$/,$1=$6)$7',&$6

8Q FDEDOOR GHFLGL³ YHQJDUVH GH FLHUWR YHQDGR TXH OR KDE­D RIHQGLGR \ HPSUHQGL³ OD
SHUVHFXFL³Q GH VX HQHPLJR 3URQWR VH GLR FXHQWD GH TXH VROR QR SRGU­D DOFDQ]DUOR \
HQWRQFHVSLGL³D\XGDDXQFD]DGRU(OFD]DGRUDFFHGL³SHUROHGLMRl6LGHVHDVGDUFD]DDO
FLHUYR GHEHV SHUPLWLUPH FRORFDUWH HVWH KLHUUR HQWUH ODV PDQG­EXODV SDUD SRGHUWH JXLDU FRQ
HVWDV ULHQGDV \ GHMDU TXH WH FRORTXH HVWD VLOOD VREUH HO ORPR SDUD SRGHUWH FDEDOJDU HVWDEOH
PLHQWUDV SHUVHJXLPRV DO HQHPLJR{ (O FDEDOOR DFFHGL³ D ODV FRQGLFLRQHV \ HO FD]DGRU VH
DSUHVXU³ D HQVLOODUOR \ HPEULGDUOR /XHJR FRQ OD D\XGD GHO FD]DGRU HO FDEDOOR QR WDUG³ HQ
YHQFHUDOFLHUYR(QWRQFHVOHGLMRDOFD]DGRUl$KRUDDS©DWHGHP­\TX­WDPHHVRVDUUHRVGHO
KRFLFR\HOORPR{l1RWDQU¡SLGRDPLJRȉUHVSRQGL³HOFD]DGRUȉ$KRUDWHWHQJRWRPDGR
SRUODEULGD\ODVHVSXHODV\SUHILHURTXHGDUPHFRQWLJRFRPRUHJDOR{

l(OFDEDOORHOFLHUYR\HOFD]DGRU{)¡EXODVGH(VRSR

(OGHRFWXEUHGH%HQLWR0XVVROLQLOOHJ³D5RPDDODVDERUGR
GHXQFRFKHFDPDSURFHGHQWHGH0LO¡QHQHOTXHKDE­DSHUQRFWDGR>@(OUH\
LWDOLDQRORKDE­DLQYLWDGRDODFDSLWDOSDUDMXUDUHOFDUJRGHSULPHUPLQLVWURGHO
SD­V \ FRQVWLWXLU XQ QXHYR JDELQHWH $FRPSD±DGR SRU XQ UHGXFLGR JUXSR GH
JXDUGLDV0XVVROLQLKL]RXQDOWRHQHO+RWHO6DYRLDSULPHUR\OXHJRYHVWLGR
FRQXQWUDMHFKDTXHWDQHJURXQDFDPLVDQHJUD\XQVRPEUHURKRQJRWDPEL©Q
QHJURVHGLULJL³DSLHWULXQIDQWHKDVWDHOSDODFLRUHDOGHO4XLULQDO(Q5RPD
FRUU­DQUXPRUHVGHGHVFRQWHQWRVRFLDO%DQGDVGHIDVFLVWDVPXFKRVGHHOORV
FRQ XQLIRUPHV GLIHUHQWHV URQGDEDQ SRU ODV FDOOHV GH OD FLXGDG 0XVVROLQL
FRQVFLHQWHGHODIXHU]DGHOHVSHFW¡FXORHQWU³FRQSDVRGHFLGLGRHQHOSDODFLR
UHVLGHQFLDOGHVXHORVPDUP³UHRVGHOUH\\ORVDOXG³FRQXQl6H±RUGLVFXOSH
PLDWXHQGR9HQJRGHOFDPSRGHEDWDOOD>@{
$TXHOOR PDUF³ HO LQLFLR GH OD OHJHQGDULD 0DUFKD VREUH 5RPD GH
0XVVROLQL/DLPDJHQGHPDVDVGHlFDPLVDVQHJUDV{FUX]DQGRHOU­R5XELF³Q
SDUD DUUHEDWDU HO SRGHU DO *RELHUQR OLEHUDO LWDOLDQR VH FRQYLUWL³ HQ HO FDQRQ
IDVFLVWD UHFUHDGR HQ ORV G­DV IHVWLYRV QDFLRQDOHV \ UHFRJLGR HQ ORV OLEURV GH
WH[WRGHODVHVFXHODVGXUDQWHODVG©FDGDVGH\0XVVROLQLIXHXQD
SLH]DFODYHHQODFRQVWUXFFL³QGHODOH\HQGD(QODºOWLPDSDUDGDGHWUHQDQWHV
GHOOHJDUD5RPDDTXHOG­DVHKDE­DSODQWHDGRDSHDUVHGHOFRQYR\SDUDHQWUDU
HQODFLXGDGDFDEDOORURGHDGRGHVXJXDUGLD>@<DXQTXHILQDOPHQWHGHVFDUW³

ZZZOHFWXODQGLDFRP3¡JLQD
HO SODQ GHVSX©V KL]R FXDQWR SXGR SRU IRPHQWDU OD OH\HQGD GH VX DVFHQVR DO
SRGHU FRPR HQ VXV SURSLDV SDODEUDV XQD lUHYROXFL³Q{ \ XQ lDFWR GH
LQVXUUHFFL³Q{TXHKDE­DLQDXJXUDGRXQDQXHYD©SRFDIDVFLVWD>@
/D UHDOLGDG HUD P¡V SURVDLFD (O JUXHVR GH ORV lFDPLVDV QHJUDV{ GH
0XVVROLQL OD PD\RU­D GH HOORV PDO DOLPHQWDGRV \ GHVDUPDGRV OOHJDURQ D OD
FLXGDG GHVSX©V GH TXH HO UH\ LQYLWDUD D VX O­GHU D FRQYHUWLUVH HQ SULPHU
PLQLVWUR /RV SHORWRQHV GH IDVFLVWDV TXH URGHDEDQ 5RPD UHSUHVHQWDEDQ XQD
DPHQD]D SHUR ODV PDTXLQDFLRQHV GH 0XVVROLQL SDUD WRPDU ODV ULHQGDV GHO
(VWDGRQRWXYLHURQQDGDGHUHYROXFL³Q8WLOL]³ORVHVFD±RVSDUODPHQWDULRV
GHVXSDUWLGR GHXQWRWDOGH ODVGLYLVLRQHVHQWUHSRO­WLFRVGHORVSDUWLGRV
SULQFLSDOHV HO WHPRU DO VRFLDOLVPR \ OD DPHQD]D GH YLROHQFLD GH ORV
WUHVFLHQWRVPLOlFDPLVDVQHJUDV{SDUDDWUDHUODDWHQFL³QGHOW­PLGRUH\9­FWRU
0DQXHO ,,, TXLHQ YLR HQ 0XVVROLQL D XQD HVWUHOOD SRO­WLFD HQ DVFHQVR \ XQ
LQVWUXPHQWRSDUDQHXWUDOL]DUHOPDOHVWDUVRFLDO
5HVWDXUDGR HO RUGHQ SRO­WLFR FRQ HO QRPEUDPLHQWR GH 0XVVROLQL \ HO
VRFLDOLVPRHQUHWURFHVRHOPHUFDGREXUV¡WLOLWDOLDQRVHGLVSDU³SRUODVQXEHV
9LHMRV HVWDGLVWDV GH OD ©OLWH OLEHUDO FRPR *LRYDQQL *LROLWWL \ $QWRQLR
6DODQGUDVHKDOODURQDSODXGLHQGRDTXHOJLURGHORVDFRQWHFLPLHQWRV9H­DQHQ
0XVVROLQLDXQDOLDGRºWLO6LQHPEDUJRWDOFRPRHOFDEDOORGHODI¡EXODGH
(VRSR,WDOLDQRWDUG³HQHQFRQWUDUVHWRPDGDlSRUODEULGD\ODVHVSXHODV{
9HUVLRQHV GLVWLQWDV GH HVWD PLVPD KLVWRULD VH KDQ UHSHWLGR HQ WRGR HO
PXQGRHQHOWUDQVFXUVRGHOºOWLPRVLJOR7RGRXQHOHQFRGHUHFL©QOOHJDGRVD
ODSRO­WLFDLQFOXLGRV$GROI+LWOHU*HWºOLR9DUJDVHQ%UDVLO$OEHUWR)XMLPRUL
HQ3HUº\+XJR&K¡YH]HQ9HQH]XHODDVFHQGLHURQDOSRGHUSRUODPLVPDY­D
GHVGHGHQWURDWUDY©VGHFRPLFLRVRDOLDQ]DVFRQILJXUDVSRO­WLFDVSRGHURVDV
(QWRGRVORVFDVRVODV©OLWHVFRQVLGHUDURQTXHODLQYLWDFL³QDWRPDUHOSRGHU
lFRQWHQGU­D{ DO UHFL©Q OOHJDGR OR FXDO SHUPLWLU­D D ORV SRO­WLFRV
FRQYHQFLRQDOHV YROYHU D WRPDU HO FRQWURO 3HUR VXV SODQHV IUDFDVDURQ 8QD
FRPELQDFL³Q OHWDO GH DPELFL³Q WHPRU \ HUURUHV GH F¡OFXOR FRQVSLU³ SDUD
FRQGXFLUORV D FRPHWHU HO PLVPR HUURU IDW­GLFR HQWUHJDU YROXQWDULDPHQWH ODV
OODYHVGHOSRGHUDXQDXW³FUDWDHQFLHUQHV

3RUTX©LQFXUULHURQHQWDOGHVDFLHUWRHVWDGLVWDVUHVSHWDGRV\FRQH[SHULHQFLD"
3RFRV HMHPSORV UHVXOWDQ P¡V FDXWLYDGRUHV TXH HO DVFHQVR GH $GROI +LWOHU DO
SRGHU HQ HQHUR GH  6X FDSDFLGDG SDUD OD LQVXUUHFFL³Q YLROHQWD KDE­D
TXHGDGRGHPRVWUDGD\DFRQHO3XWVFKGHOD&HUYHFHU­DGH0ºQLFKGHXQ
DWDTXHQRFWXUQRSRUVRUSUHVDHQHOTXHXQJUXSRGHSDUWLGDULRVVX\RVDUPDGRV
FRQSLVWRODVVHKLFLHURQFRQHOFRQWUROGHYDULRVHGLILFLRVJXEHUQDPHQWDOHV\

ZZZOHFWXODQGLDFRP3¡JLQD
XQD FHUYHFHU­D GH 0ºQLFK GRQGH VH KDOODEDQ FRQJUHJDGRV IXQFLRQDULRV
E¡YDURV6XLUUHIOH[LYRDWDTXHIXHFRQWHQLGRSRUODVDXWRULGDGHV\+LWOHUSDV³
QXHYH PHVHV HQ SULVL³Q GXUDQWH ORV FXDOHV HVFULEL³ VX LQIDPH WHVWDPHQWR
SHUVRQDO 0HLQ .DPSI 0L OXFKD  $ SDUWLU GH HQWRQFHV +LWOHU VH
FRPSURPHWL³ SºEOLFDPHQWH D OOHJDU DO SRGHU SRU Y­D HOHFWRUDO (Q XQ
SULQFLSLR VX PRYLPLHQWR QDFLRQDOVRFLDOLVWD UHFDE³ HVFDVRV YRWRV (Q 
XQDFRDOLFL³QSURGHPRFU¡WLFDGHFDW³OLFRVOLEHUDOHV\VRFLDOGHP³FUDWDVKDE­D
IXQGDGR HO VLVWHPD SRO­WLFR GH :HLPDU 3HUR D SULQFLSLRV GH  FRQ OD
HFRQRP­D DOHPDQD WDPEDOH¡QGRVH HO FHQWURGHUHFKD FD\³ SUHVD GH OXFKDV
LQWHUQDV\ODSRSXODULGDGGHORVFRPXQLVWDV\ORVQD]LVIXHHQDXPHQWR
(O *RELHUQR HOHFWR VH GHVPRURQ³ HQ PDU]R GH  HQ SOHQD *UDQ
'HSUHVL³Q &RQ OD DFFL³Q JXEHUQDPHQWDO EORTXHDGD SRU HO HVWDQFDPLHQWR
SRO­WLFRHOSUHVLGHQWHWHVWDIHUURHOK©URHGHOD3ULPHUD*XHUUD0XQGLDO3DXO
YRQ+LQGHQEXUJDSURYHFK³XQDUW­FXORGHOD&RQVWLWXFL³QTXHFRQIHU­DDOMHIH
GHO (VWDGR OD DXWRULGDG SDUD QRPEUDU D FDQFLOOHUHV HQ FDVR GH GDUVH OD
FLUFXQVWDQFLD H[FHSFLRQDO GH TXH HO 3DUODPHQWR QR ORJUDUD QRPEUDU D XQ
*RELHUQR SRU PD\RU­D /D IXQFL³Q GH GLFKRV FDQFLOOHUHV QR HOHFWRV \ GHO
SURSLRSUHVLGHQWHQRFRQVLVW­DV³ORHQJREHUQDUVLQRDGHP¡VHQPDUJLQDUD
ORVUDGLFDOHVWDQWRGHQWURGHODGHUHFKDFRPRGHODL]TXLHUGD(QSULPHUOXJDU
HO HFRQRPLVWD GHO 3DUWLGR GH &HQWUR +HLQULFK %U¼QLQJ TXH SRVWHULRUPHQWH
KXLU­D GH $OHPDQLD \ VH FRQYHUWLU­D HQ FDWHGU¡WLFR HQ +DUYDUG  LQWHQW³ VLQ
©[LWR UHVWDXUDU HO FUHFLPLHQWR HFRQ³PLFR VX PDQGDWR FRPR FDQFLOOHU IXH
EUHYH$FRQWLQXDFL³QHOSUHVLGHQWH9RQ+LQGHQEXUJGHVLJQ³DOQREOH)UDQ]
YRQ3DSHQ\SRVWHULRUPHQWHFRQXQGHVDOLHQWRFUHFLHQWHDXQ­QWLPRDPLJR\
ULYDO GH 9RQ 3DSHQ HO JHQHUDO .XUW YRQ 6FKOHLFKHU H[PLQLVWUR GH 'HIHQVD
6LQ HPEDUJR VLQ PD\RU­DV SDUODPHQWDULDV HQ HO 5HLFKVWDJ OD VLWXDFL³Q GH
SXQWR PXHUWR SHUVLVW­D /RV O­GHUHV QR VLQ PRWLYR WHP­DQ ODV VLJXLHQWHV
HOHFFLRQHV
&RQYHQFLGRVGHTXHlDOJRWHQ­DTXHDFDEDUIXQFLRQDQGR{XQFRQWXEHUQLR
GH DGYHUVDULRV FRQVHUYDGRUHV VH UHXQL³ D ILQDOHV GH HQHUR GH  \ OOHJ³ D
XQD VROXFL³Q KDE­D TXH FRORFDU D OD FDEH]D GHO *RELHUQR D XQ FDQGLGDWR
LQGHSHQGLHQWH\SRSXODU/RGHVSUHFLDEDQSHURVDE­DQTXHDOPHQRVFRQWDED
FRQHODSR\RGHODVPDVDV<VREUHWRGRFUH­DQTXHSRG­DQFRQWURODUOR
(OGHHQHURGH9RQ3DSHQXQRGHORVSULQFLSDOHVLGH³ORJRVGHO
SODQTXLW³KLHUURDODLQTXLHWXGTXHJHQHUDEDODDSXHVWDGHFRQYHUWLUD$GROI
+LWOHU HQ FDQFLOOHU GH XQD $OHPDQLD DVRODGD SRU OD FULVLV FRQ ODV VLJXLHQWHV
SDODEUDV WUDQTXLOL]DGRUDV l/R WHQHPRV GH QXHVWUR Z >Ȗ@ 'HQWUR GH GRV

ZZZOHFWXODQGLDFRP3¡JLQD
PHVHV WHQGUHPRV D +LWOHU DFRJRWDGR HQ XQ ULQF³Q>@{ &XHVWD LPDJLQDU XQ
HUURUGHF¡OFXORP¡VFRORVDO
/DV H[SHULHQFLDV LWDOLDQD \ DOHPDQD HMHPSOLILFDQ HO WLSR GH lDOLDQ]D
IDW­GLFD{ TXH FRQ IUHFXHQFLD HOHYD D ILJXUDV DXWRULWDULDV DO SRGHU>@ (Q
FXDOTXLHU GHPRFUDFLD ORV SRO­WLFRV DIURQWDU¡Q HQ DOJºQ PRPHQWR DUGXRV
GHVDI­RV /D FULVLV HFRQ³PLFD HO GHVFRQWHQWR SºEOLFR FUHFLHQWH \ HO GHFOLYH
HOHFWRUDO GH ORV SULQFLSDOHV SDUWLGRV SRO­WLFRV SXHGHQ KDFHU TXH LQFOXVR ORV
HQWHQGLGRV P¡V H[SHULPHQWDGRV FRPHWDQ HUURUHV GH MXLFLR 6L DSDUHFH HQ
HVFHQD XQ GHVFRQRFLGR FDULVP¡WLFR \ FRQVLJXH SRSXODULGDG GHVDILDQGR DO
YLHMR RUGHQ HVWDEOHFLGR ORV SRO­WLFRV GHO SRGHU HVWDEOHFLGR VHQWLU¡Q
WHQWDFLRQHV GH LQFRUSRUDUOR D VXV ILODV VL WLHQHQ OD VHQVDFL³Q GH HVWDU
SHUGLHQGR HO FRQWURO < VL DOJXLHQ GH GHQWUR GHO VLVWHPD URPSH ILODV SDUD
DFRJHUDOUHFL©QOOHJDGRDQWHVGHTXHORKDJDQVXVDGYHUVDULRVSRGU¡XWLOL]DU
ODHQHUJ­D\ODEDVHGH©VWHSDUDVXSHUDUW¡FWLFDPHQWHDVXVSDUHV(QWDOFDVR
ORV SRO­WLFRV GH OD FODVH GLULJHQWH HVSHUDQ SRGHU HQFDX]DU WDPEL©Q DO
DGYHQHGL]RSDUDTXHDSR\HVXVSURJUDPDV
(VWHWLSRGHSDFWRFRQHOGLDEORVXHOHPXWDUHQEHQHILFLRGHODGYHQHGL]R
SXHV ODV DOLDQ]DV RWRUJDQ D ORV UHFL©Q OOHJDGRV UHVSHWDELOLGDG VXILFLHQWH SDUD
FRQYHUWLUVH HQ DVSLUDQWHV OHJ­WLPRV DO SRGHU (Q OD ,WDOLD GH SULQFLSLRV GH OD
G©FDGDGHHODQWLJXRRUGHQOLEHUDOVHGHVPRURQDEDHQPHGLRGHKXHOJDV
FDGDYH]P¡VIUHFXHQWHV\GHXQFUHFLHQWHPDOHVWDUVRFLDO/DLQFDSDFLGDGGH
ORVSDUWLGRVWUDGLFLRQDOHVGHIRUMDUPD\RU­DVSDUODPHQWDULDVV³OLGDVOOHY³DOD
GHVHVSHUDFL³QDODQFLDQRSULPHUPLQLVWUR*LRYDQQL*LROLWWLTXLHQFXPSO­DVX
TXLQWR PDQGDWR \ GHVR\HQGR ORV FRQVHMRV GH VXV DVHVRUHV FRQYRF³
HOHFFLRQHV DQWLFLSDGDV HQ PD\R GH  &RQ HO REMHWLYR GH DSURYHFKDU HO
DWUDFWLYR SDUD ODV PDVDV GH ORV IDVFLVWDV *LROLWWL GHFLGL³ RIUHFHU DO
PRYLPLHQWR DUULELVWD GH 0XVVROLQL XQ OXJDU HQ HO lEORTXH EXUJX©V{ GH VX
JUXSR HOHFWRUDO LQWHJUDGR SRU QDFLRQDOLVWDV IDVFLVWDV \ OLEHUDOHV>@ 6X
HVWUDWHJLDIUDFDV³\HOEORTXHEXUJX©VREWXYRPHQRVGHOSRUFLHQWRGHORV
YRWRV WUDV OR FXDO *LROLWWL SUHVHQW³ VX GLPLVL³Q 6LQ HPEDUJR HO OXJDU TXH
0XVVROLQLRFXSDEDHQODVOLVWDVFRQILUL³DVXYDULRSLQWRJUXSRODOHJLWLPLGDG
QHFHVDULDSDUDSHUPLWLUVXDXJH
7DOHV DOLDQ]DV IDW­GLFDV QR VH FLUFXQVFULEHQ HQ DEVROXWR D OD (XURSD GH
HQWUHJXHUUDV 7DPEL©Q D\XGDQ D H[SOLFDU HO DVFHQVR GH +XJR &K¡YH]
9HQH]XHODVHYDQDJORULDEDGHVHUODGHPRFUDFLDP¡VYHWXVWDGH6XGDP©ULFD
YLJHQWHGHVGH&K¡YH]XQVXERILFLDOPLOLWDUTXHKDE­DOLGHUDGRXQJROSH
GH(VWDGRIDOOLGR\FDUHF­DGHH[SHULHQFLDHQODIXQFL³QSºEOLFDHUDXQUHFL©Q
OOHJDGRDODSRO­WLFD6LQHPEDUJRVXDVFHQVRDOSRGHUFRQW³FRQHOLPSXOVR

ZZZOHFWXODQGLDFRP3¡JLQD
GHILQLWLYRGHXQLQILOWUDGRFRQVXPDGRHOH[SUHVLGHQWH5DIDHO&DOGHUDXQRGH
ORVIXQGDGRUHVGHODGHPRFUDFLDYHQH]RODQD
'HVGH KDF­D ODUJR WLHPSR GRV SDUWLGRV GRPLQDEDQ HO SDQRUDPD SRO­WLFR
YHQH]RODQR $FFL³Q 'HPRFU¡WLFD GH FHQWURL]TXLHUGD \ HO 3DUWLGR
6RFLDOFULVWLDQR GH FHQWURGHUHFKD GH &DOGHUD FRQRFLGR FRPR HO &23(, 
$PERVVHKDE­DQDOWHUQDGRHOSRGHUGHPDQHUDSDF­ILFDGXUDQWHP¡VGHWUHLQWD
D±RV \ HQ OD G©FDGD GH  9HQH]XHOD VH FRQVLGHUDED XQD GHPRFUDFLD
PRG©OLFDHQXQDUHJL³QSODJDGDSRUORVJROSHVGH(VWDGR\ODVGLFWDGXUDV6LQ
HPEDUJR GXUDQWH OD G©FDGD GH  OD HFRQRP­D QDFLRQDO GHSHQGLHQWH GHO
SHWU³OHR VH VXPL³ HQ XQD GHSUHVL³Q SURORQJDGD XQD FULVLV TXH VH GLODW³
GXUDQWH P¡V GH XQD G©FDGD \ SU¡FWLFDPHQWH GXSOLF³ HO ­QGLFH GHSREUH]D <
FRPR HV QDWXUDO HO GHVFRQWHQWR FUHFL³ HQWUH OD SREODFL³Q YHQH]RODQD /RV
GLVWXUELRV JHQHUDOL]DGRV GH IHEUHUR GH  LQGLFDEDQ TXH ORV SDUWLGRV
HVWDEOHFLGRV VH KDOODEDQ HQ SUREOHPDV 7UHV D±RV P¡V WDUGH HQ IHEUHUR GH
XQJUXSRGHM³YHQHVRILFLDOHVPLOLWDUHVVHDO]DURQFRQWUDHOSUHVLGHQWH
&DUORV $QGU©V 3©UH] &RQ +XJR &K¡YH] D OD FDEH]D ORV UHEHOGHV VH KDF­DQ
OODPDU lEROLYDULDQRV{ HQ KRQRU DO UHYHUHQFLDGR K©URH GH OD LQGHSHQGHQFLD
6LP³Q%RO­YDU(OJROSHGH(VWDGRIUDFDV³SHUR&K¡YH]GHWHQLGRDSDUHFL³
HQ GLUHFWR HQ WHOHYLVL³Q SDUD LQVWDU D VXV SDUWLGDULRV D GHSRQHU ODV DUPDV \
GHFODUDU FRQ XQ FRORI³Q TXH DFDEDU­D SRU FRQYHUWLUVH HQ OH\HQGD TXH OD
PLVL³QKDE­DIUDFDVDGRlSRUDKRUD{ \DOKDFHUORVHFRQYLUWL³HQXQK©URHD
RMRVGHPXFKRVYHQH]RODQRVVREUHWRGRGHORVP¡VSREUHV7UDVXQVHJXQGR
JROSH GH (VWDGR IDOOLGR HQ QRYLHPEUH GH  &K¡YH] GHVGH OD SULVL³Q
FDPEL³ GH HVWUDWHJLD \ RSW³ SRU DOFDQ]DU HO SRGHU SRU Y­D HOHFWRUDO ,ED D
QHFHVLWDUD\XGDSDUDKDFHUOR
$XQTXH HO H[SUHVLGHQWH &DOGHUD HUD XQ HVWDGLVWD DYH]DGR \ ELHQ
FRQVLGHUDGR HQ  VX FDUUHUD SRO­WLFD VH KDOODED HQ SOHQD GHFDGHQFLD
&XDWUR D±RV DQWHV QR KDE­D FRQVHJXLGR JDUDQWL]DU OD FDQGLGDWXUD D OD
SUHVLGHQFLDGHVXSDUWLGR\VHORFRQVLGHUDEDXQDVXHUWHGHUHOLTXLDSRO­WLFD
&RQ WRGR D VXV VHWHQWD \ VHLV D±RV GH HGDG HO VHQDGRU VHJX­D VR±DQGR FRQ
UHJUHVDU D OD SUHVLGHQFLD \ GHWHFW³ HQ HO DVFHQVR GH &K¡YH] XQD FXHUGD GH
VDOYDPHQWR/DQRFKHGHOSULPHUJROSHGH(VWDGRGH&K¡YH]HOH[SUHVLGHQWH
VH SXVR HQ SLH GXUDQWH XQD VHVL³Q FRQMXQWD H[WUDRUGLQDULD GHO &RQJUHVR \
DEUD]³ODFDXVDGHORVUHEHOGHVGHFODUDQGR

(V GLI­FLO SHGLUOH DO SXHEOR TXH VH VDFULILTXH SRU OD OLEHUWDG \ OD
GHPRFUDFLDFXDQGRFUHHTXHWDOHVOLEHUWDG\GHPRFUDFLDVRQLQFDSDFHV
GH GDUOHV DOLPHQWRV TXH FRPHU GH HYLWDU OD VXELGD DVWURQ³PLFD GHO
FRVWH GH OD YLGD R GH SRQHU ILQ GHILQLWLYR DO WHUULEOH IODJHOR GH OD

ZZZOHFWXODQGLDFRP3¡JLQD
 FRUUXSFL³Q TXH D RMRV GH WRGR HO PXQGR GHYRUD ODV LQVWLWXFLRQHV
YHQH]RODQDVDFDGDG­DTXHSDVD>@

$TXHO IDVFLQDQWH GLVFXUVR FRQOOHY³ OD UHVXUUHFFL³Q GH OD FDUUHUD SRO­WLFD GH
&DOGHUD $O FRQHFWDU FRQ HO HOHFWRUDGR DQWLVLVWHPD GH &K¡YH] HO DSR\R
SºEOLFRDOH[SUHVLGHQWHVHPXOWLSOLF³FRVDTXHOHSHUPLWL³OOHYDUDFDERXQD
H[LWRVDFDPSD±DSUHVLGHQFLDOHQ
(O IOLUWHR SºEOLFR GH &DOGHUD FRQ &K¡YH] QR V³OR D\XG³ D LPSXOVDU VX
UHVXOWDGR HQ ODV XUQDV VLQR TXH DGHP¡V RWRUJ³ D &K¡YH] XQD FUHGLELOLGDG
UHQRYDGD&K¡YH]\VXVFDPDUDGDVKDE­DQLQWHQWDGRDFDEDUFRQORVWUHLQWD\
FXDWURD±RVGHGHPRFUDFLDGHVXSD­V\VLQHPEDUJRHQOXJDUGHGHQXQFLDUD
ORVO­GHUHVJROSLVWDVSRUFRQVWLWXLUXQDDPHQD]DH[WUHPLVWDHOH[SUHVLGHQWHOHV
PDQLIHVW³VXVLPSDW­DHQSºEOLFR\FRQHOOROHVSHUPLWL³DFFHGHUDODSRO­WLFD
JHQHUDO
&DOGHUD D\XG³ DVLPLVPR D DEULU ODV SXHUWDV GHO SDODFLR SUHVLGHQFLDO D
&K¡YH]DODVHVWDUXQJROSHPRUWDODORVSDUWLGRVYHQH]RODQRVHVWDEOHFLGRV(Q
XQDVRPEURVRJLURGHFLHQWRRFKHQWDJUDGRV&DOGHUDDEDQGRQ³HO&23(,HO
SDUWLGR TXH KDE­D IXQGDGR FHUFD GH PHGLR VLJOR DQWHV \ SUHVHQW³ XQD
FDQGLGDWXUDLQGHSHQGLHQWHDODSUHVLGHQFLDGHOSD­V&LHUWDPHQWHORVSDUWLGRV
JHQHUDOHV VH KDOODEDQ \D HQ FULVLV SHUR OD SDUWLGD GH &DOGHUD \ OD FDPSD±D
DQWLVLVWHPDVXEVLJXLHQWHFRQWULEX\HURQDHQWHUUDUORV>@(OVLVWHPDGHSDUWLGRV
VH GHUUXPE³ GHVSX©V GH TXH &DOGHUD JDQDUD ORV FRPLFLRV GH  FRPR
FDQGLGDWR LQGHSHQGLHQWH DOODQDQGR HO FDPLQR SDUD IXWXURV FDQGLGDWRV
VRUSUHVD&LQFRD±RVGHVSX©VVHU­DHOWXUQRGH&K¡YH]
&RQ WRGR HQ  &K¡YH] VHJX­D DIURQWDQGR XQ JUDYH SUREOHPD VH
KDOODED HQFDUFHODGR D OD HVSHUD GH MXLFLR SRU WUDLFL³Q (QWRQFHV HQ  HO
SUHVLGHQWH &DOGHUD UHWLU³ WRGRV ORV FDUJRV HQ VX FRQWUD (O DFWR ILQDO GH
&DOGHUD SDUD LPSXOVDU D &K¡YH] FRQVLVWL³ HQ OLWHUDOPHQWH DEULUOH ODV
SXHUWDVȖGHODF¡UFHO-XVWRGHVSX©VGHVXOLEHUDFL³QXQSHULRGLVWDSUHJXQW³
D &K¡YH] DG³QGH VH GLULJ­D l$O SRGHU{ UHVSRQGL³ ©O>@ /D OLEHUDFL³Q GH
&K¡YH] IXH XQ JHVWR SRSXODU TXH UHVSRQG­D D XQD SURPHVD HOHFWRUDO GH
&DOGHUD&RPRODPD\RU­DGHODVSHUVRQDVTXHLQWHJUDEDQOD©OLWHYHQH]RODQD
&DOGHUD FRQVLGHUDED D &K¡YH] XQD PRGD SDVDMHUD DOJXLHQ GH TXLHQ
SUREDEOHPHQWH HO SºEOLFR JHQHUDO VH KDEU­D ROYLGDGR SDUD FXDQGR VH
FRQYRFDUDQORVSU³[LPRVFRPLFLRV>@3HURDOUHWLUDUWRGRVORVFDUJRVFRQWUD
©OHQOXJDUGHSHUPLWLUTXH&K¡YH]IXHUDMX]JDGR\OXHJRLQGXOWDUOR&DOGHUD
OR HOHY³ \ GH OD QRFKH D OD PD±DQD WUDQVIRUP³ DO DQWLJXR JROSLVWD HQ XQ
FDQGLGDWRSUHVLGHQFLDOYLDEOH>@(OGHGLFLHPEUHGH&K¡YH]JDQ³ODV

ZZZOHFWXODQGLDFRP3¡JLQD
HOHFFLRQHV SUHVLGHQFLDOHV GHUURWDQGR FRQ IDFLOLGDG D XQ FDQGLGDWR TXH
FRQWDEDFRQHODSR\RGHOVLVWHPD(OG­DGHODWRPDGHSRVHVL³Q&DOGHUDHO
SUHVLGHQWHVDOLHQWH QR IXH FDSD] GH WRPDUOHHO MXUDPHQWR DO FDUJR WDO FRPR
GLFWDEDODWUDGLFL³Q(QOXJDUGHHOORSHUPDQHFL³WDFLWXUQRDXQODGR>@
$ SHVDU GH ODV LQPHQVDV GLIHUHQFLDV HQWUH HOORV +LWOHU 0XVVROLQL \
&K¡YH]VLJXLHURQUXWDVKDVWDHOSRGHUTXHFRPSDUWHQVLPLOLWXGHVDVRPEURVDV
$GHP¡V GH VHU HQ ORV WUHV FDVRV GHVFRQRFLGRV FDSDFHV GH FDSWDU OD DWHQFL³Q
SºEOLFDWRGRVHOORVDVFHQGLHURQDOSRGHUSRUTXHSRO­WLFRVGHODFODVHGLULJHQWH
SDVDURQ SRU DOWR ODV VH±DOHV GH DGYHUWHQFLD \ R ELHQ OHV HQWUHJDURQ HO SRGHU
GLUHFWDPHQWH +LWOHU \ 0XVVROLQL  R ELHQ OHV DEULHURQ ODV SXHUWDV SDUD
DOFDQ]DUOR &K¡YH] 
/D DEGLFDFL³Q GH OD UHVSRQVDELOLGDG SRO­WLFD SRU SDUWH GH O­GHUHV
HVWDEOHFLGRVVXHOHVH±DODUHOSULPHUSDVRKDFLDODDXWRFUDFLDGHXQSD­V$±RV
GHVSX©V GH OD YLFWRULD SUHVLGHQFLDO GH &K¡YH] 5DIDHO &DOGHUD KDEO³ VLQ
WDSXMRV GH VXV HUURUHV l1DGLH LPDJLQDED TXH HO VH±RU &K¡YH] WXYLHUD QL OD
SRVLELOLGDG P¡V UHPRWD GH FRQYHUWLUVH HQ SUHVLGHQWH{>@ < WDQ V³OR XQ G­D
GHVSX©V GH TXH +LWOHU IXHUD SURFODPDGR FDQFLOOHU XQ GHVWDFDGRFRQVHUYDGRU
TXH OR KDE­D DXSDGR D WDO SXHVWR DGPLWL³ l$FDER GH FRPHWHU OD PD\RU
HVWXSLGH] GH PL YLGD PH KH DOLDGR FRQ HO PD\RU GHPDJRJR GH OD KLVWRULD
PXQGLDO{>@

1RWRGDVODVGHPRFUDFLDVKDQFD­GRHQHVWDWUDPSD$OJXQRVSD­VHVLQFOXLGRV
%©OJLFD *UDQ %UHWD±D &RVWD 5LFD \ )LQODQGLD KDQ DIURQWDGR GHVDI­RV GH
GHPDJRJRV SHUR KDQ VLGR FDSDFHV GH PDQWHQHUORV DO PDUJHQ GHO SRGHU
&³PRORKDQORJUDGR"5HVXOWDWHQWDGRUFUHHUTXHWDOVXSHUYLYHQFLDDUUDLJDHQ
OD VDELGXU­D FROHFWLYD GHO HOHFWRUDGR 4XL]¡ ORV EHOJDV \ ORV FRVWDUULFHQVHV
VHQFLOODPHQWH IXHUDQ P¡V GHPRFU¡WLFRV TXH ORV FLXGDGDQRV DOHPDQHV R
LWDOLDQRV$ILQGHFXHQWDVQRVJXVWDFUHHUTXHHOGHVWLQRGHXQ*RELHUQRVH
HQFXHQWUD HQ PDQRV GH VX FLXGDGDQ­D 0LHQWUDV ODV SHUVRQDV WHQJDQ YDORUHV
GHPRFU¡WLFRVODGHPRFUDFLDHVWDU¡SURWHJLGD(QFDPELRVLODFLXGDGDQ­DHVW¡
GLVSXHVWD D UHVSRQGHU D OODPDPLHQWRV DXWRULWDULRV DQWHV R GHVSX©V OD
GHPRFUDFLDHVWDU¡HQSHOLJUR
6HWUDWDGHXQSODQWHDPLHQWRHUU³QHR'DSRUVHQWDGDVPXFKDVFRVDVGHOD
GHPRFUDFLDFRPRHOKHFKRGHTXHlHOSXHEOR{SXHGDPROGHDUDVXYROXQWDG
HO WLSR GH *RELHUQR TXH SRVHH &XHVWD HQFRQWUDU LQGLFLRV GH XQ DSR\R
PD\RULWDULRDODXWRULWDULVPRHQOD$OHPDQLD\OD,WDOLDGHODG©FDGDGH
$QWHV GH TXH ORV QD]LV \ ORV IDVFLVWDV WRPDUDQ HO SRGHU PHQRV GH XQ  SRU
FLHQWR GH OD SREODFL³Q HVWDED DILOLDGD D SDUWLGRV \ QLQJXQD IRUPDFL³Q KDE­D

ZZZOHFWXODQGLDFRP3¡JLQD
ORJUDGRQDGDSDUHFLGRDXQDPD\RU­DGHORVYRWRVHQXQDVHOHFFLRQHVOLEUHV\
MXVWDV 0¡V ELHQ DO FRQWUDULR PD\RU­DV HOHFWRUDOHV V³OLGDV VH RSXVLHURQ D
+LWOHU \ 0XVVROLQL DQWHV GH TXH DPERV KRPEUHV OOHJDUDQ DO SRGHU FRQ HO
DSR\R GH GLULJHQWHV SRO­WLFRV GH GHQWUR GHO VLVWHPD FLHJRV DO SHOLJUR TXH
HQWUD±DEDQVXVSURSLDVDPELFLRQHV
+XJR &K¡YH] IXH HOHJLGR SRU XQD PD\RU­D GH ORV YRWDQWHV SHUR QDGD
DSXQWD D TXH ORV YHQH]RODQRV DQVLDVHQ HQFXPEUDU D XQ KRPEUH IXHUWH $ OD
VD]³Q HO DSR\R SºEOLFR D OD GHPRFUDFLD HQ 9HQH]XHOD HUD VXSHULRU DO TXH
KDE­DHQ&KLOHXQSD­VTXHHUD\VLJXHVLHQGRXQDGHPRFUDFLDHVWDEOH6HJºQ
XQD HQFXHVWD GH  GHO /DWLQREDU³PHWUR HO  SRU FLHQWR GH ORV
YHQH]RODQRV HVWDEDQ GH DFXHUGR FRQ OD DILUPDFL³Q l/D GHPRFUDFLD HV
SUHIHULEOH D RWUD IRUPD GH JRELHUQR{ PLHQWUDV TXH V³OR HO  SRU FLHQWR
DFHSWDED TXH l(Q RFDVLRQHV XQ JRELHUQR DXWRULWDULR HV PHMRU TXH
GHPRFUDFLD>@{(QFDPELRV³ORHOSRUFLHQWRGHORVHQFXHVWDGRVHQ&KLOH
FRQYHQ­DHQTXHl/DGHPRFUDFLDHVSUHIHULEOHDRWUDIRUPDGHJRELHUQR{
7RGDV ODV GHPRFUDFLDV DOEHUJDQ D GHPDJRJRV HQ SRWHQFLD \ GH YH] HQ
FXDQGR DOJXQR GH HOORV KDFH YLEUDU DO SºEOLFR $KRUD ELHQ HQ DOJXQDV
GHPRFUDFLDVORVO­GHUHVSRO­WLFRVSUHVWDQDWHQFL³QDODVVH±DOHVGHDGYHUWHQFLD
\DGRSWDQPHGLGDVSDUDJDUDQWL]DUTXHODVSHUVRQDVDXWRULWDULDVSHUPDQH]FDQ
PDUJLQDGDV\DOHMDGDVGHORVFHQWURVGHSRGHU)UHQWHDODXJHGHH[WUHPLVWDVR
GHPDJRJRVSURWDJRQL]DQXQHVIXHU]RFRQMXQWRSRUDLVODUORV\GHUURWDUORV<
VL ELHQ OD UHVSXHVWD GH ODV PDVDV D ORV OODPDPLHQWRV GH H[WUHPLVWDV UHYLVWH
LPSRUWDQFLDP¡VLPSRUWDQWHDºQHVTXHODV©OLWHVSRO­WLFDV\VREUHWRGRORV
SDUWLGRVSRO­WLFRVDFWºHQGHILOWUR'LFKRVLQURGHRVORVSDUWLGRVSRO­WLFRVVRQ
ORVJXDUGLDQHVGHODGHPRFUDFLD

3DUD SRGHU PDQWHQHU D UD\D D ODV SHUVRQDV DXWRULWDULDV HQ SULPHU OXJDU KD\
TXH VDEHU UHFRQRFHUODV 3RU GHVJUDFLD QR H[LVWH QLQJºQ VLVWHPD GH DOHUWD
DQWLFLSDGD LQIDOLEOH 0XFKDV SHUVRQDV DXWRULWDULDV SXHGHQ VHU LGHQWLILFDGDV
I¡FLOPHQWHDQWHVGHOOHJDUDOSRGHU6XKLVWRULDOQRGHMDOXJDUDGXGDV+LWOHU
KDE­D OLGHUDGR XQ SXWVFK IDOOLGR &K¡YH] KDE­D HQFDEH]DGR XQ DO]DPLHQWR
PLOLWDU TXH FRQFOX\³ HQ IUDFDVR ORV lFDPLVDV QHJUDV{ GH 0XVVROLQL
SHUSHWUDEDQ YLROHQFLD SDUDPLOLWDU \ HQ OD $UJHQWLQD GH PHGLDGRV GHO
VLJOR ;; -XDQ 3HU³Q D\XG³ D GDU XQ JROSH GH (VWDGR IUXFW­IHUR GRV D±RV \
PHGLRDQWHVGHSRVWXODUVHFRPRSUHVLGHQWHGHOSD­V
$KRUD ELHQ ORV SRO­WLFRV QR VLHPSUH UHYHODQ OD PDJQLWXG GH VX
DXWRULWDULVPR DQWHV GH DVFHQGHU DO SRGHU $OJXQRV VH DGKLHUHQ D ODV QRUPDV
GHPRFU¡WLFDV HQ ORV DOERUHV GH VXV FDUUHUDV \ ODV DEDQGRQDQ SRVWHULRUPHQWH

ZZZOHFWXODQGLDFRP3¡JLQD
3L©QVHVHSRUHMHPSORHQHOSULPHUPLQLVWURKºQJDUR9LNWRU2UE¡Q2UE¡Q\
VXSDUWLGRHO)LGHV] OD8QL³Q&­YLFD+ºQJDUD LQLFLDURQVXVLQJODGXUDFRPR
GHP³FUDWDVOLEHUDOHVDILQDOHVGHODG©FDGDGH\HQVXSULPHUPDQGDWR
FRPRSULPHUPLQLVWURHQWUH\2UE¡QJREHUQ³GHPRFU¡WLFDPHQWH
6X YXHOFR DXWRFU¡WLFR WUDV UHJUHVDU DO SRGHU HQ  IXH XQD DXW©QWLFD
VRUSUHVD
&³PR VH LGHQWLILFD HQWRQFHV HO DXWRULWDULVPR HQ SRO­WLFRV TXHQR WLHQHQ
XQ KLVWRULDO DQWLGHPRFU¡WLFR HYLGHQWH" 3DUD UHVSRQGHU D HVWD FXHVWL³Q QRV
UHPLWLPRV DO HPLQHQWH SROLW³ORJR -XDQ /LQ] 1DFLGR HQ OD $OHPDQLD GH
:HLPDU \ FULDGR HQ SOHQD *XHUUD &LYLO HVSD±ROD /LQ] FRQRF­D ELHQ ORV
SHOLJURV GH SHUGHU OD GHPRFUDFLD 0LHQWUDV HMHUF­D FRPR SURIHVRU HQ <DOH
FRQVDJU³ JUDQ SDUWH GH VX FDUUHUD SURIHVLRQDO D LQWHQWDU HQWHQGHU F³PR
PXHUHQ ODV GHPRFUDFLDV 0XFKDV GH ODV FRQFOXVLRQHV GH /LQ] SXHGHQ
FRQVXOWDUVH HQ XQ OLEUR FRUWLWR SHUR IXQGDPHQWDO WLWXODGR /D TXLHEUD GH ODV
GHPRFUDFLDV3XEOLFDGRHQHOOLEURUHFDOFDODIXQFL³QGHORVSRO­WLFRV\
GHPXHVWUD TXH VX DFWLWXG SXHGH DSXQWDODU OD GHPRFUDFLD R KDFHUOD
WDPEDOHDUVH$GHP¡VHODXWRUHVER]DEDXQDSUXHEDGHILQLWLYDSDUDLGHQWLILFDU
DORVSRO­WLFRVDQWLGHPRFU¡WLFRVVLELHQQROOHJ³DGHVDUUROODUODGHOWRGR>@
$ SDUWLU GHO WUDEDMR GH /LQ] KHPRV FRQFHELGR XQ FRQMXQWR GH FXDWUR
VH±DOHVGHDGYHUWHQFLDFRQGXFWXDOHVTXHSXHGHQD\XGDUQRVDLGHQWLILFDUDXQD
SHUVRQD DXWRULWDULD FXDQGR OD WHQHPRV GHODQWH>@ 'HEHU­DPRV SUHRFXSDUQRV
HQ VHULR FXDQGR XQ SRO­WLFR   UHFKD]D \D VHD GH SDODEUD R PHGLDQWH
DFFLRQHV ODV UHJODV GHPRFU¡WLFDV GHO MXHJR   QLHJD OD OHJLWLPLGDG GH VXV
RSRQHQWHV WROHUDRDOLHQWDODYLROHQFLDR LQGLFDVXYROXQWDGGHUHVWULQJLU
ODVOLEHUWDGHVFLYLOHVGHVXVRSRVLWRUHVLQFOXLGRVORVPHGLRVGHFRPXQLFDFL³Q
/D WDEOD  LQGLFD F³PR HYDOXDU D ORV SRO­WLFRV HQ DWHQFL³Q D HVWRV FXDWUR
IDFWRUHV
8Q SRO­WLFR TXH FXPSOD VLTXLHUD XQR GH HVWRV FULWHULRV HV FDXVD GH
SUHRFXSDFL³Q4X©WLSRGHFDQGLGDWRVVXHOHQGDUSRVLWLYRHQXQDSUXHEDGH
SDSHOWRUQDVROSDUDGHWHFWDUHODXWRULWDULVPR"&RQIUHFXHQFLDORVFDQGLGDWRV
SRSXOLVWDVH[WHUQRVDOVLVWHPD/RVSRSXOLVWDVVXHOHQVHUSRO­WLFRVDQWLVLVWHPD
ILJXUDVTXHDILUPDQ UHSUHVHQWDUOD YR]GHOlSXHEOR{ \TXH OLEUDQXQD JXHUUD
FRQWUD OR TXH GHVFULEHQ FRPR XQD ©OLWH FRUUXSWD \ FRQVSLUDGRUD /RV
SRSXOLVWDV WLHQGHQ D QHJDU OD OHJLWLPLGDG GH ORV SDUWLGRV HVWDEOHFLGRV D
TXLHQHV DWDFDQ WLOG¡QGRORV GH DQWLGHPRFU¡WLFRV R LQFOXVR GH DQWLSDWUL³WLFRV
/HV GLFHQ D ORV YRWDQWHV TXH HO VLVWHPD H[LVWHQWH HQ UHDOLGDG QR HV XQD
GHPRFUDFLDVLQRTXH©VWDKDVLGRVHFXHVWUDGDHVW¡FRUUXSWDRPDQLSXODGDSRU
OD©OLWH<OHVSURPHWHQHQWHUUDUDHVD©OLWH\UHLQWHJUDUHOSRGHUlDOSXHEOR{

ZZZOHFWXODQGLDFRP3¡JLQD
(VWH GLVFXUVR GHEH WRPDUVH HQ VHULR &XDQGR O­GHUHV SRSXOLVWDV JDQDQ ODV
HOHFFLRQHV VXHOHQ DVDOWDU ODV LQVWLWXFLRQHV GHPRFU¡WLFDV (Q /DWLQRDP©ULFD
SRU HMHPSOR GH ORV TXLQFH SUHVLGHQWHV HOHJLGRV HQ %ROLYLD (FXDGRU 3HUº \
9HQH]XHOD HQWUH  \  FLQFR HUDQ SRSXOLVWDV DGYHQHGL]RV $OEHUWR
)XMLPRUL+XJR&K¡YH](YR0RUDOHV/XFLR*XWL©UUH]\5DIDHO&RUUHD<ORV
FLQFRDFDEDURQGHELOLWDQGRODVLQVWLWXFLRQHVGHPRFU¡WLFDV>@

7$%/$
&XDWURLQGLFDGRUHVFODYH
GHFRPSRUWDPLHQWRDXWRULWDULR

5HFKD]DQ OD &RQVWLWXFL³Q R H[SUHVDQ VX YROXQWDG GH QR
DFDWDUOD"
6XJLHUHQODQHFHVLGDGGHDGRSWDUPHGLGDVDQWLGHPRFU¡WLFDV
FRPR FDQFHODU HOHFFLRQHV LQFXPSOLU R VXVSHQGHU OD
&RQVWLWXFL³QSURKLELUGHWHUPLQDGDVRUJDQL]DFLRQHVRUHVWULQJLU
5HFKD]R RG©ELO ORVGHUHFKRVSRO­WLFRVRFLYLOHVE¡VLFRV"
DFHSWDFL³Q GHODVUHJODV
GHPRFU¡WLFDVGHOMXHJR 3UHWHQGHQ XVDU R DSUXHEDQ HO XVR GH  PHGLGDV
H[WUDFRQVWLWXFLRQDOHV SDUD FDPELDU HO *RELHUQR FRPR JROSHV
PLOLWDUHV LQVXUUHFFLRQHV YLROHQWDV R PDQLIHVWDFLRQHV PDVLYDV
GHVWLQDGDVDIRU]DUXQFDPELRHQHO*RELHUQR"
,QWHQWDQVRFDYDUODOHJLWLPLGDGGHODVHOHFFLRQHVSRUHMHPSOR
QHJ¡QGRVHDDFHSWDUXQRVUHVXOWDGRVHOHFWRUDOHVFUH­EOHV"
'HVFULEHQ D VXV ULYDOHV FRPR VXEYHUVLYRV R FRQWUDULRV DO
RUGHQFRQVWLWXFLRQDOHVWDEOHFLGR"
$ILUPDQTXHVXVULYDOHVFRQVWLWX\HQXQDDPHQD]DH[LVWHQFLDO
\D VHD SDUD OD VHJXULGDG QDFLRQDO R SDUD HO PRGR GH YLGD
LPSHUDQWH"
1HJDFL³QGHOD 'HVFULEHQ VLQ DUJXPHQWRV D VXV ULYDOHV GH RWURV SDUWLGRV
OHJLWLPLGDGGHORV FRPR GHOLQFXHQWHV FX\R VXSXHVWR LQFXPSOLPLHQWR GH OD OH\ R
DGYHUVDULRVSRO­WLFRV SRWHQFLDO SDUD LQFXPSOLUOD  ORV GHVFDOLILFD SDUD SDUWLFLSDU GH
PDQHUDSOHQDHQODHVIHUDSRO­WLFD"
6XJLHUHQ GH PDQHUD LQIXQGDGD TXH VXV ULYDOHV VRQ HVS­DV
H[WUDQMHURV TXH WUDEDMDQ VHFUHWDPHQWH HQ DOLDQ]D FRQ R D
VXHOGR GH  XQ *RELHUQR IRU¡QHR QRUPDOPHQWH GH XQ SD­V
HQHPLJR"
7LHQHQOD]RVFRQEDQGDVDUPDGDVFRQIXHU]DVSDUDPLOLWDUHV
FRQ PLOLFLDV JXHUULOODV X RWUDV RUJDQL]DFLRQHV YLROHQWDV
LOHJDOHV"
+DQ SDWURFLQDGR HOORV PLVPRV R VXV DOLDGRV GH SDUWLGR
OLQFKDPLHQWRVDDGYHUVDULRV"
7ROHUDQFLDRIRPHQWR
GHODYLROHQFLD +DQDSR\DGRGHPDQHUDW¡FLWDODYLROHQFLDGHVXVSDUWLGDULRV
QHJ¡QGRVHDFRQGHQDUOD\SHQDOL]DUODVLQDPELJ¼HGDGHV"
+DQ HORJLDGR R VH KDQ QHJDGR D FRQGHQDU  RWURV DFWRV
GHVWDFDGRV GH YLROHQFLD SRO­WLFD WDQWR SDVDGRV FRPR

ZZZOHFWXODQGLDFRP3¡JLQD
 DFRQWHFLGRVHQRWURVOXJDUHVGHOPXQGR"
+DQ DSR\DGR OH\HV R SRO­WLFDV TXH UHVWULQJHQ ODV OLEHUWDGHV
FLYLOHV FRPR DPSOLDU ODV OH\HV SRU OLEHOR R GLIDPDFL³Q R
DSUREDU OH\HV TXH OLPLWDQ HO GHUHFKR GH PDQLIHVWDFL³Q ODV
3UHGLVSRVLFL³QD FU­WLFDVDO*RELHUQRRDGHWHUPLQDGDVRUJDQL]DFLRQHVFLYLOHVR
UHVWULQJLUODVOLEHUWDGHV SRO­WLFDV"
FLYLOHVGHODRSRVLFL³Q +DQ DPHQD]DGR FRQ DGRSWDU PHGLGDV OHJDOHV X RWUDV
LQFOXLGRVORVPHGLRVGH DFFLRQHV SXQLWLYDV FRQWUD SHUVRQDV FU­WLFDV SHUWHQHFLHQWHV D
FRPXQLFDFL³Q SDUWLGRV GH OD RSRVLFL³Q OD VRFLHGDG FLYLO R ORV PHGLRV GH
FRPXQLFDFL³Q"
+DQ HORJLDGR PHGLGDV UHSUHVLYDV DGRSWDGDV SRU RWURV
*RELHUQRV\DVHDHQHOSDVDGRRHQRWURVOXJDUHVGHOPXQGR"

0DQWHQHUDORVSRO­WLFRVDXWRULWDULRVDOPDUJHQGHOSRGHUHVP¡VI¡FLOGH
GHFLUTXHGHKDFHU$OILQ\DOFDERVHVXSRQHTXHHQODVGHPRFUDFLDVQRVH
LOHJDOL]DQ SDUWLGRV QL VH SURK­EH D FDQGLGDWRV SRVWXODUVH D ODV HOHFFLRQHV \
QRVRWURVQRDERJDPRVSRUWDOHVPHGLGDV /DUHVSRQVDELOLGDGGHFULEDUDODV
SHUVRQDVDXWRULWDULDV\GHMDUODVIXHUDUHFDHP¡VELHQHQORVSDUWLGRVSRO­WLFRV
\HQVXVO­GHUHVORVJXDUGLDQHVGHODGHPRFUDFLD
3DUD TXH HVH FULEDGR VH OOHYH D FDER FRQ ©[LWR ORV SDUWLGRV JHQHUDOHV
GHEHQ DLVODU \ GHUURWDU D ODV IXHU]DV H[WUHPLVWDV XQ FRPSRUWDPLHQWR TXH OD
SROLW³ORJD 1DQF\ %HUPHR GHQRPLQD lGLVWDQFLDPLHQWR{>@ /RV SDUWLGRV
SURGHPRFU¡WLFRV SXHGHQ SDUWLFLSDU GH GLFKR GLVWDQFLDPLHQWR GH PRGRV
GLYHUVRV (Q SULPHU OXJDU SXHGHQ PDQWHQHU D ORV O­GHUHV SRWHQFLDOPHQWH
DXWRULWDULRV IXHUD GH ODV OLVWDV HOHFWRUDOHV HQ ©SRFD GH HOHFFLRQHV (OOR H[LJH
UHVLVWLUVH D OD WHQWDFL³Q GH GHVLJQDU D GLFKRV H[WUHPLVWDV SDUD FDUJRV GH
UHOHYDQFLDLQFOXVRDXQTXHSXHGDQDFDUUHDUOHVYRWRV
(Q VHJXQGR OXJDU ORV SDUWLGRV SXHGHQ HVFDUGDU GH UD­] D ORV H[WUHPLVWDV
TXH SXHEODQ ODV EDVHV GH VXV ILODV 3HQVHPRV SRU HMHPSOR HQ HO 3DUWLGR
&RQVHUYDGRU VXHFR $9)  GXUDQWH HO SHOLJURVR SHU­RGR GH HQWUHJXHUUDV /DV
MXYHQWXGHV GHO $9) XQD RUJDQL]DFL³Q GH DFWLYLVWDV HQ HGDG GH YRWDU 
FRQRFLGDVFRPR2UJDQL]DFL³QGHODV-XYHQWXGHV1DFLRQDOLVWDV6XHFDVIXHURQ
YROYL©QGRVH FDGD YH] P¡V UDGLFDOHV HQ ORV SULPHURV D±RV GH OD G©FDGD GH
 FXDQGR FULWLFDURQ OD GHPRFUDFLD SDUODPHQWDULD \ PDQLIHVWDURQ
H[SO­FLWDPHQWH VX DSR\R D +LWOHU H LQFOXVR FUHDURQ XQ JUXSR GH WURSDV GH
DVDOWRXQLIRUPDGDV>@(O$9)UHVSRQGL³HQH[SXOVDQGRGHVXVILODVD
HVWD RUJDQL]DFL³Q /D S©UGLGD GH YHLQWLFLQFR PLO PLHPEURV SRG­D FRVWDUOH
YRWRV HQ ODV HOHFFLRQHV PXQLFLSDOHV GH  SHUR VX HVWUDWHJLD GH
GLVWDQFLDPLHQWR VRFDY³ OD LQIOXHQFLD GH ODV IXHU]DV DQWLGHPRFU¡WLFDV HQ HO
SULQFLSDOSDUWLGRGHFHQWURGHUHFKDVXHFR>@

ZZZOHFWXODQGLDFRP3¡JLQD
 (Q WHUFHU OXJDU ORV SDUWLGRV SURGHPRFU¡WLFRV SXHGHQ HOXGLU WRGD DOLDQ]D
FRQSDUWLGRV\FDQGLGDWRVDQWLGHPRFU¡WLFRV&RPRKHPRVYLVWRHQHOFDVRGH
,WDOLD \ $OHPDQLD HQ RFDVLRQHV ORV SDUWLGRV SURGHPRFU¡WLFRV VH VLHQWHQ
WHQWDGRVGHDOLQHDUVHFRQH[WUHPLVWDVGHVXIODQFRLGHRO³JLFRSDUDJDQDUYRWRV
RHQORVVLVWHPDVSDUODPHQWDULRVSDUDIRUPDUJRELHUQRV6LQHPEDUJRWDOHV
DOLDQ]DV SXHGHQ WHQHU FRQVHFXHQFLDV GHYDVWDGRUDV D ODUJR SOD]R 7DO FRPR
HVFULEL³ /LQ] OD GHIXQFL³Q GH PXFKDV GHPRFUDFLDV SXHGH UHWURWUDHUVH D OD
lDILQLGDGPD\RUTXHXQSDUWLGRE¡VLFDPHQWHRULHQWDGRDOPDQWHQLPLHQWRGHO
VLVWHPDPXHVWUDFRQORVH[WUHPLVWDVTXHHVW¡QDVXODGRHQHOHVSHFWURSRO­WLFR
TXHFRQORVSDUWLGRVPRGHUDGRVGHOVLVWHPDDORWURODGRGHOH[WUHPR{>@
(Q FXDUWR OXJDU ORV SDUWLGRV SURGHPRFU¡WLFRV SXHGHQ DGRSWDU PHGLGDV
SDUDDLVODUVLVWHP¡WLFDPHQWHDORVH[WUHPLVWDVHQOXJDUGHOHJLWLPDUORV3DUD
HOOR ORV SRO­WLFRV GHEHQ HYLWDU DFWRV TXH FRQWULEX\HQ D lQRUPDOL]DU{ R
FRQILHUHQ UHVSHWDELOLGDG SºEOLFD D ILJXUDV DXWRULWDULDV FRPR ORV P­WLQHV
FRQMXQWRV GH ORV FRQVHUYDGRUHV DOHPDQHV FRQ +LWOHU HQ ORV DOERUHV GH OD
G©FDGDGHRHOGLVFXUVRGH&DOGHUDHQHOTXHH[SUHVDEDVXVLPSDW­DSRU
&K¡YH]
3RUºOWLPRFXDQGRORVH[WUHPLVWDVVHSRVWXODQFRPRVHULRVFRQWULQFDQWHV
HOHFWRUDOHV ORV SDUWLGRV JHQHUDOLVWDV GHEHQ IRUMDU XQ IUHQWH FRPºQ SDUD
GHUURWDUORV3RUFLWDUD/LQ]GHEHQ PRVWUDUVXlYROXQWDGGHXQLUVHD JUXSRV
LGHRO³JLFDPHQWH GLVWDQWHV SHUR FRPSURPHWLGRV D VDOYDU HO RUGHQ SRO­WLFR
GHPRFU¡WLFR{>@ (Q FLUFXQVWDQFLDV QRUPDOHV HVWR HV SU¡FWLFDPHQWH
LQFRQFHELEOH,PDJLQHPRVSRUHMHPSORDOVHQDGRU(GZDUG.HQQHG\\RWURV
GHP³FUDWDV OLEHUDOHV KDFLHQGR FDPSD±D HQ IDYRU GH 5RQDOG 5HDJDQ R DO
3DUWLGR /DERULVWD EULW¡QLFR \ VXV VLQGLFDWRV DOLDGRV GDQGR VX DSR\R D
0DUJDUHW7KDWFKHU/RVYRWDQWHVGHFDGDSDUWLGRHQIXUHFHU­DQDQWHWDOWUDLFL³Q
DSDUHQWHDORVSULQFLSLRV3HURHQFLUFXQVWDQFLDVH[FHSFLRQDOHVXQOLGHUD]JR
YDOLHQWH FRPSRUWD SRQHU OD GHPRFUDFLD \ DO SD­V SRU GHODQWH GHO SDUWLGR \
H[SOLFDU DO HOHFWRUDGR OR TXH HVW¡ HQ MXHJR &XDQGR XQ SDUWLGRR XQ SRO­WLFR
TXH GD SRVLWLYR HQ QXHVWUD SUXHED GHFLVLYD HPHUJH FRPR XQD DPHQD]D
HOHFWRUDO VHULD QR TXHGDQ GHPDVLDGDV DOWHUQDWLYDV 8Q IUHQWH GHPRFU¡WLFR
XQLGR SXHGH LPSHGLU TXH XQ H[WUHPLVWD DFFHGD DO SRGHU FRVD TXH D VX YH]
SXHGHFRPSRUWDUVDOYDUODGHPRFUDFLD

$XQTXH ORV IUDFDVRV VRQ P¡V PHPRUDEOHV DOJXQDV GHPRFUDFLDV HXURSHDV

SUDFWLFDURQXQDHVWUDWHJLDGHFULEDGR\VDOYDJXDUGDGHODGHPRFUDFLDH[LWRVD
HQHOSHU­RGRGHHQWUHJXHUUDV6RUSUHQGHQWHPHQWHGHSHTXH±RVSD­VHVSXHGHQ
H[WUDHUVHJUDQGHVOHFFLRQHV3HQVHPRVHQ%©OJLFD\HQ)LQODQGLD(QORVD±RV

ZZZOHFWXODQGLDFRP3¡JLQD
GH FULVLV SRO­WLFD \ HFRQ³PLFD HQ (XURSD HQ ODV G©FDGDV GH  \ 
DPERV SD­VHV H[SHULPHQWDURQ XQD VH±DO GH DGYHUWHQFLD WHPSUDQD GH TXLHEUD
GH OD GHPRFUDFLD HQ OD IRUPD GH DXJH GH JUXSRV H[WUHPLVWDV DQWLVLVWHPD VL
ELHQ D GLIHUHQFLD GH ,WDOLD \ $OHPDQLD VH VDOYDURQ JUDFLDV D TXH VXV ©OLWHV
SRO­WLFDV GHIHQGLHURQ ODV LQVWLWXFLRQHV GHPRFU¡WLFDV DO PHQRV KDVWD OD
LQYDVL³QQD]LYDULRVD±RVP¡VWDUGH 
'XUDQWHODVHOHFFLRQHVJHQHUDOHVGHHQ%©OJLFDPLHQWUDVHOFRQWDJLR
GHO IDVFLVPR VH H[WHQG­D GHVGH ,WDOLD \ $OHPDQLD SRU WRGD (XURSD ORV
YRWDQWHV RSWDURQ SRU XQ UHVXOWDGR GLVFRUGDQWH 'RV SDUWLGRV DXWRULWDULRV GH
H[WUHPD GHUHFKD HO 3DUWLGR 5H[LVWD \ HO 3DUWLGR 1DFLRQDOLVWD IODPHQFR R
9ODDPV 1DWLRQDDO 9HUERQG 919  VXELHURQ FRPR OD HVSXPD HQ ODV XUQDV
FDSWDQGR FDVL HO  SRU FLHQWR GHO YRWR SRSXODU \ GHVDILDQGR FRQ HOOR HO
SUHGRPLQLRKLVW³ULFRGHORVWUHVSDUWLGRVJHQHUDOLVWDVHO3DUWLGR&DW³OLFRGH
FHQWURGHUHFKDORVVRFLDOLVWDV\HO3DUWLGR/LEHUDO(OGHVDI­RTXHHQFDUQDEDHO
O­GHU GHO 3DUWLGR 5H[LVWD /©RQ 'HJUHOOH XQ SHULRGLVWD FDW³OLFR TXH
SRVWHULRUPHQWH VHU­D FRODERUDGRU QD]L HUD HVSHFLDOPHQWH DFXVDGR 'HJUHOOH
XQ FU­WLFR YLUXOHQWR GH OD GHPRFUDFLD SDUODPHQWDULD TXH UHFLEL³ DOLHQWR \
DSR\R HFRQ³PLFR WDQWR GH +LWOHU FRPR GH 0XVVROLQL VH KDE­D DOHMDGR GH OD
H[WUHPD GHUHFKD GHO 3DUWLGR &DW³OLFR D FX\RV O­GHUHV DFXVDED DKRUD GH
FRUUXSWRV
/DVHOHFFLRQHVGHVDFXGLHURQDORVSDUWLGRVFHQWULVWDVTXHVXIULHURQ
S©UGLGDV JHQHUDOHV &RQVFLHQWHV GH ORV PRYLPLHQWRV DQWLGHPRFU¡WLFRV GH ODV
YHFLQDV ,WDOLD \ $OHPDQLD \ WHPHURVRV SRU VX SURSLD VXSHUYLYHQFLD
DFRPHWLHURQ OD GHVDOHQWDGRUD WDUHD GH GHFLGLU F³PR UHDFFLRQDU (O 3DUWLGR
&DW³OLFR HQ SDUWLFXODU DIURQWDED XQ GLOHPD SHOLDJXGR FRODERUDU FRQ VXV
DGYHUVDULRVGHWRGDODYLGDORVVRFLDOLVWDV\ORVOLEHUDOHVRIRUMDUXQDDOLDQ]D
GHDODGHUHFKLVWDTXHLQFOX\HUDDORVUH[LVWDVXQSDUWLGRFRQHOFXDOFRPSDUW­D
FLHUWD DILQLGDG LGHRO³JLFD SHUR TXH UHFKD]DED HO YDORU GH OD SRO­WLFD
GHPRFU¡WLFD
$ GLIHUHQFLD GH ORV SRO­WLFRV GH ,WDOLD \ $OHPDQLD TXH VH EDWLHURQ HQ
UHWLUDGDORVGLULJHQWHVFDW³OLFRVEHOJDVGHFODUDURQTXHFXDOTXLHUFRODERUDFL³Q
FRQORVUH[LVWDVHUDLQFRPSDWLEOHFRQODDILOLDFL³QDOSDUWLGR\DFRQWLQXDFL³Q
LPSOHPHQWDURQ XQD HVWUDWHJLD GREOH SDUD FRPEDWLU HO PRYLPLHQWR $ QLYHO
LQWHUQRORVO­GHUHVGHO3DUWLGR&DW³OLFRUHIRU]DURQODGLVFLSOLQDHVFUXWDQGRD
ORV FDQGLGDWRV HQ EXVFD GH VLPSDW­DV SURUUH[LVWDV \ H[SXOVDQGR D TXLHQHV
H[SUHVDEDQ RSLQLRQHV H[WUHPLVWDV $GHP¡V HO OLGHUD]JR GHO SDUWLGR VH
SRVLFLRQ³GHPDQHUDYHKHPHQWHHQFRQWUDGHODFRODERUDFL³QFRQODH[WUHPD
GHUHFKD>@$QLYHOH[WHUQRHO3DUWLGR&DW³OLFRVHHQIUHQW³DORVUH[LVWDVHQ

ZZZOHFWXODQGLDFRP3¡JLQD
VX SURSLR WHUUHQR (O 3DUWLGR &DW³OLFR DGRSW³ QXHYDV W¡FWLFDV GH FDPSD±D \
SURSDJDQGD GLULJLGDV D ORV M³YHQHV FDW³OLFRV TXH DQWHULRUPHQWH KDE­DQ
IRUPDGRSDUWHGHODEDVHGHO3DUWLGR5H[LVWD(QGLFLHPEUHGHFUHDURQHO
)UHQWHGHODV-XYHQWXGHV&DW³OLFDV\HPSH]DURQDSUHVHQWDUDDQWLJXRVDOLDGRV
HQFRQWUDGH'HJUHOOH>@
(O HQIUHQWDPLHQWR ILQDO HQWUH HO 3DUWLGR 5H[LVWD \ HO 3DUWLGR &DW³OLFR D
UHVXOWDV GHO FXDO HO UH[LVPR TXHG³ HIHFWLYDPHQWH PDUJLQDGR KDVWD OD
RFXSDFL³Q QD]L  VH FHQWU³ HQ OD IRUPDFL³Q GH XQ QXHYR *RELHUQR WUDV ORV
FRPLFLRV GH  (O 3DUWLGR &DW³OLFR GLR VX DSR\R DO SULPHU PLQLVWUR
FDW³OLFR WLWXODU 3DXO 9DQ =HHODQG>@ 8QD YH] 9DQ =HHODQG VH KXER KHFKR
QXHYDPHQWH FRQ HO SXHVWR GH SULPHU PLQLVWUR VH EDUDMDEDQ GRV RSFLRQHV
SULQFLSDOHV SDUD IRUPDU JRELHUQR /D SULPHUD HUD IRUMDU XQD DOLDQ]D FRQ ORV
ULYDOHV VRFLDOLVWDV HQ OD O­QHD GHO )UHQWH 3RSXODU IUDQF©V TXH WDQWR 9DQ
=HHODQG FRPR RWURV GLULJHQWHV FDW³OLFRV KDE­DQ DVSLUDGR D HYLWDU HQ XQ
SULQFLSLR/DVHJXQGDDOWHUQDWLYDHUDXQDDOLDQ]DGHDODGHUHFKLVWDFRQIXHU]DV
DQWLVRFLDOLVWDVHQWUHODVFXDOHVVHLQFOX­DQHO3DUWLGR5H[LVWD\HO9191RHUD
XQDGHFLVL³QI¡FLOODVHJXQGDRSFL³QFRQWDEDFRQHOUHVSDOGRGHXQDIDFFL³Q
WUDGLFLRQDOLVWD TXH SUHWHQG­D GHVEDUDWDU HO IU¡JLO JDELQHWH GH 9DQ =HHODQG
DSHODQGR D ODV EDVHV FDW³OLFDV RUJDQL]DQGR XQD l0DUFKD VREUH %UXVHODV{ \
IRU]DQGRXQDVHOHFFLRQHVH[WUDRUGLQDULDVHQODVTXHHOO­GHUUH[LVWD'HJUHOOHVH
HQIUHQWDU­D D 9DQ =HHODQG>@ 7DOHV SODQHV VH IUXVWUDURQ HQ  FXDQGR
'HJUHOOH SHUGL³ ODV HOHFFLRQHV H[WUDRUGLQDULDV HQ JUDQ PHGLGD SRUTXH ORV
SDUODPHQWDULRV GHO 3DUWLGR &DW³OLFR KDE­DQ DGRSWDGR XQD SRVWXUD FODUD
UHKXVDURQ UHVSDOGDU HO SODQ GH ORV WUDGLFLRQDOLVWDV \ HQ VX OXJDU VH DOLDURQ
FRQORVOLEHUDOHV\ORVVRFLDOLVWDVHQDSR\RD9DQ=HHODQG$TX©OIXHHODFWR
GH FULEDGR \ VDOYDJXDUGD GH OD GHPRFUDFLD P¡V GHVWDFDGR GHO 3DUWLGR
&DW³OLFR
/D SRVWXUD GHO 3DUWLGR &DW³OLFR HVWXYR HQ SDUWH SURSLFLDGD SRU HO UH\
/HRSROGR,,,\SRUHO3DUWLGR6RFLDOLVWD(QODVHOHFFLRQHVGHHO3DUWLGR
6RFLDOLVWDVHKDE­DLPSXHVWRFRPRHOP¡VYRWDGRGHODOHJLVODWXUDFRVDTXHOH
FRQFHG­D OD SUHUURJDWLYD GH IRUPDU JRELHUQR 6LQ HPEDUJR FXDQGR TXHG³
FODURTXHORVVRFLDOLVWDVQRFRQWDU­DQFRQDSR\RVVXILFLHQWHVHQHO3DUODPHQWR
HQOXJDUGHFRQYRFDUXQRVQXHYRVFRPLFLRVTXHSRGU­DQKDEHUHQWUHJDGRDºQ
P¡V HVFD±RV D ORV SDUWLGRV H[WUHPLVWDV HO PRQDUFD VH UHXQL³ FRQ ORV
GLULJHQWHV GH ORV SULQFLSDOHV SDUWLGRV SDUD FRQYHQFHUORV GH TXH IRUPDUDQ XQ
JDELQHWHFRQSRGHUHVFRPSDUWLGRVOLGHUDGRSRUHOSULPHUPLQLVWURWLWXODU9DQ
=HHODQG XQ JDELQHWH TXH LQWHJUDU­D WDQWR D FDW³OLFRV FRQVHUYDGRUHV FRPR D
VRFLDOLVWDV \ H[FOXLU­D D ORV SDUWLGRV DQWLVLVWHPD GH DPERV H[WUHPRV>@ <

ZZZOHFWXODQGLDFRP3¡JLQD
DXQTXH ORV VRFLDOLVWDV GHVFRQILDEDQ GH 9DQ =HHODQG XQ KRPEUH GHO 3DUWLGR
&DW³OLFR SXVLHURQ OD GHPRFUDFLD SRU GHODQWH GH VXV SURSLRV LQWHUHVHV \
DSR\DURQDTXHOODJUDQFRDOLFL³Q
8QD GLQ¡PLFD VLPLODU WXYR OXJDU HQ )LQODQGLD GRQGH HO PRYLPLHQWR GH
H[WUHPDGHUHFKD/DSXDLUUXPSL³HQODHVFHQDSRO­WLFDHQDPHQD]DQGROD
IU¡JLO GHPRFUDFLD GHO SD­V>@ (O PRYLPLHQWR SHUVHJX­D OD GHVWUXFFL³Q GHO
FRPXQLVPR SRU WRGRV ORV PHGLRV QHFHVDULRV>@ $PHQD]DED FRQ DFFLRQHV
YLROHQWDV VL QR VH FXPSO­DQ VXV GHPDQGDV \ DWDFDED D ORV SRO­WLFRV GH ORV
SDUWLGRVPD\RULWDULRVDTXLHQHVFRQVLGHUDEDFRODERUDGRUHVGHORVVRFLDOLVWDV
$O SULQFLSLR ORV SRO­WLFRV GH OD 8QL³Q $JUDULD GH FHQWURGHUHFKD HO SDUWLGR
JREHUQDQWH IOLUWHDURQ FRQ HO 0RYLPLHQWR /DSXD FX\R DQWLFRPXQLVPR
HQFRQWUDEDQ SRO­WLFDPHQWH ºWLO FROPDEDQ ODV GHPDQGDV GHO PRYLPLHQWR GH
GHQHJDU GHUHFKRV SRO­WLFRV D ORV FRPXQLVWDV DO WLHPSR TXH WROHUDEDQ OD
YLROHQFLDGHH[WUHPDGHUHFKD>@(Q3(6YLQKXIYXGXQFRQVHUYDGRU
D TXLHQHV ORV O­GHUHV GH /DSXD FRQVLGHUDEDQ lXQR GH ORV VX\RV{ IXH
GHVLJQDGRSULPHUPLQLVWUR\OHVRIUHFL³GRVFDUWHUDVPLQLVWHULDOHV>@8QD±R
P¡VWDUGH6YLQKXIYXGVHSURFODP³SUHVLGHQWHGHOSD­V3HURHOORQRIXH³ELFH
SDUD TXH HO 0RYLPLHQWR /DSXD FRQWLQXDUD GHVSOHJDQGR VX FRPSRUWDPLHQWR
H[WUHPLVWD FRQ ORV FRPXQLVWDV SURKLELGRV VLWX³ HQ VX SXQWR GH PLUD DO
3DUWLGR6RFLDOGHP³FUDWDP¡VPRGHUDGR>@0DWRQHVGH/DSXDVHFXHVWUDURQD
P¡V GH PLO VRFLDOGHP³FUDWDV LQFOXLGRV HQWUH HOORV GLULJHQWHV VLQGLFDOLVWDV \
SDUODPHQWDULRV>@ (O 0RYLPLHQWR /DSXD RUJDQL]³ DVLPLVPR XQD PDUFKD GH
GRFH PLO SHUVRQDV VREUH +HOVLQNL WRPDQGR FRPR PRGHOR OD P­WLFD 0DUFKD
VREUH5RPD \HQUHVSDOG³XQLQWHQWRGHJROSHGH(VWDGRGHVWLQDGRD
UHHPSOD]DUDO*RELHUQRSRURWURlDSRO­WLFR{\lSDWULRWD{>@
6LQ HPEDUJR D PHGLGD TXH HO 0RYLPLHQWR /DSXD IXH YROYL©QGRVH P¡V
UDGLFDO ORV SDUWLGRV FRQVHUYDGRUHV WUDGLFLRQDOHV GH )LQODQGLD URPSLHURQ
HQ©UJLFDPHQWH FRQ ©O $ ILQDOHV GH  HO JUXHVR GH OD 8QL³Q $JUDULD HO
OLEHUDO 3DUWLGR GHO 3URJUHVR \ JUDQ SDUWH GHO 3DUWLGR 3RSXODU 6XHFR FHUUDURQ
ILODV FRQ VX SULQFLSDO DGYHUVDULR LGHRO³JLFR ORV VRFLDOGHP³FUDWDV HQ HO
OODPDGR )UHQWH GH OD /HJDOLGDG SDUD GHIHQGHU OD GHPRFUDFLD IUHQWH D
H[WUHPLVWDV YLROHQWRV>@ ,QFOXVR HO SUHVLGHQWH FRQVHUYDGRU 6YLQKXIYXG
UHFKD]³FDWHJ³ULFDPHQWH \DFDE³LOHJDOL]DQGR DVXVDQWLJXRVDOLDGRV>@(O
0RYLPLHQWR/DSXDTXHG³DLVODGR\HOEUHYHEURWHGHIDVFLVPRHQ)LQODQGLD
DERUWDGR>@
1R V³OR HQ FDVRV KLVW³ULFRV SUHW©ULWRV VH HQFXHQWUDQ HMHPSORV GH XQD
FRUUHFWD VDOYDJXDUGD GH OD GHPRFUDFLD (Q $XVWULD HQ  HO SULQFLSDO
SDUWLGR GH FHQWURGHUHFKD HO 3DUWLGR 3RSXODU $XVWU­DFR X –93  PDQWXYR GH

ZZZOHFWXODQGLDFRP3¡JLQD
PDQHUD HIHFWLYD DO 3DUWLGR GH OD /LEHUWDG GH $XVWULD )3–  GH GHUHFKD
UDGLFDODOPDUJHQGHODSUHVLGHQFLD$XVWULDFXHQWDFRQXQDGLODWDGDKLVWRULD
GH SRO­WLFD GH H[WUHPD GHUHFKD \ HO )3– HV XQR GH ORV SDUWLGRV GH GHUHFKD
UDGLFDO P¡V SRWHQWHV GH (XURSD (O VLVWHPD SRO­WLFR DXVWU­DFR DFXVDED XQD
FUHFLHQWH YXOQHUDELOLGDG GHELGR D TXH ORV GRV SDUWLGRV SULQFLSDOHV HO
VRFLDOGHP³FUDWD 63– \ HO GHPRFULVWLDQR –93 TXH VH KDE­DQ DOWHUQDGR OD
SUHVLGHQFLDGHOSD­VGXUDQWHHOSHU­RGRGHSRVJXHUUDVHKDOODEDQGHELOLWDGRV
(Q  VX SUHGRPLQLR IXH GHVDILDGR SRU GRV DGYHQHGL]RV HO H[SUHVLGHQWH
GHO3DUWLGR9HUGH$OH[DQGHU9DQGHU%HOOHQ\HOO­GHUH[WUHPLVWDGHO)3–
1RUEHUW+RIHU
3DUDVRUSUHVDGHODPD\RU­DGHORVDQDOLVWDVHQODSULPHUDURQGD9DQGHU
%HOOHQ \ HO DQWLVLVWHPD GH DOD GHUHFKD +RIHU TXHGDURQ FRPR ORV GRV
FDQGLGDWRV TXH VH HQIUHQWDU­DQ HQ OD VHJXQGD YXHOWD 'HELGR D XQ HUURU GH
SURFHGLPLHQWRHQRFWXEUHGHODVHJXQGDYXHOWDVHFHOHEU³HQGLFLHPEUH
/OHJDGRV D DTXHO SXQWR YDULRV SRO­WLFRV GHVWDFDGRV LQFOXLGRV DOJXQRV
SHUWHQHFLHQWHVDOFRQVHUYDGRU–93GHIHQG­DQTXHKDE­DTXHGHUURWDUD+RIHU
\DVX3DUWLGRGHOD/LEHUWDG+RIHUKDE­DDSDUHFLGRH[KRUWDQGRDODYLROHQFLD
FRQWUDORVLQPLJUDQWHV\PXFKRVVHSODQWHDEDQVLXQDYH]HOHJLGRFRQFHGHU­D
SULYLOHJLRV D VX SDUWLGR TXH YXOQHUDUDQ ODV QRUPDV WUDGLFLRQDOHV VHJºQ ODV
FXDOHVHOSUHVLGHQWHGHE­DPDQWHQHUVHSRUHQFLPDGHODSRO­WLFD)UHQWHDWDO
DPHQD]DDOJXQDVILJXUDVLOXVWUHVGHO–93VHHVIRU]DURQSRUGHUURWDUD+RIHU
H[SUHVDQGR VX DSR\R D VX ULYDO LGHRO³JLFR HO FDQGLGDWR GH L]TXLHUGDV GHO
3DUWLGR 9HUGH 9DQ GHU %HOOHQ (O FDQGLGDWR SUHVLGHQFLDO GHO –93 $QGUHDV
.KRO UHVSDOG³ D 9DQ GHU %HOOHQ WDO FRPR WDPEL©Q KLFLHURQ HO SUHVLGHQWH
5HLQKROG0LWWHUOHKQHUODPLQLVWUD6RSKLH.DUPDVLQ\GRFHQDVGHDOFDOGHVGHO
–93HQHO¡PELWRUXUDODXVWU­DFR(OH[SUHVLGHQWH(UKDUG%XVHNGHIHQGL³SRU
HVFULWR HQ XQD FDUWD D 9DQ GHU %HOOHQ lQR FRQ SDVL³Q VLQR WUDV XQD
FRQFLHQ]XGD GHOLEHUDFL³Q{>@ \ D±DGL³ TXH WDO GHFLVL³Q UHVSRQG­D DO
VHQWLPLHQWR GH TXH lQR TXHUHPRV UHFLELU OD IHOLFLWDFL³Q GH /H 3HQ -REELN
:LOGHUV \ HO $I' >\ RWURV H[WUHPLVWDV@ WUDV ODV HOHFFLRQHV SUHVLGHQFLDOHV{
9DQGHU%HOOHQJDQ³SRUV³ORWUHVFLHQWRVPLOYRWRV
3DUDDGRSWDUHVWDSRVWXUDIXHQHFHVDULRXQFRUDMHSRO­WLFRFRQVLGHUDEOH'H
DFXHUGRFRQXQDOFDOGHGHO3DUWLGR&DW³OLFRGHXQDSHTXH±DFLXGDGVLWXDGDD
ODV DIXHUDV GH 9LHQD 6WHIDQ 6FKPXFNHQVFKODJHU TXH UHVSDOG³ DO FDQGLGDWR
GHO 3DUWLGR 9HUGH WDO GHFLVL³Q KDE­D GLYLGLGR D IDPLOLDV>@ 6X KHUPDQR
JHPHOR RWUR O­GHU GHO SDUWLGR KDE­D DSR\DGR D +RIHU 7DO FRPR H[SOLF³ HO
SURSLR6FKPXFNHQVFKODJHUDYHFHVKD\TXHGHMDUGHODGRODSRO­WLFDGHOSRGHU
SDUDKDFHUORFRUUHFWR

ZZZOHFWXODQGLDFRP3¡JLQD
 $\XGDURQ HQ DOJR ORV DSR\RV SURFHGHQWHV GHO –93" /RV KHFKRV
GHPXHVWUDQ TXH HQ HIHFWR DV­ IXH 6HJºQ ODV HQFXHVWDV D SLH GH XUQD HO 
SRUFLHQWRGHORVHQFXHVWDGRVTXHVHLGHQWLILFDEDQFRPRSDUWLGDULRVGHO–93
DVHJXUDURQKDEHUYRWDGRD9DQGHU%HOOHQ\HOSRUFLHQWRGHORVYRWDQWHV
GH9DQGHU%HOOHQDILUPDURQKDEHUORYRWDGRSDUDHYLWDUODYLFWRULDGH+RIHU
$GHP¡V OD IXHUWH GLYLVL³Q HQWUH HO ¡PELWR XUEDQR \ HO UXUDO TXH VLHPSUH KD
FDUDFWHUL]DGRODSRO­WLFDDXVWU­DFD HQWUHODV]RQDVXUEDQDVGHL]TXLHUGDV\ODV
]RQDV UXUDOHV GH GHUHFKDV  VH DWHQX³ GH PDQHUD HVSHFWDFXODU HQ OD VHJXQGD
YXHOWD GH GLFLHPEUH GH  HQ OD TXH XQ QºPHUR VRUSUHQGHQWH GH
FLUFXQVFULSFLRQHV UXUDOHV SRU WUDGLFL³Q FRQVHUYDGRUDV GHVYLDURQ VX YRWR D
9DQGHU%HOOHQ
(Q VXPD HQ  GLULJHQWHV UHVSRQVDEOHV GHO –93 UHVLVWLHURQ OD
WHQWDFL³QGHDOLDUVHFRQXQSDUWLGRH[WUHPLVWDGHVXSURSLRIODQFRLGHRO³JLFR\
HO UHVXOWDGR IXH OD GHUURWD GH GLFKR SDUWLGR (O DVFHQVR GHO )3– HQ ODV
HOHFFLRQHVSDUODPHQWDULDVGHTXHORSRVLFLRQDURQSDUDFRQYHUWLUVHHQXQ
VRFLRPLQRULWDULRGHXQQXHYR*RELHUQRGHGHUHFKDVGHM³FODURTXHHOGLOHPD
TXH DIURQWDQ ORV FRQVHUYDGRUHV DXVWU­DFRV SHUVLVWH $XQ DV­ VX HVIXHU]R SRU
PDQWHQHUDXQH[WUHPLVWDDOHMDGRGHODSUHVLGHQFLDSURSRUFLRQDXQPRGHORºWLO
GHVDOYDJXDUGDGHODGHPRFUDFLDHQHOPXQGRFRQWHPSRU¡QHR
3RUVXSDUWH(VWDGRV8QLGRVWLHQHXQKLVWRULDOLPSRQHQWHGHVDOYDJXDUGD
GHODGHPRFUDFLD7DQWRORVGHP³FUDWDVFRPRORVUHSXEOLFDQRVKDQFULEDGRD
ILJXUDV H[WUHPLVWDV HQ VXV P¡UJHQHV DOJXQDV GH ODV FXDOHV FRQWDEDQ FRQ XQ
UHVSDOGR SºEOLFR FRQVLGHUDEOH 'XUDQWH G©FDGDV DPERV SDUWLGRV ORJUDURQ
PDQWHQHUDGLFKDVILJXUDVDOPDUJHQGHODSRO­WLFDJHQHUDO+DVWDFRPR
HVELHQVDELGR

ZZZOHFWXODQGLDFRP3¡JLQD