*HQHUDFLyQ

*HQHUDFLyQ
(O*5$1
'HVDItR

$GROHVFHQWHV

GH'LRV

(VIRU]DUVHHQHO*UDQGHVDItRGH'LRV

/LEURGHO$OXPQR

$GROHVFHQWHV

$GROHVFHQWHV

%LHQYHQLGRV
$ODVHJXQGDJHQHUDFLyQGHOJUDQGHVDItRGH'LRV
(VWLHPSRSDUDHPSH]DUGHQXHYR\HFKDUOHPXFKDVJDQDV
SRUTXHHVWXQXHYDRSRUWXQLGDGGHJDQDU
9DPRVDVHJXLUFRQODFRPSHWHQFLDGHOHHU\PHPRUL]DUSHUR
DxDGLHQGRPXFKDGLYHUVLyQFRQSRUUDVGUDPDVFRPSHWHQFLDV
SUiFWLFDVHQODFDVD\FRQFXUVRVGHFDQWR
8QDGHODVUD]RQHVPiVLPSRUWDQWHVSDUDDVLVWLUDOD(VFXHOD'RPLQLFDORD
XQFOXEHQWUHVHPDQDHQODLJOHVLDHVSDUDTXHDSUHQGDPRVFyPRYLYLUXQD
YLGDTXHDJUDGHD'LRV4XHUHPRVDSUHQGHUFyPRYLYLUQXHVWUDYLGD\HVWH
HVHOWHPDSULQFLSDOGHOD*HQHUDFLyQ9DPRVDHQIRFDUQRVHQORTXHHVOR
PiVLPSRUWDQWHGHODYLGDFULVWLDQD$025<)(
$TXtKD\XQRVYHUVRVFODYHVSDUDHOWULPHVWUH
$PDDO6HxRUWX'LRVFRQWRGRWXFRUD]yQFRQWRGRWX
VHU\FRQWRGDWXPHQWHOHUHVSRQGLy-HV~VeVWHHV
HOSULPHUR\HOPiVLPSRUWDQWHGHORVPDQGDPLHQWRV(O
VHJXQGRVHSDUHFHDpVWH$PDDWXSUyMLPRFRPRDWL
PLVPR'HHVWRVGRVPDQGDPLHQWRVGHSHQGHQWRGDODOH\\
ORVSURIHWDV0DWHR
(QUHDOLGDGVLQIHHVLPSRVLEOHDJUDGDUD'LRV\DTXH
FXDOTXLHUDTXHVHDFHUFDD'LRVWLHQHTXHFUHHUTXHpOH[LVWH\
TXHUHFRPSHQVDDTXLHQHVOREXVFDQ+HEUHRV
6LKDFHVXQDE~VTXHGDFRPRVLHVWXYLHUDVXVDQGR*RRJOHSDUD
YHUTXpSDODEUDV\WHPDVVRQORVPiVXVDGRVHQOD%LEOLDYDVD
HQFRQWUDUWHPDVSULQFLSDOHV$025<)(
6L'LRVSHQVyTXHHUDQWDQLPSRUWDQWHVHQWRQFHVQRVRWURVWDPELpQ
GHEHPRVGDUOHLPSRUWDQFLD
9DPRVDYHUORTXHSRGHPRV
DSUHQGHUGH'LRVHQHVWRVWHPDV
\FyPRSRQHUORVHQSUiFWLFDHQ
QXHVWUDYLGDGLDULD
1RWHROYLGHVTXHHVWDUHPRV
GiQGROHVHJXLPLHQWRDWRGRORTXH
KDJDVDVtTXHDOQDOGHOWULPHVWUH
WHQGUHPRVXQQXHYRHTXLSR
JDQDGRU\JDQDGRULQGLYLGXDO
eFKDOHJDQDVFRQ$025<
(O*UDQ'HVDR'H'LRV
P
FR
WDQ
XHQ
V&
LQR
RV1
Z/
ZZ
)(SDUDVHUHOQXHYRJDQDGRU
HQ

w%AU?DE?KOl

0EC=JH=?KILAPAJ?E=AJH=SA>

E!ENCAPA=PQ?U>AN
HK?=HUL=NPE?EL=l

(O*UDQ
'HVDItRGH'LRV

'HVDItR
&XiQWRSXHGHVOHHUGH
OD%LEOLD"(QWUHPiVOHDV
WXJUiFDFUHFH&DGD
VHPDQDFRPSiUDODFRQWXV
FRPSDxHURV\QRSHUPLWDV
TXHWHDOFDQFHQ

3DUD'LVFXWLU
3RUTXpGHER
UHVSRQGHUD'LRV"
(VWiGHPRGDFUHHUHQ
'LRV"
<\RTXpJDQR"
<SRUTXpGHERFRQDU
HQ'LRV"

(VWHEDOyQ
VRORODUHG
ORSDUDUi



5HVSRQGHPRVD'LRV
/ODPDPLHQWRGH6DPXHO

6DPXHO

/HFFLyQ3ULQFLSDO

'DYLG6HDPDQGVHVFULELy(OGtDDQWHVGHODFLUXJtDDFRUD]yQDELHUWRXQD

HQIHUPHUDPHYLVLWyHQPtFXDUWR(OODWRPyPtPDQR\PHGLMRORVLHQWR$KRUD
GLMRGXUDQWHODFLUXJtDGHPDxDQDDXVWHGVHOHGHVFRQHFWDUiGHVXFRUD]yQ
\ VH OH PDQWHQGUi YLYR VRODPHQWH SRU GHWHUPLQDGDV PiTXLQDV &XDQGR OD
RSHUDFLyQ KD\D WHUPLQDGR XVWHG GHVSHUWDUi
HQ XQD VDOD GH UHFXSHUDFLyQ HVSHFLDO 3HUR
HVWDUiLQPyYLOSRUQRPHQRVGHVHLVKRUDV7DO
YH] QR SRGUi PRYHUVH R KDEODU R DXQ DEULU 3RUTXHWDQWRDPy
VXVRMRVSHURHVWDUiFRQVFLHQWH'XUDQWHHVWH
'LRVDOPXQGR
WLHPSRHVWDUpDVXODGRVRVWHQLHQGRVXPDQR
TXHGLRDVX+LMR
H[DFWDPHQWHFRPRORKDJRDKRUD$XQTXHVH
XQLJpQLWRSDUDTXH
VLHQWDWRWDOPHQWHGHVYDOLGRFXDQGRVLHQWDPL
WRGRHOTXHFUHH
PDQRXVWHGVDEUiTXHQRORDEDQGRQDUp3DVy
H[DFWDPHQWHFRPRODHQIHUPHUDPHGLMRSHUR HQpOQRVHSLHUGD
\RSXGHVHQWLUODPDQRGHODHQIHUPHUDVREUH VLQRTXHWHQJDYLGD
PtGXUDQWHKRUDV<HVRKL]RODGLIHUHQFLD
HWHUQD-XDQ

9HUVR

(VWHHVXQJUDQHMHPSORGH'LRVFRQQRVRWURV
$XQ FXDQGR QR SRGHPRV YHUOR R KDEODU FRQ eO eO HVWi DKt VRVWHQLHQGR
QXHVWUDPDQRSRUODYLGD(QODKLVWRULDEtEOLFDGHKR\DSUHQGLPRVFyPR'LRV
OODPy D 6DPXHO FXDQGR pO HUD MRYHQ \ TXLHUH OODPDUWH D WL WDPELpQ (VWiV
HVFXFKDQGR"9HUGDGHUDPHQWHHUHV7$1LPSRUWDQWHSHURWDQLPSRUWDQWHTXH
HO'LRV7RGRSRGHURVRTXLHUH+$%/$57(\WRPDUWHGHODPDQR/RLJQRUDUiV
FRPRORKL]R6DPXHOHQRFDVLRQHV"(VIiFLOSDUDQRVRWURVKDFHUOR\DTXH
QRSRGHPRVYHUORFRQQXHVWURVRMRVDVtFRPRODKLVWRULDGHHVWHKRPEUH\OD
HQIHUPHUD2UHVSRQGHUiVD'LRVFRPRORKL]R6DPXHOODWDYH]"
(Q HO ~OWLPR WULPHVWUH DSUHQGLPRV WRGR DFHUFD GH TXLpQ HV 'LRV eO HV
7RGRSRGHURVR -XVWR &RPSDVLYR \ (WHUQR eO QXHVWUR &UHDGRU 6DOYDGRU \
6HxRU< pVWH 'LRV7RGRSRGHURVR TXLHUH FRQRFHUWH SHUVRQDOPHQWH D\XGDUWH
\ DPDUWH (Q HVWH WULPHVWUH DSUHQGHUHPRV WRGR DFHUFD GH QXHVWUD UHSXHVWD
SDUD'LRV(VWDUHPRVYLHQGRORTXHOD%LEOLDPXHVWUDFRPRORVDVSHFWRVPiV
LPSRUWDQWHVGHOFULVWLDQLVPRSULQFLSDOPHQWHHO$025\OD)(
6DPXHOPHQFLRQDFRPR6DPXHODXQQRFRQRFtDDO6HxRU\HVWDSXHGH
VHU WX VLWXDFLyQ WDPELpQ 6DPXHO KDEtD HVWDGR VLUYLHQGR D 'LRV HQ OD LJOHVLD
SRUDxRV\DxRVSHURpODXQQR&212&$D'LRV+DVHVWDGRYLQLHQGRDOD
LJOHVLDGXUDQWHDxRVVLQFRQRFHUUHDOPHQWHD'LRV"+DVDELHUWRWXFRUD]yQD
-HV~V"
+D]OR DKRUD PLVPR 2UHPRV 4XLHUR TXH FLHUUHV WXV RMRV \ HVFXFKHV 'LRV
HVWi WUDWDQGR GH KDEODU &217,*2 'LRV WH HVWi OODPDQGR DVt FRPR OODPy D
6DPXHOKDFHDxRV5HVSyQGHOHDVtFRPRORKL]R6DPXHO
,QYLWpPRVORDHQWUDUHQQXHVWURVFRUD]RQHV\YLGDV
$TXtHVWR\6HxRUKDEODSRUTXHHVWR\HVFXFKDQGR-HV~VWHDEURPLFRUD]yQ
DKRUDPLVPR\WHGR\PLYLGD3RUIDYRUFRQWLQ~DKDEOiQGRPH\GLULJLpQGRPHD
WUDYpVGHPLYLGD'HFLGRHVFXFKDUWHFRPRORKL]R6DPXHO\QRLJQRUDUWH6R\
WX\R

'HVDItR

&RQYLpUWHWHHQHOJDQDGRUGH
HVWHGHVDItRPHPRUL]DQGR
YHUVRV+D\XQJUDQSUHPLR
SDUDWLDOQDO$GHPiVQR
ROYLGHVTXHWXHTXLSRWH
QHFHVLWDSDUDJDQDU

3DUD'LVFXWLU
4XpFRVDVSUiFWLFDV
SXHGRKDFHUSDUD
PRVWUDUPLDPRUD'LRV"
3DUDTXpODVKDJRVL
'LRV\DVDEH"
&yPRSXHGRDPDUD
'LRVFRQPLFRUD]yQ"
0LDOPD"
0LPHQWH"

$PDUD'LRV
'DYLG\*ROLDW



6DPXHO

/HFFLyQ3ULQFLSDO

9HUVR

+R\ HVWDUHPRV DSUHQGLHQGR OD FRVD PiV LPSRUWDQWH

$PDDO
HQ WRGD OD %LEOLD (V GLItFLO FUHHU TXH OD %LEOLD \ HO
6HxRUWX'LRV
&ULVWLDQLVPR VH UHGX]FDQ D XQD VROD FRVD SHUR
FRQWRGRWX
VH SXHGH -HV~V PLVPR QRV GLFH TXH OD FRVD PiV
LPSRUWDQWH HQ OD %LEOLD HVWi HQ QXHVWUR YHUVR GH KR\
FRUD]yQFRQ
SDUD PHPRUL]DU $PD DO 6HxRU WX 'LRV FRQ WRGR WX WRGRWXVHU\FRQ
FRUD]yQ \ FRQ WRGD WX DOPD \ FRQ WRGD WX PHQWH
WRGDWXPHQWH
(VWH HV HO SULPHU \ PiV JUDQGH PDQGDPLHQWR
OHUHVSRQGLy
$Vt TXH SRGHPRV VDEHU VLQ GXGD TXH OD SDUWH PiV
LPSRUWDQWH GH VHU FULVWLDQR HV DPDU D 'LRV 3HUR -HV~VeVWHHVHO
FyPRPRVWUDPRVHODPRUD'LRV"$SUHQGDPRVGH
SULPHUR\HOPiV
ODYLGDGH'DYLG
LPSRUWDQWHGHORV

PDQGDPLHQWRV
'DYLG QRV PXHVWUD FyPR DPDU DO 6HxRU FRQ WRGR
0DWHR
QXHVWURFRUD]yQ'DYLGIXHXQKRPEUHTXHDGRUyD
'LRVeOSRGtDDGRUDUHQSULYDGRRHQS~EOLFReOWRFDED
HO DUSD DQWHV GH TXH HO 6HxRU \ VX (VStULWX FD\HUDQ VREUH pO eO SDVDED WLHPSRV
D VRODV FRQ 'LRV RUDQGR \ DGRUDQGR PLHQWUDV HVWDED HQ HO FDPSR FXLGDQGR
ODV RYHMDV 1RVRWURV WDPELpQ SRGHPRV PRVWUDU TXH DPDPRV D 'LRV FRQ WRGR
QXHVWUR FRUD]yQ DGRUiQGROR HQ SULYDGR \ HQ S~EOLFR LQGHSHQGLHQWHPHQWH
VL OR VHQWLPRV R QR 'LRV HV GLJQR GH QXHVWUD DGRUDFLyQ \ GH QXHVWUR DPRU
&yPRQRVHQVHxD'DYLGDDPDUD'LRVFRQQXHVWUDDOPD"8QDIRUPDLPSRUWDQWHGH
DPDUD'LRVHVYLYLHQGRUHFWRVGHODQWHGHeO'LRVRGLDTXHYLYDPRVFRPRKLSyFULWDV
KDEODQGR FRPR FULVWLDQRV SHUR QR DFWXDQGR FRPR HOORV 'DYLG QRV GD XQ HMHPSOR
GHO FDUiFWHU SLDGRVR \ HO DPDU D 'LRV FRQ VX DOPD FXDQGR UHFKD]y PDWDU DO UH\
6D~O (O UH\ 6D~O TXHUtD PDWDU D 'DYLG \ WRPy XQ HMpUFLWR GH  KRPEUHV SDUD
KDFHUOR (OORV OOHJDURQ D OD FXHYD GRQGH 'DYLG \ VXV KRPEUHV VH RFXOWDEDQ SHUR
6D~O QR VDEtD TXH 'DYLG HVWDED DOOt (O UH\ 6D~O HQWUy HQ OD FXHYD \ 'DYLG WXYR
OD RSRUWXQLGDG GH PDWDUOR SHUR QR OR KL]R SRUTXH 6D~O WRGDYtD HUD HO UH\ 'DYLG
GLMR 1R SXHGR DO]DU OD PDQR FRQWUD HO UH\ SRUTXH HV HO XQJLGR GHO 6HxRU  6
 (V DVRPEURVR OR TXH 'DYLG KL]R \D TXH 6D~O WUDWDED GH PDWDUOR 'DYLG
WHQtD HO GHUHFKR GH SURWHJHUVH HVR KDEUtD VLGR HQ GHIHQVD SURSLD 3HUR 'DYLG
GHFLGLy QHJDUVH D Vt PLVPR \ UHKXVy SHFDU VLQ LPSRUWDU HO FRVWR &XDQGR W~ \ \R
GHFLGLPRVVHUSLDGRVRVDFXDOTXLHUFRVWRGHPRVWUDPRVHO$PRUD'LRV9LYLHQGR
UHFWDPHQWH GHODQWH GH 'LRV HV XQD IRUPD GH DPDUOR FRQ WRGD QXHVWUD DOPD

'LRV
FDPELy
PLYLGD\\R
EULQFRGH
DOHJUtD

&yPRSRGHPRVDPDUD'LRVFRQWRGDQXHVWUDPHQWH"/DKLVWRULDEtEOLFDGHKR\QRV
PHQFLRQDD*ROLDWTXLHQHUDXQJLJDQWHTXHHVWDEDHQFRQWUDGH'LRV\VXSXHEOR6H
EXUODED\ORVPDOGHFtDGHVDDQGRSRUFRPSOHWRD'LRV'DYLGQRVPXHVWUDTXHXQD
PDQHUDGHDPDUD'LRVFRQQXHVWUDPHQWHHVGHIHQGHUORHQS~EOLFR&XDQGRODJHQWHD
WXDOUHGHGRUFRPLHQ]DDKDEODUPDOGH'LRVRDGHFLUTXHQRH[LVWHSRGHPRVVHJXLUHO
HMHPSORGH'DYLGFXDQGRGLMR9HQJRFRQWUDWLHQHOQRPEUHGHO6HxRU7RGRSRGHURVRD
TXLHQKDVGHVDDGR7~\\RQRWHQGUHPRVTXHPDWDUDQDGLHSHURGHEHUtDPRVWRPDU
ULHVJRVSDUDSURWHJHUHOQRPEUHGHO6HxRU\VXUHSXWDFLyQ'HEHPRVVHUYDOLHQWHV\
VDOLUDOIUHQWHVLQHOPLHGRGHGHFODUDUTXLpQHV'LRV(VWDHVXQDIRUPDGH$0$5D'LRV
6LJDPRV HO HMHPSOR GH 'DYLG SDUD QR GLVWUDHUQRV FRQ ODV QRUPDV UHOLJLRVDV VLQR
FRPHQ]DUFRQORPiVLPSRUWDQWH$0$5$',26FRQWRGRQXHVWURFRUD]yQDOPD\PHQWH

$PRUHV$WHQFLyQ
0XMHUXQJHD-HV~V

/XFDV

'HVDItR
'HVDItR

&XiOHVVRQWXVPHMRUHV
SDODEUDVSDUDPRVWUDUOH
DPRUD'LRV"+D]ORFRQWX
HTXLSRIRUPDQGRXQDSRUUD
ELHQDWRGRGDU

/HFFLyQ3ULQFLSDO

3XHGHVLPDJLQDUWHWHQHUXQPHMRUDPLJRTXHWHLJQRUDWRGRHOWLHPSR"
7HQGUtDVTXHSHQVDUTXHHVWiHQRMDGRFRQWLJRSRUDOJXQDUD]yQSRUTXH
ORV PHMRUHV DPLJRV +$%/$1 (Q XQ PDWULPRQLR HV LJXDO 8QD PDQHUD
GHGHPRVWUDUVHHODPRUHOXQRDORWURHVPRVWUiQGRVHDOJRGHDWHQFLyQ
+DEODQGR HVFXFKDQGR \ SDVDQGR WLHPSR MXQWRV &RQ 'LRV HV LJXDO (V
LPSRVLEOHGHFLUTXH$0$6D'LRVVLORLJQRUDVFDGDGtDDORODUJRGHWRGR
HO GtD 'LRV H[LVWH \ DQKHOD HVWDU FRQWLJR SDUD KDEODUWH \ VDWLVIDFHU WXV
QHFHVLGDGHV&XDQGRLJQRUDPRVD'LRVOHPRVWUDPRVTXHQRORDPDPRV

9HUVR

/DKLVWRULDEtEOLFDGHKR\QRVGDXQJUDQ
HMHPSOR GH FyPR PRVWUDUOH HO DPRU D
'LRV /D PXMHU OH GHPRVWUy VX DPRU D
7HH[DOWDUpPL
-HV~V OORUDQGR D 6XV SLHV ODYiQGRORV
'LRV\UH\
FRQ VXV OiJULPDV \ VHFiQGRORV FRQ
SRUVLHPSUH
VX FDEHOOR $GHPiV EHVy 6XV SLHV \
EHQGHFLUpWX
GHUUDPySHUIXPHVREUHHOORV/RSULPHUR
QRPEUH
TXHHOODKDFHHVKXPLOODUVHDQWH-HV~V
DO OLPSLDU \ EHVDU VXV SLHV HOOD OH
6DOPR
GHPXHVWUDTXHHVWiSRUGHEDMRGHeO7~\
\RSRGHPRVGHPRVWUDUOHDPRUD'LRVGHODPLVPDPDQHUDKXPLOOiQGRQRV
\QRWUDWDQGRGHIDQIDUURQHDUDQWHeO1HFHVLWDPRVDUURGLOODUQRVDVXVSLHV
'HVSXpV HVWD PXMHU OH GHPRVWUy D -HV~V 08&+$ DWHQFLyQ DO EHVDU
\ GHUUDPDU HO SHUIXPH VREUH 6XV SLHV (OOD SDVy DOJR GH WLHPSR FRQ
eO GiQGROH XQD DWHQFLyQ HVSHFLDO 7~ \ \R SRGHPRV GHPRVWUDUOH
HO DPRU D 'LRV SUHVWiQGROH HVSHFLDO DWHQFLyQ HVFXFKiQGROH
FXDQGR KDEOD \ SDVDQGR WLHPSR FRQ eO HQ RUDFLyQ \ DGRUDFLyQ
)LQDOPHQWHSRGHPRVDSUHQGHUDFHUFDGHODPRUGHHVWDPXMHUSRUFRPR
HOODGHUUDPDXQSHUIXPHDORVSLHVGH-HV~VTXHVHJXUDPHQWHFRVWyDOJR
GHGLQHUR$PHQXGRHODPRULQFOX\HJDVWDUGLQHUR5HJXODUPHQWHW~\\R
WDPELpQPRVWUDPRVHODPRUFRQGLQHURGDQGRUHJDORVDODJHQWHRJDVWDQGR
GLQHURSDUDYLDMDUDYHUORVRVDFULFDQGRQXHVWURDOPXHU]RHWF(O$025
DOJXQDVYHFHVUHTXLHUHVDFULFLR\JDVWDUGLQHURHQODSHUVRQDTXHDPDPRV
6L W~ TXLHUHV DPDU D 'LRV QR SXHGHV LJQRUDUOR 1HFHVLWDPRV GDUOH D
'LRV QXHVWUD DWHQFLyQ SDVDQGR WLHPSR FRQ eO HQ RUDFLyQ \ DGRUDFLyQ
KXPLOOiQGRQRVDQWHeO\GiQGROHGHORTXHWHQHPRV(QWUHPiVDWHQFLyQ
OHGDPRVD'LRVPiV$025OHGHPRVWUDPRV

3DUD'LVFXWLU
3RUTXpWHQJRTXH
JDVWDUORPtRHQODV
FRVDVGH'LRV"
1RSXHGRVROR
VHQWDUPHDYHUWHOH"
3ODWLTXHQGHFRVDV
EXHQDVGH'LRV

<RSXHGRFDQWDUHVWH
WUDEDOHQJXDVDGHPiV
GHWRFDUPLJXLWDUUD\
EULQFDU7~SXHGHV
GHFLUORYHFHVUiSLGR"

4XpWULVWH
HVWiV
7ULVWiQ
DSODVWiQGRWH
FRQWDQ
WpWULFD
WUDPD
WHDWUDO

$PRUHV2EHGLHQFLD
0LODJURVFRQSHFHV

'HVDItR
'HVDItR
(VWDVHPDQDREHGHFHD'LRV
FRQDOJRHVSHFtFR5HFXHUGD
TXHODPHMRUDFFLyQWHOOHYDUi
DJDQDUODQDO

/XFDV

/HFFLyQ3ULQFLSDO

(VWDVHPDQDYDPRVDYHURWUDIRUPDLPSRUWDQWHGH$0$5$',263RGHPRVGHFLUOH
TXHORDPDPRVSHURQXHVWUDVSDODEUDVQRVLJQLFDQQDGDVLQRORGHPRVWUDPRV
FRQ QXHVWUDV DFFLRQHV 1XHVWUR YHUVR SDUD PHPRUL]DU QRV HQVHxD FODUDPHQWH
FyPR PRVWUDU QXHVWUR DPRU D 'LRV 2%('(&,(1'2 686 0$1'$0,(1726
8QD QRFKH HO DOPLUDQWH GH XQ EXTXH GH JXHUUD GH OD 0DULQD RUGHQy XQ
GHWHUPLQDGRFXUVR(ORFLDOGHQDYHJDFLyQDOYHUXQDOX]DODGLVWDQFLDUHSRUWy
TXH HO EXTXH SDUHFtD HVWDU HQ HO FXUVR GH FROLVLyQ GH
RWUR EDUFR ,QPHGLDWDPHQWH HO DOPLUDQWH OH RUGHQy
DVXRFLDOGHUDGLRTXHOHHQYLDUDXQPHQVDMHDO
EDUFRTXHVHDFHUFDEDH[LJLpQGROHTXHFDPELDUD
(QHVWR
VX FXUVR GLH] JUDGRV DO VXU /D UHVSXHVWD
FRQVLVWHHODPRU
VLPSOHPHQWH IXH 1R 8VWHG FDPELH VX FXUVR
D'LRVHQTXH
GLH] JUDGRV DO VXU 'HVSXpV GH GRV LQWHQWRV
REHGH]FDPRVVXV IDOOLGRVHODOPLUDQWHDKRUDEDVWDQWHIXULRVROOHJy
UHWXPEDQGRDOFXDUWRGHUDGLRWRPyHOPLFUyIRQR
PDQGDPLHQWRV \JULWy&DPELHHOFXUVR6R\XQEXTXHGHJXHUUD
-XDQ
'HVSXpVGHXQEUHYHPRPHQWRGHVLOHQFLRYLQRXQD
WUDQTXLODUHVSXHVWD&DPELHVXFXUVR<RVR\XQIDUR

9HUVR

3DUD'LVFXWLU
3RUTXpWHQJRTXH
REHGHFHUD'LRV"
<VLOHGLJRTXHQR"
3RUTXpPLVSDGUHVQR
GHMDQGHVHUUXTXLWRV"
<VLVR\PiVWUXFKD
TXHORVGHPiV"

$Vt FRPR HO EXTXH GH JXHUUD D PHQXGR W~ \ \R SHQVDPRV TXH VDEHPRV
WRGR \ TXHUHPRV TXH WRGRV FDPELHQ VX GLUHFFLyQ SRU QRVRWURV 3HUR 'LRV
HV QXHVWUR IDUReO HVWiUPHQXQFD FDPELDUi \ QRV GDUi OD OX] \ OD GLUHFFLyQ
HQ OD YLGD 'HEHPRV HVFXFKDUOR \ REHGHFHUOR LQFOXVR FXDQGR QR TXHUHPRV
< FXDQGR OR KDFHPRV OH HVWDPRV GHPRVWUDQGR D 'LRV TXH OR DPDPRV
-HV~VOHVGLMRDORVGLVFtSXORVTXHWLUDUDQVXVUHGHVDORWURODGR3UREDEOHPHQWH
HOORV QR TXHUtDQ REHGHFHU SRUTXH KDEtDQ HVWDGR SHVFDQGR WRGD OD QRFKH
\ HVWDEDQ FDQVDGRV (OORV TXHUtDQ VDOLUVH LUVH D FDVD GHVFDQVDU \ FRPHU
3HUR DXQ DVt HOORV GHFLGLHURQ REHGHFHU D -HV~V \ eO ORV EHQGLMR FRQ
721(/$'$6 < 721(/$'$6 '( 3(6&$'2 TXH GHVSXpV SXGLHURQ YHQGHUOR
\ KDFHU PXFKR GLQHUR (VWD IXH XQD HQRUPH EHQGLFLyQ TXH HOORV UHFLELHURQ
SRU REHGHFHU D 'LRV DXQ FXDQGR QR TXHUtDQ /RV GLVFtSXORV OH GHPRVWUDURQ
HO DPRU D -HV~V UHVSRQGLHQGR \ REHGHFLHQGR D OR TXH eO OHV KDEtD GLFKR
'LRV WH SHGLUi TXH KDJDV FRVDV SRU eO FDGD GtD FRVDV SHTXHxDV \ JUDQGHV
$ PHGLGD TXH REHGHFHV D 'LRV XQ GtD D OD YH] XQD VHPDQD D OD YH] XQ
PHV D OD YH] \ XQ DxR D OD YH] OH GHPXHVWUDV D 'LRV WX$025 (VWR SXHGH
VLJQLFDU TXH WHQJDV TXH FDPELDU HO FXUVR FRPR HO EXTXH GH JXHUUD \ KDFHU
DOJR GLIHUHQWH D OR TXH KDEtDV SODQHDGR SHUR 'LRV WH D\XGDUi SDUD TXH QR
QDXIUDJXHV 'LRV WH DPD \ VDEH OR TXH HV PHMRU SDUD WL 6XV FDPLQRV VRQ
OR PHMRU DVt TXH VLHPSUH TXH WX PHMRU LQWHUpV VHD VHJXLUOH \ REHGHFHUOH
3RUORWDQWRQRWHGHMHVGLVWUDHUSRURWUDVFRVDVVLQRFRQFpQWUDWHHQOR~QLFRTXH
GLFH-HV~VTXHHVPiVLPSRUWDQWH$0$5$',26\KHPRVDSUHQGLGRHQQXHVWUR
YHUVRTXHSRGHPRVGHPRVWUDUOHD'LRVTXHOHDPDPRV2%('(&,e1'2/(

3DWLQDQGR
YR\FDQWDQGRSRU
ODFDOOHWULXQIDQGR
\D&ULVWR
DGRUDQGR

'HVDItR
3UHSDUDXQVNHWFKFRQWtWHUHV
GHFyPRPRVWUDUDPRUEDVDGR
HQODHQVHxDQ]DGH-HVXFULVWR
3UHVHQWDWXVNHWFKFRQORV
WtWHUHVVHQFLOORVTXHKDQ
KHFKR6HJXUDPHQWHVHUiQORV
JDQDGRUHVGHHVWHGHVDItR

3DUD'LVFXWLU
3XHGRHVFRJHUD
TXLpQVDOXGDU"
'HERVHUFXDWHFRQ
ORVFKLFRVPDORV"
3RUTXpKD\WDQWDV
GHQRPLQDFLRQHV"
7DPELpQVRQ
FULVWLDQRV"

-HV~VPHKD
DVRPEUDGR
\FRQVX
DPRUPHD
DEUD]DGR

$PRUHV1HFHVDULR
-HV~VHQVHxDDPRU

0DWHR



/HFFLyQ3ULQFLSDO

+R\ HVWDUHPRV DSUHQGLHQGR DFHUFD GHO $PRU

KDFLDORVGHPiV\ORLPSRUWDQWHTXHHV-HV~V
GLMRTXHHVWHHUDHOVHJXQGRPDQGDPLHQWRPiV
LPSRUWDQWHGHVSXpVGHODPRUD'LRV(ODPRUSRU
RWURVQRHVDOJRTXHVRODPHQWHGHEHPRVWUDWDU
GHWHQHUHVXQ'(%(56LW~TXLHUHVDJUDGDUD
'LRV'(%(6PRVWUDUOHVDPRUDRWUDVSHUVRQDV
3HUR TXp VLJQLFD HO $025" (V HO DPRU
URPiQWLFR"""12+D\PXFKDVFODVHVGHDPRU

9HUVR

4XHULGRVKHUPDQRV
DPpPRQRVORVXQRV
DORVRWURVSRUTXH
HODPRUYLHQHGH
'LRV\WRGRHOTXH
DPDKDQDFLGRGHpO
\ORFRQRFH(OTXH
QRDPDQRFRQRFHD
'LRVSRUTXH'LRVHV
DPRU
-XDQ

/DFODVHGHDPRUGHODTXH-HV~VHVWiKDEODQGR
HV GRQGH W~ WUDWDV D RWURV DPDEOHPHQWH (VWR
TXLHUHGHFLUTXHQRSXHGHVVHUHJRtVWD7~QR
SXHGHVLUSRUODYLGDYLYLHQGRVRORSDUDWL(VWR
HV DOJR TXH WRGRV ORV QLxRV GHEHQ DSUHQGHU
FXDQGR WLHQHQ GH  DxRV SHUR D YHFHV XQD SHUVRQD TXH VH KDFH PiV
YLHMD \ PiV YLHMD WRGDYtD HV HJRtVWD FRPR VL WXYLHUD  DxRV +DV YLVWR D XQ
KRPEUHDGXOWRDFWXDUFRPRXQRGHDxRV"<RVL1RHVXQERQLWRHVSHFWiFXOR
&XDQGR HO SHFDGR HQWUy HQ HO PXQGR FRQ $GiQ WDPELpQ HQWUy HO HJRtVPR
7RGRV QDFLPRV FRQ HVR 7~ QDFLVWH SHQVDQGR TXH WRGRV GHEtDQ KDFHU OR
TXH HUD PHMRU SDUD 7, FRPR VL HO PXQGR HQWHUR JLUDUD D 78 DOUHGHGRU 3HUR
W~ GHEHV DSUHQGHU D SRQHU HO HJRtVPR EDMR WXV SLHV SRUTXH HV SHFDGR \
SRQHU D RWURV SULPHUR \ WUDWDUORV FRPR PiV LPSRUWDQWHV TXH W~ 8Q EHEp
OORUD SDUD FRQVHJXLU OR TXH TXLHUH \ HV PX\ H[LJHQWH &XiQWRV GH XVWHGHV
WLHQHQ KHUPDQRV \ KHUPDQDV TXH VRQ H[LJHQWHV \ HJRtVWDV" 3UREDEOHPHQWH
WRGRV QRVRWURV OR KDFHPRV 'HELGR D TXH YDPRV HQYHMHFLHQGR PHMRU
DSODVWHPRV HO HJRtVPR \ SRQJDPRV D RWURV SULPHUR (VWD HV OD FODVH GH
DPRUGHFXDO-HV~VHVWiKDEODQGR$SOiVWDORW~PLVPR\SRQDRWURVSULPHUR
(QOD(VFULWXUDGHKR\HVFXFKDPRVODHQVHxDQ]DGH-HV~VVREUHHO$PRU1R
VRORQRGHEHPRVVHUHJRtVWDVFRQQXHVWURVDPLJRV\IDPLOLDUHVVLQRDXQFRQ
QXHVWURVHQHPLJRV7HSXHGHVLPDJLQDUGiQGROHHOWUR]RPiVJUDQGHGHOSDVWHO
GHFKRFRODWHHQXQDHVWDDWXHQHPLJRGHODHVFXHOD"(VRVHUtDGLItFLO-HV~V
LQFOXVRGLFHTXHWHQHPRVTXHVDOXGDUDQXHVWURVHQHPLJRV(VWRVLJQLFDTXHVL
HVWiVHQRMDGRFRQDOJXLHQSRUFXDOTXLHUUD]yQ\WHORHQFXHQWUDVHQHO6~SHU/H\
6RULDQDHWF\TXLHUHVDJUDGDUD'LRVWLHQHVTXHVDOXGDUOR&RQR]FRSHUVRQDV
TXHHVWiQHQRMDGDVXQRVFRQRWURV\DXQHQODLJOHVLDQRVHTXLHUHQVDOXGDU(OORV
TXLHUHQDGRUDUD'LRVKDFHUWRGRORUHOLJLRVR\SHUIHFWRSHURUHFKD]DQVDOXGDU
DDOJXLHQTXHVHSRUWyPDOFRQHOORV(O&ULVWLDQLVPRQRIXQFLRQDDVt6LOHHPRV
FODUDPHQWHODHQVHxDQ]DGH-HV~VVREUHHODPRUHQ0DWHRHQFRPELQDFLyQFRQ
QXHVWURYHUVRSDUDPHPRUL]DUDGHPiVGHPLOHVGHYHUVRVHKLVWRULDVSRUWRGDOD
%LEOLDHQFRQWUDUHPRVFXiOHVODSDUWHPiVLPSRUWDQWHGHOFRPSRUWDPLHQWRFRPR
FULVWLDQRV(VHO$025TXHVLJQLFDDSODVWDUWXHJRtVPR\SRQHUDRWURVSULPHUR

'HVDItR

7XGHVDItRSDUDODVHPDQDHV
SRQHUDRWUDSHUVRQDFRPR
PHMRUTXHW~ODFDQWLGDGGH
YHFHVTXHORSXHGDVKDFHUWH
DVHJXUDUiODJDQDQFLD

3DUD'LVFXWLU
,GHDVSUiFWLFDVSDUD
PRVWUDUDPRUDRWURV
0HWLHQHQTXHFDHU
ELHQWRGRV"
4XpSDVDVLOHIDOWDXQ
YHLQWHSDOSHVR"

(OEDOyQDPL
FRPSDxHUR
OHGR\SRUTXH
EXHQFULVWLDQR
VR\

$PRUHV'DUWHSRU2WURV
5XW\1RHPt

5XW

/HFFLyQ3ULQFLSDO

&XDQGR W~ DPDV D DOJXLHQ W~ GDV WX YLGD SRU

HOORV $Vt FRPR OR PHQFLRQD QXHVWUR YHUVR
GH PHPRULD \ FRPR HO HMHPSOR TXH -HV~V
(QHVWR
QRV GLR DO HQWUHJDU VX YLGD SRU QRVRWURV
FRQRFHPRVOR
5HDOPHQWH -HV~V PXULy SDUD VDOYDUQRV
TXHHVHODPRU
W~ \ \R SUREDEOHPHQWH QR QHFHVLWHPRV
HQTXH-HVXFULVWR
HQWUHJDU QXHVWUD YLGD SRU DOJXLHQ KDVWD HO
HQWUHJyVX YLGD
SXQWR GH OD PXHUWH SHUR QHFHVLWDUHPRV
SRUQRVRWURV$Vt
FHGHU QXHVWURV GHUHFKRV \ GHVHRV \
WDPELpQQRVRWURV
HVR SUREDEOHPHQWH VHD PiV GRORURVR
GHEHPRVHQWUHJDU
5XWQRVGDXQJUDQHMHPSORHQODKLVWRULD
ODYLGDSRUQXHVWURV
EtEOLFDGHKR\6XPDULGRPXHUHWDPELpQ
KHUPDQRV
-XDQ
VX VXHJUR \ VX VXHJUD 1RHPt GHFLGH
YROYHU D VX SDtV GH RULJHQ 1RHPt
OH GLFH D 5XW TXH HOOD SXHGH UHJUHVDUVH D VX FLXGDG QDWDO \ FDVDUVH FRQ
DOJXLHQ PDV HVH HUD HO GHUHFKR GH 5XW 3HUR SRU DOJXQD UD]yQ 5XW GHFLGH
VDFULFDUVH \ VHJXLU D VX VXHJUD (V GLItFLO FHGHU WXV GHUHFKRV SDUD VHUYLU D
DOJXLHQPDV3HURHVRHVXQDGHPRVWUDFLyQGH$025(VRHVGDUWHSRURWURV
5XW WHUPLQD WRWDOPHQWH EHQGHFLGD VH FDVD FRQ XQ JUDQ KRPEUH SHUR
HOOD QR VDEtD TXH HVWR VXFHGHUtD (OOD WXYR TXH WRPDU OD GHFLVLyQ
GH HQWUHJDUVH D VX VXHJUD VLQ VDEHU VL 'LRV OD EHQGHFLUtD R QR
'LRVGLVHxyXQDYLGDSHUIHFWDSDUDWL\SDUDPt\HVWRLQFOX\HUHQXQFLDUDQXHVWUD
YLGDPXULHQGRDQRVRWURVPLVPRV\VLUYLHQGRD'LRV\DRWURV6RORHQWRQFHV
YDPRVDHQFRQWUDUOD9(5'$'(5$YLGDTXH'LRVKDSODQHDGRSDUDQRVRWURV

9HUVR

&DGD GtD QRV HQIUHQWDPRV FRQ ODV PLVPDV GHFLVLRQHV TXH VH HQIUHQWy 5XW
7H GDUiV SRU RWURV" 5HQXQFLDUiV D WXV GHUHFKRV \ VHUYLUiV D WXV SDGUHV"
5HJDODUiVWXDOPXHU]R"2WXVGHUHFKRVHVWiQSULPHURHQODOtQHD"4XpGH
WXWLHPSROLEUHMXJDQGRHQODWLHQGDGHODHVTXLQD"&HGHUiVGHPRGRTXHORV
RWURVSXHGDQWHQHUORPHMRU"

'HVDItR
'HVDItR

$PRUHV$FFLyQ

6DEHVFyPRKDFHUDOJR
DPDEOHSDUDFRQRWUD
SHUVRQD"7XPLVLyQSDUDOD
VHPDQDVLODDFHSWDVHV
KDFHUXQDFWREXHQRSDUD
DOJXLHQ3HURUHFXHUGD
FRPSDUWLUORFRQWXPDHVWURVL
TXLHUHVJDQDU

(O%XHQ6DPDULWDQR

/XFDV

/HFFLyQ3ULQFLSDO

$PRUHV$FFLyQQRVRORSDODEUDV(OGH-XQLRGH7KRPDV\&RULOHH
0F&OXUNLQFHOHEUDURQSOiFLGDPHQWHVXVERGDVGHRUR3HURQRIXHDVtKDFH
DxRV(OPHVGH-XQLRGHIXHH[FHSFLRQDOPHQWHK~PHGRHQ1HEUDVND
(OUtR/RXSVHGHVERUGy\ODQRYLDVHTXHGyYDUDGDHQVXSXHEORQDWDO3RROH
,QWUpSLGDPHQWH7KRPDVVDOHFRQHODJXDKDVWDODVURGLOODVHQXQYLHMR&KHY\$O
OOHJDUDXQSXHQWHTXHFDVLKDEtDVLGRDUUDVDGR
SRU HO DJXD VH EDMy GH VX FDUUR DYDQ]y
OHQWDPHQWHDWUDYpVGHOSXHQWH\FDPLQyKDVWD
5DYHQQD 8QD YH] DOOt FRQYHQFLy DO GXHxR
6LKDEORHQ
GH XQ DHURSODQR GH GRV DVLHQWRV GH YRODU
OHQJXDVKXPDQDV
D3RROHSDUDUHFRJHUDVXQRYLD/DERGD
\DQJHOLFDOHVSHUR
VHFHOHEUyFRQVRORKRUDVGHUHWUDVR

QRWHQJRDPRUQRVR\
&RPR KHPRV DSUHQGLGR HQ HVWH
PiVTXHXQPHWDOTXH
WULPHVWUHHODPRUHVPX\LPSRUWDQWH\QR
UHVXHQDRXQSODWLOOR
SRGHPRVSUHWHQGHUYLYLUODYLGDFULVWLDQD
TXHKDFHUXLGR
VLQ HO 7DPELpQ KHPRV DSUHQGLGR TXH HO
&RU
DPRU IUDWHUQDO VLJQLFD DSODVWDU QXHVWUR
HJRtVPR\SRQHUDRWURVSULPHUR3HURFyPR
SXHGHVGHPRVWUDUHVWHDPRUDRWURVFRPR'LRVORSLGH"""&RQWXVDFFLRQHV
1R KD\ RWUD IRUPD SRUTXH ODV SDODEUDV VH XWLOL]DQ GHPDVLDGR \ PXFKDV
SHUVRQDVQRSLHQVDQORTXHGLFHQ$OLJXDOTXHODKLVWRULDGHHVWHKRPEUHTXH
VXSHUyWRGRVORVSURQyVWLFRVSDUDUHFRJHUDQRYLDYDUDGDQRVRWURVGHEHPRV
WRPDUDFFLRQHVTXHUHVSDOGHQQXHVWUDVSDODEUDV1RVLUYHGHFLUTXHWHQHPRV
HO DPRU FULVWLDQR VL QR OR GHPRVWUDPRV FRQ QXHVWUDV DFFLRQHV KDFLD RWURV

9HUVR

3DUD'LVFXWLU
3RUTXp
SUHRFXSDUPH"
&yPRSXVRVXDPRU
HQDFFLyQHO%XHQ
6DPDULWDQR"
4XpYHODWLHQHVHQ
HVWHHQWLHUUR"

$OJXQDV YHFHV ODV DFFLRQHV QRV FXHVWDQ HO SRQHU D RWURV SULPHUR SXHGH
FRVWDUQRV GLQHUR R WLHPSR R IUXVWUDFLyQ LQFOXVR DOJXQDV YHFHV GRORU ItVLFR
$O %XHQ 6DPDULWDQR GH OD KLVWRULD EtEOLFD GH KR\ OH FRVWy GLQHUR WLHPSR \
SUREDEOHPHQWHUHSXWDFLyQ1RIXHJUDWLVFXLGDUDOKHULGRTXHVHHQFRQWUyMXQWR
DOFDPLQR(ODPRU\ODDFFLyQHVWiQXQLGRVW~QRSXHGHVVHSDUDUORV4Xp
DFFLRQHVKDVKHFKRSDUDGHPRVWUDUTXHSRQHVDRWURVSULPHUR"

R\
RY \
G
Q

D
TXL QGR V
(V FLRQD GH'LR R
DF PRU UDQG
W
HOD PRQV
H
G

)HHV1HFHVDULD
'LRV\$EUDKDP

*pQHVLV

'HVDItR
'HVDItR

(VWHGtDYDPRVDWHQHU
FRQFXUVRGH&$172HQOD
FODVH3HURHVSRUHTXLSRV
DVtTXHHPSLHFHQDWUDEDMDU
MXQWRV3RUTXHWHD\XGDUi
SDUDJDQDU

/HFFLyQ3ULQFLSDO

+R\DSUHQGHUHPRVDFHUFDGHODIH(QWRQFHVTXpHVIH"(VFUHHUVLQYHU6LW~
FUHHVTXHHOYLHQWRH[LVWHGHPXHVWUDVWXIHSRUTXHHQUHDOLGDGQRSXHGHVYHUOR
7~SXHGHVYHUVXVHIHFWRVHOPRYLPLHQWRHQODVKRMDVGHORViUEROHVSHURHQ
UHDOLGDGQRSXHGHVYHUHOYLHQWR7DPELpQVHQHFHVLWDIHSDUDVHQWDUVHHQXQD
VLOOD7~FUHHVTXHDOSRQHUWXSHVR\UHODMDUWHODVLOODVHUiFDSD]GHVRVWHQHUWH
HVRHVIH(QUHDOLGDGWRGRVQRVRWURVWHQHPRVIHFDGDGtDHQQXHVWUDVYLGDV
QRUPDOHV
3HUR HQ HO FRQWH[WR GH OD LJOHVLD GRQGH
HVWDPRV DSUHQGLHQGR DFHUFD GH 'LRV \
FyPRUHVSRQGHUOHIHHVFUHHUHQ',26\
(QUHDOLGDGVLQIHHV
HQORTXHeOGLFH&XDQGRHVFXFKDPRVHO
LPSRVLEOHDJUDGDUD
YHUVRSDUDPHPRUL]DUGHHVWDVHPDQD
'LRV\DTXHFXDOTXLHUD
6LQIHHVLPSRVLEOHDJUDGDUD'LRV
TXHVHDFHUFDD'LRVWLHQH HVWR KDEOD GH OD IH HQ 'LRV QR GHO
YLHQWRRGHODVLOODHQODTXHWHVLHQWDV
TXHFUHHUTXHpOH[LVWH
'H KHFKR HV LPSRVLEOH DJUDGDU D 'LRV
\TXHUHFRPSHQVDD
FXDQGR
QR FUHHV TXH eO H[LVWH R FUHHV
TXLHQHVOREXVFDQ
TXH HV UHDO SHUR QR FUHHV TXH ODV FRVDV
+HEUHRV
TXHeOGLFHHQOD%LEOLDVHDQYHUGDG(OSULPHU
SDVRSDUDDJUDGDUD'LRVHVFUHHUTXHeOHVUHDO
\GHVSXpVFUHHUTXHORTXHeOGLFHHVYHUGDG3RUHVRODIHHVFRPSOHWDPHQWH
QHFHVDULD
+R\ DSUHQGLPRV DFHUFD GH$EUDKDP eO FUH\y HQ 'LRV eO WHQtD XQ SUREOHPD
JUDQGHQRWHQtDKLMRV'LRVOHGLMRTXHQRVHSUHRFXSDUDTXHWHQGUtDWDQWRV
QLHWRV\ELVQLHWRV\DVtVXFHVLYDPHQWHPiVTXHHOQ~PHURGHODVHVWUHOODVHQ
HOFLHOR(VWDHUDXQDSURPHVDPDUDYLOORVDH[FHSWRTXH$EUDKDPQRWHQtDQL
XQQLxRWRGDYtD(QWRQFHV$EUDKDPIXHFRQIURQWDGRSDUDFUHHUODSURPHVDGH
'LRVDSHVDUGHTXH72'$6/$6&26$6HVWDEDQHQFRQWUD

9HUVR

6L TXLHUHV SUHWHQGHU TXH 'LRV QR H[LVWH GH PRGR TXH SXHGDV VDOLU FRQ PiV
EDVXUD KDFLHQGR WXV SURSLDV FRVDV \ QR FUHHU OR TXH GLFH OD %LEOLD HV WX
GHFLVLyQ3HURVRORGpMDPHDOHMDUPHORPiVSRVLEOH1RTXLHURHVWDUFHUFDGH
WLSRUTXHWXDFWLWXGHJRtVWDHLQFUHGXOLGDGPHGDxDUtDQ3RUPt\RGHFLGRFUHHU
TXH 'LRV HV UHDO eO H[LVWH \ HV WRGR SRGHURVR \ WRGR OR VDEH eO PH DPD D
SHVDUGHTXHYHFRPSOHWDPHQWHDWUDYpVGHPt3RUTXpVpWRGRHVWR"3RUTXH
FUHRTXHOD%LEOLDHVOD3DODEUDGH'LRV&UHRTXH'LRVKDEOyDWUDYpVGH 7HQJRIH
PXFKRVKRPEUHVSDUDIRUPDUOD%LEOLD\FUHRTXHWRGRORTXHOHRHQHOOD EDLODQGRHO
]DSDWLDGR
HV&203/(7$0(17(9(5'$'(52
VDELHQGRTXH
<RGHFLGRFUHHU<RGHFLGRSRQHUODIHHQ'LRV\HVWR/HDJUDGD1XHVWUD 'LRVHVWiDPL
IHHVPX\QHFHVDULDVLTXHUHPRVYLYLUXQDYHUGDGHUDYLGDFULVWLDQD
ODGR
7~QRSXHGHVHQJDxDUD'LRVORVKRPEUHVVRQIiFLOHVGHHQJDxDU
SHUR 'LRV QR 6L UHDOPHQWH FUHHV HQ 'LRV WLHQHV IH \ OD IH HV
DEVROXWDPHQWHQHFHVDULD

3DUD'LVFXWLU
3RUTXpHVWDQ
QHFHVDULDODIH"
3XHGRHFKDUXQD
PHQWLUDGHYH]HQ
FXDQGR"
<VLORVSODQHVGH
'LRVSDUDPtQRVRQWDQ
FKLORV"

'HVDItR

(VWDVHPDQDHVIiFLOYDPRV
DMXJDUHQODFODVH7X
PDHVWURWHHOHJLUiFRPRHO
JDQDGRU

)HHV$WUHYLGD

(VStDVGH&DQDiQ



1~PHURV
3DUD'LVFXWLU
4XpULHVJRVSXHGR
WRPDUSDUDPRVWUDUPL
IH"

4XpSURPHVDV
GH'LRVSDUHFHQ
LPSRVLEOHVGH
FXPSOLUVHHQWXYLGD"

6HTXH'LRVPHYDD
XVDUSHURFXDQGR
PHWRFD"

0H
DWUHYR
DSDWLQDU
SRUTXHFRQ&ULVWR
VHTXHYR\D
JDQDU

/HFFLyQ3ULQFLSDO

$OJXQD YH] KDV MXJDGR HO MXHJR HQ SDUHMDV

GRQGHXQRGHORVGRVVHYROWHDVHWLUDKDFLDDWUiV
\HORWURORFDFKD"(VWHHVXQMXHJRGLYHUWLGRGH
IH\FRQDQ]DGRQGHW~FUHHVTXHODSHUVRQD
TXHHVWiGHWUiVGHWLHVFDSD]GHFDFKDUWH(VR
LPSOLFDULHVJR6LHVDSHUVRQDQRWHFDFKDW~
FDHUiVDOSLVR\SRGUtDVKDFHUWHDOJ~QGDxR
WDO YH] WH JROSHHV OD FDEH]D 'H KHFKR
HVWH MXHJR QR HV QDGD VHJXUR 3UHIHULUtDV
MXJDUOR HQ XQD DOIRPEUD VXDYH R HQ XQ SLVR
GH FRQFUHWR" <R HOHJLUtD VREUH DOJR VXDYH
/D YHUGDGHUD IH LPSOLFD WRPDU DOJ~Q ULHVJR
/D YHUGDGHUD IH LPSOLFD VHU DWUHYLGR

9HUVR

/HVDVHJXUR
TXHVLWLHQHQIH
\QRGXGDQOHV
UHVSRQGLy-HV~V
QRVyORKDUiQOR
TXHKHKHFKRFRQ
ODKLJXHUDVLQR
TXHSRGUiQGHFLUOH
DHVWHPRQWH
4XtWDWHGHDKt\
WtUDWHDOPDU\
DVtVHKDUi
0DWHR

/DKLVWRULDEtEOLFDGHKR\HVXQJUDQHMHPSOR
6ROR GRV GH ORV GRFH KRPEUHV YLHURQ OD
JUDQ WLHUUD SURPHWLGD \ FUH\HURQ TXH 'LRV FXPSOLUtD VX SURPHVD (VWRV
KRPEUHV FUH\HURQ OR TXH 'LRV GLMR DXQ FXDQGR HVWR SRGtD VLJQLFDU XQD
PXHUWH VHJXUD QR VROR SDUD HOORV VLQR SDUD PXFKRV LQFOX\HQGR D PXFKRV
GH VXV DPLJRV 3XHGHV LPDJLQDUWH FD\pQGRWH KDFLD DWUiV FXDQGR HO
ULHVJR HV WX PXHUWH \ OD GH WRGD WX IDPLOLD""" (VWH HV XQ VHULR ULHVJR
2WUD KLVWRULD GH OD %LEOLD TXH QRV PXHVWUD ULHVJRV HV DTXHOOD HQ OD TXH
3HGUR VDOH GH OD EDUFD \ FDPLQD VREUH HO DJXD FRQ -HV~V 6X SHOLJUR
HUD DKRJDUVH HQ PHGLR GHO RFpDQR GXUDQWH XQD HQRUPH WRUPHQWD
3HUR HO PRVWUy IH DO VDOLU GHO EDUFR WRPDQGR XQ HQRUPH ULHVJR HQ VX
YLGD \ VROR FRPHQ]y D KDFHU OR TXH SDUHFtD LPSRVLEOH D VXV RMRV
1XHVWURYHUVRSDUDPHPRUL]DUWDPELpQQRVPXHVWUDPXFKRDWUHYLPLHQWR-HV~V
OHVKDEODEDDORVGLVFtSXORVFXDQGRGLMRTXHHOORVSRGtDQGHFLUOHDODPRQWDxD9H
\pFKDWHDOPDU\ORKDUtD-HV~VOHVHQVHxDEDVREUHODIH\OHVGLRXQHMHPSOR
TXH QHFHVLWDED PXFKR DWUHYLPLHQWR 3RGHPRV W~ \ \R PRYHU XQD PRQWDxD
ItVLFDPHQWH" 12 $Vt TXH -HV~V HVWi GLFLHQGR TXH VH SXHGHQ KDFHU FRVDV
LPSRVLEOHV\TXHWHQHPRVTXHVHUDWUHYLGRV\RUGHQDUWRGRFRQXQDFRPSOHWD
IH5HFXHUGDVORTXHHVIH"&UHHUHQ'LRV\TXHORTXHeOGLFHHVYHUGDG
4Xp HV OR TXH 'LRV WH SLGH FUHHU DKRUD PLVPR" &XiO HV HO
ULHVJR TXH LPSOLFD" 7LHQHV HO DWUHYLPLHQWR GH GDU XQ SDVR GH IH"



'HVDItR

6DEHVWRPDUULHVJRV
SDUD'LRV"""3DUDJDQDU
HVWDVHPDQDQHFHVLWDV
SRQHUWXIHHQ$&&,1
\JDQDVH[WUDVLWRPDVWH
XQULHVJRHQHOSURFHVR
(VIXpU]DWHSDUDJDQDU

3DUD'LVFXWLU
4XpDFFLRQHVWRPDV
TXHUHVSDOGDQWXV
SDODEUDV"
3RUTXpORVFULVWLDQRV
VRQWDQIDOVRV"
4XpDFFLRQHVKDFHV
HQS~EOLFRTXHQR
KDFHVDVRODV"

'LRVFRQ
HVWHJRO
JDQDPRV
D\~GDPH



)HHV$FFLyQ

)HGHO&HQWXULyQ



/XFDV

/HFFLyQ3ULQFLSDO

&ODYDGLVWDVHQ$FDSXOFRVDOWDQGHVGHXQRVPWVGHDOWXUDHQ/D4XHEUDGD
DQWH HO DVRPEUR GH FLHQWRV GH HVSHFWDGRUHV (Q XQD GHPRVWUDFLyQ
H[WUDRUGLQDULD GH YDORU HVWRV WHPHUDULRV DUULHVJDQ VX YLGD DO
VXPHUJLUVH HQ XQD HQVHQDGD URFRVD GH VROR
 PWUV GH SURIXQGLGDG 6X VHFUHWR FRQVLVWH
HQTXHHOORVFXLGDQHOWLHPSRSDUDTXHVXVDOWR
3XHVFRPR
FRLQFLGD FRQ ODV RODV TXH OOHJDQ &XDQGR ODV
HOFXHUSRVLQ
RODV HVWiQ VX Pi[LPR HOODV SURSRUFLRQDQ HO
HOHVStULWXHVWi
DJXD VXFLHQWH SDUD DPRUWLJXDU HO FODYDGR
PXHUWRDVt
(VWDHVXQDJUDQLOXVWUDFLyQGHIH(VWRQR
VROR UHTXLHUH ULHVJRV FRPR OR KDEODPRV
WDPELpQODIHVLQ
OD VHPDQD SDVDGD VLQR DGHPiV UHTXLHUH
REUDVHVWiPXHUWD
DFFLyQ 6L HO FODYDGLVWD TXLHUH KDFHU XQ
6DQWLDJR
HVWXSHQGR FODYDGR HQ UHDOLGDG HO WLHQH
TXH6$/7$5$YHFHVODIHWDPELpQVHVLHQWHFRPRGDUXQ6$/72GHPLHGR
&XDQGRQRSRGHPRVYHUHOIXWXUR\VRORGHFLGLPRVFRQDUHQ'LRVPXFKRV
OODPDQDHVWRXQVDOWRGHIH7~VROR6$/7$LQFOXVRFXDQGRWHQJDVPLHGR
5HFXHUGDV HO MXHJR GH OD VHPDQD SDVDGD GRQGH W~ WH GDV OD YXHOWD \ WH
FDHV KDFLD DWUiV" 6L FUHHV TXH HOORV WH FDFKDUiQ HQWRQFHV WLHQHV TXH
WLUDUWH KDFLD DWUiV (VWR LPSOLFD XQ PRYLPLHQWR 7~ QR SXHGHV GHFLU TXH
WLHQHVIHHQ TXH OD SHUVRQD WH FDFKDUi VL QR HVWiV GLVSXHVWR D WLUDUWH KDFLD
DWUiV (V OR PLVPR FRQ 'LRV 7~ QR SXHGHV GHFLU TXH FUHHV HQ 'LRV VL QR
HVWiV GLVSXHVWR D FRQDUOH WX YLGD 1R SXHGHV GHFLU TXH FUHHV TXH 'LRV
WH GLMR TXH WH PRYLHUDV VL QR KDV FRPHQ]DGR D HPSDFDU 1R SXHGHV GHFLU
TXH FRQItDV WX UHSXWDFLyQ D 'LRV VL QR HVWiV GLVSXHVWR D VHQWDUWH FRQ
HO FKLFR PiV LPSRSXODU GH OD HVFXHOD /D YHUGDGHUD IH UHTXLHUH DFFLyQ
&RPR GLFH QXHVWUR YHUVR SDUD PHPRUL]DU OD IH VLQ REUDV HVWi 08(57$

9HUVR

/DKLVWRULDEtEOLFDGHKR\HVRWURJUDQHMHPSOR(OFHQWXULyQHVXQJUDQHMHPSOR
GHIHSDUDQRVRWURV\DTXH-HV~VGLMRDFHUFDGHpOQRKHHQFRQWUDGRDQDGLH
HQ,VUDHOFRQWDQWDIH3HURSDUHFLHUDTXHpOQRKL]RPXFKReOVRODPHQWHOH
GLMRD-HV~VTXHQRWHQtDTXHLUDVXFDVDSDUDODVDQLGDG3HURHVWRPRVWUDED
TXH HO FUHtD HQ OD DXWRULGDG TXH -HV~V WHQtD SDUD RUGHQDU XQD VDQLGDG
LQGHSHQGLHQWHPHQWHGHVXXELFDFLyQ(OFHQWXULyQUHVSDOGyVXIHFRQODDFFLyQ
TXHWRPyeOOHGLMRD-HV~V12YHQJDVDXQFXDQGRpOTXHUtDODVDQLGDGGH
VXFULDGR
4Xp WH SLGH 'LRV FUHHU DKRUD PLVPR" 4Xp DFFLyQ LQYROXFUD" 7LHQHV HO
DWUHYLPLHQWRSDUDGDUHOSDVRGHIH"7RPDUiVDOJXQDDFFLyQSDUDUHVSDOGDU
WXVSDODEUDV"



)HHV3URWHFFLyQ
/D$UPDGXUDGH'LRV

(IHVLRV

/HFFLyQ3ULQFLSDO

+DVYLVWRDOJXQDSHOtFXODTXHLPSOLTXHDOJRGHOPXQGRHVSLULWXDO"+D\WRGR
WLSRGHFRVDVHQODVSHOtFXODVGHiQJHOHVRGHPRQLRVEUXMHUtD\TXHSUHGLFHQHO
IXWXUROHRQHVRFULDWXUDVH[WUDxDV\HQRUPHVEDWDOODVGRQGHHOPXQGRHQWHUR
HVWiHQSHOLJURGHXQDH[SORVLyQ3DUHFHTXHODUD]DKXPDQDHVWiWRWDOPHQWH
IDVFLQDGD FRQ HO ODGR HVSLULWXDO GH OD YLGD \ HVWR QR HV QXHYR HQ HVWH VLJOR
/DVSHOtFXODVDPHQXGRWLHQHQXQPRQWyQGHFRVDVPDODVLQYHQWDQKLVWRULDV
H[WUDxDV PXQGRV H[WUDxRV \ H[WUDxRV
V~SHUSRGHUHVSHURDFLHUWDQHQXQDFRVD
/D%LEOLDHVFODUDHQTXHKD\XQPXQGR
$GHPiVGHWRGR
HVSLULWXDOLQYLVLEOHDOUHGHGRUGHQRVRWURV
HVWRWRPHQHO
+D\ iQJHOHV D QXHVWUR DOUHGHGRU TXH QR
HVFXGRGHODIHFRQHO SRGHPRVYHU'HKHFKRSUREDEOHPHQWH
FXDOSXHGHQDSDJDUWRGDV KD\ XQ iQJHO DKRUD PLVPR HQ WX VDOyQ
ODVHFKDVHQFHQGLGDV GH (VFXHOD 'RPLQLFDO 7DPELpQ 'LRV OH
GHOPDOLJQR
KD GDGR SHUPLVR DO GLDEOR GH YDJDU SRU
(IHVLRV
OD WLHUUD DKRUD \ VX REMHWLYR HV EXVFDU
SHUVRQDVTXHpOSXHGDGHVWUXLU$VtTXH
HQUHDOLGDGHVXQDYHUGDGHUDEDWDOODTXHQRSRGHPRVYHU\UHDOPHQWHVRPRV
JXHUUHURVWUDWDQGRGHGHUURWDUDORVPDORV

9HUVR

(QWRQFHV GyQGH HQWUD OD )( HQ OD EDWDOOD" (IHVLRV  GLFH TXH WHQHPRV
XQHVFXGRGHIHSDUDGLVWLQJXLUWRGRVORVGDUGRVGHIXHJRGHOGLDEOR$VtTXH
EiVLFDPHQWHW~HVWiEDMRDWDTXH\WLHQHVTXHSURWHJHUWHFRQODIH/D%LEOLD
GLFHTXHHOGLDEORYHQGUiDWLFRQVXVDUPDVUHSXJQDQWHV\ODIHHVODTXH
SURWHJHUiWXFXHUSRGHKDFHUWHGDxR(QWRQFHVGHQXHYRTXpHVODIH"(V
FUHHUDOJRFRQ6(*85,'$'DXQFXDQGRQRORYHR(VFUHHUORTXHGLFHOD%LEOLD
SRUHMHPSORTXHKD\iQJHOHVDOUHGHGRUDXQFXDQGRQRORVSXHGDVYHU2HV
FUHHUTXH'LRVFUHyHO8QLYHUVRHQGtDVDSHVDUGHTXHQRHVWDEDVSUHVHQWH
SDUDYHUOR
)HHVGHFLGLUFUHHUORTXH'LRVWHGLFHSHUVRQDOPHQWHRHQOD%LEOLD(VWRHVXQD
GHFLVLyQ \ FXDQGR W~ GHFLGHV FUHHU PHWDIyULFDPHQWH W~ OHYDQWDV WX HVFXGR
TXHWHSURWHJHUiGHORVDWDTXHVTXH9(1'51GHOPDOLJQR)HHVSURWHFFLyQ
HVSLULWXDO

'HVDItR
'HVDItR

$KRUDVLYDPRVDQHFHVLWDU
WXFUHDWLYLGDGSRUTXHHV
WLHPSRSDUDMXJDUFRQ
GUDPDWL]DFLRQHV(OHTXLSR
FRQPiVSXQWRVJDQD

3DUD'LVFXWLU
(QTXpVLWXDFLRQHV
PHSXHGHSURWHJHUOD
IH"
&XiQGRPHPHWRHQ
ODEDWDOOD"
3RUTXpHOGLDEOR
HVWDQFRFKLQRSDUD
SHOHDU"

4XLHURSHOHDU
SRU&ULVWRSHUR
GHERWHQHUHO
HVFXGRGHODIH
SXHVWR





'HVDItR
'HVDItR

)HHV&LHJD

7XGHVDItRGHODVHPDQDHV
SDUWLFLSDUHQODVFDUUHUDV
SHURHVWDUiQFLHJRVeFKHOH
JDQDVSDUDDGHODQWDUWH

/DGUyQFUXFLFDGR

/XFDV

/HFFLyQ3ULQFLSDO

8QSLORWRTXHDFDEDEDGHUHFLELUVXOLFHQFLDYRODEDVXDYLyQSULYDGRHQXQGtD
QXEODGReOQRWHQtDPXFKDH[SHULHQFLDLQFOXVRHQHODWHUUL]DUHODYLyQ&XDQGR
ODWRUUHGHFRQWUROFRPHQ]yDOODPDUORSDUDTXHDWHUUL]DUDpOHPSH]yDSHQVDU
HQWRGDVODVFROLQDVWRUUHV\HGLFLRVHQHVDiUHD'HSURQWRHQWUyHQSiQLFR
&yPR VHUtD FDSD] GH HVTXLYDU HVDV FRVDV VL QR SRGtD YHUODV" &RQ XQD YR]
WUDQTXLOD SHUR UPH HO FRQWURODGRU DpUHR OH GLMR 8VWHG VROR REHGH]FD ODV
LQVWUXFFLRQHVQRVRWURVQRVHQFDUJDPRVGHODVREVWUXFFLRQHV
(VH SLORWR GHEH KDEHUVH VHQWLGR FRPR VL HVWXYLHUD
YRODQGRDFLHJDV
7~ \ \R WDPELpQ WHQHPRV TXH YRODU D FLHJDV VL
$KRUDELHQOD
YDPRVDWHQHUXQDJUDQIHSRUTXHODVFRVDVGH
HVWHPXQGRHVWiQGLVWUD\pQGRQRV&yPRSXGR
IHHVODJDUDQWtD
GHORTXHVHHVSHUD $EUDKDP FUHHU TXH 'LRV OH GDUtD FLHQWRV GH
QLHWRVVLDXQQRWHQtDQLQJ~QKLMR"&yPRIXH
ODFHUWH]DGHORTXH FDSD]3HGURGHVDOLUGHOEDUFRFXDQGRpOSRGtD
QRVHYH
YHUHODJXDFRQVXVSURSLRVRMRV\VDEtDTXHVH
+HEUHRV
KXQGLUtD" &yPR SXGLHURQ ORV HVStDV GH &DQDiQ
GHFLGLUWRPDUODWLHUUDSURPHWLGDFXDQGRORVKRPEUHV
GHDOOtSDUHFtDQJLJDQWHVTXHSRGtDQDSODVWDUORVFRQVXGHGRPHxLTXH"
3RU OR JHQHUDO OD IH HQWUD HQ DFFLyQ FXDQGR 'LRV HVWi GLFLHQGR DOJR TXH HV
FRQWUDULRDORTXHWXVRMRVHVWiQYLHQGR

9HUVR

(OKRPEUHTXHPXULyDOODGRGH-HV~VHQODFUX]FUH\yTXH-HVXFULVWRHUDHO+LMR
GH'LRV3DUDFUHHUHVWRpOWXYRTXHHVWDUFLHJRDOKHFKRGHTXH-HV~VHVWDED
VLHQGRDVHVLQDGRMXQWRDpOFRPRRWURFULPLQDOFRP~Q6XVRMRVOHGHFtDQTXH
-HV~VHUDXQFULPLQDO6XIHOHGLMR12HVWHKRPEUHHVHO+LMRGH'LRV\OD
IHGHHVWHKRPEUHORVDOYy1XHVWUDIHWDPELpQQRVVDOYDUiGHORVGDUGRVGH
IXHJRGHOGLDEORFRPRORDSUHQGLPRVODVHPDQDSDVDGD\WDPELpQGHODPXHUWH
HWHUQDDVtFRPRDOKRPEUHFUXFLFDGR
$Vt FRPR GLFH QXHVWUR YHUVR SDUD PHPRUL]DU OD YHUGDGHUD IH VLJQLFD TXH W~
HVWiV6(*852GHFRVDVTXH12YHV(QWRQFHVQRFRQItHVHQWXVRMRVWHQIH
HQ'LRV8QDIHFLHJD
$XQTXHQR
SXHGRYHU
DGHODQWHYR\D
EULQFDUFRQIH



3DUD'LVFXWLU
4XpSDVDVLQR
PHVLHQWRFRPRXQ
KHUPDQLWR"
&yPRVpORTXH
WHQJRTXHKDFHUHQ
FDGDVLWXDFLyQ"
6L'LRVPHGLFHQR
KDFHUDOJR<TXp
VLWRGRVORKDFHQ"

'HVDItR

3DUDFROPDUYDPRVDWHQHU
FRQFXUVRGH&$172HQ
ODFODVHSHURDKRUDFDGD
TXLHQSUHSDUDQGRVXFDQWR
6HJXUDPHQWHFRQHVWR
VHUiQORVJDQDGRUHVGHHVWH
*UDQ'HVDItR

3DUD'LVFXWLU
3RUTXpWHQJRTXH
HVWDUWDQFODYDGRFRQ
&ULVWR"
3RUTXpORVFXOWRV
VRQWDQDEXUULGRV"
<DPtTXp"

5HQGLFLyQ7RWDO

&XDWURHQHOKRUQR



'DQLHO

/HFFLyQ3ULQFLSDO
-DPHV $EEH\V YLYLy HQ XQ PRPHQWR

9HUVR

GLItFLO GH OD KLVWRULD FXDQGR OD ,JOHVLD

<HVIXpUFHQVHSRU
&DWyOLFD5RPDQDSHUVLJXLyDORVFULVWLDQRV
FXPSOLUHOPHQWHHO
SURWHVWDQWHVKDVWDHOSXQWRGHODPXHUWH
eOWXYRTXHPRYHUVHGHXQDFLXGDGDRWUD PDQGDPLHQWR\ODOH\TXH
SDUDSUDFWLFDUVXIHVLQVHUDUUHVWDGR3HUR OHVRUGHQy0RLVpVVLHUYR
XQ GtD OR DWUDSDURQ \ ORV HQFHUUDURQ \ GHO6HxRUDPHQDO6HxRU
WUDWDURQSRUWRGRVORVPHGLRVGHFRQVHJXLU
VX'LRVFRQG~]FDQVH
TXH UHQXQFLDUD D VX IH (OORV OH KLFLHURQ
GHDFXHUGRFRQVX
IDOVDV SURPHVDV \ OR DPHQD]DURQ FRQ
YROXQWDGREHGH]FDQ
WRUWXUDUORPXFKRQDOPHQWHpOVHULQGLy\
VXVPDQGDPLHQWRV
VHUHWUDFWy/ROLEHUDURQ\DOVDOLUOHGLHURQ
DOJRGHGLQHUR
PDQWpQJDQVHXQLGRV
0LHQWUDV$EEH\VVHDOHMDEDFRQHOGLQHUR UPHPHQWHDpO\VtUYDQOH
HQ OD PDQR VX FRQFLHQFLD FRPHQ]y D
GHWRGRFRUD]yQ\FRQ
PROHVWDUOR (QVHJXLGD pO VXSR TXH 'LRV
WRGRVXVHU-RVXp
QRHVWDEDIHOL]FRQVXVDFFLRQHV
$EEH\VLQPHGLDWDPHQWHVHUHJUHVyFRQHO
RELVSROHDUURMyHOGLQHUR\OHGLMRTXHVHDUUHSHQWtDGHKDEHUVHUHWUDFWDGR\KDEHU
DFHSWDGRHOUHJDOR/RVRELVSRVWUDWDURQGHSHUVXDGLUORGHQXHYRSHURHVWDYH]pO
VHPDQWXYRUPH\IXHTXHPDGRHQODKRJXHUDHOGH$JRVWRGH
+D\PXFKRVKRPEUHV\PXMHUHVGHQXHVWUDKLVWRULDTXHVHKDQPDQWHQLGRUPHV
HQ VX IH DXQ DQWH OD VHQWHQFLD GH PXHUWH (Q OD DFWXDOLGDG VROR KD\ SRFDV
FLUFXQVWDQFLDV HQ ODV TXH PRULUtDPRV SRU QXHVWUD IH SHUR GLDULDPHQWH WHQHPRV
TXHPRULUDQRVRWURVPLVPRVVLTXHUHPRVWHQHUXQDIHUPHFRPRORVTXHKDQ
VLGRDQWHVGHQRVRWURV(VWRVLJQLFDTXHQHFHVLWDPRVWHQHUXQDWRWDOUHQGLFLyQ
&RQ ORV KRPEUHV GH OD KLVWRULD EtEOLFD GH KR\ IXH OR PLVPR /RV REOLJDEDQ
D DUURGLOODUVH DQWH XQ tGROR \ DGRUDUOR &RPR HOORV VH UHKXVDURQ ORV  IXHURQ
ODQ]DGRVDXQKRUQRGHIXHJRSDUDTXHPXULHUDQ
(QHVWHWLHPSRKD\RFDVLRQHVFXDQGR'LRVQRVSLGHYLYLUHQVLWXDFLRQHVGLItFLOHV
SRUHMHPSORD\XGDUDQXHVWURVKHUPDQRVRKHUPDQDVREHGHFHUDQXHVWURVSDGUHV
RSHUPLWLUOHDDOJXLHQPiVTXHJDQH&XDQGR'LRVSLGHTXHULQGDPRVWRGRDeO
DOJXQDV YHFHV HVR HQ UHDOLGDG '2/(5 1HFHVLWDPRV HVWDU UPHV HQ ORV TXH
FUHHPRV\GHFLUDOJRFRPRORTXH6DGUDF0HVDF\$EHGQHJRGLMHURQ(O'LRVD
TXLHQVHUYLPRVHVFDSD]GHVDOYDUQRVSHURLQFOXVRVLQRORKDFHTXHUHPRVTXH
XVWHGVHSDTXHQRVHUYLUHPRVDVXVGLRVHVRDGRUDUHPRVODLPDJHQGHRURTXH
KDOHYDQWDGR1RLPSRUWDVL'LRVGHFLGHVDOYDUWHRQR1XHVWUDGHFLVLyQGHEHVHU
UHQGLUQRVFRPSOHWDPHQWHD'LRVQRYLYLHQGRSDUDQRVRWURVPLVPRVVLQRYLYLHQGR
SDUDeO

6LLLLL
YR\DGDUOH
WRGRD'LRVFRQ
HVWHEDLOH

'LRVVHXQLyFRQHVWRVKRPEUHVHQHOKRUQR\ORVVDOYyPLODJURVDPHQWHGHOD
PXHUWH$YHFHV'LRVKDUiORPLVPRSRUQRVRWURVLQWHUYLQLHQGR\VDOYiQGRQRV
1R LPSRUWD OR TXH 'LRV GHFLGD KDFHU QXHVWUD GHFLVLyQ GHEH VHU OD PLVPD GH
-DPHV $EEH\V PDQWHQHUQRV UPHV HQ QXHVWUD IH LQGHSHQGLHQWHPHQWH GH ODV
FRQVHFXHQFLDV0DQWHQJiPRQRVUPHVHQQXHVWUDIHHQ-HVXFULVWRYLYDPRVXQD
YLGDSDUD'LRV\QRQRVUHWUDFWHPRVSRUQLQJXQDUD]yQ(VWHHVHOWLHPSRSDUD
TXHQRVRWURVYLYDPRVXQDYLGDGHUHQGLFLyQWRWDO



9HUVRV0HPRUL]DGRV



















































































































$VLVWHQFLD































$FFLyQ

'HVDItR3HUVRQDO

'HVDItRSRU(TXLSRV

'HVDItRGH9HUVRV/HtGRV
(ODERUDGRSRUHO0LQLVWHULR3UR9LVLyQUHVHUYDPRVORVGHUHFKRV/HVGDPRV
SHUPLVRGHKDFHUFRSLDVGHOPDWHULDOSDUDVXVQHFHVLGDGHVRSDUDEHQGLFLUDRWURV
PLQLVWHULRVQRSDUDJDQDQFLD
7RGDOD(VFULWXUDWRPDGDGHOD1XHYD9HUVLRQ,QWHUQDFLRQDO,PSUHVRHQ0p[LFR
*UDFLDVDOHTXLSRFUHDWLYRGHOPDWHULDO
'ZLJKW\.ULVWLQD.UDXVV*HUPiQ$OFiQWDU\-RVK\/DF\QGD%UHH:HEE

3DUDPiVLQIRUPDFLyQFRQWDFWDQRVDRNULVWLQD#SURYLVPH[FRP
9LVtWDQRVHQOD:HEZZZ/RV1LQRV&XHQWDQFRP