Download as pdf or txt
Download as pdf or txt
You are on page 1of 702

(OFHUHEURGHO

QLxR

HVWUDWHJLDV
UHYROXFLRQDULDV
SDUDFXOWLYDUOD
PHQWHHQ
GHVDUUROORGHWX
KLMR
'DQLHO-6LHJHO

\7LQD3D\QH%U\VRQ
7UDGXFFLyQGH

,VDEHO)HUUHU0DUUDGHV

$/%$
,QWURGXFFLyQ

6REUHYLYLU\DOD
YH]SURJUHVDU
+DVWHQLGRGtDVDVt¢YHUGDG"'tDV
HQORVTXHODIDOWDGHVXHxRODV
]DSDWLOODVGHGHSRUWHHPEDUUDGDVOD
PDQWHTXLOODHQODFKDTXHWDQXHYDOD
EDWDOODSRUORVGHEHUHVODSODVWLOLQD
HQHOWHFODGRGHORUGHQDGRU\OD
FDQWLQHOD©£+DHPSH]DGRHOODªWH
OOHYDQDFRQWDUORVPLQXWRVTXH
IDOWDQSDUDODKRUDGHPDQGDUORVDOD
FDPD(VRVGtDVHQORVTXH £¢XQD
YH]PiV" WLHQHVTXHVDFDUOHDWX
KLMRXQDSDVDGHXQRULILFLRGHOD
QDUL]SDUHFHTXHORPi[LPRDORTXH
SXHGHVDVSLUDUHVDVREUHYLYLU

6LQHPEDUJRFXDQGRVHWUDWDGHWXV
KLMRVDVSLUDVDPXFKRPiVTXHDOD
VLPSOHVXSHUYLYHQFLD1DWXUDOPHQWH
TXLHUHVVXSHUDUORVPRPHQWRV
GLItFLOHVFRPRODVUDELHWDVHQORV
UHVWDXUDQWHV3HUR\DVHDVHO
SURJHQLWRURFXDOTXLHURWURFXLGDGRU
FRPSURPHWLGRHQODYLGDGHXQQLxR
WXREMHWLYRSULQFLSDOHVHGXFDUORGH
WDOPRGRTXHOHSHUPLWDSURJUHVDU
4XLHUHVTXHGLVIUXWHGHUHODFLRQHV
SOHQDVTXHVHDDIHFWXRVR\
FRPSDVLYRTXHOHYD\DELHQHQOD
HVFXHODTXHWUDEDMHPXFKR\TXHVHD
UHVSRQVDEOH\TXHVHVLHQWDELHQ
FRQVLJRPLVPR

6REUHYLYLU3URJUHVDU

+HPRVWUDWDGRFRQPLOHVGHSDGUHVD
ORODUJRGHORVDxRV&XDQGROHV
SUHJXQWDPRVTXpHVORTXHPiVOHV
SUHRFXSDORSULPHURTXHPHQFLRQDQ
HVFDVLVLHPSUHDOJXQDYHUVLyQGH
HVWRVGRVREMHWLYRV'HVHDQ
VREUHYLYLUDORVPRPHQWRVGLItFLOHV
GHODWDUHDGHVHUSDGUHV\DVLPLVPR
GHVHDQTXHVXVKLMRV\ODIDPLOLD
SURJUHVHQ&RPRSDGUHVQRVRWURV
WDPELpQFRPSDUWLPRVHVWRVREMHWLYRV
SDUDQXHVWUDVSURSLDVIDPLOLDV(Q
QXHVWURVPRPHQWRVPiVQREOHVPiV
WUDQTXLORVPiVFXHUGRVQRVLQWHUHVD
FXOWLYDUODPHQWHGHQXHVWURVKLMRV
DXPHQWDUVXFDSDFLGDGGH
PDUDYLOODUVH\D\XGDUORVDDOFDQ]DU
VXSRWHQFLDOHQWRGDVODVIDFHWDVGH
ODYLGD3HURHQORVPRPHQWRVGH
PD\RUIUHQHVtPD\RUHVWUpVHVRVHQ
TXHHVWDPRVGLVSXHVWRVDVRERUQDUDO
FUtRSDUDTXHVHVLHQWHGHXQDYH]
SRUWRGDVHQODVLOOLWDGHOFRFKH\DVt
SRGDPRVVDOLUDWRGDSULVDKDFLDHO
SDUWLGRGHI~WERODYHFHVORPi[LPR
DORTXHSRGHPRVDVSLUDUHVDQR
FKLOODURDQRWHQHUTXHRtU©£4Xp
PDODHUHVª
'HWHQWHXQLQVWDQWHSDUDSUHJXQWDUWH
¢TXpGHVHDVGHYHUGDGSDUDWXV
KLMRV"¢4XpFXDOLGDGHVHVSHUDVTXH
GHVDUUROOHQHLQFRUSRUHQDVXYLGD
DGXOWD"/RPiVSUREDEOHHVTXH
TXLHUDVTXHVHDQIHOLFHVH
LQGHSHQGLHQWHV\TXHOHVYD\DELHQ
'HVHDVTXHWHQJDQUHODFLRQHV
VDWLVIDFWRULDV\XQDYLGDOOHQDGH
VHQWLGR\PHWDV$KRUDSLHQVDHQ
FXiOHVHOSRUFHQWDMHGHWXWLHPSR
TXHGHGLFDVLQWHQFLRQDGDPHQWHDO
GHVDUUROORGHHVDVFXDOLGDGHVHQWXV
KLMRV6LHUHVFRPRODPD\RUtDGH
ORVSDGUHVWHPHVGHGLFDUGHPDVLDGR
WLHPSRVyORDLQWHQWDUVREUHOOHYDUHO
GtD \DYHFHVORVVLJXLHQWHVFLQFR
PLQXWRV \QRVXILFLHQWHWLHPSRD
FUHDUH[SHULHQFLDVTXHD\XGHQDWXV
KLMRVDSURJUHVDUWDQWRDKRUDFRPR
HQHOIXWXUR

,QFOXVRHVSRVLEOHTXHWHFRPSDUHV
FRQDOJ~QWLSRGHSDGUHRPDGUH
SHUIHFWRTXHQXQFDWLHQHTXH
HVIRU]DUVHSRUVREUHYLYLUTXH
SDUHFHGHGLFDUFDGDVHJXQGRGHVXV
GtDVDD\XGDUDVXVKLMRVDSURJUHVDU
3RUHMHPSORODSUHVLGHQWDGHOD
DVRFLDFLyQGHSDGUHVGHODHVFXHOD
TXHSUHSDUDFRPLGDVHTXLOLEUDGDV\
HFROyJLFDVPLHQWUDVOHHDVXVKLMRV
XQWH[WRHQODWtQVREUHODLPSRUWDQFLD
GHD\XGDUDORVGHPiVOXHJRORV
OOHYDDOPXVHRGHDUWHHQHOFRFKH
KtEULGRGRQGHVHR\HP~VLFDFOiVLFD
\ODVUHMLOODVGHODLUHDFRQGLFLRQDGR
GHVSLGHQHIOXYLRVGHODYDQGDFRQ
HIHFWRVGHDURPDWHUDSLD1LQJXQRGH
QRVRWURVSXHGHHVWDUDODDOWXUDGH
HVHVXSHUSURJHQLWRULPDJLQDULR<
PHQRVFXDQGRVHQWLPRVTXH
GHGLFDPRVXQDOWRSRUFHQWDMHGH
QXHVWURWLHPSRDVREUHYLYLU\QDGD
PiVFRPRFXDQGRDFDEDPRVFRQORV
RMRVGHVRUELWDGRV\ODFDUD
HQURMHFLGDDOILQDOGHXQDILHVWDGH
FXPSOHDxRVJULWDQGR©£&RPR
YXHOYDDRtUXQDSHOHDPiVSRUHVH
DUFR\HVDIOHFKDQDGLHUHFLELUiQL
XQVRORUHJDORª

6LDOJRGHHVWRWHUHVXOWDIDPLOLDU
WHQHPRVXQDEXHQDQRWLFLDSDUDWL
ORVPRPHQWRVHQTXHVyORLQWHQWDV
VREUHYLYLUHQUHDOLGDGVRQ
RSRUWXQLGDGHVSDUDD\XGDUDWX
KLMRDSURJUHVDU(QRFDVLRQHVTXL]i
VLHQWDVTXHORVPRPHQWRV
LPSRUWDQWHV\WLHUQRV FRPR
PDQWHQHUXQDFRQYHUVDFLyQ
VLJQLILFDWLYDVREUHODFRPSDVLyQRHO
FDUiFWHU QRWLHQHQQDGDTXHYHUFRQ
ORVUHWRVDODKRUDGHHMHUFHUOD
SDWHUQLGDG FRPROLEUDUXQDQXHYD
EDWDOODSRUORVGHEHUHVRKDFHU
IUHQWHDRWUDUDELHWD 3HURVtWLHQHQ
PXFKRTXHYHU&XDQGRWXKLMRWH
IDOWDDOUHVSHWR\WHFRQWHVWDFXDQGR
WHOODPDODGLUHFWRUDGHOFROHJLR
SDUDSHGLUWHTXHYD\DVDKDEODUFRQ
HOODFXDQGRHQFXHQWUDVJDUDEDWRVGH
FRORUHVSRUWRGDODSDUHGpVRVVRQ
PRPHQWRVGHVXSHUYLYHQFLDGHHVR
QRFDEHGXGD3HURDOPLVPRWLHPSR
VRQRSRUWXQLGDGHV±LQFOXVR
REVHTXLRV±SRUTXHXQPRPHQWRGH
VXSHUYLYHQFLDWDPELpQHVXQ
PRPHQWRSDUDSURJUHVDU\HV
HQWRQFHVFXDQGRVHHMHUFHOD
SDWHUQLGDGGHXQPRGRLPSRUWDQWH\
FRQVHQWLGR

3RUHMHPSORSLHQVDHQXQDGHHVDV
VLWXDFLRQHVTXHVyORDVSLUDVDGHMDU
DWUiVFRPRFXDQGRWXVKLMRVULxHQ
SRUWHUFHUDYH]HQXQSOD]RGHWUHV
PLQXWRV 1RFXHVWDPXFKR
LPDJLQDUOR¢YHUGDG" (QOXJDUGH
OLPLWDUWHDLQWHUUXPSLUODSHOHD\
PDQGDUDORVKHUPDQRVHQOLWLJLRD
KDELWDFLRQHVGLVWLQWDVSXHGHVXVDUOD
GLVFXVLyQFRPRXQDRSRUWXQLGDG
SDUDHQVHxDUOHVDOJRDRtU\
HVFXFKDUGHXQDPDQHUDUHIOH[LYDHO
SXQWRGHYLVWDGHRWUDSHUVRQDD
FRPXQLFDUFRQFODULGDG\UHVSHWRVXV
SURSLRVGHVHRVHOFRPSURPLVRHO
VDFULILFLRODQHJRFLDFLyQ\HO
SHUGyQ<DORVDEHPRVSDUHFHDOJR
GLItFLOGHLPDJLQDUFXDQGRHVWiVHQ
SOHQRFRQIOLFWR3HURVLHQWLHQGHVXQ
SRFRODVQHFHVLGDGHVHPRFLRQDOHV\
ORVHVWDGRVPHQWDOHVGHWXVKLMRV
SXHGHVFUHDUHVWDFODVHGHUHVXOWDGRV
SRVLWLYRVLQFOXVRVLQQHFHVLGDGGH
UHFXUULUDODVIXHU]DVGHSD]GHODV
1DFLRQHV8QLGDV
1RWLHQHQDGDGHPDORVHSDUDUDWXV
KLMRVFXDQGRVHSHOHDQ(VXQDEXHQD
WpFQLFDGHVXSHUYLYHQFLD\HQ
FLHUWDVVLWXDFLRQHVSXHGHVHUOD
PHMRUVROXFLyQ3HURDPHQXGR
SRGHPRVKDFHUDOJRPiVTXHVyOR
DFDEDUFRQHOFRQIOLFWR\HODOERURWR
3RGHPRVFRQYHUWLUODH[SHULHQFLDHQ
DOJRTXHGHVDUUROOHQRVyORHO
FHUHEURGHFDGDXQRGHORVQLxRV
VLQRWDPELpQVXFDUiFWHU\VXV
DSWLWXGHVSDUDUHODFLRQDUVH&RQHO
WLHPSRORVKHUPDQRVVHKDUiQ
PD\RUHV\VHUiQPiVFRPSHWHQWHVHQ
HOPDQHMRGHOFRQIOLFWRVLQ
QHFHVLGDGGHODRULHQWDFLyQSDWHUQD
eVWDHVVyORXQDGHODVPXFKDV
PDQHUDVHQTXHSXHGHVD\XGDUORVD
SURJUHVDU

/REXHQRGHOHQIRTXH©VREUHYLYLU\
SURJUHVDUªHVTXHQRQHFHVLWDV
EXVFDUWLHPSRSDUDD\XGDUDWXV
KLMRVDSURJUHVDU3XHGHVHPSOHDU
WRGDVODVLQWHUDFFLRQHVTXH
FRPSDUWtV±WDQWRODVHVWUHVDQWHV\ODV
HQIXUHFHGRUDVFRPRODVPLODJURVDV\
DGRUDEOHV±FRPRRSRU௙WXQLGDGHVSDUD
D\XGDUORVDVHUODVSHUVRQDV
UHVSRQVDEOHVDIHFWXRVDV\FDSDFHV
TXHGHVHDVTXHVHDQ'HHVRWUDWD
HVWHOLEURGHDSURYHFKDUHVRV
PRPHQWRVFRWLGLDQRVFRQWXVKLMRV
SDUDD\XGDUORVDDOFDQ]DUVX
YHUGDGHURSRWHQFLDO(QHVWDV
SiJLQDVRIUHFHPRVXQDQWtGRWRSDUD
ORVHQIRTXHVDFDGpPLFRV\
HGXFDWLYRVTXHGDQH[FHVLYD
LPSRUWDQFLDDORVORJURV\HO
SHUIHFFLRQDPLHQWRDFRVWDGHORTXH
VHD1RVRWURVQRVFHQWUDUHPRVPiV
ELHQHQFyPRSXHGHVD\XGDUDWXV
KLMRVDVHUPiVHOORVPLVPRVPiV
UHVLVWHQWHV\PiVIXHUWHVDHVWDUPiV
DJXVWRFRQHOPXQGR¢<HVRFyPR
VHFRQVLJXH"1XHVWUDUHVSXHVWDHV
VHQFLOODQHFHVLWDVHQWHQGHUXQRV
SULQFLSLRVEiVLFRVVREUHHOMRYHQ
FHUHEURTXHFUHFH\VHGHVDUUROOD
FRQWXD\XGD'HHVRWUDWD(OFHUHEUR
GHOQLxR

&yPRHPSOHDUHVWHOLEUR
<DVHDVSURJHQLWRUDEXHORPDHVWUR
WHUDSHXWDRFXDOTXLHURWURFXLGDGRU
LPSRUWDQWHHQODYLGDGHXQQLxR
KHPRVHVFULWRHVWHOLEURSDUDWL$OR
ODUJRGHOOLEURHPSOHDUHPRVODV
SDODEUDV©SURJHQLWRUªR©SDGUHªR
©PDGUHªSHURQRVUHIHULPRVD
FXDOTXLHUDTXHUHDOLFHODFUXFLDO
ODERUGHFULDUGDUDSR\R\HGXFDUD
QLxRV1XHVWURREMHWLYRHVHQVHxDUWH
DXWLOL]DUODVLQWHUDFFLRQHV
FRWLGLDQDVFRPRRSRUWXQLGDGHVSDUD
D\XGDUWHDWL\DORVQLxRVTXH
TXLHUHVDVREUHYLYLU\SURJUHVDU
$XQTXHFRQXQSRFRGHFUHDWLYLGDG
EXHQDSDUWHGHORTXHOHDVSRGUtD
DGDSWDUVHDORVDGROHVFHQWHV±GH
KHFKRQRVSURSRQHPRVHVFULELUXQD
VHJXQGDSDUWHSUHFLVDPHQWHFRQHVH
ILQ±HVWHOLEURDEDUFDODHWDSDGHVGH
HOQDFLPLHQWRKDVWDORVGRFHDxRV
FHQWUiQGRVHVREUHWRGRHQORVQLxRV
HQHGDGSUHHVFRODUORVQLxRVHQ
HGDGHVFRODU\ORVSUHDGROHVFHQWHV

(QODVVLJXLHQWHVSiJLQDV
H[SOLFDUHPRVODSHUVSHFWLYDGHO
FHUHEURSOHQR\RIUHFHUHPRV
GLYHUVDVHVWUDWHJLDVSDUDD\XGDUD
WXVKLMRVDVHUPiVIHOLFHVDHVWDU
PiVVDQRV\DVHUHOORVPLVPRVGH
XQDPDQHUDPiVSOHQD(O&DStWXOR
GDDFRQRFHUHOFRQFHSWRGHOD
SDWHUQLGDGEDVDGRHQODHVWUXFWXUD
GHOFHUHEUR\SUHVHQWDODLGHD
VHQFLOOD\SRGHURVDGHODTXHSDUWH
HOHQIRTXHGHOFHUHEURSOHQROD
LQWHJUDFLyQ(O&DStWXORVHFHQWUD
HQD\XGDUDOKHPLVIHULRL]TXLHUGR\
DOKHPLVIHULRGHUHFKRDWUDEDMDU
FRQMXQWDPHQWHSDUDTXHHOQLxR
SXHGDHVWDUFRQHFWDGRFRQVXIDFHWD
OyJLFD\VXIDFHWDHPRFLRQDO(O
&DStWXORUHVDOWDODLPSRUWDQFLDGH
FRQHFWDUHO©FHUHEURLQIHULRUª
LQVWLQWLYRFRQHO©FHUHEUR
VXSHULRUªPiVUHIOH[LYR
UHVSRQVDEOHGHODVGHFLVLRQHVOD
SHUFHSFLyQSHUVRQDOODHPSDWtD\OD
PRUDOLGDG(O&DStWXORH[SOLFD
FyPRSXHGHVD\XGDUDWXKLMRDKDFHU
IUHQWHDORVPRPHQWRVGRORURVRVGHO
SDVDGRLOXPLQiQGRORVFRQODOX]GH
ODFRPSUHQVLyQSDUDSRGHU
DERUGDUORVGHXQDPDQHUD
LQWHQFLRQDGDFRQVFLHQWH\GHOLFDGD
(O&DStWXORWHD\XGDDHQVHxDUD
WXVKLMRVTXHSXHGHQSDUDUVHD
UHIOH[LRQDUVREUHVXHVWDGRGH
iQLPR&XDQGRVRQFDSDFHVGHKDFHU
HVRSXHGHQWRPDUGHFLVLRQHVTXHOHV
SHUPLWHQFRQWURODUFyPRVHVLHQWHQ\
FyPRUHVSRQGHQDVXPXQGR(O
&DStWXORSRQHGHUHOLHYHODV
PDQHUDVHQTXHSXHGHVHQVHxDUDWXV
KLMRVODIHOLFLGDG\ODVDWLVIDFFLyQ
TXHVHGHULYDQGHHVWDUFRQHFWDGRV
FRQORVGHPiVDOWLHPSRTXH
PDQWLHQHQXQDLGHQWLGDG~QLFD

0HGLDQWHXQDFODUDFRPSUHQVLyQGH
HVWRVGLVWLQWRVDVSHFWRVGHOHQIRTXH
GHOFHUHEURSOHQRSRGUiVYHUOD
HGXFDFLyQGHWXVKLMRVGHXQDPDQHUD
PX\GLVWLQWD&RPRSDGUHVHVWDPRV
SURJUDPDGRVSDUDLQWHQWDUSURWHJHUD
QXHVWURVKLMRVGHWRGRVXIULPLHQWR\
GRORUSHURHQUHDOLGDGHVRHV
LPSRVLEOH1XHVWURVKLMRVVHFDHUiQ
VHVHQWLUiQKHULGRV\VXIULUiQPLHGR
WULVWH]D\HQIDGR'HKHFKRD
PHQXGRHVWDVH[SHULHQFLDVGLItFLOHV
VRQODVTXHOHVSHUPLWHQFUHFHU\
GHVFXEULUHOPXQGR(QOXJDUGH
LQWHQWDUDKRUUDUOHVODVGLILFXOWDGHV
LQHYLWDEOHVGHODYLGDSRGHPRV
D\XGDUORVDLQWHJUDUHVDV
H[SHULHQFLDVHQVXYLVLyQGHOPXQGR
\DDSUHQGHUGHHOODV/DPDQHUDHQ
TXHQXHVWURVKLMRVGDQVHQWLGRDVXV
MyYHQHVYLGDVQRVyORWLHQHTXHYHU
FRQORTXHOHVRFXUUHVLQRWDPELpQ
FRQODUHVSXHVWDGHVXVSDGUHV
PDHVWURV\RWURVFXLGDGRUHV

7HQLHQGRHVWRHQFXHQWDXQRGH
QXHVWURVREMHWLYRVSULQFLSDOHVKD
VLGRTXHHVWHOLEUR(OFHUHEURGHO
QLxRVHDORPiV~WLOSRVLEOH
SURSRUFLRQDQGRODVKHUUDPLHQWDV
FRQFUHWDVSDUDTXHWXSDSHOFRPR
SDGUHRPDGUHVHDPiVIiFLO\OD
UHODFLyQFRQORVKLMRVPiVSOHQD3RU
HVRFDVLODPLWDGGHFDGDFDStWXOR
HVWiGHGLFDGDDODVHFFLyQ©/RTXH
SXHGHVKDFHUªGRQGHGDPRV
UHFRPHQGDFLRQHV\HMHPSORV
SUiFWLFRVGHFyPRVHSXHGHQDSOLFDU
ORVFRQFHSWRVFLHQWtILFRVGHO
FDStWXOR

$VLPLVPRDOILQDOGHFDGDFDStWXOR
VHLQFOX\HQGRVVHFFLRQHVGLVHxDGDV
SDUDD\XGDUDDSOLFDUIiFLOPHQWHORV
QXHYRVFRQRFLPLHQWRV/DSULPHUDHV
©/RVQLxRVGHFHUHEURSOHQRª
FRQFHELGDSDUDD\XGDUDHQVHxDUD
ORVQLxRVORVSULQFLSLRVEiVLFRV
DERUGDGRVHQHOFDStWXOR3XHGH
SDUHFHUH[WUDxRKDEODUFRQQLxRV
SHTXHxRVVREUHHOFHUHEURDOILQ\
DOFDERQRGHMDGHVHUODFLHQFLDGHO
FHUHEUR3HURKHPRVGHVFXELHUWRTXH
LQFOXVRORVQLxRVSHTXHxRV±GHVyOR
FXDWURRFLQFRDxRV±SXHGHQ
HQWHQGHUUHDOPHQWHSULQFLSLRV
LPSRUWDQWHVVREUHHOIXQFLRQDPLHQWR
GHOFHUHEUR\DVXYH]HQWHQGHUVHD
VtPLVPRV\FRPSUHQGHUVXFRQGXFWD
\VXVVHQWLPLHQWRVGHPDQHUDV
QXHYDV\PiVSHUVSLFDFHV(VWH
FRQRFLPLHQWRSXHGHVHUPX\~WLO
SDUDHOQLxRDVtFRPRSDUDHO
SURJHQLWRUTXHLQWHQWDHGXFDU
LPSRQHUXQDGLVFLSOLQD\TXHUHUGH
PDQHUDVTXHVDWLVIDJDQDDPERV
+HPRVHVFULWRODVVHFFLRQHV©/RV
QLxRVGHFHUHEURSOHQRªSHQVDQGR
HQXQS~EOLFRHQHGDGHVFRODUSHUR
SXHGHVDGDSWDUODLQIRUPDFLyQ
PLHQWUDVODOHHVHQYR]DOWDSDUDTXH
HVWpDOQLYHOGHWXKLMR

/DRWUDVHFFLyQDOILQDOGHFDGD
FDStWXORVHOODPD©,QWHJUDUQRV
QRVRWURVPLVPRVª0LHQWUDVTXH
JUDQSDUWHGHOOLEURVHFHQWUDHQOD
YLGDLQWHULRUGHWXKLMR\HQOD
FRQH[LyQHQWUHYRVRWURVGRVDTXtWH
D\XGDUHPRVDDSOLFDUORVFRQFHSWRV
GHFDGDFDStWXORDWXSURSLDYLGD\
WXVUHODFLRQHVSHUVRQDOHV&RQIRUPH
ORVQLxRVVHGHVDUUROODQVXV
FHUHEURV©UHIOHMDQªHOFHUHEURGH
VXVSDGUHV'LFKRGHRWURPRGRHO
SURSLRFUHFLPLHQWR\GHVDUUROORGH
VXVSDGUHVRVXDXVHQFLDLQFLGHQHQ
HOFHUHEURGHOQLxR$PHGLGDTXH
ORVSDGUHVDGTXLHUHQPD\RU
FRQFLHQFLD\VRQFDGDYH]PiVVDQRV
HPRFLRQDOPHQWHVXVKLMRVFRVHFKDQ
ORVIUXWRV\WDPELpQHOORVDYDQ]DQ
KDFLDODVDOXG(VRVLJQLILFDTXH
LQWHJUDU\FXOWLYDUWXSURSLRFHUHEUR
HVXQRGHORVUHJDORVPiVDIHFWXRVRV
\JHQHURVRVTXHSXHGHVRIUHFHUDWXV
KLMRV

2WUDKHUUDPLHQWDTXHHVSHUDPRVTXH
WHVHD~WLOHVODWDEODGH©(GDGHV\
HWDSDVªLQFOXLGDDOILQDOGHOOLEUR
GRQGHKDFHPRVXQVHQFLOORUHVXPHQ
GHFyPRVHSXHGHQDSOLFDUODVLGHDV
GHOOLEURVHJ~QODHGDGGHWXKLMR
&DGDFDStWXORKDVLGRFRQFHELGR
SDUDD\XGDUWHDOOHYDUDODSUiFWLFD
ODVLGHDVGHLQPHGLDWRFRQ
P~OWLSOHVUHFRPHQGDFLRQHVVHJ~Q
ODVGLVWLQWDVHGDGHV\HWDSDVGHO
GHVDUUROORLQIDQWLO3HURSDUD
IDFLOLWDUODVFRVDVDORVSDGUHVHVWD
~OWLPDVHFFLyQGHUHIHUHQFLD
FODVLILFDODVUHFRPHQGDFLRQHVGHO
OLEURVHJ~QODHGDG\HOQLYHOGH
GHVDUUROOR6LSRUHMHPSORHUHV
PDGUHGHXQQLxRHQHGDG
SUHHVFRODUHQFRQWUDUiVUiSLGDPHQWH
XQUHFRUGDWRULRGHORTXHSXHGHV
KDFHUSDUDIRPHQWDUODLQWHJUDFLyQ
HQWUHHOKHPLVIHULRGHUHFKRH
L]TXLHUGRGHOFHUHEURGHWXKLMR
/XHJRDPHGLGDTXHFUH]FDHOQLxR
SXHGHVYROYHUDFRQVXOWDUHOOLEUR
SDUDODVGLVWLQWDVHGDGHV\YHUXQD
OLVWDGHORVHMHPSORV\ODV
VXJHUHQFLDVPiVSHUWLQHQWHVSDUDOD
QXHYDHWDSDGHWXKLMR
$GHPiVMXVWRDQWHVGHODVHFFLyQ
©(GDGHV\HWDSDVªHQFRQWUDUiVXQD
©+RMDSDUDODQHYHUDªTXHUHVDOWD
PX\EUHYHPHQWHORVSXQWRVPiV
LPSRUWDQWHVGHOOLEUR3XHGHV
IRWRFRSLDUGLFKDKRMD\FRORFDUODHQ
ODQHYHUDSDUDTXHW~\WRGDVODV
SHUVRQDVTXHTXLHUHQDWXVKLMRV±
SDGUHVFDQJXURVDEXHORV\GHPiV±
SXHGDQWUDEDMDUFRQMXQWDPHQWHHQ
EHQHILFLRGHOELHQHVWDUJHQHUDOGH
WXVKLMRV

&RPRHVSHUDPRVTXHYHDVWHKHPRV
WHQLGRHQFXHQWDPLHQWUDV
WUDEDMiEDPRVSDUDFRQVHJXLUTXH
HVWHOLEURWHIXHUDORPiVDFFHVLEOH\
IiFLOGHOHHUSRVLEOH&RPR
FLHQWtILFRVKHPRVGDGRHVSHFLDO
LPSRUWDQFLDDODSUHFLVLyQ\OD
H[DFWLWXGFRPRSDGUHVQRVKHPRV
SURSXHVWRRIUHFHUXQDFRPSUHQVLyQ
SUiFWLFD<KHPRVOXFKDGRFRQHVWD
WHQVLyQ\DQDOL]DGRFXLGDGRVDPHQWH
FXiOHUDODPHMRUPDQHUDGH
SURSRUFLRQDUODLQIRUPDFLyQPiV
UHFLHQWHHLPSRUWDQWHH[SRQLpQGROD
DOPLVPRWLHPSRGHXQDPDQHUD
FODUD~WLOHLQPHGLDWDPHQWHSUiFWLFD
6LELHQHOOLEURWLHQHXQDEDVH
FODUDPHQWHFLHQWtILFDQRWHGDUiOD
LPSUHVLyQGHHVWDUHQXQDFODVHGH
FLHQFLDVROH\HQGRXQDUWtFXOR
DFDGpPLFR7UDWDGHODFLHQFLDGHO
FHUHEURHVRVLQGXGD\QRV
DWHQHPRVILHOPHQWHDWRGROR
GHPRVWUDGRSRUODLQYHVWLJDFLyQ\OD
FLHQFLD3HURFRPSDUWLUHPRVHVWD
LQIRUPDFLyQGHXQDPDQHUDTXHWH
LQYLWHDHQWUDUHQOXJDUGHGHMDUWH
IXHUDH[SXHVWRDOIUtR/RVGRVQRV
KHPRVSDVDGRWRGDQXHVWUDYLGD
SURIHVLRQDOUHXQLHQGRFRQRFLPLHQWRV
FLHQWtILFRVVREUHHOFHUHEUR
FRPSOLFDGRVSHURHVHQFLDOHV\
VLPSOLILFiQGRORVSDUDTXHORVSDGUHV
SXHGDQHQWHQGHUORV\DSOLFDUORVGH
LQPHGLDWRHQVXVLQWHUDFFLRQHV
FRWLGLDQDVFRQVXVKLMRV$VtTXHQR
SHUPLWDVTXHWRGRORUHODWLYRDO
FHUHEURWHDKX\HQWH&UHHPRVTXHWH
IDVFLQDUi\JUDQSDUWHGHOD
LQIRUPDFLyQEiVLFDHQUHDOLGDGHV
EDVWDQWHVHQFLOODDGHPiVGHIiFLOGH
XVDU 6LWHLQWHUHVDFRQRFHUPiV
GHWDOODGDPHQWHODFLHQFLDHQODTXH
VHIXQGDORTXHSUHVHQWDPRVHQHVWDV
SiJLQDVHFKDXQYLVWD]RDORVOLEURV
GH'DQ0LQGVLJKW\/DPHQWHHQ
GHVDUUROOR

*UDFLDVSRUDFRPSDxDUQRVHQHVWH
YLDMHKDFLDXQFRQRFLPLHQWRPiV
SOHQRGHFyPRD\XGDUUHDOPHQWHD
WXVKLMRVDVHUPiVIHOLFHVPiVVDQRV
\PiVHOORVPLVPRV6LHQWLHQGHV
FyPRIXQFLRQDHOFHUHEURSXHGHV
HOHJLUGHIRUPDPiVFRQVFLHQWHOR
TXHHQVHxDVDWXVKLMRVFyPROHV
UHVSRQGHV\SRUTXp$VtSRGUiV
KDFHUPXFKRPiVTXHOLPLWDUWHD
VREUHYLYLU2IUHFLHQGRDWXVKLMRV
H[SHULHQFLDVUHSHWLGDVTXH
GHVDUUROODQWRGRHOFHUHEURWH
HQIUHQWDUiVDXQPHQRUQ~PHURGH
FULVLVGHSDWHUQLGDGFRWLGLDQDV
3HURDGHPiVGHHVRHQWHQGHUOD
LQWHJUDFLyQWHSHUPLWLUiFRQRFHU
PHMRUDWXKLMRUHVSRQGHUGHXQD
PDQHUDPiVHILFD]DODVVLWXDFLRQHV
GLItFLOHV\FRQVWUXLU
LQWHQFLRQDGDPHQWHXQDEDVHSDUD
WRGDXQDYLGDGHDPRU\IHOLFLGDG
3RUFRQVLJXLHQWHWXKLMRQRVyOR
SURJUHVDUiWDQWRDKRUDFRPRHQOD
HGDGDGXOWDVLQRTXHWDPELpQOR
KDUpLVW~\WRGDWXIDPLOLD

7HURJDPRVTXHYLVLWHVQXHVWUD
SiJLQDZHE\QRVFXHQWHVWXV
H[SHULHQFLDVFRPRSDGUHRPDGUHHQ
ODDSOLFDFLyQGHOHQIRTXHGHO
FHUHEURSOHQR(VSHUDPRVUHFLELU
QRWLFLDVWX\DV

'DQ\7LQD

ZZZ:KROH%UDLQ&KLOGFRP
6HUSDGUHVFRQ
HOFHUHEURHQ
PHQWH
/RVSDGUHVVXHOHQVHUH[SHUWRVHQ
FXDQWRDORVFXHUSRVGHVXVKLMRV
6DEHQTXHXQDWHPSHUDWXUDSRU
HQFLPDGHORVJUDGRVHVILHEUH
6DEHQOLPSLDUXQFRUWHSDUDTXHQR
VHLQIHFWH6DEHQFXiOHVVRQORV
DOLPHQWRVTXHWLHQHQPiV
SUREDELOLGDGHVGHTXLWDUHOVXHxRD
VXKLMRDQWHVGHLUVHDODFDPD
3HURLQFOXVRORVSDGUHVPiV
DIHFWXRVRV\FXOWRVDPHQXGR
FDUHFHQGHODLQIRUPDFLyQEiVLFD
VREUHHOFHUHEURGHVXKLMR¢1RHV
VRUSUHQGHQWH"6REUHWRGRFXDQGR
XQRWLHQHHQFXHQWDHOSDSHO
IXQGDPHQWDOGHOFHUHEURHQ
SUiFWLFDPHQWHWRGRVORVDVSHFWRVGH
ODYLGDGHOQLxRTXHSUHRFXSDQDORV
SDGUHVODGLVFLSOLQDODWRPDGH
GHFLVLRQHVODFRQFLHQFLDGHVt
PLVPRHOFROHJLRODVUHODFLRQHV
HWFpWHUD'HKHFKRHOFHUHEUR
GHWHUPLQDHQJUDQPHGLGDTXLpQHV
VRPRV\TXpKDFHPRV<FRPRHO
SURSLRFHUHEURHVWiPROGHDGRHQ
JUDQSDUWHSRUODVH[SHULHQFLDVTXH
RIUHFHPRVFRPRSDGUHVVDEHUTXH
HOFHUHEURFDPELDHQUHVSXHVWDD
QXHVWUDPDQHUDGHHMHUFHUOD
SDWHUQLGDGSXHGHD\XGDUQRVDFULDUD
XQQLxRPiVIXHUWH\UHVLVWHQWH

$VtSXHVTXHUHPRVGDUWHDFRQRFHU
ODSHUVSHFWLYDGHOFHUHEURSOHQR
1RVJXVWDUtDH[SOLFDUWHXQRVFXDQWRV
FRQFHSWRVIXQGDPHQWDOHVVREUHHO
FHUHEUR\D\XGDUWHDDSOLFDUHVRV
QXHYRVFRQRFLPLHQWRVSDUDTXHOD
SDWHUQLGDGWHVHDPiVIiFLO\
DGTXLHUDPiVVHQWLGR1RHVWDPRV
GLFLHQGRTXHFULDUDXQQLxRFRQHO
FHUHEURSOHQRYD\DDDFDEDUFRQ
WRGDVODVIUXVWUDFLRQHVTXH
DFRPSDxDQDODHGXFDFLyQGHORV
KLMRV3HURVLHQWLHQGHVXQRV
FXDQWRVSULQFLSLRVEiVLFRVVREUHHO
IXQFLRQDPLHQWRGHOFHUHEUR
VHQFLOORV\IiFLOHVGHDVLPLODU
SRGUiVHQWHQGHUPHMRUDWXKLMR
UHDFFLRQDUGHXQDPDQHUDPiV
HILFD]DQWHODVVLWXDFLRQHVGLItFLOHV
\FRQVWUXLUXQDEDVHSDUDVXVDOXG
VRFLDOHPRFLRQDO\PHQWDO/RTXH
KDJDVFRPRSURJHQLWRULPSRUWD\WH
SURSRUFLRQDUHPRVLGHDVFODUDVFRQ
XQDEDVHFLHQWtILFDTXHWHD\XGDUiQ
DFRQVWUXLUXQDUHODFLyQVyOLGDFRQWX
KLMRORTXHFRQWULEXLUiDPROGHDUVX
FHUHEURFRPRHVGHELGR\DGDUOH
ORVPHMRUHVFLPLHQWRVSDUDXQDYLGD
IHOL]\VDQD

3HUPtWHQRVFRQWDUWHXQDKLVWRULDTXH
LOXVWUDOR~WLOTXHSXHGHVHUHVWD
LQIRUPDFLyQSDUDORVSDGUHV

/DXXXKXXXK

8QGtD0DULDQQDUHFLELyXQD
OODPDGDLQIRUPiQGROHGHTXHVXKLMR
GHGRVDxRV0DUFRKDEtDVXIULGRXQ
DFFLGHQWHGHWUiILFRFRQVXFDQJXUR
0DUFRVHHQFRQWUDEDELHQSHUROD
FDQJXURTXHFRQGXFtDKDEtDVLGR
WUDVODGDGDDXQKRVSLWDOHQ
DPEXODQFLD

&RQHODOPDHQYLOR0DULDQQD
GLUHFWRUDGHXQDHVFXHODSULPDULD
DFXGLyDWRGDSULVDDOOXJDUGHO
DFFLGHQWHGRQGHOHH[SOLFDURQTXH
ODFDQJXURKDEtDVXIULGRXQDWDTXH
HSLOpSWLFRPLHQWUDVFRQGXFtD
0DULDQQDHQFRQWUyDVXKLMRHQ
EUD]RVGHXQERPEHURTXHLQWHQWDED
HQYDQRWUDQTXLOL]DUOR/RFRJLy\HO
SHTXHxRVHFDOPyHQFXDQWRHOOD
HPSH]yDFRQVRODUOR

&XDQGR0DUFRGHMyGHOORUDUFRQWy
D0DULDQQDORVXFHGLGR(PSOHDQGR
HOOHQJXDMHGHXQQLxRGHGRVDxRV
TXHVyORHQWHQ௙GtDQVXVSDGUHV\VX
FDQJXUR0DUFRUHSHWtDXQD\RWUD
YH]ODIUDVH©,DXXXKXXXKª©,DªHUD
VXPDQHUDGHOODPDUD6RSKLDVX
TXHULGDFDQJXUR\©XXXKXXXKªHUD
VXYHUVLyQGHOVRQLGRGHODVLUHQD
GHOFRFKHGHERPEHURV RHQHVWH
FDVRXQDDPEXODQFLD 'LFLHQGR
UHSHWLGDPHQWHDVXPDGUH©LDXXXK
XXXKª0DUFRVHFHQWUDEDHQHO
GHWDOOHGHODKLVWRULDTXHPiVOH
LPSRUWDEDVHKDEtDQOOHYDGRD
6RSKLDVHSDUiQGRORGHHOOD

(QXQDVLWXDFLyQDVtPXFKRV
VHQWLUtDPRVODWHQWDFLyQGHDVHJXUDU
D0DUFRTXH6RSKLDVHSRQGUtDELHQ
\OXHJRGLULJLUtDPRVODDWHQFLyQGH
LQPHGLDWRDRWUDFRVDSDUDTXHHO
QLxRGHMDUDGHSHQVDUHQOR
RFXUULGR©£9DPRVDSRUXQ
KHODGRª(QORVGtDVSRVWHULRUHV
PXFKRVSDGUHVHYLWDUtDQKDEODUGHO
DFFLGHQWHSDUDQRDOWHUDUDOQLxR(O
SUREOHPDFRQHOSODQWHDPLHQWR
©9DPRVDSRUXQKHODGRªHVTXHHO
QLxRVHTXHGDFRQIXVRDFHUFDGHOR
VXFHGLGR\HOSRUTXp6LJXHSUHVDGH
HPRFLRQHVWHUURUtILFDVHLQWHQVDV
SHURQRVHOHSHUPLWHHQIUHQWDUVHD
HOODV QLVHORD\XGDDKDFHUOR GH
XQDPDQHUDHILFD]

0DULDQQDQRFRPHWLyHVHHUURU
+DEtDDVLVWLGRDODVFODVHVGH7LQD
VREUHODSDWHUQLGDG\HOFHUHEUR\
HQVHJXLGDGLREXHQXVRDOR
DSUHQGLGR(VDQRFKH\DORODUJR
GHODVLJXLHQWHVHPDQDFDGDYH]TXH
ORVSHQVDPLHQWRVGH0DUFROR
OOHYDEDQDUHFRUGDUHODFFLGHQWHGH
WUiILFR0DULDQQDORD\XGDEDD
FRQWDUODKLVWRULDXQD\RWUDYH]/H
GHFtD©6t6RSKLD\W~WXYLVWHLVXQ
DFFLGHQWH¢HKTXHVt"ª(QWRQFHV
0DUFRDEUtDORVEUD]RV\ORV
VDFXGtDLPLWDQGRHODWDTXHGH
6RSKLD0DULDQQDVHJXtD©6t
6RSKLDWXYRXQDWDTXH\HPSH]yD
WHPEODU\HOFRFKHFKRFy¢QRHV
DVt"ª/DVLJXLHQWHLQWHUYHQFLyQGH
0DUFRHUDFODURHVWiHOIDPLOLDU©,D
XXXKXXXKªDORTXH0DULDQQD
FRQWHVWDED©([DFWR/OHJyODXXXK
XXXK\VHOOHYyD6RSKLDDOPpGLFR
<DKRUDHOODHVWiPHMRU¢7H
DFXHUGDVGHTXHIXLPRVDYHUODD\HU"
(VWiELHQ¢YHUGDG"ª

'HMDQGRTXH0DUFRFRQWDUDOD
KLVWRULDUHSHWLGDPHQWH0DULDQQDOR
D\XGDEDDFRPSUHQGHUORVXFHGLGR
SDUDTXHSXGLHUDHPSH]DUD
HQIUHQWDUVHDHOORHPRFLRQDOPHQWH
&RPRFRQRFtDODLPSRUWDQFLDGH
D\XGDUDOFHUHEURGHVXKLMRD
SURFHVDUODDWHUUDGRUDH[SHULHQFLD
ORDQLPyDFRQWDUXQD\RWUDYH]ORV
VXFHVRVSDUDTXHSXGLHUDSURFHVDU
VXPLHGR\VHJXLUFRQVXUXWLQD
FRWLGLDQDGHXQDPDQH௙UDVDOXGDEOH\
HTXLOLEUDGD'XUDQWHORVGtDV
SRVWHULRUHV0DUFRIXHVDFDQGRHO
WHPDGHODFFLGHQWHFDGDYH]PHQRV
KDVWDFRQYHUWLUORVHQFLOODPHQWHHQ
RWUDPiVGHVXVH[SHULHQFLDVYLWDOHV
DXQTXHQRSRUHOORGHMDUDGHVHU
LPSRUWDQWH

&RQIRUPHOHDVODVVLJXLHQWHV
SiJLQDVGHVFXEULUiVODVUD]RQHV
FRQFUHWDVGHODUHVSXHVWDGH
0DULDQQD\SRUTXpWDQWRGHVGHXQ
SXQWRGHYLVWDSUiFWLFRFRPR
QHXUROyJLFRIXHWDQ~WLOSDUDVXKLMR
3RGUiVDSOLFDUWXVQXHYRV
FRQRFLPLHQWRVDFHUFDGHOFHUHEUR
SDUDTXHHOHMHUFLFLRGHOD
SDWHUQLGDGFRQWXKLMRVHDPiV
PDQHMDEOH\VDWLVIDFWRULR

(OFRQFHSWRTXHFRQVWLWX\HODEDVH
GHODUHDFFLyQGH0DULDQQD\GH
HVWHOLEURHVODLQWHJUDFLyQ8QD
FODUDFRPSUHQVLyQGHORTXHHVOD
LQWHJUDFLyQWHGDUiODFDSDFLGDGSDUD
WUDQVIRUPDUSRUFRPSOHWRWXPDQHUD
GHYHUHOHMHUFLFLRGHODSDWHUQLGDG
FRQWXVKLMRV3XHGHD\XGDUWHD
GLVIUXWDUPiVFRQHOORV\D
SUHSDUDUORVPHMRUSDUDXQDYLGDULFD
\JUDWLILFDQWH

¢4XpHVODLQWHJUDFLyQ\SRUTXp
LPSRUWDWDQWR"

/DPD\RUtDGHQRVRWURVQRWRPDHQ
FRQVLGHUDFLyQTXHQXHVWURFHUHEUR
WLHQHPXFKDVSDUWHVGLVWLQWDVFDGD
XQDFRQGLIHUHQWHVFRPHWLGRV3RU
HMHPSORKD\XQODGRL]TXLHUGRTXH
QRVD\XGDDSHQVDUGHXQDPDQHUD
OyJLFD\DRUJDQL]DUORV
SHQVDPLHQWRVSDUDFRQVWUXLUIUDVHV\
XQODGRGHUHFKRTXHQRVD\XGDD
H[SHULPHQWDUODVHPRFLRQHV\D
LQWHUSUHWDUODVVHxDOHVQRYHUEDOHV
7HQHPRVDVLPLVPRXQ©FHUHEURGH
UHSWLOªTXHQRVSHUPLWHDFWXDU
LQWXLWLYDPHQWH\WRPDUGHFLVLRQHV
UHODFLRQDGDVFRQODVXSHUYLYHQFLDHQ
PLOpVLPDVGHVHJXQGR\XQ©FHUHEUR
GHPDPtIHURªTXHQRVRULHQWDKDFLD
ODFRQH[LyQ\ODVUHODFLRQHV8QD
SDUWHGHOFHUHEURVHFHQWUDHQOD
PHPRULDRWUDHQWRPDUGHFLVLRQHV
PRUDOHV\pWLFDV(VFDVLFRPRVL
QXHVWURFHUHEURWXYLHUDP~OWLSOHV
SHUVRQDOLGDGHVXQDVUDFLRQDOHV
RWUDVLUUDFLRQDOHVXQDVUHIOH[LYDV
RWUDVUHDFWLYDV£1RHVGHH[WUDxDU
TXHHQGLVWLQWRVPRPHQWRV
SDUH]FDPRVSHUVRQDVGLIHUHQWHV
/DFODYHSDUDSURJUHVDUHVWiHQ
D\XGDUDHVWDVSDUWHVDWUDEDMDUELHQ
FRQMXQWDPHQWHDLQWHJUDUODV/D
LQWHJUDFLyQWRPDODVGLVWLQWDVSDUWHV
GHOFHUHEUR\ODVD\XGDDWUDEDMDU
MXQWDVFRPRXQWRGR(VDOJR
SDUHFLGRDORTXHRFXUUHHQHO
FXHUSRTXHWLHQHGLVWLQWRVyUJDQRV
SDUDOOHYDUDFDERGLVWLQWDV
IXQFLRQHVORVSXOPRQHVDVSLUDQHO
DLUHHOFRUD]yQERPEHDODVDQJUHHO
HVWyPDJRGLJLHUHORVDOLPHQWRV3DUD
TXHHOFXHUSRHVWpVDQRWRGRVHVWRV
yUJDQRVQHFHVLWDQKDOODUVH
LQWHJUDGRV(QRWUDVSDODEUDVFDGD
yUJDQRQHFHVLWDGHVHPSHxDUVX
IXQFLyQLQGLYLGXDODOWLHPSRTXH
WUDEDMDQWRGRVMXQWRVFRPRXQWRGR
/DLQWHJUDFLyQQRHVPiVTXHHVR
XQLUGLVWLQWRVHOHPHQWRVSDUDFUHDU
XQWRGRTXHIXQFLRQHGHELGDPHQWH
,JXDOTXHRFXUUHFRQXQFXHUSRVDQR
QXHVWURFHUHEURQRSXHGHUHQGLUDO
Pi[LPRDPHQRVTXHVXVGLVWLQWDV
SDUWHVWUDEDMHQFRQMXQWDPHQWHGHXQD
PDQHUDFRRUGLQDGD\HTXLOLEUDGD
(VRHVORTXHKDFHODLQWHJUDFLyQ
FRRUGLQD\HTXLOLEUDODVGLVWLQWDV
UHJLRQHVGHOFHUHEURTXHPDQWLHQH
XQLGDV(VIiFLOYHUFXiQGRQXHVWURV
KLMRVQRHVWiQLQWHJUDGRVORV
VXSHUDQODVHPRFLRQHVHVWiQ
FRQIXVRV\DF௙W~DQGHPDQHUDFDyWLFD
1RVRQFDSDFHVGHUHVSRQGHUGHXQD
PDQHUDVHUHQD\FRPSHWHQWHDODV
VLWXDFLRQHVDODVTXHVHHQIUHQWDQ
/DVSDWDOHWDVODVFULVLVOD
DJUHVLYLGDG\FDVLWRGDVODVGHPiV
H[SHULHQFLDVGHVDILDQWHVSDUDOD
SDWHUQLGDG±\SDUDODYLGD±VRQHO
UHVXOWDGRGHXQDSpUGLGDGH
LQWHJUDFLyQWDPELpQFRQRFLGDFRPR
GHVLQWHJUDFLyQ

'HVHDPRVD\XGDUDQXHVWURVKLMRVD
HVWDUPiVLQWHJUDGRVSDUDTXH
SXHGDQXVDUWRGRVXFHUHEURGHXQD
PDQHUDFRRUGLQDGD3RUHMHPSOR
TXHUHPRVTXHHVWpQLQWHJUDGRV
KRUL]RQWDOPHQWHSDUDTXHVXOyJLFD
GHOKHPLVIHULRL]TXLHUGRSXHGD
WUDEDMDUELHQFRQVXVHPRFLRQHVGHO
KHPLVIHULRGHUHFKR7DPELpQ
TXHUHPRVTXHHVWpQLQWHJUDGRV
YHUWLFDOPHQWHSDUDTXHODVSDUWHV
VLWXDGDVItVLFDPHQWHHQXQDSDUWH
VXSHULRUGHVXFHUHEURTXHOHV
SHUPLWHYHUVXVSURSLDVDFFLRQHVGH
XQDPDQHUDUHIOH[LYDWUDEDMHQELHQ
FRQODVSDUWHVLQIHULRUHVPiV
UHODFLRQDGDVFRQHOLQVWLQWRODV
UHDFFLRQHVYLVFHUDOHV\OD
VXSHUYLYHQFLD

/DPDQHUDHQTXHVHSURGXFHOD
LQWHJUDFLyQHVIDVFLQDQWH\HVDOJR
GHORTXHODPD\RUtDGHODJHQWHQR
HVFRQVFLHQWH(QORV~OWLPRVDxRV
ORVFLHQWtILFRVKDQGHVDUUROODGROD
WHFQRORJtDSDUDYLVXDOL]DUHO
FHUHEURSHUPLWLHQGRDORV
LQYHVWLJDGRUHVHVWXGLDUHOFHUHEURGH
PDQHUDVTXHKDVWDODIHFKDQXQFD
KDEtDQVLGRSRVLEOHV(VWDQXHYD
WHFQRORJtDKDFRQILUPDGRPXFKDVGH
ODVFRVDVTXHFUHtDPRVSUHYLDPHQWH
VREUHHOFHUHEUR6LQHPEDUJRXQD
GHODVVRUSUHVDVTXHKDVDFXGLGRORV
FLPLHQWRVPLVPRVGHODQHXURFLHQFLD
HVHOGHVFXEULPLHQWRGHTXHHO
FHUHEURHQUHDOLGDGHV©G~FWLOªR
PROGHDEOH(VRVLJQLILFDTXHHO
FHUHEURFDPELDItVLFDPHQWHDOR
ODUJRGHWRGDQXHVWUDYLGD\QRVyOR
HQODLQIDQFLDFRPRDQWHV
VXSRQtDPRV

¢4XpPROGHDQXHVWURFHUHEUR"/D
H[SHULHQFLD,QFOXVRHQODYHMH]
QXHVWUDVH[SHULHQFLDVFDPELDQOD
SURSLDHVWUXFWXUDItVLFDGHOFHUHEUR
&XDQGRYLYLPRVXQDH[SHULHQFLDODV
FpOXODVGHOFHUHEUR±OODPDGDV
QHXURQDV±VHYXHOYHQDFWLYDVR©VH
HQFLHQGHQª(OFHUHEURWLHQHFLHQ
PLOPLOORQHVGHQHXURQDVFDGDXQD
FRQGLH]PLOFRQH[LRQHVFRQRWUDV
QHXURQDVSRUWpUPLQRPHGLR/D
PDQHUDHQTXHFLHUWRVFLUFXLWRVGHO
FHUHEURVHDFWLYDQGHWHUPLQDOD
QDWXUDOH]DGHQXHVWUDDFWLYLGDG
PHQWDOGHVGHODSHUFHSFLyQGH
VRQLGRVRLPiJHQHVKDVWDHO
SHQVDPLHQWRPiVDEVWUDFWR\HO
UD]RQDPLHQWR&XDQGRODVQHXURQDV
VHHQFLHQGHQMXQWDVGHVDUUROODQ
QXHYDVFRQH[LRQHVHQWUHVt&RQHO
WLHPSRODVFRQH[LRQHVGHULYDGDVGH
VXDFWLYDFLyQFRQGXFHQDVX
©UHFRQILJXUDFLyQªHQHOFHUHEUR
(VWRHVXQDQRWLFLDLQFUHtEOH
6LJQLILFDTXHQRVRPRVHVFODYRVDOR
ODUJRGHWRGDQXHVWUDYLGDGHOD
PDQHUDHQTXHDFW~DQXHVWURFHUHEUR
DKRUDSRGHPRVUHDOPHQWH
UHFRQILJXUDUORSDUDVHUPiVVDQRV\
IHOLFHV(VWRHVDSOLFDEOHQRVyORD
ORVQLxRV\ORVDGROHVFHQWHVVLQRD
WRGRVQRVRWURVHQFDGDXQDGHODV
HWDSDVGHQXHVWUDYLGD

(QHVWHPLVPRPRPHQWRHOFHUHEUR
GHQXHVWURVKLMRVVHHVWi
FRQILJXUDQGR\UHFRQILJXUDQGR\ODV
H[SHULHQFLDVTXHOHVSURSRUFLR௙
QHPRVLQFLGLUiQHQRUPHPHQWHDOD
KRUDGHGHWHUPLQDUODHVWUXFWXUDGH
VXFHUHEUR3HURQRQRVVLQWDPRV
SUHVLRQDGRV/DQDWXUDOH]DVHKD
SUHRFXSDGRGHTXHODDUTXLWHFWXUD
EiVLFDGHOFHUHEURVHGH௙VDUUROOH
GHELGDPHQWHFRQXQDDOLPHQWDFLyQ
XQDVKRUDVGHVXHxR\XQD
HVWLPXODFLyQDGHFXDGDV/RVJHQHV
SRUVXSXHVWRGHVHP௙SHxDQXQSDSHO
LPSRUWDQWHHQODIRUPDGHVHUGHODV
SHUVRQDVVREUHWRGRHQORTXHVH
UHILHUHDOWHPSHUDPHQWR3HURORV
KDOOD]JRVHQGLVWLQWDViUHDVGHOD
SVLFRORJtDGHOGHVDUUROORVXJLHUHQ
TXHWRGRORTXHQRVVXFHGH±OD
P~VLFDTXHRtPRVODVSHUVRQDVDODV
TXHTXHUHPRVORVOLEURVTXH
OHHPRVODFODVHGHGLVFLSOLQDTXH
UHFLELPRVODVHPRFLRQHVTXH
VHQWLPRV±WLHQHXQDJUDQLQIOXHQFLD
HQHOGHVDUUROORGHQXHVWURFHUHEUR
'LFKRGHRWURPRGRDGHPiVGH
QXHVWUDDUTXLWHFWXUDFHUHEUDOEiVLFD
\QXHVWURWHPSHUDPHQWRLQQDWRORV
SDGUHVSXHGHQHMHUFHUXQSDSHO
HVHQFLDODODKRUDGHSURSRUFLRQDUOD
FODVHGHH[SHULHQFLDVTXHD\XGDUiQD
GHVDUUROODUXQFHUHEURUHVLVWHQWH\
ELHQLQWHJUDGR(VWHOLEURWH
HQVHxDUiDXVDUODVH[SHULHQFLDV
FRWLGLDQDVSDUDD\XGDUDOFHUHEURGH
WXKLMRDHVWDUFDGDYH]PiV
LQWHJUDGR

3RUHMHPSORORVQLxRVFX\RVSDGUHV
KDEODQFRQHOORVVREUHVXV
H[SHULHQFLDVWLHQGHQDWHQHUXQ
PD\RUDFFHVRDORVUHFXHUGRVGH
HVDVH[SHULHQFLDV/RVSDGUHVTXH
KDEODQFRQVXVKLMRVVREUHVXV
VHQWLPLHQWRVWLHQHQKLMRVTXH
GHVDUUROODQODLQWHOLJHQFLD
HPRFLRQDO\SXHGHQHQWHQGHUPHMRU
ORVVHQWLPLHQWRVSURSLRV\DMHQRV
/RVQLxRVWtPLGRVFX\RVSDGUHV
FXOWLYDQHOVHQWLGRGHODYDOHQWtD
RIUHFLpQGROHVODSRVLELOLGDGGH
H[SORUDUHOPXQGRFRQVXDSR\R
WLHQGHQDSHUGHUVXLQKLELFLyQ
FRQGXFWXDOPLHQWUDVTXHORVQLxRV
VREUHSURWHJLGRVRODQ]DGRV
LQVHQVLEOHPHQWHDYLYLUH[SHULHQFLDV
DQJXVWLRVDVVLQUHFLELUDSR\RDOJXQR
WLHQGHQDQRVXSHUDUODWLPLGH]
([LVWHWRGRXQFDPSRGHODFLHQFLD
GHOGHVDUUROOR\HODSHJRLQIDQWLOTXH
UHVSDOGDHVWDYLVLyQ\ORVQXHYRV
KDOOD]JRVHQHOiPELWRGHOD
QHXURSODVWLFLGDGDSR\DQHOHQIRTXH
GHTXHORVSDGUHVSXHGHQPROGHDU
GLUHFWDPHQWHHOFUHFLPLHQWRFRQWLQXR
GHOFHUHEURGHVXKLMRVHJ~QODV
H[SHULHQFLDVTXHOHRIUH]FDQ3RU
HMHPSORSDVDUKRUDVGHODQWHGHXQD
SDQWDOOD±MXJDQGRDYLGHRMXHJRV
YLHQGRODWHOHYLVLyQPDQGDQGR
PHQVDMHVGHWH[WR±FRQILJXUDUiHO
FHUHEURGHFLHUWDPDQHUD/DV
DFWLYLGDGHVHGXFDWLYDVORVGHSRUWHV
\ODP~VLFDORFRQILJXUDUiQGHRWUD
PDQHUD&RPSDUWLUXQWLHPSRFRQOD
IDPLOLD\ORVDPLJRV\DSUHQGHUD
UHODFLRQDUVHVREUHWRGRHQODV
LQWHUDFFLRQHVFDUDDFDUDOR
FRQILJXUDUiQGHPDQHUDD~QPiV
GLVWLQWD7RGRORTXHQRVVXFHGH
LQFLGHHQHOGHVDUUROORGHOFHUHEUR

/DLQWHJUDFLyQFRQVLVWHHQHVWH
SURFHVRGHFRQILJXUDFLyQ\
UHFRQILJXUDFLyQHQIDFLOLWDUD
QXHVWURVKLMRVH[SHULHQFLDVSDUD
FUHDUFRQH[LRQHVHQWUHODVGLVWLQWDV
SDUWHVGHOFHUHEUR&XDQGRHVWDV
GLVWLQWDVSDUWHVFRODERUDQVHFUHDQ\
VHUHIXHU]DQODVILEUDVLQWHJUDGRUDV
TXHXQHQODVGLVWLQWDVSDUWHVGHO
FHUHEUR3RUFRQVLJXLHQWHHVWiQ
FRQHFWDGDVGHPDQHUDPiVSRGHURVD
\SXHGHQWUDEDMDUFRQMXQWDPHQWHGH
XQPRGRD~QPiVDUPRQLRVR,JXDO
TXHORVFDQWDQWHVGHXQFRURSXHGHQ
HQWUHOD]DUVXVYRFHVSDUDFUHDUXQD
DUPRQtDTXHOHVHUtDLPSRVLEOH
SURGXFLUDXQDVRODSHUVRQDXQ
FHUHEURLQWHJUDGRHVFDSD]GHOOHYDU
DFDERPXFKRPiVGHORTXH
FRQVHJXLUtDQVXVSDUWHVLQGLYLGXDOHV
FDGDXQDSRUVXFXHQWD

(VRHVORTXHTXHUHPRVSDUD
QXHVWURVKLMRVTXHUHPRVD\XGDUDVX
FHUHEURDHVWDUPiVLQWHJUDGRSDUD
TXHSXHGDQVDFDUHOPi[LPR
UHQGLPLHQWRDVXVUHFXUVRVPHQWDOHV
WDO\FRPRKL]R0DULDQQDFRQ
0DUFR$ODQLPDUORDFRQWDUOD
KLVWRULDXQD\RWUDYH] ©,DXXXK
XXXKª GHVDFWLYyODVHPRFLRQHV
WUDXPiWLFDV\WHUURUtILFDVVLWXDGDVHQ
VXKHPLVIHULRGHUHFKRSDUDTXHQROR
GRPLQDUDQ/RFRQVLJXLyUHFXUULHQGR
DORVGHWDOOHVREMHWLYRV\ODOyJLFD
GHVXKHPLVIHULRL]TXLHUGR±TXHD
ORVGRVDxRVHPSH]DEDD
GHVDUUROODU±SDUDTXHSXGLHUDKDFHU
IUHQWHDODFFLGHQWHGHXQPRGRTXH
WXYLHUDVHQWLGRSDUDpO

6LVXPDGUHQRORKXELHVHD\XGDGRD
FRQWDU\HQWHQGHUODKLVWRULDORV
WHPRUHVGH0DUFRQRVHKDEUtDQ
UHVXHOWR\KDEUtDQDVRPDGRGHRWUD
IRUPD4XL]iKDEUtDGHVDUUROODGR
XQDIRELDDLUHQFRFKHRDVHSDUDUVH
GHVXVSDGUHVRTXL]iVXKHPLVIHULR
GHUHFKRVHKDEUtDGHVFRQWURODGRGH
RWUDVPDQHUDVOOHYiQGRORDWHQHU
IUHFXHQWHVUDELHWDV(QOXJDUGHHVR
DOFRQWDUODKLVWRULDFRQ0DUFR
0DULDQQDORD\XGyDFHQWUDUVX
DWHQFLyQWDQWRHQORVGHWDOOHV
REMHWLYRVGHODFFLGHQWHFRPRHQVXV
SURSLDVHPRFLRQHVTXHOH
SHUPLWLHURQXVDUORVKHPLVIHULRV
GHUHFKRHL]TXLHUGRMXQWRV
UHIRU]DQGROLWHUDOPHQWHODFRQH[LyQ
(QHO&DStWXORH[SOLFDUHPRVHVWH
FRQFHSWRHQSDUWLFXODUPiV
DPSOLDPHQWH $OD\XGDUORDHVWDU
PiVLQWHJUDGR0DUFRSXGRYROYHUD
VHUXQQLxRGHGRVDxRVQRUPDO\HQ
SOHQRGHVDUUROORHQOXJDUGH
TXHGDUVHDWDVFDGRHQHOPLHGR\OD
DQJXVWLDTXHH[SHULPHQWy

9HDPRVRWURHMHPSOR$KRUDTXHWXV
KHUPDQRV\W~\DVRLVPD\RUHV
¢VHJXtVSHOHiQGRRVSDUDYHUTXLpQ
SXOVDHOERWyQGHODVFHQVRU"&ODUR
TXHQR %XHQRHVRHVSHUDPRV
3HUR¢WXVKLMRVVHSHOHDQ\GLVFXWHQ
SRUHVDVFRVDV"6LVRQQLxRV
QRUPDOHVVHJXURTXHVt

/DUD]yQGHHVWDGLIHUHQFLDQRVOOHYD
RWUDYH]DOFHUHEUR\ODLQWHJUDFLyQ
/DULYDOLGDGHQWUHKHUPDQRVHVRWUD
GHODVFRVDVTXHFRPSOLFDQOD
SDWHUQLGDGDOLJXDOTXHODVUDELHWDV
ODGHVREHGLHQFLDODVEDWDOODVSRU
ORVGHEHUHVODVFXHVWLRQHVGH
GLVFLSOLQDHWFpWHUD&RPR
H[SOLFDUHPRVHQORVSUy[LPRV
FDStWXORVHVWRVGHVDItRVFRWLGLDQRV
DODSDWHUQLGDGVHGHEHQDXQDIDOWD
GHLQWHJUDFLyQHQHOFHUHEURGHWX
KLMR/DUD]yQSRUODTXHVXFHUHEUR
QRVLHPSUHHVFDSD]GHLQWHJUDUVHHV
VHQFLOODQRKDWHQLGRWLHPSRSDUD
GHVDUUROODUVH'HKHFKRD~QOH
TXHGDXQODUJRFDPLQRSRUUHFRUUHU
\DTXHVHFRQVLGHUDTXHHOFHUHEUR
GHXQDSHUVRQDQRHVWiSOHQDPHQWH
GH௙VDUUROODGRKDVWDORVYHLQWLWDQWRV
DxRV

$VtTXHpVDHVODPDODQRWLFLDWLHQHV
TXHHVSHUDUDTXHVHGH௙VDUUROOHHO
FHUHEURGHWXKLMR([DFWRSRU
EULOODQWHTXHWHSDUH]FDWXQLxRHQ
HGDGSUHHVFRODUQRWLHQHHOFHUHEUR
GHXQQLxRGHGLH]DxRVQLORWHQGUi
KDVWDGHQWURGHXQRVDxRV/D
YHORFLGDGGHPDGXUDFLyQGHO
FHUHEURGHSHQGHHQJUDQPHGLGDGH
ORVJHQHVTXHKHUHGDPRV3HUR
SXHGHTXHSRGDPRVLQIOXLUHQHO
JUDGRGHLQWHJUDFLyQPLHQWUDV
HMHUFHPRVODSDWHUQLGDGGtDDGtD

/DEXHQDQRWLFLDHVTXHXVDQGRORV
PRPHQWRVGHODYLGDFRWLGLDQD
SRGHPRVLQIOXLUHQODPDQHUDHQ
TXHHOFHUHEURGHQXHVWURKLMR
DYDQ]DKDFLDODLQWHJUDFLyQ(Q
SULPHUOXJDUSRGHPRVGHVDUUROODU
ORVGLVWLQWRVHOHPHQWRVGHOFHUHEUR
GHQXHVWURKLMRRIUHFLHQGR
RSRUWXQLGDGHVSDUDHMHUFLWDUORV(Q
VHJXQGROXJDUSRGHPRVIDFLOLWDUOD
LQWHJUDFLyQSDUDTXHODVGLVWLQWDV
SDUWHVVHFRQHFWHQPHMRU\WUDEDMHQ
MXQWDVGHPDQHUDHILFD]&RQHOOR
QXHVWURVKLMRVQRFUHFHUiQPiV
GHSULVDVLPSOHPHQWHORV
D\XGDUHPRVDGHVDUUROODUODV
QXPHURVDVSDUWHVGHVtPLVPRV\D
LQWHJUDUODV7DPSRFRGHEHPRV
DJRWDUQRV QLDJRWDUDQXHVWURVKLMRV
LQWHQWDQGRGHVHVSHUDGDPHQWHOOHQDU
FDGDH[SHULHQFLDGHWUDVFHQGHQFLD\
VLJQLILFDGR6LPSOHPHQWHVHWUDWDGH
HVWDUSUHVHQWHVHQODYLGDGH
QXHVWURVKLMRVSDUDD\XGDUORVDHVWDU
PiVLQWHJUDGRV$VtSURJUHVDUiQ
HPRFLRQDOLQWHOHFWXDO\VRFLDOPHQWH
8QFHUHEURLQWHJUDGRGDOXJDUDXQD
PHMRUWRPDGHGHFLVLRQHVXQPD\RU
FRQWUROGHOFXHUSR\ODVHPRFLRQHV
XQDFRPSUHQVLyQGHXQRPLVPRPiV
SOHQDXQDVUHODFLRQHVPiVVyOLGDV\
XQEXHQUHQGLPLHQWRHVFRODU<WRGR
HPSLH]DSRUODVH[SHULHQFLDV
SURSRUFLRQDGDVSRUORVSDGUHV\
RWURVFXLGDGRUHVTXHVRVWLHQHQORV
FLPLHQWRVGHODLQWHJUDFLyQ\OD
VDOXGPHQWDO

$GHQWUDUVHHQODFRUULHQWHVXUFDU
ODVDJXDVHQWUHHOFDRV\ODULJLGH]

9HDPRVGHXQDPDQHUDXQSRFRPiV
FRQFUHWDTXpSDVDFXDQGRXQD
SHUVRQD±VHDQLxRRDGXOWR±YLYHHQ
XQHVWDGRGHLQWHJUDFLyQ&XDQGR
DOJXLHQHVWiELHQLQWHJUDGRJR]DGH
VDOXGPHQWDO\ELHQHVWDU3HURHVRQR
HVSUHFLVDPHQWHIiFLOGHGHILQLU'H
KHFKRPLHQWUDVTXHVHKDQHVFULWR
ELEOLRWHFDVHQWHUDVDFHUFDGHOD
HQIHUPHGDGPHQWDOH[LVWHQSRFDV
GHILQLFLRQHVGHODVDOXGPHQWDO'DQ
KDVLGRXQRGHORVSULPHURVHQGDU
XQDGHILQLFLyQGHVDOXGPHQWDO\
DKRUDLQYHVWLJDGRUHV\WHUDSHXWDVGH
WRGRHOPXQGRHPSLH]DQDXWLOL]DUOD
6HEDVDHQHOFRQFHSWRGHOD
LQWHJUDFLyQHLPSOLFDXQD
FRPSUHQVLyQGHODFRPSOHMD
GLQiPLFDGHODVUHODFLRQHVKXPDQDV
\HOFHUHEUR3HURXQDPDQHUD
VHQFLOODGHGHILQLUODVDOXGPHQWDOHV
GHVFULELpQGRODFRPRQXHVWUD
FDSDFLGDGGHSHUPDQHFHUHQXQ©UtR
GHELHQHVWDUª

,PDJLQDXQUtRGHDJXDVVHUHQDVTXH
DWUDYLHVDXQFDPSReVHHVWXUtRGH
ELHQHVWDU$KtHQHODJXDDYDQ]DQGR
DSDFLEOHPHQWHHQWXFDQRDVLHQWHV
TXHHQJHQHUDOHVWiVHQEXHQDV
UHODFLRQHVFRQHOPXQGRTXHWH
URGHD7HHQWLHQGHVDWLPLVPR
HQWLHQGHVDORVGHPiV\WXYLGD(UHV
IOH[LEOH\WHDGDSWDVDFDGDVLWXDFLyQ
QXHYD3HUPDQHFHVHVWDEOH\HQSD]

3HURDYHFHVPLHQWUDVQDYHJDV
DSDFLEOHPHQWHSRUHOUtRWHDFHUFDV
GHPDVLDGRDXQDGHODVGRVRULOODV
(VRFUHDGLVWLQWRVSUREOHPDVVHJ~Q
ODRULOODDODTXHWHDUULPHV8QD
RULOODUHSUHVHQWDHOFDRVGRQGH
VLHQWHVTXHQRFRQWURODVODVLWXDFLyQ
(QOXJDUGHGHMDUWHOOHYDUSRUOD
FRUULHQWHGHDJXDVWUDQTXLODVWHYHV
DWUDSDGRSRUODIXHU]DGH
HPEUDYHFLGRVUiSLGRV\HUHVSUHVD
GHODFRQIXVLyQ\ODDJLWDFLyQ
1HFHVLWDVDOHMDUWHGHODRULOODGHO
FDRV\YROYHUDLQFRUSRUDUWHDOD
VHUHQDFRUULHQWHGHOUtR

3HURQRWHDOHMHVGHPDVLDGRSRUTXH
ODRWUDRULOODSUHVHQWDVXVSURSLRV
SHOLJURV(VODRULOODGHODULJLGH]
TXHHVORFRQWUDULRGHOFDRV(Q
RSRVLFLyQDODIDOWDGHFRQWUROOD
ULJLGH]HVFXDQGRLPSRQHPRVHO
FRQWURODWRGR\WRGRVHQWRUQRD
QRVRWURV1RVQHJDPRVSRUFRPSOHWR
DDGDSWDUQRVDWUDQVLJLURD
QHJRFLDU&HUFDGHODRULOODGHOD
ULJLGH]KXHOHDDJXDHVWDQFDGD\ORV
MXQFRV\ODVUDPDVGHORViUEROHV
LPSLGHQTXHWXFDQRDDYDQFH
DSDFLEOHPHQWHSRUHOUtRGHO
ELHQHVWDU
$VtSXHVXQH[WUHPRHVHOFDRV
GRQGHQRH[LVWHHOPHQRUFRQWURO(O
RWURH[WUHPRHVODULJLGH]GRQGHKD\
XQFRQWUROH[FHVLYRORTXHFRQGXFH
DXQDIDOWDGHIOH[LELOLGDG\
DGDSWDELOLGDG7RGRVYDPRVGHXQD
RULOODDRWUDHQQXHVWUDYLGD
FRWLGLDQDVREUHWRGRFXDQGR
SURFXUDPRVVREUHYLYLUDOD
SDWHUQLGDG&XDQWRPiVQRV
DFHUFDPRVDODVRULOODVGHOFDRV\OD
ULJLGH]PiVQRVDOHMDPRVGHOD
VDOXGPHQWDO\HPRFLRQDO&XDQWR
PiVWLHPSRHYLWDPRVFXDOTXLHUDGH
ODVGRVRULOODVPiVWLHPSRSDVDPRV
GLVIUXWDQGRGHOUtRGHOELHQHVWDU
*UDQSDUWHGHQXHVWUDYLGDGH
DGXOWRVSXHGHYHUVHFRPRHODYDQFH
SRUHVWRVFDPLQRVDYHFHVHQOD
DUPRQtDGHODFRUULHQWHGHO
ELHQHVWDUSHURDYHFHVHQHOFDRVHQ
ODULJLGH]R\HQGRHQ]LJ]DJGHOR
XQRDORRWUR/DDUPRQtDVXUJHGHOD
LQWHJUDFLyQ(OFDRV\ODULJLGH]
DSDUHFHQFXDQGRVHEORTXHDOD
LQWHJUDFLyQ

7RGRHVWRWDPELpQHVDSOLFDEOHD
QXHVWURVKLMRV(OORVWLHQHQVXV
SURSLDVFDQRtWDV\DYDQ]DQ
DSDFLEOHPHQWHSRUVXUtRGHO
ELHQHVWDU0XFKRVGHORVUHWRVDORV
TXHQRVHQIUHQWDPRVFRPRSDGUHVVH
SURGXFHQHQORVPRPHQWRVHQTXH
QXHVWURVKLMRVVHDOHMDQGHOD
FRUULHQWHFXDQGRVHDFHUFDQ
GHPDVLDGRDOFDRVRODULJLGH]¢7X
KLMRGHWUHVDxRVVHQLHJDD
FRPSDUWLUVXEDUFRGHMXJXHWHHQHO
SDUTXH"5LJLGH]¢6HSRQHDOORUDUD
JULWDU\DWLUDUDUHQDFXDQGRVXQXHYR
DPLJROHTXLWDHOEDUFR"&DRV(Q
HVHPRPHQWRORTXHW~SXHGHVKDFHU
HVD\XGDUORDUHLQFRUSRUDUVHDOD
FRUULHQWHGHOUtRDUHFXSHUDUXQ
HVWDGRGHDUPRQtDTXHLPSLGHQWDQWR
HOFDRVFRPRODULJLGH]

/RPLVPRSXHGHGHFLUVHGHORV
QLxRVPD\RUHV7XKLMDGHTXLQWR
FXUVRXQDQLxDHQJHQHUDOGHWUDWR
IiFLOOORUDKLVWpULFDPHQWHSRUTXHQR
OHKDQGDGRHOVRORTXHTXHUtDHQOD
REUDGHWHDWURGHOFROHJLR6HQLHJD
DFDOPDUVH\WHUHSLWHXQD\RWUDYH]
TXHWLHQHODPHMRUYR]GHVXFODVH
(QUHDOLGDGYDHQ]LJ]DJGHXQD
RULOODDODRWUDSDVDQGRGHOFDRVD
ODULJLGH]\VXVHPRFLRQHVVHKDQ
LPSXHVWRFODUDPHQWHDVXOyJLFD3RU
FRQVLJXLHQWHVHUHVLVWHFRQ
REVWLQDFLyQDUHFRQRFHUTXHTXL]i
RWUDSHUVRQDWHQJDWDQWRWDOHQWRFRPR
HOOD7~SXHGHVFRQGXFLUODRWUDYH]
KDFLDODFRUULHQWHGHOELHQHVWDUSDUD
TXHDOFDQFHXQPD\RUHTXLOLEULR
GHQWURGHVtPLVPD\SDUDTXHSDVHD
XQHVWDGRPiVLQWHJUDGR 1RWH
SUHRFXSHVWHRIUHFHUHPRVWRGD
FODVHGHUHFXUVRVSDUDFRQVHJXLUOR

3UiFWLFDPHQWHWRGRVORVPRPHQWRV
GHVXSHUYLYHQFLDSXHGHQLQFOXLUVHHQ
HVWHPDUFRGHXQDPDQHUDXRWUD7H
VRUSUHQGHUiORPXFKRTXHORV
FRQFHSWRVGHFDRV\ULJLGH]SXHGHQ
D\XGDUWHDHQWHQGHUODVFRQGXFWDV
PiVGLItFLOHVGHWXKLMR'HKHFKR
HVWRVFRQFHSWRVWHSHUPLWHQ©WRPDU
ODWHPSHUDWXUDªDODLQWHJUDFLyQGHWX
KLMRHQFXDOTXLHUPRPHQWR6LYHV
FDRV\RULJLGH]VDEHVTXHWXKLMRQR
VHHQFXHQWUDHQXQHVWDGRGH
LQWHJUDFLyQ'HOPLVPRPRGR
FXDQGRVtVHKDOODHQXQHVWDGRGH
LQWHJUDFLyQSUHVHQWDODVFXDOLGDGHV
TXHUHODFLRQDPRVFRQDOJXLHQTXH
HVWiPHQWDO\HPRFLRQDOPHQWHVDQR
VHPXHVWUDIOH[LEOHDGDSWDEOH
HVWDEOH\FDSD]GHHQWHQGHUVHDVt
PLVPR\HOPXQGRTXHORURGHD(O
HQIRTXHSRGHURVR\SUiFWLFRGHOD
LQWHJUDFLyQQRVSHUPLWHYHUODV
QXPHURVDVIRUPDVHQTXHQXHVWURV
KLMRV±RQRVRWURVPLVPRV±
H[SHULPHQWDQHOFDRV\ODULJLGH]
SRUTXHVHKDEORTXHDGROD
LQWHJUDFLyQ$OWRPDUFRQFLHQFLDGH
HVWHFRQFHSWRSRGHPRVGHVDUUROODU
\DSOLFDUHVWUDWHJLDVTXHIDYRUHFHQ
ODLQWHJUDFLyQHQODYLGDGHQXHVWURV
KLMRV\HQODQXHVWUDeVWDVVRQODV
HVWUDWHJLDVFRWLGLDQDVGHOFHUHEUR
SOHQRTXHH[SORUDUHPRVHQFDGDXQR
GHORVVLJXLHQWHVFDStWXORV
'RVFHUHEURV
VRQPHMRUTXH
XQR

,QWHJUDUHO
L]TXLHUGR\HO
GHUHFKR
/DKLMDGH7KRPDV.DWLHGHFXDWUR
DxRVLEDHQFDQWDGDDVXSDUYXODULR\
QXQFDSRQtDQLQJXQDSHJDFXDQGRVX
SDGUHVHGHVSHGtDGHHOOD\VH
PDUFKDED+DVWDHOGtDHQTXH
YRPLWyHQFODVH6XPDHVWUD
WHOHIRQHyD7KRPDVTXHDFXGLyD
EXVFDUODGHLQPHGLDWR$OGtD
VLJXLHQWH.DWLHVHHFKyDOORUDU
FXDQGROOHJyODKRUDGHSUHSDUDUVH
SDUDLUDOFROHJLRDSHVDUGHTXH\D
VHHQFRQWUDEDELHQ/RPLVPR
VXFHGLyPDxDQDWUDVPDxDQDGXUDQWH
ORVGtDVSRVWHULRUHV7UDVPXFKRV
HVIXHU]RV7KRPDVORJUDEDYHVWLUOD
SHURFXDQGROOHJDEDQDODHVFXHOD
ODVFRVDVHPSHRUDEDQ

(QSDODEUDVGHOSURSLR7KRPDVHQ
FXDQWREDMDEDQGHOFRFKHHQHO
DSDUFDPLHQWR.DWLH©PRQWDEDXQ
Q~PHURªFDGDYH]PiVDSDUDWRVR
3ULPHURDODFHUFDUVHDOHGLILFLRGHO
FROHJLRHQWUDEDHQXQHVWDGRGH
GHVREHGLHQFLDFLYLOSRUDVt
OODPDUOR&DPLQDEDMXQWRDVXSDGUH
SHURGHDOJ~QPRGRFRQVHJXtDTXH
VXFXHUSRSHVDUDFDVLWDQWRFRPRXQ
SLDQRGHFROD\VXUHVLVWHQFLDHUDWDO
TXHPiVTXHDFRPSDxDUODDO
FROHJLRKDEtDTXHOOHYDUODDUDVWUDV
/XHJRFXDQGROOHJDEDQDODXOD
.DWLHVHDJDUUDEDFDGDYH]FRQPiV
IXHU]DDODPDQRGHVXSDGUH\
UHDOL]DEDHOFOiVLFRDSXQWDODPLHQWR
DSR\DQGRWRGRHOSHVRGHVXFXHUSR
GHQLxDFRQWUDODSLHUQDGH7KRPDV
&XDQGRVXSDGUHSRUILQFRQVHJXtD
]DIDUVH\VDOLUGHODXODODRtDJULWDU
SRUHQFLPDGHOUXLGRGHORVGHPiV
QLxRV©£0HPRULUpVLPHGHMDVª

(VWDFODVHGHDQVLHGDGDQWHOD
VHSDUDFLyQHVPX\QRUPDOHQORV
QLxRVSHTXHxRV$YHFHVHOFROHJLR
SXHGHVHUXQOXJDUDWHUUDGRU3HUR
FRPRH[SOLFy7KRPDV©$QWHVGHO
GtDGHOYyPLWR.DWLHYLYtD
HQWHUDPHQWHSDUDODHVFXHOD/H
HQFDQWDEDQODVDFWLYLGDGHVORV
DPLJRVORVFXHQWRV<DGRUDEDDVX
PDHVWUDª

$VtSXHV¢TXpSDVy"¢&yPRHVTXH
ODVLPSOHH[SHULHQFLDGHYRPLWDU
FUHyXQPLHGRH[WUHPRHLUUDFLRQDO
HQ.DWLH\FyPRGHEtDUHVSRQGHU
7KRPDV"6XREMHWLYRLQPHGLDWRHUD
GHVDUUROODUXQDHVWUDWHJLDSDUD
FRQVHJXLUTXH.DWLHYROYLHUDDLUDO
FROHJLRFRQJDQDVeVHHUDVX
REMHWLYRSDUD©VREUHYLYLUª3HUR
WDPELpQTXHUtDFRQYHUWLUHVDGLItFLO
H[SHULHQFLDHQXQDRSRUWXQLGDGTXH
EHQHILFLDUDD.DWHWDQWRDFRUWR
FRPRDODUJRSOD]ReVHHUDVX
REMHWLYRSDUD©SURJUHVDUª

0iVDGHODQWHYHUHPRVFyPRPDQHMy
7KRPDVODVLWXDFLyQUH௙FXUULHQ௙GRD
VXVFRQRFLPLHQWRVEiVLFRVVREUHHO
FHUHEURDILQGHFRQYHUWLUXQ
PRPHQWRGHVXSHUYLYHQFLDHQXQD
RSRUWXQLGDGSDUDD\XGDUDVXKLMDD
SURJUHVDU(QWHQGLyHQFRQFUHWROR
TXHYDPRVDH[SOLFDUDFRQWLQXDFLyQ
XQRVSULQFLSLRVVHQFLOORVVREUH
FyPRIXQFLRQDQORVGRVODGRVGHO
FHUHEUR

(OFHUHEURL]TXLHUGRHOFHUHEUR
GHUHFKRXQDLQWURGXFFLyQ

&RPRVDEHPRVHOFHUHEURHVWi
GLYLGLGRHQGRVKHPLVIHULRV(VWRV
GRVODGRVGHOFHUHEURQRVyORHVWiQ
VHSDUDGRVDQDWyPLFDPHQWHVLQRTXH
DGHPiVGHVHPSHxDQIXQFLRQHVPX\
GLVWLQWDV+D\TXLHQGLFHLQFOXVRTXH
ORVGRVKHPLVIHULRVWLHQHQVXV
SURSLDVSHUVRQDOLGDGHV\DFW~DQ
FDGDXQRSRUVXFXHQWD/D
FRPXQLGDGFLHQWtILFDOODPD
PRGDOLGDGGHOKHPLVIHULRGHUHFKR\
PRGDOLGDGGHOKHPLVIHULRL]TXLHUGR
DODPDQHUDHQTXHFDGDXQRGHORV
ODGRVGHOFHUHEURQRVLQIOX\H3HUR
SRUXQDFXHVWLyQGHVLPSOLFLGDGQRV
DWHQGUHPRVDOXVRPiVFRUULHQWH\
KDEODUHPRVGHOFHUHEURGHUHFKR\HO
FHUHEURL]TXLHUGR

7XFHUHEURL]TXLHUGRGHVHD\
GLVIUXWDFRQHORUGHQ(VOyJLFR
OLWHUDOOLQJtVWLFR OHJXVWDQODV
SDODEUDV \OLQHDO FRORFDODVFRVDV
FRQIRUPHDXQDVHFXHQFLDRHQ
RUGHQ $WXFHUHEURL]TXLHUGROH
HQFDQWDTXHHVWDVFXDWURSDODEUDV
HPSLHFHQSRUODOHWUD©HOHª
7DPELpQOHHQFDQWDQODVOLVWDV

(OFHUHEURGHUHFKRHQFDPELRHV
KROtVWLFR\QRYHUEDO\HQYtD\
UHFLEHVHxDOHVTXHQRVSHUPLWHQ
FRPXQLFDUQRVFRPRODVH[SUHVLRQHV
IDFLDOHVHOFRQWDFWRYLVXDOHOWRQR
GHYR]ODVSRVWXUDV\ORVJHVWRV(Q
OXJDUGHLQWHUHVDUVHHQORVGHWDOOHV\
HORUGHQQXHVWURFHUHEURGHUHFKRVH
RFXSDGHODLPSUHVLyQJHQHUDO±HO
VLJQLILFDGR\ODVHQVDFLyQGHXQD
H[SHULHQFLD±\VHHVSHFLDOL]DHQODV
LPiJHQHVODVHPRFLRQHV\ORV
UHFXHUGRVSHUVRQDOHV/DV
©VHQVDFLRQHVYLVFHUDOHVª\ORV
©VHQWLPLHQWRVGHOFRUD]yQªQRV
YLHQHQGHOFHUHEURGHUHFKR$OJXQRV
GLFHQTXHHOFHUHEURGHUHFKRHVPiV
LQWXLWLYR\HPRFLRQDO\
HPSOHDUHPRVHVWRVWpUPLQRVHQODV
SUy[LPDVSiJLQDVFRPRODIRUPDPiV
FRQYHQLHQWHGHUHIHULUQRVDODV
IXQFLRQHVGHOFHUHEURGHUHFKR3HUR
FDEHVHxDODUTXHHQULJRUHVPiV
SUHFLVRGHFLUTXHHVWHODGRGHO
FHUHEURHVWiLQIOXLGRPiV
GLUHFWDPHQWHSRUHOFXHUSR\ODV
]RQDVLQIHULRUHVGHOFHUHEURTXHOH
SHUPLWHQUHFLELUHLQWHUSUH௙WDUOD
LQIRUPDFLyQHPRFLRQDO
6LPSOLILFDQGRODLGHDEiVLFDHVTXH
HOFHUHEURL]TXLHUGRHVOyJLFR
OLQJtVWLFR\OLWHUDOPLHQWUDVTXHHO
FH௙UH௙EURGHUHFKRHVHPRFLRQDOQR
YHUEDOH[SHULHQFLDO\
DXWRELRJUiILFR\OHHVGHOWRGR
LQGLIHUHQWHTXHHVWDVSDODEUDVQR
HPSLHFHQSRUODPLVPDOHWUD

3XHGHYHUVHGHODVLJXLHQWHPDQHUD
DOFHUHEURL]TXLHUGROHSUHR௙FXSDOD
OHWUDGHODOH\ PiVSDODEUDVFRQ
©HOHª &RPR\DVDEHVDPHGLGD
TXHORVQLxRVVHKDFHQPD\RUHVVH
OHVGDPHMRUHPSOHDUFLHUWDFODVHGH
SHQVDPLHQWRGHOFHUHEURL]TXLHUGR
FRPRSRUHMHPSOR©£1RODKH
HPSXMDGR/DKHDSDUWDGRª(O
FHUHEURGHUHFKRHQFDPELRVH
SUHRFXSDSRUHOHVStULWXGHODOH\
SRUODVHPRFLRQHV\ODVH[SHULHQFLDV
HQODVUHODFLRQHVSHUVRQDOHV(O
L]TXLHUGRVHFHQWUDHQHOWH[WRHO
GHUHFKRWLHQHTXHYHUFRQHO
FRQWH[WR)XHHOFHUHEURGHUHFKRQR
OyJLFRHPRFLRQDOHOTXHLPSXOVyD
.DWLHDJULWDUDVXSDGUH©£0H
PRULUpVLPHGHMDVª

'HVGHHOSXQWRGHYLVWDGHO
GHVDUUROORHQORVQLxRVPX\
SHTXHxRVSUHGRPLQDHOKHPLVIHULR
GHUHFKRVREUHWRGRGXUDQWHORV
SULPHURVWUHVDxRVeVWRVWRGDYtDQR
GRPLQDQODFDSDFLGDGGHHP௙SOHDUOD
OyJLFD\ODVSDODEUDVSDUDH[SUHVDU
VXVVHQWLPLHQWRV\YLYHQWRWDOPHQWH
HQHOSUHVHQWHSRUHVRGHSURQWRVRQ
FDSDFHVGHGHMDUORWRGRDJDFKDUVH\
TXHGDUVHDEVRUWRVREVHUYDQGRDXQD
PDULTXLWDUHFRUUHUODDFHUDVLQ
LPSRUWDUOHVHQDEVROXWROOHJDUWDUGH
DODFODVHGHP~VLFD3DUDHOORVOD
OyJLFDODVUHVSRQVDELOLGDGHV\HO
WLHPSRWRGDYtDQRH[LVWHQ3HUR
FXDQGRXQQLxRSHTXHxRHPSLH]DD
SUH௙JXQ௙WDU©¢3RUTXp"ª
FRQWLQXDPHQWHVDEHPRVTXHVX
FHUHEURL]TXLHUGRHPSLH]DD
DFWLYDUVH¢<FyPRORVDEHPRV"
3RUTXHDQXHVWURFHUHEURL]TXLHUGR
OHJXVWDFRQRFHUODVUHODFLRQHV
OLQHDOHVGHFDXVDHIHFWRTXHH[LVWHQ
HQHOPXQGR\H[SUHVDUHVDOyJLFD
FRQHOOHQJXDMH

'RVPLWDGHVKDFHQXQWRGR
FRPELQDUHOL]TXLHUGR\HOGHUHFKR
3DUDOOHYDUXQDYLGDHTXLOLEUDGD
YDOLRVD\FUHDWLYDOOHQDGH
UHODFLRQHVSHUVRQDOHVELHQ
FRQHFWDGDVHVFUXFLDOTXHQXHVWURV
GRVKHPLVIHULRVDFW~HQ
FRQMXQWDPHQWH/DDUTXLWHFWXUD
PLVPDGHOFHUHEURHVWiGLVHxDGD
SDUDHOOR3RUHMHPSORHOFXHUSR
FDOORVRHVXQKD]GHILEUDVTXH
GLVFXUUHSRUHOFHQWURGHOFHUHEUR
FRQHFWDQGRHOKHPLVIHULRGHUHFKR\
HOL]TXLHUGR/DFRPXQLFDFLyQTXH
WLHQHOXJDUHQWUHORVGRVODGRVGH
QXHVWURFHUHEURVHOOHYDDFDERD
WUDYpVGHHVWDVILEUDVSHUPLWLHQGR
TXHORVGRVKHPLVIHULRVWUDEDMHQHQ
HTXLSRTXHHVH[DFWDPHQWHORTXH
GHVHDPRVSDUDQXHVWURVKLMRV
4XHUHPRVTXHHVWpQ
KRUL]RQWDOPHQWHLQWHJUDGRVSDUD
TXHORVGRVODGRVGHVXFHUHEUR
SXHGDQDFWXDUHQDUPRQtD'HHVH
PRGRQXHVWURVKLMRVYDORUDUiQWDQWR
VXOyJLFDFRPRVXVHPRFLRQHV
HVWDUiQHTXLOLEUDGRV\SRGUiQ
HQWHQGHUVHDVtPLVPRV\DOPXQGR
HQJHQHUDO
(OFHUHEURSRVHHGRVODGRVSRUXQD
UD]yQDOWHQHUFDGDXQRIXQFLRQHV
HVSHFLDOL]DGDVSRGHPRVDOFDQ]DU
REMHWLYRVPiVFRPSOHMRV\OOHYDUD
FDERWDUHDVPiVHODERUDGDVH
LQWULQFDGDV&XDQGRORVGRVODGRV
GHOFHUHEURQRHVWiQLQWHJUDGRV
VXUJHQSUREOHPDVLP௙SRUWDQWHV\
DFDEDPRVDFFHGLHQGRDQXHVWUDV
H[SHULHQFLDVPiVGHVGHXQODGRTXH
GHVGHHORWUR(PSOHDU~QLFDPHQWH
HOFHUHEURGHUHFKRRHOL]TXLHUGR
VHUtDFRPRLQWHQWDUQDGDUXVDQGRXQ
VROREUD]R(VSRVLEOHTXHSRGDPRV
KDFHUORSHUR¢QRQRVLUtDPXFKR
PHMRU±\QRHYLWDUtDPRVQDGDUHQ
FtUFXORV±VLHPSOHiUDPRVORVGRV
EUD]RVDODYH]"
/RPLVPRVXFHGHFRQHOFHUHEUR
9HDPRVTXpRFXUUHFRQQXHVWUDV
HPRFLRQHVSRUHMHPSOR6RQ
IXQGDPHQWDOHVVLKHPRVGHYLYLUGH
XQDPDQHUDSOHQDSHURQRTXHUHPRV
TXHGRPLQHQQXHVWUDYLGDSRU
FRPSOHWR6LQXHVWURFHUHEUR
GHUHFKRDVXPLHUDHOFRQWURO\
SUHVFLQGLpUDPRVGHODOyJLFDGHO
FHUHEURL]TXLHUGRQRVVHQWLUtDPRV
FRPRVLQRVDKRJiUDPRVHQ
LPiJHQHVVHQVDFLRQHVFRU௙SRUDOHV\
HQORTXHSHUFLELUtDPRVFRPRXQ
DOXYLyQHPRFLRQDO3HURWDPSRFR
TXHUHPRVXVDUH[FOXVLYDPHQWHHO
FHUHEURL]TXLHUGRVHSDUDQGROD
OyJLFD\HOOHQJXDMHGHORV
VHQWLPLHQWRV\ODVH[SHULHQFLDV
SHUVRQDOHV(VRVHUtDFRPRYLYLUHQ
XQGHVLHUWRHPRFLRQDO

(OREMHWLYRHVHYLWDUYLYLUWDQWRHQ
XQDOXYLyQHPRFLRQDOFRPRHQXQ
GHVLHUWRHPRFLRQDO4XHUHPRVTXH
QXHVWUDVLPiJHQHVQRUDFLRQDOHVORV
UHFXHUGRVDXWRELRJUiILFRV\ODV
HPRFLRQHVYLWDOHVGHVHPSHxHQVXV
LPSRUWDQWHVIXQFLRQHVSHURWDPELpQ
GHVHDPRVLQWHJUDUORVHQHVDSDUWHGH
QRVRWURVPLVPRVTXHGDRUGHQ\HV௙
WUXFWXUDDQXHVWUDYLGD&XDQGRHO
SDGUHGH.DWLHODGHMDEDHQHO
FROHJLR\HOODPRQWDEDQ~PHURV
DFWXDEDPRYLGDSULQFLSDOPHQWHSRU
HOFHUHEURGHUHFKR3RU
FRQVLJXLHQWH7KRPDVSUHVHQFLDEDXQ
DOXYLyQHPRFLRQDOLOyJLFRHQHOTXH
HOFHUHEURGHUHFKRHPRFLRQDOGH
.DWLHQRIXQFLRQDEDGHXQDPDQHUD
FRRUGLQDGDFRQVXFHUHEURL]TXLHUGR
OyJLFR

(VLPSRUWDQWHVHxDODUTXHQRVRQ
VyORORVDOXYLRQHVHPRFLRQDOHVGH
QXHVWURVKLMRVORVTXHFDXVDQ
SUREOHPDV8QGHVLHUWRHPRFLRQDO
GRQGHVHSDVDQSRUDOWRRVHQLHJDQ
ORVVHQWLPLHQWRV\HOFHUHEUR
GHUHFKRQRHVPiVVDQRTXHXQ
DOXYLyQ9HPRVHVWDUHDFFLyQFRQ
PD\RUIUHFXHQFLDHQORVQLxRV
PD\RUHV3RUHMHPSOR'DQFXHQWD
XQDDQpFGRWDGHXQDQLxDGHGRFH
DxRVTXHIXHDYHUOR\OHKDEOyGH
XQDVLWXDFLyQTXHPXFKRVGH
QRVRWURVKHPRVH[SHULPHQWDGR

$PDQGDPHQFLRQyXQD
SHOHDTXHWXYRFRQVX
PHMRUDPLJD<RVDEtDSRU
VXPDGUHTXHHVWD
GLVFXVLyQKDEtDVLGRPX\
GRORURVDSDUD$PDQGD
SHURFXDQGRPHKDEOyGH
HOODVHOLPLWyDHQFRJHUVH
GHKRPEURV\PLUDQGRSRU
ODYHQWDQDGLMR©(Q
UHDOLGDGQRPHLPSRUWDVL
QRYROYHPRVDKDEODUQRV
'HWRGRVPRGRVPH
LUULWDª/DH[SUHVLyQHQVX
URVWURSDUHFtDIUtD\
UHVLJQDGDSHURHQHO
SHTXHxRWHPEORUGHVX
ODELRLQIHULRU\HOOHYH
SDUSDGHRFDVLFRPRXQD
SDOSLWDFLyQSHUFLEtODV
VHxDOHVQRYHUEDOHVGHO
KHPLVIHULRGHUHFKRTXH
UHYHODEDQORTXH
SRGUtDPRVOODPDUVXV
©YHUGDGHURV
VHQWLPLHQWRVª(OUHFKD]R
HVGRORURVR\HQHVH
PRPHQWR$PDQGDVH
HQIUHQWyDHVDVHQVDFLyQ
GHYXOQHUDELOLGDG
PHGLDQWHXQD©UHWLUDGDDO
ODGRL]TXLHUGRª
SUHFLSLWiQGRVHDOGHVLHUWR
HPRFLRQDOGHOFHUHEUR
L]TXLHUGRiULGRSHUR
SUHGHFLEOH\FRQWURODEOH

7XYHTXHD\XGDUODD
HQWHQGHUTXHSHVHDOGRORU
TXHOHVXSRQtDSHQVDUHQ
HOFRQIOLFWRFRQVXDPLJD
GHEtDSUHVWDUDWHQFLyQDOR
TXHRFXUUtDHQVXFHUHEUR
GHUHFKRHLQFOXVR
YDORUDUOR\DTXHHVHODGR
GHOFHUHEURHVWiFRQHFWDGR
PiVGLUHFWDPHQWHFRQ
QXHVWUDVVHQVDFLRQHV
FRUSRUDOHV\FRQHO
SURGXFWRGHODVSDUWHV
LQIHULRUHVGHOFHUHEURTXH
VHFRPELQDQSDUDFUHDUODV
HPRFLRQHV&XDQGR
HVWDPRVGLVJXVWDGRV
SXHGHSDUHFHUQRVPiV
VHJXURDSDUWDUQRVGHHVD
FRQFLHQFLDLPSUHGHFLEOH
GHOODGRGHUHFKR\
UHWLUDUQRVDODWLHUUDOyJLFD
PiVSUHGHFLEOH\
FRQWURODGDGHOL]TXLHUGR

/DFODYHSDUDD\XGDUD
$PDQGDFRQVLVWtDHQTXH
\RVLQWRQL]DUDFRQHVRV
VHQWLPLHQWRVYHUGDGHURV
FRQFXLGDGR1ROHVHxDOp
GHEXHQDVDSULPHUDVTXH
HOODHVFRQGtDLQFOXVRDVt
PLVPDHOGDxRTXHOH
KDEtDKHFKRHVDSHUVRQD
WDQLPSRUWDQWHHQVXYLGD
(QOXJDUGHHVRPH
SHUPLWtVHQWLUORTXHHOOD
VHQWtD\OXHJRLQWHQWp
FRPXQLFDUPHGHVGHPL
FHUHEURGHUHFKRFRQVX
FHUHEURGHUHFKR3RU
PHGLRGHH[SUHVLRQHV\
SRVWXUDVOHGLDHQWHQGHU
TXH\RHVWDEDHQ
YHUGDGHUDVLQWRQtDFRQVXV
HPRFLRQHV(VDVLQWRQtDOD
D\XGyD©VHQWLUVH
VHQWLGDªOHSHUPLWLyVDEHU
TXHQRHVWDEDVRODTXHPH
LQWHUHVDEDORTXHHOOD
VHQWtDHQVXLQWHULRUQR
VyORORTXHKDFtD
H[WHULRUPHQWH$
FRQWLQXDFLyQXQDYH]
HVWDEOHFLGDHVDVHQVDFLyQ
GHFRQH[LyQHQWUHHOOD\
\RODVSDODEUDVEURWDURQ
GHXQDPDQHUDPiVQDWXUDO
HQWUHORVGRV\SXGLPRV
HPSH]DUDKXUJDUHQHO
IRQGRGHORTXHVXFHGtD
GHQWURGHHOOD$OSHGLUOH
TXHFRQWDUDODSHOHDFRQ
VXPHMRUDPLJD\REOLJDUOD
DLQWHUUXPSLUVHHQ
GLIHUHQWHVPRPHQWRVGHO
UHODWRSDUDREVHUYDU
VXWLOHVFDPELRVHQVXV
VHQWLPLHQWRVFRQVHJXtTXH
$PDQGDYROYLHUDD
DFHUFDUVHDVXVYHUGDGHUDV
HPRFLRQHV\ODD\XGpD
HQIUHQWDUVHDHOODVGHXQD
PDQHUDSURGXFWLYD)XH
DVtFRPRLQWHQWpFRQHFWDU
FRQVXFHUHEURGHUHFKR
GRQGHSUHGRPLQDQORV
VHQWLPLHQWRVODV
VHQVDFLRQHVFRUSRUDOHV\
ODVLPiJHQHV\WDPELpQ
FRQVXFHUHEURL]TXLHUGR
GRQGHSUHGRPLQDQODV
SDODEUDV\ODFDSDFLGDGGH
FRQWDUODKLVWRULDOLQHDOGH
ODH[SHULHQFLD&XDQGR
YHPRVFyPRVXFHGHHVWR
HQHOFHUHEURSRGHPRV
HQWHQGHUHOPRGRHQTXHOD
XQLyQHQWUHORVGRVODGRV
SXHGHFDPELDUSRU
FRPSOHWRHOUHVXOWDGRGH
XQDLQWHUDFFLyQ

1RTXHUHPRVTXHQXHVWURVKLMRV
VXIUDQ3HURDOPLVPRWLHPSR
TXHUHPRVTXHYD\DQPiVDOOiGHO
PHURKHFKRGHVXSHUDUORVPRPHQWRV
GLItFLOHVTXHUHPRVTXHVHHQIUHQWHQ
DVXVSUREOHPDV\TXHFUH]FDQFRQ
HOORV&XDQGR$PDQGDVHUHWLUyDO
ODGRL]TXLHUGRHVFRQGLpQGRVHGH
WRGDVODVHPRFLRQHVGRORURVDVTXH
FLUFXODEDQSRUVXFHUHEURGHUHFKR
QHJyXQDSDUWHLPSRUWDQWHGHVt
PLVPDFX\DH[LVWHQFLDQHFHVLWDED
UHFRQRFHU

/DQHJDFLyQGHQXHVWUDVHPRFLRQHV
QRHVHO~QLFRSHOLJURTXHFRUUHPRV
FXDQGRQRVDSR\DPRVGHPDVLDGRHQ
HOFHUHEURL]TXLHUGR7DPELpQ
SRGHPRVYROYHUQRVGHPDVLDGR
OLWHUDOHVSHUGLHQGRHOVHQWLGRGHOD
SHUVSHFWLYD\HQWRQFHVSDVDPRVSRU
DOWRHOVLJQLILFDGRTXHVHREWLHQHDO
VLWXDUODVFRVDVHQXQFRQWH[WR XQD
HVSHFLDOLGDGGHOFHUHEURGHUHFKR 
eVDHVHQSDUWHODUD]yQSRUODTXHD
YHFHVWXKLMDGHRFKRDxRVVHSRQHD
ODGHIHQVLYD\VHHQIDGDFXDQGROH
KDFHVXQDEURPDLQRFHQWH5HFXHUGD
TXHHOFHUHEURGHUHFKRVHRFXSDGH
ODLQWHUSUHWDFLyQGHODVVHxDOHVQR
YHUEDOHV$VtSXHVVREUHWRGRVLWX
KLMDHVWiFDQVDGDRPDOKXPRUDGD
SXHGHTXHVyORVHILMHHQWXV
SDODEUDV\SDVHSRUDOWRHOWRQR
MRYLDO\HOJXLxRTXHODVKD
DFRPSDxDGR

+DFHSRFR7LQDYLYLyXQFXULRVR
HMHPSORGHORTXHSXHGHVXFHGHU
FXDQGRHOFHUHEURL]TXLHUGROLWHUDO
GRPLQDGHPDVLDGR&XDQGRVXKLMR
PHQRUFXPSOLyXQDxR7LQDHQFDUJy
HOSDVWHOHQXQDWLHQGDGHOEDUULR
3LGLyXQ©SDVWHOPDJGDOHQDªTXH
FRQVLVWHHQYDULDVPDJ௙GDOHQDV
JODVHDGDVTXHMXQWDVSDUHFHQXQ
JUDQSDVWHO$OHQFDUJDUORGLMRDO
SDVWHOHURTXHHVFULELHUDHOQRPEUH
GHVXKLMR±-3±HQHOSDVWHO
PDJGDOHQD3HURFXDQGRUHFRJLyHO
SDVWHODQWHVGHODILHVWDHQVHJXLGD
UHSDUyHQXQSUREOHPDHOSDVWHOHUR
KDEtDHVFULWR©-3HQHOSDVWHO
PDJGDOHQDª(VWRGHPXHVWUDORTXH
SXHGHSDVDUFXDQGRXQDSHUVRQDVH
YXHOYHGHPDVLDGROLWHUDODFDXVDGHO
SUHGRPLQLRGHOFHUHEURL]TXLHUGR

$VtSXHVHOREMHWLYRHVD\XGDUD
QXHVWURVKLMRVDXVDUORVGRVODGRV
GHOFHUHEURDODYH]DLQWHJUDUORV
KHPLVIHULRVL]TXLHUGR\GHUHFKR
5HFRUGHPRVHOUtRGHOELHQHVWDUGHO
TXHKHPRVKDEODGRDQWHVFRQHO
FDRVHQXQDRULOOD\ODULJLGH]HQOD
RWUD'HILQLPRVODVDOXGPHQWDO
FRPRHODYDQFHDUPRQLRVR\
FRQWLQXRHQWUHHVWRVGRVH[WUHPRV
$OD\XGDUDQXHVWURVKLMRVDFRQHFWDU
HOODGRL]TXLHUGR\HOGHUHFKROHV
GDPRVXQDPD\RUSRVLELOLGDGGH
HYLWDUODVRULOODVGHOFDRV\OD
ULJLGH]\GHYLYLUHQODFRUULHQWH
IOH[LEOHGHODVDOXGPHQWDO\OD
IHOLFLGDG

,QWHJUDUHOFHUHEURL]TXLHUGR\HO
GHUHFKRD\XGDDORVQLxRVDQR
DFHUFDUVHGHPDVLDGRDQLQJXQDGH
ODVGRVRULOODV&XDQGRODV
HPRFLRQHVQRSURFHVDGDVHQVX
FHUHEURGHUHFKRQRVHFRPELQDQFRQ
ODOyJLFDGHOL]TXLHUGRORVQLxRVVH
FRPSRUWDUiQFRPR.DWLH
DFHUFiQGRVHGHPDVLDGRDODRULOOD
GHOFDRV(VRVLJQLILFDTXHGHEHPRV
D\XGDUORVSDUDTXHKDJDQLQWHUYHQLU
HOFHUHEURL]TXLHUGR\DVtYHUiQODV
FRVDVHQSHUVSHFWLYD\PDQHMDUiQ
VXVHPRFLRQHVGHXQPRGRSRVLWLYR
$QiORJDPHQWHVLQLHJDQVXV
HPRFLRQHV\VHUHWLUDQDOODGR
L]TXLHUGRFRPRKDFtD$PDQGDVH
DUULPDQDODRULOODGHODULJLGH](Q
HVWHFDVRWHQHPRVTXHD\XGDUORV
SDUDTXHKDJDQLQWHUYHQLUPiVHO
FHUHEURGHUHFKR\DVtHVWDUiQ
DELHUWRVDODHQWUDGDGHLQIRUPDFLyQ
\H[SHULHQFLDVQXHYDV

¢&yPRSRGHPRVSURPRYHUSXHVOD
LQWHJUDFLyQKRUL]RQWDOHQHOFHUHEUR
GHQXHVWURKLMR"+HDTXtGRV
HVWUDWHJLDVTXHSXHGHVHPSOHDU
LQPHGLDWDPHQWHFXDQGRVXUJHQ
©RSRUWXQLGDGHVGHLQWHJUDFLyQªHQOD
IDPLOLD3RUPHGLRGHHVWDVWpFQLFDV
DYDQ]DUiVHQ௙VHJXLGDKDFLDOD
LQWHJUDFLyQGHORVKHPLVIHULRV
L]TXLHUGR\GHUHFKRGHOFHUHEURGH
WXKLMR

/RTXHSXHGHVKDFHU$\XGDUDWX
KLMRDWUDEDMDUGHVGHORVGRVODGRV
GHOFHUHEUR

‡ (VWUDWHJLDGHOFHUHEURSOHQRQž

&RQHFWD\UHGLULJHGHVOt]DWHSRU
ODVRODVHPRFLRQDOHV

8QDQRFKHHOKLMRGH7LQDGHVLHWH
DxRVVHSUHVHQWyHQHOVDOyQSRFR
GHVSXpVGHLUVHDODFDPDGLFLHQGR
TXHQRSRGtDGRUPLU&ODUDPHQWH
DOWHUDGRH[SOLFy©£(VWR\HQIDGDGR
SRUTXHQXQFDPHGHMDVXQDQRWDSRU
ODQRFKHª6RUSUHQGLGDGHXQ
HVWDOOLGRWDQLQXVXDO7LQDFRQWHVWy
©1RVDEtDTXHTXHUtDVTXHWHOD
GHMDUDª(QUHVSXHVWDHOQLxRVROWy
WRGDXQDDQGDQDGDGHTXHMDV
©£1XQFDPHKDFHVFRVDVERQLWDV\
HVWR\HQIDGDGRSRUTXHWRGDYtDIDOWDQ
GLH]PHVHVSDUDPLFXPSOHDxRV\QR
DJXDQWRORVGHEHUHVª
¢/yJLFR"1R¢7HVXHQDGHDOJR"6t
7RGRVORVSDGUHVH[SHULPHQWDQ
PRPHQWRVHQTXHVXVKLMRVGLFHQ
FRVDV\VHTXHMDQHQDSDULHQFLDVLQ
PRWLYRDOJXQR8QWURSLH]RDVt
SXHGHVHUIUXVWUDQWHVREUHWRGR
FXDQGRFUHHPRVTXHQXHVWURKLMR
WLHQH\DHGDGVXILFLHQWHSDUD
FRPSRUWDUVHGHXQDPDQHUDUDFLRQDO
\PDQWHQHUXQDFRQYHUVDFLyQOyJLFD
3HURGHSURQWRVHDOWHUDSRUDOJR
DEVXUGR\SDUHFHTXHSRUPXFKR
TXHLQWHQWHPRVKDFHUORHQWUDUHQ
UD]yQQRKD\QDGDTXHKDFHU

%DViQGRQRVHQQXHVWURV
FRQRFLPLHQWRVVREUHORVGRVODGRV
GHOFHUHEURVDEHPRVTXHHOKLMRGH
7LQDH[SHULPHQWDEDJUDQGHVROHD௙GDV
GHHPRFLRQHVGHOFHUHEURGHUHFKR
VLQHOHTXLOLEULROyJLFR
SURSRUFLRQDGRSRUHOFHUHEUR
L]TXLHUGR(QXQPRPHQWRDVtXQD
GHODVUHVSXHVWDVPHQRVHILFDFHVTXH
SRGtDGDU7LQDHUDSRQHUVH
GLUHFWDPHQWHDODGHIHQVLYD ©£&ODUR
TXHWHKDJRFRVDVERQLWDVª R
GLVFXWLUFRQVXKLMRSDUDHQVHxDUOH
VXOyJLFDGHIHFWXRVD ©1RSXHGR
KDFHUQDGDSDUDTXHWXFXPSOHDxRV
VHDDQWHV(QFXDQWRDORVGHEHUHV
HVRVLPSOHPHQWHHVDOJRTXHGHEHV
KDFHUª (VWDFODVHGHUHVSXHVWD
OyJLFDGHOFHUHEURL]TXLHUGR
FKRFDUtDFRQODSDUHGSRFR
UHFHSWLYDGHOFHUHEURGHUHFKR\
FUHDUtDXQDELVPRHQWUHORVGRV$O
ILQ\DOFDERHOFHUHEURL]TXLHUGR
OyJLFRGHOQLxRHVWDEDHQHVH
PRPHQWRWRWDOPHQWHLQDFWLYR3RU
FRQVLJXLHQWHVL7LQDKXELHVH
UHVSRQGLGRFRQHOL]TXLHUGRVXKLMR
KDEUtDVHQWLGRTXHHOODQROR
HQWHQGtDRTXHQROHLPSRUWDEDOR
TXHVHQWtD6HKDOODEDLQPHUVRHQXQ
DOXYLyQHPRFLRQDOQRUDFLRQDOGHO
FHUHEURGHUHFKR\XQDUHVSXHVWDGHO
FHUHEURL]TXLHUGRKDEUtDWHQLGR
WRGDVODVGHSHUGHU

$XQTXHKDEUtDVLGRFDVLDXWRPiWLFR
\PX\WHQWDGRU SUHJXQWDUOH©3HUR
¢GHTXpHVWiVKDEODQGR"ªX
RUGHQDUOHTXHYROYLHUDDODFDPDGH
LQPHGLDWR7LQDVHFRQWXYR(QOXJDU
GHHVRHPSOHyODWpFQLFDGH
FRQHFWDU\UHGLULJLU/RHVWUHFKyOH
IURWyODHVSDOGD\FRQWRQRPDWHUQDO
GLMR©$YHFHVODVFRVDVVHSRQHQ
GLItFLOHV¢YHUGDGTXHVt"<RQXQFD
WHROYLGDUtD6LHPSUHWHWHQJR
SUHVHQWH\TXLHURTXHVHSDVHQWRGR
PRPHQWRORHVSHFLDOTXHHUHVSDUD
Ptª/RDEUD]yPLHQWUDVpOOH
H[SOLFDEDTXHDYHFHVVHQWtDTXHHOOD
OHKDFtDPiVFDVRDVXKHUPDQR
PHQRUTXHDpO\TXHORVGHEHUHVOH
RFXSDEDQGHPDVLDGRWLHPSR7LQD
DGYLUWLyTXHVXKLMRVHUHODMDED\
DEODQGDEDDPHGLGDTXHKDEODED
6HQWtDTXHORHVFXFKDEDQ\VH
SUHRFXSDEDQSRUpO$FRQWLQXDFLyQ
7LQDDERUGyEUHYHPHQWHORVWHPDV
FRQFUHWRVTXHpOKDEtDPHQFLRQDGR
\DTXHDKRUDHVWDEDPiVUHFHSWLYR
SDUDLQWHQWDUVROXFLRQDUORV
SUREOHPDV\SODQLILFDU\DFRUGDURQ
VHJXLUKDEODQGRSRUODPDxDQD

(QPRPHQWRVDVtORVSDGUHVVH
SUHJXQWDQVLVXKLMRUHDOPHQWHHVWi
QHFHVLWDGRRVyORLQWHQWDHOXGLULUVH
DODFDPD8QDHGXFDFLyQLQVSLUDGD
HQHOFHUHEURSOHQRQRFRQOOHYD
GHMDUVHPDQLSXODUQLWLHQHSRUTXp
UHIRU]DUODPDODFRQGXFWD$O
FRQWUDULRVLHQWHQGHPRVFyPR
IXQFLRQDHOFHUHEURGHQXHVWURV
KLMRVSRGHPRVFRQVHJXLUVX
FRRSHUDFLyQPXFKRDQWHV\DPHQXGR
FRQPHQRVGUDPDWLVPR(QHVWHFDVR
DOHQWHQGHU7LQDORTXHVXFHGtDHQHO
FHUHEURGHVXKLMRVHGLRFXHQWDGH
TXHODUHVSXHVWDPiVHILFD]HUD
FRQHFWDUFRQVXFHUHEURGHUHFKR/R
HVFXFKy\FRQVROyXVDQGRVXSURSLR
FHUHEURGHUHFKR\HQPHQRVGH
FLQFRPLQXWRVpO\DKDEtDYXHOWRDOD
FDPD6LSRUHOFRQWUDULRHOODVH
KXELHVHSXHVWRGXUD\OHKXELHVH
UHxLGRSRUOHYDQWDUVHGHODFDPD
HPSOHDQGRODOyJLFDGHOFHUHEUR
L]TXLHUGR\ODOHWUDGHODOH\ORVGRV
VHKDEUtDQDOWHUDGRFDGDYH]PiV\
HOQLxRKDEUtDQHFHVLWDGRPXFKRPiV
GHFLQFRPLQXWRVSDUDFDOPDUVH\
GRUPLUVH
/RLPSRUWDQWHGHHVWRHVTXH7LQD
UHVSRQGLyPRVWUDQGRSUHRFXSDFLyQ\
DIHFWRPDWHUQDO$XQTXHORV
SUREOHPDVGHVXKLMRDHOODOH
SDUHFLHUDQWRQWRV\TXL]iLOyJLFRVpO
VHQWtDVLQFHUDPHQWHTXHODVFRVDVQR
HUDQMXVWDV\TXHVXVTXHMDVHVWDEDQ
MXVWLILFDGDV&RQHFWDQGRFRQpO
FRQHFWDQGRVXFHUHEURGHUHFKRFRQ
HOFHUHEURGHUHFKRGHOQLxR7LQD
SXGRWUDQVPLWLUOHTXHVLQWRQL]DED
FRQVXVVHQWLPLHQWRV$XQFXDQGRHO
QLxRHVWXYLHUDHOXGLHQGRLUVHD
GRUPLUHVWDUHVSXHVWDGHOFHUHEUR
GHUHFKRHUDHOHQIRTXHPiVHILFD]
\DTXHQRVyORSHUPLWLyD7LQD
UHVSRQGHUDODQHFHVLGDGGHOQLxRGH
FRQHFWDUVHVLQRWDPELpQD
UHGLULJLUORDODFDPDDQWHV(QOXJDU
GHOX௙FKDUFRQWUDODVHQRUPHVRODV
GHODOXYLyQHPRFLRQDO7LQDVH
GHVOL]yVREUHHOODVUHVSRQGLHQGRD
VXFHUHEURGHUHFKR

(VWDDQpFGRWDVHxDODXQDLGHD
LPSRUWDQWHFXDQGRXQQLxRHVWi
DOWHUDGRODOyJLFDQRVXHOHVXUWLU
HIHFWRKDVWDTXHKD\DPRV
UHVSRQGLGRDODVQHFHVLGDGHV
HPRFLRQDOHVGHOFHUHEURGHUHFKR$
HVWDFRQH[LyQHPRFLRQDOOD
OODPDPRV©VLQWRQL]DFLyQªTXHHVOD
IRUPDGHFRQHFWDUQRVSURIXQGDPHQWH
FRQRWUDSHUVRQD\SHUPLWLUFRQHOOR
TXHHVDSHUVRQD©VHVLHQWDVHQWLGDª
&XDQGRXQSDGUHRXQDPDGUH\VX
KLMRVLQWRQL]DQH[SHULPHQWDQOD
VHQVDFLyQGHHVWDUXQLGRV

(OPpWRGRHPSOHDGRSRU7LQDFRQVX
KLMRVHOODPD©FRQHFWDU\UHGLULJLUª
\SDUDHOORSULPHURGHEHPRVD\XGDU
DQXHVWURVKLMRVD©VHQWLUVHVHQWLGRVª
DQWHVGHLQWHQWDUUHVROYHUORV
SUREOHPDVRDERUGDUODVLWXDFLyQ
HPSOHDQGRODOyJLFD+HDTXtFyPR
IXQFLRQD

3ULPHUSDVRFRQHFWDUFRQHOODGR
GHUHFKR

(QQXHVWUDVRFLHGDGHVWDPRV
DFRVWXPEUDGRVDUHVROYHUORV
SUREOHPDVXVDQGRODVSDODEUDV\OD
OyJLFD3HURFXDQGRWXKLMRGHFXDWUR
DxRVFRJHXQEHUULQFKHSRUTXHQR
SXHGHFDPLQDUSRUHOWHFKRLPLWDQGR
D6SLGHUPDQ FRPROHSDVyXQDYH]
DOKLMRGH7LQD SUREDEOHPHQWHpVH
QRVHUiHOPHMRUPRPHQWRSDUDGDUOH
XQDOHFFLyQLQWURGXFWRULDDODVOH\HV
GHODItVLFD2FXDQGRWXKLMRGH
RQFHDxRVVHVLHQWHGROLGRSRUTXH
SDUHFHTXHVXKHUPDQDUHFLEHXQ
WUDWRSUHIHUHQFLDO FRPRVHQWtDD
YHFHVHOKLMRGH'DQ ODUHVSXHVWD
DGHFXDGDQRHVHQVHxDUOHXQDWDUMHWD
GRQGHKDVLGRDQRWDQGRHOPLVPR
Q~PHURGHUHSULPHQGDVSDUDFDGD
XQRGHWXVKLMRV

(QOXJDUGHHVRSRGHPRV
DSURYHFKDUHVWDVRSRUWXQLGDGHVSDUD
FRPSUHQGHUTXHHQHVRVPRPHQWRV
ODOyJLFDQRHVQXHVWURSULQFLSDO
YHKtFXORSDUDLQWURGXFLUFLHUWD
FRUGXUDHQODFRQYHUVDFLyQ (VWR
SDUHFHORFRQWUDULRDODLQWXLFLyQ
¢YHUGDG" 7DPELpQHVHVHQFLDOWHQHU
HQFXHQWDTXHSRUPXFKRTXHORV
VHQWLPLHQWRVGHQXHVWURKLMRQRV
SDUH]FDQIUXVWUDQWHV\DEVXUGRVSDUD
pOVRQUHDOHVHLPSRUWDQWHV(V
IXQGDPHQWDOWUDWDUORVFRPRWDOHVHQ
QXHVWUDUHVSXHVWD

'XUDQWHODFRQYHUVDFLyQGH7LQDFRQ
VXKLMRDOUHFRQRFHUVXV
VHQWLPLHQWRVDSHOyDOFHUHEUR
GHUHFKRGHpO7DPELpQXVyVHxDOHV
QRYHUEDOHVFRPRHOFRQWDFWRItVLFR
ODVH[SUHVLRQHVIDFLDOHVHPSiWLFDV
XQWRQRPDWHUQDO\ORHVFXFKyVLQ
MX]JDUOR(QRWUDVSDODEUDVHPSOHy
VXFHUHEURGHUHFKRSDUDFRQHFWDUVH
\FRPXQLFDUVHFRQHOFHUHEUR
GHUHFKRGHpO(VWDVLQWRQtDGHOODGR
GHUHFKRFRQHOODGRGHUHFKR
FRQWULEX\yDHTXLOLEUDUHOFHUHEUR
GHOQLxRRDDOFDQ]DUXQHVWDGRPiV
LQWHJUDGR)XHDSDUWLUGHHVH
PRPHQWRFXDQGRHOODSXGRHPSH]DU
DDSHODUDOFHUHEURL]TXLHUGRGHVX
KLMR\DERUGDUORVSXQWRVFRQFUHWRV
TXHpOKDEtDSODQWHDGR'LFKRGH
RWURPRGRpVHIXHHOPRPHQWRGH
GDUHOVHJXQGRSDVRTXHD\XGDD
LQWHJUDUHOODGRL]TXLHUGR\HO
GHUHFKR
6HJXQGRSDVRUHGLULJLUFRQHOODGR
L]TXLHUGR

'HVSXpVGHUHVSRQGHUFRQHOODGR
GHUHFKR7LQD\DSXGRUHGLULJLUFRQ
HOL]TXLHUGR3XGRUHGLULJLUDVXKLMR
H[SOLFDQGRGHXQDPDQHUDOyJLFDOR
PXFKRTXHVHHVIRU]DEDSDUDVHU
MXVWDSURPHWLpQGROHTXHOHGHMDUtD
XQDQRWDPLHQWUDVGRUPtD\WUD]DQGR
HVWUDWHJLDVFRQpOSDUDVXVLJXLHQWH
FXPSOHDxRV\SDUDFRQVHJXLUTXHORV
GHEHUHVIXHUDQPiVGLYHUWLGRV
+DEODURQGHHOORHQSDUWHHVD
QRFKHSHURVREUHWRGRDOGtD
VLJXLHQWH
(QFXDQWR7LQDKXERFRQHFWDGRVX
FHUHEURGHUHFKRFRQHOFHUHEUR
GHUHFKRGHVXKLMRIXHPXFKRPiV
IiFLOFRQHFWDUFRQVXODGRL]TXLHUGR
\WUDWDUORVSUREOHPDVGHXQDPDQHUD
UDFLRQDO$OFRQHFWDUSULPHURFRQHO
FHUHEURGHUHFKRGHVXKLMR7LQD
FRQVLJXLyUHGLULJLUFRQHOFHUHEUR
L]TXLHUGRPHGLDQWHXQDH[SOLFDFLyQ
OyJLFD\XQDSODQLILFDFLyQREOLJDQGR
DOKHPLVIHULRL]TXLHUGRGHOQLxRD
VXPDUVHDODFRQYHUVDFLyQ(VWH
HQIRTXHOHSHUPLWLyXVDUORVGRV
ODGRVGHVXFHUHEURGHXQDPDQHUD
FRRUGLQDGDHLQWHJUDGD

1RHVWDPRVGLFLHQGRTXH©FRQHFWDU
\UHGLULJLUªVLHPSUHGpUHVXOWDGR$O
ILQ\DOFDERDYHFHVXQQLxRKDLGR
WDQOHMRVTXH\DQRSXHGHGDUPDUFKD
DWUiV\ODVRODVHPRFLRQDOHVWLHQHQ
TXHURPSHUKDVWDTXHDPDLQHHO
WHPSRUDO2SXHGHTXHHOQLxRVyOR
QHFHVLWHFRPHUDOJRRGRUPLU&RPR
KL]R7LQDTXL]iFRQYHQJDHVSHUDUD
TXHWXKLMRVHHQFXHQWUHHQXQHVWDGR
PiVLQWHJUDGRSDUDKDEODUFRQpOGH
XQDPDQHUDOyJLFDVREUHVXV
VHQWLPLHQWRV\FRQGXFWDV

7DPSRFRUHFRPHQGDPRVOD
SHUPLVLYLGDGRDODUJDUORVOtPLWHV
VyORSRUTXHXQQLxRQRSLHQVD
OyJLFDPHQWH/DVUHJODVUHODWLYDVDO
UHVSHWR\ODFRQGXFWDQRGHEHQ
WLUDUVHSRUODERUGDVyORSRUTXHHO
KHPLVIHULRL]TXLHUGRGHXQQLxRHVWp
GHVFRQHFWDGR3RUHMHPSOR
FXDOTXLHUFRQGXFWDTXHVHFRQVLGHUH
LQDGHFXDGDHQODIDPLOLD±IDOWDUDO
UHVSHWRKDFHUGDxRDDOJXLHQWLUDU
FRVDV±GHEHVHJXLUFRQVLGHUiQGRVH
SURKLELGDLQFOXVRHQORVPRPHQWRV
GHHPRFLRQHVLQWHQVDV3XHGHTXH
VHDQHFHVDULRLQWHUUXPSLUXQD
FRQGXFWDGHVWUXFWLYD\DSDUWDUDO
QLxRGHODVLWXDFLyQDQWHVGH
HPSH]DUDFRQHFWDU\UHGLULJLU3HUR
SHQVDPRVTXHXVDQGRHOHQIRTXHGHO
FHUHEURSOHQRHQJHQHUDOFRQYLHQH
KDEODUGHODPDODFRQGXFWD\VXV
FRQVHFXHQFLDVGHVSXpVGH
WUDQTXLOL]DUDOQLxRGDGRTXHHQ
PHGLRGHXQDOXYLyQHPRFLRQDOQRHV
IiFLODSUHQGHUOHFFLRQHV8QQLxR
HVWDUiPXFKRPiVUHFHSWLYRFXDQGR
HOFHUHEURL]TXLHUGRYXHOYDD
DFWLYDUVH\SRUORWDQWRODGLVFLSOLQD
VHUiHQWRQFHVPXFKRPiVHILFD]
,PDJLQDTXHHUHVXQVRFRUULVWDWH
DFHUFDUiVQDGDQGRDWXKLMROR
URGHD௙UiVFRQORVEUD]RV\OR
D\XGDUiVDYROYHUDODRULOODDQWHV
GHGHFLUOHTXHODSUy[LPDYH]QRVH
DOHMHWDQWR

/DFODYHDTXtHVHQWHQGHUTXH
FXDQGRWXKLMRVHDKRJDHQXQ
DOXYLyQHPRFLRQDOGHOFHUHEUR
GHUHFKRWHKDUiVXQJUDQIDYRU \
WDPELpQVHORKDUiVDWXKLMR VL
FRQHFWDVDQWHVGHUHGLULJLU(VWH
HQIRTXHSXHGHVHUXQVDOYDYLGDVTXH
D\XGHDWXKLMRDPDQWHQHUODFDEH]D
DIORWH\TXHDGHPiVLPSLGDTXHW~
WHKXQGDVFRQpO

‡ (VWUDWHJLDGHOFHUHEURSOHQRQž

3RQOHXQQRPEUHSDUDGRPDUOR
FXHQWDKLVWRULDVSDUDDSODFDUODV
JUDQGHVHPRFLRQHV

8QQLxRGHGRVDxRVVHFDH\VHKDFH
XQUDVJXxRHQHOFRGR8QQLxRGH
SiUYXORVSLHUGHDVXTXHULGD
PDVFRWD8QQLxRGHTXLQWRFXUVRVH
HQIUHQWDDXQPDWyQHQHOFROHJLR
&XDQGRXQQLxRH[SHULPHQWD
PRPHQWRVGRORURVRV
GHFHSFLRQDQWHVRTXHORDVXVWDQ
SXHGHVHQWLUVHDEUXPDGR\VX
FHUHEURGHUHFKRVHYHLQYDGLGRSRU
IXHUWHVHPRFLRQHV\VHQVDFLRQHV
FRUSRUDOHV(QWDOHVRFDVLRQHV
QRVRWURVFRPRSDGUHVSRGHPRV
D\XGDUORVDTXHKDJDQLQWHUYHQLUHO
KHPLVIHULRL]TXLHUGRSDUDTXH
SXHGDQHPSH]DUDHQWHQGHUTXpHVWi
SDVDQGR8QDGHODVPHMRUHV
PDQHUDVGHSURPRYHUHVWDFODVHGH
LQWHJUDFLyQHVD\XGDQGRDFRQWDU
RWUDYH]ODH[SHULHQFLDTXHKD
FDXVDGRGRORURPLHGR

8QHMHPSORXQGtD%HOODFXDQGR
WHQtDQXHYHDxRVWLUyGHODFDGHQD\
VHGHVERUGyHOYiWHU7UDVOD
H[SHULHQFLDGHYHUTXHHODJXDVDOtD
\VHGHUUDPDEDSRUHOVXHORQR
TXLVR \SUiFWLFDPHQWHQRSXGR
YROYHUDWLUDUGHODFDGHQD&XDQGR
'RXJHOSDGUHGH%HOODGHVFXEULy
ODWpFQLFD©SRQOHXQQRPEUHSDUD
GRPDUORªVHVHQWyFRQVXKLMD\
YROYLyDGHVFULELUHOHSLVRGLRGHO
YiWHU'HMyTXH%HOODH[SOLFDUDOR
VXFHGLGRHQODPHGLGDGHORSRVLEOH
\ODD\XGyDDxDGLUORVGHWDOOHV
LQFOXLGRHOSHUVLVWHQWHWHPRUDWLUDU
GHODFDGHQDSDGHFLGRSRUHOODD
SDUWLUGHHVHPRPHQWR'HVSXpVGH
FRQWDUODKLVWRULDYDULDVYHFHVORV
WHPRUHVGH%HOODGLVPLQX\HURQ\DO
ILQDOGHVDSDUHFLHURQ
¢3RUTXpYROYHUDFRQWDUORVXFHGLGR
IXHWDQHILFD]"/RTXHKL]R'RXJIXH
HQHVHQFLDD\XGDUDVXKLMDDXQLU
VXVFHUHEURVL]TXLHUGR\GHUHFKR
SDUDTXHSXGLHUDGDUVHQWLGRDOR
TXHSDVy&XDQGRHOODH[SOLFDEDHO
PRPHQWRHQTXHHODJXDHPSH]yD
GHUUDPDUVHSRUHOVXHOR\ORPXFKR
TXHHOODVHSUHRFXSy\DVXVWyVXV
GRVKHPLVIHULRVDFWXDEDQMXQWRVGH
XQDPDQHUDLQWHJUDGD5HFXUULyDO
FHUHEURL]TXLHUGRDOSRQHUORV
GHWDOOHVHQRUGHQ\H[SUHVDUOD
H[SHULHQFLDFRQSDODEUDV\OXHJR
KL]RLQWHUYHQLUHOFHUHEURGHUHFKRDO
HYRFDUODVHPRFLRQHVTXHVLQWLy
$Vt'RXJD\XGyDVXKLMDDSRQHU
XQQRPEUHDVXVWHPRUHV\
HPRFLRQHVSDUDTXHDFRQWLQXDFLyQ
HOODSXGLHUDGRPDUORV

$YHFHVQXHVWURVKLMRVQRTXHUUiQ
FRQWDUDOJRTXHOHVKDVXFHGLGR
FXDQGRVHORSLGDPRV'HEHPRV
UHVSHWDUVXVGHVHRVUHVSHFWRDFyPR
\FXiQGRTXLHUHQKDEODUVREUHWRGR
SRUTXHIRU]DUORVDFRPSDUWLUVHUi
PiVELHQFRQWUDSURGXFHQWH 3LHQVD
HQODVRFDVLRQHVHQTXHSUHILHUHVOD
VROHGDG\QRWHDSHWHFHKDEODU
¢$FDVRWHDQLPDVDKDEODU\D
FRPSDUWLUWXVVHQWLPLHQWRVtQWLPRV
FXDQGRWHLQVLVWHQ" 3HURVtSRGHPRV
LQGXFLUORVGHOLFDGDPHQWHHPSH]DQGR
DFRQWDUODKLVWRULDQRVRWURV\
SLGLpQGROHVTXHDxDGDQORVGHWDOOHV
\VLHVRQROHVLQWHUHVDWDPELpQ
SRGHPRVGDUOHVXQUHVSLUR\GHMDUOR
SDUDPHMRURFDVLyQ

(VPiVSUREDEOHTXHWXKLMR
UHVSRQGDELHQVLHOLJHV
HVWUDWpJLFDPHQWHHOPRPHQWRGH
LQLFLDUHVWDFODVHGHFRQYHUVDFLyQ
$VHJ~UDWHGHTXHORVGRVHVWiLVGHO
KXPRUDGHFXDGR/RVSDGUHV
H[SHULPHQWDGRV\ORVWHUDSHXWDV
LQIDQWLOHVGLUiQDVLPLVPRTXH
DOJXQDVGHODVPHMRUHV
FRQYHUVDFLRQHVFRQORVQLxRVWLHQHQ
OXJDUPLHQWUDVHVWiVXFHGLHQGRRWUD
FRVD/RVQLxRVVHVLHQWHQPXFKR
PiVSUHGLVSXHVWRVDFRPSDUWLU\
FRQYHUVDUPLHQWUDVFRQVWUX\HQDOJR
MXHJDQDODVFDUWDVRYDQHQFRFKH
TXHFXDQGRQRVVHQWDPRVFRQHOORV\
ORVPLUDPRVGLUHFWDPHQWHDODFDUD\
OHVSHGLPRVTXHKDEOHQFRQ
IUDQTXH]D2WURUHFXUVRTXHVHSXHGH
HPSOHDUVLDXQQLxRQROHDSHWHFH
KDEODUHVSHGLUOHTXHKDJDXQGLEXMR
GHORVXFHGLGRRVLWLHQHHGDG
VXILFLHQWHTXHORHVFULED6LYHVTXH
WXKLMRVHPXHVWUDUHDFLRDKDEODU
FRQWLJRDQtPDORDKDFHUORFRQRWUD
SHUVRQDXQDPLJRVX\RRWURDGXOWR
RLQFOXVRXQKHUPDQRTXHVHSD
HVFXFKDU

/RVSDGUHVVDEHQORHILFD]TXH
SXHGHVHUFRQWDUKLVWRULDVFXDQGR
KD\TXHGLVWUDHUDORVQLxRVR
WUDQTXLOL]DUORVSHURODPD\RUtDGH
ODJHQWHQRFRQRFHODFLHQFLDTXH
VXE\DFHEDMRHVDIXHU]DWDQ
SRGHURVD(OODGRGHUHFKRGH
QXHVWURFHUHEURSURFHVDQXHVWUDV
HPRFLRQHV\UHFXHUGRV
DXWRELRJUiILFRVSHURQXHVWURODGR
L]TXLHUGRHVHOTXHGDVHQWLGRDHVRV
VHQWLPLHQWRV\UHFXHUGRV/D
VXSHUDFLyQGHXQDH[SHULHQFLDGLItFLO
VHSURGXFHFXDQGRHOODGRL]TXLHUGR
DFW~DFRQHOGHUHFKRSDUDFRQWDUODV
KLVWRULDVGHQXHVWUDYLGD&XDQGRORV
QLxRVDSUHQGHQDSUHVWDUDWHQFLyQD
VXVSURSLDVKLVWRULDV\D
FRPSDUWLUODVSXHGHQUHVSRQGHUGH
PDQHUDVDQDDWRGRGHVGHXQ
UDVJXxRHQHOFRGRKDVWDXQDJUDQ
SpUGLGDRWUDXPD

/RTXHVXHOHQQHFHVLWDUORVQLxRV
VREUHWRGRFXDQGRH[SHULPHQWDQ
HPRFLRQHVIXHUWHVHVTXHDOJXLHQORV
D\XGHDXVDUVXFHUHEURL]TXLHUGR
SDUDGDUVHQWLGRDORTXHHVWi
VXFHGLHQGRSDUDSRQHURUGHQ\GDU
XQQRPEUHDHVRVVHQWLPLHQWRV
LQWHQVRV\WHUURUtILFRVGHOFHUHEUR
GHUHFKRORTXHOHVSHUPLWH
DERUGDUORVGHXQDPDQHUDHILFD]
(VRHVORTXHVHFRQVLJXHFRQWDQGR
KLVWRULDVQRVD\XGDDHQWHQGHUQRVD
QRVRWURVPLVPRV\DHQWHQGHUHO
PXQGRXVDQGRORVKHPLVIHULRV
GHUHFKRHL]TXLHUGR
VLPXOWiQHDPHQWH3DUDFRQWDUXQD
KLVWRULDTXHWHQJDVHQWLGRHOFHUHEUR
L]TXLHUGRGHEHSRQHURUGHQXVDQGR
ODVSDODEUDV\ODOyJLFD(OFHUHEUR
GHUHFKRFRQWULEX\HPHGLDQWHODV
VHQVDFLRQHVFRUSRUDOHVODV
HPRFLRQHVQRSURFHVDGDV\ORV
UHFXHUGRVSHUVRQDOHVSDUDTXH
SRGDPRVIRUPDUQRVXQDLPSUHVLyQ
JHQHUDO\FRPXQLFDUQXHVWUD
H[SHULHQFLDeVWDHVODH[SOLFDFLyQ
FLHQWtILFDGHSRUTXpHVFULELUXQ
GLDULR\KDEODUGHXQDFRQWHFLPLHQWR
GLItFLOSXHGHVHUWDQHILFD]DODKRUD
GHD\XGDUQRVDVXSHUDUXQD
H[SHULHQFLD'HKHFKROD
LQYHVWLJDFLyQKDGHPRVWUDGRTXH
VLPSOHPHQWHSRQHUXQQRPEUHRXQD
HWLTXHWDDORTXHVHQWLPRVUHGXFH
OLWHUDOPHQWHODDFWLYLGDGGHOFLUFXLWR
HPRFLRQDOHQHOKHPLVIHULRGHUHFKR

3RUHVDPLVPDUD]yQHVLPSRUWDQWH
TXHORVQLxRVGHWRGDVODVHGDGHV
FXHQWHQVXVKLVWRULDV\DTXHORV
D\XGDDHQWHQGHUVXVHPRFLRQHV\
ORVDFRQWHFLPLHQWRVTXHVHSURGXFHQ
HQVXVYLGDV$YHFHVORVSDGUHV
HYLWDQPHQFLRQDUH[SHULHQFLDV
SHUWXUEDGRUDVSHQVDQGRTXHKDEODU
GHHOODVUHIRU]DUiHOGRORUGHVXV
KLMRVRHPSHRUDUiODVFRVDV'H
KHFKRDPHQXGRORTXHQHFHVLWDQORV
QLxRVHVSUHFLVDPHQWHFRQWDUOD
KLVWRULDWDQWRSDUDGDUVHQWLGRDOR
TXHSDVyFRPRSDUDDYDQ]DUKDFLD
XQOXJDUGRQGHSXHGDQVHQWLUVH
PHMRUFRQUHVSHFWRDORRFXUULGR
5HFRUGHPRVDOKLMRGH0DULDQQD
0DUFRGHODKLVWRULDGH©,DXXXK
XXXKªHQHO&DStWXOR (OLPSXOVR
GHHQWHQGHUODUD]yQSRUODTXH
SDVDQODVFRVDVHVWDQSRGHURVRTXH
HOFHUHEURVHJXLUiLQWHQWDQGRGDU
VHQWLGRDXQDH[SHULHQFLDKDVWDTXH
ORFRQVLJD&RPRSDGUHVSRGHPRV
SDUWLFLSDUHQHVWHSURFHVRFRQWDQGR
KLVWRULDV

(VRHVORTXHKL]R7KRPDVFRQ
.DWLHODQLxDTXHGHFtDDJULWRVTXH
VHPRULUtDVLVXSDGUHODGHMDEDHQHO
SDUYXODULR$XQTXHD7KRPDVOR
H[DVSHUDEDHVDVLWXDFLyQUHVLVWLyHO
LPSXOVRGHUHVWDULPSRUWDQFLD\
QHJDUORTXHOHSDVDEDD.DWLH
*UDFLDVDORTXHKDEtDDSUHQGLGR
FRPSUHQGLyTXHHOFHUHEURGHVX
KLMDHVWDEDUHODFLRQDQGRYDULDV
FLUFXQVWDQFLDVTXHVXSDGUHOD
GHMDUDHQHOSDUYXODULRTXH
YRPLWDUDTXHVXSDGUHVHPDUFKDUD
\TXHHOODWXYLHUDPLHGR3RU
FRQVLJXLHQWHFXDQGROOHJDEDHO
PRPHQWRGHSUHSDUDUVHSDUDLUDO
SDUYXODULRVXFHUHEUR\VXFXHUSR
HPSH]DEDQDGHFLUOH©0DODLGHD
SDUYXODULR YRPLWDU SDSiVHYD
PLHGRª9LVWRDVtHUDOyJLFRTXHQR
TXLVLHUDLUDOSDUYXODULR

$OGDUVHFXHQWDGHHOOR7KRPDV
HPSOHyVXVFRQRFLPLHQWRVVREUHORV
GRVKHPLVIHULRVGHOFHUHEUR6DEtD
TXHHQORVQLxRVSHTXHxRVFRPR
.DWLHHQJHQHUDOSUHGRPLQDEDHO
KHPLVIHULRGHUHFKR\TXHWRGDYtDQR
GRPLQDEDQODFDSDFLGDGGHXVDUOD
OyJLFD\ODVSDODEUDVSDUDH[SUHVDU
ORVVHQWLPLHQWRV.DWLHVHQWtDODV
HPRFLRQHVIXHUWHVSHURQRHUDFDSD]
GHHQWHQGHUODV\FRPXQLFDUODVFRQ
FODULGDG\SRUWDQWRVHKDOODEDDVX
PHUFHG7KRPDVVDEtDDVLPLVPRTXH
ODPHPRULDDXWRELRJUiILFDVH
DOPDFHQDHQHOODGRGHUHFKRGHO
FHUHEUR\YLRTXH.DWLHKDEtD
YLQFXODGRHQVXPHPRULDWRGRVORV
GHWDOOHVGHODYRPLWHUDFRQORTXH
VXKHPLVIHULRGHUHFKRKDEtD
LQWHUYHQLGRPiVGHODFXHQWD
(QFXDQWR7KRPDVFRPSUHQGLyWRGR
HVWRVXSRTXHGHEtDD\XGDUD.DWLH
DGDUVHQWLGRDHVDVHPRFLRQHV
HPSOHDQGRHOKHPLVIHULRL]TXLHUGR
KDFLHQGRLQWHUYHQLUODOyJLFD
SRQLHQGRORVDFRQWHFLPLHQWRVHQ
RUGHQ\DVLJQDQGRSDODEUDVDVXV
VHQWLPLHQWRV&RQHVHILQODD\XGyD
FRQWDUXQDKLVWRULDVREUHORTXH
VXFHGLyHVHGtDSDUDTXHHOOD
SXGLHUDHPSOHDUORVGRVODGRVGHO
FHUHEURDODYH]/HGLMR©6pTXHWH
FXHVWDLUDOSDUYXODULRGHVGHTXH
YRPLWDVWH,QWHQWHPRVUHFRUGDUHOGtD
HQTXHWHSXVLVWHPDODHQHO
SDUYXODULR3ULPHURQRVSUHSDUDPRV
SDUDLUDOSDUYXODULR¢QRHVDVt"
$FXpUGDWHGHTXHTXHUtDVSRQHUWHHO
SDQWDOyQURMR'HVD\XQDPRVJRIUHV
FRQDUiQGDQRV\OXHJRWHODYDVWHORV
GLHQWHV'HVSXpVOOHJDPRVDO
SDUYXODULRQRVGLPRVXQDEUD]R\
QRVGLMLPRVDGLyV(PSH]DVWHD
SLQWDUHQODPHVDGHDFWLYLGDGHV\\R
PHGHVSHGtFRQODPDQR¢<TXp
SDVyFXDQGRPHIXL"ª

.DWLHFRQWHVWyTXHYRPLWy7KRPDV
FRQWLQXy©<D<\R\DVpTXHHVRHV
PX\GHVDJUDGDEOH¢YHUGDGTXHVt"
3HURHQWRQFHVODVHxRULWD/D5XVVDWH
FXLGyPX\ELHQ\VHGLRFXHQWDGH
TXHQHFHVLWDEDVDWXSDSLDVtTXHPH
OODPy\\RIXLHQVHJXLGD¢9HUGDG
TXHWLHQHVVXHUWHGHWHQHUXQD
PDHVWUDTXHFXLGDUDGHWLKDVWDTXH
OOHJyWXSDSL"¢<GHVSXpVTXpSDVy"
<RWHFXLGp\WHVHQWLVWHPHMRUª$
FRQWLQXDFLyQ7KRPDVLQVLVWLyPXFKR
HQTXHIXHDOSDUYXODULRGH
LQPHGLDWR\WRGRIXHELHQ\DVHJXUy
D.DWLHTXHVLHPSUHHVWDUtDDVXODGR
FXDQGRHOODORQHFHVLWDUD

$OSRQHUHQRUGHQGHHVWDPDQHUD
ORVGHWDOOHVQDUUDWLYRV7KRPDV
FRQWULEX\yDTXHVXKLMDHPSH]DUDD
GDUVHQWLGRDORTXHH[SHULPHQWDED
FRQVXVHPRFLRQHV\HQVXFXHUSR
'HVSXpVODD\XGyDFUHDU
DVRFLDFLRQHVQXHYDVHQODOtQHDGH
TXHHOSDUYXODULRHUDXQOXJDU
GLYHUWLGR\VHJXURUHFRUGiQGROH
GLYHUVRVDVSHFWRVTXHDHOODOH
HQFDQWDEDQ(VFULELHURQHLOXVWUDURQ
XQOLEURHQWUHORVGRVTXHFRQWDEDOR
VXFHGLGR\PRVWUDEDORVOXJDUHV
SUHIHULGRVGHHOODHQHODXOD&RPR
VXHOHQKDFHUORVQLxRV.DWLHTXLVR
OHHUVXOLEURFDVHURXQD\RWUDYH]

3URQWR.DWLHYROYLyDLUDODHVFXHOD
FRQJDQDV\ODH[SHULHQFLDGHMyGH
HMHUFHUWDQWRSRGHUVREUHHOOD'H
KHFKRGHVFXEULyTXHSRGtDVXSHUDU
HOPLHGRFRQHODSR\RGHODV
SHUVRQDVTXHODTXHUtDQ$PHGLGD
TXH.DWLHVHKDJDPD\RUVXSDGUH
VHJXLUiD\XGiQGRODDGDUVHQWLGRD
VXVH[SHULHQFLDVHVWHSURFHVRGH
QDUUDFLyQGHKLVWRULDVVHFRQYHUWLUi
HQXQDPDQHUDQDWXUDOGHHQIUHQWDUVH
DODVVLWXDFLRQHVGLItFLOHV\OH
SURSRUFLRQDUiXQDSRGHURVD
KHUUDPLHQWDSDUDHQIUHQWDUVHDOD
DGYHUVLGDGHQODHGDGDGXOWD\DOR
ODUJRGHWRGDVXYLGD

,QFOXVRORVQLxRVPXFKRPiV
SHTXHxRVTXH.DWLH±GHKDVWDGLH]R
GRFHPHVHV±UHVSRQGHQELHQDOD
QDUUDFLyQGHKLVWRULDV3RUHMHPSOR
LPDJLQHPRVTXHXQDQLxDGHXQRR
GRVDxRVVHKDFDtGR\VHKDKHFKR
XQUDVJXxRHQODURGLOOD6XFHUHEUR
GHUHFKRTXHYLYHSRUFRPSOHWRHQ
HOSUHVHQWH\HVWiHQFRQWDFWRFRQVX
FXHUSR\VXVPLHGRVVLHQWHGRORU$
FLHUWRQLYHOODQLxDWHPHTXHHO
GRORUQRVHYD\DQXQFD&XDQGROD
PDGUHYXHOYHDFRQWDUODKLVWRULDGH
VXFDtGDH[SUHVDQGRODH[SHULHQFLD
FRQSDODEUDV\SRQLHQGRRUGHQ
D\XGDDVXKLMDDHPSOHDU\
GHVDUUROODUHOKHPLVIHULRL]TXLHUGR
H[SOLFDQGRORTXHSDVy±
VLPSOHPHQWHVHFD\y±SDUDTXHHOOD
SXHGDHQWHQGHUSRUTXpOHGXHOH

1RVXEHVWLPHVHOSRGHUGHXQD
KLVWRULDSDUDFDSWDUODDWHQFLyQGHXQ
QLxR3UXpEDORVLWLHQHVXQKLMR
SHTXHxRWHVRUSUHQGHUiOR~WLOTXH
SXHGHVHU\ORGLVSXHVWRTXHHVWDUi
pODSDUWLUGHHQWRQFHVDSDUWLFLSDU
HQODQDUUDFLyQGHKLVWRULDVFXDQGR
VHKDJDGDxRRWHQJDPLHGR
(VWDWpFQLFDGH©SRQHUXQQRPEUH
SDUDGRPDUORªHVLJXDOGHHILFD]FRQ
ORVQLxRVPD\RUHV/DXUDXQDPDGUH
FRQRFLGDQXHVWUDODXVyFRQVXKLMR
-DFNTXHDORVGLH]DxRVKDEtD
VXIULGRXQSHTXHxR SHUR
WUDXPiWLFR DFFLGHQWHHQELFLFOHWD\
FDGDYH]TXHSHQVDEDHQFRJHUOD
ELFLFOHWDVHSRQtDPX\QHUYLRVR
9HDPRVFyPRORD\XGy/DXUDD
FRQWDUORTXHSDVySDUDTXHpO
SXGLHUDHPSH]DUDHQWHQGHUORTXHOH
VXFHGtDSRUGHQWUR

/DXUD¢7HDFXHUGDVGHOR
TXHRFXUULyFXDQGRWH
FDtVWH"
-DFN(VWDEDPLUiQGRWH
PLHQWUDVFUX]iEDPRVOD
FDOOH<QRYLODUHMLOODGH
ODDOFDQWDULOOD

/DXUD¢<HQWRQFHVTXp
SDVy"

-DFN/DUXHGDVHTXHGy
DWDVFDGD\ODELFLVH
LQFOLQyKDFLDXQODGR\VH
PHFD\yHQFLPD

/DXUD<HVRWHDVXVWy
¢YHUGDG"

-DFN6tQRVDEtDTXp
KDFHU«(VTXHPHFDtHQ
PHGLRGHODFDOOH\QR
VDEtDTXpSDVDED

/DXUD(VRGHELyGHVHU
HVSDQWRVRTXHWHRFXUUD
DOJRDVtWDQ
LQHVSHUDGDPHQWH¢7H
DFXHUGDVGHORTXHSDVy
GHVSXpV"

/DXUDDFRQWLQXDFLyQD\XGyD-DFND
FRQWDUWRGRORTXHSDVy-XQWRV
FRPHQWDURQTXHDOILQDO-DFNVXSHUy
HOPDOWUDJRFRQXQDVFXDQWDV
OiJULPDVSDODEUDVGHFRQVXHOR
WLULWDV\ODUHSDUDFLyQGHODELFLFOHWD
'HDKtSDVDURQDKDEODUGHOD
QHFHVLGDGGHHVWDUDWHQWRVDODV
UHMLOODVGHODVDOFDQWDULOODV\DO
WUiILFRTXHYLHQHGHIUHQWHORTXH
D\XGyD-DFNDOLEHUDUVHGHDOJXQRV
GHVXVVHQWLPLHQWRVGHLPSRWHQFLD

2EYLDPHQWHORVGHWDOOHVGHXQD
FRQYHUVDFLyQFRPRpVWDYDULDUiQ
VHJ~QODVLWXDFLyQ3HURFDEHVHxDODU
ODPDQHUDHQTXH/DXUDVRQVDFyOD
KLVWRULDDVXKLMRGHMiQGROR
GHVHPSHxDUXQSDSHODFWLYRHQHO
SURFHVRGHODQDUUDFLyQ(OODDFWXy
EiVLFDPHQWHFRPRXQDIDFLOLWDGRUD
D\XGDQGRDSRQHUHQRUGHQORV
GHWDOOHVGHORRFXUULGR$VtHVFyPR
ODVKLVWRULDVQRVSHUPLWHQDYDQ]DU\
GRPLQDUORVPRPHQWRVHQTXH
VHQWLPRVTXHQRFRQWURODPRVOD
VLWXDFLyQ&XDQGRSRGHPRVH[SUHVDU
FRQSDODEUDVODVH[SHULHQFLDVTXH
QRVDVXVWDURQ\QRVKLFLHURQGDxR±
FXDQGRQRVUHFRQFLOLDPRV
OLWHUDOPHQWHFRQHOODV±DPHQXGR
QRVGDQPXFKRPHQRVPLHGR\VRQ
PHQRVGRORURVDV&XDQGRD\XGDPRV
DQXHVWURVKLMRVDSRQHUXQQRPEUHD
VXVGRORUHV\WHPRUHVORVD\XGDPRV
DGRPDUORV
/RVQLxRVGHFHUHEURSOHQR

'DDFRQRFHUDWXVKLMRVORVGRV
ODGRVGHOFHUHEUR

(QHVWHFDStWXORWHKHPRVGDGR
YDULRVHMHPSORVGHFyPRD\XGDUD
WXVKLMRVDLQWHJUDUORVFHUHEURV
GHUHFKRHL]TXLHUGR7DPELpQSXHGH
VHU~WLOKDEODUFRQHOORV\
H[SOLFDUOHVDOJXQRVSXQWRVEiVLFRV
GHODLQIRUPDFLyQTXHDFDEDPRVGH
SURSRUFLRQDU3DUDD\XGDUWHDTXt
KD\DOJRTXHSXHGHVOHHUFRQWXV
KLMRV/RKHPRVHVFULWRSHQVDQGRHQ
QLxRVGHHQWUHFLQFR\QXHYHDxRV
SHURGHEHVFRQYHUWLUORHQWXSURSLR
WH[WR\DGDSWDUORDODHGDG\ODHWDSD
GHGHVDUUROORGHFDGDQLxR
,QWHJUDUQRV&RQHFWDUQXHVWURV
FHUHEURVGHUHFKRHL]TXLHUGR

$KRUDTXH\DVDEHVPiVFRVDVVREUH
ORVODGRVGHUHFKRHL]TXLHUGRGHO
FHUHEURSLHQVDHQWXSURSLD
LQWHJUDFLyQ&XDQGRHMHUFHVGH
SDGUHRPDGUH¢SUHGRPLQD
GHPDVLDGRWXFHUHEURGHUHFKR"¢7H
GHMDVOOHYDUDPHQXGRSRUORV
DOXYLRQHVHPRFLRQDOHVDKRJDQGRD
WXVKLMRVFRQWXSURSLRFDRV\WXV
PLHGRV"¢2WDOYH]WLHQGHVDYLYLUHQ
HOGHVLHUWRHPRFLRQDOGHOFHUHEUR
L]TXLHUGRSRUORTXHUHDFFLRQDVFRQ
ULJLGH]\WHFXHVWDLQWHUSUHWDU\
UHVSRQGHUDODVHPRFLRQHV\
QHFHVLGDGHVGHWXVKLMRV"

+HDTXtODVSDODEUDVGHXQDPDGUH
FRQRFLGDQXHVWUDTXHVHGLRFXHQWD
GHTXHHQVXVLQWHUDFFLRQHVFRQVX
KLMRXVDEDSULQFLSDOPHQWHXQ~QLFR
ODGRGHVXFHUHEUR

<RPHFULpHQXQDIDPLOLD
GHPLOLWDUHV£+XHOJDGHFLU
TXHQRVR\PX\WRFRQD\
VHQVLEOHUD6R\YHWHULQDULD
\HVWR\DFRVWXPEUDGDD
UHVROYHUSUREOHPDVFRVD
TXHQRPHHVGHPXFKD
D\XGDHQHOFDPSRGHOD
HPSDWtD

&XDQGRPLKLMROORUDEDR
VHOOHYDEDXQGLVJXVWR\R
LQWHQWDEDWUDQTXLOL]DUOR
SDUDD\XGDUORDUHVROYHU
HOSUREOHPD(VRQRVHUYtD
GHQDGD\DPHQXGR
H[DFHUEDEDHOOODQWRDVt
TXHORGHMDEDVROR\
HVSHUDEDDTXHVHFDOPDUD

+DFHSRFRGHVFXEUtTXH
SULPHURGHEtDLQWHQWDU
FRQHFWDUHOFHUHEUR
GHUHFKRFRQHOFHUHEUR
GHUHFKRORFXDOHUDXQD
LGHDWRWDOPHQWHQXHYDSDUD
Pt$KRUDDEUD]RDPL
KLMRORHVFXFKRHLQFOXVR
LQWHQWRD\XGDUORDFRQWDU
ORTXHOHSDVyXVDQGRORV
FHUHEURVGHUHFKRH
L]TXLHUGRDODYH]
'HVSXpVKDEODPRVGHOD
FRQGXFWDRVROXFLRQDPRV
HOSUREOHPD$KRUDLQWHQWR
UHFRUGDUTXHSULPHURGHER
FRQHFWDU\OXHJR
VROXFLRQDU

5HTXLULyFLHUWDSUiFWLFD
SHURFXDQGRPH
UHODFLRQDEDFRQPLKLMR
SULPHURHQHOSODQR
HPRFLRQDOXVDQGRPL
FHUHEURGHUHFKRMXQWRFRQ
HOL]TXLHUGRHQOXJDUGH
XVDUVyORHOL]TXLHUGR
WRGRORGHPiVLEDFRPROD
VHGD\QXHVWUDUHODFLyQHQ
JHQHUDOWDPELpQPHMRUy

(VWDPDGUHFRPSUHQGLyTXHDOSDVDU
SRUDOWRSDUWHVGHVXSURSLRFHUHEUR
GHUHFKRHVWDEDSHUGLpQGRVH
RSRUWXQLGDGHVLPSRUWDQWHVGH
FRQHFWDUFRQVXKLMR\GHIDYRUHFHU
HOGHVDUUROORGHOFHUHEURGHUHFKR
GHOQLxR

8QDGHODVPHMRUHVPDQHUDVGH
SURPRYHUODLQWHJUDFLyQHQQXHVWURV
KLMRVHVHVWDQGRPiVLQWHJUDGRV
QRVRWURVPLVPRV +DEODUHPRVGH
HVWRPiVGHWHQLGDPHQWHHQHO
&DStWXORDOH[SOLFDUODVQHXURQDV
HVSHMR &XDQGRORVFHUHEURV
L]TXLHUGR\GHUHFKRHVWiQ
LQWHJUDGRVSRGHPRVDERUGDUOD
SDWHUQLGDGGHVGHXQDSRVLFLyQ
UDFLRQDOVyOLGDODGHOFHUHEUR
L]TXLHUGR±XQDSRVLFLyQTXHQRV
SHUPLWHWRPDUGHFLVLRQHV
LPSRUWDQWHVUHVROYHUSUREOHPDVH
LPSRQHUOtPLWHV±\WDPELpQGHVGH
XQDSRVLFLyQFRQHFWDGD
HPRFLRQDOPHQWHODGHOFHUHEUR
GHUHFKRHQODTXHVRPRV
FRQVFLHQWHVGHORVVHQWLPLHQWRV\ODV
VHQVDFLRQHVGHQXHVWURFXHUSR\GH
QXHVWUDVHPRFLRQHVSDUDSRGHU
UHVSRQGHUDIHFWXRVDPHQWHDODV
QHFHVLGDGHVGHQXHVWURVKLMRV'H
HVWHPRGRHMHUFHUHPRVODWDUHDGH
VHUSDGUHVFRQQXHVWURSURSLR
FHUHEURSOHQR
&RQVWUXLUOD
HVFDOHUDGHOD
PHQWH

,QWHJUDUHOFHUHEUR
VXSHULRU\HO
LQIHULRU
8QDWDUGH-LOOR\yJULWRV\DOERURWR
HQODKDELWDFLyQGHVXKLMRGHVHLV
DxRV*UDQW*UDFLHGHFXDWURDxRV
KDEtDHQFRQWUDGRHOFRIUHGHOWHVRUR
GHVXKHUPDQRKDEtDFRJLGRVX
©FULVWDOPiVUDUtVLPRª\OXHJROR
KDEtDSHUGLGR-XVWRFXDQGR-LOO
OOHJDEDDODKDELWDFLyQR\yGHFLUD
*UDFLHFRQHOPD\RUGHVSUHFLR
©£1RHVPiVTXHXQDSLHGUDHVW~SLGD
\PHDOHJURGHKDEHUODSHUGLGRª

-LOOPLUyDVXKLMRTXHDSUHWDEDORV
SXxRV\VHSRQtDFDGDYH]PiVURMR
6HJXURTXH\DKDVYLYLGRPRPHQWRV
DVtFRQWXKLMRHQORVTXHXQD
VLWXDFLyQVHPDQWLHQHHQSUHFDULR
HTXLOLEULRSHURHVWiDSXQWRGH
HVWDOODU7RGDYtDHVSRVLEOHVDOYDUOD
\HQFDX]DUODVFRVDVKDFLDXQD
UHVROXFLyQSDFtILFD\SURYHFKRVD2
ELHQSXHGHWRPDUODGLUHFFLyQ
FRQWUDULD\SDVDUDOFDRVODDQDUTXtD
HLQFOXVRODYLROHQFLD

<WRGRGHSHQGHGHTXHWXTXHULGR
QLxRFRQWHQJDXQLPSXOVR'HTXH
DSODTXHXQRVVHQWLPLHQWRVLQWHQVRV
'HTXHWRPHXQDEXHQDGHFLVLyQ

&DUD\

(QHVWHFDVR-LOOHQVHJXLGDYLRODV
VHxDOHVGHORTXHLEDDRFXUULU
*UDQWHVWDEDSHUGLHQGRHOFRQWURO\
GHVGHOXHJRQRLEDDWRPDUXQD
EXHQDGHFLVLyQ9LRODLUDHQVX
PLUDGD\R\yORVLQLFLRVGHXQ
JUXxLGRSULPLWLYRTXHHPSH]DEDD
HVFDSDUGHVXJDUJDQWD&XDQGRHO
QLxRLQLFLyUiSLGDPHQWHHOFRUWR
UHFRUULGRTXHORVHSDUDEDGHVX
KHUPDQD-LOODYDQ]ySDVRDSDVR
MXQWRDpO3RUVXHUWHIXHPiVYHOR]
TXH*UDQW\ORLQWHUFHSWyDQWHVGH
TXHOOHJDUDKDVWD*UDFH/ROHYDQWy
HQEUD]RV\ORUHWXYRPLHQWUDVpO
DJLWDEDYLROHQWDPHQWHORVEUD]RV\
ODVSLHUQDVHQHODLUHVLQSDUDUGH
JULWDU&XDQGRSRUILQHOQLxRGHMy
GHIRUFHMHDU-LOOORVROWy*UDQWPLUy
HQWUHOiJULPDVDVXKHUPDQDTXHHQ
HOIRQGRORDGRUDEDHLGHDOL]DED\
GLMRFRQODPD\RUVHUHQLGDG©(UHV
ODSHRUKHUPDQDGHOPXQGRª

&XDQGR-LOOFRQWyHVWDDQpFGRWDD
'DQH[SOLFyTXHHO~OWLPRWRUSHGR
YHUEDOKDEtDGDGRHQHOEODQFR\
SURYRFDGRHQ*UDFHODVWHDWUDOHV
OiJULPDVTXH*UDQWEXVFDED$XQ
DVt-LOOVHDOHJUyGHKDEHUHVWDGR
SUHVHQWHSRUTXHGHORFRQWUDULRVX
KLMRKDEUtDFDXVDGRXQGDxRItVLFR
QRVyORHPRFLRQDO/DSUHJXQWDTXH
SODQWHyD'DQHVODPLVPDTXHQRV
KDFHQPXFKRVSDGUHV0HHV
LPSRVLEOHHVWDUFRQPLVKLMRVFDGD
VHJXQGRGHOGtD¢&yPRSXHGR
HQVHxDUOHVDKDFHUORFRUUHFWR\D
FRQWURODUVHLQFOXVRFXDQGRQRHVWR\
SUHVHQWH"

8QDGHODVDSWLWXGHVPiVLPSRUWDQWHV
TXHSRGHPRVHQVHxDUDQXHVWURV
KLMRVHVDWRPDUGHFLVLRQHVFRUUHFWDV
HQVLWXDFLRQHVGHHPRFLRQHVLQWHQVDV
FRPRpVDDODTXHVHHQIUHQWy*UDQW
4XHUHPRVTXHVHGHWHQJDQXQ
PRPHQWRDQWHVGHDFWXDUTXHVH
SODQWHHQODVFRQVHFXHQFLDVTXH
WRPHQHQFRQVLGHUDFLyQORV
VHQWLPLHQWRVGHORVGHPiVTXH
HPLWDQMXLFLRVpWLFRV\PRUDOHV$
YHFHVVHFRPSRUWDQGHXQDPDQHUD
GHODTXHQRVHQRUJXOOHFHPRV<D
YHFHVQR

¢&yPRHVTXHQXHVWURVKLMRVHOLJHQ
WDQELHQVXVDFFLRQHVHQ
GHWHUPLQDGRVPRPHQWRV\WDQPDOHQ
RWURV"¢3RUTXpFLHUWDVVLWXDFLRQHV
QRVOOHYDQDGDUOHVSDOPDGDVHQOD
HVSDOGD\RWUDVDOHYDQWDUODVPDQRV
HQXQJHVWRGHLPSRWHQFLD"%XHQR
H[LVWHQEXHQDVUD]RQHVTXHWLHQHQ
TXHYHUFRQORTXHRFXUUHHQODV
SDUWHVVXSHULRUHLQIHULRUGHO
FHUHEURGHXQQLxR
/DHVFDOHUDPHQWDOLQWHJUDUHO
FHUHEURVXSHULRU\HOFHUHEUR
LQIHULRU

3RGHPRVKDEODUGHOFHUHEURGH
PXFKDVPDQHUDV(QHO&DStWXOR
QRVKHPRVFHQWUDGRHQORVGRV
KHPLVIHULRVHOL]TXLHUGR\HO
GHUHFKR$KRUDYDPRVDYHUORGH
DUULEDDEDMRRHQUHDOLGDGGHDEDMR
DUULED

,PDJLQHPRVTXHQXHVWURFHUHEURHV
XQDFDVDFRQXQDSODQWDLQIHULRU\
RWUDVXSHULRU/DSODQWDEDMDLQFOX\H
HOWURQFRFHUHEUDO\HOVLVWHPD
OtPELFRVLWXDGRVHQODSDUWHLQIHULRU
GHOFHUHEURGHVGHORDOWRGHOFXHOOR
KDVWDDSUR[LPDGDPHQWHHOFDEDOOHWH
GHODQDUL]6HJ~QORVFLHQWtILFRV
HVWDV]RQDVLQIHULRUHVVRQPiV
SULPLWLYDVSRUTXHVHRFXSDQGH
IXQFLRQHVEiVLFDV FRPROD
UHVSLUDFLyQ\HOSDUSDGHR GH
UHDFFLRQHVLQQDWDVHLPSXOVRV FRPR
ODOXFKD\ODKXLGD \GHODV
HPRFLRQHVIXHUWHV FRPRODLUD\HO
PLHGR &DGDYH]TXHQRV
HVWUHPHFHPRVLQVWLQWLYDPHQWH
GXUDQWHXQSDUWLGRGHEpLVEROGH
QXHVWURKLMRSRUTXHXQDERODPDODVH
YDDODVJUDGDVHVQXHVWURFHUHEUR
LQIHULRUHOTXHHVWiFXPSOLHQGRFRQ
VXFRPHWLGR/RPLVPRSXHGH
GHFLUVHFXDQGRHQURMHFHPRVGHLUD
SRUTXHGHVSXpVGHSDVDUQRVYHLQWH
PLQXWRVFRQYHQFLHQGRDQXHVWUDKLMD
GHSiUYXORVGHTXHQRWLHQHQDGDTXH
WHPHUHQODFRQVXOWDGHOGHQWLVWD
DSDUHFHODDX[LOLDUGHOGHQWLVWD\
DQXQFLDGHODQWHGHODQLxD
©7HQGUHPRVTXHSRQHUOHXQD
LQ\HFFLyQSDUDDQHVWHVLDUODª
1XHVWUDLUD±MXQWRFRQRWUDV
HPRFLRQHVIXHUWHVDVtFRPRFLHUWDV
IXQFLRQHVFRUSRUDOHVHLQVWLQWRV±VH
GHULYDGHODSDUWHLQIHULRUGHO
FHUHEUR(VFRPRODSODQWDEDMDGH
XQDFDVDGRQGHVHVDWLVIDFHQPXFKDV
QHFHVLGDGHVEiVLFDVGHODIDPLOLD
$KtFDVLVLHPSUHKD\XQDFRFLQDXQ
FRPHGRUXQFXDUWRGHEDxR
HWFpWHUD/DVQHFHVLGDGHVEiVLFDV
TXHGDQFXELHUWDVHQODSODQWD
LQIHULRU

(OFHUHEURVXSHULRUHVPX\GLVWLQWR
6HFRPSRQHGHODFRUWH]DFHUHEUDO\
VXVGLVWLQWDVSDUWHVGHVWDFDQGRODV
VLWXDGDVMXVWRGHWUiVGHODIUHQWH
LQFOXLGRORTXHVHOODPDODFRUWH]D
SUHIURQWDOPHGLD$GLIHUHQFLDGH
QXHVWURFHUHEURLQIHULRUPiVEiVLFR
HOVXSHULRUHVWiPiVHYROXFLRQDGR\
SXHGHRIUHFHUQRVXQDSHUVSHFWLYD
PiVDPSOLDGHOPXQGR3RGHPRV
FRQFHELUORFRPRXQHVWXGLRRXQD
ELEOLRWHFDHQODSODQWDVXSHULRU
OOHQRVGHOX]FRQPXFKDVYHQWDQDV\
FODUDER\DVTXHQRVSHUPLWHQYHUODV
FRVDVFRQPD\RUFODULGDG$TXtHV
GRQGHWLHQHQOXJDUORVSURFHVRV
PHQWDOHVPiVLQWULQFDGRVFRPRHO
SHQ௙VD௙PLHQWRODLPDJLQDFLyQ\OD
SODQLILFDFLyQ0LHQWUDVTXHHO
FHUHEURLQIHULRUHVPiVSULPLWLYRHO
VXSHULRUHVPX\FRPSOHMRFRQWUROD
SDUWHGHOSHQVDPLHQWRDQDOtWLFR\GH
RUGHQVXSHULRUPiVLPSRUWDQWH
'HELGRDVXVRILVWLFDFLyQ\
FRPSOHMLGDGHVUHVSRQVDEOHGH
PXFKDVGHODVDSWLWXGHVTXH
HVSHUDPRVYHUHQQXHVWURVKLMRV

ā7RPDUGHFLVLRQHV\SODQLILFDUFRQ
VHQVDWH]

ā&RQWURODUODVHPRFLRQHV\HO
FXHUSR

ā(QWHQGHUVHDVtPLVPR
ā6HQWLUHPSDWtD

ā7HQHUVHQWLGRGHODpWLFD

8QQLxRFX\RFHUHEURVXSHULRU
IXQFLRQDFRPRHVGHELGRSUHVHQWDUi
DOJXQDVGHODVDSWLWXGHVPiV
LPSRUWDQWHVGHXQDSHUVRQDPDGXUD\
VDQD&RQHOORQRTXHUHPRVGHFLU
TXHVHDVREUHKXPDQRRTXHQXQFD
PDQLILHVWHXQDFRQGXFWDLQIDQWLO
3HURFXDQGRHOFHUHEURVXSHULRU
IXQFLRQDELHQHOQLxRSXHGHUHJXODU
VXVHPRFLRQHVSODQWHDUVHODV
FRQVHFXHQFLDVSHQVDUDQWHVGH
DFWXDU\WHQHUHQFXHQWDORV
VHQWLPLHQWRVGHORVGHPiVWRGROR
FXDOORD\XGDUiDSURJUHVDUHQORV
GLVWLQWRViPELWRVGHODYLGDDGHPiV
GHD\XGDUDVXIDPLOLDDVREUHYLYLUD
ODVGLILFXOWDGHVFRWLGLDQDV

&RPRFDEUtDHVSHUDUHOFHUHEURGH
XQDSHUVRQDIXQFLRQDPHMRUFXDQGR
ODSDUWHLQIHULRU\ODSDUWHVXSHULRU
HVWiQLQWHJUDGDV$VtSXHVHO
REMHWLYRGHORVSDGUHVGHEHUtDVHU
D\XGDUDFRQVWUXLU\UHIRU]DUOD
HVFDOHUDPHWDIyULFDTXHFRPXQLFDHO
FHUHEURVXSHULRUHLQIHULRUGHXQ
QLxRSDUDTXHDPERVWUDEDMHQHQ
HTXLSR8QDYH]FRORFDGDXQD
HVFDOHUDTXHFXPSODELHQVXIXQFLyQ
ODVSDUWHVVXSHULRUHLQIHULRUGHO
FHUHEURHVWDUiLQWHJUDGDV
YHUWLFDOPHQWH(VRVLJQLILFDTXHOD
VXSHULRUSXHGHVXSHUYLVDUODV
DFFLRQHVGHODLQIHULRU\FRQWULEXLUD
DSODFDUODVUHDFFLRQHVH[WUHPDVORV
LPSXOVRV\ODVHPRFLRQHVRULJLQDGDV
DOOt3HURODLQWHJUDFLyQYHUWLFDO
WDPELpQDFW~DHQGLUHFFLyQFRQWUDULD
SXHVHOFHUHEURLQIHULRU\HOFXHUSR
ORVFLPLHQWRVGHODFDVD UHDOL]DQ
LPSRUWDQWHVFRQWULEXFLRQHVGH
©DEDMRDUULEDª$OILQ\DOFDERQR
TXHUHPRVTXHVHWRPHQGHFLVLRQHV
LPSRUWDQWHVHQHOFHUHEURVXSHULRU
VLQODDSRUWDFLyQGHODVHPRFLRQHV
ORVLQVWLQWRV\HOFXHUSR3RUHO
FRQWUDULRGHEHPRVWHQHUHQFXHQWD
QXHVWURVVHQWLPLHQWRVHPRFLRQDOHV\
ItVLFRV±RULJLQDGRVHQHOFHUHEUR
LQIHULRU±DQWHVGHXVDUHOVXSHULRU
SDUDGHFLGLUXQSODQGHDFFLyQ8QD
YH]PiVSXHVODLQWHJUDFLyQSHUPLWH
XQIOXMROLEUHHQWUHODVSDUWHVLQIHULRU
\VXSHULRUGHOFHUHEUR&RQWULEX\HD
FRQVWUXLUODHVFDOHUDSDUDTXHODV
GLVWLQWDVSDUWHVGHOFHUHEURSXHGDQ
FRRUGLQDUVH\WUDEDMDUMXQWDVFRPR
XQWRGR

/DSODQWDVXSHULRULQDFDEDGD
HVWDEOHFHUH[SHFWDWLYDVDGHFXDGDV
SDUDWXVKLMRV

$XQTXHTXHUDPRVD\XGDUDFRQVWUXLU
HVWDHVFDOHUDPHWDIyULFDHQHO
FHUHEURGHQXHVWURKLMRKD\GRV
UD]RQHVLPSRUWDQWHVSDUDPDQWHQHU
H[SHFWDWLYDVUHDOLVWDVHQORTXHVH
UHILHUHDODLQWHJUDFLyQ/DSULPHUD
WLHQHTXHYHUFRQHOGHVDUUROORDVt
FRPRHOFHUHEURLQIHULRUHVWi
SOHQDPHQWHGHVDUUROODGR\DDOQDFHU
HOVXSHULRUQRDOFDQ]DODPDGXUH]
FRPSOHWDKDVWDELHQSDVDGRVORV
YHLQWHDxRV'HKHFKRHVXQDGHODV
SDUWHVGHOFHUHEURTXHPiVWDUGDHQ
GH௙VDUUROODUVH(OFHUHEURVXSHULRU
VHFRQVWUX\HDPDUFKDVIRU]DGDV
GXUDQWHORVSULPHURVDxRVGHYLGD\
OXHJRHQODDGROHVFHQFLDSDVDSRU
XQDDPSOLDUHPRGHODFLyQTXHGXUD
KDVWDODHGDGDGXOWD

,PDJLQDODSODQWDEDMDGHXQDFDVD
TXHHVWiDFDEDGD\WRWDOPHQWH
DPXHEODGDSHURFXDQGRDO]DVOD
PLUDGD\YHVODSULPHUDSODQWD
DGYLHUWHVTXHHVWiDPHGLRFRQVWUXLU
\OOHQDGHKHUUDPLHQWDV,QFOXVRVH
YHHOFLHORHQSDUWHVD~QVLQWHFKDU
(VRHVHOFHUHEURVXSHULRUGHWX
KLMRXQDREUDHQFXUVR

(VPX\LPSRUWDQWHTXHORVSDGUHV
HQWLHQGDQHVWRSRUTXHVLJQLILFDTXH
WRGDVODVFRPSHWHQFLDVPHQFLRQDGDV
HQODDQWHULRUOLVWD±ODVFRQGXFWDV\
DSWLWXGHVTXHGHVHDPRV\HVSHUDPRV
YHUHQQXHVWURVKLMRVFRPRWRPDU
GHFLVLRQHVVHQVDWDVFRQWURODUVXV
HPRFLRQHV\VXFXHUSRVHQWLU
HPSDWtDHQWHQGHUVHDVtPLVPRV\
WHQHUVHQWLGRGHODpWLFD±GHSHQGHQ
GHXQDSDUWHGHVXFHUHEURTXH
WRGDYtDQRHVWiGHOWRGR
GHVDUUROODGD&RPRHOFHUHEUR
VXSHULRUVLJXHHQFRQVWUXFFLyQQRHV
FDSD]GHIXQFLRQDUDOFLHQSRUFLHQ
HQWRGRPRPHQWRORTXHVLJQLILFD
TXHQRSXHGHLQWHJUDUVHFRQHO
FHUHEURLQIHULRU\UHQGLUDOPi[LPR
GHPDQHUDVLVWHPiWLFD3RU
FRQVLJXLHQWHORVQLxRVWLHQGHQD
TXHGDU©DWUDSDGRVHQODSDUWH
LQIHULRUªVLQSRGHUUHFXUULUDO
FHUHEURVXSHULRUORTXHORVOOHYDD
SHUGHUORVHVWULERVDWRPDU
GHFLVLRQHVHTXLYRFDGDVDFDUHFHU
HQJHQHUDOGHHPSDWtD\DQR
HQWHQGHUVHDVtPLVPRV

$VtSXHVpVDHVODSULPHUDUD]yQ
SRUODTXHDORVQLxRVQRVHOHVGD
PX\ELHQXVDUODVSDUWHVVXSHULRUH
LQIHULRUGHOFHUHEURMXQWDVHO
FHUHEURVXSHULRUHVWiD~Q
GHVDUUROOiQGRVH/DRWUDUD]yQ
SULQFLSDOWLHQHTXHYHUFRQXQDSDUWH
FRQFUHWDGHOFHUHEURLQIHULRUOD
DPtJGDOD

/DEDUUHUDGHVHJXULGDGSDUDOD
HVFDOHUDGHODPHQWHODDPtJGDOD
PHREOLJyDKDFHUOR

/DDPtJGDODWLHQHDSUR[LPDGDPHQWH
HOWDPDxR\ODIRUPDGHXQD
DOPHQGUD\IRUPDSDUWHGHOVLVWHPD
OtPELFRVLWXDGRHQHOFHUHEUR
LQIHULRU/DIXQFLyQGHODDPtJGDOD
HVSURFHVDU\H[SUHVDUUiSLGDPHQWH
ODVHPRFLRQHVVREUHWRGRODLUD\HO
PLHGR(VWDSHTXHxDPDVDGH
PDWHULDJULVHVHOSHUURJXDUGLiQGHO
FHUHEURTXHSHUPDQHFHVLHPSUH
DOHUWDDSRVLEOHVDPHQD]DV(QORV
PRPHQWRVHQTXHLQWX\HSHOLJUR
SXHGHDVXPLUHOFRQWUROSRU
FRPSOHWRRDGXHxDUVHGHODSDUWH
VXSHULRUGHOFHUHEUR(VRHVORTXH
QRVSHUPLWHDFWXDUDQWHVGHSHQVDU
(VODSDUWHGHOFHUHEURTXHGDOD
RUGHQGHDODUJDUHOEUD]RSDUD
SURWHJHUDOSDVDMHURFXDQGRYDPRV
DOYRODQWH\WHQHPRVTXHIUHQDUHQ
VHFR(VODSDUWHGHOFHUHEURTXHQRV
OOHYDDJULWDU©£3DUDªFRPROH
VXFHGLyD'DQFXDQGRLEDGH
H[FXUVLyQFRQVXKLMRLQFOXVRDQWHV
GHVDEHUGHPDQHUDFRQVFLHQWHTXH
KDEtDXQDVHUSLHQWHGHFDVFDEHOD
HVFDVDGLVWDQFLDPiVDGHODQWHHQHO
VHQGHUR

1DWXUDOPHQWHKD\PRPHQWRVHQTXH
VLQGXGDFRQYLHQHDFWXDUDQWHVGH
SHQVDU(QXQDVLWXDFLyQDVtOR
~OWLPRTXHQHFHVLWDED'DQHUDTXH
VXFHUHEURUHDOL]DUDXQDVHULHGH
PDQLREUDVGHRUGHQVXSHULRURXQD
HVSHFLHGHDQiOLVLVGHFRVWHV
EHQHILFLRV£2KQR+D\XQD
VHUSLHQWHGHODQWHGHPLKLMReVWH
SRGUtDVHUXQEXHQPRPHQWRSDUD
DYLVDUOR/iVWLPDQRKDEHUOR
DYLVDGRKDFHXQRVVHJXQGRVHQ
OXJDUGHSDVDUSRUHVWDVHULHGH
FDYLODFLRQHVTXHPHKDQOOHYDGRD
ODGHFLVLyQGHDYLVDUOR(QOXJDUGH
HVRIXHQHFHVDULRTXHVXFHUHEUR
LQIHULRU±HQHVWHFDVRODDPtJGDOD±
DVXPLHUDHOFRQWUROHKLFLHUD
H[DFWDPHQWHORTXHKL]RLPSXOVDUOR
DJULWDULQFOXVRDQWHVGHVHUVLTXLHUD
FRQVFLHQWHGHORTXHKDFtD

(VREYLRTXHDFWXDUDQWHVGHSHQVDU
HVFRQYHQLHQWHFXDQGRQRV
HQFRQWUDPRVHQXQDVLWXDFLyQFRPR
ODGH'DQRFXDQGRHVWDPRVDQWH
FXDOTXLHURWUDFODVHGHSHOLJUR3HUR
DFWXDURUHDFFLRQDUDQWHVGHSHQVDU
QRVXHOHVHUWDQEXHQRHQVLWXDFLRQHV
QRUPDOHVFRWLGLDQDVFRPRFXDQGR
QRVEDMDPRVGHOFRFKHKHFKRVXQD
IXULD\GHVSRWULFDPRVDJULWRVFRQWUD
RWURSDGUHSRUKDEHUTXHEUDQWDGROD
QRUPDGHQRGHWHQHUVHHQODJORULHWD
GHUHFRJLGDGHOFROHJLRSDUDHVSHUDU
DORVQLxRVTXHVDOHQFRQUHWUDVR
&RPRH[SOLFDUHPRVPiVDGHODQWHHQ
ODVHFFLyQ©/RVQLxRVGHFHUHEUR
SOHQRªDHVROROODPDPRV©SHUGHU
ORVSDSHOHVª\HVODPDQHUDHQTXH
ODDPtJGDODSXHGHFDXVDUQRV
SUREOHPDVDVXPHHOFRQWURO\UHOHYD
DOFHUHEURVXSHULRUGHVXV
REOLJDFLRQHV&XDQGRQRHVWDPRVHQ
YHUGDGHURSHOLJURQRVFRQYLHQH
SHQVDUDQWHVGHDFWXDU\QRDOD
LQYHUVD
4XHUHPRVTXHQXHVWURVKLMRVKDJDQ
ORPLVPR6LQHPEDUJRHOSUREOHPD
VREUHWRGRHQORVQLxRVHVTXHOD
DPtJGDODVHDFWLYD\EORTXHDOD
HVFDOHUDTXHFRPXQLFDHOFHUHEUR
VXSHULRUFRQHOLQIHULRU(VFRPRVL
VHKXELHUDHFKDGRHOSHVWLOORGHXQD
EDUUHUDGHVHJXULGDGDOILQDOGHOD
HVFDOHUDLPSLGLHQGRHODFFHVRDO
FHUHEURVXSHULRU(VWROyJLFDPHQWH
DJUDYDD~QPiVHORWURSUREOHPDTXH
DFDEDPRVGHPHQFLRQDUHOFHUHEUR
VXSHULRUQRVyORHVWiHQ
FRQVWUXFFLyQVLQRTXHHQORV
PRPHQWRVGHHPRFLRQHVLQWHQVDVR
GHHVWUpVLQFOXVRODSDUWHTXHVt
SXHGHLQWHUYHQLUVHYXHOYH
LQDFFHVLEOH
&XDQGRWXKLMRGHWUHVDxRVFRJHXQD
SDWDOHWDSRUTXHQRTXHGDQSRORVGH
QDUDQMDHQHOFRQJHODGRUVXFHUHEUR
LQIHULRULQFOXLGRVHOWURQFRFHUHEUDO
\ODDPtJGDODVHKDDFWLYDGR\KD
HFKDGRHOSHVWLOORGHODEDUUHUDGH
VHJXULGDG(VWDSDUWHSULPLWLYDGHVX
FHUHEURKDUHFLELGRXQDSRGHURVD
LQ\HFFLyQGHHQHUJtDLPSLGLpQGROH
OLWHUDOPHQWHDFWXDUFRQFDOPD\
VHQVDWH]3RGHURVRVUHFXUVRV
FHUHEUDOHVKDQLQYDGLGRVXFHUHEUR
LQIHULRUGHMDQGRHOVXSHULRUFRQPX\
SRFDFDSDFLGDGGHDFFLyQ$VtSXHV
SRUPXFKRTXHOHGLJDVTXHKD\XQ
PRQWyQGHSRORVGHFRORUYLROHWD
TXHDGHPiVOD~OWLPDYH]OHKDEtDQ
JXVWDGRPiVTXHORVGHQDUDQMD 
VHJXUDPHQWHHQHVHPRPHQWRQRVH
DWHQGUiDUD]RQHV(VPXFKRPiV
SUREDEOHTXHWLUHDOJRDOVXHORRTXH
JULWHDFXDOTXLHUDTXHVHOHDFHUTXH

&RPR\DVDEUiVVLWHKDVYLVWRHQ
XQDVLWXDFLyQDVtODPHMRUPDQHUDGH
D\XGDUORDVXSHUDUHVWDFULVLV \SDUD
pOHVXQDYHUGDGHUDFULVLV HV
FDOPDUOR\GLULJLUVXDWHQFLyQKDFLD
RWUDFRVD3XHGHVFRJHUORHQEUD]RV
\PRVWUDUOHDOJRGHLQWHUpVHQRWUD
KDELWDFLyQRSXHGHVKDFHUDOJRWRQWR
RHVWUDIDODULRSDUDDOWHUDUOD
GLQiPLFDGHODVLWXDFLyQ&RQHOOR
ORD\XGDVDGHVFRUUHUHOSHVWLOORGH
ODEDUUHUDGHVHJXULGDG\DVtOD
HVFDOHUDGHODLQWHJUDFLyQYXHOYHD
VHUDFFHVLEOHSHUPLWLpQGROHKDFHU
XVRGHOFHUHEURVXSHULRU\HPSH]DUD
WUDQTXLOL]DUVH

/RPLVPRSXHGHGHFLUVHFXDQGRHO
SUREOHPDQRVHGHEHDODLUDVLQRDO
PLHGR,PDJLQDXQDQLxDGHVLHWH
DxRVDFWLYD\DWOpWLFDTXHVHQLHJDD
DSUHQGHUDLUHQELFLFOHWD6X
DPtJGDODOHJHQHUDXQPLHGRWDQ
SDUDOL]DQWHTXHQLVLTXLHUDVHSUHVWD
DLQWHQWDUOOHYDUDFDERXQDDFWLYLGDG
SDUDODTXHHVWiPiVTXHFDSDFLWDGD
$GHPiVGHFRORFDUXQDEDUUHUDGH
VHJXULGDGDOILQDOGHODHVFDOHUDVX
DPtJGDODKDOOHQDGRODHVFDOHUDGHO
HTXLYDOHQWHDSHORWDVSDWLQHVOLEURV
\]DSDWRVWRGDFODVHGHREVWiFXORV
TXHSURFHGHQGHH[SHULHQFLDV
SDVDGDVTXHODDVXVWDURQ\TXH
LPSLGHQHODFFHVRDODVSDUWHV
VXSHULRUHVGHVXFHUHEUR(QXQD
VLWXDFLyQDVtKDEUtDWDPELpQYDULDV
HVWUDWHJLDVSRVLEOHVSDUDGHVSHMDUHO
FDPLQR6XVSDGUHVSRGUtDQLQWHQWDU
FRQYHQFHUODGHODUHFRPSHQVDTXH
SXHGHVXSRQHUDVXPLUXQQXHYRUHWR
SRGUtDQUHFRQRFHU\KDEODUGHVXV
SURSLRVPLHGRVLQFOXVRSRGUtDQ
RIUHFHUOHXQLQFHQWLYRSDUDD\XGDUOD
DVXSHUDUVXPLHGR&XDOTXLHUFODVH
GHSODQWHDPLHQWRVHUYLUtDSDUD
D\XGDUODDGHVSHMDUHOSDVRDO
FHUHEURVXSHULRU\DSDFLJXDUVX
DPtJGDODTXHOHWUDQVPLWHDJULWRVHO
PHQVDMHGHTXHSXHGHFDHUVH\
KDFHUVHGDxR

3LHQVDHQORTXHVLJQLILFDHVWD
LQIRUPDFLyQHQWpUPLQRVSUiFWLFRV
FXDQGRFULDPRVDQLxRVTXHQR
WLHQHQXQDFFHVRSHUPDQHQWHDO
FHUHEURVXSHULRU1RHVUHDOLVWD
HVSHUDUTXHVHDQVLHPSUHUDFLRQDOHV
TXHFRQWUROHQVXVHPRFLRQHVTXH
WRPHQGHFLVLRQHVDFHUWDGDVTXH
SLHQVHQDQWHVGHDFWXDU\TXHWHQJDQ
HPSDWtDWRGRDTXHOORTXHSRGUtDQ
FRQVHJXLUFRQXQFHUHEURVXSHULRU
ELHQGH௙VDUUROODGR3XHGHQ
PDQLIHVWDUDOJXQDVGHHVWDV
FXDOLGDGHVHQGLYHUVRVJUDGRVOD
PD\RUSDUWHGHOWLHPSRVHJ~QOD
HGDG3HURHQJHQHUDOORVQLxRV
VLPSOHPHQWHQRGLVSRQHQGHO
FRQMXQWRELROyJLFRGHDSWLWXGHVSDUD
KDFHUORWRGRHOWLHPSR$YHFHV
SXHGHQXVDUHOFHUHEURVXSHULRUD
YHFHVQR6LVDEHPRVHVWR\
DMXVWDPRVQXHVWUDVH[SHFWDWLYDVQRV
GDUHPRVFXHQWDGHTXHDPHQXGR
QXHVWURVKLMRVVDFDQHOPi[LPR
SURYHFKRSRVLEOHDOFHUHEURTXH
WLHQHQ

$VtSXHV¢HVROHVGDFDUWDEODQFD
©/RVLHQWRPXFKRPDPiSRUKDEHU
HFKDGROLPSLDFULVWDOHVHQODFDUDDO
FDFKRUUR0HWHPRTXHPLFHUHEUR
VXSHULRUQRHVWDEDSOHQDPHQWH
DFWLYRª "'HQLQJXQDPDQHUD'H
KHFKRFRPRSDGUHVQRVSURSRUFLRQD
PiVLQFHQWLYRVSDUDLQWHQWDUYHUVL
QXHVWURVKLMRVGHVDUUROODQODV
IDFXOWDGHVTXHGDQOXJDUDXQD
FRQGXFWDDGHFXDGD<QRVRIUHFH
XQDHVWUDWHJLDEDVWDQWHHILFD]SDUD
WRPDUGHFLVLRQHVDUULHVJDGDVVREUH
WRGRFXDQGRHVWDPRVHQPHGLRGH
XQDVLWXDFLyQWHQVDFRPRXQD
UDELHWD

5DELHWDVODVGHOFHUHEURLQIHULRU\
ODVGHOFHUHEURVXSHULRU

/DWHPLGDUDELHWDSXHGHVHUXQDGH
ODVH[SHULHQFLDVPiVGHVDJUDGDEOHV
GHODSDWHUQLGDG<DVHDHQS~EOLFR
RHQSULYDGRSXHGHFRQYHUWLUDO
LQVWDQWHHQHOVHUPiVGHVDJUDGDEOH\
UHSXOVLYRGHOSODQHWDDODSHUVRQD
TXHHVGXHxDGHQXHVWURFRUD]yQ\
TXHPXHYHPRQWDxDVFRQXQD
KHUPRVDVRQULVLWD

$ODPD\RUtDGHORVSDGUHVVHOHVKD
HQVHxDGRTXHVyORKD\XQDPDQHUD
GHUHVSRQGHUDXQDUDELHWDQRKDFHU
FDVR'HORFRQWUDULROHGDPRVD
HQWHQGHUDQXHVWURKLMRTXHGLVSRQH
GHXQDSRGHURVDDUPDSDUDXVDU
FRQWUDQRVRWURV\ODXVDUiXQD\RWUD
YH]

3HUR¢TXpUHYHODQDFHUFDGHODV
UDELHWDVHVWRVQXHYRVFRQRFLPLHQWRV
VREUHHOFHUHEUR"&XDQGR
FRQRFHPRVODH[LVWHQFLDGHOFHUHEUR
VXSHULRU\HOLQIHULRUWDPELpQ
SRGHPRVYHUTXHHQUHDOLGDGH[LVWHQ
GRVFODVHVGLVWLQWDVGHUDELHWD8QD
UDELHWDGHOFHUHEURVXSHULRUVH
SURGXFHFXDQGRXQQLxRHQHVHQFLD
GHFLGHWHQHUXQDSDWDOHWD7RPDXQD
GHFLVLyQFRQVFLHQWHGHSDVDUDODFWR
GHSRQHUDSUXHEDQXHVWUDSDFLHQFLD
\DWHUURUL]DUQRVKDVWDFRQVHJXLUOR
TXHTXLHUH$SHVDUGHVXVUXHJRV
WHDWUDOHV\DSDUHQWHPHQWHVLQFHURV
SRGUtDLQWHUUXPSLUODUDELHWDGH
LQPHGLDWRVLTXLVLHUDSRUHMHPSOR
VLFHGHPRVDVXVH[LJHQFLDVROH
UHFRUGDPRVTXHHVWiDSXQWRGH
SHUGHUXQSULYLOHJLRPX\SUHFLDGR
6LSXHGHLQWHUUXPSLUODHVSRUTXHHQ
HVHPRPHQWRHVWiXVDQGRHOFHUHEUR
VXSHULRU7LHQHODFDSDFLGDGGH
FRQWURODUVXVHPRFLRQHV\VXFXHUSR
GHHPSOHDUODOyJLFD\WRPDU
GHFLVLRQHVDFHUWDGDV3XHGHGDUOD
LPSUHVLyQGHTXHKDSHUGLGRHO
FRQWUROSRUFRPSOHWRPLHQWUDV
YRFLIHUDHQPHGLRGHOFHQWUR
FRPHUFLDO©£4XLHURHVDV]DSDWLOODV
GHSULQFHVDDKRUDPLVPRª3HURQRV
GDPRVFXHQWDGHTXHVDEH
SHUIHFWDPHQWHORTXHKDFH\TXHD
WRGDVOXFHVVLJXHXQDHVWUDWHJLD\QRV
PDQLSXODSDUDFRQVHJXLUXQILQ
GHVHDGRTXHORGHMHPRVWRGR\OH
FRPSUHPRVODV]DSDWLOODVHQHODFWR

8QSDGUHRXQDPDGUHTXHUHFRQRFH
XQDUDELHWDGHOFHUHEURVXSHULRU
GLVSRQHGHXQD~QLFDUHVSXHVWD
LQHTXtYRFDQRVHQHJRFLDFRQXQ
WHUURULVWD8QDUDELHWDGHOFHUHEUR
VXSHULRUH[LJHOtPLWHVHVWULFWRV\XQD
FRQYHUVDFLyQHQWpUPLQRVPX\FODURV
VREUHFXiOHVXQDFRQGXFWDDGHFXDGD
\FXiOXQDFRQGXFWDLQDGHFXDGD8QD
EXHQDUHVSXHVWDHQHVWDVLWXDFLyQ
VHUtDH[SOLFDUFRQWRGDWUDQTXLOLGDG
©(QWLHQGRTXHODV]DSDWLOODVWHKDJDQ
LOXVLyQSHURQRPHJXVWDFyPRWH
FRPSRUWDV6LQRSDUDV\DPLVPRQR
WHQGUiVODV]DSDWLOODV\HVWDWDUGHWH
TXHGDUiVVLQLUDFDVDGHWXDPLJDD
MXJDUSRUTXHHVWiVGHPRVWUiQGRPH
TXHQRHUHVFDSD]GHFRQWURODUWHª
'HV௙SXpVHVLPSRUWDQWHOOHJDUDODV
~OWLPDVFRQVHFXHQFLDVVLODFRQGXFWD
QRVHLQWHUUXPSH$OLPSRQHUHVWD
FODVHGHOtPLWHHVWULFWRGDPRVD
QXHVWURVKLMRVODRSRUWXQLGDGGH
DSUHQGHUDYHUODVFRQVHFXHQFLDVGH
VXVDFFLRQHVLQDGHFXDGDV\D
FRQWURODUVXVLPSXOVRV/H
HQVHxDPRVTXHODFRPXQLFDFLyQ
UHVSHWXRVDODSDFLHQFLD\OD
JUDWLILFDFLyQSRVWHUJDGDWLHQHQ
FRPSHQVDFLRQHV\TXHXQDFRQGXFWD
FRQWUDULDQR6RQOHFFLRQHV
LPSRUWDQWHVSDUDXQFHUHEURHQGH௙
VDUUROOR

6LQRVQHJDPRVDFHGHUDODV
UDELHWDVGHOFHUHEURVXSHULRU±DO
PDUJHQGHODHGDGGHOQLxR±GHMDUiQ
GHSURGXFLUVHFRQUHJXODULGDG
&RPRODVUDELHWDVGHOFHUHEUR
VXSHULRUVRQLQWHQFLRQDGDVORVQLxRV
GHMDUiQGHUHFXUULUDHVDHVWUDWHJLD
HQFRQFUHWRFXDQGRGHVFXEUDQTXH
QROHVVLUYHGHQDGD\TXHDPHQXGR
LQFOXVRSURGXFHUHVXOWDGRV
QHJDWLYRV

8QDUDELHWDGHOFHUHEURLQIHULRUHV
PX\GLVWLQWD(QHVWHFDVRHOQLxR
HVWiWDQDOWHUDGRTXHQRWLHQHOD
FDSDFLGDGGHXVDUHOFHUHEUR
VXSHULRU7XKLMRGHHQWUHXQR\WUHV
DxRVVHKDHQIDGDGRWDQWRSRUTXHOH
KDVPRMDGRODFDEH]DSDUDODYDUOHHO
SHORTXHVHSRQHDJULWDUODQ]DDO
VXHORMXJXHWHVGHVGHODEDxHUD\
DJLWDORVSXxRVFRQGHVHVSHUDFLyQ
LQWHQWDQGRSHJDUWH$TXtODVSDUWHV
LQIHULRUHVGHOFHUHEUR±HQFRQFUHWR
ODDPtJGDOD±KDQDVXPLGRHOPDQGR
\VHKDQDGXHxDGRGHOFHUHEUR
VXSHULRU(QHVHPRPHQWRHOQLxR
HVWiPX\OHMRVGHXQHVWDGRGH
LQWHJUDFLyQ'HKHFKRGHELGRDODV
KRUPRQDVGHOHVWUpVTXHLQYDGHQVX
SHTXHxRFXHUSRFDVLQLQJXQDSDUWH
GHOFHUHEURVXSHULRUIXQFLRQD
SOHQDPHQWH3RUWDQWRHV
OLWHUDOPHQWHLQFDSD]±DOPHQRVHQ
HVHPRPHQWR±GHFRQWURODUVX
FXHUSR\VXVHPRFLRQHV\GHXVDU
WRGDVODVDSWLWXGHVGHOSHQVDPLHQWR
GHRUGHQVXSHULRUFRPRSODQWHDUVH
ODVFRQVHFXHQFLDVUHVROYHU
SUREOHPDVRWHQHUHQFXHQWDORV
VHQWLPLHQWRVDMHQRV+DSHUGLGRORV
SDSHOHV/DEDUUHUDGHVHJXULGDG
HVWiLQWHUFHSWDQGRHOSDVRDODSDUWH
VXSHULRU\pOVLPSOHPHQWHQRSXHGH
XVDUHOFHUHEURHQVXWRWDOLGDG
&XDQGRGHVSXpVFXHQWHVDDOJXLHQ
TXHWXKLMR©SHUGLyWRWDOPHQWHOD
FDEH]DªHQUHDOLGDGGHVGHXQSXQWR
GHYLVWDQHXUROyJLFRHVWDUiV
KDEODQGRFRQPiVSUHFLVLyQGHOR
TXHFDEUtDSHQVDU

&XDQGRXQQLxRVHHQFXHQWUDHQHVWH
HVWDGRGHGHVLQWHJUDFLyQ\KD
HVWDOODGRXQDDXWpQWLFDUDELHWDGHO
FHUHEURLQIHULRUODUHVSXHVWDGHORV
SDGUHVGHEHVHUPX\GLVWLQWD(Q
WDQWRTXHXQQLxRFRQXQDUDELHWDGHO
FHUHEURVXSHULRUH[LJHTXHHOSDGUH
RODPDGUHLPSRQJDUiSLGDPHQWH
OtPLWHVHVWULFWRVODUHVSXHVWD
DGHFXDGDSDUDXQDUDELHWDGHO
FHUHEURLQIHULRUGHEHVHUPXFKRPiV
DIHFWXRVD\UHFRQIRUWDQWH&RPRHQ
ODWpFQLFD©FRQHFWDU\UHGLULJLUª
H[SOLFDGDHQHO&DStWXOROR
SULPHURTXHGHEHKDFHUXQSDGUHR
XQDPDGUHHVFRQHFWDUFRQVXKLMR\
D\XGDUORDWUDQTXLOL]DUVH$PHQXGR
HVRVHFRQVLJXHFRQXQFRQWDFWR
ItVLFRFDULxRVR\XQWRQRGHYR]
DSDFLJXDGRU2VLHOQLxRKDLGR
GHPDVLDGROHMRV\FRUUHSHOLJURGH
KDFHUVHGDxRDVtPLVPRRDRWUD
SHUVRQDRGHURPSHUREMHWRVWDOYH]
WHQJDPRVTXHFRJHUOR\KDEODUOHFRQ
FDOPDPLHQWUDVORDOHMDPRVGHO
OXJDU

6HSXHGHQSUREDUGLVWLQWRVPpWRGRV
VHJ~QHOWHPSHUDPHQWRGHOQLxR
SHURORPiVLPSRUWDQWHHVTXHOR
D\XGHPRVDWUDQTXLOL]DUVH\OR
DOHMHPRVGHODRULOODGHOFDRVHQHO
UtR1RWLHQHVHQWLGRKDEODUGH
FRQVHFXHQFLDVQLGHODFRQGXFWD
DGHFXDGD&XDQGRHOQLxRHVWiHQ
SOHQDUDELHWDGHOFHUHEURLQIHULRUHV
WRWDOPHQWHLQFDSD]GHSURFHVDUHVD
LQIRUPDFLyQSRUTXHXQD
FRQYHUVDFLyQDVtUHTXLHUHXQFHUHEUR
VXSHULRUDFWLYRFDSD]GHHVFXFKDU\
DVLPLODULQIRUPDFLyQ$VtSXHVOR
SULPHURTXHGHEHPRVKDFHUFXDQGR
HOFHUHEURLQIHULRUGHQXHVWURKLMRVH
KDDGXHxDGRGHOVXSHULRUHV
D\XGDUORDDSDFLJXDUVXDPtJGDOD

'HVSXpVHQFXDQWRHOFHUHEUR
VXSHULRUYXHOYHDDFWLYDUVHVH
SXHGHDERUGDUODFXHVWLyQ
HPSOHDQGRODOyJLFD\ODUD]yQ
©¢1RWHKDJXVWDGRFXDQGRSDSiWH
KDODYDGRHOSHORGHHVDPDQHUD"
¢6HWHRFXUUHDOJXQDLGHDGHFyPR
GHEHUtDPRVODYiUWHORODSUy[LPD
YH]"ª (QFXDQWRHOQLxRVH
HQFXHQWUHHQXQHVWDGRPiV
UHFHSWLYRWDPELpQVHUiSRVLEOH
KDEODUOHGHFRQGXFWDVDGHFXDGDVH
LQDGHFXDGDV\GHWRGDKLSRWpWLFD
FRQVHFXHQFLD ©<DVpTXHWHKDV
HQIDGDGRPXFKRSRUTXHHODJXDWHKD
PRMDGRODFDUD3HURQRHVWiELHQ
SHJDUFXDQGRWHHQIDGDV3XHGHV
UHFXUULUDODVSDODEUDV\GHFLUOHD
SDSi³(VRQRPHJXVWD3RUIDYRU
SDUD´ª /DGLVFLSOLQDTXHOH
LPSRQJDPRVUHDILUPDUiQXHVWUD
DXWRULGDG±HVRHVIXQGDPHQWDO±
SHURDKRUDSRGUHPRVKDFHUORFRQXQ
PD\RUFRQRFLPLHQWRGHFDXVD\FRQ
DFWLWXGFRPSDVLYD<HVPiV
SUREDEOHTXHHOQLxRLQWHULRULFHOD
OHFFLyQSRUTXHVHODLQFXOFDPRVHQ
XQPRPHQWRHQTXHVXFHUHEURHVWi
PiVUHFHSWLYR

&RPRVDEHFXDOTXLHUSDGUH
YHWHUDQRQRVyORORVQLxRVGHHQWUH
XQR\WUHVDxRVSLHUGHQORVSDSHOHV
3XHGHSDUHFHUGLVWLQWRFXDQGROH
SDVDDXQQLxRGHGLH]SHURORV
QLxRVGHWRGDVODVHGDGHV £RLQFOXVR
ORVDGXOWRV WLHQGHQDGHMDUVHOOHYDU
SRUHOFHUHEURLQIHULRUDQWHODV
HPRFLRQHVIXHUWHV3RUHVRVDEHU
TXHH[LVWHQORVFHUHEURVVXSHULRUH
LQIHULRU±\GLVWLQJXLUODVUDELHWDVTXH
VHRULJLQDQHQFDGDXQR±SXHGH
VHUYLUQRVSDUDVHUPXFKRPiV
HILFDFHVDOLPSRQHUGLVFLSOLQDD
QXHVWURVKLMRV3RGHPRVYHUFRQ
PD\RUFODULGDGFXiQGRHVHO
PRPHQWRGHWUD]DUXQOtPLWH\
FXiQGRHVHOPRPHQWRGHRIUHFHU
FRPSDVLyQ\DIHFWRSDUDD\XGDUD
DFWLYDUHOFHUHEURVXSHULRU
/DVUDELHWDVVyORVRQXQHMHPSORGH
ORSUiFWLFRTXHSXHGHVHUFRQRFHUOD
H[LVWHQFLDGHOFHUHEURLQIHULRU\HO
VXSHULRU$KRUDSDVDUHPRVDKDEODU
GHRWURVFDPLQRVSDUDD\XGDUD
GHVDUUROODUHOFHUHEURVXSHULRUGH
QXHVWURVKLMRVFRQHOREMHWLYRGHTXH
VHDPiVIXHUWH\HVWpPiVLQWHJUDGR
FRQHOLQIHULRU

/RTXHSXHGHVKDFHU$\XGDUD
GHVDUUROODUHLQWHJUDUHOFHUHEUR
VXSHULRUGHWXKLMR

‡ (VWUDWHJLDGHOFHUHEURSOHQRQž

$FWLYDQRHQIXUH]FDVDSHODDO
FHUHEURVXSHULRU
&XDQGRLQWHUDFW~DVFRQWXVKLMRVDOR
ODUJRGHOGtDSUHJ~QWDWHDTXpSDUWH
GHVXFHUHEURHVWiVDSHODQGR¢(VWiV
DFWLYDQGRHOVXSHULRU"¢2HVWiV
KDFLHQGRLQWHUYHQLUHOLQIHULRU"/D
UHVSXHVWDDHVWDSUHJXQWDSXHGH
LQFLGLUHQRUPHPHQWHHQHOUHVXOWDGR
GHXQRGHHVRVPRPHQWRVGH
SUHFDULRHTXLOLEULRHQHOHMHUFLFLR
GHODSDWHUQLGDG(QXQDRFDVLyQ
7LQDVHHQFRQWUyHQXQDGHHVWDV
VLWXDFLRQHVFRQVXKLMR+HDTXtOD
DQpFGRWD

0LHQWUDVFRPtDPRVHQXQR
GHQXHVWURVUHVWDXUDQWHV
PH[LFDQRVSUHIHULGRVGH
SURQWRPHGLFXHQWDGHTXH
PLKLMRGHFXDWURDxRV
KDEtDDEDQGRQDGRODPHVD
\VHKDOODEDGHWUiVGHXQD
FROXPQDDXQRVWUHV
PHWURV3RUPiVTXH\ROR
TXLHUD\SRUDGRUDEOHTXH
VHDODPD\RUSDUWHGHO
WLHPSRHQHVHPRPHQWR
YLHQGRVXURVWURLUDFXQGR
\GHVDILDQWHPLHQWUDVQRV
VDFDEDODOHQJXD
UHSHWLGDPHQWH\RQROR
KDEUtDGHILQLGRFRPRXQ
QLxRQLPXFKRPHQRV
©DGRUDEOHª8QRVFXDQWRV
FRPHQVDOHVGHODVPHVDV
FHUFDQDVORYLHURQ\QRV
PLUDURQDPLPDULGR
6FRWW\DPtSDUDYHU
FyPRDERUGiEDPRVOD
VLWXDFLyQ6FRWW\\RQRV
VHQWLPRVSUHVLRQDGRV\
MX]JDGRVSRUODJHQWHTXH
REVHUYDED\HVSHUDEDTXH
LPSXVLpUDPRVODVQRUPDV
GHFRPSRUWDPLHQWR
YiOLGDVSDUDXQQLxRHQXQ
UHVWDXUDQWH

$ODFHUFDUPH\DJDFKDUPH
SDUDSRQHUPHDODDOWXUD
GHPLKLMR\PLUDUORDORV
RMRVYLFODUDPHQWHTXH
WHQtDGRVRSFLRQHV
3ULPHUDRSFLyQSRGtD
HPSOHDUHOUHFXUVR
WUDGLFLRQDOGH©RUGHQDU\
H[LJLUª\HPSH]DUFRQOD
WtSLFDDPHQD]D
SURQXQFLDGDFRQ
VHYHULGDG©%DVWD\DGH
PXHFDVMRYHQFLWR9HD
VHQWDUWHDODPHVDRWH
TXHGDUiVVLQSRVWUHª

(QGHWHUPLQDGDV
FLUFXQVWDQFLDVODSULPHUD
RSFLyQSRGUtDVHUXQD
UHVSXHVWDDGHFXDGDGHORV
SDGUHV3HURHQHOFDVRGH
PLKLMRXQHQIUHQWDPLHQWR
YHUEDO\QRYHUEDOFRPR
pVWHKDEUtDGHVHQFDGHQDGR
WRGDFODVHGHHPRFLRQHV
UHDFWLYDVHQVXFHUHEUR
LQIHULRU±ODSDUWHTXHORV
FLHQWtILFRVOODPDQHO
FHUHEURUHSWLOLDQR±\pO
KDEUtDUHVSRQGLGR
GHIHQGLpQGRVHFRPRXQ
UHSWLODWDFDGR

6HJXQGDRSFLyQSRGtD
UHFXUULUDVXFHUHEUR
VXSHULRUHQXQLQWHQWRGH
FRQVHJXLUXQDUHVSXHVWD
UHIOH[LYDHQRSRVLFLyQD
XQDUHVSXHVWDGH
OXFKDUHDFFLyQ

(QILQ\RFRPHWRPXFKRV
HUURUHVHQODHGXFDFLyQGH
PLVKLMRV FRPRHOORV
PLVPRVVHFRPSODFHUtDQ
HQGHFLU 3HUR
SUHFLVDPHQWHHOGtD
DQWHULRUKDEtDGDGRXQD
FKDUODDXQJUXSRGH
SDGUHVVREUHORVFHUHEURV
VXSHULRUHLQIHULRU\VREUH
FyPRVHSRGtDQ
DSURYHFKDUORVUHWRV
FRWLGLDQRV±ORVPRPHQWRV
GHVXSHUYLYHQFLD±DPRGR
GHRSRUWXQLGDGHVSDUD
D\XGDUDQXHVWURVKLMRVD
SURJUHVDU$VtTXH
DIRUWXQDGDPHQWHSDUDPL
KLMRWHQtDWRGRHVRPX\
UHFLHQWHHQODFDEH]D0H
GHFLGtSXHVSRUOD
VHJXQGDRSFLyQ

(PSHFpFRQXQD
REVHUYDFLyQ©6HWHYH
HQIDGDGR¢0H
HTXLYRFR"ª 5HFRUGHPRV
ODWiFWLFDGH©FRQHFWDU\
UHGLULJLUª 0LKLMR
FRQWUDMRHOURVWURHQXQD
H[SUHVLyQGHIHURFLGDG
YROYLyDVDFDUODOHQJXD\
UHVSRQGLyHQYR]DOWD
©£6tª'HKHFKRVHQWt
DOLYLRDOYHUTXHVH
GHWHQtDDKtQRKDEUtDVLGR
LPSURSLRGHpODxDGLUVX
~OWLPRLQVXOWRSUHIHULGR\
OODPDUPH©-RQHVFDUDGH
SHGRª -XURTXHQRVp
GyQGHDSUHQGHQHVDV
FRVDV

/HSUHJXQWpSRUTXpVH
KDEtDHQIDGDGR\GHVFXEUt
TXHHVWDEDIXULRVRSRUTXH
6FRWWOHKDEtDGLFKRTXH
GHEtDFRPHUODPLWDGGHVX
TXHVDGLOODDQWHVGHO
SRVWUH/HH[SOLTXpTXH
HQWHQGtDHOPRWLYRGHVX
GLVJXVWR\DxDGt©%XHQR
DSDSiVHOHGDELHQ
QHJRFLDU'HFLGHW~FXiO
VHUtDODFDQWLGDGMXVWDTXH
GHEHUtDVFRPHU\OXHJR
KDEODFRQpO'LPHVL
QHFHVLWDVD\XGDSDUDWUD]DU
WXSODQª/HDOERURWpHO
SHORYROYtDODPHVD\
REVHUYpFyPRVXURVWUR
GHQXHYRDGRUDEOHGDED
VHxDOHVGHTXHHVWDED
DEVRUWRHQXQDSURIXQGD
UHIOH[LyQ6LQGXGDVX
FHUHEURVXSHULRUHVWDED
DFWLYR'HKHFKROLEUDED
XQDEDWDOODFRQHOLQIHULRU
'HPRPHQWRKDEtDPRV
HYLWDGRXQDH[SORVLyQ
SHURDXQDVtWHQtDOD
VHQVDFLyQGHTXHXQD
SHOLJURVDPHFKDSRGtD
HVWDUDUGLHQGRGHQWURGH
pO

$OFDERGHXQRVTXLQFH
VHJXQGRVPLKLMRYROYLyD
ODPHVD\PX\HQIDGDGR
GLMRD6FRWW©3DSiQR
TXLHURFRPHUODPLWDGGH
ODTXHVDGLOOD<TXLHUR
SRVWUHª/DUHVSXHVWDGH
6FRWWFRLQFLGLy
SHUIHFWDPHQWHFRQODPtD
©%LHQ¢\FXiQWRFUHHVTXH
VHUtDXQDFDQWLGDGMXVWD"ª

/DUHVSXHVWDOOHJyFRQ
ILUPH\OHQWDUHVROXFLyQ
©7HORGLUpHQXQDSDODEUD
GLH]ERFDGRVª
(VWDUHVSXHVWDFRQVX
HUURUPDWHPiWLFRHVD~Q
PiVJUDFLRVDSRUTXHGLH]
ERFDGRVHUDQEDVWDQWHPiV
TXHPHGLDTXHVDGLOOD$Vt
SXHV6FRWWDFHSWyOD
FRQWUDRIHUWD\PLKLMR
HQJXOOyORVGLH]ERFDGRV\
OXHJRHOSRVWUH\WRGDOD
IDPLOLD DVtFRPRORV
GHPiVFOLHQWHVGHO
UHVWDXUDQWH GLVIUXWDPRV
GHODFRPLGDVLQPiV
LQFLGHQWHV(OFHUHEUR
LQIHULRUGHPLKLMRQR
OOHJyDDVXPLUSOHQDPHQWH
HOPDQGRORTXHSRU
VXHUWHSDUDQRVRWURV
VLJQLILFyTXHHOVXSHULRU
KDEtDJDQDGRODEDWDOOD

(QHVWHFDVRODSULPHUD
RSFLyQWDPSRFRKDEUtD
HVWDGRPDOLQFOXVRKDEUtD
VLGRDGHFXDGD3HUR
HQWRQFHVVHKDEUtDSHUGLGR
XQDRSRUWXQLGDG0LKLMR
QRKDEUtDWHQLGRRFDVLyQ
GHDSUHQGHUTXHODV
UHODFLRQHVWLHQHQTXHYHU
FRQODFRQH[LyQOD
FRPXQLFDFLyQ\OD
WUDQVLJHQFLD1RVHKDEUtD
VHQWLGRFDSDFLWDGRSDUD
KDFHUHOHFFLRQHVLQFLGLU
HQVXHQWRUQR\UHVROYHU
SUREOHPDV(QSRFDV
SDODEUDVQRKDEUtDSRGLGR
HMHUFLWDU\GHVDUUROODUVX
FHUHEURVXSHULRU

<PHDSUHVXURDVHxDODU
TXHDXQTXHHOHJtOD
VHJXQGDRSFLyQ6FRWW\\R
WDPELpQWXYLPRVTXH
DERUGDUODFXHVWLyQGHOD
PDODFRQGXFWDHQHVWH
LQFLGHQWH(QFXDQWR
QXHVWURKLMRUHFXSHUyHO
FRQWURO\SXGRHVWDU
UHDOPHQWHPiVUHFHSWLYRD
QXHVWUDVSDODEUDV
KDEODPRVGHOD
LPSRUWDQFLDGHVHU
UHVSHWXRVR\GHSRUWDUVH
ELHQHQXQUHVWDXUDQWH
LQFOXVRHQXQPRPHQWRGH
GLVJXVWR

eVWHHVXQHMHPSORGHFyPRHO
VLPSOHKHFKRGHFRQRFHUOD
H[LVWHQFLDGHORVFHUHEURVVXSHULRUH
LQIHULRUSXHGHWHQHUXQLPSDFWR
GLUHFWRHLQPHGLDWRHQQXHVWUD
PDQHUDGHHGXFDUDQXHVWURVKLMRVH
LPSRQHUOHVGLVFLSOLQD2EVHUYHPRV
TXHFXDQGRVHOHSODQWHyHOUHWR
7LQDVHSUHJXQWy©¢$TXpSDUWHGHO
FHUHEURGHERDSHODUDKRUD"ª+DEUtD
FRQVHJXLGRORTXHTXHUtDGHVDILDQGR
DVXKLMR\H[LJLHQGRTXHPRGLILFDUD
VXFRQGXFWDHQHODFWR7LHQH
VXILFLHQWHDXWRULGDGVREUHpOSDUD
REOLJDUORDREHGHFHU DXQTXHpOOR
KLFLHUDFRQUHVHQWLPLHQWR 3HURHVH
HQIRTXHKDEUtDDFWLYDGRHOFHUHEUR
LQIHULRUGHOQLxR\ODLUD\OD
VHQVDFLyQGHLQMXVWLFLDKDEUtDQ
EXOOLGRGHQWURGHpO$VtTXH7LQD
RSWySRUUHFXUULUDOFHUHEURVXSHULRU
D\XGiQGRORDUHIOH[LRQDUVREUHOD
VLWXDFLyQ\DEXVFDUXQDPDQHUDGH
QHJRFLDUFRQVXSDGUH

$FODUHPRVXQDFRVDDYHFHVQRKD\
FDELGDSDUDODQHJRFLDFLyQHQODV
LQWHUDFFLRQHVHQWUHXQSURJHQLWRU\
VXKLMR/RVQLxRVGHEHQUHVSHWDUOD
DXWRULGDGGHVXVSDGUHV\DYHFHV
HVRVLJQLILFDTXHXQQRHVXQQRVLQ
FRQFHVLRQHV$VLPLVPRDYHFHVODV
FRQWUDRIHUWDVVRQLQDFHSWDEOHV6LHO
KLMRGHFXDWURDxRVGH7LQDKXELHVH
SURSXHVWRFRPHUVyORXQERFDGRGH
VXFRPLGDVXSDGUHQRKDEUtDHVWDGR
GLVSXHVWRDFHUUDUHOWUDWR

3HURPLHQWUDVHGXFDPRVDQXHVWURV
KLMRV\OHVLPSRQHPRVXQD
GLVFLSOLQDUHFLELPRVXQVLQItQGH
RSRUWXQLGDGHVSDUDLQWHUDFWXDUGH
PDQHUDVTXHDFWLYDQ\GHVDUUROODQHO
FHUHEURVXSHULRU

)LMpPRQRVTXHHQHOFDVRGHOD
LOXVWUDFLyQHQODSiJLQDODPDGUH
RSWDSRUQRGDUXQXOWLPiWXPORTXH
KDEUtDHQIXUHFLGRDOFHUHEURLQIHULRU
GHVXKLMD\DFWLYDHOVXSHULRU
GLULJLHQGRDQWHVDVXKLMDKDFLDHO
XVRGHSDODEUDVPiVSUHFLVDV\
HVSHFtILFDVDFHUFDGHFyPRVH
VLHQWH ©¢(VWiVPX\HQIDGDGD
SRUTXHQRWHKHFRPSUDGRHVH
FROODU"ª 'HVSXpVOHSLGHTXH
FRODERUHFRQHOODSDUDEXVFDU
VROXFLRQHVDOSUREOHPD(QFXDQWROD
QLxDSUHJXQWD©¢<HVRFyPROR
KDFHPRV"ªODPDGUHVDEHTXHHO
FHUHEURVXSHULRUVHKDDFWLYDGR6X
KLMD\DHVFDSD]GHKDEODUGHOWHPD
FRQVXPDGUHGHXQDPDQHUDTXHOH
KDEUtDVLGRLPSRVLEOHSRFRV
VHJXQGRVDQWHV$KRUDSXHGHQ
EXVFDUHQWUHODVGRVIRUPDVGH
FRQVHJXLURWURFROODUHQXQDWLHQGDR
KDFHUXQRHQFDVD/DPDGUHWDPELpQ
SXHGHKDEODUFRQVXKLMDGHFyPR
GHEHHPSOHDUODVSDODEUDVFXDQGR
HVWiHQIDGDGD
‡ (VWUDWHJLDGHOFHUHEURSOHQRQž

ÒVDORRSLpUGHORHMHUFLWDHO
FHUHEURVXSHULRU

$GHPiVGHDSHODUDOFHUHEUR
VXSHULRUGHQXHVWURVKLMRVWDPELpQ
GHEHPRVD\XGDUORVDHMHUFLWDUOR(O
FHUHEURVXSHULRUHVFRPRXQ
P~VFXORFXDQGRVHXVDVH
GHVDUUROODVHIRUWDOHFH\DFW~D
PHMRU<FXDQGRQRVHOHKDFHFDVR
QRVHGHVDUUROODGHPDQHUDySWLPD
SHUGLHQGRSDUWHGHVXIXHU]D\
FDSDFLGDGGHIXQFLRQDPLHQWR$HVR
QRVUHIHULPRVDOGHFLU©~VDORR
SLpUGHORª1RVLQWHUHVDIRPHQWDU
LQWHQFLRQDGDPHQWHHOGHVDUUROORGHO
FHUHEURVXSHULRUGHQXHVWURVKLMRV
&RPRKHPRVYHQLGRGLFLHQGRXQ
FHUHEURVXSHULRUIXHUWHFRPSHQVDDO
LQIHULRU\HVHVHQFLDOSDUDOD
LQWHOLJHQFLDVRFLDO\HPRFLRQDO
&RQVWLWX\HORVFLPLHQWRVGHQXHVWUD
VDOXGPHQWDO'HEHPRVGDUD
QXHVWURVKLMRVXQDRSRUWXQLGDGWUDV
RWUDGHHMHUFLWDUVXFHUHEURVXSHULRU
SDUDTXHpVWHVHIRUWDOH]FD\VHDPiV
SRWHQWH

0LHQWUDVW~\WXVKLMRVYLYtVHOGtDD
GtDEXVFDPDQHUDVGHFHQWUDUWHHQ
ODVGLVWLQWDVIXQFLRQHVGHOFHUHEUR
VXSHULRUSDUDHMHUFLWDUODV9HDPRV
XQDVFXDQWDVXQDSRUXQD
7RPDUGHFLVLRQHVVHQVDWDV

8QDJUDQWHQWDFLyQGHORVSDGUHVHV
WRPDUGHFLVLRQHVSRUQXHVWURVKLMRV
SDUDTXHKDJDQVLVWHPiWLFDPHQWHOR
FRUUHFWR3HURVLHPSUHTXH
SRGDPRVGHEHPRVGDUOHVRFDVLyQ
GHSUDFWLFDUODWRPDGHGHFLVLRQHV
SRUVXFXHQWD/DWRPDGHGHFLVLRQHV
UHTXLHUHORTXHVHOODPD
©IXQFLRQDPLHQWRHMHFXWLYRªTXHVH
SURGXFHFXDQGRHOFHUHEURVXSHULRU
VRSHVDGLVWLQWDVRSFLRQHV$QDOL]DU
GLVWLQWDVDOWHUQDWLYDVULYDOHVDVt
FRPRHOUHVXOWDGRGHHVDV
HOHFFLRQHVSHUPLWHTXHHOFHUHEUR
VXSHULRUGHXQQLxRVHHMHUFLWH
IRUWDOHFLpQGROR\D\XGiQGRORD
PHMRUDUVXUHQGLPLHQWR

(QQLxRVPX\SHTXHxRVHVWRSXHGH
VHUWDQVHQFLOORFRPRSUHJXQWDU
©¢+R\TXLHUHVSRQHUWHORV]DSDWRV
D]XOHVRORVEODQFRV"ª'HVSXpV
FXDQGRVHKDFHQPD\RUHVSRGHPRV
GDUOHVPiVUHVSRQVDELOLGDGDODKRUD
GHWRPDUGHFLVLRQHV\SHUPLWLUOHV
HQIUHQWDUVHDGLOHPDVTXHSXHGHQ
VXSRQHUXQDXWpQWLFRUHWRSDUDHOORV
3RUHMHPSORVLWXKLMDGHGLH]DxRV
WLHQHXQSUREOHPDGH
LQFRPSDWLELOLGDGGHDFWLYLGDGHV±VX
DFDPSDGDFRQODVH[SORUDGRUDV\VX
SDUWLGRGHODILQDOGHI~WERO
FRLQFLGHQHOPLVPRViEDGR\HVWi
FODURTXHQRSXHGHHVWDUHQORVGRV
VLWLRVDODYH]±DQtPDODDHOHJLU(V
PXFKRPiVSUREDEOHTXHVHVLHQWD
FyPRGDVLQRGHOWRGRVDWLVIHFKD
SRUWHQHUTXHUHQXQFLDUDXQ
FRPSURPLVRVLKDSDUWLFLSDGRHQOD
GHFLVLyQ

8QDSDJDHVRWUDPDQHUDPDJQtILFD
GHSHUPLWLUTXHORVQLxRVPD\RUHVVH
HMHUFLWHQDODKRUDGHHQIUHQWDUVHD
GLOHPDVGLItFLOHV/DH[SHULHQFLDGH
GHFLGLUHQWUHFRPSUDUXQMXHJRGH
RUGHQDGRUDKRUDRVHJXLUDKRUUDQGR
SDUDODQXHYDELFLFOHWDHVXQD
PDQHUDH[FHOHQWHGHHMHUFLWDUHO
FHUHEURVXSHULRU/RTXHVHSUHWHQGH
HVSHUPLWLUTXHORVQLxRVVHGHEDWDQ
DQWHVGHWRPDUODGHFLVLyQ\DVXPDQ
ODVFRQVHFXHQFLDV6LHPSUHTXH
SRGDPRVKDFHUORGHXQDPDQHUD
UHVSRQVDEOHGHEHPRVHYLWDU
UHVROYHUVXVSUREOHPDV\UHVLVWLUOD
WHQWDFLyQGHDFXGLUHQVXD\XGD
LQFOXVRFXDQGRFRPHWDQSHTXHxRV
HUURUHVRVXVHOHFFLRQHVQRVHDQGHO
WRGRDFHUWDGDV$OILQ\DOFDER
QXHVWURREMHWLYRHQHVWHFDVRQRHV
DOFDQ]DUODSHUIHFFLyQHQFDGD
GHFLVLyQDKRUDPLVPRVLQRORJUDUHQ
HOIXWXURXQGHVDUUROORySWLPRGHO
FHUHEUR

&RQWURODUODVHPRFLRQHV\HO
FXHUSR

2WUDWDUHDLPSRUWDQWH±\GLItFLO±
SDUDORVSHTXHxRVHVODGH
FRQWURODUVH3RUORWDQWRGHEHPRV
HQVHxDUOHVODVDSWLWXGHVTXHORV
D\XGDUiQDWRPDUGHFLVLRQHV
DFHUWDGDVFXDQGRHVWpQGLVJXVWDGRV
8VDODVWpFQLFDVTXHSUREDEOHPHQWH
\DFRQRFHVHQVpxDOHVDUHVSLUDU
KRQGRRDFRQWDUKDVWDGLH]
$\~GDORVDH[SUHVDUORTXHVLHQWHQ
'pMDORVSDWDOHDURGDUSXxHWD]RVD
XQDDOPRKDGD7DPELpQSXHGHV
H[SOLFDUOHVTXpSDVDHQVXFHUHEUR
FXDQGRQRWDQTXHSLHUGHQHOFRQWURO
\FyPRSXHGHQHYLWDU©SHUGHUORV
SDSHOHVª 7HD\XGDUHPRVFRQHVR
HQODVHFFLyQ©/RVQLxRVGHFHUHEUR
SOHQRªDOILQDOGHOFDStWXOR
,QFOXVRORVQLxRVSHTXHxRVSRVHHQ
ODFDSDFLGDGGHSDUDUVHDSHQVDUHQ
OXJDUGHKDFHUGDxRDDOJXLHQFRQODV
SDODEUDVRORVSXxRV1RVLHPSUH
WRPDUiQGHFLVLRQHVDFHUWDGDVSHUR
FXDQWRPiVSUDFWLTXHQDOWHUQDWLYDV
TXHQRVHDQDUUHPHWHUFRQWUDORV
GHPiVPiVIXHUWH\PiVFDSD]VHUi
VXFHUHEURVXSHULRU

(QWHQGHUVHDVtPLVPR

8QDGHODVPHMRUHVPDQHUDVGH
D\XGDUDWXKLMRDHQWHQGHUVHDVt
PLVPRHVSODQWHDUOHSUHJXQWDVTXHOR
D\XGHQDPLUDUPiVDOOiGHOD
VXSHUILFLHGHORTXHFRPSUHQGH
¢3RUTXpFUHHVTXHHOHJLVWHHVR"
¢4XpWHOOHYyDVHQWLUWHDVt"¢3RU
TXpFUHHVTXHQRWHIXHELHQHQHO
H[DPHQ"¢)XHSRU࣡TXHORKLFLVWH
GHSULVDRHVTXHVLPSOHPHQWHHO
FRQWHQLGRHUDGLItFLO"

(VRHVORTXHKL]RXQSDGUHFRQVX
KLMDGHGLH]DxRV&DWKHULQH
PLHQWUDVODD\XGDEDDSUHSDUDUODV
FRVDVSDUDLUGHDFDPSDGD/H
SUHJXQWyVLFUHtDTXHLEDDVHQWLU
DxRUDQ]DPLHQWUDVHVWXYLHVHIXHUD
&XDQGRUHFLELyFRPRUHVSXHVWDHO
HVSHUDGR\QHXWUR©7DOYH]ªHO
SDGUHSURVLJXLyFRQRWUDSUHJXQWD
©¢<FyPRSLHQVDVTXHOROOHYDUiV"ª

'HQXHYRUHFLELyXQDQRUHVSXHVWD
±©1RORVpª±SHURHVWDYH]pOYLR
TXHVXKLMDHPSH]DEDDUHIOH[LRQDU
VREUHHOWHPDDXQTXHVyORIXHUDXQ
SRFR

$VtTXHLQVLVWLy©(QHOFDVRGHTXH
VLQWLHUDVDxRUDQ]D¢TXpSRGUtDV
KDFHUSDUDDQLPDUWH"ª

&DWKHULQHVLJXLyPHWLHQGRURSDHQVX
SHWDWHSHURDKRUDVtHUDREYLRTXH
HVWDEDSHQVDQGRHQHOWHPD
)LQDOPHQWHRIUHFLyXQDDXWpQWLFD
UHVSXHVWD©6XSRQJRTXHSRGUtD
HVFULELUWHXQDFDUWDRSRGUtDKDFHU
DOJRGLYHUWLGRFRQPLVDPLJDVª

$SDUWLUGHHVHPRPHQWRVXSDGUH\
HOODSXGLHURQKDEODUGXUDQWHXQSDU
GHPLQXWRVGHODVH[SHFWDWLYDV\
SUHRFXSDFLRQHVTXHVXSRQtDQSDUD
HOODPDUFKDUVHXQRVGtDVIXHUD\
HOODGHVDUUROOyXQSRFRPiVOD
FDSDFLGDGGHHQWHQGHUVHDVtPLVPD
<HVRVyORSRUTXHVXSDGUHOH
SODQWHyXQDVSRFDVSUHJXQWDV

&XDQGRXQQLxRWLHQHHGDGVXILFLHQWH
SDUDHVFULELU±RLQFOXVRVLPSOHPHQWH
SDUDGLEXMDU±VHOHSXHGHGDUXQ
FXDGHUQR\DQLPDUORDHVFULELUXQ
GLDULRRGLEXMDUFDGDGtD(VWHULWXDO
SXHGHDXPHQWDUVXFDSDFLGDGGH
SUHVWDUDWHQFLyQDVXSDLVDMHLQWHUQR
\HQWHQGHUOR2HQHOFDVRGHXQQLxR
PiVSHTXHxRVHOHSXHGHSHGLUTXH
KDJDGLEXMRVTXHFXHQWHQXQD
KLVWRULD&XDQWRPiVSLHQVHQ
QXHVWURVKLMRVHQORTXHHVWiSDVDQGR
HQVXLQWHULRUPiVGHVDUUROODUiQOD
FDSDFLGDGGHHQWHQGHU\UHVSRQGHUD
ORTXHVXFHGHHQVXPXQGRLQWHULRU\
HQHOPXQGRTXHORURGHD

(PSDWtD

/DHPSDWtDHVRWUDIXQFLyQ
LPSRUWDQWHGHOFHUHEURVXSHULRU
&XDQGRSODQWHDPRVSUHJXQWDV
VHQFLOODVTXHLQGXFHQDSHQVDUHQORV
VHQWLPLHQWRVDMHQRVHVWDPRV
GHVDUUROODQGRODFDSDFLGDGGH
QXHVWURVKLMRVGHVHQWLUHPSDWtD3RU
HMHPSORHQXQUHVWDXUDQWH©¢3RU
TXpFUHHVTXHOORUDHVHEHEp"ª2
PLHQWUDVOHHPRVFRQHOORV©¢&yPR
FUHHVTXHVHVLHQWH0HOLQGDDKRUD
TXHVXDPLJDVHKDLGRDYLYLUDRWUR
VLWLR"ª2DOVDOLUGHXQDWLHQGD
©(VDPXMHUQRHVWXYRPX\DPDEOH
FRQQRVRWURV¢QRWHSDUHFH"¢&UHHV
TXHKR\SXHGHKDEHUOHVXFHGLGRDOJR
TXHODKDSXHVWRWULVWH"ª

%DVWDFRQGLULJLUODDWHQFLyQGH
QXHVWURVKLMRVKDFLDODVHPRFLRQHV
GHORVGHPiVHQORVHQFXHQWURV
FRWLGLDQRVSDUDGHVDUUROODUQXHYRV
QLYHOHVGHFRPSDVLyQHQVXLQWHULRU
\HMHUFLWDUVXFHUHEURVXSHULRU/RV
FLHQWtILFRVHVWiQFDGDYH]PiV
FRQYHQFLGRVGHTXHODHPSDWtDVH
RULJLQDHQXQVLVWHPDFRPSOHMRGHOR
TXHOODPDQQHXURQDVHVSHMRGHODV
TXHKDEODUHPRVHQHOSUy[LPR
FDStWXOR&XDQWDVPiVRFDVLRQHV
GHPRVDOFHUHEURVXSHULRUGH
QXHVWURVKLMRVSDUDHMHUFLWDUVHHQHO
DFWRGHSHQVDUHQORVGHPiVPiV
FDSDFHVVHUiQGHVHQWLUFRPSDVLyQ

eWLFD

7RGRVORVDWULEXWRVTXHKHPRV
PHQFLRQDGRGHXQFHUHEURVXSHULRU
ELHQLQWHJUDGRFXOPLQDQHQXQRGH
ORVREMHWLYRVPiVLPSRUWDQWHVSDUD
QXHVWURVKLMRVXQSURIXQGRVHQWLGR
GHODpWLFD&XDQGRORVQLxRVSXHGHQ
WRPDUGHFLVLRQHVVHQVDWDV\VRQ
FDSDFHVDOPLVPRWLHPSRGH
FRQWURODUVH\DFWXDUEDViQGRVHHQOD
HPSDWtD\ODFRPSUHQVLyQGHVt
PLVPRVGHVDUUROODQXQVHQWLGR
VyOLGR\DFWLYRGHODpWLFDXQ
VHQWLGRQRVyORGHOELHQ\HOPDO
VLQRWDPELpQGHORTXHHVXQELHQ
PD\RUPiVDOOiGHVXVSURSLDV
QHFHVLGDGHVLQGLYLGXDOHV7DPSRFR
HQHVWHFDVRSRGHPRVHVSHUDUXQD
FRQVLVWHQFLDDEVROXWDSRUTXHVX
FHUHEURQRHVWiD~QGHOWRGR
GHVDUUROODGR3HURVtQRVLQWHUHVD
IRUPXODUHOPD\RUQ~PHURGH
SUHJXQWDVUHODFLRQDGDVFRQODpWLFD\
ODPRUDOHQVLWXDFLRQHVQRUPDOHV
FRWLGLDQDV

2WUDPDQHUDGHHMHUFLWDUHVWDSDUWH
GHOFHUHEURHVRIUHFLHQGR
VLWXDFLRQHVKLSRWpWLFDVTXHVXHOHQ
GLYHUWLUPXFKRDORVQLxRV¢(VWDUtD
ELHQVDOWDUVHXQVHPiIRURVLKD\
XQDHPHUJHQFLD"6LXQPDWyQVH
PHWLHUDFRQDOJXLHQHQHOFROHJLR\
QRKXELHUDQLQJ~QDGXOWRFHUFD¢W~
TXpKDUtDV"/RTXHVHSUHWHQGHFRQ
HOORHVGHVDILDUDOQLxRSDUDTXH
UHIOH[LRQHVREUHFyPRDFW~D\SDUD
TXHVHSODQWHHODVFRQVHFXHQFLDVGH
VXVGHFLVLRQHV&RQHOOROHGDPRV
RFDVLyQGHHMHUFLWDUHOSHQVDPLHQWR
GHVGHXQDSHUVSHFWLYDGHSULQFLSLRV
PRUDOHV\pWLFRVTXHFRQQXHVWUD
RULHQWDFLyQVHFRQYHUWLUiHQORV
FLPLHQWRVGHVXVGHFLVLRQHVGXUDQWH
HOUHVWRGHVXYLGD
<WHQHQFXHQWDQDWXUDOPHQWHHO
PRGHORTXHRIUHFHVFRQWXSURSLD
FRQGXFWD$OHQVHxDUOHKRQHVWLGDG
JHQHURVLGDGERQGDG\UHVSHWR
DVHJ~UDWHGHTXHWHYHOOHYDUXQD
YLGDTXHWDPELpQHQFDUQDHVRV
YDORUHV/RVHMHPSORVTXHGHVWDQWR
SDUDOREXHQRFRPRSDUDORPDOR
WHQGUiQXQLPSDFWRVLJQLILFDWLYRHQ
ODPDQHUDHQTXHVHGHVDUUROOHHO
FHUHEURVXSHULRUGHWXKLMR
‡ (VWUDWHJLDGHOFHUHEURSOHQRQž

0XpYHORRSLpUGHORPXHYHHO
FXHUSRSDUDQRSHUGHUODFDEH]D

/DVLQYHVWLJDFLRQHVKDQGHPRVWUDGR
TXHHOPRYLPLHQWRFRUSRUDODIHFWD
GLUHFWDPHQWHDODVVXVWDQFLDV
TXtPLFDVGHOFHUHEUR3RU
FRQVLJXLHQWHFXDQGRXQQLxRKD
SHUGLGRHOFRQWDFWRFRQVXFHUHEUR
VXSHULRUXQDEXHQDPDQHUDGH
D\XGDUORDUHFXSHUDUHOHTXLOLEULRHV
KDFHUOHPRYHUHOFXHUSReVWDHVXQD
DQpFGRWDTXHQRVFRQWyXQDPDGUH
VREUHFyPRUHFXSHUyHOFRQWUROVX
KLMRGHGLH]DxRVPHGLDQWHOD
DFWLYLGDGItVLFD

'RVGtDVGHVSXpVGH
LQLFLDU/LDPHOTXLQWR
FXUVRHQHOFROHJLROOHJy
DFDVDWRWDOPHQWH
GHVERUGDGRSRUOD
FDQWLGDGGHGHEHUHVTXHOH
KDEtDSXHVWRODPDHVWUD
'LFKRVHDGHSDVR
WDPELpQDPtPH
SDUHFLHURQH[FHVLYRV
3HURSHVHDVXVTXHMDVDO
ILQDOVHIXHDVXKDELWDFLyQ
SDUDKDFHUORV

&XDQGRIXLDVXKDELWDFLyQ
SDUDYHUFyPROHLEDOR
HQFRQWUpOLWHUDOPHQWH
KHFKRXQRYLOORHQ
SRVLFLyQIHWDOGHEDMRGH
VXSXIUHOOHQRGHERODVGH
SROLHVWLUHQR/RDQLPpD
VDOLUDVHQWDUVHDQWHVX
HVFULWRULR\DVHJXLU
HVWXGLDQGReOQRSDUDED
GHJHPLU\GHUHSHWLUTXH
QRSRGtD©£(VTXHHV
GHPDVLDGRª<RPHRIUHFt
DD\XGDUORUHLWHUDGDPHQWH
SHURpOVHQHJyXQD\RWUD
YH]

'HSURQWRVDOLyGHGHEDMR
GHOSXIVHOHYDQWyGHXQ
VDOWREDMySRUODHVFDOHUD
FRPRXQDIOHFKDFUX]yOD
SXHUWDGHODFDOOH\VLJXLy
FRUULHQGR1RYROYLyD
FDVDKDVWDGHVSXpVGH
KDEHUUHFRUULGRYDULDV
PDQ]DQDVGHOEDUULR

&XDQGRUHJUHVyDFDVD
VDQR\VDOYR\DPiV
WUDQTXLOR\GHVSXpVGHXQD
EXHQDPHULHQGDSXGH
KDEODUFRQpO\SUHJXQWDUOH
SRUTXpKDEtDVDOLGR
GLVSDUDGRGHHVDPDQHUD
0HFRQWHVWyTXHHQ
UHDOLGDGQRORVDEtD\D
FRQWLQXDFLyQGLMR©/R
~QLFRTXHVHPHRFXUUHHV
TXHKHWHQLGRODLPSUHVLyQ
GHTXHPHVHQWLUtDPHMRU
VLFRUUtDORPiVGHSULVD
SRVLEOHGXUDQWHHOPi[LPR
WLHPSRSRVLEOH<DVtKD
VLGRª<GHERUHFRQRFHU
TXHHQHIHFWRVHORYHtD
PiVWUDQTXLOR\\DVH
PRVWUyPiVGLVSXHVWRD
GHMDUPHD\XGDUORFRQVXV
GHEHUHV

$XQTXH/LDPQRORVDEtDFXDQGR
VDOLyGHVXFDVD\VHHFKyDFRUUHU
HVWDEDHMHUFLHQGRODLQWHJUDFLyQ6X
FHUHEURLQIHULRUVHKDEtDDGXHxDGR
GHVXFHUHEURVXSHULRU\SRUHVRVH
VLQWLyGHVERUGDGRHLPSRWHQWH6H
KDEtDGHMDGRDUUDVWUDUKDFLDODRULOOD
GHOFDRVHQHOUtR/RVLQWHQWRVGHVX
PDGUHSDUDD\XGDUORDUHFXUULUDVX
FHUHEURVXSHULRUIXHURQLQ~WLOHV
SHURFXDQGR/LDPKL]RLQWHUYHQLUD
VXFXHUSRDOJRFDPELyHQVX
FHUHEUR7UDVXQRVPLQXWRVGH
HMHUFLFLRItVLFRSXGRDSDFLJXDUDVX
DPtJGDOD\GHYROYHUHOPDQGRDVX
FHUHEURVXSHULRU

/RVHVWXGLRVGDQODUD]yQD/LDP\
UHVSDOGDQVXHVWUDWHJLDHVSRQ௙WiQHD
/DVLQYHVWLJDFLRQHVGHPXHVWUDQTXH
FXDQGRDOWHUDPRVQXHVWURHVWDGR
ItVLFR±DWUDYpVGHOPRYLPLHQWRROD
UHODMDFLyQSRUHMHP௙SOR±SRGHPRV
FDPELDUQXHVWURHVWDGRHPRFLRQDO
,QWHQWDVRQUHtUSRUXQPRPHQWRHV
SRVLEOHTXHWHVLHQWDVPiVDQLPDGR
XQDUHVSLUDFLyQUiSLGD\SRFD
SURIXQGDDFRPSDxDDODDQJXVWLD\
VLUHVSLUDVGHVSDFLR\
SURIXQGDPHQWHHVPX\SUREDEOHTXH
WHVLHQWDVPiVWUDQTXLOR 3XHGHV
SUREDUHVWRVSHTXHxRVHMHUFLFLRV
FRQWXKLMRSDUDHQVHxDUOHFyPR
LQIOX\HVXFXHUSRHQVXV
VHQVDFLRQHV

(OFXHUSRFRQWLHQHPXFKD
LQIRUPDFLyQTXHHQYtDDOFHUHEUR
'HKHFKRJUDQSDUWHGHODV
HPRFLRQHVTXHVHQWLPRVHQUHDOLGDG
HPSLH]DQHQHOFXHUSR&XDQGRVH
QRVFRQWUDHHOHVWyPDJR\WHQVDPRV
ORVKRPEURVHOFHUHEURUHFLEH
PHQVDMHVItVLFRVGHDQJXVWLDDQWHVGH
TXHQRVRWURVPLVPRVVHDPRV
VLTXLHUDFRQVFLHQWHVGHTXHHVWDPRV
QHUYLRVRV(OIOXMRGHHQHUJtDH
LQIRUPDFLyQTXHFLUFXODGHVGHHO
FXHUSRKDVWDHOWURQFRFHUHEUDO\GH
DKtKDVWDHOVLVWHPDOtPELFR\OXHJR
KDVWDODFRUWH]DDOWHUDQXHVWUR
HVWDGRItVLFRQXHVWURHVWDGR
HPRFLRQDO\QXHVWURVSHQVDPLHQWRV

/RTXHOHSDVyD/LDPSXHVIXHTXH
DOPRYHUHOFXHUSRSXGRGL௙ULJLUWRGR
VXVHUKDFLDXQHVWDGRGH
LQWHJUDFLyQSHUPLWLHQGRTXHVX
FHUHEURVXSHULRUVXFHUHEURLQIHULRU
\VXFXHUSRUHDQXGDUDQVXVIXQFLRQHV
GHXQDPDQHUDHILFD]\VDQD&XDQGR
/LDPVHVLQWLyGHVERUGDGRHOIOXMR
GHHQHUJtDHLQIRUPDFLyQVHEORTXHy
GDQGROXJDUDODGHVLQWHJUDFLyQ
0RYLpQGRVHYLJRURVDPHQWH/LDP
OLEHUySDUWHGHODHQHUJtD\OD
WHQVLyQSURGXFLGDVSRUODLUD\DVt
SXGRUHODMDUVH3RUFRQVLJXLHQWH
GHVSXpVGHODFDUUHUDVXFXHUSR
HQYLyLQIRUPDFLyQ©PiVWUDQTXLODªD
VXFHUHEURVXSHULRUORTXHVLJQLILFD
TXHUHFXSHUyHOHTXLOLEURHPRFLRQDO
\ODVGLVWLQWDVSDUWHVGHVXFHUHEUR\
VXFXHUSRHPSH]DURQDDFWXDURWUD
YH]GHXQDPDQHUDLQWHJUDGD

/DSUy[LPDYH]TXHWXVKLMRV
QHFHVLWHQD\XGDSDUDFDOPDUVHR
UHFXSHUDUHOFRQWUROSURFXUDTXHVH
SRQJDQHQPRYLPLHQWR(QHOFDVRGH
ORVQLxRVPX\SHTXHxRVSUXHEDFRQ
ORTXHSRGUtDOODPDUVHWUXFRV
FUHDWLYRV\FDULxRVRVFRPRVH
PXHVWUDHQODSiJLQD

(OODGRGLYHUWLGRGHHVWHMXHJR
DFRPSDxDGRGHDFWLYLGDGItVLFD
SXHGHFDPELDUSRUFRPSOHWROD
DFWLWXGGHWXKLMRGHHQWUHXQR\WUHV
DxRV\FRQYHUWLUODPDxDQDHQXQ
PRPHQWRPXFKRPiVSODFHQWHURSDUD
ORVGRV

(VWDWpFQLFDWDPELpQVXUWHHIHFWRFRQ
QLxRVPD\RUHV8QHQWUHQDGRUGHOD
/LJD,QIDQWLOGHEpLVEROFRQRFLGR
QXHVWURR\yKDEODUGHOSULQFLSLR
©PXpYHORRSLpUGHORª\SLGLyDVXV
MXJDGRUHVTXHGLHUDQVDOWRVHQOD
FDVHWDFXDQGRVHGHVDQLPDURQDOYHU
TXHHOHTXLSRFRQWUDULROHVVDFDED
YDULDVFDUUHUDVGHYHQWDMDGXUDQWHXQ
SDUWLGRGHOFDPSHRQDWR(O
PRYLPLHQWRLQIXQGLyPRWLYDFLyQ\
UHQRYDGDHQHUJtDHQVXVFXHUSRV\
VXVFHUHEURV\DOILQDOYROYLHURQDO
FDPSR\JDQDURQHOSDUWLGR £2WUD
YLFWRULDPiVSDUDODQHXURFLHQFLD

$YHFHVWDPELpQVHSXHGH
VHQFLOODPHQWHH[SOLFDUHOFRQFHSWR
<DVpTXHHVWiVHQIDGDGRSRUTXHQR
KDVSRGLGRLUDODILHVWDFRQWX
KHUPDQD1RSDUHFHMXVWR¢YHUGDG"
9DPRVDGDUXQDYXHOWDHQELFL\
KDEODUGHHOOR$YHFHVPRYHUHO
FXHUSRSXHGHD\XGDUDWXFHUHEURD
VHQWLUTXHWRGRVHDUUHJODUi
+DJDPRVORTXHKDJDPRVOD
FXHVWLyQHVD\XGDUDOQLxRD
UHFXSHUDUDOJ~QWLSRGHHTXLOLEULR\
FRQWUROPRYLHQGRHOFXHUSRORTXH
SXHGHHOLPLQDUEORTXHRV\DOODQDUHO
FDPLQRSDUDUHFXSHUDUOD
LQWHJUDFLyQ
/RVQLxRVGHFHUHEURSOHQR

(QVHxDDWXVKLMRVODH[LVWHQFLDGH
ORVFHUHEURVVXSHULRUHLQIHULRU

/RVQLxRVSXHGHQHQWHQGHUEDVWDQWH
ELHQODLQIRUPDFLyQSUHVHQWDGDHQ
HVWHFDStWXORVREUHORVFHUHEURV
VXSHULRUHLQIHULRU+HDTXtDOJRTXH
SXHGHVOHHUDWXKLMRSDUDLQLFLDUOD
FRQYHUVDFLyQ
,QWHJUDUQRVXVDUQXHVWUDSURSLD
HVFDOHUDPHQWDO

©0LKLMROOHYDEDFXDUHQWD
\FLQFRPLQXWRVJULWDQGR
\\RQRVDEtDFyPR
WUDQTXLOL]DUOR$OILQDOOH
JULWp\RDpO©£$YHFHVWH
RGLRª

©0LKLMRGHGRVDxRV
DUDxyDVXKHUPDQR
UHFLpQQDFLGRGHMiQGROH
XQEXHQUDVJXxR/HGL
XQD]XUUDHQHOWUDVHUR
VXVEXHQRVFLQFRJROSHV
/XHJRVDOtGHOD
KDELWDFLyQUHFRUUtHO
SDVLOORGLPHGLDYXHOWD\
OHGLRWURVFLQFRJROSHVHQ
HOWUDVHUR)XHWDOHOJULWR
TXHOHODQFpTXHVHOOHYy
XQVXVWRGHPXHUWHª

©'HVSXpVGHGHFLUDPL
KLMDPLHQWUDVVH
FROXPSLDEDTXHWXYLHUD
FXLGDGRFRQVXKHUPDQLWR
SRUVLSDVDEDFRUULHQGR
GHODQWHGHOFROXPSLR
SUiFWLFDPHQWHOR
HPELVWLy0HHQIDGpWDQWR
TXHHQIUHQWHGHWRGRHO
PXQGRHQHOSDUTXHOH
GLMH©3HUR¢TXpWHSDVD"
¢(VTXHHUHVWRQWD"ª
eVWDVVRQH[SHULHQFLDVEDVWDQWH
HVSDQWRVDVTXHDYHFHVVHSURGXFHQ
FXDQGRHMHUFHPRVGHSDGUHV¢QRHV
DVt"5HSUHVHQWDQORVPRPHQWRVHQ
TXHQRVGRPLQDHOFHUHEURLQIHULRU
FXDQGRSHUGHPRVHOFRQWUROKDVWDWDO
SXQWRGHGHFLURKDFHUFRVDVTXH
MDPiVSHUPLWLUtDPRVTXHQDGLH
GLMHUDRKLFLHUDDQXHVWURVKLMRV

(VWDVFRQIHVLRQHVVRQGHSDGUHV
UHDOHVDORVTXHFRQRFHPRV
SHUVRQDOPHQWH<DXQTXHWDOYH]WH
VRUSUHQGDWRGRVHOORVVRQSDGUHV
H[FHOHQWHV3HURFRPRWRGRHO
PXQGRGHYH]HQFXDQGR
VHQFLOODPHQWHSLHUGHQODFDEH]D\
GLFHQ\KDFHQFRVDVTXHGHVSXpV
ODPHQWDQ

¢3RGUtDVDxDGLUDHVWDOLVWD
PRPHQWRVWX\RVHQORVTXHWHKDV
YLVWRGRPLQDGRSRUHOFHUHEUR
LQIHULRU"&ODURTXHVt(UHVXQ
SURJHQLWRU\HUHVKXPDQR/RYHPRV
XQD\RWUDYH]FXDQGRKDEODPRV\
DVHVRUDPRVDSDGUHVHQVLWXDFLRQHV
GHPXFKRHVWUpVORVSDGUHVFRPHWHQ
HUURUHV7RGRVORVFRPHWHPRV

3HURQRORROYLGHVODVFULVLVTXHVH
SURGXFHQFXDQGRHMHUFHPRVGH
SDGUHVVRQRSRUWXQLGDGHVSDUDHO
FUHFLPLHQWR\ODLQWHJUDFLyQ3XHGHV
DSURYHFKDUORVPRPHQWRVHQTXH
VLHQWHVTXHSLHUGHVHOFRQWUROSDUD
RIUHFHUXQPRGHORGH
DXWRUUHJXODFLyQ+D\XQRVRMLWRVTXH
HVWiQREVHUYiQGRWHSDUDYHUFyPRWH
WUDQTXLOL]DVW~7XVDFFLRQHV
HVWDEOHFHUiQHOHMHPSORGHFyPRVH
WRPDXQDEXHQDGHFLVLyQHQXQ
PRPHQWRGHHPRFLRQHVLQWHQVDVHQ
HOTXHW~PLVPRFRUUHVHOSHOLJURGH
SHUGHUORVSDSHOHV

¢4XpKDFHVSXHVFXDQGRWRPDV
FRQFLHQFLDGHTXHWXFHUHEURLQIHULRU
KDDVXPLGRHOFRQWURO\KDV
HPSH]DGRDSHUGHUODFDEH]D"(Q
SULPHUOXJDUQRKDJDVGDxR&LHUUD
ODERFDSDUDQRGHFLUDOJRTXH
GHVSXpVODPHQWDUiV3RQODVPDQRV
GHWUiVGHODHVSDOGDSDUDHYLWDUWRGD
FODVHGHFRQWDFWRItVLFREUXVFR
&XDQGRHVWiVHQXQPRPHQWRHQTXH
GRPLQDHOFHUHEURLQIHULRUSURWHJHD
WXKLMRDWRGDFRVWD

(QVHJXQGROXJDUDOpMDWHGHOD
VLWXDFLyQ\VHUpQDWH1RWLHQHQDGD
GHPDORWRPDUVHXQUHVSLUR\PHQRV
FXDQGRHVRVLJQLILFDSURWHJHUDWX
KLMR3XHGHVGHFLUOHTXHQHFHVLWDVXQ
GHVFDQVRSDUDWUDQTXLOL]DUWH\DVtQR
VHVHQWLUiUHFKD]DGR$FRQWLQXDFLyQ
DXQTXHDYHFHVSXHGHSDUHFHUXQ
SRFRWRQWRSUXHEDODWpFQLFDGH
©PXpYHORRSLpUGHORª3RQWHDVDOWDU
DEULHQGRODVSLHUQDV\GDQGRSDOPDV
DUULED3UXHEDHMHUFLFLRVGH\RJD
5HVSLUDGHVSDFLR\SURIXQGDPHQWH
+D]ORTXHVHDQHFHVDULRSDUD
UHFXSHUDUSDUWHGHOFRQWUROTXH
SHUGLVWHFXDQGRWXDPtJGDODVH
DGXHxyGHWXFHUHEURVXSHULRU1R
VyORSDVDUiVW~PLVPRDXQHVWDGR
PiVLQWHJUDGRVLQRTXHWDPELpQ
RIUHFHUiVXQPRGHORDWXVKLMRV
PHGLDQWHWUXFRVDXWRUUHJXODGRUHV
UiSLGRVTXHWDPELpQHOORVSRGUiQ
XWLOL]DU

3RU~OWLPRUHSDUD'HLQPHGLDWR
9XHOYHDFRQHFWDUFRQWXKLMRHQ
FXDQWRWHKD\DVFDOPDGR\VLHQWDV
TXH\DHUHVFDSD]GHFRQWURODUWH
$FWRVHJXLGRDERUGDFXDOTXLHU
SRVLEOHGDxRHPRFLRQDORSHUMXLFLR
FDXVDGRDODUHODFLyQ3DUDHVRWDO
YH]WHQJDVTXHGHFLUTXHOR
SHUGRQDVSHURWDPELpQHVSRVLEOH
TXHGHEDVGLVFXOSDUWHW~\DFHSWDUOD
UHVSRQVDELOLGDGGHWXVDFFLRQHV
(VWHSDVRGHEHGDUVHORDQWHV
SRVLEOH&XDQWRDQWHVUHSDUHVOD
FRQH[LyQHQWUHWXKLMR\W~DQWHV
SRGUpLVUHFXSHUDUORVGRVHO
HTXLOLEULRHPRFLRQDO\YROYHUD
GLVIUXWDUGHYXHVWUDUHODFLyQ
£0DWDODV
PDULSRVDV

,QWHJUDUOD
PHPRULDSDUDHO
FUHFLPLHQWR\OD
FXUDFLyQ
±£0HQLHJRDLUDFODVHVGHQDWDFLyQ
HVWHYHUDQR
(OKLMRGH7LQDGHVLHWHDxRV
SURQXQFLyHVWDVSDODEUDVFRQILUPH]D
FXDQGRVHHQWHUyGHTXHVXVSDGUHV
ORKDEtDQDSXQWDGRDXQFXUVRHQOD
SLVFLQDGHOLQVWLWXWRGHOEDUULR
6HQWDGRDODPHVDGHOFRPHGRU
PLUDEDIXULRVRDVXVSDGUHVFRQOD
PDQGtEXODWHQVD\ORVRMRV
HQWUHFHUUDGRV

7LQDVHYROYLyKDFLDVXPDULGR
6FRWW\pVWHVHHQFRJLyGHKRPEURV
FRPRGLFLHQGR©9DOHHPSLH]R\Rª

±1RORHQWLHQGR3HURVLWHHQFDQWD
QDGDU

±([DFWRSDSiSUHFLVDPHQWHSRU
HVR±+DVWDSDUHFtDKDEODUFRQ
VDUFDVPR±<R\DVpQDGDU

6FRWWDVLQWLy

±(VR\DORVDEHPRV/DVFODVHVVRQ
SDUDTXHDSUHQGDVDQDGDUPHMRU

±$GHPiVWDPELpQVHKDDSXQWDGR
+HQU\±DxDGLy7LQD±/RYHUiV
WRGRVORVGtDVGHODVHPDQDTXH
YLHQH

(OQLxRFDEHFHy

±,PSRVLEOH0HGDLJXDO±%DMyOD
YLVWD\VHSHUFLELyXQDWLVERGH
PLHGRHQVXWRQRUHVXHOWR±3RU
IDYRUQRPHSRQJiLVHQHVWD
VLWXDFLyQ
6FRWW\7LQDVHPLUDURQ\GLMHURQTXH
VHORSHQVDUtDQ\\DVHJXL௙UtDQFRQOD
FRQYHUVDFLyQHQRWURPRPHQWR3HUR
HVWDEDQDWyQLWRV(UDLQDXGLWRTXHVX
KLMRUHFKD]DUDXQDDFWLYLGDGFRQ
+HQU\VXPHMRUDPLJR\HQHVSHFLDO
XQDDFWLYLGDGUHODFLRQDGDFRQHO
GHSRUWH

6LWXDFLRQHVFRPRpVWDVHSUHVHQWDQ
FRQWLQXDPHQWHPRPHQWRVHQORVTXH
ORVSDGUHVVHTXHGDQGHVFRQFHUWDGRV
SRUODUHVSXHVWDGHVXKLMRDDOJR
TXHOHKDQGLFKR&XDQGRHOPLHGR
ODLUDODIUXVWUDFLyQ\RWUDV
HPRFLRQHVIXHUWHVGHVERUGDQDXQ
QLxR\pVWHVHFRPSRUWDGHPDQHUD
LQFRPSUHQVLEOHHVSRVLEOHTXH
H[LVWDXQDUD]yQIiFLOGHGHWHUPLQDU
3XHGHTXHVHQFLOODPHQWHWHQJD
KDPEUHRHVWpFDQVDGR2TXL]iTXH
KD\DSDVDGRGHPDVLDGRWLHPSRHQHO
FRFKH2TXL]iVHDVyORSRUTXHWLHQH
GRVDxRV RWUHVRFXDWURRFLQFR«
RTXLQFH 3HURRWUDVYHFHVXQQLxR
SDVDDODFWRRVHFRPSRUWDGHXQ
PRGRTXHQRHVSURSLRGHpOSRU
UD]RQHVPiVDUUDLJDGDV

3RUHMHPSORFXDQGR7LQD\6FRWW
KDEODURQPiVWDUGHHVDQRFKH
FRLQFLGLHURQHQTXHODVRUSUHQGHQWH
UHVSXHVWDGHOFHUHEURGHUHFKRGHVX
KLMRSRGtDKDEHUVHGHELGRDXQD
H[SHULHQFLDOLJHUDPHQWHWUDXPiWLFD
VXIULGDWUHVDxRVDQWHVXQD
H[SHULHQFLDHQODTXHSUREDEOHPHQWH
pOQLVLTXLHUDKDEtDSHQVDGRHQHVH
PRPHQWR7LQDYLRTXHHUDXQDEXHQD
RFDVLyQSDUDGDUDFRQRFHUDVXKLMR
XQSDUGHDVSHFWRVLPSRUWDQWHVGHO
FHUHEURDVtTXHHVRIXHORTXHKL]R
HVDQRFKHDODKRUDGHDFRVWDUOR
$QWHVGHFRQWDUHVWDFRQYHUVDFLyQ
GHEHPRVH[SOLFDUTXpVHSURSRQtD
7LQDDOKDEODUFRQVXKLMR6DEtDTXH
XQDGHODVPHMRUHVPDQHUDVGH
D\XGDUORDHQIUHQWDUVHD
H[SHULHQFLDVGLItFLOHVVHEDVDHQ
HQWHQGHUORVSULQFLSLRVFLHQWtILFRV
IXQGDPHQWDOHVVREUHFyPRDFW~DOD
PHPRULDHQHOFHUHEUR

/DPHPRULD\HOFHUHEURXQSDU
GHPLWRVDOUHVSHFWR

(PSHFHPRVSRUGRVPLWRVVREUHOD
PHPRULD

0LWRQž/DPHPRULDHV
XQDUFKLYDGRUPHQWDO
&XDQGRXQRSLHQVDHQVX
SULPHUDFLWDRHQHO
QDFLPLHQWRGHVXKLMR
VHQFLOODPHQWHDEUHHO
FRUUHVSRQGLHQWHFDMyQGH
GLFKRDUFKLYDGRUGHO
FHUHEUR\HYRFDHVH
UHFXHUGR

6HUtDDJUDGDEOH\FRQYHQLHQWHTXH
HVWRIXHVHYHUGDGSHURHOFHUHEUR
QRIXQFLRQDDVt1RWHQHPRVPLOHV
GHSHTXHxDV©FDUSHWDVGHPHPRULDª
HQODFDEH]DHVSHUDQGRDTXH
DFFHGDPRVDHOODV\ODVOOHYHPRVDO
SODQRFRQVFLHQWHSDUDTXHSHQVHPRV
HQHOODV/DPHPRULDVHEDVDHQODV
DVRFLDFLRQHV&RPRPiTXLQDGH
DVRFLDFLyQHOFHUHEURSURFHVDDOJR
HQHOSUHVHQWH±XQDLGHDXQ
VHQWLPLHQWRXQRORUXQDLPDJHQ±\
UHODFLRQDGLFKDH[SHULHQFLDFRQ
RWUDVH[SHULHQFLDVSDUHFLGDVGHO
SDVDGR(VWDVH[SHULHQFLDVSDVDGDV
LQIOX\HQHQRUPHPHQWHHQQXHVWUD
PDQHUDGHHQWHQGHUORTXHYHPRVR
VHQWLPRV7DOLQIOXHQFLDVHGHEHD
DVRFLDFLRQHVHVWDEOHFLGDVHQHO
FHUHEURGRQGHXQDVHULHGH
QHXURQDV RFpOXODVGHOFHUHEUR VH
XQHDRWUDV3RUORWDQWRHQHVHQFLD
ODPHPRULDHVODPDQHUDHQTXHXQ
DFRQWHFLPLHQWRGHOSDVDGRQRV
LQIOX\HHQHOSUHVHQWH

,PDJLQDSRUHMHPSORTXH
HQFXHQWUDVXQFKXSHWHYLHMRHQWUHORV
FRMLQHVGHOVRIi¢4XpFODVHGH
HPRFLRQHV\UHFXHUGRV
H[SHULPHQWDUtDV"6LD~QWLHQHVXQ
EHEpHQFDVDWDOYH]QRVLHQWDVQDGD
HVSHFWDFXODU3HURVL\DKDQSDVDGR
XQRVDxRVGHVGHTXHWXSHTXHxR
XVDEDFKXSHWHWDOYH]WHLQYDGDQ
DVRFLDFLRQHVGHtQGROHVHQWLPHQWDO
3XHGHTXHUHFXHUGHVORHQRUPHTXH
VHYHtDHQODERFDGHWXUHFLpQ
QDFLGRRODUDSLGH]FRQTXHWH
PRYLVWHFXDQGRWXSHTXHxR
FRPSDUWLySRUSULPHUDYH]HO
FKXSHWHFRQHOSHUUR2SXHGHTXH
UHYLYDVHVDQRFKHHVSDQWRVDFXDQGR
WRGRVRVGHVSHGLVWHLVGHORV
FKXSHWHVSDUDVLHPSUH(QHO
PRPHQWRHQTXHHQFXHQWUDVHO
FKXSHWHWRGDFODVHGHDVRFLDFLRQHV
LUUXPSHHQWXFRQFLHQFLDLQFLGLHQGR
HQWXVVHQWLPLHQWRV\WXHVWDGRGH
iQLPRGHDKRUDGHELGRDIXHUWHV
DVRFLDFLRQHVGHOSDVDGR
%iVLFDPHQWHODPHPRULDHVHVR
DVRFLDFLyQ

6LQHQWUDUHQGHPDVLDGDV
FRPSOLFDFLRQHVKHDTXtORTXH
VXFHGHHQHOFHUHEUR&DGDYH]TXH
YLYLPRVXQDH[SHULHQFLDODV
QHXURQDV©VHHQFLHQGHQªRVH
DFWLYDQFRQVHxDOHVHOpFWULFDV(VWDV
FpOXODVGHOFHUHEURDOHQFHQGHUVH
VHHQOD]DQRXQHQDRWUDVQHXURQDV
(VWDVXQLRQHVFUHDQDVRFLDFLRQHV
&RPRH[SOLFDPRVHQOD
LQWURGXFFLyQHVRVLJQLILFDTXHFDGD
H[SHULHQFLDFDPELDOLWHUDOPHQWHOD
FRPSRVLFLyQItVLFDGHOFHUHEUR\D
TXHODVQHXURQDVVHFRQHFWDQ \VH
VHSDUDQ FRQVWDQWHPHQWHEDViQGRVH
HQQXHVWUDVH[SHULHQFLDV/RV
QHXURFLHQWtILFRVH[SOLFDQDVtHO
SURFHVR©/DVQHXURQDVTXHVH
HQFLHQGHQDOPLVPRWLHPSRVH
FRQHFWDQHQWUHVtDOPLVPRWLHPSRª
'LFKRGHRWURPRGRFRQFDGDQXHYD
H[SHULHQFLDFLHUWDVQHXURQDVVH
HQFLHQGHQ\FXDQGRHVRSDVDVH
FRQHFWDQRVHHQOD]DQFRQRWUDV
QHXURQDVTXHVHHQFLHQGHQ
VLPXOWiQHDPHQWH

¢$FDVRHVWRQRFRLQFLGHFRQWX
H[SHULHQFLD"6yORFRQRtUKDEODUGH
ODSRVLELOLGDGGHPRUGHUXQOLPyQ
HPSLH]DVDVDOLYDU2XQDFDQFLyQHQ
HOFRFKHWHWUDQVSRUWDDXQEDLOH
OHQWRHQHOLQVWLWXWRHQHOTXHSDVDVWH
PXFKDYHUJHQ]D

¢2WHDFXHUGDVGHDTXHOOD~QLFDYH]
TXHGLVWHXQFKLFOHDWXKLMDGHFXDWUR
DxRVGHVSXpVGHODFODVHGHEDOOHW"
<DSDUWLUGHHQWRQFHV¢TXpTXHUtD\
HVSHUDEDHOODGHVSXpVGHFDGDFODVH
GHEDOOHW"8QFKLFOHFODUR¢3RU
TXp"3RUTXHVXVQHXURQDV
UHODFLRQDGDVFRQHOILQDOGHODFODVH
GHEDOOHWVHHQFHQGLHURQ\
FRQHFWDURQFRQODVQHXURQDV
UHODFLRQDGDVFRQHOFKLFOH/DV
QHXURQDVTXHVHHQFLHQGHQDOPLVPR
WLHPSRVHFRQHFWDQHQWUHVtDOPLVPR
WLHPSR

$VtIXQFLRQDODPHPRULD8QD
H[SHULHQFLD HOILQDOGHODFODVHGH
EDOOHW KDFHTXHFLHUWDVQHXURQDVVH
HQFLHQGDQ\HVDVQHXURQDVSXHGHQ
FRQHFWDUVHDODVQHXURQDV
SURFHGHQWHVGHRWUDH[SHULHQFLD
UHFLELUXQFKLFOH 'HVSXpVFDGD
YH]TXHVHUHSLWDHQQXHVWUDYLGDHVD
SULPHUDH[SHULHQFLDQXHVWURFHUHEUR
ODYLQFXODUiFRQODVHJXQGD3RU
WDQWRFXDQGRDFDEDODFODVHGH
EDOOHWQXHVWURFHUHEURGHVHQFDGHQD
ODH[SHFWDWLYDGHUHFLELUXQFKLFOH
(OGHVHQFDGHQDQWHSXHGHVHUXQ
DFRQWHFLPLHQWRLQWHUQR±XQ
SHQVDPLHQWRRXQVHQWLPLHQWR±RXQ
DFRQWHFLPLHQWRH[WHUQRTXHHO
FHUHEURUHODFLRQDFRQDOJRGHO
SDVDGR6HDORTXHVHDHVWH
UHFXHUGRGHVHQFDGHQDGRFUHDUi
GHVSXpVH[SHFWDWLYDVSDUDHOIXWXUR
(OFHUHEURVHSUHSDUDFRQWLQXDPHQWH
SDUDHOIXWXUREDViQGRVHHQORTXH
RFXUULySUHYLDPHQWH/RVUHFXHUGRV
PROGHDQQXHVWUDVSHUFHSFLRQHV
DFWXDOHVOOHYiQGRQRVDSUHYHUORTXH
VXFHGHUiGHVSXpV1XHVWURSDVDGR
PROGHDSRUFRPSOHWRQXHVWUR
SUHVHQWH\QXHVWURIXWXUR<ORKDFH
SRUPHGLDFLyQGHDVRFLDFLRQHV
GHQWURGHOFHUHEUR

0LWRQž/DPHPRULDHV
FRPRXQDIRWRFRSLDGRUD
&XDQGRHYRFDVUHFXHUGRV
YHVUHSURGXFFLRQHV
SUHFLVDV\H[DFWDVGHOR
TXHRFXUULyHQHOSDVDGR
7HUHFXHUGDVDWLPLVPR
HQWXSULPHUDFLWDFRQXQ
SHLQDGR\XQDURSD
ULGtFXORV\WHUtHVGHWX
QHUYLRVLVPR2YHVDO
PpGLFRVRVWHQLHQGRDWX
UHFLpQQDFLGR\UHYLYHV
ODVLQWHQVDVHPRFLRQHVGH
HVHPRPHQWR

7DPSRFRHQHVWHFDVRHVHVRORTXH
SDVDH[DFWDPHQWH%XHQRHVSRVLEOH
TXHORGHOSHLQDGR\ODURSD
ULGtFXORVKD\DRFXUULGRGHYHUGDG
SHURODPHPRULDQRHVXQD
UHSURGXFFLyQH[DFWDGHKHFKRVGHO
SDVDGR&DGDYH]TXHUHFXSHUDPRV
XQUHFXHUGRORDOWHUDPRV(V
SRVLEOHTXHORTXHUHFRUGDPRVVH
DFHUTXHDORTXHRFXUULy
H[DFWDPHQWHSHURHOPLVPRDFWRGH
UHPHPRUDUXQDH[SHULHQFLDOD
PRGLILFDDYHFHVGHPDQHUD
VLJQLILFDWLYD'LFKRHQWpUPLQRV
FLHQWtILFRVODUHFXSHUDFLyQGHO
UHFXHUGRDFWLYDXQJUXSRQHXUDO
SDUHFLGRSHURQRLGpQWLFRDOFUHDGR
HQHOPRPHQWRGHODFRGLILFDFLyQ
$VtSXHVORVUHFXHUGRVVH
GLVWRUVLRQDQ±DYHFHVXQSRFRRWUDV
PXFKR±DXQTXHFUHDPRVTXHVRQ
SUHFLVRV

7~PLVPRKDVWHQLGRFRQYHUVDFLRQHV
FRQWXKHUPDQRRWXSDUHMDHQODVTXH
GHVSXpVGHFRQWDUDOJRTXHKD
VXFHGLGRWHGLFHQ©£1RIXHDVtª
7XHVWDGRGHiQLPRFXDQGR
FRGLILFDVWHHOUHFXHUGR\HOHVWDGR
GHiQLPRHQTXHHVWiVFXDQGROR
UHPHPRUDVLQIOX\HQHQHOSURSLR
UHFXHUGR\ORDOWHUDQ$VtSXHVOD
KLVWRULDTXHFXHQWDVQRHVWDQWR
KLVWRULDFRPRILFFLyQKLVWyULFD

/DYHUGDGVREUHODPHPRULD
VHDPRVH[SOtFLWRV HLPSOtFLWRV

3LHQVDHQWXUHFXHUGRGHFyPRVH
FDPELDXQSDxDO&XDQGRWHDFHUFDV
DXQFDPELDGRUQRWHH[SOLFDVDWL
PLVPRHOSURFHVRGHXQDPDQHUD
DFWLYD©%LHQSULPHURFRORFDDO
EHEpVREUHHOHPSDSDGRU$KRUD
EDMDODFUHPDOOHUDGHOSLMDPD\
UHWLUDHOSDxDOPRMDGR3RQHOSDxDO
OLPSLRGHEDMRGHOEHEpǻ

1RQDGDGHHVRHVQHFHVDULR
SRUTXHFXDQGRFDPELDVXQSDxDO
VLPSOHPHQWHYDV\ORKDFHV<DOR
KDVFDPELDGRWDQWDVYHFHVTXHQL
VLTXLHUDQHFHVLWDVSHQVDUHQHOOR7X
FHUHEURHQFLHQGHJUXSRVGHQHXURQDV
TXHWHSHUPLWHQGHVSHJDUODVWLUDV
DGKHVLYDVTXLWDUHOSDxDOFRJHUXQD
WRDOOLWDHWFpWHUDWRGRHOORVLQGDUWH
FXHQWDHQQLQJ~QPRPHQWRGHTXH
HVWiV©DFRUGiQGRWHªGHFyPRVH
KDFHeVDHVXQDFODVHGHUHFXHUGR
ODVH[SHULHQFLDVGHOSDVDGR
FDPELDUXQSDxDOWUDVRWUR LQIOX\HQ
HQWXFRPSRUWDPLHQWRGHOSUHVHQWH
FDPELDUHVWHSDxDOHQFRQFUHWR VLQ
VLTXLHUDGDUWHFXHQWDGHTXHWX
PHPRULDVHKDGHVHQFDGHQDGR

6LSRURWURODGRSLHQVDVHQOD
SULPHUDYH]TXHFDPELDVWHXQSDxDO
SXHGHTXHWHGHWHQJDVSRUXQ
PRPHQWRH[SORUHVWXPHPRULD\TXH
DSDUH]FDDQWHWLXQDLPDJHQGHWL
PLVPROHYDQWDQGRQHUYLRVDPHQWHHO
WRELOORGHXQEHEpHQFRJLpQGRWHDO
YHUHOFRQWHQLGRGHOSDxDOVXIULHQGR
SRUTXHQRVDEHVTXpWLHQHVTXHKDFHU
DFRQWLQXDFLyQ&XDQGRSLHQVDVGH
XQDPDQHUDDFWLYDHQHVWDVLPiJHQHV
\HPRFLRQHVWRPDVFRQFLHQFLDGH
TXHHVWiVUHFRUGDQGRDOJRGHO
SDVDGR(VRWDPELpQHVPHPRULD
SHURHVXQDPHPRULDGLVWLQWDGHOD
TXHWHSHUPLWHFDPELDUXQSDxDO
DKRUDVLQSHQVDUHQORTXHKDFHV

(VWDVGRVFODVHVGHPHPRULDVH
HQWUHOD]DQ\DFW~DQMXQWDVHQWXYLGD
FRWLGLDQD/DPHPRULDTXHWH
SHUPLWHFDPELDUDWXEHEpVLQVDEHU
TXHHVWiVUHFRUGDQGRFyPRVHKDFH
VHOODPDPHPRULDLPSOtFLWD7X
FDSDFLGDGSDUDUHFRUGDUHOPRPHQWR
HQTXHDSUHQGLVWHDFDPELDUXQSDxDO
RFXDOTXLHUPRPHQWRFRQFUHWR HV
ODPHPRULDH[SOtFLWD1RUPDOPHQWH
DOKDEODUGHODPHPRULDQRV
UHIHULPRVDORTXHHQULJRUHVOD
PHPRULDH[SOtFLWDXQUHFXHUGR
FRQVFLHQWHGHXQDH[SHULHQFLDGHO
SDVDGR3HURGHEHPRVFRQRFHUOD
H[LVWHQFLDGHORVGRVWLSRVGH
PHPRULDWDQWRSRUQXHVWURSURSLR
ELHQFRPRSRUHOGHQXHVWURVKLMRV
6LHQWHQGHPRVFODUDPHQWHHVWDVGRV
FODVHVGHPHPRULDSRGHPRV
SURSRUFLRQDUDQXHVWURVKLMRVORTXH
QHFHVLWDQPLHQWUDVFUHFHQ\PDGXUDQ
\VHHQIUHQWDQDH[SHULHQFLDV
GLItFLOHV

&HQWUpPRQRVHQSULPHUOXJDUHQORV
UHFXHUGRVLPSOtFLWRVTXHHPSLH]DQ
DIRUPDUVHLQFOXVRDQWHVGHQDFHU
'DQFXHQWDXQDDQpFGRWDVREUHXQ
©HVWXGLRGHLQYHVWLJDFLyQªLQIRUPDO
TXHOOHYyDFDERHQVXSURSLD
IDPLOLD

'XUDQWHORVGRVHPEDUD]RV
GHPLPXMHU\RFDQWDEDD
PLVKLMRVTXHHVWDEDQD~Q
HQODEDUULJDGHVXPDGUH
(UDXQDYLHMDFDQFLyQUXVD
TXHDPtPHFDQWDEDPL
DEXHODXQDFDQFLyQ
LQIDQWLOVREUHVXDPRUDOD
YLGD\DVXPDGUH©4XH
VLHPSUHHVWpHOVROTXH
VLHPSUHHVWpQORVEXHQRV
WLHPSRVTXHVLHPSUHHVWp
PDPi\TXHVLHPSUHHVWp
\Rª<RODFDQWDED±HQ
UXVR\HQLQJOpV±GXUDQWH
HO~OWLPRWULPHVWUHGHO
HPEDUD]RFXDQGRVDEtD
TXHHOVLVWHPDDXGLWLYR
HVWDEDOREDVWDQWH
GHVDUUROODGRSDUDUHJLVWUDU
HOVRQLGRTXHOOHJDEDD
WUDYpVGHOOtTXLGR
DPQLyWLFR

'HVSXpVHQODSULPHUD
VHPDQDSRVWHULRUDO
QDFLPLHQWRGHFDGDQLxR
LQYLWpDXQFROHJDDFDVD
SDUDOOHYDUDFDERXQ
©HVWXGLRGH
LQYHVWLJDFLyQª <DORVp
QRHUDXQHVWXGLR
FRQWURODGRSHURHUD
GLYHUWLGR 6LQUHYHODU
FXiOHUDODFDQFLyQ
SUHQDWDOFDQWpWUHV
FDQFLRQHVGLVWLQWDVXQD
WUDVRWUD1RFXSRGXGD
FXDQGRORVEHEpVR\HURQ
ODFDQFLyQIDPLOLDU
DEULHURQPiVORVRMRV\VH
PRVWUDURQPiVDWHQWRVGH
PRGRTXHPLFROHJD
SHUFLELyFODUDPHQWHHO
FDPELRHQVXQLYHOGH
DWHQFLyQ6HKDEtD
FRGLILFDGRXQDPHPRULD
SHUFHSWLYD $KRUDPLV
KLMRVQRPHGHMDQFDQWDU
GHEtDGHVRQDUPHMRU
FXDQGRHOORVHVWDEDQ
GHQWURGHODJXD

/RVKLMRVUHFLpQQDFLGRVGH'DQ
UHFRQRFLHURQVXYR]\ODFDQFLyQ
UXVDSRUTXHHVDLQIRUPDFLyQVH
KDEtDFRGLILFDGRHQVXFHUHEURHQ
IRUPDGHUHFXHUGRVLPSOtFLWRV
&RGLILFDPRVODPHPRULDLPSOtFLWDD
ORODUJRGHWRGDQXHVWUDYLGD\HQ
ORVSULPHURVGLHFLRFKRPHVHVVyOR
FRGLILFDPRVLPSOtFLWDPHQWH8Q
EHEpFRGLILFDORVRORUHVORVVDERUHV
\ORVUXLGRVGHVXFDVD\VXVSDGUHV
ODVHQVDFLyQGHKDPEUHHQHO
HVWyPDJRHOSODFHUDOVDERUHDUOD
OHFKHWLELDODPDQHUDHQTXHHO
FXHUSRGHVXPDGUHVHWHQVDHQ
UHVSXHVWDDODOOHJDGDGHFLHUWR
SDULHQWH/DPHPRULDLPSOtFLWD
FRGLILFDQXHVWUDVSHUFHSFLRQHV
QXHVWUDVHPRFLRQHVQXHVWUDV
VHQVDFLRQHVFRUSRUDOHV\DPHGLGD
TXHQRVKDFHPRVPD\RUHVFRQGXFWDV
FRPRJDWHDUFDPLQDUHLUHQ
ELFLFOHWD\ILQDOPHQWHFDPELDUXQ
SDxDO

/DLGHDHVHQFLDOVREUHODPHPRULD
LPSOtFLWDTXHGHEHPRVHQWHQGHU±
VREUHWRGRHQORTXHVHUHILHUHD
QXHVWURVKLMRV\VXVPLHGRV\
IUXVWUDFLRQHV±HVTXHORVUHFXHUGRV
LPSOtFLWRVQRVOOHYDQDFUHDUQRV
H[SHFWDWLYDVVREUHFyPRIXQFLRQDHO
PXQGRDSDUWLUGHH[SHULHQFLDV
SUHYLDV5HFRUGHPRVODFRQH[LyQ
HQWUHHOEDOOHW\HOFKLFOH&RPRODV
QHXURQDVTXHVHHQFLHQGHQDOPLVPR
WLHPSRVHFRQHFWDQHQWUHVtDOPLVPR
WLHPSRFUHDPRVFLHUWRVPRGHORV
PHQWDOHVEDVDGRVHQORTXHRFXUULy
HQHOSDVDGR6LDEUD]DVDWXEHEp
WRGDVODVQRFKHVFXDQGRYXHOYHVD
FDVDGHOWUDEDMRWXKLMRWHQGUiXQ
PRGHORHQODFDEH]DGHTXHWX
OOHJDGDDFDVDYHQGUiDFRPSDxDGD
GHDIHFWR\FRQH[LyQ(VRHVSRUTXH
ODPHPRULDLPSOtFLWDFUHDDOJR
OODPDGRLPSULPDFLyQTXHHVFRPR
HOFHUHEURVHSUHSDUDSDUDUHV௙SRQGHU
GHXQDPDQHUDGHWHUPLQDGD&XDQGR
OOHJDVDFDVDWXKLMRSUHYpXQ
DEUD]R6XPXQGRLQWHULRUQRVyOR
HVWiSUHSDUDGRSDUDUHFLELUHVHJHVWR
FDULxRVRVLQRTXHLQFOXVRVH
DQWLFLSDUiPRYLHQGRORVEUD]RV
FXDQGRRLJDHOFRFKHHQHOFDPLQR
GHDFFHVR&RQIRUPHVHKDFHPD\RU
ODLPSULPDFLyQVHJXLUi
SURGXFLpQGRVHFRQFRQGXFWDVPiV
FRPSOHMDV3RFRVDxRVGHVSXpVVL
XQSURIHVRUGHSLDQRORFULWLFDD
PHQXGRSRUVXPDQHUDGHWRFDU
SXHGHGHVDUUROODUHOPRGHORPHQWDO
GHTXHQROHJXVWDHOSLDQRRLQFOXVR
GHTXHQRWLHQHRtGR8QDYHUVLyQ
PiVH[WUHPDGHHVWHSURFHVRVH
SURGXFHHQHOFDVRGHXQWUDVWRUQR
SRUHVWUpVSRVWUDXPiWLFRR7(37
GRQGHHOUHFXHUGRLPSOtFLWRGHXQD
H[SHULHQFLDSHUWXUEDGRUDVHFRGLILFD
HQHOFHUHEURGHXQDSHUVRQD\XQ
VRQLGRRXQDLPDJHQGHVHQFDGHQD
HVHUHFXHUGRVLQTXHODSHUVRQDVH
GpVLTXLHUDFXHQWDGHTXHHVXQ
UHFXHUGR/DPHPRULDLPSOtFLWDHV
EiVLFDPHQWHXQSURFHVRHYROXWLYR
TXHQRVPDQWLHQHDVDOYR\IXHUDGH
SHOLJUR1RVOLEHUDSDUDSRGHU
UHDFFLRQDUUiSLGDPHQWHRLQFOXVR
SDUDDXWRPDWL]DUQXHVWUDVUHVSXHVWDV
HQPRPHQWRVGHSHOLJURVLQ
QHFHVLGDGGHUHFRUGDUGHPDQHUD
DFWLYDRLQWHQFLRQDGDH[SHULHQFLDV
SDUHFLGDVSUHYLDV

7RGRHVWRVLJQLILFDSDUDQRVRWURVHQ
WDQWRSDGUHVTXHFXDQGRQXHVWURV
KLMRVSDUHFHQUHDFFLRQDUGHPDQHUD
LQXVXDOPHQWHSRFRUD]RQDEOH
GHEHPRVSODQWHDUQRVVLHVTXHXQ
UHFXHUGRLPSOtFLWRKDFUHDGRXQ
PRGHORPHQWDOTXHGHEHPRV
D\XGDUORVDH[SORUDU(VRHVORTXH
KL]R7LQDFRQVXKLMRFXDQGROR
DFRVWy\KDEOyFRQpOVREUHHOFXUVR
GHQDWDFLyQ6XFRQYHUVDFLyQVH
GHVDUUROOyPiVRPHQRVGHOD
VLJXLHQWHPDQHUD

7LQD¢3XHGHVH[SOLFDUPH
TXpSDVDFRQODQDWDFLyQ"

+LMR1RORVpPDPi
6LPSOHPHQWHQRTXLHUR
KDFHUOR

7LQD¢+D\DOJRTXHWHGp
PLHGR"

+LMR6XSRQJRTXHVt(V
FRPRVLWXYLHUDPDULSRVDV
HQHOHVWyPDJR

7LQD3XHVKDEOHPRVGH
HVDVPDULSRVDV¢6DEtDV
TXHHOFHUHEURUHFXHUGD
FRVDVLQFOXVRFXDQGRW~QL
VLTXLHUDVDEHVTXHODV
UHFXHUGDV"

+LMR1RORHQWLHQGR

7LQD9DOH'HMDTXHWHOR
H[SOLTXHGHRWUDPDQHUD
¢7HDFXHUGDVGHTXH
WXYLVWHXQDPDOD
H[SHULHQFLDHQXQDVFODVHV
GHQDWDFLyQ"

+LMR$KVtFODUR

7LQD¢7HDFXHUGDVGH
DTXHOOXJDUDOTXHIXLPRV"
+LMR4XpGXURVHUDQFRQ
QRVRWURV

7LQD6tORVSURIHVRUHV
HUDQUHDOPHQWHPX\
VHYHURV

+LMR0HREOLJDEDQD
ODQ]DUPHGHVGHHO
WUDPSROtQ<PHKXQGtDQOD
FDEH]DEDMRHODJXD\PH
REOLJDEDQDDJXDQWDUOD
UHVSLUDFLyQGXUDQWHPXFKR
WLHPSR

7LQD(UDPXFKRWLHPSR
¢YHUGDG"¢<VDEHVXQD
FRVD"&UHRTXHHVRWLHQH
PXFKRTXHYHUFRQOD
UD]yQSRUODTXHDKRUDQR
TXLHUHVKDFHUHOFXUVRGH
QDWDFLyQ

+LMR¢$KVt"

7LQD6t¢6DEHVTXH
PXFKDVYHFHVFXDQGR
KDFHVFRVDV\DVHDQ
EXHQDVRPDODVWXFHUHEUR
\WXFXHUSRVHDFXHUGDQ"
3RUHVRFXDQGRGLJR
©(VWDGLRGHORV
'RGJHUVª«PLUD£HVWiV
VRQULHQGR¢1RWDVORTXH
SDVDGHQWURGHWLDKRUD"
¢/RTXHGLFHQWXFHUHEUR\
WXFXHUSR"¢&yPRWH
VLHQWHV"

+LMR¢0HHPRFLRQR"

7LQD6t/RYHRHQWX
FDUD¢<VLHQWHVPDULSRVDV
HQHOHVWyPDJR"

+LMR4XpYD

7LQD¢<FXDQGRPHQFLRQR
HOFXUVRGHQDWDFLyQ"¢7H
VLHQWHVGLVWLQWRDORtUOR"

+LMR6t

7LQD¢<ODVPDULSRVDVKDQ
YXHOWR"
+LMR6t1RTXLHURLU

7LQD3XHVWHGLUpTXpFUHR
TXHSDVD7XFHUHEURHV
LQFUHtEOH<XQDGHVXV
IXQFLRQHVLPSRUWDQWHVHV
PDQWHQHUWHDVDOYR9HUiV
WXFHUHEURVLHPSUHHVWi
FRPSUREDQGRVLWRGRYD
ELHQ\GLFH©(VWRHV
EXHQRªR©(VWRHVPDORª
$VtTXHFXDQGRGLJR
©(VWDGLRGHORV'RGJHUVª
WXFHUHEURGLFH©£4Xp
EXHQR£9D\DPRVDOOteVH
HVXQOXJDUGLYHUWLGRª
3HURFXDQGRGLJR©&XUVR
GHQDWDFLyQªWXFHUHEUR
GLFH©8QDPDODLGHD£1R
YD\DVª

+LMR([DFWR

7LQD<ODUD]yQSRUODTXH
WXFHUHEURVHHPRFLRQD
WDQWRFXDQGRGLJR
©(VWDGLRGHORV'RGJHUVª
HVSRUTXHDOOtKDVWHQLGR
EXHQDVH[SHULHQFLDV
3UREDEOHPHQWHQRWH
DFXHUGDVGHFDGDGHWDOOH
GHWRGRVORVSDUWLGRVSHUR
DXQDVtHQJHQHUDOWLHQHV
XQEXHQUHFXHUGRGHHVH
OXJDU

<DYHVFyPRLQWURGXMR7LQDHOWHPD
OLPLWiQGRVHDH[SOLFDUHOFRQFHSWR
GHTXHFLHUWRVUHFXHUGRVSXHGHQ
DIHFWDUQRVVLQTXHQRVGHPRVFXHQWD
GHTXHORVKHFKRVHQFXHVWLyQVH
SURGXMHURQHQHOSDVDGR
3UREDEOHPHQWHW~WDPELpQKD\DV
HQWHQGLGRSRUTXpVXKLMRVHSXVRWDQ
QHUYLRVRDQWHODLGHDGHLUDFODVHV
GHQDWDFLyQ<XQRGHORVPD\RUHV
SUREOHPDVHUDTXHQRWHQtDQLLGHD
GHODUD]yQSRUODTXHVHSXVRHQHVH
HVWDGR6yORVDEtDTXHQRTXHUtDLU
3HURFXDQGR7LQDOHH[SOLFyGH
GyQGHSURFHGtDQVXVVHQWLPLHQWRV
HPSH]yDGHVDUUROODUXQDFRQFLHQFLD
TXHOHSHUPLWLyFRQWURODUORTXH
SDVDEDHQVXFHUHEUR\GHHVHPRGR
SXGRYROYHUDVLWXDUVXV
H[SHULHQFLDV\VXVVHQWLPLHQWRV

6LJXLHURQFRQYHUVDQGRXQSRFRPiV
\DOFDERGHXQUDWR7LQDOHHQVHxy
XQDVKHUUDPLHQWDVSUiFWLFDVTXH
SRGtDXVDUFXDQGRHPSH]DUDD
SRQHUVHQHUYLRVRDQWHODLGHDGHLUD
FODVHGHQDWDFLyQDOJXQDVGHODV
FXDOHVDERUGDUHPRVGHQWURGHXQDV
SRFDVSiJLQDV$VtDFDEyOD
FRQYHUVDFLyQ

7LQD%LHQSXHVDKRUD\D
VDEHVTXHODUD]yQGHWX
PLHGRHVTXHWXYLVWHPDODV
H[SHULHQFLDVHQHOSDVDGR

+LMR6tVXSRQJRTXHVt
7LQD3HURDKRUDHUHV
PD\RU\VDEHVPiV\
SXHGHVYHUODQDWDFLyQGH
PDQHUDPX\GLVWLQWD$Vt
TXHKDJDPRVXQSDUGH
FRVDVSDUDD\XGDUWHD
VHQWLUWHPHMRU8QDHV
EXVFDUORVUHFXHUGRVGH
WRGRVORVPRPHQWRV
GLYHUWLGRV\DJUDGDEOHV
PLHQWUDVQDGDEDV¢6HWH
RFXUUHDOJXQDH[SHULHQFLD
EXHQDPLHQWUDVQDGDEDV"

+LMR&ODURFXDQGRIXLD
QDGDUFRQ+HQU\ODVHPDQD
SDVDGD
7LQD([DFWR0X\ELHQ<
WDPELpQSXHGHVKDEODUOHD
WXFHUHEUR

+LMR¢(K"

7LQD+DEORHQVHULR'H
KHFKRHVXQDGHODV
PHMRUHVFRVDVTXHSXHGHV
KDFHU3XHGHVGHFLU
©&HUHEURJUDFLDVSRU
LQWHQWDUPDQWHQHUPHD
VDOYR\SURWHJHUPHSHUR
\DQRHVQHFHVDULRTXHPH
GpPLHGRQDGDU+D\XQ
FXUVRQXHYRFRQXQ
PRQLWRUQXHYRXQDSLVFLQD
QXHYD\\RVR\XQQLxR
QXHYRTXH\DVDEHQDGDU
$VtTXHFHUHEURYR\D
DKX\HQWDUDODVPDULSRVDV
TXHWHQJRHQHOHVWyPDJR
VRSODQGRPX\IXHUWH\
GHVSDFLRDVt<YR\D
FRQFHQWUDUPHHQORTXH
KD\GHEXHQRHQOD
QDWDFLyQª¢7HSDUHFH
H[WUDxRHVRGHKDEODUOHD
WXFHUHEUR"

+LMR8QSRFR

7LQD<DORVpHVJUDFLRVR
\XQSRFRH[WUDxR3HUR
¢HQWLHQGHVSRUTXpSRGUtD
VXUWLUHIHFWR"¢4Xp
SRGUtDVGHFLUDWXFHUHEUR
SDUDTXHWXFXHUSRVH
WUDQTXLOLFH\SDUDTXHW~WH
VLHQWDVPiVVHJXUR\D
JXVWRDQWHODLGHDGHLUD
FODVHVGHQDWDFLyQ"¢4Xp
SRGUtDVGHFLUHQWX
FDEH]D"

+LMR(VDVFODVHVGH
QDWDFLyQWDQHVSDQWRVDV
RFXUULHURQHQHOSDVDGR
$KRUDpVWDHVXQDFODVHGH
QDWDFLyQQXHYD\DPtPH
JXVWDQDGDU

7LQD([DFWR3RUTXH¢TXp
WHSDUHFHODQDWDFLyQHQ
JHQHUDO"

+LMR0HHQFDQWD

7LQD%LHQ<DKRUD
KDJDPRVRWUDFRVD¢4Xp
SRGUtDVKDFHURGHFLUDWX
FHUHEURVLHPSLH]DVD
SRQHUWHQHUYLRVRRWUDYH]
FXDQGRYD\DPRVDOD
SULPHUDFODVHGHQDWDFLyQ"
¢$OJRDVtFRPRXQD
HVSHFLHGHFyGLJRSDUD
UHFRUGDUWHTXHHVXQ
VHQWLPLHQWRGHOSDVDGR"

+LMR1RORVp¢0DWDUODV
PDULSRVDV"
7LQD3RUTXHODV
PDULSRVDVVRQGHKDFH
PXFKRWLHPSR\\DQRODV
QHFHVLWDVHQHOHVWyPDJR
¢YHUGDG"

+LMR6t

7LQD0HSDUHFHSHUIHFWR
<PHDOHJURGHTXHDKRUD
WHUtDVGHHVR3HUR
¢SRGUtDPRVEXVFDUXQ
FyGLJRPHQRVYLROHQWR"
¢4XpWHSDUHFH©6ROWDUODV
PDULSRVDVªR©/LEHUDUODV
PDULSRVDVª"

+LMR0HJXVWD©PDWDUª
7LQD9DOHSXHVTXHVHD
©PDWDUODVPDULSRVDVª

&DEHVHxDODUTXHDTXtORPiV
LPSRUWDQWHTXHKL]R7LQDIXHFRQWDU
ODKLVWRULDGHODSURFHGHQFLDGHORV
PLHGRVGHVXKLMR8VyODQDUUDFLyQ
SDUDD\XGDUORDFRQYHUWLUVXV
UHFXHUGRVLPSOtFLWRVHQUHFXHUGRV
H[SOtFLWRV\OOHQRVGHVLJQLILFDGR\
DVtQRHMHUFHUtDQXQSRGHUWDQRFXOWR
VREUHpO(QFXDQWRORVUHFXHUGRV
LPSOtFLWRVGHVXPDODH[SHULHQFLDHQ
ODVFODVHVGHQDWDFLyQDVRPDURQDOD
FRQFLHQFLDOHIXHUHODWLYDPHQWHIiFLO
HQIUHQWDUVHDVXVPLHGRVDFWXDOHV(V
HQHVWDWUDQVIRUPDFLyQ±GHOR
LPSOtFLWRDORH[SOtFLWR±GRQGHHO
YHUGDGHURSRGHUGHODPHPRULD
LQWHJUDGDSURSRUFLRQDFODULYLGHQFLD
FRPSUHQVLyQHLQFOXVRFXUDFLyQ

,QWHJUDUORLPSOtFLWR\ORH[SOtFLWR
PRQWDUHOURPSHFDEH]DVGHOD
PHQWH

/RVUHFXHUGRVLPSOtFLWRVVXHOHQVHU
SRVLWLYRV\DFWXDUDQXHVWURIDYRU
FRPRFXDQGRHVSHUDPRVVHU
TXHULGRVSRUODVSHUVRQDVTXHQRV
URGHDQVHQFLOODPHQWHSRUTXH
VLHPSUHQRVKDQTXHULGR6L
FRQWDPRVFRQTXHQXHVWURVSDGUHV
YDQDFRQVRODUQRVFXDQGROR
SDVDPRVPDOSRUODVHQFLOODUD]yQGH
TXHVLHPSUHORKDQKHFKRHVSRUTXH
WRGDXQDVHULHGHUHFXHUGRV
LPSOtFLWRVSRVLWLYRVVHKDDFXPXODGR
GHQWURGHQRVRWURV3HURORV
UHFXHUGRVLPSOtFLWRVWDPELpQSXHGHQ
VHUQHJDWLYRVFRPRFXDQGRKHPRV
WHQLGRUHSHWLGDVYHFHVOD
H[SHULHQFLDFRQWUDULDGHTXH
QXHVWURVSDGUHVVHLUULWDUDQR
PRVWUDUDQIDOWDGHLQWHUpVDQWH
QXHVWURVSUREOHPDV

(OSUREOHPDFRQXQUHFXHUGR
LPSOtFLWRVREUHWRGRGHXQD
H[SHULHQFLDGRORURVDRQHJDWLYDHV
TXHFXDQGRQRVRPRVFRQVFLHQWHVGH
VXH[LVWHQFLDVHFRQYLHUWHHQXQ
FDPSRPLQDGRTXHSXHGHOLPLWDUQRV
GHPDQHUDVLJQLILFDWLYD\DYHFHV
GHELOLWDQWH(OFHUHEURUHFXHUGD
PXFKRVKHFKRVWDQWRVLVRPRV
FRQVFLHQWHVGHHOORVFRPRVLQRGH
PRGRTXHFXDQGRWHQHPRVXQDPDOD
H[SHULHQFLD±FXDOTXLHUFRVDGHVGH
XQWRELOORWRUFLGRKDVWDODPXHUWHGH
XQVHUTXHULGR±HVHPRPHQWR
GRORURVRVHJUDEDHQHOFHUHEUR\
HPSLH]DDDIHFWDUQRV$XQTXHQR
VHDPRVFRQVFLHQWHVGHVXRULJHQHQ
HOSDVDGRORVUHFXHUGRVLPSOtFLWRV
SXHGHQFUHDULJXDOPHQWHPLHGR
HYLWDFLyQWULVWH]D\RWUDVHPRFLRQHV
\VHQVDFLRQHVFRUSRUDOHVGRORURVDV
(VRFRQWULEX\HDH[SOLFDUSRUTXp
ORVQLxRV DVtFRPRORVDGXOWRV D
PHQXGRUHDFFLRQDQGHPDQHUD
H[WUHPDDQWHFLHUWDVVLWXDFLRQHVVLQ
VHUFRQVFLHQWHVGHODUD]yQSRUOD
TXHVHDOWHUDQWDQWR6LXQQLxRQRHV
FDSD]GHGDUVHQWLGRDVXVUHFXHUGRV
GRORURVRVSXHGHH[SHULPHQWDU
DOWHUDFLRQHVHQHOVXHxRIRELDV
GHELOLWDQWHV\RWURVSUREOHPDV

$VtSXHV¢FyPRSRGHPRVD\XGDUD
QXHVWURVKLMRVFXDQGRVXIUHQORV
HIHFWRVGHH[SHULHQFLDVQHJDWLYDV
GHOSDVDGR"3RGHPRVSUR\HFWDU
VREUHHVRVUHFXHUGRVLPSOtFLWRVOD
OX]GHODFRQFLHQFLDYROYLpQGRORV
H[SOtFLWRVSDUDTXHQXHVWURVKLMRV
VHDQFRQVFLHQWHV\VHHQIUHQWHQD
HOORVGHXQDPDQHUDLQWHQFLRQDGD$
YHFHVORVSDGUHVHVSHUDQTXHVXV
KLMRV©VHQFLOODPHQWHROYLGHQªODV
H[SHULHQFLDVGRORURVDVTXHKDQ
YLYLGRSHURHQUHDOLGDGORTXHORV
QLxRVQHFHVLWDQHVTXHORVSDGUHVOHV
HQVHxHQPDQHUDVVDQDVGHLQWHJUDU
ORVUHFXHUGRVLPSOtFLWRV\
H[SOtFLWRVFRQYLUWLHQGRLQFOXVRODV
H[SHULHQFLDVGRORURVDVHQIXHQWHVGH
SRGHU\HQRFDVLRQHVSDUDDSUHQGHU
DFRPSUHQGHUVHDVtPLVPRV

([LVWHXQDSDUWHGHQXHVWURFHUHEUR
FX\DIXQFLyQHVSUHFLVDPHQWHpVD
LQWHJUDUQXHVWURVUHFXHUGRV
LPSOtFLWRV\H[SOtFLWRVSDUDTXH
SRGDPRVHQWHQGHUPHMRUHOPXQGR\
HQWHQGHUQRVDQRVRWURVPLVPRV6H
OODPD©KLSRFDPSRª\SXHGH
FRQVLGHUDUVHHO©PRWRUGH
E~VTXHGDªHQODUHFXSHUDFLyQGH
UHFXHUGRV(OKLSRFDPSRDFW~DMXQWR
FRQGLVWLQWDVSDUWHVGHOFHUHEURSDUD
FRJHUWRGDVODVLPiJHQHVHPRFLRQHV
\VHQVDFLRQHVGHODPHPRULD
LPSOtFLWD\MXQWDUODVDILQGH
FRQYHUWLUODVHQODV©LPiJHQHVª
UHXQLGDVTXHFRQVWLWX\HQQXHVWUD
FRPSUHQVLyQH[SOtFLWDGHQXHVWUDV
H[SHULHQFLDVGHOSDVDGR

,PDJLQDTXHHOKLSRFDPSRHVXQJUDQ
H[SHUWRHQHOPRQWDMHGH
URPSHFDEH]DV\VHGHGLFDDHQFDMDU
ODVSLH]DVGHODPHPRULDLPSOtFLWD
&XDQGRODVLPiJHQHV\ODV
VHQVDFLRQHVGHODH[SHULHQFLD
H[LVWHQ~QLFDPHQWHGHIRUPD
LPSOtFLWDFXDQGRQRKDQVLGR
LQWHJUDGDVSRUHOKLSRFDPSR
SHUPDQHFHQDLVODGDVXQDVGHRWUDV
GLVSXHVWDVVLQRUGHQQLFRQFLHUWRHQ
QXHVWURFHUHEUR(QOXJDUGHRIUHFHU
XQDLPDJHQFODUD\FRPSOHWDXQ
URPSHFDEH]DVDFDEDGRQXHVWURV
UHFXHUGRVLPSOtFLWRVVRQFRPR
SLH]DVVXHOWDVGHXQURPSHFDEH]DV
3RUORWDQWRFDUHFHPRVGHFODULGDG
HQQXHVWUDSURSLDQDUUDFLyQHQFXUVR
TXHGHILQHH[SOtFLWDPHQWHTXLpQHV
VRPRV/RSHRUGHWRGRHVTXHHVWRV
UHFXHUGRVH[FOXVLYDPHQWHLPSOtFLWRV
VLJXHQGDQGRIRUPDDQXHVWUDPDQHUD
GHFRQWHPSODUHLQWHUDFWXDUFRQ
QXHVWUDUHDOLGDGGHDTXt\DKRUD
$IHFWDQDQXHVWUDQRFLyQGHTXLpQHV
VRPRVHQFDGDPRPHQWRWRGRHOOR
VLQVHUVLTXLHUDFRQVFLHQWHVGHTXH
LQFLGHQHQODPDQHUDHQTXH
LQWHUDFWXDPRVFRQHOPXQGR

3RUORWDQWRHVIXQGDPHQWDOTXH
UHXQDPRVHVWDVSLH]DVLPSOtFLWDV
SDUDPRQWDUHOURPSHFDEH]DV\GDUOH
XQDIRUPDH[SOtFLWDORTXHQRV
SHUPLWLUiUHIOH[LRQDUDFHUFDGHVX
LPSDFWRHQQXHVWUDYLGD(VHQWRQFHV
FXDQGRLQWHUYLHQHHOKLSRFDPSR$O
OOHYDUDFDERODLPSRUWDQWHIXQFLyQ
GHLQWHJUDUORVUHFXHUGRVLPSOtFLWRV
\H[SOtFLWRVQRVSHUPLWH
FRQYHUWLUQRVHQDXWRUHVDFWLYRVGHOD
KLVWRULDGHQXHVWUDSURSLDYLGD
&XDQGR7LQDKDEOyFRQVXKLMRGH
VXVDVRFLDFLRQHVHQWUHHOPLHGR\ODV
FODVHVGHQDWDFLyQQRKL]RPiVTXH
D\XGDUDVXKLSRFDPSRDFXPSOLU
FRQVXFRPHWLGR1RFRVWyPXFKR
TXHORVUHFXHUGRVLPSOtFLWRVVH
YROYLHUDQH[SOtFLWRVSHUPLWLHQGRDO
QLxRHQIUHQWDUVHDVXPLHGR\GDU
VHQWLGRDXQDH[SHULHQFLDGRORURVD
GHOSDVDGR\DODPDQHUDHQTXH
VHJXtDDIHFWiQGRORHQHOSUHVHQWH

&XDQGRQRFRQFHGHPRVDORVQLxRV
ODRSRUWXQLGDGGHH[SUHVDUVXV
VHQWLPLHQWRV\UHFRUGDUORVXFHGLGR
GHVSXpVGHXQKHFKRLPSDFWDQWHVXV
UHFXHUGRVH[FOXVLYDPHQWHLPSOtFLWRV
SHUPDQHFHQGHIRUPDGHVLQWHJUDGD
LPSLGLpQGROHVGDUVHQWLGRDVX
H[SHULHQFLD3HURFXDQGRD\XGDPRV
DQXHVWURVKLMRVDLQWHJUDUHOSDVDGR
HQHOSUHVHQWHSXHGHQGDUVHQWLGRD
ORTXHRFXUUHGHQWURGHHOORV\
FRQWURODUFyPRSLHQVDQ\VH
FRPSRUWDQ&XDQWRPiVSURPRYDPRV
HVWDFODVHGHLQWHJUDFLyQGHOD
PHPRULDHQQXHVWURVKLMRVPHQRV
UHVSXHVWDVLUUDFLRQDOHVYHUHPRVDQWH
ORTXHRFXUUHDKRUDODVFXDOHVHQ
UHDOLGDGVRQUHDFFLRQHVUHVLGXDOHV
GHOSDVDGR

(VWRWDPSRFRVLJQLILFDTXHOD
LQWHJUDFLyQGHODPHPRULDVHDSDUD
ORVSDGUHVXQDSDQDFHDTXH
SUHYHQGUiWRGRVORVHVWDOOLGRV\
UHDFFLRQHVLUUDFLRQDOHV3HURHVXQD
SRGHURVDKHUUDPLHQWDSDUDDERUGDU
ODVH[SHULHQFLDVGLItFLOHVGHO
SDVDGR\WHDOHJUDUiVGHFRQRFHUOD
ODSUy[LPDYH]TXHWXKLMRVHUHVLVWD
DDOJRSRUXQDUD]yQGHVFRQRFLGD
6tYDOHFXDQGRWXKLMRGHFLQFR
DxRVQRHQFXHQWUHODOX]WUDVHUDSDUD
DFDEDUGHPRQWDUHOWRGRWHUUHQRGH
/XNH6N\ZDONHU\VXHOWHXQD
DQGDQDGDGHJULWRVGHVFRQWURODGRV
FRQWUDOD©HVW~SLGDWLHQGDGH/HJRª
HVSRVLEOHTXHHVRQRWHQJDQDGDTXH
YHUFRQXQUHFXHUGRLPSOtFLWR
LQVSLUDGRSRU*HRUJH/XFDV'H
KHFKRDQWHVGHGDUOHGHPDVLDGDV
YXHOWDVDODVLWXDFLyQGHWHQWH\
DQDOL]DORVHOHPHQWRVEiVLFRV¢QR
VHUiTXHWXSHTXHxR-HGLWLHQH
KDPEUHRTXHHVWiHQIDGDGRR
FDQVDGRRTXHVHVLHQWHVROR"6LHV
DVtVRQWRGRVSUREOHPDVGHIiFLO
VROXFLyQ'DOHXQDPDQ]DQD$WLHQGH
DVXVVHQWLPLHQWRVGHIUXVWUDFLyQ
3DVDXQRVPLQXWRVFRQpOD\XGiQGROR
DORFDOL]DUODSLH]DTXHIDOWD
$FXpVWDORPiVWHPSUDQRSDUDTXH
UHFXSHUHHOVXHxRSHUGLGR\VHSRUWH
PHMRUDOGtDVLJXLHQWH/RVQLxRV
VXHOHQFRPSRUWDUVHGHODPHMRU
PDQHUDDVXDOFDQFHVyORQHFHVLWDQ
TXHDWHQGDPRVVXVQHFHVLGDGHV
EiVLFDV0LHQWUDVGHVFXEUHVFyPR
IXQFLRQDHOFHUHEUR\DQDOL]DVWRGD
ODLQIRUPDFLyQTXHGD௙PRVDTXtQR
ROYLGHVORVHQFLOOR\REYLRODV
FRVDVSHTXHxDVTXH\DVDEHV(O
VHQWLGRFRP~QSXHGHOOHYDUWHPX\
OHMRV

6LQHPEDUJRVLGHWHFWDVTXHHVWi
VXFHGLHQGRDOJRPiVLPSRUWDQWHQR
HVWDUiGHPiVLQWHQWDUUHFRUGDU
H[SHULHQFLDVGHOSDVDGRTXHWDOYH]
LQFLGDQHQODVLWXDFLyQDFWXDO3XHGH
TXHQRVLHPSUHVHDSRVLEOH
UHODFLRQDUXQDUHDFFLyQH[WUHPDGH
WXKLMRFRQXQKHFKRFRQFUHWRGHO
SDVDGRDVtTXHQRIXHUFHVXQD
FRQH[LyQTXHQRH[LVWH3HURVL
SLHQVDVTXHFDEHODSRVLELOLGDGGH
TXHXQKHFKRLQIOX\DHQODVDFFLRQHV
GHWXKLMRDFRQWLQXDFLyQWHGDUHPRV
XQDVFXDQWDVKHUUDPLHQWDVSUiFWLFDV
TXHSXHGHVHQVHxDUOHSDUDD\XGDUOR
DLQWHJUDUVXVUHFXHUGRVLPSOtFLWRV\
H[SOtFLWRV\FRQVHJXLUXQPD\RU
FRQWUROVREUHODPDQHUDHQTXH
UHVSRQGHDVXVFLUFXQVWDQFLDV
DFWXDOHV

/RTXHSXHGHVKDFHU$\XGDUDWX
KLMRDLQWHJUDUORVUHFXHUGRV
LPSOtFLWRV\H[SOtFLWRV

‡ (VWUDWHJLDGHOFHUHEURSOHQRQž

8VDHOPDQGRDGLVWDQFLDGHOD
PHQWHUHSURGXFHORVUHFXHUGRV

7DPELpQHQHVWHFDVRXQDGHODV
PDQHUDVPiVHILFDFHVGHSURPRYHU
ODLQWHJUDFLyQHVFRQWDUKLVWRULDV(Q
HO&DStWXORKHPRVKDEODGRGHOD
LPSRUWDQFLDGHODQDUUDFLyQDO
LQWHJUDUORVKHPLVIHULRVGHUHFKRH
L]TXLHUGR&RQWDUKLVWRULDVHVXQD
DFWLYLGDGTXHWDPELpQSXHGHVHU
HILFD]SDUDLQWHJUDUORVUHFXHUGRV
LPSOtFLWRV\H[SOtFLWRV3HURDYHFHV
VLXQQLxRHVWiEDMRORVHIHFWRVGH
XQDH[SHULHQFLDHVSHFLDOPHQWH
GRORURVDGHOSDVDGRHVSRVLEOHTXH
QRHVWpSUHSDUDGRSDUDUHFRUGDUHVH
KHFKRSRUHQWHUR(QHVHFDVR
SXHGHVGDUOHDFRQRFHUVX
UHSURGXFWRUGH'9'LQWHUQRTXH
WLHQHXQPDQGRDGLVWDQFLDFRQHO
TXHSXHGHUHSURGXFLUODH[SHULHQFLD
HQODFDEH]D7DPELpQSXHGHKDFHU
SDXVDVUHERELQDU\DYDQ]DU
UiSLGDPHQWH,JXDOTXHKDFHPRV
DYDQ]DUODLPDJHQHQODVSDUWHVTXH
GDQPLHGRGHXQDSHOtFXODR
UHERELQDPRVSDUDYROYHUDYHUXQD
HVFHQDSUHIHULGDHOPDQGRD
GLVWDQFLDGHODPHQWHHVXQD
KHUUDPLHQWDTXHSURSRUFLRQDFLHUWR
FRQWURODWXKLMRFXDQGRYXHOYHD
WRSDUVHFRQXQUHFXHUGR
GHVDJUDGDEOH+HDTXtXQDPDQHUD
HQTXHXQSDGUHXVyHVWDWpFQLFD

(OLHOKLMRGHGLH]DxRVGH'DYLG
VRUSUHQGLyDVXSDGUHFXDQGRGLMR
TXHHVHDxRQRTXHUtDSDUWLFLSDUHQ
HO3LQHZRRG'HUE\ODFDUUHUD
RUJDQL]DGDSRUORV/REDWRVHQODTXH
FDGDQLxRFRQVWUX\HVXSURSLRFRFKH
GHPDGHUDFRQODD\XGDGHVXSDGUH
RPDGUH'DYLGVHTXHGy
GHVFRQFHUWDGRSRUTXHFDGDDxRXQR
GHORVPHMRUHVPRPHQWRVGHO
LQYLHUQRSDUD(OLHUDFXDQGR
WUDEDMDEDMXQWRDVXSDGUHWDOODQGR
GDQGRIRUPD\SLQWDQGRXQEORTXHGH
PDGHUDGHSLQRKDVWDFRQYHUWLUORHQ
XQFRFKHGHSRUWLYR7UDVYDULDV
FRQYHUVDFLRQHV'DYLGDGYLUWLyTXH
(OLLQFOXVRVHQHJDEDDDFHUFDUVHD
ODVKHUUDPLHQWDVGHFDUSLQWHUtD
VREUHWRGRDODVTXHWHQtDQILOR$
SDUWLUGHDKtIXHEDVWDQWHVHQFLOOR
UHODFLRQDUODQXHYDIRELDGH(OLFRQ
XQHSLVRGLRVXFHGLGRXQRVPHVHV
DQWHV
(OYHUDQRDQWHULRU(OLKDEtDOOHYDGR
VXQDYDMDDOSDUTXHVLQHOSHUPLVR
GHVXVSDGUHV6XDPLJR5\DQ\pOVH
KDEtDQHQWUHWHQLGRFRUWDQGR\
WDOODQGRFRQODQDYDMDKDVWDTXHVH
SURGXMRXQDFFLGHQWH$OFRUWDUXQD
UDt]5\DQODWUDVSDVyFRQHOFXFKLOOR
\VHORFODYyHQODSLHUQDFRQOD
FRQVLJXLHQWHKHPRUUDJLD\HO
WUDVODGRHQDPEXODQFLDDXUJHQFLDV
7UDVGDUOHXQRVFXDQWRVSXQWRV
HQVHJXLGDVHHQFRQWUySHUIHFWDPHQWH
\QLVLTXLHUDSDUHFLyPX\
WUDXPDWL]DGRSRUORRFXUULGR3HUR
(OLPLHQWUDVHVSHUDEDHQVXFDVD
SUHJXQWiQGRVHFyPRHVWDUtD5\DQOR
SDVyPDO6LHQGRFRPRHUDXQQLxR
FRPSDVLYR\UHVSRQVDEOH(OLQR
SRGtDGLJHULUHOKHFKRGHTXHKDEtD
VLGRVXQDYDMDTXHpOKDEtDOOHYDGR
DOSDUTXHVLQSHUPLVRODTXHKDEtD
ODVWLPDGRDVXDPLJR\FDXVDGR
WDQWRVSUREOHPDV(VDQRFKHORV
SDGUHVGHORVGRVQLxRVORV
UHXQLHURQ\OHVSHUPLWLHURQKDEODUGH
ORRFXUULGR\SDUHFtDTXHORVGRV
GHMDEDQDWUiVHOLQFLGHQWH3HURGH
SURQWRDOFDERGHXQRVPHVHVHUD
HYLGHQWHTXHHOUHFXHUGRKDEtD
YXHOWRDLQFLGLUHQ(OLVLQTXHpOVH
GLHUDFXHQWD1RSDUHFtDFRQVFLHQWH
GHTXHODVKHUUDPLHQWDVGH
FDUSLQWHUtDOHGDEDQPLHGRDFDXVD
GHORVXFHGLGRFRQ5\DQ\VXQDYDMD

'DYLGGHFLGLyD\XGDUD(OLD
FRQYHUWLUHOUHFXHUGRLPSOtFLWRHQXQ
UHFXHUGRH[SOtFLWR3LGLyDVXKLMR
TXHIXHUDFRQpODOJDUDMHGRQGH
JXDUGDEDVXVKHUUDPLHQWDV(Q
FXDQWR(OLHQWUyHQHOJDUDMH\YLROD
VLHUUDHOpFWULFDDEULyORVRMRVGH
SDUHQSDU\VXSDGUHDGYLUWLyHO
PLHGRHQVXURVWUR,QWHQWDQGR
DSDUHQWDUQRUPDOLGDG(OLGLMR

±3DSiHVWHDxRQRTXLHURSDUWLFLSDU
HQHO3LQHZRRG'HUE\

'DYLGUHVSRQGLyFRQVXYR]PiV
DIHFWXRVD

±<DORVpKLMR\WDPELpQFUHRVDEHU
SRUTXp
+DEOyD(OLGHODUHODFLyQHQWUHOD
FDUUHUDGHFRFKHV\HODFFLGHQWHFRQ
ODQDYDMDSHUR(OLUHVLVWLpQGRVHD
DFHSWDUHVWDH[SOLFDFLyQGLMR

±1RQRHVHVR/RTXHSDVDHVTXH
DKRUDPLVPRHVWR\PX\RFXSDGRHQ
ODHVFXHOD

$XQDVt'DYLGLQVLVWLy

±<DVpTXHHVWiVRFXSDGRSHURFUHR
TXHKD\DOJRPiVTXHHVR+DEOHPRV
RWUDYH]GHORTXHSDVyDTXHOGtDHQ
HOSDUTXH

(OURVWURGH(OLGHQXHYRPDQLIHVWy
PLHGR
±3DSiDTXHOORRFXUULyKDFHPXFKR
WLHPSR1RWHQHPRVTXHKDEODUGH
HVR

'DYLGORWUDQTXLOL]y\DFRQWLQXDFLyQ
OHHQVHxyXQDSRGHURVDWpFQLFDSDUD
HQIUHQWDUVHDORVUHFXHUGRV
GRORURVRV

±7HYR\DFRQWDUODKLVWRULDGHOR
TXHRFXUULy±GLMRDVXKLMR±LJXDO
TXHW~PHODFRQWDVWHDPtHOYHUDQR
SDVDGR<TXLHURTXHLPDJLQHVOD
KLVWRULDHQWXFDEH]DFRPRVLYLHUDV
XQ'9'GHQWURGHWXFHUHEUR

(OLORLQWHUUXPSLy

±3DSiGHYHUGDGTXHQRTXLHUR
±<DVpTXHQRTXLHUHV±UHVSRQGLy
'DYLG±3HURDTXtHVGRQGHYLHQHOR
GLYHUWLGR4XLHURTXHLPDJLQHVTXH
WLHQHVXQPDQGRDGLVWDQFLDFRPRHO
TXHXVDPRVFXDQGRYHPRVXQD
SHOtFXODHQFDVD<FXDQGR\ROOHJXH
DODSDUWHGHODKLVWRULDHQODTXHQR
TXLHUHVSHQVDUOHGDVDOERWyQGH
SDXVD&XDQGRGLJDV©3DXVDªPH
GHWHQGUp(QWRQFHVSRGUHPRVKDFHU
DYDQ]DUUiSLGDPHQWHHVDHVFHQD
¢4XpWHSDUHFH"

±9DOH±FRQWHVWy(OLOHQWDPHQWHWDO
FRPRKDFHQORVQLxRVFXDQGR
UHVSRQGHQDXQDSHWLFLyQTXHOHV
SDUHFHDEVXUGD
'DYLGHPSH]yDFRQWDUODKLVWRULD
([SOLFyTXH(OLOOHJDEDDOSDUTXH
TXH5\DQ\pOHPSH]DEDQDWDOODU
FRUWH]DGHORViUEROHV\WRGROR
GHPiV&XDQGRGLMR©(QWRQFHV5\DQ
FRJLyXQDUDt]\HP௙SH]yDFRUWDUODª
(OLORLQWHUUXPSLy

±3DXVD±/RGLMRHQYR]EDMDSHUR
FRQILUPH]D

±9DOH±GLMR'DYLG±$KRUDKDJDPRV
DYDQ]DUODHVFHQDUiSLGDPHQWHKDVWD
ODOOHJDGDDOKRVSLWDO

±0iV

±¢+DVWDODYXHOWDGH5\DQDFDVD"
±0iV

±¢+DVWDFXDQGRYLQRDFDVDSRUOD
QRFKH"

±6t

'DYLGHQWRQFHVGHVFULELyHOIHOL]
HQFXHQWURHQWUHORVGRVDPLJRV
FyPRVHVDOXGDURQ\OXHJR
GHVDSDUHFLHURQSDUDHQWUHWHQHUVH
FRQORVYLGHRMXHJRV'DYLGKL]R
KLQFDSLpHQTXH5\DQ\VXVSDGUHV
KD௙EtDQLQVLVWLGRHQTXHQRHVWDEDQ
GLVJXVWDGRVFRQ(OL\HQTXHSDUD
HOORVWRGRDTXHOHSLVRGLRQRKDEtD
VLGRPiVTXHXQDFFLGHQWH

'DYLGPLUyDVXKLMR
±eVDHVODKLVWRULDSXHV¢QRHVDVt"

±6t

±6yORTXHKD\XQDSDUWHTXHKHPRV
RPLWLGR

±/RVp

±5HERELQHPRV\YROYDPRVDOSXQWR
GRQGHKHPRVKHFKRODSDXVD\
YHDPRVORTXHSDVy<UHFXHUGDTXH
\DKHPRVYLVWRTXHODKLVWRULDWLHQH
XQILQDOIHOL]

±9DOH

'DYLGJXLyD(OLSRUODVSDUWHVPiV
GRORURVDVGHODQDUUDFLyQ\HQ
FLHUWRVPRPHQWRV(OLYROYLyDSXOVDU
HOERWyQGHSDXVD$OILQDO
FRQVLJXLHURQDFDEDUODKLVWRULD\DVt
(OLHPSH]yDOLEHUDUVXVPLHGRV
DVRFLDGRVDORVFXFKLOORV\ORV
FRUWHV&XDQGROOHJDURQDOILQDO
IHOL]'DYLGYLRTXH(OLUHODMDEDORV
P~VFXORV\ODWHQVLyQHQVXYR]VH
KDEtDUHGXFLGRYLVLEOHPHQWH
'XUDQWHODVVLJXLHQWHVVHPDQDV
WXYLHURQTXHYROYHUDFRQWDUOD
KLVWRULDYDULDVYHFHV\(OLVLJXLy
VLQWLHQGRFLHUWRQHUYLRVLVPRDO
DFHUFDUVHDORVFXFKLOORVSHURFRQ
ODD\XGDGHVXSDGUHHOKLSRFDPSR
GH(OLLQWHJUyVXVUHFXHUGRV
LPSOtFLWRVHQVXFRQFLHQFLD
H[SOtFLWD(OUHVXOWDGRIXHTXH(OL
SRUILQSXGRHQIUHQWDUVHDODV
FXHVWLRQHVTXHKDEtDQYXHOWRD
DVRPDUDODVXSHUILFLH$OILQDOVX
SDGUH\pOFRQVWUX\HURQXQRGHVXV
PHMRUHVFRFKHVGHPDGHUDGHSLQR
SDUDHO3LQHZRRG'HUE\DOTXH
OODPDURQ)DFWRU0LHGR\
HVFULELHURQHOQRPEUHDFDGDODGR
GHOFRFKHFRQXQDVOHWUDVWHUURUtILFDV
DOHVWLOR+DOORZHHQ

5HFXHUGDTXHWXREMHWLYRHVD\XGDUD
WXVKLMRVDWRPDUODVH[SHULHQFLDV
SHUWXUEDGRUDVTXHHMHUFHQXQ
LPSDFWRVREUHHOORVVLQTXHVHDQ
FRQVFLHQWHV±ODVSLH]DVGHO
URPSHFDEH]DVGHVSHUGLJDGDVHQVX
PHQWH±\FRQVHJXLUTXHHVDV
H[SHULHQFLDVVHYXHOYDQH[SOtFLWDV
SDUDTXHSXHGDQYHUFRQFODULGDG\
SOHQDVLJQLILFDFLyQODLPDJHQHQWHUD
GHOURPSHFDEH]DV$OGDUOHVD
FRQRFHUHOPDQGRDGLVWDQFLDGHOD
PHQWHTXHFRQWURODVXUHSURGXFWRU
GH'9'LQWHUQRFRQVLJXHVTXHHO
SURFHVRGHODQDUUDFLyQGHOD
KLVWRULDOHVSURYRTXHPHQRVPLHGR
SRUTXHOHVRIUHFHVODSRVLELOLGDGGH
FRQWURODUORTXHGHEHQDIURQWDU
SHUPLWLpQGROHVLQWHUDFWXDUFRQOD
H[SHULHQFLDDVXSURSLRULWPR$Vt
SRGUiQFRQWHPSODUXQDH[SHULHQFLD
TXHOHVGLRPLHGR RORVHQIXUHFLyR
IUXVWUy VLQWHQHUTXHUHYLYLUOD
LQPHGLDWDPHQWHHVFHQDSRUHVFHQD
‡ (VWUDWHJLDGHOFHUHEURSOHQRQž

$FXpUGDWHGHUHFRUGDUFRQYLHUWH
HODFWRGHUHFRUGDUHQSDUWHGHOD
YLGDFRWLGLDQDGHODIDPLOLD

(ODFWRGHUHFRUGDUVHGDGHXQD
PDQHUDQDWXUDOHQODPD\RUtDGHODV
SHUVRQDV3HURODPHPRULDHVFRPR
PXFKDVGHODVIXQFLRQHVGHOFHUHEUR
FXDQWRPiVODHMHUFLWDPRVPiV
IXHUWHVHKDFH(VRVLJQLILFDTXH
FXDQGRGDPRVDQXHVWURVKLMRV
PXFKDVRFDVLRQHVSDUDUHFRUGDU±
DQLPiQGRORVDFRQWDUXQD\RWUDYH]
VXVSURSLDVKLVWRULDV±PHMRUDPRVVX
FDSDFLGDGGHLQWHJUDUORVUHFXHUGRV
LPSOtFLWRV\H[SOtFLWRV

$VtSXHVQXHVWUDVHJXQGDVXJHUHQFLD
HVTXHVHQFLOODPHQWHWHDFXHUGHVGH
UHFRUGDU'XUDQWHWXVGLYHUVDV
DFWLYLGDGHVD\XGDDWXVKLMRVD
KDEODUGHVXVH[SHULHQFLDVSDUDTXH
SXHGDQLQWHJUDUVXVUHFXHUGRV
LPSOtFLWRV\H[SOtFLWRV(VWRHV
HVSHFLDOPHQWHLPSRUWDQWHFXDQ௙GRVH
WUDWDGHORVPRPHQWRVPiV
LPSRUWDQWHV\YDOLRVRVGHVXYLGD
&XDQWRPiVSXHGDVFRQGXFLUHVRV
PRPHQWRVGHVWDFDGRVDVXPHPRULD
H[SOtFLWD±FRPRODVH[SHULHQFLDVFRQ
ODIDPLOLDODVDPLVWDGHVLPSRUWDQWHV
RORVULWRVLQLFLiWLFRV±PiVFODUDVH
LQIOX\HQWHVVHUiQHVDVH[SHULHQFLDV
+D\YDULDVPDQHUDVSUiFWLFDVGH
DQLPDUDORVQLxRVDUHFRUGDU/D
PiVQDWXUDOHVIRUPXODUSUHJXQWDV
TXHOHVD\XGHQDUHPHPRUDU&RQORV
QLxRVPX\SHTXHxRVFRQYLHQH
KDFHUORGHXQDPDQHUDVHQFLOOD
FHQWUiQGRQRVHQGLULJLUVXDWHQFLyQ
KDFLDORVGHWDOOHVGHOGtD©¢+R\KDV
LGRDFDVDGH&DUULH"ª©¢4XpKD
VXFHGLGRFXDQGRKHPRVOOHJDGR
DOOt"ª/DVLPSOHGHVFULSFLyQGHHVD
FODVHGHKHFKRVEiVLFRVD\XGDD
GHVDUUROODUODPHPRULDGHQXHVWURV
KLMRV\ORVSUHSDUDSDUDLQWHUDFWXDU
FRQUHFXHUGRVPiVVLJQLILFDWLYRVHQ
HOIXWXUR

&RQIRUPHORVQLxRVVHKDFHQ
PD\RUHVSRGHPRVHOHJLUORVSXQWRV
HQTXHYDPRVDFHQWUDUQRVGHXQD
PDQHUDPiVHVWUDWpJLFD3RU
HMHPSORVHSXHGHSUHJXQWDUSRUXQ
SUREOHPDTXHWXYLHURQFRQXQDPLJR
RSURIHVRUSRUXQDILHVWDDODTXH
DVLVWLHURQRORVGHWDOOHVGHOHQVD\R
GHODREUDGHWHDWURGHODWDUGH
DQWHULRU2DQLPDUORVDHVFULELUXQ
GLDULR/RVHVWXGLRVKDQGHPRVWUDGR
FODUDPHQWHTXHHOVLPSOHKHFKRGH
UHFRUGDU\H[SOLFDUXQ
DFRQWHFLPLHQWRHVFULELpQGRORHQXQ
GLDULRSXHGHD\XGDUDPHMRUDUODV
IXQFLRQHVFDUGLDFDHLQPXQROyJLFD
DVtFRPRHOELHQHVWDUJHQHUDO3HUR
ORTXHDTXtQRVDWDxHHVTXHGDDORV
QLxRVXQDRSRUWXQLGDGGHFRQWDUVXV
KLVWRULDVORTXHORVD\XGDHQHO
SURFHVRGHGDUOHVVHQWLGR\HVR
PHMRUDVXFDSDFLGDGGHFRPSUHQGHU
VXVH[SHULHQFLDVSDVDGDV\
SUHVHQWHV

&XDQGRFRQYHUVDPRVFRQORVSDGUHV
VREUHODLQWHJUDFLyQGHODPHPRULD\
ORVDQLPDPRVDD\XGDUDVXVKLMRVD
KDEODUGHVXVH[SHULHQFLDVHV
LQHYLWDEOHTXHVXUMDXQDSUHJXQWD
©¢<VLQRTXLHUHKDEODU"ª2©¢<VL
OHSUHJXQWRFyPROHKDLGRODFODVH
GHDUWH\VyORFRQWHVWD³%LHQ´"ª6L
WLHQHVSUREOHPDVSDUDVRQVDFDUDWX
KLMRGHWDOOHVVXVWDQFLRVRVVREUHVX
YLGDUHFXUUHDODFUHDWLYLGDG8Q
WUXFRSDUDORVQLxRVPiVSHTXHxRV
HVMXJDUDODVDGLYLQDQ]DVFXDQGRORV
UHFRJHVGHOFROHJLR'L©&XpQWDPH
GRVFRVDVTXHKD\DQVXFHGLGRGH
YHUGDGKR\\RWUDTXHQR<\R
DGLYLQDUpFXiOHVKDQRFXUULGRGH
YHU௙GDGª(VSRVLEOHTXHHVWRQR
VXSRQJDXQJUDQUHWRSDUDWL±VREUH
WRGRFXDQGRWLHQHVTXHHOHJLUHQWUH
©/DVHxRULWD'HUULFNQRVKDOHtGRXQ
FXHQWRª©1LFR\\RKHPRVHVSLDGR
DODVFKLFDVª\©(OFDSLWiQ*DUILR
PHKDFDSWXUDGR\PHKDHQWUHJDGRD
ORVFRFRGULORVSDUDTXHPH
FRPLHUDQª±SHURSXHGHOOHJDUDVHU
XQMXHJRGLYHUWLGRTXHORVQLxRV
HVSHUDQFRQLOXVLyQ1RVyORWHGD
RFDVLyQGHFRQRFHUVXYLGD\DTXH
WHSHUPLWHHQWHUDUWHGHGRVGHVXV
UHFXHUGRVGHOFROHJLRDGLDULRVLQR
TXHWDPELpQORVD\XGDDDGTXLULUOD
FRVWXPEUHGHUHFRUGDU\UHIOH[LRQDU
DFHUFDGHORVDFRQWHFLPLHQWRVGHO
GtD

2WUDPDGUHUHFLpQGLYRUFLDGD
TXHUtDDVHJXUDUVHGHTXHQRSHUGtD
HOFRQWDFWRHPRFLRQDOFRQVXVKLMDV
PLHQWUDVSDVDEDQSRUHVHGLItFLO
WUDQFH3DUDHOORLQLFLyXQULWXDOGH
SUHJXQWDVFDGDQRFKHHQODFHQD
©+DEODGPHGHFyPRRVKDLGRHO
GtD&RQWDGPHXQPRPHQWREXHQRXQ
PRPHQWRPDOR\XQDFWRERQGDGRVR
TXHKD\iLVKHFKRSRUDOJXLHQª8QD
YH]PiVHVWDFODVHGHDFWLYLGDGHV\
SUHJXQWDVQRVyORDQLPDQDUHFRUGDU
VLQRTXHWDPELpQOOHYDQDORVQLxRVD
SHQVDUPiVHQVXVSURSLDV
HPRFLRQHV\DFFLRQHVHQFyPR
FRPSDUWHQVXVGtDVFRQRWUDV
SHUVRQDVHQFyPRSXHGHQD\XGDUD
ORVGHPiV

6LTXHUHPRVTXHXQQLxRSLHQVHPiV
HQVXFHVRVFRQFUHWRVSRGHPRV
PLUDUFRQpOiOEXPHVGHIRWRV\
YtGHRVDQWLJXRV8QDPDQH௙UD
H[FHOHQWHGHD\XGDUORVDFHQWUDUVH
FRQPD\RUSURIXQGLGDGHVFUHDUH
LOXVWUDUXQ©OLEURGHUHFXHUGRVªFRQ
HOORV3RUHMHPSORFXDQGRWXKLMD
YXHOYHGHODVFRORQLDVHQODVTXHVH
TXHGyDGRUPLUIXHUDSRUSULPHUD
YH]SRGHPRVUHXQLUODVFDUWDVTXH
HQYLyDFDVDGLYHUVRVREMHWRVGH
UHFXHUGR\ODVIRWRVTXHVDFy\
FUHDUXQOLEURGHUHFXHUGRVFRQHOOD
(OODSXHGHHVFULELUSHTXHxDV
GHVFULSFLRQHV\QRWDVHQORV
PiUJHQHV©eVWDHUDPLFDEDxDªR
©(VWRIXHGHVSXpVGHODSHOHDFRQ
HVSXPDGHDIHLWDUª&UHDUXQOLEUR
DVtLQGXFHDODPHPRULDGHWXKLMDD
UHJLVWUDUGHWDOOHVTXHGHORFRQWUDULR
SRGUtDSHUGHUHQORVVLJXLHQWHV
PHVHV\DxRVDGHPiVGHGDUOHOD
RSRUWXQLGDGGHFRPSDUWLUFRQWLJR
PiVFRVDVVREUHHVWHLPSRUWDQWH
DFRQWHFLPLHQWRGHVXYLGD

6yORPHGLDQWHSUHJXQWDV\DQLPDQGR
DUHFRUGDUSRGHPRVD\XGDUD
QXHVWURVKLMRVDFRQVHUYDUHQOD
PHPRULD\HQWHQGHUDFRQWHFLPLHQWRV
LPSRUWDQWHVGHOSDVDGRORTXHORV
D\XGDUiDFRPSUHQGHUPHMRUORTXH
OHVHVWiRFXUULHQGRHQHOSUHVHQWH
/RVQLxRVGHFHUHEURSOHQR

(QVHxDDWXVKLMRVDFRQYHUWLUORV
UHFXHUGRVLPSOtFLWRVHQUH௙FXHUGRV
H[SOtFLWRV

7HKHPRVRIUHFLGRYDULRVHMHPSORV
GHFyPRKDEODUFRQWXVKLMRVVREUH
ORVUHFXHUGRVLPSOtFLWRV\
H[SOtFLWRV6LYHVTXHWXKLMRHVWi
SDViQGRORPDOGHELGRDXQD
H[SHULHQFLDGHVDJUDGDEOHXQDGHODV
PHMRUHVFRVDVTXHSXHGHVKDFHUHV
KDEODUFRQpO\D\XGDUORDFRQWDUHVD
H[SHULHQFLD3HURWDPELpQSXHGHVHU
~WLOH[SOLFDUORTXHHVWiRFXUULHQGR
HQHOFHUHEURFXDQGRXQD
H[SHULHQFLDGHOSDVDGRHPSLH]DD
FRQWURODUFRQGXFWDV\VHQWLPLHQWRV
GHOSUHVHQWH3R௙GUtDVH[SOLFDUORGH
ODVLJXLHQWHPDQHUD
,QWHJUDUQRVFRQYHUWLUQXHVWURV
SURSLRVUHFXHUGRVLPSOtFLWRVHQ
UHFXHUGRVH[SOtFLWRV

/RVQLxRVQRVRQORV~QLFRVFX\RV
UHFXHUGRVSXHGHQLQWHUIHULUHQVX
YLGDVLQVLTXLHUDGDUVHFXHQWDGH
HOOR1DWXUDOPHQWHHVRHVDOJRTXH
WDPELpQRFXUUHDORVSDGUHV/RV
UHFXHUGRVLPSOtFLWRVLQIOX\HQHQ
QXHVWUDFRQGXFWDHPRFLRQHV
SHUFHSFLRQHVHLQFOXVRHQQXHVWUDV
VHQVDFLRQHVItVLFDV\SRGHPRVQR
SHUFDWDUQRVHQDEVROXWRGHOD
LQIOXHQFLDGHOSDVDGRHQHOSUHVHQWH
'DQH[SHULPHQWyHVWRGHSULPHUD
PDQRFRPRSDGUHSULPHUL]R
1DGDPiVQDFHUPLKLMRPHDOWHUDED
PXFKRFDGDYH]TXHORRtDOORUDU
LQFRQVRODEOHPHQWH<DVpTXHD
FXDOTXLHUDOHFXHVWDRtUHOOODQWRGH
XQQLxRSHUR\RVHQFLOODPHQWHQROR
VRSRUWDED'HSURQWRHUDSUHVDGHO
SiQLFR\PHLQYDGtDQHOWHUURU\HO
HVSDQWR([SORUpXQDWHRUtDWUDVRWUD
SDUDH[SOLFDUPLUHDFFLyQLQWHQVD\
DSDUHQWHPHQWHLQMXVWLILFDGDSHUR
QLQJXQDPHSDUHFLyDSOLFDEOHDPL
FDVR

+DVWDTXHXQGtDPLKLMRHPSH]yD
OORUDU\XQDLPDJHQDVRPyDPL
FDEH]D(UDGHXQQLxRSHTXHxRHQ
ODPHVDGHH[SORUDFLyQJULWDQGR
FRQXQDPLUDGDGHWHUURUHQHOURVWUR
HQURMHFLGR\DUUXJDGR<RHVWDEDD
VXODGR\HQPLIXQFLyQGHMRYHQ
UHVLGHQWHGHSHGLDWUtDHQHO&HQWUR
0pGLFRGH8&/$GHEtDH[WUDHUOH
VDQJUHSDUDDYHULJXDUODUD]yQGH
XQDILHEUHPX\DOWD0LFRPSDxHUR
UHVLGHQWH\\RWHQtDPRVTXHUHYLYLU
HVHKRUURUQLxRWUDVQLxRXQRGH
QRVRWURVVXMHWDQGRODMHULQJDHORWUR
VXMHWDQGRDOQLxRTXHFKLOODED

+DFtDDxRVTXH\RQRSHQVDEDHQHO
SHUtRGRGHUHVLGHQWHHQSHGLDWUtD(Q
JHQHUDOWHQtDHOUHFXHUGRGHTXH
KDEtDVLGRXQEXHQDxR\GHTXHPH
GHMyXQEXHQVDERUGHERFDDO
DFDEDU3HURORVOODQWRVD
PHGLDQRFKHGHPLKLMRGHVHLVPHVHV
GHVHQFDGHQDURQODLPDJHQGHHVD
HVFHQDGHOSDVDGR\GXUDQWHORV
VLJXLHQWHVGtDVHPSHFpDHQWHQGHUOD
UHODFLyQHQWUHDPERVKHFKRV3HQVp
PXFKRHQHVRVUHFXHUGRV\KDEOpFRQ
XQRVFXDQWRVDPLJRV\FROHJDVVREUH
PLH[SHULHQFLD(PSHFpD
FRPSUHQGHUFRQFODULGDGTXHHVH
WUDXPDGHYDULRVDxRVDQWHVKDEtD
SHUPDQHFLGRLPSOtFLWR\QRKDEtD
DVRPDGRH[SOtFLWDPHQWHKDVWD
HQWRQFHV9LTXHKDEtDFRQFOXLGRPL
UHVLGHQFLDGHXQDxR\SDVDGRDOD
VLJXLHQWHHWDSDGHPLYLGDVLQKDEHU
UHIOH[LRQDGRFRQVFLHQWHPHQWHVREUH
PLVH[SHULHQFLDVGRORURVDV1XQFD
ODVSURFHVpGHXQPRGRTXHPH
SHUPLWLHUDUHFXSHUDUODVPiVDGHODQWH
GHXQDPDQHUDH[SOtFLWD

$xRVPiVWDUGHSXHVFRPRMRYHQ
SDGUHKLFHODGRORURVD
DXWRUUHIOH[LyQTXHPHSHUPLWLyYHUOR
FRPRXQDVXQWRVLQUHVROYHUGHQWUR
GHPt\SXGHSRUILQRtUORVJULWRV
GHPLKLMRFRPRORTXHHUDQVLQ
WRGRHOEDJDMHGHOSDVDGR

/RVUHFXHUGRVQRH[DPLQDGRV R
GHVLQWHJUDGRV FDXVDQWRGDFODVHGH
SUREOHPDVDFXDOTXLHUDGXOWRTXH
OOHYHXQDYLGDVDQD\UHODFLRQDO
3HURSDUDORVSDGUHVHVWRVUHFXHUGRV
RFXOWRVVRQHVSHFLDOPHQWH
SHOLJURVRVVREUHWRGRSRUGRV
UD]RQHV(QSULPHUOXJDULQFOXVR
FXDQGRVRQPX\SHTXHxRVQXHVWURV
KLMRVSXHGHQSHUFLELUQXHVWURV
VHQWLPLHQWRVGHSDYRURDQJXVWLDR
LQHSWLWXGDXQFXDQGRQRQRVGHPRV
FXHQWDGHTXHORVH[SHULPHQWDPRV<
FXDQGRXQSDGUHRXQDPDGUHHVWi
DOWHUDGRHVPX\GLItFLOTXHXQQLxR
HVWpWUDQTXLOR\IHOL](QVHJXQGR
OXJDUORVUHFXHUGRVLPSOtFLWRV
SXHGHQGHVHQFDGHQDUUHVSXHVWDVHQ
QRVRWURVTXHQRVOOHYDQD
FRPSRUWDUQRVGHPDQHUDVTXHQR
GHVHDPRV6HQWLPLHQWRVDQWLJXRV
VXUJLGRVFXDQGRRWUDVSHUVRQDVR
QXHVWURVSURSLRVSDGUHVQRVKDQ
GHMDGRGHODGRDEDQGRQDGRR
GHFHSFLRQDGRSXHGHQLPSHGLUQRV
VHUPDGXURVFDULxRVRV\
UHVSHWXRVRVFXDQGRLQWHUDFWXDPRV
FRQQXHVWURVKLMRV

$VtSXHVODSUy[LPDYH]TXHYHDV
TXHUHDFFLRQDVGHXQDPDQHUDTXL]i
GHPDVLDGRH[DJHUDGDFXDQGRWH
GLVJXVWDVFRQWXVKLMRVSUHJ~QWDWH
©¢7LHQHVHQWLGRHVWDUHDFFLyQPtD"ª

/DUHVSXHVWDSXHGHVHU©6t(OEHEp
HVWiEHUUHDQGRPLKLMRGHWUHVDxRV
DFDEDGHSLQWDUHOKRUQRGHFRORU
D]XO\HQPHGLRGHWRGRHVWRDOGH
RFKRDxRVQRVHOHRFXUUHRWUDFRVD
TXHVXELUHOYROXPHQGHOD
WHOHYLVLyQ£7LHQHPXFKRVHQWLGRTXH
PHHQWUHQJDQDVGHWLUDUDOJRSRUOD
YHQWDQDª
3HURHQRWURVPRPHQWRVODUHVSXHVWD
SXHGHVHU©1RHVWRVVHQWLPLHQWRV
QRWLHQHQVHQWLGR1RKD\QLQJXQD
UD]yQSDUDTXHPHWRPHFRPRDOJR
SHUVRQDOHOKHFKRGHTXHHVWDQRFKH
PLKLMDTXLHUDTXHVXSDGUHOHOHDHO
FXHQWRHQOXJDUGHKDFHUOR\R1R
WLHQHSRUTXpVHQWDUPHWDQPDOª
%DViQGRQRVHQORTXHVDEHPRV
VREUHODPHPRULDLPSOtFLWDHOKHFKR
GHFRPSUHQGHUDOJRDVtHVXQD
RSRUWXQLGDGSDUDDKRQGDUPiVHQOR
TXHRFXUUH6LUHDFFLRQDPRVGHXQ
PRGRTXHQRSRGHPRVH[SOLFDUR
MXVWLILFDUSUREDEOHPHQWHKDOOHJDGR
HOPRPHQWRGHSUHJXQWDU©¢4XpHVWi
SDVDQGRDTXt"¢(VWRPHHVWi
UHFRUGDQGRDOJR"¢<GHGyQGH
GHPRQLRVYLHQHQHVWRVVHQWLPLHQWRV
\HVWDFRQGXFWD"ª +DEODUHPRVPiV
GHHVWHSURFHVRHQODVHFFLyQ
©,QWHJUDUQRVªGHO&DStWXOR
7DPELpQUHFRPHQGDPRVHOOLEURGH
'DQ3DUHQWLQJIURPWKH,QVLGH2XW
HVFULWRFRQ0DU\+DUW]HOOFRPRXQ
OXJDUPDJQtILFRSDUDLQLFLDUHVWH
YLDMHGHH[SORUDFLyQ

$OLQWHJUDUQXHVWURVUHFXHUGRV
LPSOtFLWRV\H[SOtFLWRV\SUR\HFWDUOD
OX]GHODFRQFLHQFLDVREUHORV
PRPHQWRVGLItFLOHVGHQXHVWUR
SDVDGRHQWHQGHUHPRVFyPRLQIOX\H
HOSDVDGRHQQXHVWUDUHODFLyQFRQ
QXHVWURVKLMRV3RGUHPRV
SHUPDQHFHUDWHQWRVDFyPRQXHVWURV
DVXQWRVDIHFWDQDQXHVWURVHVWDGRVGH
iQLPR\FyPRVHVLHQWHQQXHVWURV
KLMRV&XDQGRQRVVHQWLPRVLQHSWRV
IUXVWUDGRVRH[FHVLYDPHQWH
UHDFWLYRVSRGHPRVLQWHQWDUYHUTXp
KD\GHWUiVGHHVRVVHQWLPLHQWRV\
H[SORUDUVLJXDUGDQUHODFLyQFRQ
DOJ~QKHFKRGHQXHVWURSDVDGR$
FRQWLQXDFLyQSRGUHPRVWUDVODGDU
QXHVWUDVH[SHULHQFLDVDOSUHVHQWH\
HQWUHWHMHUODVHQODKLVWRULDPiV
DPSOLDGHQXHVWUDYLGD(VRQRVGDUi
ODOLEHUWDGGHVHUODFODVHGH
SURJHQLWRUTXHTXHUHPRVVHU
'DUHPRVVHQWLGRDQXHVWUDSURSLD
YLGD\HVRD\XGDUiDQXHVWURVKLMRV
DKDFHUORPLVPRFRQODVX\D
/RVHVWDGRVGH
PtPLVPR

,QWHJUDUODV
PXFKDVSDUWHVGHO
\R
±¢(VTXHKD\DOJRTXH-RVKQRVHD
FDSD]GHKDFHU"

eVWDHUDODSUHJXQWDTXHIRUPXODEDQ
ORVGHPiVSDGUHVD$PEHUDFHUFDGH
VXKLMRGHRQFHDxRVXQQLxRGHJUDQ
LQWHOLJHQFLD\WDOHQWR-RVKSDUHFtD
GHVWDFDUHQWRGR±HOFROHJLRHO
GHSRUWHODP~VLFD\ODVDFWLYLGDGHV
VRFLDOHV±\WHQtDDVXVDPLJRV\D
VXVSDGUHVPDUDYLOODGRVFRQVXV
KDELOLGDGHV

$XQDVt$PEHUVDEtDTXHSRUPXFKR
p[LWRTXH-RVKORJUDUDpO
SHUVRQDOPHQWHDOEHUJDEDVHULDV
GXGDVHQFXDQWRDVXYDOtD\SRUOR
WDQWRVHQWtDXQDDSUHPLDQWH
QHFHVLGDGGHVHUSHUIHFWRHQWRGR
'LFKRSHUIHFFLRQLVPROROOHYDEDD
SHQVDUTXHSHVHDVXVQXPHURVRV
p[LWRVQXQFDKDFtDODVFRVDVWRGROR
ELHQTXHGHEHUtD6HUHSUHQGtD
HPRFLRQDOPHQWHFDGDYH]TXH
FRPHWtDXQHUURU\DIXHUDFXDQGR
IDOODEDXQWLURHQXQSDUWLGRGH
EDORQFHVWRRVHGHMDEDROYLGDGDOD
ILDPEUHUDHQHOFROHJLR

$OILQDO$PEHUOOHYyD-RVKDYHUD
7LQDTXLHQSURQWRVHHQWHUyGHTXH
VXVSDGUHVVHKDEtDQGLYRUFLDGR
FXDQGRpOHUDEHEp\VXSDGUHKDEtD
GHVDSDUHFLGRSRUORTXHVXPDGUH
KDEtDWHQLGRTXHFULDUORVROD&RQHO
WLHPSRVHSXVRGHPDQLILHVWRTXH
-RVKVHFXOSDEDGHODDXVHQFLDGHO
SDGUHFUH\HQGRTXHSRUDOJXQD
UD]yQpOKDEtDVLGRODFDXVDGHVX
PDUFKD\DKRUDKDFtDWRGRFXDQWR
HVWDEDHQVXVPDQRVSDUDHYLWDU
KDVWDHOPiVPtQLPRHUURU/D
PHPRULDLPSOtFLWDGH-RVKKDEtD
UHODFLRQDGRHOKHFKRGHQRVHU
SHUIHFWRFRQHODEDQGRQR3RU
FRQVLJXLHQWHORVSHQVDPLHQWRVTXH
OHURQGDEDQSRUODFDEH]DGHPDQHUD
FRWLGLDQD±©7HQGUtDTXHKDEHUOR
KHFKRPHMRUª©4XpWRQWRVR\ª¢<
HVRSRUTXpORKHKHFKR"ª±OH
LPSHGtDQVHUXQQLxRGHRQFHDxRV
IHOL]\GHVSUHRFXSDGR

/RSULPHURTXHKL]R7LQDHQVX
WUDEDMRFRQ-RVKIXHHQVHxDUOHD
ILMDUVHHQHVRVSHQVDPLHQWRV
$OJXQRVHUDQDOLPHQWDGRVSRUXQRV
UHFXHUGRVLPSOtFLWRVPX\DUUDLJDGRV
TXHUHTXHUtDQXQHQIRTXHSURIXQGR
SDUDVXFXUDFLyQ3HUR7LQDWDPELpQ
ORD\XGyDFRPSUHQGHUHOSRGHUGH
VXPHQWH\DGDUVHFXHQWDGHTXH
GLULJLHQGRVXDWHQFLyQpOSRGtD
FRQWURODU\KDVWDFLHUWRSXQWRHOHJLU
FyPRVHVHQWtD\FyPRGHEtD
UHVSRQGHUDGLVWLQWDVVLWXDFLRQHV
3DUD-RVKHOJUDQSDVRDGHODQWHVH
SURGXMRFXDQGR7LQDOHGLRD
FRQRFHUHOFRQ௙FHSWRGHPLQGVLJKW
©YLVLyQGHODPHQWHª

/DYLVLyQGHODPHQWH\ODUXHGDGH
ODFRQFLHQFLD

)XH'DQTXLHQDFXxyHOWpUPLQR
©YLVLyQGHODPHQWHª\FRPR
H[SOLFDHQHOOLEURTXHOOHYDHO
PLVPRWtWXORHOVLJQLILFDGRPiV
HOHPHQWDOVHUHGXFHDGRVFRVDVOD
FRPSUHQVLyQGHQXHVWUDSURSLD
PHQWH\ODFRPSUHQVLyQWDPELpQGH
ODPHQWHGHORWUR(QHOSUy[LPR
FDStWXORQRVFHQWUDUHPRVHQOD
FRQH[LyQFRQORVGHPiV3HURGH
PRPHQWRDERUGDUHPRVHOSULPHU
DVSHFWRGHOHQIRTXHGHODYLVLyQGH
ODPHQWHODFRPSUHQVLyQGHQXHVWUD
SURSLDPHQWH$OILQ\DOFDERHVDKt
GRQGHHPSLH]DQODVDOXGPHQWDO\HO
ELHQHVWDUHQODFODULGDG\HO
FRQRFLPLHQWRGHQXHVWUDPHQWH
LQGLYLGXDOeVDHVODLGHDTXH7LQD
HPSH]yDHQVHxDUD-RVK/HGLRD
FRQRFHUXQPRGHORFUHDGRSRU'DQ
ODUXHGDGHODFRQFLHQFLD

(OFRQFHSWREiVLFRFRPRVHYHHQHO
GLDJUDPDVXSHULRUHVTXHQXHVWUD
PHQWHSXHGHFRQFHELUVHFRPROD
UXHGDGHXQDELFLFOHWDFRQXQGLVFR
HQHOFHQWUR\ORVUDGLRVTXHVH
SUR\HFWDQKDFLDHODURH[WHULRU(O
DURUHSUHVHQWDWRGRDTXHOORHQOR
TXHSRGHPRVILMDUQRVRGHORTXH
SRGHPRVVHUFRQVFLHQWHVQXHVWURV
SHQVDPLHQWRV\VHQWLPLHQWRV
QXHVWURVVXHxRV\GHVHRVQXHVWURV
UHFXHUGRVQXHVWUDVSHUFHSFLRQHVGHO
PXQGRH[WHULRU\ODVVHQVDFLRQHVGH
QXHVWURFXHUSR

(OGLVFRHVHOOXJDULQWHULRUGHOD
PHQWHGHVGHHOTXHWRPDPRV
FRQFLHQFLDGHWRGRORTXHRFXUUHD
QXHVWURDOUHGHGRU\GHQWURGH
QRVRWURV(TXLYDOHEiVLFDPHQWHD
QXHVWUDFRUWH]DSUHIURQWDOTXH
UHFRUGHPRVFRQWULEX\HDLQWHJUDU
WRGRHOFHUHEUR(OGLVFRUHSUHVHQWD
SDUWHGHORTXHVHOODPDHOFHUHEUR
HMHFXWLYRSRUTXHHVDKtGRQGH
WRPDPRVQXHVWUDVPHMRUHV
GHFLVLRQHVWDPELpQFRQVWLWX\HOD
]RQDGHOFHUHEURTXHQRVSHUPLWH
FRQHFWDUSURIXQGDPHQWHFRQORV
GHPiV\FRQQRVRWURVPLVPRV
1XHVWUDFRQFLHQFLDUHVLGHHQHO
GLVFR\GHVGHDKtSRGHPRV
FHQWUDUQRVHQORVGLVWLQWRVDVSHFWRV
GHODURGHQXHVWUDUXHGD

(OPRGHORGHODUXHGDGHOD
FRQFLHQFLDHQVHJXLGDWXYRXQSRGH௙
URVRHIHFWRHQ-RVKSRUTXHOH
SHUPLWLyHQWHQGHUTXHORVGLYHUVRV
SHQVDPLHQWRV\VHQWLPLHQWRVTXHOH
FDXVDEDQWDQWRVSUREOHPDVHUDQVyOR
GLVWLQWRVDVSHFWRVGHpOPLVPR1R
HUDQPiVTXHXQRVFXDQWRVDVSHFWRV
HQHODURGHVXUXHGD\QRWHQtDSRU
TXpSUHVWDUOHVWDQWDDWHQFLyQ 9pDVH
HOGLDJUDPDGHODUXHGDGHOD
FRQFLHQFLDSHUVRQDOGH-RVKD
FRQWLQXDFLyQ 7LQDORD\XGyDYHU
TXHVXHVWDGRGHiQLPRGHSHQGtDGHO
FRQMXQWRGHSXQWRVHQHODURHQTXH
VHFHQWUDEDHQXQPRPHQWRGDGR(Q
RWUDVSDODEUDVVXDQJXVWLD\VXV
PLHGRVVHSURGXFtDQSRUTXHVH
FHQWUDEDHQXQFRQMXQWRGHDVSHFWRV
HQHODURTXHJHQHUDEDQDQJXVWLD
FRPRVXWHPRUDVDFDUXQVLPSOH
©%LHQªHQXQRVGHEHUHVRVX
SUHRFXSDFLyQSRUQRUHFRUGDUODV
QRWDVTXHGHEtDWRFDUHQHOVRORFRQ
VXRUTXHVWD,QFOXVRODVVHQVDFLRQHV
ItVLFDVTXHH[SHULPHQWDEDHOQXGR
GHDQJXVWLDHQHOHVWyPDJR\OD
WHQVLyQHQORVKRPEURVHUDQ
DVSHFWRVHQHODURTXHOROOHYDEDQD
FHQWUDUVHHQVXPLHGR\VXVHQVDFLyQ
GHIUDFDVR
&RQODYLVLyQGHODPHQWH-RVKSXGR
YHUORTXHRFXUUtDHQVXSURSLD
FDEH]DSHUPLWLpQGROHFRPSUHQGHU
TXHHUDpOTXLHQFRQFHGtDWDQWR
WLHPSR\WDQWDHQHUJtDDHVRV
DVSHFWRVGHODUR\TXHVLOR
GHVHDEDSRGtDYROYHUDVXGLVFR
GRQGHYHUtDODLPDJHQFRPSOHWD\
SRGUtDFHQWUDUVHHQRWURVDVSHFWRV
GLVWLQWRVGHODUR7RGRVHVRVWHPRUHV
\SUHRFXSDFLRQHVVLQGXGDIRUPDEDQ
SDUWHGHpOSHURQRUHSUHVHQWDEDQOD
WRWDOLGDGGHVXVHU(QOXJDUGHHVR
GHVGHVXGLVFRHQHOFHQWURGHOD
UXHGDTXHHUDODSDUWHPiVUHIOH[LYD
\REMHWLYDGHpOSRGtDHOHJLUHO
JUDGRGHDWHQFLyQTXHLEDD
FRQFHGHUOHVDVtFRPRGHFLGLUHQ
TXpRWURVDVSHFWRVGHODURGHVHDED
FHQWUDUVH

&RPROHH[SOLFy7LQDDOILMDUWRGD
VXDWHQFLyQHQHVWRVSRFRVDVSHFWRV
GHVDJUDGDEOHVGHODUR-RVKHVWDED
H[FOX\HQGRPXFKRVRWURVTXHSRGtD
LQWHJUDUHQVXYLVLyQGHOPXQGR(VR
OROOHYDEDDGHGLFDUWRGRVXWLHPSR
DWUDEDMDUHVWXGLDUHQVD\DU\
SUHRFXSDUVHFXDQGRSRGtDHVWDU
SUHVWDQGRDWHQFLyQDRWURVDVSHFWRV
GHODURPiVSURGXFWLYRVFRPRVX
FRQILDQ]DHQVXWDOHQWRPXVLFDO\HQ
VXLQWHOLJHQFLDDVtFRPRVX
FRQYLFFLyQGHTXHHUDXQFKLFR
LQWHOLJHQWH\VXGHVHRGHUHODMDUVH\
GLYHUWLUVHVLQPiVGHYH]HQFXDQGR
7LQDH[SOLFyD-RVKODLPSRUWDQFLD
GHLQWHJUDUODVGLVWLQWDVSDUWHVGHVt
PLVPRORVUDVJRV~QLFRVGHVX
SHUVRQDOLGDGSDUDTXHXQDVSRFDV
GHHVDVSDUWHVQRGRPLQDUDQSRU
FRPSOHWRDWRGDVODVGHPiV(VWDED
ELHQOHH[SOLFyILMDUVHHQORV
DVSHFWRVGHODURTXHOROOHYDEDQD
FRQVHJXLUFRVDV\GHVWDFDUeVWRV
HUDQUDVJRVSRVLWLYRVGHpOHLQFOXVR
VDOXGDEOHV3HURHVRVDVSHFWRV
GHEtDQLQWHJUDUVHFRQORVRWURVSDUD
TXHpOQRUHQXQFLDUDDWRGRVORV
GHPiVDVSHFWRVGHpOTXHWDPELpQ
HUDQEXHQRV\VDOXGDEOHV

$VtSXHV-RVKHPSH]yDHVIRU]DUVH
SRUGLULJLUVXDWHQFLyQKDFLDORV
DVSHFWRVTXHQRFRQGXFtDQ
QHFHVDULDPHQWHDOSHUIHFFLRQLVPR
&RPHQ]yDILMDUVHVREUHWRGRHQHVD
SDUWHGHpOTXHGLVIUXWDED
TXHGiQGRVHDMXJDUFRQVXVDPLJRVD
ODVDOLGDGHOFROHJLRLQFOXVRVLHVR
VLJQLILFDEDSHUGHUWLHPSRGH
HVWXGLR6HFHQWUyHQVXQXHYD
FUHHQFLDGHTXHQRWHQtDTXHVHUHO
TXHPiVSXQWRVDQRWDEDHQFDGD
SDUWLGR<KDEOiQGRVHDVtPLVPRVH
UHFRUGyORELHQTXHVHVHQWtDFXDQGR
WRFDEDHOVD[RIyQVyORSRUSODFHU
VLQSUHRFXSDUVHGHTXHFDGDQRWDOH
VDOLHUDDODSHUIHFFLyQ(VRQR
VLJQLILFDEDTXHGHELHUDGHMDUGH
DVSLUDUDFRQVHJXLUFRVDV\DOFDQ]DU
HOp[LWR6yORQHFHVLWDEDVLWXDUHVRV
DVSHFWRVGHODURHQVXFRQWH[WRMXQWR
FRQORVGHPiVLQWHJUDUORVSDUDTXH
IRUPDUDQVLPSOHPHQWHODVGLVWLQWDV
SDUWHVGHXQWRGRPXFKRPD\RUXQ
-RVKPXFKRPiVJUDQGHTXHHOTXHVH
FULWLFDEDDVtPLVPRDQWHHOPHQRU
HUURU

3RUVXSXHVWRDSUHQGHUDXWLOL]DUOD
YLVLyQGHODPHQWH\ODUXHGDGHOD
FRQFLHQFLDQRDOLYLyGHLQPHGLDWRHO
LPSXOVRGH-RVKKDFLDHO
SHUIHFFLRQLVPR3HURVtORD\XGyD
HPSH]DUDDFHSWDUTXHQRWHQtDSRU
TXpVHULQIHOL]9LRTXHH[LVWtDOD
RSFLyQGHPHMRUDUFLUFXQVWDQFLDV
GLItFLOHVWRPDQGRGHFLVLRQHVTXH
SRFRDSRFROHSHUPLWLHURQDVXPLUHO
FRQWUROGHFyPRH[SHULPHQWDED\
UHVSRQGtDDGLVWLQWDVVLWXDFLRQHV
$XQTXH7LQD\pOWDPELpQ
FRPSDUWLHURQXQDVFXDQWDVULVDV
FXDQGRFRPHQ]yDVHQWLUVHIUXVWUDGR
FRQVLJRPLVPRSRUTXHQRHUD
SHUIHFWRHQVXSUHRFXSDFLyQSRUVHU
SHUIHFWR

$WDVFDGRHQHODURGLVWLQJXLU
HQWUH©VHUª\©HVWDUª

(OVXIULPLHQWRGH-RVKVHGHEtDD
TXHHVWDED©DWDVFDGRHQHODURªGH
ODUXHGDGHODFRQFLHQFLD(QOXJDU
GHSHUFLELUHOPXQGRGHVGHHOGLVFR
FHQWUDOGHVXUXHGDHLQWHJUDUORV
PXFKRVDVSHFWRVGHODURGLULJtD
WRGDVXDWHQFLyQKDFLDVyORXQRV
SRFRVDVSHFWRVFRQFUHWRVGHODUR
TXHJHQHUDEDQXQHVWDGRGHDQJXVWLD
\GHDXWRFUtWLFD3RUFRQVLJXLHQWH
SHUGLyHOFRQWDFWRFRQPXFKDVGHODV
GHPiVSDUWHVGHODURTXHSRGtDQ
D\XGDUORDVHQWLUVHPiVWUDQTXLOR\
FRQIRUPH(VRHVORTXHSDVDFXDQGR
ORVQLxRVQRWUDEDMDQGHVGHXQD
UXHGDGHODFRQFLHQFLDLQWHJUDGD
,JXDOTXHORVDGXOWRVSXHGHQ
TXHGDUVHDWDVFDGRVHQGHWHUPLQDGRV
DVSHFWRVGHODURHQXQRRXQRV
SRFRVDVSHFWRVFRQFUHWRVGHVXVHU
ORTXHDPHQXGRFRQGXFHDODULJLGH]
RHOFDRV

(VRORVOOHYDDQRFDSWDUOD
GLIHUHQFLDHQWUH©VHUª\©HVWDUª
&XDQGRORVQLxRVH[SHULPHQWDQ
FLHUWRHVWDGRGHiQLPRFRPR
WULVWH]DRQHUYLRVLVPRSXHGHQ
WHQGHUDGHILQLUVHDVtPLVPRV
EDViQGRVHHQHVDH[SHULHQFLD
WHPSRUDOHQOXJDUGHFRPSUHQGHU
TXHHVRHVVHQFLOODPHQWHFyPRVH
VLHQWHQHQHVHPRPHQWRHQ
SDUWLFXODU(QOXJDUGHGHFLU©HVWR\
QHUYLRVRªR©DKRUDPLVPRHVWR\
WULVWHªGLFHQ©VR\QHUYLRVRªR©VR\
WULVWHª(OSHOLJURUHVLGHHQTXH
SXHGHQSHUFLELUHVHHVWDGRGHiQLPR
SDVDMHURFRPRXQDSDUWHGHVX\R
SHUPDQHQWH(OHVWDGRDFDED
YLpQGRVHFRPRXQUDVJRTXHGHILQH
TXLpQHVVRQ

,PDJLQHPRVSRUHMHPSORDXQDQLxD
GHQXHYHDxRVTXHHQFXHQWUD
GLILFXOWDGHVFRQORVGHEHUHVDSHVDU
GHTXHQRWLHQHJUDQGHVSUREOHPDV
HQODHVFXHOD$PHQRVTXHLQWHJUH
VXVVHQWLPLHQWRVGHIUXVWUDFLyQH
LQFRPSHWHQFLDFRQODVGHPiVSDUWHV
GHVtPLVPD±FRPSUHQGLHQGRTXH
XQDHPRFLyQVyORHVXQDVSHFWRGHO
WRGRPiVDPSOLRTXHODFRQIRUPDD
HOODFRPRSHUVRQD±HVSRVLEOHTXH
HPSLHFHDYHUHVHHVWDGR
PRPHQWiQHRFRPRXQUDVJRRXQD
FDUDFWHUtVWLFDGHVXSHUVRQDOLGDG
PiVSHUPDQHQWH3XHGHTXHGLJD
DOJRFRPR©6R\PX\WRQWD/RV
GHEHUHVVRQGHPDVLDGRGLItFLOHV
SDUDPt1XQFDORVKDUpELHQª

3HURVLVXVSDGUHVODD\XGDQD
LQWHJUDUWRGDVODVSDUWHVGHVXVHU
UHFRQRFLHQGRORVGLVWLQWRVDVSHFWRV
HQHODURGHVXUXHGDODQLxDSXHGH
HYLWDULGHQWLILFDUVH~QLFDPHQWHFRQ
HVHVHQWLPLHQWRHQSDUWLFXODUGHHVH
PRPHQWRHQSDUWLFXODU3XHGH
GHVDUUROODUODYLVLyQGHODPHQWH
SDUDFRPSUHQGHUTXHDXQTXHVH
VLHQWDIUXVWUDGDSRUODVGLILFXOWDGHV
TXHWLHQHHQHVHPRPHQWRHVRQR
TXLHUHGHFLUTXHVHDWRQWDRTXH
VLHPSUHOHFRVWDUi'HVGHHOGLVFR
FHQWUDOGHVXPHQWHSXHGHILMDUVHHQ
YDULRVDVSHFWRVHQHODUR\
FRPSUHQGHUTXHDXQTXHWHQJD
GLILFXOWDGHVHQHVHPRPHQWRHQHO
SDVDGRGHPRVWUyTXHHQJHQHUDO
SRGtDDSDxiUVHODVPX\ELHQFRQORV
GHEHUHVVLQTXHOHFRVWDUDWDQWR
,QFOXVRSRGUtDUHFXUULUDODVDQD
WpFQLFDGHKDEODUVHDVtPLVPD
GLFLpQGRVH©£2GLRHVWRVGHEHUHV
£0HHVWiQYROYLHQGRORFD3HURVp
TXHVR\OLVWD/RTXHSDVDHVTXH
HVWHHMHUFLFLRHVPX\GLItFLOª(O
VLPSOHKHFKRGHUHFRQRFHUOD
H[LVWHQFLDGHGLVWLQWRVDVSHFWRVHQHO
DURSXHGHVHUXQDJUDQD\XGDSDUD
DSUHQGHUDFRQWURODU\GHVSOD]DUVXV
VHQWLPLHQWRVQHJDWLYRV(VSRVLEOH
TXHVLJDVLQWLpQGRVHWRQWDSHURFRQ
ODD\XGDGHVXVSDGUHV\FRQXQSRFR
GHSUiFWLFDSRGUiHYLWDUYHUHVH
HVWDGRSURYLVLRQDOFRPRXQUDVJR
SHUPDQHQWHTXHODGHILQH

eVDHVXQDGHODVFRVDVPiV
SURYHFKRVDVGHODUXHGDGHOD
FRQFLHQFLDSHUPLWHDORVQLxRVYHU
TXHWLHQHQGLVWLQWDVRSFLRQHVDOD
KRUDGHHOHJLUHQTXpYDQDFHQWUDUVH
\ILMDUVXDWHQFLyQ/HVSURSRUFLRQD
XQDKHUUDPLHQWDFRQODTXHLQWHJUDU
ODVGLVWLQWDVSDUWHVGHVtPLVPRV
SDUDQRFRQYHUWLUVHHQUHKHQHVGH
XQDFRQVWHODFLyQQHJDWLYDGH
VHQWLPLHQWRVRSHQVDPLHQWRVTXH
FODPDQSRUVXDWHQFLyQ&XDQGRORV
QLxRV \HQUHDOLGDGWDPELpQORV
DGXOWRV SXHGHQGHVDUUROODUHVD
FODVHGHYLVLyQGHODPHQWH
DGTXLHUHQODFDSDFLGDGGHWRPDU
GHFLVLRQHVTXHOHVSHUPLWHQ
FRQWURODUWDQWRVXVH[SHULHQFLDV
FRPRODPDQHUDGHUHVSRQGHUDVX
PXQGR&RQHOWLHPSR\XQSRFRGH
SUiFWLFDDSUHQGHQDGLULJLUVX
DWHQFLyQGHIRUPDVTXHVRQGHXQD
JUDQD\XGDSDUDHOORV\SDUDTXLHQHV
ORVURGHDQLQFOXVRHQORVPRPHQWRV
GLItFLOHV

(OSRGHUGHODDWHQFLyQIRFDOL]DGD

3DUDFRPSUHQGHUSRUTXpODYLVLyQ
GHODPHQWHRIUHFHSRVLELOLGDGHVTXH
FRQILHUHQWDQWRSRGHUUHVXOWDPX\
~WLOVDEHUTXpRFXUUHHQHOFHUHEUR
FXDQGRXQDSHUVRQDVHFRQFHQWUDHQ
XQFRQMXQWRGHWHUPLQDGRGHDVSHFWRV
GHODUR&RPR\DKHPRVFRPHQWDGR
HOFHUHEURFDPELDItVLFDPHQWHHQ
UHVSXHVWDDODVH[SHULHQFLDVQXHYDV
6LQRVORSURSRQHPRV\QRV
HVIRU]DPRVSRGHPRVDGTXLULU
DSWLWXGHVPHQWDOHV(VPiVFXDQGR
GLULJLPRVQXHVWUDDWHQFLyQGHXQD
PDQHUDGLVWLQWDGHODKDELWXDOHQ
UHDOLGDGHVWDPRVFUHDQGRXQD
H[SHULHQFLDQXHYDTXHSXHGHDOWHUDU
ODDFWLYLGDG\DODODUJDODSURSLD
HVWUXFWXUDGHOFHUHEUR

+HDTXtORTXHSDVD&XDQGR
WHQHPRVXQDH[SHULHQFLDQXHYDRQRV
FRQFHQWUDPRVHQDOJR±SRUHMHPSOR
HQFyPRQRVVHQWLPRVRHQXQ
REMHWLYRTXHQRVJXVWDUtD
FRQVHJXLU±VHSURGXFHODDFWLYDFLyQ
QHXUDO(QRWUDVSDODEUDVODV
QHXURQDV ODVFpOXODVGHOFHUHEUR VH
SRQHQHQPDUFKD(VWDDFWLYDFLyQ
QHXUDOJHQHUDODSURGXFFLyQGHODV
SURWHtQDVTXHSHUPLWHQHO
HVWDEOHFLPLHQWRGHFRQH௙[LRQHV
QXHYDVHQWUHODVQHXURQDVTXHVHKDQ
SXHVWRHQPDUFKD5HFRUGHPRVTXH
ODVQHXURQDVTXHVHHQFLHQGHQDO
PLVPRWLHPSRVHFRQHFWDQHQWUHVtDO
PLVPRWLHPSR7RGRHVWHSURFHVR±
GHVGHODDFWLYDFLyQQHXUDOKDVWDHO
FUHFLPLHQWRQHXUDO\HOUHIXHU]RGH
ODVFRQH[LRQHV±VHOODPD
QHXURSODVWLFLGDG6LJQLILFDHQ
HVHQFLDTXHHOSURSLRFHUHEURHV
SOiVWLFRRPDOHDEOH\FDPELDHQ
IXQFLyQGHORTXHH[SHULPHQWDPRV
DVtFRPRGHDTXHOORHQORTXH
ILMDPRVQXHVWUDDWHQFLyQ<HVWDV
QXHYDVFRQH[LRQHVQHXUDOHVFUHDGDV
FXDQGRILMDPRVODDWHQFLyQHQDOJR
DOWHUDQDVXYH]ODPDQHUDHQTXH
UHVSRQGHPRVDQXHVWURPXQGRH
LQWHUDFWXDPRVFRQpO3RUHVROD
SUiFWLFDUHSHWLGDGHDOJRSXHGH
FRQYHUWLUVHHQXQDDSWLWXG\XQ
HVWDGRSXHGHFRQYHUWLUVHHQXQ
UDVJRWDQWRSDUDELHQFRPRSDUD
PDO

([LVWHQPXFKDVSUXHEDVFLHQWtILFDV
TXHGHPXHVWUDQTXHILMDUODDWHQFLyQ
HQGHWHUPLQDGRVDVSHFWRVFRQGXFHD
XQDUHFRQILJXUDFLyQGHOFHUHEUR/RV
DQLPDOHVTXHUHFLEHQXQD
UHFRPSHQVDSRUSUHVWDUDWHQFLyQD
ORVUXLGRV FXDQGRFD]DQRHYLWDQ
TXHORVFDFHQDHOORVSRUHMHPSOR
WLHQHQFHQWURVDXGLWLYRVGHJUDQ
WDPDxRHQHOFHUHEUR$VLPLVPRORV
DQLPDOHVTXHUHFLEHQXQD
UHFRPSHQVDSRUXQDYLVWDDJXGD
SRVHHQXQDH[WHQVDiUHDYLVXDO/RV
HVFiQHUHVFHUHEUDOHVGHORV
YLROLQLVWDVWDPELpQRIUHFHQSUXHEDV
GHHVWRPLVPRPRVWUDQGRXQ
FUHFLPLHQWR\XQDH[SDQVLyQ
HVSHFWDFXODUHVHQODVUHJLRQHVGHOD
FRUWH]DTXHUHSUHVHQWDQODPDQR
L]TXLHUGDFX\RVGHGRVGHEHQWRFDU
ODVFXHUGDVFRQJUDQSUHFLVLyQ\D
PHQXGRDXQDJUDQYHORFLGDG2WURV
HVWXGLRVKDQGHPRVWUDGRTXHHO
KLSRFDPSRHVHQFLDOSDUDOD
PHPRULDHVSDFLDOHVPD\RUHQORV
WD[LVWDV/DFXHVWLyQHVTXHOD
DUTXLWHFWXUDItVLFDGHOFHUHEUR
FDPELDVHJ~QKDFLDGyQGHGLULJLPRV
ODDWHQFLyQ\VHJ~QODVDFWLYLGDGHV
TXHSUDFWLFDPRVFRQUHJXODULGDG

+DFHSRFRYLPRVHVWHSULQFLSLR
DSOLFDGRD-DVRQXQQLxRGHVHLV
DxRV$YHFHV-DVRQVHREVHVLRQDED
FRQPLHGRVLUUDFLRQDOHV\WHQtDD
VXVSDGUHVGHVHVSHUDGRV'HSURQWR
HPSH]yDH[SHULPHQWDUGLILFXOWDGHV
SDUDFRQFLOLDUHOVXHxRSRUTXHOH
GDEDPLHGRTXHHOYHQWLODGRUGHO
WHFKRGHVXKDELWDFLyQFD\HUDVREUH
pO\ORDSODVWDUD6XVSDGUHVOH
KDEtDQPRVWUDGRUHSHWLGDVYHFHVOR
ELHQVXMHWRTXHHVWDEDHOYHQWLODGRU
DOWHFKR\OHKDEtDQGDGRWRGDFODVH
GHH[SOLFDFLRQHVOyJLFDVSDUDTXH
HQWHQGLHUDTXHpOQRFRUUtDQLQJ~Q
SHOLJURHQVXFDPD3HURFDGDQRFKH
ORVPLHGRVGHVXFHUHEURLQIHULRUVH
DGXHxDEDQGHORVSHQVDPLHQWRVGH
VXFHUHEURVXSHULRUUDFLRQDO\
OyJLFR6HTXHGDEDGHVSLHUWRKDVWD
PXFKRGHVSXpVGHDFRVWDUVH
SUHRFXSDGRSRUORTXHSRGUtDSDVDU
VLVHVROWDEDQORVWRUQLOORV\ODV
SDODVJLUDWRULDVFDtDQ\ORKDFtDQ
WUL]DVWDQWRDpOFRPRDVXFDPD\
VXVViEDQDVGH'DUWK9DGHU

(QFXDQWRVXVSDGUHVGHVFXEULHURQOD
YLVLyQGHODPHQWH\OHH[SOLFDURQOD
UXHGDGHODFRQFLHQFLD-DVRQGH
SURQWRGLVSXVRGHXQDYDOLRVD
KHUUDPLHQWDTXHUHSUHVHQWyXQDOLYLR
QRVyORSDUDpOVLQRWDPELpQSDUD
WRGDVXIDPLOLD6HGLRFXHQWDGH
TXHFRPR-RVKVHKDEtDTXHGDGR
DWDVFDGRHQVXDURREVHVLRQDGRFRQ
VXPLHGRGHORTXHSRGtDSDVDUVLVH
FDtDHOYHQWLODGRUGHOWHFKR6XV
SDGUHVORD\XGDURQDYROYHUD
FRORFDUVHHQVXGLVFRFHQWUDOGRQGH
SRGtDUHFRQRFHUODVVHQVDFLRQHV
ItVLFDVTXHOHDYLVDEDQGHTXHHVD
REVHVLyQHPSH]DEDDLQWURGXFLUVHHQ
VXFDEH]D±ODVHQVDFLyQGHDQJXVWLD
HQHOSHFKRODWHQVLyQHQORVEUD]RV
ODVSLHUQDV\ODFDUD±SDUDTXH
HQWRQFHVpOSXGLHUDGLULJLUOD
DWHQFLyQKDFLDDOJRTXHORUHODMDUD
$FRQWLQXDFLyQSRGtDGDUORV
VLJXLHQWHVSDVRVSDUDMXQWDUODV
GLVWLQWDVSDUWHVGHVtPLVPR3RGtD
SHQVDUHQRWURVDVSHFWRVGHODUROD
FHUWH]DGHTXHVXVSDGUHVOR
SURWHJHUtDQ\MDPiVOHGHMDUtDQ
GRUPLUEDMRXQYHQWLODGRUTXH
SXGLHUDFDHUVH\KDFHUOHGDxRRVX
UHFXHUGRGHORPXFKRTXHVHKDEtD
GLYHUWLGRHVHGtDFDYDQGRXQJUDQ
KR\RHQHOMDUGtQ2SRGtD
FRQFHQWUDUVHHQODWHQVLyQTXHVHQWtD
HQHOFXHUSR\XVDULPiJHQHVJXLDGDV
SDUDD\XGDUVHDUHODMDUVH$-DVRQOH
HQFDQWDSHVFDUDVtTXHDSUHQGLyD
LPDJLQDUVHHQXQEDUFRFRQVXSDGUH
(QVHJXLGDKDEODUHPRVHQGHWDOOHGH
HVWDWpFQLFD
8QDYH]PiVWRGRVHUHGXFHDOD
WRPDGHFRQFLHQFLD$OVHU
FRQVFLHQWHGHTXHHVWDEDDWDVFDGRHQ
XQDSDUWHGHODURGHODUXHGD\DO
FRPSUHQGHUTXHWHQtDRWUDVRSFLRQHV
DODKRUDGHFHQWUDUVXDWHQFLyQ
-DVRQDSUHQGLyDGHVSOD]DUHVD
DWHQFLyQ\SRUORWDQWRPRGLILFDUVX
HVWDGRPHQWDO(VRVLJQLILFDEDTXH
SRGtDWRPDUGHFLVLRQHVTXH
IDFLOLWDEDQODYLGDWDQWRDpOFRPRD
VXIDPLOLD7RGRVVREUHYLYLHURQD
HVWDGLItFLOHWDSDVLQWHQHUTXHUHWLUDU
HOYHQWLODGRUGHOWHFKR
3HURXQDYH]PiVODLQWHJUDFLyQQR
VyORFRQGXMRDODVXSHUYLYHQFLD
VLQRWDPELpQDOSURJUHVR/DYLVLyQ
GHODPHQWHQRIXHSDUD-DVRQXQ
VLPSOHSDUFKHTXHORVD\XGyDpO\D
VXVSDGUHVDHQIUHQWDUVHDXQ
REVWiFXORHVSHFLDOPHQWHGLItFLODOD
KRUDGHLUVHDGRUPLU7DPELpQ
SURGXMRXQFDPELRIXQGDPHQWDOTXH
SURSRUFLRQDUiEHQHILFLRV\DELHQ
HQWUDGDODHGDGDGXOWD(QRWUDV
SDODEUDVDSUHQGHUDXVDUODUXHGDGH
ODFRQFLHQFLD\DDSDUWDUODDWHQFLyQ
GHDTXHOORHQORTXHpVWDVHSRVDED
HVSRQWiQHDPHQWHFDPELyOD
SHUVSHFWLYDGH-DVRQSHURVLUYLy
SDUDPXFKRPiVTXHHVR$O
HQWHQGHU-DVRQHVWHSULQFLSLR\
HMHUFLWDUODFRQFHQWUDFLyQHQRWURV
DVSHFWRVGHODURSHVHDVXFRUWD
HGDGODVQHXURQDVGHVXFHUHEURVH
HQFHQGLHURQGHPDQHUDGLVWLQWD\
HVWDEOHFLHURQFRQH[LRQHVQXHYDV
(VRFDPELyODHVWUXFWXUDGHVX
FHUHEUR\ORYROYLHURQPHQRV
YXOQHUDEOHQRVyORDHVWHPLHGR\
HVWDREVHVLyQHQFRQFUHWRVLQR
WDPELpQDPLHGRV\REVHVLRQHV
IXWXURVFRPRFXDQGRORDWHUURUL]yOD
LGHDGHFDQWDUHQXQHVFHQDULRSDUD
HOFRQFLHUWRGH1DYLGDGHQHO
FROHJLRRVHSXVRQHUYLRVRFXDQGR
ORLQYLWDURQDGRUPLUHQFDVDGHXQ
DPLJR/DYLVLyQGHODPHQWHMXQWR
FRQODWRPDGHFRQFLHQFLDTXH
VXSXVRGHKHFKRDOWHUyHOFHUHEUR
GH-DVRQ'HELGRDVXPDQHUDGHVHU
HVSUREDEOHTXHVLJDHQIUHQWiQGRVHD
FLHUWDVSUHRFXSDFLRQHV
FRQVXVWDQFLDOHVDVXSHUVRQDOLGDG
3HURGXUDQWHHOUHVWRGHVXYLGD
UHFRJHUiORVIUXWRVGHHVWHWUDEDMR
SDUDFRQVHJXLUXQFHUHEURSOHQR
UHDOL]DGRHQODLQIDQFLD\GLVSRQGUi
GHXQDKHUUDPLHQWDSRGHURVDSDUD
DERUGDURWURVPLHGRV\REVHVLRQHV

&RPRFRPSUREDURQHOSDGUH\OD
PDGUHGH-DVRQODYLVLyQGHOD
PHQWHSXHGHVHUXQGHVFXEULPLHQWR
HPRFLRQDQWHSDUDORVSDGUHVVREUH
WRGRFXDQGRYHQHOSRGHURVRHIHFWR
GHODLQWHJUDFLyQHQODYLGDGHVX
KLMR(VPX\HPRFLRQDQWHHQWHQGHU
\HQVHxDUDQXHVWURVKLMRV TXH
SRGHPRVXVDUODPHQWHSDUD
FRQWURODUQXHVWUDYLGD'LULJLHQGR
QXHVWUDDWHQFLyQSRGHPRVGHMDUGH
HVWDUVXMHWRVDODLQIOXHQFLDGH
IDFWRUHVTXHHVWiQGHQWURGHQRVRWURV
\DOUHGHGRU\SDVDUDVHUQRVRWURV
TXLHQHVHMHU]DPRVODLQIOXHQFLDHQ
HOORV&XDQGRWRPDPRVFRQFLHQFLD
GHODPXOWLWXGGHHPRFLRQHV\
IXHU]DVFDPELDQWHVTXHDFW~DQGHQWUR
GHQRVRWURV\DOUHGHGRUSRGHPRV
UHFRQRFHUVXH[LVWHQFLDHLQFOXVR
DFHSWDUODVFRPRSDUWHGHQRVRWURV
PLVPRVSHURVLQSHUPLWLUTXHQRV
LQWLPLGHQRQRVGHILQDQ3RGHPRV
GHVSOD]DUQXHVWUDDWHQFLyQKDFLD
RWURVDVSHFWRVHQHODURGHODUXHGD
GHODFRQFLHQFLDGHPRGRTXH
GHMDPRVGHVHUYtFWLPDVGHIXHU]DV
TXHDSDUHQWHPHQWHHVFDSDQDQXHVWUR
FRQWUROSDUDFRQYHUWLUQRVHQ
SDUWLFLSDQWHVDFWLYRVHQHOSURFHVR
GHGHFLGLUHLQIOXLUHQQXHVWUD
PDQHUDGHSHQVDU\VHQWLU

£4XpSRGHUWDQH[WUDRUGLQDULRSDUD
FRQIHUtUVHORDQXHVWURVKLMRV(Q
FXDQWRHQWLHQGHQXQRVFXDQWRV
SULQFLSLRVEiVLFRVGHODYLVLyQGHOD
PHQWH±\ORVQLxRVDPHQXGRSXHGHQ
FDSWDUODLGHDGHODUXHGDGHOD
FRQFLHQFLDDXQDHGDGPX\WHPSUDQD
LQFOXVRHQORVSULPHURVDxRVGHOD
HVFXHODSULPDULD±DGTXLHUHQOD
FDSDFLGDGGHFRQWURODUPiV
SOHQDPHQWHVXSURSLRFXHUSR\VX
PHQWH\GHKHFKRSXHGHQFDPELDUOD
PDQHUDHQTXHYLYHQGLVWLQWDV
VLWXDFLRQHVYLWDOHV6XFHUHEUR
LQIHULRU\VXVUHFXHUGRVLPSOtFLWRV
ORVGRPLQDUiQPHQRV\VXYLVLyQGH
ODPHQWHORVD\XGDUiDOOHYDUYLGDV
SOHQDV\VDQDVGHVGHXQFHUHEUR
LQWHJUDGR

3HUR¢\VLXQQLxRVHTXHGDDWDVFDGR
HQHODUR\QRSDUHFHFDSD]GH
YROYHUDOGLVFR"'LFKRGHRWUR
PRGR¢\VLQRSXHGHUHXQLUODV
GLVWLQWDVSDUWHVGHVtPLVPRSRUOR
REFHFDGRTXHHVWiHQFRQWLQXDUHQXQ
HVWDGRGHiQLPRFRQFUHWR"&RPR
SDGUHVVDEHPRVTXHHVRV©DWDVFRVª
VHSURGXFHQFRQWLQXDPHQWH%DVWD
FRQUHFRUGDUD-RVK\VX
SHUIHFFLRQLVPR$XQFRQRFLHQGROD
H[LVWHQFLDGHODUXHGDGHOD
FRQFLHQFLD\ODVGLVWLQWDVSDUWHVGH
VtPLVPRHVSRVLEOHTXHVX
QHFHVLGDGGHUHQGLUDOPi[LPRD
YHFHVD~QVLJDGRPLQiQGROR/R
PLVPRSXHGHGHFLUVHGH-DVRQ\VX
PLHGRDOYHQWLODGRUGHOWHFKR
&RQRFHUODYLVLyQGHODPHQWH\OD
UXHGDGHODFRQFLHQFLDSXHGHVHU
PX\SRGHURVRSHURHVRQRVLJQLILFD
TXHDORVQLxRVOHVVHDIiFLO
GHVSOD]DUVXDWHQFLyQKDFLDRWUR
DVSHFWRGHODUR\VHJXLUDGHODQWHFRQ
VXYLGD

$VtSXHV¢FyPRSRGHPRVD\XGDUD
QXHVWURVKLMRVDLQWHJUDUFDGDYH]
PiVODVGLIHUHQWHVSDUWHVGHVt
PLVPRV\DQRTXHGDUVHDWDVFDGRVHQ
ORVDVSHFWRVGHODURTXHORVOLPLWDQ"
¢&yPRSRGHPRVD\XGDUORVD
GHVDUUROODUODYLVLyQGHODPHQWHD
ILQGHTXHSXHGDQDFFHGHUFDGDYH]
PiVDOSRGHUTXHOHVRWRUJDSDUD
FRQWURODUVXSURSLDYLGD"+DEOHPRV
GHFyPRVHSXHGHGDUDFRQRFHUOD
YLVLyQGHODPHQWHDQXHVWURVKLMRV\
D\XGDUORVDGHVDUUROODUDSWLWXGHV
XWLOL]DEOHVHQODYLGDFRWLGLDQD

/RTXHSXHGHVKDFHU'DUD
FRQRFHUDWXKLMRHOSRGHUGHOD
YLVLyQGHODPHQWH

‡ (VWUDWHJLDGHOFHUHEURSOHQRQž

'HMDSDVDUODVQXEHVGHODV
HPRFLRQHVHQVHxDTXHORV
VHQWLPLHQWRVYLHQHQ\VHYDQ

&RPRKHPRVGLFKRUHSHWLGDVYHFHV
HQQXHVWURUHFRUULGRSRUHVWHOLEUR
HVPX\LPSRUWDQWHTXHORVQLxRV
FRQR]FDQ\HQWLHQGDQVXV
VHQWLPLHQWRV3HURWDPELpQHV
YHUGDGTXHORVVHQWLPLHQWRVGHEHQ
VHUUHFRQRFLGRVSRUORTXHVRQ
FLUFXQVWDQFLDVWHPSRUDOHV
FDPELDQWHV6RQHVWDGRVQRUDVJRV
6RQFRPRHOWLHPSRPHWHRUROyJLFR
/DOOXYLDHVUHDO\VHUtDPX\WRQWR
SRUQXHVWUDSDUWHHVWDUEDMRXQ
DJXDFHUR\FRPSRUWDUQRVFRPRVLHQ
UHDOLGDGQROORYLHVH3HURWDPELpQ
VHUtDPX\WRQWRSRUQXHVWUDSDUWH
FUHHUTXHHOVROQXQFDPiVYROYHUiD
VDOLU

'HEHPRVD\XGDUDORVQLxRVD
FRPSUHQGHUTXHODVQXEHVGHVXV
HPRFLRQHVSXHGHQSDVDUGHODUJR \
SDVDUiQGHODUJR 1RVHVHQWLUiQ
WULVWHVRHQIDGDGRVRGROLGRVRVRORV
HWHUQDPHQWHeVWHHVXQFRQFHSWRTXH
DOSULQFLSLROHVFXHVWDHQWHQGHU
&XDQGRVLHQWHQGRORURPLHGRD
YHFHVOHVUHVXOWDGLItFLOLPDJLQDUTXH
QRYDQDVHJXLUVXIULHQGRVLHPSUH
9HUODVFRVDVDODUJRSOD]RQRVXHOH
VHUIiFLOQLVLTXLHUDSDUDXQDGXOWR\
PXFKRPHQRVSDUDXQQLxRSHTXHxR

$VtSXHVWHQHPRVTXHD\XGDUORVD
FRPSUHQGHUTXHORVVHQWLPLHQWRVVRQ
SDVDMHURVSRUWpUPLQRPHGLRXQD
HPRFLyQGXUDXQRVQRYHQWD
VHJXQGRV6LFRQVHJXLPRVTXH
QXHVWURVKLMRVFRPSUHQGDQOR
IXJDFHVTXHVRQODPD\RUtDGHORV
VHQWLPLHQWRVORVD\XGDUHPRVD
GHVDUUROODUODYLVLyQGHODPHQWHWDO
FRPRKHPRVYLVWRHQODQLxD
PHQFLRQDGDDQWHVODTXHVHFRUULJLy
DVtPLVPDGLFLHQGR©1RVR\WRQWD
VyORPHVLHQWRWRQWDHQHVWRV
PRPHQWRVª

2EYLDPHQWHORVQLxRVPiVSHTXHxRV
QHFHVLWDUiQODD\XGDGHVXVSDGUHV
SHURVLQGXGDVRQFDSDFHVGHFDSWDU
ODLGHDGHTXHORVVHQWLPLHQWRV
YLHQHQ\VHYDQ&XDQWRPHMRU
HQWLHQGDQTXHORVVHQWLPLHQWRVVRQ
SDVDMHURVPHQRVVHTXHGDUiQ
DWDVFDGRVHQHODURGHVXUXHGD\
PiVSRGUiQYLYLU\WRPDUGHFLVLRQHV
GHVGHVXGLVFR
‡ (VWUDWHJLDGHOFHUHEURSOHQRQž

/DFULEDSUHVWDDWHQFLyQDORTXH
SDVDGHQWUR

3DUDTXHORVQLxRVGHVDUUROOHQOD
YLVLyQGHODPHQWH\OXHJRLQIOX\DQ
HQORVGLVWLQWRVSHQVDPLHQWRV
GHVHRV\HPRFLRQHVTXHVHDJLWDQ
GHQWURGHHOORVSULPHURQHFHVLWDQ
VHUFRQVFLHQWHVGHORTXH
H[SHULPHQWDQHQUHDOLGDG(VR
VLJQLILFDTXHXQRGHQXHVWURV
FRPHWLGRVPiVLPSRUWDQWHVFRPR
SDGUHVHVD\XGDUDQXHVWURVKLMRVD
UHFRQRFHU\HQWHQGHUORVGLVWLQWRV
DVSHFWRVGHODURGHVXUXHGDGHOD
FRQFLHQFLDLQGLYLGXDO

1RKDFHIDOWDVHQWDUVH\FHOHEUDUXQD
UHXQLyQIRUPDOSDUDWUDQVPLWLUHVWD
LGHD3RGHPRVHQFRQWUDUPDQHUDVGH
WUDEDMDUHVWHFRQFHSWRHQODV
LQWHUDFFLRQHVFRWLGLDQDVFRQ
QXHVWURVKLMRV7LQDGHFLGLy
UHFLHQWHPHQWHHPSOHDUHVWHUHFXUVR
SDUDFDPELDUHOHVWDGRGHiQLPRGH
VXKLMRGHVLHWHDxRVXQDPDxDQD
PLHQWUDVOROOHYDEDHQFRFKHDOD
HVFXHODeOHVWDEDGLVJXVWDGRSRUTXH
VHKDEtDDSOD]DGRVXVDOLGDDO
HVWDGLRGHORV'RGJHU\HOOD
DSURYHFKySDUDGDUOHDFRQRFHUHO
©SDUDEULVDVGHODFRQFLHQFLDª
©)tMDWHHQWRGDVODVPDQFKDVTXHKD\
HQQXHVWURSDUDEULVDV(VWDVPDQFKDV
VRQFRPRWRGDVODVFRVDVTXHHVWiV
SHQVDQGR\VLQWLHQGRDKRUDPLVPR
£6RQPXFKDV¢9HVpVWDGHDTXt"eVWD
UHSUHVHQWDORHQIDGDGRTXHHVWiVFRQ
SDSiDKRUDPLVPR¢<HVHELFKR
DPDULOORDSODVWDGR"(VWXGHFHSFLyQ
SRUTXHHVWDQRFKHQRSRGUiVLUDO
SDUWLGR3HUR¢YHVHVDVDOSLFDGXUD
GHDOOt"5HSUHVHQWDTXHFUHHVDSDSi
FXDQGRGLFHTXHWHOOHYDUiHOILQGH
VHPDQDTXHYLHQH<HVDGHDOOt
UHSUHVHQWDTXHVDEHVTXHGHWRGRV
PRGRVKR\WHORSDVDUiVELHQSRUTXH
SRGUiVFRPHU\MXJDUDONLFNEDOOHQ
HOUHFUHRFRQ5\DQǻ6HSXHGH
HPSOHDUFXDOTXLHUFRVDTXHHVWpD
QXHVWURDOFDQFHXQSDUDEULVDVXQD
UXHGDGHELFLFOHWDGHYHUGDGXQ
WHFODGRGHSLDQRORTXHVHD%DVWD
FRQD\XGDUDORVQLxRVDHQWHQGHU
TXHH[LVWHQPXFKDVSDUWHVGHVt
PLVPRVTXHSXHGHQFRQRFHUH
LQWHJUDUHQWUHVt

8QDGHODVPHMRUHVPDQHUDVGH
HPSH]DUDGLULJLUODDWHQFLyQGHORV
QLxRVKDFLDORTXHKD\HQVXDURHV
D\XGiQGRORVDDSUHQGHUDFULEDU
WRGDVODVVHQVDFLRQHVLPiJHQHV
VHQWLPLHQWRV\SHQVDPLHQWRVTXHOHV
DIHFWDQ3UHVWDQGRDWHQFLyQDVXV
VHQVDFLRQHVItVLFDVSRUHMHPSOR
ORVQLxRVSXHGHQVHUPXFKRPiV
FRQVFLHQWHVGHORTXHSDVDGHQWURGH
VXFXHUSR3XHGHQDSUHQGHUD
UHFRQRFHUXQQXGRHQHOHVWyPDJR
FRPRLQGLFLRGHDQVLHGDGHOGHVHR
GHSHJDUFRPRVHxDOGHLUDR
IUXVWUDFLyQORVKRPEURVHQFRUYDGRV
FRPRXQDPDQLIHVWDFLyQGHWULVWH]D
HWFpWHUD3XHGHQLGHQWLILFDUOD
WHQVLyQHQHOFXHUSRFXDQGRHVWiQ
QHUYLRVRV\HQWRQFHVDSUHQGHUD
UHODMDUORVKRPEURV\DUHVSLUDU
KRQGRSDUDWUDQTXLOL]DUVH(OVLPSOH
KHFKRGHUHFRQRFHUVHQVDFLRQHV
FRPRHOKDPEUHHOFDQVDQFLROD
H[FLWDFLyQ\HOPDOKXPRUSXHGH
SHUPLWLUDORVQLxRVFRPSUHQGHUOR
TXHOHVSDVD\HQ~OWLPDLQVWDQFLD
LQFLGLUHQVXVVHQWLPLHQWRV

$GHPiVGHODVVHQVDFLRQHV
GHEHPRVHQVHxDUDORVQLxRVD
FULEDUODVLPiJHQHVTXHDIHFWDQDVX
PDQHUDGHYHUHOPXQGRHLQWHUDFWXDU
FRQpO$OJXQDVLPiJHQHVSHUWHQHFHQ
DOSDVDGRFRPRHOUHFXHUGRGHXQ
SDULHQWHHQXQDFDPLOODGHKRVSLWDOR
GHXQPRPHQWRERFKRUQRVRHQHO
FROHJLR2WUDVSXHGHQVHUIUXWRGHVX
LPDJLQDFLyQRLQFOXVRSHVDGLOODVTXH
KDQWHQLGR8QDQLxDTXHWHPHTXHOD
GHMHQGHODGR\DLVODGDHQHOUHFUHR
SRGUtDSRUHMHPSORLPDJLQDUVHVROD
HQXQFROXPSLRVROLWDULR2ELHQXQ
QLxRSRGUtDWHQHUPLHGRVQRFWXUQRV
GHELGRDLPiJHQHVTXHUHFXHUGDGH
XQVXHxRWHUURUtILFR&XDQGRXQQLxR
WRPDFRQFLHQFLDGHODVLPiJHQHVTXH
HVWiQDFWLYDVHQVXPHQWHSXHGHXVDU
VXYLVLyQGHODPHQWHSDUDFRQWURODU
HVDVLPiJHQHV\UHGXFLUHQJUDQ
PHGLGDHOSRGHUTXHHMHUFHQVREUH
pO

$ORVQLxRVWDPELpQVHOHVSXHGH
HQVHxDUDFULEDUORVVHQWLPLHQWRV\
HPRFLRQHVTXHH[SHULPHQWDQ6L
GHGLFDPRVXQWLHPSRDSUHJXQWDUOHV
FyPRVHVLHQWHQ\ORVD\XGDPRVD
VHUSUHFLVRVSXHGHQSDVDUGH
GHVFULSWRUHVHPRFLRQDOHVYDJRV
FRPR©ELHQª\©PDOªDRWURVPiV
HVSHFtILFRVFRPR©GHFHSFLRQDGRª
©DQJXVWLDGRª©FHORVRª\
©HPRFLRQDGRª8QDUD]yQSRUODTXH
ORVQLxRVDPHQXGRQRH[SUHVDQOD
FRPSOHMLGDGGHXQDHPRFLyQ
FRQFUHWDHVTXHWRGDYtDQRKDQ
DSUHQGLGRDFRQVLGHUDUVXV
VHQWLPLHQWRVGHXQDPDQHUD
FRPSOHMDTXHUHIOHMHODYDULHGDG\OD
ULTXH]DTXHH[LVWHQGHQWURGHHOORV
3RUFRQVLJXLHQWHHQVXVUHVSXHVWDV
QRHPSOHDQWRGRHOHVSHFWURGH
HPRFLRQHVVLQRTXHWUD]DQVXV
GLEXMRVHPRFLRQDOHVSULQFLSDOPHQWH
HQEODQFR\QHJUR/RLGHDOVHUtDTXH
QXHVWURVKLMRVUHFRQRFLHUDQOD
SUHVHQFLDHQVXLQWHULRUGHXQ
YLVWRVRDUFRLULVGHULFDVHPRFLRQHV
\SUHVWDUDQDWHQFLyQDHVWDVGLVWLQWDV
SRVLELOLGDGHV

6LQXQDYLVLyQGHODPHQWHSDUDYHU
ORTXHSDVDHQWRGRVXFHUHEURVH
YHUiQDWUDSDGRVHQLPiJHQHVHQ
EODQFR\QHJURFRPRYLHMDV
UHSRVLFLRQHVTXHYHPRVXQD\RWUD
YH]HQODWHOHYLVLyQ&XDQGRWLHQHQD
VXGLVSRVLFLyQWRGDXQDJDPDGH
HPRFLRQHVSXHGHQH[SHULPHQWDUXQD
LPDJHQYtYLGDHQWHFQLFRORUTXH
SURSRUFLRQDXQDYLGDHPRFLRQDO
SURIXQGD\YLEUDQWH(VWROR
SRGHPRVHQVHxDUXQDYH]PiV
GXUDQWHQXHVWUDVLQWHUDFFLRQHV
FRWLGLDQDVFRQQXHVWURVKLMRV\VH
SXHGHHPSH]DUFXDQGRQLVLTXLHUD
KDQDSUHQGLGRD~QDKDEODU©<DVp
TXHWHVLHQWHVGHFHSFLRQDGRSRUTXH
QRSXHGHVFRPHUFDUDPHORVª/XHJR
FRQIRUPHVHKDFHQPD\RUHVVHOHV
SXHGHLUGDQGRDFRQRFHUHPRFLRQHV
FDGDYH]PiVVXWLOHV©/DPHQWRTXH
KD\DQDQXODGRWXH[FXUVLyQGHHVTXt
6LHVRPHSDVDUDDPtVHQWLUtDWRGD
FODVHGHFRVDVHQIDGRGHFHSFLyQ
GRORUTXHPHKDQGHMDGRFROJDGD
¢4XpPiV"ª

/RVSHQVDPLHQWRVVRQGLVWLQWRVGH
ODVHPRFLRQHVODVVHQVDFLRQHV\ODV
LPiJHQHVHQHOVHQWLGRGHTXHVRQOD
SDUWHPiVUHSUHVHQWDWLYDGHOFHUHEUR
L]TXLHUGRHQHOSURFHVRGHFULED
&RQVWLWX\HQORTXHSHQVDPRVORTXH
QRVGHFLPRVDQRVRWURVPLVPRV\OD
PDQHUDHQTXHQRVFRQWDPRVOD
KLVWRULDGHQXHVWUDSURSLDYLGDSRU
PHGLRGHSDODEUDV/RVQLxRV
SXHGHQDSUHQGHUDSUHVWDUDWHQFLyQD
ORVSHQVDPLHQWRVTXHOHVSDVDQSRU
ODFDEH]D\HQWHQGHUTXHQRWLHQHQ
TXHFUHpUVHORVWRGRV+DVWDSXHGHQ
GLVFXWLUODVLGHDVTXHQRVRQVDQDVR
~WLOHVRLQFOXVRTXHQRVRQFLHUWDV
$WUDYpVGHHVWDVFRQYHUVDFLRQHV
FRQVLJRPLVPRVSXHGHQDSDUWDUOD
DWHQFLyQGHORVDVSHFWRVGHODURTXH
ORVOLPLWDQ\GLULJLUODKDFLDORV
DVSHFWRVTXHFRQGXFHQDODIHOLFLGDG
\HOFUHFLPLHQWR/DYLVLyQGHOD
PHQWHOHVSHUPLWHYROYHUDVXGLVFR
\SUHVWDUDWHQFLyQDVXV
SHQVDPLHQWRV/XHJRGHVGHHVH
OXJDUGHODFRQFLHQFLDSXHGHQ
HPSOHDUODFRQYHUVDFLyQFRQVLJR
PLVPRVSDUDUHFRUGDUVHRWURV
DVSHFWRVGHODURRWURVSHQVDPLHQ௙WRV
\VHQWLPLHQWRVTXHWDPELpQIRUPDQ
XQDSDUWHLPSRUWDQWHGHHOORV3RU
HMHPSORXQDQLxDGHRQFHDxRV
SXHGHPLUDUVHHQHOHVSHMR\GHFLU
©4XpHVWXSLGH]TXHPDUPHSRUHOVRO
HQHOFDPSDPHQWR£8QDYHUGDGHUD
HVWXSLGH]ª3HURVLVXVSDGUHVOH
KDQHQVHxDGRDGLVFXWLUVHVXV
SURSLRVSHQVDPLHQWRVQHJDWLYRV
SXHGHGDUXQSDVRDWUiV\FRUUHJLUVH
©9HQJDWDPSRFRHVWDQHVW~SLGR(V
QRUPDOROYLGDUVHGHODVFRVDVGHYH]
HQFXDQGR+R\FDVLWRGRVORVQLxRV
VHKDQTXHPDGRª

(QVHxDQGRDQXHVWURVKLMRVDFULEDU
ODDFWLYLGDGGHVXPHQWHSRGHPRV
D\XGDUORVDUHFRQRFHUORVGLVWLQWRV
DVSHFWRVGHODURTXHDFW~DQGHQWUR
GHHOORVDVHUPiVFODULYLGHQWHV\D
FRQWURODUPiVVXYLGD&DEHVHxDODU
DVLPLVPRORLQWHJUDGRTXHHVWiWRGR
HOSURFHVRHQORTXHVHUHILHUHDOD
PDQHUDHQTXHHOFHUHEURUHFLEHORV
GLVWLQWRVHVWtPXORV(OVLVWHPD
QHUYLRVRVHH[WLHQGHSRUWRGRHO
FXHUSR\DFW~DFRPRSRGHURVDV
DQWHQDVTXHLQWHUSUHWDQODVGLVWLQWDV
VHQVDFLRQHVItVLFDVSURSRUFLRQDGDV
SRUQXHVWURVFLQFRVHQWLGRV$
FRQWLQXDFLyQUHFXUULPRVDODV
LPiJHQHVGHOKHPLVIHULRGHUHFKRGHO
FHUH௙EURFRPELQiQGRODVFRQORV
VHQWLPLHQWRVSURFHGHQWHVGHO
FHUHEURGHUHFKR\HOVLVWHPD
OtPELFR)LQDOPHQWHORMXQWDPRV
WRGRFRQORVSHQVDPLHQWRV
FRQVFLHQWHVTXHVHRULJLQDQHQHO
KHPLVIHULRL]TXLHUGR\ODVDSWLWXGHV
DQDOtWLFDVGHQXHVWURFHUHEUR
VXSHULRU/DFULEDQRVD\XGDD
HQWHQGHUODLPSRUWDQWHOHFFLyQGH
TXHQXHVWUDVVHQVD௙FLRQHVFRUSRUDOHV
GDQIRUPDDQXHVWUDVHPRFLRQHV\
QXHVWUDVHPRFLR௙QHVGDQIRUPDD
QXHVWURVSHQVDPLHQWRVDVtFRPRD
ODVLPiJHQHVHQQXHVWUDPHQWH/DV
LQIOXHQFLDVWDPELpQSXHGHQVHUDOD
LQYHUVDVLWHQHPRVSHQVDPLHQWRV
KRVWLOHVSRGHPRVLQWHQVLILFDUXQ
VHQWLPLHQWRGHLUDTXHDVXYH]
SXHGHWHQVDUORVP~VFXORVGHQXHVWUR
FXHUSR7RGRVORVDVSHFWRVGHODUR±
VHQVDFLRQHVLPiJHQHVVHQWLPLHQWRV
\SHQVDPLHQWRV±SXHGHQHMHUFHUXQD
LQIOXHQFLDVREUHORVRWURV\MXQWRV
SXHGHQFUHDUQXHVWURHVWDGRGH
iQLPR

/DSUy[LPDYH]TXHWHQJDVXQRV
PLQXWRVHQHOFRFKHFRQWXVKLMRV
MXHJDDODFULEDKDFLHQGRSUHJXQWDV
TXHFRQWULEX\DQDOSURFHVRGHFULED
+HDTXtXQHMHPSORGHFyPR
HPSH]DU

7~9R\DGHFLUDOJRVREUH
ORTXHHVWiQH[SUHVDQGR
ODVVHQVDFLRQHVGHPL
FXHUSR7HQJRKDPEUH¢<
W~TXp"¢4XpFXHQWDWX
FXHUSR"
7XKLMR(OFLQWXUyQGH
VHJXULGDGPHUDVFDHO
FXHOOR

7~$KpVDVtTXHHV
EXHQD(QVHJXLGDWHOR
DUUHJOR¢<TXpPHGLFHV
GHODVLPiJHQHV"¢4Xp
LPiJHQHVSDVDQSRUWX
FDEH]D"(VWR\
DFRUGiQGRPHGHHVD
HVFHQDJUDFLRVtVLPDGHOD
REUDGHWHDWURGHWXFROH\
GHFXDQGRW~OOHYDEDVHVH
VRPEUHURWDQGLYHUWLGR

7XKLMR<RHVWR\
SHQVDQGRHQHOWUiLOHUTXH
YLPRVGHDTXHOODSHOtFXOD
QXHYD<DVDEHVODGHORV
H[WUDWHUUHVWUHV

7~6tWHQHPRVTXHLUD
YHUOD<DKRUDORV
VHQWLPLHQWRV0HKDFH
PXFKDLOXVLyQTXHPDxDQD
YHQJDQORVDEXHORV

7XKLMR£$PtWDPELpQ

7~9DOH\DKRUD«YDPRV
DFULEDUORVSHQVDPLHQWRV
$FDERGHSHQVDUTXH
QHFHVLWDPRVOHFKH
7HQGUHPRVTXHSDUDUD
FRPSUDUDQWHVGHLUDFDVD
¢<W~TXp"
7XKLMR+HHVWDGR
SHQVDQGRTXH&ODLUH
GHEHUtDKDFHUPiVWDUHDV
HQFDVDTXH\RSRUTXHHV
PD\RU

7~ VRQULHQGR 0HDOHJUR


GHTXHVHWHGpWDQELHQ
SURSRQHULGHDV
7HQGUHPRVTXHSHQVDUXQ
SRFRPiVHQHVR

$XQTXHVHGLJDQWRQWHUtDVHOMXHJR
GHODFULEDHVXQDEXHQDPDQHUDGH
FRQVHJXLUTXHWXVKLMRVSUHVWHQ
DWHQFLyQDVXSDLVDMHLQWHUQR<
UHFXHUGDTXHVyORFRQKDEODUGHOD
PHQWHD\XGDVDGHVDUUROODUOD
‡ (VWUDWHJLDGHOFHUHEURSOHQRQž

(MHUFLWDODYLVLyQGHODPHQWHHO
UHJUHVRDOGLVFRFHQWUDO

$QWHVKHPRVKDEODGRGHOSRGHUGHOD
YLVLyQGHODPHQWH\GHODD௙WHQ௙FLyQ
FHQWUDGD&XDQGRORVQLxRVVH
REVHVLRQDQFRQXQDVHULHGH
DVSHFWRVHQVXUXHGDGHOD
FRQFLHQFLDWHQHPRVTXHD\XGDUORVD
GHV௙SOD]DUVXDWHQFLyQSDUDTXHHVWpQ
PiVLQWHJUDGRV$VtSRGUiQYHUTXH
QRWLHQHQTXHVHUYtFWLPDVGHODV
VHQVDFLRQHVLPiJHQHVVHQWLPLHQWRV
\SHQVDPLHQWRVHQVXLQWHULRU\TXH
SXHGHQGHFLGLUORTXHSLHQVDQ\
VLHQWHQFRQUHVSHFWRDVXV
H[SHULHQFLDV

(VWRQRVHGDGHPDQHUDQDWXUDOHQ
ORVQLxRVSHURVHOHVSXHGHHQVHxDU
SHUIHFWDPHQWHFyPRYROYHUDILMDUOD
DWHQFLyQHQHOGLVFR3RGHPRVGDUOHV
KHUUDPLHQWDV\HVWUDWHJLDVSDUD
WUDQTXLOL]DUVHHLQWHJUDUVXVGLVWLQWRV
VHQWLPLHQWRV\GHVHRV8QDGHODV
PHMRUHVPDQHUDVGHFRQVHJXLUORHV
HQVHxDUOHVHMHUFLFLRVSDUDODYLVLyQ
GHODPHQWHTXHORVUHFRQGXFHQDO
GLVFR&XDQGRGLULJLPRVDQXHVWURV
KLMRVSDUDTXHYXHOYDQDOGLVFR
FHQWUDOGHVXUXHGDORVD\XGDPRVD
HVWDUPiVFRQFHQWUDGRV\FHQWUDGRV
ORTXHOHVSHUPLWHVHUPiV
FRQVFLHQWHVGHODSUHVHQFLDGHORV
QXPHURVRVDVSHFWRVGHODURTXH
DIHFWDQDVXVHPRFLRQHV\VXHVWDGR
GHiQLPR
$FRQWLQXDFLyQH[SOLFDUHPRVFyPR
XQDPDGUH$QGUHDD\XGyDVXKLMD
1LFROHGHQXHYHDxRVDYROYHUDVX
GLVFRSDUDDIURQWDUODDQVLHGDGTXH
OHSURGXFtDXQFRQFLHUWRTXHGHEtD
GDU/DPDxDQDGHOFRQFLHUWR
$QGUHDDGYLUWLyTXH1LFROHHVWDED
FRPSUHQVLEOHPHQWHQHUYLRVDSRUTXH
WHQtDTXHWRFDUHOYLROtQGHODQWHGH
VXVDPLJRV\VXVSDGUHV6DEtDTXH
HUDQRUPDOTXHVXKLMDVHVLQWLHUD
DVtSHURWDPELpQGHVHDEDD\XGDUODD
HVWDUPHQRVDWDVFDGDHQVXDUR$Vt
TXHOHHQVHxyXQHMHUFLFLRSDUDOD
YLVLyQGHODPHQWH$QGUHDSLGLyD
1LFROHTXHVHWHQGLHUDHQHOVRIi\
HOODVHVHQWyDVXODGRHQXQDVLOOD$
FRQWLQXDFLyQLQWHQWyD\XGDUDVXKLMD
DVHUPiVFRQVFLHQWHGHORTXH
RFXUUtDHQVXLQWHULRU(QHVHQFLD
HVWRHVORTXHOHGLMR

%LHQ1LFROHPLHQWUDV
HVWiVDKtWXPEDGDPXHYH
ORVRMRVSDUDGHVSOD]DUOD
PLUDGDSRUODKDELWDFLyQ
6LQVLTXLHUDPRYHUOD
FDEH]DSXHGHVYHUOD
OiPSDUDHQODPHVD$KRUD
PLUDODVIRWRVGHFXDQGR
HUDVEHEp¢/DVYHV"<
DKRUDPLUDODHVWDQWHUtD
¢9HVHOJUDQOLEURGH
+DUU\3RWWHU"$KRUD
YXHOYHDPLUDUODOiPSDUD
¢9HVTXHWLHQHVOD
FDSDFLGDGGHILMDUOD
DWHQFLyQHQWRGDOD
KDELWDFLyQ"(VRHVORTXH
TXLHURHQVHxDUWHSHUR
YDPRVDILMDUWXDWHQFLyQ
HQORTXHHVWiSDVDQGR
GHQWURGHWXFDEH]D\WX
FXHUSR&LHUUDORVRMRV\
YDPRVDFHQWUDUQRVHQWXV
SHQVDPLHQWRVWXV
VHQWLPLHQWRV\WXV
VHQWLGRV(PSHFHPRVSRU
ORTXHR\HV9R\DHVWDU
FDOODGDXQRVVHJXQGRV\
W~SUHVWDDWHQFLyQDORV
VRQLGRVFHUFDQRV
¢4XpR\HV"¢(OFRFKHTXH
SDVD"¢(OSHUURTXHODGUD
HQODDFHUDGHHQIUHQWH"
¢2\HVHOJULIRTXHKD
DELHUWRWXKHUPDQRHQHO
FXDUWRGHEDxR"(UHV
FRQVFLHQWHGHHVRVUXLGRV
SRUTXHHVWiVTXLHWD\
WLHQHVODDWHQFLyQSXHVWD
HQRtUORV+DVHVFXFKDGR
DGUHGH

$KRUDTXLHURTXHWHILMHV
HQWXUHVSLUDFLyQ3ULPHUR
SUHVWDDWHQFLyQDODLUHTXH
HQWUD\VDOHSRUWXQDUL]«
$KRUDVLHQWHWXSHFKRTXH
VXEH\EDMD«DKRUD
REVHUYDODPDQHUDHQTXH
VHPXHYHWXEDUULJDFDGD
YH]TXHLQVSLUDV\
H[SXOVDVHODLUH«

9R\DTXHGDUPHFDOODGD
RWUDYH]XQRVVHJXQGRV
'XUDQWHHVHWLHPSRVLJXH
FRQFHQWUDGDHQWX
UHVSLUDFLyQ7HYHQGUiQ
RWURVSHQVDPLHQWRVDOD
FDEH]D\SUREDEOHPHQWH
LQFOXVRSHQVDUiVHQHO
FRQFLHUWR1RSDVDQDGD
&XDQGRYHDVTXHWXV
SHQVDPLHQWRVHPSLH]DQD
YDJDU\TXHHVWiV
SHQVDQGRHQRWUDFRVDR
TXHHPSLH]DVD
SUHRFXSDUWHYXHOYHD
FRQFHQWUDUWHHQOD
UHVSLUDFLyQ2EVHUYDOD
VHFXHQFLDGHLQVSLUDU\
H[SXOVDUHODLUH

'HVSXpVGHXQPLQXWRSRFRPiVR
PHQRV$QGUHDOHGLMRD1LFROHTXH
DEULHUDORVRMRV\VHVHQWDUD$QGUHD
OHH[SOLFyTXHHVDWpFQLFDHUDXQD
PDQHUDPX\HILFD]GHWUDQTXLOL]DUOD
PHQWH\HOFXHUSR\OHUHFRPHQGy
TXHVHJXDUGDUDHVHHMHUFLFLRHQHO
EROVLOORSDUDFXDQGRORQHFHVLWDUD
SRUHMHPSORMXVWRDQWHVGHO
FRQFLHUWR6LVHQWtDTXHHOFRUD]yQOH
ODWtDFRQIXHU]DDQWHVGHWRFDUHO
YLROtQSRGtDYROYHUDSHQVDUHQVX
UHVSLUDFLyQHQFyPRLQVSLUDED\
H[SXOVDEDHODLUHLQFOXVRFRQORV
RMRVDELHUWRV

<DYHVFyPRXQHMHUFLFLRGHOD
YLVLyQGHODPHQWHWUDQTXLOL]DGRU
FRPRpVWHSXHGHVHUXQDKHUUDPLHQWD
VHQFLOODSHURHILFD]SDUDD\XGDUDXQ
QLxRDHQIUHQWDUVHDPLHGRV\RWUDV
HPRFLRQHVGLItFLOHVGHVREUHOOHYDU
/RVHMHUFLFLRVGHODYLVLyQGHOD
PHQWHFRQGXFHQDVLPLVPRDOD
LQWHJUDFLyQSRUTXHFRPR\DVDEHV
HQORVSXQWRVGRQGHILMDPRVOD
DWHQFLyQODVQHXURQDVVHHQFLHQGHQ
\VHYXHOYHQDFWLYDV\OXHJRVH
FRQHFWDQFRQRWUDVQHXURQDV(QHVWH
FDVRFXDQGR$QGUHDD\XGyD1LFROH
DFRQFHQWUDUVHHQVXUHVSLUDFLyQQR
VyORDERUGyORVVHQWLPLHQWRVGH
DQVLHGDG7DPELpQD\XGyDVXKLMDD
YROYHUDOGLVFRSDUDTXHGHWHFWDUD
RWUDVSDUWHVGHVtPLVPDHLQFOXVR
VHQVDFLRQHVItVLFDVTXHDVtSRGUtD
FDPELDULQWHQFLRQDGDPHQWH'HHVH
PRGRODVQHXURQDVUHODFLRQDGDVFRQ
ODDWHQFLyQSXHVWDGHXQDPDQHUD
FRQVFLHQWHHQODUHVSLUDFLyQVH
FRQHFWDURQFRQODVQHXURQDV
UHODFLRQDGDVFRQORVVHQWLPLHQWRVGH
FDOPD\ELHQHVWDU1LFROHSDVyDXQ
HVWDGRGHiQLPRWRWDOPHQWHGLVWLQWR\
SXGRUHJUHVDUDVXGLVFR

6LELHQHVWHHMHPSORSUHVHQWDDXQD
QLxDPD\RUGHHGDGHVFRODUORVPiV
SHTXHxRVWDPELpQSXHGHQ
EHQHILFLDUVHGHORVHMHUFLFLRVGHOD
YLVLyQGHODPHQWH,QFOXVRDORV
FXDWURRFLQFRDxRVORVQLxRV
SXHGHQDSUHQGHUDFRQFHQWUDUVHHQ
VXUHVSLUDFLyQ8QDEXHQDWpFQLFDHV
SHGLUOHVTXHVHDFXHVWHQ\FRORFDU
XQMXJXHWH±FRPRXQEDUFR±HQVX
DEGRPHQDFRQWLQXDFLyQVHOHV
LQGLFDTXHVHFRQFHQWUHQHQHOEDUFR
TXHORREVHUYHQVXELU\EDMDU
PLHQWUDVVHGHMDQOOHYDUSRUODVRODV
GHODUHVSLUDFLyQ

$KRUDELHQQRHVWDPRVGLFLHQGRTXH
SDUDKDFHUORVHMHUFLFLRVGHOD
YLVLyQGHODPHQWHHOQLxRWHQJDTXH
HVWDUWXPEDGR\HQWUDUHQXQHVWDGR
GHPHGLWDFLyQ8QDGHODVPHMRUHV
KHUUDPLHQWDVTXHSRGHPRV
SURSRUFLRQDUDQXHVWURVKLMRVSDUD
FXDQGRVLHQWHQDQVLHGDGRPLHGRR
LQFOXVRFXDQGRWLHQHQSUREOHPDV
SDUDGRUPLUHVHQVHxDUOHVD
YLVXDOL]DUXQOXJDUGRQGHVHVLHQWDQ
WUDQTXLORV\HQSD]IORWDQGRHQXQD
FROFKRQHWDHQXQDSLVFLQDVHQWDGRV
DRULOODVGHXQUtRTXHUHFXHUGDQGH
XQDDFDPSDGDREDODQFHiQGRVHHQ
XQFROXPSLRHQODFDVDGHVXV
DEXHORV

/RVHMHUFLFLRVGHODYLVLyQGHOD
PHQWHIDYRUHFHQODVXSHUYLYHQFLDOR
TXHSXHGHD\XGDUDORVQLxRVDKDFHU
IUHQWHDVXDQVLHGDGVXV
IUXVWUDFLRQHV\HQHOFDVRGHORV
QLxRVPD\RUHVLQFOXVRDXQDLUD
LQWHQVD3HURHVWDVHVWUDWHJLDV
WDPELpQIDYRUHFHQHOSURJUHVR
'HVSXpVGHHQVHxDU$QGUHDD1LFROH
HOHMHUFLFLRSDUDODYLVLyQGHOD
PHQWHDQWHVGHVXFRQFLHUWR HQHO
TXH\DUHODMDGDWRFy
PDJQtILFDPHQWH YROYLHURQDKDFHU
HMHUFLFLRVSDUHFLGRVHQRWUDV
RFDVLRQHVHQODVTXH$QGUHD
FRQGXFtDD1LFROHSRUFLHUWDV
YLVXDOL]DFLRQHVFRPRODDQWHV
GHVFULWD&RQIRUPH1LFROHVHKL]R
PD\RU\VLJXLyHMHUFLWiQGRVH
HPSH]yDFRPSUHQGHUPHMRUODLGHD
GHOGLVFRGHVXUXHGDGHPRGRTXH
FDGDYH]YROYtDDpOPiVIiFLO\
UiSLGDPHQWH$SUHQGLyD
FRQFHQWUDUVHGHXQDPDQHUDPiV
SUHFLVD\HVSHFtILFDHQODVSDUWHVGH
VtPLVPDTXHTXHUtDGHVDUUROODU\
KDFHUFUHFHU

'HEHPRVEXVFDUODVPDQHUDVGH
D\XGDUDQXHVWURVKLMRVDHVWDU
WUDQTXLORV\HQFDOPDHQ
GHWHUPLQDGRVPRPHQWRV\D
HQFRQWUDUXQDSURIXQGDSD]GHQWURGH
VXGLVFR'HVGHDOOtSRGUiQFDSHDU
PHMRUODVWRUPHQWDVTXHVHIRUPDQ
GHQWURGHHOORVHQXQLQVWDQWH\
WHQGUiQPiVSRVLELOLGDGHVGH
SURJUHVDU±HPRFLRQDOSVLFROyJLFD\
VRFLDOPHQWH±DPHGLGDTXHFUHFHQ\
VHDGHQWUDQHQODHGDGDGXOWD
/RVQLxRVGHFHUHEURSOHQR

(QVHxDDWXVKLMRVDLQWHJUDUODV
QXPHURVDVSDUWHVGHVtPLVPRV

<DKHPRVRIUHFLGRYDULRVHMHPSORV
GHFyPRRWURVSDGUHVKDQGDGRD
FRQRFHUDVXVKLMRVODYLVLyQGHOD
PHQWH\HOSRGHUGHODDWHQFLyQ
IRFDOL]DGD+HDTXtDOJRTXHSXHGHV
OHHUFRQWXKLMRSDUDHQVHxDUOHHO
FRQFHSWR
,QWHJUDUQRVPLUDUQXHVWUDSURSLD
UXHGDGHODFRQFLHQFLD

([LVWHQPXFKDVPDQHUDVHQTXHORV
SDGUHVSXHGHQEHQHILFLDUVHFXDQGR
FRQRFHQODYLVLyQGHODPHQWH\VX
SURSLDUXHGDGHODFRQFLHQFLD
9DPRVDGHGLFDUDKRUDXQPRPHQWRD
YHU\H[SHULPHQWDUGHTXpHVWDPRV
KDEODQGR

'HVGHWXGLVFRFULEDWXSURSLD
PHQWH¢&XiOHVVRQORVDVSHFWRVHQ
HODURTXHUHFLEHQWXDWHQFLyQDKRUD
PLVPR"¢7DOYH]DOJXQRGHpVWRV"

ā£8\TXpFDQVDQFLR
2MDOiSXGLHUDGRUPLUXQD
KRUDPiV

ā7DPELpQPHLUULWDTXHOD
JRUUDGHORV<DQTXHHVGH
PLKLMRHVWpDKtWLUDGDHQ
HOVXHOR(QFXDQWROOHJXH
DFDVDWHQGUpTXH
SHUVHJXLUORSRUHVR\
WDPELpQSRUVXVGHEHUHV

ā/DFHQDFRQORV&RRSHU
GHHVWDQRFKHVHUi
GLYHUWLGDSHURQRWHQJR
PXFKDVJDQDVGHLU

ā£8\TXpFDQVDQFLR

ā£2MDOiKLFLHUDPiVFRVDV
SDUDPt$OPHQRVHVWRV
GtDVPHHVWR\FRQFHGLHQGR
HOSODFHUGHOHHUXQOLEUR

ā¢0HKHTXHMDGR\DGHO
FDQVDQFLR"

7RGDVHVWDVVHQVDFLRQHVLPiJHQHV
VHQWLPLHQWRV\SHQVDPLHQWRVVRQORV
DVSHFWRVHQHODURGHWXUXHGDGHOD
FRQFLHQFLD\MXQWRVGHWHUPLQDQWX
HVWDGRGHiQLPR

$KRUDYHDPRVTXpSDVDFXDQGR
GLULJHVODDWHQFLyQ
LQWHQFLRQDGDPHQWHKDFLDRWURV
DVSHFWRVHQHODUR'HWHQWHXQRV
VHJXQGRVGHMDWXPHQWHHQEODQFR\
SUHJ~QWDWHORVLJXLHQWH
ā¢4XpKDGLFKRRKHFKR
PLKLMR~OWLPDPHQWHTXH
IXHUDDGRUDEOH"

ā$SHVDUGHTXHDYHFHV
HVHVSDQWRVDPHQWHGLItFLO
¢GHYHUGDGPHJXVWDVHU
SDGUHRPDGUH\OR
YDORUR"¢&yPRPHVHQWLUtD
VLQRKXELHUDFRQVHJXLGR
VHUSDGUHRPDGUH"

ā¢&XiOHVODFDPLVHWD
SUHIHULGDGHPLKLMRHQ
HVWRVPRPHQWRV"
¢5HFXHUGRVXSULPHUSDU
GH]DSDWRV"
ā¢3XHGRLPDJLQDUFyPR
VHUiPLKLMRDORV
GLHFLRFKRDxRVFRQODV
PDOHWDVKHFKDV\OLVWRSDUD
PDUFKDUVHDOD
XQLYHUVLGDG"

¢7HVLHQWHVGLVWLQWR"¢+DFDPELDGR
WXHVWDGRGHiQLPR"

+DVLGRJUDFLDVDODYLVLyQGHOD
PHQWH'HVGHWXGLVFRKDVYLVWR
DVSHFWRVHQHODURGHWXSURSLDUXHGD
GHODFRQFLHQFLD\KDVWRPDGR
FRQFLHQFLDGHORTXH
H[SHULPHQWDEDV/XHJRKDV
GHVSOD]DGRHOFHQWURGHDWHQFLyQ
GLULJLpQGRORKDFLDRWURVDVSHFWRVGHO
DUR\SRUFRQVLJXLHQWHKDFDPELDGR
WXHVWDGRGHiQLPRSRUFRPSOHWR
eVHHVHOSRGHUGHWXPHQWH\DVtHV
FRPRSXHGHWUDQVIRUPDUOLWHUDO\
IXQGDPHQWDOPHQWHORTXHVLHQWHV
SRUWXVKLMRV\WXPDQHUDGH
LQWHUDFWXDUFRQHOORV6LQODYLVLyQ
GHODPHQWHSXHGHVTXHGDUWH
DWDVFDGRHQWXDURVLQWLpQGRWHVREUH
WRGRIUXVWUDGRRHQIDGDGRR
UHVHQWLGR(QHVHPRPHQWRKDEUiV
SHUGLGRODDOHJUtDTXHDFRPSDxDD
ODSDWHUQLGDG3HURYROYLHQGRDO
GLVFRFHQWUDO\GHVSOD]DQGRWXFHQWUR
GHDWHQFLyQSXHGHVHPSH]DUD
H[SHULPHQWDUODDOHJUtD\ODJUDWLWXG
TXHVXSRQHQODSDWHUQLGDGVyORFRQ
SUHVWDUDWHQFLyQ\GHFLGLUTXHYDVD
FHQWUDUWHHQQXHYRVSXQWRVGHODUR

/DYLVLyQGHODPHQWHWDPELpQSXHGH
VHUPX\SUiFWLFD3RUHMHPSOR
SLHQVDSRUXQPRPHQWRHQOD~OWLPD
YH]TXHWHHQIDGDVWHFRQXQRGHWXV
KLMRV(QODTXHWHHQIDGDVWHGH
YHUGDGHQODTXHHVWXYLVWHDSXQWR
GHSHUGHUHOFRQWURO5HFXHUGDTXp
KL]R\ODLUDTXHVHDSRGHUyGHWL(Q
PRPHQWRVDVtWXFyOHUDDUGH
IHUR]PHQWHHQHODURGHWXUXHGD'H
KHFKRDUGHFRQWDOLQWHQVLGDGTXH
DQXODRWURVDVSHFWRVGHODURTXH
UHSUHVHQWDQORTXHVLHQWHV\VDEHVGH
WXVKLMRVWXFRPSUHQVLyQGHTXHWX
QLxRGHFXDWURDxRVHVWi
FRPSRUWiQGRVHFRPRXQQLxRQRUPDO
GHFXDWURDxRVWXUHFXHUGRGHORV
GRVULpQGRRVDFDUFDMDGDVVyORXQRV
PLQXWRVDQWHVPLHQWUDVMXJiEDLVD
ODVFDUWDVWXSURPHVDGHTXHLEDVD
GHMDUGHDJDUUDUDWXVKLMRVSRUORV
EUD]RVFXDQGRWHHQIDGDEDVWXGHVHR
GHRIUHFHUXQPRGHORGHODV
PDQLIHVWDFLRQHVGHLUDPiV
DGHFXDGDV

$VtHVFRPRQRVGHMDPRVOOHYDUSRU
HODURFXDQGRQRHVWDPRVLQWHJUDGRV
SRUPHGLDFLyQGHOGLVFR(OFHUHEUR
LQIHULRUDVXPHHOFRQWUROGHWRGD
DFFLyQLQWHJUDGRUDGHOD]RQD
VXSHULRU\ORVGHPiVDVSHFWRVGHO
DURVHYHQHFOLSVDGRVSRUHO
UHVSODQGRUGHHVH~QLFRDVSHFWRVGH
WXLUDTXHORFRQVXPHWRGR¢7H
DFXHUGDVGHDTXHOORGH©SHUGHUORV
SDSHOHVª"

¢4XpGHEHVKDFHUHQXQPRPHQWR
DVt"6t\DORKDVDGLYLQDGR
LQWHJUDU8VDUODYLVLyQGHODPHQWH
&HQWUiQGRWHHQODUHVSLUDFLyQ
SRGUiVFRPRPtQLPRYROYHUDOGLVFR
GHWXPHQWHeVHHVHOSDVRQHFHVDULR
TXHQRVSHUPLWHHYLWDUTXHQRV
FRQVXPDXQ~QLFRSXQWRGHLUDHQHO
DURRYDULRVSXQWRV8QDYH]
VLWXDGRVHQHOGLVFRHVSRVLEOH
DGTXLULUXQDSHUVSHFWLYDPiVDPSOLD
\YHUTXHH[LVWHQRWURVDVSHFWRVHQ
HODURDWHQHUHQFXHQWD3XHGHVLUD
SRUDJXDWRPDUWHXQGHVFDQVR\
KDFHUHVWLUDPLHQWRVRFRQFHGHUWHXQ
PRPHQWRSDUDVHUHQDUWH'HVSXpVHQ
FXDQWRKD\DVYXHOWRDILMDUOD
DWHQFLyQHQHOGLVFRWHQGUiVOD
SRVLELOLGDGGHHOHJLUFyPRYDVD
UHVSRQGHUDWXKLMR\VLHVQHFHVDULR
UHSDUDUODEUHFKDTXHSXHGHKDEHUVH
DELHUWRHQYXHVWUDUHODFLyQ

(VWRQRVLJQLILFDTXHGHEDVSDVDU
SRUDOWRODPDODFRQGXFWD(Q
DEVROXWR'HKHFKRXQRGHORV
DVSHFWRVGHODURTXHLQWHJUDUiVFRQ
ORVGHPiVHVWXFRQYLFFLyQHQOD
QHFHVLGDGGHSRQHUOtPLWHVFODURV\
VLVWHPiWLFRV([LVWHQPXFKDV
SHUVSHFWLYDVTXHSXHGHVDGRSWDU
GHVGHORVGHVHRVGHTXHWXKLMRVH
FRPSRUWHGHXQDPDQHUDGLVWLQWD
KDVWDVHQWLPLHQWRVGHSUHRFXSDFLyQ
SRUFyPRKDVDFWXDGRW~HQ
UHVSXHVWD&XDQGRMXQWHVWRGRVHVWRV
DVSHFWRVGHODUR±FXDQGRKD\DV
XVDGRHOGLVFRSDUDLQWHJUDUWXPHQWH
HQHVHPRPHQWR±WHVHQWLUiV
SUHGLVSXHVWRDVHJXLUHMHUFLHQGRXQD
SDWHUQLGDGVHQVLEOH\HQVLQWRQtDFRQ
WXKLMR'HVSXpVFXDQGRWRGRWX
FHUHEURWUDEDMHFRQMXQWDPHQWH
SRGUiVFRQHFWDUFRQWXKLMRSRUTXH
W~HVWiVFRQHFWDGRGHQWURGHWL
PLVPR7HQGUiVPXFKDVPiV
SRVLELOLGDGHVGHUHVSRQGHUFRPR
TXLHUHVFRQODYLVLyQGHODPHQWH\
ODWRWDOLGDGGHWXSHUVRQDHQOXJDU
GHWHQHUXQDUHDFFLyQLQPHGLDWD
SURYRFDGDSRUXQSXQWRGHLUDHQHO
DURGHWXUXHGD3DUDSUDFWLFDUFRQWX
SURSLDUXHGDYLVLWDODSiJLQD
GUGDQVLHJHOFRP
/DFRQH[LyQ
\RQRVRWURV

,QWHJUDUHO\R\HO
RWUR
5RQ\6DQG\HVWDEDQKDUWRV6XKLMR
GHVLHWHDxRV&ROLQHUDXQEXHQ
QLxR1RGDEDSUREOHPDVHQHO
FROHJLRVXVDPLJRV\VXVSDGUHVOR
DSUHFLDEDQ\QRUPDOPHQWHFXPSOtD
FRQVXVREOLJDFLRQHV3HURHUDHQ
SDODEUDVGHVXSDGUHXQ©HJRtVWD
HPSHGHUQLGRª6LHPSUHFRJtDHO
~OWLPRWUR]RGHSL]]DLQFOXVR
FXDQGRQRVHKDEtDDFDEDGRD~QHO
TXHWHQtDHQHOSODWR6XSOLFyTXHOH
UHJDODUDQXQFDFKRUUR\OXHJRQR
PRVWUyHOPHQRULQWHUpVHQMXJDUFRQ
pO\PXFKRPHQRVHQUHFRJHUVXV
FDFDV,QFOXVRFXDQGR\DHUDPD\RU
SDUDVHJXLUMXJDQGRFRQFLHUWRV
MXJXHWHVVHQHJDEDDGHMiUVHORVDVX
KHUPDQRSHTXHxR

5RQ\6DQG\VDEtDQTXHHVQRUPDO
TXHORVQLxRVPDQLILHVWHQFLHUWR
JUDGRGHHJRFHQWULVPR<QR
GHVHDEDQFDPELDUODSHUVRQDOLGDG
GH&ROLQGHVHDEDQTXHUHUOHWDO
FRPRHUD3HURDYHFHVFXDQGRVH
PRVWUDEDLQFDSD]GHSHQVDUHQORV
GHPiVORVVDFDEDGHTXLFLR&XDQGR
VHWUDWDEDGHDSWLWXGHVUHODFLRQDOHV
FRPRODHPSDWtDODERQGDG\OD
FRQVLGHUDFLyQVLPSOHPHQWHSDUHFtD
TXH&ROLQQRKDEtDGHVDUUROODGRHO
FRUUHVSRQGLHQWHFLUFXLWR

(OSXQWRGHLQIOH[LyQVHSURGXMRXQ
GtDHQTXH&ROLQYROYLyDFDVDGHOD
HVFXHOD\VHPHWLyHQHOGRUPLWRULR
TXHFRPSDUWtDFRQVXKHUPDQRGH
FLQFRDxRV/RJDQ5RQHVWDEDHQOD
FRFLQDFXDQGRR\yJULWRV
SURFHGHQWHVGHODKDELWDFLyQGHORV
QLxRV$OLUDLQYHVWLJDUVHHQFRQWUy
FRQ/RJDQGHVFRQVRODGRIXULRVRFRQ
VXKHUPDQRPD\RU\OORUDQGRDQWH
XQDSLODGHGLEXMRV\WURIHRV&ROLQ
KDEtDGHFLGLGR©YROYHUDGHFRUDUª
ODKDELWDFLyQ+DEtDGHVFROJDGR
WRGDVODVDFXDUHODV\GLEXMRVHQ
URWXODGRUGH/RJDQFROJDGRVGHOD
SDUHG\ORVKDEtDVXVWLWXLGRSRUVXV
SURSLRVSyVWHUV\FURPRVGHEpLVERO
TXHKDEtDSHJDGRFRQFHORHQKLOHUDV
DORODUJRGHODSDUHGPiVDPSOLDGH
ODKDELWDFLyQ$GHPiVKDEtDTXLWDGR
GRVWURIHRVGHI~WEROGH/RJDQGHO
HVWDQWH\FRORFDGRHQVXOXJDUVX
FROHFFLyQGHPXxHFRVGHFDEH]D
RVFLODQWH+DEtDDSLODGRWRGDVODV
SHUWHQHQFLDVGH/RJDQHQXQULQFyQ
GHODKDELWDFLyQH[SOLFy©SDUDTXH
QRHVWRUEDUDQª
&XDQGR6DQG\OOHJyDFDVD5RQ\
HOODKDEODURQGHVXIUXVWUDFLyQFRQ
VXKLMRPD\RU&UHtDQVLQFHUDPHQWH
TXH&ROLQDFWXDEDVLQPDOLFLD'H
KHFKRFDVLSRGtDGHFLUVHTXHpVH
HUDHOSUREOHPDQLVLTXLHUDWXYRHQ
FXHQWDORVVHQWLPLHQWRVGH/RJDQOR
VXILFLHQWHFRPRSDUDDOEHUJDUOD
LQWHQFLyQGHKDFHUOHGDxR5HQRYy
ODGHFRUDFLyQGHODKDELWDFLyQSRUOD
PLVPDUD]yQTXHVLHPSUHFRJtDOD
~OWLPDUDFLyQGHSL]]DVLPSOHPHQWH
QRSHQVDEDHQORVGHPiV

eVWHHVXQSUREOHPDTXHWLHQHQ
PXFKRVSDGUHV4XHUHPRVTXH
QXHVWURVKLMRVVHDQDIHFWXRVRV\
FRQVLGHUDGRVSDUDTXHSXHGDQJR]DU
GHUHODFLRQHVSOHQDV$YHFHV
WHPHPRVTXHFRPRDKRUDQRVRQWDQ
EXHQRV RFRPSDVLYRVRDJUDGHFLGRV
RJHQHURVRV FRPRTXLVLpUDPRV
QXQFDORVHUiQ3RUVXSXHVWRQR
SRGHPRVSUHWHQGHUTXHXQQLxRGH
VLHWHDxRVVHFRPSRUWHFRPRVLIXHVH
XQDGXOWRLOXVWUDGR/yJLFDPHQWH
TXHUHPRVTXHQXHVWURVKLMRVOOHJXHQ
DVHUKRPEUHV\PXMHUHVIXHUWHV
LQGXOJHQWHVUHVSHWXRVRV\FDULxRVRV
SHURTXL]iHVRVHDHVSHUDUXQSRFR
GHPDVLDGRGHDOJXLHQTXHDFDEDGH
DSUHQGHUDDWDUVHORVFRUGRQHVGH
ORV]DSDWRV

1RREVWDQWHVLELHQHVLPSRUWDQWH
FRQILDUHQHOSURFHVR\VDEHUTXH
JUDQSDUWHGHORTXHTXHUHPRVSDUD
QXHVWURVKLMRV\DOOHJDUiFRQHO
WLHPSRORTXHVtSRGHPRVKDFHUHV
SUHSDUDUORV\GLULJLUORVSDUDTXH
VHDQQLxRVDGROHVFHQWHV\
ILQDOPHQWHDGXOWRVSOHQDPHQWH
FDSDFHVGHIRUPDUSDUWHGHXQD
UHODFLyQ\GHWHQHUHQFXHQWDORV
VHQWLPLHQWRVGHORVGHPiV$OJXQDV
SHUVRQDVVLPSOHPHQWHSRVHHQPHQRV
FRQH[LRQHVQHXUDOHVHQORVFLUFXLWRV
UHVSRQVDEOHVGHODHPSDWtD\ODV
UHODFLRQHV'HOPLVPRPRGRTXHORV
QLxRVFRQGLILFXOWDGHVSDUDOHHU
QHFHVLWDQSUDFWLFDU\GHVDUUROODU
HVDVFRQH[LRQHVHQVXFHUHEURORV
QLxRVTXHWLHQHQSUREOHPDVSDUD
UHODFLRQDUVHFRQORVGHPiVQHFHVLWDQ
TXHVHOHVHVWLPXOHQ\FXOWLYHQHVDV
FRQH[LRQHV<GHOPLVPRPRGRTXH
XQDGLVFDSDFLGDGHQHODSUHQGL]DMH
SXHGHVXSRQHUXQGHVDItRPHQWDO
WDPELpQORHVXQDGLVFDSDFLGDGSDUD
VHQWLUHOGRORUDMHQR(VDOJRTXH
WLHQHTXHYHUFRQHOGHVDUUROORQR
QHFHVDULDPHQWHXQSUREOHPDGH
SHUVRQDOLGDG,QFOXVRORVQLxRVTXH
QRSDUHFHQSUHGLVSXHVWRVD
FRQHFWDUVH\DVHQWLUFRPSDVLyQ
SXHGHQDSUHQGHUORTXHVLJQLILFD
UHODFLRQDUVH\DVXPLUODV
FRQVLJXLHQWHVUHVSRQVDELOLGDGHV

'HHVRWUDWDHVWHFDStWXOR*UDQ
SDUWHGHODLQIRUPDFLyQTXHKHPRV
GDGRHQORVFDStWXORVDQWHULRUHVVH
FHQWUDHQFyPRD\XGDUDWXKLMRD
GHVDUUROODUWRGRVXFHUHEURSDUDTXH
WHQJDXQVHQWLGRILUPH\UHVLVWHQWH
GHO©\Rª3HURW~DOLJXDOTXH5RQ\
6DQG\VDEHVTXHORVQLxRVQHFHVLWDQ
ODPLVPDD\XGDSDUDHQWHQGHUTXp
VLJQLILFDIRUPDUSDUWHGHXQ
©QRVRWURVªSDUDHVWDULQWHJUDGRV
FRQORVGHPiV'HKHFKRHQHVWD
VRFLHGDGPRGHUQDHQFRQVWDQWH
FDPELRHVSRVLEOHTXHQXHVWURV
KLMRVQHFHVLWHQDSUHQGHUDSDVDUGHO
©\RªDO©QRVRWURVªSDUDTXHSXHGDQ
DGDSWDUVHDOPXQGRGHOIXWXUR

$\XGDUDXQQLxRDFRQYHUWLUVHHQXQ
PLHPEURDFWLYRGHXQ©QRVRWURVªVLQ
SHUGHUHOFRQWDFWRFRQVX©\Rª
LQGLYLGXDOQRHVWDUHDIiFLOSDUD
QLQJ~QSURJHQLWRU3HURODIHOLFLGDG
\ODVDWLVIDFFLyQVHGHULYDQGHOD
FRQH[LyQFRQORVGHPiVVLQSHUGHU
XQDLGHQWLGDG~QLFD(QHVRFRQVLVWH
WDPELpQODHVHQFLDGHODYLVLyQGHOD
PHQWHTXHUHFRUGHPRVWLHQHTXH
YHUFRQODREVHUYDFLyQGHQXHVWUD
SURSLDPHQWHDVtFRPRGHODPHQWH
GHORWUR7LHQHTXHYHUFRQHO
GHVDUUROORGHUHODFLRQHV
VDWLVIDFWRULDVPDQWHQLHQGRDOPLVPR
WLHPSRXQVHQWLGRVDQRGHO\R

(QHOFDStWXORDQWHULRUKHPRV
KDEODGRGHOSULPHUDVSHFWRGHOD
YLVLyQGHODPHQWHYHU\HQWHQGHU
QXHVWUDSURSLDPHQWH+HPRV
KDEODGRGHD\XGDUDORVQLxRVDVHU
FRQVFLHQWHVGHODVGLVWLQWDVSDUWHVGH
VtPLVPRVHLQWHJUDUODVSRUPHGLRGH
ODUXHGDGHODFRQFLHQFLD(O
FRQFHSWRFODYHHQHVWHDVSHFWRGHOD
YLVLyQGHODPHQWHHVOD
FODULYLGHQFLDSHUVRQDO

$KRUDTXHUHPRVGLULJLUQXHVWUD
DWHQFLyQKDFLDHOVHJXQGRDVSHFWRGH
ODYLVLyQGHODPHQWHHOGHVDUUROOR
GHODFDSDFLGDGGHYHU\FRQHFWDU
FRQODPHQWHGHORVGHPiV(VWD
FRQH[LyQGHSHQGHGHODHPSDWtDGH
UHFRQRFHUORVVHQWLPLHQWRVGHVHRV\
SHUVSHFWLYDVDMHQRV(OKLMRGH5RQ
\6DQG\SDUHFtDFDUHFHUGHOD
FDSDFLGDGGHHPSDWtD$GHPiVGH
GHVDUUROODUHLQWHJUDUWRGRVX
FHUHEUR\ODVGLVWLQWDVSDUWHVGHVt
PLVPRQHFHVLWDEDPXFKDSUiFWLFDHQ
YHUODVFRVDVGHVGHODSHUVSHFWLYD
GHORVGHPiVHQYHUODPHQWHGHORV
GHPiV1HFHVLWDEDGHVDUUROODUHO
VHJXQGRDVSHFWRGHODYLVLyQGHOD
PHQWH

&ODULYLGHQFLD
(PSDWtD
9LVLyQGHOD
PHQWH
&ODULYLGHQFLD\HPSDWtD6L
D\XGDPRVDQXHVWURVKLMRVD
GHVDUUROODUHVWRVDWULEXWRVOHV
FRQFHGHUHPRVHOGRQGHODYLVLyQGH
ODPHQWHRIUHFLpQGROHVOD
SRVLELOLGDGGHVHUFRQVFLHQWHVGHVt
PLVPRV\GHHVWDUFRQHFWDGRVFRQ
TXLHQHVORVURGHDQ3HUR¢HVRFyPR
ORKDFHPRV"¢&yPRD\XGDPRVD
QXHVWURVKLMRVDFRQHFWDUFRQOD
IDPLOLDORVDPLJRV\HOPXQGRVLQ
TXHGHMHQDOPLVPRWLHPSRGH
FXOWLYDU\PDQWHQHUVXSURSLRVHQWLGR
GHO\R"¢&yPRORVD\XGDPRVD
DSUHQGHUDFRPSDUWLU"¢$OOHYDUVH
ELHQFRQORVKHUPDQRV"¢$VDEHU
PRYHUVHGHQWURGHOD©SROtWLFDªGHO
SDWLRGHODHVFXHOD"¢$FRPXQLFDUVH
\DWHQHUHQFXHQWDORVVHQWLPLHQWRV
GHORVGHPiV"/DVUHVSXHVWDVDWRGDV
HVWDVSUHJXQWDVVHHQFXHQWUDQHQOD
FRQH[LyQ\RQRVRWURVTXH
HQWHQGHUHPRVYLHQGRDQWHVFyPR
SDUWLFLSDHOFHUHEURHQODFUHDFLyQ
GHODVUHODFLRQHV

(OFHUHEURVRFLDOGLVHxDGRSDUD
XQ©QRVRWURVª

¢4XpHVORTXHLPDJLQDVFXDQGR
SLHQVDVHQHOFHUHEUR"7DOYH]
UHFXHUGHVXQDLPDJHQGHODFODVHGH
ELRORJtDGHVHFXQGDULDDTXHOyUJDQR
H[WUDxRIORWDQGRHQXQWDUURRXQ
GLEXMRHQXQOLEURGHWH[WR(O
SUREOHPDFRQHVWDSHUVSHFWLYDGHO
©FUiQHR~QLFRª±HQODTXHYHPRV
FDGDFHUHEURLQGLYLGXDOFRPRXQ
yUJDQRDLVODGRHQXQFUiQHR~QLFR±
HVTXHSDVDSRUDOWRXQKHFKRTXH
ORVFLHQWtILFRVKDQGHVFXELHUWRHQODV
~OWLPDVGpFDGDVHOFHUHEURHVXQ
yUJDQRVRFLDOFUHDGRSDUD
UHODFLRQDUVH(VWiGLVHxDGRSDUD
UHFLELUVHxDOHVGHOHQWRUQRVRFLDO\
pVWDVDVXYH]LQIOX\HQHQHOPXQGR
LQWHULRUGHXQDSHUVRQD(QRWUDV
SDODEUDVORTXHVXFHGHHQWUH
FHUHEURVWLHQHPXFKRTXHYHUFRQOR
TXHVXFHGHGHQWURGHFDGDFHUHEUR
LQGLYLGXDO(O\R\ODFRPXQLGDG
HVWiQLQWHUUHODFLRQDGRVDXQQLYHO
IXQGDPHQWDO\DTXHFDGDFHUHEURVH
FRQVWUX\HFRQWLQXDPHQWHDWUDYpVGH
VXVLQWHUDFFLRQHVFRQORVGHPiV(V
PiVORVHVWXGLRVVREUHODIHOLFLGDG
\ODVDELGXUtDGHPXHVWUDQTXHXQ
IDFWRUEiVLFRGHOELHQHVWDUGHSHQGH
GHODFDQWLGDGGHDWHQFLyQ\SDVLyQ
GHGLFDGRVDKDFHUHOELHQDORV
GHPiVHQOXJDUGHFHQWUDUVH
~QLFDPHQWHHQODVSUHRFXSDFLRQHV
LQGLYLGXDOHV\DLVODGDVGHO\R
SDUWLFXODU(O©\RªGHVFXEUHHO
VLJQLILFDGR\ODIHOLFLGDGXQLpQGRVH
\SHUWHQHFLHQGRDXQ©QRVRWURVª

'LFKRGHRWURPRGRHOFHUHEURHVWi
FRPSXHVWRSDUDODLQWHJUDFLyQ
LQWHUSHUVRQDO$OLJXDOTXHPXFKDV
GHVXVGLVWLQWDVSDUWHVHVWiQKHFKDV
SDUDWUDEDMDUFRQMXQWDPHQWHFDGD
FHUHEURLQGLYLGXDOHVWiKHFKRSDUD
UHODFLRQDUVHFRQHOFHUHEURGHFDGD
SHUVRQDFRQODTXHLQWHUDFWXDPRV/D
LQWHJUDFLyQLQWHUSHUVRQDOVLJQLILFD
TXHUHVSHWDPRV\IRPHQWDPRV
QXHVWUDVGLIHUHQFLDVDOWLHPSRTXH
FXOWLYDPRVQXHVWUDVFRQH[LRQHVFRQ
ORVGHPiV$VtSXHVPLHQWUDV
TXHUHPRVD\XGDUDQXHVWURVKLMRVD
LQWHJUDUVXFHUHEURGHUHFKRH
L]TXLHUGRVXFHUHEURVXSHULRUH
LQIHULRUVXVUHFXHUGRVLPSOtFLWRV\
H[SOtFLWRV\GHPiVWDPELpQ
GHEHPRVD\XGDUORVDHQWHQGHUKDVWD
TXpSXQWRHVWiQFRQHFWDGRVDVX
IDPLOLDVXVDPLJRVVXVFRPSDxHURV
GHFODVH\GHPiVSHUVRQDVGHVX
FRPXQLGDG$OHQWHQGHUHVWDVIDFHWDV
EiVLFDVGHOFHUHEURUHODFLRQDO
SRGHPRVD\XGDUDQXHVWURVKLMRVD
GH௙VDUUROODUODYLVLyQGHODPHQWHTXH
OHVSHUPLWLUiGLVIUXWDUGHUHODFLRQHV
PiVSURIXQGDV\VLJQLILFDWLYDV

/DVQHXURQDVHVSHMRORV
UHIOHFWRUHVGHODPHQWH

¢$OJXQDYH]WHKDHQWUDGRVHG
FXDQGRKDVYLVWREHEHUDDOJXLHQ"¢2
KDVERVWH]DGRFXDQGRERVWH]DEDRWUD
SHUVRQD"(VWDVUHDFFLRQHVKDELWXDOHV
SXHGHQHQWHQGHUVHDODOX]GHXQRGH
ORVGHVFXEULPLHQWRVUHFLHQWHVPiV
IDVFLQDQWHVDFHUFDGHOFHUHEURODV
QHXURQDVHVSHMR(OGHVFXEULPLHQWR
VHSURGXMRGHODVLJXLHQWHPDQHUD

$SULQFLSLRVGHODGpFDGDGH
XQJUXSRGHQHXURFLHQWtILFRV
LWDOLDQRVHPSH]DURQDHVWXGLDUHO
FHUHEURGHXQPDFDFR/H
LPSODQWDURQHOHFWURGRVSDUD
VXSHUYLVDUQHXURQDVLQGLYLGXDOHV\
FXDQGRHOPRQRFRPtDXQFDFDKXHWH
VHDFWLYDEDXQHOHFWURGRFRQFUHWR
(VRQRWHQtDQDGDGHVRUSUHQGHQWH
HUDORTXHHVSHUDEDQORVFLHQWtILFRV
3HURGHSURQWRXQWHQWHPSLpGHXQR
GHORVFLHQWtILFRVFDPELyHOFXUVRGH
QXHVWUDPDQHUDGHYHUODPHQWH8QR
GHORVLQYHVWLJDGRUHVFRJLyXQ
FDFDKXHWH\VHORFRPLyGHODQWHGHO
PRQR(QUHVSXHVWDODQHXURQD
PRWUL]GHOPRQRVHDFWLYy£ODPLVPD
TXHVHKDEtDDFWLYDGRFXDQGRpO
PLVPRKDEtDFRPLGRXQFDFDKXHWH
/RVLQYHVWLJDGRUHVGHVFXEULHURQTXH
HOFHUHEURGHOPRQRHVWDEDLQIOXLGR
SRUODREVHUYDFLyQGHODVDFFLRQHV
GHRWUR\OHEDVWDEDFRQGLFKD
REVHUYDFLyQSDUDDFWLYDUVH7DQWRVL
HOPRQRSUHVHQFLDEDXQDDFFLyQ
FRPRVLODOOHYDEDDFDERpOVH
DFWLYDEDHOPLVPRFRQMXQWRGH
QHXURQDV

(QVHJXLGDVHLQLFLyXQDFDUUHUDHQWUH
ORVFLHQWtILFRVSDUDLGHQWLILFDUHVDV
©QHXURQDVHVSHMRªHQORVVHUHV
KXPDQRV<VLELHQKD\PXFKDVPiV
SUHJXQWDVTXHUHVSXHVWDVVREUHOR
TXHVRQH[DFWDPHQWH\FyPRDFW~DQ
HVWDPRVGHVFXEULHQGRGHPDQHUD
DFWLYDFDGDYH]PiVFRVDVVREUHHO
VLVWHPDGHODVQHXURQDVHVSHMR
(VWDVQHXURQDVSXHGHQFRQVWLWXLUHQ
HOFHUHEURKXPDQRODUDt]GHOD
HPSDWtD\SRUORWDQWRFRQWULEXLUD
ODYLVLyQGHODPHQWH

(OFRQFHSWRFODYHHVTXHODV
QHXURQDVHVSHMRUHVSRQGHQVyORD
XQDDFFLyQLQWHQFLRQDGDHQODTXH
SXHGHSHUFLELUVHFLHUWD
SUHYLVLELOLGDGRSURSyVLWR3RU
HMHPSORVLDOJXLHQDJLWDODPDQRVLQ
PRWLYRDOJXQRQXHVWUDVQHXURQDV
HVSHMRQRUHVSRQGHUiQ3HURVLHVD
SHUVRQDLQLFLDXQDDFFLyQFX\R
UHVXOWDGRSRGHPRVSUHGHFLUSRU
H[SHULHQFLDFRPREHEHUGHXQYDVR
GHDJXDQXHVWUDVQHXURQDVHVSHMR
©GHGXFLUiQªODLQWHQFLyQDQWHVGH
TXHODSHUVRQDOOHYHDFDEROD
DFFLyQ$VtTXHFXDQGRODSHUVRQD
OHYDQWDODPDQRTXHVRVWLHQHXQ
YDVRSRGHPRVSUHGHFLUDXQQLYHO
VLQiSWLFRTXHSUHWHQGHEHEHUGHpO
1RVyORHVRVLQRTXHODVQHXURQDV
HVSHMRHQQXHVWURSURSLRFHUHEUR
VXSHULRUQRVSUHSDUDUiQWDPELpQD
QRVRWURVSDUDEHEHU9HPRVXQD
DFFLyQHQWHQGHPRVHOSURSyVLWRGH
HVDDFFLyQ\QRVSUHSDUDPRVSDUD
LPLWDUOD

$OQLYHOPiVVHQFLOORpVDHVOD
UD]yQSRUODTXHQRVHQWUDVHG
FXDQGRRWURVEHEHQ\SRUODTXH
ERVWH]DPRVFXDQGRRWURVERVWH]DQ
,QFOXVRSRGUtDVHUODUD]yQSRUOD
TXHXQUHFLpQQDFLGRGHVyORXQDV
SRFDVKRUDVGHYLGDSXHGHLPLWDUD
VXSDGUHRVXPDGUHFXDQGRVDFDOD
OHQJXD/DVQHXURQDVHVSHMRWDPELpQ
SXHGHQH[SOLFDUSRUTXpDYHFHVD
ORVKHUPDQRVSHTXHxRVVHOHVGDQ
PHMRUORVGHSRUWHVTXHDORV
PD\RUHV$QWHVGHVLTXLHUDHQWUDUD
IRUPDUSDUWHGHVXSURSLRHTXLSR
VXVQHXURQDVHVSHMRVHKDQDFWLYDGR
FDGDXQDGHORVFHQWHQDUHVGHYHFHV
TXHKDQYLVWRDVXVKHUPDQRV
PD\RUHVFKXWDUEDWHDU\ODQ]DUXQD
SHORWD$XQQLYHOPiVFRPSOHMRODV
QHXURQDVHVSHMRQRVD\XGDQD
HQWHQGHUQXHVWUDFXOWXUD\FyPR
QXHVWUDVFRQGXFWDVFRPSDUWLGDVQRV
OLJDQXQRVDRWURVKLMRVDSDGUHV
DPLJRVDDPLJRV\ILQDOPHQWH
FyQ\XJHVDFyQ\XJHV

<DKRUDGHPRVRWURSDVR
%DViQGRQRVHQORTXHYHPRV DVt
FRPRHQORTXHRtPRVROHPRV
WRFDPRV\VDERUHDPRV HQHOPXQGR
FLUFXQGDQWHQRVyORSRGHPRVLPLWDU
ODVLQWHQFLRQHVFRQGXFWXDOHVGHORV
GHPiVVLQRWDPELpQVXVHVWDGRV
HPRFLRQDOHV(QRWUDVSDODEUDV
DGHPiVGHSHUPLWLUQRVLPLWDU
FRQGXFWDVDMHQDVODVQHXURQDV
HVSHMRWDPELpQQRVOOHYDQD
KDFHUQRVHFRGHORVVHQWLPLHQWRVGH
ORVGHPiV1RVyORSHUFLELPRVOD
DFFLyQTXHYDDOOHYDUVHDFDERVLQR
WDPELpQODHPRFLyQTXHVXE\DFHD
HVDFRQGXFWD3RUHVRWDPELpQ
SRGUtDPRVOODPDUDHVDVFpOXODV
QHXUDOHVHVSHFLDOHV©QHXURQDV
HVSRQMDªHQHOVHQWLGRGHTXH
DEVRUEHPRVFRPRXQDHVSRQMDOR
TXHYHPRVHQODFRQGXFWDODV
LQWHQFLRQHV\ODVHPRFLRQHVDMHQDV
$GHPiVGHGHYROYHUXQDLPDJHQ
HVSHFXODUDODRWUDSHUVRQDWDPELpQ
DEVRUEHPRVFRPRXQDHVSRQMDVXV
HVWDGRVLQWHUQRV

2EVHUYHPRVTXpSDVDFXDQGR
HVWDPRVHQXQDILHVWDFRQDPLJRV6L
QRVDFHUFDPRVDXQJUXSRTXHHVWi
FDUFDMHiQGRVHSUREDEOHPHQWH
VRQUHLUHPRVRUHLUHPRVLQFOXVR
DQWHVGHKDEHURtGRODEURPD¢2QR
WHKDVILMDGRHQTXHDPHQXGR
FXDQGRHVWiVQHUYLRVRRHVWUHVDGR
WXVKLMRVWDPELpQORHVWiQ"/RV
FLHQWtILFRVOODPDQDHVWR©FRQWDJLR
HPRFLRQDOª/RVHVWDGRVLQWHUQRVGH
ORVGHPiV±GHVGHODDOHJUtD\ODV
JDQDVGHMXJDUKDVWDODWULVWH]D\HO
PLHGR±DIHFWDQGLUHFWDPHQWHD
QXHVWURHVWDGRGHiQLPR/RVGHPiV
VRQDEVRUELGRVHQQXHVWURSURSLR
PXQGRLQWHULRU

(QWHQGHUiVSXHVSRUTXpORV
QHXURFLHQWtILFRVGLFHQTXHHO
FHUHEURHVXQyUJDQRVRFLDO(VWi
FRQVWUXLGRDWRGDVOXFHVSDUDOD
YLVLyQGHODPHQWH1RVKDOODPRV
HTXLSDGRVELROyJLFDPHQWHSDUD
UHODFLRQDUQRVSDUDHQWHQGHUGH
GyQGHYLHQHQODVGHPiVSHUVRQDV\
SDUDLQIOXLUQRVXQRVDRWURV&RPR
KHPRVH[SOLFDGRDORODUJRGHWRGR
HOOLEURGHKHFKRHOFHUHEURVHYD
UHFRQILJXUDQGRFRQWLQXDPHQWHSRU
PHGLRGHQXHVWUDVH[SHULHQFLDV(VR
VLJQLILFDTXHFDGDFRQYHUVDFLyQ
GLVFXVLyQEURPDRDEUD]RTXH
FRPSDUWLPRVFRQRWURDOWHUD
OLWHUDOPHQWHQXHVWURFHUHEUR\HOGH
ODRWUDSHUVRQD'HVSXpVGHXQD
FRQYHUVDFLyQPX\WUDVFHQGHQWHRGH
XQUDWRHQFRPSDxtDGHXQDSHUVRQD
LPSRUWDQWHHQQXHVWUDYLGDWHQHPRV
XQFHUHEURGLVWLQWR&RPRQLQJXQR
GHQRVRWURVDFW~DFRQXQDPHQWHGH
XQ~QLFRFUiQHRWRGDQXHVWUDYLGD
PHQWDOHVHOUHVXOWDGRGHQXHVWUR
PXQGRQHXUDOLQWHULRU\ODVVHxDOHV
H[WHULRUHVTXHUHFLELPRVGHORV
GHPiV&DGDXQRGHQRVRWURVGHEH
XQLUQXHVWUR©\RªLQGLYLGXDODRWURV
SDUDFRQYHUWLUVHHQSDUWHGHXQ
©QRVRWURVª

(FKDUORVFLPLHQWRVSDUDOD
FRQH[LyQFUHDUPRGHORVPHQWDOHV
SRVLWLYRV

¢4XpVLJQLILFDWRGRHVWRSDUD
QXHVWURVKLMRV"/RVWLSRVGHUHODFLyQ
TXHH[SHULPHQWHQDKRUD
GHWHUPLQDUiQODPDQHUDHQTXHVH
UHODFLRQHQFRQORVGHPiVGXUDQWHHO
UHVWRGHVXYLGD'LFKRGHRWUR
PRGRVXFDSDFLGDGSDUDXWLOL]DUOD
YLVLyQGHODPHQWHDODKRUDGH
SDUWLFLSDUHQXQ©QRVRWURVª\XQLUVH
DORVGHPiVHQHOIXWXURGHSHQGHGH
ODFDOLGDGGHVXVUHODFLRQHV
DIHFWLYDVFRQODVSHUVRQDVTXH
FXLGDQGHHOORVLQFOXLGRVSDGUHV\
DEXHORVSHURWDPELpQFDQJXURV
PDHVWURVFRPSDxHURV\RWUDV
SHUVRQDVLQIOX\HQWHVHQVXVYLGDV

&XDQGRORVQLxRVSDVDQPXFKR
WLHPSRFRQODVSHUVRQDVPiV
GHVWDFDGDVHQVXYLGDDGTXLHUHQ
LPSRUWDQWHVDSWLWXGHVUHODFLRQDOHV
FRPRFRPXQLFDUVH\HVFXFKDUFRQ
DWHQFLyQLQWHUSUHWDUODVH[SUHVLRQHV
IDFLDOHVFRPSUHQGHUOD
FRPXQLFDFLyQQRYHUEDOFRPSDUWLU\
VDFULILFDUVH3HURHQODVUHODFLRQHV
ORVQLxRVWDPELpQGHVDUUROODQ
PRGHORVGHFyPRSXHGHQHOORV
PLVPRVHQFDMDUHQHOPXQGRTXHORV
URGHD\GHFyPRIXQFLRQDQODV
UHODFLRQHV&RPSUXHEDQVLHV
SRVLEOHFRQILDUHQTXHORVGHPiV
DWLHQGDQ\UHVSRQGDQDVXV
QHFHVLGDGHV\VLVHVLHQWHQOR
EDVWDQWHFRQHFWDGRV\SURWHJLGRV
SDUDDYHQWXUDUVHDVDOLU\FRUUHU
ULHVJRV(QSRFDVSDODEUDV
FRPSUXHEDQVLODVUHODFLRQHVORV
KDUiQVHQWLUVHVRORVHLQYLVLEOHVR
DQJXVWLDGRV\FRQIXVRVRELHQ
SUHVHQWHVFRPSUHQGLGRV\ELHQ
DWHQGLGRV
3HQVHPRVHQXQUHFLpQQDFLGR
&XDQGRQDFHXQEHEp\DHVWiOLVWR
SDUDFRQHFWDUVHOLVWRSDUD
UHODFLRQDUORTXHYHHQORVGHPiV
FRQORTXHKDFHpO\VLHQWHHQVX
LQWHULRU3HUR¢TXpSDVDVLORVGHPiV
VLQWRQL]DQFRQVXVQHFHVLGDGHVVyOR
HQUDUDVRFDVLRQHV"¢4XpSDVDVLHQ
JHQHUDOVXVSDGUHVQRHVWiQDVX
GLVSRVLFLyQ\ORUHFKD]DQ"$O
SULQFLSLRODPHQWHGHOQLxRVHYHUi
LQYDGLGDSRUODFRQIXVLyQ\OD
IUXVWUDFLyQ6LQORVPRPHQWRV
tQWLPRVHQORVTXHVHSURGXFHXQD
FRQH[LyQVLVWHPiWLFDFRQVXV
FXLGDGRUHVSXHGHDFDEDUVLHQGRXQD
SHUVRQDVLQYLVLyQGHODPHQWHVLQ
FRPSUHQGHUODLPSRUWDQFLDGHXQLUVH
DRWURV$SUHQGHPRVPX\WHPSUDQR
HQODYLGDDXVDUQXHVWUDFRQH[LyQ
FRQODVSHUVRQDVGHFRQILDQ]DSDUD
DOLYLDUQXHVWUDDQJXVWLDLQWHULRU(VR
FRQVWLWX\HODEDVHGHXQDUHODFLyQ
DIHFWLYDVHJXUD3HURVLQRUHFLELPRV
XQDFULDQ]DDVtQXHVWURFHUHEUR
WHQGUiTXHDGDSWDUVH\DUUHJOiUVHODV
FRPRSXHGD8QQLxRSXHGH
DSUHQGHUD©LUDODVX\DªHQXQ
LQWHQWRGHFRQVRODUVHGHODPHMRU
PDQHUDSRVLEOH(OFLUFXLWR
HPRFLRQDO\UHODFLRQDOGHOFHUHEUR
GHHVHQLxRTXHQHFHVLWDXQD
SUR[LPLGDG\XQDFRQH[LyQTXHQRVH
OHRIUHFHSXHGHGHVFRQHFWDUVHSRU
FRPSOHWRFRPRXQDPDQHUDGH
DGDSWDUVH(OFHUHEURVRFLDOIUHQDVX
LPSXOVRLQQDWRKDFLDODFRQH[LyQ
VyORSDUDVREUHYLYLU3RUHO
FRQWUDULRVLORVSDGUHVPXHVWUDQDO
QLxRDPRU\VLQWRQL]DQFRQpOGHXQD
PDQHUDVLVWHPiWLFD\SUHGHFLEOH
pVWHGHVDUUROODUiXQDYLVLyQGHOD
PHQWH\HVWDUiDODDOWXUDGHO
SRWHQFLDOUHODFLRQDOSDUDHOFXDOVX
FHUHEURHVWiHTXLSDGR

/RVSDGUHVQRVRQORV~QLFRVTXH
FUHDQODVHVWUDWHJLDVGHDGDSWDFLyQ±
RORVPRGHORVPHQWDOHV±SDUDOD
LGHDTXHORVQLxRVVHIRUPDQGHODV
UHODFLRQHV3HQVHPRVHQORTXH
DSUHQGHQQXHVWURVKLMRVGHVXV
UHODFLRQHVFRQGLVWLQWRVFXLGDGRUHV
FRPRHOHQWUHQDGRUTXHKDFH
KLQFDSLpHQODLPSRUWDQFLDGH
WUDEDMDUHQFRODERUDFLyQ\KDFHUVD௙
FULILFLRVSRUORVFRPSDxHURVGH
HTXLSR2ODWtDTXHHV
H[FHVLYDPHQWHFUtWLFD\HQVHxDTXH
XQDSDUWHFHQWUDOGHXQDUHODFLyQ
LQFOX\HODGHVDSUREDFLyQ\OD
E~VTXHGDGHGHIHFWRV2HO
FRPSDxHURGHFODVHTXHYHWRGDVODV
UHODFLRQHVGHVGHHOSULVPDGHOD
FRPSHWHQFLDFRQVLGHUDQGRDWRGRHO
PXQGRXQULYDORXQDGYHUVDULR2OD
PDHVWUDTXHLQVLVWHHQODERQGDG\HO
UHVSHWRPXWXR\RIUHFHXQPRGHORGH
FRPSDVLyQHQVXLQWHUDFFLyQFRQORV
QLxRVGHVXFODVH

7RGDVHVWDVH[SHULHQFLDV
UHODFLRQDOHVGLVWLQWDVHTXLSDQHO
FHUHEURGHXQQLxRSDUDIRUPDUVH
XQDLPSUHVLyQGHFyPRHVHO
©QRVRWURVª5HFRUGHPRVTXHHO
FHUHEURHPSOHDODVH[SHULHQFLDVR
ODVD௙VRFLDFLRQHVUHSHWLGDVSDUD
SUHGHFLUTXpGHEHHVSHUDU&XDQGR
ODVUHODFLRQHVVRQIUtDV\ODV
SHUVRQDVVRQHVHQFLDOPHQWH
GLVWDQWHVFUtWLFDVRFRPSHWLWLYDV
GHWHUPLQDUiQORTXHHOQLxRHVSHUH
GHODVUHODFLRQHV(QFDPELRVLHO
QLxRJR]DGHUHODFLRQHVOOHQDVGH
FDOLGH]\DIHFWR\OHRIUHFHQ
FRQH[LyQ\SURWHFFLyQpVHVHUiVX
PRGHORSDUDODVUHODFLRQHVIXWXUDV
FRQORVDPLJRVFRQRWURVPLHPEURV
GHGLVWLQWDVFRPXQLGDGHV\
ILQDOPHQWHFRQVXVSDUHMDV\VXV
SURSLRVKLMRV

5HDOPHQWHQRHVXQDH[DJHUDFLyQ
DILUPDUTXHODFODVHGHUHODFLRQHV
TXHSURSRUFLRQHPRVDQXHVWURVKLMRV
WHQGUiXQHIHFWRHQODVJHQHUDFLRQHV
YHQLGHUDV3RGHPRVHMHUFHUXQ
LPSDFWRHQHOIXWXURGHOPXQGR
RFXSiQGRQRVGHELGDPHQWHGH
QXHVWURVKLMRV\RIUHFLpQGROHVGH
PDQHUDLQWHQFLRQDGDORVWLSRVGH
UHODFLyQTXHYDORUDPRV\TXHUHPRV
TXHFRQVLGHUHQQRUPDOHV

3UHSDUDUSDUDHO©QRVRWURVª
RIUHFHUH[SHULHQFLDVTXHFRQGXFHQ
DODFRQH[LyQ
$GHPiVGHRIUHFHUXQPRGHORGH
EXHQDVUHODFLRQHVDQXHVWURVKLMRV
WHQHPRVTXHSUHSDUDUORVSDUDXQLUVH
DRWURVSDUDTXHVHDQFDSDFHVGH
IRUPDUSDUWHGHXQ©QRVRWURVª$OILQ
\DOFDERHOKHFKRGHTXHODPHQWH
HVWpHTXLSDGD\GLVHxDGDSDUD
FRQHFWDUFRQORVGHPiVQRLPSOLFD
TXHXQQLxRQD]FDFRQDSWLWXGHVSDUD
UHODFLRQDUVH1DFHUFRQP~VFXORVQR
QRVFRQYLHUWHHQGHSRUWLVWDVSDUD
HOORKD\TXHDSUHQGHU\SUDFWLFDU
GHWHUPLQDGDVKDELOLGDGHV
,JXDOPHQWHORVQLxRVQRVDOHQGHO
YLHQWUHPDWHUQRGHVHDQGRFRPSDUWLU
VXVMXJXHWHV<VXVSULPHUDV
SDODEUDVWDPSRFRVRQ©6DFULILFDUp
ORTXHTXLHURSDUDTXHOOHJXHPRVD
XQDFXHUGRTXHQRVEHQHILFLHDORV
GRVª$OFRQWUDULRORVWpUPLQRVTXH
SUHGRPLQDQHQHOYRFDEXODULRGHORV
QLxRVGHHGDGSUHHVFRODU±©HVPtRª
©\RªHLQFOXVR©QRª±SRQHQGH
UHOLHYHVXIDOWDGHFRPSUHQVLyQGHOR
TXHVLJQLILFDIRUPDUSDUWHGHXQ
©QRVRWURVª$VtSXHVWLHQHQTXH
DSUHQGHUODVDSWLWXGHVGHODYLVLyQ
GHODPHQWHFRPRFRPSDUWLU
SHUGRQDUVDFULILFDU\HVFXFKDU

&ROLQHOKLMRGH5RQ\6DQG\TXH
SDUHFHWDQHJRFpQWULFRHQWpUPLQRV
JHQHUDOHVHVXQQLxRPX\QRUPDO
6LPSOHPHQWHQRKDDSUHQGLGRD
GRPLQDUPXFKDVGHODVDSWLWXGHVGH
ODYLVLyQGHODPHQWHQHFHVDULDVSDUD
FRQWULEXLUFRPRPLHPEUR
SDUWLFLSDWLYRGHXQDIDPLOLD6XV
SDGUHVHVSHUDEDQTXHDORVVLHWH
DxRVHVWXYLHUD\DPiVLQWHJUDGRHQ
ODIDPLOLD\GLVSXHVWRDIRUPDUSDUWH
GHXQ©QRVRWURVª6LELHQVX
LQWHOLJHQFLDUHODFLRQDOHVWi
PHMRUDQGRFDGDYH]PiVQHFHVLWD
SUDFWLFDUSDUDVHJXLUDYDQ]DQGRHQ
HVDGLUHFFLyQ

/RPLVPRSXHGHGHFLUVHGHXQQLxR
WtPLGR/LVDXQDPDGUHFRQRFLGD
QXHVWUDWLHQHIRWRVGHXQRGHVXV
KLMRVHQODILHVWDGHOFXDUWR
FXPSOHDxRVGHXQDPLJR(QXQDGH
HOODVVHYHDWRGRVORVQLxRVMXQWRV
IRUPDQGRXQHVWUHFKRFtUFXORHQ
WRUQRDXQDMRYHQYHVWLGDFRPR'RUD
OD([SORUDGRUD(VGHFLUDWRGRV
PHQRVHOKLMRGH/LVD,DQTXH
LQVLVWLyHQFRORFDUVHDGRVPHWURV
GHOFtUFXORGHQLxRVQRWDQWtPLGRV
/RPLVPRRFXUUtDHQVXFODVHGH
P~VLFDSDUDQLxRVHQHGDG
SUHHVFRODU0LHQWUDVORVGHPiV
FDQWDEDQ\EDLODEDQ\JHVWLFXODEDQ
FRQODVPDQRV,DQVHVHQWDEDHQHO
UHJD]RGHVXPDGUH\VHQHJDEDD
KDFHUQDGDH[FHSWRREVHUYDU
WtPLGDPHQWH

(QHVRVSULPHURVDxRV/LVD\VX
PDULGRWXYLHURQTXHHQFRQWUDUHO
SXQWRMXVWRHQWUHDQLPDUDOQLxRD
HVWDEOHFHUUHODFLRQHVQXHYDV\QR
SUHVLRQDUORGHPDVLDGR3HURGDQGR
DVXKLMRUHSHWLGDVRSRUWXQLGDGHV
SDUDLQWHUDFWXDUFRQRWURVQLxRV\
SDUDEXVFDUPDQHUDVGHKDFHU
DPLJRVQXHYRVVLQGHMDUGH
DSR\DUOR\WUDQTXLOL]DUORFXDQGRVH
SRQtDQHUYLRVRRVHDVXVWDED
D\XGDURQDOSHTXHxRLQWURYHUWLGRD
GHVDUUROODUODVDSWLWXGHVVRFLDOHV
TXHQHFHVLWDED<VLELHQHQOD
DFWXDOLGDG,DQVLJXHVLQODQ]DUVHGH
FDEH]DDVLWXDFLRQHVVRFLDOHV
QXHYDVVHVLHQWHDJXVWRFRQVLJR
PLVPR\DYHFHVLQFOXVRVHPXHVWUD
VRFLDEOH0LUDDODJHQWHDORVRMRV
FXDQGRKDEODFRQHOODOHYDQWDOD
PDQRHQFODVHHLQFOXVRDPHQXGR
HQODFDVHWDGHOFDPSRGHEpLVERO
HQFDEH]DXQDYHUVLyQ PX\
HQWXVLDVWD GHOKLPQRGHORVKLQFKDV
7DNH0H2XWWRWKH%DOO*DPH

6HJ~QORVLQYHVWLJDGRUHVTXH
HVWXGLDQODSHUVRQDOLGDGKXPDQDOD
WLPLGH]HVHQJUDQPHGLGDJHQpWLFD
'HKHFKRIRUPDSDUWHGHOD
FRPSRVLFLyQEiVLFDGHXQDSHUVRQD
FXDQGRQDFH6LQHPEDUJRFRPRHQ
HOFDVRGH,DQHVRQRLPSOLFDTXHHO
JUDGRGHWLPLGH]QRSXHGDDOWHUDUVH
GHXQDPDQHUDVLJQLILFDWLYD(VPiV
ODPDQHUDHQTXHORVSDGUHVPDQHMDQ
ODWLPLGH]GHXQQLxRWLHQHXQIXHUWH
LPSDFWRHQFyPRHOQLxRVHHQIUHQWD
DHVHDVSHFWRGHVXSHUVRQDOLGDG\
WDPELpQHQHOQLYHOGHWLPLGH]TXH
WHQGUiPiVDGHODQWH

/DFXHVWLyQHVTXHODLQWHUYHQFLyQGH
ORVSDGUHVFXHQWD\FXHQWDLQFOXVR
KDVWDHOSXQWRGHLQIOXLUHQHO
FDUiFWHULQQDWR\IRUPDGR
JHQpWLFDPHQWH3RGHPRVSUHSDUDUD
QXHVWURVKLMRVDXQLUVHDRWUDV
SHUVRQDV\DH[SHULPHQWDUUHODFLRQHV
SOHQDVDQLPiQGRORV\GiQGROHV
RSRUWXQLGDGHVTXHORVD\XGHQD
GHVDUUROODUODVDSWLWXGHVSDUDOD
YLVLyQGHODPHQWH(QVHJXLGD
FRPHQWDUHPRVPDQHUDVFRQFUHWDVGH
KDFHUOR3HURDQWHVH[SOLFDUHPRVOR
TXHTXHUHPRVGHFLUFXDQGR
KDEODPRVGHD\XGDUDORVQLxRVDVHU
UHFHSWLYRVDODVUHODFLRQHVFRQORV
GHPiV

&XOWLYDUHOHVWDGRGHiQLPRGHO
©VtªD\XGDUDORVQLxRVDVHU
UHFHSWLYRVDODVUHODFLRQHV

6LTXHUHPRVSUHSDUDUDORVQLxRV
SDUDSDUWLFLSDUFRPRLQGLYLGXRV
VDQRVHQXQDUHODFLyQGHEHPRV
FUHDUGHQWURGHHOORVXQHVWDGR
DELHUWRUHFHSWLYRHQOXJDUGHXQ
HVWDGRFHUUDGRUHDFWLYR$PRGRGH
HMHPSORpVWHHVXQHMHUFLFLRTXH
'DQSUDFWLFDFRQPXFKDVIDPLOLDV
3ULPHUROHVGLFHTXHYDDUHSHWLUXQD
SDODEUDYDULDVYHFHV\OHVSLGHTXH
VHILMHQVLPSOHPHQWHHQFyPROD
SHUFLEHQHQHOFXHUSR/DSULPHUD
SDODEUDHV©QRªSURQXQFLDGDFRQ
ILUPH]D\FLHUWDDVSHUH]DVLHWH
YHFHVGHMDQGRSDVDUXQSDUGH
VHJXQGRVHQWUHFDGD©QRª'HVSXpV
WUDVRWUDSDXVDSURQXQFLDVLHWH
YHFHV©VtªFRQFODULGDGSHURHQXQ
WRQRPiVVXDYH&XDQGRDFDEDORV
SDFLHQWHVVXHOHQGHFLUTXHHO©QRª
OHVUHVXOWDEDXQWDQWRDVIL[LDQWHH
LUULWDQWHFRPRVLORVH[FOX\HUDQR
ULxHUDQ(QFDPELRHO©VtªOHVGDED
XQDVHQVDFLyQGHWUDQTXLOLGDGGH
SD]LQFOXVRGHOLJHUH]D 3XHGHV
FHUUDUORVRMRVHLQWHQWDUUHDOL]DUHO
HMHUFLFLRSRUWXFXHQWD)tMDWHHQOR
TXHRFXUUHHQWXFXHUSRFXDQGRW~R
XQDPLJRGHFtV©QRª\OXHJR©Vtª
YDULDVYHFHV
(VWDVGRVUHVSXHVWDVGLVWLQWDV±ODV
VHQVDFLRQHVGHO©QRª\ODV
VHQVDFLRQHVGHO©Vtª±PXHVWUDQD
TXpQRVUHIHULPRVDOKDEODUGH
UHDFWLYLGDGIUHQWHDUHFHSWLYLGDG
&XDQGRHOVLVWHPDQHUYLRVRHVWi
UHDFWLYRHQUHDOLGDGVHHQFXHQWUDHQ
XQHVWDGRGHUHVSXHVWDGHOXFKD
KXLGDLQPRYLOLGDGHQHOFXDOHVFDVL
LPSRVLEOHFRQHFWDUGHXQDPDQHUD
DELHUWD\DIHFWXRVDFRQRWUDSHUVRQD
¢7HDFXHUGDVGHODDPtJGDOD\ODV
GHPiVSDUWHVGHOFHUHEURLQIHULRU
TXHUHDFFLRQDQGHLQPHGLDWRVLQ
SHQVDUFXDQGRQRVVHQWLPRV
DPHQD]DGRV"&XDQGRHVWDPRV
WRWDOPHQWHFHQWUDGRVHQOD
DXWRGHIHQVDKDJDPRVORTXH
KDJDPRVQRVHQFRQWUDPRVHQXQ
HVWDGRGHiQLPRUHDFWLYRHQXQ
HVWDGRGHO©QRª(VWDPRVDOHUWDV
LQFDSDFHVGHXQLUQRVDRWUDSHUVRQD
VLQHVFXFKDUODFRQDWHQFLyQVLQ
FRQFHGHUOHHOEHQHILFLRGHODGXGD
VLQWHQHUHQFXHQWDVXVVHQWLPLHQWRV\
GHPiV,QFOXVRORVFRPHQWDULRV
QHXWURVSXHGHQFRQYHUWLUVHHQ
PRWLYRGHSHOHDGLVWRUVLRQDQGROR
TXHRtPRVSDUDTXHFRLQFLGDFRQOR
TXHWHPHPRV$VtHVFRPRLQLFLDPRV
XQHVWDGRUHDFWLYR\QRVSUHSDUDPRV
SDUDOXFKDUKXLURLQFOXVRSDUD
SHUPDQHFHULQPyYLOHV

3RURWURODGRFXDQGRHVWDPRV
UHFHSWLYRVVHDFWLYDRWUDVHULHGH
FLUFXLWRVHQHOFHUHEUR/DSDUWHGHO
HMHUFLFLRGHO©VtªSDUDODPD\RUtD
GHODJHQWHSURGXFHXQDH[SHULHQFLD
SRVLWLYD6HOHUHODMDQORVP~VFXORV
GHODFDUD\ODVFXHUGDVYRFDOHVVH
QRUPDOL]DQODWHQVLyQDUWHULDO\HO
ULWPRFDUGLDFR\HVWiQPiVDELHUWRV
DH[SHULPHQWDUFXDOTXLHUFRVDTXH
RWUDSHUVRQDTXLHUDH[SUHVDU(Q
SRFDVSDODEUDVVHYXHOYHQPiV
UHFHSWLYRV/DUHDFWLYLGDGVXUJHGH
QXHVWURFHUHEURLQIHULRU\QRV
SURGXFHXQDVHQVDFLyQGHH[FOXVLyQ
QRVGLVJXVWD\QRVSRQHDOD
GHIHQVLYDSRUHOFRQWUDULRXQ
HVWDGRUHFHSWLYRDFWLYDHOVLVWHPDGH
FRPSURPLVRVRFLDOHQHOTXH
LQWHUYLHQHRWUDVHULHGHFLUFXLWRVGHO
FHUHEURVXSHULRUFLUFXLWRVTXHQRV
FRQHFWDQFRQORVGHPiV
SHUPLWLpQGRQRVVHQWLUQRVVHJXURV\
YLVLEOHV

&XDQGRLQWHUDFWXDPRVFRQQXHVWURV
KLMRVSXHGHVHUGHJUDQD\XGDVDEHU
GLVWLQJXLUVLHVWiQHQXQHVWDGRGH
iQLPRUHDFWLYRRUHFHSWLYR3DUD
HVRFODURGHEHPRVUHFXUULUDOD
YLVLyQGHODPHQWH7HQHPRVTXH
SODQWHDUQRVGyQGHHVWiQQXHVWURV
KLMRVHPRFLRQDOPHQWH \GyQGH
HVWDPRVQRVRWURVWDPELpQ HQXQ
PRPHQWRGDGR6LWXKLMDGHFXDWUR
DxRVHVWiJULWDQGR©£4XLHURVHJXLU
FROXPSLiQGRPHªPLHQWUDVWHOD
OOHYDVGHOSDUTXHFRJLGDGHOEUD]R
SXHGHTXHpVHQRVHDHOPRPHQWR
LGHDOSDUDH[SOLFDUOHFXiOHVVRQODV
PHMRUHVPDQHUDVGHOLGLDUFRQODV
HPRFLRQHVLQWHQVDV(VSHUDDTXHVH
OHSDVHHVHHVWDGRUHDFWLYRGHVSXpV
FXDQGRHVWpPiVUHFHSWLYDKiEODOH
GHFyPRWHJXVWDUtDTXHUHVSRQGLHUD
ODSUy[LPDYH]TXHVHOOHYHXQ
GLVJXVWR,JXDOPHQWHFXDQGRWXKLMR
GHRQFHDxRVVHHQWHUDGHTXHQROR
KDQDFHSWDGRHQHOFXUVRGHDUWHTXH
OHKDFtDWDQWDLOXVLyQSXHGHV
DEVWHQHUWHGHGDUOHHVSHUDQ]D\
SURSRQHUOHDOWHUQDWLYDVFRQSDODEUDV
JUDQGLORFXHQWHV(OHVWDGRGH
UHDFWLYLGDGGHOFHUHEURLQIHULRUQR
VDEHTXpKDFHUFRQPXFKDVGHODV
SDODEUDVGHOFHUHEURVXSHULRU$
PHQXGRHQORVPRPHQWRVGHUHD௙FWL௙
YLGDGODVH[SUHVLRQHVQRYHUEDOHV
FRPRORVDEUD]RV\ODVH[SUHVLRQHV
IDFLDOHVHPSiWLFDV VRQPXFKRPiV
SRGHURVDV

&RQHOSDVRGHOWLHPSRQRV
FRQYLHQHD\XGDUDQXHVWURVKLMRVD
VHUPiVUHFHSWLYRVDODVUHODFLRQHV\
DGHVDUUROODUODVDSWLWXGHVSDUDOD
YLVLyQGHODPHQWHTXHOHVSHUPLWLUiQ
XQLUVHDORVGHPiV/DUHFHSWLYLGDG
SRGUiFRQGXFLUDVtDODUHVRQDQFLD±
XQDPDQHUDGHXQLUVHGHGHQWURKDFLD
IXHUD±ORTXHOHVSHUPLWLUiJR]DUGH
ODSURIXQGLGDG\ODLQWLPLGDGTXH
DFRPSDxDQDODVUHODFLRQHV
WUDVFHQGHQWHV'HORFRQWUDULRHO
QLxRSHUPDQHFHDODGHULYD
PRWLYDGRSRUXQDVHQVDFLyQGH
DLVODPLHQWRPiVTXHSRUHOGHVHR\
ODFDSDFLGDGGHXQLUVH

8QD~OWLPDDGYHUWHQFLDDQWHVGH
DERUGDUORVSDVRVTXHGHEHPRVGDU
SDUDIRPHQWDUODUHFHSWLYLGDG\ODV
DSWLWXGHVUHODFLRQDOHVPLHQWUDV
D\XGDPRVDORVQLxRVDVHUPiV
UHFHSWLYRVDODXQLyQFRQORVGHPiV
GHEHPRVWHQHUHQFXHQWDOD
LPSRUWDQFLDGHPDQWHQHUDOPLVPR
WLHPSRVXLGHQWLGDGLQGLYLGXDO3DUD
XQDQLxDGHGLH]DxRVTXHKDFHWRGR
ORTXHHVWiDVXDOFDQFHSDUDHQFDMDU
HQXQDSDQGLOODGHQLxDVPDODVGHO
FROHJLRHVSRVLEOHTXHHOSUREOHPD
QRVHDVXIDOWDGHUHFHSWLYLGDGSDUD
XQLUVHDXQ©QRVRWURVª3XHGHTXH
HQVXFDVRORSUHRFXSDQWHVHDWRGR
ORFRQWUDULRKDSHUGLGRGHYLVWDVX
©\Rª\SRUORWDQWRVLJXHHOMXHJRD
WRGRORTXHHVHJUXSRGHEUDYXFRQDV
OHRUGHQDTXHKDJD7RGDUHODFLyQ
VDQD±\DVHDFRQODIDPLOLDDPLJRV
ODSDUHMDHWFpWHUD±HVWiFRQVWLWXLGD
SRULQGLYLGXRVVDQRVFRQHFWDGRV
HQWUHVt3DUDIRUPDUSDUWHGHXQ
©QRVRWURVªTXHIXQFLRQH
GHELGDPHQWHXQDSHUVRQDWDPELpQ
GHEHVHJXLUVLHQGRXQ©\Rª
LQGLYLGXDO'HOPLVPRPRGRTXHQR
TXHUHPRVTXHQXHVWURVKLMRV
HPSOHHQVyORHOFHUHEURGHUHFKRR
VyORHOFHUHEURL]TXLHUGRWDPSRFR
TXHUHPRVTXHVHDQVyOR
LQGLYLGXDOLVWDV\SRUORWDQWR
HJRtVWDV\DLVODGRVRVyOR
UHODFLRQDOHV\SRUORWDQWR
QHFHVLWDGRVGHSHQGLHQWHV\
YXOQHUDEOHVDODVUHODFLRQHV
PDOVDQDV\GDxLQDV4XHUHPRVTXH
XWLOLFHQWRGRHOFHUHEUR\TXHJRFHQ
GHUHODFLRQHVLQWHJUDGDV

/RTXHSXHGHVKDFHU$\XGDUDWX
KLMRDLQWHJUDUHO\R\HORWUR

‡ (VWUDWHJLDGHOFHUHEURSOHQRQž

$XPHQWDHOIDFWRUGLYHUVLyQHQOD
IDPLOLDSURFXUDGLVIUXWDUFRQOD
FRPSDxtDGHORWUR
¢$OJXQDYH]VLHQWHVTXHWHSDVDVOD
PD\RUSDUWHGHOWLHPSRLPSRQLHQGR
GLVFLSOLQDDWXVKLMRVROOHYiQGRORV
HQFRFKHGHXQDDFWLYLGDGDRWUDVLQ
WLHPSRSDUDVLPSOHPHQWHGLVIUXWDU
FRQHOORV"6LHVDVtQRHUHVHO
~QLFRODPD\RUtDGHQRVRWURVQRV
VHQWLPRVGHHVHPRGRGHYH]HQ
FXDQGR$YHFHVHVIiFLOROYLGDUQRV
GHSDViUQRVORELHQHQIDPLOLDVLQ
PiV<VLQHPEDUJRHVWDPRV
HTXLSDGRVSDUDHOMXHJR\OD
H[SORUDFLyQWDQWRFRPRSDUDXQLUQRV
DORVGHPiV'HKH௙FKROD
©SDWHUQLGDGO~GLFDªHVXQDGHODV
PHMRUHVPDQHUDVGHSUHSD௙UDUD
QXHVWURVKLMRVSDUDODVUHODFLRQHV\
GHDQLPDUORVDFRQHFWDUFRQORV
GHPiV(VRHVSRUTXHHVWDUFRQODV
SHUVRQDVFRQODVTXHSDVDQODPD\RU
SDUWHGHOWLHPSR±HVWDUFRQVXV
SDGUHV±OHVSURSRUFLRQD
H[SHULHQFLDVSRVLWLYDV

3RUVXSXHVWRORVQLxRVQHFHVLWDQXQD
HVWUXFWXUDOtPLWHV\DVXPLUOD
UHVSRQVDELOLGDGGHVXFRQGXFWD
SHURQLVLTXLHUDFXDQGRLPSRQHPRV
QXHVWUDDXWRULGDGGHEHPRVGHMDUGH
GLYHUWLUQRVFRQQXHVWURVKLMRV
3RGHPRVMXJDU&RQWDUFKLVWHV
+DFHUHOWRQWR,QWHUHVDUQRVSRUWRGR
DTXHOORTXHOHVSUHRFXSD&XDQWR
PiVGLVIUXWHQGHOWLHPSRTXHSDVHQ
FRQQRVRWURV\FRQHOUHVWRGHOD
IDPLOLDPiVYDORUDUiQODVUHODFLRQHV
\PiVGHVHDUiQH[SHULHQFLDV
UHODFLRQDOHVSRVLWLYDV\VDQDVHQHO
IXWXUR

/DUD]yQHVVHQFLOOD&DGDYH]TXH
RIUHFHPRVDQXHVWURVKLMRVXQD
H[SHULHQFLDGLYHUWLGD\SODFHQWHUD
PLHQWUDVHVWiQFRQODIDPLOLDOHV
GDPRVXQUHIXHU]RSRVLWLYRVREUHOR
TXHVLJQLILFDSDUWLFLSDUHQXQD
UHODFLyQDIHFWXRVDFRQORVGHPiV
8QDGHODVFDXVDVWLHQHTXHYHUFRQ
XQDVXVWDQFLDTXtPLFDSUHVHQWHHQHO
FHUHEUROODPDGDGRSDPLQD/D
GRSDPLQDHVXQQHXURWUDQVPLVRUOR
TXHVLJQLILFDTXHSHUPLWHOD
FRPXQLFDFLyQHQWUHODVQHXURQDV
/DVQHXURQDVUHFLEHQORTXHDOJXQRV
OODPDQ©FKRUULWRVGHGRSDPLQDª
FXDQGRQRVVXFHGHDOJRSODFHQWHUR\
HVRQRVLQGXFHDTXHUHUTXHHVD
H[SHULHQFLDVHUHSLWD/RVFLHQWtILFRV
TXHHVWXGLDQODDGLFFLyQYHQHQHVWRV
LQFUHPHQWRVGHGRSDPLQDXQRGHORV
IDFWRUHVTXHLPSXOVDQDODJHQWHD
PDQWHQHUFLHUWRKiELWRRDGLFFLyQ
LQFOXVRFXDQGRVDEHTXHOHKDFH
GDxR3HURWDPELpQSRGHPRVD\XGDU
DSURGXFLUFKRUULWRVGHGRSDPLQD
TXHUHIXHU]DQGHVHRVSRVLWLYRV\
VDQRVFRPRHOGHJR]DUGHODV
UHODFLRQHVIDPLOLDUHV/DGRSDPLQD
HVODVXVWDQFLDTXtPLFDGHOD
UHFRPSHQVD\HOMXHJR\OD
GLYHUVLyQFRQVWLWX\HQUHFRPSHQVDV
HQQXHVWUDVYLGDV
(VWRVLJQLILFDTXHFXDQGRWXKLMR
FKLOODGHSODFHUDOYHUTXHWH
©PXHUHVªHVSHFWDFXODUPHQWHWUDV
UHFLELUXQDHVWRFDGDVX\DFRQOD
HVSDGDGH3HWHU3DQFXDQGRWXKLMD\
W~EDLOiLVHQXQFRQFLHUWRRHQHO
VDOyQFXDQGRD\XGDVDWXVKLMRVHQ
XQWUDEDMRGHFRQVWUXFFLyQR
MDUGLQHUtDSDUDHOFROHJLROD
H[SHULHQFLDUHIXHU]DORVYtQFXORV
HQWUHYRVRWURV\HQVHxDDWXVKLMRV
TXHODVUHODFLRQHVVRQUHDILUPDQWHV
JUDWLILFDQWHV\VDWLVIDFWRULDV$VtTXH
SUXpEDORWDOYH]LQFOXVRSXHGDV
KDFHUORHVWDPLVPDQRFKH'HVSXpV
GHFHQDUGL©$KRUDOOHYDGYXHVWURV
SODWRVDODFRFLQDOXHJRLGDSRUXQD
PDQWD\YHQLGDOVDOyQ£(VWDQRFKH
FRPHUHPRVSRORVHQXQIXHUWHª

2WUDDFWLYLGDGIDPLOLDUGLYHUWLGDTXH
WDPELpQIRPHQWDODUHFHSWLYLGDGHV
ORVMXHJRVGHLPSURYLVDFLyQ(O
FRQFHSWREiVLFRHVSDUHFLGRDORTXH
KDFHQORVFyPLFRVLPSURYLVDGRUHV
FXDQGRHOS~EOLFROHVODQ]D
SURSXHVWDV\HOORVGHEHQFRJHUODV
LGHDVVROWDGDVDOD]DU\FRPELQDUODV
GHPDQHUDVGLYHUWLGDVTXHWHQJDQ
VHQWLGR6LDWXVKLMRV\DWLVHRVGD
ELHQHOWHDWURSRGpLVKDFHUHVWD
FODVHGHLPSURYLVDFLyQMXQWRV3HUR
WDPELpQKD\YHUVLRQHVPiVVHQFLOODV
GHHVWDDFWLYLGDG8QRGHYRVRWURV
HPSLH]DXQDKLVWRULD\HOVLJXLHQWH
WLHQHTXHDxDGLUXQDVHJXQGDIUDVHD
ODSULPHUD\OXHJRXQWHUFHURDxDGH
XQDPiV\DVtVXFHVLYDPHQWH(VWD
FODVHGHMXHJRV\DFWLYLGDGHVQR
VyORPDQWLHQHHOHOHPHQWRGH
GLYHUVLyQFRQODIDPLOLDHQXQQLYHO
DOWRVLQRTXHWDPELpQSHUPLWHDORV
QLxRVHMHUFLWDUODUHFHS௙WLYLGDGDORV
JLURVLQHVSHUDGRVGHODYLGDFRQORV
TXHSRGUiQHQFRQWUDUVH1RWH
FRQYLHQHFRQYHUWLUHOMXHJRHQXQD
H[SHULHQFLDVHULDSURSLDGHOD
HVFXHODSHUREXVFDPDQHUDVGH
FRQHFWDUH[SOtFLWDPHQWHORTXHKDFHV
FRQHOFRQFHSWRGHUHFHSWLYLGDG/D
HVSRQWDQHLGDG\ODFUHDWLYLGDGVRQ
DSWLWXGHVLPSRUWDQWHV\ODQRYHGDG
WDPELpQDFWLYDODGRSDPLQD
(OSULQFLSLRGHOIDFWRUGLYHUVLyQ
WDPELpQHVDSOLFDEOHDODV
H[SHULHQFLDVTXHRIUHFHPRVD
QXHVWURVKLMRVFRQORVKHUPDQRV
(VWXGLRVUHFLHQWHVKDQGHVFXELHUWR
TXHODPHMRUPDQHUDGHSUHGHFLUTXH
XQRVKHUPDQRVWHQGUiQXQDEXHQD
UHODFLyQPiVDGHODQWHHQODYLGDHV
DQDOL]DQGRVXJUDGRGHGLYHUVLyQHQ
ODLQIDQFLD(OQLYHOGHFRQIOLFWR
LQFOXVRSXHGHVHUDOWRVLHPSUH\
FXDQGRKD\DPXFKDGLYHUVLyQSDUD
FRPSHQVDUOR(OYHUGDGHURSHOLJUR
VHGDFXDQGRORVKHUPDQRV
VLPSOHPHQWHQRVHKDFHQFDVRHOXQR
DORWUR3XHGHTXHKD\DPHQRV
WHQVLyQFRQODTXHOLGLDUSHUR
WDPELpQHVXQDIyUPXODSDUDXQD
UHODFLyQIUtD\GLVWDQWHHQODHGDG
DGXOWD

$VtSXHVVLTXHUHPRVGHVDUUROODU
XQDUHODFLyQtQWLPDDODUJRSOD]R
HQWUHQXHVWURVKLMRVGHEHPRVYHUOD
FRPRXQDHFXDFLyQPDWHPiWLFD
GRQGHODFDQWLGDGGHSODFHUTXH
FRPSDUWHQGHEHVHUPD\RUTXHHO
FRQIOLFWRTXHH[SHULPHQWDQ(OODGR
GHOFRQIOLFWRGHODHFXDFLyQQXQFD
VHUiFHUR/RVKHUPDQRVGLVFXWHQ
HVRHVLQHYLWDEOH3HURVLSRGHPRV
DXPHQWDUHORWURODGRGHODHFXDFLyQ
DQLPiQGRORVDOOHYDUDFDER
DFWLYLGDGHVTXHSURGX]FDQ
HPRFLRQHV\UHFXHUGRVSRVLWLYRV
FUHDUHPRVYtQFXORVIXHUWHVHQWUH
HOORV\HVWDEOHFHUHPRVXQDUHODFLyQ
FRQPXFKDVSUREDELOLGDGHVGHVHU
VyOLGDGXUDQWHWRGDODYLGD

/DGLYHUVLyQHQWUHKHUPDQRVDYHFHV
VHGDGHPDQHUDQDWXUDOSHUR
QRVRWURVWDPELpQSRGHPRVFRQWULEXLU
DHOOD3RGHPRVVDFDUXQDFDMDGH
WL]DVSDUDGLEXMDUHQODDFHUD\
SHGLUOHVTXHFUHHQXQPRQVWUXRORFR
2SUHVWDUOHVODYLGHRFiPDUDSDUD
TXHUXHGHQXQDSHOtFXOD2
SURSRQHUOHVTXHSUHSDUHQHQVHFUHWR
XQUHJDORVRUSUHVDSDUDORVDEXHORV
+DJDPRVORTXHKDJDPRV±
H[FXUVLRQHVHQELFLFOHWDFRQWRGDOD
IDPLOLDMXHJRVGHPHVDJDOOHWDV
FRQIDEXODUVHFRQWUDPDPiFRQODV
SLVWRODVGHDJXDORTXHVHD±KHPRV
GHEXVFDUPDQHUDVGHD\XGDUD
QXHVWURVKLMRVDGLYHUWLUVHMXQWRV\
UHIRU]DUORVYtQFXORVTXHORV
FRQHFWDQ

7DPELpQSRGHPRVXVDUODGLYHUVLyQ
HLQFOXVRODVWRQWHUtDVSDUDFDPELDU
HOHVWDGRGHiQLPRGHQXHVWURVKLMRV
FXDQGRVHDWDVFDQHQODLUDRHQXQD
DFWLWXGGHVDILDQWH$YHFHVQRHVWiQ
GHKXPRUSDUDYHUWHKDFHUWRQWHUtDV
RPDQWHQHUXQDDFWLWXGO~GLFDDVt
TXHGHEHPRVVHUVHQVLEOHVDODV
VHxDOHVTXHUHFLELPRVVREUHWRGR
FRQORVQLxRVPD\RUHV3HURVL
VRPRVVHQVLEOHVDFyPRSHUFLELUiQ
QXHVWUDDFWLWXGO~GLFDpVWDSXHGHVHU
XQDPDQHUDGHD\XGDUDORVQLxRVD
DOWHUDUVXHVWDGRGHiQLPRPX\
SRGHURVD\GHIiFLOHMHFXFLyQ

1XHVWURHVWDGRGHiQLPRSXHGH
LQIOXLUHQHOHVWDGRGHiQLPRGH
QXHVWURKLMRSHUPLWLpQGRQRV
FRQYHUWLUHOQHUYLRVLVPR\OD
LUULWDELOLGDGHQGLYHUVLyQULVDV\
FRQH[LyQ
‡ (VWUDWHJLDGHOFHUHEURSOHQRQž

&RQHFWDDWUDYpVGHOFRQIOLFWR
HQVHxDDORVQLxRVDGLVFXWLU
SHQVDQGRHQXQ©QRVRWURVª

2MDOiSXGLpUDPRVD\XGDUDQXHVWURV
KLMRVDHYLWDUWRGRFRQIOLFWRSHURQR
SRGHPRV6LHQWDEODQUHODFLRQHVHV
LQHYLWDEOHTXHVHHQIUHQWHQD
GLVFXVLRQHV\GHVDYHQHQFLDV6LQ
HPEDUJRVtSRGHPRVHQVHxDUOHV
DSWLWXGHVEiVLFDVSDUDODYLVLyQGHOD
PHQWHDILQGHTXHVHSDQDERUGDUORV
FRQIOLFWRVGHPDQHUDVDQD\
SURGXFWLYD\UHDFFLRQDUFXDQGRODV
FRVDVQRYDQGHOWRGRELHQHQVXV
LQWHUDFFLRQHVFRQORVGHPiV

7DPELpQDTXtFDGDQXHYD
GHVDYHQHQFLDHVDOJRPiVTXHXQ
VLPSOHREVWiFXORSDUDVREUHYLYLU
5HSUHVHQWDXQDQXHYDRSRUWXQLGDG
SDUDTXHHQVHxHPRVDQXHVWURVKLMRV
OHFFLRQHVLPSRUWDQWHVTXHOHV
SHUPLWDQSURJUHVDUHQHVWHFDVRHQ
VXVUHODFLRQHVFRQORVGHPiV
$ERUGDUELHQORVFRQIOLFWRVQRHV
IiFLOQLVLTXLHUDORHVSDUDORV
DGXOWRVDVtTXHQRSRGHPRVHVSHUDU
GHPDVLDGRGHQXHVWURVKLMRV3HUR
SRGHPRVHQVHxDUOHVXQDVFXDQWDV
DSWLWXGHVVHQFLOODVTXHQRVD\XGDUiQ
DWRGRVDVREUHYLYLUDORVFRQIOLFWRV
LQGLYLGXDOHVDGHPiVGHD\XGDUD
QXHVWURVKLMRVDSURJUHVDUPLHQWUDV
DYDQ]DQKDFLDODHGDGDGXOWD
9HDPRVWUHVGHHVWDVDSWLWXGHVTXH
FRQWULEX\HQDODYLVLyQGHODPHQWH

0LUDDWUDYpVGHORVRMRVGHRWUD
SHUVRQDD\XGDDORVQLxRVD
UHFRQRFHURWURVSXQWRVGHYLVWD

¢7HVXHQDHVWDVLWXDFLyQ"(VWiV
WUDEDMDQGRDQWHWXHVFULWRULR\VH
DFHUFDWXKLMDGHVLHWHDxRV(VWi
FODUDPHQWHHQIDGDGD7HFRPXQLFD
TXHVXKHUPDQR0DUNDFDEDGH
OODPDUODHVW~SLGD3UHJXQWDVSRUTXp
KDGLFKRVHPHMDQWHFRVD\WXKLMD
LQVLVWHHQTXHQRKD\QLQJXQDUD]yQ
£VLPSOHPHQWHORKDGLFKR
$WRGRVQRVRWURVSXHGHFRVWDUQRV
YHUODVFRVDVGHVGHHOSXQWRGHYLVWD
GHORWUR9HPRVORTXHYHPRV\D
PHQXGRVyORORTXHTXHUHPRVYHU
3HURFXDQWRPiVFDSDFHVVHDPRVGH
XVDUODYLVLyQGHODPHQWHSDUDYHU
ODVFRVDVDWUDYpVGHORVRMRVGHO
RWURPiVSRVLELOLGDGHVWHQGUHPRV
GHUHVROYHUORVFRQIOLFWRVGHXQD
PDQHUDVDQD

(VXQDDSWLWXGGLItFLOGHHQVHxDUD
ORVQLxRVVREUHWRGRHQPHGLRGH
XQDDFDORUDGDGLVFXVLyQ3HURVL
SRGHPRVVHUFRQVFLHQWHVGHORTXH
HVWDPRVGLFLHQGRHQUHDOLGDG
WHQHPRVPiVSUREDELOLGDGHVGH
HQVHxDUODVOHFFLRQHVTXHGHVHDPRV
LPSDUWLU3RUHMHPSORSRGUtDPRV
VHQWLUODWHQWDFLyQGHGHFLU©9DOH¢\
W~TXpOHKDVKHFKRD0DUN"£6HJXUR
TXHQRWHKDOODPDGRHVW~SLGD
SRUTXHVtª

3HURVLHUHVFDSD]GHFRQVHUYDUOD
FDOPD\HUHVFRQVFLHQWHGHORTXH
TXLHUHVHQVHxDUSXHGHVDERUGDUOD
FRQYHUVDFLyQGHXQDPDQHUDGLVWLQWD
3ULPHURWHFRQYLHQHPRVWUDUTXHWH
GDVFXHQWDGHORTXHVLHQWHWXKLMD
5HFXHUGDFRQHFWDSULPHUR
UHGLULJHGHVSXpV 'HHVWHPRGR
HOODQRHVWDUiWDQDODGHIHQVLYD\VH
PRVWUDUiPiVGLVSXHVWDDYHUFyPR
VHVLHQWHVXKHUPDQR$
FRQWLQXDFLyQSXHGHVILMDUWHHO
REMHWLYRGHFUHDUHPSDWtDHQWXKLMD

&LHUWDPHQWHQRVLHPSUH
FRQVHJXLUHPRVDFFHGHUDQXHVWURV
KLMRV3HURDOKDFHUSUHJXQWDVVREUH
ORTXHVLHQWHRWUDSHUVRQDVREUHSRU
TXpDOJXLHQUHDFFLRQyFRPRORKL]R
SRGHPRVIRPHQWDUODHPSDWtDHQ
QXHVWURVKLMRV(ODFWRGHWHQHUHQ
FXHQWDODPHQWHGHRWURQRVREOLJDD
XVDUQXHVWURKHPLVIHULRGHUHFKR\
QXHVWURFHUHEURVXSHULRUORVFXDOHV
IRUPDQSDUWHGHORVFLUFXLWRV
VRFLDOHVTXHQRVSHUPLWHQJR]DUGH
UHODFLRQHVPDGXUDV\VDWLVIDFWRULDV

(VFXFKDORTXHQRVHGLFHHQVHxDD
ORVQLxRVODFRPXQLFDFLyQQR
YHUEDO\DVLQWRQL]DUFRQORVGHPiV

(VWiPX\ELHQHQVHxDUDQXHVWURV
KLMRVDSUHVWDUDWHQFLyQDORTXH
GLFHQORVGHPiV©(VFXFKDVXV
SDODEUDV£+DGLFKRTXHQRTXHUtD
TXHORVDOSLFDUDQFRQODPDQJXHUDª
3HURXQDSDUWHLPSRUWDQWHGHODV
UHODFLRQHVFRQVLVWHHQHVFXFKDUOR
TXHQRVHGLFH(QJHQHUDODORV
QLxRVHVRQRVHOHVGDELHQGHXQD
PDQHUDQDWXUDO3RUHVRFXDQGRULxHV
DWXKLMRSRUKDFHUOORUDUDVX
KHUPDQLWDPRMDQGRODVJDOOHWDVHQHO
\RJXUGHHOODpOUHVSRQGH©£3HURVL
DHOODOHJXVWD(VWRHVXQMXHJRª

/DVVHxDOHVQRYHUEDOHVDYHFHV
FRPXQLFDQLQFOXVRPiVFRVDVTXHODV
SDODEUDVDVtTXHGHEHPRVD\XGDUD
QXHVWURVKLMRVDXVDUVXKHPLVIHULR
GHUHFKRSDUDDSUHQGHUDHQWHQGHUOR
TXHGLFHQORVGHPiVDXQFXDQGRQR
DEUDQODERFDHQQLQJ~QPRPHQWR
&RQHOVLVWHPDGHODVQHXURQDV
HVSHMR\DDFWLYROR~QLFRTXH
QHFHVLWDQORVQLxRVHVTXHORV
D\XGHPRVDKDFHUH[SOtFLWRORTXH
FRPXQLFDQVXVQHXURQDVHVSHMR3RU
HMHPSORGHVSXpVGHJDQDUXQ
LPSRUWDQWHSDUWLGRGHI~WEROWDOYH]
WXKLMRQHFHVLWHTXHORD\XGHVD
ILMDUVHHQTXHDVXDPLJRGHOHTXLSR
FRQWUDULROHLUtDELHQTXHOR
DQLPDVHQXQSRFRDXQTXHGLJDTXH
QRHVWiGLVJXVWDGR&RPRSUXHED
SXHGHVVHxDODUHOOHQJXDMHFRUSRUDO
\ODVH[SUHVLRQHVIDFLDOHVGHOQLxR
ORVKRPEURVFDtGRVODFDEH]DJDFKD
ODH[SUHVLyQDSHVDGXPEUDGD$O
D\XGDUDWXKLMRHQHVWDVVHQFLOODV
REVHUYDFLRQHVDXPHQWDUiVVXYL௙
VLyQGHODPHQWH\pOHVWDUiPHMRU
HTXLSDGRGXUDQWHHOUHVWRGHVXYLGD
SDUDLQWHUSUHWDUDORVGHPiV\
VLQWRQL]DUFRQVXVVHQWLPLHQWRV

/DUHSDUDFLyQHQVHxDDORVQLxRVD
HQGHUH]DUODVFRVDVGHVSXpVGHXQ
FRQIOLFWR

&RQRFHPRVODLPSRUWDQFLDGH
GLVFXOSDUVH\HQVHxDPRVDQXHVWURV
KLMRVDSHGLUSHUGyQ3HURORVQLxRV
WDPELpQGHEHQFRPSUHQGHUTXHHQ
RFDVLRQHVHVRQRHVPiVTXHHO
SULQFLSLR$YHFHVGHEHQGDUFLHUWRV
SDVRVSDUDUHSDUDUORTXHKDQKHFKR
PDO

/DVLWXDFLyQSXHGHUHTXHULUXQD
UHVSXHVWDHVSHFtILFD\GLUHFWD
UHSDUDURVXVWLWXLUXQMXJXHWHURWRR
D\XGDUDUHFRQVWUXLUDOJ~QWUDEDMR
SDUDHOFROHJLR2WDOYH]VHQHFHVLWH
XQDUHVSXHVWDPiVUHODFLRQDOFRPR
KDFHUXQGLEXMRSDUDODRWUDSHUVRQD
OOHYDUDFDERXQDFWRGHERQGDGR
HVFULELUXQDFDUWDGHGLVFXOSD$TXt
GHORTXHVHWUDWDHVGHD\XGDUD
QXHVWURVKLMRVDOOHYDUDFDERDFWRV
GHDPRU\DUUHSHQWLPLHQWRTXH
GHPXHVWUHQTXHKDQWHQLGRHQFXHQWD
ORVVHQWLPLHQWRVGHRWUR\TXLHUHQ
HQFRQWUDUODPDQHUDGHUHSDUDUOD
UXSWXUDHQODUHODFLyQ

(VWRWLHQHTXHYHUGLUHFWDPHQWHFRQ
ODVGRVHVWUDWHJLDVGHOFHUHEURSOHQR
UHODWLYDVDODHPSDWtD\ODVLQWRQtD
FRQORVVHQWLPLHQWRVGHORVGHPiV
DQWHVPHQFLRQDGDV3DUDTXHUHU
UHSDUDUODVFRVDVVLQFHUDPHQWHXQ
QLxRGHEHHQWHQGHUFyPRVHVLHQWHQ
ORVGHPiV\SRUTXpODRWUDSHUVRQD
HVWiGLVJXVWDGD$VtHOSDGUHROD
PDGUHSXHGHSODQWHDUODSUHJXQWDGH
XQDPDQHUDPiVSURYHFKRVD©6LWH
SDVDUDDWL\VHWHURPSLHUDWXREMHWR
SUHIHULGR¢TXpWHD\XGDUtDDVHQWLUWH
PHMRU"ª&DGDQXHYRSDVRKDFLDOD
FRQVLGHUDFLyQGHORVVHQWLPLHQWRV
GHORWURFUHDFRQH[LRQHVPiVIXHUWHV
HQORVFLUFXLWRVUHODFLRQDOHVGHO
FHUHEUR8QDYH]WUDVSDVDGDVODV
GHIHQVDVGHQXHVWURVKLMRV\YHQFLGD
VXUHQXHQFLDDDFHSWDUOD
UHVSRQVDELOLGDGSRGHPRV
HQVHxDUOHVDVHUFRQVLGHUDGRVFRQ
ODVSHUVRQDVDTXLHQHVKDQKHFKR
GDxR\DHVIRU]DUVHHQHOFDPLQRGH
ODUHFRQH[LyQ$VtORVD\XGDPRVD
GHVDUUROODUODYLVLyQGHODPHQWH$
YHFHVEDVWDFRQXQDGLVFXOSD
VHQWLGDVREUHWRGRFXDQGRHV
VLQFHUD\IUDQFD©/RKHKHFKR
SRUTXHVHQWtDFHORV\ORVLHQWRª
3HURORVQLxRVWDPELpQQHFHVLWDQ
DSUHQGHUTXpVLJQLILFDLUXQSRFR
PiVDOOi\GDUSDVRVHVSHFtILFRV
KDFLDODUHFRQFLOLDFLyQ

9ROYDPRVD&ROLQHOQLxRGHVLHWH
DxRVFX\RVSDGUHVFUHtDQTXHHUD
GHPDVLDGRHJRtVWD2MDOi
SXGLpUDPRVRIUHFHUD5RQ\6DQG\
DOJ~QWLSRGHVROXFLyQPiJLFDXQD
SDQDFHDSDUDHOHJRFHQWULVPRGHVX
KLMR\RWUDVIUXVWUDFLRQHVTXH
HQFXHQWUDQHQVXGHVDUUROOR3HUR
REYLDPHQWHQRSRGHPRV1R
REVWDQWHOREXHQRHVTXHVyORFRQ
TXHUHUD&ROLQ\D\XGDUORDYHUORV
EHQHILFLRVGHODVUHODFLRQHV±
HPSH]DQGRSRUVXVLQWHUDFFLRQHVFRQ
VXVSDGUHV\VXKHUPDQR±5RQ\
6DQG\\DHVWiQD\XGiQGRORD
HQWHQGHUODLPSRUWDQFLDGHWHQHUHQ
FXHQWDDORVGHPiV\GHFRQHFWDUFRQ
HOORV

$SDUWHGHHVRFRQFHGLHQGRHVSHFLDO
LPSRUWDQFLDDODVDSWLWXGHVSDUDOD
©FRQH[LyQDWUDYpVGHOFRQIOLFWRª
GHVFULWDVDTXtVHSXHGHD\XGDUD
&ROLQDVHJXLUDYDQ]DQGRKDFLDOD
FRQVLGHUDFLyQGHORVVHQWLPLHQWRV
DMHQRV3RUHMHPSORFXDQGR&ROLQ
YROYLyDGHFRUDUVXKDELWDFLyQ\
TXLWyORVREMHWRVGHVXKHUPDQRIXH
XQDRFDVLyQSDUDHQVHxDUDOJR
RFDVLyQTXHVXVSDGUHVSRGtDQ
HPSOHDUSDUDD\XGDUD&ROLQD
DSUHQGHUPXFKDVFRVDVDFHUFDGH
FyPRUHODFLRQDUVH'HPDVLDGRD
PHQXGRROYLGDPRVTXH©GLVFLSOLQDª
HQUHDOLGDGVLJQLILFD©HQVHxDQ]Dª
QR©FDVWLJRª8QGLVFtSXORHVXQ
HVWXGLDQWHQRXQUHFHSWRUGH
FRQVHFXHQFLDVFRQGXFWXDOHV&XDQGR
HQVHxDPRVODYLVLyQGHODPHQWH
FRJHPRVPRPHQWRVGHFRQIOLFWR\
ORVFRQYHUWLPRVHQRSRUWXQLGDGHV
SDUDDSUHQGHUSDUDHQVHxDU
DSWLWXGHV\GHVDUUROODUHOFHUHEUR

(QHVHPRPHQWR5RQKDEUtDSRGLGR
SHGLUD&ROLQTXHPLUDUDDVX
KHUPDQRTXHOORUDEDPLHQWUDV
UHFRJtD\DOLVDEDVXVGLEXMRV\VH
ILMDUDHQORGROLGRTXHHVWDEDSRU
VXVVHxDOHVQRYHUEDOHV(VRKDEUtD
SRGLGROOHYDUDXQDFRQYHUVDFLyQ
PX\VHULDVREUHFyPR/RJDQYHtDOD
VLWXDFLyQORVGLEXMRVDUUXJDGRVORV
WURIHRVDSDUWDGRV6yORFRQVHJXLU
TXH&ROLQYLHUDODVLWXDFLyQGHVGHOD
SHUVSHFWLYDGH/RJDQKDEUtDVLGRXQ
JUDQDYDQFHFRQEHQHILFLRVPX\
GXUDGHURV&RQXQVLPSOHWLHPSR
PXHUWR&ROLQTXL]iKDEUtD
DSUHQGLGRDQRTXLWDUODVFRVDVGHVX
KHUPDQRVLQSHUPLVRRTXL]iQR
SHURHQWRGRFDVRHOUHVXOWDGRQR
KDEUtDVLGRXQDJHQHUDOL]DFLyQSDUD
HOGHVDUUROORGHXQDDSWLWXGDSOLFDGD
DODYLVLyQGHODPHQWH

)LQDOPHQWH5RQ\6DQG\KDEUtDQ
SRGLGRKDEODUGHORTXHGHEtD
VXFHGHUSDUDHQPHQGDUODVFRVDV
SRUHMHPSORTXH&ROLQSLGLHUD
SHUGyQHKLFLHUDGLEXMRVQXHYRV
MXQWRFRQ/RJDQSDUDFROJDUORVHQOD
SDUHGFRPSDUWLGDGHODKDELWDFLyQ
$OHPSOHDUODVLWXDFLyQSDUD
IRPHQWDUHOFUHFLPLHQWR\HO
DSUHQGL]DMHHQOXJDUGHHOXGLUOD
FRPRXQREVWiFXORGHVDJUDGDEOHORV
SDGUHVGH&ROLQKDEUtDQSRGLGR
FRQYHUWLUXQFRQIOLFWREDVWDQWH
LQWHQVRHQXQPRPHQWRGHSURJUHVR\
D\XGDUDTXHVXVGRVKLMRV
DSUHQGLHUDQOHFFLRQHVLPSRUWDQWHV
VREUHORTXHVLJQLILFDUHODFLRQDUVH
/DFODYHHVWiHQDEULUHOREMHWLYRGH
ODYLVLyQGHODPHQWHDILQGH
SHUPLWLUTXHODSHUFHSFLyQGHO
PXQGRLQWHULRUGHFDGDQLxRHVWpDOD
YLVWDSDUDVHULQVSHFFLRQDGD

/DYLVLyQGHODPHQWHSHUPLWHDORV
QLxRVSHUFLELUODLPSRUWDQFLDGHOD
YLGDLQWHULRUGHORVSHQVDPLHQWRV\
ORVVHQWLPLHQWRV6LQHVWHGHVDUUROOR
ODVFRQGXFWDVVHFRQYLHUWHQHQ
VLPSOHVLQWHUDFFLRQHVDODVTXHXQ
QLxRUHVSRQGHVXSHUILFLDOPHQWHDOJR
FRQTXH©OLGLDUªHQIRUPDGH
UHDFFLyQDXWRPiWLFDVLQQHFHVLGDG
GHUHIOH[LRQDU/RVSDGUHVVRQORV
SULPHURVPDHVWURVTXHHQVHxDQDXQ
QLxRODYLVLyQGHODPHQWH
HPSOHDQGRPRPHQWRVGHOLFDGRVSDUD
DFWLYDUORVFLUFXLWRVGHUHIOH[LyQGH
XQQLxRFRQORVTXHpVWHSXHGHYHU
QXHVWURVPXQGRVLQWHULRUHV
FRPSDUWLGRV&RQIRUPHORVQLxRV
GHVDUUROODQHVWDVDSWLWXGHVGHOD
YLVLyQGHODPHQWHSXHGHQDSUHQGHU
DPDQWHQHUXQHTXLOLEURHQWUHOD
LPSRUWDQFLDGHVXSURSLDYLGD
LQWHULRU\ODGHORVGHPiV(VWDV
DSWLWXGHVUHIOH[LYDVWDPELpQVRQ
HVHQFLDOHVSDUDTXHORVQLxRV
DSUHQGDQDPDQWHQHUHQHTXLOLEULR
VXVSURSLDVHPRFLRQHVDOWLHPSRTXH
HQWLHQGHQODYLGDHPRFLRQDOGH
TXLHQHVORVURGHDQ/DYLVLyQGHOD
PHQWHFRQVWLWX\HHOIXQGDPHQWRWDQWR
SDUDODLQWHOLJHQFLDVRFLDOFRPRSDUD
ODHPRFLRQDO3HUPLWHDORVQLxRV
FRPSUHQGHUTXHIRUPDQSDUWHGHXQ
PXQGRPiVDPSOLRGHUHODFLRQHV
GRQGHORVVHQWLPLHQWRVLPSRUWDQ\
ODVFRQH[LRQHVVRQXQDIXHQWHGH
UHFRPSHQVDVGHVLJQLILFDGR\GH
GLYHUVLyQ
/RVQLxRVGHFHUHEURSOHQR

(QVHxDDWXVKLMRVDLQWHJUDUHO\R
FRQHORWUR

$KRUDTXH\DVDEHVXQDVFXDQWDV
FRVDVVREUHODYLVLyQGHODPHQWHKH
DTXtDOJRTXHSXHGHVOHHUDWXKLMR
SDUDH[SOLFDUOHFyPRSXHGHYHUpOWX
PHQWH\FyPRRVODVSRGpLVYHUHO
XQRDORWUR
,QWHJUDUQRVGDUVHQWLGRDQXHVWUD
SURSLDKLVWRULD

(O©QRVRWURVªPiVLPSRUWDQWHGH
QXHVWUDYLGDFRPRSDGUHRPDGUHHV
ODUHODFLyQTXHFRPSDUWLPRVFRQ
QXHVWURKLMR(VDUHODFLyQWLHQHXQ
LPSDFWRVLJQLILFDWLYRHQHOIXWXURGH
QXHVWURKLMR&LHUWDVLQYHVWLJDFLRQHV
KDQGHPRVWUDGRGHPDQHUD
FRQVLVWHQWHTXHFXDQGRORVSDGUHV
RIUHFHQH[SHULHQFLDVUHSHWLGDV\
SUHGHFLEOHVHQODVTXHYHQODV
HPRFLRQHV\QHFHVLGDGHVGHVXV
KLMRV\UHDFFLRQDQFRQVHQVLELOLGDG
ORVQLxRVSURJUHVDQHQWRGRVORV
SODQRVHOVRFLDOHOHPRFLRQDOHO
ItVLFRHLQFOXVRHODFDGpPLFR6L
ELHQQRHVSUHFLVDPHQWHXQD
UHYHODFLyQTXHDORVQLxRVOHVYD
PHMRUFXDQGRJR]DQGHUHODFLRQHV
LQWHQVDVFRQVXVSDGUHVORTXH
SXHGHUHVXOWDUVRUSUHQGHQWHHVOR
TXHSURGXFHHVDFODVHGHFRQH[LyQ
HQWUHSDGUHVHKLMRV1RHVODPDQHUD
HQTXHQRVFULDURQQXHVWURVSDGUHV
QLODFDQWLGDGGHOLEURVTXHKD\DPRV
OHtGRVREUHODSDWHUQLGDG(Q
UHDOLGDGORTXHPiVLQIOX\HHQ
QXHVWUDUHODFLyQFRQQXHVWURVKLMRV\
SRUWDQWRHQVXSURJUHVRHVKDVWD
TXpSXQWRKHPRVVDELGRGDUVHQWLGR
DQXHVWUDVH[SHULHQFLDVFRQQXHVWURV
SURSLRVSDGUHV\ODVHQVLELOLGDGTXH
PRVWUDPRVDQWHQXHVWURVKLMRV
7RGRVHUHGXFHDORTXHOODPDPRVOD
QDUUDFLyQGHQXHVWUDYLGDODKLVWRULD
TXHFRQWDPRVFXDQGRYHPRVTXLpQHV
VRPRV\FyPRQRVKHPRVFRQYHUWLGR
HQODSHUVRQDTXHVRPRV/D
QDUUDFLyQGHQXHVWUDYLGDGHWHUPLQD
ORTXHVHQWLPRVUHVSHFWRDQXHVWUR
SDVDGRQXHVWUDPDQHUDGHHQWHQGHU
SRUTXpODJHQWH SRUHMHPSOR
QXHVWURVSDGUHV VHFRPSRUWyFRPR
ORKL]R\QXHVWUDFRQFLHQFLDGH
FyPRHVRVKHFKRVKDQLQIOXLGRHQ
QXHVWURGHVDUUROORKDFLDODHGDG
DGXOWD&XDQGRWHQHPRVXQD
QDUUDFLyQGHQXHVWUDYLGDFRKHUHQWH
KHPRVORJUDGRGDUVHQWLGRDOPRGR
HQTXHHOSDVDGRKDFRQWULEXLGRD
TXHVHDPRVTXLHQHVVRPRV\DORTXH
KDFHPRV

8QDQDUUDFLyQGHODYLGDTXHQRKD
VLGRH[DPLQDGD\HQWHQGLGDSXHGH
OLPLWDUQRVHQHOSUHVHQWH\WDPELpQ
SXHGHOOHYDUQRVDHMHUFHUOD
SDWHUQLGDGGHXQDPDQHUDUHDFWLYD\
WUDQVPLWLUDQXHVWURVKLMRVHOPLVPR
OHJDGRGRORURVRTXHQRVDIHFWyGH
XQDPDQHUDQHJDWLYDHQQXHVWURV
SURSLRVSULPHURVDxRV3RUHMHPSOR
LPDJLQDTXHWXSDGUHWXYRXQD
LQIDQFLDGLItFLO7DOYH]VXKRJDUHUD
XQGHVLHUWRHPRFLRQDOHQHOTXHVXV
SDGUHVQRORFRQVRODEDQFXDQGR
HVWDEDDVXVWDGRRWULVWHRLQFOXVR
HUDQIUtRV\GLVWDQWHVGHMiQGROR
HQIUHQWDUVHDODVGLILFXOWDGHVGHOD
YLGDSRUVXFXHQWD6LQROH
SUHVWDURQDWHQFLyQDpOQLDVXV
HPRFLRQHVGHELyGHVXIULUKHULGDV
VLJQLILFDWLYDV3RUFRQVLJXLHQWHDO
OOHJDUDODHGDGDGXOWDVHJXUDPHQWH
WHQtDXQDFDSDFLGDGOLPLWDGDSDUD
GDUWHDWLORTXHQHFHVLWDEDVFRPR
QLxR3XHGHTXHIXHUDLQFDSD]GH
FXOWLYDUODLQWLPLGDG\GH
UHODFLRQDUVHSXHGHTXHWXYLHUD
GLILFXOWDGHVSDUDUHVSRQGHUDWXV
HPRFLRQHV\QHFHVLGDGHV\WHGLMHUD
©VpIXHUWHªFXDQGRWHVHQWtDVWULVWHR
VRORRDVXVWDGR7RGRHOORLQFOXVR
SRGUtDGHULYDUVHGHUHFXHUGRV
LPSOtFLWRVGHORVTXHpOQRWHQGUtDOD
PHQRUFRQFLHQFLD/XHJRW~DOOOHJDU
DODHGDGDGXOWD\VHUWDPELpQSDGUH
RPDGUHFRUUtDVHOSHOLJURGH
WUDQVPLWLUODVPLVPDVSDXWDVOHVLYDV
DWXVKLMRVeVDHVODPDODQRWLFLD

3HURODEXHQDQRWLFLD±ODQRWLFLDPiV
TXHEXHQD±HVTXHVLGDVXQVHQWLGR
DWXVH[SHULHQFLDV\HQWLHQGHVOD
KHULGDGHWXSDGUHDVtFRPRODV
OLPLWDFLRQHVTXHWXYRSDUD
UHODFLRQDUVHSXHGHVURPSHUHOFLFOR
GHWUDQVPLVLyQGHOGRORU3XHGHV
HPSH]DUDUHIOH[LRQDUDFHUFDGHHVDV
H[SHULHQFLDV\FyPRWHKDQDIHFWDGR

(VSRVLEOHTXHVLHQWDVVLPSOHPHQWH
ODWHQWDFLyQGHHMHUFHUXQD
SDWHUQLGDGGHOWRGRRSXHVWDDODGH
WXVSDGUHV3HURHQOXJDUGHHVROR
TXHGHEHVKDFHUHVUHIOH[LRQDU
DELHUWDPHQWHVREUHFyPRWHKDQ
DIHFWDGRWXVH[SHULHQFLDVFRQWXV
SDGUHV3XHGHTXHWHQJDVTXH
HQIUHQWDUWHDUHFXHUGRVLPSOtFLWRV
TXHLQIOX\HQHQWLVLQGDUWHFXHQWD$
YHFHVSXHGHVHU~WLOOOHYDUDFDER
HVWHWUDEDMRFRQXQWHUDSHXWDR
FRPSDUWLUWXVH[SHULHQFLDVFRQXQ
DPLJRRDPLJD6HDFRPRVHDHV
LPSRUWDQWHTXHHPSLHFHVDYHUFRQ
FODULGDGWXSURSLDKLVWRULDSRUTXHD
WUDYpVGHODVQHXURQDVHVSHMR\ORV
UHFXHUGRVLPSOtFLWRVWUDQVPLWLPRV
GLUHFWDPHQWHQXHVWUDYLGDHPRFLRQDO
DQXHVWURVKLMRVSDUDELHQ\SDUD
PDO6DEHUTXHQXHVWURVKLMRV
VREUHOOHYDQ\FRQYLYHQFRQORTXH
H[SHULPHQWDPRVHVXQDKHUUDPLHQWD
SRGHURVDTXHSXHGHPRWLYDUQRVD
LQLFLDU\SURVHJXLUFRQQXHVWURYLDMH
KDFLDODFRPSUHQVLyQGHQXHVWUDV
SURSLDVKLVWRULDVWDQWRODVDOHJUHV
FRPRODVGRORURVDV$VtSRGUHPRV
VLQWRQL]DUFRQODVQHFHVLGDGHV\ODV
VHxDOHVGHQXHVWURVKLMRVFUHDQGRXQ
YtQFXORVHJXUR\XQDFRQH[LyQIXHUWH
\VDQD

/DVLQYHVWLJDFLRQHVPXHVWUDQTXH
LQFOXVRORVDGXOWRVTXH
H[SHULPHQWDURQLQIDQFLDVQR
SUHFLVDPHQWHySWLPDVSXHGHQHMHUFHU
ODSDWHUQLGDGGHXQDPDQHUDLJXDOGH
HILFD]\HGXFDUDQLxRVTXHVH
VLHQWDQLJXDOGHTXHULGRV\FRQ
YtQFXORVLJXDOGHVHJXURVTXH
DTXHOORVTXHKDQJR]DGRGHXQDYLGD
IDPLOLDUFRQVHFXHQWH\DIHFWXRVD
1XQFDHVWDUGHSDUDHPSH]DUD
HODERUDUXQDQDUUDFLyQGHWXYLGD
FRKHUHQWH\DOKDFHUORWXVKLMRV
FRVHFKDUiQORVIUXWRV

4XHUHPRVTXHHOVLJXLHQWHFRQFHSWR
TXHGHORPiVFODURSRVLEOHODV
SULPHUDVH[SHULHQFLDVGHODYLGDQR
HVWiQPDUFDGDVSRUHOGHVWLQR$O
GDUVHQWLGRDQXHVWURSDVDGR
SRGHPRVOLEHUDUQRVGHORTXHHQ
FDVRFRQWUDULRSRGUtDVHUXQOHJDGR
WUDQVJHQHUDFLRQDOGHGRORU\
YLQFXODFLyQLQVHJXUD\WUDQVPLWLUHQ
OXJDUGHHVRXQSDWULPRQLRGHDPRU\
DIHFWRDORVKLMRV
&RQFOXVLyQ

$WDQGRFDERV
7RGRVDOEHUJDPRVHVSHUDQ]DV\
VXHxRVSDUDQXHVWURVKLMRV3DUDOD
PD\RUtDGHQRVRWURVWLHQHQTXHYHU
FRQHOGHVHRGHTXHQXHVWURVKLMRV
VHDQIHOLFHVVDQRV\UHDOPHQWHHOORV
PLVPRV1XHVWURPHQVDMHDORODUJR
GHWRGRHVWHOLEURKDVLGRTXH
SRGHPRVD\XGDUDFUHDUHVWD
UHDOLGDGSDUDQXHVWURVKLMRV
PDQWHQLpQGRQRVDWHQWRVGXUDQWHODV
H[SHULHQFLDVFRUULHQWHV\FRWLGLDQDV
TXHFRPSDUWLPRVFRQHOORV(VR
VLJQLILFDTXHSRGHPRVXVDUODV
RFDVLRQHVPiVREYLDVHQODVTXHHV
SRVLEOHLPSDUWLUXQDOHFFLyQSHUR
WDPELpQORVUHWRVGLItFLOHVHLQFOXVR
ORVPRPHQWRVUXWLQDULRVHQORVTXH
©QRSDVDQDGDªFRPRRSRUWXQLGDGHV
SDUDSUHSDUDUDQXHVWURVKLMRVSDUD
VHUIHOLFHV\WHQHUp[LWRJR]DUGH
EXHQDVUHODFLRQHV\VHQWLUVH
VDWLVIHFKRVGHTXLHQHVVRQ(QSRFDV
SDODEUDVSDUDVHUQLxRVGHFHUHEUR
SOHQR

8QRGHORVSULQFLSDOHVEHQHILFLRVGH
ODSHUVSHFWLYDGHOFHUHEURSOHQR
FRPR\DKHPRVGLFKRHVTXHQRV
SHUPLWHLQYHUWLUORVGHVD௙ItRV
FRWLGLDQRVGHODSDWHUQLGDGTXH
SXHGHQLQWHUUXPSLUODGLYHUVLyQ\
QXHVWUDFRQH[LyQFRQORVKLMRV8QD
SDWHUQLGDGEDVDGDHQHOFHUHEUR
SOHQRQRVSHUPLWHLUPiVDOOiGHOD
VLPSOHVXSHUYLYHQFLD(VWHHQIRTXH
IRPHQWDODFRQH[LyQ\XQDPD\RU
FRPSHQHWUDFLyQHQWUHQRVRWURV\
QXHVWURVKLMRV/DFRQFLHQFLDGHOD
LQWHJUDFLyQQRVSURSRUFLRQDOD
DSWLWXG\ODVHJXULGDGSDUDPDQHMDU
ODVFRVDVGHIRUPDWDOTXHSRGDPRV
DFHUFDUQRVPiVDQXHVWURVKLMRV
SDUDFRQRFHUVXPHQWH\SRUWDQWR
PROGHDUODGHPDQHUDSRVLWLYD\
VDQD(VRVLJQLILFDTXHQRVyOR
SURJUHVDUiQQXHVWURVKLMRVVLQRTXH
WDPELpQIORUHFHUiQXHVWUDUHODFLyQ
FRQHOORV

$VtSXHVODSDWHUQLGDGEDVDGDHQHO
FHUHEURSOHQRQRWLHQHTXHYHUVyOR
FRQTXLpQHVDKRUDPLVPRQXHVWUR
DGRUDEOH±\VLQGXGDDYHFHV
H[DVSHUDQWH±KLMRVLQRWDPELpQFRQ
ODSHUVRQDHQTXHVHFRQYHUWLUiHQHO
IXWXUR7LHQHTXHYHUFRQOD
LQWHJUDFLyQGHVXFHUHEURFRQ
FXOWLYDUVXPHQWH\FRQIHULUOHODV
DSWLWXGHVTXHOREHQHILFLDUiQFXDQGR
OOHJXHDODDGROHVFHQFLD\ODHGDG
DGXOWD$OIRPHQWDUODLQWHJUDFLyQHQ
QXHVWURKLMR\D\XGDUDGHVDUUROODU
VXFHUHEURVXSHULRUORSUHSDUDPRV
SDUDVHUXQEXHQDPLJRXQEXHQ
FyQ\XJH\XQEXHQSDGUHRPDGUH
3RUHMHPSORFXDQGRXQQLxR
DSUHQGHDFULEDUODVVHQVDFLRQHVODV
LPiJHQHVORVVHQWLPLHQWRV\ORV
SHQVDPLHQWRVHQVXPHQWHVH
FRPSUHQGHUiDVtPLVPRGHXQD
PDQHUDPiVSURIXQGD\SRUORWDQWR
VHUiPiVFDSD]GHFRQWURODUVH\
FRQHFWDUFRQORVGHPiV,JXDOPHQWH
DOHQVHxDUOHODFRQH[LyQDWUDYpVGHO
FRQIOLFWRGDPRVDQXHVWURKLMRXQ
UHJDORGHXQYDORULQHVWLPDEOH
PRVWUiQGROHTXHLQFOXVRODV
GLVFXVLRQHVGHVDJUDGDEOHVVRQ
RSRUWXQLGDGHVSDUDFRQWDFWDUFRQOD
PHQWHGHORVGHPiV\DSUHQGHUGH
HOOR/DLQWHJUDFLyQWLHQHTXHYHU
FRQODVXSHUYLYHQFLD\HOSURJUHVR\
FRQHOELHQHVWDUGHQXHVWURKLMRWDQWR
DKRUDFRPRHQHOIXWXUR

6LQRVSDUDPRVDSHQVDUHQHO
LPSDFWRJHQHUDFLRQDOGHOHQIRTXH
GHOFHUHEURSOHQRUHVXOWD
H[WUDRUGLQDULR¢(UHVFRQVFLHQWHGHO
SRGHUTXHWLHQHVDKRUDSDUDUHDOL]DU
XQFDPELRSRVLWLYRHQHOIXWXUR"$O
GDUDWXVKLMRVHOUHJDORGHXVDUWRGR
VXFHUHEURHVWiVLQFLGLHQGRQRVyOR
HQVXYLGDVLQRWDPELpQHQODVGHODV
SHUVRQDVFRQTXLHQHVLQWHUDFW~HQ
¢5HFXHUGDVODVQHXURQDVHVSHMR\OR
VRFLDOTXHHVHOFHUHEUR"&RPR\D
KHPRVH[SOLFDGRHOFHUHEURGHWX
KLMRQRHVXQyUJDQRDLVODGRXQ
©FUiQHR~QLFRªTXHDFW~DHQXQ
YDFtR(O\RODIDPLOLD\OD
FRPXQLGDGHVWiQFRQHFWDGRV
QHXUROyJLFDPHQWHDXQQLYHO
IXQGDPHQWDO,QFOXVRHQQXHVWUDV
YLGDVDMHWUHDGDVFRPSXOVLYDV\D
PHQXGRDLVODGDVSRGHPRVUHFRUGDU
HVWDUHDOLGDGHVHQFLDOVRPRVWRGRV
LQWHUGHSHQGLHQWHV\HVWDPRV
FRQHFWDGRVXQRVFRQRWURV

/RVQLxRVTXHGHVFXEUHQHVWDYHUGDG
WLHQHQODRSRUWXQLGDGQRVyORGH
GHVDUUROODUIHOLFLGDG\VHQWLGR\
VDELGXUtDHQVXVYLGDVVLQRWDPELpQ
GHWUDQVPLWLUHVHFRQRFLPLHQWRDORV
GHPiV&XDQGRSRUHMHPSOR
DQLPDPRVDQXHVWURVKLMRVDXVDUVX
PDQGRDGLVWDQFLDLQWHUQRSDUD
FRQYHUWLUORVUHFXHUGRVLPSOtFLWRVHQ
UHFXHUGRVH[SOtFLWRVORVD\XGDPRVD
FXOWLYDUGHQWURGHHOORVODDSWLWXGGH
ODDX௙WRUUHIOH[LyQTXHSRWHQFLDUiVX
FDSDFLGDGSDUDPDQWHQHU
LQWHUDFFLRQHVSOHQDVFRQORVGHPiVD
ORODUJRGHVXYLGD/RPLVPRRFXUUH
DOHQVHxDUOHVODUXHGDGHOD
FRQFLHQFLD(QFXDQWRKDQDSUHQGLGR
DLQWHJUDUODVGLVWLQWDVSDUWHVGHVt
PLVPRVSRGUiQFRPSUHQGHUVHDVt
PLVPRVGHXQDPDQHUDPXFKRPiV
SURIXQGD\HOHJLUDFWLYDPHQWHFyPR
YDQDLQWHUDFWXDUFRQODVSHUVRQDV
TXHORVURGHDQ3RGUiQFDSLWDQHDUOD
QDYHGHVXVYLGDVHYLWDQGRFRQ
PD\RUIDFLOLGDGODVRULOODVGHOFDRV
\ODULJLGH]\SHUPDQHFLHQGRPiV
WLHPSRHQODFRUULHQWHDUPRQLRVDGHO
ELHQHVWDU

+HPRVYLVWRXQD\RWUDYH]TXH
HQVHxDUODLQWHJUDFLyQDODJHQWH\
FyPRDSOLFDUODHQODYLGDFRWLGLDQD
WLHQHXQRVHIHFWRVSURIXQGRV\
GXUDGHURV3DUDORVQLxRVHVWH
HQIRTXHSXHGHFDPELDUODGLUHFFLyQ
GHVXPDQHUDGHGHVDUUROODU\
HVWDEOHFHUODVSDXWDVTXHOHV
SHUPLWDQJR]DUGHXQDYLGDOOHQDGH
VLJQLILFDGRERQGDGIOH[LELOLGDG\
UHVLVWHQFLD$OJXQRVQLxRVFULDGRV
FRQHOHQIRTXHGHOFHUHEURSOHQR
GLUiQFRVDVTXHSDUHFHUiQGHXQD
VDELGXUtDPD\RUTXHODTXH
FRUUHVSRQGHDVXHGDG8QQLxRGH
WUHVDxRVFRQRFLGRQXHVWURDSUHQGLy
WDQELHQDLGHQWLILFDU\H[SUHVDU
HPRFLRQHVDSDUHQWHPHQWH
FRQWUDGLFWRULDVTXHXQDQRFKH
FXDQGRVXVSDGUHVOOHJDURQDFDVD
GHVSXpVGHKDEHUORGHMDGREDMRORV
FXLGDGRVGHVXFDQJXURGLMR©2VKH
HFKDGRGHPHQRVPLHQWUDVHVWDEDLV
IXHUDSHURWDPELpQPHORKHSDVDGR
ELHQFRQ.DWLHª<XQDQLxDGHVLHWH
DxRVGLMRDVXVSDGUHVGHFDPLQRD
XQSLFQLFFRQODIDPLOLD©+H
GHFLGLGRTXHPLHQWUDVHVWpHQHO
SDUTXHQRGDUpLPSRUWDQFLDDOD
KHULGDGHOSXOJDU6yORGLUpDOD
JHQWHTXHPHKHKHFKRGDxR\OXHJR
PHGLYHUWLUp\MXJDUpLJXDOª(VWH
QLYHOGHDXWRFRQFLHQFLDSXHGH
SDUHFHUOODPDWLYRHQQLxRVWDQ
SHTXHxRVSHURGHPXHVWUDODV
SRVLELOLGDGHVGHOHQIRTXHGHO
FHUHEURSOHQR&XDQGRXQRVH
FRQYLHUWHHQDXWRUDFWLYRGHOD
KLVWRULDGHVXYLGD\QRHVVyORHO
HVFULEDSDVLYRGHODKLVWRULD
FRQIRUPHVHGHVDUUROODSXHGHFUHDU
XQDYLGDGHVXDJUDGR

(VHYLGHQWHTXHHVWDDXWRFRQFLHQFLD
SXHGHFRQGXFLUDUHODFLRQHVPiV
VDQDVHQHOIXWXUR\VREUHWRGROR
TXHSRGUtDVLJQLILFDUSDUDORVKLMRV
GHQXHVWURVSURSLRVKLMRVFXDQGR
WDPELpQHOORVVHDQSDGUHV$OFULDUD
XQQLxRGHFHUHEURSOHQRHQ
UHDOLGDGHVWDPRVRIUHFLHQGRDWXV
IXWXURVQLHWRVXQLPSRUWDQWHUHJDOR
&LHUUDORVRMRVSRUXQPRPHQWRH
LPDJLQDDWXKLMRVRVWHQLHQGRDVX
KLMRHQEUD]RV\SLHQVDHQHOSRGHU
GHORTXHHVWiVWUDQVPLWLHQGR<HVR
QRHVWRGR7XVQLHWRVSRGUiQXWLOL]DU
ORTXHDSUHQGDQGHVXVSDGUHV\
WUDQVPLWLUORHOORVDVXYH]FRPRXQ
OHJDGRFRQWLQXRGHDOHJUtD\
IHOLFLGDG£,PDJtQDWHDWXVKLMRV
FRQHFWDQGRFRQWXVQLHWRV\
UHGLULJLpQGRORV$VtHVFRPR
LQWHJUDPRVQXHVWUDVYLGDVGHXQD
JHQHUDFLyQDRWUD

(VSHUDPRVTXHHVWDYLVLyQWHLQVSLUH
SDUDFRQYHUWLUWHHQHOSDGUHROD
PDGUHTXHTXLHUHVVHU6LQGXGDD
YHFHVWXVLGHDOHVVHYHUiQ
GHIUDXGDGRV<VtPXFKDVGHODV
FRVDVTXHKHPRVFRPSDUWLGR
UHTXLHUHQXQYHUGDGHURHVIXHU]RSRU
WXSDUWH\ODGHWXVKLMRV$OILQ\DO
FDERQRVLHPSUHHVIiFLO
UHWURWUDHUVH\YROYHUDFRQWDU
KLVWRULDVVREUHH[SHULHQFLDV
GRORURVDVQLUHFRUGDUTXHGHEHV
KDFHULQWHUYHQLUHOFHUHEURVXSHULRU
GHWXKLMRFXDQGRHVWpGLVJXVWDGRHQ
OXJDUGHDFWLYDUPiVD~QHOLQIHULRU
3HURWRGDVODVHVWUDWHJLDVGHO
FHUHEURSOHQRRIUHFHQSDVRV
SUiFWLFRVTXHSXHGHVGDU\DDKRUD
SDUDTXHWXYLGD\ODGHWXIDPLOLD
VHDQPHMRUHV\PiVPDQHMDEOHV1R
HVQHFHVDULRTXHVHDVXQSDGUHRXQD
PDGUHSHUIHFWRQLTXHVLJDVXQD
HVSHFLHGHRUGHQGHOGtDREOLJDWRULR
TXHSURJUDPDDWXVKLMRVSDUDTXH
VHDQQLxRVURERWLGHDOHV6HJXLUiV
FRPHWLHQGRXQVLQItQGHHUURUHV
LJXDOTXHORVFRPHWHPRVQRVRWURV
\WDPELpQORVFRPHWHUiQWXVKLMRV
LJXDOTXHORVFRPHWHUiQORV
QXHVWURV 3HUROREXHQRGHOD
SHUVSHFWLYDGHOFHUHEURSOHQRHVTXH
WHSHUPLWHHQWHQGHUTXHLQFOXVRORV
HUURUHVVRQRSRUWXQLGDGHVSDUD
FUHFHU\DSUHQGHU(VWHHQIRTXH
FRQOOHYDXQDLQWHQFLRQDOLGDGDOD
KRUDGHDFWXDU\ILMDUQRVXQDPHWDDO
WLHPSRTXHDFHSWDPRVTXHWRGRV
VRPRVKXPDQRV1XHVWURVREMHWLYRV
VRQODLQWHQFLyQ\ODDWHQFLyQQRXQD
H[SHFWDWLYDUtJLGD\GXUDGH
SHUIHFFLyQ

8QDYH]TXHKD\DVGHVFXELHUWRHO
HQIRTXHGHOFHUHEURSOHQRORPiV
SUREDEOHHVTXHTXLHUDVFRPSDUWLUOR
FRQRWUDVSHUVRQDVGHWXYLGDSDUD
TXHVHXQDQDWLHQHVWDJUDQ
UHVSRQVDELOLGDGGHFUHDUHOIXWXUR$
ORVSDGUHVGHFHUHEURSOHQROHV
HQWXVLDVPDODLGHDGHFRPSDUWLUOR
TXHVDEHQFRQRWURVSDGUHVDVt
FRPRFRQPDHVWURV\FXLGDGRUHVFRQ
ORVTXHSXHGHQWUDEDMDUHQHTXLSR
SDUDSURPRFLRQDUODVDOXG\HO
ELHQHVWDUGHVXVKLMRV$OFUHDUXQD
IDPLOLDGHFHUHEURSOHQRWDPELpQ
SDUWLFLSDPRVHQXQDYLVLyQPiV
DPSOLDTXHFRQVLVWHHQFUHDUWRGD
XQDVRFLHGDGOOHQDGHFRPXQLGDGHV
IHFXQGDV\ELHQUHODFLRQDGDVHQWUH
VtGRQGHVHIRPHQWHHOELHQHVWDU
HPRFLRQDOGHpVWD\ODVIXWXUDV
JHQHUDFLRQHV(VWDPRVWRGRV
FRQHFWDGRVVRFLDO\VLQiSWLFDPHQWH
\DOLQFRUSRUDUODLQWHJUDFLyQHQ
QXHVWUDVYLGDVFUHDPRVXQPXQGRGH
ELHQHVWDU

<DYHVFRQTXpSDVLyQFUHHPRVHQHO
LPSDFWRSRVLWLYRTXHSXHGHQWHQHU
ORVSDGUHVHQVXVKLMRV\HQOD
VRFLHGDGHQJHQHUDO1RKD\QDGD
PiVLPSRUWDQWHTXHSXHGDVKDFHU
FRPRSDGUHRPDGUHTXHWHQHUXQD
LQWHQFLyQFODUDDODKRUDGHPROGHDU
ODPHQWHGHWXKLMR/RTXHKDFHV
WLHQHXQDJUDQWUDVFHQGHQFLD

'LFKRHVWRQRWHDJRELHV
GHPDVLDGR+HPRVUHVDOWDGROD
LPSRUWDQFLDGHDSURYHFKDUORV
PRPHQWRVTXHWLHQHVFRQWXVKLMRV
SHURQRHVUHDOLVWDSHQVDUTXH
SXHGHVKDFHUORHOFLHQSRUFLHQGHO
WLHPSR/RTXHFXHQWDHVTXHVHDV
FRQVFLHQWHGHODVRSRUWXQLGDGHV
FRWLGLDQDVSDUDIRPHQWDUHO
GHVDUUROORGHWXVKLMRV6LQHPEDUJR
HVRQRVLJQLILFDTXHWHQJDVTXHHVWDU
KDEODQGRGHOFHUHEURDWRGDVKRUDVR
HVWDUHPSXMDQGRFRQWLQXDPHQWHDWXV
KLMRVDUHFRUGDUDFRQWHFLPLHQWRV
UHOHYDQWHVGHVXYLGD(VLJXDOGH
LPSRUWDQWHTXHRVUHODMpLV\RV
GLYLUWiLVMXQWRV<VtDYHFHVLQFOXVR
HVWiELHQGHMDUSDVDUXQRGHHVRV
PRPHQWRVLGHDOHVHQTXHSRGUtDV
HQVHxDUDOJR

6RPRVFRQVFLHQWHVGHTXHDO
SULQFLSLRWDQWRKDEODUGHWXSRGHU
SDUDPROGHDUODPHQWHGHWXVKLMRVH
LQIOXLUHQHOIXWXURSXHGHUHVXOWDU
LQWLPLGDQWHVREUHWRGRSRUTXHORV
JHQHV\ODVH[SHULHQFLDVDIHFWDQD
ORVQLxRVGHPDQHUDVTXHORVSDGUHV
VLPSOHPHQWHQRSXHGHQFRQWURODU
3HURVLHQWLHQGHVGHYHUGDGHO
FRQFHSWRGH(OFHUHEURGHOQLxR
YHUiVTXHSXHGHOLEHUDUWHGHOWHPRU
GHQRHVWDUKDFLHQGRODVFRVDVELHQ
FRQWXVKLMRV1RGHEHVVHQWLUTXHWX
UHVSRQVDELOLGDGHVHYLWDUWRGRVORV
HUURUHVFRPRWDPSRFRVHHVSHUDGH
WLTXHUHWLUHVWRGRVORVREVWiFXORVD
ORVTXHVHHQIUHQWDQWXVKLMRV7X
FRPHWLGRFRQVLVWHPiVELHQHQHVWDU
SUHVHQWHDQWHWXVKLMRV\FRQHFWDUFRQ
HOORVWDQWRHQORVPRPHQWRVEXHQRV
FRPRHQORVPDORVGHODYLGD

/REXHQRGH(OFHUHEURGHOQLxRHV
TXHSUHVHQWDLQFOXVRORVPRPHQWRV
GLItFLOHVTXHYLYDVFRQWXVKLMRV
LQFOXVRORVHUURUHVTXHFRPHWDVHQWX
SDSHOGHSDGUHRPDGUHFRPR
RSRUWXQLGDGHVSDUDD\XGDUDWXV
KLMRVDFUHFHUDDSUHQGHU\D
GHVDUUROODUVHSDUDFRQYHUWLUVHHQ
SHUVRQDVIHOLFHV\VDQDV\VHU
SOHQDPHQWHHOORVPLVPRV(QOXJDU
GHKDFHUFDVRRPLVRDVXV
HPRFLRQHVLQWHQVDVRGLVWUDHUORVGH
VXVFRQIOLFWRVSXHGHVFXOWLYDUWRGR
VXFHUHEURDFRPSDxiQGRORVHQ
HVWRVUHWRVHVWDQGRSUHVHQWH\
UHIRU]DQGRDVtHOYtQFXORFRQHOORV\
D\XGiQGRORVDVHQWLUVHYLVWRV
HVFXFKDGRV\TXHULGRV(VSHUDPRV
TXHORTXHFRPSDUWLPRVHQHVWDV
SiJLQDVWHGpXQDEDVHVyOLGDH
LQVSLUDFLyQSDUDFUHDUODYLGDTXH
GHVHDVSDUDWXVKLMRV\WXIDPLOLD
WDQWRDKRUDFRPRHQORVDxRV\ODV
JHQHUDFLRQHVYHQLGHUDV
+RMDSDUDOD
QHYHUD
(OFHUHEUR
LQIDQWLOSOHQR
'DQLHO-6LHJHO\7LQD3D\QH%U\VRQ

,QWHJUDUORVFHUHEURV
GHUHFKRHL]TXLHUGR
ā,]TXLHUGRGHUHFKR FODULGDG\
FRPSUHQVLyQ$\XGDDWXVKLMRVD
XVDUHOFHUHEURL]TXLHUGROyJLFR\HO
FHUHEURGHUHFKRHPRFLRQDOFRPRVL
IXHUDXQHTXLSR

ā/RTXHSXHGHVKDFHU

ā&RQHFWD\UHGLULJH&XDQGRWXKLMR
HVWiGLVJXVWDGRFRQHFWDSULPHUR
HPRFLRQDOPHQWHFHUHEURGHUHFKR
FRQFHUHEURGHUHFKR'HVSXpV
FXDQGRWXKLMRKDUHFXSHUDGRHO
FRQWURO\VHPXHVWUDPiVUHFHSWLYR
LPSDUWHODVOHFFLRQHVGHOFHUHEUR
L]TXLHUGRHLPSyQGLVFLSOLQD

ā3RQOHXQQRPEUHSDUDGRPDUOR
&XDQGRODVLQWHQVDVHPRFLRQHVGHO
FHUHEURGHUHFKRHVWiQWRWDOPHQWH
GHVERFDGDVD\XGDDWXVKLMRVD
FRQWDUODKLVWRULDGHORTXHORVKD
DOWHUDGRSDUDTXHVXFHUHEUR
L]TXLHUGRSXHGDFRQWULEXLUDGDU
VHQWLGRDVXH[SHULHQFLD\SDUDTXH
HOORVVLHQWDQTXHFRQWURODQ

,QWHJUDUHOFHUHEUR
VXSHULRU\HOFHUHEUR
LQIHULRU
ā'HVDUUROODHOFHUHEURVXSHULRU
%XVFDPDQHUDVGHD\XGDUDFRQVWUXLU
HOFRPSOHMRFHUHEURVXSHULRUTXH
HVWi©HQREUDVªGXUDQWHODLQIDQFLD\
ODDGROHVFHQFLD\GHOTXHSXHGH
©DGXHxDUVHªHOFHUHEURLQIHULRU
VREUHWRGRHQVLWXDFLRQHVGH
HPRFLRQHVLQWHQVDV
ā/RTXHSXHGHVKDFHU

ā$FWLYDQRHQIXUH]FDV(Q
VLWXDFLRQHVGHPXFKRHVWUpVDFWLYD
HOFHUHEURVXSHULRUGHWXKLMRHQ
OXJDUGHLQFLWDUDOFHUHEURLQIHULRU
1RUHFXUUDVGHLQPHGLDWRDOUHFXUVR
GH©£3RUTXH\RORGLJRª(QOXJDU
GHHVRKD]SUHJXQWDVSLGH
DOWHUQDWLYDVLQFOXVRQHJRFLD

ÂÒVDORRSLpUGHOR2IUHFHPXFKDV
RSRUWXQLGDGHVSDUDHMHUFLWDUHO
FHUHEURVXSHULRU-XHJDDMXHJRVGHO
WLSR©¢4XpKDUtDVVL«"ª\SURFXUD
QRUHVFDWDUDORVQLxRVGHODV
GHFLVLRQHVGLItFLOHV

ā0XpYHORRSLpUGHOR&XDQGRXQ
QLxRKDSHUGLGRHOFRQWDFWRFRQVX
FHUHEURVXSHULRUD\~GDORD
UHFXSHUDUHOHTXLOLEULRKDFLpQGROH
PRYHUHOFXHUSR

,QWHJUDUODPHPRULD
ā+D]TXHORLPSOtFLWRVHD
H[SOtFLWR$\XGDDWXVKLMRVD
FRQYHUWLUORVUHFXHUGRVLPSOtFLWRVHQ
UHFXHUGRVH[SOtFLWRVSDUDTXHODV
H[SHULHQFLDVGHOSDVDGRQRORV
DIHFWHQGHPDQHUDGHELOLWDQWH

ā/RTXHSXHGHVKDFHU

Â8VDHOPDQGRDGLVWDQFLDGHOD
PHQWH&XDQGRXQQLxRHVUHDFLRD
FRQWDUXQDFRQWHFLPLHQWRGRORURVR
HOPDQGRDGLVWDQFLDLQWHUQROH
SHUPLWHLQWHUUXPSLUUHERELQDU\
KDFHUDYDQ]DUXQDKLVWRULDPLHQWUDV
ODFXHQWD\DVtSXHGHFRQWURODU
FXDQWRYH

ā$FXpUGDWHGHUHFRUGDU$\XGDD
WXVKLMRVDHMHUFLWDUODPHPRULD
RIUHFLpQGROHVPXFKDVRSRUWXQLGDGHV
GHSUDFWLFDUHOUHFXHUGRGH
DFRQWHFLPLHQWRVLPSRUWDQWHVHQHO
FRFKHHQODFHQDGRQGHVHD

,QWHJUDUODVGLVWLQWDV
SDUWHVGHPtPLVPR
ā/DUXHGDGHODFRQFLHQFLD
&XDQGRWXVKLMRVVHTXHGDQ
DWDVFDGRVHQXQSXQWRGHWHUPLQDGR
GHOERUGHGHVXUXHGDGHOD
FRQFLHQFLDD\~GDORVDHOHJLUGyQGH
YDQDILMDUODDWHQFLyQSDUDSRGHU
FRQWURODUPiVFyPRVHVLHQWHQ

ā/RTXHSXHGHVKDFHU

ā'HMDSDVDUODVQXEHVGHOD
HPRFLyQ5HFXHUGDDORVQLxRVTXH
ORVVHQWLPLHQWRVYLHQHQ\VHYDQVRQ
HVWDGRVSDVDMHURVQRUDVJRV
GXUDGHURV

ā&ULED$\XGDDWXVKLMRVDSUHVWDU
DWHQFLyQDODVVHQVDFLRQHVODV
LPiJHQHVORVVHQWLPLHQWRV\ORV
SHQVDPLHQWRVTXHKD\HQVXLQWHULRU

Â(MHUFLWDODYLVLyQGHODPHQWH(O
HMHUFLFLRGHODYLVLyQGHODPHQWH
HQVHxDDORVQLxRVDWUDQTXLOL]DUVH\
DILMDUODDWHQFLyQHQORTXHTXLHUHQ

,QWHJUDUHO\R\HORWUR
ā(TXLSDGRVSDUDXQ©QRVRWURVª
%XVFDPDQHUDVGHVDFDUSDUWLGRDOD
DSWLWXGLQQDWDGHOFHUHEURSDUDOD
LQWHUDFFLyQVRFLDO&UHDPRGHORV
PHQWDOHVSRVLWLYRVGHUHODFLRQHV

ā/RTXHSXHGHVKDFHU

Â3DVDUORELHQ)RPHQWDODGLYHUVLyQ
HQODIDPLOLDSDUDTXHWXVKLMRV
JRFHQGHH[SHULHQFLDVSRVLWLYDV\
VDWLVIDFWRULDVFRQODVSHUVRQDVFRQ
ODVTXHHVWiQPiVWLHPSR

Â&RQHFWDDWUDYpVGHOFRQIOLFWR(Q
OXJDUGHVHUXQREVWiFXORTXHGHEH
HYLWDUVHFRQVLGHUDHOFRQIOLFWRXQD
RSRUWXQLGDGGHHQVHxDUDWXVKLMRV
DSWLWXGHVHVHQFLDOHVSDUD
UHODFLRQDUVHFRPRYHUODVFRVDV
GHVGHODSHUVSHFWLYDGHORVGHPiV
LQWHUSUHWDUVHxDOHVQRYHUEDOHV\
KDFHUODVSDFHV
(GDGHV\HWDSDV
GHOFHUHEURSOHQR
&RQIRUPHWXVKLMRVVHKDFHQ
PD\RUHVSXHGHTXHQHFHVLWHVD\XGD
DODKRUDGHDSOLFDUDODVGLVWLQWDV
HGDGHV\HWDSDVODVGRFHHVWUDWHJLDV
GHOFHUHEURSOHQR7HQLHQGRHVRHQ
FXHQWDKHPRVFRQIHFFLRQDGROD
VLJXLHQWHWDEODTXHSXHGHVXVDU
FRPRJXtDFXDQGRQHFHVLWHVXQ
UHFRUGDWRULRUiSLGR3DUWHGHORTXH
UHFRPHQGDPRVPiVDEDMRVH
VXSHUSRQGUiHQGLVWLQWDVHGDGHV\D
TXHODVHVWUDWHJLDVVRQDSOLFDEOHVD
YDULDVHWDSDVGHOGHVDUUROOR1XHVWUR
REMHWLYRHVDVHJXUDUTXHHOOLEUR
VLJDVLHQGRXQUHFXUVRYLWDO
FRQIRUPHWXKLMRFUH]FD\FDPELH\
TXHW~GLVSRQJDVGHKHUUDPLHQWDV
FODUDV\FRQFUHWDVSDUDFDGDHWDSD
GHOGHVDUUROOR

3ULPHUDLQIDQFLD 
7,32'(,17(*5$&,Ï1

,QWHJUDUORVFHUHEURV
GHUHFKRHL]TXLHUGR
(675$7(*,$'(/&(5(%52
3/(12
1ž&RQHFWD\UHGLULJH&XDQGRWX
KLMRHVWiGLVJXVWDGRSULPHUR
FRQHFWDHPRFLRQDOPHQWHFHUHEUR
GHUHFKRFRQFHUHEURGHUHFKR
'HVSXpVFXDQGRpOKDUHFXSHUDGRHO
FRQWURO\VHPXHVWUDPiVUHFHSWLYR
LPSDUWHODVOHFFLRQHVGHOFHUHEUR
L]TXLHUGRHLPSyQODGLVFLSOLQD

$3/,&$&,Ï1'(/$
(675$7(*,$

eVWHHVHOPRPHQWRFXDQWRDQWHV
PHMRUSDUDHPSH]DUDHQVHxDUDWX
KLMRWRGRORUHODWLYRDODV
HPRFLRQHV6pXQUHIOHMRGHVXV
VHQWLPLHQWRV\XVDVHxDOHVQR
YHUEDOHV FRPRORVDEUD]RV\ODV
H[SUHVLRQHVIDFLDOHVGHHPSDWtD
SDUDPRVWUDUTXHORHQWLHQGHV©7H
VLHQWHVIUXVWUDGR¢YHUGDG"ª/XHJR
XQDYH]TXHKD\DVFRQHFWDGRLPSyQ
ORVOtPLWHV©/RVPRUGLVFRVKDFHQ
GDxR3RUIDYRUWHQFXLGDGRª
)LQDOPHQWHGLULJHODDWHQFLyQKDFLD
XQDDOWHUQDWLYDDGHFXDGDRFDPELD
GHWHPD©9D\DPLUDDKtHVWiWXRVR
+DFtDWLHPSRTXHQRORYHtDª

(675$7(*,$'(/&(5(%52
3/(12

1ž3RQOHXQQRPEUHSDUD
GRPDUOR&XDQGRODVLQWHQVDV
HPRFLRQHVGHOFHUHEURGHUHFKRHVWiQ
GHVERFDGDVD\XGDDWXKLMRDFRQWDU
ODKLVWRULDGHORTXHORKDDOWHUDGR
$OKDFHUORXVDUiVXFHUHEUR
L]TXLHUGRSDUDGDUVHQWLGRDVX
H[SHULHQFLD\VHQWLUiTXHWLHQHXQ
PD\RUFRQWUROVREUHVtPLVPR

$3/,&$&,Ï1'(/$
(675$7(*,$

,QFOXVRDHVWDHGDGWDQWHPSUDQD
DGRSWDODFRVWXPEUHGHUHFRQRFHU\
GDUXQQRPEUHDORVVHQWLPLHQWRV
©6HWHYHPX\WULVWH7HKDVKHFKR
PXFKRGDxR¢YHUGDG"ª/XHJR
FXHQWDODKLVWRULD&RQORVQLxRV
SHTXHxRVWHQGUiVTXHVHUW~HO
SULQFLSDOQDUUDGRU8VDWXVSURSLDV
SDODEUDVHLQFOXVRLQWHUSUHWDODFDtGD
RHOJROSHSUHIHULEOHPHQWHFRQ
KXPRU\REVHUYDODIDVFLQDFLyQGHWX
KLMR3XHGHVHU~WLOFRQIHFFLRQDUXQ
OLEURFDVHURFRQGLEXMRVRIRWRVDILQ
GHYROYHUDFRQWDUXQDKLVWRULD
SHUWXUEDGRUDRDILQGHSUHSDUDUDWX
KLMRSDUDXQDWUDQVLFLyQFRPRXQD
UXWLQDDODKRUDGHLUVHDGRUPLUR
HPSH]DUDLUDOSDUYXODULR

7,32'(,17(*5$&,Ï1

,QWHJUDUORVFHUHEURV
VXSHULRUHLQIHULRU
(675$7(*,$'(/&(5(%52
3/(12
1ž$FWLYDQRHQIXUH]FDV(Q
VLWXDFLRQHVGHPXFKRHVWUpVDFWLYD
HOFHUHEURVXSHULRUGHWXKLMR
SLGLpQGROHTXHUHIOH[LRQHSODQHH\
HOLMDHQOXJDUGHDFWLYDUHOFHUHEUR
LQIHULRUGRQGHQRLQWHUYLHQHWDQWROD
UHIOH[LyQFRPRODUHDFFLyQ

$3/,&$&,Ï1'(/$
(675$7(*,$

$QDGLHOHJXVWDTXHOHGLJDQTXHQR
\HVXQDHVWUDWHJLDHVSHFLDOPHQWH
LQHILFD]FXDQGRVHXVDGHPDVLDGRD
PHQXGRFRQORVQLxRVPX\SHTXHxRV
6LHPSUHTXHVHDSRVLEOHHYLWDODV
OXFKDVPDQLILHVWDVGHSRGHUFRQWX
KLMR*XiUGDWHORV©QRªSDUDFXDQGR
ORVQHFHVLWHVGHYHUGDG/DSUy[LPD
YH]TXHWHRLJDVDWLPLVPRHPSH]DU
DSURKLELUOHTXHJROSHHHOHVSHMR
FRQXQSDORGHWHQWH(QOXJDUGH
HVRDFWLYDVXFHUHEURVXSHULRU
©9DPRVDIXHUD¢4XpSRGUtDVKDFHU
FRQHVHSDORHQHOMDUGtQ"ª

(675$7(*,$'(/&(5(%52
3/(12

1žÒVDORRSLpUGHOR3URSRUFLRQD
PXFKDVRSRUWXQLGDGHVSDUDHMHUFLWDU
HOFHUHEURVXSHULRUDILQGHTXHHVWp
IXHUWHHLQWHJUDGRFRQHOFHUHEUR
LQIHULRU\HOFXHUSR

$3/,&$&,Ï1'(/$
(675$7(*,$
&RQODPD\RUIUHFXHQFLDSRVLEOH
EXVFDPDQHUDVHQTXHWXKLMRSXHGD
XVDUVXFHUHEURVXSHULRU\WRPDU
GHFLVLRQHVSRUVXFXHQWD©¢+R\
TXLHUHVSRQHUWHODFDPLVDD]XOROD
URMD"ª©¢4XpSUHILHUHVSDUDFHQDU"
¢/HFKHRDJXD"ª&XDQGROHiLV
MXQWRVKD]OHSUHJXQWDVTXHKDJDQ
FUHFHUHOFHUHEUR©¢&yPRFUHHVTXH
HOJDWLWREDMDUiGHOiUERO"ª©¢3RU
TXpODQLxDHVWiWDQWULVWH"ª

(675$7(*,$'(/&(5(%52
3/(12

1ž0XpYHORRSLpUGHOR8QD
PDQHUDHILFD]GHD\XGDUDXQQLxRD
UHFXSHUDUHOHTXLOLEULRHQWUHORV
FHUHEURVVXSHULRUHLQIHULRUHV
SHGLUOHTXHPXHYDHOFXHUSR

$3/,&$&,Ï1'(/$
(675$7(*,$

&XDQGRWXKLMRHVWiDOWHUDGR
DVHJ~UDWHGHTXHUHFRQRFHVOD
H[LVWHQFLDGHVXVVHQWLPLHQWRVeVH
GHEHVHUVLHPSUHWXSULPHUSDVR
3HUROXHJRORDQWHVSRVLEOH
REOtJDORDPRYHUVH-XHJDFRQpOD
OXFKDU2DO©5H\PDQGDª+D]
FDUUHUDVFRQpO\HQGR\YROYLHQGR
GHOGRUPLWRULR6LFRQVLJXHVTXHVH
PXHYDFDPELDUiVVXHVWDGRGH
iQLPR

7,32'(,17(*5$&,Ï1
,QWHJUDUODPHPRULD
(675$7(*,$'(/&(5(%52
3/(12

1ž8VDHOPDQGRDGLVWDQFLDGH
ODPHQWH'HVSXpVGHXQ
DFRQWHFLPLHQWRLQTXLHWDQWHHOPDQGR
DGLVWDQFLDLQWHUQRSHUPLWHTXHXQ
QLxRLQWHUUXPSDUHERELQHRKDJD
DYDQ]DUUiSLGDPHQWHXQDKLVWRULD
PLHQWUDVODFXHQWD\HVROHSHUPLWH
FRQWURODUORTXHYH

$3/,&$&,Ï1'(/$
(675$7(*,$

(VSRVLEOHTXHORVQLxRVWDQ
SHTXHxRVQRHVWpQIDPLOLDUL]DGRV
FRQORVPDQGRVSHURVtFRQRFHQHO
SRGHUGHXQDKLVWRULD(VWDYH]
DSURYHFKDTXHWXKLMRTXLHUDFRQWDU
\UHSHWLU KLVWRULDV(QOXJDUGH
LQWHUUXPSLU\KDFHUDYDQ]DU
UiSLGDPHQWHSXHGHTXHVyORWHQJDV
TXHSXOVDUHOERWyQGHUHSURGXFFLyQ
UHSHWLGDPHQWHPLHQWUDVFXHQWDVOD
PLVPDKLVWRULDXQD\RWUDYH]
$XQTXHVHDPROHVWRWHQHUTXHFRQWDU
ORPLVPRXQVLQItQGHYHFHV
UHFXHUGDTXHODQDUUDFLyQGH
KLVWRULDVFRQGXFHDODFRPSUHQVLyQ
ODFXUDFLyQ\ODLQWHJUDFLyQ

(675$7(*,$'(/&(5(%52
3/(12
1ž$FXpUGDWHGHUHFRUGDU$\XGD
DWXVKLMRVDHMHUFLWDUODPHPRULD
RIUHFLpQGROHVPXFKDVRSRUWXQLGDGHV
SDUDUHFRUGDU

$3/,&$&,Ï1'(/$
(675$7(*,$

$HVWDHGDGKD]SUHJXQWDVVHQFLOODV
SURFXUDQGRILMDUODDWHQFLyQGHWX
KLMRHQORVGHWDOOHVGHOGtD©+R\
KHPRVLGRDODFDVDGH&DUULH
¢YHUGDG"¢<WHDFXHUGDVGHORTXH
KHPRVKHFKRDOOt"ª(VWDFODVHGH
SUHJXQWDVVRQORVFRPSRQHQWHV
EiVLFRVGHXQVLVWHPDGHODPHPRULD
LQWHJUDGR

7,32'(,17(*5$&,Ï1
,QWHJUDUODVGLVWLQWDVSDUWHV
GHPtPLVPR
(675$7(*,$'(/&(5(%52
3/(12

1ž'HMDSDVDUODVQXEHVGHODV
HPRFLRQHV5HFXHUGDDORVQLxRV
TXHORVVHQWLPLHQWRVYLHQHQ\VHYDQ
(OPLHGRODIUXVWUDFLyQ\ODVROHGDG
VRQHVWDGRVSDVDMHURVQRUDVJRV
GXUDGHURV

$3/,&$&,Ï1'(/$
(675$7(*,$

3RQORVFLPLHQWRVSDUDTXHHOQLxR
WRPHFRQFLHQFLDGHODGLIHUHQFLD
HQWUH©HVWDUª\©VHUª&XDQGRORV
QLxRVSHTXHxRVHVWiQWULVWHV R
HQIDGDGRVRDVXVWDGRV OHVFXHVWD
HQWHQGHUTXHQRVLHPSUHVHVHQWLUiQ
DVt$\~GDORVSXHVDGHFLU©$KRUD
PLVPRHVWR\WULVWHSHURVpTXH
GHQWURGHXQUDWRHVWDUpFRQWHQWRª
3HURWHQFXLGDGRQRUHVWHV
LPSRUWDQFLDDORTXHVLHQWHDKRUD
5HFRQRFHODH[LVWHQFLDGHO
VHQWLPLHQWRDFWXDO\FRQVXHODDO
QLxR\OXHJRD\~GDORDHQWHQGHUTXH
QRHVWDUiVLHPSUHWULVWHTXHSURQWR
VHVHQWLUiPHMRU

(675$7(*,$'(/&(5(%52
3/(12
1ž&ULED$\XGDDWXKLMRD
SUHVWDUDWHQFLyQ\HQWHQGHUODV
VHQVDFLRQHVODVLPiJHQHVORV
VHQWLPLHQWRV\ORVSHQVDPLHQWRVHQ
VXLQWHULRU

$3/,&$&,Ï1'(/$
(675$7(*,$

$\XGDDWXKLMRDWRPDUFRQFLHQFLD\
KDEODUGHVXPXQGRLQWHULRU+D]
SUHJXQWDVTXHOROOHYHQDILMDUVHHQ
VXVVHQVDFLRQHVFRUSRUDOHV
©¢7LHQHVKDPEUH"ª HQLPiJHQHV
PHQWDOHV ©¢4XpYHVFXDQGRSLHQVDV
HQODFDVDGHODDEXHOD"ª HQVXV
VHQWLPLHQWRV ©(VPX\IUXVWUDQWH
FXDQGRVHFDHQORVEORTXHV¢HKTXH
Vt"ª \HQVXVSHQVDPLHQWRV ©¢4Xp
FUHHVTXHSDVDUiPDxDQDFXDQGR
YHQJD-LOODFDVD"ª 

(675$7(*,$'(/&(5(%52
3/(12

1ž(MHUFLWDODYLVLyQGHOD
PHQWH3UDFWLFDQGRODYLVLyQGHOD
PHQWHORVQLxRVDSUHQGHQD
WUDQTXLOL]DUVH\DFHQWUDUODDWHQFLyQ
HQORTXHHOLJHQ

$3/,&$&,Ï1'(/$
(675$7(*,$

,QFOXVRORVQLxRVSHTXHxRVSXHGHQ
DSUHQGHUDHVWDUTXLHWRV\DUHVSLUDU
WUDQTXLODPHQWHDXQTXHVyORVHDXQRV
SRFRVVHJXQGRV+D]TXHWXKLMRVH
WXPEHERFDDUULED\SRQOHXQEDUFR
GHMXJXHWHHQHODEGRPHQ(QVpxDOH
DUHVSLUDUGHVSDFLR\SURIXQGDPHQWH
SDUDTXHHOEDUFRVXED\EDMH
3UDFWLFDHOHMHUFLFLRSRFRUDWR
SRUTXHD~QHVPX\SHTXHxR
6LPSOHPHQWHGpMDORH[SHULPHQWDUOD
VHQVDFLyQGHHVWDUTXLHWRFDOODGR\
WUDQTXLOR

7,32'(,17(*5$&,Ï1

,QWHJUDUHO\R\HORWUR
(675$7(*,$'(/&(5(%52
3/(12
1ž$XPHQWDHOIDFWRUGLYHUVLyQ
HQODIDPLOLD)RPHQWDODGLYHUVLyQ
HQ

ODIDPLOLDSDUDTXHWXVKLMRV
GLVIUXWHQGHH[SHULHQFLDVSRVLWLYDV\
VDWLVIDFWRULDVMXQWRDODVSHUVRQDV
FRQODVTXHSDVDQPiVWLHPSR

$3/,&$&,Ï1'(/$
(675$7(*,$

6LJXHHOHMHPSORGHWXKLMR\
VLPSOHPHQWHMXHJD+D]OHFRVTXLOODV
UtHWHFRQpOTXLpUHOR$SLODREMHWRV
GHUUtEDORV*ROSHDFDFHURODV\
VDUWHQHVYHDOSDUTXHFKXWDOD
SHORWD&RQFDGDLQWHUDFFLyQHQOD
TXHWHFHQWUHVHQWXKLMR\VLQWRQLFHV
FRQpOFUHDUiVH[SHFWDWLYDV
SRVLWLYDVHQVXFDEH]DVREUHORTXH
VLJQLILFDTXHUHU\UHODFLRQDUVH

(675$7(*,$'(/&(5(%52
3/(12

1ž&RQHFWDDWUDYpVGHO
FRQIOLFWR0iVTXHXQREV௙WiFXORTXH
GHEDVHYLWDUFRQVLGHUDHOFRQIOLFWR
XQDRSRUWXQLGDGSDUDHQVHxDUDWXV
KLMRVDSWLWXGHVHVHQFLDOHVSDUD
UHODFLRQDUVH

$3/,&$&,Ï1'(/$
(675$7(*,$

+DEODFRQWXKLMRVREUHOD
LPSRUWDQFLDGHFRPSDUWLU\WXUQDUVH
SHURQRHVSHUHVGHPDVLDGRGHpO(Q
ORVSUy[LPRVDxRVWHQGUiV
RSRUWXQLGDGHVGHVREUDSDUDHQVHxDU
ODVDSWLWXGHVVRFLDOHV\GLVFLSOLQD
$KRUDPLVPRVLVXUJHXQFRQIOLFWR
HQWUHpO\RWURQLxRD\~GDORD
H[SUHVDUFyPRVHVLHQWH\FyPR
GHEHGHVHQWLUVHHORWURQLxR\
D\~GDORVDDPERVDUHVROYHUHO
SUREOHPDVLHVSRVLEOH/XHJR
UHGLUtJHORVSDUDTXHKDJDQXQD
WUDQVLFLyQKDFLDRWUDDFWLYLGDGTXH
SXHGDQGLVIUXWDU

3UHHVFRODU 
7,32'(,17(*5$&,Ï1
,QWHJUDUORVFHUHEURV
GHUHFKRHL]TXLHUGR
(675$7(*,$'(/&(5(%52
3/(12

1ž&RQHFWD\UHGLULJH&XDQGRWX
KLMRHVWiGLVJXVWDGRSULPHUR
FRQHFWDHPRFLRQDOPHQWHFHUHEUR
GHUHFKRFRQFHUHEURGHUHFKR
'HVSXpVFXDQGRKDUHFXSHUDGRHO
FRQWURO\

VHPXHVWUDPiVUHFHSWLYRLPSDUWH
ODVOHFFLRQHVGHOFHUHEURL]TXLHUGRH
LPSyQODGLVFLSOLQD

$3/,&$&,Ï1'(/$
(675$7(*,$

3ULPHURFRQFDULxRHVFXFKDHO
PRWLYRSRUHOTXHWXKLMDVHKD
DOWHUDGR$EUi]DOD\UHSLWHORTXHWH
KDFRQWDGRFRQXQDFRPXQLFDFLyQQR
YHUEDODIHFWXRVD©¢(VWiVPX\
GHFHSFLRQDGDSRUTXH0ROO\QR
SXHGHYHQLUDFDVD"ª/XHJRHQ
FXDQWRKD\DVFRQHFWDGRGLUtJHOD
KDFLDODE~VTXHGDGHODVROXFLyQGHO
SUREOHPDHLQGtFDOHFXiOHVOD
FRQGXFWDPiVFRUUHFWD©<DVpTXH
HVWiVGLVJXVWDGDSHURGHEHVWUDWDUD
PDPiFRQGHOLFDGH]D¢6HWHRFXUUH
DOJXQDRWUDLGHDSDUDSDViUWHORELHQ"
7DOYH]SRGDPRVDYHULJXDUVL0ROO\
SXHGHYHQLUPDxDQDª
(675$7(*,$'(/&(5(%52
3/(12

1ž3RQOHXQQRPEUHSDUD
GRPDUOR&XDQGRODVLQWHQVDV
HPRFLRQHVGHOFHUHEURGHUHFKRHVWiQ
GHVERFDGDVD\XGDDWXKLMRDFRQWDU
ODKLVWRULDGHORTXHORKDDOWHUDGR
$OKDFHUORXVDUiVXFHUHEUR
L]TXLHUGRSDUDGDUVHQWLGRDVX
H[SHULHQFLD\VHQWLUiTXHWLHQHXQ
PD\RUFRQWUROVREUHVtPLVPR

$3/,&$&,Ï1'(/$
(675$7(*,$

7DQWRVLVHWUDWDGHXQWUDXPDPD\RU
FRPRGHXQRPHQRUSXHGHVLQLFLDU
HOSURFHVRGHODQDUUDFLyQGH
KLVWRULDVFDVLGHLQPHGLDWR XQDYH]
FRQHFWDGRWXFHUHEURGHUHFKRFRQHO
VX\R $HVWDHGDGWXKLMRQHFHVLWDUi
TXHW~WRPHVODLQLFLDWLYD©¢6DEHV
TXpKHYLVWR"7HKHYLVWRFRUUHU\
FXDQGRKDVSLVDGRHVHVXHOR
UHVEDODGL]RWHKDVFDtGR¢(VRHVOR
TXHKDRFXUULGR"ª6LpOVLJXH
FRQWDQGRODKLVWRULDHVWXSHQGR3HUR
VLHVQHFHVDULRSXHGHVFRQWLQXDUW~
©(QWRQFHVKDVHPSH]DGRDOORUDU\
\RPHKHDFHUFDGRFRUULHQGR\ǻ
3XHGHVHU~WLOFRQIHFFLRQDUXQOLEUR
FDVHURFRQGLEXMRVRIRWRVDILQGH
YROYHUDFRQWDUXQDKLVWRULD
LQTXLHWDQWHRDILQGHSUHSDUDUDWX
KLMRSDUDXQDWUDQVLFLyQFRPRXQD
QXHYDUXWLQDDODKRUDGHLUVHD
GRUPLURHPSH]DUDLUDOSDUYXODULR

7,32'(,17(*5$&,Ï1

,QWHJUDUORVFHUHEURV
VXSHULRUHLQIHULRU
(675$7(*,$'(/&(5(%52
3/(12

1ž$FWLYDQRHQIXUH]FDV(Q
VLWXDFLRQHVGHPXFKRHVWUpVDFWLYD
HOFHUHEURVXSHULRUGHWXKLMR
SLGLpQGROHTXHUHIOH[LRQHSODQHH\
HOLMDHQOXJDUGHDFWLYDUHOFHUHEUR
LQIHULRUGRQGHQRLQWHUYLHQHWDQWROD
UHIOH[LyQFRPRODUHDFFLyQ
$3/,&$&,Ï1'(/$
(675$7(*,$

,PSRQHUOtPLWHVFODURVHV
LPSRUWDQWHSHURDPHQXGRGHFLPRV
©QRªPiVYHFHVGHODVQHFHVDULDV
&XDQGRWXKLMRHVWiGLVJXVWDGRVp
FUHDWLYR(QOXJDUGHGHFLU©1RHVWi
ELHQFRPSRUWDUVHDVtªSUHJXQWD
©¢'HTXpRWUDPDQHUDSRGUtDV
HQIUHQWDUWHDHVR"ª(QOXJDUGH
GHFLU©1RPHJXVWDTXHKDEOHVDVtª
SUXHED©¢3XHGHVEXVFDUDOJXQDRWUD
PDQHUDGHGHFLUHVRXQDPDQHUD
PiVHGXFDGD"ª/XHJRHOyJLDOR
FXDQGRXVHVXFHUHEURVXSHULRUSDUD
SURSRQHUDOWHUQDWLYDV8QDSUHJXQWD
PX\~WLOSDUDHYLWDUOXFKDVGHSRGHU
HV©¢6HWHRFXUUHDOJXQDLGHDGH
FyPRSRGHPRVFRQVHJXLUORVGRVOR
TXHTXHUHPRV"ª

(675$7(*,$'(/&(5(%52
3/(12

1žÒVDORRSLpUGHOR3URSRUFLRQD
PXFKDVRSRUWXQLGDGHVSDUDHMHUFLWDU
HOFHUHEURVXSHULRUDILQGHTXHHVWp
IXHUWHHLQWHJUDGRFRQHOFHUHEUR
LQIHULRU\HOFXHUSR

$3/,&$&,Ï1'(/$
(675$7(*,$

$GHPiVGHHQVHxDUDWXKLMRODV
IRUPDVODVOHWUDV\ORVQ~PHURV
MXHJDDMXHJRVGHOHVWLOR©¢4Xp
KDUtDVVL«"ªTXHOHSUHVHQWHQ
GLOHPDVKLSRWpWLFRV©¢4XpKDUtDVVL
HVWXYLHUDVHQHOSDUTXH\HQFRQWUDUDV
XQMXJXHWHTXHTXLHUHVGHYHUGDG
SHURTXHVDEHVTXHSHUWHQHFHDRWUR
QLxR"ª/HHGXQFXHQWRMXQWRV\SLGH
DWXKLMRTXHDGLYLQHFyPRDFDEDUi
7DPELpQGDOHPXFKDVRSRUWXQLGDGHV
SDUDTXHWRPHGHFLVLRQHVSRUVX
FXHQWDLQFOXVR \VREUHWRGR
FXDQGRVRQGLItFLOHV

(675$7(*,$'(/&(5(%52
3/(12

1ž0XpYHORRSLpUGHOR8QD
PDQHUDHILFD]GHD\XGDUDXQQLxRD
UHFXSHUDUHOHTXLOLEULRHQWUHHO
FHUHEURVXSHULRU\HOLQIHULRUHV
SHGLUOHTXHPXHYDHOFXHUSR

$3/,&$&,Ï1'(/$
(675$7(*,$

$ORVQLxRVGHHVWDHGDGOHVHQFDQWD
PRYHUVH$VtSXHVFXDQGRWXKLMR
HVWpGLVJXVWDGR\XQDYH]TXHKD\DV
UHFRQRFLGRODH[LVWHQFLDGHVXV
VHQWLPLHQWRVKD]OHPRYHUHOFXHUSR
/XFKDFRQpO-XHJDDPDQWHQHUXQ
JORERHQHODLUHVLQGHMDUORWRFDUHO
VXHOR&KXWDXQDSHORWDGHXQODGRD
RWURPLHQWUDVpOWHFXHQWDSRUTXp
HVWiGLVJXVWDGR0RYHUHOFXHUSRHV
XQDPDQHUDPX\~WLOGHFDPELDUXQ
HVWDGRGHiQLPR
7,32'(,17(*5$&,Ï1

,QWHJUDUODPHPRULD
(675$7(*,$'(/&(5(%52
3/(12

1ž8VDHOPDQGRDGLVWDQFLDGH
ODPHQWH'HVSXpVGHXQ
DFRQWHFLPLHQWRLQTXLHWDQWHHOPDQGR
DGLVWDQFLDLQWHUQRSHUPLWHTXHXQ
QLxRLQWHUUXPSDUHERELQHRKDJD
DYDQ]DUUiSLGDPHQWHXQDKLVWRULD
PLHQWUDVODFXHQWD\HVROHSHUPLWH
FRQWURODUORTXHYH

$3/,&$&,Ï1'(/$
(675$7(*,$
/RPiVSUREDEOHHVTXHDWXKLMRHQ
HGDGSUHHVFRODUOHHQFDQWHFRQWDU
KLVWRULDV)RPpQWDVHOR&XHQWD
KLVWRULDVGHFXDOTXLHUFRVDTXH
RFXUUDWDQWRODVEXHQDVFRPRODV
PDODV\ODVTXHQRVRQQLORXQRQLOR
RWUR<FXDQGRVXFHGDDOJR
LPSRUWDQWHGHEHVHVWDUGLVSXHVWRD
FRQWDUODKLVWRULDXQD\RWUDYH]
$XQTXHWXKLMRQRVHSDJUDQFRVD
DFHUFDGHORVPDQGRVDGLVWDQFLD
VHUiFDSD]GH©UHERELQDUªH
©LQWHUUXPSLUªVXKLVWRULD/H
HQFDQWDUiRtUWHFRQWDU\WHD\XGDUiD
FRQWDU\YROYHUDFRQWDUODKLVWRULD
GHFXDOTXLHUDFRQWHFLPLHQWR
LPSRUWDQWHGHVXYLGD$VtTXH\D
SXHGHVHVWDUSUHSDUDGRSDUDSXOVDU
HOERWyQGHHQFHQGLGRXQD\RWUDYH]
\GHEHVVDEHUTXHFXDQGRORKDJDV
HVWDUiVSURPRFLRQDQGRODFXUDFLyQ\
ODLQWHJUDFLyQ

(675$7(*,$'(/&(5(%52
3/(12

1ž$FXpUGDWHGHUHFRUGDU$\XGD
DWXVKLMRVDHMHUFLWDUODPHPRULD
RIUHFLpQGROHVPXFKDVRSRUWXQLGDGHV
SDUDUHFRUGDU

$3/,&$&,Ï1'(/$
(675$7(*,$

+D]SUHJXQWDVTXHHMHUFLWHQOD
PHPRULD©¢4XpOHKDSDUHFLGRDOD
VHxRULWDÈOYDUH]HOURERWTXHKDV
OOHYDGRKR\SDUDFRPSDUWLU"ª©¢7H
DFXHUGDVGHFXDQGRHOWtR&KULVWH
OOHYyDFRPHUXQKHODGR"ª-XHJDD
MXHJRVGHODPHPRULDTXHH[LMDQTXH
WXKLMRIRUPHSDUHMDVREXVTXH
HOHPHQWRVUHODFLRQDGRVWDOYH]IRWRV
GHDPLJRV\PLHPEURVGHODIDPLOLD
UHODFLRQDGRVFRQDQpFGRWDVR
UHFXHUGRVFRQFUHWRV(PSOHDQGR
VREUHWRGRDFRQWHFLPLHQWRV
LPSRUWDQWHVTXHTXLHUHVTXH
UHFXHUGHWXUQDRVSDUDKDEODUGHORV
GHWDOOHVPiVGHVWDFDGRVSDUDFDGD
XQRGHYRVRWURV

7,32'(,17(*5$&,Ï1

,QWHJUDUODVGLVWLQWDVSDUWHV
GHPtPLVPR
(675$7(*,$'(/&(5(%52
3/(12

1ž'HMDSDVDUODVQXEHVGHODV
HPRFLRQHV5HFXHUGDDORVQLxRV
TXHORVVHQWLPLHQWRVYLHQHQ\VHYDQ
(OPLHGRODIUXVWUDFLyQ\ODVROHGDG
VRQHVWDGRVSDVDMHURVQRUDVJRV
GXUDGHURV

$3/,&$&,Ï1'(/$
(675$7(*,$

8QDUD]yQSRUODTXHORV
VHQWLPLHQWRVLQWHQVRVSXHGHQVHU
PX\PROHVWRVSDUDORVQLxRV
SHTXHxRVHVTXHSDUDHOORVODV
HPRFLRQHVQRVRQSDVDMHUDV$Vt
SXHVFXDQGRFRQVXHODVDWXKLMD
SRUTXHHVWiGLVJXVWDGDHQVpxDOHTXH
ORVVHQWLPLHQWRVYLHQHQ\VHYDQ
$\~GDODDYHUTXHHVEXHQR
UHFRQRFHUODH[LVWHQFLDGHVXV
HPRFLRQHVSHURWDPELpQHVEXHQR
GDUVHFXHQWDGHTXHDXQTXHDKRUD
PLVPRHVWpWULVWH RHQIDGDGDR
DVXVWDGD SUREDEOHPHQWHYROYHUiD
HVWDUFRQWHQWDGHQWURGHXQRV
PLQXWRV,QFOXVRSXHGHVKDFHU
SUHJXQWDVTXHODOOHYHQDVDFDUHOOD
PLVPDVXVSURSLDVFRQFOXVLRQHV
FRPR©¢&XiQGRFUHHVTXHWHVHQWLUiV
PHMRU"ª
(675$7(*,$'(/&(5(%52
3/(12

1ž&ULED$\XGDDWXVKLMRVD
ILMDUVH\HQWHQGHUODVVHQVDFLRQHV
ODVLPiJHQHVORVVHQWLPLHQWRV\ORV
SHQVDPLHQWRVHQVXLQWHULRU

$3/,&$&,Ï1'(/$
(675$7(*,$

+DEODFRQWXKLMRGHVXPXQGR
LQWHULRU$\~GDORDFRPSUHQGHUTXH
SXHGHILMDUVHHQORTXHHVWiSDVDQGR
HQVXFXHUSR\VXFDEH]D\KDEODUGH
HOOR3UREDEOHPHQWHWRGDYtDQRHVWp
OLVWRSDUDODFULEDSHURSXHGHV
D\XGDUORDKDFHUSUHJXQWDVTXHOR
FRQGX]FDQDSUHVWDUDWHQFLyQDVXV
VHQVDFLRQHVFRUSRUDOHV ©¢7LHQHV
KDPEUH"ª LPiJHQHVPHQWDOHV
©¢4XpYHVFXDQGRSLHQVDVHQOD
FDVDGHODDEXHOD"ª VXV
VHQWLPLHQWRV ©(VPX\IUXVWUDQWH
FXDQGRORVDPLJRVVHQLHJDQD
FRPSDUWLU¢YHUGDGTXHVt"ª \VXV
SHQVDPLHQWRV ¢4XpFUHHVTXH
SDVDUiPDxDQDHQODHVFXHOD"ª 

(675$7(*,$'(/&(5(%52
3/(12

1ž(MHUFLWDODYLVLyQGHOD
PHQWH3UDFWLFDQGRODYLVLyQGHOD
PHQWHORVQLxRVDSUHQGHQD
WUDQTXLOL]DUVH\DFHQWUDUODDWHQFLyQ
HQORTXHTXLHUHQ
$3/,&$&,Ï1'(/$
(675$7(*,$

$HVWDHGDGORVQLxRVSXHGHQ
SUDFWLFDUXQDUHVSLUDFLyQOHQWD
VREUHWRGRVLHOHMHUFLFLRHVEUHYH
3LGHDWXKLMDTXHVHWXPEHERFD
DUULED\SRQXQEDUFRGHMXJXHWHHQ
VXDEGRPHQ(QVpxDOHDUHVSLUDU
GHVSDFLR\SURIXQGDPHQWHSDUD
FRQVHJXLUTXHHOEDUFRVXED\EDMH
7DPELpQSXHGHVKDFHUXVRGHODYLYD
LPDJLQDFLyQTXHWLHQHWXKLMDDHVWD
HGDGSDUDTXHILMHODDWHQFLyQ\
DOWHUHVXHVWDGRHPRFLRQDO©,PDJLQD
TXHHVWiVGHVFDQVDQGRHQODDUHQD
WLELDGHODSOD\D\WHVLHQWHV
WUDQTXLOD\IHOL]ª
7,32'(,17(*5$&,Ï1

,QWHJUDUHO\R\HORWUR
(675$7(*,$'(/&(5(%52
3/(12

1ž$XPHQWDHOIDFWRUGLYHUVLyQ
HQODIDPLOLD)RPHQWDODGLYHUVLyQ
HQODIDPLOLDSDUDTXHWXVKLMRV
GLVIUXWHQGHH[SHULHQFLDVSRVLWLYDV\
VDWLVIDFWRULDVMXQWRDODVSHUVRQDV
FRQODVTXHSDVDQPiVWLHPSR

$3/,&$&,Ï1'(/$
(675$7(*,$

1RQHFHVLWDVKDFHUXQJUDQHVIXHU]R
SDUDGLYHUWLUWHFRQWXKLMRHQHGDG
SUHHVFRODU(OVyORKHFKRGHHVWDU
FRQWLJRSDUDpOHVHOSDUDtVR3DVD
XQWLHPSRFRQpOMXHJDFRQpO\
UHtRVMXQWRV3URPXHYHODGLYHUVLyQ
FRQKHUPDQRV\DEXHORV+D]HOWRQWR
\FRQYLHUWHORTXHSRGUtDQVHUOXFKDV
GHSRGHUHQPRPHQWRVO~GLFRV\
GLYHUWLGRVGHXQLyQ&XDQGRWH
GLYLHUWHV\FUHDVULWXDOHVSODFHQWHURV
HQODIDPLOLDLQWHQFLRQDGDPHQWH
HVWiVOOHYDQGRDFDERXQDLQYHUVLyQ
HQWXUHODFLyQTXHGDUiIUXWRHQORV
DxRVYHQLGHURV

(675$7(*,$'(/&(5(%52
3/(12
1ž&RQHFWDDWUDYpVGHO
FRQIOLFWR0iVTXHXQREV௙WiFXORTXH
GHEDVHYLWDUFRQVLGHUDHOFRQIOLFWR
XQDRSRUWXQLGDGSDUDHQVHxDUDWXV
KLMRVDSWLWXGHVHVHQFLDOHVSDUD
UHODFLRQDUVH

$3/,&$&,Ï1'(/$
(675$7(*,$

8WLOL]DORVFRQIOLFWRVDORVTXHVH
HQIUHQWDWXKLMDHQHGDGSUHHVFRODU±
FRQVXVKHUPDQRVFRQVXV
FRPSDxHURVGHFODVHLQFOXVR
FRQWLJR±SDUDHQVHxDUOHOHFFLRQHV
VREUHFyPRGHEHUHODFLRQDUVHFRQ
ORVGHPiV&RPSDUWLUWXUQDUVH
SHGLUSHUGyQ\SHUGRQDUVRQ
FRQFHSWRVLPSRUWDQWHVTXHHVWiOLVWD
SDUDDSUHQGHU0RGHODWRGRHVWR
SDUDHOOD\GHGtFDOHXQWLHPSRSDUD
SRQHUWHDVXODGR\D\XGDUODD
HQWHQGHUORTXHVLJQLILFD
UHODFLRQDUVH\WHQHUXQDDFWLWXG
FRQVLGHUDGD\UHVSHWXRVDFRQORV
GHPiVLQFOXVRHQORVPRPHQWRVGH
FRQIOLFWR

3ULPHUDHWDSDHVFRODU 
DxRV
7,32'(,17(*5$&,Ï1

,QWHJUDUORVFHUHEURV
GHUHFKRHL]TXLHUGR
(675$7(*,$'(/&(5(%52
3/(12

1ž&RQHFWD\UHGLULJH&XDQGRWX
KLMRHVWiGLVJXVWDGRSULPHUR
FRQHFWDHPRFLRQDOPHQWHFHUHEUR
GHUHFKRFRQFHUHEURGHUHFKR
'HVSXpVFXDQGRKDUHFXSHUDGRHO
FRQWURO\VHPXHVWUDPiVUHFHSWLYR
LPSDUWHODVOHFFLRQHVGHOFHUHEUR
L]TXLHUGRHLPSyQODGLVFLSOLQD

$3/,&$&,Ï1'(/$
(675$7(*,$

(VFXFKDSULPHUROXHJRH[SOLFDW~
FyPRVHVLHQWHWXKLMR$OPLVPR
WLHPSRXVDODFRPXQLFDFLyQQR
YHUEDOSDUDFRQVRODUOR/RVDEUD]RV
\HOFRQWDFWRItVLFRMXQWRFRQODV
H[SUHVLRQHVIDFLDOHVGHHPSDWtD
VLJXHQVLHQGRKHUUDPLHQWDVPX\
~WLOHVSDUDDSDFLJXDUODVHPRFLRQHV
LQWHQVDV/XHJRUHGLULJHEXVFDQGR
VROXFLRQHVDORVSUREOHPDV\VHJ~Q
ODVFLUFXQVWDQFLDVLPSyQGLVFLSOLQD
\OtPLWHV

(675$7(*,$'(/&(5(%52
3/(12

1ž3RQOHXQQRPEUHSDUD
GRPDUOR&XDQGRODVLQWHQVDV
HPRFLRQHVGHOFHUHEURGHUHFKRHVWiQ
GHVERFDGDVD\XGDDWXKLMRDFRQWDU
ODKLVWRULDGHORTXHORKDDOWHUDGR
$OKDFHUORXVDUiVXFHUHEUR
L]TXLHUGRSDUDGDUVHQWLGRDVX
H[SHULHQFLD\VHQWLUiTXHWLHQHXQ
PD\RUFRQWUROVREUHVtPLVPR

$3/,&$&,Ï1'(/$
(675$7(*,$

7DQWRVLVHWUDWDGHXQWUDXPDPD\RU
FRPRGHXQRPHQRUSXHGHVLQLFLDU
HOSURFHVRGHODQDUUDFLyQGH
FXHQWRVFDVLGHLQPHGLDWR HQFXDQWR
KD\DVFRQHFWDGRWXFHUHEURGHUHFKR
FRQHOVX\R 0LHQWUDVTXHFRQQLxRV
PiVSHTXHxRVHVSRVLEOHTXHWHQJDV
TXHVHUW~TXLHQFXHQWHODPD\RU
SDUWHGHODKLVWRULD\FRQQLxRV
PD\RUHVSXHGHVGHMDUOHVDHOORV
WRPDUODLQLFLDWLYDFRQXQQLxRGH
HVWDHGDGKD\TXHEXVFDUXQSXQWR
LQWHUPHGLR+D]PXFKDVSUHJXQWDV
©¢'HYHUGDGQRWHKDVGDGRFXHQWD
GHTXHHOFROXPSLRLEDGLUHFWRKDFLD
WL"ª2©¢<TXpKDKHFKRODVHxRULWD
FXDQGRpOWHKDGLFKRHVR"ª©¢\
GHVSXpVTXpKDSDVDGR"ª3XHGHVHU
~WLOFRQIHFFLRQDUXQOLEURFDVHURFRQ
GLEXMRVRIRWRVDILQGHYROYHUD
FRQWDUXQDKLVWRULDLQTXLHWDQWHRD
ILQGHSUHSDUDUDWXKLMRSDUDDOJR
TXHWHPHFRPRXQDYLVLWDDOGHQWLVWD
RXQDPXGDQ]D

7,32'(,17(*5$&,Ï1
,QWHJUDUORVFHUHEURV
VXSHULRUHLQIHULRU
(675$7(*,$'(/&(5(%52
3/(12

1ž$FWLYDQRHQIXUH]FDV(Q
VLWXDFLRQHVGHPXFKRHVWUpVDFWLYD
HOFHUHEURVXSHULRUGHWXKLMR
SLGLpQGROHTXHUHIOH[LRQHSODQHH\
HOLMDHQOXJDUGHDFWLYDUHOFHUHEUR
LQIHULRUGRQGHQRLQWHUYLHQHWDQWROD
UHIOH[LyQFRPRODUHDFFLyQ

$3/,&$&,Ï1'(/$
(675$7(*,$

&RPRVLHPSUHFRQHFWDSULPHUR
(YLWDHPSOHDUGHLQPHGLDWRHO
UHFXUVRGHO©£3RUTXH\RORGLJRª
$KRUDPLVPRHOFHUHEURVXSHULRUGH
WXKLMRHVWiIORUHFLHQGRDVtTXH
GpMDORFXPSOLUFRQVXFRPHWLGR
([SOLFDWXVUD]RQHVDQtPDORDKDFHU
SUHJXQWDVSLGHVROXFLRQHV
DOWHUQDWLYDVHLQFOXVRQHJRFLD7~
HUHVTXLHQWLHQHODDXWRULGDGHQOD
UHODFLyQ\QRKD\H[FXVDSDUDTXHWX
KLMRWHIDOWHDOUHVSHWRSHURVt
SXHGHVFRQGXFLUORDSURSRQHU
GLVWLQWDVPDQHUDVGHDERUGDUOD
GLVFLSOLQDRGHDSUHQGHUXQDOHFFLyQ
&XDQGRHVSHUDPRV\IDFLOLWDPRVXQ
SHQVDPLHQWRPiVFRPSOHMRHV
PHQRVSUREDEOHTXHUHFLEDPRVXQD
UHVSXHVWDUHDFWLYD\GH
HQIUHQWDPLHQWR

(675$7(*,$'(/&(5(%52
3/(12

1žÒVDORRSLpUGHOR3URSRUFLRQD
PXFKDVRSRUWXQLGDGHVSDUDHMHUFLWDU
HOFHUHEURVXSHULRUDILQGHTXHHVWp
IXHUWHHLQWHJUDGRFRQHOFHUHEUR
LQIHULRU\HOFXHUSR

$3/,&$&,Ï1'(/$
(675$7(*,$

-XHJDDMXHJRVGHOHVWLORGH©¢4Xp
KDUtDVVL«"ª\SUHVHQWDGLOHPDVDWX
KLMR©6LXQPDWyQVHPHWLHUDFRQ
DOJXLHQHQHOFROHJLR\QRKXELHUD
DGXOWRVFHUFD¢TXpKDUtDV"ª
)RPHQWDODHPSDWtD\OD
FRPSUHQVLyQGHVtPLVPRDWUDYpVGH
GLiORJRVUHIOH[LYRVVREUHFyPRVH
VLHQWHQORVGHPiV\VR௙EUHVXV
SURSLDVLQWHQFLRQHVGHVHRV\
FUHHQFLDV$VLPLVPRGHMDTXHWX
KLMRVHHQIUHQWHDGHFLVLRQHV\
VLWXDFLRQHVGLItFLOHV6LHPSUHTXH
SXHGDVKDFHUORGHXQDPDQHUD
UHVSRQVDEOHHYLWDUHVROYHUVXV
SUREOHPDV\UHVLVWHODWHQWDFLyQGH
DFXGLUHQVXD\XGDLQFOXVRFXDQGR
FRPHWDSHTXHxRVHUURUHVRVXV
HOHFFLRQHVQRVHDQGHOWRGR
DFHUWDGDV$OILQ\DOFDERDKRUD
PLVPRWXREMHWLYRQRHVDOFDQ]DUOD
SHUIHFFLyQHQFDGDGHFLVLyQVLQR
ORJUDUXQGHVDUUROORySWLPRGHO
FHUHEURHQHOIXWXUR

(675$7(*,$'(/&(5(%52
3/(12

1ž0XpYHORRSLpUGHOR8QD
PDQHUDHILFD]GHD\XGDUDXQQLxRD
UHFXSHUDUHOHTXLOLEULRHQWUHHO
FHUHEURVXSHULRUHLQIHULRUHV
SHGLUOHTXHPXHYDHOFXHUSR

$3/,&$&,Ï1'(/$
(675$7(*,$

&RQHFWDFRQWXKLMRFXDQGRHVWp
GLVJXVWDGR\OXHJREXVFDPDQHUDVGH
TXHVHPXHYD&RJHGODVELFLFOHWDV
SDUDLUDGDUXQSDVHR-XJDGD
PDQWHQHUXQJORERHQHODLUHVLQ
GHMDUORFDHUDOVXHORRSUREDG
SRVWXUDVGH\RJD6HJ~QFRPRVHDWX
KLMRHVSRVLEOHTXHWHQJDVTXH
H[SOLFDUWXVLQWHQFLRQHVFRQPD\RU
FODULGDG1RSLHQVHVTXHGHEDV
©HQJDxDUªRHVFRQGHUWXHVWUDWHJLD
6pGLUHFWR\H[SOLFDHOFRQFHSWRGH
©PXpYHORRSLpUGHORªOXHJRXVDOD
OHFFLyQSDUDHQVHxDUOHDWXKLMRTXH
UHDOPHQWHSRGHPRVFRQWURODUQXHVWUR
HVWDGRGHiQLPR

7,32'(,17(*5$&,Ï1

,QWHJUDUODPHPRULD
(675$7(*,$'(/&(5(%52
3/(12
1ž8VDHOPDQGRDGLVWDQFLDGH
ODPHQWH'HVSXpVGHXQ
DFRQWHFLPLHQWRLQTXLHWDQWHHOPDQGR
DGLVWDQFLDLQWHUQRSHUPLWHTXHXQ
QLxRLQWHUUXPSDUHERELQHRKDJD
DYDQ]DUUiSLGDPHQWHXQDKLVWRULD
PLHQWUDVODFXHQWD\HVROHSHUPLWH
FRQWURODUORTXHYH

$3/,&$&,Ï1'(/$
(675$7(*,$

$HVWDHGDGXQQLxRSXHGHVHUUHDFLR
DFRQWDUKLVWRULDVGLItFLOHVRD
UHFRUGDUKHFKRVGRORURVRV$\~GDOR
DFRPSUHQGHUODLPSRUWDQFLDGHYHU
ORTXHOHKDVXFHGLGR7UiWDORFRQ
GHOLFDGH]D\DIHFWR\SHUPtWHOH
LQWHUUXPSLUODKLVWRULDHQFXDOTXLHU
PRPHQWRHLQFOXVRKDFHUODDYDQ]DU
UiSLGDPHQWHSDUDVDOWDUVHORV
GHWDOOHVGHVDJUDGDEOHV3HUR
DVHJ~UDWHGHTXHHQDOJ~QPRPHQWR
DXQTXHVHDPiVDGHODQWHUHERELQDV
\YXHOYHVDFRQWDUWRGDODDQpFGRWD
LQFOXLGDVODVSDUWHVGRORURVDV

(675$7(*,$'(/&(5(%52
3/(12

1ž$FXpUGDWHGHUHFRUGDU$\XGD
DWXVKLMRVDHMHUFLWDUODPHPRULD
RIUHFLpQGROHVPXFKDVRSRUWXQLGDGHV
SDUDUHFRUGDU

$3/,&$&,Ï1'(/$
(675$7(*,$
7DQWRHQHOFRFKHFRPRHQODFHQDR
FXDQGRVHDD\XGDDWXKLMRDKDEODU
GHVXVH[SHULHQFLDVSDUDTXHSXHGD
LQWHJUDUVXVUHFXHUGRVLPSOtFLWRVH
H[SOtFLWRV(VWRHVHVSHFLDOPHQWH
LPSRUWDQWHFXDQGRVHWUDWDGHORV
PRPHQWRVPiVWUDVFHQGHQWHVGHVX
YLGDFRPRH[SHULHQFLDVFRQOD
IDPLOLDODVDPLVWDGHVLPSRUWDQWHV\
ORVULWRVLQLFLiWLFRV%DVWDFRQ
KDFHUOHSUHJXQWDV\DQLPDUORD
UHFRUGDUSDUDD\XGDUORDUHPHPRUDU
\HQWHQGHUDFRQWHFLPLHQWRV
LPSRUWDQWHVGHOSDVDGRORTXHOH
SHUPLWLUiFRPSUHQGHUPHMRUORTXH
OHRFXUUHHQHOSUHVHQWH

7,32'(,17(*5$&,Ï1
,QWHJUDUODVGLVWLQWDVSDUWHV
GHPtPLVPR
(675$7(*,$'(/&(5(%52
3/(12

1ž'HMDSDVDUODVQXEHVGHODV
HPRFLRQHV5HFXHUGDDORVQLxRV
TXHORVVHQWLPLHQWRVYLHQHQ\VHYDQ
(OPLHGRODIUXVWUDFLyQ\ODVROHGDG
VRQHVWDGRVSDVDMHURVQRUDVJRV
GXUDGHURV

$3/,&$&,Ï1'(/$
(675$7(*,$

$\XGDDWXKLMRDILMDUVHHQODV
SDODEUDVTXHHPSOHDFXDQGRKDEOD
GHVXVVHQWLPLHQWRV1RWLHQHQDGD
GHPDORGHFLU©6R\LPSDFLHQWHª
3HURD\~GDORDYHUTXHSXHGHGHFLU
ORPLVPRGHRWUDPDQHUD©(VWR\
LPSDFLHQWHª(VWDSHTXHxD
DOWHUDFLyQHQHOYRFDEXODULRSXHGH
D\XGDUORDHQWHQGHUODVXWLOSHUR
LPSRUWDQWHGLIHUHQFLDHQWUH©VHUª\
©HVWDUª3XHGHTXHHQXQPRPHQWR
GDGRVHVLHQWDLPSDFLHQWHSHURHVD
H[SHULHQFLDHVSDVDMHUDQR
SHUPDQHQWH3DUDGDUOHXQD
SHUVSHFWLYDSUHJ~QWDOHFyPRFUHH
TXHVHVHQWLUiGHQWURGHFLQFR
PLQXWRVFLQFRKRUDVFLQFRGtDV
FLQFRPHVHV

\FLQFRDxRV
(675$7(*,$'(/&(5(%52
3/(12

1ž&ULED$\XGDDWXVKLMRVD
ILMDUVH\HQWHQGHUODVVHQVDFLRQHV
ODVLPiJHQHVORVVHQWLPLHQWRV\ORV
SHQVDPLHQWRVHQVXLQWHULRU

$3/,&$&,Ï1'(/$
(675$7(*,$

3UHVHQWDDWXKLMRODUXHGDGHOD
FRQFLHQFLD7DPELpQMXHJDDOMXHJR
GHODFULEDHQHOFRFKHRHQODFHQD\
HQVpxDOHFDGDXQDGHODVSDUWHVTXH
ODFRPSRQHQ$\~GDORDHQWHQGHU
TXHWHQHPRVTXHILMDUQRVHQORTXH
SDVDGHQWURGHQRVRWURVVLTXHUHPRV
FRQWURODUODPDQHUDHQTXHQRV
VHQWLPRV\DFWXDPRV+D]SUHJXQWDV
TXHORFRQGX]FDQKDFLDOD
SHUFHSFLyQGHVXVVHQVDFLRQHV
FRUSRUDOHV ©¢7LHQHVKDPEUH"ª 
LPiJHQHVPHQWDOHV ©¢4XpYHV
FXDQGRSLHQVDVHQODFDVDGHOD
DEXHOD"ª VXVVHQWLPLHQWRV ©1RHV
DJUDGDEOHVHQWLUTXHWHGHMDQGH
ODGR¢HKTXHQR"ª \VXV
SHQVDPLHQWRV ¢4XpFUHHVTXH
SDVDUiPDxDQDHQODHVFXHOD"ª 

(675$7(*,$'(/&(5(%52
3/(12

1ž(MHUFLWDODYLVLyQGHOD
PHQWH3UDFWLFDQGRODYLVLyQGHOD
PHQWHORVQLxRVDSUHQGHQD
WUDQTXLOL]DUVH\DFHQWUDUODDWHQFLyQ
HQORTXHTXLHUHQ

$3/,&$&,Ï1'(/$
(675$7(*,$

$HVWDHGDGORVQLxRVSXHGHQ
HQWHQGHU\VHQWLUORVEHQHILFLRVGH
HVWDUWUDQTXLORV\FRQODPHQWH
FHQWUDGD(QVpxDOHVDSHUPDQHFHU
TXLHWRV\FDOODGRV\GpMDORV
GLVIUXWDUGHODSD]HQVXLQWHULRU
*XLDQGRVXPHQWHPHGLDQWHOD
YLVXDOL]DFLyQ\ODLPDJLQDFLyQ
PXpVWUDOHVTXHWLHQHQODFDSDFLGDG
GHFHQWUDUODDWHQFLyQHQ
SHQVDPLHQWRV\VHQWLPLHQWRVTXHOHV
LQIXQGHQSD]\IHOLFLGDG([SOtFDOHV
TXHFXDQGRQHFHVLWHQWUDQTXLOL]DUVH
SXHGHQVHQFLOODPHQWHGHWHQHUVH\
SUHVWDUDWHQFLyQDVXUHVSLUDFLyQ

7,32'(,17(*5$&,Ï1

,QWHJUDUHO\R\HORWUR
(675$7(*,$'(/&(5(%52
3/(12

1ž$XPHQWDHOIDFWRUGLYHUVLyQ
HQODIDPLOLD)RPHQWDODGLYHUVLyQ
HQODIDPLOLDSDUDTXHWXVKLMRV
GLVIUXWHQGHH[SHULHQFLDVSRVLWLYDV\
VDWLVIDFWRULDVMXQWRDODVSHUVRQDV
FRQODVTXHSDVDQPiVWLHPSR
$3/,&$&,Ï1'(/$
(675$7(*,$

+D]WRGRDTXHOORTXHRVJXVWHKDFHU
MXQWRV9HGXQYtGHRWRGDODIDPLOLD
MXQWDFRQSDORPLWDVLQFOXLGDV-XJDG
DXQMXHJRGHPHVD6DOLGDSDVHDU
HQELFLFOHWD,QYHQWDGXQFXHQWR
&DQWDG\EDLODG3DVDGVLPSOHPHQWH
XQUDWRMXQWRVVLHQGRIHOLFHV\
KDFLHQGRWRQWHUtDV\GHHVHPRGR
HFKDUiVXQRVVyOLGRVFLPLHQWRVSDUD
ODVUHODFLRQHVIXWXUDV'LYLpUWHWH\
FUHDULWXDOHV\UHFXHUGRVSODFHQWHURV
LQWHQFLRQDGDPHQWH

(675$7(*,$'(/&(5(%52
3/(12
1ž&RQHFWDDWUDYpVGHO
FRQIOLFWR0iVTXHXQREV௙WiFXORTXH
GHEDVHYLWDUFRQVLGHUDHOFRQIOLFWR
XQDRSRUWXQLGDGSDUDHQVHxDUDWXV
KLMRVDSWLWXGHVHVHQFLDOHVSDUD
UHODFLRQDUVH

$3/,&$&,Ï1'(/$
(675$7(*,$

7XKLMR\DWLHQHHGDGVXILFLHQWHSDUD
XQDPD\RUFRPSOHMLGDGHQVXV
UHODFLRQHV(QVHxDXQDDSWLWXGGH
PDQHUDH[SOtFLWD\OXHJRSUDFWtFDOD
([SOLFDFyPRVHYHQODVFRVDVGHVGH
ODSHUVSHFWLYDGHORVGHPiVOXHJR
HOLJHDSHUVRQDVDOD]DUHQXQD
WLHQGDRHQXQUHVWDXUDQWHHLQWHQWDG
DGLYLQDUHQWUHORVGRVTXpHV
LPSRUWDQWHSDUDHOODV\GHGyQGH
YLHQHQ(QVHxDDLQWHUSUHWDUODV
VHxDOHVQRYHUEDOHVOXHJRMXHJDD
YHUFXiQWRVHMHPSORVVHRVRFXUUHQ
DUUXJDUODIUHQWHHQFRJHUVHGH
KRPEURVHQDUFDUODVFHMDV
HWFpWHUD (QVpxDOHDLUPiVDOOiGH
ODVGLVFXOSDVFXDQGRXQRPHWHOD
SDWD\OXHJRSUHVpQWDOHHMHPSORV
SHUWLQHQWHVTXHWXKLMRSXHGDDSOLFDU
FRPRHVFULELUXQDFDUWDRVXVWLWXLU
DOJRLPSRUWDQWH

6HJXQGDHWDSDHVFRODU 
DxRV
7,32'(,17(*5$&,Ï1

,QWHJUDUORVFHUHEURV
GHUHFKRHL]TXLHUGR
(675$7(*,$'(/&(5(%52
3/(12

1ž&RQHFWD\UHGLULJH&XDQGRWX
KLMRHVWiGLVJXVWDGRSULPHUR
FRQHFWDHPRFLRQDOPHQWHFHUHEUR
GHUHFKRFRQFHUHEURGHUHFKR/XHJR
FXDQGRKDUHFXSHUDGRHOFRQWURO\
HVWiPiVUHFHSWLYRLPSDUWHODV
OHFFLRQHVGHOFHUHEURL]TXLHUGRH
LPSyQODGLVFLSOLQD

$3/,&$&,Ï1'(/$
(675$7(*,$

(VFXFKDSULPHUR\OXHJRH[SOLFDW~
FyPRVHVLHQWHWXKLMR3URFXUDQR
PRVWUDUWHFRQGHVFHQGLHQWHQL
KDEODUOHHQWRQRGHVXSHULRULGDG
6LPSOHPHQWHUHSLWHORTXHKDVRtGR
<XVDVHxDOHVQRYHUEDOHV$XQTXH
WXKLMRHVWpKDFLpQGRVHPD\RU
WRGDYtDTXLHUHTXHFXLGHVGHpOFRQ
DIHFWR(QFXDQWRVHVLHQWDVHQWLGR
KDOOHJDGRHOPRPHQWRGHUHGLULJLU
KDFLDODSODQLILFDFLyQ\VLHV
QHFHVDULRGHLPSRQHUGLVFLSOLQD
(QVHxDDWXKLMRHOUHVSHWRTXH
FRQOOHYDKDEODUFRQFODULGDG\
GLUHFWDPHQWH7LHQHHGDGVXILFLHQWH
SDUDRtU\HQWHQGHUXQDH[SOLFDFLyQ
OyJLFDGHODVLWXDFLyQ\FXDOTXLHU
FRQVHFXHQFLDUHVXOWDQWH

(675$7(*,$'(/&(5(%52
3/(12

1ž3RQOHXQQRPEUHSDUD
GRPDUOR&XDQGRODVLQWHQVDV
HPRFLRQHVGHOFHUHEURGHUHFKRHVWiQ
GHVERFDGDVD\XGDDWXKLMRDFRQWDU
ODKLVWRULDGHORTXHORKDDOWHUDGR
$OKDFHUORXVDUiVXFHUHEUR
L]TXLHUGRSDUDGDUVHQWLGRDVX
H[SHULHQFLD\VHQWLUiTXHWLHQHXQ
PD\RUFRQWUROVREUHVtPLVPR

$3/,&$&,Ï1'(/$
(675$7(*,$
3ULPHURUHFRQRFHODH[LVWHQFLDGH
ORVVHQWLPLHQWRVGHWXKLMR(VWRHV
DSOLFDEOHWDQWRDXQQLxRPD\RU
FRPRDXQRSHTXHxR RDXQDGXOWR 
6LPSOHPHQWHH[SUHVDGHPDQHUD
H[SOtFLWDORTXHREVHUYDV©(V
QRUPDOTXHHVWpVGLVJXVWDGR<R
WDPELpQORHVWDUtDª/XHJRIDFLOLWDOD
QDUUDFLyQGHORVXFHGLGR+D]
SUHJXQWDV\QRGHMHVGHHVWDU
SUHVHQWHSHURGpMDORDpOFRQWDUVX
SURSLDKLVWRULDDVXGHELGRWLHPSR
6REUHWRGRHQORVPRPHQWRV
GRORURVRVHVLPSRUWDQWHTXHORV
QLxRVKDEOHQGHORTXHOHVHVWi

RFXUULHQGR3HURQRSRGHPRV
REOLJDUORVDKDFHUOR6yORSRGHPRV
VHUSDFLHQWHV\HVWDUSUHVHQWHV\
GHMDUORVKDEODUFXDQGRHVWpQ
SUHSDUDGRV6L

WXKLMRQRTXLHUHKDEODUFRQWLJRGHO
WHPDSURSRQOHTXHHVFULEDXQ
GLDULRRD\~GDORDHQFRQWUDUD
DOJXLHQFRQTXLHQVtKDEOH

7,32'(,17(*5$&,Ï1

,QWHJUDUORVFHUHEURV
VXSHULRUHLQIHULRU
(675$7(*,$'(/&(5(%52
3/(12

1ž$FWLYDQRHQIXUH]FDV(Q
VLWXDFLRQHVGHPXFKRHVWUpVDFWLYD
HOFHUHEURVXSHULRUGHWXKLMR
SLGLpQGROHTXHUHIOH[LRQHSODQHH\
HOLMDHQOXJDUGHDFWLYDUHOFHUHEUR
LQIHULRUGRQGHQRLQWHUYLHQHWDQWROD
UHIOH[LyQFRPRODUHDFFLyQ

$3/,&$&,Ï1'(/$
(675$7(*,$

eVWDHVXQDGHODVSHRUHVHGDGHV
SDUDHPSOHDUHOUHFXUVRGHO
©£3RUTXH\RORGLJRª(QOXJDUGH
HVRHVWLPXODHOIORUHFLHQWHFHUHEUR
VXSHULRUDSHODQGRDpOVLHPSUHTXH
ODVFLUFXQVWDQFLDVORSHUPLWDQ
0DQWpQODDXWRULGDGHQODUHODFLyQ
SHURVLHPSUHTXHSXHGDVKDEODFRQ
WXKLMRGHODVGLVWLQWDVRSFLRQHV\
QHJRFLDFRQpOHQORTXHVHUHILHUHD
ODVUHJODV\ODGLVFLSOLQD6p
UHVSHWXRVR\FUHDWLYRPLHQWUDVOR
D\XGDVDPHMRUDUVXVIDFXOWDGHV
UHIOH[LYDVGHRUGHQVXSHULRU
SLGLpQGROHTXHSDUWLFLSHDODKRUDGH
WRPDUGHFLVLRQHV\SURSRQHU
VROXFLRQHV

(675$7(*,$'(/&(5(%52
3/(12

1žÒVDORRSLpUGHOR3URSRUFLRQD
PXFKDVRSRUWXQLGDGHVSDUDHMHUFLWDU
HOFHUHEURVXSHULRUDILQGHTXHHVWp
IXHUWHHLQWHJUDGRFRQHOFHUHEUR
LQIHULRU\HOFXHUSR
$3/,&$&,Ï1'(/$
(675$7(*,$

&RQIRUPHVHGHVDUUROODHOFHUHEUR
GHOQLxRODVVLWXDFLRQHVKLSRWpWLFDV
OHGLYLHUWHQFDGDYH]PiV-XHJDD
MXHJRVGHOHVWLORGH©¢4XpKDUtDV
VL«"ª\SUHVHQWDDWXKLMRVGLOHPDV
(VWRVMXHJRVSXHGHQFRPSUDUVH
SHURW~WDPELpQSXHGHVLQYHQWDUWXV
SURSLDVVLWXDFLRQHV©6LODPDGUHGH
WXDPLJRKDEHELGRDQWHVGHOOHYDUWH
DFDVDHQFRFKH¢TXpKDUtDV"ª
)RPHQWDODHPSDWtD\OD
DXWRFRPSUHQVLyQDWUDYpVGH
GLiORJRVTXHFRQGXFHQDODUHIOH[LyQ
VREUHFyPRVHVLHQWHQORVGHPiV\
ODVSURSLDVLQWHQFLRQHVGH௙VHRV\
FUHHQFLDVGHWXKLMR$VLPLVPR
GpMDORHQIUHQWDUVHDGHFLVLRQHV\
VLWXDFLRQHVGLItFLOHVLQFOXVRFXDQGR
FRPHWDSHTXHxRVHUURUHVRVXV
HOHFFLRQHVQRVHDQGHOWRGR
DFHUWDGDV$OILQ\DOFDERDKRUD
PLVPRWXREMHWLYRQRHVDOFDQ]DUOD
SHUIHFFLyQHQFDGDGHFLVLyQVLQR
ORJUDUXQGHVDUUROORySWLPRGHO
FHUHEURHQHOIXWXUR

(675$7(*,$'(/&(5(%52
3/(12

1ž0XpYHORRSLpUGHOR8QD
PDQHUDHILFD]GHD\XGDUDXQQLxRD
UHFXSHUDUHOHTXLOLEULRHQWUHHO
FHUHEURVXSHULRU\HOLQIHULRUHV
SHGLUOHTXHPXHYDHOFXHUSR

$3/,&$&,Ï1'(/$
(675$7(*,$

([SOLFDFODUDPHQWHDWXKLMRFyPR
SXHGHDOWHUDUVXHVWDGRGHiQLPR
PRYLHQGRHOFXHUSR6REUHWRGR
FXDQGRHVWiGLVJXVWDGRH[SOtFDOHOR
~WLOTXHHVKDFHUXQDSDXVD
OHYDQWDUVH\PRYHUVH3URSRQOHLUD
GDUXQDYXHOWDHQELFLRDSLHRKD]
DOJRItVLFDPHQWHDFWLYRFRQpOFRPR
MXJDUDOSLPSyQ,QFOXVRSXHGHVHU
GHD\XGDLQWHUUXPSLUXQDDFWLYLGDG
SDUDKDFHUHVWLUDPLHQWRVRMXJDUDO
\R\y

7,32'(,17(*5$&,Ï1
,QWHJUDUODPHPRULD
(675$7(*,$'(/&(5(%52
3/(12

1ž8VDHOPDQGRDGLVWDQFLDGH
ODPHQWH'HVSXpVGHXQ
DFRQWHFLPLHQWRLQTXLHWDQWHHOPDQGR
DGLVWDQFLDLQWHUQRSHUPLWHTXHXQ
QLxRLQWHUUXPSDUHERELQHRKDJD
DYDQ]DUUiSLGDPHQWHXQDKLVWRULD
PLHQWUDVODFXHQWD\HVROHSHUPLWH
FRQWURODUORTXHYH

$3/,&$&,Ï1'(/$
(675$7(*,$

$ODFHUFDUVHDODDGROHVFHQFLDHV
SRVLEOHTXHWXKLMRVHDPiVUHDFLRD
KDEODUFRQWLJRGHODVH[SHULHQFLDV
GRORURVDV([SOtFDOHODLPSRUWDQFLD
GHODPHPRULDLPSOtFLWD\FyPRODV
DVRFLDFLRQHVGHH[SHULHQFLDV
SDVDGDVWRGDYtDSXHGHQDIHFWDUOH
(QVpxDOHTXHSXHGHDGTXLULUHO
FRQWUROGHXQDH[SHULHQFLD
YROYLHQGRDFRQWDUODDQpFGRWD
7UiWDORFRQGHOLFDGH]D\DIHFWR\
SHUPtWHOHLQWHUUXPSLUHOUHODWRHQ
FXDOTXLHUPRPHQWRHLQFOXVR
KDFHUORDYDQ]DUUiSLGDPHQWHSDUD
VDOWDUVHORVGHWDOOHVGHVDJUDGDEOHV
3HURDVHJ~UDWHGHTXHHQDOJ~Q
PRPHQWRDXQTXHVHDPiVDGHODQWH
UHERELQDV\YXHOYHVDFRQWDUOD
KLVWRULDSRUHQWHURLQFOXLGDVODV
SDUWHVGRORURVDV

(675$7(*,$'(/&(5(%52
3/(12

1ž$FXpUGDWHGHUHFRUGDU$\XGD
DWXVKLMRVDHMHUFLWDUODPHPRULD
RIUHFLpQGROHVPXFKDVRSRUWXQLGDGHV
SDUDUHFRUGDU

$3/,&$&,Ï1'(/$
(675$7(*,$

7DQWRHQHOFRFKHFRPRHQODPHVD
FRQiOEXPHVGHUHFRUWHVRFRQ
GLDULRVD\XGDDWXKLMRDSHQVDUHQ
VXVH[SHULHQFLDVSDUDTXHSXHGD
LQWHJUDUVXPHPRULDLPSOtFLWD\
H[SOtFLWD(VWRHVHVSHFLDOPHQWH
LPSRUWDQWHFXDQGRVHWUDWDGHORV
PRPHQWRVPiVWUDVFHQGHQWHVGHVX
YLGDFRPRODVH[SHULHQFLDVFRQOD
IDPLOLDODVDPLVWDGHVLPSRUWDQWHVR
ORVULWRVLQLFLiWLFRV%DVWDFRQ
KDFHUOHSUHJXQWDV\DQLPDUORD
UHFRUGDUSDUDD\XGDUORDUHPHPRUDU
\HQWHQGHUORVPRPHQWRVLPSRUWDQWHV
GHOSDVDGRORTXHOHSHUPLWLUi
FRPSUHQGHUPHMRUORTXHOHSDVDHQ
HOSUHVHQWH

7,32'(,17(*5$&,Ï1

,QWHJUDUODVGLVWLQWDVSDUWHV
GHPtPLVPR
(675$7(*,$'(/&(5(%52
3/(12

1ž'HMDSDVDUODVQXEHVGHODV
HPRFLRQHV5HFXHUGDDORVQLxRV
TXHORVVHQWLPLHQWRVYLHQHQ\VHYDQ
(OPLHGRODIUXVWUDFLyQ\ODVROHGDG
VRQHVWDGRVSDVDMHURVQRUDVJRV
GXUDGHURV

$3/,&$&,Ï1'(/$
(675$7(*,$

7XKLMR\DWLHQHHGDGVXILFLHQWHSDUD
HQWHQGHUHVWRDXQQLYHOFRQVFLHQWH
SHURDVHJ~UDWHGHTXHHVFXFKDVOR
TXHVLHQWHDQWHVGHHQVHxDUOHHVWH
FRQFHSWR/XHJRXQDYH]TXHKD\DV
UHFRQRFLGRODYDOLGH]GHVXV
VHQWLPLHQWRVD\~GDORDHQWHQGHUTXH
QRGXUDUiQHWHUQDPHQWH5HVDOWDOD
VXWLOSHURLPSRUWDQWHGLVWLQFLyQHQWUH
©(VWR\WULVWHª\©6R\WULVWHª3DUD
GDUOHXQDSHUVSHFWLYDSUHJ~QWDOH
FyPRHVSHUDVHQWLUVHGHQWURGHFLQFR
PLQXWRVFLQFRKRUDVFLQFRPHVHV\
FLQFRDxRV

(675$7(*,$'(/&(5(%52
3/(12

1ž&ULED$\XGDDWXVKLMRVD
ILMDUVH\HQWHQGHUODVVHQVDFLRQHV
ODVLPiJHQHVORVVHQWLPLHQWRV\ORV
SHQVDPLHQWRVHQVXLQWHULRU

$3/,&$&,Ï1'(/$
(675$7(*,$
(VSRVLEOHTXHDDOJXQRVQLxRVGH
HVWDHGDGLQFOXVROHVLQWHUHVHHO
FRQFHSWRGHODFULEDSRUTXHOHV
SHUPLWHYHUTXpSDVDHQVXLQWHULRU
(QWHQGHUODVFDWHJRUtDVGHODFULED
SXHGHGDUOHVFLHUWRJUDGRGHFRQWURO
VREUHVXYLGDODFXDOFRQIRUPHVH
DFHUFDQDODDGROHVFHQFLDVHOHV
DQWRMDUiFDGDYH]PiVFDyWLFD
$VLPLVPRpVWDHVXQDHGDGLGHDO
SDUDXVDUGHPDQHUDKDELWXDOOD
UXHGDGHODFRQFLHQFLDDILQGH
D\XGDUOHDHQWHQGHU\UHVSRQGHUD
ORVFRQIOLFWRVTXHYDQVXUJLHQGR

(675$7(*,$'(/&(5(%52
3/(12
1ž(MHUFLWDODYLVLyQGHOD
PHQWH3UDFWLFDQGRODYLVLyQGHOD
PHQWHORVQLxRVDSUHQGHQD
WUDQTXLOL]DUVH\DFHQWUDUODDWHQFLyQ
HQORTXHTXLHUHQ

$3/,&$&,Ï1'(/$
(675$7(*,$

([SOLFDDWXKLMRORVLPSRUWDQWHV
EHQHILFLRVGHHVWDUWUDQTXLOR\FRQOD
PHQWHIRFDOL]DGD+D]ORSHUPDQHFHU
TXLHWR\FDOODGR\SHUPtWHOH
GLVIUXWDUGHODWUDQTXLOLGDGHQVX
LQWHULRU0XpVWUDOHTXHWLHQHOD
FDSDFLGDGGHILMDUODDWHQFLyQHQ
SHQVDPLHQWRV\VHQWLPLHQWRVTXH
SURFXUDQSD]\IHOLFLGDG'DOHD
FRQRFHUDOJXQDVGHODVSUiFWLFDV
H[SOLFDGDVHQHVWHOLEURFRPRODV
YLVXDOL]DFLRQHVJXLDGDV

\ODFRQFHQWUDFLyQHQODUHVSLUDFLyQ
RFRQVXOWDHOJUDQQ~PHURGH
UHFXUVRVTXHKD\HQODVELEOLRWHFDVR
,QWHUQHW

7,32'(,17(*5$&,Ï1

,QWHJUDUHO\R\HORWUR
(675$7(*,$'(/&(5(%52
3/(12

1ž$XPHQWDHOIDFWRUGLYHUVLyQ
HQODIDPLOLD)RPHQWDODGLYHUVLyQ
HQODIDPLOLDSDUDTXHWXVKLMRV
GLVIUXWHQGHH[SHULHQFLDVSRVLWLYDV\
VDWLVIDFWRULDVFRQODVSHUVRQDVMXQWR
DODVTXHSDVDQPiVWLHPSR

$3/,&$&,Ï1'(/$
(675$7(*,$

([LVWHHOWySLFRGHTXHFRQIRUPHORV
QLxRVVHDFHUFDQDODDGROHVFHQFLD
FDGDYH]GLVIUXWDQPHQRVFRQOD
FRPSDxtDGHVXVSDGUHV(VWRHV
YHUGDGKDVWDFLHUWRSXQWR3HUR
FXDQWDVPiVH[SHULHQFLDV
VLJQLILFDWLYDV\SODFHQWHUDVRIUH]FDV
DWXKLMRDKRUDPiV

TXHUUiHVWDUFRQWLJRHQORVDxRV
YHQLGHURV$HVWDHGDGDORVQLxRV
WRGDYtDOHVJXVWDKDFHUWRQWHUtDV\
MXJDUDVtTXHQRVXEHVWLPHVHOSRGHU
GHODVFKDUDGDVRGHXQMXHJRGH
PHVDLQWHU௙DFWLYRFXDQGRVHWUDWDGH
UHIRU]DUODVUHODFLRQHVIDPLOLDUHV
/OpYDWHORGHDFDPSDGD&RFLQDG
MXQWRV9LVLWDGXQSDUTXHWHPiWLFR
6LPSOHPHQWHEXVFDPDQHUDVGH
GLVIUXWDUXQUDWRMXQWRVFUHDQGR
ULWXDOHVGLYHUWLGRVTXHSRGiLV
FRPSDUWLUHQHOIXWXUR

(675$7(*,$'(/&(5(%52
3/(12

1ž&RQHFWDDWUDYpVGHO
FRQIOLFWR0iVTXHXQREV௙WiFXORTXH
GHEDVHYLWDUFRQVLGHUDHOFRQIOLFWR
XQDRSRUWXQLGDGSDUDHQVHxDUDWXV
KLMRVDSWLWXGHVHVHQFLDOHVSDUD
UHODFLRQDUVH

$3/,&$&,Ï1'(/$
(675$7(*,$

7RGDVODVDSWLWXGHVSDUD
UHODFLRQDUVH\SDUDUHVROYHU
FRQIOLFWRVTXHKDVLQWHQWDGRHQVHxDU
DWXKLMRGHVGHTXHHPSH]yDKDEODU
±FRPRYHUODVFRVDVGHVGHOD
SHUVSHFWLYDGHORVGHPiVLQWHUSUHWDU
ODVVHxDOHVQRYHUEDOHVFRPSDUWLU
SHGLUGLVFXOSDV±VRQODVPLVPDVTXH
OHHQVHxDVDPHGLGDTXHVHDFHUFDD
ODDGROHVFHQFLD6LJXHKDEODQGRGH
HVWDVDSWLWXGHVGHXQDPDQHUD
H[SOtFLWD\SUDFWtFDODV7DQWR

DOSHGLUOHDWXKLMRTXHYHDODVFRVDV
DWUDYpVGHORVRMRVGHRWUDSHUVRQD
FRPRDOUHFRPHQGDUOHTXHHVFULED
XQDQRWDGHGLVFXOSDHQVpxDOHTXHHO
FRQIOLFWRQRHVDOJRTXHGHED
HYLWDUVHVLQRPiVELHQDOJRTXH
GHEHUHVROYHUVH\TXHDOKDFHUORD
PHQXGRVHPHMRUDXQDUHODFLyQ
$JUDGHFLPLHQWRV
$OVHUQRVRWURVPLVPRVSDGUHV\
WHUDSHXWDVVRPRVFRQVFLHQWHVGHOD
LPSRUWDQFLDGHHQFRQWUDU
DSOLFDFLRQHVVHQFLOODVDFFHVLEOHV
SUiFWLFDV\HILFDFHV$OPLVPR
WLHPSRORVGRVKHPRVUHFLELGRXQD
IRUPDFLyQFLHQWtILFDGHPRGRTXH
FRQRFHPRVODVSRVLELOLGDGHVGHO
WUDEDMRFRQIXQGDPHQWRFLHQWtILFR
LQVSLUDGRHQFRQRFLPLHQWRVGH
YDQJXDUGLD6HQWLPRVXQDSURIXQGD
JUDWLWXGKDFLDODVQXPHURVDV
SHUVRQDVTXHKDQFRQWULEXLGRDTXH
HVWHOLEURHVWpEDVDGRILUPHPHQWHHQ
ODLQYHVWLJDFLyQFLHQWtILFD\DO
PLVPRWLHPSRSHUPDQH]FDDUUDLJDGR
HQHOPXQGRSUiFWLFRGHOHMHUFLFLR
FRWLGLDQRGHODSDWHUQLGDG

+HPRVWHQLGRODVXHUWHGHWUDEDMDU
FRQFROHJDVDFDGpPLFRV\
SURIHVLRQDOHVWDQWRGHOD86&FRPR
GHOD8&/$PLHPEURVGHGLYHUVRV
GHSDUWDPHQWRVGHDPEDV
LQVWLWXFLRQHVTXHKDQDSR\DGR
QXHVWURWUDEDMR\QRVKDQLQVSLUDGR
FRQVXLQYHVWLJDFLyQGHOFHUHEUR\
ODVUHODFLRQHVSHUVRQDOHV(OSULPHU
OLEURGH'DQ/DPHQWHHQ
GHVDUUROORVHUHYLVyPLHQWUDV
HVFULEtDPRV(OFHUHEURGHOQLxR
FRQODLQFRUSRUDFLyQGHPiVGHGRV
PLOUHIHUHQFLDVFLHQWtILFDV
4XHUHPRVGDUODVJUDFLDVDORV
FLHQWtILFRVHLQYHVWLJDGRUHVDFX\D
ODERUUHFXUULPRVSRUTXHTXHUtDPRV
DVHJXUDUQRVGHTXHODSUHVHQWDFLyQ
GHHVWRVFRQRFLPLHQWRVIXHVHORPiV
DFWXDOSRVLEOH

(OSURSLRPDQXVFULWRVXUJLyHQ
HVWUHFKDFRODERUDFLyQFRQQXHVWUR
PDJQtILFRDJHQWHOLWHUDULR\DPLJR
'RXJ$EUDPVTXHRIUHFLyVXPLUDGD
GHQRYHOLVWD\VXVPDQRVGH
FRUUHFWRUSDUDGDUIRUPDDHVWHOLEUR
DORODUJRGHWRGDVXJHVWDFLyQ+D
VLGRXQSODFHUWUDEDMDUFRPRWUHV
PRVTXHWHURVGHFHUHEURSOHQR
UHVSRQGLHQGRDORVGHVDItRVGH
WUDGXFLUXQDVLGHDVWDQLPSRUWDQWHV
HQDSOLFDFLRQHVGLUHFWDVDFFHVLEOHV
\SUHFLVDVGHODFLHQFLDSDUDGDUOHV
XQXVRFRWLGLDQR£(VWDPRVGHVHRVRV
GHLQLFLDUXQDQXHYDDYHQWXUDMXQWRV

$VLPLVPRGDPRVODVJUDFLDVD
QXHVWURVFROHJDVFOtQLFRVDORV
HVWXGLDQWHVGHO0LQGVLJKW,QVWLWXWH\
DORVDVLVWHQWHVDQXHVWURVQXPHURVRV
VHPLQDULRV\JUXSRVGHSDGUHV
VREUHWRGRORVJUXSRVGHOPDUWHV
SRUODQRFKH\OXQHVSRUODPDxDQD 
SRUHOIHHGEDFNTXHQRVKDQ
IDFLOLWDGRSDUDPXFKDVGHODVLGHDV
TXHFRQVWLWX\HQORVFLPLHQWRVGHO
HQIRTXHGHOFHUHEURSOHQRDSOLFDGR
DODSDWHUQLGDG8QDVHULHGH
SHUVRQDVOH\HURQHOPDQXVFULWR\
DSRUWDURQYDOLRVRVFRPHQWDULRVTXH
D\XGDURQDSRQHUDSUXHEDODVLGHDV
GHOOLEURVREUHHOWHUUHQR/DXUD
+XEEHU-HQQ\/RUDQW/LVD
5RVHQEHUJ(OOHQ0DLQ-D\%U\VRQ
6DUD6PLULQ-HII1HZHOO*LQD
*ULVZROG&HOHVWH1HXKRII(OLVD
1L[RQ&KULVWLQH$GDPV6DUDK
+HLGHO/HD3D\QH+HDWKHU6RXULDO
%UDGOH\:KLWIRUG\$QGUHYDQ
5RR\HQSURSRUFLRQDURQXQIHHGEDFN
PDJQtILFRSDUDHOWH[WRODV
LOXVWUDFLRQHV\ODSRUWDGD2WUDV
SHUVRQDVIXHURQHVHQFLDOHVHQOD
FUHDFLyQGHOOLEUR\GDPRVODV
JUDFLDVHVSHFLDOPHQWHD'HERUDK\
*DOHQ%XFNZDOWHU-HQ\&KULV
:LOOLDPV/L]\6WHYH2OVRQ/LQGD
%XUURZ5REHUW&ROHJURYH3DWWL1L
\*RUGRQ:DONHUSRUVXDSR\R\VX
WLHPSR

5HFRQRFHPRVFRQJUDWLWXGORV
HVIXHU]RVGH%HWK5DVKEDXPQXHVWUD
HGLWRUDRULJLQDODVtFRPRORVGH
QXHVWUDHGLWRUDDFWXDO0DUQLH
&RFKUDQFX\DGHGLFDFLyQ\
VDELGXUtD SRUQRKDEODUGHVX
SDFLHQFLD QRVJXLDURQHQFDGDHWDSD
GHOSURFHVR7XYLPRVODVXHUWHGH
FRQWDUFRQGRVHGLWRUDVTXHVLHQWHQ
XQJUDQLQWHUpVSRUORVOLEURV\ORV
QLxRV<H[SUHVDPRVQXHVWUR
DJUDGHFLPLHQWRDUWtVWLFRDQXHVWUD
LOXVWUDGRUD0HUULOHH/LGGLDUGFRQ
ODTXHHVXQSODFHUWUDEDMDUTXH
RIUHFLyVXWDOHQWRVXFUHDWLYLGDG\
VXH[SHULHQFLDGHPDGUHDILQGHTXH
HVWHOLEURVHDXQDH[SHULHQFLDGH
FHUHEURSOHQRSDUDHOOHFWRU

$ORVSDGUHV\SURIHVRUHVTXHQRV
KDEpLVRtGRKDEODURFRQTXLHQHV
KHPRVWHQLGRHOSULYLOHJLRGH
WUDEDMDUGHXQPRGRXRWURRV
HVWDPRVSURIXQGDPHQWHDJUDGHFLGRV
SRUHOHQWXVLDVPRFRQHOTXHKDEpLV
DFRJLGRHOHQIRTXHGHOFHUHEUR
SOHQR9XHVWUDVDQpFGRWDVUHVSHFWRD
FyPRHVWDSHUVSHFWLYDKD
WUDQVIRUPDGRYXHVWUDUHODFLyQFRQ
YXHVWURVKLMRVQRVKDQLQVSLUDGRDOR
ODUJRGHWRGRHOSURFHVR'DPRVODV
JUDFLDVHQHVSHFLDODWRGRVORV
SDGUHV\SDFLHQWHVFX\DVDQpFGRWDV\
H[SHULHQFLDVVHLQFOX\HQHQHVWH
OLEUR$XQTXHKHPRVFDPELDGR
YXHVWURVQRPEUHV\ORVGHWDOOHVGH
ODVKLVWRULDVQRVRWURVVtVDEHPRV
TXLpQHVVRLV\RVHVWDPRV
DJUDGHFLGRV*UDFLDVWDPELpQD
WRGRVORVTXHKDEpLVGLVFXWLGR\
RSLQDGRVREUHORVSRVLEOHVWtWXORV
GHOOLEURPLHQWUDVYHtDLVORVSDUWLGRV
GHOD3HTXHxD/LJD\GLVIUXWDEDLVGHO
FXDUWRFXPSOHDxRVGH/LO\HQODFDVD
GHDOODGR([SUHVDUHVWDVLGHDV
SUiFWLFDVGHODPDQHUDPiVFODUD\
FRQFLVDVLQGXGDKDVLGRXQD
HPSUHVDFRPXQLWDULD
1XHVWUDGHGLFDFLyQDD\XGDUDORV
QLxRVDGHVDUUROODUPHQWHV
UHVLVWHQWHV\UHODFLRQHVFRPSDVLYDV
HPSLH]DHQFDVD9D\DQXHVWURPiV
SURIXQGRDJUDGHFLPLHQWRQRVyORD
QXHVWURVSURSLRVSDGUHVVLQR
WDPELpQDQXHVWURVFyQ\XJHV
&DUROLQH\6FRWWFX\DVDELGXUtD\
DSRUWDFLRQHVHGLWRULDOHVGLUHFWDVVH
KDQHQWUHWHMLGRHQWRGDVHVWDV
SiJLQDV1XHVWURVFyQ\XJHVQRVyOR
VRQQXHVWURVPHMRUHVDPLJRVVLQR
WDPELpQQXHVWURVPHMRUHV
FRODERUDGRUHV\QRVD\XGDURQHQHO
VLQItQGHERUUDGRUHVHVFULWRVXQD\
RWUDYH]FRPSDUWLHQGRVXSURSLR
WDOHQWROLWHUDULR\VXVDELGXUtDGH
SDGUHV(VWHOLEURQRKDEUtDVLGR
SRVLEOHVLQHOORV6FRWWRIUHFLy
JHQHURVDPHQWHVXYLVLyQGHSURIHVRU
GHOHQJXDVXPHQWHGHHVFULWRU\VX
SOXPDGHFRUUHFWRUSDUDTXHHVWH
OLEURIOX\HUD\VHOH\HUDFRQPD\RU
FODULGDG(VWHHVIXHU]RIDPLOLDUVH
H[SUHVDPiVSOHQDPHQWHHQQXHVWUDV
SURSLDVYLGDVSHUVRQDOHVDWUDYpVGH
QXHVWURVKLMRVQXHVWURVPHMRUHV
SURIHVRUHVFX\RDPRU\iQLPR
MXJXHWyQVXVHPRFLRQHV\GHYRFLyQ
QRVLQVSLUDQGHPDQHUDVTXHQL
VLTXLHUDSRGHPRVHPSH]DUD
GHVFULELU/HVGDPRVODVJUDFLDV
GHVGHHOIRQGRGHQXHVWURFRUD]yQ
SRUODRSRUWXQLGDGGHVHUVXVSDGUHV
HQHVWHYLDMHGHODYLGD+DVLGROD
H[SORUDFLyQGHODVPXFKDV
GLPHQVLRQHVGHVXGHVDUUROORORTXH
QRVKDPRWLYDGRDFRPSDUWLUHVWDV
LGHDVVREUHODLQWHJUDFLyQ3RUHVR
GHGLFDPRVDPRURVDPHQWH(OFHUHEUR
GHOQLxRDQXHVWURVKLMRVFRQOD
HVSHUDQ]DGHTXHHVWHOLEURWDPELpQ
RVSHUPLWDDYRVRWURV\DYXHVWURV
TXHULGRVQLxRVFRPSDUWLUHOYLDMH
KDFLDODLQWHJUDFLyQODVDOXG\HO
ELHQHVWDU
7tWXORRULJLQDO7KH:KROH%UDLQ&KLOG
5HYROXWLRQDU\6WUDWHJLHVWR1XUWXUH
<RXU&KLOG¶V'HYHORSLQJ0LQG

‹0LQG<RXU%UDLQ,QF\%U\VRQ&UHDWLYH
3URGXFWLRQV

(GLFLyQHQIRUPDWRGLJLWDOPD\RGH

#GHHVWDHGLFLyQ

$OED(GLWRULDO6/8

%DL[DGDGH6DQW0LTXHOEDMRV

%DUFHORQD

'LVHxRGHODFXELHUWD$OED(GLWRULDO
6/8

‹GHODWUDGXFFLyQ,VDEHO)HUUHU0DUUDGHV
4XHGDQSURKLELGRVGHQWURGHORVOtPLWHV
HVWDEOHFLGRVHQODOH\\EDMRORV
DSHUFLELPLHQWRVOHJDOPHQWHSUHYLVWRVOD
UHSURGXFFLyQWRWDORSDUFLDOGHHVWDREUD
SRUFXDOTXLHUPHGLRRSURFHGLPLHQWRDVt
FRPRHODOTXLOHURFXDOTXLHURWUDIRUPDGH
FHVLyQGHODREUDVLQDXWRUL]DFLyQSUHYLD\
SRUHVFULWRGHORVWLWXODUHVGHOFRS\ULJKW
'LUtMDVHD&('52 &HQWUR(VSDxROGH
'HUHFKRV5HSURJUiILFRV
KWWSZZZFHGURRUJ VLQHFHVLWD
UHSURGXFLUDOJ~QIUDJPHQWRGHHVWDREUD

,6%1

'HSyVLWROHJDO%

ZZZDOEDHGLWRULDOHV
$/%$
$OEDHVXQVHOORHGLWRULDOTXHGHVGH
KDHPSUHQGLGRXQDODERUGH
UHFXSHUDFLyQGHOLWHUDWXUDFOiVLFD
$OED&OiVLFD\0DLRU DVtFRPRGH
HQVD\RKLVWyULFROLWHUDULRFLHQWtILFR
\PHPRUtVWLFR FROHFFLyQ
7UD\HFWRV $VLPLVPRPHUHFHXQD
HVSHFLDOPHQFLyQODFROHFFLyQ$UWHV
(VFpQLFDVGHGLFDGDDODIRUPDFLyQ
GHDFWRUHV\ODFROHFFLyQ)XHUDGH
&DPSRFRQRFLGDSRUODSXEOLFDFLyQ
GHWH[WRVGHIRUPDFLyQ
FLQHPDWRJUiILFD\OLWHUDULDHQWRGRV
VXViPELWRV7DPELpQGHVWDFDQVXV
RULJLQDOHV\YLVWRVRVOLEURVGH
FRFLQDDVtFRPRVXV*XtDVGHO
HVFULWRUGHVWLQDGDVDDILFLRQDGRV\
SURIHVLRQDOHVGHODHVFULWXUD3RU
WRGRHOORKDUHFLELGRHOSUHPLR
1DFLRQDODOD0HMRU/DERU(GLWRULDO
&XOWXUDO

&RQVXOWDZZZDOEDHGLWRULDOHV

$OED(GLWRULDOVOX

%DL[DGDGH6DQW0LTXHOEDMRV

%DUFHORQD

7

)

You might also like