/DVHQWLPHQWDOLGDGIHPHQLQDHQHOWHDWURGHODGHPRFUDFLD
)(51È1'(=9i]TXH]-RVp0DU D

(QWRUQRDODHVFULWXUDIHPHQLQDKDQVXUJLGRVLHPSUHXQDVHULHGHGHEDWHVVREUH
ORV UDVJRV GLIHUHQFLDGRUHV GH OD PLVPD HQ HVSHFLDO VL H[LVWHXQD HVFULWXUDR SRVWXUD
IRUPDO H[FOXVLYDGHODVDXWRUDV(VWHGHEDWHLQLFLDGRKDFHDxRVVHKDFRQYHUWLGR DHQ
XQ WySLFRGHODWHRU DOLWHUDULD,JQDFLR6ROGHYLOODDILUPDTXH³HOSUREOHPDHQORTXHVH
UHILHUH D OD LGHQWLILFDFLyQ WHPiWLFD HV HQFRQWUDU ORV WHPDV TXH SXHGDQ VHU GH XVR
H[FOXVLYRGHODVPXMHUHVRODSRVWXUDLGHROyJLFDTXHIUHQWHDODSUREOHPiWLFDSODQWHDGD
D WUDYpVGHHOORVSHUPLWDGLVWLQJXLUDKRPEUH PXMHUHV´

(VFLHUWRTXHHQFXDOTXLHU
FDVR OD GLVFULPLQDFLyQ IHPHQLQD HQ ODV KLVWRULDV GH OD OLWHUDWXUD KD VLGR SDWHQWH HO
FDPSR GH OD SURGXFFLyQ OLWHUDULD HUD XQ FRWR YHGDGR SDUD ORV KRPEUHV $TX  VHU D
QHFHVDULR SUHFLVDU TXH OD PXMHU QR KD LGR FRSDQGR WRGRV ORV JpQHURV FRQ OD PLVPD
IDFLOLGDG DV  KD  TXH QRWDU TXH VX SUHVHQFLD HQ HVSHFLDO HQ ORV ~OWLPRV DxRV HQ OD
SRHV D KD VLGR PHMRU DFHSWDGD FRPR OR GHPXHVWUD VX DSDULFLyQ HQ HO IRQGR GH OD
HGLWRULDO +LSHULyQ  VXV SUHPLRV TXH HQ XQ JpQHUR GHO TXH SRGU DPRV GLVFXWLU VX
OLWHUDWXUDOLGDG FRPR HV HO HQVD R 1R QRV DWUHYHPRV D VXVFULELU UDGLFDOPHQWH OD
DVHYHUDFLyQGH&ULVWLQD3HUL5RVVLVHJ~QODFXDO³ODOLWHUDWXUD DQRRVWHQWDHOSRGHU
&XDQGR D ORV KRPEUHV ODV FRVDV D QR OHV LPSRUWDQ HV FXDQGR OOHJDPRV QRVRWURV D
HOODV´

(QFXDOTXLHUFDVRHOLQWHUpVSRUODSURGXFFLyQIHPHQLQDQRVHSXHGHFHQWUDUHQ
HVWRV ~OWLPRV DxRV D SHVDU GH UHFRQRFHU HO HVIXHU]R LQYHVWLJDGRU  ELEOLRJUiILFR
UHFLHQWH
3HUR VL KHPRV HPSH]DGR KDEODQGR GH OXJDUHV FRPXQHV HQ OD LQYHVWLJDFLyQ
OLWHUDULDGHEHPRVYROYHUDFDHUHQORVWySLFRVGHODGLIHUHQFLDFLyQJHQpULFDHQHOWHDWUR
1R YDPRV D FRPHQWDU OD FRPSOHMLGDG WH[WXDO GH OD HVFULWXUD GUDPiWLFD 3XHGH VHUYLU
FRPREDVHGHSDUWLGDTXHWRGRDFHUFDPLHQWRLQYHVWLJDGRUVHKDFHVREUHXQWH[WRHVFULWR
TXHQRHVSHFWDFXODUDXQTXHODDVLVWHQFLDDODUHSUHVHQWDFLyQGHOHVSHFWiFXORDEUHRWUDV
SHUVSHFWLYDV GH OD FRPSUHVLyQ JOREDO GH WH[WR 3DUD HYLWDU VXVSLFDFLDV DFHUFD GH OD
DILUPDFLyQDQWHULRUFDEU DGLIHUHQFLDUHQWUHODFU WLFDGHOHVSHFWiFXOR ODLQYHVWLJDFLyQ
GUDPDW~UJLFD DXQTXH 3DWULFH 3DYLV SURSRQH XQ DQiOLVLV WHDWUDO PXFKR PiV DPSOLR

62/'(9,//$,JQDFLR+LVWRULDGHODQRYHODHVSDxROD9RO,0DGULG&iWHGUD
SiJ

(O3D VGHQRYLHPEUHGHSiJ&LWDGDSRU6ROGHYLOODSiJ
GRQGHVHXWLOLFHQORVQXHYRVLQVWUXPHQWRVWHFQROyJLFRVGLVSRQLEOHVFRPRHOY GHRHO
RUGHQDGRURORVPXOWLPHGLD


(O WHDWUR HV XQ JpQHUR OLWHUDULR TXH H[LJH OD UHSUHVHQWDFLyQ SDUD TXH HVWH VH
SURGX]FD/RVDXWRUHVQRYHOHVVHTXHMDQFRQVWDQWHPHQWHGHODGLILFXOWDGSDUDHVWUHQDU
DOJRTXHSDUHFHDXPHQWDGRHQHOFDVRGHODVGUDPDWXUJDV3DORPD3HGUHURVHODPHQWDGH
HVWDGLILFXOWDGHQHOSUyORJRGH/RFDVGHDPDU

MXQWRFRQXQDH[SOLFDFLyQGHOFDUiFWHU
FRPHUFLDOGHVXSURSLDREUDDXQTXHKDVLGRXQDGHODVSRFDVDXWRUDVFRQWHPSRUiQHDV
LQFOXLGDHQODFROHFFLyQGH&iWHGUD/HWUDV+LVSiQLFDV
$QWHVGHFRQWLQXDUYDPRVDVHUYLUQRVGHODVSDODEUDVGH3DWULFLD:2&RQQRU


SDUDFODULILFDUODHYROXFLyQGHODGUDPDWXUJLDIHPHQLQDHQHVWRVDxRV/DLQYHVWLJDGRUD
DPHULFDQDHVWDEOHFHFXDWURHWDSDVHQHOGHYHQLUGHHVWHJpQHURHQORVFLQFXHQWD~OWLPRV
DxRV
 8QD OLPLWDFLyQ JHQHUDO GH ODV GUDPDWXUJDV DO PXQGR VXSXHVWDPHQWH IHPHQLQR
YLUWXRVR IHPHQLQRDxRVFXDUHQWD FLQFXHQWD
 8QVDOLUGHHVWHPXQGRGHLGHDOL]DFLyQIHPHQLQDSDUDHTXLOLEUDUORVUROHVPDVFXOLQRV
IHPHQLQRVDxRVVHVHQWD VHWHQWD
 ,PLWDFLyQGHORVGUDPDWXUJRVPDVFXOLQRVHYLWDQGRWHPDVDVRFLDGRVFRQORVJXVWRV
IHPHQLQRV ODDGRSFLyQGHXQGLVFXUVRQHXWURSHURHQHVHQFLDPDVFXOLQRILQDOHV
GHORVVHWHQWD SULQFLSLRVGHORVRFKHQWD
 8QQXHYRRUJXOORGHODLGHQWLGDGIHPHQLQDUHIOHMDGDVHQREUDVFHQWUDGDVHQODPXMHU
GpFDGDGHORVRFKHQWDSHURTXHVHSRGU DDPSOLDUKDVWDORVQRYHQWD
6HSRGU DUHVXPLUTXHHOLQWHQWRGHODGUDPDWXUJLDIHPHQLQDSRUHQFRQWUDUXQD
YR]SURSLDHQHOPXQGRWHDWUDOHVHYLGHQWH(OHVIXHU]RVHFHQWUDHQYHUTXpUDVJRVVRQ
FODUDPHQWHGLIHUHQFLDGRUHVGHOOHQJXDMHGUDPiWLFRIHPHQLQR9DPRVDYHUDTX FyPR
ODVDXWRUDVUHIOHMDQVXSURSLDVHQWLPHQWDOLGDGHLQFOXVRVXVH[XDOLGDG FRPRVRQVLJQRV
GH LQWHUSUHWDFLyQ GHO WH[WR GUDPiWLFR 6H SXHGH FRQVLGHUDU FRPR SXQWR GH SDUWLGD HO
UHIOHMRGHODVH[XDOLGDGHQHOWHDWURTXHVLHPSUHHVXQDWDUHDFRPSOLFDGD1RHVSHUHPRV
HQFRQWUDUXQDREUDGUDPiWLFDVH[SO FLWDPHQWHVH[XDOHV(VFLHUWRTXHODVKD FRPROD
SDURGLD SRUQRJUiILFD  GH SpVLPR JXVWR 'RQ -XDQ 1RWRULR  ILUPDGD EDMR HO
VHXGyQLPRGH$PEURVLR(VWDREUDTXHHQWHQGHPRVLUUHSUHVHQWDEOHSRUODHYLGHQFLDGH

3$9,63DWULFH³/RVQXHYRVLQVWUXPHQWRVGHODQiOLVLVWHDWUDO´6HPLRVIHUDSiJV


3('5(523DORPD/RFDVGHDPDU0DGULG)XQGDFLyQDXWRU

 2&21125 3DWULFLD :  'UDPDWXUJDV HVSDxRODV GH KR  8QD LQWURGXFFLyQ 0DGULG
(VSLUDO)XQGDPHQWRVSiJ
VXV LPiJHQHV VH SXHGH HQFXDGUDU GHQWUR GH OD OLWHUDWXUD SRUQRJUiILFD TXH HV XQ
VXEJpQHURH[LVWHQWHGHVGHHOVLJORSDVDGR TXHGLROXJDUDVXFRQWUDUUHIRUPDSDUWLFXODU
HQODOLWHUDWXUDIROOHWLQHVFD URVD1RHQWUDPRVDYDORUDUDTX ODFRQFHSFLyQWHDWUDORQR
GHORVHVSHFWiFXORVSRUQRJUiILFRVDFWXDOHV
/D WHQGHQFLD GHO WHDWUR IHPHQLQR SRU UHJOD JHQHUDO WLHQH XQ FDUiFWHU
UHLYLQGLFDWLYRTXHVLQHPEDUJRKDPHUPDGRDQXHVWURSDUHFHUODE~VTXHGDGHQXHYDV
SHUVSHFWLYDV(QFXDOTXLHUFDVRODLJXDOGDGGHODPXMHUQRVHSXHGHHQWHQGHUFRPRDOJR
DEVROXWDPHQWH QRYHGRVR 6LUYD FRPR HMHPSOLILFDFLyQ OD REUD $VLUVH D XQ FDEHOOR GH
)UDQFLVFRGH&DPSURGyQTXLHQFRQVXFRQGLFLyQGHGUDPDWXUJREXUJXpVGHOVLJOR;,;
 SRU WDQWR GHIHQVRU GH OD LQVWLWXFLyQ PDWULPRQLDO SRQH HQ ERFD GH VX SHUVRQDMH
IHPHQLQR(OYLUDORVVLJXLHQWHVYHUVRV³3RUTXHSDUDP KD ODYLGDGHJRFH KROJXUD
H[WUHPDSDUDWLQRKD PiVGLOHPDTXHVHUPiUWLURSHUGLGD´


(VFLHUWRTXHODVHQWLPHQWDOLGDGHQHOWHDWURHVGLI FLOGHUHSUHVHQWDUVREUHWRGRVL
QRVEDVDPRVHQODUHSUHVHQWDFLyQGHODVH[XDOLGDG6LQHPEDUJRHQFRQWUDPRVRWURV
GLVFXUVRVOLWHUDULRVGRQGHODPXMHUKDHQFRQWUDGRXQDYR]FODUDPHQWHGLVWLQWD
(QSRHV DH[LVWHQDXWRUDVTXHKDQUHFODPDGRXQHURWLVPRSDUWLFXODU$V QRV
HQFRQWUDPRVFRQODSRHV DGH$QD5RVVHWWLTXHSRUHMHPSORHQVXVRQHWR³8QFDSXOOR
VRPHWRGHUHSHQWH´FRQYLHUWHDODPXMHUHQSDUWHDFWLYDGHODFWRDPRURVR+DEU DTXH
SUHFLVDUDTX HOMXHJROLWHUDULRDOHVWDEOHFHUODFRPSDUDFLyQFRQHOVRQHWRGH/RSHGH
9HJD SHUR TXH HVWi FRQWLQXDPHQWH SUHVHQWH HQ OLEURV VX RV FRPR /RV GHYDQHRV GH
(UDWR  (VWD LQGHSHQGHQFLD VHQWLPHQWDO TXH LPSOLFD XQD SDUWH DFWLYD HQ HO
HQFXHQWURDPRURVRWDPELpQORVSRGHPRVHQFRQWUDUHQRWUDVDXWRUDVFRPR2OYLGR*DUF D
9DOGpV$GD6DODVHQ8VWHG
(Q OD QDUUDWLYD WDPELpQ HQFRQWUDPRV DXWRUDV TXH KDQ WUDWDGR HO WHPD GHO
DSUHQGL]DMHVH[XDOFRPRRFXUUHFRQ$OPXGHQD*UDQGHV VXREUD/DVHGDGHVGH/XO~R
ODSURVDGH0DU D-DpQHQWUHRWUDVDXWRUDV3HURODVQRYHOLVWDVIHPHQLQDVKDQORJUDGR
XQDYR]PXFKRPiVSDUWLFXODUL]DGDGRQGHVXVKLVWRULDV SHUVRQDMHVVRQYLVWRVGHVGHXQ
SXQWRGHYLVWDIHPHQLQR DFHSWDGRVFRPRWDOHV+DEODPRVGHXQDPSOLRDEDQLFRGHVGH
&DUPHQ0DUW Q*DLWHGRQGHGHVWDFDPRVVXQRYHOD1XERVLGDGYDULDEOHKDVWDDXWRUDV
PiVUHFLHQWHVFRPR/XFLD(W[HEHUU DR(VSLGR)UHLUH


&$0352'Ï1)UDQFLVFR$VLUVHDXQFDEHOOR0DGULG,PSU-RVp5RGU JXH]SiJ
(QHOWHDWURHVWDGLIHUHQFLDFLyQVHHQFXHQWUDPXFKRPHQRVPDUFDGD(OJpQHUR
GUDPiWLFR SRU VXV SURSLDV FDUDFWHU VWLFDV HVWi PiV VRPHWLGR D HOHPHQWRV H[WHULRUHV
0LHQWUDVHOS~EOLFROHFWRUOLPLWDGRHQHOFDVRGHODSRHV DRPD RULWDULRHQHOFDVRGHOD
QDUUDWLYDKDDFHSWDGRXQOHQJXDMHSURSLRHQODREUDIHPHQLQDQRRFXUUHLJXDOHQHO
GUDPD6HSRGU DDILUPDULQFOXVRTXHHOOHFWRUGHSRHV DFRPSUHQGHHVSHUDHLQFOXVR
H[LJHHQODHVFULWXUDGHSRHPDULRVIHPHQLQRVXQDDFWLWXGGHILQLGD8Q RFODUDPHQWH
IHPHQLQR GRQGH QR VyOR HO VHQWLPLHQWR R VX JUDGR Pi[LPR GH VH[XDOLGDG VLQR OD
SRVWXUDDQWHHOPXQGRVHSUHVHQWHGHXQPRGRGLVWLQWR
 (Q OD HVFULWXUD GUDPiWLFD SRGHPRV HQFRQWUDU GRV SRVWXUDV ELHQ GHOLPLWDGDV
VLPSOLVWDVSRUPRPHQWRVSHURTXHVXSRQHQXQDFLHUWDFODULGDGHQXQFLDWLYD6HSXHGH
HQFRQWUDUHQODVPXMHUHVGUDPDWXUJDVXQDHVFULWXUD³PDVFXOLQD´ RWUD³IHPHQLQD´/D
HVFULWXUDPDVFXOLQDHVDTXHOODTXHKDVHJXLGRHOUHIHUHQWHPDVFXOLQRTXHGXUDQWHORV
SULPHURVDxRVGHOIUDQTXLVPRRFXOWRUHSLWLyORVPROGHVDVLJQDGRVDODPXMHUSHURTXH
HQ ORV ~OWLPRV DxRV VH SRGU D HQFRQWUDU HQ OD HVFULWXUD GH $QD 'LRVGDGR R 0DU D
0DQXHOD 5HLQD 1R DILUPDPRV TXH DPEDV GUDPDWXUJDV KD DQ PHQRVSUHFLDGR OD
SUHVHQFLDGHODPXMHUHQVXVREUDVSHURHVWDVJLUDQHQWRUQRDOKRPEUHHQHOFDVRGH
5HLQDVXVREUDVFRPR$OWDVHGXFFLyQSDUD$UWXUR)HUQiQGH]JDOiQ SURWRWLSR
GH OD HOHJDQFLD  HO FDUiFWHU HVSDxRO QR VH QRV ILJXUDQ FRPR HMHPSOLILFDGRUDV GH
UHLYLQGLFDFLRQHV IHPHQLQDV (Q HO FDVR GH 5HLQD H[LVWHXQD WHQGHQFLDOLWHUDULD FX RV
UHIHUHQWHVWH[WXDOHVWLHQHXQFDUiFWHUPXFKRPiVDPSOLR7DPELpQHVFLHUWRTXHDPEDV
DXWRUDVVRQODVPiVUHSUHVHQWDGDV1RQRVDWUHYHPRVDDILUPDUTXHODUHSUHVHQWDFLyQ
WHDWUDOGHDXWRUDVHVWHVRPHWLGDDOp[LWRPHUFDQWLOGHODSURSLDREUDSHURQRSRGHPRV
GHMDUGHUHFRQRFHUTXHHOWHDWURVyORWLHQHYLDELOLGDGFRPSOHWDVREUHXQDHVFHQDHQXQ
OXJDUOODPDGRWHDWURDGRQGHDVLVWHXQS~EOLFRTXHSDJDXQDHQWUDGD<HVWHS~EOLFR
VXHOHVHUKHWHURJpQHR KHWHURVH[XDO TXHHOKRPEUHVXHOHVHUPHQRVUHFHSWLYRDQWH
DTXHOORTXHOHRIHQGH$OILQ DOFDERHQODVSHO FXODVSRUQRJUiILFDVVRQXVXDOHVODV
HVFHQDV OpVELFDV SHUR QXQFD VRQ DFHSWDEOHV ODV HVFHQDV KRPRVH[XDOHV DXQTXH ORV
UHFHSWRUHVGHODVPLVPDVSXHGDQVHUSDUHMDV
 ([LVWH RWUR JUXSR GH DXWRUDV TXH LQWHQWDQ UHIOHMDU HO PXQGR IHPHQLQR /D
UHSUHVHQWDFLyQ GHO PLVPR WLHQH VXV SURSLDV FDUDFWHU VWLFDV H[LJLGDV SRU OD HVFULWXUD
GUDPiWLFD(QHOWHDWURQRWLHQHFDELGDUHIOH[LRQHVGHODDXWRUDTXHSHUPLWDQPDWL]DUODV
LGHDV H[SUHVDGDV VRQ ORV SHUVRQDMHV ORV TXH SRU PHGLR GH VXV SDODEUDV WLHQHQ TXH
H[WHULRUL]DU VXV VHQWLPLHQWRV (VWR VXSRQGU D DILUPDU OD H[LVWHQFLD GH XQ OHQJXDMH
IHPHQLQRDOJRTXHORVHVWXGLRVGHVRFLROLQJ VWLFDSDUHFHQDILUPDU3HURHOWHDWURQR
GHMDGHVHUXQDREUDDUW VWLFD SRUWDQWRVXMHWDDVXVSURSLRVFyGLJRV
 (VWH OHQJXDMH IHPHQLQR YD OLJDGR D ORV DVXQWRV TXH OD GUDPDWXUJLD IHPHQLQD
UHSUHVHQWDHQODHVFHQD(VWRVHVWiQXQLGRVDFLHUWRVWHPDVTXHSDUHFHQDEVROXWDPHQWH
IHPHQLQRV OD PDWHUQLGDG VDWLVIHFKD R QR HO DGXOWHULR OD YLROHQFLD VH[XDO HO DPRU
KRPRVH[XDO(QODVDXWRUDVPiVFRPSURPHWLGDVFRQHOSXQWRGHYLVWDIHPHQLQRSDUHFH
TXHH[LVWHQYDULRVSXQWRVHQFRP~QFRPRHVODYLROHQFLDHQODUHSUHVHQWDFLyQ HQHO
OHQJXDMH 1R QRV DWUHYHPRV D DILUPDU TXH EXVFDQ HVFDQGDOL]DU D VX S~EOLFR
HVSHFLDOPHQWHHOPDVFXOLQRSHURV SDUHFHREYLRTXHKDQKHFKRVX RXQFyGLJRTXH
SDUHF DHQSULQFLSLRSULYDWLYRGHOKRPEUH
8QD SULPHUD REUD GRQGH VH UHIOHMD HVWD YLROHQFLD SXHGH VHU OD REUD GH /LGLD
)DOFyQ 1R PROHVWH FDOOH  SDJXH VHxRUD GRQGH OD DXWRUD GHVGH XQ SXQWR GH YLVWD
DEVROXWDPHQWH IHPLQLVWD QR VH SXHGH ROYLGDU OD YLQFXODFLyQ SRO WLFD GH OD DXWRUD
PXHVWUDDXQKRPEUHYLROHQWRTXHKXPLOODDODPXMHUODFXDOQRHVFRPSUHQGLGDHQXQ
PXQGRGRPLQDGRSRUHOKRPEUH VyORWLHQHODVROXFLyQGHODHVFDSDWRULD
 /DGUDPDWXUJDTXHKDH[SORWDGRODYLROHQFLDFRPRWHPiWLFDGHVXREUDGHIRUPD
IXQGDPHQWDOHVVLQGXGD0DULVD$UHV(VWDDXWRUDHQFXDGUDGDGHQWURGHODWHQGHQFLD
WHDWUDO ³5HWDJXDUGLD´ QR FRQFHGH FRQFHVLRQHV GH QLQJ~Q WLSR /D UDGLFDOLGDG GH VX
WHDWURVHPXHVWUDWDQWRHQVXHVFHQLILFDFLyQHQVXOHQJXDMHHQVXWHPiWLFD HQVXV
SHUVRQDMHV6XHVFULWXUDQRVHSXHGHFRQVLGHUDUHQQLQJ~QPRPHQWRIHPLQLVWDSRUTXHHO
WUDWDPLHQWRGHODPXMHUWDPSRFRWLHQHQLQJ~QDIHFWRSRUSDUWHGHODDXWRUD(QVXVREUDV
PiVUDGLFDOHVHOSHUVRQDMHFHQWUDOHV0RUGHFDw6ODXJKWHUPH]FODGHKpURH GHJiQJVWHU
GHFLQHQHJUR$UHVUHDOL]DXQDH[DOWDFLyQGHODYLROHQFLD HOVH[RODFUXHOGDGWDQWRHQ
KRPEUHV HQPXMHUHVHVWiSUHVHQWHHQVXVREUDV
 (Q1HJURVHFR

ODGHILQLFLyQVH[XDOGHORVSHUVRQDMHVHVWiHQPDVFDUDGDFRPR
HVSRURWURODGRKDELWXDOHQVXWHDWURGRQGHORVSHUVRQDMHVQRWLHQHQQRPEUH SRUWDQWR
GHILQLFLyQ(QHVWDREUDXQDGROHVFHQWHYDUyQGHUDVJRVDIHPLQDGRVHVYLRODGRSRUXQ
SHUVRQDMHIHPHQLQRXQRGHORVDVHVLQRV³&RQXQDVJRPDVVHVXMHWDDODFLQWXUDHOSHQH
GHSOiVWLFRTXHOHGDQVXVFRPSDxHURV&RQHOSHQHSXHVWRVHDSUR[LPDDOMRYHQ6H
WXPED VREUH VX HVSDOGD  OD YLRODFLyQ VH OOHYD D HIHFWR HQ PHGLR GH JUDQGHV
PRUGLVFRV´

6LKDEOiVHPRVGHXQDSRVWXUDIHPLQLVWDWDOYH]HVWDU DPRVDQWHODUXSWXUD

$5(60DULVD5RWRV LQWHQFLRQDGRV  1HJUR VHFR 0DGULG &HQWUR 1DFLRQDO GH 1XHYDV 7HQGHQFLDV
(VFpQLFDVVI

,ELGHPSiJ

GHOOHQJXDMH ODHVFHQLILFDFLyQPDVFXOLQDSRUSDUWHGHXQDDXWRUD6LQHPEDUJRHQHO
FDVRGH$UHVFXDOTXLHUDSUR[LPDFLyQDVXREUDH[LJHODUXSWXUDFRQFXDOTXLHUFyGLJR
LQFOXVRHOIHPLQLVWD
 /DDXWRUDDFWXDOFRQXQDPD RUSUR HFFLyQHVVLQGXGD3DORPD3HGUHUR$GHPiV
HVWDDXWRUDQRHVFRQGHHQVXHVFULWXUDODE~VTXHGDGHXQFRPSURPLVRIHPHQLQR3HUR
FRPR HQ RWUDV DXWRUDV OD UHODFLyQ GH SDUHMD QR VH HVWDEOHFH GHQWUR GHO HVWDWXV
HVWDEOHFLGR (Q HVWH VHQWLGR OD HVFULWXUD GH 3HGUHUR QR EXVFD OD FRQVROLGDFLyQ GH OD
SDUHMD1RVHQFRQWUDPRVFRQREUDVFRPR/RFDVGHDPDUGRQGHHOSHUVRQDMHIHPHQLQR
GHVSXpVGHXQPDWULPRQLRIUXVWUDGRDFDEDDEDQGRQDQGRDVXPDULGRXQDSRVWXUDTXH D
HVWDED FRQVROLGDGD HQ HO WHDWUR GHVGH KDFH PXFKR WLHPSR (Q RWUR JUXSR GH REUDV
1RFKHVGHDPRUHI PHURHODPRUHVHOHMHSULQFLSDOSHURVLHPSUHGHVGHHOSXQWRGHYLVWD
GHO HQFXHQWUR FDVXDO  FDVL LPSRVLEOH HQWUH HO FOLHQWH  OD SURVWLWXWD OD GDPD  HO
WUDEDMDGRUHOYHQGHGRU ODGXHxDGHODFDVDHOPpGLFR ODSDFLHQWH
(OWHDWURIHPHQLQRKDDFHUWDGRDOSODQWHDUXQDWHPiWLFDGHVGHXQSXQWRGHYLVWD
H[FOXVLYR $V  HQFRQWUDPRV HO WHPD GH OD PDWHUQLGDG FRPR SUREOHPD HQ OD REUD
6LPELRVLV GH 1HXV %UXQ HO DPRU OpVELFR HQ OD REUD GH3DORPD 3HGUHUR(O FRORUGH
DJRVWRTXHUHFXUUHDXQOHQJXDMHH[SO FLWDPHQWHYLROHQWR³/RVKRPEUHVSXHGHQGHVHDU
EUXWDOPHQWH QRKDEHUQDGDPiV1DGD1LXQDJRWDGHVDQJUHQLXQOiJULPD6yOR
VHPHQ VHPHQ´

 R OD REUD GH %HDWUL] &DEXU -XHJR GH ViEDQDV ODV PXMHUHV
DEDQGRQDGDV HQJDxDGDVHQODVREUDVGH-XOLD*DUF D9HUGXJR(OHVSHMRRGH&RQFKD
5RPHUR$OOipO
(VFLHUWRTXHPXFKDVGHHVWDVREUDVQRKDQVLGRHVWUHQDGDV TXHSDUHFHTXHOD
HVFODYLWXG GHO HVWUHQR H[LJH OD UHQXQFLD GH SURIXQGDV FRQYLFFLRQHV 6LQ HPEDUJR
H[LVWHQ DXWRUDV TXH KDQ VDELGR FRPSDJLQDU HO p[LWR WHDWUDO FRQ XQD FU WLFD R YLVLyQ
VDW ULFDGHODVUHODFLRQHVGHSDUHMDFRPRRFXUUHFRQODREUDGH(OYLUD/LQGR/DOH GHOD
VHOYDGLYHUWLGDSLH]DGHHQFXHQWURV GHVHQFXHQWURVRODVREUD£$ KRPEUHVHVFULWD
HQFRODERUDFLyQSRUOD&RPSD LD7GH7HDWUH 6HUJL%HOEHOGRQGHQRVHQFRQWUDPRV
XQRGHORVWH[WRVGHPiVp[LWRUHFLHQWHQRVyORSRUVXWHPiWLFDFRQYHUVDFLyQVDW ULFD
VREUHORVKRPEUHV VXVWLSRVVLQRWDPELpQSRUODHODERUDFLyQGUDPiWLFD
$PRGRGHUHVXPHQSRGU DPRVFRQFOXLUTXHHOWHDWURIHPHQLQRHVWiGHPDVLDGR
VXMHWR D OD WHPiWLFD GH SDUHMD GRQGH OD UHODFLyQ VH SODQWHD GHVGH XQ SXQWR GHYLVWD
RSWLPLVWD SHUR VXMHWR D TXH ORV KRPEUHV UHFLEDQ XQ VXSXHVWR PHUHFLGR SRU VX

3('5(523DORPD-XHJRGHQRFKHV0DGULG&iWHGUDSiJ
FRPSRUWDPLHQWRRODVDWLVIDFFLyQSRUVHQWLUTXHVHSXHGHYLYLUVRODFRPRHVHOFDVRGHOD
REUDGH&RQFKD5RPHUR¢7HQJRUD]yQRQR"GRQGHHOSHUVRQDMHGH&DUORVDSDUHFHHQ
ODV SDODEUDV ILQDOHV FRPR ³XQ WRGRWHUUHQR XQ 'RQ -XDQ XQ 5RGROIR 9DOHQWLQR XQ
PDFKRLEHU FR´

TXHVHGHVSORPD6LQHPEDUJRQRKHPRVHQFRQWUDGRGRQGHODUHODFLyQ
GH SDUHMD VH HVWDEOH]FD HQ UHODFLyQ GH LJXDOGDG GRQGH OD PXMHU SXHGD H[SUHVDU ORV
VHQWLPLHQWRV GHVGH XQ SXQWR GH YLVWD JUDWLILFDQWH WULXQIDQWH SHUR VLQ KXPLOODFLRQHV
GRQGHHOKRPEUHDSDUH]FDFRPRFRPSOHPHQWRDXQTXHHVWRHVFLHUWRTXHVHSURGXFH
PXFKRPiVHQHOOHQJXDMHSRpWLFRTXHLQFOXVRHOQDUUDWLYR

 520(52 &RQFKD  ³¢7HQJR UD]yQ R QR"´ 0XMHUHV VREUH PXMHUHV 7HDWUR EUHYH HVSDxRO
3DWULFLD:2&RQQRUHG0DGULG(VSLUDO7HDWURSiJ