GHORLQGtJHQDHQFXDWURQRYHODV
FRORPELDQDV
-XDQ&DUORV2UUHJR$ULVPHQGL
*UXSRGH,QYHVWLJDFLyQ\*HVWLyQGHO3DWULPRQLR 'HSDUWDPHQWRGH$QWURSRORJtD8QLYHUVLGDGGH$QWLRTXLD 'LUHFFLyQHOHFWUyQLFDMXDQRUUHJR#XGHDHGXFR
2UUHJR-XDQ&DUORV³5HLYLQGLFDFLyQSUR[LPLGDG\DUWL¿FLRGHOR LQGtJHQDHQFXDWURQRYHODVFRORPELDQDV´(Q%ROHWtQGH$Q WURSRORJtD8QLYHUVLGDGGH$QWLRTXLD0HGHOOtQ9RO1RSS 7H[WRUHFLELGRDSUREDFLyQ¿QDO
5HVXPHQ(QODDFWXDOLGDGSUHYDOHFHODLGHDGHTXHHQ&RORPELDODQRYHODLQGLJHQLVWDKD H[LVWLGRGHPRGRSUHFDULR\SRFRRQDGDUHSUHVHQWDWLYRGHFDUDDOiPELWROLWHUDULRODWLQRDPHULFDQR6LQ HPEDUJRFXDQGRVHUHYLVDODSURGXFFLyQQDFLRQDOGHORV~OWLPRVQRYHQWDDxRVDODOX]GHORVFRQFHSWRV HQTXHVHEDVDODFRPSUHQVLyQFUtWLFDGHOLQGLJHQLVPRODWLQRDPHULFDQRVHHQFXHQWUDTXHHVDFRUULHQWH VHKDPDQWHQLGRYLJHQWHHQ&RORPELDHQYLUWXGGHOGLQDPLVPRGHVXVWHPDV\SHUVSHFWLYDV(OHVWXGLR GHFXDWURQRYHODVSXEOLFDGDVHQHOSDtVHQWUH\SHUPLWHHQWHQGHUHVHSURFHVR
3DODEUDVFODYHOLWHUDWXUDFRORPELDQDQRYHODLQGLJHQLVWDLQGLRVHQODOLWHUDWXUDDUWL¿FLROLWHUDULR
5HFODPDWLRQSUR[LPLW\DQGDUWL¿FHDURXQGZKDWLVLQGLJHQRXV LQIRXU&RORPELDQQRYHOV
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
,QWURGXFFLyQ
(Q&RORPELDHQHOHVFHQDULRJHQHUDOGHODRSLQLyQS~EOLFD\HQSDUWLFXODUGHODFUt WLFDOLWHUDULDKDSUHYDOHFLGRSRUPXFKRWLHPSRODLGHDGHTXHHQHOSDtVQRKDVLGR SURGXFLGDXQDQDUUDWLYDLQGLJHQLVWD²HVSHFt¿FDPHQWHXQDQRYHOtVWLFDLQGLJHQLVWD² SURSLDPHQWHGLFKDHQWHQGLGDHVWDHQORVWpUPLQRVKR\FDQyQLFRVIRUPXODGRVSRU 7RPiV*(VFDMDGLOORHQVXHVWXGLRGHOFDVRSHUXDQRXQDPRGDOLGDGOLWHUDULD SUHxDGDGHXQ³VHQWLPLHQWR´GHUHLYLQGLFDFLyQGHORLQGtJHQD\TXHDGLIHUHQFLDGH ODVSHUVSHFWLYDVKLVWRULFLVWDVHLGHDOL]DGRUDVGHOURPDQWLFLVPRGHFLPRQyQLFRVHDSR\D HQXQD³VX¿FLHQWHSUR[LPLGDG´HWQRJUi¿FDUHVSHFWRGHODVVRFLHGDGHVUHSUHVHQWDGDV S%DVWDUtDFRQVLGHUDUXQFDVRFRPRHOGHOFRPSHQGLR/LWHUDWXUDFRORPELDQD 6LQRSVLV\FRPHQWDULRVGHDXWRUHVUHSUHVHQWDWLYRVGHOMHVXLWD-RVp$1~xH]6HJXUD >@WH[WRXVDGRHQODHGXFDFLyQEiVLFDFRORPELDQDDORODUJRGHPXFKRV DxRV²VHFXHQWDQDOPHQRVHGLFLRQHVHQDxRV²\DSHVDUGHHOORDMHQRDOVXU JLPLHQWR\HYROXFLyQGHODQRYHODVRFLDOHQHOSDtVVXEJpQHURHQHOTXHQHFHVDULDPHQWH KD\TXHHQPDUFDUDODQRYHODLQGLJHQLVWD,QFOXVRSXHGHPHQFLRQDUVHDOPiVUHFLHQWH 0DQXDOGHOLWHUDWXUDFRORPELDQDGH)HUQDQGR$\DOD3RYHGDHQHOTXHVLELHQ VHSUHVHQWDQVLQRSVLVGHXQSXxDGRGHQRYHODVLQGLJHQLVWDVVH¿MDHQHOXPEUDO GHVXSHUYLYHQFLDGHHVDVREUDVDSURSyVLWRGHODVFXDOHV²SRUORGHPiV²HODXWRU DSXQWDTXH³HQ~OWLPRWpUPLQRUHYLVWHQPiVLPSRUWDQFLDSDUDODVRFLRORJtD´S 1RHVPiVSUyGLJRHOKRPyQLPR0DQXDOGHOLWHUDWXUDFRORPELDQDFRQIRUPDGRSRUOD FRPSLODFLyQGHORVWUDEDMRVGHYDULRVDXWRUHVHQHOTXHDSHVDUGHVXH[WHQVLyQQRVH UHVHxDQPiVGHFXDWURQRYHODVGHWHPDLQGtJHQDHQXQFDStWXORGHGLFDGRDOD³QRYHOD GHHQWUHJXHUUDV´5RPHUR\VV
(QXQRGHORVSRFRVWUDEDMRVFUtWLFRVTXHHPSUHQGHQDOJ~QWLSRGHUHYLVLyQ GLDFUyQLFDGHODQRYHODFRORPELDQDGHWHPDLQGtJHQD)DELR*yPH]&DUGRQD FRQFOX\HTXHVLELHQHVHYLGHQWHTXHORLQGtJHQDVREUHYLYHDOOtGHPRGRVRWHUUDGR HV³QHFHVDULR´DFHSWDUTXHHQHOSDtVQRVHKDQSURGXFLGR³PRYLPLHQWRVLQGLJHQLV WDV´GHtQGROHOLWHUDULDSS$VXMXLFLREXHQDSDUWHGHOSUREOHPDHVWiHQTXH ODFUtWLFDQRKDIRUWDOHFLGRXQDWUDGLFLyQLQWHOHFWXDOLQGLJHQLVWDFRPRVtRFXUULyHQ 3HU~\0p[LFR³ODFUtWLFDKDVLGRFLHJDHLQVHQVLEOHSRUTXHWDOYH]KDUHVSRQGLGRD XQDYLVLyQGRPLQDQWHGHVGHODVRFLHGDGOODPDGDPD\RURPD\RULWDULD´SS
'HODUHÀH[LyQGH)DELR*yPH]&DUGRQDVHGHULYDODLGHDGHTXHXQLQGLJHQLVPR OLWHUDULRGHELGDPHQWHHQFDPLQDGRSRUHOWUDEDMRVLVWHPiWLFR\HFXiQLPHGHODFUtWLFDVH
4XLHQVXVFULEHHVWDVOtQHDVWDPELpQVHKDRFXSDGRGHOSUREOHPDGHODOLPLWDGDYLVLyQGHOD
FDUDFWHUL]DUtDSRUODPDQLIHVWDFLyQHQODVREUDVGHHOHPHQWRVDXWpQWLFDPHQWHLQGtJHQDV 'HKHFKRHQHODUWtFXORGHPDUUDVVHHVWDEOHFHTXHXQ³HVWXGLRVHULR´GHORVFRPSRQHQ WHVLQGtJHQDVHQODOLWHUDWXUDFRORPELDQDQRWHQGUtDRWURSXQWRGHOOHJDGDTXHHOUHFRQR FLPLHQWRGHOD³YLWDOLGDG´GH³ORLQGLR´S'LFKRGHRWURPRGR*yPH]&DUGRQD ²\PX\DSHVDUGHTXHVXHVFULWRH[SOLFLWHHQRWURVSDVDMHVLGHDVFRQWUDULDV²HVWDUtD DVXPLHQGRTXHGHOLQGLJHQLVPRHQSOHQLWXGGHEHHVSHUDUVHXQUHÀHMR¿HOGHODUHDOLGDG pWQLFD1ROHMRVGHDOOtVHKDEtDVLWXDGR'RQDOG0F*UDG\HQVXWUDEDMR/DQRYHOD KLVWyULFDHQ&RORPELDVLQLPSRUWDUTXHHQpOQRVHDSHOHDODFDWHJRUtDGHO LQGLJHQLVPRSHURFRPR*yPH]&DUGRQD0F*UDG\FUHHTXHODQRYHODKLVWyULFDGH WHPDLQGtJHQDQRKDDOFDQ]DGRLPSRUWDQFLDHQ&RORPELD\XQDGHODVUD]RQHVVHUtDTXH ³HQODPD\RUtDGHORVFDVRVHOQRYHOLVWDQRVHKDWRPDGRHOWUDEDMRGHSURIXQGL]DUHQHO HVWXGLRGHODVFRVWXPEUHV\ODPHQWDOLGDGSHFXOLDUHVGHORVLQGtJHQDV´S$ODOX] GHHVWDLQWHUSUHWDFLyQFRQVLGpUHVHQXHYDPHQWHODVXJHUHQFLDGH)HUQDQGR$\DOD3RYH GDGHSHQVDUODVQRYHODVGHWHPDLQGtJHQDFRPRFRQWULEXFLRQHVVREUHWRGRVRFLROyJLFDV 1RVHUHFRQRFHODYLJHQFLDGHOLQGLJHQLVPRSRUQRHQFRQWUDUVHFLHUWDVSUXHEDVVREUHOD ³VX¿FLHQWHSUR[LPLGDG´GHORVHVFULWRUHVUHVSHFWRGHODVFRPXQLGDGHVLQGtJHQDVUHWR PDQGRHOUDVJRHVWDEOHFLGRSRU(VFDMDGLOOR
1RREVWDQWHWRGRORDQWHULRUODH[SHFWDWLYDGHTXHHOLQGLJHQLVPRGHEDUHWUDWDU FRQ¿GHOLGDGDOLQGtJHQDQLHJDGHSODQRORTXHHQHVHQFLDHV\KDVLGRODOLWHUDWXUD LQGLJHQLVWDHQ/DWLQRDPpULFD\&RORPELDSXHVHQVXEDVHHVWiVHPEUDGRXQDUWL¿FLR LQHOXGLEOHHQODVpSRFDVGHVXHPHUJHQFLD\FRQVROLGDFLyQHOKHFKRGHTXHQRIXHUDHO LQGLRTXLHQHVFULELHUDVREUHVtPLVPRVLQRXQRWUR$OGHFLUGH-RVp&DUORV0DULiWHJXL >@HQHOHVFULWR¿QDOGHORVHQVD\RVGHLQWHUSUHWDFLyQGHODUHDOLGDGSHUXD QD²WH[WRTXHHVQHFHVDULRUHFRQRFHUFRPRODUHÀH[LyQPDWUL]GHODFUtWLFDLQGLJHQLVWD ODWLQRDPHULFDQD²HVHRWURHVXQPHVWL]R\HVUHVSHFWRGHVXSXQWRGHYLVWDTXHVH VRSHVDOD³VX¿FLHQWHSUR[LPLGDG´FRQORLQGtJHQD(OSUHVHQWHDUWtFXORDQDOL]DHVD QDWXUDOH]DQHFHVDULDPHQWHDUWL¿FLRVDGHOLQGLJHQLVPR\HOLJHFRPRFRQWH[WRGHLQGD JDFLyQXQFRUSXVGHQRYHODVFRORPELDQDVFRQODLGHDQRVRORGHDSRUWDUDODGLVFXVLyQ FRQFHSWXDOVLQRGHKDFHUPiVYLVLEOHHVDPDQLIHVWDFLyQOLWHUDULDHQHOSDtVKDELGD FXHQWDGHVXSRFDYLVLELOLGDG(OVHJXLPLHQWRGHFXDWURQRYHODVVXUJLGDVHQGLIHUHQWHV PRPHQWRVGHO~OWLPRVLJOR²/DYRUiJLQHGH-RVp(XVWDVLR5LYHUD>@ -RVp7RPEpGH'LHJR&DVWULOOyQ$UEROHGD3DODEUDGHIXHJRGH)HUQDQGR6RWR $SDULFLR\0LJXHO.ZHW\X¶HOLQYRFDGRUGHHVStULWXVGH)HUQDQGR5RPHUR /RDL]D²SHUPLWLUiFRQFOXLUVREUHODPDQHUDHQTXHKDDOFDQ]DGRYLJHQFLD KDVWDQXHVWURVGtDVODQRYHODLQGLJHQLVWDFRORPELDQD
$UWL¿FLR\UHLYLQGLFDFLyQHQHOLQGLJHQLVPR
PHGLiWLFD³>HOOD@YDPiVDOOiGHODSDVLYLGDGTXHFDUDFWHUL]DDODWHRUtDGHOUHÀHMR LQGLFDXQSURFHVRDFWLYRGHDOJ~QWLSR>@(ODUWHQRUHÀHMDODUHDOLGDGVRFLDOOD VXSHUHVWUXFWXUDQRUHÀHMDODEDVHGLUHFWDPHQWHODFXOWXUDHVXQDPHGLDFLyQGHODVR FLHGDG´S$KRUDELHQHOFUtWLFRVRVSHFKDTXHKD\DOJXQDFDQGLGH]HQOD DVXQFLyQVLPSOL¿FDGRUDGHTXHVHWUDWHFRQPHGLDFLyQ\UHÀHMRGHGRVSURFHVRV PXWXDPHQWHH[FOX\HQWHV(VWDEOHFHUTXHHODUWHUHÀHMDXQDUHDOLGDGQRVLJQL¿FDTXH VHFRQR]FDFRQFHUWLGXPEUHFXiOHVOD³UHDOLGDGFRQFUHWD´UHSUHVHQWDGDSXHVHVWD QRSXHGHGHMDUGHVHUDVXYH]XQDSHUFHSFLyQPHGLDGDLGHROyJLFDPHQWH(QSRFDV SDODEUDVHOUHÀHMRHVXQSURFHVRVXEVLGLDULRGHODPHGLDFLyQ\HVWDHQFRQWUDUtDVX SULQFLSDODWULEXWREiVLFDPHQWHHQHOKHFKRHVSHFt¿FRGHLPSOLFDUPHQRVDOLHQDFLyQ SXHVVHWUDWD²FRPR\DVHDSXQWDED²GH³XQSURFHVRDFWLYR\VXVWDQFLDO´S
&RQODLQWHQFLyQGH³UHVWDEOHFHUODLGHDGHO©UHÀHMRª\GHRWRUJDUXQDVROLGH] SDUWLFXODUDODLGHDGHOD©PHGLDFLyQª´:LOOLDPVLQYRFDXQDIDPLOLDGHFRQFHSWRV TXHFRPRORVGH³WLSL¿FDFLyQ´³FRUUHVSRQGHQFLD´\³KRPRORJtD´GHVFULEHQHOFRP SOHMRSURFHVRPHGLDQWHHOFXDOHODUWHWUDWDGHFULVWDOL]DUDVXPRGRODGLQiPLFDGHOD KLVWRULDSS\VV(OFDUiFWHUPyYLOGHODUHDOLGDGVRFLDOVRORSXHGHVHU³UHÀH MDGR´SRUPHGLRGHFRQVWUXFWRVPHGLDGRUHVTXHDODSRVWUHQRKDFHQRWUDFRVDTXH LUUXPSLUHQODÀXLGH]KLVWyULFDSDUD¿MDUODLGHROyJLFDPHQWH(OSURFHVRUHSUHVHQWDWLYR TXHWLHQHOXJDUHQHOLQGLJHQLVPRHQFXHQWUDDFRPRGRHQHVHFRQWH[WRFRQFHSWXDO WRGDYH]TXHODLPDJHQGHOSURWDJRQLVWDQDWLYRVXUJHGHXQDLQWHUDFFLyQGHWLSRV FDGDXQRGHORVFXDOHVVLJQL¿FDODFULVWDOL]DFLyQLGHROyJLFDGHGLYHUVDVYLYHQFLDV KLVWyULFDV(QHVHQFLDHVRHVORTXHSHUFLEH+HQUL)DYUHHQVXEDODQFHGHOD QRYHODLQGLJHQLVWDODWLQRDPHULFDQD³(QGH¿QLWLYDHOSHUVRQDOHPSOHDGRHQWRGDV ODVQRYHODVLQGLJHQLVWDVHVQXPpULFDPHQWHOLPLWDGR6HUHGXFHHVHQFLDOPHQWHDOJUDQ WHUUDWHQLHQWHTXHHVSRUIXHU]DDPELFLRVRDUURJDQWH\YLROHQWR>@DODGPLQLVWUDGRU PHVWL]RGHOD¿QFDTXHHVREOLJDGDPHQWHRSRUWXQLVWD>@´\DVtKDVWDHQXPHUDUUDV JRVWLSL¿FDGRVSDUDHODOFDOGHHOFXUDHOFRPHUFLDQWHHODERJDGR\SRUVXSXHVWRHO LQGLRS'HODLQWHUDFFLyQGHHVRVWLSRVHVTXHGHYLHQHODLPDJHQLGHRORJL]DGD GHOQDWLYR³/DQRYHODVHFRQVWUX\HVREUHODEDVHGHXQDVHULHGHRSRVLFLRQHVFRQWUDV WDQWHVRSRVLFLRQHVHQWUHLQGLRV\SREODFLyQQRLQGLD´S
(OLQGLJHQLVPRHQQXHVWUDOLWHUDWXUD>@WLHQHIXQGDPHQWDOPHQWHHOVHQWLGRGHXQDUHL YLQGLFDFLyQGHORDXWyFWRQR1ROOHQDODIXQFLyQVHQWLPHQWDOTXHOOHQDUtDSRUHMHPSOR HOFULROOLVPR>@>/@RTXHVXEFRQVFLHQWHPHQWHEXVFDODJHQXLQDFRUULHQWHLQGLJHQLVWDHQHO LQGLRQRHVVyORHOWLSRRHOPRWLYR\PHQRVD~QHOWLSRRHOPRWLYR³SLQWRUHVFR´>@<OD PD\RULQMXVWLFLDHQTXHSRGUtDLQFXUULUXQFUtWLFRVHUtDFXDOTXLHUDSUHVXUDGDFRQGHQDGH ODOLWHUDWXUDLQGLJHQLVWDSRUVXIDOWDGHDXWRFWRQLVPRLQWHJUDORODSUHVHQFLDPiVRPHQRV DFXVDGDHQVXVREUDVGHHOHPHQWRVGHDUWL¿FLRHQODLQWHUSUHWDFLyQ\HQODH[SUHVLyQ/D OLWHUDWXUDLQGLJHQLVWDQRSXHGHGDUQRVXQDYHUVLyQULJXURVDPHQWHYHULVWDGHOLQGLR7LHQHTXH LGHDOL]DUOR\HVWLOL]DUOR7DPSRFRSXHGHGDUQRVVXSURSLDiQLPD(VWRGDYtDXQDOLWHUDWXUDGH PHVWL]RV3RUHVRVHOODPDLQGLJHQLVWD\QRLQGtJHQD8QDOLWHUDWXUDLQGtJHQDVLGHEHYHQLU YHQGUiDVXWLHPSR&XDQGRORVSURSLRVLQGLRVHVWpQHQJUDGRGHSURGXFLUOD0DULiWHJXL >@
(VWDUHÀH[LyQLQVLQ~DSDUDHOLQGLJHQLVPRVXFDUiFWHUGHSDUWHHQXQDVHULH HYROXWLYDODFRUULHQWHKDEUtDQDFLGRGHXQDOLWHUDWXUDSUHYLDHQTXHODVFRVDVLQGtJH QDVIXHURQSODVPDGDVFRQH[RWLVPR\GHEHUtDGHVHPERFDUHQXQDOLWHUDWXUDHQTXH HOLQGLRSXHGDKDEODUGHVtPLVPR(QFLHUWRVHQWLGRHVDOyJLFDKDSUHYDOHFLGRHQHO WUDEDMRFUtWLFRGHODV~OWLPDVGpFDGDVWRGDYH]TXH7RPiV*(VFDMDGLOOR WUDVKDFHUVtQWHVLVGHYDULRVWUDEDMRVSUHYLRV\GHXQDPSOLRDFHUYRGHOLWHUDWXUDSH UXDQDKDSURSXHVWRTXHODQDUUDWLYDGHWHPDLQGtJHQDVHKDGHVDUUROODGRVHJ~QXQD VHULHHYROXWLYDFRPSXHVWDSRUHOLQGLDQLVPRURPiQWLFRHOLQGLJHQLVPRTXHSUHWHQ GHUHJLVWUDUODYLGDLQGLDFRQREMHWLYLGDG\HOQHRLQGLJHQLVPRTXHLQFRUSRUDODFRV PRYLVLyQDERULJHQHQHOUHJLVWUROLWHUDULR7DPELpQ$QWRQLR&RUQHMR3RODU UHFRQRFHTXHODOLWHUDWXUDLQWHUHVDGDSRUORLQGtJHQDVHKDGHVDUUROODGRHQXQD VXFHVLyQGHGLYHUVRVPRPHQWRVHVWpWLFRV\pWLFRVVLQHPEDUJRSDUDpOWRGRVHVRV PRPHQWRVVRQPDQLIHVWDFLRQHVLQGLJHQLVWDVTXHKDEUtDQDOEHUJDGRFDGDXQDXQ LQWHUpVGHFRQRFLPLHQWRHVSHFt¿FRUHVSHFWRGHODFXHVWLyQLQGtJHQD\DVHWUDWHGHO DIiQVHQWLPHQWDOGHOURPDQWLFLVPROD¿MDFLyQFRQORRUQDPHQWDOGHOPRGHUQLVPR ORVDUTXHWLSRVGHODQRYHODSVLFROyJLFDRHOLQWHUpVSRUODKHWHURJHQHLGDGFXOWXUDOGH ODQRYHODGHPHGLDGRVGHOVLJOR;;(QSRFDVSDODEUDVODUHÀH[LyQGH&RUQHMR3RODU VHFRQFUHWDHQODLGHDGHTXHORVGLYHUVRVDVSHFWRVGHODYLGDLQGtJHQDTXHSXHGHQ VHUUHLYLQGLFDGRVHQODFRUULHQWHLQGLJHQLVWDVXHOHQPDWHULDOL]DUVHHVWpWLFDPHQWHHQ VHVJRVLJXDOPHQWHGLVWLQJXLEOHV(QORVXFHVLYRVHHVER]DUiXQFXDGURUHSUHVHQWDWLYR GHODQRYHODLQGLJHQLVWDFRORPELDQDVLJXLHQGRHQWpUPLQRVJHQHUDOHVODLGHDGHTXH YDULDVPRGDOLGDGHVGHUHLYLQGLFDFLyQGHORLQGtJHQDVHKDQVXFHGLGRKDVWDKR\DO PLVPRWLHPSRTXHVHKDQVXFHGLGRODVFRUUHVSRQGLHQWHVYHUVLRQHVGHODUWL¿FLRTXH HVWiVHPEUDGRHQVXEDVH3RUFRQYHQLUDODFRQFUHFLyQGHODUHÀH[LyQVHVRSHVD~QL FDPHQWHODWLSL¿FDFLyQGHORLQGtJHQD
(OLQGLJHQLVPRKXPDQLWDULR/DYRUiJLQH
HQHOSDQRUDPDFRQWLQHQWDOODQRYHOD$YHVVLQQLGRGHODSHUXDQD&ORULQGD0DWWR GH7XUQHU>@VLJQL¿FyHQHOFRQWH[WRGHXQURPDQWLFLVPRSDFDWR\HOL WLVWDODLUUXSFLyQGHXQDGHQXQFLDGHOWUDWRLQKXPDQRLQÀLJLGRDOLQGLRSRUFXHQWD GHDXWRULGDGHVFLYLOHVMXGLFLDOHV\HFOHVLiVWLFDVHQ&RORPELDKDEUtDGHVXUJLU/D YRUiJLQHGHOKXLOHQVH-RVp(XVWDVLR5LYHUDSDUDRIUHFHUXQGUDPiWLFR UHWUDWRGHODVFUXHOGDGHVDTXHORVH[SORWDGRUHVGHOFDXFKRDPD]yQLFRVRPHWtDQD YDULDVFRPXQLGDGHVLQGtJHQDV$QWHVGH/DYRUiJLQHOD~OWLPDQRYHODSURSLDPHQWH GLFKDTXHVHKDEtDRFXSDGRGHODVSDUFLDOLGDGHVDERUtJHQHVGHOODQRV\VHOYD²VLQ WHQHUHQFXHQWDXQSXxDGRGHSURGXFFLRQHVIROOHWLQHVFDVSXEOLFDGDVHQWUH\ DSUR[LPDGDPHQWH²KDEtDVLGR/RVMLJDQWHVGHOER\DFHQVH)HOLSH3pUH]0D QRVDOEDVXQDQRYHODKLVWyULFDVREUHHOGHMXOLRGHHQTXHSRUREUD GHOHVWDWXVFRQIHULGRDOLQGLRFRPRFULDWXUDQDWXUDODOQLYHOGHDQLPDOHV\SODQWDV QRVHOHDVLJQDDHVWHQLQJ~QOXJDUHQHOSUR\HFWRVRFLDOGHODQXHYD5HS~EOLFD
/DLQWHQFLyQUHLYLQGLFDWRULDGH5LYHUDHVHYLGHQWH,QLFLDOPHQWHFXDQGRVXV SHUVRQDMHVWUDVSDVDQHOOtPLWHGHOOODQR\ODVHOYDODQRYHODRIUHFHXQDGHVFULSFLyQ UHODWLYDPHQWHPRURVDGHODYLGDHQXQDDOGHDJXDKLEDHQORTXHVHDQWRMDFRPR XQDFRUUHFFLyQGHOSDQRUDPDH[RWLVWD\IDOD]²YHQGLGRFRPRUHDOLGDGDQWURSROy JLFD²GHOLQGLDQLVPRGHFLPRQyQLFR/DSUHWHQVLyQGHUHDOLVPRVHLQVLQ~DQRVROR HQHOFDUiFWHUHVFXHWRGHODQDUUDFLyQVLQRVREUHWRGRHQHODIiQGHHVWDEOHFHUXQ GLVFXUVRGHOHJLWLPLGDGJHRJUi¿FDHWQRJUi¿FD\YHUQiFXOD³(O3LSDQRVFRQGXMR DORVSODWDQDUHVVLOYHVWUHVGH0DFXDQDVREUHODPDUJHQGHOW~UELGR0HWDGHVSXpV GHODGHVHPERFDGXUDGHO*XDQDSDOR0RUDEDHQHVRVPRQWHVXQDWULEXJXDKLEDVH PLGRPDGDTXHFRQYLQRHQDFRJHUQRVDFRQGLFLyQGHTXHDGPLWLpUDPRVHO©JXD\X FRªUHVSHWiUDPRVDODV©SROORQDVª\OHVRUGHQiUDPRVDORVZtQFKHVWHUV©QRHFKDU WUXHQRVª>@´5LYHUD>@0iVDGHODQWHXQDYH]HVWDEOHFLGRHO FRQWH[WRpWQLFRGHODQRYHOD$UWXUR&RYD²HOQDUUDGRUGLUHFWRRSULQFLSDO²FHGH ODYR]DOYLHMR&OHPHQWH6LOYDSDUDTXHFXHQWHFRQGHWDOOHORVDEXVRVYLROHQFLDV\ H[SROLDFLRQHVFRQTXHODHPSUHVDFDXFKHUDKDUHGXFLGRDFRORQRVPLVHUDEOHV\D LQGtJHQDV(OVLQLHVWURVLVWHPDGHHQJDQFKHODERUDOHQODPRGDOLGDGGHXGDSHRQDMH DSDUHFHGHVFULWRFRQQLWLGH]GHGHQXQFLD
&RQWRGRKDOODUtDGDWRVLQLFXRVSHRQHVTXHHQWUHJDQNLORVGHJRPDDFLQFRFHQWDYRV\ UHFLEHQIUDQHODVDYHLQWHSHVRVLQGLRVTXHWUDEDMDQKDFHVHLVDxRV\DSDUHFHQGHELHQGR D~QHOPDxRFRGHOSULPHUPHVQLxRVTXHKHUHGDQGHXGDVHQRUPHVSURFHGHQWHVGHOSDGUH TXHOHVPDWDURQGHODPDGUHTXHOHVIRU]DURQKDVWDGHODVKHUPDQDVTXHOHVYLRODURQ\
TXHQRFXEULUtDQHQWRGDVXYLGDSRUTXHFXDQGRFRQR]FDQODSXEHUWDGORVVRORVJDVWRV GHVXQLxH]OHVGDUiQPHGLRVLJORGHHVFODYLWXGS
3RFRVDxRVGHVSXpVGHSXEOLFDGD/DYRUiJLQHHQWUH\5LYHUD UHGDFWyXQDFDUWDD+HQU\)RUGHQTXHVLQDPEDJHVKDFHVX\DVODVSDODEUDVTXH DQWHVDWULEX\yDVXVSHUVRQDMHV$QWHODGHYDVWDFLyQQDWXUDO\VRFLDOGHODVHOYD DPD]yQLFDDH[SHQVDVGHODLQGXVWULDFDXFKHUD\FRPRHQXQDUHHVFULWXUDGHOD %UHYtVLPD UHODFLyQ GH OD GHVWUXLFLyQ GH ODV ,QGLDV GH %DUWRORPp GH /DV &DVDV5LYHUDDGYLHUWHDOPDJQDWHGHOFDXFKRTXH³YDDFRORQL]DUODVVHOYDVFXDQGR \DFDVLHVWiQGHVLHUWDV´SXHV³0iVGHWUHLQWDPLOLQGLRVIXHURQH[WHUPLQDGRVHQOD VRODKR\DGHO3XWXPD\R´LQFOXVLYHQRWLHQHHPSDFKRHQDOXGLUDORVLQGLFLRVPiV PDFDEURVGHOKRORFDXVWR³+HWHQLGRHQPLVPDQRVIRWRJUDItDVGHFDSDWDFHVTXH UHJUHVDEDQDVXVEDUUDFDVFRQFHVWDVRPDSLUHVOOHQRVGHRUHMDVVHQRV\WHVWtFXORV DUUDQFDGRVDODLQGLDGDLQHUPHHQSHQDGHQRKDEHUH[WUDtGRWRGRHOFDXFKRGHOD WDUHDTXHOHVLPSRQtDQVXVSDWURQRV´5LYHUD>FD@
$VtSXHVQRHVSRVLEOHDOEHUJDUQLQJXQDGXGDVREUHHOLQWHQWRGHUHLYLQGLFDUOD FRQGLFLyQLQGtJHQDTXHJUDYLWDHQ/DYRUiJLQH6LQHPEDUJRHOLQGLJHQLVPRGHODySH UDPDJQDGH5LYHUDQRUHVLGH~QLFDPHQWHHQODLQWHQFLyQLGHROyJLFDDFDVRSLRQHUD HQ&RORPELDGHVHUYLUVHGHODOLWHUDWXUDFRPRYHKtFXORGHGHQXQFLDGHORVDEXVRV GHOFDSLWDOLVPRFRQWUDODVVRFLHGDGHVDQFHVWUDOHV(VHLQGLJHQLVPRWDPELpQGHEH VHUVRSHVDGRGHFDUDDOWHQRUGHVXVSODVPDFLRQHVHVWpWLFDV5HFXpUGHVHHVSHFt¿ FDPHQWHODDGYHUWHQFLDGH-RVp&DUORV0DULiWHJXLGHTXHHQHOLQGLJHQLVPRGHEH KDEHUSRUIXHU]D³HOHPHQWRVGHDUWL¿FLR´YHULVPRDSHQDVSDUFLDOLGHDOL]DFLyQ\ HVWLOL]DFLyQ(QHIHFWRFDVLWRGRVHVRVUDVJRVVHGDQFLWDHQ/DYRUiJLQH(OSUXUL WRUHDOLVWDGH5LYHUDGHVHPERFDHQQDWXUDOLVPRH[FHVLYRFRPRVLHODQWHFHGHQWH H[RWLVWDGHODOLWHUDWXUDGHFLPRQyQLFDDSHQDVSXGLHUDVHUFRQMXUDGRSRUPHGLDFLyQ GHXQIHtVPRGHVFULSWLYRGHVLJQRRSXHVWRDORURSHOURPiQWLFRSHURLJXDOPHQWH H[WUHPR$UWXUR&RYDDOUHIHULUVHDVXOOHJDGDDODVHQWDPLHQWRJXDKLERGHOXPEUDO VHOYiWLFRLQIRUPDTXHVXVSREODGRUHVPDVFXOLQRVHUDQ³PDQVRVDVWXWRVSXVLOiQL PHV´GLVSXHVWRVHQ³DULVFRJUXSR´\TXHODVPDWURQDVHUDQ³VHQLOHVUHSXJQDQWHV´ FRQ³ÀiFFLGRVVHQRVTXHOHVSHQGtDQFRPRHVWURSDMRV´5LYHUD>@ PLHQWUDVWDQWRVXVFUHHQFLDVVHDQWRMDQSXHULOHVVXVFHOHEUDFLRQHVRUJLiVWL FDV\VXVSUiFWLFDVDOLPHQWDULDVUXGDVHOFD]DEHVXUJHGHOWUDEDMRGHXQRV³GHGRV HQVDOLYDGRV´VREUHXQD³PDVDLQPXQGD´S
QRYHODVFRPR7Ri1DUUDFLRQHVGHFDXFKHUtDVGHODQWLRTXHxR&pVDU8ULEH3LHGUDKtWD \$QGiJXHGDGHVXSDLVDQR-HV~V%RWHUR5HVWUHSR>@
(OLQGLJHQLVPRWHO~ULFR-RVp7RPEp
/DLQWHQFLyQGHUHLYLQGLFDUDOLQGLR\VXLPDJHQDUWL¿FLRVDWDPELpQFRQYLYHQHQ-RVp 7RPEpGHOSD\DQpV'LHJR&DVWULOOyQ$UEROHGD6LQHPEDUJRODGHQXQFLD VROLGDULDFRQWUDODFUXHOGDGDKRUDKDFHGLGRVXOXJDUDRWUDPRGDOLGDGGHOGLVFXUVR LQGLJHQLVWDHOTXHSLGHODWLHUUDSDUDHOLQGLRSURFODPDDXVHQWHHQODVQRYHODVGHOFLFOR VHOYiWLFR6HWUDWDGHODPDWHULDOL]DFLyQHQODOLWHUDWXUDFRORPELDQDGHODYHUWLHQWH FOiVLFDXRUWRGR[DGHOLQGLJHQLVPRODWLQRDPHULFDQRDTXHOODTXHLQÀXLGDVREUHWRGR SRUODSUpGLFDPDU[LVWDGH-RVp&DUORV0DULiWHJXL²DVXYH]LQÀXLGRSRUODVLGHDVGHO DQDUTXLVWD0DQXHO*RQ]iOH]3UDGD\GHOKLVWRULDGRU/XLV(9DOFiUFHO²WXYRVXDXJH DSDUWLUGHODFXDUWDGpFDGDGHOVLJOR;;FXDQGR-RUJH,FD]D&LUR$OHJUtD\-RVp0DUtD $UJXHGDVSXEOLFDURQVXVSULPHUDVQDUUDFLRQHV\FRQHOODVSXVLHURQHOSUREOHPDGHOD SRVHVLyQGHODWLHUUDHQHOSULPHUSODQRGHVXVUHSUHVHQWDFLRQHVHOWtWXORGHODQRYHOD PiVFRQRFLGDGH$OHJUtD²SXEOLFDGDHQ²ORLQVLQ~DFRQFUHFHV(OPXQGRHV DQFKR\DMHQR
(QVXVHQVD\RVGHLQWHUSUHWDFLyQGHODUHDOLGDGSHUXDQD0DULiWHJXL >@DGYLHUWHVREUHODQHFHVLGDGGHYLUDUHOSHQVDPLHQWRLQGLJHQLVWDKDFLDHO DVXQWRHFRQyPLFRHVWRHVFULEHHQHOHQVD\RGHGLFDGRDOSUREOHPDGHODWLHUUD
4XLHQHVGHVGHSXQWRVGHYLVWDVRFLDOLVWDVHVWXGLDPRV\GH¿QLPRVHOSUREOHPDGHOLQGLR HPSH]DPRVSRUGHFODUDUDEVROXWDPHQWHVXSHUDGRVORVSXQWRVGHYLVWDKXPDQLWDULRV\ ¿ODQWUySLFRVHQTXHFRPRXQDSURORQJDFLyQGHODDSRVWyOLFDEDWDOODGHOSDGUHGH/DV &DVDVVHDSR\DEDODDQWLJXDFDPSDxDSURLQGtJHQD>VLF@1XHVWURSULPHUHVIXHU]RWLHQGH DHVWDEOHFHUVXFDUiFWHUGHSUREOHPDIXQGDPHQWDOPHQWHHFRQyPLFRS
/XHJRDQXQFLDTXHHOSUREOHPDGHODWLHUUDQRSXHGHVHUDWHQXDGR\TXHGHEH VHUSODQWHDGR³HQWpUPLQRVDEVROXWDPHQWHLQHTXtYRFRV\QHWRV´SHLQFOXVR OOHJDDGHSRQHUPRPHQWiQHDPHQWHVXDUJXPHQWDFLyQPDWHULDOLVWDSDUDDSURSLDUVH GHXQDVOtQHDVGH7HPSHVWDGHQORV$QGHVGH9DOFiUFHOTXHDVXYH]EDVDQODWHVLV HFRQRPLFLVWDHQODFRVPRYLVLyQLQFD³/DWLHUUD²HVFULEH9DOFiUFHOHVWXGLDQGROD YLGDHFRQyPLFDGHO7DZDQWLQVX\X²HQODWUDGLFLyQUHJQtFRODHVODPDGUHFRP~Q GHVXVHQWUDxDVQRVyORVDOHQORVIUXWRVDOLPHQWLFLRVVLQRHOKRPEUHPLVPR/D WLHUUDGHSDUDWRGRVORVELHQHV´S
²¢1RVHKDQ¿MDXTXHQRVRWURVVHPRVDQVtPHVPRTXHHOFHUURGH7DPEDOLPE~ORV DOLVDOHVHOMXQFDOGHODJHFDGDRHOPHVPRPDL]DOGHORV&DODPEiV"(QODPRQWDxDDULED KD\GDQWDV\SDORFDOLHQWHTXHQRVHKDOODQDQVtPHVPR'LRVEHQGLWRQRVWLUyHQHVWH SHGD]RGHOPXQGRDQVtFRPRVHPRVTXHPDXV\WULVWHVGLVWLQWRVDORVEODQFRVSDTXH VHPEUHPRVSDSDOHVFRQIUtMRO\FRQPDL]DO\SDTXHGHUULEHPRVHOUREODU\KDLJDPRV ]DQMRQHVHQHOMXQFDOVLHVHHVHODQWRMR¢4XpKDUtDYXVWpVHRU(OR\&XDMtVL\RVHPEUDUD XQDPHMLFDQHUDSXHOSDSDODEDMR\SLVDUDHOWULJDO"3RVPHSHOLDEDFRQSODQSXHO¿ORH PDFKHWHSDTXHVHORGHMDUD+D\Yp(OR\&XDMtORPHVPRTXHKDQKHFKRORVEODQFRV 6HKDQWUDJDXWRDODPRQWDxDFRQORViUEROHV\KRMDUDVFD\UDVWURMDO\GLD\QRVRWURVORV GHMDPRV¢(VTXHOHVELDPRVWHQtRPLHGR"1RORFUHLJRSRUTXHQRVSRGHPRVPHWHUSXHO GHV¿ODGHURDUULED\HOORVPRQWDQPXODVVHPRVPiVPDFKRV>@&DVWULOOyQ
/DIiEXODGHODQRYHODUHDOL]DORTXHHVWiHQVXVSHQVRHQHVHSDUODPHQWRGH 7RPEpSRUODIXHU]DGHODVDUPDVORVLQGtJHQDVORJUDQSRVHHU\H[SORWDUDXWyQR PDPHQWHODVWLHUUDVDOWDVGH0RVFRSiQ$VtSRUPiVTXHHOSURWDJRQLVWDPXHUDWUiJL FDPHQWHDOVXLFLGDUVHHQXQUDSWRGHHVFHSWLFLVPRSROtWLFRVHLPSRQHDOJRDVtFRPR XQDMXVWLFLDSRpWLFDDIDYRUGHOFROHFWLYRQDWLYR1DGDGHHVRGHEHH[WUDxDUVLVHWLHQH HQFXHQWDTXHODEDVHLGHROyJLFDGHHVWDUHSUHVHQWDFLyQOLWHUDULDHVODUHÀH[LyQKLVWR ULRJUi¿FD\VRFLROyJLFDGHORVLQWHOHFWXDOHVSHUXDQRV\DPHQFLRQDGRVSDUDTXLHQHV HOD\OOXLQFD²HVWRHVHOPRGHORSRUDQWRQRPDVLDGHODWLHUUDSRVHtGD\XVXIUXFWXDGD SRUODFRPXQLGDGDERULJHQ²HVWiVHPEUDGRFRPRLGHDOHQHOFHQWURGHVXDUJXPHQ WDFLyQ'HDKtODSUHVHQFLDHQ-RVp7RPEpDPRGRGHLQGLFLRQDUUDWLYRGHXQDDOXVLyQ D7~SDF$PDUXFDXGLOORGHOJUDQOHYDQWDPLHQWRDQGLQRGHOVLJOR;9,,,\FRQTXLHQ 7RPEpVLHQWHFRPSDUWLUOD³VDQJUHJXHUUHUD´S3RUPiVTXHHQODVHJXQGDHGL FLyQGHODQRYHODHQGHVDSDUH]FDHVDUHIHUHQFLDLQFD\HQFDPELRVHYLQFXOH HODUJXPHQWR²SRUPHGLRGHXQD³([SOLFDFLyQQHFHVDULD´VHUYLGDDPRGRGHSUyOR JR²FRQODDFWLYLGDGDUPDGDGHOQDVD0DQXHO4XLQWtQ/DPH&DVWULOOyQ VHPDQWLHQHYLJHQWHHOPRWLYRJHQHUDOGHODUHYXHOWDLQGtJHQDYDVRFRPXQLFDQWHGHOD QRYHODGH&DVWULOOyQFRQRWUDVREUDVFDQyQLFDVGHOLQGLJHQLVPRDQGLQRLQFDLFRTXHOH VRQFRHWiQHDV(OPXQGRHVDQFKR\DMHQRGHOSHUXDQR$OHJUtD>@\7XSDM .DWDULGHOEROLYLDQR$XJXVWR*X]PiQ
&RRSHU>@KDFHTXHORVLQGLRVKXURQHVHQWDQWRFULDWXUDVGHODQDWXUD OH]DVHDQH[FLWDEOHVDQWHFXDOTXLHUGHUUDPDPLHQWRGHVDQJUH(Q-RVp7RPEpXQ HSLVRGLRSURWDJRQL]DGRSRUHOLQGLR(OR\&XDMtUHSUHVHQWDYDULRVSDVDMHVGHOPLVPR FRORU³/RVVROGDGRVSDVDEDQXQRDXQRWUDQTXLODPHQWHKDVWDTXH(OR\HQXQ LPSXOVRQRVHKDEtDSRGLGRFRQWHQHU\VDOLHQGRDOOODQRVHODQ]yFRPRXQDEHVWLD VREUHHO~OWLPRORFRJLyGHOFXHOOR\GHVSXpVGHSRFRVVHJXQGRVGHOXFKDDWUR]OH KL]RFDHUDOVXHOR\GHVSHGD]yGiQGROHPDFKHWD]RVHQWRGRHOFXHUSRFRQSODFHU FRQORFXUD´&DVWULOOyQ'HKHFKRHOQDUUDGRUUHFXUUHDOH[SHGLHQWHGH ODIHURFLGDGLQFRQWURODGDSDUDH[SOLFDUODFODXGLFDFLyQGHODUHEHOLyQ³6XVHVStULWXV VHKDQGHIRUPDGRSRUODVDQJUH\KDPXHUWRODSHUVHFXFLyQGHXQLGHDO´S
&RQWRGRHVQHFHVDULRHQWHQGHUHOFRQWH[WRFLHQWt¿FRHQTXHIXHSXEOLFDGR -RVp7RPEpODQRFLyQGHODWDYLVPRFRPRH[SOLFDFLyQGHODFRQGLFLyQLQGtJHQD WHQGUtDSRUTXpPDQWHQHUDOJXQDYLJHQFLDDOPHQRVKDVWDFXDQGRDSHQDVVH WUDGXFHDOHVSDxRO²FRQVXFRQVHFXHQWHGLIXVLyQHQ$PpULFD/DWLQD²7KH0LQG RI3ULPLWLYH0DQGH)UDQ]%RDVREUDIXQGDPHQWDOGHODDQWURSRORJtDHQ TXHVHHVWDEOHFHTXHODVDFWLWXGHVHPRFLRQDOHVGHORVKRPEUHVVRQFRQVHFXHQFLD H[FOXVLYD GH OD H[SHULHQFLD FXOWXUDO 'LHJR &DVWULOOyQ$UEROHGD DQWURSyORJR GH IRUPDFLyQKDEUtDWRPDGRQRWDWDUGtDGHHVDOHFFLyQ'HKHFKRDVtORKL]RRWURQR YHOLVWDGHODPLVPDGpFDGD*RQ]DOR&DQDO5DPtUH]TXLHQHQ2U~DFHLWH GHSLHGUDGLVSRQHTXHXQQLxRPRWLOyQYLYDHOSURFHVRGHHQGRFXOWXUDFLyQGHXQ QRUWHDPHULFDQR\TXL]iVWDPELpQRFXUULyORSURSLRFRQ-DLPH%XLWUDJR TXLHQHQODPX\LQGLJHQLVWDQRYHOD/DWLHUUDHVGHOLQGLRKDFHTXHVXSURWDJRQLVWD QDWLYRDSRUWHDODSXJQDWHO~ULFDVXVUD]RQDPLHQWRVLQWHOHFWXDOHV\VXVH[SHULHQFLDV HVSLULWXDOHVDQWHVTXHJHVWRVGHIHURFLGDG
,QGLJHQLVPRFRVPRYLVLRQDO3DODEUDGHIXHJR
7UHVGpFDGDVGHVSXpVGHODXJHGHOLQGLJHQLVPRRUWRGR[RODVQRYHODVHQFDUJDGDV GH OD UHLYLQGLFDFLyQ GHO LQGLR KDEUtDQ GH LQFRUSRUDU GLVFXUVRV FRVPRYLVLRQDOHV DQWHVTXHHFRQRPLFLVWDVRSRUORPHQRVHVWRV\DQRSXGLHURQGDUVHVLQDTXHOORV $XQTXHODHYLGHQFLDGHHVRVQXHYRVFRQWHQLGRVOOHYHQD7RPiV(VFDMDGLOOR \VVDVXSRQHUXQFDPELRUDGLFDOGHPRGDOLGDGGHQRYHODGHWHPDLQGtJHQD²\ GHDKtODSURSXHVWDGHOQHRLQGLJHQLVPR²HVOHJtWLPRSHQVDUFRQ$QWRQLR&RUQHMR 3RODU\VVTXHODGLQiPLFDLQKHUHQWHDOLQGLJHQLVPRLPSOLFDTXHHQVX VHQRWDPELpQKD\DXQPRPHQWRSDUDODFRPXQLyQKHWHURGR[DGHPLWRHKLVWRULD8Q EXHQHMHPSORGHHVRORVLUYHODQRYHOD3DODEUDGHIXHJRGHOER\DFHQVH)HUQDQGR 6RWR$SDULFLRQHQSRUPiVTXHHQVXFDVRODFRVPRYLVLyQLQFRUSRUDGDD ODWUDPDVHDODPiVWDUGtDPHQWHDEUD]DGDSRUORVSXHEORVLQGtJHQDVHOFDWROLFLVPR GHOGRPLQDGRUHXURSHR
RUGHQDFLyQVHGHVHPSHxyFRPRSiUURFRHQ7RULEtR&DXFD\GHVGHDOOtOLGHUyKDVWD VXDVHVLQDWRYDULRVSURFHVRVGHUHFXSHUDFLyQGHWLHUUDVDQFHVWUDOHV(VHFRQWH[WRSHU PLWHXQQtWLGRHQWURQTXHGHODQRYHODFRQORVWHPDVGHOLQGLJHQLVPRODWLQRDPHULFDQR \DVHWUDWHGHOFOiVLFRWHPDGHODSRVHVLyQGHODWLHUUDRDTXHOPiVUHFLHQWHGHORV PRYLPLHQWRVLQGtJHQDVPHVLiQLFRVSHUIHFWDPHQWHLOXVWUDGRHQXQDGHODVQRYHODV WDUGtDVGH-RVp0DUtD$UJXHGDV7RGDVODVVDQJUHVRLQFOXVRHQODPX\UHFLHQ WH0XFKDVOXQDVHQ0DFKX3LFFKXGHOFXVTXHxR(QULTXH5RVDV3DUDYLFLQR /RSULPHURVHSODQWHDVLQDPEDJHV\DGHVGHODVSULPHUDVSiJLQDVHQODYR]GHOSUR WDJRQLVWD³3RVHHPRVGRVFRVDVPX\QXHVWUDVODYR]\HOWHUULWRULR1HFHVLWDPRVOD YR]SDUDQRTXHGDUPXGRV\PDUJLQDGRVGHODKLVWRULD\QHFHVLWDPRVHOWHUULWRULRSDUD LUSRUpOSDUDVHQWLUTXHQRVSHUWHQHFHSRUTXHHOSDH]\ODWLHUUDVRQXQVRORKHFKR SRUTXHVHU\WLHUUDVRQSDUDHOSDH]XQDVRODUHDOLGDG´6RWR&DStWXORVDGH ODQWHWHUPLQDDÀRUDQGRHQORVODELRVGHOPLVPR8OFXpODLQHTXtYRFDIUDVHHPEOHPD GHOLQGLJHQLVPRRUWRGR[R³²/DWLHUUDHVGHOLQGLR´S
0LHQWUDVWDQWRODSHUVSHFWLYDPHVLiQLFDVHDOLPHQWDGHODVWHVLVGHODWHRORJtD GHODOLEHUDFLyQGHIHQGLGDVS~EOLFDPHQWHSRU6RWR$SDULFLRHQRWURVHVFHQDULRV\ PDWHULDGLVFXUVLYDSRUORGHPiVGHRWUDQRYHODVX\DSXEOLFDGDDOFRPLHQ]RGHHVD PLVPDGpFDGD&DPLQRTXHDQGD6RWR8QVHUPyQGH-HV~V8OFXpGLULJLGR DXQDDVDPEOHDQDVDHVWDEOHFHFODUDPHQWHHOYDORUUHYROXFLRQDULRTXHVHDWULEX\H HQ3DODEUDGHIXHJRDORVFRQWHQLGRVHYDQJpOLFRV
²/DUHOLJLyQWLHQHTXHFRPSURPHWHUVHFRQODSURWHVWDDQWHODGLJQLGDGKXPDQDSLVRWHDGD FRQODOXFKDFRQWUDHOGHVSRMRGHODLQPHQVDPD\RUtDGHORVKRPEUHVFRQHODPRUTXH HVFDPLQRGHOLEHUDFLyQFRQODFRQVWUXFFLyQGHXQDVRFLHGDGQXHYDPiVIUDWHUQDO\PiV MXVWD3HURHVRORKDROYLGDGRODLJOHVLD7DPSRFRUHFXHUGDTXH&ULVWRSRUSUHGLFDUOR IXHSHUVHJXLGRTXHSDGHFLyTXHIXHWRUWXUDGR\TXHORPDWDURQ0XFKRVPLHPEURVGHOD LJOHVLDROYLGDURQHVWRSDUDQRUHQXQFLDUDODFRPRGLGDGTXHOHVEULQGDVXDOLDQ]DFRQHO RUGHQHVWDEOHFLGR/RVKDQFRPSUDGRFRQWUHLQWDPRQHGDVGHSODWD6RWR
FRQHOHVFDUQLRGHODFUXFL¿[LyQFULVWLDQD³>@VHOHSDUWtDODIUHQWHFRQODVHVSLQDV TXHOHSXVLHURQD7XSDF$PDUXFRURQiQGRORUH\GHEXUODVGHVSXpVGHDVHVLQDUHQ VXSUHVHQFLDDVXHVSRVD\DVXVKLMRV\DQWHVGHSDUWLUORHQWUR]RVTXHGLVWULEX\HURQ SRUODWLHUUDDWHUUDGDGHO&X]FR´6RWR
(VMXVWDPHQWHHQODSODVPDFLyQGHODFRVPRYLVLyQFULVWLDQDGRQGHHVWiHODUWL ¿FLRHQ3DODEUDGHIXHJRSXHVHOGLEXMRRIUHFLGRYDPXFKRPiVDOOiGHUHSUHVHQWDU ODKLVWyULFDPL[WXUDGHFXOWRVUHGXFLGDDORVVtPERORVGLVFXUVLYRVUHODWLYDPHQWH PDUJLQDOHV\DPHQFLRQDGRV(QOXJDUGHHVRORTXHKD\HVXQDVXSODQWDFLyQGH HVWUXFWXUDVPtWLFDVODOXFKDSRUODSRVHVLyQFRPXQLWDULDGHODWLHUUDDQFHVWUDOQR VHDSR\DHQYDORUHVDQGLQRVDXWyFWRQRVVLQRTXHVHGDFRPRXQDDFWXDOL]DFLyQGHO GLVFXUVRHYDQJpOLFR0iVTXHXQQDVD-HV~V8OFXpHVHO-HV~VEtEOLFRODKLEULGH] OLWHUDOGHOQRPEUHVHUHVXHOYHHQXQVRORVHQWLGR1RVRORRFXUUHTXHODWUDPDTXH FXHQWDVXKLVWRULDDOWHUQHORVHSLVRGLRVGHOVLJOR;;HQHO&DXFDFRQSDVDMHVHQ TXHVHUHHVFULEHQVHFXHQFLDVGHORVHYDQJHOLRVVLQRTXHODKLVWRULDFRQWHPSRUi QHDGHUHIHUHQFLD²ODYLGDGHÈOYDUR8OFXp²KDVLGRWUDQVIRUPDGDKDVWDSDUHFHU XQDDFWXDOL]DFLyQPLWRSUiFWLFD²UHFXpUGHVHODUHVSHFWLYDUHÀH[LyQGH0DUVKDOO 6DKOLQV²GHORVKHFKRVGHO-HV~VEtEOLFRHOQRPEUHGHSLODGHOVDFHUGRWH QDVDHVHOPLVPRGHOIXQGDGRUGHOFULVWLDQLVPRVXDPLJDPiVFHUFDQDVHOODPD 0DJGDOHQDVXPLQLVWHULRSRSXODUORKDFHHQWUDUHQSXJQDFRQODR¿FLDOLGDGHFOHVLDO \XQFRWHUUiQHRORWUDLFLRQDFRQODLGHDGHHQFHQGHUFRQVXPXHUWHXQOHYDQWDPLHQWR LQGtJHQDFRQWUDODVDXWRULGDGHV\VLDO¿QDOODPXHUWHGH-HV~V8OFXpQRHVSRUFUX FL¿[LyQVtORHVSRUODSLGDFLyQXQVtPERORTXHUHPLWHLJXDOPHQWHDOD%LEOLDDQWHV TXHDODVHVLQDWRGHÈOYDUR8OFXpSHUSHWUDGRSRUVLFDULRVHOGHQRYLHPEUHGH HQ6DQWDQGHUGH4XLOLFKDR5RDWWLQR$VtSXHVODFRQFLHQFLDTXHWLHQHHO SXHEORQDVDGHVXGHUHFKRDSRVHHUHQFRPXQLGDGODWLHUUDDQFHVWUDOQREHEHGHVX PLWRORJtDWHO~ULFDVLQRGHOKXPDQLWDULVPRFULVWLDQRHOWLSRGHOtGHULQGtJHQDUHPLWHDO SDVWRUFULVWLDQRSRUDQWRQRPDVLD
,QGLJHQLVPRGHOVLJOR;;,0LJXHO.ZHW\X¶HOLQYRFDGRU
GHHVStULWXV
(VFDVDGLIXVLyQFRPHUFLDO\FUtWLFDKDWHQLGRKDVWDKR\ODQRYHOD0LJXHO.ZHW\X¶ HOLQYRFDGRUGHHVStULWXVGHOSHUHLUDQR)HUQDQGR5RPHUR/RDL]DQHQD SHVDUGHTXHVHWUDWDGHXQDGHODVSRFDVUHSUHVHQWDFLRQHVOLWHUDULDVTXHDERUGDOD FRVPRYLVLyQQDVDFRQDSR\RHQLQIRUPHV¿GHGLJQRVGHORVVLVWHPDVGHFUHHQFLD\ HQHOXVRGHODOHQJXDORFDO&RQVLVWHHQHOUHODWRGHYLDMHGHGRVQLxDVQDVDV7[KL W[KLoD\$¶WHTXLHQHVKDEtDQVLGRUDSWDGDVSDUDHMHUFHUFRPRPHQGLJDVHQ3HUHLUD \TXHWUDVHVFDSDUUHJUHVDQDO&DXFDHQEXVFDGHVXVSDGUHVFRQWDQGRSDUDHOOR FRQODD\XGDGHO7Kr¶:DOD²PpGLFRWUDGLFLRQDO²0LJXHO.ZHW\X¶$SHVDUGH ODVXJHVWLyQGHOWtWXOR.ZHW\X¶QRKDFHODVYHFHVGHKpURHVLQRGHD\XGDQWHWRGD YH]TXHFRQVXFRQRFLPLHQWRFRQVLJXHTXHODVQLxDVVRUWHHQXQDFRPSOHMDUHGGH KHFKL]RVTXHKDQVLGRGLULJLGRVFRQWUDHOODV
3RGUtDGHFLUVHTXHODQRYHODGH5RPHUR/RDL]DHVXQDWtSLFDSODVPDFLyQ QHRLQGLJHQLVWDKDELGDFXHQWDGHOLQWHUpVGHODWUDPDSRUGHVFULELUORVKHFKRVVREUH QDWXUDOHV²GHVGHHOSXQWRGHYLVWDRFFLGHQWDO²HQTXHVHPDWHULDOL]DODOXFKDGHO PpGLFRWUDGLFLRQDOFRQWUDORVDWDTXHVGHXQPRMDQR²KRPEUHTXHHQODVQRFKHV PXWDHQDQLPDO²\ORVFRQMXURVGHVXKHUPDQRJHPHOR-XDQ.ZHW\X¶TXLHQVHJ~Q VHGHVFXEUHDODSRVWUHVHHPSHxDEDHQDWDFDUDODVGRVQLxDVSDUDUHWDUD0LJXHO(Q HIHFWRHQWUHRWURVVXFHVRVGHSDUHFLGDVFDUDFWHUtVWLFDVXQFRPHWDFDHVREUHXQDFDVD SRUREUDGHXQPDOH¿FLRXQKRPEUHEHVWLDDWDFDD7[KLW[KLoDPLHQWUDVVXKHUPDQD \DFRPSDxDQWHGXHUPHQEDMRHOHIHFWRGHXQKHFKL]RHOd[LZs¶WK²HVStULWXGHOD PXHUWHPDWHULDOL]DGRHQMLQHWHLQGtJHQDDUPDGR²VHDWUDYLHVDHQHOFDPLQRGHORV YLDMHURV0LJXHO.ZHW\X¶VHHQIUHQWDDODVRPEUDGHVXHQHPLJRXQUD\RFDHVREUH 7[KLW[KLoDSDUDDQXQFLDUOHVXGHVWLQRGHFXUDQGHUD\OXHJRDODPLVPDQLxDOHHV UREDGDODVRPEUDSRUREUDGHXQPDOH¿FLR6LQHPEDUJRHVWDDWPyVIHUDFRVPRYL VLRQDODSHVDUGHVXGHQVLGDGQRDOFDQ]DDRFXOWDUFLHUWRVKHFKRVDUJXPHQWDOHV\ FRQWH[WXDOHVOLJDGRVDODVSUREOHPiWLFDVVRFLDOHVTXHDTXHMDQDODVFRPXQLGDGHVLQGt JHQDVH[SORWDFLyQLQIDQWLOGLVSXWDVWHUULWRULDOHVGHSDXSHUDFLyQGHOPHGLRDPELHQWH HLQFOXVLyQIRU]DGDHQFRPEDWHVDUPDGRVKHFKRHVWH~OWLPRDOTXHVHDOXGHLQGLUHF WDPHQWHHQODQRYHODDOLQIRUPDUVREUHXQFDPSDPHQWRGHVROGDGRV²SHUVHFXWRUHV GHJXHUULOOHURV²LQVWDODGRHQHOSXHEORGH0RVRFR5RPHUR
WUDJRODJUXHVDGLVFXVLyQHQWRUQRDODVYHQWDMDV\GHVYHQWDMDVGHSRVHHUODWLHUUDGH ORVUHVJXDUGRVDWtWXORSHUVRQDORGHPRGRFROHFWLYR6LQHPEDUJRHVHOPRWLYRGHOD H[SORWDFLyQGHOLQGLRHOTXHDOFDQ]DPiVUHDOFHHQHODUJXPHQWRSXHVVHWUDWDGHODVL WXDFLyQLQLFLDOGHDGYHUVLGDGTXHGHEHQYHQFHUODVSURWDJRQLVWDVDOSULQFLSLRGHVX DYHQWXUDODHVFODYLWXGGHODPHQGLFLGDGXUEDQD&XDQGRODVQLxDVKDQFRQVHJXLGR HVFDSDUGHVXVHFXHVWUDGRUDXQSHUVRQDMHHVWDEOHFHDPRGRGHGLDJQyVWLFRXQSUREOH PDGHOTXHKR\PLVPRQRSXHGHGXGDUVHVXFDUiFWHUGHSDWRORJtDQDFLRQDO³²6p GHYDULRVFDVRVHQTXHVHUREDQORVQLxRVSDUDSRQHUORVDSHGLUOLPRVQD´S 4XL]iSXHGDLQWHUSUHWDUVHTXHODDYHQWXUDLQWHQVDPHQWHFRVPRYLVLRQDOYLYLGDSRU 7[KLW[KLoD\$¶WHHVSRUVXHVWDWXVGHJHVWRFRUUHFWLYRSURSRUFLRQDODODJUDYHGDG GHOEDFKHPHQGLFDQWHGHOTXHSDUWHODKLVWRULD$O¿Q\DOFDERTXHODH[SORWDFLyQ LQIDQWLOHOPDOWUDWR\HODEDQGRQRVRQFRQFHELGRVFRPRSUREOHPDVGHSULPHURU GHQHQQXHVWUDVVRFLHGDGHV\TXHVHDFHSWDTXHHQHVHWRUEHOOLQRWDPELpQJUDYLWD XQDLQIDQFLDLQGtJHQDTXHGHEHVHUUHGLPLGDHQFXHQWUDXQDSUXHEDDGLFLRQDOHQ ODUHFLHQWHQRYHOD$LUHYLYLHQWHGHODERJRWDQD-XOLD0HUFHGHV&DVWLOOD(Q HVDREUDGRVQLxRVFDPSHVLQRVHQJDQFKDGRVDXQDGXUDUXWLQDGHTXHKDFHUHVVH WUDQVIRUPDQPiJLFDPHQWHHQLQGtJHQDV\UHD¿UPDQHQODQXHYDYLGDGHDOGHDTXH GHEHQOOHYDUVXVXMHFLyQDODVREOLJDFLRQHVFRPRVLHVHFRQWH[WRFXOWXUDOIXHUDHO PiVQDWXUDOSDUDVXFRQGLFLyQGHYXOQHUDELOLGDG
3RUVXSXHVWRWHQGUtDTXHVHUHQHVHFRQWH[WRGHORLQIDQWLOGRQGHVHDOEHUJDUD HODUWL¿FLRWLSL¿FDGRUHQ0LJXHO.ZHW\X¶HOLQYRFDGRUGHHVStULWXV3RUPiVTXHOD KLVWRULDVHFXHQWHGHVGHXQDIRFDOL]DFLyQH[WHUQDHVWDHVFDVLHQVXWRWDOLGDGODTXH FRUUHVSRQGHDODVKHUPDQDVQDVD\TXL]iVWDOGLVSRVLFLyQQDUUDWLYDREUHHQIXQFLyQ GHODLQWHQVLGDGFRVPRYLVLRQDOGHODWUDPDFRPRVLSRUWUDWDUVHGHOSXQWRGHYLVWD LQIDQWLOSXGLHUDVHUPiVSODXVLEOHODIUHFXHQWHYLVLyQGHHVStULWXVVRPEUDV\RWURV HOHPHQWRVQRQDWXUDOHVGHVGHHOSXQWRGHYLVWDRFFLGHQWDO3DUDGDUDVLGHURDHVDLQ WHUSUHWDFLyQSXHGHDGXFLUVHHOKHFKRGHTXHHQORVSULPHURVHSLVRGLRVGHODQRYHOD PXFKRDQWHVGHTXHODQDUUDFLyQDERUGHHOPXQGRGHODVFUHHQFLDVQDVD²HVWRHVHO ~QLFRFRQWH[WRHQHOTXHSRGUtDFRQFHGHUVHYHURVLPLOLWXGDODDSDULFLyQGHHOHPHQ WRVVREUHQDWXUDOHV²\DLUUXPSHQHOHPHQWRVIDQWiVWLFRVHQVLWXDFLRQHVFRWLGLDQDV $¶WHMXJDQGRFRQVXKHUPDQDGLEXMDHQODDUHQDXQDFXOHEUDTXHFREUDYLGD\VDOWD DXQDSLHGUD\PiVDGHODQWHD7[KLW[KLoDOHHVUHJDODGDXQDUDQDWDOODGDHQKXHVR TXHVDOWD³DHVFRQGHUVHHQHOSDVWR´5RPHUR
>3LQHGD@RSRUTXHVHUHSUHVHQWDUtDODLQIDQFLDQDVDFRQXQD¿JXUD²ODGHOQLxR LPDJLQDWLYR²PiVFHUFDQDTXL]iVDDTXHOORTXHDIDOWDGHXQDH[SUHVLyQPiVIHOL] SRGUtDGHQRPLQDUVHLQIDQFLDRFFLGHQWDO1RVHSLHUGDGHYLVWDTXHKDFHRFKRGpFDGDV HQ(GXFDFLyQ\FXOWXUDHQ1XHYD*XLQHDODDQWURSyORJDHVWDGRXQLGHQVH0DUJDUHW 0HDG>@SXGRFRPSUREDUTXHHODQLPLVPRLQIDQWLOTXH3LDJHWDWULEX\yDOD HVSHFLHDSHQDVSRGtDFLUFXQVFULELUVHDODDXWRGHQRPLQDGD³VRFLHGDGPRGHUQD´WRGD YH]TXHORVQLxRVRFHiQLFRVGHVXH[SHULHQFLDGHFDPSRPRVWUDEDQXQSUDJPDWLVPR TXHVRORDGPLWtDQRFLRQHVHVSLULWXDOHVFRQHODXPHQWRGHODHGDG
&RQWRGRHVQHFHVDULRDFODUDUTXH0LJXHO.ZHW\X¶HOLQYRFDGRUGHHVStULWXV PiVDOOiGHOLQHYLWDEOHH[FHVRGHDOJXQRVGHVXVGLEXMRVVLJQL¿FDODYLJHQFLDHQHOQXH YRVLJORGHXQDLQWHQFLyQOLWHUDULDGHUHLYLQGLFDUODFRQGLFLyQVRFLDO\HOEDJDMHFXOWXUDO LQGtJHQD/RTXHHVRVLJQL¿FDSXHGHHQWHQGHUVHVLVHDGYLHUWHTXHQRHVSUHFLVDPHQWH HVDODSHUVSHFWLYDTXHGRPLQDKR\HQODQRYHODFRORPELDQDGHWHPDLQGtJHQDEDVWD FRQFRQVLGHUDUTXHOD\DPHQFLRQDGD$LUHYLYLHQWH²LQFOXLGDSRUORGHPiVHQDOJXQRV OLVWDGRVGHOHFWXUDVHVFRODUHV²UHSUHVHQWDSRUVXSODVPDFLyQGHXQDYLGDLQGtJHQD DXVWHUDHLQVDOYDEOHPHQWHH[WUDxDSRFRPHQRVTXHXQDDFWXDOL]DFLyQGHODSURSXHVWD GHIDQiWLFRHWQRFHQWULVPRGH/HMRVGHOQLGRGH-XDQ-RVp%RWHUR>@RFRQ VLGHUDUTXHODQRYHOD/RFRVSRUODVDPD]RQDVGH)iEHU&XHUYRYXHOYHVREUHODV XWRStDVTXHKDFHQGHODFRQGLFLyQLQGtJHQDXQDPDQLIHVWDFLyQGHORVREUHKXPDQRR LQFOXVRTXHHQODVDJDGHQRYHODVKLVWyULFDVGH:LOOLDP2VSLQD\HO SDVDGRLQGtJHQDHVWiUHSUHVHQWDGRFRQODPLVPDUXWLODQFLDRUQDPHQWDOGHORVSOXPDMHV GHORVTXHW]DOHV'HDKtDO¿QDOGHHVWHHMHUFLFLRFUtWLFRODQHFHVLGDGGHUHLYLQGLFDU ²YDOJDHOMXHJRGHSDODEUDV²ODVUHLYLQGLFDFLRQHVGHOLQGLJHQLVPR
$PRGRGHFRQFOXVLyQODYLJHQFLDGHOLQGLJHQLVPRFRORPELDQR
7DO\FRPRORKDFRQVLJQDGR(UQHVWR0lFKOHU7REDUHQVXLQpGLWDWHVLVGRFWRUDO 9LVLRQGHO¶LQGLHQjWUDYHUVOHURPDQFRORPELHQGX;;HPHVLqFOH³ODSHUPDQHQFLD
UHDOGHOLQGLRQRVSHUPLWHDVHYHUDUTXHPLHQWUDVHVWHH[LVWDKDEUiQRYHODLQGLJHQLVWD H[LVWLHQGRHOSHUVRQDMHH[LVWLUiODQRYHOD´SWUDGXFFLyQGHODXWRU3RUPiVTXH HVHDVHUWRVHDQWRMHFRPRXQDYHUGDGGH3HURJUXOORHOUHWLFHQWHFRPSRUWDPLHQWRGH ODFUtWLFDUHVSHFWRGHODQRYHODLQGLJHQLVWDORFRQYLHUWHHQXQDDGYHUWHQFLDQHFHVDULD /DSUHFHGHQWHSUHVHQWDFLyQ\DQiOLVLVGHFXDWURQRYHODVLQGLJHQLVWDVSXEOLFDGDVHQ HOSDtVHQGLYHUVRVPRPHQWRVGHODV~OWLPDVQXHYHGpFDGDVVRSRUWDQODFRQFOXVLyQ GH0lFKOHU7REDU\FRQPD\RUUD]yQVLVHFRQVLGHUDTXHVHWUDWDDSHQDVGHFXDWUR REUDVUHSUHVHQWDWLYDVGHVHQGDVWHQGHQFLDVGHpSRFDFDGDXQDGHHOODVHQJURVDGD SRURWUDVQRYHODVQRWRGDVPHQFLRQDGDVHQHOFXHUSRGHHVWHDUWtFXOR
3RUVXSXHVWRQRVHWUDWDVRORGHHQXQFLDUODYLJHQFLDGHODQRYHODLQGLJHQLVWD HQ&RORPELDVLQRGHFRQRFHUVXVFDUDFWHUtVWLFDV$TXtGHQXHYRFRQYLHQHYROYHU VREUHHVRVGRVUDVJRVTXH-RVp&DUORV0DULiWHJXL\7RPiV(VFDMDGLOORVXJLHUHQ FRPRGH¿QLWRULRVHQVXVUHVSHFWLYRVH[iPHQHVGHOLQGLJHQLVPRSHUXDQRODSUHWHQ VLyQGHUHLYLQGLFDFLyQ\HOJHVWRGHDSUR[LPDUVHDODUHDOLGDGLQGtJHQDGHXQPRGR QRLGHDOL]DGRU/DFRQFOXVLyQDSURSyVLWRGHORSULPHURHVEDVWDQWHFODUDHOREMHWR GHODWDUHDUHLYLQGLFDWLYDHPSUHQGLGDSRUODQRYHODLQGLJHQLVWDFRORPELDQDVHKD GH¿QLGRGLQiPLFDPHQWHFRPRXQDUHDFFLyQGLUHFWDDORVGLYHUVRVDFRQWHFLPLHQWRV \SURFHVRVKLVWyULFRVTXHKDQWRFDGRODYLGDLQGtJHQDDOSXQWRGHSRQHUODHQULHVJR \DVHWUDWHGHOKRORFDXVWRKXPDQRGHVDWDGRGXUDQWHODVERQDQ]DVFDXFKHUD\SHOHWH UDODVSROtWLFDVGHH[SDQVLyQHFRQyPLFD\UHIRUPDDJUDULDGHO(VWDGRPRGHUQROD FRQQLYHQFLDGHOD,JOHVLDHQODSHUVHFXFLyQGHOtGHUHVFRPXQLWDULRVODPLJUDFLyQGH LQGtJHQDVPHQGLFDQWHVKDFLDODVJUDQGHVFLXGDGHVR²LQFOXVR²ODFRQIRUPDFLyQ GHPRQRSROLRVHSLVWpPLFRVGHFXxRFLHQWt¿FRDODKRUDGHLQWHUSUHWDUODVIRUPDV\ YDORUHVFXOWXUDOHVLQGtJHQDV*URVVRPRGRHVHPLVPRFDPLQRHVHOTXHKDVHJXLGR HOLQGLJHQLVPRHQORVSDtVHVTXHODFUtWLFDODWLQRDPHULFDQDKDYLVWRFRPRORVPiV ³QDWXUDOHV´SDUDHOGHVDUUROORGHODFRUULHQWH(FXDGRU3HU~%ROLYLD\0p[LFR
0iVFRPSOHMRUHVXOWDHODQiOLVLVGHODPDQHUDFRPRVHKDPDWHULDOL]DGROD SUR[LPLGDGGHORVDXWRUHVUHVSHFWRGHODYLGDLQGtJHQD(OORKDRFXUULGRHQODIRUPD GHXQDWLSL¿FDFLyQGHOSHUVRQDMHLQGtJHQDTXHSDUFLDOPHQWHUHÀHMDDOJRTXHSRGUtD VHULGHQWL¿FDGRFRPRODUHDOLGDGFRQFUHWD²DTXHOORTXHKDVLGRWRFDGRGLUHFWD PHQWHSRUORVYLDMHURV\ORVHWQyJUDIRVTXLHQHVKDQWUDGXFLGRHVDH[SHULHQFLDHQ GLVFXUVRHQEXHQDSDUWHYHURVtPLOUHDOLVWD²\TXHWDPELpQSDUFLDOPHQWHHQOD LQVWDQFLDGHOWH[WRQRYHOtVWLFRVXUJHFRPRPHGLDFLyQDIDYRUGHFLHUWDVYLVLRQHV GHPXQGR'HDKtTXHORVJXDKLERVGH/DYRUiJLQHVHSDUH]FDQDORVTXH5LYHUD \RWURVYLDMHURV\FLHQWt¿FRVKDQFRQWDFWDGRGLUHFWDPHQWHHQODVHOYDDPD]yQLFD DOPLVPRWLHPSRTXHVRQVXFLRV\EXUGRVFRPRORVLPDJLQDOD³FLXGDGOHWUDGD´ ²HQHOVHQWLGRHQTXHODSLHQVDÈQJHO5DPD²TXHMDPiVKDKROODGRORV ³GHVLHUWRV´GHODQDFLyQ$VLPLVPRORVLQGLRVFRFRQXFRVGH-RVp7RPEpWLHQHQD XQPLVPRWLHPSRUDVJRVTXHUHPLWHQH[SOtFLWDPHQWHDODVFRPXQLGDGHVTXH'LHJR &DVWULOOyQ$UEROHGDFRQRFLyHQVXODERUGHDQWURSyORJR\UDVJRVTXHFRUUHVSRQGHQ DOQDWLYRIHUR]GHOGLVFXUVRGHOLQGLJHQLVPRSROtWLFR]XUFLGRSRULQWHOHFWXDOHVGH FLXGDGHQORVTXHFRQWRGR\VXVROLGDULGDGFRQWLQ~DQFRQYLGDFLHUWRVLPDJLQD ULRVGHOEDUEDULVPRGHFLPRQyQLFR3RUVLPLODUHVPL[WXUDVGHH[SHULHQFLDSHUVRQDO \FRPSURPLVRRGHIRUPDFLyQLGHROyJLFDGHORVUHVSHFWLYRVDXWRUHVODOXFKDSRUOD
WLHUUDDQFHVWUDOVHKDFHXQDFDXVDHYDQJpOLFDHQ3DODEUDGHIXHJR\HVDXWyQRPD DOPLVPRWLHPSRTXHSXHULOODFRVPRYLVLyQGHORVQDWLYRVHQ0LJXHO.ZHW\X¶HO LQYRFDGRUGHHVStULWXV
0iVDOOiGHODVPDQHUDVSDUWLFXODUHVFRPRVHKDQPHWDPRUIRVHDGRKLVWyUL FDPHQWHORVREMHWRVGHODUHLYLQGLFDFLyQ\ORVWLSRVLQGtJHQDVGHODUHSUHVHQWDFLyQ ²FX\DPXWXDDUWLFXODFLyQHQODVQRYHODVWLHQHPiVGHDOHDWRULDTXHGHQHFHVD ULD²FRQYLHQHUHÀH[LRQDUHQJHQHUDOVREUHHVHUDVJRSHUGXUDEOHHQORVSHUVRQDMHV LQGtJHQDVGHODQRYHODLQGLJHQLVWDFRORPELDQD\SRUH[WHQVLyQODWLQRDPHULFDQDVX FRQIRUPDFLyQGXDOODFXDOORVGLVSRQHFRPRREMHWRSDUDODUHLYLQGLFDFLyQDOPLVPR WLHPSRTXHSDUDHOUHFKD]RRFRPRTXLHUDTXHKD\DTXHOODPDUDHVHVHQWLPLHQWR QDFLGRGHODFRPSUREDFLyQGHTXHHOLQGtJHQDHVEXUGR²DXQTXHVHDKXPDQR² VDOYDMH²DXQTXHWUDGLFLRQDOPHQWHVHUHFRQR]FDDUWLFXODGRDXQVLVWHPDGHH[SORWD FLyQGHODWLHUUD²\FRVPRYLVLRQDOPHQWHDFXOWXUDGRRSXHULO²DXQTXHHVWpLQVFULWR HQXQDYLVLyQGHPXQGRDXWyQRPD²0iVDOOiGHODLQPHGLDWDH[SOLFDFLyQGHTXH HVDHVODPDQHUDFRPRVHPDWHULDOL]DODFRPSOHMDPL[WXUDGHUHÀHMR\PHGLDFLyQ TXHHVSURSLDGHODH[SUHVLyQOLWHUDULDSRGUtDGHFLUVHFRQFUHWDPHQWHVREUHHOSUR FHVRGHODPHGLDFLyQ\HVSHFt¿FDPHQWHSDUDHOLQGLJHQLVPRTXHHQHVDGXDOLGDG GHOLQGLRVXVFHSWLEOHGHVHUUHLYLQGLFDGR\SURVFULWRHQFXHQWUDHVWD³OLWHUDWXUDGH PHVWL]RV´XQDSDUWLFXODUOHJLWLPDFLyQLGHROyJLFDSRUTXHVLODUHLYLQGLFDFLyQLQGL JHQLVWDOOHYDDVXSRQHUTXHGHEDVHKD\XQDHQWLGDGVRFLDOLQFRPSOHWDFX\DLQWH JULGDGGHEHDOFDQ]DUVHODIDFHWD³QHJDWLYD´GHOLQGLROOHYDDFROHJLUTXHKD\DOJXQD UHVSRQVDELOLGDGVX\DHQHVDSUHFDULHGDG(OQDWLYRHVXQVXEDOWHUQRTXHGHEHVHU UHLYLQGLFDGRQRWDQWR²RSRUORPHQRVQRVROR²SRUTXHHOPHVWL]ROHKD\DXVXUSD GRORTXHHVVX\RVLQRSRUTXHpOHVLQFRPSOHWRSRUVtPLVPRDERULJLQH$VtSXHV ODQRYHODLQGLJHQLVWDSRUPHGLRGHODUWL¿FLRGHODWLSL¿FDFLyQORJUDDSXQWDUDXQD GREOHUHLYLQGLFDFLyQODGHOLQGLR\ODGHORWURDOTXHpOHVWiVXMHWR
5HIHUHQFLDVELEOLRJUi¿FDV
$OHJUtD&LUR>@(OPXQGRHVDQFKR\DMHQR3ODQHWD(GLFLRQHV$QGLQDV/LPD
$UJXHGDV-RVp0DUtD7RGDVODVVDQJUHV/RVDGD%XHQRV$LUHV
$\DOD)HUQDQGR0DQXDOGHOLWHUDWXUDFRORPELDQD(GXFDU%RJRWi
%RDV)UDQ]7KH0LQGRI3ULPLWLYH0DQ0F0LOODQ1XHYD<RUN
%RWHUR-XDQ-RVp>@/HMRVGHOQLGR*UDQDPpULFD0HGHOOtQ
%RWHUR-HV~V>@$QGiJXHGD%HGRXW0HGHOOtQ
%XLWUDJR-DLPH/DWLHUUDHVGHOLQGLR0LQHUYD%RJRWi
&DQDO*RQ]DOR2U~DFHLWHGHSLHGUD$PHULFDOHH%XHQRV$LUHV &DVWLOOD-XOLD0HUFHGHV$LUHYLYLHQWH1RUPD%RJRWi
&DVWULOOyQ'LHJR-RVp7RPEp1RYHODIRONOyULFD$QWHQD%RJRWi
&RRSHU-DPHV)HQLPRUH>@(O~OWLPRPRKLFDQR(VSDVD&DOSH0DGULG
&RUQHMR$QWRQLR/LWHUDWXUD\VRFLHGDGHQHO3HU~ODQRYHODLQGLJHQLVWD&ORULQGD0DWWRGH 7XUQHUQRYHOLVWD(VWXGLRVREUH$YHVVLQQLGRËQGROH\+HUHQFLD&HQWURGH(VWXGLRV/LWHUDULRV ³$QWRQLR&RUQHMR3RODU´/DWLQRDPHULFDQD/LPD
&XHUYR)iEHU/RFRVSRUODVDPD]RQDV(GLFLyQGHODXWRU0HGHOOtQ
(VFDMDGLOOR7RPiV/DQDUUDWLYDLQGLJHQLVWDSHUXDQD$PDUX/LPD
)DYUH+HQUL(OLQGLJHQLVPR)&(0p[LFR
*yPH])DELR³3UHVHQFLDGHORLQGtJHQDHQODOLWHUDWXUDFRORPELDQD´(Q3ROLJUDPDV1R
SS
*XWLpUUH]5DIDHO³/DOLWHUDWXUDFRORPELDQDHQHOVLJOR;;´(Q-DUDPLOOR-DLPHGLU0DQXDO
GHKLVWRULDGH&RORPELD7RPR,,,&ROFXOWXUD%RJRWiSS
*X]PiQ$XJXVWR7XSDM.DWDUL)&(0p[LFR
+HUUiQ0DUtD7HUHVD/DVYLGDVGHOFXUD/DPH*ULMDOER%RJRWi
0lFKOHU(UQHVWR³9LVLRQGHO¶LQGLHQjWUDYHUVOHURPDQFRORPELHQGX;;HPHVLqFOH7RPR,,´
8QLYHUVLWpGH3DULV,,,6RUERQQH1RXYHOOH3DUtV0LPHR
0DULiWHJXL-RVp&DUORV>@HQVD\RVGHLQWHUSUHWDFLyQGHODUHDOLGDGSHUXDQD$PDXWD /LPD
0DWWRGH7XUQHU&ORULQGD>@$YHVVLQQLGR$\DFXFKR&DUDFDV
0F*UDG\'RQDOG/DQRYHODKLVWyULFDHQ&RORPELD.HOO\%RJRWi
0HDG0DUJDUHW>@(GXFDFLyQ\FXOWXUDHQ1XHYD*XLQHD3DLGyV%DUFHORQD
0HQWRQ6H\PRXU/D1XHYD1RYHOD+LVWyULFDGHOD$PpULFD/DWLQD)&(0p[LFR
1~xH]-RVp$>@/LWHUDWXUDFRORPELDQD6LQRSVLV\FRPHQWDULRVGHDXWRUHVUHSUHVHQWD
WLYRV%HGRXW0HGHOOtQ
2UUHJR-XDQ&DUORV³'HOVROLRDODVHOYDORLQGtJHQDHQFLQFRQRYHODVGH)HOLSH3pUH]´(Q
(VWXGLRVGH/LWHUDWXUD&RORPELDQD1RSS
BBB³/DFUtWLFDGHODQRYHODLQGLJHQLVWDFRORPELDQDREMHWR\SUREOHPDV´(Q(VWXGLRVGH
OLWHUDWXUDFRORPELDQD1RSS
BBBB³/DQRYHODFRORPELDQDGHWHPDLQFD´8QLYHUVLGDGGH$QWLRTXLD0HGHOOtQ0LPHR
2VSLQD:LOOLDP8UV~D$OIDJXDUD%RJRWi
BBB(O3DtVGHOD&DQHOD1RUPD%RJRWi
BBB/DVHUSLHQWHVLQRMRV0RQGDGRUL%RJRWi
3pUH])HOLSH/RVMLJDQWHV,PSUHQWDGH*DLWiQ%RJRWi
3LQHGD5REHUWR³/DUHLYLQGLFDFLyQGHOLQGLRHQHOSHQVDPLHQWRVRFLDOFRORPELDQR
´(Q$URFKD-DLPH\1LQD6GH)ULHGHPDQQHGV8QVLJORGHLQYHVWLJDFLyQVRFLDO
$QWURSRORJtDHQ&RORPELD(WQR%RJRWiSS
3L]DUUR&DUROLQD³©¢'HEHUtDDFHSWDU\RVLQPiVODVSDSDUUXFKDV\HPEXVWHVGHYXHVWURVFUR QLVWDV"ª/DVQXHYDVFUyQLFDVGH,QGLDVFRPRUHHVFULWXUDVGHOGHVFXEULPLHQWR\ODFRQTXLVWD´
(Q$OSKD1RSS
5DPDÈQJHO/DFLXGDGOHWUDGD$UFD0RQWHYLGHR
5LYHUD-RVp(XVWDVLR>@/DYRUiJLQH2YHMD1HJUD%RJRWi
BBB>FD@³(OFDXFKRHQODVHOYDDPD]yQLFDSDODEUDVD0U+HQU\)RUG´(Q5HYLVWD
5RDWWLQR(]LRÈOYDUR8OFXp1DVD3DO6DQJUHLQGLDSDUDXQDQXHYDWLHUUD&LQHS%RJRWi 5RPHUR$UPDQGR³'HORV0LOGtDVDOD9LROHQFLDODQRYHODGHHQWUHJXHUUDV´(Q9DULRV
DXWRUHV0DQXDOGHOLWHUDWXUDFRORPELDQD7RPR,3ODQHWD%RJRWiSS
5RPHUR)HUQDQGR0LJXHO.ZHW\X¶HOLQYRFDGRUGHHVStULWXV3DSLUR3HUHLUD
5RVDV(QULTXH0XFKDVOXQDVHQ0DFKX3LFFKX/OXYLD+XDFD3ULHWD%UDFDPRURV/LPD
6DKOLQV0DUVKDOO,VODVGHKLVWRULD/DPXHUWHGHOFDSLWiQ&RRN0HWiIRUDDQWURSRORJtDH
KLVWRULD*HGLVD%DUFHORQD
6RODQR$UPDQGR3URVDV0LQHUYD%RJRWi
6RWR)HUQDQGR&DPLQRTXHDQGD3OD]D -DQpV%RJRWi
BBB3DODEUDGHIXHJR3OD]D -DQpV%RJRWi
8ULEH&pVDU7Ri1DUUDFLRQHVGHFDXFKHUtDV$UWXUR=DSDWD0DQL]DOHV
9HJD,QFD*DUFLODVRGHOD>@&RPHQWDULRVUHDOHV7RPR,$\DFXFKR&DUDFDV
9LYDV6HOQLFK)LQDOHVSDUD$OXQD(GLFLRQHV%0HGHOOtQ
