086,&$3$5$&,1(
&RPSRVLFLyQ\3URGXFFLyQGHOD0~VLFD2ULJLQDOSDUDHO&RUWRPHWUDMH$QLPDGR(O
0HUFDGHUGH6XHxRV






26&$5-$9,(52/$<$0$/'21$'2




3217,),&,$81,9(56,'$'-$9(5,$1$
)$&8/7$''($57(6
'(3$57$0(172'(06,&$
%2*27
-81,2


086,&$3$5$&,1(
&RPSRVLFLyQ\3URGXFFLyQGHOD0~VLFD2ULJLQDOSDUDHO&RUWRPHWUDMH$QLPDGR(O
0HUFDGHUGH6XHxRV


26&$5-$9,(52/$<$0$/'21$'2

,QIRUPHGHWUDEDMRGHJUDGREDMROD
PRGDOLGDGGHWHVLV

$VHVRU
5,&+$5'&25'2%$
&RPSRVLWRU


3217,),&,$81,9(56,'$'-$9(5,$1$

)$&8/7$''($57(6
'(3$57$0(172'(06,&$
%2*27
-81,2

127$'($&(37$&,21



















3UHVLGHQWHGHO-XUDGR







-XUDGR







-XUDGR



%RJRWiGH-XQLRGH







$PLVSDGUHV0DUtD
(XJHQLD0DOGRQDGR
(GLOEHUWR2OD\D


$*5$'(&,0,(1726


4XLHURH[SUHVDUPLVPDVVLQFHURVDJUDGHFLPLHQWRVD

(O FRPSRVLWRU 5LFKDUG &yUGRED DVHVRU GHO SUR\HFWR SRU VX H[FHOHQWH
RULHQWDFLyQ\FRQRFLPLHQWRFRPSDUWLGR

0DQXHO3pUH]GLUHFWRUGHOFRUWRPHWUDMHSRUVXFRQILDQ]D\DPDELOLGDG

&DUROLQD5RFKDSRUVXDSR\RLQFRQGLFLRQDOSDFLHQFLD\RULHQWDFLyQHQWRGDVODV
HWDSDVGHOSUR\HFWR

$PLVSDGUHV\KHUPDQDSRUVXFRPSDxtD\FRQVHMRHQFDGDPRPHQWR

'HPiV IDPLOLD \ DPLJRV TXH GH DOJXQD X RWUD IRUPD FRPSDUWLHURQ VX
FRQRFLPLHQWR\H[SHULHQFLDSDUDEHQHILFLDUHOGHVDUUROORHVWHSUR\HFWR






,1752'8&&,21



(O FRUWRPHWUDMH DQLPDGR (O 0HUFDGHU GH 6XHxRV IXH FUHDGR SRU 0DQXHO 3pUH]
HQ HO  LQLFLDOPHQWH HO FRUWR WHQtD P~VLFD GH 'DQQ\ (OIPDQ SHUR QR VH
GHVFDUWDEDODRSFLyQGHFRQWDUFRQP~VLFDRULJLQDO(VDVtFRPR(O0HUFDGHUGH
6XHxRV SRU VX H[FHOHQWH FRQWHQLGR VH FRQYLHUWH HQ XQ UHWR FLQHPDWRJUiILFR PX\
LQWHUHVDQWHSDUDODFRPSRVLFLyQ

(O SUR\HFWR WLHQH FRPR ILQDOLGDG OD FRPSRVLFLyQ \ SURGXFFLyQ GH OD P~VLFD SDUD
HVWH FRUWRPHWUDMH D SDUWLU GH OD LGHQWLILFDFLyQ \ HO DQiOLVLV GH VXV HOHPHQWRV
GUDPiWLFRV\WpFQLFRVFRPRSXQWRGHSDUWLGDSDUDFRQRFHU\SRQHUHQSUiFWLFDODV
P~OWLSOHV WDUHDV TXH GHEH GHVDUUROODU XQ FRPSRVLWRU FXDQGR VH HQIUHQWD D XQD
SHOtFXOD3DUDDOFDQ]DUHO REMHWLYR VH RUJDQL]DURQ GLIHUHQWHVDFWLYLGDGHVTXH LEDQ
GHVGH OD SULPHUD UHXQLyQ FRQ HO GLUHFWRU KDVWD OD VHVLyQ GH GXEELQJ GRQGH VH
PH]FODURQDXGLR\P~VLFD

7$%/$'(&217(1,'2

,1752'8&&,21
7$%/$'(&217(1,'2
 -867,),&$&,1
 2%-(7,926

2%-(7,92*(1(5$/

2%-(7,926(63(&,),&26
 0$5&27(5,&2

/$086,&$'(1752&,1(
 5(6(f$+,6725,&$
 )81&,21(6'(/$06,&$'(1752'(/&217(;72&,1(0$72*5),&2

3RUVXFRPXQLFDFLyQ

3RUVXRULJHQ

3RUVXDSOLFDFLyQ

3RUVXDFWLWXG

3RUVXYLQFXODFLyQ
 (6758&785$086,&$/3$5$81),/0(










06,&$3$5$$1,0$&,1
&20326,&,21<352'8&&,21'(086,&$3$5$&,1(
35,0(5$(7$3$
6(*81'$(7$3$
7(5&(5$(7$3$

0(72'2/2*,$

25,*(1'(/352<(&72

,'(17,),&$&,1<$1/,6,6'(/26(/(0(17261$55$7,926'5$07,&26<
7e&1,&26

35(/,0,1$5(6$/$&20326,&,1

&20326,&,21

6,1&521,=$&,21'85$17(/$&20326,&,21

2548(67$&,1

3$57,785$6

*5$%$&,21<352'8&&,21*(1(5$/
 5(68/7$'26

6(6,1'(63277,1*

$1$/,6,6'(/&2572
$1$/,6,67e&1,&2'(/&2572
(/$%25$&,21'(/3/$1&20326,&,21$/

$1$/,6,6086,&$/'(&$'$&8(
 &21&/86,21(6
 %,%/,2*5$),$
 $1(;26




 -867,),&$&,1



/D P~VLFD GH FLQH QR FRQVLVWH VRODPHQWH HQ OD FRPSRVLFLyQ GH P~VLFD TXH VH
\X[WDSRQH D XQD VHFXHQFLD GH LPiJHQHV FRPSUHQGH HO GHVDUUROOR GH DFWLYLGDGHV
TXH FRPSOHPHQWDQ OD FUHDFLyQ GHVGH OD SULPHUD UHXQLyQ FRQ HO GLUHFWRU KDVWD HO
HVWUHQRGHODSHOtFXODVRQWDQLPSRUWDQWHVFRPRODP~VLFDPLVPD3RUHVWDUD]yQ
HOP~VLFRGHFLQHGHEHGRFXPHQWDUVHDGHFXDGDPHQWHVREUHODVGLIHUHQWHVHWDSDV\
PHWRGRORJtDVXWLOL]DGDVDODKRUDGHFRPSRQHUSDUDFLQHSXHVFRPRGLFH&RQUDGR
;DODEDUGHUHQHOSUyORJRGHVXOLEUR0~VLFDGH&LQH8QDLOXVLyQySWLFD8QEXHQ
FRPSRVLWRUGHFLQHQRHVHOTXHPHMRUP~VLFDHVFULEHVLQRHOTXHORJUDKDFHUPHMRUFLQHFRQ
HOOD

(OFRUWRPHWUDMH(O0HUFDGHUGH6XHxRVUHTXHUtDODFRPSRVLFLyQGHP~VLFDRULJLQDO
SDUD VX GLVWULEXFLyQ \ SDUWLFLSDFLyQ HQ IHVWLYDOHV QDFLRQDOHV H LQWHUQDFLRQDOHV GH
FLQH D ORV FXDOHV KD VLGR LQYLWDGR &RQ HVWH  WUDEDMR VH SUHWHQGH JHQHUDU XQD
SURSXHVWD PXVLFDO TXH IXQFLRQH WpFQLFD \ GUDPiWLFDPHQWH GHQWUR GHO FRQWH[WR
FLQHPDWRJUiILFR GHO FRUWR WHQLHQGR HQ FXHQWD ORV SURFHVRV TXH HQPDUFDQ OD
FRPSRVLFLyQ\SURGXFFLyQGHP~VLFDSDUDFLQH

&RQORDQWHULRUVHHVSHUDTXHODLQIRUPDFLyQJHQHUDGDFRQWULEX\DDODXPHQWRGHO
FRQRFLPLHQWRVREUHIRUPDVSDUDFRPSRQHUP~VLFDGHFLQH

 2%-(7,926



2%-(7,92*(1(5$/

&RPSRQHU\SURGXFLUODP~VLFDRULJLQDOSDUDHOFRUWRPHWUDMHDQLPDGR(OPHUFDGHU
GH VXHxRV GLULJLGR SRU 0DQXHO 3pUH] DSOLFDQGR ORV GLIHUHQWHV SURFHVRV TXH
HQPDUFDQXQDSURGXFFLyQPXVLFDOFLQHPDWRJUiILFD




2%-(7,926(63(&,),&26


x ,GHQWLILFDU \ DQDOL]DU ORV HOHPHQWRV QDUUDWLYRV GUDPiWLFRV \ WpFQLFRV GHO

FRUWRPHWUDMHTXHSHUPLWDQILMDUSDUiPHWURVSDUDODFRPSRVLFLyQ

x (ODERUDU XQ GLVFXUVR PXVLFDO FRKHUHQWH TXH UHVSRQGD D ODV QHFHVLGDGHV
HVWLOtVWLFDV\GUDPiWLFDVGHOFRUWRPHWUDMH

x 5HDOL]DUODSURGXFFLyQJHQHUDOGHODP~VLFDFRPSXHVWD

 0$5&27(5,&2



/$086,&$'(1752&,1(

 5(6(f$+,6725,&$


6HJ~QGDWRVKLVWyULFRVVREUHORVFXDOHVVHWLHQHUHJLVWURHOFLQHHPSLH]DHQ3DULVHO
 GH GLFLHPEUH GH  FXDQGR ORV KHUPDQRV /RXLV \ $XJXVWH /XPLqUH
LQYHQWRUHV GHO &LQHPDWyJUDIR SUR\HFWDURQ VXV SULPHUDV ILOPDFLRQHV DO S~EOLFR
'XUDQWHODSUR\HFFLyQXQP~VLFRLQWHUSUHWDEDHOSLDQRFRQHO~QLFRSURSyVLWRGH
DQLPDU OD H[SHULHQFLD GHO S~EOLFR )XH WDO HO p[LWR TXH HQ PHQRV GH GRV PHVHV
RUTXHVWDVFRPSOHWDVDFRPSDxDEDQODVSUR\HFFLRQHVHQORVWHDWURV(VSRUHVWRTXH
ODP~VLFDKDHVWDGRSUHVHQWHGHVGHORVRUtJHQHVGHOFLQH

(Q VXV SULPHURV DxRV ODV SHOtFXODV HUDQ SUHVHQWDGDV HQ FDIpV \ WHDWURV ORV
SURSLHWDULRV GH HVWRV HVWDEOHFLPLHQWRV VROtDQ FRQWUDWDU SLDQLVWDV X RUTXHVWDV TXH
WRFDEDQ SDUD DPHQL]DU ODV H[KLELFLRQHV \ DSDFLJXDU HO UXLGR GH ODV PDTXLQDV GH
SUR\HFFLyQ(QHVRVPRPHQWRVODP~VLFDD~QQRWHQtDYDORUGUDPiWLFR

&RQHOWLHPSRODIDOWDGHDFWRUHVODFRUWDGXUDFLyQGHODVSHOtFXODVODSRVLFLyQILMD
GHODFiPDUD\ODDXVHQFLDGHPRQWDMHFDXVyPRQRWRQtD\DEXUULPLHQWRSRUSDUWH
GH ORV HVSHFWDGRUHV )XH HQWRQFHV FXDQGR *HRUJHV 0pOLqV FUHDGRU GH OD
SURGXFWRUD 6WDU )LOPV GHFLGH LQFOXLU KLVWRULDV ILFWLFLDV \ DFWXDFLRQHV WHDWUDOHV



            &     
d

IUHQWHDODFiPDUD<FRPRGLFHHOFRPSRVLWRUGHFLQH5LFKDUG'DYLVDPHGLGDTXH
OD LQGXVWULD GHO FLQH FUHFtD \ VH YROYtD PDV VRILVWLFDGD OD P~VLFD HQ ORV WHDWURV FUHFtD
WDPELpQ(OLQWpUSUHWHRHOGLUHFWRUPXVLFDOGHEtDHVFRJHUYDULDVSLH]DVGHODOLWHUDWXUD
H[LVWHQWH\SUHSDUDUODVSDUDODVSUR\HFFLRQHV

'XUDQWH ORV DxRV  FXDQGR D~Q QR HUD SRVLEOH JUDEDU VRQLGR GHQWUR GH OD
SHOtFXODVXUJHQORVSULPHURLQWHQWRVSRUVLQFURQL]DUDXGLRFRQLPDJHQDOSULPHUR
GH HOORV VH OH OODPy 9LWDSKRQH HO FXDO FRQVLVWtD HQ XQ VLVWHPD TXH VLQFURQL]DED OD
FiPDUDGHURGDMHRHOSUR\HFWRUFRQXQGLVFRIRQRJUiILFRVHSDUDGR6LQHPEDUJR
ODOOHJDGDGHHVWHVLVWHPDFDXVyGHVDFXHUGRSRUSDUWHGHDOJXQRVP~VLFRVSXHVVH
OHVUHHPSOD]ySRUXQGLVSRVLWLYRPHFiQLFR/DSULPHUDSHOtFXODVRQRUDTXHXWLOL]y
HVWHPpWRGRIXH'RQ-XDQGHOD:DUQHU%URWKHUV\GRVDxRVPDVWDUGH7KH
-D]]6LQJHUODFXDOGLRILQDODHUDGHOFLQHPXGR\FRPHQ]yFRQORTXHVHFRQRFHUtD
FRPRFLQHVRQRURVXp[LWRORREWXYRJUDFLDVDOVLJQLILFDWLYRQ~PHURGHVHFXHQFLDV
GRQGHVHVLQFURQL]DEDQP~VLFD\GLiORJRV+HPRVGHVDEHUTXHHVWDVSHOtFXODVQR
HUDQ GUDPiWLFDV (OODV SUHVHQWDEDQ VLPSOHPHQWH FDQWDQWHV GH ySHUD WUHQHV X RWURV
HYHQWRVPXQGDQRVTXHLQFOXtDQVRQLGRVLQFURQL]DGR(VWHVLVWHPDSHUGXUyKDVWD
FXDQGRIXHSRVLEOHJUDEDUHOVRQLGRGLUHFWDPHQWHHQXQDEDQGDODWHUDOGHQWURGHOD
FLQWDKDFLHQGRTXHODVLQFURQL]DFLyQIXHUDPXFKRPDVSUHFLVD$HVWDEDQGDTXH
FRQWHQtDHODXGLRGHODSHOtFXODVHOHOODPy%DQGD6RQRUD

/RVDYDQFHVWHFQROyJLFRVORJUDURQTXHKDFLDODP~VLFDSXGLHUDJUDEDUVHSRU
VHSDUDGR HV GHFLU HQ HVWXGLRV SHUPLWLHQGR D ORV GLUHFWRUHV PDQLSXODUOD H
LQVHUWDUOD GRQGH OD SHOtFXOD OR UHTXHUtD )XH HQWRQFHV FXDQGR ORV UHDOL]DGRUHV
HPSH]DURQDSUHJXQWDUVHVLODP~VLFDGHEtDVRQDUWRGRHOWLHPSRRVLpVWDSRUHO

'$9,65LFKDUG&RPSOHWHJXLGHWRILOPVFRULQJ%RVWRQ%HUNOHH3UHVVS7UDGXFFLyQ2VFDU2OD\D
,ELGS7UDGXFFLyQ2VFDU2OD\D


/D%$1'$62125$QRFRQWLHQH~QLFDPHQWHODP~VLFDDOOtWDPELpQHVWiQORVGLiORJRV\ORVHIHFWRVGH

VRQLGR(UUyQHDPHQWHOHDWULEXLPRVHVWHQRPEUHDODFRPSRVLFLyQPXVLFDOGHXQDSHOtFXOD

FRQWUDULRGHEtDREHGHFHUDKHFKRVGUDPiWLFRVTXHLPSXOVDUDQVXSDUWLFLSDFLyQ(V
WDOYH]DTXtGRQGHVHKDFHQHFHVDULDODSDUWLFLSDFLyQGHFRPSRVLWRUHVH[SHUWRVTXH
ORJUDUDQ VDWLVIDFHU HO DSHWLWR PXVLFDO GH ODV SHOtFXODV HVFULELHQGR P~VLFD TXH
SXGLHUDVLQFURQL]DUVHGUDPiWLFDPHQWH

(V HQ (VWDGRV 8QLGRV GRQGH OD LQGXVWULD FLQHPDWRJUiILFD WRPD PD\RU IXHU]D /D
DSHUWXUD GH HVWXGLRV HQFDUJDGRV GH OD SURGXFFLyQ GH SHOtFXODV FRPR 0*0
8QLYHUVDO 6WXGLRV \ WK &HQWXU\)R[ HQWUH RWURV JHQHUD XQ VLQQ~PHUR GH
RSRUWXQLGDGHVSDUDGLUHFWRUHVSURGXFWRUHVJXLRQLVWDVDFWRUHVFRPSRVLWRUHVHWF
TXLHQHV OOHJDURQ D UHDOL]DU PDV GH  SHOtFXODV SRU DxR HQ XQ SHULRGR TXH VH
FRQRFH FRPR /D HUD GH 2UR GH +ROO\ZRRG TXH RFXUULy HQWUH  \  &DGD
HVWXGLR FRQWDED FRQ XQ GHSDUWDPHQWR GH P~VLFD HQ HO FXDO WUDEDMDEDQ
FRPSRVLWRUHV RUTXHVWDGRUHV FDQWDXWRUHV SLDQLVWDV GH HQVD\R GLUHFWRUHV
PXVLFDOHV P~VLFRV GH RUTXHVWD FRUHyJUDIRV FRSLVWDV HGLWRUHV \ HMHFXWLYRV
PXVLFDOHV

'HLJXDOIRUPDSRGUtDPRVGHFLUHPSLH]DXQQXHYRSHUtRGRSDUDODP~VLFDGHQWUR
GHOFLQH/DDIOXHQFLDGHFRPSRVLWRUHV(XURSHRVD+ROO\ZRRGFX\DIRUPDFLyQHUD
HQVXPD\RUtDGHFRQVHUYDWRULRPDUFDUtDHOHVWLORTXHWRPDUtDODP~VLFDSDUDODV
SHOtFXODV HQ DTXHOOD pSRFD (VWRV FRPSRVLWRUHV HVWDEDQ IXHUWHPHQWH LQIOXHQFLDGRV
SRU OD P~VLFD GH :DJQHU %UDKPV 0DKOHU 9HUGL 3XFFLQL \ 6WUDXVV SRU OR TXH
SURYRFyXQDWHQGHQFLDKDFLDORRSHUiWLFR\VLQIyQLFR/DXQLyQGHP~VLFD\GUDPD
DGTXLULy PD\RU LPSRUWDQFLD SXHV ORV FRPSRVLWRUHV WRPDURQ HOHPHQWRV GH OD
ySHUD TXH DSR\DEDQ ORV KHFKRV GUDPiWLFRV \ DXPHQWDEDQ OD HPRFLyQ GH ODV
SHOtFXODV


(VWRVHOHPHQWRVHUDQSDUWLFXODUPHQWHHOXVRGHO/HLWPRWLYODUHGXFFLyQGHODWH[WXUDRUTXHVWDOFXDQGRKDEtD

GLiORJRVFUHVFHQGRV\DFHQWRVHQSXQWRVFOLPiWLFRVGHOGUDPD\P~VLFDFRQVWDQWHPHQWHGHFRPLHQ]RDILQ

(QODWUDQVIRUPDFLyQGHORVDxRVFLQFXHQWDFXDQGRHOFLQHVHYROYtDFDGDYH]PDV
PDGXURORVQXHYRVFRPSRVLWRUHVEXVFDEDQFRQVXVSDUWLWXUDVODH[SORUDFLyQGH
XQ VRQLGR UHQRYDGR IXHUD GH OD ILJXUD RUTXHVWDO \ TXH GH LJXDO IRUPD WXYLHUD
VHQWLGRGUDPiWLFR/LEUHVDKRUDGHORVHVWXGLRVGHSURGXFFLyQVXVFRPSRVLFLRQHV
HUDQFDGDYH]PDVH[SHULPHQWDOHVOOHJDQGRDIXVLRQDUGLIHUHQWHVJpQHURVIRUPDV
\ HVWLORV HQWUH ORV TXH VH UHVDOWD OD P~VLFD SRSXODU HO -D]] HO 5RFN HO OHJXDMH
FRQWHPSRUiQHR GH OD SULPHUD PLWDG VLJOR ;; \ OD P~VLFD VLQIyQLFD 'H HVWDV FDVL
GRV GpFDGDV GH WUDQVIRUPDFLyQ HV TXH ILJXUDV FRPR %HUQDUG +HUUPDQQ (OPHU
%HUQVWHLQ -HUU\ *ROGVPLWK +HQU\ 0DQFLQL 1LQR 5RWD \ (QQLR 0RUULFRQH HQWUH
PXFKRVRWURVDGTXLHUHQVXPDVPHUHFLGROXJDUGHQWURGHODKLVWRULDGHODP~VLFD
SDUD FLQH SRU VXV H[FHOHQWHV DSRUWHV HQ OD FRPSRVLFLyQ GH XQD P~VLFD TXH
IXQFLRQHFLQHPDWRJUiILFDPHQWHSHURTXHGHLJXDOIRUPDpVWDSXHGDVDOLUGHXQD
SDQWDOODSDUDFRQYHUWLUVHHQODDWUDFFLyQSULQFLSDOGHXQDVDODGHFRQFLHUWR

/DFULVLVWDPELpQWRFyD+ROO\ZRRGFRQODOOHJDGDGHODWHOHYLVLyQODVSHUVRQDV\D
QR DVLVWtDQ D ODV VDODV GH FLQH \ SRU OR WDQWR OD HFRQRPtD GH OD LQGXVWULD EDMR
HQRUPHPHQWH $GHPiV ORV VROGDGRV VREUHYLYLHQWHV GH OD ,, JXHUUD PXQGLDO HQ
pSRFD GH OD SRVJXHUUD OOHYDURQ D VXV IDPLOLDV IXHUD GH OD FLXGDG OHMRV GH ORV
WHDWURV 7RGR HVWR FDXVy XQD GLVPLQXFLyQ HQ OD SURGXFFLyQ GH  SHOtFXODV
SURGXFLGDVSRUDxR+ROO\ZRRGEDMyKDVWD

'HVSXpV GH DxRV GH LQFHUWLGXPEUH +ROO\ZRRG YROYLy D WRPDU IXHU]D \ ORV
SURGXFWRUHVGHOFLQHQRUWHDPHULFDQRORJUDURQOOHQDUGHQXHYRORVWHDWURV/OHJDHO
FLQH GH IDQWDVtD \ FLHQFLD ILFFLyQ \ FRQ pO XQ LPSRUWDQWH GHVDUUROOR GH HIHFWRV
HVSHFLDOHV(QWRQFHVDSDUHFHQSHOtFXODVIHQyPHQRFRPR7LEXUyQ/DJXHUUD
GH ODV JDOD[LDV  (7  HQWUH RWUDV < HV SUHFLVDPHQWH FXDQGR XQ MRYHQ
FRPSRVLWRUGHEXWDFRQXQDSDUWLWXUDTXHPDUFDQXHYDPHQWHODWHQGHQFLDKDFLDHO

VRQLGRVLQIyQLFR\WUDGLFLRQDOGHODRUTXHVWDHV-RKQ:LOOLDPV\VXSDUWLWXUDSDUD
ODSHOtFXOD7LEXUyQ

1R PXFKRV DxRV GHVSXpV GH HVWH UHVXUJLU DO VRQLGR WUDGLFLRQDO OR HOHFWUyQLFR
WDPELpQ\DHPSLH]DDUHFODPDUVXSDSHOGHQWURGHODLQGXVWULD&RQODOOHJDGDGHO
VLQWHWL]DGRU \ ORV FRPSXWDGRUHV FRPSRVLWRUHV FRPR 9DQJHOLV \ +DQV =LPPHU
SURGXFHQ P~VLFD SDUD FLQH  HOHFWUyQLFD FODUR VLQ TXH HVWR VH YROYLHUD OD
FRQVWDQWHGHQWURGHODLQGXVWULDPXVLFDOFLQHPDWRJUiILFDSXHVDXQKR\ODPD\RUtD
GH ORV FRPSRVLWRUHV GH +ROO\ZRRG SUHILHUH XWLOL]DU JUDQGHV RUTXHVWDV \ FRURV
SHUR\DPH]FODGRVFRQVRQLGRVHOHFWUyQLFRVPDQLSXODEOHVGHQWURXQVLQWHWL]DGRUR
ELHQFRQOLEUHUtDVGHVRQLGRVDOPDFHQDGDVHQXQFRPSXWDGRU



 )81&,21(6'(/$06,&$'(1752'(/&217(;72
&,1(0$72*5),&2

/DP~VLFDFRPRKHUUDPLHQWDFLQHPDWRJUiILFDWLHQHFDUDFWHUtVWLFDVSURSLDVTXHOD
GLIHUHQFLDQ GH OD P~VLFD HQ JHQHUDO 6XV IXQFLRQHV HVWiQ GHWHUPLQDGDV SRU OD
UHODFLyQYLVXDO\RGUDPiWLFDTXHVHHVWDEOHFHDOLQVHUWDUVHGHQWURGHXQDSHOtFXOD
6ROR SRU PHQFLRQDU DOJXQDV OD P~VLFD SXHGH XQLU SHUR WDPELpQ VHSDUDU
VHFXHQFLDV XELFDU KLVWyULFD \ JHRJUiILFDPHQWH UHSUHVHQWDU XQ SHUVRQDMH R XQD
HPRFLyQ HYLWDU GLiORJRV LQQHFHVDULRV LQFOXVR SXHGH OOHJDU D VDOYDU XQD SHOtFXOD
3DUD HQWHQGHU PHMRU HVWDV \ RWUDV IXQFLRQHV HO HVSHFLDOLVWD HQ P~VLFD GH FLQH
&RQUDGR ;DODEDUGHU SURSRQH OD VLJXLHQWH FODVLILFDFLyQ GH OD P~VLFD GHQWUR GHO
FRQWH[WRFLQHPDWRJUiILFR


;$/$%$5'(5&RQUDGR0~VLFDGHFLQH8QD,OXVLyQSWLFD0pWRGRGHDQiOLVLV\FUHDFLyQGHEDQGDVVRQRUDV

%DUFHORQD/LEURV(Q5HGS

x 3RUVXFRPXQLFDFLyQP~VLFDQHFHVDULD\FUHDWLYD
x 3RUVXRULJHQP~VLFDRULJLQDOSUHH[LVWHQWH\DGDSWDGD
x 3RUVXDSOLFDFLyQP~VLFDGLHJpWLFDHLQFLGHQWDO
x 3RUVXDFWLWXGP~VLFDHPSiWLFD\DQHPSiWLFD
x 3RUVXYLQFXODFLyQP~VLFDLQWHJUDGD

3RUVXFRPXQLFDFLyQ

0~VLFD QHFHVDULD DTXHOOD TXH GH DOJXQD PDQHUD VH WRUQD REOLJDWRULD SDUD
XQDHVFHQDGRQGHVHEXVFDGDUXQDLQIRUPDFLyQSUHFLVDDOS~EOLFR3RUORJHQHUDO
HV P~VLFD TXH HO HVSHFWDGRU FRQRFH \ OH UHVXOWD IiFLO DVRFLDU FRQ XQ OXJDU XQ
HYHQWR R XQD DFFLyQ GH IRUPD LQPHGLDWD 3RU HMHPSOR VL HQ XQD HVFHQD YHPRV
LPiJHQHV FDUDFWHUtVWLFDV GH XQD FLXGDG \ OD P~VLFD TXH DFRPSDxD HV XQ WDQJR
VDEUHPRVTXHVHUHILHUHDXQOXJDUHQ$UJHQWLQD

0~VLFD FUHDWLYD HV P~VLFD RSFLRQDO TXH HO FRPSRVLWRU SXHGH DSRUWDU D XQD
HVFHQD VLQ TXH pVWD OD QHFHVLWH REOLJDWRULDPHQWH *HQHUDOPHQWH VX FRPXQLFDFLyQ
FRQHOHVSHFWDGRUHVPDVGHFDUiFWHUHPRFLRQDO\QRLQWHOHFWXDOFRPRHQODP~VLFD
QHFHVDULD

3RUVXRULJHQ



0~VLFD RULJLQDO HV OD TXH VH HVFULEH HVSHFtILFDPHQWH SDUD XQ ILOPH (O

FRPSRVLWRUVLHPSUHGHEHWHQHUSUHVHQWHTXHODSHOtFXODHVTXLHQPDUFDODSDXWD\
SRUORWDQWRGHEHVXSHGLWDUVHDHOOD0DVVLQHPEDUJR+DQQV(LVOHUDFODUDTXH

(O FRPSRVLWRU GHEH UHVSRQGHU D ODV H[LJHQFLDV REMHWLYDV GHO SODQ
GUDPiWLFR\PXVLFDOVLQWHQHUHQFXHQWDVXSURSLDQHFHVLGDGGHH[SUHVDUVH

3XHGHUHDOL]DUHVWRLQWHOLJHQWHPHQWHSHURVyORVLVXVSURSLDVSRVLELOLGDGHV
VXEMHWLYDVLQFOXVRVXSURSLDQHFHVLGDGGHH[SUHVLyQVRQFDSDFHVGHDVXPLU
HVWDVH[LJHQFLDV\GDUOHVVDWLVIDFFLyQWRGRORGHPiVVHUiSXURRILFLR



0~VLFDSUHH[LVWHQWHFRPRVXQRPEUHORLQGLFDHVP~VLFDTXH\DH[LVWH\TXH

IXHKHFKDSDUDRWURVILQHVQRQHFHVDULDPHQWHFLQHPDWRJUiILFRVFRPRSRUHMHPSOR
OD P~VLFD HUXGLWD P~VLFD FOiVLFD 6X XVR PDV FRP~Q HV HQ SHOtFXODV TXH QDUUDQ
KLVWRULDV VREUH P~VLFRV UHFRQRFLGRV FRPR GHFLU %HHWKRYHQ R 0R]DUW GRQGH VH
XWLOL]DVXP~VLFDFRPRSDUWHGHODEDQGDVRQRUD



0~VLFDDGDSWDGDHQDOJXQRVFDVRVHOXVRGHP~VLFDSUHH[LVWHQWHGDGRTXHHV

LQIOH[LEOHHLQPRGXODEOHKDFHQHFHVDULRTXHWHQJDTXHDGDSWDUVHSRUORWDQWROD
P~VLFDDGDSWDGDHVHOUHVXOWDGRGHDMXVWHVTXHVHKDFHDODP~VLFDSUHH[LVWHQWH

3RUVXDSOLFDFLyQ



0~VLFDGLHJpWLFDHVP~VLFDTXHSURYLHQHGHXQDIXHQWHVRQRUDSUHVHQWHHQOD

HVFHQD XQ UDGLR XQ FDQWDQWH XQ WHOHYLVRU HWF /D R\HQ WDQWR HVSHFWDGRUHV FRPR
SHUVRQDMHV&DUHFHGHSRWHQFLDOGUDPiWLFR(QDOJXQRVFDVRVHOFRPSRVLWRUDJUHJD
PDVLQVWUXPHQWRVGHORVTXHUHDOPHQWHSXHGHSURGXFLUODIXHQWHVRQRUDGHQWURGH
ODLPDJHQ\HVHQWRQFHVFXDQGRVHFUHDORTXH&RQUDGRGHILQHFRPR)DOVDGLpJHVLV



0~VLFD LQFLGHQWDO HV OR FRQWUDULR D OD GLHJpWLFD 1R SURYLHQH GH XQD IXHQWH

SUHVHQWH HQ OD LPDJHQ \ SRU OR JHQHUDO HV P~VLFD GH IRQGR TXH DFRPSDxD ODV
DFFLRQHV 6ROR ORV HVSHFWDGRUHV SXHGHQ RtUOD 2EHGHFH D ODV QHFHVLGDGHV GH XQD
HVFHQDUHSUHVHQWDXQSHUVRQDMHJHQHUDHPRFLyQUHVDOWDXQDDFFLyQHWF


$'25127KHRGRU\(,6/(5+DQQV(OFLQH\ODP~VLFDUD(G0DGULG)XQGDPHQWRVS

8QD VHFXHQFLD TXH HPSLH]D FRQ P~VLFD GLHJpWLFD SXHGH OXHJR FRQYHUWLUVH HQ P~VLFD
LQFLGHQWDO(QODSHOtFXOD(O6HxRUGHORVDQLOORVHOUHWRUQRGHO5H\GH3HWHU-DFNVRQ
KD\XQDVHFXHQFLDGRQGHHOUH\GH*RQGRUSLGHDOKREELW3LSSLQFDQWDUXQDFDQFLyQ
SDUDDFRPSDxDUVXFHQDP~VLFDGLHJpWLFD0LHQWUDVWDQWR\DIXHUDGHOFDVWLOOR)DUDPLU
HOKLMRGHOUH\YDHQVXFDEDOORDFRPSDxDGRGHXQHVFXDGUyQ\GHFLGLGRDDWDFDUODV
WURSDV HQHPLJDV SDUD PRVWUDU YDOHQWtD IUHQWH D VX SDGUH (QWUH PDV VH DSUR[LPD HO
HQHPLJR VH SUHSDUD \ ODQ]D XQ DWDTXH FRQ PLOHV GH IOHFKDV 6LQ HPEDUJR DXQ QR
VDEHPRV VL DOJXQD IOHFKD DOFDQ]y D )DUDPLU \ HQWRQFHV VH KDFH QHFHVDULR JHQHUDU
PD\RU WHQVLyQ KDFLD HO HVSHFWDGRU TXH OD FDQFLyQ D~Q VRQDQGR HQ RII SRU VX SRFR
SRWHQFLDOGUDPiWLFRQRSXHGHORJUDU(QWRQFHV\GHIRUPDPX\VXWLO+RZDUG6KRUH
YD LQWURGXFLHQGR ODV FXHUGDV VREUH OD FDQFLyQ GH 3LSSLQ \ WRPD OD EDWXWD GH OD
RUTXHVWDSDUDJHQHUDUHOVXVSHQVRUHTXHULGRSHURDSDUWLUGHP~VLFDLQFLGHQWDO


3RUVXDFWLWXG



0~VLFD HPSiWLFD HV P~VLFD TXH VH DGKLHUH GLUHFWDPHQWH D OD HPRFLyQ

VXJHULGD SRU OD HVFHQD GRORU SUHRFXSDFLyQ HPRFLyQ HWF WDO \ FRPR OR GHILQH
0LFKHO&KLRQHQVXOLEUR/DP~VLFDHQHOFLQH



0~VLFD DQHPSiWLFD HO HIHFWR FRQWUDULR D OD HPSiWLFD (V P~VLFD TXH QR VH

DGKLHUHDODHVFHQD\SRUORWDQWRFDXVDXQHIHFWRHPRFLRQDOGLIHUHQWH&RPRSRU
HMHPSOR ODV HVFHQDV GH WHUURU TXH VRQ DFRPSDxDGDV SRU LQVWUXPHQWRV \ PHORGtDV
TXHJHQHUDOPHQWHVHUHODFLRQDQFRQQLxRV

3RUVXYLQFXODFLyQ



&+,210LFKHO/DP~VLFDHQHOFLQH%DUFHORQD3DLGyV,EHULFDS

0~VLFDLQWHJUDGDHVP~VLFDTXHUHSUHVHQWDDOJ~QREMHWRGHODHVFHQDSDUD

OXHJR QR KDFHU QHFHVDULD VX DSDULFLyQ HQ OD SDQWDOOD SHUR VL VX SUHVHQFLD 3RU
HMHPSOR HO UHORM REMHWR YLVXDO VH XVD SDUD VHxDODU HO SDVR GHO WLHPSR 6L HQ XQD
HVFHQD VH UHTXLHUH FHQWUDU OD DWHQFLyQ HQ RWURV GHWDOOHV SHUR D VX YH] VHxDODU HO
SDVR GHO WLHPSR OD P~VLFD SXHGH WRPDU HO WLFWDF GHO UHORM SHUR FODUR HVWi
PXVLFDOPHQWH

/D P~VLFD GH XQD HVFHQD SXHGH FXPSOLU YDULDV GH HVWDV IXQFLRQHV DO PLVPR
WLHPSR HV GHFLU SXHGH VHU GLHJpWLFD SHUR D OD YH] VHU QHFHVDULD RULJLQDO SHUR
DQHPSiWLFD

/DVIXQFLRQHVGHODP~VLFDGHQWURGHOFLQHQRVRQ~QLFDVQLSHUPDQHQWHV(VWiQHQ
FRQVWDQWH HYROXFLyQ GHSHQGHQ GH IDFWRUHV FRPR OD YLVLyQ PXVLFDO TXH SXHGD
WHQHU XQ GLUHFWRU ORV DSRUWHV GHO FRPSRVLWRU ODV QXHYDV WpFQLFDV \ ORV QXHYRV
JpQHURV FLQHPDWRJUiILFRV QXHYDV WHFQRORJtDV HWF 3RU FLWDU XQ HMHPSOR VL OR TXH
YHPRVHVXQPXVLFDOVDEUHPRVTXHODP~VLFDHVHOSURWDJRQLVWD\SRUORWDQWRVX
IXQFLyQSULQFLSDOHVODGHDFWXDU

'HVGH HO SXQWR GH YLVWD WpFQLFR GHO FLQH OD P~VLFD WDPELpQ SXHGH JHQHUDU PHMRU
IOXLGH] HQ HO FDPELR HQWUH ODV HVFHQDV XWLOL]DQGR OHLWPRWLYHV \ WUDQVLFLRQHV R SRU
PHGLRGHODFRQWLQXLGDGGHXQWHPDHQWUHGRVVHFXHQFLDV


 (6758&785$086,&$/3$5$81),/0(


/D P~VLFD GH XQD SHOtFXOD SRU OR JHQHUDO HVWi FRQVWUXLGD D SDUWLU GH WHPDV R
IUDJPHQWRV PXVLFDOHV TXH VH FRPSRUWDQ GH DFXHUGR FRQ ORV SDUiPHWURV
QDUUDWLYRV WpFQLFRV GUDPiWLFRV HWF TXH GHWHUPLQD HO ILOPH 6HJ~Q VX QLYHO GH
LPSRUWDQFLDVHRUJDQL]DQDVt


x 0DLQ WLWOHV WHPD LQLFLDO (V OD P~VLFD TXH DFRPSDxD ORV FUpGLWRV GHO
FRPLHQ]R 3XHGH SUHVHQWDU PHORGtDV TXH OXHJR VHUiQ GHVDUUROODGDV \
GHILQLUHVWLOtVWLFDPHQWHODSHOtFXOD(QDOJXQRVFDVRVHOWHPDLQLFLDOHPSLH]D
VREUHORVWtWXORVGHODVSURGXFWRUDV
x 7HPD ILQDO $FRPSDxD ORV FUpGLWRV ILQDOHV 3RU OD ORQJLWXG GH pVWRV HO
FRPSRVLWRU SXHGH RUJDQL]DU XQD VXLWH GH DOJXQRV WHPDV XWLOL]DGRV HQ OD
SHOtFXOD \ GHVDUUROODUORV OLEUHPHQWH SXHV \D QR VH WLHQHQ FRQVLGHUDFLRQHV
GUDPiWLFDV(QDOJXQRVFDVRVVHUHFXUUHDFDQFLRQHVGHDUWLVWDVUHFRQRFLGRV
FRQXQILQPHUDPHQWHFRPHUFLDO
x 7HPDV FHQWUDOHV \ WHPD 3ULQFLSDO 6RQ ORV GRV PDV LPSRUWDQWHV
GUDPiWLFDPHQWH/RVFHQWUDOHVUHVDOWDQDOJRLPSRUWDQWHXQSHUVRQDMHXQD
LGHD XQ OXJDU HWF $TXHO WHPD FHQWUDO TXH VH GHVWDFD VREUH ORV GHPiV VH
FRQYLHUWH HQ HO WHPD SULQFLSDO $Vt SXHV HVWH ~OWLPR HV WDPELpQ FHQWUDO
SHUR VX H[LVWHQFLD HVWi VXSHGLWDGD D OD SUHVHQFLD GH GRV R PDV WHPDV
FHQWUDOHV SDUD SRGHU VREUHVDOLU 3RU OR WDQWR VL XQD SHOtFXOD VROR WLHQH XQ
WHPDFHQWUDOpVWHVHUiLJXDOPHQWHHOSULQFLSDO
x 7HPDVVHFXQGDULRV(VP~VLFDTXHVHXWLOL]DVREUHWRGRSDUDODDPELHQWDFLyQ
R HO DFRPSDxDPLHQWR 1R WLHQH WDQWR SRWHQFLDO GUDPiWLFR FRPR ORV
FHQWUDOHV \ HO SULQFLSDO 6X FRQVWUXFFLyQ HV VHQFLOOD \ QR SUHWHQGH TXH HO
HVSHFWDGRUODUHWHQJD
x 6XEWHPD (V OD LQVHUFLyQ GH XQ IUDJPHQWR R XQ WHPD FHQWUDO R VHFXQGDULR
GHQWURGHRWURTXHHVHOGRPLQDQWH3RUORWDQWRHOSULPHUR\DQRIXQFLRQD
LQGLYLGXDOPHQWHVLQRTXHVHFRQYLHUWHHQHOVXEWHPDGHOVHJXQGR
x /HLWPRWLI 6RQ IUDJPHQWRV PXVLFDOHV PX\ FRUWRV FRQ ORV TXH EXVFD
SXQWXDOL]DU KDFHU UHIHUHQFLDV IDFLOLWDU HO SDVR HQWUH VHFXHQFLDV HQWUH
PXFKRV RWURV 3XHGHQ SUHVHQWDUVH LQGHSHQGLHQWHPHQWH R DSDUHFHU

LQVHUWDGRV GHQWUR GH RWURV WHPDV GDGR TXH QR VRQ SLH]DV PXVLFDOHV
FRPSOHMDV VLQR SHTXHxRV PRWLYRV FRPR ORV DFRUGHV GH XQD JXLWDUUD WUHV
QRWDVHQXQDIODXWDXQHIHFWRVRQRURGHXQLQVWUXPHQWRHWFORFXDOIDFLOLWD
VXPDQLSXODFLyQ\HQFDMDPLHQWRVREUHRWURVWHPDV



06,&$3$5$$1,0$&,1


(O FLQH GH DQLPDFLyQ HV HO TXH VH UHDOL]D FXDGUR SRU FXDGUR JHQHUDQGR OXHJR OD
VHQVDFLyQ GH PRYLPLHQWR SRU PHGLR GH DSDUDWRV HVSHFLDOL]DGRV \R
FRPSXWDGRUHV /RV HOHPHQWRV TXH VH DQLPDQ SXHGHQ VHU GLEXMRV PDULRQHWDV
PXxHFRV HQ SODVWLOLQD HWF $XQTXH VH GLFH TXH OD DQLPDFLyQ H[LVWH GHVGH PXFKR
DQWHVTXHHOFLQHPLVPRHVHQHVWH~OWLPRGRQGHORJUDGHVDUUROODUVH\FRQYHUWLUVH
HQXQJpQHUR$XQTXHGXUDQWHODpSRFDGHOFLQHPXGRVHUHDOL]DURQFRUWRPHWUDMHV
\ ODUJRPHWUDMHV DQLPDGRV IXH KDVWD OD OOHJDGD GHO FLQH VRQRUR TXH OD DQLPDFLyQ
FRPRJpQHURFLQHPDWRJUiILFRORJUySRVLFLRQDUVHGHQWURGHODLQGXVWULDJUDFLDVDO
LQILQLWR QXPHUR GH SRVLELOLGDGHV TXH HO VRQLGR SRGtD EULQGDUOH SXHV SRU VX
QDWXUDOH]DPLVPDFDUHFtDGHHVWDSURSLHGDGDXGLWLYD:DOW'LVQH\IXHTXLHQVDFy
PHMRU SURYHFKR GH HVWR HQ VX SULPHUD SHOtFXOD GH 0LFNH\ 0RXVH 6WHDPERDW
:LOOLHWDOVRORXQDxRGHVSXpVGHODOOHJDGDGHOFLQHVRQRURHOFRPSRVLWRU
&DUO 6WDOOLQJ UHDOL]y XQD SDUWLWXUD GRQGH OD P~VLFD VH PRYtD GH DFXHUGR FRQ ODV
DFFLRQHVTXHVXFHGtDQHQODLPDJHQHVGHFLUKDFtDXQDPtPLFDGHOPRYLPLHQWR
YLVXDO $ HVWD WpFQLFD VH OH DWULEX\y HO QRPEUH GH 0LFNH\ 0RXVLQJ OD FXDO TXH VH
FRQYLUWLy HQ HO FRP~Q GHQRPLQDGRU SDUD PXFKDV SURGXFFLRQHV DQLPDGDV FRPR
7RP\-HUU\3RSH\H\HO&RUUHFDPLQRVHQWUHRWUDV\TXHD~QKR\VHXWLOL]D

/D DQLPDFLyQ QR VROR VH XWLOL]D HQ HO FLQH 2WURV IRUPDWRV FRPR OD WHOHYLVLyQ \ OD
PXOWLPHGLDWDPELpQUHFXUHQDHVWD


'HVGH HO SXQWR GH YLVWD QDUUDWLYR H[LVWHQ KR\ YDULRV VXEJpQHURV GHQWUR GH OD
DQLPDFLyQ KD\ KLVWRULDV TXH FRQVHUYDQ HO HVTXHPD GHO &DUWRRQ FOiVLFR RWUDV
TXHLQFOX\HQFRQWHQLGRVGUDPiWLFRVVREUHWRGRGHKpURHVDOJXQDVVRQFRPHGLDV\
RWUDVPXVLFDOHV3DUDFDGDXQRGHHOORVODP~VLFDWLHQHXQDIXQFLyQHVSHFtILFD



0~VLFDGHOFDUWRRQFOiVLFRDGHPiVGHODWpFQLFDGHO0LFNH\0RXVLQJVHDFXGH

DO XVR GH PHORGtDV SRSXODUHV \ FOiVLFDV TXH HQ DOJ~Q PRPHQWR GH OD DFFLyQ
SXHGDQUHVXOWDUKXPRUtVWLFDV/DVLQFURQL]DFLyQHVFRQVWDQWHSXHVVHGHEHSUHVWDU
PD\RU DWHQFLyQ D ODV DFFLRQHV TXH UHTXLHUHQ DFHQWRV PXVLFDOHV 6RQ HMHPSORV GH
HVWHWLSRGHDQLPDFLyQORV/RRQH\7RRQV\7RP -HUU\



'UDPDV /D P~VLFD GH ORV GUDPDV DQLPDGRV SRU OR JHQHUDO VH HVFULEH GH OD

PLVPDPDQHUDTXHXQDSHOtFXODFRQSHUVRQDMHVUHDOHVODIXQFLyQHVPDVUHVDOWDUOR
GUDPiWLFR TXH OD DFFLyQ PLVPD HV GHFLU QR VH XWLOL]D HO 0LFNH\ 0RXVLQJ /D
HVWUXFWXUD PXVLFDO VH GHWHUPLQD GH DFXHUGR FRQ ORV SDUiPHWURV WUD]DGRV SRU HO
ILOPHHOFRPSRVLWRUSXHGHFUHDUWHPDVFHQWUDOHVXQSULQFLSDOVHFXQGDULRVHWF



&RPHGLDV (Q OD FRPHGLD DQLPDGD OD P~VLFD SXHGH SUHVHQWDUVH GH GRV

IRUPDVGLYHUWLGDMRFRVDFKLVWRVDSHURWDPELpQVHULDRQHXWUD(QHOSULPHUFDVR
ODP~VLFDDXPHQWDODHPRFLyQSDUDWRUQDUXQDHVFHQDPXFKRPDVGLYHUWLGDSHUR
HQ HO VHJXQGR FDVR DO VHU QHXWUD OD HPRFLyQ FRUUH SRU FXHQWD GH OD DFFLyQ TXH
VXFHGHHQODLPDJHQ6RQHMHPSORVGHHVWHWLSRGHFRPHGLDDQLPDGD/RV6LPSVRQV
GH 0DWW *URHQLQJ \ OD VHULH DQLPDGD SDUD DGXOWRV 3DGUH GH IDPLOLD FUHDGD SRU 6HWK
0DF)DUODQHHQ



0XVLFDOHV(QXQPXVLFDOFRQSHUVRQDVUHDOHVORVDFWRUHVGHEHQFDQWDUDOR

ODUJR GHO ILOPH (VWDV FDQFLRQHV VH FRPSRQHQ GXUDQWH OD SUHSURGXFFLyQ GH OD

SHOtFXOD SXHV OD DFWXDFLyQ VH GHWHUPLQD D SDUWLU GH ODV FDUDFWHUtVWLFDV TXH pVWDV
WHQJDQ ,JXDO VXFHGH FRQ OD DQLPDFLyQ HO FRPSRVLWRU GHEH HVFULELU ODV FDQFLRQHV
FRQ EDVH HQ HO JXLyQ \ OXHJR VHU DSUREDGDV SRU HO GLUHFWRU SDUD VX SRVWHULRU
JUDEDFLyQ 8QD YH] WHUPLQDGD ORV DQLPDGRUHV WUDEDMDQ VREUH OD FDQFLyQ
VLQFURQL]DQGR ORV PRYLPLHQWRV \ HO FDQWR GH ORV SHUVRQDMHV (Q XQD SHOtFXOD
DQLPDGD GRQGH KD\ P~VLFD FDVL WRGR HO WLHPSR HV LPSRUWDQWH TXH HO FRPSRVLWRU
FRQHFWHDGHFXDGDPHQWHODFDQFLyQ0~VLFDGLHJpWLFDFRQODP~VLFDLQFLGHQWDOTXH
SXHGHFRQWLQXDUHQODVLJXLHQWHHVFHQDSDUDHVWRVHUHFRPLHQGDTXHH[LVWDDOJXQD
UHODFLyQ HQWUH OD WRQDOLGDG ILQDO GH OD FDQFLyQ \ OD LQLFLDO GH OD P~VLFD LQFLGHQWDO
/RV PHMRUHV HMHPSORV GH HVWH FDVR SXHGHQ YHUVH HQ OD JUDQ PD\RUtD GH SHOtFXODV
DQLPDGDVGH'LVQH\FRPR7DU]DQ3RFDKRQWDV0XODQ(OUH\/HyQHQWUHRWURV



&20326,&,21<352'8&&,21'(086,&$3$5$&,1(

$OUHDOL]DUXQDSHOtFXODWRGDVVXVDFWLYLGDGHVVHRUJDQL]DQHQWUHVJUDQGHVHWDSDV
SUHSURGXFFLyQ SURGXFFLyQ \ SRVWSURGXFFLyQ /D P~VLFD \D ILQDOL]DGD \ JUDEDGD
GHEH HVWDU OLVWD HQ HO SURFHVR GH SRVWSURGXFFLyQ SXHV HV DOOt GRQGH VH VLQFURQL]D
FRQ OD YHUVLyQ ILQDO GH OD SHOtFXOD (VWR QR TXLHUH GHFLU TXH HO FRPSRVLWRU VH
LQYROXFUD~QLFDPHQWHDOILQDOGHODSURGXFFLyQSXHVHOPRPHQWRHQHOTXHVHGHEH
FRPSRQHU HVWD VXSHGLWDGR D ODV FDUDFWHUtVWLFDV GHO ILOPH VL HV XQ PXVLFDO R XQD
SHOtFXOD FRQ SDUWHV GH P~VLFD GLHJpWLFD HV QHFHVDULR HVFULELU DQWHV GHO URGDMH HV
GHFLUGXUDQWHODSUHSURGXFFLyQGHODSHOtFXODVLHVXQDSHOtFXODGRQGHHOGLUHFWRU
QREXVFDVLQFURQL]DUODVDFFLRQHVGHODLPDJHQFRQODP~VLFDVLQRTXHHVWD~OWLPD
WLHQH XQ SDSHO PDV FRQFHSWXDO SXHV HO FRPSRVLWRU SXHGH HVFULELU GXUDQWH OD
SURGXFFLyQ \ EDVDGR HQ HO JXLyQ OLWHUDULR SHUR VL SRU HO FRQWUDULR VH EXVFD HO
PD\RUQ~PHURGHSXQWRVGHVLQFURQL]DFLyQFRQDFFLRQHVLQWHQVLRQHV\GHPiVOR

PHMRU HV TXH HO FRPSRVLWRU UHFLED XQD FRSLD GH OD SHOtFXOD \D PRQWDGD HV GHFLU
HGLWDGD\FRQODORQJLWXGGHILQLWLYDSDUDTXHDVtVXSDUWLWXUDSXHGDVLQFURQL]DUVH
FRUUHFWDPHQWHFRQORVPRPHQWRVTXHORQHFHVLWHQ

&RPSRQHU OD P~VLFD GH XQD SHOtFXOD UHTXLHUH GH XQD VHULH GH DFWLYLGDGHV TXH VH
GHVDUUROODQHQRUGHQFURQROyJLFR\GRQGHQRVRORSDUWLFLSDHOFRPSRVLWRUVLQRVX
HTXLSRGHWUDEDMRWDPELpQ&DEHDFODUDUTXHFDGDFRPSRVLWRUHVOLEUHGHUHDOL]DUVX
WUDEDMRFRQODPHWRGRORJtDTXHFRQVLGHUHPDVHIHFWLYDSXHVDOILQDOHOREMHWLYRHV
XQR VROR GRWDU OD SHOtFXOD FRQ OD PHMRU P~VLFD 6LQ HPEDUJR HQ FDGD HWDSD GHO
SURFHVRH[LVWHQXQRVSDVRVTXHVHGHEHQWHQHUSUHVHQWHVXSRQLHQGRTXHVHWUDWD
GHXQDJUDQSURGXFFLyQ\FRQP~VLFDSDUDRUTXHVWD



 35,0(5$(7$3$


x 5HXQLyQ FRQ UHDOL]DGRUHV 8QD YH] HO FRPSRVLWRU KD VLGR LQYLWDGR D XQ
QXHYR SUR\HFWR VH UH~QH FRQ HO GLUHFWRU \ SURGXFWRU SDUD KDEODU GH OD
SHOtFXOD \ GH VXV QHFHVLGDGHV PXVLFDOHV 3RU OR JHQHUDO DQWHV GH HVWD
UHXQLyQ HO FRPSRVLWRU \D KD OHtGR HO JXLyQ \ SRU OR WDQWR WLHQH XQD LGHD
JHQHUDOGHOILOPH6LHVXQDSHOtFXODTXH\DHVWiPRQWDGDHOGLUHFWRUHQWUHJD
XQDFRSLDDOFRPSRVLWRUSDUDTXHODYHD\VHIDPLOLDULFH(QDOJXQRVFDVRV
SDUWLFLSDQ WDPELpQ HQ HVWD UHXQLyQ HO SURGXFWRU HMHFXWLYR HO HGLWRU \ HO
VXSHUYLVRUPXVLFDO


x 6SRWWLQJ6HVVLRQ(VODUHXQLyQGRQGHGLUHFWRUSURGXFWRUHGLWRUPXVLFDO\
FRPSRVLWRU GHWHUPLQDQ ODV HQWUDGDV \ VDOLGDV GH FDGD &XH DVt FRPR VX
FDUDFWHUtVWLFDV VRQRUDV \ OD UHODFLyQ TXH GHEH PDQWHQHU FRQ HO GUDPD

$FDGDSLH]DGHP~VLFDTXHVHLQVHUWDHQODSHOtFXODVHOHOODPD&XH

'XUDQWHODVHVLyQHOHGLWRUPXVLFDOUHDOL]DODV0XVLF6SRWWLQJ1RWHVFRQ
ODV TXH OXHJR SUHSDUD ORV 7LPLQJ QRWHV TXH VLUYHQ DO FRPSRVLWRU SDUD
VLQFURQL]DU

x &XHVWLRQDPLHQWRV \ &RQFHSWXDOL]DFLyQ &RQ HO ILQ GH ORJUDU XQD P~VLFD
XQLILFDGD \ VREUHWRGR MXVWLILFDGD HV QHFHVDULR TXH HO FRPSRVLWRU VH KDJD
SODQWHDPLHQWRV FRPR 4Xp WLSR GH P~VLFD UHTXLHUH OD SHOtFXOD" 4Xp
SHUVRQDMHV DFFLRQHV X REMHWRV QHFHVLWDQ P~VLFD" 4Xp IXQFLyQ WLHQH FDGD
FXH 'LHJpWLFR QHFHVDULR LQFLGHQWDO HPSiWLFR HWF" &XiO HV OD
LQVWUXPHQWDFLyQDGHFXDGD"&XDQWRVSXQWRVGHVLQFURQL]DFLyQKD\"&XiO
HVHOULWPR\WLHPSRGHODVLPiJHQHV"&yPRGLVWULEXLUDGHFXDGDPHQWHOD
P~VLFDFXDQWRVWHPDVFHQWUDOHV\VHFXQGDULRV"$OGDUUHVSXHVWDDHVWRV\
PXFKRV RWURV FXHVWLRQDPLHQWRV HO FRPSRVLWRU SRGUi GHWHUPLQDU ORV
SDUiPHWURV GH VX FRPSRVLFLyQ \ SRU HQGH JHQHUDU XQ FRQFHSWR XQLILFDGR
SDUDVXSDUWLWXUD

x 3UHVXSXHVWR \ KRUDULRV (O WHPD HFRQyPLFR HV WDQ LPSRUWDQWH FRPR
FXDOTXLHURWUR3RUHVRXQDYH]WHUPLQDGDODVHVLyQGHVSRWWLQJ\WHQLHQGR
FODURTXpVHYDDKDFHUHOFRPSRVLWRUGHEHGHILQLUXQSUHVXSXHVWRSDUDVX
SURGXFFLyQSXHVFDGDGHFLVLyQTXHVHWRPHWLHQHXQFRVWRODFDQWLGDGGH
P~VLFRV D FRQWUDWDU OD GXUDFLyQ WRWDO GH P~VLFD ODV KRUDV GH HVWXGLR HWF
(V LJXDOPHQWH LPSRUWDQWH GHILQLU XQ FURQRJUDPD GH WUDEDMR GRQGH VH
GHWHUPLQHQORVWLHPSRVUHTXHULGRVSDUDFDGDDFWLYLGDGSXHVSRUORJHQHUDO
QRVHGLVSRQHGHPXFKRWLHPSRSDUDUHDOL]DUODP~VLFD



(VXQDGHVFULSFLyQJHQHUDOGHFDGDFXHFRQODVUHVSHFWLYDVLQVWUXFFLRQHVGHOGLUHFWRU
7DPELpQFRQRFLGRFRPR&XH6KHHWHVXQDGHVFULSFLyQGHWDOODGDGHODVHVFHQDVGRQGHKD\P~VLFD

LQFOX\HQGRWLHPSRVGHVFULSFLRQHVGHODDFFLyQKLWVGLiORJRVFRUWHV\PRYLPLHQWRVGHFiPDUD

 6(*81'$(7$3$


x /DFRPSRVLFLyQ(VOD~QLFDDFWLYLGDGTXHUHDOL]DHOFRPSRVLWRUHQVROLWDULR
5LFKDUG 'DYLV HQPDUFD GRV IRUPDV GLIHUHQWHV GH WUDEDMDU GXUDQWH OD
FRPSRVLFLyQ HO PpWRGR WUDGLFLRQDO \ HO QR WUDGLFLRQDO (Q HO SULPHUR HO
FRPSRVLWRUHVFULEHODP~VLFDFRQSDSHO\OiSL]\OXHJRHQYtDVXVVNHWFKHV
DO RUTXHVWDGRU (Q HO QR WUDGLFLRQDO OD FRPSRVLFLyQ VH UHDOL]D FRQ
VHFXHQFLDGRUHV H LQVWUXPHQWRV 0,', SDUD JHQHUDU VHFXHQFLDV TXH OXHJR
VHUiQ HQYLDGDV DO RUTXHVWDGRU 'HSHQGLHQGR GHO SUR\HFWR HO FRPSRVLWRU
SXHGH XWLOL]DU ORV GRV PpWRGRV DO PLVPR WLHPSR 8QD YH] GHWHUPLQDGD OD
IRUPDGHWUDEDMDUHOFRPSRVLWRUGHILQHSRUFXDOFXHFRPHQ]DUQRWLHQHTXH
VHU QHFHVDULDPHQWH HO SULPHUR SXHV OR PHMRU HV KDOODU HO FDUiFWHU GH FDGD
SLH]D SDUD OXHJR HQPDUFDUOD GHQWUR GH OD HVWUXFWXUD PXVLFDO \ DVt
GHVDUUROODUODIXQFLyQHVSHFtILFDSDUDODFXDOIXHKHFKD'HVSXpVGHHVWRHO
FRPSRVLWRUGHEHVLQFURQL]DUVXP~VLFDDSDUWLUGHYDULRVUHFXUVRVFRPRHO
FDPELR GH PpWULFDV FDPELRV GH WHPSR GHVDUUROORV PRWLYLFRV HWF SXHV
pVWRVGHEHQVHUORVXILFLHQWHPHQWHFODURVSDUDQRWHQHUSUREOHPDVDODKRUD
GHJUDEDU
x 6LQFURQL]DFLyQ([LVWHQYDULRVPpWRGRVSDUDDMXVWDUXQDSDUWLWXUD\JHQHUDU
ODVHQVDFLyQGHVLQFURQL]DFLyQHQWUHP~VLFDHLPDJHQHOFRPSRVLWRUHVOLEUH
GH HVFRJHU FXiO R FXiOHV GH HVWRV SURFHGLPLHQWRV XWLOL]DU DO PRPHQWR GH
FRPSRQHU(QSULPHUOXJDUVHGHEHPLUDUODHVFHQDYDULDVYHFHVSDUDSRGHU
GHWHUPLQDU XQ WHPSR \ HYDOXDU WRGDV ODV IRUPDV SRVLEOHV GH OOHJDU D ORV
SXQWRVGHVLQFURQL]DFLyQ6\QF3RLQWV/XHJRFRQODD\XGDGHODVQRWDVGH
6SRWWLQJ GHILQLU ODV FXDOLGDGHV SURSLDV GH OD P~VLFD HQ HVRV SXQWRV \ OD
IXQFLyQGUDPiWLFDWpFQLFDRSVLFROyJLFDTXHVHGHEHORJUDU(VLPSRUWDQWH

'$9,62SFLWS
6RQSDUWLWXUDVHQERUUDGRUTXHIXQFLRQDQFRPRJXtDSHURFRQWLHQHQWRGDODLQIRUPDFLyQUHTXHULGD

TXHHOFXHQRSLHUGDVHQWLGRFXDQGROOHJDDXQ6\QF3RLQWHVGHFLUTXHQR
VXHQHFRPRXQSDUFKHDGRGHODLPDJHQVLQRTXHSRUHOFRQWUDULRUHVXOWH
OyJLFR\VHDMXVWLILFDGR


/DVLQFURQL]DFLyQHVWiSUHVHQWHHQGRVPRPHQWRVGHOSURFHVRDOFRPSRQHU
\ DO JUDEDU (Q HO SULPHUR HO FRPSRVLWRU QR WLHQH PXFKDV RSFLRQHV H[LVWH
XQD HFXDFLyQ GRQGH XQD YH] VH KD GHWHUPLQDGR HO WHPSR %SP GHO FXH VH
EXVFDHOEHDWVREUHHOFXDOVXFHGHODVLQFURQL]DFLyQ%HDW6\QF/DHFXDFLyQ
HV

'RQGH
7I 7RWDO )UDPH HV HO QXPHUR GH FXDGURV TXH KD\ HQ XQ FXH SRU
HMHPSORVLHQXQDSHOtFXODDFXDGURVODP~VLFDHQWUDHQ
\VDOHHQHO7IVHUiGH
%SP%HDWVSRUPLQXWRHOWHPSRGHOFXH
/RVSXOVRVSRUPLQXWR
)U)UDPHVORVFXDGURVSRUVHJXQGRGHODSHOtFXOD
 HVWH YDORU VH VXPD SXHV ORV IUDPHV QR VH FXHQWDQ GHVGH  VLQR
GHVGHSRUORTXHHVQHFHVDULRDJUHJDUXQYDORU

(VWDHFXDFLyQSXHGHVHU~WLOHQSUR\HFWRVGHDQLPDFLyQTXHWHQJDQSXQWRV
GH VLQFURQL]DFLyQ FRQVWDQWHV \ TXH UHTXLHUDQ GHO 0LFNH\ PRXVLQJ 6LQ
HPEDUJR DOJXQRV FRPSRVLWRUHV OD XVDQ SDUD RWUDV SHOtFXODV HQ HVFHQDV
GRQGH OD VLQFURQL]DFLyQ GHEH VHU PX\ SUHFLVD 3RU HO RWUR ODGR HVWiQ
TXLHQHVQRUHFXUUHQDIRUPXODVHVSHFLILFDVVLQRTXHFRQItDQPDVHQHORMR
\ HQ OD HODVWLFLGDG GH VX P~VLFD SDUD DMXVWDUVH SRU OR JHQHUDO VRQ
FRPSRVLWRUHVTXHHVFULEHQVHFXHQFLDQGRVXVLGHDVGHWDOIRUPDTXHSXHGHQ

JHQHUDU XQ FOLFN GHO PHWUyQRPR \ DMXVWDUOR VHJ~Q ORV SXQWRV GH
VLQFURQL]DFLyQ

(OVHJXQGRPRPHQWRHVVREUHODVLQFURQL]DFLyQDODKRUDGHJUDEDU$QWHV
GH OD VHVLyQ HO FRPSRVLWRU R HO HGLWRU PXVLFDO JHQHUDQ XQ FOLFN TXH VH
FRQRFHFRPRFOLFNWUDFNYHUPDVDGHODQWHHOFXDOVLUYHFRPRUHIHUHQFLD(O
SULPHUPpWRGRGHVLQFURQL]DFLyQWDOYH]HOPDVXWLOL]DGRVHFRQRFHFRPR
3XQFK \ 6WUHDPHU FRQVLVWH HQ FRORFDU XQ SXQWR EODQFR SXQFK VREUH HO
FXDGUR GRQGH VXFHGH OD DFFLyQ FRPR HV QHFHVDULR SUHSDUDU OD OOHJDGD DO
SXQWRGHVLQFURQL]DFLyQHVGHFLUGDUXQWLHPSRDODVP~VLFRVSDUDWRFDUHO
KLW DOJXQRV VHJXQGRV DQWHV VH WUD]DQ OtQHDV YHUWLFDOHV VREUH ORV FXDGURV
SUHYLRVDOSXQFKGHWDOIRUPDTXHpVWRVVHYHQFRPRXQDOtQHDYHUWLFDOTXH
FRUUHGHL]TXLHUGDDGHUHFKDKDVWDOOHJDUDOSXQWREODQFRHVWDVOtQHDVVRQORV
VWUHDPHUV 2WUR PpWRGR HV FRQ XQ FURQyPHWUR IUHQWH DO GLUHFWRU HQ GRQGH
VROR VH GHEH VDEHU FXDQGR HQWUD \ VDOH OD P~VLFD (Q DOJXQRV FDVRV VREUH
WRGR FRQ ORV FXH GH FRUWD GXUDFLyQ QR HV QHFHVDULR QLQJXQD UHIHUHQFLD GH
VLQFURQL]DFLyQ


x 0RFNXS6RQPDTXHWDVTXHUHDOL]DHOFRPSRVLWRUFRQVRQLGRVYLUWXDOHVORV
FXDOHV VLPXODQ D ORV LQVWUXPHQWRV UHDOHV FRQ HO ILQ GH GDU XQD LGHD DO
GLUHFWRU(QWUHPDVUHDOHVVHDQORVVRQLGRVPDVIiFLOOHTXHGDUiDOGLUHFWRU
HQWHQGHU OD FRPSRVLFLyQ SXHV SRU OR JHQHUDO pVWRV QR VRQ FRQRFHGRUHV D
IRQGRGHODP~VLFDSRUORWDQWRXQEXHQPRFNXSIDFLOLWDODFRPXQLFDFLyQ
HQWUH GLUHFWRU \ FRPSRVLWRU (Q DOJXQRV FDVRV VREUHWRGR ORV UHODFLRQDGRV
FRQ SUHVXSXHVWR OD P~VLFD GH XQD SHOtFXOD SXHGH UHDOL]DUVH  FRQ
VRQLGRVYLUWXDOHVVLHPSUH\FXDQGRHVWRVVHDQGHJUDQILGHOLGDG

$QWHULRUPHQWHHUDQHFHVDULRKDFHUXQKXHFRHQODFLQWDSDUDTXHFXDQGRHOSUR\HFWRUSDVDUDVREUHpOVH

YLHUDXQSXQWREODQFRHQODSDQWDOOD


x &OLFN7UDFN&RQVLVWHHQXQWUDFNDGLFLRQDOTXHVHHVFULEHHQODSDUWLWXUD
SDUD VHxDODU ORV GLIHUHQWHV SXQWRV GH VLQFURQL]DFLyQ D WHQHU HQ FXHQWD
GXUDQWHODVHVLyQGHJUDEDFLyQ/DLQIRUPDFLyQTXHFRQWLHQHFDGDSXQWRHV
HO FyGLJR GH WLHPSR H[SUHVDGR FRPR +RUD 0LQ 6HJIUDPHV XQD
GHVFULSFLyQ EUHYH GH OD DFFLyQ \ HO EHDW VREUH HO FXDO VXFHGH OD
VLQFURQL]DFLyQ )LQDOPHQWH VH JHQHUD XQ DXGLR GHO FLOFN WUDFN SDUD
XWLOL]DUORFRPRUHIHUHQFLDGXUDQWHODJUDEDFLyQ

x

2UTXHVWDFLyQ 8QD YH] HO FRPSRVLWRU KD WHUPLQDGR \ HO GLUHFWRU GH OD
SHOtFXODKDDSUREDGRODP~VLFDHORUTXHVWDGRU WRPDVORVVNHWFKHV\RORV
PRFNXSV GH FDGD &XH SDUD RUTXHVWDUORV DGHFXDGDPHQWH VHJ~Q HO
HQVDPEOHVXJHULGRSRUHOFRPSRVLWRU3RUORJHQHUDOORVFRPSRVLWRUHVVRQ
EXHQRVRUTXHVWDGRUHVSHURSRUFXHVWLRQHVGHWLHPSRQRUHDOL]DQHVWDWDUHD
6LQ HPEDUJR FRPSRVLWRUHV FRPR (QQLR 0RUULFRQH SUHILHUHQ KDFHU VXV
SURSLDVRUTXHVWDFLRQHV(VLPSRUWDQWHTXHHOFRPSRVLWRUWUDEDMHGHODPDQR
FRQ HO RUTXHVWDGRU SXHV HQ RFDVLRQHV HVWH ~OWLPR UHTXLHUH H[SOLFDFLRQHV
GHVGH HO SXQWR GH YLVWD WHPiWLFR \ GUDPiWLFR GH OD P~VLFD SDUD GLVSRQHU
DGHFXDGDPHQWHODRUTXHVWD\ORJUDUHOHIHFWRVRQRURUHTXHULGR


 7(5&(5$(7$3$


x &RSLVWD \ SUHSDUDFLyQ GH OD P~VLFD (O FRSLVWD VH HQFDUJD GH WRPDU ODV
SDUWLWXUDVGHILQLWLYDVHVGHFLUODVTXHHORUTXHVWDGRUUHDOL]DDOWHUPLQDUVX
SURFHVR SDUD HGLWDUODV HQ XQ VRIWZDUH HVSHFLDOL]DGR HQ SDUWLWXUDV FRPR

 (V XQ FRQRFHGRU D IRQGR GH ORV LQVWUXPHQWRV GH OD RUTXHVWD ODV SRVLELOLGDGHV TXH FDGD XQR EULQGD VXV

IRUPDVGHHMHFXFLyQ\WRGDVODVFRPELQDFLRQHVSRVLEOHVHQWUHHOORV$GHPiVXWLOL]DWpFQLFDVTXHSHUPLWHQGDU
XQFRORUHVSHFtILFRDODRUTXHVWDGHDFXHUGRFRQHOWLSRGHP~VLFD

SRU HMHPSOR )LQDOH R 6LEHOLXV \ DVt JHQHUDU HO VFRUH GHO GLUHFWRU GH OD
RUTXHVWD FRPR ODV SDUWHV GH FDGD LQVWUXPHQWR /XHJR pVWDV SDVDQ D XQD
RILFLQD GRQGH VRQ UHYLVDGDV SDUD GHWHUPLQDU VL KXER HUURUHV HQ OD HGLFLyQ
SDUD TXH QR VH SUHVHQWHQ SUREOHPDV DO PRPHQWR GH HMHFXWDUODV
3RVWHULRUPHQWHVRQHQWUHJDGDVDOVXSHUYLVRUPXVLFDOTXLHQRUJDQL]DWRGDV
ODVSDUWLWXUDVTXH\DHVWiQOLVWDVSDUDJUDEDUVH

x $QWHV \ GXUDQWH OD JUDEDFLyQ 3DUD JDUDQWL]DU HO p[LWR HQ OD JUDEDFLyQ \
VREUHWRGR HO EXHQ XVR GHO WLHPSR HQ HO HVWXGLR FDGD PLHPEUR GHO HTXLSR
WLHQH WDUHDV PX\ HVSHFLILFDV SDUD UHDOL]DU DQWHV GXUDQWH \ GHVSXpV GH OD
JUDEDFLyQ $QWHV GH OD JUDEDFLyQ HO HGLWRU PXVLFDO GHEH SUHSDUDU HO DXGLR
GH FDGD FLOFN WUDFN DVt FRPR ORV SXQFKHV \ VWUHDPHUV TXH JDUDQWL]DQ OD
VLQFURQL]DFLyQ 8Q HQFDUJDGR GH OD RILFLQD GH FRSLDGR VH FHUFLRUD TXH
WRGRVORVP~VLFRVWHQJDQHQVXDWULOODVSDUWLWXUDVFRUUHVSRQGLHQWHV6LHQOD
FRPSRVLFLyQ VH XWLOL]DURQ VRQLGRV HOHFWUyQLFRV FRPR ORRSV UtWPLFRV R
HIHFWRV HO FRPSRVLWRU GHEH PRQWDUORV DQWHV GHQWUR GH OD VHVLyQ SXHV ORV
LQVWUXPHQWRVDF~VWLFRVGHEHQJUDEDUVREUHHOORV)LQDOPHQWHHOFRPSRVLWRU
GHFLGH HO RUGHQ GH JUDEDFLyQ ELHQ VHD SRU HQVDPEOHV R SRU QLYHO GH
GLILFXOWDGQRKD\XQRUGHQGHWHUPLQDGRSHURGHEHSODQHDUVH

'XUDQWHODJUDEDFLyQWDQWRHGLWRUPXVLFDOFRPRFRPSRVLWRUVDOYRTXHHVWH
~OWLPR VHD HO PLVPR GLUHFWRU GH OD RUTXHVWD HVWiQ HQ HO FRQWURO URRP
VLJXLHQGR QRWD D QRWD GH OD SDUWLWXUD UHYLVDQGR TXH WRGR HVWp VDOLHQGR
ELHQ 6L DOJXQR GH ORV FXH HV PX\ ODUJR PDV GH  PLQXWRV HO FRPSRVLWRU
SXHGH EXVFDU XQ SXQWR GH FRUWH SDUD JUDEDUOR HQ GRV SDUWHV \ OXHJR
XQLUORV HQ SRVWSURGXFFLyQ (Q OD JUDEDFLyQ WDPELpQ VH HQFXHQWUDQ HO
GLUHFWRUGHODSHOtFXOD\HOSURGXFWRUSXHGHVXFHGHUTXHXQRGHHOORVSLGD
DO FRPSRVLWRU UHHVFULELU XQ IUDJPHQWR D UHDOL]DU XQ FDPELR D VX SDUWLWXUD

HQSOHQDJUDEDFLyQ(VDOOtGRQGHHOFRPSRVLWRUGHEHHVWDUSURIHVLRQDOPHQWH
SUHSDUDGR SDUD UHDOL]DU FXDOTXLHU FDPELR \ FRQ OD PD\RU DJLOLGDG SXHV HO
WLHPSR VLJXH \ ODV KRUDV GH HVWXGLR YDOHQ 6L ORV DMXVWHV OOHJDQ D VHU PX\
JUDQGHVHVPHMRUTXHXQFRSLVWDHVWpSUHVHQWHDOOtFRQVXVRIWZDUHSDUDUH
LPSULPLUODVSDUWHV\HYLWDUFRQIXVLRQHVHQWUHORVP~VLFRV

x 3RVWHULRU D OD JUDEDFLyQ /D PH]FOD HV HO SDVR D VHJXLU GHVSXpV GH OD
JUDEDFLyQ DOJXQRV LQJHQLHURV GH VRQLGR GDGD OD SUHVLyQ GH WLHPSR YDQ
PH]FODQGRDOWLHPSRFRQODJUDEDFLyQ\DVtORVGRVSURFHVRVJUDEDFLyQ\
PH]FODWHUPLQDQFDVLDOWLHPSR&XDQGRpVWD\DVHWLHQHOLVWDVHOOHYDDOD
VDOD GH PRQWDMH GRQGH VH UHDOL]D OD VHVLyQ GH 'XEELQJ OD FXDO FRQVLVWH HQ
PH]FODU P~VLFD HIHFWRV GH VRQLGR \ GLiORJRV VLHQGR HVWH ~OWLPR HO GH
PD\RU SUHODFLyQ VREUH ORV RWURV GRV (Q HVWD VHVLyQ SDUWLFLSDQ HO HGLWRU
PXVLFDO TXLHQ YD DVLJQDQGR ODV SLH]DV GH P~VLFD SDUD FDGD HVFHQD \
DMXVWiQGRODV WpFQLFD \R GUDPiWLFDPHQWH 6LHPSUH HV EXHQR TXH HO
FRPSRVLWRUSDUWLFLSHHQHO'XEELQJSXHVDOOtHOFRQWUROGHODP~VLFDORWLHQH
HO GLUHFWRU GH OD SHOtFXOD \ SXHGH GDUVH HO FDVR TXH WUDQVIRUPH DOJ~Q FXH
ELHQVHDSRUTXHORUHFRUWDRLQFOXVRORGHVFDUWDHQXQDHVFHQD

 0(72'2/2*,$



25,*(1'(/352<(&72



(O FRUWRPHWUDMH DQLPDGR (O 0HUFDGHU GH 6XHxRV IXH FUHDGR SRU 0DQXHO 3pUH]
HQ HO  /R HVFULELy PLHQWUDV HVFXFKDED P~VLFD GH 'DQQ\ (OIPDQ OD FXDO
LQIOX\yQRWDEOHPHQWHHQVXFUHDFLyQSRUHVWHPRWLYRODXWLOL]yFRPRWHPSWUDFN
PLHQWUDVORJUDEDFRQVHJXLUORVGHUHFKRV6LQHPEDUJRQRGHVFDUWDEDODSRVLELOLGDG
GHWHQHUP~VLFDRULJLQDOSDUDVXSHOtFXOD

(Q OD E~VTXHGD GH XQ SUR\HFWR FLQHPDWRJUiILFR TXH UHXQLHUD ODV FDUDFWHUtVWLFDV
QHFHVDULDVSDUDKDFHUXQDWHVLVVREUHP~VLFDGHFLQHHODVHVRUGHHVWHSUR\HFWRHO
FRPSRVLWRU 5LFKDUG &yUGRED VXJLULy PLUDU YDULRV SUR\HFWRV GH OD 8QLYHUVLGDG
3ROLWpFQLFR *UDQFRORPELDQR HQ FX\R GHSDUWDPHQWR GH 0HGLRV $XGLRYLVXDOHV
UHSRVDQ DOJXQRV WUDEDMRV GH ORV HVWXGLDQWHV SDUD VHOHFFLRQDU XQD SHOtFXOD TXH
SHUPLWLHUD GHVDUUROODU ODV P~OWLSOHV DFWLYLGDGHV TXH URGHDQ OD FRPSRVLFLyQ \
SURGXFFLyQGHP~VLFDSDUDXQILOPH)XHHQWRQFHVFXDQGRVHUHDOL]yODYLVLWDDHVWH
GHSDUWDPHQWR\VHHVFRJLy(O0HUFDGHUGH6XHxRVSRUVXH[FHOHQWHFRQWHQLGROD
IRUPDFRPRVXFHGHODKLVWRULDORVSHUVRQDMHVHOJpQHURGHODIDQWDVtDODWpFQLFDOD

 8QR GH ORV PDV JUDQGHV GH +ROO\ZRRG KD WUDEDMDGR HQ OD JUDQ PD\RUtD GH SHOtFXODV GHO GLUHFWRU 7LP

%XUWRQ SRU OR TXH VX P~VLFD VH FDUDFWHUL]D SRU VHU RVFXUD \ FRQ FLHUWR  WRTXH GH KRUURU 6LQ HPEDUJR
WDPELpQ VH OH UHFRQRFH SRU HO VRQLGR JyWLFR TXH KD ORJUDGR GDUOH D SHOtFXODV EDVDGDV HQ ORV FRPLFV FRPR
%DWPDQ\6SLGHUPDQ
(VP~VLFDSUHH[LVWHQWHGHRWURVILOPHVGHRWURVFRPSRVLWRUHVGHRWUDVpSRFDVHWFTXHHOGLUHFWRULQVHUWDHQ
OD SHOtFXOD FRPR UHIHUHQFLD GH OR TXH pO TXLVLHUD RtU FRQ OD P~VLFD RULJLQDO 6X H[LVWHQFLD HV DPELJXD SXHGH
FRQIXQGLUFRPRSXHGHVHUXQDEXHQDJXtDDVtPLVPRKD\GLUHFWRUHVTXHQROHVJXVWDOLPLWDUDOFRPSRVLWRU
FRPRKD\RWURVTXHWDOYH]Vt

ORQJLWXG\SRUVXSXHVWRORVWHPSWUDFNVTXHWHQLDGHUHIHUHQFLDSXHVGHMDEDQRWDU
ORVLQWHUHVHVPXVLFDOHVGHOGLUHFWRU\GHHQWUDGDVHUtDXQUHWRLQWHUHVDQWHDOWHQHUD
(OIPDQFRPRJXtD

6HFRQWDFWDDOGLUHFWRU\VHUHDOL]DODSULPHUDUHXQLyQGRQGHXQDYH]H[SXHVWDVODV
RSLQLRQHVHLGHDVGHFDGDXQRODSURSXHVWDHVDFHSWDGD/XHJRVHUHDOL]DODVHVLyQ
GH VSRWWLQJ YHU GHILQLFLyQ HQ HO PDUFR WHyULFR HQ GRQGH SODQR SRU SODQR VH
GHWHUPLQDURQ ODV FDUDFWHUtVWLFDV GH OD P~VLFD VREUH WRGR GHVGH HO SXQWR GH YLVWD
FRQFHSWXDO \ GH OD LQVWUXPHQWDFLyQ JXLDGRV SRU OR TXH VXJHUtD OD P~VLFD GH
UHIHUHQFLD)LQDOPHQWHVHGHWHUPLQDQDOJXQRVSXQWRVGHVLQFURQL]DFLyQSHURFRPR
ODSHOtFXODQRWHQLDLPSUHVRHOFyGLJRGHWLHPSRVXVYDORUHVVHDSUR[LPDURQ

8QDYH]VHGLVSRQtDGHODFRSLDGHWUDEDMRODFXDOVHVROLFLWyHQIRUPDWRSDUD4XLFN
7LPH PRY FRQ FRPSUHVLyQ D PSHJ \ HQ WDPDxR [ VH PRQWy VREUH HO
SURJUDPD $GREH 3UHPLHU &6 \ VH LPSULPLy HO FyGLJR GH WLHPSR SDUD QR WHQHU
SUREOHPDVDOPRPHQWRGHVLQFURQL]DU

+DELHQGR\DVHOHFFLRQDGRXQWUDEDMRFLQHPDWRJUiILFRSDUDUHDOL]DUVHHVWXGLDQVXV
SRVLELOLGDGHV \ VH HVFULEH XQ DQWHSUR\HFWR GRQGH VH SODQWHDED UHDOL]DU XQD
LQYHVWLJDFLyQVREUHHOFRORU\VXUHODFLyQFRQODP~VLFDFRQHOILQGHFRPSRQHUOD
P~VLFD GHO FRUWR D SDUWLU GH HVWH HOHPHQWR YLVXDO 6LQ HPEDUJR DO UHDOL]DU OD
LQYHVWLJDFLyQ QRV GDPRV FXHQWD TXH VL GHWHUPLQiUDPRV WRGRV ORV SDUiPHWURV
PXVLFDOHV D SDUWLU GH XQD SURSLHGDG YLVXDO GH OD LPDJHQ OD P~VLFD FDUHFHUtD GH
SRWHQFLDO GUDPiWLFR \ VH FRQYHUWLUtD HQ DOJR WpFQLFR SRU OR TXH GHMDUtD GH VHU
FLQHPDWRJUiILFD\SRUHQGHDIHFWDUtDODSHOtFXOD

'DGR TXH HO SURSyVLWR SHUVRQDO HUD KDFHU XQ WUDEDMR TXH SHUPLWLHUD FRQRFHU XQ
SRFR PDV VREUH HO PXQGR GHO FLQH FODUR GHVGH OD P~VLFD \ QR UHDOL]DU XQD

H[SHULPHQWDFLyQ DXGLRYLVXDO VH UHSODQWHy HO SUR\HFWR GHVFDUWDQGR OD LGHD GH
FRPSRQHUGHVGHHOFRORU\PDVELHQHVFULELHQGRXQDP~VLFDTXHQDFLHUDGHVGHORV
HOHPHQWRVWpFQLFRVGUDPiWLFRV\QDUUDWLYRVTXHVXJHUtDODSHOtFXOD



,'(17,),&$&,1<$1/,6,6'(/26(/(0(1726
1$55$7,926'5$07,&26<7e&1,&26

$QWHV GH FRPSRQHU IXH QHFHVDULR YHU HO FRUWRPHWUDMH YDULDV YHFHV SDUD
IDPLOLDUL]DUVH \ FRQRFHUOR HQ YDULRV DVSHFWRV $O PLVPR WLHPSR \  D PDQHUD GH
HMHUFLFLRVHYLR\DQDOL]yRWUDVSHOtFXODVSDUDHQWHQGHUXQSRFRPHMRUODVIXQFLRQHV
GH OD P~VLFD H LGHQWLILFDU SRVLEOHV HYHQWRV TXH SXGLHUDQ PDUFDU XQD SDXWD HQ OD
FRPSRVLFLyQPXVLFDO)XHURQREMHWRGHGLFKRDQiOLVLVSHOtFXODVFRPR(OFDGiYHUGH
OD1RYLD7LP%XUWRQ(OH[WUDxRPXQGRGH-DFNSURGXFLGDSRU7LP%XUWRQHQ
 /D WULORJtD GHO 6HxRU GH ORV DQLOORV 3HWHU -DFNVRQ  OD WULORJtD GH
3LUDWDVGHO&DULEH:DOW'LVQH\3LFWXUHVHQWUHPXFKDVRWUDV

&RQ XQD LGHD PDV FODUD GH ODV IXQFLRQHV GH OD P~VLFD GHQWUR GHO FLQH \ ODV
SRVLELOLGDGHVTXHpVWHOHEULQGDVHKL]RXQDHVWUXFWXUDFLyQGHOFRUWRPHWUDMHGHVGH
HOSXQWRGHYLVWDQDUUDWLYRORJUDQGRGHWHUPLQDUJUDQGHVSDUWHVDVt/DSULPHUD
GRQGHXQSHUVRQDMHVLQLGHQWLGDGGHILQLGDYLYHHQXQPXQGRGHVROHGDG\WULVWH]D
HVD HV VX 5($/,'$' /D VHJXQGD OOHJD OD QRFKH \ FRQ HOOD XQ PXQGR GH PDJLD
GRQGH HO SURWDJRQLVWD .HYLQ HO PHUFDGHU WUDEDMD HQ VX IiEULFD SDUD KDFHU ORV
VXHxRVUHDOLGDG<ODWHUFHUDHOQXHYRDPDQHFHUFRQXQDUHDOLGDGWUDQVIRUPDGDOD
UHDOLGDGGHORVVXHxRV

<DHVWDEOHFLGDODHVWUXFWXUDQDUUDWLYDVHGHILQHQODVFDUDFWHUtVWLFDVSURSLDVGHFDGD
SDUWHHQFXDQWRDVXVSRWHQFLDOHVGUDPiWLFRV\ODVHPRFLRQHVTXHFDGDXQDGHHOORV

JHQHUD 7HQLHQGR HVWR FODUR OD P~VLFD SXHGH FRQFHSWXDOL]DUVH \ SRU HQGH VHU
DSURSLDGDSDUDHOILOPH

3DUDWHQHUXQSULPHUDFHUFDPLHQWRKDFLDODSDUWHWpFQLFDVHOHHHOJXLyQWpFQLFR\
VHFRUURERUDFRQHOFRUWR)LQDOPHQWHVHKDFHXQDQiOLVLVGHODHVWUXFWXUDWpFQLFDHQ
ODSHOtFXODKDFLHQGRSDUWLFXODUpQIDVLVHQORVSODQRVPRYLPLHQWRV\DQJXODFLRQHV
GH OD FiPDUD DVt FRPR HQ OD FRQH[LyQ \ FRQWLQXLGDG GH ODV VHFXHQFLDV ODV
WUDQVLFLRQHV \ ORV GLiORJRV QDUUDFLyQ HQ 2II WRGR HO WLHPSR 'HVGH HO SXQWR GH
YLVWD GH VX FRQVWUXFFLyQ VH GHILQHQ  SDUWHV WtWXORV LQLFLDOHV OD KLVWRULD \ ORV
FUpGLWRVILQDOHVORVFXDOHVVHWUDEDMDURQGHIRUPDLQGHSHQGLHQWH



35(/,0,1$5(6$/$&20326,&,1


(QSULPHUOXJDUVHHVFXFKDURQP~VLFDVGHRWUDVSHOtFXODVFRQHOILQGHWHQHUXQD
UHWURDOLPHQWDFLyQ TXH VLUYLHUD FRPR UHIHUHQFLD SDUD FRPSRQHU HQ PRPHQWRV
HVSHFtILFRV GHO GUDPD DVt PLVPR VH UHFXUULy D DOJXQDV SDUWLWXUDV
FLQHPDWRJUiILFDV SDUD RUTXHVWD FRPR ODV GH %DWPDQ 'DQQ\ (OIPDQ *ODGLDWRU
+DQV=LPPHU6XSHUPDQ-RKQ:LOOLDPV+DUU\3RWWHU-RKQ:LOOLDPV-XUDVVLF
3DUN-RKQ:LOOLDPV\$ODWULVWH5RTXH%DxRVSDUDHVWXGLDUVXVRUTXHVWDFLRQHV
QRWDFLyQDUPRQtDVPHORGtDV\ULWPRV

'DGRTXHHOILOPHIXHLQVSLUDGRHQP~VLFDSUHH[LVWHQWHHVWDEDGLVHxDGRSDUDTXH
pVWD SDUWLFLSDUD GH FRPLHQ]R D ILQ HV GHFLU HQ WRGD OD SHOtFXOD 6HJ~Q ODV
FRQVLGHUDFLRQHVKHFKDVHQHODQiOLVLVGHOFRUWRFRPRODVVXJHULGDVSRUHOGLUHFWRU
HQ OD VHVLyQ GH 6SRWWLQJ VH GHWHUPLQD XQ Q~PHUR GH FXHV SDUD FRPSRQHU ORV
FXDOHV GHEtDQ PDQWHQHU DOJXQD UHODFLyQ HQWUH Vt SDUD TXH VX FRQH[LyQ UHVXOWDUD

/DGLVFRJUDItDHVFXFKDGDVHHQFXHQWUDFLWDGDHQODELEOLRJUDItDGHHVWHSUR\HFWR

IOXLGD\VRQDUDFRPRXQDVRODSLH]D/XHJRVHRUJDQL]DQODVQRWDVGH6SRWWLQJ\VH
UHDOL]D HO 0DVWHU &XH /LVW FRQ HO ILQ GH VDEHU FXiQWDV SLH]DV HUD QHFHVDULR
FRPSRQHU \ OD ORQJLWXG GH FDGD XQD GH HOODV )LQDOPHQWH VH HODERUDQ ORV 7LPLQJ
1RWHVGHFDGDFXHSDUDHIHFWRVGHVLQFURQL]DFLyQ

3RVWHULRUPHQWH VH RUJDQL]D XQ SODQ FRPSRVLFLRQDO TXH LQFOXtD OD HODERUDFLyQ GH
YDULRV WHPDV PRWLYRV \ WUDQVLFLRQHV FRQ DOJXQDV LQVWUXPHQWDFLRQHV SRVLEOHV
GHWHUPLQDQGRVXVIXQFLRQHV\HOFDUiFWHUGHFDGDXQR



&20326,&,21


7HQLHQGR HQ FXHQWD TXH HO FRUWR HVWDED GLYLGLGR HQ  SDUWHV 7tWXORV LQLFLDOHV
+LVWRULD \ &UpGLWRV ILQDOHV VH FRPSRQH OD P~VLFD GH FDGD XQR SRU VHSDUDGR
HPSH]DQGRSRUODKLVWRULDSXHVHVDOOtGRQGHWRGRVORVPDWHULDOHVWHPiWLFRVGHOD
P~VLFD VH GHVDUUROODQ \ ORJUDQ DVRFLDUVH ELHQ VHD FRQ XQ SHUVRQDMH XQD DFFLyQ R
XQD HPRFLyQ FXPSOLHQGR DVt XQD IXQFLyQ GUDPiWLFD GHQWUR GHO ILOPH $
FRQWLQXDFLyQVHHVFULEHODP~VLFDGHORVWtWXORVLQLFLDOHVHQFX\ROXJDUODP~VLFD
FXPSOHODIXQFLyQGHSUHVHQWDUORTXHVHYDDYHUHVPDVWpFQLFRTXHGUDPiWLFR
SRUORTXHHUDQHFHVDULRWRPDULGHDV\DSODQWHDGDVHQODKLVWRULDSDUDSUHVHQWDUODV
D PDQHUD GH LQWURGXFFLyQ \ TXH HO HVSHFWDGRU SXGLHUD UHFRQRFHUODV GHQWUR  GH OD
SHOtFXOD)LQDOPHQWHVHRUJDQL]DODP~VLFDGHORVFUpGLWRVILQDOHVWRPDQGRSDUWHV
GH ODV SLH]DV \D FRPSXHVWDV SHUR UHDOL]DQGR SHTXHxDV YDULDFLRQHV VREUH WRGR HQ
ODVWRQDOLGDGHV\HQODDGLFLyQGHRWURVLQVWUXPHQWRV

7RGD OD FRPSRVLFLyQ VH UHDOL]y HQ SLDQR \ HVFULELHQGR ODV SDUWLWXUDV D PDQR YHU
DQH[R  VLJXLHQGR HO PpWRGR WUDGLFLRQDO TXH SURSRQH 5LFKDUG 'DYLV (Q XQ
SULQFLSLR OD P~VLFD QR VH HVFULELy SHQVDQGR HQ VX VLQFURQL]DFLyQ SXHV VH

FRQVLGHUyFRPRSULRULWDULRGHILQLUHOFRQFHSWR\ODVIXQFLRQHVGHFDGDFXH8QDYH]
FODULILFDGRVGLFKRVHOHPHQWRVFDGDSLH]DVHDMXVWySDUDVXFRUUHFWDVLQFURQL]DFLyQ
&DGD YH] TXH XQ FXH HUD ILQDOL]DGR VH JUDEDED XQD PDTXHWD HQ SLDQR YHU GLVFR
DQH[RSDUDUHYLVDUVXFDUiFWHUODVLQFURQL]DFLyQ\VXGHVDUUROOR

'H LJXDO IRUPD VH WRPDURQ DOJXQRV HOHPHQWRV YLVXDOHV GHVGH OR WpFQLFR \
GUDPiWLFRV SDUD UHIRU]DUORV FRQ XQ LQVWUXPHQWR XQ PRWLYR XQD PHORGtD R XQD
PRGXODFLyQ $QWHV GH GHILQLU XQ PRWLYR VH PLUDEDQ VXV SRVLELOLGDGHV D OR ODUJR
GHOILOPHSDUDHYDOXDUVLHUDIXQFLRQDORQR

'XUDQWHHOSURFHVRGHFRPSRVLFLyQQRIXHQHFHVDULRUHFXUULUDORVWHPSWUDFNVSXHV
GHVGHHOSULQFLSLRVHWHQtDPX\FODUDODLGHDJHQHUDOGHODP~VLFD



6,1&521,=$&,21'85$17(/$&20326,&,21


3DUWLHQGR GH OD LGHD TXH OD P~VLFD HUD SDUD DQLPDFLyQ VH HYDOXy VX IXQFLyQ HQ
FXDQWRDODVLQFURQL]DFLyQSXHVGDGRTXHHUDXQGUDPDQRLEDDVHUQHFHVDULRHO
0LFNH\PRXVLQJWRGRHOWLHPSR\VtPDVELHQVHUHTXHUtDUHIRU]DUDOJXQRVKHFKRV
GUDPiWLFRV\WpFQLFRV

&RQORVFXH\DGHILQLGRVFRQFHSWXDOPHQWHVHPLUDQODVHVFHQDVYDULDVYHFHVSDUD
GHWHUPLQDU VXV SXQWRV GH VLQFURQL]DFLyQ \ VH HVWDEOHFH XQ PHWUyQRPR SDUD FDGD
XQD'HLJXDOIRUPDVHFUHDXQDVHVLyQHQ3URWRROVFRQHOYLGHRHQGRQGHVH
XELFDQ PDUNHUV GH UHIHUHQFLD VREUH FDGD SXQWR GH VLQFURQL]DFLyQ YHU DQH[R 
SDUD WHQHU XQ PD\RU FRQWURO VREUH ORV EHDW GRQGH OD P~VLFD GHEtD KDFHU XQ KLW



(VWH DQH[R HV FRQ HO ILQ GH PRVWUDU SDUWH GHO SURFHVR /DV PDTXHWDV QR GHEHQ PLUDUVH D QLYHO GH OD
LQWHUSUHWDFLyQQLGHODJUDEDFLyQVRODPHQWHVRQUHIHUHQFLDV

,QWHUSUHWDQGR FDGD FXH HQ HO SLDQR FRQWUD OD LPDJHQ VH HVWDEOHFHQ ODV VHFFLRQHV
TXHUHTXHUtDQDOJ~QDMXVWHSDUDVLQFURQL]DUORVFXDOHVSRUORJHQHUDOHUDQPDVGH
WLSR PpWULFR \ GH YHORFLGDG (Q DOJXQRV FDVRV VH UHFXUULy DO XVR GH VRQRULGDGHV
SHGDOSDUDFUHDUDPELJHGDGHQODPpWULFD\DVtSRGHUFRQHFWDUFRQXQSXQWRGH
VLQFURQL]DFLyQ R XQ QXHYR FXH (Q RWURV FDVRV QR IXH QHFHVDULR DMXVWDU SXHV OD
P~VLFDVLQFURQL]DEDQDWXUDOPHQWH



2548(67$&,1


6REUHODVPDTXHWDVJUDEDGDVHQSLDQR\FRQDOJXQDVLGHDVRUTXHVWDOHVTXHIXHURQ
VXUJLHQGR GXUDQWH OD FRPSRVLFLyQ VH WRPDQ WRGRV ORV FXH SUHYLDPHQWH
VLQFURQL]DGRVSDUDPLUDUHQPDFURVXPDWHULDOPXVLFDO\SRGHUHQULTXHFHUORFRQ
ODRUTXHVWDFLyQ6HJ~QHOFDUiFWHUGHFDGDSLH]DVHGHILQHQDOJXQRVHQVDPEOHVGH
OD RUTXHVWD DVt FRPR VX WH[WXUD \ FRORU 3RU RWUR ODGR VH DVRFLDQ DOJXQRV
HOHPHQWRV \ SHUVRQDMHV FRQ VRQRULGDGHV FRQFUHWDV GH DOJXQRV  LQVWUXPHQWRV SDUD
XWLOL]DUORVHQORVPRPHQWRVGRQGHIXHUDUHOHYDQWH

8QD YH] GHWHUPLQDGRV GLFKRV SDUiPHWURV VH WRPD FDGD FXH SRU VHSDUDGR \ VH
RUTXHVWD GH WDO IRUPD TXH VX FRQH[LyQ FRQ ORV RWURV QR UHVXOWDUD DEUXSWD VLQR
FRKHUHQWH \ IOXLGD SRU OR TXH IXH QHFHVDULR RUTXHVWDUORV HQ RUGHQ HV GHFLU GHO
SULPHUR0DO~OWLPR06HJHQHUDQDPDQRXQDVQXHYDVSDUWLWXUDVSHUR
\DHVFULWDVSDUDRUTXHVWD\FRQDOJXQDVDQRWDFLRQHVGHODVLQFURQL]DFLyQ

'DGR TXH HO RUTXHVWDGRU HUD HO PLVPR FRPSRVLWRU QR IXH QHFHVDULR UHDOL]DU XQD
ODERUGHDUUHJORVSDUDODP~VLFDSXHVODLGHD\DVHWHQtDPX\FODUD

(VODIRUPDGHQXPHUDUORVFXH/DSULPHUDFLIUDHVHOQ~PHURGHO5HHOOD0VLJQLILFDP~VLFD\OD~OWLPDOD

SRVLFLyQGHOFXHGHQWURGHO5HHO0VLJQLILFDHOFXHGHO5HHO'DGRTXHHVWHSUR\HFWRIXHDQLPDGRSRU
FRPSXWDGRUQRH[LVWtDFRPRWDOXQ5HHOSRUORTXHODSULPHUDFLIUDVLHPSUHVHGHMRHQ

3$57,785$6

$O PRPHQWR GH WHUPLQDU OD RUTXHVWDFLyQ VH LQLFLD FRQ HO SURFHVR GH HGLFLyQ \
FRSLDGR GH FDGD SDUWLWXUD HQ HO VRIWZDUH )LQDOH  /RV LQVWUXPHQWRV
WUDQVSRVLWRUHV VH HVFULEHQ HQ OD DILQDFLyQ GH FRQFLHUWR \ SRVWHULRUPHQWH VH
WUDQVSRQHQ D VX DILQDFLyQ RULJLQDO 6H JHQHUDQ ORV VFRUHV \ VH UHYLVDQ
FXLGDGRVDPHQWH FRQ ODV SDUWLWXUDV RULJLQDOHV HVFULWDV D PDQR GXUDQWH OD
RUTXHVWDFLyQ$GLFLRQDOPHQWHVHLQFOX\HQORVSXQWRVGHVLQFURQL]DFLyQVREUHXQD
OtQHDGHFOLFNWUDFNFRQGHVFULSFLRQHVGHORTXHVXFHGHHQODLPDJHQYHUDQH[R



*5$%$&,21<352'8&&,21*(1(5$/


/D JUDEDFLyQ VH UHDOL]y FRQ OD OLEUHUtD YLUWXDO 6\PSKRQLF ,QVWUXPHQW 06L GH OD
ILUPD 0278 ORV PLVPR FUHDGRUHV GH 'LJLWDO 3HUIRUPHU HVSHFLDOL]DGD HQ
RUTXHVWDVLQIyQLFD\ODFXDOEULQGDODSRVLELOLGDGGHJUDEDUGHVGHXQLQVWUXPHQWR
VROLVWD KDVWD XQ 7XWWL RUTXHVWDO 6XV VRQLGRV VRQ VDPSOHUV GH HMHFXFLRQHV FRQ
P~VLFRV UHDOHV GRQGH WDPELpQ HV SRVLEOH HPXODU OD LQWHUSUHWDFLyQ FRQ
KHUUDPLHQWDVGHH[SUHVLYLGDG\UHDOLVPRDGLFLRQDOPHQWHFXHQWDFRQYRFHV\FRURV
JUDEDGRVHQ0RVF~\(XURSD

$QWHV GH HPSH]DU OD JUDEDFLyQ IXH QHFHVDULR FUHDU  VHVLRQHV GLIHUHQWHV HQ
3URWRROV XQD SRU FDGD FXH HQ ODV TXH SUHYLDPHQWH VH PDUFDURQ ORV SXQWRV GH
VLQFURQL]DFLyQVHHVWDEOHFLyXQFOLFNWUDFN\VHLQVHUWDURQORVFDPELRVGHPpWULFD\
GHWHPSRUHTXHULGRV$FRQWLQXDFLyQVHDEULyXQ,QVWUXPHQWWUDFNGHQWURGHFDGD
VHVLyQ SDUD FDUJDU HO 06L \ FRQHFWDUOH ORV FDQDOHV 0,', QHFHVDULRV SDUD JUDEDU
FDGD LQVWUXPHQWR &DEH DFODUDU TXH QXQFD VH XWLOL]DURQ ORV HQVDPEOHV TXH OD
OLEUHUtD WUDtD GH IDEULFD SRU HMHPSOR OD VHFFLyQ GH FXHUGDV OD FXDO VH JUDEy

LQVWUXPHQWRSRULQVWUXPHQWR&RQWUDEDMRV&HOORV9LRODV9LROLQHV\9LROLQHV
FRQHOILQGHWHQHUFRQWUROVREUHFDGDXQRGHHOORV\DVtSRGHUORVXELFDUGHQWURGHO
HVSDFLRVRQRURSRUPHGLRGHSDQHRKDFLDORVODGRV\YROXPHQKDFLDHOIRQGR
(VWH PLVPR SULQFLSLR VH XWLOL]y FRQ ODV GHPiV IDPLOLDV GH OD RUTXHVWD 8QD YH]
DEDUFDGR WRGR HO HVSDFLR VH FRORFy OD UHYHUEHUDFLyQ GH XQD VDOD GH FRQFLHUWR
GRQGHVHFRQVLGHUyTXHHOWLHPSRGHODUHYHUEGHEtDHVWDUHQWUHXQR\PHGLR\GRV
VHJXQGRV

(VWH WLSR GH JUDEDFLyQ FRQ LQVWUXPHQWRV YLUWXDOHV WRPD PXFKtVLPR PDV WLHPSR
SXHVSDUDREWHQHUPD\RUUHDOLVPRVHGHEHJHQHUDUDEVROXWDPHQWHWRGRHOWLPEUH
ODLQWHUSUHWDFLyQODH[SUHVLYLGDGODVGLQiPLFDVODDF~VWLFDGHOOXJDUODXELFDFLyQ
HVSDFLDOHOEDODQFHHWF

8QD YH] WHUPLQDGD OD JUDEDFLyQ VH JHQHUy HO DXGLR GH FDGD FDQDO 0,', SDUD DVt
SRGHU KDFHU OD PH]FOD 'H LJXDO IRUPD pVWD VH UHDOL]y WRPDQGR ORV FXH SRU
VHSDUDGR \ HVWDEOHFLHQGR GLIHUHQWHV QLYHOHV SDUD FDGD LQVWUXPHQWR DVt FRPR VX
OXJDU HQ HO HVSDFLR SDQHR \ YROXPHQ /XHJR VH FUHDURQ JUXSRV GH IDGHUV SRU
IDPLOLD GH LQVWUXPHQWRV SDUD UHYLVDU VX EDODQFH LQGLYLGXDO \ FRQ OD RUTXHVWD
)LQDOPHQWH VH KL]R HO ERXQFH H[WUDHU HO DXGLR ILQDO GH FDGD FXH \ VH LPSRUWy
GHQWUR GH XQD QXHYD VHVLyQ HQ 3URWRROV OD FXDO WHQtD HO YLGHR HO DXGLR GH OD
QDUUDFLyQ\ORVPDUNHUVTXHLQGLFDEDQODHQWUDGD\VDOLGDGHFDGDSLH]DDVtFRPR
VXV SXQWRV GH VLQFURQL]DFLyQ 'H HVWD VHVLyQ VH H[WUDH HO DXGLR ILQDO GH WRGD OD
P~VLFD\DVLQFURQL]DGD\VHOOHYDDOHVWXGLRGHPRQWDMHGRQGHVHUHDOL]DODVHVLyQ
GH 'XEELQJ SDUD PH]FODUOD FRQ OD QDUUDFLyQ H LQVHUWDUOD HQ OD FRSLD ILQDO GH OD
SHOtFXOD





 5(68/7$'26



6(6,1'(63277,1*

(VWDVHVLyQVHGLYLGLyHQWUHVSDUWHVHQODSULPHUDVHSUR\HFWyHOFRUWRFRQHO~QLFR
SURSyVLWR GH YHUOR \ HQWHQGHUOR FLQHPDWRJUiILFDPHQWH (Q OD VHJXQGD HO GLUHFWRU
H[SOLFyHVFHQDSRUHVFHQDGHVGHHOSXQWRGHYLVWDWpFQLFR\GUDPiWLFRMXVWLILFDQGR
FDGD HYHQWR TXH DOOt VXFHGtD (Q OD WHUFHUD SDUWH \D FRQ XQD LGHD JHQHUDO GH OD
SHOtFXOD VH KDEOy WRGR OR UHODFLRQDGR FRQ OD P~VLFD VX FDUiFWHU PRPHQWRV GH
FOtPD[IXQFLRQHVLQVWUXPHQWRVHWF$FRQWLQXDFLyQORVDSXQWHVWRPDGRVGXUDQWH
ODVHVLyQ

7,(032
$352;

6(&8(1&,$
,1,&,2
3DQWDOODHQ1HJUR



/$62/('$'WULVWH]D
%RVTXH HQ EODQFR \ 1HJUR (O H[WHULRU
,QYLHUQR



,QWHULRU&DVDDJXDFD\HQGRSRUODOODYH





3HUVRQDMHOHYDQWiQGRVH\EDMDQGRGHODFDPD



3HUVRQDMHEDMDQGRHVFDOHUDV



3ODQRGHODELFLFOHWDVREUHODSDUHGLOXPLQDGD
SRUXQDOX]TXHHQWUD



([W&DOOH1RFKHOOXYLD\UEROHQHO
+RUL]RQWH

'(6&5,3&,21
/DSDQWDOODHQ1HJURHVLQWHQFLRQDO/DP~VLFDGHEHFUHDU
JUDQH[SHFWDWLYDKDFLDDOJRJUDQGHSHURDOILQDOGHEHFDPELDU
VXFDUiFWHUDDOJRPDVELHQ7ULVWHFRPRVROLWDULR
(OEODQFR\QHJURVLJQLILFDOREXHQR\ORPDOR
/DOOXYLD\HOIULR
+RMDVFD\HQGRSRUIXHU]DJUDYHGDGTXHODVLPSXOVD
6HVXJLHUHP~VLFDFRQFXHUGDVFRPRUHSUHVHQWDQGRODVROHGDG
\ODWULVWH]D
/DVROHGDGYLVWDGHVGHHOLQWHULRU
/DFDtGDGHODJXDHTXLYDOHDODFDtGDGHODVKRMDVHQHO
H[WHULRU WDPELpQ HV LPSXOVDGD SRU XQD
IXHU]DJUDYHGDG
/D FDPD HVWi DUULED $OOt VH 68(f$ $EDMR HVWD OD
5($/,'$'(OSHUVRQDMHHVWiEDMDQGRDODUHDOLGDG6H
HPSLH]D D YHU  HO YLROHWD GHQWUR GH ORV WRQRV RVFXURV
%DMDPRVDOD5($/,'$'
(V XQ pQIDVLV GH OR TXH VLJQLILFD %$-$5 D OD UHDOLGDG
0DQWHQHPRV OD OtQHD GH OD 62/('$' WULVWH]D $XQ
WRQRV2VFXURV
(QWUDGDGHODOX]VREUHXQ,QWHULRU2VFXUR/DELFLFOHWD
YLVWDFRPRPHGLRGHWUDQVSRUWHGHOSHUVRQDMHSDUDLUD
EXVFDUDOJR
(OiUEROVLPEROL]DODYLGD(VWHiUEROWLHQHYDULDVUDPDV
TXHWHUPLQDQHQXQDOX]6LJQLILFDORVFDPLQRVTXHQRV
GDODYLGDDOJXQRVPDVFHUFDRWURVPDVOHMRV

7,(032
$352;















6(&8(1&,$

'(6&5,3&,21

0RYLPLHQWR GH OD HYROXFLyQ GH OD QRFKH 6LJQLILFD TXH

HOWLHPSRVLTXHQRSDUD
6H SXHGHQ YHU ORV FRORUHV GH OD QRFKH /D PHGLD OXQD
YLVWD FRPR XQ UHWDVR FRORFDGR VREUH HO FLHOR 1R HV OD
OXQDGHOD1$6$
9HPRVDOSHUVRQDMHPRQWDQGRVXELFLFOHWDGLULJLpQGRVH
DDOJ~QOXJDU
6H VXJLHUH TXH OD P~VLFD Gp XQD VHQVDFLyQ OHYH GH
PRYLPLHQWRSHURVLQTXHHOWHPDGHODVFXHUGDVGHMHGHVRQDU
(O ERVTXH YLVWR FRPR XQ OXJDU SDUD VRxDU 'RQGH
SXHGHHVWDUOREXHQR\ORPDOR$OERVTXHHQWUDXQDOX]
VXWLO WDO YH] GH OD OXQD +D\ PDV GLPHQVLyQ VH YH XQ
KRUL]RQWHPDVFODUR
([W%RVTXH3HUVRQDMHHQVXELFLFOHWDGHQWUR
$GHPiV GH OD OOXYLD KD\ DOJR GH QLHYH 2FXUUH XQ
GHOERVTXH
WUDQVLFLyQ /RV FRORUHV DXQ SURSRQHQ DOJR RVFXUR SHUR
HVWiQLOXPLQDGRVSRUODOX]TXHHQWUD6HYHPDV9HUGH
XQSRFRGHD]XO\HQODQLHYHVHYHHOYLROHWD
(OSHUVRQDMHHVWDSHVFDQGR%XVFDDOJRHQORSURIXQGR
/DOX]TXHDWUDYLHVDHOERVTXHORLOXPLQD6HHPSLH]DQ
D YHU PDV FRORUHV DOJR GH URMR YHUGH \ D]XO (VWi
3HUVRQDMHSHVFDQGRDUURSDGRSRUORVDUEROHV
RFXUULHQGRXQFDPELRGHHVWDFLyQ(OSHUVRQDMHHVWiHQ
VXUHDOLGDG/$62/('$'
/DVKRMDVFDHQQXHYDPHQWHSHURVHYHQFRPRGDQ]DQGRFRQ
ODP~VLFD
(VWD LPDJHQ QRV UHWURFHGH 9ROYHPRV D %/$1&2 <
3ODQRGHODELFLFOHWDVREUHODSDUHGLOXPLQDGD
1(*529ROYHPRVDO,QWHULRU6HJXLPRVHQODVROHGDG
SRUXQDOX]TXHDKRUD6$/(
OD WULVWH]D $XQ HVWDPRV $%$-2 HVWDPRV HQ OD
5($/,'$'
(O SHUVRQDMH IXPD XQ FLJDUULOOR \ HVWD YLHQGR SDVDU OD
YLGD 6X UHDOLGDG /$ 62/('$' OR HQFLHUUD 3RU OD
YHQWDQDHQWUDODOX]D]XOGHODQRFKHVXYLGDHQIUtD(O
SRVWHU SHJDGR HQ OD SDUHG VHxDOD GLUHFWDPHQWH DO
,QW$OFRED1RFKH3HUVRQDMHVHQWDGRHQOD
HVSHFWDGRU VLJQLILFD TXH HVH 3(5621$-( SXHGH VHU
FDPDIUHQWHDVXYHQWDQD
XQR PLVPR 3RU HVR QR VH OH GLR XQD LGHQWLGDG (O
FXDUWR DXQ HVWD RVFXUR VLQ HPEDUJR VX OiPSDUD FRQ
XQD OX] DPDULOOD TXH FRUWD OD RVFXULGDG PXHVWUD TXH
D~QKD\XQDHVSHUDQ]D
(VWDLPDJHQVLJQLILFDTXHODUHDOLGDGQRVRORSXHGHVHU
GHXQRVRORSXHGHYHUVHLQYROXFUDGRWRGRHO081'2
6HJXLPRV HQ WRQRV RVFXURV /DV QRWLFLDV FRQILUPDQ HO
+XPDQRFRQPDVFDUDDQWLJDVVREUH
LQYLHUQR 6H PXHVWUD RWUD UHDOLGDG GHO PXQGR TXH QR
PDSDPXQGL\FRQXQ7DUJHW
WLHQH TXH YHU FRQ YLROHQFLD SREUH]D PXHUWH
FDOHQWDPLHQWR JOREDOWLHQH TXH YHU FRQ XQ
VHQWLPLHQWR/D62/('$'/DWULVWH]D
9HQGDYDO &RQIXVLyQ
3HUVRQDMH KRMDVGHOiUERO
/DV KRMDV GHO iUERO VRQ LPSXOVDGDV SRU HO YLHQWR SDUD
PRYHUVH HV GHFLU QHFHVLWDQ GH XQD IXHU]D TXH ODV
LPSXOVH /D DQDORJtD FRQ OD VLWXDFLyQ GHO SHUVRQDMH HV
3HUVRQDMHGHQWURGHXQYHQGDYDO
TXH HO YHQGDYDO HV TXLHQ OR LPSXOVD SDUD VDOLU GH HVD
5HDOLGDG(OSHUVRQDMHYDDVDOLUGHORTXHORDTXHMD3RU
HVRWRPDLPSXOVR\SLVDHOFLJDUULOORFRPRXQJHVWRGH
120$6(67$5($/,'$'
+DVWDDTXtWRGRRFXUULy$%$-2GHVSXpVGHEDMDUGHODFDPDHQOD5($/,'$'
(OSHUVRQDMHTXLHUH62f$56DOLUGHODUHDOLGDGHQWUDU
3HUVRQDMHVXELHQGRGHQXHYRDODFDPD
HQODIDQWDVtD9ROYHUDVXELU

7,(032
$352;

6(&8(1&,$



,QW$OFREDQRFKHSHUVRQDMHGXUPLHQGR



,QW$OFREDQRFKHSHUVRQDMHKDFHXQHVIXHU]R
SDUDOLEHUDUVX68(f2



3HUVRQDMHOLEHUDVX68(f2



3$17$//$(11(*52LQWHQFLRQDO



([W&LXGDGQRFKH7UDQVFXUUHODQRFKH



([W%RVTXHQRFKH7UDYHOLQJSRUODHQWUDGDD
ODPDQVLyQ



,QW0DQVLyQ1RFKH.HYLQSRUODVHVFDOHUDV



([W0DQVLyQ1RFKHORVVXHxRVJLUDQGR
DOUHGHGRUGHODPDQVLyQ
&/,0$;

,QW0DQVLyQ7UDYHOOLQJKDFLD.HYLQTXHHVWD
HQHOEDOFyQOODPDQGRORVVXHxRV



([W0DQVLyQ1RFKH.HYLQUHFLELHQGRVXHxRV

'(6&5,3&,21

(O SHUVRQDMH GXHUPH \ \D QR OR GHVSLHUWD QL OD OX] GHO
79(VWDGLVSXHVWRD62f$5(QHVWHSODQRGRPLQDHO
D]XO GH OD QRFKH 3XHGH LQWHUSUHWDUVH FRPR TXH ORV
68(f26 WDPELpQ VRQ XQD 5($/,'$' SXHV HO
SHUVRQDMH HVWD VRxDQGR HQ XQ HVSDFLR GRQGH WDPELpQ
HVWDVXUHDOLGDG
0~VLFDSDUDVRxDU
$OLJXDOTXHHQODVHFXHQFLDGRQGHHOSHUVRQDMHYHSDVDU
OD YLGD VHQWDGR HQ OD FDPD SHUR OD OX] DPDULOOD GH OD
OiPSDUD PXHVWUD HVSHUDQ]D YHPRV HQ HVWH SODQR TXH
SRU OD SXHUWD TXH HVWD PHGLR DELHUWD HQWUD XQD OX]
WDPELpQDPDULOODPRVWUDQGRTXHKD\XQDVDOLGDVDOLGD
DFXDOTXLHUUHDOLGDG
$XQFRQORVFRORUHVGHODQRFKHHVGHFLUFRQORVFRORUHV
GH OD UHDOLGDG YHPRV DO SHUVRQDMH KDFHU XQ HVIXHU]R
HQRUPHSRUGHMDUVDOLUDTXHO68(f2TXHOROLEHUDUDGH
VX UHDOLGDG (VWH HVIXHU]R HV FRPR HO JHPLU GH XQD
PDGUHFXDQGRGDDOX]VXKLMR
9HPRVHO68(f2FRQODIRUPDGHXQDOX]TXHVHOLEHUD
\VHGLULJHDXQGHVWLQR
(VWD SDQWDOOD HQ QHJUR HV LQWHQFLRQDO 6X REMHWLYR HV OD
H[SHFWDWLYDYDPRV D HQWUDU HQ OD IDQWDVtD HQ HO
68(f2HQXQPXQGRPiJLFR
/D P~VLFD SXHGH UHIRU]DU HVWD H[SHFWDWLYDHVWD
HQWUDGDHQHOPXQGRGHODIDQWDVtDVHVXJLHUHXWLOL]DU
XQ&252
9HPRVHOPRYLPLHQWRGHOD1RFKHHOWLHPSRQRSDUD
/DOXQDHV5HDO(VWDHVODIRUPDHQTXHHODXWRUPXHVWUD
TXH ORV 68(f26 DXQTXH RFXUUHQ HQ XQ PXQGR GH
IDQWDVtD 621 5($/(6 <D QR OOXHYH \ ORV VXHxRV VH
PXHYHQDODKRUDGHGRUPLU
/D P~VLFD QRV PXHVWUD OD QRFKH \ QRV SUHSDUD SDUD HQWUDU
DXQOXJDUKHUPRVR
1XHYDPHQWH HO ERVTXH YLVWR FRPR HVH OXJDU GH ORV
6XHxRV $O IRQGR OD HQWUDGD D XQ OXJDU PiJLFR
GHVFRQRFLGRTXHVHHQFXHQWUDHQORDOWR$55,%$
9HPRVDKRUDHOFRORUYHUGH
/DP~VLFDHQWUDDODPDQVLyQWUDYHOOLQJ
$SDUHFH SRU SULPHUD YH] .HYLQ HO PHUFDGHU GH
VXHxRV6HOHYHVXELHQGRODVHVFDOHUDVFRQXQDOX]HQ
VXPDQRQHFHVLWDGHHOODSDUDJXLDUVH
(VWH OXJDU QR WLHQH XQDV FDUDFWHUtVWLFDV HVSHFtILFDV HV
PLVWHULRVR (V VLPSOHPHQWH XQ OXJDU GHQWUR GH OD
IDQWDVtD $O IRQGR VH YH XQ SpQGXOR JLJDQWH TXH HVWi
JLUDQGR6LJQLILFDTXHHOWLHPSRVLJXH1RSDUD
3ODQR PDV 0iJLFRGH IRQGR OD OXQD \ ORV VXHxRV
JLUDQGRDOUHGHGRUGHODPDQVLyQ(YRFDIDQWDVtDPDJLD
+D\FRORUHVPDVYLYRVORVFRORUHVGHODPDJLD
/DP~VLFDGHEHJHQHUDUXQPRYLPLHQWRFUHVFHQGRKDFLDXQ
FOtPD[ TXH RFXUUH FXDQGR .HYLQ HVWD HQ HO EDOFyQ FRQ ODV
PDQRVDELHUWDVOODPDQGRORVVXHxRV(VXQVHUVXSUHPR
0RPHQWRLQWLPRFRPRHOGHXQKRPEUH\XQDPXMHUR
XQDPDGUH\VXKLMR
/D P~VLFD GHO FOtPD[ GHEH FRQYHUWLUVH V~ELWDPHQWH HQ HVWH
SODQRFRQXQDP~VLFDPDVLQWLPDWLHUQD

7,(032
$352;



6(&8(1&,$


,QW)DEULFD



([W0DQVLyQ$PDQHFHU6DOHHOUHFHSWRUGH
6XHxRV



,QW)DEULFDFRQLOXPLQDFLyQFRQWUDVWDGD



,QW)DEULFD,QGXVWULDOL]DFLyQGHORV6XHxRV



3DODQFDPRYLpQGRVHFRQODP~VLFD



([W0DVLyQ$PDQHFHU9HUGHGHOD3ULPDYHUD



([W0DQVLyQ'tD.HYLQ(QYLDQGRORVVXHxRV



([W&LXGDG'LD1DFHHO6RO\ODOOXYLDVHYD



,QW$OFRED3HUVRQDMH'XUPLHQGR



526752GH.HYLQ



&5(',726

'(6&5,3&,21
6H PXHVWUD OD IiEULFD GH ORV VXHxRV 9HPRV D .HYLQ
KDFLHQGR XQ JUDQ HVIXHU]R SRU PRYHU OD SDODQFD HV
WDQWR TXH SLHUGH ORV  EUD]RV (VWR VLJQLILFD TXH HVWi
TXLHQVHVDFULILFDSRUUHDOL]DUORV68(f26GHRWURV

/OHJD OD 3ULPDYHUD VH YHQ \D XQRV UD\RV GH 6RO
$SDUHFH HO UHFHSWRU GH 6XHxRV (VWR VLJQLILFD TXH WRGR
OOHJD DO PLVPR OXJDU 7RGRV ORV 6XHxRV VH GLULJHQ DO
PLVPRVLWLR
9HPRV HO SURFHVR SRU HO FXDO SDVDQ ORV VXHxRV 6H
SXHGHYHUD.HYLQTXHSLHUGHODFDEH]DSRUORV6XHxRV
\HVFDSD]GHSHUGHUKDVWDFXDOTXLHUSDUWHGHVXFXHUSR
SRUUHDOL]DUORV6XHxRVGHRWURV(VXQVHUVXSUHPRQR
PXHUHDVtSLHUGDVXVPLHPEURV
6H YH FRPR VH WUDWD D ORV VXHxRV GHQWUR GH OD IDEULFD
6RQORPDVLPSRUWDQWHSDUD.HYLQSRUHVRORVPHWHHQ
FDMDVDFROFKDGDV\ORVHPSDFDPX\ELHQ
/D P~VLFD GHEH DGTXLULU XQ ULWPR HQ HVWD SDUWH FRPR XQD
FDMDPXVLFDO
(QHVWHSODQRODP~VLFDGHEHVHJXLUFRQHOULWPRFRPRVLIXHUD
PRYLGDSRUODSDODQFDTXHVHYHHQHOSODQR
6REUH HO YHUGH GH XQD SULPDYHUD VH DQXQFLD OD VDOLGD
GHOFDxyQTXHHQYtDORV6XHxRV9HPRVTXHODOX]HQWUD
SRU ODV PRQWDxDV FRPR XQD FXOHEUD 6H DSUHFLD XQ
KRUL]RQWH
6DOHHOYHUDQR6HYHQORVFRORUHVGHO9HUDQRHYRFDQGR
YLGDHODPDQHFHUORQXHYRHOQXHYRGtD
.HYLQ HQYtD HO 6XHxRV (O FDxyQ OR WXPEDHV XQ VHU
VXSUHPR SHUR KD\ DOJR PDV VXSUHPR TXH pO (O FDxyQ
HVWDHQOR$OWR$55,%$GRQGHVHUHDOL]DQORVVXHxRV
9ROYHPRVDODFLXGDGGRQGHKD\OOXYLDIULR/RVFRORUHV
RVFXURV GH OD DQWLJXD 5HDOLGDG VH YDQ WUDV OD OOHJDGD
GHO DPDQHFHU OD OOXYLD VH YDOOHJDQ DKRUD ORV FRORUHV
GH OD QXHYD 5($/,'$'OD GH ORV VXHxRV
%RPEDUGHDU HO PXQGR GH 6XHxRV SDUD TXH KD\D XQ
QXHYRDPDQHFHU
7RGRWUDQVFXUULyHQXQDQRFKH(QXQDQRFKHPLHQWUDV
GRUPtD
6H YH HO URVWUR GH .HYLQ TXLHQ GHVFDQVD GH GtD SDUD
UHFLELU\WUDEDMDUORVVXHxRVGHQRFKH
(QORVFUpGLWRVILQDOHVVHFRPELQDQWRGRVORVFRORUHV/D
IDQWDVtDORPiJLFRORVVXHxRV
6H FRPELQDQ ODV HVWDFLRQHV +D\ HVWUHOODV QLHYH KRMDV
GHODSULPDYHUD
6HVXJLHUHHOXVRGH&252\VLQFURQL]DUHOYXHORGHOVXHxR
TXHDWUDYLHVDHOSODQR


(Q OD VHVLyQ QR VH GHWHUPLQDURQ FXDQWDV SLH]DV LEDQ D VHU QHFHVDULDV SRUTXH OD
LGHDHUDTXHODP~VLFDHVWXYLHUDGHFRPLHQ]RDILQ/R~QLFRTXHVLVHGHILQLyIXH
ODV IXQFLRQHV GH OD P~VLFD HQ DOJXQDV HVFHQDV 'HVSXpV GH DQDOL]DU HO FRUWR \

HVWXGLDU SRVLELOLGDGHV FRQ OD P~VLFD VH OOHJD D OD FRQFOXVLyQ TXH GHEHQ
FRPSRQHUVH  WHPDV ORV FXDOHV GHEtDQ HVWDU UHODFLRQDGRV HQWUH Vt SDUD TXH DO
XQLUORV VRQDUD FRPR XQD VROD SLH]D &RQ ORV DSXQWHV WRPDGRV HQ OD VHVLyQ VH
RUJDQL]DQ ODV0XVLF 6SRWWLQJ 1RWHV YHU DQH[R  ODVFXDOHV GHILQHQ OD HQWUDGD\
VDOLGDGHFDGDSLH]DVXORQJLWXG\XQDSHTXHxDGHVFULSFLyQGHORTXHDOOtVXFHGH
/XHJRVHKDFHHO0DVWHU&XH/LVWYHUDQH[RGRQGHVHRUGHQDQORVFXHVHJ~QVX
DSDULFLyQHQHO5HHO\VHOHVDVLJQDXQQRPEUHSDUDGLIHUHQFLDUORVFRQHVWDOLVWDVH
VDEtD FXiQWRV WHPDV HUD QHFHVDULR FRPSRQHU )LQDOPHQWH VH WRPD FDGD FXH SRU
VHSDUDGR\VHKDFHXQDGHVFULSFLyQGHWDOODGDGHODLPDJHQTXHDFRPSDxDQSODQRV
FRUWHV HQWUDGD\ VDOLGDGH ODQDUUDFLyQ IDGHV HWFKDFLHQGR SDUWLFXODU pQIDVLV HQ
ORV SXQWRV GRQGH OD P~VLFD GHEtD VLQFURQL]DUVH HVWD LQIRUPDFLyQ VH RUJDQL]y HQ
ORV7LPLQJ1RWHVYHUDQH[RRWDPELpQFRQRFLGRVFRPR&XH6KHHW



$1$/,6,6'(/&2572


6LQRSVLV 9HUVLyQ GHO 'LUHFWRU .HYLQ XQ MRYHQ VRxDGRU TXLHQ WUDEDMD WRGDV

ODV QRFKHV HQ VX IiEULFD DO QRUWH GH OD FLXGDG UHFRJH ORV VXHxRV GH ODV SHUVRQDV
SDUD  VHOHFFLRQDUORV GH ODV SHVDGLOODV \ HQYLDUORV D ODV HVWUHOODV DVt HVWDV GHFLGHQ
FXDOKDFHUUHDOLGDG7RGRHVWREDMRHOWUDWRSDFWDGRFRQODVHVWUHOODVTXHSRUFDGD
VXHxRHQYLDGROHRWRUJDQD.HYLQXQGtDGHYLGDPiVKDFLHQGRTXHVXH[LVWHQFLD
GHSHQGDGHTXLHQHVYLYHQHQODFLXGDG\VXVVXHxRV



$QiOLVLV3HUVRQDO(O0HUFDGHUGH6XHxRVHVXQDKLVWRULDTXHQRVDGHQWUDHQ

XQPXQGRGHIDQWDVtDOOHQRGHPDJLDGRQGHORVVXHxRVVHKDFHQUHDOLGDGJUDFLDV
DODH[LVWHQFLD\DOWUDEDMRTXHUHDOL]D.HYLQHOPHUFDGHUTXLHQHVWiGLVSXHVWRD
KDFHUORTXHVHDSDUDTXHpVWRVVHFXPSODQ


/DKLVWRULDQRVPXHVWUDWUHVHVFHQDULRVGLIHUHQWHVHOPXQGRUHDOGRQGHXQKRPEUH
TXHQRVDOHGHVXFRWLGLDQLGDGHVLQYDGLGRSRUODWULVWH]DODVROHGDG\HOVLOHQFLR
(O PXQGR GH OD IDQWDVtD GRQGH ORV VXHxRV SDVDQ SRU XQ SURFHVR GH IDEULFDFLyQ
SDUD SRGHUVH UHDOL]DU < ILQDOPHQWH HO QXHYR DPDQHFHU GHO PXQGR UHDO GRQGH
JUDFLDVDODODERUGHOPHUFDGHUORVVXHxRVDKRUDVRQXQDUHDOLGDG

$ORODUJRGHOFRUWRVHSUHVHQWDQXQDVHULHGHDQDORJtDVSDUDHQULTXHFHUHOGUDPD
SHURGHVGHODSDUWHSVLFROyJLFD(QODSULPHUDHVFHQDYHPRVXQERVTXHHQEODQFR\
QHJUROREXHQR\ORPDORGRQGHODVKRMDVGHORViUEROHVFDHQSRUXQDIXHU]DTXH
ODVLPSXOVDODJUDYHGDGDTXtVHPXHVWUDODVROHGDGSHURGHVGHHOH[WHULRU(QHO
SODQR VLJXLHQWH GHQWUR GH XQ FXDUWR VROLWDULR XQD JRWD GH DJXD FDH GHO JULIR HQ
DQDORJtD FRQ OD FDtGD GH ODV KRMDV HQ HO H[WHULRU \ DKRUD QRV PXHVWUD OD VROHGDG
SHUR GHVGH HO LQWHULRU (Q HO FRQWH[WR GHO FRUWR OD 5($/,'$' GHO PXQGR VH
UHSUHVHQWDSRUPHGLRGHODVROHGDGODWULVWH]DHOVLOHQFLRORVFOLPDVGHLQYLHUQR\
ORV FRORUHV RVFXURV /RV LPSXOVRV TXH XQ VHU KXPDQR SXHGH WRPDU SDUD URPSHU
FRQ HVD UHDOLGDG VRQ SUHVHQWDGRV FRPR DTXHOODV IXHU]DV ItVLFDV TXH LPSXOVDQ XQ
REMHWRTXHSRUVtVRORQRSXHGHPRYHUVHFRPRSRUHMHPSORODJUDYHGDG\HOYLHQWR
SDUD ODV KRMDV R OD JRWD GH DJXD /D FDPD HV HO OXJDU SDUD VRxDU DUULED HVWiQ ORV
VXHxRV OD IDQWDVtD  \ DEDMR OD UHDOLGDG 'HVSXpV GH ORV GRV SODQRV PHQFLRQDGRV
DQWHULRUPHQWH XQ SHUVRQDMH VLQ LGHQWLGDG GHILQLGD EDMD GH OD FDPD \ VDOH HQ VX
ELFLFOHWDSDUDDGHQWUDUVHHQHOERVTXHGRQGH~QLFDPHQWHKD\IULR\VLOHQFLRHVWi
DEDMR HQ VX UHDOLGDG &XDQGR GHFLGH URPSHU FRQ HVD UHDOLGDG VXEH D VX FDPD \
OLEHUD HO VXHxR SDUD TXH DKRUD HQ HO PXQGR GH OD IDQWDVtD .HYLQ HO PHUFDGHU
KDJDVXWUDEDMR8QDYH]HOVXHxRKDVLGRIDEULFDGRHOFDxyQHVWHODUVDOHKDFLDOD

SDUWHPiVDOWDGHODPDQVLyQGHVGHGRQGHORVVXHxRVVRQHQYLDGRVDODVHVWUHOODV
$TXtXQDDQDORJtDPDVFRQHOOXJDUGRQGHHVWiQORVVXHxRVDUULED

'HVGH HO SXQWR GH YLVWD GH OD FRQWLQXLGDG ORV WUHV HVFHQDULRV GH OD KLVWRULD VH
FRQHFWDQ HQWUH VL D SDUWLU GH WUDQVLFLRQHV 'HO PXQGR UHDO D OD IDQWDVtD OD
WUDQVLFLyQRFXUUHFXDQGRHOSHUVRQDMHHVLPSXOVDGRDVDOLUGHVXUHDOLGDG\GXHUPH
HQVXFDPDSDUDOLEHUDHOVXHxR/DWUDQVLFLyQILQDOGHYXHOWDDOPXQGRUHDOSHUR
DKRUDWUDQVIRUPDGRJUDFLDVDODODERUGH.HYLQHVFRQXQDHVFHQDGHODPDQHFHUHQ
ODFLXGDGGRQGHHOVROWHUPLQDFRQHOIULR\ODOOXYLD



$1$/,6,67e&1,&2'(/&2572


(Q HVWH DQiOLVLV VH WXYR HQ FXHQWD ORV SODQRV ORV PRYLPLHQWRV GH FiPDUD \ ORV
HIHFWRV YLVXDOHV SRU FDGD VHFXHQFLD /RV UHVXOWDGRV SXHGHQ YHUVH GHQWUR GH ORV
7LPLQJ1RWHVYHUDQH[R



(/$%25$&,21'(/3/$1&20326,&,21$/


$QWHVGHHVFULELUODSULPHUDQRWDIXHQHFHVDULRWUD]DUXQSODQGHFRPSRVLFLyQTXH
FRQWHPSODED OD HODERUDFLyQ GH  FXHV ORV FXDOHV WHQtDQ FDUDFWHUtVWLFDV HVSHFtILFDV
GH DFXHUGR FRQ OD IXQFLyQ SDUD OD FXDO LEDQ D VHU FUHDGRV $VLJQiQGROHV OD
GHQRPLQDFLyQ DOIDQXPpULFD GH OD P~VLFD GHQWUR GHO 5HHO HM 0 \ XQ SRVLEOH
QRPEUHVHGHILQHQDOJXQRVSDUiPHWURVSDUDFDGDFXH

00DLQ7LWOHV

'XUDFLyQVHJXQGRV
)XQFLyQ$EULUODSHOtFXOD
5HFRPHQGDFLRQHV
x ([SRQHUSDUWHGHOPDWHULDOPXVLFDOGHODSHOtFXOD
x 'HEHVRQDUFRPRDOJRJUDQGH8Q7XWWLRUTXHVWDO
x 6LQFURQL]DUORVWtWXORV
x )LQDOL]DUUHGXFLHQGRODWH[WXUD\PRGXODQGRSDUDFRQHFWDUFRQ0

00XQGR\5HDOLGDG
'XUDFLyQPLQ
)XQFLyQ0~VLFDLQFLGHQWDO
5HFRPHQGDFLRQHV
x (VFULELUVREUHWRGRSDUDFXHUGDV\HQWRQDOLGDGPHQRU&DUiFWHUWULVWH
x /D P~VLFD GHEH DGTXLULU SURWDJRQLVPR HQ ODV VHFFLRQHV TXH QR KD\
QDUUDFLyQ6XELUHOQLYHODSDUWLUGHFDPELRVHQODWH[WXUD6LQFURQL]DU
x (QUHVDOWDUHOiUEROGHODYLGDTXHVHYHDOIRQGR
x (Q  OD QDUUDFLyQ GLFH 4Xp VHUi GH ORV VXHxRV" +DFHU XQ
FDPELRVXWLOHQODP~VLFDSDUDUHVDOWDUORVVXHxRV

0$3RUTXp6RxDPRV"
'XUDFLyQVHJXQGRV
)XQFLyQ7UDQVLFLyQ
5HFRPHQGDFLRQHV
x 0RGXODURFDPELDUGHPRGRDDOJRPiVPiJLFR
x 7DQ SURQWR OD QDUUDFLyQ GLFH  HV GDUOH WUDEDMR DO PHUFDGHU HYRFDU VX
SUHVHQFLDFRQORVFRUQRVFRPRXQVHUVXSUHPR

x 7HUPLQDUFRQXQSHGDOTXHSHUPLWDVXSHUSRQHUHOLQLFLRGH0
0(OGHVWLQRGHORV6XHxRV
'XUDFLyQVHJXQGRV
)XQFLyQ0~VLFDLQFLGHQWDO
5HFRPHQGDFLRQHV
x ,QLFLDFRQXQPRWLYRSDUDHOYXHORGHOVXHxRTXHHVOLEHUDGR
x $FRPSDxDUODOOHJDGDGHODQRFKH
x ,U KDFLHQGR XQ FUHVFHQGR GLQiPLFR R GH WH[WXUD KDVWD TXH OD QDUUDFLyQ
WHUPLQDHQHOWUDYHOOLQJTXHHQWUDDODPDQVLyQ
x $FRPSDxDUHOWUDYHOOLQJFRQXQWXWWLSDUFLDO
x 8WLOL]DUFRURV

0(O0HUFDGHU
'XUDFLyQVHJXQGRV
)XQFLyQ*HQHUDUHO&OtPD[
5HFRPHQGDFLRQHV
x &RPHQ]DU FRQ XQD HVSHFLH GH VXVSHQVR OHYH SXHV YHPRV D .HYLQ SHUR QR
VDEHPRVTXHYDDKDFHU
x 6LQFURQL]DU HO SODQR GRQGH ORV VXHxRV JLUDQ DOUHGHGRU GH OD PDQVLyQ
8WLOL]DU:LQGFKLPHVFRURVSLDQR\JORFNHQVSLHO
x *HQHUDUSRFRDSRFRHOFOtPD[/OHJDUDXQ7XWWL
x (OFOtPD[GHEHFRQFOXLUV~ELWDPHQWHFRQHOLQLFLRGH0

0(O%DOFyQ
'XUDFLyQVHJXQGRV
)XQFLyQ&RQWUDVWDUFRQHOFOtPD[

5HFRPHQGDFLRQHV
x (V XQ PRPHQWR tQWLPR GUDPiWLFDPHQWH 9LROLQHV DFRPSDxDQGR HQ HO
UHJLVWURDJXGR
x 6LQFURQL]DUFXDQGR.HYLQVXHOWDHOVXHxR

0/D)iEULFD
'XUDFLyQPLQ
)XQFLyQ0~VLFDLQFLGHQWDO
5HFRPHQGDFLRQHV
x $FRPSDxDU OD IDEULFDFLyQ GH ORV VXHxRV 5HVDOWDU HO UHFHSWRU GH VXHxRV OD
EDQGDPDJQpWLFDODFDMDGRQGHVHJXDUGDQORVVXHxRV\HOFDxyQHVWHODU
x (QXVDUHOPRWLYRTXHDFRPSDxDHOYXHORGHORVVXHxRV0
x &XDQGRVHYHODFDMDGRQGH.HYLQHQYXHOYHORVVXHxRVHVFULELUHQ\FRQ
XQULWPRFRQVWDQWH&RPRXQDHVSHFLHGHFDMDPXVLFDOXVDUODFHOHVWD
x 3DUDODVDOLGDGHOFDxyQHVWHODUFRORUHDUODP~VLFDFRQXQFRURHYRFDQGRVX
JUDQGH]D
x 6LQFURQL]DU HO VXHxR FRQ XQ :LQGFKLPHV FXDQGR YXHOD GHVSXpV GH VHU
GLVSDUDGR

06XHxRVKHFKRVUHDOLGDG
'XUDFLyQVHJXQGRV
)XQFLyQ7UDQVLFLyQ
5HFRPHQGDFLRQHV
x 5HXWLOL]DU PDWHULDO GH OD WUDQVLFLyQ DQWHULRU 0$ SHUR FRQ XQ FRORU
GLIHUHQWH&RPRDOJRQXHYRUHQRYDGR
x /DWUDQVLFLyQRFXUUHFRQHODPDQHFHUHQODFLXGDG

x &RQORVFRUQRVKDFHUVHQWLUODSUHVHQFLDGH.HYLQHQHOQXHYRDPDQHFHU
x &XDQGRVHPXHVWUDHOURVWURGH.HYLQHPEHOOHFHUFRQXQZLQGFKLPHV

0&UpGLWRV)LQDOHV
'XUDFLyQVHJXQGRV
)XQFLyQ&HUUDUODSHOtFXOD
5HFRPHQGDFLRQHV
x 6LQFURQL]DUODHVWUHOODTXHDWUDYLHVDHOHQFXDGUH8QJOLVVDQGRGHDUSD\XQ
FRUR



 $1$/,6,6086,&$/'(&$'$&8(


6LELHQHVWHDQiOLVLVVHUHILHUHDDOJXQDVSURSLHGDGHVQDWXUDOHVGHODP~VLFDFRPR
VXDUPRQtDULWPRLQVWUXPHQWDFLyQ\RUTXHVWDFLyQQRGHMDGHODGRODIRUPDFRPR
VHUHODFLRQDFRQHOGUDPD\ORVHOHPHQWRVYLVXDOHVSXHVWDO\FRPRVHPHQFLRQDHQ
HO PDUFR WHyULFR GH HVWH SUR\HFWR OD SHOtFXOD HV TXLHQ PDUFD OD SDXWD HQ OD
FRPSRVLFLyQ\SRUORWDQWRODP~VLFDGHEHVXSHGLWDUVHDHOOD

00DLQ7LWOHV
(VHOWHPDGHLQWURGXFFLyQDODSHOtFXOD1RWLHQHIXQFLyQGUDPiWLFDSXHVD~QQRVH
HVWi FRQWDGR QLQJ~Q KHFKR GH OD KLVWRULD 6X IXQFLyQ HV WpFQLFD SXHV UHIXHU]D OD
DQLPDFLyQGHORVFUpGLWRVLQLFLDOHV

,QLFLD FRQ XQ FUHVFHQGR HQ ODV FXHUGDV VREUH OD SDQWDOOD HQ QHJUR SDUD LU
DXPHQWDQGR OD H[SHFWDWLYD TXH QRV FRQGXFH D OD SULPHUD LPDJHQ GRQGH YHPRV

XQDV QXHYHV EODQFDV VREUH HO IRQGR QHJUR $OOt OD RUTXHVWD LQLFLD FRQ HO WHPD
SULQFLSDO HQ XQ 7XWWL SDUFLDO /XHJR DSDUHFH HO GLEXMR GH XQ PDJR HO FXDO HV
DFHQWXDGR SRU OD SHUFXVLyQ HQ HVSHFLDO HO *RQJ /D DSDULFLyQ GHO WtWXOR TXH OR
DFRPSDxD HV UHIRU]DGD FRQ XQ DUSHJLR HQ HO *ORFNHQVSLHO (O VLJXLHQWH WtWXOR
3ROLWpFQLFR *UDQFRORPELDQR HV LJXDOPHQWH VLQFURQL]DGR FRQ OD PHORGtD GHO
WHPD SULQFLSDO )LQDOPHQWH OD HQWUDGD GHO FRUR VH KDFH SDUD YDULDU OD WH[WXUD \
SRGHUWHUPLQDUHOWHPDGHWDOIRUPDTXHVHSXHGDFRQHFWDUFRQ0

00XQGR\5HDOLGDG
(VHOWHPDUHODFLRQDGRFRQODVROHGDG\ODWULVWH]D(VWiHQWRQDOLGDGPHQRUSHUR
HQDOJXQRVPRPHQWRVHVSHFtILFRVGHOGUDPDVHUHFXUUHDVRQRULGDGHVHQPD\RUFRQ
ILQHV PHUDPHQWH SVLFROyJLFRV HQ OD HVFHQD GRQGH HO SHUVRQDMH YD HQ VX ELFLFOHWD
SRU OD FDOOH YHPRV HQ HO IRQGR XQ iUERO FRQ YDULDV UDPDV GHQWUR GHO FRQWH[WR
VLPEROL]D OD YLGD \ VXV UDPDV VRQ ODV SRVLELOLGDGHV TXH QRV GD OD YLGD
0XVLFDOPHQWH RFXUUHQ YDULDV FRVDV DOOt GHVGH HO SXQWR GH YLVWD DUPyQLFR HV HO
SXQWRGHODPRGXODFLyQHQWUH)DPHQRU\6LPHQRUSRUPHGLRGHXQDFRUGHGH6RO
0D\RU $ QLYHO UtWPLFR HVFXFKDPRV OD VXEGLYLVLyQ HQ FRUFKHDV TXH KDFH HO $USD
TXH JHQHUD XQD VHQVDFLyQ OHYH GH PRYLPLHQWR 'HVGH OD RUTXHVWDFLyQ OD P~VLFD
WRPD XQ FRORU GLIHUHQWH SXHV HQWUD XQ FRUR TXH HPEHOOHFH OD PHORGtD \ HO
*ORFNHVSLHOFRQJROSHVPX\VHQFLOORVHQWLHPSRVGHQHJUDGDPD\RUEULOORFRPR
LOXPLQDQGRODVSXQWDVGHODVUDPDVTXHVHYHQHQODLPDJHQ

/RV SXQWRV GH VLQFURQL]DFLyQ GHSHQGHQ SULQFLSDOPHQWH GH OD QDUUDFLyQ HQ GRV
DVSHFWRV WpFQLFR \ GUDPiWLFR (Q HO SULPHUR VH XVDQ FDPELRV GH WH[WXUD \ GH
GLQiPLFD SDUD ORV PRPHQWRV GRQGH HQWUD \ VDOH OD QDUUDFLyQ \ OD P~VLFD GHEH
SDVDU DO SULPHU SODQR (Q HO VHJXQGR VH UHDOL]DQ FDPELRV HQ OD DUPRQtD \ HQ OD

LQVWUXPHQWDFLyQVREUHIUDVHVRSDODEUDVLPSRUWDQWHVTXHJHQHUDQPD\RUHPRFLyQ
HQHOGUDPDSRUHMHPSORFXDQGRODQDUUDFLyQGLFHTXpVHUiGHORVVXHxRV"OD
P~VLFDTXHYLHQHVRQDQGRHQPHQRUFDPELDDPD\RUHLQWURGXFHODFHOHVWDFRPR
KDFLHQGR XQD SUHJXQWD (Q HO SODQR GRQGH XQ KRPEUH VDOH FRQ XQD PiVFDUD
DQWLJXDVODQDUUDFLyQHVWDKDEODQGRGHOIULRGHOYLHQWR\GHODVROHGDGHQWRQFHVOD
P~VLFD VH UHGXFH D XQ LQVWUXPHQWR VROLVWD VROHGDG TXH HV OD IODXWD HO YLHQWR
DFRPSDxDGR SRU OD FHOHVWD (Q OD HVFHQD VLJXLHQWH HO YHQGDYDO HV YLVWR FRPR HO
LPSXOVRTXHWRPDHOSHUVRQDMHSDUDVDOLUGHODUHDOLGDG\DGHQWUDUVHHQODIDQWDVtD
GHORVVXHxRVHQHVHSXQWRODP~VLFDWDPELpQWRPDXQLPSXOVRSDUDVDOLUVHGHOD
VRQRULGDGUHODFLRQDGDFRQODVROHGDG\KDFHUXQDWUDQVLFLyQKDFLDODP~VLFDGHOD
IDQWDVtD

0$3RUTXpVRxDPRV"
(V OD WUDQVLFLyQ HQWUH OD P~VLFD TXH UHSUHVHQWD OD UHDOLGDG \ OD TXH DFRPSDxD OD
IDQWDVtD ,QLFLD FRQ XQ SHGDO HQ HO UHJLVWUR DJXGR GH ODV FXHUGDV \ VLQ QLQJ~Q
LQVWUXPHQWRTXHVXEGLYLGDFRQHOILQGHJHQHUDUDPELJHGDGPpWULFD\DVtORJUDU
TXH HO FDPELR GH YHORFLGDG HQWUH ORV GRV FXH QR VHD QRWRULR (O *ORFNHQVSLHO
DUUXOODHOVXHxRGHOSHUVRQDMH\DGLFLRQDOPHQWHUHDOL]DXQFDPELRDOPRGR/LGLR
'HODPLVPDIRUPDTXHHQHOFDVRDQWHULRUVHDSR\DODQDUUDFLyQFXDQGRpVWDKDFH
UHIHUHQFLD DO PHUFDGHU ORV FRUQRV HYRFDQ VX SUHVHQFLD \ OR KDFHQ VHQWLU FRPR XQ
VHUVXSUHPR7HUPLQDLJXDOPHQWHFRQXQSHGDOHQODVFXHUGDVSXHVVREUHpOLQLFLD
0

0(OGHVWLQRGHORVVXHxRV
([SRQH HO PRWLYR UHODFLRQDGR FRQ ORV VXHxRV XQD ILJXUDFLyQ UtWPLFD GH WUHVLOORV
VREUHHOPRGR/LGLR&XDQGRODQDUUDFLyQGLFHTXHODQRFKHKDOOHJDGRVHKDFHXQD

OHYH FHVXUD FRQ HO ILQ GH DFRPSDxDU OD VDOLGD GH OD OXQD HQ HO SODQR VLJXLHQWH
'HVGHODRUTXHVWDFLyQVHYDQDJUHJDQGRLQVWUXPHQWRVSDUDOOHJDUDXQ7XWWLSDUFLDO
\DFRPSDxDUHOWUDYHOOLQJTXHVHGLULJHDODPDQVLyQQRFWXUQD

0(O0HUFDGHU
,QLFLDJHQHUDQGRXQDHVSHFLHGHVXVSHQVRFRQODVFXHUGDV\HO3LDQRSXHVDSDUHFH
.HYLQ SRU SULPHUD YH] \ D~Q QR VDEHPRV TXp YD D KDFHU (Q HO SODQR VLJXLHQWH
YHPRV OD PDQVLyQ GHVGH DIXHUD \ ORV VXHxRV OOHJDQGR D HOOD HYRFDQ PDJLD VH
XWLOL]DHO:LQGFKLPHVHOFRUR\HO*ORFNHQVSLHOFRPRLQVWUXPHQWRVSDUDGDUPiV
FRORU D OD IDQWDVtD $GLFLRQDOPHQWH HO UHVWR GH OD RUTXHVWD WRFD HO PRWLYR GH ORV
VXHxRV\HPSLH]DDJHQHUDUXQFUHVFHQGRTXHOXHJRQRVOOHYDDOFOtPD[GHWRGDOD
SHOtFXOD &RQFOX\H VREUH HO SODQR GH OD VLJXLHQWH VHFXHQFLD KDFLHQGR XQ V~ELWR
SLDQR

0(O%DOFyQ
(V XQ SODQR PX\ tQWLPR GRQGH HO PHUFDGHU HVWi FRQ XQ VXHxR HQ VXV PDQRV (O
VXHxRHVUHSUHVHQWDGRSRUODFHOHVWD\ODPHORGtDHQ/LGLR/DVFXHUGDVDFRPSDxDQ
GHIRQGRSDUDGDUXQPD\RUFRORU\HQULTXHFHUODSDUWHYLVXDOGHOSODQR

0/D)iEULFD
/DP~VLFDLQLFLDFRQODPLVPDPHORGtDHQORVFRUQRVFXDQGRVHHYRFDD.HYLQHQ
0$VRORTXHDKRUDpOHVWiSUHVHQWHHQODLPDJHQ\VHOHYHWUDEDMDQGRGHQWURGH
ODIiEULFD/DRUTXHVWDDFRPSDxDHVWDPHORGtD\SUHSDUDODVDOLGDGHOUHFHSWRUGH
VXHxRV $ PHGLGD TXH ORV VXHxRV YDQ YRODQGR KDFLD OD IiEULFD HO PRWLYR GH
WUHVLOORV HQ OD FHOHVWD VH SUHVHQWD DKRUD HQ FRUFKHDV SHUR DJUXSDGDV FRPR HQ XQ
 /XHJR HVWH PLVPR PRWLYR HV LQWHUSUHWDGR SRU ODV PDGHUDV PLHQWUDV ORV

VXHxRV UHSRVDQ VREUH XQD EDQGD JLUDWRULD GHQWUR GH OD IDEULFD DOOt OD QDUUDFLyQ
GLFH TXH ORV VXHxRV VRQ HPSDFDGRV HQ FDMDV PX\ VXDYHV HQ HVH PRPHQWR OD
P~VLFDDGTXLHUHXQDGLQiPLFDPDVSLDQR\DGLFLRQDOPHQWHODFHOHVWDPDUFDXQ
FRPRVLIXHVHXQDFDMDPXVLFDO(OFDUiFWHUGHHVWDVHFFLyQWLHQGHDVHUMRFRVRFODUR
VLQ VDOLUVH GHO FRQWH[WR SXHV YHPRV D .HYLQ HQ OD SDUWH DOWD KDFLHQGR HTXLOLEULR
SDUD QR FDHUVH VREUH OD EDQGD JLUDWRULD /XHJR HO FRUR DFRPSDxD OD VDOLGD GHO
FDxyQHVWHODUGHVGHHOUHJLVWURPHGLRGHORVKRPEUHVKDVWDHOUHJLVWURDJXGRGHODV
PXMHUHV SXHV GHVGH HO SXQWR GH YLVWD GH ODV DQDORJtDV WUD]DGDV SRU HO FRUWR OD
SDUWHDOWDDGRQGHOOHJDHOFDxyQHVYLVWDFRPRHOOXJDUGHORVVXHxRVDVtTXHOD
P~VLFDUHVDOWDHVWDFDUDFWHUtVWLFDSRUPHGLRGHORVUHJLVWURVFXDQGRHOFDxyQOOHJD
DUULEDODVVRSUDQRVFDQWDQHQVXUHJLVWURDJXGR)LQDOPHQWHHO:LQGFKLPHVWUD]D
ODOtQHDGHYXHORTXHXQVXHxRODQ]DGRSRUHOFDxyQKDFHDOGLULJLUVHDVXGHVWLQR
ILQDO

06XHxRVKHFKRVUHDOLGDG
7DO \ FRPR OR SURSRQH HO WtWXOR VRQ ORV VXHxRV GHQWUR GH OD UHDOLGDG SHUR DKRUD
XQD UHDOLGDG WUDQVIRUPDGD SRU OD ODERU GH .HYLQ (Q HVWH FXH RFXUUH XQD
VXSHUSRVLFLyQ GH PHORGtDV TXH UHSUHVHQWDQ OD UHDOLGDG ORV VXHxRV \ D .HYLQ HQ
WRQDOLGDG PD\RU VXHQD OD PHORGtD GH OD UHDOLGDG HQ ODV FXHUGDV PLHQWUDV ORV
FRUQRVHYRFDQODSUHVHQFLDGH.HYLQDOPLVPRWLHPSRODFHOHVWDLQWHUSUHWDHOWHPD
HQ/LGLRTXHUHSUHVHQWDDOVXHxRHQODVPDQRVGH.HYLQ0/XHJR\DPDQHUD
GHFLHUUHODP~VLFDSUHSDUDXQDFDGHQFLDDXWHQWLFDSHUIHFWDVLQTXHHVWDFLHUUHGHO
WRGR SXHV DXQTXH WHUPLQD GH FRQWDU OD KLVWRULD FRQWUDVWD FRQ OD HQWUDGD GH ORV
FUpGLWRVILQDOHV

0&UpGLWRVILQDOHV

(VXQDSHTXHxDVXLWHGHIUDJPHQWRVXWLOL]DGRVDORODUJRGHODSHOtFXODDJUHJDQGR
LQVWUXPHQWRV \ DMXVWDQGR VXV WRQDOLGDGHV $O VHU DQLPDGRV OD P~VLFD GHEH
VLQFURQL]DU OR TXH VHD QHFHVDULR ,QLFLD FRQ XQ RVWLQDWR HQ FRUFKHDV GH OD FHOHVWD
PLHQWUDVHOWLWXORVHPXHYHOHQWDPHQWHXQDYH]pVWHVHLPSXOVDSDUDGLULJLUVHDOD
SDODEUD6XHxRVORVSL]]LFDWRVHQHOFRQWUDEDMRDSR\DQHOSXQWRGRQGHRFXUUHHO
LPSXOVR /XHJR XQD HVWUHOOD TXH DWUDYLHVD HO HQFXDGUH GH DEDMR KDFLD DUULED HV
DFRPSDxDGDSRUXQJOLVVDQGRHQHODUSD\GRVDFRUGHVHQHOFRUR

 &21&/86,21(6

8QDYH]WHUPLQDGRHOSURFHVRVHKDFHXQDHYDOXDFLyQGHVXVUHVXOWDGRV\VH
GHWHUPLQDQDOJXQDVFRQFOXVLRQHVDVDEHU

(Q SULPHU OXJDU TXLHQ HVFULEH P~VLFD SDUD XQD SHOtFXOD GHEH SRGHU GLIHUHQFLDU
HQWUHORTXHHVHVFULELUSDUDFRQFLHUWR\HVFULELUSDUDFLQHSXHVHQHVWH~OWLPROD
P~VLFD HVWi VXSHGLWDGD D XQ IDFWRU YLVXDO \ GUDPiWLFR TXH HV LPSUHGHFLEOH DO
PRPHQWRGHGHWHUPLQDUODVFDUDFWHUtVWLFDVTXHYDDWHQHUODP~VLFD$VtSXHVXQ
FRPSRVLWRUGHEHVDEHUODVSRVLELOLGDGHVTXHHOFLQHOHEULQGD\GHLJXDOIRUPDGHEH
WHQHUFRQWUROVREUHVXVLGHDVPXVLFDOHVSDUDTXHVXSDUWLWXUDQRVRORVHHVFXFKH
VLQRTXHWDPELpQVHYHD

/D SURGXFFLyQ FLQHPDWRJUiILFD FUHFH GtD WUDV GtD \ UHTXLHUH GH XQ HTXLSR GH
SHUVRQDV TXH GHVDUUROOHQ WRGDV ODV WDUHDV GH IRUPD HIHFWLYD \ UiSLGD (V SRU HVWR
TXH HO FRPSRVLWRU FRPR FXDOTXLHU RWUR GHO HTXLSR SRU OR JHQHUDO QR FXHQWD FRQ
WRGRHOWLHPSRTXHVHTXLVLHUDSDUDHVFULELURUTXHVWDUFRSLDUJUDEDU\SURGXFLUOD
P~VLFD GH XQD SHOtFXOD SRU OR TXH VH KDFH QHFHVDULD OD SDUWLFLSDFLyQ GH RWURV
SURIHVLRQDOHVHQiUHDVHVSHFLILFDVSDUDJDUDQWL]DUHOFXPSOLPLHQWR\ODFDOLGDGGH
VXV SURGXFFLRQHV (Q HVWH RUGHQ GH LGHDV HV FODYH OD RUJDQL]DFLyQ GH XQ
FURQRJUDPDGHWUDEDMRTXHSHUPLWDGHVDUUROODUFDGDSURFHVRHQIRUPDDGHFXDGD\
SUiFWLFD'DGRTXHHOLQWHUpVSHUVRQDOJLUDEDHQWRUQRDOFRQRFLPLHQWR\ODSUiFWLFD
GH WRGDV HVWDV DFWLYLGDGHV IXH QHFHVDULR UHDOL]DUODV XQD SRU XQD HQ XQ RUGHQ
FRUUHVSRQGLHQWH SDUD FRQRFHUODV \ DVt SRGHU FUHDU XQ HVTXHPD GH WUDEDMR SDUD
IXWXUDVSURGXFFLRQHV

&RPRSDUWHGHODH[SHULHQFLDYLYLGDUHVDOWRHOKHFKRGHKDEHUHVFULWRWRGRDPDQR
SXHV VH WLHQH PD\RU FRQWURO VREUH FDGD HOHPHQWR GH OD P~VLFD \ ODV LGHDV QR VH

OLPLWDQ D ODV SRVLELOLGDGHV TXH SXHGH EULQGDU XQ VRIWZDUH 0DV VLQ HPEDUJR QR
TXLHUHGHFLUTXHpVWHQRVHDQHFHVDULRVRORTXHHQPLFDVRSDUWLFXODUORIXHFXDQGR
VHWUDWRGHHGLWDUODVSDUWLWXUDV

3RU RWUR ODGR KR\ HQ GtD OD WHFQRORJtD PXVLFDO HVWD DO VHUYLFLR GHO FLQH WDPELpQ
0XFKDVSURGXFFLRQHVVHKDQOOHJDGRDUHDOL]DUFRQGLVSRVLWLYRVHOHFWUyQLFRV
\ VRIWZDUHV DYDQ]DGRV ELHQ VHD SRU XQ SUHVXSXHVWR DMXVWDGR R FRPR
H[SHULPHQWDFLyQSDUDORJUDUXQFRQFHSWRGHWHUPLQDGRHQXQDSHOtFXOD

(VWHSUR\HFWRHVWDQVRORXQSULPHUSDVRKDFLDHOJUDQPXQGRGHOFLQHSXHVHQOD
SUDFWLFDFRQVWDQWHHVTXHHOFRPSRVLWRUVHKDFHPDVHIHFWLYR\GHVDUUROODPHMRUVXV
KDELOLGDGHVSDUDVLHPSUHHVWDUGLVSXHVWRDOVHUYLFLRGHOVpSWLPRDUWH






 %,%/,2*5$),$



/,%526


$'/(5 6DPXHO 7KH 6WXG\ RI 2UFKHVWUDWLRQ GD (G 1HZ <RUN ::
1RUWRQ &RPSDQ\,QFS

$'2512 7KHRGRU \ (,6/(5 +DQV (O FLQH \ OD P~VLFD UD (G 0DGULG
)XQGDPHQWRVS6HULH&LQH

&+,21 0LFKHO /D P~VLFD HQ HO FLQH %DUFHORQD 3DLGyV ,EHULFD   S
3DLGyVFRPXQLFDFLyQ&LQH

'$9,65LFKDUG&RPSOHWHJXLGHWRILOPVFRULQJ%RVWRQ%HUNOHHSUHVV
S

(',&,21(65,$/36$'LFFLRQDULRGHO&LQHD(G0DGULGS6HULH
OLEURVGHFLQH5LDOS

.$5/,1)UHG\:5,*+75D\EXUQ2QWKHWUDFNDJXLGHWRFRQWHPSRUDU\ILOP
VFRULQJGD(G1HZ<RUN5RXWOHGJHS

1257+$0 0DUN \ 0,//(5 /LVD )LOP DQG 7HOHYLVLRQ &RPSRVHU
V 5HVRXUFH
*XLGH 7KH &RPSOHWH *XLGH WR 2UJDQL]LQJ DQG %XLOGLQJ <RXU %XVLQHVV +DO
/HRQDUGS

;$/$%$5'(5&RQUDGR0~VLFDGHFLQHXQDLOXVLyQySWLFD0pWRGRGHDQiOLVLV\
FUHDFLyQGH%DQGDVVRQRUDV%DUFHORQD/LEURV(Q5HGS





,17(51(7


(O
OHQJXDMH
FLQHPDWRJUiILFR
KWWSZZZ[WHFHVa[ULSROOOHQJXDKWP
>&RQVXOWDGRIHE@

6+,321-HQQLIHU+LVWRU\RI0XVLFLQ)LOP$QDO\VLVRI+RZ :K\)LOP6FRUHV
(QKDQFH WKH (PRWLRQDO ,PSRUW RI )LOPV &LWL]HQ .DQH >$UWLFXOR GH ,QWHUQHW@
KWWSZZZDVVRFLDWHGFRQWHQWFRPDUWLFOHKLVWRU\BRIBPXVLFBLQBILOPBDQDO
\VLVBRIBSJKWPO"FDW >FRQVXOWDGRDEU@


',6&2*5$),$

%$f26 5RTXH $ODWULVWH 2ULJLQDO 6RXQGWUDFN IURP WKH 0RWLRQ 3LFWXUH 0HOLDP
0XVLF6/

(/)0$1'DQQ\%DWPDQ2ULJLQDO6RXQGWUDFNIURPWKH0RWLRQ3LFWXUH:DUQHU
%URV

(/)0$1 'DQQ\ &RUSVH %ULGH 2ULJLQDO 6RXQGWUDFN IURP WKH 0RWLRQ 3LFWXUH
:DUQHU%URV

*5(*621:,//,$06+DUU\7KH&KURQLFOHVRI1DUQLD7KH/LRQ7KH:LWFKDQG
7KH :DUGUREH 2ULJLQDO 6RXQGWUDFN IURP WKH 0RWLRQ 3LFWXUH :DOW 'LVQH\
5HFRUGV

*5(*621:,//,$06+DUU\7KH&KURQLFOHVRI1DUQLD3ULQFH&DVSLDQ2ULJLQDO
6RXQGWUDFNIURPWKH0RWLRQ3LFWXUH:DOW'LVQH\5HFRUGV

2770$1-RKQ6XSHUPDQ5HWXUQV2ULJLQDO6RXQGWUDFNIURPWKH0RWLRQ3LFWXUH
:DUQHU%URV


32:(// -RKQ ;0HQ 7KH /DVW 6WDQG 2ULJLQDO 6RXQGWUDFN IURP WKH 0RWLRQ
3LFWXUH9DUqVH6DUDEDQGH

32:(//-RKQ =,00(5+DQV.XQJ)X3DQGD2ULJLQDO6RXQGWUDFNIURPWKH
0RWLRQ3LFWXUH'UHDPZRUNV

=,00(5+DQV7KH'D9LQFL&RGH2ULJLQDO6RXQGWUDFNIURPWKH0RWLRQ3LFWXUH
8QLYHUVDO