8QD SRO WLFD GHO UHWUDWR IHPHQLQR OD UHSUHVHQWDFLyQ GH OD PXMHU HQ OD REUD GH
0DUJDULWD1HONHQ
1$9$552'RP QJXH](OR 
8QLYHUVLGDGGH+XHOYD

/DELEOLRJUDI DVREUH0DUJDULWD1HONHQKDH[SHULPHQWDGRHQORV~OWLPRVDxRVXQ
FRQVLGHUDEOH DXPHQWR TXH KD YHQLGR D FRQILUPDU OD GHILQLWLYD UHFXSHUDFLyQ GH XQD
DXWRUDTXHKDVWDODIHFKDKDE DYHQLGRVLHQGRHVWXGLDGDFDVLH[FOXVLYDPHQWH VLHPSUH
GH PRGR PDUJLQDO HQ VX FRQGLFLyQ GH GLULJHQWH SRO WLFD GXUDQWH ORV DxRV GH OD
5HS~EOLFD OD*XHUUD&LYLO

/DVUHFLHQWHVDSRUWDFLRQHVGHODFU WLFDKDQSHUPLWLGRHO
UHGHVFXEULPLHQWRGH1HONHQQRVyORFRPRSLRQHUDHQ(VSDxDGHOSHQVDPLHQWRIHPLQLVWD
GHL]TXLHUGDVVLQRWDPELpQFRPRDXWRUDGHXQDVHULHGHWH[WRVOLWHUDULRVHQORVTXHHVH
PLVPRSHQVDPLHQWRGHVDUUROODGRSRUH[WHQVRHQHOHQVD R/DFRQGLFLyQVRFLDOGHOD
PXMHUHQ(VSDxD

VHFRPELQDFRQHOHPHQWRVGHODQRYHODSRSXODUGHODpSRFD
SDUD GDU OXJDU D XQD QDUUDWLYD IHPLQLVWD YHUGDGHUDPHQWH VLQJXODU VHJ~Q VH SXHGH
DSUHFLDUHQREUDVFRPR/DDYHQWXUDGH5RPDR/DWUDPSDGHODUHQDO

8QDEXHQDSDUWH


 'HVGH OD ELRJUDI D SLRQHUD GH 52'5,*2 $QWRQLQD  0XMHUHV GH (VSDxD /DV VLOHQFLDGDV
%DUFHORQD 3OD]D  -DQpV SiJV  UHHGLWDGR HQ 52'5,*2 $QWRQLQD 0XMHUHV SDUD OD
KLVWRULDGH(VSDxD/D(VSDxDVLOHQFLDGDGHOVLJOR;;0DGULG&RPSDx D/LWHUDULDSiJVKDQ
DSDUHFLGR RWURV UHV~PHQHV GH FRQMXQWR FRPR ORV GH *$5=Ï1 -DFRER ,VUDHO  025'(-$, '(/$
38(57$-DYLHU³0DUJDULWD1HONHQXQDPXMHUHQODHQFUXFLMDGDHVSDxRODGHOVLJOR;;´5D FHV
5HYLVWD-XG DGH&XOWXUDQSiJV0$1*,1,6KLUOH /DVPRGHUQDVGH0DGULG/DV
JUDQGHV LQWHOHFWXDOHV HVSDxRODV GH OD YDQJXDUGLD 0DGULG 3HQ QVXOD SiJV  $VLPLVPR HV
QHFHVDULR GHVWDFDU SRU OD VHOHFFLyQ GH WH[WRV TXH DFRPSDxD DO UHVXPHQ ELRJUiILFR HO WUDEDMR GH
0$57Ë1(=-RVHEH0DUJDULWD1HONHQ0DGULG'HO2UWR
(QHOHVWXGLRGHODDFWXDFLyQSRO WLFDGH1HONHQKD TXHPHQFLRQDUORVWUDEDMRVGH.(515REHUW:
³0DUJDULWD1HONHQ0XMHUHV ODFULVLVGHORVSRO WLFRVHVSDxROHV´6/$8*+7(5-DQH .(51
5REHUW(XURSHDQ:RPHQRQWKH/HIW6RFLDOLVP)HPLQLVPDQGWKH3UREOHPV)DFHGE 3ROLWLFDO:RPHQ
WRWKH3UHVHQW:HVWSRUW*UHHQZRRG3UHVV 18 (=3e5(=0DU D*ORULD³0DUJDULWD
1HONHQXQDDSXHVWDHQWUHODFRQWLQXLGDG HOFDPELR´/DVPXMHUHVHQODJXHUUDFLYLOHVSDxROD0DGULG
0LQLVWHULRGH&XOWXUDSiJV&RQWLQ~DHVHHQIRTXHHOUHFLHQWHWUDEDMRGH35(6721(3DXO
3DORPDVGHJXHUUD%DUFHORQD3OD]D -DQpVSiJV'HODDFWXDFLyQGHODDXWRUDHQHO
H[LOLRVHKDRFXSDGR%25'21$'$ÈQJHOD(QD³0DUJDULWD1HONHQXQDPXMHUHQHOH[LOLR´
29,('25RF RHG0p[LFRHQODHQFUXFLMDGD0DGULG8QLYHUVLGDG&RPSOXWHQVHSiJV 
%25'21$'$ÈQJHOD(QD³(OHSLVWRODULRGH0DUJDULWD1HONHQXQDPLUDGDLQWHULRUGHOH[LOLR´
$FWDVGH6HVHQWDDxRVGHVSXpV&RQJUHVR,QWHUQDFLRQDO³/D&XOWXUDGHOH[LOLR´2YLHGR8QLYHUVLGDGGH
2YLHGR

9pDVH&$30$1<0DULD$XUHOLD³8QOLEURSROpPLFRVLQSROpPLFD´0DUJDULWD 1HONHQ /D
FRQGLFLyQ VRFLDO GH OD PXMHU HQ (VSDxD 0DGULG &96 SiJV   %5(7= 0DU /HH 
³0DUJDULWD 1HONHQV /D FRQGLFLyQ VRFLDO GH OD PXMHU HQ (VSDxD %HWZHHQ WKH 3HGDJRJLF DQG WKH
3HUIRUPDWLYH´ */(11.DWKOHHQ 0  0$=48,$5È1'( 52'5Ë*8(=0HUFHGHV HGV6SDQLVK
:RPHQ:ULWHUVDQGWKH(VVD *HQGHU3ROLWLFVDQGWKH6HOI&ROXPELD8QLYHUVLW RI0LVVRXUL3UHVV

/DUHFXSHUDFLyQKDHPSH]DGRSRUODUHHGLFLyQGHODVQRYHODVHQ1(/.(10DUJDULWD/DWUDPSD
GHODUHQDO(GGHÈQJHOD(QD%RUGRQDGD0DGULG&DVWDOLD%25'21$'$ÈQJHOD(QDHG
1RYHODVEUHYHVGHHVFULWRUDVHVSDxRODV0DGULG&DVWDOLD$DPEDVHGLFLRQHVKD TXHVXPDU
ODGHODQRYHODGH6$1721-$*RQ]DORHG(O2UGHQHQ/DVQRYHODVURMDV0DGULG'HOD
GH OD HIHFWLYLGDG GH HVD PLVPD QDUUDWLYD IHPLQLVWD UHVLGH D QXHVWUR MXLFLR HQ OD
KDELOLGDGGH1HONHQSDUDODFDUDFWHUL]DFLyQGHORVSHUVRQDMHVIHPHQLQRVPHGLDQWHXQ
WLSR GH UHWUDWR TXH ORV VLW~D FRQ SUHFLVLyQ GHQWUR GH OD VRFLHGDG GH OD pSRFD  TXH
SHUPLWHDODDXWRUDDJUXSDUORV HVWDEOHFHUHQWUHHOORVUHODFLRQHVGHWLSRVLPEyOLFR
8QDVSHFWRLPSRUWDQWHGHOXVRGHOUHWUDWRIHPHQLQRHQODREUDGH1HONHQHVVLQ
GXGDHOKHFKRGHTXHHQpOVHSXHGHSHUFLELUHOSURIXQGRFRQRFLPLHQWRGHODWpFQLFDGHO
UHWUDWRSLFWyULFRTXHKDEU DGHSURSRUFLRQDUOHDODDXWRUDVXODUJDGHGLFDFLyQDODFU WLFD
GHDUWH6XVSULPHURVWH[WRVXQDUW FXORVREUH*R DHQODUHYLVWDLQJOHVD7KH6WXGLR 
RWUR VREUH HO *UHFR HQ HO 0HUFXUH GH )UDQFH DSDUHFHQ FXDQGR 1HONHQ  WLHQH VyOR
TXLQFHDxRV

LQLFLDQGRODDXWRUDGHVGHHQWRQFHVXQDSUHFR]FDUUHUDTXHHVWLPXODGDHQ
JUDQ PHGLGD SRU VX IDPLOLDULGDG FRQ ORV PHGLRV DUW VWLFRV HXURSHRV FRQRF D
SHUVRQDOPHQWHD5RGLQ D=XORDJDGDU DFRPRUHVXOWDGRODSXEOLFDFLyQHQGHVX
SULPHUOLEUR*ORVDULRGRQGHHQWUHRWURVDUWLVWDVHVWXGLDODREUDGH*DXJXLQ5RGLQ
.OLPW =XORDJD

(Q*ORVDULRDSHQDVVLHQFRQWUDPRVUHIHUHQFLDVDODPXMHUSHURHO
OLEUR FRQVWLWX H SRU V  PLVPR XQ YHUGDGHUR DOHJDWR IHPLQLVWD HQ WDQWR DFWR GH
DXWRDILUPDFLyQ GH OD VROYHQFLD LQWHOHFWXDO  OD VDJDFLGDG GH VX MRYHQ DXWRUD HQ XQ
WHUUHQR HO GH OD FU WLFD GH DUWH HQ HO TXH QLQJXQD PXMHU KDVWDHVH PRPHQWR KDE D
OOHJDGRDDO]DUXQDYR]SURSLD8QRGHORVDUWLVWDVHVWXGLDGRVHQ*ORVDULRHUDHOHVFXOWRU
HVSDxRO -XOLR $QWRQLR FRQ TXLHQ OD DXWRUDKDEU D GHWHQHU XQDHVWUHFKD UHODFLyQ  D
TXLHQKDELWXDOPHQWHVHDWULEX HODSDWHUQLGDGGH0DJGDODKLMDTXH1HONHQGDU DDOX]
HQ

2EOLJDGDGHVGHHQWRQFHVDJDQDUVHODYLGDHVFULELHQGRDFDXVDGHVXQXHYD
FRQGLFLyQ GH PDGUH VROWHUD  GH ORV SUREOHPDV HFRQyPLFRV GH VX IDPLOLD

 1HONHQ
FRQWLQXDU DFRODERUDQGR HQGLVWLQWDV SXEOLFDFLRQHVHXURSHDV HVSDxRODVLPSDUWLHQGR
DGHPiVFRQIHUHQFLDVHQHO$WHQHR FODVHVGHSLQWXUDHQHO0XVHRGHO3UDGRGRQGHPiV
WDUGHSURQXQFLDUiODVFRQIHUHQFLDVUHFRJLGDVHQVXVHJXQGROLEURGHFU WLFD7UHVWLSRVGH
Y UJHQHV  HQ HO TXH VH KDFH D SUHVHQWH HO LQWHUpV GH OD DXWRUD SRU HO UHIOHMR

7RUUH(QWUHORVWUDEDMRVGHGLFDGRVDODREUDOLWHUDULDGH1HONHQKD TXHFLWDUORVGH,$1(65D~O
³(OUHVFDWHGHXQVLOHQFLR0DUJDULWD1HONHQ´5RPDQFH/DQJXDJHV$QQXDOQSiJV
-2+16215REHUWD³*HQGHUDQG1DWLRQLQ6SDQLVK)LFWLRQ%HWZHHQWKH:DUV´
5HYLVWD&DQDGLHQVHGH(VWXGLRV+LVSiQLFRVYRO;;,Q~PSiJV6(59e1&DUPHQ
³0DUJDULWD1HONHQIHPLQLVPR FUHDFLyQQDUUDWLYDHQORVDxRVYHLQWH´'RVVLHUV)HPLQLVWHVQSiJV
 %255$&+(52$UDQ]D]X³8QDPXMHUVRQDGD XQQXHYRRUGHQVRFLDO/DQDUUDWLYD
HOHQVD RGH0DUJDULWD1HONHQ´&RQIOXHQFLDYRO;9,,,QSiJV

6HJ~QXQUHVXPHQDXWRELRJUiILFRHQYLDGRD-XDQD*DVFyQ0D OORHQ FRQVHUYDGRHQHO$UFKLYR
+LVWyULFR/HJ(OWH[WRKDVLGRSXEOLFDGRSRU-RVHEH0DUW QH]2SFLWSiJV

*ORVDULRREUDV DUWLVWDV0DGULG)HUQDQGR)H

$8%0D['LDULRV%DUFHORQD$OEDSiJV

%25'21$'$(QD2SFLW³,QWURGXFFLyQ´SiJV
DUW VWLFRGHODFRQGLFLyQIHPHQLQD/RVWLSRVGHY UJHQHVDQDOL]DGRVSRU1HONHQHQHO
OLEUR VRQ OD GH )UD $QJHOLFR UHSUHVHQWDGD FRPR XQD ³GLYLQLGDG LQFRUSyUHD´ ODV
Y UJHQHVGH5DIDHOLGHQWLILFDGDVVHJ~QODDXWRUDFRQHO³LGHDOIHPHQLQR DPRURVR´
GHODUWLVWD ILQDOPHQWH ODGH $ORQVR&DQRHQODTXH1HONHQYH³DODPXMHUTXHHO
DUWLVWDYHDWRGDVKRUDVODVXEOLPDFLyQQR DGHVXVHQWLPLHQWRLQWHUQRQR DGHVX
LGHDOWHUUHVWUHVLQRGHVXYLVLyQPiVGLUHFWD FRWLGLDQD´


3HURMXQWRDODFU WLFDGHDUWHTXHOHSURSRUFLRQDUiD1HONHQFRPRKHPRVYLVWR
XQPRGRSDUWLFXODUGHFDWHJRUL]DFLyQVLPEyOLFDGHODUHDOLGDGVXVUHWUDWRVVRQHQJUDQ
PHGLGDHOUHVXOWDGRGHODSHUFHSFLyQGHODDXWRUDDFHUFDGHODSDUWLFXODUVLWXDFLyQVRFLDO
SRO WLFDGHODPXMHUHQVXpSRFDXQSUREOHPDDOTXHWHQGUiTXHHQIUHQWDUVHQRVyOR
FRPRLQWHOHFWXDO VLQRWDPELpQ FRPRPXMHU WUDEDMDGRUD PDGUHVROWHUD(OUHVXOWDGR
VHUi/DFRQGLFLyQVRFLDOGHODPXMHUHQ(VSDxD

GRQGHGHVGHXQDILUPHGHIHQVD
GHOWUDEDMRIHPHQLQRFRPRLQVWUXPHQWRGHHPDQFLSDFLyQ1HONHQSDVDUiUHYLVWDDORV
GLVWLQWRVJUXSRVVRFLDOHVLPSOLFDGRVHQHOSUREOHPDGHVGHODVREUHUDV HPSOHDGDVDODV
PXMHUHVGHSURIHVLRQHVOLEHUDOHVGHWHQLpQGRVHFRQHVSHFLDODWHQFLyQHQODUHODFLyQFRQ
HOWUDEDMRGHODPXMHUGHFODVHPHGLD HQODDFWLWXGGHpVWDIUHQWHDOPDWULPRQLR

(QDOJXQRVSD VHVHOPDWULPRQLRHVDPHQXGRGHJUDGDGRSRUODFRGLFLDGHOKRPEUHHQ
EXVFDGHXQDEXHQDGRWHDTX SRUORJHQHUDOHOPDWULPRQLREXUJXpVVHHQYLOHFHGHVGHXQ
SULQFLSLRSRUFXOSDGHODPXMHUTXHVHYHQGHOHJ WLPDPHQWHFRQQRPHQRVDVWXFLD D
YHFHVKDVWDFRQQRPD RUKLSRFUHV DTXHFXDOTXLHUUDPHUD/D~QLFDGLIHUHQFLDHVTXHHQ
HOPDWULPRQLRHODJDUUDGHURHVGHILQLWLYR TXHXQDYH]FRQVHJXLGRHOFRPSUDGRUOD
PXMHUQRVHSUHRFXSD DHQFRPSHQVDFLyQGHVHJXLUOHDJUDGDQGR(QQLQJXQDSDUWHQL
HQQLQJXQDFRQGLFLyQODYLGDDPRURVDGHODPXMHUHVPiVUXLQQLPiVODPHQWDEOHPHQWH
EDMD ©DQLPDOªTXHHQORVPDWULPRQLRVGHQXHVWUDFODVHPHGLD



/DFRQGLFLyQVRFLDOGHODPXMHUHQ(VSDxDVHUHILHUHDGHPiVDFXHVWLRQHVFRPROD
UHODFLyQ GH OD PXMHU WUDEDMDGRUD FRQ ORV VLQGLFDWRV OD PDWHUQLGDG  OD KLJLHQH OD
SURVWLWXFLyQODVLWXDFLyQGHODPXMHUHVSDxRODDQWHODOH  ODQHFHVLGDGGHOGLYRUFLR
FRQFOX HQGRFRQXQDQiOLVLVGHODVLPSOLFDFLRQHVSRO WLFDVGHHVDVPLVPDVFXHVWLRQHVHQ
HO TXH 1HONHQ VH PDQLILHVWD GHQWUR GH OD SRVWXUD FOiVLFD GH XQD EXHQD SDUWH GHO
IHPLQLVPRHVSDxROGHODpSRFDHQFRQWUDGHOYRWRIHPHQLQR




1(/.(17UHVWLSRVGHY UJHQHV0DGULG&XDGHUQRV/LWHUDULRVSiJV

1(/.(1/DFRQGLFLyQVRFLDOGHODPXMHUHQ(VSDxDVXHVWDGRDFWXDOXQSRVLEOHGHVDUUROOR
%DUFHORQD0LQHUYD&LWDPRVSRUODHGLFLyQGH%DUFHORQD&96

1(/.(12SFLWSiJ

9pDVH6&$1/21*HUDOGLQH/DSROpPLFDIHPLQLVWDHQOD(VSDxDFRQWHPSRUiQHD
0DGULG$NDO
3HURDOPDUJHQGHORVDUJXPHQWRVSODQWHDGRVSRU1HONHQHQODREUDTXHSRGHPRV
FRQVLGHUDUFRPRXQYHUGDGHURDODUGHLQWHOHFWXDOGHELGRDODGRFXPHQWDFLyQTXHH[KLEH
DODEULOODQWH]GHVXVUD]RQDPLHQWRVODREUDSUHVHQWDDOKLORGHODVUHIOH[LRQHVGHOD
DXWRUDXQDH[WHQVDJDOHU DGHWLSRVIHPHQLQRVHQORVTXHFRPRYHUHPRVVHHQFXHQWUD
HO JHUPHQ GH XQD EXHQD SDUWH GH ORV SHUVRQDMHV  VLWXDFLRQHV TXH HQFRQWUDUHPRV
GHVSXpVHQVXQDUUDWLYD
7DOFRPRKDHVWXGLDGR(QD%RUGRQDGDHQVXHGLFLyQGHQRYHOLVWDVHVSDxRODVGH
FRPLHQ]RV GH VLJOR OD QRYHOD GH 1HONHQ VH LQVHUWD HQ HO FRQWH[WR GH XQD QXHYD
JHQHUDFLyQGHDXWRUDVTXHEHQHILFLiQGRVHGHODXJHGHODVFROHFFLRQHVGHQRYHODFRUWD
FRPR(OFXHQWRVHPDQDOFRQVLJXHQPDUFDUGLVWDQFLDVFRQUHVSHFWRDOUHODWRIHPHQLQR
GHO ;,; HQ DVSHFWRV WDOHV FRPR HO DEDQGRQR GH OD DXWRELRJUDI D  GH ORV WHPDV
SURFHGHQWHV GHO iPELWR GH OR FRWLGLDQR FRPR HO PDWULPRQLR  OD PDWHUQLGDG (VDV
PLVPDVDXWRUDVFRQVLJXHQDVLPLVPRGHVDUUROODUXQDQDUUDWLYDGLIHUHQFLDGDGHOWLSRGH
UHODWR TXH SUDFWLFDQ ORV QRYHOLVWDV TXH SXEOLFDQ HQ ODV PLVPDV FROHFFLRQHV
HVSHFLDOPHQWHHQORTXHVHUHILHUHDODFRQVWUXFFLyQGHOSHUVRQDMHIHPHQLQR

(QHVH
VHQWLGR(QD %RUGRQDGDDSUHFLD HQ1HONHQXQDFODUDWHQGHQFLDDPRVWUDUMXQWRDXQ
SUHFLVR UHWUDWR I VLFR GHO SHUVRQDMH OD YLQFXODFLyQ GH pVWH FRQ XQ WLSR IHPHQLQR
FRQFUHWR $V  SRU HMHPSOR .DWH )LQGOD  OD SURWDJRQLVWD GH /D DYHQWXUD GH 5RPD
 VH FRUUHVSRQGHU D VHJ~Q (QD %RUGRQDGD FRQ OD PXMHU ³PRGHUQD H
LQGHSHQGLHQWH´ILMDGRSRUODVLOXVWUDFLRQHVGHOGLEXMDQWH5DIDHOGH3HQDJRV

(UDDOWDXQSRFRPDVFXOLQDVLQSHFKRQLFDGHUDVFDVLFRQVXSHORSDML]RFRUWDGRD
PHGLDPHOHQDVXVRPEUHURIOH[LEOH VXWUDMHGHVHGDFUXGDGHKHFKXUDFRPSOHWDPHQWH
VDVWUH3HURWHQ DXQRVRMRVGRUDGRVEDVWDQWHKHUPRVRV EDMRODQDUL]DOJRJUDQGHXQD
ERFDFDUQRVD VHQVXDO(OFXHOORODUJR HOHVFRWHFRQHVDYHODGXUDURMDTXHHOVROSRQH
HQODVFDUQHVPX EODQFDV PX ILQDV

/DSURSLD1HONHQOOHJDUiHQDOJ~QFDVRDH[SOLFLWDUHOUHIHUHQWHSLFWyULFRGHVXV
UHWUDWRVFRPRHQHOFDVRGHGRxD5RVDULRODPDGUHGHOSURWDJRQLVWDGH/DWUDPSDGHO
DUHQDOTXHDSDUHFHGHVFULWDGHOVLJXLHQWHPRGR³&RQVXH[WHULRUDOR6iQFKH]&RHOOR
FRQOD LQTXHEUDQWDEOHPDMHVWDGGHVXSRUWHGRxD0DU DGHO5RVDULRSDUHF DUHFRUGDU
VLHPSUHD WRGRV  HQWRGR PRPHQWROD QREOH]DGH VXOLQDMH TXHHOODPLVPDQXQFD
ROYLGDED´&RQVFLHQWHSXHVFRPRORHVHOSHUVRQDMHFLWDGRGHOVLJQLILFDGRVRFLDO
GH OD DSDULHQFLD H[WHUQD 1HONHQ VH VHUYLUi VLVWHPiWLFDPHQWH GH OD GH VXV SHUVRQDMHV


(1$%25'21$'$2SFLWSiJV
IHPHQLQRVSDUDHVWDEOHFHUQRUPDOPHQWHPHGLDQWHODFRQWUDSRVLFLyQGHXQRVDRWURVVX
YLQFXODFLyQDORVJUXSRVVRFLDOHVGHORVTXHSURFHGHQ
(Q /D DYHQWXUD GH 5RPD XQ MRYHQ SHQVLRQDGR HQ OD $FDGHPLD (VSDxROD GH
5RPD$QGUpVSUHWHQGHVHGXFLUDXQDMRYHQQRUWHDPHULFDQD.DWH)LQGOD SHQVDQGRHQ
HOHIHFWRTXHFDXVDUiDVXUHJUHVRHOUHODWRTXHKDUiGHVXDYHQWXUDGH5RPDHQHOFDVLQR
SURYLQFLDQR3DUDHOORVHRIUHFHUiDKDFHUGHJX DSDUD.DWHH[KLELHQGRDQWHHOODDFDGD
SDVR VXV FRQRFLPLHQWRV GH ORV PRQXPHQWRV  REUDV GH DUWH GH OD FLXGDG &XDQGR
GHVSXpV GH YDULDV VDOLGDV  DOJXQD LQWLPLGDG FUHH HVWDU D SXQWR GH FRQVHJXLU VX
REMHWLYR$QGUpVDYHULJXDSRUPHGLRGHXQDQRWDGHGHVSHGLGDTXH.DWHHVODQRYLDGH
XQSURIHVRUQRUWHDPHULFDQRTXHVHHQFXHQWUDHVFULELHQGRXQOLEURVREUH5RPD TXHDO
QRSRGHUYLDMDUOHKDHQFDUJDGRDHOODTXHUHFRMDLQIRUPDFLyQVREUHODFLXGDGODPLVPD
SUHFLVDPHQWHTXHKDFRQVHJXLGRJUDFLDVD$QGUpV FRQODTXHDFDEDYROYLpQGRVHDORV
(VWDGRV8QLGRV
(O FRQMXQWR GH OD QRYHOD SDUHFH GLVHxDGR GH IRUPD FDVL H[FOXVLYD SDUD KDFHU
UHVDOWDU HO SHUILO GH OD SURWDJRQLVWD FRQ OD TXH 1HONHQ PiV DOOi GH SXQWXDOHV
FRLQFLGHQFLDVELRJUiILFDVSDUHFHLGHQWLILFDUVHGHIRUPDEDVWDQWHFODUD/DDPELHQWDFLyQ
HQ 5RPD  HQ HO PXQGR GHO DUWH DSRUWD HQ JHQHUDO HO DPELHQWH FRVPRSROLWD TXH
MXVWLILFDODSUHVHQFLDGHXQSHUVRQDMHFRPRHOGH.DWHSURSRUFLRQDQGRDGHPiVXQDVHULH
GH HOHPHQWRV VLPEyOLFRV TXH FRQWULEX HQ D UHIRU]DU HO VLJQLILFDGR GHO HVH PLVPR
SHUVRQDMH(QHVHVHQWLGRODDXWRUDHVWDEOHFHXQDYLQFXODFLyQGLUHFWDHQWUHSHUVRQDMHV
IHPHQLQRV V PERORVUHOLJLRVRV FXOWXUDOHVTXHDSDUHFHQRUJDQL]DGRVHQGRVFRQMXQWRV
GH UHIHUHQWHV RSXHVWRVHQWUH ORVTXH VHVLWXDUiILQDOPHQWH $QGUpV 3RUXQ ODGR.DWH
UHSUHVHQWDDXQSD VQXHYRHQHOTXHKDVXUJLGRGHFDUDDOIXWXURXQQXHYRWLSRGH
PXMHUTXHKDFRQVHJXLGRKDFHUVHGXHxDGHVXGHVWLQRJUDFLDVDVXDFFHVRDODFXOWXUD
(QHORWURH[WUHPROD5RPDFDWyOLFDTXHHQFDUQDODGHFDGHQFLDGHODWUDGLFLyQHXURSHD
DSDUHFHSHUVRQLILFDGDHQGRVWLSRVIHPHQLQRVFODUDPHQWHGLIHUHQFLDGRVGH.DWHDXQTXH
SRU UDVJRV FRQWUDSXHVWRV HQWUH V  (O SULPHUR HV HO PRGHOR GH MRYHQ SURYLQFLDQD
UHOLJLRVD IDOWDGHYLWDOLGDGUHSUHVHQWDGDHQODQRYHODSRUODV³FORUyWLFDV´SHUHJULQDV
IUDQFHVDVHQODVTXHVHDGLYLQDQDVLPLVPRODVILJXUDVGHODVGRVW DVEHDWDVGH
$QGUpV(OFRQWUDVWHFRQODYLWDOLGDGTXHPXHVWUD.DWHQRSXHGHVHUPiVOODPDWLYR

(UDXQJUXSRFRPSXHVWRHQVXWRWDOLGDGGHPXMHUHV1LQJXQDPX MRYHQ QLQJXQD
JXDSD9HVW DQFRQHVDUDQFLHGDG±FXHOORVGHPDVLDGRDOWRVIDOGDVGHPDVLDGRODUJDV 
SHORGHPDVLDGRWLUDQWHGHODVSURYLQFLDQDVIUDQFHVDVDXQWLHPSRVROWHURQDV EHDWDV
&RQVLGHUDURQ FRQ HVFDVD VLPSDW D D .DWH TXH LED WRGD GH EODQFR FRQ XQD EOXVD

WUDQVSDUHQWH  HVFRWDGD  XQD IDOGD FRUW VLPD TXH GHVFXEU D KDVWD PHGLD SLHUQD VXV
PHGLDVGHVHGD TXHGHVWRFDGDSRUXQDFRVWXPEUHTXHOHKDF DOOHYDUHOVRPEUHURHQOD
PDQRHQFXDQWRVDO DGHODVFDOOHVFpQWULFDVRVWHQWDEDFRPRJUDFLRVDDXUHRODHOUHYROWLMR
GHVXVFRUWRVEXFOHV

/DHVFHQDWLHQHOXJDUHQOD&DSLOODGH6DQWD&HFLOLDHQODVFDWDFXPEDVXQOXJDU
HQ HO TXH .DWH QR SDUHFH VHQWLUVH D JXVWR IUHQWH D OD LPSUHVLyQ TXH OHSURGXFH VLQ
HPEDUJRHODLUHSDJDQRGHODWXPEDGH&HFLOLD0HWHOOD(QFXDOTXLHUFDVRODFDUQDOLGDG
TXHDSXQWDHQ.DWHHQHOIUDJPHQWRDQWHULRUVHYHUiUHEDVDGDHQHOH[WUHPRRSXHVWRSRU
RWUR WLSR IHPHQLQR QR PHQRV FDUDFWHU VWLFR GH 5RPD TXH HO DQWHULRU HO GH OD PXMHU
FDUQDO H[XEHUDQWH  VHPLDQLPDO UHSUHVHQWDGD SRU OD FULDGD SLDPRQWHVD ³GH SHFKR
DEXQGDQWH SHORUXELRTXHDQGDEDFRQWRQHiQGRVHFRPRRIUHFLHQGRDFDGDSDVRVXV
DEXOWDGDVFDGHUDVDXQSHOOL]FRSUREDEOH´RFRQODPRGHOR³SL]SLUHWD PXJULHQWD´
 DILFLRQDGD D ORV HPEXWLGRV TXH DFDEDQ FRQYLUWLpQGRVH HQ DPDQWHV GHO MRYHQ
HVSDxRO)UHQWHDHVWH~OWLPRWLSR.DWHSUHVHQWDFRPRYLPRVXQDDSDULHQFLDPDVFXOLQD
UHODFLRQDGDFRQVXLQGHSHQGHQFLDSHUVRQDO VXFRQGLFLyQGHPXMHULQWHOHFWXDO
(QWUHDPERVFRQMXQWRVGHWLSRVIHPHQLQRVYLQFXODGRVGHXQPRGRXRWURD5RPD
 HO TXH UHSUHVHQWD HQ VROLWDULR .DWH HVWi $QGUpV GH TXLHQ VLQ GXGD
LQWHQFLRQDGDPHQWHQRVHOOHJDDGDUXQDGHVFULSFLyQI VLFD TXHTXHGDGHVFULWRFRPR
³XQPXFKDFKRFRPRWRGRV´ SRUHOORPLVPR³HGXFDGRHQODVHYHUDVHSDUDFLyQ
GHVH[RVTXHDOLPHQWDWRGDODEDMDOXMXULDEXUJXHVDHVSDxROD´ODPLVPDTXHDFDED
DIORUDQGR HQ HO EUXWDO FRPHQWDULR GH VX FRPSDxHUR GH FXDUWRDO FRQRFHUORV HVFDVRV
SURJUHVRVGHVXUHODFLyQFRQ.DWH³0XFKRUHPLOJR PXFKDDUTXHRORJ D DOILQVRQ
WRGDVXQDVIXUFLDV´(OSULQFLSDOUDVJRTXHGHILQHD$QGUpVHVVXGHELOLGDGYLVLEOH
HQVXV IDQWDV DVGH FRQTXLVWDGRUWDQYDQDVHQHOIRQGRFRPRVXVXSXHVWDYRFDFLyQ
DUW VWLFD(VDGHELOLGDGKDUiSRVLEOHODEXUODGH.DWHDODEDQGRQDUORXQDPDQLREUDFRQ
ODTXHQRVyORFRQVHJXLUiGHUURWDUDOWLSRPDVFXOLQRTXHHQFDUQD$QGUpVVLQRWDPELpQ
GHSDVRDOUHVWRGHWLSRVIHPHQLQRVSUHVHQWHVHQODREUDTXHSRUHOFRQWUDULRVXHOHQ
VRPHWHUVHDORVSHUVRQDMHVPDVFXOLQRV(QXQPXQGRH[FHSFLRQDOPHQWHDOUHYpVVHUiOD
PXMHU XQ WLSR HVSHF ILFR GH PXMHU OD TXH HQ HVWD RFDVLyQ VHGX]FD EXUOH  DFDEH
DEDQGRQDQGRDOMRYHQWHQRULRSURYLQFLDQR
6LQHPEDUJRHOWRQRGHEXUODTXHFDUDFWHUL]D/DDYHQWXUDGH5RPDGHVSDUHFHSRU
FRPSOHWR HQ OD QRYHOD /D WUDPSD GHO DUHQDO  FX R DUJXPHQWR SDUHF D D
DQXQFLDGRHQODVDOXVLRQHVGH/DFRQGLFLyQVRFLDOGHODPXMHUHQ(VSDxDDOPDWULPRQLR
GHFODVHPHGLDFRPRXQDIRUPDGHSURVWLWXFLyQHQFXELHUWD(QODQRYHODMXQWRDXQD
W SLFDLQWULJDGHLQIHOLFLGDGPDWULPRQLDOVLWXDGDHQHOXQLYHUVRXUEDQRFDUDFWHU VWLFRGH
OD QRYHOD SRSXODU GH OD pSRFD VH SODQWHDQ HIHFWLYDPHQWH XQD EXHQD SDUWH GH ODV
FXHVWLRQHV UHODFLRQDGDV FRQ ORV DVSHFWRV HFRQyPLFRV GHO PDWULPRQLR TXH SODQWHDED
1HONHQHQ/DFRQGLFLyQVRFLDOGHODPXMHUHQ(VSDxDFRPRODGHORVHVFU~SXORVTXH
LPSLGHQWUDEDMDUDODVPXFKDFKDVGHODFODVHPHGLD

$TX UHVXOWDULG FXORSDUDPXFKRVHOWUDEDMRGHXQDPXMHUSHURDWRGRHOPXQGROH
SDUHFHQDWXUDOODSRVLFLyQGHXQDPXMHUGHSHQGLHQGRSRUFRPSOHWRGHOWUDEDMRQR DGHO
SDGUHRGHXQPDULGRVLQRGHXQKHUPDQRGHXQW RRGHFXDOTXLHUGHXGRPDVFXOLQR 
XQD PXFKDFKD VDQD  IXHUWH YLYH PX  FyPRGD  PX  QDWXUDOPHQWH D FRVWD SRU
HMHPSORGHXQKHUPDQRDOFXDOHVWDFDUJDVHUYLUiGHLPSHGLPHQWDSDUDWRGRHOSRUYHQLU
<¢FyPRQRKDGHVHUGpVSRWDFyPRQRKDGHVHQWLUVHDJUDYLDGRHOKRPEUHTXHQRVH
SXHGHFDVDUSRUTXHWLHQHTXHPDQWHQHUDVXVKHUPDQDVRHOKRPEUHFDVDGRTXHKDGH
YLYLU PLVHUDEOHPHQWH SRUTXH DGHPiV GH ORV JDVWRV GH VX KRJDU KD GH VXIUDJDU ODV
QHFHVLGDGHVGHXQDKHUPDQDGHXQDW DGHXQDFXxDGDMyYHQHV UREXVWDVFRPRpO"



7DOUHVXOWDVHUHOFDVRGH/XLVHOSURWDJRQLVWDKLMRGHXQDIDPLOLDGHODEXUJXHV D
UXUDO GH SURYLQFLDV TXH VH YH REOLJDGR D FDVDUVH FRQ 6DOXG GHSHQGLHQWD GH XQD
SDSHOHU DGHVSXpVGHKDEHUODGHMDGRHPEDUD]DGD3URFHGHQWHGHXQDIDPLOLDGHVFODVDGD
GHORVEDUULRVSRSXODUHVPDGULOHxRVHKLMDGHSUHQGHUDYLXGDGRxD$VFHQVLyQ6DOXGHV
FRQVFLHQWHGHOYDORUGHFDPELRGHVXFXHUSRHLQVDWLVIHFKDDQWHODVH[LJXDVSHUVSHFWLYDV
HFRQyPLFDVTXHOHRIUHFHODYLGDHQVXPHGLRVRFLDOODPDGUHODDQLPDYHODGDPHQWHD
DFHSWDUFRQYHUWLUVHHQTXHULGDGHDOJ~QULFRGHFLGHILQDOPHQWHFD]DUD/XLVTXLHQOH
JDUDQWL]DUiGHHVHPRGRQRVyORODVHJXULGDGHFRQyPLFDVLQRWDPELpQODUHVSHWDELOLGDG
VRFLDO'HVSXpVGHODOXPEUDPLHQWR6DOXG VXPDGUHOOHJDUiQDHMHUFHUXQDYHUGDGHUD
WLUDQ D VREUH /XLV HQ VXV LQWHQWRV SRU DVHQWDUVH HQ OD SRVLFLyQ VRFLDO FRQTXLVWDGD
PLHQWUDVODVUHODFLRQHVGHODSDUHMDVHYDQGHWHULRUDQGRSURJUHVLYDPHQWH(O~QLFRDOLYLR
DVXVLWXDFLyQOHYLHQHD/XLVGHODFRPSDx DGHXQDMRYHQYHFLQD/LEHUWDGKLMDGHXQ
DQDUTXLVWDTXHTXHGyKXpUIDQDPX MRYHQDFDXVDGHODHMHFXFLyQGHVXSDGUH TXHKD
VDOLGRDGHODQWHSRUV PLVPDWUDEDMDQGRHQGLVWLQWRVRILFLRVORJUDQGRDGHPiVLQVWUXLUVH
DGHFXDGDPHQWH/DPXHUWHGHOSDGUHGH/XLV ODFRQVLJXLHQWHREOLJDFLyQSRUSDUWHGH
pVWHGHKDFHUVHFDUJRGHVXPDGUH KHUPDQDVDV FRPRHOQDFLPLHQWRGHVXVHJXQGR
KLMRKDUiQTXHHOSURWDJRQLVWDDFDEHILQDOPHQWHKXQGLpQGRVHHQODWUDPSDGHDUHQDV
PRYHGL]DVHQTXHDFDEDFRQYLUWLpQGRVHVXPDWULPRQLRVLQTXH/LEHUWDGTXHVHPDUFKD
DWUDEDMDUD3DU VFRPRWUDGXFWRUDSXHGDKDFHUQDGDSRUHYLWDUOR


1(/.(12SFLW/DFRQGLFLyQVRFLDOGHODPXMHUHQ(VSDxDSiJ
/DQRYHODFRQWLHQHHIHFWLYDPHQWHXQH[WHQVRUHSHUWRULRGHSHUVRQDMHVIHPHQLQRV
TXHGLVWULEXLGRVHQWRUQRDODFXHVWLyQFHQWUDOGHOPDWULPRQLR HOWUDEDMRGHODPXMHU
OHVLUYHQD1HONHQSDUDLOXVWUDUHVDPLVPDFRQGLFLyQVRFLDOGHODPXMHUHQ(VSDxDGHOD
TXHKDE DWUDWDGRHQVXHQVD RGHOTXHHQFLHUWRPRGRVHSXHGHFRQVLGHUDUFRPRXQ
WH[WRFRPSOHPHQWDULR

(QHOODHOSHUVRQDMHPDVFXOLQRQRHVGHQXHYRPiVTXHXQ
SUHWH[WRSDUDODFRQWUDSRVLFLyQGHGRVXQLYHUVRVIHPHQLQRVHOGHODVPXMHUHV³UHDOHV´ 
HOGHODQXHYDPXMHUUHSUHVHQWDGRQXHYDPHQWHHQVROLWDULRSRU/LEHUWDG'HQWURGHO
SULPHUJUXSR6DOXGHQFDUQDHQFRQVRQDQFLDFRQVXQRPEUHDOWLSRGHPXMHU³QDWXUDO´
SULPDULDSHURFRQWDPLQDGDGHELGRDVXGHVFODVDPLHQWRSRUHOVHQWLGRPHUFDQWLOLVWD
FDOFXODGRU SUHEXUJXpVGHODSUHQGHUD

6DOXGHUDXQDGHHVDVPXFKDFKDVPDGULOHxDVQLIUDQFDPHQWHDUWHVDQDVQLEXUJXHVDV
TXHGDQDTXLHQODVYHSRUODFDOOHODLOXVLyQGHXQDSRVLEOH IiFLOHOHYDFLyQHQODHVFDOD
VRFLDO
+DFH WRGDY D SRFRV DxRV KXELHUD OOHYDGR HQ LQYLHUQR HO PDQWyQ GH ODQD  HQ
YHUDQRHOSDxROyQGHIOHFRV ORVSLURSRVTXHKDEU DHVFXFKDGRKXELHUDQHQFHUUDGRWRGRV
XQDUHPLQLVFHQFLDGHPDMH]D GHJDUERVDFKXOHU DDKRUDOHIDOWDEDWDQVyORHOVRPEUHUR
SDUDSDUHFHUXQDVHxRULWD1RXQDGHHVDVVHxRULWDVFXUVLV FORUyWLFDVGHODSHTXHxDFODVH
PHGLDVLQRXQDGHHVDVVHxRULWDVYHVWLGDVDODPRGD FDO]DGDVFRQHOHJDQFLDFX RWLSR
KD GLIXQGLGR HQWUH QXHVWUR SURYLQFLDQLVPR HO DOXYLyQ GH OD JXHUUD  TXH LPSRQHQ DO
HVSHFWDGRU XQ GLI FLO HTXLOLEULR HQWUH OD LGHD GH KLMD GH IDPLOLD DFRPRGDGD  OD GH
IUHFXHQWDGRUDGHVRXSHUVWDQJRV FDEDUHWV3RUODPDxDQDPXFKRVYLpQGRODWDQVHULD
FRQ VX YHOLWR PX  HFKDGR D OD FDUD GXGDEDQPiV GH XQ RVDGRUHSULP D HO UHTXLHEUR
GHPDVLDGROLEUHWRPiQGRODSRUXQDEXUJXHVLWDGHYXHOWDGHVXVGHYRFLRQHV HOTXHVH
DWUHY DDSURSDVDUVHUHFLE DXQDPLUDGDWDQGHVSUHFLDWLYDTXHFUH D DGHYHUDVKDEHUVH
HTXLYRFDGR<6DOXGLED YHQ DDVXWUDEDMRSDVHDQGRFRQGLVWDQWHDOWLYH]VXVSDWLOODV
SHOLQHJUDVHOJULVYHUGRVRGHVXVRMRV XQDERFDDQFKDJORWRQDGHVGHxRVD VRPEUHDGD
SRUVXWLO VLPRYHOORTXHHOHFWUL]DEDODVPLUDGDVGHORVKRPEUHVPiVWRGDY DTXHHOVDELR
FRQWRQHRGHVXFXHUSRVLQTXHDQLQJ~QPR]RGHVXFODVHVHOHRFXUULHVHVLTXLHUDVHJXLUOD


6DOXG UHSUHVHQWD SRU WDQWR XQ WLSR I VLFR SHUR WDPELpQ VRFLDO FDUDFWHUL]DGR
SUHFLVDPHQWHSRUHVHGHVFODVDPLHQWRGHOTXHQRVKDEODQVXDWXHQGR ODVUHDFFLRQHVTXH
VX VLJQLILFDGR DPELJXR SURYRFD HQWUH ORV KRPEUHV /D PDGUH GH 6DOXG SHUWHQHFH DO
PLVPRWLSRDXQTXHHQVXGHFDGHQFLDGHDQWLJXDSURWHJLGDVHOHSUHVHQWDDVXKLMDFRPR
HMHPSOR QHJDWLYR GH FXHUSR ³PDO YHQGLGR´ D TXH VHJ~Q OD QDUUDGRUD ³GH MDPRQD
WRGDY DDSHWLWRVDKDE DVHFRQYHUWLGRHQSRFRVDxRVHQXQPRQWyQLQIRUPHGHJUDVDV
PDODVHDGDV YDJDPHQWHGHGLFDGDVDQHJRFLRVGHFRPSUDYHQWD SUHQGHU D´1R


(Q/DFRQGLFLyQVRFLDOGHODPXMHUHQ(VSDxD SDUDHMHPSOLILFDUHOIUDFDVRLQGLYLGXDOGHKRPEUHVGH
YDO D SRU FDXVD GHO PDWULPRQLR FRQYHQFLRQDO 1HONHQ KDF D UHIHUHQFLD SUHFLVDPHQWH D /D YROXQWDGGH
$]RU QFX RGHVHQODFHFRLQFLGHHFLHUWRPRGRFRQHOGH/DWUDPSDGHODUHQDO

PHQRV UHODFLRQDGD FRQ 6DOXG HVWi VX DPLJD QWLPD (QFDUQLWD SURWHJLGD GH XQ
PLOORQDULR³XQDUXELDRSXOHQWDFKLOORQDSRUVXYR]VXLQGXPHQWDULD VXVDGHPDQHV´
DTXLHQ/XLVOODPDLUyQLFDPHQWH³ODEXHQDMHPEUD´
5HSURGXFLHQGRODGLVWULEXFLyQGHWLSRVIHPHQLQRVQHJDWLYRVTXHYH DPRVHQ/D
DYHQWXUD GH 5RPD HO WLSR GH OD PXMHU ³QDWXUDO´ DSDUHFH HQ OD QRYHOD FRQWUDSXHVWR
DXQTXHGHQWURGHOPLVPRJUXSRGHPXMHUHV³UHDOHV´DODPXMHUGHODEXUJXHV DUXUDO
SURYLQFLDQD UHSUHVHQWDGR SRU 'RxD 5RVDULR TXH ³FRQ HO OXVWURVR FDEHOOR QHJUR
OHYHPHQWH VDOSLFDGR GH SODWD PX  FHQFHxD  HUJXLGD QR QHFHVLWDED DSUHWDU HQ XQ
JHVWRKDELWXDOVXVILQRVODELRVSiOLGRVSDUDUHFDOFDUODDXVWHUDGLVWLQFLyQGHVXSRUWH´
 TXHI VLFDPHQWHWDOFRPRUHYHODEDVXDVRFLDFLyQFRQORVUHWUDWRVGH6iQFKH]
&RHOOR SHUWHQHFH DXQ PRVWUDQGR PiV EU RV DO PLVPR WLSR GH PXMHU ³FORUyWLFD´ DO
LJXDOSUREDEOHPHQWHTXHODVKHUPDQDVGH/XLVTXLHQHVDSHVDUGHQRVHUREMHWRGHXQ
UHWUDWRI VLFRSUHFLVRDSDUHFHQFDUDFWHUL]DGDVPRUDOPHQWHHQHOHSLVRGLRHQHOTXH/XLV
OHVVXJLHUHTXHWUDEDMHQ³0DVDODVSULPHUDVSDODEUDVODVQLxDVVHSXVLHURQFRPRGRV
UHLQDV GH WHDWUR D TXLHQHV XQ YLOODQR TXLVLHVH GHVSRMDU  7DPELpQ HOODV SUHIHU DQ
µHQWHUUDUVH HQ YLGD¶ FRPR GHF D VX KHUPDQR D UHQXQFLDU DO SXHVWR TXH OHV
FRUUHVSRQG D´3RU~OWLPRHOUHSHUWRULRGHUHWUDWRVGHODPXMHUEXUJXHVDPiVR
PHQRV³FORUyWLFD´VHYHFRPSOHWDGRHQVXPRGDOLGDGPRGHUQD FDSLWDOLQDSRUODILJXUD
GH0HQHQHSULPDULFDGH/XLVXQD³FKLFDHVSLJDGDEDVWDQWHPRQD XOWUDFKLF´
)UHQWH D HVWD JDOHU D GH PXMHUHV WDQ UHDFLDV DO WUDEDMR FRPR LPEXLGDV ODV GHO
SXHEORWDQWR FRPRODV GHODEXUJXHV DGHXQDFRQFHSFLyQU JLGDPHQWHFODVLVWDGHOD
VRFLHGDG /LEHUWDG YLHQH D UHSUHVHQWDU SRU HO FRQWUDULR OD HQWUHJD DO WUDEDMR  OD
YROXQWDGGHVXSHUDFLyQGHODVGLIHUHQFLDVVRFLDOHVXQDDFWLWXGYHUGDGHUDPHQWHLQVyOLWD
HQODPXMHUHVSDxRODGHODpSRFDTXHVHYHUiUHIOHMDGDHQVXDSDULHQFLDI VLFD

8QD PXFKDFKD FRQ WLSR LQWHUPHGLR HQWUH REUHUD  HVWXGLDQWD UXVD YHVWLGD PX 
PRGHVWDPHQWHQRIHDSHURWDPSRFRJXDSDIUHVFDHVRV FRQXQDFDUQDFLyQDSHWLWRVD
GHIUXWDPDGXUD XQDFDEHOOHUDFRUWD GRUDGDTXHOHGDEDFLHUWRDLUHGHDQGUyJLQR
'HFLGLGDPHQWHHVDPXFKDFKDWHQ DDOJRUDURQRSDUHF DXQDJROIDFRPRDVHJXUDED
LPSXQHPHQWH6DOXGSHURWDPSRFRXQDVHxRULWD WDPSRFRSDUHF DXQDDUWHVDQD
³HO WUDMH QHJUR  PRGHVW VLPR ]DSDWRV JUXHVRV PHGLDV GH DOJRGyQ OD FRUWD
FDEHOOHUDUXELDQDWXUDOPHQWHFUHVSDHFKDGDKDFLDDWUiV1RGHFLGLGDPHQWHQRHUD
HVWDXQDPXMHUSDUDSDVDUHOUDWR

/DDOXVLyQDVXDVSHFWRGH³HVWXGLDQWDUXVD´QRHVHQDEVROXWRFDVXDO&RPR.DWH
HQ /D DYHQWXUD GH 5RPD /LEHUWDG VH FDUDFWHUL]D QR VyOR SRU XQ DVSHFWR  XQ