&DUORV'DQLHO/DVD
5HVXPHQ
(OSUHVHQWHHVFULWRSRQHGHUHOLHYHODYLJHQFLDGHOSHQVDPLHQWROLEHU
WLQRHQQXHVWURWLHPSRHQORTXHUHVSHFWDDVXSURSXHVWDGHXQDYLGD
IHOL]DXQTXHHVWDHQODDFWXDOLGDGQRTXHGDFLUFXQVFULSWDDXQJUX
SRGHVDELRVVLQRTXHVHSURSRQHFRPRLGHDOXQLYHUVDO(OSURFHVR
VHLQLFLDFRQORVVDELRVOLEHUWLQRVTXHFRPRVHREVHUYDFODUDPHQWH
HQHO7KHRSKUDVWXVUHGLYLYXVFRUWDQGHODOPDKXPDQDODVGRVDODV
SODWyQLFDVGHODVTXHGLVSRQtDSDUDUHPRQWDUVHKDFLDODVUHDOLGDGHV
VLWXDGDVPiVDOOiGHHVWHPXQGRODUD]yQHQWDQWRQRXVLQWHOOHFWXV
\ODIH/DSXUDUDWLRTXHVXEVLVWHHQWRQFHVGDSDVRDOUDFLRQDOLVPR
9LJHQFLDGHO7KHRSKUDVWXV
5HGLYLYXV'HOOLEHUWLQLVPRHUXGLWR
DODDSRWHRVLVGHO\R/DUHHGLFLyQ
GHXQDOXFKDFXOWXUDO
&yGLJRGHUHIHUDWR63;/,;
KWWSG[GRLRUJVS
678',$32/,7,&
1~PHURSULPDYHUDYHUDQR±SiJ
3XEOLFDGDSRUOD)DFXOWDGGH&LHQFLD3ROtWLFD\5HODFLRQHV,QWHUQDFLRQDOHV
GHOD8QLYHUVLGDG&DWyOLFDGH&yUGRED&yUGRED5HS~EOLFD$UJHQWLQD
,QYHVWLJDGRULQGHSHQGLHQWHGHO&RQVHMR1DFLRQDOGH,QYHVWLJDFLRQHV&LHQWtILFDV\
7pFQLFDV&21,&(7
 SULPDYHUDYHUDQR 
678',$32/,7,&
HOFXDODGTXLHUHGRVPRGDOLGDGHVGLYHUVDVHOUDFLRQDOLVPROLEHUWLQR
FRQVHUYDGRU\RULHQWDGRKDFLDHOSDVDGRSRUXQODGR\HOUDFLRQDOLV
PRLOXPLQLVWDUHYROXFLRQDULRTXHPLUDKDFLDHOIXWXUR(OGHVSOLH
JXHGHHVWH~OWLPRHQFXHQWUDVXFHQLWDODYH]TXHVXVXLFLGLRHQHO
PDU[LVPR<HVWH~OWLPRGDOXJDUDXQDUHDOLGDGFRPSOHWDPHQWHDMH
QDDVXVSURSyVLWRVODDFWXDOVRFLHGDGGHODRSXOHQFLDTXHUHFXSHUD
HOLGHDOGHYLGDOLEHUWLQRLQLFLDODXQTXHXQLYHUVDOL]iQGROR/DOXFKD
HQWUHGRVFRQFHSFLRQHVGHYLGDWDOFRPRVXFHGLyHQHOVLJOR;9,,
VHYXHOYHDUHSHWLU
3DODEUDVFODYH/LEHUWLQLVPR±$WHtVPR±5DFLRQDOLVPR±0DU[LV
PR±6RFLHGDGGHODRSXOHQFLD
$EVWUDFW
7KLVSDSHUKLJKOLJKWVWKHFXUUHQWYDOLGLW\RIWKHOLEHUWLQVLGHDRID
KDSS\OLIHHYHQWKRXJKQRZDGD\VDKDSS\OLIHLVQRWFRQVWUDLQHG
WRDJURXSRIZLVHSHRSOHEXWLWLVSUHVHQWHGDVDXQLYHUVDOLGHDO
7KHSURFHVVEHJLQVZLWKWKHOLEHUWLQHVDJHVZKRDVFDQEHFOHDUO\
VHHQLQWKH7KHRSKUDVWXVUHGLYLYXVFXWRIIIURPWKHKXPDQVRXO
WKH WZR SODWRQLF ZLQJV WKDW ZHUH DYDLODEOH WR UHWXUQ WR WKRVH
UHDOLWLHVORFDWHGEH\RQGWKLVZRUOGUHDVRQDVQRXVLQWHOOHFWXVDQG
IDLWK7KHUDWLRWKDWVXEVLVWVWKHQJLYHVLWVZD\WRWKHUDWLRQDOLVP
ZKLFK DFTXLUHV WZR GLIIHUHQWPRGDOLWLHV OLEHUWLQHUDWLRQDOLVP
FRQVHUYDWLYHDQGRULHQWHGWRZDUGVWKHSDVWDQGWKHLOOXPLQLVWRU
UHYROXWLRQDU\ UDWLRQDOLVP ZKLFK ORRNV WR WKH IXWXUH 7KH
GHSOR\PHQWRIWKHODWWHUILQGVLWVSHDNDVZHOODVLWVVXLFLGHLQ
0DU[LVP$QGLWLVWKH0DU[LVPWKHRQHWKDWOHDGVWRWKHDIIOXHQW
VRFLHW\ WKDW UHFRYHUV WKH OLEHUWLQV ZD\ RI OLIH 7KH VWUXJJOH
EHWZHHQWZRFRQFHSWLRQVRIOLIHDVKDSSHQHGLQWKHVHYHQWHHQWK
FHQWXU\LVUHSHDWHG
.H\ZRUGV /LEHUWLQLVP ±$WKHLVP ± 5DWLRQDOLVP ± 0DU[LVP ±
$IIOXHQW6RFLHW\
5D]yQ\IHHQHOGHtVPR\DWHtVPRGHOVLJOR;9,,
1
8(675$
FLYLOL]DFLyQKDVLGRHOSURGXFWRGHOHQFXHQWURHQWUH$WH
QDV\-HUXVDOpQHQWUHHOORJRVKXPDQR\HO/RJRVGLYLQR(O
JUDQILOyVRIRGHODSROtWLFD/HR6WUDXVVVRVWLHQHTXHODFLYLOL
]DFLyQRFFLGHQWDOHQWHUDWLHQHGRVUDtFHVODILORVRItDJULHJD\OD%LEOLD
FIUS$OUHVSHFWRUHILHUHHOSHQVDGRU³(O+RPEUHRFFLGHQ
WDOVHKDFRQYHUWLGRHQDTXHOORTXHHVKR\JUDFLDVDOHQFXHQWURGHODIH
EtEOLFDFRQHOSHQVDPLHQWRJULHJR´<VLELHQODSRVLFLyQGH
6WUDXVVUHVSHFWRGHORDFRQWHFLGRHQHOVLJOR;9,,TXHFRQGXMRDOD
UXSWXUDHQWUHUD]yQ\IHHVGLIHUHQWHDODQXHVWUDHOORQRREVWDTXHWR
PHPRVVXDQWHULRUDILUPDFLyQHQORTXHUHVSHFWDDODFROXPQDYHUWHEUDO
TXHFRQVWLWX\HQXHVWUDJHQXLQDFLYLOL]DFLyQ
$KRUDELHQ¢FyPRVHRSHUyODDOXGLGDUXSWXUDHQHOVLJOR;9,,"
(QHODxRKDFHVXHSLIDQtDHOGHQRPLQDGRGHtVPRHOFXDOVLELHQ
DGPLWHODH[LVWHQFLDGHXQ'LRVFUHDGRUQLHJDVLQHPEDUJRODSUHVHQFLD
GHODUHYHODFLyQFULVWLDQD\GHWRGDRWUDUHYHODFLyQSUHWHQGLGDPHQWHVR
EUHQDWXUDO(OGHtVWD³PiVWHPSUDQR´0XOVRZ3RSLQGH
(XURSDIXH0DUWLQ6HLGHOQDFLGRHQ\FRQIHFKDGHVFRQRFLGDGH
VXPXHUWH(QHVFULEHXQDREUDWLWXODGD2ULJRHWIXQGDPHQWDUHOL
JLRQLVFKULVWLDQDH/DREUDFRPSXHVWDSRUXQ3UHIDFLR\WUHFHFDStWX
ORVVHRFXSDHQXQSULPHUPRPHQWRGHGHUUXPEDUHOHGLILFLRGHORV
GRJPDVFULVWLDQRVPLQDQGRVXVFLPLHQWRVEtEOLFRVHKLVWyULFRVFDSV,
9,HQXQVHJXQGRPRPHQWRFRQVWUXFWLYRPiVTXHGHVWUXFWLYRSURSR
QHXQDQXHYDUHOLJLyQODFXDOHVSUHVHQWDGDFRPRODPiVUD]RQDEOHQD
WXUDODXWpQWLFD\SULPLWLYD
(QHO3UHIDFLRPLVPRLQVWDDVXVOHFWRUHVDVHUFDSDFHVGHUHYLVDUODV
RSLQLRQHVSURSLDVTXHKDQUHFLELGRGHVGHODLQIDQFLD\SDUDHVRFRQVL
GHUDTXHHVQHFHVDULRSRVHHUXQJUDQFHORSRUHOFRQRFLPLHQWR\QRSRU
ODVRSLQLRQHVIDOVDVTXHSDUDHODXWRUGHUHIHUHQFLDVRQDTXHOODVIXQ
GDGDVHQODIH6HLGHO([LVWHXQDVRODUHYHODFLyQDTXHOODHQ
ODTXH'LRVVHPDQLILHVWDDVtPLVPR\VXERQGDGDWUDYpVGHODFUHD
FLyQGHOPXQGR\GHWRGDVODVFRVDV(VWDUHDOLGDGH[LJHSRUSDUWHGHO
KRPEUH³UHFRQRFHU\GDUFXOWRD'LRVFUHDGRUQXHVWUR\GHWRGDVODV
FRVDVPHGLDQWHODUD]yQFRQODTXHKHPRVVLGRRUQDGRVSRU'LRVSRU
HQFLPDGHODVGHPiVFULDWXUDV´6HLGHO<DxDGHPiVDGH
ODQWH
<DVtODQDWXUDOH]D\ODUD]yQQRVHQVHxDTXp\FyPRHV'LRV\FXiO
HVVXYROXQWDG\WDPELpQTXpHVMXVWR\TXpLQMXVWRTXpGHEHPRVD
'LRV\TXpDORVKRPEUHV(VWHUHFRQRFLPLHQWRGH'LRV\HVWHFXOWR
GH'LRV HVWXYRGHVGHHOFRPLHQ]RGHO PXQGRHQWUH ORVSULPHURV
KRPEUHV TXH QR WXYLHURQQLQJXQDOH\ HVFULWDQLQJXQDUHOLJLyQHV
&$5/26'$1,(//$6$
 SULPDYHUDYHUDQR 
678',$32/,7,&
FULWDVLQRVRORORTXHOHVHQVHxyODQDWXUDOH]D\ODUD]yQ\UHFRQR
FLHURQ\ ULQGLHURQ FXOWR D 'LRVSRU PHGLRGHODVRODUD]yQ6HLGHO

3DUD6HLGHO'LRVVyOROHVKDEOyDORVLVUDHOtHVHQYLUWXGGHTXHHOQDWX
UDOFRQRFLPLHQWR\FXOWRGH'LRVVHRVFXUHFLy\FRUURPSLyDFDXVDGH
ODQHJOLJHQFLD\GHODVPDODVFRVWXPEUHV\KiELWRVGHORVKRPEUHV
SHURHOFRQWHQLGRGHORTXHOHVHQVHxyQRYDPiVDOOiGHORTXHQRVLQV
WUX\HODQDWXUDOH]D\ODUD]yQ(VWRTXHGDGHPDQLILHVWRHQHO'HFiORJR
FIU6HLGHO
¢<TXpVXFHGHFRQODIH\VXFRQWHQLGRUHYHODGR"/DIHTXHGDWRWDOPHQ
WHGHVFDUWDGDFRPRIXHQWHGHFRQRFLPLHQWRYHUGDGHUR/DIHFULVWLDQD
TXHORVHYDQJHOLVWDVWUDQVPLWHQHQFXDQWRFRQWUDULDVDO'HFiORJR\DO
HQWHQGLPLHQWRVRQIiEXODV\PHQWLUDVLQWHUHVDGDVFIU6HLGHO,;
(QUHDOLGDGSDUDQXHVWURDXWRUOR~QLFRYHUGDGHURHVORGHWHUPLQDGR
SRUODOX]GHOHQWHQGLPLHQWR\ODUHFWDUD]yQFIU6HLGHO(O'HFi
ORJRHVXQDFRQILUPDFLyQGHODUHOLJLyQQDWXUDOHVWRGHDTXHOODUHOLJLyQ
IXQGDGDHQODUHYHODFLyQGLYLQDDWUDYpVGHVXFUHDFLyQ\TXHODUD]yQ
KXPDQDKDSXHVWRGHPDQLILHVWR
¢&yPRKDFHODUD]yQSDUDQRHTXLYRFDUVH"6HLGHOGLVWLQJXHHQWUHHQWHQ
GLPLHQWR\UD]yQ(OHQWHQGLPLHQWRVHGHGHORVSULPHURVSULQFLSLRVH
LQIDOLEOHHQHOFRQRFLPLHQWRUHVSHFWRGHDTXHOORVVHPXHYHGHORFRQR
FLGRDORGHVFRQRFLGR\HVWRTXHHVGHVFRQRFLGRQRSXHGHGHMDUGHVHU
YHUGDGHURHQWDQWRHVWiIXQGDGRHQDTXHOORVSULPHURVSULQFLSLRVGHOHQ
WHQGLPLHQWRHQFXDQWRHYLGHQWHV1RVSHUPLWLPRVDGYHUWLUTXHSDUD6HL
GHOHQHVWHPRYLPLHQWRGHORFRQRFLGRDODYHUGDGGHORGHVFRQRFLGR
HODOPDKXPDQDQRVRORUHDOL]DDFWRVSURSLRVGHODUD]yQVLQRDGHPiV
DFWRVGHGLOLJHQFLD\DWHQFLyQORVFXDOHVGLPDQDQGHODYROXQWDGFIU
6HLGHO
$KRUDELHQQRVGLFHQXHVWURDXWRU
3HURFXDQGRODUD]yQQRVLJXHODOX]GHOHQWHQGLPLHQWRVLQRODFRV
WXPEUHORVSDGUHVORVDQWHSDVDGRVGHWDOPDQHUDTXHFUHHTXHDOJR
HVYHUGDGHURSRUTXHORVSDGUHVORVDQWHSDVDGRV\XQDJUDQPXOWLWXG
GHKRPEUHVKDQFUHtGRTXHHVYHUGDGHURGXUDQWHDOJXQRVVLJORVHVD
UD]yQQRHVFRUUHFWDVLQRIDOVD\HVFRPRXQREVWiFXORSDUDTXHOD
UD]yQVHLOXPLQHFRQODOX]GHOHQWHQGLPLHQWRFRPRXQFDRVFRQIXVR
\WHQHEURVR6HLGHO
3DUD6HLGHOHOHUURUVXUJHFXDQGRODYROXQWDGQRSHUPLWHTXHODOX]
GHOHQWHQGLPLHQWRH[DPLQHVXVIDOVDVFRVWXPEUHVLQYHWHUDGDVFIU6HL
GHO
(VWDSRVLFLyQGHtVWDVHUiDVXPLGDDSRVWHULRULSRUDOJXQRVSHQVDGRUHV
GHOLOXPLQLVPR/DPLVPDKRUDGDODVYHUGDGHVGHODIHUHYHODGDGHO
FULVWLDQLVPROOHJDQGRDODQHJDFLyQGHOSHFDGRRULJLQDOHOHPHQWRHVHQ
FLDOHQODFRQFHSFLyQVDOYtILFDSRUSDUWHGHODGLYLQLGDG(QHIHFWR¢TXp
5HGHQWRUVHUtDQHFHVDULRSDUDXQKRPEUHFX\DQDWXUDOH]DHVEXHQD"
3DUD6HLGHOFRPRORVHUiSDUDORVGHtVWDV\DWHtVWDVODLGHDGHSHFDGR
RULJLQDORVWDWXVQDWXUDHODSVDHQRHVRWUDFRVDTXHXQLQYHQWRGHODIH
FULVWLDQDFIU6HLGHO(Q6HLGHOFDEHDJUHJDUHOHVStULWXKXPDQR
HVFDSD]GHXQDLQWXLFLyQLQWHOHFWXDOTXHWLHQHSRUREMHWRYHUGDGHVVL
WXDGDVPiVDOOiGHORUGHQIHQRPpQLFR(VSUHFLVDPHQWHHVWDLQWXLFLyQ
LQWHOHFWXDOODTXHSHUPLWHDORVKRPEUHVFXOWLYDUXQDUHOLJLyQQDWXUDO
TXHUHFRQRFHD'LRVFRPRFUHDGRUGHWRGRORTXHHV
-XQWRDHVWHGHtVPRVH\HUJXHQSRVLFLRQHVGHFLGLGDPHQWHDWHDV/RVGH
QRPLQDGRVOLEHUWLQRVHUXGLWRVOOHYDQDFDERXQDOHFWXUDGHWRGRHOSHQ
VDPLHQWRJULHJRHQFODYHDWHtVWDLQFOXLGDODREUDGHOPLVPtVLPR3OD
WyQ (VWH SHQVDPLHQWR OLEHUWLQR HQFRQWUDUi HQ OD UHGDFFLyQ GHO
7KHRSKUDVWXVUHGLYLYXVREUDGHGHDXWRUDQyQLPRXQFRPSHQGLR
GHWRGDVXGRFWULQD(QHVWDREUDSRGUHPRVDGYHUWLUGHTXpPRGRODIH
HVWRHVHOFRQRFLPLHQWRIXQGDGRHQODDXWRULGDGGHEHVHUDEVROXWD
PHQWHUHFKD]DGDHQFXDQWRDVXYDORUGHYHUGDG(OSXQWRGHSDUWLGD
GHOSHQVDUQRHV\DHOREHGHFHUHORtUODYR]GHOPLVWHULRGHO6HUVLQR
ODDFFLyQGHMX]JDUODDFFLyQGHKDFHUSDVDUSRUHOWULEXQDOGHODUD]yQ
DWRGRDTXHOORTXHSUHWHQGDLQVWDODUVHFRPRYHUGDGHUR'HDOOtTXHVHD
SUHFLVRVRPHWHUWRGRORUHFLELGRDXQULJXURVRH[DPHQ5HILHUH 3DXO
+D]DUGUHILULpQGRVHDODFRQFHSFLyQGHUD]yQSURSLDGHORVOLEHUWLQRV\
GHOUDFLRQDOLVPR
³(QWUDEDHQMXHJROD5D]yQDJUHVLYDTXHUtDH[DPLQDUQRVyORD
$ULVWyWHOHVVLQRDWRGRHOTXHKDEtDSHQVDGR>@6XSULYLOHJLRHUD
HVWDEOHFHUSULQFLSLRVFODURV\YHUGDGHURVSDUDOOHJDUDFRQFOXVLRQHV
QRPHQRVFODUDV\QRPHQRVYHUGDGHUDV6XHVHQFLDHUDH[DPLQDU´
+D]DUG
/RVUHSUHVHQWDQWHVGHOGHQRPLQDGROLEHUWLQLVPRHUXGLWRVHDXWRSUHVHQ
WDQFRPRORVFXOWRUHVGHXQDVHFUHWLRUSKLORVRSKLDODFXDOHVSURSLD
PHQWHPRGHUQDHQFXDQWRODQRWDGHPRGHUQLGDGVHUHODFLRQDFRQOD
&$5/26'$1,(//$6$
 SULPDYHUDYHUDQR 

678',$32/,7,&
SURIHVLyQGHDWHtVPR(OORVUHDOL]DQFRPR\DORH[SUHVDPRVXQDOHFWX
UDGHWRGDODILORVRItDJULHJDHQFODYHDWHtVWDOOHYDQGRDFDERXQDYHUGD
GHUDVXEYHUVLyQFXOWXUDOTXHGHMDVLQFRQH[LyQDOJXQDDOORJRVJULHJR
FRQHO/RJRVFULVWLDQR9DQLQLSDGUHGHORVOLEHUWLQRVFRPRDOJXQROR
KDOODPDGRVHSURSRQHGXUDQWHODVHJXQGDGpFDGDGHOVLJOR;9,,UHFX
UULUDODVIXHQWHVUHFyQGLWDVGHODILORVRItD9DQLQLSUHWHQGH
UHYLWDOL]DUHOSHQVDPLHQWRPRGHUQRVREUHODEDVHGHODWUDGLFLyQFOiVLFD
SHUROHtGDHQFODYHDWHtVWD(OPHQVDMHQDWXUDOLVWDGHORVILOyVRIRVDQWL
JXRVVRVWLHQHKDVLGRWHUJLYHUVDGRSRUXQDWUDGLFLyQFULVWLDQDTXHHQ
FXHQWUDHQHOORVXQDPHWDItVLFDDSWDSDUDFRQVWLWXLUXQDJUDQVtQWHVLVFRQ
ODIH3DUDpOREYLDPHQWHODFDUDFWHUtVWLFDSURSLDGHOSHQVDPLHQWRPR
GHUQRHVHODWHtVPR
3DUD9DQLQLSXHVHOLQWHOHFWRKXPDQRQRLQWX\HHVHQFLDVHWHUQDVORV
LQWHOLJLEOHVSXURVVXREMHWRSURSLRQRHVWiUHSUHVHQWDGRSRUQLQJXQD
UHDOLGDGLQPXWDEOHVLQRTXHHVHOHWHUQRGHYHQLU([SUHVDQXHVWURDXWRU
³HOLQWHOHFWRJR]DGHXQLQFHVDQWHPRYLPLHQWR>@HVWiHQDFWLYLGDG
SHUHQQH\QRGHVFDQVDSDUDDOFDQ]DUODTXLHWXGVLQRSDUDIRUWDOHFHUVH\
HMHUFLWDUVHHQXQPRYLPLHQWRSHUSHWXR´
'HORDILUPDGRVHGHGXFHTXHODYHUGDGQRHVRQWROyJLFDPHQWHWUDVFHQ
GHQWH\HQFRQVHFXHQFLDQRSUHFHGHDQXHVWURLQWHOHFWRHVWDHVSURGXF
WRGHODVRSHUDFLRQHVTXHODUD]yQUHDOL]DXQLHQGRODVLGHDVVREUHHOSOD
QROyJLFR/DYHUGDGQRSXHGHVHUHQFRQWUDGDHQHOiPELWRRQWROyJLFR
VLQRTXHHVHOUHVXOWDGRGHODFRQVWUXFFLyQTXHODUD]yQUHDOL]DDSDUWLU
GHODDUJXPHQWDFLyQ$ILUPD9DQLQL
HQODVLPSOHLQWHOHFFLyQQRUHVLGHYHUGDGDOJXQD(QHOFRPSXHV
WRTXHGHQRPLQDPRVFRPSOHMRODYHUGDGQRHVHQWHQGLGDVLQRSRU
UHIOH[LyQ/DFRVDHQHIHFWRHVSHQVDGDVLQHPEDUJRODYHUGDGQR
HVLQKHUHQWHDODVFRVDVVLQRDODVHVSHFLHVXQLGDVHQHOLQWHOHFWR\
HQVHJXQGROXJDUHQHOGLVFXUVR3RUORWDQWRODFRVDHVSHQVDGD
FRQXQDLQWHOHFFLyQGLUHFWDODYHUGDGSRUHOFRQWUDULRFRQXQDUH
IOHMD>@OR YHUGDGHURHVSHQVDGR FRQ XQFRQRFLPLHQWR UHIOHMR

$SURSyVLWRGHHVWRXQHVWXGLRVRGHODREUDGH9DQLQLHO3URIHVRU5DLPRQGLFR
PHQWD³1LQJXQDYHULWDVLPPRELOLVSUHFHGHWUDVFLHQGHRFRQGLFLRQDODPHQWHKX
PDQD&DGDFRQRFLPLHQWRQXHVWURQRWLHQHVXRULJHQHQHVHQFLDVDEVWUDFWDV\VHSD
UDGDVVLQRHQODUHDOLGDGQDWXUDODWUDYpVGHODH[SHULHQFLD(O~QLFRSUHVXSXHVWRGH

/DRSHUDFLyQGH9DQLQLFRQVLVWHDQXHVWURMXLFLRHQFLUFXQVFULELUHO
iPELWRUDFLRQDODORUGHQGHORVHQVLEOH\HQFRQVHFXHQFLDDVLWXDUWRGD
DILUPDFLyQFRJQRVFLWLYDTXHORWUDVFLHQGDGHQWURGHOiPELWRGHORLUUD
FLRQDO/DILORVRItDFRQFHELGDHQWpUPLQRVGHPHWDItVLFDFRQVHFXHQWH
PHQWHVHUiFRORFDGDDOLJXDOTXHODIHFULVWLDQDHQODHVIHUDGHORLUUD
FLRQDO
3DUD9DQLQLODVHFUHWLRUSKLORVRSKLDFRQVLVWHHQOLEHUDUODVPHQWHVKX
PDQDVGHWRGDGLPHQVLyQWUDVFHQGHQWH\RFXSDUODVHQWDUHDVSXUDPHQWH
LQPDQHQWHV&RPR\DDGHODQWDPRVSDUDpOHODWHtVPRHVHOVLJQRGLV
WLQWLYRGHORVWLHPSRVPRGHUQRV)XHUDGHXQDQDWXUDOH]DFRQFHELGDHQ
WpUPLQRVGHFRQVWDQWHGHYHQLUQRVHVLW~DQLQJ~QVHUTXHGXUDQLQJ~Q
VHUHWHUQRLQPXWDEOH'HDOOtTXHWRGDODFXOWXUDRFFLGHQWDOWUDQVPLWLGD
SRUHOFULVWLDQLVPRKD\DVLGRXQDLPSRVWXUDTXHHVQHFHVDULRGHVHQPDV
FDUDU8QDDXWpQWLFDUHYROXFLyQFXOWXUDOVHLPSRQHXQDUHYROXFLyQTXH
URPSDGHPRGRGHILQLWLYRFRQWRGDUHODFLyQRQWROyJLFD\JQRVHROyJLFD
HQWUHHOKRPEUH\'LRV
&RPR\DORDGHODQWDPRVWDPELpQHQHODxRVHSXEOLFDODREUDGH
DXWRUDQyQLPRHO7KHRSKUDVWXVUHGLYLYXVODFXDOVHFRQVLGHUDFRPRHO
FRPSHQGLRGHODVLGHDVOLEHUWLQDV(VWDREUDVHSURSRQHVLJXLHQGROD
OtQHDGHORVOLEHUWLQRV\GHOSDGUHGHHVWRV*LXOLR&HVDUH9DQLQLOOH
YDUDFDERXQDUHYROXFLyQFXOWXUDOUHHPSOD]DQGRXQDWUDGLFLyQWHtVWD\
&$5/26'$1,(//$6$
ODDFWLYLGDGLQWHOHFWXDOHVWiGDGRSRUHOFRQRFLPLHQWRVHQVLEOH
QDGDKD\HQHOLQWH
OHFWR²UHSLWH9DQLQLFRQ$ULVWyWHOHV²TXHDQWHVQRKD\DSDVDGRSRUORVVHQWLGRV
>@0iVTXHVHUFDSWDGDSRUXQDFWRLQWHOHFWLYRSULPDULROD
YHUGDGHVREMHWRGHXQ
DFWRLQWHOHFWLYRUHIOHMR\HVSRVWHULRUDODLQWXLFLyQLQPHGLDWDGHODFRVD3RUORWDQ
WRHOODQRHVLQKHUHQWHDORVREMHWRVQRH[LVWHLQUHEXVVLQRHQSULPHUOXJDUHQOD
FRQH[LyQGHODVLGHDVHQHOLQWHOHFWR\HQVHJXQGROXJDUHQHOGLVFXUVR´LELGHPSS
<DxDGH5DLPRQGLHVWDLPSRUWDQWHREVHUYDFLyQHOVHQWLGRHVUHFHSWLYR\
HVDVLPLODEOHDODFHUDFRPRODLPSUHVLyQHVDVLPLODEOHDODVHQVDFLyQ(QXQVH
JXQGRPRPHQWRWHQHPRVHODFWRLQWHOHFWLYRUHIOHMRTXHHVWDEOHFH
ODYHUGDG(VWR
LPSOLFDTXHQXHVWURLQWHOHFWRHVGHDOJ~QPRGRUHFHSWLYR\DODYH]RSHUDWLYRUH
FLEHORVGDWRVGHORVVHQWLGRVSHURVLPXOWiQHDPHQWHRSHUDVREU
HORVPLVPRV(OLQ
WHOHFWRDFWLYR\HOLQWHOHFWRSDVLYRGHPDWUL]DULVWRWpOLFDVRQ\DUHVLGXRVGHXQFRQ
FHSWRGHFRQRFLPLHQWRVXSHUDGR(OORVVRQVXVWLWXLGRVSRUODUHFHSWLYLGDG\OD
RSHUDWLYLGDGGHOFRQRFLPLHQWRLQWHOHFWLYR/DDFWLYLGDGLQWHOHFWXDOIXQFLRQDVHSHU
IHFFLRQDRELHQVHDFUHFLHQWDHQODUHFHSFLyQSDVLYD(VWRVLJQLILFDHQHOOHQJXDMH
YDQLQLDQRTXHHOFUHFLPLHQWRGHOVDEHUGHSHQGHWDPELpQGHODRSHUDWLYLGDGGHOD
PHQWHLELGHPS
 SULPDYHUDYHUDQR 

678',$32/,7,&
HVSLULWXDOLVWDSRUXQDYLVLyQDWHD\PDWHULDOLVWD(VWD~OWLPDH[SUHVDHO
DXWRUGHO7KHRSKUDVWXVHVODDXWpQWLFDWUDGLFLyQILORVyILFD(ODXWRU
QRVGLUiTXHVXHVFULWRUHWRPDODREUDGH7HRIUDVWURWLWXODGD +LVWRULD
HRUXPTXDHGHGHRGLFXQWXU(VWHHVFULWRVHKDEUtDSHUGLGR
VHJ~QODYHUVLyQGHO7KHRSKUDVWXVDFDXVDGHOFULVWLDQLVPR6HWUDWD
DKRUDVLJXLHQGRODOtQHDGH9DQLQLGHUHFXSHUDUORFRQHOILQ GHGDU
XQDEDWDOODFXOWXUDOTXHWLHQHFRPRHQHPLJRSULQFLSDOODYLVLyQFULVWLD
QDGHODH[LVWHQFLD(VWHDXWRUGLVWLQJXHGRVHPSOHRVGHODUD]yQXQR
DWDGRDODDXWRULGDG\HQFRQVHFXHQFLDFDSD]GHRVFLODQWHV\YDQDV
RSLQLRQHVRWURYHUD]SURSLRGHODUDWLRQDWXUDOLVTXHVLHPSUHVDEH
FDSWDUORYHUGDGHURSRUFXDQWRVHHQFXHQWUDOLJDGRDODH[SHULHQFLD
VHQVLEOHFIU7KHRSKUDVWXVUHGLYLYXV/DUD]yQYHUGDGH
UDHQWRQFHVQRSXHGHSDUWLUGHXQDFWRGHREHGLHQFLDGHVRPHWLPLHQ
WRVLQRGHOFRQRFLPLHQWRDSRUWDGRSRUORVVHQWLGRVDORVFXDOHVODUD
]yQVHRFXSDUiGHGDU XQLGDG/DUD]yQQRSXHGH FRQRFHUQLQJXQD
FRVDVLWXDGDPiVDOOiGHORUGHQVHQVLEOH\SRUHVRHVWDUD]yQQDWXUDO
\YHUD]QRFXHQWDFRQ'LRVRVHDHVDWHD
/DILORVRItDSDUDHODXWRUDQyQLPRGHVFDQVDHQWHUDPHQWHVREUHXQDUD
]yQOLJDGDLQWUtQVHFDPHQWHDODH[SHULHQFLD/DGLPHQVLyQGHOLQWHOOHF
WXVHVWRWDOPHQWHQHJDGD(QHVWHVHQWLGR\WDOFRPRORVHxDOD7XOOLR
*UHJRU\HQVXLPSRUWDQWHHVWXGLRVREUHODREUDTXHDKRUDHVWDPRVFR
PHQWDQGRHO7KHRSKUDVWXVHPSUHQGHXQDOXFKDDELHUWDFRQWUDWRGDVODV
WUDGLFLRQHVUHOLJLRVDVSDUDLQGLFDUTXHHODWHtVPRLQVSLUDHOVHQWLGRGH
WRGDODHVSHFXODFLyQILORVyILFD\HOUHVXOWDGRQHFHVDULRGHODUD]yQQD
WXUDOFIU*UHJRU\
7DQWRHQODHVSHFXODFLyQGH9DQLQLFRPRHQODGHO7KHRSKUDVWXVODHV
WUDWHJLDDWHL]DQWHFRQVLVWHHQVLWXDUWRGDDILUPDFLyQDFHUFDGHODH[LVWHQ
FLDGHXQ'LRVFUHDGRUGLVWLQWRGHOPXQGRSRUIXHUDGHORUGHQUDFLRQDO
HVWH~OWLPRVHFLUFXQVFULEHDOiPELWRGHORVHQVLEOH7RGDDILUPDFLyQVL
WXDGDSRUIXHUDGHORUGHQUDFLRQDOFDUHFHGHWRGRYDORUREMHWLYRGHWRGD
YHUGDG'HDOOtHQWRQFHVTXHGHVHPEDUD]DUVHGHODWUDGLFLyQUHOLJLRVR
PHWDItVLFRRFFLGHQWDOHTXLYDOHDGDUSRUWLHUUDFRQXQDWUDGLFLyQIXQGD
GDHQPHQWLUDV\IiEXODVFX\R~QLFRSURSyVLWRHVHOGRPLQLRGHODVFRQ
FLHQFLDVGHORVKRPEUHV<OLEHUDUHVDVFRQFLHQFLDVH[LJHHPSUHQGHU
XQDUHYROXFLyQFXOWXUDOTXHUHGX]FDHOLQWHOHFWRKXPDQRDODVRODGL
PHQVLyQGHODUDWLR
/D~QLFDFLHQFLDYDOHGHUDSDUDQXHVWURDXWRUDQyQLPRGHEHIXQGDUVH
HQODUD]yQQDWXUDO\YHUGDGHUDODFXDOHVSURSLDGHORVILOyVRIRV(OIL

OyVRIRMDPiVDGPLWHHODUJXPHQWRGHDXWRULGDG3DUDQXHVWURDXWRUDQy
QLPRHO~QLFRiPELWRGHFHUWH]DFRJQRVFLWLYDHVHOTXHVHFLUFXQVFULEH
DOGRPLQLRGHORVVHQWLGRV5HILHUH
SXHVWRTXHQRKD\RWURFRQRFLPLHQWRFLHUWR\HYLGHQWHIXHUD
GH
DTXHOTXHVHSXHGHREWHQHUGHODVPLVPDVFRVDV\GHORVVHQWLGR
VTXH
DHOODVVHRUGHQDQpVWRVVRQYHUGDGHUDPHQWHODJXtDDEVROXWDPH
QWH
FLHUWDGHOVDEHUODIXHQWH\HOFULWHULRGHODYHUGDGHUDFLHQF
LD\QRVH
GDFHUWH]DRHYLGHQFLDDOJXQDTXHQRVHDWHVWLPRQLDGDSRUORVV
HQWL
GRV7KHRSKUDVWXVUHGLYLYXV
)UHQWHDODFLHQFLDYHUGDGHUDVH\HUJXHXQDSVHXGRFLHQFLDTXHVHDVLHQ
WDHQODUHOLJLyQ\ORVPDQGDPLHQWRV/DYHUGDGHUDFLHQFLDSDUDHODXWRU
DQyQLPRGHEHVHUIUXWRGHXQFRQRFLPLHQWRVHJXUR\HYLGHQWH<XQFR
QRFLPLHQWRVHJXUR\HYLGHQWHVRORSXHGHREWHQHUVHDSDUWLUGHODVFRVDV
PLVPDV\GHORVVHQWLGRVTXHODVWHVWLPRQLDQORVVHQWLGRVVRQORVLQGL
FDGRUHVPiVVHJXURVGHWRGRFRQRFLPLHQWRODFHUWH]DPiVVHJXUD\HYL
GHQWHSURYLHQHGHHOORV5HILHUHDOUHVSHFWR
(QHIHFWRQLQJXQDFLHQFLDHVVHJXUDVLQRODTXHVHSHUFLEHDSDUWLUGH
ORVVHQWLGRV&XDOTXLHUFRQRFLPLHQWRTXHHVWpDOHMDGRGHDTXHOORVQR
HVXQDFLHQFLDYHUGDGHUDVLQRXQDRSLQLyQTXHVHPRGHOD\VHFRQV
WUX\HGHDFXHUGRFRQHOGHVHR\HODUELWULRGHFDGDXQRVLQHPEDUJR
ODFLHQFLD\HOFRQRFLPLHQWRTXHWLHQHQVXRULJHQHQORVVHQWLGRV
VLHPSUHHVtQWHJUD\FRQHOODVHVWiQGHDFXHUGRWRGRV\QXQFDVHSRQH
HQGXGD7KHRSKUDVWXVUHGLYLYXV
$KRUDELHQHVWHFRQRFLPLHQWRVHJXUR\HYLGHQWHTXHRWRUJDQORVVHQWL
GRV\ODUD]yQVHGLVWLQJXHGHORTXHHODXWRUDQyQLPRGHVLJQDFRPRUH
SUHVHQWDFLyQ/DUHSUHVHQWDFLyQHVXQDFRVDSURGXFLGD\FRQFHELGDSRU
ODPHQWHVLQODDVLVWHQFLDGHORVVHQWLGRV(QFRQVHFXHQFLDSURVLJXHVX
UD]RQDPLHQWRODUHSUHVHQWDFLyQQRFRQWLHQHHQVtQLQJXQDHVHQFLDYHU
GDGHUDRH[LVWHQFLDRVXVWDQFLD/DFDXVDGHODUHSUHVHQWDFLyQQRHVXQD
FRVDUHDOYHUGDGHUDVLQRTXHHVWDHVIUXWRGHODLPDJLQDFLyQ'HOD
LPDJLQDFLyQFRQFOX\HVHQXWUHQODVGRVSVHXGRFLHQFLDVTXHKDQJXLDGR
&$5/26'$1,(//$6$
³>@TXDQGRTXLGHPQXOODVLWFRJQLWLRFHUWDHWHYLGHQVTXDPTXDHDUHEXVLSVLV
HWDVHQVLEXVDGUHVSHUYHQLHQWLEXVSHWLSRWHVWVHQVXVSURIHFWRWRWLXVFRJQLWLRQLV
VXQWGXFHVFHUWLVVLPLHWYHUDHVFLHQWLDHDXWKRUHVDWTXHUHFWRUHVQLKLOTXHFHUWXPHW
HYLGHQVYLGHULSRWHVWTXDPTXRGWHVWLPRQLXPFHUWLWXGLQLVDFFHSLWDVHQVLEXV´
 SULPDYHUDYHUDQR 

678',$32/,7,&
ODYLGDGHORVKRPEUHVKDVWDHOVLJOR;9,,ODPHWDItVLFD\ODWHRORJtD
VREUHQDWXUDO
/XHJRFXDOTXLHUFRVDTXHSXHGHVHUSURGXFLGD\VHUFRQFHELGDHQOD
PHQWHVLQODDVLVWHQFLDGHORVVHQWLGRVQRHVVLQRXQDUHSUHVHQWDFLyQ
TXHQRWLHQHQLQJXQDHVHQFLDYHUGDGHUDRH[LVWHQFLDRVXVWDQFLD\QR
SXHGHVHUSHUFLELGDGHRWUDPDQHUDVLQRHQFXDQWRVXVHUKDVLGRIRU
PDGR\GHWHUPLQDGRDSDUWLUGHDTXHOODVFRVDVTXHODPHQWHKDH[WUDt
GRDQWHULRUPHQWHGHORVVHQWLGRV3RUHMHPSORFXDQGRXQHQWHGHUD
]yQTXHGHQLQJXQDPDQHUDH[LVWHFRPRREMHWRVLQRTXHVHIRUPD\
VHUHSUHVHQWDSRUHOLQWHOHFWRVRODPHQWHHVLPDJLQDGRSRUODPHQWH
WDOFRPRVXFHGHFRQHOKLUFRFLHUYRODPHQWHQRSXHGHFRPSUHQGHUOR
VLQRFRQRFLyDQWHVTXpHVXQPDFKRFDEUtR\TXpHVXQFLHUYRFRQ
ORVTXHVHFRQIRUPDXQHQWHGHHVWDVFDUDFWHUtVWLFDV3RUFRQVLJXLHQ
WHVyORVRQUHSUHVHQWDFLRQHVDTXHOODVFRVDVTXHVHGLFHQTXHVRQ
FRQFHELGDVHQODPHQWHVLQTXHDQWHVIXHUDQSHUFLELGDVSRUORVVHQWL
GRV7KHRSKUDVWXVUHGLYLYXV
'HORGLFKRVHGHVSUHQGHTXHODIHHVXQFRQRFLPLHQWRWRWDOPHQWHID
OD]\DTXHHVODUHVSXHVWDSRVLWLYDDXQDUHYHODFLyQODFXDOSDUDHO
DXWRUDQyQLPRHVXQDLGHDGHODPHQWHFRQFHELGDSRUODIXHU]DGHOD
LPDJLQDFLyQFIU7KHRSKUDVWXVUHGLYLYXV$KRUDELHQQR
VRORODIHHVXQFRQRFLPLHQWRIDOD]VLQRWDPELpQDTXHOFRQRFLPLHQWR
FRPRODPHWDItVLFDIXQGDGR QRHQOD UDWLR VLQRHQ HO LQWHOOHFWXV<D
QRVHUiPiVGDGRKDEODUGHLQWHOOHFWXVVLQRGHXQDSXUDUDWLRHQFDUJD
GDGHUHXQLUORVGDWRVDSRUWDGRVSRUORVVHQWLGRVGHODOPDKXPDQD'H
DKRUDHQ PiVODIXQFLyQ XQLILFDQWHGH ODUD]yQKXPDQD GHEHUiVHU
HMHUFLGDVREUHOD GLYHUVLGDG GHORVIHQyPHQRV TXH VHDSDUHFHQDORV
VHQWLGRVVLQSRGHUDILUPDUVHTXHH[LVWDXQDUHDOLGDGVLWXDGDPiVDOOi
GHODUD]yQKXPDQDDSUHKHQGLGDSRUHOLQWHOOHFWXVGHODOPDKXPDQD
TXHORVUH~QD
³4XLGTXLGLJLWXULQPHQWHH[WUDVHQVXXPDX[LOLXPIRUPDULHWILJXUDULSRWHVWQLO
QLVLILJPHQWXPHVWQXOODPKDEHQVYHUDPHVVHQWLDPDXWH[LVWHQWLDPDXWVXEVWDQ
WLDPQHFSHUFLSLXOORPRGRSRWHVWQLVLLQTXDQWXPHLXVHVVHFRQIODWXPHWFRQVWLWX
WXPHVWH[LLVUHEXVTXDVDQWHDPHQVDVHQVLEXVKDXVLW9JFXPHQVUDWLRQLVTXRG
UHQXOODWHQXVHVWVHGDVRORLQWHOOHFWXILJXUDWXUHWUHSUDHVHQWDWXUPHQVVLELSURSRQLW
TXDLOVHVWKLUFRFHUYXVQRQLOOXGKDHFFRQFLSHUHSRVVHWQLVLSULXVQRYLVVHWTXLGVLW
KLUFXVTXLGYHFHUYXVTXLEXVHLXVPRGLHQVFRQVWLWXLWXU,WDTXHILJPHQWDWDQWXP
VXQWHDTXDHPHQWHFRQFLSLGLFXQWXUQLVLSULXVVHQVLEXVSHUFHSWDIXHULQW´

&$5/26'$1,(//$6$
<VLODIHHVSXUDIDQWDVtD¢GHEHFRQFOXLUVHTXHGHELHUDSURFHGHUVHDOD
DEROLFLyQGHILQLWLYDGHHVWDPRVWUDQGRWRGRVVXVHQJDxRV"
/DUHVSXHVWDHVQRSDUDHODXWRUDQyQLPRQRGHEHDEDQGRQDUVHODIH
SRUFXDQWROD PLVPD HV³WRWDOPHQWHDSWDSDUDPDQWHQHUODRUJDQL]D
FLyQSROtWLFD´6LQODUHOLJLyQVLQODIHQRVHUtDGDGR HQFRQWUDUXQ
SULQFLSLRGHXQLGDGVXILFLHQWHPHQWHFDSD]GHPDQWHQHUHORUGHQHQOD
SROLV (Q HVWH VHQWLGR SDUD HO DXWRU DQyQLPR H[LVWHQ GRV WLSRV GH
KRPEUHVDTXHOORVLOXPLQDGRVORVILOyVRIRVTXHVDEHQTXHHOFRQWHQL
GRPiVSURIXQGR GHODVHFUHWDILORVRItDUHVLGHHQHODWHtVPR\DTXH
OORVRWURVPRUWDOHV TXHQDFLHURQSDUDVHUVRPHWLGRV \SHUPDQHFHUHQ
ODLJQRUDQFLD3HURHVVDELGRTXHHVWRQRVLHPSUHIXHDVtVLQRTXHKD
VLGRPiVELHQSURGXFWRGHODFXOWXUD\QRGHODQDWXUDOH]DDXQTXHOD
FXOWXUDKD\D IRUPDGRFRPR XQDVHJXQGD QDWXUDOH]D HQORVKRPEUHV
FDUHQWHV GH OLEHUWDGHVGHFLUHQORVKRPEUHVTXHWRGDYtDYLYHQGH
DFXHUGRDODIH
 /DILJXUDGHOVDELRFRPRLGHDOGHYLGDHQHO7KHRSKUDVWXV
UHGLYLGXV
3DUDHODXWRUGHO7HRIUDVWRH[LVWHXQHVWDGRQDWXUDODQWHULRUDODRUJD
QL]DFLyQSROtWLFDHQHOFXDOQRH[LVWHPDODOJXQRHVWDGRHQHOFXDOWRGR
KRPEUHEXVFDFRQVHUYDUVH\FXLGDUVHDVtPLVPR(OFXLGDGRGHXQR
PLVPRHVHOPRWRUGHWRGDVODVDFWLYLGDGHVGHOKRPEUH³(VWRPXHVWUD
FODUDPHQWHTXHODOH\SULPHUD~QLFD\H[FOXVLYDGHODQDWXUDOH]DHVVH
JXLUHOELHQSURSLR\WDPELpQHYLWDUHOPDOSURSLR´7KHRSKUDVWXVUHGL
YLYXV
1RH[LVWHPDODOJXQRHQODQDWXUDOH]D\DTXHHVWDHV
EXHQD/DQDWXUDOH]DQRQHFHVLWD5HGHQWRUDOJXQRQLVLTXLHUDFRPRYD
PRVDYHUGHXQUHGHQWRUSROtWLFR(QODQDWXUDOH]D³>@WRGDVODVFRVDV
VRQEXHQDVOtFLWDV\KRQHVWDV´7KHRSKUDVWXVUHGLYLYXV
'HQWURGHOHVWDGRQDWXUDOHOKRPEUHDOFDQ]DXQJUDGRGHIHOLFLGDGYL
YLHQGRGHDFXHUGRDOSODFHUDXQTXHVHWUDWDGHXQSODFHUFDOFXODGRDO
PRGRGH(SLFXUR
³+RFPD[LPHRVWHQGLWERQXPSURSULXPVHTXLHWPDOXPHWLDPSURSULXPYLWDUH
SULPDPHVVHQDWXUDHOHJHPLPRXQLFDPHWVRODP´
³>@FXQFWDHVVHERQDOLFLWDKRQHVWD´
 SULPDYHUDYHUDQR 

678',$32/,7,&
3XHVELHQHVWHHVWDGRGHIHOLFLGDGQDWXUDOVHWUXQFDDSDUWLUGHODDSDUL
FLyQGHODRUJDQL]DFLyQSROtWLFD(VWDHVSURGXFWRGHOSRGHUHOFXDOHVWD
EOHFHXQDQXHYDHFXDFLyQHOVRPHWLPLHQWRGHORVPXFKRVSRUSDUWHGH
XQRVSRFRV(OSRGHUPHGLDQWHHOFXDOORVKRPEUHVVHGDQODRUJDQL]D
FLyQSROtWLFDJHQHUDGHVX\RODGHVLJXDOGDG6XFHGHTXHQHFHVDULD
PHQWHHVWDRUJDQL]DFLyQLQWURGXFHODQRFLyQGHSURSLHGDGSULYDGDGH
ORVELHQHV\ORVELHQHVVRQGLYLGLGRVSHURORVVHxRUHV\ORVPiVSRGH
URVRVWRPDQODPHMRUSDUWH5HILHUHQXHVWURDXWRU
(QHIHFWRHOSRGHU\HOGRPLQLRFRQGXFHQDODGHVLJXDOGDGSRUTXH
ORVHVFODYRVH[LVWHQHQGRQGHH[LVWHQORVDPRV7DPELpQHVWRVLQWUR
GXFHQODQRFLyQGHSURSLHGDGGHORVELHQHVHQHVHSUHFLVRPRPHQWR
VHRULJLQDODGLYLVLyQGHORVELHQHV\DTXHORVVHxRUHVSDUDVHUPiV
SRGHURVRVTXHORVV~EGLWRVVHDWULEX\HQWRGRRODPD\RUSDUWHGH
WRGR3HURFXDQGRHOSRGHUQRH[LVWHQRH[LVWHQQLORVDPRVQLORV
HVFODYRVQLODGLYLVLyQGHORVELHQHVQLODGHVLJXDOGDG3RUHVRQR
KD\OXJDUDGXGDVTXHODQDWXUDOH]DKDTXHULGRTXHH[LVWDHQWUHWRGRV
ORVVHUHVYLYRVDUPRQtD\PDQFRPXQLGDG<SDUDTXHHVWDDUPRQtD\
PDQFRPXQLGDGSHUPDQH]FDQSDUHFHTXHODQDWXUDOH]DQRKDHQWUHJD
GRHOSRGHUDQLQJXQR\TXHKDSURKLELGRTXHVHSURGX]FDDOJXQDGL
YLVLyQSRUTXHODQDWXUDOH]DHVODSURJHQLWRUDPiVMXVWDGHWRGRV
7KHRSKUDVWXVUHGLYLYXV
(OHTXLOLEULRLQLFLDOGHODQDWXUDOH]DFRPRVHDGYLHUWHHVURWRSRUODLQ
VHQVDWH]GHDOJXQRVKRPEUHVORVFXDOHVPHGLDQWHODYLROHQFLD\OD
IXHU]DYDQVRPHWLHQGRDORVPiVGpELOHVFIU7KHRSKUDVWXVUHGLYLYXV
1RH[LVWHUHLQRDOJXQRQRVGLFHHODXWRUTXHYHQLPRVFRQ
VLGHUDQGRTXHQRKD\DQDFLGRGHXQFULPHQRGHXQDLQMXVWLFLD/RVSR
GHURVRVGREOHJDQDORVPiVGpELOHVPHGLDQWHODLQYHQFLyQGHODVOH\HV
<ODVOH\HVSUHFLVDPHQWHQDFHQGHHVHGHVHRGHVHQIUHQDGRGHJREHUQDU
\GHHVWDEOHFHUHOGRPLQLR5HILHUHHQHVWHVHQWLGR
³,PSHULXPQDPTXHHWGRPLQDWXVLQDHTXDOLWDWHPLQGXFXQWXWSRWHVHUYLVLQWXEL
GRPLQL5HUXPHWLDPSURSULHWDWHPLQIHUXQWWXQFHQLPILWGLYLVLRUHUXPFXPGRPL
QLXWVLQWVXEGLWLVSRWHQWLRUHVYHOWRWXPYHOPDLRUHPSDUWHPWRWLXVVLELYLQGLFHQW
$WXELLPSHULXPQRQHVWQRQVXQWHWLDPQHTXHGRPLQLQHTXHVHUYLQHTXHGLYLVLR
UHUXPQHTXHLQDHTXDOLWDV,WDTXHDHTXDOLWDWHPHWFRPPXQLWDWHPLQWHURPQHVDQL
PDQWHVHVVHQDWXUDPYROXLVVHQRQGXELWDQGXPHVW(WXWLVWDTXLGHPDHTXDOLWDVHW
FRPPXQLWDVVWDUHWQXOOLLPSHULXPGHGLVVHQDWXUDYLGHWXUHWQHXOODGLYLVLRILHUHW
SURKLEXLWTXLDRPQLXPHVWSDUHQVDHTXLVVLPD´

3XHVTXLHQTXLVLHUDPLUDUFRQDWHQFLyQ\H[DPLQDUPLQXFLRVDPHQWH
GHTXpPDQHUDODVOH\HVWXYLHURQVXRULJHQ\VHPDQLIHVWDURQHQ
WUH
ORVKRPEUHVFRPRUD]RQHVJHQHUDGRUDVGHWRGDVODVRSLQLRQHVHV
H
LQGLYLGXRSXHGHREVHUYDUIiFLOPHQWHHOHUURUFRQHOTXHVHFRQV
LGH
UDQ\FRQRFHQSRUFRPSOHWRODIXWLOLGDGGHODVOH\HV(OSULQFL
SLR\
HORULJHQGHWRGDVODVOH\HVFRPLHQ]DDSDUWLUGHORVUHODWRV\
GHODV
LQYHQFLRQHVHQHIHFWRSXHVWRTXHORVSULPHURVSUtQFLSHV\ORV
GLUL
JHQWHVGHORVSXHEORVSXGLHURQFRPSUHQGHUTXHSDUDJREHUQDUD
XQDPXOWLWXGODHVSHUDQ]D\HOWHPRUVRQUHFXUVRVPX\HILFDFHVLQ
WURGXMHURQODVIDOVHGDGHVGHODVUHOLJLRQHVTXHVHEDVDQHQWHUDPHQ
WHHQHVWDVGRVLQFOLQDFLRQHV>@<HQHVWRVUHODWRVVHDSR\DWRGD
ODJUDQPDVDGHODVOH\HVGHODVTXHIXHURQLQWURGXFLGDVPXFKDV
FODVHVSDUDFRQVROLGDUORVLPSHULRV>@\DTXHODVOH\HVIXHURQLQ
YHQWDGDVSRUHOGHVHRGHJREHUQDU\GHHVWDEOHFHUXQGRPLQLR\D
FDXVDGHUHSULPLUODOLEHUWDGGHORVKRPEUHVHOODVVHRSRQHQSRU
FRPSOHWRDODQDWXUDOH]DTXHKL]RDWRGRVOLEUHV\VHxRUHVGHVtPLV
PRV6HGLIXQGHTXHODVOH\HVKDQVLGRLQWURGXFLGDVSDUDDOHMDUD
ORVKRPEUHVGHOPDO\DPRGRGHXQUHPHGLRFRPSOHWDPHQWHQHFH
VDULRSDUDHQIUHQWDUDPDOHVPX\JUDYHVVLQHPEDUJRHVWDIRUPDGH
SUHVHQWDUODVOH\HVHVDWUDFWLYDSHURVLQIXQGDPHQWR7KHRSKUDVWXV
UHGLYLYXV
&DEUtDSUHJXQWDUVHFyPRUHVXOWDSRVLEOHTXHGHXQHVWDGRQDWXUD
OGRQ
GHQRH[LVWHPDODOJXQRSXHGDQVXUJLUKRPEUHVTXHVXMHWRVDOD
OLELGR
GRPLQDQGLHMHU]DQYLROHQFLD\GRPLQLRVREUHRWURVKRPEUHVGDQGR
&$5/26'$1,(//$6$
³1DPTXLLQWXHULDFVHGXORSHUSHQGHUHYROXHULWTXRPRGROHJHVRPQLXPRSLQLR
QXPFDXVDHHIIHFWULFHVLQWHUKRPLQHVSURGLHULQWHWRUWXPKDEXHULQWLVHUURUHPTXR
WHQHQWXUKDXGGLIILFLOHSHUVSH[HULWHWOHJXPLQDQLWDWHPSURUVXVFRJQRYHULW/HJXP
RPQLXPSULQFLSLXPHWRULJRDIDEXOLVHWILJPHQWLVFRHSLWQDPFXPSULPLSULQFLSHV
HWSRSXORUXPGXFHVSHUVSLFHUHQWDGUHJHQGDPPXOWLWXGLQHPVSHPHWPHWXPHIILFD
FLVVLPDVUHVHVVHUHOLJLRQXPFRPPHQWDLQWURGX[HUXQWTXDHLVWLVGXREXVDIIHFWLEXV
SODQHLQQLWXQWXUXWLQWUDFWDWLEXVGHGLLVHWGHUHOLJLRQHGHFODUDYLPXVKLVTXHIDEX
OLVWRWDOHJXPPROHVLQFXPELWTXDUXPPXOWLSOH[JHQXVDGFRQILUPDQGDLPSHULDLQ
WURGXFWXPIXLW9HUXPTXRWTXRWVXQWWRWPRQVWUDVXQWDGYHUVXVQDWXUDPH[RUWD
QDPFXPLPSHULLHWGRPLQDQGLFXSLGLWDWHKRPLQXPTXHOLEHUWDWLVRSSULPHQGDHFDX
VDH[FRJLWDWHIXHULQWQDWXUDHSHQLWXVDGYHUVDQWXUTXDHRPQHVOLEHURVHWVXLLSVLXV
XQXPTXHPTXHGRPLQXPIHFLW3UDHGLFDQWGHWHUUHQGRVKRPLQHVDPDOROHJHVIXLVVH
LQWURGXFWDVHWTXDVLUHPHGLXPTXRGGDPJUDYLVVLPLVPDOLVDGPRGXPQHFHVVDULXP
$WVSHFLRVDKDHFHVWVHGIXWLOLVOHJXPHLQWURGXFHQGDUXPUDWLR>@´
 SULPDYHUDYHUDQR 

678',$32/,7,&
SDVRDODRUJDQL]DFLyQSROtWLFD(VDSDUWLUGHHVWDRUJDQL]DFLyQSROtWL
FDGHHVWHQXHYRPRGRGHYLGDLQVWDXUDGRHQWUHORVKRPEUHVTXHVXU
JHHOFRQFHSWR GHELHQ\GHPDO(OPDOSDUDVHUUHDOQRVGLFHHO
7KHRSKUDVWXVGHEHVHU³GHILQLGR\HVWDEOHFLGRVyORSRUODVOH\HVKX
PDQDV\ODVFRVWXPEUHVSXHVHQODQDWXUDOH]DWRGDVODVFRVDVVRQEXH
QDVRPHMRUD~QH[FHOHQWHV´7KHRSKUDVWXVUHGLYLYXV
<
DxDGHHQUHDOLGDG³WRGDVHVDVFRVDVTXHVHFRQVLGHUDQPDODVH[LVWHQ
VyORSRUODVOH\HV\ODVFRVWXPEUHVTXHLQWURGXFHQXQDQRFLyQGHHVWH
WLSRHQORVKRPEUHVGHVGHTXHVRQQLxRV´7KHRSKUDVWXVUHGLYLYXV

$OPDOORGHWHUPLQDODSURKLELFLyQGHODOH\\HVWD~OWLPDQRHVRWUD
FRVDTXHODSXUDGHFLVLyQUHVSDOGDGDSRUODIXHU]DH[SUHVLyQPDQLILHV
WDGHXQGHFLGLGRSRVLWLYLVPRMXUtGLFRTXHFRPLHQ]DDGRPLQDUDORV
HVStULWXV6LQODOH\HOPDOQRH[LVWH(QUHDOLGDGODOH\QRGHMDDO
KRPEUHVHUOLEUH\SRUHVRVHRSRQHDXQHVWDGRGHQDWXUDOH]DLQLFLDO
HQODTXHWRGRVORVKRPEUHVHUDQOLEUHV\VHxRUHVGHVtPLVPRV(OLPL
QDUODVOH\HV\UHWRUQDUDODQDWXUDOH]DVHSUHVHQWDQFRPRHOLPSHUDWLYR
GHXQKRPEUHTXHGHVHDIHUYLHQWHPHQWHVHUIHOL]/DIHOLFLGDGGHOKRP
EUHFRQVHFXHQWHPHQWHQRHVWiGDGDSRUODREVHUYDQFLDGHODOH\ VLQR
SRUHOUHVSHWRDODQDWXUDOH]DODIHOLFLGDGFRQVLVWHSUHFLVDPHQWHHQ
RUJDQL]DUVHGHDFXHUGRDVXVOH\HV(OTXHKDFHHVWRVHWUDQVIRUPDHQ
XQVDELR'HDOOtTXHHOVDELRVHVLW~HSRUIXHUDGHODRUJDQL]DFLyQSR
OtWLFDDOHMDGRGHHOOD\SRUHVRGHOSXHEOR(OVDELRYLYHGHPRGRVR
OLWDULRDXQTXHURGHDGRGHDPLJRVTXHDPDQODPLVPDYLGDQDWXUDO5H
ILHUHQXHVWURDXWRU
(QSULPHUOXJDUGHFLPRVTXHKD\TXHDSDUWDUVHGHOSXHEORSXHVWR
GRVGLFHQTXHHVHOFDXVDQWHGHWRGRVORVYLFLRV\WDPELpQHOSURSL
FLDGRUPiVLQVLVWHQWH GHLQQXPHUDEOHVHUURUHV6DEHPRVTXH DTXHO
DGHPiVGDVXDSR\RDODVPHQWLUDV\D ODVGRFWULQDVIDOVDV GH WDO
IRUPDTXHORYHUGDGHUR\ORUHFWRQLVLTXLHUDSXHGHQSHUPDQHFHUHQ
pOGHPDQHUD FRQVWDQWHSRUXQWLHPSRSHUPDQHQWHPHQWHVHPRYLOL
]DJUDFLDVDFDPELRVSROtWLFRVLQHVWDEOHV\QRWLHQHQDGDGLJQRGHIH
³8WLQGHFHUWXPVLWOHJLEXVKXPDQLVVROXPFRQVXHWXGLQLEXVTXHPDOXPGHILQLUL
HWVWDWXLQDWXUDYHURFXQFWDHVVHERQDLPRRSWLPD´
³4XDSURSWHUFRQILWHQGXPHVWHDRPQLDTXDHVLFVHKDEHQWPDODOHJLEXVWDQWXP
HVVHHWFRQVXHWXGLQLEXVTXDHHLXVPRGLRSLQLRQHPKRPLQLEXVDSXHULVLQIXQGXQW´

QLFRQVWDQWHVDOYRHOHUURU(QHIHFWR¢TXLpQSRGUtDTXLWDUG
HOSXH
EORDOJ~QHUURUQDFLGRGHVXVDQWLJXRVKiELWRV\GHODVGRFWULQ
DVVLQ
VHUDWDFDGR"¢TXLpQSRGUtDWROHUDUTXHXQDQWLJXRHUURUVHDH[
SXOVD
GR"\DDOJXQDDFWLWXGGHDTXHOODVTXHGHFLPRVTXHH[LVWHQFRQ
WUD
ULDVDODQDWXUDOH]D¢TXLpQODFRUUHJLUtD\ODFDPELDUtDSRUD
OJRPH
MRU" (OSXHEORQR VyORDEDUFD REVWLQDGDPHQWHODV FRQYLFFLRQHVT
XH
VHKDQDGTXLULGRGHVGHORVWLHPSRVUHPRWRVVLQRTXH WDPELpQRE
OL
JDDORVUHVWDQWHVLQGLYLGXRVDVHJXLUODVFRQHOFULWHULRGHXQ
HVStUL
WXPDO IRUPDGR\FRUUXSWR>@*HQHUDOPHQWHFXDQWRPiV JUDQGH
HVHOSXHEORDOFXDOQRVLQWHJUDPRVHV PD\RUHO SHOLJURSRU HVWR
0HYXHOYRPiVDYDUR PiVDPELFLRVRPiVOXMXULRVR\HQFRQVH
FXHQFLD PiV FUXHO \ PiV LQKXPDQR SRUTXH SHUPDQHFt HQWUH ORV
KRPEUHV3RU HVRHOHVStULWXGHOVDELR GHEH VXVWUDHUVHGHOSXHEOR
SXHV IiFLOPHQWHVHWUDQVIRUPD HQHOGHODPD\RUtD7KHRSKUDVWXV
UHGLYLYXV

(OVDELRFRPRDGYHUWLPRVGHEHDVXPLUXQDYLGDWRWDOPHQWHRFLRVD
DSDUWDGDGHDTXHOODVH[LJHQFLDVTXHODVOH\HVOHLPSRQHQDOSXHEOROD
YLGDGHOVDELRMDPiVSRGUtDDGTXLULUHOSHUILOGHOUHYROXFLRQDU
LRGH
DTXHOKRPEUHTXHWLHQHFRPRPHWDODWUDQVIRUPDFLyQVRFLRSROtWL
FD
3DUDHOVDELROLEHUWLQRODYLGDUHYROXFLRQDULDHVLQFRPSDWLEOH
FRQXQD
YLGDIHOL]WUDQTXLOD\GHVSUHRFXSDGD/RUHQ]R%LDQFKLVHxDODD
OUHV
SHFWR
&$5/26'$1,(//$6$

³6HFHGHQGXPSULPXPDSRSXORGLFLPXVYLWLRUXPHQLPRPQLXPLOOXPDXWKR
UHPHVVHRPQHVIDWHQWXUHUURUXPHWLDPLQILQLWRUXPFXOWRUHPSHUWLQDFLVVLPXP
0HQGDFLLVTXHHWRSLQLRQLEXVIDOVLVDGHRDGKDHUHUHLOOXPVFLPXVXWYHUXPUHFWXP
TXHQHPRPHQWRTXLGHPDSXGHXPFRQVWDQWHUVWDUHSRVVLWLQVWDELOLIOXFWXFRQWLQXR
DJLWDWXUQLKLOTXHILGXPILUPXPTXHKDEHWSUDHWHUHUURUHP4XLVHQLPHSRSXORIH
UUHWXOODPH[DQWLTXLVLOOLXVFRQVXHWXGLQLEXVHWRSLQLRQLEXVYHOPLQLPXPYLRODUL"
4XLVWROHUDUHWLQYHWHUDWXPDOLTXHPHUURUHPH[SHOOL"HWDOLTXLGHRUXPTXDHFRQWUD
QDWXUDPHVVHGLFLPXVFRUULJLDWTXHLQPHOLXVPXWDUL"1RQVROXPFRQWXPDFLWHUTXDV
DELQFXQDEXOLVKDEXHUHSHUVXDVLRQHVDPSOHFWLWXUSRSXOXVYHUXPHWLDPSUDYRHWFR
UUXSWRPHQWLVLXGLFLRFDHWHURVDGLOODVDPSOHFWHQGDVDGLJLWDWTXHHWLDPKXPDQDH
PHQWLVLPEHFLOOLWDVDWTXHLQILUPLWDVWDQWDHVWXWVLQRQDGLJHUHWXUH[HPSORWDPHQ
VHQVLPLQTXLQDUHWXU,QLPLFDHVWSRSXOLFRQYHUVDWLRDLW6HQHFDQHPRQRQDOLTXRG
YLWLXPQRELVLPSULPLWDXWVDOWHPFRPPHQGDWDXWQHVFLHQWLEXVDOOLQLW8WLTXHTXR
PDLRUHVWSRSXOXVFXLFRPPLVFHPXUKRFSHULFXOLSOXVHVW$YDULRUUHGHRDPELWLR
VLRUOX[XULRVLRULPRYHURFUXGHOLRUHWLQKXPDQLRUTXLDLQWHUKRPLQHVIXL6XEGX
FHQGXVLWDTXHSRSXORHVWVDSLHQWLVDQLPXVIDFLOHHQLPWUDQVLWXUDGSOXUHV´
 SULPDYHUDYHUDQR 

678',$32/,7,&
<HOVDELRHQWRQFHVTXHEXVFDDOFDQ]DUXQDDXWyQRPD\SURSLDOL
EHUDFLyQQRVHSURSRQHVXVWUDHUDOSXHEORGHDTXHOODPLWRORJtD
UHOLJLRVDTXHpOVHRFXSDGHGHVHQPDVFDUDU\UHIXWDUVLQRDQWHV
ELHQHVFRQVFLHQWHTXHODVWUDGLFLRQHV\ODFRVWXPEUHKDQSODVPD
GR\DHQHOSXHEORFRPRXQDVHJXQGDQDWXUDOH]D>@%LDQFKL


(OPRGHORGHVDELRSURSXHVWRSRUHODXWRUGHO7HRIUDVWREXVFDDVHJXUDU
XQDYLGDRFLRVDOHMRVGHODVRFXSDFLRQHV\QHJRFLRVSURSLRVGHOSXH
EORVRORHORFLRFUHDHOHVSDFLRSDUDXQDPHGLWDFLyQDXWyQRPD \XQD
OLEHUDFLyQGHWRGR\XJRTXHOHLPSLGDVHUDXWyQRPR5HVXOWDFXULRVR
TXHODILJXUDGHOVDELRGHEDIXQGDUVHVREUHODGHVLJXDOGDG\ODLQMXVWL
FLDVRFLDOHQFRQWUDQGRHQHVWDVGRV~OWLPDVHOUHDVHJXURSDUD ODH[LV
WHQFLDIHOL]GHXQRVSRFRV6XFHGHTXHSDUDHODXWRUDQyQLPRODPD
\RUtDGHORVKRPEUHVSRVHHQXQDQDWXUDOH]DGLVPLQXLGDHLPSRVLEOHGH
WUDQVIRUPDU
/DDGPLQLVWUDFLyQSROtWLFDQRVHUiHQWRQFHVRFXSDFLyQGHORVVDELRV
VLQRGHORVSROtWLFRV(OVDELRVHGLVWLQJXLUiGHOSROtWLFRQRVRORSRU
DWHQGHUDODYHUGDGHQOXJDUGHODXWLOLGDGVLQRTXHPLHQWUDVTXHHOSR
OtWLFRJDVWHVXYLGDHQYHODUSRUHOIXQFLRQDPLHQWRGHODRUJDQL]DFLyQ
SROtWLFDORTXHHTXLYDOHDOFRQWUROGHOSXHEORHOVDELRDWUDtGRSRUOD
VRODYHUGDGEXVFDUiFRQIRUPDUVHDODQDWXUDOH]DDOFDQ]DQGRXQDXWyQR
PRDXWRJRELHUQRFI%LDQFKL
1RSRGHPRVGHMDUGHVXEUD\DUTXHHOSHQVDPLHQWROLEHUWLQRVLELHQVH
SUHVHQWDFRPRHVHQFLDOPHQWHUHYROXFLRQDULRHQORTXHUHVSHFWDDODFRQ
FHSFLyQGHOPXQGRQRORHVHQORTXHKDFHDORUGHQSROtWLFR(VWH~OWL
PRHQWDQWRIXQGDGRHQXQSRGHUDUELWUDULRQHFHVLWDGHXQDPHQWLUD
TXHVHSUHVHQWHFRPRVLIXHUDYHUGDGUHTXLHUHSDUWLFXODUPHQWHGHODIH
UHOLJLRVDTXHHVFRPRODDPDOJDPDGHODVRFLHGDG\DTXHSRUHOODHO
SXHEORREVHUYDDOJRFRP~QODOH\'HDOOtTXHVHDPHQHVWHUGLVWLQJXLU
HQWUHYHUGDG\XWLOLGDG5HFRUGHPRVTXHODYHUGDGHVSDWULPRQLRH[FOX
VLYRGHODUD]yQQDWXUDOFRQVHFXHQWHPHQWHODUHOLJLyQVHVLW~DHQHO

³(LOVDSLHQWHDOORUDFKHPLUDDUDJJLXQJHUHXQDSURSLDHDXWRQRPDOLEHUD]LRQH
QRQVLSURSRQHGLVRWWUDUUHLOSRSRORDTXHOODPLWRORJLDUHOLJLRVDFKHHJOLPDVFKHUDH
ULILXWDPDDQ]LqFRQVFLRFKHOHWUDGL]LRQLHODFRQVXHWXGLQHKDQQRRUPDLSODVPDWR
LOSRSRORFRPHXQDVHFRQGDQDWXUD>@´

iPELWRGHORIDOVR3HURVLELHQODUHOLJLyQHVDEVROXWDPHQWHIDOD]VLQ
HPEDUJRUHVXOWDGHJUDQXWLOLGDGSDUDPDQWHQHUODH[LVWHQFLDGHODRUJD
QL]DFLyQSROtWLFD
/DDSDULFLyQGHORUGHQSROtWLFRKDGDGRSDVRDODH[LVWHQFLDGHGRVWL
SRVDQWURSROyJLFRVORVVDELRV\ORVLJQRUDQWHV/DVVHULHVVLJQLILFDWLYDV
VHUtDQVDELR±UD]yQQDWXUDO±YHUGDG±OLEHUWDGSRUXQODGRLJQRUDQWH
±IH±IDOVHGDG±HVFODYLWXGSRUHORWUR/DDSDULFLyQGHODRUJDQL]D
FLyQSROtWLFDHQHIHFWRKDVLGRFDXVDGHODJHQHUDFLyQGHXQLQIUDKRP
EUHFDUHQWHGHUD]yQQDWXUDO\SRUHVRDWDGRDODVSXUDVSDVLRQHVTXH
GHEHQVHUGRPLQDGDV<SDUDHVWRQDGDPHMRUTXHODUHOLJLyQODFXDO
SURPHWHXQDGLFKDHWHUQDRTXHDPHQD]DFRQVXSpUGLGDDOTXHQR
FXPSOH
3DUD$XJXVWR'HO1RFHHVWDLQIUDYDORUDFLyQGHODVSHUVRQDVGHOSXHEOR
VHJXQGDVHULHGHVLJQLILFDFLyQHVHOSURGXFWRGHODWHtVPRUDGLFDOVRV
WHQLGRSRUORVDXWRUHVOLEHUWLQRV6LSDUDORVOLEHUWLQRVODKXPDQLGDGHV
LQPRGLILFDEOHHQWRQFHVVHSLHUGHODUHDOLGDGPRUDOGHORVRWURVORV
FXDOHVGHMDQGHVHUFRQVLGHUDGRVFRPRSHUVRQDVTXHH[LJHQVHUUHVSHWD
GDVSDUDSDVDUDIRUPDUSDUWHGHXQDVLPSOHJUH\TXHGHEHVHUFRQGX
FLGD([SUHVDHVWHDXWRU³>@ODGHVDFUDOL]DFLyQOLEHUWLQDFRQGXFHHQOD
HVIHUDGHORSROtWLFRDODDSRORJtDGHODEVROXWLVPROOHYDGRDVXVFRQVH
FXHQFLDVPiVH[WUHPDVHQYLUWXGGHODHOLPLQDFLyQGHWRGROtPLWHGH
GHUHFKRQDWXUDORGHOH\GLYLQD´'HO1RFH
&DEHFRQVLJQDUTXHORVOLEHUWLQRVDOUHFKD]DUODLGHDGHFUHDFLyQGHOD
QDGDVXVFULEHQODLGHDGHXQDYLVLyQFtFOLFDGHOXQLYHUVR6XFRQFHS
FLyQDQWURSROyJLFDWRWDOPHQWHQHJDWLYDSRUXQODGRVXPDGDDXQDFRQ
FHSFLyQFtFOLFDGHOXQLYHUVRSRUHORWURJHQHUDQHQHOSHQVDPLHQWROL
EHUWLQRXQDSRVLFLyQSROtWLFDWRWDOPHQWHFRQIRUPLVWDGHQWURGHODTXH
QRHVGDEOHSHQVDUHQWpUPLQRVGHSURJUHVRDOJXQR(VWH~OWLPRVROR
SXHGHUHJLVWUDUVHHQHOWUDEDMRVROLWDULRGHOVDELRTXHEXVFDODYHUGDG
(QUHDOLGDGHOSHQVDPLHQWRSROtWLFROLEHUWLQRUHSUHVHQWDXQDFRQILUPD
FLyQDEVROXWDGHODGRFWULQDGHODUD]yQGH(VWDGR

&$5/26'$1,(//$6$

/DGRFWULQDGHODUD]yQGH(VWDGRQHJDGRUDGHODGLPHQVLyQPHWDItVLFD\SRU
HQGHGHODGRFWULQDGHOGHUHFKRQDWXUDOFOiVLFDVRVWLHQHTXHHO(VWDGRWLHQHXQD
WHQGHQFLDRUJiQLFDQDWXUDODEXVFDUHOFRQWLQXRLQFUHPHQWR\
FRQVROLGDFLyQGHVX
SURSLDSRWHQFLDILQSDUDHOFXDOWLHQGHDXVDUWRGRVORVPHGLRVLQFOXVRODYLROHQFLD
WUDVJUHGLHQGRODPRUDO\HOGHUHFKR
 SULPDYHUDYHUDQR 

678',$32/,7,&
(OUDFLRQDOLVPRFUtWLFR\VXVGRVPRGDOLGDGHV
(QYLUWXGGHWRGRORDILUPDGRSUHFHGHQWHPHQWHSXHGHFRQVWDWDUVHTXH
HQHOVLJOR;9,,QRVyORVHRSHUyXQD³UXSWXUDHQWUHUD]yQ\IH´FRPR
VXFHGLyFRQHOLPSDFWRGHOSHQVDPLHQWRGH6HLGHOVLQRTXHVHSURGXMR
ODPiVFRPSOHWDGLVROXFLyQWDQWRGHXQDUD]yQHQWHQGLGDHQWpUPLQRVGH
QRXVGHLQWHOOHFWXVFRPRGHODIH'HDKRUDHQPiVHODOPDKXPDQDQR
YDDGLVSRQHUGHHVWDVGRVDODVSDUDUHPRQWDUVHPiVDOOiGHODWLHUUD/D
VtQWHVLVHQWUHUD]yQ\IHQRVRORVHHYDSRUDVLQRWDPELpQVXVPLVPtVL
PRVWpUPLQRV
7RGDIRUPDGHIHGHDKRUDHQPiVQRSRGUiIXQGDUVHHQODUD]yQ\D
TXHHVWDHVLQFDSD]GHGDUMXVWLILFDFLRQHVGDGRTXHVXXVRQRSXHGH
WUDVFHQGHUHOGRPLQLRGHORVHQVLEOH/DIHGHDKRUDHQPiVGHVFDQVD
UiHQODSXUDGHFLVLyQPDQWHQLpQGRVHFRPSOHWDPHQWHDSDUWDGDGHOGRPL
QLRGHODYHUGDG(QHVWHVHQWLGRODIHSDUDORVOLEHUWLQRVVLJXHVLHQGR
~WLOFRPR\DORKHPRVSXHVWRGHPDQLILHVWRSDUDPDQWHQHUODH[LVWHQ
FLDGHORUGHQDPLHQWRSROtWLFRDXQTXHGHVGHODSHUVSHFWLYDGHOVDEHU
SXURHTXLYDOHDXQDEXUGDPHQWLUD
(OOLEHUWLQLVPRGHHVWDPDQHUDDSRUWDDOSHQVDPLHQWRLOXPLQLVWDGHOVL
JOR;9,,,WUHVHOHPHQWRVODLQVWDXUDFLyQGHXQUDFLRQDOLVPRFUtWLFR
QRPHWDItVLFRHOFXDOVXSRQHHODEDQGRQRGHILQLWLYRGHODWHRUtD\HOSD
VDMHGHOFRQRFLPLHQWRHQWHQGLGRHQWpUPLQRVGHYLVLyQDOGHSXUDFRQV
WUXFFLyQHVGHFLUVHWUDWDGHXQPHURVDEHURSHUDWLYRWUDQVIRUPDGRUGHO
PXQGRODDILUPDFLyQGHODDEVROXWDVREHUDQtDGHODUD]yQODFXDOSD
VDUiDGHVHQYROYHUVHHQHOFDPSRGHODVRODH[SHULHQFLDSHURTXHVHDX
VHQWDUiWRWDOPHQWHGHODGLVFXVLyQGHORVJUDQGHVSUREOHPDVPHWDItVL
FRVFRQVHFXHQWHPHQWHODQHJDFLyQDEVROXWDGHORVREUHQDWXUDO\OD
H[SOLFDFLyQSXUDPHQWHQDWXUDOGHHVWDLQVWDQFLD
(VHVWHUDFLRQDOLVPRFUtWLFRIUDJXDGRHQHOVLJOR;9,,HOTXHVRFDYD
ORVGRVWpUPLQRVGHODUHODFLyQTXHKDEtDQIXQGDGRODFXOWXUDRFFLGHQ
WDODORVTXHDOXGLPRVDOFRPLHQ]RGHHVWHHVFULWR$KRUDELHQHVWHUD
FLRQDOLVPRFUtWLFRFRPRMXVWDPHQWHREVHUYD'HO1RFHVHUHVROYHUiHQ
GRVPRGDOLGDGHVRSXHVWDVSRUXQODGRHOUDFLRQDOLVPRSURSLRGHOOL
EHUWLQRHOFXDOGHELGRDODDVXQFLyQFtFOLFDGHOWLHPSRHQWLHQGHTXH
ODVLPSRVWXUDVGHODUHOLJLyQVRQQHFHVDULDVWDQWRKR\FRPRD\HUUD]yQ
SRUODFXDOGHEHGLULJLUVHDOSDVDGRSDUDGHVFXEULUPHGLDQWHHOXVRGH
ODVRODUD]yQQDWXUDOODYHUGDGILORVyILFDSRUHORWURHOUDFLRQDOLVPR

LOXPLQLVWDGHOVLJOR;9,,, HOFXDODSURSLiQGRVHGHOVHQWLGR FULVWLDQR
GHOWLHPSRVLPEROL]DGRHQOtQHDDVFHQGHQWHSURJUHVLYDGDOXJDUDXQ
ILOyVRIRLOXPLQDGRGLULJLGRKDFLDHOIXWXURKDFLDXQDKXPDQLGDGOLEUH
GHWRGDIRUPDGHRSUHVLyQFIU'HO1RFH$SURSyVLWRGH
HVWHSXQWRUHILHUH'HO1RFH
>@FXDQGRODWHVLVGHODGREOHYHUGDGDSOLFDGDDORVGRFWRV
\DOYXO
JRTXHHUDHVHQFLDOSDUDHOSULPHUWLSRGHUDFLRQDOLVPRFHGH
VXOX
JDUDODLGHDGHFRQVWUXFFLyQGHODFLXGDGIXWXUDHQWRQFHVHV
FXDQGR
UHWRUQDGHIRUPD\DQRXWySLFDHOPRGHORGHOILOyVRIRSROtWLFRFIU
'HO1RFH
'DGRTXHHOOLEHUWLQLVPRFRPR\DORKHPRVUHIHULGRUHFKD]DODLGHD
GHFUHDFLyQGHODQDGD\DVXPHODLGHDGHOHWHUQRUHWRUQRQRSXHGH
KDFHUVX\DODLGHDGHSURJUHVRHVWRHVGHODSRVLELOLGDGGHTXHHOPD
xDQDYD\DDVHUPHMRUTXHHOKR\'HDOOtHQWRQFHVVXUHQXQFLDPiV
FRPSOHWDUHVSHFWRGHDTXHOODWDUHDOLEHUWDGRUDTXHKDKHFKRVX\DHO
LOXPLQLVPR$QRWD'HO1RFHUHILULpQGRVHDODOLEHUWDGSUDFWLFDGDSRU
ORVOLEHUWLQRV
³/DOLEHUWDGVHHQFXHQWUDUHVWULQJLGDDODSXUDOLEHUWDGLQWHULRUDXQD
OLEHUWDGGLVRFLDGDGHOPRGRPiVFRPSOHWRGHWRGDLGHDGHOLEHUDFLyQ
HOOLEHUWLQRQRHVHQULJRUDTXHOTXHVHOLEHUDVLQRDTXHOTXHHQYLU
WXGGHVXVDEHUVHHQFXHQWUDOLEHUDGRGHORVSUHMXLFLRV´
$ORTXH3LQWDUGDxDGH³7DOHVODH[WUDxDVLWXDFLyQGHHVWRVµHVStUL
WXVIXHUWHV¶HOORVTXLHUHQHVWDUVRORV>@VyORTXLHUHQDOJXQRVFRQIL
GHQWHVSHURODPHQRUFDQWLGDGGHGLVFtSXORV´
'HODUHYROXFLyQPDU[LVWDDODVRFLHGDGGHODRSXOHQFLD
3HURODRSHUDFLyQOOHYDGDDFDERHQHOVLJOR;9,,IXQGDPHQWDOPHQWHGH
ODPDQRGHORVOLEHUWLQRVQRTXHGDFODXVXUDGDDOOtVLQRTXHYXHOYHD
DSDUHFHUFRQWRGRVXYLJRUHQQXHVWURVGtDV&RQVLGHUHPRVDFRQWLQXD
FLyQHVWDFXHVWLyQ
/DSpUGLGDGHODGLPHQVLyQLQWHOHFWLYDGHODOPDKXPDQD\VXUHGXFFLyQ
DXQDSXUDUDWLRHQFDUJDGDGHUHXQLUORVGDWRVTXHDSRUWDQORVVHQWLGRV
KDFRQGXFLGRDODH[LVWHQFLDGHGRVWLSRVGHFRQFLHQFLDTXHVHKDQGHV
SOHJDGRGHVGHHOVLJOR;9,,KDVWDQXHVWURVGtDVODHVFpSWLFD\ODUHYR
&$5/26'$1,(//$6$
 SULPDYHUDYHUDQR 

678',$32/,7,&
OXFLRQDULD/DSULPHUDVHPXHVWUDFODUDPHQWHHQORVOLEHUWLQRVODFXDO
ODQJXLGHFHDUDt]GHODXJHGHODVHJXQGDSDWHQWL]DGDHQHOLGHDOJQyVWL
FRPDU[LVWD

²QRVGLUtD(ULF9RHJHOLQ²TXHRSHUDHOSDVDMHGHOUHL
QRGHODQHFHVLGDGDOUHLQRGHODOLEHUWDG6LQHPEDUJRFRPRYHUHPRV
HOVXLFLGLRGHHVWDVHJXQGDYROYHUiDPHWDPRUIRVHDUVH\GDUOXJDUHQ
QXHVWURVGtDVDODKHJHPRQtDDEVROXWDGHODSULPHUDODFRQFLHQFLDHV
FpSWLFDHQODGHQRPLQDGDVRFLHGDGGHODRSXOHQFLD¢&yPRKDDFRQWHFL
GRHVWDSDUiEROD"9HDPRV
(OHQFLHUURGHODUD]yQKXPDQDGHQWURGHORVEDUURWHVGHORUGHQGHORV
IHQyPHQRVGHMDVLQUHVSXHVWDDORVJUDQGHVLQWHUURJDQWHVGHOHVStULWX
KXPDQRODUHVSXHVWDGHOHVFHSWLFLVPRMDPiVSXHGHVDWLVIDFHUORVSRUTXH
VRORSXHGHGHVSHUWDUVRVSHFKDVGHVFRQILDQ]DV\UHFHORV'HDOOtODQH
FHVLGDGLPSHULRVDSRUSDUWHGHDOJXQRVHVStULWXVGHHQVD\DUDOJ~QWLSR
GHVROXFLyQDXQTXH\DQRDSDUWLUGHXQDLQWHOLJHQFLDPHWDItVLFDVLQR
GHVGHODDFFLyQPHUDPHQWHKXPDQD(VHQWRQFHVFXDQGRHOUHYROXFLRQD
ULRKDFHVXHQWUDGDHQHVFHQD\H[LJHXQDDSXHVWDOpDVHIHHQXQDGYH
QLUKLVWyULFRTXHHOPLVPRKRPEUHGHEHUiFRQVWUXLUPHGLDQWHVXDFFLyQ
$OUHVSHFWR'HO1RFHHVWDEOHFHXQSDUDQJyQFRQHOSHQVDPLHQWRGH
$JXVWtQ5HILHUH
$SDUHFH\DDTXtXQDFXULRVDFRLQFLGHQFLDFRQHODJXVWLQLVPRORVYD
ORUHVVRQIXQGDGRVHQXQDUHDOLGDGREMHWLYDTXHQRHVFRJQRVFLEOHGH
PRGRDEVROXWRVLQRGHPRGRUHODWLYRHVWRHV'LRVSDUD6$JXVWtQ\
ODKLVWRULDSDUD0DU[\HOFRQRFLPLHQWRPiVREMHWLYRTXHHOKRPEUH
SXHGDDOFDQ]DUGHXQKHFKRKLVWyULFRH[LJHHOUHFRQRFLPLHQWRGH
HVWDUHDOLGDGWUDVFHQGHQWHRVXSUDLQGLYLGXDOFRPRYDORUVXSUHPR<
HVWHDGYHQLUGHEHPRVKDFHUORFRQQXHVWUDDFFLyQGHMDGDGHODGROD
FRQFHSFLyQQHFHVLWDULVWDTXHQRSXHGHVDOYDUODREMHFLyQGHTXHORV
MXLFLRVGHYDORUQRSXHGHQVHUGHGXFLGRVDSDUWLUGHORVMXLFLRVGHKH
FKRHOPDU[LVPRDVXPHODLGHDGHOSDULSRQLpQGRORHQHOFHQWURGH
VXSHQVDPLHQWR
'HO1RFHVHLQVSLUDUHVSHFWRGHORVHxDODGRSUHFHGHQWHPHQWHHQHO
SHQVDPLHQWRGHOVHJXLGRUGH0DU[/XFLHQ*ROGPDQQ(QVXHVFULWR/H

(OPDU[LVWDDOLJXDOTXHHOJQyVWLFRUHFKD]DHOPXQGRDXQTXHGLILHUHGHOJQyV
WLFRHQXQSXQWRTXHSURFXUDWUDQVIRUPDUORPHGLDQWHODSXUDDFFLyQKXPDQD\QR
DEDQGRQDUOR

&$5/26'$1,(//$6$
'LHXFDFKpeWXGHVXUODYLVLyQWUDJLTXHGDQVOHVSHQVpHVGH3DVFDOHW
GDQVOHWKpkWUHGH5DFLQHUHILHUH
/DIHPDU[LVWDHVXQDIHHQHOSRUYHQLUKLVWyULFRTXHORVKRPEUHV
PLVPRVFRQVWUX\HQRPiVH[DFWDPHQWHTXHQRVRWURVGHEHPRVFRQV
WUXLUDSDUWLUGHQXHVWUDDFWLYLGDGXQDµDSXHVWD¶SRUHOp[LWRGHQXHV
WUDVDFFLRQHVODWUDVFHQGHQFLDTXHHOREMHWRKDFHGHHVWDIHQRHVQL
VREUHQDWXUDOQLWUDQVKLVWyULFDVLQRVXSUDLQGLYLGXDOQDGDPiV\QDGD
PHQRV´
/DGLDOpFWLFDPDU[LVWDSDUD*ROGPDQQUHDQXGDOXHJRGHODSUHVHQFLD
GHOUDFLRQDOLVPRWRPLVWD\FDUWHVLDQRODWUDGLFLyQDJXVWLQLDQDGHQWUR
GHODFXDOVHHQPDUFDQORVMDQVHQLVWDV\3DVFDO(QHVWHVHQWLGRHODFWR
GHIHHVHOIXQGDPHQWRFRP~QGHODHSLVWHPRORJtDDJXVWLQLDQDSDVFDOLD
QD\PDU[LVWDDXQTXHVHWUDWDHQORVWUHVFDVRVGHXQDIHHVHQFLDOPHQ
WHGLVWLQWDHYLGHQFLDGHORWUDVFHQGHQWH$JXVWtQDSXHVWDSRUORWUDV
FHQGHQWH3DVFDODSXHVWDSRUXQDVLJQLILFDFLyQLQPDQHQWH0DU[FIU
*ROGPDQ
(OKRPEUHWUiJLFRHVWRHVDTXHOKRPEUHTXHVHRSRQHDOUDFLRQDOLVPR
GDGRHOFDUiFWHUDPRUDO\DUUHOLJLRVRGHHVWHSRUFXDQWRDUUDQFDGHOHVSt
ULWXKXPDQRHOVHQWLGR~OWLPRHQYLUWXGGHOFXDOYLYLU\TXHGDFRQVLVWHQ
FLDDWRGDODH[LVWHQFLDKXPDQDFRQGXFHDODDILUPDFLyQGHYDORUHVTXH
WUDVFLHQGHQDOLQGLYLGXRTXHHQHOFDVRGHOPDU[LVPRVHUiQFUHDGRVPH
GLDQWHODDFFLyQKXPDQD(OSUREOHPDUDGLFDHQHOFULWHULRTXHWLHQHHO
PDU[LVWDSDUDGHWHUPLQDUODYHUDFLGDGGHVXUHYROXFLyQHVWRHVGHTXp
YHUGDGGLVSRQHSDUDPHQVXUDUTXHHOUHLQRGHODOLEHUWDGDQXQFLDGRVHKD
KHFKRSUHVHQWH(OSUREOHPDHQWRQFHVHVTXHSDUD0DU[QRH[LVWHWDO
YHUGDGFRPRPHGLGDWUDQVKLVWyULFDGHORVKHFKRVKLVWyULFRVODYHUGDGVH
LGHQWLILFD\YHULILFDHQHOUHVXOWDGRKLVWyULFR0DU[HQODWHVLV;,VREUH
)HXHUEDFKGDSRUFRQFOXLGDODH[LVWHQFLDGHWRGDILORVRItDHVSHFXODWLYD
DFWRVHJXLGRFDHHQODFXHQWDTXHVHKDOODLPSRVLELOLWDGRGHDEUD]DUXQD
YHUGDGWUDQVKLVWyULFD'HDOOtHQWRQFHVTXHODGLVFXVLyQVREUHODLPSRU
WDQFLDGHVXILORVRItDVRORSXHGDGDUVHVREUHHOSODQRGHODKLVWRULFLGDG
HQFRQVHFXHQFLDVXYDORUSDVDUiDPHGLUVHDSDUWLUGHVXUHVXOWDGRKLVWy
ULFR(QHVWHVHQWLGR³>@ODVILORVRItDVQRVHUiQPiVTXHKLSyWHVLVKLV
WyULFDVGHWUDEDMRYHULILFDGDVH[SHULPHQWDOPHQWHSRUODVRSHUDFLRQHV
UHDOHVDODVFXDOHVGDQOXJDU´'HO1RFH(OPDU[LVPRSRVH
\HQGRFRPR~QLFRFULWHULRGHYHUGDGHOUHVXOWDGRKLVWyULFRVHDXWRGHFOD
 SULPDYHUDYHUDQR 

678',$32/,7,&
UDUiIDOOLGR/DYHUGDGQRVHKDYHULILFDGRPHGLDQWHHOWULXQIRKLVWyULFR
GHOPDU[LVPRVLQRHQHOUHLQDGRGHODVRFLHGDGGHODRSXOHQFLDDODFXDO
QRVUHIHULUHPRVHQEUHYHDTXHOODVRFLHGDGTXHJXDUGDXQHVWUHFKRSDUD
OHOLVPRFRQHOOLEHUWLQLVPRGHOVLJOR;9,,
$VtFRPR3DVFDOQRVGLFH/XFLHQ*ROGPDQQKXpUIDQRGHXQDUD]yQ
PHWDItVLFDVHYHREOLJDGRDVRVWHQHUODH[LVWHQFLDGH'LRVSRUPHGLRGH
XQDDSXHVWDSDULGHDQiORJRPRGRSURFHGH0DU[DXQTXHODIHPDU
[LVWDHVXQDIHHQHOSRUYHQLUKLVWyULFRTXHORVKRPEUHVPLVPRVFRQV
WUX\HQRPiVH[DFWDPHQWHTXHQRVRWURVGHEHPRVFRQVWUXLUDSDUWLUGH
QXHVWUDDFWLYLGDGXQDµDSXHVWD¶SRUHOp[LWRGHQXHVWUDVDFFLRQHV/D
WUDVFHQGHQFLDTXHHOREMHWRKDFHGHHVWDIHQRHVQLVREUHQDWXUDOQL
WUDQVKLVWyULFDVLQRVXSUDLQGLYLGXDO
(QGHILQLWLYDHVWDDSXHVWDUHYROXFLRQDULDGH0DU[KDIUDFDVDGRHQWpU
PLQRVGHOQRFLDQRVVHKDVXLFLGDGR'HO1RFH/RTXHYHPRV
TXHVtKDWULXQIDGRHQHOHVFHQDULRKLVWyULFRQRHVSUHFLVDPHQWHHOPDU
[LVPRVLQRODGHQRPLQDGD³VRFLHGDGGHODRSXOHQFLD´'HO1RFHODGHV
FULEHHQHVWRVWpUPLQRV
8QDVRFLHGDGTXHDFHSWDWRGDVODVQHJDFLRQHVGHOPDU[LVPRUHV
SHFWRGHOSHQVDPLHQWRFRQWHPSODWLYRWDQWRGHODUHOLJLyQFRPRGH
ODPHWDItVLFDTXHDFHSWDSRUORWDQWRODUHGXFFLyQPDU[LVWDGHODV
LGHDVDLQVWUXPHQWRGHSURGXFFLyQSHURTXHSRURWUDSDUWHUHFKD
]DGHOPDU[LVPRORVDVSHFWRVUHYROXFLRQDULRVPHVLiQLFRVSRUOR
WDQWRDTXHOORTXHGHUHOLJLRVRSHUPDQHFHHQODLGHDUHYROXFLRQDULD

'HO1RFHVHxDOD\DQXHVWURMXLFLRFRQUD]yQTXHHVWDVRFLHGDGGHOD
RSXOHQFLDUHSUHVHQWDHO HVStULWXEXUJXpVHQ HVWDGRSXURHOFXDO KD
WULXQIDGRUHVSHFWRGHVXVGRVDGYHUVDULRVWUDGLFLRQDOHVODUHOLJLyQWUDV
FHQGHQWH\HOSHQVDPLHQWRUHYROXFLRQDULR/RFXULRVRGHOFDVRHVTXH
HOPLVPRPDU[LVPRORKDHQJHQGUDGRSHURDGHPiVIUHQWHDHVWHVH
HQFXHQWUDHQXQHVWDGRGHLPSRWHQFLDDEVROXWDSDUDFRPEDWLUOR'HQWUR
GHODQXHYDVRFLHGDGUHILHUH'HO1RFHVHKDSURFHGLGRDODVHSXOWXUD
GHOPDU[LVPR\GHOSHQVDPLHQWRUHOLJLRVRHQQRPEUHGHODPRGHUQLGDG
'HHVWHPRGRODVRFLHGDGGHODRSXOHQFLDKDOOHJDGRDFRQVWUXLUXQD
XQLGDGLOXPLQLVWDGHOSHQVDPLHQWRODLFRHQWUHOLEHUDOLVPR\VRFLDOLVPR
XQLGRDOSHQVDPLHQWRVXSXHVWDPHQWHUHOLJLRVRTXHKR\VHPDQLILHVWDHQ
ODIRUPDGHPRGHUQLVPRFDWyOLFRFI

(OUHWRUQRGHOSHQVDPLHQWROLEHUWLQR
/RVOLEHUWLQRVSURSXVLHURQFRPRLGHDOGHYLGDDXQTXHSDUDXQRVSRFRV
DOFDQ]DUODIHOLFLGDGTXHSDUDHOORVFRLQFLGtDFRQHOSODFHU3HURHVWH
SODFHUGHEtDVHUFDOFXODGRDOPRGRGH(SLFXUR\DTXHSXHGHQH[LVWLU
GHOHFWDFLRQHVTXHFDXVHQGRORU3RUORWDQWRGHEHVHJXLUVHHOSODFHU
SHURDODYH]VHGHEHKXLUGHWRGRGRORU\GHWRGDSHUWXUEDFLyQGHULYD
GRVGHODVVHQVDFLRQHVTXHSXHGHQVHJXLUDOSODFHUFIU7KHRSKUDVWXV
UHGLYLYXV
+DELHQGRFODXVXUDGRWRGDGLPHQVLyQWUDVFHQGHQWH\WRGRLGHDOUHYROX
FLRQDULRHOKRPEUHQRSXHGHVHUFRQFHELGRPiVTXHFRPRXQDPDVLMR
GHLQVWLQWRVDOTXHHVSUHFLVRGDUVDWLVIDFFLyQSHURQR\DDXQRVSRFRV
KRPEUHVFRPRHQHOFDVRGHORVVDELRVOLEHUWLQRVVLQRDWRGRV'DGR
TXHHOLOXPLQLVPRXQLYHUVDOL]yODLGHDGHUHYROXFLyQGHODPDQRGHO
PDU[LVPRWDPELpQXQLYHUVDOL]yVXVXLFLGLR\HOSDVRDOQLKLOLVPRGHYD
ORUHVH[FHSWRGHDTXHOORVYLWDOHVSURSLRVGHFDGDLQGLYLGXR
$FWXDOPHQWH\HQHVWHSXQWRFRQWUDULDPHQWHDORTXHSHQVDEDQORVOL
EHUWLQRVODUHOLJLyQ\DQRHVQHFHVDULDSDUDPDQWHQHUXQDRUJDQL]DFLyQ
SROtWLFDTXHVLJXHVLHQGRSHQVDGDHQWpUPLQRVGHSXURSRGHUSRGHUDE
VROXWDPHQWHDUELWUDULR(QQXHVWURVGtDVVLELHQVHSLHQVDDWRGDRUJDQL
]DFLyQSROtWLFDHQORVPLVPRVWpUPLQRVHOSRGHUHVPDQWHQLGRDWUDYpV
GHRWURVPHGLRVHQWUHORVFXDOHVVHFXHQWDQORVGHQRPLQDGRVPHGLRV\
UHGHVGHFRPXQLFDFLyQVRFLDO6LELHQDTXHOORVSXHGHQUHVSRQGHUDGL
YHUVRVLQWHUHVHVFR\XQWXUDOHVKDFHQVX\DODFRQFHSFLyQJOREDOGHODVR
FLHGDGGHODRSXOHQFLDDVXPLHQGRXQDDQWURSRORJtDIXQGDGDHQORVSX
URVLQVWLQWRVYLWDOHVTXHGHVFRQRFHODYLGDGHOHVStULWX/DSROtWLFDHV
SHQVDGDLQWRWXPGHVGHHVWRVSUHVXSXHVWRVDQWURSROyJLFRV/DYLGDGHO
VDELROLEHUWLQRVHKDXQLYHUVDOL]DGR
7DOFRPRHQORVWLHPSRVGHOOLEHUWLQLVPRHOKRPEUHDFWXDORFXSDVXYLGD
HQVDWLVIDFHUVXVGHVHRVLQGLYLGXDOHVDOPDUJHQGHWRGDXQLYHUVDOLGDG
TXHORWUDVFLHQGDVHDHO'LRVFUHDGRUVHDODUHYROXFLyQ1RKD\OXJDU
SDUDODH[LVWHQFLDGHOKRPEUHWUiJLFRSDUDHOKRPEUHVHULRHVWRHV
FRPRGHFtD6WUDXVVSDUDDTXHOKRPEUHTXHVHRFXSDGHOEXHQRUGHQGH
VXFLXGDG\GHVXDOPDVLQRVRORGHXQVXMHWRFX\R~QLFRPRYLPLHQWR
HVWiHQFDPLQDGRDVDWLVIDFHUVXVSXOVLRQHVYLWDOHV'HDOOtHQWRQFHVTXH
GHEDUHQXQFLDUSRUFRPSOHWRDQLYHOSROtWLFRDODFXHVWLyQGHORFRUUHF
WRSDUDVRORRFXSDUVHGHORVPHGLRVSDUDOOHYDUDGHODQWHXQDFRPSUHQ
VLyQHQWUHORVKRPEUHVDOFDQ]DGDDFXDOTXLHUSUHFLR6WUDXVV
&$5/26'$1,(//$6$
 SULPDYHUDYHUDQR 

678',$32/,7,&
(VWDPRVHQFRQGLFLRQHVGHDILUPDUTXHKR\DOLJXDOTXHORVOLEHUWLQRV
GHOVLJOR;9,,\WUDVHOVXLFLGLRGHOPDU[LVPR\ODPXHUWHGHILQLWLYD
GHORVYDORUHVFULVWLDQRVYLYLPRVHQXQPXQGRPDUFDGRSRUHOFXLGD
GR\ODFRQVHUYDFLyQGHORVYDORUHVYLWDOHVDHVSDOGDVGHWRGRLGHDOGH
XQDYLGDEXHQD<DQRSUHVHQFLDPRVXQPRPHQWRQLWHtVWDQLGHtVWD
VLQRHOUHLQDGRGHODLUUHOLJLyQQDWXUDOHVGHFLUDTXHOODSRVLFLyQTXH
UHFKD]DSODQWHDUODVFXHVWLRQHVIXQGDPHQWDOHVGHOKRPEUHODVFXHVWLR
QHV~OWLPDV
(QUHDOLGDGFRPRDFHUWDGDPHQWHORVHxDOD0LFKHO2QIUD\HVWDPRVLQ
PHUVRVHQHOPXQGRGHOSULPHUSHQVDGRUGHOQLKLOLVPRSRVFULVWLDQR
0DU[6WLUQHU(QHVWHPXQGRVRORTXHGDQHQSLHXQWLSRGHYDORUHVFXD
OHVVRQDTXHOORVTXHSHUPLWHQODDXWRDILUPDFLyQGHOVXMHWRIXHUDGHOR
FXDOQDGDH[LVWH6HQWHQFLD2QIUD\
¢&XiOHVVRQVXVYDORUHV"7RGRORTXHSHUPLWHODH[SDQVLyQ\ODH[
SUHVLyQGHVXSURSLR<RODPHQWLUDHOHQJDxRODDVWXFLDHODVHVLQD
WRHOFULPHQHOLQFHVWRODWUDGLFLyQODVXEOHYDFLyQODUHEHOLyQOD
IXHU]DODYLROHQFLD6WLUQHUHVFULEH³<RORTXLHUROXHJRHVMXVWR´
'HERKDFHUORTXHTXLHURQDGDGHEHREVWDFXOL]DUODSRWHQFLDGHPL
XQLFLGDG2QIUD\
(OLGHDOGHOVDELROLEHUWLQRDXQTXHDKRUDVLQGLVFtSXORVQLDPLJRVYXHO
YHDUHDSDUHFHU\ODSXUDVDWLVIDFFLyQLQGLYLGXDOGHODVSXOVLRQHV\HO
HPEHOHVDPLHQWRDQWHODSURSLDLPDJHQDOPRGRGHOSUHVXQWXRVR1DUFL
VRVHLPSRQH<VHLPSRQHDSDUWLUGHODDVXQFLyQGHXQVRFLRORJLVPR
UHODWLYLVWDTXHFRQVLGHUDTXHWRGDFRQFHSFLyQGHPXQGRVHUHGXFHD
LGHRORJtDHVWRHVDH[SUHVLRQHVGHUHDOLGDGHVKLVWyULFRVRFLDOHVGHJUX
SRVDOPRGRGHVXSHUHVWUXFWXUDVGHIXHU]DVTXHQRWLHQHQQDGDGHHVSL
ULWXDOVLQRTXHUHVSRQGHQDLQWHUHVHVGHFODVHPRWLYDFLRQHVFROHFWLYDV
LQFRQVFLHQWHVFRQGLFLRQHVFRQFUHWDVGHH[LVWHQFLDVRFLDO<GDGRTXH
QRSXHGHKDEODUVHGHYDORUHVVLQRWRUJDUOHVHOFDUiFWHUGHDEVROXWRGH
DTXtVHVLJXHTXHODVXVWLWXFLyQGHODPHWDItVLFDSRUSDUWHGHODVRFLROR
JtDKDFHGHVDSDUHFHUWRGRVORVYDORUHVFRQFHELGRVFRPRLGHDOHV³>@
TXHGDVRODPHQWHODE~VTXHGDGHOELHQHVWDUYDORUVLVHTXLHUHHQFLHUWR
VHQWLGRFRPRSULQFLSLRGHSUHIHUHQFLD\GHRULHQWDFLyQDXQTXHYDORU
GLYHUVRGHLGHDO'HFLPRVSXURYDORUSHURHQVHQWLGRLPSURSLR´'HO
1RFH
(OLGHDOGHYLGDOLEHUWLQRVHKDXQLYHUVDOL]DGR6RQHOORVMXQWRD0DU[
6WLUQHUORVJXtDVGHORVKRPEUHVGHQXHVWURWLHPSRTXHUHHGLWDODJXHUUD

&$5/26'$1,(//$6$
FXOWXUDOSURSLDGHOVLJOR;9,,(OYHUGDGHURFRQIOLFWRpWLFRSROtWLFRFRQ
WHPSRUiQHRQRUHVLGHQLHQODOXFKDGHFODVHVQLHQODOXFKDHQWUHQD
FLRQHVQLHOFRQIOLFWRHQWUHGHPRFUDFLD\WRWDOLWDULVPRQLHQWUH2ULHQWH
\2FFLGHQWHQLHQWUHPDU[LVPR\FULVWLDQLVPRVLQRHQWUHGRVFRQFHS
FLRQHVGHODYLGDDTXHOODFULVWLDQDTXHUHFRQRFHHQODSHUVRQDKXPDQD
ODGLPHQVLyQUHOLJLRVDRODSUHVHQFLDGHORGLYLQRHQHOKRPEUH\DTXH
OODRWUDVRFLRORJLVWDTXHGHMDQGRDOKRPEUHVLQXQDUD]yQ~OWLPDHQ
YLUWXGGHODFXDOYLYLUORVXPHUJHHQHOPXQGRGHODSXUDYLGDELROyJL
FD\ORFRQVWULxHDOHVWUHFKRHVSDFLRGHVXSURSLR\R
%LEOLRJUDItD
%
,$1&+,
/7UDGL]LRQHOLEHUWLQDHFULWLFDVWRULFD'D1DXGpD%D\OH0LOD
QR)UDQFR$QJHOL
'
(/
1
2&(
$,OSUREOHPDSROLWLFRGHLFDWWROLFL5RPDD8QLRQHLWDOLDQDSHU
LOSURJUHVVRGHOODFXOWXUD
²²²,OSUREOHPDGHOO¶DWHLVPR%RORJQD,O0XOLQR
²²²,OVXLFLGLRGHOODULYROX]LRQH0LODQR5XVFRQL
²²²5LIRUPDFDWWROLFDHILORVRILDPRGHUQD9ROXPH,&DUWHVLR%RORJ
QD,O0XOLQR
*
2/'0$11
//H'LHXFDFKpeWXGHVXUODYLVLyQWUDJLTXHGDQVOHVSHQVpHV
GH3DVFDOHWGDQVOHWKpkWUHGH5DFLQH3DULV*DOOLPDUG
*
5(*25<
77KHRSKUDVWXVUHGLYLYXV(UXGL]LRQHHDWHLVPRQHO6HLFHQWR
1DSROL0RUDQR(GLWRUH
+
$=$5'
3/DFULVLVGHODFRQFLHQFLDHXURSHD0DGULG(GL
FLRQHV3HJDVR
0
(,(5
+&DUO6FKPLWW/HR6WUDXVV\HOFRQFHSWRGHORSROtWLFR6REUHXQ
GLiORJRHQWUHDXVHQWHV%XHQRV$LUHV.DW](GLWRUHV
0
8/62:
0\3
23,1
5+6HFUHW&RQYHUVLRQVWR-XGDLVPLQ(DUO\0R
GHUQ(XURSH/HLGHQ%ULOO
2
1)5$<
0'HFDGHQFLD9LGD\PXHUWHGHOMXGHRFULVWLDQLVPR%XHQRV$L
UHV3DLGyV
3
,17$5'
5/HOLEHUWLQDJHpUXGLWGDQVODSULPLqUHPRLWLpGX;9,,
H
VLqFOH
*HQpYH3DULV6ODWNLQH
6
(,'(/
02ULJRHWIXQGDPHQWDUHOLJLRQLVFKULVWLDQDH8QWUDWDGRFODQGHV
WLQRGHOVLJOR;9,,0DGULG&RQVHMR6XSHULRUGH,QYHVWLJDFLRQHV&LHQWtILFDV
 SULPDYHUDYHUDQR 

678',$32/,7,&
6
75$866
/*HUXVDOHPPHH$WHQH6WXGLVXOSHQVLHURSROtWLFRGHOO¶2FFLGHQWH
7RULQR(LQDXGL
²²²/LEHUDOLVPRDQWLJXR\PRGHUQR%XHQRV$LUHV.DW](GLWRUHV
7KHRSKUDVWXVUHGLYLYXV(GL]LRQHSULPDHFULWLFDDFXUDGL*XLGR&DQ]LDQLH
*LDQQL3DJDQLQL)LUHQ]H/D1XRYD,WDOLD
9
$1,1,
*&$PSKLWKHDWUXPSURYLGHQWLDHDHWHUQDHDGYHUVXVYHWHUHVSKLOR
VRSKRV(Q*LXOLR&HVDUH9DQLQL7XWWHOHRSHUH7HVWRODWLQRDIURQWH0LODQR
%RPSLDQL
)HFKDGHUHFHSFLyQ
)HFKDGHDFHSWDFLyQ