Anda di halaman 1dari 23



5HSRUWDMHD6LOYLD%OHLFKPDU

1~PHUR$JRVWR
5HSRUWDMHD6LOYLD%OHLFKPDU
5HDOL]DGRSRU0LUWKD%HQLWH]'LHJR6RXELDWH\$ULHO3HUQLFRQH
5HDOL]DGRHOGtD
$ULHO3HUQLFRQH0HLQWHUHVDUtDFRPHQ]DUSUHJXQWiQGROHVREUHVXKLVWRULDVXKLVWRULDFRPR
SVLFRDQDOLVWDTXHQRVFXHQWHFRPRIXHURQVXVLQLFLRVVXIRUPDFLyQLQLFLDO\VXDFHUFDPLHQWRDO
SVLFRDQiOLVLVFRQQLxRV
6LOYLD%OHLFKPDU(QUHDOLGDG\RFRPHQFpHVWXGLDQGRRWUDFDUUHUDVRFLRORJtD\GHVSXpV
FRQWLQXpFRQSVLFRORJtD0LDFHUFDPLHQWRDOSVLFRDQiOLVLVVHSURGXMRHQXQPRPHQWRGHSOHQD
IUDFWXUDGHORVSDUDGLJPDVNOHLQLDQRV\FRQODOOHJDGDDOSDtVGHODUHYROXFLyQODFDQLDQDTXHWLHQGH
DVHUYLVWDHQVXYHUVLyQRILFLDOFRPR0DVRWWDSHURHQDTXHOODpSRFDPXFKDJHQWHPH
LQFOX\RVHDFHUFyD/DFDQDSDUWLUGHODYHUWLHQWH$OWKXVVHU6FLDUUHWDTXHFRQVWLWX\yXQSRORPX\
LPSRUWDQWHGHGLVFXVLyQFRQHOHVWDEOLVKPHQWSVLFRDQDOtWLFR+DEtDXQDVHQVDFLyQGHDJRWDPLHQWR
WHUULEOHGHORVPRGHORVSVLFRDQDOtWLFRVSUHYLRV GHORVFXDOHVGHVSXpVXQRSXGRUHVFDWDUPXFKRV
DVSHFWRV \GHOPRGHORLQVWLWXFLRQDOGHOSVLFRDQiOLVLVFRQORFXDO\RLQJUHVRDSDUWLUGHHVWR
0LVOHFWXUDVGHORV
FRPLHQ]DQFRQOD$QWURSRORJtD(VWUXFWXUDOGH/HYL6WUDXVV UHFXHUGRWRGR
XQDxRGHWUDEDMR FRQORVWH[WRVGHOLQJtVWLFDGH6DXVVXUH\-DNREVRQODJUDPiWLFDGH0DUWLQHW
SDUDOOHJDUILQDOPHQWHDRWURDxRGHWUDEDMRHQWHURVREUH/DLQVWDQFLDGHODOHWUDGH/DFDQ
3HURGHWRGRPRGRVWXYHODLGHDFUHRTXHIXHXQDEXHQDLQWXLFLyQGHWRPDUPHXQWLHPSRSDUD
HVWXGLDU)UHXGDQWHVGHHPSH]DUDHVWXGLDUD/DFDQ7HQtDODFRQYLFFLyQGHTXHTXHUtDGDUPHXQD
EDVHVyOLGDIUHXGLDQD1RVpPX\ELHQSRUTXpWDOYH]SRUPLSDVDGRGHHVWXGLRVVRFLROyJLFRV
TXHPHKDFtDQSHQVDUTXHKDEtDTXHHPSH]DUSRUORVFOiVLFRV(QWRQFHVGHFLGtGDUPHPXFKR
WLHPSRGHWUDEDMRFRQ)UHXG\IXQGDPHQWDOPHQWHFRQOD0HWDSVLFRORJtD3RUHVRFXDQGRPH
DFHUFRD/DFDQORKDJR\DFRQXQDIRUPDFLyQPX\IUHXGLDQDVREUHWRGRHQHOPpWRGR3RUTXHXQD
GHODVGLIHUHQFLDVTXHWLHQHHOPpWRGRH[SRVLWLYRGH)UHXGHVTXHSHUPLWHLUYLHQGRFyPRGHVSOLHJD
ODVLGHDVPiVD~QWLHQHODFXDOLGDGGHTXH)UHXGSHUPDQHQWHPHQWHVHSUHJXQWDVREUHOR
SODQWHDGRSUHYLDPHQWH\ORGLVFXWHKDFLHQGRFRQHOORORTXH3RSSHUOODPDIDOVDFLyQHMHUFHXQD
IDOVDFLyQLQWUDWHyULFDFRQVWDQWH'HPRGRTXHHOGLVFXUVRGH/DFDQVLELHQPHLPSDFWy
HQRUPHPHQWHPHWUDQVPLWtDFRPRXQDVHQVDFLyQGRJPiWLFD\DXQTXHSDUWLFLSpGHOSURFHVR\PH
FRQVLGHUDEDODFDQLDQDHOGRJPDWLVPRPHSURGXFtDXQDFLHUWDVHQVDFLyQGHLQFRPRGLGDG
GiQGRPHODLPSUHVLyQGHTXH\RQRPHPRYtDFyPRGDPHQWHHQHOLQWHULRUGHHQXQFLDGRVFHUUDGRV
(QWRQFHVPHPDQWXYHHQXQIUHXGLVPRIXHUWHVLELHQDWUDYHVDGRSRU/DFDQHVHIXHPLSXQWRGH
SDUWLGDHQSVLFRDQiOLVLV
<HVWXGLDED<OHtDD.OHLQ\DORVNOHLQLDQRVSRUTXHPiVDOOiGHTXHVLHPSUHWHQtDODVHQVDFLyQ
GHPHWHUPHHQXQDHVSHFLHGHPXQGRGHLUUDFLRQDOLGDGWHyULFDDOPLVPRWLHPSRPHHUDQFRPR
PX\LQVLQXDQWHV\PX\HYRFDWLYRVGHVGHHOSXQWRGHYLVWDGHODVIDQWDVtDV\GHODDFWLWXGTXH
WLHQHQGHQRFODXGLFDUUHVSHFWRDODVH[XDOLGDGLQIDQWLOHVRHUDDOJRTXHPHSURGXFtDPXFKR
LPSDFWR6LELHQUHFXHUGRXQDYH]TXHWUDEDMDEDXQWH[WRGH.OHLQ\GHVSXpVGHHVWDUYDULDV
KRUDVVREUHpOTXHGpPDUHDGDSHURPDUHDGDSRUTXHEXVFDEDODUDFLRQDOLGDG\PHHQFRQWUDEDFRQ
VHLVGHILQLFLRQHVGLIHUHQWHVGHODPLVPDFXHVWLyQSUiFWLFDPHQWHHQSURFHVRSULPDULRVLQTXHHOOD
VHSUHJXQWDUDVLHUDQFRQWUDGLFWRULDVRQR
3HURGLUtDTXHPLIRUPDFLyQHVWXYRIXHUWHPHQWHDWUDYHVDGDSRU%DFKHODUG&DQJXLOKHPSRUOD
HSLVWHPRORJtDGHODVHJXQGDPLWDGGHOVLJOR;;FRQXQDIXHUWHIRUPDFLyQHQORVFOiVLFRV
PDU[LVWDV\HQSDUWLFXODUHQHOOODPDGRPDU[LVPRRFFLGHQWDO FXDQGRGLJRPDU[LVPRRFFLGHQWDOPH
UHILHURSRUHMHPSORD+DEHUPDV\$GRUQRHQHOPDUFRGHORTXHVHOODPySHQVDPLHQWRSRVW
PHWDItVLFR(VWRPDUFDGHDOJ~QPRGRORVRUtJHQHVWHyULFRVGHORTXH\RKDJRGHORTXHVR\

KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

$ULHO3HUQLFRQH<QLxRV"3RUTXpSVLFRDQiOLVLVFRQQLxRV"
6LOYLD%OHLFKPDU<QLxRV3RUTXpQLxRV"(QUHDOLGDGPHSDVDTXHDGHPiVGHGHVFXEULUTXH
HVXQFDPSRH[WUDRUGLQDULRGHLQYHVWLJDFLyQ\XQFDPSRSULYLOHJLDGRSDUDYHUODFRQVWLWXFLyQGHO
VXMHWRTXHHVORTXHWUDEDMR\RVLHQWRXQHQRUPHSODFHUGHWUDEDMDUFRQFKLFRV(VDOJRTXHPH
GDPXFKRSODFHUPHJXVWDWUDEDMDUFRQFKLFRVPHJXVWDSHQVDUHQORVQLxRVPHJXVWDQORV
QLxRVGLVIUXWRHQRUPHPHQWH$WDOSXQWRTXHKDFHDOJ~QWLHPSRPHSDVyDOJRPX\JUDFLRVRYLQR
XQDPDPiFX\DQLxDWHUPLQDEDHODQiOLVLVDXQDHQWUHYLVWD\PHSUHJXQWy6LGHQWURGHXQRV
DxRVPLKLMDQHFHVLWDUDXQDQDOLVWDXVWHGODYHUtDGHQXHYR"<\ROHUHVSRQGt%XHQRHQHVH
PRPHQWRYDDQHFHVLWDUXQDQDOLVWDDGXOWR ULVDV )XHXQDVLWXDFLyQGHVRSLODQWHSRUTXHORWHUPLQp
GHGHFLU\QRVHPSH]DPRVDUHtUODVGRV
0HSDVDDOJRPX\HVSHFLDOFRQORVQLxRVHQSULPHUOXJDUEXHQR\RIXLXQDQLxDTXHYLYLyXQD
pSRFDPX\LQWHQVDGHOSDtV\GHOPXQGRODSRVWJXHUUDHODVFHQVR\FDtGDGHOSHURQLVPRGH
PRGRTXHWHQJRXQDLQIDQFLDPX\DWUDYHVDGDSRUJUDQGHVSUREOHPDVOLJDGRVDODYLGD\ODPXHUWH
<HVWDOYH]HQYLUWXGGHHVRTXHVLHQWRXQHQRUPHSODFHUGHFRQWDFWRFRQORVQLxRV\DOPLVPR
WLHPSRXQHQRUPHHQRMR\UHFKD]RDODSXHULOL]DFLyQGHODLQIDQFLD0HPROHVWDPXFKRHO
PHQRVSUHFLRSRUHOSHQVDPLHQWRLQIDQWLO7HQJRODLPSUHVLyQGHTXHHOGLiORJRFRQHOQLxRHVXQ
GLiORJRTXHLQFOX\HDVSHFWRVUHDOPHQWHH[LVWHQFLDOHVSURIXQGRV7DOYH]VHDHVRORTXHPH
SURGXFHHVHSODFHUFRQYRFDQWHFRQORVQLxRV
<DGHPiVKHLGRDYDQ]DQGRHQXQDLQYHVWLJDFLyQVREUHSUREOHPDVGHODFRQVWLWXFLyQSVtTXLFDTXH
VHYDH[WHQGLHQGRDOFDPSRGHODQiOLVLVGHDGXOWRVSHURVLJRWUDEDMDQGRFRQQLxRV1RVR\GHOD
JHQWHTXHFRQORVDxRVVHUHGXFHDVXSHUYLVDU0iVD~QWUDEDMRPXFKDVKRUDVFRQQLxRVWUDEDMR
GLDULDPHQWHFXDWURFLQFR\DYHFHVKDVWDVHLVKRUDVFRQQLxRV(VWRSDUDXQDQDOLVWDGHQLxRV
HVPXFKR
$ULHO3HUQLFRQH4XLpQHVIXHURQVXVUHIHUHQWHVHQORWHyULFR\VXVPDHVWURVDFiHQOD
$UJHQWLQD"
6LOYLD%OHLFKPDU0LVUHIHUHQWHVSULPHURV"%XHQRDFiHQOD$UJHQWLQDDOJXLHQTXHLQIOX\y
PXFKRHQPLSHQVDPLHQWRIXH5DIDHO3D](QHVDpSRFDDFRPLHQ]RVGHORVVHKDEtD
IXQGDGRHO&HQWURGH'RFHQFLDH,QYHVWLJDFLyQGHOD)HGHUDFLyQGH3VLTXLDWUDVTXHIXHXQ
PRYLPLHQWRSROtWLFR\FLHQWtILFRGHHQRUPHSHVR\GHJUDQDOFDQFH\5DIDHOHUDXQUHIHUHQWH
IUHXGLDQRPX\IXHUWHWHQtDXQSHQVDPLHQWRPX\ULJXURVR<RWUDEDMpXQDxRHQWHURHQVX&iWHGUD
GHO&',HOFDStWXORVpSWLPR ,QWHUSUHWDFLyQGHORVVXHxRV6)UHXG \PHSDVyDOJRPX\
LPSDFWDQWHFXDQGRWHUPLQyHVHDxRWXYHODVHQVDFLyQGHTXHHVDOHFWXUDH[KDXVWLYDKDEtD
FDPELDGRPLPDQHUDGHFRQFHELUHOSVLFRDQiOLVLV)XHPX\LPSDFWDQWH
$ULHO3HUQLFRQH(OHVTXHPDGHOSHLQH
6LOYLD%OHLFKPDU6tHOHVTXHPDGHOSHLQH3HURWXYHODVHQVDFLyQTXH\RWHQtD\DWRGDXQD
PDQHUDGHSHQVDUODUHODFLyQFRQODSUiFWLFDTXHHVWDEDDWUDYHVDGDSRUXQPRGHORTXHVLJXH
YLJHQWHKR\TXHWLHQHTXHYHUFRQXQDSDUDWRDELHUWRDODVKXHOODVPQpPLFDV\DELHUWRDOD
SRVLELOLGDGGHLQJUHVRGHORUHDO
0LKHUPDQR+XJR%OHLFKPDUWDPELpQIXHXQUHIHUHQWHPX\LPSRUWDQWHSDUDPt+XJRWHQLDXQD
SRVLFLyQGHFRQIURQWDFLyQIXHUWHFRQODLUUDFLRQDOLGDGSVLFRDQDOtWLFDpOHVXQKRPEUHTXHYLHQHGH
XQDSHUVSHFWLYDHSLVWHPROyJLFDPX\GLVWLQWDDODPtD
$ULHO3HUQLFRQH(VHOTXHHVWiHQ(VSDxD"
6LOYLD%OHLFKPDU6tHVHOTXHHVWiHQ(VSDxD+XJRHVXQKRPEUHTXHYLHQHGHXQSHQVDPLHQWR
PpGLFRPDVOLJDGRHQDOJXQRVDVSHFWRVDOSRVLWLYLVPR\TXHKL]RVXIRUPDFLyQFLHQWtILFDGHEDVH
HQHOHTXLSRGHLQYHVWLJDFLyQGHPLFURVFRStDHOHFWUyQLFDGH'H5REHUWLVXQHTXLSRGHH[FHOHQFLD
GHODpSRFDJUDQGHGHOD8QLYHUVLGDG\HVWRORPDUFyHQVXLQFODXGLFDEOHDFWLWXGGHE~VTXHGD(O
WLHQHXQSURIXQGRUHFKD]RDOLUUDFLRQDOLVPRDOSHQVDPLHQWRTXHVHVRVWLHQHHQODSXUDFUHHQFLD\
D~QDDHVWRXQDHQRUPHOLEHUWDGGHHVStULWX\GHVGHDOOtPDUFyPXFKRVDVSHFWRVPtRV
%XHQR\RFUHRTXHHOORVIXHURQGRVUHIHUHQWHVIXQGDPHQWDOHVHQPLSULPHUDIRUPDFLyQ'HVSXpV
FXDQGRPHIXLGHOSDtVPHYLQFXOpD/DSODQFKH
$ULHO3HUQLFRQH$/DSODQFKHFODUR<DFiHQOD$UJHQWLQDHQORUHIHUHQWHDQLxRVSRU
HMHPSOR$UPLQGD$EHUDVWXU\WXYRDOJXQDLQIOXHQFLDHQXVWHG"
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

6LOYLD%OHLFKPDU1RQXQFD(QSULPHUOXJDUSRTXHSHUWHQH]FRDRWUDJHQHUDFLyQDXQDpSRFDGH
UHOHYRWHyULFR3RURWUDSDUWHFURQROyJLFDPHQWH\RHPSLH]RPLLQVHUFLyQHQHOSVLFRDQiOLVLVHQOD
pSRFDHQODFXDO$UPLQGDPXHUH3HURDGHPiV\RWUDtDVXSRQJRTXHSRUPLIRUPDFLyQILORVyILFD
SUHYLDFLHUWRUHFKD]RDOSVLFRORJLVPRSVLFRDQDOtWLFR/DSVLFRORJtDSVLFRDQDOtWLFDPHLQFRPRGD
SRUTXHPHSDUHFHLGHROyJLFD
0LUWKD%HQLWH]&RPRSHGDJyJLFDGLJDPRV
6LOYLD%OHLFKPDU<DGHPiVLGHROyJLFD3RUHMHPSORSUHJXQWDUFyPRIHVWHMDORVFXPSOHDxRVXQ
QLxRDPtPHLUULWDEDHVR(UDODE~VTXHGDGHSDXWDVQRUPDWLYDVFRPXQHVHQHOLQWHULRUGHOD
YLGDGHFLHUWDFODVHPHGLDGHFLHUWDpSRFDKLVWyULFD,QFOXVRHVDSUHJXQWDSRGUtDVHUPX\
LQWHUHVDQWHVLVHODGHILQLHUDHQFRQWH[WREXVFDQGRHVWUXFWXUDOPHQWHODVFRQGLFLRQHVTXHOD
GHWHUPLQDQSHURQRSDUDDILUPDURGHVFDUWDUFLHUWDVIRUPDVGHFULDQ]DSDXWDGDVGHVGHHO
FRQVHQVRGHXQVHFWRUGHOHVWDEOLVKPHQW3HURHOPRGHORGH$UPLQGDPiVDOOiGHVXFDUiFWHU
SLRQHURHQHOSVLFRDQiOLVLVGHQLxRVGHOD$UJHQWLQDQRGDEDUHVSXHVWDDORVLQWHUURJDQWHVTXH
FRPHQ]DEDQDVXUJLUHQPt
(QUHDOLGDGFXDQGRHPSHFpDWUDEDMDUFRQQLxRV\RWHQtDXQDWHUULEOHLQVDWLVIDFFLyQHOPRGHOR
NOHLQLDQRPHSDUHFtDUtJLGRGHPDVLDGRDUWLFXODGRHQXQFXHUSRGHFHUWH]DV)UDQFDPHQWHHUD
LPSRVLEOHTXHDFHSWDUDHVHPRGHORGHLQWHUSUHWDFLyQ0HSDUHFtDFRPRXQH[FHVRGHORTXH3LHUD
$XODJQLHUKDOODPDGRYLROHQFLDVHFXQGDULDSHURDGHPiVDOJRPHVRQDEDGLVFRUGDQWHGHVGHHO
SXQWRGHYLVWDGHOPRGHORPLVPRGHOIXQFLRQDPLHQWRSVtTXLFR/DSURSXHVWDODFDQLDQDSRUVX
SDUWHVLELHQHUDIDVFLQDQWHGHVGHHOSXQWRGHYLVWDWHyULFRWHQtDXQSUREOHPDVHULRPHGHMDED
GHVSRMDGDGHXQSHQVDPLHQWRTXHSXGLHUDDERUGDUORVPRPHQWRVSUHYLRVSUHOHQJXDMHURVGHOQLxR
(OPRGHORODFDQLDQRSDUWtDGHOLQFRQFLHQWHFRQVWLWXLGR\HQWLHPSRVDQWHULRUHVPHUHPLWtDDOD
HVWUXFWXUDSDUHQWDOHVWRPHGHMDEDWRWDOPHQWHGHVSRMDGDGHKHUUDPLHQWDVWDQWRWHyULFDVFRPR
SUiFWLFDVSDUDWUDEDMDUHOLQFRQFLHQWHGHOVXMHWRHQFRQVWLWXFLyQ
(VWXYHPXFKRWLHPSRPX\DQJXVWLDGDSRUODVHQVDFLyQGHTXHQRWHQtDSDUiPHWURVGHVGHORV
FXiOHVGHILQLUPLSUiFWLFD\PX\QHFHVLWDGDGHHQFRQWUDUORV(QDTXHOODpSRFDDOJXQDVGHODV
SHUVRQDVTXHKR\VRQSDUWHGHOFDPSRODFDQLDQRIXHURQUHIHUHQWHVPX\LPSRUWDQWHVSDUDPtSRU
HMHPSOR'LDQD5DELQRYLFK(OODHVDOJXLHQFRQTXLHQ\RWXYHXQDLQWHUORFXFLyQPX\LPSRUWDQWH
DOJXLHQPX\YDOLRVRPX\LQWHOLJHQWHFRQTXLHQHVSRVLEOHLQWHUFDPELDULGHDV
'LHJR6RXELDWH<FRQUHVSHFWRDORVSVLFRDQDOLVWDVTXHKDQGHGLFDGRVXREUDDHVWXGLDUORV
PRPHQWRVLQLFLDOHVGHOQLxRFRPR:LQQLFRWW'ROWRR3LHUD$XODJQLHU"
6LOYLD%OHLFKPDU%XHQRD3LHUD$XODJQLHU\RODFRQRFtGHVSXpV(VDOJXLHQDTXLHQ\RDFFHGR
PDVWDUGtDPHQWH(QORVDxRVVHWHQWDQRHVWDEDQLVLTXLHUDWUDGXFLGD'HVSXpVQRVOOHJy/D
YLROHQFLDGHODLQWHUSUHWDFLyQ
5HVSHFWRGHODFXHVWLyQFRQ0DXG0DQQRQL\FRQ'ROWR0DQQRQLIXHHGLWDGDDQWHVTXH'ROWR
\PHGHVOXPEUy'HVSXpVPHGLFXHQWDTXHQRVDEtDTXpKDFHUFRQHVR(QPLOLEUR(QORV
RUtJHQHVGHOVXMHWRSVtTXLFR\RFXHQWRTXHOOHJyXQPRPHQWRHQTXHODVLQWHUYHQFLRQHVHUDQ
WRGDVLQWHUYHQFLRQHVKDFLDORVSDGUHV\QRKDEtDPDQHUDGHGLVWLQJXLUFyPRVHDUWLFXODEDHO
DQiOLVLVFRQQLxRV
'ROWRPHLQWHUHVySHURVLHPSUHWXYHODVHQVDFLyQGHTXHHOVX\RHUDXQSHQVDPLHQWRFRPRGH
FLHUWRKXPDQLVPRHQWUHFRPLOODVFDVLPtVWLFRPX\DWUDYHVDGRSRUODLGHRORJtD\ODUHOLJLyQ
$ULHO3HUQLFRQH&ODURHOODWHQtDXQDIXHUWHLQIOXHQFLDFULVWLDQD
6LOYLD%OHLFKPDU<DORVp\DORVpSHURHVRORVXSHGHVSXpV'HHQWUDGDKDEtDDOJRTXHQRPH
FRQYHQFtDPHSURGXFtDFRPRXQDFLHUWDVHQVDFLyQTXHQRORJUDEDGHILQLUFRPRGHFLHUWDIDOWDGH
FRKHUHQFLDWHyULFD\GHXQDLPSUHJQDFLyQXQWDQWRYLWDOLVWD3HQVDEDHVWRLQWXLWLYDPHQWHQRWHQtD
D~QKHUUDPLHQWDVSDUDGDUFXHQWDGHHOOR3RUHMHPSORVXVPRGHORVSODQWHDEDQWDOFRQWLJLGDG
HQWUHODELRORJtD\ORSVtTXLFRTXH\RQRHQWHQGtDFRPR/DFDQODWROHUDEDIUDQFDPHQWH3HURVH
WUDWDEDGHXQDFRQWLJLGDGQRPDWHULDOLVWDVLQRVRVWHQLGDHQODXQLGDGPtVWLFDGHODQDWXUDOH]D
3RUTXHHOODWLHQHXQPRGHORGHODOPDQRGHOSVLTXLVPR<QRHVWR\KDEODQGRGHODSDUDWR
DQtPLFRRDSDUDWRGHODOPDFRPRGHFtD)UHXGTXH\DHVXQDPDQHUDGHSRQHUGHUHOLHYHTXHHO
DOPDGHODFXDOKDEODODUHOLJLyQQRHVVLQRXQDSDUDWRTXHKD\TXHGHILQLUHQHORUGHQGHOD
VH[XDOLGDG\HQVXVIXQGDPHQWRVPDWHULDOHV3RUHOFRQWUDULRHQ'ROWRHVWHSVLTXLVPRDOPDVH
SURGXFHDSDUWLUGHOHQJHQGUDPLHQWR\HVRWLHQHTXHYHUFRQODPH]FODTXHKD\HQVXSHQVDPLHQWR
HQWUHHOFULVWLDQLVPR\HOSVLFRDQiOLVLVORFXDOODOOHYDDKDFHULQWHUYHQFLRQHVSURIXQGDPHQWH
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

LGHROyJLFDV0iVDOOiGHTXHKD\WH[WRVGHHOODTXHPHSDUHFHQGHVOXPEUDQWHV(QHOMXHJRGHO
GHVHRHVXQRGHHVRVWH[WRVPDUDYLOORVRVORVVHPLQDULRVPHSDUHFHQIUDQFDPHQWH
DWUDYHVDGRVSRUPRPHQWRVGHSURIXQGDLGHRORJL]DFLyQDQWLSVLFRDQDOtWLFD3RUHMHPSORGHFLUOHDXQ
QLxRTXHQRTXLHUHYLYLUTXHODYLGDHVEXHQDRGHFLUOHDXQQLxRTXHRGLDDORVSDGUHVSRUTXHOR
DEDQGRQDURQEXHQRSHURWXVSDGUHVWHGLHURQODYLGD\ODYLGDHVEXHQD7HODGLHURQSRUTXHWH
DPDURQ'HGyQGHVDFyHVR"(VXQDLQWHUYHQFLyQGHXQUHOLJLRVRQRGHXQSVLFRDQDOLVWD$
SHVDUGHHVRFXDQGRODFRQRFtD'ROWRPHSDUHFLyXQDPXMHULQWHOLJHQWtVLPD
$ULHO3HUQLFRQH'yQGHODFRQRFLy"
6LOYLD%OHLFKPDU<RODFRQRFtHQ3DUtVHQFDVDGH*LQHWWH0LFKDXG*LQHWWH0LFKDXGHVXQD
SVLFRDQDOLVWDODFDQLDQDTXHHVWXYRGXUDQWHPXFKRWLHPSRPX\FHUFDGH-HDQ2XU\HOGLUHFWRUGH
/DERUGH*LQHWWHIXHPX\EXHQDJHQWHFRQPLJRPX\EXHQDDPLJDPHDSR\yPXFKRFXDQGR\R
LEDDPLVHQFXHQWURVFRQ/DSODQFKHHQ3DULVRFXDQGRWXYHTXHKDFHUPLVSULPHUDVH[SRVLFLRQHV
WHyULFDV)XHHQODFDVDGH*LQHWWHGRQGHWXYHXQDFRPLGDFRQ'ROWR\ODFRQRFtSHUVRQDOPHQWH
'ROWRPHSDUHFLyXQDSHUVRQDLQWHOLJHQWtVLPDIXPDEDXQFLJDUULOORWUDVRWURSUHQGtDXQRFRQHO
RWURHVPiVVHIXPDEDORVFLJDUULOORVGHWRGRHOPXQGR5HDOPHQWHHUDPX\VLPSiWLFDPX\
FRWLGLDQDHQVXPDQHUDGHVHU\FRQWyXQDDQpFGRWDH[WUDRUGLQDULD&RQWyTXHFXDQGRHOODHUD
FKLTXLWDHOGtDDQWHULRUDWRPDUODFRPXQLyQHOFXUDOHVSUHJXQWyDORVFKLFRVHQFDWHTXHVLVVL
TXHUtDQKDFHUDOJXQDSUHJXQWD\ORVFKLFRVKDFtDQODVSUHJXQWDVOyJLFDVGHODVFLUFXQVWDQFLDV
3XHGRLUFRQXQVDTXLWRPDQJDVFRUWDVVREUHHOYHVWLGR"2FRQXQVDTXLWRFHOHVWH9LHURQHVDV
SUHJXQWDVVLPSOHVTXHKDFHQORVQLxRV"<ELHQKHDTXtTXHHOODOHYDQWyODPDQLWR\HOFXUDOHGLMR
)UDQoRLVHTXpTXHUpVSUHJXQWDU"<HQHVHPRPHQWRHOODGLMR3RUTXpFXDQGRQRPEUDPRVD
ORVDSyVWROHVGHFLPRVSDV-XGDV QR-XGDV (QWRQFHVHOFXUDHVFDQGDOL]DGROHGLMR3HUR
4XpHVWiVSUHJXQWDQGR)UDQoRLVH"<HOODOHGLMR3RUTXpQRSHGLPRVSRU-XGDVWDPELpQ\D
TXHVLQ-XGDVQRKXELHUDKDELGRSDVLyQ"(VH[WUDRUGLQDULDODUHIOH[LyQ<HOFXUDHOODUHFRUGyOD
OODPyDSDUWHDORWURFXDUWR\OHGLMR)UDQoRLVHTXLHURKDEODUWH<DOOtHQHORWURFXDUWROHGLMR
0DxDQDFXDQGRFRPXOJXHVFRQHO6HxRUTXLHURTXHOHSURPHWDVTXHQXQFDPiVYDVDSHQVDU
ULVDV <'ROWRUHPDWyGLFLHQGR3RUVXSXHVWR\RQRFXPSOtODSURPHVD'ROWRHUDPX\
LQWHOLJHQWH\XQDSHUVRQDPX\HQFDQWDGRUD
'HWRGDVIRUPDV\RTXHGpGHVSXpVFRQORVDxRVPiVLQFRPRGDGDFRQHOODSRUODDFWLWXGTXH
WXYRDFiFXDQGRYLQRDOD$UJHQWLQDFRQODV$EXHODVGH3OD]DGH0D\RORTXHKL]RPH
LQFRPRGySURIXQGDPHQWHPHSDUHFLyGHXQDIDOWDGHVXSRQJRTXHXVWHGHVFRQRFHQGHORTXH
FXHQWR
'LHJR6RXELDWH'HWRGDVPDQHUDFUHRTXHGHVSXpVPiVDGHODQWHHOODVHUHFWLILFy
6LOYLD%OHLFKPDU6tVHUHFWLILFy3HURPLUHQOHVYR\DFRQWDUFyPRIXH'ROWRSULPHURGLMR6L
HVDJHQWHVHTXHGyFRQHVRVQLxRVHVSRUTXHORVDPDED 1RWDUHIHUHQFLDDODDSURSLDFLyQGH
QLxRVHQODpSRFDGHODGLFWDGXUDPLOLWDU &RQORFXDORWUDYH]ODLGHDGHTXHHOTXHFUtD\DPD
HVEXHQR<FRPRVLIXHUDSRFRVLHQGR\DWHUULEOHORTXHKDEtDGLFKRSRUTXHLPSOLFDEDDFHSWDUXQD
LPSXQLGDGGHHVWDJHQWHTXHKDELHQGRPDWDGRDORVSDGUHVVHDSURSLyGHORVQLxRVKL]RXQ
SDUDOHORFRQODVHJXQGDJXHUUDPXQGLDO\HOSDUDOHORGHMDEDHQWUHYHUXQDQWLVHPLWLVPRODUYDGRTXH
PHLPSDFWy&RQWyKDFLHQGRODFRPSDUDFLyQTXHXQQLxRMXGtRKDEtDVLGRFULDGRSRUXQDIDPLOLD
FULVWLDQDGXUDQWHODJXHUUDSRUODIDPLOLDGHXQSDQDGHURGHXQSXHEORJHQWHEDVWDQWHKXPLOGH
'HVSXpVGHODJXHUUDORVSDGUHVGHOQLxRFRPRHUDQULFRVTXHUtDQOOHYDUVHDOQLxRTXH\DDPDED
DHVWHSDQDGHURTXHORHVWDEDFULDQGR/DPHQFLyQGHTXHORVMXGtRVHUDQULFRV\SRUHVRWHQtDQ
IXHU]DSDUDTXLWDUDOQLxRGHPDQRVGHOSDQDGHURHVIDOD]\UHWRPDORVSHRUHVPLWRVDQWLVHPLWDV
UHVSHFWRDODLQHVFUXSXORVLGDG\ULTXH]DGHORVMXGtRVSHURORPiVJUDYHGHVGHQXHVWUD
SHUVSHFWLYDHVHVWDEOHFHUXQDHTXLYDOHQFLDHQWUHORVDSURSLDGRUHVDUJHQWLQRV\DOJXLHQTXHHQ
)UDQFLDSURWHJLy\VDOYyDXQQLxRMXGtR3RUTXHKDFHUORHQpSRFDGHORVQD]LVHUDSRQHUVHHQ
ULHVJR\UHDOPHQWHULHVJRGHYLGDPLHQWUDVTXHDFiVHWUDWDEDOLVD\OODQDPHQWHGHXQURERGH
XQVDTXHRGHODVYtFWLPDV\DTXHORVQLxRVQRHVWDEDQDPHQD]DGRVGHPXHUWHVLVHORV
HQWUHJDEDDVXVIDPLOLDUHVGHRULJHQ
6HQWtTXHKDEtDXQDSURIXQGDIDOWDGHUHVSHWRXQDEDQDOLGDGTXHQRSHUPLWtDHQHOODFDSWDUHO
SURIXQGRGRORUTXHSURGXFtDHQHOLQWHUORFXWRU\IXHDKtGRQGHSHVHDWRGRHODIHFWRTXH
FRQVHUYDEDSRUHOODD~QHQHOPDUFRGHPLVGLIHUHQFLDVVHSURGXMRXQTXLHEUH
4XLHURDFODUDUTXH\RWHQJRFRPRPX\GLIHUHQFLDGRPLUHVSHWRWHyULFRGHPLVDFXHUGRV
SHUVRQDOHV3RUHMHPSORDPtPHFRQPRYLyPXFKRFXDQGRXQJUXSRGHDQDOLVWDNOHLQLDQRVGHOD
7DYLVWRFN&OLQLFPDQGyDODV$EXHODVGH3OD]DGH0D\RFXDQGRVHFXPSOLHURQORVYHLQWHDxRVGH
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

ODRUJDQL]DFLyQXQDFDUWDGHDSR\R\HQWUHHOORVHVWDED)UDQFLV7XVWLQ$PtPHSDUHFLy
PDUDYLOORVRVLQTXHHOORLPSOLTXHTXHPHYR\DUHIHUHQFLDUWHyULFDPHQWHSRUPLVDFXHUGRV
LGHROyJLFRVRpWLFRV7HQJRPX\FODURHVR\QRPH]FORODFLHQFLDFRQPLVDIHFWRVQLFRQOD
SROtWLFD3HURFRQ'ROWRWHQJRWDPELpQXQDGLIHUHQFLDWHyULFDGHIRQGRHQHOSXQWRGHODFRQWLJLGDG
HQWUHORELROyJLFR\ORSVtTXLFRFX\DVFRQVHFXHQFLDVVRQGHGLYHUVRRUGHQWHyULFDVFOtQLFDVH
LQFOXVRGHFRQVHFXHQFLDVSDUDODYLGDVRFLDO\DTXHVLVHSURSRQHTXHKD\YLGDSVtTXLFDDSDUWLU
GHODSULPHUDFpOXODHPEULRQDULDVHGHMDLPSOtFLWDODSXHUWDSDUDSODQWHDUTXHWRGRDERUWRHVXQ
KRPLFLGLRGHXQVHUSHQVDQWH
$ULHO3HUQLFRQH<DTXHKDUHFRUGDGRHOWLHPSRGHODGLFWDGXUDHQVXKLVWRULDXVWHGWXYRTXH
H[LOLDUVHYHUGDG"
6LOYLD%OHLFKPDU%XHQR\RPHIXLVt<RPHIXLHQHO
 1RWD(OGH0DU]RGHVH
LQVWDOyOD'LFWDGXUD0LOLWDUHQOD$UJHQWLQD )XHXQPRPHQWRPX\GLItFLOSDUDWRGRV/XHJRDOOiHQ
0H[LFRGRQGHPHH[LOLpPHYLQFXOpDXQJUXSRODFDQLDQRFRQDOJXQDJHQWHPX\LQWHUHVDQWH
HVWDED&DUORV3ODHOXUXJXD\RHVWDED0DUFHOR3DVWHUQDFTXHDKRUDFUHRTXHHVWiYLQFXODGRDO
JUXSR/LWRUDOFRQHOORVQRVMXQWiEDPRVHVWDED1HVWRU%UDXQVWHLQHVWDED(VWHOD0DOGRQDGR
TXHHVXQDH[FHOHQWHSHUVRQD\FRQODTXH\RWXYHXQYLQFXORPX\DIHFWXRVRFX\RPDULGRTXH\D
PXULyOHHQVHxDEDDQXHVWURVKLMRVKLVWRULDDUJHQWLQD(UDXQFRUGREpVOODPDGR,YiQ%DLJRUULDDO
TXHOHGHFtDPRV0ROXFKLSDUDHOFXDOODKLVWRULDDUJHQWLQDHPSH]DED\WHUPLQDEDHQ&yUGREDSHUR
DOFXDOPLVKLMRV\RWURVFKLFRVOHGHEHQVXVFRQRFLPLHQWRVEiVLFRVGHQXHVWUDKLVWRULD
$ULHO3HUQLFRQH&XDQWRVDxRVHVWXYRHQ0p[LFR"
6LOYLD%OHLFKPDU'LH]DxRVHVWXYHHQ0p[LFRSRUTXHPHIXLHQHO
FRPROHVGLMH\YROYtHQ
HO(QHVDpSRFDPHYLQFXOpDHVWHJUXSRGHOFXDOOHVKDEOR\WUDEDMpHQHO+RVSLWDOSVLTXLiWULFR
LQIDQWLOGH0p[LFR'HVSXpVPHDSDUWp\HPSHFpPLWUDEDMRFRQ/DSODQFKH


$ULHO3HUQLFRQH8VWHGDKtYDD)UDQFLD"
6LOYLD%OHLFKPDU$Kt\RORYR\DYHUD/DSODQFKH
0LUWKD%HQLWH]8VWHG\DORFRQRFtDSUHYLDPHQWH"
6LOYLD%OHLFKPDU<RHVWDEDPX\PDUFDGDSRUHO&RORTXLRGH%RQQHYDOKDEtDOHtGRHOFRORTXLR\
HVWDEDPX\PDUFDGDSRUHVHWH[WR\HVWDEDPX\PDUFDGDWDPELpQSRU9LGD\PXHUWHHQ
SVLFRDQiOLVLV7HQJDQHQFXHQWDTXHHQHO
FXDQGRVHLQWURGXFH/DFDQHQOD$UJHQWLQDSDUD
XQRHUDWRGRORPLVPR3HQViEDPRVTXHORTXHGHFtD/DSODQFKHHUDXQDH[SOLFDFLyQPDVFODUDGH
/DFDQFXDQGRHQUHDOLGDGKDEtDGLIHUHQFLDV(UDFRPRHQORVFRPLHQ]RVGHOSVLFRDQiOLVLVWRGRXQ
PRYLPLHQWR7RGRVWUDWiEDPRVGHHQWHQGHUHOFRQFHSWRGHPHWiIRUD\VHOHtDQWH[WRVTXHHQ
UHDOLGDGSRUDKtHUDQFRQWUDGLFWRULRV3RUHMHPSORHOWH[WRGH-HDQ/XF1DQF\\/DEDUWKH(O
WtWXORGHODOHWUDTXHGLVFXWLyODFRQFHSFLyQGH/DFDQGHOVLJQROLQJtVWLFRSHURTXHQRVSHUPLWLy
HQWHQGHUODFXHVWLyQGHODGHVFRQVWUXFFLyQGHOVLJQR<QRVRWURVORVOHtDPRVSDUDDSUR[LPDUQRVD
HVHOHQJXDMHQXHYRTXHDSDUHFtDOOHQRGHSDODEUDVTXHKR\VHWULOODURQFRPRPHWRQLPLD
PHWiIRUDVLQpFGRTXHEDUUD\HOLSVHHQILQSDODEUDVTXHQRVOOHQDEDQGHH[SHFWDWLYDVVREUHXQ
SVLFRDQiOLVLVUHQRYDGR
<HQWUHHVRVWH[WRVHO&RORTXLR%RQQHYDOPHPDUFyGHPDQHUDSDUWLFXODU\SRUVXSXHVWR9LGD\
PXHUWHHQSVLFRDQiOLVLV\HOGLFFLRQDULRGH/DSODQFKH\3RQWDOLVHO9RFDEXODULRGHSVLFRDQiOLVLV
TXHKDEtDVLGRPX\RUGHQDGRUSDUDHPSH]DUDFRPSUHQGHUFyPRVHWUDEDMDHOFRQFHSWR\VDOLUGH
ODOLQHDOLGDGGH6WUDFKH\SRUTXHORQRYHGRVRHUDXQDOHFWXUDHQSUREOHPiWLFDXQDOHFWXUD
HSLVWHPROyJLFDGH)UHXG<HVWDEDSUHVHQWHHQWRGRHVWHGHEDWHSRUHMHPSORHOSRUTXpQRKDFHU
XQDOHFWXUDFURQROyJLFDGH)UHXGRSRUTXpHOUHWRUQRDORVFOiVLFRV(UDPX\LQWHUHVDQWHHQHVH
PRPHQWRHUDPX\ULFR
<HVHGHEDWHSURIXQGRVHDERUWDSRUODOOHJDGDGHODGLFWDGXUD\WRGRVHFRDJXOD\HVHQHVH
PRPHQWRTXHPHYR\D0p[LFR/DVROHGDGHUDWHUULEOH\XQDGHODVFRVDVTXHPiVODPHQWDEDHUD
QRWHQHUXQPDHVWURSRUTXH\RHUDWRGDYtDPX\MRYHQ\XQRQHFHVLWDPDHVWURVHQODYLGDWHQtD
SDUHVSHURQRWHQtDXQPDHVWURQRWHQtDDQDGLHDOOi'HFDVXDOLGDG\FRPR\RKDEORIUDQFpVPH
YLQFXORDJHQWHGHO,QVWLWXWR)UDQFpVSDUD$PpULFD/DWLQDEXVFDQGRXQHVSDFLRFXOWXUDOHQHVH
WLHPSREXVFiEDPRVSRUWRGRVODGRVSRUHO,QVWLWXWRGH$QWURSRORJtDH+LVWRULDSRUHO&ROHJLRGH
0p[LFRHQILQKDEtDTXHVREUHYLYLUDQLYHOGHODVLGHDVEDMRULHVJRGHLQDQLFLyQ\KDEtDXQDFKLFD
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

TXHHVWXGLDEDSVLFRDQiOLVLVEXHQRODFXHVWLyQHVTXHDKtKDJRFRQWDFWR\HVWDSHUVRQDPH
SUHJXQWDVLTXLHURKDFHUXQDWHVLVGRFWRUDOHQ3DULV<ROHGLJRTXHQRVpVLTXLHUR\OHSURSRQJR
3ULPHURGHFLPHTXLpQHVWiDOOiSDUDYHUVLPHLQWHUHVDODVSHUVRQDV%XHQRHVWi/DSODQFKH
PHFRQWHVWy*XDXGLMHFXDQGRPHHQWHUpTXHHVWDED/DSODQFKH\DKtQRGXGpPiV/HSHGtTXH
PHKLFLHUDXQFRQWDFWR\HVFULEtDOD8QLYHUVLGDG,YRQ%UHVHUDHOGLUHFWRUGHFDUUHUDHQ3DULV9,,\
HQWHQGLyTXH\RTXHUtDKDFHUODWHVLVFRQpOHQWRQFHVPHPDQGyXQFDUWDTXHGHFLD&KqUH
PDGDPHFRQWRGRJXVWRYR\DGLULJLUVXWHVLV<RPHTXHUtDPRULU(QWRQFHVOHPDQGpXQDFDUWD
\OHGLJR&KHUPRQVLHXUORODPHQWRPXFKRSHUR\RORTXHTXLHURHVXQFRQWDFWRFRQ/DSODQFKH
(OPX\FRUUHFWRPHGDODGLUHFFLyQ\\ROHHVFULERD/DSODQFKH3DVDQORVPHVHV\/DSODQFKH
QXQFDPHFRQWHVWD<RQRVDEtDTXHpOHVWDEDIXHUDGHODFLXGDGHQHVDpSRFD%XHQRSDVDURQ
GRVPHVHVRPiV\OOHJDODUHVSXHVWDGLFLpQGRPHTXHYD\DHQWRQFHVOODPRDODVHFUHWDULDSDUD
DUUHJODUXQDFLWD\HOODPHGLFH'tJDPHXVWHGVXVRSFLRQHV0DGDPH<\ROHFRQWHVWR0LUH\R
YR\XQDVHPDQDVyORDYHUORDpOGHQWURGHHVDVHPDQDGHPHXQKRUDULR<DKtPHIXL
DFRPSDxDGDGHPLKLMD
<RSHQVDEDTXH/DSODQFKHHUDHOPDVIUHXGLDQRGHORVODFDQLDQRVQRWHQtDODPHQRULGHDGHOOtR
TXHKDEtD ULVDV HUDFRPRWDQGHSURYLQFLDORPtR
$ULHO3HUQLFRQH$/DFDQOROOHJyDFRQRFHUDKt"
6LOYLD%OHLFKPDU$/DFDQORFRQRFtFODUR(QHVDpSRFDSRUTXH/DFDQPXULyGHVSXpVHQHO
DxR
/XHJRHQXQYLDMHOOHJXpD3DULVMXVWRGHVSXpVGHODPXHUWHGHpO0HTXHGDURQHQHO
UHFXHUGRPXFKDVDQpFGRWDVGHHVDpSRFDDQpFGRWDVGHWRGRWLSRQRVyORGH/DFDQVLQRGHO
PXQGRFXOWXUDOIUDQFpV3RUHMHPSOR\RKDEOpFRQODPXMHUGH$OWKXVVHUXQDVHPDQDDQWHVGHTXH
pOODPDWDUD
%XHQRYROYLHQGRDODKLVWRULDFRQ/DSODQFKHODFXHVWLyQHVTXHHQWRQFHVPHYR\DYHUOR\PH
DFRPSDxDPLKLMDTXHHQHVDpSRFDWHQtDWUHFHDxRV$KtSDUWLPRVODVGRVFRQXQEROHWRGHHVRV
UHEDUDWRVOOHJDPRV\ORYR\DYHU\OHGLJR<RYHQJRDYHUORDXVWHGSRUTXHXVWHGHVHOPiV
IUHXGLDQRGHORVODFDQLDQRV<pOPHFRQWHVWD1R\RVR\HOPDVODFDQLDQRGHORVIUHXGLDQRV
ULVDV <OHSODQWHR(VWRHVORTXH\RKDJR<VDFRGRVUHYLVWDV\HUDQGRVUHYLVWDVODFDQLDQDV
HQODVFXDOHVDSDUHFtDQDUWtFXORVPtRV/DVPLUD\PHGLFH3HURHVWDVVRQUHYLVWDVODFDQLDQDV
<DKtPHHQFKLQFKp\OHUHVSRQGt0LUHXVWHGYLYHHQ)UDQFLD\RYLYRHQ0p[LFR\SXEOLFR
GRQGHSXHGR<TXLHURH[SOLFDUOHSRUTXHTXLHURKDFHUODWHVLVFRQXVWHG<OHHPSHFpDFRQWDUOR
TXHSHQVDEDGHFyPRKDEtDOHtGRHO&RORTXLRGH%RQQHYDOGHSRUTXpFRQVLGHUDEDTXHQRKDEtD
XQDSURSXHVWDFODUDSDUDHOSVLFRDQiOLVLVGHQLxRVGHPLGHEDWHLQWHUQRFRQ0HODQLH.OHLQ\GHOD
GLOXFLyQTXHSODQWHDEDXQDSURSXHVWDFRPRODGH0DXG0DQQRQL\DORVTXLQFHPLQXWRVHPSH]yD
GHFLU%XHQRWHQGUtDPRVTXHUHVROYHUHVWR\HVWR\HVWR\DHQSOXUDO/XHJRKDEOyDOD
XQLYHUVLGDGSDUDTXHDUUHJODUDQFRQPLJRHOWHPDIRUPDOSURSRQLHQGRTXH\RKLFLHUDXQDVHULHGH
SUHVHQWDFLRQHVHQVXVHPLQDULR\FRQHVRPHGDEDQSRUDSUREDGRHO'($TXHHVHOGLSORPDGH
HVWXGLRVSURIXQGRVRDYDQ]DGRVTXHVRQGRVDxRV\GHVSXpVHQWUDEDHQWHVLVGRFWRUDO<ELHQD
SDUWLUGHHVRHPSHFpDYLDMDU\YLDMDEDFDGDWUHVPHVHVD3DUtVSDUDFXPSOLUHODFXHUGR
$ULHO3HUQLFRQH6XWHVLVHVVXSULPHUOLEUR"
6LOYLD%OHLFKPDU&ODUR(QORVRUtJHQHVGHOVXMHWRSVtTXLFRHVPLWHVLV\HQODGHIHQVDHO
MXUDGRHVWXYRFRQVWLWXLGRSRU-HDQ/RXLV/DQJTXHHVXQSVLTXLDWUDLQIDQWLOPDUDYLOORVR
SVLFRDQDOtWLFR)HGLGD\/DSODQFKH)XHPX\HPRFLRQDQWHSRUTXH\RGHIHQGtPLWHVLVMXVWRHQ
GLFLHPEUHGHO
FRQHOUHWRUQRGHODGHPRFUDFLD\DFDEDEDGHJDQDU5DXO$OIRQVtQ 1RWD3ULPHU
SUHVLGHQWH$UJHQWLQRHQHOUHWRUQRDODGHPRFUDFLDOXHJRGHODGLFWDGXUDPLOLWDU (VHPRPHQWRIXH
PX\FRQPRYHGRUSRUTXHFXDQGRWHUPLQRODGHIHQVDGHPLWHVLVVHYDQORVPLHPEURVGHOMXUDGR\
FXDQGRYXHOYHQDOOiHVFRQS~EOLFRHQWRQFHVHVWDEDQPLVKLMRVPLPDULGRPLVREULQDDOJXQRV
DPLJRV\FROHJDV)HGLGDHPSH]yDKDEODUVREUHORTXHSDUDPtUHSUHVHQWDEDHOUHWRUQRDOD
GHPRFUDFLDHQOD$UJHQWLQD\PHVDOXGyHQQRPEUHGHO-XUDGRKDFLHQGRUHIHUHQFLDDHVWDHWDSD
TXHVHDEUtDWRGRHOPXQGROORUDEDQRVDEUD]iEDPRVIXHXQPRPHQWRPX\HPRFLRQDQWH
$ULHO3HUQLFRQH8VWHGQRVFRPHQWyKDFHXQLQVWDQWHTXHFRQRFLyD/DFDQSRUHVDpSRFDHQ
ORVVHPLQDULRVHVWXYRHQDOJ~QPRPHQWR"
6LOYLD%OHLFKPDU)XLDHVFXFKDUORXQDYH]SHUR\DQRLEDKDELWXDOPHQWHDORVVHPLQDULRVHVWDED
\DPX\YLHMLWR
$ULHO3HUQLFRQH4XpUHFXHUGDGHpO"
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

6LOYLD%OHLFKPDU8QGHWHULRURWHUULEOH<UHFXHUGRPRPHQWRVHQORVFXDOHVHVWDEDPX\LGR
PX\LGRPX\,QFOXVLYH*LQQHWWH0LFKDXGTXHKDEtDVLGRSDFLHQWH\VXSHUYLVDQGDGH/DFDQ HO
OHGDEDODVXSHUYLVLyQ\FXDQGRHQFRQWUDEDXQSXQWRFLHJRRXQDGLILFXOWDGGHORTXHIXHUDOD
PDQGDEDDOGLYiQODDQDOL]DED\GHVSXpVOHFREUDEDGRVVXSHUYLVLRQHV\XQDVHVLyQ3HURQROH
FREUDEDGHPiVFRQHOODIXHPX\FRUUHFWRORGLJRSRUTXHGLIHUHQFLDEDDVtORVWUHVWLHPSRV\QR
WHQJRFRQRFLPLHQWRVFRPRSDUDDWULEXLUDRWURPyYLOODFXHVWLyQ PHGLMRXQDFRVDWHUULEOH&UHR
TXHPXFKRVYDQDOVHPLQDULRHQHVWDVFLUFXQVWDQFLDVSRUTXHFRPRORVWUDWyFRPRLPEpFLOHV
GXUDQWHDxRVDOJXQRVViGLFRVYDQDYHUORGHVWUXLGR\DJUHJDED\RQRSXHGRLUDYHUORGHOGRORU
TXHPHSURGXFH(VWHUULEOHORTXHPHGLMRHVWHUULEOH3HURVXSRQJRTXHGHEtDKDEHUPXFKD
JHQWHTXHLEDDHVFXFKDUODV~OWLPDVFRVDVYDOLRVDVTXHHOGHFtDSRUTXHORDPDED\TXHUtD
HVFXFKDUORKDVWDHOILQDO
$ULHO3HUQLFRQH5HFXHUGDHQTXHRFDVLyQORHVFXFKy"
6LOYLD%OHLFKPDU6L\RORHVFXFKHHQXQRGHORVVHPLQDULRVGH(QFRUH)XHPX\LPSDFWDQWH
PX\LQWHUHVDQWH6LQGXGDVHOHUDXQSHUVRQDMHH[WUDRUGLQDULR0X\]RUURFXDQGRHVWDEDELHQ
PX\]RUURSHURPX\PX\EULOODQWH\PX\GLItFLO/DVDQpFGRWDVTXHPHFXHQWDODJHQWHTXHVH
DQDOL]RFRQpOGHFyPRKDEODEDGHODVFRVDVTXHpOSODQWHDEDHQHOLQWHULRUGHODQiOLVLV3RU
HMHPSORFXDQGRVHHQRMDED\KDEODEDPDOGHDOJXLHQFDPLQDEDSRUHOFRQVXOWRULRUHFXHUGR
TXH*LQQHWHPHFRQWyTXHXQGtDpOHVWDEDVHQWDGRHOODHQHVHPRPHQWRKDFLDODWHVLVFRQ
/DSODQFKH\\DKDEtDVLGRODUXSWXUD\pOOHGHFtD9RXVWUDYDLOOH]HQFRUHDYHFYRWUHFDQDLOOH
8VWHGWUDEDMDD~QFRQVXFDQDOOD 3HURHUDVXSDFLHQWH\WDPELHQVXVXSHUYLVDQGD
2SRUHMHPSOR1DGLQH/DSODQFKHPHFRQWyTXHDHOODOHGHFtDHOODVHGXFtDPXFKR3RUTXpQR
YLHQHDPLVHPLQDULR"<HOODOHFRQWHVWDED3RUTXH\RQRVR\SVLFRDQDOLVWD6tOHGHFtDpO
SHURXVWHGHQWLHQGHPXFKRPiVTXHWRGRVHVRVLGLRWDVTXHYDQ6LQGXGDHUDPX\VHGXFWRU
7DOYH]PiVGHORGHELGR
/HVYR\DFRQWDUXQDDQpFGRWDPDUDYLOORVD&XDQGR*LQHWWH0LFKDXGHPSLH]DVXDQDOLVLVFRQ
/DFDQDOSRFRWLHPSRHVWDQGRHQVHVLyQOROODPDQSRUWHOpIRQRHVWRPHORFRQWyHOODPX\
FRQPRYLGDpOVHOHYDQWDHQWRQFHVSDUDDWHQGHUYXHOYHVHVLHQWD\OHRUGHQD6HQWiWHSHTXHxD
OHDJDUUDODVPDQRV\OHGLFHWXSDGUHKDPXHUWR/HDYLVDURQPLHQWUDVHOODHVWDEDHQVHVLyQ\
pOVHKL]RFDUJRGHGHFtUVHOR7HQtDHVDFRVDGHORFRJHQLDOPH]FODGHFRPSURPLVRSURIXQGRSHUR
WDPELpQDYHFHVGHLPSXQLGDG
0LUWKD%HQLWH]0HLQWHUHVDSUHJXQWDUOHUHVSHFWRDORTXHPHQFLRQyUHFLpQGHVXHQFXHQWURFRQOD
HVSRVDGH$OWKXVVHU\DTXHKDFHSRFROHtHOOLEURGH*pUDUG3RPPLHU/RXLVGHODQDGDVREUHOD
PXHUWHGHOILOyVRIR
6LOYLD%OHLFKPDU<RVROROOHJXpDKDEODUSRUWHOpIRQRFRQODHVSRVDGH$OWKXVVHU/HVFXHQWR
FyPRIXH/RTXHRFXUULyIXHTXH\RHUDPX\DPLJDGH0DXULFLR0DODPXGHOHSLVWHPyORJR\
0DXULFLRKDEtDKHFKRXQYtQFXORPX\HVWUHFKRFRQ$OWKXVVHUQRVyORSRUUD]RQHVWHyULFDVVLQR
WDPELpQSRUFLHUWDVFXHVWLRQHVGHLGHQWLILFDFLyQSHUVRQDOGHKLVWRULDVGHYLGD\PHGLRHOWHOpIRQR
GH$OWKXVVHUHQ/(FROH1RUPDOGRQGHYLYtDSDUDTXHOROODPDUD\IXHUDDYHUORHQXQRGHPLV
YLDMHVD3DUtV(Q)UDQFLDQRHVFRPRDFiXVWHGHVOODPDQDO(FROH1RUPDO\SLGHQFRQ0RQVLHXU
$OWKXVVHU\OHVSDVDQDOGHSDUWDPHQWRQROHSUHJXQWDQGHSDUWHGHTXLHQ"1RHVFRPRDFi0H
DWLHQGHXQDPXMHUPHSUHVHQWR\HOODPHGLFHTXLpQHVHQWRQFHV\ROHGLJR0LUH\RYHQJRGH
0p[LFRVR\DPLJDGH0RQVLHXU0DODPXG\PHJXVWDUtDYHUD/RXLV$OWKXVVHU0HFRQWHVWD
(VWiLQWHUQDGRSHURpOWHQGUtDPXFKDVJDQDVGHYHUODSRUTXHORTXLHUHPXFKRD0U0DODPXG\
WLHQHPXFKDVJDQDVGHYLQFXODUVHeO\DPHKDEOyGHXVWHG/OiPHPHHQGRVGtDVDYHUVLORV
PpGLFRVGDQHOSHUPLVR/ODPRDORVGRVGtDV\PHGLFH0LUHQROHKDQGDGRSHUPLVRQROR
GHMDQYHUDQDGLH9XHOYRD0p[LFR\DODVWUHVVHPDQDVDEURHOGLDULR\QRORSRGtDFUHHU$~Q
WHQJRODYR]GHHOODDFiHQHORtGR)XHPX\LPSDFWDQWHpOODKDEtDDVHVLQDGR
$ULHO3HUQLFRQH(QTXHDxRYXHOYH"8VWHGYXHOYHHQHODOD$UJHQWLQD"
6LOYLD%OHLFKPDU1R<RFXDQGRYXHOYHODGHPRFUDFLDPHTXHGRXQWLHPSRPiVHQ0p[LFR<
IXHWHUULEOH3RUTXHDSDUWLUGHTXHVHOODPDDHOHFFLRQHVQRWRPRPiVSDFLHQWHVGHDQiOLVLV\
HPSLH]RDWHUPLQDUORVDQiOLVLVHQFXUVR3XURHVIXHU]RSXHGHQLPDJLQDUOR
'LHJR6RXELDWH(UDXQFRPSURPLVRpWLFRTXHXVWHGWHQtDHQWRQFHV
6LOYLD%OHLFKPDU7RWDOPHQWH<HVWDGHFLVLyQWXYRTXHYHUFRQORWUDXPiWLFDTXHIXHODLGD
3RUTXHXQDFRVDHVTXHXQRWHQJDTXHVDOLUFRUULHQGR\RWUDYROYHUDVtGHOPLVPRPRGRGHMDQGR
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

XQWHQGDOGHSDFLHQWHVDEDQGRQDGRVVLQWLHPSRGHHODERUDFLyQFXDQGRHQUHDOLGDGVHWUDWDGHXQ
GHVHRGHXQR\DTXHOD3DWULDQRORHVWiOODPDQGR(UDXQDGHFLVLyQSHUVRQDOYROYHU
(QWRQFHVIXLPRVOHYDQWDQGRHOFRQVXOWRULR\HQPHGLRGHHVRVHSURGXFHHQHOHOWHUUHPRWRGH
0p[LFR\PHTXHGRXQWLHPSRPiVSRUTXHHUDXQDEDMH]DGHMDUDODJHQWHHQHVDVFRQGLFLRQHV
'LULMRHQWRQFHVDFRPSDxDGDSRUPLPDULGR&DUORV6FKHQTXHUPDQDOJXQRVSUR\HFWRVGH81,&()
SDUDORVQLxRV\GHVSXpVVt\DYROYHPRV<UHDOPHQWHODJHQWHIXHPX\EXHQDDFiFXDQGR\R
YROYt/RTXLHURGHFLUSRUTXH\RPHVHQWtPX\ELHQUHFLELGDPX\VROLGDULDPHQWHUHFLELGD&RPR
HQWRGRHOPXQGRKD\PRPHQWRVPHMRUHV\SHRUHVSHUR\RVLHQWRPXFKRDJUDGHFLPLHQWRKDFLDOD
IRUPDHQTXHPHUHFLELyODJHQWHFXDQGRYROYt
$KtVDOHPLOLEURDOPHVGHYROYHUHVHSULPHUOLEURTXH\DKDEtDVDOLGRHQ3DUtV
$ULHO3HUQLFRQH<DKDEtDVDOLGRHQ3DUtV\ORSXEOLFDQDFiHQ$UJHQWLQD
6LOYLD%OHLFKPDU6tVDOHDFiHQODHGLWRULDO$PRUURUWX(QORVRUtJHQHVGHOVXMHWRSVtTXLFR
'LHJR6RXELDWH3HUGRQXVWHGWUDEDMyWDPELpQYLQFXODGDDORVRUJDQLVPRVGHGHUHFKRV
KXPDQRVDFi"
6LOYLD%OHLFKPDU6tSRUVXSXHVWR$Fi\DOOi(Q0p[LFRWUDEDMpSRUVXSXHVWRFRQPXFKRV
FKLFRV\FRQPXFKDJHQWHYtFWLPDGHOWHUURULVPRGH(VWDGR<WUDEDMpWDPELpQHQXQSUR\HFWRTXH
RUJDQL]DPRVSDUDODFXULDGH&KLDSDVDFX\RIUHQWHHVWDED'RQ6DPXHO5XL]XQRELVSR
H[WUDRUGLQDULRSDUDQLxRVUHIXJLDGRVJXDWHPDOWHFRV$KtDUPDPRVXQSUR\HFWRSDUDQLxRV
UHIXJLDGRVGHODVIURQWHUDV<DFiFXDQGRYROYtVtFRODERUpHQORTXHSXGHFRQORVRUJDQLVPRVGH
GHUHFKRVKXPDQRV
0HFRPSURPHWtFRQHOORV\DSRUWpHQORTXHSRGtDSHURQXQFDWXYHXQDLQVHUFLyQRUJiQLFD0H
SDUHFHTXHHVQHFHVDULRPDUFDUHVRSDUDTXHTXLHQHVUHDOPHQWHORKLFLHURQQRVLHQWDQTXHPH
DWULEX\RIXQFLRQHVTXHQXQFDRFXSp3HURWUDEDMpPXFKRPX\YLQFXODGDFRQORVRUJDQLVPRV\
FRQODVYtFWLPDV3HQVpFRVDVHVFULEtFRVDVSDUWLFLSpSHURQRIXLPLHPEURGHQLQJ~QHTXLSR
DXQFXDQGRWHQJRXQSURIXQGRFDULxR\UHVSHWRSRUODVRUJDQL]DFLRQHVTXHWXYLHURQDVXFDUJRHVD
WDUHD
$ULHO3HUQLFRQH'HVGH(QORVRUtJHQHVGHOVXMHWRSVtTXLFRXVWHGYLHQHFRQFHSWXDOL]DQGRHO
WHPDGHODUHSUHVLyQRULJLQDULD
6LOYLD%OHLFKPDU([DFWR
$ULHO3HUQLFRQH<ODIXQGDFLyQGHOLQFRQFLHQWH
6LOYLD%OHLFKPDU6t
$ULHO3HUQLFRQHFXHVWLRQHVGHODPHWDSVLFRORJtD%XHQRQRVJXVWDUtDVLXVWHGQRVSXHGH
KDFHUXQDWUDQVPLVLyQVREUHVXSRVLFLyQDOUHVSHFWR
6LOYLD%OHLFKPDU/HVYR\DFRQWDUFyPRVXUJLyHVWDSUHRFXSDFLyQHOSRUTXpGHHVWHWHPD<R
OHVGHFtDDQWHVTXHFXDQGRHPSHFpDWUDEDMDUXQDGHODVFRVDVTXHPiVPHDQJXVWLDEDHUDQR
VDEHUFyPRGHILQLUHOLQLFLRGHXQDQiOLVLVFRQQLxRV(VGHFLUSRUXQODGRHVWDEDODHVWUXFWXUD
HGtSLFDSRURWUDSDUWHHVWDEDHOLQFRQFLHQWHSHURFXiOHUDHOPRPHQWRHQTXHXQRSRGtDGHFLU
KDJRDQiOLVLVQRKDJRDQiOLVLVKD\VtQWRPDQRKD\VtQWRPD"$KtHVGRQGHPHFDHHQODVPDQRV
HO&RORTXLRGH%RQQHYDOFRQHOFRQFHSWRGHUHSUHVLyQRULJLQDULD<FRPLHQ]DDDUPDUVHHVWDLGHD
GHHPSH]DUDWUDEDMDUORVPRPHQWRVIXQGDFLRQDOHVGHODSDUDWRSVtTXLFR(QWRQFHVHOWHPDVXUJLy
GHOLQWHUpVGLJDPRVSUiFWLFRGHPLVSUHRFXSDFLRQHVFOtQLFDVDKtFRPHQ]yPLUHODFLyQFRQHO
FRQFHSWRGHUHSUHVLyQRULJLQDULD
6LELHQ\RWHQJRXQSHQVDPLHQWRWHyULFR\GLVIUXWRPXFKRGHODWHRUtDDOPLVPRWLHPSRWHQJR
FRQVWDQWHPHQWHFRPRXQDQHFHVLGDGGHUHVSRQGHUPHORVHQLJPDVTXHODSUiFWLFDPHJHQHUD'H
PRGRTXHWRGRHVWRWXYRPXFKRTXHYHUFRQXQDQHFHVLGDGGHUHFRQFHSWXDOL]DUORVPRGHORVGHO
DQiOLVLVGHQLxRV
3RUHMHPSORHQ.OHLQHOLQFRQFLHQWHH[LVWtDGHVGHORVRUtJHQHV(Q/DFDQHOLQFRQFLHQWHHUD
IXQGDGRSHURHVWUXFWXUDOPHQWH%XHQRFyPRVDEtDXQRFXiQGRWHQtDTXHDQDOL]DU"(VWDQGRHQ
GHVDFXHUGRFRQODLGHDGHXQLQFRQFLHQWHH[LVWHQWHGHVGHORVRUtJHQHVFyPRSXQWXDUORVWLHPSRV
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

GHVXIXQGDFLyQSDUDSRGHULQVWUXPHQWDUHOPpWRGR"(VWRPHOOHYyDODSUHRFXSDFLyQSRUGHVDUUROODU
HOFRQFHSWRGHUHSUHVLyQRULJLQDULD
<GHDOOtHOLQWHUpVSRUOD0HWDSVLFRORJtDTXH\RFUHRTXHHVXQPRPHQWRFXOPLQDQWHGHO
SHQVDPLHQWRGH)UHXG\XQRGHORVPRPHQWRVPHQRVLGHROyJLFRVGHVXREUD3RUHVRPHSDUHFH
WDQLPSRUWDQWHSRUTXHKD\PXFKRVDVSHFWRVGHODREUDTXHHVWiQPX\OLJDGRVDFXHVWLRQHV
KLVWyULFDVDPRGRVGHFRQFHELUODVXEMHWLYLGDGGHVXpSRFD3HURKD\DVSHFWRVPHWDSVLFROyJLFRV
TXHDWUDYLHVDQWRGDODREUD\TXHFRQVHUYDQSHUPDQHQFLD
1RVpVLUHVSRQGRFRQHVWRELHQDODSUHJXQWD
$ULHO3HUQLFRQH6tVt1RVpVLXVWHGSRGUiWUDVPLWLUQRVDXQTXHVHDVLQWpWLFDPHQWHVLELHQ
HVWiHQVXVOLEURVFXDOHVVXFRQFHSWXDOL]DFLyQGHODUHSUHVLyQRULJLQDULD\VXLGHDGHODIXQGDFLRQ
GHOLQFRQFLHQWH
6LOYLD%OHLFKPDU0LLGHDHVODVLJXLHQWH(QSULPHUOXJDU3RUTXpUHSUHVLyQRULJLQDULD\QR
SULPDULD"3RUTXHORTXHLPSRUWDQRHVTXHVHSURGXFHSULPHURVLQRTXHIXQGDORVVLVWHPDV
SVtTXLFRV$WDOSXQWRTXHSXHGHFDHUDORODUJRGHODYLGD\VHUUHIXQGDGD+D\GRVDVSHFWRVGH
ODUHSUHVLyQRULJLQDULDXQRTXHSURGXFHODVHSDUDFLyQHQWUHLQFRQFLHQWH\SUHFRQFLHQWH(ORWUR
TXHVHSXOWDDOLQFRQFLHQWHDTXHOORVUHSUHVHQWDQWHVGHODVH[XDOLGDGRGHOGHVHRLQIDQWLOTXHQR
WLHQHQWUDQVFULSFLyQ\TXHIRUPDQDOJRDVtFRPRORVHOHPHQWRVQXFOHDUHVGHOLQFRQFLHQWH/RFXDO
SRGUtDOOHYDUDSHQVDUSHUIHFWDPHQWHTXHHQFLHUWRPRPHQWRVGHGHVHVWUXFWXUDFLyQKD\
GHVDUWLFXODFLRQHVGHHVWDUHSUHVLyQRULJLQDULDGHVDUWLFXODFLyQWRWDOFRPRHQFLHUWRVPRPHQWRVGH
ODVSVLFRVLVRDWUDYHVDPLHQWRSDUFLDOFRPRRFXUUHDYHFHVFRQODDSDULFLyQGHFLHUWDV
FRPSXOVLRQHV(QWRQFHVODLGHDGHRULJLQDULDWLHQHTXHYHUFRQTXHGDRULJHQ\TXHWLHQHTXH
FRQVHUYDUVHFRPRDOJRTXHSURGXFHORRULJLQDULRFRPRXQFDPSRGLIHUHQFLDGRHQHORUGHQGHO
SVLTXLVPR3RUTXHORRULJLQDULRQRHVORSULPHURVLQRORTXHKDVLGRGLIHUHQFLDGRFRPRHVSDFLR
GHOLQFRQFLHQWH
0LUWKD%HQLWH]4XHDUPDODGLIHUHQFLD
6LOYLD%OHLFKPDU6tVt(VPX\~WLOSDUDORVGLDJQyVWLFRVGLIHUHQFLDOHVHVXQFRQFHSWRPX\
YiOLGRSDUDSHQVDUVLHOLQFRQFLHQWHHVWiFRQVWLWXLGRRQRSDUDGHILQLUODSRVLELOLGDGGHDSOLFDFLyQ
GHOPpWRGR3RUHMHPSOR\RUHGHILQtWRGDODFXHVWLyQGHSHUYHUVLRQHVHQODLQIDQFLDDSDUWLUGH
HVWRSRUTXHODLGHDGHOSROLPRUILVPRSHUYHUVRKDEtDDQXODGRODSRVLELOLGDGGHTXHKD\D
SHUYHUVLRQHVHQODLQIDQFLD<HOSROLPRUILVPRSHUYHUVRIUHXGLDQRWLHQHTXHYHUFRQODSXOVLyQ\QR
FRQODSRVLFLyQGHOVXMHWRHQODUHODFLyQFRQHOREMHWR
'LHJR6RXELDWH1RVRWURVRUJDQL]DPRVKDFHXQRVDxRVXQDPHVDGHGLFDGDDHVWHWHPDHQODV
MRUQDGDVTXHKLFLPRVHQHOKRVSLWDO(YLWDGH/DQ~VSHQVDQGRHQODLPSRUWDQFLDGHWUDEDMDUOD
FXHVWLyQGHODVSHUYHUVLRQHVHQHOQLxR
6LOYLD%OHLFKPDU7RWDOPHQWH3RUVXSXHVWR/DFXHVWLyQHVODVLJXLHQWHHOIDPRVRVDGLVPR
LQIDQWLOHQVXVIRUPDVGHPDQLIHVWDFLyQPiVSXUDPiVEUXWDOQRHVHIHFWRGHOSROLPRUILVPR
SXHGHHVWDUGDQGRFXHQWDGHXQPRGRSHUYHUVRGHFRQVWLWXFLyQGHODUHODFLyQFRQHOREMHWRGRQGH
QRVHKDDUWLFXODGRODUHODFLyQLQWHUVXEMHWLYD\HOREMHWRHVVyORXQPHGLRSDUDHOJRFHGHOVXMHWR<
HVWRDSDUWLUGHORVVHLVDxRV\DSXHGHHVWDUSHUIHFWDPHQWHLQVWDODGR/RPLVPRRFXUUHSRU
HMHPSORFRQODHQFRSUHVLVWDUGtD
$ULHO3HUQLFRQH&RQODVHQFRSUHVLVWDUGtDVFyPRORSRGUtDPRVSHQVDU"
6LOYLD%OHLFKPDU'LJDPRVXQDFRVDHVORTXH)UHXGOODPDHOSODFHUTXHWLHQHTXHYHUFRQHO
SROLPRUILVPRSHUYHUVRGHOFRQWDFWRFRQODVKHFHVTXH\RHQYHUGDGOHVTXLHURGHFLUTXHDHVWD
DOWXUDWHQJRPLVGXGDV4XLHURGHFLUORVLJXLHQWH1RYHRHQQLxRVPX\SHTXHxRVTXHKD\DHVH
SODFHUDOFRQWDFWRFRQODVKHFHV8QDFRVDHVTXHQRKD\DDVFR\RWUDHVTXHKD\DSODFHU(V
PX\GLIHUHQWH/DVIRUPDVJR]RVDVGHFRQWDFWRFRQODVKHFHVVRQVtQWRPDGHSDWRORJtDLQIDQWLOQR
VRQPRGRVGHHYROXFLyQQRUPDO
$ULHO3HUQLFRQH(QODVSVLFRVLVLQIDQWLOHVVHYHPXFKRHVWR
6LOYLD%OHLFKPDU3RUVXSXHVWRHQODVSVLFRVLVLQIDQWLOHV\QLKDEODUGHRWUDVPRGDOLGDGHVGH
FRQWDFWRVFRQODVKHFHV(VFLHUWRTXHKD\XQHQRUPHSODFHUXQHQRUPHDOLYLRHQODH[SXOVLyQGH
ODVKHFHVTXHTXHGDDVRFLDGRFRQTXHHORORUGHODVKHFHVSRUHIHFWRGHHVWHDOLYLR\GHXQD
UHFRPSRVLFLyQGHOSULQFLSLRGHOSODFHU
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

$ULHO3HUQLFRQH3HUR\HQWRQFHVFRPRSHQVDUtDODHURJHQHL]DFLyQGHOD]RQDDQDO"
6LOYLD%OHLFKPDU/DHURJHQHL]DFLyQGHOD]RQDDQDOSRUVXSXHVWRSHURQRDOFDQ]DFRQODV
KHFHVFRPRORPXHVWUDQORVDXWLVPRV3RUTXH\RSLHQVRTXHODHURJHQL]DFLyQQRYLHQH
VRODPHQWHGHODIXQFLyQGHOyUJDQRVLQRGHOPRGRFRPRLQWHUYLHQHHORWURHQODOLPSLH]D
0LUWKD%HQLWH]&ODURGHFyPRVHRUGHQDODIXQFLyQSRUUHODFLyQDORWUR
6LOYLD%OHLFKPDU([DFWDPHQWH'HTXpPDQHUDHORWURSURGXFHVH[XDOLGDGHQODV]RQDVGH
LQWHUFDPELR
$ULHO3HUQLFRQH%XHQRXVWHGKDFHIUHFXHQWHVUHIHUHQFLDVDODFXHVWLyQGHORVFXLGDGRVPDWHUQRV
\ODUHODFLyQFRQODVHGXFFLyQRULJLQDULD
6LOYLD%OHLFKPDU6t/RTXH/DSODQFKHWRPyGH)UHXGUHIHULGRDODVHGXFFLyQRULJLQDULD
3HURDHVWDDOWXUDPHJXVWDUtDPiVOODPDUORSXOVDFLyQRULJLQDULD/HVYR\DGHFLUSRUTXp/DLGHD
GH/DSODQFKHHVH[WUDRUGLQDULD\HVXQDFRQWLJLGDGFRQODVHGXFFLyQIUHXGLDQD\XQD
UHFXSHUDFLyQGHODWHRUtDGHODVHGXFFLyQFRPRWUDXPiWLFD/DGLIHUHQFLDGHODVHGXFFLyQHVTXHHO
VHGXFWRUVDEHTXHVHGXFHPLHQWUDVTXHORTXHODPDGUHSURGXFHYLHQHGHVXLQFRQFLHQWH
3RUHVRFUHRTXHGDUOHHOFDUiFWHUGHVHGXFFLyQHVFRORFDUORHQHORUGHQGHODSVLFRSDWRORJtD
(QWRQFHVSUHILHURKDEODUGHTXHODPDGUHKDFHXQDSXOVDFLyQSULPDULDD~QFXDQGRSXHGHKDEHU
VHGXFFLyQWDPELpQGHDPERVSDGUHVSHURFUHRTXHKD\TXHGHMDUPiVHOFRQFHSWRGHVHGXFFLyQ
SDUDDOJRTXHWLHQHTXHYHUFRQODFRQYRFDWRULDHUyJHQDGHOVXMHWR\QRFRQODLQVFULSFLyQHQOD
]RQD6RQSXQWRVGRQGH\RPHDSR\RHQpOSHURWDPELpQDEURDOJXQDVGLIHUHQFLDV
0LUWKD%HQLWH]<RORTXHTXHUtDGHFLUUHVSHFWRGHORUGHQGHODSXOVLyQHUDHQUHODFLyQDFyPR
RUGHQDURQORSXOVLRQDOORVSDGUHVRODPDGUHHQHVWHFDVR
6LOYLD%OHLFKPDU0DVTXHRUGHQDUORFyPRORSURGXMHURQ3RUTXH\RWHQJRDKtXQDSRVLFLyQ
UHVSHFWRDODLGHDIUHXGLDQDGHDSXQWDODPLHQWRTXHHVTXHHODSXQWDODPLHQWRHVHOOXJDUSRUGRQGH
VHLQWURGXFHODVH[XDOLGDGTXHQRHVTXHORVH[XDOVHDSXQWDOHHQORELROyJLFRVLQRTXHWLHQHXQ
RUGHQGHSURYHQLHQFLDGLVWLQWR
(QFLHUWRVQLxRVFDUHQFLDGRVQRVHRUJDQL]DQXQFDHVR(VPiVWRGRVVDEHPRVTXHVLODVWDUHDV
VRQPHFiQLFDVQXQFDORFRQVWLWX\H&RQORFXDOFUHRTXHOD]RQDHUyJHQDHVFRQVWLWXLGD\OD
SXOVLyQHVLPSODQWDGD3HURVtFUHRTXHHVWiGHWHUPLQDGDSRUHOPRGRHQHOFXDOHORWURWUDEDMD
VREUHHVWR$WDOSXQWRTXH\RKHKHFKRXQDUHOHFWXUDGH(UQDHOFDVRGH0HODQLH.OHLQHQPL
OLEUR&OtQLFD3VLFRDQDOtWLFD\1HRJpQHVLV(VXQFDVRSULYLOHJLDGRSDUDYHUHOPRGRGHVHGXFFLyQ
PDWHUQDRGHSXOVDFLyQPDWHUQDGHHURJHQHL]DFLyQTXHODPDGUHGH(UQDSURGXFHHOPRGRHQ
TXH(UQDHVH[FLWDGDSRUORVSDGUHV\FRQVLGHUDGRSRU0HODQLH.OHLQFRPRDOJRHQGyJHQR<DO
PLVPRWLHPSRFRPR0HODQLH.OHLQHVWDQJHQHURVDHQODGHVFULSFLyQ\HVWDQSRFRGRJPiWLFD
SDUDGHVFULELUXQRSXHGHVDFDUODVFRQFOXVLRQHVFRVDTXHQRYDDSDVDUQXQFDSRUHMHPSORFRQ
ORV/HIRUWQXQFDHQODYLGD3RUTXHORV/HIRUWVRQXQDIUDVH\XQDLQWHUSUHWDFLyQXQDIUDVH\XQD
LQWHUSUHWDFLyQ\XQRQXQFDVDEHTXpHVORTXHHVWiSDVDQGR(QFDPELRFRQ.OHLQQRSDVDHVR
FRQ'ROWRWDPSRFR'RPLQLTXHHVXQFDVRH[WUDRUGLQDULR
$ULHO3HUQLFRQHRFRQ3LJJOHGH:LQQLFRWW
6LOYLD%OHLFKPDU%XHQR:LQQLFRWWHVPDUDYLOORVRHQHVR3RUHVRKD\XQDGLIHUHQFLDHQWUHORV
WLSRVTXHUHDOPHQWHKDQSURGXFLGR\ORVDSOLFDGRUHVDVtHVWUHFKRV<GHQWURGHWRGDVODVWHRUtDV
KD\JUDQGHVSHQVDGRUHV
%XHQRDKtHQWRQFHVDPtPHLQWHUHVDPXFKRPRVWUDUHVWHOXJDUGHODVH[XDOLGDGGHODGXOWROR
FXDODEUHXQDOtQHDWRWDOPHQWHGLVWLQWDSDUDSHQVDUODFXHVWLyQHGtSLFD
$ULHO3HUQLFRQH%XHQRDKtGHVHDEDKDFHURWUDSUHJXQWD$SDUWLUGHVXFRQFHSWXDOL]DFLyQ
XVWHGWUDEDMD\WLHQHXQDSRVLFLyQUHVSHFWRGHODVQHXURVLVHQODLQIDQFLD"
6LOYLD%OHLFKPDU7RWDOPHQWH
$ULHO3HUQLFRQH&yPRSLHQVDXVWHGHVWHWHPD"
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

6LOYLD%OHLFKPDU&yPRODVSLHQVR"(QSULPHUOXJDU\RSLHQVRTXHODQHXURVLV9DPRVD
GLIHUHQFLDURDKDFHUXQDGLIHUHQFLDFLyQHQWUHQHXURVLVGHLQIDQFLD\QHXURVLVLQIDQWLO
0LUWKD%HQLWH]([DFWDPHQWHSRUTXHWHQtDPRVDKtXQDSUHJXQWDHQUHODFLyQDODQHXURVLVGH
LQIDQFLDFRPRFRQFHSWR
6LOYLD%OHLFKPDU3RUHVR3DUD)UHXGODQHXURVLVLQIDQWLOHVODQHXURVLVTXHVHDFWXDOL]DHQOD
WUDQVIHUHQFLDTXHWLHQHTXHYHUFRQHOPRGRFRQHOFXDOVHUHFRQVWLWX\HQHQHOLQWHULRUGHODQiOLVLV
ODVPRFLRQHVGHVHDQWHVLQIDQWLOHV(VRHVODQHXURVLVLQIDQWLOSDUD)UHXG
/DVQHXURVLVGHLQIDQFLDWLHQHQTXHYHUFRQRWUDFRVD7LHQHQTXHYHUFRQHOPRPHQWRFRQVWLWXWLYR
QHXUyWLFROHVGLUtDFRPRGHQRUPDOL]DFLyQHGtSLFD(OPRPHQWRHQTXHVHDUWLFXODODSRVLELOLGDGGH
SURGXFFLyQGHVtQWRPDV\GHIRUPDFLRQHVGHOLQFRQFLHQWH
3HURDOPLVPRWLHPSRODQHXURVLVGHLQIDQFLDHVWDPELpQHOPRGRVLQWRPiWLFRFRQHOFXDOHO
SVLTXLVPRTXHGDFDSWXUDGRSRUXQDFRUULHQWHQHXUyWLFDGHODYLGDSVtTXLFD<DKtYLHQHWRGDODLGHD
GHIRUPDFLyQGHVtQWRPDVFRPRSURGXFWRVWUDQVDFFLRQDOHVGLIHUHQFLDGRVGHORVWUDVWRUQRV
$ULHO3HUQLFRQH(VDHVXQDGLVWLQFLyQFOtQLFDTXHXVWHGKDFHTXHHVPX\RULHQWDGRUDHQOD
SUiFWLFDTXHHVODGLIHUHQFLDHQWUHWUDVWRUQR\VtQWRPD
6LOYLD%OHLFKPDU&ODURSRUTXHHOWUDVWRUQRHV3RUHMHPSORXQDHQXUHVLVSULPDULDQRHVXQ
VtQWRPDQHFHVDULDPHQWHQRHVXQDIRUPDFLyQGHFRPSURPLVR(QJHQHUDOHVXQWUDVWRUQR(VXQD
SDUWHGHODOLELGRGHODYLGDVH[XDOLQIDQWLOTXHQRKDHQFRQWUDGRWRGDYtDXQGHVWLQRGH
UHKXVDPLHQWR\UHSUHVLyQHQHOLQWHULRUGHODSDUDWR
0LUWKD%HQLWH]6HUtDFRPRXQDGHVFDUJDSXOVLRQDO"
6LOYLD%OHLFKPDU&ODUR0iVD~Q3RUHMHPSORSDUDPtODVFRPSXOVLRQHVQRVRQVtQWRPDV
+D\FRPSXOVLRQHVTXHORVRQ6HOODPDFRPSXOVLyQDGHPDVLDGDVFRVDV3HURSRUHMHPSORFLHUWRV
PRGRVFRPSXOVLYRVGHHMHUFLFLRGHODVH[XDOLGDGQRVRQVLQWRPiWLFRVVLQRTXHVRQIRUPDVGH
GHVFDUJDFRQFDUDFWHUtVWLFDVGHWUDVWRUQRQRWLHQHQFRPSURPLVRVHFXQGDULR(QWRQFHVPH
LPSRUWDSDUDVDEHUFyPRLQWHUYLHQHXQRUHVSHFWRDHVRTXpOXJDURFXSD
$ULHO3HUQLFRQH&ODURSRUTXpVHJ~QFyPRXQRVHXELTXHSHQVDQGRODFXHVWLyQTXHWUDHHOQLxR
FRPRWUDVWRUQRRFRPRVtQWRPDHVRGHWHUPLQDXQDHVWUDWHJLDWHUDSpXWLFDRXQDSRVLFLyQ
GHWHUPLQDGDGHODQDOLVWD
6LOYLD%OHLFKPDU7RWDOPHQWH(ORWURGtD\REURPHDEDXQSRFRHQVHULR\GHFtDPLHQWUDVTXHHQ
DOJXQRVWH[WRVFRPRHOWH[WRGH3VLFRWHUDSLDGH)UHXGHOWH[WRGHORVFRPLHQ]RV)UHXGGLFH
FyPRVHOHFFLRQDUORVSDFLHQWHORTXHQRVRWURVGHFLPRVHVFyPRVHOHFFLRQDUODHVWUDWHJLDQRHO
SDFLHQWH1DGLHVHOHFFLRQD\DSDFLHQWHV/RTXHVHOHFFLRQDVRQHVWUDWHJLDV
(QHOOtPLWHXQRSXHGHVHOHFFLRQDUSDFLHQWHV3HURQDGLH\DGLFH(VWHSDFLHQWHHVGHDQiOLVLV
HVWHQRORHV/RTXHXQRGLFHHV(VWHSDFLHQWHHVGHDQiOLVLV\UHVSHFWRDpVWHGHERYHU
FyPRFRQVWUX\RSDUDOOHJDUDSRGHUHVWDEOHFHUHODQiOLVLV
0LUWKD%HQLWH]&ODURHIHFWLYDPHQWH
6LOYLD%OHLFKPDU(QWRQFHVORTXHORGHILQHHVXQDHVWUDWHJLDGHSURGXFFLyQGHVXMHWRDQDOtWLFR\
GHQRUPDOL]DFLyQGHSVLTXLVPRHQHOVHQWLGRGHUHJXODFLyQGHODVUHODFLRQHVGHODSDUDWR
$ULHO3HUQLFRQH<RSHQVDEDTXHHQODFOtQLFDYHQLPRVHVFXFKDQGRKDFHPXFKRWLHPSRFKLFRV
FRQVHYHUDVIDOODVHQODFRQVWLWXFLyQGHOSVLTXLVPR
6LOYLD%OHLFKPDU7RWDOPHQWH
$ULHO3HUQLFRQH&KLFRVTXHFRPRFRQVHFXHQFLDSUHVHQWDQWUDVWRUQRVGHDSUHQGL]DMH
JUDYtVLPRV
6LOYLD%OHLFKPDU%XHQRHOWHPDWUDVWRUQRVGHODSUHQGL]DMHHVFHQWUDOSRUORVLJXLHQWHSRUTXH
HVDVIDOODVHQODFRQVWLWXFLyQGHODLQWHOLJHQFLDGLJDPRVGHODVLPEROL]DFLyQ\RODVWUDEDMp
EDVWDQWHSUHFR]PHQWHFRPRIDOODVHQODHVWUXFWXUDFLyQGHOVXMHWR3RUHMHPSORHOWHPDGHOD
WHPSRURHVSDFLDOLGDG&XDQGR)UHXGSODQWHDHVWDFRVDWDQJUDFLRVD\GLFH.DQWVHHTXLYRFy
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

SRUTXHWLHPSR\HVSDFLRQRVRQDWULEXWRVGHWRGRHOSVLTXLVPR(VPX\VLPSiWLFRFyPRORGLFH
SHURVHUHILHUHDTXHWLHPSR\HVSDFLRWLHQHQTXHYHUFRQODRUJDQL]DFLyQGHODFRQFLHQFLD\HO\R
(OLQFRQFLHQWHHVWiIXHUDGHHVR&RQORFXDOFXDQGRWLHPSR\HVSDFLRQRVHLQVWDODQQRHVXQ
SUREOHPDGHWLHPSR\HVSDFLRHVIDOWDGHXQVXMHWRRUJDQL]DGRHQODVFRRUGHQDGDVWpPSRUR
HVSDFLDOHVSRUTXHSDUDTXHHO\RWHQJDHOD\HU\HOPDxDQDWLHQHTXHFRQVWLWXLUVHFRPRXQD
HVWUXFWXUDHQSHUPDQHQFLD\DGHPiVKLVWRUL]DEOH
0LUWKD%HQLWH]5HSUHVLyQSULPDULDPHGLDQWH
6LOYLD%OHLFKPDU5HSUHVLyQSULPDULDPHGLDQWHRUJDQL]DFLyQGHFLHUWDVXEMHWLYDFLyQ
$ULHO3HUQLFRQH<RUHFXHUGRXQDYLxHWDPX\OLQGDUHIHULGDDODUPDGRGHORWHPSRUDOTXHXVWHG
WUDHHQXQRGHVXVOLEURVGRQGHFRPHQWDGHXQDFKLTXLWDTXHFUHRWHQtDWUHVRFXDWURDxLWRV\TXH
GLFH5HFXHUGRFXDQGR\RHUDFKLTXLWD
6LOYLD%OHLFKPDU6t0DPLWHDFRUGiVFXDQGR\RHUDFKLTXLWD"OHGLMR&ODURTXHDPtPH
FRQPRYLySRUTXH\DHQHVDIUDVHUHYHODEDTXHKDEtDDKtXQDKLVWRUL]DFLyQLPSRUWDQWH2SRU
HMHPSORHOPRPHQWRHQTXHHOFKLFRGLFH1RHVRHUDDQWHV
$ULHO3HUQLFRQH3HURTXpSRVLELOLWDHVDLQVWDXUDFLyQ\FXiQGRORSRGHPRVSHQVDUFRPRIDOOLGR"
'LJDPRVDSDUWLUGHTXpFXHVWLyQDSDUHFHIDOOLGRHVWRHQODHVWUXFWXUDFLyQ"
6LOYLD%OHLFKPDU%XHQRHOSUREOHPDHVTXHXQRWLHQHFXDQGRVHHQFXHQWUDFRQXQSUREOHPDGH
DSUHQGL]DMHGHLQWHOLJHQFLDORSULPHURTXHWLHQHTXHYHUHVVLHVXQDIDOODHQODHVWUXFWXUDRHVXQ
SUREOHPDVHFXQGDULR&XDQGRGLJRXQSUREOHPDVHFXQGDULRTXLHURGHFLUSXHGHKDEHUXQSUREOHPD
HQUHODFLyQDODWROHUDQFLDDODVQRUPDVYLQFXODGRDOVXSHU\yTXHDODODUJDSXHGHWUDHUFLHUWRV
SUREOHPDVGHRUJDQL]DFLyQGHORHVWUXFWXUDOSHURTXHQRHVWiHQMXHJRGLJDPRVODFRQVWUXFFLyQ
GHODOyJLFD
/DFRQVWUXFFLyQGHODOyJLFDHVDOJRTXHVHGHILQHSRUUHODFLyQDOSURFHVRVHFXQGDULR&RQORFXDO
FXDQGR\RPHHQFXHQWURFRQXQSUREOHPDWpPSRURHVSDFLDO\GHOHQJXDMHGHHVWUXFWXUDGH
OHQJXDMHODSUHJXQWDTXHXQRVHKDFHHV%XHQRGyQGHHVWiHOVXMHWRDFi"(QWRQFHVFXDQGRQR
ORKD\KD\TXHFRQVWUXLUDOVXMHWRSDUDGHVSXpVSRGHURUJDQL]DUVREUHHVRXQDSHUVSHFWLYD
0LUWKD%HQLWH]&XDQGRXVWHGGLFHXQDSUREOHPiWLFDFRQUHODFLyQDOVXSHU\yHVYDPRVDGHFLU
XQDSUREOHPiWLFDPDVOLJDGDDORHGtSLFR"
6LOYLD%OHLFKPDU([DFWDPHQWH
0LUWKD%HQLWH](QWRQFHVORRWURVHUtDPHWDSVLFROyJLFRHQHOVHQWLGR
6LOYLD%OHLFKPDU&XDQGRGHFLPRVHGtSLFRHQHOVHQWLGRPiVWULDQJXODUYLQFXODGRDORVLGHDOHV
3RUHMHPSOR\RUHFXHUGRKDFHPXFKRHQHOKRVSLWDOKDFHPXFKRVDxRVFXDQGRHPSHFpXQQLxR
TXHODPDGUHYLQRSRUTXHHOFKLFRQRTXHUtDDSUHQGHUHQODHVFXHOD\IXHPX\GLYHUWLGRSRUTXH
WHQtDXQSDGUHTXHHUDFDPLRQHUR\TXHOHGHFtDDODPDGUH9RVFRQORVOLEURVPHORYDVDKDFHU
PDULFyQ&RQORFXDOORTXHKDEtDDKtHUDXQSUREOHPDFRQODFRQVWLWXFLyQGHODLGHQWLGDG3RUHVR
HOFKLFRQRTXHUtDDSUHQGHU3HURQRWHQtDQLQJ~QSUREOHPDGHLQWHOLJHQFLD+DEtDXQHOHPHQWR
QHXUyWLFRTXHREVWDFXOL]DEDHODSUHQGL]DMHHQHVWHFDVRPDVOLJDGRDORHGtSLFR
0LUWKD%HQLWH]1ROyJLFR
6LOYLD%OHLFKPDU1ROyJLFR1RGHHVWUXFWXUDVLQRGHOIDQWDVPD'LJDPRVSDUDSODQWHDUORHQ
RWURVWpUPLQRVGHIRUPDFLyQWUDQVDFFLRQDOIDQWDVPiWLFD0LHQWUDVHQRWURVFDVRVQRKD\QLSRU
GyQGH+D\TXHHPSH]DUDFRQVWUXLUOR
$ULHO3HUQLFRQH&XDQGRXVWHGGLFHHPSH]DUDFRQVWUXLUFUHRTXHHVWRVHUHODFLRQDFRQHO
FRQFHSWRGHQHRJpQHVLVTXHPHQFLRQDHQVXXOWLPROLEUR
6LOYLD%OHLFKPDU7RWDOPHQWH3RUTXH\RFUHRTXHORKDKHFKRWRGRHOPXQGR'ROWRORKDFH
FXDQGROHGLFHD'RPLQLTXH4XpHVORTXHQRWHSHUPLWHVHUGHYHUGDG"0HODQLH.OHLQFXDQGR
OHGLFHD'LFN'LFNHVWiHQWUDQGRHQPDPLWDRVFXUD
7RGRHOPXQGRORKDSURGXFLGRQDGDPiVTXHDOJXQRVFUHtDQTXHORLQWHUSUHWDEDQ3LHUDSRU
HMHPSORFRQVXFRQFHSWRGHFRQVWUXFFLyQ(OFRQFHSWRGHFRQVWUXFFLyQHQ3LHUDHVHVR(Q3LHUD
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

$XODJQLHUHVSURGXFLUXQDLQWHUYHQFLyQTXHSODQWHpXQPRGHORGHIXQFLRQDPLHQWRHVWUXFWXUDO
$ULHO3HUQLFRQH(OFRQFHSWRGHQHRJpQHVLVHQWRQFHV"
6LOYLD%OHLFKPDU(VWiYLQFXODGRDHVWRHVWiSODQWHDGRHQWpUPLQRVGH(ORWURGtDVH
PHQFLRQDEDSHUYtDGHSRUUHRSHUYtDGHOHYDUH&XDQGR)UHXGGLFHHODQiOLVLVQRRSHUDSHU
YtDGHSRUUHVLQRSRUYtDGHOHYDUH1RHVSLQWDQGRORTXHQRKD\VLQRHVFXOSLHQGR(QWRQFHV\R
GHFtDTXHHVWRHVUHODWLYRSRUTXHODHVWDWXDQRHVWiGHEDMRGHOPiUPRO
0LUWKD%HQLWH](IHFWLYDPHQWH
6LOYLD%OHLFKPDU(QWRQFHVHVXQDPHWiIRUDHQJDxRVDODTXHXVD)UHXGVDTXHPRVWRGRHO
PiUPROTXHDEDMRYDDHVWDU1RHVFLHUWR(OHVFXOWRUFXDQGRVDFDHOPiUPROHVWiSHQVDQGR
HQRWURREMHWR
2MRSRUHVRHVHQJDxRVDSRUTXHHODQDOLVWDQREXVFDODHVWDWXDTXHHVWiGHEDMRGHOPiUPROSHUR
UHFRPSRQHFRQORVHOHPHQWRVTXHWLHQHDOJRTXHSRVLELOLWDXQPD\RUQLYHOGHVLPEROL]DFLyQ\
HVWUXFWXUDFLyQSDUDTXHGHVSXpVXQRSXHGDVLTXLHUHXQDYH]TXHHOVXMHWRHVWiFRQVWLWXLGR
GHVDUWLFXODUORVIDQWDVPDVQHXUyWLFRVVLQTXHHOVXMHWRVHQRVYD\DSRUODUHMLOOD(VDHVODLGHD
3RUHVRSDUDPtHOFRQFHSWRGHQHRJpQHVLVHVPX\LPSRUWDQWHSRUTXHSODQWHDVDOWRVGH
HVWUXFWXUDKDELGDFXHQWDSDUDPtTXHODHVWUXFWXUDWLHQHGRPLQDQFLDSHURQRHVKRPRJpQHD4XH
XQDHVWUXFWXUDWLHQHXQDGRPLQDQFLDQHXUyWLFDTXHXQDHVWUXFWXUDSXHGHWHQHUXQDGRPLQDQFLD
SVLFyWLFD
6RQPX\SRFRVORVFDVRVGHKRPRJHQHLGDGHVWUXFWXUDO<HQHOQHXUyWLFRQRODKD\+D\FRUULHQWHV
PHQRVVLPEROL]DGDVGHODYLGDSVtTXLFD7RGRQHXUyWLFRWLHQHSDUWHVGLJDPRVTXHSXHGHQ
SURGXFLUSDVDMHVDODFWRTXHLQGLFDQQLYHOHVDKtTXHQRVRQWDQWUDQVDFFLRQDOHV2ODV
SVLFRVRPiWLFDVTXHWRGRHOPXQGRWLHQH
'LHJR6RXELDWH8VWHGDKtFODUDPHQWHVHHVWiSDUDQGRHQXQDYHUHGDRSXHVWDDO
HVWUXFWXUDOLVPR
6LOYLD%OHLFKPDU6tSHURDOPLVPRWLHPSROHGLUtDTXH\RFRQVHUYRXQJUDQUHVSHWRSRUHO
HVWUXFWXUDOLVPRUHVSHFWRDOHHUHOPRPHQWRGHODHVWUXFWXUD&UHRTXHHOSUREOHPDGHO
HVWUXFWXUDOLVPRKD\TXHUHFHQWUDUORQRGHVFDUWDUOR3ULPHURGHVSRMDUORGHODKLVWRULFLVPRTXH
WHQtD<HQVHJXQGROXJDUYROYHUDUHODWLYL]DUODKRPRJHQHLGDGHVWUXFWXUDO3HURGHWRGRVPRGRV
HQWUHHVR\XQDHVSHFLHGHGHYHQLUOLQHDO\RFUHRTXHHOHVWUXFWXUDOLVPRVLJXHVLHQGRYiOLGR<OD
IRUPDFRQODTXH/DFDQRUGHQyODVHVWUXFWXUDVIXQGDPHQWDOPHQWHHQODQHXURVLV\HQOD
SHUYHUVLyQDPtPHSDUHFHSURIXQGDPHQWH~WLO
3RUHMHPSORWRGRHOOXJDUQXHYRSURSXHVWRSDUDODGHVPHQWLGDODLPSRUWDQFLDTXHWLHQHODHVFLVLyQ
ORQJLWXGLQDOGHO\RODUHFXSHUDFLyQGHPRGHORVHVWUXFWXUDOHVPHVLJXHVLHQGR~WLOSHUR\RQROD
FRORFRFRPRXQDHVWUXFWXUDQLILMDGDQLDKLVWyULFD%XVFRGHGyQGHSURYLHQH\FyPRODPDQGDPRV
DRWURODGR
$ULHO3HUQLFRQH3RUHVRXVWHGRSRQHWLHPSRVPtWLFRVDPRYLPLHQWRVUHDOHVGHWHFWDEOHV"
6LOYLD%OHLFKPDU$PRYLPLHQWRVUHDOHV"7RWDOPHQWHWRWDOPHQWH$OPHQRVFHUFDEOHV3RUHVR
XVRHOPRGHORGHODWDEODSHULyGLFDGHORVHOHPHQWRV
0LUWKD%HQLWH]3RUTXHDKtHVWiHQMXHJRODFRQWLQJHQFLDGLJDPRV
6LOYLD%OHLFKPDU(VWiHQMXHJRODFRQWLQJHQFLD\DGHPiVSRUTXHDOXVDUODWDEODSHULyGLFD\R
GLJRHQWUHHVWR\HVWRTXHHQFXHQWURWLHQHTXHKDEHUKDELGRDOJR6XSRQJRTXHHVHVWR<DKt
WUDEDMRFRQHVDKLSyWHVLVTXHHVSRUVXSXHVWRXQDKLSyWHVLVDEGXFWLYDHQHOVHQWLGRGH3HLUFHGH
SRQHUHQUHODFLyQGRVYDULDEOHV\QRXVDULQGXFFLyQRGHGXFFLyQVLQRSRQHUHQFRUUHODFLyQ3HUR
SDUWRGHODLGHDGHTXHVtGHTXHODFRQWLQJHQFLDHVIXQGDPHQWDOHQHOPDUFRGHXQGHWHUPLQLVPR
TXHLPSOLFDFRQH[LyQHQWUHORVHOHPHQWRV\QRGHWHUPLQDFLyQ~OWLPD1RVpVLHVFODUR"
$ULHO3HUQLFRQH'HQRVDOJXQHMHPSORFOtQLFRGHHVWDLGHD
6LOYLD%OHLFKPDU3RUHMHPSORXQDHVWUXFWXUDSXHGHHVWDUHQXQDPX\EXHQDYtDGHFRQVWLWXFLyQ
HQXQQLxR\GHUHSHQWHVHSURGXFHXQDFDWiVWURIHTXHDOWHUDWRGR/DFDWiVWURIHTXHDOWHUDWRGRVH
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

LQVFULEHVREUHHVWDHVWUXFWXUDSUHYLDTXHHVWDEDELHQFRQVWLWXLGDSHURODSUHFLSLWDHQXQDGLUHFFLyQ
GLVWLQWDDODTXHWHQtD<DHVLPSRVLEOHYROYHUDOSXQWRDQWHULRU
/DLGHDGHUHJUHVLRQDUDOSXQWRGHSDUWLGDHVLPSRVLEOHHQSVLFRDQiOLVLVSRUTXHHOVLVWHPDVH
FRPSOHML]y3HURHQODPHGLGDHQTXHKDELDVyOLGRVDUWLFXODGRUHVSUHYLRVXQRVDEHTXHHVWRTXH
VHGHVFRQVWUX\yPHSDUHFHTXHHVWR\FRPSOLFDQGRWRGRHVWRGHPDVLDGR
0LUWKD%HQLWH]1R1R&RQWLQ~H
6LOYLD%OHLFKPDU9R\DGDUXQHMHPSOR8QFKLFRGHWUHVDxRVWLHQHXQDH[FHOHQWHUHODFLyQFRQOD
PDGUH\FRQHOSDGUH\HVWiHQWUDQGRHQXQSHUtRGRHGtSLFRGHULYDOLGDGHVFRQHOSDGUH7LHQH
FXDWURDxRV\HOSDGUHPXHUH6HFRDJXODXQIDQWDVPDPRUWtIHUR/DRPQLSRWHQFLDLQIDQWLODSDUHFH
DKtFRPRFRDJXODGDUHVSHFWRDODUHDOL]DFLyQGHVGHORUHDOGHOIDQWDVPDPRUWtIHUR
'LHJR6RXELDWH6HSURGXFHXQDFULVWDOL]DFLRQIDQWDVPiWLFD
6LOYLD%OHLFKPDU([DFWDPHQWH(VXQDFULVWDOL]DFLyQFRPRXQDFRDJXODFLyQIDQWDVPiWLFD$
SDUWLUGHHVWRXQRSXHGHHQFRQWUDUXQDLQKLELFLyQSDUDODDJUHVLyQPX\VHYHUDHQHOFKLFR
(VDLQKLELFLyQSDUDODDJUHVLyQQRSURYLHQHGHODWDTXHDOSHFKRHVWR\EURPHDQGRQLWDPSRFR
SURYLHQHGHXQPRYLPLHQWRHGtSLFRJHQHUDO3URYLHQHGHOPRGRTXHVHDUWLFXOyODFRQWLQJHQFLDFRQ
HOIDQWDVPD
$ULHO3HUQLFRQH$KtHOKHFKRUHDOSURGXFHXQHIHFWRGHWUDXPDSRGUtDPRVSHQVDU"
6LOYLD%OHLFKPDU$KtORWUDXPiWLFRLPSOLFDXQDFRDJXODFLyQRXQDGHVDUWLFXODFLyQGHRWUDV
SRVLELOLGDGHV
'LHJR6RXELDWH7DPSRFRSURYLHQHGHODUHSUHVLyQGHORVLPSXOVRVViGLFRDQDOHV
6LOYLD%OHLFKPDU3RUVXSXHVWR1R3HURSRGUtDRFXUULUSRUHMHPSORTXHXQDLQWHUYHQFLyQ
PpGLFDHQFLHUWRPRPHQWRSRUTXHDFiORTXHLPSRUWDHVHOLPSDFWRHQODVXEMHWLYLGDGGHORUHDO
QRORUHDOPLVPR
0LUWKD%HQLWH]<HVHLPSDFWRVXSRQH"
6LOYLD%OHLFKPDU(OLPSDFWRVXSRQHPHWiERODRORTXH3LHUD$XODJQLHUOODPD
DXWRHQJHQGUDPLHQWR/RTXHLQJUHVDQRLQJUHVDWDOFXDO(VUHWUDQVFULSWRUHWUDEDMDGRSRUHO
VLVWHPD,QWHQWDVHUKRPRJHQHL]DGRSRUHOVLVWHPD6LHOVLVWHPDQRSXHGHKRPRJHQHL]DUOR
HVWDOOD(VWDHVODGLIHUHQFLDHQWUHXQVHUKXPDQR\ODFRPSXWDGRUD8VWHGOHPHWHDOD
FRPSXWDGRUDHOHPHQWRVTXHQRSXHGHUHFLELU\ODFRPSXWDGRUDORVUHFKD]D(OVHUKXPDQRHVWDOOD
2FLHUUDWRGRVORVFLUFXLWRVFRPRHODXWLVPRVHFXQGDULR
3HURVXSRQJDPRVTXHHOFKLFRSDVDSRUXQDVHULHGHRSHUDFLRQHVLQWHUYHQFLRQHVTXLUXUJLFDVSRU
HMHPSORFRQHOHPHQWRVTXHLPSOLFDQGRORULQWHQVRSDVLYLVDFLyQHQILQWRGRVHVWRVHOHPHQWRV
0iVDOOiGHTXHHVWRHVSDUDKDFHUOHELHQHQVXVXEMHWLYLGDGTXHGDLQVFULSWRFRPRFUXHOGDG$
SDUWLUGHTXHTXHGDLQVFULSWRFRPRFUXHOGDGDSDUHFHQPRFLRQHVGLJDPRVViGLFDVRFRQFLHUWDV
FDUDFWHUtVWLFDV3HURQRHVSRUODRSHUDFLyQPHGLFDHQVtPLVPDVLQRTXHHVSRUHOLPSDFWRHQOD
VXEMHWLYLGDGTXHHVRSURGXMR
$PtORTXHPHLQWHUHVDHVORVLJXLHQWHHQWUHHODFRQWHFLPLHQWR\HOVtQWRPDHOWUDXPDWLVPRHVOD
LPSRVLELOLGDGGHPHWDEROL]DFLyQIDQWDVPiWLFDGHODFRQWHFLPLHQWR3RUHVRVLJRSHQVDQGRHQ
WpUPLQRVGHFLHUWRQLYHOGHGHWHUPLQDFLyQ
0LUWKD%HQLWH]<FyPRHQWUDUtDDKtODUHVLJQLILFDFLyQIUHXGLDQD"
6LOYLD%OHLFKPDU%XHQRHOSUREOHPDHVVLHO$SUqVFRXSHVUHVLJQLILFDFLyQRQRRHO
1DFKWUlJOLWFKHVUHVLJQLILFDFLyQRQR3RUTXHODWUDGXFFLyQGH1DFKWUlJOLWFKFRPRUHVLJQLILFDFLyQ
KDVLGRXQLQWHQWRGHWUDQVIRUPDUHQVLJQLILFDQWHVODVHVFHQDVPLHQWUDVTXHHQORTXHSODQWHD
)UHXGODSDODEUDHVDSRVWHULRUL
-XVWDPHQWHXQRGHORVSUREOHPDVTXHWLHQHHOPRGHORVREUHWUDXPDWLVPRTXHGD)UHXGHQHO
3UR\HFWRHVTXHORTXHVHSURGXMRIXHXQIDOVRHQODFHSHURQRXQDUHVLJQLILFDFLyQGHODVLWXDFLyQ
DQWHULRU(ODQiOLVLVYDDUHVLJQLILFDUHVDVLWXDFLyQ/HYDDSURGXFLUXQDVLJQLILFDFLyQTXHQRORJUy
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

3RUHVRSURGXMRHOVtQWRPD1RVpVLHVFODUDODGLIHUHQFLD
0LUWKD%HQLWH]6t1RHVTXHHOVtQWRPDPLVPRUHVLJQLILFDVLQRTXHHODQiOLVLV
6LOYLD%OHLFKPDU5HVLJQLILFD(OVtQWRPDORTXHKDFHHVLQWHQWDUHQOD]DUFRPRSXHGHSRUTXH
ODVLJQLILFDFLyQHVGHOOHQJXDMH\HOVtQWRPDHVWUDQVDFFLRQDO<HOVtQWRPDKDEODSDUDHOTXHOR
HVFXFKDQRHQVtPLVPR3RUTXHHVWDHVRWUDGLVFXVLyQPHWRGROyJLFDVLHOVtQWRPDKDEOD7HPD
TXH\RKHGLVFXWLGRPXFKRUHFXSHUDQGRD(FRUHVSHFWRDVLHOOLEURGHODQDWXUDOH]DKDEOD6H
DFXHUGDQGH(OQRPEUHGHODURVD"%XHQRODVKXHOODVGHOFDEDOORQRKDEODQSDUDQDGLHSHURVL
XQRVDEHOHHUODVDXQROHKDEODQ
(QWRQFHVHOVtQWRPDOHKDEODDOTXHVDEHOHHUORSHURQRSUHWHQGHKDEODUFRPRHOFDEDOORQR
SUHWHQGHGHMDUVXPDUFDHQODQLHYHEXHQRHVWRGRXQDFXHVWLyQPHWRGROyJLFD1RHV
DSDVLRQDQWH"
0LUWKD%HQLWH](VDSDVLRQDQWH$EVROXWDPHQWH
$ULHO3HUQLFRQH0HTXHGpSHQVDQGRHQODPHQFLyQTXHKL]RXVWHGGHORVWUDVWRUQRV
SVLFRVRPiWLFRV&yPRSHQVDUDKtHOWHPDGHOWUDVWRUQRSVLFRVRPiWLFREXHQRHVSHFtILFDPHQWH
HQQLxRV"3HURQRVRORHQQLxRV
6LOYLD%OHLFKPDU1RHQJHQHUDO%XHQRHQSULPHUOXJDUXVWHGHVVDEHQTXH\RWHQJRXQD
SRVLFLyQWRWDOPHQWHDGYHUVDDFRQVLGHUDUHOSDFLHQWHSVLFRVRPiWLFRFRPRXQSDFLHQWHFRQXQ
GpILFLWGHVLPEROL]DFLyQSRUTXHKD\IDPRVRVSVLFRVRPiWLFRVHPSH]DQGRSRUHO&KH*XHYDUDTXH
HUDDVPiWLFR<QDGLHSRGtDGHFLUTXHHOKRPEUHWHQtDXQGpILFLWGHVLPEROL]DFLyQ
0LUWKD%HQLWH]1RODYHUGDGTXHQR
6LOYLD%OHLFKPDU/RTXHVtWHQtD\HVWRHVHYLGHQWHHVTXHODFULVLVDVPiWLFDDSDUHFtDDYHFHV
HQHOPRPHQWRPLVPRGHODEDWDOOD%XHQRFRQORFXDOGHODDQJXVWLDDSDUHFtDODFULVLV&RQOR
FXDOGLJDPRVVLODDQJXVWLDHVHOHOHPHQWRPiVGHVVLPEROL]DGRGHWRGRVORVDIHFWRVXQRSRGUtD
GHFLUTXHODSVLFRVRPiWLFDRFXSDHOOXJDUGHXQDWUDQVIRUPDFLyQGHORVDIHFWRVTXHQRORJUDQQL
VLTXLHUDGHYHQLUDQJXVWLD
3RUORWDQWRQRHVSRUDQJXVWLDLQFRQFLHQWHTXHDOJXLHQKDFHSVLFRVRPiWLFDVLQRSRUTXHQRSXHGH
SVLTXL]DUHVHDIHFWRTXHVHGHULYDDOyUJDQR3RUVXSXHVWRFRQIDFLOLWDFLyQGHRUJDQR(QHVR\R
VR\GXDOLVWDHQHVWRFRPRGHFtD)UHXGHQODGLVFXVLyQFRQ)HUHQF]L
$ULHO3HUQLFRQH/DHOHFFLyQGHOyUJDQRHVWiIDFLOLWDGD
6LOYLD%OHLFKPDUHVWRWDOPHQWHGXDOQRHVIDQWDVPiWLFD
'LHJR6RXELDWH8GHVWiSHQVDQGRDODVSVLFRVRPiWLFDVSRGUtDPRVGHFLUQRFRPRXQSURGXFWR
GHOH[FHVRGHDQJXVWLDVLQRFRPRSRUGHIHFWRSRULPSRVLELOLGDGGHDQJXVWLD
6LOYLD%OHLFKPDU(VSRUGHIHFWRGHDQJXVWLD\SRUTXHKD\XQyUJDQRTXHHVHOyUJDQRIDFLOLWDGRU
<RFUHRTXHSHQVDUTXHWHQJRXQD~OFHUDSRUTXHHOHVWyPDJRPHFRUURH1R
$ULHO3HUQLFRQH2FRPRSHQVDUORVWUDVWRUQRVKHSiWLFRVOLJDGRVDODHQYLGLD
6LOYLD%OHLFKPDU$KEXHQRHVHWLSRGHPDUDYLOODV ULVDV 1RFODURTXHQR$GHPiVXVWHGHV
VDEHQTXHVRORHQOD$UJHQWLQDVHSXHGHIRUPDUXQDHVFXHODFHQWUDGDHQHOKtJDGRSRUTXHHVXQ
PLWRQDFLRQDO(VFRPRHO/REL]yQ 1RWD(QUHIHUHQFLDDXQDIiEXODDXWyFWRQD (QHOUHVWRGHO
PXQGRQDGLHOHGDEROLOODDOKtJDGR1RVRWURVWHQHPRVWRGRXQPLWRFRQHOKtJDGR/RVPH[LFDQRV
FRPHQKXHYRVDODQRFKH\DQDGLHOHLPSRUWDHOKtJDGR$FiKD\XQPLWRFRQHOKtJDGRHQWRQFHV
WHQHPRVXQDHVFXHODKHSiWLFD(VPDUDYLOORVR7LHQHTXHYHUFRQODVIRUPDVPtWLFDVFRQODVTXH
HOSVLFRDQiOLVLVWUDQVIRUPDHQWHRUtDODVWHRUL]DFLRQHVHVSRQWiQHDVGHOSDFLHQWH(QWRQFHVVH
LQYLHUWHODFDXVDOLGDG1RHVODH[SOLFDFLyQTXHHOVXMHWROHGDDORLPSUHYLVWRHQVXFXHUSRORTXH
XQRHVFXFKDVLQRORTXHVXSRQHTXHHVODFDXVDTXHORSURGXMR(VIDQWiVWLFR(QWRQFHV0H
KDJRPDODVDQJUH\WHQJRXQDOHXFHPLD1RQRWHQJRXQDOHXFHPLDSRUTXHPHKLFHPDODVDQJUH
VLELHQHVFLHUWRTXHODEDMDGHGHIHQVDVSXHGHFRLQFLGLUFRQKDFHUVHPDODVDQJUH9ROYLHQGR
HQWRQFHV\RSLHQVRTXHODSVLFRVRPiWLFDGHEHVHUSHQVDGRFRPRXQPRPHQWRGH
GHVFXDOLILFDFLyQ\SDVDMHGHFDQWLGDGHVQRPHWDEROL]DEOHVSRUHOSVLTXLVPR3RUHVRHVPX\
IUHFXHQWHTXHHQGXHORVLQHODERUDEOHVDSDUH]FDQSVLFRVRPiWLFDVVHYHUDV(VWRORKHPRVYLVWR
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

PXFKRGHVSXpVGHOWHUURULVPRGHHVWDGR
$ULHO3HUQLFRQH(VHVRHQHUJpWLFR"
6LOYLD%OHLFKPDU(QHUJpWLFRHVGLJDPRVODHTXLVFRQODTXHQRVRWURVGHQRPLQDPRVOD
FLUFXODFLyQGHXQDFDQWLGDGGHXQDIHFWR6L"
'LHJR6RXELDWH0HUHFXHUGDHOFDVRGHORVPHOOL]RV5HJJLDUGR7RORVD 1RWD8QFDVRIDPRVRGH
DSURSLDFLyQGHPHQRUHVSRUSDUWHGHODIDPLOLD0LDUDXQRGHFX\RVSDGUHVDGRSWLYRVHUDPLHPEUR
GHODVIXHU]DVPLOLWDUHVTXHFRPHWLHURQFUtPHQHVFRQWUDORVGHUHFKRVKXPDQRV TXHHUDQ
FKLTXLWRVTXHWHQtDQQRWRULRVWUDVWRUQRVSVLFRVRPiWLFRV
6LOYLD%OHLFKPDU7HQtDQVLFODURSHURKDEtDDKtDGHPiVXQDSURKLELFLyQGHOSHQVDPLHQWR
LPSRUWDQWH3HUR\RORKHYLVWRHQIDPLOLDUHVGHGHVDSDUHFLGRVKDFHUSVLFRVRPiWLFDVSRUTXHHO
SVLTXLVPRQRSXHGHPHWDEROL]DUWRGRORTXHRFXUULy&RQORFXDOODVSVLFRVRPiWLFDVSURGXFHQHQ
HVHPRPHQWREDMDVLPSRUWDQWtVLPDVGHGHIHQVDVSUREOHPDVLQPXQROyJLFRVVHYHURVSHURQR
HVWDPRVKDEODQGRGHXQIDQWDVPDQRHVTXHHOVXMHWRVHTXLHUHPDWDUSDUDLUVHFRQHORWUR
$ULHO3HUQLFRQH(VXQDJXMHURVLPEyOLFR
6LOYLD%OHLFKPDU(VFRPRXQDLPSRVLELOLGDGGHOSVLTXLVPRGHSURFHVDUDTXHOORTXHGHYLHQH3RU
HVRORTXHPHSDUHFHPX\LPSRUWDQWHHVOLJDUWRGRHVWRTXHYHQLPRVSODQWHDQGRDORTXH
SRGULDPRVOODPDUXQDGHVLQWHQFLRQDOL]DFLyQGHOLQFRQVFLHQWHTXHHVHOWHPDTXH\RYHQJR
WUDEDMDQGRDKRUDTXHQRHVTXHHQHOIRQGRGHOLQFRQVFLHQWHXQRVHTXLHUHPDWDUXQRTXLHUH
FRPHUPLODQHVDVSHURWLHQHFROHVWHURO1RHVTXHVHTXLHUHVXLFLGDU<WLHQHTXHYHUFRQTXHHO
LQFRQFLHQWHQRWLHQHLQWHQFLRQDOLGDGVLQRSURFHVRVGHLQYHVWLPLHQWR\GHVFDUJDTXHQRHVOR
PLVPR%XHQRHVWRHVOR~OWLPRTXH\RHVWR\WUDEDMDQGRTXHPHSDUHFHDSDVLRQDQWHTXHHVWRGD
ODLGHDGHXQSHQVDPLHQWRVLQVXMHWR
'LHJR6RXELDWH(OWHPDHV&yPRHVSRVLEOHXQSHQVDPLHQWRVLQVXMHWR"
6LOYLD%OHLFKPDU&ODUR(VTXHHVHHVHOGHVFXEULPLHQWRGHOSVLFRDQiOLVLV(VGHFLUSURFHVRV
GHSHQVDPLHQWRTXHQRVRQSHQVDGRVSRUQDGLH\TXHXQRSDVDHOUHVWRGHODYLGDWUDWDQGRGH
DSURSLDUVHGHHOORV
'LHJR6RXELDWH&XDQGRXVWHGKDEODGHVXMHWRTXHQRFLyQGHVXMHWRPDQHMD"
6LOYLD%OHLFKPDU<RODPDQHMRPXFKRHQVHQWLGRDPSOLRFRPRHTXLYDOHQWHGHODHVWUXFWXUD
SVtTXLFDGHODSDUDWRSHURHQVHQWLGRHVWULFWRORSRVLFLRQRFRPRHOOXJDUGRQGHDOJXLHQVHUHFRQRFH
FRPRVLHQGR\WLHQHTXHYHUHOHQXQFLDGR\FRQHO\RFRQORFXDOHOVXMHWRWLHQHTXHYHUVLHPSUH
HQHOVHQWLGRFOiVLFRFRQODFRQFLHQFLDUHIOH[LYD
'LHJR6RXELDWH1RHVH[DFWDPHQWHODQRFLyQGHOVXMHWRODFDQLDQD
6LOYLD%OHLFKPDU1RVLELHQKD\PRPHQWRVHQTXHPHSDUHFHPX\~WLOHOHPSOHRGHODQRFLyQ
ODFDQLDQDGHOVXMHWRSRUHMHPSORFXDQGRXQRSODQWHDHOVXMHWRGHODIRELDTXLHUHGHFLUTXHQRHV
XQVXMHWRIyELFRVLQRXQDSRVLFLyQHQWUHVLJQLILFDQWHV(QWUHHORGLRDOSDGUH\HOGHVHRDOSDGUH
VHFRQVWLWX\HDKtXQVXMHWRGHODIRELDVLXVWHGHVTXLHUHQ0HJXVWDHVHHPSOHRGH/DFDQTXHOH
GDSDUDPDUFDUHOOXJDUSXQWXDOGHOVXMHWRSHURHOSUREOHPDHVTXHHQ/DFDQKD\XQD
GHVFRQVWUXFFLyQ~OWLPDGHOVXMHWRSHURQRKD\TXHFRQIXQGLUODHVWUXFWXUDSVtTXLFDFRQHOSURFHVR
GHODFXUDSRUTXHDXQTXHHODQiOLVLVWUDEDMHGHVPRQWDQGRODVFHUWH]DV\RLFDVTXHSRURWUDSDUWH
VRQVLHPSUHUHFRPSXHVWDVSRUTXHQRVHSXHGHYLYLUVLQHOODVVLQFHUWH]DVSDUFLDOHVR
WUDQVLWRULDVSDUDTXHKD\DDQiOLVLVWLHQHTXHKDEHUDOJXLHQTXHSXHGDVRSRUWDUODFLUFXODFLyQGH
HQXQFLDGRVGHVtPLVPRFRPRHQXQFLDGRVHPLWLGRVSRUpOSHURTXHQRVRQODWRWDOLGDGGHOVt
PLVPR
0LUWKD%HQLWH](VWRWLHQHTXHYHUFRQODFRQVWUXFFLyQGHOQDUFLVLVPR
6LOYLD%OHLFKPDU([DFWDPHQWH3RUHMHPSOR\RWHQtDXQSDFLHQWHPX\JUDYHTXHOHHUDLPSRVLEOH
PRYHUVHGHOOXJDUGHVGHGRQGHHQXQFLDEDSRUTXHVLVHPRYtDVHLEDpOWDPELpQ<RWHQJRXQFLHUWR
UHVSHWRSRUODFHUWH]DGHOVXMHWRDFHUFDGHVXSURSLDH[LVWHQFLDSRUORLPDJLQDULRVLXVWHGHV
TXLHUHQHPSOHDUHOWpUPLQRGH/DFDQ7HQJRFLHUWRUHVSHWRKDFLDDODGHQVLGDGUHDOGHORLPDJLQDULR
0LUWKD%HQLWH](VFRQORTXHQRVPRYHPRV
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

6LOYLD%OHLFKPDU(VFRQORTXHYLYLPRVFRQODFRQYLFFLyQGHTXHVRPRV\HVHLPDJLQDULRHVWDQ
UHDOFRPRORVLPEyOLFR\ORUHDO+D\XQDWHQGHQFLDHQDOJXQRVODFDQLDQRVDFRQVLGHUDUOR
LPDJLQDULRFRPRIDOVDFRQFLHQFLD,JXDOTXHHQ.OHLQDORPDQLILHVWRFRPRDOJRHQJDxRVR1RSDUD
PtHO\RQRHVHQJDxRVRHVORTXHHV
$ULHO3HUQLFRQH0HTXHGpSHQVDQGRDOJXQDVFXHVWLRQHVGHODFOtQLFDTXHGHVHDUtDSUHJXQWDUOH
3RUHMHPSORHOWHPDGHORVOODPDGRVWUDVWRUQRVGLVDWHQFLRQDOHVFRQKLSHUDFWLYLGDG\ODSUHVFULSFLyQ
GHPHGLFDFLyQGHOWLSRGHODULWDOLQDSDUDHVHWLSRGHWUDVWRUQRV4XHSLHQVDXVWHGVREUHHVD
FXHVWLyQ"
6LOYLD%OHLFKPDU'RVFRVDVXQDHVPX\JHQHUDO\WRGRVODVDEHPRV\WLHQHTXHYHUFRQOD
LQWROHUDQFLDDFWXDODORVHVSDFLRVO~GLFRVGHODLQIDQFLD
0LUWKD%HQLWH]+D\XQDUWtFXORLQWHUHVDQWLVLPRVX\RTXHVDOLyHQGLDULR&ODUtQ
6LOYLD%OHLFKPDU*UDFLDV6t\RFUHRTXHHOQLYHOGHH[LJHQFLDSRULQFRUSRUDUVHDODFDGHQD
SURGXFWLYDTXHYLYHQHQHVWRVPRPHQWRVWRGRVORVVHUHVKXPDQRVHVWDQEUXWDOTXHKD\XQD
SpUGLGDGHODPRUDWRULDFRPROROODPDED(ULFNVRQGHODLQIDQFLD/DLQIDQFLDDSHUGLGRFDUiFWHUGH
PRUDWRULD\\DHVODSUHSDUDFLyQODERULRVDGHJDQDUVHODYLGDHQWRQFHVQRVHSXHGHSHUGHU
WLHPSR$GHPiVXQFKLFRTXHDYHFHVHVWDGLH]KRUDVHQODHVFXHODVRPHWLGRDXQULWPREUXWDO
VHFDQVDVHGHVHQWLHQGHVHDEXUUH)tMHQVHTXHKD\HVFXHODVGRQGHKD\XQGLH]SRUFLHQWRGH
FKLFRVPHGLFDGRVORFXDOKDEODGHODJUDYHGDGGHOSUREOHPD1RVHVLUHFXHUGDQTXH+LOODU\
&OLQWRQVDOLyDSODQWHDUHVWHWHPDHQ((88HQWRQFHVHVRHVXQDVSHFWRTXHSRGHPRV
VRFLDOPHQWHGHEDWLUHLGHROyJLFDPHQWHFXHVWLRQDUSHURKD\RWURDVSHFWR\HVTXHDWUiVGHFLHUWRV
FXDGURVGHKLSHUTXLQHVLVHVWiQSUHVHQWHVWUDVWRUQRVJUDYHVGHODFRQVWLWXFLyQSVtTXLFD\OD
PHGLFDFLyQHVXQSDOLDWLYRTXHRFXOWDODJUDYHGDGGHOFXDGURTXHHVWiGHEDMRFRQORFXDOVHOR
PHGLFDFRQULWDOLQDDORVRFKRDxRV\VHORVFRQVLGHUDELSRODUHVDORVYHLQWLGyVSRUTXHORTXHKD\
HVXQDHVWUXFWXUDTXHYDSODQWHiQGRVHHQGLVWLQWRVPRPHQWRVGHODYLGDFRPRDOJRTXHQRORJUDQL
OLJDUQLRUJDQL]DUHOSVLTXLVPR0HSDUHFHTXHDFiHOSUREOHPDQRHVWiVRODPHQWHHQHOGHEDWHFRQ
HOH[FHVRGHPHGLFDFLyQVLQRFRQORVGLDJQyVWLFRVDGHFXDGRV7RGRVORVGLDJQyVWLFRVHVWRV
SURYHQLHQWHVGHO'60,9HQVXPD\RUtDWLHQGHQDSUHVHUYDUDOSURIHVLRQDOGHOMXLFLRSRUPDOD
SUD[LV6RQGLDJQyVWLFRVLQVLWXTXHPXHVWUDQTXHDpVWDFRVDXQRKDFHWDORWUD<VLGHQWURGH
VHLVPHVHVOHSDVyRWUDFRVD\RQRWHQJRQDGDTXHYHU3RUHVRHQHVWHPRPHQWRORTXHWLHQH
TXHKDEHUHVXQQXHYRUHHQFXHQWURHQWUHHOSVLFRDQiOLVLV\ODSVLTXLDWUtDGLQiPLFDYDOHGHFLUFRQ
WRGDVODVFRUULHQWHVGHODSVLTXLDWUtDTXHVLJXHQSHQVDQGRTXHKR\PiVDOOiGHOGHVDUUROORGHOD
SVLTXLDWUtDELROyJLFDTXHGHWRGDVIRUPDVWDPELpQHVPX\LQWHUHVDQWHSRUTXHKDGLVPLQXLGRPXFKR
VXIULPLHQWRHQVLWXDFLRQHVPX\JUDYHV3HURPDVDOOiGHHVRFUHRTXHWHQHPRVTXHUHGLVFXWLUQR
ODQRFLyQGHFDXVDOLGDGSVtTXLFDVLQRHOGHUHFKRDODVIRUPDFLRQHVGHFXOWXUDDWHQHUXQHVSHVRU
TXHQRHVWiGHWHUPLQDGRELROyJLFDPHQWH3RUTXHHQ~OWLPDLQVWDQFLDORTXHVHHVWiGHEDWLHQGR
DFiHVWRGDODFXHVWLyQGHODVFRQVWHODFLRQHVUHSUHVHQWDFLRQDOHVHKLVWyULFDVQRVRODPHQWH
VLQJXODUHV\SVtTXLFDV)tMHQVHTXHHQHVWHPRPHQWRKD\FRUULHQWHVTXH\DHVWiQSODQWHDQGR
FRVDVTXHQRVKDFHQSHQVDUTXHHVWDPRVYROYLHQGRDOVLJOR;,;GRQGHKDVWDODSREUH]DSDVDD
VHUJHQpWLFDHQH[WUHPRV\DIDVFLVWRLGHQR"3RUHMHPSORFyPRVHGHQRPLQDHQQXHVWUD
VRFLHGDGDFWXDODFLHUWDVSHUVRQDVTXHTXHGDQVLQWUDEDMR\HVWiQPX\PDO\TXHWHUPLQDQVLHQGR
GLDJQRVWLFDGDVFRPRHVWUXFWXUDVGHSUHVLYDV
'LHJR6RXELDWH5HFXHUGDDDTXHOODWHRUtDHQGRQGHHOWDPDxR\IRUPDWRGHORVFUiQHRV
GHWHUPLQDEDODLQWHOLJHQFLD\ODVFDUDFWHUtVWLFDVGHODSHUVRQDOLGDGGHXQLQGLYLGXR
6LOYLD%OHLFKPDU&ODUR9ROYHPRVDOPRGHORDTXHOGHOVLJOR;,;
'LHJR6RXELDWH(VLQWHUHVDQWHFRPRXQDYDQFHFLHQWtILFRFRPRHOGHVDUUROORGHODLQJHQLHUtD
JHQpWLFDQRVUHFRQGXFHDSRVWXUDVILORVyILFDVHLGHROyJLFDVTXH\DFUHtDPRVVXSHUDGDV\
SHUWHQHFLHQWHVDOSDVDGR
6LOYLD%OHLFKPDU7RWDOPHQWH(VLQWHUHVDQWtVLPRFRPRVHYXHOYHQDUHGHVFXEULUFXHVWLRQHVGHO
VLJOR;9,,,\;,;
0LUWKD%HQLWH]$TXt\RPHDFRUGDEDGHXQWUDEDMRVX\RTXHEDMpGH,QWHUQHWTXHKDEODEDVREUH
HOFRQFHSWRGHPDOHVWDUVREUDQWH\TXHWLHQHXQHQWUHFUX]DPLHQWRFRQHVWRTXHMXVWDPHQWH
KDEOiEDPRV
6LOYLD%OHLFKPDU6tWRWDOPHQWH
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

'LHJR6RXELDWH3RUTXH\DQRHVWDPRVHQSUHVHQFLDGHOPDOHVWDUHQODFXOWXUDHQVHQWLGRHQHO
TXH)UHXGGHFtDFRPRXQPDOHVWDUQHFHVDULRHLQWUtQVHFRSURGXFWRGHUHQXQFLDVSXOVLRQDOHVSDUD
TXHHOVXMHWRSXHGDYLYLUHQXQDFXOWXUD
6LOYLD%OHLFKPDU3RUVXSXHVWRHVRWURPDOHVWDUHVWHPDOHVWDUHVXQPDOHVWDUGRQGHODFXOWXUD
H[LJHFRVWRVDOWtVLPRV\ODVUHWULEXFLRQHVVRQPLVHUDEOHV
0LUWKD%HQLWH]3RUHVRDVLVWLPRVDWRGDXQDVHULHGHWUDVWRUQRVTXHPXFKRVOODPDQODV
SDWRORJtDVGHILQGHVLJOR
6LOYLD%OHLFKPDU3RUVXSXHVWR,QFOXVLYHVLXVWHGHVVHSRQHQDSHQVDUHOHQRUPHDYDQFHGHOD
PHGLFLQDTXHHVPDUDYLOORVRORTXHHVWDSDVDQGRHQHVHFDPSR\TXHSULPHURQRHVDFFHVLEOH
SDUDXQDHQRUPHFDQWLGDGGHODSREODFLyQSHURDGHPiVSDUDDTXHOORVTXHVtHVDFFHVLEOHHVSDUD
SURORQJDUOHVXQDYLGDPLVHUDEOHSRUTXHHVXQDYLGDGHWUDEDMRGHHVFODYR3RUHMHPSORVHUHVXHOYH
HOSUREOHPDFRURQDULRSDUDWUDEDMDUWUHLQWD\VHLVKRUDVGLDULDV 5LVDV 'LJDPRVTXHODFDOLGDG
GHYLGDHVODPHQWDEOHHVXQDSDUDGRMDWHUULEOH
0LUWKD%HQLWH]<TXpSHQVDUGHODVFXHVWLRQHVGHODWpFQLFDHQODDFWXDOLGDG\HOXVRGHOD
PLVPDHQODLQIDQFLD"
6LOYLD%OHLFKPDU$KVt3RUTXH\RVR\PX\DPDQWHGHODWpFQLFD ULVDV <RFUHRTXH
PXFKDVRSLQLRQHVTXHVHGDQFRPRFLHQWtILFDVVRQRSLQLRQHVGHODHGDGGLVIUD]DGLWDV4Xp
TXLHURGHFLUFRQHVWR"4XHHOWHUURUDODWHFQRORJtDHQUHODFLyQDORVQLxRVHVDEVXUGR4XHDPt
PHH[SOLTXHQTXpYHQWDMDWHQtDMXJDUDO(VWDQFLHURUHVSHFWRDGRVQLxRVTXHMXHJDQHQOD
FRPSXWDGRUDRFRQXQ1LQWHQGRQLQJXQD<VLPHGLFHQTXHXQQLxRHVWiVRORIUHQWHDOD
FRPSXWDGRUDHQRWUDpSRFDHVWXYRVRORIUHQWHDOWHOHYLVRU\HQRWUDpSRFDHVWXYRMXJDQGRVRORDO
EDOHUR$FiHOSUREOHPDQRSDVDSRUODWHFQRORJtDVLQRSRUODLPSOHPHQWDFLyQTXHVHKDJD(V
FLHUWRWDPELpQTXHHQODPHGLGDHQTXHODWHFQRORJtDVXPLQLVWUDPXFKRVVXVWLWXWRVGHODUHODFLRQHV
LQWHUVXEMHWLYDVRSHUDGHOODGRGHODFRPRGDPLHQWRGHODGXOWRDXQDPHQRUHVWLPXODFLyQDYHFHVGHO
QLxR3HURWDPELpQHVFLHUWRTXHHVWRORTXHKDFHHVFRDJXODUPRGRVGHUHODFLRQHVPiV
SDWROyJLFDVRPHQRVSDWROyJLFDVHQWUHODJHQWH<RFUHRTXHODWHFQRORJtDHVWDSURGXFLHQGRFRVDV
H[WUDRUGLQDULDV\TXHFDPELDWRGRHOPRGHORHGXFDWLYRDSDUWLUGHHVWR3RUHMHPSOR\RQRHVWR\GH
DFXHUGRFRQTXHVHRSRQJDODHGXFDFLyQDODWHOHYLVLyQ\RFUHRTXHODHVFXHODWLHQHTXH
UHFDSWXUDUHOQLYHOGHLQIRUPDFLyQTXHORVQLxRVSRVHHQ\RFXSDUXQDIXQFLyQPHWDEyOLFDORV
FKLFRVWDPELpQYHQ$QLPDO3ODQHW\'LVFRYHU\&KDQQHO
'LHJR6RXELDWH<RWHQJRXQDDQpFGRWDSHUVRQDOHQUHODFLyQDHVR<RDSUHQGtDOHHU\HVFULELUD
ORVFXDWURRFLQFRDxRVDQWHVGHFRPHQ]DUODHVFXHODPLUDQGRHOSURJUDPD3OD]D6pVDPR
6LOYLD%OHLFKPDU%XHQRHVPDUDYLOORVR(VWHHVXQHMHPSORH[WUDRUGLQDULRGHFyPRORVQLxRV
DSUHQGHQFRQOD793RUHMHPSORYHQ$QLPDO3ODQHWRYHQ'LVFRYHU\&KDQQHO\VDEHQXQPRQWyQ
DWUDYpVGH'LVFRYHU\&KDQQHO1RVDEHQPHMRUGLFKRUHFLEHQLQIRUPDFLyQ4XpKDFHHOFROHJLR"
/HVHQVHxDDORVDGROHVFHQWHVTXtPLFD\ItVLFDWRWDOPHQWHGHVYLQFXODGRGHORTXHHOORVYHQ1R
VHHQWLHQGHFyPRVHDSDVLRQDQFRQ'LVFRYHU\\UHSUXHEDQItVLFD(QWRQFHVFDPELyWRGRHO
PRGHORHQHVWHPRPHQWRODIDPLOLDQRHVIXHQWHGHLQIRUPDFLyQHVXQOXJDUGHSURFHVDPLHQWRGH
LQIRUPDFLyQFRQORFXDOFUHRTXHWHQHPRVTXHSRQHUQRVDWRQR<FUHRTXHHOSUREOHPDDKRUDHV
ODVHOHFFLyQGHLQIRUPDFLyQ0LHQWUDVWDQWRODHGXFDFLyQWRGDYtDHVWiSUHRFXSDGDHQWUDQVPLWLU
HQRUPHFDQWLGDGGHFRQWHQLGRV\QRHQPHWDEROL]DUORVFRQWHQLGRV(QWRQFHVPHSDUHFHTXHDKt
KD\GHVIDVDMHVSHUR\RFUHRTXHODWpFQLFDHVDOWDPHQWHHVWLPXODQWH\QRKHYLVWRTXHSRUXVDUOD
WHFQRORJtDVHSLHUGDQGHYLVWDORVJUDQGHVSUREOHPDVVXEMHWLYRVGHWRGDODKLVWRULDDOFRQWUDULR
'LHJR6RXELDWH1LWDPSRFRVHUtDMXVWRDWULEXLUOHHOUHFUXGHFLPLHQWRGHODYLROHQFLDDORVYLGHR
MXHJRV(VDHVXQDIDQWDVtDKDELWXDOGHPXFKRVSDGUHV
6LOYLD%OHLFKPDU%XHQRHVWDQPHQWLUDHVRTXHVL8GVVHSRQHQDSHQVDUODV]RQDVGRQGH
PD\RUYLROHQFLDVHSURGXFHVRQ]RQDVTXHHVWiQFDUHQFLDGDVGHHVRVMXHJRV(VDHVODPD\RU
PLVWLILFDFLyQGHQXHVWUDVRFLHGDGHQODVDIXHUDVGH%XHQRV$LUHVGRQGHKD\QLxRVTXHQRWLHQHQ
XQYLGHRMXHJRVHSURGXFHQDYHFHVVLWXDFLRQHVGHXQDYLROHQFLDH[WUHPD\REYLDPHQWHQRWLHQHQ
QDGDTXHYHUFRQHOYLGHRMXHJR
$ULHO3HUQLFRQH3HURVtDKtHQFRQWUDPRVFRPRORYHQLPRVHVFXFKDQGRHQORVKRVSLWDOHVSDGUHV
GHIDPLOLDGHVRFXSDGRVTXHHVWiQGHSULPLGRV\SRUHVHPRWLYRQRSXHGHQHMHUFHUDGHFXDGDPHQWH
VXIXQFLyQSDWHUQD7DPELpQHVWRWLHQHHIHFWRVVLQWRPiWLFRVHQORVQLxRV
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

6LOYLD%OHLFKPDU([DFWDPHQWHSDGUHVTXHHVWDQFRQJDQDVGHPDWDUDDOJXLHQSRUVX
VLWXDFLyQ(VWDPRVHQXQDVRFLHGDGFRQXQDYLROHQFLDWHUULEOH(VWRVt\RORDVRFLRFRQOD
YLROHQFLD$\HUPLVPRDFiQRPiVODSROLFtDSHUVHJXtDDXQODGUyQOHWLUDURQRFKREDOD]RV\
UHYHQWDURQXQNLRVFR(VWRPHKDFHDFRUGDUPXFKRDXQDVHxRUDKDFHDxRVDOSRFRWLHPSRGH
OOHJDUD0p[LFRDWHQGtPXFKRVQLxRVFKLOHQRVTXHYHQtDQGHOJROSHGH3LQRFKHW\KDEtDXQDQLxLWD
TXHVXSDGUHKDEtDPXHUWRKDEtDVLGRDVHVLQDGRSRUODGLFWDGXUDSRUHOSLQRFKHWLVPRODPDGUHVH
KDEtDLGRFRQHOODD3DUtV\GHVSXpVYLQRD0p[LFRHODEXHOLWRHUDXQDOWRIXQFLRQDULRGHOUpJLPHQ
GH$OOHQGHTXHHVWDEDHQXQDVLWXDFLyQPX\WULVWHPX\GROLGD\ODQHQDPDQLIHVWDEDXQDVHULHGH
VtQWRPDVGRQGHDSDUHFtDQIDQWDVtDVGHYLROHQFLDLPSRUWDQWHV\ODPDGUHPHGLFH<TXpTXLHUH
FRQODWHOHYLVLyQTXHYH"<\RODPLUpDHVWDVHxRUD\SHQVp3HURHVWDVHxRUDHVWiORFDHVWD
FKLFDSDVyHOJROSHGHHVWDGRPDWDURQDOSDGUHHODEXHORSDVySRUXQKRORFDXVWR\HOODPH
SODQWHDTXHHVXQSUREOHPDGHWHOHYLVLyQ"$KtHUDFODUtVLPDODGHIHQVD
3HURDQLYHOVRFLDOHVWRHVPX\FODUDPHQWHXQDFRDUWDGDTXHGHVSOD]DKDFLDORVSDGUHVOD
UHVSRQVDELOLGDGTXHWLHQHODVRFLHGDGIUHQWHDORVFKLFRV
0LUWKD%HQLWH]7HQtDGHVHRVGHSODQWHDUWDPELpQXQDFXHVWLyQGHODWpFQLFDHQRWURVHQWLGR/D
WpFQLFDHQHOGLVSRVLWLYRDQDOtWLFR4XpQRVSRGUtDGHFLUUHVSHFWRGHODWUDQVIHUHQFLD\ODFXHVWLyQ
GHODGHPDQGDHQQLxRV"7DPELpQUHVSHFWRGHODVHQWUHYLVWDVFRQSDGUHVRHOWHPDGHMXHJRHQHO
WUDEDMRFRQQLxRV(QILQGLVWLQWRVWHPDVOLJDGRVDODWpFQLFDSVLFRDQDOtWLFD
6LOYLD%OHLFKPDU%XHQRKD\PXFKRVDVSHFWRVHQHVWR3ULPHUR\RVXERUGLQRODGHPDQGDDOD
UHVSRQVDELOLGDGUHVSHFWRDODHYROXFLyQHVWUXFWXUDO4XLHURGHFLUHVPX\GLItFLOTXHXQQLxRPX\
SHUWXUEDGRSXHGDDUPDUXQDGHPDQGDGHDQiOLVLV(QUHDOLGDGORV~QLFRVQLxRVTXHTXLHUHQ
DQDOL]DUVHVRQORVIyELFRVSRUTXHFRQODDQJXVWLDTXHWLHQHQ\HOPLHGRTXHWLHQHQTXLHUHQYHQLUD
DOLYLDUVH\KDVWDOHKDFHQDXQRVXVSURSLRVUHJDORV(OUHVWRLQFOXVRORVTXHVHKDFHQSLVQR
EXHQRHQDOJXQRVFDVRVVtTXLHUHQD\XGDSHURGLJDPRVTXHHQODLQIDQFLDORTXHVHOODPD
GHPDQGDGHDQiOLVLVHQJHQHUDOQRHVWi(VWiVtHODFXHUGRGHOQLxRFRQORVSDGUHVUHVSHFWRD
YHQLU\XQRORHQWLHQGHFRPRXQDDTXLHVFHQFLDGHOQLxRDODFRQVXOWD(QRWURVFDVRVHOQLxRVH
UHK~VDWRWDOPHQWHDODLQWHUYHQFLyQSRUTXHKD\XQDHVWUXFWXUDTXHFRUUHULHVJRGHGHVHVWDELOL]DUVH
SRUTXHVHKDHVWDELOL]DGREDMRXQDIRUPDSDWROyJLFDJUDYH&RQORFXDO\RDKtSLHQVRTXHKD\TXH
GHVHVWDELOL]DUTXHQRKD\TXHVXERUGLQDUVHDODGHPDQGDTXHKD\TXHEXVFDUODIRUPDPHQRV
FUXHQWDSHURTXHVLHOQLxRWLHQHTXHHQWUDUDOFRQVXOWRULRWLHQHTXHHQWUDUDOFRQVXOWRULR\VLWLHQH
TXHHQWUDUFRQORSDGUHVTXHHQWUHFRQORVSDGUHV3HUR\RQRYR\DGHFLUTXHYHQJDFXDQGRWHQJD
JDQDVSRUTXHPLHQWUDVORVDxRVFRUUHQHOFKLFRVHHQIHUPDFDGDYH]PiVJUDYHPHQWH
$ULHO3HUQLFRQH$KtFRQWDPRVFRQODGHPDQGDGHORVSDGUHV\DSDUWLUGHDKtVHWUDEDMD8VWHG
WRPDHVR
6LOYLD%OHLFKPDU7RWDOPHQWHHQDOJXQRVFDVRVLQFOXVLYHFRQXQRGHORVSDGUHVQLVLTXLHUDFRQ
ORVGRV<\RHQHVWRQRVR\SXULVWDWUDEDMRFRQORTXHVHSXHGHPLHQWUDVVHSXHGD
'LHJR6RXELDWH3HURTXpKDUtDXGHQXQFDVRGHXQDUHQXHQFLDH[SUHVDGHXQSDGUH"
6LOYLD%OHLFKPDU/HSODQWHRDODPDGUHVLHOFKLFRHVWiHQVHYHURULHVJRVLHOODHVWiGLVSXHVWDD
OOHYDUHVWRKDVWDODV~OWLPDVFRQVHFXHQFLDVLQFOXVRSLGLHQGRXQDPSDURMXGLFLDO
'LHJR6RXELDWH3HURHVRQRVRPHWHDOFKLFRDXQDGLItFLOWHQVLyQHQUHODFLyQDODVDWLVIDFFLyQ
GHODVGLIHUHQWHVGHPDQGDVUHVSHFWRGHODPDGUH\GHOSDGUH"
6LOYLD%OHLFKPDU6tSHURVLHOSDGUHORTXHHVWiSURSRQLHQGRHVXQDDSURSLDFLyQSDWROyJLFDGHO
QLxRHVDVWHQVLRQHVWLHQHQTXHVHUUHVXHOWDVDSRVWHULRUL6L\RWHQJRXQSDGUHSVLFyWLFRFRQXQ
KLMRWXEHUFXORVR\ORSRQHDODLQWHPSHULHPHLPSRUWDPX\SRFRHOGHVHRGHOSDGUH\VXOH\
SRUTXHSLHQVRTXHDKtQRKD\OH\KD\DKtVXMHWDPLHQWRSHUYHUVRDVXSURSLRGHVHR/DPD\RUtDGH
ORVSDGUHVTXHVHRSRQHQEUXWDOPHQWHDXQWUDWDPLHQWRVRQSDGUHVRFRQUHODFLRQHVSHUYHUVDVFRQ
ORKLMRVRFRQSDWRORJtDVPX\JUDYHV(OUHVWRGHORVSDGUHVSXHGHHVWDUGHDFXHUGRSXHGHHVWDU
PHQRVGHDFXHUGR\VLODSDWRORJtDGHOFKLFRQRHVPX\VHULD\RSODQWHRTXHORVSDGUHVVH
SRQJDQGHDFXHUGR\QRSDVRSRUHQFLPDGHHVWRQRVpVLHVFODUR-DPiVSRUVXSXHVWR3HURVL
HOFKLFRHVWiHQVHYHURVULHVJRVTXHDFW~HXQDOH\PDVDOOiGHODSHUYHUVLyQGHOSDGUH
0LUWKD%HQLWH]$OJRTXHSRQJDFRWRDHVR
6LOYLD%OHLFKPDU7RWDOPHQWH<RKHYLVWRFDVRVGHQLxDVTXHODPDGUHSLHQVDTXHIXHURQ
DEXVDGDVSRUHOSDGUH\TXHHOSDGUHVHUHK~VDDYHQLUDODFRQVXOWD8QDYH]ODGLMHDXQDPDGUH
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

8VWHGHVWiGLVSXHVWDDOOHYDUHVWRDXQDLQVWDQFLDOHJDO"<RODDSR\R3HURQRPHSLGDDPtTXH
KDJDHVWRDHVSDOGDVGHOSDGUHSRUTXHHVFRPSOLFLGDGFRQODSHUYHUVLyQGHOSDGUH$FiKD\FRVDV
TXHWLHQHQTXHHVWDUPX\FODUDVUHVSHFWRDFXiOHVOXJDUGHXQR
$ULHO3HUQLFRQH<HOWHPDGHODWUDQVIHUHQFLDHQQLxRV"&yPRSHQVDUOR"
6LOYLD%OHLFKPDU<RWHQJRXQDSRVLFLyQWRPDGDKDFHPXFKRVDxRV3ULPHURFUHRTXHOD
WUDQVIHUHQFLDQRHVODUHHGLFLyQGHORVYtQFXORVRULJLQDULRVGHODLQIDQFLDFRQHODQDOLVWDFUHRTXH
HVRHVXQDSXHULOL]DFLyQGHODWUDQVIHUHQFLD&UHRTXHHOQLxRMXHJDSURFHVRVWUDQVIHUHQFLDOHVLJXDO
TXHFXDOTXLHUDGXOWRTXHFXDOTXLHUSHUVRQDFRQVWLWXLGD\TXHHOSUREOHPDQRHVWiHQHOQLxRRHQ
HODGXOWRVLQRHQHOQLYHOGHRUJDQL]DFLyQSVtTXLFD3HURWDPELpQSLHQVRTXHHOSUREOHPDVHULRGHO
DQiOLVLVGHQLxRVHVFRPRXQRPDQLREUDHQHOLQWHULRUGHODWUDQVIHUHQFLDSDUHQWDOHQODPHGLGDHQ
TXHXQRQRSXHGHLQWHUSUHWDUOD8QSRFRHQODGLIHUHQFLDTXHGHFtD/DJDFKHHQWUHWUDEDMDUFRQOD
WUDQVIHUHQFLDRWUDEDMDUHQODWUDQVIHUHQFLD$KtFREUDPXFKRVHQWLGRSRUTXHXQRWLHQHTXHWUDEDMDU
DYHFHVSHUFLELHQGRTXHXQDPDGUHHVWDFHORVD\VLQLQWHUSUHWiUVHORD\XGDUODDSRGHUWROHUDUOD
LQWHUYHQFLyQTXHXQRKDFH$KRUDFRQHOQLxR\RQRFUHRORTXHGLFH.OHLQUHVSHFWRDOD
EUXWDOLGDGGHODWUDQVIHUHQFLDLQIDQWLO\RFUHRTXHODWpFQLFD.OHLQLDQDHVHVWLPXODGRUDGHOD
WUDVIHUHQFLDQHJDWLYDQRHVFDSWXUDQWHDODWUDQVIHUHQFLDQHJDWLYDFUHRTXHHVHVWLPXODGRUDHQOD
WUDQVIHUHQFLDQHJDWLYD&UHRTXHHOQLxRSDGHFHEUXWDOPHQWHHVDGLVWDQFLDVXSXHVWDQHXWUDOLGDG
GHODGXOWRFRPRLQGLIHUHQFLDDVXVXIULPLHQWR
$ULHO3HUQLFRQH(QPXFKDVRFDVLRQHVHVGHVRUJDQL]DQWHHVDSRVLFLyQGHODQDOLVWD
6LOYLD%OHLFKPDU7RWDOPHQWH\RWHQJRXQDVLWXDFLyQPX\GLYHUWLGDSRUTXHWHQJRPXFKRVFKLFRV
TXHPHPDQGDQHPDLOV(QWRQFHVWLHQHQODVHVLyQSHURGRVGtDVGHVSXpVPHPDQGDQXQHPDLO
6LOYLDKDEOHFRQ)XODQLWDSHURQRKD\FDVRDYRVWHSDUHFHTXHLQVLVWD"(VPX\JUDFLRVR3RU
VXSXHVWR\RQRDFRQVHMRHQWRQFHVOHFRQWHVWR%XHQRSHURYRVKDEODVWH\HQWRQFHVVLHOODQR
TXLHUHYRVSRUTXHLQVLVWLUtDV"4XpUHSUHVHQWDSDUDYRVLQVLVWLU"%XHQR\SRUDKtFRQWHVWD$
PtPHUHYLHQWDTXHQRPHGHEROD%XHQRHVWRVHPDLOWRGRHOGtD2SRUHMHPSORHORWURGtDXQR
PHGHVKL]RODFRPSXWDGRUDPHWLyPDQR\PHDUPRXQOtRWHUULEOHHQWRQFHVOHGLMH)XODQRILMiWH
TXHDFDEiVGHKDFHUHVRTXHWHDUPDWDQWROtRHQODYLGDTXHHVWRPDUDOJRTXHHVGHRWUR
KDFHUORSHORWD\GHVSXpVWHSUHRFXSDTXHHORWURQRTXLHUHHVWDUFRQYRV7HSDVy\DFRQWXV
DPLJRV$ODQRFKHUHFLERXQHPDLO6LOYLDSHUGyQSRUODJDUFKDTXHWHKLFHHQODFRPSXWDGRUD
ULVDV 
<RFUHRTXHODWUDQVIHUHQFLDVHHVWDEOHFHSURIXQGDPHQWHHQODLQIDQFLDSHURVHHVWDEOHFHFRQXQ
OXJDUTXHHVHODQiOLVLVFRPROXJDUGHFRQRFLPLHQWR\FRPROXJDUGHUHVSHWR\FRPROXJDUGRQGH
VHSXHGHQKDEODUFRVDVTXHQRVHKDEODQHQQLQJ~QOXJDU\VRQHVFXFKDGDVFRPRQXQFD<ORV
FKLFRVVDEHQTXHDFiSXHGHQKDEODUGHODPXHUWHSXHGHQKDEODUGHFRVDVTXHHQJHQHUDOOR
DGXOWRVKDEODQSRFRFRQORQLxRVRWROHUDQSRFR\DGHPiVVDEHQTXHSXHGHQSHOHDUVH\DPLJDUVH
\TXHSXHGHQWUDHUDFiODLPDJHQLGHDOL]DGDRULJLQDULDFRQODWROHUDQFLDGHTXHXQRODFRQWHQJD<R
FUHRTXHVLQGXGDVHHVWDEOHFHODWUDQVIHUHQFLDHQODLQIDQFLDSHUR\RQRFUHRHQODQHXURVLVGH
WUDQVIHUHQFLDHQHODGXOWRFUHRHQODWUDQVIHUHQFLDFRPRSRODUL]DFLyQGHODQHXURVLVSHURQRHQXQ
SURFHVR/DWUDQVIHUHQFLDHVXQOXJDUGRQGHVHSRODUL]DQIDQWDVPDVGHVHRVPRFLRQHV
VHQWLPLHQWRVVHDFWLYDQ\VHUHFRPSRQHQSHURQRKD\XQDUHSURGXFFLyQGHODQHXURVLVLQIDQWLOHQ
HOLQWHULRUGHODQiOLVLV1RHVTXHHOVXMHWROOHJD\HQWRQFHVXQRHVHOSDSi\GHVSXpVHVODPDPi\
GHVSXpVUHFRQRFHTXHHVWiFDVWUDQGR1RHODSDUDWRSVtTXLFRDGXOWRFRQVWLWXLGRWLHQHXQD
FRPSOHMLGDGWHPSRUDOGRQGHODVPRFLRQHVYDQMXJDQGR%XHQRHQHOQLxRSDVDORPLVPRHQFLHUWR
PRPHQWRXQRSDVDDVHUPDUDYLOORVRHQRWURPRPHQWRSDVDDVHUXQFUHWLQR0HSDUHFHTXHOD
GLVFXVLyQHQWUH$QQD)UHXG\0HODQLH.OHLQHVXQDGLVFXVLyQSRFRFRQFHSWXDOTXLHURGHFLU
UHVSRQGLGDGHVGHODHPSLULD$QQD)UHXGOHSODQWHDTXHPLHQWUDVYLYDQORVSDGUHVQRKD\
WUDQVIHUHQFLD\0HODQLH.OHLQOHUHVSRQGHTXHORVFKLFRVKDFHQWUDQVIHUHQFLD\OHGLFHXQDFRVD
PDUDYLOORVD3yQJDVHXVWHGHQSRVLFLyQGHDQDOLVWD\ORVQLxRVYDQDWUDQVIHULU(VRHVJHQLDO
.OHLQOHGLFHTXHHOODQRJHQHUDODVFRQGLFLRQHVGHODQiOLVLV(VH[WUDRUGLQDULRORTXHOHGLFH
3HURPHSDUHFHTXHORPDVLPSRUWDQWHHVQRVRODPHQWHSRQHUVHHQSRVLFLyQGHDQDOLVWDVLQRVHU
FDSD]GHFRQVWUXLUHOSURFHVRDQDOtWLFRFRQHOQLxR<RWHQJRXQDDQpFGRWDGHXQDQiOLVLVGHDGXOWR
SDUDPRVWUDUSRUTXpSLHQVRTXHKD\WUDQVIHUHQFLDHQORVQLxRVTXHHVXQDSDFLHQWHDGXOWDSRUDKt
HQDOJ~QOXJDUORFXHQWRTXHHVWXYRPX\HQDPRUDGDGHXQKRPEUHURPSLyFRQpO9DULRVDxRV
GHVSXpVVHHQFRQWUyFRQpOKL]RHODPRUFRQpO\DFRQWLQXDFLyQVHGXUPLy\VRxyTXHKDFLDHO
DPRUFRQpOSRUTXHQRKDEtDKHFKRHODPRUFRQDTXHOVLQRFRQpVWH3DUDPtHVHMHPSOR
H[WUDRUGLQDULRGHODWUDQVIHUHQFLD(OSUREOHPDQRHVWiHQHOREMHWRVLQRHQODUHSUHVHQWDFLyQGHO
REMHWRFRQHOFXDOHVWiMXJiQGRVHODPRFLyQ(QWRQFHVSRUHVRSLHQVRTXHKD\WUDQVIHUHQFLDHQOD
LQIDQFLD\TXHKD\TXHVXERUGLQDUHOFRQFHSWRGHWUDQVIHUHQFLDHQODLQIDQFLDDODRUJDQL]DFLyQGH
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

ODSRVLELOLGDGGHFRQVWLWXFLyQSVtTXLFD<VLQRORTXHKD\HVWUDQVIHUHQFLDSXQWXDOWUDQVIHUHQFLD
GHLQYHVWLPLHQWRFRPRRFXUUHHQODSVLFRVLV(QORVFKLFRVSVLFyWLFRVXVWHGHVORKDQYLVWRHQHO
KRVSLWDOODDQDOLVWDVHFRUWDHOSHOR\HOFKLFRQRODUHFRQRFHSRUTXHKD\SXOVLyQGHLQGLFLRDKt
HVWiILMDGRDOHOHPHQWRLQGLFLDULR
0LUWKD%HQLWH]2DYHFHVVXFHGHTXHKD\FDPELRGHWHUDSHXWDRGHDQDOLVWD\QRKD\QLQJXQD
PRGLILFDFLRQ\HOFKLFRVLJXH
6LOYLD%OHLFKPDU<HOFKLFRVLJXHFRPRVLQRSDVDUDQDGD2FDPELRGHFRQVXOWRULR\HOFKLFR
HQWUD\VLJXHMXJDQGRDORTXHMXJyHQODVHVLyQDQWHULRU3HURHOSDFLHQWHDGXOWRWDPELpQWLHQHXQD
DXVHQFLDHQODWHPSRUDOLGDGFXDQGRHVWDPX\JUDYHGRQGHVLJXHFRPRVLQRKXELHUDSDVDGRQDGD
$ULHO3HUQLFRQH+D\RWURWHPDGHODFOtQLFDTXHWDPELpQXVWHGPHQFLRQDHQVXVWUDEDMRVTXHHV
UHVSHFWRGHOWHPDGHODVDGRSFLRQHVXVWHGKDFHXQDUHIHUHQFLDDOOXJDUGHORDUFDLFR\OR
RULJLQDULR
6LOYLD%OHLFKPDU/RDUFDLFRORSODQWHRHQUHODFLyQMXVWDPHQWHDORWUDXPiWLFRDORQR
PHWDEROL]DEOHQRHVHQHOVHQWLGRGH3LHUD$XODJQLHU/RSODQWHRPDVFRPRHVRVHOHPHQWRVTXH
HQWUDQHQHOSVLTXLVPR\QRORJUDQHVWDELOL]DUVHHQHOLQWHULRUGHXQVLVWHPD
'LHJR6RXELDWH1RIRUPDQSDUWHGHOLQFRQFLHQWHUHSULPLGR
6LOYLD%OHLFKPDU1R<WDPSRFRVRQFRQFLHQWHVFLUFXODQ/DVFRPSXOVLRQHVVHFRQVWLWX\HQDVt\
WLHQHPXFKRTXHYHUFRQHOFRQFHSWRGHFRPSXOVLyQGHUHSHWLFLyQHQODPHGLGDHQTXHODV
FRPSXOVLRQHVVRQHOHPHQWRVTXHQRORJUDQHQVDPEODUVH(QWRQFHVORDUFDLFRSDUDPtWLHQHTXH
YHUFRQTXHODVSULPHUDVUHSUHVHQWDFLRQHVQXQFDORJUDQWUDQVFULSFLRQHVFRPSOHWDV4XHGDQ
HOHPHQWRVVLHPSUHTXHQXQFDYDQDVHUWUDQVFULSWRVTXHQXQFDYDQDVHUUHSUHVHQWDFLyQSDODEUD
GHODVSULPHUDVLQVFULSFLRQHV$FiDSDUHFHRWUDGLIHUHQFLDLPSRUWDQWHFRQDOJXQDVWHRUtDVFRQ
UHVSHFWRDTXHSDUDPtODLQVFULSFLyQHVDQWHULRUDODUHSUHVLyQRULJLQDULDKD\SVLTXLVPRDQWHULRUD
ODUHSUHVLyQRULJLQDULDKD\UHSUHVHQWDFLyQDQWHULRUDODUHSUHVHQWDFLyQRULJLQDULDODUHSUHVLyQ
RULJLQDULDORTXHKDFHHVRUGHQDUODVUHSUHVHQWDFLRQHVSHURQRODVFUHDODVRUGHQD
$ULHO3HUQLFRQH3URGXFHODGLYLVLyQSVtTXLFD"
6LOYLD%OHLFKPDU3URGXFHODGLYLVLyQ\XQDVTXHGDQGHOODGRGHOLQFRQFLHQWH\RWUDVTXHGDQGHO
ODGRGHOSUHFRQFLHQWH\DOJXQDVTXHGDQGHPDQHUDGLVWLQWDGHDPERV$OJXQDVSXHGHQTXHGDU
WUDQVFULSWDGHPDQHUDGLVWLQWDSRUHMHPSORODUHSUHVLyQGHOSODFHUDQDOTXHGDFRPRIRUPDFLyQ
UHDFWLYDGHOODGRGHOSUHFRQFLHQWH
$ULHO3HUQLFRQH(VXQDOHFWXUDIUHXGLDQD
6LOYLD%OHLFKPDU7RWDOPHQWHORTXHSDVDHVTXHDFiORTXH\RWUDEDMRPDVHVHOPRGRFRQHO
FXDOYDQMXJDQGRODVUHSUHVHQWDFLRQHVDORODUJRGHODYLGD(QWRQFHVHOPRGHORGHODDGRSFLyQHV
PX\LQWHUHVDQWHSRUTXHHVXQPRGHORPX\FODURGHUHSUHVHQWDFLRQHVTXHQRORJUDQUHHQFXHQWUR
FRQREMHWRVTXHTXHGDQLQVFULSWRVSHURTXHMXVWDPHQWHORTXHORVFDUDFWHUL]DHVTXHVRQ
LQVFULSFLRQHVHIHFWRGHXQREMHWRTXHQRWLHQHUHIHUHQFLDHQHOREMHWRSRUTXHHOREMHWRQXQFDIXH
UHSUHVHQWDGRFRPRH[LVWHQFLD(QXQFDVRTXHXQFKLTXLWRIXHGDGRHQDGRSFLyQDORVTXLQFH
GtDVVXSyQJDQVHHQWRQFHVKD\XQRORUKD\XQDVHQVDFLyQKD\XQDVHULHGHUHSUHVHQWDFLRQHVTXH
HVWiQLQVFULSWDVSHURORTXHRFXUUHHVTXHHQORVSULPHURVWLHPSRVGHODYLGDORLQVFULSWRQRHV
UHIHUHQFLDDOREMHWRHVGHVSUHQGLPLHQWRGHOREMHWRODUHSUHVHQWDFLyQQRUHSUHVHQWDHOREMHWR
$ULHO3HUQLFRQH1RKD\UHFRQRFLPLHQWRDGHPiVGHODGLIHUHQFLD
6LOYLD%OHLFKPDU([DFWDPHQWHQRKD\VXMHWRREMHWR(VRTXHGDLQVFULSWR\FXDQGRDOJRH[WHULRU
ORDFWLYDSURGXFHXQDUHHPHUJHQFLDGHXQDPRFLyQTXHDSDUHFHFRPRDWUDtGDGHVGHDIXHUD\TXH
FRQYRFDDOVXMHWRVLQVDEHUDGRQGHUHPLWH(VFRPRODUHPLQLVFHQFLDKLVWpULFDVLXVWHGHVTXLHUHQ
SHURQDGDPiVTXHODUHPLQLVFHQFLDHVSRUUHSUHVLyQ\DFiHVSRUTXHVHKDSURGXFLGRHQ
PRPHQWRVSUHVXEMHWLYRVOODPpPRVORDVtDQWHVGHTXHVHDVXMHWR3RUTXH\RFRQVLGHURTXHHO
LQFRQFLHQWHHVSDUDVXEMHWLYR\HODSDUDWRDQWHVGHODRUJDQL]DFLyQGHODUHSUHVLyQRULJLQDULD\GHO
\RHVSUHVXEMHWLYRVHYDFRQVWLWX\HQGRHQPRPHQWRVGHVXEMHWLYDFLyQSHURODVXEMHWLYLGDGQRHV
WRGRHODSDUDWR(QWRQFHVHQODPHGLGDHQTXHVRQPRPHQWRVSUHVXEMHWLYRVHVRQRTXHGD
LQVFULSWRFRPRH[SHULHQFLDSHURSXHGHVHUDFWLYDGRSRUTXHHVWDUHSUHVHQWDGR
'LHJR6RXELDWH(VXQDQRFLyQFHUFDQDDODGHSLFWRJUDPD"
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

6LOYLD%OHLFKPDU(VXQDQRFLyQFHUFDQDDODGHSLFWRJUDPD7DOYH]VHSRGUtDQSODQWHDUDOJXQRV
PDWLFHV7DPELpQHVWiPX\FHUFDGHODLGHDGHDOJXQRVDXWRUHVFRPR1DVLRFRPRXQDFOtQLFD
PDVFHUFDDORUHDOVLXVWHGHVTXLHUHQ/DLGHDHVFHUFDUPDVLQGLFLRV\HOHPHQWRV
UHSUHVHQWDFLRQDOHVPiVGHORUHDO
0LUWKD%HQLWH]3RUHVRHVWiQWDQIDFLOLWDGRVORVHSLVRGLRVGHDFWLQJRXWHQODDGROHVFHQFLDGH
FKLFRVTXHVRQDGRSWDGRV
6LOYLD%OHLFKPDU&ODURSRUTXHHQODDGROHVFHQFLDVHSURGXFHWRGDXQDUHFRPSRVLFLyQHQODFXDO
IDOWDQUHVSRQGLHQWHVVLPEyOLFRVSDUDRUGHQDUORDQWHULRU\DGHPiVSRUTXHKD\XQDUHFRPSRVLFLyQ
GHODLGHQWLGDG\HVRHQODDGRSFLyQHVPX\FRPSOHMR$KtKD\DOJRTXHQRWLHQHTXHYHUVRORFRQ
ORSXOVLRQDOVLQREiVLFDPHQWHFRQHOSUREOHPDGHODLGHQWLGDGGRQGHKD\DOJRTXHQXQFDWHUPLQD
GHFXDMDU\HQODDGROHVFHQFLDWLHQHTXHVHUUHFRPSXHVWR$KtVHSURGXFHODDGRSFLyQGHORV
SDGUHVRQR(VHQODDGROHVFHQFLDFXDQGRXQFKLFRDGRSWLYRDGRSWDDVXVSDGUHVRQRORVDGRSWD
0LUWKD%HQLWH]7HQJRXQDSDFLHQWHTXHHVDGRSWDGDTXHGLFHTXHVXSUREOHPDHVTXHFXDQGRHO
PpGLFRGLFHKLVWRULDFOtQLFDDQWHFHGHQWHVIDPLOLDUHVHOODQXQFDWLHQHTXpUHVSRQGHU
$QWHFHGHQWHVGHDOHUJLDDQWHFHGHQWHVGHFXHVWLRQHVJHQpWLFDVDKtKD\XQYDFtRDOTXHHOODQR
SXHGHUHVSRQGHU
6LOYLD%OHLFKPDU7RWDOPHQWH
$ULHO3HUQLFRQH<RTXHUtDFHUUDUHQWRQFHVPHSDUHFHPDVTXHVXILFLHQWHORTXHKHPRVFKDUODGR
KR\SUHJXQWiQGROHVXRSLQLyQUHVSHFWRGHODVLWXDFLyQDFWXDOSDUWLFXODUPHQWHODVLWXDFLyQDFWXDO
GHOSVLFRDQiOLVLVHQJHQHUDO\GHOSVLFRDQiOLVLVFRQQLxRV\FyPRYHHOSRUYHQLUGHOSVLFRDQiOLVLV
6LOYLD%OHLFKPDU3ULPHUDFXHVWLyQ\RKDFHXQWLHPSRGLMHXQDFRVDGXUD\ODUHLWHURDKRUD\HV
TXHVLHOSVLFRDQiOLVLVFDHYDDVHUFRPRHOVRFLDOLVPRUHDO1RYDDFDHUSRUODIXHU]DGHVXV
RSRQHQWHVVLQRLPSORVLRQDGRSRUVXVSURSLDVGLILFXOWDGHVLQWHUQDV&RQORFXDO\RQRSDWHROD
SHORWDDIXHUDGLFLHQGRHOSUREOHPDHVWiHQODVRFLHGDG<RORTXHSODQWHRHVTXHHQHOPDUFRGH
ODVGLILFXOWDGHVGHHVWDVRFLHGDGHOSVLFRDQiOLVLVWLHQHTXHUHSODQWHDUVHXQDVHULHGHSDUDGLJPDV
TXHORFRQVWLWX\HQSDUDSRGHUHQWUDUGLJQDPHQWHDOVLJOR;;,1LVLTXLHUDH[LWRVDPHQWH
GLJQDPHQWH(QWUHRWUDVUHSODQWHDUVHDOJXQDVIRUPDFLRQHVLGHROyJLFDVGHOVLJORSDVDGRTXHVH
VLJXHQPDQWHQLHQGRRGHOVLJOR;,;(QWRQFHVSULPHUDFXHVWLyQ&yPRYHRHOIXWXURGHO
SVLFRDQiOLVLV"%XHQRGHSHQGHGHTXHORVDQDOLVWDVSRGDPRVKDFHUFRQQXHVWURFDPSRSURGXFWLYR
6HJXQGDFXHVWLyQQRWHQJRODPHQRUGXGDGHTXHHOSVLFRDQiOLVLVQRSXHGHVHUUHHPSOD]DGRSRU
QLQJ~QRWURFXHUSRGHSHQVDPLHQWRVREUHODFXHVWLyQGHODVXEMHWLYLGDG1RKDVXUJLGRQDGDTXHOR
VXSHUH<TXHVLSRUDOJXQDUD]yQIXHUDVHSXOWDGRODKXPDQLGDGVHTXHGDUtDVLQXQLQVWUXPHQWR
SULYLOHJLDGRSDUDSHQVDUODVXEMHWLYLGDG3RGUtDRFXUULUSRUTXHHQODKLVWRULDGHODKXPDQLGDGKD
SDVDGRTXHDOJRYHUGDGHURHVVHSXOWDGRTXLQLHQWRVDxRV(QWRQFHVYDDGHSHQGHUGHORTXH
QRVRWURVKDJDPRV\XQDVHULHGHFRQVWHODFLRQHVSHURFRQILyHQTXHSRGDPRVVRVWHQHUOR
5HVSHFWRGHVXSHUVSHFWLYDFOtQLFDSLHQVRTXHPXFKDJHQWHVLJXHDQDOL]iQGRVHSHURORTXHSDVD
HVTXHHQOD$UJHQWLQDKDOOHJDGRDVHUWDQPDVLYRHOSVLFRDQiOLVLVTXHDKRUDGHELGRDOQLYHOGH
FULVLVHVWRLPSLGHTXHKD\DJHQWHTXHSXHGDDQDOL]DUVH/DVLWXDFLyQVRFLDOHVPX\JUDYH'H
WRGRVPRGRVSLHQVRTXHORVPRGHORVTXHVHKDQDSOLFDGRHQRWUDpSRFDFRPRSRUHMHPSOR
DQiOLVLVGHYHLQWHDxRVGHGXUDFLyQVRQPRGHORVDEVXUGRVTXHWLHQHQTXHYHUFRQXQDLGHDQR
SURGXFWLYDGHODHVWUXFWXUDSVtTXLFDVLQRFRQXQPRGHORGHYDFLDPLHQWRIDQWDVPiWLFRGHO
LQFRQFLHQWHTXHHVLQVRVWHQLEOH\GHXQQRUHFRQRFLPLHQWRGHODVIXQFLRQHVGHODVUHODFLRQHVHQWUH
ODHVWUXFWXUD\HOD]DU(VRKD\TXHPRGLILFDUOR
6LXVWHGHVPHSUHJXQWDQVLHVWR\HVSHUDQ]DGDOHVGLJRTXH\RKDJRPXFKRORFXDOTXLHUHGHFLU
TXHHVWR\HVSHUDQ]DGDVLQRHVWDUtDPX\ORFD<RWUDWRGHGLIXQGLULGHDVGHFRODERUDUFRQOD
JHQWHTXHWUDEDMDHQHVWRGHGLVPLQXLUSUREOHPDVVHFXQGDULRV&UHRTXHHVFLHUWRTXHYDDKDEHU
XQUHDFRPRGDPLHQWR\TXHODYLGDLQVWLWXFLRQDOSVLFRDQDOtWLFDYDDFDPELDUDEVROXWDPHQWH\TXH
DKtVHYDQDSODQWHDUSUREOHPDVLQpGLWRV3RUTXHHVFLHUWRTXHODIRUPDFLyQGHODQDOLVWDUHTXLHUH
DVSHFWRVHVSHFtILFRVTXHODYLGDDFDGpPLFDQRGDSHURWDPELpQHVFLHUWRTXHORVPRGHORVGHODV
LQVWLWXFLRQHVSVLFRDQDtWLFDVVRQPRGHORVSHULPLGRVHQJHQHUDOD~QORQXHYRTXHVHLQYHQWD6RQ
PRGHORVTXHQRHVWiQIXQFLRQDQGR
$ULHO3HUQLFRQH7LHQHSHQVDGDDOJXQDPDQHUDGHIRUPDFLyQGHODQDOLVWD"
6LOYLD%OHLFKPDU1R,QFOXVLYHSRUPLPRGHORGHSHQVDUFRPROLEUHSHQVDGRUDQRSRGUtD(VPiV
KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP





5HSRUWDMHD6LOYLD%OHLFKPDU

DYHFHVSLHQVR4XpVXHUWHTXHH[LVWHQODVLQVWLWXFLRQHV4XHDOJXLHQKDFHHOWUDEDMRVXFLR
ULVDV 
$ULHO3HUQLFRQH&RPR~OWLPDSUHJXQWD$TXpFXHVWLRQHVSLHQVDTXHGHEHUtDPRVDERFDUQRVORV
SVLFRDQDOLVWDVTXHWUDEDMDPRVFRQQLxRV"
6LOYLD%OHLFKPDU$UHIRUPXODUORVPRGHORVGHLQWHUYHQFLyQ(VDHVODSULRULGDG1RVRWURVQR
SRGHPRVWRPDUDXQQLxRXQSRTXLWRQHXUyWLFRSDUDKDFHUXQDQiOLVLVSDUDYHUTXpVDOH<RFUHR
TXHHVXQDEDUEDULGDGTXHSDUDORVFKLFRVQRHVEHQHILFLRVR\TXHDGHPiVVHDEXUUHQ
KRUULEOHPHQWHFXDQGRQRWLHQHQUD]RQHVFODUDVGHDQiOLVLV<RQRHVWR\GHDFXHUGRFRQHVR<R
KD\SDFLHQWHVTXHDWLHQGRGXUDQWHPXFKRWLHPSRSRUTXHORQHFHVLWDQRWURVFRQORVTXHKDJR
LQWHUYHQFLRQHVTXHGXUDQXQRVPHVHV\TXHGHVSXpVPHYXHOYHQDOODPDUGHQWURGHDOJ~QWLHPSR
+R\DWHQGtXQFKLTXLWRTXHWXYHTXHYROYHUDYHUGHELGRDXQDVLWXDFLyQH[WHUQD\PX\
FRPSURPHWLGD(VWHHVXQHMHPSORPDUDYLOORVR/HGLFHDODPDGUHTXHVHVLHQWHPDO\ODPDGUHOH
SUHJXQWD0DOGH6HUJLRRPDOGH6LOYLD"6HUJLRHVHOSHGLDWUD0DOGH6LOYLDGLMRHQWRQFHVOD
PDGUHPHOODPy\PHSLGLyXQDHQWUHYLVWD(VH[WUDRUGLQDULRFRPRpOWHQtDFODURDTXLpQWHQtDTXH
GLULJLUVH(QWRQFHV\RFUHRTXHKDEUtDTXHUHIRUPXODUORVPRGHORVGHLQWHUYHQFLyQSHURQRGHVGH
XQSXQWRGHYLVWDHPStULFRVLQRGHVGHHOSXQWRGHYLVWDGHXQDFRPSUHQVLyQGHORVSURFHVRV
SVtTXLFRV\VXFRQVWLWXFLyQ1RGHVGHXQSXQWRGHYLVWDWpFQLFRVLQRGHUHIRUPXODUORVSURFHVRV
GHFRQVWLWXFLyQHQODLQIDQFLD)tMHQVHTXH\RHVWR\WDPELpQDERFDGDDHVRKDFHWLHPSR(VDHVOD
WDUHDPiVXUJHQWH,QFOXVLYHUHIRUPXODUEDMRTXpPRGRVKR\SRGHPRVSHQVDUIRUPDVGH
LQWHUYHQFLyQHQRWUDVLQVWDQFLDVGHODVRFLHGDG
$VtFRPRHOSVLFRDQiOLVLVGHORVRUtJHQHVSODQWHyPRGHORVSUHYHQWLYRVTXHHVWDEDQYLQFXODGRVD
XQDIDQWDVtDGHGHVUHSUHVLyQ\OXHJRYLQRHOODFDQLVPRFRQVXLGHDGHPHWiIRUDHOQRPEUHGHO
SDGUH\ODOH\FUHRTXHSRGUtDPRVGHFLUTXHQRVRWURVGHEHPRVUHGHILQLUKR\PRGHORVTXHWLHQHQ
TXHYHUFRQORVPRGRVFRQORVFXDOHVVHFRQVWLWX\HODVXEMHWLYLGDGHQHOLQWHULRUGHODV
LQVWLWXFLRQHVUHDOHVTXHWHQHPRVHQODVQXHYDVFRQGLFLRQHVKLVWyULFDV\FRQXQPRGHOR
PHWDSVLFROyJLFRVyOLGR'HILQLUFyPRD\XGDUHQHVWDVLQWHUYHQFLRQHV
0LUWKD%HQLWH](VGHFLUGHOSVLFRDQiOLVLVHQLQWHQFLyQDOSVLFRDQiOLVLVHQH[WHQVLyQ
6LOYLD%OHLFKPDU7RWDOPHQWH3HURHQHVHSVLFRDQiOLVLVHQH[WHQVLyQUHGHILQLUPRGHORV<OR
PLVPRHQQXHVWUDSUiFWLFDFOtQLFD&UHRTXHHVDHVODWDUHDPiVXUJHQWHTXHWHQHPRV
$ULHO3HUQLFRQH%XHQRPXFKtVLPDVJUDFLDV
%XHQRV$LUHV

KWWSZZZIRUWGDRUJUHSRUWDMHVEOHLFKPDUKWP



Anda mungkin juga menyukai