDFFLyQ
PRUDOPHQWH UHJXODGD HO DFWRU ³(VWDGR´ R D VXV UH/
SUHVHQWDQWHV +RQHVWLGDG \ OHDOWDG WHQGUiQ XQ YDORU
SRVLWLYR VyOR FXDQGR VRQ GLULJLGDV KDFLD ORV DFWRUHV
TXHVRQPLHPEURVGHGHWHUPLQDGRVFtUFXORVGHDPL/
±SULPDULDRVHFXQGDULD±GHODSHUVRQDHQFXHVWLyQTd#
FXDQWRPiVVLPpWULFRVDORVYDORUHVFLYLOHV±HVGHFLU
DORVYDORUHVDWULEXLGRVSRUODREVHUYDQFLDGHODOH\\
SRUODOHDOWDGKDFLDHO(VWDGR±VRQORVYDORUHVVRVWH/
QLGRVSRUDTXHOFtUFXOR4dFXDQWRPiVODUJRKDVLGR
JRVSDULHQWHVFRWHUUiQHRVQRFXDQGRHOREMHWRGHOD HOSHULRGRHQHOFXDOODFRQVWLWXFLyQGHODLGHQWLGDGGH
UHODFLyQHVH[WUDxRDHVWHFtUFXOR ODSHUVRQDGHSHQGLyGHOUHFRQRFLPLHQWRGHDTXHOFtU/
(QHVWDVVLWXDFLRQHVODGLVSRQLELOLGDGDODFRUUXS/
FLyQSDUHFHIXQGDUVHVREUHFRQGLFLRQHVVLPpWULFDVDODV
TXHHVWDEDQHQODEDVHGHORVFDVRVH[DPLQDGRVKDVWD
DKRUD 'H KHFKR QR HV OD UXSWXUD LQGLYLGXDO FRQ ORV
FtUFXORV GH UHFRQRFLPLHQWR GRQGH IXH FRQVWLWXLGD OD
LGHQWLGDGPRUDOGHOLQGLYLGXRSRUHMHPSORODFRQGL/
FXOR&d#FRQVHFXHQFLDGH0#s#4FXDQWRPiVSHQRVR
HVSDUDODSHUVRQDOD+0'.&0GHOFtUFXOR\HODEDQGRQR
GHORVFULWHULRVUHFRQRFLGRVTXHOHSHUPLWHQHYDOXDUOD
SURSLDFRQGXFWD
6LHVWRVVRQDOJXQRVIUDJPHQWRVGHXQDSRVLEOHWHR/
UtDSRGHPRVGHULYDUKLSyWHVLVHVSHFt¿FDVHQJUDGRGH
FLyQLQLFLDOGH³QRWHQHUQDGDTXHSHUGHU´HORULJHQ
GH OD GLVSRQLELOLGDG D OD FRUUXSFLyQ 0iV ELHQ HV OD
LQFDSDFLGDGRODQRYROXQWDGGHVLWXDUORVFtUFXORVGH
UHFRQRFLPLHQWRPRUDOORFDOHQXQVLVWHPDGHUHFRQRFL/
PLHQWRVPiVDPSOLRV(OUD]RQDPLHQWRLPSOtFLWRHQHO
RULJHQGHOFRPSRUWDPLHQWRPRUDOGHWLSRORFDOSXHGH
VHUUHFRQVWUXLGRGHOVLJXLHQWHPRGRQRLPSRUWDHOMXL/
FLRPRUDOGHTXLHQHVH[WUDxRDPLVFtUFXORVGHUHFR/
QRFLPLHQWRQLVLTXLHUDLPSRUWDHOFyPRHVWRVFtUFXORV
HQODLGHQWLGDGFROHFWLYDVRQMX]JDGRVSRUTXLHQHVH[/
WUDxRDHOORVHO(VWDGR\ORVFLXGDGDQRVTXHUHSUHVHQWD
QR FRQVWLWX\HQ FtUFXORV GRQGH WHQJR XQD UHODFLyQ GH
UHFRQRFLPLHQWR \ SRU FRQVLJXLHQWH GH MXLFLR PRUDO
(O HQJDxR \ GDxR TXH \R SHUSHWUR HQ VXV FRQIURQWD/
FLRQHVHQWUDQGRHQWUDQVDFFLRQHVFRUUXSWDVQRHQFXHQ/
WUDQDQLQJXQRTXHUHFRQRFLGRSRUPtSXHGDMX]JDU
FRPRLQPRUDOHVPLVDFFLRQHV3RUORWDQWRWHQJRODV
IDFXOWDGHVPRUDOHV±\DVtWLHQHQDTXHOORVFRQTXLHQPH
UHFRQR]FRUHFtSURFDPHQWHHQWpUPLQRVGHOHDOWDG\KR/
QHVWLGDG±GHHQJDxDUDO(VWDGR
(VWHQRHVHOOXJDUSDUDH[DPLQDUFXiOHVSRGUtDQVHU
ODVFRQGLFLRQHVGRQGHSXHGDQJHQHUDUVHVLWXDFLRQHVGH
H[WUDxDPLHQWRSRUXQDSDUWHGHODVRFLHGDGKDFLDHO(V/
WDGRTXHODUHSUHVHQWDFRPRODVDSHQDVGHVFULWDV%DVWD
GHFLUTXHHOODVSXHGHQVHUSUHYLVWDVSRUORVSULQFLSLRV
JHQHUDOHV GHO UD]RQDPLHQWR KDVWD DKRUD FRQGXFLGR
FRPRFDVRVHQORVFXDOHVODVQRUPDVGHORVFtUFXORVGH
VRFLDOL]DFLyQ SULPDULR \ VHFXQGDULR QR FRPSUHQGHQ
OD QRUPD GH UHFRQRFLPLHQWR PRUDO JHQHUDOL]DGR GHO
RWUR\HQJHQHUDOODVQRUPDVGHODPRUDOLGDGFLYLOGH
GRQGHDEUHYDODKRQHVWLGDGKDFLDHO(VWDGR
7RGR OR GLFKR KDVWD HO PRPHQWR FRQWLHQH XQ HV/
ER]R GH WHRUtD TXH IRUPXODUp HQ HO PRGR VLJXLHQWH
3DUDXQDSHUVRQDGHWHUPLQDGDHOFRVWRPRUDOGHHQ/
WUDU HQ WUDQVDFFLRQHV FRUUXSWDV VHUi WDQWR PiV DOWR
0dFXDQWRPiVDOWRHVHOHVWDWXVVRFLDO±UHODWLYDPHQWH
DODVRFLHGDGQDFLRQDORDODORFDO±GHOFtUFXORGHUH/
FRQRFLPLHQWRGRQGHIXHGHVDUUROODGDODVRFLDOL]DFLyQ
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
MG
GDUFXHQWDGHIHQyPHQRV\DREVHUYDGRVSHURQRIiFLO/
PHQWHH[SOLFDEOHVRGHRULHQWDUODLQYHVWLJDFLyQKDFLD
HOGHVFXEULPLHQWRGHFRQH[LRQHVTXHKDVWDDKRUDSHU/
PDQHFHQHQODVRPEUD&RQVLGHUHPRVODVVLJXLHQWHV
(VFRP~QTXHORVSHULRGRVGHDOWDFRUUXSFLyQVX/
FHGHQ D SHULRGRV FDUDFWHUL]DGRV GH IXHUWHV FKRTXHV
UHOLJLRVRVRLGHROyJLFRVVREUHWRGRVLYDQPDQLIHVWD/
GRVFRQHOXVRGHODYLROHQFLD6LWDOHVREVHUYDFLRQHV
VRQ YHUGDGHUDV OD WHRUtD H[SXHVWD FRQ DQWHULRULGDG
SXHGH H[SOLFDUOR (Q HIHFWR FRQWUDSRVLFLRQHV LGHR/
OyJLFDV UHOLJLRVDV R YLROHQWDV LPSOLFDQ XQD IXHUWH \
WHQGHQFLDO H[FOXVLYLGDG D OD OHDOWDG GHO LQGLYLGXR DO
JUXSRTXHSHUWHQHFHGHDTXtVLJXHTXHXQLQGLYLGXR
LPDJLQDUiFRPRPX\SHQRVRVORVSUR\HFWRVGH+0'.>
&0#\DEDQGRQRGHORVFULWHULRVPRUDOHVVDQFLRQDGRV
SRUHOJUXSR(QWRQFHVVHUiHVFDVDVXGLVSRQLELOLGDG
SDUDHPSUHQGHUHVWUDWHJLDVLQGLYLGXDOHV\RSRUWXQLV/
WDVTXHFRPSRUWHQVXSDUWLFLSDFLyQHQWUDQVDFFLRQHV
FRUUXSWDV1DWXUDOPHQWHSXHGHGDUVHHOFDVRTXHORV
YDORUHVGHOJUXSRGHSHUWHQHQFLDQRVHDQVLPpWULFRVD
ORVFLYLOHVGRPLQDQWHV±\TXHPiVELHQVHHQFXHQWUHQ
HQ FRQÀLFWR± $EXVDU GH XQ FDUJR S~EOLFR HQ IDYRU
GHODSURSLDSDUWHQRGHEHHQWRQFHVLPSOLFDUXQFRVWR
PRUDO$YHFHVFDVRVVLPLODUHVRFXUUHQDSHVDUGHOD
HVFDVDSUREDELOLGDGGHHQFRQWUDUPLHPEURVGHJUXSRV
HQFRQWUDVWHLGHROyJLFR#FRQORVYDORUHVFLYLOHVGRPL/
QDQWHVTXHHVWpQHQSRVLELOLGDGHVGHRFXSDUFDUJRVHQ
HO(VWDGR\DEXVDUGHHOORV'HFXDOTXLHUPRGRXQD
SUiFWLFDVLPLODUQRHVSHUPDQHQWHHVJHQHUDOL]DEOHD
WRGRVORVPLHPEURVGHOJUXSRGHRSRVLFLyQ\VLJXHXQ
SODQFRRUGLQDGR\HVVyORXQDIRUPDGHOXFKDSROtWLFD
TXH QR SRGUi FRQWLQXDU SHUPDQHFLHQGR FODQGHVWLQD
R VH GLVHPLQD HQ HVWUDWHJLDV GH LQGLYLGXRV HVWDV VH
LQVSLUDQSUHFLVDPHQWHHQLQWHUHVHVLQGLYLGXDOHV\ORV
YDORUHVFRPXQHVDOJUXSRDFWXDUDQVHFXQGDULDPHQWH
RFRPRSUHWH[WR
7DPELpQ VH KD REVHUYDGR TXH HQ SHULRGRV KLVWy/

&DVRGLIHUHQWHGHDTXHOGHOH[WUDxDPLHQWRFXOWXUDOH[DPLQDGRDQWHULRUPHQWH
 7%(/)**2>/09#("#("7(101+"&%(>)7'+0/) 0(.-0$)-!
ULFRVTXHREVHUYDQDODVFODVHVWUDGLFLRQDOPHQWHGR/
PLQDQWHVSHUGHUUiSLGDPHQWHVXSUHVWLJLRDOPLVPR
WLHPSRREVHUYDQODGLIXVLyQGHODVWUDQVDFFLRQHVFR/
UUXSWDV+D\TXHUHFRUGDUODVXJHUHQFLDUHODWLYDDOD
HPHUJHQFLDGHORV³KRPEUHVQXHYRV´(VWDGHVFULEtD
ORVHIHFWRVGHODIRUPDFLyQGHQXHYDVFODVHV\REVHU/
YDEDODVFRQVHFXHQFLDVGHODGLVROXFLyQGHODVFODVHV
WUDGLFLRQDOPHQWHGRPLQDQWHVMXQWRDOGHELOLWDPLHQWR
GHORVFULWHULRVTXHLPSRQtDQODVFRQGXFWDVPRUDOHV
DODJHQHUDOLGDGGHORVFLXGDGDQRVDOFDHUGHVXIXQ/
FLyQ KRPRORJDQWH \ ³FHUWL¿FDQWH´ SDUD ODV QRUPDV
TXHULJHQODYLGDGHO(VWDGR(QWRQFHVORVLQGLYLGXRV
HVWDUiQHQXQDVLWXDFLyQFDUDFWHUL]DGDSRUODDXVHQFLD
FRUUXSWRV&RPRDSDUHFHHQODWHRUtDTXHKHPRVSUR/
SXHVWRKDVWDDKRUDODGLVSRQLELOLGDGKDFLDFRQGXFWDV
TXHYLROHQQRUPDVIXQGDPHQWDOHVFRPRODKRQHVWLGDG
VXUJHFRPRIUXWRGHSURFHVRVGHVRFLDOL]DFLyQQRGH
UD]RQDPLHQWRV 1DWXUDOPHQWH XQ ³VDEHU FRP~Q´ GH
TXHODFRUUXSFLyQHVWiGLIXQGLGDWDPELpQHQORVDOWRV
QLYHOHVGHODDGPLQLVWUDFLyQWLHQHHIHFWRVPXOWLSOLFD/
GRUHVSRUTXHKDFHSDOSDEOHODLPSXQLGDG
$QiORJDV VRQ ODV FRQVLGHUDFLRQHV TXH VH SXHGHQ
KDFHUDSURSyVLWRGHORVHIHFWRVGHODSURIHVLRQDOL]D/
FLyQGHODSROtWLFD'LVWLQWRVDQDOLVWDV#REVHUYDQTXH
HQWUHPiVVHD¿UPHODSURIHVLyQSROtWLFDFRPRFDUUHUD
FRQUHODWLYRGHUHFKRDTXHGDUVHHQORSROtWLFRWRGD
GHFULWHULRVTXHSXHGDQVHUSHUFLELGRVFRPRDFHSWD/
EOHVHQFXDOTXLHUOXJDUGRQGHVHPXHYDQ6HUiQREOL/
JDGRVDIRU]DUVXUHFRQRFLPLHQWRJUDFLDVDHVWUDWHJLDV
GH p[LWR HFRQyPLFR R SROtWLFR \ HO XVR GH ODV WUDQ/
VDFFLRQHVFRUUXSWDVDSDUHFHUiDVXVRMRVMXVWL¿FDEOH
(OFDVRGHODGLVROXFLyQGHXQDFODVHGLULJHQWHSR/
OtWLFDFX\DFRQGXFWDDOPHQRVSRUORTXHGHMDHQWUH/
YHUVHSRQHFRPRHMHPSORGHODVYLUWXGHVFtYLFDVQRV
OOHYDDXQDPiVH[WHQVDFODVHGHFDVRVDWUDYpVGHORV
FXDOHVHOVHQWLGRFRP~QHVWDEOHFHTXHODFRUUXSFLyQ
GLIXVDWLHQHVXVFDXVDV³DUULED´&XDQGRHOJRELHUQR
QRIXQFLRQD\ORVJREHUQDQWHVWLHQHQIDPDGHVHUFR/
UUXSWRVRQRLQVSLUDQFRQ¿DQ]DPiVELHQGHVSUHFLR
¢SRU TXp ORV SROtWLFRV PHQRUHV DGHPiV GH ORV IXQ/
FLRQDULRV\ORVSULYDGRVTXHWUDWDQFRQHVWRVGHEHUiQ
LQVSLUDU D SDUWLU GH VX FRQGXFWD HO DOFDQFH GHO ELHQ
FRP~Q"6LODRFDVLyQVHSUHVHQWDVLQPXFKRVULHVJRV
QR H[LVWH UD]yQ SDUD VHU KRQHVWRV PiV ELHQ H[LVWHQ
UD]RQHVTXHMXVWL¿FDQORFRQWUDULR
6HWUDWDGHFRQVLGHUDFLRQHVTXHGHVFLHQGHQGHXQD
WHRUtDORVLQGLYLGXRVPLGHQODPRUDOLGDGGHVXFRQ/
GXFWD HQ ODV FRQIURQWDFLRQHV GH OD FROHFWLYLGDG FRQ
EDVHHQXQFiOFXORGHUHFLSURFLGDG1RUHFLSURFLGDG
GHEHQH¿FLRVVLQRUHFLSURFLGDGGHFRQGXFWDVPRUD/
OHV(OJRELHUQRUHSUHVHQWDDODFROHFWLYLGDGVHFRP/
SRUWDPDO\HVLQGLJQRGHHVWLPDSRUFRQVLJXLHQWHHV
LQGLJQRWDPELpQGHOVDFUL¿FLRGHPLVLQWHUHVHVSHUVR/
QDOHV WDO VHUtD HQ HVWRV FDVRV HO UD]RQDPLHQWR TXH
FRQGXFH D OD FRUUXSFLyQ (OOR UHYHOD TXH XQD FDXVD
GHODFRUUXSFLyQSXHGHHQFRQWUDUVHHQODEDMDHVWLPD
REDMDOHJLWLPLGDGGHODFXDOJR]DXQDFODVHGHJR/
ELHUQR7DOWHRUtDSDUHFHVLQHPEDUJRH[SUHVDUPiV
XQD KLSyWHVLV VREUH ORV PRGRV GH IRUPDFLyQ GH ODV
$G4".40+# &*# "*)$-0'.;04.8"1# \ QR XQD KLSyWHVLV VR/
EUH ODV FDXVDV TXH GHWHUPLQDQ ORV FRPSRUWDPLHQWRV
7pFQLFDVGHQHXWUDOL]DFLyQVRQDTXHOODVJUDFLDVDODVFXDOHVHOGHOLQ/

FXHQWHWHUPLQDFRQVLGHUDGRFRPRQRFXOSDEOHRQRUHVSRQVDEOHGHVXV
DFWRV\PDQWLHQHXQDLPDJHQGHXQQRGHOLQFXHQWHIUHQWHDOUHVWRGHOD
ODYLGDHVPiVIiFLOHQFRQWUDUODGLVSRQLELOLGDGDOD
FRUUXSFLyQ(OUD]RQDPLHQWRPX\SDUHFLGRDORH[/
SXHVWRDUULEDHVHOVLJXLHQWHHOSROtWLFRGHSURIHVLyQ
HVWiFRQGHQDGRDTXHGDUVHHQODSROtWLFDQRWLHQHRWUR
OXJDUSDUDHVFDSDU3RUFRQVLJXLHQWHHVWiREOLJDGRD
XVDUWRGRVORVPHGLRVTXHOHDVHJXUHQVXSHUPDQHQFLD
SURIHVLRQDO 7HQGUi QHFHVLGDG GH XQ ÀXMR FRQVWDQWH
GHFRQVHQVR\XQÀXMRFRQVWDQWHGHGLQHUR(OSULPH/
URVHREWLHQHFRQYtQFXORVLGHROyJLFRVRFRQODSHU/
VXDVLyQ\FRQHMHPSORVGHFDSDFLGDG\YLUWXGFtYLFDV
\VyORFXDQGRHVWDVQRHVWiQDODOFDQFHVHREWLHQHFRQ
IDYRUHV\DFXHUGRVIUDXGXOHQWRVTXHGDxDQDWHUFHUDV
SHUVRQDV(OVHJXQGRFDVLLQHYLWDEOHPHQWHHVREWH/
QLGRFRQHVWRV~OWLPRV
6LQ HPEDUJR  VLHPSUH TXHGD SRU H[SOLFDU HO SRU
TXpGHODSHUVLVWHQFLDHQODSROtWLFDFXDQGRQLLGHR/
ORJtD QL LQGHSHQGHQFLD QL VyOLGRV UHFRQRFLPLHQWRV
OODPDQDHOOD<DTXtYDOHQHQWRQFHVODVFRQGLFLRQHV
SUHYLVWDV SRU OD WHRUtD SRU OD SpUGLGD R DXVHQFLD GH
IXHUWHVUHFRQRFLPLHQWRVDOWHUQDWLYRV
0iVLPSRUWDQWHSDUHFHQVHUORVHIHFWRVGHODH[/
SDQVLyQ\QRGHODSURIHVLyQSROtWLFDFRQUHODFLyQD
OD,%'.$.;04.8"#&*#'0#+%4.*&0&#4.9.'&RQHVWHWpUPLQR
TXLHURVHxDODUHOIHQyPHQRSRUHOFXDOORVUHFRQRFL/
PLHQWRVGHOYDORUTXHXQLQGLYLGXRUHFLEHJUDFLDVDVX
DFWLYLGDGSROtWLFDVRQSHUFLELGRVFRPRPiVLPSRUWDQ/
WHVSDUDVXLGHQWLGDGTXHORVUHFRQRFLPLHQWRVDGTXL/
ULGRVHQHOLQWHULRUGHORVFtUFXORVGHODVRFLHGDGFLYLO
(VGHFLUDTXHOORVTXHVHIRUPDQHQHOLQWHULRUGHODV
SURIHVLRQHVRUJDQL]DFLRQHV\DVRFLDFLRQHVHFRQyPL/
FDVRFXOWXUDOHV\GHODVRFDVLRQHVGHODVRFLDOLGDGHQ
JHQHUDO(OIHQyPHQRVHSXHGHGH¿QLUWDPELpQFRPR
GRPLQLR GHO *+$0$)+# ,%'@$.4% VREUH HO *+$0$)+# +%4.0'"!
6HU UHFRQRFLGRV FRPR XQ EXHQ PpGLFR EXHQ FLHQ/
Wt¿FR EXHQ GLULJHQWH LQGXVWULDO WLHQH PHQRV HIHFWRV
H[SDQVLYRV VREUH HO UHFRQRFLPLHQWR GLIXVR GH XQD
SHUVRQDTXHHOUHFRQRFLPLHQWRTXHDEUHYDGHXQJUDQ
VRFLHGDG6\NHV\0DW]D 
&LWDGRVHQ&D]]ROD\VV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

MM
 .-0$)-!//0 %7"11%#:*)(>044)*#)

p[LWRRLQÀXHQFLDHQODSROtWLFD6XFRQVHFXHQFLDHV -.&.0"0Q~P
XQ GHELOLWDPLHQWR GH ODV QRUPDV LQWHUQDOL]DGDV TXH +LUVFKPDQ$!\.$1#J%.4*#0"&#C%60'$6&DP/
UHJXODQDXWyQRPDPHQWHDORVJUXSRVGHODVRFLHGDG EULGJH0DVV+DUYDUG8QLYHUVLW\3UHVV
FLYLOORTXHFRQOOHYDXQDPHQRUSHQDOL]DFLyQVRFLDO -RKQVRQ0³&RUUXSWLRQDQG3ROLWLFDO&XOWXUD
GHODVHVWUDWHJLDVGHRSRUWXQLVPR\XQDPD\RUGLVSR/ LQ$PHULFD$Q (PSLULFDO 3HUVSHFWLYH´ R)T'."+O#
QLELOLGDGLQGLYLGXDODHOODV K5*#Q%)-"0'#%7#X*&*-0'.+/YROLQYLHUQR
(QHIHFWRODSROLWL]DFLyQQRHV~QLFDPHQWHHOSUR/ /HY\3HFN/³&RUUXSWLRQDQG3ROLWLFDO'H/
FHVRTXHGHELOLWDODDXWRQRPtDGHORVUHFRQRFLPLHQ/ YHORSPHQW LQ (DUO\ 0RGHUQ %ULWDLQ´ HQ$ +HL/
WRVSURIHVLRQDOHVRFLYLOHV3RUHMHPSORODPRQHWDUL/ GHQKHLPHU0-RKQVWRQ\9/HYLQHFRPSVR%>
]DFLyQ GHO p[LWR WDPELpQ OR KDFH DO VHU FRQVLGHUDGR '.$.40'#M%--),$.%"Y#P#N0"&T%%W1HZ%UXQVZLFN
XQ EXHQ PpGLFR SRUTXH VH JDQD PXFKR QR SRUTXH 1-7UDQVDFWLRQ3XE
WLHQH JUDQGHV FXDOLGDGHV SURIHVLRQDOHV 3HUR TXL]i /RPEDUGL)³/DFRUUX]LRQHFRPHPRPHQWR
SDUDGyMLFDPHQWHODSROLWL]DFLyQVHSHUFLEHFRPRXQD GHOSURFHVVRGLDOORFD]LRQHGHOOHUHVRUVH´=%4.%'%>
GLVWRUVLyQ LQTXLHWDQWH (V GHFLU HO p[LWR SURIHVLRQDO B.0#&*'#&.-.$$%YROQ~PV
VHUHFRQRFHSRUHOPHUFDGRDWUDYpVGHOSURFHVRTXH 0RUJDQ'³7KH3ROLWLFVRI,PDJH6FDQGDOV
ORUHFRQRFHSRUORVFROHJDVGHSURIHVLyQ\SRUFULWH/ LQ$PHULFDQ 3ROLWLFDO /LIH´ M%--),$.%"# 0"&# F*>
ULRVQRPX\GLVWDQWHVGHHVWR&RQIUHFXHQFLDHOp[L/ 7%-/YRO
WR HFRQyPLFR SDUHFH VHJXLU ³QDWXUDOPHQWH´ HO p[LWR 0XOOHU'&³5HQW6HHNLQJ´HQ'&0X/
SURIHVLRQDO(VWRQRIXQFLRQDFRQHOXVRSROtWLFRGH OOHUR)T'.4#M5%.4*#EE&DPEULGJH&DPEULGJH8QL/
ODSRVLFLyQSURIHVLRQDOTXHHVSHUFLELGDFRPRRSHUD/ YHUVLW\3UHVV
FLyQRSRUWXQLVWD(QWRQFHVDOVHQWLUVHMX]JDGRQHJD/ 1DPLHU/K5*#=$-)4$)-*#%7#R%'.$.4+#0$#$5*#P4>
WLYDPHQWHSRUTXLHQDSOLFDORVFULWHULRVGHUHFRQRFL/ 4*++.%"#%7#S*%-B*#EEE/RQGUHV0DFPLOODQ
PLHQWRGHVXVSURSLRVFROHJDVHOLQGLYLGXRREVHUYDUi 2OGHQEXUJ3K³0LGGOHPHQLQ7KLUG:RUOG
HOGHELOLWDPLHQWRGHODVUD]RQHVGHVXVUHWDUGRV\HV/ &RUUXSWLRQ ,PSOLFDWLRQV RI DQ ,QGLDQ &DVH´
WDUiPiVGLVSRQLEOHSDUDHQWUDUHQWUDQVDFFLRQHVTXH t%-'&#R%'.$.4+YROQ~P
ORVFULWHULRVFRQGHQDEDQ 3OXPE-+K5*#S-%U$5#%7#R%'.$.40'#=$0T.'.$6#
."#!"B'0"&#`cbl>`bhl/RQGUHV0DFPLOODQ
5()(5(1&,$6 5RVH$FNHUPDQ6³7KH(FRQRPLFVRI&R/
$ODP 0 6  ³6RPH (FRQRPLF &RVW RI &R/ UUXSWLRQ´Q%)-"0'#%7#R)T'.4#!4%"%/.4+Q~P
UUXSWLRQ LQ /'&V´ K5*# Q%)-"0'# %7# <*9*'%,/*"$# 5RVH$FNHUPDQ 6  M%--),$.%"Y# P# =$)&6# ."#
=$)&.*+YROQ~P R%'.$.40'#!4%"%/61XHYD<RUN$FDGHPLF3UHVV
%HOOLJQL6³&RUUX]LRQHHVFLHQ]DSROLWLFDXQD 5RVH$FNHUPDQ 6  ³5HIRUPLQJ 3XEOLF %X/
ULÀHVVLRQHDJOLLQL]L´K*%-.0#,%'.$.40YROQ~P UHDXFUDF\ WKURXJK (FRQRPLF ,QFHQWLYHV"´ Q%)->
%ULFH-D%&*-"#<*/%4-04.*+/RQGUHV0DFPLOODQ "0'#%7#C0U1#!4%"%/.4+#0"&#A-B0".;0$.%"YRO
%XFKDQDQ-0³/DULFHUFDGLUHQGLWHSDUDV/ Q~PSULPDYHUD
VLWDULHHODULFHUFDGLSUR¿WWL´HQ6&DUXEED\' 5XQGTXLVW%*6WURP\-3HWHUV³&RUUXSW
GD (PSROL FRPSV =4*'$*# ,)TT'.45* )ORUHQFLD 3ROLWLFLDQVDQGWKHLU(OHFWRUDO6XSSRUW6RPH([/
/H0RQQLHU SHULPHQWDO 2EVHUYDWLRQV´ P/*-.40"# R%'.$.40'#
&DOLVH0E'#+.+$*/0#<4%DUL'H'RQDWR =4.*"4*#F*9.*UYROQ~P
&D]]ROD)<*''0#4%--);.%"*%RORxDLO0XOLQR 6\NHV*\'0DW]D³7HFKQLTXHVRI1HX/
&HQWRUULQR0³0DTXDQWRqPRGHUQDODFR/ WUDOL]DWLRQ$7KHRU\RI'HOLQTXHQF\´P/*-.40"#
UUX]LRQHSROLWLFD´R%'.$.40#*&#*4%"%/.0Q~P =%4.%'%B.40'#F*9.*UYROGLFLHPEUH
&RUVR *  ³/R 6WDWR FRPH GLVSHQVDWRUH GL 7ROOLVRQ 5 '  ³5HQW 6HHNLQJ $ 6XUYH\´
EHQL 7HFQLFKH JLXULGLFKH HG HIIHWWL´ =%4.%'%B.0# u6W'%+YROQ~P
&*'#<.-.$$%YROQ~PV 7XOORFN*³7KH%DFNZDUG6RFLHW\6WDWLF,Q/
(OVWHU-K5*#M*/*"$#%7#=%4.*$6&DPEULGJH HI¿FLHQF\5HQW6HHNLQJDQGWKH5XOHRI/DZ´HQ
&DPEULGJH8QLYHUVLW\3UHVV -%XFKDQDQ\57ROOLVRQFRPSVK5*#K5*%-6#%7#
*DPEHWWD'³$QDWRPLDGHOODWDQJHQWH´D*> R)T'.4#M5%.4*$QQ$UERU8QLYHUVLW\RI0LFKLJDQ

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

MN
B/,%""!*+%*3&?:"%.*,-1!?%.C
'!* economía política
+%*'!*6&""$86,>-*%-*!?@",6!*'!/,-!A

‘†‘Žˆ‘ƒ”•Ƥ‡Ž†>>

¢ &XiOHV VRQ ODV FDXVDV GH OD FRUUXSFLyQ" ¢TXp

HIHFWRV WLHQH OD FRUUXSFLyQ VREUH OD FDOLGDG GH
OD GHPRFUDFLD" ¢FXiOHV VRQ ORV DUUHJORV LQVWLWX/
FLRQDOHV \ ODV SROtWLFDV S~EOLFDV TXH QRV DOHMDQ GH OD
EOHV GHSHQGLHQWHV DOJXQRV GH ORV WUDEDMRV GHO YROX/
PHQLQGDJDQORVGHWHUPLQDQWHVGHODVDFWLWXGHVKDFLD
ODFRUUXSFLyQ&KDUOHV+%ODNHSRUHMHPSOREXVFD
FRUUXSFLyQ H LQFHQWLYDQ HO (VWDGR GH GHUHFKR" ¢SRU
TXpDXQTXHSRFRVFLXGDGDQRVGLFHQKDEHUH[SHULPHQ/
WDGRDFWRVFRUUXSWRVODJUDQPD\RUtDH[SUHVDFUHHUTXH
H[LVWHPXFKDFRUUXSFLyQHQODVLQVWLWXFLRQHVSROtWLFDV"
¢SRUTXpORVJRELHUQRVFRUUXSWRVPDQWLHQHQVXDSR\R
HOHFWRUDO" ¢H[LVWH XQ ³HIHFWR ODWLQRDPHULFDQR´ VREUH
ODVUHVSXHVWDVDHVWDVSUHJXQWDV"(VWRVVRQDOJXQDVGH
ODVLQWHUURJDQWHVDODVTXHHVWDREUDGH%ODNH\0RUULV
LQWHQWDGDUUHVSXHVWD(OUHVXOWDGRGHHVWHHVIXHU]RHV
XQOLEURTXHDERUGDODOyJLFDGHODFRUUXSFLyQ\DSRUWD
HYLGHQFLDHPStULFDIUHQWHDOIHQyPHQRHQ$PpULFD/D/
WLQD\RWUDVSDUWHVGHOPXQGR
/D REUD VH LQWHUHVD SRU H[SORUDU XQ FRQMXQWR GH
GLPHQVLRQHV VXEMHWLYDV GH ODV DFWLWXGHV KDFLD OD
FRUUXSFLyQ7RPDGDFRPRYDULDEOHLQGHSHQGLHQWHDO/
JXQDVGHODVFRQWULEXFLRQHV.Y*HOFDStWXORGH$GDP
H[SORUDUVLODGHVFRQ¿DQ]DHQODSROLFtDFRQVWLWX\H
XQDGHODVFDXVDVGHODWROHUDQFLDGHORVFLXGDGDQRV
KDFLD ORV DFWRV FRUUXSWRV XQD FXHVWLyQ IXQGDPHQWDO
HQ$PpULFD/DWLQD
2WUDSUHJXQWDLPSRUWDQWHTXHHVWiSUHVHQWHHQHVWH
YROXPHQHVUHVSHFWRDOHIHFWRTXHVREUHORVQLYHOHVGH
FRUUXSFLyQKDQWHQLGRODVUHIRUPDVLQVWLWXFLRQDOHV\
ODVSROtWLFDVS~EOLFDVHPSUHQGLGDVFRQHVHSURSyVLWR
HQYDULRVGHORVSDtVHVGHODUHJLyQ$VtXQLQWHUUR/
JDQWH FUXFLDO HV VREUH TXp WLSRV GH DUUHJORV LQVWLWX/
FLRQDOHV\GHSROtWLFDVS~EOLFDVKDQPRVWUDGRVHUORV
PiV H¿FDFHV SDUD GLVPLQXLU ORV QLYHOHV GH FRPSRU/
WDPLHQWR FRUUXSWR $O UHVSHFWR XQD GH ODV KLSyWHVLV
PiVLQGDJDGDVHQODOLWHUDWXUDHVVREUHVLODVUHIRUPDV
GHPHUFDGRLQFUHPHQWDQRGLVPLQX\HQORVQLYHOHVGH
FRUUXSFLyQ(OFDStWXORGH6WURP&7KDFNHUH[SORUD
FRQGHWHQLPLHQWRHVWDFXHVWLyQ
%ULQHJDUH[SORUDQSRUHMHPSORODSUHJXQWDVREUHVL 4XL]i OD SUHJXQWD GH LQYHVWLJDFLyQ PiV DPSOLD
ORV QLYHOHV GH FRUUXSFLyQ SHUFLELGRV LQÀX\HQ VREUH TXHHVWiGHWUiVGHHVWHOLEURHVVREUHFXiQGR\SRUTXp
HO FRPSRUWDPLHQWR HOHFWRUDO R VREUH OD VDWLVIDFFLyQ ORVSUREOHPDVGHFRRUGLQDFLyQHQWUHGLIHUHQWHVLQWH/
FRQODGHPRFUDFLD$ERUGDGRVWDPELpQFRPRYDULD/ UHVHVSXQWRVGHYLVWDVRLGHQWLGDGHV+DUGLQ

5HVHxDFUtWLFDGH&KDUOHV.%ODNHDQG6WHSKHQ'0RUULVHGVM%>
VRQUHVXHOWRVDWUDYpVGHODFRUUXSFLyQ/DFRUUXSFLyQ
--),$.%"# 0"&# <*/%4-046# ."# C0$."# P/*-.40 3LWWVEXUJK 8QLYHUVLW\ RI SDUHFH VHU HQ DOJXQRV FDVRV XQD UHVSXHVWD D HVWRV
3LWWVEXUJ3UHVV SUREOHPDVGHFRRUGLQDFLyQFRPRRFXUUHFRQ³DTXH/


3URIHVRUHQOD)DFXOWDGGH&LHQFLDV3ROtWLFDV\6RFLDOHVGHOD8QLYHU/
VLGDG$XWyQRPDGH4XHUpWDUR
OODVWUDQVDFFLRQHVHFRQyPLFDVGHPHUFDGRIUHQWHDODV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

MI
 .-0$)-!//0 *):)7.)(1%*1.0"7:

FXDOHVODVLQVWLWXFLRQHV\RODVSROtWLFDVS~EOLFDVH[LV/ GLYLGXRV HQ GLVWLQWRV SDtVHV \ FRQWH[WRV KLVWyULFRV

WHQWHVFRQIRUPDQXQREVWiFXOR´7KDFNHU8Q
DVSHFWRIXQGDPHQWDOTXHKD\TXHWHQHUSUHVHQWHQRV
GLFHHVWHDXWRUHVHOTXHVHUH¿HUHDODGLVWLQWDQDWX/
UDOH]D GH ORV ELHQHV S~EOLFRV \ ORV ELHQHV SULYDGRV
/DQDWXUDOH]DFRQFUHWDGHORVELHQHVSULYDGRVFRPEL/
QDGDFRQODQDWXUDOH]DGLIXVDGHORVELHQHVS~EOLFRV
DOHUWDQGR VREUH XQD GL¿FXOWDG IXQGDPHQWDO GH ORV
FRQFHSWRV\PpWRGRVGHODFLHQFLDSROtWLFDORVSUR/
EOHPDVGHYDOLGH]LQWHULQGLYLGXDOHLQWHUFRQWH[WXDO
GHORVLQGLFDGRUHVXWLOL]DGRV+DFLHQGRUHIHUHQFLDDO
FDPLQRGHVDUUROODGRVREUHORVSUREOHPDVGHYDOLGH]
GHODPHGLFLyQGHODSR\RDODGHPRFUDFLD.Y*&DPS
JHQHUD GL¿FXOWDGHV D OD DFFLyQ FROHFWLYD \ SURGXFH
SUREOHPDV GH ³IUHHULGHU´ 3RU RWUD SDUWH ORV EHQH/
¿FLRVSULYDGRVGHODFRUUXSFLyQVXHOHQREWHQHUVHGH
PRGRLQPHGLDWRPLHQWUDVTXHORVFRVWRVS~EOLFRVGH
ODFRUUXSFLyQVyORVHH[SHULPHQWDQHQHOODUJRSOD]R
$PERVIDFWRUHVVHWUDGXFHQHQLQFHQWLYRVTXHSURWH/
JHQSRFRDOLQWHUpVS~EOLFR
/$&21&(378$/,=$&,Ï1'(/$&25583&,Ï1
$XQTXH HO OLEUR QR GHGLFD XQ FDStWXOR HVSHFt¿FR DO
GHEDWHVREUHODGH¿QLFLyQGHODFRUUXSFLyQ.Y**DU/
 6FKHGOHU \ 6DUV¿HOG  HVWH DXWRU LQVLVWH
VREUHODLPSRUWDQFLDGHFRQVLGHUDUORTXHVHHQWLHQGH
SRUFRUUXSFLyQHQGLVWLQWDVQDFLRQHV\ODVGLIHUHQFLDV
HQVXGH¿QLFLyQ
&RQ HVWD UHYLVLyQ -RKQ %DLOH\ LQWURGXFH XQ FRQ/
MXQWR GH GLPHQVLRQHV TXH VH GHEHUtDQ FRQVLGHUDU
HQ XQD GLVFXVLyQ VLVWHPiWLFD VREUH OD FRUUXSFLyQ
¢'HEH HO FRQFHSWR GH FRUUXSFLyQ FHQWUDUVH HQ FUL/
WHULRVOHJDOHVRPiVELHQHQFRQFHSFLRQHVVRFLDOHV
GHO WpUPLQR" (O DXWRU SODQWHD HO SUREOHPD VHJ~Q HO
FXDOORVLQGLYLGXRVSRGUtDQFRPSRUWDUVHGHXQPRGR
GLQHU  +HLGHQKHLPHU \ -RKQVWRQ  HVWiQ ³WpFQLFDPHQWHFRUUXSWR´DXQTXHSRGUtDQFRQVLGHUDU/
SUHVHQWHV YDULDV OtQHDV VXJHUHQWHV VREUH HVWH FRQ/
FHSWR TXH XQ HVIXHU]R VLVWHPiWLFR DO UHVSHFWR QR
SRGUtD GHMDU GH WHQHU HQ FXHQWD 8QD GLPHQVLyQ GH
OD FRQFHSWXDOL]DFLyQ TXH HV UHYLVDGD HVSHFLDOPHQWH
HVVREUHODGLIHUHQFLDFLyQLQWUDFRQFHSWXDO$GFRFN
ORFRPR³pWLFDPHQWHDFHSWDEOH´%DLOH\3RURWUR
ODGR \ WHQLHQGR HQ FXHQWD ODV GLIHUHQFLDV HQWUH ODV
FRQVHFXHQFLDV GH GLVWLQWRV DFWRV FRUUXSWRV SURSRQH
OD QHFHVLGDG GH GLVWLQJXLU HQWUH ³FRUUXSFLyQ WULYLDO´
\³FRUUXSFLyQVHULD´3DUD¿QDOL]DUFRQXQDUHYLVLyQ
GHODQRFLyQGHFRUUXSFLyQHVWRHVODQHFHVLGDG VREUHFXDQH[WHQGLGDHVWiODFRUUXSFLyQORTXHSHU/
GHGLIHUHQFLDUHQWUHGLVWLQWRVWLSRVGHFRUUXSFLyQ8QD PLWHKDEODUGH³FRUUXSFLyQFRQWHQLGD´\³FRUUXSFLyQ
SULPHUDGLVWLQFLyQHVODTXHHVWDEOHFHHOFDStWXORGH VLVWHPiWLFD´%DLOH\
-RKQ%DLOH\FXDQGRGLIHUHQFLDHQWUHORTXHHVWHDXWRU $ HVWR VXPDPRV OD LQWURGXFFLyQ GHO DGMHWLYR
OODPDOD³JUDQFRUUXSFLyQ´\OD³FRUUXSFLyQRUGLQD/ ³SROtWLFD´SDUDKDEODUGH³FRUUXSFLyQSROtWLFD´HQHO
ULD´%DLOH\%DLOH\GH¿QHDOD³JUDQFRUUXSFLyQ´ WH[WRGH7KDFNHUTXHFRQWULEX\HDVHSDUDUORTXHHV
FRPR HO ³FRPSRUWDPLHQWR LQDGHFXDGR GH SDUWH GH XQWLSRGHFRUUXSFLyQPX\H[WHQGLGDSRUODFXDOXQ
DOWRVIXQFLRQDULRVS~EOLFRVTXHLQYROXFUDQDJUDQGHV DFWRFRUUXSWRH[SOtFLWDRLPSOtFLWDPHQWHHVVLHPSUH
FLIUDVGHGLQHUR´/DFRUUXSFLyQRUGLQDULDKDFHUHIH/ DVRFLDGRFRQODLQWHUYHQFLyQGHXQDJHQWHS~EOLFR/D
UHQFLDDORTXH6XVDQ5RVH$FNHUPDQOODPD
³FRUUXSFLyQ RSRUWXQLVWD GH EDMR QLYHO´ HQWHQGLGD
FRPR DFWRV TXH YLRODQ UHJXODFLRQHV EiVLFDV HQ XQ
PDUFRHQHOTXHXQDJHQWHJXEHUQDPHQWDOWLHQHODSR/
VLELOLGDGGHREWHQHUXQSHTXHxREHQH¿FLRDWUDYpVGHO
FRQVHFXHQFLDGHHVDFRQFHSFLyQHVQRWHQHUHQFXHQWD
OD H[LVWHQFLD GH OD FRUUXSFLyQ SULYDGD $Vt HVWH DX/
WRUGH¿QHODFRUUXSFLyQSROtWLFDFRPR³XQDFWRHQHO
FXDO XQ R¿FLDO S~EOLFR >@ YLROD XQD QRUPD OHJDO R
VRFLDOSDUDREWHQHUXQEHQH¿FLRSULYDGRRSDUWLFXODU´
FRQWUROGLVFUHFLRQDOGHXQELHQS~EOLFRHVFDVR(VWD 7KDFNHU8QDGLPHQVLyQUHOHYDQWHVREUHORV
GLVWLQFLyQ FRQFHSWXDO WLHQH LPSOLFDFLRQHV VREUH ORV WLSRVGHFRUUXSFLyQDODTXHVHSUHVWDPHQRUDWHQFLyQ
HIHFWRVGHODFRUUXSFLyQORVKDOOD]JRVGHXQWUDEDMR HQODOLWHUDWXUDHVUHVSHFWRDOiPELWRHQTXHRFXUUHQ
GH7UDQVSDUHQFLD,QWHUQDFLRQDOFLWD/ ORVDFWRVFRUUXSWRVHVWRHVVLHVWRVVHGDQHQWUHDJHQ/
GRSRU%DLOH\PXHVWUDQTXHOD³FRUUXSFLyQGH
EDMRQLYHOQRGLVPLQX\HORVQLYHOHVGHFRQ¿DQ]D´HQ/
WUHORVFLXGDGDQRV'HPDQHUDRSXHVWDOD³FRUUXSFLyQ
GHDOWRQLYHO´LQFUHPHQWD³ODSHUFHSFLyQGHGHVLJXDO/
GDG´\GLVPLQX\H³ORVQLYHOHVGHFRQ¿DQ]DLQWHUSHU/
WHVS~EOLFRVHQWUHXQDJHQWHS~EOLFR\XQDFWRUSULYD/
GRRHQWUHDFWRUHVSULYDGRV(QHVHVHQWLGRODFOiVLFD
GH¿QLFLyQ GH 1\H VHJ~Q OD FXDO ³OD FRUUXSFLyQ HV
DTXHO FRPSRUWDPLHQWR TXH VH GHVYtD GH ODV REOLJD/
FLRQHV IRUPDOHV SURSLDV GH XQ URO S~EOLFR´ D WUDYpV
VRQDO\GHFRQ¿DQ]DHQHOJRELHUQR´%DLOH\ GHOFXDOVHEXVFDREWHQHU³JDQDQFLDVGHLQJUHVRRGH
(O WUDEDMR GH %DLOH\ WDPELpQ OODPD OD DWHQFLyQ VWDWXV´1\HSDUHFHKDEHUFLUFXQVFULSWRHO
VREUH OD QHFHVLGDG GH GLVWLQJXLU OR TXH HO WpUPLQR SRVWHULRUGHEDWHVREUHODFRUUXSFLyQDODHVIHUDGHOR
FRUUXSFLyQ VLJQL¿FD HQ OD YLGD FRWLGLDQD GH ORV LQ/ S~EOLFRHQHVSHFLDOKDFLDORVDJHQWHVJXEHUQDPHQWD/

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

MO

OHV\KDEHUGHVFXLGDGRHOSUREOHPDGHODREVHUYDFLyQ
GHODFRUUXSFLyQHQODHVIHUDGHORSULYDGR
0iV DOOi GH ODV GLPHQVLRQHV GHO FRQFHSWR GH
FRUUXSFLyQTXHODREUDDERUGDSDUHFHVHUFODURTXHHO
GHEDWHVREUHHVWDQRFLyQHVDUGXR\FRPSOHMR$OJX/
QRVGHORVWHPDVTXHGHEHUtDQVHUDERUGDGRVSRUODOL/
WHUDWXUDVREUHODGH¿QLFLyQGHODFRUUXSFLyQGHEHUtDQ
LQFOXLU HQ WpUPLQRV GH GLIHUHQFLDFLyQ LQWHUFRQFHS/
WXDOFXiOHVVRQODVIURQWHUDVGHOWpUPLQRFRQQRFLRQHV
WDOHVFRPRORLOHJDOORLOHJtWLPRORLQPRUDORODVUH/
JODVLQIRUPDOHV(QWpUPLQRVLQWUDFRQFHSWXDOHVEXV/
C+0"**%(:"(;)&!*"1(0#.%&"1D 0(.-0$)-!
FDQHQWUHODVYHLQWHQDFLRQHVPiVFRUUXSWDVGHOPXQ/
GR'HDFXHUGRDO5HSRUWH*OREDOVREUH&RUUXSFLyQ
GH7UDQVSDUHQFLD,QWHUQDFLRQDOGH\DORVGDWRV
GH/DWLQREDUyPHWURHOSRUFLHQWRGHORVFLXGDGD/
QRVHQODUHJLyQSLHQVDQTXHORVIXQFLRQDULRVS~EOLFRV
GHVXVUHVSHFWLYRVSDtVHVVRQFRUUXSWRV6LQHPEDUJR
KDEHUWHQLGRXQDH[SHULHQFLDGLUHFWDFRQODFRUUXSFLyQ
HVPXFKRPHQRVUHSRUWDGRHO³SRUFLHQWRGHORV
ODWLQRDPHULFDQRVHQGHFtDQTXHHOORVRVXVID/
PLOLDVKDEtDVLGRYtFWLPDVGHXQDFWRFRUUXSWR´+D\
TXHGHFLUTXHHVWDEUHFKDHQWUHSHUFHSFLRQHV\H[SH/
FDQGRGLVWLQJXLUHQWUHGLIHUHQWHVWLSRVGHFRUUXSFLyQ ULHQFLD HV PHQRU HQ 0p[LFR \ 3DUDJXD\ ³SDtVHV HQ
XQDSDUWHGHOFDPLQRVHUtDWHQHUSUHVHQWHTXLHQHMHUFH ORVTXHHO\SRUFLHQWRUHVSHFWLYDPHQWHFRPHQ/
ODFRUUXSFLyQFRQTXpPHGLRVTXpFRQVHFXHQFLDVWLH/ WDEDKDEHUORKHFKR´5HKUHQ
QHDTXLpQEHQH¿FLDRSHUMXGLFDRTXpWLSRGHMXHJR (VWRPHOOHYDDSODQWHDUODLPSRUWDQFLDGHGLVWLQ/
HV.Y*VXPDFHURVXPDSRVLWLYD
/$0(',&,Ï1'(/$&25583&,Ï1
&DVLFRPRXQOXJDUFRP~QHQODOLWHUDWXUDGHODFLHQ/
FLD SROtWLFD \ RWUDV GLVFLSOLQDV$PpULFD /DWLQD DSD/
UHFHFRPRWLHUUDGHFRUUXSWRV/DLPDJHQOHMRVHVWi
GHVDIRUWXQDGDPHQWH GH FRQVWLWXLU XQD ¿FFLyQ OLWH/
UDULD([LVWHHYLGHQFLDHPStULFDTXHPXHVWUDTXHHQ
/DWLQRDPpULFDODFRUUXSFLyQFRQVWLWX\HXQIHQyPHQR
GH DOFDQFHV PD\~VFXORV :H\ODQG  )UDVHU
JXLUHQWpUPLQRVFRQFHSWXDOHV\GHPHGLFLyQHQWUH
FRUUXSFLyQ SHUFLELGD \ FRUUXSFLyQ H[SHULPHQWDGD
2WUDGLIHUHQFLDTXHGHVHRUHVDOWDUHVODTXHH[LVWHHQ/
WUHODLQIRUPDFLyQTXHVHUHFRJHDWUDYpVGHHQFXHVWDV
DOJXQDVYHFHVDSOLFDGDVVyORDFLXGDGDQRVHQRWUDV
DOtGHUHVSROtWLFRV\HPSUHVDULRV\HQDOJXQDVRFDVLR/
QHVDWRGDVHVWDVSREODFLRQHV\ODTXHVHREWLHQHFRQ
RWURVWLSRVGHGDWRVFRPRSRUHMHPSORODFRUUXSFLyQ
PHQFLRQDGD HQ ORV PHGLRV GH FRPXQLFDFLyQ 7DOHV
GLVFUHSDQFLDV HQ WpUPLQRV GH SREODFLyQ IXHQWHV \
6LQHPEDUJRKD\TXHGHFLUTXHORVQLYHOHVGH WpFQLFDV GH UHFROHFFLyQ GH GDWRV WLHQHQ LPSRUWDQWHV
FRUUXSFLyQ TXH PXHVWUDQ ORV GDWRV YDUtDQ VHJ~Q ORV LPSOLFDFLRQHVTXHQRVLHPSUHVRQWRPDGDVHQFXHQWD
GLIHUHQWHVtQGLFHVTXHKDQVLGRFRQVWUXLGRV(VWHOLEUR FRQVX¿FLHQWHIXHU]DHQODOLWHUDWXUD\HQDOJXQRVSD/
WHVWLPRQLDWDOHVGLIHUHQFLDV
$VtHOSDQRUDPDDODUPDQWHGHORVGDWRVGH7UDQV/
SDUHQFLD ,QWHUQDFLRQDO \ GHO /DWLQREDUyPHWUR HQ HO
FDStWXORGH$OIUHGR5HKUHQQRFRQYHUJHGHOWRGRFRQ
HOHVFHQDULRTXHHQFRQWUDPRVFRQHOËQGLFHVREUH&RQ/
WURO GH OD &RUUXSFLyQ GHO %DQFR 0XQGLDO TXH XVD HO
WH[WRGH6WURP&7KDFNHU$OUHVSHFWR7KDFNHUPLV/
PRD¿UPDTXH³DSHVDUGHODH[WHQGLGDFUHHQFLDVREUH
ORFRQWUDULR´ OD FRUUXSFLyQ SHUFLELGD HQ ODUHJLyQHV
VyOROLJHUDPHQWHPD\RUTXHODPHGLDPXQGLDO
³(Q WpUPLQRV GH ORV GHPiV SURPHGLRV UHJLRQDOHV´
VHxDOD7KDFNHU³$PpULFD/DWLQDQRSDUHFHVREUHVDOLUSRU
DUULEDGHODVWHQGHQFLDVPXQGLDOHV´0iVDGHODQWHYHUH/
PRV TXH OD UHJLyQ WDPSRFR GL¿HUH GHPDVLDGR GH RWURV
SDtVHVHQORUHIHUHQWHDORVGHWHUPLQDQWHVGHODFRUUXSFLyQ
5HVXOWD LPSRUWDQWH GHVWDFDU OD EUHFKD TXH H[LV/
WHHQWUHODFRUUXSFLyQTXHORVLQGLYLGXRVSHUFLEHQ\
ORV DFWRV FRUUXSWRV TXH H[SUHVDQ KDEHU H[SHULPHQ/
VDMHVGHODREUDUHVHxDGD
$VLPLVPRODVGLIHUHQFLDVHQWUHDOJXQRVGHORVKD/
OOD]JRVVREUHORVQLYHOHVGHFRUUXSFLyQVRQUHVXOWDGR
GHTXHORVtQGLFHVHPSOHDGRVVRQGLVHxDGRVDSDUWLU
GHGLIHUHQWHVGLPHQVLRQHVGHGLVWLQWRVLQGLFDGRUHV\
GHGLIHUHQWHVFULWHULRVGHDJUHJDFLyQGHORVPLVPRV
ORTXHKDFHGLItFLOVXFRPSDUDELOLGDG8QGp¿FLWGH
OD OLWHUDWXUD VREUH FRUUXSFLyQ HV HO GH XQD UHYLVLyQ
VLVWHPiWLFD GH ORV FULWHULRV GH FRQFHSWXDOL]DFLyQ \
PHGLFLyQTXHHVWRVtQGLFHVHPSOHDQ
/$3(56,67(1&,$'(/$&25583&,Ï1
(1$0e5,&$/$7,1$
1R SDUHFH QHFHVDULR LQGLFDU TXH HO IHQyPHQR GH OD
FRUUXSFLyQQRHVQXHYRHQ/DWLQRDPpULFD\GDWDDO
PHQRVGHVGHORVJRELHUQRVDXWRULWDULRVTXHDVRODURQ
D HVWRV SDtVHV GH PDQHUD LQWHUPLWHQWH GXUDQWH XQD

7UHV LPSRUWDQWHV H[FHSFLRQHV D HVWD UHJOD VRQ 'HO &DVWLOOR  \
WDGR (Q HO FDStWXOR GH $OIUHGR 5HKUHQ GHVWDFD TXH /DQFDVWHU\0RQWLQROD8QFDPLQRQXHYR\VXJHUHQWHHVODHV/
HO ËQGLFH GH 3HUFHSFLRQHV VREUH OD &RUUXSFLyQ GH WUDWHJLDLQGXFWLYDTXHXWLOL]D-RKQVWRQDOFRQVWUXLUXQDWLSRORJtD
GHODFRUUXSFLyQDWUDYpVGHODWpFQLFDGH4')+$*-#0"0'6+.+(VWDYtDHV
7UDQVSDUHQFLD,QWHUQDFLRQDOLQGLFDTXHVLHWH GLVWLQWD D OD HPSOHDGD GRPLQDQWHPHQWH GHGXFWLYD TXH FRQVLVWH HQ HO
SDtVHVODWLQRDPHULFDQRV*XDWHPDOD1LFDUDJXD9H/ GLVHxRGHXQtQGLFHFRQHOXVRGHXQFRQMXQWRGHLQGLFDGRUHV8QDGH
QH]XHOD%ROLYLD(FXDGRU+DLWt\3DUDJXD\VHXEL/ ODVYHQWDMDVGHODQXHYDPHGLFLyQHVTXHHVPiVVHQVLEOHDORVGLIHUHQWHV
FRQWH[WRVQDFLRQDOHV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

MR
 .-0$)-!//0 *):)7.)(1%*1.0"7:

EXHQD SDUWH GHO VLJOR ;;$ SHVDU GH TXH OD WHRUtD &RQ¿UPDQGR DOJXQRV KDOOD]JRV SUHYLRV %ODNH \
SUHGLFHTXHORVQLYHOHVGHFRUUXSFLyQGHEHUtDQKDEHU 0DUWLQ*HUULQJ\7KDFNHU³ORVHIHFWRV
GLVPLQXLGR FRQ OD GHPRFUDWL]DFLyQ \ FRQ ODV UHIRU/ EHQp¿FRVGHODGHPRFUDFLDVREUHODFRUUXSFLyQSDUH/
PDVGHPHUFDGRODUHVLVWHQFLDGHOIHQyPHQROODPDOD
DWHQFLyQHQWUHORVHVSHFLDOLVWDV
'HVGHVXVLQLFLRVHOFDPELRSROtWLFR\ODVWUDQV/
IRUPDFLRQHV HFRQyPLFDV GH ORV DxRV RFKHQWD \ QR/
YHQWDJHQHUDURQH[SHFWDWLYDVVREUHHOSDXODWLQRGHV/
FHQVR GH OD FRUUXSFLyQ /RV GDWRV GLVSRQLEOHV VLQ
HPEDUJRSDUHFHQLQGLFDURWUDFRVD&RPRORVXJLH/
UH 5HKUHQ HQ HVWH OLEUR QR VyOR VH REVHUYD TXH QR
KXERODGLVPLQXFLyQHVSHUDGDVLQRTXHHQPXFKRVGH
ORVSDtVHVGH$PpULFD/DWLQDHOSDQRUDPDHPSHRUy
(VWRV GDWRV SDUHFHQ PRVWUDU TXH ³D SHVDU GH OD
GHPRFUDWL]DFLyQ\ODVUHIRUPDVHFRQyPLFDVOOHYDGDV
FHQGHSHQGHUGHOWLHPSR´7KDFNHU
/$6&$86$6</26()(&726
'(/$&25583&,Ï1
$ODERUGDUHOHVWXGLRGHODVFDXVDV\ORVHIHFWRVGH
OD FRUUXSFLyQ HO OLEUR SULYLOHJLD FRPR VX WtWXOR OR
VXJLHUHODUHODFLyQFRQODGHPRFUDFLD(QSDUWLFXODU
YDULRVDXWRUHVGHOWH[WRGHGLFDQVXHVIXHU]RDPRVWUDU
ODOyJLFDFDXVDOTXHVXE\DFHHQWUHDPERVIHQyPHQRV
\DUHYLVDUORVKDOOD]JRVH[LVWHQWHVDOUHVSHFWR2WURV
PXHVWUDQ OD HYLGHQFLD D IDYRU GH TXH FLHUWRV DUUH/
JORV LQVWLWXFLRQDOHV WDOHV FRPR HO IHGHUDOLVPRXQL/
DGHODQWHODFRUUXSFLyQVLJXHVLHQGRFRQVLVWHQWHPHQWH WDULVPR R HO SUHVLGHQFLDOLVPRSDUODPHQWDULVPR R
DOWDDWUDYpVGHWRGDODUHJLyQ\DOSDUHFHUWHQD]PHQWH OD FHQWUDOL]DFLyQGHVFHQWUDOL]DFLyQ GH ODV SROtWLFDV
UHVLVWHQWHDORVFDPELRVHPSUHQGLGRV´5HKUHQ S~EOLFDV LQÀX\HQ VREUH ORV QLYHOHV GH FRUUXSFLyQ R
/DSHUVLVWHQFLDGHODFRUUXSFLyQHQODUHJLyQKDOOH/ GH³¿OWUDFLyQ´GHORVUHFXUVRVTXHGHVWLQDGRVRULJL/
YDGRDTXHDOJXQRVHVWXGLRVRVVHSUHJXQWHQSRUODH[LV/ QDOPHQWHDXQDSREODFLyQREMHWLYRHVWDQRORVUHFLEH
WHQFLD GH XQ HIHFWR LGLRVLQFUiWLFR SURSLR GH QXHVWURV ORVFDStWXORVGH7KDFNHU\GH/ySH]&iOL[6HOLJVRQ
SDtVHV6LJXLHQGRHOFDPLQRGHH[SORUDUODSRVLEOHSUH/ \$OFi]DUUHVSHFWLYDPHQWH8QDFRQWULEXFLyQPXHV/
VHQFLD GH XQ ³HIHFWR ODWLQRDPHULFDQR´ DOJR TXH QRV WUDODFRQH[LyQH[LVWHQWHHQWUHODDXVHQFLDGHUHQGLFLyQ
FRQGHQHDODFRUUXSFLyQHOWUDEDMRGH7KDFNHUPXHV/ GHFXHQWDVTXHXQDUHIRUPDMXGLFLDOSHUPLWLUtD\ORV
WUDTXHORVGHWHUPLQDQWHVGHODFRUUXSFLyQHQ$PpULFD DOWRVQLYHOHVGHFRUUXSFLyQHQ%UDVLO0DWWHZ07D\/
/DWLQDVLJXHQGHFHUFDORVSDWURQHVGHOWRWDOGHSDtVHV
DQDOL]DGRV $Vt WDO FRPR VH REVHUYD HQ RWUDV QDFLR/
QHV GHO PXQGR HO VWRFN R UHVHUYRULR GH GHPRFUDFLD
ODHVWDELOLGDGPDFURHFRQyPLFD\ODDSHUWXUDFRPHUFLDO
FRQVWLWX\HQODVYDULDEOHVTXHSUHGLFHQPHMRUORVQLYH/
OHVGHFRUUXSFLyQSHUFLELGRVHQODUHJLyQ
'H HVWH PLVPR FDStWXOR SURYLHQH RWUR KDOOD]JR
KDODJHxR SDUD $PpULFD /DWLQD /D HYLGHQFLD RE/
WHQLGD IDYRUHFH OD KLSyWHVLV GH TXH OD FRUUXSFLyQ HV
XQ IHQyPHQR ,0$5# &*,*"&*"4* /D FRQFOXVLyQ SULQ/
FLSDOSDUDODUHJLyQTXHQRVSHUPLWHVHURSWLPLVWDV
HV TXH OD DQWLJHGDG GH OD GHPRFUDFLD LQÀX\H HQ OD
GLVPLQXFLyQGHORVQLYHOHVGHFRUUXSFLyQ3RUORWDQ/
WRODUHVLVWHQFLDGHOIHQyPHQRPDQLIHVWDUiXQDWHQ/
GHQFLDDVXGHVDSDULFLyQHQODPHGLGDHQTXHSDVHQ
ORVDxRVHQHVWDVMyYHQHVFRPSDUDWLYDPHQWHGHPR/
FUDFLDV$VtHQWUHVPRGHORVTXHLQFOX\HQODVYDULD/
ORU (Q FRQVRQDQFLD FRQ HVWD LGHD 5HKUHQ VXJLHUH
TXHKDVLGRODDXVHQFLDGHVLVWHPDVGHSDUWLGRVLQVWL/
WXFLRQDOL]DGRVGHVLVWHPDVMXGLFLDOHVLQGHSHQGLHQWHV
\GHVRFLHGDGHVFLYLOHVDFWLYDVORTXHKDFRQWULEXLGRD
ODH[LVWHQFLDGHFRUUXSFLyQHQ$PpULFD/DWLQD
/D UHODFLyQ HQWUH FRUUXSFLyQ \ GHPRFUDFLD
WDPELpQ HV DERUGDGD LQYLUWLHQGR HO VHQWLGR GH OD
UHODFLyQ FDXVDO HV GHFLU DQDOL]DQGR OD LQÀXHQFLD
GH OD FRUUXSFLyQ VREUH GLPHQVLRQHV FHQWUDOHV GH XQ
UpJLPHQGHPRFUiWLFR$OUHVSHFWRORVWH[WRVGH6WH/
SKHQ'0RUULV$GDP%ULQHJDU\/XLJL0DQ]HWWL\
&DUROH-:LOVRQUHYLVDQODHYLGHQFLDH[LVWHQWHVREUH
OD PHGLGD HQ OD FXDO XQ UpJLPHQ GHPRFUiWLFR VH YH
DIHFWDGRSRUODFRUUXSFLyQ6HJ~Q0RUULVH[LVWHQUD/
]RQHVSDUDD¿UPDUTXHHOQLYHOGHFRUUXSFLyQSHUFL/
ELGD\ODVDFWLWXGHVQRUPDWLYDVKDFLDODPLVPDWLHQGH
DHURVLRQDUHODSR\RDODVLQVWLWXFLRQHVSROtWLFDV\OD
EOHVLQGHSHQGLHQWHV³JUDGRGHGHPRFUDFLDDFWXDO´\ SURSLD OHJLWLPLGDG GH UpJLPHQ 0RUULV  (VWH
³VWRFNGHGHPRFUDFLD´VHREVHUYDTXHFXDQGRHVWDV DXWRUUHVDOWDODLGHDGHTXH³FXDQGRODFRPSHWHQFLD
VRQVHSDUDGDVHQGRVPRGHORVFDGDXQDSUHGLFHVLJ/ HV LQWHQVD \ OD RSRVLFLyQ WLHQH SRVLELOLGDGHV UHDOHV
QL¿FDWLYDPHQWHHOQLYHOGHFRUUXSFLyQFRQXQQLYHO GH JDQDU´ HQ XQD HOHFFLyQ ³ODV SHUFHSFLRQHV VREUH
GHHUURUGH\SRUFLHQWRUHVSHFWLYDPHQWH6LQ ODFRUUXSFLyQGHORVYRWDQWHVSRGUtDQJHQHUDUXQYRWR
HPEDUJR FXDQGR DPEDV YDULDEOHV VRQ LQFOXLGDV HQ HQFRQWUDGHOSDUWLGRHQHOJRELHUQR\DIDYRUGHOD
XQ PLVPR PRGHOR OD YDULDEOH ³JUDGR GH GHPRFUD/ RSRVLFLyQ(VWHLPSDFWRVHUtDPiVSUREDEOH>@FXDQ/
FLD DFWXDO´ SLHUGH VLJQL¿FDQFLD HVWDGtVWLFD PLHQWUDV GRORVYRWDQWHVFRQVLGHUDUDQDODFRUUXSFLyQFRPRXQ
TXH OD YDULDEOH ³VWRFN GH GHPRFUDFLD´ OD FRQVHUYD WHPDUHOHYDQWH´0RUULV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

NL

$GDP %ULQHJDU HURVLRQDQGR OD SODXVLELOLGDG GHO
DUJXPHQWRGH0RUULVKDOODTXHHQ&KLOHHQHV
GHFLULQPHGLDWDPHQWHGHVSXpVGHORVHVFiQGDORVGH
FRUUXSFLyQHQDTXHOSDtV³QLODSHUFHSFLyQVREUHTXH
ORV EXUyFUDWDV VHDQ SURSHQVRV D VHU FRUUXSWRV QL OD
SULRULGDG GDGD DO SUREOHPD GH OD FRUUXSFLyQ´ LQÀX/
\HURQVREUHODLQWHQFLyQGHYRWRGHORVFKLOHQRV%UL/
C+0"**%(:"(;)&!*"1(0#.%&"1D 0(.-0$)-!
VREUHVXVDFWLWXGHVKDFLDODFRUUXSFLyQ%DMRHVWHDU/
JXPHQWRLQWURGXFHXQDKLSyWHVLVVXJHUHQWHDSHVDU
GHTXHVRQPXFKDVODVDJHQFLDVJXEHUQDPHQWDOHVTXH
LQWHUYLHQHQHQJHQHUDUUHQGLFLyQGHFXHQWDVFXDQGR
ORVFLXGDGDQRVDQDOL]DQODKRQHVWLGDGGHORVDJHQWHV
GHJRELHUQRHOPHFDQLVPRGHFXPSOLPLHQWRGHODOH\
HQHOTXHSLHQVDQSULPHURHVHQHOTXHVHKDOODPiV
QHJDU3RURWUDSDUWH\SODQWHDQGRODHFRQRPtD
SROtWLFD TXH VXE\DFH DO DSR\R SROtWLFR 0DQ]HWWL \
:LOVRQSURSRQHQTXHORLPSRUWDQWHQRVRQORVQLYHOHV
SHUFLELGRVGHFRUUXSFLyQVLQRODIRUWDOH]DRGHELOLGDG
GH ODV LQVWLWXFLRQHV $Vt VRVWLHQHQ TXH HQ DTXHOORV
SDtVHV³GRQGHODVLQVWLWXFLRQHVJXEHUQDPHQWDOHVVRQ
GpELOHV\H[LVWHQUHODFLRQHVSDWUyQFOLHQWHIXHUWHVHV
PiVSUREDEOHTXHORVFLXGDGDQRVDSR\HQDORVJRELHU/
FHUFDQRDODJHQWHODSROLFtD'HDOOtTXHHODXWRUFRQ/
FOX\HTXHHQORVSDtVHVHQORVTXHODJHQWHSHUFLEHDOD
SROLFtDFRPRLQHSWDRFRUUXSWDODSUREDELOLGDGGHTXH
ORVFLXGDGDQRVFRQItHQHQODOH\GLVPLQX\H
8VDQGRORVGDWRVGHOD(QFXHVWD0XQGLDOGH9DOR/
UHVSDUDSDtVHV%ODNHHQFXHQWUDTXHODFRQ¿DQ]D
HQODSROLFtDHVWiIXHUWHPHQWHDVRFLDGDFRQXQDEDMD
WROHUDQFLD D OD DFHSWDFLyQ GH VRERUQRV $VLPLVPR
QRVFRUUXSWRV´0DQ]HWWL\:LOVRQ HQFXHQWUDTXHODVPXMHUHVVRQPHQRVSURSHQVDVTXH
8QSULPHUKDOOD]JRGHHVWHWUDEDMRHVTXHODHIHF/ ORVKRPEUHVDDFHSWDUODFRUUXSFLyQTXHODHGDGHVWi
WLYLGDGGHOJRELHUQRODYDULDEOHLQGHSHQGLHQWHSULQ/ UHODFLRQDGD QHJDWLYDPHQWH FRQ OD DFHSWDFLyQ GH VR/
FLSDOGHVXPRGHORWLHQHXQHIHFWRHVWDGtVWLFDPHQWH ERUQRV(QFXHQWUDWDPELpQTXHQLQJXQDGHODVGHPiV
VLJQL¿FDWLYRVREUHODYDULDEOHGHSHQGLHQWHSHURVyOR YDULDEOHVHQVXPRGHORLQJUHVRVDWLVIDFFLyQFRQOD
FRQODSUHVHQFLDGHDOWDFRUUXSFLyQORVDXWRUHVFRQ/ YLGDHGXFDFLyQ\FRQ¿DQ]DLQWHUSHUVRQDOWLHQHXQD
WURODQ HVWD YDULDEOH GLYLGLHQGR D ORV SDtVHV HQ GRV UHODFLyQHVWDGtVWLFDPHQWHVLJQL¿FDWLYDFRQODVDFWLWX/
JUXSRVFRQEDMD\DOWDFRUUXSFLyQ3RUHOFRQWUDULR
OD HIHFWLYLGDG GHO JRELHUQR QR WLHQH HIHFWR VREUH HO
DSR\RFXDQGRODFRUUXSFLyQHVEDMD(QVXSHUVSHFWL/
YDHVWH~OWLPRKDOOD]JRDSR\DVXKLSyWHVLVSULQFLSDO
DTXHOORVHQFXHVWDGRV TXH ³SHUFLEHQ DOWRV QLYHOHVGH
FRUUXSFLyQ VRQ VLJQL¿FDWLYDPHQWH PHQRV SURFOLYHV
D µFDVWLJDU¶ DO JRELHUQR HQ ORV SDtVHV FRQ EDMD H¿/
FDFLD JXEHUQDPHQWDO FRPSDUDGRV FRQ DTXHOORV TXH
YLYHQHQQDFLRQHVFRQDOWDH¿FDFLDJXEHUQDPHQWDO´
/DFRQFOXVLyQGH0DQ]HWWL\:LOVRQHVTXH³ODVLQV/
WLWXFLRQHVGHPRFUiWLFDVGpELOHV´VRQHOVXVWHQWRTXH
SHUPLWH ³D ORV JRELHUQRV FRUUXSWRV REWHQHU DSR\R
GHVKDFLDODFRUUXSFLyQ
/RVKDOOD]JRVHQORVGLH]SDtVHVGH$PpULFD/DWLQD
TXHLQWHJUDQHVWHHVWXGLRPXHVWUDQTXHORVODWLQRDPH/
ULFDQRVH[SUHVDQORVQLYHOHVPiVEDMRVGHFRQ¿DQ]D
HQODSROLFtD\XQDWROHUDQFLDDODFRUUXSFLyQXQWDQWR
SRUDUULEDGHOSURPHGLRGHODPXHVWUDWRWDOGHSDtVHV
QLYHOHVVyORFRPSDUDEOHVFRQORVFLXGDGDQRVGH(XUR/
SDGHO(VWH3RURWUDSDUWHSDUDODUHJLyQQRVHREVHU/
YDXQDUHODFLyQHVWDGtVWLFDPHQWHVLJQL¿FDWLYDHQWUHOD
FRQ¿DQ]DHQODSROLFtD\ODWROHUDQFLDDODFRUUXSFLyQ
'HPRGRDQiORJRDORTXHRFXUUHHQHOJUXSRWRWDOGH
SDtVHVODVPXMHUHVDFHSWDQPHQRVODFRUUXSFLyQTXH
SROtWLFR´0DQ]HWWL\:LOVRQ
/$6$&7,78'(6+$&,$/$&25583&,Ï1
8Q JUXSR GH ODV FRQWULEXFLRQHV GHO OLEUR H[SORUDQ
GLVWLQWDVGLPHQVLRQHVGHORTXHSRGUtDPRVGHQRPLQDU
³DFWLWXGHVKDFLDODFRUUXSFLyQ´(QHVWHSXQWRHVLP/
SRUWDQWHGLVWLQJXLUODVGLPHQVLRQHVGHHVWHFRQFHSWR
FRPRVRQORVQLYHOHVGHFRUUXSFLyQSHUFLELGRVODLP/
SXQLGDGDVLJQDGDDOKHFKRGHFRPHWHUDFWRVFRUUXSWRV
RODSULRULGDGGDGDDODFRUUXSFLyQFRPRSUREOHPD
ORVKRPEUHV\ODHGDGHVWiUHODFLRQDGDQHJDWLYDPHQWH
FRQODWROHUDQFLDDODDFHSWDFLyQGHVRERUQRV)LQDO/
PHQWHHLJXDOTXHFRQORREVHUYDGRSDUDODPXHVWUD
FRQWRGRVORVSDtVHVODFRQ¿DQ]DLQWHUSHUVRQDO\HO
QLYHOHGXFDWLYRQRHVWiQDVRFLDGRVFRQODWROHUDQFLD
DODFRUUXSFLyQ
(Q RWUR FDStWXOR $GDP %ULQHJDU H[SORUD ODV GH/
WHUPLQDQWHVGHDOJXQDVGLPHQVLRQHVGHODVDFWLWXGHV
KDFLDODFRUUXSFLyQHQWUHORVFKLOHQRV\VLHVWDVDIHF/
WDURQ R QR D ODV SUHIHUHQFLDV HOHFWRUDOHV (QFXHQ/
&KDUOHV+%ODNH%ODNHDSDUWLUGHODSUHJXQWD
VREUH³¢FXiOHVVRQODVFRQGLFLRQHVDSDUWLUGHODVFXD/
OHV HV PiV SUREDEOH TXH ORV FLXGDGDQRV PDQL¿HVWHQ
XQDµWROHUDQFLDFHUR¶KDFLDODVDFFLRQHVFRUUXSWDV"´
SURSRQHTXHHOFiOFXORGHORVLQGLYLGXRVVREUHODSUR/
EDELOLGDG GH TXH ODV LQVWLWXFLRQHV H[LVWHQWHV KDJDQ
FXPSOLU OD OH\ GHEHUtD WHQHU XQD LQÀXHQFLD FUXFLDO
WUD TXH OD LGHQWL¿FDFLyQ SDUWLGDULD LQÀX\H VREUH ODV
SHUFHSFLRQHVVREUHFXiQSULRULWDULRHVHOWHPDGHOD
FRUUXSFLyQ\VREUHODH¿FLHQFLDSHUFLELGDGHODVUHIRU/
PDV7DPELpQTXHODLGHQWL¿FDFLyQSDUWLGDULDQRHVWi
UHODFLRQDGDFRQORVQLYHOHVSHUFLELGRVGHFRUUXSFLyQ
HQ HO JRELHUQR \ HQ VHJXQGR WpUPLQR TXH OD SULRUL/
GDGGDGDDOSUREOHPDGHODFRUUXSFLyQQRLQÀX\HVR/
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
NH
 .-0$)-!//0 *):)7.)(1%*1.0"7:
EUHODLQWHQFLyQGHYRWRHQPRGRGLUHFWRDXQTXHVt
OR KDFH PHGLDGD SRU HO GHVHPSHxR HFRQyPLFR \ OD
HYDOXDFLyQVREUHODUHVSRQVDELOLGDGGHOJRELHUQR\GH
ODRSRVLFLyQHQORVHVFiQGDORVGH\(VWH
KDOOD]JRVXJLHUHHQODYLVLyQGH%ULQHJDUTXHHOHOHF/
WRUDGRSUHPLDODVSROtWLFDVDQWLFRUUXSFLyQ
$55(*/26,167,78&,21$/(6
32/Ë7,&$63Ò%/,&$6<&25583&,Ï1
4XL]i HO DVSHFWR PiV LPSRUWDQWH GH OD REUD HGLWDGD
SRU&KDUOHV+%ODNH\6WHSKHQ'0RUULVVHDHOGH
VXVLPSOLFDFLRQHVHQWpUPLQRVGHGLVHxRLQVWLWXFLRQDO
\ GH SROtWLFDV S~EOLFDV 3DUHFH LQHYLWDEOH FRPHQ]DU
SRUHOWLSRGHSROtWLFDVPiVHVWXGLDGRHOGHVLODVUH/
IRUPDV GH PHUFDGR GLVPLQX\HQ R QR OD FRUUXSFLyQ
(QXQDUHYLVLyQVLVWHPiWLFDGHOHVWDGRGHODFXHVWLyQ
HOFDStWXORGH7KDFNHUHQFXHQWUDTXHDOJXQRVWUDEDMRV
KDOODQTXHWDOHVSROtWLFDVKDQFDPELDGRPiVTXHHOL/
PLQDGRODSROtWLFDGHODFRUUXSFLyQHQ$PpULFD/DWLQD
GHLQWHUPHGLDULRVHOFDStWXORGH/ySH]&DOL]6HOLJ/
VRQ \ $OFD]DU HQFXHQWUD TXH HQ HO FDVR GHO 3URJUD/
PD9DVRGH/HFKHHQ3HU~VyORFHUFDGHXQSRU
FLHQWRGHORVIRQGRVOOHJDQDOS~EOLFRREMHWLYR(VWH
WUDEDMRHQFXHQWUDDGHPiVTXHODPD\RUSDUWHGHORV
UHFXUVRVTXHQROOHJDQDORVEHQH¿FLDULRVVHTXHGDQ
HQ OD EDVH GH OD FDGHQD GH GLVWULEXFLyQ GH OD OHFKH
\ QR HQ OD F~VSLGH OR TXH FRQWUDGLFH OD D¿UPDFLyQ
GHTXHODGHVFHQWUDOL]DFLyQORJUDKDFHUPiVH¿FD]OD
DVLJQDFLyQGHORVIRQGRVGHSURJUDPDVVRFLDOHV
$ PRGR GH UHÀH[LRQHV ¿QDOHV VRQ PXFKRV ORV
DUUHJORV LQVWLWXFLRQDOHV \ ODV SROtWLFDV S~EOLFDV TXH
SRGUtDQWHQHUHOHIHFWRGHGLVPLQXLUODFRUUXSFLyQ/D
WUDQVSDUHQFLDRHODFFHVRDODLQIRUPDFLyQGHODVDJHQ/
FLDVJXEHUQDPHQWDOHVHVXQDGHHOODV8QGp¿FLWGHOD
OLWHUDWXUDHVTXHXQDEXHQDSDUWHGHODLQYHVWLJDFLyQ
FRPRODREUDUHVHxDGDORUHFRJHVHKDFHQWUDGRHQ
ODVUHIRUPDVGHPHUFDGRQRLQFOX\HQGRRWUDVGLPHQ/
VLRQHVGHGLVHxRLQVWLWXFLRQDO\SROtWLFDVS~EOLFDV
0DQ]HWWL\%ODNH3RURWUDSDUWHRWURVHVWX/
GLRVVREUHDOJXQRVSDtVHVDIULFDQRVHQFXHQWUDQTXHODV
UHIRUPDVQRVyORQRORJUDURQGLVPLQXLUODFRUUXSFLyQ
VLQRTXHSDUHFHUtDQKDEHUIDYRUHFLGRODFDSDFLGDGGH
ORVVHFWRUHVSULYLOHJLDGRVGHLQFXUULUHQSUiFWLFDVFR/
/DFRQWULEXFLyQGHHVWHOLEURHVXQQRWDEOHHVIXHU/
]R TXH DERUGD OD HFRQRPtD GH OD FRUUXSFLyQ VLQWH/
WL]DODHYLGHQFLDH[LVWHQWHDOUHVSHFWRHQHOSUHVHQWH
\ DSRUWD QXHYRV KDOOD]JRV IUHQWH D ORV LQWHUURJDQWHV
TXHURGHDQHOIHQyPHQRGHODFRUUXSFLyQHQ$PpULFD
UUXSWDV9DQGH:DOOH/DVUHIRUPDVGHPHU/ /DWLQD3RURWUDSDUWHWLHQHODYLUWXGGHTXHHOOHFWRU
FDGROOHYDGDVDFDERHQORVSDtVHVH[FRPXQLVWDVKDQ HQFRQWUDUiODVSUHJXQWDVTXHXQDLQYHVWLJDFLyQSRV/
JHQHUDGRFRPHQWDULRVVLPLODUHVHQWUHVXVHVWXGLRVRV WHULRUGHEHUtDLQFOXLU(QHVHVHQWLGRODOHFWXUDGHOD
+HOOPDQ $O FRQWUDULR RWURV WUDEDMRV OH GDQ REUDQRVLQGLFDDOJXQRVFDPLQRVDVHJXLU
DSR\RDODKLSyWHVLVGHTXHODVSROtWLFDVQHROLEHUDOHV
¿QDOPHQWH UHGXFHQ OD FRUUXSFLyQ SROtWLFD .UXHJHU 5()(5(1&,$6
 .UDPHU  )LQDOPHQWH HO PLVPR 7KDF/ $GFRFN 5  ³:KDW LV D FRQFHSW"´ 0p[LFR
NHUHQFXHQWUDTXHORVSDtVHVFRQ³HFRQRPtDVDELHUWDV &RPPLWWHH RQ &RQFHSWV DQG 0HWKRGV :RUNLQJ
WLHQGHQDPRVWUDUPHQRUFRUUXSFLyQ´7KDFNHU 3DSHU6HULHV,36$&,'(
(OSDQRUDPDDO¿QDOHVXQDPL[WXUD %ODNH&+\&0DUWLQ³7KH'\QDPLFVRI
$SUR[LPiQGRVH D KLSyWHVLV PHQRV H[SORUDGDV HO 3ROLWLFDO &RUUXSWLRQ 5HH[DPLQLQJ WKH ,QÀXHQFH
WUDEDMRGH%DLOH\SUHVHQWDDUJXPHQWRVDIDYRUGHOD RI'HPRFUDF\´<*/%4-0$.;0$.%"YROQ~P
LGHDGHTXHORVVLVWHPDVGHUHSUHVHQWDFLyQSURSRUFLR/ &DPS 5 $  ³'HPRFUDF\ WKURXJK /DWLQ
QDOFRQOLVWDVFHUUDGDVFX\DVQRPLQDFLRQHVVRQFRQ/ $PHULFD /HQVHV$Q$SSUDLVDO´ HQ 5$ &DPS
WURODGDVSRUORVOtGHUHVGHORVSDUWLGRVWLHQGHQDDX/ HGM.$.;*"#J.*U#%7#<*/%4-046#."#C0$."#P/*-.>
PHQWDUODSUREDELOLGDG GH FRUUXSFLyQ $VLPLVPROD 403LWWVEXUJK8QLYHUVLW\RI3LWWVEXUJK3UHVV
H[LVWHQFLDGHHOHFFLRQHVSULPDULDVGHQWURGHORVSDUWL/ 'HO&DVWLOOR$³0HGLFLyQGHODFRUUXSFLyQ
GRVHVSHFLDOPHQWHVLVRQDELHUWDVWLHQGHDGLVPLQXLU 8QLQGLFDGRUGHODUHQGLFLyQGHFXHQWDV´0p[LFR
ODFRUUXSFLyQ'HLJXDOPRGRHOVLVWHPDSURSRUFLRQDO $XGLWRUtD6XSHULRUGHOD)HGHUDFLyQ
GHOLVWDDELHUWDWLHQGHDUHVWULQJLUDODFRUUXSFLyQ )UDVHU%³0LQRU&RUUXSWLRQ-XVW3DUWRI/LIH
8Q HVWXGLR SRUPHQRUL]DGR GH ORV HIHFWRV GH ORV LQ3HUX´:%$.=)-GHDEULO
GLVHxRV GH SROtWLFDV S~EOLFDV HQ HVWH FDVR GH XQ *HUULQJ - \ 6 & 7KDFNHU  ³3ROLWLFDO &R/
SURJUDPD VRFLDO DUURMD OX] VREUH VX LPSRUWDQFLD UUXSWLRQ DQG ,QVWLWXWLRQV 7KH UROH RI 8QLWDULVP
'HVD¿DQGRODLGHDGHTXHODGHVFHQWUDOL]DFLyQGHORV DQG3DUOLDPHQWDULVP´?-.$.+5#Q%)-"0'#%7#R%'.$.40'#
SURJUDPDV VRFLDOHV FRQVWLWX\H XQ PHFDQLVPR TXH =4.*"4*Q~P
FRQWULEX\HDTXHXQDSRUFLyQPD\RUGHORVUHFXUVRV +DUGLQ 5  C.T*-0'.+/1# M%"+$.$)$.%"0'.+/1#
OOHJXHQDVXVEHQH¿FLDULRV\TXHQRTXHGHQHQPDQRV 0"&#<*/%4-0462[IRUG2[IRUG8QLYHUVLW\3UHVV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

NJ
 C+0"**%(:"(;)&!*"1(0#.%&"1D 0(.-0$)-!

*DUGLQHU - $  ³'H¿QLQJ &RUUXSWLRQ´ HQ E"$*-"0$.%"0'#<*9*'%,/*"$YROQ~P

$ +HLGHQKHLPHU \ 0 -RKQVWRQ HGV R%'.$.40'# 0DQ]HWWL/\&+%ODNH³0DUNHW5HIRUPV
4%--),$.%"O# M%"4*,$+# 0"&# M%"$*\$+ 1HZ %UXQ/ DQG&RUUXSWLRQLQ/DWLQ$PHULFD´F*9.*U#%7#E">
VZLFN7UDQVDFWLRQ3XEOLVKHU $*-"0$.%"0'#R%'.$.40'#!4%"%/6YROQ~P
+HLGHQKHLPHU$ - \ 0O -RKQVWRQ  ³,QWUR/ 0RUULV 6 '  ³&RUUXSWLRQ DQG WKH 0H[LFDQ
GXFWLRQWR3DUW´HQ$+HLGHQKHLPHU\0-R/ 3ROLWLFDO6\VWHPV&RQWLQXLW\DQG&KDQJH´K5.-&#
KQVWRQHGVR%'.$.40'#M%--),$.%"O#M%"4*,$+#0"&# t%-'&#n)0-$*-'6YROQ~P
M%"$*\$+1HZ%UXQVZLFN7UDQVDFWLRQ3XEOLVKHU 1\H-6³&RUUXSWLRQDQG3ROLWLFDO'HYHORS/
+HOOPDQ-6³:LQQHUV7DNH$OO7KH3ROL/ PHQW$&RVW%HQH¿W$QDO\VLV´P/*-.40"#R%'.$.>
WLFVRI3DUWLDO5HIRUPLQ3RVW&RPPXQLVW7UDQVL/ 40'#=4.*"4*#F*9.*UYROQ~P
WLRQV´t%-'&#R%'.$.4+YRO 5RVH$FNHUPDQ6E"$*-"0$.%"0'#N0"&T%%W#
.UDPHU -  ³3ROLWLFDO &RUUXSWLRQ LQ WKH %7#$5*#!4%"%/.4+#%7#M%--),$.%"&KHOWHQKDP(G/
8665´HQ$+HLGHQKHLPHU0-RKQVWRQ\9 ZDUG(OJDU3XEOLVKLQJ
- /HYLQH HGV R%'.$.40'# M%--),$.%"O# P# N0"&> 6FKHGOHU$\56DUV¿HOG³'HPRFUDWVZLWK
T%%W1HZ%UXQVZLFN7UDQVDFWLRQ3XEOLVKHU $GMHFWLYHV/LQNLQJ'LUHFWDQG,QGLUHFW0HDVXUHV
-RKQVWRQ0=6"&-%/*+#%7#M%--),$.%"&DP/ RI'HPRFUDWLF6XSSRUW´!)-%,*0"#Q%)-"0'#%7#R%>
EULGJH&DPEULGJH8QLYHUVLW\3UHVV '.$.40'#F*+*0-45YROQ~P
.UXHJHU$2R%'.$.40'#!4%"%/6#%7#R%'.46#F*> 9DQGH:DOOH1K5*#R%'.$.4+#%7#R*-/0"*"$#
7%-/#."#<*9*'%,."B#M%)"$-.*+&DPEULGJH0,73UHVV M-.+.+Y#D0"0B."B#P7-.40"#!4%"%/.*+1#`aba>`aaa-!
/DQFDVWHU7'\*50RQWLQROD³&RPSD/ &DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
UDWLYH3ROLWLFDO&RUUXSWLRQ,VVXHVRI2SHUDWLRQDOL/ :H\ODQG.³3ROLWLFVRI&RUUXSWLRQLQ/DWLQ
]DWLRQDQG0HDVXUHPHQW´=$)&.*+#."#M%/,0-0$.9*# $PHULFD´Q%)-"0'#%7#<*/%4-046YROQ~P

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

NK
Corrupción
4*1&"?!.*+%.5,!+!.*+%*'!*8&')/,6!*
+%?&6"D/,6!*%-* México.
$-*!-D',.,.*+%*.$*8!.!+&*"%6,%-/%

E1*%";(82=%**4:0%1>

(
OGHEDWH\ODLQYHVWLJDFLyQVREUHHOIHQyPHQR
GH OD FRUUXSFLyQ \ VX YtQFXOR FRQ HO SURFHVR
SROtWLFRUHFLHQWHHQ0p[LFRDWUDYLHVDIRU]RVD/
PHQWHHOFDPSRH[LVWHQFLDO\WHPSRUDOGHODVIUDFWXUDV
\ODVHPHUJHQFLDVTXHHQUHWURVSHFWLYDSHUPLWLHURQOD
FRQ¿JXUDFLyQGHGHWHUPLQDGRVQLYHOHVWHUULWRULDOHVGH
GHPRFUDWLFLGDGDORODUJRGHOSDtVSHURWDPELpQSDVD
DWUDYpVGHORVQLYHOHVIXQFLRQDOHVGHODVUHIRUPDVSR/
OtWLFDV VREUH OD PDWHULD TXH DO VHGLPHQWDU XQD VHULH
GHSURFHGLPLHQWRVSDUDFRQWURODUHOPHUFDGRSROtWLFR
GHODFRUUXSFLyQHVWDEOHFLHURQXQ³DMXVWH´HQORVHV/
WLORV GH KDFHU OD SROtWLFD GHPRFUiWLFD 6LQ HPEDUJR
ODSUHRFXSDFLyQVREUHODFRUUXSFLyQQRGHMDGHSUH/
VHQWDUVHHQODHVFHQDS~EOLFDFRPRXQDFRQVWDQWHGHO
SURFHVRSROtWLFRGHPRFUiWLFR\DTXHSRUPRPHQWRV
SDUHFHTXHODWUDQVIRUPDFLyQGHOHVWLORHQODHODERUD/
FLyQGHODSROtWLFDGHPRFUiWLFDVLHPEUDGXGDVUD]RQD/
EOHVDOUHGHGRUGHOWLSRGHDMXVWHTXHVREUHYLQRHQORV
GRV~OWLPRVVH[HQLRV
$O VHU FRQWLQXDV ODV SUHRFXSDFLRQHV VREUH OD SD/
WRORJtD GHVGH HO SXQWR GH YLVWD LQVWLWXFLRQDO HFRQy/
PLFR\VRFLDOHVSRVLEOHVXJHULUTXHVXSHUPDQHQFLD
³HVWUXFWXUDO´HQHOSDtVHVWiVXMHWDGDHQJUDQPHGLGD
DDTXHOODFRQFHSFLyQLQVWLWXFLRQDOHQDUERODGDSULQFL/
3URIHVRULQYHVWLJDGRUGHWLHPSRFRPSOHWRHQOD8QLYHUVLGDG$XWyQRPD
GHOD&LXGDGGH0p[LFR\'LUHFWRUHGLWRULDOGHD*$0,%'@$.40"
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
NG
SDOPHQWHSRUORVSDUWLGRVSROtWLFRVVREUHHOFDPELR
SROtWLFRTXHORLQWHUSUHWD\PDQHMDFRPR4%"+$0"$*VL
ORVFDPELRVQRWHUPLQDQVXVGHVYLDFLRQHVVRQFRQ/
WLQXDVORTXHSDUDGyMLFDPHQWHIUHQDHQPXFKDVRFD/
VLRQHVWDOHVFDPELRV¢&yPRFDPELDUVLODFRUUXSFLyQ
QRGHMDGHUHSURGXFLUVHHQPRGRDPSOLDGR"¢FyPR
HYLWDUODVLHVODELVDJUDVHPiQWLFD\HQPXFKDVRFD/
VLRQHVHOPHFDQLVPRFHQWUDOGHXQDLQ¿QLGDGGHLQWHU/
FDPELRVSROtWLFRVHQHOWLHPSRSUHVHQWHGHODSROtWLFD
PH[LFDQD"'HDTXtSXHVGHULYDXQDFRQ¿UPDFLyQVLP/
SOHODVLQWHQFLRQHVGHFDPELRHQGLUHFFLyQGHPHMRUtD\
FRQWUROGHODFRUUXSFLyQVHVXFHGHQDxRFRQDxRSHURDO
QRREVHUYDUXQSXQWR¿QDOGHOFDPELRHQODSHUVSHFWLYD
\HOHVWLORGHRUJDQL]DUORVLQWHUHVHVFROHFWLYRVDVLVWLPRV
DXQHVSHFWiFXORGHJUDGDGRGHLQPRYLOLGDGDFHUFDGHODV
SRVLELOLGDGHVGHVXFRQWURO\HUUDGLFDFLyQ
$ SHVDU GH VX FDUiFWHU SDUDGyMLFR HO KHFKR GH
TXHODFRUUXSFLyQ¿JXUHHQORVGLVFXUVRVSROtWLFRVHQ
PRGRSRUGHPiVLQWHQFLRQDO\VLVWHPiWLFRHQORVPH/
GLRVGHFRPXQLFDFLyQHQODLQYHVWLJDFLyQDFDGpPLFD
RVHQFLOODPHQWHFRPRSUHRFXSDFLyQFRWLGLDQDVXSR/
QHODHODERUDFLyQGHXQHVSDFLRGHLVRPRU¿VPROHJDO
\SROtWLFRTXHHVODIRUPDPiVSUHFLSLWDGDGHHYLGHQ/
FLDUOR FRQ PLUDV D VX FRQWURO TXH QR HTXLYDOH D OD
UHGXFFLyQGHVXIUHFXHQFLDSHURWDPELpQVXJLHUHXQ
 /)**2>/09#(<(.)*&%1(:"1=0%:%1(:"(7%(>)7'+0/%(:"&)/*F+0/%("#(&EG0/) 0(.-0$)-!

PRGRHVSHFt¿FRGH*90+.8"DOHPSXMDUHOSUREOHPDDO
iPELWRGHODUHWyULFD\ODVSHUFHSFLRQHVSDUDLPSRQHU
\GH¿QLUHOFDPSRSROtWLFR\VRFLDOGHVGHHOFXDOHV
SRVLEOHHQFXDGUDUHODVXQWRORJUDQGRSRUPRPHQWRV
XQD PRQRSROL]DFLyQ GHO XQLYHUVR GH VX LQWHUSUHWD/
FLyQ 3RUHOORGHFLUTXHFXDQGR0p[LFRWHUPLQDGH
PDQHUDVGHGH¿QLFLyQMXUtGLFDXQDGHODVSULQFLSDOHV
WUDPSDVSROtWLFDVSDUDQRFRQWURODUOD(QHVWHFRQWH[/
WRQRHVIRUWXLWRTXHODFODVHHPSUHVDULDOPH[LFDQD
WHUPLQHSRUGHSHQGHUGLUHFWDPHQWHGHVXUHODFLyQFRQ
HOSUHVLGHQWHGHODUHS~EOLFD\QRFRQHOSDUWLGRR¿/
FLDOPXFKRPHQRVFRQODOHJDOLGDGDXWRULWDULDSRU
DEULUVHDODYLGDGHPRFUiWLFDDSDUWLUGHO*\.+$*"#
PHQRVRFDVLRQHV\SRVLELOLGDGHVGHFRUUXSFLyQHVXQD
UHLWHUDFLyQVREUHWRGRVLVHFRQIURQWDFRQHOGHVDUUR/
OORGHODSDWRORJtDHQORVDxRVRFKHQWD\QRYHQWDGHO
VLJOR SDVDGR PRPHQWR GRQGH VH YXHOYH XQR GH ORV
Q~FOHRVGHODFULVLVS~EOLFRHVWDWDO([LVWHQHOHPHQ/
FLHUWRTXHYDFRQVWLWX\pQGRVHFRQIRUPHVHGHVDUUR/
OODHO(VWDGRPH[LFDQRGHVGHORVDxRVFXDUHQWD3RU
HOORODVSRVLELOLGDGHVGHKDFHURQRQHJRFLRVQXQFD
HVWXYLHURQVXSHGLWDGDVDODHVWDELOLGDGGHODSROtWLFD
PXFKRPHQRVDVXVGHVDUUROORVORFDOHVVLQRDODGLV/
WDQFLDSUR[LPLGDG FRQ HO SRGHU HMHFXWLYR PH[LFDQR
WRV VX¿FLHQWHV SDUD LQGLFDU TXH HQ OD ~OWLPD GpFDGD
FDPELyVXWUDWDPLHQWRUHWyULFR\ORVHPSHxRVJXEHU/
QDPHQWDOHV SDUD FRQWURODUOD SHUR QR SDUD *9.$0-'0"!
(VWRFRQ¿UPDSUHFLVDPHQWHODLGHDGHXQFDPELR+).#
BG"*-.+HQORVHVWLORVGHKDFHUSROtWLFD\QRHQHOQLYHO
9DOGpV8JDOGH
$KRUDELHQORTXHFDPELDHQHOUHVSHFWRD
ORV DxRV FXDUHQWD GH OD UHODFLyQ HQWUH HPSUHVDULDGR
\SRGHUSROtWLFRHVTXHHOYtQFXORWHUPLQDVXSHGLWDGR
DOPLVPRWLHPSRFRQHOQXHYRSDUWLGRHQHOJRELHUQR
LQVWLWXFLRQDOGHOSURFHVRSROtWLFR
1RREVWDQWHVLREVHUYDPRVODHYROXFLyQGHOPHU/
FDGRGHODFRUUXSFLyQGHVGHXQDSHUVSHFWLYDGHODUJR
UHVSLUR OR TXH HQFRQWUDPRV HV XQ SURFHVR GH FULVLV
SROtWLFDTXHVHFRQFUHWL]DHQODHOHFFLyQGHODxR
TXHSHUPLWHHODVFHQVRGHFODVHVHPHUJHQWHVGHVGHHO
SXQWRGHYLVWDSROtWLFRSDUWLGLVWD\WDPELpQHFRQyPL/
FRHPSUHVDULDO $ SHVDU GH TXH VXV WUD\HFWRULDV FR/
3$1 FRQ ORV SDUWLGRV SROtWLFRV HQ OD RSRVLFLyQ \
DGHPiVFRQHOSUHVLGHQWH(VGHFLUFDGDYH]PiVHQ/
WUDxDORVLQWHUFDPELRVFRUUXSWRVODVVHGHVFOiVLFDVGH
ODUHSUHVHQWDFLyQSROtWLFDFRQORTXHHOLPSDFWRSDUD
HOSURFHVRGHPRFUiWLFRHVPD\RUTXHHQHOPRPHQWR
GRQGHODVUHODFLRQHV\ODVSUiFWLFDVGHFRUUXSFLyQHQ/
WUHFDSLWDOSULYDGR\(VWDGRQRHVWDEDQHVWDEOHFLGDV
HQIRUPDWULDQJXODUSXHVHOSDUWLGRR¿FLDOMXJDEDD
UUHVSRQGHQDSURFHVRVHQRULJHQGLVWLQWRVH[LVWHFRQ SDUWLUGHODDFFLyQGHOSRGHUHMHFXWLYR
HODVFHQVRGHXQDFODVHQXHYDTXHQRGHMDGHFRQ/ &RPR VHD KD\ TXH GHVWDFDU TXH ODV UHODFLRQHV
IXQGLUVHFRQODVWUDGLFLRQDOHVpOLWHVSROtWLFDV\HFRQy/ VHPiQWLFDV H KLVWyULFDV HQWUH HO WLHPSR SUHVHQWH GH
PLFDVODFODUDH[SUHVLyQGHXQFUXFHGLDFUyQLFRGH OD SROtWLFD \ OD GHPRFUDFLD PH[LFDQD UHVSHFWR D ORV
H[SHULHQFLDV FRQ HO GHVDUUROOR DFHOHUDGR D SDUWLU GH PHUFDGRV GH OD FRUUXSFLyQ SXHGH YROYHUVH IpUWLO VL
ORVDxRVWUHLQWDGHOVLJOR;;GHORVOODPDGRVQXHYRV ORJUDPRV HVWDEOHFHU XQD OHFWXUD GH HVH SUHVHQWH LQ/
ULFRVODQXHYDFODVHSROtWLFD\ODQXHYDEXUJXHVtDGH WHUSUHWDEOHFRPRIHQyPHQRGHWUDQVPLVLyQTXHOLEH/
(VWDGRTXHHQHOLQWHUUHJQRTXHVHDEUtDDSDUWLUGH UDFRQWURODODSURGXFFLyQGHODKHUHQFLDSROtWLFDQD/
ORVDxRVYHLQWHFRQODSUHWHQVLyQGHOHVWDEOHFLPLHQWR FLRQDO LQFOXLGR VX HQUDL]DPLHQWR GLVFRQWLQXR HQ HO
GHO(VWDGRSRVUHYROXFLRQDULRVDOWDQGHOFDPSRGHOD iPELWR LQVWLWXFLRQDO SHUR WDPELpQ HQ ODV IRUPDV GH
SROtWLFDDOGHORVQHJRFLRVDWUDYpVGHODSROtWLFDGH
OD FRUUXSFLyQ $Vt FRQIRUPDQ XQD FODVH GH ³FDXGL/
OORVUHYROXFLRQDULRVFDSLWDOLVWDV´ FRPR VXFHGLy FRQ
0D[LPLQR ÈYLOD &DPDFKR HQ 3XHEOD $EHODUGR /
5RGUtJXH] HQ %DMD &DOLIRUQLD \ *RQ]DOR 1 6DQWRV
SURGXFFLyQGHVXEMHWLYLGDG\ODSRVLELOLGDGFDGDYH]
PHQRVSUHVHQWHGHHODERUDFLyQGHXQ7)$)-%#,0+0&%#
TXHSHUPLWDODUHGXFFLyQGHODVGHXGDVKLVWyULFDVTXH
SURGXFHQORVPHUFDGRVGHODFRUUXSFLyQHQHOWLHPSR
SUHVHQWH D WUDYpV GH ORV HIHFWRV SHUYHUVRV TXH HQ HO
HQ 6DQ /XLV 3RWRVt 4XLQWDQD  <D HQ ORV WHUUHQRPHGLDWRKDQFRPHQ]DGRDVHGLPHQWDUSRUOR
DxRVFXDUHQWDHOHPSXMHGHHVWDSROtWLFDGHODFRUUXS/ PHQRVHQWpUPLQRVGHRUGHQHVWDWDO\GHFRVDS~EOLFD
FLyQ VH GHVSOD]D GHO FRPSRQHQWH FDVWUHQVH KDFLD HO 5HYXHOWDV   &DEH DJUHJDU TXH YLQ/
FDPSRFLYLOGRQGHDSDUHFHHOWULXQIRGHODSUiFWLFDGH 
 (Q RWUDV SDODEUDV HV HO LQLFLR KLVWyULFR GHO GHVDUUROOR SROtWLFR GH OR
ODDERJDFtDFRQUHODFLyQDODDFWLYLGDGSROtWLFD\GH TXHVHKDGH¿QLGRFRPR³µJRELHUQRSRURUGHQDQ]D¶HQHOFXDOQRKD\
VRODPHQWHLOHJDOLGDGWUDQVJUHVLyQGHODOH\SRUIXQFLRQDULRVFRUUXSWRV
pVWDDXQDFRQFHSFLyQDFHUFDGHORVPHUFDGRVFRUUXS/ VLQR WDPELpQ DXVHQFLD GH OHJDOLGDG 'HELGR D HVWR HO IXQFLRQDULR QR
WRV FRPR IHQyPHQRV GH¿QLGRV ,%'@$.40/*"$* FRPR VLHPSUHLQFXUUHHQXQGHOLWRVXVFHSWLEOHGH¿VFDOL]DFLyQFXDQGROOHYDD
OHJDOHV 4XLQWDQD   (Q VXPD OR TXH QR FDERXQDDFFLyQHQPHQRVFDERGHODVFXHQWDVGHOJRELHUQR\DXQFXDQGR
SXGLHUDKDEHUVRVSHFKDVVREUHODSURELGDGGHVXFRQGXFWDQRUPDOPHQWH
DSDUHFHWLSL¿FDGROHJDOPHQWHFRPRFRUUXSFLyQVLP/ HOIXQFLRQDULRTXHGDLPSXQHSXHVQRKD\OHJLVODFLyQTXHKDJDSRVLEOH
SOHPHQWHQRH[LVWHHVXQDFXHVWLyQGHHQIRTXHSHUR OOHYDUORDQWHODMXVWLFLD´9DOGpV8JDOGH
FRPRORYHUHPRVPiVDGHODQWHVRQSUHFLVDPHQWHODV 
4XHQRVRQH[FOXVLYDPHQWHPHUFDGRVLOHJDOHVDGHPiVLQYROXFUDXQD
SDUWHVXVWDQWLYDGHORVOODPDGRVPHUFDGRVFULPLQDOHV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

NM
 .-0$)-!//0 01*%"7(/)=%**2!0%1(

FXODUODVOODPDGDVKHUHQFLDVSROtWLFDVFRQHOWLHPSR ODHVWUXFWXUDWUDGLFLRQDOGHODUHSUHVHQWDFLyQSROtWLFD
SUHVHQWHGHOSURFHVRGHPRFUiWLFRVHxDODPiVTXHOD \FRQHOORODGHODSROtWLFDGHPRFUiWLFD(QUHDOLGDG
³FRVD´KHUHGDGDORV/*&.%+GHWUDQVPLVLyQSURFH/ VXV PDQLIHVWDFLRQHV VRQ OD H[SUHVLyQ GH XQ SURFHVR
VRVSROtWLFRV\FR\XQWXUDVFUtWLFDVTXHSURGXFHQVL/ GHDJXGL]DFLyQGHODVSDWRORJtDVSROtWLFDVTXHQRSX/
PXOWiQHDPHQWHIHQyPHQRVGHHQFDSVXODPLHQWRVXV/ GLHURQGLVROYHUVHQLFRQODPDUFKDDODGHPRFUDFLDHQ
SHQVLyQTXHQRVXSRQHVXGHVDSDULFLyQGHOSDVDGR 0p[LFRQLFRQODSXHVWDHQDFFLyQGHVXVFRQWUROHV
TXHVHLQWHQWDWUDQVPLWLU\HIHFWRVSHUYHUVRVTXHVRQ HQORVGRVVH[HQLRVSRVWHULRUHVDODDO/
DTXHOORV HVSDFLRV TXH WHUPLQDQ ¿OWUDGRV DO WLHPSR WHUQDQFLDSROtWLFD$VtSXHVQRSRGHPRVDQDOL]DUORV
SUHVHQWHGHOSURFHVRSROtWLFR PHUFDGRVGHODFRUUXSFLyQFRPR."*-4.0³QDWXUDO´GHO
3RU FRQVLJXLHQWH LQWHQWDUp FDUDFWHUL]DU DOJXQDV SDVDGRDXWRULWDULR¿OWUDFLyQQRHVVLQyQLPRGHLQHU/
GHODVWUD\HFWRULDVGHODVIRUPDVPDQL¿HVWDVGHODFR/
UUXSFLyQ D WUDYpV GH FDVRV TXH WLHQHQ OXJDU D SDUWLU
GH LQLFLRV GH ORV DxRV RFKHQWD \ TXH VH LQFRUSRUDQ
FRPRKHUHQFLDDOSURFHVRGHPRFUiWLFR3HURDGHPiV
UDVWUHDUpDTXHOODVRWUDVIRUPDVGHODFRUUXSFLyQTXH
FRPHQ]DURQ D QDFHU \ D FUHFHU FRQ UDSLGH] FXDQGR
VHKL]RSDWHQWHODTXLHEUDGHOWLHPSRSDUDGDUOXJDUD
ODTXHUHOODSRUODSROtWLFD\ODGHPRFUDFLDHQ0p[LFR
DSDUWLUGHOGRQGHODUHSURGXFFLyQGHORVPHU/
FDGRV SROtWLFRV LOHJDOHV QR VyOR KD MXJDGR XQ SDSHO
GHWHUPLQDQWHVLQRTXHWDPELpQFRQVWLWX\HQHOFRVWR
UHDOSRUSDJDUDODSRVWDUOHDODLQWHQVL¿FDFLyQKLVWyUL/
FDGHORJUDUGHXQDYH]SRUWRGDVODUHDOL]DFLyQGHOD
,-%/*+0#GHPRFUiWLFDHQORVHVSDFLRVOXJDUHVGHOSUH/
VHQWHPH[LFDQR6LQHPEDUJRUiSLGDPHQWHVHROYLGy
TXHODUHDOL]DFLyQGHODSURPHVDSUHVXSRQtDVXGLVROX/
FLyQSDUDGDUYLGDSUHFLVDPHQWHDXQDUHDOLGDGHIHFWL/
FLD QL FRPR OD HPHUJHQFLD GH XQ SUHVHQWH FRQWUD/
GLFWRULRVLQRFRPRXQFRQMXQWRGHSURFHVRVSROtWLFRV
GRQGHWHUPLQDQODVPDQHUDVGHGLULPLUHOFRQÀLFWRHQ
0p[LFR(VGHFLUKR\VRPRVPiVGHPRFUiWLFRVGHVGH
HOSXQWRGHYLVWDLQVWLWXFLRQDOSHURKHPRVGHFLGLGR
UHFXUULU FRQ PD\RU IUHFXHQFLD D ORV PHUFDGRV GH OD
LOHJDOLGDG GHO FULPHQ \ OD FRUUXSFLyQ SDUD GLULPLU
QXHVWURVFRQÀLFWRVORTXHFRQVROLGDODHYLGHQWHIUDJL/
OLGDGGHODHVWUXFWXUDFLyQS~EOLFDGHODYLGDHQFRP~Q
\GHORVLQWHUHVHVFROHFWLYRV
¢&yPRLQGLFDUXQOtPLWHSROLWROyJLFRSDUDDSUR[L/
PDUQRV D XQD H[SOLFDFLyQ GH ORV SURFHVRV SROtWLFRV
TXHSRQHQHQMXHJRODFRUUXSFLyQIUHQWHDODGLQiPLFD
GHODGHPRFUDFLDHQ0p[LFR"/DKLSyWHVLVTXHTXLHUR
SURSRQHUHQHVWHWUDEDMRHVTXHHOSURFHVRGHPRFUi/
WLFR HQ 0p[LFR KD VHJXLGR VX GHVDUUROOR LQFOXLGDV
VXV IUDFWXUDV UHJUHVLRQHV SROtWLFDV \ HO VXUJLPLHQWR
YDTXHQDFHFRPRODVXSXHVWDKHUHGHUDGHODPDUFKD GH FRQGXFWDV DELHUWDPHQWH QHRDXWRULWDULDV FRQMXQ/
KDFLDODGHPRFUDFLDHQ0p[LFR,QFOXVRVHSHQVDED WDPHQWHFRQVXVFDPELRVGHULWPR\GLUHFFLyQ0#$-0>
TXHVHUtDVX¿FLHQWHHQUHDOLGDGQRORIXHSDUDIXQ/ 9G+# GH OD FDVXtVWLFD GH ORV LQWHUFDPELRV RFXOWRV GH
GDUXQD$-0&.4.8"#GLVWLQWDSOXUDO\DELHUWDSDUDRFXSDU ODFRUUXSFLyQ\GHODFULPLQDOLGDGHQJHQHUDO\DTXH
XQDVHULHGHHVSDFLRVLQVWLWXFLRQDOHVTXHVHOHRSXVLH/ DOFLUFXODUHQHOLQWHULRUGHOSURFHVRGHPRFUiWLFRQR
UDQDODRSDFLGDG\ODFRQFHQWUDFLyQGHOSRGHUSROtWLFR VRQDJHQWHVQLSURFHVRV*\$*-.%-*+DpVWHH[SUHVDQXQ
$JXLODU 5LYHUD   &DVDU  
0iVD~QFXDQGRFRQHOSDVRGHOWLHPSRODHOHFFLyQ
GHVHKDYXHOWRXQDVXHUWHGH/6$5%/%$*)-TXH
FRQVROLGDHOHVSDFLRGHUHDOLGDGLQPHGLDWRGHQXHV/
WUDVFRQIURQWDFLRQHVFRQODGHPRFUDFLD
'HHVWHPRGRHVIXQGDPHQWDOUHÀH[LRQDUHQWRUQR
DORVPHUFDGRVSROtWLFRVTXHHQFXHQWUDQHQODFRUUXS/
FLyQVXDUWLFXODFLyQSULQFLSDOSHURWDPELpQDWUDYpV
GHVXVVtQWRPDVTXHQRVRQVXVHVFiQGDORVQLVXVUp/
PHFDQLVPRGHÀRWDFLyQTXHGH¿QHXQDSDUWHVLJQL¿/
FDWLYDGHODSROtWLFDGHPRFUiWLFDPHGLDQWHVXHODVWLFL/
GDG\QR0#,*+0-GHHOORV(VGHFLUHOPHFDQLVPRGH
ÀRWDFLyQ\ODHODVWLFLGDGSUHVHQWHHQHOSURFHVRSROt/
WLFRGHPRFUiWLFRHQ0p[LFRHVXQHIHFWRGHODVGHUL/
YDFLRQHV ³SDFWDGDV´ TXH SXVLHURQ HQ PRYLPLHQWR D
ORVPHUFDGRVSROtWLFRVFRQPLUDVDTXHODVSURIXQGDV
GLVWDQFLDVHQWUHORVLQWHUHVHVHQFRQÀLFWRHQFXHQWUHQ
VXFRQFOXVLyQUHVROXFLyQ1RVHROYLGHTXHHQXQFRQ/
WRULFDVPiVHYLGHQWHV HQ HO SDtV FRPR VRQ VXVPH/ WH[WRGHFUHFLPLHQWR\H[DVSHUDFLyQGHODLQWHQVLGDG
FDQLVPRVGHFLUFXODFLyQGHDKtODSUHVXSRVLFLyQGH GHODSDUWLFLSDFLyQ\GLVSHUVLyQGHSRGHUHVSURSLRVGH
VXPHUFDGR\TXHXQDOHFWXUDH[FOXVLYDPHQWHGHVGH
VXHQXQFLDFLyQOHJDOHVGHFLUSRQHUODVLQVWLWXFLRQHV
S~EOLFRSROtWLFDV DO VHUYLFLR GH LQWHUHVHV SULYDGRV D
WUDYpVGHOXPEUDOGHGLVFUHFLRQDOLGDGGHODGHFLVLyQ
SROtWLFDQRSHUPLWHFRPSUHQGHU\H[SOLFDUODVPDQH/
UDVGH¿OWUDFLyQGHODFRUUXSFLyQFRPROHJDGRSROt/
WLFR \ FRPR SUREOHPD GH WUDQVIRUPDFLyQ UDGLFDO GH
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
NN
ORV IHQyPHQRV GH GHPRFUDWL]DFLyQ OD SUROLIHUDFLyQ
GHLQWHUHVHVHQFRQWUDGRVFUHFHQSURSRUFLRQDOPHQWHDO
JUDGRGHGHPRFUDWLFLGDGTXHHOUpJLPHQSROtWLFRHVWi
GHVDUUROODQGR(UJRHOPHUFDGRSROtWLFRQDFHFRPR
FDQDOGHFRQWUROGHODFRPSHWHQFLDTXHRULJLQDODLQ/
WHQVL¿FDFLyQGHODSDUWLFLSDFLyQSHURHVWHFRQWUROQR

4XL]iVHSXHGHVRVWHQHUTXHHVHO~QLFRPHUFDGRHOiVWLFR\GLQiPLFR
HQQXHVWURSDtV
 /)**2>/09#(<(.)*&%1(:"1=0%:%1(:"(7%(>)7'+0/%(:"&)/*F+0/%("#(&EG0/) 0(.-0$)-!

SUHVXSRQHQHFHVDULDPHQWHODPRQRSROL]DFLyQGHOPHUFD/
GRGHODFRUUXSFLyQ7RGRVORVPHUFDGRVSROtWLFRVLQFOXL/
GRHOGHODFRUUXSFLyQVRQiPELWRVGHLQWHUIDVHFRQH[LyQ
\VHGLPHQWDFLyQGHUHJODVHVSHFt¿FDVTXHGHWHUPLQDQXQ
JUDGRVLJQL¿FDWLYRGHODRSHUDWLYLGDGGHODVLQVWLWXFLRQHV
&DEHUHFRUGDUTXHORVSULPHURVDxRVGHODGpFDGDGH
ORV RFKHQWD FRQ¿UPDQ OD SUHYDOHQFLD GHO B*")+# DX/
WRULWDULR HQ 0p[LFR FRQMXQWDPHQWH FRQ XQ SURFHVR
FUHFLHQWH\HURVLYRGHVGHHOSXQWRGHYLVWDHFRQyPL/
FR TXH WLHQH VXV HIHFWRV HQ OD GHVHVWUXFWXUDFLyQ GHO
S~EOLFDV =DLG   3RU HOOR ORV PHUFDGRV PHUFDGRWUDGLFLRQDOGHODFRUUXSFLyQTXHYHQtDGHVD/
GHODFRUUXSFLyQHQ0p[LFRDSDUHFHQEiVLFDPHQWHFRPR UUROOiQGRVHDSDUWLUGHORVDxRVFXDUHQWDPHGLDQWHOD
HOHPHQWRGH¿QLWRULRGHFLHUWRQLYHOGHLQVWLWXFLRQDOLGDG SROLWL]DFLyQGHVXVLQFHQWLYRVSDUDYROYHUVH³HOFDWD/
OL]DGRUIXQGDPHQWDOGHORVUHFLHQWHVPDOHVGHODQD/
/269,(-2618(926$0,*26 FLyQ´0RUULVDOWLHPSRTXHFRPLHQ]DD
'(/$'(02&5$&,$ RSHUDUFRPRHOiPELWRGH³FRQWHQFLyQ´HQODVUHODFLR/
(Q XQD SULPHUD DSUR[LPDFLyQ QR HV SRVLEOH D¿UPDU \ QHVJRELHUQRVRFLHGDG5LGLQJ(VWHSUR/
PXFKRPHQRVFRUURERUDUHPStULFDPHQWHTXH*\.+$0#PH/ FHVROOHJDDVXOtPLWHFRQODDFHOHUDFLyQGHOXPEUDOGH
QRV FRUUXSFLyQ GHVSXpV GHO DxR  HQ 0p[LFR 3RU YLVLELOLGDGGHORVPHUFDGRVGHOWUi¿FRGHGURJDV\HO
HMHPSORVLREVHUYDPRVORVGDWRVRIUHFLGRVSRU7UDQVSD/ FULPHQRUJDQL]DGRHQXQFRQWH[WRGHWUDQVLFLyQHFR/
UHQFLD,QWHUQDFLRQDO&XDGURVREUHODVSHUFHSFLRQHV QyPLFDLQGLFDWLYRGHODSpUGLGDGHOFDUiFWHUIXQFLR/
GH OD FRUUXSFLyQ HQ QDOGHODFRUUXSFLyQ
0p[LFR HQ ODV ~O/ DO VLVWHPD SROtWLFR
WLPDV WUHV GpFDGDV \ HO FDPELR HQ VXV
DSDUHFH XQD T-*> SDWURQHV KLVWyUL/
450# HQWUH HO FyGLJR FRV 0RUULV 
QRPLQDO GH OD OH\  (V GHFLU OD
OD UHWyULFD SROtWLFD FUHFLHQWH YLVLELOL/
TXH OHJLWLPD DO Fy/ GDGHQWUHSRGHUSR/
GLJR \ ODV SUiFWLFDV OtWLFR \ FULPHQ RU/
TXH SDVDQ SRU HO JDQL]DGR ¿OWUDGRV
FDPSR GLIHUHQFLDO \ DVHJXUDGRV SRU
GHO LQWHUFDPELR ORV LQWHUFDPELRV
FRUUXSWR 'HVSXpV FRUUXSWRV GLYLGLUi
GH WUHV GpFDGDV HQ D OD pOLWH SROtWLFD \
0p[LFR SDUHFLHUD QROHSRGUiJDUDQWL/
TXH D PD\RU JUDGR ]DUXQJUDGRGHFR/
GH GHPRFUDWL]DFLyQ KHVLyQ FRPR SDUD
PHQRU OD HIHFWLYL/ VHJXLUUHSURGXFLpQ/
GDGGHORVFRQWUROHV GRVHDWUDYpVGHXQD
GH OD FRUUXSFLyQ VXHUWH GH SDFWR GH
6L PLUDPRV ODV GRV OD LOHJDOLGDG 0R/
RULOODV HVWR HV HO UULV(Q
SHULRGR  HVWHFRQWH[WRKDEUtD
\  HO GH/ TXHLQFOXLUODSDUWL/
FUHFLPLHQWR GH OD FLSDFLyQ GH OD 'L/
SHUFHSFLyQ VREUH OD UHFFLyQ )HGHUDO GH
FRUUXSFLyQ QR DO/ 6HJXULGDG ')6
FDQ]D XQ JUDGR GH FRPR SXHQWH HQWUH
YDULDELOLGDGSRVLWLYR WUi¿FR GH GURJDV \
OR VX¿FLHQWHPHQWH SRGHUSROtWLFRSXHV
IXHUWHFRPRSDUDFRQ¿UPDUTXHH[LVWHQDYDQFHVVLJQL¿/ DODOHWUDGHYLQRXQDDJHQFLDGH³LQWHUPHGLDFLyQHV/
FDWLYRVHQODPDWHULD&ODURHVWiTXHODVFRQGLFLRQHVGHO WUXFWXUDOHQWUHWUD¿FDQWHV\SRGHUSROtWLFR´$VWRUJD
SURFHVRSROtWLFRVRQGLVWDQWHVXQDGHRWUDDSHVDUGHTXH 
HOSXQWRGHXQLyQGHDPERVH[WUHPRVQRVHGLVWDQFLHHQ 6LQRVTXHGDPRVFRQODFDOL¿FDFLyQGHORVSULPH/
FXHVWLyQGHFRUUXSFLyQ URV DxRV RFKHQWD  HQ HO WUDVSDVR GH OD SUHVL/

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

NI
 .-0$)-!//0 01*%"7(/)=%**2!0%1(
GHQFLDGH-RVp/ySH]3RUWLOORD0LJXHOGHOD0DGULG
+XUWDGRDSDUHFHQUiSLGDPHQWHXQDVHULHGHVtQWRPDV
HQWRUQRDODFRUUXSFLyQ(OSULPHUR\PiVHYLGHQWH
ODUHWyULFDDQWLFRUUXSFLyQGHODOODPDGD³5HQRYDFLyQ
PRUDO´ SURSXHVWD SRU 0LJXHO GH OD 0DGULG 
VH[HQLR GH 0LJXHO GH OD 0DGULG GLFH ³(Q FDVR GH
DSOLFDFLyQ GH VDQFLRQHV HFRQyPLFDV SRU EHQH¿FLRV
REWHQLGRV\GDxRV\SHUMXLFLRVFDXVDGRVSRULQFXP/
SOLPLHQWRGHODVREOLJDFLRQHVHVWDEOHFLGDVHQHO$UWt/
FXORVHDSOLFDUiQ&%+#$0"$%+#GHOOXFURREWHQLGR\
TXHIXHDFRPSDxDGDGHXQDUHRUJDQL]DFLyQGH GHORVGDxRV\SHUMXLFLRVFDXVDGRV´FXUVLYDVPtDV
ORV FXHUSRV DGPLQLVWUDWLYRV \ GH VHJXULGDG S~EOLFD (OGHGLFLHPEUHGHHVGHFLUGRVGtDVDQWHV
HQWDQWRHVIXHU]RLQVWLWXFLRQDOSDUDRWRUJDUXQPtQL/ GHTXHVHSXEOLTXHHQHO'LDULR2¿FLDOGHOD)HGHUD>
PRGHFUHGLELOLGDG\FRQ¿DQ]DDVXJRELHUQR5REOHV 4.8"ODC*6#X*&*-0'#&*#F*+,%"+0T.'.&0&*+#VHUHIRUPy
/DSXQWDGHODQ]DGHOD5HQRYDFLyQPRUDOIXH HODUWtFXORGHOD&RQVWLWXFLyQTXHSHUWHQHFHDVX
ODFUHDFLyQHOGHGLFLHPEUHGHGHODC*6#X*&*> ³7tWXOR&XDUWR'HODV5HVSRQVDELOLGDGHVGHORV6HU/
-0'#&*#F*+,%"+0T.'.&0&*+#&*#'%+#=*-9.&%-*+#RiT'.4%+# YLGRUHV3~EOLFRV\SDWULPRQLDOGHO(VWDGR´DUWtFXORV
TXHHQWUDHQYLJRUHOGHHQHURGHGRQ/ \TXHHQPDUFDHO³FRQWHQLGR\ORVREMHWLYRV
GHODGH¿QLFLyQMXUtGLFDGHODFRUUXSFLyQHVDSDUWLU GHODVOH\HVGHUHVSRQVDELOLGDGHVGHIXQFLRQDULRVS~/
GHVXUHODFLyQFRQXQDVHULHGHIHQyPHQRVGHGHVYLD/ EOLFRV´&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV
FLyQLQVWLWXFLRQDO.Y*³0DQHMRLQGHELGRGHIRQGRV\
UHFXUVRV IHGHUDOHV´ ³/DV YLRODFLRQHV VLVWHPiWLFDV R
JUDYHVDORVSODQHVSURJUDPDV\SUHVXSXHVWRVGHOD
$GPLQLVWUDFLyQ3~EOLFD)HGHUDORGHO'LVWULWR)HGHUDO
\DODVOH\HVTXHGHWHUPLQDQHOPDQHMRGHORVUHFXUVRV
0H[LFDQRVTXHDODOHWUDGLFH
$UW/DVOH\HVVREUHUHVSRQVDELOLGDGHVDGPLQLVWUDWLYDV
GHORVVHUYLGRUHVS~EOLFRVGHWHUPLQDUiQVXVREOLJDFLRQHVD
¿QGHVDOYDJXDUGDUODOHJDOLGDGKRQUDGH]OHDOWDGLPSDUFLD/
HFRQyPLFRVIHGHUDOHV\GHO'LVWULWR)HGHUDO´4XL]i OLGDG\H¿FLHQFLDHQHOGHVHPSHxRGHVXVIXQFLRQHVHPSOHRV
FDUJRV\FRPLVLRQHVODVVDQFLRQHVDSOLFDEOHVSRUORVDFWRV
HVWDLQFDSDFLGDGGH¿QLWRULD¢GHOLEHUDGD"HVORTXH
SURYRFDODGLVWDQFLDHQWUHXQDUHDOLGDGTXHLQGLFDXQD
VHULHGHSHUFHSFLRQHVQHJDWLYDVVREUHODFRUUXSFLyQ\
ORVHVIXHU]RVGHGH¿QLFLyQSROtWLFDGHOSUREOHPDTXH
WHUPLQDQSRUHQFXDGUDUHOHVSDFLRGHGLVSXWDDPSOLR
\ SURSLFLR SDUD OD UHSURGXFFLyQ GH VX PHUFDGR 'L/
FKRVHDGHSDVRODOH\SURPXOJDGDSRU0LJXHOGHOD
0DGULG WDPELpQ ¿UPDGD SRU 0DQXHO %DUWOHWW 'tD]
XRPLVLRQHVHQTXHLQFXUUDQDVtFRPRORVSURFHGLPLHQWRV
\ODVDXWRULGDGHVSDUDDSOLFDUODV'LFKDVVDQFLRQHVDGHPiV
GHODVTXHVHxDOHQODVOH\HVFRQVLVWLUiQHQVXVSHQVLyQGHV/
WLWXFLyQHLQKDELOLWDFLyQDVtFRPRHQVDQFLRQHVHFRQyPLFDV
\GHEHUiQHVWDEOHFHUVHGHDFXHUGRFRQORVEHQH¿FLRVHFRQy/
PLFRVREWHQLGRVSRUHOUHVSRQVDEOH\FRQORVGDxRV\SHUMXL/
FLRVSDWULPRQLDOHVFDXVDGRVSRUVXVDFWRVXRPLVLRQHVDTXH
VHUH¿HUHODIUDFFLyQ,,,GHODUWtFXORSHURTXHQRSRGUiQ
HQWRQFHVVHFUHWDULRGHJREHUQDFLyQGHURJyODC*6#&*# H[FHGHUGH$-*+#$0"$%+GHORVEHQH¿FLRVREWHQLGRVRGHORV
F*+,%"+0T.'.&0&*+#&*#'%+#X)"4.%"0-.%+#6#!/,'*0&%+# GDxRV\SHUMXLFLRVFDXVDGRV>FXUVLYDVPtDV@
&*#'0#X*&*-04.8"1#&*'#<.+$-.$%#X*&*-0'#6#&*#'%+#P'$%+#
X)"4.%"0-.%+#&*#'%+#!+$0&%+#FUHDGDHOGH 'RV WDQWRV HQ OD C*6# X*&*-0'# &*# F*+,%"+0T.'.&0&*+!
GLFLHPEUH GH  SRU HO HQWRQFHV SUHVLGHQWH -RVp \$-*+#$0"$%+#HQOD&RQVWLWXFLyQ/DGLVRQDQFLDQRHV
/ySH]3RUWLOOR$VLPLVPRHVWDOH\DEURJDXQDWDUGtD DFFLGHQWDO\DTXHFRPRDGYLHUWH5DIDHO5XL]+DUUHO
UHJXODFLyQFUHDGDEDMRHOJRELHUQRGHOSUHVLGHQWH/i/
]DUR&iUGHQDVHOGHGLFLHPEUHGHOODPDGD
C*6#&*#F*+,%"+0T.'.&0&*+#&*#'%+#X)"4.%"0-.%+#6#!/>
,'*0&%+# &*# '0# X*&*-04.8"1# &*'# <.+$-.$%# 6# K*--.$%-.%#
X*&*-0'*+#6#&*#'%+#P'$%+#X)"4.%"0-.%+#&*#'%+#!+$0&%+#
HQXQEUHYtVLPRH[DPHQGHODFXHVWLyQ
\HQHOFXDOQRVEDVDPRVSDUDREVHUYDUODGLVRQDQFLD
³/D/H\)HGHUDOGH5HVSRQVDELOLGDGHVGHORVVHUYLGR/
UHV3~EOLFRV>\D@HVWDEDSUHSDUDGDGHVGHDQWHV\IXH
SURPXOJDGDGRVGtDVGHVSXpVGHODUHIRUPDFRQVWLWX/
 TXH HV OD SULPHUD LQLFLDWLYD HVWDWDO HQ HO VL/
JOR;;SDUDHQXQFLDUMXUtGLFDPHQWHDODFRUUXSFLyQ
&DEHDJUHJDUTXHODOH\TXHSURPXHYH&iUGHQDVGH/
ELyVHUSXHVWDHQPDUFKDHQVHSWLHPEUHGHFRQ
ODFUHDFLyQGHOQXHYRFRQVWLWX\HQWHTXHHQVXDUWtFX/
ORLQVWDEDDO&RQJUHVRDVXLQPHGLDWDFUHDFLyQ
£FRVDTXHQRVXFHGLyKDVWD
6LQHPEDUJRVLPLUDPRVKDFLDGHODQWHODVHPDQ/
WL]DFLyQMXUtGLFDRIUHFHXQSDQRUDPDGHVFRQFHUWDQWH
3RUHMHPSORHODUWtFXORGHODC*6#X*&*-0'#&*#F*+>
FLRQDO´0iVDGHODQWHVXJLHUH³>«@UHGXFLUODVDQ/
FLyQDGRVFRQWUDUtDHQWRGROD&RQVWLWXFLyQ\TXLHQ
YD\DDVHUFDVWLJDGRGHHVDIRUPDWLHQHHOGHUHFKRD
ORV EHQH¿FLRV GHO DPSDUR´ /D FXHVWLyQ HV TXH HVWH
GHVFXEULPLHQWRWXYROXJDUTXLQFHDxRVGHVSXpVGHVX
FUHDFLyQHQFXDQGRHOGHVHSWLHPEUHGH
HOSOHQRGHOD6XSUHPD&RUWHGH-XVWLFLDGHOD1DFLyQ
HQXQFLDODWHVLVDLVODGDHQPDWHULDFRQVWLWXFLR/
QDO\DGPLQLVWUDWLYDTXHDODOHWUDGLFH
,%"+0T.'.&0&*+#TXHVHFUHDHQHOLQLFLRGHO 6(59,'25(6 3Ò%/,&26 6$1&,Ï1 (&21Ï0,&$

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

NO
 /)**2>/09#(<(.)*&%1(:"1=0%:%1(:"(7%(>)7'+0/%(:"&)/*F+0/%("#(&EG0/) 0(.-0$)-!
,038(67$$ /26 (/$57Ë&8/2  '( /$ /(< )(/
'(5$/'(5(63216$%,/,'$'(65(/$7,9$$/12
)$&8/7$5$/$$8725,'$'$'0,1,675$7,9$(/
(-(5&,&,2'(/$5%,75,23$5$,1',9,'8$/,=$5/
/$5(68/7$,1&2167,78&,21$/
'HFRQIRUPLGDGFRQHODUWtFXORFRQVWLWXFLRQDOODVDQ/
FLyQHFRQyPLFDTXHSUHYpVHLPSRQHDORVVHUYLGRUHVS~/
EOLFRVGHDFXHUGRFRQORVEHQH¿FLRVHFRQyPLFRVREWHQLGRV
SRUHOUHVSRQVDEOH\SRUORVGDxRV\SHUMXLFLRVSDWULPRQLD/
OHVFDXVDGRVSRUVXVDFWRVXRPLVLRQHVKDVWDHQWUHVWDQWRV
FRQUHODFLyQDODGH¿QLFLyQSROtWLFDGHODOH\TXHDEUH/
YDGHORVDxRVFXDUHQWDGHOVLJOR;;
3RU VX SDUWH HVWD SDUDGRMD HV OD TXH SHUPLWH OD
DSUR[LPDFLyQ D OD QRFLyQ GHO PHUFDGR SROtWLFR GH
ODFRUUXSFLyQHQ0p[LFRSXHVVHYXHOYHXQDGHODV
IXHQWHV SULQFLSDOHV GH OD FDSDFLGDG HURVLYD \ GH UH/
SURGXFFLyQGHODFRUUXSFLyQTXHSRUVXSDUWHVHDOH/
MD GH VXV IXHQWHV FXOWXUDOHV \ PRUDOHV DO FRQ¿UPDU
TXHHQUHDOLGDGHVWDPRVIUHQWHDODHYLGHQFLDGHXQD
LPSOHPHQWDFLyQ UDFLRQDO \ FDOFXODGD SROtWLFDPHQ/
GHO PRQWR D TXH DVFLHQGDQ HVRV WUDVWRUQRV RULJLQDGRV SRU
HODFWXDULQGHELGRGHOLQIUDFWRURVHDTXHHO&RQVWLWX\HQWH
VHxDOyORVHOHPHQWRVDORVTXHODDXWRULGDGGHEHDWHQGHUSDUD
LQGLYLGXDOL]DUODVDQFLyQHVWDEOHFLHQGRFRPRSDUiPHWURPt/
QLPRHOEHQH¿FLRREWHQLGRRHOSHUMXLFLRRFDVLRQDGR\FRPR
Pi[LPRHOHTXLYDOHQWHDWUHVWDQWRVGHHOOROXHJRVLHODUWt/
FXORGHOD/H\)HGHUDOGH5HVSRQVDELOLGDGHVGHORV6HU/
YLGRUHV3~EOLFRVHVWDEOHFHTXHHQHOFDVRGHODVVDQFLRQHV
HFRQyPLFDVDORVVHUYLGRUHVS~EOLFRVVHDSOLFDUiQGRVWDQ/
WRVGHOOXFURREWHQLGR\GHORVGDxRV\SHUMXLFLRVFDXVDGRV
HV LQFRQFXVR TXH FRQWUDYLHQH OR GLVSXHVWR HQ HO LQYRFDGR
SUHFHSWRFRQVWLWXFLRQDOHQYLUWXGGHTXHQRHVWDEOHFHUHJODV
SDUD TXH ODV DXWRULGDGHV LPSRVLWRUDV WHQJDQ OD SRVLELOLGDG
GHJUDGXDUODFXDQWtDGHODVDQFLyQREOLJDQGRDODDXWRULGDG
DGPLQLVWUDWLYD D DSOLFDUOD GH PDQHUD ¿MD OR TXH OH LPSLGH
HMHUFHUODIDFXOWDGSUXGHQWHGHODUELWULRSDUDLQGLYLGXDOL]DU\
FXDQWL¿FDUHOPRQWRGHODVDQFLyQSURYRFDQGRODDSOLFDFLyQ
GHpVWDDWRGRVSRULJXDOGHPDQHUDLQYDULDEOHHLQÀH[LEOH
WH$OUHVSHFWR5XL]+DUUHOOVHxDOD
TXH³'HFODUDUDQWLFRQVWLWXFLRQDOHODUWtFXORGHOD
/H\GH5HVSRQVDELOLGDGHVWLHQHXQDPX\WULVWHFRQVH/
FXHQFLDHQHVWHPRPHQWR>VHUH¿HUHD@QRKD\
PDQHUD GH FDVWLJDU DO IXQFLRQDULR TXH VH HQULTXHFH
LOtFLWDPHQWHYHQGHLQÀXHQFLDVHQWUDDVDFRHQHOHUD/
ULR R HPSOHD SDULHQWHV R SUHVWDQRPEUHV SDUD KDFHU
QHJRFLRVDFRVWDGHOD1DFLyQ<QRKD\OH\SRUTXH
JUDFLDVDODWHVLVEDVWDTXHSLGDDPSDURSDUD
TXHODVDQFLyQHFRQyPLFDTXHGHVLQHIHFWR´
(QWRQFHVQRIXHURQVyORORV³HVIXHU]RV´JXEHUQD/
PHQWDOHVORVTXHVHH[SUHVDEDQDOLQLFLRGHODGpFDGD
GH ORV RFKHQWD GH KHFKR pVWRV VRQ XQ HIHFWR GH XQ
UHFODPR VRFLDO TXH FRPHQ]DED D FUHFHU HQ GLVWLQWRV
SXQWRV GHO SDtV \ SRU GLYHUVDV UD]RQHV LGHROyJLFDV
HQWUHHOODVXQDH[LJHQFLDGHFRQWUROKDFLDHOPHUFD/
GR GH OD FRUUXSFLyQ (Q HVWH VHQWLGR 0RUULV 
$PSDURGLUHFWRHQUHYLVLyQ0LJXHOÈQJHO7RUUHV&DV/
WDxHGDGHPD\RGH8QDQLPLGDGGHQXHYHYRWRV$X/
VHQWHV0DULDQR$]XHOD*LWUyQ\-XDQ'tD]5RPHUR3RQHQWH
-XDQ16LOYD0H]D6HFUHWDULR+XPEHUWR%HQtWH]3LPLHQWD
(O7ULEXQDO 3OHQR HQ VX VHVLyQ SULYDGD FHOHEUDGD HO RFKR
GHVHSWLHPEUHHQFXUVRDSUREyFRQHOQ~PHUR&;/
ODWHVLVDLVODGDTXHDQWHFHGH\GHWHUPLQyTXHODYRWDFLyQHV
LGyQHDSDUDLQWHJUDUWHVLVMXULVSUXGHQFLDO0p[LFR'LVWULWR
)HGHUDODRFKRGHVHSWLHPEUHGHPLOQRYHFLHQWRVQRYHQWD
VHxDODTXH³(OLQGLFDGRUPiVFODURGHOFDPELR
HQODGpFDGDGHHQORUHIHUHQWHDODFRUUXSFLyQ
HV WDO YH] OD DSDULFLyQ GH RUJDQL]DFLRQHV GLULJLGDV
HVSHFt¿FDPHQWHFRQWUDHOOD/D/LJD0H[LFDQD$QWL
&RUUXSWRSRUHMHPSORIXQGDGDHQFRQHOSUR/
SyVLWRGHGHQXQFLDUODFRUUXSFLyQ\SUHVLRQDUDOJR/
ELHUQRSDUDTXHHQMXLFLHDORVIXQFLRQDULRVFRUUXSWRV
HVWiFRPSXHVWDSRUXQDVRUJDQL]DFLRQHVFLYLOHV\
WLHQHIXHUWHVYtQFXORVFRQHOGHUHFKLVWD3DUWLGR6RFLDO
\VLHWH6XSUHPD&RUWHGH-XVWLFLDGHOD1DFLyQ 'HPyFUDWD36'GHRSRVLFLyQ/D)XQGDFLyQFRQWUD
OD&RUUXSFLyQ\HO0RYLPLHQWR3RSXODU$QWL&RUUXS/
/XHJR HQWRQFHV OD SODWDIRUPD JXEHUQDPHQWDO GH OD
5HQRYDFLyQPRUDOQRIXHXQHVIXHU]RLQpGLWRGHFRP/
EDWH HVWDWDO D OD FRUUXSFLyQ (V GHFLU OD GLVRQDQFLD
HQWUHHOFyGLJRQRPLQDOGHODOH\ODUHWyULFDSROtWLFD
TXHOROHJLWLPDDOHQXQFLDUOR\HOXQLYHUVRLQVWLWXFLR/
QDOGHVXFRQFOXVLyQSURGXFLUiQSRUORPHQRVDSDUWLU
GHODWHVLVXQDSDUDGRMDGHODOH\TXHYLQFXOD
FLyQ03$LQLFLDURQVXVUHVSHFWLYDVFUX]DGDVFRQWUD
ODFRUUXSFLyQHQ´
'H LJXDO PRGR ORV HQFDUFHODPLHQWRV GH -RUJH
'tD]6HUUDQR\$UWXUR'XUD]R0RUHQRDWUDYpVGHOD
6HFUHWDUtDGHOD&RQWUDORUtD*HQHUDOGHOD)HGHUDFLyQ
FUHDGDHQSUHWHQGtDQYROYHUVHXQHIHFWRGHOH/
JLWLPDFLyQ GH HVWD SROtWLFD DQWLFRUUXSFLyQ 6LQ HP/
HOSDVDGRUHFLHQWHFRQHOSUHVHQWHGHOSURFHVR
HQ GLUHFFLyQ GHPRFUiWLFD HQ 0p[LFR HQ FXHVWLyQ GH
FRUUXSFLyQ\DTXHSDUHFLHUDTXHODHQXQFLDFLyQGHOD
OH\WUDHFRQVLJRVXDQRPDOtD\VXFRQWUDULRSHURWDP/
ELpQ VX HQJDxR (Q HIHFWR HVWH LQGLFLR HV XQD FODUD
EDUJR\DHQHOHVWLORUHIRUPLVWDGH0LJXHOGH
OD0DGULGFRPLHQ]DDGHVPRURQDUVHFXDQGRDSDUHFHQ
XQDVHULHGHVHxDOHVGHUHSURGXFFLyQGHDOJXQRVPHU/
FDGRVGHODFRUUXSFLyQ(OSULPHUHYHQWRHVHODVHVL/
QDWR GHO SHULRGLVWD 0DQXHO %XHQGtD FX\R PyYLO VH
PDQLIHVWDFLyQ GH OD OtQHD GH FRQWLQXLGDG ¿OWUDFLyQ GHELyDTXH³WHQtDHQVXSRVHVLyQXQYLGHRFDVHWHHQHO

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

NR
 .-0$)-!//0 01*%"7(/)=%**2!0%1(

TXHVHPRVWUDEDXQDUHXQLyQGHDOWRVIXQFLRQDULRVGHO GHULYDFLRQHV SDFWDGDV HQ ORV HVWLORV GH FRQGXFFLyQ

JRELHUQRFRQQDUFRWUD¿FDQWHV´3LPHQWHO SROtWLFDHQWUHpOLWHSROtWLFDVHFWRUHVHPSUHVDULDOHV\
(O PLVPR GtD HQ TXH IXH DVHVLQDWR HO SHULRGLVWD HO IRUPDV LQVWLWXFLRQDOHV HQ SURFHVR GH GHVHVWUXFWXUD/
SUHVLGHQWHGHOD0DGULGLQVWUX\HD-RVp$QWRQLR=R/ FLyQ$SDUWLUGHODVHJXQGDPLWDGGHORVDxRVRFKHQWD
UULOOD3pUH]WLWXODUGHOD')6SDUDTXHVHHQFDUJXHGH FRPLHQ]DHOSURFHVRGHJHQHUDWLYRTXHPDQL¿HVWDVXV
ODVLQGDJDFLRQHVMXGLFLDOHV*UDQDGRV&KDSD SRWHQFLDOLGDGHVHQXQDVHULHGHPRPHQWRVGHÀRWDFLyQ
7DPELpQHQHVHDxRSRUPHGLRGHLQIRUPDFLyQGDGD SDUDHOSURFHVR\ODSROtWLFDGHPRFUiWLFDHQHVWHFDVR
SRUDJHQWHVGHOD'($HOHMpUFLWRPH[LFDQRHVREOL/ QRVyORLQWHUSUHWDEOHVFRPRSURGXFWRVFRVWRVGHOFDP/
JDGRDGHVFXEULU\FRQ¿VFDUDSUR[LPDGDPHQWHPLO ELRSROtWLFRVLQRDGHPiVFRPRXQYLUDMHUDGLFDOGHOD
WRQHODGDVGHPDULKXDQDHQHOFpOHEUHUDQFKR³(O%~/ 7%-/0GH(VWDGR9DOGpV8JDOGH
IDOR´HQ&KLKXDKXDTXHHUDSURSLHGDGGHOWUD¿FDQWH 6L DKRUD REVHUYDPRV ORV SXQWDMHV GHO ËQGLFH GH
5DIDHO &DUR 4XLQWHUR *UDQDGRV &KDSD  $O 3HUFHSFLyQ GH OD &RUUXSFLyQ HQ ORV VLJXLHQWHV DxRV
DxR VLJXLHQWH HO JRELHUQR GH 0LJXHO GH OD 0DGULG H[LVWHXQLQFUHPHQWRGLVFUHWRHQVXFRQ/
WLHQHTXHGDUFXHQWDGHXQFDVRGRQGHHOPHUFDGRGH
ODFRUUXSFLyQPDQL¿HVWDVXUDGLFDOL]DFLyQFXDQGRVH
YXHOYH GH GRPLQLR S~EOLFR HO VHFXHVWUR \ DVHVLQDWR
GHODJHQWHGHOD'($(QULTXH&DPDUHQD\HOSLORWR
$OIUHGR=DYDODTXHFRPRVHVDEUtDWLHPSRGHVSXpV
HQHOVHFXHVWUR\DVHVLQDWRGHODJHQWH\HOSLORWRORV
UHVSRQVDEOHV GLUHFWRV IXHURQ ORV WUD¿FDQWHV 5DIDHO
&DUR4XLQWHUR0LJXHO)pOL[*DOODUGR\&DUORV)RQ/
VHFDOD')6=RUULOOD3pUH]KDEtDRWRUJDGRFUHGHQ/
WUROFRQXQDGLIHUHQFLDGHUHVSHFWRDOOXV/
WUR(QHVRVDxRV&DUORV6DOLQDVGH*RU/
WDULFRPLHQ]DVXJRELHUQRFRQXQDVHULHGH³JROSHV´
FRQWUDXQDSDUWHGHOXQLYHUVRWUDGLFLRQDOGHODFRUUXS/
FLyQ (O SULPHUR HV HO HQFDUFHODPLHQWR GH -RDTXtQ
+HUQiQGH]*DOLFLD³/D4XLQD´OtGHUSHWUROHURTXH
VHGDDVyORFLQFRVHPDQDVGHKDEHUWRPDGRODEDQ/
GD SUHVLGHQFLDO /D GHVWLWXFLyQ GH &DUORV -RQJXLWXG
%DUULRVOtGHUGHO6LQGLFDWR1DFLRQDOGH7UDEDMDGRUHV
FLDOHVGHOD')6DORVWUD¿FDQWHV\OD3ROLFtD-XGLFLDO GHOD(GXFDFLyQ617(\ODFHVLyQGHOPLVPRD(OED
)HGHUDO$VWRUJD+HUQiQGH]*UDQDGRV (VWKHU *RUGLOOR DVt FRPR OD DSUHKHQVLyQ GH =RUULOOD
&KDSD  'H KHFKR HVWH FDVR DIHFWDUtD VLJQL/
¿FDWLYDPHQWH OD UHODFLyQ ELODWHUDO 0p[LFR(VWDGRV
8QLGRVDOJUDGRGHTXHFRPRSDUWHGHODUHDFFLyQGHO
JRELHUQRQRUWHDPHULFDQRVHLPSOHPHQWDOD/H\)HGH/
UDO$QWLGURJDVHQFX\RSULQFLSDOHMHGHDWDTXH
DOSUREOHPDIXHODOODPDGD&HUWL¿FDFLyQTXHSURYHQ/
GUiGHO'HSDUWDPHQWRGH(VWDGR\TXHUHFRPSHQVDED
RFDVWLJDEDDORVSDtVHVSURGXFWRUHVGHHVWXSHIDFLHQ/
3pUH]TXHHVVHxDODGRFRPRHODXWRULQWHOHFWXDOGHODVH/
VLQDWR GHO SHULRGLVWD 0DQXHO %XHQGtD HQ  &DEH
UHFRUGDUTXH=RUULOOD3pUH]IXHGLUHFWRUGHOD')6HQ/
WUHSRUVXJHUHQFLDGH)HUQDQGR*XWLpUUH]
%DUULRVGLUHFWRUGHOD')6HQHOVH[HQLRGH*XVWDYR
'tD] 2UGD] &XULRVDPHQWH *XWLpUUH] %DUULRV VHUtD HO
VHFUHWDULRGH*REHUQDFLyQGH6DOLQDVGH*RUWDUL
/DLQLFLDWLYDGH6DOLQDVGH*RUWDULGHGHVPDQWHODU
WHV5DPRV\VV
(QHVWHFRQWH[WRHVGRQGHVHGHVDUUROODODSROtWL/
FD GH GHVUHJXODFLyQ HVWDWDO TXH LPSRUWy XQ Q~PHUR
PD\RUGHRFDVLRQHVGH³IHXGDOL]DFLyQ´HVWDWDOORTXH
SHUPLWLUiODUHSURGXFFLyQGHXQWLSRGHWHUPLQDGRGH
PHUFDGR GH OD FRUUXSFLyQ 3RU HMHPSOR OD DXVHQFLD
GHXQDUHJXODFLyQDGHFXDGDSDUDFRQWURODUODVWUDQV/
IHUHQFLDVGHHQWLGDGHVSDUDHVWDWDOHVDOVHFWRUSULYDGR
DVtFRPRODRSDFLGDGGHODSROtWLFDGHOLFLWDFLRQHVTXH
XQDGHODVSULQFLSDOHVUHGHVHQWUHLQVWLWXFLRQHVSROt/
WLFDV\HOVLVWHPDGHODLOHJDOLGDGTXHVHIRUPDEDDO
FRELMR GHO WUi¿FR GH GURJDV WHQGUtD IXHUWHV UHSHU/
FXVLRQHV HQ DOJXQRV HVSDFLRV GH OD RSLQLyQ S~EOLFD
QDFLRQDO\QRUWHDPHULFDQDH[SOLFDEOHHQSDUWHSRUHO
LQWHUpVSHUVRQDOGH6DOLQDVGH*RUWDULSDUDFRQVWUXLU
XQ FRQVHQVR IDYRUDEOH KDFLD VX SHUVRQD VREUH WRGR
FRQPLUDVDOD¿UPDGHO$FXHUGRGH/LEUH&RPHUFLR
GH$PpULFDGHO1RUWHHQWUH0p[LFR(VWDGRV8QLGRV
PDQWHQtDHO(VWDGRPH[LFDQRLQFOXVRGHVSXpVGHVX
OLEHUDOL]DFLyQHFRQyPLFDGLRODSDXWDSDUDHODVFHQ/
VRGHORVOODPDGRV³QXHYRVULFRV´HQODHFRQRPtD\
TXH SURQWR VDOWDUtDQ D OD DUHQD SROtWLFD DO JUDGR GH
TXHVXSDUWLFLSDFLyQQRVyORVHUtDGHWHUPLQDQWHHQODV
HOHFFLRQHVGHODxRVLQRWDPELpQVXJLHUHTXHHO
QDFLPLHQWR GH IXHQWHV GH ULTXH]D HPHUJHQWHV VHxDO
\&DQDGi7/&$1'HLJXDOPRGRFRLQFLGHFRQXQ
FRQMXQWRGHLQLFLDWLYDVTXHGHELHURQVHULPSOHPHQWD/
GDVSRUODVSUHVLRQHVGHOJRELHUQRGH(VWDGRV8QLGRV
SUHFLVDPHQWHSRUODSUHRFXSDFLyQGHO&RQJUHVRQRU/
WHDPHULFDQR SDUD FRPEDWLU HQ PRGR H¿FD] HO LQFUH/
PHQWR GHO WUi¿FR GH GURJDV SURYHQLHQWH GH 0p[LFR

3RUORPHQRVHQHOiPELWRGHODUHWyULFDSROtWLFD\GHO³YLVLEOH´FRQWURO
GH OD UHSURGXFFLyQ GH GHWHUPLQDGRV PHUFDGRV LOHJDOHV GRQGH FRUUXS/
GHVXSXHVWRGLQDPLVPRHFRQyPLFRWHUPLQDYROYLpQ/ FLyQ\FULPLQDOLGDGRUJDQL]DGDMXHJDQXQSDSHOSUHSRQGHUDQWH6LQHP/
GRVH XQ DXWpQWLFR IHQyPHQR TXH FRUUHVSRQGH D ODV EDUJRQRKD\TXHGHVFXLGDUTXHHQORVPLVPRDxRVHQTXHWLHQHOXJDU

3DUD$VWRUJDHOFDVR&DPDUHQD³IXHXQFDWDOL]DGRUXQDRFDVLyQ HVWHGHVPDQWHODPLHQWRFUHFHHQPRGRVLJQL¿FDWLYRODYLVLELOLGDGGHODV
~QLFDSDUDHYLGHQFLDUHOQLYHOGHFRUUXSFLyQHQWUHODSROLFtD\VXVDJHQWHV´ RSHUDFLRQHVGHORVKHUPDQRV$UHOODQR)pOL[%ODQFRUQHODV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

IL
 /)**2>/09#(<(.)*&%1(:"1=0%:%1(:"(7%(>)7'+0/%(:"&)/*F+0/%("#(&EG0/) 0(.-0$)-!
KDFLDHVHSDtV6LQHPEDUJRHOGHVHQODFHGHODKLVWR/
ULDGH6DOLQDVGH*RUWDUL\VXIDPLOLDVXJLHUHQODUH/
SURGXFFLyQDPSOLDGDGHIRUPDVLQpGLWDVGHVXVSHQGHU
ORVFLPLHQWRVGHODYLGDS~EOLFDPH[LFDQDSHUPLWLHQ/
GRFODXVXUDUPXFKRVGHORVPRGRVGHFRUUXSFLyQTXH
HO (VWDGR SRVUHYROXFLRQDULR KDEtD DUWLFXODGR HQ VX
VHQRSDUDGDUYLGDDOGHVDUUROORGHORTXHDOLQLFLRGH
HVWHDUWtFXORVHKDVXJHULGRFRPRXQPHFDQLVPRGH
SUHVLGHQWHSDUWLFXODUPHQWHGpELOSURGXFWRGHOIUDXGHHOHF/
WRUDO GH  \ XWLOL]y OD SULYDWL]DFLyQ EDQFDULD FRPR XQ
PHFDQLVPR SROtWLFR JHQHUDGRU GH OHJLWLPLGDG DOUHGHGRU GH
ODFRQVWLWXFLyQGHXQDQXHYDFRDOLFLyQGLVWULEXWLYDIRUPDGD
SRU³FDVDEROVHURV´\PLHPEURVGHODpOLWH¿QDQFLHUD
3RU VX SDUWH KDFLD ¿QDOHV GHO VH[HQLR GH 6DOLQDV OD
SXQWXDFLyQGHODVSHUFHSFLRQHVGHODFRUUXSFLyQYD/
ÀRWDFLyQSDUDFRQFOXLUSUiFWLFDV\QHJRFLRVTXHDSD/
UHFtDQFRQODLQWHQVL¿FDFLyQGHORVULWPRVGHOFDPELR
SROtWLFR\HFRQyPLFRGHODQDFLyQPH[LFDQD
'HWUiVGHOGLVFXUVRGHPRGHUQL]DFLyQHFRQyPLFD
\³OLEHUDOL]DFLyQSROtWLFD´HOJRELHUQRGH6DOLQDVGH
*RUWDUL±SRUHMHPSORDWUDYpVGHO3URJUDPD1DFLRQDO
UtDSRFRUHVSHFWRDOSHULRGRDXQ/
TXHDTXt\DHVWiQLQFOXLGRVORVGRVSULPHURVDxRVGHO
VH[HQLRGH(UQHVWR=HGLOORTXHGXUDQWHVXJRELHUQR
PXHVWUDXQDPHGLDGHVXSHULRUDORVGRV~OWLPRV
DxRVGHOVH[HQLRGH)HOLSH&DOGHUyQSHURLQIHULRUD
ORV SULPHURV DxRV GHO JRELHUQR GH 9LFHQWH )R[ 'H
GH6ROLGDULGDG3URQDVRO±UiSLGDPHQWHVHDSUR[LPy HVWHPRGRDSDUHFHHQFRQVRQDQFLDORH[SXHVWRHQORV
DODIXQGDFLyQGHXQDUHS~EOLFDGHORVVXEVLGLRVHQ SiUUDIRVDQWHULRUHVFRQHOHVFiQGDORGH5D~O6DOLQDV
HIHFWRSUHFDUL]DGDSRUHOGHVJDMDPLHQWRHFRQyPLFR GH*RUWDUL56*HQWUHORVDxRV³>«@TXH
TXH YHQtD GH ORV DxRV VHWHQWD SHUR TXH QR HUD RWUD KDHYLGHQFLDGR>HOFDVRGH56*@TXHODVVHxDODGDVFD/
FRVDTXH³ODUHVSXHVWD´IXQFLRQDODHVHGHVJDMDPLHQ/ UDFWHUtVWLFDVGHOVLVWHPDSROtWLFR\VXUHODFLyQFRQOD
WR (V GHFLU VH SDVDED GH XQD UHS~EOLFD H[SDQVLYD IRUPDFLyQGHFDSLWDOSULYDGRVLJXHQVLHQGRHORULJHQ
GH ORV VXEVLGLRV ORJUDGD HQ HO SHULRGR GH PiV DP/ GHODPD\RUFRUUXSFLyQ´9DOGpV8JDOGH
SOLDFREHUWXUDLQVWLWXFLRQDOGHODVGHVLJXDOGDGHV\VX +D\TXHDJUHJDUTXHHOFDVRGHOKHUPDQRGHOH[
FRQVHFXHQWHH[SDQVLyQGHORVPHUFDGRVGHODFRUUXS/ SUHVLGHQWH DSDUHFH HQ HO HVSHFWUR S~EOLFR FRPR XQ
FLyQ ³QXHVWURV JORULRVRV WUHLQWD´ D XQD UHS~EOLFD
VXEVLGLDGDLQHOiVWLFD\VHOHFWLYDTXH¿QDOL]yHQXQD
DXWpQWLFD UHS~EOLFD GH ORV SULYLOHJLRV pVWD Vt HOiV/
WLFD \ ÀRWDQWH \ QR GH ORV GHUHFKRV \ VX QHFHVDULD
H[SDQVLyQ D WUDYpV GH VX FRQVWLWXFLRQDOL]DFLyQ &D/
HYHQWRSROLpGULFR\DTXHVDOHDODOX]HOGHIHEUHUR
GHDOVHUGHWHQLGR\WUDQVIHULGRDO3HQDOGH$OWD
6HJXULGDG GH $OPROR\D GH -XiUH] HQ HO (VWDGR GH
0p[LFR FRPR SUHVXQWR FRDXWRU LQWHOHFWXDO GHO DVH/
VLQDWRGHO6HFUHWDULR*HQHUDOGHO35,-RVp)UDQFLVFR
VDU(VHYLGHQWHHOQDFLPLHQWRGHXQD
UHS~EOLFD VXEVLGLDGD HQ HO VH[HQLR GH 6DOLQDV TXH
WHUPLQD VRSRUWDGD HQ DOJXQDV GH VXV HVWUXFWXUDV QR
VyORSRUODYLVLELOLGDGFUHFLHQWHGHORVFRQWXEHUQLRV
HQWUH WUD¿FDQWHV GH GURJDV \ SRGHU SROtWLFR D SDUWLU
5XL]0DVVLHXHMHFXWDGRHOGHVHWLHPEUHGH!
$ SDUWLU GH VX GHWHQFLyQ HO WDEOHUR SROtWLFR HQ 0p/
[LFR FRPHQ]DUi D FDPELDU GUiVWLFDPHQWH HQ YLUWXG
GH OD UHDFFLyQ GHO H[ SUHVLGHQWH 6DOLQDV D SDUWLU GHO
GtDGHODDSUHKHQVLyQGHVXKHUPDQR3RUXQODGROD
GHORVSXHQWHVTXHWHMLHURQODVFRUSRUDFLRQHVSROLFLD/ 3URFXUDGXUtD*HQHUDOGHOD5HS~EOLFD3*5HQFDU/
FDV ±SULQFLSDOPHQWH OD 3ROLFtD -XGLFLDO )HGHUDO± HQ JDGDGHODVLQYHVWLJDFLRQHVVREUHHODVHVLQDWRGH5XL]
HO URO GH SLYRWHV FRQ ORV WUD¿FDQWHV $VWRUJD  0DVVLHXVXJLHUHHQXQSULPHUPRPHQWRODSDUWLFLSD/
\VVVLQRWDPELpQSRUODVYHQWDMDVLQQHJDEOHV
GHVGHHOSXQWRGHYLVWDHFRQyPLFRTXHORVPHUFDGRV
LOHJDOHVSURGXFtDQ\DGHPiVGHODVYHQWDMDVHIHFWLYDV
GHORVSURFHVRVGHGHVUHJXODFLyQ\SULYDWL]DFLyQTXH
IDYRUHFLHURQDGLVWLQWRVJUXSRVHPSUHVDULDOHVGRQGH
FLyQGHODIDPLOLD6DOLQDVHQHODVHVLQDWRGHOSHUVR/
QDMH SROtWLFR GHMDQGR HQWUHYHU TXH HO H[ SUHVLGHQWH
FXDQGRD~QHVWDEDHQHOFDUJRKDEtDREVWDFXOL]DGRODV
LQYHVWLJDFLRQHVMXGLFLDOHVTXHVHxDODEDQODSDUWLFLSD/
FLyQGHODIDPLOLDSUHVLGHQFLDOHQHODVHVLQDWRHQSDU/
ORVFDVRVGHODVWHOHFRPXQLFDFLRQHV\GHODEDQFDVRQ WLFXODUGHVXKHUPDQRPD\RU(VWHHYHQWRVHxDODTXH
HMHPSORV HORFXHQWHV 6REUH HO SDUWLFXODU 6DQGRYDO HOUHVXUJLPLHQWRGHOXVRGLVFUHFLRQDOGHODYLROHQFLD
DVXEUD\DTXH SROtWLFD SDUD GLULPLU ORV FRQÀLFWRV HQ HO LQWHULRU GH
ODpOLWHSROtWLFDVHHQFRQWUDEDHQFRQVRQDQFLDFRQOD
>«@HOSURFHVRGHSULYDWL]DFLyQEDQFDULDJHQHUyQLYHOHVGH QXHYDPRQRSROL]DFLyQGHXQDSDUWHGHODpOLWHSROtWLFD
UHQWLVPRPX\H[WHQGLGRVSRUSDUWHGHEDQTXHURVTXHDFWXD/ GHOPHUFDGRSULQFLSDOGHODFRUUXSFLyQ\DTXH-RVp
URQHQFROXVLyQFRQDOWRVIXQFLRQDULRVGHJRELHUQRGXUDQWH )UDQFLVFR5XL]0DVVLHXKDEtDVLGRHVSRVRGH$GULDQD
WRGRHOSURFHVRSULYDWL]DGRUGH\WLHPSRGHVSXpVGHKD/ 6DOLQDVGH*RUWDUL\SRUPXFKRWLHPSRIXHLGHQWL¿/
EHUFRQFOXLGRHOPLVPR(VWHFODURDOHMDPLHQWRGHORVSULQFL/
FDGRSUHFLVDPHQWHFRPRSDUWHGHOJUXSRWHFQRFUiWLFR
SLRVHFRQyPLFRVVyORSXHGHVHUH[SOLFDGRSRUPRWLYDFLRQHV
HLQWHUHVHVSROtWLFRV6DOLQDVOOHJyDOD3UHVLGHQFLDFRPRXQ 
(OGHOLWRTXHVHOHLPSXWDEDHUDGHKRPLFLGLRGRORVR

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

IH
 .-0$)-!//0 01*%"7(/)=%**2!0%1(

TXHHQFDEH]DEDHOH[SUHVLGHQWH JRVS~EOLFRVTXHKDEtDWHQLGRHQHOSDVDGRUHFLHQWH
'HVSXpVGHODGHWHQFLyQGH56*VHOHLUiQDJUHJDQ/ QR SHUPLWtDQ FRQFHQWUDU WDO FDQWLGDG GH UHFXUVRV HQ
GRXQDVHULHGHHYHQWRVTXHGHMDQYHUORVQXHYRVPH/ PRGROHJDO&DEHVHxDODUTXH56*KDEtDVLGRGLUHF/
FDQLVPRVGHODFRUUXSFLyQFRPRPHUFDGRSROtWLFR(Q WRU GH &DPLQRV 5XUDOHV HQ OD 6HFUHWDUtD GH $VHQWD/
HIHFWRHOGHQRYLHPEUHGHVXHVSRVD3DXOLQD PLHQWRV +XPDQRV \ 2EUDV 3~EOLFDV  \
&DVWDxyQ5tRV=HUWXxHHVGHWHQLGDHQ6XL]DMXQWRFRQ GHVSXpV 'LUHFWRU *HQHUDO GH 'LVWULEXLGRUD H ,PSXO/
XQIDPLOLDUEDMRODVRVSHFKRVDGHOGHOLWRGHODYDGRGH VRUD&RPHUFLDO&21$6832&RPSDxtD1DFLRQDOGH
GLQHUR\GHHVWDUHQSRVHVLyQGHGRFXPHQWRVIDOVRVHQ 6XEVLVWHQFLDV3RSXODUHVGHD1RREVWDQ/
HOPRPHQWRTXHLQWHQWDEDUHDOL]DUXQPRYLPLHQWREDQ/ WH OR TXH IXH HYLGHQWH GHVSXpV GH ODV LQGDJDFLRQHV
FDULRGHDOUHGHGRUGHPLOORQHVGHGyODUHVGHDOJXQDV MXGLFLDOHVSRUHOKRPLFLGLRGHVXFXxDGRHVTXHVLHQ/
FXHQWDV EDQFDULDV GH 56* HQ *LQHEUD 3URFXUDGXUtD GRGLUHFWRUGH&21$6832WUD¿FDUtDFRQDOLPHQWRV
*HQHUDOGHOD5HS~EOLFD&DEHDJUHJDUTXHHQ EiVLFRVPDt]IULMROD]~FDUOHFKHHQSROYR\FDUQH
ODOHJLVODFLyQVXL]DHOGHOLWRTXHVHLPSXWDEDD56*HUD DWUDYpVGHODLPSRUWDFLyQPDVLYDGHHVWRVSURGXFWRV
HOGH=%+,*450#&*#/0"*3%+#/i'$.,'*+#4%"$-0#'0#C*6#&*# GDGDODHVFDVH]HVDIXHSDUWHGHODMXVWL¿FDFLyQGHOD
&-%B0+\C090&%#&*#&."*-%#/i'$.,'*" SURGXFFLyQQDFLRQDO&RUUHD\-DTXH]-DTXH]
3RUVXSDUWHHQHQHOLQIRUPHFRQFOXVLYRGHOD
2¿FLQD)HGHUDOGHOD3ROLFtDVXL]DVREUHHORULJHQGHO
GLQHUR GH 56* GHSRVLWDGR HQ HVH SDtV VH D¿UPDED
TXH³(VWDVLQYHVWLJDFLRQHVSHUPLWLHURQGHVFXEULU
EDQFRVHLQVWLWXFLRQHVGHFUpGLWRHQ6XL]D\HQRWURV
9DOGpV8JDOGH+D\TXHDJUH/
JDUTXHFXDQGRFRPLHQ]DQODVLQGDJDFLRQHVMXGLFLDOHV
SRUHQULTXHFLPLHQWRLOtFLWRFRQWUD56*DSDUHFHXQD
FRLQFLGHQFLDWHPSRUDOFRQHOWHVLVGHOD6&-1VREUHOD
LQFRQVWLWXFLRQDOLGDGGHODUWtFXORGHOD/H\)HGHUDO
SDtVHVFXHQWDVHQ6XL]D\HQHOH[WUDQMHUR GH 5HVSRQVDELOLGDGHV \ TXH SDUD DOJXQRV REVHUYD/
DELHUWDVDQRPEUHGHOLQFXOSDGRRXVDQGRVXDOLDV GRUHVQRHVXQDSXUDFRLQFLGHQFLDWHPSRUDOSXHVOD
\ RFKR D QRPEUH GH VRFLHGDGHV &DEH SUHFLVDU TXH SHWLFLyQ GH LQFRQVWLWXFLRQDOLGDG OOHJy DO VHQR GH OD
FXHQWDV\DKDEtDQVLGRFDQFHODGDVHQHOPRPHQ/ 6&-1DVXJHUHQFLDGHOGHVSDFKRTXHHQHVHHQWRQFHV
WRGHODLQYHVWLJDFLyQ´FLWDGRHQ0HUJLHU$O GHIHQGtDORVLQWHUHVHVHQHOiPELWROHJDOGHODIDPLOLD
PLVPRWLHPSRVHOHDEULHURQD56*GLYHUVDVTXHUH/ 6DOLQDVDWUDYpVGHODFHUFDQtDFRQHOSUHVLGHQWHGHOD
OODVMXGLFLDOHVSRUGHIUDXGDFLyQ¿VFDOHYDVLyQGHLP/ &RUWH5XL]+DUUHOO
SXHVWRVHQULTXHFLPLHQWRLOtFLWRXVRGHGRFXPHQWRV $O¿QDOHOFDVRGH56*HVUHOHYDQWH\DTXHHVWH
IDOVRVHLQIRUPHVIDOVRVGDGRVDXQDDXWRULGDGGLVWLQWD VH YROYLy XQD VXHUWH GH B0$*W**,*-# JXDUGLiQFRQ/
GHODMXGLFLDO3URFXUDGXUtD*HQHUDOGHOD5HS~EOLFD WURODGRU HQ ODV RFDVLRQHV GH DSUR[LPDFLyQ HQWUH HO
3RUVXSDUWHHQVXGHFODUDFLyQPLQLVWHULDO56*
D¿UPDEDTXHVXVFXHQWDVEDQFDULDVHQ6XL]DIRUPDEDQ
SDUWHGHXQ7%"&%#&*!."9*-+.%"*+#TXHDOFRPHQ]DUDLQ/
GDJDUVHOD¿QDOLGDGGHGLFKRIRQGRORVLQWHJUDQWHVGH
ODVHPSUHVDVTXHORFRPSRQtDQHYLGHQFLDEDQODUHGGH
UHODFLRQHVGH56*FRQHOHPSUHVDULDGRTXHKDEtDVLGR
SULYLOHJLDGRFRQODVSULYDWL]DFLRQHVTXHWXYLHURQOXJDU
GXUDQWHHOVH[HQLRGHVXKHUPDQR
3DUDORVR¿FLDOHVLQVWUXFWRUHVGHOD3*5TXHOOHYD/
EDQDFDERODVLQYHVWLJDFLRQHVMXGLFLDOHVUHVXOWyVRU/
SUHQGHQWHTXH56*FRQFHQWUDVHODIRUWXQDTXHWHQtD
SRGHUHMHFXWLYRHQFDEH]DGRSRUVXKHUPDQRFRQHO
PXQGR GH ORV QHJRFLRV VREUH WRGR HQ HO PRPHQWR
HQTXHHVWiHQPDUFKDHOFRQMXQWRGHSULYDWL]DFLRQHV
GH OD EDQFD PH[LFDQD 'H LJXDO PRGR ODV GLYHUVDV
FDXVDVMXGLFLDOHVFRQWUDGH56*TXHHQVXFRQMXQWR
SRGUtDQLQWHUSUHWDUVHFRPRXQDLQYHVWLJDFLyQJHQHUDO
VREUHHOFLUFXLWRGHFRUUXSFLyQSROtWLFDGHOLQGLFLDGR
KDSXHVWRHQHYLGHQFLDODVODJXQDV\ORVYDFtRVOHJD/
OHV SDUD FRQWURODU HIHFWLYDPHQWH HVWH WLSR SDUWLFXODU
GHFRUUXSFLyQSROtWLFDSXHVODGLVROXFLyQGHDOJXQRV
GHOLWRVJUDYHVHQFRQWUDGH56*SRUHMHPSORHOGH
WDQWRHQGLQHURFRPRHQSURSLHGDGHV\DTXHORVFDU/
JRVS~EOLFRVTXHKDEtDWHQLGRUHVXOWDEDQ³PRGHVWRV´
SDUDSRGHUSHQVDUORVFRPRXQWUDPSROtQTXHDEULUtD
ODVRSRUWXQLGDGHVGHHQULTXHFLPLHQWRLQH[SOLFDEOHH
LOtFLWR(QHVWHVHQWLGRVHOOHJyDLQVLVWLUTXHORVFDU/

,QIRUPDFLyQUHOHYDQWHDFHUFDGHOFDVRGH5D~O6DOLQDVGH*RUWDULSXHGH
FRQVXOWDUVH HQ OD UHYLVWD R-%4*+% Q~PV      
FRUUHVSRQGLHQWHVDQ~PV
 FRUUHVSRQGLHQWHV D  Q~PV     
ODYDGRGHGLQHUR\GHIUDXGDFLyQ¿VFDOFRQ¿UPDUtDQ
ODLQVWLWXFLyQGHXQ³UpJLPHQGHH[FHSFLyQMXUtGLFD´
GH ORV VHUYLGRUHV S~EOLFRV (Q HVWH FDVR VH HVWDUtD
KDEODQGR GHO XVR GLVFUHFLRQDO GHO FRQRFLPLHQWR VR/
EUHODOH\\GHODSDUDWRGH(VWDGRSDUDFRQVWUXLUXQ
FLUFXLWRPHGLDQDPHQWHVR¿VWLFDGRGH"*B%4.0T.'.&0&!!
TXHHQHVWHFDVRHVXQSDVRDQWHULRUDODVRFDVLRQHV
GHFRUUXSFLyQTXHSHUPLWLyHQVXPRPHQWRHODFFHVR
FRUUHVSRQGLHQWHVDQ~PVFRUUHVSRQ/ DGHWHUPLQDGDVVHGHVGHFLVLRQDOHVGHDOJXQRVJUXSRV
GLHQWHVDQ~PV HPSUHVDULDOHV TXH SRVWHULRUPHQWH UHJUHVDUiQ ORV ID/
FRUUHVSRQGLHQWHVDQ~PFRUUHVSRQGLHQWHD

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

IJ
 /)**2>/09#(<(.)*&%1(:"1=0%:%1(:"(7%(>)7'+0/%(:"&)/*F+0/%("#(&EG0/) 0(.-0$)-!

YRUHVHQHVSHFLHGLQHURDDTXHOORVTXHSHUPLWLHURQ FLRQHVGHODxRFRQWULEX\yDSRQHUHQHYLGHQFLD

SURPRFLRQDUORVSROtWLFDPHQWH56*/D]RQDGHQH/ ODUHOHYDQFLDTXHVXSXVRODSpUGLGDSRUSDUWHGHO35,
JRFLDELOLGDGDELHUWDSRUHVWHPHFDQLVPRHVORTXHKD GHODSUHVLGHQFLDGHODUHS~EOLFD\ODUXSWXUDGHODHV/
SHUPLWLGR SUHFLVDPHQWH OD SRVLELOLGDG GH HQULTXHFL/ WUXFWXUDFLyQSROtWLFDHQiPELWRQDFLRQDOSRUSDUWHGH
PLHQWRDSDUWLUGHOJUDGRGHGLVFUHFLRQDOLGDGWDQWRGHO HVHSDUWLGRSROtWLFRSHURWDPELpQKDVXJHULGRTXHHO
SRGHU HMHFXWLYR FRPR GH VXV DJHQWHV PHGLDGRUHV
SURPRWRUHVFRQWURODGRUHV GH ORV JUXSRV TXH SUHWHQ/
GHQDFFHGHUDODDUHQDSROtWLFD\DTXHORTXHH[SUHVD
HO FDVR GH 56* HV XQD GLVFUHFLRQDOLGDG TXH LQFOX/
VR HV DXWyQRPD D OD GHO SRGHU HMHFXWLYR GRQGH ODV
GHFLVLRQHVVRQPiVLPSRUWDQWHVTXHORVUHFXUVRVQR
REVWDQWHTXHHVWRV~OWLPRVVHDQHOREMHWLYRRELHQHO
UHVXOWDGRGHODVSULPHUDV
$VLPLVPRORTXHGHMDEDHQWUHYHUHOFDVR56*HUD
XQ/%9./.*"$%#GHOVLVWHPDGHOHDOWDGHVLQWUDpOLWHSR/
OtWLFDHVGHFLUHQWUHORVGLVWLQWRVJUXSRVTXHFRPSR/
35,VHYROYLyXQRGHORVUHFHSWiFXORVGHODGHPRFUD/
WL]DFLyQDWUDYpVGHODVIRUPDVGH¿OWUDFLyQ\ÀRWDFLyQ
GHODTXHTXL]iVHDXQDGHODVKHUHQFLDVSROtWLFDVPiV
VRVWHQLGDV \ SHUQLFLRVDV GH OD FXDO WHQHPRV QRWLFLD
FRQUHODFLyQDODVGLQiPLFDVFRQWHPSRUiQHDVGHGH/
PRFUDWL]DFLyQ HQ WpUPLQRV GH SROtWLFD FRPSDUDGD!
VREUHWRGRDOREVHUYDUHOGHVDUUROORGHORVPHUFDGRV
SROtWLFRVGRQGHKDQORJUDGRHQUDL]DUVHWDQWRORVIHQy/
PHQRVGHODFRUUXSFLyQ\VXVDFWRUHVFRPRHOSRGHU
SROtWLFR\VXVpOLWHVGHVSXpVGHODDOWHUQDFLD\SUHFLVD/
PHQWHFRPRHIHFWRGHORVSURFHVRVGHWUDQVPLVLyQGH
QtDQDODFODVHGLULJHQWHGHOSDtVTXHVHGHVSOD]DED ODKHUHQFLDSULLVWD!
GHODFDSDFLGDGIXQGDGD\FRQWURODGDSRUODGLULJHQFLD $OUHVSHFWR0DUtD$PSDUR&DVDUVHxD/
GHO 35, pOLWH GH SDUWLGR SDUD FRQVWUXLU DFXHUGRV \ ODXQKHFKRLQREMHWDEOH³HO35,SHUGLyODSUHVLGHQFLD
FRPSURPLVRVHQPXFKRVFDVRVSHUVRQDOHV\QRWDQ/ PiVQRHOSRGHU´'HHVWHPRGRVRQFRPSUHQVLEOHV
WRLQVWLWXFLRQDOHV\DVHJXUDUDOSRGHUHMHFXWLYRXQD DOJXQRVGHORVHVIXHU]RVHVWDWDOHVTXHSUHWHQGtDQFRU/
EDVHPHGLDQDPHQWHVyOLGDGHFRQVHQVRVDOUHGHGRUGH WDUODFRQWLQXLGDGGHOSDVDGRSULLVWDWDOHVFRPRHOUH/
HVWDVHJXQGDLQVWLWXFLyQSDUDDOFDQ]DUORVREMHWLYRV SXQWHDSDUWLUGHGRQGHDSDUHFHHOSLFRPiVDOWR
SROtWLFRV D QLYHO VH[HQDO D XQD UHG GH DFXHUGRV HQODVWUHV~OWLPDVGpFDGDVHQODSXQWXDFLyQGHOËQGLFH
FLPHQWDGRVHQODDPLVWDG\ORVOD]RVGHSDUHQWHV/ GH3HUFHSFLyQGHOD&RUUXSFLyQ\TXHVHPDQWLH/
FR \ OLQDMH SROtWLFR UHFOXWDPLHQWR WHFQRFUiWLFR
GRQGH OD IDPLOLD GHO SUHVLGHQWH MXJDUtD XQ SDSHO
SUHSRQGHUDQWH
/2618(9269,(-26$0,*26'(/$
3/872&5$&,$'(02&5$&,$
6LREVHUYDPRVHOOXJDUTXHKDRFXSDGRODFRUUXSFLyQ
GHVSXpVGHODDOWHUQDQFLDVXFHGLGDHQHODxR
SRGHPRVVXJHULUTXHDVLVWLPRVDXQLQFUHPHQWRGH
QHHQKDVWD(OORVLQGXGDHVWXYRUHODFLRQD/
GRFRQODFUHDFLyQGHOD/H\)HGHUDOGH7UDQVSDUHQFLD
\$FFHVRDOD,QIRUPDFLyQ\ODGHO,QVWLWXWR)HGHUDO
GH$FFHVRDOD,QIRUPDFLyQHQODFUHDFLyQGH
ODQXHYD/H\)HGHUDOGH5HVSRQVDELOLGDGHV$GPLQLV/
WUDWLYDVGHORV6HUYLGRUHV3~EOLFRVHQPDU]RGH
HQODFXDOGHVDSDUHFHHODUWtFXORODFUHDFLyQGHOD
)LVFDOtD (VSHFLDO SDUD OD 3HUVHFXFLyQ GH ORV &UtPH/
QHVGHO3DVDGR\ODGHVFODVL¿FDFLyQGHORV$UFKLYRV
PD\RUVHQVLELOLGDG³FDPELRGHDFWLWXG´HQODVFRQ/
IURQWDFLRQHVGHOSUREOHPDSRUSDUWHGHODpOLWHSROt/
WLFD\GHODFLXGDGDQtDFRQODDOWHUQDQFLDHQWHQGLEOH
FRPRHIHFWRGHODVHPiQWLFDDQWLSROtWLFDGHOFDPELR
HLQGLVFXWLEOHHQORVGLVFXUVRVGH9LFHQWH)R[GHVGH
TXHHUDFDQGLGDWRSUHVLGHQFLDO)R[FRORFyHOFRP/
EDWHIURQWDODODFRUUXSFLyQFRPRSUREOHPDFHQWUDO
\ FRPR FRQMXQFLyQ HQ OD PHGLGD GH TXH VH SRGtD
GHPRFUDWL]DUHOSDtV\DOPLVPRWLHPSRUHGXFLUORV
tQGLFHV \ HO FRVWR VREUH WRGR HFRQyPLFR TXH HOOD
UHSUHVHQWDED DO JUDGR GH TXH HQWUH ORV DxRV 
\IXHXQDSULRULGDGGHVXDJHQGDGHJRELHUQR
GHODH[WLQWD'LUHFFLyQ)HGHUDOGH6HJXULGDG')6
\HQJHQHUDOFRQHOFRQWH[WRGHFDPELRSROtWLFRTXH
HQHVRVDxRVGDEDPXHVWUDVGHXQD³WUDQVIRUPDFLyQ´
HQ ORV HVWLORV GH KDFHU SROtWLFD 6LQ HPEDUJR \D HQ
HQODSULPHUDIDVHGHO3URJUDPDGH*REHUQD/
ELOLGDG SDUD $PpULFD /DWLQD GHO %DQFR 0XQGLDO VH
DOXGtD D TXH OD PRQRSROL]DFLyQ HQ OD WRPD GH GHFL/
VLRQHVSRUSDUWHGHOJRELHUQRIHGHUDOHQFRQMXQWRFRQ
OD GLVFUHFLRQDOLGDG HQ OD DVLJQDFLyQ GH ORV UHFXUVRV
S~EOLFRV\ODDXVHQFLDGHXQVLVWHPDH¿FLHQWHGHUHQ/

&RQODVH[FHSFLRQHVGHOFDVRUXVRWXUFRRWDLZDQpV

3RUHMHPSORHQSUHVFULEHGHOGHOLWRGHODYDGRGHGLQHURTXHVHOHLP/
%RKyUTXH]DSHVDUGHTXHHQWXYR SXWDEDD56*\XQDxRGHVSXpVHQMXQLRGHVDOHGHODFiUFHOEDMR¿DQ/
OXJDU OD IXJD GHO WUD¿FDQWH -RDTXtQ *X]PiQ /RHUD
GH XQ SHQDO GH DOWD VHJXULGDG GRQGH SXUJDED XQD
FRQGHQDSRUGHOLWRVFRQWUDODVDOXG
(OFRQWH[WRTXHVHGHVDUUROODGHVSXpVGHODVHOHF/
]DDOVHUDEVXHOWRGHODVHVLQDWRGH)UDQFLVFR5XL]0DVVLHX&DVWUR

6REUHODVIXQFLRQHVSROtWLFDV\PHWDSROtWLFDVGHO35,HQODGHPRFUDFLD
YLQFXODGDVFRQODRVFLODFLyQHQWUHSURFHVRSROtWLFROHJDO\GHVHVWUXFWX/
UDFLyQHVWDWDOTXHGDHQWUDGDDORVPHUFDGRVSROtWLFRVGHODFRUUXSFLyQ\
HQSDUWHGHODFULPLQDOLGDGGHVSXpVGHODDOWHUQDQFLDYpDVH&RYDUUXELDV
\9i]TXH]&DOHUR

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

IK
 .-0$)-!//0 01*%"7(/)=%**2!0%1(

GLFLyQGHFXHQWDVHVWDEDQHQWUHODVFDXVDVSULQFLSDOHV \ HPSXMDU HO WLHPSR SUHVHQWH GH OD GHPRFUDFLD KD/

GHODFRUUXSFLyQHQ0p[LFRC0#Q%-"0&0GHMXQLR FLDXQQ~PHURFUHFLHQWHGHRFDVLRQHVGHÀRWDFLyQ\
GHORTXHFRQVROLGDODLGHDGHODGHELOLGDGGHO
SRGHUHMHFXWLYR\QRDTXHOODGHOVLVWHPDGHRUJDQL]D/
FLyQ GH SRGHUHV S~EOLFRDGPLQLVWUDWLYRV \ SROtWLFRV
\DTXHD~QHVWDEDQHQSLHODVEXURFUDFLDVGHSDUWLGR
PXFKDVGHHOODVSURYHQLHQWHVGHO35,
3RUHOORHQODHIHUYHVFHQFLDGHODGHUURWDHOHFWRUDO
GHO 35, OR TXH HPSH]y D VHU HYLGHQWH IXH OD 0,0-.>
4.8"#GHORVQXHYRVYLHMRVDPLJRVGHODGHPRFUDFLD\
FRQHOORVVXVUHWyULFDV\IRUPDVGHDFFLyQPXFKDVGH
ODVFXDOHVWXYLHURQXQFDUiFWHUDELHUWDPHQWHDQWLSROt/
WLFR \ RWUDV RFDVLRQHV XQ UDVJR FODUDPHQWH FRUUXSWR
\ FULPLQDO ,QFOXVR ORJUDURQ HVWDEOHFHUVH HQ PRGR
VLPXOWiQHRDWUDYpVGHODLQYHQFLyQGHXQDFODVHSOX/
WRFUiWLFDGHFRUWHGHPRFUiWLFR(QHVWHVHQWLGRQRHV
IRUWXLWRTXH9LFHQWH)R[FRPRFDQGLGDWR\GHVSXpV
FRPRSUHVLGHQWHVHDLGHQWL¿FDGRFRPRHO³GLUHFWRU´
GHODRUTXHVWDGHHVWHFRPSRQHQWH³LQpGLWR´GHODHV/
FHQDS~EOLFDQDFLRQDO
3RU XQD SDUWH OD VHPiQWLFD DQWLSROtWLFD GH )R[
HQFXHQWUDVXVUDtFHVHQVXFRQVWDQWHUHFXUUHQFLDDOD
*'0+$.4.&0&#PHGLDQWHODFRQMXJDFLyQGHORVPHUFDGRV
FULPLQDOHVFRQODSDUDSROtWLFDSULLVWD\HOWLHPSRSRU
YHQLUGHODGHPRFUDFLDPH[LFDQDDSHVDUGHTXHHVWH
IHQyPHQRGHIHXGDOL]DFLyQHVWDWDO\DHUDXQDUHDOLGDG
HQQXHVWURSDtVGHVGHORVDxRVRFKHQWD
(Q HVWH VHQWLGR HV VLQWRPiWLFR TXH ORV OODPDGRV
³$PLJRVGH)R[´IXHURQXQDLQVWDQFLDTXHJUDGXDO/
PHQWHHVWDWX\yHQHOHVSDFLRS~EOLFRIRUPDVLQpGLWDV
GHLQWHUFDPELRSROtWLFRTXHQRVXVWLWX\HURQDODVYLH/
MDVIRUPDVGHDSURSLDFLyQGHORVPHUFDGRVGHODFR/
UUXSFLyQ³DODSULLVWD´VLQRTXHODVLQFOX\HURQ\ODVUH/
SURGXMHURQFRQPXFKRPD\RUIXHU]D$PLJRVGH)R[
HVXQDDVRFLDFLyQFLYLOFUHDGDHQIHEUHURGHFRQ
HOREMHWLYRGHRUJDQL]DUXQDODUJDSUHFDPSDxDHOHF/
WRUDOFRQPLUDVDODFRQWLHQGDSUHVLGHQFLDOGHO
(QWUH VXV REMHWLYRV SULQFLSDOHV HVWDED HO GH WHQHU OD
PD\RUSUHVHQFLDSRVLEOH\HOPD\RUQ~PHURGHDFXHU/
GRVHQWUHPXQGRSULYDGRPXQGRSROtWLFR\VRFLHGDG
FLYLOSDUDTXHHQHOWLHPSRGHDSHUWXUDGHODFRQYR/
FDWRULDDORVDVSLUDQWHVSUHVLGHQFLDOHVSRUORVGLVWLQ/
VRFLHGDG FLYLO FRPR DFWRU IXQGDPHQWDO GH OD GHPR/ WRVSDUWLGRVHQHVWHFDVRSRUHO3$19LFHQWH)R[
FUDFLD&RYDUUXELDVDWUDYpVGHXQ OOHJDUDHQXQDSRVLFLyQIXHUWHIUHQWHDVXVSRWHQFLDOHV
OODPDGR DO FLXGDGDQR HVD IXH OD WDUHD TXH FXPSOLy DGYHUVDULRVGHSDUWLGR.RUURGL3DUD/LQR
HQ VX PRPHQWR 5XEpQ $JXLODU 9DOHQ]XHOD GHVGH OD .RUURGLSULQFLSDODUWt¿FHGH³$PLJRVGH
R¿FLQDGHODSUHVLGHQFLDTXHQRVyORVXJHUtD³PHQRV
(VWDGR\PiVVRFLHGDGFLYLO´VLQRTXHHUDSDUWHGHOD
UHDOLGDGSDWHQWHGHOGHELOLWDPLHQWRHVWDWDODFDXVDGH
OD FRQIXVLyQ TXH RFDVLRQy OD GLVSHUVLyQ GH SRGHUHV
TXHFREUDIRUPDFRQHO¿QGHODWUDQVLFLyQ\ORVSUL/
PHURVDxRVGHLQVWDXUDFLyQGHPRFUiWLFDSHURHUUyQHD
DOVXSRQHUTXHPHQRV(VWDGRSDVDEDSRUODUHGXFFLyQ
GHVXFDSDUD]yQLQVWLWXFLRQDO\OHJDO\QRSRUORTXH
ORVKHFKRVH[SUHVDEDQODGLVPLQXFLyQGHOiPELWRGH
ODGLVFUHFLRQDOLGDG\GHFLVLyQHQODVDFWLYLGDGHVDG/
PLQLVWUDWLYDVGHOJRELHUQR$VLPLVPRVLWRPDPRVHQ
FXHQWD TXH HO GLVFXUVR DQWLSROtWLFR GH )R[ IXH FRQ/
IHFFLRQDGRDSDUWLUGHOUHFKD]RGHODSROtWLFDR¿FLDO\
)R[´HVWDDVRFLDFLyQWHQtDGRVYHUWLHQWHV³>«@XQD
GLULJLGDDODRUJDQL]DFLyQGHODVRFLHGDGFRQHOSUR/
SyVLWRGHDEULUOHVHVSDFLRVDORVVLPSDWL]DQWHVGH)R[
PiVDOOiGHTXHWXYLHUDQRQRPLOLWDQFLDSDUWLGLVWDHQ
HO3$1RHQRWUDVRUJDQL]DFLRQHVLQFOX\HQGRHO35,
RHO35'\RWUDTXHEXVFDEDSURSRUFLRQDUOHXQVXV/
WHQWR¿QDQFLHURDODSUHFDPSDxD<ROODPDEDDHVHWUD/
EDMRUHXQLUODVPXQLFLRQHVVX¿FLHQWHVSDUDKDFHUIUHQWH
DODEDWDOODHQTXHHVWiEDPRVLQPHUVRV\GHEtDKDFHUVH
FRQH¿FDFLDWUDQVSDUHQFLD\GHQWURGHODOHJDOLGDG´
$OYROFDUVHOLWHUDOPHQWHDODFDSWDFLyQGHUHFXUVRV
PRQHWDULRV.RUURGLH[SUHVDTXHHQVXSULPHUDxRGH
YLGD ³$PLJRV GH )R[´ UHFDXGy DOUHGHGRU GH FLQFR
DXWRULWDULDLQFOXLGDODFRUUXSFLyQFRQPLUDVDLQVWL/ PLOORQHVGHSHVRVTXHDGLIHUHQFLDGHODVXPD
WXLUXQHMHTXHSUHWHQGtDQHJDUVXLGHQWL¿FDFLyQFRQ LUtD FUHFLHQGR KDVWD OOHJDU DOUHGHGRU GH  PLOORQHV
XQOLQDMHSUHDOWHUQDQFLD\DTXHQR³PLUD´DOSDVDGR GH SHVRV (Q HVWH VHQWLGR ³$PLJRV GH )R[´ HVWDED
DXQTXHKDEUtDTXHFXHVWLRQDUFUtWLFDPHQWHVLPLUyKD/ FRQFHQWUDGRHQXQREMHWLYRFODUR³WUDEDMDUSDUDµFDS/
FLDDOJ~QODGRHQWRQFHVSRGHPRVDUJLUTXHTXLHQ WDUGRQDFLRQHVPDVLYDV¶SXHVWHQtDQODFRQYLFFLyQGH
SURGXFHDO35,FRPRHQHPLJRDPLJRGHODGHPRFUD/ TXHDSHVDUGHODQXHYDUHIRUPDHOHFWRUDOGHHQ
FLD\FRPRHIHFWRGHHVWDSURGXFFLyQORLQVWDODPiV HODxRODFRQWLHQGDHVWDUtDD~QYROFDGDKDFLDHO
DOOiGHODHVSDFLDOLGDGH[WHQVLYDGHODSROtWLFDGHOD
DOWHUQDQFLDHVGHFLUHQHOHVSDFLRHOiVWLFRGHORVLQ/
WHUFDPELRVFRUUXSWRVHV)R[\VXVDPLJRV
3RU OD RWUD VRQ SUHFLVDPHQWH )R[ \ VXV DPLJRV
TXLHQHV KLFLHURQ UHDOLGDG OD SRVLELOLGDG GH DEULU
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
IG
ODGRGHO35,´.RUURGL\VV
3RU VX SDUWH KDFLD ¿QDOHV GH  ³$PLJRV GH
)R[´GHFLGHRUJDQL]DUODHVWUDWHJLDTXHVHJXLUtDQGHV/
GHHOPRPHQWRGHWHQHUD9LFHQWH)R[FRPRFDQGLGD/
WRGHO3$1VREUHWRGRHQIDWL]DQGRODVGLVSRVLFLRQHV
 /)**2>/09#(<(.)*&%1(:"1=0%:%1(:"(7%(>)7'+0/%(:"&)/*F+0/%("#(&EG0/) 0(.-0$)-!
SDUD JHVWLRQDU \ GLVWULEXLU ORV UHFXUVRV TXH HVWDEDQ
FDSWDQGR4XLHQHVRUJDQL]DURQHVWDSURSXHVWDIXHURQ
.RUURGL\&DUORV5RMDV0DJQRQ(VWHKHFKRHVVLJQL/
¿FDWLYRSRUTXHDSDUWLUGHODSURSXHVWDGHHVWRVGRV
SHUVRQDMHVHQHQHURGHOFXDQGR\DVHFRPHQ/
]DEDQDSHU¿ODUORVSULQFLSDOHVRSRQHQWHVGH9LFHQWH
)R[SRUODSUHVLGHQFLDVHDFXHUGDTXHODVFXHQWDVGH
³$PLJRVGH)R[´VHUtDQJHVWLRQDGDVGHVGHHO3$1
GHOHJDQGRFRQHOORODUHVSRQVDELOLGDGDOSDUWLGRSROt/
WLFRGHOFRQWURO\HURJDFLyQGHORVUHFXUVRVDVtFRPR
GH VX DXGLWDFLyQ SRU HO yUJDQR GH ¿VFDOL]DFLyQ GHO
OD FUHDFLyQ GHO ¿GHLFRPLVR@ KRPEUHV GH QHJRFLRV
TXHQRVGHFtDQTXHOHVUHVXOWDEDFRPSURPHWHGRUDSR/
\DUQRVDWUDYpVGH$PLJRVGH)R[GHSRVLWDEDQORVUH/
FXUVRVHQHO¿GHLFRPLVR(VWRHVREWHQtDQFRQ¿GHQ/
FLDOLGDGSXHVDWUDYpVGHHVD¿JXUDQRKDEtDDFFHVRD
LQIRUPDFLyQTXHSXGLHUDGHWHUPLQDUTXLpQRTXLpQHV
KDEtDQDSR\DGRODSUHFDPSDxD\ODFDPSDxD´
'H HVWR VH GHULYDUtDQ YDULRV KHFKRV (O SULPHUR
\ PiV LPSRUWDQWH HO DSHJR D XQD SURWHFFLyQ GH ODV
LGHQWLGDGHV GH ORV GRQDQWHV GH ³$PLJRV GH )R[´
TXHFRLQFLGtDLUUHVWULFWDPHQWHFRQODFOiXVXODGHRSD/
SDUWLGR.RUURGL$OPLVPRWLHPSRHQGL/ FLGDG GHO VHFUHWR EDQFDULR WXWHODGD SRU OD &RPLVLyQ
FLHPEUHGHHO3$1HVWDEOHFHXQFRQYHQLRFRQ 1DFLRQDO%DQFDULD\GH9DORUHVHQHVHHQWRQFHV(O
HO3DUWLGR9HUGH(FRORJLVWDGH0p[LFR39(0SDUD
FRQVWUXLUODGHQRPLQDGD³$OLDQ]DSRUHO&DPELR´\
ODQ]DUFRQMXQWDPHQWHFRPRFDQGLGDWRGHDPERVSDU/
WLGRVD9LFHQWH)R['LFKRDFXHUGRTXHGDUtDUHJLVWUD/
GRHQHQHURGHOHQHO,)(
/DV GRQDFLRQHV ±VREUH WRGR GHO VHFWRU HPSUHVD/
ULDO±KDFLD³$PLJRVGH)R[´\SRVWHULRUPHQWHKDFLD
HO3$1FRQOOHYDURQXQKHFKRSHFXOLDUOD+)+$.$)4.8"#
VHJXQGRHOFRQRFLPLHQWRGHFDXVDTXHHO3$1WHQtD
VREUH HO PRGR GH RFXOWDU ODV LGHQWLGDGHV GH ORV GR/
QDQWHVWDQWRHQHOFDVRGH³$PLJRVGH)R[´FRPRHQ
HOFDVRGHO)''HQYLUWXGGHODQHFHVLGDGTXHWXYLH/
URQSDUDDOOHJDUVHGHIRQGRV\RUJDQL]DUXQDFDPSDxD
HOHFWRUDOEDVDGDHQHOFRQVWDQWHXVRGHORVPHGLRVGH
FRPXQLFDFLyQ(VWHVHJXQGRHOHPHQWRVHUiGHWHUPL/
QDQWHFXDQGRHOHVFiQGDORVREUHODVLUUHJXODULGDGHV\
GHGRQDFLRQHVGLUHFWDVHVGHFLUHQGLQHURSRUGR/
QDFLRQHV HQ HVSHFLH \ HOOR HQ YLUWXG GH GRV SXQWRV
HQFRQÀLFWR(OSULPHURSRUODVVXSXHVWDVDPHQD]DV
UHFLELGDVGHVGHHOSRGHUHMHFXWLYRGLULJLGDVDORVJUX/
SRVHPSUHVDULDOHVHQHOVHQWLGRGHTXHDODSR\DUXQD
FDQGLGDWXUDGLVWLQWDDODGHOSDUWLGRR¿FLDOORVVHJXQ/
GRVHVWDUtDQREOLJDGRVDDVXPLUODVFRQVHFXHQFLDVGH
ORVPHFDQLVPRVLQGLUHFWRVGHFRHUFLyQSRUHMHPSOR
ORVFDVWLJRV¿VFDOHVRHOHVSLRQDMHSROtWLFRTXHSRV/
ODRSDFLGDGGHORULJHQGHORVUHFXUVRVREWHQLGRVPH/
GLDQWHODVGRVHVWUXFWXUDVSDUDOHODVDO3$1VDOHQDOD
OX]HQMXQLRGHOXQPHVDQWHVGHODVHOHFFLRQHV
SUHVLGHQFLDOHV
/DLQYHVWLJDFLyQVREUHODVSUHVXQWDVLUUHJXODULGD/
GHV GH ORV OODPDGRV ³$PLJRV GH )R[´ FRPHQ]DURQ
DSDUWLUGHODLQWHUYHQFLyQGHOHQWRQFHV'LSXWDGRGHO
35,(QULTXH-DFNVRQHQOD7ULEXQDGHOD&RPLVLyQ
3HUPDQHQWHGHO&RQJUHVRGHOD8QLyQHOGHMXQLR
WHULRUPHQWHSRGUtDVHUXVDGRFRPRDUPDSROtWLFD(O
VHJXQGR\HVWUHFKDPHQWHOLJDGRDOSXQWRDQWHULRUHV
TXHGLFKDVXVWLWXFLyQDEULyODSRVLELOLGDGGH%4)'$0-#
ODLGHQWLGDGGHORVGRQDQWHVSXHVDOGDUGRQDWLYRVHQ
HVSHFLHUHVXOWyGLItFLOSRGHUVHJXLUHOUDVWURGHTXLpQ\
FXiQWRHVWDEDGRQDQGRSDUDODFDPSDxDSUHVLGHQFLDO
GHO\ODSULPHUDUHVROXFLyQVREUHODVGLVWLQWDV
OtQHDVGHLQYHVWLJDFLyQTXHDEULyOD&RPLVLyQGH)LV/
FDOL]DFLyQ GH ORV 5HFXUVRV GH ORV 3DUWLGRV 3ROtWLFRV
\$JUXSDFLRQHV3ROtWLFDVGHO,)(VREUHHOSDUWLFXODU
VHUiQGDGDVDFRQRFHUHQXQDVHVLyQH[WUDRUGLQDULDGH
HVWD~OWLPDLQVWLWXFLyQHOGHRFWXEUHGHOHQ
GH9LFHQWH)R[.RUURGL OD UHVROXFLyQ &* &iUGHQDV *UDFLD 
&RQODFRQYLFFLyQGHGLVSXWDUHQODDUHQDHOHFWR/ &DEHVXEUD\DUTXHORVVHxDODPLHQWRVDSHVDU
UDO D XQD ³PDTXLQDULD´ R¿FLDO TXH HVWDED GLVSXHVWD GHLUGLULJLGRVKDFLD³$PLJRVGH)R[´SULQFLSDOPHQ/
DUHFXUULUDFXDOTXLHUWLSRGHPHFDQLVPROHJDO\H[/ WHWHQtDQXQLPSHGLPHQWRMXUtGLFR\SROtWLFRGHEDVH
WUDOHJDOSDUDUHWHQHUQXHYDPHQWHODSUHVLGHQFLDORV TXLHQKDEtDSRVWXODGRFRPRFDQGLGDWRDODSUHVLGHQ/
RSHUDGRUHV¿QDQFLHURVGH9LFHQWH)R[FRQVWUXLUiQXQ FLDHUD$OLDQ]DSRUHO&DPELR3$1\39(0QRORV
PHFDQLVPRSDUDOHORGHUHFROHFFLyQGHIRQGRVOODPD/ ³$PLJRVGH)R[´SRUHOORTXLHQHVWDEDREOLJDGRD
GR)LGHLFRPLVRSDUDHO'HVDUUROORGHOD'HPRFUDFLD DFODUDUODVLWXDFLyQHUDHO3$139(0TXHFRPR\D
)''GLULJLGRSRU&DUORV5RMDV0DJQRQ\.RUURGL VHKDVHxDODGRDQWHVWHQtDFRQRFLPLHQWRGHOWLSRGH
TXHRSHUDEDFRPRLQWHJUDQWHGHOFRPLWpWpFQLFR\D PHFDQLVPRV FRQVWUXLGRV SRU .RUURGL SDUD DOOHJDUVH
TXHHUDODSULQFLSDO¿JXUDSDUDFRQVHJXLUORVIRQGRV GHOPD\RUGHORVUHFXUVRV¿QDQFLHURV
SULYDGRVGHODFDPSDxD(VWHKHFKRORFRQ¿UPD.R/ (Q VX LQWHUYHQFLyQ (QULTXH -DFNVRQ ODQ]y DFX/
UURGLDOD¿UPDUTXH³'HHVWHPRGR>FRQ
(OKHFKRH[WUDRUGLQDULRGHWRGRHOORHVTXHKDVLGRHOSURSLR.RUURGL

TXLpQPDQLIHVWyS~EOLFDPHQWHODFUHDFLyQGHHVWHPHFDQLVPRGHRFXOWD/
PLHQWRGHODLGHQWLGDGGHORVGRQDGRUHV
VDFLRQHVVREUHOD³$OLDQ]DSRUHO&DPELR´VREUHODV
SUHVXQWDV LUUHJXODULGDGHV HQ OD HVWUXFWXUD GH ¿QDQ/
FLDPLHQWRSULYDGRTXHHVWDEDOOHYDQGRDFDERGLFKD
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
IM
 .-0$)-!//0 01*%"7(/)=%**2!0%1(

DOLDQ]DSDUDLPSXOVDUODFDQGLGDWXUDGH9LFHQWH)R[ HORULJHQGHORVUHFXUVRVGHODFDPSDxDSUHVLGHQFLDO
GRQGHVHGLMRTXH GH9LFHQWH)R[\TdLUUHJXODULGDGHVHQODDSOLFDFLyQ
GHORVUHFXUVRVHQODPLVPDFDPSDxD&DEHDJUHJDU
>«@HOVHxRU/LQR.RUURGLUHVSRQVDEOHGHODV¿QDQ]DVGH TXHDSHVDUGHODDFHSWDFLyQSRUSDUWHGHODDXWRULGDG
$FFLyQ 1DFLRQDO RSHUD XQ WUXFXOHQWR VLVWHPD GH WUDQVIH/ HOHFWRUDOGHODTXHUHOODHQFRQWUDGHO3$139(0\
UHQFLDVGHGLQHURSURYHQLHQWHVGHOH[WUDQMHUR\GHOSDtVOR MXQWRFRQHOORVHQFRQWUDGH9LFHQWH)R[\³$PLJRV
KDFHDSR\DGRHQWUHVHPSUHVDVTXHpODGPLQLVWUDXELFDGDV GH )R[´ OD TXHMD WHQGUi XQ SUREOHPD GH RULJHQ OD
HQGLIHUHQWHVFLXGDGHVGHOSDtV\ORKDFHDWUDYpVGHFXHQWDV
IRUPDHQFyPRDOJXQRVPLHPEURVGHO35,VXVWUDMH/
EDQFDULDV GH SDUWLFXODUHV \ D WUDYpV GH RWUDV HPSUHVDV TXH
SDUWLFLSDQHQHVWHPDQHMR¿QDQFLHURTXHWLHQHWRGRVORVLQ/
URQ R ELHQ OHV KLFLHURQ OOHJDU OD LQIRUPDFLyQ GH ODV
JUHGLHQWHVSDUDFDOL¿FDUORGHXQVLVWHPDGHODYDGRGHGLQHUR LUUHJXODULGDGHVGHODFDPSDxDGH9LFHQWH)R[WHQGUi
(O¿QDQFLDPLHQWRGHOH[WUDQMHURVHUHFLEHHQHO,QVWLWXWR,Q/ XQFDUiFWHULOHJDOSXHVODLQIRUPDFLyQTXHPDQHMDED
WHUQDFLRQDOGH)LQDQ]DVFRQVHGHHQ3XHEODHO,QVWLWXWRGH HOGLSXWDGR-DFNVRQHQVXGLVFXUVRHQODWULEXQDGHO
3XHEODORWUDQV¿HUHDVXV¿OLDOHVHQ/HyQ*XDQDMXDWRRHQ &RQJUHVR PH[LFDQR WHQtD XQ LUUHVWULFWR FDUiFWHU GH
0RQWHUUH\1XHYR/HyQ FRQ¿GHQFLDOLGDGTXHHUDYLRODGRSUHFLVDPHQWHHQHO
'H ODV ¿OLDOHV GHO ,QVWLWXWR ,QWHUQDFLRQDO GH )LQDQ]DV XQD PRPHQWRGH504*-#,iT'.4%#XQFRQMXQWRGHGDWRVTXH
VRFLHGDGFLYLOORVUHFXUVRVVRQWUDQVIHULGRVDFXDOTXLHUDGH SRUOH\GHEtDQSHUPDQHFHUIXHUDGHODOFDQFHGHODRSL/
XQD GH ODV WUHV HPSUHVDV TXH DGPLQLVWUD HO VHxRU .RUURGL QLyQS~EOLFD(VWRSXHGHVHUOHtGRFRPRXQHYHQWR
UHVSRQVDEOHGHODV¿QDQ]DVGHOVHxRU)R[8QDVHOODPD. DQiORJRDODVIRUPDVGHOLEHUDGDVGHSURGXFFLyQGHOD
%HWD 6$ GH &9 RWUD VH OODPD *UXSR$OWD7HFQRORJtD
OH\GHVGHODWpFQLFDSROtWLFDTXHHVWXYLHURQSUHVHQWHV
HQ,PSUHVRV6$GH&9\ODRWUDVHOODPD67DQG.GH
0p[LFR6$GH&9
HQHOFDVRGHOD/H\)HGHUDOGH5HVSRQVDELOLGDGHVHQ
'HLJXDOPDQHUDHO¿QDQFLDPLHQWRQDFLRQDOVHFDQDOL]DLQ/ \ODGLVFUHSDQFLDFRQODUHIRUPDSUHYLDDODUWt/
GLVWLQWDPHQWHDFXDOTXLHUDGHHOODVODVGHO,QVWLWXWRRODVGHO FXORFRQVWLWXFLRQDOTXHSRQtDHQDELHUWDLQFRQV/
VHxRU .RUURGL SHUR ¿QDOPHQWH ORV UHFXUVRV QDFLRQDOHV \ WLWXFLRQDOLGDGDODSULPHUDHQVXDUWtFXOR(VGHFLU
H[WUDQMHURV YDQ D SDUDU D ODV FXHQWDV EDQFDULDV GH ODV WUHV ODGHQXQFLDS~EOLFDTXHHVHQUHDOLGDGXQDGHQXQFLD
HPSUHVDVGHOVHxRU.RUURGLGHODVFXHQWDVEDQFDULDVGHOVH/ SROtWLFDSXHGHVHUXQDWpFQLFDSROtWLFDGHOLEHUDGDSDUD
xRU.RUURGLORVUHFXUVRVVHWUDQV¿HUHQDODVFXHQWDVSHUVR/ UHGXFLUGLVROYHUORVSRWHQFLDOHVGHOLWRVQRVyORHOHF/
QDOHVGHODVHxRULWD&DUORWD5RELQVRQODVHxRULWD5RELQVRQ WRUDOHVHQORVFXDOHVLQFXUUtDQWDQWRHO3$1FRPRHO
FDQDOL]D ORV UHFXUVRV \ ORV GRVL¿FD SRU WUHV YtDV GLVWLQWDV 39(0HQODHOHFFLyQGHO
HQXQFDVRDXQ¿GHLFRPLVRGH%DQFRPHUDQRPEUHGHOVH/ 3RUVXSDUWHHOGHDJRVWRGHFXDQGR9LFHQ/
xRU5RMDV0DJQRQHQRWURFDVRDGLYHUVDVSHUVRQDVItVLFDV
WH)R[\DVHHQFXHQWUDFRPRSUHVLGHQWHHQIXQFLRQHV
TXHFRQYLHUWHQHQHIHFWLYRORVFKHTXHV\HQRWURVFDVRVD
OD FXHQWD EDQFDULD GH$PLJRV GH )R[ FLWDGR HQ &iUGHQDV
HO,)(HQODUHVROXFLyQMS#bamhff`#GHVHFKDUiODTXH/
*UDFLD\VV MDGHO35,FRQHODUJXPHQWRGHHVWDULPSRVLELOLWDGRD
LQYHVWLJDU ODV SUHVXQWDV LUUHJXODULGDGHV GH OD &RDOL/
FLyQ$OLDQ]DSRUHO&DPELR\DTXHODLQYHVWLJDFLyQ
(OHOHPHQWRHQGLVSXWDHUDODSUHVXQWDRUJDQL]DFLyQ\ OOHYDUtDIRU]RVDPHQWHDODYLRODFLyQGHODFOiXVXODGHO
HMHFXFLyQ GH XQ VLVWHPD GH ¿QDQFLDPLHQWR SDUDOHOR VHFUHWREDQFDULR&RPRUHVSXHVWDDHVWDQHJDWLYDGH
FX\R RULJHQ UHVXOWDED DOWDPHQWH FXHVWLRQDEOH &iU/ ODDXWRULGDGHOHFWRUDOHO35,LQWHUSRQGUiXQUHFXUVR
GHQDV *UDFLD  4XLHQ LQWHUSRQGUi OD TXHUHOOD GHDSHODFLyQ6835$3IUHQWHDO7ULEXQDO
IUHQWHDODDXWRULGDGHOHFWRUDO,)(HVHO35,HOGtD (OHFWRUDO GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ 7(/
GHMXQLRGHO\VHUiDFHSWDGDFRQHOQ~PHUR 3-)TXLHQHOGHPD\RGHUHYRFDODUHVROXFLyQ
n>MXFRPR# `amff# RFE# 9+Y#PMY# 6LQ HPEDUJR HO ,)( LPSXJQDGDSRUHO35,FRQORTXHVHSHUPLWLyDEULUOD
DFXHUGDTXHODLQYHVWLJDFLyQVHOOHYDUtDDFDERKDVWD LQGDJDFLyQVREUHODVLUUHJXODULGDGHVHQODFDPSDxDGH
GHVSXpVGHODVHOHFFLRQHVGHOGHMXOLRGHHVHDxR $OLDQ]DSRUHO&DPELR$VtSXHVVHUiKDVWDHOGH
SHULRGRTXHVHH[WHQGHUtDKDVWDGLFLHPEUHGHO RFWXEUHGHFXDQGRHO&RQVHMR*HQHUDOGHO,)(
SXHVDUJX\HURQTXHQHFHVLWDEDQHVSHUDUDODHQWUHJD HQ XQD VHVLyQ H[WUDRUGLQDULD GLFWDUi OD UHVROXFLyQ
GH ORV UHSRUWHV ¿QDQFLHURV TXH SRU OH\ OD &RDOLFLyQ MS# hhkmhffk GRQGH VH VHxDODQ GRV QLYHOHV GH ORV
$OLDQ]D SRU HO &DPELR GHEtD HQWUHJDU GH ORV LQJUH/ &RPR\DVHKDVHxDODGROtQHDVDWUiVHVWRVHGHEtDDTXHODVGRQDFLRQHV
VRV \ JDVWRV GH FDPSDxD (O DOHJDWR SULQFLSDO HUDQ FDSWDGDVPHGLDQWH³$PLJRVGH)R[´FRPHQ]DURQDVHUVXVWLWXLGDVGHGR/
ODVSUHVXQWDVRELHQODVFRQ¿UPDGDVYLRODFLRQHVDO QDFLRQHVGLUHFWDVDGRQDFLRQHVHQHVSHFLHTXHRFXOWDEDQSUHFLVDPHQWHORV
PRQWRV\ODVLGHQWLGDGHVGHORVGRQDQWHVSDUDDVHJXUDUTXHQRKXELHVHQ
&yGLJR )HGHUDO GH ,QVWLWXFLRQHV \ 3URFHGLPLHQWRV UHSUHVDOLDVSRVWHULRUHVRELHQSRUHOKHFKRTXHHODQRQLPDWRGHOGRQDQWH
(OHFWRUDOHVHQGRVGLUHFFLRQHV0dLUUHJXODULGDGHVHQ OHJDUDQWL]DEDQRSRQHUHQSUHGLFDPHQWRVXUHSXWDFLyQMXQWRDTXHOODGH
³$PLJRVGH)R[´FXDQGRHOGRQDQWHSRGtDWHQHUXQDGXGRVDUHSXWDFLyQ

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

IN
 /)**2>/09#(<(.)*&%1(:"1=0%:%1(:"(7%(>)7'+0/%(:"&)/*F+0/%("#(&EG0/) 0(.-0$)-!

GHOLWRVFRPHWLGRVSRUHO3$1\39(0HOSULPHUR ORVLQWHUHVHVSDUWLFXODUHVDORVTXHUHVSRQGHODDFWLYL/
FRQ UHODFLyQ D ODV 4.-4)"+$0"4.0+# HQ ODV FXDOHV ODV GDG FRPHUFLDO´ hd UHFXUVRV SURYHQLHQWHV GHO H[WUDQ/
IDOWDV KDEtDQ WHQLGR OXJDU VREUH WRGR LQGLFDQGR HO MHURTXHIXHURQGLULJLGRVGLUHFWDPHQWHDODDVRFLDFLyQ
WLHPSRHOPRGR\HOOXJDUHQTXHVHSURGXMHURQORV ³$PLJRVGH)R[´\SRVWHULRUPHQWHDOD&RDOLFLyQ$&
GHOLWRVHOVHJXQGRFRQUHODFLyQDODB-09*&0&#GH
ORV GHOLWRV (V GHFLU OD WUDVFHQGHQFLD R LPSDFWR DO
WUDQVJUHGLU OD QRUPD TXH UHJXOD OD FRQWLHQGD HOHF/
WRUDO  \ VRSHVDQGR ORV HIHFWRV TXH GLFKD YLRODFLyQ
RFDVLRQDQHQODYLGDS~EOLFDGHOSDtV
/DVVDQFLRQHVDGPLQLVWUDWLYDVTXHHO7(3-)HMHFX/
WyHQVXVHQWHQFLDHQFRQWUDGH$OLDQ]DSRUHO&DPELR
IXHURQODVVLJXLHQWHV`dDSRUWDFLRQHVQRUHSRUWDGDV!
hdVXSHUDFLyQGHOOtPLWHHVWLSXODGRSRUHO&2),3(HQ
UHODFLyQDORVGRQDWLYRVRDSRUWDFLRQHVGHSHUVRQDVIt/
VLFDVRPRUDOHVVXSHULRUHVDOSRUFLHQWR$OUHV/
SHFWRHQHOFXHUSRGHODVHQWHQFLDVHDUJXPHQWDTXH ¿QDQFLHURQDFLRQDO´ldVXSHUDFLyQGHOWRSHGHJDVWRV
>«@ODRPLVLyQGHORVSDUWLGRVVHWUDGXMRHQODLPSRVLELOLGDG
GHWHQHUFRQRFLPLHQWRYLJLODQFLD\FRQWUROGHORVLQJUHVRV
kdDSRUWDFLRQHVSURYHQLHQWHVGHOJUXSRSDUODPHQWDULR
GHO3$1HQHO6HQDGRGHOD5HS~EOLFDTXHIXHFRQ/
VLGHUDGRGHOLWRJUDYH\DTXHSHUPLWLUtDXQD³LOHJtWLPD
YHQWDMD´DOGLVSRQHUGHUHFXUVRVS~EOLFRVTXHQRIXHURQ
SHQVDGRV SDUD OD FRQWLHQGD HOHFWRUDO ed# DSRUWDFLRQHV
GHRULJHQQRLGHQWL¿FDGRTXHQRIXHURQUHSRUWDGRVHQ
ORVOLEURVTXH$&HQWUHJyDO,)(GHLJXDOPDQHUDIXH
FRQVLGHUDGRXQGHOLWRJUDYH\DTXH³ODVDSRUWDFLRQHV
GHRULJHQQRLGHQWL¿FDGRQRIXHURQFDSWDGRVPHGLDQWH
FROHFWDV R PtWLQHV 3RU HO FRQWUDULR VH WUDWD GH DSRU/
WDFLRQHV TXH HQWUDURQ D GLYHUVDV FXHQWDV GHO VLVWHPD
GHODFDPSDxDSUHVLGHQFLDOcdDSRUWDFLRQHVDO3$1GH
ODHPSUHVDPH[LFDQDGHFDUiFWHUPHUFDQWLO*UXSR$OWD
7HFQRORJtDHQ,PSUHVRV6$GH&9TXHHVXQDGH
\ HJUHVRV WRWDOHV GHO 3DUWLGR$FFLyQ 1DFLRQDO GHO 3DUWLGR
9HUGH(FRORJLVWDGH0p[LFR\GHOD&RDOLFLyQ$OLDQ]DSRU
HO&DPELRGXUDQWHORVDxRV\\GHVWDFDGDPHQ/
WHGXUDQWHODFDPSDxDSUHVLGHQFLDOGHOSURFHVRHOHFWRUDOGHO
DxR&RQHOORLQGXGDEOHPHQWHVHYXOQHUDHOSULQFLSLR
FRQVWLWXFLRQDOGHHTXLGDGGHODFRPSHWHQFLDGHPRFUiWLFD\D
TXHOD&RDOLFLyQGHQRPLQDGD\ORVSDUWLGRVTXHODLQWHJUDURQ
ODVHPSUHVDVSURSLHGDGHVGH/LQR.RUURGLbd!+$%4+72!
WDUGtDSRUSDUWHGHO3$1GHORVUHFLERVGHDSRUWDFLRQHV
GHVLPSDWL]DQWHV\PLOLWDQWHVHQHODxRIXHFRQ/
VLGHUDGDXQDIDOWDJUDYHSRUTXHDJUHGtDHOSULQFLSLRGH
UHQGLFLyQGHFXHQWDV\GH¿VFDOL]DFLyQGHORVUHFXUVRV
D ORV SDUWLGRV SROtWLFRV 7ULEXQDO (OHFWRUDO GHO 3RGHU
VHXELFDURQIXHUDGHOFRQWUROOHJDOHQXQDVLWXDFLyQYHQWDMR/ -XGLFLDOGHOD)HGHUDFLyQ
VDFRQUHVSHFWRDORVRWURVFRQWHQGLHQWHVSROtWLFRV7ULEXQDO 'DGDOD³ÀDFLGH]´TXHH[SUHVDQHQVXFRQMXQWRORV
(OHFWRUDOGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQ
$GHPiVHO7(3-)FRQFOXtDTXHHOSRUFLHQWRGH
ODVDSRUWDFLRQHVQRUHSRUWDGDVDO3$139(0KDEtDQ
VLGRGHVWLQDGDVGLUHFWDPHQWHDODFDPSDxDSUHVLGHQ/
FLDOGH9LFHQWH)R[$KRUDELHQODVRWUDVVDQFLRQHV
HQ FRQWUD GH OD$& HVWDEDQ FRQFHQWUDGDV HQ HO RUL/
JHQ\JDVWRGHODVDSRUWDFLRQHVSULYDGDVHQHOSHULRGR
GHOGHVHSWLHPEUHGHDOGHGLFLHPEUHGHO
FRQWUROHVMXUtGLFRVDODFRUUXSFLyQHQHVWHFDVRDTXH/
OODTXHLQYROXFUDUtDLQGLUHFWDPHQWHDO3$139(0HV
LPSRUWDQWHUHFXSHUDUODPHFiQLFDGHHVWHWLSRGHLQWHU/
FDPELRVGRQGHODFRUUXSFLyQHQHIHFWRQRHVHOHOH/
PHQWRSUHSRQGHUDQWHGHGLVSXWD\GHLPSXWDFLyQSHUR
VtRSHUDFRPRXQIXHUWHFRPSRQHQWHSDUDGHVDUUROODU
ODHVWUXFWXUDSDUDOHODGH¿QDQFLDPLHQWRDOD&RDOLFLyQ
TXH¿QDOPHQWHSXGRSHUPLWLUODDOWHUQDQFLDSROtWLFDHQ
0p[LFR3RU~OWLPRHVRSRUWXQRSUHJXQWDUVHVLHOREMH/
TXHIXHHOSHULRGRGHODLQYHVWLJDFLyQGRQGH
VH GHVWDFDQ `d DSRUWDFLRQHV GH HPSUHVDV PH[LFDQDV
GHFDUiFWHUPHUFDQWLOGRQGHVHFRPSUREyTXH$&UHFL/
ELyDSRUWDFLRQHVGHHPSUHVDVPH[LFDQDVGHFDUiFWHU
PHUFDQWLO (VWD YLRODFLyQ IXH FRQVLGHUDGD FRPR IDOWD
JUDYH\DTXH³ODQRUPDYLRODGDSHUVLJXHFRPR¿QDOL/
GDGPDQWHQHUDOPDUJHQGHORVSURFHVRVGHPRFUiWLFRV

8QDGHODVGH¿FLHQFLDVTXHHO&2),3(WLHQHHQWDQWRPHFDQLVPRGH
FRQWURO GHO ¿QDQFLDPLHQWR D ORV SDUWLGRV SROtWLFRV HV TXH HO FRQMXQWR
GHVDQFLRQHVQRREVWDQWHTXHVHWLSL¿TXHQMXUtGLFDPHQWHFRPRJUDYHV
WLHQHQ XQ LUUHVWULFWR FDUiFWHU 0&/.".+$-0$.9% \ "%# ,*"0' FX\R Pi[LPR
FDVWLJRHVTXLWDUHOUHJLVWURIUHQWHDO,)(GHOSDUWLGRSROtWLFRDOFXDOVHOH
HQFRQWUDURQLUUHJXODULGDGHV

$OUHVSHFWRODVHQWHQFLDGHFtD³KDEHURPLWLGRUHSRUWDUHQORVLQIRU/
PHV DQXDOHV \ GH FDPSDxD ORV LQJUHVRV WRWDOHV \ JDVWRV TXH VH KD\DQ
UHDOL]DGRGXUDQWHHOHMHUFLFLRREMHWRGHOLQIRUPHRHQODFDPSDxDFRUUHV/
SRQGLHQWHVHJ~QVHDHOFDVR´7ULEXQDO(OHFWRUDOGHO3RGHU-XGLFLDOGH
WLYR¿QDOTXHHUDODLQDXJXUDFLyQSOHQDGHXQUpJLPHQ
GHPRFUiWLFRHVVX¿FLHQWHSDUDFRPSUHQGHUHQVXFDEDO
GLPHQVLyQODVQHFHVLGDGHV¿QDQFLHUDVDQWHODVFXDOHV
VHHQFXHQWUDQORVSDUWLGRVTXHSDVDUiQGHODRSRVLFLyQ
DOJRELHUQRVREUHWRGRHQVX³ODUJDPDUFKD´KDFLDOD
GHPRFUDFLD PH[LFDQD $KRUD ELHQ OR TXH TXHGD SRU
GHVDUUROODUHQHVWDVHGHVRQODVFRQFOXVLRQHVMXUtGLFDV
GHODHVWUXFWXUDSDUDOHODGH¿QDQFLDPLHQWR\REVHUYDU
VXVSRWHQFLDOHVGHULYDFLRQHV
(O SULPHU SXQWR SRU DERUGDU LQPHGLDWDPHQWH GH
OD HVWUXFWXUD SDUDOHOD GH ¿QDQFLDPLHQWR D SDUWLU GH
³$PLJRV GH )R[´ HV TXH HVWD HVWXYR VLHPSUH VXSH/
GLWDGDDUHJODVGLVWLQWDVDODVGHOMXHJRGHPRFUiWLFR
&RPRORSXQWXDOL]DODVHQWHQFLDGHO7(3-)³ORTXH
KDFHODGLIHUHQFLDVRQODVUHJODVTXHGH¿QHQODFDS/
OD)HGHUDFLyQ

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

II
 .-0$)-!//0 01*%"7(/)=%**2!0%1(
WDFLyQ´(QHIHFWRVLODVUHJODVTXHVHUiQXWLOL]DGDV
SDUDORJUDUDSRUWDFLRQHVHFRQyPLFDVVLQLPSRUWDUHO
RULJHQGHODVPLVPDVSXHVHOREMHWLYR¿QDOHVHOTXH
HQFLHUWDPHGLGDODVMXVWL¿FDUtDHVSRFRSUHYLVLEOH
REVHUYDUHQHOWHUUHQRIiFWLFRORVHIHFWRVTXHHOORLP/
SRUWDUi6LQHPEDUJRVtHVSRVLEOHUHDOL]DUVXFHVLYDV
LQIHUHQFLDVTXHSHUPLWDQLQWHUURJDUVHVREUHODQHFHVL/
GDGGHHYDGLUORVSURFHGLPLHQWRVLQVWLWXFLRQDOHVDFHUFD
GHO RULJHQ \ FRQWURO GH ORV UHFXUVRV HQ XQD FDPSDxD
SROtWLFD GH UHOHYDQFLD FRPR OR IXH OD GHO DxR 
1XHYDPHQWHFRPRORREVHUYDODVHQWHQFLDGHO7(3-) ¿QDQFLDPLHQWRODVFXHQWDVUHFHSWRUDVGHO¿GHLFRPLVR\GH
>«@GHSHUPLWLUVHHVWHWLSRGHFRQGXFWDVSHUPLWLUtDODLQ\HF/
FLyQGHUHFXUVRVGHRULJHQQRLGHQWL¿FDGRRELHQLQFOXVRGH
GHQRPLQDGDV,QVWLWXWR,QWHUQDFLRQDOGH)LQDQ]DVH,QVWLWXWR
,QWHUQDFLRQDOGH)LQDQ]DV/HyQTXLHQHVXQDYH]TXHUHFL/
EtDQUHFXUVRVGHSHUVRQDVItVLFDVRPRUDOHVORVWUDQVIHUtDQ
GHPDQHUDIUDFFLRQDGDD/DXUD\&DUORWD5RELQVRQODVTXH
DVXYH]LQPHGLDWDPHQWHPHGLDQWHODFRPSUDGHFKHTXHV
GHFDMDORVWUDQVIHUtDQDODVFXHQWDV\DVHDGHO)LGHLFRPLVR
SDUD HO 'HVDUUROOR \ OD 'HPRFUDFLD HQ 0p[LFR R GH$PL/
JRVGH)R[WDPELpQHQRFDVLRQHVPHGLDQWHODH[SHGLFLyQ
GHFKHTXHVDOSRUWDGRURQRPLQDWLYRVUHDOL]DEDQSDJRVGL/
UHFWDPHQWHDSURYHHGRUHVGHODFDPSDxDRFDQDOL]DEDQORV
UHFXUVRV D FXHQWDV GH ORV SULQFLSDOHV DFWRUHV GH OD UHG GH
ODVDVRFLDFLRQHVFLYLOHVDVXYH]UHDOL]DEDQHOJDVWR¿QDOGH
ORVUHFXUVRVHQORVWpUPLQRVGHVXREMHWRDVDEHUHO¿QDQ/
FLDPLHQWRDODVFDPSDxDVGH9LFHQWH)R[4XHVDGD7ULEXQDO
UHFXUVRVGHSURYHQLHQFLDLOtFLWDDIDYRUGHGHWHUPLQDGRVSDU/
WLGRVSROtWLFRVHVFDSDQGRDODHVIHUDGH¿VFDOL]DFLyQSRUSDUWH
GHODDXWRULGDGDGPLQLVWUDWLYDHQFDUJDGDGHHOORRTXHDXQ
FXDQGRIXHUDQLGHQWL¿FDGRV\OtFLWRVVHIRPHQWDUtDODLQLTXL/
GDGHQODFRQWLHQGDSXHVDTXHOORVSDUWLGRVTXHVtVHDSHJDUDQ
DODQRUPDWLYLGDGHOHFWRUDOQRHVWDUtDQHQDSWLWXGGHFRQWHQ/
GHU HQ ODV PLVPDV FLUFXQVWDQFLDV TXH DTXHO SDUWLGR SROtWLFR
TXHFRQWUDYLQLHQGRHOVLVWHPDHOHFWRUDOVHDOOHJDUDGHUHFXU/
VRVPHGLDQWHXQVLVWHPDGH¿QDQFLDPLHQWRSDUDOHOR7ULEXQDO
(OHFWRUDOGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQ
/XHJRHQWRQFHV¢FXiOHVODGHULYDFLyQSROtWLFDGHHVWH
IHQyPHQR SDUD OD GHPRFUDFLD PH[LFDQD" /D FRQVWDWD/
FLyQGHTXHORVPHUFDGRVGHODFRUUXSFLyQVRQXQ.",)$#
GHQXHVWURSURFHVRGHPRFUiWLFRQDFHFRQHVWRV\FRQ/
FOX\HHQHOORV'HDTXtSXHVTXH)R[FRUURERUyWLHPSR
GHVSXpVTXHFRQ³EXHQDV´LQWHQFLRQHVQRHUDSRVLEOHUH/
VROYHUHOSUREOHPD&RYDUUXELDV
(OHFWRUDOGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQ &UHVSR0RUULV(Q
HVWHVHQWLGRWHQHPRVTXHDSDUWLUGHODVHJXQGDPLWDG
&RPRVHKDGLFKRODUHGGHWUDQVIHUHQFLDVVHUiDUWLFX/ GHOVH[HQLRIR[LVWDLQLFLDFRQXQDSXQWXDFLyQGH\
ODGDDWUDYpVGHODHPSUHVDGHFDUiFWHUPHUFDQWLO.%HWD WHUPLQDFRQFRPHQ]DURQDHYLGHQFLDUVHXQDVHULHGH
6$GH&9\*UXSR$OWD7HFQRORJtDHQ,PSUHVRV6 HVFiQGDORVGHGHVYtRGHIRQGRV\WUi¿FRGHLQÀXHQFLDV
$ GH & 9 SURSLHGDG GHO HPSUHVDULR \ TXH SUHFLVD/ SRUSDUWHGHODIDPLOLDSUHVLGHQFLDODOJUDGRGHTXHKDVWD
PHQWH SRU OD REOLJDFLyQ GH RFXOWDU ODV WUD\HFWRULDV GH HOGtDGHKR\ODVLQYHVWLJDFLRQHVFRUUHVSRQGLHQWHVHVWiQ
ORVUHFXUVRVVHUiQFHGLGDVORVSDTXHWHVGHDFFLRQHVD 4%"B*'0&0+SHVHDODVHYLGHQFLDVTXHHQVXPRPHQWROD
&DUORWD5RELQVRQ.DXDFKLTXHDVXYH]IXHODSHUVRQD &iPDUDGH'LSXWDGRVOHKLFLHUDVDEHUDOH[SUHVLGHQWH
HQFDUJDGDGH³GRVL¿FDU´SRUPHGLRGHPHFDQLVPRVGH 5HFXpUGHVH ORV VHxDODPLHQWRV FRQWUD 0DQXHO \ -RUJH
WUDQVIHUHQFLDV EDQFDULDV ORV UHFXUVRV FDSWDGRV WDQWR DO %ULELHVFDKLMRVGH0DUWD6DKDJ~QHVSRVDGHOSUHVLGHQ/
)LGHLFRPLVRFRPRDORV³$PLJRVGH)R[´$VLPLVPR WHFRPRWUD¿FDQWHVGHLQÀXHQFLDVHQOLFLWDFLRQHVFRQ3H/
HOSXQWRGHHQODFHHQWUHODVHPSUHVDVGH.RUURGLFRQORV WUyOHRV0H[LFDQRV3(0(;KHFKRTXHLQFOXVRWUDVFHQ/
UHFXUVRVTXHFRQVHJXtDVHUtDFRQFHQWUDGRHQHO,QVWLWXWR
,QWHUQDFLRQDOGH)LQDQ]DVFX\RUHSUHVHQWDQWHHUD/XLV
(UQHVWR'HUEH]SULPHUWLWXODUGHOD6HFUHWDUtDGH(FR/
QRPtDGH9LFHQWH)R[\GHVSXpV6HFUHWDULRGH5HODFLR/
QHV([WHULRUHV7ULEXQDO(OHFWRUDOGHO3RGHU-XGLFLDOGH
OD)HGHUDFLyQ,QVWLWXWR)HGHUDO(OHFWRUDO
GLyHOWLHPSRGHOVH[HQLRIR[LVWD9DUHOD3RU
VXSDUWHODVIRUPDV\ORVXVRVGLVFUHFLRQDOHVGHODSRVL/
FLyQSROtWLFDGH0DUWD6DKDJ~QODOOHYDUtDQDFRQVWUXLU
HQXQDVXHUWHGH³SDUWLGRSHUVRQDO´R³SDUDSDUWLGR´
FRQOD)XQGDFLyQ³9DPRV0p[LFR´TXHHQMXQLRGH
SRQGUtDQDOGHVFXELHUWRXQDVHULHGHGHVYtRVGHIRQGRV
/LQR.RUURGL&iUGHQDV*UDFLD GHOD/RWHUtD1DFLRQDOKDFLDOD)XQGDFLyQ9DUHOD
/DPHFiQLFDGHODUXWDGHOGLQHURQR¿VFDOL]DEOHSDUD
ODFDPSDxDGH)R[HUDODVLJXLHQWH
3RUORJHQHUDOODPHFiQLFDGHOVLVWHPDIXQFLRQDEDPHGLDQWH
ODLQWHUYHQFLyQGHGLYHUVDVHPSUHVDVWDOHVFRPR67 .GH
0p[LFR*UXSR$OWD7HFQRORJtDHQ,PSUHVRV\.%HWDWR/
GDVVRFLHGDGHVDQyQLPDVDVtFRPRGHODVVRFLHGDGHVFLYLOHV
2SRUORPHQRVHVWDKDVLGRODLQWHUSUHWDFLyQGHORVRSHUDGRUHV¿QDQ/

FLHURVGH$PLJRVGH)R[DVtFRPRGHODpOLWHGHOSURSLR3$1DVDELHQ/
GDVGHTXHHVWDEDQLQFXUULHQGRHQGHOLWRVHOHFWRUDOHVJUDYHV
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
IO
  /DV GHFODUDFLRQHV GHO H[ SUHVLGHQWH )R[
HQMXQLRSDVDGRGHDSR\DUDOFDQGLGDWRSXQWHUR(QULTXH
3HxD1LHWRHQODVHOHFFLRQHVSUHVLGHQFLDOHVGHHVWHDxR
SRGUtDQVHUOHtGDVFRPRXQLQWHQWRGHH[WHQVLyQGHODJD/
UDQWtDGHQRVHUOODPDGRDFXHQWDVHQHOSUy[LPRVH[HQLR
$O ¿QDO SDUHFLHUD TXH OD FRUUXSFLyQ SROtWLFD HQ
XQFRQWH[WRGHLQFLSLHQWHGHPRFUDFLDFRPRORHUDHO
PH[LFDQR HQ HVH HQWRQFHV \ TXH DGHPiV QR HUD H[/
FOXVLYRGHODIDPLOLDSUHVLGHQFLDORGH$FFLyQ1DFLR/
 /)**2>/09#(<(.)*&%1(:"1=0%:%1(:"(7%(>)7'+0/%(:"&)/*F+0/%("#(&EG0/) 0(.-0$)-!

QDODXQTXHHUDUHOHYDQWHSDUDHOSULQFLSLRGHFRQWURO WUROHVDODFRUUXSFLyQSXHVSHQVDUTXHHVXQIHQyPHQR#

GHPRFUiWLFR GH OD GLVFUHFLRQDOLGDG FRPHQ]DU SRU OD ,0-0'*'%#DOGHODYLROHQFLD\HOFULPHQRUJDQL]DGRSURYR/
FDVDUHVXOWyVHUXQSRWHQWH³DWDMR´SDUDOOHJDUPiV
UiSLGRDORVFLUFXLWRV GHO SRGHU SROtWLFR \GHVGHHV/
WRVDDTXHOORVRWURVTXHFRQHFWDQHOPHUFDGRSROtWLFR
FRQHOHFRQyPLFR7DQWRORVQXHYRVULFRVFRPRORV
QXHYRVSROtWLFRVHUDQODH[SUHVLyQDJXGDGHODGLODWD/
FLyQGHORVFDQDOHVGHODSDUWLFLSDFLyQ\DTXHDOJXQRV
FyXQDVHULHGHGHULYDV,%'@$.40+#*+$0$0'*+#TXHKDQDELHUWR
±HQSDUWLFXODUGHVGH±XQSHULRGRGHLQHVWDELOLGDG\
GHVLQVWLWXFLRQDOL]DFLyQGHORVDQFODMHVGHODGHPRFUDFLD
DORODUJRGHOSDtVFRQHOFRQJHODPLHQWRLQWHQVL¿FDFLyQ
GHOFRQÀLFWRDWUDYpVGHIRUPDVQRLQVWLWXFLRQDOHV\IUHQ/
WH D ODV FXDOHV SDUHFLHUD TXH VyOR OD YLROHQFLD OHJtWLPD
DJHQWHV SULQFLSDOPHQWH HPSUHVDULRV OR SHUFLELHURQ
FRPRXQDRSRUWXQLGDGLQLJXDODEOHDOJUDGRGHSDUWL/
FLSDUDFWLYDPHQWHHQODSROtWLFDKDVWDTXHHQDOJXQRV
FDVRVFRPRHOGHOH[SUHVLGHQWH)R[VHYROYLHURQJR/
ELHUQR (O SDVR GHO PXQGR SULYDGRVRFLDO DO PXQGR
SROtWLFRDEULyODVSXHUWDVGHODVVHGHVGHFLVLRQDOHV\
GHO(VWDGRSXHGHSRQHUOHXQGLTXH'HVGHHVWDSHUVSHF/
WLYDHVSRVLEOHVRVWHQHUSROLWROyJLFDPHQWHTXHHVWDPRV
HQSUHVHQFLDGHXQDDJXGDT0'40".;04.8"#GHODSROtWLFD
\GHODGHPRFUDFLDPH[LFDQDTXHQRVyORHVFDSWXUDGD
GHVGHXQRGHORVHIHFWRVPiVDJXGRVGHOFRQÀLFWRFRPR
ORHVVXUHVROXFLyQYLROHQWDVLQRDWUDYpVGHORVPHUFDGRV
RUJDQL]DWLYDVGHO(VWDGRPH[LFDQRDXQWHUFHUQLYHO
LQWHUPHGLR\SROLYDOHQWHTXHDGHPiVGHSULYDWL]DUOD
SROtWLFD\RUJDQL]DUODDSDUWLUGHLQWHUHVHVSHUVRQDOHV
LQVWLWX\HXQHVSDFLRS~EOLFRSULYDGRLQpGLWRTXHWHU/
PLQDOHJLWLPDGRSRUODpOLWHIHGHUDO\ODVpOLWHVSDUWL/
GDULDVTXHVHLQVWDODEDQFRPRRSRVLFLyQDO3$1OR
TXH QR VXSXVR GHMDU GH SDUWLFLSDU HQ ODV GLQiPLFDV
HLQWHUFDPELRVGHFRUUXSFLyQ3RUHOORSDUDDOJXQRV
SURPLQHQWHVPLHPEURVGHODVpOLWHVGHSDUWLGRHQ0p/
[LFRVDOLUVHUHWLUDUVHGHODSROtWLFDHVLPSRVLEOH\QR
SRUTXHVXSRQJDXQDFWRGHFODXGLFDFLyQRGHFDPELR
GHGLUHFFLyQVLQRTXHHOPHFDQLVPRGHODVDOLGDVX/
SRQH SHUGHU OD FOiXVXOD GH OHJDOL]DFLyQ GH OR SURKL/
ELGRTXHHVODSULQFLSDOSUHUURJDWLYDGHODSROtWLFDHQ
0p[LFR \ TXH HQ DOJXQRV GH VXV iQJXORV VXVWLWX\H
HOSDSHOTXHUHSUHVHQWySRUPXFKRWLHPSRODOODPDGD
³FKDUROD´(QHVWDOtQHDGH³DOWD´FRUUXSFLyQWDPELpQ
VH HQFXHQWUDQ ORV YLGHRHVFiQGDORV HQ HO VHQR GH OD
pOLWHSDUWLGLVWDGHO35'\HQSDUWLFXODUODVUHODFLRQHV
HQWUH 5RVDULR 5REOHV&DUORV $KXPDGD5HQp %HMD/
UDQRFX\DVUHODFLRQHVGHQHJRFLRV\SROtWLFDYHQtDQ
GHVGHTXH&XDXKWpPRF&iUGHQDVIXH-HIHGH*RELHU/
SROtWLFRVGHODFRUUXSFLyQ6DQGRYDOE#
4XHGDSHQGLHQWHVXDQiOLVLVSRUPHQRUL]DGRSRUORPH/
QRVDSDUWLUGHDOJXQRVGHVXV³JUDQGHV´FDVRVTXHKDQ
WHQLGROXJDUHQWUHFRPRORVFDVRVGHORVH[
JREHUQDGRUHV +XPEHUWR 0RUHLUD 9DOGpV 7RPiV -HV~V
<DUULQJWRQ5XYDOFDED\3DEOR6DOD]DU0HQGLJXFKtDRHO
GHODHPSUHVD:DOWPDUW6LQHPEDUJRFRPRVXFHGHFRQ
IUHFXHQFLDTXL]iVHDSRVLEOHKDVWDTXH¿QDOLFHODDGPL/
QLVWUDFLyQGH)HOLSH&DOGHUyQ
$OJXQDVFRQFOXVLRQHVSURYLVRULDVSXHGHQSHUPLWLU/
QRVD¿UPDUTXHFXDQGRVHSUHWHQGHDQDOL]DUGHVGHODV
FRRUGHQDGDVDQWHULRUHVDODFRUUXSFLyQHQ0p[LFRQR
KD\TXHSHUGHUGHYLVWDORVGRVSURFHVRVTXHDVXPH\
TXHQRVRQFRLQFLGHQWHV'0#4%--),4.8"#&*#'0#,%'@$.40#
\#'0#,%'@$.40#&*#'0#4%--),4.8"GRQGHHOSULPHURHVHO
FRQMXQWRGHODVIRUPDVGHGHVYLDFLyQGHOHMHUFLFLRGH
ODDXWRULGDGOHJDOHOVHJXQGRHVODOHJDOL]DFLyQGHOR
SURKLELGRTXHSHUPLWH\IUHQWHDVXFRQVWDWDFLyQQRV
HQIUHQWDPRVODSURGXFFLyQGHXQXPEUDOGHOHJLWLPL/
GDGGHODDFFLyQLOHJDO\FULPLQDO(QWRQFHVORTXHSR/
GHPRVLQWHQWDUHQVXHVWXGLRHVGHVFULELUHLQIHULUODV
FDUDFWHUtVWLFDVTXHFRQ¿JXUDQKLVWyULFDHLQVWLWXFLRQDO/
QRGHO'LVWULWR)HGHUDO&RYDUUXELDV PHQWHODYLGDS~EOLFRHVWDWDO\DTXHHVHQpVWDGRQGH
4XL]iHVWDVHDWDPELpQODSDUiERODGHOVH[HQLRGH)H/ ODFRUUXSFLyQHQWHQGLGDFRPRIXHU]DGHOH\HVWUXFWXUD
OLSH&DOGHUyQTXLHQFRPLHQ]DVXFDUUHUDD DXVHQWH SRQH HQ SUHGLFDPHQWR OD IXQFLRQDOLGDG GHO
ODSUHVLGHQFLDFRQXQDUHWyULFDDELHUWDGHWDODQWHDQWLFR/ (VWDGRGHPRFUiWLFRSRUORPHQRVUHVSHFWRDVXRSH/
UUXSFLyQ³<RWHQJRODVPDQRVOLPSLDV´HQDOXVLyQDORV UDWLYLGDG\QRWDQWRDVXOHJLWLPLGDG(VGHFLUOD¿JXUD
GLVWLQWRVHVFiQGDORVGHFRUUXSFLyQGHODVpOLWHVSROtWLFDV GHIXHU]DGHOH\SXHGHVHUGH¿QLEOHFRPRXQDDFFLyQ
TXHWXYLHURQOXJDUGXUDQWHHOVH[HQLRIR[LVWDSHURFDVLDO TXH\DQRWLHQHFDSDFLGDGGHVHULQWHUSUHWDEOH\PXFKR
WHUPLQDUVXSHULRGRGHJRELHUQRQRKDSRGLGRHVWDEOHFHU PHQRV+0"4.%"0T'*#SRUODOH\HVFULWD\VXHMHUFLFLRFy/
XQDDUWLFXODFLyQLQVWLWXFLRQDOKDFLDHOIXWXURTXHSHUPLWD
FRQWURODUOD\DTXHODFRUUXSFLyQVHUHSURGXMRFRQIXHU]D
DORODUJRGHVXVH[HQLRVREUHWRGRDSDUWLUGHODTXHUHOOD
GHO(VWDGRPH[LFDQRFRQWUDODGHOLQFXHQFLDRUJDQL]DGD
(QHOËQGLFHGH3HUFHSFLyQGHOD&RUUXSFLyQHVGH
\HQGLVPLQX\HD(VWHGHFUHFLPLHQWRKDEODGH
XQDSHUFHSFLyQLPSOHPHQWDFLyQHTXLYRFDGDGHORVFRQ/
GLJRVUHJODPHQWRVOH\HVQRUPDWLYLGDG(QHVWHVHQ/
WLGRHVXQ."&*4.T'*XQHVSDFLRVXVSHQGLGRTXHODOH\
3RUHMHPSORKDEUtDTXHGDUXQVHJXLPLHQWRSXQWXDODOD/H\GH2UJD/

QL]DFLRQHV3~EOLFR3ULYDGDVGHUHFLHQWHFUHDFLyQ\DTXHOHMRVGHDEULU
HOHVSDFLRLQWHUPHGLRGRQGHWLHQHQOXJDUORVLQWHUFDPELRVSROtWLFRV\ODV
FRQH[LRQHVHQWUHPXQGRSULYDGR\PXQGRVRFLDOFRQODUHSUHVHQWDFLyQ
GHORVLQWHUHVHVFROHFWLYRVDODFRPSHWHQFLDSDUHFLHUDTXHHVWDOH\HVOD
FRURQDFLyQOHJDOGHODSRVLELOLGDGGHHQULTXHFLPLHQWRDFHOHUDGRHLQH[/
SOLFDEOHVLQQHFHVLGDGGHVDOLUVHGHODOH\
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
IR
 .-0$)-!//0 01*%"7(/)=%**2!0%1(

SURGXFHFRQVXDFWXDFLyQTXHQRSXHGHGH¿QLUVHFRPR DG\.4%#6#'0#7-0"30#7-%"$*-.;00p[LFR*ULMDOER
SXURPRPHQWRDQWLMXUtGLFRPiVELHQFRPRiUHDGHDU/ $VWRUJD/!'#+.B'%#&*#'0+#&-%B0+Y#!'#"0-4%>
WLFXODFLyQHQHOLQWHULRUGHOSURFHVRMXUtGLFRGHFRQWUDF/ WUi¿FR GHO 3RU¿ULDWR DO QXHYR PLOHQLR 0p[LFR
WXDOL]DFLyQ GHO (VWDGR GHPRFUiWLFR FRQ UHODFLyQ D OD 3OD]D -DQpV
GLYHUJHQFLDHQWUHPDQGR\REHGLHQFLDORTXHSHUPLWH %ODQFRUQHODV-!'#42-$*'Y#C%+#P-*''0"%#XG'.\O#
UHODFLRQDUSUHFLVDPHQWHODFRUUXSFLyQGHODSROtWLFD\ ODPD¿DPiVSRGHURVDHQODKLVWRULDGH$PpULFD
ODSROtWLFDGHODFRUUXSFLyQ C0$."00p[LFR'HEROVLOOR
3RUHOORHOLQWHUFDPELRSROtWLFRGHODFRUUXSFLyQHQ %RKyUTXH] (  ³&RUUXSFLyQ OD HSLGHPLD VL/
0p[LFRWLHQHXQDUHODFLyQPiVFHUFDQDFRQODVIRUPDV OHQFLRVDTXHDIHFWDDORVPH[LFDQRV´M%"$*".&%-!
KLVWyULFDV TXH VH VXFHGHQ HQ ORV UHFXUUHQWHV SXQWRV Q~PPDU]R
GHTXLHEUDGHODKLVWRULFLGDGTXHSURGXFHODVRFLHGDG &iUGHQDV*UDFLD-C*44.%"*+#&*#'%+#0+)"$%+#
HQVXLQWHQWRGHHODERUDFLyQGHXQDVHULHGHGLVSRVL/ R!D!I#6#P/.B%+#&*#X%\0p[LFR,QVWLWXWRGH,Q/
WLYRV VRFLDOHV SDUD PDQWHQHU ³XQLGRV´ D ORV VXMHWRV YHVWLJDFLRQHV-XUtGLFDV81$0
SURGXFFLyQGHVHQWLGRHQXQVXHORFRP~QSHURWDP/ &DVDU0$³&LHQDxRVGHSROtWLFD´HQ0$
ELpQ FXDQGR pVWRV VXEMHWLYDQ VXV SDUWLFXODULGDGHV HQ &DVDU\**RQ]iOH]HGVDG\.4%#hf`fY#!'#3).4.%#
XQD SUiFWLFD SROtWLFD TXH RVFLOD HQWUH HO UHFKD]R \ OD &*'#+.B'%0p[LFR7DXUXV
DFHSWDFLyQDO(VWDGRSURGXFFLyQGHRUGHQSROtWLFR# &DVWUR$³&URQRORJtDODUXWDGHOGLQHURGH
3RUHOORHORUGHQSROtWLFRVHFRQ¿JXUDKLVWyULFDPHQWH 5D~O6DOLQDV´!'#]".9*-+0'GHMXQLR
PiVFRPRIRUPDH[FHSFLRQDOGH4%"+$.$)4.%"0'.;04.8"# &RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV0H[LFD/
&*# '0# '*6 DO JUDGR TXH OHJLWLPD ODV GHVLJXDOGDGHV R QRV  ³7tWXOR &XDUWR 'H ODV 5HVSRQVDELOL/
³GLVWDQFLDV´HQWUHODDXWRULGDGIRUPDOFRQVWLWXFLRQDO GDGHVGHORV6HUYLGRUHV3~EOLFRV\SDWULPRQLDOGHO
HOVXHOROHJDOTXHOHSHUPLWHVXFRQFOXVLyQDOLPSRQHU (VWDGR´0p[LFR3RUU~D>UHYLVDGD\DFWXDOL]DGD
UHJODV\SURKLELFLRQHVHQHOLQWHULRUGHODVRFLHGDG\ SRU0LJXHO&DUERQHOO@
HOiPELWRGHODREHGLHQFLD\PHQRVFRPRPHFDQLVPR &RUUHD * \ $ -DTXH]  ³'HQXQFLD DQWH OD
LPSHUVRQDOHLQVWLWXFLRQDOTXHSXGLHUDSHUPLWLUVXJUD/ &RQWUDORUtD5D~OOXFUyHQ&RQDVXSR\HQULTXHFLy
GXDOHUUDGLFDFLyQ(QWRQFHVHQWUHODDSOLFDFLyQGHOD D *RQ]iOH] %DUUHUD FRQVXHJUR GH +DQN *RQ]i/
OH\\ODREHGLHQFLDVRFLDODHOODVHDEUHXQDGLVWDQFLD OH]´R-%4*+%Q~PGHPDU]R
TXHQRQHFHVDULDPHQWHDOXGHDOQRFXPSOLPLHQWRGHOD &RYDUUXELDV ,  ³/D FRUUXSFLyQ SROtWLFD HQ
PLVPDVLQRTXHSHUPLWHXQDGLVIXQFLRQDOLGDGSHUPD/ 0p[LFR 1RWDV SDUD VX GHEDWH´ D*/%-.0 Q~P
QHQWHTXHDO¿QDOUHVXOWDQVHUODVSUHUURJDWLYDVIXQFLR/ DEULO
QDOHV GHO SRGHU SROtWLFR SDUD RSHUDU HQ ORV PiUJHQHV &RYDUUXELDV,³5HVSRQVDELOLGDGFRUUXSFLyQ
TXH OD OH\ LPSRQH FRQ OR TXH SHUPLWH DO VXMHWR TXH \ VHUYLGRUHV S~EOLFRV´ HQ - / &DOYD FRRUG
SXHGHPRQRSROL]DUXQQLFKRGHSRGHUSROtWLFRVRFLDO PB*"&0# ,0-0# *'# &*+0--%''%Y# J%'Y# `lO# <*/%4-04.0#
HFRQyPLFR VLPEyOLFR R GH RWUR WLSR OD '*B0'.;04.8"! 6#B%T*-"0T.'.&0&0p[LFR0LJXHOÈQJHO3RUU~D
,%-#&*70)'$#GH]RQDVTXHVHHQFXHQWUDQHQHOOtPLWHGH 81$0&iPDUDGH'LSXWDGRV
ODOHJDOLGDGSRUODVLPSOHUD]yQGHTXH³>«@ODVOH\HV &RYDUUXELDV,³/DSOHEHTXHGHYLQRJRELHU/
LQÀX\HQVREUHORVXVRVGH¿QHQORVHVSDFLRVGHOFRQ/ QR /D FRUUXSFLyQ GH OD pOLWH SROtWLFD GHO 35'´
ÀLFWRODVHVWUDWHJLDVGHDFFLyQHLQFOXVRODFRQ¿JXUD/ <%\0YROQ~PVHJXQGRVHPHVWUH
FLyQGHORVDFWRUHV´(VFDODQWH*RQ]DOER &RYDUUXELDV ,  ³9LFHQWH )R[ YHUVXV$QGUpV
0DQXHO/ySH]2EUDGRU'RVOLGHUD]JRVHQGLVSX/
5()(5(1&,$6 WD´HQ,*RQ]iOH]5HEROOHGRFRPSC.&*-0;B%#
$JXLODU5LYHUD-$³(OOHJDGRGHODXWRULWD/ ,%'@$.4%#*"#+%4.*&0&*+#/%&*-"0+0p[LFR(O&R/
ULVPR´D*$0,%'@$.40YROQ~PMXOLRDJRVWR OHJLRGH9HUDFUX]WRPR,,,
$VWRUJD/³'UXJ7UDI¿FNLQJLQ0H[LFR$ &RYDUUXELDV,³(O¢IDQWDVPD"GHO35,\OD
)LUVW*HQHUDO$VVHVVPHQW´0DQDJHPHQWRI6RFLDO DQRPDOtD GHPRFUiWLFD HQ 0p[LFR´ <%\0 YRO 
7UDQVIRUPDWLRQV 026781(6&2 'LVFXVVLRQ Q~PSULPHUVHPHVWUH
3DSHUQ~P &UHVSR -$  ³0p[LFR HQ HO VLJOR ;;, FR/
$VWRUJD/³&ULPHQRUJDQL]DGR\ODRUJDQL]D/ UUXSFLyQ \ UHQGLFLyQ GH FXHQWDV´ D*$0,%'@$.40-!
FLyQGHOFULPHQ´HQ-%DLOH\\5*RGVRQHGV YROQ~PHQHURIHEUHUR
M-./*"#%-B0".;0&%#6#B%T*-"0T.'.&0&#&*/%4-2$.40Y# (VFDODQWH *RQ]DOER )  C0# &*/%4-04.0# /0>
6REUHODVGLPHQVLRQHVPRUDOHVGHORVPHUFDGRVGHODFRUUXSFLyQYpD/

¿RVD0p[LFR5HÀH[LRQHVVREUHHOFDPELR$&
VHODFRQWULEXFLyQGH$OHVVDQGUR3L]]RUQRHQHVWHPLVPRQ~PHUR

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

OL
 /)**2>/09#(<(.)*&%1(:"1=0%:%1(:"(7%(>)7'+0/%(:"&)/*F+0/%("#(&EG0/) 0(.-0$)-!

*UDQDGRV&KDSD0È³%XHQGtDGLH]DxRV 6#04$)0'.&0&#&*#)"0#7%-/0#,%'@$.40#*"#$-0"+7%-/0>

GHVSXpV´F*7%-/0GHPD\R 4.8"0p[LFR8$0;RFKLPLOFR
*UDQDGRV&KDSD0È³&DUR4XLQWHUR\=R/ 5LGLQJ$³&RUUXSWLRQ2LODQG*OXH´HQ$
UULOOD3pUH]´F*7%-/0GHMXQLR 5LGLQJ<.+$0"$#:*.B5T%-+Y#P#R%-$-0.$#%7#$5*#D*\.>
+HUQiQGH](³(OFDVR&DPDUHQDGHVWDSyHO 40"+1XHYD<RUN9LQWDJH%RRNV
JUDQSUREOHPDODFDQWLGDGGHSROLFtDVDOVHUYLFLR 5REOHV0³3ULPHUDVPHGLGDVDQWLFRUUXSFLyQ
GHOQDUFRWUi¿FR´R-%4*+%Q~PGHDEULO \ XQD GHSHQGHQFLD SDUD YLJLODU´ R-%4*+% Q~P
,QVWLWXWR )HGHUDO (OHFWRUDO  F*+%')4.8"# MS# GHGLFLHPEUH
hhkmhffk0p[LFR,)( 5XL]+DUUHO5M-./."0'.&0&#6#/0'#B%T.*-"%-!
-DTXH] $  ³&RPSDGUD]JRV \ QHJRFLRV WXU/ 0p[LFR6DQVRUHV $OMXUH
ELRVWHMLHURQXQDH[WHQVDUHGGHFRPSOLFLGDGHVGH 6DQGRYDO , ( D ³5HQWLVPR \ RSDFLGDG HQ
5D~O6DOLQDVHQ0RQWHUUH\´R-%4*+%Q~P SURFHVRVGHSULYDWL]DFLyQ\UHVFDWH´HQ,(6DQ/
GHPDU]R GRYDO FRRUG M%--),4.8"# 6# $-0"+,0-*"4.0Y# <*>
.RUURGL / FRQ OD FRODERUDFLyQ GH - / /ySH] T0$.*"&%# '0+# 7-%"$*-0+# *"$-*# !+$0&%1# /*-40&%# 6#
D*#'0#3)B)GY#!'#9*-&0&*-%#0/.B%#&*#X%\-! +%4.*&0& 0p[LFR ,QVWLWXWR GH ,QYHVWLJDFLRQHV
0p[LFR*ULMDOER 6RFLDOHV81$06LJOR;;,(GLWRUHV
C*6#X*&*-0'#&*#F*+,%"+0T.'.&0&*+#&*#'%+#=*-9.&%-*+# 6DQGRYDO,(E³/DWUDQVSDUHQFLD\HOFRP/
RiT'.4%+'LDULR2¿FLDOGHOD)HGHUDFLyQ EDWHDODFRUUXSFLyQHQXQFRQWH[WRGHWUDQVLFLyQD
3ULPHUDVHFFLyQGHGLFLHPEUH ODGHPRFUDFLD´HQ*ÈYDORV7HQRULRFRRUG!'#
0HUJLHU$ 0  ³/DV LQYHVWLJDFLRQHV VXL]DV !+$0&%# /*\.40"%Y# N.+$%-.01# *+$-)4$)-0# 6# 04$)0'.>
FXPSOLHURQ FRQ HO REMHWLYR GH &DUOD GHO 3RQWH &0&#&*#)"0#7%-/0#,%'@$.40#*"#$-0"+7%-/04.8"0p/
LQFDXWDUFXHQWDVGH5D~O6DOLQDV´R-%4*+%Q~P [LFR8$0;RFKLPLOFR
GHRFWXEUH 6XSUHPD&RUWHGH-XVWLFLDGHOD1DFLyQ³7HVLV
0RUULV6'M%--),4.8"#6#,%'@$.40#*"#*'#DG> $LVODGD´=*/0"0-.%#Q)&.4.0'#&*#'0#X*&*-0>
\.4%#4%"$*/,%-2"*%0p[LFR6LJOR;;,(GLWRUHV 4.8"#6#+)#S04*$01RYHQDpSRFD9,VHSWLHPEUH
0RUULV 6 '  ³¢/D µSROtWLFD DFRVWXPEUDGD¶ 4XLQWDQD$D0\./."%#w9.'0#M0/045%#6#*'#
RODµSROtWLFDLQVyOLWD¶"(OSUREOHPDGHODFRUUXS/ !+$0&%#)".,0-$.&.+$0Y#C0#&%/*+$.404.8"#&*#40)&.>
FLyQ HQ HO 0p[LFR FRQWHPSRUiQHR´ HQ & /RP/ ''%+# 6# 404.()*+# *"# *'# DG\.4%# ,%+-*9%')4.%"0-.%-!
QLW] FRRUG J.4.%+# ,iT'.4%+1# 9.-$)&*+# ,-.90&0+O# 0p[LFR(GLFLRQHVGH(GXFDFLyQ\&XOWXUD
'0#4%--),4.8"#*"#DG\.4%0p[LFR0LJXHOÈQJHO 7UDQVSDUHQFLD ,QWHUQDFLRQDO  x"&.4*# &*#
3RUU~D&,(6$6 R*-4*,4.8"#&*#M%--),4.8"%HUOtQ7UDQVSDUHQFLD
0RUULV6'³0H[LFR&RUUXSWLRQDQG&KDQ/ ,QWHUQDFLRQDO
JH´HQ6'0RUULV\&+%ODNHHGVM%--),> 7ULEXQDO(OHFWRUDOGHO3RGHU-XGLFLDOGHOD)HGHUDFLyQ
$.%"# v# R%'.$.4+# ."# C0$."# P/*-.40Y# :0$.%"0'# 0"&# =*"$*"4.0#+%T-*#*'#40+%#qP/.B%+#&*#X%\r1#
F*B.%"0'#<6"0/.4+%RXOGHU&R/\QQH5LHQQHU =]R>FPR>fagmK!RQXmhffkm=!:K!:MEP=# F!>
3XEOLVKHU C!JP:K!=0p[LFR7(3-)
3LPHQWHO6WDQOH\$³/RVQH[RVHQWUHSROtWL/ 9DOGpV8JDOGH)³/DFRUUXSFLyQ\ODVWUDQV/
FD\FULPHQRUJDQL]DGRHQ0p[LFR´HQ-%DLOH\\ IRUPDFLRQHV GH OD EXUJXHVtD HQ 0p[LFR 
5*RGVRQHGVM-./*"#%-B0".;0&%#6#B%T*-"0> ´ HQ & /RPQLW] FRRUG J.4.%+# ,iT'.4%+1#
T.'.&0&#&*/%4-2$.40Y#DG\.4%#6#'0#7-0"30#7-%"$*-.;0-! 9.-$)&*+#,-.90&0+O#'0#4%--),4.8"#*"#DG\.4%0p/
0p[LFR*ULMDOER [LFR0LJXHOÈQJHO3RUU~D&,(6$6
3URFXUDGXUtD *HQHUDO GH OD 5HS~EOLFD  ?%'*> 9DOHUD 5  ³0DUWD 6DKDJ~Q  +LMRV /RV
$@"Q~PGHHQHUR %HYHUO\ GH *XDQDMXDWR´ HQ - =HSHGD 3DWWHUVRQ
3URFXUDGXUtD *HQHUDO GH OD 5HS~EOLFD  ?%'*> FRRUGC%+#."$%40T'*+0p[LFR3ODQHWD
$@"Q~PGHRFWXEUH 9i]TXH]&DOHUR)³/DWUDPSDGHODQRVWDO/
5DPRV-0³/DSROtWLFDGH(8KDFLDHO JLD /D VHGXFFLyQ GHO RUGHQ PD¿RVR \ HO (VWDGR
QDUFRWUi¿FR\ODIURQWHUDQRUWHGH0p[LFR´X-%"> LPDJLQDULR HQ 0p[LFR´ :)*90# +%4.*&0& Q~P
$*-0#:%-$*YROQ~PHQHURMXQLR VHSWLHPEUHRFWXEUH
5HYXHOWDV $  ³$QWHFHGHQWHV KLVWyULFRV GH =DLG*³3RUXQDFLHQFLDGHODPRUGLGD´HQ
OD FULVLV SROtWLFD DFWXDO´ HQ * ÈYDORV 7HQRULR *=DLG!'#,-%B-*+%#./,-%&)4$.9%0p[LFR(O&R/
FRRUG!'#!+$0&%#/*\.40"%Y#N.+$%-.01#*+$-)4$)-0# OHJLR1DFLRQDO>YROGHAT-0+#&*#S0T-.*'#y0.&8"

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

OH
México 2012.
!5!-6%.*4*",%.(&.*
D%:;2(8%:%5%1(F'%6>
, WLSULLVWDV+R\HO35,HVJRELHUQRHQ$JXDVFDOLHQWHV
(
QSDUDFRQVROLGDUVHHQODSUHVLGHQFLDGH
OD UHS~EOLFD GHVSXpV GH XQ SURFHVR HOHFWRUDO
SRODUL]DGR)HOLSH&DOGHUyQSHQVyTXHEDVWDUtD
FRQDSODVWDUDORVFiUWHOHVPH[LFDQRVGHODGURJDPH/
GLDQWHXQFRPEDWH³IiFLO´³UiSLGR´\GH³EDMRFRVWR´
&iOFXORHUUyQHR\DTXHDO¿QDOGHVXJRELHUQRFRPR
HUDSUHGHFLEOHQRSXGRDFDEDUFRQODVPD¿DVQLWDP/
SRFRGLVPLQX\yHOFRQVXPR\PXFKRPHQRVODYHQWD
\ODGLVWULEXFLyQGHGURJD'XUDQWHVHLVDxRVHO&RQ/
JUHVRGHOD8QLyQOHFRQFHGLyPLOPLOORQHVGHSH/
VRVSDUDTXHORV³LQYLUWLHUD´HQXQD³JXHUUDFRQWUDHO
&ROLPD&KLKXDKXD&RDKXLOD1XHYR/HyQ7DPDXOL/
SDV'XUDQJR7OD[FDOD1D\DULW6DQ/XLV3RWRVt7D/
EDVFR+LGDOJR(VWDGRGH0p[LFR0LFKRDFiQ4XH/
UpWDUR4XLQWDQD5RR9HUDFUX]<XFDWiQ\=DFDWHFDV
(VLPSRUWDQWHPHQFLRQDUTXHODVHOHFFLRQHVVHGH/
VDUUROODURQHQXQFRQWH[WRGHFRQVWDQWHVYLRODFLRQHV
DORVGHUHFKRVKXPDQRVGHODSREODFLyQFLYLOHQSDU/
WLFXODUGHORVJUXSRVPiVYXOQHUDEOHVFRPRODVPX/
MHUHV\ORVPLJUDQWHVTXLHQHVHQHOVH[HQLRGH)HOLSH
&DOGHUyQIXHURQYLFWLPL]DGDVSRUODVDXWRULGDGHV\HO
FULPHQRUJDQL]DGR3URJUDPD1DFLRQDOGH'HUHFKRV
QDUFRWUi¿FRTXHFRPHQ]yHOGHGLFLHPEUHGH +XPDQRV&DUERQHOO\6DOD]DU
FXDQGRHOJRELHUQRIHGHUDODQXQFLyTXHLQLFLDUtDXQD (QHOLQIRUPHGH+XPDQ5LJKWV:DWFK:.#+*B)-.>
µEDWDOOD¶FRQWUDHOFULPHQRUJDQL]DGRHQHOHVWDGRGH &0&1#".#&*-*45%+Y#!3*4)4.%"*+1#&*+0,0-.4.%"*+#6#$%->
0LFKRDFiQ´4XLQWR ,QIRUPH GH (MHFXFLyQ GHO3ODQ WXUDHQODµJXHUUDFRQWUDHOQDUFRWUi¿FR¶GH0p[LFR
1DFLRQDOGH'HVDUUROOR VH H[DPLQDQ ODV FRQVHFXHQFLDV TXH WXYR HO HQIRTXH
'HVGHGLFLHPEUHGHHQ0p[LFRKDQVLGRDVH/ GHOJRELHUQRGH)HOLSH&DOGHUyQSDUDHOWHPDGHORV
VLQDGDVHQQ~PHURVUHGRQGRVSHUVRQDVFDGDGtD GHUHFKRVKXPDQRV\VHHQOLVWDURQORVDFWRVGHWRUWX/
 FDGD PHV !'# +.B'%# &*# K%--*8"  GH DEULO GH UDFRPHWLGRVORVQRPEUHVGHORVGHVDSDUHFLGRV\GH
 &DPDUHQD  $ HVWRV FLXGDGDQRV FDtGRV ORVGHVSOD]DGRVSRUODYLROHQFLD\ODVHMHFXFLRQHVH[/
HQOD³JXHUUDFRQWUDHOQDUFRWUi¿FR´VHGHEHQDJUHJDU WUDMXGLFLDOHVHQWUHRWURVFDVRVJUDYHVGHDEXVRGHODV
ODV PXHUWHV GHO WLWXODU GH OD 6HFUHWDUtD GH *REHUQD/
FLyQ-RVp)UDQFLVFR%ODNH0RUDHOGHQRYLHPEUH
GH(QODGHVDSDULFLyQItVLFDGHOHQWRQFHV
VHFUHWDULRGH*REHUQDFLyQ-XDQ&DPLOR0RXULxR\
ODGHOUHVSRQVDEOHGHOFRPEDWHDOFULPHQRUJDQL]DGR
-RVp/XLV6DQWLDJR9DVFRQFHORV
(QHVWHHVFHQDULRGHYLROHQFLDFUHFLHQWHHO35,UH/
FXSHUy HO YRWR GXUR \ HO GH PXFKRV FLXGDGDQRV TXH
HUDQSDUWHGHOVHJPHQWRHOHFWRUDOGHO35'RGHORVDQ/
1
&HQWURGH(VWXGLRVGHOD&RPXQLFDFLyQ)DFXOWDGGH&LHQFLDV3ROtWLFDV
\6RFLDOHVGHOD81$0
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
OJ
DXWRULGDGHV+XPDQ5LJKWV:DWFK(OLQIRUPH
GLR OD YXHOWD DO PXQGR QR VyOR SRU OD EUXWDOLGDG GH
ORVUHVXOWDGRVSUHVHQWDGRVVLQRWDPELpQSRUHOUHFR/
QRFLPLHQWRLQWHUQDFLRQDODOWUDEDMRGH+XPDQ5LJKWV
:DWFK'HVGHODSHUVSHFWLYDGHODSUHVLGHQFLDGH0p/
[LFRHVWHKHFKRIXHXQGXURJROSHDODFUHGLELOLGDGGH
OD³JXHUUDFRQWUDODVGURJDV´
$QWH OD &RUWH 3HQDO ,QWHUQDFLRQDO H[LVWH XQD GH/
QXQFLD SUHVHQWDGD SRU HO DERJDGR PH[LFDQR 1HW]Dt
6DQGRYDO HQ OD TXH KDFH UHIHUHQFLD D ORV FUtPHQHV
GH JXHUUD \ FRQWUD OD KXPDQLGDG SHUSHWUDGRV SRU HO

JRELHUQRGHOSUHVLGHQWH&DOGHUyQ\SRUHOQDUFRWUD/
¿FDQWH-RDTXtQ*X]PiQ/RHUD/DGHPDQGDIXHDYD/
ODGDSRUPLO¿UPDV\HVODPD\RUGHQXQFLDFLYLO
UHFLELGDSRUOD&RUWHHQVXKLVWRULD/D6HFUHWDUtDGH
5HODFLRQHV([WHULRUHVUHFKD]yODLPSXWDFLyQSRUTXH
³SUHVHQWDED GH IRUPD HTXLYRFDGD OD UHDOLGDG QDFLR/
&EG0/)(HIJH@(%=%#/"1(<(*0"1,)1(0(.-0$)-!
SXWRGHODYRWDFLyQHPLWLGDHQPLOFDVLOODVTXH
IXHURQLQVWDODGDVHQGLVWULWRV(VWHGDWRHVIXQGD/
PHQWDOSDUDVHxDODUHOKHFKRGHTXHHQFDVLODPLWDG
GHORVGLVWULWRVHOHFWRUDOHVQRVHDOFDQ]DEDDMXL/
FLRGHO7ULEXQDOHOREMHWLYRGHFHUWH]DFRPRSULQFL/
SLRUHFWRUGHOVLVWHPDGHMXVWLFLDHOHFWRUDO
QDO´=.*/,-*^GHQRYLHPEUHGH
/D UHVSXHVWD GH )HOLSH &DOGHUyQ DQWH OD H[WUHPD
YLROHQFLD TXH YLYH HO SDtV IXH OD GH GHVDFUHGLWDU D
TXLHQHVDFXGLHURQDOD&RUWH3HQDO,QWHUQDFLRQDOEDMR
HO DUJXPHQWR GH TXH ³ODV LPSXWDFLRQHV DO JRELHUQR
GH0p[LFRVRQFODUDPHQWHLQIXQGDGDVHLPSURFHGHQ/
WHVFRPRORVHxDODQ\DODVYRFHVPiVDXWRUL]DGDVHQ
ODPDWHULD´M%/)".40&%#+%T-*#./,)$04.%"*+#()*#+*#
50"#-*0'.;0&%#hbm#``#mhf``5HVLGHQFLD2¿FLDOGH/RV
,,
$ORODUJRGHVXSUHVLGHQFLD&DOGHUyQVLJXLyXQDOtQHD
GHFRQIURQWDFLyQ\GH³JXHUUDVXFLD´FRQWUDVXVDG/
YHUVDULRV(QHO$QWRQLR6RODIXHHODUWt¿FHGH
ODFDPSDxDHPSUHQGLGDFRQWUD$QGUpV0DQXHO/ySH]
2EUDGRUHQODTXHVHOHVHxDODEDFRPRXQ³SHOLJUR
SDUD0p[LFR´\HQHVHOFUHDGRUGHODFDPSDxD
³3HxDQRFXPSOH´-RVH¿QD9i]TXH]0RWDLQLFLyVX
3LQRVGHQRYLHPEUHGH&*&6 FDPSDxDVHxDODQGRFODUDPHQWHDODGYHUVDULR(QULTXH
/D IDOWD GH DSR\R FLXGDGDQR D OD ³JXHUUD FRQWUD 3HxD1LHWRSRUUHSUHVHQWDUXQ³SDVDGRGHDXWRULWDULV/
ODV GURJDV´ HV XQ IDFWRU TXH DIHFWD HQ OR HOHFWRUDO PR\FRUUXSFLyQ´&RQHVWHFRPLHQ]RGHVXFDPSDxD
DO 3DUWLGR $FFLyQ 1DFLRQDO 3$1 6yOR HO  SRU
FLHQWRGHORVPH[LFDQRVFUHHTXHHOJRELHUQRIHGHUDO
³JDQDUiODJXHUUDFRQWUDHOFULPHQRUJDQL]DGR´\OD
PD\RUtD FRQVLGHUD TXH OD LQVHJXULGDG LQFUHPHQWDUi
GXUDQWHHO~OWLPRDxRGHODDGPLQLVWUDFLyQGH)HOLSH
&DOGHUyQVHJ~QXQDHQFXHVWDGHODRUJDQL]DFLyQFLYLO
³0p[LFR8QLGRFRQWUDOD'HOLQFXHQFLD´\ODHQFXHV/
WDGRUD &RQVXOWD 0LWRIVN\ KWWSPH[LFRFQQFRP
QDFLRQDOGHPH[LFDQRVFUHHSHUGLGD
DODSUHVLGHQFLDGHODUHS~EOLFD9i]TXH]0RWDSDUHFH
ODFDQGLGDWDGHXQSDUWLGRRSRVLWRU\QRGHOSDUWLGRHQ
HOJRELHUQR(OHUURUIXQGDPHQWDOGHOHTXLSRGH3HxD
1LHWRTXHDSURYHFKDHOHTXLSRGH-RVH¿QD9i]TXH]
0RWDIXHHOGHSUHVHQWDUDODVSLUDQWHFRPRXQSUHVL/
GHQWH&*#704$%1#FRPRXQSURGXFWRPHUFDGROyJLFRTXH
\DJDQyHQODVHQFXHVWDVHQORVVSRWV\SRUORWDQWR
HQODVXUQDV0DQWHQHUVHHQHOSULPHUOXJDUGHODVSUH/
IHUHQFLDV GHPRVFySLFDV KDFH GHO H[ JREHUQDGRU GHO
ODJXHUUDFRQWUDHOQDUFRVHJXQHQFXHVWD
/DSHUFHSFLyQGHODGHUURWDHQHOFRPEDWHDOQDU/
FRWUi¿FRQRHVVyORGHODFLXGDGDQtD(OGHPDU]R
GHHOJHQHUDO&KDUOHV-DFRE\MHIHGHO&RPDQ/
GR1RUWHGH(VWDGRV8QLGRVDVHJXUyTXHODFDSWXUD
(VWDGRGH0p[LFRXQDSUHVDIiFLOGHODVFDPSDxDVGH
SRODUL]DFLyQTXHVRQGHOHVWLORGH6ROi
(QHVWHHVFHQDULRLQGXFLGRSRUODFDPSDxDGH6ROi
VHVXPDHOSURWDJRQLVPRGHO3UHVLGHQWHTXHFRQGHFOD/
UDFLRQHVFRPRODTXHGLRDOK5*#:*U#V%-W#K./*+#GH
GHGHORVFDSRVPiVEXVFDGRVHQ0p[LFR³QR RFWXEUHGHGRQGHGLMRTXHHO35,QHJRFLDEDFRQ
WXYR HIHFWRV SDOSDEOHV´ ³/D YLROHQFLD FRQWLQ~D DX/ HO QDUFRWUi¿FR OHYDQWy XQD SROpPLFD WUDV  GtDV GH
PHQWDQGR'HFODUyHOMHIHPLOLWDUGHODUHJLyQ(VWD/ KDEHUVHLQLFLDGRHOSURFHVRHOHFWRUDO/DSUHVLGHQFLDGH
GRV8QLGRV&DQDGi\0p[LFRHQDXGLHQFLDDQWHHO
&RPLWpGH)XHU]DV$UPDGDVGHO6HQDGR$GHPiVHO
VHQDGRU-RKQ0F&DLQHOUHSXEOLFDQRGHPD\RUUDQJR
HQHOFRPLWpUHFRUGyTXHGHVGHKDQPXHUWR
PLOSHUVRQDVDFDXVDGHODYLROHQFLDJHQHUDGDSRUHO
FULPHQRUJDQL]DGR\VyORHODxRSDVDGRPXULHURQ
0p[LFRQHJyTXH&DOGHUyQKXELHVHGLFKRDOSHULyGLFR
QRUWHDPHULFDQRTXHHOSDUWLGRWULFRORUSDFWDUtDFRQHO
QDUFRWUi¿FRHQFDVRGHOOHJDUDOSRGHU
6XFHVRVHQHOPLVPRVHQWLGRTXHDOQDUUDGRHVWX/
YLHURQ SUHVHQWHV HQ HO DPELHQWH SROtWLFR SUHYLR D ODV
HOHFFLRQHVSUHVLGHQFLDOHVGHOTXHVHGH¿QLySRU
PLO´D.'*".%#<.0-.%GHPDU]RGH
(VWDV WHQGHQFLDV VRQ HO UHVXOWDGR GH OD ³JXHUUD´
HPSUHQGLGDSRUODDGPLQLVWUDFLyQSDQLVWDHQWUH
TXHWHQtDFRPR¿QSULQFLSDOHOGH³OHJLWLPDUVH´
HQ HO SRGHU WUDV VX PX\ FXHVWLRQDGR WULXQIR HQ ODV
HOHFFLRQHVGH+D\TXHSUHFLVDUTXHHQODVHOHF/
ODVDJUDYDGDVGHVFDOL¿FDFLRQHVHQWUHSDUWLGRVSROtWLFRV
\HQWUHORVFRQWHQGLHQWHVHQHVDHOHFFLyQKXERYLROHQ/
FLD\FULVSDFLyQHQWUHORVJUXSRVSROtWLFRVTXHSRODUL/
]DURQODVLWXDFLyQ$QGUpV0DQXHO/ySH]2EUDGRUIXH
FDOL¿FDGRGHUHGHQWRUSRUXQRV\FRPRXQSHOLJURSDUD
0p[LFRSRUVXVDGYHUVDULRVGH$FFLyQ1DFLRQDO
FLRQHVSUHVLGHQFLDOHVGHHO7ULEXQDO(OHFWRUDO (O,QVWLWXWR)HGHUDO(OHFWRUDO,)(TXHJR]DEDGH
GHO 3RGHU -XGLFLDO GH OD )HGHUDFLyQ RUGHQy HO  GH SUHVWLJLR\OHJLWLPLGDG\TXHHVXQyUJDQRFRQVWLWX/
DJRVWR GH  OD DSHUWXUD GH  PLO  SDTXHWHV FLRQDODXWyQRPRVXUJLGRKDFHYHLQWHDxRVSDUDRUJD/
HOHFWRUDOHVSDUDUHDOL]DUXQQXHYRHVFUXWLQLR\FRP/ QL]DU\FRQWDUORVYRWRVGHORVFRPLFLRVVHHQFXHQWUD

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

OK
 .-0$)-!//0 >%!7)(/%!%3%1(:'%4
GHVGHLQPHUVRHQFRQWUDGLFFLRQHV\GLYLVLRQHV
LQWHUQDV /D IDOWD GH FUHGLELOLGDG GHO ,)( \ OD SRFD
YROXQWDGSDUDHMHUFHUDFDEDOLGDGVXVDWULEXFLRQHVGH
iUELWURHOHFWRUDOVHSHUFLEHFDGDYH]PiVHQORVFtUFX/
ORVGHODpOLWHSROtWLFD
(O ,)( TXH HQFRQWUy UHVSRQVDEOH GH YLROHQWDU OD
&RQVWLWXFLyQDOSUHVLGHQWH)HOLSH&DOGHUyQSRUGLVWUL/
EXLUFDUWDVFRQVX¿UPDDWUDYpVGHO6HUYLFLRGH$G/
WR/DSREUH]DHOGHVHPSOHR\ODSpUGLGDHQHOSRGHUGH
FRPSUDGHODVIDPLOLDVVHJXLUiQHQDXPHQWR
6LQHPEDUJRHODOWRJUDGRGHYLROHQFLDYLQFXODGDD
ORVGHOLWRVUHODFLRQDGRVFRQODVGURJDV\ORVVHFXHVWURV
PDQWLHQHHOWHPDGHODVHJXULGDGS~EOLFDFRPRXQRGH
ORVSULPHURVSODQRVGHODDJHQGDSROtWLFD(OVLVWHPDMX/
GLFLDOHQDxRVGHJRELHUQRVGH$FFLyQ1DFLRQDOVLJXH
VLHQGRDOLJXDOTXHHQODVSUHVLGHQFLDVHQFDEH]DGDVSRU
PLQLVWUDFLyQ 7ULEXWDULD 6$7 DGPLWLy TXH HQ HVWH
UpJLPHQHOSUHVLGHQWHQRHVVXMHWRGHMXLFLRSROtWLFR
VLQR VyOR GH UHVSRQVDELOLGDG SHQDO SRU WUDLFLyQ D OD
SDWULDXRWURVGHOLWRVJUDYHVSRUORTXHHVLPSRVLEOH
VDQFLRQDUVXLQWURPLVLyQHQHOSURFHVRHOHFWRUDO
$ OR ODUJR GHO SURFHVR HOHFWRUDO GH  HO 35,
H[LJLy DO 3UHVLGHQWH TXH ³VDFDUD ODV PDQRV´ GH OD
HO35,PRWLYRGHUHOHYDQWHVFXHVWLRQDPLHQWRV
1RVDEHPRVHOFRVWRIRUPDOTXHWHQGUiHOSURFHVR
HOHFWRUDO IHGHUDO GH  ³'XUDQWH ODV SDVDGDV HOHF/
FLRQHV GH  HO JDVWR HOHFWRUDO IXH GH  PLO 
PLOORQHVGHSHVRVORTXHHTXLYDOHDOSRUFLHQWRGHO
JDVWRHQHGXFDFLyQS~EOLFDRDOSRUFLHQWRGHOJDVWR
HQHO3URJUDPDGH'HVDUUROOR+XPDQR2SRUWXQLGDGHV
HOHFFLyQ 0LOLWDQWHV GHO 3$1 VH TXHMDURQ SRU OD LQ/
MHUHQFLDGH)HOLSH&DOGHUyQHQODYLGDGHVXSDUWLGR
\ GH OD FRQWLQXLGDG GH ORV HVTXHPDV DXWRULWDULRV HQ
ODJHVWLyQSUHVLGHQFLDOTXHIXHURQFDUDFWHUtVWLFRVGHO
35,(QHQWUHYLVWDFRQHOSHULyGLFRF*7%-/00DQXHO
GHHVHDxR´0HQD5RGUtJXH](QHVWDFLIUDVH
LQFOX\HQORVJDVWRVRSHUDWLYRVGHO,)(ODVSUHUURJDWL/
YDVIHGHUDOHV\ORFDOHVDORVSDUWLGRVSROtWLFRVHO¿QDQ/
FLDPLHQWRGHORVLQVWLWXWRVHOHFWRUDOHVGHORVHVWDGRV\
ORVSUHVXSXHVWRVGHO7ULEXQDO(OHFWRUDOGHO3RGHU-XGL/
&ORXWKLHUKLMRD¿UPyTXH³(QHO3$1VHSURVWLWX\yOD FLDOGHOD)HGHUDFLyQ7(3-)\GHOD)LVFDOtD(VSHFLD/
UHODFLyQFRQHOJRELHUQRSRUORTXHDKRUDVHFRQWUROD OL]DGDSDUD'HOLWRV(OHFWRUDOHV)HSDGH
DOSDUWLGRDWUDYpVGHODQyPLQDORTXHGHULYyHQXQD ³(O 3URJUDPD GH 1DFLRQHV 8QLGDV SDUD HO 'H/
PLPHWL]DFLyQFRQHO35,´ VDUUROOR 318' \ OD )XQGDFLyQ ,QWHUQDFLRQDO SDUD
$ OD LQMHUHQFLD GHO HMHFXWLYR HQ OD HOHFFLyQ VH
VXPDTXHODUHIRUPDSROtWLFRHOHFWRUDOGHO
JHQHUDXQFUHFLHQWHFRQÀLFWRGHLQWHUHVHV/DUHIRUPD
DODUWtFXORGHOD&RQVWLWXFLyQSURKtEHODFRPSUDHQ
WLHPSRVHQUDGLR\WHOHYLVLyQSDUDUHDOL]DUSURSDJDQ/
GD HOHFWRUDO pVWD VyOR SRGUi KDFHUVH HQ ORV WLHPSRV
R¿FLDOHVTXHHO,)(RWRUJDDORVSDUWLGRV\FDQGLGDWRV
/DUHIRUPDHQODPDWHULDVHHQFXHQWUDLQFRPSOHWD\D
TXHIDOWDQHQWUHRWUDVFRVDVODOH\UHJODPHQWDULDGHO
DUWtFXOR\ODVUHIRUPDVDOD/H\)HGHUDOGH5DGLR
6LVWHPDV(OHFWRUDOHV,)(6SRUVXVVLJODVHQLQJOpV
VXEUD\DQTXHHOFRVWRGHOYRWRHQ0p[LFRHVYHFHV
VXSHULRUTXHHOSURPHGLRGHWRGD$PpULFD/DWLQD\
PiVGHOGREOHGHORVSRFRVFDVRVTXHVHOHDSUR[LPDQ
±&RVWD5LFD5HS~EOLFD'RPLQLFDQD\3DQDPi±$P/
ERVRUJDQLVPRVFRLQFLGHQHQTXHHOVLVWHPDHOHFWRUDO
PH[LFDQR HV HO PiV RQHURVR HQ OD UHJLyQ \ GH  
QDFLRQHVGHÈIULFD$VLD\(XURSD´
³(O ,)(6 GHVWDFD TXH PLHQWUDV HQ 0p[LFR HO JDV/
WRSRUVXIUDJLRHVGHDOUHGHGRUGHGyODUHV
\ 7HOHYLVLyQ SDUD SHUPLWLU OD LPSRVLFLyQ GH VDQFLR/
QHVPiVDOOiGHODVHFRQyPLFDVDORVFRQFHVLRQDULRV
TXHYLROHQODVQRUPDVHOHFWRUDOHVUHLWHUDGD\VLVWHPi/
WLFDPHQWH(QSRFDVSDODEUDVHO,)(SHFDGHRPLVLyQ
\HO7ULEXQDO)HGHUDO(OHFWRUDOSDUHFHHPSHxDGRHQ
FDQFHODUODOLEHUWDGGHH[SUHVLyQ
(VWHWLHPSRGHLQFHUWLGXPEUHVHQPDWHULDHOHFWRUDO
KDVLGRUHWUDWDGRSRUHOFRUUHVSRQVDOHQ0p[LFRGHOGLD/
SHVRVHQ%UDVLOHVGHGyODUHV*XDWHPDOD
+RQGXUDV(FXDGRU&RORPELD%ROLYLD
\8UXJXD\/RVSDtVHVGH$PpULFD/DWLQDTXH
PiVVHDFHUFDQDODFLIUDPH[LFDQDVRQ&RVWD5LFDFRQ
GyODUHVSRUYRWR5HS~EOLFD'RPLQLFDQD\
3DQDPi1LQJ~QSDtVGLVSXWDD0p[LFRHOSULPHU
OXJDU\YDOHGHVWDFDUTXHDOFRQWUDULRHOFRVWRGHYRWR
SURPHGLRHQHOPXQGRHVGHVyORGyODUHV´D.'*>
ULREULWiQLFRX."0"4.0'#K./*+$GDP7KRPVRQTXLHQ ".%#+*/0"0'GHGLFLHPEUHGH
SUHFLVDHQVXVDQiOLVLVSHULRGtVWLFRVTXHORVPHVHVTXH
DQWHFHGHQDODVHOHFFLRQHVVHSDUHFHQPiVDXQFDPSR
PLQDGRTXHXQDFDUUHWHUDDELHUWDDODSUHVLGHQFLDGHOD
VHJXQGDPD\RUHFRQRPtDGH$PpULFD/DWLQD
(Q0p[LFRVHUiXQRGHORVSDtVHVPHQRVGLQi/
PLFRVGH$PpULFD/DWLQDFRQXQLQFUHPHQWRVLJQL¿FD/
WLYRHQODSREUH]D\ODFRQWUDFFLyQGHOLQJUHVRIDPLOLDU
TXHWDQVyORHQHO~OWLPRELHQLRVHFRQWUDMRSRUFLHQ/
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
OG
&DGDDxRS'%T0'#X."0"4.0'#E"$*B-.$6#*),SXEOL/
FD XQ UHSRUWH PXQGLDO GH ÀXMRV ¿QDQFLHURV LOtFLWRV
SURFHGHQWHVGHWRGRVORVSDtVHVHQYtDVGHGHVDUUROOR
GRQGH FHUFD GH  PLO PLOORQHV GH GyODUHV VDOLHURQ
DQXDOPHQWH GH PDQHUD LOHJDO GH 0p[LFR HQ OD ~OWL/
PDGpFDGDSULQFLSDOPHQWHDWUDYpVGHIDFWXUDFLRQHV
IUDXGXOHQWDVGHH[SRUWDFLRQHVGHELHQHV
/RVÀXMRVPHGLRVDQXDOHVGHVDOLGDGHFDSLWDOHVGH
 &EG0/)(HIJH@(%=%#/"1(<(*0"1,)1(0(.-0$)-!

0p[LFR KDQ UHSUHVHQWDGR ³XQD IXJD LPSUHVLRQDQWH´ (QHOGLFWDPHQGHODUHIRUPDSROtWLFDGHQR

HQODV~OWLPDVFXDWURGpFDGDVVHJ~QPXHVWUDHOLQIRU/ VHDSUREDURQFDPELRV\DGHFXDFLRQHVDOD&RQVWLWX/
PH³0p[LFRÀXMRV¿QDQFLHURVLOtFLWRVGHVHTXLOLEULRV FLyQQLHO&R¿SHYLJHQWH\UHIRUPDGRHQ
PDFURHFRQyPLFRV \ OD HFRQRPtD VXPHUJLGD´ .DU FX\DV PRGL¿FDFLRQHV HQ VX PRPHQWR UHTXLULHURQ
/DPHGLDDQXDOGXUDQWHORVDxRVVHWHQWD³IXH FDPELRVHQOH\HVVHFXQGDULDVSRUORTXHVLHPSUH
GH PLOORQHV GH GyODUHV HQ OD GpFDGD GH  VHFRQVLGHUyFRPRXQDUHIRUPDLQFRPSOHWD
IXHURQHQIXHURQPLOORQHV\FDVL $OJXQRVGHORVDVXQWRVSHQGLHQWHVHQPDWHULDGH
PLOORQHVGHGyODUHVODSULPHUDGpFDGD´GHHVWH UHJXODFLyQHOHFWRUDOTXHUHTXLHUHQDMXVWHVVHPDQWLH/
VLJOR.DU(QWUH\VDOLHURQGHOSDtV
PLOPLOORQHVGHGyODUHV\HQHVDVVDOLGDVQRVH
LQFOX\HQODVWUDQVDFFLRQHVHQHIHFWLYRTXHIUHFXHQWH/
PHQWHVHKDFHQHQHOSDtV
'HVGHKDVWDODVUHIRUPDVDODOHJLVOD/
FLyQHOHFWRUDOWXYLHURQFRPRSURSyVLWRFUHDUXQPDUFR
QHQDSHVDUGHORVFDPELRVLQVWUXPHQWDGRVHQORVOL/
QHDPLHQWRVUHJODPHQWRV\FDWiORJRVSRUHO&RQVHMR
*HQHUDOGHO,)(±\VHFRUUHHOULHVJRGHODH[LVWHQFLD
GHOH\HVLQFRPSOHWDVRLQH[LVWHQWHVTXHWLHQGDQDGH/
ELOLWDUHOGHVHPSHxRWDQWRGHO,)(FRPRGHO7(3-)
(O  GH QRYLHPEUH GH  HO VHQDGRU 0DQOLR
QRUPDWLYRSDUDXQUpJLPHQGHSDUWLGRVSOXUDO\FRP/
SHWLWLYRTXHUHJXODUD\SURPRYLHUDFRQWLHQGDVHOHFWR/
UDOHVHTXLWDWLYDVFRQ¿DEOHV\DSHJDGDVDGHUHFKR'H
HVWDPDQHUDODVUHIRUPDVLQLFLDGDVHQPRWLYDURQ
ODFRQIRUPDFLyQGHXQVLVWHPDHOHFWRUDOFRPSOHMR
/DHOHFFLyQSUHVLGHQFLDOGHSXVRDSUXHEDHO
PDUFR HOHFWRUDO YLJHQWH (O SURFHVR HOHFWRUDO LQLFLD/
GRHQRFWXEUHGHFRQFOX\yHOGHVHSWLHPEUH
GHFXDQGROD6DOD6XSHULRUGHO7(3-)HPLWLyHO
GLFWDPHQ UHODWLYR DO FyPSXWR ¿QDO GH OD HOHFFLyQ GH
SUHVLGHQWHGHORV(VWDGRV8QLGRV0H[LFDQRV(O7UL/
EXQDO GHWHUPLQy OD YDOLGH] GH OD HOHFFLyQ \ GHFODUy
SUHVLGHQWHHOHFWRD)HOLSHGH-HV~V&DOGHUyQ+LQRMRVD
TXLHQWRPySRVHVLyQHOSULPHURGHGLFLHPEUHGH
(VWDVLWXDFLyQGLRLQLFLyDXQLQWHQVRGHEDWHSDUOD/
PHQWDULRTXHFXOPLQyFRQODDSUREDFLyQGHUHIRUPDV
)DELR %HOWURQHV  SUHVHQWy HQ HO 6HQDGR GH OD
5HS~EOLFDXQSUR\HFWRGHGHFUHWRSDUDIRUPDUHQ0p/
[LFRXQJRELHUQRGHFRDOLFLyQ6HxDODEDHQVXLQLFLD/
WLYDTXH³DSDUWLUGHLQLFLDHQ0p[LFRODHUDGH
ORVJRELHUQRVGLYLGLGRVFX\DFDUDFWHUtVWLFDSULQFLSDO
HVTXHHO(MHFXWLYR)HGHUDOQRGLVSRQHGHXQDPD\R/
UtDVX¿FLHQWHHQHO&RQJUHVRDGROHFLHQGRWDPELpQGH
PHFDQLVPRVSDUDODFRQVWUXFFLyQGHPD\RUtDVJREHU/
QDQWHVVLWXDFLyQTXHKDSURYRFDGRTXHODVGHFLVLRQHV
GRQGHFRQÀX\HQWDQWRHO(MHFXWLYRFRPRHO/HJLVOD/
WLYRVHKD\DQWRUQDGRPiVFRPSOHMDVWHQGLHQGRDOD
LQPRYLOLGDG\DOEORTXHRDQWHVTXHDODFRRSHUDFLyQ
HOGLiORJRHOGLQDPLVPR\ODRSRUWXQLGDG´
(OGHIHEUHURGHGXUDQWHHOIRUR³/DERUDWR/
ULRSROtWLFR´RUJDQL]DGRSRUOD$VRFLDFLyQ0H[LFDQD
GH$JHQFLDVGH,QYHVWLJDFLyQGH0HUFDGR\2SLQLyQ
VXVWDQFLDOHVDOD&RQVWLWXFLyQSROtWLFDGHORV(VWDGRV
8QLGRV0H[LFDQRV\DO&yGLJR)HGHUDOGH,QVWLWXFLR/
QHV\3URFHGLPLHQWRV(OHFWRUDOHV/DUHIRUPDFRQVWL/
WXFLRQDOIXHDSUREDGDSRUXQDPSOLRFRQVHQVRHQDP/
EDVFiPDUDV\HQGHODVOHJLVODWXUDVORFDOHVTXH
FRPSRQHQHOFRQVWLWX\HQWHSHUPDQHQWH(VWDUHIRUPD
3~EOLFD$0$,-RVH¿QD9i]TXH]0RWDSURSXVRXQ
JRELHUQRVLQFRORUHVSDUWLGLVWDVSDUDGHVWUDEDUDFXHU/
GRVHQHO3RGHU/HJLVODWLYR³+DOOHJDGRHOPRPHQWR
GH FRQVWUXLU XQ JRELHUQR GLIHUHQWH SDUD 0p[LFR 'H
GDUSDVRDXQJRELHUQRGHFRDOLFLyQTXHVHVXPHDOR
PHMRUTXHWHQHPRVHQODYLGDGHOSDtV´/DERUDWRULR
HQWUyHQYLJRUHOGHQRYLHPEUHGH\HOQXHYR
&yGLJRHOGHHQHURGH
/DLQLFLDWLYDGHUHIRUPDSROtWLFDGHOSUHVLGHQWH)H/
OLSH&DOGHUyQVHFRQYLUWLyD¿QDOHVGHOHQXQDGH
VXVSULRULGDGHVOHJLVODWLYDV)XHGLVFXWLGD\DFRUGDGD
SRU HO 6HQDGR HQ PHGLR GH GRV OyJLFDV FRQWUDGLFWR/
ULDVXQDHOHFWRUDOEHOLJHUDQWH\FRPSHWLWLYDGHELGR
DODPRYLOL]DFLyQHQODIRUPDFLyQGHDOLDQ]DVHQWUHHO
3$1\HO35'FRQHO¿QGHGHUURWDUDO35,HQYDULRV
GHORVHVWDGRVGHOD5HS~EOLFDHQ\RWUDSURSR/
VLWLYDSURSLDGHODSURSXHVWDGHXQJRELHUQRTXHSDUD
SRGHU JREHUQDU FRQ VX¿FLHQWH H¿FDFLD UHTXHUtD GLV/
SRQHU GH FRQGLFLRQHV LQVWLWXFLRQDOHV GLIHUHQWHV FRQ
3ROtWLFR$0$,GHIHEUHURGH/RPiVIDF/
WLEOHHVTXHODSUy[LPDDGPLQLVWUDFLyQIHGHUDO
VHDXQJRELHUQRGLYLGLGR
$FXVDU DO JRELHUQR GLYLGLGR FRPR OR KDFHQ HQ
VXV LQLFLDWLYDV HO VHQDGRU %HOWURQHV \ -RVH¿QD 9i]/
TXH]0RWDGHODSDUiOLVLVGHUHIRUPDVHVWUXFWXUDOHV
HTXLYDOHDFXOSDUDOHOHFWRUDGRPH[LFDQRGHHMHUFHUVX
YRWR\DTXHHVHOHOHFWRUTXLpQGHFLGHODFRQIRUPD/
FLyQGHORVSRGHUHVGHOJRELHUQR
/DWHQGHQFLDSRUHOFRQWUDULRSDUDHOSUy[LPRJR/
ELHUQRGHEHUiVHUPRGHUDUDFRWDUPRGXODUODDFFLyQ
SUHVLGHQFLDO\DUPRQL]DUODFRQODVIDFXOWDGHV\REOL/
JDFLRQHV GHO RWUR SRGHU GHPRFUiWLFR HO OHJLVODWLYR
ODVTXHKDEtDLQLFLDGRVXJHVWLyQHQODSHUVSHFWLYDGH :HOGRQ$OUHVSHFWR(ULF0DJDU\9LGDO5R/
PDQWHQHUVHHQHOSRGHUPiVDOOiGH PHURVHxDODQTXH³HOJRELHUQRGLYLGLGRHVXQ

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

OM
 .-0$)-!//0 >%!7)(/%!%3%1(:'%4

IHQyPHQRFRP~QHQODVGHPRFUDFLDVSUHVLGHQFLDOLV/ 0p[LFR6HQDGRGHOD5HS~EOLFD
WDV´SRUHMHPSORGHVGHHO¿QGHOD6HJXQGD*XHUUD &DPDUHQD6³/DJXHUUDFRQWUDHOµQDUFR¶HQ
0XQGLDOHOSUHVLGHQWHHVWDGRXQLGHQVHKDFDUHFLGRGH 0p[LFRKDFDXVDGRPXHUWHVYLROHQWDV´!'#
XQDPD\RUtDFRQJUHVLVWD(QWUH\ODWHUFH/ R0@+GHHQHUR
UDSDUWHGHORVJRELHUQRVHPDQDGRVGHORVSDUODPHQ/ &DUERQHOO 0 \ 3 6DOD]DU HGV  C0# -*7%->
WRVGHGHPRFUDFLDVFRQWLQHQWDOHVHXURSHDVIXHURQ /0#4%"+$.$)4.%"0'#&*#&*-*45%+#5)/0"%+O#)"#")*9%#
GHFDUiFWHUPLQRULWDULR7%HFN*$#0'/DYHU\ ,0-0&.B/0 0p[LFR ,QVWLWXWR GH ,QYHVWLJDFLRQHV
6FKR¿HOG&R[\.HUQHOO -XUtGLFDV81$0
(Q  XQD YH] FRQFOXLGD OD FDOL¿FDFLyQ GH OD &RPXQLFDGRVREUHLPSXWDFLRQHVTXHVHKDQUHDOL]DGR
HOHFFLyQSUHVLGHQFLDOKD\XQDDJHQGDSHQGLHQWHGHWH/ 5HVLGHQFLD2¿FLDOGH/RV3LQRVGHQR/
PDVSDUDHOHYDUODFDOLGDGGHODGHPRFUDFLDPH[LFDQD YLHPEUHGH&*&60p[LFR3UHVLGHQFLD
DODGLVWULEXFLyQGHDWULEXFLRQHVODFDSDFLGDGGHLQ/ GHOD5HS~EOLFDGHQRYLHPEUH
FLGLUHQODYLGD\RSHUDFLyQGHORWURSRGHUHMHFXWLYR &R[*:\6.HUQHOOHGVK5*#R%'.$.4+#%7#
OHJLVODWLYRROHJLVODWLYRHMHFXWLYREODFRQIRUPDFLyQ <.9.&*&#S%9*-"/*"$%RXOGHU&R:HVWYLHZ3UHVV
GHOSRGHUHMHFXWLYRXQLSHUVRQDORFRPSDUWLUODJHV/ ³'HQXQFLDQD)HOLSH&DOGHUyQDQWH&RUWH3HQDO,QWHU/
WLyQFRQORVPLQLVWURVFODVIDFXOWDGHVSURSLDVGHO QDFLRQDOSRUFUtPHQHVGHOHVDKXPDQLGDG´
SUHVLGHQWH OHJLVODWLYDV GH¿QLFLyQ GHO SUHVXSXHVWR =.*/,-*^GHQRYLHPEUH
S~EOLFRSRGHUGHYHWRDWULEXFLRQHVHQHPHUJHQFLDV +XPDQ 5LJKWV :DWFK  D*\.4%O# t.&*+,-*0&#
H[SHGLFLyQGHGHFUHWRV ORV PHFDQLVPRV SDUDHPLWLU F.B5$+#PT)+*+#."#zt0-#%"#<-)B+Z#E/,)".$6#7%-#K%->
GHFUHWRVOH\GHOFRQWUROGHODDJHQGDHODFRQYR/ $)-*1#<.+0,,*0-0"4*+1#u.''."B+#]"&*-/."*+#=*4)>
FDWRULDDUHIHUpQGXPRSOHELVFLWRIODGHVLJQDFLyQ\ -.$6>YHUVLyQHOHFWUyQLFD@
UHPRFLyQGHPLQLVWURVJODVGLYHUVDVIXQFLRQHVGHO .DU '  0p[LFR ÀXMRV ¿QDQFLHURV LOtFLWRV
JDELQHWH K HO FRQWURO OHJLVODWLYR VREUH HO HMHFXWLYR &*+*().'.T-.%+# /04-%*4%"8/.4%+# 6# '0# *4%"%/@0#
HQWpUPLQRVGHPRFLyQGHFRQ¿DQ]DFHQVXUDLQIRU/ +)/*-B.&0 :DVKLQJWRQ '& *OREDO )LQDQFLDO
PHVSUHJXQWDSDUODPHQWDULDLQWHUSHODFLRQHVHLQYHV/ ,QWHJULW\
WLJDFLRQHV$WWLOL%pMDU$OJD]L\0LUyQ/LQFH /DERUDWRULR3ROtWLFRC0#*+$-0$*B.0#&*$-2+#&*#
%pMDU$OJD]L\:DOGPDQ '0+#*'*44.%"*+0p[LFR$0$,
/DYHU0\16FKR¿HOGD)'$.,0-$6#S%9*-">
5()(5(1&,$6 /*"$O#$5*#R%'.$.4+#%7#M%0'.$.%"#."#!)-%,*-!#$$!#4/
$WWLOL$K-*."$0#0H%+#&*#40/T.%#,%'@$.4%#*"#DG> ERU0L8QLYHUVLW\RI0LFKLJDQ3UHVV
\.4%0p[LFR8$0,]WDSDODSD0LJXHOÈQJHO3RUU~D 0DJDU ( \ 9 5RPHUR  ³0p[LFR UHIRUPDV
$XPHQWDSHUFHSFLyQFLXGDGDQDGHLQVHJXULGDG&RQ/ SHVHDXQJRELHUQRGLYLGLGR´F*9.+$0#&*#M.*"4.0#
VXOWD0LWRIVN\(Q!'#=.B'%#&*#K%--*8" R%'@$.40YROQ~P
DEULO>9HUVLyQHOHFWUyQLFD@ 3ODQ 1DFLRQDO GH 'HVDUUROOR  
%HFN 7 * &ODUN $ *URII 3 .HHIHU \ 3 :DO/ n)."$%#E"7%-/*#&*#!3*4)4.8"1#hf``0p[LFR*R/
VK  ³1HZ 7RROV LQ &RPSDUDWLYH 3ROLWLFDO ELHUQR)HGHUDO>YHUVLyQHOHFWUyQLFD@
(FRQRP\WKH'DWDEDVHRI3ROLWLFDO,QVWLWXWLRQV´ 3URJUDPD 1DFLRQDO GH 'HUHFKRV +XPDQRV 
t%-'&#?0"W#!4%"%/.4#F*9.*UYROQ~P 0p[LFR'LDULR2¿FLDOGHOD)HGHUD>
%pMDU$OJD]L/\500LUyQ/LQFH!'#M%"> 4.8"GHDJRVWR
B-*+%#D*\.40"%#&*+,)G+#&*#'0#0'$*-"0"4.00p[L/ 0HQD 5RGUtJXH] 0$  oM)*+$0"# &*/0+.0>
FR$VRFLDFLyQ0H[LFDQDGH(VWXGLRV3DUODPHQWD/ &%#'0+#*'*44.%"*+#*"#DG\.4%p#!'#E"+$.$)$%#X*&*-0'#
ULRV6HQDGRGHOD5HS~EOLFD !'*4$%-0'#*"#,*-+,*4$.900p[LFR&,'(>YHUVLyQ
%pMDU $OJD]L / \ * :DOGPDQ  C0# F*,-*> HOHFWUyQLFD@
+*"$04.8"# R0-'0/*"$0-.0# *"# DG\.4% 0p[LFR :HOGRQ-³/DVIXHQWHVSROtWLFDVGHOSUHVLGHQ/
81$0*HUQLND FLDOLVPRPH[LFDQR´HQ60DLQZDULQJ\0DWWKHZ
%HOWURQHV0)E".4.0$.90#&*#F*7%-/0#M%"+> +XJDUW HGV R-*+.&*"4.0'.+/%# 6# &*/%4-04.0# *"#
$.$)4.%"0'# *"# D0$*-.0# &*# S%T.*-"%# &*# M%0'.4.8"-! P/G-.40#C0$."00p[LFR3DLGyV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

ON
?@E,6&7*8"&:'%?!.*+%*
8"&:'%?!.*+%*,-/%"6!?:,&*8&')/,6&
D%:;2(G%H+I#(J%#+0%,2>
, QHVHVWDWDOHV3RUHMHPSORE".4.0$.90#DG\.4%#*4&742/
(
QHVWRVWLHPSRVGHGHPDJRJLDPHGLiWLFDOD³SR/
EODFLyQPH[LFDQD´VHHQFXHQWUDHQXQDVLWXD/
FLyQGHLQFHUWLGXPEUHHFRQyPLFDLQPHGLDWH]
PHQWDO\SUHFDULHGDGVRFLDOIUHQWHDXQKRUL]RQWHSR/
OtWLFRHQGHVFRPSRVLFLyQ1RHVSDUDPHQRVODVSHUV/
SHFWLYDVHFRQyPLFDVQHJDWLYDVLPSRVLELOLWDQPHMRUDU
ODVFRQGLFLRQHVGHYLGDGHPLOORQHVGHDVDODULDGRV\
HO DFFHVR GH ORV MyYHQHV D HPSOHRV ELHQ UHPXQHUD/
GRV(QFDPLQDQODE~VTXHGDGHRSFLRQHVGHVXSHUYL/
YHQFLDSRUSDUWHGHpVWRVHQORVPHUFDGRVFULPLQDOHV
GH OD HFRQRPtD RFXSDFLRQHV VLQ GHUHFKRV ODERUDOHV
HQHPSUHVDVWUDVQDFLRQDOHVLQVHUFLyQHQHOPHUFDGR
LQIRUPDO FDOOHMHUR D¿OLDFLyQ D HPSUHVDV SLUDWDV GH
GLVWULEXFLyQGHWRGRWLSRGHSURGXFWRVHQURODPLHQWR
HQORVHMpUFLWRVSULYDGRVGHVHJXULGDG\JUXSRVSDUD/
PLOLWDUHV2SFLRQHVEXVFDGDVQRVyORSDUDVDWLVIDFHU
ilegalidad,
PDVRFLRPHGLiWLFRGRQGHODVWHOHYLVRUDVWHOHGLULJHQ
OD³FUHDWLYLGDG´GHODVRUJDQL]DFLRQHVGHODVRFLHGDG
FLYLO&RQHOORORVPRQRSROLRVPHGLiWLFRVRUJDQL]DQ
ODFRRSHUDFLyQGHOWUDEDMRFRJQLWLYRDOPLVPRWLHP/
SRTXHSULYDWL]DQVXVUHVXOWDGRV(QVXPDE".4.0$.90#
DG\.4%# VLJQL¿FD OD SULYDWL]DFLyQ GH OD FUHDFLyQ VR/
FLDOODVSROtWLFDVVRFLDOHVHVWDWDOHV\HOHVSDFLRS~EOL/
FR SURGXFLHQGR XQD HVSHFLH GH FLXGDGDQtD WHOHJH/
QpWLFD SURJUDPDEOH \ PRYLOL]DGD HPRFLRQDOPHQWH
$VtHOFtUFXORYLUWXRVRSRVWQHROLEHUDOVHFLHUUDSDUD
SURGXFLU OD SULYDWL]DFLyQ JHQHUDOL]DGD GHO FROHFWLYR
DQyQLPRPH[LFDQR
/DV FRQVHFXHQFLDV GH HVWRV SURFHVRV KDQ SURGX/
FLGR GHVGH KDFH SRU OR PHQRV WUHLQWD DxRV OD GHVHU/
FLyQ FLXGDGDQD \ HO YDFtR HQ ODV LQVWLWXFLRQHV TXH
FRPSRQHQDO(VWDGRFRPRLQVWLWXFLyQVHJXQGDGHOD
ODVQHFHVLGDGHVPiVHOHPHQWDOHVGHVLHWHPLOORQHVGH
HVWHUHRWLSDGRV ³QL QLV´ VLQR WDPELpQ GH OLEHUDFLyQ
HPRFLRQDOHVWLPXODGDSRUORVPLFURUHODWRVGHOJRFH
GLIXQGLGRV SRU ORV PHGLRV GH FRPXQLFDFLyQ 3UHFD/
ULHGDGHFRQyPLFRVRFLDO\JRFHHPRFLRQDOFUHDQODV
FRQGLFLRQHV GHO YDFLDPLHQWR GHO HVSDFLR S~EOLFR GH
UHÀH[LyQ TXH SHUPLWD D ORV KRPEUHV \ PXMHUHV GHO
SDtVWRPDUOLEUHPHQWHHQVXVPDQRVVXGHVWLQR
/DLQWHJUDFLyQGHHVWRVVHFWRUHVVRFLDOHVGLVSXHV/
WRV D UHDOL]DU FXDOTXLHU DFWLYLGDG HQ ORV PHUFDGRV
FULPLQDOHV VH VLQFURQL]D FRQ ORV SURFHVRV GH SULYD/
WL]DFLyQPHGLDWL]DFLyQ HPSUHVDULDO GH ODV SROtWLFDV
VRFLDOHVTXHDQWHULRUPHQWHJHVWLRQDEDQODVLQVWLWXFLR/
 'HSDUWDPHQWR GH 5HODFLRQHV 6RFLDOHV GH OD 8QLYHUVLGDG $XWyQRPD
1
0HWURSROLWDQD;RFKLPLOFR
VRFLHGDG&DVWRULDGLVHVGHFLUFRPRDSDUDWR
GH(VWDGR±VHFUHWDUtDVLQVWLWXWRVDJHQFLDVHVWDWDOHV
FiPDUDVOHJLVODWLYDVFRUWHGHMXVWLFLD±HOFXDOHVJHV/
WLRQDGR SRU XQ HMpUFLWR EXURFUiWLFR FRPSXHVWR SRU
PLHPEURV GH OD WHFQRFUDFLD OD LQWHOHFWXDOLGDG \ ODV
FRUSRUDFLRQHVEXURFUiWLFDVGHODPiVGLYHUVD tQGROH
VRFLDO (O DEDQGRQR FLXGDGDQR GHO DSDUDWR GH (VWD/
GRKDIDFLOLWDGRVXFDSWXUDSRUSDUWHQRVyORGHHVWRV
JUXSRVVLQRGHVHFWDVSDUWLGLVWDV\¿UPDVOHJDOHVYLQ/
FXODGRV D UHGHV GH LQWHUHVHV OHJDOHV H LOHJDOHV WDQWR
S~EOLFRV FRPR SULYDGRV TXH GHVGH KDFH WLHPSR VH
HQFDUJDQGHIRUPXODUOH\HVGHFUHWRVUHJXODFLRQHV\
SROtWLFDV S~EOLFDV SDUD REWHQHU EHQH¿FLRV SURSLRV \
SHUGXUDEOHV HVSHFLDOPHQWH GH tQGROH HFRQyPLFD (Q
HVWDFDSWXUDKDVLGRHYLGHQWHODSDUWLFLSDFLyQGHJUX/
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
OI
 .-0$)-!//0 >%!7)(,%<+F#(1%#+0%,)

SRVGHODGHOLQFXHQFLDRUJDQL]DGDFRPRORGHPXHVWUD 'XUDQWHHOSHULRGRORVSRGHUHVORFDOHV
ODLQYHUVLyQTXHHVWRVHPSUHVDULRVKDFHQSDUDDSR\DU \UHJLRQDOHVGHPDUFDURQSOD]DVIRUPDVGHFRQWURO\
HFRQyPLFDPHQWHDVXVFDQGLGDWRVFRQHO¿QGHORJUDU QHJRFLDFLyQFRQVWLWX\HQGRXQDUHGGHJUXSRVHLQWH/
XQD UHSUHVHQWDFLyQ SRSXODU D QLYHO ORFDO HVWDWDO R UHVHVFRQHFWDGRVHQEXFOHFRQHOHMpUFLWRODVFRUSR/
IHGHUDO &KDFyQ  (Q VXPD OD HPHUJHQFLD GH
ORV PHUFDGRV FULPLQDOHV OD SDUiOLVLV SROtWLFD FLXGD/
GDQD \ OD SULYDWL]DFLyQPHGLDWL]DFLyQFDSWXUD GH ODV
SROtWLFDV SXEOLFDV FRQ¿JXUDQ ODV WHQGHQFLDV GH XQD
VRFLHGDGFRQWURODGDSRUUHGHVGHSRGHUHVS~EOLFRV\
SULYDGRV LQWHJUDGRV SRU HPSUHVDULRV IXQFLRQDULRV
PLHPEURVGHODFODVHSROtWLFD\WRGRWLSRGH³MLQHWHV
RSRUWXQLVWDV´ TXLHQHV GLVSRQHQ GH OD SREODFLyQ HQ
UDFLRQHVJUHPLDOHV\GHVHJXULGDGHLQFOXVRFRQODV
LQVWLWXFLRQHVGHHGXFDFLyQVXSHULRUDWUDYpVGHODIRU/
PDFLyQGHJUXSRVSRUULOHVHQODVSULQFLSDOHVFLXGDGHV
GHO SDtV ORV FXDOHV WHQtDQ FRPR REMHWLYR HO FRQWURO
SROtWLFRGHORVHVWXGLDQWHV3DUDTXHHVWDVDVRFLDFLR/
QHVFXPSOLHUDQFDEDOPHQWHVXPLVLyQODVDXWRULGDGHV
HGXFDWLYDVHQFRPSOLFLGDGFRQODVDJHQFLDVGHVHJX/
ULGDGS~EOLFDWROHUDURQHOQHJRFLRGHOQDUFRPHQXGHR
QXHVWURSDtV(VODHFRQRPtD,0-0,%'@$.40TXHOHQWD/
PHQWHUHYROXFLRQDODVRFLHGDGPH[LFDQD
,,
/DSURGXFFLyQGHODVFRQGLFLRQHVHFRQyPLFDVSROtWLFDV
\VRFLDOHVGHOOLEUHXVRGHORVKRPEUHVHQORVPHUFDGRV
FULPLQDOHVGHQXHVWURSDtVSRGHPRVFRPSUHQGHUODVL
HQWUHHVWRVJUXSRV0DUWUH'XURQ$Vt
ODIURQWHUDHQWUHFODVHSROtWLFDLQVWLWXFLRQHVGHVHJX/
ULGDGS~EOLFDDGPLQLVWUDFLyQGHODMXVWLFLDSDQGLOODV
\ FiUWHOHV VH RSDFDUtD D OR ODUJR GH OD KLVWRULD (VWD
RSDFLGDGKLVWyULFDPHQWHGDUtDOXJDUDXQDUHGGHLQ/
WHUHVHVFRQ¿JXUDGDSRUORVSRGHUHVS~EOLFRVLOHJDOHV
ORV SRGHUHV SULYDGRV LOHJDOHV ORV SRGHUHV SULYDGRV
KDFHPRV HO UHFRUULGR GHO FLFOR KLVWyULFR  H[WUDOHJDOHV\ORVSRGHUHVS~EOLFRVH[WUDOHJDOHV)H/
GHODFRPSOHMDWUDPDHQWUHHO(VWDGRGHOSDUWLGR~QLFR UUDMROLORVFXDOHVHVWXYLHURQEDMRFRQWUROSLUD/
\ORVDFWRUHVGHORVPHUFDGRVHFRQyPLFRVFULPLQDOHV PLGDOKDVWD¿QDOHVGHODGpFDGDGHORVVHWHQWD
,QYHVWLJDFLRQHVKLVWyULFDVUHFLHQWHV&HGLOORGR/
FXPHQWDQODFUHDFLyQGHOSULPHUFiUWHOGHOQDUFRWUi¿/
FRHQ0p[LFRFRPRUHVXOWDGRGHXQDWiFWLFDEpOLFDGH
JUXSRV SROtWLFRV FDFLTXLOHV UHJLRQDOHV HQ DOLDQ]D FRQ
ORVQD]LVHQHOFRQWH[WRGHODVHJXQGDJXHUUDPXQGLDO
SDUDSRVWHULRUPHQWHLQVWLWXLUVHFRPRXQDDJHQFLDSD/
(QHOLQLFLRGHODGpFDGDGHORVRFKHQWDHOFRQWURO
FHQWUDOL]DGRVREUHODSDUDHVWDWDOQHJUDVHURPSLyFXDQ/
GRHQHOLQWHULRUGHOUpJLPHQGHOSDUWLGR~QLFRVHGHED/
WtDQODVGLIHUHQFLDVHQWUHODVFRUULHQWHVGHOQDFLRQDOLV/
PRUHYROXFLRQDULR±TXHKDEtDQFRELMDGRHOQDFLPLHQWR
GHODSDUDHVWDWDOFULPLQDO±\ODWHFQRFUiWLFD±TXHSUL/
UDHVWDWDO$OLJXDOTXH3HWUyOHRV0H[LFDQRV3(0(; YDWL]D\GLYHUVL¿FDHOQHJRFLRQHJURFRPRVLIXHUDHO
R OD &RPSDxtD 1DFLRQDO GH 6XEVLVWHQFLDV 3RSXODUHV VHFWRUVDOXGRHOGHDOLPHQWRV±(VWHFRQÀLFWRGHULYDGR
&21$6832ODSURGXFFLyQWUDVLHJR\GLVWULEXFLyQ
GHHVWXSHIDFLHQWHVQDFHGXUDQWHHOUpJLPHQGHOSDUWLGR
~QLFRFRPRXQDHPSUHVDSDUDHVWDWDOQHJUD+LVWyULFD/
PHQWHHVWHKHFKRFRQ¿JXUyXQDUHGGHLQWHUHVHVHQHO
LQWHULRU GH OD FODVH SROtWLFD SRVUHYROXFLRQDULD HQ VX
LQYHVWLJDFLyQ-XDQ$OEHUWR&HGLOORGRFXPHQWDTXHOD
*/,-*+0#IXHGLULJLGDSRUHOJHQHUDO)UDQFLVFR$JXLODU
*RQ]iOH] LPSRUWDQWH GLSORPiWLFR \ VXV SULQFLSDOHV
FyPSOLFHVORVJREHUQDGRUHV\H[JREHUQDGRUHVGHYD/
ULRVHVWDGRV*RQ]DOR16DQWRVGH6DQ/XLV3RWRVt
'RQDWR %UDYR ,]TXLHUGR GH 3XHEOD 0LJXHO$OHPiQ
9DOGpVGH9HUDFUX]\0D[LPLQRÈYLOD&DPDFKRGH
GHODOXFKDSRUHOFRQWUROGHODSDUDWRGH(VWDGRPDUFy
HOLQLFLRGHOGHVKLHORGHODSDUDHVWDWDOQHJUD
+DVWDODGpFDGDGHORVVHWHQWDORVJUXSRVYLVLEOHV
TXHVHGHGLFDEDQDOWUi¿FR\WUDVLHJRGHHQHUYDQWHV
HUDQ ODV SDQGLOODV ODV FXDOHV GHEtDQ UHQGLU FXHQWDV
D ODV FRUSRUDFLRQHV SROLFtDFDV GH OD pSRFD FRPR OD
3ROLFtD -XGLFLDO )HGHUDO \ OD 'LUHFFLyQ )HGHUDO GH
6HJXULGDG(QHVHWLHPSRHOSDtVFRQVWLWXtDXQDVROD
SOD]D&RQHOQHROLEHUDOLVPRODKLVWRULDFRPHQ]DUtDD
FDPELDU\DTXHODUXSWXUDLGHROyJLFDGHORVJUXSRVHQ
HOSRGHU\HODVFHQVRGHOJUXSRWHFQRFUiWLFRDOFRQWURO
GHODSDUDWRHVWDWDOSURYRFDURQXQDUHFRPSRVLFLyQGH
3XHEOD&HGLOOR/DQXHYDHPSUHVDH[LJtD
ODSDUWLFLSDFLyQGHXQHMpUFLWRGHWUDEDMDGRUHVJHVWR/
UHVVXSHUYLVRUHVVLVWHPDVGHVHJXULGDG\GHPiVRSH/
UDGRUHVSDUDJDUDQWL]DUHOp[LWRGHODPLVPDDOPLVPR
WLHPSRTXHJHVWyODDSDULFLyQGHULYDOLGDGHVPLPpWLFDV
HQWUHORVGLYHUVRVJUXSRVGHLQWHUpVORTXHSURGXMRHQ
XQSULPHUPRPHQWRHQIUHQWDPLHQWRV\SRVWHULRUPHQWH
ODUHSDUWLFLyQGHSOD]DVUHJXODGDVGHVGHODF~VSLGHGH
ODSLUiPLGHSROtWLFD
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
OO
ORVQHJRFLRVQHJURVODPRGHUQL]DFLyQOOHJyWDPELpQ
DOQDUFRWUi¿FRFXDQGRODVLQVWLWXFLRQHVGHVHJXULGDG
S~EOLFD SRQHQ HQ FLUFXODFLyQ OD SDODEUD FiUWHO $O
PLVPRWLHPSRODFODVHSROtWLFDHQHOSRGHUMXELODDOD
YLHMDJXDUGLDTXHFRQWURODEDHOWUi¿FRGHHQHUYDQWHV
SDUDGDUSDVRLQYROXQWDULDPHQWHDODHPHUJHQFLDGH
GLVWLQWRVJUXSRVLQWHUHVDGRVHQFRQWURODUHOQHJRFLR
SURSLFLDQGR ODV SULPHUDV OXFKDV SRU HO FRQWURO GHO
WHUULWRULR WDQWR ORFDO FRPR WUDVQDFLRQDO +HUQiQGH]
 &EG0/)?(>*)!7"&%1(:"(07",%70:%:?(>*)!7"&%1(:"(0#+"*/%&!0)(>)7'+0/) 0(.-0$)-!

 (VWD WUDQVIRUPDFLyQ TXH LPSOLFy HQWUH RWUDV
FRVDVODUDFLRQDOL]DFLyQGHODFDGHQDSURGXFWLYDGHO
QDUFRWUi¿FR SURGXMR OD GLYHUVL¿FDFLyQ GH ORV PHU/
FDGRV FULPLQDOHV 'H DKt HQ DGHODQWH WUDQVLWDUtDQ HO
FRQWUROGHRWUDVGURJDVFRPRODFRFDtQD\ODVDQIHWD/
PLQDVKDVWDOOHJDUKR\GtDDOFRQMXQWRGHDFWLYLGDGHV
UHODFLRQDGDVTXHYDQGHODFORQDFLyQGHURSDGHPDU/
FDDODRUGHxDGHGXFWRVGH3(0(;
,,,
(QODDFWXDOLGDGHOPHUFDGRGHOWUi¿FRGHGURJDVVH
KD H[WHQGLGR D ORV PHUFDGRV GH OD SLUDWHUtD GH WRGR
WLSR GH SURGXFWRV OD SURVWLWXFLyQ ORV JLURV QHJURV
ODVFDVDVGHMXHJRHOURERGHDXWRVHOWUi¿FRGHLQ/
IDQWHV OD SURGXFFLyQ GH SRUQRJUDItD HQWUH RWURV \
ODDSURSLDFLyQGH3(0(;WDO\FRPRORPXHVWUDOD
QR SRGUtDQ IXQFLRQDU VLQ OD RSHUDFLyQ GH JUXSRV GH
FRHUFLyQ HV GHFLU VLQ ORV JUXSRV SDUDPLOLWDUHV TXH
FRQYHQFHQFRQHOFKDQWDMH\ODDPHQD]DDSHTXHxRV
HPSUHVDULRVFRQWUDWLVWDV\WUDEDMDGRUHVGHSDUWLFLSDU
HQ ORV QHJRFLRV R TXH DQWH XQD QHJDWLYD GHVDORMDQ
FRQYLROHQFLDWRGRREVWiFXORPHGLDQWHHOLQFHQGLRGH
LQVWDODFLRQHV\DWHQWDGRVWHUURULVWDVVREUHVXVHQHPL/
JRV(QVXPDORVPHUFDGRVFULPLQDOHVVHFRQVWLWX\HQ
VREUHHODSDUDWRGHODSDUDSROtWLFD
&RPRSRGHPRVREVHUYDUHQODV~OWLPDVWUHVGpFD/
GDV QR VyOR VH KDQ FUHDGR ODV FRQGLFLRQHV GHO OLEUH
XVRGHORVKRPEUHVHQORVPHUFDGRVFULPLQDOHV\OD
SDUDSROtWLFD VLQR TXH WDPELpQ VH KD FRQ¿JXUDGR OD
FDSWXUDVLVWHPiWLFD\VRVWHQLGDGHODSDUDWRHVWDWDOHQ
UHJLRQHV HVSHFt¿FDV JREHUQDGDV SRU DOJXQR GH ORV
SDUWLGRVTXHVHGLVSXWDURQODSUHVLGHQFLDGHODUHS~/
HPHUJHQFLDGHOOODPDGR³FiUWHOQHJUR´3pUH] EOLFD \ GRQGH HV HYLGHQWH OD SUHVHQFLD \ HO FRQWURO
(QVXDFXFLRVDLQYHVWLJDFLyQODSHULRGLVWD$QD/LOLD WHUULWRULDOGHORVJUXSRVSDUDPLOLWDUHVGHORVFiUWHOHV
3pUH]FLWDODGHFODUDFLyQGHXQMHIHGHOFiUWHOGHOJRO/ HQDVRFLDFLyQFRQPLHPEURVGHXQDVXHUWHGH7*)&0'.>
IRTXLHQD¿UPD³1XHVWURQHJRFLRHVHOQDUFRWUi¿FR ;04.8"#7*&*-0&0#FDFLTXHVORFDOHVPLHPEURVKLVWyUL/
SHUR GDGR TXH HVWi ÀRMR SXHV UREDPRV KLGURFDUEX/
URV´\QRHVHVHHO~QLFRPRWLYRVLQRTXHHQHODF/
WXDOVH[HQLRLQPHUVRVHQXQDHFRQRPtDGHJXHUUDORV
GLVWLQWRVFiUWHOHVKDQWHQLGRTXHH[SURSLDUHPSUHVDV
FRQWUDWLVWDVGH3(0(;FUHDQGRJUXSRVSDUDPLOLWDUHV
PHMRU HTXLSDGRV WDQWR HQ DUPDV FRPR FRQ VLVWHPDV
GHFRPXQLFDFLyQVLVWHPDVGHFDSWXUD\GLVWULEXFLyQ
SDUDOHODV GHO SHWUyOHR \ VXV GHULYDGRV (VWD GLYHUVL/
¿FDFLyQ ³FUHDWLYD´ GH ORV QHJRFLRV GH ORV FiUWHOHV
QRVHUtDSRVLEOHVLQHOFRQFXUVRGHWUDEDMDGRUHVRH[
WUDEDMDGRUHVGHODVHPSUHVDVSULYDGDV\S~EOLFDVFR/
OXGLGRV R VRODSDGRV SRU IXQFLRQDULRV DVRFLDGRV FRQ
GLULJHQWHV VLQGLFDOHV \ FRUSRUDFLRQHV SROLFLDFDV (Q
HOPHQFLRQDGRUHSRUWDMH$QD/LOLD3pUH]GRFXPHQWD
HVWDDVRFLDFLyQHQWUHSRGHUHVOHJDOHVHLOHJDOHVWDQWR
S~EOLFRV FRPR SULYDGRV SDUD PRVWUDU FRPR OD HFR/
QRPtD SDUDSROtWLFD VH FRQ¿JXUD GH LJXDO PDQHUD HQ
ODVDOWDVHVIHUDVFRPRVREUHODEDVHDVtFRPRORVQH/
JRFLRVLOHJDOHVTXHVHUHDOL]DQGHVGHR¿FLQDVFRUSR/
FRVGHORVSDUWLGRVSROtWLFRVEXURFUDFLDVHVWDWDOHV\
FRQODVFRUSRUDFLRQHVSROtWLFDVWUDGLFLRQDOHVTXLHQHV
VHGLVSXWDQHOWHUULWRULRSRUVXYDORUSDUDHOWUDVLHJR\
DOPDFHQDMHGHPHUFDQFtDVRSRUTXHKDQHQFRQWUDGR
HQ HVRV WHUULWRULRV RWUDV IXHQWHV GH ULTXH]D FRPR HO
SHWUyOHR \ VXV GHULYDGRV /D JHRJUDItD GH OD HFRQR/
PtD SDUDSROtWLFD SULLVWD VH FRQ¿JXUD HQ ORV HVWDGRV
GH 4XLQWDQD 5RR 7DEDVFR 9HUDFUX] 7DPDXOLSDV
&RDKXLOD &KLKXDKXD 'XUDQJR (VWDGR GH 0p[LFR
\ 4XHUpWDUR OD SDUDSROtWLFD SDQLVWD HQ *XDQDMXDWR
0RUHORV6DQ/XLV3RWRVt%DMD&DOLIRUQLD\ODSHUUH/
GLVWDHQ*XHUUHUR0LFKRDFiQ\=DFDWHFDVHVWRVGRV
~OWLPRVDKRUDUHFXSHUDGRVSRUODSDUDSROtWLFDSULLVWD
(VWDFRQ¿JXUDFLyQGHODVUHGHVGHFRRSWDFLyQGHODSD/
UDWRGH(VWDGRKDEODGHODFRQVROLGDFLyQGHORVPHU/
FDGRVFULPLQDOHVTXHH[LJHDVXVGXHxRVDEULUQXHYRV
FDPLQRVGHOHJLWLPDFLyQIDFWXDOHLQVWLWXFLRQDO
0iVDOOiGHORVSRVLEOHVUHVXOWDGRVHOHFWRUDOHVOR
TXH Vt SRGHPRV REVHUYDU HV OD WHQGHQFLD GH XQD UH/
UDWLYDVHQWRUQRDFRQWUDWRVSHWUROHURVVREUHSUHFLRV FRQ¿JXUDFLyQ FRRSWDGD GHO (VWDGR /ySH] 
IUDXGHV VRERUQRV FRPLVLRQHV FRKHFKR WUi¿FR GH DOLPHQWDGDSRUHOJUDGRGHLQÀXHQFLDGHHVWDVUHGHV
LQÀXHQFLDVHQWUHRWURVHVGHFLUORVGHOLWRVGHFXH/ VREUHORVSDUWLGRV\ORVFDQGLGDWRVSDUDREWHQHUXQHV/
OOREODQFRVRQSDUDORVDOWRVGLUHFWLYRV\ORVPDQGRV FDxRHQODVFiPDUDVOHJLVODWLYDV'HVGHHOLQWHULRUGHO
PHGLRVHOGHODVXVWUDFFLyQGHKLGURFDUEXURVHVSDUD DSDUDWRGH(VWDGRORVLQWHUHVHVSDUDSROtWLFRVSRGUtDQ
ORV WUDEDMDGRUHV GH EDVH 6HLV VHFUHWDUtDV GH (VWDGR FDPELDUHOUpJLPHQOHJDO\SROtWLFRODFRQVWLWXFLyQ
HVWiQLQYROXFUDGDVHQHVWDVUHGHVSDUDSROtWLFDVOD6H/
FUHWDUtDGHOD'HIHQVD1DFLRQDOOD6HFUHWDUtDGH0D/
ULQDOD6HFUHWDUtDGH6HJXULGDG3~EOLFDOD6HFUHWDUtD
GH*REHUQDFLyQOD6HFUHWDUtDGH+DFLHQGD\&UpGLWR
3~EOLFROD6HFUHWDUtDGHOD)XQFLyQ3~EOLFD\3HWUy/
ODVOH\HVHOVLVWHPDSDUWLGLVWD$VtHOHPHUJHQWHSR/
GHU SDUDSROtWLFR IRU]DUtD HQ ODV SUy[LPDV HOHFFLRQHV
HOWUDQVLWRPHGLDQWHHOYRWRLQGXFLGRGHODFDSWXUD
HFRQyPLFDGHO(VWDGRDODFDSWXUDGH'%#,%'@$.4%(Q/
WRQFHVHQXQIXWXURSUy[LPRHVWDUtDPRVKDEODQGRGH
OHRV0H[LFDQRV3pUH](VWDVUHGHVFULPLQDOHV ODUHFRQ¿JXUDFLyQFRRSWDGDGHO(VWDGR

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

OR
 .-0$)-!//0 >%!7)(,%<+F#(1%#+0%,)
,9
(QHVWHHVFHQDULRFDEHSUHJXQWDUVH¢SRUTXpSRFRPiV
GHODPLWDGGHODSREODFLyQHFRQyPLFDPHQWHDFWLYD
VHJ~Q ORV GDWRV GH ODV LQVWLWXFLRQHV HVWDWDOHV HVWi
LQYROXFUDGD HQ OD OODPDGD HFRQRPtD LQIRUPDO \ ORV
PHUFDGRVFULPLQDOHV"3DUDUHVSRQGHUGLFKRFXHVWLR/
QDPLHQWR H[LVWHQ WDQWDV UHVSXHVWDV FRPR WUDEDMDGR/
UHVSUHFDUL]DGRVHQHOSDtV8QDSHUVSHFWLYDKDVLGR
H[SOLFDUHOIHQyPHQRDSDUWLUGHODQRFLyQGHFULVLV
SHQVDGD VyOR HQ WpUPLQRV HFRQyPLFRV QLYHOHV GH
GHVHPSOHRWDVDVGHLQÀDFLyQFUHFLPLHQWRPDFURHFR/
QyPLFRUHGXFFLyQGHODFDOLGDGGHYLGDWRGDVHOODV
YDULDEOHV TXH SXHEODQ HVWXGLRV H LQIRUPHV VREUH OD
VLWXDFLyQGHOSDtV0iVDOOiGHHVDSHUVSHFWLYDUDFLR/
QDOLVWDGHEHUtDPRVHOXFLGDUVREUHODFULVLVFRPRXQD
IRUPD GH ³KDFHU SHUFLELU \ SHQVDU´ D OD VRFLHGDG D
WUDYpVGHGLVWLQWDVHVWUDWHJLDVPHGLiWLFDVHVWRHV'0#
4-.+.+#4%/%#*+$-0$*B.0#T.%,%'@$.40#&*#4%"$-%'#+%4.0'Y#
(OXVRGHODFULVLVHPHUJHSRUSULPHUDYH]HQQXHV/
WURSDtVHQODGpFDGDGHORVVHWHQWDFRPRUHVSXHVWDGH
ODFODVHSROtWLFDHQHOSRGHUDORVHVWUDJRVHFRQyPLFR
VRFLDOHVGHODGHYDOXDFLyQGHOSHVRPH[LFDQRIUHQWH
DOGyODU'HVSXpVGHODFULVLVSROtWLFDGHYLQR
ODFULVLVHFRQyPLFRVRFLDOHQODFXDOIXHGLDJ/
QRVWLFDGDDODPDQHUDGH+LSyFUDWHVFRPRXQDDJXGD
HQIHUPHGDGTXHDIHFWDEDDOFXHUSRVRFLDOPH[LFDQR
6HJ~QODWHFQRFUDFLDHO(VWDGRVXIUtDODFULVLVGHXQD
HQIHUPHGDGUHVXOWDGRQRWDQWRGHORVH[FHVRVGHOFHQ/
WURGHOFXHUSRVLQRGHODVH[WUHPLGDGHVTXHOHGDEDQ
PRYLPLHQWR WUDEDMDGRUHV DVDODULDGRV FDPSHVLQRV
SHTXHxRV HPSUHVDULRV SURIHVLRQLVWDV HQWUH RWURV
3DUDHOJUXSRGHHFRQRPLVWDVWHFQyFUDWDVGHSULPH/
UD JHQHUDFLyQ HVH ³FXHUSR SREODFLRQDO PH[LFDQR´
HVWDED HQ XQ PRPHQWR SDUR[tVWLFR DO ¿QDO GHO FXDO
\ SROtWLFD PDQL¿HVWD HQ OD HPHUJHQFLD GH PHUFDGRV
FULPLQDOHV /D FULVLV FRPR HVWUDWHJLD ELRSROtWLFD KD
SURGXFLGRODHPHUJHQFLDGHODHFRQRPtDSDUDSROtWLFD
PH[LFDQD &RQ HOOR WRGD XQD YDULHGDG GH VXEMHWLYL/
GDGHV TXH UD\DQ HQ XQD HVSHFLH GH QLKLOLVPR QHJD/
WLYR FDUDFWHUL]DGR SRU XQ FLQLVPR TXH VDEH TXH YD
DO DELVPR SHUR VLJXH SHUYHUVLyQ JRFH KHGRQLVPR
LQPHGLDWH]GHVSROLWL]DFLyQGHVHQFDQWRVRQORVYHU/
ERVYHUWHEUDOHVGHOVXMHWRFROHFWLYRGHODSDUDSROtWLFD
PH[LFDQD4XLHQHVORVDEHQKDEODU\FRQMXJDUGHOD
PHMRUPDQHUDVRQSUHFLVDPHQWHORVMyYHQHVHOVHFWRU
GHOPHUFDGRHOHFWRUDOTXHKR\GtDVHGLVSXWDQORVGLV/
WLQWRVSUR\HFWRVSDUDSROtWLFRV
9
/RVHVFiQGDORVSROtWLFRVGHFRUUXSFLyQHLPSXQLGDG
DFDHFLGRV GHVGH ¿QDOHV GH OD GpFDGD GH ORV VHWHQWD
PXHVWUDQODFRRSWDFLyQGHODSDUDWRHVWDWDOPH[LFDQR
ORVIUDXGHVEXUViWLOHVODOLTXLGDFLyQGHODVHPSUHVDV
SDUDHVWDWDOHVHOURERGHSHWUyOHR\VXVGHULYDGRVHQ
3(0(;ODVXEFRQWUDWDFLyQGHORVUHSUHVHQWDQWHVGH
OD OH\ SRU SDUWH GH ORV FiUWHOHV GHO QDUFRWUi¿FR ODV
OLFLWDFLRQHVGHREUDS~EOLFDODVFRQFHVLyQGHWHUULWR/
ULRVGRQGHH[LVWHQULTXH]DVQDWXUDOHVSDWULPRQLRGHOD
QDFLyQ D HPSUHVDV WUDVQDFLRQDOHV OD DGPLQLVWUDFLyQ
GHORVFLUFXLWRVSRUGRQGHDWUDYLHVDQODVPHUFDQFtDV
GHO FULPHQ RUJDQL]DGR VRQ ORV SXQWRV QRGDOHV TXH
WHMHQ OD WUDPD SDUDSROtWLFD (VWD FDSWXUD HQFDUQD XQ
PRGHORGHJREHUQDELOLGDGTXHFRPELQDRIHUWDSULYD/
GD GH VHJXULGDG FRQ FRHUFLyQ FDSWXUD GH UHQWDV GH
ODYLGDS~EOLFDDOLQHDPLHQWRGHLQWHUHVHVGHGLYHUVRV
VHFWRUHV GH ODV pOLWHV SROtWLFDV \ VRFLRHFRQyPLFDV \
FRPELQDFLyQGHXQRUGHQSROtWLFRYHUWLFDOLVWD\DXWR/
ULWDULR FRQ XQD YLJRURVD \ HItPHUD PRYLOLGDG VRFLDO
ODVRFLHGDGHQIHUPDPRULUtD3DUDHOSRGHUH[SOtFLWR
WHFQRFUiWLFRHOPRPHQWRGHGHFLVLyQHVWDEDGDGRDO
FXHUSRHQFULVLVVHOHGHEtDDXVWHULGDGSUHVXSXHVWDO
UHFRUWHGHSHUVRQDOFRQWUROGHVDODULRVOLEHUDFLyQGH
SUHFLRV GH DUWtFXORV GH SULPHUD QHFHVLGDG UHFRUWHV
HQHOJDVWRS~EOLFRHQ¿QXQDWHUDSLDGH³VDFUL¿FLR´
SDUDORVPLHPEURVGHVHFKDEOHVGHOFXHUSRVRFLDO'H
DTXHO DxR D[LDO D OD IHFKD KHPRV YLVWR TXH OD FULVLV
QRHVXQPRPHQWRSDVDMHURTXHDQXQFLDXQIXWXURVD/
OXGDEOH VLQR PiV ELHQ XQD HVWUDWHJLD GH JHVWLyQ GH
ODV QHFHVLGDGHV \ GHVHRV GH OD SREODFLyQ PH[LFDQD
GHVDUUROODGDDWUDYpVGHWpFQLFDVPHGLiWLFDVODERUD/
OHVKDFHQGDULDV\SDUDSROtWLFDV'HKHFKRODJHVWLyQ
ELRSROtWLFD GH OD FULVLV KL]R SUROLIHUDU D ORV SRGHUHV
LOHJDOHVS~EOLFRV\SULYDGRVDOJUDGRGHTXHYLYLPRV
QRXQDQXHYDFULVLVFRPRORDQXQFLDODLGHRORJtDWHF/
QyFUDWD VLQR PiV ELHQ XQD GHVFRPSRVLFLyQ VRFLDO
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
RL
DVFHQGHQWH HO FRQVXPR GH ORV VHFWRUHV SRSXODUHV
\ODFODVHPHGLD&RQVHFXHQFLDGHHVWHRUGHQDVFHQ/
GHQWHHVTXHPLOHVGHMyYHQHVSHUWHQHFLHQWHVDGLFKRV
VHFWRUHVVRFLDOHVGHVHUWDQGtDFRQGtDGHODHVFXHOD
\DTXHKDGHMDGRGHVLJQL¿FDUXQDDOWHUQDWLYDSDUDOD
PRYLOLGDGVRFLDO
/DHFRQRPtDSDUDSROtWLFDSURGXFHODVFRQGLFLRQHV
GHODGHVSROLWL]DFLyQJHQHUDOL]DGDVREUHODVFXDOHVORV
VHxRUHVGHODIHXGDOL]DFLyQIHGHUDGDHVWUXFWXUDQODUH/
FRQ¿JXUDFLyQFRRSWDGDGHO(VWDGR3URFHVRHQHOFXDO
OOHYDPRVWUHVGpFDGDVGRQGHORVPLHPEURVGHODVUH/
GHVSDUDSROtWLFDVD~QVRQVRFLRVQRHVWDEOHVSHURTXH
SDUWLFLSDQWUDQTXLOD\S~EOLFDPHQWHHQODVGHFLVLRQHV
ORFDOHVUHJLRQDOHV\QDFLRQDOHV(QHVWHSURFHVRORV
DJHQWHVLOHJDOHVQRVyORKDQVHGXFLGRPHGLDQWHHOGL/
QHURDORVPLHPEURVGHODVLQVWLWXFLRQHVVLQRWDPELpQ
ORVDJHQWHVOHJDOHVVHGXFHQDORVLOHJDOHVFRPSOHWDQ/
 &EG0/)?(>*)!7"&%1(:"(07",%70:%:?(>*)!7"&%1(:"(0#+"*/%&!0)(>)7'+0/) 0(.-0$)-!

GR XQD UHODFLyQ GH PXWXD LGHQWL¿FDFLyQ $Vt WRGRV UDOHV WHQGHUi D VXVWLWXLU ODV YLHMDV SUiFWLFDV GHO DFD/
UUHR\DTXHODVGLYHUVDVUHGHVTXHHVWiQFDSWXUDQGR
ORV JUXSRV LOHJDOHV ±SDUDPLOLWDUHV HMpUFLWRV SULYDGRV
EDQGDVGHOLQFXHQFLDOHVQDUFRWUi¿FR\ODVLQWHUDFFLR/ HODSDUDWRHVWDWDOSXHGHQFRQWURODUHOFRPSRUWDPLHQWR
HOHFWRUDO GH ORV ³FLXGDGDQRV´ 3RGUtDPRV GHFLU TXH
QHV HQWUH HOORV± KDQ SHQHWUDGR DO (VWDGR HQ GLVWLQWRV
QLYHOHV/RVJUXSRVDUPDGRVDOVHUYLFLRGHORVFiUWHOHV ODVHQFXHVWDVQRGHWHUPLQDUDQODVYRWDFLRQHVVLQRODV
KDQLGHDGRODWHFQRORJtDGHSUHVLRQDUDSUHVLGHQWHV\ IRUPDVGHFRHUFLyQ¿QDQFLDPLHQWR\YLROHQFLDGHORV
EXURFUDFLDPXQLFLSDOHVSDUDREWHQHUIDFLOLGDGHVFRQHO DJHQWHVSDUDSROtWLFRVDQLYHOORFDOSDUWLFXODUPHQWHHQ
SURSyVLWRGHGHVDUUROODUFXDOTXLHUOtQHDGHVXVER\DQ/ DTXHOODV]RQDVFRQ¿JXUDGDVFRPRIUDQFDVHQDOJXQRV
WHVQHJRFLRVUHQWDVSHURWDPELpQREMHWLYRVSROtWLFRV HVWDGRVGHODUHS~EOLFD/DVHYLGHQFLDVPLQLVWHULDOHV
\HVWUDWpJLFRVSRUHMHPSORGHWHQHUODFRQVWUXFFLyQGH GRFXPHQWDGDVSRUDOJXQRVHVSHFLDOLVWDVHQSURFHVRV
HOHFWRUDOHV&KDFyQPXHVWUDQTXHORVDJHQWHV
SXHVWRV GH OD SROLFtD LQFLGLU HQ OD DVLJQDFLyQ GH ORV
SURJUDPDVVRFLDOHVHVWDWDOHV\IHGHUDOHVDODVSREODFLR/ SDUDSROtWLFRVSDWURFLQDQFDPSDxDVFDQGLGDWRV\SDU/
QHVORFDOHVLQÀXLUHQODSODQHDFLyQGHODREUDS~EOLFD WLGRVSROtWLFRVFRPRSDUWHGHXQLQWHUFDPELRSDUDOD
KDVWDODGHWHUPLQDFLyQGHKRUDULRVHQODVHVFXHODVGH SURWHFFLyQGHVXVDFWLYLGDGHVFULPLQDOHV/DVWHQGHQ/
HGXFDFLyQEiVLFD$VLPLVPRORVPLHPEURVTXHFRP/ FLDVDOUHVSHFWRVRQPX\FODUDVHQWUH\HQ
SRQHQODVHPHUJHQWHVHVWUXFWXUDVSDUDSROtWLFDVDWUDHQD ORVGLYHUVRVSURFHVRVHOHFWRUDOHVUHDOL]DGRVFDQGLGD/
OtGHUHVORFDOHV\FRPXQLWDULRVFXDQGRVHUHVLVWHQVLP/ WRVGHWRGRVORVSDUWLGRVSROtWLFRVVXIULHURQYLROHQFLD
SOHPHQWH VRQ HMHFXWDGRV 3DGJHWW \ 0DUWtQH]  GLUHFWDRLQGLUHFWDGHDPHQD]DVDHMHFXFLRQHVSDVDQ/
(QHOFRQWH[WRGHODJXHUUDFRQWUDHOQDUFRHQODVFR/ GRSRUORVPHQVDMHVDWUDYpVGHPDQWDVLQVHUFLRQHV
PXQLGDGHVORFDOHVGHORVHVWDGRVPiVSDUDSROLWL]DGRV SDJDGDV HQ ORV PHGLRV HVFULWRV DWHQWDGRV \ VHFXHV/
VHJHQHUDXQLQFHVDQWHFRPEDWHPROHFXODUHQWUHJUXSRV WURV/DPi[LPDHQODSROtWLFDHOHFWRUDOHVODGH³EDOD
RSODWD´FRPRHQORVWLHPSRVSRVUHYROXFLRQDULRVGHO
SDUDPLOLWDUHV \ ODV LQ¿OWUDGDV IXHU]DV SXEOLFDV GH VH/
VLJORSDVDGR(ODFFHVRDOHUDULRS~EOLFRODLPSXQLGDG
JXULGDG GRQGH ORV WHUULWRULRV HQ GLVSXWD FDPELDQ GH
PDQRVFRQIUHFXHQFLD \HOFDPELRGHOH\HVSDUDHOOLEUHMXHJRGHOPHUFDGR
$QWHHOYDFtRHLQH¿FLHQFLDGHODVIXHU]DVGHVHJX/ FULPLQDO HVWiQ HQ SURFHVR GH QHJRFLDFLyQ HOHFWRUDO
(QHVWHVHQWLGRVRQHYLGHQWHVODVHOHFFLRQHVHQORVHV/
ULGDG HO GRPLQLR SDUDPLOLWDU HVWi DUWLFXODQGR YDULDV
IXQFLRQHV6HFRQYLHUWHQHQSURSLHWDULRVYLJLODQWHV\ WDGRV GH 7DPDXOLSDV &KLKXDKXD (VWDGR GH 0p[LFR
SURYHHGRUHV SDUD DPSOLDV FDSDV GH SURSLHWDULRV UXUD/ 0LFKRDFiQ9HUDFUX]4XLQWDQD5RR\=DFDWHFDV(Q
OHVIXQFLRQDULRV\HPSUHVDULRVDTXLHQHVFRRUGLQDQ\ HVRV HVWDGRV OD OyJLFD SDUDSROtWLFD HPHUJH FRQ WRGDV
FRQWURODQGHGLYHUVDVPDQHUDVDFWLYDQGHVGHPHQVDMHV VXVFRQVHFXHQFLDVFRPRVHKDYLVWR\DQRVHWUDWDGH
VRWHUUDGRVKDVWDHOVHFXHVWUR\ODFRQWDELOLGDG³FUHDWL/ UHFRJHUODVFUHGHQFLDOHVDORVHOHFWRUHVFRPRLQRFHQWH/
YD´SDUDOHJDOL]DULQJUHVRVGHSURFHGHQFLDLOtFLWD/RV PHQWHORVLJXHSODQWHDQGRODSURSDJDQGDGHOD)LVFDOtD
HPSUHVDULRV GH ORV PHUFDGRV FULPLQDOHV WLHQHQ HQ OD(VSHFLDOL]DGDSDUDOD$WHQFLyQGH'HOLWRV(OHFWRUDOHV
SUHQVD\VXVHMpUFLWRVSULYDGRVXQUHFXUVRLQYDOXDEOH VLQRHOGHODFRHUFLyQ\ODYLROHQFLDDSOLFDGDVWDQWRD
'LVSRQHQ SULYDGDPHQWH GHO SRGHU GH FRHUFLyQ TXH ODVDOWDVHVIHUDVFRPRDODVEDVHVVRFLDOHV
SXHGHQYHQGHU/DFDSWXUDGHO(VWDGRKDFHUHIHUHQFLDD )LQDOPHQWH SRGHPRV DSXQWDU TXH MXQWR D HVWDV
XQIHQyPHQRFRQFUHWRHOKHFKRGHSRQHUODUHJXODFLyQ IRUPDVFRHUFLWLYDVHVWUXFWXUDGDVKLVWyULFDPHQWHGHV/
HVWDWDODOVHUYLFLRGHXQJUXSRSDUWLFXODUORVDJHQWHV GHHODxRGHODPiVUHFLHQWHUHIRUPDHOHFWRUDO
DJUXSDGRV HQ 7*)&%+# 7*&*-0&%+# &*# 4%-$*# ,0-0,%'@$.4%# VH GHVDUUROOD HO PHUFDGR FULPLQDO GH OD SURSDJDQGD
WLHQHQODFDSDFLGDGGHXWLOL]DU\RIUHFHUSULYDGDPHQ/ HOHFWRUDO 5HFRUGHPRV TXH OD OODPDGD WHUFHUD JHQH/
WHUHFXUVRVFRHUFLyQ\YLROHQFLD$QWHHVWHHPHUJHQ/ UDFLyQGHUHIRUPDVHOHFWRUDOHVSODQWHyFRPRREMHWLYR
WHHVFHQDULRFDEHSUHJXQWDUQRVVREUHODSDUWLFLSDFLyQ UHGXFLUODGHPDQGDGHIRQGRV¿QDQFLHURVSDUDFRQWUD/
GHOSRGHUHQORVDFWXDOHVSURFHVRVHOHFWRUDOHV¢FyPR WDUHVSDFLRVGHSURSDJDQGDHQORVPHGLRVGHFRPX/
LQÀXLUiQ" ¢PHGLDQWH TXp HVWUDWHJLDV LPSRQGUiQ FDQ/ QLFDFLyQSRUSDUWHGHORVSDUWLGRVSROtWLFRVR¿FLDOHV
GLGDWRVDORVSXHVWRVGHHOHFFLyQ"¢FXiOVXJUDGRGHUH/ DVt FRPR UHGXFLU ORV WLHPSRV GH FDPSDxD &KDFyQ
SUHVHQWDFLyQHQODVFiPDUDVOHJLVODWLYDV"¢FXiOVXUH/  &RQWUDULR D ORV HIHFWRV UDFLRQDOHV GHVHDGRV
SUHVHQWDFLyQHQODFRPSRVLFLyQGHOSUy[LPRJRELHUQR" SRUTXLHQHVSURPRYLHURQODUHIRUPDpVWDSURGXMRODV
FRQGLFLRQHV SDUD OD HPHUJHQFLD GHO PHUFDGR QHJUR
9, PHGLiWLFRHOHFWRUDODOUHJODPHQWDUODOLEUHFRQWUDWD/
(Q ODV DFWXDOHV WHQGHQFLDV SDUDSROtWLFDV HQ QXHVWUR FLyQGHWLHPSRVGHSURSDJDQGDORVSDUWLGRVSROtWLFRV
SDtVHOXVRGHODYLROHQFLDFRQ¿QHVSROtWLFRHOHFWR/ RSWDURQSRUODFRQWUDWDFLyQGHDJHQFLDVGHSURPRFLyQ

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

RH
 .-0$)-!//0 >%!7)(,%<+F#(1%#+0%,)
\ FUHDFLyQ GH LPDJHQ HVSHFLDOLVWDV HQ FRQ¿JXUDU
IRUPDVGLVIUD]DGDVGHSURSDJDQGD/DVHPSUHVDVEH/
QH¿FLDULDV GH OD UHIRUPD HOHFWRUDO LQWHUPHGLDQ SDUD
FRQWUDWDUHQWUHYLVWDVFRPHQWDULRVSRVLWLYRVSRUSDU/
WHGHORVOHFWRUHVGHQRWLFLDVQRWDVIDYRUDEOHVGRQGH
VH PDJQL¿FDQ ODV DFFLRQHV GHO IXQFLRQDULR LQFOXVR
TXHOHLPSLGHHQFRQWUDUODEU~MXODGHODOLEUHHOHF/
FLyQGHVXGHVWLQRODEU~MXODGHOFLXGDGDQRDXWy/
QRPRTXHKDFH'0#,%'@$.40HVDVtFRPRH[SUHVLyQ
PiVDOWDGHODGHPRFUDFLD
5()(5(1&,$6
FRQVWUX\HQDUWL¿FLDOPHQWHODSUHVHQFLDGHVXVFOLHQWHV &DVWRULDGLV&M.)&0&0"%+#+."#T-i3)'00p/
HQODVUHGHVVRFLDOHV(QVXPDORVSROtWLFRVFRPSUDQ [LFR&R\RDFiQ
WLHPSR\HVSDFLRHQORVPHGLRVSDUDGLIXQGLUSURSD/ &KDFyQ5RMDV2<."*-%#&*'#4-./*"#%-B0".>
JDQGDGLVIUD]DGDGHLQIRUPDFLyQ/RVLQWHUPHGLDULRV ]DGR\¿VFDOL]DFLyQHOHFWRUDO0p[LFR)RQWDPDUD
GH OD SURGXFFLyQ GH SURSDJDQGD HQWUH HVSHFWDGRU \ &HGLOOR-$C%+#"0;.+#*"#DG\.4%0p[LFR'HEDWH
FODVHSROtWLFDSDUWLGLVWDVHHQFDUJDQGHFUHDUQRVyOR 'XUyQ2V%1#,%--%0p[LFR3RVDGD
OD LPDJHQ GH VX FOLHQWH VLQR WDPELpQ GH RFXOWDU HO )HUUDMROL/(OJDUDQWLVPR\OD¿ORVRItDGHOGH>
RULJHQGHORVIRQGRVFRQORVTXHSDJDQVXVVHUYLFLRV -*45%%RJRWi8QLYHUVLGDG([WHUQDGRGH&RORPELD
ORKDFHQPHGLDQWHODOODPDGD³FRQWDELOLGDGFUHDWLYD´ +HUQiQGH]$C%+#+*H%-*+#&*'#"0-4%0p[L/
FRQHOSURSyVLWRGHEXUODUODUHFDXGDFLyQGHLPSXHV/ FR*ULMDOER
WRV \ OD VXSHUYLVLyQ GH ORV yUJDQRV HOHFWRUDOHV <D /ySH] +HUQiQGH] & HG  V# -*7)"&0-%"# '0#
HQHODVSHFWRGHODSURSDJDQGDSROtWLFDORVFUHDWLYRV SDWULD«'HFyPRPD¿RVRV\SROtWLFRVUHFRQ¿JX>
HOXGHQ ODV OH\HV TXH SURPRYLHURQ VXV FOLHQWHV PH/ -0-%"#*'#!+$0&%#4%'%/T.0"%&RORPELD'HEDWH
GLDQWHHO."7%T-0&."BHVGHFLUFRPSUDQODSURSDJDQ/ 3DGJHWW+\'0DUWtQH]³/DUHS~EOLFDPD/
GDLQVHUWDFRPRSDUWHGHOFRQWHQLGRGHXQQRWLFLHUR ULKXDQHUD´!/*().+GHDJRVWR
XQD WHOHQRYHOD XQ SDUWLGR GH IXWERO 0HGLDQWH HVWH 3pUH]$/!'#42-$*'#"*B-%Y#M8/%#*'#4-./*"#
PpWRGRGH³VLPXODFLyQPHUFDQWLO´\PHGLiWLFRSROt/ %-B0".;0&%#+*#50#0,%&*-0&%#&*#R*/*\0p[LFR
WLFDORVLQWHUHVHVSDUDSROtWLFRVFLHUUDQHOFLUFXORGHOD *ULMDOER
PRYLOL]DFLyQWHOHJHQpWLFD\GHYLROHQFLDGHODLPDJHQ 0DUWUH*!"$-*#$.-0+1#,%--%+#6#40.70"*+0p/
VREUHVXVHOHFWRUHV8QDFLXGDGDQtDFHJDGDSRUODV [LFR*HUQLND
VREUHH[SRVLFLRQHV PHGLiWLFDV \ GH DTXHO KRUURU

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

RJ
IMPRENTA PÚBLICA!
 345467489:54;<&=<&>?7>&5@AB:>&C>5D?B:>

!?,./!+*4*"!+,6!',+!+*
democrática
%-*'!*("%6,!*!-/,($!

74%#(8*01+9:%;(8*46(<"=4";+%1
P#M0-'%+#R*-*&0
!7*4$.90/*"$*1#'%+#0"$.B)%+#9.9.*-%"#,-%7)"&0#*#."$*"+0/*"$*#
'0#.&*0#&*#0/.+$0&#6#40+.#+*#'0#''*90-%"#4%"#*''%+#0#'0#$)/T0Y
1LHW]VFKH

C0# 0/.+$0&# *+# 0"$*# $%&%# '0# *\,*-.*"4.0# &*# '0# 4%/)".&0&#
,)*+$0#T03%#*'#+.B"%#&*#'0#.B)0'&0&Y#<*+&*#*+$0#,*-+,*4$.901#
$0"# B-.*B01# '0# -*'04.8"# ."$*-+)T3*$.90# *+# $0/T.G"# '0# 4%"&.>
4.8"#"*4*+0-.0#,0-0#'0#4%"+$-)44.8"#&*#)"%#/.+/%Y#C0#.&*">
$.&0&#+*#*'0T%-0#4%"#'0#&.7*-*"4.01#&*'#/.+/%#/%&%#()*#'0#
)-&./T-*#6#'0#$-0/0#+*#*"$-*4-);0"#,0-0#7%-/0-#)"#$*3.&%Y#
C0#0/.+$0&#,)*&*1#0+@1#,*"+0-+*#4%"7%-/*#0'#/%&*'%#&*#)"#
$*3.&%1#()*#)"*#0#40&0#)"%#4%"+.B%#/.+/%#&*'#/.+/%#/%&%#
()*#'%#)"*#0#'%+#&*/2+Y
-HDQ3LHUUH9HUQDQW

(
QRWURGHVXVLQWHQWRVGHGHFRQVWUXFFLyQGHORV SXHVWDWHyULFD\SROtWLFDLQpGLWDTXH*UHFLDRIUHFHHQHO
IXQGDPHQWRVGHOFRQMXQWRGHOD¿ORVRItDRFFL/ VHQRGHOPXQGRDQWLJXRODGHXQDVRFLHGDGGHFLXGD/
GHQWDO-DFTXHV'HUULGDGHQXQFLD GDQRVLJXDOLWDULDTXHGDOXJDUDUHODFLRQHVSXUDPHQWH
HQODDPLVWDGJULHJDXQDIRUPDGHUHODFLyQVXVWHQWDGD HOHFWLYDV&RPRORPXHVWUDHOPHQFLRQDGRWUDEDMRGH
D¿QGHFXHQWDVHQXQGLVFXUVRGHWLSR³QDWXUDOLVWD´6L 'HUULGDTXHSURORQJDDVXPDQHUDODUHÀH[LyQGH&DUO
HVWDD¿UPDFLyQUHVXOWDFLHUWDTXHGDUtDFRPSURPHWLGD 6FKPLWWSHURWDPELpQDOJXQRVDVSHFWRVGHODVREUDVGH
ODSUHWHQGLGDUDGLFDOLGDGGHODGHPRFUDFLD\QRVyOR 0DUWKD&1XVVEDXP1LNODV/XKPDQQ
GHODJULHJD/HMRVGHODSRVLFLyQGHUULGLDQDODKLSy/ 0LFKHO)RXFDXOWRGH$[HO+RQQHWKROD
WHVLVTXHSUHWHQGHPRVGLVFXWLUDTXtVRVWLHQHTXHVLOD DFWXDOGLVFXVLyQHQWRUQRDOFRQFHSWRGHFRQ¿DQ]D3H/
DPLVWDGHVSDUDORVJULHJRVFRPRVXJLULy1LHW]VFKH UHGDHOGHEDWHVREUHODQDWXUDOH]DGHODDPLVWDG
³HOVHQWLPLHQWRPiVHOHYDGR´\WLHQHHQHOORVHOOXJDU \VXUHODFLyQFRQODGHPRFUDFLDJULHJDQRGHMDGHLP/
TXHHODPRUWLHQHHQODVVRFLHGDGHVFULVWLDQDV'XJDV SDFWDUHQODUHÀH[LyQSROtWLFDGHQXHVWURVGtDV\HVGH
HVWRVHGHEHDOKHFKRTXHHQFDUQDDXQWLHP/ LQWHUpVSDUDODGLVFXVLyQVREUHHOYtQFXORSROtWLFRHQHO
SRODFUtWLFDUDGLFDOGHODVRFLHGDGWUDGLFLRQDO\ODUHV/ SHQVDPLHQWRFRQWHPSRUiQHR

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

RG
 %&01+%:(<(*%:0/%70:%:(:"&)/*F+0/%("#(7%(,*"/0%(%#+0,2% 0(&#(%-P)$/(Q0+&,$

(/685*,0,(172'(/$),*85$ 1RH[WUDxDTXH%HUQDUG:LOOLDPVLQVLVWDTXHHQOD
'(/,1',9,'82 E'@0&0#VHHQIDWL]DHOFDUiFWHULQGLYLGXDOGHORVSHUVRQD/
$XQTXHFRQIUHFXHQFLDQRKDVLGRGHELGDPHQWHDSUH/ MHVHVWRVKDEODQGHOLEHUDQGDQFXHQWDVGHVXDFFLyQ
FLDGDHVFRQRFLGDODUDGLFDOLGDGFRQODTXHHODQWLJXR DQWHVGHDFWXDU«VRQ³FHQWURVGHGHFLVLyQ´HQIDWL]D
PXQGR JULHJR VH OLEHUy GHO SHVR GH OD UHOLJLyQ \ OD :LOOLDPVFLWDGRHQ5LFRHXU(QHIHFWRHQ
WUDGLFLyQHQJHQHUDOSDUDQRGHMDUGHVRPHWHUQLQJ~Q ORVWH[WRVGH+RPHURORVGLRVHVQRHVWiQPX\OHMRVGH
WLSR GH DXWRULGDG \ GH VDEHU DO FXHVWLRQDPLHQWR \ D ODQDWXUDOH]DLQGLYLGXDOKXPDQDWLHQHQGHVHRVVH[XD/
ODFUtWLFD/DUHOHYDQFLDGHODDPLVWDG,5@'.0FRPR OLGDGSDVLRQHVSUHIHUHQFLDV\HVQRWRULRTXHORVUH/
IHQyPHQR VRFLDO HQWUH ORV JULHJRV VyOR VH HQWLHQGH
FDEDOPHQWHDODOX]GHHVWHWLSRGHWUDQVIRUPDFLRQHV
HVSHFt¿FDVGHODVRFLHGDGJULHJD\HQSDUWLFXODUGHO
VXUJLPLHQWRFRQFRPLWDQWHGHOD¿JXUDGHOLQGLYLGXR
$OUHVSHFWRHVQHFHVDULRGHVOLQGDUVHQRVyORGHOOXJDU
FRP~QTXHFRQVLGHUDTXHODVRFLHGDGGHLQGLYLGXRV
HVDQWHWRGRXQIHQyPHQRH[FOXVLYDPHQWHPRGHUQR
VLQR WDPELpQ GH ODV SRVLFLRQHV TXH VL ELHQ DGPLWHQ
TXH HO LQGLYLGXR WDPELpQ DSDUHFH HQ ODV VRFLHGDGHV
\HVRPHMRUGLFKRORVSUtQFLSHVT0+.'*.+QRGL¿HUHQ
GHPDVLDGRGHORVVLPSOHVJULHJRVGHDSLH(VWRFRQ/
WUDVWDUDGLFDOPHQWHFRQHOFRQWH[WRGHODpSRFDGRPL/
QDGDSRUORVIDUDRQHVHJLSFLRVORVHPSHUDGRUHVFKLQRV
RORVUH\HVGH%DELORQLDFX\D¿JXUDVH\HUJXHGHPD/
QHUDLQFRQPHQVXUDEOHVREUHODPDVDGHORVJREHUQDGRV
\VHFRQIXQGHFRQODLPDJHQGHODGLYLQLGDG(OSUR/
EOHPDGHOLQGLYLGXR\GHORVFRQFHSWRV\QRFLRQHVTXH
ORDFRPSDxDQLGHQWLGDGPRUWDOLGDGUHVSRQVDELOLGDG
SUHPRGHUQDV GH¿HQGHQ TXH OR KDFH VyOR D PDQHUD VLQJXODULGDG LJXDOGDG DSDUHFHQ SDUWLFXODUPHQWH FOD/
GHXQIHQyPHQRPDUJLQDO(VWD~OWLPDHVODSRVLFLyQ URVHQORVWH[WRVKRPpULFRVVREUHWRGRHQOD2GLVHD
GHXQDXWRUWDQLQÀX\HQWHFRPR/RXLV'XPRW &RPRORHQIDWL]DQWDQWR5LFRHXUFRPR9HU/
TXLHQD¿UPDTXHHQODVVRFLHGDGHVWUDGLFLRQDOHVH[LV/
WH OD ¿JXUD GHO LQGLYLGXR SHUR FRQ XQD VDOYHGDG OD
GHHVWDUREOLJDGRDVLWXDUVH³IXHUDGHOPXQGR´6yOR
DSDUWDGR\UHQXQFLDQGRDOPXQGRVRFLDOFRPRORKDFH
HOPDJRHODQDFRUHWDRHOVDQWRVHSXHGHVHULQGLYL/
GXRHQHOPXQGRSUHPRGHUQR&RPRYHUHPRV'X/
PRQWVHHTXLYRFDDOPHQRVSDUFLDOPHQWH
QDQWOD2GLVHDFRQVWLWX\HXQDLOXVWUDFLyQFODUD
GH HVWH QXHYR LPDJLQDULR 5HFRUGHPRV TXH VHJ~Q HO
UHODWRTXHKDFHHOSURSLR8OLVHVXQRGHORVSULPHURV
SHOLJURV TXH HQIUHQWD HO KpURH JULHJR HV HO TXH WLHQH
OXJDUHQHOSDtVGHORVORWyIDJRVTXLHQFRPDHOORWR
DOLPHQWR GHOLFLRVR GXOFH FRPR OD PLHO OR ROYLGDUi
WRGRDOJUDGRGHQRUHFRUGDUQLVLTXLHUDVXLGHQWLGDG
-HDQ3LHUUH 9HUQDQW  FRQRFLGR HVSHFLDOLVWD 8QDYH]VRUWHDGRHVHSHOLJURHOGHOROYLGRGHVtPLVPR
GHO PXQGR JULHJR WLHQH UD]yQ FXDQGR D¿UPD TXH QR \GHODSDWULDHODVWXWR8OLVHVGHEHDIURQWDURWURSHOL/
VyOR HQ HO PXQGR PRGHUQR H[LVWH HO LQGLYLGXR LQWUD/ JURHQODLVODGHORVFtFORSHVGHTXLHQHVVHGLFHYDOJD
PXQGDQRWDPELpQVHOHHQFXHQWUDHQODDQWLJXD*UHFLD VXEUD\DUORTXHVRQVHUHVFDUHQWHVGHLQWHUHVHVVRFLDOHV
'HKHFKRHVSODXVLEOHTXHXQDGHODVSDUWLFXODULGDGHV RSROtWLFRV$OTXHGDUSULVLRQHURHQODFXHYDGHOJL/
PiVQRWRULDVGHOPXQGRJULHJRVHDMXVWDPHQWHODDSD/ JDQWH3ROLIHPRHOFtFORSHOHSUHJXQWDD8OLVHVTXLpQ
ULFLyQHQVXVHQRGHXQDDPSOLDYDULHGDGGHSHUVRQDOL/ HV\pVWHUHVSRQGH³VR\µ2XWLV¶´(VGHFLU³QDGLH´
GDGHV~QLFDVHLQFODVL¿FDEOHVFRPR$TXLOHV6yFUDWHV 3ROLIHPRDOSHGLUDX[LOLRGHQXQFLDQGRTXH³QDGLH´OR
R'LyJHQHVHQWUHPXFKRVRWURV+DGRW KDKHULGRQRWHQGUiUHVSXHVWDDOJXQDSRUSDUWHGHRWURV
(VWHVXUJLPLHQWRGHOD¿JXUDGHOLQGLYLGXRFRQOOHYyVLQ
GXGDODSURSDJDFLyQRDOPHQRVHOUHDOFHGHRWURVIHQy/
PHQRVVRFLDOHVHQEXHQDPHGLGDLQpGLWRVHQRWUDVFXO/
WXUDVFRPRORVRQHOGHVHRGHUHFRQRFLPLHQWR\VREUH
WRGRHOGHODDPLVWDGFRPRIHQyPHQRVVRFLDOHVGLIXQ/
GLGRV\FRPXQHVHQWUHXQDPSOLRVHFWRUGHODVRFLHGDG
<HVWR\DGHVGHORVWH[WRVKRPpULFRV

¢3RUTXpORVDQWLJXRVJULHJRVSXHGHQDOFDQ]DUXQWDODWUHYLPLHQWR"(OOR
VHGHEHIXQGDPHQWDOPHQWHDVX³YLVLyQGHOPXQGR´PLVPDTXHRVFLOD
HQWUHODLGHDGHRUGHQFRVPRV\ODLGHDGHFDRVGH0,*.-%"HLQGHWHUPL/
QDFLyQIXQGDPHQWDOHOPXQGRHVSDUDORVJULHJRVXQFRVPRVFRJQRV/
FtFORSHVKHFKRTXHDFHQW~DVXHVWDGRSUHSROtWLFR'H
HVWDPDQHUDHQHOWUDQVFXUVRGHOFLFORQDUUDWLYRGHOD
2GLVHD8OLVHVSDVDUiGHOODPDUVH³QDGLH´DQWHHOFtFOR/
SHDVHUDTXHO."&.9.&)%#TXHDFHSWDVXPRUWDOLGDGDO
UHFKD]DUODRIHUWDGHLQPRUWDOLGDGTXHOHKDFH&DOLSVR
(QHIHFWRXQPRPHQWRFODYHGHODREUDHVDTXHOHQHO
TXH8OLVHVDVXPHVXQDWXUDOH]DPRUWDO/DJUDQGH]DGH
8OLVHVFRQVLVWHHQHYLWDUDTXHOORTXHORKDFHVHPHMDQWH
D ORV GLRVHV \ HQ HOHJLU DTXHOOR TXH SDUDGyMLFDPHQWH
ORYXHOYHLJXDODWRGRVDVDEHUVXIUDJLOLGDG\KXPD/
FLEOH\VXMHWRDOH\HVSHURVHWUDWDGHXQRUGHQQRWRWDOPHQWHRUGHQDGR QLGDG 0iV WDUGH 8OLVHV QDXIUDJD HQ OD WLHUUD GH ORV
SLpQVHVHHQORVWRUEHOOLQRVGHORVDWRPLVWDVTXHSHUPLWH\KDFHSRVLEOH
XQDOWRJUDGRGHOLEHUWDGWDQWRHQORWHyULFRFRPRHQODSUiFWLFD6yOR
EDMRHVWHVXSXHVWRVHHQWLHQGHTXHHQHOPXQGRFOiVLFRJULHJRKDJDQVX
DSDULFLyQOD¿ORVRItDODGHPRFUDFLDHODUWHUHÀH[LYRFRPRORHQIDWL]D
)HDFLRV\HVOOHYDGRDODFRUWHGHO5H\$OFtQRRGRQGH
VHHQFXHQWUDQUHXQLGRVORVQREOHVHQHVHPRPHQWRHV
FRQYRFDGRXQDHGRFLHJRTXHQDUUDODJXHUUDGH7UR/
*RPEULFK \ OD FRQVFLHQFLD FUtWLFD \ WUiJLFD GH ORV LQGLYLGXRV 9pDVH \D$OHVFXFKDUVXSURSLDKLVWRULD\VXVKD]DxDV8OLVHV
&DVWRULDGLV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

RM
 &#(%-P)$/(Q0+&,$//0 $2%#(/*01+9!%7(/*24(*"=2"7+%1

QRSXHGHFRQWHQHUODVOiJULPDV\HVUHFRQRFLGR0iV GDGHURVHVXQHIHFWRGHODYLUWXG$VtORPXHVWUDSRU
DGHODQWH VH UHKDFH HO FLFOR GHO UHFRQRFLPLHQWR FXDQ/ HMHPSOROD&DUWD9,,DWULEXLGDD3ODWyQ6yFUDWHV³HO
GR8OLVHVOOHJDDËWDFD$OSULQFLSLRQDGLHORUHFRQRFH KRPEUHPiVMXVWRGHVXpSRFD´HHVHODPLJR
SXHVSRUODVDUWHVGHODGLRVD$WHQDVSDUHFHXQVLPSOH
PHQGLJRVDOYRVXSHUUR$UJRVTXHPXHUHXQLQVWDQWH
GHVSXpVGHLGHQWL¿FDUDVXDQWLJXRDPR/XHJRFXDQGR
VHHQFXHQWUDFRQVXKLMR7HOpPDFRGHQXHYR$WHQDVOH
KDFHDEDQGRQDUVXDSDULHQFLDGHPHQGLJRSDUDWUDQV/
¿JXUDUOR HQ UH\ 7HOpPDFR OH SUHJXQWD FRQ DVRPEUR
LQFOXVRFRQFLHUWRPLHGRVLHVXQ'LRV³1R«VR\WX
SDGUH´OHUHVSRQGH8OLVHV(OOHFWRUSXHGHLPDJLQDUHO
SRUDQWRQRPDVLD-HQRIRQWHVHVXPDDOD
DSUHFLDFLyQGH3ODWyQ\QRVGLFHTXH6yFUDWHV³HUDOD
PHMRUD\XGDSDUDHOFXLGDGR\HVWXGLRGHODYLUWXG´OR
TXHQRSXHGHVLJQL¿FDURWUDFRVDTXHHVHOPHMRUDPL/
JR(QWDQWRTXHHQHOSRORRSXHVWRHOWLUDQRGH6LUD/
FXVD'LRQLVLRHVQDWXUDOPHQWHSREUHHQDPLJRV³QR
KD\PXHVWUDPiVHYLGHQWHGHODYLUWXGRPDOGDGGHXQ
KRPEUHTXHODDEXQGDQFLDRHVFDVH]GHWDOHVSHUVRQDV
HVWXSRUGH7HOpPDFRDQWHORTXHYH\DQWHORTXHVHOH >ORV DPLJRV@´ &DUWD 9,,  F 9DOJD UHFRUGDU GH
UHVSRQGH 3HUR VL ELHQ VH WUDWD GH XQ UHFRQRFLPLHQWR SDVRTXHODGHVDIRUWXQDGDDYHQWXUDGHOVHJXQGRYLD/
GLVLPpWULFRHQWUHSDGUHHKLMRD¿QGHFXHQWDVHVXQ MHGH3ODWyQD6LUDFXVDVyORHVFRPSUHQVLEOHSRUTXH
UHFRQRFLPLHQWRPXWXR\DTXHQRHVWDPRVDQWHODGLV/ HVWiHQMXHJRVXPX\DSUHFLDGDDPLVWDGSRU'LRQ
WDQFLDDELVPDOHQWUHXQGLRV\XQKRPEUH'HLJXDOIRU/ $KRUD ELHQ ¢FXiOHV VRQ ODV FDUDFWHUtVWLFDV GH OD
PDXQDFULDGDORUHFRQRFHSRUXQDKHULGD\¿QDOPHQWH ,5.'.0TXHWUDGXFLPRVFRP~QPHQWHSRUDPLVWDG"6L/
8OLVHVVHUiUHFRQRFLGRSRUVXHVSRVD3HQpORSH
,1',9,'825(&212&,0,(172<$0,67$'
(QHIHFWRORTXHHVWiFRQVWDQWHPHQWHHQMXHJRHQHO
WUDQVFXUVRHQOD2GLVHDHVODLGHQWLGDGGH8OLVHVOD
DFHSWDFLyQGHVXLQGLYLGXDOLGDG\GHVXPRUWDOLGDG
SHURHVWRQRHVSRVLEOHVLQHOUHFRQRFLPLHQWR\ODPH/
GLDFLyQGHORVRWURV/D2GLVHDVLPEROL]DHOFDPLQR
JXLHQGRD$ULVWyWHOHV1XVVEDXPVHxDOD
TXH HO WpUPLQR ,5.'.0# HV GHPDVLDGR DPSOLR SDUD VHU
WUDGXFLGR FRQ QXHVWUD SDODEUD DPLVWDG (OOD SUH¿HUH
WUDGXFLU ³DPRU´ \ VXJLHUH TXH VH UH¿HUH D XQD UHOD/
FLyQFRQDOJRH[WHUQRDQRVRWURV6LQHPEDUJRSRU
QXHVWUD SDUWH GLUtDPRV TXH HQWUH HO DPRU \ OD DPLV/
WDGH[LVWHXQDGLIHUHQFLDGHQDWXUDOH]D(QHIHFWRHO
DPRUSXHGHLPSOLFDUXQDGLVLPHWUtDHQWUHHODPDGR\
TXHGHEHUHFRUUHU8OLVHVSDUDVHUUHLQWHJUDGRDOPXQ/ TXLHQDPDYpDVHSRUHMHPSOR!'#X*&-%#GH3ODWyQ
GRKXPDQR\VHUUHFRQRFLGR\DFHSWDGRSRUORVVX\RV VHSXHGHDPDUVLQVHUDPDGR(QWDQWRTXHODDPLVWDG
$OUHVSHFWR-HDQ3LHUUH9HUQDQWVXEUD\D
TXH³$ORODUJRGHWRGRHOSHULSORHQFDGDPRPHQWR
HO ROYLGR OD SpUGLGD GH PHPRULD GH OD SDWULD \ GHO
GHVHRGHUHJUHVDUDHOODVVHUiQHOWUDVIRQGRGHWRGDV
ODVDYHQWXUDVGH8OLVHV\VXVFDPDUDGDV(VWDUHQHO
PXQGRKXPDQRVLJQL¿FDYLYLUEDMRODOX]GHOVROYHU
DOSUyMLPR\VHUYLVWRSRUpVWHYLYLUHQUHFLSURFLGDG
UHFRUGDUTXLpQHVXQR\TXLpQHVVRQORVGHPiV´
0iVDOOiGHOD2GLVHDHQHOPXQGRJULHJRVHSUR/
GHEHVDWLVIDFHUGRVFRQGLFLRQHVODLJXDOGDG\ODUH/
FLSURFLGDG(QORTXHVHUH¿HUHDODSULPHUDVLELHQ
$ULVWyWHOHVDFHSWDODSRVLELOLGDGGHXQDDPLVWDGHQWUH
GHVLJXDOHVWDPELpQDQRWDTXHODDPLVWDGUHTXLHUHXQD
FLHUWDSURSRUFLRQDOLGDG\pVWDQRSXHGHVHUGHPDVLD/
GRJUDQGH$IDOWDGHSURSRUFLRQDOLGDGQRHVSRVLEOH
ODDPLVWDG3RUHOORODDPLVWDGFRQHOWLUDQRRFRQHO
HVFODYRVRQH[SUHVLRQHVTXHQRWLHQHQVHQWLGRVDOYR
HQHOMDUGtQGH(SLFXURGRQGHVtVHDFHSWDDORVHVFOD/
ORQJDSHURWDPELpQVHOHGDXQDOFDQFHLQVRVSHFKDGR YRV1RH[WUDxDHQWRQFHVTXH$ULVWyWHOHVDERJXHSRU
DOWRSRVOLWHUDULRPiVDQWLJXRGHODKXPDQLGDGHOGH XQD ,%'.+# HQ OD TXH SUHGRPLQH OD FODVHV PHGLD VLQ
ODDPLVWDGTXHWXYRVXRULJHQHQODHSRSH\DGH*LO/ JUDQGHVGLIHUHQFLDVGHFODVHHLQJUHVRSDUDHYLWDUOD
JDPHVK \ (QNLGX 'H OD DUFDLFD ,OtDGD GH $TXLOHV HQYLGLDTXHSDGHFHQORVSREUHV\HOGHVSUHFLRSUR/
\3DWURFORDORVHSLFXUHtVWDVSDVDQGRSRU$ULVWyWHOHV SLRGHORVULFRV\SRUHQGHVHHVPiVSURFOLYHDOD
HQWUH ORV JULHJRV HO LQGLYLGXR QR VH FRQFLEH VLQ HO DPLVWDG\DODXQLGDGSROtWLFD(QFXDQWRDODVHJXQ/
DPLJR VLQ VX &%T'* VLQ HVH ³VX RWUR \R´ {$.40# 0# GDVHKDFHSDWHQWHVREUHWRGRFXDQGRHQWHQGHPRVOD
:.48/04%OLEUR,;&RPRLQVLVWH$ULVWyWHOHV DPLVWDGFRPRXQDYLUWXGRXQDUHODFLyQDFRPSDxDGD
³VLQDPLJRVQDGLHTXHUUtDYLYLU´{$.40#0#:.48/04%-! GHYLUWXGFRPRHVHOFDVRGHODDPLVWDGDULVWRWpOLFD
OLEUR9,,,QLVLTXLHUDHOKRPEUHIHOL]4XHHO
WHPDQRWLHQHHIHFWLYDPHQWHQDGDGHPDUJLQDOH[SOL/
FDTXHHOHVWDJLULWDOHGHGLTXHODTXLQWDSDUWHGHVXV
SHUIHFWD$*'*.0,5.'.0HVGHFLUHVODUHODFLyQTXHVH

6LQHPEDUJRHOSXQWRHVGLVFXWLEOH'HKHFKR)UHXGFRQVLGHUDTXHOD
GLIHUHQFLDHQWUHODYLGDDPRURVDGHORVDQWLJXRVJULHJRV\ODQXHVWUDFRQ/
VLVWHSUHFLVDPHQWHHQHOKHFKRTXHHQWDQWRQRVRWURVSRQHPRVHODFHQWR
REUDV pWLFDV IXQGDPHQWDOHV 1XVVEDXP   GHODSXOVLyQHQHOREMHWRH[WHUQRORVJULHJRVORSRQHQHQODSXOVLyQ
3HUR¢SRUTXpHQODpWLFD"3DUDORVJULHJRVVHWUDWD PLVPD4XL]iHVWRFDUHFHUtDGHLPSRUWDQFLDVLODLQWHUSUHWDFLyQGH)UHXG
GHXQDHYLGHQFLDODFDSDFLGDGGHWHQHUDPLJRVYHU/ QRVHSXGLHUDDSR\DUFRPRVHSXHGHKDFHUHQXQDOHFWXUDGH$ULVWyWHOHV
$OUHVSHFWRYpDVH6pGDW

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

RN
 %&01+%:(<(*%:0/%70:%:(:"&)/*F+0/%("#(7%(,*"/0%(%#+0,2% 0(&#(%-P)$/(Q0+&,$

GD HQWUH KRPEUHV EXHQRV H LJXDOHV HQ YLUWXG HQWUH9,,,D(QWRQFHVHO¿QGHODSROtWLFDQRSXHGH

VXMHWRVLJXDOPHQWHDFWLYRVLQGHSHQGLHQWHV\FDSDFHV VHURWURTXHHQJHQGUDUODDPLVWDG\HYLWDUODGLVFRU/
GHGHFLGLUFDGDXQRSRUVtPLVPR GLD(VGHVXEUD\DUTXHVyORVHHQWLHQGHODUHOHYDQFLD
,QFOXVR1XVVEDXPFRQFHGHTXHVHWUDWDHIHFWL/ GH HVWD ~OWLPD QRFLyQ EDMR HO VXSXHVWR TXH SDUD ORV
YDPHQWHGHXQDPRUGLVWLQWRDO(URVGHO%DQTXHWH JULHJRVOD,%'.+QRHVXQDXQLGDGGDGDGHDQWHPDQR
SODWyQLFR SXHV OD DPLVWDG HVWi RULHQWDGD D OD DF/ FRPRORVHUtDODUD]DRODWULEX$OFRQWUDULRVHWLHQH
FLyQYROYHUHPRVDHVWHSXQWRPiVDGHODQWH(VWD TXHFRQVWUXLUDSDUWLUGHODGLYLVLyQRULJLQDOGHOD,%'.+#
HVSRVLEOHVRODPHQWHHQODFRQYLYHQFLDGtDDGtD\ HQWUHORVGLIHUHQWHVJUXSRVHQWUHHO&*/%+\ODROLJDU/
VXSRQHXQDPRUDOPXQGRWDO\FRPRHVDVtFRPR TXtDORVULFRVORVSRGHURVRVORVEXHQRV
OD DFHSWDFLyQ GH OD IUDJLOLGDG FRQQDWXUDO TXH LP/ 6L ELHQ SXGR WHQHU XQ DQWHFHGHQWH DULVWRFUiWLFR
SOLFDODUHODFLyQFRQXQVHUH[WHUQRDQRVRWURV1R $TXLOHV3DWURFOR OD DPLVWDG HV PiV FRPSDWLEOH FRQ
HVQHFHVDULRLQVLVWLUTXHSDUDORVHSLFXUHtVWDV\QR ORV UHJtPHQHV SROtWLFRV VXVWHQWDGRV HQ OD LJXDOGDG DO
VyORSDUDHOORVHQHVRVGtDVODDPLVWDGHVGLVWLQWD\ JUDGR TXH $ULVWyWHOHV VHxDOD TXH ³OD DPLVWDG EDVDGD
SUHIHULEOHDODPRUSDVLyQ HQODLJXDOGDGHVODDPLVWDGFtYLFD´{$.40#0#:.48/0>
¢&yPR H[SOLFDU TXH OD DPLVWDG DOFDQFH WDO 4%OLEUR9,,E(QHIHFWRODV¿JXUDVGHOGLiORJR
SUHHPLQHQFLDQRVyORFRPRSUiFWLFDVRFLDOVLQRLQ/ DVDPEOHD\EDQTXHWHVyORVRQSHQVDEOHVEDMRHOVXSXHV/
FOXVR FRPR XQ WRSRV ¿ORVy¿FR HQWUH ORV JULHJRV" WRGHTXHODUHODFLyQYDOLRVDHVXQDUHODFLyQGHLJXDOGDG
1R HV QHFHVDULR LU GHPDVLDGR OHMRV SDUD HQFRQWUDU \UHFLSURFLGDGTXHVHMXHJDDWUDYpVGHODSDODEUD\GH
OD UHVSXHVWD OD HQFRQWUDPRV WDQWR HQ OD GH¿QLFLyQ ODVYLUWXGHV³>«@FRQORVDPLJRVORVKRPEUHVHVWiQPiV
DULVWRWpOLFD GH OD DPLVWDG ³XQD VROD DOPD HQ GRV FDSDFLWDGRVSDUDSHQVDU\DFWXDU´$ULVWyWHOHV{$.40#0#
FXHUSRV´ $ULVWyWHOHV VHJ~Q 'LyJHQHVHV /DHUFLR R :.48/04%D$SHVDUGHTXH$ULVWyWHOHVKDFHUHIH/
³ORVYHUGDGHVDPLJRVWLHQHQXQDVRODDOPD´(( UHQFLDDODVHPHMDQ]DHQWUHIUDWHUQLGDG\DPLVWDG{$.40#
9,, E $~Q HQ HO PXQGR ODWLQR OD GH¿QLFLyQ 0#:.48/04%D\DSHVDUGHORTXHGH¿HQGH'HUUL/
GHO³DPLJRYHUGDGHUR´VHJXLUiHQWHQGLpQGRVHFRPR GDHVGHQRWDUTXHODGLIHUHQFLDGHORVYtQFXORVWULEDOHV
³XQVHJXQGRVtPLVPR´$0"()0/#0'$*-#.&*/WDO\
FRPRORKDFH&LFHUyQHQC0*'.)+#&*#0/.4.$.0&RPR
ORPXHVWUDQHVWRVHMHPSORVODUHODFLyQDORWURDWUD/
YpVGHOOHQJXDMH\GLiORJRVHUHYHODFRQVWLWXWLYDGHO
\R6yORDVtVHHQWLHQGHTXH$ULVWyWHOHVGH¿HQGDTXH
GHO PXQGR DQWLJXR LQFOXVR HO QDFLRQDOLVWD GHO PXQGR
PRGHUQRODVGLVWLQWDVIRUPDVGHDPLVWDGTXH$ULVWyWHOHV
GLVWLQJXH VRQ SXUDPHQWH ³UHODFLRQDOHV´ 1R GHSHQGHQ
GH XQ RULJHQ FRP~Q VLQR GH XQ KDFHU OD DPLVWDG SRU
SURYHFKRRLQWHUpVODDPLVWDGSRUSODFHU\ODDPLVWDG
ELHQ SXHGH H[LVWLU OD DPLVWDG \ OD HQHPLVWDG FRQSHUIHFWDHQWUHORVKRPEUHVEXHQRV\VHPHMDQWHVHQYLU/
XQRPLVPR\DTXHWDPELpQVHGLDORJDFRQVLJRPLV/
PRHODPLJRGHVtPLVPRHVDTXHOTXHHVFDSD]GH
SDVDUHOWLHPSR³HQVROHGDG´GHRFXSDUHOWLHPSRHQ
KDEODUFRQVLJRPLVPRHQWDQWRTXHHOPDORFRPR
HQHOFDVRGHOWLUDQRHVLQFDSD]GHVRSRUWDUVH\QR
SXHGHVLQREXVFDUKXLUGHVtPLVPR3DUDUHVSRQGHU
HQ WpUPLQRV FRQWHPSRUiQHRV SRGHPRV GHFLU TXH
SDUDORVJULHJRVODLQWHUVXEMHWLYLGDGHVFRQVWLWXWLYD
GHO\RHODPLJRHVHORWUR\RRWURVtPLVPR5*$*-%+#
WXG&RPRVHSXHGHREVHUYDUODDPLVWDGQRHVGH¿QLEOH
SRUYtQFXORVSUHGH¿QLGRV±DOJUDGRTXH$ULVWyWHOHVLQ/
VLVWHIUHFXHQWHPHQWHTXHFXDQGRORVDPLJRVFDPELDQVH
SLHUGHODDPLVWDG±\HVUHOHYDQWHSUHFLVDPHQWHSRUTXH
LPSOLFDODVDOLGDGHODHVIHUDIDPLOLDU\GHOXQLYHUVRGHOD
WULEX$GHPiVKDFHSRVLEOHLUPiVDOOiGHODVUHODFLRQHV
SUHGHWHUPLQDGDVSRUQDWXUDOH]DRWUDGLFLyQSDUDSDVDU
DUHODFLRQHVVRFLDOHVPiVDPSOLDV\HOHFWLYDV(VFLHUWR
TXHFRQWUDULRDQXHVWUDOHFWXUDVHSXHGHUHSOLFDUTXHOD
0)$%+FRPRLQVLVWHXQD\RWUDYH]$ULVWyWHOHV EDVHGHODGHPRFUDFLDJULHJDHVWULEDOVLQHPEDUJRLP/
SOLFDROYLGDUODLPSRUWDQFLDGHODVUHIRUPDVUHDOL]DGDV
/$$0,67$'&Ë9,&$ SRU &OtVWHQHV TXH HQ WRUQR DO  D& OOHYDQ D UHP/
&RPR\DKHPRVLQGLFDGRHQRWUROXJDU&UX]5HYXHO/ SOD]DUODVWULEXVSULPLWLYDVSRU³WULEXV´TXH\DQR
WDV$ULVWyWHOHVSDUHFHFRQFHGHUDOVR¿VWD/LFR/ WLHQHQXQFDUiFWHU³QDWXUDO´
IUyQTXHODVRFLHGDGHVXQFRQWUDWRSHURDJUHJDTXH 3RU VX SDUWH OD DPLVWDG HV XQD VDOLGD DO ³RUGHQ
HVWDPELpQDOJRPiVTXHXQFRQWUDWR7DPELpQHVXQD QDWXUDO´ WDPELpQ FRPR OR VXEUD\D 9HUQDQW 
IRUPDGHDPLVWDGTXHKDFHSRVLEOHUHODFLRQHVFtYLFDV HVXQSXHQWHHQWUHHOPXQGRSULYDGR\HOS~EOL/
GH FRQ¿DQ]D (Q HIHFWR HQ OD VRFLHGDG IXQGDGD HQ 
0iVDOOiGH$ULVWyWHOHVODLGHDGHXQDGHPRFUDFLDSHUIHFWDYLQFXODGDD
ODDPLVWDGWRGRVYHODQSRUVXSUHVHUYDFLyQ³FXDQGR ODDPLVWDGH[LVWtDHQWUHORVJULHJRV$OUHVSHFWR*LRUJLR&ROOL
ORVKRPEUHVVRQDPLJRV\DQRKD\PiVQHFHVLGDGGH GLFH³6HJ~QSDUHFHORVSLWDJyULFRVKDEUtDORJUDGRGLFKDUHDOL]DFLyQ>OD
MXVWLFLD´D¿UPD$ULVWyWHOHV{$.40#0#:.48/04%OLEUR GHXQDGHPRFUDFLDSHUIHFWD@FRQVXVRFLHGDGGH¿OyVRIRV(QVXYLGDHQ
FRP~QHVHYtQFXORSROtWLFRGHLJXDOGDGVHOODPDSKLOLDµDPLVWDG¶´

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

RI
 &#(%-P)$/(Q0+&,$//0 $2%#(/*01+9!%7(/*24(*"=2"7+%1

FR³/DDPLVWDGVHVLW~DHQODDUWLFXODFLyQGHORSUL/ FRUUHFWDREHGLHQFLDGHODOH\WUDVFHQGHQWH&RPRQRV

YDGRGHORSURSLRGHORGLIHUHQWH\GHORS~EOLFRGH ORUHFXHUGDXQHVSHFLDOLVWDGHOWHPDFRPRORHV(UQHVW
ORFRP~QGHORPLVPR´3DUHFHEDQDOSHURHVFRQGH
XQD WUDQVIRUPDFLyQ UHYROXFLRQDULD SDUD YLQFXODU OR
S~EOLFR\ORSULYDGR\DQRVHUHTXLHUHHOpQIDVLVHQ
ODFXOWXUDRUHOLJLyQFRP~QVLQRHQODFDOLGDGGHXQD
UHODFLyQD¿QGHFXHQWDVHOHFWLYD
(O6yFUDWHVGH-HQRIRQWHHVSDUWLFXODUPHQWHLPSRU/
WDQWHSDUDQXHVWURSURSyVLWRSRUTXHLOXVWUDFODUDPHQWH
ODUDGLFDOLGDGJULHJD(QHIHFWRHO6yFUDWHVTXHVHQRV
SUHVHQWD HQ OD YHUVLyQ GH -HQRIRQWH VRPHWH WRGDV ODV
UHODFLRQHVLQFOXVRDTXHOODVHQWUHIDPLOLDUHVDOFULWHULR
GHXWLOLGDGVHHQWLHQGHTXHQRHVWiOHMRVODDFXVDFLyQ
*HOOQHUHQODVVRFLHGDGHVGRPLQDGDVSRUHO
PRQRWHtVPR\HQODVVRFLHGDGHVWULEDOHVRVHJPHQWDGDV
ODUHVSRQVDELOLGDGQRHVWDQWRXQSUREOHPDTXHDWDxHSUL/
YDWLYDPHQWHDOLQGLYLGXRVLQRTXHFRQFLHUQHDOJUXSRGH
SHUWHQHQFLDHQVXFRQMXQWR³$XQGHOLWRSHUSHWUDGRSRU
XQPLHPEURGHOJUXSR$FRQWUDXQPLHPEURGHOJUXSR
%VLJXHQDFFLRQHVGHUHSUHVDOLDOOHYDGDVDFDERSRUWRGR
PLHPEURGH%FRQWUDWRGRPLHPEURGH$>«@FDGDJUX/
SRWLHQHEXHQDVUD]RQHVSDUDYLJLODUDVXVSURSLRVPLHP/
EURVHQXQDDFWLWXGSROLFLDFD´
(VSRVLEOHTXH$ULVWyWHOHVDOFDQFHDREVHUYDUHVWDGL/
TXHVHOHKDUiGHFRUUXSFLyQGHODMXYHQWXG'HQXHYR IHUHQFLDFXDQGRVHUH¿HUHD3HUVLD{$.40#0#:.48/04%OL/
ODVUHODFLRQHVKXPDQDVHQWUHHOODVODDPLVWDG\DQRHV/ EUR9,,,D'HFXDOTXLHUPRGRDSHVDUGHODVDQD/
WiQVXMHWDGDVDXQRUGHQQDWXUDORWUDGLFLRQDOVXYDORU ORJtDVTXHKDFHHQOD{$.40#0#:.48/04%\DGLIHUHQFLDGH
HV SXUDPHQWH FRQYHQFLRQDO OR TXH SHUPLWH VX WUDQV/ ORTXHVHSXHGHGHFLUGH3ODWyQHOHVWDJLULWDQRFRQIXQGH
IRUPDFLyQFXDOLWDWLYDHQUHODFLRQHVGHWLSRKRUL]RQWDO HOiPELWRGHODSROtWLFDFRQHOiPELWRGHODIDPLOLDYpDVH
UHFLSURFDVYROXQWDULDVHLJXDOLWDULDV SRUHMHPSORVXFUtWLFDD3ODWyQ
2WURHMHPSOR PX\ VLJQL¿FDWLYR FRQ UHODFLyQDOD /RDQWHULRUSHUPLWHSHQVDUTXHDOFRQWUDULRGHORTXH
³DUWL¿FLDOLGDG´ \ HO FDUiFWHU HOHFWLYR GH ODV UHODFLR/ FUHHXQ¿OyVRIRFRPR3HWHU6ORWHUGLMN\HQEXH/
QHVHQOD,%'.+ORRIUHFHHOFDVRGH$OFLELDGHVFXDQGR
VHXQHDORVHVSDUWDQRVSDUDDWDFDU$WHQDVVXSDWULD
QDWDO¢&yPRSXHGHMXVWL¿FDVHPHMDQWHDFWR"'RVUD/
]RQHV DOHJD $OFLELDGHV (Q SULPHU OXJDU VL DWDFD D
$WHQDVQRHVH[SUHVLyQGHXQD³LQIDPLD´VLQRGHXQD
³YHUGDGHUDYLUWXG´\DTXHORVYHUGDGHURVHQHPLJRV
VRQORVTXHREOLJDQDVXVDPLJRVDFRQYHUWLUVHHQVXV
QDPHGLGD'HUULGDOD,%'.+QRHVHOWULEDOLVPR
'HVGHXQSXQWRGHYLVWDKLVWyULFRHVSRVLEOHD¿UPDUTXH
HOVXUJLPLHQWRGHOD,%'.+#VHGHVDUUROODGHPDQHUDFRQFR/
PLWDQWHFRQHOGHELOLWDPLHQWRGHODFRPXQLGDG³QDWXUDO´
\ WDPELpQ FRQ HO VXUJLPLHQWR GHO LQGLYLGXR XQ JULHJR
FRPR6yFUDWHVHVXQKRPEUHMXVWRSRUTXHHVXQLQGLYL/
GXRTXHDVXPH+)#-*+,%"+0T.'.&0&$OUHVSHFWRSRGHPRV
HQHPLJRV0iVDOOiGHOXVRUHWyULFRGHODSHWLFLyQGH EDVDUQRVDORVWUDEDMRVGH6LPRQ+RUQEORZHUSDUD
SULQFLSLRORTXHLQWHUHVDHVHOKHFKRTXH$OFLEtDGHV TXLHQODVUHIRUPDVVRFLDOHVGH6ROyQ³WHQGLHURQDUHVWDU
LQYRFDWH[WXDOPHQWHTXHODYHUGDGHUDSDWULDHVGRQGH LPSRUWDQFLDDODFDVDRDODIDPLOLD\DDXPHQWDUODGHOD
XQRSXHGHHMHUFHUFRQVHJXULGDGVXVGHUHFKRVSROtWL/ ,%'.+#RFRPXQLGDG´1RHVWULEDOLVPRWDPSRFRXQDYL/
FRV5RPLOO\/DDUJXPHQWDFLyQGH
$OFLELDGHVPXHVWUDFRQFODULGDGTXHQRHVWDPRVDQWH
XQD¿JXUDGHOWULEDOLVPRVLQRDQWHXQDVXHUWHGHSD/
WULRWLVPRFRQVWLWXFLRQDOLVWD090"$#'0#'*$$-*"
3DUDLQVLVWLUHQODLPSRUWDQFLDGHHVWHWLSRGHUHODFLyQ
TXHVXUJHHQHOPXQGRJULHJRSHQVHPRVHQFRQWUDVHQWL/
GR(QODVVRFLHGDGHVGRPLQDGDVSRUXQDUHOLJLyQPRQR/
WHtVWDSUHYDOHFHODLGHDGHKHUPDQRHQUHODFLyQDXQSDGUH
FRP~Q\GLYLQRDQWHVTXHOD¿JXUDGHODPLJR/RTXHLP/
SRUWDHQODVVRFLHGDGHVPRQRWHtVWDVHVHORULJHQFRP~Q
VLyQXQLYHUVDOLVWDRFRVPRSROLWD¢SRUTXp"(QYLUWXGGH
DOJRTXHJHQHUDOPHQWHHVFODURSDUDORVJULHJRVQXHVWUD
¿QLWXGFRQVWLWXWLYD&RPRGLFH$ULVWyWHOHVVLPSOHPHQWH
QRVHSXHGHVHUDPLJRGHWRGRV(VWRHVXQDUJXPHQWR
FRP~QHQWUHORVJULHJRVD~QHQODpSRFDGHO/LFHRFXDQ/
GRVHSURFODPDTXHDTXHOTXHWLHQHPXFKRVDPLJRVQR
WLHQHDPLJRV&RPRDSDUHFHFRQIUHFXHQFLDHQGLIHUHQWHV
DXWRUHVHQHVHHQWRQFHVVHFRQVLGHUDTXHODQRFLyQGH
DPLVWDGHVUHVWULFWLYD\VHVXHOHFRQFHGHUIiFLOPHQWHTXH
HVPHMRUSULYLOHJLDUDORVDPLJRVDQWHVTXHDORVH[WUDxRV
³HOSXHEORHOHJLGR´ODUHODFLyQGHVXERUGLQDFLyQDQWH RDOKRPEUHXQLYHUVDOHVGHFLUDORMXVWRDEVWUDFWR6LQ
HOGLRVGHODWULEXGHQDWXUDOH]DRPQLSRWHQWHTXHKDEOD GXGDOD,%'.+#VHHQFXHQWUDHQWUHHOWULEDOLVPR\HOFRV/
\RUGHQDSHURTXHQRVHPXHVWUDQLVHSXHGHUHSUHVHQ/ PRSROLWLVPR6LQHPEDUJRHQHVHHQWRQFHVVXUJHQHQHO
WDUSXHVHVSXUDWUDVFHQGHQFLD\HOUHVSHWRREOLJDWRULR
GHODVOH\HVKHWHUyQRPDVVHDQGLYLQDVSDWHUQDVRWUDGL/
FLRQDOHV(OKHUPDQR³HOLJXDO´HVXQSHFDGRU³LJXDOD
QRVRWURV´RHVXQYLJLODQWHGHFDGDXQRGHORVLQWHJUDQWHV
GHOJUXSR³GHOUHEDxR´TXHREVHUYD\KDFHFXPSOLUOD

/DQRFLyQGHSXHEORDTXtHYRFDXQDVXPDGHWULEXV
VHQRGHODVRFLHGDGJULHJDHQWUHHSLF~UHRV\HVWRLFRVODV
SULPHUDVFRQFHSFLRQHVGHXQLJXDOLWDULVPRJHQHUDOL]DGR
\GHOFRVPRSROLWLVPR
(/&$62'(3/$7Ï1
3RUHOPDWHULDOKLVWyULFRTXHKDOOHJDGRKDVWDQRVR/

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

RO
 %&01+%:(<(*%:0/%70:%:(:"&)/*F+0/%("#(7%(,*"/0%(%#+0,2% 0(&#(%-P)$/(Q0+&,$

WURV SRU VX LQÀXHQFLD \ WDPELpQ SRU OD YHUVLyQ GHO XQ\RLQWHULRUQRHVGHPDVLDGRDJXGDVDOYRHQHOFDVR
¿OyVRIRTXHQRVRIUHFH-HQRIRQWHHVIDFWLEOHSHQVDU GH3ODWyQHQFX\DREUDODFRQFLHQFLDLQWHUQDGHOLQGL/
D 6yFUDWHV FRPR OD ¿JXUD GH OD FRQVFLHQFLD FUtWLFD YLGXR \ VXV H[SUHVLRQHV FRQFRPLWDQWHV FRPR HO DX/
LQGLYLGXDO&RPRVHVDEH'LyJHQHVHO¿OyVRIRTXH WRH[DPHQODUHPLQLVFHQFLDHORMRLQWHUQRHVHOJUDQ
FUtWLFD UDGLFDOPHQWH WRGDV ODV LQVWLWXFLRQHV VRFLDOHV SUREOHPD&RPR1LHW]VFKHORVXJLHUHFRQVWDQWHPHQWH
DXQTXH VHD ³HQORTXHFLGR´ HV HO YHUGDGHUR KHUHGH/ HQ EXHQD PHGLGD HO SHQVDPLHQWR GHO IXQGDGRU GH OD
UR GH 6yFUDWHV ,QFOXVR OD REUD GH VX FRQWURYHUWLGR $FDGHPLDVHDQWRMDXQDIRUPDGHDQRPDOtDGHQWURGHO
DOXPQR 3ODWyQ VH HVFULEH HQ GLiORJRV VH HVFHQL¿FD FRQWH[WRJHQHUDOJULHJRDXQTXHHQHOIXQGDGRUGHOD
HQXQEDQTXHWHVH³LJXDOD´DOHVFODYRHQHOD*"8"6"!! $FDGHPLDODSVLTXHSHUPDQHFHRULHQWDGDDOD,%'.+\DO
7RGDVHVWDVVRQ¿JXUDV\VLWXDFLRQHVTXHQRVHFRQ/ PXQGRWHUUHQRDGLIHUHQFLDGHORTXHVXFHGHPiVWDUGH
FLEHQVLQDFRUGDUVHGHODUHOHYDQFLDGHOD¿JXUDGHO FRQHOFULVWLDQLVPR9HUQDQW6LQHPEDUJR
LQGLYLGXR\ODVIRUPDVGHUHODFLyQTXHRIUHFHODDPLV/ PiVDOOiGHOSUREOHPDGHODLQWHULRULGDGHVGLItFLOHYL/
WDG8QHMHPSORDQHFGyWLFROREULQGDODUHODFLyQFRQ
7HWHWRHQHOGLiORJRTXHOOHYDVXQRPEUHHVWHSHUVR/
QDMHHVHQIiWLFDPHQWHUHFRPHQGDGRD6yFUDWHVSRUVHU
VHPHMDQWHDpOHQYLUWXG\HQIHDOGDGDFWLWXGTXHQR
SXHGHPiVTXHGHPRVWUDUODDPLVWRVDWROHUDQFLDGHO
¿OyVRIR¢QRVRWURVSRGHPRVLPDJLQDUDXQ+HLGHJJHU
WDUODKLSyWHVLVGH.DUO3RSSHUHQ3ODWyQH[LVWH
XQDUHFDtGDHQHOWULEDOLVPR(VWHSXQWRHVLPSRUWDQWH
FRQUHODFLyQDODKLSyWHVLVGH'HUULGDGHXQWUDVIRQGR
QDWXUDOLVWDHQODQRFLyQJULHJDGHDPLVWDGSXHVHO¿Oy/
VRIRIUDQFpVIXQGDVXOHFWXUDH[FOXVLYDPHQWHDSDUWLUGH
ODREUDGH3ODWyQ8QHMHPSORGHHVWDUHFDtGDHVODLGHD
RDXQ:LWWJHQVWHLQWUDWDGRVGHHVWDIRUPD"7DPELpQ SODWyQLFDGHOD,%'.+#FRPRXQWRGRIXQFLRQDO(QHOOD
HVELHQFRQRFLGRTXH6yFUDWHVTXHDGLIHUHQFLDGHORV ORMXVWRQRSDUWHGHXQSULQFLSLRGHLJXDOGDGVLQRTXH
SULPHURV¿OyVRIRVKDGHMDGRDWUiVHOHVWXGLRGHODQD/ UHVLGHHQHOKHFKRTXHFDGDTXLHQFXPSODVXIXQFLyQ
WXUDOH]DSDUDGHGLFDUVHVyORDOHVWXGLRGHOD,%'.+(VH HVSHFt¿FD\GHDQWHPDQRSUHGHWHUPLQDGD3RUVXSDUWH
³JUDQHUyWLFR´1LHW]VFKHJXVWDFRQYHUVDUVHGXFLU HO UH\ ¿OyVRIR HV HQWHQGLGR EDMR OD ¿JXUD GHO SDVWRU
\KDFHUSDULULQWHOHFWXDOPHQWHDVXVDPLJRV
6LQ HPEDUJR OD WHRUtD GH 3ODWyQ HVWi HQ FRQÀLF/
WR FRQ ORV DVSHFWRV QR VyOR VRFUiWLFRV VLQR SURSLRV
D OD FXOWXUD JULHJD GH OD pSRFD 'H KHFKR VH SXHGH
FRQVLGHUDUTXH3ODWyQOOHYDDFDERODGLVRFLDFLyQWHy/
HVGHFLUHVRQWROyJLFDPHQWHGLIHUHQWH\UDGLFDOPHQWH
VXSHULRUDVX³JDQDGR´(VFODURTXHHQ3ODWyQH[LVWH
FRPRGH¿HQGH3RSSHUXQDGLVWLQFLyQHVWULFWDHQWUHOD
FODVHJREHUQDQWH\ORVJREHUQDGRVFRQVHFXHQWHFRQHO
DQWLLJXDOLWDULVPRSODWyQLFR
ULFD HQWUH DPLVWDG ,5.'.0 \ DPRU G-%+ SDUD IDYR/
UHFHUDHVWH~OWLPR6XGLiORJRX*&-%#%#&*#'0#T*''*;0#
VHHVWUXFWXUDFODUDPHQWHGHHVWDIRUPD0iVD~QHQ
VXOHFWXUDGH3ODWyQ0LFKHO)RXFDXOWDVLHQWDTXH³HO
?0"()*$*\X*&-%#VHxDODQHOSDVRGHXQDHUyWLFDHOD/
ERUDGDVREUHODSUiFWLFDGHOµFRUWHMR¶\ODOLEHUWDGGHO
RWURDXQDHUyWLFDTXHJLUDHQWRUQRDXQDDVFHVLVGHO
VXMHWR\DODFFHVRFRP~QDODYHUGDG´FLWDGRHQ0D/
6HSXHGHREMHWDUTXHORVJXHUUHURVGHODF*,iT'.40#
GH3ODWyQVRQFRPRSHUURV0/.B%+#FRQHOFRQRFLGR\
GHVFRQ¿DGRVDQWHHOH[WUDxR(VWRHVFLHUWRSHURDQWH
WRGRVRQFRPRKHUPDQRV³QRVDEHQTXLpQHVVXSD/
GUH´SRUORTXHHVWiQREOLJDGRVDFRQVLGHUDUDWRGRV
ORVSDGUHVSRWHQFLDOHVFRPRVXVYHUGDGHURVSDGUHV\
DWRGRVORVSRWHQFLDOHVKLMRVGHGLFKRV³SDGUHV´FRPR
VXVKHUPDQRVYHUGDGHURV'HHVWDIRUPDODFRPXQL/
FKHUH\3LHUUH0DFKHUH\LQVLVWH
TXHFRQHOHURVSODWyQLFRVHGHMDDWUiVODUHODFLyQKR/
UL]RQWDOGHODDPLVWDGSDUDSDVDUDXQDUHODFLyQYHU/
WLFDOHQODTXHORTXHLPSRUWDQRHVODSUHVHQFLDGHO
RWURVLQRVXDXVHQFLDSRQLHQGRHQMXHJRHOYDORUGHO
VHUFRQFUHWRDOVXEUD\DUTXHORTXHLPSRUWDHVODE~V/
TXHGDGHORWURDEVROXWR
GDGHVH[SOtFLWDPHQWHSHQVDGDFRPRXQDFRPXQLGDG
GHKHUPDQRV\VREUHWRGRORHVDSDUWLUGHXQDPHQ/
WLUDORVJXHUUHURV&*T*"#4-**-#TXHVRQKHUPDQRV\
GHVGHVXHOHYDGDPLVLyQ\SRVLFLyQHOUH\¿OyVRIRVH
ORVGHEHKDFHUFUHHU3DUD3ODWyQHOPiVDOWRJUDGR
GHFRPSURPLVRFRQOD,%'.+VyORDVtSXHGHVHUDOFDQ/
]DGR(VFRPSUHQVLEOHTXHHQVXOHFWXUDGHOD5HS~EOL/
/DSHFXOLDULGDGGHOSHQVDPLHQWRGH3ODWyQHVFODUD
VLUHFRUGDPRVTXHFRPRORPXHVWUDHOFDVRGH8OLVHV
SDUDORVDQWLJXRVJULHJRVHO³\R´VHIXQGDDWUDYpVGH
ODUHODFLyQFRQORVRWURV%HUQDUG*URHWKX\VHQHVFULEH
TXHHQWUHORVJULHJRV³ODFRQVFLHQFLDGHVtHVODDSUH/
FDGH3ODWyQ6WUDXVVLGHQWL¿TXHXQDWHQVLyQ
HQWUHHO*-%+\OD,%'.+ODVHJXQGDQHFHVLWDTXHWRGROH
VHDVXSHGLWDGRHO~QLFRDPRUSHUPLWLGRHVHODPRUGH
ODFLXGDG9DOJDLQVLVWLUWRGRDPRUHVSRQWiQHRFRPR
HOGHODDPLVWDGGHEHVHUVDFUL¿FDGR/DVFRQGLFLRQHV
KHQVLyQHQVtGHXQpO´FLWDGRHQ9HUQDUQW TXH VXVWHQWDQ HO YtQFXOR FRP~Q DFDEDQ FRQ FXDOTXLHU
3DUHFLHUDTXHHQORVDQWLJXRVJULHJRVODSUHVHQFLDGH SULQFLSLRGHUHFLSURFLGDGLJXDOGDG\OLEHUWDG1RHVH[/
WUDxRTXHOD³FLXGDGEXHQD´SDUD3ODWyQVHDSUR[LPHD

/DH[SUHVLyQODUHFXSHUD6WUDXVV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

RR
 &#(%-P)$/(Q0+&,$//0 $2%#(/*01+9!%7(/*24(*"=2"7+%1

ODVRFLHGDGGHFDVWDVHJLSFLD1RVHWUDWDGHXQDFRLQFL/ N%/*-%# 0# N*-24'.$%1# +*/."0-.%+# `agh>`agk1# C0#

GHQFLDHQHOWH[WRGH3ODWyQVHQRVGLFH±HQXQDHVFHQD 4-*04.8"#5)/0"0#EE%XHQRV$LUHV)&(
TXHPXHVWUDFRQFODULGDGODIDVFLQDFLyQTXHHO¿OyVRIR &ROOL*R'0$8"#,%'@$.4%0p[LFR6H[WRSLVR
WLHQHSRUHVDVRFLHGDGWDQDQWLJXDFRPRHVWDEOH±TXHOD &UX]5HYXHOWDV-&D%-0'#6#$-0"+,0-*"4.01#
³FLXGDGEXHQD´VHDVHPHMDDODVRFLHGDGHJLSFLDHQHVH X)"&0/*"$%#*#./,'.404.%"*+#&*#'0#$-0"+,0-*"4.0-!
DVSHFWRK./*%DEFLWDGRHQ6WUDXVV 0p[LFR,)$,&XDGHUQRVGH7UDQVSDUHQFLD
(VFRPSUHQVLEOHTXH3RSSHUHQVXOLEURSROp/ 'HUULGD-R%'@$.40+#&*#'0#0/.+$0&0DGULG7URWWD
PLFRFRQWUD3ODWyQQRWHQJDGXGDODREUDGH3ODWyQHV 'XJDV/CZ#P/.$.G#&0"+#'Z#P"$.().$G3DUtV$OFDQ
XQDUHDFFLyQDOLJXDOLWDULVPRJULHJR3RUHOORHVFRQWUD/ 'XPRW /  N%/%# 5.*-0-45.4)+"! !++0.# +)-# '*#
ULDDODVIRUPDVGHUHFLSURFLGDG\UHFRQRFLPLHQWRGHOD +6+$[/*#&*+#40+$*+3DUtV*DOOLPDUG
DPLVWDG6LVHTXLHUHXQDOHFWXUDPiVEHQLJQDSRGUtDPRV )RXFDXOW0CZ)+0B*#&*+#,'0.+.-+3DUtV*DOOLPDUG
GHFLUTXHHOSHQVDPLHQWRGH3ODWyQHVXQDUHVSXHVWDDOD *HOOQHU(³7ULEX\(VWDGRHQHO0HGLR2ULHQWH´
IUDJPHQWDFLyQ\DORTXHVHDQWRMDEDHQHVRVGtDVFRPR HQ(*HOOQHUP"$-%,%'%B@0#6#,%'@$.40%DUFHORQD*HGLVD
ODDQDUTXtDGHPRFUiWLFD$SHVDUGH3ODWyQODDPLVWDGQR +DGRW3n)Z*+$>4*#()*#'0#,5.'%+%,5.*#P"$.>
GHMDGHVHUXQWHPDFHQWUDOSDUDORVJULHJRV(QHIHFWRXQ ()*p3DUtV*DOOLPDUG
JULHJRTXHIXHSRUYHLQWHDxRVDOXPQRGH3ODWyQFRPR +RUQEORZHU6³&UHDFLyQ\GHVDUUROORGHODV
ORIXH$ULVWyWHOHVODDPLVWDGVHUiXQRGHORVJUDQGHVWH/ LQVWLWXFLRQHVGHPRFUiWLFDVHQOD$QWLJXD*UHFLD´
PDVGHVXREUDLQWHOHFWXDO$KRUDELHQFRPRHVELHQFR/ HQ-'XQQHG<*/%4-04.0Y#!'#9.03*#."040T0&%#
QRFLGRHQODpSRFDGRPLQDGDSRUVXDOXPQR$OHMDQGUR _lfg>`aak!&YM"d%DUFHORQD7XVTXHWV
0DJQR\DVHUiGHPDVLDGRWDUGHSDUDODDPLVWDGSROtWLFD +RQQHWK $  5HL¿FDFLyQ! ]"# *+$)&.%# *"# '0#
SURSLDGHOD,%'.+!74'+72" $*%-@0#&*'#-*4%"%4./.*"$%%XHQRV$LUHV.DW]
(V VHJXUR TXH 'HUULGD SUR\HFWy GH PDQHUD DQDFUy/ -HQRIRQWHF*4)*-&%+#&*#=84-0$*+%DUFHORQD6DOYDW
QLFD \ HUUyQHDPHQWH OD LGHD IUDQFHVD GH XQD IUDWHUQD /XKPDQQ1oM8/%#*+#,%+.T'*#*'#%-&*"#+%4.0'p-!
QDFLyQSROtWLFDVREUHODDQWLJXDGHPRFUDFLDJULHJD6LQ 0p[LFR+HUGHU
HPEDUJRHVQHFHVDULRUHFRQRFHUTXHWLHQHUD]yQDOHQ/ 0DFKHUH\3³(OµOLVLV¶GH3ODWyQGLOHPDHQ/
FRQWUDUHQHO(VWDGRQDFLyQXQDFLHUWDVHPLOODGHOQDWXUD/ WUHODDPLVWDG\HODPRU´HQ6-DQNHOHYLWFK\%
OLVPRXQDVXHUWHGHDUFDtVPRHQHOVHQRGHORPRGHUQR 2JLOYLHC0#0/.+$0&1#*"#+)#0-/%"@01#*"#+)+#&.+%>
$KRUDELHQYDOJDXQD~OWLPDSUHJXQWD¢HVSRVLEOHSHQ/ "0"4.0+0DGULG,GHD%RRNV
VDUODDPLVWDGSROtWLFDHQHOPXQGRPRGHUQRDODPDQHUD 1XVVEDXP0&C0#7-0B.'.&0&#&*'#T.*"Y#X%->
GHORVJULHJRV"1R\Vt1RSRUGRVUD]RQHVHQSULPHU WXQD \ pWLFD HQ OD WUDJHGLD \ OD ¿ORVRItD JULHJD-!
OXJDUGHELGRDOWDPDxRDODFRPSOHMLGDGGHODVRFLHGDG 0DGULG/DEDOVDGHOD0HGXVD
PRGHUQD\DODSOXUDOLGDGGHYLVLRQHVGHOPXQGRTXHVH 3HUHGD&6REUHODFRQ¿DQ]D%DUFHORQD+HUGHU
GHVSOLHJDQHQVXVHQRWRGRHOORKDFHSRFRSODXVLEOHXQD 3RSSHU.C0#+%4.*&0&#0T.*-$0#6#+)+#*"*/.>
DPLVWDGHQXQVHQWLGRIXHUWH(QVHJXQGROXJDUGHELGR B%+%XHQRV$LUHV3ODQHWD$JRVWLQL
DXQDUJXPHQWRTXHQRVSRGUtDGDU3ODWyQODVVRFLHGD/ 5LFRHXU3R0-4%)-+#&*#'0#-*4%""0.++0"4*3DUtV6WRFN
GHVGHPRFUiWLFDVQRVRQVRFLHGDGHVGH¿QLGDVSRUODYLU/ 5RPLOO\-R-%T'[/*+#&*#'0#&G/%4-0$.*#B-*4>
WXGQXHVWUDVVRFLHGDGHVHVWiQGH¿QLGDVSRUODOLEHUWDG ()*3DUtV+HUPDQQ
LQFOXVRSRUXQJUDGRQRGHVSUHFLDEOHGHGHVFRQ¿DQ]D\ 6pGDW-³$PLWLpDQWLTXHDPLWLpPRGHUQHXQ
SHVLPLVPR OLEHUDO DQWH ORV JREHUQDQWHV ³WRGR SRGHU FKDQJHPHQWGHSDUDGLJPH"´{$)&*+Q~P
FRUURPSH´ 3HUR WDPELpQ SRGHPRV UHVSRQGHU TXH Vt 6ORWHUGLMN 3  ³/HV QRXYHDX[ FKHPLQV GH OD
ODDPLVWDGHVQHFHVDULD\HQDOJXQDPHGLGDGHVHDEOH\D FRQQDLVVDQFH´HQWUHYLVWDDX-0"4*#4)'$)-*GHPDU]R
TXH VLQ XQ JUDGR PtQLPR GH FRQ¿DQ]D GH ³DPLVWDG´ 6WUDXVV /  ³3ODWyQ´ HQ / 6WUDXVV \ - &URSVH\
HQWUHTXLHQHVFRQYLYLPRV\VLQXQPtQLPRGHLQWHUpVSRU FRRUGV+LVWRULDGHOD¿ORVRItDSROtWLFD0p[LFR)&(
QXHVWURPXQGRFRP~QQRHVSRVLEOHODVRFLHGDGSROtWLFD 6WUDXVV/!'#-*"04./.*"$%#&*'#-04.%"0'.+/%#
&RPRORVHxDOD1XVVEDXPODDPLVWDGYDGHODPDQRFRQ 4'2+.4%%XHQRV$LUHV$PRUURUWX
HODPRUDOPXQGR\FRQODDFHSWDFLyQGHODIUDJLOLGDGTXH 9HUQDQW-3³(OLQGLYLGXRHQODFLXGDG´HQ
HVFDUDFWHUtVWLFDGHORVELHQHVTXHHVWHPXQGRWUDQVLWRULR $$99M%'%().%#&*#F%60)/%"$Y#=%T-*#*'#."&.>
\FRQWLQJHQWHQRVRIUHFH 9.&)%%XHQRV$LUHV3DLGyV
9HUQDQW-3{-0+*#)"0#9*;|!'#)".9*-+%1#'%+#
5()(5(1&,$6 &.%+*+1#'%+#5%/T-*+0p[LFR)&(
&DVWRULDGLV&C%#()*#504*#0#S-*4.01#`Y#<*#

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

HLL
,-+,6,&.*%-*/&"-&*!'*
BC,%*(32*%;"1(.;2*"1
6
XVDQ1HLPDQ¿OyVRIDIRUPDGDDFDGpPLFDPHQ/
WHSRU-RKQ5DZOVWHQtDFDVLFHUUDGDVXLQYHV/
WLJDFLyQVREUHHOPDODPHGLDGRVGHVHSWLHPEUH
GH(QVXVLQGDJDFLRQHVFHQWUDGDVSULPRUGLDO/
PHQWHHQODVGLVSXWDV¿ORVy¿FDVGHORVVLJORV;9,,\
;9,,,TXHGDEDFODURTXHHOPDOQRSRVHHXQDQDWXUD/
OH]DLQPXWDEOHDOFRQWUDULRHOPDOSRVHHXQDGLPHQ/
VLyQ KLVWyULFD TXH OR SHU¿OD \ SURFHVD 3DUD HOOR VH
FULVWDOL]DQFLHUWRWLSRGHIHQyPHQRVQDWXUDOHVRVR/
FLDOHVORVX¿FLHQWHPHQWHOODPDWLYRVFRPRSDUDFRQ/
YHUWLUORVHQFHQWURVGHJUDYHGDGGLVFXUVLYD(OOLEUR
TXHHQWUHJy1HLPDQDOD3ULQFHWRQ8QLYHUVLW\3UHVV
HQPHGLRGHOTXLHEUHVLPEyOLFRGHOGHVHSWLHPEUH
mal
>6XVDQ 1HLPDQ !'# /0'# *"# *'#
,*"+0/.*"$%#/%&*-"%Y#]"0#5.+>
WRULDQRFRQYHQFLRQDOGHOD¿OR>
+%7@01#0p[LFR)&(@
ORVSHOLJURVGHFDHUHQHOUHODWLYLVPRPRUDOHQHOGHV/
PDQWHODPLHQWRVHPiQWLFRGHOPDO$OFRQWUDULRODLQ/
YHVWLJDFLyQUHDOL]DGDHVXQOODPDGRDXVDUHOOHQJXDMH
PRUDOUHVSRQVDEOHPHQWHSXHVVLELHQHOPDOHVUHODWLYR
KLVWyULFD\JHRJUi¿FDPHQWHVHGHEHHPSUHQGHUXQDLQ/
GDJDFLyQ¿ORVy¿FDTXHSURSRQJDPRGHORVGHDQiOLVLV
\DQGDPLDMHFRQFHSWXDOFDSDFHVGHDFODUDUQRVHOFD/
PLQRTXHD~QGHEHPRVUHFRUUHU1RSRGUtDPRVVRPH/
WHUQRVDWtWXORGHVXUHODWLYLGDGDOLQÀXMRGHDTXHOOR
TXHQXHVWUDFRQFLHQFLDUHFKD]DFRPRPDOLJQR(QHVWH
VHQWLGRODDXWRUDVXJLHUHTXHORVHMHPSORVKLVWyULFRV
TXHUHFXSHUD³QRVUHFXHUGDQTXHHODQiOLVLVKLVWyULFR
QRWLHQHSRUTXpVHUXQYHKtFXORSDUDHOHVFHSWLFLVPR
GH  ``>= SDUHFtD LQYRFDU XQ GUDPiWLFR UHHQ/
FXDGUHGHOSUREOHPDTXHVHKDEtDSURSXHVWRDFODUDU
VHVLWXDEDHQHOXPEUDOGHRWUDLPSRUWDQWHFR\XQWX/
UDFRPSDUDEOHDORVRWURVPRWLYRVTXHVLUYLHURQSDUD
GHFDQWDUODDFWLWXGPRGHUQD\FRQWHPSRUiQHDIUHQWH
DO³SUREOHPDGHOPDO´GRQGHODDXWRUDVHUH¿HUHDO
WHUUHPRWRGH/LVERDHQ\DORVFDPSRVGHFRQ/
FHQWUDFLyQQD]LHQ$XVFKZLW]
(VWD FRQVWHODFLyQ VLPEyOLFD /LVERD $XVFKZLW]
QLXQDUJXPHQWRSDUDHOUHODWLYLVPR´
/D DXWRUD SURFHGH FRQ FDXWHOD QR TXLHUH VXJHULU
TXHDWUDYpVGHODH[SOLFDFLyQGHFDGDIHQyPHQRVH
DSUR[LPHDODMXVWL¿FDFLyQGHORTXHSXHGHFRQVLGH/
UDUVHXQGHELOLWDPLHQWRGHODUHVSRQVDELOLGDGPRUDO
7DPELpQQRVDGYLHUWHGHOSHOLJURVXE\DFHQWHDODLQ/
FDSDFLGDGGHUHFRQRFLPLHQWRGHORVURVWURVPXWDEOHV
GHO PDO DO JUDGR GH OOHJDU D VRPHWHUQRV D XQ ELHQ
DSyFULIR TXH DGPLQLVWUD SROtWLFDV GH WHUURU \ VREUH
``>=VLUYHSDUDPRVWUDUTXHHOPDOQRSRVHHXQDQD/
WXUDOH]D GH¿QLGD QXQFD VH GD XQD YH] SRU WRGDV QR
DJRWDVXVIRUPDVQRSRVHHQDWXUDOH]DSXHVHVWiVRPH/
WLGDDODVFLUFXQVWDQFLDVVXURVWURFDPELDFRQHOSDVR
GHOWLHPSRFRQVXXELFDFLyQJHRJUi¿FD1RREVWDQWH
1HLPDQVHWRPDHOWLHPSRQHFHVDULRSDUDDGYHUWLUGH
H[SORWDQXHVWURVPLHGRVORFXDOHQFXHQWUDXQRGHVXV
PHMRUHVHMHPSORVHQODVSROtWLFDVS~EOLFDVGHODDGPL/
QLVWUDFLyQ%XVKSRVWHULRUHVDO``>=6"!
/D DXWRUD VRVWLHQH TXH HO SUREOHPD GHO PDO IXH
HO PRWRU GHO SHQVDPLHQWR PRGHUQR GHVGH 'HVFDU/
WHV KDVWD 5DZOV SDVDQGR SRU %D\OH 3RSH /HLEQL]
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HLH
 &#(%-P)$/(Q0+&,$//0 ":,%*(&)*%7"1(.7)*"1

5RXVVHDX 9ROWDLUH .DQW +HJHO 0DU[ 6FKRSHQ/ EDWLyHQWUHVXVQLFKRVPRUDOHV\QDWXUDOHVGLVWLQFLyQ

KDXHU 1LHW]VFKH )UHXG &DPXV $UHQGW $XWRUHV
TXHGLVFXWHDORODUJRGHVXREUDGHXQDPDQHUDGH/
WDOODGDHQFRQVRQDQFLDFRQHOHVWLORGHODV¿ORVRItDV
PRUDOHV DQJORVDMRQDV FRQWHPSRUiQHDV 3HUR VL ELHQ
HVYHUGDGTXHHOSHQVDPLHQWRPRGHUQRDWHVWLJXDXQ
HOHPHQWDOtVLPDHQHVWHWHUUHQRVHUHVLVWLyDOHQFDVL/
OODPLHQWR HQ XQD X RWUD \ H[LJLy SODQRV KROLVWDV GH
FRPSUHQVLyQ/DDXWRUDGHMDFODURVXGHVFRQWHQWRFRQ
DTXHOORV SHQVDGRUHV TXH VXSXVLHURQ TXH HUD PHMRU
GHMDUDOPDOHQHOSODQRGHXQDDTXLODWDGDLQLQWHOLJL/
SURFHVRGHVHFXODUL]DFLyQ\ODLFLGDGGHODVQDFLHQWHV
LQVWLWXFLRQHVSROtWLFDVHQHOVHQRGHVXSHQVDPLHQWR
D~QVHFRQVHUYDQSUREOHPDV³WHROyJLFRV´(OSULQFLSDO
HPEUROORTXHLQFRPRGDDODVVLVWHPDWL]DFLRQHVWHROyJL/
FDVGHOPXQGRQDWXUDO\KXPDQRIUHQWHDOSUREOHPDGHO
PDOSXHGHVLQWHWL]DUVHHQODLPSRVLELOLGDGGHDUPRQL]DU
ELOLGDGFRPRHQ9ROWDLUHR$PpU\\DTXHODVGXGDV
HQHOSODQRPHWDItVLFRQRKDQREVWDFXOL]DGRQXQFDOD
FHUWLGXPEUHHQORVFDVRVFRQFUHWRV/DLQWHOLJLELOLGDG
GHOPDOIXHHOSUR\HFWRGHSHQVDGRUHVFRPR/HLEQL]
TXHJHQHUDURQWHRGLFHDVHQODVTXHVHHPSDWDEDQDU/
PyQLFDPHQWHODIH\ODUD]yQ6L'LRVHVRPQLVFLHQWH
ODVVLJXLHQWHVSURSRVLFLRQHV(OPDOH[LVWH'LRVHV \RPQLSRWHQWHVXPXQGRGHEHVHUSRUQHFHVLGDGHO
EHQHYROHQWH'LRVHVRPQLSRWHQWH³3RGHPRVGREODU/
ODVEDUDMDUODVWRUFHUODVDYROXQWDGQRHVSRVLEOHVRVWH/
QHUODVWUHV8QDGHHOODVGHEHVHUGHVFDUWDGD´
+D\ TXH UHFRUGDU TXH HO SHQVDPLHQWR PRGHUQR QR
WDUGDUiHQJHQHUDUXQGHEDWHHQWRUQRDODLQWHOLJLELOL/
GDG GHO PDO GH VX UDFLRQDOLGDG R LUUDFLRQDOLGDG 'H
DTXtSXHVTXHODDXWRUDFRPLHQFHSRUODPHPRULDGH
$OIRQVR;HOVDELRUH\GH&DVWLOODHQHOVLJOR;,,,TXLHQ
IXHFDSD]GHD¿UPDU³VL\RKXELHUDVLGRGHOFRQVHMRGH
PHMRUPXQGRSRVLEOHTXL]iHOPXQGRQRHVWpSULYDGR
GHPDODVXQWRGHOTXHVRPRVFRQVFLHQWHVSRUODH[SH/
ULHQFLDSHURVtVHWUDWDGHOPHMRUPXQGRSRVLEOHHQHO
TXHKD\OXJDUSDUDODOLEHUWDGODUHVSRQVDELOLGDG\HO
FDVWLJRDOSHFDGRHOHPHQWRVTXHGHEtDDUPRQL]DUGH
PDQHUDSHUIHFWDHOFUHDGRUGHOKRPEUH¢TXpPXQGR
VHUtDpVWHGUDPDWL]D1HLPDQDSURSyVLWRGHODWHRGL/
FHDOHLEQL]LDQDVLQRHOPiVPRQVWUXRVR\DEHUUDQWH
VLQRVXSLpVHPRVTXHKD\OH\HVPRUDOHV\HVSLULWXD/
'LRV HQ OD &UHDFLyQ PXFKDV FRVDV KDEUtDQ TXHGDGR
PHMRURUGHQDGDV´(VWDRVDGtDUHSUHVHQWyXQDHPDQFL/
SDFLyQUHEHOGHGHOWXWHODMHUHOLJLRVRGHOUD]RQDPLHQWR
VLQHPEDUJRFRPRVHGHPXHVWUDDORODUJRGHODREUDHO
SHQVDPLHQWRPRGHUQRVHGHEDWHHQWUHGRVDFWLWXGHVHO
QDFLPLHQWRGHOSHQVDPLHQWRVHFXODUTXHGHVSRMDGHVLJ/
QL¿FDGRVWHROyJLFRVORVQLFKRVVHPiQWLFRVGHOPDO\OD
GHIHQVDWHROyJLFDGHODLQHVFUXWDEOHYROXQWDGGLYLQDTXH
SHUPLWHDTXHOORTXHFRQVLGHUDPRV³PDOHV´HQHOPXQGR
9LVWDGHHVWDPDQHUDODPRGHUQLGDGHVXQDHWDSDHQOD
TXHKHPRVGHYHQLGRPiVWULVWHVSHURPiVVDELRVPiV
FRQVFLHQWHVGHODVP~OWLSOHVPHGLDFLRQHVTXHKD\HQWUH
ORVPDOHVUHDOHV\ORVPDOHVUHSUHVHQWDGRV
/DDPHQD]DTXHVHFLHUQHVREUHODPRGHUQLGDGGHV/
GH ORV FLPLHQWRV \ WHFKDGRV GH VXV UHÀH[LRQHV HV OD
FRQJHODFLyQGHORSWLPLVPRIUHQWHDO³KHFKRGHTXHHO
PXQGRQRWHQJDMXVWLFLDQLVLJQL¿FDGR´/DULJLGH]GHOD
YROXQWDGDQWHWDQIXQHVWDFRQFLHQFLDHQFRQWUyDOLYLRHQ
XQSDUDMHD~QPiVSHOLJURVRTXHHVHOGHVPDQWHODPLHQ/
WRGHWRGDPHWDItVLFDSRVLEOHRULHQWDGDDODDFODUDFLyQ
GHODH[LVWHQFLD\VLJQL¿FDGRGHOPDO\DTXHOD¿ORVRItD
PRGHUQDHQPXFKDVRFDVLRQHVGHFLGLyQRUHVSRQGHUD
OHV"/RVHOHPHQWRVFRQTXH'LRVFUHDDOPXQGRVyOR
HQFRQWUDURQ VX PHMRU GLVSRVLFLyQ DUPyQLFD HQ HVWH
PXQGR HO TXH FRQRFHPRV SRU HVR OD EODVIHPD DF/
WLWXGGH$OIRQVR;DFWXDOL]DGDSRU%D\OHQRSRGUtD
UHSUHVHQWDUPiVTXHLQFRPSUHQVLyQDQWHXQDUHDOLGDG
PXFKRPiVFRPSOHMDGHORTXHVXVOLPLWDGDVPHQWHV
SRGtDQFRPSUHQGHU³$JXDUGDGDFRQRFHUODPiV>@
HQFRQWUDUpLVXQDUWL¿FLR\XQDEHOOH]DTXHH[FHGHQ´
D¿UPDED/HLEQL]'HVGHHVWDSHUVSHFWLYDODVFLHQFLDV
PRGHUQDVWHQtDQODLPSURQWDGHDUPRQL]DUODIHFRQ
OD UD]yQ OD UHYROXFLyQ FRSHUQLFDQD GLR XQD LPDJHQ
PiVFRKHUHQWHGHOVLVWHPDVRODUTXHDTXHOODSWROHPDL/
FDTXHLPSHGtDD$OIRQVR;UHFRQRFHUHQVXVOtPL/
WHVWHyULFRV\KXPDQRVODEHOOH]D\SHUIHFFLyQGHOD
FUHDFLyQGLYLQD
³7RGD 1DWXUDOH]D QR HV VLQR $UWH GHVFRQRFLGR
SDUDWL7RGRD]DU'LUHFFLyQTXHQLSXHGHVSHUFLELU
7RGD'LVFRUGLD$UPRQtDQRFRPSUHQGLGD7RGR
HQSDUWH0DOHOELHQXQLYHUVDO<DSHVDUGHO2UJX/
OORDSHVDUGHODIDOLEOH5D]yQ8QDYHUGDGHVFODUD
WRGRORTXHHVHVWiELHQ´(QHVWRVYHUVRVGH$OH[DQ/
GHU 3RSH WRPDGRV GH VX !"+06%# +%T-*# *'# 5%/T-*!
ORVFXHVWLRQDPLHQWRVVREUHHOPDOVHGHFODUyJQRVHROy/
JLFDPHQWHLQFDSDFLWDGDPRUDOPHQWHDEUXPDGD&RPR
VHD OD ¿ORVRItD PRGHUQD HQ HVSHFLDO OD GH ORV VLJORV
;9,,, \ ;,; HVWXYR RULHQWDGD D OD E~VTXHGD GH XQD
FRPSUHQVLyQTXHKLFLHUDSRVLEOHXQDDFWLWXGFRUUHFWD\
UHVROXWLYDIUHQWHDOPDO
/DLQWHOLJLELOLGDGGHOPDOHQODPRGHUQLGDGVHGH/
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HLJ
WUDVSDUHQWDQODDFWLWXGSRVLWLYDIUHQWHDOWHPD
GHO PDO 'H FXDOTXLHU PRGR FRPR KDUiQ YHU RWURV
SHQVDGRUHVHVWHH[FHVRGHRSWLPLVPRQRSXHGHGHMDU
GH FDXVDU PROHVWLDV FXDQGR WHQHPRV MXVWR HQIUHQWH
ORVFDVRVPiVGHVJDUUDGRUHVGHVXIULPLHQWRKXPDQR
3RUPRPHQWRVSDUHFHTXHQRH[LVWHVDOLGDODFRPSOH/
MLGDGGHOPDOUDGLFDHQVXSURSLDFRPSRVLFLyQ\HQ/
 0#:0/0)1("#(+)*#)(%7(&%7( 0(&#(%-P)$/(Q0+&,$

JUDQHFRQHOVLVWHPDGHREMHWRV³(OSUREOHPDGHOPDO
OOHJy D VHU *+$-)4$)-0'/*"$*# LQVROXEOH´ D¿UPD 1HL/
PDQ³HOSUREOHPDGHOPDOSUHVXSRQHXQDFRQH[LyQ
VLVWpPLFD HQWUH OD IHOLFLGDG \ OD YLUWXG >@ 3HUR HO
PXQGRSDUHFHQRPRVWUDUHQDEVROXWRHVWDWUDED]yQ´
4XL]iFRPRKXELHUDSHQVDGR.DQWWRGRHOSUREOHPD
SHUSOHMR.DQWDQWHHOFLHOROOHQRGHHVWUHOODV\DQWHOD
OH\PRUDOGHQWURGHVt
&RPRVHD1HLPDQLQWHQWDDMXVWDUODDQDORJtDHQWUH
WDOHVSHQVDGRUHVH[SXHVWDSRU+RUNKHLPHU\$GRUQR
HQVX<.0'G4$.40#&*#'0#E')+$-04.8"QRWRGRHQ6DGHR
.DQWSXHGHUHGXFLUVHDOD³IUtDOH\´(QWUHHOORVH[LV/
UDGLFD HQ HO GHVHR KXPDQR GHPDVLDGR KXPDQR GH
SRVHHUODFDSDFLGDGGLYLQDGHXQLUGHPDQHUDQDWXUDO
DTXHOORTXHODUD]yQKXPDQDVyORSXHGHYLQFXODUGH
PRGRPRUDO4XHGDFODURTXHWRGDDFFLyQPRUDOWLHQH
HOSURSyVLWRGHFUHDUXQPXQGRGRQGHODYLUWXG\OD
IHOLFLGDGHVWpQVLVWHPiWLFDPHQWHYLQFXODGDVSXHVHV
FUXFLDOQRVDEHUVLQXHVWUDVEXHQDVLQWHQFLRQHVVHUiQ
WHQ¢TXLpQORGXGDUtD"GLIHUHQFLDVDELVPDOHV1RVR/
WURVDxDGLPRVTXHWUiWHVHGHTXLHQVHWUDWHQXHVWUD
JHQHUDFLyQSHUWHQHFHDXQWLHPSRLFRQRFODVWDQRSR/
VHHPRV³QDWXUDOH]D´QL³OH\´QRHQXQVHQWLGRRQWR/
OyJLFDPHQWHUHVWULFWLYRRFRHUFLWLYRQRVFXHVWDWUDED/
MRFUHHUTXH³GHEDPRV´DFWXDUHQWDORFXDOVHQWLGRD
SDUWLUGHTXHQXHVWUDLGHDGH³QDWXUDOH]D´RGH³OH\´
UHFRPSHQVDGDVSDUDTXHSXHGDGDUVHDXWRQRPtDDOD
PRUDOLGDG \ SRGHU VHU GLJQRV GH XQD IHOLFLGDG TXH
GHEHH[SHULPHQWDUVHIXHUDGHWRGRGHWHUPLQLVPR
1HLPDQSUy[LPDHQVXVDUJXPHQWDFLRQHVD.DQW
WUHQ]DORVYHFWRUHVGHODUHÀH[LyQPRGHUQDGHWDOIRU/
PDTXHHOPDOSDUHFHFRQYHUWLUVHHQDOJRLPSRVLEOH
HVGHFLUDOJRVLHPSUHLQDOFDQ]DEOHHLQHMHFXWDEOHHQ
VX IRUPD SXUD SHUPDQHQWHPHQWH UHERVDQWH H[FH/
GLHQGRODVSRVLELOLGDGHVDODVTXHODYLGDKXPDQDOR
DUURMD(VDTXtFXDQGRODDXWRUDDEUHHOH[SHGLHQWHGH
ODOLWHUDWXUDVDGLDQDHQODTXHODQDWXUDOH]DTXL]iVH
RSRQHDODVDFWLWXGHVPiVSHUYHUVDVSXHVDXQTXHVH
TXLHUD VHU SHUPDQHQWHPHQWH XQ FULPLQDO ORV YHUGD/
GHURVFUtPHQHVFRQWUDODQDWXUDOH]DVRQLUUHDOL]DEOHV
%DWDLOOHLQFOXVRVHQRVGLFHOOHJyDYHUFLHUWDSLHGDG
HQODVREUDVHUyWLFDVPiVGHOLUDQWHV1RVyORHVRDO/
JXQDVGHHOODVODVPiVGHSUDYDGDVSRGtDQVHUOHtGDV
JHQXLQDPHQWHFRPROLEURVGHRUDFLyQGHUHFRQFLOLD/
FLyQ FRQ OD QDWXUDOH]D ³/RV DVHVLQRV VLHPSUH HVWiQ
HQODQDWXUDOH]DFRPRHVWiQODVJXHUUDVHOKDPEUH\
HOFyOHUDVRQXQRGHORVPHGLRVGHTXHGLVSRQHODQD/
WXUDOH]DHQWUHWRGDVODVGHPiVIXHU]DVHQHPLJDVTXH
SXHGHSRQHUHQQXHVWUDFRQWUD>«@QRSRGHPRVD]RWDU
QLTXHPDUQLPDUFDUQLDKRUFDUDOFyOHUDRDOKDPEUH
SHURVtSRGHPRVKDFHUOHWRGRHVRDXQKRPEUHSRU
HVRHVWiPDO´'HHVWHPRGR6DGHHQVXGHVRUELWDGD
FDUUHUDHQODVSLVWDVGHOPDOQRSXHGHVLQRKLQFDUVH
DQWHHOHVSHFWiFXORGHODYLGDGHPDQHUDVHPHMDQWHDO
DXQTXHQRVREOLJXHIDOD]PHQWHDKDFHUOR
)LQDOPHQWH OD DXWRUD LQVLVWH HQ FXHVWLRQDUVH VL
DFDVRWRGRHOHPEUROORGHOPDOHPDQDGHODGLQiPLFD
GHODVFUHHQFLDVUHOLJLRVDV:DOWHU%HQMDPLQHQVXV
7HVLV VREUH ¿ORVRItD GH OD KLVWRULD GHVHQPDVFDUDED
OD OyJLFD FRQ OD TXH VH SUHVHQWDED DO PDWHULDOLVPR
KLVWyULFRpVWH~OWLPRVLHPSUHYHQFHUtDHQFXDOTXLHU
DUHQDWHyULFDPLHQWUDVHQWUDxDUDODLQHUFLDGHXQDWHR/
ORJtDTXHVLELHQPDQWHQLGDIXHUDGHYLVWD\PXHUWD
DORVRMRVGHODUD]yQUHLQDEDFRPRIDQWDVPDHQVXV
HQWUDxDV¢+D\IDQWDVPDVHQODPDTXLQDULDPRGHUQD"
6XVDQ1HLPDQWLHQHXQDUHVSXHVWDQRIiFLOGHVLQWHWL/
]DU3RUXQODGRODPRGHUQLGDGSXHGHVHUYLVWDFRPR
XQDHUDGHPDGXUH]LQWHOHFWXDOHQHOTXHVHKDQDUUR/
MDGRDODPDUORVODVWUHVGHOHXIHPLVPRPtWLFRSHUR
SRU HO RWUR GHEH WHUPLQDU UHFRQRFLHQGR TXH HQ ORV
SURJUDPDVGHLQWHOLJLELOLGDGGHOPXQGRSHUYLYHDOJR
TXHHVWXYRSUHVHQWHHQORVFLPLHQWRVPLVPRVWDQWRGH
$WHQDVFRPRGH-HUXVDOpQ/DDXWRUDQRVFRORFDDQWH
DOJRTXH³HVPHQRVXQDVXQWRGHDUJXPHQWRVTXHGH
RUtJHQHV´SRUHVRQHFHVLWDPRVSDUDGLJPDVGHH[SOL/
FDFLyQ GLIHUHQWHV QL WHRGLFHDV QL UHODWLYLVPRV VLQR
XQDHVSHFLHGHP)75*T)"B#KHJHOLDQDTXHDOVXSHUDU
DTXHOORVGHMHLQWDFWRHOSULQFLSLRGHUD]yQVX¿FLHQ/
WHTXHVXVWUDLJDODSHOLJURVDWHQWDFLyQGHDEDQGRQDU
WRGRHQHOSODQRGHODLQLQWHOLJLELOLGDG\HOVLOHQFLR
SHURWDPELpQTXHFRQVHUYHHOLQVWLQWRGHGHPDQGDGH
XQPXQGRVLJQL¿FDWLYR\ySWLPR
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HLK
Hegel, !#$)*4*!3&"!
?*+4*2(J%#+0;;%#%(?#C*%/%>
*
HUDUGR ÈYDORV 7HQRULR RIUHFH OD H[SRVLFLyQ
GH XQR GH ORV SHQVDPLHQWRV PiV GLItFLOHV \
HVFDEURVRVSHURDOPLVPRWLHPSRPiVO~FL/
GRV\IDVFLQDQWHVHQODKLVWRULDGHOD¿ORVRItDFRPR
HV HO GH *HRUJH :LOKHOP )ULHGULFK +HJHO TXLHQ VH
DYHQWXUDUDDODWDUHDGHGHPRVWUDUTXHOD¿ORVRItDHV
ODUHLQDGHODVFLHQFLDV
(O SURSyVLWR GH OD ¿ORVRItD GH +HJHO HV FRQRFHU
ODYHUGDGGHOVHUTXHHVSXQWRGHSDUWLGD\DODYH]
GHDUULERGHODUD]yQ\FRQHOORQRVKDOHJDGRJUDQ/
GHV DSRUWHV FRQ XQR GH ORV UHFXUVRV PHWRGROyJLFRV
PiV LPSRUWDQWHV SDUD HO HVWXGLR GH ORV IHQyPHQRV
KXPDQRV $Vt GLFH *HUDUGR ÈYDORV DO LQLFLR GH VX
REUD³+HJHOQRGLFHFyPRGHEHQVHUODVFRVDVVLQR
DQWHVELHQFyPRGHEHQVHUFRPSUHQGLGDV´1RVHWUD/
WDGHXQKRUL]RQWHGHRQWROyJLFRVLQRRQWROyJLFRÈYD/
ORV7HQRULRFRPLHQ]DSRUGHVWDFDUODDSRUWDFLyQPiV
LPSRUWDQWHGH+HJHODOD¿ORVRItDODGLDOpFWLFDGHOD
>*HUDUGR ÈYDORV 7HQRULR ?-*9*#
."$-%&)44.8"# 0'# ,*"+0/.*"$%# &*#
N*B*'0p[LFR8QLYHUVLGDG$X/
WyQRPD0HWURSROLWDQD;RFKLPLO/
FR@
GH FRQGXFLU OD YROXQWDG KDFLD HO EXHQ REUDU SHUR
LQWHQWDUiVXSHUDUOR
3DUD+HJHOODIyUPXODGHOLPSHUDWLYRFDWHJyULFR
SURSXHVWDSRU.DQWVHJ~QODFXDOHODFWXDUFRUUHFWR
GHSHQGHGHDVXPLUQRVFRPROHJLVODGRUHVXQLYHUVDOHV
GHVGH XQD pWLFD GH OD LQWHQFLyQ HV XQ FDVFDUyQ YD/
FtRGHFRQWHQLGRV\SRUWDQWRLQ~WLOSDUDFRPSUHQGHU
ORV IXQGDPHQWRV GH XQ DFWXDU pWLFR TXH QR VH VLW~D
HQ ODV FRQGLFLRQHV GH SRVLELOLGDG GHO DFWXDU VLQR
DGHFLUGH+HJHOHQODKLVWRULFLGDGODFXOWXUD\ODV
H[SHULHQFLDVFRPSDUWLGDVGHORVVXMHWRV$OUHVSHFWR
GLFHÈYDORV³3DUDQRDVXPLUODVFRQWUDGLFFLRQHVOD
FRQFLHQFLD>PRUDO@VHTXHGDHQXQDVLWXDFLyQGHVHU
XQD EXHQD FRQFLHQFLD TXH HV OD VXSHUDFLyQ HQWUH OD
FRQFLHQFLDPRUDOXQLYHUVDO\HOVtPLVPRVLQJXODUTXH
DFW~D/DHVFUXSXORVLGDG\ODVEXHQDVLQWHQFLRQHVGH
ODFRQFLHQFLDPRUDOVLJXHQH[LVWLHQGRSHURpVWDHYLWD
PDQFKDUVHFRQODWHUUHQDOLGDGGHODDFFLyQ\HQWRQFHV
QHJDFLyQ \ OD VXSHUDFLyQ (O VHU QR HV OR LQPHGLDWR
GHODFRQFLHQFLDDXQTXH\DVHHQFXHQWUHFRQWHQLGRHQ
HOODHOVHUHVODDXWRFRQFLHQFLDTXHVHFRPSUHQGHDVt
PLVPDDWUDYpVGHORVRWURV
0LHQWUDVSDUD.DQWHOVXMHWRFRJQRVFHQWHVHHQ/
FRQWUDEDHVFLQGLGRGHOREMHWRFRJQRVFLEOH\HOGHEHU
PRUDO GHO LPSHUDWLYR FDWHJyULFR UHVXOWDED DMHQR DO
FRQWHQLGRGHODDFFLyQHVWRHVDMHQRDODKLVWRULD\
DOFRQWH[WR+HJHOUHVFDWDODSUHWHQVLyQGHXQLYHUVD/
OLGDGWUD]DGDSRUHO¿OyVRIRGH.|JQLJVEHUJUHFX/
SHUDUiVXLQTXLHWXGSRUORVDOFDQFHV\ORVOtPLWHVGH
OD UD]yQ KXPDQD DVt FRPR SRU HO GHVSOLHJXH pWLFR
RODSXHVWDHQSUiFWLFDGHXQDLGHDGHUD]yQFDSD]
3URIHVRULQYHVWLJDGRUGHWLHPSRFRPSOHWRHQOD8QLYHUVLGDG$XWyQR/
1
PDGHOD&LXGDGGH0p[LFR
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HLG
HOVtPLVPRQRDOFDQ]DUHDOLGDG´S
3DUD +HJHO HO VXMHWR FRJQRVFHQWH QR HVWi HVFLQ/
GLGRGHOREMHWRFRJQRVFLEOH'HKHFKRpOPLVPRVH
FRQVWLWX\H VH YXHOYH DXWRFRQFLHQFLD FRQ HO REMHWR
/D UHDOLGDG HV OD FRPSUHQVLyQ GH TXH HO VXMHWR \ HO
REMHWRVHHQIUHQWDQ\UHFRQFLOLDQHQHOFXUVRGHOVHU
(VWD FRQVWLWXFLyQ GHO REMHWR HV D OD YH] PHGLDFLyQ
HQWUHFRQFLHQFLDVGLVWLQWDVTXHVHHQIUHQWDQ\HQXQ
SULQFLSLRVHQLHJDQGHVGHODSDUWLFXODULGDGQHJiQGR/
VHDWUDYpVGHODFXOWXUD\ODKLVWRULD(VGHFLUHQOD
FRQVWUXFFLyQGHVXLGHQWLGDGSHURTXHPiVWDUGHVH
UHFRQRFHQ\UHFRQFLOLDQ
(VWR\FRQYHQFLGRGHTXHHOSHQVDPLHQWRGLDOpFWL/
FRTXHDVXPHHOSULQFLSLRGHFRQWUDGLFFLyQRQHJD/
FLyQ FRPR SXQWR GH SDUWLGD GHO SHQVDU \ TXH EXVFD

ODVtQWHVLVHQODUHFRQFLOLDFLyQGHHQORVYtQFXORVHQ
ODVGHWHUPLQDFLRQHVFRPSDUWLGDVHVXQDKHUUDPLHQWD
IXQGDPHQWDOQRVyORSDUDOD¿ORVRItDVLQRSDUDHOUHVWR
GHODVKXPDQLGDGHV\ODVFLHQFLDVVRFLDOHV8QHMHP/
SORHVODSXHVWDHQSUiFWLFDGHODGLDOpFWLFDGH+HJHO
HQODFUtWLFDGH0DU[DODFLYLOL]DFLyQFDSLWDOLVWD6LQ
HPEDUJR FRPR ELHQ QRV DGYLHUWH *HUDUGR ÈYDORV
XQDSDUWHGHODWUDGLFLyQPDU[LVWDVREUHWRGRGHLQV/
SLUDFLyQHVWDOLQLVWDDSOLFDEDQHOSHQVDUGLDOpFWLFRGH
+HJHOGHPDQHUDYXOJDU\JURVHUDD¿QGHIRU]DUOD
UHDOLGDGDVXVFDSULFKRV/DLGHDGHSHQVDUTXHODKLV/
WRULDWLHQHXQFXUVR\DWUD]DGRGHDQWHPDQRDMHQRDOD
KLVWRULFLGDG\OLEHUWDGGHLQGLYLGXRV\VRFLHGDGHVIXH
XQDXWLOL]DFLyQPHFiQLFDGHODGLDOpFWLFDGH+HJHO
/D FUtWLFD GH 0DU[ DO FDSLWDO FRPR UHVXOWDGR GH
XQDUHODFLyQGHGRPLQDFLyQGHXQDFODVHVRFLDOVREUH
RWUDDWUDYpVGHODH[SORWDFLyQGHOWUDEDMRHQDMHQDGR/
WLHQHXQDLPSURQWDKHJHOLDQD
/DLGHDGHDVXPLUTXHODUD]yQVHFRQVWLWX\HFRWL/
GLDQDPHQWHDWUDYpVGHODFRQYLYHQFLDHQHOVHQRGH
WUDGLFLRQHVFRVWXPEUHV\KiELWRVVLQORVFXiOHVQRVH
H[SOLFDUtDQFDQWLGDGGHFRVDVFRPRORHVODYLGDSROt/
WLFDPHSDUHFHRWUROHJDGRGH+HJHOTXHWDPELpQHV
VXEUD\DGRSRUÈYDORV7HQRULR
3RU VX SDUWH HO PpWRGR GLDOpFWLFR SURSXHVWR SRU
+HJHOFRPRFDPLQRGHOSHQVDUTXHVHUHFRQRFHDVt
PLVPR QR WLHQH SRU TXp FRQGXFLUQRV LQGHIHFWLEOH/
PHQWH D OD SHUIHFFLyQ IiFWLFD GH QXHVWUR VHU $QWHV
ELHQ VH WUDWD GH FRPSUHQGHU SRU TXp VRPRV OR TXH
HVWDPRVVLHQGR(QWLHQGRTXHHOPRPHQWRGHODVX/
SHUDFLyQGHVSXpVGHTXHVXMHWR\REMHWRVHHQIUHQWDQ
HVXQPRPHQWRGH³DOXPEUDPLHQWR´GHORTXHVRQQR
XQGHFiORJRGHEXHQRVSUHFHSWRV
(VWHSHQVDPLHQWRGLDOpFWLFRUHVXOWDIXQGDPHQWDOSDUD
FRPSUHQGHUTXHHO(VWDGRDGHPiVGHVHUXQFXHUSRSR/
OtWLFRGRWDGRGHWHUULWRULRJRELHUQRSREODFLyQ\VREHUD/
QtDHVXQDH[SUHVLyQYLYLHQWHGHODVUHODFLRQHVVRFLDOHV
TXHQRVFRQVWLWX\HQDXQVRORWLHPSRFRPRLQGLYLGXRV\
FLXGDGDQRVGHVGHHOUHFRQRFLPLHQWR/RTXHQRVHQVHxD
ODGLDOpFWLFDGHOVHxRU\HOVLHUYRPiVFRQRFLGDFRPROD
;","7?(%62'(<(%;)*% 0(&#(%-P)$/(Q0+&,$
GHVGHODSURSLDFRQFLHQFLDPRUDO\VLQXHVWUDLQGLYL/
GXDOLGDGQRDOFDQ]DDVHSDUDUQRVGHORVIHQyPHQRVD
FULWLFDUDQWHVELHQVHVXEVXPHHQHOORV¢GHVGHGyQGH
HPSUHQGHUODFUtWLFDDODHWLFLGDGSDUDVHJXLUVXSHUiQ/
GRQRVFRPRLQGLYLGXRV\VRFLHGDG"
+HJHO FRQItD HQ TXH OD HPDQFLSDFLyQ VH DOFDQ]D
GHVGH HO UHFRQRFLPLHQWR pWLFR LQWHUVXEMHWLYR TXH GD
YLGDDO(VWDGR0DU[HQFDPELRQHFHVLWDUHFXUULUD
ODH[WHULRULGDGGHOWUDEDMRSDUDGHVGHDKtHPSUHQGHU
VXFUtWLFDDOFDSLWDO\DVXHQTXLVWDPLHQWRFRPRIRUPD
FLYLOL]DWRULD HQ ODV LQVWLWXFLRQHV GHO (VWDGR (Q HVWH
VHQWLGRGLFH+HJHOHQODX*"%/*"%'%B@0#&*'#*+,@-.$)
³HOREUDUELHQGHXQPRGRHVHQFLDOHLQWHOLJHQWHHVHQ
VX¿JXUDPiVULFD\PiVLPSRUWDQWHODDFFLyQLQWHOL/
JHQWHXQLYHUVDOGHO(VWDGR±XQDDFFLyQHQFRPSDUD/
FLyQFRQODFXDOHOREUDUGHOLQGLYLGXRFRPRLQGLYL/
GXRHVHQJHQHUDODOJRWDQLQVLJQL¿FDQWHTXHDSHQDV
VLYDOHODSHQDKDEODUGHHOOR´
0LHQWUDV+HJHOD¿UPDTXHHO(VWDGRHVODUHDOLGDG
GHODLGHDpWLFD0DU[REMHWDTXHQRHVRWUDFRVDTXH
³ODFRPXQLGDGLOXVRULDGHXQDVRFLHGDGGHVJDUUDGD´
¢6HUi TXH 0DU[ QR FRPSUHQGLy D +HJHO" 2 PHMRU
GLFKR¢GHVFXEULyTXHQRHVSRUODYtDGHOUHFRQRFL/
PLHQWRVLQRGHODUDGLFDOL]DFLyQGHOHQIUHQWDPLHQWR
TXHVHOXFKDSRUODOLEHUWDG"
$VtFRPRODGLDOpFWLFDHVXQUHFXUVRLPSRUWDQWtVLPR
SDUDLQWHOLJLUHOSHQVDPLHQWRHQVXGLPHQVLyQSUiFWLFD
UHVXOWDULHVJRVRVXEVXPLUORVFULWHULRVGHODFWXDUpWLFR
VRODPHQWH D XQ UHFRQRFLPLHQWR LQWHUVXEMHWLYR FRQVWL/
WXLGRGHVGHODKLVWRULD\ODFXOWXUDGRQGHVHKDJHVWDGR
OD GRPLQDFLyQ TXH VH SUHWHQGH FXHVWLRQDU 'LFKR HQ
RWUDVSDODEUDVVLUHQXQFLDPRVDOKRUL]RQWHQRUPDWLYR
SODQWHDGRSRU.DQWFRPRLGHDUHJXODWLYDSDUDFXHVWLR/
QDUODUHDOLGDGQRVTXHGDUtDPRVVLQSODWDIRUPDFUtWLFD
SDUDGLULJLUORVFDPELRVIiFWLFRVGHHVDPLVPDUHDOLGDG
/RV UHFXUVRV TXH +HJHO QRV EULQGD SDUD SHQVDU
DO VHU \ TXH ÈYDORV UHVFDWD FRQ LQJHQLR \ DJXGH]D
UHVXOWDQVXPDPHQWHYDOLRVRVSHURTXHGDODGXGDGH
GyQGH VH HQFRQWUDUi DTXHOOR TXH QR HVWi VXEVXPLGR
HQ HO VHU OD QDGD TXH IUHQWH DO PRYLPLHQWR GHO VHU
GLDOpFWLFDGHODPR\HOHVFODYRHVTXHSDUDREWHQHUREH/ FRQWLQ~DFRPRQDGD\QRVGHWHUPLQD\DPHQD]DHVWR
GLHQFLDGHOGRPLQDGRVHUHTXLHUHWDPELpQXQPXWXRUH/ HVODPXHUWHGyQGHTXHGDHODFFLGHQWHORFRQWLQJHQ/
FRQRFLPLHQWR/DGRPLQDFLyQHVXQIHQyPHQRTXHQRV WH\ORLQH[SOLFDEOHHO2WUR\ORRWURSHQVDQGRSRU
SHUPLWHHQWHQGHUFyPRHVTXHGRPLQDGRU\GRPLQDGR HMHPSORHQORVDQLPDOHVHOPHGLRDPELHQWHHWFpWH/
QDFHQDOPLVPRWLHPSR\VHFRGHWHUPLQDQ
6LQHPEDUJRUHVXOWDSUREOHPiWLFRFRQFHELUTXHOD
UHDOL]DFLyQGHODOLEHUWDGODMXVWLFLD\HOELHQFRP~Q
QDFHQGHODVSUHPLVDVGHODHWLFLGDGHQODTXHVHJHVWD
OD GRPLQDFLyQ 6L UHQXQFLDPRV SRU HMHPSOR D XQD
QRFLyQGHLQGLYLGXRFRPRODSODQWHDGDSRU.DQWVH/
J~Q OD FXDO VH SXHGH WUD]DU XQ KRUL]RQWH QRUPDWLYR
UDGyQGHFRORFDUHOLQFRQVFLHQWHODH[WHULRULGDGGHO
WUDEDMRYLYRGyQGHTXHGDHOH[FOXLGR3RUTXpSHQ/
VDUTXHWRGRGHEHUHFRQFLOLDUVH\TXHODVXEMHWLYLGDG
GHEHTXHGDUDO¿QDOVXEVXPLGDHQODXQLYHUVDOLGDG
6LORVYHQFHGRUHVHQODSROtWLFD\HQODJXHUUDPDUFDQ
ODSDXWDGHODGLUHFFLyQGHOPXQGR¢WDOGLUHFFLyQHV
FRUUHFWDLQHYLWDEOHHVXQDPDQLIHVWDFLyQGHOHVStULWX
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HLM
 &#(%-P)$/(Q0+&,$//0 %*+2*)(1%#+077%#%(%#:*%/%
FXDQGRVHHULJHGHVGHODQHJDFLyQGHORGLVWLQWRGHV/
GHODDPELFLyQGHVPHGLGDGHSRGHU\GRPLQLRRGHOR
TXHDPHQD]DHORUGHQ"
3RUTXpQRSHQVDUFRQDOJXQRVDXWRUHVGHODWUDGL/
FLyQIUDQFHVDFRPR)RXFDXOW'HOHX]HR'HUULGDLQFOX/
VRFRQDOJXQRVSUHFXUVRUHVGHOD(VFXHODGH)UDQNIXUW
FRPR$GRUQR+RUNKHLPHUR%HQMDPLQTXHODUXSWX/
UDODGLVFRQWLQXLGDGHOKDOOD]JRODDQRPLDORDWtSLFR
VRQWDPELpQGHVYtRV\YHULFXHWRVGHODH[LVWHQFLDSDUD
GDLQPHUVD\VXSHUDGDODOXFKDLQWHUVXEMHWLYDSRUHO
UHFRQRFLPLHQWR WDPELpQ OD GLPHQVLyQ pWLFD TXH YD
GH¿QLHQGRORVYDORUHVKHJHPyQLFRVUHVXOWDGRGHHVWH
HQIUHQWDPLHQWR\TXHGRWDGHLGHQWLGDGDODFXOWXUD
DO*$5%+#GHXQSXHEORRXQDVRFLHGDG0iVDOOiGHORV
FRQWHQLGRV SDUWLFXODUHV GHO GLVHxR LQVWLWXFLRQDO SUR/
SXHVWRSRU+HJHODOSHQVDUDRUJDQL]DFLyQGHO(VWDGR
FX\DIRUPDGHJRELHUQRHVXQDPRQDUTXtDFRQVWLWX/
FLRQDO\HQODTXHQRVRIUHFHXQDGLYLVLyQPiVQRXQ
GHFLUORFRQ+HJHOTXHGHVYtDQHOSHQVDPLHQWRSURYR/ HTXLOLEULRGHSRGHUHVSXHVWRTXHHOSRGHUGHOPRQDU/
FiQGROHLQTXLHWXGSDUDHODERUDUODFUtWLFD FDWDPELpQHVWiSUHVHQWHHQHOSRGHUJXEHUQDWLYR>ORV
(Q HO iPELWR GH OD ¿ORVRItD SROtWLFD HQ OD UHOL/ IXQFLRQDULRVGHODEXURFUDFLD@\HQHOSRGHUOHJLVODWL/
JLyQ HQ OD HSLVWHPRORJtD R HQ OD HVWpWLFD VH SXHGH
HVWDUDIDYRURFRQWUDGH+HJHOSHURQRVHOHSXHGH
QLGHEHLJQRUDU*HUDUGRÈYDORVQRVRIUHFHXQOLEUR
TXHWLHQHODYLUWXGGHEULQGDUXQSDQRUDPDLQWHOLJLEOH
HLQWHOLJHQWHGHXQSHQVDPLHQWRFRPSOHMR\GLItFLOGH
DSUHKHQGHU$QWHVGHH[SRQHUQRVORVPRPHQWRVIXQ/
GDPHQWDOHVGHVXVLVWHPD¿ORVy¿FRFRPRODOyJLFD\
YRGHFRPSRVLFLyQHVWDPHQWDOHOUD]RQDPLHQWRH[/
SXHVWRSDUDSHQVDUODYLGDSROtWLFDQRVSHUPLWHFRP/
SUHQGHU ORV IXQGDPHQWRV GH FXDOTXLHU RUJDQL]DFLyQ
SROtWLFD$VtSXHVHQHOFDVRGH0p[LFRODX.'%+%7@0#
&*'#&*-*45%QRVGRWDGHFDQWLGDGGHUHFXUVRVFRQFHS/
WXDOHV SDUD FRPSUHQGHU OR DOHMDGRV TXH HVWDPRV GH
XQDYLGDGHPRFUiWLFDTXHHQSDUWHUHVXOWDDMHQDDOGH/
HOHVStULWXDOTXHSHUWHQHFHVX¿ORVRItDSUiFWLFDQRV
SUHVHQWD XQ SDQRUDPD GH ORV PRPHQWRV PiV UHSUH/
VHQWDWLYRVGHVXYLGD
8QRGHORVDVSHFWRVPiVVLJQL¿FDWLYRVGHODREUD
UHFLHQWHGHÈYDORV7HQRULRHVODH[SRVLFLyQGHOSHQ/
VDPLHQWRSROtWLFRGH+HJHOTXHGRWDGHFDQWLGDGGH
UHFXUVRV SDUD FRPSUHQGHU TXH ODV OH\HV ODV LQVWLWX/
FLRQHV\ODFXOWXUDVRQHOHPHQWRVFRQVXVWDQFLDOHVGHO
(VWDGRTXHGDQUD]yQGHSRUTXpODUHDOLGDGSROtWLFD
HV FRPR HV (Q HO GHYHQLU GHO (VWDGR QR VyOR TXH/
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HLN
YHQLUKLVWyULFRGHQXHVWUDVLQVWLWXFLRQHVHLGHQWLGDG
'HWUiV GH ODV SDJLQDV GH ?-*9*#."$-%&)44.8"# 0'#
,*"+0/.*"$%#&*#N*B*'KD\XQWUDEDMRQRHQDMHQDGR
TXHSRUVtPLVPRDEUHXQDJULHWDGHKXPDQLVPRHQ
XQSDtVGRQGHORVIXQFLRQDULRVGHODHGXFDFLyQS~/
EOLFDEXUyFUDWDVGHOVDEHUVHKDQKHFKRHOSURSyVLWR
GHDQLTXLODUHOSHQVDPLHQWR*HUDUGRÈYDORVKDHV/
FULWRHVWHOLEURGHVGHHOUHFRQRFLPLHQWRpWLFRTXHOH
GHSDUDQ ORV HVWXGLDQWHV TXH HVWiQ DUULHVJDQGRVH HQ
ODWDUHDGHOSHQVDU
'!* tensión 3!6,!*%'*1,-
?#+2#02(7K(L"*#I#C"6>
!
+40$%'%B@0# %44.&*"$0' HV XQ GRFXPHQWR GHFL/
VLYR GH OD WHRORJtD SROtWLFD HXURSHD GHO VLJOR
;;TXHVHHQFXHQWUDGLVSRQLEOHHQFDVWHOODQR
WUDVGpFDGDVJUDFLDVDODWUDGXFFLyQGH&DUROD3LYHWWD
(VWHHQVD\RHVXQHVWXGLRHUXGLWRVREUHODFRQFHSFLyQ
HVFDWROyJLFDGHODKLVWRULDTXHVHUHPRQWDDODWUDGL/
FLyQ GH ,VUDHO -XQWR D ODV PiV FRQRFLGDV LQYHVWLJD/
FLRQHV KLVWRULRJUi¿FDV GH 0DUWLQ %XEHU \ *HUVKRP
6FKROHP HVWD REUD SXHGH VHU FRQVLGHUDGD FRPR XQ
FDStWXORWDUGtR±VXSULPHUDYHUVLyQHVGH±GHODV
WHQGHQFLDVLQWHOHFWXDOHVQHRUURPiQWLFDVTXHLPSHUD/
URQHQ&HQWURHXURSDHQHORFDVRGHODT*''*#G,%()*#
GHFLPRQyQLFD6LWXDGDHQORVDxRVWUHLQWD\FXDUHQWD
SHUWHQHFH D ORV LQWHQWRV PRGHUQLVWDV GH UHDFWXDOL]D/
>-DFRE7DXEHV !+40$%'%B@0# %4>
4.&*"$0' %XHQRV $LUHV (GLWR/
ULDO0LxR\'iYLOD@
\DFHQWHVDODREUDLQWHOHFWXDOGH7DXEHVKLVWRULDWHR/
ORJtDSROtWLFDDSRFDOtSWLFDJQRVWLFLVPRPRGHUQLGDG
MXGDtVPRFULVWLDQLVPRGLDOpFWLFD\UHYROXFLyQ
(QODUHFRQVWUXFFLyQGH7DXEHVODHVFDWRORJtDQR
HVXQDPHUDFRQFHSFLyQGHOWLHPSRKLVWyULFRVLQROD
H[SHULHQFLDGHODKLVWRULDHQVtPLVPDFRPRFRQWUD/
SRVLFLyQ FRQ ODV H[SHULHQFLDV GH OD QDWXUDOH]D \ HO
PLWR ³6L HO WLHPSR HV FRQWHPSODGR´ GLFH 7DXEHV
³FRPRFLFORRFRPRFtUFXORGHFtUFXORVVXHVHQFLDQR
HVHYLGHQWH3XHVODHVHQFLDGHOWLHPSRHVLUKDFLDGH/
ODQWHDVSLUDULUUHYHUVLEOHPHQWHDORQXHYRSUHJXQWDU
SRUHO,0-0#()G&RQODSUHJXQWDSRUHOSDUDTXpHO
FtUFXORGHODQDWXUDOH]DHVWiURWRHQVXIXQGDPHQWR\
HOPDUFRGHORTXHUHWRUQDHWHUQDPHQWHKHFKRSHGD/
FLyQGHWUDGLFLRQHVWHROyJLFRUHOLJLRVDVVXEWHUUiQHDV
\ DSyFULIDV PDUJLQDGDV SRU XQ SRVLWLYLVPR GRPL/
QDQWHTXHVXSRVREUHYLYLUDOIDVFLVPR$SHVDUGHVX
SUR[LPLGDGFRQODFDWiVWURIHODPHPRULDHVFDWROyJL/
FDGH7DXEHVQRFROLJHGHVHVSHUDQ]DVLQRHOUHIRU]D/
PLHQWRDSDVLRQDGRGHODFUtWLFDSROtWLFD
]RV´S(QHOWLHPSRPtWLFRQDWXUDOTXHFDUHFH
GHGLUHFFLyQ\VHQWLGRORVDFRQWHFLPLHQWRVTXHVHUiQ
QRVRQPiVTXHORVTXH\DIXHURQ/RTXHGHWHUPLQD
OD GLIHUHQFLD HQWUH XQ WLHPSR HQ HO TXH ORV DFRQWH/
FLPLHQWRV WUDQVFXUUHQ VHJ~Q XQD FURQRORJtD YDFLDGD
GH VHQWLGR \ HO WLHPSR SURSLDPHQWH KLVWyULFR HV OD
8QRGHORVUDVJRVGH!+40$%'%B@0#%44.&*"$0'QRHO
PHQRUHVTXHHOPRWLYRHVFDWROyJLFRTXHGHYHODQR
VHLQVHUWDHQXQDKLVWRULDLQPDQHQWHGHOMXGDtVPRUH/
OLJLRVRVLQRTXHDOFDQ]DODKLVWRULDHVHQFLDOGHO2FFL/
GHQWHHXURSHRFRPRWDO/DREUDFRQVWLWX\HDGHPiV
HODQWHFHGHQWHGHOWUDEDMRSRVWHULRUGH7DXEHVHVSH/
WHQVLyQKDFLDHO¿QG+450$%"³¢4XpFRQYLHUWHDXQ
DFRQWHFLPLHQWRHQKLVWRULD"¢TXpHVODKLVWRULDPLV/
PD"6RORSXHGHDOFDQ]DUVHXQSDUiPHWUR\XQSXQWR
GHYLVWDHQODSUHJXQWDSRUODHVHQFLDGHODKLVWRULDVL
VHLQWHUURJDDSDUWLUGHOG+450$%"3XHVHQHOG+450$%"#
ODKLVWRULDUHEDVDVXVOtPLWHV\VHYXHOYHHOODPLVPD
FLDOPHQWH DXQTXH QR GH PDQHUD H[FOXVLYD VXV FRQ/
VLGHUDFLRQHVWHROyJLFR¿ORVy¿FDVHKLVWyULFR¿OROyJL/
FDVSHURWDPELpQSROtWLFDVVREUHOD¿JXUDGH3DEOR
(Q!+40$%'%B@0#%44.&*"$0'#HVWiQFRQWHQLGRVFRPRHQ
XQED~OFDUJDGRGHVHFUHWRVWRGRVORVLPSXOVRVVXE/
3ROLWyORJR
YLVLEOH´S/RHVSHFt¿FRGHODKLVWRULDDPHQD/
]DGDFRQWLQXDPHQWHSRUODUHFDtGDHQHOPLWRRODQD/
WXUDOH]DHVVXRULHQWDFLyQKDFLDHO¿Q
/D YLVLyQ GHO G+450$%" TXH VXUJH GH OD YLYHQFLD
GHO VXIULPLHQWR HV VLHPSUH HVSHUDQ]DGD &XDQGR HO
WLHPSRDSXQWDDXQ¿QDOHQHOTXHVHFRQVXPDODUH/
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HLI
 &#(%-P)$/(Q0+&,$//0 %#+)#0)($@(;"*#F#:"4

GHQFLyQ GHMD GH VHU OD FUyQLFD GH VXFHVRV SDUD FRQ/ .LHUNHJDDUGVRQLQVLVWHQWHPHQWHHQIDWL]DGRVSRU7DX/
YHUWLUVHHQXQDKLVWRULDXQLGLUHFFLRQDOHLUUHYHUVLEOH EHVQRDQXODVLQRTXHWUDQVIRUPDHOPRWLYRFHQWUDO/D
'HVGHORVSULPHURVGRFXPHQWRVHVFDWROyJLFRVGH2F/ HVFDWRORJtDFRPRODLQWHQVLGDGSROtWLFDTXHODDFRP/
FLGHQWHODH[SHFWDWLYDGHO¿QDOQRHVWiH[FOXVLYDPHQ/ SDxDQRGHVDSDUHFHDGTXLHUHQXHYDVPRGXODFLRQHV
WH RULHQWDGD DO IXWXUR UHGHQFLyQ UH~QH HQ Vt WDQWR 4XL]i OD SUHJXQWD TXH GHVGH QXHVWUD DFWXDOLGDG
HO SDVDGR FUHDFLyQ FRPR HO SUHVHQWH UHYHODFLyQ
3DVDGRSUHVHQWH\IXWXURQRHVWiQGHVPHPEUDGRVHO
WLHPSR HVFDWROyJLFR DUWLFXOD HQ XQD WRWDOLGDG FRQ/
FUHWD ODV GLVWLQWDV IRUPDV GHO WLHPSR GH PRGR TXH
HOKRUL]RQWHGHO¿QQRGHFDHHQYDFXRIXWXULVPR(O
SUHVHQWHHPEOHPDHVFDWROyJLFRSRUDQWRQRPDVLDQR
HV PHUR SDVDMH VXV DFRQWHFLPLHQWRV VRQ FLIUDV TXH
UHPHPRUDQXQSULQFLSLRSHUGLGR\DQWLFLSDQXQ¿QDO
D~QQRFXPSOLGR
/DHVFDWRORJtDFRPRWHQVLyQKDFLDHO¿QHVLQGL/
VRFLDEOH GH XQD GHWHUPLQDGD LQWHQVLGDG SROtWLFD !+>
40$%'%B@0# %44.&*"$0' FRPR DOJXQRV WH[WRV GH :DOWHU
%HQMDPLQ\*\|UJ\/XNiFVGHORVDxRVYHLQWHFRQWLH/
QHD¿QLGDGHVHOHFWLYDVFRQK*%'%B@0#,%'@$.40#E#GH&DUO
6FKPLWWDOTXH7DXEHVOODPyHQXQDRFDVLyQ³DSRFD/
FDEUtDKDFHUVREUHHOOHJDGRGH!+40$%'%B@0#%44.&*">
$0'#HVODSUHJXQWDSRUODYLJHQFLDGHODSURSLDHVFDWR/
ORJtD-XQWRDWpUPLQRVFRPRGLDOpFWLFD\UHYROXFLyQ
TXHSHUWHQHFHQVHJ~Q7DXEHVDXQPLVPRFDPSRVH/
PiQWLFRHOPRWLYRHVFDWROyJLFRSDUDPXFKRVVHKD
FRQYHUWLGRHQSDUWHGHQXHVWUR\DDELJDUUDGRDQWLFXD/
ULR1RREVWDQWHHQRFDVLRQHVVHSXHGHUHFRQRFHUHQ
ORV OHQJXDMHV SROtWLFRV GHO (MpUFLWR =DSDWLVWD GH /L/
EHUDFLyQ 1DFLRQDO HO 0RYLPLHQWR GH 5HJHQHUDFLyQ
1DFLRQDORHO0RYLPLHQWRSRUOD3D]FRQ-XVWLFLD\
'LJQLGDGODSHUYLYHQFLDGHHVFDWRORJtDVGpELOHV\GH
DFHQWRYDULDEOH(QFXDOTXLHUFDVRQXHVWUDVLWXDFLyQ
SDUHFHPiVELHQFRORFDUDODGHFLVLyQSROtWLFDDQWHGRV
RSFLRQHVDYHFHVHQWUHPH]FODGDV3RUXQDSDUWHXQ
GHVHQFDQWDPLHQWR DQWLHVFDWROyJLFR TXH LGpQWLFR D
OtSWLFRGHODFRQWUDUUHYROXFLyQ´/DVH[SHFWDWLYDVHV/ OD UDFLRQDOL]DFLyQ WpFQLFRLQVWUXPHQWDO VH FRQYLHU/
FDWROyJLFDVSDUD7DXEHVHPHUJHQHQpSRFDVGHGHV/ WHHQXQDPHUDUHD¿UPDFLyQGHORH[LVWHQWH\GHVXV
JDUUDPLHQWR HQ ODV TXH OD KLVWRULD GHVGH HO SXQWR GH PDQLIHVWDFLRQHVPiVLUUDFLRQDOHV3RURWUDSDUWH XQ
YLVWDGHODVFDSDVGRPLQDGDVGHODVRFLHGDGVHPXHVWUD UHHQFDQWDPLHQWRTXHFRQXQWRQRPiVRPHQRVHVFD/
FRPROD³SOHQLWXGGHOPDO´'HDOOtTXHHO¿QDQKHODGR
WHQJD TXH FRQVWLWXLU OD LQÀH[LyQ GH WRGR OR H[LVWHQWH
RODDOWHULGDGUDGLFDOUHVSHFWRDODKLVWRULDYLYLGD(O
G+450$%"DGHPiVQRVHVLW~DHQXQIXWXURDEVWUDFWR\
OHMDQRVLQRTXHVXFRQVXPDFLyQHVLQPLQHQWHHVWiSRU
RFXUULUHLQFOXVREDMRODIRUPDGHODHVSHUDKDHPSH/
]DGRDUHDOL]DUVH/DHVSHUDGHO¿QHQORVGRPLQDGRV
HV XQ DUPD UHYROXFLRQDULD TXH HPSXMD D OD QHJDFLyQ
GHOPXQGRH[LVWHQWH\DODHUHFFLyQGHXQDQXHYDDOLDQ/
]D/DSHUVSHFWLYDSROtWLFDGH!+40$%'%B@0#%44.&*"$0'#
HVEDMRHVWDVSUHPLVDVHOGHXQDUHDODSRFDOtSWLFDUH/
YROXFLRQDULD(QORV/LEURV,,,\,9VHSXHGHVHJXLU
HOSURFHVRGHVHFXODUL]DFLyQRGHVHQFDQWDPLHQWRFRPR
XQ VLVWHPD GH GHVFRPSRVLFLyQ SHUR WDPELpQ GH UH/
FRPSRVLFLyQ GH OD H[SHULHQFLD HVFDWROyJLFD (O SDVR
GHODVHVFDWRORJtDVWHROyJLFDVDODV¿ORVy¿FDVGRQGH
ORV QRPEUHV GH * : ) +HJHO .DUO 0DU[ \ 6|UHQ

3DUHFHVHUXQRGHORVPpULWRVGH7DXEHVHOKDEHUOODPDGRODDWHQFLyQ
VREUHODVFRPSOHMDVLQWHUUHODFLRQHVHQWUHODOODPDGD(VFXHODGH)UDQNIXUW
\HOSHQVDPLHQWRMXUtGLFRGH&DUO6FKPLWW
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HLO
WROyJLFRDPHQXGRVLPSOHPHQWHFtQLFRDOLHQWDWHQ/
GHQFLDV H[SUHVDPHQWH UHJUHVLYDV \ GHYDVWDGRUDV HQ
VXVHIHFWRV(QXQR\RWURFDVRODOHMDQDHLQDXGLEOH
SURPHVDGHODPRGHUQLGDGLOXVWUDGD±WDPELpQHOODHQ
VXHVWUXFWXUDPiVtQWLPDXQDIRUPDHVFDWROyJLFDVH/
FXODUL]DGD±HVGHQXHYRSRVWHUJDGDGHYLQLHQGRFRPR
³DFRQWHFLPLHQWRV TXH QR DFRQWHFHQ´ WtSLFDPHQWH
HVFDWROyJLFRV (Q HIHFWR WDQWR HO GHVHQFDQWDPLHQWR
WpFQLFR FRPR ORV UHHQFDQWDPLHQWRV UHJUHVLYRV FRQ/
ÀX\HQFDGDXQRDVXPDQHUDHQHOFHUFHQDPLHQWRGHO
PHMRU LPSXOVR GHO PRWLYR HVFDWROyJLFR DTXHO HQ HO
TXHpVWHFRQWLHQHODDVSLUDFLyQDODFRQVWUXFFLyQFR/
OHFWLYDGHVHQWLGRGHDOJ~QVHQWLGRTXHVHPDQWHQJD
DODPLVPDGLVWDQFLDGHODVFRQYLFFLRQHVLUUHÀH[LYDV
\GHOPHURFiOFXORGHPHGLRV¿QHV$PEDVRSFLRQHV
VLQHPEDUJRQRVVLW~DQGHQXHYRSDUDGyMLFDPHQWH
IUHQWHDORPiVHVHQFLDOGHODYLHMDHVFDWRORJtDODWHQ/
VLyQKDFLDHO¿Q$ODKLVWRULDGHHVWDSDUDGRMD7DXEHV
GHGLFDHVWDREUDLPSUHVFLQGLEOH
México, %./!+&*+&:'%
criminal
4*.&:%"!-)!*
E1*%";(82=%**4:0%1
&
RQIUHFXHQFLDORVHVWXGLRVVREUHORVIHQyPH/
QRVGHODGHPRFUDWL]DFLyQVHRFXSDQGHXQL/
GDGHV *+,04.0'*+ GH DQiOLVLV GDGDV ODV GL¿/
FXOWDGHVPHWRGROyJLFDVTXHSUHVXSRQHQODVXQLGDGHV
WHPSRUDOHVHQODLQGDJDFLyQVREUHHOFDPELRSROtWLFR
(VGHFLUODHVSDFLDOLGDGGHODQiOLVLVVLJQL¿FDODSR/
VLELOLGDG GH LQGDJDU \ FRQVWDWDU OD *\.+$*"4.0# GH ORV
OXJDUHV HQ ORV FXDOHV ODV GLQiPLFDV GHO FDPELR SR/
OtWLFR VH GHVDUUROODQ SRU HMHPSOR ODV VHGHV LQVWLWX/
FLRQDOHVGHOUpJLPHQ\GHOVLVWHPDSROtWLFR±SDUWLGRV
FRQJUHVRVHOHFFLRQHVJRELHUQRVFODVHSROtWLFD±TXH
DOSUHFLVDUVXOXJDUHQHOHVSDFLRSHUPLWHQXQDQiOLVLV
*\$*"+.9%#UHVSHFWRDXQSHULRGRGHWLHPSRHVSHFt¿FR
>&KDUOHV %RZGHQ M.)&0&# &*'#
4-./*"Y# M.)&0&# Q)2-*;# 6# '%+#
")*9%+# 40/,%+# &*# *\$*-/.".%#
&*#'0#*4%"%/@0#B'%T0'0p[LFR
*ULMDOER@
WHPSRUDO GH TXLHEUD \ GHVJDMDPLHQWR GH OD SROtWLFD
(VGHFLUFRQODTXLHEUDGLYHUVRVPRPHQWRVGHODVHV/
WUXFWXUDVSROtWLFDVVHURPSHQ\SLHUGHQ\FRQHOGHV/
JDMDPLHQWRDOJRVHGHVSHGD]D\DEDQGRQDSRUORFXDO
VRQFXDWURGLPHQVLRQHVHVWUHFKDPHQWHFRQHFWDGDVODV
TXHDSDUHFHQ\PHUHFHQQXHVWUDDWHQFLyQ
6LELHQHVFLHUWRTXHODTXLHEUDGHOWLHPSRVXSR/
QH XQ FDPELR DJXGR GH ODV SHUVSHFWLYDV HVSDFLDOHV
FRQUHODFLyQDODVPRGDOLGDGHVGHRUJDQL]DFLyQ\DG/
PLQLVWUDFLyQ GHO SRGHU S~EOLFR \ SROtWLFR DVt FRPR
GH ORV DFXHUGRV WiFLWRVH[SOtFLWRV HQ ODV IRUPDV GH
SURGXFFLyQ GH ODV UHODFLRQHV GH PDQGRREHGLHQFLD
TXHHVWiQHQVXEDVH\TXHSHUPLWHQVXVGHVDUUROORV
ORTXHVXJLHUHOD³LQYHQFLyQ´GHXQDOtQHDGHFRQWL/
QXLGDG,%-#&*70)'$\DTXHODXQLGDGHVSDFLDOTXHGD
³HQFDSVXODGD´HQHOSDUpQWHVLVWHPSRUDOTXHFDVLSRU
IXHU]D PXHVWUD XQ LQLFLR \ XQ ¿QDO GH OR FRQWUDULR
¢FyPRSRQHUHQHYLGHQFLD\GLVHFFLRQDUHOGHVDUUROOR
3R]DV +RUFDVLWDV   \ VV WDPELpQ UHVXO/
WD IXQGDPHQWDO LQWHUURJDUQRV VREUH HO SHVR TXH GH/
WHUPLQDGRV PRPHQWRV R ,*-$)-T04.%"*+# KLVWyULFDV
WLHQHQ±HQWpUPLQRV."$*"+.9%+±SDUDXQFRQMXQWRGH
HYHQWRVSROtWLFRVTXHORVHJXLUiQSHURTXHWDPELpQ
GHXQIHQyPHQR SROtWLFR VL D~Q VLJXH HQ FXUVR"6LQ ORKDQDFRPSDxDGR\RDQWHFHGLGR\DTXHOOHJDUiQD
HPEDUJRQRHVIRUWXLWRTXHHQWRGRDQiOLVLVHVSDFLDO FDPELDUODGLUHFFLyQ\GHVHQODFHGHORVDFRQWHFLPLHQ/
GHORVPRPHQWRVFDUDFWHUtVWLFRVGHORVIHQyPHQRVGH WRV0iVD~QFXDQGRODVSHUWXUEDFLRQHVGLVFRQWLQXL/
GHPRFUDWL]DFLyQTXLHQHVORVHVWXGLDQHQDOJ~QSXQWR GDGHV TXLHEUDV \ GHVJDMDPLHQWRV QR FRUUHVSRQGHQ
WLHQHQTXHGDUFXHQWDGHOSURFHVR±QRGHOIHQyPHQR± HVSDFLDOPHQWHDODOyJLFDGHODSROtWLFDVLQRTXHVX

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

HLR
 &#(%-P)$/(Q0+&,$//0 01*%"7(/)=%**2!0%1

RULOODGHLQLFLRHVGHRWUDtQGROHFRPRSXHGHVHUHO DFHUFD GH ORV IHQyPHQRV FRQWUDULRV DO RUGHQ TXH OH
FDVRGHOSURFHVRGHHVWUXFWXUDFLyQGHOUpJLPHQHFR/
QyPLFR GH XQD QDFLyQ R DTXHO GH OD 9.+.T.'.&0&# GH
ODSDUWLFLSDFLyQTXHQRHVVLQyQLPRGHSDUWLFLSDFLyQ
SROtWLFDPXFKRPHQRVLQGLFDWLYRGHVXVFXRWDVHQXQ
PRPHQWRKLVWyULFRGHWHUPLQDGRSRUHOSURFHVRSROt/
VXE\DFHQDODFRUQLVDVHPiQWLFDGHOFULPHQGHVRUJD/
QL]DGR\OHMRVWDPELpQGHODSUHWHQVLyQGH04$)0'.&0&#
GHORVPHGLRVGHFRPXQLFDFLyQGHODVLQVWLWXFLRQHV
SROtWLFDV\GHODLQGXVWULDHGLWRULDOTXHHVWiUHEDVDGD
SRUODYHORFLGDGFRQODFXDOFDPELDQORVYHFWRUHVGH
WLFREDMRODVIRUPDVGHODSURWHVWDYLROHQWDRQRGH UHODFLyQGHORVSURFHVRVFRQWLJXRVDODFULPLQDOLGDG
ODPLJUDFLyQ\RKDUWD]JRHQWpUPLQRVLGHROyJLFRV\ \ GHVRUJDQL]DFLyQ VRFLDO \ DQWH ORV FXDOHV VXFXP/
SHUIRUPDWLYRVRGHOUHFKD]RDFHSWDFLyQGHODVQRFLR/ EH $O UHVSHFWR %RZGHQ VHxDOD ³+D\ GHPDVLDGRV
QHVKLVWyULFDVSUHGRPLQDQWHVHQWRUQRDODDXWRULGDG\ DXWRUHV HVFULELHQGR GHPDVLDGRV FXHQWRV VREUH ORV
HORUGHQ&RYDUUXELDV
(QHVWHVHQWLGRM.)&0&#&*'#4-./*"Y#M.)&0&#Q)2-*;#
6# '%+# ")*9%+# 40/,%+# &*# *\$*-/.".%# &*# '0# *4%"%/@0#
B'%T0'# GHO HVFULWRU QRUWHDPHULFDQR &KDUOHV %RZGHQ
HVXQDREUDTXHH[SUHVDDOJXQRVGHORVSURFHVRVGH
FDGiYHUHV KD\ GHPDVLDGRV HVWLORV GH HVFULWXUD \
GHPDVLDGRV HVSHFLDOLVWDV IRUHQVHV REQXELODGRV SRU
ODV IRUPDV FULPLQDOHV GH OD SURVD 1R LPSRUWD TXp
WDQLQWHOLJHQWHVHDHOTXHH[DPLQDVLHPSUHKD\XQD
SXHUWDGHWUiVGHFXDOTXLHUH[SOLFDFLyQTXHVHRIUH/
TXLHEUD \ GHVJDMDPLHQWR WHPSRUDO PiV UHFLHQWHV HQ
ODIURQWHUDQRUWHGHQXHVWURSDtVVREUHWRGRFXDQGR
KD VLGR FODUR HO LQFUHPHQWR GH OD YLVLELOLGDG GH XQ
SDUWLFXODUWLSRGHSDUWLFLSDFLyQTXHKDHQFRQWUDGRVX
LPSURQWD HQ HO FULPHQ \ DVHVLQDWR (VWR QRV REOLJD
DH[SDQGLUHOFDPSRLQWHOHFWXDOGHVGHHOFXDOHVSR/
VLEOH HQWHQGHU ODV PDQHUDV GH SDUWLFLSDFLyQ HQ XQD
VRFLHGDG GHWHUPLQDGD KLVWyULFDPHQWH SRU IRUPDV GH
H[SUHVLyQTXHHQSULPHUDLQVWDQFLDDSDUHFHQFRPR
SRFRFRQYHQFLRQDOHVRDGKHULEOHVDODVIRUPDVWtSLFDV
GHODSDUWLFLSDFLyQ0iVD~QFXDQGRREVHUYDPRVHO
SUREOHPDHQXQDFLXGDGGRQGHHODVHVLQDWRKRPLFL/
FH´SS(VGHFLUXQD,)*-$0#&*$-2+#TXH
SURGXFHXQDSDUDGRMDFRQVWLWXWLYDHQODVIRUPDVFDX/
VDOHVGHH[SOLFDFLyQGHORVIHQyPHQRVYLQFXODEOHVD
ORFULPLQDOGRQGHORHYLGHQWHHVTXHFDGDUHVSXHVWD
DXQDLQWHUURJDQWHGHWHUPLQDGDSURGXFHQXHYRVSUR/
EOHPDV\QXHYDVYtDVLQWHUSUHWDWLYDV
(QHVWHVHQWLGRHODXWRUQRVSUHVHQWDXQDUHÀH[LyQ
QRVXSHU¿FLDOHQHOVHQWLGRGHTXHQR³PLUD´H[FOX/
VLYDPHQWH OD VXSHU¿FLH GHO FULPHQ SUHVHQWH HQ ORV
~OWLPRV DxRV HQ &LXGDG -XiUH] VLQR TXH VH LQWHUUR/
JDVREUHORTXHRFXOWDSUHFLVDPHQWHODSUHWHQVLyQGH
DFWXDOLGDGGHODYLROHQFLDFRPRIHQyPHQRFXOWXUDO\
GLRQRPDQL¿HVWDFRQVWDQWHVFODUDVHQWpUPLQRVKLV/
WyULFRV$SULQFLSLRVGHORVDxRVQRYHQWD-XiUH]WHQtD
XQDWDVDGHKRPLFLGLRPHQRUDSRUFDGDPLO
KDELWDQWHV SDUD DOFDQ]DU XQ SLFR GH  KRPLFLGLRV
SRUFDGDPLOKDELWDQWHVHQGHVFHQGHUKDVWD
KRPLFLGLRVHQSDUDSRVWHULRUPHQWH³HVWDEL/
OL]DUVH´HQWUHORVDxRV\OXHJRPDQLIHVWDU
XQD WHQGHQFLD GHFUHFLHQWH KDVWD  SHUR TXH QR
GHMDGHHVWDUSRUDUULEDGHODWDVDQDFLRQDOGHKR/
SROtWLFRSHURDGHPiVFRPRVtQWRPDGHODVHVWUDWHJLDV
GHFRQMXQFLyQGHODYLGDHQVRFLHGDG3XEOLFDGRKDFH
GRVDxRVHVWHOLEURQRGHMDGHPRVWUDUQRVFRQFODUL/
GDG TXH HV XQD UHÀH[LyQ SDUD HO WLHPSR SUHVHQWH \
TXHOHMRVGHVHUXQWUDEDMRGHDFWXDOLGDGSROtWLFDPH/
UHFHGRUGHXQDVHULHGHFRPHQWDULRVLQPHGLDWDPHQWH
GHVSXpV GH VX SXEOLFDFLyQ \ SXHVWD HQ FLUFXODFLyQ
SURSRQHXQOHQJXDMHGLVWLQWR\YDOLRVRSDUDSUHVHQWDU
DODYLROHQFLDTXHFDPELyGHULWPR\YDULDELOLGDGHQ
PLFLGLRV (VFDODQWH *RQ]DOER   $ SHVDU &LXGDG-XiUH]HQWUHORVDxRV\ORTXHOOH/
GHORLQDSUHQVLEOHGHOQ~PHUR\VXFDSDFLGDGFHQVX/ YDDODXWRUDLQWHUURJDUVH\TXHEUDUPtQLPDPHQWHODV
UDGRUDHQ&LXGDG-XiUH]ORVSDWURQHVGHOKRPLFLGLR IRUPDV VLVWHPiWLFDV GH ³LJQRUDU D ORV PXHUWRV HQ OD
FDPELDURQ UDGLFDOPHQWH D SDUWLU GH  FXDQGR OD WLHUUDGHODVHVLQDWR´S
WDVDGHKRPLFLGLRVVHGLVSDUyKDVWDDOFDQ]DUHQ 6LQ HPEDUJR HVWD IRUPD GH LJQRUDQFLD VH SXHGH
HVHDxR/RVDxRVSRVWHULRUHVIXHURQHQDVFHQVR XELFDUHQPHGLRGHDTXHOSURFHVRTXHWHQWDWLYDPHQWH
KRPLFLGLRVHQHQHQ!'# GH¿QLUpFRPRHOPRPHQWRGHODDSDULFLyQGHOVXMHWR
]".9*-+0'  (Q JUDQ PHGLGD HO UHSXQWH FULPLQDODOWLHPSRTXHGHVDSDUHFHGHODFWRFULPLQDO\
FRLQFLGHFRQORVHVIXHU]RVGHXQDVHULHGHHVWUDWHJLDV HOSURGXFWRGHpVWH~OWLPRYtFWLPD1RSXHGHQUHX/
HVWDWDOHV PXQLFLSDOHV TXH HQ HO FDVR GH -XiUH] QR QLUVHHQHOPLVPRFDPSRGHH[SHULHQFLDPXFKRPH/
FXHQWDQ PXFKR \ IHGHUDOHV FRQWUD OD GHOLQFXHQFLD
RUJDQL]DGD TXH HQ HO LQWHQWR GH HYLWDU HO DVHVLQDWR
WHUPLQDSRUUHSURGXFLUOR
/DREUDGH%RZGHQVHHQFXHQWUDOHMRVGHORVOX/
JDUHV FRPXQHV TXH DVXPH HO SHULRGLVPR PH[LFDQR
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HHL
QRVHQHOPLVPRQLYHOVHPiQWLFR(VGHFLUDTXHOTXH
*+\TXHDGHPiVUHVXOWDLGHQWL¿FDGRFRPRHO0)$%-#GH
ODYLROHQFLDWURSLH]DLUUHPHGLDEOHPHQWHFRQHODQRQL/
PDWRLQVWLWXFLRQDOLQKHUHQWHSRUHMHPSORH[SUHVDGR
HQ ORV SDVDPRQWDxDV XVDGRV GH PDQHUD VLVWHPiWLFD
 &EG0/)?("1+%:)(:)!7"(<(1)!"*%#'%(/*0&0#%7 0(&#(%-P)$/(Q0+&,$

SRUHOHMpUFLWR\ODSROLFtDIHGHUDOHQIXQFLRQHVGHRU/ WDGDVSRUODGHVDFHOHUDFLyQGHOPHUFDGRQDFLRQDO\OD
GHQ,iT'.4%6#TXHSHUPLWHDODDXWRUL]DFLyQWHUULWRULDO DSXHVWDSRUHOPRGHORGHPDTXLODTXHQRGHMDEDGH
GHORUGHQSROtWLFRHVWDWDOHOHMHUFLFLRDUELWUDULRGHOD VHUSDUWHGHOVXHxRPRGHUQL]DGRUTXHYHQtDGHOXVWURV
YLROHQFLD FRQ OR FXDO VH DEUH XQ HVSDFLR GH GLVSX/ DWUiVFRQHOSUR\HFWRVDOLQLVWD\ODSXHV/
WD VREUH WRGR FRQ UHODFLyQ D OD ¿FFLyQ KLVWyULFD GH
ODOHJLWLPDFLyQHQVXXVR3RUHOORHODXWRUGHODYLR/
OHQFLD QR SXHGH VHU GH¿QLGR VL QR VH LQVFULEH HQ HO
HVSDFLRGHGLVSXWDOXFKDGRQGHSRWHQFLDOPHQWHSRGUi
FRPHQ]DUXQFRQÀLFWR\TXHSRUVXSDUWHQRWHQGUiHQ
ODYLROHQFLDIRU]RVDPHQWHHOPRWRUGHVXDFFLyQ(Q
WDHQPDUFKDGHO7UDWDGRGH/LEUH&RPHUFLR7/&
8QDGHODVSDUDGRMDVPiVHYLGHQWHVHQHVHHQWRQFHV
HUDTXH&LXGDG-XiUH]VHFRQVWLWX\yFRPRXQFDPSR
HFRQyPLFR0T.*-$%#TXHSURGXFtDDULWPRVDFHOHUDGRV
PHUFDQFtDVHQXQFRQWH[WRGHFRPSOHWDDXVHQFLDGH
QLYHOHVRUJDQL]DFLRQDOHVGHODVPLVPDVSODQHDFLyQ
UHDOLGDGODYLROHQFLDHVXQHIHFWRGHOD,-*+.8"#TXH
OH VXE\DFH D OD SURGXFFLyQ GH ODV GLIHUHQFLDV HQ HO
LQWHULRUGHODH[LVWHQFLDHQFRP~QHVXQDTXLHEUDHQ
OD WUDQVPLVLyQ R FRPXQLFDELOLGDG GH XQ UpJLPHQ GH
H[LVWHQFLDSHURFRQÀLFWR\YLROHQFLDQRVRQXQLYHU/
VRVTXHFRUUHVSRQGDQDXQDPLVPDOyJLFDGHHYROX/
QHJRFLDFLyQ \ WUDQVDFFLyQ (VWR HV XQD FLXGDG Ii/
EULFDTXHVHDOLQHDEDDXQSURFHVRFUHFLHQWHGHDVL/
PHWUtDGHLQWHUFDPELRVSROtWLFRV\HFRQyPLFRVFRQVX
FRQWUDSDUWHHVWDGRXQLGHQVH\DTXHHQODFLXGDGGH(O
3DVR7H[DVHVWDEDFRQWHQLGDFDVLODWRWDOLGDGGHOD
HVWUXFWXUD RUJDQL]DWLYD GH OD LQGXVWULD PDTXLODGRUD
FLyQM7-&RYDUUXELDV 'H DTXt SXHV TXH HO DXWRU D¿UPH³>«@ KDFHU FDVR
(VWHHVHOFDVRGHOHVWDWXWRGHODGHVDSDULFLyQGRQ/ RPLVRGHORVPXHUWRVSHUPLWHD(VWDGRV8QLGRVRE/
GHQRVHQIUHQWDPRVFRQODHYLGHQFLDGHXQDIXWLOLGDG YLDUHOIUDFDVRGHORVHVTXHPDVGHOLEUHFRPHUFLRTXH
TXHHQJUDQGHFHODVRUGHUDLQVWLWXFLRQDOHQHVWHVHQWL/ HQ -XiUH] HVWiQ SURGXFLHQGR SREUHV \ PXHUWRV FRQ
GRHODXWRUQRVGLFH³'HVDSDUHFHUDTXtHVVLHPSUHXQD
SRVLELOLGDG\HVWROHGDDODFLXGDGXQDXUDHVSHFLDO
/RVVHFXHVWURVVRQIUHFXHQWHVSHURDOPHQRVVLJQL¿FD
TXHDOJXLHQTXLHUHGHYROYHUDORVGHVDSDUHFLGRV\TXH
DOJXLHQ HVWi DFWXDQGR GH XQD PDQHUD UDFLRQDO GRQ/
GHHOKRPEUHWLHQHDOJ~QYDORUHQGLQHUR\HVYLDEOH
PiVUDSLGH]TXHFXDOTXLHURWURSURGXFWR´S6H
SXHGHVXJHULUHQWRQFHVTXHODUDFLRQDOLGDGHODVHVLQD/
WRHVLPSXHVWDSRUHOPHUFDGR\VXFLUFXODFLyQDOVHU
HOKRPLFLGLRODIRUPDVRFLDO\SROtWLFDTXHRSHUDWLYL/
]DGHWHUPLQDGRVQLYHOHVGHVRFLDOL]DFLyQHQPHGLRGH
ODLPSXQLGDGFDVLFRPSOHWDGHODGLQiPLFDFULPLQDO
XQDWUDQVDFFLyQ'HVDSDUHFHUTXLHUHGHFLUXQDSiJLQD IURQWHUL]DM7-&RYDUUXELDV3RUHMHP/
PHGLRHVFULWDXQDKLVWRULDTXHQXQFDWHUPLQyGHFRQ/ SORODWDVDGHGHVHPSOHRHQ-XiUH]KDFLD¿QDOHVGHO
WDUVH(VPiVGH¿QLWLYRTXHODHMHFXFLyQ¿QDOSRUTXH VLJOR;;HUDGHSRUFLHQWRIUHQWHDOSRUFLHQWR
VLJQL¿FD QR QDGD PiV VHU DVHVLQDGRV VLQR WDPELpQ GH(O3DVR/DSULPHUDJHQHUDEDPLOHPSOHRVSRU
ERUUDGRVGHODPHPRULDFROHFWLYD´S
(QWRQFHVDOIRU]DUODDSDULFLyQGHODSDODEUD±QR
FRPRDQWtGRWR\DTXHMDPiVORKDEUi±VLQRFRPRIRU/
PDGHHVFULELUXQDKLVWRULDTXHFRQWULEX\DDGLVROYHU
HODFWRFULPLQDOHOOLEURGH%RZGHQPDUFDVXVHQWL/
GRSURIXQGR±\SRUHOORGHVWHPSODHOOHQJXDMHGHOD
SROtWLFD±DOUHGHGRUGHORVHIHFWRVQRHVSHUDGRVGHOD
UHSURGXFFLyQGHORVPHUFDGRVVXE\DFHQWHVDOOODPDGR
FDSLWDOLVPRSRVPRGHUQR$OUHVSHFWRHVHORFXHQWHHO
DxR\ODVHJXQGD~QLFDPHQWH(OFRQWUDVWHEUX/
WDO HUD HO SURPHGLR GH LQJUHVR DQXDO SHU FiSLWD HQ
&LXGDG-XiUH]HUDGHPLOGyODUHV\HQ(O3DVRGH
PLO(VWHGDWRVHLQYHUWtDFRPSOHWDPHQWHFRQUHODFLyQ
DODYLROHQFLD(O3DVRHUDODVHJXQGDFLXGDGPHQRV
YLROHQWDGHOHVWDGRGH7H[DV\&LXGDG-XiUH]ODPiV
YLROHQWD GHO HVWDGR GH &KLKXDKXD !"4)*+$0# *+,*>
4.0'#+%T-*#."4.&*"4.0#&*'.4$.90#*"#'0#4.)&0&#&*#Q)2>
-*;1!M5.5)05)0\!'#,0+%Y#K5*#:*U#A'&#
VXEWtWXORGHODREUD<QRHVIRUWXLWRTXH&LXGDG-Xi/
UH]IXHSUHFLVDPHQWHXQRGHORVSULQFLSDOHV'0T%-0$%>
-.%+#JOREDOHVHQWRUQRDODVGLUHFFLRQHV\VXVHIHFWRV
GLVJUHJDGRUHV TXH HVWDED REVHUYDQGR HO FDSLWDOLVPR
FRQHOFDPELRGHVLJOR(QXQSROpPLFRWUDEDMRSUH/
:HVW(O3DVR3UR¿OH (FRQRPLF6XPPDU\
&RPR VHD PiV TXH VHJXLU OD UHSURGXFFLyQ GHO
FDPSRVHPiQWLFR\SROtWLFRGHO(VWDGRIDOOLGRORTXH
SRQHHQHYLGHQFLDHOFDVRGH&LXGDG-XiUH]DWUDYpV
GHM.)&0&#&*'#4-./*"#HVODFUHDFLyQ\DJXGL]DFLyQGH
FHGHQWH VREUH ORV HIHFWRV VRFLDOHV QR HVSHUDGRV GHO ORTXH7XQDQGHUGH¿QHFRPRODDFFLyQGH
FDPELRHQODHVWUXFWXUDFLyQHFRQyPLFDGHHVWDIURQ/ OD IRUPD GXDO HQ ODV HVWUXFWXUDV GH VHJXULGDG GRQ/
WHUD %RZGHQ  GH OD PDQR GH XQ FRQMXQWR GH GH DO XVR RIHQVLYR GH ORV DSDUDWRV GH VHJXULGDG GHO
IRWRSHULRGLVWDVSDUWLFXODUPHQWHGHOIRWyJUDIR-XOLiQ (VWDGRHMpUFLWRV\SROLFtDVDSDUHFHWDPELpQXQXVR
&DUGRQD UDGLFDGRV HQ &LXGDG -XiUH] GRFXPHQWy HO GHIHQVLYR GH ORV DSDUDWRV GH VHJXULGDG GH GHWHUPL/
LPSDFWRVRFLDOPiVYLVLEOHTXHWXYROXJDUHQWpUPLQRV QDGRVJUXSRVVRFLDOHVIUHQWHDRWURVJUXSRVVRFLDOHV
GH WUDQVIRUPDFLRQHV PDWHULDOHV \ VLPEyOLFDV LPSRU/ \WDPELpQFRQWUDHO(VWDGR3HURDGHPiVDSDUHFHVX

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

HHH
 &#(%-P)$/(Q0+&,$//0 01*%"7(/)=%**2!0%1
UHYHUVLELOLGDGHOHMpUFLWR\ODVSROLFtDVSXHGHQDFWXDU
RIHQVLYDPHQWH FRQWUD XQ GHWHUPLQDGR JUXSR VRFLDO
SDUDSURGXFLUXQDGHIHQVLYDTXHDVHJXUHLQWHUHVHVTXH
QRQHFHVDULDPHQWHFRUUHVSRQGHQFRQORVGHO(VWDGR
< VXFHGH H[DFWDPHQWH DOJR DQiORJR FRQ ORV JUXSRV
VRFLDOHVTXHHO(VWDGRUH¿HUHFRPRGHOLQFXHQFLDRU/
JDQL]DGDDFW~DQRIHQVLYDPHQWHSDUDGHWHQHUODYLR/
OHQFLDOHJtWLPDGHO(VWDGRDWUDYpVGHODGHIHQVDGHVX
FDPSRGHDFFLyQFRQPDQLIHVWDFLRQHVFODUDVGHXQD
SROtWLFDVHPHMDQWHDODOyJLFDVXLFLGDGHOWHUURULVPR
GDGHQHOVHQWLGRGHVXVWUDHUVHGHRWRUJDULPSRQHUXQD
UHVSXHVWDFLUFXQVWDQFLDO³<RHQHVWHWHPDSHUWHQH]FR
D XQD SHTXHxD PLQRUtD 1R YHR QLQJ~Q QXHYR RUGHQ
HPHUJHQWHSHURVtXQDQXHYDIRUPDGHYLGDXQDPiV
DOOi GH QXHVWUD LPDJLQDFLyQ \ GH ODV SDODEUDV FODYHV
TXHXVDPRVSDUDSURWHJHUQRVGHODYLROHQFLD(QHVWD
QXHYDIRUPDGHYLGDMXJDPRVWRGRV\QDGLHHVWiUHDO/
PHQWH DO PDQGR (O (VWDGR D~Q H[LVWH KD\ SROLFtDV
XQSUHVLGHQWH&RQJUHVRRUJDQLVPRVFRQVXVJUDQGHV
QRPEUHVJUDEDGRVHQODVSDUHGHVGHORVHGL¿FLRV6LQ
XVDGDVFRPRUHVSXHVWDDODH[LJLELOLGDGSRUSDUWHGH HPEDUJRDOJRKDFDPELDGR>«@´S
ORVFXHUSRDUPDGRVGHO(VWDGRTXHWDPELpQHVWiQHQ (VWHSDQRUDPDWHUPLQySRUFRQVWLWXLUXQR[tPRURQ
SRVLFLyQ GH XVDU OD SROtWLFD GHO WHUURULVPR UHVSHFWR
DGHWHUPLQDGRVLQWHUHVHVGLVFUHSDQWHVHLUUHFRQFLOLD/
EOHV(QPHGLRGHWRGRHVWRDSDUHFHQORVFLXGDGDQRV
TXHQRVHLGHQWL¿FDQ\TXHQRSDUWLFLSDQFRQDOJXQD
GHODVSDUWHVHQFRQÀLFWRSHURTXHSDGHFHQORVHIHF/
WRVTXHJHQHUDQODVGLVSXWDVVREUHWRGRFRQUHODFLyQ
DODVH[SUHVLRQHVGHYLROHQFLD\VREUHODVFXDOHVHVWi
VRSRUWDGD OD UHDFFLyQ HVWDWDO FRQWUD OD GHOLQFXHQFLD
(QHOLQLFLRGHOVLJOR;;,&LXGDG-XiUH]VHSUHVHQ/
WDFRPRXQDUHDOLGDGFRQWUDIiFWLFDTXHVyORHQDxRV
PiVUHFLHQWHVHQFRQFRUGDQFLDFRQODVVHPiQWLFDVGH/
FODUDGDVHQFRQWUDGHOFULPHQRUJDQL]DGRHQHODFWXDO
VH[HQLRVHYXHOYHXQPRWLYRGHXQH[SHULPHQWRDOH/
MDGRGHODH[SHULHQFLDVRFLDOTXHWLHQHVXVSXQWRVGH
LQÀH[LyQPiVDOWRVHQHOSDUWLFXODU\SDWpWLFRFDVRGH
OD SROtWLFD GHO DVHVLQDWR LQVWLWXFLRQDOL]DGR OOHYDGD D
RUJDQL]DGD$VWRUJD FDERSRUHODQRQLPDWRGHORVSDVDPRQWDxDVPLOLWDUHV
¢4XpVLWXDFLyQVHxDODHOGHVDUUROORGHHVWRVIHQy/ \SROLFLDFRVODPLPHVLVSRUSDUWHGHDOJXQRVJUXSRV
PHQRVHQ&LXGDG-XiUH]"3ULPHURHODOHMDPLHQWRGH
ODVXSRVLFLyQGHTXHORTXHDKtRFXUUHVREUHWRGRGHV/
SXpVGHOLQFUHPHQWRDFHOHUDGRGHODYLROHQFLDDSDUWLU
GHHVODUHDOL]DFLyQGHXQDVXHUWHGHHVWDGRGH
H[FHSFLyQ\DTXHFRPRELHQLQGLFD%RZGHQ³(VWR
QRHVXQDUXSWXUDGHORUGHQVRFLDO(VWHHVHOQXHYR
FULPLQDOHV GH ORV XQLIRUPHV FRQ¿UPDQ HVWH KHFKR
LQFOXLGD OD LQGXVWULD GH OD FUXHOGDG H[WUHPD \D TXH
HOHMpUFLWR\ODSROLFtDIHGHUDOWHUPLQDQSRUSURGXFLU
HLQYHQWDUQRVyORDODYtFWLPDVLQRDORVWUD¿FDQWHV
\DVHVLQRVTXHVRQMX]JDGRVFRPRDVHVLQRVGHVSXpV
GHVHUDVHVLQDGRV³+D\DTXtXQVLVWHPDGHFRQVXH/
RUGHQ´S6HJXQGRXQDTXHUHOODHQWRUQRDOD OR 1DGLH VDEH UHDOPHQWH TXLHQHV VRQ ORV PDORV HQ
VREHUDQtD\ODVSRVLELOLGDGHVGHVXHPHUJHQFLDTXH -XiUH]+DVWDTXHVRQDVHVLQDGRV\XQDYH]TXHVRQ
LQGLFDQODVSRWHQFLDOLGDGHVGHVXGHVDUUROORDSDUWLU DVHVLQDGRVWRGRHOPXQGRVDEHTXHVRQPDORVSRUTXH
GHXQiPELWRTXHSRGUtDVHUGH¿QLEOHFRPR."7-0>*+> ODJHQWHEXHQDQRWLHQHQDGDTXHWHPHU´S
$0$0'#±7XQDQGHUXVDODQRFLyQGH+$06>T*5."&±GRQGH )XHDVHVLQDGRSRUTXHHUDDVHVLQR/DWUDPSDWDX/
HVQHFHVDULDODOyJLFDFODQGHVWLQDGHORVGLIHUHQWHViQ/ WRORJtD\ODUHSHWLFLyQHQVDxDQHOXQLYHUVRGHLQWHOL/
JXORVGHODFULPLQDOLGDG&**,#=$0$*SDUDPDQWHQHUHQ
SLHODYLJHQFLDGHO(VWDGRGHPRFUiWLFR\VXVVLVWHPDV
GHUHIHUHQFLD'HDTXtSXHVTXHVHDHYLGHQWHSHQVDU
HO RUGHQ HVWDWDO PH[LFDQR HQ IXQFLyQ GH ORV FDPSRV
GHGLVSXWDGHGLYHUVRVJUXSRVVRFLDOHVSROtWLFRV\HFR/
JLELOLGDGGHODFXHVWLyQ3HURWDPELpQFXEUHQHOHV/
SHFWURSROtWLFRDOREVHUYDUXQGHVSOD]DPLHQWRGHORV
FULWHULRVS~EOLFRVGHODUHVSRQVDELOLGDGTXHWHUPLQDQ
IXJiQGRVH FDGD YH] TXH DSDUHFH OD SUHJXQWD VREUH
VLUHDOPHQWHHUDXQDVHVLQRUHFXpUGHVHODHMHFXFLyQ
QyPLFRVTXHKDQHVWDEOHFLGRXQDOyJLFDGH+%T*-0"@0#
4-./."0'TXHQRVyORLQFOX\H\UHSURGXFHODVGLVWRU/
VLRQHVGHO(VWDGRHQGHEOHGHVGHHOSXQWRGHYLVWDOHJDO
HQQXHVWURSDtV,QFRUSRUDGDDORUGHQHVWDWDOFRQWUROD
\GHVDUUROODOD$*"+.8"\OD$%-+.8"#GHPXFKRVGHVXV
FRQWHQLGRVSULPDULRV4XL]iDSDUWLUGHXQDLQGDJDFLyQ
WHPSRUDO VREUH ODV ]RQDV \ IUDFWXUDV LQFOXVR I~WLOHV
TXHSHUPLWHQODGLODWDFLyQGHFLHUWRViPELWRVGHOFDP/
ELRSROtWLFRVHUiSRVLEOHGHVHQWUDxDUODVDUWLFXODFLRQHV
TXHPDQWLHQHQODVLWXDFLyQSUHVHQWH
(QUHDOLGDGORTXHVXFHGHHQ&LXGDG-XiUH]QRHV
XQDQRYHGDGSRUORFXDOVXOHFWXUDHVFDSDDODDFWXDOL/
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HHJ
FROHFWLYDHQXQFHQWURVRFLDOSDUDDGLFWRVHQ
(VWRQRVOOHYDDVXJHULUTXHVLWRGDpWLFDVHHPSDUHQWD
FRQXQDSROtWLFD\XQFDPSRHVSHFt¿FRGHORSROtWLFR
HQWRQFHVWRGDGHQXQFLDTXHVHLQVWDODHQHOFDPSRGH
OD HVFHQL¿FDFLyQ S~EOLFD GH OD YLROHQFLD \ HO GHOLWR
SURGXFHQVXVYtFWLPDVQRH[LVWHYLROHQFLDTXHQRODV
SURGX]FD6LQHPEDUJRHVQHFHVDULRGHFLUTXHHQHO
FDVRGH&LXGDG-XiUH]HVRWDPSRFR\DHVVX¿FLHQWH
VLODYtFWLPDHVXQDWLVERXQUHVWRTXHTXHGDHQIRUPD
GHGHQXQFLDRFODPRULJXDOPHQWHSXHGHGLQDPLWDUOD
SURGXFFLyQGHXQDDXWpQWLFDSROtWLFDGHODPHPRULD
3HUR HO SUREOHPD UDGLFD HQ TXH OD PHPRULD VH GHV/
 &EG0/)?("1+%:)(:)!7"(<(1)!"*%#'%(/*0&0#%7
YDQHFH FRQ FDGD DVHVLQDWR \D TXH FRQ FDGD PXHUWH
SHUHFHQRVRORXQVXMHWRVLQRXQDFRRUGHQDGDGHDF/
FLyQHQHVHFDPSRGHORSROtWLFRTXHQRGHMDGHVHU
FDVLH[FOXVLYDPHQWHXQWHVWLJRTXHSHUGLyODFDSDFL/
GDG SDUD WHVWL¿FDU VREUH \ FRQWUD OD YLROHQFLD \ TXH
SXGLHUDVHUHOLQLFLRGHXQSULQFLSLRGHODSROtWLFDGHO
WHVWLPRQLRHQODVFLXGDGHVGHQXHVWURSDtV(VWRHVGH
SDUWLFXODUUHOHYDQFLDHQHOFDVRGHODFRQVWDWDFLyQGH
XQDIRUPDFLyQGROLHQWHTXHVHVXVWUDHSRUFRPSOHWR
GHODVSROtWLFDVGHHODERUDFLyQGHOGXHOR3ULPHURKD\
TXHSURGXFLUHODVHVLQDWR\SDUDHOORKD\TXHGHMDU/
ORTXHDVHVLQHSDUDGHVSXpVIRU]DUODDSDULFLyQGHOD
YtFWLPD\DVtYROYHUORVXMHWRSXQLEOHSRUH[WHQVLyQ
VXMHWRLQVWLWXFLRQDOFRQORFXDOHOUHVDUFLPLHQWRGHO
GDxRWHUPLQDVLHQGRLPSRVLEOH7DOSDUHFHTXHpVWDHV
ODMXVWL¿FDFLyQGHOLEHUDUGHWHUPLQDGDV]RQDVVRFLDOHV
0(&#(%-P)$/(Q0+&,$
SRUTXH HV DTXHOOR TXH QRV SHUPLWH WRUFHU XQD VLWXD/
FLyQ FRPR OD FRQWHQLGD HQ -XiUH] 6LQ HPEDUJR HQ
&LXGDG-XiUH]TXL]iDVLVWLPRVDXQUHDOLQYHUWLGRHV
GHFLUXQUHDOTXHIXHHVVXVWUDtGRGHODPHWiIRUDGHO
OHQJXDMHGHORVVtPERORV\ODVIDQWDVtDVSDUDSHUPL/
WLUHOQDFLPLHQWRGHODFRVDUHDODSDUWLUGHVXWHQVLyQ
Pi[LPD(VWRHVHYLGHQWHHQODUHÀH[LyQGH%RZGHQ
\DTXHHQRWURPRPHQWRGHVXREUDSXQWXDOL]D³+D\
PXFKRVPXHUWRV\FDGDXQRWLHQHXQDKLVWRULD0iV
DOOiGHHVRORVHVIXHU]RVSRUH[SOLFDUSDUDPtVLJQL¿/
FDQHVIXHU]RVSDUDERUUDUODYHUGDGRQHJDUODYHUGDG
RVLPSOHPHQWHSDUDGHFLUPHQWLUDV1RVpORTXHHVWi
SDVDQGRQLFRQORVPXHUWRVQLFRQORVYLYRV3HURKD\
HVWDVKLVWRULDVGHDVHVLQDWRVGHODFDUQHPDUWLUL]DGD
ORVPRPHQWRVLQGLYLGXDOHVGHKRUURU\\RPHDSR\R
HQHVRVPRPHQWRVSRUTXHVRQUHDOHV\HVWiQIXHUDGH
GH OD WXWHOD FRP~Q GHO GHUHFKR \ OD OH\ HQ 0p[LFR WRGDGXGD´S
0iV D~Q FXDQGR SRU PXFKR WLHPSR VH KDEOy GH OD 3DUDWHUPLQDUSROtWLFDPHQWHIUHQWHDODH[FOXVLyQ
IURQWHUDQRUWHFRPRXQHVSHMLVPRFXOWXUDOFRPRIRU/ GHOVXMHWRHODVHVLQDWRHVHOPHFDQLVPRH[WUHPRGH
PD SRVPRGHUQD GH OD KLEULGDFLyQ \ OD VLPHWUtD FDVL H[FOXVLyQOD9%;VHYXHOYHXQLQVWUXPHQWRQRVyOR
SHUIHFWDGHFXDOTXLHUFRVDFRQORTXHIXHUD1RREV/ GH SURWHVWD  SDUD URPSHU HO FDUiFWHU FHUUDGR GH OD
WDQWHODHVFHQL¿FDFLyQGHODVDQJUHSRUHOORODYLR/ YLROHQFLD\HOKRPLFLGLR'HKHFKRHVHOUHYHUVRGH
OHQFLDHVWitQWLPDPHQWHOLJDGDFRQODWHDWUDOLGDGHQ OD OHDOWDG TXH PXFKDV RFDVLRQHV REOLJDQ D FDOODU DO
ODIURQWHUDQRUWHHQSDUWLFXODUHVWD]RQDGHIURQWHUD
QRVyORSUHVXSRQHXQHVSDFLRGRQGHWRGRHVSRVLEOH
VLQRWDPELpQHVXQHVSDFLRGHGLVSXWDTXHQXWUHODV
H[SHFWDWLYDV GH ORV VXMHWRVFLXGDGDQRV HQ HO WLHPSR
SRUYHQLU4XL]iODGLVSXWDHQWUHRUGHQHVGLVFUHSDQWHV
VHDODYDOLGDFLyQIXQFLRQDOGHODVSHFWRLQTXLHWDQWHGH
DTXHOTXHVHDWUHYHDPLUDUHOIXWXURFRPRVDOLGDDO
WLHPSRSUHVHQWH\VXFUHFLHQWHSUHFDULHGDG4XL]iVHD
HOSDJRTXHXQDFLXGDGFRPR-XiUH]HVWiREOLJDGDD
VRVWHQHUHQHOWLHPSRSDUDTXHQRWHUPLQHHQHOROYL/
JUDGRGHSURGXFLUSRURPLVLyQFOiXVXODGHOVLOHQFLR
OD FRPSOLFLGDG QHFHVDULD SDUD OD UHSURGXFFLyQ GHO
PHUFDGR SROtWLFR GRQGH WLHQH OXJDU HO GHVDUUROOR GH
ODVREHUDQtDFULPLQDO6LQHPEDUJRKDEUtDTXHHVSH/
FL¿FDUTXHURPSHUHOFDUiFWHUFHUUDGRGHODVHVLQDWRD
WUDYpVGHODYR]QRSUHVXSRQHQHFHVDULDPHQWHFRPR
ORKDGHPRVWUDGRHOHFRQRPLVWD$OEHUW2+LUVFKPDQ
HO DFRPSDxDPLHQWR GH OD VDOLGD \D TXH HVWD ~OWLPD
SDUDGyMLFDPHQWHDOIXQGDUVHHQXQDHVWUXFWXUDELQD/
ULDDFHSWDURQRDFHSWDUODVYHQWDMDVGHODH[FOXVLyQ
GR$OUHVSHFWR%RZGHQHVFULEH³$TXtKD\TXHWHQHU
HQFXHQWDTXHQRKDEUiDSRFDOLSVLV/DLGHDPLVPDGH
XQ RFDVR GH ORV GLRVHV DGTXLHUH VHQWLGR \ SURJUHVD
1RSXHGHVFDHUWHGHXQDPRQWDxDDPHQRVTXHODHV/
WpVVXELHQGR$TXtQDGLHHVWiDSXQWDQGRKDFLD%HOpQ
SDUD QDFHU 1R QRV UHXQLUHPRV HO DxR TXH HQWUD HQ
-HUXVDOpQ'XUDQWHDxRVSHQVpTXHHVWDEDYLHQGRDOD
FLXGDGLUGHPDOHQSHRUHQXQDHVSHFLHGHWHUULEOH
GHVYtRGHDTXHOGHVWLQRLGtOLFRGHXQ(VWDGRV8QLGRV
DFHSWDU ODV ³YHQWDMDV´ SROtWLFDV R QR GHO DVHVLQDWR
SXHGHDWUR¿DUODHVWUXFWXUDFLyQGHODYR]HOUHFODPR
QDFHFXDQGRHOVXMHWRVHHQFXHQWUD*"#*'#."$*-.%-GHO
FLUFXLWRGHODFULPLQDOLGDGQRFXDQGRHVWi7)*-0GHpO
(VGHFLUORVFLXGDGDQRVHVWiQDGHQWURDXQTXHQRVHDQ
SDUWtFLSHVGLUHFWRVHQHOFDPSRGHGLVSXWDGHORVLQ/
WHUHVHVJHQHUDGRVDOUHGHGRUGHODVREHUDQtDFULPLQDO
3RU HOOR %RZGHQ VHxDOD ³(O SULQFLSLR YHQGUi PiV
WDUGHFXDQGRORVPXHUWRVVHDQWDQQXPHURVRVTXHQR
FRQDOLPHQWRVGLIHUHQWHV<RHVWDEDFLHJRDQWHDTXH/
OORTXHPHDERIHWHDEDODFDUDHOIXWXUR8QOXJDUGRQ/
GHODFRQYHUVDFLyQHVXQDUPDGHIXHJR\ODUHDOLGDG
HVXQDGURJD\HOWLHPSRHVLQPHGLDWDPHQWH\PDxD/
QDDVtPDxDQDHVKR\SRUTXHQRKD\XQGHVWLQRPiV
SRGDPRVFDOODUORV´S(QKHPRVOOHJDGR
DHVHSXQWRFUtWLFR\GHVGHHOFXDOKDEUiSRVLELOLGD/
GHVGHSRQHUHQFULVLVHOUpJLPHQGHORVPXHUWRVSHUR
VREUHWRGRHOGHORVDVHVLQDWRVHQPHGLRGHODVFRQV/
WHODFLRQHVWHPSRUDOHVTXHODGHPRFUDWL]DFLyQDEULyD
DOOiGHHVWHPLVPtVLPRVHJXQGR´SS SDUWLUGHORVDxRVRFKHQWDGHOVLJOR;;SDUDSHUPLWLU
3RURWUDSDUWHDOFRPLHQ]RGHVXOLEUR%RZGHQDG/ ODGHURJDFLyQGHOSURFHVRSROtWLFRDXWRULWDULRTXHHQ
YLHUWHLUyQLFDPHQWH³-XiUH]WLHQHSRFRTXHYHUFRQ HIHFWRDOGHVJDMDUVHVXVVtQWRPDVQRKDQVLJQL¿FDGR
HO PXQGR UHDO´ S  /D LURQtD HV YiOLGD QR VyOR ~QLFDPHQWHODSpUGLGDGHFHQWUDOLGDGGHOSRGHUSROtWL/

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

HHK
 &#(%-P)$/(Q0+&,$//0 01*%"7(/)=%**2!0%1

FRDQWHVELHQXQDUDGLFDOGLVSHUVLyQGHODVVHGHVGHO (OSDVR7KH1HZ2OG:HVW(O3DVR3UR¿OH (FRQR>

SRGHUTXHDOFDQ]DQDWRFDUODHVWUXFWXUDFLyQWDQDxHMD /.4#=)//0-6(O3DVR7H[DV'HSDUWPHQW
FRPR QXHYD GH OD VREHUDQtD FULPLQDO VREUH OD FXDO RI(FRQRPLF'HYHORSPHQW
HVWiGHSRVLWDGDQXHVWUDGHPRFUDFLD !"4)*+$0#*+,*4.0'#+%T-*#."4.&*"4.0#&*'.4$.90#*"#'0#4.)>
&0&#&*#Q)2-*;1#M5.5)05)01#&)-0"$*#`aab#
5()(5(1&,$6 &LXGDG-XiUH]*RELHUQRGHO(VWDGRGH&KLKXDKXD
$VWRUJD /  ³6HLV UHÀH[LRQHV VREUH XQ GUD/ ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD+
PDQDFLRQDO´C*#D%"&*#<.,'%/0$.()*0p[LFR $\XQWDPLHQWR&RQVWLWXFLRQDOGH-XiUH]
Q~PVHSWLHPEUH !"4)*+$0# *+,*4.0'# +%T-*# ."4.&*"4.0# &*'.4$.90# *"#
%RZGHQ&HGQ)2-*;Y#K5*#C0T%-0$%-6#%7# '0# 4.)&0&# &*# Q)2-*;O# *"*-%>&.4.*/T-*# &*# `aag!
A)-#X)$)-*+RQJ.RQJ$SHUWXUH &LXGDG-XiUH],QVWLWXWR0XQLFLSDOGH,Q/
&RYDUUXELDV,³/DPHPRULD\ODLQIDPLD/D YHVWLJDFLyQ\3ODQHDFLyQ
HQFUXFLMDGDGHODYLROHQFLDHQFRQWUDGHODPXMHU (VFDODQWH*RQ]DOER)³3DQRUDPDGHOKRPL/
HQ &LXGDG -XiUH]´ !+$)&.%+# &*# R%'@$.40# 6# =%4.*> FLGLR HQ 0p[LFR (VTXHPD GH DQiOLVLV WHUULWRULDO
&0&DxRYROQ~PRFWXEUHGLFLHPEUH ´HQ$UWXUR$OYDUDGR\0yQLFD6HUUD/
&RYDUUXELDV ,  ³/HQJXDMH SROtWLFR \ PHUFD/ QRHGVIJY#=*B)-.&0&#"04.%"0'#6#+*B)-.&0&#.">
GRVFULPLQDOHV8QDSUREOHPDWL]DFLyQVHPiQWLFD´ $*-.%-0p[LFR&ROPH[
<%\0YROQ~PVHJXQGRVHPHVWUH 3R]DV +RUFDVLWDV 5  ³(O R¿FLR GHO SRGHU´
&RYDUUXELDV,³¢)RUPDVGHFDPELRSROtWLFR X-04$0'DxRQ~P
RFDPELRVVLQIRUPD"$QRWDFLRQHVVREUHODGHPR/ 7XQDQGHU 2  ³'HPRFUDWLF 6WDWH YV 'HHS
FUDWL]DFLyQ PH[LFDQD \ VXV SHQGLHQWHV´ HQ - & 6WDWH$SSURDFKLQJ WKH 'XDO 6WDWH RI WKH :HVW´
&UX] 5HYXHOWDV \ 5 2FDPSR$OFiQWDU FRRUGV HQ ( :LOVRQ HG S%9*-"/*"$# %7# $5*# =50&%U+Y#
DG\.4%1#)"0#4*"$)-.0Y#!+$)&.%+#+%T-*#*'#+.B'%#II# R0-0,%'.$.4+# 0"&# M-./."0'# =%9*-*.B"$6 /RQGUHV
/*\.40"%0p[LFR&UX]26$(GLWRUHV 3OXWR3UHVV

#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH

HHG
'!*"%.8$%./!* indígena
*!*'!.*8&')/,6!.*6%-/"!',./!.*+%'*%./!+&
3%*+'#(MI6N4"6(J%#C2=%;>
(
QHVWHOLEURHODXWRUDERUGDGHVGHODKLVWRULD
VRFLDOODSHUVSHFWLYDGHORVSXHEORVLQGtJHQDV
VREUH ODV FLUFXQVWDQFLDV VRFLDOHV \ SROtWLFDV
TXHSHUPLWLHURQGHVGHODFRORQLDKDVWD¿QDOHVGHOVL/
JOR;,;ODSUHVHUYDFLyQGHVXDXWRQRPtD$SDUWLUGH
XQDH[WHQVDGRFXPHQWDFLyQGHDUFKLYRVPXQLFLSDOHV
GHOHVWDGRGH2D[DFDDQDOL]DODPDQHUD\HOVHQWLGR
GHFRQWLQXLGDGTXHQRLPSOLFyVXEVLVWLUDOPDUJHQGH
ODDSOLFDFLyQGHODVSROtWLFDVOLEHUDOHVHMHFXWDGDVVR/
EUHDTXHOODVSREODFLRQHV'HLJXDOPRGRVXEUD\DOD
GHELOLGDGGHO(VWDGR\ODIDOWDGHXQSURFHGLPLHQWR
GHFHQWUDOL]DFLyQTXHIUHQyODSRVLELOLGDGGHHOLPLQDU
ODVIRUPDVGHRUJDQL]DFLyQGHODVFRPXQLGDGHVLQGt/
JHQDV7DOFLUFXQVWDQFLDOOHYyDO(VWDGRHQGLYHUVRV
PRPHQWRVGHVGHOD,QGHSHQGHQFLDODDFRVDGDGHOD
&RQVWLWXFLyQ GH  \ OD HPEHVWLGD GHO UpJLPHQ
SRU¿ULVWDDQHJRFLDUFRQORVSXHEORV\ODVpOLWHVUH/
JLRQDOHVGH2D[DFD(VWHHVFHQDULRVHKL]RHYLGHQWH
HQODVFRQVWLWXFLRQHVORFDOHVGH\GRQGH
SUHYDOHFLHURQIRUPDVSROtWLFDVGHRUJDQL]DFLyQSUR/
YHQLHQWHVGHODFRORQLD
3URIHVRULQYHVWLJDGRUGHWLHPSRFRPSOHWRHQOD8QLYHUVLGDG$XWyQR/
PDGHOD&LXGDGGH0p[LFR
>- (GJDU 0HQGR]D *DUFtD
D)".4.,.%+1# 4%7-0&@0+# 6# $.*--0+#
4%/)"0'*+Y# C%+# ,)*T'%+# 45%>
45%'$*40+#&*#A0\040#*"#*'#+.B'%#
IEI0p[LFR8$%-2&,(6$6
8$0$]FDSRW]DOFR@
(ODXWRUVXEUD\DODPDQHUDHQFyPRODVFRPXQLGD/
GHVLQGtJHQDVFRQVHUYDURQHOJUDGRGHOLEHUWDGHQHO
HMHUFLFLRGHOSRGHUSROtWLFRHFRQyPLFR\VRFLDOH[/
SHULHQFLDPDQL¿HVWDHQHOFRQWUROGHORVD\XQWDPLHQ/
WRVHOQRPEUDPLHQWRGHVXVIXQFLRQDULRV\HQODIRU/
PDGHXVDUORVUHFXUVRVGHVXVSURSLDVFRPXQLGDGHV
'HHVWHPRGRSXGRUHDQLPDUVHHOVHQWLGRGHOWpUPLQR
SXHEOR FRPR DQiORJR DO GH UHS~EOLFD \ GHVSXpV HQ
DOJRPiVIXQFLRQDOFXDQGRODVFDEHFHUDVGHORVSREOD/
GRVVHFRQYLUWLHURQHQ³UHS~EOLFDVPXQLFLSDOHV´3HVH
DO LPSDFWR GH ODV OH\HV GH GHVDPRUWL]DFLyQ IRUMDGDV
HQODSULYDWL]DFLyQGHODVWLHUUDVFRPXQDOHVDORODU/
JRGHOVLJOR;,;ORVSXHEORVORJUDURQPDQWHQHUVXV
WLHUUDVFROHFWLYDVSHVHDODVSUHWHQVLRQHVSHUPDQHQWHV
GHVRFDYDUORVUHFXUVRVGHODVFRPXQLGDGHV6LQHP/
EDUJRIXHODDXWRVX¿FLHQFLDHFRQyPLFDGHODVHQWLGD/
GHVLQGtJHQDVORTXHSHUPLWLyDFRPSDxDUXQSURFHVR
GH GHVFHQWUDOL]DFLyQ FLUFXQVWDQFLD TXH VH KL]R PiV
HYLGHQWHKDFLD¿QDOHVGHOVLJOR;,;\VHDVHYHUyGH
PDQHUDSHUPDQHQWHHQHOVLJOR;;
3DUD HMHPSOL¿FDUOR HO DXWRU VLW~D VX UHYLVLyQ HQ
OD WUD\HFWRULD HO IXQFLRQDPLHQWR GHO JRELHUQR \ HQ
ODV¿QDQ]DVGHOPXQLFLSLR\HVWROHSHUPLWHKDFHUHO
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HHM
 &#(%-P)$/(Q0+&,$//0 &%*+'#(=F462"4(1%#:)=%7
DQiOLVLVDSDUWLUGHGRVQLYHOHV³GHVGHDUULED´GRQGH
KDFHUHIHUHQFLDDODOHJLVODFLyQPXQLFLSDOUHODFLRQDGD
DODVWLHUUDV\ODVFRIUDGtDV³GHVGHDEDMR´GRQGHVH
LQYROXFUD OD UHVSXHVWD GH ORV SXHEORV D ODV SROtWLFDV
OLEHUDOHV(QHVWHVHQWLGRHVWUXFWXUDORVFRPSRQHQWHV
GH UHVLVWHQFLD OHJDO H LOHJDO OH GD VHQWLGR D OD OHJL/
WLPL]DFLyQ GHO SRGHU \ D OD FDSDFLGDG GH HMHUFHUOR
HYDO~DFyPRHVWRVDVSHFWRVVHIXHURQWUDQVIRUPDQGR
\DGDSWDQGRDODYLGDFRQVWLWXFLRQDOGHVGHODVHJXQGD
PLWDGGHOVLJOR;,;
(O DXWRU H[SOLFD D WUDYpV GHO HVWXGLR GH WUHV HMHV
WHPiWLFRV IXQFLRQDPLHQWR GHO JRELHUQR ORFDO FR/
EHQH¿FLRVDOD\XQWDPLHQWRSDUDDGPLQLVWUDUSRVHHU
WLHUUDVFRPXQDOHV\UHFDXGDULPSXHVWRV$VLPLVPR
ODIRUPDGHRUJDQL]DFLyQFRPXQDOGHORVSXHEORVLQ/
GLRVLPSOLFyHOUHFRQRFLPLHQWRGHORVGHUHFKRVFR/
OHFWLYRVHLQGLYLGXDOHV
3RU OR WDQWR OD FUHDFLyQ GH UHS~EOLFDV HQ SREOD/
FLRQHV GH  KDELWDQWHV IXH XQD FLUFXQVWDQFLD TXH
SHUPLWLy OD LQGHSHQGHQFLD GH ODV FDEHFHUDV PXQLFL/
SDOHVLJXDOPHQWHKDELOLWyODSUROLIHUDFLyQGHQXHYRV
PXQLFLSLRVORTXHUHSUHVHQWyXQSURFHVRGHQHJRFLD/
FLyQHQWUHHOPXQLFLSLR\ODDXWRULGDGHVWDWDO(ODXWRU
DJUHJDTXHH[LVWHXQSURFHVRGHFRQWLQXLGDGGHVGHOD
IUDGtDV\¿QDQ]DVPXQLFLSDOHVODSHUPDQHQFLDGHOD FRORQLDKDVWDHOVLJOR;;\HQHVWHVHQWLGRHYDO~DOD
SURSLHGDGFRPXQDOGRQGHFRQVLGHUDTXHDSHVDUGH FRQVWUXFFLyQGHXQSXHQWHHQWUHHO0p[LFRFRORQLDO\
ORVFDPELRVGHVSXpVGHOD,QGHSHQGHQFLDGHORVFRQ/ HOLQGHSHQGLHQWHTXHQRPDQL¿HVWDUXSWXUDVQLWUDQ/
ÀLFWRVHQWUHJRELHUQRVFHQWUDOLVWD\IHGHUDOLVWDRHO
PRYLPLHQWRGHUHIRUPDODVDWULEXFLRQHVGHORVPX/
QLFLSLRV YDULDURQ SRFR (Q HVWH VHQWLGR REVHUYD XQD
FRQWLQXLGDGGHOVLVWHPDSROtWLFR\HFRQyPLFRGHORV
SXHEORV \ SRU FRQVLJXLHQWH FRQVLGHUD TXH VH VDOYD/
JXDUGDURQORVLQWHUHVHVGHODVFRPXQLGDGHVLQGtJHQDV
DQWHHOJRELHUQRHVWDWDO
$SHVDUGHORVLQWHQWRVSHUPDQHQWHVGHFHQWUDOL]D/
FLyQ\GHOSURFHVRGHGHVDPRUWL]DFLyQSRUSDUWHGHO
(VWDGRORVPXQLFLSLRVSXGLHURQUHWHQHUFLHUWRSRGHU
SROtWLFR \ HFRQyPLFR VXVWHQWDGR HQ OD GREOH OHJDOL/
GDGTXHVHFRPSUHQGHSRUODYLQFXODFLyQ\HOFRQWURO
TXHKLFLHURQORVSXHEORVGHORVPXQLFLSLRVDVtFRPR
ODGLVSRVLFLyQGHORVUHFXUVRVFRPXQDOHV3RUORWDQ/
WRHODXWRUFRQFHQWUDVXHVWXGLRHQODFRQVROLGDFLyQ
GHOPXQLFLSLRFRPRLQVWLWXFLyQDOFRQVLGHUDUTXHIXH
ODEDVH\HVFXGRSDUDGHIHQGHUODLGHQWLGDGGHODVFR/
PXQLGDGHVLQGtJHQDV\DOPLVPRWLHPSRVDOYDJXDUGDU
ORVLQWHUHVHVGHORVSXHEORV
$GHPiV0HQGR]D*DUFtDSURIXQGL]DHQODVSDUWL/
FXODULGDGHVGHOD]RQDGHOLPLWDGDGHHVWXGLRH[SRQH
ODVFRQWUDGLFFLRQHVTXHLPSLGLHURQTXHHQODUHJLyQ
QRVHKXELHVHGHVDUUROODGRODKDFLHQGDHQEXHQDPH/
GLGD SRU OD EDMD FDOLGDG GH OD WLHUUD \ SRU HQGH HO
GHVDUUROORGHOFRPHUFLRIXHXQDDFWLYLGDGIXQGDPHQ/
WDO\DTXHpVWDVLWXDFLyQSHUPLWLyODSUHVHUYDFLyQGH
OD SURSLHGDG FRPXQDO \ ODV IRUPDV GH RUJDQL]DFLyQ
SROtWLFDHQFODYDGDHQODHFRQyPLFDWUDGLFLRQDO
6XJLHUHTXHODSREODFLyQLQGtJHQDGHOHVWDGRGH
2D[DFDHQHOVLJOR;,;HUDODGXHxDGHODPD\RUSDU/
WHGHVXVWLHUUDV\DOPLVPRWLHPSRJHQHUDEDJUDQ
GLYHUVLGDGGHSURGXFWRVTXHOHSHUPLWtDREWHQHUVX/
¿FLHQWHVUHFXUVRVHFRQyPLFRV(ODSR\RMXUtGLFRGH
ODFRQVWLWXFLyQORFDOGHIXHIXQGDPHQWDOSDUD
UHFRQRFHU\UHD¿UPDU HO VHQWLGR GH LGHQWLGDGGHOD
UHS~EOLFD KHUHGDGR GH OD FRORQLD \D TXH FRQFHGLy
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HHN
VLFLyQGHODVIRUPDVWUDGLFLRQDOHVGHOJRELHUQRLQGt/
JHQDKDFLDODRUJDQL]DFLyQSROtWLFDGHOD\XQWDPLHQWR
$SHVDUGHTXHODFRQVWLWXFLyQGHSURKLELy
D ODV FRUSRUDFLRQHV FLYLOHV OD SRVHVLyQ GH ELHQHV
UDtFHV ORV SXHEORV LQGtJHQDV DVXPLHURQ XQ GREOH
MXHJRHIHFWXDUHOHFFLRQHVFRQIRUPHDORVFULWHULRV
HPDQDGRVGHO(VWDGRKDFLDORVPXQLFLSLRV\DOPLV/
PRWLHPSRQRPEUDEDQDVXVIXQFLRQDULRVFRPXQD/
OHV\UHOLJLRVRVFRQIRUPHDVXVFRVWXPEUHV'HWDO
PDQHUDTXHORVSXHEORVQRIXHURQDIHFWDGRVSRUHO
SURFHVR GH GHVFHQWUDOL]DFLyQ \ GHVDPRUWL]DFLyQ
QRVHGHVWUX\yODSURSLHGDGFRPXQDOHQODHQWLGDG
VL ELHQ HV FLHUWR TXH DSOLFDURQ OD OHJLVODFLyQ PX/
QLFLSDO TXH HO (VWDGR OHV GHPDQGDED FUHDURQ ORV
PHFDQLVPRVMXUtGLFRVSDUDFRQVHUYDUVXVWLHUUDV\
PDQWHQHUVXVXVRV\FRVWXPEUHV
&LHUWR HV TXH OD IXQGDFLyQ GH ORV PXQLFLSLRV QR
IXH XQLIRUPH HVWRV IXHURQ DXWRVX¿FLHQWHV \ PDQWX/
YLHURQXQHTXLOLEULRFRQORVUHFXUVRVGHVXVFRPXQL/
GDGHV WDPELpQ VH EHQH¿FLDURQ GH OD SURGXFFLyQ GH
FRFKLQLOODODUHQWDGHWLHUUDV\PROLQRVODYHQWDGH
PH]FDO OD FRPHUFLDOL]DFLyQ GH PDQWDV GH DOJRGyQ
JDQDGRDUWHVDQtDV\SURGXFWRVDJUtFRODV)XHODDF/
WLYLGDG FRPHUFLDO XQD GH ODV SULQFLSDOHV IXHQWHV GH
LQJUHVRVORTXHSHUPLWLyDORVSXHEORVFRQVWUXLUHGL¿/
FLRVSDUDVXVSURSLRVD\XQWDPLHQWRVOHYDQWDULJOHVLDV
\VXIUDJDU¿HVWDVUHOLJLRVDVUHDOL]DUREUDVS~EOLFDV\
REWHQHUIRQGRVSDUD¿QDQFLDUORVVDODULRVGHSURIHVR/
UHVPDQWHQHUODEDQGDGHP~VLFD\JDUDQWL]DUODUH/
PXQHUDFLyQGHODERJDGRFRQHOREMHWLYRGHGHIHQGHU
ORVOtPLWHVWHUULWRULDOHV
$OFRQWDUFRQORVDGHFXDGRVUHFXUVRVHFRQyPLFRV
ODVFRPXQLGDGHVLQGtJHQDVSXGLHURQJDUDQWL]DUVXDX/
WRQRPtDHQHOiPELWRSROtWLFR\HFRQyPLFR6LQHP/
EDUJRDPHGLGDTXHVHIXHHVWDEOHFLHQGRODFHQWUDOL/
]DFLyQSROtWLFDGHO(VWDGRWDPELpQVHIXHURQFUHDQGR
 7%(*"1>2"1+%(0#:',"#%(%(7%1(>)7'+0/%1(/"#+*%701+%1(:"7("1+%:)
QXHYRVFRPSRQHQWHVSDUDWUDQVIRUPDUODFRIUDGtDDOD
PD\RUGRPtD3RFRDSRFRODFRQFHQWUDFLyQGHODWLH/
UUDIXHTXHGDQGRHQPDQRVGHORVFRPHUFLDQWHVJD/
QDGHURV\DJLRWLVWDVDSHVDUGHTXHODVQXHYDVFODVHV
SXGLHQWHV QR VH GHVYLQFXODURQ GH VXV FRPXQLGDGHV
GXUDQWHXQWLHPSRFRODERUDURQFRQGRQDWLYRVDOPX/
QLFLSLR&RPRFDFLTXHVSXHEOHULQRVUHFLELHURQWtWXORV
GHSURSLHGDG\GLVIUXWDURQGHOSURFHVRGHSULYDWL]D/
FLyQ DXQTXH HVWD SUHUURJDWLYD QR VRODPHQWH FRUUHV/
SRQGLyDORVSDUWLFXODUHVORVSXHEORVWDPELpQVHEH/
QH¿FLDURQVHWUDWyGHXQGHVDUUROORFRQVWDQWHGRQGH
VHIXHURQDGDSWDQGRODVLQLFLDWLYDVGHO(VWDGROLEHUDO
DOWLHPSRTXHVHFRQVHUYDURQODVGHODVFRPXQLGDGHV
6L ELHQ ORV PXQLFLSLRV PDQWXYLHURQ FLHUWR JUDGR
GH SRGHU SROtWLFR \ HFRQyPLFR JUDFLDV D OD DXWRVX/
¿FLHQFLD HQ ORV UHFXUVRV HFRQyPLFRV HO SURFHVR GH
0(&#(%-P)$/(Q0+&,$
FHQWUDOL]DFLyQGHO(VWDGRKDFLDODVFRPXQLGDGHV LQ/
GtJHQDVWHUPLQRSRULPSRQHUVHFDVLHQVXWRWDOLGDG
)LQDOPHQWH HO OLEUR D)".4.,.%+1# 4%7-0&@0+# 6# $.*>
--0+# 4%/)"0'*+| QRV SHUPLWH H[SOLFDU \ FRPSUHQ/
GHU GH TXp PDQHUD ORV PXQLFLSLRV PDQWXYLHURQ OD
FRQGLFLyQGHDXWRQRPtDDOFRPSDUDUODYLGDGHHVWDV
FRPXQLGDGHVDXWRVX¿FLHQWHVGHD\HU\FRQVWDWDUSRU
VXSDUWHODWULVWHVLWXDFLyQHQODTXHVHHQFXHQWUDQHQ
QXHVWURVGtDV\DTXHDOVHUGHSHQGLHQWHVGHORVUHFXU/
VRV H[WHUQRV ORV PXQLFLSLRV SHUGLHURQ ORV DWULEXWRV
TXHORVGLJQL¿FDEDQ\DOGtDGHKR\UHGXMHURQHOQLYHO
GH DWULEXFLRQHV DQWH ORV JRELHUQRV ORFDOHV SUiFWLFD/
PHQWH GLVPLQX\HURQ VXV IRUPDV GH ¿QDQFLDPLHQWR
FRQ ODV TXH FRQWDEDQ DQWHULRUPHQWH HQ HVWH VHQWLGR
SHUGLHURQQRVRORHOPDQHMRGHODVWLHUUDVFRPXQDOHV
WDPELpQSXVLHURQHQSHOLJURVXLGHQWLGDG
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HHI
%-.!4!"*%'* presente ?%E,6!-&

—‹ŽŽ‡”‘‘‘™ƒơ‡
ƒ”…Àƒ>

>5HQp'UXFNHU&ROtQ\5RVDOED
1DPLKLUDDG\.4%#R0@+O#G\.$%#%#
7-040+%0p[LFR0LJXHO$QJHO
3RUU~D@

(
$!DG\.4%#,0@+O#G\.$%#%#7-040+%5HQp'UXFNHU FRQHO6LQGLFDWR1DFLRQDOGH7UDEDMDGRUHVGHOD(GX/
&ROtQ \ 5RVDOED 1DPLKLUD SUHVHQWDQ  SUR/
EOHPDVGHGLIHUHQWHtQGROHTXHMX]JDQGHDWHQ/
FLyQ XUJHQWH 6L ELHQ HV FLHUWR TXH VRQ DVXQWRV TXH
YLHQHQGHVGHKDFHWLHPSRWDPELpQHVYHUGDGTXHORV
PLVPRVKDQFUHFLGRHQPRGRH[SRQHQFLDOWDQWRHQVX
PDJQLWXGFRPRHQODGL¿FXOWDGGHVXVROXFLyQSRUODV
SROtWLFDVS~EOLFDVLQH¿FLHQWHV\ODDQWHSRVLFLyQGHOOL/
EUHPHUFDGRDOELHQHVWDUGHORVFLXGDGDQRV
$Vt SXHV ORV SULPHURV WUHV FDStWXORV HVWiQ GHGL/
FDFLyQ 617( TXH WHUPLQD SRU DQWHSRQHU VXV LQWH/
UHVHVDORVHVWXGLDQWHV\VXGHUHFKRDXQDHGXFDFLyQ
GHFDOLGDG/RVDXWRUHVVHxDODQTXHDSHVDUGHTXHHO
617(KLVWyULFDPHQWHKDLPSHGLGRTXHVHUHDOLFHQUH/
IRUPDVHGXFDWLYDVGHJUDQFDODGR\TXHKDPDQWHQLGR
XQQLYHOHGXFDWLYREDMRUHFXpUGHVHTXHHQODSUXHED
GLULJLGDDHVWXGLDQWHVGHDxRVGHHGDG\UHDOL]DGD
HQ  0p[LFR REWXYR HO ~OWLPR OXJDU GH DSURYH/
FKDPLHQWRHQFLHQFLDVGHHQWUHORVSDtVHVPLHP/
FDGRVDODJXDODHQHUJtD\ODEDVXUDXELFiQGRORVHQ EURVGHOD2&'(VX³FDSDFLGDGGHFRQWUROSROtWLFR
ODFDWHJRUtDGHOGHVDUUROORVXVWHQWDEOHORVVLJXLHQWHV
WUHV VLW~DQ D DOJXQRV GH ORV JUXSRV YXOQHUDEOHV GHO
SDtVQLxRVPLJUDQWHV\DGXOWRVPD\RUHVRWURVFXD/
WURVRQGHGLFDGRVDODHGXFDFLyQ\FLHQFLDWUHVPiVD
ODVFXHVWLRQHVGHLQIUDHVWUXFWXUDWXULVPRFDUUHWHUDV
SRU PHGLR GHO DSDUDWR HOHFWRUDO´ S  OH KD GDGR
HQWUH RWURV EHQH¿FLRV HO  SRU FLHQWR GH ODV SOD]DV
GHQXHYDFUHDFLyQODREWHQFLyQGHFXRWDVPLOORQDULDV
GHSDUWHGHORVDJUHPLDGRVPLOPLOORQHVGHSHVRV
GHVGHTXH(OED(VWKHU*RUGLOORDVXPLyHOFRQWUROGHO
\WUDQVSRUWHGHVSXpVYLHQHQFXDWUREUHYHVFDStWXORV
GRQGHVXFRP~QGHQRPLQDGRUHVODVDOXG)LQDOPHQ/
WHORVGRV~OWLPRVVRQGHGLFDGRVDOWHPDGHO(VWDGR
\ODFODVHSROtWLFD7RGRVORVWHPDVH[SXHVWRVWLHQHQ
XQD SUREOHPiWLFDSODWDIRUPD HQ FRP~Q OD FRUUXS/
FLyQ(QHVWHVHQWLGRHVSRVLEOHREVHUYDUFyPRpVWH
IHQyPHQRDIHFWDSRUHMHPSORDODHGXFDFLyQEiVLFD
3ROLWyORJR
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HHO
VLQGLFDWRDSDGHPiVGHORVUHFXUVRVGHO
JRELHUQRTXHDOFDQ]DQORVPLOORQHVGHSHVRVHQ
HVHPLVPRODSVR
(Q ORV HQVD\RV VH SODQWHDQ GH PDQHUD FODUD ORV
SULQFLSDOHV LQGLFDGRUHV GH ODV SUREOHPiWLFDV VHxDOD/
GDVDSDUWLUGHGDWRVFXDQWLWDWLYRV&RQHOORSRGHPRV
REVHUYDUSRUHMHPSORHOUH]DJRHGXFDWLYRTXHWHQH/
PRV D QLYHO QDFLRQDO H LQWHUQDFLRQDO HO Q~PHUR GH
 "#1%<%*("7(>*"1"#+"(&"G0/%#) 0(&#(%-P)$/(Q0+&,$

HPLJUDQWHVFRQGHVWLQRD(VWDGRV8QLGRVSRUFDGD PHQRVVXPDPHQWHFRPSOHMRVVXVGLVWLQWDVVHFFLRQHV

 KDELWDQWHV HO GHVPHVXUDGR FUHFLPLHQWR GHO QR ORJUDQ FRQVROLGDU FRPSOHWDPHQWH ODV LGHDV SODQ/
SDUTXHYHKLFXODUHQOD=RQD0HWURSROLWDQDGHO9DOOH WHDGDV'DGDODFDQWLGDGGHWHPDVTXHPDQHMDQ\OR
GH0p[LFRPLOORQHVGHDXWRPRWRUHV\ODFRQWD/ EUHYHGHVXFRPSRVLFLyQQRWHUPLQDQGHGHVDUUROODU
PLQDFLyQTXHJHQHUDSRUFLHQWRGHHPLVLRQHVGH ORVDUJXPHQWRV\ODVP~OWLSOHVYDULDEOHVTXHFRQOOH/
JDVHVWy[LFRV\GHHIHFWRLQYHUQDGHURHWFpWHUD YDQ PXFKDV GH HOODV VROR PHQFLRQDGDV $XQDGR D
'HLJXDOPDQHUDODVFRQFHVLRQHVTXHKDFHODFODVH TXHDOJXQDVGHODVVROXFLRQHVSURSXHVWDVOOHJDQDVHU
SROtWLFDKDFLDODVHPSUHVDVSULYDGDVHQVXVGLIHUHQWHV REYLDVGHVSURSRUFLRQDGDVRGHPDVLDGRKXPDQLVWDV
UXEURV DJXD HGXFDFLyQ VDOXG LQIUDHVWUXFWXUD TXH TXH DOXGH PXFKDV GH ODV YHFHV D OD EXHQD YROXQWDG
JHQHUDQJDQDQFLDV H[FOXVLYDPHQWH D HVWRVGRVDFWR/ pWLFD\PRUDOGHOFLXGDGDQRHOSROtWLFR\HOHPSUH/
UHV FODVH SROtWLFD \ FODVH SULYDGD SHUR FRQ XQ WH/
FKRFUHFLHQWHGHSURGXFFLyQGHGHVLJXDOGDGHQWUHOD
VRFLHGDG (QVXOLEUR'UXFNHU\&ROtQVHxDODQDORV
SULQFLSDOHVDFWRUHVTXHVHEHQH¿FLDQGHODIDOWDGHVROX/
FLRQHV3RUHMHPSORHQHOPHUFDGRGHDJXDHPERWHOOD/
GDVRQ~QLFDPHQWHFXDWURFRPSDxtDVODVTXHFRQWURODQ
PiVGHOSRUFLHQWRGHOPHUFDGRJHQHUDQGRJUDQGHV
JDQDQFLDVSDUDODVHPSUHVDVTXHWDQVRORHQHO
IXHURQGHPLOORQHVGHSHVRVGDWRVLJQL¿FDWLYRVL
FRQVLGHUDPRVTXHGHFDGDKDELWDQWHVGHOSDtVFD/
UHFHGHDJXDSRWDEOH)LQDOPHQWHODpOLWHSROtWLFDDWUD/
YpVGHODVFRQFHVLRQHVTXHRWRUJDQDGLVWLQWRVVHFWRUHV
ORJUDKDFHUVHGHXQDSDUWHGHODVJDQDQFLDVHFRQyPL/
FDVSHURDGHPiVGHDSR\RSROtWLFRHOHFWRUDO
(PSHURDSHVDUGHOEXHQLQWHQWRGHHVWRVFLHQWt/
¿FRVDOSODQWHDUSUREOHPiWLFDV\VROXFLRQHVDIHQy/
VDULR LQFOXVR OOHJDQGR D OD FUHDFLyQ GH XQD VXHUWH
GHUHODFLyQGXDOHQWUHVRFLHGDGFLYLO³EXHQD´\PHU/
FDGR ³PDOR´ (V HVWH VHQWLGR VX DSXHVWD SRU 4-*0-#
M%"#M.*"4.0TXHORVDXWRUHVXWLOL]DQFRPRMXHJRGH
SDODEUDV SDUD SRU XQD SDUWH KDFHU XQ OODPDGR D OD
UHÀH[LyQ\SDUWLFLSDFLyQGHORVFLXGDGDQRVFRQUHV/
SHFWRDODVLWXDFLyQ\SRUODRWUDODLQWHJUDFLyQGHOD
FLHQFLDHQQXHVWUDYLGDGLDULD
)LQDOPHQWHHVWDFRPSLODFLyQGHHQVD\RVGHEHVHU
OHtGDFRPRXQDLQWURGXFFLyQJHQHUDODORVSUREOHPDV
TXHDERUGD6LELHQVXIUHDOJXQDVFDUHQFLDVHQFXDQWR
DOGHVDUUROORODFDQWLGDGGHGDWRVUHFROHFWDGDGHGLYHU/
VRV HVWXGLRV PXHVWUD GH PDQHUD JHQHUDO SHUR SUHFLVD
XQDDPSOLDJDPDGHHVSHFWURVTXHUHTXLHUHQODDWHQ/
FLyQHQODVGLVWLQWDVHVIHUDVTXHFRPSRQHQHOSDtV
#-)$('+S)&,$!SbU@(cd?(ePWTK(8(QNfgTNULMN(ON(HIJH
HHR